SlideShare una empresa de Scribd logo
1 de 204
Descargar para leer sin conexión
HANDBOOK OF
ANDROLOGY
Second Edition
The American Society of Andrology
Copyright © Marc
Printed by Allen Press, In
F
ogy
Copyright © March 2010, by The American Society of Andrology
Printed by Allen Press, Inc.; 1041 New Hampshire Street, Lawrence, KS 66044
I
Preface
Since the first edition of the Handbook of Andrology, published by the
American Society of Andrology 15 years ago, over 20,000 printed copies, as
well as uncounted numbers of electronic copies, have been distributed to
colleagues and trainees around the world. The first edition was translated
into Spanish, Italian and Chinese. Most of the fundamental information
provided in the first edition is still valid; however, the volume of scientific
literature on the various facets of the subject of andrology has expanded
tremendously. This has resulted in a constantly growing body of knowledge,
not only in basic science but also in the clinical management of men’s health
issues.
In this edition, we have increased the number of chapters from 24 to 41,
but have made every effort to retain a style that will allow trainees to be
introduced to the field of Andrology and become as excited about working in
this field as are the contributing authors. Our chapters encompass the wide
range of topics that characterizes the field of Andrology, from molecular
biology to veterinary and human medicine, from applied research to ethics.
We once again have been extremely fortunate to have as authors world-
renowned Andrologists who are experts in the various subjects included in
the Handbook; we wish to thank each of them for their valuable contributions.
With the advances in information technology, we feel that it is time to
drop the traditional format of a paper bound book and move to an electronic
only version for this edition of the Handbook. With the support of the
American Society of Andrology, this edition of the Handbook will be freely
available to all members of the Society. The electronic version is available as
a single PDF or as PDFs of individual chapters. We believe that this
approach will allow for a wider scope of circulation of the Handbook, permit
more frequent updates of the content, and help save a forest of trees.
It is our hope that this second edition of the Handbook of Andrology lays
the foundation for basic scientists, clinician scientists, healthcare
professionals, trainees, policy makers and anyone who has an interest in the
discipline to acquire the relevant knowledge that they seek.
Finally, we would like to acknowledge the dedicated secretarial support
of Ms. Elise Boivin-Ford and to thank all the contributors and various
members of the American Society of Andrology for their assistance and
support in making this Handbook possible.
Bernard Robaire and Peter Chan
Co-Editors
February 2010
II
List of Contributors
Co-editors
Bernard Robaire, Ph.D.*
Department of Pharmacology and
Therapeutics
McGill University
3655 Promenade Sir-William-Osler
Montreal, QC H3G 1Y6
Canada
Peter Chan, M.D.
McGill University
Department of Surgery
Royal Victoria Hospital
687 Pine Avenue West, S6.95
Montreal, QC H3A 1A1
Canada
Authors
Rupert P. Amann, Ph.D.*
Animal Reproduction and
Biotechnology Laboratory
Colorado State University
Fort Collins, CO 80523-1683
USA
John K. Amory, M.D.
Center for Research in
Reproduction & Contraception
Department of Medicine
University of Washington
Box 356429
Seattle, WA 98195-6429
USA
Janice L. Bailey, Ph.D.
Centre de recherche en biologie
de la reproduction
Faculté des sciences de
l'agriculture et de l'alimentation
Pavillon Paul-Comtois, local 4147
Université Laval
Québec, QC G1K 7P4
Canada
William J. Bremner M.D., Ph.D.*
University of Washington School
of Medicine
1959 NE Pacific Street
UW Mailbox 356420
Seattle, WA 98195-6420
USA
Terry R. Brown, Ph.D.*
Division of Reproductive Biology
Department of Biochemistry and
Molecular Biology
Bloomberg School of Public Health
Johns Hopkins University
Baltimore, MD 21205
USA
Arthur L. Burnett, M.D., Ph.D.
Brady Urological Institute
Johns Hopkins Medical Institutions
Baltimore, MA 21287
USA
Mary S. Croughan, Ph.D
Ob/Gyn Women’s Hlth C
University of California
at San Francisco
Box 1793, 1635 Divisade
San Francisco, CA 9414
USA
Janice P. Evans, Ph.D.
Division of Reproductive
Department of Biochemis
Molecular Biology
Bloomberg School of Pub
Johns Hopkins University
Baltimore, MD 21205
USA
Marc Goldstein, M.D.
Cornell Institute for Repr
Medicine
Weill-Cornell Medical Co
Box 580, 525 E 68th Stre
New York, NY 10065
Mary Ann Handel, Ph.D.
The Jackson Laboratory
600 Main Street
Bar Harbor, Maine 0460
USA
Barry T. Hinton, Ph.D.*
Department of Cell Biolo
University of Virginia Hea
Sciences Center
PO Box 800732
School Of Medicine #439
Charlottesville, VA 2290
USA
III
ery
tal
est, S6.95
1A1
in
ontraception
cine
gton
6429
M.D., Ph.D.*
gton School
et
6420
D., Ph.D.
itute
cal Institutions
7
Mary S. Croughan, Ph.D.
Ob/Gyn Women’s Hlth Clinical Res
University of California
at San Francisco
Box 1793, 1635 Divisadero St. 601
San Francisco, CA 94143-1793
USA
Géraldine Delbès, Ph.D.
Department of Pharmacology and
Therapeutics
McGill University
3655 Prom. Sir-William-Osler
Montreal, QC H3G 1Y6
Canada
Janice P. Evans, Ph.D.
Division of Reproductive Biology
Department of Biochemistry and
Molecular Biology
Bloomberg School of Public Health
Johns Hopkins University
Baltimore, MD 21205
USA
Duane L. Garner, Ph.D.
Department of Animal
Biotechnology
University of Nevada, Reno
Reno, NV 89557
USA
Marc Goldstein, M.D.
Cornell Institute for Reproductive
Medicine
Weill-Cornell Medical College
Box 580, 525 E 68th Street
New York, NY 10065
Barbara F. Hales, Ph.D.
Department of Pharmacology and
Therapeutics
McGill University
3655 Promenade Sir-William-Osler
Montreal, QC H3G 1Y6
Canada
Mary Ann Handel, Ph.D.
The Jackson Laboratory
600 Main Street
Bar Harbor, Maine 04609
USA
Wayne J.G. Hellstrom. M.D.*
Tulane University School
of Medicine
Department of Urology
New Orleans, LA 70112
USA
Barry T. Hinton, Ph.D.*
Department of Cell Biology
University of Virginia Health
Sciences Center
PO Box 800732
School Of Medicine #439
Charlottesville, VA 22908
USA
Ilpo Huhtaniemi, M.D., Ph.D.
Department of Reproductive
Biology
Imperial College London
London W120NN
UK
Handbook of Andrology – List of Contributors Handbook of Andrology – L
!"
Nigel Hunt, Ph.D.
Institute of Work, Health and
Organisations
University of Nottingham
Floor B, International House
Jubilee Campus, Wollaton Road
Nottingham NG8 1BB
UK
Dolores Lamb, Ph.D.*
Scott Department of Urology
Baylor College of Medicine
Houston, Texas 77030
USA
Sue McHale, Ph.D.
Faculty of Development
and Society
Sheffield Hallam University
Collegiate Crescent Campus
Sheffield S10 2BP
UK
Robert I. McLachlan, Ph.D.
Prince Henry’s Inst of Med Res
Level 4, Block E
Monash Medical Centre
24 Clayton Rd
Clayton, Victoria 3168
Australia
Kevin T. McVary, M.D.
Department of Urology
Feinberg School of Medicine
Northwestern University School
of Medicine
Chicago, IL 60611
USA
Marvin L. Meistrich, Ph.D.
Department of Experimental
Radiation Oncology
University of Texas M. D.
Anderson Cancer Center
Unit 066, 1515 Holcombe Blvd.
Houston, TX 77030-4009
USA
Alvaro Morales, M.D.
Department of Urology
Centre for Applied Urological Res
Queen's University
Kingston, ON K7L 2V7
Canada
Abraham Morgentaler, M.D.
Men’s Health Boston
Harvard Medical School
One Brookline Place, Suite #624
Brookline, MA 02445-7224
USA
Makoto Nagano, Ph.D.
Department of Obstetrics and
Gynecology
The Research Institute of the McGill
University Health Centre
McGill University
687 Pine Avenue West
Montreal QC H3A 1A1
Canada
Falk Ochsendorf, M.D., Ph.D.
Zentrum Dermatologie und
Venerologie
Klinikum der J.W.Goethe-
Universität Frankfurt
Theodor-Stern-Kai 7
60590 Frankfurt
Germany
Vassilios Papadopoulos,
Departments of Medicine
Pharmacology and The
The Research Institute of
McGill University Healt
McGill University
1650 Cedar Avenue
Montreal, QC H3G 1A4
Canada
Sally D. Perreault, Ph.D.*
US Environmental Protec
Agency
Mail Drop E205-09
Research Triangle Park N
USA
Tony M. Plant, Ph.D.
University of Pittsburgh S
of Medicine
Dept. of Cell Biology and
Magee-Womens Researc
204 Craft Avenue, Room
Pittsburgh, PA 15213
USA
Mathew C. Raynor, M.D.
Department of Urology
Tulane Health Sciences C
1430 Tulane Avenue
New Orleans, LA 70112
USA
Susan A. Rothmann, Ph.
Fertility Solutions Inc.
11811 Shaker Blvd., Suit
Cleveland, OH 44120
USA
Handbook of Andrology – List of Contributors
"
D.*
f Urology
edicine
030
n, Ph.D.
of Med Res
ntre
168
Ph.D.
erimental
gy
M. D.
Center
ombe Blvd.
0-4009
er, M.D.
n
hool
e, Suite #624
45-7224
.D., Ph.D.
gie und
oethe-
t
7
Vassilios Papadopoulos, Ph.D.
Departments of Medicine and of
Pharmacology and Therapeutics
The Research Institute of the
McGill University Health Centre
McGill University
1650 Cedar Avenue
Montreal, QC H3G 1A4
Canada
D.J. Parekh, M.D.
Department of Urology
The University of Texas Health
Science Center at San Antonio
San Antonio TX 78229
USA
Sally D. Perreault, Ph.D.*
US Environmental Protection
Agency
Mail Drop E205-09
Research Triangle Park NC 27711
USA
Phillip M. Pierorazio, M.D.
James Buchanan Brady
Urological Institute
Johns Hopkins Medical Inst.
Baltimore, MD 21287
USA
Tony M. Plant, Ph.D.
University of Pittsburgh School
of Medicine
Dept. of Cell Biology and Physiology
Magee-Womens Research Institute
204 Craft Avenue, Room B311
Pittsburgh, PA 15213
USA
Gail S. Prins, Ph.D.*
Department of Urology, MC 955
University of Illinois at Chicago
820 South Wood Street
Chicago, IL 60612
USA
Mathew C. Raynor, M.D.
Department of Urology
Tulane Health Sciences Center
1430 Tulane Avenue
New Orleans, LA 70112
USA
Kenneth Roberts, Ph.D.
University of Washington School
of Medicine
320N Health Sciences Building
PO Box 1495
Spokane, WA 9 9210
USA
Susan A. Rothmann, Ph.D.
Fertility Solutions Inc.
11811 Shaker Blvd., Suite 330
Cleveland, OH 44120
USA
Peter N. Schlegel, M.D.
Department of Urology
New York Presbyterian Hospital/
Weill Cornell Medical Center
525 East 68th
Street
New York, NY 10021
USA
Handbook of Andrology – List of Contributors Handbook of Andrology – Li
VI
Richard J. Sherins, M.D.*
Columbia Fertility Associates
2440 M Street North West, # 401
Washington, DC 20037
USA
David W. Silversides, Ph.D.
Department of Veterinary
Biomedicine
University of Montreal
St-Hyacinthe, QC J2S 7C6
Canada
Niels E. Skakkebæk, M.D.
Rigshospitalet, Department of
Growth & Reproduction
GR 5064, Blegdamsvej 9
DK-2100 Copenhagen
Denmark
Ronald S. Swerdloff, M.D.*
Division of Endocrinology
Department of Medicine
Harbor-UCLA Medical Center
and Los Angeles Biomedical
Research Center
1000 W. Carson Street
Torrance, CA 90509
USA
J. Lisa Tenover, M.D., Ph.D.*
Division of Geriatric Medicine
Wesley Woods Health Center
1841 Clifton Road NE
Atlanta, GA 30329-5102
USA
I.M. Thompson, M.D.
Department of Urology
The University of Texas Health
Science Ctr at San Antonio
7703 Floyd Curl Drive
San Antonio, TX 78229
USA
Jacquetta M. Trasler, M.D., Ph.D.
Department of Pediatrics
McGill University, MCH MUHC-RI
2300 rue Tupper
Montréal, QC H3H 1P3
Canada
Robert S. Viger, Ph.D.
Laval University
Dept. of Ob/Gyn
2705 Laurier boulevard, T1-49
Centre de recherche CHUQ-CHUL
Quebec, QC G1V 4G2
Canada
Thomas J. Walsh, M.D.
Department of Urology
University of Washington School
of Medicine
1959 NE Pacific Street, # Bb667
Seattle, WA 98195-0001
USA
Christina Wang, M.D.*
Division of Endocrinology
Department of Medicine
Harbor-UCLA Medical Center and
Los Angeles Biomedical
Research Center
1000 W. Carson Street
Torrance, CA 90509
USA
Selma F. Witchel, M.D.
Children’s Hospital of Pitt
Division of Endocrinology
Pittsburgh, PA 15213
USA
Barry R. Zirkin, Ph.D.*
Division of Reproductive
Department of Biochemis
Molecular Biology
Bloomberg School of Pub
Johns Hopkins University
Baltimore, MD 21205
USA
*Past President, America
Handbook of Andrology – List of Contributors
VII
des, Ph.D.
terinary
treal
J2S 7C6
off, M.D.*
rinology
edicine
dical Center
es Biomedical
er
Street
509
M.D.
ology
Texas Health
San Antonio
Drive
78229
Ph.D.
evard, T1-49
che CHUQ-CHUL
V 4G2
M.D.*
rinology
edicine
dical Center and
omedical
er
Street
509
Selma F. Witchel, M.D.
Children’s Hospital of Pittsburgh
Division of Endocrinology
Pittsburgh, PA 15213
USA
William W. Wright, Ph.D.
Division of Reproductive Biology
Department of Biochemistry and
Molecular Biology
Bloomberg School of Public Health
Johns Hopkins University
Baltimore, MD 21205
USA
Barry R. Zirkin, Ph.D.*
Division of Reproductive Biology
Department of Biochemistry and
Molecular Biology
Bloomberg School of Public Health
Johns Hopkins University
Baltimore, MD 21205
USA
*Past President, American Society of Andrology
VIII
Forward by Philip Troen
Reprinted from the first edition of the Handbook of Andrology
“What a piece of work is a man”
Shakespeare, Hamlet, Act ii, scene 2, line 316
Why a handbook of andrology? Some handbooks are published to bring
together multiple aspects of a diversified subject. Some handbooks are
designed to present an overview of a rapidly expanding subject for those
working in the field while other handbooks are intended to codify the
progress already made. Although there are elements of each of these
approaches in this handbook of andrology, our main purpose is to present to
scientists/clinicians early in their careers the scope, importance, and
excitement of our discipline.
What is andrology? Simplistically, one might say that andrology is to the
male what gynecology is to the female. That is, andrology deals with matters
affecting the male reproductive system. The earliest use of the term
andrology, as reported by Mikko Niemi, appears to have been in 1891 in the
Journal of the American Medical Association, reporting on the formation of
the American Andrological Association. Little more was heard from that
association and it was not until the latter half of this century that there
emerged an andrology journal in 1969 and an active andrology organization,
Comite Internacional de Andrologia, in 1970. In the quarter century since,
there has been a veritable explosion of journals and publications, of societies
and congresses, and of workshops and symposia devoted to andrology.
Thus, we appear to be on a rapidly rising growth curve of knowledge and
application in andrology. The scope of modern day andrology is strikingly
indicated by the range of topics discussed in this handbook. Written by
distinguished leaders in their fields, these topics were chosen to indicate the
exciting breadth of andrology and the opportunity it holds for graduate
students in the biological sciences, veterinary students, and medical
students.
Why become an andrologist? In choosing a career one, first of all, tries to
identify an area of interest. Then one looks at the opportunity to succeed and
the likelihood of making a contribution. As an andrologist for 40 years, I can
testify to the continued excitement and interest the discipline has held for me.
As noted above, there has been a rapid escalation of growth so that our
discipline now ranges from genetic studies to pubertal changes in the male
and from infertility and assisted reproduction techniques to disorders of the
prostate, sexual function
areas have been made
and scientific discoverie
biochemistry, neuroscien
each new stage of under
the stimulus that I and my
of the multidisciplinary
themselves and the oppo
expand. As Alexander A
with the reproductive s
opportunity. Andrology c
aging. As you peruse this
of the field and share our
IX
ndrology
316
ublished to bring
handbooks are
subject for those
d to codify the
each of these
e is to present to
mportance, and
drology is to the
eals with matters
se of the term
en in 1891 in the
the formation of
heard from that
ntury that there
ogy organization,
er century since,
ions, of societies
ed to andrology.
knowledge and
logy is strikingly
book. Written by
en to indicate the
ds for graduate
s, and medical
irst of all, tries to
y to succeed and
r 40 years, I can
has held for me.
owth so that our
nges in the male
disorders of the
prostate, sexual function and contraception. Advances in these and other
areas have been made possible by a remarkable series of clinical studies
and scientific discoveries using the classical disciplines of physiology,
biochemistry, neuroscience, and molecular biology. As we have entered
each new stage of understanding and science, there has been no waning of
the stimulus that I and my colleagues experience. At the same time, because
of the multidisciplinary nature of andrology, unsolved problems present
themselves and the opportunities for advancement and success continue to
expand. As Alexander Albert has noted, "Nature has experimented lavishly
with the reproductive system." This fact provides both challenge and
opportunity. Andrology covers a wide spectrum from before conception to
aging. As you peruse this handbook, we hope you will appreciate the scope
of the field and share our excitement in the study of andrology.
X
Handbook of Andrology
Contents
PREFACE
B. Robaire and P. Chan
LIST OF CONTRIBUTORS
FOREWORD
P. Troen
1. What are the components of the male reproductive system?
CNS, pituitary, testis, epididymis, prostate, seminal vesicles, scrotum,
penis
K.P. Roberts
2. What is the relationship among the various endocrine components
of the male reproductive system?
Hypothalamic-Pituitary-Testicular Axis, feedback loops
R. Swerdloff
3. How are communication signals read in the male reproductive
system?
Receptors for gonadotropins and androgens
I. Huhtaniemi
4. What compounds mediate communication within the testis? Where
and how are male-associated hormones produced?
Integration of the hypothalamus, pituitary and testis
B.R. Zirkin
5. How is the synthesis of testosterone regulated?
V. Papadopoulos
6. How are germ cells produced and what factors control their
production?
M. Nagano
7. What unique chromosomal events lead to the formation of a
haploid male germ cell?
M.A. Handel
8. How is the product
Hormonal regulati
and FSH
R.I. McLachlan
9. Are there epigeneti
formation? What is
cells?
Imprinting, DNA m
J.M. Trasler
10. What does the epid
B.T. Hinton
11. What is the prostat
G.S. Prins
12. How does semen a
status of the male?
C. Wang
13. How is sperm chro
doing such assess
Range of methods
B. Robaire
14. What is sperm ban
in humans? Anima
Sperm banking, c
practice
S.A. Rothmann
15. How does the sper
fertilization take pl
Capacitation, acro
egg activation
J.P. Evans and J.
16. What determines m
Sex determination
phenotype
D.W. Silversides a
XI
system?
esicles, scrotum,
ne components
ps
productive
e testis? Where
trol their
ation of a
8. How is the production of spermatozoa regulated?
Hormonal regulation of spermatogenesis: role of androgens
and FSH
R.I. McLachlan
9. Are there epigenetic events associated with male germ cell
formation? What is the role of genomic imprinting in male germ
cells?
Imprinting, DNA methylation
J.M. Trasler
10. What does the epididymis do and how does it do it?
B.T. Hinton
11. What is the prostate and what are its functions?
G.S. Prins
12. How does semen analysis assist in understanding the reproductive
status of the male?
C. Wang
13. How is sperm chromatin structure assessed? What is the value of
doing such assessments?
Range of methods that assess sperm chromatin quality
B. Robaire
14. What is sperm banking? When and how is it (or should it be) used
in humans? Animals?
Sperm banking, consequences of its use in animal and clinical
practice
S.A. Rothmann
15. How does the sperm make its way to the egg and how does
fertilization take place?
Capacitation, acrosome exocytosis, steps of sperm-egg interaction,
egg activation
J.P. Evans and J.L. Bailey
16. What determines maleness?
Sex determination, testis formation and the development of the male
phenotype
D.W. Silversides and R.S. Viger
Handbook of Andrology – Contents Handbook of Andrology – Co
XII
17. Are there specific genetic defects affecting the male reproductive
tract? What are the underlying molecular mechanisms?
Turner’s and Klinefelter’s syndromes, genetic loci, GnRH/LH/FSH,
steroid biosynthesis and androgen insensitivity
T.R. Brown
18. Is there a trigger for puberty in the male? Should early or delayed
puberty be treated? If so, how?
T.M. Plant and S.F. Witchel
19. Clinical male infertility: Epidemiology and basic evaluation
P. Chan
20. Why evaluate the infertile male in the era of ART?
Medical and surgical therapies for male infertility
M. Goldstein
21. What are the assisted reproductive technologies for male
infertility?
Indications for IVF/ICSI/IUI, Surgical sperm retrieval techniques
P.N. Schlegel
22. Are there genetic factors associated with male infertility?
D. Lamb
23. How can we assess the health outcomes in ART-conceived
children?
Ethical issues in andrology
T.J. Walsh and M.S. Croughan
24. How is male-factor subfertility minimized in companion and food-
producing animals?
R.P. Amann
25. What should I know about artificial insemination (AI) of animals?
R.P. Amann and D.L. Garner
26. Is there a decline in sperm counts in men?
R.J. Sherins and G. Delbès
27. How do environmental cues affect male reproductive?
W.W. Wright
28. What are the effects
disruptors on sperm
Chemical exposur
spermatozoa
S.D. Perreault
29. Can spermatozoa b
consequences of s
conception counse
Drugs that affect s
developmental tox
spermatozoa
B.F. Hales and B.
30. Can we protect spe
Male reproductive
M.L. Meistrich
31. What male contrace
for new male contra
J.K. Amory and W
32. What are the conse
male reproduction?
F. Ochsendorf
33. What types of testic
prognosis? How ef
N.E. Skakkebaek
34. How do erections o
what is its etiology,
problem?
P.M. Pierorazio an
35. How to treat erectil
M.C. Raynor and W
36. Is there an andropa
Syndrome, and if so
Fertility, androgen
function in aging m
A. Morales
Handbook of Andrology – Contents
XIII
reproductive
ms?
RH/LH/FSH,
ly or delayed
uation
male
hniques
ility?
ceived
on and food-
of animals?
e?
28. What are the effects of environmental toxicants and/or endocrine
disruptors on sperm function?
Chemical exposure effects on the male, reactive oxygen species and
spermatozoa
S.D. Perreault
29. Can spermatozoa be targets for drugs? If so, what are the
consequences of such drug exposures? Is there a need for pre-
conception counselling for men?
Drugs that affect sperm structure or function, male-mediated
developmental toxicity, prevention, tests to detect damage to
spermatozoa
B.F. Hales and B. Robaire
30. Can we protect spermatogenesis against testicular insults?
Male reproductive toxicology
M.L. Meistrich
31. What male contraceptives currently exist and what is the outlook
for new male contraceptives?
J.K. Amory and W.J. Bremner
32. What are the consequences of sexually transmitted infections on
male reproduction?
F. Ochsendorf
33. What types of testicular cancers occur in men? What is their
prognosis? How effective are existing therapeutic approaches?
N.E. Skakkebaek
34. How do erections occur? How common is erectile dysfunction,
what is its etiology, and how do you evaluate men with this
problem?
P.M. Pierorazio and A.L. Burnett
35. How to treat erectile dysfunction?
M.C. Raynor and W.J.G. Hellstrom
36. Is there an andropause, better known as Testosterone Deficiency
Syndrome, and if so, what tissues are affected and how?
Fertility, androgen production and sensitivity, osteoporosis and sexual
function in aging men
A. Morales
Handbook of Andrology – Contents
!"#
37. Should there be hormone replacement therapy for aging men?
J.L. Tenover
38. What is the importance of psychosocial issues, counseling and
psychotherapy in andrology?
N. Hunt and S. McHale
39. What is BPH?
K.T. McVary
40. Are some men more susceptible to prostate cancer than others
and why? What are the treatments and their effectiveness? What
are the possibilities for improvements in therapy?
D.J. Parekh and I.M. Thompson
41. What is the risk of testosterone therapy after prostate cancer?
A. Morgentaler
!"#$%&'()*+*,-.%&/01*2"/&.)$*"3*,14%"5"'$* * 60147""8*"3*,14%"5"'$*9*:
! "#"!
!"#$%#&'%$"'%()*+),',$-%).%$"'%*#/'%&'+&)01($23'%-4-$'*5%
!?2@*#&)<&)0%$@*).;)&;@*.#&4&4$-&;@*#%";)0).@*
;.-&105*=.;&/5.;@*;/%")<-@*#.1&;*
%&'&!()*+,-.!
/0+!123+!,+4,)567-89+!.:.-+1!7);.8.-.!)<!.+9+,23!),=2;.!27-8;=!-)=+-0+,!
-)!4,)567+!<6;7-8);23!.4+,12-)>)2?!2;5!-)!5+389+,!-0+.+!.4+,12-)>)2!-)!-0+!
<+123+! ,+4,)567-89+! -,27-&! /0+! .:.-+1! 8.! .6112,8>+5! 8;! @8=6,+! "&!
A4+,12-)>)2?!-0+!0243)85!=+,1!7+33.?!2,+!4,)567+5!8;!-0+!-+.-8.!2;5!6;5+,=)!
12-6,2-8);23!702;=+.!2.!-0+:!-,2;.8-!-0+!+48585:18.&!/0+!92.!5+<+,+;.!-,2;.#
4),-.! -0+! .4+,12-)>)2! <,)1! -0+! +48585:18.! -)! -0+! +B27632-),:! 567-! 8;! -0+!
4,).-2-+&! /0+! .4+,12-)>)2! 2;5! .+7,+-8);.! )<! -0+! .+18;23! 9+.873+.! +14-:!
-)=+-0+,?!C8-0!.+7,+-8);.!<,)1!-0+!4,).-2-+?!8;-)!-0+!4,).-2-87!6,+-0,2&!A+7,+#
-8);.!<,)1!-0+!*63*)6,+-0,23!=32;5!7);-,8*6-+!-)!-0+!+B27632-+!2.!-0+!18D-6,+!
+D8-.!-0+!*)5:!-0,)6=0!-0+!4+;83+!6,+-0,2&!/0+!+;-8,+!.:.-+1!8.!5+4+;5+;-!);!
-+.-).-+,);+?!23.)!4,)567+5!8;!-0+!-+.-8.?!2;5!8-.!,+=632-8);!*:!-0+!48-68-2,:!
2;5!0:4)-023216.&!%;)C3+5=+!)<!-0+!2;2-)1:!2;5!+1*,:)3)=8723!),8=8;.!)<!
-0+!7)14);+;-.!)<!-0+!123+!,+4,)567-89+!-,27-!8.!814),-2;-!8;!5+9+3)48;=!2!
*2.87!2;5!-0),)6=0!6;5+,.-2;58;=!)<!-0+!.:.-+1!2.!2!C0)3+&!!
6'-$2-%
/0+! -+.-8.! 8.! -0+! .8-+! )<! =+,1! 7+33! 5+9+3)41+;-! E.4+,12-)=+;+.8.F! 2;5!
-06.!-0+!4,812,:!-8..6+!)<!-0+!123+!,+4,)567-89+!.:.-+1&!G-!8.!23.)!-0+!.8-+!)<!
2;5,)=+;! .:;-0+.8.! 2;5! .+7,+-8);&! A4+,12-)=+;+.8.! )776,.! C8-08;! -0+!
.+18;8<+,)6.!-6*63+.!)<!-0+!-+.-8.H!-0+!4,)7+..!C0+,+*:!=+,1!7+33.!4,)=,+..!
<,)1! 0243)85! 7+33.! E.4+,12-)=);82F! -)! 1+8)-87! 7+33.! E.4+,12-)7:-+.F! -)!
0243)85! 7+33.! E.4+,12-85.F&! /0+! +48-0+3823! 7+33.! )<! -0+! .+18;8<+,)6.! -6*63+.?!
-0+! A+,-)38! 7+33.?! <27838-2-+! -08.! 4,)7+..&! I+:58=! 7+33.?! -02-! 4)4632-+! -0+!
8;-+,.-8-823!.427+!*+-C++;!-0+!.+18;8<+,)6.!-6*63+.?!4,)567+!-+.-).-+,);+&!
/0+!-+.-8.!2,8.+.!<,)1!-0+!4,818-89+!=);25!8;!C0870!4,818-89+!=+,1!7+33.!
18=,2-+!-)!-0+!6;58<<+,+;-82-+5!=);25!<,)1!-0+!:)3J!.27?!726.8;=!-0+!7)+3)187!
+48-0+3823! 7+33.! -)! 4,)38<+,2-+! 2;5! <),1! -0+! .+D! 7),5.&! @),12-8);! )<! -0+! .+D!
7),5.!=89+.!-08.!,+=8);!2!,28.+5!7);-)6,!-02-!8.!7233+5!-0+!=+;8-23!,85=+&!K6,8;=!
-0+! <)6,-0! 1);-0! )<! +1*,:)=+;+.8.?! -0+! .+D! 7),5.! *+7)1+! L#.024+5! 2;5!
-0+8,!+;5.!2;2.-)1).+!-)!<),1!-0+!,+-+!-+.-8.&!M-!-08.!4)8;-?!-0+!4,81),5823!.+D!
7+33.!2,+!,+<+,,+5!-)!2.!4,+#.4+,12-)=);82!2;5!-0+!+48-0+3823!7+33.!)<!-0+!.+D!
7),5.!2.!A+,-)38!7+33.&!/0+!.+D!7),5.!C833!*+7)1+!-0+!.+18;8<+,)6.!-6*63+.&
/0+!,+-+!-+.-8.!+D-+;5.!8;
.)1+! )<! -0+! 1+.);+
7)116;872-+! C8-0! -0+!
-8..6+!8;!-0+!8;-+,.-8-823!.
7+33.?!-0+!.8-+!)<!2;5,)=+;
7(&)$1*%
/0+!<6;7-8);!)<!-0+!.
128;-28;! -0+! -+14+,2-6,
-+.-8.! 5+9+3)4.! );! -0+!
.7,)-61! 32-+! 8;! 5+9+3)4
.7,)-61! 8.! +..+;-823! <),
+48-0+3861! 4+;+-,2-+.! -0
.C+338;=! 2.! -0+! 4,)7+..
2*5)18;23!C233!8.!72,,8+5
)<!-0+!.7,)-61&!/0+!-+.-+
-0+!.7,)-61&!/0+!7,+12.
-0+!814),-2;-!-+14+,2-6,
8+20204*2-%
/0+! +48585:18.! 8.! 2
-+.-8.!*:!2!.+,8+.!)<!+<<+,
-+.-87632,!.4+,12-)>)2?!
<6;7-8);23! 12-6,8-:&! N)C
+48585:18.! 8.! ;)-! <633:! 6
)-0+,!1)3+763+.!-02-!7)1
.4+,1&!/0+!7)14);+;-.
*,8;=!8-!-)!12-6,8-:&!
/0+! +48585:18.?! 92.
),8=8;! <,)1! -0+! 1+.);+
+1*,:);87! +D7,+-),:! .:.
3);=8-658;23!567-!2;5!2!.
5+9+3)48;=!=);25&!M3-0)
4+,.8.-!2;5!2;2.-)1).+!
-+.-8.F?!-)!<),1!-0+!+<<+,+
/0+!4),-8);!)<!-0+!1+.)
*+7)1+.!+D-+;.89+3:!7);
,+128;.!8;!73).+!7);-27-
.7,)-61&
!
* 60147""8*"3*,14%"5"'$*9*:(0)*0%.*)(.*/"-#"1.1);*"3*)(.*-05.*%.#%"4</)&=.*;$;).->*
"#$!
($23'%-4-$'*5%
0).@*
;.!27-8;=!-)=+-0+,!
+,12-)>)2!-)!-0+!
5! 8;! @8=6,+! "&!
+.-8.!2;5!6;5+,=)!
.!5+<+,+;.!-,2;.#
2-),:! 567-! 8;! -0+!
3! 9+.873+.! +14-:!
7!6,+-0,2&!A+7,+#
-+!2.!-0+!18D-6,+!
1!8.!5+4+;5+;-!);!
;!*:!-0+!48-68-2,:!
)3)=8723!),8=8;.!)<!
-!8;!5+9+3)48;=!2!
!!
12-)=+;+.8.F! 2;5!
8.!23.)!-0+!.8-+!)<!
776,.! C8-08;! -0+!
,1!7+33.!4,)=,+..!
4+,12-)7:-+.F! -)!
;8<+,)6.! -6*63+.?!
02-! 4)4632-+! -0+!
!-+.-).-+,);+&!
18-89+!=+,1!7+33.!
.8;=!-0+!7)+3)187!
12-8);! )<! -0+! .+D!
;8-23!,85=+&!K6,8;=!
1+! L#.024+5! 2;5!
0+!4,81),5823!.+D!
23!7+33.!)<!-0+!.+D!
8;8<+,)6.!-6*63+.&
/0+!,+-+!-+.-8.!+D-+;5.!8;-)!-0+!1+.);+40,87!-8..6+!2;5!C833!2;2.-)1).+!C8-0!
.)1+! )<! -0+! 1+.);+40,87! -6*63+.! <),18;=! -0+! +<<+,+;-! 567-.! -02-!
7)116;872-+! C8-0! -0+! +48585:18.! E58.76..+5! *+3)CF&! /0+! 1+.+;70:123!
-8..6+!8;!-0+!8;-+,.-8-823!.427+!*+-C++;!-0+!-6*63+.!=89+.!,8.+!-)!-0+!I+:58=!
7+33.?!-0+!.8-+!)<!2;5,)=+;!4,)567-8);&!
7(&)$1*%
/0+!<6;7-8);!)<!-0+!.7,)-61!8.!-)!0)6.+!2;5!4,)-+7-!-0+!-+.-8.?!2;5!-)!0+34!
128;-28;! -0+! -+14+,2-6,+! )<! -0+! -+.-8.! )4-8123! <),! .4+,12-)=+;+.8.&! /0+!
-+.-8.! 5+9+3)4.! );! -0+! 4).-+,8),! 2*5)18;23! C233! 2;5! 5+.7+;5.! 8;-)! -0+!
.7,)-61! 32-+! 8;! 5+9+3)41+;-&! A677+..<63! 5+.7+;-! )<! -0+! -+.-8.! 8;-)! -0+!
.7,)-61! 8.! +..+;-823! <),! <+,-838-:&! /0+! .7,)-61! 8.! <),1+5! 2.! -0+! 7)+3)187!
+48-0+3861! 4+;+-,2-+.! -0+! 2*5)18;23! C233! 2;5! 4,)-,65+.! 8;-)! -0+! =+;8-23!
.C+338;=! 2.! -0+! 4,)7+..6.! 92=8;238.&! M;! )6-=,)C-0! )<! 1).-! 32:+,.! )<! -0+!
2*5)18;23!C233!8.!72,,8+5!C8-0!-08.!+48-0+3861?!=898;=!,8.+!-)!-0+!<2.7823!32:+,.!
)<!-0+!.7,)-61&!/0+!-+.-+.!-0+;!5+.7+;5.!*+08;5!-0+!4,)7+..6.!92=8;238.!8;-)!
-0+!.7,)-61&!/0+!7,+12.-+,87!2;5!K2,-).!32:+,.!)<!.7,)-23!<2.782!7);-,8*6-+!-)!
-0+!814),-2;-!-+14+,2-6,+!,+=632-),:!<6;7-8);!)<!-0+!.7,)-61&!
8+20204*2-%
/0+! +48585:18.! 8.! 2! .8;=3+?! 08=03:! 7);9)36-+5! -6*63+! 7);;+7-+5! -)! -0+!
-+.-8.!*:!2!.+,8+.!)<!+<<+,+;-!567-.&!/0+!<6;7-8);!)<!-0+!+48585:18.!8.!-)!*,8;=!
-+.-87632,!.4+,12-)>)2?!-02-!2,+!;);#1)-83+!2;5!8;7242*3+!)<!<+,-838>2-8);?!-)!
<6;7-8);23! 12-6,8-:&! N)C! -08.! 12-6,2-8);! 4,)7+..! 8.! 277)1438.0+5! *:! -0+!
+48585:18.! 8.! ;)-! <633:! 6;5+,.-))5&! /0+! +48585:18.! .+7,+-+.! 4,)-+8;.! 2;5!
)-0+,!1)3+763+.!-02-!7)14,8.+!-0+!<3685!8;!-0+!+48585:123!361+;!-02-!*2-0!-0+!
.4+,1&!/0+!7)14);+;-.!)<!-08.!<3685!C),J!-)=+-0+,!-)!1)58<:!-0+!.4+,1!2;5!
*,8;=!8-!-)!12-6,8-:&!
/0+! +48585:18.?! 92.! 5+<+,+;.! 2;5! .+18;23! 9+.873+.! 029+! 2! 7)11);!
),8=8;! <,)1! -0+! 1+.);+40,87! EO)3<<82;F! 567-&! G;8-8233:! <),1+5! 2.! -0+! +2,3:!
+1*,:);87! +D7,+-),:! .:.-+1?! -0+! 1+.);+40,87! .:.-+1! 8.! 7)14,8.+5! )<! 2!
3);=8-658;23!567-!2;5!2!.+,8+.!)<!-6*63+.!-02-!*,2;70!<,)1!-0+!567-!-)C2,5!-0+!
5+9+3)48;=!=);25&!M3-0)6=0!1).-!C833!5+=+;+,2-+?!.+9+,23!)<!-0+.+!-6*63+.!
4+,.8.-!2;5!2;2.-)1).+!C8-0!-0+!7);<36+;7+!)<!-0+!.+18;8<+,)6.!-6*63+.!E,+-+!
-+.-8.F?!-)!<),1!-0+!+<<+,+;-!567-.!-0,)6=0!C0870!.4+,12-)>)2!+D8-!-0+!-+.-8.&!
/0+!4),-8);!)<!-0+!1+.);+40,87!567-!73).+.-!-)!-0+!+<<+,+;-!567-.!+3);=2-+.?!
*+7)1+.!+D-+;.89+3:!7);9)36-+5?!2;5!<),1.!-0+!+48585:18.&!/0+!+48585:18.!
,+128;.!8;!73).+!7);-27-!C8-0!-0+!-+.-8.!2;5!5+.7+;5.!C8-0!-0+!-+.-8.!8;-)!-0+!
.7,)-61&
!"#$%&&'(&)(*#$+&,&-.(/(01"2("+3(213(4&56&#3#27(&)(213(5",3(+36+&$8429:3(7.7235;( !"#$%&&'(&)(*#$+&,&-.(/(0
(
! "#$!
!
&'()!")! *+,-+.,/!01!23,!4542067!01!23,!648,!-,9-0:;<2.+,!2-4<=)!>?!,9.:.:76.@A!>B?!
,11,-,52!:;<2A!C?!9-0@242,A!DE?!@,6.548!+,@.<8,A!DF?!@,6.5.1,-0;@!2;G;8,A!F?!2,@2.@)!
!"#$%&'&(&)#$
H! 90-2.05! 01! 23,! 6,@05,93-.<! :;<2! :.@248! 20! 23,! 10-6.5I! ,9.:.:76.@!
G,<06,@! 23.<=,5,:! 45:! 6;@<;84-?! 45:! 10-6@! 23,! +4@! :,1,-,5@! J0-! :;<2;@!
:,1,-,5@K)!'5!.2@!<0;-@,!23,!+4@!:,1,-,5@!4@<,5:@!1-06!23,!@<-02;6?!/.23!23,!
+,@@,8@! 2342! +4@<;84-.L,! 23,! 2,@2.@! 45:! ,9.:.:76.@?! 94@@,@! 23-0;I3! 23,!
.5I;.548! <4548?! <-0@@,@! G,3.5:! 23,! G84::,-! 20! ,52,-! 23,! 9-0@242,)! F3,!
,M4<;8420-7! :;<2?! 48@0! 4! 6,@05,93-.<! :;<2! :,-.+42.+,?! <055,<2@! 23,! +4@!
:,1,-,5@!20!23,!9-0@242.<!;-,23-4)!F3,!9-.64-7!1;5<2.05!01!23,!+4@!:,1,-,5@!
45:!,M4<;8420-7!:;<2!.@!2-45@90-2!01!642;-,!@9,-6420L04!45:!@,6.548!+,@.<8,!
@,<-,2.05@!J:.@<;@@,:!G,80/K!20!23,!9-0@242.<!;-,23-4)!
*&+,)"-$.&#,/-&#$
F3,! 1;887! :,+,809,:! @,6.548! +,@.<8,! -,@.:,@! .66,:.42,87! 4G0+,! 23,!
9-0@242,!I845:)!'2!:,+,809@!4@!45!0;2#90<=,2.5I!1-06!23,!6,@05,93-.<!:;<2?!
M;@2! 9-0N.648! 20! 23,! :,+,809.5I! ,M4<;8420-7! :;<2)! F3,! @,6.548! +,@.<8,! .@!
<069-.@,:! 01! 4! @,-.,@! 0
,9.23,8.;6)! '5! 14<2?! 23,!
+08;6,! 01! 23,! ,M4<;842
1-;<20@,! 45:! 9-0@24I845
45:-0I,5#:,9,5:,52!@,
4@!23,!<8022.5I!01!23,!,M4<
0(1#2"2&$
F3,! 9-0@242,! I845:!
80<42.05!.66,:.42,87!452
45:! G.09@.,:! 23-0;I3! 23
@,2@!01!2;G;8,@!2342!,+4I
4!@,94-42,!80G,)!F3,!80
,9.23,8.;6?!2342!:-4.5!23-
;-,23-4)! F3,! 80G,@! 4-,!
/.23!50!4994-,52!I-0@@!0
@;G:.+.@.05! 01! 23,! 9-
60-93080I.<! 45:! 1;5<
2-45@.2.0548!L05,@K)!
C-0@242.<! @,<-,2.05@
,M4<;842,!JOSTRK)!F3,@,
4@! /,88! 4@! @,+,-48! @,<-
984@6.50I,5!4<2.+420-!45
60@2! 9-0@242.<! @,<-,2.0
.690-2452!10-!23,!1;5<2.0
01! 23,! 9-02,.5@! 4-,! 9-
<04I;842,:!,M4<;842,)!>8
01!4G50-648!9-0@242.<!I-0
0&),#$
F3,!9,5.@!.@!-,@905@
2-4<2!:;-.5I!@,N;48!.52,-<
23,!<0-9;@!@905I.0@;6)!
1.88,:!/.23!G800:!9-0:;<,
,-,<2.8,!2.@@;,?!10-6@!23,
<052.5;0;@! /.23! 23,! 9
9-0+.:,@!23,!-,64.5.5I!
8,4+,!23,!G0:7)!F3,!937
<3492,-K! .@! <0698,N! 45:
6+&$8429:3(7.7235;( !"#$%&&'(&)(*#$+&,&-.(/(01"2("+3(213(4&56&#3#27(&)(213(5",3(+36+&$8429:3(7.7235;(
"#%!
!>?!,9.:.:76.@A!>B?!
G;8,A!F?!2,@2.@)!
-6.5I! ,9.:.:76.@!
,-,5@! J0-! :;<2;@!
@<-02;6?!/.23!23,!
@,@! 23-0;I3! 23,!
3,! 9-0@242,)! F3,!
055,<2@! 23,! +4@!
23,!+4@!:,1,-,5@!
:!@,6.548!+,@.<8,!
.42,87! 4G0+,! 23,!
6,@05,93-.<!:;<2?!
,6.548! +,@.<8,! .@!
<069-.@,:! 01! 4! @,-.,@! 01! 2;G;84-! 48+,08.?! 8.5,:! /.23! 4! +,-7! 4<2.+,! @,<-,20-7!
,9.23,8.;6)! '5! 14<2?! 23,! @,6.548! +,@.<8,! <052-.G;2,@! 23,! 64M0-.27! 01! 23,! 18;.:!
+08;6,! 01! 23,! ,M4<;842,! JOPQRK)! D,6.548! +,@.<8,! @,<-,2.05@! 4-,! -.<3! .5!
1-;<20@,! 45:! 9-0@24I845:.5@)! F3,! @,6.548! +,@.<8,! 48@0! 9-0:;<,@! @,+,-48!
45:-0I,5#:,9,5:,52!@,<-,20-7!9-02,.5@!2342!4-,!.5+08+,:!.5!@;<3!9-0<,@@,@!
4@!23,!<8022.5I!01!23,!,M4<;842,!45:!.66;509-02,<2.05!01!23,!@9,-6)!
0(1#2"2&$
F3,! 9-0@242,! I845:! .@! 80<42,:! .5! 23,! @94<,! .51,-.0-! 20! 23,! G84::,-)! '2@!
80<42.05!.66,:.42,87!452,-.0-!20!23,!-,<2;6!4880/@!23,!9-0@242,!20!G,!948942,:!
45:! G.09@.,:! 23-0;I3! 23,! -,<2;6)! F3,! 9-0@242,! 4-.@,@! 1-06! @,+,-48! :.@2.5<2!
@,2@!01!2;G;8,@!2342!,+4I.542,!1-06!23,!9-.6.2.+,!;-,23-4?!,4<3!:,+,809.5I!.520!
4!@,94-42,!80G,)!F3,!80G,@!4-,!<0690@,:!01!48+,08.?!8.5,:!/.23!4!@,<-,20-7!
,9.23,8.;6?!2342!:-4.5!23-0;I3!4!@,-.,@!01!<05+,-I.5I!2;G;8,@!.520!23,!9-0@242.<!
;-,23-4)! F3,! 80G,@! 4-,! ,@@,52.4887! <052.5;0;@! .5! 23,! 50-648! 4:;82! 9-0@242,?!
/.23!50!4994-,52!I-0@@!0-!60-93080I.<!:.@2.5<2.05@)!H!60-,!-,<,52!45:!;@,1;8!
@;G:.+.@.05! 01! 23,! 9-0@242,! :.@2.5I;.@3,@! 9-0@242.<! L05,@! G4@,:! 05!
60-93080I.<! 45:! 1;5<2.0548! 9-09,-2.,@! J.),)?! <,52-48?! 9,-.93,-48! 45:!
2-45@.2.0548!L05,@K)!
C-0@242.<! @,<-,2.05@! <052-.G;2,! @.I5.1.<45287! 20! 23,! 18;.:! +08;6,! 01! 23,!
,M4<;842,!JOSTRK)!F3,@,!@,<-,2.05@!4-,!3.I3!.5!L.5<?!<.2-.<!4<.:!45:!<308.5,?!
4@! /,88! 4@! @,+,-48! @,<-,20-7! 9-02,.5@! .5<8;:.5I! 4<.:! 930@93424@,?! @,6.5.5?!
984@6.50I,5!4<2.+420-!45:!9-0@242,!@9,<.1.<!452.I,5!JCDHK)!F3,!,N4<2!-08,@!01!
60@2! 9-0@242.<! @,<-,2.05@! 4-,! ;5=50/5?! 48230;I3! 23,7! 4-,! 9-,@;6,:!
.690-2452!10-!23,!1;5<2.05!01!@9,-6420L04!:;-.5I!45:!412,-!,M4<;842.05)!U457!
01! 23,! 9-02,.5@! 4-,! 9-02,4@,@! 2342! 4-,! .5+08+,:! .5! 23,! 8.V;.1.<42.05! 01!
<04I;842,:!,M4<;842,)!>8,+42,:!8,+,8@!01!CDH!.5!23,!G800:!.@!012,5!:.4I50@2.<!
01!4G50-648!9-0@242.<!I-0/23!@;<3!4@!0<<;-@!/.23!<45<,-!01!23,!9-0@242,)!
0&),#$
F3,!9,5.@!.@!-,@905@.G8,!10-!23,!:,8.+,-7!01!648,!I,-6!<,88@!20!23,!1,648,!
2-4<2!:;-.5I!@,N;48!.52,-<0;-@,)!'2!.@!<069-.@,:!01!2/0!<0-9;@!<4+,-50@.!45:!
23,!<0-9;@!@905I.0@;6)!F3,!<0-9;@!<4+,-50@.!4-,!,-,<2.8,!2.@@;,!/3.<3!/3,5!
1.88,:!/.23!G800:!9-0:;<,!23,!9,5.8,!,-,<2.05)!F3,!<0-9;@!@905I.0@;6?!48@0!45!
,-,<2.8,!2.@@;,?!10-6@!23,!9,5.8,!;-,23-4!45:!I845@!9,5.@)!F3,!9,5.8,!;-,23-4!.@!
<052.5;0;@! /.23! 23,! 9-0@242.<! 45:! 6,6G-450;@! 90-2.05@! ;-,23-4?! 45:!
9-0+.:,@!23,!-,64.5.5I!<05:;.2!10-!23,!@9,-6!45:!,M4<;8420-7!18;.:@!4@!23,7!
8,4+,!23,!G0:7)!F3,!937@.080I7!01!9,5.8,!,-,<2.05!J:.@<;@@,:!.5!4!@;G@,V;,52!
<3492,-K! .@! <0698,N! 45:! .@! @;GM,<2! 20! 4! 5;6G,-! 01! <8.5.<48! :.@0-:,-@)! F3,!
!"#$%&&'(&)(*#$+&,&-.(/(01"2("+3(213(4&56&#3#27(&)(213(5",3(+36+&$8429:3(7.7235;(
! "#$!
%&'()*+,-.! (/! ')('.)! .).-*%0.! /1,-*%(,! *(! 2.3! +,4! ).')(41-*%(,5! +,4! *6.!
-(&&(,! (--1)).,-.! (/! .).-*%0.! 472/1,-*%(,! 8+//.-*%,9! ":#;:! &%00%(,! &.,! %,!
*6.!<,%*.4!=*+*.2>5!6+2!&+4.!.).-*%0.!472/1,-*%(,!+!')%&+)7!-0%,%-+0!-(,-.),!
%,!+,4)(0(97?!
!"#$%&'"()*"#)"(&+$,-)%$".&$/)$0).1()2*/()&(3&$#,%.'+().&*%.)
@6.!.,*%).!&+0.!).')(41-*%A.!*)+-*!%2!4.'.,4.,*!(,!6()&(,.2!/()!')('.)!
/1,-*%(,?! @6.! '%*1%*+)7! ')(41-.2! *6.! 9(,+4(*)('%,25! /(00%-0.#2*%&10+*%,9!
6()&(,.! 8B=C>! +,4! 01*.%,%D%,9! 6()&(,.! 8EC>5! 1,4.)! *6.! -(,*)(0! (/! *6.!
67'(*6+0+&12?!B=C!%2!).F1%).4!/()!*6.!%,%*%+*%(,!(/!2'.)&+*(9.,.2%25!+,4!EC!
2*%&10+*.2! +,4)(9.,! ')(41-*%(,! G7! *6.! *.2*%-10+)! E.74%9! -.002?! @6.! *.2*%2!
).F1%).2! 6%96! -(,-.,*)+*%(,2! (/! *.2*(2*.)(,.! *(! &+%,*+%,! *6.! ')(-.22! (/!
2'.)&+*(9.,.2%2!+,4!*6.!+--.22()7!()9+,2!+).!4.'.,4.,*!(,!+,4)(9.,!/()!
')('.)!2.-).*()7! /1,-*%(,?!H,! +44%*%(,! *(! 6()&(,+0! -(,*)(05! *6.! ).')(41-*%A.!
()9+,2!+).!+02(!21GI.-*!*(!27&'+*6.*%-!+,4!'+)+27&'+*6.*%-!,.)A(12!-(,*)(0?!
@6%2! %2! '+)*%-10+)07! *)1.! /()! *6.! .).-*%0.! /1,-*%(,! (/! *6.! '.,%25! *6+*! %2! 1,4.)!
'+)+27&'+*6.*%-! -(,*)(05! +,4! /()! .I+-10+*%(,5! *6+*! %2! 1,4.)! 27&'+*6.*%-!
-(,*)(0?!
4$"%/,-'$")
@6%2! G)%./! %,*)(41-*%(,! *(! *6.! &+0.! ).')(41-*%A.! *)+-*! 4.&(,2*)+*.2! *6.!
%,*.9)+*.4! ,+*1).! (/! *6.! 272*.&?! @6.! 2.&%,%/.)(12! *1G10.2! +).! -(,*%,1(12!
J%*6! *6.! '.,%0.! 1).*6)+! A%+! *6.! .'%4%47&%2! +,4! A+2! 4./.).,25! J%*6! *6.!
+--.22()7!()9+,2!-(,*)%G1*%,9!*6.%)!2.-).*%(,2!+0(,9!*6%2!-(1)2.?!@6.!.,*%).!
272*.&!%2!&+%,*+%,.4!G7!'%*1%*+)7!9(,+4(*)('%,2!+,4!+,4)(9.,2!2.-).*.4!G7!
*6.!*.2*%2?!<,4.)2*+,4%,9!*6.!+,+*(&7!+,4!.&G)7(0(9%-+0!4.A.0('&.,*!(/!*6.!
-(&'(,.,*2! (/! *6.! &+0.! ).')(41-*%A.! *)+-*! +).! K.7! *(! 1,4.)2*+,4%,9! %*2!
,()&+0!/1,-*%(,5!+2!J.00!+2!*6.!-(&&(,5!+,4!*6.!,(*#2(#-(&&(,5!4%2()4.)2!
.,-(1,*.).4!%,!*6.!-0%,%-?!
5,66(-.(#)&(*#'"6)
L)((K2! MN?! O,+*(&7! (/! *6.! E(J.)! <)%,+)7! @)+-*! +,4! P+0.! Q.,%*+0%+?! H,R!
S.%,!OM5! T+A(122%! EU5! V(A%K! OW5! X+)*%,! OS5! X.*.)2! WO5!
Y42?W+&'G.00#S+026!<)(0(975(Z*6
!Y4%*%(,?!X6%0+4.0'6%+R!SL!=+1,4.)2[!
;::[!W6+'*.)!;?!
E+,9&+,!M?!P.4%-+0!Y&G)7(0(97?!":*6
!Y4%*%(,?!L+0*%&().R!S%00%+&2!]!S%0K%,2[!
;::^[!;_Z#$^?!
!"#$%&'()*+*,-.%&/01*2"/&.)$*"3*,14%"5"'$* 60147""8*"3*,14%"5"'$*9*:(0)
* * )(.*-
! "#$!
!"#$%&'%$"(%)(*#$&+,'"&-%#.+,/%$"(%0#)&+1'%(,2+3)&,(%
3+.-+,(,$'%+4%$"(%.#*(%)(-)+213$&0(%'5'$(.6%
6$#")(050-&/9?&)=&)0%$9@.;)&/=50%*,A&;93..470/8*5""#;*
%&'&!'()*+,-..!
/0)! 012-304,4567#2638634*1#3)93678,4*! 8:63! 69! 4:! 6:3);*43)+! 9193)5! 3043!
4998*)9!30)!4+)<843)!4:+!422*-2*643)!9)7*)36-:!-.!54,)!0-*5-:)9!4:+!30)!
2*-+8736-:! -.! 98..676):3! 92)*5! .-*! 30)! 2*-24;436-:! -.! 30)! 92)76)9&! =470!
4:43-5674,!963)!69!6:3);*43)+!(630!30)!-30)*9!6:!4!7,49967!):+-7*6:)#.))+>47?!
54::)*@!(630!452,)!,-74,!24*47*6:)!4:+!6:3*47*6:)!5-+8,436-:!*)<86*)+!.-*!639!
5-93!)..)736A)!.8:736-:&!!
7('$('%
/0)!B)1+6;!7),,9!-.!30)!3)93)9!4*)!30)!963)!-.!2*-+8736-:!4:+!9)7*)36-:!-.!
30)! 0-*5-:)! 3)93-93)*-:)&! /0*-8;0! 639! +6*)73! 4736-:! 4:+! 3043! -.! 639!
5)34>-,63)9@!+601+*-3)93-93)*-:)!4:+!)93*4+6-,@!30)!0-*5-:4,!56,6)8!*)<86*)+!
.-*! 54,)! 9)C84,! +)A),-25):3! 4:+! .8:736-:! 69! 7*)43)+D! 30)*)! 69! 4,9-! 4! (6+)!
*4:;)! -.! 4:+*-;):#4:+! )93*-;):#5)+643)+! )..)739! -:! 7*63674,! 34*;)3! -*;4:9!
9870!49!30)!>*46:@!>-:)@!5897,)@!,6A)*@!9?6:@!>-:)!54**-(@!4+62-9)!36998)!4:+!
6558:)! 9193)59&! /0)! B)1+6;! 7),,9! 4*)! *);8,43)+! >1! 76*78,436:;! ,)A),9! -.!
,83)6:6E6:;!0-*5-:)!FBGH@!4!0-*5-:)!2*-+87)+!6:!30)!2638634*1!;,4:+!8:+)*!
30)! 7-:3*-,! -.! 4! 012-304,4567! 0-*5-:)@! ;-:4+-3*-26:! *),)496:;! 0-*5-:)!
FI:%GH&! I:%G! 6:! 38*:! 69! 5-+8,43)+! >1! :)8*-3*4:95633)*9! 2*-+87)+! 6:! 30)!
>*46:!4:+!76*78,436:;!0-*5-:)9&!/0)!92)*543-;):67!7-524*35):3!7-:96939!-.!
')*3-,6! 7),,9! 4:+! ;)*5! 7),,9! 6:! 30)! 9)56:6.)*-89! 38>8,)9@! 3043! 473! 6:! 4:!
6:3);*43)+!.4906-:!(630!-:)!4:-30)*!4:+!B)1+6;!7),,9!3-!*)98,3!6:!:-*54,!;)*5!
7),,!2*-+8736-:&!/0)!')*3-,6!7),,9!4*)!93658,43)+!>1!6:3*43)93678,4*!3)93-93)*-:)!
4:+!.-,,67,)!93658,436:;!0-*5-:)!FJ'GH&!/0)!3)93)9@!30*-8;0!30)6*!2*-+8736-:!
-.! 93)*-6+! 4:+! 2)236+)! 9)7*)3-*1! 98>934:7)9@! 4,9-! 2*-A6+)! 30)! *);8,43-*1!
.))+>47?!7-:3*-,!-.!30)!012-304,4567!4:+!2638634*1!7-52-:):39!-.!30)!4C69&!
85-+$"#*#.&3%)(/1*#$&+,%+4%/+,#2+$)+-&,9)(*(#'&,/%"+).+,(%
6$#")(050-=;*
/0)! 012-304,4589! 69! 30)! 2*6:7624,! 6:3);*436A)! 8:63! *)92-:96>,)! .-*! 30)!
:-*54,! 28,9436,)! 9)7*)36-:! -.! I:%G@! 3043! 69! +),6A)*)+! 30*-8;0! 30)!
012-304,4567#012-2019)4,! 2-*34,! >,--+! 9193)5! 3-! 30)! 2638634*1! ;,4:+&! /0)!
28,9436,)!*),)49)!-.!I:%G
BG!4:+!J'G@!(0670!8:+)
KLMNL!56:83)9&!
?&)=&)0%$*
I:%G! 4739! >1! >6:+
2638634*1!BG!4:+!J'G!9)7
7-52,)C!.4906-:!>1!:)8*
4:+!>1!30)!76*78,436:;!,)
2*-,4736:@!4736A6:@!6:06>6:
4:+! *),)49)! 6:7,8+)! 4! :
6:+-,456:)9@! :63*67! -C6+)
FIOPOH@! +-2456:)@! :)8
7-*367-3*-26:#*),)496:;! 0
)C76343-*1! 456:-! 476+9
93658,43-*1@! (0)*)49! ?
6:06>63-*1&! /)93-93)*-:)@
F)93*4+6-,! 4:+! +601+*-3)9
30)!9)7*)36-:!4:+!*),)49
)..)739!-.!3)93-93)*-:)!4
>1! 6:06>636-:! -.! ?6992)2
2-3):3! 6:06>63-*! -.! I:%G
4:+!3)93-93)*-:)!9)7*)36-
:,$(/)#$&+,%+4%$"(%"5-+$
/0)!:-*54,!28,9436,)
28,9)9!-.!I:%G!.*-5!30
*)98,3!-.!.))+>47?!6:06>6
9)7*)3-*1!2*-+8739!-.!30)
4:+! 30*-8;0! 639! 5)34>
3)93-93)*-:)!69!),)A43)+@
+8)!3-!B)1+6;!7),,!+19.8:
3-! 49! 2*654*1! 012-;-:4
2*-+8739D! 6:06>6:! 69! 4! 98
92)*543-;):)969!541!>
.-*! 9870! 6:V8*1&! '-5)! 2
69-,43)+! ),)A436-:9! -.!
92)*543-;):)969!69!30)!*
9)*85! ,)A),9! -.! 3)93-9
;-:4+-3*-26:9&
60147""8*"3*,14%"5"'$*9*:(0)*&;*)(.*%.50)&"1;(&#*0-"1'*)(.*<0%&"=;*.14"/%&1.*/"-#"1.1);*"3*
* )(.*-05.*%.#%"4=/)&<.*;$;).->*
"#"!
(,2+3)&,(%
5'$(.6%
0/8*5""#;*
43)+! 9193)5! 3043!
-*5-:)9!4:+!30)!
)! 92)76)9&! =470!
+-7*6:)#.))+>47?!
-:!*)<86*)+!.-*!639!
!4:+!9)7*)36-:!-.!
4:+! 3043! -.! 639!
4,!56,6)8!*)<86*)+!
)! 69! 4,9-! 4! (6+)!
74,! 34*;)3! -*;4:9!
+62-9)!36998)!4:+!
78,436:;! ,)A),9! -.!
34*1!;,4:+!8:+)*!
,)496:;! 0-*5-:)!
! 2*-+87)+! 6:! 30)!
35):3!7-:96939!-.!
@! 3043! 473! 6:! 4:!
,3!6:!:-*54,!;)*5!
8,4*!3)93-93)*-:)!
0!30)6*!2*-+8736-:!
)! 30)! *);8,43-*1!
:39!-.!30)!4C69&!
.+,(%
92-:96>,)! .-*! 30)!
)+! 30*-8;0! 30)!
8634*1! ;,4:+&! /0)!
28,9436,)!*),)49)!-.!I:%G!2*-A6+)9!30)!96;:4,9!.-*!30)!3656:;!-.!30)!*),)49)!-.!
BG!4:+!J'G@!(0670!8:+)*!:-*54,!76*785934:7)9!-778*9!422*-C6543),1!)A)*1!
KLMNL!56:83)9&!
?&)=&)0%$*
I:%G! 4739! >1! >6:+6:;! 3-! 30)! I:%G! *)7)23-*9! -:! 30)! 98*.47)! -.! 30)!
2638634*1!BG!4:+!J'G!9)7*)36:;!7),,9&!/0)!9)7*)36-:!-.!I:%G!69!*);8,43)+!6:!4!
7-52,)C!.4906-:!>1!:)8*-:4,!6:283!.*-5!06;0)*!7-;:636A)!4:+!9):9-*1!7):3)*9!
4:+!>1!30)!76*78,436:;!,)A),9!-.!9)C!93)*-6+9!4:+!2)236+)!0-*5-:)9!9870!49!
2*-,4736:@!4736A6:@!6:06>6:@!4:+!,)236:&!/0)!,-74,!)..)73-*9!-.!I:%G!91:30)969!
4:+! *),)49)! 6:7,8+)! 4! :85>)*! -.! :)8*-2)236+)9@! -26-6+9@! 743)70-,456:)9@!
6:+-,456:)9@! :63*67! -C6+)! 4:+! )C76343-*1! 456:-! 476+9@! #456:->831*67! 476+!
FIOPOH@! +-2456:)@! :)8*-2)236+)! Q@! A49-4736A)! 6:3)936:4,! 2)236+)! FRSTH@!
7-*367-3*-26:#*),)496:;! 0-*5-:)! FU%GH@! 4:+! ?6992)236:&! U43)70-,456:)9@!
)C76343-*1! 456:-! 476+9@! 4:+! :63*67! -C6+)! 6:! 20196-,-;67! 45-8:39! 4*)!
93658,43-*1@! (0)*)49! ?6992)236:@! -26-6+! 2)236+)9! 4:+! #):+-*206:! 4*)!
6:06>63-*1&! /)93-93)*-:)@! )630)*! +6*)73,1! -*! 30*-8;0! 639! 5)34>-,67! 2*-+8739!
F)93*4+6-,! 4:+! +601+*-3)93-93)*-:)H@! 049! 2*)+-56:4:3,1! 6:06>63-*1! )..)739! -:!
30)!9)7*)36-:!4:+!*),)49)!-.!I:%G@!BG@!4:+!J'G!6:!30)!54,)&!/0)!6:06>63-*1!
)..)739!-.!3)93-93)*-:)!4:+!)93*4+6-,!-:!;-:4+-3*-26:!9)7*)36-:!69!5)+643)+!
>1! 6:06>636-:! -.! ?6992)236:! 2*-+8736-:! 6:! 30)! 012-304,4589&! T*-,4736:! 69! 4!
2-3):3! 6:06>63-*! -.! I:%G! 9)7*)36-:@! 3089! )C2,46:6:;! 639! *-,)! 6:! 6:06>636:;! BG!
4:+!3)93-93)*-:)!9)7*)36-:!6:!30)!7,6:674,!7-:+636-:!-.!012)*2*-,4736:)564&!
:,$(/)#$&+,%+4%$"(%"5-+$"#*#.&39-&$1&$#)5%/+,#2#*%#;&'%
/0)!:-*54,!28,9436,)!9)7*)36-:!-.!BG!4:+!J'G!69!2*6:7624,,1!+*6A):!>1!30)!
28,9)9!-.!I:%G!.*-5!30)!012-304,4589&!%);8,436-:!-.!BG!4:+!J'G!69!30)!
*)98,3!-.!.))+>47?!6:06>636-:!-.!30)!012-304,4567#2638634*1!7-52-:):3!>1!30)!
9)7*)3-*1!2*-+8739!-.!30)!B)1+6;!7),,9!4:+!')*3-,6!7),,9&!/)93-93)*-:)@!+6*)73,1!
4:+! 30*-8;0! 639! 5)34>-,63)9@! *);8,43)9! BG! 4:+! J'G&! /089@! 6.! 9)*85!
3)93-93)*-:)!69!),)A43)+@!BG!4:+!J'G!(6,,!>)!6:06>63)+D!6.!3)93-93)*-:)!69!,-(!
+8)!3-!B)1+6;!7),,!+19.8:736-:@!BG!4:+!J'G!(6,,!>)!6:7*)49)+&!/069!69!*).)**)+!
3-! 49! 2*654*1! 012-;-:4+695&! J'G! 69! 4,9-! *);8,43)+! >1! -30)*! ')*3-,6! 7),,!
2*-+8739D! 6:06>6:! 69! 4! 9822*)99-*! -.! J'G&! S.! ')*3-,6! 7),,9! 4*)! +19.8:736-:4,@!
92)*543-;):)969!541!>)!06:+)*)+!4:+!4:!),)A43)+!J'G!541!>)!4!54*?)*!
.-*! 9870! 6:V8*1&! '-5)! 2436):39! (630! 6:.)*36,631! (6,,! 04A)! *)+87)+! 6:06>6:! 4:+!
69-,43)+! ),)A436-:9! -.! 9)*85! J'G&! S.! 30)! +).)73! 6:! 93)*-6+-;):)969! -*!
92)*543-;):)969!69!30)!*)98,3!-.!+)7*)49)+!BG!4:+!J'G!9)7*)36-:@!30):!,-(!
9)*85! ,)A),9! -.! 3)93-93)*-:)! (6,,! :-3! >)! 477-524:6)+! (630! ),)A43)+!
;-:4+-3*-26:9&
!"#$%&&'(&)(*#$+&,&-.(/(01"2(34(215(+5,"23&#4136("7&#-(215(8"+3&94(5#$&:+3#5(:&76&#5#24(&)( !"#$%&&'(&)(*#$+&,&-.(;(01"
( 215(7",5(+56+&$9:2385(4.4257<( ( 215(7
! "#$!
!
&'()!*)! +,-./012,!3.43.5.6101276!78!1-.!,7/476.615!78!1-.!-9471-0:0/2,#421;21039#
1.512,;:03!0<25!06=!78!215!8..=>0,?!3.@;:01735)!
!"##$%&$'()$*'+,#(
A37B:.9! C&! D3E! &2:2,732! FE! +43011! G'E! +061737! H&)! I-.! 4-9527:7@9! 78!
@760=7137426#3.:.0526@! -73/76.! J(6KLM! 5.,3.1276! 26! /.6! 06=!
B7/.6)!K.,.61!N37@!L73/!K.5)!*OPQR!%*S!%T$#Q$*)!
G-2::7! C+E! F;34-9! U(E! V:77/! +K)! I-.! 6.;37.6=7,326.! 4-9527:7@9! 78!
?2554.4126!26!1-.!-;/06)!K.W!X6=7,3!F.10>!G2573=)!"YYTR!PS!%*#%Z)!
=.! U3.15.3! GFE! V;[[03=! DDE! ?;/0! ]E! ^A76673! _XE! L0905-2! IE! `26! +]E!
F7332576!DKE!`7W.:06=!U`E!L.=@.3!FN)!I-.!37:.!78!0,12W26E!87::2510126!
06=! 26-2>26! 26! 1.512,;:03! 4-9527:7@9)! F7:! A.::! X6=7,3267:)! "YY%R! ""QS!
QT#Z%)!
F015;/717!_FE!V3./6.3!CD)!F7=;:01276!78!4;:5012:.!@760=7137426!5.,3.1276!
>9!1.51751.376.!26!/.6)!D!A:26!X6=7,3267:!F.10>)!*OP%R!QPS!ZYOa*%)!
K70! DE! A051.::067! DFE! H0W0337! bFE! L06=.:5/06! GDE! N262::0! `E! I.60#
+./4.3.!F)!U2554.41265!06=!1-.!,76137:!78!@760=7137426!5.,3.1276!26!
/0:.!06=!8./0:.!37=.615)!N.412=.5)!"YYOR!$YS!QT#ZZ)!
+061.6!KD)!_37/012[01276!78!1.51751.376.!17!.5130=27:!3.c;23.=!873!26-2>21276!78!
`L!5.,3.1276!26!/.6d!D!A:26!'6W.51)!*OTQR!QZS!*QQQaZ$)!
+B.3=:788!K+E!C06@!AE!+26-0!L2?2/!_N)!L9471-0:0/2,#421;21039#@760=0:!0<25!
26!/.6)!'6S!N8088!GCE!_367:=!_NE!X1@.6!_FE!&0-3>0,-!+XE!K;>26!KIE!
.=5)! L73/76.5E! V3026! 06=! V.-0W273)! _,0=./2,! N3.55E! H.B! ]73?E!
"YYYR!*#$Z)!!
I.60#+./4.3.! F)! (NK
e4=01.)!"YYZR!*"S!
b.:=-;25! DGE! e3>06! K
8..=>0,?! 3.@;:01.
2/4;:5.! 513.6@1-!
:;1.262[26@!-73/76
$Q)!
C261.35! +DE! F773.! DN)!
F.=)!"YYTR!"QS!$TO
:+3#5(:&76&#5#24(&)( !"#$%&&'(&)(*#$+&,&-.(;(01"2(34(215(+5,"23&#4136("7&#-(215(8"+3&94(5#$&:+3#5(:&76&#5#24(&)(
( 215(7",5(+56+&$9:2385(4.4257<(
"#%!
-0:0/2,#421;21039#
-.! 4-9527:7@9! 78!
76! 26! /.6! 06=!
6.! 4-9527:7@9! 78!
YYTR!PS!%*#%Z)!
0905-2! IE! `26! +]E!
!0,12W26E!87::2510126!
,3267:)! "YY%R! ""QS!
=7137426!5.,3.1276!
%R!QPS!ZYOa*%)!
N262::0! `E! I.60#
37426!5.,3.1276!26!
.=!873!26-2>21276!78!
$)!
21039#@760=0:!0<25!
,-!+XE!K;>26!KIE!
3.55E! H.B! ]73?E!
I.60#+./4.3.! F)! (NKQ%! 06=! ?2554.4126! 26! 3.437=;,1276)! L;/! K.437=!
e4=01.)!"YYZR!*"S!Z$*#$O)!
b.:=-;25! DGE! e3>06! KDE! G;80;! F`)! XW2=.6,.! 1-01! 06=37@.6! 6.@012W.!
8..=>0,?! 3.@;:01.=! -9471-0:0/2,! @760=7137426#3.:.0526@! -73/76.!
2/4;:5.! 513.6@1-! 06=! 1-.! >;351#:2?.! 5.,3.1276! 78! >27:7@2,0::9! 0,12W.!
:;1.262[26@!-73/76.!26!/.6)!D!A:26!X6=7,3267:!F.10>)!*OO"R!T%S!*""T#
$Q)!
C261.35! +DE! F773.! DN)! N030,326.! ,76137:! 78! @760=71374-5)! +./26! K.437=!
F.=)!"YYTR!"QS!$TO#PT)!
!"#$%&'()*+*,-.%&/01*2"/&.)$*"3*,14%"5"'$* 60147""8*"3*,14%"5"'$*9*6
* * * * %.
! "#$!
!"#$%&'$("))*+,(%-,"+$.,/+%0.$&'%1$,+$-2'$)%0'$
&'3&"1*(-,4'$.5.-')6$
?./.#)"%<*3"%*'"104")%"#&1<*014*014%"'.1<*
&'!()*+,-./0.!
1*/!0,.-!2/3)4,+526!7.3-,47!58!+*/!0,4/!2/925:);+.</!767+/0!,2/!+*/!+=5!
9.+).+,26! 35-,:5+259.-7>! 8544.;4/#7+.0)4,+.-3! *5205-/! ?@A(B! ,-:! 4)+/.-.C.-3!
*5205-/! ?D(B>! +*,+! ,2/! /77/-+.,4! 852! +*/! 0,.-+/-,-;/! 58! +/7+.;)4,2! 7/E!
*5205-/! 925:);+.5-! ,-:! 3,0/+53/-/7.7'! @A(! 7+.0)4,+/7! +*/! 92/9)F/2+,4!
9254.8/2,+.5-! 58! A/2+54.! ;/447>! ,-:! .-! ,:)4+7! .+! ;5-+2547! ,! <,2./+6! 58! +*/.2!
0/+,F54.;! 8)-;+.5-7! +*,+! .-:.2/;+46! 0,.-+,.-! 79/20,+53/-/7.7'! D(! /E/2+7! .+7!
,;+.5-! 5-! D/6:.3! ;/447! F6! 7+.0)4,+.-3! +*/.2! 925:);+.5-! 58! +/7+57+/25-/'!
1/7+57+/25-/! 52! .+7! 052/! 95+/-+! ,-:253/-.;! 0/+,F54.+/>! G #
:.*6:25+/7+57+/25-/! ?G #H(1B>! 7+.0)4,+/7! 79/20,+53/-/7.7! .-! ;5-;/2+! =.+*!
@A(! +*25)3*! /88/;+7! 5-! A/2+54.! ;/44! 0/+,F54.70'! 1/7+57+/25-/! ,-:! G #H(1!
,475! *,</! /E+2,35-,:,4! ,;+.5-7! 5-! +*/! :.88/2/-+.,+.5->! 325=+*! ,-:! 0,+)2/!
8)-;+.5-7! 58! ,;;/77526! 7/E! 523,-7! ?/'3'! 9257+,+/! ,-:! 7/0.-,4! </7.;4/B'!
I/7.:/7! 35-,:5+259.-7! ,-:! 7/E! 7+/25.:7>! ,-! ,22,6! 58! 5+*/2! *5205-/7! ,-:!
325=+*!8,;+527>!85)-:!/.+*/2!.-!+*/!;.2;)4,+.5-!?/'3'!9254,;+.->!34);5;52+.;5.:7>!
+*625.:!*5205-/J!/-:5;2.-/!,;+.5-B!52!;50.-3!8250!-/.3*F5)2.-3!;/447!?/'3'!
<,2.5)7!325=+*!8,;+527>!9257+,34,-:.-7J!9,2,;2.-/!,-:!,)+5;2.-/!,;+.5-B!/E/2+!
2/3)4,+526!,;+.5-7!5-!+*/!2/925:);+.</!767+/0'!(5=/</2>!+*/2/!.7!,99,2/-+46!
0);*! 2/:)-:,-;6! .-! +*/! 9,2,K,)+5;2.-/! 2/3)4,+.5->! ,-:! +*/! 9*67.5453.;,4!
.0952+,-;/!58!,-6!5-/!7.-34/!8,;+52!.7!:.88.;)4+!+5!:/05-7+2,+/'!
L/! :/7;2.F/! */2/! +*/! ;/44)4,2! 0/;*,-.707! 58! ,;+.5-! 58! +*/! +=5! 0,.-!
*5205-,4!2/3)4,+527!58!+*/!0,4/!2/925:);+.</!767+/0>!.'/'!+*/!35-,:5+259.-7!
,-:!+*/!,-:253/-!+/7+57+/25-/'!
7"+%1"-&"3,+$8'('3-"&.$
@A(!,-:!D(!,2/!:.0/2.;!346;5925+/.-!*5205-/7!7/;2/+/:!F6!+*/!,-+/2.52!
9.+).+,26!34,-:'!1*/6!F.-:!+5!+*/.2!;53-,+/!2/;/9+527!+*,+!,2/!45;,+/:!5-!;/44!
0/0F2,-/! 58! A/2+54.! ,-:! D/6:.3! ;/447>! 2/79/;+.</46'! I/;,)7/! 58! 925+/.-!
7+2);+)2/!58!+*/!35-,:5+259.-7!+*/6!,2/!-5+!,F4/!+5!/-+/2!;/447J!+*/2/852/!+*/.2!
;5-+,;+! =.+*! +,23/+! ;/447! *,7! +5! 5;;)2! +*25)3*! 2/;/9+527! 2/7.:.-3! 5-! ;/44!
0/0F2,-/7'! 1*/! ;5-+,;+! +2.33/27! .-7.:/! +*/! +,23/+! ;/44! +*/! 8520,+.5-! 58! ,!
M7/;5-:! 0/77/-3/2N>! +*,+>! .-! +*/! ;,7/! 58! 35-,:5+259.-! ,;+.5->! .7! ;6;4.;!
,:/-57.-/!05-59*579*,+/!?;OPQB'!1*/!R/6!/</-+7!.-!+*/!7.3-,44.-3!0/;*,#
-.70! ,2/! :/05-7+2,+/:!
7.3-,44.-3>!35-,:5+259.-7
;,4;.)0!84)E>!925+/.-!R.-,
+,-;/!.-!+*/!5</2,44!35-,
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
@&T'!$'! 92'$ )'(2%+,.)$
+*/!/E+2,;/44)4,2!:50,.-!58!
U#+2,-70/0F2,-/! :50,.-!
/E+2,;/44)4,2!4.3,-:#F.-:.-3!
+2.79*579*,+/! ?T1QB! =.+*!
T#925+/.->! +*)7! ,;+.<,+.-3!
/-C60/'!1*/!4,++/2!;,+,46C/
.-+2,;/44)4,2!7/;5-:!0/77/-
7)F)-.+!?VB!58!+*/!+/+2,0/2
7)F)-.+7!?SB!58!QWO!+*/2/,
925+/.->! /-C60/7>! +2,-7;2
,;+.<,+.5-J! +*.7! ;5-7+.+)+/! +
,;+.5-'!
O-:253/-7! )+.4.C/! ,!
4.9.:#754)F4/! 054/;)4/7>!
60147""8*"3*,14%"5"'$*9*6":*0%.*/"--;1&/0)&"1*<&'105<*%.04*&1*)(.*-05.*
* %.#%"4;/)&=.*<$<).->*
"#%!
-2'$)%0'$
'.1<*
67+/0!,2/!+*/!+=5!
(B! ,-:! 4)+/.-.C.-3!
58! +/7+.;)4,2! 7/E!
7! +*/! 92/9)F/2+,4!
,! <,2./+6! 58! +*/.2!
7.7'! D(! /E/2+7! .+7!
58! +/7+57+/25-/'!
0/+,F54.+/>! G #
7! .-! ;5-;/2+! =.+*!
5-/! ,-:! G #H(1!
5=+*! ,-:! 0,+)2/!
7/0.-,4! </7.;4/B'!
/2! *5205-/7! ,-:!
->!34);5;52+.;5.:7>!
F5)2.-3!;/447!?/'3'!
;2.-/!,;+.5-B!/E/2+!
*/2/!.7!,99,2/-+46!
+*/! 9*67.5453.;,4!
/'!
! 58! +*/! +=5! 0,.-!
*/!35-,:5+259.-7!
/:!F6!+*/!,-+/2.52!
2/!45;,+/:!5-!;/44!
;,)7/! 58! 925+/.-!
447J!+*/2/852/!+*/.2!
! 2/7.:.-3! 5-! ;/44!
*/! 8520,+.5-! 58! ,!
! ,;+.5->! .7! ;6;4.;!
7.3-,44.-3!0/;*,#
-.70! ,2/! :/05-7+2,+/:! .-! @.3)2/! $'! I/7.:/7! +*/! ;4,77.;,4! ;OPQ#0/:.,+/:!
7.3-,44.-3>!35-,:5+259.-7!,475!,;+.<,+/!5+*/2!7.3-,44.-3!0/;*,-.707>!7);*!,7!
;,4;.)0!84)E>!925+/.-!R.-,7/!S>!POQ!R.-,7/!,-:!Q&"!R.-,7/>!F)+!+*/.2!.0952#
+,-;/!.-!+*/!5</2,44!35-,:5+259.-!,;+.5-!*,</!-5+!6/+!F//-!/4);.:,+/:'!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
@&T'!$'! 92'$ )'(2%+,.)$ ":$ /"+%1"-&"3,+$ %(-,"+;$ D(! 52! @A(! ?(5205-/B! F.-:! +5!
+*/!/E+2,;/44)4,2!:50,.-!58!+*/.2!;53-,+/!2/;/9+52>!.'/'!D(#!52!@A(!2/;/9+52'!I5+*!,2/!
U#+2,-70/0F2,-/! :50,.-! T#925+/.-! ,775;.,+/:! 2/;/9+527! ?TQSV7B! =.+*! 45-3!
/E+2,;/44)4,2!4.3,-:#F.-:.-3!:50,.-'!D.3,-:!F.-:.-3!.-:);/7!,775;.,+.5-!58!3),-.:.-/!
+2.79*579*,+/! ?T1QB! =.+*! +*/! #7)F)-.+! 58! +*/! */+/25+2.0/2.;! ?,49*,KF/++,K3,00,B!
T#925+/.->! +*)7! ,;+.<,+.-3! +*/! ;/44! 0/0F2,-/! ,775;.,+/:! ,:/-6464! ;6;4,7/! ?OSB!
/-C60/'!1*/!4,++/2!;,+,46C/7!+*/!;5-</27.5-!58!O1Q!+5!;6;4.;!?;B!OPQ>!=*.;*!.7!+*/!
.-+2,;/44)4,2!7/;5-:!0/77/-3/2!58!35-,:5+259.-!,;+.5-'!;OPQ!F.-:7!+5!+*/!2/3)4,+526!
7)F)-.+!?VB!58!+*/!+/+2,0/2.;!925+/.-!R.-,7/!O!?QWOB!/-C60/'!1*/!4.F/2,+/:!;,+,46+.;!
7)F)-.+7!?SB!58!QWO!+*/2/,8+/2!;,+,46C/!9*579*5264,+.5-!58!+,23/+!925+/.-7!?7+2);+)2,4!
925+/.->! /-C60/7>! +2,-7;2.9+.5-! 8,;+527B>! 4/,:.-3! +5! ,4+/2,+.5-7! .-! +*/.2! 4/</4! 58!
,;+.<,+.5-J! +*.7! ;5-7+.+)+/! +*/! 8)-;+.5-,4! 2/795-7/7! 58! +,23/+! ;/447! +5! 35-,:5+259.-!
,;+.5-'!
O-:253/-7! )+.4.C/! ,! :.88/2/-+! 92.-;.94/! 58! *5205-/! ,;+.5-'! I/.-3! 70,44!
4.9.:#754)F4/! 054/;)4/7>! 7+/25.:! *5205-/7! ;,-! /-+/2! +*25)3*! +*/! 94,70,
!"#$%&&'(&)(*#$+&,&-.(/(!&0("+1(2&334#52"65&#(75-#",7(+1"$(5#(681(3",1( !"#$%&&'(&)(*#$+&,&-.(/(!
( +19+&$4265:1(7.7613( ( +1
! "#"! !
%&%'()*&!+*,-!,.&+(!,)(/&,!0&1123!4-(!,.+2!(&)2-*5!,.&+(!(&0&6,-(2!)(&!1-0),&7!
+*2+7&!,.&!0&115!&+,.&(!+*!,.&!08,-61)2%!-(!+*!,.&!*901&923!:*7(-/&*!(&0&6,-(!
'&1-*/25!,-/&,.&(!;+,.!-,.&(!2,&(-+7!(&0&6,-(25!,-!,.&!296&(<)%+18!-<!1+/)*7#
)0,+=),&7! ,()*20(+6,+-*! <)0,-(23! >6-*! '+*7+*/! -<! ,&2,-2,&(-*&! -(! ? #@AB5!
;.+0.!%)8!-009(!&+,.&(!+*!,.&!08,-61)2%!-(!*901&925!,.&!)*7(-/&*!(&0&6,-(!
'+*72! )2! .-%-7+%&(! ,-! 26&0+<+0! @C:! &1&%&*,2! -<! 6(-%-,&(! (&/+-*2! -<! ,.&!
)*7(-/&*!,)(/&,!/&*&25!,.92!)0,+*/!)2!,()*20(+6,+-*!<)0,-(23!B.&!%)+*!&=&*,2!
+*!,.+2!)0,+=),+-*!6(-0&22!)(&!7&20(+'&7!+*!4+/9(&!D3!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
4EF3!D3! !"#$%&'()*+,*%&-.+/"&*%#0'+&1*:*7(-/&*2!&*,&(!,.&+(!,)(/&,!0&11!)*7!'+*7!
,-!,.&!0-/*),&!)*7(-/&*!(&0&6,-(!G:HI5!)!1+/)*7#)0,+=),&7!,()*20(+6,+-*!<)0,-(3!:<,&(!
1+/)*7!'+*7+*/!:H!;+11!'&!.-%-7+%&(+J&7!)*7!1-0)1+J&7!<(-%!08,-2-1!,-!*901&925!;.&(&!
+,! (&0-/*+J&2! )*7! '+*72! ,-! )! 26&0+<+0! @C:! %-,+<5! ,.&! )*7(-/&*! (&26-*2&! &1&%&*,!
G:HKI!+*!,.&!6(-%-,&(!(&/+-*!-<!)*7(-/&*!,)(/&,!/&*&23!E*!)77+,+-*5!,.&!'+*7+*/!-<!)!
*9%'&(!-<!0-#(&/91),-(25!<-(%+*/!,.&!0-#(&/91),-(!0-%61&L5!+2!(&M9+(&7!<-(!)*7(-/&*#
'-9*7! :H! ,-! 2966-(,! 1+/)*7#7&6&*7&*,! ,()*20(+6,+-*)1! 0-*,(-15! ;.+0.! )12-! ++*=-1=&!
0.(-%),+*! (&%-7&1+*/! )*7! .+2,-*&! %-7+<+0),+-*23! B.&! 0-*2&M9&*0&! +2! +*0(&)2&7!
G2-%&,+%&2!7&0(&)2&7I!,()*20(+6,+-*!)*7!,()*21),+-*!-<!,.&!)*7(-/&*!(&26-*2&!/&*&25!
;+,.!29'2&M9&*,!<9*0,+-*)1!)1,&(),+-*2!-<!,.&!,)(/&,!0&113!:''(&=+),+-*2N!BOP5!B:B:#
'-L#'+*7+*/!6(-,&+*Q!B:B:5!B:B:!'-LQ!P-1!EE5!HC:!6-18%&()2&!EE!G<(-%!R+%9()!&,!)13!
DSSTI3!
23//"(0"-*."%-'&/*
:20-1+!U5!4)*&11+!45!V/)
DSSD!6&(26&0,+=&
A&&%&(2!AZ5!B+*7)11!@[3
<9*0,+-*2! 0-*=&
0-%61&L3!K*7-0(
R+%9()!
V5! U),29%-,-!
B
R),-!V3!:*7(-/&
+%61+0),+-*! +*! 6(
DSSTQ!YN!Y"#^3
P1)*,! BU5! U)(2.)11!
26&(%),-/&*&2+2
K*7-0(!H&=3!DSS
B.&%%&*! :PC5! A9.
/-*)7-,(-6+*!
6),.-6.82+-1-/8!
??Y#"3!
81(3",1( !"#$%&&'(&)(*#$+&,&-.(/(!&0("+1(2&334#52"65&#(75-#",7(+1"$(5#(681(3",1(
( +19+&$4265:1(7.7613;(
"#$!
6,-(2!)(&!1-0),&7!
*7(-/&*!(&0&6,-(!
(<)%+18!-<!1+/)*7#
-*&! -(! ? #@AB5!
*7(-/&*!(&0&6,-(!
&(! (&/+-*2! -<! ,.&!
B.&!%)+*!&=&*,2!
,)(/&,!0&11!)*7!'+*7!
(+6,+-*!<)0,-(3!:<,&(!
1!,-!*901&925!;.&(&!
(&26-*2&! &1&%&*,!
-*5!,.&!'+*7+*/!-<!)!
9+(&7!<-(!)*7(-/&*#
;.+0.! )12-! ++*=-1=&!
&*0&! +2! +*0(&)2&7!
&*!(&26-*2&!/&*&25!
),+-*2N!BOP5!B:B:#
G<(-%!R+%9()!&,!)13!
23//"(0"-*."%-'&/*
:20-1+!U5!4)*&11+!45!V/)1-<<!@W3!B.&!19,(-6+*X0.-(+-/-*)7-,(-6+*!(&0&6,-(5!)!
DSSD!6&(26&0,+=&3!K*7-0(!H&=3!DSSDQ!D"N!Y$Y#T$3!
A&&%&(2!AZ5!B+*7)11!@[3!:*7(-/&*!(&0&6,-(!G:HI!0-(&/91),-(2N!)!7+=&(2+,8!-<!
<9*0,+-*2! 0-*=&(/+*/! -*! )*7! (&/91),+*/! ,.&! :H! ,()*20(+6,+-*)1!
0-%61&L3!K*7-0(!H&=3!DSSTQ!DN!TT#S3!
R+%9()!
V5! U),29%-,-!
B5! U),298)%)! H5! V.++*)!
A5! V),-!
B5! B)]&8)%)! R5!
R),-!V3!:*7(-/&*!(&0&6,-(!<9*0,+-*!+*!<-11+091-/&*&2+2!)*7!+,2!01+*+0)1!
+%61+0),+-*! +*! 6(&%),9(&! -=)(+)*! <)+19(&3! B(&*72! K*7-0(+*-1! U&,)'3!
DSSTQ!YN!Y"#^3!
P1)*,! BU5! U)(2.)11! FH3! B.&! <9*0,+-*)1! 2+/*+<+0)*0&! -<! 4VA! +*!
26&(%),-/&*&2+2! )*7! ,.&! 0-*,(-1! -<! +,2! 2&0(&,+-*! +*! %)1&! 6(+%),&23!
K*7-0(!H&=3!DSSYQ!DDN!T_$#_3!
B.&%%&*! :PC5! A9.,)*+&%+! EB3! U9,),+-*2! -<! /-*)7-,(-6+*2! )*7!
/-*)7-,(-6+*! (&0&6,-(2N! &190+7),+*/! ,.&! 6.82+-1-/8! )*7!
6),.-6.82+-1-/8!-<!6+,9+,)(8#/-*)7)1!<9*0,+-*3!K*7-0(!H&=3!DSSSQ!DYN!
??Y#"3!
!"#$%&'()*+*,-.%&/01*2"/&.)$*"3*,14%"5"'$* 60147""8*"3*,14%"5"'$*9*:
! "#$! !
!"#$%&'()'*+,-%(.,/#$.%&'((*+/&#$/'+%0/$"/+%$".%
$.-$/-1%!".2.%#+,%"'0%#2.%(#3.4#--'&/#$.,%"'2('+.-%
)2',*&.,1%
?1).'%0)&"1*"3*)(.*($#")(050-;<@*#&);&)0%$*014*).<)&<*
&'('!)*+,*-!
./0!123!4563+!78-91*3-:!37!1/0!10:1*:!5+0!1/0!;0-0+51*3-!37!;54010:!5-<!
1/0! :=-1/0:*:! 5-<! :09+01*3-! 37! 10:13:10+3-0'! >810*-*?*-;! /3+43-0! @>ABC!
+0D05:0<! 7+34! 1/0! 5-10+*3+! E*18*15+=! *-! +0:E3-:0! 13! ;3-5<31+3E*-#+0D05:*-;!
/3+43-0! @F-(AB! 7+34! 1/0! /=E31/5D548:C! G*-<:! 13! F! E+310*-#938ED0<!
+090E13+:! 3-! 1/0! 9=13ED5:4*9! 404G+5-0! 37! >0=<*;! 90DD:! *-! 1/0! *-10+:1*1*5D!
934E5+140-1! 37! 1/0! 10:1*:C! 5-<! 1/8:! :1*48D510:! 1/0:0! 90DD:! 13! 93-H0+1!
9/3D0:10+3D!13!10:13:10+3-0'!I0!/5H0!,-32-!73+!<095<0:!1/51!10:13:10+3-0!*:!
0::0-1*5D! 73+! 1/0! *-*1*51*3-C! 45*-10-5-90! 5-<! +0:13+51*3-! 37! J85-1*151*H0!
:E0+4513;0-0:*:'! ./0+0! *:! ;33<! 0H*<0-90! 1/51! 1/0! ;0+4*-5D! 90DD:! <3! -31!
+0:E3-<!<*+091D=!13!5-<+3;0-:'!(51/0+C!1/0!4563+!15+;01!90DD:!73+!10:13:10+3-0!
2*1/*-! 1/0! 10:1*:! 5+0! 1/0! 5-<+3;0-! +090E13+! @K(B#93-15*-*-;! L0+13D*! 90DD:'!
M3DD*9D0#:1*48D51*-;! /3+43-0! @MLABC! 5D:3! E+3<890<!G=! 1/0! 5-10+*3+! E*18*15+=C!
5D:3! 591:! 3-! L0+13D*! 90DD! +090E13+:! 13! E+34310! :E0+4513;0-0:*:'! ./8:C! 73+!
E+3E0+! ;54010! E+3<891*3-C! 1/0+0! 48:1! G0! *-10;+51*3-! 37! 1/0! /=E31/5D548:C!
E*18*15+=!5-<!10:1*:'!
5.&"#+/-(-%'6%#&$/'+%'6%$.-$'-$.2'+.%#+,%789%
./0!409/5-*:4!G=!2/*9/!10:13:10+3-0!591:!13!+0;8D510!:E0+4513;0-0:*:!
+045*-:! E33+D=! 8-<0+:133<'! ./0! G*3D3;*95D! 78-91*3-:! 37! 5-<+3;0-:! 5+0!
93-:*<0+0<! 13! G0! 40<*510<! 1/+38;/! 1/0! K(! E+310*-'! A320H0+C! 489/! 43+0!
10:13:10+3-0! 2*1/*-! 1/0! 10:1*:! *:! +0J8*+0<! 73+! J85-1*151*H0! :E0+4513;0-0:*:!
1/5-! *:! -00<0<! 73+! :518+51*3-! 37! K('! ./8:C! *1! *:! 8-9D05+! /32! 10:13:10+3-0!
4*;/1! 591! 5:! 5! D395D! +0;8D513+! 37! :E0+4513;0-0:*:! 8-D0::C! E0+/5E:C! 1/0!
G*35H5*D5GD0!10:13:10+3-0!93-90-1+51*3-!*:!+0<890<!93-:*<0+5GD=!7+34!*1:!1315D!
93-90-1+51*3-'!./*:!*:!E3::*GD0!G0958:0!5-<+3;0-!G*-<*-;!E+310*-C!E+3<890<!
G=!L0+13D*!90DD:C!934E010:!2*1/!K(!73+!G*-<*-;!37!5-<+3;0-'!I/01/0+!3+!-31!
1/*:! 409/5-*:4! +0<890:! 5H5*D5GD0! 10:13:10+3-0! :877*9*0-1D=! 13! 0NED5*-! 1/0!
+0J8*+040-1! 73+! 1/0! 0N90E1*3-5DD=! /*;/! 93-90-1+51*3-:! +0J8*+0<! 73+!
:E0+4513;0-0:*:! *:! 8-9D05+'! O-<00<C! 1/0! E3::*G*D*1=! 1/51! 10:13:10+3-0! /5:!
-3-#5-<+3;0-!+090E13+#40<*510<!591*3-:!*:!E3::*GD0'!!
MLAC!133C!:1*48D510:!5!H5+*01=!37!78-91*3-:!*-!L0+13D*!90DD:C!*-9D8<*-;!1/0!
:=-1/0:*:!37!:09+010<!E+310*-:!@0';'!1+5-:70++*-B'!O-!+0:E3-:0!13!MLAC!L0+13D*!
90DD:! 5D:3! E+3<890! *-/*G
700<G59,!+0;8D51*3-!37!E
*-*1*51*3-!37!:E0+4513;0-
37!:340!:E09*0:!@0';'!+5
:E0+4513;0-0:*:!*-!45-
:#2#&2/+.%2.;*3#$/'+%'6
F0+4! 90DD! <0H0D3
:E0+4513;3-*5! 1/+38;/!
<*H*:*3-:!37!:E0+4513;3-
<*H*<0! 5-<! <*770+0-1*510C
L0+13D*!90DD!;0-0!0NE+0::
5+0!5GD0!13!+0;8D510!;0+4
1/0! L0+13D*! 90DD:! 40<*510
E5+59+*-0! 5-<! 68N159+*-0
75913+:!1/51!5+0!1/04:0DH
90DD!;+321/!5-<!<*770+0-1*5
./0! :0D7#+0-025D! 5
:E0+4513;3-*5D! 90DD:! 48
./0! L0+13D*! 90DD! E+3<891:
<0+*H0<!-08+31+3E/*9!7591
75913+:! 1/51! ED5=! ,0=!
<*770+0-1*51*3-! 37! :E0+45
FRSMC! 0NE+0::! 1/0! FR
D3::!37!:E0+4513;3-*5D!:
3998+:!2/0-!FRSM!*:!8-
37! :104! :E0+4513;3-*5!
T-D*,0! FRSMC! Q>! /5:! 4
+090E13+C!Q*1C!*:!0NE+0::0
5D:3! *-! 40*31*9! 90DD:'! Q>
:E0+45139=10:!5-<!:E0+4
077091:!37!10:13:10+3-0!5-
45110+:!*:!1/51!1/0!0NE+0
+0;8D510<!G31/!G=!E5+59+*
K!-84G0+!37!31/0+!;
+3D0@:B! *-! :E0+4513;0-0
75913+#O!@OFM#$B!+090E13+
45=!591!3-!1/0:0!90DD:'!
*-10+D08,*-#O! @O>#$B! 5+0!
@&WXV5B!5-<!&WXVG'!K
*-*1*51*3-!5-<!45*-10-5-9
&5:*9! 7*G+3GD5:1! ;+32
60147""8*"3*,14%"5"'$*9*:(0)*/"-#";14<*-.4&0).*/"--;1&/0)&"1*=&)(&1*)(.*).<)&<>*
"#%!
0/$"/+%$".%
"'2('+.-%
4*).<)&<*
!37!;54010:!5-<!
! /3+43-0! @>ABC!
31+3E*-#+0D05:*-;!
E+310*-#938ED0<!
-! 1/0! *-10+:1*1*5D!
90DD:! 13! 93-H0+1!
51!10:13:10+3-0!*:!
! 37! J85-1*151*H0!
-5D! 90DD:! <3! -31!
!73+!10:13:10+3-0!
-;! L0+13D*! 90DD:'!
5-10+*3+! E*18*15+=C!
-0:*:'! ./8:C! 73+!
0! /=E31/5D548:C!
:E0+4513;0-0:*:!
5-<+3;0-:! 5+0!
H0+C! 489/! 43+0!
:E0+4513;0-0:*:!
32! 10:13:10+3-0!
::C! E0+/5E:C! 1/0!
5GD=!7+34!*1:!1315D!
+310*-C!E+3<890<!
'!I/01/0+!3+!-31!
=! 13! 0NED5*-! 1/0!
:! +0J8*+0<! 73+!
0:13:10+3-0! /5:!
DD:C!*-9D8<*-;!1/0!
0!13!MLAC!L0+13D*!
90DD:! 5D:3! E+3<890! *-/*G*-! 2/*9/C! 5D3-;! 2*1/! 10:13:10+3-0C! *:! *-H3DH0<! *-!
700<G59,!+0;8D51*3-!37!E*18*15+=!78-91*3-'!MLA!ED5=:!5!:*;-*7*95-1!+3D0!*-!1/0!
*-*1*51*3-!37!:E0+4513;0-0:*:!51!E8G0+1='!O1:!+3D0!*-!1/0!5<8D1!:E0+4513;0-0:*:!
37!:340!:E09*0:!@0';'!+51B!*:!8-90+15*-C!G81!*1!ED5=:!5!/*;/D=!:*;-*7*95-1!+3D0!*-!
:E0+4513;0-0:*:!*-!45-!5-<!-3-#/845-!E+*4510:'!
:#2#&2/+.%2.;*3#$/'+%'6%-).2(#$';.+.-/-%
F0+4! 90DD! <0H0D3E40-1! *-H3DH0:! 45*-15*-*-;! 5! E33D! 37! :104!
:E0+4513;3-*5! 1/+38;/! +0-025D! <*H*:*3-:C! 1/0! <*770+0-1*51*3-! 5-<! 4*131*9!
<*H*:*3-:!37!:E0+4513;3-*5C!40*3:*:!5-<!:E0+4*3;0-0:*:'!K:!1/0!;0+4!90DD:!
<*H*<0! 5-<! <*770+0-1*510C! 1/0=! *-10+591! 2*1/! 1/0! L0+13D*! 90DD:! 5-<! *-7D80-90!
L0+13D*!90DD!;0-0!0NE+0::*3-'!L340!37!1/0!;0-0:!0-93<0!;+321/!75913+:!1/51!
5+0!5GD0!13!+0;8D510!;0+4!90DD!<*770+0-1*51*3-C!+0ED*951*3-!5-<!:8+H*H5D'!./8:C!
1/0! L0+13D*! 90DD:! 40<*510! 1/0! 077091:! 37! 10:13:10+3-0! 5-<! MLAC! +0:E3-<! 13!
E5+59+*-0! 5-<! 68N159+*-0! :*;-5D:! 7+34! 1/0! ;0+4! 90DD:C! 5-<! E+3<890! ;+321/!
75913+:!1/51!5+0!1/04:0DH0:!*-H3DH0<!*-!1/0!45*-10-5-90!5-<!93-1+3D!37!;0+4!
90DD!;+321/!5-<!<*770+0-1*51*3-'!!!
./0! :0D7#+0-025D! 5-<! <*770+0-1*51*3-! 37! 1/0! 8-<*770+0-1*510<! :104!
:E0+4513;3-*5D! 90DD:! 48:1! G0! +0;8D510<! :3! 1/51! 1/0! 90DD:! 5+0! -31! <0ED010<'!
./0! L0+13D*! 90DD! E+3<891:! ,*1! D*;5-<P:104! 90DD! 75913+! @Q>B! 5-<! ;D*5D! 90DD! D*-0#
<0+*H0<!-08+31+3E/*9!75913+!@FRSMBC!23+,*-;!13;01/0+C!5+0!543-;!1/0!;+321/!
75913+:! 1/51! ED5=! ,0=! +3D0:! *-! +0;8D51*-;! 1/0! :8+H*H5DC! +0-025D! 5-<!
<*770+0-1*51*3-! 37! :E0+4513;0-*9! 90DD:'! L104! :E0+4513;3-*5C! 1/0! 15+;01:! 73+!
FRSMC! 0NE+0::! 1/0! FRSM! +090E13+:! (01! 5-<! FM( $'! O-! 1+5-:;0-*9! 4*90C!
D3::!37!:E0+4513;3-*5D!:104!90DD:!5:!5!93-:0J80-90!37!1/0*+!<*770+0-1*51*3-!
3998+:!2/0-!FRSM!*:!8-<0+#0NE+0::0<C!5-<!+0E+0::*3-!37!1/0!<*770+0-1*51*3-!
37! :104! :E0+4513;3-*5! 3998+:! *-! 4*90! *-! 2/*9/! FRSM! *:! 3H0+#0NE+0::0<'!
T-D*,0! FRSMC! Q>! /5:! 45-=! <*770+0-1! 15+;01! 90DD:! *-! 1/0! 4518+0! 10:1*:U! *1:!
+090E13+C!Q*1C!*:!0NE+0::0<!51!/*;/!D0H0D:!*-!<*770+0-1*51*-;!:E0+4513;3-*5C!G81!
5D:3! *-! 40*31*9! 90DD:'! Q>! /5:! G00-! :/32-! 13! 591! 5:! 5! :8+H*H5D! 75913+! 73+!
:E0+45139=10:!5-<!:E0+451*<:'!Q>!5-<!FRSM!5D:3!45=!G0!40<*513+:!37!1/0!
077091:!37!10:13:10+3-0!5-<P3+!MLA!3-!:E0+4513;0-0:*:'!M8+1/0+!934ED*951*-;!
45110+:!*:!1/51!1/0!0NE+0::*3-:!37!FRSM!5-<!Q>!1/04:0DH0:!5EE05+!13!G0!
+0;8D510<!G31/!G=!E5+59+*-0!:*;-5D:!7+34!;0+4!90DD:!5-<!G=!/3+43-0:'!!
K!-84G0+!37!31/0+!;+321/!75913+:!5+0!0NE+0::0<!*-!1/0!10:1*:C!G81!1/0*+!
+3D0@:B! *-! :E0+4513;0-0:*:C! *7! 5-=C! *:! @5+0B! 8-90+15*-'! O-:8D*-#D*,0! ;+321/!
75913+#O!@OFM#$B!+090E13+:!5+0!D395D*?0<!13!;0+4!90DD:C!:8;;0:1*-;!1/51!OFM#O!
45=!591!3-!1/0:0!90DD:'!.+5-:73+4*-;!;+321/!75913+# !@.FM# BC!.FM# C!5-<!
*-10+D08,*-#O! @O>#$B! 5+0! 0NE+0::0<C! 5:! 5+0! G3-0! 43+E/3;0-*9! E+310*-! V5!
@&WXV5B!5-<!&WXVG'!K!,-39,381!37!&WXVG!25:!:/32-!13!577091!G31/!1/0!
*-*1*51*3-!5-<!45*-10-5-90!37!:E0+4513;0-0:*:C!G81!13!-31!+0:8D1!*-!*-70+*D*1='!
&5:*9! 7*G+3GD5:1! ;+321/! 75913+! @GMFMBC! E+3<890<! G=! E59/=10-0
!"#$%&&'(&)(*#$+&,&-.(/(01"2(3&45&6#$7(48$9"28(3&446#93"29&#(:9219#(218(287297;( !"#$%&&'(&)(*#$+&,&-.(/(0
! "#$! !
%&'()*+,-.+'%/!0%!('120('3!4,(!+5'!9#(<92+&(('&60-*+0,7!,4!%+')!%&'()*+,8,70*!
07!%,)'/!92+!7,+!*66/!%+(*07%!,4!)0-':!;,<'='(/!*!8'7'!>7,->,2+!('%26+078!07!
6,%%!,4!*66!+5(''!9*%0-!?@?!0%,4,()%!303!7,+!-*2%'!074'(+060+.:!!
A'(0+2926*(! ).,03! -'66%/! B'(+,60! -'66%/! C'.308! -'66%/! *73! %&'()*+,8,70*!
&(,32-'! 6'2>')0*! 075090+,(.! 4*-+,(! DCE?F:! G'-'&+,(%! 4,(! +50%! -.+,>07'! *('!
&('%'7+! ,7! %&'()*+,8,70*:! E#( <92+&/! CE?! %+0)26*+'%! HIJ! %.7+5'%0%! *73!
&(,),+'%! +5'! %2(=0=*6! ,4! %&'()*+,8,70*:! ;,<'='(/! *! 8'()! -'66#%&'-040-!
>7,->,2+!,4!@AK$L/!+5'!%5*('3!('-'&+,(!4,(!+5'!CE?MEC#N!4*)06.!,4!-.+,>07'%/!
303!7,+!-*2%'!)*6'!074'(+060+.:!E7!=0+(,/!+5'!B'(+,60!-'66!&(,32-+%!*-+0=07!J!*73!
0750907! J! %+0)26*+'! *73! ('&('%%! HIJ! %.7+5'%0%/! ('%&'-+0='6./! 9.!
%&'()*+,-.+'%:!O50%!)*.!'P&6*07!<5.!)*6'!)0-'!6*->078!+5'!*-+0=07!+.&'!EEJ!
('-'&+,(/!+5,285!4'(+06'/!5*='!6'%%!'440-0'7+!%&'()*+,8'7'%0%:!?07*66./!B'(+,60!
-'66%! %'-('+'! 07%2607#60>'! 8(,<+5! 4*-+,(#K! DE@?KF! 07! ('%&,7%'! +,! ?B;:!
;,<'='(/!7,!3'40-0+%!07!%&'()*+,8'7'%0%!<'('!3'+'-+'3!*4+'(!E@?K!>7,->,2+:!
O52%/!<506'!)*7.!8(,<+5!4*-+,(%!*('!'P&('%%'3!07!+5'!+'%+0%/!+,!3*+'!,76.!+5'!
B'(+,60!-'66!&(,32-+%!QC!*73!@HI?!5*='!9''7!03'7+040'3!*%!'%%'7+0*6!4,(!)*6'!
4'(+060+.:!O5'%'!+<,!8(,<+5!4*-+,(%/!*-+078!07!&*(*66'6!,7!3044'('7+!+*(8'+!-'66%/!
)*.! 3'407'! +5'! %0R'! ,4! *! %+')! -'66! &,,6! *73! +52%! &6*.! 07+'8(*6! (,6'%! 07!
%&'()*+,8'7'%0%:! ;,<'='(/! +5'%'! ,9%'(=*+0,7%! 7,+<0+5%+*73078/! 0+! 0%! 7,+!
-6'*(! <5'+5'(! 8'()! -'66! 3'='6,&)'7+! ('&('%'7+%! *! -*%-*3'! ,4! 4*-+,(#
)'30*+'3!'='7+%!9'+<''7!B'(+,60!*73!8'()!-'66%/!*!8'7'+0-*66.!&('3'+'()07'3!
&(,-'%%! <0+5! ,76.! 60)0+'3! ),326*+,(.! 427-+0,7! 4,(! +5'! =*(0,2%! 4*-+,(%/! ,(! *!
-,)907*+0,7!,4!+5'!+<,:!O52%/!+5'!&('%'7-'!,4!&*(+0-26*(!8(,<+5!4*-+,(%!)085+!
&(,=03'!*7!'7=0(,7)'7+!7''3'3!4,(!+5'!%2(=0=*6!*73!7,()*6!3'='6,&)'7+!,4!
8'7'+0-*66.!&('#3'+'()07'3!8'()!-'66%:!J6+'(7*+0='6./!+5'('!)085+!9'!*!%'(0'%!
,4! %087*6%! 3'60='('3! +,! B'(+,60! *73! 8'()! -'66%! +5*+! )'30*+'! %&'-040-! '='7+%!
32(078!%&'()*+,8'7'%0%:!
S'66#-'66!07+'(*-+0,7%!07!+5'!+'%+0%!*6%,!*('!('120('3!4,(!+5'!)*07+'7*7-'!
*73! -,7+(,6! ,4! -'6626*(! 8(,<+5! *73! 3044'('7+0*+0,7:! E7! +5'! *9%'7-'! ,4!
)*-(,&5*8'%/!+5*+!*('!07!-6,%'!&5.%0-*6!*%%,-0*+0,7!<0+5!C'.308!-'66%!07!+5'!
07+'(%+0+0*6!-,)&*(+)'7+!,4!+5'!+'%+0%/!C'.308!-'66%!4*06!+,!3'='6,&!,(!427-+0,7!
7,()*66.:! ;,<'='(/! <5'7! )*-(,&5*8'%! *('! *-+0=*+'3! +,! &(,32-'!
0746*))*+,(.!-.+,>07'%!%2-5!*%!07+'(6'2>07#K!DEC#KF!*73!+2),(!7'-(,%0%!4*-+,(!
DOI?F/! C'.308! -'66! %+'(,03,8'7'%0%! -*7! 9'! 075090+'3:! T*-(,&5*8'%! *6%,!
&(,32-'! ('*-+0='! ,P.8'7! %&'-0'%! +5*+! *6%,! -*7! 5*='! *3='(%'! '44'-+%! ,7!
C'.308! -'66! %+'(,03,8'7'%0%:! U0+507! +5'! %')0704'(,2%! +2926*(! -,)&*(+)'7+/!
07-,)&6'+'! -.+,&6*%)0-! 30=0%0,7%! 6'*3! +,! -.+,&6*%)0-! 9(038'%! 9'+<''7! *73!
*),78!3'='6,&078!8'()!-'66%/!*66,<078!-6,7'%!,4!-'66%!+,!-,,(307*+'!)0+,%0%/!
)'0,%0%!*73!3044'('7+0*+0,7:!O085+!V27-+0,7%!9'+<''7!B'(+,60!-'66%!&('='7+!+5'!
&*%%*8'! ,4! )*-(,),6'-26'%! 4(,)! +5'! 07+'(%+0+2)! 07+,! +5'! +2926'! 62)'7:!
B'(+,60!-'66%!&(,=03'!6*-+*+'!*73!&.(2=*+'!+,!%2&&,(+!8'()!-'66!)'+*9,60%)/!*%!
<'66!*%!+(*7%4'((07!*73!-'(26,&6*%)07!+(*7%&,(+!0(,7!*73!-,&&'(!+,!8'()!-'66%:!
E7! +2(7/! 3'='6,&078! 8'()! -'66%! 07462'7-'! B'(+,60! -'66! 427-+0,7/! 07-623078!
%+0)26*+0,7! ,4! JWA! &(,3
O5'('! *6%,! )*.! 9'! &'(
07+'(*-+0,7%:!?,(!'P*)&6
*8'7+%/!=0+*)07!J!3'40-0'
),(&5,6,8./!*73!B'(+,60!
C'.308!-'66!+'%+,%+'(,7'!
-'66%/!9,+5!-*7!07462'7-'
8(,<+5!4*-+,(%!&(,32-'3!
!"##$%&$'()$*'+,#(
;*6'%!HW:!O'%+0-26*(!)*-
X!G'&(,3!E))27:!Y
B-56*++! B/! T'075*(3+! J
07+'(*-+0,7%! 07! +5
_73,-(07,6:!K``Z!K
B>077'(!TQ/!I,(+,7!XI/!T
S'66#-'66!07+'(*-+0,7
B-0:!K``KZ!N$]!$["
#(:9219#(218(287297;( !"#$%&&'(&)(*#$+&,&-.(/(01"2(3&45&6#$7(48$9"28(3&446#93"29&#(:9219#(218(287297;(
"#"!
)!%&'()*+,8,70*!
->,2+!('%26+078!07!
3! %&'()*+,8,70*!
50%! -.+,>07'! *('!
J! %.7+5'%0%! *73!
'()! -'66#%&'-040-!
)06.!,4!-.+,>07'%/!
-+%!*-+0=07!J!*73!
('%&'-+0='6./! 9.!
'!*-+0=07!+.&'!EEJ!
%:!?07*66./!B'(+,60!
%&,7%'! +,! ?B;:!
(!E@?K!>7,->,2+:!
/!+,!3*+'!,76.!+5'!
'%%'7+0*6!4,(!)*6'!
'('7+!+*(8'+!-'66%/!
07+'8(*6! (,6'%! 07!
*73078/! 0+! 0%! 7,+!
%-*3'! ,4! 4*-+,(#
6.!&('3'+'()07'3!
,2%! 4*-+,(%/! ,(! *!
<+5!4*-+,(%!)085+!
6!3'='6,&)'7+!,4!
)085+!9'!*!%'(0'%!
'! %&'-040-! '='7+%!
+5'!)*07+'7*7-'!
+5'! *9%'7-'! ,4!
'.308!-'66%!07!+5'!
='6,&!,(!427-+0,7!
'3! +,! &(,32-'!
,(!7'-(,%0%!4*-+,(!
*-(,&5*8'%! *6%,!
='(%'! '44'-+%! ,7!
*(! -,)&*(+)'7+/!
8'%! 9'+<''7! *73!
,,(307*+'!)0+,%0%/!
-'66%!&('='7+!+5'!
'! +2926'! 62)'7:!
66!)'+*9,60%)/!*%!
&'(!+,!8'()!-'66%:!
7-+0,7/! 07-623078!
%+0)26*+0,7! ,4! JWA! &(,32-+0,7! +5*+/! 07! +2(7/! )*.! *44'-+! +'%+,%+'(,7'! *-+0,7:!
O5'('! *6%,! )*.! 9'! &'(0+2926*(! -'66#B'(+,60! -'66! *73! C'.308! -'66#B'(+,60! -'66!
07+'(*-+0,7%:!?,(!'P*)&6'/!3*)*8'!+,!+5'!%')0704'(,2%!+2926'%!9.!-.+,+,P0-!
*8'7+%/!=0+*)07!J!3'40-0'7-./!0((*30*+0,7!,(!-(.&+,(-5030%)!*6+'(%!C'.308!-'66!
),(&5,6,8./!*73!B'(+,60!-'66#-,730+0,7'3!)'30*!5*%!9''7!%5,<7!+,!07462'7-'!
C'.308!-'66!+'%+,%+'(,7'!&(,32-+0,7:!E750907!*73!*-+0=07/!&(,32-'3!9.!B'(+,60!
-'66%/!9,+5!-*7!07462'7-'!C'.308!-'66!+'%+,%+'(,7'!&(,32-+0,7!07!=0+(,/!*%!-*7!
8(,<+5!4*-+,(%!&(,32-'3!9.!B'(+,60!-'66%:!
!"##$%&$'()$*'+,#(
;*6'%!HW:!O'%+0-26*(!)*-(,&5*8'!),326*+0,7!,4!C'.308!-'66!%+'(,03,8'7'%0%:!
X!G'&(,3!E))27:!YLLYZ![]!$#K^:!
B-56*++! B/! T'075*(3+! J/! I0'%-56*8! _:! A*(*-(07'! ('826*+0,7! ,4! -'6626*(!
07+'(*-+0,7%! 07! +5'! +'%+0%]! 4*-+,(%! 07! %'*(-5! ,4! *! 427-+0,7:! _2(! X!
_73,-(07,6:!K``Z!K$]!KL#K:!
B>077'(!TQ/!I,(+,7!XI/!T266*7'.!WA/!G,%%'660!T/!U5*6'.!AH/!J7+5,7.!SO:!
S'66#-'66!07+'(*-+0,7%!*73!+5'!('826*+0,7!,4!+'%+0%!427-+0,7:!J77!Ia!J-*3!
B-0:!K``KZ!N$]!$["#N$:!
!"#$%&'()*+*,-.%&/01*2"/&.)$*"3*,14%"5"'$* 60147""8*"3*,14%"5"'$*9*6
! "#$!
!"#$%&$'()$&*+'()&%&$",$')&'"&')-"+)$-)./01')23$
&'!()*)+,*,-.,/!
012!)34.456!,7!)!82..!5,!9):2!52/5,/52;,<2!4/!+274<2+!36!512!*;2/2<82!,7!
512! /52;,4+,=2<48! 9)814<2;6! 4<! )<! )**;,*;4)52!82..-.);! 2<>4;,<92<5! )3.2! 5,!
;2/*,<+! 4<! )<! ,*549).! 9)<<2;! 5,! 512! ;2824>2+! /549-.4'! 02/5,/52;,<2?! 512!
9)@,;!9).2!/2A-).!1,;9,<2?!4/!/6<512/4B2+!)<+!/28;252+!*;49);4.6!36!C26+4=!
82../! ,7! 512! 52/54/'! D<! 512/2! 82../?! 52/5,/52;,<2! /6<512/4/! 4/! -<+2;! 512! 54=15!
8,<5;,.!,7!512!*45-45);6!=,<)+,5;,*14<!.-524<4B4<=!1,;9,<2!ECFG?!)<+!)./,!4/!
4<7.-2<82+!36!.,8).!7)85,;/!8,94<=!7;,9!,512;!52/548-.);!82../!,;!7;,9!2A52;<).!
7)85,;/!/-81!)/!+;-=/!)<+!2<>4;,<92<5).!812948)./'!
012;2!);2!)!<-932;!,7!:26!*,4<5/!51)5!);2!8;4548).!7,;!512!2/5)3.4/192<5!
)<+! ,*549).! 7-<854,<! ,7! 512! /52;,4+,=2<48! 9)814<2;6! ;2/*,</43.2! 7,;!
52/5,/52;,<2! /6<512/4/! 4<! 512! C26+4=! 82..! EH4=-;2! $G'! 012/2! 4<8.-+2I! E4G!
4<52=;456!,7!512!*.)/9)!9293;)<2!CF!;282*5,;!/4=<).!5;)</+-854,<!8)/8)+2!
;2/*,</43.2!7,;!/2</4<=!)<+!;2/*,<+4<=!5,!512!3.,,+#3,;<2!CFJ!E44G!)>)4.)34.456!
,7!/-774842<5!)9,-<5/!,7!512!/-3/5;)52!81,.2/52;,.!8,94<=!7;,9!512!3.,,+!,;!
/6<512/4B2+!+2!<,>,J!/5,;)=2!,;!4992+4)52!)>)4.)34.456!,7!81,.2/52;,.!7,;!-/2!
4<! )<+;,=2<! *;,+-854,<J! E444G! +2#2/52;4748)54,<! ,7! 81,.2/52;,.! 51-/! 9):4<=!
)>)4.)3.2! 512! /5,;2+! 81,.2/52;,.! 7,;! )<+;,=2<! 7,;9)54,<J! E4>G! 4<52=;456! ,7! 512!
9281)<4/9!;2/*,</43.2!7,;!5;)</*,;54<=!81,.2/52;,.!7;,9!4<5;)82..-.);!/5,;2/!
4<5,! 945,81,<+;4)J! E>G! )>)4.)34.456! ,7! )**;,*;4)52! .2>2./! )<+! 8,934<)54,</! ,7!
512! <-8.2);! 5;)</8;4*54,<! 7)85,;/! 8,<5;,..4<=! 512! 2A*;2//4,<! ,7! *;,524</!
4<>,.>2+! 4<! 81,.2/52;,.! 5;)</*,;5! )<+! 4<! 52/5,/52;,<2! 34,/6<512/4/J! E>4G!
9)4<52<)<82! ,7! )**;,*;4)52! ,;=)<2..2! /5;-85-;2/! ;2K-4;2+! 7,;! ,*549).!
52/5,/52;,<2!7,;9)54,<J! E>44G! )**;,*;4)52! /*)54).! )<+! 529*,;).! 2A*;2//4,<! ,7!
/52;,4+,=2<48! 2<B692/?! 9)4<.6! 865,81;,92! (L"M! 9,<,,A6=2<)/2/! )<+!
+216+;,=2<)/2/?! ;2/*,</43.2! 7,;! 925)3,.4B4<=! 81,.2/52;,.! 5,! >);4,-/!
4<52;92+4)52/!.2)+4<=!5,!52/5,/52;,<2!7,;9)54,<J!)<+!E>444G!)>)4.)34.456!,7!512!
8,#7)85,;/!<282//);6!7,;!/52;,4+,=2<48!2<B692!)854,<'!N52;,4+/!.2)>2!C26+4=!
82../!36!*)//4>2!5;)</*,;5'!N52;,4+/!4<!512!84;8-.)54,<!2A4/5!)/!7;22!,;!3,-<+!5,!
2A5;)82..-.);! *;,524</! /-81! )/! /2A! 1,;9,<2! 34<+4<=! =.,3-.4<! ENFOPG?!
)<+;,=2<!34<+4<=!*;,524<!EQO(G!)<+R,;!).3-94<'!
H,;!C26+4=!82../!5,!;2/*,<+!5,!CF!)<+!5,!7-<854,<!,*549)..6?!45!4/!8;4548).!
51)5! 512! *;,524</! 4<>,.>2+! 4<! /52;,4+,=2<2/4/?! 7;,9! 512! CF! ;282*5,;! 5,!
81,.2/52;,.! 5;)</*,;54<=! *;,524</! )<+! /52;,4+,=2<48! 2<B692/?! );2!
/6<512/4B2+!S451,-5!)<6!94/5):2!4<!5124;!)94<,!)84+!/2K-2<82/'!T-5)54,</!,7!
512! 4<>,.>2+! *;,524</! 8)<! 32! .251).! ,;! .2)+! 5,! +4/2)/2! /5)52/! /-81! )/!
*/2-+,12;9)*1;,+454/9?!16*,=,<)+4/9?!)<+!4<72;54.456'!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
HDP'!$'! N8129)548!;2*;2
O.,,+#3,;<2!.-524<4B4<=!1,;
5,!)854>)54,<!,7!)+2<6.)52!86
92//2<=2;! ,7! CF! )854,<! 4<
+2*2<+2<5!*;,524<!:4<)/2!E(
512!+2#2/52;4748)54,<!,7!81,.
/-3/5;)52/?!4<>,.>2+!4<!81,.
)85!)./,!4<!512!<-8.2-/!)854>
H;22! 81,.2/52;,.! 4/! 5;)</*
8,9*.2A!E0!7,;!5;)</+-82,/
8,9*.2A! 4<8.-+2+! *;,524</
QVQ($%$?!/52;,4+,=2<2/4/!
:Z)G?!)<+!>,.5)=2#+2*2<+2
*;2=<2<,.,<2! 36! 512! 8
(;2=<2<,.,<2!4/!/-3/2K-2<
/2;42/!,7!2<B692/!EU[($W?
+216+;,=2<)/2!5,!7,;9!52/5
012!)9,-<5!,7!52/5,
<22+/! ,7! 512! 3,+6! 7,;!
9)4<52<)<82! ,7! )<+;,=
+4772;2<54)54,<!,7!C26+4=!8
60147""8*"3*,14%"5"'$*9*6":*&;*)(.*;$1)(.;&;*"3*).;)";).%"1.*%.'<50).4=*
"#%!
/01')23$
512!*;2/2<82!,7!
;,<92<5! )3.2! 5,!
2/5,/52;,<2?! 512!
9);4.6!36!C26+4=!
! -<+2;! 512! 54=15!
CFG?!)<+!)./,!4/!
,;!7;,9!2A52;<).!
2!2/5)3.4/192<5!
;2/*,</43.2! 7,;!
2/2! 4<8.-+2I! E4G!
+-854,<!8)/8)+2!
FJ!E44G!)>)4.)34.456!
,9!512!3.,,+!,;!
,.2/52;,.!7,;!-/2!
,.! 51-/! 9):4<=!
G! 4<52=;456! ,7! 512!
;)82..-.);!/5,;2/!
8,934<)54,</! ,7!
4,<! ,7! *;,524</!
,/6<512/4/J! E>4G!
2+! 7,;! ,*549).!
).! 2A*;2//4,<! ,7!
A6=2<)/2/! )<+!
2;,.! 5,! >);4,-/!
>)4.)34.456!,7!512!
4+/!.2)>2!C26+4=!
7;22!,;!3,-<+!5,!
,3-.4<! ENFOPG?!
9)..6?!45!4/!8;4548).!
CF! ;282*5,;! 5,!
2<B692/?! );2!
2/'!T-5)54,</!,7!
/5)52/! /-81! )/!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
HDP'!$'! N8129)548!;2*;2/2<5)54,<!,7!512!/52*/!4<>,.>2+!4<!52/5,/52;,<2!7,;9)54,<'!
O.,,+#3,;<2!.-524<4B4<=!1,;9,<2!ECFG!34<+/!5,!)!P#*;,524<!8,-*.2+!;282*5,;!.2)+4<=!
5,!)854>)54,<!,7!)+2<6.)52!868.)/2!EQUG!51)5!8,<>2;5/!Q0(!5,!8QT(?!512!9)@,;!/28,<+!
92//2<=2;! ,7! CF! )854,<! 4<! C26+4=! 82../'! 8QT(! /-3/2K-2<5.6! )854>)52/! 512! 8QT(#
+2*2<+2<5!*;,524<!:4<)/2!E(VQG?!)<!2>2<5!51)5!5;4==2;/!)!/2;42/!,7!;2)854,</!4<8.-+4<=!
512!+2#2/52;4748)54,<!,7!81,.2/52;,.!7;,9!.4*4+!+;,*.25/!)<+!)854>)54,<!,7!*;,524</?!(VQ!
/-3/5;)52/?!4<>,.>2+!4<!81,.2/52;,.!5;)</*,;5!4<5,!945,81,<+;4)'!8QT(?!)/!S2..!)/!(VQ!
)85!)./,!4<!512!<-8.2-/!)854>)54<=!/52;,4+,=2<48!*;,524<!)<+!2<B692!=2<2!2A*;2//4,<'!
H;22! 81,.2/52;,.! 4/! 5;)</*,;52;! )<+! 49*,;52+! 4<5,! 945,81,<+;4)! >4)! )! 9-.54*;,524<!
8,9*.2A!E0!7,;!5;)</+-82,/,92G!7,;92+!5,!)9*.476!512!277285!,7!CF!)<+!8QT('!014/!
8,9*.2A! 4<8.-+2+! *;,524</! /-81! )/! 512! Q#:4<)/2! )<81,;4<=! *;,524</! (Q(W! )<+!
QVQ($%$?!/52;,4+,=2<2/4/!)8-52!;2=-.)5,;6!*;,524<!EN5QXG?!5;)</.,8)5,;!*;,524<!E$Y#
:Z)G?!)<+!>,.5)=2#+2*2<+2<5!)<4,<!81)<<2.'!D9*,;52+!81,.2/52;,.!4/!925)3,.4B2+!5,!
*;2=<2<,.,<2! 36! 512! 865,81;,92! (L"M! /4+2! 81)4<! 8.2)>)=2! EU[($$Q$G'!!
(;2=<2<,.,<2!4/!/-3/2K-2<5.6!925)3,.4B2+!4<!512!/9,,51!2<+,*.)/948!;2548-.-9!36!)!
/2;42/!,7!2<B692/!EU[($W?! #16+;,A6/52;,4+!+216+;,=2<)/2!)<+!$W#16+;,A6/52;,4+!
+216+;,=2<)/2!5,!7,;9!52/5,/52;,<2'!!!
012!)9,-<5!,7!52/5,/52;,<2!7,;92+!36!512!C26+4=!82../!;27.285/!/*284748!
<22+/! ,7! 512! 3,+6! 7,;! 82..! =;,S51?! ,;=)<! 7,;9)54,<?! 9)/8-.4<4B)54,<! )<+!
9)4<52<)<82! ,7! )<+;,=2<#+2*2<+2<5! 7-<854,</'! Z-;4<=! +2>2.,*92<5?! 512!
+4772;2<54)54,<!,7!C26+4=!82..!*;28-;/,;/!.2)+/!5,!512!2/5)3.4/192<5!,7!/*284748
!"#$%&&'(&)(*#$+&,&-.(/(!&0(12(345(2.#345212(&)(3523&235+&#5(+5-6,"35$7( !"#$%&&'(&)(*#$+&,&-.(/(!
! "#$!
&'()*+!,'--!./.0-12*/34!2512!16'!6'4./34*7-'!8/6!25'!8/6912*/3!/8!25'!19/0324
/8! 2'42/42'6/3'! 3'')')! 12! :16*/04! 1+'4;! <3! 25'! 8'204=! 2'42/42'6/3'#8/69*3+!
8'21-! &'()*+! ,'--4! 803,2*/3! *3! 25'! .6'3121-! 914,0-*3*>12*/3! /8! 25'! 91-'!
06/+'3*21-!4(42'9;!?82'6!7*625!25*4!./.0-12*/3!)*41..'164=!13)!25'!1)0-2!&'()*+!
,'--!./.0-12*/3=!':/-:*3+!*3!13!'3:*6/39'32!86''!/8!912'631-!81,2/64=!)':'-/.4!
86/9!1!491--!.//-!/8!03)*88'6'32*12')=!4'-8#6'3'@*3+!42'9!&'()*+!,'--4!:*1!1!
4'A0'3,'! /8! 421+'4! 2512! *3,-0)'! &'()*+! ,'--! .6/+'3*2/64=! *991206'! &'()*+!
,'--4!13)!1)0-2!&'()*+!,'--4;!B5'4'!,513+'4!6'8-',2!25'!3'')!8/6!2'42/42'6/3'!
*3!25'!)':'-/.9'32!/8!91-'!,5161,2'6*42*,4=!.07'62(!13)!13)6/+'3#)'.'3)'32!
803,2*/34;!C513+'4!*3!,'--!4260,206'!13)!+'3'!'D.6'44*/3!16'!6'4./34*7-'!8/6!
25'!9/6.5/-/+*,1-!13)!803,2*/31-!)*88'6'3,'4!19/3+!25'4'!:16*/04!,'--!2(.'4E!
25'! 714*,! ,/9./3'324! /8! 25'! 42'6/*)/+'3*,! 91,5*3'6(! 16'! .6'4'32! 702! 3/2!
04')! 2/! 25'! 419'! 'D2'32;! B504=! 2'42/42'6/3'! .6/)0,2*/3! ,513+'4! )06*3+!
)':'-/.9'32! 16'! )0'! 2/! 1-2'612*/34! *3! 25'! ,'--0-16! '3:*6/39'32=! 13)! 16'!
)'4*+3')! 8/6! 25'! /.2*91-! .6/)0,2*/3! /8! 2'42/42'6/3'! 2/! 1,,/9.-*45! 4.',*8*,!
3'')4;!<3!1+*3+=!:16*/04!,/9./3'324!/8!25'!42'6/*)/+'3*,!91,5*3'6(!81*-!2/!
803,2*/3!12!13!/.2*91-!-':'-=!-'1)*3+!2/!1!)',-*3'!*3!13)6/+'3!8/6912*/3;!
?-25/0+5! *2! 4''94! 2512! 25'! .125@1(! /8! 2'42/42'6/3'! 8/6912*/3! 13)! *24!
6'+0-12*/3! 7(! &F! 16'!@'--! '4217-*45')=! 25'6'!16'!913(! 42'.4! 2512! 51:'! 3/2!
7''3! ('2! )'8*3')! 13)! A0'42*/34! 51:'! 7''3! 61*4')! 17/02! 25'! 1)/.2')!
9',513*494!-'1:*3+!25'!8*'-)!/.'3!8/6!80625'6!*3:'42*+12*/3;!
!"##$%&$'()$*'+,#(
?4,/-*!G=!H13'--*!H=!I'+1-/88!J&;!B5'!-026/.*3K,5/6*/+/31)/26/.*3!6','.2/6=!1!
LMML!.'64.',2*:';!N3)/,6!O':;!LMMLE!L$P!Q%Q#QR%;!
?>516!I=!O'1:'3!N;!I,1:'3+'6!6','.2/6!,-144!S<!13)!4'-',2*:'!,5/-'42'6(-!
'42'6! 0.21T'P! .1623'64! *3! 25'! 6'+0-12*/3! /8! 42'6/*)/+'3'4*4;! G/-! C'--!
N3)/,6*3/-;!LMMLE!QU"P!Q#LV;!
C122!WX=!F16@//)!XY=!C-1(2/3!OZ=!J1:*'4!BH=!C513![=!W12*T*3'3*!G=!Z>0!W=!
J0810! G&;! O'+0-12*/3! /8! .'.2*)'! 5/69/3'! 6','.2/64! 13)! +/31)1-!
42'6/*)/+'3'4*4;!O','32!Y6/+!F/69!O'4;!QU]ME!$VP!""R#VVL;!
J/3+!&=!X'-*34T(!I?=!H*3+'6!XZ=!X/5342/3!JI=!W/.8!^I=!I/2214!CG=!F16)(!
GY=! ^'! OI;! ^'3'! 'D.6'44*/3! )06*3+! )':'-/.9'32! /8! 8'21-! 13)! 1)0-2!
&'()*+!,'--4;!?33!Z!_!?,1)!I,*;!LMMRE!QQLMP!QV#$";!
N@*3+!&&=!`*6T*3!S;!&'()*+!,'--!4260,206'!13)!42'6/*)/+'3*,!803,2*/3;!O','32!
Y6/+!F/69!O'4;!QU]$E!$UP!"UU#V$";!
F05213*'9*! <B=! B5'99'3! ?Y;! G0212*/34! *3! 50913! +/31)/26/.*3! 13)!
+/31)/26/.*3#6','.2/6!+'3'4;!N3)/,6*3';!LMM"E!LVP!LMR#LQR;!!
&*'7'6913!I;!B5'!+'3'61--(!1,,'.2')!:'64*/3!/8!42'6/*)/+'3'4*4!*4!3/2!86''!
/8!03,'621*32*'4P!/25'6!2'317-'!13)!./44*7-(!40.'6*/6!6'3)*2*/34!91(!7'!
*3:'32');!X!I2'6/*)!S*/,5'9!G/-!S*/-;!LMM]E!QMUP!QUR#QUU;!
G*)>1T!?I=!C5'3!F=!Y1
9',513*494! /8! 6'
LMM]E!*3!.6'44;!
G*--'6! a&;! J*4/6)'64!
)'5()6/'.*13)6/42
Y1.1)/./0-/4![=!&*0!X=!
81,*-*212*3+! ,5/-'42
"U#V%;!
I2/,,/! JG=! a13+! c=!
6'+0-12*3+!42'6/*)/
'D.6'44*/3P!9/6'!,
QUP!LV%R#"U;!
Y1(3'! ?F=! F1-'4! JS;! d
86/9! ,5/-'42'6/-! 2/
U%R#RM;!
6,"35$7( !"#$%&&'(&)(*#$+&,&-.(/(!&0(12(345(2.#345212(&)(3523&235+&#5(+5-6,"35$7(
"#%!
/3!/8!25'!19/0324
2/42'6/3'#8/69*3+!
*/3! /8! 25'! 91-'!
)!25'!1)0-2!&'()*+!
!81,2/64=!)':'-/.4!
&'()*+!,'--4!:*1!1!
*991206'! &'()*+!
)!8/6!2'42/42'6/3'!
)6/+'3#)'.'3)'32!
6'!6'4./34*7-'!8/6!
:16*/04!,'--!2(.'4E!
'! .6'4'32! 702! 3/2!
3! ,513+'4! )06*3+!
/39'32=! 13)! 16'!
,,/9.-*45! 4.',*8*,!
!91,5*3'6(!81*-!2/!
3!8/6912*/3;!
8/6912*/3! 13)! *24!
'.4! 2512! 51:'! 3/2!
7/02! 25'! 1)/.2')!
/26/.*3!6','.2/6=!1!
',2*:'!,5/-'42'6(-!
+'3'4*4;! G/-! C'--!
T*3'3*!G=!Z>0!W=!
/64! 13)! +/31)1-!
"R#VVL;!
I/2214!CG=!F16)(!
/8! 8'21-! 13)! 1)0-2!
,!803,2*/3;!O','32!
+/31)/26/.*3! 13)!
MR#LQR;!!
'3'4*4!*4!3/2!86''!
6'3)*2*/34!91(!7'!
#QUU;!
G*)>1T!?I=!C5'3!F=!Y1.1)/./0-/4![=!`*6T*3!SO;!&'()*+!,'--!1+*3+!13)!25'!
9',513*494! /8! 6')0,')! 2'42/42'6/3'! 4(325'4*4;! G/-! C'--! N3)/,6;!
LMM]E!*3!.6'44;!
G*--'6! a&;! J*4/6)'64! /8! 13)6/+'3! 4(325'4*4##86/9! ,5/-'42'6/-! 2/!
)'5()6/'.*13)6/42'6/3';!G')!Y6*3,!Y61,2;!LMM"E!Q%P!"]#V];!
Y1.1)/./0-/4![=!&*0!X=!C0-2(!G;!<4!25'6'!1!9*2/,5/3)6*1-!4*+31-*3+!,/9.-'D!
81,*-*212*3+! ,5/-'42'6/-! *9./62b! G/-! C'--! N3)/,6*3/-;! LMMRE! LV"#LVVP!
"U#V%;!
I2/,,/! JG=! a13+! c=! X/! _=! G1331! YO;! G0-2*.-'! 4*+31-*3+! .125@1(4!
6'+0-12*3+!42'6/*)/+'3'4*4!13)!42'6/*)/+'3*,!1,02'!6'+0-12/6(!.6/2'*3!
'D.6'44*/3P!9/6'!,/9.-*,12')!2513!@'!25/0+52;!G/-!N3)/,6*3/-;!LMM"E!
QUP!LV%R#"U;!
Y1(3'! ?F=! F1-'4! JS;! d:'6:*'@! /8! 42'6/*)/+'3*,! '3>(9'4! *3! 25'! .125@1(!
86/9! ,5/-'42'6/-! 2/! 1,2*:'! 42'6/*)! 5/69/3'4;! N3)/,6! O':;! LMM%E! L"P!
U%R#RM;!
!"#$%&'()*+*,-.%&/01*2"/&.)$*"3*,14%"5"'$* 60147""8*"3*,14%"5"'$*9*6"
#%"
! "#$!
!"#$%&'$('&)$*'++,$-&"./*'.$%0.$#1%2$3%*2"&,$*"02&"+$
21'4&$-&"./*24"05$
&'!()*)+,!
-./0!12134!01)3/51)/6!)!7)+!83,9:;1<!=$6>>>!<8137'!?/!/0.<!3)/16!@%6>>>!
<8137!)31!*1+13)/19!.+!)!7.+:/16!,213!$>>!7.AA.,+!.+!)!9)46!)+9!B!5.AA.,+!.+!)!
7,+/0'! C:3/0137,316! 7)A1! *)71/,*1+1<.<! D<8137)/,*1+1<.<E! ;,+/.+:1<! F,3!
)A7,</!/01!1+/.31!A.F1'!G0:<!:+A.H1!I,71+6!71+!;)+!F)/013!*1+1/.;!;0.A931+!
+)/:3)AA4! )/! 7,31! )92)+;19! )*1! 514,+9! ">! 43<'! J,I! 9,1<! /01! 7)A1!
3183,9:;/.21!<4</17!);0.121!/0.<!317)3H)5A1!F:+;/.,+)A./4K!
G01!H14!/,!:+913</)+9!/01!5.,A,*.;)A!71;0)+.<7!,F!<8137)/,*1+1<.<!.<!
/,! :+913</)+9! /01! +)/:31! )+9! F:+;/.,+! ,F! </17! ;1AA<'! L+91196! ,/013! <1AF#
31+1I.+*! /.<<:1<! .+! ,:3! 5,94! /0)/! )31! )5A1! /,! 318A1+.<0! )+9! 7).+/).+! /01!
</3:;/:31!)+9!F:+;/.,+!,F!9.FF131+/!,3*)+<!31A4!,+!83,813!F:+;/.,+.+*!,F!</17!
;1AA<'! MN)78A1<! .+;A:91! ,:3! 017)/,8,.1/.;! <4</176! <H.+! )+9! .+/1</.+)A!
18./01A.:7'!-1!0)21!,213!$>!/3.AA.,+!134/03,;4/1<!.+!,:3!5A,,9!;.3;:A)/.,+!)/!
)+4!*.21+!/.71!,F!,:3!A.F1!91<8./1!)!A.7./19!A.F1#<8)+!,F!$%>!9)4<!F,3!1);0!;1AA'!
O.7.A)3A46! ;1AA<! ,F! /01! <H.+! )+9! .+/1</.+)A! 18./01A.)! 9.1! )+9! <A,:*0! ,FF!
;,+</)+/A4'! P1/! /01<1! 18./01A.)! 317).+! F:+;/.,+)A! F,3! )! A.F1/.71'! ?<! <:;06! .+!
/01<1! <4</17<! D<,#;)AA19! <1AF#31+1I.+*! /.<<:1<E6! ;1AA<! )31! ;,+/.+:,:<A4! A,</!
5:/!318A1+.<019!/,!7).+/).+!/01!</3:;/:31!)+9!F:+;/.,+!,F!)+!,3*)+!/03,:*0,:/!
A.F1'!G0.<!.<!7)91!8,<<.5A1!54!</17!;1AA<6!)+9!<8137)/,*1+1<.<!.<!,+1!<:;0!
<1AF#31+1I.+*!<4</17!<:88,3/19!54!</17!;1AA<'!
O/17! ;1AA<! ,F! <8137)/,*1+1<.<! )31! ;)AA19! <8137)/,*,+.)A! </17! ;1AA<!
DOOQ<E'!G014!)31!8)3/!,F!/01!<8137)/,*,+.)!D9.8A,.9!7)A1!*137!;1AA<E'!R:3.+*!
</1)94#</)/1!<8137)/,*1+1<.<6!,+1!OOQ!9.2.91<!.+/,!/I,!;1AA<S!,+1!317).+<!
)<! )! </17! ;1AA! D<1AF#31+1I)AE! )+9! /01! ,/013! 9.FF131+/.)/1<! /,! 121+/:)AA4!
51;,71! <8137)/,T,)! D9.FF131+/.)/.,+E! DCLU'! $E'! G01! ,+1! /0)/! 0)<! <1AF#
31+1I19!.<!31#.+;,38,3)/19!.+!/01!</17!;1AA!8,,A!I0.A1!/01!,+1!/0)/!0)<!/)H1+!
)! 9.FF131+/.)/.,+! 8)/0! .<! ;,+<.91319! VA,</W6! )<! ./! A1)21<! /01! /1</.<! F,3! /01!
3183,9:;/.21!/3);/!)F/13!51;,7.+*!<8137)/,T,)'!J,I!)+!OOQ!;0,,<1<!I0.;0!
8)/0!/,!/)H16!)!801+,71+,+!/13719!VF)/1!91;.<.,+W6!.<!;:331+/A4!/01!F,;:<!,F!
.+/1+<.21!31<1)3;0'!
OOQ<!)31!)!<:5#8,8:A)/.,+!,F!<8137)/,*,+.)X!/0:<6!/014!)31!F,:+9!I./0.+!
/01!<17.+.F13,:<!/:5:A1<6!31<.9.+*!,+!/01!5)<)A!71753)+1!)+9!<:33,:+919!
54! O13/,A.! ;1AA<'! L+! *1+13)A6! )! 7.;3,1+2.3,+71+/! /0)/! ;,+/).+<! </17! ;1AA<! .<!
;)AA19! )! </17! ;1AA! V+.;01WX! ./! <:88,3/<! )+9! 31*:A)/1<! </17! ;1AA<'! G01! OOQ!
+.;01!.<!;,78,<19!,F!O13/,A.!;1AA<6!/01!5)<)A!71753)+16!)+9!9):*0/13!*137!
;1AA<!/0)/!OOQ<!0)21!83,9:;19'!R,1<!/01!+.;01!)FF1;/!OOQ!);/.2./4K!?A/0,:*0!
/0131! .<! +,! </3,+*! 12.91+;1! /0)/! 0,37,+1<6! 1'*'6! COJ6! YJ6! /1</,</13,+16!
9.31;/A4!;,+/3,A!OOQ<6!./!.
F);/,36!UR(C!D*A.)A#;1AA#A.+
OOQ<!/,!<1AF#31+1I'!LF!)!F
)!7,:<16!OOQ!+:7513<!
)+!OQQ!;:A/:316!UR(C!.<
OOQ<'!?99./.,+)A!</.7:A)
;1AA<! )+9! QOC$! D;,A,+4#
813.#/:5:A)3!74,.9!;1AA<'!&
F);/,3<!/0)/!;)+!;,+/3,A!)
31*:A)/.,+!)31!1N81;/19!/,
!
$
$
$
$
$
CLU'!$'! 6'+37&'0'#%+$%0.$
</17! ;1AA! 8,,A'! G014! ;)+! )
OOQ<'!U311+![!;,77.//19!7
G,! 7).+/).+! <81
83,9:;/.,+6! /01! .+8:/! D<
<8137)/,T,)!F3,7!/01!/1<
OOQ<!)31!2134!F1I!D>'>$
.+F31^:1+/A4'!G,!;,781+<
/0)/! OQQ<! 83,9:;1! )! <:
;,78)3/71+/W! /0)/! 9.2.9
8,8:A)/.,+'!
OOQ<! )31! 91F.+1
31+1I!)+9!9.FF131+/.)/1'!L+
54! 7,380,A,*4! ,3! 5.,;01
;)++,/!51!2.<:)A.T19!7.;
)<<)4!/0)/!71)<:31<!/01!
O8137)/,*,+.)A!/3)+<8A)+
511+! 9121A,819! :<.+*! /0
F3,7! )! 9,+,3! /1</.<! )31
60147""8*"3*,14%"5"'$*9*6":*0%.*'.%-*/.55;*#%"4</.4*014*:(0)*30/)"%;*/"1)%"5*)(.&%*
#%"4</)&"1=*
"#%!
"&,$*"02&"+$
/!/0.<!3)/16!@%6>>>!
!)+9!B!5.AA.,+!.+!)!
<.<E! ;,+/.+:1<! F,3!
3!*1+1/.;!;0.A931+!
! 9,1<! /01! 7)A1!
137)/,*1+1<.<!.<!
91196! ,/013! <1AF#
)+9! 7).+/).+! /01!
+;/.,+.+*!,F!</17!
+! )+9! .+/1</.+)A!
,,9!;.3;:A)/.,+!)/!
9)4<!F,3!1);0!;1AA'!
! )+9! <A,:*0! ,FF!
/.71'! ?<! <:;06! .+!
;,+/.+:,:<A4! A,</!
,3*)+!/03,:*0,:/!
+1<.<!.<!,+1!<:;0!
*,+.)A! </17! ;1AA<!
137!;1AA<E'!R:3.+*!
1AA<S!,+1!317).+<!
1<! /,! 121+/:)AA4!
1! /0)/! 0)<! <1AF#
+1!/0)/!0)<!/)H1+!
01! /1</.<! F,3! /01!
Q!;0,,<1<!I0.;0!
1+/A4!/01!F,;:<!,F!
4!)31!F,:+9!I./0.+!
1!)+9!<:33,:+919!
).+<! </17! ;1AA<! .<!
7! ;1AA<'! G01! OOQ!
+9!9):*0/13!*137!
);/.2./4K!?A/0,:*0!
YJ6! /1</,</13,+16!
9.31;/A4!;,+/3,A!OOQ<6!./!.<!H+,I+!/0)/!O13/,A.!;1AA<!<1;31/1!)!<,A:5A1!83,/1.+!
F);/,36!UR(C!D*A.)A#;1AA#A.+1#913.219!+1:3,/3,80.;!F);/,3E6!/0)/!.<!.78,3/)+/!F,3!
OOQ<!/,!<1AF#31+1I'!LF!)!F:+;/.,+.+*!UR(C!*1+1!.<!F,:+9!,+A4!.+!,+1!)AA1A1!.+!
)!7,:<16!OOQ!+:7513<!51;,71!<.*+.F.;)+/A4!319:;19'!L+!/01!8318)3)/.,+!,F!
)+!OQQ!;:A/:316!UR(C!.<!)+!.+9.<81+<)5A1!F);/,3!/,!7).+/).+!<1AF#31+1I)A!,F!
OOQ<'!?99./.,+)A!</.7:A)/,3<!,F!OOQ!<1AF#31+1I)A!.+;A:91!CUC%!F3,7!O13/,A.!
;1AA<! )+9! QOC$! D;,A,+4#</.7:A)/.+*! F);/,3! $E! F3,7! Y149.*! ;1AA<! )+9! <1A1;/!
813.#/:5:A)3!74,.9!;1AA<'!&,</!.+21</.*)/,3<!51A.121!/0)/!/0131!1N.</!)99./.,+)A!
F);/,3<!/0)/!;)+!;,+/3,A!)+9!31*:A)/1!OOQ!);/.2./4'!&,31!8A)413<!,F!OOQ!F)/1!
31*:A)/.,+!)31!1N81;/19!/,!51!.91+/.F.19!.+!/01!F:/:31'!
!
$
$
$
$
$
CLU'!$'! 6'+37&'0'#%+$%0.$.433'&'024%24"0$"3$668,9!OO;<!<1AF#31+1I!/,!7).+/).+!)!
</17! ;1AA! 8,,A'! G014! ;)+! )A<,! ;,77./! /,! 9.FF131+/.)/.,+! /,! 83,9:;1! <8137'! ZA:1! [!
OOQ<'!U311+![!;,77.//19!7)A1!*137!;1AA<'!
G,! 7).+/).+! <8137)/,*1+1<.<! )/! )! </1)94! </)/1! F,3! 9).A4! <8137!
83,9:;/.,+6! /01! .+8:/! D</17! ;1AA! 9.FF131+/.)/.,+E! )+9! ,:/8:/! D/01! A,<<! ,F!
<8137)/,T,)!F3,7!/01!/1</.<E!+119!/,!51!5)A)+;19'!L/!.<!H+,I+6!0,I12136!/0)/!
OOQ<!)31!2134!F1I!D>'>$!!>'>%!]!.+!)+!)9:A/!7,:<1!/1</.<E!)+9!9.2.91!2134!
.+F31^:1+/A4'!G,!;,781+<)/1!F,3!/01<1!<0,3/#;,7.+*<!,F!OQQ<6!./!.<!)<<:719!
/0)/! OQQ<! 83,9:;1! )! <:58,8:A)/.,+! ,F! <8137)/,*,+.)! /13719! V)78A.F4.+*!
;,78)3/71+/W! /0)/! 9.2.91! 7,31! F31^:1+/A4! /,! 1N8)+9! /01! <.T1! ,F! /01!
8,8:A)/.,+'!
OOQ<! )31! 91F.+19! F:+;/.,+)AA4! 54! /01.3! )5.A./4! /,! ;,+/.+:,:<A4! <1AF#
31+1I!)+9!9.FF131+/.)/1'!L+!,/013!I,39<6!/014!;)++,/!51!.91+/.F.19!;,+2.+;.+*A4!
54! 7,380,A,*4! ,3! 5.,;017.;)A! _! 7,A1;:A)3! 83,813/.1<! )/! 831<1+/'! ?<! OQQ<!
;)++,/!51!2.<:)A.T19!7.;3,<;,8.;)AA46!/01!91/1;/.,+!,F!OOQ<!31^:.31<!)!5.,#
)<<)4!/0)/!71)<:31<!/01!</17!;1AA!F:+;/.,+!,F!<1AF#31+1I)A!)+9!9.FF131+/.)/.,+'!
O8137)/,*,+.)A!/3)+<8A)+/)/.,+!.<!)+!1N)78A1!,F!<:;0!)!5.,#)<<)4!)+9!0)<!
511+! 9121A,819! :<.+*! /01! 7,:<1! DCLU'! %E'! L+! /0.<! /1;0+.^:16! ;1AA<! 913.219!
F3,7! )! 9,+,3! /1</.<! )31! .+`1;/19! .+/,! /01! <17.+.F13,:<! /:5:A1<! ,F! </13.A1!
!"#$%&&'(&)(*#$+&,&-.(/(!&0("+1(-1+2(31,,4(5+&$631$("#$(07"8()"38&+4(3&#8+&,(8719+( !"#$%&&'(&)(*#$+&,&-.(/(!
( 5+&$6389&#:( ( 5+
! "#$!
&'()*)'+,-! .+/! 0'&1! ('22-! )+! ,3')&! ,'-,'-45! 67/! 1/+,3-! 28,'&9! :/+/&! ;;<-!
&'0'+'&8,'! -*'&18,/0'+'-)-! )+! -'01'+,-! 82/+0! ,3'! &'()*)'+,! -'1)+)='&/>-!
,>?>2'-5! 63'! &'0'+'&8,)/+! /=! :/+/&#:'&)@':! -*'&18,/0'+'-)-! )1*2)'-! ,38,!
,3'&'! 7'&'! ('22-! )+! ,3'! :/+/&! ,'-,)-! ('22! *&'*8&8,)/+! ,38,! 7'&'! 8?2'! ,/! -'2=#
&'+'7!8+:!:)=='&'+,)8,'!=/&!8!2/+0!,)1'5!;)+('!,3'-'!8&'!,3'!8(,)@),)'-!>+)A>'!
,/!-,'1!('22-9!->(('--=>2!&'0'+'&8,)/+!8+:!18)+,'+8+('!/=!-*'&18,/0'+'-)-!
)+:)(8,'!,3'!*&'-'+('!/=!;;<-!)+!:/+/&!('22-5!63)-!8--8B!)-!8+82/0/>-!,/!,3'!
:','(,)/+! /=! 0&8@),BC! 0&8@),B! )-! )+@)-)?2'9! ?>,! 7'! (8+! :','(,! ),-! *&'-'+('!
,3&/>03!'D*'&)1'+,82!)+,'&@'+,)/+!?B!:&/**)+0!8+!/?E'(,!)+!,3'!8)&5!F!*&/?2'1!
/=!,3)-!;;<!8--8B!)-!,38,!),!:','(,-!;;<-!/+2B!&',&/-*'(,)@'2B!8+:!:/'-!+/,!
822/7! >-! ,/! :','&1)+'! 73)(3! ('22-! 8&'! ;;<-! ?'=/&'! ,&8+-*28+,8,)/+5!
63'&'=/&'9! &'-'8&(3'&-! 8&'! +/7! 8(,)@'2B! -'8&(3)+0! =/&! 18&G'&! 1/2'(>2'-!
'D*&'--':!-*'()=)(822B!?B!;;<-!,/!):'+,)=B!,3'-'!('22-!*&/-*'(,)@'2BC!)+:'':9!
-/1'!18&G'&-!38@'!?''+!:)-(/@'&':5!
!
!
HIJ5!K5! !"#$%&'()(*+&,- '$&*.",&*'&'+(*/! 63'! 2'=,! -):'! /=! ,3'! =)0>&'! -3/7-! ,3'!
,&8+-*28+,8,)/+! *&/(':>&'5! 63'! :/+/&! ,'-,)-! )-! :'&)@':! =&/1! 8! ,&8+-0'+)(! 1/>-'!
(8&&B)+0!,3'!?8(,'&)82!L8(M!0'+'5!63'!:/+/&!,'-,)-!)-!:)0'-,':!)+,/!-)+02'!('22-!>-)+0!
'+NB1'-5!63'-'!('22-!8&'!)+E'(,':!)+,/!,3'!-'1)+)='&/>-!,>?>2'-!/=!8!&'()*)'+,!1/>-'!
,38,! )-! )+='&,)2'5! 67/! 1/+,3-! 28,'&9! &'()*)'+,! ,'-,'-! 8&'! 38&@'-,':! 8+:! &'8(,':! 7),3!
L8(M!->?-,&8,'9!73)(3!18G'-!:/+/&#:'&)@':!('22-!?2>'5!F-!-3/7!)+!,3'!&)03,!*8+'2-9!
;;<-!:'&)@':!=&/1!,3'!:/+/&!,'-,)-!&'0'+'&8,'!-*'&18,/0'+'-)-!)+!,3'!=/&1!/=!?2>'!
-'01'+,-!82/+0!,3'!&'()*)'+,!-'1)+)='&/>-!,>?>2'-9!73)(3!)-!@)->82)N':!?B!,3'!L8(M!
&'8(,)/+!.?2>'45!O8(3!-'01'+,!)-!18:'!/=!=>22B!&'0'+'&8,':!-*'&18,/0'+'-)-!,38,!,3'!
:/+/&!;;<-!*&/:>(':5!
;;<-!8&'!'D*'(,':!,/!?'!8!*/7'&=>2!&'-/>&('!,/!&'-,/&'!182'!='&,)2),B!)+!
,3'!=>,>&'5!H/&!)+-,8+('9!(8+('&!,&'8,1'+,!7),3!(3'1/,3'&8*B!)-!,/D)(!,/!182'!
0'&1!('22-!)+(2>:)+0!;;<
2/-'! 3)-! ='&,)2),B5! 63)-!
*&'*>?'&,82! ?/B-! 73/!
(8++/,!?'+'=),!=&/1!-*'&
;;<-! (8+! ?'! 38&@'-,':
(&B/*&'-'&@':!?'=/&'!(3'
3)-! /7+! (3)2:9! (&B/*&'-'
)+,/! 3)-! ,'-,'-5! 63'! ,&
'D*/->&'! ,/!(3'1/,3'&8
*&/:>('! -*'&19! 18G)+0!
)+,'&(/>&-'! /&! 7),3! ,3'!
-,>:)'-! /+! ;<<! ?)/2/0
?'(/1'!8!&'82),B!)+!,3'!+
!0))#.'#1-$#&1+*)-
Q&)+-,'&! RL5! S82'! 0'&1
$W"T!%U%XY5!
Q&)+-,'&! RL9! M)11'&18+
,&8+-*28+,8,)/+5![&/
Q&)+-,'&! RL9! F@8&?/(G!
=/22/7)+0! -*'&18,/
W^^%C!^WT!WW$U$XV
808+/! S<5! J'&1! 2)+
O+:/(&)+/2/0B5!6/,
a8,2'B! ZS9! Q&)+-,'&! RL
R'+'782!)+!S811
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY
HANDBOOK OF ANDROLOGY

Más contenido relacionado

La actualidad más candente

Scoring of embryos by Dr.Renukadevi
Scoring of embryos by Dr.RenukadeviScoring of embryos by Dr.Renukadevi
Scoring of embryos by Dr.Renukadevi
Morris Jawahar
 
Cryopreservation in Assisted Reproduction
Cryopreservation in Assisted ReproductionCryopreservation in Assisted Reproduction
Cryopreservation in Assisted Reproduction
prasad lele
 
Sperm DNA fragmentation by Dr.Renukadevi
Sperm DNA fragmentation by Dr.RenukadeviSperm DNA fragmentation by Dr.Renukadevi
Sperm DNA fragmentation by Dr.Renukadevi
Morris Jawahar
 
Recent Trends In Art (2)
Recent Trends In Art (2)Recent Trends In Art (2)
Recent Trends In Art (2)
guest7f0a3a
 

La actualidad más candente (20)

SPERM FREEZING
SPERM FREEZING SPERM FREEZING
SPERM FREEZING
 
PICSI IVF Physiological intracytoplasmic sperm injection
PICSI IVF Physiological intracytoplasmic sperm injection PICSI IVF Physiological intracytoplasmic sperm injection
PICSI IVF Physiological intracytoplasmic sperm injection
 
Sperm preparation techniques
Sperm preparation techniquesSperm preparation techniques
Sperm preparation techniques
 
Oocyte Morphology assessment
Oocyte Morphology assessment Oocyte Morphology assessment
Oocyte Morphology assessment
 
Scoring of embryos by Dr.Renukadevi
Scoring of embryos by Dr.RenukadeviScoring of embryos by Dr.Renukadevi
Scoring of embryos by Dr.Renukadevi
 
Quality in ART by Giles Palmer
Quality in ART by Giles Palmer Quality in ART by Giles Palmer
Quality in ART by Giles Palmer
 
SPERM FUNCTION TESTS
SPERM FUNCTION TESTSSPERM FUNCTION TESTS
SPERM FUNCTION TESTS
 
An overview of IVF/ICSI
An overview of IVF/ICSIAn overview of IVF/ICSI
An overview of IVF/ICSI
 
Cryopreservation in Assisted Reproduction
Cryopreservation in Assisted ReproductionCryopreservation in Assisted Reproduction
Cryopreservation in Assisted Reproduction
 
Embryo transfer: Aboubakr Elnashar
Embryo transfer: Aboubakr ElnasharEmbryo transfer: Aboubakr Elnashar
Embryo transfer: Aboubakr Elnashar
 
AZOOSPERMIA Management Made Simple : “Stepwise approach”
AZOOSPERMIAManagement  Made  Simple : “Stepwise approach” AZOOSPERMIAManagement  Made  Simple : “Stepwise approach”
AZOOSPERMIA Management Made Simple : “Stepwise approach”
 
Ivf lab microsized
Ivf lab microsizedIvf lab microsized
Ivf lab microsized
 
Sperm DNA fragmentation by Dr.Renukadevi
Sperm DNA fragmentation by Dr.RenukadeviSperm DNA fragmentation by Dr.Renukadevi
Sperm DNA fragmentation by Dr.Renukadevi
 
Oocyte pick up and Embryo transfer
Oocyte pick up and Embryo transferOocyte pick up and Embryo transfer
Oocyte pick up and Embryo transfer
 
Sperm DNA fragmentation
Sperm DNA fragmentationSperm DNA fragmentation
Sperm DNA fragmentation
 
Normal and abnormal oocyte morphology
Normal  and abnormal oocyte morphologyNormal  and abnormal oocyte morphology
Normal and abnormal oocyte morphology
 
Azoospermia
AzoospermiaAzoospermia
Azoospermia
 
Azoospermia
AzoospermiaAzoospermia
Azoospermia
 
OOCYTE RETRIEVAL Prof. Aboubakr Elnashar
OOCYTE RETRIEVAL Prof. Aboubakr ElnasharOOCYTE RETRIEVAL Prof. Aboubakr Elnashar
OOCYTE RETRIEVAL Prof. Aboubakr Elnashar
 
Recent Trends In Art (2)
Recent Trends In Art (2)Recent Trends In Art (2)
Recent Trends In Art (2)
 

Similar a HANDBOOK OF ANDROLOGY

Walter F. Boron, Emile L. Boulpaep - Medical Physiology (2017, Elsevier) - li...
Walter F. Boron, Emile L. Boulpaep - Medical Physiology (2017, Elsevier) - li...Walter F. Boron, Emile L. Boulpaep - Medical Physiology (2017, Elsevier) - li...
Walter F. Boron, Emile L. Boulpaep - Medical Physiology (2017, Elsevier) - li...
RicardoPessoa40
 
Connection Between Nursing Theory And Practice Presentation.docx
Connection Between Nursing Theory And Practice Presentation.docxConnection Between Nursing Theory And Practice Presentation.docx
Connection Between Nursing Theory And Practice Presentation.docx
studywriters
 
JHSH-V5n1-Spring-2015 - Tuskegee University
JHSH-V5n1-Spring-2015 - Tuskegee UniversityJHSH-V5n1-Spring-2015 - Tuskegee University
JHSH-V5n1-Spring-2015 - Tuskegee University
Dr. H. L. Aubrey
 
What makes research news?
What makes research news?What makes research news?
What makes research news?
Ivan Oransky
 
[Virginia berridge] marketing_health_smoking_and_(book_fi.org)
[Virginia berridge] marketing_health_smoking_and_(book_fi.org)[Virginia berridge] marketing_health_smoking_and_(book_fi.org)
[Virginia berridge] marketing_health_smoking_and_(book_fi.org)
Bagus Dwi Cahyono
 
CV Dr. John Catanzaro 02.11.16
CV Dr. John Catanzaro 02.11.16CV Dr. John Catanzaro 02.11.16
CV Dr. John Catanzaro 02.11.16
Dr. John Catanzaro
 
IDIS460 Bowie State University Nursing Transcultural Nursing Theory Discussio...
IDIS460 Bowie State University Nursing Transcultural Nursing Theory Discussio...IDIS460 Bowie State University Nursing Transcultural Nursing Theory Discussio...
IDIS460 Bowie State University Nursing Transcultural Nursing Theory Discussio...
4934bk
 

Similar a HANDBOOK OF ANDROLOGY (20)

Diagnostic hemoglobinopathies Second Edition
Diagnostic hemoglobinopathies Second EditionDiagnostic hemoglobinopathies Second Edition
Diagnostic hemoglobinopathies Second Edition
 
Nephrotoxicity mechanism
Nephrotoxicity mechanismNephrotoxicity mechanism
Nephrotoxicity mechanism
 
Walter F. Boron, Emile L. Boulpaep - Medical Physiology (2017, Elsevier) - li...
Walter F. Boron, Emile L. Boulpaep - Medical Physiology (2017, Elsevier) - li...Walter F. Boron, Emile L. Boulpaep - Medical Physiology (2017, Elsevier) - li...
Walter F. Boron, Emile L. Boulpaep - Medical Physiology (2017, Elsevier) - li...
 
Bệnh học cơ bản của Robbins - Robbins Basic Pathology (Vinay Kumar, Abul K. A...
Bệnh học cơ bản của Robbins - Robbins Basic Pathology (Vinay Kumar, Abul K. A...Bệnh học cơ bản của Robbins - Robbins Basic Pathology (Vinay Kumar, Abul K. A...
Bệnh học cơ bản của Robbins - Robbins Basic Pathology (Vinay Kumar, Abul K. A...
 
Connection Between Nursing Theory And Practice Presentation.docx
Connection Between Nursing Theory And Practice Presentation.docxConnection Between Nursing Theory And Practice Presentation.docx
Connection Between Nursing Theory And Practice Presentation.docx
 
Intensive Care Nephrology.pdf
Intensive Care Nephrology.pdfIntensive Care Nephrology.pdf
Intensive Care Nephrology.pdf
 
Baileys.Head.and.Neck.Surgery.Otolaryngology.Review.pdf
Baileys.Head.and.Neck.Surgery.Otolaryngology.Review.pdfBaileys.Head.and.Neck.Surgery.Otolaryngology.Review.pdf
Baileys.Head.and.Neck.Surgery.Otolaryngology.Review.pdf
 
Is access to healthcare a basic.pdf
Is access to healthcare a basic.pdfIs access to healthcare a basic.pdf
Is access to healthcare a basic.pdf
 
JHSH-V5n1-Spring-2015 - Tuskegee University
JHSH-V5n1-Spring-2015 - Tuskegee UniversityJHSH-V5n1-Spring-2015 - Tuskegee University
JHSH-V5n1-Spring-2015 - Tuskegee University
 
ANATOMY AND PHYSIOLOGY ROSS AND WILSON PDF
ANATOMY AND PHYSIOLOGY ROSS AND WILSON PDF ANATOMY AND PHYSIOLOGY ROSS AND WILSON PDF
ANATOMY AND PHYSIOLOGY ROSS AND WILSON PDF
 
Resume For
Resume ForResume For
Resume For
 
What makes research news?
What makes research news?What makes research news?
What makes research news?
 
[Virginia berridge] marketing_health_smoking_and_(book_fi.org)
[Virginia berridge] marketing_health_smoking_and_(book_fi.org)[Virginia berridge] marketing_health_smoking_and_(book_fi.org)
[Virginia berridge] marketing_health_smoking_and_(book_fi.org)
 
Atlas of gastrointestinal endoscopy and related pathology (blackwell, 2001)
Atlas of gastrointestinal endoscopy and related pathology (blackwell, 2001)Atlas of gastrointestinal endoscopy and related pathology (blackwell, 2001)
Atlas of gastrointestinal endoscopy and related pathology (blackwell, 2001)
 
Sepsis Guidelines 2016-2017
Sepsis Guidelines 2016-2017Sepsis Guidelines 2016-2017
Sepsis Guidelines 2016-2017
 
Textbook of Medical Physiology by Guyton and Hall.pdf
Textbook of Medical Physiology by Guyton and Hall.pdfTextbook of Medical Physiology by Guyton and Hall.pdf
Textbook of Medical Physiology by Guyton and Hall.pdf
 
Resume
ResumeResume
Resume
 
The Health Effects of Cannabis and Cannabinoids_ The Current State of Evidenc...
The Health Effects of Cannabis and Cannabinoids_ The Current State of Evidenc...The Health Effects of Cannabis and Cannabinoids_ The Current State of Evidenc...
The Health Effects of Cannabis and Cannabinoids_ The Current State of Evidenc...
 
CV Dr. John Catanzaro 02.11.16
CV Dr. John Catanzaro 02.11.16CV Dr. John Catanzaro 02.11.16
CV Dr. John Catanzaro 02.11.16
 
IDIS460 Bowie State University Nursing Transcultural Nursing Theory Discussio...
IDIS460 Bowie State University Nursing Transcultural Nursing Theory Discussio...IDIS460 Bowie State University Nursing Transcultural Nursing Theory Discussio...
IDIS460 Bowie State University Nursing Transcultural Nursing Theory Discussio...
 

Más de Farhad Safi (9)

Cytology
CytologyCytology
Cytology
 
omomi kemeya
omomi kemeyaomomi kemeya
omomi kemeya
 
احصائیه او احتمالات
احصائیه او احتمالاتاحصائیه او احتمالات
احصائیه او احتمالات
 
All page (book of biology hojra)
All page (book of biology hojra)All page (book of biology hojra)
All page (book of biology hojra)
 
All page (book of saqafat)
All page (book of saqafat)All page (book of saqafat)
All page (book of saqafat)
 
All page pdf files (anatomy physiology book)
All page pdf files (anatomy physiology book)All page pdf files (anatomy physiology book)
All page pdf files (anatomy physiology book)
 
Sreenivasa s. jonnalagadda (eds.) gastrointestinal endoscopy new technologie...
Sreenivasa s. jonnalagadda (eds.) gastrointestinal endoscopy  new technologie...Sreenivasa s. jonnalagadda (eds.) gastrointestinal endoscopy  new technologie...
Sreenivasa s. jonnalagadda (eds.) gastrointestinal endoscopy new technologie...
 
CHRONIC HEPATITIS B
CHRONIC HEPATITIS BCHRONIC HEPATITIS B
CHRONIC HEPATITIS B
 
Gastrointestinal endoscopy training manual
Gastrointestinal endoscopy training manualGastrointestinal endoscopy training manual
Gastrointestinal endoscopy training manual
 

Último

Dehradun Call Girl Service ❤️🍑 8854095900 👄🫦Independent Escort Service Dehradun
Dehradun Call Girl Service ❤️🍑 8854095900 👄🫦Independent Escort Service DehradunDehradun Call Girl Service ❤️🍑 8854095900 👄🫦Independent Escort Service Dehradun
Dehradun Call Girl Service ❤️🍑 8854095900 👄🫦Independent Escort Service Dehradun
Sheetaleventcompany
 
Gorgeous Call Girls Dehradun {8854095900} ❤️VVIP ROCKY Call Girls in Dehradun...
Gorgeous Call Girls Dehradun {8854095900} ❤️VVIP ROCKY Call Girls in Dehradun...Gorgeous Call Girls Dehradun {8854095900} ❤️VVIP ROCKY Call Girls in Dehradun...
Gorgeous Call Girls Dehradun {8854095900} ❤️VVIP ROCKY Call Girls in Dehradun...
Sheetaleventcompany
 
Dehradun Call Girls Service {8854095900} ❤️VVIP ROCKY Call Girl in Dehradun U...
Dehradun Call Girls Service {8854095900} ❤️VVIP ROCKY Call Girl in Dehradun U...Dehradun Call Girls Service {8854095900} ❤️VVIP ROCKY Call Girl in Dehradun U...
Dehradun Call Girls Service {8854095900} ❤️VVIP ROCKY Call Girl in Dehradun U...
Sheetaleventcompany
 
Jaipur Call Girl Service 📞9xx000xx09📞Just Call Divya📲 Call Girl In Jaipur No💰...
Jaipur Call Girl Service 📞9xx000xx09📞Just Call Divya📲 Call Girl In Jaipur No💰...Jaipur Call Girl Service 📞9xx000xx09📞Just Call Divya📲 Call Girl In Jaipur No💰...
Jaipur Call Girl Service 📞9xx000xx09📞Just Call Divya📲 Call Girl In Jaipur No💰...
Sheetaleventcompany
 
Electrocardiogram (ECG) physiological basis .pdf
Electrocardiogram (ECG) physiological basis .pdfElectrocardiogram (ECG) physiological basis .pdf
Electrocardiogram (ECG) physiological basis .pdf
MedicoseAcademics
 
Cara Menggugurkan Kandungan Dengan Cepat Selesai Dalam 24 Jam Secara Alami Bu...
Cara Menggugurkan Kandungan Dengan Cepat Selesai Dalam 24 Jam Secara Alami Bu...Cara Menggugurkan Kandungan Dengan Cepat Selesai Dalam 24 Jam Secara Alami Bu...
Cara Menggugurkan Kandungan Dengan Cepat Selesai Dalam 24 Jam Secara Alami Bu...
Cara Menggugurkan Kandungan 087776558899
 
Jual Obat Aborsi Di Dubai UAE Wa 0838-4800-7379 Obat Penggugur Kandungan Cytotec
Jual Obat Aborsi Di Dubai UAE Wa 0838-4800-7379 Obat Penggugur Kandungan CytotecJual Obat Aborsi Di Dubai UAE Wa 0838-4800-7379 Obat Penggugur Kandungan Cytotec
Jual Obat Aborsi Di Dubai UAE Wa 0838-4800-7379 Obat Penggugur Kandungan Cytotec
jualobat34
 
👉 Chennai Sexy Aunty’s WhatsApp Number 👉📞 7427069034 👉📞 Just📲 Call Ruhi Colle...
👉 Chennai Sexy Aunty’s WhatsApp Number 👉📞 7427069034 👉📞 Just📲 Call Ruhi Colle...👉 Chennai Sexy Aunty’s WhatsApp Number 👉📞 7427069034 👉📞 Just📲 Call Ruhi Colle...
👉 Chennai Sexy Aunty’s WhatsApp Number 👉📞 7427069034 👉📞 Just📲 Call Ruhi Colle...
rajnisinghkjn
 

Último (20)

❤️Call Girl Service In Chandigarh☎️9814379184☎️ Call Girl in Chandigarh☎️ Cha...
❤️Call Girl Service In Chandigarh☎️9814379184☎️ Call Girl in Chandigarh☎️ Cha...❤️Call Girl Service In Chandigarh☎️9814379184☎️ Call Girl in Chandigarh☎️ Cha...
❤️Call Girl Service In Chandigarh☎️9814379184☎️ Call Girl in Chandigarh☎️ Cha...
 
Call Girls Mussoorie Just Call 8854095900 Top Class Call Girl Service Available
Call Girls Mussoorie Just Call 8854095900 Top Class Call Girl Service AvailableCall Girls Mussoorie Just Call 8854095900 Top Class Call Girl Service Available
Call Girls Mussoorie Just Call 8854095900 Top Class Call Girl Service Available
 
Dehradun Call Girl Service ❤️🍑 8854095900 👄🫦Independent Escort Service Dehradun
Dehradun Call Girl Service ❤️🍑 8854095900 👄🫦Independent Escort Service DehradunDehradun Call Girl Service ❤️🍑 8854095900 👄🫦Independent Escort Service Dehradun
Dehradun Call Girl Service ❤️🍑 8854095900 👄🫦Independent Escort Service Dehradun
 
Chandigarh Call Girls Service ❤️🍑 9809698092 👄🫦Independent Escort Service Cha...
Chandigarh Call Girls Service ❤️🍑 9809698092 👄🫦Independent Escort Service Cha...Chandigarh Call Girls Service ❤️🍑 9809698092 👄🫦Independent Escort Service Cha...
Chandigarh Call Girls Service ❤️🍑 9809698092 👄🫦Independent Escort Service Cha...
 
Circulatory Shock, types and stages, compensatory mechanisms
Circulatory Shock, types and stages, compensatory mechanismsCirculatory Shock, types and stages, compensatory mechanisms
Circulatory Shock, types and stages, compensatory mechanisms
 
💰Call Girl In Bangalore☎️63788-78445💰 Call Girl service in Bangalore☎️Bangalo...
💰Call Girl In Bangalore☎️63788-78445💰 Call Girl service in Bangalore☎️Bangalo...💰Call Girl In Bangalore☎️63788-78445💰 Call Girl service in Bangalore☎️Bangalo...
💰Call Girl In Bangalore☎️63788-78445💰 Call Girl service in Bangalore☎️Bangalo...
 
Bandra East [ best call girls in Mumbai Get 50% Off On VIP Escorts Service 90...
Bandra East [ best call girls in Mumbai Get 50% Off On VIP Escorts Service 90...Bandra East [ best call girls in Mumbai Get 50% Off On VIP Escorts Service 90...
Bandra East [ best call girls in Mumbai Get 50% Off On VIP Escorts Service 90...
 
Gorgeous Call Girls Dehradun {8854095900} ❤️VVIP ROCKY Call Girls in Dehradun...
Gorgeous Call Girls Dehradun {8854095900} ❤️VVIP ROCKY Call Girls in Dehradun...Gorgeous Call Girls Dehradun {8854095900} ❤️VVIP ROCKY Call Girls in Dehradun...
Gorgeous Call Girls Dehradun {8854095900} ❤️VVIP ROCKY Call Girls in Dehradun...
 
Race Course Road } Book Call Girls in Bangalore | Whatsapp No 6378878445 VIP ...
Race Course Road } Book Call Girls in Bangalore | Whatsapp No 6378878445 VIP ...Race Course Road } Book Call Girls in Bangalore | Whatsapp No 6378878445 VIP ...
Race Course Road } Book Call Girls in Bangalore | Whatsapp No 6378878445 VIP ...
 
Call Girls Bangalore - 450+ Call Girl Cash Payment 💯Call Us 🔝 6378878445 🔝 💃 ...
Call Girls Bangalore - 450+ Call Girl Cash Payment 💯Call Us 🔝 6378878445 🔝 💃 ...Call Girls Bangalore - 450+ Call Girl Cash Payment 💯Call Us 🔝 6378878445 🔝 💃 ...
Call Girls Bangalore - 450+ Call Girl Cash Payment 💯Call Us 🔝 6378878445 🔝 💃 ...
 
ANATOMY AND PHYSIOLOGY OF RESPIRATORY SYSTEM.pptx
ANATOMY AND PHYSIOLOGY OF RESPIRATORY SYSTEM.pptxANATOMY AND PHYSIOLOGY OF RESPIRATORY SYSTEM.pptx
ANATOMY AND PHYSIOLOGY OF RESPIRATORY SYSTEM.pptx
 
Dehradun Call Girls Service {8854095900} ❤️VVIP ROCKY Call Girl in Dehradun U...
Dehradun Call Girls Service {8854095900} ❤️VVIP ROCKY Call Girl in Dehradun U...Dehradun Call Girls Service {8854095900} ❤️VVIP ROCKY Call Girl in Dehradun U...
Dehradun Call Girls Service {8854095900} ❤️VVIP ROCKY Call Girl in Dehradun U...
 
Jaipur Call Girl Service 📞9xx000xx09📞Just Call Divya📲 Call Girl In Jaipur No💰...
Jaipur Call Girl Service 📞9xx000xx09📞Just Call Divya📲 Call Girl In Jaipur No💰...Jaipur Call Girl Service 📞9xx000xx09📞Just Call Divya📲 Call Girl In Jaipur No💰...
Jaipur Call Girl Service 📞9xx000xx09📞Just Call Divya📲 Call Girl In Jaipur No💰...
 
Electrocardiogram (ECG) physiological basis .pdf
Electrocardiogram (ECG) physiological basis .pdfElectrocardiogram (ECG) physiological basis .pdf
Electrocardiogram (ECG) physiological basis .pdf
 
7 steps How to prevent Thalassemia : Dr Sharda Jain & Vandana Gupta
7 steps How to prevent Thalassemia : Dr Sharda Jain & Vandana Gupta7 steps How to prevent Thalassemia : Dr Sharda Jain & Vandana Gupta
7 steps How to prevent Thalassemia : Dr Sharda Jain & Vandana Gupta
 
❤️Chandigarh Escorts Service☎️9814379184☎️ Call Girl service in Chandigarh☎️ ...
❤️Chandigarh Escorts Service☎️9814379184☎️ Call Girl service in Chandigarh☎️ ...❤️Chandigarh Escorts Service☎️9814379184☎️ Call Girl service in Chandigarh☎️ ...
❤️Chandigarh Escorts Service☎️9814379184☎️ Call Girl service in Chandigarh☎️ ...
 
Kolkata Call Girls Naktala 💯Call Us 🔝 8005736733 🔝 💃 Top Class Call Girl Se...
Kolkata Call Girls Naktala  💯Call Us 🔝 8005736733 🔝 💃  Top Class Call Girl Se...Kolkata Call Girls Naktala  💯Call Us 🔝 8005736733 🔝 💃  Top Class Call Girl Se...
Kolkata Call Girls Naktala 💯Call Us 🔝 8005736733 🔝 💃 Top Class Call Girl Se...
 
Cara Menggugurkan Kandungan Dengan Cepat Selesai Dalam 24 Jam Secara Alami Bu...
Cara Menggugurkan Kandungan Dengan Cepat Selesai Dalam 24 Jam Secara Alami Bu...Cara Menggugurkan Kandungan Dengan Cepat Selesai Dalam 24 Jam Secara Alami Bu...
Cara Menggugurkan Kandungan Dengan Cepat Selesai Dalam 24 Jam Secara Alami Bu...
 
Jual Obat Aborsi Di Dubai UAE Wa 0838-4800-7379 Obat Penggugur Kandungan Cytotec
Jual Obat Aborsi Di Dubai UAE Wa 0838-4800-7379 Obat Penggugur Kandungan CytotecJual Obat Aborsi Di Dubai UAE Wa 0838-4800-7379 Obat Penggugur Kandungan Cytotec
Jual Obat Aborsi Di Dubai UAE Wa 0838-4800-7379 Obat Penggugur Kandungan Cytotec
 
👉 Chennai Sexy Aunty’s WhatsApp Number 👉📞 7427069034 👉📞 Just📲 Call Ruhi Colle...
👉 Chennai Sexy Aunty’s WhatsApp Number 👉📞 7427069034 👉📞 Just📲 Call Ruhi Colle...👉 Chennai Sexy Aunty’s WhatsApp Number 👉📞 7427069034 👉📞 Just📲 Call Ruhi Colle...
👉 Chennai Sexy Aunty’s WhatsApp Number 👉📞 7427069034 👉📞 Just📲 Call Ruhi Colle...
 

HANDBOOK OF ANDROLOGY

  • 1. HANDBOOK OF ANDROLOGY Second Edition The American Society of Andrology Copyright © Marc Printed by Allen Press, In
  • 2. F ogy Copyright © March 2010, by The American Society of Andrology Printed by Allen Press, Inc.; 1041 New Hampshire Street, Lawrence, KS 66044
  • 3. I Preface Since the first edition of the Handbook of Andrology, published by the American Society of Andrology 15 years ago, over 20,000 printed copies, as well as uncounted numbers of electronic copies, have been distributed to colleagues and trainees around the world. The first edition was translated into Spanish, Italian and Chinese. Most of the fundamental information provided in the first edition is still valid; however, the volume of scientific literature on the various facets of the subject of andrology has expanded tremendously. This has resulted in a constantly growing body of knowledge, not only in basic science but also in the clinical management of men’s health issues. In this edition, we have increased the number of chapters from 24 to 41, but have made every effort to retain a style that will allow trainees to be introduced to the field of Andrology and become as excited about working in this field as are the contributing authors. Our chapters encompass the wide range of topics that characterizes the field of Andrology, from molecular biology to veterinary and human medicine, from applied research to ethics. We once again have been extremely fortunate to have as authors world- renowned Andrologists who are experts in the various subjects included in the Handbook; we wish to thank each of them for their valuable contributions. With the advances in information technology, we feel that it is time to drop the traditional format of a paper bound book and move to an electronic only version for this edition of the Handbook. With the support of the American Society of Andrology, this edition of the Handbook will be freely available to all members of the Society. The electronic version is available as a single PDF or as PDFs of individual chapters. We believe that this approach will allow for a wider scope of circulation of the Handbook, permit more frequent updates of the content, and help save a forest of trees. It is our hope that this second edition of the Handbook of Andrology lays the foundation for basic scientists, clinician scientists, healthcare professionals, trainees, policy makers and anyone who has an interest in the discipline to acquire the relevant knowledge that they seek. Finally, we would like to acknowledge the dedicated secretarial support of Ms. Elise Boivin-Ford and to thank all the contributors and various members of the American Society of Andrology for their assistance and support in making this Handbook possible. Bernard Robaire and Peter Chan Co-Editors February 2010
  • 4. II List of Contributors Co-editors Bernard Robaire, Ph.D.* Department of Pharmacology and Therapeutics McGill University 3655 Promenade Sir-William-Osler Montreal, QC H3G 1Y6 Canada Peter Chan, M.D. McGill University Department of Surgery Royal Victoria Hospital 687 Pine Avenue West, S6.95 Montreal, QC H3A 1A1 Canada Authors Rupert P. Amann, Ph.D.* Animal Reproduction and Biotechnology Laboratory Colorado State University Fort Collins, CO 80523-1683 USA John K. Amory, M.D. Center for Research in Reproduction & Contraception Department of Medicine University of Washington Box 356429 Seattle, WA 98195-6429 USA Janice L. Bailey, Ph.D. Centre de recherche en biologie de la reproduction Faculté des sciences de l'agriculture et de l'alimentation Pavillon Paul-Comtois, local 4147 Université Laval Québec, QC G1K 7P4 Canada William J. Bremner M.D., Ph.D.* University of Washington School of Medicine 1959 NE Pacific Street UW Mailbox 356420 Seattle, WA 98195-6420 USA Terry R. Brown, Ph.D.* Division of Reproductive Biology Department of Biochemistry and Molecular Biology Bloomberg School of Public Health Johns Hopkins University Baltimore, MD 21205 USA Arthur L. Burnett, M.D., Ph.D. Brady Urological Institute Johns Hopkins Medical Institutions Baltimore, MA 21287 USA Mary S. Croughan, Ph.D Ob/Gyn Women’s Hlth C University of California at San Francisco Box 1793, 1635 Divisade San Francisco, CA 9414 USA Janice P. Evans, Ph.D. Division of Reproductive Department of Biochemis Molecular Biology Bloomberg School of Pub Johns Hopkins University Baltimore, MD 21205 USA Marc Goldstein, M.D. Cornell Institute for Repr Medicine Weill-Cornell Medical Co Box 580, 525 E 68th Stre New York, NY 10065 Mary Ann Handel, Ph.D. The Jackson Laboratory 600 Main Street Bar Harbor, Maine 0460 USA Barry T. Hinton, Ph.D.* Department of Cell Biolo University of Virginia Hea Sciences Center PO Box 800732 School Of Medicine #439 Charlottesville, VA 2290 USA
  • 5. III ery tal est, S6.95 1A1 in ontraception cine gton 6429 M.D., Ph.D.* gton School et 6420 D., Ph.D. itute cal Institutions 7 Mary S. Croughan, Ph.D. Ob/Gyn Women’s Hlth Clinical Res University of California at San Francisco Box 1793, 1635 Divisadero St. 601 San Francisco, CA 94143-1793 USA Géraldine Delbès, Ph.D. Department of Pharmacology and Therapeutics McGill University 3655 Prom. Sir-William-Osler Montreal, QC H3G 1Y6 Canada Janice P. Evans, Ph.D. Division of Reproductive Biology Department of Biochemistry and Molecular Biology Bloomberg School of Public Health Johns Hopkins University Baltimore, MD 21205 USA Duane L. Garner, Ph.D. Department of Animal Biotechnology University of Nevada, Reno Reno, NV 89557 USA Marc Goldstein, M.D. Cornell Institute for Reproductive Medicine Weill-Cornell Medical College Box 580, 525 E 68th Street New York, NY 10065 Barbara F. Hales, Ph.D. Department of Pharmacology and Therapeutics McGill University 3655 Promenade Sir-William-Osler Montreal, QC H3G 1Y6 Canada Mary Ann Handel, Ph.D. The Jackson Laboratory 600 Main Street Bar Harbor, Maine 04609 USA Wayne J.G. Hellstrom. M.D.* Tulane University School of Medicine Department of Urology New Orleans, LA 70112 USA Barry T. Hinton, Ph.D.* Department of Cell Biology University of Virginia Health Sciences Center PO Box 800732 School Of Medicine #439 Charlottesville, VA 22908 USA Ilpo Huhtaniemi, M.D., Ph.D. Department of Reproductive Biology Imperial College London London W120NN UK
  • 6. Handbook of Andrology – List of Contributors Handbook of Andrology – L !" Nigel Hunt, Ph.D. Institute of Work, Health and Organisations University of Nottingham Floor B, International House Jubilee Campus, Wollaton Road Nottingham NG8 1BB UK Dolores Lamb, Ph.D.* Scott Department of Urology Baylor College of Medicine Houston, Texas 77030 USA Sue McHale, Ph.D. Faculty of Development and Society Sheffield Hallam University Collegiate Crescent Campus Sheffield S10 2BP UK Robert I. McLachlan, Ph.D. Prince Henry’s Inst of Med Res Level 4, Block E Monash Medical Centre 24 Clayton Rd Clayton, Victoria 3168 Australia Kevin T. McVary, M.D. Department of Urology Feinberg School of Medicine Northwestern University School of Medicine Chicago, IL 60611 USA Marvin L. Meistrich, Ph.D. Department of Experimental Radiation Oncology University of Texas M. D. Anderson Cancer Center Unit 066, 1515 Holcombe Blvd. Houston, TX 77030-4009 USA Alvaro Morales, M.D. Department of Urology Centre for Applied Urological Res Queen's University Kingston, ON K7L 2V7 Canada Abraham Morgentaler, M.D. Men’s Health Boston Harvard Medical School One Brookline Place, Suite #624 Brookline, MA 02445-7224 USA Makoto Nagano, Ph.D. Department of Obstetrics and Gynecology The Research Institute of the McGill University Health Centre McGill University 687 Pine Avenue West Montreal QC H3A 1A1 Canada Falk Ochsendorf, M.D., Ph.D. Zentrum Dermatologie und Venerologie Klinikum der J.W.Goethe- Universität Frankfurt Theodor-Stern-Kai 7 60590 Frankfurt Germany Vassilios Papadopoulos, Departments of Medicine Pharmacology and The The Research Institute of McGill University Healt McGill University 1650 Cedar Avenue Montreal, QC H3G 1A4 Canada Sally D. Perreault, Ph.D.* US Environmental Protec Agency Mail Drop E205-09 Research Triangle Park N USA Tony M. Plant, Ph.D. University of Pittsburgh S of Medicine Dept. of Cell Biology and Magee-Womens Researc 204 Craft Avenue, Room Pittsburgh, PA 15213 USA Mathew C. Raynor, M.D. Department of Urology Tulane Health Sciences C 1430 Tulane Avenue New Orleans, LA 70112 USA Susan A. Rothmann, Ph. Fertility Solutions Inc. 11811 Shaker Blvd., Suit Cleveland, OH 44120 USA
  • 7. Handbook of Andrology – List of Contributors " D.* f Urology edicine 030 n, Ph.D. of Med Res ntre 168 Ph.D. erimental gy M. D. Center ombe Blvd. 0-4009 er, M.D. n hool e, Suite #624 45-7224 .D., Ph.D. gie und oethe- t 7 Vassilios Papadopoulos, Ph.D. Departments of Medicine and of Pharmacology and Therapeutics The Research Institute of the McGill University Health Centre McGill University 1650 Cedar Avenue Montreal, QC H3G 1A4 Canada D.J. Parekh, M.D. Department of Urology The University of Texas Health Science Center at San Antonio San Antonio TX 78229 USA Sally D. Perreault, Ph.D.* US Environmental Protection Agency Mail Drop E205-09 Research Triangle Park NC 27711 USA Phillip M. Pierorazio, M.D. James Buchanan Brady Urological Institute Johns Hopkins Medical Inst. Baltimore, MD 21287 USA Tony M. Plant, Ph.D. University of Pittsburgh School of Medicine Dept. of Cell Biology and Physiology Magee-Womens Research Institute 204 Craft Avenue, Room B311 Pittsburgh, PA 15213 USA Gail S. Prins, Ph.D.* Department of Urology, MC 955 University of Illinois at Chicago 820 South Wood Street Chicago, IL 60612 USA Mathew C. Raynor, M.D. Department of Urology Tulane Health Sciences Center 1430 Tulane Avenue New Orleans, LA 70112 USA Kenneth Roberts, Ph.D. University of Washington School of Medicine 320N Health Sciences Building PO Box 1495 Spokane, WA 9 9210 USA Susan A. Rothmann, Ph.D. Fertility Solutions Inc. 11811 Shaker Blvd., Suite 330 Cleveland, OH 44120 USA Peter N. Schlegel, M.D. Department of Urology New York Presbyterian Hospital/ Weill Cornell Medical Center 525 East 68th Street New York, NY 10021 USA
  • 8. Handbook of Andrology – List of Contributors Handbook of Andrology – Li VI Richard J. Sherins, M.D.* Columbia Fertility Associates 2440 M Street North West, # 401 Washington, DC 20037 USA David W. Silversides, Ph.D. Department of Veterinary Biomedicine University of Montreal St-Hyacinthe, QC J2S 7C6 Canada Niels E. Skakkebæk, M.D. Rigshospitalet, Department of Growth & Reproduction GR 5064, Blegdamsvej 9 DK-2100 Copenhagen Denmark Ronald S. Swerdloff, M.D.* Division of Endocrinology Department of Medicine Harbor-UCLA Medical Center and Los Angeles Biomedical Research Center 1000 W. Carson Street Torrance, CA 90509 USA J. Lisa Tenover, M.D., Ph.D.* Division of Geriatric Medicine Wesley Woods Health Center 1841 Clifton Road NE Atlanta, GA 30329-5102 USA I.M. Thompson, M.D. Department of Urology The University of Texas Health Science Ctr at San Antonio 7703 Floyd Curl Drive San Antonio, TX 78229 USA Jacquetta M. Trasler, M.D., Ph.D. Department of Pediatrics McGill University, MCH MUHC-RI 2300 rue Tupper Montréal, QC H3H 1P3 Canada Robert S. Viger, Ph.D. Laval University Dept. of Ob/Gyn 2705 Laurier boulevard, T1-49 Centre de recherche CHUQ-CHUL Quebec, QC G1V 4G2 Canada Thomas J. Walsh, M.D. Department of Urology University of Washington School of Medicine 1959 NE Pacific Street, # Bb667 Seattle, WA 98195-0001 USA Christina Wang, M.D.* Division of Endocrinology Department of Medicine Harbor-UCLA Medical Center and Los Angeles Biomedical Research Center 1000 W. Carson Street Torrance, CA 90509 USA Selma F. Witchel, M.D. Children’s Hospital of Pitt Division of Endocrinology Pittsburgh, PA 15213 USA Barry R. Zirkin, Ph.D.* Division of Reproductive Department of Biochemis Molecular Biology Bloomberg School of Pub Johns Hopkins University Baltimore, MD 21205 USA *Past President, America
  • 9. Handbook of Andrology – List of Contributors VII des, Ph.D. terinary treal J2S 7C6 off, M.D.* rinology edicine dical Center es Biomedical er Street 509 M.D. ology Texas Health San Antonio Drive 78229 Ph.D. evard, T1-49 che CHUQ-CHUL V 4G2 M.D.* rinology edicine dical Center and omedical er Street 509 Selma F. Witchel, M.D. Children’s Hospital of Pittsburgh Division of Endocrinology Pittsburgh, PA 15213 USA William W. Wright, Ph.D. Division of Reproductive Biology Department of Biochemistry and Molecular Biology Bloomberg School of Public Health Johns Hopkins University Baltimore, MD 21205 USA Barry R. Zirkin, Ph.D.* Division of Reproductive Biology Department of Biochemistry and Molecular Biology Bloomberg School of Public Health Johns Hopkins University Baltimore, MD 21205 USA *Past President, American Society of Andrology
  • 10. VIII Forward by Philip Troen Reprinted from the first edition of the Handbook of Andrology “What a piece of work is a man” Shakespeare, Hamlet, Act ii, scene 2, line 316 Why a handbook of andrology? Some handbooks are published to bring together multiple aspects of a diversified subject. Some handbooks are designed to present an overview of a rapidly expanding subject for those working in the field while other handbooks are intended to codify the progress already made. Although there are elements of each of these approaches in this handbook of andrology, our main purpose is to present to scientists/clinicians early in their careers the scope, importance, and excitement of our discipline. What is andrology? Simplistically, one might say that andrology is to the male what gynecology is to the female. That is, andrology deals with matters affecting the male reproductive system. The earliest use of the term andrology, as reported by Mikko Niemi, appears to have been in 1891 in the Journal of the American Medical Association, reporting on the formation of the American Andrological Association. Little more was heard from that association and it was not until the latter half of this century that there emerged an andrology journal in 1969 and an active andrology organization, Comite Internacional de Andrologia, in 1970. In the quarter century since, there has been a veritable explosion of journals and publications, of societies and congresses, and of workshops and symposia devoted to andrology. Thus, we appear to be on a rapidly rising growth curve of knowledge and application in andrology. The scope of modern day andrology is strikingly indicated by the range of topics discussed in this handbook. Written by distinguished leaders in their fields, these topics were chosen to indicate the exciting breadth of andrology and the opportunity it holds for graduate students in the biological sciences, veterinary students, and medical students. Why become an andrologist? In choosing a career one, first of all, tries to identify an area of interest. Then one looks at the opportunity to succeed and the likelihood of making a contribution. As an andrologist for 40 years, I can testify to the continued excitement and interest the discipline has held for me. As noted above, there has been a rapid escalation of growth so that our discipline now ranges from genetic studies to pubertal changes in the male and from infertility and assisted reproduction techniques to disorders of the prostate, sexual function areas have been made and scientific discoverie biochemistry, neuroscien each new stage of under the stimulus that I and my of the multidisciplinary themselves and the oppo expand. As Alexander A with the reproductive s opportunity. Andrology c aging. As you peruse this of the field and share our
  • 11. IX ndrology 316 ublished to bring handbooks are subject for those d to codify the each of these e is to present to mportance, and drology is to the eals with matters se of the term en in 1891 in the the formation of heard from that ntury that there ogy organization, er century since, ions, of societies ed to andrology. knowledge and logy is strikingly book. Written by en to indicate the ds for graduate s, and medical irst of all, tries to y to succeed and r 40 years, I can has held for me. owth so that our nges in the male disorders of the prostate, sexual function and contraception. Advances in these and other areas have been made possible by a remarkable series of clinical studies and scientific discoveries using the classical disciplines of physiology, biochemistry, neuroscience, and molecular biology. As we have entered each new stage of understanding and science, there has been no waning of the stimulus that I and my colleagues experience. At the same time, because of the multidisciplinary nature of andrology, unsolved problems present themselves and the opportunities for advancement and success continue to expand. As Alexander Albert has noted, "Nature has experimented lavishly with the reproductive system." This fact provides both challenge and opportunity. Andrology covers a wide spectrum from before conception to aging. As you peruse this handbook, we hope you will appreciate the scope of the field and share our excitement in the study of andrology.
  • 12. X Handbook of Andrology Contents PREFACE B. Robaire and P. Chan LIST OF CONTRIBUTORS FOREWORD P. Troen 1. What are the components of the male reproductive system? CNS, pituitary, testis, epididymis, prostate, seminal vesicles, scrotum, penis K.P. Roberts 2. What is the relationship among the various endocrine components of the male reproductive system? Hypothalamic-Pituitary-Testicular Axis, feedback loops R. Swerdloff 3. How are communication signals read in the male reproductive system? Receptors for gonadotropins and androgens I. Huhtaniemi 4. What compounds mediate communication within the testis? Where and how are male-associated hormones produced? Integration of the hypothalamus, pituitary and testis B.R. Zirkin 5. How is the synthesis of testosterone regulated? V. Papadopoulos 6. How are germ cells produced and what factors control their production? M. Nagano 7. What unique chromosomal events lead to the formation of a haploid male germ cell? M.A. Handel 8. How is the product Hormonal regulati and FSH R.I. McLachlan 9. Are there epigeneti formation? What is cells? Imprinting, DNA m J.M. Trasler 10. What does the epid B.T. Hinton 11. What is the prostat G.S. Prins 12. How does semen a status of the male? C. Wang 13. How is sperm chro doing such assess Range of methods B. Robaire 14. What is sperm ban in humans? Anima Sperm banking, c practice S.A. Rothmann 15. How does the sper fertilization take pl Capacitation, acro egg activation J.P. Evans and J. 16. What determines m Sex determination phenotype D.W. Silversides a
  • 13. XI system? esicles, scrotum, ne components ps productive e testis? Where trol their ation of a 8. How is the production of spermatozoa regulated? Hormonal regulation of spermatogenesis: role of androgens and FSH R.I. McLachlan 9. Are there epigenetic events associated with male germ cell formation? What is the role of genomic imprinting in male germ cells? Imprinting, DNA methylation J.M. Trasler 10. What does the epididymis do and how does it do it? B.T. Hinton 11. What is the prostate and what are its functions? G.S. Prins 12. How does semen analysis assist in understanding the reproductive status of the male? C. Wang 13. How is sperm chromatin structure assessed? What is the value of doing such assessments? Range of methods that assess sperm chromatin quality B. Robaire 14. What is sperm banking? When and how is it (or should it be) used in humans? Animals? Sperm banking, consequences of its use in animal and clinical practice S.A. Rothmann 15. How does the sperm make its way to the egg and how does fertilization take place? Capacitation, acrosome exocytosis, steps of sperm-egg interaction, egg activation J.P. Evans and J.L. Bailey 16. What determines maleness? Sex determination, testis formation and the development of the male phenotype D.W. Silversides and R.S. Viger
  • 14. Handbook of Andrology – Contents Handbook of Andrology – Co XII 17. Are there specific genetic defects affecting the male reproductive tract? What are the underlying molecular mechanisms? Turner’s and Klinefelter’s syndromes, genetic loci, GnRH/LH/FSH, steroid biosynthesis and androgen insensitivity T.R. Brown 18. Is there a trigger for puberty in the male? Should early or delayed puberty be treated? If so, how? T.M. Plant and S.F. Witchel 19. Clinical male infertility: Epidemiology and basic evaluation P. Chan 20. Why evaluate the infertile male in the era of ART? Medical and surgical therapies for male infertility M. Goldstein 21. What are the assisted reproductive technologies for male infertility? Indications for IVF/ICSI/IUI, Surgical sperm retrieval techniques P.N. Schlegel 22. Are there genetic factors associated with male infertility? D. Lamb 23. How can we assess the health outcomes in ART-conceived children? Ethical issues in andrology T.J. Walsh and M.S. Croughan 24. How is male-factor subfertility minimized in companion and food- producing animals? R.P. Amann 25. What should I know about artificial insemination (AI) of animals? R.P. Amann and D.L. Garner 26. Is there a decline in sperm counts in men? R.J. Sherins and G. Delbès 27. How do environmental cues affect male reproductive? W.W. Wright 28. What are the effects disruptors on sperm Chemical exposur spermatozoa S.D. Perreault 29. Can spermatozoa b consequences of s conception counse Drugs that affect s developmental tox spermatozoa B.F. Hales and B. 30. Can we protect spe Male reproductive M.L. Meistrich 31. What male contrace for new male contra J.K. Amory and W 32. What are the conse male reproduction? F. Ochsendorf 33. What types of testic prognosis? How ef N.E. Skakkebaek 34. How do erections o what is its etiology, problem? P.M. Pierorazio an 35. How to treat erectil M.C. Raynor and W 36. Is there an andropa Syndrome, and if so Fertility, androgen function in aging m A. Morales
  • 15. Handbook of Andrology – Contents XIII reproductive ms? RH/LH/FSH, ly or delayed uation male hniques ility? ceived on and food- of animals? e? 28. What are the effects of environmental toxicants and/or endocrine disruptors on sperm function? Chemical exposure effects on the male, reactive oxygen species and spermatozoa S.D. Perreault 29. Can spermatozoa be targets for drugs? If so, what are the consequences of such drug exposures? Is there a need for pre- conception counselling for men? Drugs that affect sperm structure or function, male-mediated developmental toxicity, prevention, tests to detect damage to spermatozoa B.F. Hales and B. Robaire 30. Can we protect spermatogenesis against testicular insults? Male reproductive toxicology M.L. Meistrich 31. What male contraceptives currently exist and what is the outlook for new male contraceptives? J.K. Amory and W.J. Bremner 32. What are the consequences of sexually transmitted infections on male reproduction? F. Ochsendorf 33. What types of testicular cancers occur in men? What is their prognosis? How effective are existing therapeutic approaches? N.E. Skakkebaek 34. How do erections occur? How common is erectile dysfunction, what is its etiology, and how do you evaluate men with this problem? P.M. Pierorazio and A.L. Burnett 35. How to treat erectile dysfunction? M.C. Raynor and W.J.G. Hellstrom 36. Is there an andropause, better known as Testosterone Deficiency Syndrome, and if so, what tissues are affected and how? Fertility, androgen production and sensitivity, osteoporosis and sexual function in aging men A. Morales
  • 16. Handbook of Andrology – Contents !"# 37. Should there be hormone replacement therapy for aging men? J.L. Tenover 38. What is the importance of psychosocial issues, counseling and psychotherapy in andrology? N. Hunt and S. McHale 39. What is BPH? K.T. McVary 40. Are some men more susceptible to prostate cancer than others and why? What are the treatments and their effectiveness? What are the possibilities for improvements in therapy? D.J. Parekh and I.M. Thompson 41. What is the risk of testosterone therapy after prostate cancer? A. Morgentaler
  •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
  •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
  •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
  •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
  •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
  •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
  •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
  •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`26! +]E! F7332576!DKE!`7W.:06=!U`E!L.=@.3!FN)!I-.!37:.!78!0,12W26E!87::2510126! 06=! 26-2>26! 26! 1.512,;:03! 4-9527:7@9)! F7:! A.::! X6=7,3267:)! "YY%R! ""QS! QT#Z%)! F015;/717!_FE!V3./6.3!CD)!F7=;:01276!78!4;:5012:.!@760=7137426!5.,3.1276! >9!1.51751.376.!26!/.6)!D!A:26!X6=7,3267:!F.10>)!*OP%R!QPS!ZYOa*%)! K70! DE! A051.::067! DFE! H0W0337! bFE! L06=.:5/06! GDE! N262::0! `E! I.60# +./4.3.!F)!U2554.41265!06=!1-.!,76137:!78!@760=7137426!5.,3.1276!26! /0:.!06=!8./0:.!37=.615)!N.412=.5)!"YYOR!$YS!QT#ZZ)! +061.6!KD)!_37/012[01276!78!1.51751.376.!17!.5130=27:!3.c;23.=!873!26-2>21276!78! `L!5.,3.1276!26!/.6d!D!A:26!'6W.51)!*OTQR!QZS!*QQQaZ$)! +B.3=:788!K+E!C06@!AE!+26-0!L2?2/!_N)!L9471-0:0/2,#421;21039#@760=0:!0<25! 26!/.6)!'6S!N8088!GCE!_367:=!_NE!X1@.6!_FE!&0-3>0,-!+XE!K;>26!KIE! .=5)! L73/76.5E! V3026! 06=! V.-0W273)! _,0=./2,! N3.55E! H.B! ]73?E! "YYYR!*#$Z)!! I.60#+./4.3.! F)! (NK e4=01.)!"YYZR!*"S! b.:=-;25! DGE! e3>06! K 8..=>0,?! 3.@;:01. 2/4;:5.! 513.6@1-! :;1.262[26@!-73/76 $Q)! C261.35! +DE! F773.! DN)! F.=)!"YYTR!"QS!$TO
  • 25. :+3#5(:&76&#5#24(&)( !"#$%&&'(&)(*#$+&,&-.(;(01"2(34(215(+5,"23&#4136("7&#-(215(8"+3&94(5#$&:+3#5(:&76&#5#24(&)( ( 215(7",5(+56+&$9:2385(4.4257<( "#%! -0:0/2,#421;21039# -.! 4-9527:7@9! 78! 76! 26! /.6! 06=! 6.! 4-9527:7@9! 78! YYTR!PS!%*#%Z)! 0905-2! IE! `26! +]E! !0,12W26E!87::2510126! ,3267:)! "YY%R! ""QS! =7137426!5.,3.1276! %R!QPS!ZYOa*%)! N262::0! `E! I.60# 37426!5.,3.1276!26! .=!873!26-2>21276!78! $)! 21039#@760=0:!0<25! ,-!+XE!K;>26!KIE! 3.55E! H.B! ]73?E! I.60#+./4.3.! F)! (NKQ%! 06=! ?2554.4126! 26! 3.437=;,1276)! L;/! K.437=! e4=01.)!"YYZR!*"S!Z$*#$O)! b.:=-;25! DGE! e3>06! KDE! G;80;! F`)! XW2=.6,.! 1-01! 06=37@.6! 6.@012W.! 8..=>0,?! 3.@;:01.=! -9471-0:0/2,! @760=7137426#3.:.0526@! -73/76.! 2/4;:5.! 513.6@1-! 06=! 1-.! >;351#:2?.! 5.,3.1276! 78! >27:7@2,0::9! 0,12W.! :;1.262[26@!-73/76.!26!/.6)!D!A:26!X6=7,3267:!F.10>)!*OO"R!T%S!*""T# $Q)! C261.35! +DE! F773.! DN)! N030,326.! ,76137:! 78! @760=71374-5)! +./26! K.437=! F.=)!"YYTR!"QS!$TO#PT)!
  •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
  •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
  •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
  •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
  •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
  • 31. 60147""8*"3*,14%"5"'$*9*:(0)*/"-#";14<*-.4&0).*/"--;1&/0)&"1*=&)(&1*)(.*).<)&<>* "#%! 0/$"/+%$".% "'2('+.-% 4*).<)&<* !37!;54010:!5-<! ! /3+43-0! @>ABC! 31+3E*-#+0D05:*-;! E+310*-#938ED0<! -! 1/0! *-10+:1*1*5D! 90DD:! 13! 93-H0+1! 51!10:13:10+3-0!*:! ! 37! J85-1*151*H0! -5D! 90DD:! <3! -31! !73+!10:13:10+3-0! -;! L0+13D*! 90DD:'! 5-10+*3+! E*18*15+=C! -0:*:'! ./8:C! 73+! 0! /=E31/5D548:C! :E0+4513;0-0:*:! 5-<+3;0-:! 5+0! H0+C! 489/! 43+0! :E0+4513;0-0:*:! 32! 10:13:10+3-0! ::C! E0+/5E:C! 1/0! 5GD=!7+34!*1:!1315D! +310*-C!E+3<890<! '!I/01/0+!3+!-31! =! 13! 0NED5*-! 1/0! :! +0J8*+0<! 73+! 0:13:10+3-0! /5:! DD:C!*-9D8<*-;!1/0! 0!13!MLAC!L0+13D*! 90DD:! 5D:3! E+3<890! *-/*G*-! 2/*9/C! 5D3-;! 2*1/! 10:13:10+3-0C! *:! *-H3DH0<! *-! 700<G59,!+0;8D51*3-!37!E*18*15+=!78-91*3-'!MLA!ED5=:!5!:*;-*7*95-1!+3D0!*-!1/0! *-*1*51*3-!37!:E0+4513;0-0:*:!51!E8G0+1='!O1:!+3D0!*-!1/0!5<8D1!:E0+4513;0-0:*:! 37!:340!:E09*0:!@0';'!+51B!*:!8-90+15*-C!G81!*1!ED5=:!5!/*;/D=!:*;-*7*95-1!+3D0!*-! :E0+4513;0-0:*:!*-!45-!5-<!-3-#/845-!E+*4510:'! :#2#&2/+.%2.;*3#$/'+%'6%-).2(#$';.+.-/-% F0+4! 90DD! <0H0D3E40-1! *-H3DH0:! 45*-15*-*-;! 5! E33D! 37! :104! :E0+4513;3-*5! 1/+38;/! +0-025D! <*H*:*3-:C! 1/0! <*770+0-1*51*3-! 5-<! 4*131*9! <*H*:*3-:!37!:E0+4513;3-*5C!40*3:*:!5-<!:E0+4*3;0-0:*:'!K:!1/0!;0+4!90DD:! <*H*<0! 5-<! <*770+0-1*510C! 1/0=! *-10+591! 2*1/! 1/0! L0+13D*! 90DD:! 5-<! *-7D80-90! L0+13D*!90DD!;0-0!0NE+0::*3-'!L340!37!1/0!;0-0:!0-93<0!;+321/!75913+:!1/51! 5+0!5GD0!13!+0;8D510!;0+4!90DD!<*770+0-1*51*3-C!+0ED*951*3-!5-<!:8+H*H5D'!./8:C! 1/0! L0+13D*! 90DD:! 40<*510! 1/0! 077091:! 37! 10:13:10+3-0! 5-<! MLAC! +0:E3-<! 13! E5+59+*-0! 5-<! 68N159+*-0! :*;-5D:! 7+34! 1/0! ;0+4! 90DD:C! 5-<! E+3<890! ;+321/! 75913+:!1/51!5+0!1/04:0DH0:!*-H3DH0<!*-!1/0!45*-10-5-90!5-<!93-1+3D!37!;0+4! 90DD!;+321/!5-<!<*770+0-1*51*3-'!!! ./0! :0D7#+0-025D! 5-<! <*770+0-1*51*3-! 37! 1/0! 8-<*770+0-1*510<! :104! :E0+4513;3-*5D! 90DD:! 48:1! G0! +0;8D510<! :3! 1/51! 1/0! 90DD:! 5+0! -31! <0ED010<'! ./0! L0+13D*! 90DD! E+3<891:! ,*1! D*;5-<P:104! 90DD! 75913+! @Q>B! 5-<! ;D*5D! 90DD! D*-0# <0+*H0<!-08+31+3E/*9!75913+!@FRSMBC!23+,*-;!13;01/0+C!5+0!543-;!1/0!;+321/! 75913+:! 1/51! ED5=! ,0=! +3D0:! *-! +0;8D51*-;! 1/0! :8+H*H5DC! +0-025D! 5-<! <*770+0-1*51*3-! 37! :E0+4513;0-*9! 90DD:'! L104! :E0+4513;3-*5C! 1/0! 15+;01:! 73+! FRSMC! 0NE+0::! 1/0! FRSM! +090E13+:! (01! 5-<! FM( $'! O-! 1+5-:;0-*9! 4*90C! D3::!37!:E0+4513;3-*5D!:104!90DD:!5:!5!93-:0J80-90!37!1/0*+!<*770+0-1*51*3-! 3998+:!2/0-!FRSM!*:!8-<0+#0NE+0::0<C!5-<!+0E+0::*3-!37!1/0!<*770+0-1*51*3-! 37! :104! :E0+4513;3-*5! 3998+:! *-! 4*90! *-! 2/*9/! FRSM! *:! 3H0+#0NE+0::0<'! T-D*,0! FRSMC! Q>! /5:! 45-=! <*770+0-1! 15+;01! 90DD:! *-! 1/0! 4518+0! 10:1*:U! *1:! +090E13+C!Q*1C!*:!0NE+0::0<!51!/*;/!D0H0D:!*-!<*770+0-1*51*-;!:E0+4513;3-*5C!G81! 5D:3! *-! 40*31*9! 90DD:'! Q>! /5:! G00-! :/32-! 13! 591! 5:! 5! :8+H*H5D! 75913+! 73+! :E0+45139=10:!5-<!:E0+451*<:'!Q>!5-<!FRSM!5D:3!45=!G0!40<*513+:!37!1/0! 077091:!37!10:13:10+3-0!5-<P3+!MLA!3-!:E0+4513;0-0:*:'!M8+1/0+!934ED*951*-;! 45110+:!*:!1/51!1/0!0NE+0::*3-:!37!FRSM!5-<!Q>!1/04:0DH0:!5EE05+!13!G0! +0;8D510<!G31/!G=!E5+59+*-0!:*;-5D:!7+34!;0+4!90DD:!5-<!G=!/3+43-0:'!! K!-84G0+!37!31/0+!;+321/!75913+:!5+0!0NE+0::0<!*-!1/0!10:1*:C!G81!1/0*+! +3D0@:B! *-! :E0+4513;0-0:*:C! *7! 5-=C! *:! @5+0B! 8-90+15*-'! O-:8D*-#D*,0! ;+321/! 75913+#O!@OFM#$B!+090E13+:!5+0!D395D*?0<!13!;0+4!90DD:C!:8;;0:1*-;!1/51!OFM#O! 45=!591!3-!1/0:0!90DD:'!.+5-:73+4*-;!;+321/!75913+# !@.FM# BC!.FM# C!5-<! *-10+D08,*-#O! @O>#$B! 5+0! 0NE+0::0<C! 5:! 5+0! G3-0! 43+E/3;0-*9! E+310*-! V5! @&WXV5B!5-<!&WXVG'!K!,-39,381!37!&WXVG!25:!:/32-!13!577091!G31/!1/0! *-*1*51*3-!5-<!45*-10-5-90!37!:E0+4513;0-0:*:C!G81!13!-31!+0:8D1!*-!*-70+*D*1='! &5:*9! 7*G+3GD5:1! ;+321/! 75913+! @GMFMBC! E+3<890<! G=! E59/=10-0
  •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``Z!K B>077'(!TQ/!I,(+,7!XI/!T S'66#-'66!07+'(*-+0,7 B-0:!K``KZ!N$]!$["
  •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``Z!K$]!KL#K:! B>077'(!TQ/!I,(+,7!XI/!T266*7'.!WA/!G,%%'660!T/!U5*6'.!AH/!J7+5,7.!SO:! S'66#-'66!07+'(*-+0,7%!*73!+5'!('826*+0,7!,4!+'%+0%!427-+0,7:!J77!Ia!J-*3! B-0:!K``KZ!N$]!$["#N$:!
  •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
  •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
  •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`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a&;! J*4/6)'64! )'5()6/'.*13)6/42 Y1.1)/./0-/4![=!&*0!X=! 81,*-*212*3+! ,5/-'42 "U#V%;! I2/,,/! JG=! a13+! c=! 6'+0-12*3+!42'6/*)/ 'D.6'44*/3P!9/6'!, QUP!LV%R#"U;! Y1(3'! ?F=! F1-'4! JS;! d 86/9! ,5/-'42'6/-! 2/ U%R#RM;!
  •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`*6T*3!SO;!&'()*+!,'--!1+*3+!13)!25'! 9',513*494! /8! 6')0,')! 2'42/42'6/3'! 4(325'4*4;! G/-! C'--! N3)/,6;! LMM]E!*3!.6'44;! G*--'6! a&;! J*4/6)'64! /8! 13)6/+'3! 4(325'4*4##86/9! ,5/-'42'6/-! 2/! )'5()6/'.*13)6/42'6/3';!G')!Y6*3,!Y61,2;!LMM"E!Q%P!"]#V];! Y1.1)/./0-/4![=!&*0!X=!C0-2(!G;!<4!25'6'!1!9*2/,5/3)6*1-!4*+31-*3+!,/9.-'D! 81,*-*212*3+! ,5/-'42'6/-! *9./62b! G/-! C'--! N3)/,6*3/-;! LMMRE! LV"#LVVP! "U#V%;! I2/,,/! JG=! a13+! c=! X/! _=! G1331! YO;! G0-2*.-'! 4*+31-*3+! .125@1(4! 6'+0-12*3+!42'6/*)/+'3'4*4!13)!42'6/*)/+'3*,!1,02'!6'+0-12/6(!.6/2'*3! 'D.6'44*/3P!9/6'!,/9.-*,12')!2513!@'!25/0+52;!G/-!N3)/,6*3/-;!LMM"E! QUP!LV%R#"U;! Y1(3'! ?F=! F1-'4! JS;! d:'6:*'@! /8! 42'6/*)/+'3*,! '3>(9'4! *3! 25'! .125@1(! 86/9! ,5/-'42'6/-! 2/! 1,2*:'! 42'6/*)! 5/69/3'4;! N3)/,6! O':;! LMM%E! L"P! U%R#RM;!
  •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
  •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`1;/19! .+/,! /01! <17.+.F13,:<! /:5:A1<! ,F! </13.A1!
  •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a8,2'B! ZS9! Q&)+-,'&! RL R'+'782!)+!S811