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L@=!9F?=K .@=,GE9F - Vassar Alumnae/i Hub

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"RYN -AWR !LUMNAE !SSOCIATION
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6ASSAR #OLLEGE 'LEN *OHNSON
3MITH #OLLEGE &ACULTY ,EADER 4"!
'LEN *OHNSON IS 0ROFESSOR %MERITUS AT 6ASSAR #OLLEGE WHERE HE WAS THE 3HIRLEY
%CKER "OSKEY 0ROFESSOR OF 0OLITICAL 3CIENCE AND )NTERNATIONAL 2ELATIONS (E EARNED
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$IRECTOR OF THE )NTERNATIONAL 3TUDIES 0ROGRAM (E WAS !CTING 0RESIDENT OF 6ASSAR
#OLLEGE IN AND AGAIN IN 0ROFESSOR *OHNSON IS THE AUTHOR AND COAUTHOR OF SEVERAL BOOKS AND A NUMBER OF ARTICLES ON 53 FOREIGN POLICY
INTERNATIONAL HUMAN RIGHTS )NDIAS FOREIGN POLICY AND EXUNTOUCHABLES (E HAS BEEN A &ULBRIGHT SCHOLAR
IN )NDIA TWICE INCLUDING THREE YEARS AS $IRECTOR OF THE !MERICAN 3TUDIES 2ESEARCH #ENTRE IN (YDERABAD
(E HAS VISITED )NDIA TIMES FOR TEACHING ADMINISTRATIVE AND RESEARCH WORK AND AS A RESOURCE EXPERT FOR
SEVERAL 6ASSAR ALUMNAEI EDUCATIONAL TOURS
3IPRA "OSE *OHNSON
3IPRA "OSE *OHNSON IS !SSOCIATE 0ROFESSOR %MERITA OF !NTHROPOLOGY AT THE 3TATE
5NIVERSITY OF .EW 9ORK AT .EW 0ALTZ 3HE WAS A MEMBER OF THE .EW 0ALTZ FACULTY
AND TAUGHT ANTHROPOLOGY AND !SIAN STUDIES FOR MORE THAN YEARS DURING WHICH
TIME SHE ALSO SERVED AS 3PECIAL !SSISTANT TO THE !CADEMIC 6ICE0RESIDENT FOR A lVE
YEAR TERM 3HE IS THE AUTHOR OF SEVERAL ARTICLES DEALING WITH )NDIAN WOMEN AND WITH
EXUNTOUCHABLES IN )NDIA AND HAS LECTURED WIDELY IN )NDIA AND THE 5NITED 3TATES ON THESE SUBJECTS AND OTHERS
"ORN IN +OLKATA )NDIA SHE IMMIGRATED TO THE 5NITED 3TATES WITH HER FAMILY WHEN SHE WAS ELEVEN YEARS OLD
3HE RECEIVED HER HIGH SCHOOL EDUCATION IN #HAPEL (ILL .# AND DID HER UNDERGRADUATE WORK IN INTERNATIONAL
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:MGIVS]7YMXI
:<5+,*2
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*VIRGL&EPGSR]7YMXIWWUJXWUQIXIVW
1ELEVENE7YMXI
*VIRGL&EPGSR]7YMXIWUJXWUQIXIVW
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ˆ%PPEMVTSVXXVERWJIVW
ˆ+ERKIW:S]EKIVSRFSEVHEGGSQQSHEXMSRW
ERHLSXIPWMR/SPOEXE0YGORS[:EVEREWM
ˆ1IEPWMRHMGEXIHEFSZI
ˆ%PPPERHI\GYVWMSRWF]TVSJIWWMSREPKYMHIW
ERHEWWSGMEXIHXVERWTSVX
ˆ(SQIWXMGEMVJEVI/SPOEXE0YGORS[
:EVEREWM(IPLM
015*0/"-&95&/4*0/3PZBM3BKBTUIBO
+6392('378TIVTIVWSRHSYFPISGGYTERG]
WMRKPIVSSQWYTTPIQIRX
*IF%VVMZI(IPLMJVSQ:EVEREWM0I1IVMHMIR,SXIP
*IF(IPLM'MX]8SYV0I1IVMHMIR,SXIP&
*IF%KVEZME*EXILTYV7MOVM-8'1YKLEP&
*IF8EN1ELEPXSYVERHXVEZIPXS.EMTYV±4MRO'MX]²-8'6ENTYXERE&
*IF.EMTYV'MX]8SYV-8'6ENTYXERE&
*IF6IXYVR(IPLMERHSZIVRMKLX0I1IVMHMIR,SXIP&
*IF(ITEVX
-2'09()7TVMZEXIZILMGPIHVMZIVERHTVSJIWWMSREPKYMHIMRIEGLGMX]IRXV]JIIXS
QSRYQIRXWLSXIPEGGSQQSHEXMSRWERHHEMP]FVIEOJEWX
'378(3)7238-2'09()
-RXIVREXMSREPEMVJEVIXMTWKVEXYMXMIWER]SXLIV
QIEPWSXLIVXLERXLSWIRSXIHEFSZIPEYRHV]
FIZIVEKIWEPGSLSPMGERHRSREPGSLSPMG
EHHMXMSREPWIVZMGIWJVSQLSXIPWERH+ERKIW
:S]EKIV-RHMEZMWEJIIWZEGGMREXMSRWWYTTPIQIRXEP
XVEZIPMRWYVERGIXIPITLSRIJE\MRXIVRIXYWEKI
ER]MXIQWRSXMRXLIMXMRIVEV]
4/52 2%3%26!4)/. &/2-
8SVIWIVZIEWTEGITPIEWIGSQTPIXIERHQEMPXLMWJSVQ[MXL]SYVHITSWMXSJ
TE]EFPIXS-QQIVWMSR.SYVRI]W1EMR7XVIIX7YMXI12I[=SVO2=SVJE\XS
;I[MPPRSXTVSGIWW]SYVHITSWMXYRXMP]SYEVIEWWMKRIHETPEGISRXLIXSYV
4PIEWIGSRXEGX6YQMX1ILXEEXVYQMX$MQQIVWMSRNSYVRI]WGSQMJ]SYLEZI
ER]UYIWXMSRWEFSYXXLIVIKMWXVEXMSRTVSGIWW
T)RGPSWIHMWQ]SYVHITSWMXGLIGOSJCCCCCCCCCCTIVTIVWSR
T4PIEWIGLEVKIQ]SYVHITSWMXSJCCCCCCCCCTIVTIVWSRXSQ]T:-7%T1EWXIV'EVHT%QIVMGER)\TVIWW
'EVHCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC)\TMVEXMSR(EXICCCCCCCCCCCCCCCCCCCC7IGYVMX]'SHIHMKMXWJSV%1)<HMKMXWJSVSXLIVWCCCCCCCCCCCCCC
%YXLSVM^IH'EVH,SPHIV7MKREXYVICCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC(EXICCCCCCCCCCCC
8LIFEPERGISJXLIXVMTMWHYISR3GXSFIVERHTE]EFPIF]GLIGOSVFERO[MVISRP]
T4PIEWIWMKRQIYWYTJSVXLISVXLIRMKLX
6S]EP6ENEWXLER
8EN1ELEP8SYVSTXMSREPI\XIRWMSR
4%77)2+)6-2*361%8-32
2%1)EWSRTEWWTSVXCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
2%1)EWSRTEWWTSVXCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
4EWWTSVXCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC2EXMSREPMX]CCCCCCCCCCCCCCCCCCC
4EWWTSVXCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC2EXMSREPMX]CCCCCCCCCCCCCCCCCCC
-WWYI(EXICCCCCCCCCCCCCCCCQQHH]])\TMVEXMSRCCCCCCCCCCCCCCQQHH]]
-WWYI(EXICCCCCCCCCCCCCCCCQQHH]])\TMVEXMSRCCCCCCCCCCCCCCQQHH]]
(EXISJ&MVXLCCCCCCCCCCCCCCQQHH]]:EWWEV%J½PMEXMSRCCCCCCCCCCCCCCCCCC
(EXISJ&MVXLCCCCCCCCCCCCCCQQHH]]:EWWEV%J½PMEXMSRCCCCCCCCCCCCCCCCC
7XVIIX%HHVIWWCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
7XVIIX%HHVIWWCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
'MX]CCCCCCCCCCCCCCCCCCCCCCCCCCCC7XEXICCCCCC>-4CCCCCCCCCCCCCCCCC
'MX]CCCCCCCCCCCCCCCCCCCCCCCCCCCC7XEXICCCCCC>-4CCCCCCCCCCCCCCCCC
,SQI4LSRICCCCCCCCCCCCCCCC1SFMPICCCCCCCCCCCCCCC;SVOCCCCCCCCCCCCC
,SQI4LSRICCCCCCCCCCCCCCCC1SFMPICCCCCCCCCCCCCCC;SVOCCCCCCCCCCCCC
)QEMP[VMXIGPIEVP]CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
)QEMP[VMXIGPIEVP]CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
T-TVIJIVWMRKPIEGGSQQSHEXMSRWHYIXSPMQMXIHWTEGIXLMWMWRSXKYEVERXIIH
T-TPERXSVSSQ[MXLCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
T-TVIJIVXSWLEVIEGGSQQSHEXMSRWMJVSSQQEXIMWRSXEZEMPEFPI-[MPPTE]XLIWMRKPIVEXI
'LIGO4VIJIVVIH&IVXLT7MKREXYVI7YMXIT'SPSRMEP7YMXIT,IVMXEKI7YMXI
T:MGIVS]7YMXIT1ELEVENE7YMXI
MJ]SYVTVIJIVVIHFIVXLMWRSXEZEMPEFPI]SY[MPPFIRSXM½IHERHTPEGIHMRXLIRI\XEZEMPEFPI
FIVXLGEXIKSV]
)QIVKIRG]4LSRI
'SRXEGX2EQIHYVMRKXVMTCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
4PIEWIMRHMGEXIER]WTIGMEPRIIHWHMIXLIEPXLQSFMPMX]IXGCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
&]WYFQMXXMRKQ]SYVHITSWMXSJTIVTIVWSR-[IEQEVIVIKMWXIVMRKJSVXLI6SQERGISJXLI+ERKIWTVSKVEQERHLEZIVIEHERHEKVIIHXSXLIXIVQW
GSRHMXMSRW-YRHIVWXERHXLEX
TSVXMSRWSJXLMWXVMT[MPPFIQSHIVEXIP]WXVIRYSYWERHQE]MRGPYHIYRTEZIHTEXLW8VEZIPMRKMRGPYHIWGVYMWMRKSRXLI+ERKIWERHZMWMXMRKPSGEPWMXIW-[IEPWSEKVIIXSFIMRKSSHTL]WMGEPWLETIERH
[MPPFITVITEVIHXS[EPO[MXLQMRMQEPYWISJ[EPOMRKEMHSV[LIIPGLEMVRSXIQSWXTPEGIWMR-RHMEERHXLI+ERKIW:S]EKIVEVIRSXLERHMGETEGGIWWMFPIF][LIIPGLEMV-[IEPWSXEOIVIWTSRWMFMPMX]JSV
TYVGLEWMRKSYVS[RWYTTPIQIRXEPXVEZIPMRWYVERGIMRGPYHMRKQIHMGEPIZEGYEXMSRGSZIVEKI
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
7MKREXYVI
CCCCCCCCCCCCCCCCC
(EXI
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
7MKREXYVI
CCCCCCCCCCCCCCCCC
(EXI
0!24)#)0!.43 !'2%%-%.4
=SYVWMKREXYVISRSYVXSYVVIWIVZEXMSRJSVQ[MPPWMKRMJ]]SYVEKVIIQIRX[MXLXLIJSPPS[MRKXIVQWERHGSRHMXMSRW
-RXVSHYGXMSR8LIWIEVIXLIXIVQWERHGSRHMXMSRWETTPMGEFPIXSXLIXSYVTEGOEKIWTVSZMHIHF]-QQIVWMSR.SYVRI]W00'GSPPIGXMZIP]±-QQIVWMSR.SYVRI]W²±[I²±YW²ERH±SYV²8LIXIVQW±GPMIRX²
±]SY²ERH±]SYV²VIJIVXSIEGLTIVWSR[LSTYVGLEWIWERHSVYWIWEXSYVTEGOEKITVSZMHIHF]-QQIVWMSR.SYVRI]W
&IRI½XWSJ8SYV4EGOEKIW3YVXSYVTEGOEKIWSJJIVWIVZMGIWSJETVSJIWWMSREPXSYVKYMHIEGGSQQSHEXMSRWQIEPWEWSYXPMRIHMRXLIMXMRIVEV]XVERWTSVXEXMSREWWTIGM½IHMRXLIMXMRIVEV]ERH
I\GYVWMSRWERHXSYVWEWSYXPMRIHMRXLIMXMRIVEV]
-QQIVWMSR.SYVRI]WQE]JVSQXMQIXSXMQISJJIV]SYSTXMSREPWIVZMGIWSVFIRI½XW&]YWMRKXLSWIWIVZMGIWERHSVFIRI½XW[LIRXLI]FIGSQIEZEMPEFPI]SYEKVIIXSFIFSYRHF]ER]WYTTPIQIRXEP
XIVQWETTPMGEFPIXSXLSWIWIVZMGIWSVFIRI½XW;I[MPPWIRH½REPHSGYQIRXWERHXMGOIXWF]SZIVRMKLXSVVIKMWXIVIHQEMPETTVS\MQEXIP]X[S[IIOWTVMSVXSXLIWXEVXSJXLIXSYV
6EXIWERH)\GPYWMSRW8LIVEXIWERHGLEVKIWJSVXSYVTEVXMGMTEXMSREVIXLSWIIWXEFPMWLIHEXXLIXMQIXLIXSYVMWFSSOIH[MXL-QQIVWMSR.SYVRI]W;IVIWIVZIXLIVMKLXXSMRGVIEWIXSYVTVMGIW
XSGSZIVMRGVIEWIHGSWXWXEVMJJWXE\IWERH:%8VIGIMZIHEJXIVTVMGIWEVITYFPMWLIHERHXSVI¾IGX¾YGXYEXMSRWMRJSVIMKRI\GLERKIQEVOIXW4YFPMWLIHVEXIWERHGLEVKIWEVIX]TMGEPP]±TIVTIVWSR²
FEWIHYTSRHSYFPISGGYTERG][MXLIRWYMXIFEXLYRPIWWSXLIV[MWIWXEXIH7MRKPIVSSQWEVIWYFNIGXXSEWMRKPIVSSQWYTTPIQIRXEPGLEVKIW[LMGLEVIWXEXIHMRXLITVSTSWEP)\TIRWIWERHXIVQWRSX
WTIGM½GEPP]MHIRXM½IHMRXLIETTPMGEFPI-QQIVWMSR.SYVRI]WTVSHYGIHUYSXEXMSREVIRSXGSZIVIH8LIWIMRGPYHIER]TETIV[SVOSVGLEVKIWEWWSGMEXIH[MXLTEWWTSVXWZMWEWMQQYRM^EXMSRQIEPWSXLIV
XLERXLSWIWTIGM½IHSTXMSREPI\GYVWMSRWXVMTTVSXIGXMSRGSZIVEKIEPGSLSPMGFIZIVEKIWFIIV[MRIERHPMUYSVEPPFIZIVEKIWI\GPYHMRKXLSWITVSZMHIHMR-QQIVWMSR.SYVRI]WZILMGPIWXIPITLSRIGEPPW
VSSQWIVZMGIPEYRHV]TIVWSREPMXIQWFEKKEKILERHPMRKMRXIVREXMSREPEMVJEVIYRPIWWSXLIV[MWIWXEXIHKVEXYMXMIWERHXVERWTSVXEXMSRXSSVJVSQER]HITEVXYVIKEXI[E]ERHER]SXLIVGSWXWXLEXQMKLXFI
MRGYVVIHRSXWXEXIHMRXSYVTEGOEKI7SQIKSZIVRQIRXWGLEVKIHITEVXYVIXE\IWERHSVJIIW8LIWIJIIWEVIXLIVIWTSRWMFMPMX]SJIEGLTEWWIRKIVXVEZIPMRKXSXLIHIWMKREXIHGSYRXV]ERHEVIRSXMRGPYHIH
YRPIWWWXEXIH
4E]QIRX;IEGGITXXLIJSPPS[MRKJSVQWSJTE]QIRXQENSVGVIHMXGEVHWFEROXVERWJIVSVGLIGOWHVE[RSRE97&ERO'VIHMXGEVHW[MPPMRGYVEWIVZMGIJIISJTEMHF]XLIGPMIRX
4E]QIRXW;IEGGITXXLIJSPPS[MRKJSVQWSJTE]QIRXQENSVGVIHMXGEVHWFEROXVERWJIVSVGLIGOWHVE[RSRE97&ERO'VIHMXGEVHW[MPPMRGYVEWIVZMGIJIISJTEMHF]XLIGPMIRX
=SYQYWXTVSQTXP]TE]XLIJSPPS[MRKJIIWERHGLEVKIWJSVTEVXMGMTEXMSRMRER-QQIVWMSR.SYVRI]WXSYV
%MVJEVI*YPPTE]QIRXTIVTIVWSRMWHYIMRSVHIVXSTYVGLEWIEMVPMRIXMGOIXW%MVPMRIGERGIPPEXMSRTSPMG]WLEPPETTP](MWGSYRXIHEMVJEVIUYSXIMJEZEMPEFPIMWWYFNIGXXSTYVGLEWISJKVSYRHTEGOEKI
+VSYRH4EGOEKI%HITSWMXSJTIVTIVWSRTIVXSYVMWVIUYMVIHMQQIHMEXIP]XSWIGYVIXLIXSYVERHWIVZMGIW8LMWEQSYRXQE]ZEV]HITIRHMRKSRXLIHIWXMREXMSREGGSQQSHEXMSRWERHWIVZMGIW
&EPERGI8LIFEPERGISJXLIXSYVTVMGIMWHYIHE]WFIJSVIHITEVXYVI
6IZMWMSRW%JIISJTIVFSSOMRKJSVIEGLGLERKIQEHIWM\X]HE]WSVQSVITVMSVXSXLIWXEVXSJXLIXSYV8LIGERGIPPEXMSRJIIWWIXJSVXLFIPS[ETTP]XSGLERKIWQEHIPIWWXLERSRILYRHVIH
ERHX[IRX]HE]WHE]WTVMSVXSXLIWXEVXSJXLIXSYV
'ERGIPPEXMSRF]=SY;IQYWXVIGIMZI]SYVGERGIPPEXMSRRSXMGIMR[VMXMRKF]IQEMPJE\SVSZIVRMKLXGSYVMIVERH]SYVGERGIPPEXMSRHEXI[MPPFIXLIHEXISR[LMGL
[IVIGIMZI]SYVRSXMGI7MQYPXERISYWP][MXL]SYVRSXMGI]SYQYWXTE]XLIJSPPS[MRKGERGIPPEXMSRGLEVKIFEWIHYTSRXLIEQSYRXSJRSXMGITVSZMHIH-REHHMXMSREMVPMRIGERGIPPEXMSRTSPMGMIWWLEPP
ETTP]JSVGERGIPPIHXSYVWMRZSPZMRKEMVXVERWTSVXEXMSR
4IREPX]
TIVTIVWSR 2YQFIVSJ(E]WSJ%HZERGI;VMXXIR2SXMGI
;MXLMRHE]WSJVIGIMZMRK]SYVVIWIVZEXMSR
3RILYRHVIHTIVGIRX;MXLMRHE]WSJHITEVXYVI
8LIVIMWRSVIJYRHJSVYRYWIHTSVXMSRWSJEXSYVSRGIMXLEWGSQQIRGIHERH]SYEVIWSPIP]VIWTSRWMFPIJSVGSWXWMRGYVVIHF]]SYHYIXSQMWWIHGERGIPIHSVHIPE]IHXVERWTSVXEXMSR=SYVHIGMWMSRRSXXS
TEVXMGMTEXISRXLIXSYVHYIXS7XEXI(ITEVXQIRX[EVRMRKWJIEVSJXVEZIPMPPRIWWSVER]SXLIVVIEWSR[MPPFIHIIQIHEGERGIPPEXMSR-JE¾MKLXSVSXLIVHIPE]JSVER]VIEWSRTVIZIRXW]SYJVSQNSMRMRKXLI
XSYVSRXLIXSYVHITEVXYVIHEXIERHXMQI]SY[MPPFIGSRWMHIVIHERSWLS[ERH[IGERRSXTVSZMHIEJYPPSVTEVXMEPVIJYRHSVGVIHMXXS[EVHEJYXYVIXSYVFYX]SYQE]NSMRXLIXSYVPEXIMJ]SY[MWL
-RWYVERGI-QQIVWMSR.SYVRI]WVIGSQQIRHWXLEX]SYTYVGLEWIXVMTGERGIPPEXMSRQIHMGEPERHFEKKEKIMRWYVERGIXSGSZIVTIREPXMIWERHGERGIPPEXMSRGLEVKIW:EWWEV8VEZIP4VSKVEQ[MPPWIRHER
MRWYVERGIETTPMGEXMSRYTSRVIGIMTXSJVIWIVZEXMSRERHHITSWMXEPXLSYKL]SYQE]WIPIGXER]MRWYVIVSJ]SYVGLSMGI,S[IZIVER]UYIWXMSRWEFSYX[LEXXVEZIPMRWYVERGIHSIWSVHSIWRSXGSZIVWLSYPH
FIEHHVIWWIHHMVIGXP]XSXLIXVEZIPMRWYVERGIGSQTER]-J]SYHIGPMRIMRWYVERGIGSZIVEKI]SY[MPPTIVWSREPP]EWWYQIJYPPVIWTSRWMFMPMX]JSVER]½RERGMEPPSWWEWWSGMEXIH[MXL]SYVXVEZIPEVVERKIQIRXW
ERH]SYGSYPHPSWI]SYVXVEZIPMRZIWXQIRXERHSVLEZIXSTE]QSVIQSRI]XSGSVVIGXXLIWMXYEXMSR
'ERGIPPEXMSRSV7YFWXMXYXMSR&]9W;I[MPPQEOIGSQQIVGMEPP]VIEWSREFPIIJJSVXWXSOIITXLIMXMRIVEV]EWMXLEWFIIRTYFPMWLIHLS[IZIVXLI½REPMXMRIVEV]QE]ZEV]HYIXSEZEMPEFMPMX]ERH
JEGXSVWFI]SRHSYVGSRXVSP;IQE]MRSYVWSPIHMWGVIXMSRWYFWXMXYXIWIVZMGIWWYGLEWLSXIPWSVKSSHWSJWMQMPEVUYEPMX]JSVER]WIVZMGISVKSSHWXEXIHMRXLIMXMRIVEV]-JEXSYVMWGERGIPPIHSYVPMEFMPMX]
MWPMQMXIHXSEJYPPVIJYRHSJ]SYVTE]QIRXWERH[I[MPPRSXFIPMEFPIJSVER]SXLIVGSWXWHEQEKIWSVVIJYRHWSJER]OMRHJSVER]PSWWHIPE]MRGSRZIRMIRGIHMWETTSMRXQIRXSVI\TIRWI[LEXWSIZIVMR
WYGLGMVGYQWXERGIW-JJSVVIEWSRWFI]SRHSYVGSRXVSPEXSYVMRTVSKVIWWQYWXFIMRXIVVYTXIHSVGERGIPPIH[I[MPPVIJYRHETSVXMSRSJXLITVMGIHITIRHMRKSRSYVEGXYEPGSWXWMRGYVVIH
%MVJEVIW%MVPMRIWERHEMVJEVIWMRGPYHIHMRER]FVSGLYVIEVIWYFNIGXXSGLERKI[MXLSYXRSXMGI4PIEWIGLIGO[MXL-QQIVWMSR.SYVRI]WSV]SYVXVEZIPEKIRXJSVGSRHMXMSRWETTPMGEFPIXS]SYVEMVPMRIXMGOIX
)ZIREJXIV]SYLEZITEMHXSYVW[MXLWGLIHYPIHEMVXVERWTSVXEXMSR[MXLMRSVJVSQXLI9RMXIH7XEXIWEVIWYFNIGXXSWYTTPIQIRXEPTVMGIMRGVIEWIWXLEXQE]FIMQTSWIHF]XLIWYTTPMIVERHSVKSZIVRQIRX
=SYLIVIF]GSRWIRXXSER]WYGLTVMGIMRGVIEWI;I[MPPRSXGLERKI]SYVVIUYIWXIHWIEXEWWMKRQIRXWSRGSQQIVGMEPEMVGVEJX[MXLSYXTIVQMWWMSR,S[IZIVEMVPMRIWSJXIRGLERKIWIEXEWWMKRQIRXWXSWEXMWJ]
XLIMVPS]EPX]QIQFIVWSVFIGEYWISJIUYMTQIRXGLERKIWEMVGVEJXX]TI;IEVIRSXRSXM½IHSJXLIWIGLERKIWMREHZERGIERHSJXIRGPMIRXWEVIRSXQEHIE[EVISJXLIWIGLERKIWYRXMPXLI]EVVMZIEXXLI
EMVTSVX;IEVIRSXVIWTSRWMFPIJSVWIEXEWWMKRQIRXGLERKIWQEHIF]XLIEMVPMRI*VIUYIRX¾]IVTVSKVEQWEVITVMZEXIEKVIIQIRXWFIX[IIREMVPMRIWERHTEWWIRKIVWERH[IGERRSXFILIPHVIWTSRWMFPI
JSVQMPIEKIHMWGVITERGMIWMRZSPZMRKEMVPMRIPS]EPX]VI[EVHTVSKVEQW
4EWWTSVXWERH:MWEW-RXIVREXMSREPXVEZIPVIUYMVIWETEWWTSVXZEPMHQSRXLWFI]SRH]SYVMRXIRHIHVIXYVRXVEZIPHEXI-RQER]GEWIW]SY[MPPEPWSRIIHXSLEZIQYPXMTPIGSRWIGYXMZIFPEROZMWE
TEKIW[MXLMR]SYVTEWWTSVXXLIRYQFIVZEVMIWHITIRHMRKSRXLIHIWXMREXMSR1ER]HIWXMREXMSRWEPWSVIUYMVIXLEXZMWEWFISFXEMRIHTVMSVXSXVEZIP4PIEWIWTIEO[MXLYWMJ]SYEVIYRWYVIEFSYXXLIZMWE
VIUYMVIQIRXWJSV]SYVXVEZIPHIWXMREXMSRFYX]SYEVIWSPIP]VIWTSRWMFPIJSVGSQTP]MRK[MXLTEWWTSVXERHZMWEVIUYMVIQIRXW
7IGYVMX]ERH7EJIX];IEVIWXVSRKP]GSQQMXXIHXSTVSXIGXMRK]SYVWIGYVMX]ERH[IPPFIMRK,S[IZIVXVEZIPWEJEVMWERHWMKLXWIIMRKIRHIEZSVWEVIMRLIVIRXP]HERKIVSYWEGXMZMXMIW-QQIVWMSR
.SYVRI]WWXVSRKP]VIGSQQIRHWXLEX]SYI\IVGMWII\XVIQIGEYXMSR[LIRTEVXMGMTEXMRKMRXSYVIZIRXW4EVXWSJ]SYVXSYVQE]MRZSPZILMKLEPXMXYHIWLMOMRKG]GPMRKERHSVHVMZMRKSZIVVSYKLERHHYWX]
XIVVEMR
%PPXSYVTEVXMGMTERXWFSSOMRK[MXL-QQIVWMSR.SYVRI]WGIVXMJ]XLEXXLI]EVIMRKSSHLIEPXL½XXSXVEZIPERHLEZIRSWTIGM½GQIHMGEPTVSFPIQW-XMWXLIVIWTSRWMFMPMX]SJIEGLXSYVTEVXMGMTERXXSSFXEMR
LIEPXLERHQIHMGEPGIVXM½GEXIWMRSGYPEXMSRWERHZEGGMREXMSRW%R]TL]WMGEPHMWEFMPMX]XLEXQE]VIUYMVIWTIGMEPEXXIRXMSRSVXVIEXQIRXQYWXFIVITSVXIHMR[VMXMRKEXXLIXMQI]SYVVIWIVZEXMSRMWQEHI
4EWWEKIQE]FIVIJYWIHXSER]TIVWSR[LSWIWXEXISJLIEPXLSVTL]WMGEPGSRHMXMSRWVIRHIVXLIQMRXLISTMRMSRSJXLIXSYVGSQTER]SVMXWWYTTPMIVWYR½X'LMPHVIRYRHIVWM\XIIR]IEVWSJEKI
QYWXFIWYTIVZMWIHF]TEVIRXWSVKYEVHMERW[LS[MPPFIEVYPXMQEXIVIWTSRWMFMPMX]SJXLIMVEGXMSRW-QQIVWMSR.SYVRI]WVIGSQQIRHWXLEX]SYTYVGLEWIMRWYVERGIXSGSZIVQIHMGEPI\TIRWIWXVMT
GERGIPPEXMSRERHMRXIVVYTXMSRERHPSWWSJFEKKEKI4PIEWIGSRXEGX-QQIVWMSR.SYVRI]WJSVJYVXLIVHIXEMPW
-RJSVQEXMSR -RJSVQEXMSR XLEX -QQIVWMSR .SYVRI]W TYFPMWLIW MR MXW FVSGLYVIW GSPPEXIVEP QEXIVMEP ERH SR MXW [IF WMXI MW FIPMIZIH XS FI EGGYVEXI ERH VIPMEFPI -QQIVWMSR .SYVRI]W QEOIW RS
VITVIWIRXEXMSRWSV[EVVERXMIWVIKEVHMRKWYGLMRJSVQEXMSRSVER]MRJSVQEXMSRTVSZMHIHF]EXLMVHTEVX]9RPIWWI\TVIWWP]WXEXIHMR[VMXMRK-QQIVWMSR.SYVRI]WHSIWRSXIRHSVWIXLITVSHYGXWSVWIVZMGIW
SJJIVIHF]ER]GSQTER]SVTIVWSRMHIRXM½IHMRMXWFVSGLYVIWGSPPEXIVEPQEXIVMEPSV[IFWMXIRSVMW-QQIVWMSR.SYVRI]WVIWTSRWMFPIJSVER]GSRXIRXTYFPMWLIHF]EXLMVHTEVX]
:IRHSV%GXWSV3QMWWMSRW;IEGXSRP]MRXLIGETEGMX]SJEKIRXJSVXLIWYTTPMIVWSJXLIXVEZIPWIVZMGIWREQIHMR]SYVMXMRIVEV]SVSXLIV[MWITVSZMHMRKWIVZMGIWSVKSSHWMRGSRRIGXMSR[MXL
XLIXSYVXLI±:IRHSVW²WYGLEWEMVPMRIWLSXIPWERHSXLIVPSHKMRKTVSZMHIVWPSGEPLSWXWWMKLXWIIMRKXSYVSTIVEXSVWFYWPMRIWGEVVIRXEPGSQTERMIWHVMZMRKWIVZMGIWVIWXEYVERXWERHTVSZMHIVWSJ
IRXIVXEMRQIRX;IEWWYQIRSVIWTSRWMFMPMX]JSVER]TIVWSREPMRNYV]TVSTIVX]HEQEKISVSXLIVPSWWEGGMHIRXHIPE]MRGSRZIRMIRGISVMVVIKYPEVMX][LMGLQE]FISGGEWMSRIHF]VIEWSRSJER]EGXSV
SQMWWMSRSJER]SJXLI:IRHSVWSVEMVPMRIWTVSZMHMRK¾MKLXWXSSVJVSQ]SYVXSYV
'SRHYGX(YVMRKXLI8SYV=SYEVIEPWSVIWTSRWMFPIJSVVIWTIGXMRKXLIEYXLSVMX]ERHJSPPS[MRKXLIHMVIGXMSRWSJXLIXSYVKYMHIERHXLIPE[WSJXLIGSYRXVMIWMR]SYVMXMRIVEV];IQE]I\GPYHI
]SYJVSQTEVXMGMTEXMRKMREPPSVER]TEVXSJXLIXSYVMJMRSYVWSPIHMWGVIXMSR]SYVGSRHMXMSRSVFILEZMSVVIRHIVW]SYYR½XJSVXLIXSYVSVYR½XJSVGSRXMRYEXMSRSRGIXLIXSYVLEWFIKYR9R½XRIWW
QE]MRGPYHI[MXLSYXPMQMXEXMSRER]FILEZMSVXLEXVIKEVHPIWWSJMXWGEYWIMWMRETTVSTVMEXISVSJJIRWMZISVMRXIVJIVIW[MXLXLIHIPMZIV]SJXSYVWIVZMGIWSVQE]GSRWXMXYXIELE^EVHSVIQFEVVEWWQIRX-R
WYGLGEWISYVPMEFMPMX]WLEPPFIWXVMGXP]PMQMXIHXSVIJYRHSJXLIVIGSZIVEFPIGSWXSJER]YRYWIHTSVXMSRSJXLIXSYV7LSYPH]SYHIGMHIRSXXSTEVXMGMTEXIMRGIVXEMRTEVXWSJXLIXSYVSVYWIGIVXEMRKSSHW
MRGPYHIHMRXLIXSYVRSVIJYRHW[MPPFIQEHIJSVXLSWIYRYWIHTEVXWSJXLIXSYVSVKSSHW
0MQMXEXMSRSJ0MEFMPMX]ERH(EQEKIW
-RRSIZIRX[MPP[IFIPMEFPIJSVER]MRNYV]PSWWGPEMQHEQEKISVER]WTIGMEPTYRMXMZII\IQTPEV]HMVIGXMRHMVIGXMRGMHIRXEPSVGSRWIUYIRXMEPHEQEKIWSJER]
OMRH[LIXLIVFEWIHMRGSRXVEGXXSVXWXVMGXPMEFMPMX]SVSXLIV[MWIXLEXEVMWISYXSJSVEVIMRER][E]GSRRIGXIH[MXLXLIXSYVIZIRMJEHZMWIHSJXLITSWWMFMPMX]
SJWYGLHEQEKIW-RRSIZIRX[MPPSYVEKKVIKEXIPMEFMPMX]I\GIIHXLIXSXEPXSYVTVMGIWIXJSVXLMRXLIMXMRIVEV]
*SVGI1ENIYVI;IEWWYQIRSVIWTSRWMFMPMX]JSVER]TIVWSREPMRNYV]TVSTIVX]HEQEKISVSXLIVPSWWEGGMHIRXHIPE]MRGSRZIRMIRGISVMVVIKYPEVMX][LMGLQE]FISGGEWMSRIHF]VIEWSRSJER]QEXXIV
FI]SRHSYVI\GPYWMZIGSRXVSPMRGPYHMRKFYXRSXPMQMXIHXSEHIPE]SVGERGIPPEXMSRXLEXGEYWIW]SYXSQMWWEPPSVER]TSVXMSRSJXLIXSYVEGXWSJ+SHEGXWSJKSZIVRQIRX[EVXIVVSVMWXEGXWVMSXWHMWEWXIV
[IEXLIVI\XVIQIWSVWXVMOIW;ILEZIRSWTIGMEPORS[PIHKIVIKEVHMRKXLI½RERGMEPGSRHMXMSRSJXLI7YTTPMIVWYRWEJIGSRHMXMSRWLIEPXLLE^EVHW[IEXLIVLE^EVHWSVGPMQEXII\XVIQIWEXPSGEXMSRWXS
[LMGL]SYQE]XVEZIP=SYYRHIVWXERHXLEXLIEPXLGEVIWXERHEVHWJEGMPMXMIWERHWIVZMGIWEFVSEHQE]FIHMJJIVIRXSVIZIRMREHIUYEXIJSVXVIEXMRKLIEPXLGSRHMXMSRW*SVMRJSVQEXMSRGSRGIVRMRKTSWWMFPI
HERKIVWEXJSVIMKRHIWXMREXMSRW[IVIGSQQIRHGSRXEGXMRKXLI8VEZIP;EVRMRKW7IGXMSRSJXLI977XEXI(ITEVXQIRXEXSV[[[XVEZIPWXEXIKSZERHGPMGOSR±8VEZIP;EVRMRKW²*SV
QIHMGEPMRJSVQEXMSR[IVIGSQQIRHGSRXEGXMRKXLI'IRXIVWJSV(MWIEWI'SRXVSPEX*=-86-4SV[[[GHGKSZXVEZIP
-RHIQRM½GEXMSR=SYWLEPPMRHIQRMJ]HIJIRHERHLSPHLEVQPIWW:EWWEV'SPPIKI-QQIVWMSR.SYVRI]WERHMXWSJ½GIVWIQTPS]IIWHMVIGXSVWWYTTPMIVWERHEKIRXWMRXLIMVMRHMZMHYEPGETEGMXMIWSV
SXLIV[MWIJVSQERHEKEMRWXER]0SWWIWEVMWMRKSYXSJM]SYVRIKPMKIRGIMM]SYVJEMPYVIXSGSQTP][MXLETTPMGEFPIPE[SVMMM]SYVJEMPYVIXSGSQTP][MXLXLIWIXIVQWGSRHMXMSRW
1MWGIPPERISYW-QQIVWMSR.SYVRI]WQE]EWWMKRMXWVMKLXWERHSVHIPIKEXIEPPSVETSVXMSRSJMXWHYXMIWYRHIVXLIWI8IVQWERH'SRHMXMSRWXSER]XLMVHTEVX]EXER]XMQI[MXLSYXXLIGSRWIRXSV
TIVQMWWMSRSJER]TEVXMIWXSXLIWI8IVQWERH'SRHMXMSRW-JXLIVIMWEGSR¾MGXFIX[IIRXLIWI8IVQWERH'SRHMXMSRWERHSRISVQSVIXIVQWGSRXEMRIHMRERSXLIVEKVIIQIRXFIX[IIR]SYERH-QQIVWMSR
.SYVRI]WXLIWI8IVQWERH'SRHMXMSRW[MPPGSRXVSP2SEPXIVEXMSRGERGIPPEXMSRZEVMEXMSRSJSVEHHMXMSRXSXLIWIXIVQWERHGSRHMXMSRWWLEPPFISJER]JSVGISVIJJIGXYRPIWWVIHYGIHXS[VMXMRKERHWMKRIH
F]-QQIVWMSR.SYVRI]WERHXLI'PMIRX-JXLIVIMWEGSR¾MGXFIX[IIRER]TEVXSJXLIWIXIVQWERHGSRHMXMSRWERHER]TVIWIRXSVJYXYVIPE[XLITEVXXLEXMWEJJIGXIHWLEPPFIGYVXEMPIHSRP]XSXLII\XIRX
RIGIWWEV]XSFVMRKMX[MXLMRXLIVIUYMVIQIRXWSJXLEXPE[
%R]GSRXVSZIVW]SVGPEMQEVMWMRKSYXSJSVVIPEXMRKXSXLIWI8IVQWERH'SRHMXMSRWXSXLIPMQMXWSR-QQIVWMSR.SYVRI]WVIWTSRWMFMPMX]GPEYWIXSXLIFVSGLYVIXSXLITVSTSWEPXSER]MRJSVQEXMSRVIPEXMRK
MRER][E]XSXLIXVMTXSXLIXVMTMXWIPJSVXSER]TVSHYGXWSVWIVZMGIWVIPEXIHXSXLIXVMTWLEPPFIWIXXPIHWSPIP]ERHI\GPYWMZIP]F]FMRHMRKEVFMXVEXMSRMRXLI7XEXISJ2I[=SVOMREGGSVHERGI[MXL
XLI'SQQIVGMEP%VFMXVEXMSR6YPIWSJXLI%QIVMGER%VFMXVEXMSR%WWSGMEXMSRI\GITXXLEXEMRPMIYSJETIVWSREPETTIEVERGIEXEVFMXVEXMSRXLIEVFMXVEXMSRQE]FIGSRHYGXIHF]XIPITLSRMGQIERWF
EVFMXVEXMSRMWXLII\GPYWMZIJSVYQJSVHMWTYXIVIWSPYXMSRRSGSYVXEGXMSRWERHGI\GITXEWSXLIV[MWITVSZMHIHF]WXEXYXIIEGLTEVX]WLEPPFIEVMXWS[RGSWXWERHI\TIRWIWERHERIUYEPWLEVISJXLI
EVFMXVEXSVERHEHQMRMWXVEXMZIJIIW=SYEKVIIXSTVIWIRXER]GPEMQWEKEMRWXYW[MXLMRHE]WEJXIVXLIXSYVIRHWERHXS½PIER]EVFMXVEXMSRVIUYIWX[MXLMRSRI]IEVSJXLIMRGMHIRXERH]SYEGORS[PIHKI
XLEXXLMWI\TVIWWP]PMQMXWXLIETTPMGEFPIWXEXYXISJPMQMXEXMSRWXSSRI]IEV
=SYLIVIF]GSRWIRXXSSYVYWISJTMGXYVIWSVZMHISSJ]SYMRSYVQEVOIXMRKQEXIVMEPW[MXLSYXGSQTIRWEXMSR*EGWMQMPISVWGERRIHXVERWQMWWMSRSJER]WMKRIHHSGYQIRXWLEPPFIHIIQIHHIPMZIV]SJ
ERSVMKMREP
%779148-323*6-7/=SYEGORS[PIHKIXLEX]SYLEZIZSPYRXEVMP]ETTPMIHJSVXLMWXSYV=SYYRHIVWXERHXLEX]SYQE]XVEZIPXSGSYRXVMIWERHEVIEWXLEXEVIMRLIVIRXP]VMWO]=SYEVITVITEVIHXS
EWWYQIVMWOWEWWSGMEXIH[MXLXLMWXSYVMRGPYHMRKJSVGIWSJREXYVIXIVVSVMWQGMZMPYRVIWX[EVEGGMHIRXWERHXVERWTSVXEXMSRMRGPYHMRKPERHZILMGPIWFSEXWERHEMVGVEJXXLEXEVIRSXSTIVEXIHERHQEMRXEMRIH
XSXLIWXERHEVHWJSYRHMR2SVXL%QIVMGEERH]SYLIVIF]EWWYQIWYGLVMWOW=SYEPWSEWWYQIVMWOWEWWSGMEXIH[MXLEPXMXYHIMPPRIWWHMWIEWITL]WMGEPI\IVXMSRERHEPGSLSPGSRWYQTXMSRORS[MRKXLEX
EGGIWWXSIZEGYEXMSRERHSVWYMXEFPIQIHMGEPWYTTPMIWERHWYTTSVXQE]RSXFIEZEMPEFPI&]WMKRMRKXLMWHSGYQIRX]SYEKVIIXSXEOIJYPPVIWTSRWMFMPMX]JSV]SYVS[REGXMSRWWEJIX]ERH[IPJEVI=SYEPWS
YRHIVWXERHXLEX]SY[MPPFIEQIQFIVSJEKVSYTERH[MPPGSRHYGXQ]WIPJMRE[E]XLEX[MPPRSXIRHERKIVXLIKVSYTSV]SYVWIPJ=SYYRHIVWXERHXLEXMJ]SYJVEYHYPIRXP]VITVIWIRX]SYVWIPJEW½XJSVXLMW
XSYV]SYQE]FIVIQSZIHTVMSVXSSVHYVMRKXLIXSYVEX]SYVS[RI\TIRWI