Вы находитесь на странице: 1из 281

E KYJ[QZ7EF

NVIJVQ%O ŒFQSQ
[TJEQYJ@F
]OGYJX[+MJ V7SRJP[M+ J X\H
E KYJ[Q[MJZ-HMJNVIJVQN]IJ

#ZVJ XZJ #EYWQYJ[,[Q#


IJYOIJ2VH/9^OIJ
E KYJ[QZ7EFE
#E KYJ[Q[MJZ-HMJNVIJVQN]IJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[M+ J X\H

X*Z]H J NVIJVQ)7TF
J QSQ[+]. ),O ]H7 NJ GMJ
]\VX&YVH JTYJ[MJFQ#
ETQMJE

[IJ^HOYW]J

N^IJ9GWHE

E KMJTQE]
#ZVJ XZJZVJ #EYWQYJ[,[Q#
IJYOI2J V/H 9^OIJ

\O[JESP3(EYWQJ?MJ  #O,1YRJGWYJTQE]##ZVJ#EYWQYJ[[ , Q2VH/I= J#

IJYOIJ2V/H = X[+MJ )7MJLX^O, ]O,)H]7 JSP 3([MJEVQMJMJ  #SMJZ.L MJ]O), H]7 J[YHO #J XV7[J
#%OZH
J QR+IZ =J VJ# O2, V/H 9IJ#
IJYIO J2V/H 9TQVPG+MNLJ ]/GWYX
J V7[J B  VWY)J Q7 ^O,
G+MJLN]/GWYJXV7[JB  
X^O, (>HOMJ EIQMJEIQMJTOH SHVJ
Foreword
(to The Myanmar Buddhist: His Lil’e
l’rom the Cradle to the Grave)
The first time lmet Saya Hla Pe was in 1964 at SOAS on the
introduction of Dr. Kyin Swee during my attendance at the
Colombo Plan Conference in London. There at his office and
lunch at a nearby Chinese restaurant, we had a lively
discussion where 1 was impressed by Saya's wide knowledge as
well as by his kindly sense ofhumour. My second meeting with
Saya was twenty years later in Paris when he came to give eight
lectures at the College de France d Of four
weeks. I was then working at Unesco in Paris and was unable to
attend any ofhis lectures which were given during the week but
at weekends my wife and I were able meet Saya and
Daw Than Mya socially at the residence of Professors Lucien
andDenise Bennet atAnthonyjust outside Paris over tea ordinner.
false remember taking the friendly couple out for a drive to the
Loire Valley for a leisurely chat in the car and over a liesurely
French lunch. During these conversations my London impression
of Saya's wide and deep knowledge was further strenghtened.
But I must say it reached its climax when 1 was allowed to read
his Paris lectures in original for the purpose ofwriting a foreword
to a bilingual book that U Soe Thein (Maung Wuntha) was
preparing for publication with a Myanmar translation by Dr. Tin
Hlaing.
Saya's book entitled "The Myanmar Buddhist: His Life from
the Cradle to the Grave" (a worthy counterpart to Shway Yoe's
"TheBurman: His Life andNotions) is divided into two sections,
Nurture (geographical, political, cultural, economic, social and
family settings) and Nature (birth, schooling, manhood and the
relationships involved, old age and death). These are often
illustrated by some of his own experiences and observation,
cleverly weaving the general and autobiographical, thereby
sustaining the interest and attention of the most learned and
sophisticated audience that the College de France is. In other
words, Sayahas successfully presented the image ofthe Myanmar
Buddhists, ofwhom he is an exemplary one, to the world.
ReGred Ambassador U Thet Tun
TYQ]ZvMJ
Y6IJE[QJU
QZ7EFYOH]\V3(T+QE[+9^PSRJV7QGO)7TJ
ZIJ IJàYWMJ]ESQYOHZF , OH XTRJXE[YJEIGOY H JE KYJ[QYWMJUHY +
U
Q
7H
Q SOH= EGS+QT3JYN^TJ]KSRJU
Q@¡O,GIJàZRJ
EYQMJ#XI(XIQ
7H [¡O[TJ QESQYJUMHO àJ ZRJEYQMJXQ]K[
TYQ
EN]QEU+E)+1Y]KSRJ \OHT3JY]MJ U
Q@ YWJ]W,9Z7ESQ XSH]RQ#
1YMJIQESQ?QSTH[JQ[JYOH1YRJRH/G.L]KSRJU
QLXQ O[HX&YHVJ
E[+9SRJVQ7 EIQYJX)7TJ X1YQGO)7TJ[M+ J U
Q]K
(
H7
 EG N]MJSTJ]K
P ]KEVQY[OH= TOE
QSOH= [I*E)+EZ][J
YQZX[+MJ
7TJ1YVH J[[ H HE?QEN]Q
IJZQE
QYJT3JYN^TJ]KSRJ\OHT3J
YY6IJE[QJ]K
(
7HPIYJTYOHà¡O,[YJEI
ESQE1YQMJLU
Q@E?QEN]Q

QSO=H VS+QE
QYJ)HMO GJ L]. KSO=EH SQJTEI#[I*E)+XQZ]JGWHI[ J àH=O ]K
(2V/H 9N]MJ

7HN]MJSTJ]KEVQY>I(EVQMJ)7, [OH=@
EIXHVJà YWMJ]ESQ ZYJ^YJ
RJ# RTQ [RJGMJ]+.[OH=à U
Q)7MJL >I(
E SIJNV[OH=XQY6IJE[QJL>I()7MJLX[P S+QE
QYJE[+9UO, K
N]/G.L1Y]K
SRJGMJVMJ[[JESQU
Q>I(EVQMJ)7,XQ SOH= [TJEI=
EGEUQMJ S +Q G. L^ P]KSRJ YQ\.àZRJEYQMJ# N]MJSTJEI=ZJTQ
TQ
MJESQJZRJEYQMJ#THVEJ N]IEN]TYQEN]QUOGH M+ JL

7GH ]L. KSRJZIJ IJà


E[+9T3JYZOHU
Q@YWJN]IJ=IYJ¡-HMJESQ]RQ]K
V(YOH1YRJRH/TH[J]OHVOH
]+QVWQG.]L KSRJSOE=H SQJMJY.S L E=HO SQ1YRJRH/T[ H J X\+[JX\H]J E
QYJ
SRJVQ7 3(TOH SHVJ  EVQMJS , YU
Q@X*Z]H F J QSQ]K
(E?QEN]QGWYJ
YOH E KYJ[Q[MJZH-MJ@ NVIJVQFQSQ N]IJUOHV-)7MJL [+.^YJÑ\O[JEVRJL
X*Z]H J NVIJVQ)7TJFQSQTQXO]J[M+ J TYQ]ZvMJ E
GOHMJ ESQE1YQMJL U
Q
@]K
(E?QEN]QGWYJVP
MJYOH ^[JG+MJL
SRJLXGKN^TJ@
U
Q@TQXO]VJ Q7 A%O F ΠQSQNVIJVQ[TJ3( @]OGYJ[M+ J V7SRJSGW/* MH J
[OHMJSOH=FG
(a?OXVRJ[]J\Q
QE
8¡OH@ANVIJVQ[TJ3(@F)7MGJL ,P
GWYVJ WQa)7MLJ )-HMJ 73J)MHO J@U
QSRJ TQXO]JYHO N]/TOE]
QVWQ#
]\(#)OHMJM,E
# 3JEYWV-#T(]+QE
# ZPV-E
)7MJL VHSQTOEIQYJG,  )7MJL
 V’ [ Q EV+  ^+ Q NGMJ  # ]RQSMJ 1 YQNGMJ  # ZP & Y(  F)7 M J L
S,EQ>3JVWQ#>
Q#V
4 ?O)7T]J MHO J G+N. GQE
SQ\Q2]( YO H [ J MHO EJ [+91Y/,
G,TQGWYJ#V7[S J QGWYJ[OH=N^MJL [IJUQUMJ\Q@EFOW)7MJL YOHEJ [+9YOH
Z7]YWMJ ZRJT+Q ASVa \QSN^MJL IQE\QMJSP ]
HS[J N]MJSTJ)OHMJM,
\H]JS(]RQ
7MJ[OH= TH[J]KMJTQ1Y@ U
QSRJ SPYOHJ[OHMJ IVPIQ
[TJ3( [TJEQYJN^TJSRJLA%O ŒFQSQNVIJVQa@F]OT, ,YHO YV«QNL VMJY+MJ SOH=
EXQMJNVMJT+Q]OH=)OHMJG.LE]2](
X2MHVJTQS,XV[J&Y(3(SYJ\+IJ
]KEVQYE KYJ[QZ7EF
X2MHVJTQNVIJVQTQ]KEVQY ZIJ IJ[YÞSHOZJ
X[/]À[ÉHXYW3J
 GO^+Q#EVQJZ2VH/MJG¡HOMJ G
.
+Q>Q[H N^TJÑ]KEVQYZ7EFSRJ

+QFOIJ &Y( EYWQMJ[+MJ T[MJ ]RQSMJ1YQG.S L RJ EVQJZ2V/H MJ XTHO

X\YJ[IJ EYWQMJ[+MJ UYJZYJ SMJ1YQ2](  GO[+MJ 


[IJTQEV]+.YHO O4J\PMKFQSQN^MJL EXQMJSRJ[YÞSHOZJ]RQ
SMJUO]K

7H2](
IJYOIJ[YÞSHOZJ[YJG.L
Q  GO[+MJ NVIJVQTQ
X\PN]/2]( H>ªQ O4J\P[IJ  F+.9YHO ]\VUMJLV7 EXQMJNVMJSRJ
GO[+MJ V?QH>ªQ NVIJVQTQ F+.9
SRJZIJ IJ[+MJ UYJZYJ
]RQSMJ1YQ
IJ ]RQE[QJSMJXN^TJ XE
+G,
SRJ
  GO[+MJ ZIJ IJ[YÞSHOZJ ]RQE
SH]À,EYWQMJV7 ]RQE

(]ZOHVQ F+.9

7HSRJ UYJZYJ2]( \OH[YÞSHOZJ ZYJEXQYJG,


XE
79[OHMJ ]RQEZLZQE
 SH]À,EYWQMJ EIQMJ[+MJ XE
79[OHMJ)7MLJ
XQ^
H Y  ]RQ
]J E ZL Z QE
SH ] À , E YWQMJ    [+ M J
]RQSMJ1YQ
Q  GO[+MJ F+.9YHO NVIJVQTQE] X\PN]/2](

7HSRJ
 E KYJ[QZ7EFSRJ  X[+MJ F(F(T( XS,Z8MJL<QI@
S[MJE^IJS#P FQSQN]IJU
Q)7MJL XS,ZM8 LEJ 1YRQSPXN^TJZO]Y J OMH J
G.LSRJ[+MJNVIJVQX*Z]H JXFHQIJN]/TEO
ZYJE\QYJ
XJ ([QXN^TJZO]JYOMH GJ
.L QEIQMJXGK[+.^YJXJ ([QN^TJZQ@
 ]KEVQYEFSRJ [+MJV7T[MJ2](Y\HYXN^TJNVIJVQ
TQE])7MJL 3JEYWV-SMJ1YQ]H=GO WSRJGO[+MJ [+F . YJ]KEVQY
)7MJLGO[+MJ]KEVQYXUMJL

7HSRJâ
Q\PVWQ[+MJU
Q&Y(
SRJ F+.9&YH/)7MJL F+.9Z+IJ EYWQMJSQVWQYHO SMJ1YQ]OH=GWG.L2](\OHT3J
X[+MJ TQEV]+.)7MJL 2%H[HIJ IJ\VJE
+GWJE
TQEV]+.VWQ[+MJ
TQTTJ]O¢H/ZJXN^TJ EUQMJ
+YJG.LSRJ\OH=N]MJ 3E
Q][YÞSHOZJVWQSOH=
S+QE
QYJ2](XGKXQEZWQJT+QE?QEN]Q]HO=GWG.LSRJ
 N]RJL[+MJ U
Q&Y(SRJ X2MHVJTQP2](NVIJVQN]RJSOH=N]IJZQ
SRJ>I(E SIJNV)7MJLEVQJZ2VH/MJ[+MJXENGGWEI\HOMJSRJ
 ]KEVQYEFSRJSMJ1YQE
ZO]JMIJXN]MJ]RQ
]JTQ[VJTQXO]J
E]KMJEYWQJYHOX*ZH]JBNVIJVQFQSQN^MJLE
SQ\O[JE\Q
SRJ
 EVQJZ2VH/MJ[+MJ X2MHVJTQFEI\OHMJT3J N]RJ][YÞSHOZJ&Y(VWQY
^H[JV)©YN]/SN^MJL]RQ
]JUOHM
J QE?QEN]Q
SRJU
Q&Y( Yâ
E?QEN]Q]+. N]RJ]G
( XE[+9X1Y,/VWQYHO XE[+XNVMJ V¢>MJ[+MJ
EUQMJ]KVWQE
SQG.L2](V1YQESV(Y[¡O[JN]RJS+QEI=T3JV7[J
TQ[VJYHO E
SQ\O[JEG.LSRJ

 E KYJ[QZ7EF
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
NVIJVQFQSQN]IJUOHSP
E KYJ[Q[MJZH-MJ @X[/]À[ÉH
GO^Q+ V,
O Q+ G¡HMO J X
QE[QJ2V/H9IJSG+[]J MJZRJ
Q+ >Q[HN^TJSRJ

+QENVQYJEYWQMJEGU
QE[QJ3(G)©@ ( E
8SVH JE[QJ[Y HO [ J M+ J ]RQT[MJ
SMJ1YQSRJV7\HV)©EZ HOMJXHOT>( MJS[ , . X\YJ[IJEYWQMJ
E[QJ[+MJ ]RQSMJSRJV)©EZ[YÞSHOZJ[+MJ UYJZYJ ]RQSMJ2](
¡P]E% FQSQN^MJLSH],À O4\ J P [IJ F+.9YHO[+MJ

7HSRJ [+MJ
2%H[HS5EYQMJT( YHOZ,FOHT(V,YHIJ TEYQZQ
7TJ
2](ZIJ IJ [YÞSHOZJà
F+.9Z+IJ SMJ1YQSRJ F+.9O4J\P)7MJL EXQMJ2]([+MJ
F+.9
SRJIPYZ(Q¡P]E% X\PN]/SRJ
VEY+#
IJYIO #J EVQJZ2V/H M)J M7 LJ V)©EZ[YÞSZ OH VJ WQ[+MJ U
QXN^TJ
)7TJEYWQJSMJ1YQG.LSRJ[+MJNVIJVQLSH]À,)7MJLIRJ]RQSOE[
SI3(T(<QISOH= E
89EN]QMJ2](R8IJ1YQE
V70[QIJ \VJSRJ
[+MJX4ONV0T+VJXMJ3(T(<QIYHO3(T([RJE\QMJG.L2](]\VU,OR8IJ1YQ
E
V70GW/]J N^TJSRJ
E KYJ[Q[MJZH-MJSRJ  [+MJ XN]RJN]RJUOHMJ
Q X4ONV0
T+VJXMJEXWMJT( R(ZQG,àNVIJVQYH O JTQZ7JX^+.9EGKMJEUQMJ
XN^TJ [YJE
QYJG.LSRJ \OHR(ZQG,  &YHVJ[+MJ NVIJVQ YHOJTQZ7J
X^+.9MJXN^TJ[YJG.LSRJ[+MJ EGXQ
7]TH^H[JE S
)HOMJM,MJ]KESQIPYZ(QIRJ]RQ]PE]KMJEUQMJ
+YJE
X^+.9Y
E KYJ[Q[MJZH-MJYHO 3YÞ`XN^TJ [MJENV‹QYJG.LSRJ \OHX^+.9@ EYQJV[(
VWQ[+MJ ]KMJG.LSRJ
E KYJ[Q[MJZHM- S J RJ
IJYOIJ IRJ]RQ[YÞSZ HO [J M+ J XGWHI]J OMH J
]KEVQYXN^TJ MK)7TJ SMJ1YQG.LSRJ  GO X2MHVJTQ P2](EIQYJ
NVIJVQ)OHMJM,IRJ]RQ]RQ
7MJX^+.9@XZO]JXV-EUQMJXN^TJ[QIJ\VJ
EUQMJU. N^TJSRJIPEQYJSH]À,XYJ V(X^+.9MJZRJN^TJSRJ
SOE[SITQ[VJVWQEUQMJ]KE]KMJT,O)7MJL[YÞSHOZJS,OTQXO]J
)7TJXO]J X*ZH]JFQSQ)7MJL E
SQSRJTQXO]J)7TJXO]J SH]À,]RQE]
EGEXQL T )7MJL]HOGWRJV5MVJ HO IK]RQ
7MJX[/]À[ ÉH E
SQSRJFHOZH-MJ
YEZQMJXVRJ)7MJLUYJZYJ2](TQE]E
SQEISRJ
>I(E NVNVEU+ X2MHVJTQ¡OYE% Y\HY )7MJL SQSV(
EQYJ
7HSRJ

CONTENTS

Translator's Foreword 17
1. Introduction 2s
2. Nurture 30
2.1 €ieographical setting 30
2.2 Political setting 31
2.3 Cultural setting 33
2.3.1 Buddhisrri 34
2.3.1.1 The Buddha 3§
2.3.1.2 The Three Major Schools 3b
2.3.1.3 Theravada Buddhism 37
2.3.2 - isrris 39
2.3.2.1 Buddhist celestial gods 40
2.3.2.2 Hindu gods 41
2.3.2.3 Terrestrial gods 42
2.3.2.4 Magic, astrology and others 42
2.4 Economic setting 43
2.5 Social environmemt 45
2.6 The Myanmar family 45
3. Nature: The Myanmar Buddhist 75
3.1 Youth 75
3.1.1 Brith 75
3.1.1.1 Naming ceremony 79
3.1.1.2 Life at home 82
3.1.2 Village School $3
3.1.2.1 Coaxing the psyche 86
3.1.3 English school $$
3. 1 . 3. 1Propitiating rituals 89
(1) U Shin Gyi 90
(2) The guardian spirit ofthe rice fields 91
3.1.3.2 Buddhist initiation ceremony 92
(1) Shin Upagutta 100
3.1.3.3 The ear-boring ceremony 102
3.1.4 University 103
3.1.4.1 Token marriage 107
3.1.4.2 The Guardian spirit ofthe hidden treasure 108
3.1.4.3 Alchemy and magic 109
3.1.4.4 The power of invulnerability 110
3.1.4.5 The magic candle 110
3.1.4.6 Omens iii
(1) The vulture iii
(2) The monitor lizard 112
(3) The owl 112
3.1.4.7 The astrologer 114
3.1.4.5 The Epidemic li 5
3.1.5 England 1 li 5
3.1.6 Myanmar 1957-55 1i9
3.1.6.1 The banyan-tree 1i9
3.1.6.2 The cairn 120
3.1.6.3 The ancestors’ nat 121
3.1.6.4 The auspious days 122
3.1.7 England 11 124
3.2 Manhood 125
3.2.1 Human relations and marriage 125
3.2.1.1 Parents and children 125
3.2.1.2 Teachers and pupils 126
3.2.1.3 Between friends 127
3.2.1.4 Between relatives 125
3.2.1.5 Social contract between man and woman 125
(1)Living together as man and wife 129
(2)Elopement 130
(3)Arranged marriage 134
(a) Investigation 135
(b) Negotiation 136
(c) Consultation 136
(d) Betrothal ceremony 138
(e) Marriage ceremony 139
(4) Married life 142
(5) Divorce 143
3.2.2 The three primary duties 144
3.2.2.1 Dana 145
3.2.2.2 Sila 148
3.2.2.3 Bhavana 149
3.3 Old age 151
3.4 Death 153
3.5 Epilogue 159
Appendix 278
References 285
VQ[HYQ
FQSQN]IJSP@E
73(TYQ 
 IH KIJ 
 N]/N]MJ\HIJEYWQMJV- 
# ]\(XEIX\Q 
# )HOMJM,E
XEIX\Q 
# 3JEYWV- XEIX\Q 
## %O ŒFQSQ 
### %O Π
### HO4J&Y(S,OHO4J 
### E\
QK %O ŒFQSQ 
## FQSQXPVWQ 
###%O ŒFQSQI[JVWQ 
###?H)˜0I[JVWQ 
###âYV«QI[JVWQ 
###EV7QJSH ŒH#E% MJ)7MJLXNGQX
QVWQ 
# T(]+QE
XEIX\Q 
# ZPV-E
][JIJYWMJ 
# NVIJVQVHSQTO 
 SFQ#NVIJVQ%O ŒFQSQ 
# ZPMJF 
## EV+^+QNGMJ 
### XVRJE]YMJV+IJ[]J 
### XHVJF 
##
+QEYWQMJ 
### X])-[JNGMJ 
## X*ZH]JEYWQMJ 
###]PE>QJ]S]+.VWQ 
 3(
7MJ&Y( 
 ZJETQMJLI[J 
###%O ŒFQSQ
7MJN]/]+. 
 
7MJ3]O[J 
### IQSV*ZQ 
## X*ZH]JEYWQMJ 
### T[HZYJ\]J\HVJNVQ 
### 3TÚQETQMJL 
### X¢H]J)7MJL EV7QJX[[J 
### 2](EU 
### EU^EQMJ[OHMJ 
### X[H[JIHVH[J 
 ZMJ[ 
 ^+[J 
 M7YJUOH 
### E% MJU
Q 
### Y]JE
QK 
## X*ZIJ   
## NVIJVQN]RJ  
### ERQMJ]MJ&Y( 
### G.],O&Y( 
### ¡HO
QI[J 
### N]× K)7MJL
YJ
Q>Q 
## X*ZIJ  
# ZPZ[J]HOMJ 
## ZPV-UYJU,E
)7MJL XHVJE\QMJE
 
### VHF)7MJLSQSV( 
### U
Q)7MJL[]RJL 
### VH[JEU+XGWMJGWMJ 
### EU+VWH/XGWMJGWMJ 
### EQYWJQVHIJVUYJU,E
 
 >I(EVQMJ)7,F 
 GHO
QZOHYJ 
 VHFVWQT(T3JSRJLXHVJE\QMJE
 
 XHVJE\QMJSRJF 
 Y+Q
7MJN][JT.E
 
## [JS,OS+J 
### KI 
### S(Z 
### FQIQ 
# ZPXHOZP&Y(]HOMJ 
# ESNGMJ 
# XU,OS[JTYQ 
# EIQYJUYJ[+.
#
RJR8IJGWYJ TQXO]JTQ[VJTQ
MJ
TRANSLATOR’S FOREWORD
Prof’ Hla Pc and 1
1 first met Professor Hla Pe in London in September 1972, when l arrived
there for further studies. 1 had brought books for him from Ludu U Hla
and Daw Ahmar and a letter of introduction from Botany
Professor Dr Than Htun. Our meeting lasted only about half-an-hour. 1
vaguely remember his office in a building in Fitzory Square.
Since then 1 have the good fortune to know him intimately and
to listen to his most informative conversations on various subjects.

London University
Around 1973, 1 believe, Prof Hla Pe’s School of Oriental and
African Studies London (SOAS) moved to its present site near the Uni—
versity Senate House in Malet Street. And, 1 was accommodated in Inter—
national Hall nearby. In fact, it was Prof Pe who introduced me to Mr
John Bracken, Deputy Warden of International Hall. Thus, either after
my visits to the University Library in Senate House or when 1 happened
to pass near SOAS, I would go in to see him, mostly without an
appointment. Sometimes, there would be a few of us, Myanmar chaps,
going to visit him. Prof Hla Pe and 1 have, between us, a common
institution, the University of London. He was in SOAS and 1 in Bedford
College in Regent’s Park. But there was also a divide between us; to use
C.P. Snow’s term, we belonged to ‘two cultures’. He was a professor of
Myanmar language, literature and culture, and la student studying physics.
He worked in the ’culture ofculture and I was deep in the 'culture of
scieuce'.
I should remark here that London University is an immense body
with its colleges and schools spread over the city. The structure seems
very loose; the colleges are many and quite independent. Students in one
college have not much chance ofmeeting or knowing professors in other
colleges.

Prof Pe, Prof Rice-Evans and the Great Golden Rock


lremember one special occasion. Britain-Burma(Myanmar) So-
ciety used to invite us to their meetings. In one event, they had a presen-
tation ofMyanmar life, arts and culture and the society encouraged us to
bring our guests. So, I invited my supervisor Dr Peter Rice-Evans (now
Emeritus Professor ofExperimental Physics) to come with meto the meet-
ing. To my delight, he was very much interested in the presentation. 1
have forgotten its subject as well as who the speaker was. But lremember
lS Dr. Hla Pc
the party that followed. 1 introduced Dr Rice—Evans Prof Pe. After
all, they were teaching in the same university! Dr Rice—Evans grabbed
the chance to ask some questions relating to Myanmar.
Dr Rice-Evans asked ProfPe, ‘Tin* has at his desk a Myanmar
calendar with the picture ofa Big Ciolden Rock, breath-takingly balanced.
1s that real‘/ 1 wonder if you could tell me something about it’. I was
delighted when Prof Pe told him, elaborately in fact, about the story of
’The Rock ut Kyuik-Htee-Yoe, the head ofthe hermit etc and the pilgrim—
age to it; the pleasant, winding, rising way up to the Rock.’ For days and
months, 1 had failed to tell him the story. 1 felt it was shame on me, for 1
hadn’t bothered remember the story tried learn it anew, 1
could tell friends who visited me at my desk and sat infront ofthe Ciolden
Rock.

Karma at Work
Again, karmas have seen it that we met again in
Mawlamyaing when ProfPe returned to settle down there after his retire—
ment in 1950. 1 was on the staff of Mawlamyaing College** as Head of
Physics Department. 1 lived on campus and Prof Pe’s home was not far
away. This time my wife and children were introduced to Sayagyi and
(Ma Ma) Daw Than Mya. Their place is in Taungwaing Road, on our
way into town. Occasionally we stopped there, especially when we saw
Sayagyi at work (?) in his garden. Also, I would make a point ofinviting
them to centain ceremonial occassions in the college.

About This Book


One day in 1983 or 1984 Sayagyi Dr Hla Pe asked me if 1 could
find him a typist who could type English correctly. He told me, he was
invited by College de France in Paris to deliver a course of lectures. He
had prepared a manuscript for the course and he wanted it typed. Those
were pre-PC days. Typists, there were in Mawlamyaing, but 1 do not
know any one who could competently type a learned document in English.
Confident that I could do it better andperhaps bring any inadvertant
mistakes to the scholar’s attention, 1 volunteered to type it myself. There
was not much time available and 1 was slow. I started working on an
Olympia machine going at my own pace. Then it was found I would not
be finishing it in time. So, lsought the assistance ofU Thein Lwin, college

* Tin (Hlaing)
** now Mawlamyaing University
The Myanmar Buddhist : His Lili From the Cradle to the Grave 19
librarian (at present Professor of Library and Information Science at
Yangon University). He agreed to help and we took turns at the typewriter.
Finally, we finished the manuscript; but, alas, not without mistakes. There
were plenty of mistypes and mistakes and which the author
took care to correct with a pen.
We did not have Xerox copiers then. We made two carbon copies
together with the ribbon-original. ProfHla Pe took the original to Yangon,
where, lbelieve he made a few photo copies. U Thein Lwin reserved one
copy for college library; 1 kept one for myself.
Sayagyi went to Paris and gave the lectures for which the
manuscript formed the basis.
In 1956, I was transferred to Mandalay University, and again in
19951 moved to Yangon. Butldid not leave behind Sayagyi’s manuscript.
It has been with me ever since.
1 retired from government service in 2001. Not having anything
worthwhile doing, I attempted writing articles for magazines, using a
pen-name. When friends asked me, What are you up to these days'?’, 1
would answer ‘Writing, bits and pieces’. In the mean time, 1 have come
to know Saya Maung Wun Tha, author and publisher whose Daung Sar
Pay has been producing Sayagyi Dr Hla Pe’s books in Myanmar. One
day, Saya Wun Tha told me January 5, 2003 was Prof Pe’s ninetieth
birthday and he and a few friends were going to Mawlamyaing for the
occasion. He asked me if 1 could come too. 1 was sorry, I couldn’t join
them.

Something for Sayagyi's Ninetieth Year


But I felt 1 wanted to do something for Sayagyi’s ninetieth anni—
versary. After some thought, I remembered the manuscript that has been
with me. It has not been published, and only three Myanmar people or
perhaps a few more know of its existence. Its contents are invaluable. 1
decided it should be translated, and 1 should do it myself to produce a
bilingual book. 1 discussed the idea with Saya Wun Tha. He readily
accepted my proposal and agreed to publish it bilingually.

My Hope
1 have come across Myanmar friends, both at home and aboard,
confronted with the task ofexplaining to foreigners, especially Western—
ers, the subtle and intricate aspects ofMyanmar culture and traditions. 1
witnessed many times, someone muddling through in his attempts, and
often resorting to outright bluff. 1 do not leave myself as an exception.
FHOE[QJ EUU
Q ^PTQE
I[J
G.FHO
FQSQN]IJS@
P E
73(TYQ
]KEVQYZ7EF)7MJLY6IJE[QJ
 GO)7TJ TYJ[MJFQZ[+MJ ]KEVQYZ7EF  YHO Y6IJE[QJ
]\V X&YHVJ E[+9]KSRJ Y6IJE[QJ F+.9Z+IJ]RQ SMJ
IJ ZIJ IJSHO=
E
QYJZQ2]( E[+9NGMJN^TJ@ Y6IJE[QJ)7MJLX[P ZP\O3(Z7E XVQ[HO=
U
QLX[+YJ E]ZHOYEJ SQ TQXO]JVWQ ]KZQ]KSRJ ¡OYE% ]KEVQY
E KYJ[ Q SIJ \+I J  E
E]ZH OY J ESQ VH [J U YJT QZRJ  ]KZQ@
Y6IJE[QJ[HO= IQ
(YJGIJ=SQ E[+9U,O TYQEN]QG.L]KSRJ E[+9U,OSRJL
EI
QV7Q^TJ
+H/MJTY+.QEZE\QMJLY+YJZVJ
7HXEUQYJX3(V7U
Q@
¡,OGIJN^TJE1YQMJY6IJE[QJE
E
V7[JVH]KSRJ
\HOXGWHIJV7T2](Y6IJE[QJSRJY,EYQMJE\QYJVSN^MJLU
QXQ
X&YHVJVWQT+Q E[+9
SRJ U
Q@ %?OSO[N^TJ^+J XE1YQMJX
QVWH/T,O
EN]QTYQIQ1YQ
SRJ

ZIJ IJ[YÞSHOZJ
 GO GI=J[+MJ ]KEVQYZ7EF@ XE
79[HOMJ)7MJL XQ^
HY
]RQ
]JEYQZH]J ZIJ IJ[YÞSZ HO J X[HO SRJGOZYJ
H7 EI
Q
N^TJESQVJEZZVJ
7H [YÞSHOZJUHIH[JEUQMJXI(EN]QMJE
89G.L]KSRJ
Y6IEJ [QJY\OXH I(
7H XMJ[QIYJ
M7 IJ JE?Q EG)HMO JMT, O, EYWQMJSQ
EUQMJ[+MJ EI\HOMJZWYJ
7H@]KEVQYEFY]MJ Y6IJE[QJLYHO )HOMJM,T,O
EYWQMJSQEUQMJ@ O[HXEUQMJV70 6IJF
YJYMJ)7MJL  VH[JU YJ
E]]K@SHO=N^MJLY6IJE[QJUHI[H JEUQMJ
7H[YÞSHOZJTQ1YRJL[HOYJV7XN]IJ
N^TJET XI(N^[JSIJS+QSRJLXGKN^TJETU
QL\,MJE[+9[[J@
]KEVQYSRJ F+.9[TJGON^TJ@E KYJ[QF+.9\YJ NVMJL@\OH=E1YQMJL ]KEVQY]KZ5MJ E KYJ[Q
VZO]H KXZO]S
J EFQ]KESQXGK]KEVQYSO, VRJ
MJ)7( SPYE KYJ[QS,OVRJSH]J
MJ)7( SPY
]\VIQVRJBMJIQVRJEGVRJ
[YÞSHOZJXUMJL[+MJ SRJ X\PN]/ SMJ1YQ
IJ ]RQ
]JIJ S[JV7[J\QESQ
EYQZH]JN^TJ@FQSQT,OSMJ1YQESQEYQZH]JYHOVP EG@
EYWQMJSQEIXEUQMJYHOX*ZH]JY ?OS,O]KSRJ N^TJSRJ
?OVS,O]K
 E KYJ[QZ7EF
XGWHIJXGWYJVZO]JF. MJE[+9NGMJN^TJ@[TJGK[TJ
, NVIJVQEYWQMJSQ
XGWH/9XTON^MJL S+Q@]KEVQYZ7EF)7MJL Y6IJE[QJ[HO=1YQ[+MJ )7TJ3(UHOMJ
X^+.9XTRJ&Y(N^TJESQZIJ IJ[YÞSHOZJ
7HEI@U
QY [+MJ
Y6IJE[QJY
(WMJL]IJNG,[+MJ
7HFYJ^H=EO YQZH]J[+MJN^TJ@SHOE= SQJU
Q)7MJL
Y6IJE[QJ1YQNGQEIESQTRJ[TJGOY
7HN]IJES@T(](T)HOS,O)-IJESQ
A3JEYWV-)7TJVWH/a
7H
Q Y6IJE[QJ[HO=SRJ [TJ3( 3JEYWV-[TJVWH/T(
N^TJEI1Y@U
QYNVIJVQFQSQTQE])7MLJ 3JEYWV-E

Q]KEVQY#Y6IJ
E[QJY ¡P]E% SMJPEIESQ EYWQMJSQ U
QY A3JEYWV-IJV7
3JEYWV-SVQaN^TJ@Y6IJE[QJYVPASH]À,3JEYWV-IJSQaN^TJEI@
ZIJ IJ[YÞSHOZJSRJXZ+IJ&Y(VQESQX^+.9XTRJ&Y(N^TJ@
EYQZH]JE]KMJVWQT+QSRJ 2VH/9E[QJ[TJG+MJ X)7,9 N]IJ=EISRJ ^+.9TRJ],OY
EZWQL
.
. N^TJ@EYQZH]JE]KMJVWQT+Q
7H
QXQZ,OXE[QJ]MJZ+[JZ]JTQ+
T(V,XO]JGW/]JG+MJL
7H1Y@EYQZH]J[TJGOV7EYWQMJSQSRJXNGQEYQZH]J
[TJGOV7]KEVQYVWQYHOE[+9U,OSHY6VJ
IJXG+MJLXZVJSH]JV
7HEGW

]KEVQYEF#]KEVQY¡HOYJ T X(%IJ)7MJLE
8XUMJEYWQYJ[,O&Y(
Y6IJE[QJ ]+.[TJ]+.YHO S[H
]KSRJ 2%H[HIJNVIJVQXSMJSRJ
Y6IJE[QJ[HO=XQXSMJXTRJXEVWQSHO=^H[J1YQEZL
7H@]+.[TJ]+.[+MJ
NVIJVQLF 3JEYWV-)7MJL X)O]RQ[MJUYJ]+. ]KMJEZSRJ \HO]+.SHO=
Y6IEJ [QJ[Y =OH OH ^H[EJ G¡,VO Y_RJS
L RJ]KEGEUQMJZQ)HMO EJ 1YQMJG+MELJ ]@
\HO=E1YQMJL Y6IJE[QJ@]RQ
]J &Y(1Y]JSP E KYJ[Q]([Q¡HOYJ T X(%IJ
GOZIJ IJ[YÞSHOZJO4J\PEUQMJ¡]P E% ]KEVQY XQY6IJE[QJ)7MLJ
2%H[HIJNVIJVQ]+.ZHOYJG.L
IJ^H[JEGG.L@U
Q]([Q¡HOYJ TJ X(%IJSRJ[MJN]
ESQNVIJVQ]+.YHOXZ+IJTH[JMJTQEZ
QY6IJE[QJYVJENVQYJVJSQ
N^TJ
@ NVIJVQLF 3JEYWV-)7MJL X)OO]RQYHO VRJSPY [MJUYJSRJ#
FQXE1YQMJX
QN^TJSRJVV7[JVHE[QL]KSHO=ESQJ\HO]+.@EIQYJUYJ[+.
]K[(YHO Y6IJE[QJ S[H
]KSRJ Y6IJE[QJY E KYJ[Q ]([Q¡HOYJ TJ
X(%IJYHO ]KEVQYEF)7MLJ VH[JUYJE]]KSRJ [YJE[QL SP[HO=SRJ
[YÞSHOZJ[TJG[ O RJV7U
QVWQN^TJ1Y@E KYJ[Q¡HOYJ T X(%IJYXG+MJL
EYQMJ
SRJ)7MJL NVIJVQ)7MJLUHOMJESQEVG+IJXGWH/9EVEZSRJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
E KYJ[Q¡HOYJ T X(%IJY ]KEVQYEFXQ EN]Q]KSRJ A[MJ
ZH-MJ 
.9TQ]+.V7QGWH[J\Q[.L NVIJVQN]Y HIJ
7H[JX. (E]YAE
8E
QMJ
EYWQYJ[,O&Y(aZHVVLJ YWF. 2MVH EJ I],Y O 
MJ[VV].#X. K&Y([YJ
S H7 ZQ#
X. X ( E1YQMJVWQEN]Q)HOMJ
MJEN]QN]ETGWMJZHOYJ[Qaa]KEVQYEFYSP=YHO
XESTH[J
7MJ N]SRJYOH 1YQ
SN^MJL Y6IJE[QJ1YRJ)P
]KSRJAYW/H Y\ J (
¡H O   EYWQYJ [ , O  &Y(  #
ESL & Y(  3( EGKMJ # FO
Q^P  G
(  # E[QMJ X [YJ
Z7]SQQESQEY+9EYQYJX[YJG
(aXE1YQMJEN]QN]SRJY6IEJ [QJ
YVP
YJE[+ZE[+GW(2](YWH/YJ\( ¡HOXE1YQMJEN]QVN]N^TJEN]QVN][[J
SRJV7QY6IJE[QJX[+YJ
7^J +? J OG,TQ
]K@Y6IJE[QJYZRJXV7[J
V\QG.VL H Y6IEJ [QJLTQ]+S . =OH E
QYJZQ2]( FO
Q],OE
79V7Q\HMO
J ESQVH[JEU+
VWQYHO
7MJZMJEN]QN]
IJZRJEZLZQV\QVHEGW
Y,Y^IJEZSRJ
[^IJ  Y6IJ E [QJ [ H O =  Y, Y  ^IJ Z QN]IJ S RJ  \MJ ] K@
]KEVQYEFSRJX2MHVJTQP2](EVQJZ2VH/M[ J +MJEI\HOMJ
IJN]RJ[ L +MJ
N]IJ Z QSN^MJ L  U
Q)7 M J L  Y6IJ E [QJ  N]IJ Z RJ U , O T RJ 
@ \H O T 3J Y
Y6IJE[QJSRJ EVQJZ2VH/ MJ EYQZH]J[+MJ U
QN^TJ@ ¡P]E% <QIV70
[QIJ\VJEISRJ Y6IJE[QJY EYQZH]JMJ[+MJ EI\HOMJ
Q U
Q@
XHVJ)M7 LJ SH]VJ Z7VJ ]KâXGW[
( M+ JY6IEJ [QJL>I(SQSV(VWQYHO U
Q&Y( )7MJL
VV  E SIJ  NV[H O = X Q N]S VH [ J U YJ
SRJ   U
Q[H O =  XH V J Y
E[QMJHOMJZVJ[+MJ N^TJÑ Y6IJE[QJJ[HO= 2VH/9\.S+Q
Q ZVJE][+MJ
7H@
[TJJGK[TJ
, U
QLXHVJ MJ1YSRJ X\P SN^MJL S+Q
MJZQ
MJ U
Q
]IJNG,[M+ J[+MJX]IJEN^EISRJE[+9NVMJYMJE[+9[[J@EYQZH]J[+MJ
XGVJXIQ[GWH/9SHO=ZRJU
Q[HO= >I(EVQMJ)7, YE
QYJ
IJ Y6IJE[QJY
T(T3J ^H[J1YQEZL
7H@
âTQXO]JXE1YQMJ
SHO=V?O[J[+MJU
Q&Y(E KYJ[QZ7EFYX*ZH]J
ZYJ)7H]JTYJEYQMJJEYQMJ¡HOYJ[[JSP
7QE]]K?OY6IJE[QJYHOEN]Q@
U
QY]K
(2VH/9
7HN]MJSTJEYQZH]JEYWQMJV7E?QEN]QSMJ[IJ[TJGOZQ2](

X*ZH]JY
MJ)7(SPYHO]\VXVRJ[TJZ,OSQEG]KSRJ[MJ ZH-MJ YHO
MJ)7(SPXE]KMJY
[MJ?OEGSRJ
 E KYJ[QZ7EF
E?QEN]QE]
IJ^H[J1YQZQE1YQMJEN]QN]]KSRJ\HOX[+YJU
QSRJ
E?QEN]QVRJLXE1YQMJX
QYHOTQVPE
\QSRJZYJ)7H]JTYJ¡HOYJ
IJ
ZHOSRJ\HOEG[JXGKY](T(Y+IJ]W0[QV
7HJES]KEVQJZ2VH/MJ[+MJ ZYJ)7H]J
TYJ ¡HOYJSPE[+
7H]K@ SHO=ESQJ ]RQ
]J TQ[VJ[TJETQMJ[TJ^+.9YHO
X*ZH]JZHOXV7QYMJYMJ¡HOYJ)HOMJSP
7QZ7@
7HSRJYHOY6IJE[QJVSH 
Y6IJE[QJ ¡HOYJE]Z5MJ ]HOEYQMJVRJ?O ,O1YRJSRJLX[HOMJ
YHOJ[HOMJ ZYJ)7H]JTYJ ¡HOYJE]]KVRJ?O U
QLYHO EN]QZHOYJ@ Y6IJE[QJ
¡HOYJZ5MJ ]HOEYQMJVRJU
QYXV7[J[V.L V7QG.LZ5MJE[QMJ Y6IJE[QJY
EN]QN] N]/N]MJ E])HO MJVRJ?O \MJEISRJ XGWHIJSH]JV
]K Y6IJE[QJL
¡HOYJ)-IJYE)7EY+Z7SRJXHOZ,](QZYJ)7H]JTYJ)7MJLYHOJT+VJSEZQYJ
T[MJ ¡H OY J] KSRJ  V1YQV( ]MJ Y6IJE [QJ S+ Q SRJL )- IJ )7 MJ L XGWHI JV (
V2]()HOMJE1YQMJ E[+9ZQ
 E[QL@ \OH=E1YQMJL EYQZH]JTQ1YRJL[HOYJV70
3(SHIJ Z+MJ GO
IJYOIJ [YÞSZ OH [
J +MJ TQ1YRJL[OYH )J 7MLJ SO[]RQ]KEVQY
YHOXYPXR(E[QMJ]KSRJSPYMJE
QYJYPR(ZQSN^MJLY6IJE[QJ[HO=
TYJVIQZPSQIQ2]([TJZ7RJLT(ZO]J1YSRJEIQYJU,OTQVP2](S+Q@
SHEO= SQJXV7QVYMJ]K¡HY O JV7Q\QV7QE[+XVWQ&Y(#YWIJ
TJSRJYZRJ

7@
H TQE
SP U
Q&Y( YH O [
J MHO ZJ YJ)M7 LJ ¡O[THOYJN^RJ
L N]MJ
EZSRJ
\H O X GWH I J Y  VH [ É 0 YP  TYJ  V
7 H E S]K YQF+ I J E YQJ ] (  )7 T J G O
PZHOYJSRJVP
MJ ]\V EYQJ](YHO]KEVQYZ7EFYP2](
IJYOIJ[+MJ
EIQYJ\]JVH[0É ETQMJE
IRJIRJ]+QSRJ?O \MJ]K@3(SHIJ Z+MJ PESQ
VH[É0YHOTQXO]JGW/]2J ](EVQJZ2VH/MEJ YQZH]JTQ1YRJL[Y HO J[+MJ\QE]]KSRJ
YWIJJVH[É0YHOY6IJE[QJP\QZHOYJ]KSRJ
U
Q&Y(]K
(SQ+ 2](E?QEN]Q]KSRJPSQ+ ESQTQVPYOH XENGG,
\QE?QEN]QNGMJN^TJ@
 GO [ + M J  Y6IJ E [QJ  V)© E Z[YÞ S H O Z J  EN]QMJ  E
8 9
[QIJ\VJ
]KSRJGO[+MJ
IJYOIJSO=H \]JV,EN]QMJ
N]IJ@SHO=ESQJ
U
Q&Y(  @ TQVP Y H O  ]TJ V \QG. L ] K EN]QMJ  EZ
Q SJ G . L S N^MJ L
Y6IJE[QJ)7MJLX[P XNV.
7HEI]KSRJ
GO[+MJY6IJE[QJX2MHVJTQP]KSRJ[P[P[IJ[IJXZO]J
ZO]JT
QV
7HSN^MJLY6IJE[QJV¢>MJTQETQMJXGWH/9[+MJYEZQMJIQVRJG,2](
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
[HO[HO\+Q\+QE
]KSRJVH[JEU+VWQYAGMJ%WQXGO[EZQFQE[+VWQ
ZO]JEI[OIJa ?O EVZQZ5MJ Y6IJE[QJY ATQE
EI[J# ?HO?Q (?Q
[HO[HO\+Q\+Qa?ON]IJEN^
SRJâXE[QX[+MJY6IJE[QJTQE
U
Q
EVQMJS, )7MLJ SHY6VJ GMJVMJZQSRJSP@E KMJTQE]Y]KEVQYE KYJ[Q
Z7EF@NVIJVQFQSQ)7MJL TQXO]JVWQYHO\O[JEEISRJ[TJEI=[+MJ U
Q
,SYEN]Q]K@GO>IJIK
(  
YJEI=SRJU
Q&Y(E KYJJ[Q
Z7EF@)7TJ N]RJL EV+EI= N^TJSRJSP)7MJL VH[JEU+XGWH/9\HO]+.X[+YJ
EVQJZ2VH/MJ S+Q1YVRJ Y6IJE[QJ ZHOYJ)HOMJY ZHOYJG.L]K?O EG]KSRJ
Y6IJE[QJ VZHOYJ)HOMJG.L]KVJIRJ]K@

U
Q&Y(@)7TJN]RJLX[+YJ[TJGOGOZO]JGWMJ
Y6IJ E [QJ Y  U
Q&Y(  @ )7 T J Y H O  UJ N ]RJ L  X\H V J  XV7 [ J
[TJGOGOZO]J
IJ U)˜
7H]KSRJ T3JTQZHO YJESQXGK Y6IJE[QJL\,[+MJ

7HEIESQ U
Q@ TQVPYHO S[H
ZQSRJ âTQVPYHO V\O[JE
ES
NVIJVQS,OEQYJSQâTQVPXE1YQMJSHSRJSH\QSP XIRJXMJ
]HO)HOMJSRJTQVP]KXE1YQMJX
QVWQY[IJ^HON^[JV
)HOMJEGWâTQVPYHO
FQSQN]IJ S MJ L S RJ #  Y6IJ E [QJ Y H O  J [ H O M J  N]IJ U H O 2 ](  X* Z H ] J  NVIJ V Q
)7TJFQSQ)7MJLTQXO]J\O[JSMJLSRJâXE[+YHOY6IJE[QJU
Q,S)7MJL
[H OM J ]MJ 1 YRJL S RJ  SP Y  GWYJ G WMJ  ZYJ G,  SEFQ[P @  TQXO ]J Y H O
)7TJFQSQ)7MJL \O[JE]KVRJ

EV5QJZMJLGWYJ
NVIJVQ3JEYWV-)M7 LJ ¡HO
QXT3JXZQVWQXE1YQMJ)HMO MJ N, GQSQVWQ
X\PSN^MJL XEIQYJ[HOMJSQVWQXQ
7MJN]
IJ YHTÚ1Y,/
ESQ NVIJVQ
VH[JEU+VWQT+QYHO N]RJ[+MJE
Q N]RJ][+MJ]K Y6IJE[QJ E[+9G.L
]KSRJ
âXZO]JYSHVJEV+9¡-]JE\+]KSRJV
7MJVZMJ)7MJLK[Q[QEN]QZHOYJ
ESQSP#[TJGK[TJ
,[+MJEN%QMJ&Y(RQKGWZHOYJSPE[+]MJE[+9
]KSRJ
â\.VQ7 Y6IJE[QJY L 
HO J Y6IEJ [QJAMKV]Ka?O"GMJGWYJV\Q]KAYWH/YJ\( ¡HOa
)7MJL ][JSYJ2]( Y6IJE[QJ@ XQIRJGWYJYHO X\YJ[+MJ IJG,2](]K2](
Y6IJE[QJ[OH=SMJPV7[JSQT
QVWQT+QZOHEI]KSRJ
]KEVQYZE7 F@]K
([M+ J GOY[MJN]E?QEN]QGWYS J RJXZ+IJ
 E KYJ[QZ7EF
XUMJLNVMJL]KSRJ \HOE?QEN]QGWYJYHO âTQXO]J[+MJ ¡HOYJ)7H]J\Q]KSRJ
U
Q&Y(@XGWYX J ZYJN]RJLTOG, OMH JVQNGMJ#X*ZH]JFQSQTYQY6VJYWMJ
NGMJSRJ â TQXO]Jà \MJ
7QE]Z+MJ]KSRJ AFHOE[QJa AEUU
Qa
A^PTQE
I[JaTESQNVIJVQXS,O X)-IJYHO X*ZH]EJ K?Q

7Q
IJXV7I]J MJ
GYJG. ]K@ EN]QZHOYZ J 5MEJ [QL?O[EJ ]SQ].?O \MJVRJ#YH O F
LJ QSQUHY O
VT3JTQVH]K  U
Q&Y(YE[QL âGYJG.ESQ XZO]JYHO V7IJYIJ[HYW2](
N][JSQ
7MJZMJT+QEN]QE?Q E
SQ G.L]K2](
U
Q&Y(@X*ZH]J)7MJLE
SQGWYJYHONVIJVQN]IJ)7MJLY6IJE[QJY
73J[+.E^QJN]\QSRJV7QSQVIJNVIJVQTQ^[JSPYHO]HOVHOIQZRJSEFQ
E]KYJETZHOÑN^TJ]KSRJNVIJVQ]HOMJYHO1YRJL2]( NVIJVQXS,OX)-IJX[+YJ
X*ZH]EJ K?Q
YHO X*ZH]J]MHO J[+MJ
7Q1YRJL)HOMJSRJSH=VO ?O[JX*ZH]JZHO
T[MJ ^[J¡-2]( VHVH IQZRJ\QSRJVWQ ?O[JV?O[JYHO NVIJVQN]IJ)7MJL
[HOYJUHOMJ 1YRJL)HOMJ]KSRJ
\HE=O 1YQMJL NVIJVQLF)7MLJ 3JEYWV-XE1YQMJYHO NVIJVQ[HY =O X*Z]H J
ZHO]HOVOEH YQMJV+IJT+QEN]QUHO)OMH J
IJâTQXO]JYNV‹MJL[MJZHVVJL RJ?OY6IJE[QJ
EV5QJZMJL]KSRJ[YJLXEV5QJZMJL&Y(EV5QJZMJLNGMJN^TJ]K@AET[IQI,
FHYEYV’Q
QVHa?O%O ŒFO
QE?Q1YQG.L]KSRJY6IJE[QJGO\Q
ESQET[IQSRJY6IJE[QJ@XIQ[JX[+YJEYQMJESQY,N^TJZQ]K
ETS[RJ
EV[ÉQ
]JG,GWYJ
FQSQN]IJUHOGWYJYHO XEYQMJU,O N^TJ
IJ Y6IJE[QJ XT+VJYOIJ
&YH/]VJ]KSRJ FQSQE
# 3JEYWV-)7MJL ZPV- UYJU,E
 ¡-E\QMJLT,O
]KMJESQ]RQ]HOMJUHOMJ
QâTQE]VWH/YHOFQSQN]IJ
SRJV7QZYJ
+,9T
Q
N^TJ]K@Y6IJE[QJY.LSHO=SH]À,SVQ[TJEQYJX[+YJVP[YJLTHIJEGV-
N^TJEI]KSRJ
SHO=ESQJU
Q&Y(E KYJ[QZ7EF@)7TJN]RJLXGKSV[+MJ
O4JN]/ZHOESQTH[U J )˜YN]MJN]]K@âU)˜E>QZ-,9EUQJSN^MJLXQ[YJ
SE
QZO]JGWMJTH[J N^TJZQ]KSRJ
âXE1YQMJX
QVW/H YHO FQSQN]IJ
Q[+MJN]IJUOSH X
P EI)7MLJ XV7Q
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
VWH/T,OZO]JVH)OHMJSRJXH]ÀQJZ+.EGWQJV-[TJT,O[
Q]K
7HEI]KVP]KEVQYEF
E1YQMJL N^TJ
SRJ V?O[J]KFQSQN]IJSP@XN]TJSQN^TJ]K@ATQ^[J
SPVWQ XV7Q[TJT,O[
Q E[+9]KVP YHOJ[HOMJSQ N]MJUMJ^[J¡-]KE[QLa ?O
X)PXR8[J E[QMJ]IJ]KSRJ
\H=NO ]MJ],)O ]7H JSRJL TQVPYOH ]KEVQYE KYJ[QZ7EFYN]IJZRJ^[J¡-
N]MJUMJNGMJVN]/E1YQMJE^QJN]X]J]KSRJFQSQN]IJSPYSQEIQYJU,O
XUMJL N]MJUMJVV- WQYHO ZO]]J KSRJSHN=O ^TJESQE1YQMJL âTQXO]J X*Z]H ]J OMH J
NVIJVQ]HOMJ)7TJ]HOMJZ,O[+MJ]KMJESQXV7Q[TJT,O[
QSRJFQSQN]IJSP@
[QIJSQN^TJ]KSRJ
EYW>P[MJV7[J[VJ
Y6IJE[QJL XEI)7MJL E
7VPZTQVPYOH YPRZ
( YJ)H]7 TJ YJ¡HOYJE]G.EL SQ
]KEVQY 3(SHIJZ+MJXQ EYW>P[MJ]KSRJ >I( E NVNVEU+)7MJL SV(
E
QMJT3JZ-HMJ[HO=Y TH[JMJ[TQ XQE]YPR(SRJLXN]MJ [TJGK[TJ
,
NVIJVQTQXS,O X)-IJXGWH/9N^RJLE]N]MJE]SRJLX[+YJEYW>P[MJ]KSRJ
EIQYJU,OâTQXO]JN^TJENVQYJE
]KMJZO]JEUQMJSPU
QEVQMJ,SXQ
EYW>P[MJ]KSRJ

GOE^E^QJK
(
YJ [MJZH-MJ
THE MYANMAR BUDDHIST:
HIS LIFE FROM THE CRADLE TO THE GRAVE
1. Introduction
This is the third time that 1 have the pleasure and privilege, and
indeed, the honour to address the French scholars and students ofvarious
disciplines on Myanmar studies. It would be too persumptuous ofme to
assume that this repeat performance is called for because my perform—
ances on the two previous occasions had gone down very well. I am
inclined, as a Myanmar Buddhist, to attribute my being here again to the
occasioning of yours as well as mine kurmu, a term that will recur fre—
quently in the course of this lecture. Here it may suffice to say that we
have been ordained to meet for the third time by the causes of our works
ofmerit carried out together in the previous existences. Be that as it may,
1 am here again as large as life.
I have accepted the kind invitation ofl'Assemblee des Professeur
du College du France with pride and humility: pride at the thought ofthe
confidence that the professeurs have reposed in me; and humility at the
awareness of my limitations in trying to prove myself worthy of their
trust. I’ll try not to fail them.
My terms of references are to deliver a series of eight lectures
on The Myanmar Buddhist: his life from the cradle to the grave, for four
weeks, at the rate of two lectures per week. I’ll adhere to the letter and
spirit of the terms. My aim is to inform and to induce reflection. My
purpose is to present to youthe whole spectrum ofthe life ofthe Myanmar
Buddhist — not what it ought to be, but what it really is. lntrying to achieve
it in eight lectures, I may be attempting to put a decalitre ofmilk in a litre
bottle. Nevertheless I’ll try. I’ll take you on a tour in sequential
stages through the exotic regions of(1) Nurture, his own environmental
influences, that is the geographical, political, cultural, economic and social
The Myanmar Buddhist : His Lili From the Cradle to the Grave 29
settings, together with his upbringing, care and training fostered by his
family that mould his personality; and (2) Nature, his inherited endow-
ment - qualities and characteristics, physical, mental and spiritual, which
to him, and which reflect in his beliefs and practices and diver-
sions during the normal course ofhis life. In this context, I’ll trace his life
form his birth, through the stages of childhood, adolescence, manhood
and old age, ending in his death and its concomitants. Such incidents and
events in his life as engendered by his beliefs and practices will be spot-
lighted give a true perspective to the picture.
In a discourse ofthis nature, it may be unavoidable for me not to
tread on grounds already covered by me in my two lectures at the Institute
of Social Anthropology in Paris in June 1950 ‘Social Contact their
impact on Myanmar culture’, and also in my three lectures on ‘Myanmar
Poetry’ in May 1971 at the National des Langues Orientales
Vinvantes, now known as lnstitut National des Langues ct Civilisations
Orientales. The present series oftalks are in essence a supplementary to
those lectures, in that the highlighting ofthe various aspects ofMyanmar
Buddhist’s life would, 1 trust, add a new dimension to your existing
knowledge of Myanmar and the Myanmar Language, literature and
culture.
A plea may be made here about my competency in giving this
lecture. The subject proper invites many sociological and anthropologi-
cal interpretations on many issues. 1 am giving this discourse in the
capacity as a Professor of Myanmar Language, Literature and Culture.
Sociology and Anthropology, 1 confess to knowing next to nothing, still
less to professing them.
2. Nurture
The Myanmar Buddhist, like the French Christian or the Indian
Hindu, or the Chinese Confucian, is in effect a creature ofcircumstances
which, as already stated, constitute nurture and nature.
Buddhism maintains that the personality ofan individual is what
its karma makes of it. So too is his destiny. The Buddhist concept of
karma is dealt with under 2.3.1 Theruv0du Buddhism. II needs to say here
only that karma encompasses both nurture, environmental influence and
nature, inherited endowment. These determinant agencies will be con-
sidered now to get the background against which the whole spectrum of
the life of the Myanmar Buddhist can be viewed in its true perspective.

2 .1 Geographical setting
Myanmar, the habitat of the Myanmar people, share frontiers
with India on the west and with China on the north and north—east — two
great countries which have contributed no small measure of culture and
civilization to the world. To the east lies Thailand and to the south Malaysia
and to the west the Indian Ocean, which has been the highway for
merchants from the west since the fifth century A.D or earlier.
Myanmar is as large as France, but its population is almost half
that ofFrance. The main physical features are the thickly wooded moun—
tains in the northern region, and high wooded plateaux and hills in the
east and south—east; the plains in the centre intersected by high ridges: the
YakhineYomas (or range of mountains), the Bago Yomas and the Shan
Plateaux; and the valleys ofthe three main rivers — the Ayeyarwaddy, the
Sit-taung and the Thanlwin — which have served as means ofcommunica—
tion from north to south since the dawn of history. And in the south are
the flat areas ofthe Ayeyarwaddy delta .
The climate ofMyanmar is mostly tropical. From May until Octo—
berthere is regular rainfall; for the rest ofyear there is hardly any rain. The
The Myanmar Buddhist : His Lili From the Cradle to the Grave 31
central part ofMyanmar is known as the Dry Zone, for here the rainfall is
very light. In the hottest months, March and April and part of May, the
temperature in the southern and central parts ofthe country may
100 Farenheit ( 35’ C ), while in December, January and February the
temperature may fall to 60’ F(15 ’C) and become progressively less in the
north.
These physical and climatic conditions are mainly responsible
for the distribution of both agricultural and natural products and also of
the peoples throughout Myanmar. Myanmar has for as we know
been primarily an agricultural country. Rice, cultivated in wet areas as
well as in Dry Zone by means of irrigation, tops the list of agricultural
products. In addition, Myanmar has been endowed with natural resources,
such as mineral wolfram, tin, silver, rubies, jade; and teak forests
which are mostly found in the Bago Yomas and south—eastern part of
Myanmar. Most of these exportable commodities pass through Yangon,
the principal port and capital ofMyanmar.
The indigenous races of Myanmar, which are of Mongoloid
stock, fall into three main groups: the Tibeto—Myanmar, the Mon—Khmer
and the Thai—Chinese. The first group is represented by the Myanmar
proper (concentrated especially in the Ayeyarwaddy valley), Yakhine
(along the western coastal strip), Dawei and Myeik (in the valley ofthe
Tanintharyee), the Nagas, Chins and Kachins and many other tribes in
the mountainous regions of the north. The representatives ofthe second
group are the Mon (in the Ayeyarwaddy delta and Thaton and Kyaik—
kha—mi districts - the regions around the mouths ofthe Sit-taung and the
Thanlwin repectively), the Wa (between the Shan States and Yunan), and
Palaung (in Northern Shan States), while the third group includes the
Shans (on the Shan Plateaux), Karens (in Tanintharyi, Karenni, and the
Ayeyarwaddy delta) and Taung-thu or Pa-o ( chiefly in the Shan States).
There are several thousand domiciled Indians and Chinese scattered all
over Myanmar.

2 . 2 Political setting
The political history ofMyanmar that impinges on the cultural,
economic and social activities of its peoples can be summarised as the
southward advance ofthe Bamas and the unification ofthe country at the
beginning of each dynasty by powerful Bama kings, whose control was
later terminated by misrule or invasions from neighbouring countries.
The making ofMyanmar was periodically interrupted by the struggle for
32 Dr. Hla Pc
supremacy between the Bama and the representatives of the other two
the Mon and the Shan, from which the Bama emerged as the
sovereign power by the middle ofthe eighteenth century. Twice the king-
dom came to an end through external invasion: the first was by the Tartan
under Kublai Khan in the thirteenth century, and the second by the British
in the nineteenth century, and at each time ceased to exist as an independ-
ent or united country for sixty years or so.
Waves of migrations from Certral Asia had been for
thousands of years before the Bamas descended the plains probably in
the mid-ninth century to settle down where the water is clear and the
grass is green. Here they came into contact with the Pyus, now extinct,
and the Mons who had already attained a high level ofcivilization . In the
eleventh century King Anaw-rahta, 1044 -1077, welded into king-
dom a group offormerly independent states and principalities, and ruled
them from his capital city ofBagan. €iradually he extended his sovereignty
down to Tanintharyi in the south and to Thaton, the capital city ofathriving
Mon kingdom; to Yakhine in the west, and over the hills east ofthe Sit-
taung river. The city of Bagan, today one of the famous ruined cities of
South-East Asia, succumbed to the principalities at the end the Bagan
dynasty.
During the next two generations or so, Upper Myanmar formed
part ofthe Shan hegemony with separate capitals at Sagaing, Myin-zaing
and Pin-ya, all only a few miles away from Mandalay, the last capital of
the Myanmar kingdom while the Mons at Bago, north of Yangon, re-
assured their former glory to hold suzerainty over lower Myanmar.
In 1365, the Ava dynasty was founded with its capital at Ava,
south-west ofMandalay. The kings ofthis dynasty devoted much oftheir
time and energy to upholding Buddhism and to encouraging an off-shoot
of that heritage - the Myanmar literature. At the same time while they
were wracking their brains in finding out means and ways ofpreventing
the Shans from their domination, they were also attemping, without much
success, to conquer the Mon kingdom.
Unity of the whole country was re-establishdd only in the six-
teenth century. Two kings of the Taung-ngu dynasty, 1531-1750, called
Tabin Shwe-hti, 1531-50, andBayin Naung, 1500-81, first ruling at Taung-
ngu and then at Bago achieved this long awaited attainment. Bayin Naung
put an end to Ava’s rule in 1555, and taking a leaf out ofAnaw-rahta’s
book, re-gathered the dismembered states into his fold to set up a united
kingdom only to be frittered away by his successors.
The Myanmar Buddhist : His Lili From the Cradle to the Grave 33
In 1750, the Mons, taking advantage of the internal weakness,
tried to wrest the power and managed to spread their control over the Dry
But they lost their temporary gains as well as their independence
for good when Alaung-hpaya, 1752-1760, chiefofShwebo, north ofMan-
dalay, re-united the whole of Myanmar and founded the Alaung-hpaya
dynasty, known in historical works in English as the Ava dynasty. The
of nineteenth century saw the kingdom of Myanmar reach its
widest extent: it included the whole of modern Myanmar together with
Manipur and part of Assam now integral constituent states of India.
say the Myanmar the kings of this dy-
nasty shifted their seats of government from one capital to another: first
at Shwebo, then Ava, and to Amarapura, and back again Ava and
Amarapura, and finally to Mandalay.
It was unfortunate for the proud and parochial Myanmar kings
to be fated to have as neighbours in the nineteenth century the British,
who had brought under their complete control virtually the whole ofIndia
at the end ofthe eighteenth century. It coincided with the age ofimperialism
- beliefin the value ofcolonies, the policy ofextending a country’s empire
and influence - a precept practised by the Europeans powers ofthe time.
A collision course was now being set between the two nations facing
each other across the borders. Collide, inevitably, they did in the form of
three Anglo-Myanmar Wars of 1524-1526, 1552 and 1555, in the process
ofwhich the Myanmar lost the whole country to the British, piecemeal -
the two coastal strips of Yakhine and Tanintharyi, Lower Myanmar and
Upper Myanmar in succession.
After the Second World War of 1939 to 1945, during which the
country was occupied by the Japanese form 1942 to 1945, Myanmar
regained her independence on 4th January 1948. She did not revert to the
old monarchical type of government, but chose instead to become the
Republic of the Union ofMyanmar.
2.3 Cultural setting
In the lust ofthe two lectures delivered at the Sociological Insti-
tute in 1980, I set out how the social contacts with other races have fash-
ioned the Myanmar culture oftoday. Here it may be necessary to spotlight
only those aspects ofthis culture which have bearing on my theme, such
as Buddhism, particularly Theravada Buddhism, and other -isms, as-
trology, demonology, black and white magic, and kindred sciences, which
the Myanmarpeople have absorbed andMyanmarized, and appropiatedthem
as their own.
34 Dr. Hla Pc
2.3.1 Buddhism
Culturally Myanmar owes an immense debt its neighbours,
especailly to India and Ceylon (Sri Lanka). Both forms ofBuddhism, the
Mahayana, Cireat Vehicle and Theravada, Teaching ofthe Elders, which
came from India together with Tantric Buddhism and Hinduism, had co—
existed side by side with the other two -isms in Myanmar since the fifth
century A.D. Theravada Buddhism, according the Myanmar chroni—
cles, gained predominance over the Mahayana and other —isms , including
animism which the Myanmars were then professing, after the conquest
of Thaton by Anaw-rahta in 1057. The introduction of Theravada Bud—
dhism with its scriptures written in Pali, from the Mons, and later reinforced
from Ceylon, has uplifted the Myanmars to the plane above that of their
cognate people and ofother indigenous ethnic groups. One concrete result
will suffice.
The Bama borrowed the Mon alphabet and reduced their
langauge to writing sometime in the early twelth century A.D. Their evan—
gelical zeal to study and propagate Buddhism in their own tongue, and to
set up stone inscriptions for their works ofmerit - pogodas and monastries
— were the driving force behind this achievement. Ofthe members ofthe
Tibeto—Myanmar sub-family, only the Tibetans and Myanmars can lay
claim to having a script oftheir own.
Myanmar has a vast amount of literature in epigraphs, on palm
leaves and folded paper and in printed books. The epigraphical literature
ofover one thousand inscriptions, dedicatory in motive, dignified in style,
with many allusions to incidents from Buddhist scriptures and stories,
began in the early twelth century. Its contributors were Buddhist monks
or former monks holding official position at the court or in the provinces,
and poetesses; and its notable features were Buddhist piety and courtly
refinement of language. There was a preponderance of adaptation ofthe
Jataka (Buddha's former Birth Stories), epic historical and panegyric
poems in praise ofkings, lyrical poems on love and nature and folk, literary
and musical songs, as well as epistles, letters and dramas in mixed style
ofverse and prose.
Prose literature was relatively small in variety and in number
but large in volume. It comprises translations or adaptations ofBuddhist
scriptures and stories, chronicles, works of Pali grammar, astrology, as—
tronomy and alchemy and kindred sciences; legal precedents, the law
books based cheifly on Hindu legal treatises written in Sanskrit.
The printed literature which appeared comparatively late in the
The Myanmar Buddhist : His Lili From the Cradle to the Grave 35
nineteenth century such works as Pya-zat, dramatic of
Buddhist and non—Buddhist stories, novels, essays and short poems and
short stories. Some of these modern writings savour of western flavour.
Buddhism has a profound and pervasive influence the
Myanmar. It is deep rooted in the whole fabric ofhis mind. He may hold
an unorthodox belief and even put it into practice for reasons known to
him. Nevertheless, ifyou scratch the veneer ofhis make—up, you are bound
to find Buddhism deeply ingrained underneath the surface. under—
stand the whys and wherefores of his way of life, and his beliefs and
practices we will now turn our attention to this Faith ofhis.

2.3.1.1 The Buddha


Buddhism is the teaching of the Buddha. It is a way of life and
not a philosophy as the scholars understand it in the West. Buddhist
tradition regards the enquiry into reality for the sake of knowing
about it as a waste oftime. The investigation into the question ofwhether
the hen or the egg comes first, or ofthe origin and evolution ofman is a
case in point. The Buddha’s teaching is mainly concerned with showing
the way to salvation, which transcends all other considerations. This is
demonstrated in the life ofthe Buddha.
Before he became Buddha the Indian prince Siddhattha lived
for twenty—nine years in the city ofKapilavatthu a life ofluxury and ease
with all the imaginable comfort. Atthe age ofsixteen he married abeautiful
princess and led a married life. Thirteen years later, soon after the birth of
his son, he saw the Four Signs: an old man, a sick man, a dead man and a
monk. Realizing the futility of this purposeless existence on earth, he
renounced the world.
He left the city on his horse, accompanied by his faithful fol-
lower in the dark of the night. Helped by the deities, he managed to get
out ofthe walled city unheard and unnoticed. On the way Mara, the Devil
- the counterpart of Satan — intervened and told him to return to the city as
he was to become an universal monarch in seven day’s time. He did not
turn back. He crossed the river Anoma, and on the other side ofit he cut
off his hair with his sword, and threw it into the air. Sakka, the Ruler of
the second ofthe six celestial worlds, received it and had it enshrined in
a pagoda in his abode.
After practising austerity as an ascetic for six years at various
places he came to what is now called Buddha Gaya in modem Bihar State.
He sat down on the throne under a banyan tree with his face towards the
36 Dr. Hla Pc
east. Mara again appeared on his savage elephant, together with hosts of
accomplices to lay claim to the throne. The Prince invoked the inanimate
Earth as his witness to attest to his declaration that the throne was his by
virtue ofthe works ofmerit done in his myriads of existences. The Earth
confirmed it with a mighty that made the elephant kneel and pay
obeisance to him and caused the Mara’s army to flee
Then began the great Struggle to attain Enlightenment. I’ll give
you only a summary of the long account of it. During the first watch of
the night he meditated what he had been in the former states. At
midnight his vision became that ofa god and until morning he meditated
the future. He became the fourth of the five Buddhas in this world
cycle in 559 BC. His name is €iotama. He preached
for forty five years and passed away in 544 BC when he was eighty years
old.
Buddhism, strictly speaking, is not areligion, ifit means 'a system
of worship based the belief in the existence of a supernatural power,
the creator and the of the universe, who hils given to man d
spiritual nature which continues to exist after the death ofthe body'. Or,
'human recognition of superhuman controlling power and especially ofa
personal find or gods entitled to obedience and worship'.
The Buddha never claimed to be other than a human being;
neither did he ever claim any inspiration from any god or external power.
‘He attributed all his realization, attainments and achievements to human
endeavour and human intelligence’. ‘He may be called a man par
excellence and he came to be regarded in popular religion almost as ‘super-
human'!
His teaching lays great emphasis on the man being his own sav-
iour, and urges strongly never to seek help from anybody else. He says:
‘You should do your work, for the .. . (Buddhas) only teach the way to
liberation, Nirvana’. One ofhis teachings serves as a dictum for scholars
who are in pursuit of truth.
'Be not led by authority of religious texts, nor mere logic or
influence, nor by seeming possibilities, nor by the idea: "this is our
teacher". He told his followers 'that a disciple should exmine even the
Buddha himself, so that he might be fully convinced of the true value of
the teacher whom he follows. (Walpola Rahula : What the Buddha Taught,
p.2 and passim)

2.3.1.2 The Three Major Schools


The field ofBuddhism consists ofthe Original Message, its devel—
opment, and additions to it. It is therefore difficult to dogmatise on which
The Myanmar Buddhist : His Lili From the Cradle to the Grave 37
is the Message and which is the development, since the Buddha’s
preachings were not put on record until the last century B C in Sri Lanka.
Some scholars may however be able to distinguish several of the addi-
tions. Its range of subjects is vast.
In time Buddhism than 2500 years, during which
there emerged three schools: Theravada (The Doctrine of the
Elders), often disparagingly referred to as Hinuyénu (The Lesser Vehicle)
by the members of the school, Muhéyanu (The €ireat Vehicle),
and finally the Zen (Meditation).
In space it the Theravada countries of Sri Lanka,
Myanmar,Thailand, Laos and Cambodia; The Mahayana countries ofTi-
bet and its neighbours, and Mongolia and and finally the Zen
country of Japan.The geographical distribution of the schools is note-
worthy. The heterodox forms of Buddhism, the Mahayana and Zen, are
embraced by the in the temperate zones, while the orthodox
form, the Theravada, by those in the tropics.

2.3.1.3 Theravada Buddhism


Theravada Buddhism, the oldest of the three schools, is often
called the southern school ofBuddhism. It reached Sri Lanka from India
in the third century BC, Myanmar in the tenth century AD, Thailand in
the twelth, Cambodia in the thirteenth century AD and Laos probably
later.
Its scriptures have been arranged into three groups known as the
Three Pitaka or Baskets - from the fact that the long strips of prepared
palm-leafon which the texts were written were originally stored in baskets.
They are the Vinaya, Sutta and Abhidhamma.
The Vinaya, the code of monastic discipline, contains pro-
nouncements by the Buddha, laying down numerous rules for the con-
duct ofthe Order. With each rule the circumstances which led the Buddha
to propound it are given. To instance only one: the injunction to the monks
not to travel during the three months ofthe rainy season which coincides
with Buddhist lent. The reason was to preserve the growing rice fields
from being trodden by a great number ofmonks in their journeying from
one place to another.
The Sutta is the largest and most important ofthe Three Pitaka
It is divided into five groups of Nikéya, containing the Buddha’s Dis-
courses. And it is the last ofthe five Nikaya called the Minor Group that
has appealed to most ofthe Theravadin. Among its contents are the well
known Dhammapada, Verses of Virtue; and the Jataka, a collection of
Dr. Hla Pc
both of which commentaries in the form of stories
have been written. These stories have exerted immense the
life ofthe Myanmar Buddhists.
The Abhidhamma consists of works Buddhist psychology
and metaphysics, too abstruse except for the specialists. It is certainly
later than the other two Pitaka.
All these are written in Pali. On these, hundreds ofcommentaries
and sub-commentaries have been produced both in Pali and in the various
languages of the which Theravada Buddhism has spread.
Many of these writings, particularly in Pali, have been translated into
English. The Buddhist literature is ofimmense quantity and varied inter-
est. It is, however, as has already been said, the Sutta, the of the
Three Pitaka, that has captivated the hearts ofthe average Myanmar Bud-
dhists: the first, Vinaya, is a monastic code, and the third, Abhidhamma,
is too abstruse.
Through the study of exigeses on the Sciptures written chiefly
by the monks in their mother tongue, and by learning from their moral
preceptors, the monks, as well as from the parents or teachers, and also
from various sources such as literature and dramatic performances, the
average Buddhists have grasped certain essentials ofthe Faith when they
are in their twenties. With the progress in their age they become more and
more aware ofthree vital concepts which are intertwined with their past,
present and future lives.These are re-incarnation, karma and Nirvana, the
awareness ofwhich correlates to the level ofthe capacity oftheir under-
standing.
Reincarnation, being reborn after death, either as a man or as
some being, is accepted by the Theravadin with resignation as a process
he will have to undergo on the round of existence, called Samara. These
are the thirty-one planes of existence. They are the human world as his
focal point, the Four States ofMisery - animal, goblin, vile titan and hell
- below, and the twentysix celestial abodes above, comprising ofsix worlds
of deva or nat in Myanmar and the twenty worlds of the Brahma.
He has a general idea that karma, literally meaning ‘deeds’ is a
law of causality, or a docrine of as you sow, so shall you reap, and good
and evil consequences accompany a person from one existence to another.
One’s present lot, be it good, bad or indifferent, is the result of past
deeds; and the deeds ofthe present and some ofthe past will be the cause
ofbenefit or suffering in the future.This is the inexorable law which also
determines the destiny and quality ofhis rebirth. Works of merit jointly
The Myanmar Buddhist : His Lili From the Cradle to the Grave 39
performed by two or more people, he understands, bring about their re-
in one of the coming existences; and the number of times of their
and its duration is determined by the quality of their work of
merit. He has no illusion that the preparatory stages to salvation may last
myriads oflives, through numerous cosmic ages. In the interim period he
has to reconcile himselfto transmigration in the space-time order, Samsara,
until by virtue ofhis spiritual maturity he attains Nirvana.
Nirvana, meaning ‘the going out oflamp’ may be defined as the
final extinction ofconsciousness. There are many and varied expositions
this ‘untranslatable of the unspeakable’. The
conception ofthe ordinary Buddhists however is ‘cessation of sufferings
woes’. To the Theravadin this is the emancipation from the round of
life or Samsara, and his ultimate goal.
The term Nirvana, unlike the terms re-incaranation and karma,
is rather recherché to the ordinary Myanmar Buddhists. But they have
been shown the way to reach it by the Buddha.The first andmost important
way to reach Nirvana is by means ofthe Eightfold Path - the Path which
features in one or two places ofthis lecture. These are (1) Right view and
(2) Right aspiration, referring to the attitude to be taken by the aspirant;
(3) Right speech, (4) Right conduct and (5) Right means of
livelihood, referring to the moral and social requirements ofthe aspirant,
and
(6) Right endeavour, (7) Right mindfulness and (5) Right con-
templation, referring to the mental and spiritual disciplines that are needed.

2.3.2 -isms
Buddhism in Myanmar, as in other Theravada countries, is
syncretic. It is, as already mentioned in my lecture in Paris in 1980, tinted
with Hindusim from which it developed, with Tantric and Mahayana Bud—
dhism from which it has superceded, and with animism surviving from
earlier phase of Myanmar history. Behind the facade ofMyanmar Bud—
dhism lie many non—Theravada practices and beliefs, some ofwhich have
merged with those ofthe Theravadin so closely that these alien elements
have been accepted by unsophisticated Myanmars as part and parcel of
their Faith.
The Myanmar Buddhist is really a synthesis of two personalities — a
Buddhist and a Myanmar. He lives not only for the life hereafter, but for
this world as well. The recongnition ofthis dichotomy is essential for the
understanding ofhis dual personality. As a Buddhist he takes refuge (has
faith) in the Three Gems - Buddha, the Law and the Order ofthe monks
40 Dr. Hla Pc
- and practises piety, by among other things, dana making religious offer-
ings, sila (Myanmar thi-lé) observimg precepts, and bhavana
(Myanmar he-wouo) devoting hismself to meditation, all for the next
world, with a view to reaching Nirvana ultimately.
As a Myanmar (1) he has his eyes on this world and sometimes
propitiates both the celestial and terrestrial deities or nat, and spirits and
human adepts in black and white magic, through fear or feelings of inse-
curity; (2) he to magical rites and rituals as to gain material
benefits, or acquire power over animate or inanimate objects; and (3) he
may believe in alchemy, astrology and kindred sciences for various worldly

The Myanmar conception of the deities is very complicated.


Some ofthese deities are Buddhist, others are Hindu and the rest seem to
be indigenous. These supernatural beings fall under three categories: the
Buddhist celestial gods - the deva or nat, and the Brahma; (2) the Hindu
gods; and (3) the terrestrial nat, some of whom are Buddhist and the rest
indigenous.

2.3.2.1 Buddhist celestial gods


The hierarchy ofthese celestial gods is the Brahma in their twenty
planes ofexistence, which are one on top ofthe other. Below them are the
six worlds of the deva, also in tierred formation one above the other. A
few of the deva, with whose names and activities the Myanmar Bud-
dhists are familiar, may be given for your information.
1. Mara, the Devil, who has been mentioned earlier, and who
will be mentioned again later, is the powerful ruler ofthe sixth and highest
deva world. He is usually identified in the Myanmar Buddhist mind with
sacrilegious acts and deeds.
2. Sakka, the benign ruler ofthe second celestial abode, his chari-
oteer Matali and his chief architect Vissukamma.
Sakka has been fairly fully dealt with in mytwo pervious lectures
in Paris. I’d like to repeat and add a few words to what I have said about
him in there. He is known in Hindu mythology as Indra, which is one of
his epithets in the Buddhist Scriptures. It is stated in various Buddhist
writings that he will be the sole guardian ofthe second halfofthe Buddha’s
Religion, which is to last five thousands years after the death ofthe Bud-
dha in 544 BC, and that in that capacity he will mete out reward to the good
and punishment to the bad. The current Religious Year is 2528 Buddhist
The Myanmar Buddhist : His Lili From the Cradle to the Grave 41
Era (BE)* There is popular belief among the Myanmars that he
decends to the human world annually the four days of Thingyun
(Sanskrit souUoufi) the period ofthree to four days when the sun passes
from Pisces to Aries , and that he returns to his celestial abode on the last
day ofit . This period coincides with the annual Myanmar Water Festival
which usually begins the 13th April and ends the 15th 16th
April, to begin a Myanmar New Year the next day
Métuli, the charioteer has been to the human world twice to fetch
two kings in Tévutimsu (Myanmar Tu-wudein -thu),
the Sakka’s abode, at his master’s desire. Vissukamma, the chiefarchitect,
has contributed to the Myanmar language the word hissuko, pronounced
beik -thuku, meaning an architect .
Cutu Muharuju, the four great kings, are the guardian gods of
the four comers of the world. The knowledgeable Myanmar Buddhists
are on their best behaviour on the fifteenth day ofevery lunar month. For,
that day the four great gods appear in the world find out if men
cultivate righteousness and virtue, and send their reports to the gods of
Ta-wadein-tha, who, it is said, rejoice or lament according as to men
prosper in righteousness or not.
(See €i.P. Malalasekera: Dictionary oJ’Puli Proper Numes, Vol.
I, London, 1937, pp 561-2)

2.3.2.2 Hindu gods


The Hindu gods, for whom the Myanmar people have a place in
their hearts for one reason or another are many. There are the statues of
Vishnu, Surya , Siva , Ganesa and Brahma in some of the temples of
Bagan. They are known to the Myanmars as Peik-thano, Thu-ri-ya, Pa-
rami-thwa (Sanskrit paramesvara(, Maha Pein-né, and Byama
respectively. These gods have had their due share oftreatment in my two
previous lectures together with Saraswati (Myanmar Thu-ya-thadi). Since
the last mentioned famous goddess has a place in my present lecture, she
deserves a repetition ofwhat has been said ofher.
In the Hindu mythology Thu-ya-thadi is presented as the bestower
offertility and wealth; the goddess ofBrahma, and ofspeech and learning;
inventress ofthe Sanskrit language and Deva-nagari letters; and patron-
ess ofarts and sciences. But to the Myanmar she is chiefly known as the

* At the time ofwriting-1984 AD,


1346 Myanmar era, 2528 Buddhist era.
42 Dr. Hla Pc
goddess of Many a love—stricken unrequited frequently
approaches a magician invoke her aid to his success.

2.3.2.3 Terrestrial deities


The terrestrial or earthly nat are most difficult to sort out. Some
ofthese, particularly the guardian spirits, are mentioned in the Buddhist
scriptures. But others are indigenous, who are comparable to the phi in
Thailand. They are:
1. Benevolent guardian spirits of numerous animate and inani-
mate objects in the physical world, such as human beings, houses, trees,
mountains and seas. Of these the guardian deities of the trees seem to
have closer affinity with the life ofthe Myanmar people.
2. The 37 nats, who with the exception of Sakka are all
indigenous, and inclined to turn malevolent ifneglected. The accounts of
the circumstance which led them to be re-incarnated as nat
Almost all ofthem died of unnatural or violent death. Every one ofthem
has a name. But we do not know by whom, when or how they were
deitified. (For detailed study, see R.C.Temple: The 37nuts, London, 1906).
3. Local nat, whose legends fill many pages ofMyanmar litera-
ture, and form the subject for many a narrative and dramatic perform-
ance. Some ofthem have been romanticised. They too need placating on
appropriate occasions.
4. ‘Raw nat’. These are the spirits ofthe people who died of un-
natural or violent death. Their existence on earth is said to be short-lived
- a maximum ofseven days after their death - during which they stay near
their former residence, since they are too preoccupied with the future of
their bereaved beloved ones.

2.3.2.4 Magic, astrology and others


The world ofthe Myanmar's beliefs and practices admits of, in
human form, ghosts, magicians, adepts and witches; and in inhuman form,
demons, goblins and other supernatural beings. A Myanmar resorts to
magical practices such as being tattooed, swallowing pills, carrying amu—
lets and magic squares to achieve the power of invulnerability and other
supernatural attainments. Witches, the Myanmar maintain, are galore since
there is a witch in every seventh house in every street. They practise
socery out of spite or for revenge or to gain influence over the people.
Astrology has been known andmade use ofbythe Manipuri Brah—
mins at least since the eleventh century AD. The vital role it had played in
The Myanmar Buddhist : His Lili From the Cradle to the Grave 43
the lives and of the Myanmar royalties and of the
commoners has not lost any of its vitality today. Its present day uses are
applied to foretelling the future, to rituals to avert impending dangers and
to choosing the auspicious time and day for a ceremony and for business
and for social activities.
Other beliefs and practices include omens and exorcising, which
will be touched upon in the lecture. The confessions of a Myanmar Bud—
dhist may strike you as rather paradoxical It is however
d sequence the make up of a Myanmar Buddhist personality
and his attitude life. He was an animist before he became a Buddhist.
Deep down in the recesses of his mind there still lurk of his
beliefs, many of which have been sustained by tradition and his
environment. He is fully aware of the fact that his life is only a stage in
his journey salvation, that is myriads of existences away.
Meanwhile at a certain point, life in this world, which is full ofwoes and
suffering, seems to him both mystifying and and in such d
situation he is assailed by a sense of inadequacy or insecurity. He has
learnt form his elders, or read in both religious and secular works, of
people in such a plight turning to supernatural practices and supernatural
things. He is only treading the path oftradition left by his forbears. Buddha,
may 1 remind you, is only a teacher who shows the way to salvation: he
is not Cmd, the Supreme Being, Creator and ruler ofthe universe.

2.4 Economic Setting


Myanmar is a developing country. With its so far underdevel-
oped technology and climatic conditions and physical features, it is natu-
ral that its economy mainly depends on agriculture. Myanmar, as already
mentioned earlier, is rich in natural resources, the potentialities ofwhich
have not been fully developed yet. Until such a time comes she has to
concentrate her efforts on the production ofagricultural commodities for
home consumption and for foreign export.
Myanmar people are essentially agriculturalists: they have been
so since they came down to the plains of Myanmar over one thousand
years ago. Rice growing by wet or dry cultivation is their chief occupa-
tion. Ploughing, harrowing, transplanting and harvesting in orthodox ways
was, and still is, the order of the day, though mechanization is being
introduced. The natural workmates and friends ofthe cultivators are tropi-
cal beasts of burden, such as water-buffaloes and cattle, to whom they
have a sentimental attachment; and yet they look upon them as dumb
44 Dr. Hla Pc
animals devoid of sensitiveness, as is illustrated in the Myanmar expres—
‘lu—nganwa’ a human creature cattle, meaning a dumb. Among other
domesticated animals, elephants and horses are still regarded as the
paraphernalia of officials vestiges of the custom of former times, and
the elephant is accredited with intelligence ofa high degree; and dogs are
held to be destitute of any good qualities or redeeming features an atti—
tude that cuts clean across the notion ofthe dog’s lovers in the West, and
makes of the English ‘you lucky dog’. It stems, 1
believe, from the Myanmar Buddhist’s conception ofthe dog as the deni—
zen of the Four States ofMisery.
In the rural areas there have always been Myanmars who earn
their living supplement their earnings by hunting fishing, though
Buddhism disapproves of these activities. Bows and arrows and spears
are the chief weapons of a hunter who is by dogs. Of the
wild animals the tiger stands for savagery and ferocity, while the deer for
meekness and mildness; the monkey is notorious for naughtiness; and
the monitor lizard, because of its forked tongue is an embodiment of
untruthfulness, and because ofit having a dull—grey colour, the Myanmar
regard it as an animal ofill omen that augurs poverty: the word for poverty
and dull—grey colour are the same in Myanmar. 1 have been told that the
Thais also share the same belief with the Myanmar people in this
respect.On the other hand the peacock, which is the emblem ofthe flag of
the Myanmar kings, is looked upon as an auspicious bird, while the vulture
is regarded as an inauspicious creature. More about the monitor lizard
and vulture will be discussed later.
Fishing with various kinds ofimplements - nets and traps — goes
on in small streams as well as in the large rivers of Myanmar. Both the
hunters and the fishermen, in view oftheir vocation that violates the moral
precepts, occupy the lower rung in the social ladder ofBuddhist Myanmar.
There are in Myanmar also many various kinds of manual
workers and artists and craftsmen. To list only a few: boatman, raftsman,
cart driver, toddy climber ( who taps the juice at the top ofthe palm tree);
and authors, poets, musician, blacksmith, goldsmith, mason, weaver,
potter; and sculptor and wood carver, the last two craftsmen are to be
found chiefly in Mandalay, the last capital of the monarchical period.
Myanmar women, particularly those in the rural regions, share the
daily burden ofwork with their menfolk in many walks oflife. They hold
their ground in spite ofthe several one—sided Myanmar sayings: ‘Day will
not break for a hen’s cackle; it will break only for a cock’s crow’— a senti—
The Myanmar Buddhist : His Lili From the Cradle to the Grave 45
ment also to be found in Chinese proverbs— and 'A big wave, it’s under
the boat; a big mountain, it’s under the feet’ meaning women will always
be subdued by men. Much of the day—to-day business is in the hands of
the women, and they give a good account of themselves in rural and
domestic economy.

2.5 Social environment


Many Western writers have portrayed the Myanmar people as
easy going and pleasure loving. But they fail to mention that these people
are free from which the of their own
suffer and have to take tons oftranquilizing tablets to get rid of it. They
forget the and side of the life of the Myanmars who
work arduously on farms and on rivers under exacting conditions. During
these periods of work, they have scarcely any time give attention to
anything other than the task in hand. When therefore they have an
opportunity to release their pent—up feelings they enjoy themselves with
special fervour. Forms of amusement up to the twentieth century were
comparatively simple. Those that appeal most to them were pwé (stage
plays), dancing and music, playing musical instrument and singing on
one hand; and on the other, gambling (usually at pwé), racing and boxing
- all of which they generally indulged in at the many festivals and fairs
usually held at the time of the full moon.The period for such pleasures
was confined to the dry season. Needless to say, the social environment
has been transformed in modem days with the advent of the cinema to
towns and the free film shows to the rural areas, and the soccer and the
basket and volley balls, as well as many other forms of such diversion to
various parts of Myanmar.

2.d The Myanmar family


Within the large circle of the above environmental influences
lies a smaller circle, concentric with it, representing the family in which
the Myanmar Buddhist grows up.
Due chiefly to adherence to the teaching of the Buddha and to
underdeveloped technology and the environmental set up, life in Myanmar
(as in other Buddhist countries) meanders along; and people’s standards
and values are different from those in the West. Materialism is subordi—
nate to idealism; contentment takes precedence over dissatisfaction; and
moral and spiritual attainment is preferred to intellectual achievement .
The people are less sophisticated and less complicated. Their needs are
modest compared to those of their counterparts in the West, and they
46 Dr. Hla Pc
need not exert themselves too much for what they want. Such people are
usually found in rural areas away from large cities, where the ethos ofthe
society or community has been contaminated by the impact of Western
civilization and
This is the general picture of Myanmar Buddhists. But the war
and its concomitants as well as new factors that have been springing up
since the end of the war in 1945 have impinged several aspects of
their life, and consequently engendered shifts in their standards
and values, and even in their morality. Nevertheless their fundamental
beliefs and practices remain almost unchanged.
Against this background, I’ll present you the family. Some of
the remarks and comments are from my own experience and others from
my own observations. The picture that emerges in the end will be a
composite one, the like of which may be seen anywhere in Myanmar.
The word ‘family’ here means ‘the body ofpersons who live in
one house, including parents, children, servants, and so on. And the sort
offamily I’ll talk about falls under this category with a slightly different
image. We have in Myanmar instead ofservants what are nowadays called
‘house-companions’ in those households in the urban areas who can
afford to pay wages. These companions, a kind of general factotum, are
distant relatives ofthe parents or complete strangers.
Broadly speaking members ofthe family, especially in the rural
regions, live in houses with an open plan. It often resembles a hall, con—
taining the minimum items offurniture. Here they sit, eat or sleep, gener—
ally on the floor. In some cases, a room or two may be carved out ofit as
sleeping quarters for the parents and grown-up daughters, furnishing it in
some cases, if they can afford it, with bedsteads to sleep on; or a room
extended from it to serve as a kitchen. Doors and windows are left open
during the day, though not in the rainy season. On the whole, therefore, it
is a kind of communal life that affords hardly any privacy.
In big cities, such as Yangon, Mandalay and Mawlamyine there
are many European style houses and bungalows. Be it in a village wooden
or bamboo house or in a city brick bungalow, we generally find the whole
family living together with minimum friction.
Many people in the West may assume that because oftheir inhibi—
tions and tense atmosphere, this sort of situation would breed several
neurotics among the members ofthe family. It might, but these symptoms
seldom come up to the surface. Myanmars on the whole are more or less
relaxed, and besides it is their way of life. Of course there are some in—
The Myanmar Buddhist : His Lili From the Cradle to the Grave 47
dependent minded members, who finding the situation not to their liking
intolerable, may set up a home of their own. But generally speaking
the pattern of such a coalescent family life has prevailed throughout the
country. Two pieces of evidence may be cited.
My family lived in a small village ofabout three hundred houses
until after the war, when it was forced Mawlamyine, about
forty miles away, by insurgency and economic pressures. The number of
in the family at any time was never less than twelve, over which
my grandmother presided. Even when the household moved and settled
down in an entirely different environment, they still preserved the conti—
nuity, except that of my aunts took the of her deceased
mother. The family now has seven members in place of twelve. Their
relationship is most amicable.
1 have in Yangon a friend. Until a few years ago he and his wife
and their three children lived for several years under the same roof with
his mother, his sister, her husband and their family as well as another
unmarried sister ofhis, besides two house companions — altogether about
twelve in number. Their house however is very large. My friend seemed
to be happy — no complaints whatsoever; and his mother ocassionally
wrote to me indicating how pleased she was to be able to spend her old
age- she was not even sixty then - with her family, particularly with her
grandchildern. 1 was then living in England. In contrast, 1 had an English
widow lady of seventy living along next door to me. She had a married
son. He and his family had a house oftheir own about sixty miles away.
One day 1 poked my nose in and asked her why she didn’t have her son's
family with her. The reply was short and sweet: '1don’t want them getting
in my way.'
There are many contributory factors that bring about the coales—
cence among the individuals of the family. The three main agencies are
tradition, community and Buddhism.
The Myanmar Buddhists are conservative. They are sticklers
for the tradition that has been handed down from generation to generation.
They nourish ‘what-was—good—for-my—parents is good enough for me’
attitude. Some years ago I saw a cousin ofmine chastising her child, and
1 said to her: 'You are beating the devil into his head.' Her reply was, as 1
expected: 'None ofyour alien new fangled ideas. 1 am only following the
trodden path of my great—grandparents, grandparents and parents; you
were born only the other day. Do you want to spoil the child by sparing
the rod?'. However, the tradition, which acts as guideline in the course of
life, encourages discipline, respect and humility.
4N Dr. Hla Pc
Community is an untangible powerful force in Myanmar, and
most ofthe members defer to its opinion andjudgement. It is a perceptible
arbitrator on social and moral matters. Many people by the nature oftheir
upbringing dare not to it, still less spell out the
often used in the West: "Mind your own business — me/ez des vos uJJ’uire“;
instead they have mind their p’s, and q’s, that is to be careful not to
offend against propriety. Community frequently acting in the capacity as
‘Big Brother’ censures the parents whose children, in its eyes transgress
the traditional code of ethics such as being insolent the elders or get—
ting a girl into family way. And, it usually down heavily upon d
man who takes a second wife, and heavier on a woman who takes a second
husband.
Faith is the third of the triad. Buddhism has been dealt with
quite adequately as to need to add much, except perhaps to mention a few
tenets that the secular side of life. These are to
relatives and give aid and succour to the old, and to have regard for others,
and to treat with humility and respect those who are older in age, higher
in status or more learned than oneself, all of which are, as it were, the
bolts and nuts of a family structure.
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7
P[+MJX\H
IH KIJ
NVIJVQV-IJ]JXVWH/VW/H V7QEZLZQURJ]PEI1Y[.L N]MJSTJ)HOMJM,V7
]RQ
7MJVWQ)7MLJ TQSMJSQVWQX[+YJY6IJE[QJE?QEN]Q[QGO[[H
X&YHVJ]KGMJ)7TJ&YHVJV7QY6IEJ [QJLE?QEN]QV-E[+SH]JEYQMJG.LZHO=GO
\]J2]( ]+.E[QMJG,
[Q]KZH=O Y6IJE[QJEN]QVJUZ HO 5MJ XEN]QZ+IS J Q+ ]KZHVJL
VJ%O ŒFQSQ[TJEQYJXEII.=GO[TJ&YVH J Y6IEJ [QJ\]JV,E?QEN]Q
^HO=E
QYJZQ
SRJLXE1YQMJ
MJY]RQ
7MJZP&Y(VMJVWQ#XVWH/SV(&Y(
VWQ)7MX LJ [PY6IEJ [QJ[=OH XQZ,O @X[H[Y J , YV’ YT(VJ \
, QNGMJE1YQMJZ L =OH
Y6IJE[QJ ,O1YRJ]K[J (Y , YV’  UHO[.L EK?Q
YHO Y6IJE[QJ
EN]QS+ Q [. L  \. V 7 Q  \]J G K \]J G K 1YQ1Y
]KZH V J L V J   EZQEZQ
UJXEI)7MLJ [HO[OH EN]Q
Z5MJE
7FFE[+V7QY6IJE[QJ[EHO= [+X[P[P
ZO]JG.L1Y[.L EYQMJV-YOSHOZJE[+
.9XYWH/E1YQMJLY,U,O2](S,O &YHVJENVQYJ
ZQE[+91Y
[Q]KZH=O EN]Q
]KZHVVLJ JFQ].N^TJN^TJY6IEJ [QJE[QL (EI
QYHO
NVMJE[+9
[.LX[HOMJE
QYJZQ]K2](
N]MJSTJ)MOH MJ E, YQZH]J V7]KEVQYVWQX^+9. 
YY6IJE[QJLYHOEV[ÉQE
79\Q^H[J1YQZQE[QL
Y6IJE[QJYO4 J PVJENVQYJ2]( ¡HY
O WH/V-IHK[)7MJL ZQE
QYJ
IJZYJG,G.L]K
[J]KEVQY&Y( VWQYY6IEJ [QJX L E],1O YRJV-E1YQMJL O4 J
P ]K[J
)7HVJLGWTH[J N^TJ
[QYE[QL ]KEVQY&Y(VWQ@EV5QJZMJLGWYJ)7MJL \HOYJ[IJ
EXQMJ&YH/]VJ
QV7QY6IJE[QJL
.9XQIRJGWYVJ WQYHOY6IJE[QJSHEIZH]O= K
 E KYJ[QZ7EF
]RQ
7M&J Y( VWQ
.9EV5QZJ MJEL TQMJTL QV-)M7 LJ ?]JVEH XQMJE[QLXT+VJ YOIJ &Y/H ]VJ
]KVJ
Y6IJE[QJLYHO S[JV7[JE]\Q[.L [QIJY
EGKMJT3JN^MJL
YJ
S[ÉEZ][J1YQ#[TJ][JZ5MJ)7TJ&YHVJ)-IJN^MJLE]KMJ
7TJ&YHVJE?QEN]Q
IJ
N^TJ]K[J (S[JV7[GJ WYX J [HOMJN^TJEXQMJY6IJE[QJ&Y/H TQS+Q]KVJ
Y6IJE[QJ
RJ
+J[QYE[QL SHT
QE[+ [MJN]VJ# 2](E[QL
]RQ
7MJ &Y(VWQ [TJNV,/9NV,/9E[+T
Q E]GWMJ]K[J NVIJVQ[TJEQYJ
.9
F XE\+E\+YHO ¡-E\QMJLT,OV7 X
7HX[HOMJ [MJN]S+QV7Q]K Y6IJE[QJ[HO=
N^TJETGWMJ [.L ],OT,E[+ XSQ\Q2]( [YJN^TJE[+YHO EN]QS+Q]KVJ
(XE1YQMJ X
QYHO
7TJ&YHVJX[+MJ 2](N]RJLT,OEXQMJ EN]QVJUHOE[QL
[TJ]H×QXHO\. )+Q)HO= UJ]H×Q EZQMJ\RJLSZHO N^TJS+Q)HOMJ]K[J
XGWYJXZYJE[+ Z5,\+YJVS+Q
EZEXQMJ Y6IJE[QJ XQ\O[J]KVJ
( Z H O  [MJ N ]
QV7 Q  NVIJ V QL F YH O  X
+  J X ZH O Y J  XT( X T3J ) 7 M J L
UIJN]QE\+EN]Q[.L XE1YQMJX
Q VWQYHO Y$VWQG+.2]( [MJN]]KVJ
Y$VWQYE[QL

 FN]/N]MJ\HIJEYWQMJV-  NVIJVQ[TJEQYJ
.9 FV7Q SP=IJYWMJ
XSHOMJXIJY1S>QSYJE
QYJ],OYHO]\(IJYWMJ#)OOHMJM,E
XENGXEI#
T(]+QE
)7MJL ZPVE-
XEIX\QVWQ)7MJL SP=VHSQTOYSP=YHO ZPZQENVQYJ
SRJX\HFJZHOSMJ1YQN]/TO]WH/E\QMJE][J#FJZHO ],OS+MJ E][J
UHO[Q]KMJ]K[J

 SFQIJYWMJ@N]/N]MJV- SFQ][JIJYWMJYNVIJVQ
.9FV7Q
\MJ?]JET[.L¡O]J]HOMJ#TH[J]HOMJ#IQVJ]HOMJ#,O1YRJV-UHOMJ
QXEV+X)7TJXN^TJ
ZYJG,

7H[QE[+# SP[HO= 1S>QSYJE


QYJV- N]/N]MJE]SRJL FXNVMJ)7MJL
,O1YRJV-VWQ# XYWMJL T¡HOYJVWQ)7MJL E^QYJN]IJES+^(V-VWQ T[.L F],O
H]J
YHOZRJ[MJN]]KVJ
SRJXE1YQMJX
QE[+YOH EN]Q
V7QNVIJVQ[TJEQYJ
9. EV+YMJT
V7 XTN]/SRJL YEZF# 2V(EYQMJE]KYJ X
+J# ZPZQENVQYJGWHIJ#
SYJ&Y(
+JXHO F)7MJL FIH,OTSRJN^MJL X]HOMJ]HOMJG+.2]( UHOMJ
Q XGWYJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
XZYJVWQ)7MLJ SHMO J HMO J S+Q]KVJF],OE]ET
IJX[+YJ EZLT¡HY O JVWQ
SYJMJ,O1YRJV-VWQE1YQMJLN^TJE]
[.LFN^TJ
]JVWQYHOZRJV(EVQMJ
\HOS+Q]KVJ
GOZHOFQSQ
]JE?QEN]Q
QV7QGMJYY6IJE[QJ[MJN]G.L^P2](
XE1YQMJX
QVWQN]IJV\]JET
IJY6IJE[QJE
7QMJY+MJ)OHMJ^+JV
7H]KFP
 N]RJL >+IJZV7Q
EGKMJT3J)M7 JLY6IEJ [QJ]K
(2VH/9ZPV-E
V)O×E% SH]À,VQ7 )7TJGWHIJ
E?QEN]QG.L]K[JEVZV7QZRJX. (XGWHIJY
?O EG[+MJ2](GO
EGESRJ L  XE
7 9 [H O M J 
FQSQTYQ)7MJL 3JEYWV--XVWH/SQ[YÞSOZ H J&Y(V7QE?QEN]QGWIH JS,OGWHIJ
P2]( XE1YQMJY6IJE[QJE?QEN]QG.L]K[JGOEN]QVRJL
XE1YQMJX
QYX\YJ)T7 &J YVH JE?QEN]QGWYJVWQYHOEIQYJUYJ[+. XEI
)7MJL N^RJLT+YJ2](NVIJVQ
.9FXE\+E\+YHO V(EVQMJ\HON]V7QN^TJ]K[J
NVIJVQ)HMO MJ ,#NVIJVQTQE]FQSQTYQ)7MLJ 3JEYWV-UOMH J
QSOGVHI&J Y( VWQV7Q

7H2](SH2](SO[E[+YHOXNVMJSTJ)7MJLN^RJLT+YJE]S+Q)OHMJVJZHO=Y6IJE[QJ
,O1YRJ]K[J
E?QEN]QVRJL XE1YQMJX
QX[+YJ Y6IJE[QJLV7Q ]RQ
RJ
N]RJL]KLVZQUH[ O QI.=][JS[J2](EV[ÉQ
]JG,[MJN]\Q]K
ETY6IJE[QJ
EN]QS+Q VRJL FQSQ
]JXE1YQMJX
Q E[QJE[QJVWQVWQV7Q ZPV-E%
XNVMJ)7MJLV)OO×E% XNVMJVWQYHOXENGG,2](S,OS]JE^IJV-ZHOX]J]K[J
Y6IJE[QJYNVIJVQFQSQTYQTQE])7MJL3JEYWV-FQSQ
]J]KEVQY
[TJEQYJXEI)7MLJ E?QEN]QV7Q]K KE1YQMJL ZPVE- % [H=O V)O×E% [H=O UH[ O L.
]RQIJVWQV7QY6IEJ [QJL %?OS[ O YXZ+IJ XQIRJ]K[JE?QEN]Q)HMO J
EZQYJEXQMJ]RQ
]JVWQV7QY6IJE[QJVY6VJYWMJ[.LXE1YQMJIJG,\Q
ZHO]K[J
 E KYJ[QZ7EF

FYHON]/N]MJ\HIJEYWQMJNGMJ
NVIJVQ%O ŒFQSQZRJN]MJSTJG
TJQIJ#XH)˜H?H)˜0FQSQMJ#
[¡O[JY+IJN^0
7]J[Z HO= HO]K].][JIJYWMJN^TJ
]JVWH/T,OYN]/N]MJE]SRJLX[HMO J
&Y( N]MJ
[.L ]O\>O 3JSQN^TJ]K[JSFQEZQY)7MLJ \HVJ EYWQMJN]/N]MJV[ - =HO
E]KMJT]J],OE^QJE][.LF]K].
%O ŒFQSQXPX
]O¢H/ZJ[TJ3(
.9ZP
RJZPES+SHO=V?O[JX[É
],OZ8QYHOY, YV’ YT(V,N]/N]MJ]K[JSP=FY,1YV’QZRJSRJX[OHMJ
]K].Y,T(V,SRJLX[HOMJN^TJ
]K[J%O ŒXZHOYWY, YV’ @SEFQYHO
XGIJ ## V7Q E\
QK %O ŒK EGKMJT3JN^MJL  ^+MJLUHO  N]\Q]K[J
(V7QE[QL Y,SRJ IJHOMJN]/N]MJ\HIJEYWQMJV-)7MJL 1SYQSEZQY@
1S>QSYJE
QYJV- )7T]J MOH J Z,O )7MLJ SYJUMOH ]J K[JZS =OH QEN]Q)7M]LJ KVJNVIJVQ
%O ŒFQSQ[TJEQYJ
.9FYHO],OV7IJNVMJE[+9)HOMJ
IJâ1S>QSYJE
QYJV-
)7TJVWH/TZ,OYHO S,OS]JS+Q
]KVJ

# ]\(EIQYJG,
NVIJVQ)OHMJM,XEIQYJ^YJV7QXH)˜HN]RJ#XE
79)7MJLXE
79ENVQYJVQ7
[¡O[NJ ]RJ)HOMMJ &, Y()7T)J MHO MJ ), 7MLJ IJIVH [
H J \HT]JEI]K[JYV«QL 3JEYWV-
XUMJLUMJLN^TJE]V--V7QXZ+IJ1S>QSYJE
QYJ[.L)HOMJM,&Y(E[+]KXE
79
FYJV7Q \HOMJ HO Q )HOMJM, E[QMJFYJV7QE[QL XH)˜HSVO ˜
Q)7MJL
VEZ
7Q)HOMJM,
7HEI[JXH)˜HSVO ˜
QYG
TJMK
QTOSHO=V?O[J (\YJ
ETQ[.LXGWHIJV7T2](YOIJS+JE
E1YQMJZVJV&Y(N^TJ]K[J
NVIJVQ)HOMJM,)7MJLN]MJSTJXYWJXIJ_
HQX[P[PEZQYJ]K].
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
SHO=E]VJL ZP3(E
V7QE[QL NVIJVQYN]MJSTJ
.9\YJYJGIJ= SQ
7HVJ
ENVVWYJ)7QS+MJN]MJYE[QL XHYXEI)7MJL E[Q\P\]JESQ ENVQYJ]HOMJ
E[QMJYOIJE S#E[QMJ\P\]JSRJLXE
79)7MJLXE
79E[QMJ]HOMJ E[QMJ[IJ
)7MJL YOIJNVMJLE S# EIQYJ
GHOMJ¡HOV ].GP¡HOVUHO[.L E[QMJ[IJ&Y(VWQ)7MJL

7VJYOIJENVNVMJL[HO=1YQR‹]J\QSRJLXZJ]HOMJENVN]IJ=E SVWQ_
Q[(#
TTJE[QMJ#S,ZM+ NJ VTJ&Y( S,O S+@ J NVTJ7VJ ENVN]IJE= SVWQ)7MLJ E[QMJ]OMH JV7Q
_
Q[(NVTJY6IJE]E SEGENVN]IJ=]HOMJVWQ]KMJ]K[JENVN]IJ=E S
VWQYHO N^[JSIJ[.L NVTJ&Y(S,OS+JY E
7E
7XGKV7 T2]( E[QMJENVQYJ
E
ZVJUYJS+JE
ZVJE1YQMJE[+ N^TJ]K[J
NVIJ V QL
QS( 3 [O Y  XVWQXQN^MJ L  ]P E )+  ]K[J   EVZV7
EXQYJ [ H O F QZ X\H  ], O V 7 I J  VH O 
QS( N ^TJ 2 ](   YWIJ Z VWQV7 Q  VH O 
XZ+IJ
+QG.]K[J)HOMJM,XZJ]HOMJYHOENGQYJES+9
]JIJZHO=EG]K[J
VH O 
+ Q S+ I J V-  IRJ  ZH O = ] K X]P N ]MJ  U, O  N^TJ [ . L  V[J Z  _2]( Z )7 M J L  EVZ
ETQETQ]HOMJV7Q)HOMJM,XZJ]HOMJ)7MJL E[QMJ]HOMJE SVWQYX]PGWHIJ 
 X\YJE
QYJ)HOMJ]K[J (>MJFQ#>IJIK
(#E^E^K
(V7QE[QL
X]PGWHIJ  X\HUMJ)HMO ]J K[J)HOMMJ ,ENVQYJ]MHO JE
QYJSQ+ Z5MJ
X]PGWHIJY]HO]HO2](YWUMJS+Q]K[J
SRJ
QS(3[O)7MJL E
ENVXEIX\QY THOYJ]WH/S()7,)7MJL SFQ
\+YJYOIJ

7HV-#ZPEIN^IJ=YWYJVV- WQYHON]/N]MJ\HIJY+]J]K[JY6IJE[QJ[HO=
SHVS (7 V5SVHOMJ[TJEZ5QYJZO, NVIJVQ)HOMMJ ,?QTHOYJ]WH/E
XHY)HOMJM,N^TJ]K
[JVHOVWQ
QX
]JVWQV7QUIJT]KTHOYJ]WH/]K[JENGQYJES+9
]JIJV7Q
ZRJ E
S+MJT]K THOYJ]WH/[Q]K]. ZJQ\+YJYOIJV7Q UIJT]KY
\H]JU,O Y]K (N]MJNVIJVQ)HOMJMV, 7QS,>Q[XEI)7MJLE
I,#G.VN^0#X^W/H YS J ,
EGP^
IJ#EM+#][ÉNVQ#EYWQYJTHVJ E[+\+YJ]K[JSTJE[Q\+YJE[+YHO
ZRJ].GP¡HOV)7MJL XE
79E[QMJ]HOMJE SVWQV7
]K[J\+YJYOIJVWQYHO
XHYUH]JYVJ2VH/9&Y(N^TJ[.L
IJYOIJV7[TJUMJL N]RJ]YHO [MJ]HO= E
QMJGW

]K[J
NVIJVQ)HMO MJ ,[HMO J
MJSQVWQYV+IJOZ H /+H YJX)+VJ 7Q]KMJ2]([H%YJ
NVIJVQ#V+IJGVQ)7MJL HO Q[¡O[J)+J VWH/TO S,OTOY+.]K[J]\VTOV7Q

ZP3( E
VWQYHO
RJRI8 J SRJGONVIJVQSIJ#N]MJSTJSIJGIJ=
7S
H RJ
 E KYJ[QZ7EF
%VQTTJTTJVWQ]KMJ2](XZJ]HOMJE S_
Q[( NVTJ7VJV7QXHYTOE
EI\HMO J]K[J (]\VXTOV]7 .
GHMO VJ WQYXEIQYJ]MOH J YVJ¡HO [VJE SV7Q#
\QJ)7MJL 2VH[JSQVWQY[IS*Q
( YVJ¡HO[IJE SVWQV7QIQ#GWMJ #
YGWMJI.= XNGQZPVWH/VWQT+Q[HO=Y E[QMJ\P\]J
Q ENVQYJ]HOMJE SE[+V7Q
EI\HMO J1Y]K[J O[ H V+IGJ VQXTOMJVWQV7V+IVJ WQY_
Q[(NVTJE S
)7MJLS\,O)7MJLYWH/YV(G¡HOMJ\Y
. TTJE[QMJS,Z+MJNVTJE SVWQV7QEI\HOM1J Y
]K[J[HOMJ
MJSQVWQY
7VJN]RJIJ)7MJL PIIJIJV7QEI2](]EZQMJ
VWQ
7VJN]RJENVQYJ]HOMJV7Q EI\HOMJ1Y]K[J [[HXO]JTOV7QE[QL
7VJ
YOIJENVNVMJLV7Q
7VJZPVWH/VWQ# [IS*Q
(# YQN]RJIJ)7MJL _
Q[(
NVTJE SV7QY
MJVWQXN]MJE[QMJSPEG]OXOH LVJ WQ#
7VJ N]RJIJVQ7 XHY
EI\HOMJ1Y]K[J XH)˜H)7MJL [¡O[JVWH/)+JVWQZRJ NVIJVQ)HOMMJ , [TJIJ
Z,OV7QE\QMJE]KMJVWQT+QXENGGWEI\HOMJZ5YJ
7H]K[J

# )HOMJM,E
EIQYJG,
NVIJVQ=3JEYWV-#T(]+QE
)7MZLJ VP E-
E[+YOH ¡HY
O GJ [JZQ[.L )HMO MJ E,

SVHOMJYHOXYW3JGW/]J
Z5MJ%VQVWQ)HOMJM,E[QMJ]HOMJSHO=MJE
QYJZQ[IJGOH
XQ4Q&Y( [.L FO
MJVWQY)HMO MJ T, RJZ,O 2]( VMJUYJVWQE\QMJX. ( VMJUYJ
[TJUYJT(V7QEIQYJ]HOMJVMJVWQXO]JGW/]JV-R,L^WMJZQ[.LX[+YJXHVJI(GWMJ
)HOMJM,VWQV7YW0EYWQJMJE
QYJZHO=VMJUYJ]WYJSO3JS+QG.L
[QE[+XT3J
ZHOYJ]KMJ]K[JNVIJVQ)HOMJM,\PE\QMJG.L
QV7QXGKXQEZWQJT+Q%VQ)7MJL
XNGQ X)+JMJ V+IJ#  %VQ)7MJL
7VJ XMJXQ2]H/MJUHOMJV-E[+ N^TJG.L]K[J

QTO\.V7QE[QL %VQVWQY [TJ)HOMJZ,OYHO TOTRJ)HOMJG.L]K[J N]RJ]
YW0EYWQJV-E1YQMJLNVIJVQVMJUYJ)7TJUYJN]/[JYWG.L]K[J]\VX&YHVJ

QTOV7QYP%ZHOMJGIJ@[Q[QVWQYW0EYWQZ J Q]K[J O[HX&YVH Y J

QTOV7Q 2%H[HS5 YW0EYWQJMJE
QYJV- N^TJ]K[J )7TJ&YHVJZ,OV7Q
)HOMJM,XGW/]JXGWQXQ4QU,O ¡-,
2](X)7TJGIJT= (1YQNVMJEL XQMJZ+[JZ]J
TRJZ,OESQ)HOMJM,XN^TJV7 YWUMJEIG.L
]K[J
XQ
7XZJ]HOMJE SV7 EN]QMJE
89ZQSPVWQ NVIJVQ)HOMJM,X[+MJ
XSO[JZHOYJXSO[JZHOYJMJE
QYJEI\HOMJGL1. Y[Q)7TJE]KMJE\QMJ)7MJLGW(
1YQG.L2](EIQYJUO, 
QTOXZJ]OMH JV7Q%VQZPVW/H VWQE
1YRJ
QNVYJ)O
Q
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
E SE[+YHOE
QYJZQ1Y]K[JE
QYJZQSRJL%VQVWQYGOE]WQYJ
Y+JG.L2](N^TJ[.LE SG,]W0ZPVWH/VWQ)7MJL\HE[+9
[JXUMJLNVMJL3JEYWV-

\Q2](N^TJ[.L V+IJVWQ)7MJLZRJ%VQ[HO= \HE[+9UYJU,ZQ


]K[J

QTO\.V7QE[QL  V7  X\H IIJT,[.L XEIQJ


\QVMJY GMJ
S(NGQZ+[JZ]J[.L)HOMJM,MJYEZVWQ)7MJL2VH/9N])HOMJM,YEZVWQYHOTOTRJ2](
]O,)HOMJM,E[QJYHO[RJE\QMJXO]JGW/]J]K[JXEIQJ
\QVMJXQ4QTYJ
YE[QMJFYJV7Q[IS*Q
(E SI.=V+I)J HOMJM,@2VH/9E[QJS\,O#XEIQYJFYJ
V7 Q 
GH O M J ) 7 M J L  E[QMJ [ IJ  E SVWQ# XE
7 9 V7 Q  TTJ E [QMJ  XZ+ I J
E[QMJ[IJE SVWQX\H]W,9)7,9]K[JEI=XE
79E[QMJXQ
7E SV7Q
2V/H 9E?QMJ2VH/9]WYJ VWQXIYJ\MJ
Q7 Z7[L. ]O2, VH/9&Y( ?Q]OE, G[JS3O J [.X L GK
2VH/9E[QJXUMJLV7 YWUMJ2]( ]O), HOMJM,E[QJZRJ 2VH/9N])HOMJM, MJYEZVWQ
XUMJL2]H/Y+.S+QG.L]K[J
]O], WY2J ]( EIQYJVW/H UYJ)7TU J YJEG[JVQ7 E[QLX\YJNVIJVQ)HMO MJ V, Q7

7VJ [H=O &Y( THO ZQ]K[JTTJYMOH J #NVMJTMHO J )7MLJ ]MJV7QS(NGQ2V/H 9E[+E\QMJ2](


IIJTHOYJ1Y]K[J (2VH/9E[+XQZ,O NVIJVQEIQYJU,OVMJUYJ IIJTHOYJ
Q
V)©EZV7 VHOMJXIRJMJT(SQY+QE]K[J[TJGWHIJ[RJV7QV+IJE[+Y
ZRJE
7YSP[=OH XQ4QZ8VJ
QEXQYJNVIJVQ)HMO MJ V, Q7 N]IJZRJXQEYQMJ
2](
IJYOIJENVQYJFYJIQY].GPYHO XENGN]/2](\PE\QMJ1YN]IJ]K[J
GOV7QE[QLV)©EZXEIQYJE[QMJ+IJ +IJ V7QXMJ2V/H 9E[QJ
YHO[RJ2]( XMJVMJUYJ\PE\QMJGL]. K[JXMJFO
MJVWQY%O F ΠQSQ
SQSIQYHO X\PXQE]GW( ENV‹QYJG1.L YZH=O EIQMJZQEIQMJSQVWQX^H=O X^HO
[IJXEV+X)7TJVWQUYJG,1Y
]K[JX. (XEV+X)7TJV7E]KYJ^+QZQ[.L
XYWH/XNV[JYE[QLNVIJVQTQE]N^TJ]K[JXMJVMJVWQY[TJFYJVQ7

7VJE[+ N]IJZRJ Z8VJVHOVZQ)HOMJET


IJ 1Y,TRJ XQ\O[JG.L1Y2]( XNGQ
[TJFYJV7QZRJV+IJYOH [HY O JGY
HO JSHVJS+MJTRJ¡,O
IJ&Y/H ]VJG.1L Y]K[J
VEXQMJNVMJG.L]KFP
[TJ)MOH MJ Z , O, YHO 
QTOE
QYJV7 N]IJZRJTRJ¡O, )HMO ]J K[JE[QMJMP
VMJUYJ  V7 VMJ)7TJ]KN^TJ[.L []MJE
8\(  )7MJL
FO
MJEL IQMJ  [H=O ]\V]HMO J V7QE[QMJMVP Q7 IIJTHOY2J ]( EIQYJ].GPYHO
E
89EN]QMJ IIJTHOYJ XO]JGW/]JGKV7 )HOMJM,TRJZ,OV-&Y( EXQMJNVMJZQ]K[J
 E KYJ[QZ7EF
 GOV7Q FO
MJLEIQMJY XMJ \(IIJYHO ^WYJSHVJ2]( XEIQJ
\QYHO
T,\QYQXTH[TJ [ H X
J V8QV8QY+E. I[.L [HMO J N]RJMJYEZVWQYHO SHVJ S+MJ 2](
)HOMJME, [QJ&Y(YHOTRJ¡,OZHY O J]K[JSHO=ESQJZRJ1YQ
7RJVG,]KSP\ = ( IIJ
XEV+G,VWQZYJ\YJV7Q)HOMJM,YN]IJZRJ2]H/Y+.
N]IJ]K[J
V7QE[QL%VQVWQXMJXQGWHI.=EI[QYHOXG+MJLEYQMJP2](
V+IJVWQYNVIJVQL X]P]HOMJE SYHO XQ4QZ8VJ
IJ XQ\O[J ZQ1YN]IJ]K
[JSHE=O SQJZRJV+IVJ WQEG[ÉSQEXQMJ]
.+ ]K[JV)©EZENVQYJFYJ
IQYE
8FVHO 7QX&Y( Y.N^TJSP XEZQMJFO
Q  Y)HMO MJ E, [QJ
YHON]IJZRJTRJ¡,O)HOMJGZ .L =HO V+IJXGW/]JXGWQXQ4QGW/]J2MHVJ S+Q
ESQJZRJ
XQZ,OEYQMJ^H=O N^TJZQ]K[JXEZQMJFO
QVMJUYJYOH X*Z]H F J QSQ
)7MJL\O[J[.LTQXO]JE[+V7QXMJ X VMJUYJZO=HS,O)-IJ1Y]K[J

QTO T[MJGWHIJV7QE[QL NVIJVQFOO


MJ]HOMJIYJ )HOMJM,IJIHVH[J XYWJXIJ
U,O N^TJZQ2]( ]KMJSRJL IJENVVWQV7Q ZYJ
7H NVIJVQ)HOMJM,XN]MJ EI=
XH)H˜N]RJIJ N^TJEI[.L XQS,)7MJL V4H]P
 N]RJIJVWQ ]KMJ]K[J
(VMJUYJEG[JVQ7 NVIJVQ
Q>MJVWQXUHX O
E% MJYIH J GIJUHY O S J RJU2OH ](
2VH/9E[QJYHOX&YHVJ&YHVJE
89EN]QMJIIJTHOYJ[J]\VE
8FHOV7XMJ#EIQYJ
XV
]P
#EIQYJ XMJN]IJE
+9#EIQYJXV
]P
N]IJEN]QMJ2](EIQYJU,O
V)©EZYHO E
89]K[J
NVIJVQVMJVWQYSH]EJ S+&Y(2](XNVMJZRJYW3J ]K[J
QTO
YOIJ[RJYXH)˜H[TJ)HOMJM,Z,OSHVJ]HOYJ\Q[.L2%H[HS5E[+I.=NVIJVQ

QTO\.V7Q IJENVGWMJ UYJT]J\HE[+9ZQ


[Q NVIJVQFOO
MJVWQX[+YJ
Y,UHO1YV’QUHOMJZQ[Q]K].XGWHIJXGKYZRJIJGW.9EG[J)7MJL1Y/, &Y/H YJ
EI[J3E
Q])HOMJM,VWQYYWMJLS,OZQ[.LIJENVGW.9\+MJXQ4QN^IJ=K
)7MLJ ZYJEXQYJG, YHZ O IOH I( J]J]HMO U J MOH VJ Y- OH [IJ^OH \QSRJL XGWIH X
J GK]K].
IJENV\HT]JEI[.L NVIJVQ)7MJL 2%H[HS5[Y O=H HO\H]J[HOYJE[+9
IJZVJGMJ2]( EI2](
VZ8.VE
7QMJ)HOMJF.)7TJ)HOMJM,[HOYJGHOYJ1YE[QLX*ZH]JNVIJVQTTJ]+.
#)7MJL V7QS,O&YHVJS,OGKTTJN^TJ]K[J (N^TJT3JE[+V7Q
X*ZH]JY
GHOMJ)7MJL[IS*Q
(IJYOH]\VX&YHVJSHHVJ#EIQYJ[TJ&YHVJV7Q
EXQYJNVIJVQ)HOMJM,YHO SHVJ2]( EIQYJU,OX&YHVJV7Q X\YJNVIJVQ)HOMJM,YHO
SHVJ]K[J[TJ]HOMJGWMJ[TGWMJ X*ZH]JYSHVJPZHO=NVIJVQ[TJ)HOMJM,Z,O
U,O¡,-
]KE[QL[J
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
V7 X\H O[HYV«QTTJ[+MJYQZV7QNVIJVQ)HOMJM,
W]IJZYJEXQYJ E
QYJG.L
2](  GO >IJIK
( 
YJEI=V7QE[QL
NVIJVQ)HOMJM, Z+[JZ]JE
N]IJZRJ

7HG.L]K[JNVIJVQ)HOMJM,V7QFO
MJTITJ
N]IJVE\QMJE[QL]KFPSV’[)HOMJM,XN^TJ [RJE\QMJZHOYJ]K[J

# 3JEYWV-EIQYJG,
N]RJ)L T7 Y J ZPVE- % SH]V,À Q7 Y6IEJ [QJ)7TGJ WIH J E?QEN]QG.TL 3JVQ7
ZPVWH/NGQ)77MJL \HE[+9 UYJU,V-E1YQMJL EI= NVIJVQ3JEYWV- N^TJE]
EN]QMJZ.ZQG.]L OY , HO EN]Q1YQG.]L K[JGOE?QEN]Q
QV7QE[QLY6IJE[QJ
9.
]MJVXE1YQMJX
QE[+N^TJ[L. %O F ΠQSQ#X\PSN^MJL E\
QK %O F ΠQSQ
)7 MJL XNGQFQSQK VWQXN]MJ NVIJ VQV- N]/2](  YH OJ ]HO MJX N^TJ ZYJ G,
,1O YRJ\Q[.L E% MJIY[J,1O YRJV#- I[JYOH Y+VJ #- XMJXHMO VJ )©QIJEZQY(
]RQVWQ)7MJLSYJUHOMJVRJL3JEYWV-E

QX]HOMJVWQYHOSQXHY\Q
E^QJN]
IJ ZHO]KZHVJLVJ

##%O ŒFQSQ
XHVJI(GWMJXH)˜H)7MLJS(
HZY*Q S(?HO:J V7NVIJVQY3JEYWV-
ZYJG,

7H[X .L [+YJ EYW>P&Y(Z7]K[JEX (


QTOV7 T[MJ2]( V?QI
Q3J&Y(?OXH]ÀKJEUQMJ )7MJLE\
QK  E\
J&Y(K&Y(VWQ@XP
%O ŒFQSQ )7TJVWH/Z,O NVIJVQN]RJYHO E
QYJZQE[QL [D)©%O ŒFQSQXN]MJ
?H)˜0XP]KE
QE)7Q]KZQ2]( +IJ[+.Z5YJ
7HEIG.L]K[JNVIJVQ
Q>MJX

GOV7QXEIQJ
\QVMJS\,ON]RJYHOEXQMJNVMJSHVJ]HOYJ2](SRJLXGKV7
ZPXVWQZYJG,YHOY+JEI[.LV?QI)7MJLE
Q7YJEIESQXNGQXP
X
RJ&Y(VWQ EV7V7HIJE]WQYJY+J2](E\
K SQSIQE[QJ \+IJYQ
ZQG.L]K[JV+IJ[HO=\,V7 E\
K %O ŒFQSQYHO ]HY[JE[QJVWQ)7MX JL [P

7H2]( EIQMJESQXGK S(
HZY*QV7 \]JV,

7HNGMJE1YQMJL NVIJVQ[HO=Y
XNGQ)+J^+Q[HOMJ
MJSQVWQ\YJ XUMJLNVMJL[YJZQ]K[J

QTOETQETQ]HMO J EZQYJVQ7 %VQYV+IXJ Y
QYHO

72H ]( NVIJVQTQ


XE
XSQ T[MJ]K[J %O ŒFQSQYHO SMJPEZLZQ1Y# SQSIQ
N]/1Y
QV7QXZ+IJ&Y( VQSRJLYOSHOZJE>Q)7MJLXQ&YH/VQIJ[YJZO]JEUQMJ
 E KYJ[QZ7EF
1Y]K[JNVIJVQFQSQYHO S,O1Y]K[JFO
Q[RJ EYWQMJEUQYJ
TSRJLN]/SV5YOSHOZJYHOEYWQYJTQE
\HO[.LXEZLX\YNVIJVQTQE]
\+IJYQETSRJLXE\QYJXYPE]]K[J[H%YJNVIJVQVWH/)+JMJE[+
\.V7Q[H%YJ)7MJLNVIJVQ[HO=SQZ5MJYHOJ]HOMJXY
Q)7MJLTQE
SQ)HOMJT+VJ

7H1Y]K[J
NVIJVQTQE]Y XZ+IJYWJIJ2]( E]TQ# ]O
]HOYJTQ)7MJL ],O)7H]JTQ
XENVQYJXNVQ
7H]K[J 
QTO ETQETQ]HOMJV7Q GIJ=RQSRJL XE

XSQ)7MLJ EYWQYJTQE]KMJ[TJE\QMJEYWQY J OH UOE[QMJXH<QIJVWQ#%O ΠMJ
>Q[JE[QJ&Y(VWQV7 V7(PYHOYQ2]( E
SQV- T[MJG.L]K[J YHOJ]HOMJ
TH[JYP N^MJLE
SQESQE]TQ#]O
]HY O TJ QVWQZRJ%O ŒFQSQMJNVIJVQVMJ
VWQYXQE]GW(ENV‹QYJV-E1YQMJL\+IJYQZQ[J
QTOV7Q&Y(\+Q

7MJSIJZQG.L2](
QTO[+MJ],O)7H]JTYJVWQ[+MJYWJZQSRJX\H[UYJ
[RJ]K].TQE]EYW>P
7MJVWQYE[QL%O ŒFQSQ
?IJVWQ)7MJLIIJ[+MJ )7MJL
IJEE
QYJ
?IJZP\+YJVMJV-\VJVWQ]K].XVWH/SV(Y%WQTQUHOVWQ
ZRJ]KMJ]K[J\PNGQSRJLZY4QYE[QL%O ŒFQSQSYJMJV-)7MJL
\(VPIIJ?IJZ8VJSRJL XGWYJ]K]. XE
XSQE[+V7Q TYQEN]\YJ
ZY*QY Z8VJEI]K[J ZY*QTQE]V7Q ]KMJ[.L XE1YQMJX
QVWQY
FQSQN]IJSHO=V?O[JNVIJVQV-N]/\QSRJL%O ŒMJ>Q[JE[QJ&Y(VWQ#SVHOMJ
EVQJY+IJ)7MJL FOIJE[QJ^+.9# EV[ÉQ^+.9# SFQ^+.9 Y%WQ# ¡HO
Q],ON]MJVWQ#
S(GWMJXN]MJ ZY*QTYQEN])7TJE\+ E
Q7YJSRJL TQ)7MJL >Q[J\O]JVWQ
XVWH/T,OZMJ]K[J
TYQEN]XE
XSQYXVW/H XTQE
QXE
X[+Y]J KIRJ]K]K
[J SHO=ESQJ \O\RJXQN^MJL &Y(VQ]K[J XE1YQMJX
QVWQV7Q
%O ŒTQE])7MLJ IH]K[J]N,O ]MJVWQ#]K:HS ˜KYWVJVWQ#E% MJ#IY[ÉE% #XH
¢ [J)M7 JL
V«(
X[[JVWQ# N^[J\,OVWQ)7MJL SS*Y¡HOYJ FQSQ)7MJL E
SRJL ?H)˜0
V’S[JVWQYHO XENGG,SRJL V’S[JYWVJVWQ]KMJ]K[J
],O)7H]JTQYE[QL
QTOXE[QJYEZE)7QMJV7E]ZQ]K[J
N]>Q[JVWQ#[/VWQ#TQ[VJVWQXN]MJY%WQ[HO],O[HOVWQ]KMJ
QV7Q%O ŒMJV7
ZRJV7(#XNGQV7ZRJV7(PE
SQ[QE[+9
]K[J (\.YXGWH/9EG[J
UIJESQXE
XSQVWQV7QXEIQYJ[HOMJUIJ[QZRJE[+9
]K[J
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
%O F
ΠQSQYNVIJVQ
.9FYHOFYJE]KMJT,VO 7 &Y( VQESQXE\QYJ
X],LXN^TJ)7MJL N]/N]MJE]]K[J NVIJVQL E[+EGENVQJNVMJ],OV7Q %O ŒFQSQ
Z8VJEI]K[J NVIJVQ[TJEQYJ?Q ¡HO
QV?O[JESQ XPYHO ZYJG,
YWMJLSO, EYQMJYWMJLS,OVJFQZHO= X. (XPZYJG
, [QZRJUHO[QE[QL
SPSQSHZHVJLVJSHO=E]V.LSP=XE],YHOG+Q1YRJL]KSP
.9X>ª[ÉV7QYHIJ
EI[.L%(>]K%O F ΠQSQYHOE[+9V7QXV7IJ]KNVIJVQ[TJEQYJ@FVRJSHO=
VRJ],O  N^TJSRJ#  FQE1YQMJL  SRJZHON^TJ
SRJ  UHOSRJL  XE1YQMJ
X
MJVWQ)7MJLSP=,O1YRJV-)7MJLXVPXYWMJL[OH=YHOIQZRJSEFQE]KYJ)HOMJ^OH=
SPYHOY+JSRJL %O ŒFQSQXE1YQMJXQ¡,OTHOYJ 1YRJL1Y
EXQMJ

###%O Œ
%O ŒFQSQUHO[Q%O EŒ ?Q1YQ[.L[
Q]K]. (FQSQXPYF
EIIRJZVJR8I]J KXEIQYJ[MOH J ]RQ
7MVJ WQIQZRJ\QSZHO ×IE%
^(EZQJEUQJ^( V?O[J]KFP%O ŒFQSQXT3JXZQV7QXV7IJ[
Q STÚQ
[
Q  YHO ]HOÑ ]HOÑ SHGWMJE>QN^MJL [
Q
7QNGMJ?Q XGWHIJYOIJ¡,OV5]K].
1YYJ3)7MJL1YYJVFJ?QX
MJN^TJTPTVJSZHO]K]. (ZHO]. ZPXTFJY#
ZPFJZHON^TJZQXT
7Q[QZRJXGWRJX)7(]K].%O ŒE?Q1YQ[.L]QI
[
QYFZ+[EJ NVQYJE
ZVJN]E]^H=]O K].XNGQFQV5XE
V]K]KFP
%O Œ@FN^TJE[QJT3JYHO1YRJLZ5MJ SRJXGWYJ \MJ
7Q]K[J
%O FŒ
O QVN^TJV( SH [
Œ V MJSQFV7QXH)
H˜ )HMJO MJ , Y]ÀZ( [JN]RJVQ7
 )7TJ [HOMJ[HOMJ &Y(T+QESQ TRJTHVJ)7MJL IIJ[+MJ E]WQJEV+9G.L[J 
)7TJSQV7QVMJSV(XEGWQXZ7)7MJL TOZWQ
TJ][J\HVJ NVQ[J)7T1J YQ
XHVJE\QMJSRJFSQE[QJEZ^+Q2](V1YQV(V7QSPXHO#SPIQ#SPES#

?IJ IHVH[J&Y(  ]K NVMJ]K[J SRJXGKV7Q S,E


2]( ZP=FYHO
2M(EM+9E[QJVPZHO= E[Q\+YJE[QJVP]K[J
VMJSQYR3JEL V7QMJEV7QMJVQ7 []RJEL IQYJZY OH [ J TJ3( )7MX
LJ [PNVMJT(
2](IIJ[+MJV7 \+YJE[QJVP[JSVQE I[JVWQETQMJLE
7QYJV-E1YQMJL
XETQMJLX\]J\]JGW\QSRJL 2V/H 9[+MJV7VRJSVP 5VSHZOY H
J F.\+YJZQ)HMO J
[JZVJV7QVQ
JI[J)M7 JL E[+9[J#VQ
JI[JY[Q[JGO)7TJ
YJX[+MJ
T1YQE[VMJN^TJ
IJ
7HSRJIIJ[+MJSHO=N]IJ]KEZQLUHO2]([Q[J[Q
 E KYJ[QZ7EF
V
]K SH Œ[Y UYJS+Q# XEIQJVQNVTJYHO N^[JYP[J [TJ^YJYVJ
E
QYJE[QL]KZQSRJL SIJZWYJ)7MJL U,E[QJYOH ]JE[QJVP[JU,E[QJY J HO
EZ\.ENV‹QYJZOY H J[JU,E[QJYOH S1YQVMJYEYQYJP2]( I[JN]RJVQ7
ET[([RJ<Q]IQ2](YHOY+J\Q]K[J
OYÞ
T
HQ ENGQYJ)7TJZ,OZ,O YWMJL2](EIQYJ FO
QEZQMJ?Q
GOEG[JF(?QIJ[+MJ
7H%OO ŒKQYHOE
QYJZQ]K[JX. (V7QE%QH]MJ
EXQYJ ]ZvMJE[QJV7QXE
79[P¡- VWYJ)7QVP2](\HOMJEIE[QJVP[JX. (V7Q
ZRJ VQ
JI[JY UMJEN]QMJ&Y()7MJL ZQ2]( SP=EIQYJZHOYJVWQ)7MJL TTJUMJ
]ZvMJYHOZOON]IJ[JFO
QEZQMJYENV×OIJYHOSYJES\Q2](E
7E
7
FXESEGWY * N]/GLE. SQYOSZ OH ]J K
V(@X?OIEJ 1YQMJLVQ
JI[JYHO EXQMJ

]KETS[RJZHO=XH<QIJN]/[JV?Q]\(SHVJLSHVJLGK2](SYJESX

[RJZQE[QLUMJEN]QMJ&Y(ZRJ P[O]J¡HOYWH/ZQ#VQ
JI[J)7MJLXE^QJVWQ
ZRJZYJEZWQL \+YJEN]1Y
[J
SRJLEIQYJS%¥R/[·4JE[QJ
^HO=H]×IQ¡-XQ\O[JE[QJVP
[J
7R JZWQ[.L SRJN ^TJE [QJT3JY HO Y6IJE [QJ XYW3J GW,/ ]KVJ
R3L3J ( ,VQ7 YHO JE[QJ[MOH JE
7E
7FVWQT+QN^TJGS L. V5YOH ¡-[ - J]OE%¥IH KS
·4JE[QJ
E[QJV[ P JSIJEGKMJV, Q7  H%T¥ Y/·4JE[QJ
E[QJVP[J
VHOESQYJ,XQ¡,O[YJGWHIJE
QYJ[.LXGKSTÚQEZ]KSHNVMJX
?[ÉVJ
·4JE[QJ

7H2](âF ˜YV«QV7Q]+MJLVRJLFO
QMKUPXIYJEZUPPENVQYJ
FO
QXN^TJ F(T(VQ7 ]+MJLE[QJVP]K[JXVRJIQVEK[VZHO= [++MJ]K
[J FO
QYHOJE[QJNV[JY  KZ,O XUYJVN][J [
QE SIQ
E?Q1YQE[QJVPG.L2](SYJE[QJ
7TJUJF(T(V7Q]
HIH%¥QIJT,MJE[QJVP
]K[J

( Z (  WMJ  EG FQSQXP U H O [ Q EZQYYH O  ^IJ U MJ 
\HIJ GW/]J E[QJ VP[ .L  XI)©[ IJGH OE[QJ
7 MJ [TJ IRJ XQN^MJ L ZP[ HO= \YJ
SQZ+IJNVMJLNV[J2]( X
Q
Q YHO [IJGHOE[QJ)7MJL Z8VJSRJL \Q
FO
Q
EKL 
7 H S RJ ? O  , O 1 YRJ Y HO  Y+  J  NGMJ  YH O  UH O Z H O S RJ ? O  UH O ]KY
%O ŒFQSQSRJ
(Z(WMJ?O EGUHO1Y[.LFQSQV?O[J]KFP
%O ŒYSP=YHOJSPZPSQV?O[JZHO=[TJ&YHV[ J TJGKV5VVHIJ=1YQG.L]K
XNGQXI)©[IJGHO
7MJ EKL [TJ]K]K@XG+MJLXVHIJ=X
[VIJE[QJN^TJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
SRJ?OZRJ [TJGKV5 VVHIJ=1YQ]K YHOJT+VJ·4JT+VJN^MJL ]K
V(N^RJLNGMJ
E1YQMJLSQFO
QXN^TJSHO=ZP=FV7E
QYJSRJ?OSQE?Q]K[J%O ŒYHO
V?QZPSQ?OSQUH\ O YHO ]J K[JZPXVWQZYJG,SRJL XPVQ7 E[QL%O Y ΠHO
ZP[O=\ H YJX
Q
QSQZ+IJESQ[IJGOH
7MJXN^TJ,O1YRJV7[JP1Y]K[J
NV[JTQ+ FO
Q[
QE[QJVQ7 VHVYH 
OH S
J QYHO Y+
J QUH[
O L. XU,O XVY
XHY]K].YHOJLZVJYHOJ
Q7 EZQL#FO
QXUPUPPYE[QLIH%¥QIJE
QYJ
Q
ZVJV7IJYHO R8IJN],OSQ R8IJN]ZHVJLVRJZHO= %O ŒY VHIJ=E[QJVP[J STÚQ
[
QYHO
7QEI[.L ]RQ
7MJVWQEUQMJ
IJFO
QXU,O XV[TJGOYSRJZ]HO K
AâYQTQE]YWVJIJ)7MJLR(R8[JE]SRJ?OUHOÑZRJXV7IJ[
QXN^TJ
ZYJVG,EZ)7MJL#âYQO[ÉH
7HE]@?OE\QYJUSN^MJLZRJZYJVG,EZ
)7M#LJ VHV[
H =OH EZTQESQU
QYâSH=O UHEO ]SRJ?PÑZRJZYJVG,EZ)7M#LJ
SQYSRJ UIJTTJE^IJV- N]/V7SQ VHVHU
Q E?Q1YQSRJL [
Q@
[IJ^OH XTTJXV7IY J HOSHE]ZHVJLVRJMKFO
QE?Q1YQSV5YHOZRJUIJTTJ
E^IJ2](V7SQ,1O YRJZYJG,1Ya?O[]RJLSQYVWQYHO %O ŒYE?Q1YQ
G.L]K[J
E]OZv
Q?OZQ@ %O ŒE?Q1YQ[
QE SIQTQ)7MJLXNGQ
EI
QVWQV7
### ]MJVHO4J&Y(S,OHO4J
%O ŒFQSQV7QFO
Q%OO ŒYHOJ[HOMJE?Q1YQG.LSRJLVP
MJE SIQ
VPZV’  XN]MJ EIQYJ\]J \]JV,N^RJLT+YJGWYJVWQ ]KMJ]K[J F(T(
EIQYJU,O
QTO[HOMJSRJX\H %O ŒE?Q1YQE[QJVPG.LESQ[
QE[QJVWQYHO
S(
ZH Y*Q[+MJXY
QN^MJLVE
SQ
ES[.X L [+YJVRJSRJLX]HOMJVWQY
VPZV’N^TJSRJ#VRJSRJ[Y O=H EIQYJN^RJL N^TJSRJ?O [HN][J]HMO J NGQ
IJ
GYJG.Z]7 K[JXGWH/9ESQ]RQ
7MJVWQXEI)7MLJ EIQYJN^RJX L VWQXN]QYHO
E^QJ\O[J)HOMJ^+J
7H]K[JFQSQ
]J IJ]JYZRJXZ+IJYWJN]IJ=]K
[J
SRJZ)OH M7 LJ %O ΠK ?QSYJ[VJ)7TEJ ]KMJEYWQJ [RJ[GL, ]L. K2](
SRJXE[QX[+MJ]QIHO4JS,OHO4JE]E]KYJZQ]K[JE\
QK
UHO[.LE\
J&Y(K&Y(ZVJ VQI UHO[.L&Y(ESQQ3J )7MJLEIQYJU,O
>MJ H]×IQ 
JZHO= HO4JS,OHO4JN^TJ]K[JE\
QK HO4JYHOE[QL
 E KYJ[QZ7EF
?HII ESESQ O[JEZWQLESQQ3J  ?O V?QI HO4JMJVWQY
VZHO)7HVJLGWSRJL SEFQ)7MJL EGE[[J]K[J
IJENVXQN^MJL E\
QK Y S(
HZY*Q# NVIJVQ# \HOMJ# EZQ)7MJL
YEV«Q (Q )HOMJM,VWQV7Q \+IJYQ]K[J V?QIYE[QL [H%YJ)7MJL
XHVJI(GWMJVWQ V+IJHOZ(Q)7MJL YHO
(QV7Q \+IJYQ2]( EIQYJU,O>MJY
W]IJ)HOMJM,V7Q \+IJYQ]K[J ]\(XEIX\QX
 ]W,9)7,9],OY \PNGQ
V7[JSQ^+J]K E
7¡HOT+.X[HOMJ VZHOYJ[.L V?QI)7MJL >MJ%O ŒFQSQYHO
SV]HOMJMJ)HOMJM,VWQY ZYJG,2]( X]P]HOMJ )HOMJM,VWQYE[QL E
7¡HOZHOYJ[.L
E\
QK YHO ZYJG,[QE[+9=
]K[J
### E\
QK %O Œ
E\
QK Y E
7 VP ZXYWU,O  %OO ŒF QSQN^TJ 2]( E[QMJ] HOM J
%O O ŒFQSQZH=Z
O RJEGEEZL
7H]K[JXH)H ˜ V7S(
Z H Y*QYHO E\
QK
%O O F
ΠQSQF(TS ( O,
QTOVQ7 E
QYJZQG.2L ](NVIJVQN]RJYEOH [QL
QTOEX (VQ7
E
QYJ[J\HMO J)HMO MJ Y , OH 
QTOI=. YEV«Q (QYHO 
QTO[VO=H 7QE
QYJ2](
EZQ)HOMJM,YHOE[QL (\YJ EIQYJYWEYQMJEIQYJYW]KZHVJLVJ
E\
QK %O EΠSIQYHO ]HY[JSO, ],X O N^TJE]KMJTRJ\Q]K[J
]HY[JYNGMJE[QMJZHO=XH]ÀKJ
]K[J KY]HY[JE[QJYHOE][YJ
XY
Q[MJ[.L E
73(XGK[OIJY E]
+YJ
7RJVWQYHO E[QMJ[.\RJL2](
SHVJ URJG.[
L QXE1YQMJN]/EGE[Q]KE[QMJS,O E[QMJ ]HY[JSO, ], O
YE[QLHIRJ#SO[ÉIJ)7MJLXFHV’QN^TJ]K[J
HIRJYE[QL
?IJS,'QE[QJVWQYWM1LJ YZ , Y
OH IJ Q
IJTRJYVJ]K].
S,'QX[+YJFOO
Q
7MJ]R[JE[QJVP[.LSHYQ]O JE[+]KMJ]K[JHIRJJ
]R[J[TJGOT(X[+YJXFJE1YQMJLâSHO=]R[J
SRJYHO
7MJZMJSRJL
XE1YQMJ
MJYHZ O RJE^QJN]]K[J3]VQ[TJGS O QE^QJN]E]]KVJVHO [+MJ
S,O ZV7Q
?IJE[QJVWQG
(VS+Q
ZH=O ]R[J]K[JX. (S,O Z?QK[+MJ
YQZ]K]. (IH RJ]R[J
[.LXE1YQMJX
MJYVHO [+MJ V7QTHY O ]J WH/\QSRJL
T]KGMJVWQYHO G
(S+Q
?IJVWQIMJEGWVZ H =OH ]WYTJ ( NGMJV7YQY+[ J QU(
IJ
N^TJ]K[J
SO[ÉIJYE[QL]HY[JS,O],OV7QXYWJIJU,O)7MJLXE
X]KU,O
N^TJ]K[J SO[ÉIJYHO FO
QE?Q IHYJMK
]J XN^TJ G+.NGQ\Q]K[J
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
IHYJVWQV7QEIQYJU,ON^TJ[.L GO ˜YIHYJYHO E\
QK ([HO=X)7TJSYJU,O
N^TJ]K[JSRJ\.V7QZPXVWQSH[.LV’] )7MJL>Q[YEG>Q[JE[QJVWQ
]KMJ]K[JV’] V7QFEYQMJ
QR8IJSRJL K\QVWQ]KMJ2](>Q[YV7Q
Y$EYWQJ ]KMJ]K[J)7TVJ W/H Z,OX[+YJIH]K[J]ON, ]MJVWQ)7MJL
7MJZMJ
EU+E)+GWYJ]KMJEI[J>Q[JIH]K[J],ON]MJVWQYNVIJVQ%O ŒFQSQVWQ
.9
FYHO EN]QMJZ. N]/N]MJE]]K[J
XFHV’QYE[QLTH[)J 7MLJ ¡O]J]OMH J E

Q%O Œ ×I]K].XZ+IJ IYJI.
GYJG.[.LX[+YJ X\PN]/ EZLZQSPVWQ)7MJLSQ X]JT]J]K[J E
73(
]HY[J)7TJ],O\YJZRJE)7QMJV7 XY
Q[MJ[QESGWQ]K[J
]HY[JE[QJS,O ],Z O O, YHO ]K:HFQSQ)7MLJ T(
MJ\Q]K[JX<Y\Q
(YQUHO[.L X^+MJLYWVJVWQXN]MJ\]JUMJLX^+MY JL WVJVWQZRJ]K:HFQSQ)7MJL
T(
MJJ\Q2]( E\
QK )HOMJM,S,O TQE]VWQN^MJLZRJ E
SQN]/TO1Y[Q
YWVJE[+
QGW(
7H]K[J SRJ\.V7 XVWQXN]QYHO X\PSN^MJL ]K:HV7
X*ZH]JFQSQN]IJUHO\Q]K[J%O ŒTQE]
.9]VQ4XZ+IJYWJEN]Q2](
TH[J MJTQ^+J IJ]JZRJ T,OZMJZ7]K[J SHO=ESQJZRJ E
79V7Q
EN]QG.LSRJLX[HOMJNVIJVQ%O ŒFQSQ[HO=TH[J)7Z,OV7Q2MH2](T+.MJ[QYE[QL
O [ H  ENVQYJ  ]H Y [J N ^TJ [ . L  SO [ É I J ] K].   ]\VN^TJ [ . L  H I RJ  Y
S,'Q3]E N^TJ2](XFHV’QYE[QLIQZRJ
IJVZ+JIYJI.Z+IJ]K[J
XSYJ)7TU J JEYWQEJ YWQX J
+VJ Q7 SQVIJ% O F ΠQSQMJVWQ?QVHVH
YHO Y+UJ RJY]JSRJL FQSQ@SHX]J^+J
QXENGG,VWQYHOSHIQZRJ2](
N^TJEI]K2](  (ZHO SHEXQMJZRJFOIJE[QJ&Y(VWQYVHVHFQSQN^MJL E
SQ
T(
MJ[.L [
QTQVWQYHO EZLZQSMJP[QZRJ
7H]K[JYHOJYWMLJS(Z
S+IJSMJR8IJN][.L FOIJE[QJ&Y()7MJL U
QVHFVWQ\,V7ZRJ IQPV7[JSQ
1Y
[.LXN]MJTQE])7MJL>Q[JSFMJV7ZRJSH
7HV7[JSQ1Y
[JXSYJ
X
+J
ZQSRJ)7MJLXV5 VHVH
.9FX[H[J#]TÚ/]ÀIJ)7MJL XIQK[JE[+YHO
7YJ)+JUYJS+JE]EI[.LXE1YQMJ[
QS,O]KYHOZRJ]HOVHO2](SHIQ
ZRJZQ1Y]K[J [
QS,O]KYE[QL E
7F EIQYJF
7H[JUHO[.L
MJTQNGMJ#Y, YV’ )7MJL IH%¥QIJ[]O=H K].]O/¢H ZJ[TJEQYJYSRJ[
QS,O]K
YHOVRJV5)7Z,OS+MJ[JUHO[QYE[QLSPVRJV5E]KYJE
QYJSZ.UHO[.L
SP=
.9[
QXUMJLE]VP[RJVJ
 E KYJ[QZ7EF
ZPSHO=V?O[JXNGQS[ÉKXN^TJMJTQNGMJUHO[.LE
79FE?QMJV7
EIQYJFSTJYHO YPEN]QMJ
[.LN^TJT3JYOH S,S
QZHO= EG[+MJ[JS,S
Q
YHOVZ8.VES+YWMZ J RJEI1Y
VRJL][JNGQZRJN^TJT3J&Y(
JZ=HO %O ŒFQSQ
E\
QK ([HO=Y ZYJG,,O1YRJ\Q]K[J S[ÉK[HO= YWMJZRJT
Q 
F,O
7H]K[JZP=F,OYE[QLZPX[+YJ%?HO<QIE]KLZP=F,OEXQYJV7QX]KJ
EZF,OUHO[.L [H
TÈQIJ# XSP
YJ# 2]H[ÉQI.= M
. F,OEZGO
7H[J ZP=F,O
X\YJV7QI[JN]RJENGQYJ\]JJ ENGQYJFO , )7MLJ N%?’QF,O  E]KMJX\YJ
F,OF,O
7H[J
Y, YV’ 
.9XH]QÀ JYXZO]J]K].SMJTOY H J]WH/SRJLS()7,SQSMJ

H[JSHVJ
ZHVLJVRJ UHOSRJLSEFQYHON][.L XYWH/N^TJ
IJXE1YQMJ
7HSRJ
UH[O L. Y,[
QYHO EFOWXQN^MJL NVIJVQ%O F ΠQSQYIQZRJ2]( ]KE
7E
7
FYN]/GS L. V5YOSZ
OH J XYOSZHO U
J [
OH L. EYQMJUHO ZO]GJ S
L. V5YEIQYJEIQYJ
FVWQ\HZHOYJ]KXYWH/E][J[TJT,O[TJEQYJESQ]O¢H/ZJ@FV7Q
EYQMJ@UHO@#VEYQMJVUHO
7H@UH[ O L. FXYW/H E]YN]/N]/SV5Y,E[+
E1YQMJL]K].GOVWYJEV7QYJN]/SV5I.=X[H[JY,[HO=YE]KMJT]J2](XIQK[J
EYQMJYWH/ UHOYWH/YHO T(V,]KZHVJLVJ SRJY,)7MJL Y,@ XYWH/UYJY
E
7QMJV
[.L IHQVN^TJT3J]K].SPY]. FSTJV7QFJZHO YOSHOZJT,
2](
FJ XUMJL
VJUHO[QU,ON^[J]K[J]O¢H/ZJ )7TJ3(SHOH= V?O[J XVWQ
X[P[Y+ YOSHOZJN]/1Y
MJ EIQMJFV7QZRJN]IJZRJ U,OURJ1YVJZHO=
%O ŒFQSQMJYIQZRJZYJG,2](N^TJ[JEIQYJ\]JFJ)7TJFFJ
)7TJ N]IJ1Y,/1YU,O1YVZ.UHO[QYE[QL SP[HO= X[PN]/[.= YOSHOZJ
.9X[HOMJ
X[QX
RJXES+E]VP[RJVJY6[[ J VJVMJVGWMJ SP?QFVWQT+Q
YWMJZRJ
MJY]JYV«QVWQT+QN^[JSIJ
E]3(VRJUHO[QZRJ,OV7QNGMJ
V
7H]KFPVJ·4J^HOZJ·4J
2](IH%¥QIJVMJESSV5E[QLS,S
QV7VZ+[J
ESFPZHO= IQZRJ ZYJG,\Q
]KZHVJLVJ
IH%¥QIJ
.9 XH]ÀKJY AV(G+YJ2MHVJNGMJa ZHO= UHO[J XH]ÀKJYHO
XSHTH[J @ U,OGVJ Y6[J[VJMJNGMJ  ZOH= ^+MJLUHO
VJ AFQSQN]IJ
IJ
VN^TJ)HOMJEN]QVN])HOMJ[.LaSRJIH%¥QIJYHOXVWH/VWH/
7MJZMJ^+MJLUHO\Q]K[J
SQVIJ %O ŒFQSQ XVWQTO ZYJG,[Q[QYE[QL AUMJ
. OYXE]KMJV7
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
Z+[JENVQYJNGMJa[
Q]K].E\
QK ([TJEQYJX[+YJ K?QS,S
Q
[RJ?PESQGWQ
?[JV7 Y6[JZ[ + NJ GMJN^TJ2]( KX)©VH 
RJV7IJGWYJ]K].
SQVIJNVIJVQ%O ŒFQSQVWQX[+YJE[QLIH%¥QIJUHO[.LEK?Q
Y
E
79FEIQYJFI.= Y, Y,@XYWH/[HO=\YJXE[QJNVMJL]K[JSHO=ESQJ
IH%¥QIJE
QYJ
Q ZVJYHOE[QL %O ŒY R8IJN]\Q]K[J IH%¥QIJE
QYJ
Q
]\VU,O )7MLJ XHYXYWUO, ZVJYE[QLV¢M
J T7 J]KUHO[L. ZVJ]K]. (ZVJYHO
(E?QEN]QGWYJ[TJEI
Q)7TJEI
QV7QX\PE^QJN]V7Q]KV¢MJ
7T]J KYE[QL
 XPXNVMJV7IJYIJNGMJ SV’Q H`H
 X1Y,EYQMJVWQYHO 1Y,TRJNGMJ SV’QSY*]À
 V7IJYIJ EYQMJV+IJESQTYQYHOSQEN]QUHONGMJ SV’QKTQ
 V7IJYIJÑXN]TJYMJESQXZO]JYHOSQN]/ZO]JNGMJ SV’QYV’)©
 V7IJYIJESQXSYJEV+NGMJ SV’QXQ>(
 V7IJYIJT+Q&YH/TQXQ\O[JNGMJ SV’QKV
 V7IJYIJESQEXQYJEVLV- S[HXNV.
7HNGMJ SV’QS[H
 V7IJYIJT+Q[RJ1YRJESQSVQH
7HEINGMJ SV’QSVQH
]\VV¢MJ)7TJ]KYHO]RQV¢MJEG[J#]RQI.=UHOMJ[J O[H
V¢MJS,O]KYE[QL S(ZV¢MJN^TJ[J#XYWMJL)7MJL UHOMJ[J EIQYJU,O
V¢MJS,O]KYE[QL SVQHV¢MJ#SVQHI.= UHOMJ[J

##XPK VWQ
NVIJVQ)HOMJM,%O ŒFQSQYXNGQE\
QK )HOMJM,VWQV7QZHO].XNGQ
XPVWQ)7MJL?]J[IJSV5?]JVEH XQMJR‹)H -HMJYWMLS J ,O[.LZY4Q
7]H K[J
N]RJY L  (]K
(V7Q].Y6IJE[QJE?QEN]QG.L[X
.L [HMO JNVIJVQ%O FΠQSQV7Q
?H)˜H0XPXGWH/9 E
QE)7Q]KMJEI]K[J (\.V7Q E\
QK Y T+IJ=G+QG.L[.L
V?QII.=[D)©XPZRJXI,=XSYJVYMJFP2](E[QLE
7E
7X\YJ
Y
7HGL[
. L. I[JYOH Y+VJ Y - Z
HO RJE
QE)7QSEZQYJE
QE)7QYWMS LJ O, EI[J
NVIJVQ%O ŒFQSQ XVRJG,2]( EIQYJY+JV7Q E\
QK  VTTJV7IJ[.L XP
XYWMJLVWQ
7HEI[J E\
QK I.= E
QE)7QEISRJL XPV7QVWQYHO
·4JXNVMJ XQIRJ[.L NVIJVQVWQYSP YHOY+JURJY]J[.L %O ŒFQSQ
[
QTTJ [
QV7IJZHO=]. ZYJG,EI1Y]K[J
 E KYJ[QZ7EF
NVIJVQ%O ŒFQSQUHO[Q[YJE[QL[TJYHOJ[RJZP)7TVJ WH/]K].
[TJ3(Y%O ŒFQSQ#[TJ3(YNVIJVQSPXSYJ
7MJEI\HOMJ[QY[VZ+IJ
FX[+YJSQ V?O[JFP# VWYJEV7QYJFZRJ ]K[J ( +IJ[+.V-YHO
NVMJV7SQ SP=
.9 [TJSYJ )7TJFXN^TJYHO IQZRJ)HOMJ]KVJ %O ŒFQSQ
[TJEQYJXN^TJ SPYFO
Q#[
Q#S,'QUHO[.L
[IQS,O]KYHO URJ
Y]J YHOY+JVJ KIUHO[.L Z70 KIJE]YVJNGMJ#S(ZUHO[.L XYWMJLS(Z
ETQMJL\HVJNGMJI.= FQIQUHO[.L [
Q¡-V7[JNGMJ N]/VJ KE[+XQZ,O?Q
[VZ+ I J F X[+ Y J I . =  EIQYJ U , O   IH % ¥ Q IJ E
QYJ
Q E
QYJ E 1YQMJ 
XE\QYJX],L N^TJET
IJ
RJSIJ[.LXZO]JE[+N^TJ]K[J
NVIJVQ[TJEQYJXN^TJSPY  VWYJEV7QYJYHO 1YRJL2](¡OYTHO#
FOV’THO#XQYQSTOH[.LI[JVWH/T,OYHOI[JEYQMJI[JNV[JVWQ]KE
Q2](]PE>QJ
]SVJ EV7QJH>ªQ X[[JE[+YHOZRJ ,O1YRJXQ\QVJ V]PE>QJ
MJ
OYE]V7QE1YQYJ[QYHO  TRJTHVJGWVJSQI.=[IJGHO1S>QE[+YHO
GWMJ
ZHZ=O RJSPYEZQY(]RQI.= V«
( X[[JE[+EIQYJZHY O 3J ( VJ#E
7\,O E[+
X[HOMJZHOYJZO]JVJ  2](E[QLXH¢
]J#E% MJ1[QYHOZRJ,1O YRJ
[[J[J
NVIJVQ[HO=
.9 I[JVWH/T,OY XZ+IJXVWH/VWQ E\+N]Q]K[J [GWH/9
I[JVWQY%O ŒFQSQE[+].#[GWH/9YE[QL ?H)˜0#[GWH/9ZRJ[HOMJ
MJN^TJ
E[+]KSRJ[IJGOH
7MJ I[JE[+YOH S,O VW/H S,O TQG+1. YRJ)L MOH J]K[J  I[JF#,O
N%?’QF,OV7 S1YQVMJ)7MJL[Y+ I[JE KVWQUHO[.L %O ŒFQSQI[JVWQ
  ?H)˜0I[JVWQ)7MJL   âYV«QV7 I[JVWQ I[JTHVJVWQ # SRJ\.V7Q
%O ŒFQSQZRJ ]K[J# N]RJ[+MJN^TJ [HOMJ
MJSQ I[JVWQZRJ ]KMJ
]K[J

### I[JN%?’QVWQ
N%?’QF,OY[TJGO)7MJL[TJGOX\YJEXQYJUMJLZWYJ
7H[J
N%?’QEXQYJV7QI[JF,O\]JXT(XT3J)7MJL
7H]K[JI[JE KE[+\.Y
NVIJVQXVWQX[+YJXE
]K[.L XGWH/9YHOXVRJ)M7 LJ SP=ZO]JMIJXVW/H XTQYHO
SH
7H
IJ EN]QN]]K[J
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
 VQ
JI[J UHO[ .L I[J UHO  X\YJV7Q  EN]QN]G.L]K2]( EIQYJZRJ
SP=XE1YQMJ \]JGK\]JGK EN]Q
3(V7Q]K SPYE[QL I[JN]RJ \]JV7Q
XNVMJLUO, F,Y
O OH XTHO
[.LI[JVMJ]K].NVIJVQ%O F ΠQSQ
.9TH[JVQ7 SRJI[JVMJ
YHOUHOYWH/E][.LI[JUHOXN^TJNVMJEI]K[J
S1YQVMJ SYÞ YE[QL O[HI[JF,OYHOXTHO
[.LI[JVMJ&Y( ]K].
SEFQEYQMJ[.LI[JVMJ]KSP=V7Q
\Q\HVJVQ[ZH)7MJL%HSOYQXEYWQJ
HS1Y,/I[JSQUHO[.L []RJLVWQ
7H]K[J
GMJ ]K
(E?QEN]Q]+. )7TJ&YHVJV7Q S1YQVMJXE1YQMJ XE[QJ
N]RJTL OE, XQMJEN]QG.2L ](]K2](\]JV2, ]( XIRJMJN^RJTL Y
+ EJ N]QGWM]J KES[J
S1YQVMJYHO?H)˜0¡HO
QXPV7QXHD)˜QZHO=EG]K[J%O ŒTQE]\.VQ7 ZRJ
XHD)˜QUHO[QS1YQVMJ
.9XVRJY+.[TJGO]K].%O ŒTQE]XE[QJVWQVWQV7Q
E^QJN]\Q[QYE[QL%O ŒSQSIQ?QF(T(%O Œ]
HIH%¥QIJN]/2](EIQYJ
)7TJ [RJ[,LVJSQSIQ
.9 O[H]HOMJ)7TJ YHOE[QL XHD)˜Q
S1YQETQMJVL JSRJXGKV7QS1YQVMJYVEYQMJSP]JEYQMJSPYJ
ZHVJLVJGO SQSIQSYÞ
Q>J  GO]KEIQYJ[TJGO NVIJVQXVWQ
,O1YRJ[QYS1YQVMJYS&Y*IJGWHIJV7QZP=N]RJUMJ2](S,O
YJEZ
YJ
EI[J S&Y*IJY SS*Y¡HOYJTYQ SY*
)©HV7ZQ[J# VHIJ
QS(V7
VH×
QS(YHO YPEN]QMJGWHIJYHO EG[Q]KS&Y*IJYQZY)7TJT3J _2]( 

YJV7QT[MJ2](NVIJVQ[HO= E
SFMJUMJ)8.[.L ]+.YQZ]K]+.YQZ_2]( 
SHO=V?O[J 
YJV7Q 2](U,O2]( EIQYJ[TJEI=Y )7TJUIJ [TJ
YJEI=
N^TJ]K[J
Q3JV70VQ[ZHYSP=U
QS1YQVMJETZ8[J[.LXGKZP=N]RJ
ZQ2]( VMJEYQMJ VMJNV[JVWQYHO S1YQT,
Q [Q[ÔSQ I[JN]RJYHO
]MJLEUQMJ]K[J ZP=N]RJZQ[Q )7TJ&YHVJ
7H]K2]( H×1Y,/I[JSQYE[QL
EUQYJZ]O EJ
FYJY]KNVIJVQEK?Q
%HSY O QYSPX = VRJYZQ[Q]K
T[OV?Q
Q>J YE[QL YV«QL E\QMJLEZEI
QV7QETQMJLEI1Y[.L
YV«QETQMJLI[JVMJ&Y(EZ]KN^TJ]K[JXSH[
QN]RJLT,O[.LNVIJVQ%O Œ
FQSQVWQZT3JZ[HOMJZN]RJLEI=V7QS(ZEUQYJ[RJ OT¡HOYJE
7QMJ1Y]K
[J FQE1YQMJLZ.UHOE[QL ZN]RJLEI=[HOMJ I[JVMJ&Y(VWQY ZP=N]RJ
E?QEN]QT3JYG
Q>JGO)T7 J!EYQ>QGO!SQSIQGO)7TJ
 E KYJ[QZ7EF
UMJ1YRJ[ L JEYQMJV-N]/SIP =. VEYQMJV-N]/SVP WQYHO V7[S
J Q2]( [Q[ÔSQ
I[JVWQ\,S[MJ]HO=1Y
[J[Q[ÔSQI[JVWQYZP[HO=YOSHOZJ]+QVWQ
SRJUZ HO 5MJ VJSQ1Y2](YOSZ HO JEYQMJV-VN]/1YZ5MEJ [QLTH[JVJV1YRJ
SQ1YFPZHO= UHO]K[J
¡-]K
### ?H)˜0I[JVWQ
[TJE1YQMJV?O[J[TJE1YQMJE1YQMJE1YQMJL NVIJVQ%O F ΠQSQVWQ

.9)7Z,OSQV7Q?H)˜0I[JE KXENVQYJXNVQYHIJ]JEI]K[J]O,FO
Q
ET[(VWQV7Q]H×)HO #SP
 H #]
QVH× SY*Y¡HY O ]J K
QVH×K
#V?Q]H).Í
)7MLJ N%?’Q¡O]J\OVWQE[+9)HOMJ]K[JSRJI[JVWQXE1YQMJYHOGMJ)T7 J&YHVJ
Y6IJE[QJE?QEN]QT3JYSP
×[(I[JSV()7MX LJ [PXSMJX L [MJL E^QJN]G.L2](
N^TJ ]K[J  EIQYJU , O E^QJ N ]G. L[ . L SP
×[( I[JS V( XE1YQMJ YH O
Y6IJE[QJ
.9 GO E?QEN]QGWYJV7Q \RJLS+MJ EN]Q1YQ
IJN^TJZHO= GMJ
SP=XE1YQMJEN]QG.L2](XGWH/9N]IJ\]J
IJ
7H]K[J
?H)˜0¡HO
Q,1O YRJGWYJX
SP
×[(YSQSV(\+IJYQEXQMJ
T(]+QN^TJEXQMJETQMJLE
7QYJ[.LI[J]KN%?’QF,OV7N^TJ2](]RQ)7MJLXE?Q
XEN]QX[[JYHOZRJETQMJL[.LI[JSV(N^TJ]K[JSS*Y¡HOYJFQSQ
TYQI.=E IQ
(XY
QYHO[(\M+ J[QZRJSP].N^TJ2](H>ªQSH]À,X[[J
VWH/T,OYHOZRJGW(ENV‹QYJSPN^TJ]K[JSHEO= SQJZRJNVIJVQVWQX[+YJE[QL
SRJI[JSV(Y GWTJSP[HO=
.9 EXQMJS+JETQMJLE
7QYJSPZRJ N^TJ]K[J
XGWTIJ QYWSP SOV=H ?O[J VHVH GWTEJ ISPYEV[ÉQV[ON=, ]IJSP XE[QJVWQVWQ?Q
I[JYE[QJ I[J\HIJ YHO GW3JY]J2](VHVY H HOE^VETQMJLE
7QYJ]KETE1YQMJ
SP
×[(YHO ]PE>QJ]S1Y[J
### âENVV7I[JVWQ
âYV«QENVV7QEI1Y[.LI[JVWQYTQ
MJN]/XVWH/G+.NGQ
IJVZ+J
]KFP (\.YXGWH/9X\PSN^MJLXETQMJLI[JVWQXE1YQMJ%O ŒTQE]VWQV7Q
]K
7H]K[JSHO=ESQJZRJN]RJ[+MJN^TJ I[JVWQZRJ
7H]K[JSP[HO=Y
HO Q)HOMJM,V7 A^(a)7MJLUMJUMJ[P]K[JSRJI[JE[+YE[QL
 YV« Q EZQYV7 Q
7H
7 H S V5 SYJ
7 H S YJV .L V WQ ZP E [+#
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
EIXHVJE[+#STJ]MJ#E[QE[QMJ#]MJZJYHOTHO[.LETQMJL[.LSVQE I[J
EYQMJVWQ STJ]MJETQMJL[.L ¡OYTHO I[JYE[QL NVIJVQ[HO=)7MJL ]HOVHO
MJ)7(],O

[J
 VMJI[JVWQSRJ\V. Q7 SYÞ
 S1YQVMJ YZ+Z . 5MJ
XQZ,O?Q [HOMJ
MJSQ I[JE[+]K]. SP[HO=YHO VE\V.LNVMJL ZO]JZ5MJ
OYE][[J]K[JSRJI[JVWQI[JN^TJZQ
[.L >Q[JZVJE[+YZRJ
TH[JZ-]J
7Q^+J >Q[JZVJE[+]K XQZ,OI(]K?Q XESUHOI.= ES
SP
GWRJ]K].XQZ,OV7QZRJYHOJ]HOMJI[JXVRJ
7H]K[J KE]V.L SP[HO=YHO
I[JXN^TJT[MJXSHXV7[JN]/YHOY+J[QFJSPFJKZ.#FJXGWHIJ
XGKYZ.#FJZHO FJZHO N^TJ[QZ.UHO[QE[QLVSH
H
7 ]KFP XESTH[J
EZLZQ)HOMJ
IJ YHO¡-]K

]J E TQMJ L I [J 
+ Q ETQML J I [J V WQ XE1YQMJ  ZRJ 
¡HO
Q],ON]MJVWQXN^TJNVIJVQTQE]V7QXVWQXN]Q
7H]K[JSP[X O=H E1YQMJ
EN]QT
Q],ON]MJ)7MJLYN][.L>Q[JE[+XVWQ&Y(]K].XGWH/9YHO>Q[JZVJ^+.92](
[/ZO]J \Q]K[J SRJI[J VWQYHOZRJ SMJL
Q SMJL
Q  XGKV7Q
XSHXV7[JN]/ ]PE>QJE]
IJ ZHO]K[J
 XTH V J   SP [ H O = Y E[QL  XESUH O  )7 M J L  XTH V J  ES
ESSPVWQY N^TJZQ[.L I[JE[+]K SP[HO= I[JFY G4 YEZ]K].
XVWQU,O GO)T7
J YJSRJXE[QX[+MJV7QVHVH FE?QMJYVHSQTOX[+YJ

[YJ V EX)H O M J ] .  ESQYVWQEI[. L X [+ Y J  VY6[J E SFP  #


FE?QMJ[OIJYXHVJXI(XIQV7Q]. GOHY]JEI[J
### EV7QJX[[J#E% MJ)7MJLXNGQ]RQVWQ
NVIJVQ
.9XPXT+V. 7Q[ETÈS
P .E[+#SH H
ΠM7 EJ [+#TOIJ YEE[+T[.L
[VZ+IEJ ZQYSQXVWQXN]QYZPX = S+MJ EUQMJ YHO\ J MJN] )HMO J[J
VMJTQ#XSP
YJT[.LXNGQ[VZ+IJSQVWQYE[QLZP=XS+MJVEUQMJ
)HOMJ1YFPNVIJVQY\HOY+MJVMJE1YQMJ\HO2](EUESQYJ#XMJXHOMJZYJ^+.9
EUQMJ T[.L V«(
X[[J]RQVWQ S,O2](E[QLZRJ X)©
QJ 2](EXQMJ
EV7QJE]KYJ2]([IJGHO
EXQMJZRJZO]J[[J1Y[J
+Q\.ZVJ\.XHVJGO)7TJ
XHVVJ 7QTOIJ YE[TJEQYJ)I- J 
7H[[JE[QLTOIJYEYXZ+IJE]K[JZO=H
 E KYJ[QZ7EF
NVIJVQE[+YUH[ O JTOIJ YEYSPX = [[JI=. VZHS O YP HO ]P2](  ]EQS+MJ
OYE][[J YHOMJ[[J [J
IY[JE% MJ]RQYHOV4H]P
]O4ºQVWQ[[JY6VJ2](E?QEN]QEI
[QEX (
QTOY[RJYN^TJ]K[JNVIJVQVMJVH^
O QI.= VMJR(VMJSQ
E
Q
]JSP
+QSQVWQX[+YJ]KIY[JE% MJ
.9XGIJY$Y[TJ3(GWMJ
YHOJE
YHOJ[QYHTÚVWQV7XT]+.ZVJSFMJVWQX\HXE
&Y([QEI=
VWYEJ V7QYJX\H]K].IY[JE% I.=XIQK[JYHO E?QVJ#EF
IJX)©
QJ
XS+JS + EJ
7QMJ^O=H 1[QE]VJ]+Z . VJ].N^TJN^TJT(]+QE
ZPV-E
X[+YJ
EI=&Y(XGK&Y(
YJS[J
IJ].N^TJN^TJ#
YJEYQMJGWHIJGKE
+^HO=ZRJE% MJ
]K
[J
[NGQXT+I. =. ¡HO
QE[+
7EH S[JIHV[ H NJ ]NGMJ]EQ)7MNJ GMJUH[ O .L
¡HO
QE[+XE1YQMJGOE?QEN]QGWYJV7QEN]QS+Q]KVJNVIJVQ%OO F ΠQSQ
[TJEQYJ
.9YHOJ[HOMJIJG,GWYJYHO EN]QN]Z5MJ ZP&Y(VMJVWQY V,OGYJ
,OGYJN^TJEYQMJN^TJVJ#VU(VUHOMJV?O[JV?[JZOH=Z.\MJEYQMJ\MJ
VJ SHO=ESQJZRJ NVIJVQ%O ŒFQSQ[TJ3(
.9 F],OZ8QI.= SP=F XNVMJ
N^TJ\+IJ
QV7QSRJXPVWQYSP=Y$)7MJL SPXT(XT3J
7H
7H ]KZQ[.L YHTÚ
E[+]K (]O /H¢ Z? J Q%O FŒ QSQVN^TJVY ( 1SYQSEZQY\.Y[/XS(S(
V7QHRQ3J
H[ 7 JZOH=,O1YRJG.LSP]K (E[QLSP=
.9X>ª[ÉVQ7 E
7E?QMJXP
E[+YYHIJEXQMJEIU.N^TJ2](¡HO
QXT3JXZQI.=SP=][JIJYWMJYZRJ
SRJXT+.E[+ NV.EIEXQMJ ZO]J\Q[J SP=F?QZRJ Y6[J[VJ
VMJV(N^[JSIJ
VRJL S,S
QG
(
7RJ&Y(V7Q [TJGIJ[TJY$V5SQ N^TJ
E1YQMJSPSH]K[J (VWYJEV7QYJFUHO[.L[TJSYJ[QV7Q OYESQY
E[+ VWH/T,OHOMJ2]( EUQYJ[RJ
QV
 N^TJ[.LXGK EIV\H \HOMJV\H N^TJ2](
XQMJ]K[J SRJZHON^TJ[.LXGKVWH/V7Q ¡HO
QZHOYJZO]J1Y[.L ]O¢H/ZJVWQ
XE1YQMJYHO SYJ&Y(K&Y( VWQ\,V7 1YQ
SH
[QZRJ
7H[J#FQSQE

TQE]# EZQY(TQE]E[+V7Q ^[J¡-SH
7H
[QZRJ
7H[J [YJLE[QL
FHOEF[H=
O .9¡HO
QYHOZHOYJ2](XT3JXZQX[HMO JZO]J[Q]K].ZP&Y( VMJVWQ
N]IJZRJ S[H
ETGWMJ]K[J%O Œ?QZ+[JENVQYJZVJYHO R8IJN]SPU
Q
[TJUPSQN^TJ]K[JEKL V?O[J]KFPEZQY@^IJUMJ
7MJ]HOMJ
M7 J
V?O[J]KFPZHO= Y6IJE[QJ EN]QG.L]K[J
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
# T(]+QE
EIQYJG,
NVIJVQ)HOMJM,Y^+,92^H/U.)HOMJM,]K)HOMJM,V7QTYJVI- RJ]RQV^+,92^H/ES
SRJLXE1YQMJ)7MJL
QS(3[OI.=E
ENVE[QE[QMJXEIX\QVWQE1YQMJL
)HOMJM,
.9T(]+QE
YTHOYJ]WH/E
E]XQ\QEI
[QSFQ]K].GMJY
EN]QG.L[.LX[HOMJ]K].NVIJVQ)HOMJM,V7QS,>Q[ YJ[J#
7H[.LS,>Q[
E[+YOH \H\EH
QYJE
QYJVS,O
ESFPSRJZOH VS,O T+). MOH EJ SSV5YQZV7Q
E[QLN]RJ[M+ J TQS,OV-X[+YJE
QN]RJ]]H=Y O OIJX[+YJ]KZJQYOIJ\O[J
ZO]JMIJV7QXQTHOYJ XHY\QEI
3(V7Q].
NVIJVQE[+?QTHOYJ]WH/E
]MJVZO]JYHOMJSPE[+]KE
7X)7TJ
EYWQJ YQZNVIJVQE[+ ENVN]IJ=E SYHO UMJZQ2](SRJV7 T2](SRJ
XZO]J ZO]JG.L1Y[Q]KUIJT]KYHO E
S+MJTHJOYJ#XENGQYJTHOYJ THOYJ]WHJ/[Q
NVIJVQVWQ
.9XHYXSYJEV+ZO]JMIJ]K].ZJQENVYHO\J\OH #\+IJ
YJ#EYQYJTOY H J2](
H[S J HVJ[.L XZO]Y J E
7SV¡HO YWX[HMO JZO]JEIU.].
ZJQ\.YOH TYJVY -
H 
H QE[+E[QLMJZQTN]/]K2]( SHE=O SQJ (EI=X\HE[QL
E
7¡HOX[HOMJEI=[PZO]JEI1YU.]K\+IJYJ
QV7QZO]JXQE]E^QJE[+
YE[QLY6). +QIJU.+ [H
TÈQIJVWQN^TJ]K[JY6.)+QVWQXE]NVIJVQVWQY
S,EQ>3J&Y( ]K[J#SHO=E]V.LY6.)+QYHOXSH·4JV[ .L .L S[ÉKXN^TJNVMJ1Y
[JXUMJXNGMJ[
QYMJV.L[.L SP[TJEQYJYHO AZP=M)+QaZHO= S,O)-IJ
[QSQ1YRJL]KEV+NV01Y[.LS[ÉKE[+\V. Q7 UMJI=. NVMJYHOE[QLVMJTHO
Q>Q
[H=O XEUQMJXEQMJXN^TJSEFQ\Q1Y]K[JE
7E
7XT3JXZQ]K].
UMJYHOE[QL XSH·4J&Y([JZHO= V7[JP1Y[J EG+YHOE[QL IHVJLYW[.L
S[ÉK# XIHVJLYWU,OFZHO= NVMJ[J XEIQYJ[HOMJSQ EG+GWTJSPVWQ
.9
XNVMJI.= ^(ZQ&Y( N^TJEI[J X*ZH]JZPVWH/
.9  UHO[.L
XS,OX)-IJYHOA?JV?O[JY?O[JYaZHO= EN]QT
QN^TJET]K[JZP[TJ
EQYJYHOEG+)7M)JL M-H J2](UHOZ5MJSP=YOH XT+VJ YOIJ)7VH J[Q]K].SRJXPXU
N^TJZQ
[QY NVIJVQ%O ŒFQSQV7Q EG+FYHO X]JEZF,O\.YZHO=SQ
V7[JP[QE1YQMJL N^TJVJZHO= Y6IJE[QJ\MJ]K[J
%O F
ΠQSQYV)7TS J YJ[L. XSYJEV+ZO]MJ IJVWQ]MJN^TJESQJZRJ
EYWZYJE SVWQV7Q]
HESIVJTQE
X[+YJ SHV=O ?O[JMJEM+[TJ^YJ
[TJZVJV7 N^RJLE]
IJX[+YJ VOUHOI.= [,MKSRJ XZO]JZO]JSPE[+ZRJ
 E KYJ[QZ7EF

7]H K[JVOUOH S,O XHYZYJIYJE[+YEZ)7MNLJ VQ#Z7IJ ]KMJ2]( EG+ZRJ


E[QZHOYJ
Q ]K]K[J E[Q¡HOMJ [H
TÈQIJVWQXIYJ X
YJTYJU,O)7MJL
1YVJ[VJU,OYYWQ]K].2MHVJ2MVH JYO]JYO]J)7MJLEXEXEUEUEI[QY
SVMJIQV2MVH J[QYEVWQYJ^+[JYE[QLSP=Z5Q)7TJGY + XNV.[VJXZTJ
VE]FPUHO[L. ZY4QN][J2](E[QLSP=YO H JE
QMJYZRJV(GHO E
QMJVV+. +.
UHOE[QL^+[JYHOIHVH[JVEYQMJ[.LXEYQMJ#ZQFJ[H[JET[.LS[ÉKXN^TJ
NVIJVQVWQ,O1YRJ[JNVIJVQTYQV7Q^+[J
.9YHOJE
QMJ V+. [QI.=UMJ
.
V+. [QX[P[PN^TJ]K[JSRJX[HOMJ].HO Q \HOMJ VWQYZRJ
XP
7HE1YQMJY6IJE[QJ1YQ^P]K[JXNGQ[TJFYJV7QE[QL3E KMJYHO
V*ZQ
7H[JZHO= V7[JP2](VMJS,O[,U]H JSEY*[XN^TJS,O ]K[JZMJ[
Y V*ZQ V
7HSRJLXEYQMJ  ZMJ[)7MJL ^+[JXE1YQMJ EIQYJ]HOMJV7Q
]KZQ]K3(VJ
EGWQMJMJV7 NVTJ&Y( X\HY+I J YJ#NV/‹ IJ #MKV5QGW[
H EJ [+S,O 2]( MK^VJ
1Y[QNVIJVQN]RJX)7,=XN]Q]K[,MKE
QVOUHO]K%O ŒFQSQV&YH/YJSRJL
XSYJEV+V-ZO]1J Y[QN^TJZO=H NVIJVQZPX = SHMO JXIJV7QXIHVLJU,OXZ8QMJ
VWQXN^TJ S[JV7[JG,1Y
]K[J
NVIJVQ)HMO MJ V, Q7 YQZO]S
J QVWQ#X)O]O RQ
7MVJ WQZYJV]- RQ
7MVJ WQ
XVWH/T,O
7H]K[JXIRJMJE^QJN]
Z5MJEZ7\HOSQ#E^QMJSVQ#Z7RJ
SVQ#\IJ [YJ SVQ# TQE
U
QY%WQU
Q#([U
Q#]IJ].U
Q#
]IJ[HVJU
Q# ]IJ
IJU
Q# YÞIJU
Q# XHO\HVJSRJ# EYWQYJUTJ)7MJL
STJ\+MJ]IJ]OU
QE[+EIQYJU,OE^QJN][.LEYWQYJUTJU
Q)7MJLSTJSQ
]IJ]OU
QVWQYHO EIQYJU,O NVIJVQFO
MJ IIJTHOYJG.L[.L V)©EZV7Q XHY
E[+9)HOMJ]K[J
EI=T3J ZPV-FV7Q EQYJWQVWQ XZO]JV7Q XVWH/SV(VWQZRJ
]KMJ2]( G+E. ZO]EJ UQMJ1Y]K[JX\PSN^MJL EYWZYJE SVWQV7QZO]1J Y]K
[JXVWH/SV(VWQYSP[HO=XGIJY$YHO\HIJSHVJZWYJ]KVHIJVUIJ=
YWMJ[.L [TJ^YJSYJYW[.L NVIJVQUHO¡HOTYQE[+
7HESQJZRJSP[HO=XZO]J
SP[HO= ZO]JZWYJ]K XUHO[GWH/9Y AA1YYJV[+IJZHO= VHOVZMJ# 1YYJ^[+IJV7

XRQXS,O \IJSVQ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
VHO ZMJVRJaa (G,GP WYVJ W/H [¡O[TJ YQ],VO WQV7QZRJE[+9
]K[JAAZ-MH J &Y(
EZ7EXQYJ#E[QMJ&Y(^KEXQYJaaXH]ÀQJYVHIJ VSRJEQYJWQ\YJ
XNV.IHVJL
VRJZHO= UHOZHO[JEI=T3JZO]JMIJXENVQYJXNVQXVWH/SV(VWQ
ZYJ\.V7Q
7HEI]K[J EYWZYJV7Q VHSQTO T(]+QE
V7Q XVWH/SV(
XE
]KE1YQMJN]ZWYJ]K
# ZPV-XSHOMJXIJ
XEIQYJ[HOMJSQ TQE
SP E[QJE[QJVWQVWQY NVIJVQVWQYHO
E]KLE]KL EI E]KLE]KLTQ XE]WQJX]K &YH/YJSPVWQXN^TJ E
\Q]K[J
SHO=E]V.L SP[HO= Y NVIJVQVWQV7Q TH[JXZHOVYW E IQ G,TQ
[Q V
7HJFP#
SP[=HO ZPVW/H \.YZPE[+VQ7 E[QLTH[J2MHVJEUE[+[TJ][ ,O TJ]MJ&Y(ESQYJ2](
ESQY 2MHVJEXQMJ ZO]JEI1Y
[JUHO[Q \RJLVE
1Y]KFP X. (
]OH/¢ ZVJ WQYNVIJVQVWQZJ\. Q\.VQ7 #NVTJ\V. 7QGYJGYJG.G. ]MJ]MJ]VJ]VJ
ZO]J1YYHOM1J Y],OYHOEVLEI]K[JSRJZHOXZO]JZO]JEIGWHIVJ 7QXZO]JXN]MJ
XNGQFQYHOV7XQ¡,OTHOYJ
EXQMJXGWHIJVE])HOMJ1Y
7QFP KE1YQMJLZRJ
SP[HO=E[+ TH[JZYJ X]VJEN^^HO= XG+MJLXGKEZ
ZHOYJ[QI.= XT+VJYOIJ
E]WQJZHOYJ1Y[Q]K
QTO[+MJX\HE^WQJEN^E
ZO]J],OY¡HO¡OHEZ]K].
ZP&YH/YJ XVWQU,OYE[QL ]+. >Q[JTMJ # XY)7MJL ([ [(V-[JS(UHO[.L
XGKZRJ
7H#EZQMJYTQZRJZO]J[[J1Y[JNVMJ#)+QXEN]2]H/MJ]+.I.=
ZYJ E7= ]+.  YHO ZRJ  VWQESQXQN^MJL ZN]RJ L
YJV 7Q  YWMJ]EZL
7H [. L
]+.SFMJVWQ)7MJL [+.2]( ZO]JLEZL
7H[J GO EN]QSRJL E]WQJT
Q
8MJT
Q
]+.SFMJY ENGQYJES+9 ]+MJLZMJ 
QS(V7Q]. ZO]J)HOMJ]K[J SRJZHO
ZPV-IJYWMJ XEIX\QY EG[JSTJE
QYJE[QL EN]QMJZ.ZQ
[Q
X\PEN]QT
QVZHO]KFP2VH/9N]V7Q¡O]J
7MJ¡,O#E[Q
+QV7QXGV.LN]SRJL¡O]J
7MJ#
SRJLXN]MJ EFQZ,O# F[JTY[J EFQ# EFQZ(EFQT[.L XGWHIJS,OT
Q
IRJX^,O^,ONVIJVQN]RJ [TJZ8QV7QN]IJ=]+QEI]K2](
# NVIJVQVHSQTO
X\YJV7QE^QJN]G.L[.LYWJN]IJ=ESQZP=XSHOMJXIJ\.V7QNVIJVQ
%O ŒFQSQ[TJEQYJE]KYJ^Q+ &Y( N]MJ
QN^TJ2](SP)M7 LJ %?H[
O P[L. EIQYJ\]J
XIJXHOMJMJ [RJ
7HEIN]IJ]K[JSP=
.9VHSQTO]K].
 E KYJ[QZ7EF
%O ŒXU,OXVYHO ZHOYJIQ[Q [TJE1YQMJ IRJ]RQ V^+,92^H/[Q
[TJE1YQMJXN]MJ][JIJYWMJXEIX\QE1YQMJLNVIJVQLZP=F?QEN^QMJL
EN^QMJ[ L IJ[IJV
7]H KFP XNGQ%O ŒFQSQ)HMO MJ ,VWQZRJSRJX[HMO J ]K]. 
ZPE[+ ZYJG,[.L T,GWHIJT,R8IJE[+ [IJ^HOE[+YZRJ XEIQYJ[HOMJ)7MJL
Y+.N]Q]K[J ¡O]J[/YHO T+.ZVJ[]JVYJNGMJ\YJ XYWMS JL (Z N]RJL V-Y
- HO
E
79[IJ [MJ]K[J E
QMJL
.[MJ[HVJV-YHO TH[ J[HOMJVYW ZHOFVN]RJL
N^TJEI[Q\YJ [IJ^HO\Q ]K[J XYWMJLS(Z)7MJL EZQYO[É
Q [
Q
N]RJLV-YHO ·4J]RQT+VJXQ \YJ )7TJSYJ ZHOZQ]K[J N]RJSPVWQ
FYXEIQYJV7QEZQYJXUMJLVVWQVE\+N]Q]KFPXEIQYJ[HOMJY
SP[Z O=H [HO IJ[PZPE[+)7MJL 73JZOY
H
J MJSP[O=H ZHOX]JGWYJE[+YIRJ]K[J
2](E[QL SP[HO= ZHO[QE[+

IJZRJ XN]MJX\IJ &YH/TQXQ\O[JT


Q
VZHO1Y]KFPSRJZHOZPE[+YHO2VH/9&Y(VWQV7E
QEYWZYJE SVWQV7Q
E[+9]KVJ2VH/9&Y(VWQYE[QLXEIQYJ[HOMJ3JEYWV-¡HOYJG[JGWYJ)7MJL
T( ]+Q E
 ZH O X]JG WYJ E[+E 1YQMJL  YHO  J] HO MJ  3J EYWV-  ZY4 QVWQ
EN]QMJZ.EI]K[JVSIJ=E[QL]KFP
K NVIJVQ %O F
ΠQSQYHO EFOW ],EO ^QJN]GWYJ]K].SHE=O SQJZRJ
YV«QTTJ
JTTJ
9. EIQYJUYJ[.E+ [+XN]MJGOTTJ2]( E][.L XE1YQMJ
[
QSTJE[+YSP[HO=
.9FIJ]JVWH/T,O\.YHOMJE
QYJ¡HOYJG[JG.L]K2](
XYWH/UYJXEI)7MJLSP[HO=\Q[.LT,GWHIJT,R8IJE[+#[IJ^HOE[+XN]MJSP[HO=
.9
XYWMJLS(ZYHOE[QMJZHOYJ]KEN]QMJZ.EXQMJZO]JE]G.]L K2](SHO=ESQJZRJ
SP[HO=
.9 VPZ ,O1YRJSYJMJV-E[+I.= ZO]JY HOMJN]/VP],OVWQYE[QL Z,O
VEN]QMJZ.ESSEZQYJ
7HEIU.]K
GOEN]QN]G.SL RJL EIQYJGE, ]VP[RJ2]( Y6IEJ [QJL VHSQTOXE1YQMJ
YHO [MJN]]KVJ XGWH/9ESQ V7[JGWYJE[+ E^IJGWYJE[+Y Y6IJE[QJL
9.
YH O JE[+9V7N^TJ2]( XGWH/9YE[QLY6IEJ [QJ
L .9E[+9NVMJV7[JSQGWYVJ WQV7N^TJ]K
[J EIQYJU,O E]ZQVRJL ¡O]J],OYQGW]JYE[QL ESQMJEN]QMJN^TJ2](
NVIJVQN]RJ[TJIJFJEI
QV7QVUHOE[+9)HOJMJ[.L¡O]J],O].N^TJ]K[J
AVHSQTOaUHO
QV7Q[TJXHVJ[RJ
7H VHFSQSV(VWQ#XETG,VWQ
TSRJX[PEI1YSPXQZ,O]KMJ]K[JY6IJE[QJ EN]QN]VRJLVHSQTO
YZRJ SRJXVWH/XTQN^TJ2]( IRJIRJE[QL \P]KVJ NVIJVQN]RJY
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
2V/H 9EIEM+E1Y[[J)HMO S J VP WQX[+YJ XETG,XTQGOEG[JXEGAXHVEJ ^QJa
VWQXHVVJ Q7
7]H K[JXHVEJ ^QJE[+YZYJ[Z OH YJE[QMJGHMO J ^H=O X[PEG\Q
[QVHFVWQ
.9EU+I(VWH/T]J N^TJGWMJN^TJVJSHO=V?O[J ZPTHVJSPTHVJZRJ
N^TJ)HOMJ[J
NG/, EN]Q
Z5MJVHSQTOMJVWQYX\PSN^MJL EYWZYJ]MOH J V7QZHS O ZHO
N]/N]MJ)HOMJ[.L ^+.9TRJ[RJEUQYJ],OVWH/
7H[.L EIXHVJVWH/V7Q EI\HOMJ1Y[J
],S
O 4–QIJYE[QLGIJV],O UMJUMJN^TJ2]( ]
HEFQXVJXIRJ)HMO U J O, XE

X[+YJSQ]KMJVJSRJ\V. 7Q].\HOMJ1Y#TQ1Y#XH]J1YVWQESQXQN^MJL
1YVJN]MJE]V7Q]K].[GWH/9E[QLZRJVHFVWQ)7MJLX
+JE
QYJSV(]WH/VWQ
X[+YJXGIJ[TJGIJ)7TJGIJYIJ=2](XH]JGIJ^+.9VJ[[J)HOMJSVP WQYXH]J
T
QYO[MJ\RJ\ L QVJXHVVJ )7MLJ [+\ . Q[.L V(^HGO IJZRJ]KVJEI=GMJV7Q
XHVJ[,GKE[+N]0[MJE]KYJE[+^+MJL\QVJVHO [+MJE[QL^+MJLV\QFPE]KL
XQZ,O NG,/1YRJLE[QL KY X[PEI X[PTQ F,OF].# YHOJ]HOMJ S(NGQ
Z+[JZ]JT+QEI\HOMJG+MJL
JZHO=IRJIRJV7V
7H]KFP

IJYOIJ# V)©EZ)7MJL EVQJZ2VH/MJZHO 2VH/9&Y(VWQV7QE[QL 3E
Q]],O
ZPEIXHVJE[+[TJ\]J[HOYJXHVJE[+XVWQ&Y(
7H]K[J
+Q\.YSTJSQ
XHV]J N. ^TJN^TJKXHVJ].N^TJN^TJSHVO= ?O[J2VH/9&Y( Y[TJ\]JX[ O [J HOYJ].N^TJN^TJ
VWQESQXQN^MJL VHSQTO [TJTOZ,O?QS?>Q[N^TJ2](X[PEI\HOMJZWYJ

7H[Q]. XE[+9VWQ]K[J
NVIJVQE[+X[+YJ VZO]J
ZHO= [QNVTJ[QE[+ VWQ[J#EI
[.L
][JIJYWMJXIJXHOMJYZRJ[MJ1Y]J[J (E[QLVHSQTO\.V7QTH[J
E^QYJ N]IJSPE[+ E]KZHVJLVJZHO= XEIQYJ[HOMJSQ XE[QJVWQVWQY
\MJNVMJ^+J
7H]K[J KE[QLN^TJGWMJZRJN^TJ]KZHVJLVJSHO=ESQJSRJZHO
E^QYJN]IJ SRJL ZY4QVWH/E[+ E]E]KYJG.]K[J
NVIJVQE[+YEXEXEUEUEI1Y[QVWQ]K[J K
SP[=OH XYWM]JL . V7I]J K[J[GW/H 9E[QLYH O S
LJ EFQ)7MLJ YH O \
J MJSZHO THMOH J GWMTJ [
H J

7HSVP WQZRJ
7]H K[JSP[Y O=H E[QLSRJZOH EI\HMO
J [QTH[J[OMH J VYWFP #
SRJVG,)HOMJFPUHO2](YHOJ]HMO JXHOXHVJG+.EYQMJG+.]KZHVJLVJSHO=ESQJZRJ
XQZ,O NG,/Z5MJE[QL X\YJV7Q EN]QSRJLX[HOMJ [TJZ,O [TRJ[RJ
XETY]JEISRJL VHSQTO],OS4–QIJY[TJ)MOH JMZ , O, ]W9, EI]K[JXE\QYJ
X\Q)7TJGO N]T
Q
7H]K[J
 E KYJ[QZ7EF
Y6IJE[QJL VHSQTOY O[HYV«QTTJ 2](SRJX\H XHVJENG
GIJ=
7H[L.
+QEZ[TJ
+QV7QEI]K[JSP]IO EJ 1YQMJEL
QT(]+QE
XGYJXG.
E1YQMJ]L KY6IEJ [QJL VHSQTO
+QV7VHMO J GIJ= E[.L EVQJZ2V/JH M2J V/H 9YHO EN]QMJE
89
G.L
]K[JVHSQTOMJYXNV.[VJUJL)7TJEQYJEXQYJEZWQLSRJV
7H#
SRJVHSQTO X&Y(XY.XN^TJ Y6IJE[QJLXF+QY Y+]JY.]K[J XHVJ
E\QMJTO&Y(YZ,OXSTJN^TJ[.L2VH/9][JIJYWMJYHOEN]QMJZQG.L
SRJL[HOMJ
E
7YX[HOMJ]. UYJZYJ EI\HOMJ1Y[JXEN]QMJXZ. [TJGOYE[QL
XF+Q Y+JZ+IJS+Q[L.XGK SP=SV( Y6IJE[QJLXE Y XF+QEI
QYHO
PZHOYJ[JSRJVHSQTOV7QZYJ
7H3(E
YGO)7TJEQYJ#UJL)7TJEQYJ
V?O[JE[QLFPXQZ,OGWTJGMJR(R+[J1Y[J

IJYOIJVQ7 Y6IJE[QJLVH[JEU+[TJEQYJ
7H]K[J)7TJVWQV1YQV(
X\HSP
J>I(
JSQ
JSV(S,O EQYJ?Q[TJVOH EXQYJVQ7 SPX = EV#
SP=)7V XTJV X.SRJ)7V XTJV 
.9GMJ]+IJXN]MJSP[HO=VHSQTO#SRJLN]MJ
X]WH/&Y(EIQYJ)7V XTJV [TJEQYJ#EIQYJXHVJE^QJ)7TEJ QYJXQZ,O
UJL)7TJEQYJEZQYJ X[PEI1Y[J SP[HO= EIXHVJYE[QL XE[QJ
&Y(VQ]K[JY6IJE[QJL VH[EJ U+1YRJL
[QE]WQJE]WQJ
8MJ
8MJ].#FQV5VEYW
VI]J EN]Q[QV
7HFPSP=XEVYZRJ[TJGK[TJ
, Y6IJE[QJL\, TQE
2](
ZP&Y( FV7QVHSQTOI=. EI\HMO
J [QSPGWVJ ENV]L O, EN]Q]K[JSP XF+Q&Y(
YXSYJE[QMJV
7HESFPSPYVHSQTOV7QX\PSN^MJLENVVWQ
)7MJL E]WQJEV+9[J X. (XGWHIJY Y6IJE[QJY X*ZIJV7Q]K UIJ=YWMJ^YJ
73JN]
Z5MJY6IJE[QJI.=Y]JZWYJXHVJI(GWMJXSYJ
+JVOUHOV&Y(
[TJYHOJ[RJEI[JSP=V7QXHVJE\QMJSRJ SQ[TJEQYJ
7H[J
SQVHSQTOYVHMO J GIJ= ESRJL EI
QV7QYH O ]J MOH X
J VH
J [
H7 J[TJEI=E[QL
Y6IJE[QJT]JT]JTOTOSHGWMJZHO=XF+Q&Y(YHOEV[J#GMJ%WQFQZHO=SQI.=
SPV= SH QTOYOH XHVVJ Q7 X[PEGV\QSZ.E]KLSPEN^],Y O [H[ O )OH M7 LJ 3J]K[J
AAMKLF\.SP[HO=MJ¡-]JV7QV&YH/YJFPaa[.L
NVIJVQVHSQTOMJ[TJ3( GWMJ YHO TOTTO RJTRJN^TJEXQMJT(VX , QE][.L
XE1YQMJ[
QE[+
7]H K[JXENGG,XE1YQMJS,O
]JY¡HO
QXT3JXZQ#
XSHOMJXIJ)7MJL%O ŒFQSQN^TJ]K[J
NVIJVQ%O ŒFQSQVWQYE
7¡HJOUIJ]K[JVWH/UYJ XT3JXUYJ

SRJNVIJVQZHO )7V MJS P SOV=H ?O[J XTJV &Y(SP )7TVJ WH/N^TJ)OHMJ]KSRJ


NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
ZYJYVJZQG.[ L L. ¡HO
QXT3JXZQE[+YHO T+.TN.+ VN. V. UO]YJ MHO \
J Q1Y[JAYW/]J
VHFVWQX[+YJ EYQMJ[QE[+XQZ,OYW/]X J [+YZ J RJEYQMJV7Q].aUH[ O .L
G,PGWYJYHOEV+[JZ+IJG.LESQ)7TJXIRJMJYY6IJE[QJLXTJVVJY+.
[TJEQYJ SP=YEZYHO U,OVEI[QNVMJE[QL Y6IJE[QJY MJEN]Q[J
AIMJ  YEZYH O  ¡H O Y J ) 7 Y J E I[QY SP = E GKMJ  \.  VEYQMJ  UH O  K
MJEXQMJZO]JEI[Qa SP N]IJEN]Q],OY Y6IJE[QJ \MJ[.LX[HOMJ AIMJ[HO=
)HMO MJ N, GQYE]KYJY
E[+ (ZQEN]QVEII.= [H=Y O FHO EFXT3JXZQX[HMO J
YEZYHO U,OVEI[Q IMJY VEI=[TJEI=YV7 EV+[Q?.L# YEZYHO
¡HOYJVU,OV
MJ]WYJT(ZHVLJVJa¡HO
QXT3JXZQYFZVJE1YQMJX[+YJ
ZVJR8IJS^+J ZO]JE]]K[J TRJYVJ
7HEXQMJ# ¡HOES[[JEXQMJ#
VHVHYHOJYHO )7HVJLGW[[JEXQMJZRJXQE]]K[J
NVIJVQN]RJVQ7 ZPX = SHMO J XIJYZYJU]O Z J YJYMOH J VN])HMO [
J L. XMJXQ
[TJ
]J]K]. ZP[HOMJY XSHOMJXIJ
.9 XNVMJ)7MJL XU,OXN^[JYHO ZYJG,
ZHOYJIQ1Y]K[JZPV-E
)7MJLYWMLJ[JUHOMJ
QYHTÚVWQV7QXSHOMJXIJY
1YQMJ ^WIJEN^E]]K[J SP[HO= &Y(N]MJZQ
[.L SEFQSFQE1YQMJL
XSHOMJXIJYHOV\(V.LNVMJVZO]J,LSPE[+VWQ]K[JXEIQYJ)HOMJM,VWQV7Q
V1YQV1YQ1YQ
[QYAYHOJLYHTÚYHOJZO]JVUHOMJ
MJMJV¡-]JI.=aaNVIJVQ
VWQYE[QLXVWQI.=][JSYJZQ
MJZO]JV7QYHOMJV7QEN]QV7QUHOV7QVN^TJ^HO=
S[H\Q1Y
]K[J][JIJYWMJXSHOMJXIJY FTJF
QSQ EIQMJ
E[QJ&Y(],O^VJ[[J[JSQSV(VWQVZHVJVHOVZHVJVQI.=ZP&Y(SP&Y(YHO
V¡HEO SYZIJYUIJZO]Z J QG.L
MJVHFYHO]. XN]TJUVHO J SQSV(VEYQMJ
VHFEGKMJ UHO¡HO
7H[J  XHVJE\QMJ XMJXE)7QMJ\Q[.L EQYJWQVWH/
UHOZ5MJXZ+IJ)7QEGKMJ¡-,91Y[J#VHIJV ZMJMJEI [QUHO]HOUHOE]KL
X\HIJ XY+]EJ ][.LXE1YQMJS,O
]JVQ7 [[HENVQYJYYHOY+J
SRJLFQSQ %O ŒFQSQXE1YQMJ XE[QJ EN]QG.L2](]K2](#  \]JN^RJLT
Q
SH]VJ
7]H KFP#[TJG]O . EN]Q
IJ
7]H K[JEZQY(YHTVÚ WQX[+YJ ZYJG,\Q[.L
[
Q[TJGW/H 9
7]H K[JEU+VW/H SQGWMJ VWQYHO E\QYJ]
,L VJ#SYJ&Y(
+X J HO
YHO OYV 7YMJEEXQMJYPRE( \QYJ]]L, K#YH O GJ WMJ TQ[
Q\Q]K#VHVHY OH J
YHO)7HVGJL W2](K&Y(SPYHO¡HOES]K#O4J&Y(SP]RQ&Y(SPYHOEZTQ]K KE[+
XQZ,O?Q [YJE[QL VHSQTO^+.9TRJ
QV7Q GWH[JUYJE][.L VPZ(I.=
I[JEGKMJE[+]K].
3. Nature : the Myanmar Buddhist
I’ll now launch myself on the main theme of my lecture, the
Myanmar Buddhist. He is a Myanmar who takes refuge (has faith ) in the
Three Items; an individual ofdual personality who believes also in other
-isms; and member of a family that is closely knit by respect,
thoughtfulness and by the concept that the law ofkarma has allowed him
to attain its membership by birth, marriage or by adoption.
It is a human document which centres round the salient features
in my life, my own observations viewed both retrospectively and intro-
spectively. 1 shall lift the veil from the tableaux ofthe life ofthe Myanmar
Buddhist to let you see the whole spectrum ofthem in three stages: youth,
manhood and old age ending in death. In this process 1 shall follow the
advice ofan old English author and poet given to his fellow authors: ‘Let
him relate the events of his own life with honesty, not disguising the
feelings that accompany them’.
1 come from Myanmar, a country in which, in spite of the then
economic stringency, could afford to spend liberally huge sums ofmoney
to hold the Sixth Buddhist Council to collect, collate and edit the Bud-
dhist Scriptures from 1954 to 1956, in commemoration of the 2500th
anniversary of the death of the Buddha in 544 B.C; a country whose
government demanded and got independence at the auspicious time and
date, furnished by the astrologers, of4:20 am on the 4th ofJaunary, 1948;
and a country dotted with temples of deities either standing side by side
with the numerous Buddhist shrines or standing by themselve in cities,
villages or in remote areas.

3.1 Youth
3.1.1 Birth
1 was born in a small village situated on a tributary ofthe river
Thanlwin. Ours was for a time a well-to-do Buddhist family. We were
The Myanmar Buddhist : His Lili From the Cradle to the Grave 79
farmers. Soon after 1 came into the world, 1 am told, the village mid-wife
cut offmy navel or umblical cord, and had it buried in a place safe enough
to be despoilt by animals such as cats and dogs. This traditional practice,
known as chet hmyok, meaning literally ‘navel—buried’ must have been
being universally observed by the Myanmar people. For, this phrase has
acquired the meaning of one’s native place a village, a town
country of one’s birth.

3.1.1.1 Naming ceremony


Some months after my birth my grandmother, who was a Mon,
made preparations for the name giving ceremony, which is called dis-
hum tut-pwé, 'the accacia soap affix ceremony', an elliptical term for 'the
ceremony ofpouring a decoction ofthe soap accacia fruits over the baby's
head and giving a name to it'. In short, it is name giving ceremony. This is
an echo of the Hindu custom of ufimo kurmu, name giving; but the
ceremonials carried out are quite different. lam certain that the Myanmar
have appropriated this custom from the Mons with whom they have lived
in close affinity, and with whom they have had strong cultural ties since
the dawn ofhistory.
The Mon nomenclature for it is cow kupo ‘pouring soap acacia
fruits’, that is a decoction of these fruits (over the baby’s head). Under
the heading ‘Birth feast’, R.Halliday says:
‘For each child born there is what may be called abirth festival.
It should take place soon after birth, but is usually postponed till a
more covenient season or till the slack time ofthe year. March and
April are the months when it mostly takes place. It is known as caw
kapo, which means pouring a decoction ofsoap accacia. Apotful of
that is prepared and also a potful ofthe tumeric water. The baby is
bathed by the midwife first, and afterwards by the guests by pouring
the water over it. A dah or cleaver with its point in the earth is held
by the father beneath to convey the spent water to the earth. The
hands ofthe midwife are also washed. All who were present at the
birth or call to make enquiries must be invited to this ceremony.
There is ususally a mild feasting, and music is often played ....
R.C. Stevenson, in revising Judson’s Myanmar-English Dic-
tionary in 1893, says under the head word kin-bé-tat ’to hold a festival on
the birth of a child, during which the body of the child and the hands of
the guests are washed in a decoction’ To this the following explanation is
50 Dr. Hla Pc
added. ‘On the seventh day after the birth ofthe child, the midwife
the fruit of the (creeper), and mixes it with seven kinds of
grewia and washed the child’s head; after the head is clean (by washing),
the midwife takes the child up in a white cloth and presents him (or her)
to the mother; after this the midwife and the assembled persons who have
been invited invoked blessings’. (The word Cirewia is a botanical term
for a kind of creeper called tuyuw in Myanmar). The bark of the tayaw
and the fruit of the kin—bun are the two essential ingredients used in a
decoction for washing the head. It is believed that they are endowed with
certain mystical and magic powers. Thu-byei, the eugenia, which recurs
several times in this lecture, may be placed under the same category.
It may be noticed that both Halliday and Stevenson do not men—
tion in their accounts ofthis ceremony the phrase name giving. This ritual
was, 1 believe, and extension from the ceremony. 1 know for
certain that even in my younger days a kin—bran tat—pwé, which
all the rites stated above, meant a name giving ceremony both to the
Myanmar and Mon peoples. As Halliday asserts it is not always held
nowadays on the seventh day after the birth of a child.
In my case it was held some months after 1 was born. On an
auspicious day, the midwife did wash my hair with the decoction of soap
accacia fruits and tayaw and presented me to my mother. It is, 1 believe, a
reminiscence ofthe royal coronation. Then the astrologer gave me a name,
and he predicted that 1 would become either a monk or a great man.
Thereafter the relatives and guests invited to the ceremony blessed me
and showered on me with presents. They were in turn entertained to a
feast. My aunt told me about it when I reached the age of understanding.
The name giving ceremony has no religious significance. It is
entirely secular in flavour and is never held in the monastery, as the chris—
tening service is performed in a church. The only common elements
between the two are pouring a decoction over the baby’s head on the
Myanmar side and the sprinkling the child’s head with water in the case
of the Chirstians, and the name giving. There is a modem tendency to
Buddhistize many non-Buddhist customs and practices. In many such
ceremonies nowadays, the well—to—do parents invite the monks to their
home to hold areligious ceremony. After the formalities ofdoing obeisance
to the Three Gems, Buddha, the Law and the Order of the monks, and
undertaking the Five Precepts, the Abbot preaches a sermon in conso—
nance with the atmosphere of the occasion. He points out to the parents
that their child is one oftheir treasures, just as the eldest son ofa Univer—
The Myanmar Buddhist : His Lili From the Cradle to the Grave
sal monarch is one of the seven treasures ofhis father.
The ceremony concludes with the monks blessing the child by
its name.
The structure of the Myanmar names and the principles of the
choice of names and other aspects of this complicated matter have been
described about four years ago in my two lectures in Paris. I’ll offer you
here only its typography to refresh your memory.
As I was Wednesday child the astrologer gave me the name Hla
Pe, with due reference the day of my birth. each day of the week,
for your information, a of the letters of the Myanmar alphabet is
allocated for a day of the week. My name means ‘Handsome boy’. You
can infer from this that it is most unusal have a surname, although
many a westernized family has prefixed or suffixed one member oftheir
father’s or mother’s name to theirs. My father was called U Ngwei, Mr
Silver, a Monday child, and my two younger brothers, both
Thursday, are named Maung Ba Thwin, MasterFather’s Image, andMaung
Myint Théin, Master Superior to One Hundred Thousand. To make
confusion worse confounded my mother whose maiden name was Ma
Khin, Miss Love, was never called Mrs Silver. (For detailed study, see
€iustaf Houtman; Myanmar (Burmese) personal names, Department
of Religious Affairs, Yangon, 1952).
To digress for amoment. This customary practice ofthe Myanmar
Buddhist wife retaining her maiden name is apt to generate misunder-
standing in countries with a different culture, in financial, social and pro-
fessional matters.
When my wife, Daw Than Mya, Miss Million Emerald, arrived
in Britain some years ago, we opened a joint account at the bank. The
manager knew me and my wife. But he suggested that my wife ought to
suffix my last name to hers in order to avoid any misunderstanding by the
bank officials. Mywife has to suffer in silence whenever she was addressed
as Mrs Than Mya Pe, or Mrs Pe all the time she was in England.
More serious was the case ofa high ranking Myanmar UN official.
He went on a tour with hs wife in a foreign country. They stopped for the
night at a grand hotel. The manager was most reluctant to give them a
room because the wife has a different name in the passport. The UN
official explained to the manager this aspect ofthe Myanmar culture, and
said that at his age and with his position at the UN he would look very
silly if he were to roam the country with a mistress. They got the room.
This sort ofirritating incident is not confined only to the Myanmar
52 Dr. Hla Pc
Its tentacles grip even the British. A lady university don was
married business man after she had made her name in the academic
world through her publications and her appearences in international con—
ferences. She naturally held on to her maiden name, say Miss X, after her
marriage. In due course she applied for maternity leave to the Cioverning
Body ofthe college. The treasurer ofthis body was an old gentleman of
rectitude. He reacted of course against the application with disgust, and
refused to grant leave to Miss X. He relented only when the true facts
were revealed to him.
You may remember my telling you that the law of karma is a
contributory factor to the coalescence of a family. The only element that
is out of perspective in the picture is the names of the members of the
Myanmar family, which stemmed originally form the Buddhist’s faith in
astrology.

3.1.1.2 Lili at home


Buddhism however pervades the fabric ofthe life ofthe Myanmar
Buddhist, in whose thought, speech and deed are reflected the teaching
ofthe Buddha.
When I was two years old, 1 was adopted by my four paternal
spinster aunts. I was brought up in an environment that, 1 believe, had
influenced my thought, determined my action, formed my habits and
moulded my character within the context of the law of my past karma.
The environment in which a Myanmar child is nurtured is somewhat
different from that in the West. 1 noticed or was made to notice that age
was given precedence in every day life, andthat the household life revolved
around the oldest member - in my case it was my grandmother. Examples
ofrespect for old age and obedience to the elders were the rule rather that
the exception.
Long before lwent to the village school I was initiated into some
points of etiquette in dealing with the elders. Some ofthem, of course, 1
had learnt for myself. 1 was told, among other things, to avoid the use of
the pronouns such as 1 or you, but to use instead ‘Your humble servant’
for 1, and ‘Uncle and Auntie so—and so'; or 'Elder brother or Elder Sister
so-and—so' for you, according to the age and sex ofthe person 1 was ad—
dressing. Besides, 1 was also instructed not to blurt out ‘What’ or noises
to that effect, but to say nicely in Myanmar phrases equivalent to ‘Yes,
sir’ or ‘Yes, madam’ in answering an elder; and to say politely ‘Yes, sir’
or ‘Yes, madam’ (there are many other Myanmar phrases for these) rather
The Myanmar Buddhist : His Lili From the Cradle to the Grave 63
than making rude gestures such as nodding or shaking my hand, or still
worse, grunting noises of assent or dissent.
These instructions concern the realm of speech. A few may be
instanced in the domain of deed, in which the three elements ofrespect,
humility and thoughtfulness are noticeable. In the presence of the
elders, 1 had to take certain proper postures. I had to stand with my head
bent down from the neck, walk in a stooping attitude and sit neatly. And
in also offering something to such a person, 1 had to give it holding with
both hands. Nowadays, I notice many through this action,
do so by offering it only with their right hand, while holding or touching
of it with the fingers of the other hand a new innovation. If
was engaged, the ritual must be performed by my right hand: it is
rather hard on a left handed child.
Manners at the table also count a lot among the well-brought up
At meal times we all sat at the low table, with a plate of rice
infront of each of us. There were duplicate dishes of four, six or more on
the table. No one made a move until my grandmother had helped herself
from some of the dishes. Before helping oneself one always took a
spoonful from any dish she had not touched, and put it on to her plate.
1 still vaguely remember an incident. A cousin of mine and his
mother came to dinner with us one evening. The meal was served late,
and the boy was furnished. Casting the table manners to the winds, he
started helping himself ignoring the unapproving eyes round the table.
There was a shriek from him, and it transpired that his mother sitting next
to him had pinched the inside part ofone ofhis thighs - a rather sensitive
part ofthe anatomy, for exposing his lack ofdiscipline. This is comparable
to the covert act often perpetrated in the West under the dinning table: that
is, kicking one’s spouse in the leg when he or she has made afauxpas.
One part of our routine at home was listening to the stories -
folk-lores and religious tales generally with a moral - told to us with
some embellishments by fairly well read elders. It is similar to reading
stories to children in bed here. Then we did obeisance, as the children
here say bon nuit, to our grandmother and went to bed.

3.1.2 Village School


The process of inculcating ideas continued at the village school
1 went to at the age of five. It was a well disciplined and well organised
school. Here lleamt the three R’s — reading, w(r)iting and a(r)ithmetic. In
those days the curriculum did not include the fourth R — quite popular
54 Dr. Hla Pc
nowadays with of the students in the West. It stands for rebellion
and rioting. That would have against the grain of the Buddha’s
teaching. Besides, such students would have got a good hiding from their
teachers.
The main aim of the school was to lay a strong foundation for
literacy, numeracy and ethics. To achieve this end the headmaster adopted
what is now popularly known as ‘the stick and the carrot’ policy. More
will be said about it in the teacher-student relationship later. The word
stick mentioned above is a metaphorical one: it is a form ofpunishment.
The inflicting of such punishment at the school was meted out the
pupils who had not prepared their lessons, who failed to finish their home
work, or whose behaviour left much to be desired. They would be kept at
school during lunch hours. The stick means literally a real stick, d
cane. It was used in at our school.
Chastising by hand by cane at home and at school has been
still the prerogatives ofparents and teachers. The Myanmar believe that a
good smacking or caning is good for ‘the soul’ of the young. They still
have faith in the old maxim: ‘Spare the rod and spoil the child’. 1 don’t
remember having ever been caned by a teacher throughout my school
days. But I was caned once or twice at home. I shall never forget the one
caning 1 received the first and the last time from my grandmother. She
was kind and understanding, but she would not tolerate even an insolent
gesture from the young member to the elder.
One day an older cousin ofmine, who was a tease, provoked me
so much so that 1 lost my temper and hurled rather offensive words at
him. Unfortunately, my grandmother happened to be sitting at the moment
within hearing distance ofthose words. She at once took me to the back
of the house, got a cane out and gave me six strokes, without showing
any signs ofanger. The rhythmic swiches ofthe cane were punctuated by
the words: ‘Promise, no more of these rude words’, to each of which 1
replied ‘No more, grandma’ in between my sobs.
Conservative parents, there are many, would like to extend chas—
tising even to the grown-ups. More than twenty years ago, a young
Myanmar couple came as state scholars from Myanmar to our School —
the School of Oriental and African Studies, University of London, to
work for a higher degree. The girl was the daughter ofa cabinet minister
in the Myanmar government. Her mother, who accompanied them to
England, came to see me one day at the School and said: ‘Hsaya—gyi,
Great teacher, ifever these young people are naughty, beat them as much
The Myanmar Buddhist : His Lili From the Cradle to the Grave S5
as you like, so long as you do not maim them’ used
by the parents when they are entrusting their children the care of d
teacher. The so-called called young were then at least 23 to 24
years old.
About ‘the carrot’ 1 have alluded to. Either at lunch time or at
the end of school hours, the headmaster would to us questions in
mental arithmetic or general knowledge, such as 'If a man takes half an
hour to how would it take him for four miles'?'
What’s the capital of Myanmar‘/' Whoever could answer the question
first, he or she could go home. The dullards were always the last to leave
the school And the head would single out a good bright pupil
and praise him or her in front ofthe whole school.
In the of our schooling we were taught homilies,
most of which are based taken from Buddhist Scriptures. ‘Take
refuge (have faith) in the Three Items; pay homage to the Five Worthy
Objects, that is the Three Items and parents and teachers; and show respect
to one older, higher in status or more learned than you.’ Stories from the
Scriptures with morals - the reward or benefit for the good, and the
punishment or bad results for the bad, as meted out by karma.
The text books contain stories to drive home these points.
Myanmar literature, most of which is tinged with Buddhism, abounds in
morals: the retribution that awaits a person who has fallen into the sins of
anger, greed and folly; or the reward for one who cultivates such virtues
as tolerance, compassion and truth. Those stories were read during the
day at the school; they were often heard in an exaggerated version in the
cool ofthe evening at home; and were occasionally brought to my attention
in dramatic performances at night. Constant instilling ofthese ideas into
the children’s heads must have made deep impressions upon a Myanmar
child in his formative years.
Furthermore we had to commit to memory several pentads or sets
ofFive Duties, apparently on the analogy ofthe Five Precepts: those of
parents and a child; ofa teacher and a pupil; and ofa husband and a wife.
These moral principles were drummed into the heads of boys and girls
during their impressionable years, and some oftheir imprints are bound
to leave in the students’ minds.
One ofthe duties we had to perform before 4 pm on school days,
somewhat like saying morning prayers in school here, was repeating dox-
ologies usually after our leader, a senior boy or girl. In these sessions we
made obeisance to the Three Gems and then undertook the Five Precepts:
(1) not to kill; (2) not to steal; (3) not to tell lies; (4) not to commit sexual
56 Dr. Hla Pc
offences; and (5) not to drink alcohol. A school boy, needless to say, can
refrain from the last two, but sometime or other he breaks one or all ofthe
first three precepts. Nevertheless some remnants ofthe code are bound to
remain in his mind as he grows up, and they will act as deterrents to him
subsequent occasions.
Speaking ofdeterrents always reminds me ofa personal episode
ofmine. When 1 was quite young, we had a boy staying with us. He and
1 got fine, until we fell out one day. That evening we had our bath in
the river, and 1 came up first and hid his clean shirts out of spite. It is
necessary in Myanmar, as some ofyou may know, to change one’s clothes
frequently because of the heat and the sweat. However, as as I put
on my shirt, 1 was stung by d that must have been lying under
the collar or in the pocket. 1 still remember telling the other boy between
my shrieks of pain where to find his shirts: 'Your shirts...ouc6 .. . are .. .
ooh .. . behind .. . uuh .. . the chest!' Since then this retribution always stares
at me whenever 1 want to do someone down.
Variety is the spice oflife. I shall now introduce a variation into
the pattern ofthe life ofthe Myanmar Buddhist to wind up the highlights
ofmy village school days.

3.1.2.1 Coaxing the psyche


The year I joined the school 1 was given a fright while walking
along the unlit, pitch dark village street. 1 fell ill. Try as they might the
village doctors could not make me better. Some ofthem pronounced that
my illness was not an ordinary ailment: I had been possessed by an out-
side agency (apé hmi in Myanmar). Others believed that the leik-pya the
butterfly or psyche, having been startled, had left my body: hence this
sickness. My grandmother and my aunts agreed with the second opinion.
My grandmother therefore decided to resort to the traditional custom of
leik - pya hkaw coaxing the leik-pya back to its tenement, the body.
My grandmother first collected and put them in front ofher (1)
a plate containing five or six balls of cooked rice, each garnished with
small pieces ofjaggery (small lumps of coarse brown sugar made from
palm sap); (2) a basin half filled with water, at the bottom of which lay
six halves ofbetal nuts; (3) a bowl also half filled with water on which a
hank ofred and white cotton thread floated to and fro with the breeze; (4)
a small tray containing a gold ring tied also with a strand ofred and white
cotton thread in the form of a neck-lace.
First, my grandmother raised the plate ofcooked rice-balls with
The Myanmar Buddhist : His Lili From the Cradle to the Grave 57
both her hands as if she were propitiating a diety and said a few words,
and put it down. Then she picked up the six halves ofbetal nuts from the
bottom of the basin and held them in the palms of her both hands. She
muttered words ofsupplication and made some sort ofvow, and dropped
them back into the water in the basin. She went through the motion sev—
eral times until all the six halves lay face upwards, whereupon she took
the ring from the tray, dangled it inside the bowl the cotton hank
come to it. Thereafter she tied the hank to the ring and put the necklace
with the ring dangling round my neck. I had been united with my
butterfly! 1 recovered soon after this non—Buddhist ritual. As far as I am
aware this ritual several races and tribes in Myanmar.
Buddhism denies the existence of the It recognizes only
matter and mind, which also constitute life force. At some time, 1 do not
know when, and for reasons unknown, the Myanmar got confused life—
force with leik-pya, perhaps a vestige of an animistic belief. The whole
notion is foreign to Buddhism. Yet many Myanmars still cling to it.
Shway Yoe has a lot to write about leik—pya in his book: The
Myanmar: his lili and notions, London, 1910, pp.390-5 ‘ ...the life of
man resides in leip—bya and dies when it disappears. The man at the point
of death opens his mouth and the leip—bya escapes from the body, but
only to die at the same time...' And he adds 'It is the cause of the great
unwillingness all Myanmars have to wake a sleeping man. It is obvious
from the above explanation ofthe character ofthe leip—bya, that it would
be injurious to rouse a man suddenly from his slumbers. His butterfly
might be wandering far from the body, and probably would not have time
to hurry back to its tenement. Then the man would certainly fall sick, or
at any rate would be indisposed for a time. Consequently, it is useless to
tell a Myanmar servant to wake you at a certain hour. He will come at the
appointed time and look wistfully at you, and wish something would fall
down and make a noise; but he himself will tread as softly as a house—
breaker and will not even have the heart to instigate some body outside to
make a disturbance... Consequently the master is wakened, and gets up
an hour and a halfafter he wanted to, and stormed at the poor Myanmar...’
1 lend my support to the assertion that some, but not all,
Myanmars are most reluctant to wake up a sleeping person, the more so if
the person is his or her beloved. 1 know a friend whose dear wife refused
to disturb his sleep, unless it is vitally necessary. Then she will go near
him and clear her throat as loudly as she dares; or sit on the bed and touch
his hand softly and whisper his name into his ear, until he wakes up. She
SS Dr. Hla Pc
too is afraid of seperating the butterfly from her husband’s body. But
there are equally many husbands and wives who do not care a damn to
arouse their spouses from their slumbers.

3.1.3 English school


Having spent five years at the village school, lleft it to attend an
English High School in Mawlamyine. It was a fairly expensive boarding
school. My aunts, who brought me up, scraped every centime they could
find to give me a decent start in life. Education was very expensive then.
Nevertheless, it was hankered after by parents who had the welfare of
their children at heart. My aunts were no exceptions. There were perhaps
other reasons. One was that I was a promising scholar. My aunts told me
with relish later that they see traits of a scholar in me ever since 1
was a young child. They said that I would trouble to any
long as I had a book, which I would hold upside down sometimes and
read it in my own way; and that whenever 1 accidentally trod on a book,
1 would sit down and make obeisance to it. 1 also learnt later that those
thoughtless older boys and girls in the family would touch my foot with a
book merely for the pleasure ofseeing me going through this performance
of mine. €ienerally speaking, a book is held to be sacrosanct by most
Myanmars, who probably identify its contents with the sacred texts ofthe
Holy Tipitaka, the Buddhist Scriptures. There is a saying ‘A word is as
sacred as a Buddha.’
The other reason was the astrologer’s prediction that 1 would
become a Buddhist monk or a great man. My aunts held out great hopes
in myfulfilling it. Besides there is another pragmatic consideration coupled
with it. They felt that by investing some capital in my education they
might get a return in their old age, when I would be a man ofconsequence.
Be that as it may, I went offto the then Government High School
in Mawlamyine, a town situated near the mouth of the Thanlwin river,
about forty miles away from our village. Just imagine a little country
bumpkin of nine as a resident at a famous school in a big town. 1 was
homesick, puzzled and bewildered at first. Soon, however, 1 adjusted
myselfto my environment. And soon lbegan to show my true mettle and
mycharacter. One day during an English lesson my egoism or selfconceit
got the better ofme. I volunteered to read a sentence which was: ‘The cat
is on the mat!’ It was catastrophic. 1 read: ‘Thee cat is on thee mat.’ The
whole class of thirty boys laughed, especially at the sound of on thee
which in Myanmar means a coco-nut. And since then 1 was nicknamed
The Myanmar Buddhist : His Lili From the Cradle to the Grave 59
‘ofi theé’. Soon, however, 1 turned the tables on them: 1 got promotion to
the fourth standard at the end of six months.
The system in Myanmar at that time was that the lowest class in
ahigh school was third standard, and the highest is tenth standard — equiva—
lent to the baccalaureate here.
Industry, intelligence and luck or karma were on my side, and
1 progressed to the satisfaction ofmy teachers. My confidence outran my
prudence. Once in of the weekly tests in Arithmetic, six questions
had to be answered in two 1 finished them all in a little an
hour, and strutted out ofthe class room. When the results were out, there
was a zero against my name — a I’d never forget!
In the eighth, ninth and tenth standards where the medium of
instruction was English in all the subjects, except in classes in Myanmar,
an Indian boy, a Myanmar boy and 1 monopolized the first three places at
every test and examination. You see the look of disdain and
on our faces whenever one ofthe other two occupied the first place.
We eventually sat for the final examination. All three passed. 1
got five distinctions out ofsix subjects and a scholarship, to boot, without
which lmight still be ploughing some ofour rice fields around our village.
My rivals too fared very well in the examination. But, the Myanmar boy,
in spite ofgaining a scholarship as 1 did, was too poor to go to the univer—
sity. The Indian boy and 1 were luckier. More about this episode of the
three young students and how it had turned me into a firm believer in
karma will be discussed later. Before Isay farewell to my life as a school
boy 1 must tell you three events that took place outside the school activi—
ties. These must not be omitted for all the wines in France.
During the school holidays lspent most ofmytime at my habitat,
the village, away from the hurly—burly of Mawlamyine. Here 1 felt no
longer a stranger in a strange land. Here 1 was initiated into a few non—
Buddhist rites which aroused great excitement in the simple mind of a
boy.

3.1.3.1 Propitiating rituals


As already hinted, there are many guardian spirits in whom the
Myanmars place their implicit faith for protection and aid. They have
inherited a beliefthat they must propitiate or supplicate a deity at a certain
time ofthe year. Aremiss on their part would have repercussions on them
and their family. I’ll tell you without any embellishments about two of
them.
90 Dr. Hla Pc

(1) U Shin Gyi


The first was the propitiating of a Mon nat or spirit revered by
most of the of lower Myanmar, the traditional homeland of the
Mons.
A Mon lad in the delta area went with from his
village in a boat across the sea to an island to cut down trees for poles. On
arrival at the island, called the Isle of the Fair Ladies, the young man,
who was a weakling, was left in the boat to keep an eye it and to
prepare meals. He played his harp which he bought along with him as he
waited his fellow to return from their chores. Unfortunately for
him he was a harpist of consumate skill, and the island was haunted by
Fair Lady Spirits. His haunting melodies captured the hearts of two of
them. In due course the young man fell in love with both ofthem. When
the boat men had gathered a boat load ofpoles, they left for home. But it
stopped suddenly when it reached a certain distance from the island. The
boat men could not do anything to move it. The boat owner, who was
steeped in lores, declared that there was ajinx on the boat - reminiscence
ofJonah and the Whale in the Old Testament - and added that all ofthem
must draw lots to find out the man of ill-omen. Three times lots were
drawn and three times the lot fell to the harpist. And he was thrown into
the sea. The boat, which had been held back by the two lady spirits, it is
said, ploughed its way homeward.
This young Mon has been deitified as U Shin Gyi, the Lord of
the Seas. The name Shin Gyi denotes Great Master, and the designation
U, as has been explained in my two previous lectures in 1980, is a term of
respect.
Every year before or after Buddhist Lent, which lasts approxi-
mately from the full moon day ofJune to the full moon day ofSeptember,
U Shin Gyi is propitiated by householders either at dawn between 4 and
5 o’clock or in the evening between 6 and 8 o’clock. I’ll describe to you
a modest and simple ceremony I took part in.
One evening a village elder, well-versed in the intricacies ofthe
propitiatory business came along and set up a table in an open space in
front of our house. About 6 o’clock he placed on the table a few lit can-
dles, leaves of the coco-nut tree, a glass half filled with thin paste of
sandal wood with a sprig ofthe eugenia dipped into it, and another glass
filled with coco-nut juice. He then put about three table spoonfuls ofthe
prepared steamed gluttinous rice from a basin into five saucers. Thereaf-
The Myanmar Buddhist : His Lili From the Cradle to the Grave 91
ter he sprinkled some coconut scrappings, without salt, on the sticky rice.
As a finishing touch he laid a peeled banana in each ofthose five saucers.
Finally he put all the items into a large tray. You may or may not know
that ence—nut scrappings eaten with steamed gluttinous rice is usually
salted to improve its taste. In this case salt is prohibited: U Shin Ciyi is the
Lord of the Seas.
The man went to the table and made obeisance to the deity saying
a set piece of prayers. At the end of it, he fetched the tray and raising it
with both hands he propitiated the deity by reciting another set of incan—
tations. In the meanwhile, all the inmates ofour house came out and paid
respects to the Cireat Master. Then, no sooner had the man started placing
the tray on the table than - we — myself, my brothers, my cousins and our
friends leapt up from squatting posture, rushed the table and
scrambled for the saucers - an act, we were told, the Lord ofthe Sea more
than approved of. Those who succeeded in the scramble helped them—
selves with great relish the contents of the saucers. The unlucky
ones had to be contented with what was left of the steamed gluttinous
rice in the basin, ofthe coconut scrappings in the plate and ofthe bananas
on the bunch. The propitiator went round dipping the sprig ofthe eugenia
into the glass of thin paste of sandal wood and sprinkling with it over
every one present on the scene and wishing all ofthem well.
The usual explanation for holding this annual ceremony by the
people is to seek the protection ofthe Great Master from any impending
dangers, and his aid to increase their prosperity. But there is more to it
than meets the eye. We now live in Mawlamyine, the capital city of Mon
State, where this practice is observed, I believe, more than anywhere else.
It is a city which is full ofbusiness people, who have to traverse the sea
by big mechanized boats. It is more than probable that this customary
practice was started by those who had to earn their living by the sea, such
as merchant men and fishermen. The legend ofU Shin Gyi is well—known
to many people in lower Myanmar.

(2) The Guandian spirit of the farms


The other incident 1 was involved in was the propitiation ofthe
guardian spirit of our farm. This annual ritual was performed at a nat—
shrine, just outside our village, on the eve of the farming season, about
the middle ofMay. The purpose was to ask the spirit’s aid to give us good
yield ofcrops, his protection ofour farm labourers and his prevention of
the farm from destructive elements. Four of us, an elderly villager, two
92 Dr. Hla Pc
farm labourers and 1 went to the shrine. We carried among us a big bowl
ofcooked rice, a large dish of chicken curry, a bottle of country
bunch ofbananas, a coconut and a few candles - the minimum requisites
for such a ceremony. The offerings were placed and the candles were lit
by the village elder on the plaform in front of the shrine. He then paid
respect to the nat and intoned some incantations, partly in Myanmar and
partly in Pali. The rest of us were doing obeisance all this time to the
statue ofthe deity who seemed to me to be smiling benignly on us
inside the shrine. At the end we all fell on to the food.
It may be ofinterest to you to know that many Myanmar would
have no to eating food that has been propitiated a deity. But
they would not touch that which has been offered to the Buddha’s image
pagoda. This disinclination to partake of the sacred food has been
attributed to the story ofthe ill-fated Mon king, Manuha. The account of
his capture by King Anaw-rahta of Bagan in 1057, and the subsequent
arrival ofthe three sets ofthe Pitaka in the Myanmar capital together with
Manuha has been hinted earlier. Here then, is the story of Manuha as
given in the Myanmar chronicles.
‘Manuha with his attendants’, I quote, ‘lived at Myinkaba.
Now, the glory of King Manuha, it is said, was this: that whenever
he spake, a wheel is issued radiant from his mouth. So when Manuha
visited and bowed his head before Anaw-rahta-min-saw, that king
was aghast, and his hair stood on end. Thereafter, in order to demean
Manuha’s glory, dominium and power, he caused his food to be
always prepared upon ajewelled salver and first dedicated to a pa-
goda and then set before the king. And king Manuha took no heed
nor scrutiny, but ate ofit. Thus, after a while the radiant wheel that
issued from his mouth vanished.’ (Pe Maung Tin and G.H. Luce .
The Glass Palace Chronicle ofthe Kings ofMyanmar, London,
1923, pp.79-80.)

3.1.3.2 Buddhist initiation ceremony


The third in this series to be considered is a Buddhist ceremony,
in contrast to the foregoing animistic rituals. It is the ceremony ofinitiating
a Myanmar Buddhist boy into monkhood of a novice. It is called in
Myanmar shin-byu-bwé, making a junior monk.
This ceremony comprises two phases. The first is the candidate
for novicehood going in a procession, known in Myanmar as shin-laung-
hlé. The second is the act ofmaking the candidate into a novice, that is
shin-byu. The function ofthe procession is the re-enactment ofthe future
The Myanmar Buddhist : His Lili From the Cradle to the Grave 93
Buddha’s renunciation of the world. Prince Siddhatta forsaking his
luxurions life ofa prince to become a recluse; his leaving on his horse the
palace and the city with the help ofdeities; the intervention ofMara; and
his attaining Enlightenment. The purpose of making a novice is to reca-
pitulate an incident in the life ofthe Buddha. When the Buddha returned
to his native city, Kapilavatthu, his son Rahula, who was then seven years
old, came to him to ask for inheritance. The Buddha offered him the only
thing he could: that was novicehood. He initiated his into a
with the help ofhis deciples.
The unawareness ofthese two episodes have led to speculations
the origin ofthe initiation ceremony. One, a popular view, is that it is
a recapitulation of the Prince’s renunciation story, which is only true of
the procession. The other view was put forward by the late Dr. Htin Aung.
He says in his book that it marks the occasion ofthe boy’s entry not into
the monkhood, but into manhood, which he says, would qualify him to
be a king. He is taking the word shin lv mean ‘a king’ and not d
However, he is wrong on both counts. A boy does not need such an
initiation into manhood as a prelimary step to the kingship. Every man,
says a proverb, is a potential king. And, the Buddha himself initiated his
son into novicehood.
(Htin Aung : Folk Elements in Burmese (Myanmar)
Buddhism, London, 1962, pp. 11 5 - 119)
Aconventional shin-byti ceremony naturally includes both these
two functions. But it has other features super-imposed upon it, such as
local tradition, beliefs and customs, and some animistic and Hindu ele-
ments, which will be unfolded later.
The main purpose in holding a shin-byu ceremony is to gain
merit. It is the most cherished aspiration of all Buddhist parents to see
their sons initiated into novicehood. They also derive an added pleasure
as well as pride from the feeling ofbeing ajunoir monk’s parents. Some
Myanmars often adopt for the occasion other people’s sons as theirs to
hold an initiation ceremony. Depending upon the financial resources
available, it ranges from the simple affair carried out in the presence of a
handful of people to one of great pomp and splendour. Most parents
naturally would like to make as great an occasion ofit as they can afford,
and not a few get carried away and exceed this limit. After all, this is once
in a life time, and they are investing the merit for their future life. There
have been warnings by monks to parents to cut their coat according to the
cloth, in other words, to suit their expenditure to their income. Here is
94 Dr. Hla Pc
taken from a sermon by a famous progressive monk. It is adapted to
suit this occasion.
A man has three sons ready for the initiation ceremony. But he
has no money hold it. Persuaded by a friend of his, he decided to
ahead with it against his better judgement. The result is disastrous.
Friend Your three are growing up. It’s time they were made nov—

Man : 1haven’t enough money. lam planning to make them novices in


two years’ time.
Friend : Don’t get wrong ideas. Life is impermanent. If you were to die
between now and then, wouldn’t you suffer for it's ahead
with it. Don’t be apprehensive.
Man 1 am afraid of getting into debt.
Friend : You won’t, you know. If you sell three of the four bullocks of
yours, you will have enough money for the ceremony. And as
you have many friends, ifthey help by contributions, these will
more than recoup the price of the bullocks.
Man : All right. I’ll do it.
(A marquee for the ceremony is erected. Invitations are sent out;
but nobody comes. And the lone bullock lows: man, mrs.)
Man : (To the bullock) You are mooing, 1 suppose, with a sad heart,
because you have been seperated from your companions. (He
then explodes). There is still a bullock left. Come and goad me
again into doing it - you son ofthe bitch!
(Adapted from Persuasion, J.A. Stewart Introduction to Col-
loquial Burmese Rangoon (Myanmar Yangon), 1936, p. 127)
Apart from the genuine desire to gain merit, there are also some
reasons for staging the ceremony: the desire to meet the wish ofthe head
of the household, a grandmother or a grandfather, who is getting on in
years; or the belief that this act would shut the gates ofhell on the spon-
sors; or that a boy who has never been a novice will not make headway in
life.
The ages of the candidates vary from five to nineteen years.
However, unless dictated by financial circumstances or by a desire to
please the head of the household, the normal age of the candidates is
generally between thirteen and sixteen. This also seems to have been the
case in olden days. We find such evidence in old songs, most of which
indicate that the boys had already acquired girl friends. Here are two of
these songs, both sung by girl friends: the first is about her boy friend on
the eve of his entering the novicehood, and the second, waiting him to
The Myanmar Buddhist : His Lili From the Cradle to the Grave 95
leave his novicehood.
1. As I walk to the east
And gaze west over my shoulder,
1 see the pagoda with its gold pennons and streamers.
Holding in your arms a bamboo wrapperful ofwritings

You are getting ready to enter the monastery.


What are you going to study,
How many lents will you be spending,
Please tell your beloved in your own sweet voice.

(Khin Zaw)
2. In front ofthis girl’s house
There are one or two clumps of hsut-thuhpu flowers.
The parrots are swarming around them.
Oh, my precious parrots, please spare them.
They are intended to adorn his ears,
When my beloved leaves novicehood.
(Htin Aung)
The most popular time for shin-byu—bwé is after the harvest.
The weather is dry. The people are in a mood to enjoy it after their long
toil in the ricefields and, above all, there is ready money for it.
Now, about the initiation ceremony in which 1 myself was a
candidate.
You may recall my being usually back at the village during the
school holidays. It was during one long summer vacation of April and
May that the four aunts of mine, who brought me up, decided to hold a
shin-byu-bwé for me and my two younger brothers. They had saved
enough money from the sale ofrice, and my grandmother was advanced
in years — she was not even seventy and she lived another fifteen or more
years as you will see later.
1 was then fourteen, but lhasten to add that, unlike those boys in
the songs, 1 did not have a girl friend. The respective ages ofmy brothers
were twelve and eight years. In the meanwhile, an uncle ofmine and his
wife had also decided to have their eldest son, an eleven year old boy,
initiated together with us. Their decision was influenced partly by eco—
nomic reasons, but chiefly by their desire to make my grandmother happy.
This however caused a rather perplexing situation. There is a prevalent
belief, at least in our part of the world, that no shin—byu-bwé should be
held with an even number of candidates. But my aunts got over it by a
stroke of ingenuity. They adopted for the occasion a village boy of thir—
96 Dr. Hla Pc
teen with the consent ofhis parents, who, need 1 say, were only too pleased
to have their son made a novice.
The date ofthe ceremony was fixed by consulting an astrologer,
who gave the time and day for it. Invitation cards were sent
out to relatives and friends living outside our village. All the household-
ers in the village were invited by word of mouth. My grandmother, be-
and respected by the villagers, talked to all those who were going
to play vital tradition, put their old heads together to make arrangements
for the lieutenants for the assignments of duties such as fetching water
from the river and the wells, gathering fuel, cooking huge pots ofrice and
the like. The women's leader consulted with members ofher inner circle
things that needed a woman's touch, for example, the culinary and
aesthetic sides of the ceremony. The middle age people, who were well
experienced in ceremonies of all kinds, took on themselves the job each
was qualified do, such as inviting the monks and attending to their
needs at and looking after and entertaining guests through
out the ceremonial period. Even people between sixty-five and seventy-
five volunteered to help in the preparation of betel boxes and trays of
cigars, cheroots and cigarettes, which are the necessary appurtenances of
every religious ceremony. This is one of those occasions on which one
can see the altruistic instincts ofthe Myanmar Buddhists at their best.
A highly decorated marquee was put up a few days before the
ceremony. Meanwhile, we, the candidates were not allowed to do any-
thing that might damage our limbs orjeorpadise our lives, such as climb-
ing trees and swimming in the river. The elders explained vaguely that
evil spirits might try to put us out of action to spoil the ceremony. They
were, 1 believe, subconsciously thinking of the incident between Mara
and the future Buddha.
The day came without any mishap. The ceremony began with
making offerings to the noble Saint, Shin Upagutta, the vanquisher of
Mara, ofwhom a brief account is appended to the description ofthe shin-
byti-bwé in hand; and also the invocation of well known local deities so
that we could be presented to them. We, clad in princely attire, in the
manner of the princes of the Myanmar court, took part in these rites.
After these preliminaries, we started our tour round the locality on horse-
back, (known in Myanmar as shin-laung hlé - deg. This again was done to
commemorate Prince Siddhattha’s leaving the city. Many other forms of
transport have also been used: motor cars, elephants and even a man
carrying the candidate on his neck. In some cases the candidates have no
The Myanmar Buddhist : His Lili From the Cradle to the Grave 97
other form of transport except shank’s pony (Ie poney de jumbe), their
own legs.
We went in We had a golden umbrella held
each of us, and a few men dressed like deities as our retinue, apparently
representing those who had helped Prince Siddhatthd QOt tlWtly
the palace. The was made lively by the presence of a
seemingly endless number of dancers and an orchestra led by two aboe
players and three drummers. The horses, well caprisoned and highly
trained, also joined in the festivity. They pranced, and shook and nodded
their heads to the beat of the drums. We first made for the monastery,
which was situated outside our village, and paid our respects to the abbot
and monks, and returned to the village. Here we stopped at almost every
house, and did obeisance to the Buddha’s images on the shelf in the front
In return, the householder contributed according to his means
from say, ten centimes to ten francs. We covered about one hundred out
ofthree hundred houses in the village on the first day.
The next day the procession started earlier. Some ofthe villagers
also decided to share the transport duty with the horses, chiefly to acquire
merit and partly to enjoy themselves. One of my carriers held my two
hands as 1 sat on his neck with my legs dangling on each side of it, and
waltzed around in between, leaping up and down to the beat ofthe drums.
1 suffered some discomfort, but on the whole 1 enjoyed it as much as he
did.
On the third day of the procession, we went by boats to two
neighbouring villages. At the second village, called Kyon-do, about seven
miles away from ours, we were taken round in three cars - a Ford, a
Chevrolet and an Overland, while the orchestra and dancers followed us
in an open bus. We got back about half-past three in the afternoon. To my
surprise, my cousin and 1 were kept under guard at a house while the
villagers took back my two brothers and the village boy to our house.
This gesture is known in Myanmar as shin-laung-hpwet-te, hide the novice
candidates. There they asked for ransom for our release from my aunts
and my cousin's parents, and they got 20 rupess or kyats - roughly about
20 francs today. There was an amusing sequel to this.
About twenty ofthese villagers spent a few rupees on liquor and
had it with their dinner in our house. Five of them had no stomach for
alcohol; and soon after this convivial party, they became merry and sang
and danced in the marquee until the headman arrived. He told them to go
and sleep it off and come and see him the next day. When they came
back, he ticked them off for making fools of theselves in front of other
95 Dr. Hla Pc
people, ordered them to clear all the weeds from the monastery precincts
on the day after the ceremony was over.
At 5 o’clock that evening the head shaving ritual began. My
grandmother, my father (my mother died when 1 was seven years old),
my four aunts and the parents of my and the village boy held in
pairs a square piece ofwhite cloth underneath each ofour heads to receive
the hair as it fell before each stroke ofthe razor blade. The hair of every
novice or monk candidate is regarded as sacred by the Myanmar Buddhists.
You may recall the incident in which Prince Siddhattha cut off his hair
and threw it up, and Sakka caught it and took it his celestial abode.
Then our heads were thoroughly washed in a decoction ofthe soap accacia
fruits and other ingredients. Finally we donned white robes and took our
positions in front ofthe monks, about ten in number, who were already
seated the dais in the marquee for the ceremony of ‘Requesting the
robes’. First the congregation made obeisance to the Three Ciems, and
undertook to observe the Five Precepts. Then came our turn. We recited
a formula in Pali, which we had learnt by heart before the shin—byu—bwé,
requesting the robes from the Abbot - one under, one upper and one outer
robe. He offered us the robes, all of which were in front ofhim in a row.
The village elders helped us to put on the robes, an intricate business for
the uninitiated, and we followed the monks to the monastery.
Early the next morning we, the five novices, came back to the
marquee in a procession behind the monks, for the concluding ceremony
of‘listening to the Sermon and pouring water’. All the religious offerings
have this established pattern of finality.
First, the large congregation, as on the previous evening, paid
obeisance to the Three Gems, undertook to observe the Five Precepts,
and then listened to the discourse by a celebrated monk from Mawlamyine,
specially invited to our village for the big event. His theme was on ‘ini—
tiation ceremony, with reference to that ofRahula, and the merit gained
from holding it. He illustrated with stories from some appropiate portions
ofthe Sutta. The discourse ended with the customary water pouring ritual,
the purpose of which was to invoke the Guardian Spirit of the Earth to
hear witness to the work ofmerit. It was an echo ofwhat the Buddha did
when Mara came to claim the throne. All the monks recited in unison a
set piece in Pali, the substance ofwhich is: ‘Firm in my faith in the Three
Gems, 1 make this offering that I may be free from all the present and
future miseries ofthis round of existence, and that 1 may attain Nirvana,
the cessation ofthe Wheel ofLife. May all the creatures suffering torment
The Myanmar Buddhist : His Lili From the Cradle to the Grave 99
in the Four States ofMisery reach the happy abodes ofthe celestial beings.
May all my relatives, friends, and all inhabiting the earth and other worlds
share the benefit ofthis work ofmerit. O Earth, and ye deities, guardians
ofthis place, bear witness to the piety ofthis offering.’ The format ofthis
formula has been changed considerabley since then.
Simultaneously with the recitation, my grandmother, as the head
ofthe family, was pouring water from ajug on to the ground. (The water
is usually poured into a basin if the ceremony is held inside a house) As
as the recitation ended she shouted three times: ‘Share this merit
with me’, to which three times the whole congregation replied: ‘Well
done’.
The initiation ceremony was Feeding on a large scale for
the last time began. The monks, the novices and the monastery boys had
their meals, at the end of which we returned the monastery, followed
by a cartload of gifts for the monks. All those who came to attend the
ceremony as well as those who came to make a success of it were fed. It
is said, perhaps in a rather exaggerated way, that no smoke could be seen
issuing from a single house in our village for four days, that is, no cooking
was done in any home.
1 must inform you at this point that my four aunts and their elder
brother, the sponsors of this shin—byte-bwé did not share the miresable
fate of the man, whose story 1 have narrated as an introduction to our
initiation ceremony !
As a climax to this deed, my grandmother provided for the en—
tertainment of the people an open air dramatic performance. A festivity
as a sign ofrejoicing at the work ofmerit was, and still is, common in all
southern Buddhist countries, Sri Lanka, Myanmar, Thailand and
Cambodia. We, the novices, were not allowed to participate in this festivity:
it violates one of the Ten Precepts we had to observe. It was most
tantalizing to have to be contented with looking on from a distance at the
huge crowed milling round the stalls and the stage, while the music from
the orchestra seemed to be signalling us to come.
We, like the monks, had to practise austerities. We went round the
village every morning. We ate our meals only before noon. We told our
beads at least four times a day, directing our mind to the monastery, our
meal, our robes and the medicine we had in case ofillness: we conceived
the monastery as a mere shelter for refuge from the weather: the meal as
a mere sustenance to keep us alive; the robes as pieces ofcloth to cover our
body; and the medicine as a mere substance for curing our illness - and
nothing else. We observed the Ten Precepts, that is five more over and
100 Dr. Hla Pc
above the five 1 mentioned earlier, and said prayers at night,
carrying out oddjobs such as sweeping the grounds ofthe monastery and
its floors. We stayed seven days, the conventional period for novicehood.
On the eighth day of our we paid our respects to the abbot and
and left the monastery to enter what in theory is said be man—
hood. A novice can, however, leave the monastery whenever he wishes,
as can an ordained monk, who does not want to spend the rest ofhis life
in the monastery: he however seldom leaves, as a rule, until he has kept at
least one Buddhist lent, which lasts, as already stated, the three months of
the rainy
Here is an addendum the above. Some years there was
an initiation ceremony in London for the of a Myanmar Embassy
official. The ceremony was a simple affair held at the monastery in the
presence ofhis few friends. And the Buddhist abbot there dispensed with
the practice of the their rounds through the
streets of London.

(1) Shin Upagutta


As hinted earlier, 1 shall now relate to you the story of Shin
Upagutta. The word shin is the designation ofa Buddhist monk or a saint.
He is the tamer ofMara.
Upagutta, it is said, dwells in a tierred bronze mansion at the
bottom of the Southern Ocean, that is on the south side of Mt Mem. Mt
Meru is situated in the centre of the four great islands or continents: the
Eastern, the Western, the Northern and the Southern. The last is known
as Jambudipa, the noblest of all the islands, of which the Theravadin
claim that their countries form a part. He came to fame during the reign
ofKing Asoka, 269 - 232 BC, the powerful sovereign ofMagadha Empire
with its capital at Pataliputta, which is the present city ofPatna in Bihar
in India.
The king built on the river bank a great shrine and enshrined the
relics ofthe Buddha in it. Similar sacred edifices were also set up through-
out the Jambudipa island, altogether 84,000 in all. He ardently wished, so
the story goes, to revere the great shrine for seven years, seven months
and seven days. But the king’s heart was sorely troubled by the thought
ofMara, who, he anticipated, was bound to try to upset plans one way or
another. So he asked thousands ofmonks he had invited for the occasion
to name one who could spike Mara’s gun. One monk replied that no one
but an arahat or a saint called Upagutta would be able to beat Mara in his
own game. The king sent two monks for the Saint. He came in due course.
The Myanmar Buddhist : His Lili From the Cradle to the Grave 101
As expected, Mara appeared and tried his best to commit all the sacrile-
gious acts he could muster. But he was worsted at every turn by Upagutta.
He tamed Mara into an angel, all throughout the holy of
Asoka’s paying devotional reverence to his great shrine.
The Pali works do not recognize Upagutta. BtJt d
fuller account of Upagutta and Mara is given in the Myanmar Chronicle,
Muhu in-zuwin-duw-gyi, Mandalay, 1905, pp. 141 - 146; in C.H.
Duroiselle: Upagutta ct Mara’, Extract du Bulletin dc l’Ecole Francaise
d’ Extreme Orient, Janvier-Juin, 1904; and father Eugene Denis’s thesis:
Lu Lokkupunnutti ct les idees du Bouddhisme ancien,
which he had submitted for the Doctorat d’Etat es Lettres ct Sciences
Humaines in 1975. An extract from the resume of his thesis he sent me
may be qouted here '... historie du doyen Upuguttu qui vit duns un puluis
de bronze uu J’ond des uux, .. ., gut resussit u neutruliser Mam ct u Ie
convertir ’. He corresponded with me and came to see me once, butt have
never seen his thesis.
The beliefin Upagutta’s power over Mara, ingrained in the minds
of the Myanmar people, has generated several practices among the
Myanmars, which are becoming a common phenomenon. Two practices
as preventive measures and one as an act ofpiety will suffice.
Before the beginning of a religious ceremony Myanmars take
precautionary measures by worshipping and supplicating Upagutta to deter
Mara from doing any mischevous deed to spoil it. This was done, as you
will note, before our initiation ceremony. They also would, through a
propitiator as their medium invoke Upagutta every time rain threatens
either before or during an open air dramatic performance, to prevent Mara
from indulging in his spoil-sport tactics. Mara, the ruler ofthe sixth ce-
lestial abode, is feared by all the celestial beings including Sakka and the
rain-god. They all fled when Mara appeared with his hordes to claim the
throne from the Buddhajust before he attained Enlightenment. Dramatic
performances are normally staged during the dry season but unseason-
able rain does fall sometimes during this period in Myanmar.
The conception ofUpagutta dwelling in a bronze mansion at the
bottom of the Southern Ocean has lead to a customary practice among
the Myanmar Buddhists. At the end ofevery Buddhist Lent, they launch
‘fire rafts’ in the river, a wonderful scene ofillumination. As soon as it is
dark, the villagers or townflok row out into the mid-stream and set adrift
a multitude oflittle floats ofbamboo or banana stems, each carrying little
oil lamps or little candles. The decor and the contents of these rafts as
102 Dr. Hla Pc
well as the time for launching them vary from locality locality. In
Mawlamyine the rafts are larger and they carry, apart the lights,
either a little mansion or an alms—bowl containing offerings offood such
as various kinds ofjam, and slices offruits and similar items but no flesh
of any kind. Some people choose dawn launch their rafts.
outside Mawlamyaing I have been told on authority that the people won’t
set adrift their floats until the time the monks usually go round for receiving
food, approximately between seven and nine in the The cer—
emony is in revered remembrance of Upagutta. The people hope — they
are hoping against hope — that these floats would be carried by the stream
to the sea, at the bottom of which lives Shin Upagutta.
It may be of interest to you to learn that the cult of Upagutta is
spreading to the intellectual circle nowadays.
3.1.3.3 Ear-boring ceremony
There is another ceremony which is held, ifcircumstances favour
it, as a complementary to that ofthe shin-byu-bwé. It is formally referred
to as ‘ear-boring’ ceremony.
Ear-boring was a traditonal custom observed particularly at the
Myanmar court during the monarchical period. In those days, too, the
ordinary girls had their ears pierced; but only a few men followed their
example. For the royal princesses the boring of the ears, which was
accomplished with ceremony, was compulsory. It is understood that no
royal princess could marry until she had gone through the ritual ceremo-
niously. For the king it is said to be obligatory, since, according to Dr
Htin Aung the ear-boring ceremony was anecessary prelude to coronation.
Royal custom was adhered to especially in the city where the ear-boring
ofthe daughters of official or richer families was a ceremony.
It is a usual practice in Myanmar, particularly in towns, for the
parents who have a young daughter to hold the ear-boring ceremony in
conjunction with that ofthe initiation. There are two main reasons. One
is economic: it is less expensive to combine those two ceremonies than to
have two seperate ones. The second is personal. Parents do not like the
idea oftheir daughter feeling that she has been left out of the lime-light
which her brothers are getting at the initiation ceremony. There is no
religious significance.
On the appointed day at the propitious time fixed by the
astrologer, the girl, usually dressed as a princess of the Myanmar court,
and flanked by two elderly ladies, takes her seat on a large cushion in the
The Myanmar Buddhist : His Lili From the Cradle to the Grave 103
presence of the invited guests. The astrologer announces the auspicious
moment and the professional ear—borer moves up to the girl, and passes
the gold needles through the lobe ofeach ear and then between two ofhis
fingers. The needle is bent and left in the wound. The girl
often shrieks yells through nerves, and sometimes through pain.
Nowadays a medical doctor gives her a local anaesthetic just before the
ritual to deaden the pain. It takes a few days before the ears are ready to
receive ear—rings
3.1.4 University
Now that the shin—byu ceremony that symbolizes the initiating
of a boy into is the next remarks you expect to
hear from me are: having left behind the formative years and the stage of
adolescence, 1 entered into matrimony and a life of domesticity. But 1
cannot truthfully say that 1 did, because 1 was only a little over fourteen
years old then. The next phase ofmy life after two years as a school boy
was that of an undergraduate student at the University of Yangon — the
university which, for one particular period of time, I thought 1 would
never make for.
You may remember my telling you about the school final ex-
amination the three of us sat and passed. But before the results were out 1
was working on our farm. One day my aunts took me aside and confided
in me that they were not doing very well and my prospect ofgoing to the
university was very dim. They added however that things might look up
next year. It was the time ofworld depression that effected every family’s
purse. It was like a nightmare to me that put paid to my sweet dreams.
Karma however intervened on my side. As already mentioned,
when the results were out, I gained five distinctions and a scholarship to
to the University of Yangon. The scholarship was worth twenty five ru—
pees or kyats, a little over three US dollars or twenty five francs at the
present rate of exchange. It covered my boarding fee at one of the
university residential halls — a sum on which our family could live
comfortably for one month in those days. All my aunts had to pay me was
about twenty francs for my tuition fee and my pocket money per month.
1 was most grateful to my karma for offering me such a chance in life.
1 propose to give you only a skelton account of my academic
life as a framework, to which the flesh in the form of the Myanmar
Buddist’s beliefs and practices will be added later.
My first few months as an undergraduate were miserable, to put it
mildly. All the arrogance I had acquired during my school days and after
the results ofthe examinations were published, vanished into thin air. The
104 Dr. Hla Pc
gap between the school and the university standards was very wide in—
deed. Besides, Yangon university, then the only ultimate centre of learn—
ing in Myanmar, was the place for intellectual elites - the cream of
Myanmar intellectuals. 1 felt I had met my crushing defeat after so many
successes.
But I soon picked myself up and began to take everything in my
own stride. 1 was given permission to complete two years’
year. But 1 had to give it up for reasons 1 shall recall later. The university
education widened my horizon. It was the result of cross—fertilization
between myself and British professors and lecturers, and other students,
and reading more advanced books in English. 1 gradually
critical and independent in myjudgement. But I still remained essentially
a Myanmar Buddhist.
At the end ofthe second year, I passed the crucial examination,
which sifted the grain from the chaff - the examination in which the per—
centage of the number of students passed was thirty to forty. My friend
and rival ofour school days, the Indian student, failed. It was not his lack
ofindustry or intelligence, but ofkarma. His dominating father had forced
his son, who was very good at English and History, to take Chemistry,
Physics and Biology. The father wanted him to become a doctor. His sad
fate started a train ofthought in my mind. Three young men with similar
qualities had an equal opportunity in the same school. Yet one of them,
the Myanmar student had to drop out ofthe picture for lack of money to
go to university. Now, the Indian student had become a drop-out because
he was forced to take the subjects for which he had no aptitude. Why? To
this question I applied myself until 1 got the answer from a Buddhist
dictum. It says that to succeed in life one needs three requisites - karma,
intelligence and industry. Karma here is used in the sense ofthe cumula—
tive results ofone’s deeds performed in the past as well as in the present
existence. From this dictum 1 concluded that those two young men’s lack
ofsuccess must be attributed to their karma. Henceforth my faith in karma
was re-affirmed by an event at the beginning ofmy third year at the uni—
versity. 1 had to make a crucial decision at my aunts’ request. You may
recall that 1 was a scholarship holder, and every scholar was obliged to
follow a course for an Honours degree at the beginning ofhis third year.
This Honours course took three years to complete as against two years
for a general degree. In balancing their budget my aunts discovered that
the three years’s course was one year too many to support me. So they
suggested that 1 should get some sort of stipend in lieu ofthe sholarship.
lbowed to their wish and applied for a stipend intended for poor students.
The Myanmar Buddhist : His Lili From the Cradle to the Grave 105
It was worth fifteen kyats more than the scholarship. But, what man pro-
Yed disposes.
In due course 1 was called for an interview with members ofthe
Stipend Board. 1 came face to face with the chairman ofthe Board,
fessor €i.H. Luce. He looked at my application and crumpled it up into a
ball and threw it into the waste-paper basket. He then sat like a statue
staring at me, without saying a word, 1 believe, for two minutes. 1 thought
it lasted two hours. Suddenly one ofthe board members, who was deputy
warden ofour hall, relieved me ofmy suffering by telling me that 1 could
1 made for the door as fast as my legs could carry me. 1 learnt
him that evening when he came to see me that Luce was furious with me
for opting for a general degree and that Luce wanted me read for an
degree in History Myanmar. I had been attending Luce’s
classes in Far Eastern History and Myanmar epigraphy. 1 knew that he
thought worlds ofme and he even volunteered to teach me Chinese. So 1
decided take an Degree in Myanmar. And Professor
Luce, who was at that time officiating as the Principal of our College
told me that since 1 had to do an extra year, I would not be paying my
tuition fees henceforth. 1 wrote a letter of explanation to my aunts and
they did not demur to my having to stay one more year. All this changed
the course ofmy life, as the events unfold themselves.
It was also in my third year too that 1 decided to take up the
teaching profession as my career. To a Myanmar, on whom Buddhism
does not sit lightly, teaching and medical professions are the two noblest
ways ofearning one’s living. I knew that 1 wasn’t cut out for the medical
profession since the sight ofblood always gave me a turn. My aunts, on
the other hand, wanted me to join the Indian Civil Service, popularly
referred to as the ICS, and known as ‘Heaven-born Service’: its members
were receiving top grade salaries, and were held in high esteem. Perhaps
myaunts were thinking ofthe astrologer’s prediction that I would become
either a monk or a high official; or perhaps, as is human nature, they
wanted to enjoy the splendour of the life of an Indian Civil Servant’s
aunts who could afford to live in a splendid house, go about in a chauffeur-
driven limousine, and have several servants at their beck and call. 1 tried
to reason out with them. We argued. It was a clash of ideas, standards
and values due to the generation and intellectual gap. Respect and ever
conscious ofthe gratitude 1 owed them would never allow me to be rude
to them. 1 would not have the nerve to call them ‘squares’ even had such
a word had been known in those days. This question was however re-
106 Dr. Hla Pc
solved to the satisfaction ofboth parties in the end as manifested later.
1 was glad in a way that 1 chose the Myanmar Honours course. It
took me into the unknown and fascinating regions ofMyanmar language,
literature and culture. Classes in inscriptions of the Pyu, Old Myanmar,
Old and Medieval Mon were conducted by Luce; in philology and pho-
netics by Pe Maung Tin; and in Myanmar classical literature by the lec-
turers in Myanmar. Eventually the final year arrived: the examinations
would be held in March 1936. But the 25th February a strike was
called by the university student leaders. Over 700, than half the
student population, obeyed them. I too was one ofthem.
We were taken to the Shwe Dagon Pagoda platform. The
residents ofeach ofthe eight halls were allotted to one ofthe zayats, rest
houses, which dotted around the hill of the famous pagoda. We stayed
there about three weeks, at the end of which the leaders called off the
strike, as the University authories gave in to most oftheir demands. They
told us that the examinations which we had missed would be held in May
ofthat year. We all went home.
The scene in our house was most depressing when 1 arrived back.
My aunts were almost in tears. They felt that the money spent on me all
these years had gone down the drain. My prospects of getting a goodjob
had been blighted by myjoining the strike. To all these, lmerely replied:
‘Aunties, what is to be, will be’, and went on preparing for the coming
examination, and passed the Bachelor of Arts or BA Honours examina-
tion with First Class Honours. It was a miracle; or was it the work ofmy
karma?
1 proceeded to the Master ofArts (MA) degree course. And the
university authorities appointed me a tutor in Myanmar - an omen for the
fulfilment of my aspiration to be a teacher. I had a happy life as a part-
time tutor and student for two years. In my second year of playing this
dual role, an unexpected and inexplicable thing happened to me. It turned
out to be the turning point in my life.
1 was having tea in a cafe in Yangon town one afternoon, when
a friend walked in. He spotted me among the many in there, and showed
me an advertisement in a newspaper in English about a state scholarship,
offered by the government for further studies in Britain. It invited appli-
cations from those holding a First Class Honours degree. The last day to
submit them was the very next day. 1 thanked him profusely. 1 went the
next morning to the government department concerned and handed over
my application for the scholarship to the proper authorities. In due course
lsat a competitive examination for it, and was interviewed later together
with two other short-listed candidates. At the end ofit all, 1 was awarded
The Myanmar Buddhist : His Lili From the Cradle to the Grave 107
the scholarship.
There were hundreds ofcafes in the city ofYangon. And yet my
friend, the messenger of good tidings, chose to have his refreshments no
where else except this cafe. He saw me, and you know what happened
thereafter. Wasn’t it
On the morning of my departure from the village for England,
the atmosphere in the household was ofjoy and sadness. Just before 1
left, lknelt before a row often people: my grandmother seated herself in
the centre, flanked on one side by her four sons, including my father; on
the other side by her five daughters, four ofwhom were my foster mothers.
And as 1 did obeisance to them, they showered upon me all kinds ofgood
wishes for my happiness and success in a foreign land. One ofmy uncles
gave me a piece ofadvice as a parting gift; it was not to lose my Myanmar
Buddhist indentity in a distant strange land, and to constantly observe the
Five Precepts. Little did I realize, as 1 said good—bye to them, that 1 would
never see most ofthem again. All, except three ofmy aunts whom 1 saw
when I went back to Myanmar on study leave in 1957, died during the
Second World War.
So far I have related to you the events ofmy academic life with
honesty, not disguising the feelings that accompanied them. I shall now
tell you in the same spirit some of the remarkable incidents that, as it
were, punctuated my intellectual activities.

3.1.4.1 Token marriage


Soon after 1 had started attending classes at the University of
Yangon, the authorities granted me the dispensation from attending the
lectures for the first year students. 1 accepted it with alacrity, for it meant
cutting out one academic year. But it was not to be. 1 fell ill sometime
after following the what was then popularly referred to as ‘one year’s
course’ 1 went home and was placed under the care of a proper doctor
from Mawlamyaing. Afew days later, myworried aunts consulted a village
physician. He diagnosed my illness and pronounced that it was neither a
physical nor mental sickness. It's symptoms, he went on, indicated that it
was caused by outside agencies, and the only cure for it, he concluded,
was my entering into matrimony. But he knew that that was out of ques—
tion in my case. So he recommended a means for overcoming this obsta—
cle, that is my token wedding to a white hen.
Myillness dragged on for another ten days. In the meanwhile, my
doctor, who told me that I was suffering from anaemia, was treating me
105 Dr. Hla Pc
accordingly. When he was told what the physician had suggested, he
smiled and said that so long as the quack medicine man did not administer
any medicine of his me, he indulge in whatever he fancied. A
farm labourer produced a white hen. The physician tied one end ofa pice
of white string to the hen’s right leg, and the other end of it to my right
hand. He then said that we were man and wife. He untied the string and
let the hen free. It was the end ofthe marriage ritual. My young cousins,
who were present together with the older relatives at the ceremony,
promptly nicknamed me ‘the husband of a hen’. 1 felt better soon after
going through the motion ofcontracting the marriage, and returned to the
university. I cannot say whether it was the efficacy ofthe doctor’s medicine
or the effectual rite that restored my normal health

3.1.4.2 The guardian spirit of’ hidden treasure


It may be recalled that ours was a residential university and that
the majority of the students lived in halls, that were named after the an—
cient capital cities ofMyanmar. They are Tagaung, Pyay, Bagan, Thaton,
Bago, Sagaing, Pin—ya and Ava. Ours was Bagan Hall. We each had a
room of our own.
One evening about 9 o’clock, my concentration in my work was
broken by muffled noises coming from one ofthe rooms along the corri—
dor. On investigation, I discovered a senior sutdent of weak physique
and delicate health in a state of delirium. A few students were trying to
hold him down. An intimate friend ofhis confided to me in all seriousness
the history ofthis student. He had a sweet—heart, who was female guard—
ian spirit ofhidden treasure, and he was now possessed by her. The friend
said that the only way to get rid ofher was to get a necromancer, in vulgar
terms — a hidden treasure hunter. We did not get him, instead we got the
university doctor, who was an Anglo—Indian. He had been sent for by the
deputy warden ofour hall, who was a Moslem. The doctor examined him
thoroughly, pondered for a moment and prescribed for him castor—oil.
The young patient’s friends thought otherwise. When both doctor and the
deputy warden left the scene, they on their own initiative wound rosaries
round his neck and wrists. One or two ofthem recited the nine attributes
of the Buddha — a practice many Myanmars are apt to have recourse to
when faced with a situation involving supernatural beings.
The young man fell asleep. He was quite normal again in the
morning with the bottle of castor—oil on the table untouched. And he did
not seem to remember anything about last night's drama.
The Myanmar Buddhist : His Lili From the Cradle to the Grave 109
3.1.4.3 Alchemy and magic
It takes all sorts to make the world. A few more ofsome ofthese
are given in the following episodes.
As a Buddhist, I make a habit of paying respects three times a
year to my father, who was left a widower when 1 was seven years old.
He lived in a small town twenty miles away from our village. He was a
kind hearted and understanding father. The only fault I found with him
was his addiction to alchemy. He wouldn’t have it when lnicely told him
that he was crying for the moon.
My father was an alchemy addict and a dabbler in white magic.
His main objective was to obtain an elixir by reducing mercury to ash. He
was more interested in achieving the elixir oflife than an elixir to change
metals into gold, still less an elixir to cure all ills. He wanted
enough to see the future Buddha, Arimetteya, the fifth and last Buddha to
attain Enlightenment in this world cycle. He was not after the Philosopher
Stone, as the monk of ancient Bagan, known as Monk moat-Bull, who,
after successfully had achieved it, made the whole of the city of Bagan
rich with gold and silver. He acquired his name from having the eye of a
goat and that of a bull. (see Htin Aung: Folk Elements in Burmese
(Myanmar) Buddhism, p 51 & passim) My father, like other Myanmar
addicts, was inspired by the Monk moat-Bull’s success, but he forgot that
it was only a legend. The mercury, tried as he did, was never reduced to
ash; it was he who was reduced to poverty in the end.
My father’s house was the haunt ofthe charlatans. It was a ren-
dezvous for alchemists, magicians and similar crackpots. 1 met many of
them. One so-called alchemist could not decipher in a book on alchemy
the names ofthe necessary ingredients for his purpose. These were given
in cryptograms. 1 volunteered to help: I have more than a nodding ac-
quaintance with cryptograms, chronograms and mnemonics written in
Myanmar. But he refused myhelp. He thought that a student ofan English
university was not cut out for such an abstruse science. He referred the
matter to my father, who in turn sent him back to me. It was rather ironic.
One magician, who did not know properly some ofthe titles of
the deities concerned with his art, resented my scepticism. One day he
said to my father that he would show once and for all this sceptical English
educated heretic the potency ofMyanmar magic-craft. 1 agreed to be his
guinea pig. He asked me to open my right palm. When 1 did so, he placed
an amulet on it, recited a mantra, a magic spell, and declared that 1 would
be powerless to close it. 1 did. He looked flabbergasted. Nonetheless, he
110 Dr. Hla Pc
told me to keep it still closed with the amulet inside the fist, and recited
another mantra, and again declared that 1 would not be able to open
it. 1 did. He finally conceded his failure, which he attributed to my having
a strong will power.
3.1.4.4 The power of’ invulnerability
As a student reading for the Myanmar Honours degree, I usually
spent my long vacations in Mandalay and other cultural centres near this
city or at Bagan, where one could stay months on end imbibing Myanmar
arts and architecture. On one of these vacations, 1 decided to stay
village for reasons unknown to me. The Myanmar Water Festival or Thin—
gyan, which has been already hinted at, came. This is Hindu in origin, but
has been appropriated by the Myanmar as a Buddhist festival and the
three or four days ofthe festivity are looked upon as sacred. Most elderly
Myanmars keep sabbath throughout this period.
On the final day of the Thin—gyan, a somewhere
arrived at the village. He went to see the headman ofthe village who was
a cousin ofmine. He showed that dignitary what he claimed to be a solid
wild boar’s tusk, which he insisted was endowed with the magic quality
of invulnerability. Several Myanmars would share with his calim in this
matter. The headman had his head screwed on the right side, and he
wouldn’t believe a word ofit. So the man wagered a bet of 5 kyats on the
tusk stating that it would give the power of invulnerability to any one
who had it on his body. He then offered himself as a target to be shot at.
My cousin replied that it would be a plain murder which, he as aheadman,
was not going to commit. However, he took on the wager, and tied the
tusk to an empty bottle. He took out his double—barrel gun and shot it at a
distance often yards. The bottle was smashed to smithereens and the tusk
was not to be found any where. My cousin gave the money to his friends
who celebrated the victory, with the connivance of his, with bottles of
country liquor. They had one too many. The result was a brawl, which the
elders of the village, including my grandmother, blamed it on drinking
alcohol on a sacred day.
3.1.4.5 The magic candle
My course at the university, you may remember, included old
and medieval Mon. To supplement this knowledge of mine with that of
modem Mon, I asked an uncle ofmine to make for me an arrangement to
meet a learned Mon monk. He did. He lived in a village about 25 miles
away from ours. I went and stayed with him to read modem Mon works
with the monk.
The Myanmar Buddhist : His Lili From the Cradle to the Grave 111
A nephew of my uncle living with him was head over heels in
love with a pretty girl, who however did not requite his love. He spoke to
her whenever he got the chance; and he wrote love letters to her, but all to
no avail. He became desperate. On some ofhis friends’ advice, he sought
the aid ofa magician in the village. One evening he took me and a few of
his friends the magician’s house, where he saw the man preparing d
magic candle. It was thirty centimeters in height and a little
three centimetres in diameter. He had on it several magic squares and a
few figures. A piece of cloth was tied arround the middle of it. 1 learnt
later that it was from one ofthe blouses ofthe girl, which the young man
how other had managed smuggle out of the house. After
intoning a few incantations mostly devoted to the praising of Sarawati,
the Cioddess of Love, the man asked the young man to light the candle
and make a wish. He told us that when the candle burnt through, the girl
was to come running to the man of her love.
We had to wait for time for the candle to burn through.
Nothing happened. The magician conceded that it was one of his few
cases of failure. The girl married another man.

3.1.4.6 Omens
(1) The vulture
On my trips form our village to Yangon or vice versa, 1 always
had to use Mawlamyine as staging post. On one such occasion I allowed
myselfthe luxury of spending two nights, instead ofthe usual one night,
in Mawlamyine before I retuned home.
As 1 scrolled along a main road , my eyes fell on a dilapidated and
deserted building. It stood singularly alone among the other well main—
tained buildings around it. I remembered seeing it some years ago as a
thriving business centre. On enquiry, my host told me a briefhistory ofit.
It was once a Chinese businessman’s house, which he rented from an
Indian saw—mills owner. About a year or so ago, he said , a vulture alighted
on its roof. The householder and the house owner, who were not truly
conversant with the Myanmar auguries and omens, did not attach any
importance to it, and treated the vulture as they treated any other bird.
The business declined. It went from bad to worse. Then two
members ofthe family died one after the other. The Chinese businessman,
in the meanwhile, heard from his Burmese friends and clients stories of
the repercussions of such an event. In the end he and his family moved
somewhere abandoning the building to its fate. Since then, he said, no
112 Dr. Hla Pc
one had dared to move into it.
This was the only instance I had ever seen with my own eyes.
There are many other similar cases which have been reported
for which 1 cannot vouch their authenticity. Since then, I have been read—
ing books Several of these works say that a vulture, 1 think
because of its ugly look and dirty habits, is an bird. But
some ofthem maintain that a house on which a vulture has alighted is not
necessarily doomed for ever. It depends the cardinal point form
which it to perch the house, and which direction it departs
and the time it perches. The deserted house 1 have spoken ofis now alive
with people who are leading d life.
(2) The monitor lizard
There is an animal which most Myanmar
together with the vulture under the heading of creatures of
ill-luck. It is regarded as aprecursor ofpoverty by many Myanmar people.
Perhaps this concept arises, repeat what has been already said,
the fact that its ashen grey colour, mwt in Myanmar, also denotes poverty
or destitution. In the Myanmar classical poetry ofthe nineteenth century,
especially in dramas and sermons, there are references to the poverty
stricken persons as hput, monitor lizards.
It is a deep rooted belief among the Myanmar people that the
entry of a monitor lizard into a house foretells poverty for its owner.
Reports and stories of such instances are many. In all my life, 1 have seen
only one such instance. It, however, proved neither one thing nor the
other.
During one Christmas vacation, 1 had an occasion to go and see
a farmer in a neighbouring village, to buy a few cows from him. 1 went
with a farm labourer on foot. Just as we were entering the village we saw
a monitor lizard running into a ramshackle hut. Its owner was a lazy
drunkard who could hardly make both ends meet. He beat the unwelcomed
visitor to death and, 1 was told later, had it for his dinner. The man was
already a destitute, and either the perching ofa vulture on his hut, or the
entering of a monitor lizard into it could not in any way make his plight
worse than what it was.
(3) The owl
While still on omens, I would like to tell you about an alleged
connection between the hooting or screeching of an owl and the subse—
quent death of a person. Many Myanmars would strongly defend their
belief that the hooting of an owl in the vicinity or within the hearing
The Myanmar Buddhist : His Lili From the Cradle to the Grave 113
distance of a critically ill presages his imminent death. Be it a
coincidence or otherwise, 1 had once witnessed an event which seemed
to validate their belief.
In my fourth year at the University of Yangon, 1 returned home
a few days before the Christmas holidays started. 1 received a telegram
from of my aunts saying that a relative of ours was critically ill. 1
went to see him after my arrival at the village. 1 called him ‘little
grandpa’ for the fact that he was a younger cousin of my grandmother.
1 saw his family and the village physician. My little grandpa
was about 65. He hadbeen ill for months, and he was in a critical condition.
The physician was telling his wife that yesterday was his day of concep—
tion and today was his day ofbirth - the day of the week the patient was
born. He added ominously that ifher husband could survive the midnight,
he would pull through and would the mend again.It was about 9
o’clock in the evening.We all decided sit out the crucial midnight.
About 10 o’clock or thereabout, we heard the hooting, rather the screech—
ing of an owl from a nearby tree, followed by a sustained rhythm of
screeches. Our faces fell. Sure enough, my little grandpa died before mid—
night, inspite of all the efforts the physician made to save his life.
Two brief comments may be needed to make: one is the
physician’s notion ofthe day of conception and the day ofbirth; and the
relationship between the owl’s hooting and the death ofa sick person. We
can deduce from the physician’s remark that his notion of the day of
conception and the day ofbirth is not the same as the universal idea ofthe
date of conception of a child, as diagnosed by a gynaecologist and the
date of birth as recognised by the Registrar-General of Births, Deaths
and Marriages. In treating serious cases of illness, Myanmar physicians
attach a great importance to those two days of their patients, which are
crucial factors in time ofcrisis as demonstrated in the physician’s remarks.
Many sceptical people would certainly insist that the connection
between the two phenomena - an owl’s hooting and death - as tenuous.
They will assert that this sort of things are more common in villages
where there are more owls than in towns, and that there must be cases
where an owl’s hooting in the vicinity of a patient’s house does not
invariably bring about his death. Those are sensible arguments. But this
is the traditional belief and tradition dies hard.
3.1.4.7 The astrologer
Youmayremember mytelling you about the government awarding
me a state scholarship to go to Britain for further studies in education.
114 Dr. Hla Pc
That was, as you will recall, after I had been through the process ofsitting
the competitive examination, and being interviewed by a board. It was in
the interim period between these two ordeals that I experienced a mild
surprise.
There was a fourteen—day gap between the date of the
examination and that ofthe interview. I waited in great suspense for this
final act. Days seemed to drag on too slowly for me. The day prior to the
momentous interview, 1 went to see a friend in Yangon town with a view
to whiling the time away with him. It was a Sunday. As he tried to make
conversation with me, perhaps to prevent my mind from dwelling on the
coming interview 1 was having the next day, we heard some one shouting
'Astrologer, astrologer.' My friend asked him in. He was a Moslem. He
was hawking his trade. He was asked by my friend to read my
future. 1 was sure it was for fun. The astrologer first looked at my right
palm, and asked the date of my birth and he scribbled a number of
numerical figures a piece of paper. Finally he said ‘Sahib (Master in
Hindi), you are, 1 see, going to the West’, at which point I interrupted him
with a remark, ‘Bombay, 1 suppose’. He shook his head and told me: 'No,
no, a place much futher than Macca. And, there you will meet three gen—
tlemen, much older than you, and they will be kind to you. One of them
will treat you like his son. Believe me, Sahib, you will prosper there, sir.'
He went on with his prediction.
My friend and I regarded it as a huge joke. He gave the fee the
man asked for, which was not much. But soon afterwards, when some of
the things he had said had sunk in, 1 felt mildly surprised. He couldn’t
have known that 1 had already sat an examination and was awaiting an
interview for a state scholorship to go abroad. Yet, he talked ofmy going
to a place further than Mecca. Curiously enough, all those words of his
quoted above, did come true as you will see later. Equally, many other
things he predicted were widely off the mark.
It is not in mynature to approach either an astrologer or a palmist
and ask him to read myfuture. Yet, twice in mylife, so far, it has been other
people who have delegated themselves to do these for me. The first was
the incident mentioned above. The second was in 1969, when 1 was living
in England. I received athick registered envelope from myyounger brother
in Myanmar, containing three sheets of foolscap paper of predictions on
my future. He had my horoscope and apparently feeling worried about
his long absent brother, sought the aid of a most famous astrologer in
Yangon. One prediction says that 1 would get married in 1970. 1 did.
The Myanmar Buddhist : His Lili From the Cradle to the Grave 115

3.1.4.5 Epidemic
The summer before 1 left for England there ws a mild form of
cholera epidemic in village. The headman sent for the Health
Inspectors from Mawlamyine. He the villagers take the greatest
care with their food and water. The frightened villagers did as they were
told, but at the same time they requested the to and recite
purittu (protective sacred texts) at the cross—roads evening. There
are seven principal paritta. The Buddha, it is said, sanctioned the recital
ofthe paritta in times ofdanger or sickness, both individual and national.
This customary practice has been observed since the days ofthe Myanmar
kings.
At the end of the ceremony, the villagers held their own
form of ritual. They beat pails and buckets and drums as a means of
any evil spirits who might have a hand in this epidemic.
Incidentally, the beating of pails and other metal containers can also be
heard at the time ofthe eclipse ofthe moon. There is a belief among the
Myanmars that this mysterious phenomenon is caused by Ruhu (the Black
Planet) trying to swallow up the moon and that such an uproarious din
would make the seizer to release its victim, or to vomit it if Rahu has
already swallowed up the moon.

3.1.5 England 1
Having paid my respects to my grandmother and uncles and
aunts, 1 made for Yangon to start myjourney to England. I said good-bye
to Myanmar, totally unaware ofthe fact that 1 would not see her again for
the next nineteen years. 1 finally left Myanmar in August 1938 to join the
Institute ofEducation, University ofLondon. But, since its term began at
the begining of September, 1 was forced by expediency to abandon the
normal way of going to England by ship. In those days the mode of
travelling to and fro from Asia to Europe was by boat; flying by aeroplane
did not come into vouge until in the 1960’s. I went by ship to Calcutta.
From there I crossed the sub-continent of India by train to Bombay,
where I caught a large passenger liner for Marseilles. Here I boarded a
night express for Calais, and thence by ferry boat to Dover to catch a
train to London where 1 arrived on the 3rd of September.
This journey, which took eighteen days by boat and by train
across the vast seas and strange countries, was a traumatic and
enlightening experience for me. lsaw Paris from my carriage window on
the morning of3rd September. I had agood look at it without fully conscious
116 Dr. Hla Pc
that in time to 1 would be having very pleasant and fruitful
association with of its scholars and students. I have been to this
beautiful place five times since 1965.
My trip to England, especially between Bombay and Marseilles
on board the large liner, was abit ofan ordeal. Apart from the sea sickness,
there was the problem ofeating meals at the table in the dining saloon.
1 was then a vegetarian and a teetotaller. The transformation from a
meat eater to a vegetarian was a gradual process. It started when I was at
school in Mawlamyine. On the last evening ofmy returning to school in
Mawlamyine, my young cousins, as a gesture of farewell, would invari—
ably treat me to a meal ofcoconut rice and chicken curry — a dish for the
Myanmar gourmet. At first I enjoyed it. But gradually 1 began to have
scruples about eating chicken. It was perhaps out of compassion for the
animals we had farm cattle, buffaloes, pigs, fowls, ducks and
what have you. Each time I had chicken, I started to wonder whether it
was the white hen 1 fed yesterday, or the brown cockerel I was chasing
the other day. The thought spoilt my appetite. Soon, such emotional
feelings spread to the other animals, and they pricked my conscience so
much so that I gave up eating meat altogether — a life fled throughout my
university days. It was done on humanitarian grounds rather than on reli—
gious considerations. Buddhism is silent on the question of eating meat.
Hinduism is explicit on it. The Buddha ate whatever he was offered, and
so do the monks oftoday. As for the lay—Myanmar, though several veg—
etarians there are among them, they eat meat without giving a thought to
it.
On board the ship, at meal times 1 sat next to an elderly
Englishman. At dinner a menu was given to us. It had thirty to forty
courses, many ofwhich were in French, ofwhich 1 knew next to nothing
then. Acting on the advice of my table—mate 1 chose vegetarian dishes,
and then started eating semi—vegetarian food later — cheese dishes, a few
prawns or small amount of fish with plenty of vegetables. Some of the
waiters looked at me as an odd specimen, the more so when 1 declined
their offer of drinks.
1 shall not portray the life of a Myanmar Buddhist in an alien
clime, where the ambience was different form that ofMyanmar. To do so
would not do fulljustice to my lecture on the life ofthe Myanmar Buddhist
from the cradle to the grave. Instead 1 propose to tell you a brief story of
my days as a student and then as a teacher in England, spotlighting those
incidents, events and dramas, all ofwhich contributed to the changing of
the course ofmy life.
1 would have liked to forget, if I could, the first few months at
The Myanmar Buddhist : His Lili From the Cradle to the Grave 117
the Institute of Education. It was a kind of nightmare to me. 1 had to
study, among other things, Principles ofEducation, Elementary, Advanced
and Industrial Psychology and the English Education System in England
and Wales, all of which were €ireek to me. And on top of that 1 had to
practise teaching at an English school in London. However, at the end of
the session, 1 got through the examinations. 1 got a diploma in teaching,
which opened the door for me to proceed to the MA degree. It was a
miracle, or was it the working of my karma in the previous existences'?
Anyway, more miracles were to happen in the next ten years.
While I was at a end during the vacation after the
examination, another Myanmar state scholar came see me to tell me
that Dr I.A.Stewart was very keen to meet me. Dr Stewart, an Indian
Civil Servant had served in Myanmar many years. He retired in 1933 and
brought back to England the material for the compilation of a Myanmar
English dictionary. He was appointed lecturer in Myanmar at the School
of Oriental Studies, later to be known as The School of Oriental and
African Studies, London. He became Reader in Myanmar in 1935, and
Professor ofMyanmar in 1944. We went to see him at Bishop’s Stortford,
a town about thirty miles away form London. After a few preliminaries,
Dr Stewart talked me into switching form writing the MA thesis in
Education to preparing a thesis for the PhD degree in Myanmar. I joined
the school as a postgraduate in 1939.
World War 11 came in September ofthat year. All the Myanmar
state scholars in Britain were given an option of either returning to
Myanmar or remaining in Britain to continue their studies. 1 opted for the
latter. 1 prepared my thesis under Dr Stewart’s supervision. One evening
in 1942, 1 believe, while I was walking along a London street, musing
over the twists and tums in my karma during the last few months, several
German bombers started raining down bomb after bomb around me.
1 made for the nearest underground station to take shelter below. There
1 met a London East-Ender, a Cockney, most ofwhom are noted for their
sense ofhumour. He said with a broad grin: ‘Mate, you don’t need to run
so fast. Unless there is your name written on the bomb, you won’t be
killed by it’. When 1 asked him why then he was taking shelter under-
ground, he said: ‘1 ain’t afraid ofthe bomb, I was afraid ofits blast!’ His
remark on the bomb and the name written on it indicates that he was a
fatalist, one step removed from a believer in karma.
1 obtained the PhD degree in 1944, in the same year the title of
Professor of Myanmar was conferred on J.A. Stewart. At the end of the
war in Europe, Stewart asked me to assist him in his Myanmar-English
lls Dr. Hla Pc
Dictionary, then being compiled in the Dictionary office in his garden at
Bishop’s Stortford. I joined him in 1946. He had a colleague, a Mr C.W.
Dunn, another Indian Civil Servant, who had worked together with J.A.
Stewart in Myanmar. Stewart died ofheart attack in May 1945 at the age
of66. Dunn and I carried on the task in hand. In October 1945 I accepted
the offer of lectureship by the School of Oriental and African Studies,
with d that 1 would relinquish the post at the end of my three
years tenureship. It was not to be. 1 had one student after another reading
for the Myanmar Honours degree, besides several others from the Foreign
Office, from the BBC and other quarters. A Mr H.F. Searle,
in Myanmar ofProfessor Stewart and MrDunn, was appointed atemporary
lecturer in Myanmar, and also as an Editor ofthe Dictionary. The title of
Reader in Myanmar was conferred upon me by the University ofLondon
in 1955. My pleasant and profitable association with them was severed
by the death ofMr Searle in 1965 and ofMr Dunn in 1966.
At this juncture, may 1 refresh your memory with what the
Moslem astrologer had told me in 1935, a few months before 1 left for
England! He said: ‘Sahib, you are goig to the West .. . a place much farther
than Mecca. And there you will meet three gentlemen, much older than
you, and they will be very kind to you. One ofthem will treat you like his
son. Believe me... you will prosper there, Sir.’ 1 did meet Stewart, Dunn
and Searle, the three gentlemen who were very kind to me, particularly
Professor Stewart. He did treat me like his son; his eldest son, who was of
the same age as 1, was killed in Italy at the beginning of the war. After
one year of collaboration with Stewart on the Dictionary he began to
conceive in his head that I was the only reliable, trustworthy Myanmar
scholar he had ever met. He told it to his Myanmar wife and said to her in
my presence that Hla Pe should stay in England to work at the School. 1
still remember an incident that took place the day before Stewart’s death.
The Rector ofthe University ofYangon, who was in England at that time,
came to see us at Bishop’s Stortford. He offered me the post ofReader in
Myanmar in Yangon. Stewart, very ill though, angrily told him that that
was not good enough for me, and that 1 could become a professor one
day, if 1 would work at the School.

3.1.d Myanmar 1957-58


At my request, the School granted me a leave ofabsence for ten
months on study leave in Myanmar. My homeward bound journey was
The Myanmar Buddhist : His Lili From the Cradle to the Grave 119
more quiet and peaceful than the outward bound trip about nineteen years
1 went by boat from Liverpool to Yangon where 1 arrived one month
later. 1 had time hand to take stock of my failures and my achieve—
ments, and to speculate on the Myanmar 1 would find. 1 arrived back to
my country as a non—vegetarian and a non—teetotaller, and as a cigarette—
smoker!
I shall not bother you with the account ofmy academic activities
Myanmar language, literature and culture, for which 1 was
granted leave of absence on study leave in Myanmar. Instead I'll present
you with the interesting human side of the life of the Myanmar
Buddhist.
The Myanmars, 1 found, had not changed much with regard to
their attitude to Buddhism and other —isms. 1 couldn't help noticing that
the Myanmars were as zealous Buddhists as ever. The ember oftheir zeal
had been fanned by the holding in Yangon ofthe Sixth Buddhist Council
in 1956. They were devoting more and more oftheir time and energy to
meditation, without however neglecting their other two primary duties—
religious offerings and observing moral precepts. At the same time, false
noted that the so-called magicians, both individually and in groups, tak—
ing on various high sounding names, were on the increase. Some ofthem
were exploiting the ignorance, the fear, and in a few cases, the greed and
the cupidity ofmany Myanmars. 1 am not sure how potent their magic is,
but 1 do know from my personal experience that some of them don't get
right even the names of, and the relationship between, some oftheir patron
supernatural beings. Added to all these was the spectacle that greeted my
eyes at the house of a professor where I went to dinner on the third day
after my arrival in Yangon. In a room specailly built for the Buddha's
shrine, side by side with the Buddha's images were several statues of a
few nats, which, 1 was told, brought prosperity to the trades people. The
professor's wife was a businesswoman!
Now 1 will retail to you a few ofthe beliefs and practices ofthe
Myanmar people which 1 encountered during my stay in Myanmar. The
first was the worshipping of an awesome banyan tree.

3.1.d.1 The banyan-tree


My friends took me on a coach trip to an old Buddhist cave,
through jungles and valleys. The coach was loaded with people from all
walks of life. When we came to a huge old banyan tree - there are many
such trees in Myanmar which the Myanmars regard with awe — the driver
stopped the coach and all the passengers got off to pay their respects to
120 Dr. Hla Pc
the tree. 1 was well assured by the driver and my friends that most of the
people travelling on this road always did obeisance to this tree either by
getting out of their vehicle, inside it as they drove past the tree.
The exceptions, they said, were the Christians and of other
We then proceeded with ourjourney to the cave to study the
arts and sculptures, and to do another obeisance to the Buddha’s images
inside it.
There are, as you may know, numerous species ofbanyan-tree.
Nevertheless, ordinary Myanmar people associate every one ofthese trees
either with the tree under which Buddha attains enlightenment with
the abode ofa deity. And they hold it in awe. Many interesting stories are
being related about banyan-trees, but 1 would like to repeat the story
told to me by my teacher and mentor, the late Professor I
.A.Stewart and his Myanmar wife, while I was in Bishop’s Stortford.
Stewart was in charge ofa district in Upper Myanmar during the
First World War. He was a captain in the army and had under him
Myanmar and Indian Sappers and Miners - the forerunners ofthe Royal
Engineers.
There was an enormous banyan-tree with a temple underneath it
for the €iuardian deity in the centre of the town, where Stewart had his
headquarters. It was impeding the flow oftraffic. Nobody dared touch it.
In the end, the elders approached Stewart about the tree. He summoned
his soldiers, put dynamite around the tree and demolished it within a few
seconds. Three weeks later, Stewart and his men were ordered to go to
Mesopotamia.
Many citizens of the town, including Mrs Stewart and the
Myanmar soldiers’ wives, attributed the cause of their husbands having
to have to leave their homes and families to the destruction ofthe deity’s
abode.
(Hla Pe: Natural Symbols in south East Asia, edited by G.B.
Milner, London, 1978, P 101)

3.1.d.2 The cairn


After we left the cave, mentioned above, the driver ofthe coach
took us to a cairn, a fairly big heap ofstones. The passengers got off and
threw small stones and branches on to it. 1 too joined those people in this
ritual, though 1 had been living nineteen years in England. The atmos—
phere was too compelling.
This is a reminiscence ofthe ritual performed by the companions
of a prince who was to rule as the last king ofthe Bagan dynasty, 1044—
The Myanmar Buddhist : His Lili From the Cradle to the Grave 121
1257. The prince was nicknamed Minkhweche, Prince Dog Dung. When
'Minhkweche', I quote, ‘was about to king, he was playing
day at gouuyiu (a kind of seeds) with his companions. And behold, there
was lying on the court some dog’s dung indeed. So they took and moved
it, covering it each with an handful of earth and a bough of a tree they
went down flat upon their knees and worshipped it. When the wise saw
the great pile that they had worshipped, they began to say, "Erelong this
prince shall king" (Pe Maung Tin and €i.H.Luce The Glass
Palace Chronicle of’ the Kings of’Myanmar, London, 1923, p. 155)

3.1.6.3 Ancestors’ nat


In the summer of 1955, as the temperatures soared to round about
36’ Celsius, a friend ofmine took me to a hill station called Kalaw, in the
southern Shan States. It used to be one ofthe summer resorts ofthe British
officials, where the climate is mild and equable. We stayed at a house
amid the pine trees. Our host, an uncle ofmy friend, was a civil servant.
He was a noted white magician, who put to use his knowledge for nobler
ends.
One evening soon after we had been back from the day's outing,
his chauffeur, a Ciurkha, who lived near by, came running to him in dis—
tress. He told our host that when he got home he found his wife in a state
of paroxym — shouting, laughing and attacking people. Our host picked
up a Shan bag and a small cane from a table and went with his chauffeur.
We accompanied him. The wife, a slender woman, was lying in bed - all
in a tremor. The man examined her and gave her a crushed betel leaf to
chew it, and asked her what it tasted like. She said it was bitter, and tried
to get up. It took all the strength of her stout husband and of her strong
brother to keep her down on the bed. She calmed down somewhat when
the magician showed her his magic cane. He told the husband that the girl
was being possessed by her ancestors’ nat or spirit.
The magician took out an amulet on a string and put it round her
neck, not without opposition from her at first. He told the spirit (ofcourse
through her) not to harass her anymore. She shook her head vigorously.
So he recited a mantra and repeated his injunction by threatening her
with his cane. She nodded her head and smiled. A few seconds later, she
was normal again. She looked around her, and when she saw us standing
in the room, she stood up and chided her husband for not providing us
with tea or something to eat.
122 Dr. Hla Pc
3.1.6.4 The inauspicious and auspicious days
One month after 1 had got back Yangon Kalaw, my
younger brother came to tell me that the boat, Derbyshire, which 1 intended
to catch back to England, had already arrived in Yangon. She was fifteen
days ahead of her schedule. 1 learnt that she would be leaving
Friday, the 13th of June.
While 1 was waiting for the date of her departure, my relatives
and friends came to say farewell to me. When they found out the day 1
was leaving, a few ofthem said: "Hsaya (teacher), you are a learned man.
Surely, you know the lines, 'Travelling on water on a Friday, misfortune
at your feet will lay " Another interposed by telling me that it was on
the 13th too. The Myanmar idea of 13 as an unlucky number is derived, 1
a day called vuru-mittu, Sankrit ‘unfriendly day’. A date is
unfriendly or inauspicious, it is asserted, when the sum total ofthe num-
bers representing the day of the week and the day of the first or second
halfofthe month amounts to 13. Every Myanmar month has two separate
halves. The first is the waxing and the second the waning moon. Each
half has 15 days except the months in odd numbers, 1,3,5,7,9 and 11,
which have 14 days in the second half. Vara-mittu falls on Sunday (1) the
12th waxing or waning; Monday (2) the 11th waxing or waning and so
on. The majority of my well-withers pleaded with me not to go on that
day. But I was adamant, because the next boat would not be leaving until
the end ofJuly.
It may be stated that many Myanmars either ignore or defy
these beliefs. Equally, not a few Myanmars, including even educated ones,
would not feel like embarking on an enterprise or on ajourney ifthe day
were inauspicious. Before they do an important job, they often consult a
calendar in which the auspicious and inauspicious days are indicated. Or,
to find them out, they may recite the cryptogram in mnemonics on the
propitious and unpropitious days, which are in verse in several works on
astrology. Here is one. (The names ofthe twelve Myanmar months have
initial capital letters. and the Myanmar in there are in transliteration form.)

Auspicious days
1 .Tanhkfi: sa—lha Tanhkii: Friday - Wednesday
thwan: pa—Kuchun Kuchun Saturday - Thursday
Nayun nnwan. ca Nayun Tuesday - Tuesday
on-lha Wachui Wachui Sunday Wednesday
The Myanmar Buddhist : His Lili From the Cradle to the Grave 123
2.sa-lui Wakhon Wakhofi Friday Wednesday
mrat-toff Tosalan: Tosalan: Thursday Saturday
Sitaii: kywat chi Sitan:kywat Tuesday (Tuesday)
o-li Tanchoiimun: Tanchoiimun: Sunday Wednesday
3. sa-lurii: Natto Natto Friday Wednesday
ma-no Prasui Prasui Thursday Saturday
ci:-fifiui Tabui.twai Tabui.twai Tuesday - Tuesday
ai-wan Sunday Wednesday
We know from the table you have that the propitious days from
each of the months are those given in the last above. A careful
examination ofthis table shows that
(1) only six days out ofthe eight days ofthe week are included:
the two excluded days are Monday and Rahu; and
(2) there is in this a certain pattern.
(a) Five out ofsix days are arranged in pairs: Friday and Wednes-
day; Saturday and Thursday; and Sunday and Wednesday. They repre-
sent the auspicious days in the first, second and fourth months, while
Tuesday alone represents the auspicious day in the third month.
(b) This format ofthe first group offour months repeats itself in
the following second and third groups.
There is also a cryptogramin mnemonics, composed also in verse
form, for the inauspicious days. They too have a pattern, similar in format
to that oftheir opposite numbers, except that there are eight instead ofsix
days. The crytogram is: ta-ma,’ sak-rah., ah-krah., chu. -rac - the names
of four species of trees, representing the inauspicious days of the four
months in each ofthe first, second and third groups. In this case too, as in
that of their opposite numbers, there are four pairs which repeat them-
selves twice to go round the twelve months.
Inauspicious days
ta-ma Saturday-Thursday
sak-ran: Friday-Wednesday
an-karii: Sunday-Monday
chit rac Tuesday-Rahu
The only comment to make here is about ‘ran’ in sak-ran:, line 2
above. The letter ‘r’ is shown under Rahu in the table. But here for rea-
sons unknown it represents Wednesday. (See the table showing the days
ofthe week and their corresponding alphabets in appendix)
3.1.7 England II
OnFriday the 13th ofJune l958lleft onboard the ship Derbyshire
124 Dr. Hla Pc
for England. It was during the monsoon. The Indian ocean was very rough,
but rougher was the Arabian Sea. The ship tossed and rolled amidst moun—
tainous waves. But worse was to come. As she made her way through the
waves towards Aden, lying the north-west of her, there came a gale
force south-west wind. She had to change her due west almost
heading towards the on coming gale. We reached Djibuti instead ofAden.
The ship then made her way to her port—of-call by hugging the coast line
ofAfrica. Eventually we arrived at Aden. The Myanmar passengers natu—
rally put the blame on the date ofthe departure for what they had suffered
far.
Misfortune seldom comes alone. In the Red Sea one ofthe ship’s
engines broke down. When we finally made way Suez, we
began to hear rumours that our ship would not be allowed to go through
the Suez Canal into the Mediterranean sea. Some of you may remember
the Suez Crisis of 1956 and its aftermaths. Many ofus started entertaining
visions of having to go round the Cape of Creed thereby prolong—
ing ourjourney another two months. And some feared that our ship might
be detained by the Egyptian authorities and would not be released until
such time as the British and Egyptian governments could come to an
agreement. Again the date, the 13th and the day, Friday were blamed for
such inconveniences and sufferings. lam not sure what was happening in
those few hours. Even the Captain of the ship wouldn't tell us anything.
Anyway in another few hours we found ourselves, to our great joy, in the
Mediterranean sea.
In the period between 1958 and 1980, with a break ofmy revisit
to Myanmar in 1979, 1 led the life of a Myanmar Buddhist in England.
An account of my life there would still fall within the purview of my
lecture, but it would not arouse much interest in you. All 1 shall mention
here are three facts: my fulfilling the three primary duties of a Buddhist,
the description of which I reserve for the next stage; my fulfilling the
prophecy of the late Professor I.A.Stewart, which he made a few hours
before his death, by becoming a professor in the University ofLondon in
1966; and my fulfilling the wishes ofmy wife by returning to Myanmar
in 1980 for good.

3.2 Manhood
I shall now continue the story ofthe life ofthe Myanmar Buddhist
by transferring the scence to his habitat, Myanmar. You may remember
that we had paused for a while when we reached the stage ofhis transition
The Myanmar Buddhist : His Lili From the Cradle to the Grave 125
from youth to manhood. It was give myself a chance to continue my
brief autobiography and to highlight a few specimens of his beliefs and
practices. Here 1 shall pick up the thread and try to piece together the
aspects of his life present to you a recognizable portrait of
Myanmar manhood. The material for this and for each of the following
stages his journey in this world, 1 shall draw partly from my own
experience and partly from my own observations.
Having left behind the phase ofadolescence, the Myanmar Bud—
dhist enters into matrimony and a life of domesticity.

3.2.1 Human relations and marriage


Marriage in Myanmar is known by three expressions, ‘procuring
‘placing hand above hand’ and winding round with d
white cloth.’ All these form as rites in a marriage ceremony. Marriage is
a singularly significant institution ofthe Myanmar Buddhist — an institution
that reflects various aspects ofhis attitude to life: his standards and values,
his beliefs and practices, which are constituent parts ofhis culture. It is a
human relationship between two unrelated people of different sexes, in
which the two parties adjust themselves by tolerance, mutual respect,
understanding and love in order to live together till death or divorce parts
them. It is in a way, the culminating point ofother social dealings such as
between parents and children, teachers and pupils, and between friends,
and between relatives, which are based on platonic love.
1 shall consider the first these social dealings by showing you
a tapestry ofthem so that in the final analysis you can see this institution
in its true perspective.

3.2.1.1 Parents and children


The five duties of the parents, the distilled tradition, opinions,
beliefs, customs and such like of the Myanmar Buddhists, embody the
parents’ love and care for their children. These are;
(1) to guide their children away from evil;
(2) to lead them to what is good;
(3) to educate them;
(4) to set them up financially;
(5) to see that they are suitably married.
The love ofthe parents is well expressed in a saying: ‘The sight
oftheir children is like a drop ofcool, exhilarating water on them’. Their
attachment to their offspring is particularly strong, a fact which gives
126 Dr. Hla Pc
birth a proverb: ‘Discard only bad baskets and punnets, not bad
and daughters’. They would like to keep their children with them as long
as they and to share their possessions with them; and to fulfill the
last one of their five duties, that is to see that their children are suitably
married.
Their care stems from their desire to see them as decent citizens
and dutiful children. ‘Parents are the first teachers’ so says a maxim, and
they live up to it in spirit and, often, to the letter, so that the community
would look upon them as ‘true children of good parents’. They are well
aware of the popular observation: ‘Bad children; blame the parents’. As
with the parents all over the world, they would very much wish to see
their sons and daughters ‘riding an elephant, surrounded by horses; not
trampled by elephants and kicked by horses’. The bond between parents
and children is much stronger in Myanmar than in the West.
Children's and respect for their parents are a rule rather
than an exception. They hear, they learn and read in books the gratitude
they owed to their parents. ‘The magnitude of the debt owe to their
parents’, according to one homily, ‘is greater than that ofMtMem,' which,
as already stated, is the largest mountain in the Universe, lying in the
centre ofthe four large islands - Northern, Southern, Eastern, and Western.
€irown- up sons and daughters generally repay in the form of giving aid
and succour to their parents in their old age, for their care and tenderness
bestowed upon them from childhood to manhood days. After all parents
are included in the canon of Five Worthy Objects. Most of the children
are aware oftheir five duties, which are:
(1) to reciprocate their parents favours;
(2) to take responsibility for their parents’ affairs;
(3) to perpetuate the family;
(4) to be worthy of one’s inheritance;
(5) to perform works ofmerit on their parents’ behalf.

3.2.1.2 Teachers and pupils


The tie between parents and children is paralled by that between
teachers and pupils. The teacher is the second parent to his pupils. He
has at his heart the physical, intellectual and spiritual well being ofthose
in his charge. He is in fact their teacher as well as their mentor, in whom
they place their trust and loyalty which sees to it that these have not been
misplaced. He would not hesitate to chastise any pupil of his who has
trodden on the wrong path. Isn’t there, he would assert, a proverb which
The Myanmar Buddhist : His Lili From the Cradle to the Grave 127
says: ‘A bad pupil, blame the teacher’ His duty, he is aware, is to mould
any pupil into a full man.
The five duties he is expected to discharge are
(1) to endow his pupils with knowledge;
(2) to withold no knowledge from them;
(3) to send them to other teachers (to be better equipped);
(4) to admonish and exhort them;
(5) to protect them from danger.
Pupils in olden days, it seems, had d relationship with
their teachers. Many of them, as the Pali word mate-vosiko ‘living-in’
indicates, lived with their teacher to learn at his feet and administer to his
needs. There are stories in which, the teacher who had a daughter often
gave her hand in marriage to his favourite pupil. But things are different
nowadays. Nevertheless, many hold in reverence their teacher who
together with their parents constitutes of the Five Worthy Objects.
They rely on him for knowledge. Most ofthem still hang upon his words.
This faith in their teacher born ofrespect and deference, and the acceptance
of his pronouncements as the gospel truth may have one drawback: it
deters the pupils from taking their own initiative and from exercising
their critical minds in tackling difficult situations. The five duties
traditionally laid down for the pupils to carry out are
(1) to be assiduous;
(2) to listen to the teacher’s advice;
(3) to learn what he teaches;
(4) to greet him when he comes;
(5) to administer to him by his side.

3.2.1.3 Between friends


The two terms most commonly used to describe a friend is one-
hswei ‘comrade-ally’ and thu-nge-gyin 'companion since youth' the tie
between two friends is very strong indeed: 'friends ride in the same boat
and go on the samejourney'- they share the same happiness and sorrows,
and they go through thick and thin together. Friendship calls for sacrifice
and loyalty. Those who do not conform to these requirements are fair-
weather friends.
Advice in Myanmar didactic poems on the choice offriends and
how to deal with them is not scarce. And, Myanmar parents are always
reminding their children ofthe type ofperson to befriend, since an unde-
sirable companion can bring disrepute to his circle or even to his commu-
125 Dr. Hla Pc
nity. The contagiousness of bad habits is stressed in proverbs of
which the oldest is: ‘Plant a Hkwei-duuk (bitter fruit) tree near a sweet
the mango will certainly lose its flavour’. Once a friend
is found to be false or undesirable, a Myanmar is often not break
off the friendship as breaks off a growing branch bamboo’ but
to do it gently.

3.2.1.4 Between relatives


Just as there are fair-weather friends, so are there ‘fair-weather
relatives’, ifI may be permitted to coin the expression. Forthe self—seeking
relatives, the Myanmar have a saying: ‘He tries to establish relationship
with a person only when the person has gold’. Here then the
words hswei-my0 (ally—kind), the word for relative, andshwei-my0 (gold—
kind), intended rich relative. The ones are always ready
to come in time ofneedto the aid oftheir kith and kin. Myanmar Buddhists
are conscious of one ofthe thirty eight principles ofBuddhism: ‘Render
assistance to your relatives’. And there is no dubt that a too literal appli—
cation ofthis excellent principle, without due regard to equity andjustice,
has led to many cases of nepotism since the days of the monarchical
period. All through recorded history many wealthy and influential
Myanmar have put this tenet into practice; and it is not rare even today, to
find a well-to—do Myanmar supporting a houseful ofnear and distant rela—
tives. It is said ‘A good tree can lodge ten thousand birds’.

3.2.1.5 Social contract between man and woman


We now come to the human relationship between two unrelated
people, a man and a woman, who have contracted a union to live together
as husband and wife, in other words, marriage.
Three words have been invented by a wag. They are ‘hatched’,
‘matched’ and ‘dispatched’, meaning birth, marriage and death respec-
tively. The two persons are matched by an agency, which a Westerner
will identify with fate or love, or vaguely with one ofthose things in life,
whereas a Myanmar Buddhist associates it with nahpu-za or karma.
Nahpu-za, brow-writing, the Myanmar believe, has a hand in
every marriage. They maintain that any one who has the writing on his or
her brow will marry the destined person, and that those who do not have
it will remain unmarried. The idea is Hindu in origin. The Sanskrit phrase
lalita rekha meaning ‘written on the brow’ is the key to this belief, that
the destiny ofevery individual is written by the Brahma on the brow ofa
The Myanmar Buddhist : His Lili From the Cradle to the Grave 129
child on the sixth day of it's birth.
Karma, the other hand, is Buddhist in It is usually
translated into Myanmar, particularly concerning marriage, as ‘causes of
past deeds’. the ‘to get married’ we have in Myanmar
o sung hset together, o ofiug hson vaoses coincide, and
ukyuéngpu causes accompany. For that ofparting, there are o ofiug kru
causes are exhausted, o ufiug ufi causes are scanty. Those who are not
aware ofthe existence ofthis dual belief are apt to be misled by these two
nomenclatures, both of which however stand for Cupid, Roman god of
love, or Myanmar nuhpu-zu nut, the brow writing deity. Every Myanmar
parent, especially the mother in her anxiety forgets all about the nahpu-za
and karma, and starts worrying about her children when they reach the
age of puberty. She fears more about her daughters when she recalls the
proverb: ‘Not fruiting when it is time to fruit, and not blossoming when it
is time to A late marriage may consequences to
her daughter. She may be left on the shelf, or be led astray, or land in an
ill-matched union. She is worried about her son too. She is determined to
get the daughter-in-law ofher choice. But human nature being what it is,
she wins sometimes and loses at times. After all, the union oftwo people
is ordained by their nahpu-za or karma. The truth ofthis dictum will be
seen in the following exposition on marriage.
Marriage is a social contract and as such never sanctified. Bud-
dhist tradition looks upon it, as it does upon the birth of a child, as an
incident in life which is bound to prolong the existence in samsara of
those concerned. Marriage can be contracted by (1) direct contact
between the parents of the two parties, or by employing a go-
between; (2) elopement; and (3) living together as man and wife. All
these forms ofmarriage are legal in the eye ofthe Myanmar law.
I shall consider the last ofthese first, that is the two people setting
up a home of their own, without going through a formal marriage cer-
emony.

(1) Living together as man and wife


Two people live together as man and wife without going through
any formalities is not a rare phenomenon in Myanmar. They have their
own reasons: to avoid publicity for various considerations, or to avoid
wasting money or not having any money to spend on a ceremony and
such like. But many couples make the position known to the outside world
by informing their neighbours, village officials or by announcing in the
130 Dr. Hla Pc
newspapers, by putting their signatures a legal document in the
presence of a judge. It is not really essential for the to legalize
their marriage in this way: the customary law recognizes any
man and wife ifthe man’s garment is seen on the railing oftheir home or
if they eat their meals out ofthe same bowl or plate.
This sort ofmarriage also presupposes that the two people have
been through the phases of courting and falling in with each other
before they live as husband and wife, with or without the consent oftheir
respective parents.

(2) Elopement
Contracting marriage by elopement offends the sense ofpropriety
and decorum of the But its gets the hearty of the
young romantics. Elopement is a natural sequel to the two
mentioned above - wooing and falling in
Wooing in old Myanmar was done under the hawk-eyed parents
and elders. In those days when everything moved at a leisurely pace, and
when patience was a virtue, three seasons’ wooing was the rule rather
than the exception. Secret trysts were not as uncommon as they are today.
However, the young beau went to see his sweet heart at her home at the
hour ‘when brothers hardly recognize each other’ (between 5 and 6 pm),
and had a téte-I:i-téte with her. He stayed on ignoring ‘the time when
elderly people rest their heads on pillows’ (10 pm), until ‘the time when
bachelors return’ (11 pm) arrived. He bade adieu to his girl friend and
returned home. Marriage or elopement followed in its wake in due course.
1 have used, you will notice, the then current terms of expressing time to
give a proper atmosphere to the scene.
For many young people oftoday, three years waiting is too long.
Many old restrictions have been dispensed with, there is a change in their
attitude, and temptations have increased manifold. Some ofthem cannot
wait even three months. This is, as you all know, the age of ‘instant cof-
fee’, ‘instant noodles’ and ‘instant this and instant that’. Besides the way
courting is conducted has to adapt itself to the world of changing stand-
ards and values. Young men are more forward and the young girls are
less demure. The man often deploys one ofthe three means to achieve his
desired object. The first is a rather mild tactic. He writes love letters and
either gives them to the girl himselfor send them to her by post or through
an intermediary. The second is by employing a go-between - a tactic that
betrays his timidity. The third is a direct approach: he goes to see the girl
The Myanmar Buddhist : His Lili From the Cradle to the Grave 131
and, to use the modern parlance, chats her up. If one of these means
brings success to him, he is accepted, and in due course they fall in love
with each other. They want to marry. The parents intervene and object to
their entering into nuptials the grounds of their age unfinished
education and such like. The loved have alternative but
ment, and in a few extreme cases suicide. I’ll tell you about an elopement
1 witnessed myself in our village with a happy ending.
One of my friends who was about nineteen or twenty then ran
away with his sweet-heart, who in vain had tried many times
upon her well-to—do— parents to give their consent. His would—be parents—
in-law looked down upon him as a worthless creature, who would not be
able to keep their daughter in circumstances she was accustomed to. They
threatened to cut her off with a centime. The went into hiding
until the whole affair had been blown over and the parents fury had sub—
sided.
The young man was an orphan. He and his girl—friend approached
a handful of elders including two ladies, the paragon of the art of
reconcilliation. The emissaries came. They met the girl’s parents, and the
two ladies used their maximum power ofpersuasion. They asked the par—
ents to let begones be bygones, and stressed the fact that their daughter
was having the worst of both worlds. To drive their point home, they
quoted the proverb: ‘If the thorn falls, the leaf is pierced; ifthe leaf falls,
the leaf is pierced’. They capped their arguments by putting forward the
irrefutable reason that it was karma that had destined this union. The
parents in the end relented and agreed to have the two erring young ones
in the evening ofa certain auspicious day. Evening is the usual time chosen
for such an occasion: the people have done their day’s work, and life has
quietened down somewhat, and any formal activity will have less public—
ity — a statement that proved to the contrary, as you will see by and by.
At dusk onthat evening, the young couple, accompained by some
of the emissaries, came. They brought with them the traditonal tray of
gifts with which to pay their respects to the girl’s parents. After a brief
preliminary formality they did obeisance to the father and mother, who
gave their blessings: ‘May you both live as husband and wife happily
together to a ripe old age’. The father was now in a convivial mood.
Perhaps, he was feeling nostalgic about the day he eloped with his wife.
He added to those blessings his own. ‘May you also be blessed with a
matful ofchildren’- a number which depends upon the size ofthe mat. It
132 Dr. Hla Pc
may range from five to ten children. For such flippancy he got a digging
in his ribs his wife’s elbow. Just at that very moment stones and
broken pieces ofbricks ofall shapes and sizes began to rain down on the
thatched roof of the house. It was a frightening experience for those in-
side the house.
A band of village lads and two or three middle aged men had
taken up their strategic positions a few minutes before the arrival of the
party at the reception ceremony. They learnt of it time before the
event. They had indulged in this horseplay for what is generally known
as ‘stone fee’, gfi-ho in Myanmar. They kept hurling their missiles
until the father came out and groped his way in the darkness their
leader. He haggled over the sum ofmoney for the stone-fee. He then paid
them offto leave the party in the house in peace. The young couple were
henceforth married in the eye ofthe public.
1 must admit 1 have not the faintest idea of how this custom
originated. A few Myanmar scholars have attempted to explain away its
origin. 1 shall pass to you two versions oftheir accounts for what they are
worth. It is not unlike the story ofthe Fall ofMan.
It began with the beginning ofthe world. Soon after the evolution
ofthis world cycle, many Brahma passed away from their celestial abode
and appeared on earth self-illuminated. They first ate the tasty earth, as a
result of which they lost their self-illumination, and they took to eating
the layers underneath it. The diet tainted their minds with greed, which
brought about the disappearance oftheir sustenance. So they turned to a
fragrant and tasteful creeper called in Pali bodalaté or padalaté. It
disappered in due course, so they partook ofrice. This enterprise oftheirs
turned them into the prototype of modem man.
1 quote:
‘And there appears masculinity to man, feminity to woman.
So that man and woman gaze long at each other. Because they gaze
long at each other, the burning oflust arises. Then they follow their
sensual instincts. Because of their evil practices they are blamed,
censured by the wise; and to hide their sin, they make houses wherein
they dwell’. (The Path of Purity, 1, translated by Pe Maung
Tin,Oxford University Press, 1923, pp. 482 and following.)
It is more than possible that the Myanmar scholars use the story of the
evolution of the world cycle as a peg to hang their explanation on the
origin of the stone-fee. For, to this version they have added their own,
which says, 'The decent minded people make for the dwelling place of
The Myanmar Buddhist : His Lili From the Cradle to the Grave 133
the shameless individuals, and threw stones on their houses to drive them
away.' Such custom, the scholars maintain, still lingers

The other version ofthis folk—lore has a similar théme with some
variations.

Nine Brahma, not many Brahma as in the first episode,


appeared earth. And after eating the rice for their food, they were
tranformed into five men and four women. Four ofthe men took the four
women as their help—mates. The fifth man resented at being ‘left single’.
So he pelted the homes ofthe happy couples with stones. Most men would
have done the same thing ifthey found themselves in his shoes! Sympathy
with this sad archetypal bachelor has instituted the custom of stone
throwing by the bachelors from generation to generation down to the
present day. It should be added that this practice is confined only to cases
ofelopement in the rural areas. Another such traditonal practice in which
the payment of money is will be dealt with under arranged
marriage.

1 have made references to the tragic fates of a few run away


couples in Myanmar. Sometimes the boy andthe girl make apact to commit
suicide either together or seperately. At other times, it is usually the girl
who ends her life. The cause ofsuch tragedies are not far to seek. It is the
objections of the parents of one or both parties, born of prejudices and
pride. The means of putting an end to one’s life are many: chiefly by
taking cyanide or such like, by drowning or hanging oneself, or in few
instances by leaping from a great height - in France from such building as
the Eiffel Tower or in Britain from such prominent landsacpes as ‘Lovers’
Leap’, which are usually situated on the edges of steep cliffs.

Committing suicide is condemned by the Myanmar Buddhists,


many ofwhom censured those Vietnamese Buddhist monks who sacrificed
their lives by self-immolation some years ago. This horrible act not only
violates one oftheir Five Precepts — not to kill - but it also goes against
the grain oftheir belief. It is that any one who commits suicide will repeat
it in the next five hundred and five consecutive lives. This as far as 1 am
aware, is not part ofthe teaching ofthe Buddha.
(3) Arranged marriage
The arranged marriage is an ancient institution in the East. It is
onrecord that this custom was already in practice in the time ofthe Buddha.
We know that Prince Siddhattha, the would—be Buddha, accepted duti-
134 Dr. Hla Pc
fully the hands ofa beautiful cousin ofhis, Princess Yasodhara, when his
royal father offered her to him in marriage. He was in India, where
this custom, which may have been established much earlier, had been
being preserved ever since. In China too, this tradition has been in existence
thousands of years. In Myanmar, the Myanmars took this custom
probably from India and institutionalized it probaly in the 11th century
AD. It is still going strong in spite ofthe western cultural impact since the
nineteenth century. And it will go on from strength to strength until par—
ents cease to worry any more about their children’s matrimonial affairs,
and the children cease respecting them. The possibility of such happen—
ings is too remote.
In the West too, history has provided us with instances of ar—
ranged marriages between the heads oftwo states, or between the mem—
bers oftheir families, chiefly for political reasons, throughout the centu—
ries. Butthe people have never followed their rulers' examples. Awesterner
disapproved ofthe very idea ofparents marrying offtheir son or daughter
by arrangement. An arranged marriage, he feels, has an element of coer—
cion or duress. When 1 was in Britain, my British friends and colleagues
and even the stranger 1 met were astounded to hear that arranged mar—
riages were still in vogue in Myanmar. Some thought that they were an
anachronism which should be abolished. Some declared that they con—
tained seeds oftragedy. As if to support their generalisations, reports on
cases of one tragedy and one coercion appeared in the British newspa—
pers.
The first was the tragic affair in which a strict orthodox Hindu
killed his daughter, a girl domiciled and educated in Britain, who rejected
outright the young man her father had intended to be her husband. The
second was also about another Indian father. He locked up his Western
oriented daughter who went out with her boy friend in defiance of the
wishes of her parents, who had already ear—marked a young Indian as
their son-in—law. These two were extreme cases. But, by the same token
there are many dutiful Indian children in Britain who have accepted to
live together with the life partners oftheir parent's choosing.
Those in the West with a different cultural background would
not be in sympathy with this customary practice in the East, unless they
had an insight into the nature ofthis long established custom. In the East
a man first marries the woman his parents choose and woos their choice
later, while in the West a man woos the woman he chooses and marries
his choice afterwards. There are many conributory factors which have
facilitated the establishing ofwhat the Westerners might call this topsy—
The Myanmar Buddhist : His Lili From the Cradle to the Grave 135
truvydom. In Myanmar, they are: upbringing and temperament of the
Myanmar Buddhist; his respect and obedience to his parents; his lack of
contacts with the opposite sex, and the rigid attitude to marriage,
that once done cannot be undone. It is not surprising then that in eight out
often cases both parties regard an arranged marriage as a means of unit—
ing two people, as ordained by their nahpu-za-or karma.
May I illustrate my points with two instances, in which after the
initial protests, success was achieved in arranging the marriages of two
seemingly incompatible young people a few years
The first concerned a young man. He was blessed with good
looks, d Education and d post in the goverment service. His
mother, to whom money was everything, made arrangements without his
knowledge to marry him offto a neice ofa man of wealth and status. The
girl lacked all his attributes. The who had a girl friend broke down
when he found out the lady he was to marry. Nevertheless, he went through
the marriage out of respect for his mother. He and his wife now have a
grown up family.
The second is about a girl. She is beautiful and is proud of her
beauty. She is educated too. Her rich parents, for the sake oftheir daugh-
ter’s future approached the parents of a young man to offer the hand of
their daughter in marriage to their son. He was well educated and held a
top government post. He was also a man of good character, but not of
good looks. They were married. It is said that the wife would not be seen
at functions together with her husband for the first few months after their
marriage. In the end she accepted the situation. She was a good wife to
her husband up to the time ofhis death.
In most of the arranged marriages, especially between the
children ofwell-to—do people, three preparatory stages are usually involved
before the holding ofthe wedding ceremony. They are (a) investigation,
(b) betrothal and (c) consultation.

(a) Investigation
Protective Myanmar parents are most particular about a prospec—
tive son or daughter—in—law. Before any commitment they make, they will
use every means at their disposal to find out all about their probable new
acquisition.
In awould-be-son—in-law, they examine chiefly his pedigree, moral
attainments and his intellectual achievements. The girl’s parents are in—
terested to know about his family history: has there ever been or is there
any leper, lunatic, or drug and alcoholic addict among his parents’ relatives;
136 Dr. Hla Pc
and is the young man partial to drinking, gambling or women'? Status and
wealth do count but they are subordinate to his moral virtues.
In a prospective daughter—in—law, the man’s parents scrutinize
her moral character, her looks, her domesticity, and her education. Wealth
can be one ofher assets!

(b) Negotiation
Having satisfied that their enquiries turned out to be all that to
be desired, the parents of one party approach their opposite numbers.
Over a cup oftea or coffee, or round a lunch or dinner table they discuss
the matter ofmatrimony. Ifthe discussions end satisfactorily an astrologer
is consulted about the matters relating to the marriage ofthe two people.
In several instances a go—between (in Myanmar uung-thwe liter—
ally meaning ‘successful connector’) is entrusted with the task for both
investigation and negotiation. A go—between in Myanmar is usually a
mature woman. She depends for her success onthe art ofpersuasive speech
which is much cultivated in Myanmar. It is not mere fluency or plausibility
so much as adroitness in getting on confidential terms with people and
involving them in a conversation they enjoy. Craft, sycophancy, perhaps
impudence may be employed, but never so as to alarm the other party or
to put him on his guard. Nothing will be accomplished unless the person
approached can be made to feel that he has been having a heart-to-heart
talk. The art employed may be described as practical psychology, the
ability to get on the right side of the person, to exploit his vanities or
frailities, and sometimes, of course, to appeal to his better feelings.

(c) Consultation
A reputable astrologer is consulted for two purposes. One is to
accertain whether the would-be-husband and wife are astrologically com-
patible; and the other is to fix the auspicious times and dates for the
betrothal and marriage ceremonies.
To have a happy enduring marriage, it is imperative, say the
astrologers, that many astrological aspects must be examined. There are,
indeed, many ofthem. One may suffice. It concerns the relationship be-
tween the planets under which the prospective husband and wife were
born. Since the eight planets, the Sun, the Moon, Mars, Mercury, Rahu,
Jupiter, Venus and Saturn are represented by the days of the week, the
astrologer attempts to find out whether the days on which they were born
The Myanmar Buddhist : His Lili From the Cradle to the Grave 137
are friendly to each other not. Mutual sympathy indicates a happy
lasting marriage, and mutual repulsion infuses unhappiness into the mar—
riage or may even cause seperation.
For such ascertainment, there are formulae which are composed
in mnemonic verses, in which the two words in question are juxtaposed.
The friendly and unfriendly days are as follows:

The friendly days


Sunday—Friday
Cin pan: Tuesday-Thursday
dan: lha Saturday—Wednesday
rha kyam Rahu—Monday

The unfriendly days


dham ma Saturday Thursday
so ka Friday - Monday
an wa Sunday — Wednesday
ra ja Rahu — Tuesday
With the aid ofthe table we can see that the ideal days are Sunday
and Friday, Tuesday and Thursday, Wednesday and Saturday and Rahu
and Monday. Those that are not suited are Saturday and Thursday, Friday
and Monday, Sunday and Wednesday, and Rahu and Tuesday. (See the
appendix showing the friendly and unfriendly days)
We shall reduce these two sets of compatible and incompatible
days to the following pattern.

Birthdays Compatible days Incompitable days


Sunday - 1 Friday - 6 Wednesday - 4
Monday - 2 Rahu - 8 Friday - 6
Tuesday 3 Thursday - 5 Rahu - 8
Wednesday - 4 Saturday - 7 Sunday - 1
Thursday - 5 Tuesday - 3 Saturday - 7
Friday - 6 Sunday - 1 Monday - 2
Saturday - 7 Wednesday - 4 Thursday - 5
Rahu 8 Monday - 2 Tuesday - 3

In examining this and several astrological aspects the astrologer


may find certain unfavourable signs, which are detrimental to the pro—
posed marriage itself. However, ifthe parents have already made up their
135 Dr. Hla Pc
minds, they ask the astrologer to perform appropiate rituals to surmount
these obstacles. Then he fixes the hours and the days for the betrothal and
marriage 1 have insist here that, equally, there are many
other instances of contracting marriages without any references to stars
and planets.

(d) Betrothal ceremony


The betrothal ceremony in Myanmar is formal than the
engagement party in the West. It is usually held at the girl’s house. Where
a large gathering is involved, the venue for the ceremony is in a marquee,
a restaurant in a hotel. I’ll tell you about such a ceremony held in
Mawlamyine about a year ago, in which 1 had to play a leading role!
My wife and I were invited by a friend of ours, who is a widower,
to his one and only daughter’s betrothal ceremony in his house. We went.
There was a fairly large gathering of guests. The father vaguely told me
that he would be grateful if 1 would say a few words at the ceremony. 1
did not take much notice of it. Suddenly, across the table we were sitting
at, the Principal ofthe Teacher’s Training Collage in Mawlamyine got up
and made a prepared speech form a sheet of paper. He said that he was
here on this auspicious day at the expressed desire of the parents of a
good son. He was, he added, the spokesman on their behalfto ask fromally
for the consent of the father of the girl to agree to her marriage to their
son. He went onto give biographies ofthe man’s parents and then extolled
his moral and intellectual virtues. He ended with the words that he very
much hoped that his request would be favourably received by the father.
The father turned to me for help as his spokesman for this
occasion. 1 got up and made areply in kind. The father, 1 declared, deemed
it an honour to have to receive a request like this from such a quarter, and
he was sure, 1 added, the young man as portrayed in the speech would
make a most suitable help-mate to his daughter. 1 then eulogised the
girl’s attributes such as the character, her education and her domestication.
1 concluded that the father was pleased to accede to the other party’s
request.
These formalities were followed by a ritual known in Myanmar
as /ei—sui /e ‘rings exchange’. It symbolizes plighting the troth. A lady
gave to each spokesman a casket containing a diamond ring. 1 put on the
ring—finger ofthe girl the ring said to have been given to her by the young
man. And my opposite number did the same with the ring form the girl by
putting it on the man’s ring—finger. The couple were then offered each a
The Myanmar Buddhist : His Lili From the Cradle to the Grave 139
bouquet consisting ofroses, gladiolii and sprigs ofthe eugenia, with which
they did obeisance in turn to the man’s parents and to the girl’s father.
The ceremony calTlo d The father entertained the guests IO d
banquet.

(e) Marriage ceremony


Marriage vary from place place. The essential
rituals are however observed universally, with slight variations as a result
of local tradition and the and spending power of the parents
concerned. The choice ofthe venue for the wedding ceremony, like that
ofthe betrothal ceremony, is determined by the nature and the scale ofit,
from a small house to a large hotel. It may range form a quiet one to that
ofthe wedding ofthe year. It can be performed by people form any walk
oflife - from a village elder to the highest official in the land. The orthodox
conservative Myanmars prefer see a Pen-na Brahmin, whose
prerogative it is to officiate at such a function, or failing that they choose
a pseudo-Brahmin. There is a tacit understanding, however, not to hold
any marriage ceremony during Buddhist Lent. 1 believe this arises out of
the misunderstanding ofthe Buddha’s injunction to the monks not to travel
during the raining season which coincides with Lent. The Buddha feared
that the monks travelling in groups might do damage to rice fields.
1 shall now briefly describe to you two out ofthe many marriage
ceremonies I have attended in Myanmar. The first one at Mandalay and
the second in Mawlamyine.
It was a society wedding in Mandalay. The ceremony was held
at the bride’s home. A few minutes before the auspicious moment fixed
by the astrologer, the bridegroom in his ceremonial dress, accompanied
by a friend, made his way to the front room ofthe big house, and took his
seat on one of a pair of large velvet cushions, which were placed on the
carpeted floor. The friend sat behind him. After a little while the bride, in
her ceremonial dress and bedecked with jewelery, entered the room. She
was escorted by a friend. She took her seat on the other cushion to the left
of the bridegroom’s.The friend also sat behind her. For a few minutes
they were under the glare ofthe invited guests.
At the appointed time, a Brahmin with a conch-shell dangling
by his left side came in. He blew the conch-shell, a token of success, to
start the ceremony. He took hold ofthe bridegroom’s right hand and held
its palm upward. He then placed the bride’s right palm over it (let-htat,
hand-placed-over hand, in Myanmar), and he wound round the jointed-
140 Dr. Hla Pc
palms with apiece ofwhite cloth (sé-lya yit-put, white cloth-winds round).
There after, he dipped the palms into a silver bowl, half filled with water,
that was in front ofthe couple. He muttered a few mantra in Sankrit and
took the palms out ofthe silver bowl. He blew his conch-shell to conclude
the ceremony. You will know from the above description why a marriage
ceremony is called in Myanmar a let-htut pwé.
The next item was a recitation by a well known singer ofayodu,
lyrical verse, sung in eulogy ofthe bride and the groom and their parents.
The ceremony concluded formally with an address by a erudite Myanmar,
admonitory in tone and informative in nature. He expalined the aims and
objects of the marriage ceremony and the man and wife be
faithful to each other. He then told them the five duties of a husband and
a wife.
Husband
(1) love and adore his wife
(2) To esteem her
(3) To commit no adultery
(4) To endow her with worldly possessions
(S) To provide her with ornaments

(1) To manage efficiently all domestic obligations


(2) To look after the relatives
(3) To commit no adultery
(4) To protect the property
(S) To be industrious

An soon as he stopped his speech, a few ladies holding large


silver bowls scattered over the heads of the guests the contents of the
bowls - pop coms and silver coins. The guests were then entertained to a
feast. Later on, some happily married couples who had celebrated their
silver, golden or ruby wedding anniversaries were invited to the newly
weds’ bedroom. There, one after another, these couples stroked and blessed
the bed and pillows and blankets.
That evening, about 10 o’clock, the bridegroom made for the
bedroom, which was on the first floor. He found his way barred from the
foot of the staircase to the top of it by a series of strings. Each end of
these was being held by a person. This practice is known in Myanmar as
Kyo ta ’string-barring’. He was told that they were ‘gold and silver strings’,
The Myanmar Buddhist : His Lili From the Cradle to the Grave 141
and that ifhe wanted to pass them he must pay the toll. He had to fish out
some money from his pocket. No doubt, he had anticipated it. This
called ‘toll-payment’ and ‘stone fee’ are two ofthe many practices which
survive in several places in Myanmar. Their origins have been lost in the
mists oftime.
Before 1 to the next ceremony at Mawlamyine, a few
explanatory notes may be made on some ofthe rituals performed at that
ofMandalay. The positioning ofthe bridegroom’s palm upward denotes
his request for the hand of the bride; and placing of her palm over his
indicates her assent. The tying of the two palms with a piece of white
cloth, a symbol ofpurity, betokens the union ofthe two people; and dipping
the plams together in the water means the union that can never be seperated
just as water can never be severed apart in two.
The marriage ceremony in Mawlamyine was held at a restaurant
about six months ago. Most ofthe ritualistic items in that ofMandalay re—
appeared in it. But the differences between the two ceremonies are note—
worthy
The bride and bridegroom sat on chairs on a dais,below which
the guests took their seat also on chairs. The gentleman who officiated at
the ceremony was not a Brahmin. He is a university professor, a friend of
mine, who has been conducting marriage ceremonies in his spare time as
a labour oflove. He does not charge any fees as a professional does. The
ceremony itself was on a modest scale: the parents ofboth parties are not
well off.
The professor carried out his function single handed throughout
the ceremony, except at one point, when he had to place one palm above
the other. He persuaded my wife and myselfto perform this rite, 1 believe,
to give prestige to the ceremony. 1 held the right palm of the groom up—
ward, and my wife held the right palm ofthe bride downward and placed
it over the groom’s. The professor tied the two palms with a piece of
white cloth and we dipped them into the water in the silver bowl that was
in front of us. He did not actually blow the conch—shell which hung
dangling by his left side. He only made a gesture of blowing it. He did
not recite the mantra in Sanskrit, but instead he declaimed a few passages
ofblessings from the Buddhist Scriptures. He did make a speech briefly
on the biographies of the bride and groom. But he dispensed with the
singing of the laudatory song. He however added a new feature to the
ceremony - Buddhistic in flavour. Towards the end of the ceremony, a
lady from among the guests came to the edge ofthe dias and handed to
142 Dr. Hla Pc
each of the newly weded bouquet containing, as in the case of
the betrothal party mentioned above, gladiolii and sprigs of the
eugenia. Five times she went through this act, and five times the young
couple did obeisance, first to the Three Ciems; second to the local deities;
third to their parents; fourth to their teachers; and finally to the guests.
There are signs that the Myanmar Buddhists are incorporating
Buddhist elements into the marriage ceremony. A few are doing away
with the secular aspects of it. 1 have been to some marriage ceremonies,
in which the monks were invited to the wedding house to be fed before or
after the ceremony — as a religious offering. At one house in Mawlamyine,
the parents ofthe bride did away altogether with the traditional ceremony.
An Abbot and four monks were invited to the wedding house. The guests
undertook to observe the Five Precepts, at the end of which the Abbot
gave a discourse a story from the Buddhist Scriptures of a devoted,
generous and pious couple in Sri Lanka. He dwelt on their exemplary life
in this world and their reunion after death in a celestial abode. He told the
young bride and groom to draw the moral from the story. The monks
were fed first and the guests later. The two young people are married in
the eyes ofthe public.

(4) Married Lili


May 1, at the risk of being censured as a chauvinist, say that
marriages on the whole are more durable in Myanmar than in the West.
There are many imperceptible but strong bands round the union of two
strangers. First, the upbringing of the Myanmar people which revolves
round the two pillars of love and respect; the comparatively fewer
temptations to lure them into selfdestruction; andthird, the most important
ofall, their implicit faith in karma: karma has brought them together and
for better or for worse they will have to make the best of it.
Most ofthe above observations mirror in the relationship between
husband and wife. In spite of the unavoidable tiffs between them, they
realize that they are interdependent. AMyanmar husband is in theory the
master of the house, and if he so wishes he could take as many as one
thousand wives, as one proverb says. He is not however prepared to risk
at being stigmatized, and even ostracized, by the society as a man with a
lesser wife even in a country where polygamy is legal. He is usually kind
to his wife, and he would be the last manto follow the advice ofa Myanmar
proverb: ‘Spare not a bullock or a wife’— the equivalent English proverb
is: ‘A spaniel, a woman and a walnut tree, the more they are beaten, the
The Myanmar Buddhist : His Lili From the Cradle to the Grave 143
better they be’. He looks her as his sister and addresses her
accordingly as hnumé (younger sister). He knows he must not leave her
than month: ‘Stay away month from your wife’
(She will transfer her to another); ‘Stay away from a harp three
months’ (you will forget how to play it). He is conscious ofthe power of
his wife’s persuasive tongue, since if she says it many times she prevails,
and he is resolved not to side with her always as it means siding with
foolishness - not a magnanimous attitude to one’s wife.
The wife’s position seems to be at first sight an unenviable one.
In a country where marriage, building a pagoda and getting oneself
tattered are reckoned to be three things which, done, cannot be
undone, a wife has the worse ofboth worlds. Divorce and desertion always
brings discredit to her. Nevertheless, many wives prefer separation to
having suffer the agonies of living with a ‘dog-like husband’ the rest
of her life. Her position in marriage is not as bad as it is reflected in
proverbs and sayings, many of which often contradict one another.
AMyanmar husband, it has been said, is in theory the master of
the house; but in practice it is generally the wife who rules the roost. But
she seldom asserts her rights and independence. She loves, honours and
obeys her husband. ‘She is his mother sometimes, his younger sister at
times, and his servant the rest ofthe time’. One ofthe terms ofendearment
a wife uses in addressing her husband in Myanmar is oko (elder brother).
She looks to him to provide her with the blessings ofhis existance. In the
pool oflife she regards herself as water lily and her husband as the water,
and she will look well only when the water sustains her. As a good wife
she is willing to follow her husband through thick and thin in theirjourney
on earth as the thread follows the needle.
Even in the case ofa divorce a Myanmar wife’s position is better
than her counter-part in the West. In cases where property is involved,
both parties take away whatever property they may have had on marriage;
and the property acquired by husband or wife, or jointly by both, is di-
vided by mutual agreement or by the decision by the court.
(5) Divorce
Shway Yoe in his book, published in 1910, has this to say about
divorce: ‘ .. . divorces are far from being so common as most writers would
have us believe. The warmth of family affection is one of the strongest
traits ofthe race, and the Myanmar is very kind to his wife, while every
girl is taught from her earliest years to look with the highest respect upon
man, and to defer in all things to his judgment; though she is far more
144 Dr. Hla Pc
free than the Indian wife. It is a simple matter to blame the Myanmar for
easy marriage customs, but the system speedily puts an end to unhappy
and ill-assorted and illegitimate children are exceedingly rare.
Finally, unless there is good known cause for a separation the divorced
parties are not by any means looked upon with a favourable eye. The man
who enters a monastery to get rid of a wife by the contemptuous
name of low-Set ttuw-hewet) ‘jungle runaway’ for the rest of his life,
while the ta-ku-lat (tuhku-Int), the divorcee, is a perennial subject ofjoke
to the jester in the play:-
'She that’s neither maid, married, now widow,
Fits all men as a pot does its lid; O, - that is to say a divorced
woman needs small wooing.'
(The Mvanmar His Life and Notions, pp.60—6 1)
Shway Yoe’s general observations are true. Several ofthem are
still applicable to the plight ofmany a divorced person. The term tahkti—
lat is apt to convey to some sections ofthe public the idea that the person
is an unstable man woman. A tahkti—lat is likely to be looked
with sneer and scorn, while a widow or a widower is treated with warmth
and sympathy by the community as a whole. A divorced man is usually at
the end of a marriage queue behind the bachelor and widower, while a
divorcee’s prospects of remarrying are remote. She is regarded, though
she may be an innocent party, as a scheming minx in spite ofthe popular
saying:
‘Tahkti-lat, a woman divorced once,
We’ll never barter her for ten virgins’
But no one knows what a tahkti—lat’s nahpu-za or karma has in store for
him or her.
3.2.2 The Three Primary Duties
Any critical and independent minded Myanmar, who is essen-
tially a Buddhist, is often assailed by mental conflicts as he goes through
life. As a student he has to balance the moral teaching of holding his
teacher in awe against his intellectual training for finding out the truth,
and as a householder his choice of profession against the ever looming
background ofthe three fundamental concepts and the Five Precepts. Be
that as it may, as a householder, he takes up in earnest the three primary
duties: déna religious offerings, sila observing moral precepts and
bhavana practising meditation.
3.2.2.1 Dana
Of these three chief forms of practising piety, dana seems to
have appealed most to the Myanmar Buddhist, since the dawn ofhistory.
The initiation ceremony 1 dercribed earlier is an act ofreligious offerings.
The Myanmar Buddhist : His Lili From the Cradle to the Grave 145
It is easiest to fulfil, provided he has the means and, 1 suspect, it provides
him with tangible results in the form ofmonuments, and it also gives him
a svq vf kédos. Both members of the royalty and have had
of religious edifices built all over Myanmar. Many of the
mountains, hills and hillocks and the plains and the river banks are graced
with white golden pagodas. Tradition has it that there are four and d
halfmillion pagodas on the site ofthe ancient capital city ofBagan, which
is about one pagoda every eleven square metres! Some ofthese buildings
have dedicatory inscriptions on stone containing prayers as well as curses
to the would—be desecrators of their works of merit. These give us an
insight into the purpose in performing them.
1 would like you first two prayers out of many, and
then the curses. Here is the first prayer by a queen, which Professor Luce
says has a certain Hollywood quality about it. The translation is by Luce.
‘Mean time before I reach Nirvana, by virtue of this great
merit I have done, may 1 a man, and be more royally
happy than all other men. Or as a spirit, may 1 be full of colour,
dazzling brightness and victorious beauty, more than any other
spirit. More especially, I would have a long life, free from disease,
a lovely complexion, a pleasant voice, and a beautiful figure. 1
would be loved and honoured darling of every man and spirit.
Ciold, silver, rubies, carols, pearls and other lifeless treasure;
elephants, horses and other living treasure — may I have lots of
them (? these). By virtue of my power and glory 1 would be
triumphant with pomp and retinue, with fame and splendour.
Whenever I am born, may lbe fulfilled with noble graces, charity,
faith, piety, wisdom etc (? and such like) and not know one speck
of misery; and after 1 have tasted and enjoyed the happiness of
men andthe happiness ofspirits, when the noble law ofdeliverance
called the fruit of sanctity blossoms (? ripens), may 1 at last attain
the peaceful bliss of Nirvana’.
(The Journal of the Myanmar Research Society, Vol XXV1,
pt 111, 1936, p. 136)
Ah! vanitas vanitatum. She wants to have the best of both
worlds. Contrast this with the other by a lesser queen at the same court.
146 Dr. Hla Pc
‘1 wish to abandon a body by countless miseries
the misery of birth, age and death, the misery of living with
those we do not love, the misery ofseperation from those we love,
the misery of not getting what we want. So 1 have resigned
(‘' discarded) my dear gold, silver and other treasures,
and built a monastery and 1 have offered my fields, gardens and
slaves, excepting none ('? without exception), for the happiness of
the monks, who dwell there-in .. . May the merit of our deed
first to the king... May the queens also, and all the ladies-in-waiting,
share it .. . myself I pray that 1 may never be covetous,
insatiate, wrathful, frivolous nor inconsiderate. But 1 would cross
the of rebirths full of these graces modest in my
wants, easily satisfied, mild oftemper, pitiful, wise, conscious of
causes, large hearted, faithful, earnest, unforgetful and
considerate, and may 1 win the deliverance in the very presence of
Lord Mitreya’. (€i.H.Luce : Ibid 136-137)
A few comments on some of the allusions and words may be
made before we go on to the curses which usually follow or precede the
prayers.
(1) Both ladies express at the end of the prayers their desire to
reach Nirvana- ‘attain the peaceful bliss ofNirvana’ and ‘win deliverance’
- a format still used by every Myanmar Buddhist at the end ofhis or her
prayer.
(2) The five miseries mentioned in the second prayer are known
to almost every Myanmar Buddhist who always prays for their deliverance
from them - one way ofputting it for reaching Nirvana.
(3) The act of sharing merits, also in the second prayer, is still
being done by the donor at the end ofevery religious offering nowadays.
(4) Lord Mitreya is the Buddha who, as has been said, will attain
Enlightenment as the fifth and last ofthe five Buddhas in this world cycle.
The curses are meant to deter acts of vandalism. They are un-
Buddhistic in character.
‘Who among my relatives, the king’s relatives, or outsiders,
monks, laymen, men or women robs or violates one slave, one acre,
among the slaves and fields which 1 have offered, may his glory
not be great as a man, nor his life long. The king’s wrath be upon
him. The axe oflightning smite him. Danger offire, danger ofwater,
dangers ofelephant, horse, serpent, leopard, tiger, bear, befall him.
May he suffer terrible disease, which doctors try to cure but can-
The Myanmar Buddhist : His Lili From the Cradle to the Grave 147
not. May he die suddenly spitting lots of blood. Dead, also, may
he be cooked in the great hell, Avici. May he not behold any ofthe
coming Buddhas. Though it be his lot to be reborn as man, may he
be leprous, itchy, ulcered, blind, deaf, dumb, mad, a cretin dwarf
with stunted feet and hands and stunted ears and a beggar
withjust a bit ofrag wrapped round his neck, with no food to eat,
suffering a fate insufferable by any other man, amere human ghost!.
(€i.H. Luce : Ibid 134)
Here are two brief curses with homely touch about them impre-
cated on those who desecrate the offering.
‘May they cleave to hell as burnt rice to the rice pot’, and
‘May the rice and curry that they eat, the water they drink, the
homes they live in, turn
(€i.H. Luce : Ibid)
The Myanmars ofthe twentieth century have not fundamentally
changed in their attitude towards the religious offerings. Most of them
become philanthropists because they wish to sow seeds of merit, which
may fructify in future existences. Some however have an ulterior motive
as well: they want to be known as ‘pagoda-builder’ or ‘monastery-builder’
or ‘builder of any kind of sacred monument’ such as ordination hall or
preaching hall, since such an honorific title is a status symbol. On my
visit to Myanmar in 1957, 1 met many elderly orthodox Myanmar
Buddhists, a few ofwhom were pagoda or monastery builders, and every
time I broached the subject offounding public libraries in Myanmar they
turned it down. This idea to them was too revolutionary and probably
was tainted with Western influence. Their stock reply was that the founding
of a library would not yield as much merit as building a monastery or a
pagoda. When pressed for the reference to such a pronouncement by the
Buddha himself, they gave certain passages which state that one who
builds a pagoda or a monastery acquires the greatest merit. But what
these people did not know was that there were no pagodas and, for that
matter, no libraries in Buddha’s time.
The origin ofthis deep rooted custom may be traced back to the
practice ofthe Myanmar kings ofthe Bagan dynasty, every one ofwhom
built at least one pagoda. The successive kings made a religion offollow-
ing their predecessors’ example, until the last king was removed from the
throne in 1885. And, in turn, the commoners emulated their kings. This
act ofmerit, done with all the best intentions, has resulted in many ruined
146 Dr. Hla Pc
pagodas, not to mention of the ruined monasteries, all Myanmar,
through lack ofmaintenance - a neglect from which the works ofmerit of
the kings fortunately have not suffered so far.
Dana, 1 may conclude, all the acts of offering, of food,
money or objects to all the beings on earth including even the animals.
3.2.2.2 Sila
The Myanmar Buddhists are expected to observe at least the
Five Precepts in their daily life, as the Christians are expected to obey the
Ten Commandments. renew their pledges, as it were, of all
ages especially in rural areas go to the monastery or pagoda four times a
month-on the day ofthe full moon, the new moon, and the eighth day in
between, rather like to church on Sunday here, except that in
Myanmar, where a lunar calendar is in use, it does not fall on the same
day ofthe week. And, as mentioned earlier, the twelve Myanmar months
have 29 and 30 days alternately.
lstill have vivid recollections ofsome ofthe occasions on which
1 went to the village monastery as a young man in my Sabbath-day dress.
The people either took a trayful of gifts such as bananas and coconuts -
two traditional indigenous products - or may be a tin of biscuits, and a
packet of candles given as from the group or they may make individual
gifts separately. A gift tray is called kudéw-bwé, literally meaning obei-
sance-collection’, a tray ofgift. It is a necessary accompaniment to doing
obeisance to a person, an object or a deity. There are two kinds ofkadaw-
bwé. One is the ordinary kadaw-bwé, containing indigenous products.
The other is bi-lat kadaw-bwé European gift tray. The word bi-lat is
from Arabic wilayut, Europe. The contents ofthe tray are the products of
Europe such as tins of biscuits, jars ofjam and cans of condensed milk
and such like.
The congregation at the monastery usually consisted of two
groups - adults and the young at the back, and the old and the ageing in
the front. We placed the tray of gift in front of the Abbot, and did obei-
sance to the Three Gems by reciting a prayer in Myanmar dotted here and
there with Pali words. We then undertook the Five Precepts, at the end of
which, the first group left the monastery, while the others who were going
to keep the sabbath stayed behind to undertake the Eight Precepts.
To keep sabbath is to practise austerity. This means observing
three more precepts over and above the Five, namely not to have meals
after twelve noon; not to amuse oneselfwith entertainment ofany kind or
use cosmetics and ornaments; and not to sleep on a comfortable bed or
The Myanmar Buddhist : His Lili From the Cradle to the Grave 149
bedstead higher than half-a—metre. Besides, tells beads and
meditates the Three Signs of Beings the impermanence of life,
sufferings ofthis existence and the non-self(the actual denial ofthe indi—
vidual
The persons who keep sabbath usually have their meal at one of
the zuyuf, rest—houses near the monastery. They spend their night there,
break sabbath at dawn the next day, and return home in the
There are, of course, people who after undertaking the Eight Precepts go
home to practise austerity there, as 1 used to some years
When 1 was staying in Bagan Hall as an undergraduate, a few of
my friends and 1 used to foot about 4 o’clock in the morning
Sundays to the great Shwedagon Pagoda. The buses did not start running
before 6 a.m. There we did obeisance to the pagoda and undertook to
observe the Eight Precepts, and returned hall by bus. Keeping
sabbath was a good training for our mind, but 1 must confess that at first
hunger started gnawing at my stomach, but with a little discipline 1 got
used to it. But what tested my will power most was to keep my mind
occupied with the religious duties 1 was performing and not to be dis—
tracted by the thoughts of lectures and examinations.
3.2.2.3 Bhavana
Bhavana or meditation is the third member of the moral trinity.
Sila shows the way 'to cease to do evil', dana ‘the complimentary doing
good’, and 'bhavana' is an injunction to clean one’s mind, or discipline
and purify it by its deliberate control and exercise. It is, 1 believe, the
most difficult religious practice ofthe three. The majority ofthe ordinary
Myanmar Buddhists used not to devote themselves to meditation. It was
confined to the monks and some elderly devout Buddhists, as it requires
great concentration of mind, quietude, and suitable atmosphere. Those
who lead a normal domestic life could not afford time except at irregular
intervals.
Since the end ofthe second World War, there has been a wind of
change. Meditation as a religious practice has gained more popular fol—
lowing due apparently to the example set up by the ex-premier U Nu.
There are now as many meditation centres as there are schools of
meditation in Myanmar.
And since myreturn to Myanmar in December 1980, I could not
help noticing the great interest and enthusiasm displayed by so many
people in this a la mode meditation. It is modem in its approach. 1 would
like to share with you what little knowledge 1 have of it — the knowledge
150 Dr. Hla Pc
I have acquired from asking my relatives, friends and acquaintances who
are themselves in this mental culture.
Ofthe two forms ofmeditation there are, namely sumuthu Pali,
quietude ofmind, 'development ofmental concentration' which leads up
to the higher mystic states’; and vipusuna Pali, ‘insight’ into the nature of
things, leading to the complete liberation ofmind, Nirvana. The Myanmar
Buddhists naturally concentrate on the latter. Most of the people 1 am in
touch with are mostly in their initial stages ofcultivating mental develop-
ment. They are training their minds under the guidance of an instructor
by trying to take note ofeverything they do, and everything that happens
to them during the time oftheir meditation. As they take deep breaths, as
they sit or stand, as they talk or keep silence, or as they feel stiff in their
limbs sitting or standing in one position, they have to be
fully aware of the act the fact of anything happening to them at that
moment. It is easier said than done. Many of you are not without this
experience of losing your concentration every now and then while you
are reading a book or writing an article or a lecture.
The people, 1 refer to, are not practising medition at home, but at
one ofthe centres which, they feel, caters for their needs best. Neither are
they fully occupied with it. They allot to it a limited period ranging from
a few days to one month at a time.
With your permission I would like to supplement this sketchy
account of meditation by the obervations made on this subject by Dr
Walpola Rahula in his book, What the Buddha Taught. The book as
you will know was completed in Paris in 1958, and published, with a
Foreward by Professor Paul Demieville in 1959. First, Rahula wants to
substitute the term ‘mental culture’ or ‘mental development’ for the word
‘meditation’ which he asserts rightly does not do justice to the range of
meanings the word bhavana covers. These are cleansing the mind of
impurities, cultivating such qualities as concentration and awareness
leading up to the realization ofthe Ultimate Truth, Nirvana.
Onmental culture, 1 quote the relevant passages from the Chapter
on Bahavana. He says:
‘The moment the word“meditation” is mentioned, one thinks
ofan escape from the daily activities oflife; assuming a particular
posture, like a statue in some cave or cell in a monastery, in some
remote place cut off from society...The Buddha’s teaching on this
subject was wrongly, or so little understood, that in later times the
way of “meditation” deterioated and degenerated into a kind of
The Myanmar Buddhist : His Lili From the Cradle to the Grave 151
ritual or ceremony almost technical in its routine.’
What he says about form of meditaion aimed at achieving
awareness of whatever one does has bearings on the way the Myanmar
Buddhists, referred to above, are developing their mental culture. He de—
clares:
‘(It) is to be aware and mindful ofwhatever you do, physically
or verbally, during the daily routine of work in your life, private,
public or professional. Whether you walk, stand, sit, lie down or
sleep .. . whether you talk keep silence, ...even whether you
answer the calls ofnature — in these and other activities, you should
be fully aware and mindful ofthe act you perform at the moment!
(p.71).
It is obvious from what DrRahula has said that to cultivate mental
development a meditator does not need a specific place such as a medita-
tion centre, a specific allotted time for it, since it can be carried out
during the daily routine of work in one’s life; or a guide to show the way
to meditation since one can do it by oneself. l agree with him although his
method ofthis particular form ofmeditation is at variance with the practice
ofthe Myanmar Buddhists 1 have sketched in.

3.3 Old age


How old is old'/ lam in a quandry about defining it. It is a vagary
on which different interpretations can be construed, and are being con—
strued, by peoples with different cultural backgrounds. The Myanmar
attitude to it is vague, and the Westerner’s view of it is arbitrary. To the
Myanmar it is any time after the age of fifty-five, an age still too young
to be called old, or to feel old for a Westerner. Most ofthe British people
over sixty maintain that one is as old as one feels! For want of such a
norm, 1 once put my foot in defining old age at the School ofOriental and
African Studies.
One day at lunch table, 1 was seated between the Director ofthe
School, who was about sixty—seven or sixty—eight years old, and a middle—
aged Scot lecturer. The Director was sitting on my right and the Scot on
my left. He was a golf enthusiast, as all Scots are in this game. He asked
whether 1 played golf. I replied in the negative. To his next question,
‘Why not?’, 1 answered jokingly that it was an old man’s game. He was
rattled and made me define what ‘old age’ was. Momentarily forgetting
the age of the Director next to me, I said: ‘Oh, say, 68’. My right ear—
drum was nearly split into two by a stringent voice: ‘68 is middle—aged’.
It was the Director who was shouting these words into my ear.
152 Dr. Hla Pc
the Myanmar Buddhists who are heard muttering the well
known phrase concerning the cycle of life —‘birth, old age, sickness and
death’, it is evident that old age is only two steps away from death. But
death, according the law of impermanence, to a baby, too. So
how is old'/ Be that as it may, as a rule the Myanmar Buddhist not
only feels but is made to feel old by others at the age offifty-five. Attitude,
ethos and perhaps the climate have all contributed to this notion. This is
generally the age when many, especially in the Civil Service, used to
retire during the British period. This rule was enacted, lam told, to enable
the British officials who had served twenty-five to thirty years in Myanmar
to return home and spend the rest oftheir lives with their family. This is
generally the age when most of the and daughters begin fulfil
their filial duties, by contributing towards the upkeep oftheir parents, or
by keeping these so—called old age people with them.
In Myanmar d of sixty is made to feel old, at least psy—
chologically, by two factors. One is the over-attentiveness paid out of
respect and consideration to an old person, and the other is the kinship
terms grandfather or grandpa and grandmother or grandma.
1 have seen cases where elderly people are not given the chance
to do anything for themselves. When a grandfather starts to make a move
to get his pipe from a nearby table, it is at once brought to him. The
moment a grandmother gets up to have a glass ofwater, it is given to her.
As soon as an old father fetches a broom to sweep the grounds around the
house as a kind ofexercise, a younger member ofthe family takes it from
him to do his job. Similarly, 1 was deprived ofmy gardening hobby many
times until lput a stop to it. No sooner had 1 taken a fork out ofthe garden
shed to do the weeding, than a young relative or the gardener told me that
he would rather do it for me. Even in making my own tea, the house
companion or someone else would not let me do it. But, in this particular
case 1 always put my foot down: the tea they make always has too much
milk and sugar for my liking. Ifsuch things go on for months or years one
is bound to feel older physically and mentally in the end.
1 have heard from the mouths ofpeople both from the East and
the West who have grandchildren, that they feel old because they are
grandparents now! It is this term grandparent which instils the idea of
aging into them, some of whom are not even fifty-five!
Myanmars generally look upon an old man as physically old
and mentally set in ideas, although there are sprightly old people who are
more than a match for many a younger man in active life. Incidentally, an
The Myanmar Buddhist : His Lili From the Cradle to the Grave 153
old is regarded as a symbol of wisdom, experience and sound
judgement.
At whatever time a Myanmar Buddhist feels old, from then on
he doubles his efforts in laying for the next life. Some of
the Buddha’s teachings, such as that every subject to the chain of
causality - birth, old age, sickness and death, and rebirth — becomes
poignant and apparent to him. His interest in worldly affairs wanes in
to the growing concern ofhis in the life here—after.
1 would like to put in aplea to you not to visualize every Myanmar
Buddhist over sixty years ofage as a morbid creature losing all his interest
in worldly affairs. There are many who can and do enjoy life.
14 Death
Myanmar language is rich in euphemisms for the word ‘to die’
and for all the concomitants of a death - the corpse and the funeral rites.
This phenomenon is an index of the Myanmar view of the cessation of
life which is both mystic and mysterious.
The Myanmar Buddhists of the twelth and thirteenth centuries
conceived death as a mere cessation of life. The expression they used
then was thei-de win uthet thei-de life ceases, as opposed to shin-de
win uthet shin-de life lives, be alive. Instances ofthe indiscriminate ap-
plication ofthis term in the stone inscriptions ofthat period to the death
of every being irrespective of status, rank or sacredness are not rare. It
was used for the death of even a Buddha. However the establishment of
Theravada Buddhism together with its sacred language, Pali, has raised
the Myanmar people to a higher plane of civilization and has enriched
their language with the accretion ofwords from Pali. They became more
sophisticated. From the fifteenth century onward their vocabulary on death
assumes a different format. A few specimens may suffice.
(1) Man
(a) Ordinary People
thei-de to die
hson-de to end, life ends
thei-hson-de to die-end, life ceases for good
(b) People of status, rank or wealth
aneik-sa yank-te impermanence arrives, to reach the
state of impermanence.
aneik-sa = Pali anicca
kan koun-de karma exhausts or ends:
kan = Pali kamma
154 Dr. Hla Pc
(c) Royalty
nut-ywu sun-de Nat village enjoys, to dwell in the
abode ofthe nat or celestial beings
(d) Divine beings - the nat and Brahma
en-tui-de, Pali can to die
(3) Sacred beings
(a) Monks
pyun-duw-inn-de return honorific particle-do, to re-
turn to his own abode, usually iden-
tified with the abode ofthe Brahma
(b) Buddha, Minor Buddha and the Saint
pureik-neik-bun win-duw-inn-de
Parinibana - enters-honorific parti
cle-do, to enter Nirvana; a
transla-
tion of the Pali word Purinibb0nu
The Myanmar Buddhists’ concept of death falls into two cat-
egories: (1) natural death and (2) unnatural or violent death, which as
already mentioned is described as uséin-thei raw-death. The natural death
is that which is brought about by old age and sickness, caused by, according
to the Myanmar people, the ninety-six kinds ofdiseases. The occurrence
of an unnatural death is always attributed to abnormal circumstances -
epidemics, snake-bites, suicide and child birth. The violent death, as it's
name implies, is a death resulting from violent causes - execution, murder,
accident and attack by a savage animal.
Ofthese, only the unnatural death entails an unconventionally
attended funeral and an unceremonious burial before the night is out.
A mother who dies at child birth is also buried overnight, and her grave,
particularly in rural areas, is guarded for seven consecutive nights, for
fear that a black magician may exhume her body and make use ofcertain
parts of anatomy for some magic preparations.
The euphemism for a corpse is é-thu-bé, the Myanmar
pronounciation ofthe Pali word asubha not pleasant. Its Myanmar equiva-
lent ma-tha is a direct translation of it. Both these Pali and Myanmar
words are used in combinations with other members for funeral terms.
é-thu-bé /ma-tha a funeral, a corpse
a- m ein a funeral house
a. /m ché to take a corpse to the place of interment or cre-
mation
to go alone orjoin other people in a funeral pro—
cession
The Myanmar Buddhist : His Lili From the Cradle to the Grave 155
o / in o/ring often abbreviated to o / in-/ofiug simply
slating, d
At some one’s death there is generally a procession, and a burial
service followed by a offering the seventh day after the
death.
Poignant grief is often expressed publicly by the relatives in
some cases ofdeath. The corpse is thoroughly washed from head to foot,
and the two thumbs and the two big toes are tied together with strings or
strips of cotton cloth. These are called ‘thumb-cord’ and ‘big-toe-cord’.
Thereafter, it is dressed in its best clothes. In olden days, an alternate way
was adopted: the whole body was swathed in a new white
cloth from armpits downward. The face is usually left uncovered, unless
for special Between the teeth is placed a silver d
custom now abandoned by many for Charon’s toll ferry the
river Styx. The body is laid a bier, at the foot of which are ke I d
lighted candle and an earthen pitcher ofwater. As long as the body lays in
the house a plate of food is placed by the side ofthe bier and is replaced
with another at every meal time. All these preparations are made under
the supervision of a person who is steep in the ritual tradition. Help in
this matter is not wanting. Hence the Myanmar saying, 'The corpse will
look good, only when the neighbours are good’. There are no professional
undertakers in Myanmar.
The duration ofthe body to be kept depends upon the status of
the deceased and upon the time taken to reach the mourning house by
relatives who live afar. A poor man is buried as quickly as possible to
save expenses, whereas a rich man’s obsequies last longer. Until the day
ofthe funeral, the house is generally bustling with people. Some come to
condole with the bereaved family, others mostly elderly ones, to meditate
on the impermanency of life by looking at the corpse - in Myanmar é-
thu-bé shu, and the rest to spend the night to keep watch on the corpse-in
Myanmar matha saun. They are young and middle aged men and women,
who pass the night playing games such as cards, Myanmar dominoes and
Ludo.
The coffin is either bought from a professional coffin maker, or
is made by carpenters often in the grounds outside the funeral house.
After the body is placed in the coffin, each young member ofthe family
has his or her height measured with a piece of cotton thread, and each
piece is coiled up and laid on the corpse.
On the day ofthe funeral, as the coffin is carried out ofthe house
156 Dr. Hla Pc
by pall bearers.Someone picks up the water pitcher, that has been lying at
the foot ofthe bier all this time, and pours water out ofit along the trail of
the coffin, and smashed the pitcher at the foot ofthe front steps.
The funeral procession heads for the cemetry. Its length serves
as an index ofthe status or wealth ofthe desceased. In towns, many forms
oftransport — cars, buses or horse carriages — are provided to those taking
part in it. The monks and the nuns lead the procession in cars or buses. In
villages, the follow the coffin foot. Most Myanmars believe
that in joining the funeral procession they gain merit which is said to be
ten times greater than that of to a monstery. Hence the saying:
to the monestery ten times, to a funeral Whoever
started this proverb must have had in mind the sobering effect through
meditation that the solemn mansion has on the people taking part in it.
The route ofa funeral procession to the cemetry by
certain conventions. It should never head for the centre of d
town. The funeral ofa person who has died in ajungle must not go through
any village, still less his own. It has to skirt round the outside of it. The
cemetry ofa village, as a rule, is set apart from it in a place on the west or
south-west ofit. In Mandalay, there is still a gate called 'the inasuspicious
gate’ on the south-west side ofthe old royal city, through which many a
funeral procession had passed in the days gone by. The orientation of a
town cemetry is impossible. There are more than one cemetry inside and
outside it. Every town cemetry has a zayat.
On arrival at the cemetery, the coffin is carried to the zayat, or to
an open space where there is no zayat, and is placed in front ofthe seated
monks, who are there to hold the burial service. The modem trend is to
have it held at home before the body leaves for the burial ground: it is
more private. This funeral service, held as a sort oflast rites on this earth
for the departed is performed mainly for the sake ofthe bereaved family,
and not to ensure that the dead shall have a happy life in the next exist-
ence: whatever the people may do, the dead will not escape the inexorable
law of krama. He is bound to fare according to his deserts that is the
result ofhis deeds in the past and present existences.
The coffin is taken to the open grave and lowered into it by
means of ropes. On several such occasions 1 have seen the coffin being
swung backward and forward three times over the grave before it is
committed to earth. This is, 1 am told, is a gesture offinal farewell to the
world.
The Myanmar Buddhist : His Lili From the Cradle to the Grave 157

Those who are by the grave side throw lumps ofearth or stones
into the grave before it is filled in. In large cities such as Yangon and
Mandalay, ceremation is superseding this burial practice as well as that
of entombment.
On returning home of the relatives may pick up a lump of
earth or a stone from the top ofthe new grave, take it back to the deceased
house and keep it in the front room. This is a token offering to the spirit of
the dead a temporary refuge for seven days. There is a general belief
among the Myanmar people that the spirit of the departed lingers about
on earth during of seven days after his or her death. Needless
to say it is a non-Buddhist practice and belief.
On the seventh day the ceremony for religious offerings is held.
It is calledyei-/e-zfiu wfii ‘seventh-day to feed the monks’. DrA. Judson
in his dictionary defines yet-le-ztln as ‘a feast given to guests attending a
funeral ceremony seven days after the burial ofthe deceased’. Shwe Yoe,
in his book, subscribed to it (p.959). The seventh day is, however, counted
from the day ofthe death; and it is not a feast given to guests attending a
funeral ceremony, but an offering of food to the monks. The word zfiu or
hsun here means the monk's food. Ofcourse the guests are also fed after
the monks as in every religious offering ceremony.
The ceremony follows the patterns of those of the others men-
tioned earlier: feeding the monks and the people attending it; undertaking
the Five Precepts; the religious discourse appropriate to the occasion; the
water-pouring ritual; and finally the sharing ofmerit with all the denizens
ofthe thirty-one planes of existence including the dead. No other single
event in the life of a Myanmar Buddhist presents the opportunity that a
death does, ofperforming all the religious duties I have been speaking of:
dana, sila and bhavana. lnotice this fact at the funeral ceremony ofone of
my four aunts in 1957 when 1 came back to Myanmar on study leave.
The scale of this kind of ceremony varies from one funeral to
another. There is, at the top, somewhat ostentatious display of offerings,
including gifts for the guests; and at the bottom, a modest form of giving
away food. It is called thabeit-thut 'putting food into the monks alms-
bowl’. It is held at the deceased's house or at a monastery with a handful
of people. At the end of the ceremony the food is placed into the alms-
bowls ofthe monks. According to the Buddha’s teaching be it a grand or
a modest ceremony, merit is gained only by those who make the offerings
with all the sincerity of their hearts.
This then is the story ofthe Myanmar Buddhist, as it were, from
155 Dr. Hla Pc
the cradle to the grave. It needs, however, rounding off by tying up the
loose ends, represented by some ofthe funeral rites. These are non-Bud—
dhist practices, which have been observed so long that they have become
customs nowadays. They lie outside my professional domain, but I will
try explain them as much as I can with the help of the knowledge 1
have gained from Myanmar sources. These sources, you must be warned,
are not well documented.
(1) Washing the body
There is ritualistic significance in it. The body is cleaned
beause it has not been washed since the dead person had been taken ill.
(2) Tying thumbs and big toes
This too is not a ritual either. The function of the string is to
keep in position the limbs ofthe body which is subject to various chemical
reactions.
(3) Placing coils of’ cotton strings on the corpse
1 have no explanation for it. There is a similar custom which is
placing a piece of the cotton—tree wood, or a short stem of the banana
plant in the coffin of an old maid. The explanation for that is to provide
the old spinster with a husband in her next life as a woman. 1 do not know
why two particular items are chosen.
(4) The térry litre
The practice ofinserting a coin between teeth is not uncommon
among many ethnic tribes. Burmese scholars maintain that it is a relic of
an ancient Indian custom. When a person died in those days the relatives
thrust the stem ofa red Hibiscus into its ear-hole, tied silver pieces to the
hem ofhis dress, caused him to be possessed by a spirit and sent it offto
the cemetry. There the grave diggers stopped the walking corpse, took
the money and buried it. The red Hibiscus with its dangling stamen, an—
ther and pollen is known to the Burmese people as the ghost flower,
unlucky to grow in the garden, or to bring it into the house or to adorn it
on one's head. However, 1 prefer the Charon's toll to that given in the
story.
(5) Pouring water in the trail of the coffin
The origin of this custom as given in a Burmese book sounds
most implausible. I shall however repeat it for what it is worth, and suggest
my own plausible conclusion to it.
Once a king would not bury the dead body ofhis most beloved
The Myanmar Buddhist : His Lili From the Cradle to the Grave 159
queen. He kept it in the palace. His preceptor, a hermit, heard of it, and
came to see him. By virtue ofhis supernatural power, the hemit summoned
the late queen, who was by now reborn as a female beetle. When asked in
the presence of the king, she replied that she was happily married, and
that she would not change her husband for any one on earth. On hearing
it, the incensed king kicked the body out ofthe palace, smashed the bier
and had the floor on which it had stood washed down with water.
This is an act of spite which loving relative would commit
against the dead nowadays. 1 suggested that its origin could be traced to
who did a relative he hated, and did have the
which his body had lain, washed down with water. And the people, who
witnessed such an act, followed it blindly without knowing the reason for
it!
(6) Throwing lumps of’ earth or stones into the grave
There is a story purported to explain the of this
practice, but it is so implausible that it is not worth your while to repeat it.
1 shall however repeat what a few Myanmar elders have told me about
the reason for performing this ritual. It is a kind of ‘forgive and forget’
gesture. As one throws lumps of earth into the grave, they assert, one
should say: ‘If there ever exists a state of hostility between you and me,
may it end here and now.' The lumps ofearth represent, 1 believe, a token
of peace offering.

3.5 Epilogue
And now, as a token ofmy appreciation ofyour attending some
or all ofmy eight lectures I shall bring my long discourse to a close. You
have seen the tableau ofthe life ofthe Myanmar Buddhist from birth to
death through the spectrum presented by a man who stands astride two
generations. You might deduce from it that the tableau ofone generation
is a replica of the previous generation. This is far from the truth. Every
thing is subject to changes. Nevertheless, the Myanmar Buddhist’s
fundamental beliefs and practices remain almost unchanged.
The family is still well knit as the community is well welded;
Buddhism still flourishes, so too the people’s practice in piety by fulfilling
the three primary duties ofDana, Sila and Bhavana; their strong faith in
re-incarnation, karma and Nirvana still continues unabated as with their
beliefs and practices in astrology, in deities, in magic and in omens; and
ceremonies ofevery persuasion are still being held. So, you can still meet
the Myanmar Buddhist as portrayed in my lecture all over the Myanmar
oftoday.
160 Dr. Hla Pc
lam deeply grateful to L’ Assemblée des Professeurs du College
de France for inviting me to deliver this series of eight lectures in Paris.
Their kind invitation has enabled me to meet my old friends again and to
make new ones. 1 trust that the time you have spent attending my lectures
are worth your while.
Au
(Hla Pe)
(15th March 1954)

Notes: The transliteration of words given follows the system devised


by Chas. Duroiselle (see Epigraphia Birmanica 1, i, pp.6- 12, Yangon,
1916). Certain modifications have been introduced make the system
more consistent and to meet modem requirements. The ‘big fi’ is written
‘fi fi’; the level tone for the vowel series shown as ‘o’; and tone marks
are indicated as in Myanmar script. The transcription of the Myanmar
words follows the system recommended by J.W. Okell: see A Guide to
the Romanization of’ Myanmar, Luzac, London, 1971.
SFQEZQY)7MJLNVIJVQ%O ŒFQSQ
E?QEN]QVRJL XHYXE1YQMJX
QYHO Y6IEJ [QJT[MJ]KE[QLVJ
NVIJVQ%O O F
ΠQSQ[TJ3( SP?QNVIJVQZPVW/H #
[IQS,O ]KURJY]JYOH Y+S J P
N^TJ[J ]O¢H/ZJ[TJ3([RJV7Q ZP)7TJVWH/ T¡HOYJZY4Q
7HEI2]( XNGQ
YHOY+J
QVWQYHOZRJ,O1YRJSYJMJ[J2](E[QL SP?QVHSQTOMJ
[TJEQYJ¡HOESEZTQ[[JESQXYWMJL#1YMJIQE\QYJ\QESQTH[J
XN]MJY, YV’ [
QXEZWQYJSPSRJVHSQTOMJN^TJZQ
SRJUHOESQ
XSH[
Q[H=Y O SPV= HSQTOMJVWQYHO
MJ
MJ)7()7( TRJZ,O E\+]HY O \
J Q[J
VHSQTOMJ N^TJ[QY EV+
Q]K SHO=V?O[J ZYJ\]J \HVJNVQNGMJE1YQMJL
SHO=V?O[JEV+TQNGMJE1YQMJLN^TJ)HOMJ[J
XGOEN]QV7QYZP=FV7[J[VJ]K].Y6IJJE[QJLF[TJEZ5QYJ
XE
&Y( [.L N^TJ
]JVWQYHO V$H/MJN]/]KVJ#Y6IJE[QJYHO[ J MHO JE[+9
7HS,O S]J
GWYEJ [+YOH EIQYJE1YQMJN]IJ[QE
Q#YHOX JL E[+XNVMJ)7MJL G,TQGWYJE[+YHO
N]IJZRJ S,OS]J[QE
Q]KMJ]KVJNVIJVQ%O ŒFQSQ
.9FYHO YIJ=ZIJ=
YQ^+ML2J ]( XE1YQMJT,O NVMJEXQMJN]
QV7QZPMJF#ZPZ[J]MOH J )7MJL SYJ&Y(

+JXHOFV7 ESSRJ\H S,OY$ G+.N]]KVJ (ZHO [MJN]


QV7Q X*ZH]J
TQE
U
QY%WQU
QXHO&Y([TJEQYJYSP=E
E^QJVWQYHOE][.L1SK
X[HOMJY6IJE[QJZHOYJIQ]KVJASP=F>Q[JE1YQMJYHO¡HOSQV7IJYIJT+Q
EN]Q]KET#X. (YE]ZQ[.L G,TQGWYJE[+YHOE[QL [TJVWH/N]MJUMJ[QVWH/
VZO]J]KET)7MJLaZHO= V7Q1YQ]K[J
Y6IJE[QJNVIJVQN]RJY]KSRJ)HOMJM,YV7X[+MJV7Q
%O O ŒSQSIQ)7TJN]RJLXV7[J[
XN^TJU`S*KIQ]+.SFMJYWMJ]
2](%O Œ[
QE SIQE[QJVWQYHOTOE]KMJ
+[JUHORH‹)HM- J[RJN^[J1Y]K[J
 E KYJ[QZ7EF
%O ŒFO
Q
7MJ F(T( V7Q]
HI%H ¥QIJ N]/E[QJVPG.L[JX. ( U`S*KIQ
]+.XGKYT(]+QE
YHOXTHO
Y[MJ[MJ1Y]J1Y]J\HIJ GW/]J\Q
ESQJZRJ
S*KIQSFMJX[+YJEM+E1YXENVQYJXNVQ
YJ
YJE
QE
QS,OT+.)HOMJ
[.L )HOMJM,]K )HOMJM,E[QJXTHO
Y Z+[JZ]JE
E[QMJUHO2](

7HE[QLZRJ
V*ZQ
7HESQEI=
YJXGWHIJXGKXN^TJGO>IJIK
(
YJEI=I,IYJ
IQ
(VHITJYHOE% MJ]RQ
7HVWQ[+YJGWYJE]SRJLX[HOMJZ+[JZ]JE


PG[ .L .L )HMO MJ ], K2](E[QLI[JYI+ JI[JIIJE[+YZRJ2VH/9


+QEYWZYJX)7=,
%O FΠQSQXEUQYJXX,EO ]KMJVWQT+Q)7MLJ EFGWMJ 73Z J WYNJ ^TJETSP[G=OH WRJ
\(\(N^TJETE[+9NVMJ
[.L )HOMJM,N^TJ]K[J

# ZPMJF
##EV+^+QNGMJ
Y6IJE[QJLYHOS,Z+MJNVTJ
.9NVTJZYJ[YJ[TJGOE]Y
+QYEZV7Q
EV+^+Q]K[JY6IEJ [QJL VHSQTOY[TJGWIH [J TJGKYE[QLXSMJXL [MJL GWVJ SQ
YJESQVHSQTO]KZJSVQVHSQTO]K].Y6IJE[QJLYHOEN]QN]1YZHO=
SH
[QYY6IJE[QJLYHOEV+2](E[QL
+QV7ZYJSRJYGWYJ&YH/YHON^[J2](
EG+ E1YQMJ [H
TÈQIJX)©
QJYMJ[.L [TJEI
QV7Q ENVNV‹/]J]K[J ¡HO
Q
XT3JXZQ[TJ
]J]KAGWYJNV‹/]Ja[JZHO=EG]K[J)HOMJM,[TJIJNVIJVQ
V7IJSV5ZHOYJIQSRJL¡HO
Q]K (GWYJNV‹/]JUHO[.LXS,OX)-IJYEV+
Q>Q[H

]J
+Q#2VH/9SHO=V?O[J)HOMJM,YHOR8IJ[.LXH]ÀQJEUQMJZQ]K[J

### YMJ]+IJ[]JV*ZQ
Y6IJE[QJZSQX
+JV7QV+IJZPVWH/N^TJ[.LXF+QYY6IJE[QJLYHO
XVRJE]YMJ]I+ J []J].+ ZO]EJ ]^H=O T(T3J]K[JYMJ]I+ J []JUH[
O QYYMJ]I+ J

RJ U]JN]Q )7MJL3(EGKMJYHOEUE1YQ]+[J[HOYJ2](XVRJIQVE][Q]K


[H[O HOE[QLIQVRJE]]+.]K KY?H)0˜ ¡HO
QV7Q
7[ H .LAAIQVYQVaa)7MJL)+EJ I]K
[JSH=EO SQJZRJXGVJXIQT(T3J]OE, [+YE[QLXE[QJY+QNGQ]K[J
( ¡HO
Q]+.YHO NVIJVQE[+Y V+IJ[HO=\,V7

7H2]( ZOHYJZO]J[JZHO= Y6IJE[QJ


NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
XESXGWQ
7MJN]ZHO]K[JSVHOMJ3(YQZV7T2](V+IJ)7MJLNVIJVQ[HO=I(Y]J

MJ)7(2](3JEYWV-GWMJUYJ)+JEI[QE1YQMJL (ZHO EN]Q[Q]K


(]+.X[+YJ V+IJXS,OX)--IJY AEYQLY]HOa AYMJ]+IJS(
RJYEZ
EGKMJ E]EZQMJSRJa XH]ÀQJ]K]. A^+QNVMJ]+.a EGKMJT3J EXQYJV7Q
XQ?QZ(E E
\Q[QY
AAEV+ZQ[.LYEZ[TJEQYJT(X[+YJA^+QNVMJ]+.a?OEG)HOMJ
VRJ]L +. ZO]JE]
SRJEV+2]( V1YQV(YWMJ]
VRJ]L +. N^TJSRJSHE=O SQJ
XZO]J]KESQ
QS(SHVO= ?OO[J XUMJSMJLVRJL YQZX\HETQMJL2](V7
ZRJYWMJ]]KSRJV[JZ)7MJL_2](Z[+MJâ]+.YWMJ]EZLVWQ@
]+.YHOAEYQLY]HOa?OEG]KSRJXH]ÀQJV7QYMJ]+IJS( U]JN]Q

RJ)M7 LJ EZQMJSRJ?O
@YMJ]I+ J S(
RJ[TJXOH N]/[J\Q2]( I)+MJ

RJZRJ [TJXHO T(V,\Q
SRJ ]\V SQ^+Q ZYJSRJY
YEZ YHO E
GWH/E]SRJ EIQYJ _RJLSRJVWQY YEZYHO
YMJ]+IJ
RJEZQMJE]1YSRJQSHO=V?O[JSQZ(7 KYHOENVV7Q
THOYJ2](^GMJYYHOMJ\Q
@GWH/E
EZ5QJE
ENV\.SHO=T(MJET
IJ
N^TJ@ ZYJSRJ @ ZYJVWQYHOZRJ EUE1YQ SIJ=
7MJ
@
V(^+QT3JY
7HEISPXQZ,O )7ML J V(EIEVZQSPXQZ,O YHO â]+S . = O H ^H[VJ )©Y
N]/
@XEY6XEV+YZRJXSMJX L [MJL ZO]JEZL
S H7 RJ([ZRJ
[(V--[J1Y@aa
GO[+MJW]JUMJ@NVIJVQX*ZH]JXFHQIJYHON]MJUMJ

XQT(T[(%MJUMJYAYMJ]I+ J []JaEK?Q
YHO AYEZ^+QNVMJ2]( EIQYJYEZ
)7MJL X[P]+Z . Q_RJLVWQ@ZYJYO]H KSIJT= MJ
RJ[TJVWH/N^MJL EUE1YQSRJL]a+.
?O^+MU LJ ]OH K[JX^+MY LJ OH âSH=O \]JVN, ^RJTL +YJ
7MJ ZMJ]KES[JAYEZ
^+QNVMJ2]( GO)7TJ
YJENVQYJEI= V(^+QZYJSRJY )+J]MJ[TJVWH/ N^TJ[.L
YMJ]I+ J S(YHO E
)7MLNJ ]/[J2]([E
QJGO)7TJVWH/N]/[J
RJ)7MJLYEZ3(EGKMJYHO
SIJT= MJE]SRJ3(EGKMJSIJT= MJ2]( Z5MJ ZYJSRJYYEZYHOX)7( XN^0)7MJL
]HOYJ2](VHGMJZYJSHO=X]J)7,SRJ2](Z5MJZYJSRJ)7MJLZQE
QYJSRJL_RJL
SRJXE]KMJYUOE[QMJEV[ÉQ]H=1O YSRJa[E
QJXEGKYJ)M7 JL YMJ]+IJS(
V7QEGKMJEZ5QJ
RJ[+MJ V]KVN^TJXHYN^TJ]K[JSRJ)7TVJ W/H V7QXQIHSMJ
 E KYJ[QZ7EF
\PE[+
7H[JZO=H ,O1YRJ1Y[J SRJZHO XQIHSMJ
7H[.L\.V7Q ASEN]a
YHOZRJ\RJLT
Q
7HES[JSEN]YZRJY6IJE[QJ UYJEN]Q
QV7Q
V1YQG4]KMJZQ]KVJ
(V7QS[HN]/T
QY?QZ(E E
QT[(%MJUMJ]K)7TJEQYJZ,OY
XVRJE]UHO[.L TYQ
]JYHO E^QJN]V\Q[.L XGWYJ]K]. Y6IJE[QJLX\MJ
YE[QLXVRJE][.LX]HOMJYVPZ]+.V7QEIQYJ[HON^TJZHVJLVJY6IJE[QJ
MJ
+JT3JY[RJYYMJ]+IJ[]J]+.V7QX\YJE^QJN]]KZO]J¡HOE[+XQZ,O
]KMJ2]( IQVRJE]]+. N^TJ[JZHO= Y6IJE[QJ XESXGWQ SH\Q]K[J
K?Q V+IJE
Q NVIJVQ]K )7TJVWH/Z,OX[+YJ X[P[P]K]. ?JZ(E  XUHO
X[HMO J]K].GOEG[JVQ7 E[QLYEZGOITJ
YJSQX
V7Q (]Z +. O]EJ ZLZ]O \
J
V
7HE[QL]KFP
Y6IJE[QJL[OIJYE[QL ZSQX
+JV7Q XVRJE] YMJ]+IJ[]J
ZO]J]K [J EI=EYQMJ
YJSQ E
+2]( ZYJSRJY YMJ]+IJS([E
QJ
EGKMJEZ5QJ
RJI.= EGKMJEZ5QJE]2](Y6IJE[QJLYHO XEVLZYJ X]J]K[J
KYZRJY6IJE[QJLX\MJE[QLFO
MJVWQFHSHYJV*ZQ]+.YXT3JXZQ
P \ Q ], O ] K].   2](  E[QL  E% MJ U
Q ?P 
Q  Y Y6IJ E [QJ L Y H O
IQVRJ E ]]K[J   Y6IJ E [QJ L Y H O  U
QE[QJ & Y(  ESQJ Z RJ  EYQMJ 
]O/¢H ZJEYWQX
J N^TJESQJZRJEYQMJ\+IJ E[QYJZQVJZ=Z HO RJE?QYHIJ
\O[J]K[JX. (EIQYJZQE
QYJSRJL_RJL]
HS[JYY6IJE[QJLX[+YJ
UOV+IJEYQMJE[+ E[QMJ2]( ZYJ^+.9]TÚRJE[+ZRJ HOMJE]1Y]K[J
_RJLSRJE[+YHOZRJXEY6XEV+)7MJL_RJGL ,]K[JY6IEJ [QJSH[[J[.L
X
+JE
QYJE[QLY6IJE[QJLXE YSRJXE1YQMJE[+EN]QN]G.L]K[J
IQVRJE]YMJ]I+ J []JV*ZQ]+V. 7QFQSQE
ZY4QV]K]KFP
(]+.YEZQY(YHTÚSYJSYJVHO=FOIJ&Y(EYWQMJV7QZRJYWMJ]EZL V
7H
]KFPG
TJQIJ[=
HO .9XVRJE]SQSIQX]J]Y +. HO FO
QEYWQMJV7QZO]EJ ZL

7[H QI.=V[P]K[P[L. X]HOMJYE[QLNVIJVQV7QYEZ3(EGKMJ[E


QJYMJ]I+ J

RJEZQMJEU[QI.= G
TJQIJYYEZ3(EGKMJE]E
^WIJ[Q[P[J#
2](E[QL IQVRJE][Q [P[J GOEG[JV7QE[QL %O ŒFQSQ V?O[J[.L
\,O [VJXT3JXZQE[+YOH %O F ΠQSQV-N]/2](ZYJGG, WM[ J L. XZQXZQE[+

7HEI]K[J (]V.+ WH/XE[QJVWQVWQV7QGWVJSQ[.LVHFVWQY


?IJS,'QVWQ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
XHVJYHO ]MJL^H[J2]( Z70 KIJSV- N]/[[J[J \,OT,X[HOMJ FO
Q# [
Q#
S,'Q
[IQS,O]K ]PE>QJYIJE[QL# MK]KS(Z G,PEUQYJ[RJ# 2](
MJ
U
QE[QJYSMJL
Q[
QV’E?Q1YQGW(NV‹MJL]K[JU
QE[QJYT1Y
E[VMJ@ SQ&Y(SRJ SP]HOMJ
[IQGOITJ]KXIYJ [TJ]KN^TJSZHO
YEZ?QVHVH[HO=
.9
[IQ[TJ]KN^TJE1YQMJVHFVWQYHO E?QVJ
EIQYJU,O S,'QE[QJVWQYYEZYHOXVRJ)7M[ JL ]J2]( UOE[QMJ
EV[ÉQ]HO=2](Z5MJXGVJXIQ]H[J]K[J
NVIJVQXVRJVWQT(T3J],O E
+GWJ],OYXE[QJYEZ¡-]J]K[J
ZHY O IJ Q1Y[.L 3]E SVWQ)7MJL ZO]J]OZ , O]IJ RJYHO]K
(V7QZ+IGJ LE. SQEZ)7TGJ IJ=
YY6IJE[QJ EN]QG.L2](]K2](ZP&Y(VMJVWQN]IJZRJ S[H
ET^HO= (V7QE[QL
X1YVJ^WMJSQEN]Q]KE[QLVJ
Y6IEJ [QJY%O ? ΠP SQUHEO [QLE% MJU
QYAZ7EFaXVRJE]]K
[J EV+EI=)7MJL ZHOYJ^YJSRJL XVRJ]K ZP&Y(VMJVWQ SH
7H
IJX[+YJ

YJS[É[TJ][JV7Q[TJEI=T(X[+YJS[JV7[JE]\Q[.L NVIJVQXY
QE[+

7H]K[JY6IJE[QJLIQVRJYAZPEGWQZPZ7YEZaZHO=XH]ÀQJ
]K[J
(XGWYY J OH XENGG,EYQYJGWYU J V.+ JU
OH MJ UH[O L. VW/H ¡HO XVRJ
JZ=OH
\RJEL ZLV
7HE1YQMJE[+9]KVJSH=EO SQJZRJXEIQYJ[MOH JUIJSP XE[QJ
VWQVWQY ^GMJ SHO=V?O[J VHGMJFYJV7 IQVRJ [TJZ,OYHO P2]( XVRJ
E
79YN^TJETEIQYJYN^TJET\RJEL ZL
7HZQ[JY6IJE[QJL
.9^GMJY3(EM+
[.L#[IZ*QSQ]KY6IJE[QJ
.9R()7TJEQYJZ,OY1YQS
]E[SQE[+#SP[I=OH QVRJYEVQMJFS+MJ X^@],[ O SP P )7MLJ EVQMJNVMJS
L IH J
[TJSHIJ ESQSP[\ O=H YJSQZ+IEJ SQSP ]K[.L]H2O ]( ¡-]EJ \+T
QN^TJ[QY
Y6IJE[QJL VHGMJYIQVRJ VGMJ XEVLYHO FJE[QLV7 3(EM+
YE[QJ ZH=O VEG1Y]KFP XESTH[J EZLZQGWYJ SHZ]HO KY
OT[]JE?QYJ[VIJE
 NVIJVQ]O¢H/ZJIQVRJVWQ 
IJYOIJ SQSIQ
E
<QIV7\O[JESRJ YHO^[J¡-]K
EG[ÉV5XQZ,ON]IJEYQYJ]KVJNVIJVQ%O ŒFQSQ>I(VQY
SP= X]WH/F IQVRJI.= UYJEI[.L YHTÚ?Q 3JEYWV-# T(]+QE
TITJ#
ZPV-E
\,O[VJ)7MJLSYJEV+ZO]JMIJSFQXTTY+.N]QSRJL)HOMJMV, WQV7Q
[TJZ+.\MJ2](N]×IQE])HOMJ]K[J
 E KYJ[QZ7EF
Y6IJE[QJL>I(E SIJNV NV
[IQSIJ YJSPXVWH/SV( Z+IJG.L
ESQ)7TJXE[QJ1YQY2%H[HIJ)HOMJM, E
QYJZQE[QL Y6IJE[QJ[HO= F4JV7Q
]P[+.EM+TQ
MJ^+MJL]K[JF4JVIJEIWQYY6IJE[QJE
Q>I(YHO]KSH]K
[JSHO=ESQJF4JIJ\VJVWQY[TJZ+.V\MJET
IJX[+YJ>I(XVRJV7Q
Y6IJE[QJL IQVRJEIQYJY[+.SMJLE1YQMJX1Y,E]]K[JY6IJE[QJL>I(
YE[QLSP=YHOVTÚTJSIJNVEFSHO=V?O[JVTÚTJEFZHO=SPX*ZIJV7QEISV5
XEGG,
EZE[QL XSQ2MHVJG,EI

7Q[J
]HO2](¡-]J[Q[TJGOYE[QLNVIJVQZPVWH/YOZSV¢X
Q
7H&Y([TJ3(
YHTÚ SP=>I()7MJLX[P )HOMJM,NGQ [TJ)HOMJM, E
QYJS+Q[J E?QJ[J&Y(
[TJGOV7Q[TJRMJ[RJ[JSP=>I(
.9][JTJ]HO=V7QIQVRJY[TJVWH/N^TJEI
E[QLE?QJ[JVIJEIWQYSP[HO=YHO[TJGIJ[RJEI
QVGWGWMJFPYOZ
SV¢ X
Q
7H&Y(YE[QL
7MJN]
7Q]K[JSP=XSYJX
+JI.= SP
.9YOZ
SV¢Y SP
.9
Q\PXUMJLYHO E
QYJEIV7 XENV‹QMJVQ)7MJL )HOMJM,[YQ
EZ5QYJSQ+ EIZ5MJSPXZ+IJVHOYJV.
QYWV7QE]KLZHO= EN]Q2](NVIJVQ3JEYWV-
\,OT,YHOZRJ
7MJN]]KS[.LX.SP[HO=[TJGIJ[RJ
S+Q]K[J
(ZHO YSHYEXQYJXN^TJYNVIJVQE[+SQ1Y,/
[QV?O[J]KFP
2%[H SH 5E[+E[QMJ
TJ][JG,1Y
[Q].[TJGKY[YÞSZ OH U
J
QV[TJ3( SP
9.
TQXO]TJ Q[VJE[+)7MLJ )HOMMJ ,[YQEU+E)+]+V. WQV7Q[YJE
QYJEU+E)+V--E[+
E1YQMJL ]RQ
7MJ EZQYV7Q \MJE]EYWQJ1YQ ZPSHVWQEI[J SPY
T(]+QE
ZO]MJ IJ
7M[ J TJ3( )7MJL ZYJ\]JZOY
H EJ
Q (U
QVYSP
9. ZPSVH WQ
EI[.LX]WH/FIQVRJYHOFJZYJZ8[JGWMJVZ.SP=X]WH/IQVRJ
I.=].UYJ2](TGIJS+QEI[QE]KLV1YQGMJV7QSP=[YÞSHOZJYXO]JGW/]JE

X^+.9YHO V(^+QG+MJLE[QMJG,TQ[MJE
QX^+.9¡,OF$QE[QJ\HIJYE
7¡HO&Y(
YHOJYWMJLSHYQXEZ\QSPN^TJEI[JX.E[QL 
.9V(^+QG+MJL
EZ5QYJZ8Q1YRJL VEYWVGWVJN^TJE
Q KI.= G+MJLE]
IJ NMMJUHOZHOYJ]K[J
EIQYJV7 >Q[J
RJZRJEXQMJ
7MJN]ZHO= YHTÚ2](EN]S+Q]KS[.L
Y,[
QSRJVHSQTOTRJZ,O
QV7QXE1YQMJ[TJ
]JN^TJE1YQMJ
Y6IJE[QJ EN]QG.L[Q GMJ%WQ[OH= S[H
EYQMJ
 ]KZHVJLVJ SRJ\.V7Q
X,VMJ?IJVYWN^TJEI[QYE[QLNVIJVQVHSQTOMJE[+
.9IQVRJE[+]K].
KYZRJ%O ŒFQSQVWQE% MJ,O1YRJ[.LX[+YJ N^TJ
[Q]K
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
###XHVJSQF
NVIJVQ%O ŒFQSQ
.9FV7Q%O ŒFQSQYEI
Q[YQ]KEI[J
SP
.9 XE[+# XEN]Q# XZOO]JE[+V7Q %O ŒE?QEN]Q  S+IJSMJGWYJE[+Y
\MJ?]JEI]K[J
Y6IJE[QJ )7TJ)7TJSQ X
+JE
QYJE[QL XE^LFYJY X]WH/&Y(
XE EZEQYJY Y6IJE[QJLYHO EV+TQ]K[J Y,[
Q)7MJL XR(
Y6IJE[QJ VHSQTO XSHOMJXIJ\.V7Q &Y(N]MJG.L
[J XSHOMJXIJY
Y6IJ E[QJ@ XE[+ XNVMJ YH O N]/N]MJ[ J  Y6IJ E[QJ ZO]J ],O YH OMJ ],O )7M J L
XYWMJLKSIQE^QJ\O[JE][JY6IJE[QJ@YHOJ]HOMJT¡HOYJZY4QYHO
],OSM+ J E]G.L[JZHO= Y6IJE[QJ,O1YRJ]K[JNVIJVQYEZ[TJEQYJYHO
EV+EY6O[.L ][JIJYWMJY XEIQYJ)HOMJM,VWQ)7MJL XE[QJX[IJ
Y+. N ]Q]K[J Y6IJE [QJ  S[HN ]/VHZ Q[Q SH O= V?O [J  S[HN ]/EXQMJ
SMJE]G,
[Q[TJGOYEI=T3JFV7QXSYJKYHO3(TQE]
VJ#XHVJV7Q
XSYJX&Y(U,OSPYXHYV$H/MJ N^TJ[JY6IJE[QJ[HO= XHVJV7QE[QL
XF+QE]KLSYJ&Y(K&Y( YHOYHOMJ ¡-HMJ
EZTQ
[QYZP[MHO JYWMLJ [J].
ZO]JGWMJV7 ZO]J[.LG6MJGWYJV?O[J]KFP
Y6IEJ [QJ
+QEYWQMJVS+QESV(XGWIH J XE[QJMJ[L. X
+Y J T2](
ZP&Y(SPVVWQ)7MJL UYJU,
QV7Q ZHOYJIQ
VRJL 3JEYWV- YWMJL[JVWQYHO
SMJE]1Y]K[J [GWH/9YHTÚVWQE[QLZRJ Y6IJE[QJYHOJ[HOMJ XZHOZHO
SHIQZRJZQ[Q
7]H K[JSMJE][.L X\.Y[GWH/9YHO EN]Q
Z5MJ MK#IMJ
VS,O
Y6IEJ [QJZ=OH S,O
VJ3(EZ#3(&Y( #E EZ#E &Y( XTJY#OH XTJV
FJSP FJKTSRJN^MJL XSYJX
+X J ZHOY#J YWQVXZHY O J EG
VJ
(LN]MJY6IEJ [QJY L OH SMJ1YQ[QYXS,YWY J W)J M7 JL AFQRQaEXQJVEN]Q^HO=
NVIJVQTYQ3J3JEYWEYW)7MLJ ?O[Y J GL. MJ%W#EYQMJ]K2]( E E TSRJN^MJL
ZP&Y( VWQYHO N]IJEN]Q
QV7QZHY O IJ QT
QSMJ]K[JEGKMJRH[J#EGKMJGK[.L
YH O JXVPX
Q)7MJL ¡HMO J[.L XVPX
QVN]
#EYQMJ]K2]( GMJ%WQ#?O[Y J L. GMJ%W
3J3JEYWEYWEN]Q
VJ (TYQE[+X[+YJ NVIJVQXS,O X)-IJ XVWQ&Y(

7]H K[J ]HOUHO[QYXS,YWJYWJI.=N][JE[QMJE[QMJ&Y(V&YH/YJFP#


&YH/YJ[J#V?O[JFP#?O[J[JEN]Q[QVWH/]K].X. KE
7QMJ
VJ
KE[+YT(Y,]OMH JYYQY,]HOMJY[GWH/93]VQE[+ZRJN]T
Q

7H]K[J¡HOESNGMJ K
 #)7HVJLGWNGMJ IHK[ )7MJLYHOJGWMJTQ[
QVWQYHO
 E KYJ[QZ7EF
E[+9
VRJL3]VQE[+]KZP&Y(VWQE
79V7QEI
MJYHOJEIYHO\ J Q?IJ]IJY

]JEI
MJ EGKMJ M,O=\Q
VJ# S+Q
MJ GKYOIJS+Q]K# ESS]JT+Q\HOMJ]K
ZP&Y(YHO[TJGOGOE][.LXGKZYJ)7TJ^YJT,O)7MJLYVJ
VRJGOOEG[JV7QE[QL
ZPE[QJE[QJVWQVWQY ZP&Y(YHO E]T
Q
7H
MJ RQZYJ[TJEI
Q
QYHO
FJZYJY\H\QYHOMJ\Q2](E]EI[QS[HN]/VH]K[J K[(\+MJV-
XSTJ[TJVWH/]K].ZYJ[TJFYJYVXQZ]J
MJE[QLE]T
QYHORQZYJ
)7MJLSQE]
VJ#FJSIJYEZUHO
MJE[QL VZ+JFP
VHEYQMJ^GMJSQSV(X[+YJTQESQYJ]O, TQ]+\ . HOMJXN]/XVP
YZRJ XZ+IJ XE
&Y(]K[J TQESQYJGWHIJE
QYJ
MJ Y6IJE[QJ[HO=
XQZ,O1YVJN]MJE]TQ]+. XIHVY JL EZE
79V7QHMO J \HOM1J Y
VJTQ]+E. ]V7Q
YHOJT(X[+YJ \VMJ]IJYIJ
7HVJ TQ]+.ZJV7Q ?MJEZ]+. SHO=V?O[J
ENGQYJ]+. SHO=V?O[J (L\YJVWQ[.L XVJE[+ ?MJ[TJVWH/ )7TJ]IJYIJT(
GW\QVJ]IJYIJ[TJZ,OZ,OV7 ?MJYHO XF+QG]JPV2](VGWMJFJSPV7
VZ--]J
FPYHOJT2](VTQGMJV7QXF+QV)--HYJ
ES[.L?MJ[TJVJ\.Y
[TJ>+IJG]J2](XF+Q]IJYIJN]Q\.\RJL 3(GW
VJ
[TJGK[OIJYXN^TJX]WYJYEZYHOY6IJE[QJE
E
S[H
EI
[J[TJREIV7QY6IEJ [QJLR(XTJYOH VJY+I. =. SPX = EVY6IEJ [QJ[=HO XHVVJ Q7
RTQZQTQ]K[JEY6[QYIRJIRJEIQYJYWEIE[QLEYQMJEZ
Y UQ2](E]KL TQGWMJE>Q)7MJL SPYT2]( )-HYJTQ]KEZE
Q ZP&Y(E[+
V&YH/YJ[L. X
H]JXY.YHOZRJSP¡OVTHY O JFPSPY¡O[J[
YJAEXQMJVJ
EZ%Wa ZHO= EXQJS, 1YQ1Y
[J SP=XEVY &YH[J2]( E]KMJ[+MJE1YQ
ZHVJ[QYHO X. K\H
MJ XZ+IJIQ[.L XSQ)O]HOMJ (EYQMJ ¡HOMJTHOMJ[.L
XN]/XVPYHO XEVY U,OV ZHOYJ[Q]K KVWH/)7MJL )--HMJ73JT
Q XEIQYJ
V7QZRJ
7H]K
.9\VMJTQ]+.VQ7 >I(BGMJ]I+ J YXV7QV7QZO]JYHOMJEN]QUHGO L
. MJ
TQ]+.EXQYJV7QENGI.= E1YQYJ[J V?O[JZQ
XHVJVQ7 Y6IJE[QJ[=OH EI=T3JZO]EJ IYW[TJGOYE[QL],NO ]MJIQE\QMJ
[Q]K¡HO
Q],ON]MJ#IH]K[JE[QJ],ON]MJYHOTQE]XE[QJXSMJL)7,=T]J[.LZP&Y(
VWQYEEN^QN^QEN]QN]]K[J ()HOMJM,V7QXH]J
QMJGWHIJ YEZE[+YHO
],ON]MJ ^[JN][QI.= UMJ[P]K]. 2]([.LXGKV7Q (V7QYEZVWQY +[J)HOYJ
X*ZH]JY N]MJSTJY  UHOSZHO Y6IJE[QJ[HO=Y
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
XF+QYHO YIJE[QL2](XH]J
QMJ]K[J
##
+QEYWQMJ
Y6IJE[QJMK)7TJSQX
+JV7Q
+QEYWQMJV7QT[MJ]RQSMJ1YQ
]K[JXHVVJ Q7 XE[+XNVMJE[+¡HY O S
J M+ J [.L EZLYWMGLJ IJE[+EYWQMJYZRJ
UYJZO]J]K[JTRJYVJEYQMJ2](TITJ[YWT(V,XO]JGW/]J[.LEYWQMJ]K
XE
#X^[JX[+YJ XS,OZ,OSMJ
]K[JX. ( XGWHIJXGKYT[O[
X VE]ES]KFPT[O[ X YGOEG[JXEIQYJ)HOMJM,E[+V7QXE[QJ
EG[JTQEI[JXQG,[QXO]JT^O +.9
VJYQ[QX. (T[O[ X ]RQVW/H 
YE[QL%O O ŒXU,OXV)7MJL ^(ZQ&Y( N^TJZVH VJL J (EYWQMJSQVWH/E]ZQ
MJ
ZRJU
QE[+YE[QJ
HEZWQJ
HE]WQLTHTHV?O[JFP#E
E
ZRJZRJ&YHVIJ .=
XEUQJG,
V7Q].
EYWQMJ]RQ
.9XHYEV5QJV7IJGWYJYTQ[[J^HO=#X[+YJXGWYJ
[[J^HO=I.=YHOJYWMJLSHYQN]/N]MJE]^HO=N^TJ]K[J (VPK N^TJENVQYJEXQMJ
NVMJET^H=O EYWQMJU
Q&Y( Y (EG[JV7QXS,O VWQZQ[.LUOE] 4JE] &YVH J
)7MJL1YS
, YQ TITJYHOZYJYHOMJ\Q]K[JU
QEYWQMJSQUYJU,E

Y$E
QYJZ5MJ (XE1YQMJYHO GW.9\+MJEN]Q3(V7Q]KEN]QG.L[.L &YHVY J  4JE]
[QYHO[MJTQ]K[JUOE] 4JE]TITJ]KTQEYQMJEYQMJVZO]JSP#
XHVTJ Q]WYY J Y+ SJ #P EI\HMO NJ ]/V]P OY
, U,O VV7N^TJVRJSL #P  (ZOH EYWQMJSQE[+YOH
EI=GMJ\VMJTQEYWQMJUMJGWIH JXHVJN]IJGM+ LJ VE]F.\Q[[J[J&YVH JY
[YJL&YHVJZRJN^TJ]KES[JSH]JXN]TJ&Y([.LSPYHOE[QL&YHVJ [O[J
)7MJLU,OV]K[J
XHVJV7QE
QEYWQMJV7Q]KZYJ)7MJLN^TJET[O[J)7MJLN^TJET¡HOYJ)7YJ
U,OV[QYE[QLVHFU
QVWQZYJS,O]K].[O[JV]KYEZ]WYJT([JZHO=
,O1YRJ\QE[QLXESXGWQU,OV1Y]K[JIQV7V7[[ J JZZHO= .XT+.
7H1Y
[J Y6IJE[QJ V7[JVHSEZQYJ EYWQMJSQFV7Q [TJ&YHVJ[TJGKV5
X¡HOYJVG,
]KFP XHVJV7QE[QL [TJGK )7TJGK X¡HOYJG,
]K[J XF+QY
Y6IJE[QJLYHO ¡HOYJ)7YJ[.L [TJGKYHOE[QL Y6IJE[QJ EVLV
)HOMJEXQMJ]K].
XF+Q¡HOYJ[QX. ([TJJGK]K].XF+QYXZ+IJ1YMJIQ[[JSPIQZRJV-

7HSP]K KE]V.LMJSPY&Y(SPYHOV\(V.LNVMJZO]J
MJYH O JXVPX
QYEZ
E[QMJ SRJVG,FP
 E KYJ[QZ7EF
Y6IEJ [QJX L TJYHO VJY+[ . TJEQYJYXYWRJTQSIJ[J[TJEI=
E[QL SPY Y6IJE[QJ TH[JUHOEXQMJ T]K[J Y6IJE[QJY N]IJU.E
Q
X. K XI(V7Q
7H[.L XF+Q1YQS+QE[QL GWYJGWMJ]. Y6IJE[QJLYHO XHJVJ
EIQYJE^EGZQ2]([O[JI.=ENGQYJGWYJ¡OY H J]K[JXF+QYFQV5E KS
X
H]JXE
QMJVN]]KFP¡HOYJ
MJI.=AEN]QTVJ#EIQMJU.3(VZQ?.LaEVZHOYJ
¡HOYJZHOYJ Y6IJE[QJYAEIQMJVU.E[QL]KFPXF+Q#EIQMJVU.E[QL]KFPa
)7MJL¡-HYJ
MJ¡H-YJ
MJN]IJEN]Q
]K[J
[GWH/9 XE[QJE
7¡HOUIJ[.L VHFVWQY X
+JE
QYJ[.L SQ&Y(#
SV(&Y( YHO ¡HOY)J Y
7 U J O, V[QZ.
7[ H JZ+IGJ [
L. L. X)7T)J T7 JUJEYWQY J ZPMJ
NVIJVQ>I(EVQMJ)7, ]RQE[QJSMJXN^TJ Y6IJE[QJ[HO= ZIJ IJ[YÞSHOZJ
XE
79[HMO J )7MLJ XQ^
HYEZLZQE
EYWQMJYHO E
QYJZQ]K[JF+9. Z+I J (
(
SMJP^=OH ZQ[Q]KXVWH/SV(YEZYNVIJVQXTHO
X^+9. MJIJ&Y( [TJ3(
.9
SV(]KSP=VHGMJZRJSP[HO=ZHOYJ]HO=
MJZIJ IJE
QYJZQ[J[TJEI=V7Q
XEVYEYWQMJZHOYJZQ2](Y6IJE[QJLYHOE[+9]K[JAU
Q&Y( (YEZ
E[+ VZHVJVHOVZHV’Q
7H
MJ ¡HOYJSQ¡HOYJ]K#VYWH/
MJ V].L
MJ 2]([Q].aUHO2](
Y6IEJ [QJY L OH X]J]K[JSPEN]Q[QYVHFVWQSQSV(YHO EYWQMJX]JSRJL
XGK[HOMJ EN]QEIYW TYQ]K SPEN]Q[.L A (YEZE[+a Y XIRJU,O
XSYJ )7TJUJLS,OEZ)7TJ
7HEI1Y]K2](
Y6IEJ [QJEN]QG.S L RJL A1YS , YQaUOE]SRJL XE1YQMJUYJ]KVJ
EI=\VMJTQGWIH VJ 7QSH=VO ?O[J REIEYWQMJUMJ2]( V7QEYWQMJXO]U J
Q&Y(Y
Y6IJE[QJ[HO=YHOTH[J[+YJSGW*QN^TJN^TJ%?OSO[EVG+IJN^TJN^TJEV[[J]K
[JSP=EVG+IJVWH/YAZP[TJEQYJ [TJVHOMJZVJEZ5QYJ^HO= IQ
(YJ1YQ
[J#SPEZVHOMJEZ5QYJ
MJFJEZQYJ1YQVZ.aSHO=V?O[JANVIJVQ)HOMJM,
2VH/9E[QJYFQZ.aTSRJE]KLEVG+IJYHO X
MJU,OEN^)HOMJSPYHO XHVJX
MJ
N]IJG+MJLE]]K[JVEN^)HOMJ[.LM[,OE[+E[QLEIQYJ]H[JV7XHVJN]IJE]E[QL
U
Q&Y( Y\PG6I[ J L. EYWQMJSQYHO E
+\O[2J ]( [TJEYWQMJZ,O E
79V7QGW(V+VJ
[QZ. ZO]J[[JES[J
Y6IEJ [QJ[O=H EYWQMJEIT3JV7QU,OVS+IS J MJTYQE[+ZRJEN]Q]K
[J#VWQESQXQN^MJL %O F ΠQSQ[
QE[QJYEYQYJ)[ - EJ N]Q[[J]K[J
A
[IQS,O]KURJY]JYHOY+J1Y#XIE)©QXI)©MK]K
7HGOHYIJE[QL1Y#
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
XIE)©QXI)©MK]KY
[IQS,O]K)7MJL VHF#U
QE]KMJMKGO]KXSYJ
&Y(SP#
Q\PO4JSHIJ&Y(SP#]RQ&Y(SPYHO ¡HOESEZTQ1Y%O ŒMJ],ON]MJ
VWQ)7MLZ J RJSMJGIJTQE]]K[JEYQMJV-N]/ZHO= YOSOZ H J
[Q#VEYQMJV-
E1YQMJL VEYQMJYW/H E][Q#Y,Y, @XYW/H YHO R8IJ 2]( U,O VS+IS J MJ]K[J
EYWQMJS,O^[JTQXO]JVWQV7QZRJ (XGWYJE[+NG,/M,O[.L],ON]MJE[+
]KMJ]K[JNVIJVQTQE]YZRJ%O ŒFQSQXVWQ&Y(TPMJEI[QUHOE[QL
U,OV1SK E[+XZ+IJE]K YJ]K[JEZQF#E KS#EVQ?&Y(SPV7Q
N^TJ[[JSRJL XYOSHZ O J#G)©#( EV[ÉQ#Y¡O4Q#STÚQ
7HSP
SRJL YOSOHZJ
E[+YHO XVWQ&Y( E
]K[J],ON]MJE[+YHO EI=EYWQMJGWIH VJ 7Q^[J1Y
]K[J
RGMJEXEXEUEUXHVJVQ7 EI[.L XGWIH JVQ7 ZRJZP&Y( VWQY],NO ]MJE[+
^+9. )+9. EN]Q[Q1YQ
]K[J2](E[QL]+Z . VJ
7[
H X
L. GKR>Q[JSFMJ].V+ 7QZRJ
YN][Q[TJGK[TJ
, E[+9
N]IJ]K[JYEZE[+ V&Y(N]MJV(Y[RJY
3(EGKMJ\.YHO SRJXSH[
QE[+ ¡HOYJS+MJ\QE[QL NVIJVQYEZ [TJ
EQYJV7Q KE[+YT+.\MJEI]K[J
(N]MJY6IJE[QJ[OH=[JMKS+JE[+YHOZRJXZ+[JYWYJ\Q1Y

[J[JMKS+EJ [+YMK]KS(Z)7MLJ UMJ[P ZHY O ^J YJEXQMJYWMLJ [JXE

X[+YJ T(T3J[QN^TJVJVHF[É
QMK]K#SQSV([JMK]K#U
QL[J
MK]K#[]RJL[JMK]K#ZMJL[JMK]K#VQ[JMK]KUHO[.L[É
QMK]K
XS(S(
7H[J (TQ
H[É XENGG,E[+YYEZVWQYHO N]/N]MJZ=OH
[.X L GWIH VJ Q7
S+[JS+MJ\Q[Q]KEYWQMJSQ
.9TH[J)7Z,OV7Q[GWH/9T+.YWIJEIV7Q]K].
EYWQMJ^+M
LJ YJVWQV7QREIEZIQ
(V\HO V(ZO]1J Y
[.L [QIJE[+Y
(X
]J N]MJSTJ V7QVIYJEYWQMJ[YJFO
Q
7GH OH [Q)7MLJ UMJ[]P K].Y6IEJ [QJ
[HO=YFO
Q
7HGHO
++[J1Y
]K[JVWQESQXQN^MJL EYWQMJSQSHO=V?O[J
EYWQMJSP X&Y([TJEQYJ GWE][Q ZHOYJUHO1Y
[J (XT(XT3JV7Q

[IQS,O]KYIJE[QL2](MK]KS(ZG,P
]K[JS(ZMK]KY  VS[J
N^[J)7MJL  VGOH7YJ)7MJL  ZHVJVEN]Q)7MJL  YQVO4J VE^QYJN]IJ)7MJL
 X
YJESTQVESQYJ)7MJLEYWQMJSQX
+JX[+YJ X\PEN]QT
Q
VZHO]KFPEIQYJUO, S(Z)7T]J KYHEO [QL\HIJ )HMO [ J JSHEO= SQJ[TJGKV?O[J
[TJGKE[QL YWIJS(ZS,O]KYHO [TJGOGOESQJ ZRJEYQMJ XQZ,OESQJ
ZRJEYQMJGWH/VH]KZHVLJVJSHO=ESQJZRJSP &Y(N]MJZQ[.LXGKS(Z
 E KYJ[QZ7EF
XENGG,E[+YSPT= H[JVQ7 T+.YWIJEI]KZHVLVJ J KE1YQMJLSPN]/SV5X
Q
QV7Q
X\HIJXY+]JE[+N^TJEI]K[J
S(Z\HIJY+]JSRJLXE1YQMJEN]Q
MJY6IJE[QJYHOJE[+9N^TJ
]J
[TJGOYHO S[H
ZQ]K[JY6IJE[QJ XE[QJYEZMJ[OIJYXHVJV7Q
X[PEIEYQMJEZ[TJEQYJ
7]H K[JSP)M7 Y LJ 6IEJ [QJ[+V. [
H JSHE=O SQJ
[TJEI=E[QL
IJN^TJ1YE
QX. E( I=REIV7QY6IJE[QJ[=HO NVTJU]H U J MJE
GW/H 
1Y[JY6IEJ [QJYX
MJE
\.Y[YJZQ2](SP=XE]VEYQMJ1Y,TH[J
)7MJLSPZ.[JVJLX[JXTQE[+YHO7YJ\QZHOYJ[JNVIJVQN]RJVQ7 Y

QS(]PN]MJE[QL X[JXTQ V1YQ V1YQ Z.[J^HO=ZOH[Q ]


HS[J\.Y
[GWH/9E[+ SHV7Q]K ]PE[QL EG6\+YJ[J V?O[JZQ
7]JXYW´YHOZRJ
[JZHOYJE
QY6IJE[QJLYHOYMJ2V(EYQYJ[+J]KE
QXEYQMJYXYW´
EYQJZ,\.XH[JY]J\V. Q7 EXQMJEI],O
[JY6IJE[QJIQZ+IJZHO= MHO
[J
?HOEYQMJYZ HO .SP=X[JXTQE[+FJV7Q
7QPU[ HO QY6IJE[QJJEN]QE[QL
¡-HYJ¡-HYJ2]( EN]Q
[J AVMJ XYW´E[+X(X(?HO?HO
X(XQX?HO
MJF[JYHO X(aGOZOH SP[TJ]K
VEYQMJ1Y,VHSRJLX[+YJ YHOJG,
[Q VEVL]K SP[TJ]KYHO A[+JaZHY O J
GWMJTH[JN^TJ[HOMJYMJ2V(EYQYJ[+J[QS[H
EI]K[J
XVWH/T,O[QYFYHOEN^QET]KS[.=GOY6IJE[QJNVIJVQ%O Œ
FQSQ@ F],OT, [TJVWH/YHO EN]Q]K3(VJ# KEZI.= Y6IJE[QJ
.9
+Q
EYWQMJSQFYHO V(EVQMJ\HO2](XU,OS[JGWMJZOH=]K

### ZH]JN]QEGNGMJ
EYWQMJTEI[.L )7TVJ Q7 XEV7QMJ\Y . 
+QZVJX[HMO J EZ5QYJSQ+ [OIJ
Y6IJE[QJ ZIJ=S+Q^P]K[J ZI=J2](^WQE
Q
+QY EUU
Q &YH/TQ
YOSESQJZRJ Y6IJE[QJL X^WQY VSYJSQ]K Y6IJE[QJL  X^WQY
SQVIJX^WQV?O[F J PX]V7[ ( Q[TJGGO O]P[QZH=O [GW/H 9YEN]QZQ]K[J
Y6IJE[QJLZH]JN]Q ZIJ=S+Q[J [GWH/9YZRJ Y6IJE[QJLZH]JN]Q TMJSQ+ 
[J KE1YQMJL ^WQ[JZHO= EN]Q1Y[J XF+Q)7MJL XE VWQYE[QL
ZH]JN]QTMJS+Q[J G)ŒQV7 N]MJ]Z+MJLS+Q[J  ZOH= ,O1YRJ1Y]K[J
(E[QL ¡HO
QX[HOMJZH]JN]QEG^HO=ZO]J1Y]K[J
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
Y6IJE[QJL XF+QY ]\V ]TÚRJE[+ T,OEXQMJ TO2](  SPE
79V7Q
T([IJGW \Q]K[J   ]IJYIJN]Q [TJGW]JV7Q \VMJUO]J  UO]J 
UO]JGIJ= \RJ2 ]( \IJZWYJG. [TJG.T( XE]Y XO]JE]]K[J 
E
[TJYJEZQYJ\RJL\QSRJLXMJ[,O#EXQYJENGV7QYY+VJS(NGVJ
)7TJZWYJ   >Z,O[TJZ,OYHOZRJE
[TJYJ].\RJL\Q[J>Z,EO ]V7Q
XN^0XI( GWRJ[TJGMJ U+.\QZHO= EZ[HOYJ[HOMJ Z8.EI[J   ZMJ]IJ
YEZ[TJGW]VJ 7QE
8ZYJT+]J\RJL\Q2](ZYJT+]JYHOXI(XN^0GWRJV5M)J 7MJL
GWRJ2](U+.S(],OZO]J\Q[J
]\VY6IJE[QJLXF+QY\VMJUO])J 7MJL ]IJYIJYOH ZYJ)7T^J YJ)M7 JL
V P2](IYJ[TJ]K]KYHO]SSRJL],OVWH/[TJT,O[
Q[HOMJ[RJEN]QUHO]K
[J#2](E[QL]IJYIJN]IJGW[J2]( E[QLXMJ[E,O XQYJENGYY+VJ S([TJ
NGVJYHOPZYJT,O\.V7QYHOMJZWYJ]PE>QJUYJSN]IJ]K[J]S
MJ[TJGOGO
XQVG, Y[HE]]K[J  2](V7  XMJ[O,E
\. Y+VJS(NGVJ  N]IJ)7TJZHOYJ
]K[J KYHOX&YHVJ&YVH JZO]J]K[JEIQYJU,O Y+VJ S(NGVJZ,OVWYJ)Q7
N]MJYHOXE]FYJZ7IJ2](T([JZYJT+]JYHOZMJ]IJV7>Z,O\.V7Q[+.EZQMJ
U+2. ]( GEZQYJE]]K[JGWRGJ MJYOH ZYJT]+ ^J YJN]0ZQEXQMJNV0‹ E][Q]K
XGWH IJ E[QL  IRJIRJ  1YQ]K[J KE]V. L EIQYJ U, OV7Q  GWRJ GMJ Y
ZYJT+]J
7H
Q ZQ]P]K[J (XGKV7Q XF+QY GWRJGMJYHO ZYJT+]J)7MJL
[+ . G WRJ Z H OY J2 ](   ZYJT + ] J [ + . E ZQMJ  )7 MJ L  U+ . & YH / YH O  Y6IJ E [QJ L Z RJ ]MJ 
T+]JE]]K[JY6IJE[QJL ZH]JN]QY6IJE[QJLYHOJ\. N]IJMJZQ]K2](  KY
%O ŒFQSQ)7MJL VUHOMJSRJL ZO]JIRJ ZO]J?IJ[TJGO]K (ZHOZO]J2]( V1YQV(
Y6IJE[QJYWIJVQZQ]K[JY6IJE[QJSHSEZQYJGOZO]J[.L¡HO
QY
NVIJVQN]RJ[TJZ8QZPVWH/TOE]KMJT,OZO]J[[JSRJLXT3JXZQN^TJ]K[J
%O ŒFQSQXEI)7MJLHRQ3JJ
7HSRJ?OZYJVG,]K¡O]J)7MJLIQVJYHOSQ
ZYJG,]K[J¡O]J)7MJLIQVJXE]KMJSRJXSYJ>(HIJN^TJ[J[TJGWHIJGWHIJ
V7QNVIJVQE[+XSYJ>(HIJ)7MJLZH]JN]QYHOE
QE\+S+QG.L[JFJ[OIJY
(ZHO¡-]JE\+G.L[J#FQE1YQMJLUHO[QYHOY6IJE[QJVEN]Q)HOMJ]KFPX
Q
Q
[OHMJV7QYHOJ]HOMJXETQMJLI[J
7H[JZHO=P[.LXPX YMJXYWIJN^TJ^+J

7H]K[JZ,OZ,O &Y(%O ŒK )7MJLVSYJUOHMJ[QN^TJEI]K[JSHO=ESQJZRJ


NVIJVQVWQY (XPYHO ^YJ[+JZWYJ
7HU.]K
 E KYJ[QZ7EF
E
8¡HO Y SPE
[.L TQXO]JV7Q ZH]JN]QXE1YQMJ XE[QJVWQVWQ
E
\Q ]K[J
E
8¡HOE
NVIJVQ#SP=F)7MJLXNVMJ#ZIJ IJ
TQV7X\H SPE
[QYAZP=XSYJYZH]JN]Q[+MJEXQMJSRJ
ZH ] J N ]Q E]WQYJ Y +  J S + Q ESQXGK ES@ ESX, L U . U .  ZP S RJ
]KT]J?ZHOYJESQXGKZH]JN]QSRJG)ŒQYHOJ\.V7\+YJ@#\+YJ\+YJGWMJ
ZPZRJESSRJaEIQYJUYJZYJ2](AâXE1YQMJE1YQMJ]L MJNVIJVQVWQY
XH]JE]WQJEISP [TJEQYJYHO )-H
IJ X&Y(XYWJ TH[JV]KN^TJSRJ
XH]JEVQYWEISPYHO¡O[J[
YJ)--HZHOYJZ5MJ\HGHOYJT
Q
7HE1YQMJX\YJ]K
ZH]JN]Q
7MJZMJGWYJX
\MJ
7Q]KSRJSP=ZH]JN]QSRJSPXH]JE]WQJEIT3J
EEG+ Q EYQMJ    G+ Q EIVRJ # XGWH I J V (  SP = E I
QSP  N]IJ VE
QYJ ) H O M J
N^TJEYQMJN^TJS+QVRJ\HOSHO= N^TJZ5MJ ZPY^WQIQE[QLVRJ# XIRJU,O
G4N^TJETVX(VSQN^TJ)MHO JSRJ\HO=E1YQMJLNVIJVQXETG,[TJEQYJXQ
XGWH I J E
QYJ Z 5MJ  MKL Y H O  )- H  E]?O  GH O M J  Z5MJ  XGWRJ  X)7 (   N^TJ @ 
XGWIH JE
QYJESQJSPZQVRJ#SMJY L OH V1YRJVSQ)7MLJ 1YRJZ L HVVLJ RJ2]( E[QL
[TJG O G O N]/[J Y W2](  XS,N VRJ E TGWMJ TH [ J  N^TJ S RJ  SP Y HO  J [ H O MJ Y VP
XH V J [ + M J  MJ Z QSRJ L  SP G H O  ]VQ UH [ J 2 MH V J T + Q  S+ Q  ZQ@ N]MJ ] V7
[TJE QYJEQYJY  XE)7Q MJLX7YJ E]EXQMJZ RJ SP U)˜V
7H
SP=E1YQMJLE[QLVN^TJETZHO]KEIQYJU,OE[QLSGMJYHOXH]J
QV7)-H]K@SP
)H-GWMJSRJLXGWHIJ\YJ[TJIQ
(G+.GIJ=EIQYJYWEIE[QLVRJ2](E[QLSPY
SIQ^+J NVIJVQ[]RJLYHO &YHVJVRJa
[GW/H 9NVIJVQVWQYXH]EJ ISPYOH V)-H GWM1J YFPXQZ,O E[QLV?O[]J K
X\PSN^MJLGWTJGMJSPUHO
MJV)-HGWMJFPUHOSRJLEYQYJPGWYJYHO Y6IEJ [QJ
E\QYJG,]K[JY6IJE[QJLSPMJGWMJ[TJEQYJ
7H]K[JSP=GWTJ>I(Y
SPXH]JEI
MJV)-HFP#XZ+IJYHOXE
&Y(ZHO= V)-HVN^TJV7SQ)-H[J#X. (XGK
VWH/V7QZ. >I(Y SP=XIQS+Q ZRJEGWQMJ
7MJS,YHO [[J)HOMJSEZQYJ
YWY J WJ X
.T+I2=J ]( XS,NVRJE][JSHV=O ?O[J YO[MJE]\HMO 2J ]( SPZ = YJ
YHORMJRMJSQSQEZ\H#IQIQY]JXS,[HO[HO)7MJLIQVRJEGSPV)HO

E
8¡HOXVRJG,SPV7QX*ZH]JX
Q
7H&Y( N^TJSRJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
VGWMJ ZO]JVJ (XVWH/SV(Y SP=EQYJWQ
.9 G)ŒQI.= ZH]JN]Q Y+.S+QV7Q
XZ+IJ THO[JSHO=ESQJZRJXNGQ>I(E[+ GMJ]+IJE[+ XVWQ&Y(ZRJ

7]H KES[JSP[Y O=H E[QLXH]EJ IESQ>I(#GMJ]I+ J YHO )-H^H=O IRJIRJEZV7


IJVEZ]KFP
##X*ZH]JEYWQMJ

+QEYWQMJV7Q MK)7TJEI2](E[QL EVQJZ2VH/MJY X*ZH]JEYWQMJYHO
Y6IJE[QJ EN]QMJ]K[J XE[QJYEZ EYWQMJTQ
H[J &Y([.L EFQJ K
EYWQMJ]K Y6IJE[QJLYHO EV+TQ[.L XE VWQY SP[HO=
7HSV5 NGTJGW/]J2](
Y6IJE[QJLFXTEYQMJET^HO=ZO]JE][Q]K]RQSMJ
[QX. (EG[JY
XYOIJXYW XZ+IJVWQ]K[J SQSV( EYQMJTQE
YHO E
79[IJ[MJ
\Q[.LVHFVWQYSP[HO=YHO>+.I].)7MJL]RQSMJE]]K[JY6IJE[QJLXE 
VWQYZRJX. (X\.Y]K].XNGQXE1YQMJVWQZRJ
7H)HOMJ]K[J[TJ
E1YQMJYE[QLY6IEJ [QJY]RQ
7H SOGVHINJ ^TJ
IJXZQXZQ
7Z H =HO EIQYJ
]HOMJV7QXE VWQYXQ
]K
N]IJEN]QEZL
7H]K[JY6IJE[QJ YEZ
FY T2]( ]RQ[[J ZY4QE[+ E[+9NVMJ
[JZHO= EN]Q]K[J
Y6IJE[QJYTQXO]J)7MJLSQEI
Z5MJFJSP=YHOV7 OYV E][[JFPMJT3J
Y TQXO]JYHO Y6IJE[QJY EN]QMJN]IJYHOMJ\Q2]( YHOJIRJI.=YHOJ ^[J
EI[J2](E[QLY6IJE[QJTQXO][ J TJXO]JE]ENG)7MJLVE[QJ[UIMJVH
MJ
TQXO]JYHO \HOMJ
7HGHO]KS[.LEIQMJV7 Y6IJE[QJ SH
[Q
7HES[J#XHVJY
Y6IJE[QJLX\YJ XTJYHO XTJVVWQY TQXO]JYHO Y6IJE[QJL ENG)7MJL [VMJ
\H[J# Y6IJE[QJ TQXO]JYHO \HOMJ
7HGOH[Q 1YRJLGWMJZHO= ZO]J[[J1YS[.L
NVIJVQXVWQYTQXO]Y J OH X\+[XJ NV[J\Q]K[JTQXO]\ J . E
\Q[Q
XQZ,OYHO [H]HY%O ŒTQE]ZHO= V7[JP2]([IJ[P \Q1Y]K[JNVIJVQ
UHO¡HO[TJGOYATQ[TJZ,OFO
Q[TJUPaZHO=UHO]K[J
Y6IEJ [QJLYOH X*Z]H EJ YWQMJ]HO=SRJL EIQYJXE1YQMJYY6IEJ [QJ
U
QE[QJN^TJVJ#V?O[
J MJ]O/¢H ZJEYWQJN^TJVJUO[ H .LE% MJU
QXE?Q
Y
7\ H QSRJX L [+Y]J KXE VWQY (XE?QYHO XEV5Q&J Y(EV5Q2J ]( N^TJET
GWM1J Y[J[NGQZYJE[+9YW[L. XE1YQMJZRJ K)7MX LJ [P
7]H KES[J
Y6IEJ [QJL ]RQE
X[+YJ
MJ)7( NV/‹ ])J \
,7 Q
MJY6IEJ [QJZP[TJZ,O SP[TJZO,
N^TJZQV7QVHO= SP[HO= XSYJX
+J&Y(SRJLXGKXE\QYJX]L, N]IJ
VJZOH=
[+YJ[QZRJ]KVJ
 E KYJ[QZ7EF
K\Q]KTH=O X. E( G[JYEVQJZ2V/H MJ XTHO
YX\YJ[IJEYWQMJYHO
Y6IJE[QJ MJ]K[J2VH/9YS,Z+MJNVTJV7Q#Y6IJE[QJL
+Q)7MJL VHOMJ GIJ=
E]K[JYHO)7TS J QE[QSQZP¡HOYEZ2VH/9[YJZQ[QT3JTQ1YRJL
TVJ]K 2VH/9&Y(Y IQVRJ&Y(EYWQMJ [YJ^HO= ZQG.L[Q Y6IJE[QJ XHVJYHO
Z+VJ[J ]\VE[QL 3(E)7QYJE[+ENGQYJ TH[JE[+¡-]J V1YRJVSQ].
SH]JV1YQ]KFPY6IEJ [QJEI[[J\HOMJ[[JZQ]K[JEIQYJV1YQ]KFP
Y6IJE[QJXT+VJXTI.=T¡HOYJZY4QE[+N]E[QL[Q]K].[TJEI=X*ZH]J
FQSQSMJGWHIJV7QY6IJE[QJFMJNVMJL2](AZ+[JaS+Q]K[J
UHO[.L KYWYHO Y6IJE[QJ ^[JVJUHO2](\ZHOYJ]K[JX&Y(
XYWJ OYE
QYJ]KE
QY6IJE[QJY ^[JZY OH EJ [QL
EQYJWQEZS,O UJEZQYJ[TJ[IJZ,O KYI.
J1Y]KE
QY6IEJ [QJ
Y YHO XOIJS( ZHO=^[JE[QLNVIJVQXOIJS()7MJL[TJS,[RJ
N^TJEI[QYHOX. (YT2]( Y6IJE[QJLIQVRJEN]QMJAXOIJS(aZHO=[+MJ]K[J
EIQYJV1YQV(VQ7 E[QLY6IEJ [QJXENGXEIYHO EN]QMJN]IJZI7 Z J YOH )J MOH ]J K[J
ENGQYJZ1YQSRJLXGK Y6IJE[QJLYHO T[O[[IJ [MJE]ZHO= ]¡HO VHO
7MJ

]K[J
\HOEG[JY NVIJVQN]RJ ]RQE
TITJX
 X\YJ[IJEYWQMJV7Q
XIHVU LJ O, X[IJY[[H[IJ]KXNVMJU L O, X[IJY  [IJ]KN]MJSTJ
Y FYÞEZQ
HHOYJ EYWQMJ\+YJZYJV7[J
 XUMLJ)7MJL
[IJ[PN^TJ]K[J
&Y/H TQV-#·4J)M7 LJ Y,[Y=OH Y6IEJ [QJY L OH XYW/H E]]K[JU
QVWQ
TH[J[HOMJYW Y6IJE[QJ [TJUMJL2]([TJUMJL [YJZQ]K[JY6IJE[QJ@
YHOLY
J HOJYO H J,1O YRJV-YUMJNGMJ[,O[
QZYJZ+[JSRJX\HZ+IJ[YJ
S+QES[J[TJGKYX][JT3JSGW*QXTVJTQEV]+.V7QEN^T
Q]O J
E]\Q2]( G+MLNJ ]/GWIH Y J IQ
(Y6IEJ [QJY[TJIQ
(SQSQEZ)7MLJ XQZ,O
[+YJ2](S+Q[J Y6IJE[QJXGIJ\..V7 XGWHIJVETLV( EUQMJL YQ YQ
\+YJS+Q]K[JXV7[JTQ
MJE[+ \+YJE[QL Y6IJE[QJ SOR
]K[J
Y6IJE[QJ VEVL)HOMJSRJL SMJGIJTQ]K].

7TJ[IJ YHO[IJ UJ[IJVWQV7QE[QL NVIJVQTQY Z+.Z5MJ
FQSQ
]J XQZ,O X*ZH]JTQ)7MJL SMJ
]K[J TQEV]+.[HOMJV7Q ]\V#
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
O[H# [[H EI
QE[+YHO XH)˜HSQ YOZQEZ[TJEQYJ# [NGQ
NVIJ V QEZ [TJ E QYJ ) 7 M J L  Y6IJ E [QJ [ O H = ] .  X]H O M J T (  \Q]K[J 
Y6IJ E [QJ [ O H = \ . Y  [TJ  EQYJ E QYJ  ]\VEI
Q
S+ Q [. L X GK
YWIJ)7TEJ QYJVEYWVGWVJN^TJEIV.LVWY)J 7QE]YHO T3JTQSQ1YRJL]KE[QL
EIQYJ U ,O   EYWQMJ 2](  [IJ U, O  TQEV]+ . & Y(  EN^1Y]K[J
Y6IJE[QJ[OH= S,OEQYJZ,OEXQMJ]K[JY6IJE[QJYFQSQXIYJ
 FQSQ O4 J\ P 
2](  TEYQZQ
7 T J ]RQSMJ U O ZRJ 
]K[J 
( T EYQZQ
7 T J  V
G. L Z 5MJ  Y6IJ E [QJ  GO G WH I J \ H 
+ Q XI(  [TJ  H O Y J V 7 Q
ZJ\+IJEI
ZHVLJVJ Y6IJE[QJL 2]H/MJ^YJVWQZRJ TQEV]+.XV7[JE[+
XZ+ I J E YQMJ  1Y]K[J   KE]V. L  NVIJ V QEZY TEYQZQ
7 T J Y H O
Y6IEJ [QJIL RJ[P
ESQJZRJUMJ
.Z+IJ ZH=O [YÞSZ OH J UYJV[YJ)MOH
J Q7 FP
YO Z Q)7 M J L  Y6IJ E [QJ Y  Y, E YQMJ  ]K[J   ( Z P M J
S,OEQYJXE1YQMJI.=X[P FJ],OFJIRJ Y6IJE[QJ T+.T+.NV.NV. Y,,OSP
N^TJZQ
],OYHO EIQYJ]HOMJV7Q EN]Q]KVJ Y6IJE[QJL EYWQMJSQFYHO
XU,OVS[JV( EYWQMJN]MJ]V7 XN^TJX]WYJ S,OGO XE1YQMJ Y6IJE[QJ
EN]Q3(V7 N^TJVJ N]MJSTJHOMJE[+ XZ5,]J[HOYJ2]( VEN]Q]K)7MLJE[QLZHO=
)-[J]H[JE[QMJV7 EN]QYHOEN]Q
VRLJ XN^TJSITJE[+]K

YJ
R 7 J EYWQMJ]H[
J YJX[+MJ Y6IEJ [QJ
Q+ V7Q].EI]K[JUPR,
¡-]EJ \+Z7[.L EVQJZ2V/H MVJ 7 E
Q]K
+QV7QE[QLY6IEJ [QJY[TJ
]J[TJEYW
E
QYJSPTHVJ [TJ
,U,V?O[JFP 
+QV7QY6IJE[QJ%O O ŒFQSQV?O[J[L. ¡HO
Q
[GWH/9 1Y,/
]K[J ¡HO¡HONVMJ ¡HO¡HOE[+[[J[.L EYQMJYEZX[+YJ
[X,L[1SN^TJT
QE[+]K

### I[JYHO]+.
EN]QG.L2]([.LX[HOMJ]K].NVIJVQVWQVSHVSQ,O1YRJXQ\Q[.L
XETQMJLI[JE[+XVWQ&Y(
7H[JETQMJLE
7QYJ[JE^V[JZHO=,O1Y
[J (,O1YRJV-YHO XT3JXUYJ XEV+
G.L[QUOHE[QL )7TJT3J I[JYHO
]PE>QJ]S1Y E[QMJ]IJ1Y
]K[J EVLEZWQL]WYJY+YJG.L
MJ SP[HO=E
Q
VHSQTOVWQ]KN]×IQ[YJ)HOMJ[QV?O[JZQSRJ]+.VWH/)7TJ]+.XE1YQMJYHO
V^+.9V)+.9F.)7MJL Y6IJE[QJEN]QN]]KVJ
 E KYJ[QZ7EF

 3(
7MJ&Y(
]\V]+Y . V+IIJ [JYOH ]+. ]PE>QJ]S2]( E[QMJ]IJE[QMJG,[L]. +. V+I[ J =OH
XT3JXUYJ EI\HOMJ
Q EXQYJNVIJVQN]RJV7Q ZPXVWQEZTQ[.LI[J
N^TJ]K[J
NVTJY6IJE]E SYV+IJZPMJEZ[TJEQYJSP=
Q+ SQXGWH/9
)7MJLX[P STJSQ[HOMJZO]JT
Q STJGO[J^HO= EZ7)7MJL ]JZJN^[J2](Y6IJ
[TJY6IJYHOYPS+Q[JVHIJVZ7Y6IJZHO=EG[.LY6IJE]E
QYJS+QE[QL
SRJEYQMJEZYE]WQLGWHGWHZP%Z,EZUHOE[QLSP=YHOEZ7ETQMJLI.=XGWYJ
XN]/[J\QG.L1Y[JSPYXE^QJE[+YHOETQMJL
MJEZ7E]V7Q]KZQG.L[.L
ETQMJYHO[([J Y,UHOSP N^TJEZE[QL SPY ETQMJZYJT+VJ\YJZ72](
XZ7X]I[JSV(E[+YZRJY6IJE]V7QXZ+IEJ ]KETQMJZYJS, 1YQ
E[QLI[JSV()7TEJ QYJYSP=YOH [IJ[IJT+. N^TJ1Y]KE
Q (Z)HO M7 JL (EYQMJ
Y )7TJEQYJZ,O)7MJL EV[ÉQV5[J EZ7SQE[+Y STJGO[J2]( [OHMJE[+
EZ7[TJTMJTQ
E[QLXHVJN]IJ1Y[JY6IJYEIIRJIRJZ7VJSRJL EI
Q
E
QYJE[QLEZ7Y¡O[J[
YJ
]J[IJ=S+Q[JEZ7SQE[+FJZHOZO]J
ZOH=V7 V
 EZ7Y  VE
+9E[QLFP EZ7SP&Y(Y ¡HO
Q,O1YRJSPN^TJE[QL
EZ7E]V7QY,UOH SP]KZQ2]E( ?LZO=H UHO[JV’E?QMJYWVJ TQ\.YW/H IQ)7MLJ
EZMKXGIJ YHO S[H
T
Q]K].
EZ7S&P Y( YY,UOH SPFJSZ P .
7Q^H=O EZ7SQE[+YOH V.)HY
- GJ MOH J[JS,O &YVH J
N]IJ)H-YJ1Y
[JS,O&YHVJZ,OV7QETQMJSVQEZ].\]J2](Y,UHO V. YW
7Q
[JSP=YHO E
\. ]TJGW2](TE[ZHOYJ
[JI[JE[+ U+.\Q[JUHO[.L
EZ7YHO
+QFYJN]IJEZ7QJG.L1Y[J
(V+IJZPMJYHO 3(
7MJ&Y(XVRJI.= I[JX
Q[MJENV‹QYJZHOYJ[J
E
M,]MOH JI[JE]KL
7M&J Y(UHO[L. XVRJYX
7MJ]HMO J
M7 Y J OH UH[ O J3([]J[QY
E[QLE?QEN]QSRJL )7TJGWHIVJ Q7 Y6IJE[QJ[MJN]G.[ L X.L [HMO J¡HOESSV--
)7MJL[]J[.LTYQ]K
)7 TJ T 3J )7 TJ [H O MJ  KVMJ V( N^TJ E T KY6[J 2 ]( N^TJE T >+ IJ Z [+M J
ZN]RJL
YJV7TYJ[MJFQZ[+MJZN]RJL
YJVWQX1YQV7Q3(
7MJ&Y(]S]+.
ZO]J1Y
[JVIYJIQ
()7MJLIQ
(1YQX¡O4J[YJN^TJN^TJREI
IQ
(V7IQ
(X[+MJREIGMJN^TJN^TJXHVJ
7MJVWQY3(
7MJ&Y(]S
[J
Y6IJE[QJ]KMJG.L[.L¡HO¡HO
7MJ
7MJ]S]+.YEZXE1YQMJEN]Q]KVJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
[TJREIGMJV7QI[J]S]+. ZO]JMIJY6VJ[.L
+QZP&Y( I[J\HIJ
[TJEQYJ Y6IJE[QJ[HO= XHVJE
79E
QYJZQ2]( Y+MJN]MJV7Q TQ]+.[TJZ,O
GW]K[JREIIQ
(EZQYJV7QSPYTQ]+.E]^EQMJ[HOMJV(\+IJ2](
XOIJR+IJ=E[+ZRJTQ]+.E]GW[J2](E[QLI,=SQN^0
RJ[TJYJEZQYJ
N^RJL\Q[.L ^IJG+YJ\. SEN]GYJ THOYJ\Q[QZRJ TQ]+.E][MJ[J
EIQYJ ^IJ G + Y J  [TJ G + Y JY E[QL  XO I J E
]K[J  ( E IQYJ >Z, O \ . Y
EYQYJR‹MJE]KMJ S,O>+IJT(EZQYJYHO ]IJYIJN]Q  GW]JV7Q \RJL[J#
2](E[QL UQV\RJLF. EYQYJR‹MJE]NGTJ\Q[.L XOIJUIJ N^0]K[J
EIQYJU,OM7YJE]WQS(XG+,)8Q2]([TJZ,OT( ]IJYIJ[HOMJZHOYJ\RJL[J
]TÚ R J  E[+  XQZ, O  YH O  ZMJ ] IJ  &Y(   [TJ G W]J V 7 Q  \RJ L ] K[J 
EYQYJ R ‹ M J  E]KMJ  E] XO I J  S(  NGTJ N ^02](   TQS, O  SRJ L X GK
X
SQEYQMJEXQMJ UQN^0[Q ]
HS[J SHE YQMJ SH]KZHVJLVJ
(]+.V7QE[QLUQV\RJL
3(
7MJ&Y(YE
M,]HOMJN^TJZHO=
I[J\HIJZP&Y(YTQ]+.U(S+Q
7HGHO3(GW#UHOEIYWI[JYIJE[QLYHO

+[U J ]HO K[JYIJE[QLGIJU,OE[QLI[J\IH J &Y( YZMJ]IJYHO ZYJ)T7 ^J YJ


)7MJLPENV‹QYJYHOMJ\Q2](EIQYJ\]J
+[J^[JN]IJ[J (ZHO
+[JUHOEIU.V7Q
Y6IJE[QJ[HO= XHVJ
7H ZPYOIJ \+YJZQ2]( X
7MJ&Y(YHO YIJE[QL1Y
[J
SRJLEIQYJ I[J\HIJ&Y(Y ZMJ]IJYHO N]IJGWVRJL U.U.V7Q Y6IJE[QJ[HO=
Y6IJE[QJ
J#R(XTJYHOE[+
J#VJY+.E[+E
QSPMJGWMJVWQ]KXQZ,O
P  [O ] J \ H O M J E I
QY \[. L 2 ](   TQ]+ .
7 H
Q Z8 Q YI.  EN]# TQT
QE[+
ZOP1YTQ1Y ]K[J (ZHO ZOPTQESQYJ[QYHO X
7MJ&Y(Y XZ+IJ
SEFQYW[J Z H O =  ZP & Y(  VWQY UH O ] K[J   TQ]+ . E ]Y P Z H O =
[. L
SPE[+YE[QLXQ
]K
EZ+1Y[QE]KLV
ZHOYJSPE[+YE[QL>Z,O\.V7Q
YWIJSRJLEYQYJR‹MJE]KMJ#]IJYIJ\.YXOIJS(I.=X^(V7QYWIJEISRJL
M7YJE]WQS(YHO TQ1Y
[J I[J\HIJU
Q&Y(YE[QL SEN]GYJYHO
Y
VYJ
RJ \ .  )7 T J ) 7 T J 2 ](   ZP [ YQYH O  ZH O Y J ^ WIJ  E]EI2](   YWIJ  VQ
GWVJSQETE1YQMJUOE[QMJE]EI]K[J
(]Y .+ OH )7TTJ 3JZ]O
J [.L XE1YQMJYX
7M&J Y( YEFX)©
QJXS+J
S+VJ 7 YQY+EJ TQMJEL
7QYJE]2]( 3TÚQ]TÚRJ [HO ]+QEXQMJZRJV-MH J VE]ET
IJ
N^TJ] K[J  SH O= ESQJ ZRJ NVMJE[+9SV5 XN]MJ  XNGQXE1YQMJ E[+
 E KYJ[QZ7EF

7]H K3(VJGOY6IEJ [QJ[=OH V+INJ ]RJIJEVQJZ2V/H MVJ Q7 EI\HMO J]K[J (VQ7 Y


Y6IJE[QJLX\MJ [NGQV7Q\YJ ]HO2]( 3(
7MJ&Y(YHO ]S1Y[J (2VH/9V7Q
YOIJSRJE[+YZRJE]K[J#SP[HO=YTYJEZ7)7MJL]MJZJN^[JYOIJE[+
SJ]HO=1Y
[J 3(
7MJ&Y( ]PE>QJ]SSRJL XT3JXZQYHO ]MJZJ)7MJL
XSYJEV+1Y
SRJLYOIJSRJE[+#[,MKSRJE[+YT[MJG.L[QXVWQ&Y(
N^TJ)HOMJ]K[J EXQYJNVIJVQN]RJV7Q 3(
7MJ& Y(>Q[JZ VJYHO ZPXVWQ
SH]K[J

 ZJETQMJLI[J
EIQYJ[TJ&YHVJY6IJE[QJ]KMJG.L[QYZJETQMJLI[J]S]+.]K].
)7TJT3JZO]J
[.L (]+.YHOE[QL I[JY+IJV7QYWMJ]]K[JI[JY+IJY
+QN]MJ
XI(V7Q
7H[J]+.
YJYEVZXZJEZQYJTHOYJ]WH/
QS(T[MJGKI(EI=
[TJEI=]+Z . ]O
J [.L XE1YQMJYS()7X , \+YEJ YQMJET
IJ#ZJQZO]S J Q
VWQYHO EF 4J
IJVQIJG]JSVH J V7YQY+EJ TQMJEL
7QYJE]
IJZJETQMJLI[J
YHO]PE>QJE[QMJ]IJ^HO=]K].
+QZP&Y([TJ3(#Y6IJE[QJ)7MJLZJZO]JSQ)7TJ
EQYJE]KMJEZEQYJI[JY+IJYHOS+Q]K[JY6IJE[QJ[OH=)7MJLX[P
SJZQ[QE[+Y\VMJ[TJ>Z,O#1YYJSQ?MJ]+.&Y([TJ]+.#E[QX
YJ
[TJ]OZMJ#M7YEJ ]WQS([TJ^( #XOIJS([TJZO, )7MLJ ^EQMJ[HMO JE[+]K]K[J
KYI[J[MJ
QV7QV]KVN^TJSRJL]TÚRJE[+]KI[JY+IJE
79YTMJE]V7Q
]TÚRJE[+YHO ZP&Y(Y[MJ]K[J^EQMJ[HOMJ V(\+IJ]K[J2](E[QL

7GH OH YIJE[QL2](NVIJVQ[TJ]OMH J]K:H[GWH/9)7MJL K\QE[+


+[]J K[JY6IEJ [QJ
[HO=[E[+YE[QL\HOMJ2](I[J¡O]JYHOYIJE[QLEI
[JY6IJE[QJLTH[J\.V7Q
I[J¡O]JYY6IJE[QJ[OH=YHOY¡O4QSYJ2]( N],/N]EISZHO].XQZ,O 2](E[QL
Y6IJE[QJ[HO= I[J]+.YW XTQXTQE[+ PTQ1Y]K[J
I[J[MJ2]( XTQXTQ I[J] +. YHONVIJVQVWQYVE
7QMJFP #TQ1Y]K
[JSHE=O SQJFO
QU+VJ E[QJ[MJYEOH [QLVTQFP (XGWYY J ZP&Y( VMJVWQ
X[+YJ TH[JMJTQ^+J N^TJV7Q]K FO
QU+VJE[QJ[MJ[.L XV+IJXNV[JYHO
VTQ[QYV+IJFO
MJ V)P?QVMJ],ON]MJ)7MJL UYJ)+JEI]K[JY,UHO
7Q[.L
(FO
MJYHOGOV7Q]O,XEIQJ
\QVMJY[HOYJGHOYJ]HY[JS,O],OYHOP#
V)P?QYHOZRJ]O,YHO^VJEGZQG.L[QE
79]HOMJV7QXYW3JGW,/E^QJN]G.L]K2](
NVIJVQ
Q>MJV7QUHOSRJLX[HOMJV)P?Q>Q[JZVJYHOE^QJN]]KVJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
E
\Q[.LX[HOMJY6IJE[QJ N]IJEN]Q]KVJ
AAV)P?QVMJYHOZRJ NVMJY]KX
]Jà XZO]JXEY6)7MJL[Y+
EI
@\HOV)P?QVMJXQ)OEFQJSRJYQTYQEN]QESQJ G,[+MJV7
TYJEN]QMJEN]QMJ\+YJESQ?P@ XEIQJ
\QVMJZRJ V)P?QVMJ
X^PXNVMJZQÑ  3(GWESQXGK 1YYJS(EV+R‹MJ\Ñ \H[J\H[J
ZIJ=Z IJ= 
7H E[QJVPE GW@
7R JZ[JESQJ V)P?QVMJ FOIJ[IJGHO
XQ)OEFQJYOH R,EL TNGMJM7QVOEIZMJ]IJ)7MLJ TQE[QJN]MJ2]( ESQJFO
QV7Q
[MJETÑ\HOTQE[QJ)7MLJ VN][JVMJYHO EY6E[QJV@ P V)P?QVMJZRJ
VT,OTVJ VUMJNGMJ TQE[QJEGEZ@ 
7RJZ[JESQJ VHVHG,[+MJV7
\+YJESQTYJE
QMJSRJY+JG.L@aa
E^EVQMJ[MJ)7MJLW(XH]J GW ZO T X*ZH]JFQSQN]IJESQV7IJIIJ

Q>MJE[QJ&Y(

X\YJ]KTQ]HO JV7QV7IJIIJ
Q>MJE[QJ&Y(V7 VP
MJX[OHMJN^TJSRJ

###
7MJN]/V*ZQ]+.
GOEN]QEISRJL XT(XT3JVQ7 UYJEN]QVRJL [[H]+Y . %O F
ΠQSQ
]+.]K#E
79YI[J]+.VWQ)7MJL [TJNGQT(]K (]+.V7QNVIJVQ%OO ŒFQSQEQYJWQ
YEZYHOYHO
MJ[JE]]K[JNVIJVQZHO
7MJN]/]+.ZHO=EG]K[J
(]V.+ Q7 Y$)7T
J ]J]KMJ]K[J]\V]HOMJ Y
7MEJ ZQMJZ7RL#J EVQMJ

MJEZQMJYHO ]
HS[J)7MLJ T([IJZ7RZ LJ RJ].+  O[
H ]HMO J YEVQMJ
MJEZQMJYHO
SY*IJ[J
7MJN]/[J
7MJEZQMJZ7RJL]+.YFO
QXEZQMJSH ˜[E[Q
\+YGJ IJYHO N]IJZRJ[MJUYJSRJL SEFQ]K].VMJSQNVMJT(2]( IIJ[+MJ V7
\+YJE[QJVP#SVQE I[JEYQMJI[JNV[JVWQZHOYJ]KETQMJLE
7QYJ#VQ
J
I[JYE)7QMJL7YJ#EIQYJU,OS%¥R/[E
8·4JE[QJ
FO
QN^TJ[.L N^TJ
E[QJT3JYHO N]IJE^QJ]K[J
7MJN]/ YHO
MJ[J  E][Q
.9
RJ
+JGWYJY
%O ŒMJV7XGIJ[TJGIJYHO >Q[JZVJN]IJE^QJ
IJN^TJ]K[JNV[JT+QFO
Q
>Q[H Y]ÀHZ[JN]RJ N]IJZRJ YGW(E[QJVPSRJLXGKXSYJ GOITJ)7TJSQ

72H ]N( ^TJ[L. SQE[QJ


Q?OZQYXEV+E[QMJ]K[JNV[JTQ+ FO
QY[NGQ
E]
IJFQV5V
7H SQSIXEV+E]
IJ
7H[LX . [+YJYH
O MJ[JE]E[QJV[ P J
 E KYJ[QZ7EF
SQE[QJYHO
7MJN]/
IJ []RJLSQYVWQYHO [QIJZ8.E[QJVP]K[J
(>Q[JZVJ)7TJGOYHOS[HVVPVHSPVWQXEI)7MJL
7MJN]/]+.
.9>QTJNVTJYHO
E[QE[+E[QMJE[+E[+]K[J]\V[TJGOYXE[QJVWQVWQZYJG,[.L
XP KYFO
QEZQMJE[Q\+YJE[QJVPGIJYHO N]IJP[QUHO[.L XP
X. K
7MJEZQMJZ7RJLSRJLX]HOMJ X[+YJSQV7IJYIJ]K[J O[ H XPYHO
Y+JZ+IJSP E KYJ[Q\MJEXQMJY[MJN][Q]KSP=TQXO]JV7QUHO\Q[Q
Y
7MJN]/]+.SRJ
?IJEFQMJMJSRJL ]+.V?O[J# ZPZQENVQYJ2](E1YQMJ
XV7[JN]/SRJL].#+ â]+.2]( V7SQZPMJ?QVMJN^TJ)HOMJGM+ JL
7S H RJZHO=UHO]K[J
SPYEK?Q
A
7MJaYHOAVMJaZHO=XH]ÀQJEYQYJ\Q[J
?IJZOH=VP
]KFPSO9H ESQJZRJ)7TJ]MHO JZ,O V7QSPV7QEI]K[JVMJXN^TJE
QYJ)MHO J
IJ
X[+YJ ZPYEZ[TJEQYJ ZPZQENVQYJ]+. VZHO]KFPA
Q>ZY4Q
EQYJWQ[HOMJV7Q]K[JaZHO=TYQ],O[TJGOYUHO]K[J2](E[QL%O ŒFO
Q
YHO EJ [QJ[MOH J SQE[QJYOH
7MJ [JE]G.]L K[J VMJN^TJ)MOH GJ M+
LJ ^H=O [JE][Q
V?O[J  \MJEXQMJ X*ZH]JFQSQ)7MJLE
 ANVIJVQ%O ŒFQSQV7 ¡HO
Q
,O1YRJV-VWQaTQXO]J
 SV¡HO  YW
7 M JN ]/]+ . V7 Q  X]HO M J )7 TJ ] HO M J ZO, O 
]KMJ]K[JSHEO= SQJ (\V. Q7 [NGQXZO]EJ [+\]J[OH ES[JE S¡HO
Q
\, O  [VJ  VWQ# I[J  XP #  ?H ) ˜ 0  ¡H O 
QVWQ ]KMJ [ QYH O  EIQYJ ] H O M J 
XYWJ^+MJLE]]KVJ

7MJN]/]+.
.9XHY
RJ
+JGWYJYE[QLYOSHOZJ
^HO=]K].SQVWQYHO

7MJN]/
IJX[+YJ%O ŒFQSQVHFVWQYXZ+IJU)˜N]MJN]1Y]K[JYHO
MLJ
VHFN^TJZQ
[QO4J[YJ[JZ=Z HO RJ\MJ1Y[J1YRJ)PV--ZRJ
1Y
[J[GWH/9VHFVWQYSP[TJ]KSQSV(YHOYHOJLSQSV(]VQ
7MJN]/E]
[QZRJ
7HES[J XZ709 YQ XZ709XTJV T(]+QE
E] VP[RJ2](
ZP]
HS[JIRJIRJ)7MJL YW3JYW3J ZO]JSRLJ ]+.VWH/ZRJ
7H# [GVJ[IQ
TRJYQSHOYJ2VH/YJT+Q ZO]J[.L]+.&Y(ZRJ
7H]K[J VHF XVWQTOYE[QL
ZP=SFQX[HOMJ (]+.YHO XT+VJYOIJ Z70ZHOYJGWMJ1Y[J#[GWH/9E[QLZRJ
TRJVS[J)HOMJZHO=XZ70Z+IJS+QSPE[+ VIRJFPNG,/1YRJLZHOYJE[QL KY
[TJSYJV7[TJGKZ70SRJL]+.#FXUYJUYJX[+YJYOSHOZJN]/SRJL]+.]K
VHFVWQYHOFOIJE[QJ&Y( VWQYS+IJSMJ]K[JYH O JLXHO)7MJL YHO U JL IJ[IJ¡,O
ZO]J1Y#)HMO SJ EZQYJZ70ZHO= U,O V]K[J (V7QEG[JXNVMJ
HE7 SQU
QE[QJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
[TJ]KE?Q1YQSRJL [
Q[TJ]O JYHO U(EZWQJEXQMJ N]IJEN]Q]KVJ
[TJGK[OIJYZP[TJEQYJV7QSQS,OEQYJ
7H[J#
7MJN]/
VRJL
X
+JE
QYJEI2](SHO=ESQJSP=V7QZ70[IJ
IJEM+V
7HVH[JEU+[TJEQYJ
YZRJ[HY O [J I+ JEZE[QLSPYVT3JTQVUMJNGMJ)OMH EJ [QLF.XZ70E]]K
[J OYE
QYJ]KYE
Q E Y[MJE[QL[QE]KL
VH[JEU+ VMJV7QSQS,OEQYJEV+\Q2](YEZE[+Y&Y(ZQ2](#

7MJN]/E]
VRJL X
+JE
QYJEI2](
XZ70
7MJMKLV7Q]HOYU
J ,V
7HFP)7TJ)7TJEZQYJETQMJL2]( V7SY*IJ[JE]
VZQZHO=
VH[JEU+    [TJZ+. EZ5QYJVE[+)7MLJ FUHO[Q VNV.FP VMJLSQE[+

7MJVN]/
ESV(VMJESS+Q
MJYH O JYW/H VIRJ]KZQFQV7
E[+EVEI)7MJLXZ70ZO]JSQZO]J
XZ70
7MJEX KE]V.LMKE Y[MJV7QTHOSY+Q
VH[JEU+E YV[MJ]KFPY+QVMJ
7H[.L)+QEZEYQMJ\.YS,OEYQMJ
E
QMJZHOYJTVJ#XZ70EYQMJEYQMJE]ZHO=
SE]KLVMJV7Q
VH[JEU+YZRJE]KE[QLXYPE[+ZRJZQ3(V7QXYP

[QYVMJ)+Q^HOVYE]FP
XZ70
7MJEYQMJ2](EZ#MKZ70]KVJ
XZ70V$]J \HO[J#^H[JTQE[+ E[J#]+.YHO FJSPV7
VZQ#[TJEYQMJ[RJYWIJ[.L )+QY[+IJPP
XZ70
7MJ )+QYHOEN]Q IMJY[+IJZHOYJTVJ#EXXEU+YEZ)7MJL [+IJ
SYHO Y+#IMLJV7QZRJXE^QJE[+V
7HE[QLFP  (EIQYJSPY
E KVQIJ)7MLJ EN]QN]IJSRJ MKLVQ7 )+Q[TJEYQMJYWIJES[J
E?L ([TJGKZ70^HO=MKLZQEN]Q3(EZ#EG+VSQ
EWEXT[(]JE
ANVIJVQ%IJTYQVH[JUYJa
IJYOIJ##
TQ]KASHVJS+MJNGMJaY$V7U(EZWQJEXQMJE^QJN]]KSRJ

[YJL¡HO¡HOSQSQYOSHOZJZHOGWMJTH[JXN]MJXZ70]+.ZO]J
SRJL
XNGQXE1YQMJVWQZRJ
7H]K[JXHVJE\QMJ3(T(X&Y(XY.#XSYJ
X
+J
MJ2L ]N( ^TJ[L. XF+QSHV=O ?O[J XFHO [O=H U)˜N^RJU
L RJE]GWMZ
J =OH N^TJVJ
 E KYJ[QZ7EF
SHO=JV?O[J Z70[IJZHOYJE[QL X]KJ[,GK ]H[J[JZHO= ,O1YRJ[QZRJ
N^TJVJ#SHO=V?O[J
7MJVN^TJG.L[.LYEZ?QEIQMJV7QZP
QVMJN^TJS+QV7Q
THO[QZRJN^TJ)HOMJ[J
EVQMJ
MJEZQMJVWQ
.9XSYJYMK)7TJYUJLYHO)7TJX\H
7H)HOMJ]K
[JSHO=ESQJZRJEM+E1YXGYJXG.E1YQMJLN^TJET#VHSQTOX&Y(XV70
VWQTH[[ J MOH J YWET^HN=O^TJETXNGQXYIJX = S[JV
7GH Z
L . 5MJ ],VO I7 X
J QN^MJL UJS
L O, )7TJ
V7UJEL NGQYJ)T7 J 1YQV7Q
7MNJ ]/EZL
7]H K[JE
7E
7[OIJ YZRJ (X[OMH J ].
N^TJGL]. ,O
]K[JXE\QYJX\QYHO E
7EG[JE?QMJS(GWMJ E[+V7QE[+9)HMO J
[J
7MJEZQMJXE[QJVWQVWQYGWTJSP
RJTQE[QMJ
7HEI1Y2]( (V7Q
E[QLS(GWMJ)7T]J O JE^QJN]]KVJ)7TJ]O JZO, YGWTS J PVHIJYEZUHO[.L S(GWMJ
E[+]\V[TJ]O JYSP=GWTS J P
7MJEZQMJXZ70
YJV[HOMJV( ],O]IJYHO ^+.9UHO]K
[J O[HX]O JYE[QL GWTJSP
7MJEZQMJ
7MJZHMJN]IJ ZP\+YJ  GWHIJYHO
EV5QJ[.LS(GWMJ]K]\VS(GWMJY
 XE
79YHOEZ5QYJ]KZHO= XEIQYJYHO[.LEV5QJZHOYJ
MJ
[,G+IJ[HOMJE
8YOYÞQI.=FO
QEZEZFO
QEZEZ
FO
QEZEZFO
QYHONVMJ
TQ]OEZ+EVQMJV7Q]HOYJ]KZHO=[.LTQ]OEZ+TQ]OEZ+
YHOJV7Q]HOYJ]KZHO=TQ]OEZ+EVQMJV7Q]HOYJ]KZHO=
EYWQMJE[QJYHO[.LZHOYJVJN]MJEYWQMJE[QJYHO[.LZHOYJVJN]MJ
FJTQEVQMJSMJV[O, 
JZHO= FJTQ FJ)7TJK EVQMJ SMJ
V[O,
JZH=O
FJTQEVQMJSMJV[,O
JZOH=EVEZYHOS,GWH/E)7QZOH=
J
EN]QEZEZEN]QEZEZ EN]QG. L ] K3(  
NVIJVQVP
MJ
NVIJVQV7 GMJE>QJ X*ZH]JN]IJ\QSRJ
EIQYJS(GWMJ[TJ]O JY
 ]WH/EZ[HO=XHVJ3(
U]JS+Q^P[.L[TJ¡,O)7TJ¡,O
EYWE[+YX,O
VX,O]KI.= YHOE
8EYW
J
NVIJVQLT+JT,OYWVJTHIJE% KEGKMJTRJEXQYJV7P]KSRJ
FQSQN]IJSP@VHSQTOV7[JVHSRJLX[OHMJN]IJ]KSRJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
]WH/[HO=EVQMJ
7MJZHMJN]IJE[QL
IQ]IJ^HO=EZ NVIJVQVP
MJ
NVIJVQV7 \MJEXQMJ X*ZH]JN]IJ\QSRJ

7MJN]/]+.YWMJ][QXVWQU,OZYEYQYJSHVJ2](GWHIJN^TJ[J
3[O
QS( ENGQYJES+9[J ZPE[+YZRJ ZJ\.V7Q ¡OIJYIJG.L
QY
XIQ
ZO=H E]WQJGWMJ
8MJGWMJEI1Y[J EIQYJ2]( S,OT
Q EM+
8MJGWHIJZRJ
N^TJN]IJ[J
GOUYJ2](Y6IJE[QJL
7MNJ ]/]+. XE1YQMJUYJ]KVJ
ZP&Y(VMJVWQ XV7[J
]KZHVJLVJ EYWQMJ]H[J
YJ
7RJYQZV7Q
Y6IJE[QJ
+QN]IJEI[QY6IEJ [QLJEV+TQXEVN^TJ[L. XE EZEQYJY
Y6IJE[QJ)7MJLR(XTJYHO)7TEJ QYJYOH
7MJN]/E]^HO= U,O N^[J]K[JEYWQMJ]H[J
\Q[.L E)+[TJE)+_2](EVV7QE]KLT]KE
QMJ\QZO=H EM+ZRJXE[QJYEZ
TOVHEUQMJVH\Q2](#Y6IJE[QJLXF+QYZRJXSYJE[QJE[QJYEZ
MJL
ZQ2]#( XF+QYE[QLGOITJUJE[QMJVN]RJEL S]KFP#EIQYJZRJUJML K
)7TJVYUYJ2](XSYJ
7RJES[QGMJ%WQ[HO=E[+9
]KVJ
XZ70E]E[QLY6IJE[QJYUJLEZ)7TS J Q
7]H K2](  KE]V.LXE

[&Y(EN]Q]K
ETS(GWMJ\.YEYQMJE[+ZHOY6IJE[QJLV7QGWTJSPV
7HES
]KFP Y6IJE[QJL R(VWQYE[QL XSYJ UJL)7TJ)7TJI.=
7TJ)7TJX
+JE[+
(\.V7QY6IJE[QJL 3(EZ[TJEQYJI.= SP=>I(YZRJSP[HO= SQ3(UJL
[TJ)7TJSQYHOY6IJE[QJ[HO=)7MJLE
Q2](
7MJN]/VJZHO=U,ON^[J1Y[J
SP[=XOH T(XT3JY[TJT[ H J[E SXQN^MJLT(]+QE
2GH/NGV, ]- K[J
KE]V.LXHYYE[QLSP=XEVY6IJE[QJLXF+QTH[JGWVJSQEXQMJENVYHO
\RJL[Q]KSHO=ESQJZRJ (ZHOZO]JE[QLN]×IQ[YJN]IJ[JEI
Q[OHMJ
V?O[JE[QMJY6IEJ [QJ[9OH 
]J
Q+ V7QXVWQXP
[ 7H QY
7MJN]/].Y
+ HO
7MEJ ZQMJ
3(E
T,O4IJ)7MJL VZO]JEYQMJFP[.LXE VWQY (YHTÚ Z+JZ+J
7MJ
]K[J#]RQ]K[J
+Q\.YUJLSO, )7TJSQEZ[TJEQYJYOH SP=VF H VWQ
\,YE[QMJ EV+TQ  2](
7MJN]/
QV7Q \RJLE][J X\PEN]Q^OHE= [QMJ
VZHO]KFPSP=VF H VWQYZRJSP[S O=H QYHO
7MEJ ZQMJ\RJLZOY H
J [QXZ+IJ
EYWI]JE]KL
 E KYJ[QZ7EF
XZ70X[+YJEI=EYQMJ
YJSQYHOE% MJU
QYE
+2](
YJS[J
]K[J
+QN]MJ]EU+VWH/VH[EJ U+VWQYHO^H[TJ Q
+YJYVJ2]( ^H[1J YQ]K[J

+QSP
+QSQVWQYHEO [QLXHV
J H7 ZPYOIJ [TJ
Q+ Z,O]KT]JTYQN^MJL ^H[J1YQ
]K[JY6IJE[QJL XF+QY
+QSP
+QSQVWQGWTJGMJEZTQSP]KXF+QY
XZ70V7Q]KMJYR P 1( YVRJS L P XQZ,O YHO [HMO ]J MJRH)‹ MH- J ]K[J
+QZP&Y( VWQY
¡HO
QXT3JXZQYHO Y6VJ2](SQ]KSP[HO=E[+ XGWMJGWMJ[HOMJ]MJ2](XGVJ
XIQYHTÚYHO[QIJP]K[JYQZSQEGKMJYZRJSP=X^+.9SQVWQ)7MLJ
RH‹2](XZO]JE[+ G+.EP]K[JSP[HO=YNVTJE
#[+MJE
G]J[.L XZO]J#
\MJEG+#XHO &Y(\VMJGWYJ TSRJZO]1J YVJVHIJ VEGKMJYZRJSPX = [+MJ
ZPE[+)7MJL[HOMJ]MJ#XVWH/SV(VWQFYJYZO]JT
Q[QIJE[+G+.E1Y#SP[HO=
YE[QLXGWYJXN]/[J)7MJLXZ7N]MJYHTÚT[QE[+E]KLZPZ[J]HOMJYZRJ
]+.VWH/T,OXE[+9X1Y,/EYQMJEYQMJ
7H2](SPE[+UHOE[QL[TJ3(GWMJY)HOMJ
Q
)HOMJ
QXZO]JYHOG+.EP1Y[JS,'Q]MJL[.LYHTÚ#Y]ÀHXZO]J#XZ70
X[+MJ _RJLG, TSRJY ZPZ[J]HOMJX[+YJ ENGQYJUJLMK GOITJUJL
MK)7TJ[IJ ZP&Y(VWQZRJ ]KMJYPR(1Y]K[J Y+VJXTJ# EUZH]J%IJ
XZ7N]MJUMJEUZH]J T(Y
YJYZRJ]+.V7QV]KV2]( SRJLX
QE[+N^TJ]K
[J NVIJVQ%O ŒFQSQVWQ
.9 YHOJYWH/V^YJ XVWQXYWH/SJ]HOSRJL
TH[JQ[JYHOX\MJ
7QU,OE[+9
[QSRJ]+.VWH/]K].
XZ70V[HMO VJ (
YJXIRJMJXZHOVQ7 V$]J&Y( [TJEUQMJEUQYJ#
V$]JUMJE[+UMJ]K[JXZ70V[HMO VJ (
YJVWQV7QY6I[ J QJ[=OH
7MEJ ZQMJVWQ
Y \HGHOYJX)©
QJ N^TJ)HOMJ[Q FQV5 VZO]J
 YWH/].LV7Q XE)7QMJLX7YJ
N^TJV7QTHOZHO=]KSTJ]MJV[YJ
#NVTJ\.UMJE
VYP
XZ70ZO]JVRJLXGKV7Q

7MJEZQMJYHOI[JUHOE[+YYHOMJ[[J2](XZ70V7QV]K
EXQMJ]+.]WYJEXQMJ
ZO]J[[J[JZOH=ZRJZP&Y(VWQYV
7MJVZMJEN]Q]KES[JFO
Q
XEZQMJYHO VQ
JI[J^WYS J RJL >Q[JZVJYHOSP[=HO VSHZY OH J VSH]KN]IJE[+VH
EI1Y[QN^TJVJZHO= Y6IJE[QJ \MJ]K[J
XZ70
YJYHOEGWQEGWQEVQEVQE
QYJ]K2](XZ70]+.YHO
7MJ3]O[J
]PE>QJ]+.)7MJL T[MJ]K[J
7MJ3]O[JYVQ
JI[JYHO EXQMJSRJL
?)©Q]K
GO
7MJN]/]+.XE1YQMJ EN]Q
MJ)7MJL
7MJ3]O[J XE1YQMJZRJ IRJIRJ

XRQV7QE[QL
+Q?TJ[JZ=OH S,O ]K[JXZ70]+.SH=O YE[QJVP1Y]K%W/H 9?TJ]K[J FQSQN]IJS P
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
\RJLEN]QV7Q]K 2](E[QL E SG, I[JVWQYHO ]MJL2](
7MJEZQMJN]
]K[J
Y6IJE[QJ[HO=YHOE
7NVIJVQIIJ[+MJVMJR(VMJSQ],OX[HOMJ[JUMJ\Q2](
(XT(XT3JV7QY6IJE[QJ[HO=]KMJ1Y
[J]4QVXT(XT3JVWQ2](E[QL

7MJEZQMJZ7RJL]K[JY6IJE[QJ[HO=YNVMJT(#]
HS[JYT([IJZHOYJ]K2](

+QYHO][J[Q]KSH ˜[E[Q\+YJGIJIIJYG+QSRJLXV7[J[
N]IJZO]J[.L
XZO]J]K].]HO=EUQMJE
XVWH/T,OS,O]K[JYQ#UMJTSRJ]KVJ#[TJGK
[TJ
,
7MJEZQMJYHO ZP[TJEQYJY ]G,O\VJ Z7RJL[QZRJ
7H]K[J
[GWH/9E[QLZRJ ]HO=EUQMJE
 FQV5V
7HZOH=
7MJEZQMJE[+ YHOJ]HOMJENG)7MJL
ZVJEZ5QYJZ7RJL
[Q
7H]K[J
Y6IEJ [QJ[=HO T([IJZ7RLZ J RJ].+ \+YGJ L]. K2]( Y6IEJ [QJ[O=H
7MEJ ZQMJ
E[+YHOE
8\([TJZYJT(EUQMJE]\Q]K[JI[JSQ],O[JUMJ\Q[.L
EIQYJ]KE[+
7HES[J KYZRJ SH ˜[VMJSQ IIJY G+Q
QV7Q
I[JE KVWQZHOY]J KETQMJEL
7QYJGLS . RJLX[HOMJT(T3J\Q[Q]K
7MJEZQMJ
Z7RJLYHOTRJYQTHOEN]EXQMJ)7.U
Q)7TJEQYJ)7MJL HO][JXHOTRJSVQS,O
EQYJ]K[.L  [(H OMJY VE
V[+Y J)HO MJSRJL YEGWSRJVWQ XY)7M JL
[+^. YJE^WQEJ N^E]]K[JNVMJE[+YZRJNVMJ3JE[+#EYQMJEYQMJEZ
YWMJLE]\Q[Q#ENG?IJYHO TRJYWYWEZ5QYJ#EGKMJGKEGKMJRH[J UHOMJ S,
)7MJLXGWYYJ WYWZO]J2]( ]+.\. NVMJE[+]K]K[J]\V
+Q3(FOIJ &Y( EYWQMJ
U( 3([RJ\+YJ]K[J FOIJE[QJ&Y()7MJL S,'QVWQYHO
7HGHOYIJE[QL2](

+QN]IJ]K[J (XN]IJV7QXHVJETLI(]KXHVJE
79V7Q
]JXHVJE
79GIJFO
QTMJY
FO
Q UMJ[OE[QJYHO
7HGHO
]K[J XHVJ
7MJYZRJ SP [[JXQSV5
[TJVP[TJV[JYXTMKUJ[TJ
QX\HYOSHOZJ\RJLMJ]KVJ]\VEI=
V7Q
+QXHVJENGXIYJXHVJE]KMJGIJ=YHOMJG.L]K[J
EIQYJ[TJEI=E[QL
7MEJ ZQMJ[IJETQETQ\+YJ]K[J
+QSQ
[GWH/9YNVMJVWQ)7MJLX[PZPYHOJ[OHMJ
7MJEZQMJVWQ]HO=EUQMJE
YPR(1Y]K
[JYOSHOZJZGHO WMJ[QXHY]KE]WQJGWMJ[QZRJ]KV7Q]KY6IJE[QJLYHO
[TJEQYJY \VJ]K[J Y6IJE[QJY SP= O[JG+\HOMJ# ENG)7TJ^YJY
[+.EZQMJGW#SPYY6IEJ [QJLZYJ)T7 ^J YJYHMO \ J Q#X\VJSVQYUHMO J GWYJ

XRQEYWZYJ[+MJAEKaEG\VJTMJ)7MJL
7MJEZQMJYHO\VJEZL
7H]K[J FQSQN]IJSP
 E KYJ[QZ7EF
R(R(GOIJU+GOIJU+)7MJLZ7RJL][J]K[JY6IJE[QJE[QLEI
[QVSYJSQ
Z7]KSHO=E]V.L Y6IJE[QJE
QSPE
QE]WQJ1Y]K[J
[[HEI=Z7RZ LJ RJ]V+. Q7 Y6IEJ [QJ[=OH EZ7)M7 LJ XI(XIQ
+Q)7TJ
Q+
Z7RJL]K[J O[H
+QIQVRJYYW,/ HO# (
+QYY6IJE[QJ[HO=
+QYEIGOITJ
VHOMJGIJ= E]K[J X. (
+QV7QE[QL Y6IJE[QJ[HO=YHO YQ)7MJL Z7RJL]K[J
^HO=YQ#GWYJ]ZYJ)7MJL XH%O QZMJYQS,OT(XY)7MJL[(HOMJSQVWQYE[QL
EIQYJY XVHO^+MJL YQ&Y()7MJL ZHOYJZQ[J EI=GMJ IQ
(G+.EZQYJV7

+QN]IJE
QYJ1Y[JY6IEJ [QJLX[+YJ XZIJ[ = 1YQN^TJT
QE]ZQ[J
Y6IJE[QJLVJY+.R()7MJLY6IJE[QJ[HO=)7TJEQYJYHOXHVJ[TJXHVJV7QXETQMJL
GW2](\HIJ SHVJ\Q[JR()T7 EJ QYJ)7MLJ
+QYEYQMJYEZYHEO [QLXZ70
XHVJYHON]IJ]HO=]K[J (ZHOZO]J[QYHO
7MJEZQMJ^+YJ[JZHO=EG]K[J
E
+P
VJU2OH ]( N]IJE]U+.[QEM+E[QMJ1Y[QE]KLY6IJE[QJLXE VWQY
EM+YW]J)7TJUJE]2](E
+
[JGOEG[JS,ON]MJSTJEM+^
MJLEZQYJ

7HVJ (YEI
J
8MJT
QEIQYJUYJ[+. N^TJZQES[J

7MJEZQMJ^+YJSRJLX^+.9SQ\.V7ZPGIJ=YSP[HO=
[.LEM+\.Y
IRJIRJS,OZHOYJ[JX
YJJ[Q2](E[QLX
YJESQYJ
MJ\VMJ
TQ1YE]KLY6IJE[QJ[HO= XHVJV7Q].SP[HO=\.V7 MKEQYJYX
YJ XEZL
XYWMJ L  V
7 H F P   V1YQ]KFP   SP [ H O =  NV0[P  ZQ2](   V$]J \ . V 7 Q  \
Y1Y]KEZE
Q (XE[QX[+MJ 
+QSP&Y(E
QYJZQ[JSP&Y( YVMJ[HO=
XHVJN]IJXH]J1YE[QL#IYJN^IJMKLZQE[+9
VJXVHIJ=GWZHOYJ[JEIQYJEI=
SP[OH= SP&Y(\,S+QE[QL SP&Y(Y SP[HO=YHO ]
HS[JE
79V7Q VP1Y ¡P1Y

VZQUHO2](&YHVJEVQMJ#2](E[QLXZ702]( EIQYJEI=V7QFOIJ&Y(EYWQMJMJ
E]KMJ
7MJ
VRJ ZOH= 4JGWZHOYJ]K[J
X. ( [[HEI=REIIQ
(GIJ=V7QEGKMJ
H[JV*ZQT[MJ]K[J
Y6IJE[QJLXF+Q)7MJLXE^ XEVYY6IJE[QJGOITJ)7TJSQV7QU,O]K[J
XE EZEQYJ
J VJY+.R(@ VHFVWQ
+QSQ
7MJEZQMJYEZ@
VHFVWQY)7TEJ QYJ[TJ[.+ ]H[JN^0TYHMO 2J ]( 
H[GJ WZY OH [J L. U,YOH G,1Y]K[J

7MJEZQMJ SHO=V?O[J
?IJS,'Q@ U,YHO X\+[JXNV[JXN^TJ NVIJVQ
%O ŒFQSQ[HO=YV7[JP]K[JSH ˜[VMJSQU,]J[OIJYENV‹QYJZHOYJ
SRJLU,E[QJYOH SH1YQVMJY^VJP2](I[JN]RJVQ7 ]PE>QJ\Q[QS[H
1Y
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
]KZHVVJL JEGKMJ
H[J2]( E[QLY6IEJ [QJ[O=H YMJ]I+ J S([E
QJEGKMJEZ5Q
J RJ
)7MJLEGKMJEZ5QJ1Y
]K[J2](E[QL[JN^0[J#S,'QE[QJVWQE
79V7Q\HOMJ#
S,'QYUJ]KGIJ=
7HZVH JLVJV$]J[+MJYS,'QTMJE]V7Q\HMO EJ I[J
SY*IJE[QMJX[+YJFOIJ&Y(VWQYXSMJLETQMJLEI[Q]K]\V]
HS[J
Y
[IQS,O]KYIJE[QL#MK]KS(ZG,P1Y[J2](E[QLY6IJE[QJ[O=H
XZ7RJL Y6IEJ [QJ[Y =HO ]K:HZOH SY*IJ E[QMJ
+[U J
HO [JXZ70V[HMO VJ (Y
SY*IJ E[QMJYHO XQ,Y O WY\
J Q1Y
[QU
QLE[QJ\,V7SY*IJ E[QMJ[Q
]KSY*IJY)7TJ\RJXE][J_YS()7MJLEXQYJ]HOMJX[+YJSMJ]HOMJ
XN]MJNG,/\RJ[TJ\RJU
QE[QJ&Y(YE
79V7QXSMJL\Q[.LSY*IJGW( NVM‹ LJ
]K[J
+QZP&Y(VWQY YPR(2]( Y6IJE[QJ[HO=YHO SY*IJ[JE]]K[J
[JEIYWV?O[J
MJSH]JVZ+J]KFPXE[QJYEZXUMJLVWQ]K[J
2]( [Q)7MLJ Y6IEJ [QJ[=OH S,'QE[QJVWQ)7MLJ X[PEYWQMJYHO ZHY O S
J +Q
]K[J
EIQYJ[TJEI=I,IYJGMJV7QY6IJE[QJ[=OH YH
O MJMK]KS,'QE[QJVWQ
EIQYJV7T([IJZHOYJZQ2](XZ70V$]JYHON]IJS+Q
]K[JA]
H[J[
QIQ
XZ70E
TYJGWa2](]+.SHVJ
IJN^TJJ]K[JFQSQE
XZ70X[IJ[HOMJV7Q
SRJ],OT,X[HOMJ].]
H[JIQE
TYJGW2](]+.2](EZL
7H]K[J
VIJEI=REI[OIJYX[HOMJ].#]
HS[J&Y(Y
[IQS,O]K
7HGOH#
MK]KS(ZG,P# EIQYJ EVQJZ2VH/MJV7 X\MJY
 U
QE[QJ&Y( GW(NV‹MJL
E?Q1YQE[QJVPESQ[
QIQP1Y[J (U
QE[QJ&Y( YHO XZ70X[+YJ
[YP[Y ]MJL^H[J\Q[Q]K U
QE[QJ&Y(E?QSRJL [
QXGW/]JY

7MJN]/]+. XE1YQMJ
Q?OZQ
7MJN]/SRJL \,O)7MJL 73JN]
7MJN]/
SRJL
YOSZ OH JXYW/H [
QVWQXE1YQMJU
QE[QJYSO[ÉIEJ SIQV7U(EZWQ
J Q
\O[J)-[J E?Q1YQ]K[J[
Q]+.YHO E
TYJGWXV5E)7MJL ]H[J]K[J
E
TYJGWXV5EYEZQY]KZI[JVMJ&Y(VWQYHOYOSHOZJEYQMJV-N]/
QV7Q
SYJ E S [RJ [ Q]K KYZRJ   NV[J T + Q FO
Q ]Zv M J E [QJ Y H O
VQ
JI[JZQZO[IO JYFO
QYE
7YN]/GLS . RJL EYQMJV-]- K
V(YHO ENVSOIYJ
SYJ E SX
Q [RJ ] K EZQL Z H O=  XH <QIJ G .L S RJ L  %O ΠMJ G IJ  YZQ[. L
XT3JXZQ]K].2](E[QL S,'QXQZ,OY]K:HFQSQ)7MJLS,2]H/MJ ]
H[J

+[JE[QJVP]K[JXH]QÀ JYE[QLAAFO
Q#[
Q#S,'Q
[IQS,O]KYHO
,1O YRJURJY]J]PE>QJ1Y]K@#[]RJLE[QJFXUYJUYJ OYX  E]KMJV7
 E KYJ[QZ7EF
Z+[J2MHVJ2](  S,S
QV7 Z+[JENVQYJÑ IH%¥QIJYHO VWYJEV7QYJN]/
]KETNGMJ
XYWH / M7Q  âEYQMJ V- XTO TO  YHO  N]/TO Z7 0 KIJ ]K@ X]KJE ZF,O à
YWMZ J RJYIO EJ SQ S[ÉKXE]KMJ[HO= Y6[J1Y]KETS[RJ VHF EU+VWH/
·[YQXE]KMJ  )7 MJ L  âYV« Q  âT1Y :QJ  EI\H O M J 1 YYO I J E SQ
S[É  KXE]KMJ  [O H =  âEYQMJ  V- @  X^H O = Y H O  XV5
1Y]KETS[RJ  
XHVJETQMJLI[J#
]JETQMJLI[J#
+QETQMJLI[J#SVQE I[JNV[JI[JEYQMJ
I[JXE]KMJ)7MJL[Y+âENVSOIJSRJEI=N]/SV5
YOSHOZJ KIX[+YJ SYJESX
Qà [RJ]KETS[RJa GOEN]QSRJL
E
TYJGWXV5E],OT,YE[QL GO XE[QJYEZEN]QMJZ.G.L]K2](
E
TYJGW UHOEIT3JV7Q VHSQTO X&Y(XY. Y6IJE[QJL XF+QY
Y
Q )7 M J L  E
YH O  ENVE]EZQMJ  GWEI]K[J   VWQESQXQN^MJ L
XHVJ[+MJV7QZO]JSRJL]+.N^TJZ5MJE
YHO>Z,O[TJGO\.SHO9EZQMJ\RJL]K[J
 E
TYJ GW 2]( U, O [Q)7 M JL  [TJ 2 ]H / MJ I YJ XF+Q Y AXV5# XV5# XV5
PE[QJVP1Y]KYOIJEZQLaa ZHO= S,O&YHVJ S,OGK ?TJ2]( XV5E]K[J (ZHO
[TJ G K?TJ [ H O M J  V7 Q  ]
H S [J Y  ASQO #  SQO #  SQO a  EYQMJ  EZT+ #
EYQMJEZT+#EYQMJEZT+ UHO2](SQOEG1Y]K[J

7MNJ ]/XZ70]+Z . RJ2]( ]K2]( EIQYJUO , X&YVH J XEY6XEV+_RJGL ], .+ T]K
[J S,'QE[QJVWQ)7MJL YHO
MJVWQY U+VJTQ FOIJ&Y(EYWQMJSQVWQ
YHZO RJEY6EV+]K[J2]( E[QLFOIJ &Y( YH
O MJEYWQMJSQE[+YEYWQMJYHNO ]IJ#
Z70 KIJSRJL ]TÚRJ [/VWQYHO Z7RJ )7M[ LJ Y
OH J2]( [TJ]K[RJEYWQMJ]H]=O K[J
YE
QYJZQSRJL _RJ]L
HS[JXQZ,O #EWQTÚZO]EJ UQMJYPRS ( P XQZ,O
YHO EY6EV+]K[J IRJIRJ GW.9YQEN]Q[Q N^TJGWMJ N^TJ]KZHVJLVJ
EZ
YJ Z,OZ,O [TJ
+QZ,OV(GHO[H[J FJXHVJV7QV7 GWYJN]/[J
IJ VZHOZHO=
UHO]K[J
Y6IJE[QJLXE VWQ)7MJLSP[HO=XTJYHO&Y(#GO
7MJN]/]+.XZ709 YQ
YQVVWQYE[QLE
79]HOMJV7QE?QEN]QG.L[.L)+QE
QMJSPXZ709
7MJZHO OY
VE
QYJ1YE1YQMJGO ]
HS[JYHO EN]Q]K
ET
XZ70EXQMJ].G+ ,
IJX[+YJY6IJE[QJLXF+QY
+QSP
+QSQVWQYOHO
>Q[JM7Q2](]+.)7MJLE^WQJEN^E]]K[JE[QMJ]HOMJ%O ŒFQSQ)HOMJM,E[+N^TJ[.L
S(
Z H Y*Q#NVIJVQ#HO Q)7MLJ YEV«Q (Q[HV=O Q7 XZ70 KI2]( [HMO J TQESQYJ
E]WQJ
8MJ]+. \RJL[QY YOSHOZJ EYQMJV- X\ENVQYJSRJL SEY*[]K].
EI=\HZRJSRJX[HOMJ]K].Y6IJE[QJ[=OH YHO
MJE[+YE[QL]+.V1YRJ
L ]K

7MJYWMJL[J  ]KY]+.1YRJLG+MJL VN]/]K]+.GMJ]


HS[J&Y(YHO XEY
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
Z7VJ1YRJL2](UHOMJS,%,OS,E[+YHOZRJ1YQEI
E[QLY6IJE[QJ[=HO V¡HOV
+
N^TJ]K[JY6IJE[QJ[HO=YHO ^H[JEGEISZHO]K].
S,'QE[QJVWQZHO]. Y6IJE[QJ[HO=ZRJ 2GH/NG,T+Q EI\HOMJ
]K[J
VIYJ[MHO J 
+Q\.Z7RU JL +VJG,
]K[JEI=V+IJV[RJLV(V7QEI=UV+ J TQ]K[J
[TJEI=EZ&YVH J ]O[( TH]
J ]K[JEU#EYWQMJ#SY*IJ #U+VJ ]TÚRJ EZ]K
¡-
[JEYWQMJY3[OX)©
QJV7XYQXY+VJ 5SQN^TJSRJTQSRJL
U+VJY XSYJ
7MJ EI\HOMJ
IJX[+YJ# SY*IJY YHOJG)ŒQ Z,ONG,/^HO=# EU
YE[QL^WQIQE]WQYJ^=#OH [NGQFQX[+YJV5V?O[Z J =OH ¡-V7[
J ]K[JYH
O MJ
VWQUJ]KS(ZETQMJL
]K[JGMJ EN]QG.L[.L MK]KS(Z\YJ MK]K
]HO[JEYWQMJMJEYWQMJ[+MJ [,NVYJZ7RJ#^OIS J O[#J E[QYJ[VOH J
E[+
ZO]J
SRJX L N]MJRE
QYJZ5MJ FO
Q
7GH HO
]K[J\,OT,X[HMO JY6IJE[QJ[H=O
SY*IJGOITJ
YJ[J]K[J
7T
J YJENVQYJEI=V7QU
QE[QJ)M7 LJ FOIJ &Y(VWQ
YHO
7HGHOYIJE[QL2](EYWQMJYG+Q
+QN]IJVPXQN^MJLEN]QZ5MJY6IJE[QJ[O=H
X
+JE
QYJZPZQENVQYJ]K2](YHO
MJYZP\+YJGWMJZ5MJ&YH/YJSRJLXGWHIJ
\+YJZHO=
]K[J SHVJMJ
?IJG,\QSRJL
?IJZRJ [TJSYJZ,O
FOIJ&Y(EYWQMJV7QVEIGWMJE[QLZ5MJ ZP\+YJ)HOMJ]K[J SHO=ESQJ SQVIJ
XQN^MJLE[QL\+YGJ WM[ J MOH J V\+YJ]KFPK[+MJ S,O ZEI2]( XIRJU,O [TJK

2](V7SQZP\+YJ]K[J
(V7QN^RJLT
QEZ[TJGO
7H]K[J)7TJVWQV1YQV(YZIJ IJV7Q
NVIJVQS,¡,OX
Q
7H [TJ3(
.9SQ
7MJN]/]+. ZO]J]K[J ]+.Y ¡HO¡HOEZ]K].
^H[J\Q[.LSP=VH[JEU+XGWH/9I.=FOIJ&Y(EYWQMJV7QZO]J]K[JU
QE[QJY
YHO
MJVWQXT3JXZQX[HOMJZIJ IJ2VH/9X[+MJU+VJG,\+YJ
VRJL \,OT,YHO
YMJZ+[JG+MJL N]/E[QJVP]K[J

 
7MJ3]O[J
E
79V7QIH KIJ]WH/G.LSRLJX[HOMJ
7MJ3]O[EÉ G
7MJ3]O[J XE1YQMJ
EN]Q]KVJSPYVQ
JI[JYHO G6[JSP]K
7MJUHO[.L EK?Q
Y%O ŒFQSQ

?IJSHO=V?O[J
?)©QYHOEG[Q]K

7MJ3]O[JY NVMJLVHO
JE[QMJ@ E[QMJFYJX
]J# E[QMJSVO ˜
Q
EXQYJVQ7 E1YK%HVQ’ IJ&Y( )7MLJ S([MJS,O [JZ=HO UH]O K[JNVMJLV
OH JE[QMJY
 E KYJ[QZ7EF
Y6IJEZY6IJ [HOYJ&Y(EZ[HOYJ 
.9 %?HOV7Q [RJ
7H[J XE
79Y6IJ #
XEIQYJY6IJ# ENVQYJY6IJ# E[QMJY6IJ E[QMJY6IJYHOE[QL >V¥0 (]ZHO=
EG]K[J Y6IJXQZ,O\.V7Q XNV[JU,ON^TJ2]( E\
QK (VWQY SP[HO=
)HOMJM,VWQ (Y6IJV7Q [RJ
7H[JZHO= XGHOMJXVQ UHO1Y]K[J
7MJ3]O[J
E]\+IJ[QYXESQYVMJ&Y(  F(T(V7 EG[JV7Q]KXESQY
YXH)˜H)HOMJM,GOEG[JXGF(?QIJY][IQ2VH/9N^TJ[.LE
7]KZH]O[J
EIN]RJE[QJV7QIIJTHOYJSRJL VQ[HOMJX
7MJ _Y
Q>JFO
MJ&Y(]K
VMJ&Y(Y NVTJYVJV7Q ET[(&Y([TJUP[RJ2]( %O ŒQ[JE[QJ
EV+ E [QJ  VWQYH O  <Q]IQ]K[J   XZQ[P  ET[( E [QJ E [+ Y H O Z RJ 
>V¥ 0 ( ] KY6IJ   EI
Q X)7 , =  [RJ \ QET[J #  XQZ, O   ET[( E ]KMJ 

7TJESQMJEZE\QMJZ70]K[JVMJ&Y(YET[(E[QJYHOGOITJ)7TJ#GOITJZ#
GOITJ
YJ[HOMJ[HOMJ ]PE>QJ
IJ U)˜ N]MJN]T+QN^TJ[JZHO= UHO]K[JSHO=ESQJ
VMJ&Y(YVQ
JI[JE)7QYJY 7 JVQ7 YHOE[+]PVH]KS[.L (E[QLSRJ].S + FMJYHO
]MJ^L [H \J Q[.L S,'QE[QJVWQYHO EZ5QYJ\Q[JVQ
JI[JYOH )7VH IJ MJ)HMO VJ RJL
YHOJE[QJ FJSP]KZ. FO
Q S,'QE[QJ[TJ]KY N]IJVHIJ=1YQ[J
VQ
JI[JYHO)HOMJSRLJS,'QXNGQ[TJ]KV5V
7H#
7MJ3]O[ÉXVRJ[+MJESQ

?)©Q[TJ]KE[QL
7S H RJX. (
?)©QSRJVQ
JI[JYOH EXQMJ)OMH Z J HVVJL RJZO=H
VMJ&Y( YHOEN]Q#VMJ&Y(Y
?IJ)7TJ]KZ8[J2](
?)©QYHO ]MJ^L [H JGHOMJ]K[J

7 M J 3 ]O [ É Y   V1YQV(  YZQ]K[J   \MJ \ QSRJ L   X[H O M J  ].


VQ
JI[JE]ZQ[JXT+VJYOIJ^WYZ J HO^WYJU(ZO]J]KE[QL[J KE]V.L

7MJ3]O[ÉYVQ
JI[JZO]JSV5YHO )HOMJ]K[J2](E[QL VQ
JI[JYHO G6[J2](
I[JSQFEN]QMJE][JXESQYVMJ[
Q&Y(
.9ET[(E[QJ1YRJR/H
YIJ E [QL S RJ L  FO
Q]+ . E [QJ  YQZ[TJ E Z5QYJ Z , O   VQ
J I [J
IJ V 7
[QNVTJE[QJVP[J
]K:H]HY[JE[QJV7QE[QL
7MJ3]O[ÉYHOE^QJN]\QNGMJV
7H]KFP
SHO=ESQJ
7MJ3]O[É)7MJL VQ
JI[JXE1YQMJYHO XE[QJ N]RJLN]RJLT,OT,O NVIJVQ
V?Q
Q>MJE[QJ&Y(X[+.  #V)©EZGO\O[J TQV7Q
E^QJN]]K
7H]K[J T(XH]J GW  P¡H+/YJU. E
[.L XE
79^WQ ]RQ
]JUHOMJ
Q
N]MJSTJSH]À,EYWQMJ@GO\O[JTQETQMJEYQYJ)-[JGWYJV7A3]O[É)7MJL
VQ
JI[JaTQ[VJ
V7Q ZRJ 
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
]KMJ]K[J \HO=N]MJ ^QSQPWMJ MJITJY TQE])7MJL ZPV-E
SH]À,]K
P
E KYJ[QF+.9 X[+YJ[MJS+MJ[.L EZQY]¾[ÉHYWVJ )7MJL E
7%O ŒFQSQ@
T1Y:QXE1YQMJ   E[+  NVMJ ] , O 

TQ[VJYHO
GOV7Q[MJSM+ J G.]L K[JSP
= 9. F+9. PTQ[VJXYW3JGW/]Y
J OH Y6IEJ [QJ\
L ,]H=EO ]G.L
[J X. (Y EYQYJ)-[J E^QJN]
VJUHOZ5MJ AE
EXQYJ[+MJ E1YK
IIJEUQMJ)7MJL S([MJS,OE[QJVEP SQ
7MJ3]O[É@ SVHOMJVQ
JI[JYHO
G6[J2](EXQMJNVMJT+QFYPEN]QMJ G6[J E])HOMJSPN^TJSRJ

?O]K
7H[Jâ]O¢H/ZJY
Y6IJE[QJLYHO TQ)7MJL UYJS+JG.L^P2]( ZPYHOJ[HOMJ [TJ&YHVJ ZQE[+9^P]K
[JSHO=ESQJF+.9PYWVJYHO[TJGKV5VNVMJE[+9^P]K
VQ
JI[JYHO EXQMJSRJL
7M3J ]O[J FOIJ [IJGOH YHONVIJVQ[HY
=O T+T. N.+ VN. V.
,O1YRJ\QE[QLZO]JZQ1Y[.LXT3JXZQ¡HO
QE[+XVWH/VWH/E]E]KYJ
ZQ[J]H]O 2OH ]( E[QLZRJZO]JZQ1Y]K[JEFU(
IJYQSEFQZO][ J .L
¡HO
Q)7TJVWH/)7MLJURJY]J]PE>QJV-SYJSYJZO]J[.L¡HO
Q[TJGOYHOEN]QN]Z5MJ
Z,OEZQYJ]K[J
FQSQE
]+.[TJ].+ ZO]EJ [QLVJU
OH MJNVIJVQE[+YVQ
JI[JV^WYJ
EXQMJ X[QXU(XEI)7MJL
7MJ3]O[J ]PE>QJ]K[JY6IJE[QJ[HO=
7MJN]/
XZ70V7QZRJ KZO]JG.L[QS[HN]/VHV7Q]KY+MJN]MJV7Q>Q[J]+.Y[.LXGKV7Q
ZRJVHOEZE1YQMJL]+.V]WYJ
EXQMJVHO[Q^HO=I.=VQ
JI[J
IJYQY+J^HO=U
Q
]MJL2](
7MJ3]O[J ]PE>QJ]K[J VQ
JI[JY U`VI[JF,OY I[JVMJ&Y(
SH1YQVMJE
QVOHOI[JVMJ]KI[JXQZ,OYSP=YHO E1YQYJ
+,91Y
[J%O Œ
S%¥R/[·4JE[QJ
X,LU.U.VQ
JI[JYXE]KMJX]KE[+)7MJL]ZvMJE[QJ
ZQZO[IO J YZRJSP[X =OH QZ,O FQV5V[[J)MOH #J \+YEJ N]G.1L Y[J>Q[J].+
E[+YOH ENGQYJES+9
QS(VQ7 YWMJ ]EZL
7]H K[JSH=EO SQJZRJNVIJVQN]RJVQ7
XGKV?O[J VHOY
+Q[[J]K[J

7MJ3]O[JY E[QMJ]HOMJ ]MJZJ\.V7 E1Y%HV’QIJ&Y()7MJL S([MJ
S,O[JUHO[.LXPYZRJNVIJVQVWQZO]JT
Q¡HO
Q[TJGON^TJET]K[J
 E KYJ[QZ7EF
)7TJT3J KY6[JSRJL XGK[HOMJNVTJ[+MJV7QAV(E^QMJaEV5Q1Y]K[J KY
XZ+IJ\P[.LV(E[+\HIJKEISRJL]+.GMJ]K].R3JLEV7QMJ[Q)7MJL[2]H/MJIYJ

+QSQE[+SHO=V?O[J2VH/9SQE[+YNVTJZJYHOEZ7EZ7QJS+QVJSP[HO=Y
KSH=VO ?O[J M7YJE]WQ]MJTRJ)7MLJ EUQYJ\Q[.LE^QMJMJYEZE[+VQ7 U(V(
G+YJ ^EQMJ[HOMTJ SRJ\+IJ R‹\ H Q2]( EZ7)M7 S
JL JZQ#E
ZJE
QYJE[QL
E^QMJE[+ EV5Q[J (E^QMJE[+ N]MJ],OUMJ],O# \RJLSRJL ]TÚRJE[+E
Q
E
EV5QSRJLXGWHIJ]K[TJE S)7MJL[TJE SV[P1Y]KFPEVQJZ2VH/MJFYJ
V7QE[QLE^QMJE[+YIRJIRJ]HO&Y( [JU(V(^EQMJ[HOMJXN]MJEYWQMJ
EUQMJMJEZN^TJETS]H[JN^TJET]KES[JS]H[J\.VQ7 VOI#J= HOVWH/T,#O
XG+,)8Q2](Z7(2]( STJS(Z,T[QE[+]KVJ KE]V.LFQXSQV7V]K
FP
[GWH/9ZRJV(E^QMJEV5Q[QYHO I,IYJGMJX¡O4J[YJGWHIJV7QZO]J1Y[J
EVQJZ2VH/MX J I(IJ[TJIJVQ7 E[QLGHMO GJ MOH Z
J Z
O, O, SH
S
H7 P EN]QN][QYE^QMJYOH
S,'QE[QJVWQU+VJG, YGWHIJVE
QYJVGWMJVEV5QESFPX1YVJXQN^MJL
I,IYJIQ
(V7IQ
(1YQV7EV5Q1Y]KS[.L (]+.YE[QL
7MJ3]O[J ]PE>QJ
[Q]K]. Z70 KIJSPE[+ ,O1YRJ[QY VN^TJ)HOMJTEYQMJYHO ,O1YRJ[Q#
EV5QZHOYS J RJL V(E^QMJVWQE
ZJE1YQEVWQ]K2](
7MJ3]O[J S([MJS,O
Q
]MJZJEXQYJ<QIE
QYJS+QVJ[.L
GOEG[JV7Q
7MJ3]O[J ]PE>QJSRJL XEZLX\Y ]RQ[[J
XSHOMJ XIJYHO]K ]W,9)7,9ZQEIE1YQMJ SH
Z5MJ ]
HS[J&Y(X[+YJ
TH[JMJTQ^+J N^TJV7Q]K
### IQ\+MJV*ZQ
XG+MLXJ GKSMJLZ5MJYWMJ ]EZL
H[ 7 .L EIQYJ]+.[TJGY
O IQ\+MJ V*ZQ
]+. N^TJ]K[J KY
7MJN]/]+.YHO N^RJLT+YJSRJL ]+.]K IQE]KYJE^QYJ[J#
IQ\+MJ [JUO[ H QE
7NVIJVQVMJVWQZYJ\YJYIIJ[+MJ ]+.XT3JXZQ]K
\HOEG[JXGKYSQVIJJX
]JSPYEZVWQZRJIQE]KYJE^QYJ1Y[J
SHEO= SQJSP[X
O=H [HOMJZHYO JZO]JSP XVW/H SQYIRJ]K[JVMJSV(YEZ
VWQYE[QL IQE]KYJE^QYJIQ\+MJ[QYHO XGVJXIQ)7MJL VZO]JVN^TJ
ZO]J1Y
]K[J (ZHOIQ\+MJV*ZQ]+.)7MJLIQV\+MJ
ES[.LVMJSV(?Q
\HVJNVQZYJ\]JG+MJL V
7HESFPZHO= XVWQ ZYJG,\Q]K[J
7MJFO
MJ
X[+YJZRJ (]Y +. VZO]JVN^TJ]K].E KYJ[Q\MJEXQMJXUHOX
IQ\+MJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
V*ZQY
Q>FHSHYJVG,V( VZO]JVEI
SRJL ]+.]K 2VH/9&Y(V7Q X
Q
7H&Y(
SH=VO ?O[J GWVJ SQ YJSPVWQ
.9SV(YEZVWQIQ\+MJ V*ZQYHOIIJ[+MJ
XT3JXZQ],OT,X[HOMJZO]J1Y]K[JSV(MJ
7HSRJLVHFVWQYIQ\+MJ
V*ZQYHO
7MJN]/]+.)7MJL [+.2](ZO]JEZL
7H[Q\,OT,]K].X\PSN^MJL 2VH/9VWQV7Q
ZO]J1Y]K[J (ZHO[+.2]( ZO]J
[Q XE1YQMJ)7TJ
]J
7H]K[J ]\VY
T(]+QE
]K [TJ]+.T( S(NGQZO]J
[Q\YJ [TJ]+.[RJV7Q [+.ZO]JE[QL
XYOIX J YWSYJSQ[JEIQYJ[TJE1YQMJZPT= [ H J Q[JE

QSQE[QL

7MJN]/]+.&Y(ZO]JE]2](SV(E[QLFQV5VZO]JE]F.GWIJ\Q
QE
QYJVJ#
SV(TH[JVEYQMJN^TJV7QTHO[J (]+.YFQSQE
)7MJL FQV5 V][JSYJ
]KFP
E% MJU
QS[JV7[J[.L SMJLE[QJ
QEI=)7MJLXGWHIJV7QVHIJYEZYHO
IIJ[JIIJTQUMJE]\Q2]( XVW/H SV(&Y()7TEJ QYJYIJ
,ZWYJ ^,&O Y(
E]V7Q\HOMJGHOMJ\Q[JFHSHYJU
QYV*ZQXGWHIJYWE
QYJE1YQMJ
E1YNMQ[.LXGK IQE^QYJ]RQSRJY VHIJYEZXI(Y]J# E
8X]JYHO
IQ[TJ^YJT(V7QE^QYJS+MJ#ZYJ)7TJEGWQMJ)7MJL\HIJ\Q#E]KYJ2](UHOZ5MJ
E
8X]JYOH Y+MJ Y+MJ2]( XIQE]KYJV7QSRJX[HMO J GWIJ\Q[JVHIJYEZ
Y IQE[QL [+IJ=VJ# EXQJVJ (EG[JV7Q U
QIJY \,OEUE]2](V7
IQ\+MJ]K[JXIQE]WQYJ^O=H
YJIRJIRJ1YQVJX. (E[QLV7IQS,S(
N^TJN^TJIQY]JN^TJN^TJ]IJE]ZOH=
]K[J
##[YÞSHOZJ
ZPZQENVQYJGWHIJYHOSEY*[N]/[.L
7MJN]/]+.XE1YQMJ2](2](UHOE[QL
O[HÉE% X
Y6IJE[QJ EN]QZHVJLVJZHO= EV5QJZMJLT
QE[+YY. ZP=T¡HOYJ
],OS+MJEI[.LXSYJX
+JZ+IJG.L2](#ZP]WH/E]KYJX
+JZRJN^[JSIJG.L2](
UHEO [QLY6IJE[QJXHVEJ \QMJ
YJSQYW[J#VHSQTOF\.YHO E
QYJZQ
]K2]E( ]KLSHE=O SQJZRJ (ZOH EN]QZHO= V
]KFPPFQE1YQMJZ
L U. EOH [QLX. X
( GWIH J
V7QY6IJE[QJUJLEZ)7TJSQSQSQ].
7H]KES[JEIQYJ\]JEYWQMJ
)7TJ)7TJ\]JEI2]( FEIQYJ[TJUMJLYE[QL
IJYOIJ[YÞSHOZJV7Q F+.9&YH/
EYWQMJSQF]K]. [TJGOESQ YQZ[OIJY Y6IJE[QJ FJE[QLV7
E
QYJVRJ V\MJG.L[.L[YÞSHOZJ]K
Y6IJE[QJ[O=H S,OEQYJMJEN^G.L2]( EXQMJZQG.S L RJLEYWQMJ\+YJ
 E KYJ[QZ7EF
TQEV]+Y . OH ]
HS[J&Y( S[H
GWMJ
]KZHVVJL JTQEV]+. EXQMJTQ
MJV\+YVJ (
V7QY6IJE[QJYZJUMJXZO]JZO]JEI]K2]( [TJEI=E[QLY6IEJ [QLJXE 
VWQY Y6IJE[QJLYHO [TJEI
QEG2]( X[+MJTYQ EN]Q]K[J SP[HO=
T(]+QE
YWEI[J#Y6IEJ [QJ[YÞSZ OH J EYWQMJ[YJ)MOH ^J =OH XZQXZQY
SH]JVEYQMJZ7FPE]KL KE]V.L XE VWQY \]JEN]Q]K[J EIQYJ)7TJ
EZQYJUHO
MJE[QLXENGXEIEYQMJZQ)HOMJ[JX. (XGWHIJYZRJ[TJ
YV«QZ,O T(]+QE
 YWUMJ[.LXGK VHSQTO[HOMJ
.9 MJEM+YHO \HGHOYJEI2](
(XENGXEIYY6IJE[QJLX[+YJXH]JVYJUHO&Y(VYJ
SZHO]K].#Y6IJE[QJ
VYJ[.L XH]JVYJZ7Z7EZE[+Y2](2](E]KL
SHE=O SQJZRJY,YY6IJE[QJLFYJY
7EH I[JEN]QG.[ L L. X[HMO J ].
EXQMJTQ
MJ\+YJE[QL Y6IJE[QJY ENGQYJFQSQXIYJ MKFQSQ
O 4 J\ P )7MJ L EXQMJ[ J #
IJY OIJ [YÞS HO ZJ V7Q  ]RQUYJS MJ )HO MJ
IJ
TEYQZQ
7TJZRJ
[J TEYQZQ
7TJY [TJZ )7TJUJYW]J#
GOEG[JEM+Z.Z7J)-IJI.=S,OE ZQEYWQJEYWQJEZ#N]MJSTJEM+I.=E[QL
)7 T J U J L M K^
IJ = E ZQYJ 
7 H ] K[J   ( E M+ ) 7 M J L U H O Z 5MJ  [YÞ S H O Z J Y
EYWQMJEUQMJV7Q EFQJ KG YQVH]K [J (EM+]VQ4Y X. (EG[JY
Y6IJE[QJ[O=H [TJVHSQTOZ,O EYQMJEYQMJ V+IJV+IJ EI)HOMJEZQYJ[.L
[TJZXS,OT
H[J]K Y6IJE[QJL XE VWQY E\QYJ],LT
Q ZHO[QY
EYWQMJZG)7MJL Y6IJJE[QJLVOIJ=^HO [TJZ ^
IJ=)7TJUJGIJ= UJLGOITJYW]J
UJL
7TJYW]JGIJ=  N^TJ]K[J GOZHO XG+MJLXZVJ E^QJE][.L X[+YJ
YHOJLY,YHO]. Y6IJE[QJ XE[QJEYW>P[MJ
]K[J
Y6IJE[QJ
.9]RQE
FYHOE[QL],EO ^QJNMVJY+YX J N^TJSQ[MJN]]K

ETEIQYJV7NVIJVQ%O ŒFQSQ
.9,O1YRJV-)7MJL¡HO
QZO]J\,OE[+YHOXSQ
XN^TJNMVJXUMJV7QN^RJL]KVJ
Y6IJE[QJ F+.9&YH/EYWQMJSQXN^TJ ]\V)7TJYE[QL TH[J]WYJ
T
Q]K]. KEZ5QLEZ5QLE]KLE]KL EN]Q[Q]K Y6IJE[QJ EYWQMJ[OIJYI.=
EXQMJTQ
MJ\+YJ2](
YJ]HOMJV7QE\QMJE\QMJ)7MJLENVQYJEI[.LY6IJE[QJL
VQIJE[+ EZZ8Q ]K]K\. Z+MJLEVWQ E]WQYJY+JYOIJ]K2]( EYWQMJ)7MJL
[YÞSHOZJ1YQYXUMJL Y+QNGQV-YXZ+IJYWJSYHO K\YJ
IJYOIJ
[YÞSHOZJY X. ( XGWHIJV7Q NVIJVQN]RJ
7H [TJGO[RJESQ [YÞSHOZJ#
]RQE
\H]J\H]J1Y.[HO=SQ
7H
VRJL EI
Q# NVIJVQL ]RQ[[J VZHOMJZ8Q[HO=
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
X[+YJ \QSRJLEI
Q N^TJEI[J Y6IJE[QJ X&YHVJ&YHVJ EXQMJNVMJ
E]KYJENVQYJG.L2]( ([TJGKE[QLY+.]K2](
SHOE= SQJZRJV1YQV(V7QY6IJE[QJ ZHY O J)HOMJZQ]K[JENGZ7VJ
V7IJV7IJ)7MJLUYJ)HOMJZQ]K[J)7TJ)7TJSMJ
VRJLSMJ¡HOX[+YJ Y6IJE[QJLYHO
[TJ)T7 J)7MLJ X2]( ZO]JGM+ LJ E]]K[JSHE=O SQJZRJ (XG+MLX J E
YHO Y6IJE[QJ
ZYJZ[ 8 ZJ Y OH
J [JXE1YQMJX
MJEIQYJV7 EN]Q]KVJ[YÞSZ OH ]J RQ
E1YQMJL Y6IEJ [QJXNVMJYWZ J Q]K[J KYY6IEJ [QJ)M7 LJ 2%[ H S H 5]KEVQY
VWQ\HE[+9UYJU,
[Q
J#XNGQEYWQMJSQVWQ)7MJL \HE[+9
[QZRJ
]K]K[J#XUMJLNVMJLX*ZH]JTQXO]JVWQ^[J
SRJLXYWH/ZRJ]KMJ]K
[J[N^RJN^RJ)7MLJ Y6IEJ [QJYE^IJE
]HOZO][ J [JZQ[JYH O [
J MOH J
Z+[JZ+[JZ]JZ]J U,ON^[J[QZRJZO]JZQ]K[JSHO=ESQJ Y6IJE[QJ
NVIJVQ%O ŒFQSQXN^TJ]. UYJ
7HEI]KVJJ
O[ H )7TJXYOIJVQ7 Y6IJE[QJXE
&Y([.L TQEV].+EXQMJ]K[J
(TQEV]+V. Q7 S,O UJV7 EZUJ
QGHOM)J I- J EZQYJSQEXQMJ]K[JUIJ)7MLJ
^+. G+.\O[JSRJL TQEV]+.]K EYWQMJ[OIJY Y6IJE[QJL 2]H/MJFYJ YOZQ
EYWQMJSQYW]K[J KZRJSPRLZ , =HO V?O[#J TQV&Y/H TQZOZ =H RJV?O[#J
SPY = ], KSPX = E]XZ+I1J S>QE]SRJL SP^= GMJYSQYHO Q[OE% #¡P]E%
)7MLJ >(E% PGOMH J [JSP=SQSIJ[QYX*ZH]TJ Q)7MJL SVHOMJ SPX = E^Y
SQYHOU
QIJN^TJETGWM[ J QSP
.9UHOZ7SRJL YOSOZ H JYE, 1YQMJLY6IEJ [QJL
V7Q XE[+E[+ [S(&Y( T[MJZQ]KE[QL[J ZPMJS,OEQYJ ]RQ
X
RJXGWMJ XUMJ[ L 1P Y[J#[TJEYWQMJ[RJX[P[YJ2]( XG+MX LJ ZVJ
X[P[P
1Y[JSHO=E]V.L (\.Y[TJEQYJN^TJ[.L NVIJVQEYQMJEZY
[YÞSOZ H [ J YJ
IJEM+E1YGW/H 9[.Z L O=H EYWQMJUYJV[YJ)MOH F J . YWI
J TJ
7Q[J
GO YOZQEYWQMJSQYE[QL SP V)7TJSYJ[.L FQSQE[+ X[MJ
PGHOMJ[QG,
2](EYWQMJ\+YJ
N]IJ2](FQE1YQMJL]KZHVJL# (EVG+IJYHOEN^
IJ
Y6IJE[QJT3JTQ]K[J#
ZQ[.L XEN^YE[QL%O ŒXU,O XV]K].E?Q1YQ
S+IS J MJ]OY
,  (ZOH FEXQMJNVMJE
X[+YJ]OH/¢ Z[ J TJ3( V7QS,O GOZXHO ]J[J
Y,#·4J#H
H (EI
QV7QY, YV’ YHOX[H[JFE[+YE
QVWYJEV7QYJ
FV7Q]KVHVHZO]JG.LSV5XZO]JXQZ,OXYW,/MJ[.LXH]ÀQJ)7MJLS,O\Q]K
[J (XU,OXVE1YQMJLY6IEJ [QJXEN^
[QYSP[=)HO 7TJEQYJVEXQMJ
 E KYJ[QZ7EF
VNVMJN^TJ1Y
[Q?QY,E1YQMJL].N^TJ[J (YT[MJ2](Y6IJE[QJY,[
Q
YHO ,O1YRJZQ[Q Y6IJE[QJ [YÞSHOZJX\H# [[H)7TJXTV7Q \]J2](
(,O1YRJGWYJ GHOMJVQ^O=H N^TJZQN]IJ[J XE VWQY E[QMJ]IJZQZHO=
Y6IJE[QJLV7QXE
[&Y(U,ON^[JT
QYHTÚE]ZQ[JZP&Y(VMJVWQN]IJ
S[H
]KVJ# Y6IJE[QJY TEYQZQ
7TJ EYWQMJSQ]K TEYQZQ
7TJ
EYWQMJSQ[HOMJ[[H)7TJTYT[MJ2](O4J\P[IJF+.9SMJ[IJ[YJ

VRJLTRJVW3J
7H[J¡HO¡OHF+.9P
MJEIQYJ\]J)7TJ)7TJ)7MLJ 2](VJO4J\P
[IJ[YJZ5MJ 2](^HO= S,O)7TJ1YQVJXE VWQYSP[HO= EM+E
E1YE

GWMJLGWHIJ
[J Y6IJE[QJ O4J\P[IJ[YJEIZ5MJ SP[HO= EYWQMJT
H[J
E\QYJ],L
[Q[TJ)7TJ]H1O YQE[QLVJ KE1YQMJLXE VWQYY6IJE[QJLYHO
X1Y,E]]K[JTEYQZQ
7TJXTQT[HOMJ]MJ E\QYJ],LE1Y EZ5QYJ
ZHOYJ]KZQE]KL XE VWQ U)˜ Y6IJE[QJ ZYJG,]K[J UMJ
.[.L
EYWQMJSQVWQX[+YJE\QYJ],L
IJ
RJ
+JS[JV7[J[.LT[HOMJ]MJYHOY6IJ
E[QJEZ5QYJZHOYJ]K[JT[HOMJ]MJYTEYQZQ
7TJ\YJEM+UJLMKYW]J
]HO]K[JSHO=ESQJZPYU)˜N]/[J#FO
QSGMJYSMJLSZHOT(V,[J
EZ5QYJZ8Q[MJ2](V1YQV(T[HOMJ]MJFO[JX^+.9YY6IJE[QJLYHOEG
P2]( ZPE[+9 TTJEV]K[J X^+.9 3YÞ`Y ]KEVQY W(XH]J GW ZO T #
Y6IJE[QJSP)7MJLVWYJ)7QGWMJUHOMJE[+9
]KEZE
QSPYY6IJE[QJLEZ5QYJ
Z8QYHO1YRJLZ,OEGWZOY H J2](TYÞ0E?QMJ],O \.\RJLZOY H J[J (EIQYJSPY
Y6IEJ [QJY L OH ETLETL&Y( 1YRJ2L ]( FQV5VEN]QF.EYWQYJ¡]O &J Y( ZHO \HMO EJ I[J
)7TJVHITJEZQYJ1YQZHVJLVJ \MJ[J Y6IJE[QJL TH[J\.V7QE[QL )7TJIQ
(
EZQYJ1YQ[J¡O[[ J
YJFO[JX^+.9MJ[TJ3( YY6IEJ [QJ OYSYJSQ
EXQMJS+Q)HOMJ2](ZHO=MJEN]Q]K[J (U
Q&Y(YY6IJE[QJEI[.LEYWQMJ
EUQMJY O[ H XEUQMJV07 N^TJEI[JY6IEJ [QJZRJ[,GKE]KYJ

H7 QYHO
XNVIJU,OZ7VJ\+YJE[QL[Q]. X. (EI= RGMJV7Q]. O[H XEUQMJV70
Y6IJE[QJLYHOZQE[+9[J¡HO¡HOF+9. ].P]KE[QLVJUHOZ=HO Y6IJE[QJLYHOU
Q
ZO T XZ+IJTH[U J OH EI[J#SPYY6IJE[QJY L HO SVHOMJSHVO= ?O[J NVIJVQTQI.=
O4\ J P[IJF+9. ].PETGWM[ J QZHO= OXEUQMJV07 YEN]Q]K[JX. X ( GWIH VJ Q7
Y6IJE[QJYU
QZO T SMJ[.LXE
79^WQE SSVHOMJ)7MJLNVIJVQEYWQYJTQ
X[IJE[+ [YJEI[J U
Q&Y(Y Y6IJE[QJLXE] XEV5QJZMJL&Y(
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
EV5QJZMJL\Q[Q Y6IJE[QJ SH]K[J SPY Y6IJE[QJLYHO [¡O[JFQSQ
E[QMJ X]HO SMJE]VJZHO= UHO\Q]K[J KI.=]. Y6IJE[QJ NVIJVQTQ
O4J\P[IJF+.9P
IJU,ON^[JZHOYJ
]K[JX. (XGWHIJV7Q]KEVQYZO T
YEG[ÉEYQZH]EJ YWQMJXO]&J Y( ZRJN^TJEIE[QLY6IEJ [QJY L OH EN]Q]K[J
Y6IJE[QJ [TJ)7TJ ]HO1YQV7Q N^TJ[.LX[+YJ X. (
YJY T2]( Y6IJE[QJ
EYWQMJZGE]
IJVZHF O P [.LY6IEJ [QJLXE VWQ\,TQE
2](YWH/E1YQMJ

7MJ N]]K[JY6IEJ [QJ[TJ)T7 J]HEO I


VRJL YHTY Ú OH XE VWQYXMJ[MJ[MJ
VZO]JVYIJY = Y + 1J YE[QL]KFP (N^TJ
]JE[+YY6IJE[QJL FZVJE1YQMJYHO
EN]QMJ]TJZHOYJ[Q>Q[JZVJE]Z+MJZQ]KZHVJLVJ
Y6IJE[QJ U
QF)7MJL XSYJEV+
IJ U,ON^[JZHOYJ[QYZRJ
[[H)7TJX[+MJV7Q].N^TJ]K[J%O ŒFQSQYHOXEZXIYJG,P\Q[.L
NVIJVQ[TJEQYJX[+YJ TQSMJ[L. U
QI.= EUU
QXZO]JYXV+IJNV[JU,O
SVQXQ>( XN^TJU,O XZO]J)7TJGO N^TJ]K[J Y6IJE[QJ)7MJL EU]RQ
VX]JT]JE1YQMJY6IJE[QJSH]K[JES+NVMJZ5MJY6IJE[QJY
+,9]K[J
[+IJ=]K[JY6IJE[QJL XE VWQYE[QL Y6IJE[QJLYHO XHOMJT(XYJ TJ ZHO=
EG[.L XH)˜H)HOMJM,XO]JGW/]JE
 ]H·3JG, IJ\VJ N^TJETGWMJ1Y[J
XHOMJT(XYJ TJ YHOAAVHOE]YWVMJV-\VJaaZHO=ZPE[+YIQZRJ\Q[J
(X[IJMJ X
Q
7HVWQY \H]J[ IJZG
1Y[J# ZPXVWQYZRJ
¡HEO SG,RL Q
[JXE VWQYE[QLE% MJU
QYY6IEJ [QJLYHO U
QE[QJ
ESQJZRJEYQMJ#VMJTHO
Q>QESQJZRJEYQMJN^TJVRJZ=OH E?Q\Q[QYH]O .
T+.EI[QN^TJ)HOMJ[JSHO=V?O[JZP=SFQX[HOMJSP[HO=U)˜N^TJ[QZRJ
N^TJ)HOMJ]K[J XHOMJT(XYJ TJ 
.9 XE N^TJZQ
MJ SP[HO= SQSQIQIQ
XHVJ&Y()7MJL EI)HOMJVJ#YQSVQEVQMJ[.L >HVJG,YQ&Y(T(
VJ#GHOMJT
Q
XETG,E[+YZRJ &YH/YJSZOHGOHMJ
IJ XSMJL
7HEIVJZHO= E[+VHE[QL
Y6IEJ [QJY L OH N^TJETGWMVJ 7QE]KLY6IJE[QJYXE VWQYHO YWH/SMJL E1YQMJSMJL

7MJN]
IJ &YH/TQ]KES[JNMMJG,O1Y
[JN]×IQYXE[+XNVMJ
V[P1Y[Q]K].]RQXUMJL Y+QNGQ[Q
J XSYJX
+J V[P[Q
J
Y+QNGQV-
7EH IE[QLZYJG[ , L. T,GWIH TJ ,RI8 JE[+[IJ^OH E[+YV[PN^TJEI[Q]K
SP[HO=YHO XT3J¡HOESEZTQ[JSP[HO= EYW>P[
QYZRJY6IJE[QJL
XE]&Y(VQZ7[J UHOE[QL Y6IJE[QJYXE VWQXE]¡HOMJN]SRJL
 E KYJ[QZ7EF
ZY4Q VN]]KFP# Y6IJE[QJY SP[HO=YHO A[O,Z+IJSPa SHO=V?O[J X,VMJ
SPE[+ZHO=VUHO
.]KFPGO
MJUHOMJ
[.LN]×IQYXU,OV7Q)7TJ3()7TJFYJ
EN]EN]ZRJZRJ N^TJS+Q[QEIQYJ]HOMJV7QE]ZQ]KZHVJLVJ
Y6IEJ [QJNVIJVQTQO4\ J P [IJZHYO VJ [
H QYHOEYWI]JE]WQJ
M8 JEI]K
[J (SMJ[IJE1YQMJLY6IJE[QJV1Y,/FPES[.LTH[JMJTQ^+J1YRJ)P
^+J NVIJVQFQSQTQE])7MJL 3JEYWV-IJ\. E
QYJZQ
[J]KEVQY
ZO T Y ]W0 # E
7NVIJVQ)7MJL E
7E?QMJ)7MJL EG[JZJ V+IJEYWQYJTQVWQ
FQSQ
]JSMJ1YQ]K[JFQSQTYQ^+.9TRJ],O)7MJL[HO[YJEN]QMJZ.V-
EZLZQ[.L I.= XS,\+YJ EZLZQ[.L S ˜E%  YHO
U
Q&Y( E^EVQMJ[MJY ]HO=GW]K[J NVIJVQE
7E?QMJ TQE]YHOE[QL
NVIJVQY\HYVWQ SMJ]K[J EIQYJU,O [IJU,O)7TJ E
QYJZQ]K[J
TQEV]+.&Y(YGOV[JZV7QYWMJ]
IJN^TJ]K[J KE]V.LE^E^K
(

YJEI=V7Q[YÞSHOZJ EYWQMJSQEGKMJEUQMJVWQYS]H[JEV7QYJ
IJ
TRJ¡,O]K[JEYWQMJSQEYWQJ[TJEYWQMJZ,O
.9\YJYJEYWQY J
SP[HO=TRJ¡,O
Q]K1Y[JX. (\.Y6IJE[QJZRJ]KS+Q]K[J
Y6IEJ [QJ[Y =OH OH E
8[H Y
O, IO J E[QJE]EGS+Q]K[JEYWQMJEUQMJ

7TJEUQMJYEYWQMJSQE[+YHO XEUQMJXZHY O JFO


Q][J][JZRJVJ 7Q
7[ H .L
>
]J[TJEUQMJT(V7QEI
QGWE][J>
]JV7QY6IEJ [QJ[O=H
YJS[ÉS,O ][J
EZQYJ1YQ EIG.L
]K[J [YÞSHOZJXQ4Q]HOMJVWQY E[QMJUHOGWYJ
XVWQTOYHO ZHOYJEZWQ[.LX[+YJEGKMJEUQMJVWQYS]H[JZ7IZ J HOYJ]K[J
Y6IJE[QJ[HO= VEN^ZHOYJ
SRJL TQEV]+.YHO X. ()7TJ EVZV7Q YWMJ]VJZHO=
EN]Q]K[JY6IJE[QJ[HO= XHVJN]IJS+Q1Y
[J
Y6IEJ [QJXHVNJ ]IJE
QYJE[QLNVMJYM+ J YXZ+ITJ [ H ]J WYTJ
QN^TJEI
[J XE VWQY VWYJ
RJYWZOZO N^TJEI2]( SP[HO=TH[J\.V7Q ()7TJE[+
X[+MJ Y6IJE[QJLX[+YJXYOIJYWG,\Q[.LEM+E[+S.\.E
S+IJN^TJYOIJ2](
Y6IJE[QJS]H[J\.]KG.LZHO=XZO]JEYQMJEYQMJ
VJLXZQXZQZRJ
]WYJ2](ZHO= \MJ1Y[J SP[O=H (ZHO G,TQ
E[QL Y6IJE[QJY AE EZ[OH=
N^TJT
Q
7[H QN^TJVQ7 ].aZHS =O QN]IJEN]QZHY O ]J K[JY6IEJ [QJZQVRJL TQEV]+.
X[+YJ TQYWYJ]K[JTQEV]+.Y[TJZE[QMJ VZHOE[QLFP#EVZV7Q
Y6IJE[QJ [YÞSHOZJN]IJZQ# TQEV]+.  EN^]K[J  H>ªQO4J\P[IJF+.9
YHO]\V[IJO4J\PXUMJLYEXQMJ]K[JX,L^+JN^TJ
]J
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
EZZQSHO=V?O[JY6IJE[QJLY,YT(V,\Q[QVWQZQ
Y6IJE[QJV?QH>ªQ [IJUYJ[YJ]K[J[YÞSHOZJY
Y6IJE[QJY L OH NVIJVQTQIRJN]U
QGIJ=E][J KY6IEJ [QJU
QN^TJGWMJ[.L
U)˜N]RJLE[QLVJUHO[.LX
H]JZY4Q]K].)7TJ)7TJ1YQY6IJE[QJXGWHIJ]HOMJ
IRJN]I.=EYWQMJSQ[TJ]HOMJEIG.L
[QE]WQJE]WQJ
8MJ
8MJ]K]. (ZHOF)7TJGO
YN]EI[.L O[H)7TJV7QVEV5QJZMJL\Q[.LIQVZRJ)HOMJ[.LN^TJ
]J[TJGOE]
ZQ]K[JX. KYY6IJE[QJF L V7QXZ7RX JL EN]QMJ[TJGON^TJZQ]K[J
[TJEI=ZJVQ7 Y6IJE[QJ
IJYIO 2J VH/9\.YZYJ^YJ
RJUMHO [ J TJUMHO J
V7Q ZYJ^YJ
RJJESQYJEI[OIJ VH[JEU+[TJEQYJ MJZQ[J SPY
ZPXO]J\.V7QY6IJE[QJLYHONVMJS+Q[J2](E[QL2%H[HIJ)HOMJM,VQ7 SMJ1YQ
IJ
]RQSMJUO [TJUO EZ5QYJ\Q)HOMEJ 1YQMJE1YQJNMQ]K[.L X*Z]H JS[MJTQ
YHO SPYN]]K[JE1YQJNMQY]\V[IJO4\ J P [IJF+9.
VWQEZ5QYJ\Q

IJEZ5QYJZ8QEG\Q[JEZ5QYJZ8Q]H[J
YJYIYJN^IJVJH[JEU+YHO
XVWQ&Y( EYW>P[MJE1YQMJEN]QZHY O ]J K[JEIQYJ[TJEI=VQ7 SYJUMOH
J Q
<QIYHO Y6IEJ [QJSQ+ UHMO
J QX
Q
7\ H V, Q7 TEYQZQ
7TJ EZ5QYJZQ8 [MJ[J
VWQV1YQV(VQ7 X. ( ]RQSMJUX O [+YJ Y6IEJ [QJTQEV]+. EN^
[J2]( E[QL
UIJYQTTJE
+\Q[.LZYJE
+TMJXNGQ)7TJEQYJ)7MJLY6IJE[QJZPE[+9
EVG,
[JXU,OV7QY6IJE[QJ XE
+GWJG,
]K[J

IJYOIJ2VH/9V7QZYJ^YJ
RJUHOMJ
QE]KMJVWQT+Q
7HV7Q]KSHO=E]VJL
S[MJEYQMJ EUQMJZQ[.L Y6IJE[QJL VH[JEU+Y [TJNGQUHOMJ VS+QG.L#
Y6IEJ [QJ\HMO EJ ISRJL UHOMJ\.V7MJZQG.[ L JSPY6IEJ [QLJYHO NVMJE[+9[J#
EIQYJ\]JN^TJZQ[QE[+]
HS[J&Y( SH2]( ]K2](  KV\PUIJFPZQGMJ%WQ
Y6IJE[QJX*ZIJS+Q
IJ
++QV7\+YJG.L[L. I,IYJGMJXHVJNVMJY+MJ Y
VJSQVJIRJT
Q&Y(N^TJEI[JY6IJE[QJ\+YJGQ+ VRJLU.UV. Q7 [IJT(
\HMO EJ I[.L ZP&Y( UJEQYJE
79Y6IEJ [QJ P[O]\ J MOH 2J ]( 
7GH OH YIJE[QL]K[J
UJEQYJYXF+QYXZJV7Q#SP=[TJ^YJV7QSQEZEQYJ
Y6IJE[QJL^GMJX]KXMJ#[NGQ[TJ^YJV7QSP=SV(MKEQYJSRJ\Y .
EZEQYJYY6IJE[QJL EV+TQVHGMJE[+SP[X OH= QZ,OYUOV+IJEYQMJE[+
E]1Y[J#Y6IJE[QJ[HOMJ [TJ]KV7QE]WQJ
M8 JEXQMJNVMJ]KETE1YQMJI.= XNGQ
UOVWH/T,OE]KL3(&Y([TJEQYJYY6IJE[QJG+.G+Q]+. ZYJEUQMJXN^TJV7Q1YQ
 E KYJ[QZ7EF
U,OV]K[J Y6IJE[QJ
]JEENVNGQV7Q %O ŒFQSQ NVIJVQZY4QE[+
VE]WQYJEXQMJ\HVJ^HO=# MK]KS(ZNV.^HO= V7Q1YQU,OV]K[J Y6IJE[QJ
AS+QE[QLVJaZHO=SP[HO=YHO)-[JUYJT3JYSP[HO=\.V7XVWQTOYHO Y6IJE[QJ
N]IJE[+9E[QL V7Q V?O[JFPUHO[Q IRJIRJYEZV7 VE[+VH]K 
GOV7QNVIJVQN]RJYHOEZLZQE
G+MJL)7MJLY6IJE[QJN]IJZQ[.LXGKN]IJE[+9
[.L
XE S,OEQYJY Z+.2]( XNGQSPXQZ,O O[HYV«QTTJX[+MJY
Y+JZ+IJ1Y]K[J
GOX\H Y6IJ E[QJL
.9 ]RQE
FG
( YHO  ¡HO SQV7IJY IJT+ Q
EN]QG.]L K2](#EN]Q
MJE]ZQ[.L G,TQGWYJVWQYHO ?IJZO]J ^,OY+J VEN]Q]KFP
(TH[J\Q )7MJL]. Y6IJE[QJL ]RQE
F N^TJ
]JVWQ\.V7 V7[JSQ^+J
N^TJ
]JVWQYHO EN]Q]K3(VJ

### T[H\HVJNVQNGMJ
Y6IJE[QJ
IJYIO J[YÞSZ HO VJ 7QTQSMJ[IJE[+T[YJ2]( V1YQV(VQ7
XQ4Q]HOMJVWQY ]\V)7TJEYWQMJSQVWQ [YJSRJL SMJ[IJVWQ [YJ
E
QYJNGMJV7YMJZ+[JG+MJL Y6IEJ [QJLYOH E]]K[JY6IJE[QJY (YMJZ+[J
G+MLY
J HO NVIJNVIJZYJGZ , OY
H J[J#FQE1YQMJLZ.UEHO [QLY6IJE[QJEYWQMJ[YJ
YQZ[TJ)7TJEZWQS L Q+ V7QYHOSHO=E]V.L (X[HOMJN^TJVZQFPA[TJ)7TJ[IJa
ZHO= XVWQEG[.L X[IJZHOYJ[YJZHO= XE[QJYEZ1YQE[QL Y6IJE[QJ
^WQ]K[JY6IJE[QJXHVJN]IJS+Q
[JEVQJZ2VH/MJYU
QIJ)7MJL 1Y[J
V[JYOSE]]K[J
YJXIRJMJ1YQE[QL]P]MJEI[.LY6IJE[QJLXE 
VWQY
+QEUSVQ)7MJL [HMO J]MJ1Y[JU
QYY6IJE[QJL E
QKTHTTJ[J#
SP=XUHOYYHOJE
QKV?O[J#TH[JE
QKZRJV?O[JE
QKZY4QY
]EQMJ[QZH=O SPYUH[ O JYOS
IJZRJ[TJIRJ].
7[ H JY6IEJ [QJL
YHO \HVJNVQ ZYJ\]JE]
VJ KE]V.L X. ( YO\,OY Y6IJE[QJLX[+YJ
VN^TJ)HOMJE1YQMJZRJ SVQY SH]K[J XGYJXG.VWQ EYWQJZ8QVJL
IRJZVJSPY].E]]K[JY6IEJ [QJ1YYJN^0V)7MLJ T[HZYJ\]JZY OH [J .L
Y6IEJ [QJEL
QKYEIQYJ\]JUJ
YJ[IJG,EI[J (1YQ\.VQ7
U
QIJYY6IJE[QJ ES+XQIRJE
QKN^TJEI[J UHO2](X. (X[HOMJ
UYJYOSEI]K[J
+QYEUSVQR8IJ1YQGWYJYOH EN]QN]E[QLU
QIJ
YN]/, [JX. ([[JEQMJYQ
VJYO Y6IEJ [QJY L HO FQEUV7V[HY
O Z J 5MJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
2]([Q].#YWIJ[QSP&YH/YJSZHO ZO]J]KETZHO= U
QIJYEN]Q[JZJ
ZO]JSQ[TJEQYJY 1YYJN^0V[TJEYQMJ
7QE][J EUSVQY
1YYJVENGV7Q&Y/H N^0[TJTGWR2J ]( YWI&J Y/H TYHO Y6IEJ [QJL RQZYJVQ7 GWR[
J J
2](E[QL SPYY6IJE[QJ[HO= ZMJVQN^TJ2](ZHO= EN]Q]K[J2](E[QL SPY
&YH/EN^#1YYJVYHO Z8[JZHOYJ[J#\HVJNVQ]+.¡HO
Q2](S+Q]K2](Y6IJE[QJL
VJY+. R(MJVWQYZRJZP&Y(VWQ)7MJLX[P ZYJ\]J]+.V7Q
7HEI1Y[J
SP[Y HO= A1YYJVZMJaZHO= Y6IJE[QJLYOH XVRJEN]QMJ[]J1Y[JZYJ\]J2](
SH]JV1YQFP#Y6IJE[QJEI\HOMJEYQMJZQZHO=[YÞSHOZJYHON]IJZQ]K[J
Y6IJE[QJLE
QKE]WQYJYMJ[QU
QIJ
.9EUE[+T+VJZOH=ZQ# KV7V?OO[J
EUU
QE][.L 1[QEYQMJZHO=ZQY6IJE[QJ VEG+.)HOMJ]K

### 3TÚQETQMJL
N]IJ2]( S[H
VJUO
H MJY6IEJ [QJL[YÞSZ OH Y
J EYWQMJXH]J EYWQMJ
TQ[YÞSHOZ]J KEYWQMJSQXVWQTOYXEUQMJV7QEI1Y[JXEUQMJ
E[+YHONVIJVQ2VH/9E[QJE?QMJVWQXVRJE]\Q[J[EYQMJ#N]RJ#]O,#
S\,O# ].GP# TTJYHOMJ# ]MJ# XMJ XEUQMJE[+ Y6IJE[QJEI[QY
]O,EUQMJV7Q#[TJEQYJ[TJGIJEI
]K[J
[TJRIQ
(GIJ=V7QY6IJE[QJTQZO]JEI[OIJ
,[QYUPUPRR , ,
XS,E1YQMJL XQ¡O,]WYJS+Q]K[J EVNVIJ 1YRJLZHOYJE[QL X[IJ&Y(
EYWQMJSQ[TJEQYJ# VYWIJVVQ¡O]JI.= E]WQLGWHGWHZP# YEQMJY[VJ
N^TJEI[QE[+9=
[JEYWQMJSQ[GWH/9YSP=YHO \HIJSHVJ\Q1Y[J
SP=VH[JEU+
MJ[TJEQYJYSP=E
QKXN^TJSITJYHOY6IJE[QJLXIQY]J
FJSPV7E[QL VEN]Q)7MJLUHO2]( EN]QN]]K[J (ZPY
RJTQ
7H[J[.L

RJTQY3TÚQETQMJLVN^TJEIZOH=XGOX. (3TÚQETQMJL]PEI[Q[.LVH[JEU+
UYJEN]Q[QY3TÚQETQMJL)7MJ^Y =OH [TJIRJSQ
7[
H JSHY
O U
J
Q
7Q
VJ
Y6IJE[QJ[HO=SHOYJU
Q
7QVE[+9]KSHOYJU
QXTQX*ZH]JXH)˜HYN]Q
[YÞSHOZJU
QIJ E
QYJZQ[J O[HXEUQMJV70Y  ZPZ8[J2](
U
QIJ]MJLZHOYJ[QE1YQMJL E
QYJZQ[Q O[HXEUQMJV70YV+[TJ ZMJ
FQSQMJU
QIJYSPY = OH ESESGWQGWQTVJS]J1YRJ#L G4T3JTQ2](E[QL
1YYJUPU( [HOYJZHOYJZHO= GHOMJ]K[J ZPIQEZ
.9 SPMJGWMJVWQYE[QL
 E KYJ[QZ7EF
[TJVWH/E[+[JU
QIJ)7MJL O[HXEUQMJV70\+YJS+Q1YE[QL SP[HO=
FQSQ SP[HO= ZPIQZRJ]MJI.= ZYJEYQYJV7Q TH]J]O[(E[+ T+]JE][J
[TJEQYJ)7TJEQYJYFO
QO4EJ [QJYOH ]K ‡[H]EH SQFK 
+[1J Y
[J KYNVIJVQVWQ]
EZQYSQVWQ)7MLJ 1Y/, UEO, Z[HMO J ZO]EJ I1YX[HMO J
ZO]J[Q]K].
ZPIQ XH]JE]WQJS+Q]K2]( EIQYJVIYJV7Q ],OV7IJ]. SP=TQ]+.E]Y
1YYJUPU(]OZMJY[HO=E[QMJV[HO=
ESFP2](E[QLRYXN^TJSITJYHO
SPFQV7VV7[JVH[.L],OVWH/
### X¢H
[J)7MJLEV7QJX[[J
EZQYUHO[Q XVWH/T,O[Q]K]. ( AXVWH/T,Oa E[+\.V7 [GWH/9YHO
GOEN]QVRJL >Q[JZVJV7QE[+9
]KVJ
NVIJVQ%O ŒFQSQ[TJEQYJXEI)7MJLY6IJE[QJY^GMJYHO[TJ)7TJ
S,O &YVH J YIJE[QL[L. XEZLX\
7]H K[J^GMJYY6IEJ [QJGOITJ)T7 S J QV7Q
XEVU,OS+QZH=O VOUHO ^HO N^TJEI
7Q[JSPYY6IJE[QJ[
O=H Q+ V7VHMO )J T7 U J JGIJ=
E[.L 2VH/9YEZV7QEI]K[JSPY1YMJIQ[[J[.L IQZRJV-
7H[.L ^GMJ]K
SP=XQIRJGWYJ Y6IJE[QJE[+9[Q[TJG]O K].X. KYXH¢
[JYHO SPXT+.&Y(
T+.EI[.LKSIQ]KX¢H
[JE]KYJGWMJEI[Q#Y6IJE[QJYXE^LYHOVN^TJ)HOMJ
[QE[+ ZO]JEI[JZO=H EYQMJEYQMJV+IJV+IJEN]QE[QL ZYJVG,]KFP
XE^YX¢
H [JZHOYJTQ[J#EV7QX J [[JZRJT]JT]JZ]O [ J J
SP=XZO]JY N] KN]QGW2]( XQO (' XSYJ
7RJEU E^QJ^HO= SPTH[JXQ
\YJSIJ[QYXSYJ
R 7 JEU].S[/E[+E
8N^TJVL. IRJ\YJTH[JMJTQ
[JE
QKG]JSHVJE]WQYJ2MHVJVJLEUE[QL EN]QVEI)7MJLE[QLSPY
XSYJ
R 7 2J ]( EIQYJ]M+ VLJ RJL X
HEVE[ÉWF
O QYHO ETQMJ^L P GWM[
J Q# (YV«QV7Q
]+MJLVRJL FO
QMKUPV7Q EIQYJU,OXUPYHO ETQMJLV7Q E
7Y ]O,V7Q
?IJ

7MJX>ªEK4Y  Q[JZ,O
2]( ]O[ , TJN]RJZ,O  E
8E[+ EM+E[+ XZ5,]J
E]K YJEXQMJZO])J HOMJSRJX\HX¢H
[JE]KYJG[ .L JVWYJZ,O [TJ^YJ
Y)+QVWYJZ,O#[NGQ[TJ^YJYUH[JVWYJZ,O X>ª!UH[JI.= EK4!)+Q
VH=O X>ªEK4[+M[ J QZHO= UO[H J \MJEXQMJX*Z]H JFQSQ)7MELJ
ANVIJVQ
%O ŒFQSQV7 ¡HO
QXPVWQaTQXO]J TQ)7MJL XNGQ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
¡- ] K  Y6IJ E [QJ L
XE^YZRJ XNGQNVIJVQ X¢H
[JXOHVWQZHO]K].#
?IJ&Y(X>ªEK4YHO
XQYW[J#SHO=ESQJ X. K&Y(Y $Q
(]. UOH[QE[QL SP S[HVVPVHFP
SPY >+.)7MJL &YH/]VJESQJZRJ N] KY N]QVN^TJ S+Q]KFP XU,OVE[QL
XE^SQZ5MJ ZPV+. N^TJS+Q
]K[J
Y6IEJ [QJX
L E^XHVY J ZPZVH JZP YQE[+TO
]JN^TJEI[JX¢
H [J
SVQ#FHOE[QJ#EV7QJU
QI.=X. (ZHOG]JE1YQMJE1YQMJZPE[+SP=XHVJZQTO
[JY6IJE[QJSP[HO=\.YXVWQ&Y(E[+9G.L^P]K[JSP=YHOJSPX¢H
[J
SVQUHO[.LSPY X¢H
[JYWVJV7Q]K[.L XH]ÀKJ7YJ\Q[.L X¢H
[JXUQ
E[+YOH XVRJVE^QJ[[J]KFPX. KE[+YTYQ7Y)J M7 LJ E
\Q[QUHEO [QL
SPVE^QJ[[JFPY6IJE[QJYYPR(E]VJZ=HO EN]Q]K[JTYQ7YJE[+#
SYÞ
Q>JXV7[JXSQE[+# X[HOV7[JEUQMJ]O JE[+ NVIJVQZHO
7HEI[QYHO
Y6IJE[QJYXE[QJ&Y(\HE[+9\QSP]K
Y6IJE[QJYPR(E]V7QSPZYJVG,]KSPX = \MJYX*Z]H [ J YÞSZ OH J
EYWQMJSQUHO[Q (ZOH IYJI.[.L H>ªQZVJI.=VX]JT]JSPE]KLSPYY6IJE[QJL
XE^)7MJLSQ [HOMJ]MJE[QL XE^Y SP=YHO Y6IJE[QJL\, R8IJN]E
Q N^TJV7
N^TJ
EZ
EV7QJU
Q[TJEQYJY SP9X[[J]RQI.= UHOMJ[.L I[J[GWH/9
.9
XVRJ]R[JYHOEYQMJEYQMJVSH
7QFPSP=]RQYHOY6IJE[QJV,O1YRJ
E[QLTH[JUHOES[J[TJEI=E[QLSPYY6IJE[QJLXE^YHOEN]Q]K[J#
SRJX*ZH]J]RQ[[JV,OSY*QI.= +TQ YHONVIJVQEV7QJX[[J
.9XT+VJ
N]2]( [TJGK[RJ G6[JZHOYJVJE]KL AZO]J]K# Y6IJE[QJ SP=XTVJG,]KVJa
ZHO=EN]QZHOYJ[JSPYY6IJE[QJLRQZYJKN^IJ=GHOMJ[J#ZYJKN^IJ=
ZHOYJE[QLSPYZYJ^+.9&Y/H YEZZYJ\.\RJ[ L J#K\QV)©QIJ
+[[ J J#
EV7QS J +MJ[J#Y6IEJ [QJLZYJKUO]JV
ETFPZOH= &YVH J K[J#Y6IEJ [QJY
UO]NJ ]ZHY O [J QE]KLSPYE[QL[X,[ L 1SN^TJ
Q7 [J KE[QMJVEZ5QEL S
SPYZYJ^.9+ YHO UYJU]O \ J QUH2O ]( EIQYJK\Q
+[Z J YOH EJ S[J2]( E[QL
Y6IEJ [QLZ J YJKVN^IJ)= MOH EJ T
FPZH=O 1Y/, KN]IJ[JY6IEJ [QJYZYJKN^IJ=
ZHYO JE
QEIQYJU,O SPZYJENV‹QYJ]K[JY6IEJ [QJL TH[J[IJGOH \YJZ+IJ
ZHO=ZO]JV
[QZHO=UHO]K[J
 E KYJ[QZ7EF
###2](EU
NVIJVQTQO4\ J P [IJEYWQMJSQ[TJEQYJN^TJEZE[QLEYWQMJ]H[J

YJ
R 7 VJ Q7 Y6IEJ [QJV)©EZI.= XI(XIQ3JEYWV-<QIVWQV7QN^TJET#]O,V7Q
N^TJETEIEZL
7H]K[J (EI
QE[+V7QNVIJVQLX)O]RQ)7MJL%HSOYQZYJ
Q
E[+YHOZ)7MJLGW(2](EZLZQV7[JSQT
Q
7]H K[J[TJ&YHVJEYWQMJX]H[JVQ7
E[QL FQE1YQMJL
JVSHY6IJE[QJ
+QN]IJEIZHOYJ[JNVIJVQS&Y*IJ
E
SFMJE
QYJZQ[JS&Y*IJXE1YQMJEN]QG.L2](]K2]( (]+.YVPZ?H)0˜
¡HO
QYHONVIJVQYP2](%O ŒFQSQE
]+.ZO]J\Q[Q]KS&Y*IJ
YJS,OEZ

YJYHOZRJ
YJ\P
YJNV[JZHO= XV7[J\Q1Y[JNVIJVQZP&Y(XVWQTO
YE[QL S&Y*IJ[+MJ3]OSJS(ZETQMJL1Y[J
S&Y*IJX[YJEI=V7Q
+Q\. ZPTHVJ[TJEQYJ E
QYJZQ[J
SPY
+QSP&Y(N^TJ[.LY6IJE[QJLVJY+.XTJYHOYHOE[+9GWMJ[JZH=O UHO[J
SPY  Y6IJ E[QJ [H O = ]O ¢ H / ZJ & Y( YH O  ]TÚ R J [TJG O  N]]K[J  SP = X UH O Y
E[QYJT+JZ,O ]H[J[.L (]TÚRJY 2](EU]K[JZHO=ZRJ XGOHMJXVQ
UHOES[JNVIJVQXVWQTOYE[QL SPEN]Q[.L 2](EUUHO[QYHO ,O[J
SP&Y(YE[QLSPEN]Q[Q[TJZ,OV5V,O]KFP (E[QLZPTHVJYEM+MKYW]J
XEZQMJXTQZO]JVJ YJT+J EUQMJ\QSP?Q 2](YHO 2](
VJZHO=
UH[ O JSPYO H [J OMH J XT+J EUQMJ2](ESI[JI=. X]TJG,VJZO=H THIEJ G[J
Y6IJE[QJL XTJYHOYE[QL X. K ZPS[JV- N^TJV7Q]. SP&Y(XEII.= KE[QL
VZO]J)HOMJFPZOH=EN]QZOHYJ[J KE]V.LSPYEZQMJVJ[Y.Y.ZO]JEIZHO=
YJ T +  J Y H O  ]O Z MJ  [TJ Z , O  V7 Q Y]J  &YH / )7 M J L G WRJ [ J   SP & Y(  Y
)7TJZ,ON]0ESI[JI.= UJYHOYJXY+QYEI ]TJ\RJL ZHOYJ[J ]OZMJ\H#
XTH[JTH[JY+.[Q YJT+JY XTXIE[QMJ
7QV
 E[QLFP Y6IJE[QJL
XTJ Y H O  SP & Y( Y SP ) H O M J [ . L  EZQMJ E1YEM+ Y H O  SP M J G WMJ   E[+ E ]#
SP=G+MNJL ]/GWYX J
GWYJX
YJ]OZMJE\QMJ2](SP[=Z HO TP O EXQMJ]+.G,1Y]K[J
ESQYJ[QIRJIRJ Z+IJS+Q[J VP2](
IJN^TJE[QL ZP&Y( SPVE[+#
Y6IJE [QJL  XF+Q  X]KXMJ Y EI=\ P 
YJN V[J V7 Q  X
YJE SQYJ Z HO =
(ZHON^TJ[QUHO2](E^IJN]TJ[MJ[QG,1Y
[J
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
###EU^EQMJ[HOMJ
Y6IEJ [QJSMJ1YQ
[.L[YÞSOZ H JSMJ¡OH FQSQVWQV7QE
7E?QMJ
)7MJLXZJEG[JV+IJTQE]]KMJ[QV7[JVH]KZHVJLVJ (FQSQ
]JX[+YJ
EG[JE]V+IJTQE]%?OSO[N^RJLGWMJ[.LX[+YJY6IJE[QJLYHOV+IJTQE][[J
FOIJ &Y( [TJ]K)7MLJ UYJS + JE]
IJ3(EZ[TJEQYJYHO EN]Q]K[JSPY
T(T3JE]]K[J3(EZYY6IJE[QJ[=OH
+QV7 VHOMJGIJ=E[.L X
]JV7Q
EI[J Y6IJE[QJ SP=XHVJV7Q S+QEI2]( FOIJ&Y(\,V7 EG[JSTJ V+IJTQ
SMJP]K[J
3( EZXH VJ V 7 Q  EISP ZP MJ [ TJ E QYJ Y  VH IJ V EGWQEGWQ
Z7Z 7 EZ [TJ EQYJY H O  X¡P XVP  &YH / YJE I[J  EYQMJV EZY
ZYJVG,FP SPYVHIJYEZYHO XG+ML
J [HMO J GWTEJ
UH[ O J
RJTQTQE[+
E
[J# XE1YQMJY V\PZQ]KFP SPZRJ X¡PXVPN^TJEIE[QL
SPMJGWMJE[+YX1Y· , 4JE]2](
+QSQQ[J¡Y HO J Q[JUMJU
QI.= SPY= HO
E[+9E][J [TJREIE[QL SPY Y6IJE[QJI.=X[P SPMJGWMJ[GWH/9YHO
Q[JU
QXHVJ EGS+Q[J X. (V7Q Q[JU
QY EU^EQMJ[HOMJ
T(
MJEI[QE[+9[J^EQMJ[HOMJYXGWMJTMJ[(V([QEZQYJ#XNVMJL
TMJ[(V([QEZQYJ
7HVJ^EQMJ[HOMJE]V7QZRJXMJY+YJE[+GW#
¡O]J],OE[+U+.2]( ^EQMJ[HOMJ XZJEZQYJV7Q X[JT GWRJ\Q[J
X[JTY XVWH/ SV([J[ .L XYW´ XTN][J SP=XH VJY N^TJ [.LIRJI.=
GHO \O[ZJ Q[Q[.L X. KY6IEJ [QJEIQYJV7 SH
[QQ[JU
QYSP
×[(
VJE[QJ&Y(YHO
7HGOHO4JE[QJ^+MJL#SPYXGWTJ VJE[QJ&Y(EZU
QY

+[^J [J2]( E[QLYQY,


M7 Y J OH V(\+IJ 2]( ZHEO SQUOE[QMJZH=O R8I1J YQ[J#
SP=XUHOY^EQMJ[HOMJE[QYJEZQMJEIGWHIJV7QSRJEYQMJVEZSPZ = P\,
XEN]YHOZHOYJZQZHVJLVJ ^EQMJ[HOMJ YOIJSRJX\H Y6IJE[QJ[HO=
ETQMJLEI[QE]KLFQV5 N^TJVZQ]KFPU
QYE[QL (ZOH VEXQMJVNVMJ
N^TJG]. KS[.L VHIJ YEZYXNGQ[TJEQYJ)M7 LJ ZYJ\]J S+Q]K[J
 E KYJ[QZ7EF
###X[H[JIHVH[J
 ZMJ[
Y6IJE[QJ
+QV7
IJYOIJ S+QGW( N]IJZ7RJLG
(V7Q EVQJZ2VH/MJV7Q
[TJE\QYJIQ
[JG
([TJEGKYJV7QE[QLEVQJZ2VH/MJV7Q>HVJP2]()7TJR
IQZHOYJ[JGK[HOMJ[TJRSQIQEIYW KY
+QXN]IJV7Q]K
Y6IJE[QJZVJV&Y(X[HOMJEZ5QYJXS+QV7QZPVEI[.LXHVJ]WYJ
&Y( [TJZ,O E[+9[JSRJ[TJXHVJ].E?QMJ)+VJ]WYJT(EI[Q#XI(XIQ
XHVEJ [+YESESS]JS]J]K (XVH &J Y(YGMJ)7TX J IRJMJVQ7 T(]+QE

ZO]MJ IJ&Y([TJGO
9. ¡,O GW/]U
J O[
H QY6IJE[QJS[H
[JY6IEJ [QJXHVJ
M7 JYHO
T,OTVJ1YRJLE[QL (XHVJ>Q[JZVJ EN]QN]]K[J XHVJY YOZQ STJTYJ
SPE<[TJEQYJ]HOMJ[¡O[JYOIJSRJ[TJEQYJYM7Q\Q[Q[TJ)7TJ
EYWQJEYWQJEZQYJYXHJVJ&Y(E]ZMJ[IQ[JXHVJ
7MJE
QXHVJM7Q
)7TJ3(TZ,OYNVIJVQLX[H[JIHVH[JEYQYJP],OE[+IQVZRJ1YFPZMJ[
IQ[QFQV5VZO]J1YF. SQVIJM7YJ[TJEYQMJ V7[JEI1Y[Q
[¡O[JYIO S J RJ
9. T(]+QE
YWUMJZQ[JUHO SRJ\YJUHO ZQ
[J# 2](E[QL SP=XHVJSQ\.Y )7TJEQYJ N^/[JGI. N^/[JGI. ES[J
(E[QLV7 [¡O[J&Y(YHO SP=NVIJVQVH[JEU+E[+YEN]QZHO= ZMJ[IQ
MJ N^TJ
[[J[L. UHO YW/H E[+SHZQ[QSPV= S H QTOX. (XVH YJ [NGQEN]QMJS+Q[J
EIQYJFJSPV7 (XHVJ&Y(V7QVEI
.E[QLFPZHO=Y6IJE[QJLXHVJ
7MY J EN]QN]
]K[J
([TJ&YVH S J QY6IEJ [QJL YH O EJ [+91Y/, [Q]KXZQ[PXN^TJVW/H E[+
1YQ
[QXVWQ&Y(
7H]K[J#?O[JV?O[JVEZLZQ)HOMJG.L]KFPX. (EIQYJ
Y6IJE[QJ X[H[JIHVH[JXE1YQMJ#[EFQMJXE1YQMJTQXO]JE[+ ^[J]K
[JTQXO]JXVWQXN]QYZMJ[YHOXV*ZQXEYQMJZHO=V7[JP[J
Y6IJE[QJL X\MJ XEYQMJY X¡OO]JUHO[J XYWMJLY RTJ][J[J
SHE=O SQJ[GW/H 9TQXO]EJ [+YE[QLZMJ[IQ\Q[.LXHV[ J OMH J X2]( XYOSZ HO J
MJ#V*ZQ]H[JSQ+ [QV?O[J]KFPZHO=UHO[JXHVY J HOFJZOH \HGOY H JVJ
UHO[Q ZMJ[ ]W,ZQSRJL X
]J# ]W,\+YJS+QSRJL 3([RJ
Q)7MJL XGWHIJ
XE]V7QVP[RJ]KS[.LXGOE[QLY6IJE[QJEN]QG.L[.LXHVJE?QMJ&Y(V7Q
ZPE[+)7MJL N]IJ2](TRJTRJYQYQN^TJEI]K2](
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
 ^+[J
NVIJVQVWQY ZMJ[)7MJL [TJJ[IJ[RJ [TJTQ[RJ\Q[.L
XV*ZQEIQYJ[TJEYQMJ
7H]KES[J^+[J]KXEYQMJYX¡O]JUHO
[J# XE
QMJY N]QV+.[J ^+[J
.9 V+.VRJL X[H[JIHVH[JYHO NVIJVQE[+
,O[J EN]QG.L2]( N]IJEN]Q

MJ SP=YHOJE
QMJ AV+.a [QY T(]+Q3TÚQ
V
7HUMJ
.[.L AV+.aI.= X[P[P N^TJEI[QE1YQMJL (XP N^TJZQ[QEIV7Q]K

QTOYE
7NVIJVQY%WQVWQX\PSN^MJLN]>Q[JI.=[
QTQVWQV7QT(]+Q
3TÚQUMJ
.SPYHO^+[J)7MJL)-HMJ[QE[+]K[J
XHVJYHO ^+[J[YJZ5MJV+.VRJLIHVH[JUO[ H QNVIJVQVWQT+E. I[.LXP]K
(XN^TJVW/H E[+EN]QEI1Y[QXVWQ&Y(]K].SH=EO SQJY6IEJ [QJ[TJSYJZO,
E[QL[TJGKSQ1Y,/^P]K
.9X. (N^TJ
]JV7QZRJIHVH[JX[HOMJN^TJSRJVN^TJ
FPFQV5XESXGWQSYJESVN]]KFP
[TJ)7TJG
TÚV[JEYWQMJ]H[J[OIJ Y6IJE[QJXI(
+QYZJSVQ
[TJEQYJ)M7 LJ 1Y,/
]K[JS+Q[QYSP\ = V, 7 )+QVE[+J^=]OH KY6IEJ [QJ
)7MLX
J [PZJZO]S J Q[TJEQYJZVJEZ5QYJSQ+ [JY6IEJ [QJ[=OH
+Q\.
ZRJMJE
Q^+[[ J TJEYQMJY[.XOEH Z[TJZ,O \.MJS+Q[QE[+9ZHY O
J
[J[.
7MJYX
YJSVQ#ZP]WMJ#ZYJZO]JZYJTQ#FQV5 X]HOXZ5,
V
7S H P SPYVZHOGWMS J RJL_RJLSRJYOH ¡HY O SJ [JGWYTJ QZHOY[ J JZ=OH EIQYJV7
1YQ
[J (ZPYYOIJEYQYJT
QV
7H[.LZPSP=XHVJZMJ[IQIQ#^+[J
[YJ[YJ EIQYJ\]JV+.T
QFQ
7H]KLVZ.
 M7YJUHO
X[H[JIHVH[JXE1YQMJEN]Q
MJ)7MJL M7YJUOH EXQJS,)7MLJ [TJ]K[RJ
ZP[TJEQYJES[.LYHTÚEN]Q]K3(VJXSRJXSIJVVQEISRJLZPIQ
XHVX J I(XIQM7Y]J ]O S J , M7YUJ OH \HO S, 1YQ
Z5MJ ZPIQESE[QLVRJL IHV[ H J
UH[O QNVIJVQE[+X,&O Y( ,[ O JSP[=HO ,1O Y[QYHO?O[S J ZHOZHO \MJT
Q
XN^TJ[TJGO Y6IJE[QJ 1Y,/^P]K[J [HOYJUHOMJ[QZRJ N^TJ)HOMJ[J#
[YJZRJN^TJ)HOMJ[J

IJYOIJ[YÞSHOZJV7QT[O[)7TJXE
QYJG
TÚV[JEYWQMJV]H[JV(
IRJIRJETQ2](Y6IJE[QJ
+QN]IJG.L[JXVWH/\.Y[TJEQYJXSRJ
 E KYJ[QZ7EF
XSIJVVQEI[JZOH=XE [TJEQYJYE1YIIJ¡HOYJZHOYJZHO=ETQETQ
N]IJZQ[Q]KXF+QEVQMJN^TJZHO=Y6IJE[QJYAXFHOEZaZHO=EG]K[J

+QE
QYJE
QYJGWMJAXFHOEZa\, S+QZPVVQEV]K[J

X^HOEZYHOXHVJSQVWQ)7MJLX[P
+QEUSVQ]KE[+9]K[JSP=
XSYJY)7TEJ ZQYJ]KEIVEYQMJ[QYZXE[QJ1YQ2](GOE[QL
EI=ZQRZQN^TJEI2](EUU
QYSP=>I(YHOEN]QEI[JVEI=YSP=
]HSE)ŒEI=# (EI=YEV+EI=[L. SPYIHV[
H ^J [J[J[YJZS=OH QXFHO EZ
(RSIJEGKMJEYWQJ[.LX\HEIG.L
MJE[QLFQV5VN^TJE[QLFP#N]IJEYQMJ
VJE]KLXGWHIJYRIQ
(EZQYJ
7HEI2](Y6IJE[QJ[HO=XQZ,OR3JLZ,O
E]KYJ ZPIQETQMJL1YVJUHO2]( \HOMJETQMLJEI1Y[Q R  IQ
(EZQYJ
E
QYJE[QLXHVJXI(STJ]MJE]YM7YJUHO \HOS,1YQ
]KEZE
QXS,TP
TP)7MJLUYJGKUYJGK[+IJEI[QY6IJE[QJ[HO=XQZ,OVWYJTHVWYJ)7Q]WYJ1Y
E
Q?O[J]KL%WQXFHOEZZRJSIJEGKMJ VEYWQJ
7Q]KFPEUSVQ
YE[QL XT+VJYOIJ XSYJYJ]KES
.9

XIRJMJ EU+E)+T
Q)7TJGWYJ
7H]K[J[TJGOYEUU
Q
.9
]HSE)ŒEI=)7MJL EV+EI=)7MJLUHOMJ[.L XP EIQYJ M7YJUHOS,)7MJL ZPES[Q
UYJT]JSRJLYHTÚEUU
QEN]Q[.L]HSE)ŒEI=)7MJLEV+EI=UHO[QY[TJ
YV«QZ,OZYJG,[.L SQ^+QU
QIJS[JV7[JSRJL]HSE)Œ
YJ[HO=^+QES
TQ
MJ\.Y
YJ[)=OH M7 LJ V[P]KFPXSRJXSIJZPVVQYHO YOS[.L EUU
Q
Y (EI=)7TJEI=YHOXZ+IJXE
THOYJ]KVJ

V,O[[JSP XE[QJVWQVWQYE[QL M7YJUHOS,)7MJL ZPES[.L YHTÚ


XUYJXT]J
7H[JU[ HO QFQV7XENGXNVTJV
7F H PZH=O UHOV7Q]K (XN^TJVWH/Y

+QE[+V7Q 2VH/9\YJ XN^TJVWQ[J


+QV7QY 2VH/9\YJ M7YJUHO ]HOVWQVWQ

7HV7QE]KLZPIQLXHVJXI(V7QM7YJUOH\HOS,1YQESQJZRJZPIQVES[Q
ZRJ
7HVQ7 ]KZHO= SP[Y
HO= UHOE]ZHVJLVJO[#ÉH O[ÉQ
7[ H .LTYQ]K].SH=EO SQJ
ZRJ (XPYXT3JXZQT+.EI[.L¡HO
Q¡HO
QUHO[QY+JG.]K[J
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
###E% MJU
Q
Y6IEJ [QJ 2%[ H IH )J MOH MJ V, Q7  U
QX[[JSMJ^=OH ]RQE[QJSMJU
O [Q
V7[VJ ]H KZHVVJL J KY X2]/H MEJ N^
[.L TQEV]+. TTJ2](  FO[Y J  ZPE[+9TTJEU
2]( V7E
+[Q]KTQEV]+). M7 LJ ZPE[+9]+. 1YQV7QX,1L S^+J XN^TJ[TJGY O OH Y6IEJ [QJ
1Y/,
]KES[J
TQEV]+E. N^X2](  ZPE[+9VRJEL I= V[HMO VJ V( Q7  
YJEZQYJ NGQEI
[JY6IEJ [QJZRJ[\H[\ J [ H )J M7 LJ SRJX2]( S[J]Y .+ OH ETQMJEL V5QEJ I[Q

YJE[+YYOIGJ Z . Y OH [J QXMJ[Q%W0V[HMO VJ ( [TJ


YJXZHVO Q7 E[QL Y6IEJ [QJ

IJYIO 2J V/H 9\.YSPMJGWMJ XHVY J OH XZRJSQ+ ]K[JXGWIH NJ ^/IJ ^H=O ]K].X. E( I=Y
[I*E)+EI=E]KL SPMJGWMJ Y Y6IEJ [QJ XMJ[Q%W0X[+YJ ]P]IJVEIEXQMJ
\MJ]K
.9E\+
QEZ]KE[+TYQ
7Q[JX. X ( GHYO J EXQJS1, YQ[JAE% MJ#
E% MJa I.= EXQJ[J SPMJGWMJ Y E% MJU
QYHO XHV[ J M+ J EGZHY O [
J J
E% MJU
QY V+[TJ ZMJ# ZVJEZ5QYJ XHV[ J YQ Z7RLJ E% MJE?QEI[Q
SP M J G WMJ  Y Y6IJ E [QJ L X [+ Y J  E?QE]]KZH O =  GH O M J   [J   SP Y
XE]WQJE?QGHOMJ[QZH=]O . Y6IJE[QJ XESXGWQ\MJ[J E% MJ U
QY
Y6IEJ [QJL ZY4QYHO X
MJ1YRJ[ L J 2]( E[QL EV+EI= EV+
YJ EV[J
SPY[+YGJ WYJ 4IJE[+ XY+YGJ W2]( E?Q]K[JAUQ?TJ U
Q U
Q
XEIQYJ[MHO J S+Q
VJZ=H O NVMJ[JaY6IEJ [QJYMJE\QYJZY HO [J JAF,EO F
N^TJVJ \MJ[Ja SPY EGKMJGK2]( AV?O[F J P # V?O[F J P # VYÞQ?HF O YJ
XE&Y( EI
QX. V( Q7 GMJ%WQYHO ETQMJEL
7QYJVJL ZP&Y( S,O EQYJE[+9VJ
[TJEQYJYGMJ%WQYHO SQZH\ O QZHVVLJ JY6IEJ [QJE?Q[Q,]O KU
Q
GMJ%WQ?HVO Q7 &Y( ]+QVJaSP[NGQE[+UYJE?Q]KES[J
SPMJGWMJ I.= Y6IEJ [QJ[Y =OH E[QL SPE?Q[Q XE]WQX J ]WY]J . V7[J
ZHY O ]J K[JE% MJU
QYHZ O RJSPE[QMJ[.L E?QGSPMJGWMJ YE]ZHY O J
]K[J# SH]J VVWQ]KFP SHE=O SQJ V1YQ]KFP# SPE?QEN]QG.[ L QE[+ EVLEVL
E]WQYJE]WQYJ N^TJ2]( GKV7 Y6IEJ [QJ XE[QJYEZ X,1L S
[J (U
QY
Y6IEJ [QJ ]RQE[QJSMJ TQEV]+E. N^[Q# XMJ[Q%W0ETQMJEL I[Q VSH]KFP
KE]V.L SPY Y6IEJ [QJ VYÞQ\YJE
Q S+Q
VRJ E?Q[Q \PE[QL
\PUIJ[J X\YJVQ7 EN]QG.L[.LX[HMO J  SPE?QSV5E[+Y V7IZ J Q[J
GOV+VJFHOMJ?OXVRJEN]QMJ\QSRJ
 E KYJ[QZ7EF
EIQYJ]HOMJE[+9]KZHVJLVJSP [NGQE?Q[QE[+Y[YJ[YJTMJZ+.[Q
ZRJ
7H]KES[J
Y6IJE[QJYE[QLE% MJU
QZY4QU
Q\,S+QEVEZLEV\
V
7H]KFP KE]V.L ([TJSYJV7QGO\H)7TJ&YVH J
7]H K2](#[NGQZPYY6IEJ [QJL
X[+YJ EVE][Q ]\V[TJ&YHVJY X\YJV7Q EN]QG.L[.L YHTÚ O[H
X&YHVJY  GO Y6IJE[QJ X*ZIJV7Q EI\HOMJ[OIJ NVIJVQN]RJY
Y6IJE[QJLR(MJ ]HO=ZHOYJ[.L TQXH[JX\P&Y( [TJXH[J
]K[J (\.V7Q
Y6IJE[QJLX[+YJE?QTQ[VJ^PTYYJTYÞ0S,O
+YJI.=E
\Q[Q]K[J
SP=\,V7QY6IJE[QJL >Q[QY
7HEI[JN]IJVZQ[QXE[QJ1YQEIE[QL
THO
HV[
J J\MJ]K
.9
IJYIO JYIQVRJX&Y( U,OE% MJU
QYHO S+QEV[J
E?QZHOYJ[LX . \.Y[TJGWYJYY6IEJ [QJN]RJL)7TJX[+MJ XHVEJ \QMJ
YWZHVJLVJ[.LX.%WQX. ()7TJ\. Y6IJE[QJ XHVJE\QMJYW]K[J
###Y]JE
QK
Y6IJE[QJX*ZIJVS+QV(E)+V7QY6IJE[QJ[=HO
+QV7QXE[QJXSMJL
YPTYJ[.LVJE
QKUHOYJ]K[J
+QSP&Y(YEVQJZ2VH/MJV7YWIJVQE
V70
E[+]MJ]L K[J
+QSQE[+YZ OH RJXTQ)7MELJ
¡OTY OH 1J Y
IJS[HE][J
ZI=J^W]JEI[.L
+QSP
+QSQE[+YZRJSP&Y(EN]QSV5IQE\QMJ]K[J#
GHMO J[QZO]]J K[J# KE]V.L [TJ2]/H M[ J RJV7Q].SP[Y =HO FOIJ &Y( ]MJL
+QZVJU,O
V7QREIGMJ]
H[JIQ1Y[J]
H[JYXE
&Y([.LSO[J GOITJSO[J
7H]K
[J [TJ3(GWMJX[+YJE
Q# [TJ)HOMJM,Z,OX[+YJ]K ^WQIQZ5MJ N^TJET
X)©
QJ
7HZ5MJN^TJET#]
H[J
+[J
IJFO
Q
7MJG+MJLN]/E[QJVP]K[JNVIJVQ
FO
MJVWQ ZYJ\YJY (XT3JXZQX[HOMJ [TJ3(GWMJX[+YJN^TJET
)HOMJM,X[+YJN^TJETXE

7H
MJ
+QV7QZPTOFOIJ&Y(]MJL]
H[J
+[J]K[J
]
H [ J ] + . & Y(   2](  [. L X GKV7 Q  
+ Q SQE[+ Y  SP [ H O =  ¡H O 
QE[+
UYJZO]J[J S,],O[(2]( G+YJE[+ ZMJ%IJE[+EGKYJ VEYQMJUHOKI.=
E
QKY]JEFE[+
+QY )7MJ[J [HOYJUHOMJV-[TJGOY ZMK]O]J^VJ[.L
XGWHIJV7QZRJ S,],O[(1Y [J (V7QZRJ NVIJVQE[+Y XP
7H[J
\P\PNGQNGQN^TJ[.L ZMK]O]J ^VJ[QY ZYHO
Q?O 2H/ZJUHO  Y VW/H ^H=O
&YH/TQEI[.LXGKV7QN^TJE][QUPUPR,R,XS,E]2](?TJ\O[JZHOYJ
MJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
ZYHO ^VJVRJL
Q?O Z8[JE]ZHVLJ VJ VWH/ZWYJ[IJZIJ UHOZ5MJZRJ
E\+\O[JZHVJLVJZHO= ,O1YRJ1Y[QE1YQMJLS,],O[([Q]K
##X*ZIJ 
XF+Q#3(&Y( #3(EZ#XE VWQYHO YIJE[QL2]( EIQYJX*ZIJG
(
X[+YJ
IJYOIJYHO S+Q]K[J Y6IJE[QJ NVIJVQN]RJYHO )-[JUYJE[QL
EIQYJUJLYHO)7TZ J ,O Z,OYHOJL)MHO MJ ,YHON]IJE[+9V7QV?O[JE1YQMJIRJIRJV7
VE[+VH]KFPGO 1SO[JZV7QY6IJE[QJNVIJVQN]RJYG+Q]K[J
ZIJ IJ [YÞSHOZJY ]RQE
EYQZH]JV7Q ]RQURJ]P
IJ N^TJ]K[J
KE]V.L EYQZH]JY TYJ[MJFQZUIJV7Q ^+MJLV7Q# XGWHIJV( E
QYJ)HOM
J IJ
S+Q ¡H OS+QT3J SEF*QG
()7MJL VN^TJE[QL]KFP  X. (E G[JY XQ
7I.=
3E
Q]1YQG
(YSEF*Q)7MJLSQS+Q1Y
[Q]KEZQ3JG
(Y
Z+IJX\H EG[JVTQ ES]KFP Y6IJE[QJL G
(Y YQZY[ÉQ YHO
SEF*Q)7MJLS+Q#X. (YV7V(
\Q)7MJLXH)˜H[HOYJMJN^[JF,OEF V+VJFHOMJ
S+Q G
(SRJ[MJ SEF*Q &Y(YHO EN]QMJ2]( VQEUYHO G
(UYJ[J
X. (V7QRXNVIJV(
\Q)7MJL YJEZS+Q#\]J2](YP[O=H SEF*Q)7MLJ HO%QYP#
HO%QYV(
\Q)7MJL ZIJ IJYHO UYJZIJ IJYHO Y6IJE[QJ TYJ[MJFQ

YJEI= E
QYJS+Q]K[J
(G
(YTOTEO ]KMJ  
YJ1YQ[JSEF*QV(
\QX[IJ[IJI=.
VE
QYJ^P [.L)HOMMJ E, [+E
QYJ#]MJZJN]MJE[+N^[JEYWQJSQ+ G.L
[QXE[QJ
OY1Y,/
[.LG
(]K].XE[+9X1Y,/E[+ZRJ
]K
.9TYJ[MJFQ
YJEI=
I,IYJGMJV7Q]K
(2VH/9YHOV(
\QN]0[MJV7NVMJG.L
]K[J2VH/9YHOESESGWQGWQ
1YRJ]L K[J[TJGWHIVJ 7Q (2VH/9E[QJY]RQ
7MJ&Y( E[+EYWQMJE[QJSQE[+
)7MJLXYWH/
7H
7H YPZPUYJU,
ZHVJLVJUHO[QE[QLIRJIRJV7VSHG.L]KFP
Z7][.L (2VH/9E[QJYHOY6IJE[QJE
QYJ[QV7T2](MK&YHVJ
7H]K2](
Y6IJE[QJ
.9X*ZIJG
(YX\PSN^MJL F,OEFVQEUX]HOMJV7Q
XE[QJG
, ]K[JZ-MH J VP[QXN]MJ\VMJTQGIJV7QTQESQYJ
[QXGYJ
XG.
7H]K[JX. (XGWHIJYY6IJE[QJSYJS[JZ+[JTQ]K[J#X
YJ
VESQYJ]KXSQTQ
QV7SYJS[JZ[ + JN^TJZQ[QY[N^RJN^RJ]K
T[MJ[QEVQJZ2V/H MVJ Q7 EYWQMJEI[OIJ 
+QV7EVQJZ2V/H MEJ YWQMJVN]IJV( [TJR
EIV7QY6IEJ [QJR L V( WQY)-[U J YJ]U .+ 2OH ]( XOIJ \VMJ#1YYJSQ?MJI.= NVIJVQ

GOYHO ZJ Y+[ÉQ?OXVRJEN]QMJ2](
 E KYJ[QZ7EF
TQEYQMJESQYJ^ + J EY6]K[J]\VE[QLTQEYQMJ]K[J KE]V.L
[N^RJN^RJI.= 1YYJSQTQ
[QTH[VJ SI=JN^TJZQ[JXHVJYEV+\Q[.L
[H
TÈQIJE[+)+Q#Y6.#YJ#1YYJ#F. TSRJE]KLXEYQMJE[+YHO SIQ
TH[EJ 1YQMJLN^TJ]KZHVLVJ J1YYJSQTQEZ[HOMJ Y6IEJ [QJLVQ7 XE[+MJZQ
]K[J MK VEI=Y XTQEY6[.L 1YYJN^0VEZ EZZQ# [TJEI=Y MK
ZHOYJ^VJ[.L 1YYJ^XRH/EYQMJYEZVWQZQE[+[QE]KLE[+VHE[QL
TQVMJE[QLFP V1YQV(V7Q [NGQ S[ÉKVWQX[+YJ]K TH[JG,TQV- N^TJ
ZQ[JYHOJLTH[JYHOXE[QJ&Y(\HGHOYJZQE[QLY6IJE[QJXSQZ,O
E
7QMJZHOYJ]KE[QL[JY6IJE[QJ[YÞSHOZJEYWQMJSQF[EZ5QYJZO,
]K]. %O ŒFQSQY XSQTQ[Q)7MJL ][JSYJZHO= VRJSHO=V5 VUHO]K ?H)˜0
YE[QL]+MJL]+MJLZMJZMJUHO]K[JNV[JT+QFO
QYEZQMJZ70SV5XYOIJ
FO3JE]E[QJV]P K[J KE1YQMJLS,'QVWQZRJGOEG[JVQ7 XYOIJFO3JE]
]K[JNVIJVQZP[JE1YQMJE[+\.V7QE[QLSYJS[JZ+[JSVQXVWQ&Y(

7HESQJZRJXSQT,OYHOFQV5 E[+VEIF. TQ1YSPE[+ VWQ]K[J


SEF*QE]V7QXTQTQ[HOMJY6IJE[QJ X*ZH]J&Y([TJEQYJ
EFV7Q\HOMJ[JRTQX[+YJ?MJG+YJXVJ V()P E]]K[JXVJ
S,OUJ EZUJEZQYJ ]KVJXVWQTOYN]MJSTJXTQ#Y6IJE[QJY
(XTQXTQE[+XE1YQMJFQV5VSHSEZQYJTQ]+.XE^QJYX1Y,E]
SRJLX[HOMJ Y6IJE[QJ SYJSYJZ+[J XTQV7Q ]K[J EIQYJE[QL
SYJS[J VZ+[J[Z+[J T2](TQ[J GWH T  I.= GWYJ[.L?MJE[+# ]O>+IJ
IRJIRJSHV=O ?O[J MKIRJIRJYHO S()7V, WQVWQ)7MLJ TQ]K[JTQ]+\
. OH VWQY
Y6IJE[QJLYHO ZP\PZPUIJXN^TJ 1YRJL1Y[J# SP[O=H M7.9E]VRJLX
YJ
Y6IJE[QJ VESQYJSRJLXGK1YRJL],OY]HOUHOES[J

]JEENVNGQE
QYJNVIJVQ%O ŒFQSQ[TJEQYJXE1YQMJE[QL
VEN]QE[QL]KFPNVIJVQN]RJ)7MJLE
ENVSFQV7V[P[Q].X. KEN]QVJ
UHO
MJZRJNVIJVQ%O ŒFQSQ@F]OGYJ\.V7P[+MJ\HE?QEN]QV--X[+YJ
O [JEZWQL YOIJZ HVJLVJ  KE1YQMJL  X. KXTQ X* ZIJV7Q  Y6IJ E[QJL
EYWQMJSQFEIQYJU
QXN^TJYHOXYW3JGW,/EN]Q]KVJY6IJE[QJLF
XEY+9XEN]QMJVWQYHO N^TJE]
QV7Q]KG.[ L L. XE1YQMJX
QXN^TJX]WYVJ WQ
YHO V(EVQMJ\HOEN]Q]KVJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
]RQE
EYQZH]JE
QYJ2](ZXIRJMJYHOE[QLY6IJE[QJEVL

Z5MJ EVL]TJGWM[ J JXH]VJ YJUOH VYJG


L. SZH]O K].SMJ
[QE[+XVWQ&Y( V7Q
]RQE
XENGG,SEFQ[
Q#XENGG,XUMJLNVMJL)7MJLTYJV-ZO]JMIJUHOMJ
Q
TH[J]RQ#EIQYJX*ZIJ)7MJLEZIJV7X*ZH]J]RQE
TITJXE1YQMJ
E[+]K[JY6IJE[QJLX[+YJ
HTQ XQZ,OXSTJ ]K]. K[MJVYES#
ZIJ IJYX*ZH]JEYWQMJ[TJEYWQMJV7QSMJ1YQV--EZLYWMJL
ES[J
SH=EO SQJ)7TJU,O E[QLY6IEJ [QJTQEV]+.EXQMJ]K[JSMJ1YQE
 (]ZHVO Q
ZYJV7[J
[JXVJEXF+.9X[+YJUYJ[YJG+MJL
[J (ZHON^TJZQ[Q
X,^L +J]K].FFYYOSHOZJY,E1YQMJLEZZQ\Q]KE[QLEIQYJUJ
)7TJYQZV7QX,L^+JE[+ \]JN^TJ3(V7Q]K
TQEV]+.2]( EYWQMJ]H[J
YJ
7RJV7Q Y6IJE[QJ XQZ]JEI[OIJ
NVIJVQVH[JEU+ ]RQE[QJSMJ[TJEQYJ Y6IJE[QJL\, E]KYJZQ]K[J
E KYJ[QEWEXT[(]JY Y6IJE[QJLYHO XZ+IJE[+9GWMJE1YQMJ SPY
EN]Q]K[JE KYJ[QT[(]JYNVIJVQN]RJVQ7 )7TVJ WQT+Q[QIJ\VJEUQMJ
G.L[.L XHMO JT(XYJ T X
Q
7EH ?QMJ&Y(]KSPYGOV7QX2MHVJ TQPG.L2](
NVIJVQX*ZH]JXFHQIJN]/TOT
QTQXO]JTQ[VJE[+X*ZIJYHOSJZQG.L
[JXE
79[HOMJ]RQEYQZH]JYSP=YHONVIJVQTQY\HYGIJ=\Q]K[J
(EYQZH]JXVRJYHO EIQMJXGKV7Q XE
79[HOMJ)7MJL XQ^
HYEZLZQE

EYQZH]J ZIJ IJZHO= XVRJ EN]QMJ]K[J  V7Q E KYJ[QT[(]J
O[H]KEVQYN^TJ2]( V7QNVIJVQTQ]KEVQYN^TJZQ]K[JE KYJ[Q
T[(]JYY6IJE[QJ)7MJLXZvQ]SZvQ]EN]Q2](EIQYJ]RQE
V?QF+.9
X[+YJF+9. PTQ[VJE
EIVRJL XTQNVIJVQTQ]K
P F+.9P
IJ
ZHMO J EN]QMJ^H=O [HY
O [
J I+ J ]K[JV7QF+9. Z+IEJ YWQMJSQXN^TJY6IEJ [QJ
EYQZH]J MJ]K[J
X. ()7TJTYJ[MJFQZV7Q O[HYV«QTTJN^TJ]K[J2%H[HIJE
QYJ
NVIJVQ]RQE[QJSMJ XQZ,O YHOJL)HOMJM, N]IJGWMJS]UHO N]IJ# VN]IJGWMJ
MJ
UYJEI# UYJ]RQSMJ &YH/YJ
Q E
+G+MJLE]]K[J Y6IJE[QJY ]RQ
UYJSMJ
IJU,ON^[J]K[JE KYJ[QT[(]JY&Y( 1Y]JSX P N^TJY6IEJ [QJ
F+.9PTQ[VJE
VRJLSOE[SIZO]]J K[JGO[TJREIGMJ
V7QZVWQV1YQV(X[+MJYN^TJG.L[.L Y6IJE[QJY L ,)7MLJ FXEY+9XEN]QMJE[+
 E KYJ[QZ7EF
N]IJE[+
MJZIJ IJ2VH/9ZVJ[TJZVJV7QZVJEZ5QYJEI[JZVJEZ5QYJ
EI[OIJ WQVIJ%,O1Y.EZQ3JE[+Y %,OVOH
+QGW]KE
Q Y6IJE[QJL ][J][J
ZRJV7Q %,OE[+ Y6IJE[QJ I(
Q ENVEXQYJ FP[QU( EN][QE]KL %,OGOH

EXQMJ ENVEXQYJ 3VMJJ\.E


QYJE[QL ZIJ IJXE
79EGWQMJSQ EYQL
YI( [TJEQYJE[+9[JSP[HO=XVWH/E[+Y?QS·4JEYQMJ[JZHO=
\MJ
7Q[JSPYXQ
]K
N],/2](AYHOJLZP# (EZQYJ NVIJNVIJEN]T
Q
VZH]O KFPY+Q%,O E]V7QVMJIQVRJV]KZHY =O E[QLX. (%O, I.=VMJVES]KFPY+a
(E[QLY6IJE[QJYN]IJEV]K[JAGMJ%WQEYQFQZHO= (ZQ%,OGHO
[QZ.a
SPYAMK%,OYHO VE1YQYJFP#E]KYJY+.[QYHO E1YQYJ[QY+a[.L
SP%,OXE1YQMJI.=%,OE]YIQVRJXE1YQMJEN]QZHOYJ],OYEZQYV7QN^TJ
T
QE[+YHOT(V,2](VHO=N^TJYHON^TJV7Q].#FQV7[QV
ZHO=SP,O1YRJ
Q N^TJSV5
YOIJG, K YHON]SEI]K[JY,,OSP)7MJLE[QL[NGQT(]K].
GOVQ7 Y6IEJ [QJ F+9.
]K[JE KYJ[QT[(]J]KEVQY
X
QGW( NV‹MLGJ
, SRJL )7TJ]K].3E
Q]TTJ].&+ Y( 2]([.X
L GKT[(]JYSP= NVIJVQ
X*ZH]J XFHQIJN]/ ZO]JMIJV7Q MJYPE]^HO= Y6IJE[QJLYHO EN]Q]K[J
F(E
7QLTE[QL^HO= 2VH/9Y SP=NG,&Y(\.V7Q ¡,O^+MJL2]( ZO]JEI[Q  GOV7Q
X. (XZO]J MJZO]J]K[JSP= ZO]EJ ^QJYHOMJFYJ VTÚ[QT( %ZW0 IJUHOSP
ZRJZO]Y J MHO EJ I[JT[(]J)7MLJ NVIJVQN]RJV7QZO]JYMHO GJ L[ . .L XHMO TJ X
( YJ T
E?QMJ].T[(]JY GO)7TJ  XSYJ  )7TJX
+JV7Q )7Z,O
]J2](
Y+JZ+IJ
7Q[JZO]JZYJTXZO]JYHO IJ)7MJLY6IJE[QJUYJZO]J]K[J
 GO EXQYJ[HOFQZV7Q XE
79[HOMJ)7MJL XQ^
HY]RQEYQZH]JY
Y6IJE[QJLYHO Y\HYGIJ=]K[JXYIJ=XS[J [TJGOYS,O)7TJ 1YQZ5MJ
Y6IJE[QJ
Q\PT+IJ=
VRJ SHO=ESQJ \HO X[HOMJ VN^TJZQ]K Y6IJE[QJ
SMJE]
VRJL NVIJVQTQO4\ J P [IJYEYWQMJSQ[TJEQYJ2]( [TJEQYJ
VN][JFP (LN]MJ )HOMJM,NGQE
¡,O# F(F(T()7MJL XNGQV7 NVIJVQTQZQSMJSP
E[+ZRJ
7HES[JT[(]J)7MJL IJ[HO=
.9NVIJVQN]RJV7QZO]JE^QJYHOMF J YJ
SRJGOZIJ IJ2VH/9YPSIJE
QMJJE
TRJYQ
Q
]JY+YJN^TJSRJ
SRJ
]JY+YJ XE
79EGWQMJ SQN^TJSRJ
EYQLYI(SRJE
7E
7XT3JXUYJ [+MJ EIG.EL SQ>Q[H2VH/9G,X)+JN^TJSRJSP[=HO
EN]QTYQYX*ZH]]J MJN^TJESQJZRJ%IJTYQ)7MLJ XS,V. E- 1YQMJL AZIJ IJX*Z]H aJ )7MLJ VWQT+Q
Y+QNGQSRJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
N^TJG.L[.L VTÚ[QXH]J GW XYJ ^ UQ ZJ UHOSPYHO Q( NVIJVQTQ
Y\HYGIJ=]K[JSP=YHO XFHQIJXJ ([QXN^TJZRJ[+.^YJ[QIJ
E]]K[JE
QYJE[QL ZIJ IJ[YÞSHOZJY Y6IJE[QJLYHO O[H
]KEVQYN^TJ[.L
( K F+.9E]X]J]K[J (]OH¢/ZJVWQ)7MJLY6IJE[QJ[+.^YJ
ZO]GJ
.L [QXYWH/EYW>PVWQZ7]K[J#VTÚ[QUQ ZJ YV7Q#VTÚ[Q
IJY  GOV7Q Y+JZ+IJ
7Q1YE[QL SP[HO=)7MJL Y6IJE[QJ [+.
[.LY$
U,OGIJ[HOMJS+Q]K[J
(V7Q ZP&Y(VMJVWQ N]IJS[H
T
Q EN]Q]K
ET3(  GOY
Y6IEJ [QJX*ZIJVZQV(V+[TJ ZMJE% MJU
QE?QG.[ L QAU
QXEIQYJ
)HOMJM,S+Q
VJVYÞQ\YJE[.LEI
QX. (V7QZP&Y(S,OEQYJE[+9
VJ GMJ%WQ\YJ XVWQ&Y( XSYJ&Y(SPE[+# GMJ%WQYHO XZ+IJGWTJGMJ
1YVJ#[TJEQYJYGMJ%WQYHO SQZH\ O QVJY6IJE[QJE?Q[Q,O]K
GMJ%WQX. (V7Q&Y(]+QEXQMJNVMJVJU
QaY6IJE[QJT[(]J# IJI.=
UQ ZJ [HO=)7MJLE[+9]K[JSP[=EHO [+YY6IEJ [QJLYOH XZ+IJGWTGJ MJ1Y[J
X\PSN^MJL]KEVQYT[(]J#SPYY6IJE[QJY L HOSQZHOETQMJEL
7QYJ[J
SPS = QX&Y( U,O YY6IJE[QJ)M7 LJ
+[ J #P TTJ&Y( XT]HMO J X([Z(TTJVWY)J Q7 V7Q
YWU,O
7Q[J SPI.= XFHQIJZO]J1Y[Q [TJ)7TJ1YQE[QL SP=TH[J\.V7Q
Y6IJE[QJ?QSPE[+9G.LSV5NVIJVQ]RQ
7MJVWQXIYJ,O1YRJXQ\Q
U,O
].ZHO= SPE[+VH[J KYHO SP=>I(NVIJVQXVWH/SV(&Y(YHO Y6IJE[QJL E
79V7Q
EN]Q]K[JY6IEJ [QJX*ZIJVQ7 ].EI2]( EYQZH]VJ Q7 UYJZ]O JSMJ[ L JZO=H
UH[ O JT[(]JVY+Z J I+ VJ ( [TJ
YJXZHY O XN^TJX]WYY J EZY6IEJ [QJ
GO\H V7[VJ EH I[J
IJYIO [ J YÞSZ OH J ]KEVQYGW/]Y J X*ZIJE
QYJEIZHO=
X. (EI=YFHE
7QLTE[QL^HO= ZQ2](Y6IJE[QJ[HO= X^+.9)7MJL E[+9]K[JSPY
Y6IJE[QJLYHONVIJVQTQ O[H]KEVQYXUMJLYVJZ7VJ]K[JT[(]JY
TH[JUHO [J (EZQYJ)7MJLFQ
VZ.E]KLY6IJE[QJ (EYQZH]JV7QUYJZO]J
G.L
MJZIJ IJ[YÞSOZ H J ]KEVQYN^TJ)OMH [ J Q].Z=HO T[(]JYN]IJEN]QZHY O J[J

##NVIJVQN]RJ# 
Y6IJE[QJ E[QMJG,[.LX[+YJ EYQZH]JY Y6IJE[QJLYHO ]RQ
EZLZQE
 G+MJLUJZ)7MJL NVIJVQN]RJ N]IJG+MJLE]]K[J  XHVJN]IJG
(Y
 E KYJ[QZ7EF
Z+IJG.L[.L  )7TJ XZQG
(\YJ 2MHVJSYJEXGWVJ]K[J  Y6IJE[QJ
Z(%Q]PV7SEF*QT(#[TJZX1YQV7Q
IJYOIJE
QYJ]K[JY6IJE[QJLU,O ¡-, V-
E[+EXQMJNVMJVE- [+YOH N]IJSO, S]J
IJSEF*QE]V7QXGWIH
J [JY6IEJ [QJ
E[+9
VRJL NVIJVQN]RJ&Y( FJZEOH IVZ.E[+1YRJ[ L JY6IEJ [QJYHO NLJ ]RJ
YHOJN]IJE
QYJE[QL XSQTQSP N^TJEI2](#  X
YJZRJ ESQYJ2](#
K[MJVYT(Y
YJYZRJESQYJZHOYJES[J
Y6IJ E [QJ L Y H O  NVIJ V QN]RJ  N]IJ G + M J L E ]ZH O Y J [ QY
NVIJ V QFQSQTQE])7 M J L  3J E YWV- -  EZL Z Q
IJ ] K (  ]RQ]H O M J 
ZO]JMIJYHOMJMIJE[+I.= ]
HS[JYHO OY VE]E[QL]KFP (XTQ ]HO2](
TH[JMJTQ^+JN^TJVRJL NVIJVQ%O ŒFQSQMJ
.9ZPVF - XE1YQMJEN]Q]KVJ
Y6IJE[QJN]IJE[+9
[.LNVIJVQVWQV7Q%O ŒFQSQ)7MJLXNGQXPVWQ
)7MJL][JSYJ2](XNVMJEN]QMJZ.[QSH]JV
7H]KFPX
MJX[HOMJ%O ŒFQSQ
)7TJ)7TJYQYQSYJMJ,O1YRJSPE[+YHOVNVMJVN^TJNVMJE[+9
]K[J
GOV7Q YWMJ]G.L[.L U`S*KIQ]+.YZRJ SP[HO=
.9 FQSQYHOMJ¡-HMJTH[JYHO
XQN^RJL\Q]K[J NVIJVQVWQY GMJ\YJ ]HO2]( H]×IQXZO]JYHO
XGWIH ]J EHO ]ZQ]K[J#]HZ O ]O ZJ Q1Y[JSH=EO ]VJL]MJV[QIJ)T7 J
]JN^TJ[.L
KIXV-I.=S(ZEUQYJ[RJV-YHO ZTJZW0¡-V\Q].ZO]JEI]K[J[TJ2]H/MJ
[RJ  V7 Q  EV7 Q J U
QSH ΠH U
QE[+  FO H  E[QJ E [+ Y  [TJ 3 (  GWMJ  E
Q
HO4J4)7MJL]K [HO]+QZQEI[J SP[HO= G,P[.L F+.9XVRJ E[+YZRJ
XNVMJLSQ SH ŒH FJEZQYJ T+VJ[JE[QL VSHFP YHOJE[+9N^TJZHO=
[GWH/9VWQSP[HO=XQ\Q[.LI[JE[+YHOIQVRJE[QMJV7IJV7IJYIJYIJVSH
I[JXGWMJGWMJ UYJ)+J],OYHO ZRJ VSH1YE1YQMJYHOE[QL Y6IJE[QJ
XESXGWQEN]Q)HOMJ]K[J (XEIX\QV7Q\]J2](E[+9
[QYE[QL
Y6IJ E [QJ 
IJ Y O I J  E
QYJ 2 ](   S, O 
YJ E NVQYJ V7 Q  RTQTQ S+ Q G. L [ . L
]KEVQY[TJEQYJXHVJY U(&YH/[.L NVMJY+MJ]K]. S(SIJ= T(V,\Q[.L
FO
QGIJV7Q %O ŒUMJ[OE[QJVWQ )7MJLX[P I[J¡O]J\O VWQT+Q 73JZWYJ
E[+9]K[JI[J[GW/H 9
.9¡O]\ J XO VWQ]K[JI[JE[+YT(]+QYOIS J 
+ S J Y P OH
&Y(]+QEXQMJ AVa [.LXE1YQMJ Y6IJE[QJLYHO EN]QN]]K[J ]KEVQY
YE[QJYT(]+QE
ZO]JMIJ
7MJN^TJ EISPYHO
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
UYJ2](NVIJVQN]RJV7QY6IJE[QJ1Y,/E[+9G.L[.L,O1YRJV-VWQI.=¡HO
Q
ZO]JEZLZO]J\YHO ZYJZ(E^QYJSRJ GW]KVJ ]\VXE1YQMJX
QY
_
QVERQMJ]MJ&Y(YHO]PE>QJ[.LXE1YQMJ]K].

###ERQMJ]MJ&Y(
Y6IJE[QJL VH[JEU+VWQY%O ŒFQSQP[TJPYHO EGS+Q]K[J
E[QE[QMJE[+N^[JF[JTJYQ)7MLJ S+Q1Y[Q]KYQE]V7QZRJXZ8QT,O
ZP[IJTQXVWH/T,O]KMJ]K[JERQMJ]MJX&Y(&Y([TJ]MJYHOE
QYJE[QL
YQU
QYYQ
]J#XQZ,OYQE]YUMJ2](ERQMJ]MJYHOYIJE[QL1Y
[J (ERQMJ]MJVWH/YNVIJVQN]RJX)7,=XN]QV7QXZ+IJE]K]K[JNVIJVQ
E[+ Y ZRJ  ( X ]MJ E [+ Y H O  ¡H O E SEZTQ1Y[J   VH [ J E U+ V WQE
Q
¡HMO JFQY ]KY6IEJ [QJY L OH XESXGWQEN]Q]K[J (ZVJYHO ZQSPXVWQTOY
(ERQMJ]MJ &Y(YH O  YQE]YUMJ  ZH O =  N^TJ E T YQ\. Y ].  N^TJ N ^TJ
YIJE[QL1Y]KS[.L (\. V]K[QYE[QL G
TJQIJVWQI.= XNGQ,O1YRJV-
ZYJG\ , QSPVWQ].N^TJ[JX. (YUYJ2]( P
H
7 QG
(UYJ]K[JP\Y .
UMJ[OE[QJ E[+ ^PENVQJ^HO=I.= X)O]RQ]IJ]OZYJ
QVWQYHO EZLZQ1Y
IJ
N^TJ]K[J
ERQMJ]MJYVW/H TH[VJ WH/)+JXVWH/VWH/
7[H QSHE[QJV1P YSRJL X[HMO J
]K].SHO=ESQJZRJSQVIJNVIJVQVWQYE[QLERQMJ]MJUOHZ5MJ%O Œ]M+ JLE[QJ
VP[.L E%QH]MJI.= )+J]TJZHOYJVJ SHO=V?O[J
MJ I[JEI]MJ ZO]JZHOYJVJ
ERQMJ]MJYHO¡HOES
[JV\(V.LNVMJVZO]J
FPTH[JMJTQ^+JERQMJ]MJ
],NO ]MJE[+XVWQ&Y( 
7]H K[J (VQ7 E[QLY6IEJ [QJFHE
7QTL E[QL^V=OH Q7 EIT3JY
U
QSVQ]KEVQYT[(]J)7MJL NVIJVQ>I([HO= EN]QN]G.L[.L ERQMJ]MJ],ON]MJ].
N]IJEN]Q]KVJ
]\VYV«QTTJYQZV7QT[(]JYX\YJNVIJVQN]RJG¡HOMJ[TJGOV7Q
XE
]HOMJ XO]JGW/]JE
X&Y(XY. ZO]J
[JSPYTTJ[]J\.V7QZRJ
%HOZJ&Y(XUMJL)7MJLSP=ZYJEXQYJV7QNVIJVQ)7MJLXH)˜HE[+]K[.LU]J]KVHOMJIQ
[]J
7H[J ([]JYFO
MJLXMJWMJI(Q[]J
.9E
73([]J^+.9]K
T[(]J¡O, THY
O
J Q2V/H 9Y2V/H 9ZJVQ7 _
QVERQMJ]MJ&Y(
7[
H J#ERQMJ
]MJEXQYJV7QZRJI[JY+IJ
7H[JERQMJ]MJI.=I[JY+IJYZVJZJV7Q
UHOE[QL Q3JS+Q Q3JZQ ZVJUHO=EI[J FJSPV7ZRJ V\H,LFP
 E KYJ[QZ7EF
EIQYJU,OE[QL 2VH/9VWYJ)7Q^,OE[+YT[(]JYHO ZQGW3JY]J1Y[JSPY
TTJSQE[+UMJLEG#ERQMJ]MJYHOVJTHVJ HOMJIVHOYJE[+Y]J2](TYÞIJ=]HOMJ
X[+MJ2^H/]TJZHOYJ[J
YJS[ÉS,O][JZRJ1YQE
QT[(]JI.=SP=[]J
SQE[+ VYJUHO]HOE[V(Q GO X(
[J)HOMJM,  TTJENVN]MJS+Q
IJ XVHIJ=
\+YJ]KE
Q
2V/H 9SP2V/H 9SQVWQI.= VTÚTJT[(]JX]KXMJNVIJVQTTJSQYE[QJE[+
YE[QLSP[HO=EQYJWQE[+XHVJ]TJQ]TJTTJ\+YJ1Y
[QI[JY+IJ)7MJL
ERQMJ]MJ&Y( YHO ^WYU J (]TJ[X L. [+YJ I[JYMHO [
J QZOH= XE1YQMJN]1Y]K[J
Z7 E FE
 XE
7 9 E[QMJ X Q
7 V 7  SFQX\H V J  XV7 [ J V WQ
XJ ([QW(F(V( ZJ IQ#ZIJ IJTQ

###G.],O&Y(
X\YJ]KPYN]IJ\Y + JSQ+ [.X L GKV7QYQSVQYXE[QJYEZ
&Y([.L G.],O&Y([TJGO
7H
QYQEVQMJEG]K[JE
QYJE[QL G
(SRJE[+
XQZ,O UMJ2]( G.Z,O EZE[+STJYMHO J E[+X],EO ]]TJ1Y]K[JY6IEJ [QJ
ZRJMJ]K[QE]LKX*ZIJV7Q)7TJ EIG.EL ]VJL MJ2]( UMJ).G8 WMTJ
Q&Y( VH=O
VEI)HOMJFPMJ)8.ZHOYJ[J
(XZO]JYZRJE
7VMJSQ[TJ]K
.9[]RLJEIQYJ]KE[+ZO]JG.L[.L
X[OHMJ¡HO
QV]WYJUYJZO]JG.L[.LYHTÚ]K].VMJSQY]O,VMJUYJ 
  V7Q EIQYJU,OTHOT,[.L VMJ# SP=YHO XVRJEN]QMJI.= AVMJEG+EGWa ZO=H
EG1Y[J
Q>MJZQTQVP
MJV7 EYQYJ)-[JEN]Q]KVJ
AAVMJEG+EGWVMJN^TJE[QJVPZHOESQJ SPMJE[QJVWQ)7MJL G,ORMJ
YTQ
Q [ZMJ  [+ M J  EG+  EGWTTJ \ RJ L S RJ Y H O  NVMJ E ZESQJ
SPMJE[QJVWQPÑ]TJ2]( Z5MJENVUO]S J TJGYJ[TJEQYJ[TJZYJT(
^,O Ñ^HÑ]OUTJ[O]JYQ]PE>QJYIO @ J #\HS O =OH ]PE>QJESQX],&O Y( VWQT+QYHO
NVMJEZESQJ AâVMJSQSRJV1YQV[MJVMJN^TJZ[É9, a?PÑ]RQ
7[ H = OH
UH1O YYOI@ J aa
E^EVQMJ[MJ)7MJLW(XH]J GW ZO T X*ZH]JFQSQN]IJESQV7IJIIJ

Q>MJE[QJ&Y(V7

X\YJTQ]HO JV7QV7IJIIJV7 VP
MJX[HOMJN^TJSRJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
### ¡OH
QI[J
GOE)+
QS(V7Q3[OYZRJXZ+IJ]PN]MJ#TMJ[(
H[J\H
[YJZQ[JVH[JEU+[TJEQYJYY6IEJ [QJY L OH YEZQEGS+Q]K[J
YEZQY
7VJN]RJIJE[QMJ]HOMJYE[QMJTGIJ2VH/9#
QS(3[OYSQQ
EXNVZHO= X*ZH]JX
Q
7HVWQ E)+
QS( XIQPX]IJEN^TGIJE[+\.Y
2VH/9[TJ2V/H 9N^TJ]K[JY6IEJ [QJ[=HO [RJGHOXVH JY\MJ¡- E[Q\.VQ7 #XHV
J M7 JY
Y6IEJ [QJL VH[EJ U+
9. 3(EZSPYXO]GJ W/]EJ
X
Q
7[ H TJEQYJ]K2]( E[QL
SP=YOH FHOE[QJXN^TJZPSHVWQ\MJ
7Q[JSPYE[QLSP=XT+VJYHO YOSOZ H J
N^TJSQS,O]K[J
[TJREIGMJY6IJE[QJ[OH=ZRJ][J
QYN]IJE
QYJ2](V1YQV(V7Q
XHV
J M7
J 9. YQEVQMJSVQE
GKXEN]XZ8QE
QYJZQ[JSPYZRJ
XI(XIQV7QEISP]KXHV
J 7M\ LJ , XEVQ[EYQEN]ZQ[JSPEN]Q[QY
SP XHVJN]IJXE
QYJV7QSP=VHIJVY\HIJV)HOMJ SHVJV
EXQJZHOYJ
JZHOYJ#
ZPE[+ ¡HOYJZHOYJ ]O[JZHOYJ ZO]JEI]K[J  V)HOMJFP ZHOYJ1YRJLE]]K
FHOE[QJYHO]MJL[JY6IJE[QJ[HO=XHVJ
7MJFHOE[QJY
7VJZ+JXH[J[TJZ,O
EYQYJZ+J\RJL2]( TQ]+.E]Y &YHVJ[O[JEZ[TJEGWQMJ EYQYJYHOMJ#
SP=YQSVQI.=\+YJS+Q[JY6IJE[QJ[HO=ZRJZHOYJS+Q[JVHIJVY
]HIJS+JS+JEZ#XH]J
Q\.V7QZ7.EI[J#[OIJ[OIJZ-]JZ-]JI.=Z7.EI[Q]K
FHOE[QJY VHIJVYHO 1YRJL¡- TTJEU2]( EGW\Q[.L Y+VJ
+YJE]# SP=YHO
KGHOMJ[J2](E[QLFJZHOX
SQZ.ZHO=EV[JVHIJVYGK[JZHO=
EN^2]( XH]J
QY\^H=O &Y/H TQ[JXE[QJE[QMJ[ L L. SPE= QYJWQI.=SIJVQ[.L
SPE= VQMJ)T7 EJ QYJSQVIRJ\HIJV7SPXH]
J QE]V7QEI[JFHO E[QJY
SP9&YHVJT1YQYHO N]E[QL VHIJVY  IRJIRJ 2MHVJYWS+Q[J (VHIJVYHO
¡HO
QI[J]P[QZHO=FHOE[QJYSP= EQYJWQYHOEN]QN]]K[J
FHOE[QJY &YH/I.=S(\Q[.L ZYJ^+.9[TJGO\O[J VHIJVZRJ]MJV7Q
T+]JE]ZHOYJ[J]\VE[QLVHIJVY¡OIJYIJES[JFHOE[QJY]P[.L
I[JYHO VHIJVY[UMJL EN]QZHOYJ[J#EIQYJ\]JZQ2](VE)7QYJ7YJ]KI.=
E]KLVHIJVY3(EGKMJU[JU[JGK[J (E[QLFHOE[QJYK\QV)©QIJ
[TJ]O J
+[J2](SP=XVHIJ=N]IJ[J#VHIJVYHO&YHVJI.=EGWQYJZ7IJ=[J (E[QLV7
VHIJVYEGKMJRH[J2](N],/ZQ[JEIQYJ TYÞIJ=XIRJMJ1YQE[QL SP
 E KYJ[QZ7EF
],OV7IJ N]IJ N^TJZQ]KE
Q]P[.LI[JY\+YJS+Q]K2](SPYXGIJ\. ?HO?HO
SRJSRJ 1YRJL[J Y6IJE[QJ[HO=XQZ,O V[J[]J
]JEI[QNVMJE[QL
\[.2L ](SP= EQYJWQYHO &YHVJ]KEZE
QY6IJE[QJ[=Y
HO HO ZYJ^YJ
RJVOI=)J 7MJL
_RJLVG,
EYQMJZQSP=EQYJWQYHO UP[Q]K
### N]× K)7MJL
YJ
Q>Q
Y6IJE[QJYEZQV7
IJYOIJN]IJZQ2]([TJZX1YQV7QY6IJE[QJL
R(Y ZQEN]Q]K[J X*ZIJN]IJ
IJX[+YJ Y6IJE[QJ ZHOYJGWMJESQ
KF(¡HM- JQSEF*Q
IJYIO JU]H JYVJUHOYEJ I2]([.LSEF*QYT(T3J\Q[Q
\YJ
YJETQ2](UHOYJZQ[Q>+IJZ
YJESQ1YQEI=V7QSEF*Q
N]IJ\+YJVJZHO=ZRJSH
]K[J
Y6IJ E [QJ  SEF* Q \+ Y J
YJ  ETQMJ L U H O M J  EIU. V 7 Q
EU+VWH/VH[SJ *?VWQZQ2]()-[
- U
J YJ1Y]K[JY6IEJ [QJG
(\+YVJ RJLEI=
SHE[QL[GWH/9E[+YEN]Q]K[JAAU
Q#U
QTQ[[JE][[J]O¢H/Z&J Y(].#
ESQ1YQEI= E
ZVJ G
( VS+QEYQMJFP# OY1Y,/[[J[J UHO[Q
1YQ^PV7Q]KaaZHO=EN]Q]K[JEIQYJ[TJEQYJYE[QL\+YGJ +QVRJ
L YJY

YJN^TJEI[JZ=HO S[HE][JNVIJVQVWQYYHO ZQFJVEYQMJ[.L
4IJZHO= ,O1YRJ1Y[J (4IJY Y6IJE[QJLX\MJ K
VH[É/ Y
ZQ],O
[J# SS*Y¡HOYJTYQ]K XH]ÀQJY ?IJVYW[.LEI= [TJIRJ
N]× KYW[J   N]× KY FJ E I=  YWSZ.  UH O [ Q
[+YJIRJE]\Q[J
YJS[É][JX[+YJ EI=[TJEI=T(V7Q 4IJE[+
E]\Q[J X. (EI=X[+YJ 4IJYHO [TJZ
.9 ZUIJ
YJ SHO=V?O[J
ZUO[J
YJ)M7 LJ E]KMJ
VJ#E]KMJZHY
O Z
J =HO YWG
L. MJX.
( YJ?QN]× K].
NVIJVQ[TJZ[HOMJYHO ZUIJZUO[J )7TJ]HOMJG+.\Q[J[TJ]HOMJT(V7Q

YJ
7H[JJ# G6MJGWYJY V4IJ # # # # #  ENVQYJZVWQV7
O[HZYJY 
YJEI=].
7HVJ
YJVT,OZEG[J  K
VH[É/Y
[I*E)+EI= 4IJ )7MJL\]J[.LZUIJSHO=V?O[JZUO[J
YJVWQV7Q
YW[J[IZ*QEI= 4IJ X[+YJYE[QL 
YJ UIJBUO[JV7Q
YWVJY6IJE[QJLVH[JEU+EYQMJVWQYY6IJE[QJX. (EI=VS+Q]K)7MJLZHO=
[Q]K[J EIQYJ SEF*QY >PZHOMJZYOIJX\H V
7HESFPUHOE[QL
Y6IJE[QJYXEZ5QL VE])HOMJFP
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
NVIJVQXE[QJXVWQVWQY (XPXUE[+YOH ¡OVTHY O J[QVZHY O JIQ
[QZRJ
7]H K[JXZQ[P].NVIJVQXE[QJVWQVWQ[GWH/9]RQ[[JVWQ
X]KXMJYE[QLZO]MJ IJYHMO JMIJZO]^J =]OH N. ^TJN^TJG
(\+Y^J =]OH N. ^TJN^TJN]× K
YW[.LEI=UHO
MJ VZO]JGWMJ1YFPN]Y HIJV7QN]× KI.=
YJ
Q>QE[+ E^QJN]
\Q]K[J#XE
&Y( YHTÚ ZO]TJ
Q
7
H MJN]Y IH Z J 7IJ
YJE
+[Q].SHV=O ?O[J

MJZRJN]× K
YJ
Q>Q[+YJ[.L ZY*QYHO
+[J2](
YJ[+YJ1YRJLVJ
(X[+YJXY
QE[+V7QNV‹/]JYHIJ
7HE[QLXY
QE[+S(ZY*Q^+.9\Q[QYHO
N]IJE^QJ
MJ4IJE[+
VJ KE% MJYWVJ E[+VQ7 ]K[JE?Q (V7Q[TJ] O J
NVIJVQZ[TJUJ)L T7 JZ@XVRJVWQV7E
79U,O XY
QYHO X*Z]H TJ QZ,O &Y(
)7MJL E
\Q2]( NVIJVQTQSQYHOE[QL XS,^Z7J\Q]K[J
X*ZH]JFQSQ)7MJLE
SQGWYJX[+YJ UHOZHOSRJ


YJ
Q>Q
 [IJGP ZSQZ7 [IJGP Z ESQ1YQEI=%O ? ΠP EI=
\+IJ]YUOIJ YUOIZ J TEIEI=1YQS]E[EI=
IOIJR+IJ=T IOIJZ X*KEI=X*KEI=
EXQMJZ7KUHO KUHOZ [I*E)+EI=%O Œ?PEI=
 SQZHOKEGKMJ KEGKMJZ ESQ1YQEI=%O Œ?PEI=
NVE[QMJE[QJSZMJ E[QJSZMJZ 1YQS]E[EI=TEIEI=
S([MJY6[JU( S([MJY6[JZ X*KEI= X*KEI=
EXQ
([IJEUQMJVOIJ [IJEUQMJVOIJZ [I*E)+EI=%O Œ?PEI=
 GWVJ Z,O I[JE[QJ I[JE[QJZ ESQ1YQEI=%O ? ΠP EI=
VHEIQJN]QSHO N]QSHOZ 1YQS]E[EI=TEIEI=
VHRH/[]HO=[+. []HO=[Z +. X*KEI=X*KEI=
\.MJ[E]KMJ [E]KMJZ [I*E)+EI=%O Œ?PEI=
>Q]KEIQYJU,OEYQJZ,V7EI=VWQY[TJZT(X[+YJUHOMJ
Q

YJ
Q>QN^TJ]K[J X\YJ]K >QYHO ESESGWQGWQ EZLZQ
MJ (ZHO
E[+9
VJ
  [TJ][JV7Q
7TJ EI=
7HSRJLXIYJ ENGQYJEI=SQ >QV7Q
]KMJ]K[JV]K[.L)7TJEI=Y[IZ*QEI=)7MJL
Q?O
%O Œ?PEI=YOH )7T]J OHMJ G+S
. RJ#I,IYJ]MOH J %O ?
ΠP #V+IJ Z+]. HOMJ
Q?O S[JV7[JESQE1YQMJL GOITJ
YJ
S[É][J[+MJ
7TJEI=N^TJ@
 E KYJ[QZ7EF
 >QV7Q],OT,[TJGO
7HEI[J
 Y ]K[.LEI=ENGQYJEI=XIYJEI=MKEI=YX[+.)M7 JL]KMJ]K[J
ESQ1YQI.= %O Œ?P#TEII.= 1YQS]E[#[I*E)+I.= %O Œ?P  (EI=E[+Y]\V#
O[H)7MJL T[O[ZVWQV7Q
YJ
Q>Q N^TJEI[J X*KY X[+.V
7H[.L
EI=N^TJ2]([[HZX[+YJ
YJ
Q>QN^TJ[J
 G ]\VEZZ[TJTOX[+YJ
YJ
Q>QVWQY O[HEZZ
XTOI.= [[HEZZXTOE[+V7Q (X[HOMJN]IJE][J
XZQ[P]. N]× K
YJE
+^HO=  4IJNV‹/]J XY
QV7 [JZY*Q

7H]K[J (V7QZRJ],OT,E]]K[J#
YJ
Q>Q[OIJYI.=UMJUMJ].#SHO=ESQJ
ENGQYJEI=V?O[J
7TJEI=N^TJ[J4IJNV‹/]JZY*QYA[VQ#SYJ
MJ#
XMJ1YMJ# UP
TJa XQZ,O X]MJEZ]MJ IQVRJE[+]K ]\VXO]JTOMJ
EZZX[+YJN]× KEI=E[+YOH YHOTJ QN]/]K[J O[HXO]JTOI.=[[H
XO]JTOZE[+ X[+YJZRJ (X[HOMJN]IJ\]J]K[J (V7QZRJEI=)7TJEI=
X[+.EZ[+.EIQYJ\]J)7TJ&YHVJ E1YQL2](UJL)7TJZX[+YJZQ]K[J

N]× KEI=VWQ
[VQ TEIEI=1YQS]E[EI= [IJGPZX[+YJ
SYJ
MJ ESQ1YQ%O Œ?P YUOIZ J X[+Y J
XMJ1YMJ [I*E)+[IZ*Q IOIZJ X[+Y J
UP
TJ X*K
Q?O KUOHZX[+Y J
O[HEZZ)7MJL [[HEZZX[+YJ (X[HOMJN]IJZQVJ
EN]QT
Q[TJGO
7H[QY O[HXE1YQMJV7Q]K[.LSYJ
MJ\.YA
MJa
YHTÚ XY
Q A
a YHO >QV7Q
Q?O EXQYJV7Q N]\Q[J (V7QE[QL
FJZHON^TJ[JVSHFP#%O Œ?PN^TJEI[J
EIQYJUYJ[+. ¡-]K

##X*ZIJ 
GO>+IJZ
YJESQ1YQEI=VQ7 Y6IEJ [QJ KF(¡M-H J QSEF*Q
)7MJL X*ZIJ N]IJG.L]K[J XH)˜HSVO ˜
QY  Z-HMJEZ XZ+IJ\IJ[J#
XQE
%W]MJZJY]HU O HO [JE[QMJEZQYJ&Y( [.L Z-MH J E[+1YQV7QSEF*Q
YZHVJLZHOYJ ENVQYJZHOYJ YWZHOYJ EN%QMJUIJEI[J K\YJUHO[QY
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
ZQ3(VJ EX MJ2VH/9U( 3([RJ2]( ZH-MJEZXIJ[O GO[JEVQMJZQT3JV7Q
EZVOIJ[HOMJ&Y(ZQEI]K[JEX MJ2VH/9YSEF*Q
.9XEIQYJENVQYJVQ7 
VOIJ[HOMJYXEIQYJE[QMJY ZQ[J SEF*QZVJE1YQMJYHO EN]QMJ

[JXEIQYJTPTPFYJZ7RJL
E[QLZQEI[.LVOIJ[HOMJU([RJL[RJLI(]K
S+QEI
2]( EX MJVE
QYJF. W(FP[(E
QYJS+Q]K[J SPUHOYJ
VJL
UH]Y J VJE
QYJ^=OH SEF*QYXQ^
HYYVJ¡HO [VJYHO Y]J2]( GO[JEVQMJS+Q

[JEIQYJU,OE[QLEX MJYHOE
QYJ]K[JNVIJVQG
(SRJVWQYE[QL
G,
[.L OYSY O X E]KMJI.= G
(ZVJVEGWQ[.L XN^TJYOH \+YZ J Q[.L N]× KEI=].
XN]TJ^HO=1Y]K[J
XYOSHOZJSRJ[TJGO[RJZQG.[J]MJZJI(
YJU( \.E
QYJ
E[QLSEF*QXMJWMJ[TJZ,O]WYJ[J]HO=UPXYJYHOE
QYJE[QLEYQZ
?QZE[+ 1YQ
[JY6IJE[QJ[HO= SEF*QYHO UPXYJ[PENVQMJN^[J2](
ENV\.]MJZJ VYJ ([Q E
I(,]MJZJ  YHO MJG+MJLVE]FP S[MJN^TJ
EI[J]
HS[J\V. 7 [GW/H 9S[H
]KZHVLVJ JGOUPXYJXE
XGMJ
I.=EIQYJUYJ[+.YHTÚE[+G
(SRJ[GWH/9ZRJEYLEXQL+[J?O]J XQ^
H
E[QMJT+IJXMP YZ7RJL][JS+Q1Y
E[QLV7Q].ZHO=E[+VHZQ2](X. (YSQ
S+Q

MJG
(YEIQYJ\]J)7TJZ1YQE[QLVJ[GWH/9YZRJY6IJE[QJ[=HO
SEF*QYHO X(WTJY \HIJSHVJ\QV7Q 2%H[HS5I.= X(WTJXTHO
[HO= SEFQ
[PR(GWYJV
VGWMJSEF*QYHOZ8[JE]V7QV?O[JFPZHO=THO
HVJZQ1Y[J
(V7QZRJYSHYEXQYJN^TJSV5X[+YJN]× KESQ1YQEI=I.=
YJ
YHO]. XN]TJ[MJ1YN]IJ[JXE
E]EI[.L (IQ
(XIRJMJX[+MJ FQE[+
N^TJEI[JE[QLY6IJE[QJVSH]KFPSEF*QY]À[HIJYE[QMJY6IJE[QJ
[HO=YHOFQV5EN]QVN]]KFPFQE[+N^TJG.LN^TJG.L#EIQYJIQ
(XIRJMJX1YQ
V7QE[QLY6IJE[QJ[HO=ENV\.]MJZJ\.MJZQG.L]K2](#XQZ,OE]WQJE]WQJ]K]K
E]KL
V7N]RJL)7TJ1YQYQZV7QY6IJE[QJX*ZIJV7Q].NVIJVQ
%O ŒFQSQZHOEI]K[J (1YQGOV7Q
IJYIO J[TJEGKYJN]IJE
QYJG.L
[J Y6IJE[QJLF>Q[JE1YQMJ UYJEN]Q

MJ Y6IJE[QJ E?QEN]Q[.L


XE1YQMJX
Q)7MLJ EFQMJMJ]K[J]
HS[J&Y( YHOZRJTH[JMJTQ^+J)7MJL
)-HU+VVH Q7 ]KEN]QT
QYXQZ,OXGWYS J O, GWY]J K].Y6IJE[QJ%O F ΠQSQMJ
 E KYJ[QZ7EF
[TJEQYJ
.9 XHY[QIJS,O
]J EUQMJ
+YJ]K[J# ([QIJS,O
]J
XE1YQMJEIQYJEI
QV7QEN]Q]KVJ]KEVQYEWEXT[(]JVESV(IQ
(
XIRJMJYIHVH[J^[J[.LX[HOMJGOV7QZIJ IJ[YÞSHOZJ]KEVQY
N^TJZQ]K[JEIQYJY6IEJ [QJL>I(
.9U)˜YOH N^RJU
L RJ2]( N]RJ)L 7TVJ Q7
NVIJVQN]RJN]IJ[.L FSTJ]K].

# ZPZ[J]HOMJ
NVIJVQ%O ŒFQSQ[TJEQYJ
.9F>Q[JZVJEIQYJG,YHOSPEI\HMO J
Q
NVIJVQN]RJN]IJE
892](Y6IJE[QJUYJEN]Q]KE[QLVJZPMJFV7ZPZQ
ENVQYJGWHIJZPZ[J]HOMJMJGWHIJV7Q
7MJN]/X2]( V7Q>Q[JZVJEG[ÉUOMH J\QG.L
[Q]
HS[JS[H
]KZHVVJL J KYY6IJE[QJLYH O J]HOMJX[/][ À Y ÉH HOXYW3J
EN]Q2](SPO1, YRJ2](ZOY
H Z
J O][
J L. ¡HO
Q\,O [VJE[+YOH V(EVQMJ\HO N]GWMZJ ]=HO K
(V7QE[QL FY$XT,OV7 S.Z+IJT&YH/YHO U+.P2](XQZ,OTOE]KMJ],OE^QJ
]KVJNVIJVQ[TJEQYJYOH ZPZ[J]MOH J ],O ](]N( ]MJN]MJXV7[Z J Y4QE]Z+MJ
ET[.L ],O
H]JYHO E^QJ]KVJ SP=
.9 FG
( GO ZPZ[JX]HOMJX[+YJE
Q
EIQYJZQVRJLX]HOMJVWQX[+YJ]KXGWYJXZYJVWQYHOY6IJE[QJLYHOJ]OMH J
XE[+9X1Y,/V7[GWH/9V7P]KVJ#[GWH/9E[QLY6IJE[QJNVMJE[+91YQSHSV5
Y]K]KZHVJLVJ
ZP ] WH / E]KYJ  F Z+ I J E NVQYJ Z Q[. L  NVIJ V Q%O ΠF QSQY
\HVJNVQZYJ\]J]KVJ#XHVJE\QMJSRJFI.=EI]KVJ

##ZPV-UYJU,E
)7MJLXHVJE\QMJE

\HVJNVQZYJ\]JNGMJSH=VO ?O[J XHVJE\QMJSRJFXTYHONVIJVQXS,O
X)-IJS,OVWH/I.=E^QJN]]K[JAV*ZQEUQMJSRJa#AZYJ\]JSRJa#ATOZWQ

TJ][JSRJa TOZWQY X[JN^0T]K]. S,OVWH/TZ,OY \HVJNVQ]+. ¡HO


Q
ZO]J\,OV7Q]K
[.LYHTÚE[+]K\HVJNVQNGMJYNVIJVQ%O ŒFQSQV7QE]Z+MJ
\MJ
7Q[.L [TJGO[RJESQ\,O[VJT3JZQ]K (XT3JXZQYSP=
.9F
XNVMJYHO¡-E\QMJLT,OV7QE
QMJN]IJ?]J]K[JSPZYJG,SRJLT,GWHIJT,R8IJ)7MJL
[IJ^HOVWQ#,O1YRJV-)7MJL YWMJLSRJL¡HO
QVWQUHO[.L 3JEYWV- XTH[JX]HOMJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
VWQY\HVJNVQNGMJY$V7Q]KMJEI]K[J\HVJNVQNGMJYEU+VWH/VE[QJ
ZHMVJ [P1Y[.LZPSQ)7TJ3(SEFQ[PE]KMJSMJEI\HOM[ J .LXT3JXZQ]K].
YQY,
7MJ)7TJ3(YS(G,NGMJ#XN]IJXZ7IJ EZTQ¡HEO SNGMJ#IQZRJV)- 7MLJ
XGWTJEV[ÉQXENGG,2]( F[TJSYJ[QSH=VO ?O[J XHVEJ \QMJYQ+
7MJ 2]( SRJ
X\HX[P[Y+EI\HOMJ]KVJZHO=SEFQ[P1Y[.LYHTÚ]K[TJIRJXQN^MJL
E[QLZPZGP WMJ UYJUE,
E[+\V. Q7 XNVMJUL O, UYJUE,
]KVHFI.= SQSV(#
U
QI.= []RJL# VH[JEU+XGWMJGWMJ# EU+VWH/GWMJ T[.L UYJU,E
E[+Y
YHEZSQYMJ[.L S+JESQEV[ÉQXENGG,UYJU,E
N^TJ]K[J
E
73(T+QGOOEN]Q[.LZPV-UYJU,E
]HOMJE[+YHOX
MJEN]Q2](E
8GWRJ\HO
YQ&Y( [TJGO]VQ],OE^QJS+Q]KVJXU,O VE[QL\HVJ NVQNGMJUO[ H .L ZP=XT3J
XZQYHOSP=
7H
MJX[HOMJ],OE]ET]KZHVJLVJ

###VHF)7MJLSQSV(
VH F VWQX[+ Y J  [É
QMK]K)7 M J L  X[P  XT3J X UYJ
ETQMJL\HIJZQSRJL XT3JXZQ# XE[+XNVMJ#  ,O1YRJV-  \,O[VJ)7MJL
NVIJVQ%O F ΠQSQ[H=O ZYJGG, S
L. V5?QVHFYSQSV(XE]\Q[.LEV[ÉQYHO
NG,/M,ON]EI]K[J VHF[É
QVWQY
VEYQMJ[QVZO]JEXQMJ[QNVTJNGMJ
EYQMJV-EYQMJ
QYHO R8IJN]NGMJ
X[[J]RQSMJ1YQE]NGMJ
ZO]JYHOMJTQ
IJX
MJX)7(E]NGMJ
ZYJ\]J\HVJNVQE]NGMJ
ZY*Q  VEYQMJNVTJ \Q# EYQMJ
QR8IJZ [J# X[[JS MJ ET#
E]E)7(
MJ#\HVJNVQNGMJ
VHF EV[ÉQ YHO ASQ[HO=  ¡O] J
RJ# S([ QVRJS Q# E
1YRJGWVJNV#
[TJE]KYJYWY#VHF[HO=VJ#2MHVJT[VJaUHO[.LUHO¡HOTYQYEYQMJEYQMJ
E^QJN]EI]K[JSQSV(XE]S,EQ>3J&Y( ]K[JAE[QMJUOH ]Z,O UHO
SQ]TJ
[J#SQUHOSV(UHO V]TJ
aUHO[L. TYQ],Y O ZRJ (SE, Q>3JY
E]ZQ[Q]KVHFVWQYSQSV(YHOSP[HO=)7MJLX[P1YQ)HOMJSV51YQ1YQ
VG.+VG+Q EIETZHO[J
7H[.L ]TÚRJE[+YHOZRJ G+.E S,OT+.ETGWMJ[J
 E KYJ[QZ7EF
EIQYJU,O [É
QY R8IJ[.LX[HOMJ SQSV( EYQMJEYQMJV+IJV+IJ XHVJ
E\QMJ
YJSQYW[QZRJ1YRJLZHONVMJZHO[J
SQSV(N]/TO1Y[QYZRJ)HOMJM,SQEYQMJN^TJZQET^HO=#[QIJSH
SQSV( N^TJZQETZHO[.L U)˜V7  ZQ]K[J AZYJ3(U
Q VRJ\HOYJT+Q
]O]ÀQT
HVH)7MJL^aZHO=E
7E?QMJEUQMJ]O JYUHO[JVHFVWQY (XUHO
.9
ZHO
MJSQVYTQSQXH]ÀQJI.=]KYHOYJEXQMJYWMJL1Y,1Y[J# KV7ZRJ
XSHMO J XIJ][JIJYWMY J AVHEYQMJ^GMJSQSV(aZO=H NVMJ[JASQSV(
VEYQMJ#VHFEGKMJaUO[ H L. TYQYHZO RJZP[MOH J SH\QE[QLVE]KLU1YFP
YV«Q[TJIJV7 VHFXQZ,O IRJ[P SQSV(VWQYHO AUMJT(2]( NVMJ
,[Qa
NVMJGWMJ1Y[JAUMJIMJNVMJYIJG,
[QaVZHOZQ1Y]KFPVHF)7MJLSQ
SV(1YQS,EQ>3J E)7QMJ^+.9V-YNVIJVQN]RJV7QXEIQYJ[HOMJ\YJ GHOMJNV.
]K[J
SQSV(YVHFYHOGWTJGMJ¡HOES[QYZRJG6MJGWYJV
7HZP[HOMJ]K].
VHFEYW>PXE1YQMJ1YQ
#SMJ
#TQXO]JTQE]V7Q^[J1Y
]K[JAVHF
EYW>P NVMJLVHO
JE[QMJ3( VYYW0a ZHO=ZRJ UHO¡HOTYQ [TJGO
HE7 S[J
NVMJLVHO
JE[QMJXE1YQMJEN]QG.L]K2](#T1Y:QV7QXNVMJLU,OE[QMJ#EZY6IJ
%?HOVQ7 ENVQYJY6IJ #E[QMJY6IJ#XE
79Y6IJ#XEIQYJY6IJUHO[.L Y6IJ &Y(
EZY6IJIJ
,EI[JZPZQENVQYJ[.LSQSV(E[+YVHFYHOZO]JEY6
SV-N]/[J#XHOVMJVT+VJVHFVWQYHOETQMJLE
7QYJYPR[ ( JVHFYYH O JLYHO
ZPZQENVQYJSRJX\HEY6EV+N]/TOG.L[.LEYW>PU]J1Y[Q]KVHFVWQYHO
ZRJXIE)©QXI)©MK]KTQ
MJS+MJ\Q[JSQSV(XVWQTOYSP[HO=
[JMK]KYHO SH]K[J
SQSV([J MK]KY
VHFYHOZO]JEY6NGMJ#
VHF[HO=@XV-YHTÚYHOEUQMJ
+YJE]NGMJ#
VHFVWH/)+JYHOETQMJL\HIJNGMJ#
XEV+\HOYJG,EXQMJ N]/YWMJLNGMJ#
VHFX[+YJYOSHOZJEYQMJV-N]/ÑXV5ENGMJ
ZY*Q EY6EV+V]WYJ#EUQMJ
+YJT(V,#EV+G,\HOYJET#ZPV5EÑ#
ETQMJLEZVWH/)+J
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
###U
Q)7MJL[]RJL
VHF)7ML J SQSV(UYJUE,
YHO U
Q[]RJL UYJUE,
YX2]/H M J 37 Z
J WYJ

7]H K[J[]RJ[ L X
=OH [+YJ U
QY O[ H VHF]KU
QY[]RJL YH O YJ WIJ VQ
TH[JGWVJSQ2]( ·4J]RQV7Q ^+,9ET^HO=I.= FQSQE
 YHOMJ¡H-MJET
IJ XNV.
)7ZO, S+MJ \Q]K[JU
QY[]RJL
.9SMJ1YQN]SPN^TJ[X .L N]MJX1Y,E]
IVPIQN] ]O¢H/ZJZRJ N^TJ]K[J []RJLY U
QYHO ,O1YRJXQ\Q2](
STÚQZRJG,
]K[JX. KE[+YZ HO RJU
QYXZ+V. S,O VHEXQMJ\HIJ
]K
[JVHY O VJ Q7 VHSRJL []RJY L OH U
QYU,O V
IJIJVEZFPA[]RJVL EYQMJ
U
QEGKMJaZHO= TYQ],OY UHO\QV?O[JZQZHO= U
QY EN]QT
Q
7H[J
U
QL  [QIJ Y  []RJL X QZ, O  ZP E YQMJ  SP E YQMJ  N^TJ ZQET
IJ
],OS+MJE]^HO=]K].
U
QL[JMK]KYE[QL
[[JSHT
QX[[J]RQVWQSMJ1YQE]NGMJ#
VHVH[[JSV5VG6MJVGWIJSMJE]NGMJ#
 ]HOVHO[YJSHET
IJ SMJLE[QJ
QXNGQU
QVWQ\, X]J)7,E]NGMJ#
ZHV’QEXQMJU,OVN]/N]MJE]NGMJ#
EFX)©
QJV7 YQY+JE]NGMJ
ZY*QX[[JZRJSMJ#].LN]MJU,OV#SH]ÀVGWIJ#EF
IJU(YQ#
SMJL
QX]J^HO=
E
7EG[J[]RJLVWQYU
Q)7MJL]HOVHO
MJ)7(V-
7H],O
]K[J]K:HEK?Q

AXE)©KSHYaXH]ÀQJAX[PEIaYR8IJN][.L X[HOMJ []RJX L VWQXN]QY


U
QLENG
MJV7QSMJ1YQV7[JSQ2](U
QX[+YJ[J&Y([JMJN]/1Y]K
[J U
Q&Y(Y SP=[]RJLYHO SV(
MJ)7MJL \HVJNVQE][.L ],ON]MJE[+
XVWQ&Y(
7H]K[J (EG[JVE[QLE
7YZHOV?O[JE[QL]KSHO=ESQJZRJ
XVWQTOYU
QYHOVHF)7MJLX[PXIE)©QXI)©MK]KMJXN^TJ¡HOESEZ
NV[J1YU.]KSO[

IJU
QYHO XQYHO[J#XE[QJVWQVWQYU
QLTYQ
ENVJVYW V7[J[J U
QYHO ¡HOESV-)7MJLX[P ZHOYJEZWQR(E\+ZO]J[.L
XYWMY JL U
QLXE],1O YRJV-N^TJZQ[J (1,O YRJVI- .= X[P]K[.LU
Q
EN]QSV5YHO FO
QE?QE SIQS^+J XV7IJZHO= V7[JP[.L XYWMJLV7QE]WQL
Y+Y[ J TJGO
7HEI]K[J[]RJLYOH YH O ]J OMH JXT+VJ XTIRJET[J#XE
&Y(
 E KYJ[QZ7EF
[.LN]×IQE[+YHO E^IJT[H NJ ^Q1YRJL[L. XEZLXYWMJLVZO]JEXQMJ?IJ[
= Q
[JXT3JXZQGWV7[JZQ[.L
[]RJL[JMK]KYE[QL
\\ Y Y&YH/TQXQ\O[JNGMJ#
U
QU,OVS+IJSMJ X1Y,E]SRJYHO IQG,NGMJ#
SMJ1YQE]SV5YHO SMJPYWYJV7[JNGMJ#
U
QZQESQXGKEYQMJT+QG
(3(&YH/)-[JUYJNGMJ#
U
QL\,]KJ N]/^+JXZO]JYHTÚVWQZO]JE]NGMJ
ZY*Q  R(RQ\ Y# U,OVIQP# ZQVP&YH/U(# \,I(ZO]JEY6#
SMJE[+X,
+[J
###VH[JEU+XGWMJGWMJ
XE]KMJXSMJYHO EGUHO[.L EK?Q
)7TJGOY A
.EFQJ SOH=V?O[J
V?QVH[JaXH]QÀ JEUQMJ[L. VH[JEU+I=. SPMJGWMJAMJT3JVQ7 X[PN^TJGLS
. aP 
SPMJGWMJ)7TJEQYJ1YQTRJE)7QMJ[.LS,EQ>3JYZRJXZ+IJSIJVQ
]K[JVH[EJ U+VWQA[TJEZ7[RJT(2]([TJG
(\.SQ+ a1Y
[JE]WQJ
M8 J
T
QE
Q]PEU+VJIRJT
QYHO]KSPMJGWMJGWMJV5EG,TQ
[JEXX[P
]PXV5 EI1Y
[J VH[JEU+
MJGWQ N^TJ^HO= T+I=J
[J# STÚQ
7H
[J
(ZHOX]JGWYJX[HOMJVYHOYJR(SPE[+YSQQE]KMJVH[JV5SQN^TJ]K[J

VH[EJ U+E
+GWIJ RJI.= VH[JEU+VWQXE]UYJUN, ]/VP]Y ,O OH R8I[
J L. NVIJVQ
U,OVTQZY*QE[+VIRJZ7]KFP2]( E[QLNVIJVQVHFVWQYZRJSQSV(
VWQZPE]KMJVV7QVHET
IJ[^+^+U,OVZWYJ]KZPE]KMJV7QG.L
MJSP=XSHOMJ
XIJV7QSHYQ YWVJSP]K[.LZPX = ^+.9XTRJ]KO4JSHYQ\HVJXYWMLJ
UHOUHO[Q YPTYJNVIJ[J E
7E
7TYQ],OY AEG+E[QYJ S
YJNVTJGWMJ
7YVJ P XS(GW/H VQ7 XGK]KZWYJ
SQ]WYaJ ZH=O UH]O K[JVH[EJ U+[TJEQYJ
[TJ&YHVJ[TJGKVTTJV7IJ?IJVYW¡,OV5)7MJLUYJU,E
YHOASTJGWH/KGWH/VGWH/
a
ZHO= NVIJVQXU,OXVZRJ
7H]K[J ?IJVYWG.L
MJ N^RJN^RJ)7MJL RMJRMJ
SQSQN^[J
]KVJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
###EU+VWH/XGWMJGWMJ
SQQE]KMJVH[JEU+VWQ
7HSZHOASQQE]KMJEU+VWH/VWQaZRJ
7H]K
[J KY Y6IJE[QJ
.9 EK?Q
 \+MJZ,O]K NVIJVQVWQYE[QL AE
8
7HV7
XVWH/E[QJ[JaUHO[.LYHOJLX[+YJSQ
7Q[.LEU+VWH/VWQYHOEGT
QTYQ

7H2](SQ]KAEU+VWH/aYHO AE
8VWH/aXN^TJ TYQZ,ON]MJ2](I3TÚQ
7HV7 XVWH/
E[QJGWMS J PX[+YJS,O)-IJ]K[JXVWH/EYQMJYE[QLXE
UHOZ5MJYPR(
E\QYJ],L
IJXSMJL
7HEIVJNVIJVQ%O ŒFQSQMJVWQTH[JV7QS[H
EIVRJL
FO
QE?QN^QV*ZQ\.YV*ZQ[TJ]K
7H]K[JARQ[YQI3Ú
S*E?QaEU+VWH/RQ[H[X HO= QE\QYJ]LE, ]YVJNGMJSRJV*ZQN^TJ]K[J
[.LXZ+IJV+IJNV[J[.L (V*ZQ[
QYHOTQUHOX[HOMJ[SEV[HVJYWM1LJ Y,
ZHO=Z+IJZ+IJY.Y.E[+
7H[Q,OV7Q^+JV
7H]KFPNVIJVQFO
MJVWQEG[JXGK
\.Y XVWH/YHO  E\QYJ],LE]YVJZ+IJZHO= ASQ[PR(VWQ EYQMJTQE
a
N^TJG[ L. QE[+XVWQ&Y( ]K].V7[[ J VJ
7[
H L. SVOMH J [EZ5QYJZO, 3TÚQ YJ1S>Q

7H[L. NVIJVQXVWQY (X[HOMJ YWM1LJ Y,GL1. Y]K[JGOEG[JV7QZRJXE[QJ


XSMJLN]RJTL Y O, Z
O, [
O, L. NVIJVQ[TJEQYJYEU+VW/H X
MJXGWQE[+E
Q#EU+VWH/
I(T]JE[+]K XHVJE]XN]RJL[MJEY6\Q[QVWQ
7H]K[J ASTJ[TJ]MJ
EYQMJM7YJ[TJESQMJGOHSQaUHO[.LTYQYZRJ
7H\Q[JV?O[JZQ
###EQYJWQVHIJVUYJU,E

GOXVWH/VE[QJ[.LEQYJWQ)7MJLVHIJV>I(EVQMJ)7,XN^TJE]KMJSMJ
EI\HOMJV- [TJIRJXQN^MJL XHVJE\QMJE
XE1YQMJE
QYJZQ]K2](
A^+Qa#ARQa#AS+QaUHO[.L TYQS,OZ,OZ5QS+YJSP[TJ3(Y\+MJT3J
S,O \Q[Q
7H]K[JEV+^+Q[J#XHVJE\QMJYW[J RQ[J #ESU,O
[JZHO=XH]ÀQJ
]K[JYQY,
7MJ)7TJEQYJRQEXQMJZO]JE][.L
XE1YQMJ[
Q[TJGO
7H[J ([
QYHOXEIQYJ[HOMJSQYE[QL1YV’Q
SHO=V?O[J XGWTJZHO= UHOZHVJLVJNVIJVQ%O ŒFQSQYE[QL I^PTQSHO=V?O[J
Y,ZHO=UHOZHVJLVJ
XHVJE\QMJE
V7QI^PTQ]K[JZHO=NVIJVQVWQ,O1YRJ]K[JI^PV7Q
TQE
\Q[JZOH=[MJTQ[Q]KI^PV7QTQ]KSPYE[QLSPI.=[+.^YJ\Q2](
SP)7MJLXE1YQMJ]KVJ#ZYJ\]J
VJI^PV7QTQV]KSPYE[QLX]WH/&Y(
ZP]WH/&Y([TJYHOJ[RJN^TJE]E[QL (XE[+XNVMJY?H)˜0YZQ]K[J
 E KYJ[QZ7EF
SS*Y¡HOYJTYQAZQZH[É
YaUHO[QI^PTQ]K].ZP[HOMJ
.9Y,1YV’QYHO
N%?’Q&Y(YEV+YMJTYEZENGQYJ
YJSQX
V7QI^PE]X2](E
E]
ZHOYJ[JUHO[.L XPYE]KYJ^+Q[Q]K
Y, YV’ E[QL%O ŒFQSQYZQ[Q]KNVIJVQN]IJ
QV7QX\PSN^MJL
XHVJE\QMJE
)7MLJ][JS[J[.LXGKAFE
TYJaZHO=S,O]K[JXHVJE\QMJ
YW[QYHONVIJVQZOHAXE1YQMJUYJa[JZHO=S,O[J#XE1YQMJ[
QGWMJ
UYJS+Q[J AXE1YQMJU,Oa YE[QL XE1YQMJ[
QVWQ [HOYJUHOMJ
U,OURJ S+Q[Q]K AXE1YQMJ]Ka YE[QL )7TJEQYJE]KMJS+Q[QYHO
UHO[J XHVJ E\QMJY+.[.L XGKV7QE[QL AXE1YQMJYOIJa E]KMJ^YJ
IJ
XE1YQMJ  V
7 H E [QL  ]KFP   AXE1YQMJ  IRJ  a YE[QL  E]KMJ  ^YJ
IJ
XE1YQMJ  IRJ  ]KS+ Q [Q GO Z H O  , O 1 YRJ V -  )7 T J V WH / 
7 H E I[QYH O
S[HVN]/VHSPVWQY (XS,OX)-IJ)7TJGOE1YQMJLXE[+EGWQJS+Q)HOMJ]K[J
)7TJGOZ,OY E
QV ^PTQE
I[J AYP]TJa I.= UMJ[P[.L NVIJVQ I^PTQI[J
SHO=V?O[J^PTQE
I[JYHO
RJR8IJEI[Q]KNVIJVQVHF[HOMJ#X\PSN^MJL
VHGMJYTHO
HVJ]P]MJE[QLI^PTQE
QYV’YHO]KEVLEZWQLS+Q]K[JSQSV(
X
+JE
QYJ[QI.=XHVJE\QMJE
E[+ZQ[JX\PSN^MJLSV(X[+YJ
]HO2](]P]MJ[JAS(GWHI[
J IJZWYJ)M7 JLVS(]+MJLGWHIJ[IJZWYJ V]+MaJL V7QTHO[J
SV(XHVJE\QMJYW[Q EIQYJYWEIG.L
MJ N]×IQE[+ E]ZQ)HOMJ[J
XGWIH [ J IJZWYJ XHVEJ \QMJVYW
MJA?HMO J aS+QVJ#EZS+Q)HMO [
J J#SHV=O ?O[J
VE[QJSPI.=
S+Q)HOMJ[J VHGMJY SQX[+YJZRJ ]P[Q]K]. EG6V
TH[&J YH/YJ
Q7 VJSH=EO SQJZRJZP=SFQYSH[.LX[HOMJ].#VHGMJZOGH WMJ[Q

[. L  XGKZRJ 
7 H # V
[. L  XGK ZRJ 
7 H ] K[J   EQYJ W QI. =  VH I J  V
XE1YQMJ]K1Y[JUHO[QY I^PTQ SHO=V?O[J Y, Y T(V,SRJL YHTÚ].
âXV7 I J [
QY EXQYJ V 7 Q  E^QJ N ]VJ L  XH V J E \QMJ E
 X^+ M J L V 7 Q
E]Z+MJZQ[J
XHVJE\QMJE
?QZPV-E
YHTÚSYJSYJ].FJ[IO J YV7FQSQE

YHTÚ X\+[X J NV[J ZH=O VS[JV7[J]KFP%O ŒFQSQ¡HO
QX
E[QLZP=F

NGMJYHO¡-NVMJSZH]O K].\HVJ NVQZYJ\]JNGMJYS,S


QYHO
7RJET[.LXZOO]J
ZHO=NVMJ]K[JXE1YQMJUYJE]KMJ^YJ
IJIRJZVJS,OS+J
7H]K[J
 YQY,
7MJ)7T3J ([HOY¡J Y HO JN^TJETEXQMJS+VJ 7[UMJL N^TJETUYJS + J
2]( N^TJZQVJ#   GHO
QZHOYJVJ# EIQYJ   >I(EVQMJ)7,XN^TJ X[P
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
E]KMJ^YJ EI1YVJ NVIJVQ3]E V7QE[QL (S,OIRJTZ,O [
QMJ XHVJ
E\QMJE
N^TJ]K[J
[
QMJXGVJXIQI.= ZYJ\]JNGMJVN]/F. YQY,
7MJ)7TJ3(X[P
EI2](>I(EVQMJ)7,XN^TJ XHVJE\QMJN]/[.L EIQYJU,OIRJXE1YQMJX
MJ
EN]Q)7MJL]KVJ
 X[PEI>I(EVQMJ)7,
YQY,
M7 J)7T3J ( SEFQ[P>I(EVQMJ)7,XN^TJE]KMJSMJEI\HMO 1J Y[Q
1Y,/E[QMJL1Y,/G.YHTÚV?O[J]KFPYHOJ]HOMJXE1YQMJYHTÚE[+
71H Y[QE]KL#
XE1YQMJE1YQMJE1YQMJL ZPSVH G,GWM[ J QZRJ]KVJ#EM+YIO EJ 1YYWVG,GWMJ
[QZRJ
7HVJ#SHO=V?O[JV*ZQXGVJXIQYWMJ]T
QEM+E1YXZW3J
V
7[H QZRJN^TJ)HOMJ[JSHEO= SQJ>I(EVQMJ),7 XE[QJVWQVWQYE[QLX
]J
[YQXSHE]1Y]K[JXHVJI(GWMJE[+#
]J
+QZP&Y(E[+YHOXSHE]VJ
SHO=V?O[JS[MJTQV7QE1YNMQ[J[
Q¡,OV7QZYJ\]J[QZRJ
7H[J
\HVJNVQV-[
QMJET^HO=¡,O[YJZYJV7[J\HO
IJVZHO]KFPNVIJVQ\,O[VJ
3]E Y]OUHO[IJ[MJUHO[Q
7H[JEQYJWQ]OUHOXHVJY[IJE][MJ
\Q[QE[+9)HOMJ NVMJ)HOMJ
MJ N^TJETZYJU,OTQ ?MJ\VMJ[TJG+YJ [TJ
]IJYIJ\.V7X[PG]JTQ EI[QE[+9
Z5MJN^TJETX1YMJZMJVQXN^TJ
XSHXV7[J N]/]K[J
 (ZOH XHVEJ \QMJYW[L. XN^TJVQ7 ZRJYQY,
M7 JVWQY]HO ]IJ[.X
L UMJL
XGWMJGWMJ EV[ÉQV5[.L XUMLJE[+YHO N^[JEYWQJG.L2](V7 >I(EVQMJ)7,XUMJL
E
QYJ ZQ[JZHO= V7[JP]K[J (ZHO XHVJE\QMJN]/[QVHFSEFQ[P
G+MJLN]/SRJZRJ
7H#SFQV[PG+MJLVN]/SRJZRJ
7H]K[J

 GHO
QZHOYJ
GOH
QZHOYJ2](RQ
[.LXN^TJYE[QLZP&Y(VWQYZYJVG,)HOMJ[.LYHTÚ#
VHEYQMJ^GMJSQSV(V](SZHO=V7[JP[J#SHEO= SQJZRJZPMJ]MHO J¡P¡P
VHOYJVHOYJEZE[+YE[QL XQE]XQENV‹QYJ ZO]J[J GHOEN][QZRJ
X\YJYEN]QG.L[.L ]HO]IJ#EV[ÉQV5
.9EIQYJUYJ[+.]K].
E
7NVIJVQVWQ]HO]IJ1Y[QYE[QLZP&Y(VHFVWQVWYEJ TLE KYJE\QYJ
1YRJLEI[.L1YQYZO]J1Y
[Q]KE
7EG[JYX
Q
QEXEXEUEU
 E KYJ[QZ7EF
THVJEN]IEN]ZO]J1Y
[J#TH[J
7RJ[QYZRJO4J]O J[TJGON^TJEZE[QL
S,O)7TJS,OVHO]HO]IJ[JUHO[Q\,OT,].G6MJGWYJSH]JV
7HZ7FP[H[J[UH[J
GWIH J E[+9[QE[+ (EI=EG[JX[HMO J ].#V
7VH ?O[]J KFPSH=EO SQJYH O YLJ 
OH Y
J OH J
ASa\Q[.LEYQMJYEZGWTJSPXHVJAR(XTJYHOVSH[SHXGWHIJa REI
IQ
(V7IQ
(GIJ= V7QS+QVJ#[HO[HO[HO[HO)7TJYO H 1J YQUHVO JASYJ&Y(
EGKMJGWGWIH Ja RIQ
(GIJ= X\HZRJEQMJZRJZRJI=. VN]IJESF.EI
AZP]WH/N]IJGWHIJa RIQ
(GIJ= E
QYJV7SP=YEZVYHO)-[JUYJ2](N]IJ[J
XGWHIJ[IJE[QL ZYJ\]J1YVJ#SHO=V?O[J GHOEN]1YVJ (V7QY6IJE[QJ
E
7EG[JS,O XGWHIJN] EK?Q
E[+ S,OG.L[QS[HN]/VHV7Q]K ][JIJYWMJ
XEIX\QYHO NVMJETGWMJZHO=]K
(EG[JV7QE[QL S,O)7TJETQMJL
[Q 1YQZ+IJ[JZHO= ZPMJVWQY
\MJ[JE
7\,OXGW/]JXGWJE[+ V
7HE[QL]KFPXNVMJE[+ EN]QMJ2](
ZHF O E[+YZRJXUVWQT+Q[HO]+QZQ]K2]([GW/H 9VWQS,OZE[QMJVETQMJL
)HMO EJ [QLFP  (EG[JYZRJSH[L. X[HMO J ].EZ#AXMJT[MJEL YQJ^a( #AXMJT[MJL
EGKYJU+.a I.= AXMJT[MJL ?HO?Q (?Qa EG[JYHO KLN]MJZRJ YV«Q&Y(Y
EN]QMJZ.ZQ# T,GWIH TJ R , I8 J E[+  [IJ^HO E[+Y  EN]QMJZ.ZQE[QL  ]HO IRJ
]IJIRJYZRJ ZHOYJEZWQR(E\+ N^TJEXQMJ ZHOYJEN]QMJ
E[QL[QE]KL
EQYJ W QEZVWQY ]H O 2 ](   [RJ L [ H O  &Y(  N^TJ 2 ](   ]H O
. Z Q[J #
VHIJYEZVWQZRJ
7YJYHO
7YJYIJ2MHVJ2MHVJYO]JYO]J SH]JV?O[JE[QLFP
EQYJWQEZYSP=XZHOYHO N]RJL^HO= IRJS,OIRJ
7H[J [TJIRJIRJYHO
S,OZHVJLVJ]\VIRJYSHOSHOSH]JSH]JIRJ
RJTQTQE
VJ#TQYHO
EYQMJVEZYHO YHOJ[HOMJE]GWMJE]VJ# TQ[HOYJV7 \RJLGWMJ\RJLVJ
SHV=O ?O[J 1YQZPY[UMJL E]GHMO J VJ O[ H IRJYEXQMJS + J\QIRJ#
KYSPS[ÉHV
7HZHO=YHOJ[HOMJVZO]J
.[.LXGKS,O[.LIRJ].[[HIRJY
[HOYJ¡HOYJIRJ# VHIJYEZYHO YHOJ[HOMJE[+9 EN]QUHO SHVJS+MJPIRJ
(IRJ\.Y[TJGOGO)7MJL?IJYWG.LZ5MJSP[HO=GWTJSPN^TJ2](ZYJ\]JGWMJ2](ZQ
VHFE[+Y ]KZQE[QL VJ X
+JVE
QYJESZHO= MJ]KES[J#
]RQ[TJ]HOMJ[TJT)7MJL EYWQMJ2]( EXQMJ EI]K3(# TSRJ TSRJE]KL
GWTJSPT,O[+.V7Q[NGQIRJZVJV
7HE[QLFPPUHOZ5MJE[QLGOHVJ#YEZVY
GHO
QZHYO VJ JXZ+IX J Y6, Y.SQ+ [.L [GW/H 9YHTVÚ W/H V7QE[QLESE1YQMJ1Y[ , Q
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
N^TJ[[J[JY6IJE[QJ[HO=
+QYYHOJ[HOMJE[+91Y,/GL
. [.LGHOEN]V-XE1YQMJ
EN]Q]KVJ#E]WQJ
8MJ^+J >Q[JE]KMJYEZ)7MJL]K
Y6IJE[QJLSPMJGWMJ[TJEQYJXSYJEZQYJ
7HVJ#SPY

RJTQYHO GOHEN][JSPYVHIJ YEZVHFVWQSEFQ[PEXQMJIRJVW/H T,O


I.=&YH/TQ]K
.9#VHFVWQY3TÚQIY,OZ,OSPE[+EQYVEZQMJVWQYSP=YHO
S,OV
VRJL ZP#SP[HO=SV(YHO XHVJ[TJEUQMJ V([EN]QMJ)7MJL \Q)HOMJVRJLSP
V?O[JZHO=NVMJ[J[IJ[P
RJ[PVT3JTQ)HOMJ1YFPGHO
QZHOYJS+QE[QL
VHFVWQYSV(YHOXEV+N^[JVJZHO=2GHVJ ENGQYJ[J (E[QLT,[ O +.Y]OIJ EI
1Y
[J#EIQYJ [N^RJN^RJEXEXEUEUN^TJZQ#VHFVWQZRJ
TH[JEN]EXQMJ ETQMJLEI1Y
[J
EQYJWQEZYVHFV.LN^TJEI[JEYQMJEZYSP=EYQMJVEZI.=
X[P
]J
+Q\.YZP&Y( IRJIRJ]K]KYHO GW3JY]J (\.VQ7 YETLT]JEN]QUHVO -
Y6VJ[.L \H]J[IJXVWH/SV(&Y( )7TJ3( ZRJ]K[QE]KLYHOJTQZ7EJ [QJVWQ
ZQ]K2](SV(
7MJVWQ)7MJLE[+9E^WQMJ^W1Y#2]( [QE[+ 2](]KETE[QLSV(
YEZV7Q)7TJGKIQN^TJEI
2](E]KLSP[HO=YTYQ],O)7MJLZHO
MJE
QYJEXQMJ
EN]Q[JAUPE]^YJYWZRJ^YJE]KYJ#^YJE]UPYWZRJ^YJE]KYJa
[.LZHO
MJYE[QL (YHTÚYY,XE1YQMJE1YQMJLSP[HO=E
TYJU,O1Y
[QYHO

7MJN]E[QLVNMMJ)HOMJ[.LXE1YQMJN]E]KLVHFE[+YEIQYJU,OZYJEZ5QL
SEFQ[P1Y
XVHOYJXV.YEZE[+YHOXHVJV7QN]IJZYJG,VJ#EI=EYQMJ

YJSQP2]( [TJREIGMJN]IJZQ1Y#SEFQ[P[JR3J3L ( ETQETQ]HMO J YHO


(ZHO YHTÚX[+YJ XGWHIJS[JEZL
7H[J  [TJEI=[Q XZO]J2](2](UHOE[QL
XQZ,O IQIQEIEI XGWHIJZRJ
# SEFQV[PG.L[QYHO XGO SEFQ[P
ZYJGZ , OY
H J[.L [
QMJYHTY
Ú OZ
H RJ·3JL]MHO JUHEO [QLSH]JZPSVP SH)OMH F
J P UHO
E[QLR3JL3(YXUMJEN][J KE]V.L (X[HOMJVN^TJZQ]KFP#UYJIQ
E\QMJ]K
X. (EI=REIEIMJ
([E
QV7QZP&Y([GWH/9)7MJLX[PYQY,
7MJ)7TJ3(
XHVJE
QYJZQ[J\,OT,X[HOMJVHFVWQX[+YJ YIJE[QL]+.ZRJ]KZQ
[J]4QVTYQIRJIRJ]K]KZP&Y([TJ3()7TJ3(YEN]QUHO2](E[QL
ZPMJE[+YVHFVWQYHO
7HGOH3(GW1YVHFVWQYUOE]#AXHOEXQMJVMJEXQMJ
E]KMJ
]KETFQRQa UOE[+E[QMJE]VJ XE^&Y(YE[QL
8MJEI2](
 E KYJ[QZ7EF
SP=[OIJYZRJ>I(YHO (X[HMO J ].GHO EN]G.LV?O[JZQX.E[QLSPY\]J2](
UOE[QMJGW(NV‹MJLES[JAYEZ[TJ^WQTQXN]RJL
1Y]KETa[TJ^WQTQ
XN]RJLYEZXE
X[+YU J [OH QFJ)T7 EJ QYJZRJVSH#^WQX
+EJ ]
VP[RJ[Q].MKEQYJYEIUJEQYJX\HN^TJ)OMH VJ J (ZOH E[QYJ[(
E[QYJ[.LE[+EZ5QYJEN]QE[QLVHIJVYSP=I,EF[,E[QMJ)7MJL[+[JZOHYJ
[J (XGHOYJV7Q].XHVJE]G.VHO
+Q]KEZE
Q#G.E[+#]OZMJE[+#[O[JE[+
[^+.^+. SYJYJVHO XHVJEGKMJE]YW XHVJ\.YZPE[+ ZI=J1Y# [YJL
E1YQYJ
+,9^+J&Y(

+Q\.YYQZSQ[TJTO ZPZ[J]HOMJ)7TJEQYJS,OEQYJ)7MJLX[P
X[+.N]IJX]JVRJL X^+.9VZQV( VHITJXIRJMJV7QEI
QEYQMJP XSMJL
ETQMJL)7MJL[JS[MJYZRJSP[HO=
\Q2](2](SP[HO=YAG.^HOaE[QMJ^HO=
XSMJLETQMJLEI1Y[Q X. K XHVJYHO G.E[+ [O[JE[+I.= UYJ\O[Q].
EIQYJUO, XE^N^TJSP \+YZ J Q#EV7QMJ\. TVJ[KK#YQZSQEGKMJ)7MELJ [+9
G.^HOE]T
Q ETWUTJ ETW[RJLE[QL G.^HOE]2]( XHVJ\.Y ]
HS[JYHO
TH[JEXEXQMJZO]J
[J
]J
+Q\.V7QE[QLYQY,
7MJZPMJ)7TJ3(>I(
EVQMJ)7, N^TJS+Q]K2](
(\,OT,FJYTN^TJZQ[JUO[ H QN^MJLY6IEJ [QJIRJIRJV7S.Z+IJT

7QV
]KFPNVIJVQE

Q]RQ
7MJ[GWH/9ZRJ HYHTÚYHO
7MJN]^HO=XQ\O[J^P
]K[J (V7QE[QL
7MJN]],O)7TJVWH/YHOSP[O=HX
7HX[HOMJEN]QN]]KVJ
],ON]MJ)7MJLV[P[QVWH/V?O[J]KFP
(YHTÚYYV«Q3(YTG.[ L QE]KLYV«Q&Y( N^TJE]ZQE[QLI[JN]RJY
N%?’Q&Y(E[+ TOE[2](YHOJ]HOMJXE
QMJXKI.= YV«QE]V7QE]ZQ[J
]\VENVU(X
SQYHO X
SQ
7Z H O=H TQ1Y[J# KI.=SP[O=H YHOEJ
QMJY HO J K
E]WQYJY + [J JEIQYJZ7][.LXS+M#J X¡O]JUHO [.L],EO [+N^TJZQE[QL[J
ENVU(X
SQYHO TQZHO=YOIJE[QL EXQYJYENV XZ8QYHO TQ1Y N]IJE
Q#
XTQVSMJLE[QLSP[HO=TH[JV7QEZQFMJZQ[J#EZQFMJE[QLSP[HO=
V7(.T
QYOIJN]IJE
Q (EIQYJ TQT
QA] KZ[QaEG)+JGWH/Y.LSO=EH SQ
X
QYHOTQ1Y
[JXGWHIJ1YQ[.LXGK] KZ[QZRJTQZH=Y O OIJN]IJE
Q
(ZHOI.= XZHOZHOE]KYJ[.L SEZUIJTQ1YN]IJ# EIQYJU,OUIJYHO THOYJ]WH/
TQ
SRJL EG[JZPSQN^TJZQ[JZHO= UHO]K[J
UYJ2](Y6IJE[QJ TQV7Q]K[.LX[HOMJEN]Q]KVJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
AAEQYJWQV7Q EQYJWQN^TJE1YQMJ  ¡O]JX*KN^TJE]YOIJ@
VHIJVV7QVHIJVN^TJE1YQMJ¡O]JX*KN^TJE]YOIJ@
\HOSO=H N^TJE]ZQESQXGKEQYJWQSRJVHIJVYHOVHIJVSRJ
ZRJ EQYJWQYHO 1YRJL¡HO 1YRJLT3J\YJ 1YQNVMJLT+Q [THVJLTHVJL
TP  TH O Y J Ñ  1YRJ L ¡ - @  \H O S H O =  [TH V J L T H V J L 1 YQNVMJ L T + Q  TP  TH O Y J Ñ
1YRJL¡-N GMJ E1YQMJL \HOVHIJV EQYJW Q[HO=V7Q  YQV
Q ]P]IJV-
N^TJ E ]ZQ@ \H O S H O =  N^TJ E ]ZQESQE1YQMJ L  EV\O IJ X V- Y H O
N]/YWMJLYOIJ@ XS ŒV’  SPNV[J[
Q V?O[JSRJL EV\OIJXV-YHO
V7( N. GMJ?PESQXE1YQMJE1YQMJL \HS O [P Y =OH OH ]RQ
7[ H Y =OH Y.
L 9. YOI@ J 
ENVV-IJ= N]Q)+QEGW[HO=N^MJL ]YJYOIJE]KYJYOIJZWYJ R‹MJU.YIO J@
\H O = E 1YQMJ L  \H O X S Œ V ’ Y H O  ^O O ,  Y+  J
IJ X [+ Y J  XH V J [ H O = Y H O
EUQYJZO]JYOIJ@aa

G.^HO@VPZXTYHO EN^
7MJN]T
QXN^TJ NVIJVQSOGVHIJVWQYYV«Q3(
N^TJE]],OYOH U+.P XS,O GW\QSRJVQ7 N^TJ)MOH JEGW
7¡H VO, 5VY]KXFJE1YQMJL
UHOESQJ âVPYHO SP[OH= XZHOYW N^RJLT+YJ\Q]KES[JN^RJLT+YJGWYJY
AAX
7YJ
7HYOIJESQ SPE[QJEYQMJ[HO=Y X
7YJV.LSP[HO=X[+YJ XHVJQ
EUQYJE]2]( XHVJYHO G.)7MJL\O2]( )7MJ\O[J1YYOIJ@aa âXT3JXZQSRJ
UYJZYJ[RJ
7HEIU.?O ]RQ
7H[HO=YUHO]K[J
EIQYJ[TJ]TO, ,¡HO
Q],ON]MJYZRJG]JUMJUMJ]K].#Y+Z . V+. - IRJIRJE[QL
]K[J
N%?’Q&Y(YHO]KYV«QENVE]E
QYJZQ[J]\V>Q[JZVJV7QZHO
N%?’QXVWQ&Y( V?O[F J P SP[Y
=OH UIJYOH PTQ2]( E[QLEQYJWQMKEQYJ
VHIJVEZEQYJXN^TJ XS+MJEN]QMJS+Q[J EQYJWQEZEQYJY
VHIJVEZEQYJYHO YPE^QJXN^TJ PZHOYJ[J EQYJWQFYJ].L [TJ
EQYJYVEYWI]JE[QLE]WQEJ ]WQ
J M8
J M8 J X[+E. [+
9. EIXHVY J OH G.)M7 LJ \O[J
EQYJWQXVWQTO?Q (\.YX[HOMJSQ1Y/,

MJ (X[HOMJN]/VPV7Q]. (]QI


HSO VHΠJYWVJ YHO 3(EFEVQMJ[MJYX*ZH]F J QSQN]IJSRJL TQXO]VJ 7 N^TJSRJX\YJTQ]HO JV7Q
V?QTRJU
QE[QJ@NVIJVQN]IJN^TJ]KSRJ V?QTRJU
QE[QJ#HS O VHΠJNVIJVQN]IJ#
IJYOIJ
 N]RJ# TQ  ¡-  VPY+. NVIJVQN]IJYHO YWH/YJ\HOFO
QS,OUPE[QMJ X
7MJ I)˜VQZQ
HSO VHŒ ¢X`Y\QNVIJVQN]IJ O[ H [+#. 
IJYOIJ GO#TQ[+MJE[+9)OHMJ
 E KYJ[QZ7EF
T,N] ZP]WH/&Y(YHO ¡O4QSYJ
QY EIQMJXGKV7Q VWH/UYJ XUYJUYJV7
ZP]WH/VWQYG.VHO
+Q[.L EZLZO]JZQG.L1Y[Q (EI=\H]K].N^RJLTY + JEN]QT
Q
[TJGWYJY (G.^HO\,OT,YEYWZYJE SV7QGOHEN][.LXGKV7QZO]JEZL
7H[.L
XE1YQMJ]K]. EIQYJXT3JXZQ[TJGOV7QZRJ EM+E]
[.L YHTÚ
7H]KES
[J#X. KT(T3J\HVJNVQV*ZQXE1YQMJE
QYJE[QL EN]Q]KVJ
GOHEN]1Y[.LNVIJJVQT,O[+.[GWH/91Y,/
[.LVJIRJ^+JXN^TJYHOX\YJV7Q
EN]QG.L]K[J[TJGK[TJ
,EQYJWQEZI.=VHIJYEZYSTÚQ),71Y[J#
[TJ3(GWMJT( N^TJET# 2]H/MJ[PN^TJET ESE1YQMJ1Y,1YVJE]KL [TJGK[TJ
,
E[QLZRJVHIJ YEZSQXSYJUO,
[[J[J (ZHOVJIRJ^+JN^TJ
[.L
XE1YQMJX
MJYHOEE
7Q
IJVZHO]KFPXE1YQMJ
MJYVHFVWQ]K].
[TJ^YJ^YJY O4JVQIE[+ X\MJESTH[JE[+ Z8VJ2]( SEFQV[P)HOMJ
N^TJ 1 YE[QL  N]×IQ[YJ [ QE]KL    YH O  J L F  YH O  J
XU,OT(
MJIRJE[+YZRJVWQ]K[JTHOMJIJ)HOYJZHOXUH]JESQYJVJ#
E
\.GOIGJ WVJ#&Y/H U+G. WVJ#[TJGK[TJ
, XNVMLJYGOIJGWVJN]MJSTJN]RJVQ7
UHO
MJE[QLX(^.EV5QJTMJZHOXNVMJLYGOIJGWVJ2%H[HIJUHOZ5MJE[QL
EGAGWTJSP[HO=GOIJGW
QYVJ]KaYGOIJGWVJ
NVIJVQ%O ŒFQSQVWQYESE1YQMJ1Y,[QYHO ¡-[JGW[J)7TJX[IJ
1YQYYHOJLYHOJYHOJV(¡-H9S[JES1Y[.L%(YJIVJ%O ŒFQSQFOIJE[QJ
&Y(VWQYHO (ZHOVZO]JX]JFPZHO= E^IJ1Y]K[J (E1YQYJ^+JXYWMJLY
MK]KS(Z]K4Q[H]K[QYW0Z+IJ
QVYFP#,O1YRJZYJG,[.L [
QI.=
ZRJUIJ=YWMJ[.LXYWMJLN^TJEI[J,O1YRJZYJG,\Q[QYYHOJLYHOJ
YHOJESE1YQMJ1Y,
MJMK
QLMK )7TJ  SOH= X^IJMK
QMKYV«QV7QX^IJ
[TJZ.Z.UYJGKUYJGKG,
3(VJ JZHOYJ[J ZHO=UHO[J KYE[QL
Y6IJE[QJ S[H\QVHSEZQYJ %O ŒXE?QV?O[J]KFP

 VHFVWQT(T3JSRJL XHVJE\QMJE

ZP&Y(VWQY T(T3JE][.L XHVJE\QMJE
Y XE
79[HOMJV7Q E
7XGK
Y[RJY
7HG.L[.L XT3JXZQ[TJGO]K %O ŒFO
Q ZYJ\YJY[RJY
(XT3JXZQ
7HG.L2](UHO[QV7[J[VJV7[J
Q)7MJL
7H]K[JFO
QXEZQMJ
SH Œ[Y)7VVJY+.ESQJQYHO\HVJNVQG.L[QVHFVWQ
.9SEFQ[PR(V-
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
I.=]K%O ŒYHOXH)˜HV7Q^+QNVMJG.L[J#X. (V7QYGOEN]Q[.LVHFVWQT(T3J[.L
XHVEJ \QMJV-TITJ?QFO
QZYJ\YJE[QJJ V[HOMVJ (\YJVWQT+QETQ[.LXGWHIJ
\.Y
7HEI)HOMJ[J (XT3JXZQYHO EI= \HIJSHVJ\Q1YU. N^TJ[J
[¡O[JN]RJV7QZRJ (TITJY)7TJE]KMJE\QMJGW(2](
7HG.L[Q]KNVIJVQN]RJV7Q
E[QL (XT3JXZQYHO XH)˜HY
P\Q],O].P2](V7 YHOJ]HOMJXT3JXZQ
N^TJEXQMJZ]O J[Q
QTOEX (X[+MJV7QN^TJ)OMH J^+J
7H]K[J
QTOY
T2](XEIQYJ[HOMJ3JEYWV-¡HOYJG[JZQSRJL1YQY (TITJ?QEI=\H
ZRJXQSIJEIU.N^TJ]K[J (TITJYUYJUYJ2](ZRJX[HOMJXU
EN]QMJZ.2](
7HEIV7QE]KLVHFVWQYSQSV(XHVJE\QMJE
E[+V]PVJL
YQZE
QYJ 2 ](   SQSV(  Y VH F YH O  V¡H O E SVEZTQ[. L X GKV7 S Q
E]WQYJ Y +  J  ^+  J 
7 H ] K[J   ( Z H O N ^TJ Z Q^H O = Y E[QL  N^TJ ) H O M J E GW
XE[QJE]KZHVJLVJ
XEIQYJ)MOH MJ V, WQV7QZRJ)7T)J MOH MJ V, 7 )HMO MJ X
, &Y( XY.VWQYHO T(T3J\VH J NVQ
E][Q# E[QJMJ VHSQTOMJVWQGWMJ XHVJE\QMJ EI
QGW\QE][QE[+
XHY XQN^MJL )HOMJM,E
XE1YQMJE1YQMJL
QTO)7TJVWQT+Q YWMLJS,OG.L[Q
SVHOMJV7Q E[+9
]K[J SHO=ESQJ N]RJSPZP\OY XO]JTHOSPZP[IJTQYHO
FJ X GKYV7  X[O V P G. L 1 Y]KFP  XEIQYJ )H O MJ M , S QVWQY VH F Y
SQSV(  YH O  XH V J E \QMJ  GWE][QYH O  TH [ J Y P  )7 MJ L ]MJ  ZYJ V G, ] KFP  
T(T3JEI
QGW\QV-V7Q XYW]JYHOMJ [.LSEFQ ]KEI[JZHO= \MJ[J
Y6IEJ [QJ2%[ H IH VJ Q7 
7TH 3J[IO J Y2%[
H S
H 5VH[EJ U+VWQYNVIJVQN]RJVQ7 VHFVWQ
T(T3J[.LXHVJE\QMJE
TITJ
7HEIU.UH[ O Q1YQE[QLXE[QJ&Y([X,[ L 1S
N^TJ1Y[J  (\.V7Q Y6IJE[QJ E[+9
[.L SPTHVJZPVWQ]MJ ]KMJ]K[J
(XT3JXZQ&Y(Y EG[J)7MJL VU(EZWQJFP# ^WYJSHVJSMJL2](ZHO= [GWH/9Y
PU[J[GWH/9YZRJ KY VJIRJ^+J N^TJT
QZVJT]KEI[JZHO=
UHO[JSP[HO=
.9EFPWS,OS]JGWYJVWQYHOE\QYJG,],O
[.LS[MJ)7TJ]O J
2%H [ H S 5 S[MJ  TQVWQV7 Q  ]KZQ[J #  [TJ G O Y  XEU+  >Q[J Z VJ  #
EIQYJ[TJGOYX[MJX1Y]J N]/V- N^TJ]K[J
]\VVJIRJ^+JXN^TJVQ7 YXZ+I[ J MJ[.L E
7¡HO ?H)0˜ ^GMJYSV(YHO
S[J[.LN^TJ
]J]KSV(Y2%H[HIJV7QEI2](]RQSMJEI[J#^GMJYSP=
X[+YJ
RJTP \Q[.L ZPMJYOH SV(YZ,O ZYJVG,ZO=H N^TJ
[Q]KEIQYJ
[TJGOYZRJXH)˜HSQX^)7TJ3(XE1YQMJ]K]. KYE[QLSV(YSP=
EQYJWQEZVH[JEU+I.=ZHOYJS+QZHO=SV(YVHFU)˜YHOVIQPFP#SP=YHO
 E KYJ[QZ7EF
XH)˜HSQEYQMJYEZ[TJEQYJI.= IQE^QYJ2](SVYJEZQMJE
+2](
N^TJEI2](XE^YSV(YHOXGIJ]H[JESQLG[J\Q[J KE[+YXZ+IJ
X1Y0N^TJZQ[.LYHTÚE[+]KSH=EO SQJZRJ[TJ^YJV7QY2%H[HIJV7Q].XH)˜H
)+J SQSV(VWQVHF[HO= T(V,SRJL F1YMJE^QJYHO ZYJG,2](E]WQJ
8MJ^+J
XHVJE\QMJSRJFV7QEI\HOMJZWYJ
7HSPE[+ZRJXVWQ&Y(]K].
XEIQYJ[HOMJSQE[+
.9 3JEYWV- EIQYJG,Y [TJVWH/N^TJEI[J
SP[OHJ=YXE
79[HOMJV7QE

7RJ[RJ[,LEI[.L (\,O[VJT3JZQE[+
.9SEFQ
SFQYHOENGENGNVTJNVTJ\HOE^QYJVNVMJESSV5IQZRJV-
7H
IJVN^TJ)HOMJ
]KFP XE
79V7QY EQYJWQ[TJEQYJ?Q SP=VHFVWQY SP=X[+YJ
E
+\Q[.L VH I J  VYH O  ]\V ZYJ \ ]J  P [ J #  EIQYJ V 7  ]H O  ]IJ  [J 
XEIQYJ[HOMJSQE[+YE[QLSP&YH/YJ[.LVHIJVYHOX
MJ]HO[JEIQYJV7
SPE
+ZHOYJ[.LSPYHO ZYJ\]J[J XEIQYJ[MOH J SQVWQYE[QL XE
79Y
TITJYHO YEN]QMJYN]IJ XHV JE \QMJE
ZHO = EGE]ZHVJ LVJ (T ITJ VWH / 
X[RJN^TJETZQ[.L XE1YQMJ[
QE[+
7H]K[JNVIJVQ)HOMJM,V7QE[QL
(XE1YQMJE[+YNVIJVQ%O ŒFQSQMJ &Y(N]MJ
[.L FI.= TH[JSEFQ
\Q]K[J   VH F VWQYH O  ¡H O E SV- I . =  EZTQ SV- ] K[J   SP = V 7 Q
UIJ=YWMJFYJZHMJI.= UYJU,E]KMJSMJV- IRJ]K[Q]K [J 2](E[QL
AXHVJE\QMJ3(FO
Q[RJEUVMJ
RJTO[J\HOaUHOSZHOZO]J2](
MJN]MJV
[.L
YHTÚXN^TJ XHVJE\QMJE
YHO XEZXIYJ ¡-NVMJ[Q ]K]K[J KE1YQMJL
XHVEJ \QMJSRJ UJ[V.+ Q7 
7T[ J Y .+  ZP&Y( VHFVWQ T(T3J[L. XHVEJ \QMJE
YHO
ZYJ G,[ J YQY,
7MJ  )7 TJ 3(  ^P TQ SHO= V?O[ J Y, [
Q)7MJ L XR(
E
TYJUEO, T[.L IRJZVJ[TJ
]JXN^TJ)7T3J ( )7T^J YJZO, YVHFVWQT(T3J[QYHO
ZYJG,1Y[QX,L1ST
QV
7H]KFP
Y6IJE[QJ [MJN][.L XGWYJE[+YHO 3]VQ)7TJGOE]2]( E]Z+MJEXQMJ
EN]Q]K
ET (N^TJ
]J)7TJGOV7QXTYI3(V7QE[QLZYJVG,NMMJUIJV
- 7H[J#
ZPMJ)7TJ3(YVZHOYJ^YJE]FPZHOZ = RJ\MJT
Q
7H[J#EIQYJU,OV7QE[QL
EXQMJEXQMJNVMJNVMJETLT]JR)‹H -HMJ 2]( \HVJ NVQE])HMO GJ L[
. J K)7TVJ WQV1YQV(
Y]K
]\V>Q[JZVJV7QZP
+[ J TJEQYJ#¡O]J
RJSIJ=N]IJ=[J#]RQE[QJ
[J#XTHO

Q\P<QI)©
ZRJZYJ
HN7 ^TJ[JSP=VHGMJYEM+U[ HO QZHO[Q
XYOIJ
#EM+
Z5MJXYOIJ2]( ZHO=G,PSPN^TJ[JXEVYSP=SQYHO EM+E1Y
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
GWVJSQ YJ2](XUMJLX[IJ
7H[.L]O¢H/ZJ[TJ3(
.9[PVI.=ZYJ\]J
IJT(V,
[J   KYH O  SQ VSH E SF.  ZO ] J Z H O Y J [ Q YEZVEZY
EQYJWQEZV7Q
7H[.LO4J]O JE[+FQV5V
7
H 7QFPEQYJWQEZYSP=V7Q

RJTQZRJ
7H\Q[J#SP=XEVT(T3JZHO=SPZYJ\]J
VRJLYEZVYHO
E[+9
E[QL TYQEVV
E[QMJ N^TJS+Q
7Q[JSHO=ESQJZRJSP=VHGMJYHO
EZTQV-E1YQMJLVHGMJT(VS , RJXL [HMO JYEZVYHO ZYJ\]JZYHO [
J JSP[O=H
>I(EVQMJ)7,XGOSQ&Y(#SV(&Y(E[+)7MJLN^TJEI2](
O[H>Q[JZVJY  VHIJYEZ [TJEQYJXE1YQMJ]K SPY
EGWQEVQZ7]SP# SP=¡O]J
RJE1YQMJL VQIYEZ
7H[J ]RQ[[JZRJ
N^TJN]IJ[J SP=VHFVWQY YJSPE[+]K VHFVWQY SV( EIQMJE

TH[JEX
^HO= ZPMJ[TJEQYJ
.9 VHFVWQYHO UYJS+J2]( \HVJNVQ
IJ
YVJZ7VJ]K[J (ZPYZRJ ]RQ[[JN^TJ2]( XTHO

Q\P&Y(&Y(
ZYJYHOMJ
7H\Q[J XYWMJLS(Z)7MJLZRJ N]RJLT,OSP N^TJ[J SHEO= SQJ
¡O]J
RJY SH]J],OVZQFP SP[HO= \HVJNVQZYJ\]J1Y[J XHVJE\QMJ3(
ZXIRJMJV7Q]+.ZVJSFMJ
7H
MJSP=GMJ]+IJ)7MJLX[P>I(VZHOYZ J QFPZHO=
UHO[JEIQYJU,O E[QLZRJXVWH/SV(YE
QYJ
QFYHO G,PZOY H J[J
SP?QGMJ]+IJSRJ VY+JZ+IJV(X\H>I(EYQMJ[TJEQYJ N^TJ]K[J
ZP&Y(VWQT(T3J[.L XHVJE\QMJE
V7QX\PSN^MJLXE[QJXSMJLN]RJLT,O
Y,OZ,OSPVWQ N^TJG.L
MJ V*ZQVEUQMJV( &YH/[MJ N]MJUMJ[.L XUMJLS,OUMJL

7]H K[JXUMJLE[+Y  T,OTVJEVNVIJNGMJ  ETLT]JE1YQMJZVJNGMJ)7MJL


 R‹H)-HMJ[HOMJ]MJNGMJN^TJ]K[J

Y T,OTVJEVNVIJNGMJ
SQSV(YHO
MJXO]JVY+Q\Q[.L VHFVWQY SVYJEZQMJ# EG6V
EZQMJYHOXE[QJYEZE
++[JTYQVZ+IJGMJV7QSP[HO=F\.MJZQ
VJLZPSTJXE1YQMJYHOXT,OSH
EXQMJIRJVWH/T,OI.=T,OTVJVJ
SVYJEZQMJUHO
MJ SP[HO= THTTJ[QY VWH/¡HO# XYWMJLTQ
H[ÉI.= ]RQ
X
RJXGWMJ ]KVJSV(
7MVJ WQYSP=VWH/¡HO>QTJNVTJSHGWMJ[J#XVW/H \.VQ7
YHOJE
N]Q E
QKSRJ )PIQ  ]KSZQ# ¡PS+]JSP ]KSZQ# VPTJ
ESQYJTQSPEYQXVW/H \.V7Q
7SH ZQT,TO VJVJSPY OH [
J MOH Y
J EYQ[TJGK
 E KYJ[QZ7EF
[TJ
, ESQYJTQ[[JSZQ#EZQMJYTQSZQ#VHIJV¡-]J[[JSZQ
SHGWMJ1Y[J
Q\PXUMJLX[IJI.= I3TÚQYHO\RJEL [QL[Y + [
J J#SHE=O SQJ
TQ
H[ÉO4J]O JE[+EZQYJ XE
V&Y(FP
EG6VEZQMJ1YRJL[.LXGKEQYJWQEZVHFVWQYXYWMLJTQ
H[É
THTTJVJ#¡O]
J RJYHO 1YRJVL J#XHVEJ \QMJ\IH JSHVJ V-)HMO IJ MJSZQ1YRJVL J#
EIQYJSP
.9]RQX
RJXGWMJ]TÚRJ 3TÚQYZRJVHIJYEZ
.9O4J]O J
[TJ
]J N^TJ)HOMJ]K[J

G RH‹H)-HMJNGMJ
T,OTVJEVNVIJZHO= EYWI]J1Y2](UZ
HO 5MEJ [QL[TJFYJYVHFVWQYXNGQ
[TJFYJYHOGW3JY]JUYJS+J[JZYJ^YJ
RJEYQJ^(X[PESQYJ
MJ
N^TJET#EI=TQN^TJN^TJ RTQN^TJN^TJ X[PTQ
MJN^TJETSQ[HO= SV([HO=YHTÚ
EN]Q1YVJ   XTT XUMJ E N]Z5MJ E [QL  E% MJ U
Q\, S + Q #
YQY,
7MJ)7TJ3(
.9>Q[Q[HOYJUHOMJTTJEU#EI=I,SMJLVSMJLEVE[QLVJ
>Q[JZ VJXE[QJVWQVWQV7Q  EXQMJS+ JZHO]K[J EXQMJS +J
EXQMJ NVMJEXQMJ UYJS+JE]SP  YHO T,OTVJE
V7QE
Q R‹H)-HMJE
V7Q]K
[QIJ E][[J[JNVIJVQEXQMJS+JYVWQESQXQN^MJL
MJLYWYJ[.L
VHI J V [TJ E QYJ  N^TJ VJ   SP = X ZO ]J E XQMJN VMJ ^H O =  TYQ[[J [ J #
U+J[[J[JNVIJVQN]RJV7QY (TYQX
QV7QXE[QJ\+IJYQ]K[J
XQ>ª I J   EYQMJ  ¡, O #  XU+  J E YQMJ  ¡, O ) 7 M J L  V2](  FP  # ZWMJ
[J #
XYMJ]K
[J)7T^J YJTE+. XQMJEN]Q[[JU[ HO [J[L. X[+MJ TYQEN]QT
Q
ZPX ,O N^TJTH[GJ W
SPN^TJVJENV‹QYJZY HO J]MJLZOY
H J EN]QVJ#ZH
O MJZOS H ZHO
G]J¡HOJMJ¡HOMJ YZH[H[H EN]Q[IJZRJ EN]Q
VJ SHO=ESQJ FJE[QLV7
[TJ^YJSQ ZIJ=S+QEXQMJ VEN]Q
. VUHO
. N^TJEXQMJE[QL VEN]QFP
SPGW3JY]JG,
SPY )7TJ^YJ
MJ^+MJLTYQ UHOEI[Q].ZHO= V\MJG.L
MJ FQV5
N^TJZQV7Q V?O[JFP SPS,O[.L X[[J]RQYHO ZYJE[+9TH[J]RQZHO=
UHO)HOMJE]VJL ZPYHO VHEXQMJ ^VJ^OH=#  SP= O4JN ]JE
Q E]WQLY+YJE[+YHO]K
ZHOSZHOS,O
VJZHOX]J
MJSP=FMJEG+9VRJLTYQZRJEN]Q
ZHVLJVJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
 [HOMJ[HOMJ]MJ]MJ
IQVRJ&Y(E% MJU
QEV^H=Z O [ HO J#XE1YQMJ)7TGJ OX[+Y]J K#[TJGY O
SV(GMJ]+IJN^TJZQVRJL SP)7TEJ QYJEI=IS , MJL
.9ZQTHTTJ^=HO EIQYJ[TJGY O
ETLT]JE1YQMJZVJ^HO=I.= ZYJ\]J]+.X[+YJ EI=EYQMJ
YJSQE
+ XGWHIJ]K
S[J^HO= N^TJ]K[J
XHVJE\QMJE
GHOMJNV.ET^HO=E% MJIY[J[HOYJUHOMJTTJEU
IJZHO[JZHO=
E% MJ]RQ
7HVWQYUHO]K[JTTJEUT
QE[+YXVWQ&Y(
7H[J[TJGO
)7MJLZRJ Z,OEZQYJ]K[J X. KYE[QL GMJ]+IJEZQMJI.= >I(EZQMJ[HO=
EV+I, 2H/?J  [HOYJUHOMJ1YRJL^HO=]K]. 2H/?J&Y(
7TJZ,O
7H[J [I*E)+ EI #
[IZ*Q Z #X*K#%O Œ?P#
Q?O#1YQS]E[#ESQ1YQ#TEI (2H/Z
J 7TJGO
X[+YJ
YJS[ÉGIO TJ
YJ[TJ][JYOH
7TEJ I=G+.S[JVJ [ 7 J[JE% MJU
QY
SP[O=H EV+EI=VWQ EI=I, SMJLVSMJL
MJ)7(GWTJGMJV-
7HV
7H  TTJEU]K[J
XGWMJGWMJ S]ÀQN^TJ[.L EI=I,UHZ O 5MJ XHVJE\QMJE
NV.[J XGWMJGWMJ
S]ÀQVN^TJ1YZ5MEJ [QLXHVEJ \QMJE
VSQQFP#Y+.E[QMJY+). MHO J[J
KYHOESESGWQGWQTHTTJ^HO=],OES[+YJIRJ
7H]K[JEI=I,NV‹/]JZY*Q
S(\Q[JZY*QV7QTYQ)7TZ J O, Y]JZWYJ]K[JSMJ[ L L. EI=II, .= VSMJL[.L
EI=I,E[+Y (ZHO
7H[J

EI=I,SMJLEV+EI=X[.+VWQ
3SQ [I*E)+ESQ1YQ
THIJ]IJ X*K1YQS]E[
IJZ7 TEI%O Œ?P

7QYOVJ
Q?O [IZ*Q

EI=I,VSMJL EV+EI=X[+.VWQ
V’Q TEI1YQS]E[
ESQY ESQ1YQ[IZ*Q
XMJ [I*E)+%O Œ?P

Q>Q
Q?OX*K
X\YJ>QYHO 1YRJLZ5MJ XEYQMJU,O [+.^YJVH[.L EV+EI=E[+Y
 E KYJ[QZ7EF
[I*E)++)7MJL ESQ1YQ# X*K)7MJL 1YQS]E[# %O Œ?P)7MJL TEII.=
Q?O)7MJL
[IZ*QX[+.E[+].VSMJ[ L L. X[+.E[+YTEI)7MLJ 1YQS]E[#ESQ1YQ)7MJL
[IZ*Q#[I*E)+)7MJL%O Œ?PI.=
Q?O)7MJLX*K EIQYJUYJ[+.¡-]K
XGOEN]Q[.LSMJL[.LEI=I,I.=VSMJL[.LEI=I,E[+YHOEXQYJ]K>QX[HOMJ
N]IJ2](T(ZHOYJVJ
EV+EI= SMJL[.LEI=I, EI=I,VSMJL
[I*E)+ ESQ1YQ %O Œ?P
[IZ*Q
Q?O ESQ1YQ
X*K 1YQS]E[
Q?O
%O Œ?P TEI [I*E)+
1YQS]E[ X*K TEI
ESQ1YQ [I*E)+ [IZ*Q
TEI %O Œ?P 1YQS]E[

Q?O [IZ*Q X*K
(>QX
THTTJV-XN]MJXNGQE% MJYHIJGIJ2H/?JEI2H/?J\QE[+]K
E% MJU
QY[+YJGWYJ1YRJL
MJXHVJE\QMJE
X[+YJXRL,E[+9GWMJE[+9
VJSHE=O SQJVHFVWQYZRJU,O N^[J2](EI2]U ( ZOH 5MJ E% MJU
QYHO ZO]JSMJL
ZO ] J \ H O Y J [ QE[+ S Q ZO ] J E ]]KE[QL Z H O =  EN]QVJ   U
QY
ETLT]JE1YQMJZVJ^HO= EI=EYQMJ
YJSQE
+# XGWHIJIQ
(]K S[JE]VJ
V*ZQ]+. X[+YJZRJ
YJE
+XGWHIS J [JE]VJ2/H ?JIY[EJ [+YHO FQV5
V-VEIF.ZYJ\]J1Y[.LXHVJE\QMJE[+ZRJXVWQ&Y(
7EH 1YQMJY6IEJ [QJ
(V7QXESXGWQEN]QT
QZRJ
7H]K[J

' ETLT]JE1YQMJZVJ]+.
NVIJVQN]RJYETLT]JE1YQMJZVJ]+.YXEIQYJ)OMH MJ E, [+V7Q\YJ\,O IRJ
)7MJL TITJ[YWZO]J[JVWQESQXQN^MJL VHIJYEZXHVJV7QZO]J[J
]
HS[JVWQZ5MJV$]J\HOVJ#SHO=V?O[JTQESQYJUHOMJ#?HO[JTSRJVQ7
ZO]JVJ Z+IJG.L[.L [TJ)7TJGIJ=Y EVQJZ2VH/MJV7Q ZO]J[.L ]+.[TJ]+.XE1YQMJ
Y6IJE[QJ EN]Q]KVJX. (]+.V7QY6IJE[QJY3(EUQMJ]KMJG.L
]K[J
VH[EJ U+VOUOH ^H[
O TJEQYJY[TJ3( [RJESQSV(ETLT]JE1YQMJZVJ]+.
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
ZO]JV7QVHO=SP=XHVJYHO YE
QYJGW(NV‹MJLE]]KUHO2](Y6IJE[QJ)7MJL>I(YHO^H[J]K
[JY6IEJ [QJ[=OH S+Q1YE
Q_RJLSRJE[+XE[QJVWQVWQE
QYJEI]K2](
XE^N^TJSPY Y6IJE[QJLYHO XGVJXIQV7Q TYQIRJIRJ EN]QE]]KZHO=
K[Q[QEN]Q]K[JY6IJE[QJYZRJSPEN]Q[QXV7[J[V.L].EIVH
[J¡O[J[
YJ]. Y6IJE[QJ[O=H TQ]+.V7Q\HOMJEI[.LEVQJZ2VH/MJU
QX[[J
SMJEYQZH]JEYWQMJXO]J&Y(YV[J[[J
]JZHOYJ2](SPXSMJLE
PZQ[.L
X[HOMJ ^[J EN]Q]K[JSPYV*ZQ
7HESQ (EI=V7QSP (YHOZQ
[Q
SQZHVQ’
.9VHFVWQYEV[ÉQ
]JGG, WYX J
]KZH=O UH[
O JUYJEN]Q]K[J
SQVHFVWQ
.9YHOJTQ SV( ^GMJYHO \,O[VJT3JZQ)7MJL XR( \HVJNVQ
ZYJ\]JG+MNJL ]/
IJETLT]JE1YQMJZVJ]KE1YQMJ#SEFQ[PZYJG,
IJEV[ÉQ

]JG,]KE1YQMJSPYUYJ2](EQYJWQEZVHFVWQFX[Š/]À[ÉHUYJ2](
EN]QN][JEQYWJQEZ
.9XYWMJLTQ
H[É)7MJL]RQX
RJXGWMJYHOZRJ
EN]QN]]K[JGOZOH SPYVHFVWQYHOJTQETLT]JZQ[QYHO [TJFYJV7
ZYJG,SEFQ[PVJZHO= ,O1YRJ]KE1YQMJEN]Q2](XU,OS[JS+Q]K[J
VHIJ YEZXE^YY6IJE[QJF L YJZ7RL1J YRJLVWYJ
H]NJ ][JSPYHOJ
TQEN]QE]]KE]KLY6IJE[QJV[J[[J
]J#X\YJYEN]QS+Q[QI.=ZHOYJ
^YJVJLTYQ N]IJEN]Q]K[J GOZHO O4JSE

7H VHFVWQY ETLT]J


E1YQMJZVJ[QYHO SV(
7MJ ^GMJY XZ+IJO4JP VJSQV7Q ESGWQ]K
E1YQMJ#EQYJWQEZYZRJEN]QS+Q[.LO4J]O JE[+]HOMJUHOMJSPUHOE[QL
SV(X[+YJ FE^QJEYQMJN^TJVQ7 ESGWQE1YQMJEN]Q]K[JY6IEJ [QJY
UYJ2](VHIJYEZ
.9O4J]O JE[+#SP=XYWMJL TQ
H[É#]RQ#XHVJE\QMJV-
)HMO IJ MJ],O TSRJEN]Q]K[JZP&Y( VMJVWQETLT]JZQ[QYHO SV(
7MJ ^GMJY
SEFQ[PZYJGE, 1YQMJYH O JTQN]IJ1YQ]K[JU2HO ](IH,OGW/]JZY
HO J]K[J
([
QMJ EN]Q1YUHO1Y[.L X]HOMJ2](E[QL \,OT,X[HOMJZYJT+]JZ.]K
[J \HVJNVQZYJ\]J
IJ Y[HN]/[.L X\HVJXV7[J]K]. XVWH/SV(
[TJEQYJY X\YJY TYQEN]QG.L[.L ]O¢H/ZJ)7TJ3(YHO THIJZYJT+]J]K[.L
FPYEZ[TJGOT(YVJ]K[JEQYJWQEZYE][Q]KUH[ O .LZYJT+]JYHO
Y6IJE[QJYVHIJYEZ
.9ZYJSP YJV7QT+]JE]ZHOYJ[JVHIJYEZY
E][.L ZYJT]+ JYEHO [QL[TJFYJVH[JEU+&Y( YEQYJWQEZZYJSP YJ
 E KYJ[QZ7EF
V7QT+]JE]]K[J\HOEIQYJT,O[+.YHO)7MJU(]IJ#STÚQ]IJ)7MJL SEN]GYJ]K[.L
]IJTRJ[TJTRJT(YVJ]K[J]IJTRJYHOMJ ZYJTV,O OH 2]( )7Y^J YJVF
H VWQYHO

7HGHOYIJE[QL
IJ N^TJ]K[J XGVJXIQ 2](]K2]( VHIJYEZ XE^Y
_RJLSRJVWQYHO EY6EV+_RJLG,]K[J

M ZYJ\]JV*ZQ].+
ZYJ\]JV*ZQ]+.E[+YE SZHOYJ2](],TO ,Y]+. K[JZO]JT
Q\,O[VJ
E[+YHOE[QLX
]J[HOMJZHOYJIQ1Y]K[J
]J
+Q\,OT,X
IRJIRJ]K]K
Y+QNGQV-
7H)HOMJ[JSYJUHOMJ
QVHFVWQ
.9EM+E1YXMJXQE1YQMJLZRJ
Y+.N]QV- N^TJ)HOMJ]K[JETLT]J]+.V7QZHO]. X[HOMJX[QZHOYJ2](XGVJXIQ
YWMJ][.L EI
QY+.N]Q]K[J XHVMJ JEZV7Q]. YWMJ])HOMJ[J# ?HO[J
&Y(&Y(ZRJ N^TJ)HOMJ[JJ XYW3J¡,O2](ZO]J[.L ]+.YEZ N^TJGWMJN^TJVJ#
[TJ)7TJV7Q [TJGKSQ 1Y,/[[J[.L ]+.VWH/ZRJ N^TJ)HOMJ]K[J ZYJ\]J
\HVJNVQV-YHOEUQMJ
+YJE]SPY
]J
+QZP&Y([TJEQYJN^TJ)HOMJ[J#)HOMJM,
V7Q X&Y(U,OX
Q
7H&Y(ZRJ N^TJ)HOMJ[J FJSPZO]JZO]J
]K[J
E
7¡HOZHOYJ[.LNVIJVQVWQYE[QLV*ZQ]+.V7QN%Q?’4]O4ºQFHSY H JU
QYHO
V*ZQ XT(XT3JV70 FHSHYJU
Q  XN^TJEUQMJ
+YJETZHO[J ]O4ºQ
FHSHYJU
Q V
)HOMJ
MJZRJ V*ZQXGVJXIQV70)7MJL]. YWMJ]]K[J
XQZ,OIQZRJZYJG\ , Q[.L]R[JGWYJ[TJG
O ]7H K[JK[+MJ V7QV*ZQ
VEUQMJ
]KFPY6IJE[QJLX\MJ (YTH ÚY
?IJE[QJVWQK[+MJG
(VS+Q

[.L FO
QHIRJE[QJ SHYQ]O JYHO ZPE[+ XEYQYJPZ+.[Q EIV7Q]K
NV[JT+QFO
QYK[+MJV7Q
?IJE[QJVWQXTOZHOYJX^+.9ZHY O JG
( YGW(Z5MJ
ZJQE[+ ]WYJT(V7QTHO
HVJZHO= ]R[JE[QJVPG.L[Q]K
NVIJVQN]RJV7QY6IJE[QJS+QG.L
[.L V*ZQ]+.XVWQ&Y( ]K (\.Y]+.)T7 ]J +.
XE1YQMJN]IJEN]Q]KVJ]\V]+Y . V)©EZV7Q# O[H]+.YEVQJZ2V/H MVJ Q7 ]K
V)©EZV*ZQ]+.YS[HO=SV(XHVJV7QYWMJ]]K[JE% MJU
QS[J
\Q[.L V*ZQXGWHIJXGK VYWV( VHITJXIRJMJ XZHOV7Q S[HO=SQY
V*ZQ[JT,O[J2](S[HO=SQ
,NG,
,2](XHVJ&Y(E
79GIJYHOE
QYJZQ]K[J
XGIJYEYQE>QXN]RJLGMJ\Q2](Y[É]( K^,O&Y()7TJGO73JGMJ\Q[J
S[O=S H QYY[(É]K^,OE]MJ\HOMJZHOY[ J JS[HO=SQX
,YSP=EIQYJVQ7
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
EI
QP[JG4EIE[QL
[IQE[+T(NGJ\Q[.LS[HO=SV(XGIJ[+MJ
MJZQ[J S[HO=SV(X
,ZRJ ]KZQ[J S[HO=SV(Y S[HO=SQ
ZYJ.FYJYY[É(]K^,OE]EI
QP]K[JS[HO=SV(X
,YEIQYJV7Q
\HOMJ[J ^H[J1YQ\Q[.L ]
HS[JXE]KMJY VHITJXE[QJ1YQ SP[HO9
T,O[+.YHO]. XQ¡,OTHOYJ1YRJLEI[J
V*ZQXGWHIJE
QYJ[.LXGKN%Q?’4]O4ºQ FHSHYU J
Q YG¡OSMJ
YHOSP=ZYJ^. YJV7QTZ+S J MHO J ZWYJMJZQ]K[JSPYEXQMJE1YQMJN^Q
SRJLX\HVJXV7[JG¡OSMJV-[J2]( XGVJXIQT[MJ]K[JFHSY H JU
Q
Y S[HO=SQ ZYJQZYJYHOYHOMJ ZYJKYHO XE]FYJN^IJ=\Q[J
2](E[QLS[HO=SV(ZYJQZYJYHOS[HO=SQZYJE]\]J ZYJ\]J 2](
ZYJXT,OYOH X[JN^0TOZWQ)7MLJ
TJ][J TOZWQ
TJ][J E]]K[J2]( E[QL
ZYJXT,OYHO \]JZWYJ EM+^ZQ\. )7TJ]K[J EM+^ZQY S[HO=SQ#
S[HS =O V(E
79V7QGW\Q[Q#E
[TJYJEZQYJ\RJ\ L Q[JFHSY H U
J
Q
YK\QV)©QIJE[+
+[J[J#SS*Y¡HOYF J QSQ)7MLJ
+[[
J Q2](E[QLZYJ
)7TJ^YJYHOE
\.YN]IJUJ#G¡OSMJV-[J2](V*ZQSFMJFHSHYJY$YHO
XU,O S[J]K[J (]Y .+ OH 1YRJNL GMJN^MJL \HVJ NVQV*ZQYHO FQE1YQMJL ZYJ\]J].+
EG[JUH[ O QNVMJE[+9]K2](
EIQYJXT(XT3JVQ7 E[QLIQVRJ&Y( XUHEO [QJ[TJEQYJY
[OU]OH K
[J
[OYS[OS H= QS[HO=SV(I.=VHFVWQ
.9O4J]O JE[+E
^+.9\Q[Q]K
XT(XT3J XU,OVS[JV( EN]Q[[J E?Q[[J[.L TQ[[JE][[J NVIJVQ
[TJEQYJYTYQEN]Q]KES[J>I(EVQMJ)7,X[+YJ U,OV1SK I.=
SHT
Q V7[JT
QE[+ EN]Q]K[J SPY V*ZQXGVJXIQ YWMJ]
[.L

RJ
+JGWYJI.= XH]ÀQJ
7MJN]]K[J# 2](E[QL >I(EVQMJ)7, [TJ3(XE]
[TJ3( STÚQ
7H^HO= EIQYJ ZMJL[É
QMK]K# VQ[É
QMK]K UYJEN]Q
]K[J

ZMJL[É
QMK]K
 VQYHO[IJ^HO\Q
VRJ#V\(EZTQVN]/
#

7QE^+
SV5 ]TÚRJYHOVQ\,X]J)7,
VRJ#
 XHVJE\QMJE
E^QYJN]QYW0Z+IJV7Q+MJNGMJVN]/
#
 E KYJ[QZ7EF
 >I(YHO X[JXTQZYJ[J
[IQ JP UMJNVIJE]
VRJ#
 VQYHO NV[J)HO1YMJIQ
VRJ
ZY*Q V\(VY .L MJ#X]J)M7 J3TÚQ#VHTQÈ VV7Q#[JTQUMJMJ#NV[J)OH 1YMJ

VQ[JMK]KY
 XHVJ[+MJV- T(V,ZO]JEUQMJ
VRJ#
 EU+VWH/SQGWMJVWQYHO SMJLEZWQJEXQMJ EV5E]YVJ
VRJ#
 XHVJE\QMJE
E^QYJN]IJV7Q+MJYW0Z+IJNGMJVN]/
#
 ]TÚRJ3TÚQYHO \HIJSHVJETQMJLE
7QYJ
VRJ#
 V]WMJV
H
#ZO]JT
Q
7H[QZO]J
VRJ
ZY*Q XHVJ[+MJV-ZO]J#SHVJ\O]JESGWQ#VHTÈQ1Y3JE
7QMJ#EZWQJEXQMJ
N^I=JGWH#]WMJ
HVVP
]O¢H/ZJ&Y(U,OV1SK 2]([Q)7MJL [2]H/MJIYJ VHIJYEZVWQYXSMJL
]HOY\J Q[.L EM+^ZQ&Y(VWQV7)-Y H J2P ]( E
88VOH EM+VHO 
+Q]K[JN^IJ1= Y[
. \
L. V. Q7
E]KYJE]KYJ]IJI.= EM+XE YE[+]+ KVJ2]( Z5MJ _RJS L RJE[QJVWQYHO EY6EV+
_RJLG,]K[J XQZ,O2]([.LXGK EM+
[O# E
8+
[O# ][ÉNVQ
[O YWMJ]2](
N^TJ[.L XHVJE\QMJSYJ
7RJ O4JSE

7H >I(EVQMJ)7,YHO >I(EVQMJ)7,STJ


.9
XHVJGIJ
7
H Q^H[JEGS+Q]K[JX. V( Q7 [TJEQYJ2]([TJEQYJEV+9
Q#
ETQMJ#EGKMJX,OE[+ZYJ)7MJL]+[J]+[J2](UOE[QMJ][IQN]/E]1Y]K[J
V* Z Q]+ . E I=  R]H O M J    IQ
( E ZQYJ V 7 Q  S[O = H S QY
XE]\]JXH]JGIJU( S+Q]K[JEZ7YQX[YJV7Q&YH/X\]J\]J)7MJL
\Q\Q[Q E[+9
]KE
Q &YH/[TJEGWQMJ [TJEQYJ [TJ^YJYHOMJ2](
[Q\Q[Q (¡HO
QYHO&YH/[Q[JZHO=EG]K[JSP=YHOAE
8&Y/H EM+&Y/H a
[Q\Q[JZHO= EN]Q2]( N^[JSIJ GWMJZ5MJ EM+E]
VJ S[OH=SQY
XH[J\.)H-YJ#E[QMJ[.LEM+E]
]K[JSPY&YH/[MJSH\Q2](EM+XSMJL
EUQMJ\Q[Q N^TJV7Q]K AE
8&Y/H  EM+&YH/ N^[JGa SH=VO ?O[J AG.^OH a UHO[Q
NVIJVQN]RJ[IJV7QGOXGWHIJ\HYWIJ
7HEI[.LE
7XT3JXZQVWQV7)7TJ
]J
N^TJ ] K[J   ( X T3J X ZQVWQ
. 9  >QTJ N VTJ Y E[QL  YQZ)©
QV7 Q
Y+JE]WQYJG.L]K2](
EVQJZ2V/H MJY]+.XE1YQMJY6IJE[QJVUYJV( V)©EZV7QZO]GJ .L[.L¡HO
Q
XT3JXZQVWQXE1YQMJ
7MJN]T
QXIRJMJ
7H]K[JS[OH=SQZYJ
XE]FYJN^IJ=[L. XH]QÀ JYS[HS =O V(ZYJYOH E[QMJG,[Q]KS[HS O= V(
ZYJ\]JZHOYJ[QYE[QLSEFQ[P[.LX\HVJXV7[J]KZYJ)7TJZ8QYHO
TOZWQN^0)7MJL
TJ][J[QYE[QL TMJ1YJNGMJ SEY*[N^TJ2]( )7TJ3(X[P
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
E]KMJ^YJV-YHON]S]K[JZYJ)7TJ^YJYHOE
\.)7TJ[.LXH]ÀQJYE
YHO
TRJSQZHO= G+.NGQV
 [SQ[RJ N^TJSRJL]VQ )7TJEQYJ VY+.VY+Q
[SQ[RJN^TJ1YVRJZHO= UHOZHO]K[J
EVQJZ2VH/MJYV*ZQ]+.YHOE[QLZ+IJG.LSRJLENGQYJZGIJ= GO)7TJ
X[+MJ YTQESQYJUHOMJ&Y([TJUOMH VJ 7QYWMJ]]K[JV)©EZ]+.V7Q]KMJ
G.[
L L. XT3JXZQZO]J¡HO XVWQTO (VQ7 N]IJ]KZQ]K[JSH=EO SQJV[PY.N+ ]Q[.L
XGWYJE[+YV7[JSQ^+J
QEYQMJ]K
.9
S[OS=H QS[HS
=O V(YTMJNVMJEL ]V7Q\HMO GJ )O, M7 LJ \HMO EJ I]K[JTMJEXQYJ
V7QE[QL]
HS[JYYOZQ\HOMJV7Q\HOMJ1Y]K[JV*ZQXGVJXIQV70Y
N%Q?’4]O4ºQV?O[J]KFPSPY[YÞSHOZJ]KEVQY#Y6IJE[QJLVH[JEU+
[TJEQYJN^TJ]K[JSPYSPXQ[.
L YJVQ7 V*ZQXGVJXIQV70ZO]EJ ZL

7H[J^PTQE
XYWH/E[QJEUQMJE]KLEZSPYE1YTQV?O[J#EV[ÉQ

RJI.=YPR(SP]KV*ZQ]+.YG]JYW3JYW3J]K].#)7TJ^YJVHFVWQYSH]JV[[J
)HOMJ1Y
7QFP
]KEVQY&Y(Y[TJ]+.Z,OSP[TJEQYJ)M7 JL2](EXQMJZO]JS+Q]K[J
[TJGIJ[TJEI
QV7Q]. Y6IJE[QJI.= >I(YHO EV[ÉQ
]J2](ZYJ\]JE]GOHMJ]K
[JY6IJE[QJ)7MJL>I(YHO ZYJ\]JE]^HO=EV[ÉQ
]JG,[QYO4J
7HEXQMJ
YWYS J E
[OH EXQMJZO][ J Q\MJ]K[JY6IEJ [QJYS[HS =O QZYJYY HO MOH #J
ZYJ^KXE]N^IJ=\QY6IJE[QJL>I(YS[O=HSV(ZYJYHOYHOMJZYJ^K
EXQYJFYJ N^IJ=2]( S[HO=SQZYJE]V7Q \]JE]]K[J ]KEVQYY
X[JN^0)7MLJ ZYJ)T7 J^YJYOH
TJ][JE]2](EIQYJJ Y6IJE[QJ[=Y OH ZYJX[+Y . HO
E
79V7QGW\Q[.LEM+^ZQ\.V7QE
)7TJE]ZHY O J]K[JU
Q&Y(YSPZ = YJ.
FYJEFV7QG¡OSMJE[QLZ+\ J Q[J#[YJVV-[]J KFPV-[? J IJE[QL
N]/]K[JSPYSS*Y¡HOYJV)©QIJV
+[JFP  (XTQ%O ŒYWVJIJZQK\Q
]K:HIRJIRJ
+[J]K[JS[HO=SQI.=S[OH=SV(XE1YQMJ\O]À[JYHOZRJ
EN]Q]K[J
[O^[J[QE[QL V]KFP (LN]MJ ]KEVQYYV*ZQ]+.V7Q%O Œ
FQSQZY4Q]K[.L XT(XT3J[TJGO\]J\RJ]L K[JXGVJXIQV2]( V(VQ7
]
HS[J\.YVHIJYEZ[TJEQYJ TMJNVMJL
7H
Q\+YJZQ2](ZYJ\]J2](
>I(EVQMJ)7,YHO]IJTRJ[TJTRJE]]K[J]IJTRJY)7MJU(#STÚQ]IJI.=
SEN]GYJ]K[J (X[HOMJ MK&YHVJZO]J]K[J# MK&YHVJ[HOMJ[HOMJ >I(
 E KYJ[QZ7EF
EVQMJ)7,XT,OY]\V
[IQS,O]KYHO
7HGHOYIJE[QL]K[J O[H
]JETQMJL
2V/H 9ETQMJIL [JXE]KMJYHOYIJE[QL[J[[HVHFVWQI.= T[O[U
QSVQ
VWQ#EIQYJU,O]
HS[JYHO
7HGHOYIJE[QL]K[J
NVIJVQ%O ŒFQSQVWQYV*ZQXGVJXIQV7Q%O ŒFQSQXT(XT3JVWQ
S+[JS+MJZQ[.LZY4Q
7H]K[J[GWH/9E[+YZRJZP[YQZO]J¡HO\,OT,
E[+YHO ZHOYJVZO]J1YE[QL[QZRJ E[+9
]K[J Y6IJE[QJ S+QG.L^P[.L
V*ZQ]+.[GWH/9V7QFOIJE[QJ&Y(VWQXHVJYHO]MJL2](U+VJY]J[J# KV*ZQ
YOSHOZJP[Q]K [TJXHVJV7QE[QL S[HO=SV( VHFVWQY 2VH/9
+Q \O,T,E[+
Z,O VZO]EJ [QLFP U
QE[QJ&Y( [TJ]KX]KS,'QMK]KYHOV*ZQXHVJYHO
]MJ^L [H [ J J]
HS[JYMK]KS(ZG,2P ]( U
QE[QJY[
QGW( NVM‹ ]LJ K[J
U
QE[QJ[ L
QYYWVJ IJVQ7 ]K[.L S(
HZY*QY6IJV7FO
Q[
Q1YRJR/H 2](
S ŒK[
Q\YJJSIJ[.L >I(EVQMJ),X 7 E1YQMJ]KU
QE[QJY (>I(EVQMJ),
7 9.
T,\Q^+JFXE1YQMJ)7MJLSP[O=H Y+Z J +IEJ [QLZRJI[JN]RJV7QN]IJZRJ
E]KMJ^YJ
SRJLXE1YQMJE?Q]K[J (I]H K[J]NO, ]MJYHO S[HS =O QS[OSH= V(
IVPIQ\QYWMJL1Y,S+Q1Y^HO=1SK [
QGW(NV‹MJL]K[JS,'QE[QJVWQYHO
X
MJU+VJY]J2]( ZP]
HS[JYHO EIQYJV7 EY6EV+]K[J ZPMJ)7TJ3(
>I(EVQMJ)7,N^TJ2](ZHO= XVWQXSHXV7[J N]/2](]K2](

XHVJE\QMJSRJF
Y6IJE[QJLYHONVIJVQES+&Y([.LZPZOH=XEN]QG,
GWMJG,
]KETNVIJVQ
N]RJVQ7 YXEIQYJVQ7 \YJXHVEJ \QMJE
GOMH NJ V]. K[JZ=HO EN]Q]K
ETSPTVH J
[
, )7TJEQYJ X[P E]KMJ^YJ EI\HOMJ[QYHO GOHMJNV.EXQMJ VNVMJSQ[.L
TRJE)7QMJ&YH/E[+
7H]K[J]\VEV[ÉQ[
Q)7MJL¡HOESEZTQV-#NVIJVQ
VWQY (V$H/MJ)7TJ
]JYHO XENGN]/ &Y(N]MJ1Y
[Q].FYHO ]WYJT(ETVJL
U+E. UQMJ[]JVYJVE- [+YZRJXEIQYJ)M7 LJ TQZ5MJ IRJ]K]K[J[[H
XEI)7MJLXE
X&Y(U,ON^TJ[.LE]E]Z+MJZ+MJVNVMJ
ESQJZRJ[YJ

7HEI[.L Y,YHO O,1YRJV-# Y,E1YQMJL SP[OH= U,OTRJ1Y


[Q N^TJEZE[QL
VEYQMJX[P EYQMJX[P X[[J)OHMJU,OEYQMJEXQMJEIS+Q1Y
V7Q].
UOH[.LXSH
7H]K[J
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
XGOEN]Q[.LXGWYEJ [+YHOZMJVQUYJU,E
V7QE[+9
]K[J
YE[QYJYU N^TJ[QEZE[+YE[QL E
7QMJV
]KFP SHO=E]VJL SP[OH=
XGWMJ GWMJXN]IJXZ7IJ V7([+ EJ I
[JU[ HO QSEFQE]KYJIQZRJ[J
NVIJVQZMJEQYWJQYSEFQXQN^MJLXHVEJ \QMJ3( T(N^TJ]K[J2]( E[QL
SPZOHGWMJ
MJ VQ[TJE\QMJ P)HOMJ[JAEQYWJQEYQMJEVQMJV[TJ
E\QMJaZOH=UOH¡HO
7H\Q[J ()HOMJM,V7QVQXVWQP[QYHO[
QMJG+MJLN]/
]K[J KE]V.L SPPZHY O J
MJE[QLXSHOMJXIJYZYJVG,Z=OH X
7YJ
V7QTHO
[JHOMJX1Y3JG,
SRJX\HN^TJS+QV7QZRJTHO
[JSPYVWQESQ
XQN^MJL >I(YHO 1YMJIQ]K[JAVQI.= )+QVSIQ)7MaLJ UO[
H L. NVIJVQTYQ],Y
O OH
SPVWQE[+ ZOHYJIQ
MJE[QMJ SPZOHYJIQV7QV?O[JFP (TQUOHY

T]MJI ( JEG+
J#VHIJV
J#EKI]J]MJ
J¡HOYJE]EZEYQMJEZ].
UOH[.LX*ZH]JTYQ],O)7MJLUMJUMJ[P[JSPY>I(YHOSP=)7VY.LSHO=SEFQ
\Q[JA)7VaZHO=].EGVJSPY>I(YHO[TJZ\YJ]HO2](1YQ1YQ]TJ\Q
G.LZ=HO VN^TJFPZHZ =O . SPS]H K[JA\YJZT7 Q+ ESQETQMJSVQSRJETQMJ)7MJL
S,OZYMJVP ZYJ]WYJYOIJ@# E[QJV7IJZ7T+QESQ VQN^TJZ5MJVPZRJ
ZMJ)7MJL[TJZYMJVP]WYJYOIJ@#a ZHO=UHO
7H]K[JSPY>I(G6.[[J],OEZYHO
ZRJX2VX . V7[
J EIVJ#VHIJ VY\]J\]JGKEN]Q
MJSPYZHY O EJ ZWQ
[Q].
2](E[QL SPYVHIJV X&YH/YJ XNV.[VJ VZHOYJ
IJZRJ S)ÍH`QIJZHOY
J MJ
VHOYJ
QYWE]ZHVJLVJ#VHIJVXE]SEFQ\Q&Y(
QE[QLVE
QYJE]FP
>I(FYJY1YRJLZ5MJ XTYI3(V7QE[QLXQYW^ + JV
7HSZH]O K].
NVIJVQN]RJV7QYAXHVJE\QMJ3(FO
Q[RJEUVMJ
RJTO]J\HOaUHO[.LZO]JVH
Z5MJ N]MJV
[.LYHTÚ S,O
]J
7H[JXHVJE\QMJN]/[QN]MJV
#FO
Q[RJ2](
N]MJV
# VMJE1YQMJEU¡O]J\HO2]( N]MJV
 >I(Y N^TJZQ
MJ )7TJGKIQVRJL
FYJY Y+Q
7MJ[Q]. N^TJN^TJ# SPYZMJYHO]TJ]TJ# ZMJYSP=YHO]TJ]TJ
SPX = [+YX J ¡-, ].SHE=P SQJZRJAEG+ZHEO QYWQJ a)7MU
LJ YJE]KMJ2]( [SYJZO,
UMJ
. OYG,EIVRJLXTQZMJVQY+.VJUHO[.L>I(YZRJXVWQ&Y(
7H]K
[JVHIJV
.9XHVEJ \QMJE
XEIX\QYTYQ],EO [+YUHO\QSEZQYJ
EZQYI([HV7 XUONH ^TJSRJ  EZQYI([H[+MJ AMK
YJV5 ETQMJ)7MJLYMJVPa ?O UOH]KSRJ
UJLMKETQMJ[+.V3Ú0SYTQE]GO#V)©EZ FQSQN]IJSP@V7[JGWYJ
 E KYJ[QZ7EF
VUHOZ7]KFP XUHOE[+YZRJ [TJGO)7MJL[TJGO YIJ=ZIJ= N^TJEI[QE[+
XVWQ&Y(
7H]K[J
NVIJVQZMJSQY SEFQXQN^MJLE[QL XHVJE\QMJ3(T(]K].ZHO=
UHOG.L]K2](ZYJE[+9V7QE[QL AXSHOYJXNV,/aYHOZ8VJ[QYVHIJV]K#VHIJVY
XG
Q]KSHO=ESQJSP=XG+MJLXE
SP=Z+[JZ]JG+MLJ UHO2](E
79[IJV[MJ]KFP
SPYZMJYHO GWTJE1YQYJ¡HOES[J[TJGK[TJ
, VHGMJ]VQ#[TJGK[EZ
ZRJ)7VXZQ#YWIJXGWHIJVWQV7QE[QL Y6IJY.LSHO=ESQVQN^TJ]K[J
VQYZMJYHOGWTJGWTJGMJGMJEGE
QV7QNVIJVQZHOAXTJYHOaZHO=S,O[J
XTJYHO&Y(ZHO= XH]ÀQJ
[J X
Q
QYHO SP=X[+YJ N^RJLURJE]^HO=
ZMJLFOIJY,YHO XQ\Q[JFE
YIJ\.YE
)7MJL1YQZHO].ZMJYE
#
SPY1YQ E
NVMJLV7 1YQ[MJLVJUHO[Q SPS[H\Q[J X]JS+Q
Q
GWRJ]KUHO[.LX[HOMJ F G
(V7Q ZMJS+Q
Q VQ]K
V7Q].ZHO= G,P2](
UHOSRJN^TJETEYQMJSRJN^TJETZMJ3(EUQMJ
QVQYZHOYJ]KVJ
XGIJ=VSMJLZHO=XHVJE\QMJG+.1Y[.LXGKV7QE[QMJNVIJVQ>I(VQY
XEIQYJ[HOMJ>I((VQVWQ\YJXEIX\Q]HOEYQMJ]K[J]TÚRJG+E. 

VRJUHOZ5MJ XHVJE\QMJ3(]TÚRJ ]K
MJYHOE[QL )7TJ3(UHOMJ
QP1Y[J
ZMJ
7QSRJ]L TÚRJSHV=O ?O[J VQ
7QSRJL]TÚRJ SHV=O ?O[J )7T3J (X[P
Q7 SRJL
ZYJ\YJ]+Q]TÚRJGIJV7QE[QL )7TJ3(SEFQ[P G+.E1Y
VJSHO=V?O[J
[
Q¡,OXU,OXN^[J)7MJL G+.E
VJ

 Y+Q
7MJN][JT.E

GO)7TJVQ7 \O[JE[.LTQXO]JV7QE
8¡HOYY+Q
7MJ [.LYHTÚ)7MJL ][J
SYJ2](  (ZUOH ]OH K[JAZMJVQY+Q
7MJ V-E[+Y]O/¢ HZX
J VWQE
SZHO
V?O[J]KFP#XZ+IJIRJ]K]K[JVHSQTOEV[ÉQXE)+Q[JY (ZPVWH/
.9
XGHOMJVQU,O %(>ZY4Q[TJGO]K]. 2](E[QL NVIJVQY SP=>I(YHO XZ+IJ
1YMJIQ[J#VHIJYEZXQZ,OYHOZRJMJMJEZ[RJYEQYWJQ
UHO
MJEZEZTQTQ UYJU,
VJZHO= SMJ1YQ\Q[J X
Q
QV7Q
EQYWJQXU,OXN^[JYHO 3(TQE]VJ#SHO=ESQJ NVIJVQVYXH)˜H>I(
VQ\YJ  VWQT+Q Z+[JZ]JV-
7H[J XHVJE\QMJE
\,O[VJE[+Y
Z+JYP Z7[JZHO= NVIJVQZPVWH/YHO XN]TJUHO[QZ+J]K[J SHO=E]VJL
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
SP[HO=TITJY TH[J]WYJT
QEYQMJ[.L VZHOYJV^YJ T,O[+.FYHO NVIJNVIJ
XU,OS[JE][JXE^VE][.Y L EZZRJXZ+IJ=XZ+IJ
7Q]K]K[J
EIQYJU,O EN]Q
Z5MJXHVJE\QMJY
+. IJGHOMGJ MOH Z J OZ
, ,O SHSQ[.X L E1YQMJV
7HG
.L MJ
VQY+Q ZMJI.= ZMJY+QVQ )7TJEQYJZ,O XE]V7Q][JIJYWMJY
[J2](SEFQ VYW GWMJFP VQYHO]TJGWMJZHO= FOIJ&Y(EYWQMJS+Q
SY*IJ[JSPYHO E[Q\+YJ ZHO=EG[J# SH]JV)7TJZHO[.L SEFQ]K[.L
XS,OX)-,]KXH]ÀQJYF[TJSYJ[QE[Q\.\+YJS+QSP[.LZMJI.=
Y+Q
7MJ[.L VHIJVYHOE[QL [TJGOZ]J EG[J [TJGOZ]JYHO X2V.[VJ
N]YJZ,O\O[JT
QXN^TJ NVMJ1Y]K[J
AX]WH/ZRJV?O[J#XHVJE\QMJV
7H#VOUHOVZRJV?O[J#XHO)7MJL
X^,O]VQEQYWJQ[YQ)7MLJ X,YWVRJL YEZVE]].#XHO[TJGOZ]JVYHO
ZP]WH/1YQ1YQ Z7RJLT
Q VZHO]KFPEZa [.L ZP
8MJE[QJY N]YJZ,O
ZO]J[J
E
8¡HO @NVIJVQ#SP9F)7MJLEZQYXNVMJTQ
X*ZH]JTQXO]J
YHOR8IJ]KSRJ
E
8¡HO@ EFOWS,OS]JGWYJVWQ V7IJYIJZ7]K[JSPEN]QSV5
XGWYJE[QJE[QJVWQYGOYQZVQY+QEQYWJQ)7MJLZMJYQ+ VHIJV[HO=
1Y,/
[.LXN^TJSITJE[+]K].[TJGOZ]JUHO[.LEK?Q
YSHOSHOSH]JSH]JVEI
[[JS#P YH O S
LJ Y
H Q YHOJ V\HIJ [[JSZ P H=O XH]QÀ JE
QYJET[.L XS,O X)-IJ
N^TJSQ+ )HMO ]J K[J[GW/H 9Y[TJGZ O ]JYOH V\(VNL. VMJZ]O GJ WMJ [[J[J#)7QEGKMJ
¡-,9GWMJ1Y[J VOUHOVI.= VOUHO^HOYHOE[QL XSHOMJXHOMJY GMJGMJVMJVMJ
1YMJ1YMJIQIQUYJU,[[J]K[JVQY+Q\Q[.LEQYWJQYEIQYJ
\]JXHVJE\QMJN]/VJUHO
MJXHVJE\QMJETWY+YJV7QZP]W/H I=. VOUHO ^HO
.9EIQYJY
[IJT(
ZHVJLVJ#T+,^HO=XG+MJLXZVJXIRJU,ON^TJ2](XVWQ[YQY
A[TJGOZ]J[TJZMJY+QYRQ[TJYWH]J)7MJL VZ.)HOMJ]Ka
ZHO= UHO1YESQJZRJ ZMJY+QVHIJV EIQYJ\]JXHVJE\QMJN]/VJUHO
MJE[QL
XG+MJLXZVJYXE[QJIRJS+Q]K2](SP?QXN]TJV
7HSPN^TJEYQMJN^TJ]K
ZHVLVJ JSHEO= ]VJL[TJGOZ]JU[ HO QI.= AX1Y), M7 LJ VHIJ VaAG]J]W], WX
, TQa\.YZHO=
NVMJ[[J1Y]K[JSH=EO SQJZRJ[TJGZ O ]JVQ7 FQI^PTQ]KEZVZ.#SPYY ,
V7[JGWYJE
8¡HOXVRJG,TQE
SPSRJX*ZH]JZPVWH/ N^TJSRJ
 E KYJ[QZ7EF
FJZHOUHO[Q FJZP X[[J EN]Q)HOMJ]KVZ. SP=Y,YHO X[[JEN]QV

FPEZ
##[JS,OS+J
NVIJVQ[TJEQYJ?Q%O ŒFQSQZRJN^TJVJ#Z+[JZ+[JZ]JZ]J
E[+EG[[J# YWH/E1YQMJE^IJ THTTJ[[JSPZRJN^TJVJUHOZ5MJ SP=F
V7QTH[J)7TJG+N^TJT
QE[+ E[+91Y,/
]KZHVJLVJEYWQMJSQFV7QSP=U
Q
SMJ1YQSV5YHO ENVJVYWV7[JSQIQP
VJL [QIJY[TJ^YJ#XV7IJ
[
QYHO NVMJEXQMJ1YRJ[ L [J
Q7 [[JEXQMJEZLYWMS JL MJ
P V7QY[TJ^YJ
N^TJEIVJXHVEJ \QMJ
M7 FJ V7QE[QLSPZ]O YJ MHO
J VRJL ]
HESIVJTQE

XZO]JY[TJ^YJ# X2V.[VJ
7HEI[.L XENGG,]R[J[JS,O
]JI.= 2V.
VRJL
]3ÚS(ZY[TJ^YJ N^TJEIN]IJ[J K\Q]KE[QLSPYXHVJE\QMJSRJ
[EQYJXEI)7MJL ]`QI [JS,O]KN^TJ[.L FQSQE
XZO]J KI# S(Z#
FQIQYHO SPZO]J
VJZHO= XEZXIYJG,P]K[J KIY FQSQE

X[+YJE]YVJZ70 KIJNGMJ#S(ZYYH O JYWML]J R[JVWQYHOZYJG,YWMS JL ,O
NGMJ# FQIQYE[QL YV’`QIJXZO]J)7MJL [
Q¡-V7[JXQ\O[JNGMJN^TJ]K
[J
### KI
FQSQE
YHOMJ
-HMJSPV7IJZ5MJ[JS,OS+J
7H[.LXIYJ KIYHOE[QL
NVIJVQ%O ŒFQSQMJY X)7TJSYJU,ON^TJ^+J
7H]K[J KYSVHOMJT[MJ
Y[RJY]K]. E
79V7QY6IJE[QJEN]QG.L[.L
7MJN]/V*ZQ]+.?Q FQSQE

YOSZ HO JX[+YJ Z70 KIJ[.L].]+ K].]TÚRJ 3TÚQSQY,Z O
O, MJ KIYN]/
IJXZ+J
U,O[JN^TJ]K[JZ70[IJZHOYJ[.L FO
QEYWQMJYIJZHO EYQMJV-E[+Y
NVMJ)HOMJE[+9)HOMJ[.LXN]MJ XZ709 YQ XZ709XV XN^TJZRJYOSHOZJ
7MJV7Q
O4JN ]J[YJ[JZHO=Y6IJE[QJ\MJ]K[JVMJTHO
Q>QE
Q
]JSP
+QSQ]K
NVIJN]RJ[Z8Q [RJEUQYJZ70 KIJG.L1Y[.L FQSQE
XEUQYJX3(E[+
SIJ)7MJGW(2](
7HEI]K[JE[QMJ\H]J#YVP\H]J#YOIJ\H]JE]KMJVWQT+QV7QE
Q
ENVN]IJ)= 7MLJ NVTJYVJ]KE[+VQ7 ]KE
8E
QMJ[MJMJ#\,O E^+E^+FO
QET[(E[+
1YRJR/H ^ + J ^PE[+9)HMO ]J K[J]O2, V/H 9E?QMJV7QFO
QET[(EZSIJMKSHIJ
GIJ=
7H[JZHO= Z7RJMJ¡HOS,[R,R,UHO¡HO)7MJL XT3JXZQV7[JG.L1Y[J
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
(XE
X[+YJYX1YVJXQN^MJL [TJUJ[ L TJT[O
IJV([QV7QFO
Q[TJUP
N^TJ]K[J (EYQMJV-E[+V7Q YOSHOZJ
7MJVWQY Z70 KIJV- XTOTOX[+YJ
UOE[QMJ V7[J[VJE[+# SP=EYQMJV-YHO ^WYJZHO^WYJU(ZO]JVRJLSPVWQYHO
YWHIJ[.LYWHIJTQE[+YHOEYWQYJTQYVÀRJ\HO2](V7[J[HOMJTHOYJG.L[QE[+ZRJ
E[+9
]K[J (EYWQYJTQE[+YHO^[JZHOYJ
MJXZ709
7MJ
.9Z70 KIJ[.L
RJ

+JGWYJSH)HOMJ]K[J
UOE[QMJE[+XVWQ&Y(
7H]K[J (\.YUOE[QMJ)7TJGOI.=EIQYJ
YWHIJTQE[+XE1YQMJEN]QN]GWMJ]K[J]\VUOE[QMJYVH^O
Q[TJ]K
E
\HO[.L EYWQYJTQ]K ]KEVQY ZP= T YE[QL E?QZHO J],OT, E[+9NVMJ

[JZHO= UHO]K[JX*ZH]JFQSQN]IJ[QYZO T ]K].


AâSH O=  &Y( T+Q Z5MJ  MKVP ESQ EYQMJ V-X YWH/ N^MJ L # IH %¥ QIJ
VE
QYJESQ 1YQ# ZPN^TJESQJYQ ZP[TJYQ\YJ NV[JESQ
TRJTHVJGWVJSQ MK
ZHO@ I[JN^TJESQJZRJ I[J[TJYQ\YJ
NV[J E SQ )H O M J M , E SQ XUMJ   XE
QMJ X K)7 M J L  N]RJ L T , O Ñ
X\PSN^MJLZ5MJ XSYJ
7RJESQ XIQV.LESQ XUMJZ7ESQ
XS,SQESQXZ,OX
]JZ7ESQZPI[JG]JSHVJGWTJGMJ¡HOESESQ
NV[J)HOESQMKN^TJZHO@N^TJEZ
QX
]J
]JàXZ70S([MJS ŒK
]RQYTESQ NV[JESQ EYW>P)7MJL N]RJLT,OZWYJ XY6[J[
Q
]+MJLZ[JÑ2MHVJSHVJT+QESQIH%¥QIJGWVJSQMK
ZHO@a
W(XH]J GW ZO T #NVIJVQ)HOMJM,SOE[SIXSMJWQIJX[+.X]HOMJ#
GO#TQ
EXQMJVJEZ[YJLX[ÉV7VQIJY.[.L X[É]KZQ
XEYQMJ?PSV5 SPGWRJZHOGWMJE]SYHO (UOE[QMJYHO EIQYJ
VH^O
QMJ[TJ]KE
\HO[.LUOE[QMJI.=V[P],O73J1YRJLTVJ]K3(
AN^TJESQUMJ
.#XHOVMJESQUMJ
.#ESESQUMJ
.#VGWTJESQ
SP)7MJL [Y+EI
ESQUMJ
.#GWTJESQSP)7MJL EY+Y+MJESQUMJ
.#
ZHOÑV
ESQUMJ
.#âSHO=YTESQX[HOMJVSHESQUMJ
.[HO=SRJ
ZO T Y X*ZH]JFQSQN]IJ\QESQ EYWQYJTQN^TJSRJ  GO\HO ^+QETQEYWQYJTQYHO
EG[JNVIJVQXY
QN^MJL E
\QNGMJN^TJSRJ E SIJEU+#NVIJVQFQSQTYQNVIJVQEYWQYJTQ#
[YÞSZ OH TJ QT3J##
IJYOIVJ 7
P]KSRJ
 E KYJ[QZ7EF
)7H]JTYJESQG)ŒQYHOT+IJ=\QG.LÑUMJ
.G]JSHVJYMJESQGWVJSQT+Q
ESQNV[J E SQ IH% ¥Q IJY H OZ 5MJ  MK
ZH OS [RJ ?P Ñ GWTJ T+ Q ESQ
NV[JESQE
8EM+YTESQ3TÚQ[HO=YHOT+IJ=ÑN]/ESQEYWQMJ[+MJ
EIESQ
?IJS,'QGWVJ SQTHVEJL SQM7QZJ3WQ3JY6IGJ ]MJ
X YMJV.LZ5MJZ70@âSHO=MKN]/ESQEYQMJV-XYWH/#XFHO=G]JSHVJ
[HO=YHO XTHO
ESQ E
ENV9SGMJN^TJESQ VMJ&Y(ZRJ
ET@
XVH]
O 7QTESQEVQMJVE[QJG]JSVH J ZRJ
ET@MKZRJ

VYJ&Y(ESQ VE
QMJL
.[[JESQ XVWYJ&Y(ESQ SP[TJ\PYHO
R‹MJU.[[JESQ]RQV
7HESQVHOYJESQIJ[HOESQXE]XYVJ
V
7HESQSTÚQV
7HESQ]WYJ[[JESQEVLEZWQEL SQEXQYJEVL[S
YMJESQVN^TJVPÑE
QMJL
.Z+JESQXVWYJIRJESQSIQ[[J
ESQ]RQ
7EH SQXE1YQMJYHS O [
H [JESQIJV[HEO SQXE]XYVJ

7HESQ V]WYJ[[JESQ VEVLEZWQLESQ EXQMJEVL[S
7HESQ
âSHO=ESQ EYW>P  [H O = )7 M J L  N]RJ L T , O Z WYJ  S, S
Qà YWMJ Z RJ Ñ
VHE[FO
Q VWYJEV7QYJYMJYQZWMJ NV[JESQ XY6[J[
Q

ZOHS[RJa
W(XH]J GW ZO T E^QJN]2](TQ
UOE[QMJTQVWQ@E
79V7N^TJETEIQYJV7N^TJETYWHIJTQVWQ]K[[J
]K[J YWHIJTQVWQXE1YQMJ VEN]QV( UOE[QMJTYQVWQ)7MJL XYW,/MJ

QXH]ÀQJVWQXE1YQMJE^IJ S,OS]JT
Q
7H]K[J
 XVW/H SV()7T3J ( Z,OYUOE[QMJXU,O V7QIH%¥QIJE
QYJ
]KZH@ O UOE[QMJ
\Q]K[JA2MHVJEXESQIH%¥QIJGWVJSQaI.=AZ+[JENVQYJ
]KZHO@a]KMJ]K
[J (EI=X\HNVIJVQ%O F ΠQSQVWQFO
Q
7HGHOXU,OV7QUOE[QMJEI[.L]T,O ,
(X[HOMJN^TJ]K[J
  O[HUOE[QMJV7Q]KMJ[.LUMJ
.[
QMK]KYHONVIJVQ%O ŒFQSQ[HOMJ
ZHOZHOSH
7H2](SQ]KFO
Q
7HGHO[HOMJUMJ
.XE]KMJV7YMJZ+[J2MHVJ
]KZHO@
UOE[QMJEIYW]K]. KYIH%¥QIJUOE[QMJ[QI.= X[P[P]K].
 XV5X[VJE[.L YHTÚ K O[ H UOE[QMJV7Q].]K[J KZRJ]. (EG[J
V7QYOSHOZJ
7MJYZ70 KIJV-YHTÚ2](U,O[HOMJZO]J[.LXZO]J]K].

ZO T  X*ZH]JFQSQSOH= N]IJG.LESQ EYWQYJTQN^TJSRJ âEYWQYJTQSRJ SYÞ


Q>J 
GO\OH XQVIQEYWQMJEYWQYJTQSH'S * =S
P V(@UOE[QMJN^TJ@ EFEVQMJ[MJ#NVIJVQTQE]SVOHMJ
SOV’[(#GO#TQ¡-
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
 X
HEV[ÉWFO
QY (YV«QV7QMKUPENVQYJEIQYJU,O]+MJLVRJLFO
Q]K
âFO
QXE1YQMJZRJ EN]QG.L2](]K2]( YWHIJTQVWQYE[QL YHOJZ70SRJL
YOSHOZJ]TÚRJYHO^WYJU(VRJLX)©
QJV7YQY+J
IJN^TJ]K[JYWHITJ QY
%O ŒK )7MJL VYHOYJR(]KFP
AMK= E U+ [ + M J  YWMJ Z RJ  EYQMJ   MKL S GMJ V MJ  @
XEU+[+MJYWMZ J RJEYQMJN]MJSPZRJEYQMJ
?IJZRJEYQMJ
ZP Z RJ  EYQMJ   VH I J  VZRJ  EYQMJ   EQYWJ Q ZRJ  EYQMJ 
ZOTQZ[JESQ)HOMJ\YJVP[[JESQZP[+MJFOIJV&Y(ETXSYJ
V
7RJETS[RJVMJ&Y(EFF, IJ&Y(SMJLETS[RJV(EF
E
EF VHO&YH/ ]OUHIJEF UMJEF NVMJEF E"VEF STJ1YQ
Z,EF SVQYOÑV
[[JESQ XIQEF &Y(T+QZWMJSMJLÑ
^[É Z [J  ESETS[RJ   ES+  G. X , Ñ  ESETS[RJ  
ESESQJZRJ X(>HVRJESQ M
.&Y(Z5MJ YWYJET S[RJ
FO
QXN^TJ N ^TJ Z RJ   V^P  ETS[RJ   1YV’ Q XQN^MJ L
ZPN^TJNMQ[,O=ESQJZRJ)PESQ.ESQ&Y(ESQYIJESQIQ]MJ
ESQ XESQ ¡P  ESQ [, O Z 7 ( E SQ ENGZYJ [ H O E SQ
IQ)7QEGKMJ[HEO SQ]OUOH NG/, ZRJZ5M]J [JÑ^OIJ TQESQJZRJVTQ

[[J E SQZP [ + M J  SP V G, E SQ 1YV’ Q G, E SQ


ZP2]H[ÉQZ5MJN^TJETS[RJa
ZO T E^QJN]2](TQ
¡HO¡HO
7MJ
7MJEZ)7MJLXZ70 KI^WYJZHO^WYJU(ZO]JSPYHOA\HaEXQMJ
YWHIJ\Q[.L YWHIJTQ[HO[HOEZ)7TJGOYHO IQE\QMJ1YRJLTVJ]K3(
AX(>HàYWYJETS[RJ#X(>àH 3(GWH/N^TJETS[RJa
EIQYJ[TJGOY
ATQESQ\VMJ?MJ ESQYJESQE
 EIESQXHVJ XUH]JN^TJET
S[RJa ZO T E^N]2](
)7TJUJ
QTONVIJVQVWQYE[QLFQSQE
XZ70 KII.=][JSYJ[.L
SEFQ\QXPXUV7QXENGG,XQN^MJL EN]QMJZ.VV-
7H]KFPYOSOZ H J
M7 X
J
VWQTOYEIQMJFXUYJUYJV7QYOSHOZJZHOGWMJ1YZHO= KIVWH/ETLGW[Q]K].

GO \HO  YY*SPVQEYWQYJTQEGERQMJ


VJ&Y(SV( EYWQYJTQN^TJSRJ E KYJ[Q
[HOZ7B3(1YMJTHIJ SVOHMJSOE[SI \,V7
]KSRJ
‡)˜]TÚQFO
QEYWQYJTQ GO V7
^+QETQEYWQYJTQ
 E KYJ[QZ7EF

RJ
+JGWYJSH]JVV+IJNV[JZ7[.LXZ70
7MJE[+ZRJ
7H]K[JAFO
Q YQa
AEYWQMJ YQaASHVJ YQaAV’Q¡,OXZ709
7MJaTSRJN^MJL YQVWH/T,ON^TJGWMJZHO=
Z70SPE[+
7H]K[JXVRJI.=[+.2]( YQYHOF+.9[TJGOZHO O4J]O J[]JZHOYJ
MJ
SP
= 9. ZP=XUMJNL ]SEY*[S^+J S,O T+). MHO [ J X
L. [+Y]J K].GONVIJVQN]RJN]IJ
G.LT3JY FO
Q YQ# FO
QXV# EYWQMJ YQEYWQMJXVN^TJ1Y[.L E
7¡HO
NVIJVQ%O ŒFQSQSYJ&Y(]HOMJXVWH/SV(&Y(XE[QJVWQVWQE[+9G.L]K[J
SP[HO=)7MJLEN]QUHO
QV7Q Y6IJE[QJY XVWQN]RJSPX[+YJ TQ1YRJL[HOYJ
EUQYJZO]JZ70 KIJ1Y]KZH=O EN]QEZ[HOMJSP[HO=YZYJVG,]JGW1Y]K[J
(YOSHOZJVWH/ZO]J[QYEG[J Z7IJ[.L SEFQN^TJVJZHO= SP[HO=Y\MJ[J
XEIQYJ[HOMJ]E
Q]K[JZHO=ZRJ\MJ],O
]K[JSP[HO=N]IJEN]Q[QY
TQ1YRJL[OHYJZ70[QY FO
Q[RJ EYWQMJEUQYJSEZQYJ YOSHOZJ
V
FP[.LFO
QE?QXE\QYJ\QVWQ
7H]KSZQZHO=>+[JEVE[QLFO
Q
[RJEYWQMJEUQYJSRJX L YWH/YOSOZH JXZ+IJ&Y(VQZ7E1YQMJXH]ÀQJ
E]KYJ[.L TQ]O JYEZE[+
+[JN]]K[J SOH=ESQJZRJ  %O ŒEG[JV7Q
FO
QET[(V
7HG.L]KFP (ZHO]. TQ1YRJL[HOYJ
JZHO=ZRJ V
7HG.L]KFPUHO[Q
(]O¢H/ZJ&Y(VWQVSH
7Q1Y]KFP
XNVTJ T + . E I[. L  ( X T3J X ZQYH O  ]O  , V MJ  UYJ
FO
MJV WQYT[MJG . L[ Q]K VMJ ?P S V5 XIRJ U, O  FO
Q[TJ U PE [QL
[RJG[ L. JEIQMJEG[JXUYJUYJVMJXQZ,O YZRJE
7VMJVWQIRJ[P
FO
Q[RJ EYWQMJEUQYJ YOSHOZJXV-YHO FQSQ[
Q]VQZHOYJIQ2](
T3J U YJ V N][J  Z7 0 KIJ  1Y]K[J   GO  EIQYJ U , O 
FO
MJ Y HO ^VJ EGS+ Q SRJX \H] K].  [^IJ EYWE[QJV WH/  Y6IJE[QJVWH/

]JS
P Q+ SQ[HY =O ZRJFO
MJYOH X[O1P YN]IJ[J (ZHO XZ+IJ V+IJNV[J[.L
YO S H O Z J T H [ J I . =  Z7 0 1Y[IJ  1Y[. L X [+ Y J  FO
Q]WYJ E [+  XZ+ I J
E]KVWQZQG.L]K[J EYWQMJXHO EYWQMJ]WYJE[+E[QL VEN]Q]K)7MJLE[QL
N]MJUMJ\HIJSHVJV- V
7HZHO=N^TJ
[Q]KFO
MJL YOSHOZJVWQYE[QL Y,EYQMJ
E\QYJVZHO= ]TJTZYJG[J V
7H]KFP#\HIJSHVJV-
7HEI]K[J
KIXE1YQMJIH,OGW/]J]KVJE]YVJZ70 KIJV-V7IJSV5XTQXTQ#
EM+E1Y#]TÚRJ[/YHO[H
TÈQIJYXTFJ]O/¢ Z H YJ HO].Z70Z70 KIXV-ENVQYJ
]K[J
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
###S(Z
NVIJVQ%O ŒFQSQV7IJZ5MJ XIHVJLU,OMK]KS(ZYHO GK[J]OUHOY.LSO=H
2V
. ]K[JG
TJQIJVWQ]R[JE[QJUJ]K¡HEO S
SZHO]K].&Y(MJV
+
XIRJU,O[TJZEZ&YHVJ 3]OSEJ I=[MHO JFOIJ &Y(EYWQMJN^TJETFO
QN^TJET
S+Q2](S(ZG,
P ]K[JS(ZVR7/H EXQMJXSTJG , [
P .L SEFQ]KX\P
SN^MJL EYW
+QVWQV7QFO
QEYWQMJS+Q1Y]K[JS(ZG,P[.L
YJE[+Y
ZUIJ 
YJ#ZN]RJEL I=#ZN]RJEL YWQ J 
YJI.= ZY+JEI=E[+]KN]MJSTJVQ7
[I*E)+EI=[HOMJFO
QEYWQMJ GWQL GW S+Q[.LX[HOMJ]K].NVIJVQN]Y HIJY
Z\+YJZMJYHOXENGG,\Q[.LX[+YJ
YJS[É][J FJEI=
JZHO=],OV7IJV
N^TJZQ]KFPEI=YE[QLEN]QMJEI]KVJX\YJV7QEN]QG.[ L X
.L [HMO JNVIJVQ
ZVWQYZRJ
YJ
YJVT,OZ )7MJL
YJ
YJT,OZ [TJZ7RJLT(N^TJ]K
[J
Y6IJ E [QJ M J
+  J T 3J Y  3]O S J E I= [ H O M J 

+QFOIJ&Y(EYWQMJS+QG.L[QYHO Y+MJY+MJY+YJY+YJ N]IJ2](NVMJEIU.]K


EYWQMJ  YH O 3 ]O S J E I= ) 7 M J L  U( E ZWQJ
Q X[J X TQ [J S + Q ]K[J 
EYWQMJS+QSPE[+YZMJ]IJ)7MJL M7YJE]WQ^(XOIJS(PZQVJ#F(TY+[J],O
]KZQVJ   ^EQMJ  [H O M J \ O ] J  ]KVJ   XO I J   M7 Y J E ]WQYE[QL

]J
+Q\+YJZ70^+J\,OT, ]TÚRJ]K XZ70]+.YHO TOE]KMJ Z70[QZRJ
7H[J#
[TJ3(GWMJ Z70[QZRJ
7H]K[JZ70^+J]TÚRJ)7MLJ ZMJ]IJYHOYIJE[QL]Z +. HO=
EG]K[J TQXH]ÀQJYE[QL Z70 KIJT
Q ]TÚRJ XTON^TJ]K[J
]O¢H/ZJ[TJ3(3(YHO N^TJET# ¡O]J [/[TJGOGOYHO N^TJET# I[J N%?’QYHO N^TJET
]PE>QJYIJE[QL[.LXGK[HOMJ YIJE[QL]+.Y V]KVN^TJ]K
VJYIJE[QL]+.
)7TJVWH/
7H[J [TJGOY¡HO¡HOYIJE[QL]+.]K#
]J
+QE S\+YJ ]TÚRJ VWQSQ
]K]KZHVJLVJEIQYJ[TJVWH/Y FHZ ]JYIJE [QL ]+.  3E
Q]ZYJEUQMJ
ZMJ]IJZHO= UHO
]KZHVJLVJ FHZ]JY 3E
Q]YHO EG[Q]K# XQ
]JTYQ
(ZQ
+[J YZQ[Q]KFHZ]JYIJE[QL]+.V7Q]KVJL]TÚRJE[+Y
3E
Q]\+YJ]TÚRJE[+#F(TY+[J#HOFPVWH/T,O#)HOU(FPTSRJ]KMJZHVJLVJ
FOIJ&Y(EYWQMJ]
HS[JV7QEFOWXQN^MJLZP)7TJTO]KMJ]KVJ
EIQYJFYJXO]JTOV7Q ZPZ[JZPMJ]HOMJ]KMJVJ E
79]HOMJV7QE[QL ZP&Y(
ZPXHO]HOMJ
7HVJ YIJE[QL]+.YHO U
QE[QJLE
79V7Q GW\Q
[J E
73(T+Q

[IQS,O ]KYHO TOE]KMJR(RQYIJE[QLVJYIJE[QL[F .L O


Q
7GH OH YNVIJVQ
 E KYJ[QZ7EF
ZHO]K].?HEO I
QSRJEI
QV7Q]K:HTYQZ,OE[+R‹]\ J Q[JYIJE[QL2](

MJMK]KS(ZG,1P Y
[JS(ZP2](
MJ]\VXO]JTOYEYWQMJV7XHVNJ ]IJ
1YVJ   YWIJ ]
H S [J Y  3]O S J E TQMJ L 1 YV7 Q VH O =  EYWQMJ  V7 Q EI
TJ 2 ]( 

7TJ]KS(ZG,P 1Y]K[J
3]OSJETQMJL[JUHO[Q 2GH/NG,\HIJSHVJ[Q]K]. MK]KS(Z\YJ
EIQYJ\]JS(ZS,O GO]Z HO Q[J ]HZ O Q[.S L Z ( E[+YV+IJ[HVJ 2]( Z5MJXTQ
VTQ
#EIZ8.RTQTQNGMJV7E
7QMJ
VJUHY O [(FQ].N^TJN^TJE^WQEJ N^E
YHO
FQV51YRJL¡-NGMJIQE\QMJNGMJYHOJ[HOMJS(UHOYGOIJNGMJVN]/
SRJLXN]MJ
XZ7X]NGJS[QZYJ[J
[IQUMJNVIJ[QYHOZRJVZO]
J FP#E
7QMJ

VJEIQYJU,OYNVMJLESQEI
QNV[JESQEI
QV7QVEI\HOMJ
#>HVJG,T
Q
N^TJ[.L V([QYJV5\YJNVMJLESQYO[MJEV+9
QE]VZ.EZWQMJ
FPS(ZYHO
2V.2V,T+Q \HIJSHVJETQMJLE
7QYJ[.L XN]MJ ]O[(TH]J2]( XIHTÚ# OY# XI[É#
ZY4QE
S,O]K¡-
VJ XI[ÉUHO[QYHOJ]HOMJHRQ3J
JZOH=V
7HE1YQMJ
NMMJUHOGWYJ]K].[TJ3(GWMJXZHOYWUHO[QV
7HE1YQMJN][.L [
Q]K].
3]OSJSRJVWQYEI=TQYHO V+IJV[RJLV( >
]J[TJEUQMJEUQMJV7Q
TQ 1Y
[J   >
]J U H O [ Q FO I J  &Y( EYWQMJ  XI(  V7 Q
7 H [ . L  IQEI
IJ
XEUQYJX3(]K].X. (V7Q].RXH]J1YVJEIQYJEI=VIYJX¡O4J[YJVQ7
3]O S J \ + Y J #  I, I YJ T QTQ2](   I, I YJ ] H O M J  V7 Q ].  XH V J N ]IJ 1 Y]KZH V J L V J 

7TJ]KS(ZG,P2]( XHVJN]IJ ZQSPVWQZRJ


7H]K[J SP[HO=Y XHVJV7Q].
S(ZEUQYJ[RJ[QE]KL Y6IJE[QJZRJ E
7)7TJE]KMJXE[QJ1YQY
(X[HOMJ].3]OSJETQMJLG.LFP]K[J
F+9. &Y/H EYWQMJSQF]O,EUQMJVQ7 Y6IEJ [QJEI\HOMTJ 3JYVH[EJ U++
[GWH/9)7MJLX[P Y6IJE[QJ[HO= [I*E)+EI=V7Q I,IYJ IQ
(EZQYJ E
8[H,O
FO
QYHOZVJEZ5QYJS+Q2](FO
Q^P1Y]K[JX. X ( GWHIJV7QF[J T YQ
VEN]ESFP#IQ
(EYWQJV7 F[J T YQTEN][JFO
QV7QFO
Q
7HGHO#

7TJ]KS(ZG,P2](XEUQMJYHO F[J T )7MJLN]IJ1Y]K[J3]OSJETQMJL[QY


TH[JYHO\IH J Y+][ J Q]K].SHEO= SQJXV7IJEN]Q

MJ]\VE[QLUQ[Q].VJ\.
V7Q [YWHYWHNVRJ[J SHO=E]VJL YWMJLSQ
E[QLZRJ ?IJYW]K[J

V7[JGWYJ MK]KS(ZV7YQEVSOVTH QÈ TQ
 YQVO4àJ V7Q+MJ T+QYWMJNL GMJV7E
7QMJNGMJ X[+YJ
XN%?’T
HQ VNV[JESQEV\OIX J YWMJLV7E
7QMJYW3JNGMJ YHOXTQ\OH]KSRJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
Y6IJE[QJLTH[JYHO XTVJU,OYE[QL EYWQMJSMJGIJTQE[+ TQEV]+.E[+YHO
XQ¡,OVE
QYJEXQMJ TH[JYHOGW/]J2]([
Q)7Z,OS+MJ\Q
VRJL XZO]J]K].
###FQIQ
%O ΠFQSQYWMJL T 3J S , O
]J V7 Q  FQIQ SH O= V ?O [ J  YV’ `QIJ Y
EIQYJ U , O   YWMJ L T 3J N ^TJ ] K[J   S( Z Y XYO S H O Z J G W/]J E
X[+ Y J
YHOJTH[JXTT \HIJGW/]J[.L YWMJLT3J]K KIYE[QL EYQMJV-N]/[Q]K
FQIQYE[QLTH[JYHOSIJ=TMJ[RJ2MHVJEXQMJ\HIJSHVJ2]([
QSEFQYHO
TPTHOYJ¡-V7[J[.L SVQH YWMJLT3JN^TJ]K[JS,OGOXIYJ XGYJG.U,OYWMJLT3J
ZH O =  Y6IJ E [QJ  P U ]K [J   %O ΠF QSQNVIJ V QXVWQTO Y E[QL
FQIQYV’`QIJXZO]JYHOSH]JZO]JEZLZO]\ J V
7H]KFP
?IJE[QJVWQ)7MJL
FQSQYHOMJ ¡-MH J[.LZP&Y( ]HMO J [GWH/9EZQYJSQFQIQXZO]JYOH ZO]]J K[J
FQE1YQMJLZ. UHOE[QL YV’`QIJ ZO]J^HO= SVQH
EXQMJ TH[JYHOXZ+IJV7
\HIJ GW/]J
[J # UH[ J2 MH VJV-  ZHO [J# SMJ LE [QJ[ .L EI
Q\HO MJG MJ ZRJ
ZHO[X L. [+YJ]KEI=T3JZVP F - V7QYWMZ J RJEI
SPVWQYXGWIH VJ E])HMO ]J KFP#
[TJG K[TJ E ZV7  ZO ]J Z H O Y JV ZO ]J  ZH OY J   N][J E [QMJ N][J E [QMJ  SQ
ZO]J)HOMJ1Y]K[J
O[HYV«QTTJ2](YQZV7QE[QLXE[QJ&Y(EN]QMJZ.ZQ]K[J
IJ&Y(GW/]JE?QMJ3()OYHOJ[HOMJYIVPIQN]ZHOYJZHO=N^TJ)HOMJ]K[JFQIQ
XZO]JZO]JSP ]HOVWQZQ]K[J GOEG[JV7QE[QL NVIJVQN]RJV7Q 3(EUQMJ
N]SSP ]O¢H/ZJEYWQJ ]`QIYV’`QIT
H  YHO ZHOYJ2]( FJ]O¢H/ZJ
.9IRJ#
FJ
H]JSQIRJ TSRJN^MJL YV’`QIJIRJ XE[QJVWQ]K[J YV’`QIJ
IRJVWQSEZQYJXVWQN]RJSPS+QE
QYJXQ\O[J
IJ[
Q
H]JSQE[+
YZRJE]KVWQZ7]K[J
N]RJL Y6IJE[QJNVIJVQN]RJ N]IJE
QYJGWHIJYT2]( ^YJ
7MJZOH
EG[JT QEI[. L (
H] JS Q YV’ `QIJ XZO ]J YH O ZP E [+  XQ[YJ S E
Q
TH[JMJ[TQZO]EJ I1Y[QVNVMJE[+9GWMX J U,O ]K].YWML]J OY
, WMIJL RJE[+ZRJ
EG[JUIJZQ[J Y6IJE[QJSH
7H\QSV5YEZYHO ]
HS[JYHO V5EE]
ZHO]K[JY6IJE[QJSH
H\ 7 Q[QE[+YZRJYH O [ J MHO [
J
QXQ\O[EJ I[.L
EU+VWH/VH[JEU+VWQ\,YEVNVIJT,OTVJ2](SH\QSV5N^TJ]K[J
FQIQ)7TJVWH/
7H]K[J SV\ZH=O ]K:HZEHO G[.LYV’`QIJYTH[Y J HO
 E KYJ[QZ7EF
XQ¡,O[TJGO[RJV7Q TPTHOYJ2]([RJEXQMJ TH[É_Y¢[Q
EXQMJ  ZO]J[.L
XZO]J]KX. (YV7 XUMJLUMJL[YJ2](TWQIJSVQ][J
SRJX\H YWMJLS+Q

VRJLZO]JMIJN^TJ]K[JFQIQEIQYJ[TJIRJYH]×IQYV’`QIJ#
]K:HTYQ]K].TH[JXQ¡,OYHOTPTHOYJ2](G]JSHVJESQ]TÚRJE[+N^TJ[.L¡O]J#IQVJ#
G)ŒQ[HO=
.9 ]
V[JSEFQ ]MJYHOJX
7H SFQ[
QYHO IYJIYJ¡-HMJ¡-HMJ
NVMJEXQMJ¡-[.L XQ\O[JV-N^TJ]K[J X. (ZHO¡-2]( TH[J[RJ2MHVJV-)7MJLX[P
[
QE]KYJGZ .L 5MJ X2MHVJQ[J
VJZ+[JENVQYJS+QVJEIQYJU,O IH%¥QIJ
X\H 3([RJVJNVIJVQ%O ŒFQSQXVWQTOYH]×IQYV’`QIJYHO ]HO2](
ZO]J1Y]K[J Y6IJE[QJ&Y,/
[.L ]O¢/HZJXE[QJVWQVWQY YI3( XUMJL
EZQYJV7Q].
7H]KES[JTH[J[RJ2MHVJEXQMJ SVQH
EXQMJ XQ\O[J
EI1Y
U.]KSP[HO=Y[
QIRJN]U
QZVJR8IJ[.LX[HOMJTH[JYHO XQ¡,O
TPTHOYJ¡-V7[J
[JYV’`QIJ¡-V7[JEIT3JV7QYHOJZO]JSV5I.=N^TJ]WYJEI
SV5YHO VZTJV?MJS[H)7MJL ¡-V7[EJ I
[JFQZO]JSZ. ZO]J
MJ ZO]J
[J#X. KESESGWQGWQV7[JVHVGH )ŒQYHOJV7QFQN^TJEISZ.N^TJEI[Q
YHOV[ 7 #J XSYJN]MJN]MJ¡702]( \+YEJ ZMJEZYHOV[ 7
J VJ\OMH JEIZ5MZ J RJ
\OHMJZWYJ#
]JEIZ5MJZRJ
]JZWYJ#TYQEN]QZWYJSOH=V?O[JUH[JUH[J
EI\OMH TJ 3JSO=VH ?O[J \OHMJZWYJN^TJET#
]JZWYNJ ^TJETX
HQ]O J [TJGO[RJ
V7QXEI1YQZOH= YHOYGJ .ERQMJRQZ5MNJ ^TJET1YQ
MJ1YQ[J#\,OYW3Z J Q

MJZRJ\,O[JYW3J[JV7[J
VJN^TJSV5YH O Z J O]JSV5YOH VN][JVZ]J
S[HY]J2]( N^TJU. ¡-V[ 7 EJ I
VJEN]Q
[QE[QLZ+]J K
.9[YJZ]O EJ [QL
VZ+JFPGMJ%WTQ[TJXO]J ^[JEI[OIJN^TJET#TQ[VJ[TJETQMJ E
EI
[OIJ N^TJETTH[JYXQ¡,O]WYJ2]([NGQE
QYJSQ+ [Q]
HS[J\.Y1Y/, ^P 1Y
[JV?O[JZQZYJGWQZOHYJEI[.LXGKZRJ (X[OHMJ]K].[TJGK[TJGK
TH[JYEFZ+MJLS+Q[[J[J
 XGO  Y6IJ E [QJ E N]QEI[. L  EU+ V WH /  VH [ J S * ? E[+
[
QXQ\O [ J [ Q XH V J V 7 Q  V?O [ J ] KFP  
H ]J S Q[TJ GO G O Y H O  S+ Q 2]( 
XQ\O[[ J Q]K
H]S J QV7QYXTTN]RJTL [ O, J#SH]JXUMJEN][JSOEH= SQJ

H]JSQV7QZRJXGWHIJN]RJL XQV\O[)J HMO J1Y]KFP


H]JSQS+Q^OH=[TJGK[TJ
,

YJ X IRJ  MJ  E]VJ   [TJ G K[TJ


, Z RJ   [TJ Z EZQYJ X \H
XGWHIJE]]KZHVJLVJ
GOY6IEJ [QJEN]QG.[ L .L FQIQUOH[.LYV’`QIJXZO]X J E1YQMJY
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
XE],X1YVJ^WMJ V5SQN^TJ]K[J]
HS[J
9. G+MNLJ ]/GWY)J M7 LJ KYHO N^RJTL Y + J
[.L XEI)7MLJ
Q?OZQE]OZEv
[.L ANV[J% O EΠSIQa TQXO]VJ Q7 ]K
7[ H L. FQIQ
XE1YQMJE^IJEU+E)+GWYY J OH E^QYJSRJGWZ]HO K[J]
HS[JSH]K[J
(TQXO]Y J OH GOY]K
(VQ7 E
SQ2]( T(]K[J\O[EJ [QYGOVQ7 
]KEVQYE]K (V
( 9. %(EYXV7QTQE
SQ\Q]K[JFQIQYHO
YV’`QIJ ZO=H N]IJU[ OH QYHO
Q?OZQYTH[[ J HMO J VYW]KFPFQIQ
.9
XH]QÀ JXN]RJX L T,Y O OH VNG/, MVO, FH P ZO=H PU[JSPPU[.X L [OMH J V7I]J K[J
FQIQYTH[Y J OEH ZLYWMELJ ][J#SIJ=
M7 J TMJ1YJET
IJEZLYWMLEJ ][J
SIJ
= M7 J TMJ1YJVY - OH EYQMJSRJ\YJEYQMJEXQMJ[OH ]+QE][J #EZLYWMLJ
N]/N]MJE][J#XEZLXYWMJLXQEYQMJEXQMJ]+QE][JZHO=XH]ÀQJ

]K[J# KE1YQMJL SPY XTQ TH[Y J ]OH Q+ VWQNGMJ


SHO=V?O[J TH[JYHOTRJY+]JNGMJ  TYQ
]JE[+S,OV7SQ
U(EZWQJVJZHO=PU[JYV’`QIJ\HOMJFQIQ]+QVWQ[.LXZO]JYTH[JVQ7
[+Y J ]J[L. XRTJXE1YXE)7QMJX L 7YVJ WQYHO ]J^WYS J IJT= MJ[L. XZO]]J K
[J#XQ¡,OTP THY O J ¡-)MOH TJ V+ J EV+2](S[H\EP \QMJNGMJN^TJ]K[J (Y]RQ
MJL
3Q4JT3JXUMJLUMJL[YJ2](E[QL]
V[STÚQ[RJ?PESQIH%¥QIJYHOVWYJ
EV7QYJN]/)HOMJE
3([RJNGMJN^TJ]K[J
TH [ J Y H O T RJ  Y+ ] J ] + Q VWQNGMJ  )7 M J L  ][J S YJ 2 ](  TQXO ] J \ . Y
FQIQXGIJ V7 UHOMJ
QX]OH JVWQYHO V(72](EN]Q]K3(VJ
Q?OZQY
EXQYJ]KX[OHMJE
SQ]K[J
AYV’`QIJa?PESQTYQYHOS,O ZHOYJSRJ)7MLJ [2]H/MIJ YJEI=T3JZ]O J^ + J
%Q?(
YHTÚVWQYHOT+IJ=]TJ
VRJ?O\MJ1Y]KSRJP[+MJMJÑN^TJET
EYWQMJSG*IJ [TJEI
QV7Q N^TJET ZPSPYMJE
Q[TJEI
QV7Q
EYWQYJ¡]O ]J VQ[MJ]ZvMEJ G+VZ-]JV7YJ \HMO
J E[QLVRJ?O E[+ZHY O J
1YSRJ%O EŒ ?Q1YQN]SG.EL SQYV’`QIJ[
QYHO XZ+Z . .X + V7QV7Q
SEFQE]KYJEI1YSRJ XGWH/9Y VN]RJLVT,O)7MJL XIRJMJV5SQ
IQZRJEISRJ \HO=E1YQMJL YQZE
+9ZWQ 1YQNVMJLZQESQXGK
AYV’`QIJa ¡-IRJV7Q G6[JEGWQJ[HVJ]KZQG.L2]( ZO]J¡HOZO]JT3J[TJGO

YHO 3(YHOEZ E>WQEVQMJ  Y ANV[J%O ŒE SIQa


GO#
IJYOI\
J O[J XN^TJFQSQN]IJU\
HO QSRJ
 E KYJ[QZ7EF
SHO=V?O[JXGVJXIQ[GO#IRJ]RQ[TJ
]JY.LSHO=N^TJZQSRJX\H
HO+MJ]WYJT(2](G.L
EZSRJa
[TJT, O[TJEQYJY  SPZO ]JS V5YHO  S[HGW]J Ñ VN][J V7[ J[ .L
YV’`QIJXYWMJL)7MJL][JSYJ2](
Q?OZQ@XUHOXVHIJ=E[+YX\YJV7Q
EN]QG.L[.L NVIJVQ%O ŒFQSQVWQ FQIQ ]+QIRJ]+Q?IJ)7MJL SYJUHOMJEI
]K[JSPUYJ2](UHO\Q[QY
AMJYV’`QIJXZO]JV7Q SMJLYOHJE
YHOJ[QN^TJET# XZO]JG+MJV7
YHTÚN^TJET# EWQTÚN^TJET SMJYHOJ[HOMJ YQY, T(Y,ENVQYJ
ZO]S J V5YHO N]/UV. 7QS[HY]J2]( V7[JSQEI
[.LS[HZYJVZ+[EJ

XZO]J N^TJ]K[J SMJSRJZVJEZ5QYJZWYJN^TJET#
]JZWYJ
N^TJET#\HOMJZWYJN^TJJET#Z.EZWQMJZWYJN^TJET#XH]JEISRJN^TJET
TYQEN]QSRJN^TJET#UH[JUH[JEISRJN^TJETO[JT+
XU,O[]HO[]KS+QEIT3JN^TJET#SMJZO]JSV5X
Q
Q[+MJ S[H
Y]JZWYJ XZ,OT,OYHOZO]JU.ZO]JYOHMJU.[+MJ S[H
7HEI
VRJa
?O SP=TQXO]J TQVWYJ)7Q  V7Q UHO\Q]K[J E KYJ[Q
Q?OZQ
.9
XUHOXVHIJ=X
 \MJ
7Q]K[J TH[JYHO YWMJLP]+QVWQ
QV7Q YV’`QIJ
EQ([TJEQYJXEII.=FJEI
QFJ<QIV7#
H]JSQV7
JZHO=<QIEI
Q
S[JS[JV7[VJ 7[JVZH]O KFPXGHWIJZRJFJXGWHIJV7
JZHO=S[JV[ 7 JT
Q
VZHO]KFPVRJSPVUHOEI=T3JFXZO]J[QIJE[+ZO]JEUQMJU.V7QYWMJZ L HO=

]K[J 2](E[QL YHOJ[HOMJZO]J)HOMJ[.L ZO]J


VJL XZO]JN^TJ[.L X[+YJ
U
QYIRJN]E]V7 N^TJ[JZHO=Z. V?O[J]KFP
Q?OZQ
.9 ( YV’`QIJ
IRJTITJYNVIJVQ%O ŒFQSQMJVWQ
.9Y6IJE[QJEN]QG.L2](YV’`QIJIRJI.=
Y+QNGQEIESQJZRJ Y6IJE[QJE[QL
Q?OZQYHO SEFQ[P E\QYJG,
]K[J
#ZPXHO#ZP&Y(]HOMJ
FJX
+JYT2](ZP&Y(]HOMJEGVZ.Y6IJE[QJLX[+YJXGYJ].
3JEYWV- XENGG,ZHOYJ2]( ZP&Y(UHO[.L XS,OX)-IJYHO XVWH/VWH/XH]ÀQJ
EYQYJ)HOMJ1Y]K[J XSYJX]HOMJXNGQYHO Y,ESY,V EN]QV
]KFP
NVIJVQLXNVMJYHO[HO K[Q#XEIQYJ[MOH JSQXNVMJYE[QL\MJV\ H MJ
Q]K
NVIJVQX[+YY J E[QLZP&Y(XSYJ&Y( ]HOMJ MJ[JUO[ H QMKUJLMK?HF O YJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
&YH/YJ[.LEI
QYTZHVJLVJXEIQYJV7QE[QLLMKUJLMKYHOMJES[JZHO=
EN]Q3(VJ (X
+JV7QMK&Y(2]Z( =Z
HO RJV\MJ1YESFPENGQYJUJEYWQJ
2%[
H SH 5VWQYE[QLXSYJYYH O Y LJ 
OH Y
J OH &Y( [J\MJ
MJ&Y( V7Q].#MJ[J
\MJ
MJMJV7Q].ZHO= UOH1Y[J SYJ&Y(
+JYHO FJYTVJ T,S[JV7[J
V\QEZE[QL[TJGK[OIJYXE
79[HOMJ)7MJLXQ^
HY]RQEYQZH]JV7Q
Y6IJE[QJMJ2](XH]ÀQJ E]1YRJLG.L^P[J
[TJEI=EI=TQTQ]+.V7QY6IJE[QJEYQZH]JEYWQMJXO]J&Y(I.=TEYQL
ZPVWH/ Y\HY)7TJEQYJ 1YQV7Q\HOMJEI[J EYWQMJXO]J&Y(Y 
EZQYJ Y6IJE[QJLRQFYJV7Q \HOMJ[J# TEYQLYZPZ[J]HOMJ# Y6IJE[QJL
FJFYJV7Q\HOMEJ I[JSP[=HO TEYQLE[+XVWQTOZHO].SPYEKYJKSIQ
XHO [TJEQYJN^TJ[JTEYQLYY6IJE[QJEKYJS( YTQSZQZH=O EV]K
[JY6IJE[QJYVYTQE1YQMJEN^#SPYFQZHVO= YTQ[QZ.N]IJEVN]IJ
E
QX. KXFHO&Y(E[+YTQ[Q].ZHO= Y6IJE[QJYE]WQJET]WYJETN]IJEN^
ZHOYJ[JSP=YHO U+E]ZHOYJSZHNO ^TJS+Q[JXFHO&Y(UHO[QFQZ.#FJ
X
+JV7QXSYJ&Y([QZ.UHOTVJ]K3(%WZHO=SPYN]IJEVG+IJ\O[JZQ[J
¡O[J[
YJ Y6IJE[QJZRJEYWQMJXO]J&Y( XSYJX
+JYHO EVL2](X. K
)7TJE]KL%WQZHO=EN^ZHOYJVH[JEYWQMJXO]J&Y(YY6IJE[QJLRQ^YJIQ\.
Y]J2]( EXQJ]KEZE
QAE?L)7TJYZPZ[J]MHO J Y+a[.#L IQ]+MLVJ [[J]K].%WQ#
EXQJZHOYJ],OY
NVIJVQ%O ŒFQSQVWQY ]HSE)Œ EI
NGMJ# XOH
NGMJ# IQ
NGMJ#
ES
NGMJ UHO 2]( J OY EFYHO [
+[ J[RJ
+[ JEI1Y[J ( E[QL
XHOEF&Y(YESEF)7MJL )7TJZ7VJSQE[JZOH=SHEI1Y[JSHO=ESQJ
ESNGMJYXIHTÚ[
Q)7MJLXR(ZQEZE[QLYEZMJE[+ZRJESGWMJ
ES[Q].X. (E[QLXHO[JXSYJ&Y([JUHO[QFJX
+JZ.Y. K
\Q]KTHO=NVIJVQYE[QL)7TJUHOZ5MJXHO2](\MJ[JXHO2](\MJEXQMJZRJ
ZP[YQYZO]JE]EI[JSP
.9FXNVMJI=. ZPVW/H 
.9YWMJL\O, YHOY (X[HOMJ
X\MJE]KYJEXQMJ E\QYJYPE]EI[J (X\.V7Q
QS(3[OZRJ
XE1YQMJ[TJGWYJN^TJ)HOMJVJ)7TJY2%H[HS5EG[JV7QX
Q
7HVWQ]MJTMJ
X2MHVJTQPEZL
7H[.L XSYJN^TJ[J (]MJTMJSYJ TRJVW3J S[JV[ 7 J
\Q[QY 2%H[HS5X
Q
7HVWQ NVIJVQN]RJV7Q )7TJ  XV-\VJ2](Z5MJ
 E KYJ[QZ7EF
YHOJL)HOMJM,N]IJVHSQTO)7MJLEI)HOMJET^HO=ZO]J[QZOH=SH
]K[J (X
+JUHOZ5MJ
SQSV(XVWQTOY VHFVWQXE]V7Q
7H[.L SP[HO=
.9SQSV([J \VJ
EUQMJ)HOMJ1Y2](SYJ&Y(
+J&Y(ZHO=XEGG,
2](N^TJ[.LVHFVWQYHOE\QYJ],L
EI1Y2]([GHW/9UHOZ5MJ (X
+JVHFVWQYHOSP[HO=)7MJLX[PXHVJV7QEG\Q2](
NVIJVQN]RJV7QYXSYJX
+J
7HSPYHOMKXSYJ&Y(2](ZHO=G,TQ

EXQMJ ZO]JZO]JE]EI[J XE1YQMJ)7TJ


]J
7H]K[J ]\VXGWYJY
XSYJ&Y(SPYHO ¡HOESEZTQV-E1YQMJL Z+IJZ+IJY.Y.¡OTHOYJ[.LXE1YQMJ#
EIQYJ[TJGOYEU+VWH/XEGXEV7QS,O[.LXFHOXF+QEK?Q
VWQN^TJ
]K[J
XSYJX
+J&Y(SPVWQV7Q YHOJLYHTÚYHOJ FQV5VZO]J
EXQMJ
ZO] JY HO MJ  G+ MJ LVE][QE[+  Y6IJE [QJ & Y, / ^P ]K[J  XFH O [TJE QYJ
TQ]+.E]YEU[,EYQYJP^HO=EI
QY\ZHOYJZ5MJ[TJEQYJEQYJY
PE]E[QL VJ XF+QY E
ESQYJGWMJZHO= \2]( E
G]JVJZO]JZ5MJ
[TJEQYJEQYJYG]JE]VJXE^XHO&Y(Y[,NVYJTRJEYQYJP2](
YHOJZYJ Z7/]J
7Q
MJ MJ2G,Z7RJYWMJVJZO]JZ5MJ MJ
+J[.LXVH S J Q
[TJEQYJ EQYJY SP=[,NVYJTRJP2]( MJZ7RJZHVJLVJ (X[HOMJ].
Y6IJE[QJ&Y,/
]K[JKSIQ]KZHO= 3WQ3JZ]O [ J QMJZO]JVJLSPE]E[QL
Y6IJE[QJZO]GJ M+ VLJ
#EIQYJUO, E[QLMKLXZO]J MJVZO]1J Y)7MLJ [Q
SRJX\H
N^TJ[ J   E]KMJ 
7 M J VJ U O H 2 ](   H O E KMJ[ .\ . Y  ENVU+ G YJ
MJ G+ E Z
EYQYJ Y H O M J Z H O Y J [ Q I. =  XVWH / XEU+ \ . Y  ZP M J [ TJ 3 (  3(  YN^TJ E T
3WQ3J E TQMJ L Y N^TJ E T Y6IJ E [QJ  ZO ] J E ]VJ U H O 2 ](   MJ Z Q[J 
YHOJLZYJ^YJ
RJEZ YHOJE^WQJ[QE[QMJ XHVJE^QJYEZV SHO=V?O[J
[TJEQYJEQYJYY6IJE[QJLYOH VE^WQ
J FPSP[O=H E^WQJE]VJ[Q[J
(YHTÚV7QE[QL Y6IJE[QJXEZ5QLVE]FP# SP[HO= E^WQJ[.L ZYJ^YJ
RJY
S1YQVWQ[J #  )H O = V WQ[J #  Y6IJ E [QJ V &YH / YJ F P   ( ? QVWH / E[+ Y
ZE]KMJ VWQT+ Q )7 TJ E ]KMJ VWQT+ Q  N^TJZ QG. L
MJ  YQY,
7M J ]O ¢ H/ ZJ V7 Q
YHOJE
QTH[J]KX
+J
MJLE[QLV7QE]KL
XE
79V7QE
QXEIQYJVQ7 ]KENV
2](SPVWQEN]QS,YHOJ[OMH J1YQ^P
]K[JGOXFHOXF+QN^TJZQ[QE1YQMJLYHOJLYO H JYO
H J&Y(2](Z=HO \MJ]K
S[.L [GWH/9UHOZ5MJ  E[QMJV
7HES]KFP XFHO XF+QUHO[.L XS,O
X)-IJY&Y(2](XHO2](ZHO=EXQYJEVLET]K[J
[GWH/9ZP&Y(VWQUHOZ5MJ SP=\YJMK ¡OIJYIJZ-]J
7QU. ZPZ[JE[+
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
V73)J OMH JEZQYJEXQMJSIJVQS+YZ J YJU.
7]H K[J KE[QMJNVIJVQVWQY
ZP&Y( UHZ O 5MJ G)ŒQZRJXH#O TH[Y
J ZRJT+V. TH
.+ QZH=O \MJ[QVWQ[JSHE=O SQJ
ZP&Y( UHO[Q3Q4JXENVQJXNVMJ&Y([J#%?OSO[ YJ[J#XU,OXN^[J
V7IJYIJ E[QJ[RJLSP N^TJ[JZHO= XVWQZYJG,]K[J
FJX
+JV7Q].T2](SP=YHOJSPXHO[J\MJ\MJ#X. (XGWHIJYT2](
SPYEIQYJFX[+YJ )7TJU[HOZO]JE[QLVJ]HSE)ŒEI
NGMJ#XOH
NGMJ#
IQ
NGMJ#ES
NGMJ#F[TJ^IJN]IJN^TJ
NGMJUO[ H .L ]HTS
Ú VO]ÀK J[
QI.= FO
Q
E?Q [GWH/9YZRJ SP=X[+YJ ]HO2](\MJ
7QZQ[J# G,TQZQ
[J
[VZ+IJFX[+YJ]HOZO]JZQEZEZSPYEZQY(YHTÚE[+YHOTH[JMJTQV-
IRJEZEZN^TJZQ]K[J
[TJGOE[QLEV[ÉQ
]JG], K
ETXSYJEYWQJ NVIJVQ%O F ΠQSQ
[HOMJYHO ESEFI.= XIH`Q¡,OE[+]. XT3JE[+EISP# EZQY(YHO Z,OZ,O
EVL E ]WQYJ  \QSP Z H O =  V\MJ Z H O Y J ] K)7 M J L   FYH O  E]WQJ E ]WQJ
8 M J
8 M J
UYJEI)HOMJSPE[+#EIZRJEISPE[+XVWQ&Y(
7H]KES[J
#ESNGMJ
AES[Ja UOH[.L TYQYHO E^QJN]T
Q NVIJVQTYQ 3]TQVWQT+Q
YJZ7]K[JSP)7MLJ [+.]KZQ[.L XEZQMJ)7MLJ XSOFYHTÚX[+YZ J RJ
XZQ[P]K]. (ZHNO ^TJZQ[QYNVIJVQ[O
=H 9. FU,O GIJYHO ¡-NVMJ]YO, OH R8IJN]EI
]K[JESNGMJSHO=V?O[J FU,OGIJYZRJ [VZ+IJ)7MJL UYJ)8JEI[.L
FQSQE
YHTÚZRJN^TJ#IQZRJ
IJGYJG.SRJLYHTÚZRJN^TJEI]K[J
)7MJL
QTONVIJVQ%O ŒFQSQVWQYE[QLESNGMJYHOXSYJ

]J[IJ=NGMJ SYJSYJXN^TJ SEFQ\Q1Y]K[J X. (YQZY S,O[.L


XS,O YXSYJES[J XSYJ
]J[IJ=2]( V7ES[JZH=S O O, [J#[TJ^YJ
V7QYXSYJ
M7 [ J J XSYJUYJZYJ
E7H I[J V7
7MJ[JZ=HO S,O ]K[J
X. (EG[JXGKY (EK?Q
YHOSO,
QV7Q]OH/¢ ZJ
.9ZPV-XUMJL#
Q\P#NVMJLNV[JV-
TSRJ G+.G+.NGQNGQVZO]JF. EYWQYJTQVWQV7Q (EK?Q
YHO XUMJLVE
+
S,O T+\
. Q[QVIRJZ7]KFP%O F ΠO
QYH]O MJZ5MJ ES[JZ=OH S,O \Q]K[J
SHE=O SQJZRJE\
K %O ŒFQSQXNVTJ[ + JZQE[QLX\+[X J NV[J\Q[.L
]K:HFQSQYNVIJVQZPVWH/YHO3JEYWV-XUMJLNV‹MJL[MJE]G.L]K[JNVIJVQ
FQSQTYQYHOZRJ]K:HTYQZ,OE[+ \RJLS+MJ[.LX[+YJ ]HOVHO YJET
 E KYJ[QZ7EF
]K[JXS,OE[+Y]HO2](SHVJEV+9IYJIZ . Q[J
QTOYT2]( NVIJVQ[H
O= 9.
ESNGMJX[+YJ EK?Q
YJV-Y ],OT,STJN^TJZQ]K[J IVPIQ[GWH/9
N]Z5MJ Z,OEZQYJEYQMJ]KZHVJLVJ
ZPEQYWJQX[+YJ
Y SQVIJZP
ES[J ES[J
U,O[J 2](S+Q2](#
]J[IJ=2](
ESU,O[J ES2](S+Q2](#
G 
Q\P#I3TÚQ
7HSP
XIHTÚE
QYJ[J V2V.NGMJ[
QE
QYJZQSRJ #V2V.ESQ
XN^TJSHO=E
QYJSRJXIHTÚ!]K:HXIHTÚ
Y,YOIJ[J Y,2](U,OSRJ#Y,VYWIJE[QLEGW
Y,!]K:HYV’
 VMJEU+THOVWH/
I[J
+QT,[J I[J
+QE]WQJ
8MJSRJ#I[J[HO=EI\HOMJ
Q
<QI[+MJ EI\HOMJSRJ
' I[JE KVWQ
TOE[[J ]K:HTOE[#ESSRJ
YHOY+JG,]O¢/HZJVWQ
Y FOIJ&Y(
]W,E[QJVP[J N]IJS+QSRJ#NVMJNL V[JESQ]OH/¢ ZJX[+YJ
E[QJ S,O# N%?’Q LF,O?OUHOZHOESQ VHVH
ZQ
QVPZF,OSHO=N]IJS+QSRJ
G %O ŒFO
Q#]TÚY%O Œ#
?)©Q
]
HIH%¥QIJN ]/E[QJVP[J IH%¥QIJSHO= MJE
QYJSRJ NVMJLNV[JV-
X[+YJE[QJS,OSRJ ]K:H ]
HIH%¥QIJV7
NVIJVQ%O ŒFQSQG,P[.LESNGMJSEFQY)7TJVWH/)7TJTQ
7H]K[J
 ¡HO ¡HO ES SFQX[HMO J ES )7MLJ  ES¡HO EST3JV?O[]J E. S#XESUHO
)7MJLESNGMJ O[HES[.LIRJYHOXTHVJESXE1YQMJV7QEN]QG.L]K2](ES¡HO
EST3JES[.L ¡HO ¡HO ES[QYXSYJ&Y(
MJ[ L QE1YQMJL SHV=O ?O[J E
QKE1YQMJL
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
N^TJ[J NVIJ=VQXPX
 ^WQIQ[.LE
QKY  ]K
7H]K[J ES¡HO
EST3JV?O[JF. ES[QYHO N^TJ¡HON^TJT3JV?O[J[.L XE1YQMJ[TJE1YQMJ
E1YQMJLZO=U H O]H K[JYPTYJE
QKE1YQMJ#L ENV+YOY H JZO=#H &YH/U+.GWZ#HO= SHO=V?O[J
V(V^+Q)HMO [J Q[H=O ]K[JXESUHO YE[QLEK?Q
XS,O YR8INJ ][.X L [HMO J
UHOK[.LXE1YQMJ
MJ
7HVJ VMJVHIJ=)7MJLES
[Q# XS[JG,
[Q# \HGHOYJ
X)©
QJE1YQMJLES[Q# [H
TÈQIJEF
IJE1YQMJLES[QE[+]K[J
XGOEN]Q[.LES],OESIRJVWQV7Q XESUHO[TJVWH/YHO EI=VYPF.
S2¼/?J[J ZO]J¡HOZO]JT3JX[HOMJV?O[JE[QLFP# XSOFZQSPYZRJ
XZ+IJIRJVJ#XGVJXIQE[+FQE[+ZRJ V]KE[QLFPV(V^+Q)HOMJZHO=
ES
[.LVHGMJYHOZRJ EI=VYPF. S2¼/?J]K[J EV7QJU
QE[+Y VHIJV
¡O]Y
J Z]J[PE^QJ2]( X*KE[+YO H N^[JE[QYJ2P]( SP[E= OH V7QX
J T(X
MJE[+ZO]
J QV7Q
S,O[[J[J KE1YQMJL SP9XEZQMJYHO EV7QJU
QE[+ ZQE^QJV7QTHO
[.L
X[+YJ GOITJR[HOMJSP=SGW¼/MJYHO YMJETQMJL1Y[J
ZPESEYQMJYHOEG[.LXS,OX)-IJYXSOF]K:HTYQXSOF
¡-GWMJT^+JV
7HZHO= XH]ÀQJ
[JNVIJVQTTJTTJI.= EN]Q
MJE[QL VSQZHO=
S,O]K[J (]K:HI.= NVIJVQ)7TJZ,OTZ,OYHO XNGQEK?Q
VWQ)7MJL [+.^YJ
S,OT+.]K[J
XSOFBVSQ XEZQMJ#¡O]JYZ]J
XSOFXHVJBVSQXHVJ XSOF
7HESQXHVJ
XSOFGWBVSQGW XEZQMJYHOSO×QIJS]HO= 2HO= ](ENVNV‹/]JSVHO= ?O[J
V(S2¼/?JSRJ
XSOF]HO=BVSQ]HO= [TJEQYJ[RJN^TJET ]
HS[J)7MJLN^TJET
XSOF[IJ)7MJLZHOYJ]KSRJ
XSOFBVSQXZQMJ [TJGK[TJ
, XSOFBVSQYHO XEZQMJ?O
GW,/9SRJSHO=V?O[J XEZQMJ?OS,OSRJ
[TJT[ ,O TJEQYJY+JZI+ [ J XL. GKV7Q[IJT(ZY OH ]J K]HE=O UQMJ]K[J
Y+JZ+IJ2](GOITJ
YJENVQYJEI=V7QE[QLFQSQE
XZ70X[IJ
YJZRJ
ZO]J]K[J
XGW/H 9XSOFVWQV7QEU+VW/H VWQYXN]MJX\IJ]EP U+ESQYN^TJ1Y
[QYHO E[+9NVMJ
[[J]K[JXEZQMJYHO [TJY OH Z
J O, SIJN= ]IJE= XQMJE
GW/H 
 E KYJ[QZ7EF
E]2](ENGV)7TJEGWQMJZYJV)7TJEGWQMJYHOXGWMJGWMJ]P2](&YH/SHO=V?O[J
X[JT)7MJLGWRJ
]K[J (&YH/E[+YHOZYJV&YH/#ENGV&YH/ZHO= EG[J
2]([.LXGK XEZQMJYHO XEYQMJU,O X[JXTQ [JUMJE]
[J
E
7XGKYE[QL[TJVW/H ZO][ J QZRJ
7[
H JXEZQMJYHOGW/H MJ EXQYJYT2](
[TJY OH ZJ O, X[JN^0T)7MLJ
TJ][JE][JVWY)J Q7 YHEO [QLXNGQXE1YQMJ\P
V
7H
MJ VWQESQXQN^MJL ^+MJL\Q[JS+QE[+1YQV7QEM+N^TJET#E
8 *K
N^TJET#XE YETLGO\Q[J (XE Y *KY EYQYJG,[.L
NVTJYPYP[OH=GX[OHMJ YP[HO=G]KGOEG[JVE[QL (\,OT,YHOXE[QJVWQVWQ
ZHY O JVZO]EJ [QL]KFPXEZQMJYHO XEZQMJTMJE][MJ\QVJ#XEZQMJ
TMJEXQYJENGV7Q^EQMJ[TJ[HOMJV(\+IJ\QVJ#ENVE
XHO[TJZ,OZRJ
GW\QVJ XHVJV7QXEZQMJ
7HEISV5 XTQXESQYJ [TJ]IJYIJYHO
XEZQMJEFV7QGW\QVJ#XTQTQGWHIJE
QYJ[HOMJ]+.STJZ.E]
[J
(YHTÚE[+XQZ,OYHO¡HO
QXT3JXZQY6VJ[.L]O¢H/ZJ[TJ3(Y&Y(1Y]JE]
]K[J HOMJIJYPR(VRJLSP V
7HV7Q VTHO
]KFP NVIJVQTYQ UHO¡HO
7H[J
AXHVJI(GWMJEYQMJXEZQMJZ7a[.LNVIJVQN]RJV7QSOF
Q>QXN^TJXSYJ
EV+VJEYWQMJSPV
7H]KFP
XEZQMJFJ)7TJ
YJ\QVJUHO[QYE[QLY+JZ+IJSP
.9ZPV-
XUMJLX[IJE]VP[RJVJ2](E[QLSP9XVW/H E[+ZPT[ O, YJTOE,
QYJEXQMJ
ETQMJL
[.LXE]ZRJVP[RJVJUMJ
.SQYHOE[QLX[[J)HOMJU,ONVIJNVIJ
S2¼/?J[J#XYOIJXYWIRJEXQMJZO=]H KZPGWVJSQXSOFYE[QL
YJ]HO
1YQVJS2/¼ ?VJ RJEL I=VE
QYJVGWMJ XHVJVQ7 ZRJZPTRJYQEI]KZHVVLJ J
[GWH/9Y XSOFXHVJZQ2]( VJIRJTYQUHOVJ [GWH/9VWQESQXQN^MJL
ZP&Y( ]HMO JYXSOF¡-VJXEZQMJYH¡O -2](F@V2VE. SQXIHTÚSEFQYHO
S,OS]J[
QXQ\O[J[Q]K]. [GWH/9YZRJ XSOFETQMJL[J# RXH]J
ETQMJLZQ1Y[JSP[HO=YE[QLZPMJZPZ[J]HOMJYXVWH/SV(XVWH/SQ
E[+]KVJ[TJRZ,O^.YTQ1YVJ#S,O],O¡HOYJ1YVJ#X,TQZ7HVJLYTQVJ
EGKMJYHOE[QL ZO]JE
QMJSP
7HZ5MJJVJ SHO=V?O[JZYJSVQY
[TJGK[TJ
,XSOFXHVJMJ2G,\.V7Q].EGKMJ¡HOYJE]VJXEZQMJYOHEGKMJ
S+[J2]([.LXGKV7QXHVJSQMJ
+JSPXQZ,OYHOX
]J[HOMJ
[J#X
]J)7MJL
[R([RJX]JGWRJN^TJET&YH/N^TJETXZWQN^[J2]([TJEQYJT(X[+YJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
&YH/YHOZ,O2](XEZQMJE][MJE]
[J
XSOFGWVRJEL I=VQ7 EGKMJYHO EGKMJ\VJSPVWQYXHV\ J V. \
7 VJ\O[J
VJ# [TJ2]H/MJ[RJV7Q XEZQMJTMJEXQYJY ENVE
XHOYHO[TJEQYJ
EQYJY SJZQ
[J EGKMJEIQYJYZHOYJ2]( XHO\.YE
YHO ZVJ
[TJEZ5QYJ^WIJS+Q
VJ#XHVJ[,GKZRJE
QYJE
QXHOYHGO WG+.]TJ
[J
XSOF [IJ&Y( SO× IJFYJS+Q VJ# ZP[IJX
7RJYE[QL
ESSP
. 9 XUMJL X[IJ  SHO= V?O[ J 3TÚQ YJV-E ] VP [RJZ HVJL VJ
2VH/9E[+V7QE[QL YQ# F[J T YQ# NVMJZ7RJT(T3JE]\QVJ FOIJ&Y(
S(Z
7MJ[HO=Y E
79U,O Y YQ SHO=V?O[J F[J T YQ)7MJL \+YJVJ

+ Q E[+ V 7 Q E[QL  XSO F ]H O =  ZP ]


H S [J Y  EGKMJ  EIQYJ V 7  ENGYWMJ
ZHOYJ]K1Y]K[J NVIJVQVWQY AVSQ[TJEGKYJEYWQMJUJEGKYJTQa
YO S H O Z J
[J Z H O =  , O 1 YRJ 1 Y[J   ( T YQ], O Y H O  T[MJ S , O  T+ . S P Y
XSO F ZH O Y J ] K]H O = E UQMJ S P V WQ [
Q
^+  J  N^TJ [ . L  XEIX\QYH O
S[HN]/VH],O
]K[J
XSOFSO×IJ][ =OH L. ZVJE1YQMJE
+[QZRJTRJ
7[ H J
+QZJ
2VH/9ZJFYJYHOVRJLSRJXGKV53([RJVS+Q
FPE[Q\.
+QN]MJESU,O
SPXEZQMJYHO
+Q\.N^[JVSJEUQMJ
# SP=
+QE[QLMJ^HO=VEN]Q)7MJLE[QL

+QEFY][JSQ+ 
VJSO×IJYZRJ
+QN]MJV7QXE[QJXSMJLZ7VJVJ#

+QXEIQYJX
]JV7QN^TJET XEIQYJE[QMJV7QN^TJET
7HVJ V)©EZ2VH/9Y
IIJ2VH/9¡HOXEIQYJE[QMJV7Q XQ:([,GKEG[.L XV*ZQ[,GK
7[ H J
E
7EG[JIIJ2VH/9[+MJY VSQVWQ X. ([,GKY]. GW
[J 2VH/9E[+V7QE[QL
SO×IJYHO EI
QSH]JE
+ZHO= V
FP 2VH/9[+MJV7QE
Q 2VH/9N]MJV7Q]K SO×IJ
[TJGOVY
7H)HOMJ[J2VH/9SO×IJ[HOMJV7Q>
]J
7H[J
SO×IJE
QYJ[.LXGKEGKMJYHO>
]J[+MJSJZQVJ>
]JV
7H
MJ
ZRJSMJEL [QJ[Y L. M+ J N]MJYOH PZQVJEGKMJYHS O '
, QE[QJVWQE
79V7QGWVJ
S,'QVWQYT([IJEI
QP2](N^TJVJXSOFYHTÚ S
4,O[MJ^HO= S,'Q
E[QJVWQY EUQMJ
+YJVJ GOEG[JV7QE[QL SO×IJYHOV]HO=V( XEZQMJ
7H
EI[OIJXHVJV7Q].ZO]JEZLZO]J\VWQZQ[J KVWH/YE[QLZPIRJIRJI(
T]J
Q]
HS[J)7MJL ZO]J]K[JS
4,[ O MJ[L. XZO]JYY+JZ+IJSPX[+YJ
EIQYJU,OZO]JT
QXEI)7MJL ZO]JE][.L¡HO
Q]K
RJ
+JGWYJYYWIJ
TJSP
VHSQTOX[+YJ ZO]J[.LXZO]J]K# Y+JZ+IJSP [VZ+IJFEYQMJEXQMJ
 E KYJ[QZ7EF
ZO]J[.L YHTÚV?O[J]KFP YWIJ
TJSPVWQY FQ].ZO]JZO]J# Y+JZ+IJSPY
SPZO]J[.LY,XE1YQMJ[
QV7 Z+[JENVQYJ)HOMJT
QV
7H]KFPX[H[JFI.=
GOY+JZ+IJ[.LFV7QSPZO]JG.LSV5E[+YEIQYJFV7QXYWH/E]V7Q]K
[TJIRJE[QLSPZO]JSV5SPSQG,
#T,
V7Q]K
YHT2Ú ]( Z5MJ EGKMJYHO SGW/¼ MJ YHSO JZQ2]( [+MJ \.YOH &Y/H )7M\
LJ IH J 2]( GW
VJ EGKMJYHOENVVGWV(V7Q E
79EIQYJS,O&YHVJZ8.1Y[Q Y6IJE[QJ X&YHVJ
E[QJE[QJVWQVWQE[+9^P]K[J KYSP9YHOYWIJ
TJSP)7MJL (EZQY&Y(Y
EIQYJU,O )-[JUYJ[.L X\HVJXV7[JZHO= Y6IJE[QJLYHO EN]QN]1Y]K[J
[+MJEFV7Q
7HEISPYENVTHOMJG.E[+EYQYJ2]([+MJN]RJLEXQMJHOMJ\RJL1Y
[J
IJYOIJZHO V)©EZZHO 2VH/9&Y(VWQV7QE[QL V(S2¼/?J[QYEG[JTQ
ZQ2](ENVNV‹/]J[QPS+MJ[Q\YJ VWQZQ]K[J
XHVJN]IJXZQV7QE[QLXVWH/\.V7[TJEQYJEQYJYENV],OE]Y
G.[TJZ,OEYQYJPZQVJ# X. (G.YHO XHVJ3(GIJV7Q\QVJ KYE[QL
Y+JZ+IJSP
.9 HRQ3JYHO Q(GOITJ
YJTQ XHVJV7QEIG+MJL UYJE]\Q[.L
SEFQ]KNVIJVQVWQ,O1YRJV-[TJGY O Y+JZ+IJSP
.9HRQ3JYSPES2](
GOITJ
YJX\HXHVX J I(V7Q].[
TJSS ( E( IES[JZO=H UH[ O JX\PEN]Q
IJ
VZHO]KFP (XPY%O ŒFQSQYWM\ JL ,OZRJV?O[J#XPZRJVV7IJ]KFP
GOITJ
YJENVQYJEI=VQ7 E[QL
YJZRJ]Z +. ]O ]J K[JFQSQE
XZ70
X[IJ]+.]K].
YJZRJU+VJEY6EG]K[J
?IJS,'QVWQ]MJL^H[J
U+VJY]J]K[JE KYJ[QEX#W]JUMJYSP
.9XFHQIJV7QA
YJZRJU+VJa
YHO AY+JZ+IJSPXQS2¼/?JJX2](GOITJ
YJX1YQV7Q]
HS[JVWQYHO EY6
EV+SRJL]+.aZHO=XH]ÀQJ^+MJL\Q]K[JE
8¡HOYSP=TQXO]J TQVWYJ)7Q
V7Q (XH]ÀQJYHOE\QYJG,\Q]K[JGOITJ
YJY[YJE[QLY+JZ+IJ
[.LEI=YT2](E
[+YJ
[Q]K#2](E[QL]+.ZQ]
HS[JYHOEY6EV+[.L]+.V?O[J#
S,'QE[QJVWQYHOU+VJY]J[Q]KAU+VJaUHO[Q
?IJS,'QFO3JE]SRJL
XTQXTQZHO=XH]ÀQJE]KYJ]K[JV7IJ]K[J]
HS[JYZ HO RJEY6EV+
]K[JS,'QE[QJVWQ2]( T(V7ZP]
HS[JYOH EY6]K[JFQSQE
X[+YJ
XEY6XEV+[HOMJV7Q (X[HOMJ].ZO]J]K[J

YJZRJU+VJ EY6XT(XT3JYZRJE
79V7QEN]QG.L[L. XNGQ]+.ZVJ
VWQV7QZH]O K].S,'QVWQU+VJ X
MJUYJY]J#EIQYJVZ 7 PE[+EY6EV+#2](
MJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
MK]K S(ZG,P # XGWH IJX GK)7 MJL U(E ZWQJVRJL[
QE SIQE?Q1YQ#
E
TYJGW2](Z5MJI[JXE]KMJ)7MJLF,OYWMJZRJYOIJESQS[ÉKXE]KMJ
XV5X[VJE]E]K[JNVIJVQ%O F ΠQSQ[TJEQYJ
.9FV7QY6IJE[QJ
EN]QEI[.L KI# S(Z# FQIQ YOSHOZ JS,OVWH/ TZ,O ZO]JT
QXG+ MJ LY
[TJEQYJEQYJ Y+JZ+IJGWHIJV7Q]. XG+MJL
[J [NGQFJ]+.V7QV7
(YOSHOZJS,OVWH/Z,OV
)HOMJ]KFPY6IJE[QJ GOV7QEZLZQE
G+MJL)7MJL
NVIJVQN]RJ N]IJZQT3JYXE EZEQYJ\.Y[TJEQYJ
.9XSOFV7Q
(XGWYJYHO S[HN]/VH]K[J

YJZRJ]+.X[HOMJX[QYZRJXSOF[TJGO)7MJL[TJGOV[P]KFP
[TJ^YJV7QO4J]YQSI^YJ[.LZ70 KIJV-XN]MJ_RJ]L
HS[JYOH ZYJEUQMJ
VWQE][Q]KMJVJXIHVLU J O, XUMJLVQ7 E[QLE[QJSMJ¡L OE, Y6EV+Z70 KIJ[Q
]KVJX. KYHOAS]H[JS+[JaZH=EO G]K[JFOIJ&Y(S]H[J\.YHO U+VJG.^+J
EZQMJ\RJZ L 70 KIJ[QYHO EG[Q]KFO
Q
7MJE?Q1YQ[.L[
QX
E[QL
&Y(&Y(YWJYWJ]+.].N^TJN^TJ SQVIJXZ70]+.YEZ].N^TJN^TJ S ŒK 1YRJN^0
)7Z,OSRJXPV7 Z70 KIJSP[HO=SQEYQMJV-YOSHOZJYHO

7HG,TQ
]K[J
Y.  GO E N]QG. L S V5?Q EV+  ^+ Q GWH I J V 7  ESSRJ X \H
NVIJVQ%O ŒFQSQ
.9F>Q[JZVJ]K].SHO=ESQJZRJXSOF¡HO
Q[GWH/9V7Q
E[+9
[QE[+E1YQMJL (>[JZVJYHO ?HOV7Q[TJT SRJV7Q[TJT U+.P2](
N^RJ L T
QT+ Y J T
QVWQ
7 H E I]K ES[J   KE[+ Y
%O ŒFQSQ\,O[VJV?O[J]KFPSHO=E]VJLXZ+IJ1YQNVMJLT+QXT3JXUYJ
ZHOYJIQZQG.L1YEZE[QL GOGWHIJV7Q\,OT,N^TJEI]K2](
(X]HOMJE[+YY6IJE[QJX\PN]/[.L]RQ
]JIJN]MJ]YHTÚE[+]K
SHO=ESQJY6IJE[QJNVIJVQXE\QYJX\QVWQV7SH\Q
SV5YHOXENGG,2](
X[[J)HOMJUO, 
7MJ ZMJEN]Q1YQ]KVJ (NVIJVQXE\QYJX\QUH[ O QE[+
YZRJ GHOMJGHOMJVQVQ TQ)7MJL E])7MJLE[QL V?O[J]KE1YQMJ ]
HS[J&Y(YHO
&YH/[MJS[HE]
]KZHVJLVJ
XEZQMJE
GWH/NGMJ
FQE1YQMJL (ZO]J¡HOZO]JT3JZO]J
[JUHO[Q¡HO
QXE1YQMJ
MJ
V
7H]KFP Y+JZ+IJSP VVQ[.L XGWHIJYT2]( G)ŒQYHOJ&Y(YHO E
VHOGWH/
SIJ=TMJSV-VN]/
ZHO=ZO]J
[Q].
ENGVZYJVYHO&YH/GWRJNGMJ
KZRJXE1YQMJXENGG,IZ =. Q[.L¡HO
QV?O[]J KFPZYJENGXEI
 E KYJ[QZ7EF
\QYHO &Y/H )7M\
LJ HIJ \Q[Q]K¡O]JYZ]JYQ[JXEN]QMJXZ.E[+N^TJEIZHO=
]K
YHOJ[HOMJ&YH/XEZQMJE][MJ[.LYHTÚ
Y6IJE[QJE[QL (XE1YQMJ
7MJN]T
QV
7H]KXZQ[P\,OT,[TJGO
E[QL
7HEZ
.9XHVEJ ^QJVIH J V&Y( ES[.X L GKK+VJ]MJTRJX]HOMJ YEZN^TJN^TJ
M7YJE]WQ[,O [HO[HO].N^TJN^TJEGKMJ\.YHO\RJL]K[J KYE[QLX]WH/&Y(EIQMJ
FV7QZMJ
]KETE[QLZ=HO ZO]J[QZH=U O O]H K[J (]TÚRJ )7TJGOYHOV7FQE1YQMJL
E
+[JUHO[QY6IJE[QJVSH]K
YP[HO=G
S+Q)7TJZ8Q1YQ *KN]QR‹]J[QY XNGQZPVWH/)+JVWQYZRJ
ZO]JEZLZO]J\
7H[Q]K].NVIJVQV-]RQ
7MJVWQYE[QL KYXH)˜H\,O[VJ
ZYJYWIJ[TJGOZHO=UHO]K[JE
7YZP[TJEQYJES[.LXGKYWIJ[.LXVWH/
VWQY EGKMJ
VJYHOMJYHO N^[J2](IQE]KYJV7Q IQE[QMJ []JE][J
[J\Q[.L X[JXIQTV7QZRJEM+TEZE[+GWH[JU+.[J#2](V7 HRQ3J
[TJGOGO MJ]P EXQMJZ]O J2]( SGW/¼ MJYH]O [=HO JX. (E
QYJE[QLV7[+MJ [PSVQ
SO F
Q>QE[+  Y ZVJ EZ5QYJZ Q[.L  XEZQMJ YH O[ Q# ]KZQ[. L
EM+YHOP2]( ENVNV‹/]J S2¼/?J[J ]IJI(I(V7 MHOYJTHOYJYWEI[.L [JU,[HOMJ
[JU,XH[JI.= [JV-IJ]K[.L EGKMJ
VJ]+MJLYHO NVIJVQVWQY XIH`Q¡,O]IJZHO=
XP
[ 7H JMJ2G,\.VQ7 VTHYO EJ YQMJFP#XHV\ J .YHO (]IJPVZQEYQMJFP#
EGKMJV7QZRJV]IJ
FPSHO=ESQJGO],ON]MJV7Q]K[Q\YJANGQ
+IEJ YQYJ[.L
ZVJN^[JGa YHO].]HOSEFQYW[J
XEZQMJEIQYJYE
^WIJZHOYJNGMJ
(\,OT,XE1YQMJYHO NVIJVQTQXO]J[TJXO]JV7Q E
\Q[QYE[QL
XE[QJ O[ÉH O[ÉQV
7H[Q]. SHO=ESQJZRJ E
\Q[Q X
7HX[HOMJ
EN]QN]2](Y6IJE[QJYN^TJ)HOMJENG
7H[.L X\MJYHOEN]QN]]K[J
[TJGK[OIJY FO
MJ[TJ]K
7H[J# SPXZ+IJNV[J)HO[.L VH^O
Q
ESE[QL VS2¼/?JF. IIJE[QJ\.V7Q \QS[.L SPYHOY+J[.L
ESL&Y(
X. K1YQE[QL IIJ[+MJ YZQ FO
MJ)7MJLE[+9S[.L
ESL&Y(Y [IJGHO I.=
Y+JZ+IJSPVH^O
Q&Y(YHOEGP[JVH^O
QYFSTJV7Q)+QEGW\HO]HOV
N^TJEI
7QS[.LVMJ&Y(E
79V7Q]. SP=YHOEVE[QL EGW\HO]HOVYSP FSTJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
V7QZMJ
EI2](# E]WQJE]WQJ]K]K EIEI]K2](# SP=ZMJYHO EZQYV7Q
7H
7HSV5
FJSP)7MJLV7 VZ. V^Z7J)HOMJ]KFPZHO= N]IJEN]Q[J (TYQ1YQE[QL
FO
MJ&Y(YE KSN^TJ#XEZQMJYHOIIJ[+MJV7YIJ\O[JZHOYJ[J#XEZQMJ
TMJYHOZRJ¡HOYJ^WYJ#1YVJN]MJYHO E
EZQMJEUE1YQET]KS[.L
(ZZOH O][
J QY
+V, IO J ^+[
J VMJN]/[.L XN]/XVP#Y+JZ+IJSY P OH NV[J)OH
GMJVMJSPFJSPV7 KVWH/ (EG[JXGKV7QVZO]JE]FPY6IJE[QJX\MJEN]Q

Z5MJE[QL (XT3JXZQYSPVOIJ[([.EL U+VWH/ES[Q&Y,/


SP[TJEQYJY
TG.L[QN^TJ^+J
7H[JXEZQMJ\Q
Q1YVJGMJYZRJ
7HVJ#1YVJN]MJYHO
E
)7MELJ UE1YQE]ZHVVLJ JX. KYHNO VMJ[S L. VP WQYZRJXE1YQMJ
MJVSHF.
VWYJETLV7H[J2](EIQMJXGKUYJZO]J1Y[QN^TJV7Q]K
VSQ[+MJ\. G.EZQMJ\RJLNGMJ
(XT3JXZQ XE1YQMJYHOZRJ >QTJNVTJE^QJ[.L ],ON]MJ[TJGO
7H]K
[JSHO=ESQJZRJXZ+I&J Y( O[HÉ O[ÉQV.LEI]K[J]
HS[JXGWIH NJ ^/IJ
EZQYJEXQMJ[IJ^OH V
7H]KFP (XTQ[GW/H 9NVIJVQZP&Y(VWQYY6IJE[QJLYHO
EN]QN]^P[.L (\,OT,XE1YQMJN]IJEN]Q]KVJ KYAG+MZ JL 8[Z
J Y
HO JEVL]TJZHOYaJ
X\HVJXV7[J[TJVWH/]K].[.L [TJEQYJEQYJY SGW¼/MJ[+MJ\. G.]TJ
\RJLSRJLXGKV7Q ]TJSPY (ZHOUHOSMJLS[.L AVMJI.=MK1YQ
IJ]+QG.L[QVWQ

7H^P
MJ XGO KEIQYJU,O].E?La KZP&Y(VWQY EN]QN][Q]K ENVG.Z,OY
Y6IJE[QJLX\MJ 2MHVJGWVJE
YVJZ7VJGWYJ]. N^TJ]KZHVJLVJ
#XU,OS[JTYQ
Y.]
HS[JYY6IEJ [QJ
T7 J&YVH JE?QEN]QG.[ L QYHOXTXU,ON^TJET
[TJTH[J[TJ]HOMJN^TJETTH[JMJ[TQIQE\QMJG.L[QYHOY6IJE[QJEYW>P[MJ
VJENVQYJTQ+ I.= Y6IEJ [QJLTYQ]+
. R
7 J&Y(YHOIHO, GW/]J]KE[QLVJ]
HS[J&Y(
NVIJVQ%O ŒFQSQ[TJEQYJ
.9F>Q[JY+YJYHOE[+9NVMJG.L]K2]( (]O/H¢ ZJY
ZPVWH/UYJ)T7 JUYJG+EIG.LSP]KSP=FXTV7ESSRJX\HN^TJ]WYJT,OZMJYHO
E[+9NVMJG.L1Y]K[J (YEI2]( VWH/UYJ[TJGO
.9 F],OT,Y E
79YVWH/UYJ
X[HOMJ]K].ZQZHO=ZP&Y(VMJVWQEYQYJGWYJGWGWMJGWE]ZHVJLVJ KZ,O
VV7IJ]KFP X
Q
Q EN]QMJZ.EI]K[J SHO=E]VJL NVIJVQ%O ŒFQSQ
.9
XENGG,,O1YRJV-I.=¡HO
QXT3JXZQVWQYE[QLZ,OVEN]QMJZ.SEZQYJ
]K].
 E KYJ[QZ7EF
VHSQTOYZRJ TRJTRJZ,OZ,O
7HEIU.]K]. ZP=XSHOMJXHOMJ
YZRJR(RR ( QRQTOTTO RJTRJ]K%O F
ΠQSQYZRJ\+IJ YQTRJ]MJEI
]K[JZPE[+YZRJ KI#S(Z#FQIQXENGG,[.L FQSQE
V7Q]HOVHO
YHOMJ¡-HMJEI]K[JFX^IJ^IJN^TJ[.L S,S
QY, Y,@XYWH/I.= IH%¥QIJ
YHO T+T. 2+. V2. V. ,1O YRJ[QYZRJEZWQIL RJVS+QFP (X[HOMJ ].SP[
=HO .9E% MJ#
I[J#EV7QJ#XMJXHOMJ#X[H[J[E]KMJ#FHOE[QJ EV7QJU
Q,O1YRJV-ZRJ
EZWQLVS+QFPXE1YQMJVWH/T,OE1YQMJLZO]J[.L ]+.E[+ZRJUYJZ]O EJ IU.]K
KE1YQMJL Y6IJE[QJL E?QEN]QGWYJV7Q]K[.L NVIJVQ%O ŒFQSQ [TJEQYJ
YHO (EI=NVIJVQN]RJ[TJZ8QEI
Q[YQV7QE[+9)HOMJU,O)HOMJ]KES[J
N]MJSTJEYQZH]
J 9. ]KEVQYVWQX^+9. YHZO RJY6IEJ [QJYL OH ]K
(ZQ2](

7TJ&YHVJE?QEN]Q
IJ ^H[JV)©YN]/[.LX[+YJ EYW>PX\P[MJ
7H ]K[J
( Z H O ^ H [ J 1 YQZQ[. L X [+ Y J  Y6IJ E [QJ V H [ J E ?QMJ  EU+ E ?QMJ  VWQ)7 M J L
ZRJE[+9
# VH[JSTJVWQZRJ
]K[J GOE?QEN]Q]+.[YJ[.L VH[JEU+
VWQXEI)7MJL XGWHIJYOIJ
YWH/I]JVJZHO= EV5QJZMJL]K[J
XQZ,O V1YQV(N]IJZRJUEO, [+91Y]KETSQZH9O )P[ O UJ YJ UOE[QMJ
]K[J

Z7EF
GOV[JZ
YJ

V7[JGWYJE^N]]K
7HESQTYQZ,OXS,^Z7J],OYHOGW[J T  P
+H/YJT.
\+MJESQTITJX[HOMJZHOYJ]KSRJ
¡-]KâTITJY]OH VOH 2OH ]( E
79EIQYJEZWQR
J E( T
IJ)M7 LJ EG[J)M7 LJ
[EN][RJN^TJET
IJX[+YJ XGWH/9XEN]QMJXZ.VWQ ZO]J\Q]KSRJ
X&Y(YHO )7MJLE
\Q]KSRJS
A a@S,EN]XT3JYHO XN^TJN]\Q
]KSRJXS,SEY*[VWQYHONVIJVQXY
Q[+MJX[HOMJN^TJ]KSRJNVIJVQ
TYQZ,OVWQYHO X*ZH]JXY
Q)7MJLE
SQ
Q[+MJ  E\QYJG,
XUHON]/SRJL TITJX[HOMJZHOYJ]KSRJ
¡-]K

276 Dr. Hla Pc

The Five Duties


1. Parents
(1) To guide their children away from evil
(2) To lead them to what
(3) To educate them
(4) To set them up financially
(5) To see that they are suitably married
2. Children
(1) To reciprocate their parents’ favours
(2) To take responsibility for their parents’ affairs
(3) To perpetuate the family
(4) To be worthy of one’s inheritance
(5) To perform works ofmerit on their parents’ behalf
3. Husband
love and adore his wife
(2) To esteem her
(3) To commit no adultery
(4) To endow her with worldly possessions
(5) To provide her with ornaments
4.Wile
(1) To manage efficiently all domestic obligations
(2) To look after the relatives
(3) To commit no adultery
(4) To protect the property
(5) To be industrious
5. Teacher
(1)To endow his pupils with knowledge
(2) To withold no knowledge from them
(3) To send them to other teachers ( to be better equipped )
(4) To admonish and exhort them
(5) To protect them from danger
d. Pupil
(1) To be assiduous
(2) To listen to the teacher’s advice
(3) To learn what he teaches
(4) To greet him when he comes
(5) To administer to him by his side
The Myanmar Buddhist : His Lili From the Cradle to the Grave 279
TABLE
Days of the week with their corresponding letters of the alpha—
bet and numbers.
Days Letters of’ the alphabet Numbers
Sunday a and other vowels i
Monday k, kh, g, gh, ii 2
Tuesday c, ch, j, jh, fi 3
Wednesday l, w 4
Thursday p, ph, b, bh, m 5
Friday s, h
Saturday I, th, d, dh, n 7
Rahu y, r
Note: r sometimes — 4, and n—0 (zero)
 E KYJ[QZ7EF
EIQYJUYJ[+.

YJ
Q>Q)7MJL N]× KEI=VWQ

XY
QV7[JZY*QVWQ[+MJ NV‹/]JY+YJE^QJ
IJ [I*E)+X[+YJ #
[IZ*Q#X*K#%O Œ?P#1YQS]E[#ESQ1YQ#TEI)7MJL
Q?O
 %O Œ?P V+IJ Z+]. HOMJ YHIJVWQXTQS+MJ ]K[TJUJ)L T7 JZV7[TJZT(X[+YJ
EXQYJ]K>QX[HOMJ
YJ
Q>Q)7MJL N]× K
YJVWQ

7HVRJ
[TJ U J L ) 7 T J Z SRJ  EZZ[TJ X O ] J T O ) 7 M J L
S,OTOY+.E1YQMJE[+9ZHVJLVRJ
YJ
Q>QN]× KE]],OSRJ ]\VXO]JTO[+MJ
E]SRJLX[HOMJEIQYJXTOVWQ[+MJN]IJEYWQLSRJYHO S[HN]/]K

ZXVRJ XY
QV7[J
YJ
Q>Q XY
QV7[J N]× K
[IJGP SQZ7  [VQ 
YUOIJ \+IJ]  SYJ
MJ 
I,O R+IJ=T  XMJ1YMJ 
KUHO EXQMJZ7  UP
TJ 
KEGKMJ SQZHO   
E[QJSZMJ NVE[QMJ   
S([MJY6[J U(    
[IJEUQMJVOIJ ESQ
(   
I[JE[QJ GWVJZ,O   
N]QSHO VHEIQJ   
[]HO=[+. RH/   
[E]KMJ \.MJ   
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 

 Y EI=I,SMJL#VSMJLEI=VWQ
S[HO9SQ)7MJL S[HO=SV(^+QEI=XZHOYJ EI=I,SMJLESQX[+.)7MJL VSMJLESQ
X[+.VWQV7QEXQYJ]KX[HOMJN^TJSRJ

Y EI=I,SMJLVWQ
3SQ [I*E)+ESQ1YQ 
THIJ]IJ X*K1YQS]E[ 
KIJZ7 TEI%O Œ?P 

7QYOVJ
Q?O[IZ*Q 

G EI=I,VSMJLVWQ
V’Q TEI1YQS]E[ 
ESQY ESQ1YQ[IZ*Q 
XMJ [I*E)+%O Œ?P 

Q>Q
Q?OX*K 


YJS[É][JEI=VWQ)7MJL UHOMJ
QXY
QVWQ#4IJVWQ

EI= XY
QVWQ 4IJ
[I*E)+ X)7MJLXNGQS
VWQ 
[IZ*Q Y#G##'#M 
X*K T#U#>#TW#R 
%O Œ?P Z# 
1YQS]E[ ]#^#%#F#V 
ESQ1YQ S#? 
TEI [#\# ##I 

Q?O #

V7[JGWYJ[TJGK[TJ
,
!)7MJLI! SOR
 E KYJ[QZ7EF

[JMK]K

VHF[J
VEYQMJ[QVZO]JEXQMJ[QNVTJNGMJ#
EYQMJV-EYQMJ
QYHO R8IJN]NGMJ#
X[[J]RQSMJ1YQE]NGMJ#
ZO]JYHOMJTQ
IJX
MJX)7(E]NGMJ#
ZYJ\]J \HVJNVQE]NGMJ
ZY*Q   VEYQMJNVTJ[Q# EYQMJ
QR8IJZ[J# X[[JSMJET#
E]E)7(
MJ#\HVJNVQNGMJ

SQSV([J
VHF[HO=YHOZO]JEY6NGMJ#
VHF[HO=@XV-YHTÚYHOEUQMJ
+YJE]NGMJ#
VHFVWH/)+JYHOETQMJL\HIJNGMJ#
XEV+G,\HOYJEXQMJ N]/YWMJLNGMJ#
VHFX[+YJ YOSHOZJEYQMJV-N]/ÑXV5ENGMJ
ZY*Q   EY6EV+V]WYJ# EUQMJ
+YJT(V,# EV+G,\HOYJET# Z70V5EÑ
ETQMJLEZVWH/)+J

ZMJL[J
VQYHO[IJ^HO\QÑV\(EZTQVN]/NGMJ#
VQYHONV[J)HO1YMJIQNGMJ#
XHVJE\QMJE
E^QYJN]QV7Q+MJVN]/NGMJ#

7QE^+
SV5]TÚRJYHOX]J)7,NGMJ#
X[JXTQZYJ[J
[IQUMJNVIJE]NGMJ
ZY*Q  V\(V.LYMJ# X]J)7MJ3TÚQ# VHTÈQVV7Q# [JTQ UMJMJ#
NV[J)HO1YMJ
NVIJVQ%O ŒFQSQ[TJEQYJ@F]OGYJX[+MJV7SRJP[+MJX\H 
VQ[J
XHVJ[+MJV-ZO]J2](XUMJEN]EXQMJ T(V,GIJ=G+.
VRJ#
EU+VWH/VWQXQSMJLEZWQJT+QEV5E]YVJNGMJ#
XHVJE\QMJE
E^QYJN]IJV7Q+MJVN]/NGMJ#
]TÚRJ3TÚQYHO \HIJSHVJETQMJLE
7QYJNGMJ#
V]WMJ
HF. XZO]JZO]JEUQMJNGMJ
ZY*Q   XHVJ[+MJV-ZO]J#SHVJ\O]JESGWQ#VHTÈQ1Y3JE
7QMJ#
EZWQJEXQMJN^IJ=GWH#]WMJ
HVVP

U
Q[J
[[JSHT
QX[[J]RQVWQSMJ1YQE]NGMJ#
VHVH[[JSV5YHO VG6MJVGWIJSMJE]NGMJ#
]HOVHO[[JSHET
IJ SMJLE[QJ
QXNGQU
QVWQ\,X]J)7,E]NGMJ#
ZHV’QEXQMJ U,OVN]/N]MJE]NGMJ#
EFX)©
QJV7 YQY+JE]NGMJ
ZY*Q   X[[JZRJSMJ# ].N]MJU,OV# SH]ÀVGWIJ# EF
IJU(YQ#
SMJL
QX]J^HO=

[]RJL[J
\\ Y Y&YH/TQXQ\O[JNGMJ#
U
QU,OVS+IJSMJSRJYHOIQG,NGMJ#
SMJ1YQE]SV5YHO YWYJV7[JNGMJ#
U
QZQESQXGKEYQMJT+Q&YH/UHO)7/[JUYJNGMJ#
U
Q\,]KJN]/^+JXZO]JYHTÚVWQZO]JE]NGMJ
ZY*Q   R(RQ\ Y#  U,OVIQP#  ZQVP&YH/U(#  \,I(ZO]JE Y#
SMJE[+X,
+[J
264 Dr. Hla Pc
BIBILOGRAPHY
1. Basham, A.L. The Wonder That Was 1ndia,_London, 1977
2. Conze, E. Buddhism, Bruno Cassirer, Oxford, 1952
3. Duroiselle, Ch. ‘Upagutta ct Mara’, Extract du Bulletin L’ecole
Francaise D’extreme-Orient (Janvier-Juin 1904)
Epigraphia Birmanica 1, Rangoon, 1916
4. Hall, D.€i.E. A History of’ South-East Asia, St Martin’s Press,
New York, 1965
5. Halliday, R. The Talaings, Rangoon(Yangon), 1917
6. Hla Pe, Konmara Pya Zat, I, Luzac & Co. Ltd, London, 1952
Burmese(Myanmar) Proverbs, John Murray, London,
1962
‘Dawn Songs’, BSOAS, 1957, XX
‘Abbreviations, Cryptograms and Chronograms in
Burmese (Myanmar)’, JBRS, XLVI1, ii, Dec. 1964
‘Burmese(Myanmar) Attitudes to Plants and Animals’
‘Natural Symbols in South-East Asia,’ed. €i.B.Milner,
School of Oriental and African Studies, 1975
7. Houtman, €i. Burmese(Myanmar) Personal Names, Department of
Religious Affairs, Rangoon(Yangon), 1952
S. Htin Aung, Maung. FolkElements in Burmese(Myanmar) Buddhism,
London, 1962
9. Luce, €i.H. ‘Prayers ofAncient Burma(Myanmar)’, JBRS, XXV1, iii,
Dec. 1936
10. Luce, G.H. &Pe Maung Tin. ‘Burma(Myanmar) Down to the Fall of
Pagan’, JBRS, XXIX, iii, Dec. 1939
11. PeMaung Tin. The Path ofPurity, Oxford University Press, Vol.1, 1923;
Vol.11, 1929; Vol. 111, 1931
12. Pe Maung Tin &Luce, G.H. The Glass Palace Chronicle ofthe Kings
ofBurma(Myanmar),.Oxford University Press, London,
1923
13. Rahula, Walpola. What the Buddha Taught, Grove Press, Inc.,
New York, 1959
14. Shway Yoe. The Burman(Myanmar): his life andnotions, Macmillan
and Co. Ltd, London, 1910
15. Temple, Sir R.C. The Thirty-seven Nats, London, 1906
In (Myanmar)
1. Compiled by scholars : Maha Ya-zawin-daw-gyi I,
(History of Myanmar), Upper Burma(Myanmar)
Newspaper Press, Mandalay, 1908
2. Hsaya Thin. Maung Ta-naw Wut-htu, 1 & 11, Rangoon(Yangon), (?),
1906

Вам также может понравиться