78 (2014): 165 88

THE SOTERIOLOGICAL GRAMMAR OF CONCILIAR
CHRISTOLOGY1
KHALED ANATOLIOS

I

T HAS BECOME customary in recent theology to presume
that the primary linguistic and logical components of
soteriological doctrine are metaphors, none of which are
doctrinally normative, which give rise to distinct “models” for
depicting the mystery of Christian salvation. The “Salvation”
article in
makes a
statement that is typical in this regard:
The Christian church has never made a single theory definitive for the
meaning of atonement, and has rather relied upon a series of metaphors for
understanding the work of Christ, derived from different social contexts.2
1
An earlier version of this paper was delivered at the Thomistic Circles Conference,
"Jesus Christ, True God and True Man: The Promise of Chalcedonian Christology," at
the Thomistic Institute, Washington, D.C., on October 6, 2012. I am grateful to all the
conference participants for the discussion that followed the presentation of this paper
and especially to Robert Imbelli, Bruce Marshall, and Thomas Joseph White, for their
helpful comments.
2
Paul S. Fiddes, “Salvation,”
, ed.
John Webster, Kathryn Tanner, and Iain Torrance (Oxford: Oxford University Press,
2010), 180 81. It is interesting to note the progressive development of this approach,
which can be illustrated by reference to three influential treatments that appeared in the
last century.
In his classic work,
(Gustaf Aulén, “Die drei Haupttypen des
christlichen Versöhnungsgedankens,”
8 [1930]:
501 38; Eng. trans.,
!"
#
$
"
, trans. A. G. Herber, S.S.M. [London: SPCK, 1930; repr.: Eugene,
Ore.: Wipf & Stock, 2003]), Gustaf Aulén speaks of “the three main types of the idea of
the atonement”: what he calls “the classic idea” which is that of
; the

165

166

KHALED ANATOLIOS

It is of course undeniable that the lexicon of Christian
discourse, beginning with the Scriptures themselves, contains a
variety of characterizations of both the negative features of
human life considered apart from Christ’s salvific work and the
positive transformation that this work effects. Nevertheless,
even a cursory consideration of the development of the core
doctrines of Christian faith should prompt us to question
whether an adequate treatment of Christian salvation can re
strict its focus to these metaphorical representations without
reference to the Trinitarian and Christological dogmatic frame
work which normatively regulates their authentic meaning.
By exemplary contrast, the Church Fathers indeed did use a
multiplicity of images and metaphors to characterize Christ’s
salvific work, but underlying these was always a Christological
framework that identified the content of salvation as the unity
of humanity and divinity in Christ by which humanity was
enfolded in the life of the divine Trinity. We already find a full
articulation of this Christological soteriological framework in
Irenaeus’s second century work, "
:
The Lord is most compassionate and merciful and loves the human race.
Therefore, as I have already said, he caused humanity to cling to and be united
Latin or Anselmian idea; and the subjective idea. But for Aulén, these are not alternative
or complementary paths to the same mystery. Rather, the
idea is the true
one that reigned throughout the New Testament and the patristic period, then became
occluded by the rise of the Anselmian doctrine until it was retrieved by Luther. On the
other hand, the Latin and subjective approaches are simply distortions of the authentic
proclamation of salvation in Christ.
In contrast, H. E. W. Turner’s
%
&
'
#
!"
& ( #
&
)
)(
, published some two decades
later (London: A.R. Mowbray & Co., 1952) contends that there is “no single theory”
(114) of the doctrine of redemption in the patristic era. Turner identifies four main
approaches to depicting the salvific work of Christ: illumination (Christ as Teacher);
sacrifice (Christ as Victim); victory over demons and death (Christus Victor); and
deification. In his concluding lines, Turner makes some tantalizing remarks about the
first three streams being “partial significances of that truth upon which the deification
theory fundamentally insists” (122), but he does not elaborate on how this can be so
beyond adverting to the mystical largesse of the deification theory.
Closer to our own time, Colin Gunton’s
"
"
!"
#
'
(London: T&T Clark, 1998) begins
with a prolegomenon consisting of an apology for the truth telling value of metaphors,
after which Gunton analyzes Christian salvation according to the metaphors of victory,
justification, and sacrifice.

SOTERIOLOGICAL GRAMMAR OF CONCILIAR CHRISTOLOGY

167

with God. For unless it was a human being who had vanquished the enemy of
humanity, the enemy would not have been justly vanquished. Conversely,
unless it was God who had granted salvation, we would not have possessed it
securely. And unless humanity had been conjoined to God, the human being
would not have become a participant in incorruption. For it was fitting for the
Mediator between God and humanity, by his kinship with both, to bring them
to friendship and concord so that God may receive humanity and humanity
may give itself to God.3

In this short passage, we can see a number of metaphors and
motifs that describe the process and effect of Christ’s salvific
work: the “Christus Victor” theme of Christ vanquishing the
enemy, incorruptibility, and divine human friendship. But the
overarching conception that enfolds these various motifs is that
salvation is a divine human interactivity and communion that
coincides with the unity of humanity and divinity in Christ
himself.
In the Irenaean passage quoted above, and in patristic
theology generally, Christology and soteriology form a single
grammatical system which regulates the syntax and discourse of
the Christian proclamation. The play of metaphors is grounded
in this Christological soteriological grammar which enables and
determines their signification. As a contribution to the contem
porary retrieval of this grammar, this essay will attempt three
tasks. First, I will trace, though admittedly in fairly broad
strokes, the soteriological grammar of the nexus of Christologi
cal councils consisting of Ephesus (431), Chalcedon (451),
Constantinople II (553), and Constantinople III (680 81). In
doing so, I am deliberately counteracting a tendency in modern
Western theology to reduce conciliar Christological doctrine to
the “fully human, fully divine” phraseology of Chalcedon.4 I
believe that this Chalcedonian reduction, which is both
3
Irenaeus, "
3.18.6 7 ($ * *
+
,
**
( -,
vol. 2, ed. L. Doutreleau and A. Rousseau,
*
211 [Paris: Éditions du
Cerf, 1974], 364 66).
4
So, for example, Karl Rahner’s landmark 1954 essay, Chalcedon: End or
Beginning.” (translated into English as “Current Problems in Christology,”
$ (
1, trans. Cornelius Ernst [New York: Crossroad, 1982], 149 200) simply
takes it for granted that the Church’s normative Christological confession is fully
contained in and reducible to “the Chalcedonian formulation.”

168

KHALED ANATOLIOS

historically and theologically misleading, has contributed
significantly to the breakdown of an integral Christological
soteriological grammar. It is only when we see the tetraptych of
these councils in their continuity that we can derive the basic
rules for proclaiming the mystery of the person and work of
Jesus Christ.5 Second, I will offer a response to the modern
criticism that Chalcedonian doctrine is burdened with an
inherent contradiction inasmuch as the solidarity of God with
the human condition indicated by the doctrine of the hypostatic
union is undercut by positing a divine nature that remains
impermeable to human limitations. My response will be that
Chalcedonian doctrine, when understood within the broader
grammar of the tetraptych of Christological councils, does not
in fact exclude the divine nature from solidarity with the human
condition but rather ensures the salvific teleology of this
solidarity—in other words, that it is a solidarity which brings
about the deifying exaltation of the human condition, not the
demise of God. Finally, in the third part of this essay, I will
apply my reconstruction of the soteriological grammar of
conciliar Christology to three key utterances of the Christian
proclamation: that Christ became sin for us, that he suffered for
us, and that he died for us.
I. THE SOTERIOLOGICAL GRAMMAR OF THE CHRISTOLOGICAL
COUNCILS
The Chalcedonian decree is nothing if not obsessive in its
symmetrical juxtaposition of the inner constitution of Jesus
Christ as containing an integral divinity and an integral
humanity. Taken by itself, the overall effect can seem to
corroborate the modern complaint that its Christological
conception is static and ontological rather than functional and
soteriological.6 However, the Chalcedonian definition must be
5
It should be noted that, beginning with Constantinople I, all subsequent ecumenical
councils saw their work as further elucidation of the Nicene Council.
6
For a classic statement of this criticism, see K. Rahner, “Christology Today?” in
$ (
17, trans. Margaret Kohl (New York: Crossroad, 1981), 24
38. For a critique of Rahner’s critique and a defense of Athanasius’s Christology on

SOTERIOLOGICAL GRAMMAR OF CONCILIAR CHRISTOLOGY

169

seen in its broader historical context as an affirmation and
further elaboration of the preceding Council of Ephesus and
that council’s endorsement of the theology of Cyril of Alex
andria. It is justifiable, then, to look first of all to Cyril for
insights into the theological foundation of the series of mutually
interpreting Christological councils, stretching from Ephesus to
Constantinople III.7
For Cyril, the proclamation of the gospel happens with all its
proper force and fullness when Christians compose sentences
that make God the subject of human experiences and attributes.
This proclamation must include such affirmations as the claim
that, in Jesus, God was born of a woman and thus the woman
who gave birth to him in the flesh should be called “
,
Mother of God.”8 We must likewise say that, in Jesus, it was
really the Word of God who “suffered in the flesh, was cruci
fied in the flesh, and tasted death in the flesh.”9 The essential
point at issue between Cyril and Nestorius was not whether
Jesus Christ was both human and divine—they agreed that he
was both—but rather the kind of unity between God and
humanity that had been effected in Jesus Christ. The foundation
of Cyril’s conception is that this union took place on the level
of being, such that the very person of the Son and Word is the
subject of human experiences. Combining the Trinitarian
language of three “hypostases” sharing a single nature with
Athanasius’s Christological language of the “appropriation” of

“functional” and “soteriological” grounds, see K. Anatolios, “Athanasius's Christology
Today: the Life, Death, and Resurrection of Christ in
$
in $
/
$
!0
1
0
0, &
1, ed. P. Martens (Notre Dame, Ind.: University of Notre Dame Press, 2008),
29 49.
7
Because of space restrictions, I am leaving out of explicit consideration the earlier
councils of Nicaea and Constantinople, which affirmed the full divinity of Christ, as
well as the application of Christological doctrine to the question of the legitimacy of
icons at Nicaea II (787). For an excellent treatment of the latter, see Christoph
Schönborn, &
2$
!0
(Schaffhausen, Germany:
Novalis Verlag, 1984). On the Christological issues embedded in the Trinitarian
controversies of the fourth century, see my '
(
3
!
& ( #
&
. (Grand Rapids, Mich.: Baker Academic, 2011).
8
Cyril
+
3
(%4 77:48D).
9
Cyril,
+
3
(%4 77:121D).

170

KHALED ANATOLIOS

the humanity by the divinity, Cyril speaks of the “union
according to #
,” by which the Son comes to own the
human condition.10 At the same time, Cyril is always prompt to
deny that this ownership reduced the divinity to the level of
humanity. In Jesus Christ, God really is the subject of human
experiences, and yet this ownership does not in any way harm
the integrity and perfection, the “impassability,” of the divine
nature. Admittedly, Cyril is less concerned with the question of
what this divine ownership of the human condition meant (or
felt!) for God than he is with the proclamation that it means
salvation for human beings. Nevertheless, he is occasionally
constrained to wrestle with the question of how divine
impassibility can be reconciled with God’s saving appropriation
of human weakness. In a passage from one of his most mature
works, he puts the matter this way:
He suffers with regard to the flesh that is his own, not with regard to the
nature of the divinity [σαρκὶ τῇ ἰδίᾳ παθών, καὶ οὐ θεότητος φύσει]. The
exposition of these things is altogether ineffable, and there is no mind that can
attain to such subtle and transcendent thoughts. Yet, following the most
correct expositions and carefully considering the most reasonable explanation,
we do not reject speaking of his suffering—otherwise, we would be saying that
the birth according to the flesh was not his but someone else’s—but neither do
we declare that the things belonging to the flesh transpired in his divine and
transcendent nature. Rather, as I said, he should be thought of as suffering
with regard to the flesh that is his own, but not suffering in any such manner
with regard to the divinity [νοοῖτο δ’ ἄν, ὡς ἔφην, σαρκὶ τῇ ἰδίᾳ παθεῖν, καίτοι
θεότητι ὴ παθὼν κατὰ τοιόνδε τινὰ τρόπον]. . . . It is like iron, or some other
such material, when it is put into contact with fiery flames. It receives the fire
into itself and exudes the flame. But if someone strikes it, the material itself
takes the hit but the nature of the fire in not at all harmed by the one who
strikes. This is how you should understand how the Son is said to suffer in the

10

On Cyril’s appropriation theory, see John McGuckin,
"
(
(Crestwood, N.Y.: St. Vladimir’s Seminary Press,
2004), 201 7. On the Athanasian provenance of this conception, see K. Anatolios,
"
, The Early Church Fathers (London & New York: Routledge, 2004), 66 74;
and Andrew Louth, “The Use of the Term IDIOS in Alexandrian Theology from
Alexander to Cyril,”
%
19 (1989): 198 202. For an exemplary instance of
Cyril’s language of union καθ̓ ὑπόστασιν, see his
+
3
(%4 77:45B
C).

SOTERIOLOGICAL GRAMMAR OF CONCILIAR CHRISTOLOGY

171

flesh but not to suffer as far as the divinity [ἐν τῷ σαρκὶ λέγεσθαι παθεῖν,
θεότητι δὲ ὴ παθεῖν τὸν Υἱόν].11

This passage presumes Cyril’s consistent emphasis that our
salvation happens because our human condition is appropriated
by the divine Word. This emphasis is what motivates Cyril, here
as elsewhere, to insist that whatever is predicated of Christ’s
flesh must be predicated of the Word who is the genuine owner
of that flesh. But, in response to the objection that this owner
ship would compromise the integrity of the divine being, Cyril
is striving to make certain qualifications and distinctions, and
we should note that he is doing this without the benefit of the
later Chalcedonian distinction between “person” and “nature.”
First, we find in this passage the famous Cyrillian paradox: in
Jesus Christ, God both suffers and does not suffer. Then a
distinction is implied between
5
of both the suffering
and not suffering, which in both cases is God, and the divine
and human
according to which this subject acts
and/or suffers. It is crucial to note that, for Cyril, both the
suffering according to the flesh and the not suffering according
to the divine nature have God as their subject. So the Cyrillian
rule still remains unbroken which insists that everything that
happens in the flesh happens to God the Word as its subject.
Yet, what happens by way of the flesh does not happen
/
(κατὰ τοιόνδε τινὰ τρόπον) with reference to the
divine nature. Finally, there is what he calls the “feeble image”
of the iron in the fire. Following closely the terms of this
comparison, we should note that the relation between the fire
11
G. M. de Durand,
6"
! &
7
Sources
chrétiennes 97 (Paris: Éditions du Cerf, 1964): 302 514; translated into English as ,
"
!
8
, trans. J. McGuckin (Crestwood, N.Y.: St.
Vladimir’s Seminary Press, 1995), 130 31 (I have modified the translation). McGuckin’s
translation raises an important issue in the articulation of the patristic logic that governs
speaking of the suffering of Christ. Where Cyril typically uses the dative case to deny
that Christ’s suffering applies to the divine nature (θεότητι ὴ παθὼν), McGuckin uses
the preposition “in” (“does not suffer in the divinity”). While correct, this articulation
tends to encourage a conception of the divine and human natures as two separate
“locations” such that the person of the Word incarnate can be present in one location
and not the other, depending on what he is doing or suffering. I have adjusted
McGuckin’s translation so as to avoid spatial prepositions which are not present in
Cyril’s Greek.

172

KHALED ANATOLIOS

and the iron is one of “contact” (ὁ ιλέω). So, divine
impassibility is not here envisaged as a condition in which
human attributes do not “touch” God. However, the contact
creates an asymmetrical effect with respect to the things in
contact; fire remains as it was in itself and is not at all harmed,
but the iron “receives the fire into itself” and is transformed.
Notwithstanding the paradoxes and ambiguities of this
passage, it can help us complete our description of Cyril’s
soteriological Christological framework. The cornerstone of
this framework is that human salvation happens when the
divine Word takes ownership of our human condition in his
very being; this ownership transforms our condition without
changing the divine being.
In endorsing Cyril and anathematizing Nestorius, the Coun
cil of Ephesus of 431 affirmed this fundamental Christological
soteriological framework. But it left unsettled the further
question of whether within this unity of subject there persists
wholly intact the distinction between the divinity and humanity
of Jesus. The Council of Chalcedon attempted to settle this
question by synthesizing the Antiochene emphasis on the
integrity of the distinction between the divine and human
natures, even after the Incarnation, with the Cyrillian emphasis
on the unity of divinity and humanity in the single subject. It
used the language of “person” (#
#
#
) to design
nate the single subject and the language of “nature” (#
) to
designate the distinct realities of divinity and humanity which
are jointly predicated of “one and the same Son, our Lord Jesus
Christ.” As we noted, the Chalcedonian definition largely
restricts itself to this pattern of an ontological description of the
unity and distinction of the divinity and humanity of Jesus
Christ and thus can give the appearance of setting forth a static,
nonfunctional Christology. But we can readily see the soterio
logical and functional framework undergirding this symmetrical
ontology in a passage from Pope Leo’s
) ( , which
is one of the texts whose authority is cited by the Council of
Chalcedon:

SOTERIOLOGICAL GRAMMAR OF CONCILIAR CHRISTOLOGY

173

Therefore, inasmuch as the proper character of each nature and substance is
preserved and come together in one person, lowliness is assumed by majesty,
weakness by power, and mortality by eternity. In order to settle the debt that
accrued to our condition, the nature that is inviolable is united to the nature
that is passible, so that, as was required for our healing, the one and same
Mediator between God and human beings, the man Jesus Christ, may die in
virtue of the one nature and be incapable of death, by virtue of the other.
Therefore, true God was born in the whole and perfect nature of a human
being, complete in what is his, complete in what is ours.12

In this passage, Leo uses the metaphor of debt repayment to
characterize Christ’s salvific work, but the choice of this
particular image is incidental to the overarching Christological
framework and, in principle, is replaceable by other soterio
logical metaphors. What is not incidental is essentially the same
soteriological framework that we found in Cyril, and which we
can now analyze as synthesizing three central affirmations: (1)
human salvation is brought about when divinity and humanity
are so united in Jesus Christ that God becomes the subject of
the human condition; (2) this unity is not a static juxtaposition
but a transformation of the human condition by the divine
which does not thereby annihilate the structure of either nature;
(3) this transformation happens precisely because the divine
nature is not itself harmed or lessened by its unity with the
humanity but rather, it is humanity that is exalted.13 These three
affirmations are all integral to the logic of Leo’s assertions that,
in Christ, human lowliness, weakness, and mortality are as
sumed and transformed by divine majesty, power, and eternity.
If Chalcedon is understood in light of its explicit affirmation
of Ephesus and of Cyril’s letters to Nestorius, as well as its
condemnation of “two sons,” there can be no doubt about its
intention to affirm Cyril’s single subject Christology.14 Yet, in its
12

Leo, #, 28 to Flavian (%+ 54:763A B).
Cf. Leo, Sermon 22 (%+ 54:201B): “He assumed the form of a servant without the
stain of sin, elevating the human without diminishing the divine. That self emptying by
which the invisible made himself visible came about through the extension of
compassion and not through the defection of power” (“Assumpsit formam servi sine
sorde peccati; humana provehens, divina non minuens: exinanitio enim illa qua se
invisibilis visibilem praebuit, inclinatio fuit miserationis, non defectio potestatis”).
14
As Aloys Grillmeier points out, the Chalcedonian definition, when compared with
Cyril, “looks symmetrical and undynamic because of the juxtaposition of the divine and
13

174

KHALED ANATOLIOS

symmetrical alternation between affirming the two natures and
the single person, Chalcedon had not succeeded in un
ambiguously locating the unity of person. It can also be argued
that the modern tendency in Western theology to rely on
Chalcedon as the only “Christological” council has resulted in
the inclination toward just such a Christology of juxtaposition,
which is much clearer in affirming the two distinct natures than
the location and dynamism of the union. All this is not to say
that the Chalcedonian confession is in itself faulty but only that
it represents a stage in the development of Christological
doctrine and not the final and sufficient articulation of this
doctrine. The standard modern question, first posed by Rahner,
of “Chalcedon: End or Beginning,” leaves out the more
historically accurate option of “Middle.”15 As I have been
insisting, Chalcedon has to be interpreted in continuity with the
Council of Ephesus’s affirmation of Cyrillian doctrine; at the
same time, it has to be understood in light of the retrieval of the
Cyrillian emphasis on the single subject of Christ in the Second
Council of Constantinople, in 553. The latter undertook the
task of resolving the ambiguity of Chalcedon by affirming that
the unity of humanity and divinity took place within the person
of “the Word, one of the Holy Trinity.” Constantinople II
pointedly applies the basic principle of Cyrillian Christology,
which posits God as the subject of human predication, to the

the human natures. . . . At the same time, Chalcedon leaves no doubt that the one Logos
is the subject of both the human and the divine predicates” (
, vol. 1, )
"#
"
, trans. John Bowden [Atlanta:
John Knox Press, 1975] 552). See also the discussion of this point in Gerald O’Collins,
! "
1
(Oxford: Oxford
University Press, 1995), 192 93. The prelude to the Chalcedonian definition of faith
itself declares that “the council has accepted as in keeping [with the Nicene creed and
the teaching of Constantinople I] the conciliar letters of the blessed Cyril, then shepherd
of the church of Alexandria, to Nestorius and to those of the Orient” (see E. Schwartz,
ed., "
, tome 2, vol. 1 [Berlin: W. de Gruyter, 1914 ],
325; English translation: Richard Price and Michael Gaddis, trans.,
"
, Translated Texts for Historians 45 [Liverpool: Liverpool
University Press, 2005], 203).
15
See n. 4 above. For a similar assessment of Chalcedon as “neither an end nor a
beginning . . . but as an important way station, one among several,” see Brian E. Daley,
S.J., “Seeing God in Flesh: The Range and Implications of Patristic Christology,”
1 #
1
14 (2007) 27 44, at 41.

SOTERIOLOGICAL GRAMMAR OF CONCILIAR CHRISTOLOGY

175

limit case of the cross: “If anyone does not confess that the one
who was crucified in the flesh, our Lord Jesus Christ, is true
God, and Lord of glory and one of the Holy Trinity,
,”16
Up to and including Constantinople II, the overarching focus
was the identification of the proper subject of the divine and
human attributes of Christ. But the soteriological framework we
have identified always implicitly posited a divine activity of
appropriating and transforming human nature, as well as a
human activity of receiving this transformation, and thus a
unified interactivity whose term was human deification. How
ever, a terminological and conceptual clarification of the
distinc tion and unity of divine and human activity in Christ
was still lacking. On this question, Chalcedon was again
tantalizing. It merely hinted that the union of natures involved a
unified dynamism of activity: “the character of each nature is
preserved and concurs [συντρεχούσης] in one #
# and one
#
,” but it did not clarify further how this concurrence,
or literally, “running together,” can be envisioned in terms of
the distinction and unity of the activities of the two natures.
After Chalcedon, Constantinople II had located the unity of
subject in Christ within the person of the Son, but still left
untreated the question of the dynamism of divine human
working in the Incarnate Word. In the seventh century, one
proposal that emerged for resolving this question was to speak
of “one activity and one will” in Christ. This doctrine of
“monenergism” and “monotheletism” was rejected by the sixth
ecumenical council, Constantinople III, in 680 81. Constan
tinople III affirmed “two natural wills and activities, concurrin
in him for the salvation of the human race [δύο φυσικὰ θελή ατά
τε καὶ ἔνεργέιας δοξάζο εν πρὸς σωτηρίαν τοῦ ἀνθρωπίνου γένου
καταλλήλως συντρέχοντα].”17
As much as Cyril’s theology was decisive for the Council of
Ephesus and Leo’s for Chalcedon, so was that of Maximus for
16
Canon 10; Denzinger Schönmetzer, 432: “Εἴ τις οὐχ ὁ ολογεί τὸν ἐσταυρω ένον
σαρκὶ κύριον ἡ ῶν Ἰησουν Χριστὸν εἶναι ἀληθινὸν καὶ κύριον τῆς δόξης καὶ ἕνα τῆς ἁγιάς
τρίαδος, ὁ τοιοῦτος ἀνάθε α ἔστω.”
17
Denzinger Schönmetzer, 558.

176

KHALED ANATOLIOS

the doctrine endorsed by Constantinople III. For Maximus, the
question of Christ’s human activity and willing is strictly
derivative of the question of the number and distinction of
natures and so should be considered to have been settled at
Chalcedon. Every nature possesses a capacity for willing
(θέλη α), which is radically oriented toward perseverance and
flourishing according to the specific mode of one’s being, as
well as a distinct mode of operation and activity (ἐνέργεια) that
corresponds to and defines its being. In Christ, both the divine
and human natures are active according to their distinct modes
of operation, but the activity of both is oriented to the
unification of the two. God acts to be united with humanity,
and humanity acts to be united with God. At the same time,
there is a hierarchical arrangement to this synergy, whereby the
human will and activity flourish to the point of deification
through submission to the divine will and activity. The
paradigmatic moment in which this dramatic structure of
divine human interactivity is displayed is Jesus’ prayer at
Gesthemane, “Not my will [θέλη α] but your will be done”
(Luke 22:42). In this prayer, Jesus humanly wills to submit his
human will to the divine will, thus enacting the unity of divine
and human willing and activity.18
In surveying the tetraptych of Christological councils
stretching from Ephesus to Constantinople III, we find ample
grounds for questioning the common modern assumption that
soteriology lies outside the parameters of defined dogma.
Rather, this overview enables us to identify a set of soterio
logical principles that should be considered as possessing the
same level of normativity as the Christological formulations to
18
“If, however, you understand the subject of the phrase +
/
$ /
/
/ # ( to be not the man just like us but the man we consider as Savior,
then you have confessed the ultimate concurrence of his human will with the divine
will, which is both his and the Father’s; and you have demonstrated that with the
duality of his natures there are two wills [θελήσεις] and two operations [ἐνεργείαι]
respective of the two natures, and that he admits no opposition between them, even
though he maintains all the while the difference between the two natures from which, in
which, and which he is by nature” (Maximus the Confessor, #
6 [%4 91:68A];
English translation:
1
!
9
,
, trans. Paul M. Blowers and Robert Louis Wilken [Crestwood,
N.Y.: St. Vladimir’s Seminary Press, 2003], 174).

SOTERIOLOGICAL GRAMMAR OF CONCILIAR CHRISTOLOGY

177

which they correspond. Essentially, as we have seen, the content
of human salvation is understood to be the deifying appro
priation of the human condition, including its postlapsarian
negativities, by the subject of the divine Word and Son of the
Father. This work of salvation is both a divine and human
work, and it consists not in the mere juxtaposition of divinity
and humanity but in the active transformation and deification of
the human by the divine and the active reception of this
transformation and deification by the human. Both divine
impassibility and the attribution of human predications to the
divine Word are equally indispensable to this framework. If
divine impassibility is compromised, then the divine resources
that enable human deification are rendered ineffective; if the
human condition is not directly predicated of God, then they
are not transformed unto deification.
II. TWO NATURES CHRISTOLOGY AND DIVINE SOLIDARITY
In tracing the soteriological framework of conciliar
Christology, I have identified as a foundational element in this
edifice Cyril’s persistent emphasis that the essence of the gospel
is that God has drawn near to humanity to the extent of making
the human condition fully his own, thereby transforming it unto
deification. In battling with Nestorius, it was always Cyril’s
primary intent to safeguard the legitimacy of ascribing to God
all the features of the human condition: it was God himself who
was born of the womb of a young Jewish woman; it was God
who was nailed to the tree and suffered and died. Yet, we have
also seen that Cyril tried to clarify that such attributions are not
to be imputed to Christ’s divinity in exactly the same way that
they are understood with reference to his humanity. It is just
such a move that is implicated in the modern criticism that what
“classical Christology” gives with one hand in affirming that
God is the subject of all the human experiences of Jesus, it takes
away with the other by denying that these experiences take

178

KHALED ANATOLIOS

place in the divine nature.19 From the standpoint of conciliar
Christology and soteriology, we can indeed make the rebuttal
that imputing human attributes to the divine nature leads to a
confusion of natures and dismantles the transformative salvific
dynamism by which human nature is assimilated to the
uncompromised divine perfection. But we should also not fail to
acknowledge the challenge that this modern criticism poses for
the Chalcedonian framework, even in the terms proper to that
framework itself. Just how are we to understand the affirmation
that, in Christ, God becomes really the subject of human
limitations without thereby being limited by these limitations?
Cyril himself, as we have seen, was acutely aware of the depths
of this mystery. But he also recognized that the goal is not
ultimately to explain the mystery but to state it in the right away
so that nothing less than the gospel is proclaimed.
One solution that suggests itself is to ascribe human
limitations to the human nature and not to the divine nature.
We can say for example that the Incarnate Word suffers
the
human nature but not
the divine nature or
(
the
human nature rather than
(
the divine nature. It is in
just those terms that modern critiques of conciliar Christology
accuse the latter of simply separating the divine nature from the
properties and passibilities of Christ’s humanity. Jürgen Molt
mann describes the fundamental logic of classical Christology
thus:
If one considers the events on the cross between Jesus and his God in the
framework of the doctrine of the two natures, then the Platonic axiom of the
essential #
of God sets up an intellectual barrier against the recognition
of the suffering of Christ, for a God who is subject to suffering like all other
19
Thus, J. Moltmann’s characterization of the inconsistency of Cyril on this point:
“Even Cyril of Alexandria, who more than any one else stressed the personal unity of
Christ against those who pressed for the distinction of the two natures, was not able to
remedy the ‘error’ which the whole of early Christian theology demonstrates at this
point. As a consequence of his christology of unity he really had to refer the cry of the
forsaken Christ on the cross to the complete, divine and human person of the Son. ‘But
Cyril cannot manage that . . .’” (
4 , trans. R. A. Wilson and John
Bowden [Minneapolis: Fortress Press, 1993], 229. Moltmann’s quotations refer to W.
Elert, & "
!0
8
(
%
0
&
(Berlin: Lutherisches
Verlagshaus, 1957).

SOTERIOLOGICAL GRAMMAR OF CONCILIAR CHRISTOLOGY

179

creatures cannot be ‘God’. Therefore the God man Christ can only have
suffered ‘according to the flesh’ and ‘in the flesh’, that is in his human
nature.20

It might seem that Cyril was adopting exactly this strategy in his
explanation that the human suffering occurred with reference to
the flesh and not to the divine nature (σαρκὶ καὶ οὐ θεότητος
φύσει). Similarly, Leo clarifies that Jesus Christ died in virtue of
the human nature but not in virtue of the divine nature (
,,,
). But it would be a mistake to interpret either
of these statements as resolving the problem by merely
differentiating and separating the natures, without seeing that in
both cases the distinction of natures is posited within their
union in the single person of Christ. It might happen that Cyril
or Leo, for polemical and rhetorical reasons, defend the im
passibility of the divine nature separately from the affirmation
of the appropriation of the human by the divine. But it has
perhaps now become a necessary task of a constructive retrieval
of their theologies to condition the one emphasis by the other
so as to bring out a more transparently synthetic treatment.
Such a synthesis would claim its foundation in the fundamental
Cyrillian insight that merely distinguishing the human and
divine attributes of Christ does not in itself amount to the
proclamation of the gospel. After all, the distinction between
the divine and human natures was completely established in the
act of creation and did not require the Incarnation. The heart of
the gospel and its
(
is rather the supreme mystery that
human nature was united with the divine nature in a single
#
without impairment to the integrity of either nature.
It is the integrity of the two natures /
,
not the integrity of the natures as such, that has any value with
reference to the good news of Jesus Christ. Indeed, if we merely
separate Christological predications into discrete compartments
representing the divine and human natures respectively, are we
not trying to describe the features of the Incarnation in pre
Incarnation terms? Are we not thereby positing a separation of
natures and making the incarnate Word the subject and agent of
20

Moltmann,

4

, 228.

180

KHALED ANATOLIOS

this separation instead of the subject and agent of the unity of
the two natures? Are we not, finally, interpreting the mystery of
Christ according to a logic that was transcended by the very
advent of that mystery?
If the fundamental grammar of conciliar Christology and
soteriology constrains us to reject both the separation of
Christological predications into divine and human compart
ments, and the direct attribution of human attributes to the
divine nature, how should we talk about the mystery of God’s
deifying appropriation of our human nature and condition? The
answer to this question, again inspired by Cyril, must simply be
that
whenever we talk about
the Christological mystery. That is to say, we cannot talk
Christological sense by making either affirmations or negations
with respect to the natures of Christ while considering each
separately and apart from the other. Christological sense is
made only when we talk about the unity and dynamic
interactivity of the two natures in the person of the Word, an
interactivity whose content is always the deifying trans
formation of the human nature by the divine nature. Nothing
less than this whole salvific dynamism and its internal hier
archical structure can be intelligibly predicated of Christ, whose
entire person and entire work consists in nothing other than this
very dynamism. So, with regard to every Christological
predication, it is not sufficient merely to pose the question, to
which nature this predication should be applied. Without
further supplementation, that is a question that belongs to a
pre Incarnation logic. The mere denial of the attribution of a
human predication to the divine nature, while admittedly part
of the logic of patristic Christology, nevertheless needs to be
qualified by and synthesized with the emphasis on the unity of
natures through the hypostatic union. At the same time, we
must reject any simplistic attribution of the human content of a
Christological predication directly to the divine nature, which
would at once evacuate God of divinity and deprive humanity
of deification. I am suggesting, however, that there is a third
way, which is both faithful to the fundamental grammar of
patristic Christology and soteriology and responsive to its

SOTERIOLOGICAL GRAMMAR OF CONCILIAR CHRISTOLOGY

181

modern critiques. According to this third way, the appropriate
way of stating the question of interpreting Christological
predications must take something like the following form: How
does this predication belong to the divine person of the Son,
who is the subject of both the divine and human natures, such
that it refers both to the activity of the divine nature in
communicating its perfections to the human nature and the
activity of the human nature in receiving these perfections unto
deification?
III. THE CHRISTOLOGICAL SOTERIOLOGICAL GRAMMAR
OF THE GOSPEL
We may test this approach by reference to three key
sentences in the Christian proclamation: “Christ became sin for
us” (2 Cor 5:21); “Christ suffered for us” (1 Pet 2:21; 4:1);
“Christ died for us” (Rom 5:8).21 Following the approach
indicated above, we will in each case be looking to identify the
properly human and divine activities which “run together” such
that a given aspect of the human condition is deified by an
analogous feature of the divine life. This approach assumes as
an a priori principle that the inner meaning of each Christo
logical statement will always be reducible to the proclamation
that in Christ, God has become “for us” by his “appropriation”
and transformation of the human condition, thus enabling us to
reappropriate this Christ appropriated and deified humanity.
While I am proposing that this logical structure, in which
Christology and soteriology constitute a single grammar, is in
fact normative for the interpretation of Christological state
ments, the particular inflections by which this structure is
implemented in the following speculative interpretations are not
meant to be themselves normative but simply illustrative of how
such a structure can be applied.
21
In the following, I am not treating these three utterances exegetically, with
reference to their scriptural meaning in their original context, but rather as models of
the application of conciliar Christological soteriological grammar to key elements of the
Christian proclamation. The question of how this grammar itself was derived from
scriptural material is a fundamental one, but beyond the scope of the present article.

182

": ;

KHALED ANATOLIOS

8<

To say that Christ became sin for us is to say that when he
appropriated our human nature and condition, he also counted
our sins as his own. I understand this to mean not that he
merely wallowed in the imputed guilt of humanity’s sins but
rather that he took upon himself our sins in the mode of
repentance. That is, he repented of our sins as if they were his
own.22 Christ’s perfect human repentance included all the
features by which that disposition is scripturally described and
prescribed: displeasure at sin, recognition of the sovereignty and
love of God, total obedience, and ultimately a complete self
giving in fulfillment of the psalmist’s utterance:
Sacrifice and offering you do not desire,
but you have given me an open ear.
Burnt offering and sin offering
you have not required.
Then I said, “Here I am
in the scroll of the book it is written of me.
I delight to do your will, O my God;
your law is within my heart.”23

But the divine depths of Christ’s human repentance consisted
in his eternally perfect glorification of the Father in the Spirit,
which was always the standard against which he measured and
lamented the dishonor to God brought about by sin.24 This
22
That Christ’s “satisfaction” for human sin consisted, at least partly, in his
repentance on our behalf is strongly suggested by Thomas Aquinas when he attributes to
Christ the sadness that produces repentance (cf. 2 Cor 7:10) (
III, q. 46, a. 6, ad 2).
Later in the same article, St. Thomas again seems to attribute to Christ the pain of
penance, this time with reference to Isaiah 53:4 (ibid., ad 4).
23
Ps 40:6 8 (NRSV)
24
On Christ’s redemptive work as a “sacrifice of worship” (“ein latreutisches
Opfer”) consisting in his glorification of God, see Matthias Scheeben, &
: 9
% #
(
[Mainz: Matthias
Grünewald Verlag, 1925], esp. 410 23). For Scheeben, “the most sublime function of
the God man is the infinite glorification of God, which He is to achieve in Himself and
in His mystical body. . . . By carrying out this mission He procures for men their
reconciliation and pardon with God, but in such a way that, once men have been
reconciled and pardoned, they are to join Him as his living members for the purpose of

SOTERIOLOGICAL GRAMMAR OF CONCILIAR CHRISTOLOGY

183

intra Trinitarian glorification which takes place in the divine
nature is communicated to Christ’s humanity within the divine
Son’s appropriation of the full extent of human sinfulness. To
say that Christ became sin for us is therefore to say that in
Christ the Son’s eternal glorification of the Father in the Spirit
was communicated to Christ’s humanity as repentance for sin. It
means conversely that through Christ we can repent for our sins
to the point of entering fully into the Son’s glorification of the
Father in the Spirit. Christ’s becoming sin for us in the mode of
repentance is thus an affirmation that applies to both the divine
and human natures and unifies them while retaining the
distinctive dynamism of each nature.
:;

8<

Too often questions about the suffering of Christ and of God
are treated in a pre Chalcedonian manner that does not make
use of the precisions of the person nature framework, not to
mention treatments that are explicitly anti Chalcedonian.
Alternatively, as I indicated earlier, it is sometimes said in sup
port of a Chalcedonian logic that Christ suffers in the human
nature but not in the divine nature, which, for reasons that I
also indicated earlier, seems to me to be an inadequate for
mulation. Moreover, with regard to the question of Christ’s
suffering, what is often missing from the discussion is not only
an appreciation of the conciliar Christological grammar but also
a consideration of the mysterious nature of human suffering
itself. To take only one aspect of this mystery, we can wonder at
the paradox evoked by the typical way in which we talk about
whether we “can suffer” this or that. For example, Jesus asks his
disciples whether they can drink the cup from which he is going
to drink (cf. Matt 20:22). Sometimes people say that they “can”
or “cannot” withstand a type or measure of suffering. The
paradox lies in the juxtaposition of the language of capacity and
the language of suffering, given that suffering, by definition,
glorifying God” (
Crossroad, 2006], 431).

, trans. Cyril Vollert, S.J. [New York:

184

KHALED ANATOLIOS

designates a kind of incapacity. So, “I can accept this suffering,”
really must mean something like: “I am capable of this in
capacity,” or “I have the capacity to withstand this incapacity.”
Generally, we speak of the person who “can” suffer as more
capable than the person who “cannot” suffer. In the person who
“can” suffer, the incapacity represented by the suffering is
matched or transcended by the other capacities of that person.
In the person who “cannot” suffer, the incapacities represented
by the suffering are not countered by any compensating
capacities of that person and so the incursion of the suffering
simply annihilates that person.
A distinctive intensification of the paradoxical nature of
suffering is the mysterious activity of compassion. In that case,
the ontological or psychological incapacity of one person is
voluntarily appropriated by another person; we speak of
someone “identifying” with another’s suffering. This appro
priation of another’s incapacity in the act of compassion is
considered in itself as a positive capacity which manifests the
supreme capacity of love. So, in the act of compassion, the
capacity of one person’s love enfolds the incapacity of another
person’s suffering without necessarily diminishing the capacities
of the compassionate person. It seems to me that we must
envision divine compassion in some such way as a perfect ca
pacity to identify with human suffering without any diminish
ment of divine capacities or qualification of the perfection of
divine bliss.
Applying all this to the statement that Christ suffers for us,
we have to reiterate the principle that any affirmation about
Christ can only ultimately mean the communication of the
features of the divine nature to the human nature, which
communication itself constitutes the single person of the
incarnate Word. One application of this principle with regard to
statements about the suffering of Christ is to understand these
statements as adverting to the mystery of the communication of
divine compassion to the suffering of the human nature of
Christ and through him to all of human nature. Through Christ,
human suffering becomes perfectly transparent to divine
compassion such that the incapacity of this suffering is enfolded

SOTERIOLOGICAL GRAMMAR OF CONCILIAR CHRISTOLOGY

185

by the perfect capacity of divine compassionate love and the
perfect bliss of this love. It is because this transaction took place
in the person of Christ that we have the capacity to give heed to
St. Paul’s exhortation to “boast in our suffering” (Rom 5:3) as
he himself “rejoices” in his suffering (cf. Col 1:24). We can only
boast and rejoice in our suffering through the one who
definitively joined all the divine joy with all of human suffering
in his very person. In this way, we can understand Christ’s
compassionate suffering as applicable to both the divine and
human natures, preserving the distinction between them, while
affirming their communion or “running together” for our
salvation.
:;

&

8<

At this point, we arrive at the very heart of the paschal
mystery, and the rules of Christological and soteriological
grammar must lead us back to a reaffirmation of that mystery.
These rules constrain us to attribute the death of Christ directly
to the person of the Word, who cannot be ontologically
separated from the divine nature. To say that the Son died in
the human nature and
in the divine nature is an inadequate
formulation even if it is correct as far as it goes. On the other
end of the spectrum, we have the musings of Moltmann about
“the death of Jesus as a trinitarian event between the Son and
the Father.”25 Moltmann paints a scenario in which the Son dies
and the Father thereby also suffers “the death of his Fatherhood
in the death of the Son,”26 while their mutual death causes the
procession of “the spirit of life, love, and election to sal
vation.”27 This is not the place to embark on a detailed critique
of the convolutions of Moltmann’s position.28 For our present
purpose, it is sufficient to note that his essential Christological
25

Moltmann,
4
245.
Ibid., 243.
27
Ibid., 26.
28
This has already been admirably accomplished in Bruce Marshall, “The Dereliction
of Christ and the Impassibility of God,” & (
$ #
, ed. James Keating and Thomas Joseph White, O.P. (Grand Rapids, Mich.:
Eerdmans, 2009), 246 98.
26

186

KHALED ANATOLIOS

error is to attribute to the divine nature the human meaning of
what “death” entails without positing the appropriate analogical
distance between human and divine predications in the personal
unity of Jesus Christ. As we have seen, the conciliar grammar of
Christological statements indicates exactly the opposite
directionality. What happens for our salvation in Christ is not
the transformation of the divine nature by the human nature, so
that God can be diminished in solidarity with our diminish
ment, but rather the transformation of the human nature by the
divine, so that we may be exalted by our communion with
divine glory. Therefore, when we say something about Christ,
we are speaking of the deifying communication of an aspect of
the divine nature to a corresponding aspect of the human nature
such that this communication itself establishes the proper
analogy between the two natures and the ultimate fulfillment of
human nature as made in the image of God and perfected in the
likeness of God. In the case of Christ’s death, we have to ask,
what is the aspect of the divine nature that properly cor
responds to, even while reversing, human death? And we must
find our answer not by dint of sheer speculation but by
reference to the scriptural account of the words and actions of
Jesus. There we find a clear announcement by Jesus himself of
the inner content of his own death. In the synoptic accounts of
the Last Supper and the corresponding Priestly Discourse of the
Gospel of John, Jesus reveals the content of his death as an act
of Eucharistic self giving. This self giving, as a personal act of
the incarnate Word, who is the owner of both the divine and
human natures, must be explicated with reference to both
natures. As a human activity, Jesus’s Eucharistic self giving to
the Father in the Spirit reached the point of physical death in
obedience to the divine plan of salvation. As a divine activity,
Jesus’s Eucharistic self giving eternally characterizes his mutual
relations with the Father and the Spirit which constitute the
indestructible divine life. Therefore, as Roch Kereszty puts it,
“in handing over his human life to the Father on the cross, the
eternal Son has completed the ‘translation’ into the finite acts of

SOTERIOLOGICAL GRAMMAR OF CONCILIAR CHRISTOLOGY

187

an alienated human existence the eternal act of returning his
divine being to the Father in the Holy Spirit.”29 We can say,
therefore, that in the death of the God Man, Jesus’s human and
divine modes of self giving “run together” in such a way that his
human death is reversed by his eternal self receiving and self
offering to the Father in the Spirit—and it is this union of his
human and divine modes of self giving that constitute his death
as well as his and our Resurrection.
CONCLUSION
Throughout this paper, I have been proposing in essence that
the promise of Chalcedonian Christology is nothing less than
the deification of our humanity. In presenting an overview of
the soteriological grammar of conciliar Christology, I have
cautioned against the tendency to reduce this grammar, which
was developed over a whole series of ecumenical councils, to
the ontological symmetry of the two natures which dominates
the Chalcedonian definition. Chalcedon’s emphasis on the en
during integrity of the two natures needs properly to be
enfolded within the overarching and foundational stress, going
back to Cyril, on the hypostatic union by which the human
nature is transformed through its communion with the divine
nature in the person of the Word. Modern critiques that have
dismissed two natures Christology as undermining divine soli
darity with the human condition are themselves in thrall to a
narrow Chalcedonian reductionism that fails properly to
contextualize patristic affirmations about the distinction of
natures within a foundational stress on the hypostatic union. I
have argued that an integral consideration of conciliar
Christological and soteriological grammar should guide us to
make sense of every Christological predication in terms of the
dynamic union of the divine and human natures in Christ, such
that the human nature is transformed by the divine unto
deification while the divine nature retains all its perfections and
29
Roch Kereszty, 1
2002), 405.

!)

(New York: Alba House,

188

KHALED ANATOLIOS

communicates them to the human nature. It should be evident
that, according to this principle, soteriological grammar is
clearly constitutive of Christological statements and their proper
intelligibility. I have applied this principle to three key sentences
of the Christian proclamation of Christ’s saving work: “Christ
became sin for us”; “Christ suffered for us”; “Christ died for
us.” On the basis of the last example, we can finally say that this
pattern is inscribed by a Paschal grammar, in which every
predication applied to Christ ultimately signifies the Passover in
Christ from our human limitations and negativities to our
deifying participation in divine life. Whatever we say about
Christ, what we are saying in reality, according to the soterio
logical grammar of conciliar Christology, is that Christ is our
Passover from sin and death to a participation in the Son’s
glorification of the Father in the Spirit.

!

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7+26=+ '(24+65'(.-/ 5,;*'5)'26)+: 4+.64:'(. )*+ 4+-6)',(5*'; 7+
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2,(5+246)',( 6 )*+,4/ +=+4.+: )*6) 165 26--+: '=;6(6)',(
73) 2,3-: *69+ 7++( 26--+:
*6-2+:,('6( 2,(5375)6()'6)',(8
C35) 65 '( )*+ (264(6)',( )*+ *3=6(')/ 6553=+: 7/ )*+ ;+45,(
,0 )*+ ,4: 4+=6'(5 03--/ *3=6( 532* )*6) *4'5) '5 7,)* 03--/
:'9'(+ 6(: 03--/ *3=6( 5, )*'5 )*+,4/ 4+65,(+: '( )*+
32*64'5) *4'5) 6553=+5 74+6:
7+2,=+5 +=74+6:+:
532* )*6) )*+ 74+6: 4+=6'(5 03--/ 74+6:B)*6) '5 *4'5) 7+2,=+5
'=;6(6)+ M35) 65 )*+ ,4: 7+26=+ '(264(6)+8 , :+9+-,; 6
)*+,4/ ,0 32*64'5)'2 ;4+5+(2+ )*6) '5 2,(5'5)+() 1')* )*+
2-655'26- 2,(2+;)',( ,0 )*+ (264(6)',( ') 5++=5 )*6) ,(+ 5*,3-:
600'4= )*+ 5375)6()'6- 2, ;4+5+(2+ ,0 74+6: '( )*+ 32*64'5) M35)
65 ,(+ 600'4=5 )*+ 5375)6()'6- 2, ;4+5+(2+ ,0 *3=6( (6)34+ '(
)*+ (264(6)',(8 &3) )*'5 )*+,4/ 165 4+M+2)+: 6(: 64.367-/ ,(
2-655'26- .4,3(:58 0 74+6: '5 6553=+: :'4+2)-/ 7/ )*+ ,.,5
'(:+;+(:+() ,0 )*+ *3=6( (6)34+ 6 5+2,(: :'9'(+ 6553=;)',(
(,1 ,0 74+6: +=+4.+5 1*'2* 2,3-: (,) 4+6--/ 7+ 26--+: )*+
7,:/ ,0 *4'5) 73) ,(-/ *'5 74+6: 5, ), 5;+6A8 0 ,( )*+ ,)*+4
*6(: 74+6: '5 6553=+: 7/ )*+ 1*,-+ '(264(6)+ *4'5) )*+( ')
=35) 7+ 6553=+: 7/ )*+ *3=6( (6)34+ ),, '( 1*'2* 265+ ')
1,3-: 5++= ), 7+2,=+ 6( 622':+() ,0 )*+ *3=6(')/ ,0 *4'5)
6(: )*35 (, -,(.+4 5375)6()'6--/ 74+6:8
) )*+ 56=+ )'=+ 964',35 )1+-0)* 2+()34/ )*+,-,.'6(5
4+2,.('@+: )*6) )*+ 5;+2)+4 ,0 (+, +5),4'6( *4'5),-,.'+5 *6:
;4,0,3(:-/ (+.6)'9+ '=;-'26)',(5 0,4 )*+ *342*L5 32*64'5)'2
,4 +?6=;-+ '( C64,5-69 "+-'A6(L5
9,-8 > ,0
"
*'26.,
(, =+()',( ,0 )*'5 2,((+2)',( 6) 6--8
++ "+-'A6( /
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8

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)*+4+ '5

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*4'5),-,.'26- :+76)+5 0,4 4+5,342+58 ( *'5 @
"
"
"
"
'--'6= ,0 )8 *'+44/ :8
(,)+: )*6)
6=,(. )*+ :'9+45+ *+4+5'+5 F,0 )*+ ;6)4'5)'2 6.+G (, =+()',(
165 =6:+ ,0 )*'5 <3+5)',( +?2+;) '( )*+ +5),4'6( *+4+5/
6-,(+8
'--'6= *+4+ 4+0+45 ), )*+ ;4,2++:'(.5 ,0 )*+ ,3(2'- ,0
;*+535 '( > 1*+4+ )*+ 7'5*,;5 6::4+55+: )*+ '=;-'26)',(5 ,0
+5),4'6( *4'5),-,./ 0,4 )*+ 32*64'5)
(: (,) 65 2,==,( 0-+5* :, 1+ 4+2+'9+ F)*+ 32*64'5)G8 $,: 0,47':R ,4 65 ,0
6 =6( 56(2)'0'+: 6(: 655,2'6)+: 1')* )*+
,4: 622,4:'(. ), )*+ 3(')/ ,0
:'.(')/ ,4 65 *69'(. 6 :'9'(+ '(:1+--'(. 73) 65 )43-/ )*+ '0+ .'9'(. 6(: 9+4/
0-+5* ,0 )*+ ,4: *'=5+-08 ,4 *+ '5 )*+ '0+ 622,4:'(. ), *'5 (6)34+ 65 $,:
6(: 1*+( *+ 7+26=+ 3(')+: ), *'5 -+5* *+ =6:+ ') 6-5, ), 7+ '0+ .'9'(. 65
6-5, *+ 56': ), 35 )
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"8 ,4 1+ =35) (,) )*'(A )*6) ') '5 0-+5* ,0 6
=6( -'A+ 35 *,1 26( )*+ 0-+5* ,0 =6( 7+ -'0+ .'9'(. 7/ ')5 ,1( (6)34+E 73) 65
*69'(. 7+2,=+ )43-/ *'5 ,1( 1*, 0,4 35 7,)* 7+26=+ 6(: 165 26--+: ,( ,0
!6(8

5 '--'6= 4+='(:5 *'5 4+6:+45 )*+ +5),4'6(5 *6: '(5'5)+: )*6)
C,*( D >B (-+55 /,3 +6) )*+ 0-+5* ,0 )*+ ,( ,0 =6( B7+
3(:+45),,: 65 :'5)'(.3'5*'(. )*+ *3=6( ,( ,0 =6( 1*,5+
0-+5* 2,3-: '(:++: 7+ +6)+( 04,= )*+ :'9'(+ ,( ,0 $,: 1*,
2,3-: (,)8 ,4

7
C00 #
"
: 5+4'+5
> 8 '--'6=L5 6)'( 9+45',( ,0 )*'5 2,(2'-'64 5)6)+=+() %
>D
& 4+6:5 65
0,--,15 (,( 3) 2,==3(+= 264(+= ;+42';'+()+5H <3,: 675')R (+2 3) 9'4' 56(2)'0'26)' +)
#+47, 2,(M3(2)' 5+23(:3= :'.(')6)'5 3(')6)+= 63) 5'23) :'9'(6= ;,55':+()'5
*67')6)',(+=H 5+:
9+4+ 9'9'0'26)4'2+= +) ';5'35 #+47' ;4,;4'6= 062)6=8 #')6 +('=
(6)346-')+4 3) +35 +?'5)+(5 <3' ;4,;4'6+ 264(' 3(')35 +5)H 9'9'0'26)4'2+= +6= ;4,0+5535
+5) +55+8 ) ':+, <36=9'5 :'26) 6: (,5 N =+( 6=+( :'2, 9,7'5 ('5' =6(:3269+4')'5
264(+= '-'' *,='('5 +) 7'7+4')'5 +M35 56(.3'(+= L (,( )6=+( +6= 264(+= *,='('5 3('35
+? (,7'5 6+5)'=64+ :+7+=358 S3,=,:, +('= *,='('5 264, M3?)6 (6)346= 536=
9'9'0'26)4'? +55+ ;,)+4')E +: 3) 9+4+ ;4,;4'6= +M35 062)6= <3' ;4,;)+4 (,5 0'-'35 *,='('5
+) 062)35 +5) +) 9,26)358 ++ 6-5, )*+ ,3(2'- ,0 ;*+535 (6)*+=6 T
*,5,+9+4
5*6-- (,) 2,(0+55 )*6) )*+ 0-+5* ,0 )*+ ,4: .'9+5 -'0+ 6(: )*6) ') ;+4)6'(5 ), )*+ ,4: ,0
$,: )*+ 6)*+4 65 *'5 9+4/ ,1( 73) 5*6-- ;4+)+(: )*6) ') 7+-,(.5 ), 6(,)*+4 ;+45,( 1*,
'5 3(')+: ), *'= F'8+8 )*+ ,4:G ,(-/ 622,4:'(. ), *,(,34 6(: 1*, *65 5+49+: 65 6
:1+--'(. 0,4 )*+ :'9'(')/H 6(: 5*6-- (,) 46)*+4 2,(0+55 65 1+ 56/ )*6) )*6) 0-+5* .'9+)*
-'0+ 7+2635+ ') '5 )*6) ,0 )*+ ,4: 1*, .'9+)* -'0+ ), 6-- -+) *'= 7+ 6(6)*+=68

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'0 )*+/ 2,(0+55 )*6) ), 7+ )*+ 7,:/ ,0 )*+ ,4: )*+/ 1'-- 2,()46:'2) )*+=5+-9+5
4+2,.('@'(. )*+4+ ), 7+ '( *4'5) $,: 6(: =6( )*+ 3(')/ ,0 ;+45,(8
*+4+0,4+ )*+/ 56': )*6) ') '5 )*+ 0-+5* ,0 )*+ 56(2)'0'+: =6( 6(: *+ 165
2,(M,'(+: ), )*+ ,4: 622,4:'(. ), 6 3(')/ ,0 :'.(')/ ,4 65 ;,55+55'(. :'9'(+
'(*67')6)',(8>

*6) 7,)* 0'0)* 6(: )1+-0)* 2+()34/ 6:*+4+()5 ), 2-655'26*4'5),-,./ 3(:+45),,: 165 )*6) ,( +5),4'6( )+4=5 )*+ 7,:/
,0 *4'5) 4+2+'9+: '( )*+ 32*64'5) 165 '( )*+ 1,4:5 ,0 $+4*,*
,0 +'2*+45;+4. )*+ 0-+5* ,0 6 F=+4+G =6( 1*'2* +9+(
)*,3.* ') =6/ 1+-- 7+ 56(2)'0'+: 7/ )*+ '(:1+--'(. ,0 $,:
*6: -'))-+ ;,1+4 ,0 ')5 ,1( ), .'9+ -'0+ ), )*+ ,(+ +6)'(. ')8 >
0)+4 <3,)'(. 6) -+(.)* )*+ 67,9+ (,)+: )+?) 04,= )*+ ,3(2',0 ;*+535 $+4*,* 5)6)+: *'5 ,1( 9'+1
*+ ,(+ 1*, +6)5 )*+ 0-+5* ,0 )*+ ,( ,0 !6( )*+4+0,4+ +6)5 )*+ ,( ,0 !6(
*+ +6)5 )*+ 74+6: 1*'2* 26=+ :,1( 04,= *+69+( 8 8 8 5'(2+
4 "8
C( 8 + 1*, +6)5 )*+ 0-+5* ,0 )*+ ,4: )*+4+0,4+ 6-5, +6)5 )*+ ,4:
'( *'5 0-+5*8 (/ ,)*+4 0-+5* 1,3-: 7+ 1')*,3) 7+(+0') 5'(2+ ') :,+5 (,) *69+
-'0+ 6(: -'0+ .'9'(. ;,1+4 '( ')8>

( +00+2) )*+ 2-6'= =6:+ *+4+ '5 )*6) ,(-/ / "! *3=6( 7,:/
6(: 7-,,: 26( (,34'5* .'9+ -'0+ ), 6(: 3-)'=6)+-/ 569+ *3=6(
7+'(.58 5 $+4*,* ;3) ') )*6) 1*'2* )*+ *342* 4+2+'9+5 ,(
)*+ 5624,56(2) 6-)64 '5 (,) )*+ 7,:/ ,0 6 =6( 65 )*+ *+4+)'2
>
'--'6= ,0 )8 *'+44/
"
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5'
'--3: ,='(' 2,4;35 2,(0')+4+()34 +55+ 2,()46 5+ -,<3+4+()34 2,(5+()'+()+5 '( *4'5),
+, +) *,='(+ F>D G 3(')6)+= +55+ ;+45,(6+8 '2+76() +4., 264(+= '--6= +55+ 9'4'
56(2)'0'26)' +) #+47, 2,(M3(2)' 5+23(:3= :'.(')6)'5 3(')6)+= 63) 5'23) :'9'(6=
;,55':+()'5 *67')6)',(+=8
>
$+4*,* ,0 +'2*+457+4.
)00 %
&
,4 )*+(2+ )*+ *+4+5'642*
+5),4'35 :4+1 ,3) )*+ 9+(,= ,0 *'5 +44,4 *+(2+ )*6) *+ :+('+5 )*6) )*+ 0-+5* 1*'2* '5
+6)+( 3;,( )*+ 6-)64 '5 -'0+ .'9'(. '( 65 =32* 65 ') 1,3-: 7+ )*+ 0-+5* ,0 6 =6(
56(2)'0'+: 7/ )*+ '(:1+--'(. 65 ') 1+4+ ,0 $,:H 73) ') *6: -'))-+ ;,1+4 ,0 ')5 ,1( ), .'9+
-'0+ ), )*+ ,(+ +6)'(. ')
6= +) +5),4'35 *6+4+5'642*6 '(:+ *635') 9+(+(3= 53'
+44,4'5 ')6 3) 264(+= <36+ '( 6-)64' 53=')34 (+.64+) +55+ 9'9'0'26)4'2+= ;4, +, <3,:
+55+) *,='('5 264, '(*67')6)',(+ <365'
+' 56(2)'0'26)6H 5+: ='('=+ ;,)+(5
=6(:326()+= 5+ 9'9'0'264+ 8
>
$+4*,* ,0 +'2*+457+4.
)00 %
!6(:326(5 '.')34
264(+= '-'' *,='('5 =6(:326) '-'3= *,='('5 =6(:326) ;6(+= <3' :+ 2,+-,
:+52+(:') F
G <3+= "6)+4 5'.(69') +35 (,( =6)+4'6-' 5'.'--, 5+: 53==6+
:'9'(')6)'5 '(:+-+7'-' 5'.(623-,H <3'6 ) 8
C( 8 ) ':+, <3' 264(+=
#+47' =6(:326) #+473= <3,<3+ '( 536 264(+ =6(:326)8 -',<3' 264, (,( ;4,:+55+)
<3':<36= 5' (,( *67+4+) '( 5+ 9')6= +) 9'9'0'26(:' +00'262'6=8

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+5),4'35 1'5*+: 73) ') =35) 7+ 26--+: )*+ 7,:/ ,0 )*+ ,4:8 >>
*6) '5 6 32*64'5) .4,3(:+: '( 6 +5),4'6( *4'5),-,./ 1,3-:
2,()6'( ,(-/ +=;)/ 32*64'5)'2 26-,4'+5R
'(.+4'(. 74'+0-/ *+4+ '( )*+ 32*64'5)'2 2,()+?) 6(,)*+4
65;+2) ,0 2-655'26- *4'5),-,./ 2,((+2)+: 1')* -')34./ +=+4.+58
( )*+ -')34.'26- 655+=7-/ )1+-0)* 2+()34/ *4'5)'6(5 (,) ,(-/
4+2+'9+: )*+ ,4:L5 &,:/ 6(: &-,,:H )*+/ 6-5, 1,45*';;+: 6(:
6:,4+: )*+'4 $,:8 *+ *4'5),-,.'26- '553+ +=+4.+5 *+4+ ),,8
0)+4 (,)'(. )*6) +5),4'6('5= :+('+5 ), C+535 )*+ ;4,;+4 (6=+
$,: ;+4='))'(. ') ,(-/ 0'.346)'9+-/ 6(: '=;4,;+4-/ 65
7+0'))'(. ,(+ '(:1+-) 7/ $,: $+4*,* ,0 +'2*+45;+4. 4+),4)5
1')* 6
*6-2+:,('6( :,?,-,./ 7,44,1'(. 6 4+046'( 04,=
"56-=
( $,: 1'-- ;46'5+ )*+ ,4: '( )*+ ,4: 1'-;46'5+ *'5 5;++2*
0
)*+ *3=6(')/ ,0 $,: 6(: )*+ :'9'(')/ ,0 =6(8 0
)*+
$,: =6( )*+ =+:'6),4 ,0 $,: 6(: =6(8 8 8 8 0 / "
0
4 "
'(264(6)+ 0
)*+ :'9'(+ *3=6(')/ 6(: )*+ *3=6( :'9'(')/ 0
)*+ :'9'(')/ '==3)67-/ *3=6('@+:H 0
)*+ *3=6(')/ :'9'('@+:
,4 :+'0'+: (,) 7/ )*+ 2*6(.+67'-')/ ,0 (6)34+ 73) 7/ )*+ 2,==3)6)',( ,0
<36-')'+5 1*'2* '5 5'.('0'+: '( )*+ )')3-64 '(524';)',( 1*+( )*+ =6( 4+2A,(+:
6=,(. 5'((+45 165 26--+: (
7 5
6 :( "
8>

$+4*,* '(5'5)5 )*6) 4'.*)-/ 3(:+45),,: )*+ '(524';)',( ,( )*+
24,55 =+6(5 )*6) )*6) =6( '5 ,(+ ;+45,( ,0 )*+ 4'(')/ 1*,
'5 ), 7+ 6:,4+: '( )*+ .-,4/ ,0 $,: )*+ 6)*+48
*+ '(524';
)',( 6;;-'+5 +<36--/ ), )*+ 2432'0'+: =6( 65 ), )*+ '=;655'7-+
$,:8 > ( *'5 24')'2'5= ,0 7+-64:L5 6;;64+() +5),4'6('5=
>>

$+4*,* ,0 +'2*+457+4. @
"
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>
$+4*,* ,0 +'2*+457+4.
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D
., 63)+= 23= ;,;3-, F D
G 56(2), '( +,
" 8 ) 8
" 8
2
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+' *3=6(')6)+= +) *,='('5 :'9'(')6)+=8
" 8
+3= *,='(+= +' +) *,='(3= =+:'6),4+=8 8 8 8
" 8 ) 8
'(264(6)3=
" 8 :'9'(6= *3=6(')6)+= +) *3=6(6= :'9'(')6)+=
" 8
:'9'(')6)+=
5'(+ 53' =3)67'-')6)+H
" 8 *3=6(')6)+= :'9'(6)6= 5+3
:+'0'26)6= (,( (6)346+ 9+45'7'-')6)+ 5+: <36-')6)3= 2,==3)6)',(+ <36+ 5'.('0'26)6 +5)
'( )')3-' '(524';)',(+ :3= *,=, 23= '('<3'5 4+;3)6)35 C+535 6@64+(35 +? C3:6+,43=
+5) (,='(6)358
>
$+4*,* ,0 +'2*+457+4.
%
%
> D
<3,: *,=, 3(6= 4'(')6)'5 ;+45,(6= :'9'(6 2,(2+;)',(+ '( ),)6= ),)'35

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'--'6= ,0 )8 *'+44/ 5*64;+(5 )*+ ;,'() 0 7+-64: 1,45*';5
)*+ 1*,-+ *4'5) 73) '( +00+2) :'9':+5 *'= '(), )1, ;+45,(5 *+
'5 6( ':,-6),4 1,45*';;'(. 6 =+4+ =6(H '0 *+ :,+5 (,) 1,45*';
)*+ 1*,-+ *4'5) *+ '5 (,) 6 *4'5)'6(R >D +4+ 2-655'26*4'5),-,./ '5 )*+ 9+4/ 765'5 ,0 *4'5)'6( 1,45*';8
#8
&6-:1'( *'=5+-0 0'))'(.-/ ;4,9':+5 )*+ )46(5')',( 04,=
A(,1'(. *4'5) '( )*+ 32*64'5) ), A(,1'(. *4'5) '( )*+ 0-+5*
*4'5)L5 6553='(. ,0 ,34 (6)34+ '5 (,) 3(0'))'(.-/ 3(:+45),,: 65 6 4+2+;)',( ,0
74+6:8 + *'=5+-0 6553=+: )*6) 04,= 1*'2* *+ 0++:5 35 1*+( )*4,3.* )*+
=/5)+4/ ,0 )*+ (264(6)',( *+ 3(')+: =6( ), *'=5+-0 )34('(. )*+ *6/
,0 ,34 (6)34+ '(), .46'(
5, )*6) *+ ='.*) 0++: 35 04,= )*+ 06) ,0
)*+ .46'( 6(: 56)'6)+ 35 04,= )*+ A+4(+- ,0 )*+ 1*+6)8 8 8 8 + 165 =6:+ ), 7+
74+6: 0,4 35 1*'2* 5)4+(.)*+(5 )*+ *+64) ,0 =6(H 74+6: '( )*+ 0,,: ,0
)+62*'(. 74+6: '( )*+ +?6=;-+ ,0 -'0+ 74+6: '( +9+4/ .'0) ,0 5;'4')36- .462+
74+6: '( +9+4/ 2,(5,-6)',( ,0 ,34 ='5+4/H 74+6: 535)6'('(. ,34 -'0+ 6(:
5)4+(.)*+('(. 35 '( )*+ -67,4 ,0 ,34 -'0+ 5, )*6) 7/ ')5 5)4+(.)* 1+ ='.*)
644'9+ 6) )*+ =,3() ,4+7 ,0 $,:8>

4'(')6)'5 .-,4'6= :'9'(6 ;,5) =,4)+= .-,4'0'26)',(+ 6553=;)35 '( .-,4'6 +' "6)4'5 +5)
6:,46(:358 8 8 8 <3,: *,='(' 2432'0'?, 6+<3+ 3) "6)4' +, '=;655'7'-+ 2,(.43') *3M35
)')3-' 5'.('0'26)3=8
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0 )*+( "+)+4 1,45*';5 )*+ 1*,-+ *4'5) )*6) '5 7,)* 65 =6(
6(: 65 $,: )*6) *4'5) 1*,= "+)+4 065*',(5 0,4 *'=5+-0 '( 65 =32* 65 *+ '5 =6( '5
(,) ,(+ ,0 )*+ 4'(')/ 5'(2+ *+ 1,45*';5 532* 6 ,(+ 7+2635+ *+ 6:,4+5 6 24+6)34+ "+)+4
'5 6( ':,-6)+48 &3) '0 *+ :,+5 (,) 1,45*'; )*+ 1*,-+ *4'5) 7,)* 65 =6( 6(: 65 $,:
"+)+4 '5 (,) 6 *4'5)'6(
' '.')34 "+)435 ),)3= *4'5)3= 6:,46) ': +5) +) 5+23(:3=
<3,: *,=, +5) +) 5+23(:3= <3,: +35 +5)H <3'6 *4'5)35 <3+= "+)435 5'7' 0'(.')
5+23(:3= <3,: *,=, +5) '( 4'(')6)+ (,( +5) <3' )6-+= 6:,46) <3,('6= 24+6)346=
6:,46) "+)435 ':,-,-6)46 +5)8 ' ),)3= *4'5)3= (,( 6:,46) ': +5) F
G +) 5+23(:3=
<3,: *,=, +5) +) 5+23(:3= <3,: +35 +5) "+)435 *4'5)'6(35 (,( +5) 8
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>
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D D D
6)346+ (,5)46+ 5352+;)', (,( '(2,(.43+ '()+--'.')34 <365' <36+:6= ;6('5 622+;)',8
22+;') *4'5)35 3(:+ (,5 ;652+4+) 23= ;+4 (264(6)',('5 =/5)+4'3= *,='(+= 5'7'
3('4+) (,5)46+ 264('5 0+(3= 9+4)+(5 '( 043=+()3= 3) (,5 2'764+) +? 6:';+ 043=+()' +)
56)'64+) :+ =+:3--6 )4')'2'8 ,7'5 062)35 +5) .46(3= )4')'2' '( 2,4:+ 7,(, 5+='(6(:3=
FD
G +) 37+4'35 =3-)';-'26(:3=8 62)35 +5) (,7'5 ;6('5 <3' 2,4 *,='('5 2,(0'4=64+)H
;6('5 '( 2'7, :,2)4'(6+ ;6('5 '( +?+=;-, 9')6+ ;6('5 '( ,=(' :,(, 5;'4')36-'5 .46)'6+
;6('5 '( ,=(' 2,(5,-6)',(+ (,5)46+ ='5+4'6+H ;6('5 9')6= (,5)46= 535)+()6(5 +) '(
-67,4+ 9'6+ (,5 2,(0,4)6(5 3) '( +M35 0,4)')3:'(+ ;+49+('6=35 6: =,()+= +' ,4+78

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*+ +65+ 1')* 1*'2* &6-:1'( 1+69+5 ),.+)*+4 32*64'5)'2 6(:
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7+)1++( )*+ )1,8 34('(. ), A(,1'(. *4'5) '( )*+ 0-+5* =32*
2,3-: 7+ 56': 73) 0,4 ,34 ;34;,5+5 )*4++ 537)*+=+5 ;4+5+()
)*+=5+-9+5 56-96)',(
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(5+-= 6(2*,4+: *'5 622,3() ,0 56)'5062)',( '( )*+ 2-655'26;646:'.= ,(-/ ,(+ 1*, 165 03--/ *3=6(
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2,) :8 268
5,3(:5 5+9+46- 5,)+4',-,.'26- (,)+5 3(:+4 )*+
*+6:'(. ,0 =+:'6),4 '( *'5 4+*+6456- ,0 6 ,(+ ;+45,( )1,
(6)34+5
*4'5),-,./ '(2-3:'(. '()+42+55',( 6(: 655'5)6(2+
2,=;655',(6)+ ':+()'0'26)',( 6(: ;,1+403- 4+=+:/ '=')6)',(
6(: 03-0'--=+() ,0 :+5'4+
5'(2+ ,(+ ;+45,( '5 $,: 6(: =6( '( )*6) *+ '5 =6( *+ '()+42+:+5 0,4 35H 73)
'( )*6) *+ '5 $,: *+ 655'5)5 358 ( )*6) *+ '5 =6( 8 8 8 *+ '5 2-,5+ ), 35 ,3) ,0
2,=;655',( 0,4 ,34 ='5+4/ 8 8 8 '( )*6) *+ '5 $,: 1*+( )*4,3.* )*+ 3(',( ,0
,34 (6)34+ 6553=+: 7/ *'= *+ '5 (,) 064 04,= 35 *+ 6-5, 2,(0+45 ,( 35 6(
+00'262',35 4+=+:/8 5 =6( *+ '5 1*6) 1+ '=')6)+H 65 $,: *+ '5 1*6) 1+
:+5'4+8 %+) 8 8 8 ') '5 (,) ,(+ ;+45,( 6(: 6(,)*+4 ,0 1*'2* 1+ 5;+6A 73)
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:,2),4 6553=+: )*+ 0,4= ,0 2,=;655',( 5, )*6) )*+ 5300+4'(.
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:6= ,0 4/734.*
+4=, # '(
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+35 :3= ;+4 3(',(+= (,5)46+ '( +, 6553=;)6+ (6)346+ 6 (,7'5 (,( 4+=,)35 +5) +)'6=
F
&G +00'26? (,7'5 2,(0+4) 4+=+:'3= '( *,='(+ <3,: '=')+=34H '( +, <3,:
:+5':+4+=358 3= )6=+( (,( 5') 6-'35 +) 6-'35 :+ <3, -,<3'=34 5+: 3(35 ':+=<3+
=+:'6),4 +' +) *,='(3= +35 +) *,=, ,='(35 (,5)+4 C+535 *4'5)35
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F73)G )*+ 0,4= ,0 *3='-')/ '5 6 5'.( ,0 )+(:+4 2,=;655',(8 (: 2,=;655',(
0-,15 (6)346--/ 04,= )*+ 0,3() ,0 )*+ =+42/ ,0 $,:H 73) 9+(.+6(2+ 2,=+5
0,4)* 04,= )*+ M35)'2+ ,0 $,: 65 '0 064 616/8 (: )*+4+0,4+ )*+ ,( 1*,
6;;+64+: '( )*+ 0-+5* 0,4 )*+ ;34;,5+ ,0 +?*'7')'(. 2,=;655',( (,)
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0,4=8>

*+ &+(+:'2)'(+ 46(2, ,0 00-'.*+= :8
>
0,4 *'5 ;64)
5,3(:5 )*+ ;6)4'5)'2 (,)+ ,0 :+'0'26)',( &3) =649+-,35 6(:
'(+0067-+ "
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6553=+: 7/ $,: =6( ='.*) 7+2,=+ $,:8
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8
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(264(6)',( 6(: )46:'(. :++;-/ '0 5,=+)'=+5 ,(-/ '=;-'2')-/ ,(
)*+ 2-655'26- ;646:'.= 67,3(:8 77,) 756-,( ,0 ;4'(.'+45
762* :+524'7+5 )*'5 *4'5),-,.'26"
)*35
*+
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(,34'5*+5 6(: 0++:5 '( )*+ -'A+(+55 ,0 0-+5* 0,4 )*+ 2,(2+;)',( (6)'9')/
;655',( 4+5344+2)',( 6(: 652+(5',( 64+ 5, =6(/ =,45+-5 ,0 )*6) 0-+5* 7/
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)*+ ,)*+45 8 8 8 '5 4+)6'(+: '( )*+ ='(:8 *6) 0-+5* (6=+-/ )*+ *3=6(')/ ,0

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6+.+4 4+-+9+)348 8 8 8 ,4=6 5'<3':+= =6M+5)6)'5 )+44'7'-'5 +5) +) 5'.(3= +?'.+(:6+
3-)',('58 ,4=6 9+4, *3='-')6)'5 5'.(3= +5) ;'6+ 2,=;655',('58 +: 2,=;655', :+ 0,()+
='5+4'2,4:'6+ +' (6)346-')+4 ;4,2+:') 3-)', 9+4, :+ M35)')'6 +' )6(<36= F
G 6
4+=,), ;4,9+(')8 ) ':+, '-'35 <3' (,( 6: +?+42+(:6= 9'(:'2)6= 5+: 6: +?*'7+(:6=
2,=;655',(+= '( 264(+ 6;;643') =6.'5 0,4=6= *3='-+= <36= )+44'7'-+= (,7'5 9,-3')
+?*'7+4+G8
46(2, 00-'.*+=
8 C00 %
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'(+0067'-'5 6)<3+ ,=(' 5+(53' '(2,=;4+*+(5'7'-'5 F > G :'.(6)', 3) +35 *,=, 0'+4+)8 8
8 8 +: 234 *,2E ) 6 +, 6553=;)35 *,=, +35 0'+4+)8
&,/: 6/-,4 ,,-=6(
2 )
# 0
6=74':.+ 6=74':.+ ('9+45')/ "4+55
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:'9+45+ A'(:5 ,0 0-+5*8

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&+4(64: ,0 -6'4963? :8
> '5 )/;'26-8 ( *'5
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*3=6( 5300+4'(.8 1, )+?)5 04,= )*+ ;'5)-+ ), )*+ +74+15 64+
*'5 5)64)'(. ;,'()
+74+15
F *4'5)G -+64(+: ,7+:'+(2+
04,= )*+ )*'(.5 *+ 5300+4+: 6(: +74+15
D
') 165
0'))'(. )*6) *+ 5*,3-: 7+2,=+ -'A+ ), *'5 74,)*+45 '( 6-- )*'(.5
)*6) *+ ='.*) 7+2,=+ =+42'03-8 &+4(64:L5 <3+5)',( '5 ,1 26(
1+ 3(:+45)6(:
*4'5)
,7+:'+(2+ 6(: 8
=+42'03-E
*+ 7-+55+: $,: )*+ 7-+55+: ,( ,0 $,: '( )*6) 0,4= '( 1*'2* *+ :': (,)
)*'(A ') 4,77+4/ ), 7+ +<36- 1')* )*+ 6)*+4 165 1')*,3) :,37) '=;655'7-+
7+0,4+ *+ +=;)'+: *'=5+-0 )6A'(. ,( )*+ 0,4= 6 5-69+8 *35 *+ *6: (,
+?;+4'+(2+ ,0 ='5+4/ 6(: 537M+2)',( *+ :': (,) A(,1 =+42/ 6(: ,7+:'+(2+ 7/
+?;+4'+(2+8 + A(+1 7/ )*+ A(,1-+:.+ (6)346- ), *'= 73) (,) 7/ +?;+4'+(2+8
8 8 8 F G+ 26=+ ), )6A+ ,34 0,4= '( 1*'2* *+ 2,3-: :, 1*6) *+ 2,3-: (,) :,
7+0,4+ 5300+4 6(: 7+ 537M+2) ), 63)*,4')/ 6(: -+64( 7/ +?;+4'+(2+ )*+ =+42/ ,0
6 0+--,1 5300+4+4 6(: )*+ ,7+:'+(2+ ,0 6 0+--,1 537M+2)8 8 8 8 *+4+0,4+ 8 8 8
)*+4+ '5 (, 2,()46:'2)',( '( 56/'(. )*6) 5,=+)*'(. *+ A(+1 04,= 6-- +)+4(')/ 7/
*'5 :'9'(+ A(,1-+:.+ *+ (,1 7+.6( '( )'=+ ), -+64( 7/ *3=6( +?;+4'+(2+8 8 8 8
%,3 5++ )*+( )*6) *4'5) '( *'5 ,(+ "+45,( *65 )1, (6)34+5 ,(+ +)+4(6- )*+
,)*+4 7+.'(('(. '( )'=+8 22,4:'(. ), ,(+ *+ A(,15 6-- )*'(.5 +)+4(6--/H
622,4:'(. ), )*+ ,)*+4 )*+4+ 64+ =6(/ )*'(.5 *+ 0'45) +?;+4'+(2+: '( )*+ 2,345+
,0 )'=+8 8 8 8 F ,G 1*+( 56/ *+ 7+26=+ =+42'03- 6= (,) 5;+6A'(. ,0 )*+
=+42/ )*6) 165 *'5 '( )*+ *6;;'(+55 ,0 +)+4(')/H 73) ,0 )*+ =+42/ )*6) 5;46(.
04,= 5*64'(. '( ,34 ='5+4/8 8 8 8 ( )*+ '=;655'7'-')/ ,0 +)+4(')/ *+ *6: 6(
'(0'(')+ 2,=;655',( 0,4 35 73) 1+ 2,3-: (+9+4 *69+ 03--/ 4+6-'@+: ') +?2+;) 0,4
)*+ "655',( 1+ 561 *'= 5300+4'(.8 8 8 8 + :': (,) -,5+ 6(/)*'(. ,0 *'5 +)+4(6=+42/ 73) *+ 6::+: 6 (+1 (,)+ ), ')8 >

756-,( ,0 ;4'(.'+45762*
+4=, #
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+)'6= #+473= 264, 062)3= <3'6 (3)4') +) ;652') *3=6(')65 *4'5)' 6: 5'='-')3:'(+=
264('5 +) 53() =,4535 <3':6= '5)'35 264('5 2,(2+;)', (6)'9')65 ;655', 4+5344+2)', +)
652+(5', <3'735 6('=6 5;'4')6-')+4 ;652')34 :3= 0':+5 (6)'9')6)'5 ;655',('5 +) 26+)+4,43=
<36+ :'?'=35 =+()+ 4+)'(+)348 5)6 264, 9':+-'2+) *3=6(')65 *4'5)' :3= 5;'4')6-')+4
2,=+:')34 264('3= :'9+45' .+(+4'5 (,7'5 56;,4+= +) +53= ;46+)+(:')8
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0 =6(/ ;,55'7-+ ,75+496)',(5 5;62+ 6--,15 ,(+ ,4 &+4(64:
)*+ ,(+ ;+45,( )1, (6)34+5 :,.=6 (,) ,(-/ (+.,)'6)+5 )*+ '553+
,0 :'9'(+ '=;655'7'-')/ 73) 6-5, ;+4*6;5 =,4+ '=;,4)6()-/
6--,15 $,:L5 *3=6(')/ ), 7+ )*+ 4+9+-6)',( ,0 $,:L5 :'9'(')/ '(
)*+ "655',( $,:L5 *3=6( ;655'7'-')/ 4+9+6-5 ;646:,?'26--/
$,:L5 '=;655'7'-+ 6(: '(0'(')+ 2,=;655',(8
&+/,(: 5;+23-6)'9+ '(5'.*) )*,3.* *4'5),-,.'26"
165 6-5, 6 5,342+ ,0 +(:-+55 '()+--+2)36- 1,(:+4 6(: 6=6@+
=+()8 (6765*+:-/ ,34 63)*,45 4+9+- '( )*+ A+(,)'2 =/5)+4/ ,0
:'9'(+ 5+-0 6765+=+() =6:+ ;,55'7-+ 7/ )*+ 3(',( ,0 )*+ )1,
(6)34+5 '( ,(+ ;+45,(8 0)+4 4+9+-'(. '( 9+(+467-+ ;646:,?+5
1')* :++; ;6)4'5)'2 4,,)5 ;646:,?+5 )*6) ,(-/ 1,4A '( 6 2-655'26*4'5),-,.'26- 046=+1,4A 46(2, ,0 00-'.*+= +?2-6'=5
,1 =649+-,35 )*6) $,: 7+26=+ =6( )*6) 03--(+55 +=;)'+: ')5+-0 )*6) 74+6:
*3(.+4+: )*6) ;,1+4 165 1+6A+(+: )*6) -'0+ :'+:R */E , )*6) 6553=+: 7/
$,: =6( ='.*) 7+2,=+ $,:H )*6) ,(+ +=;)/'(. *'=5+-0 ='.*) 0'-- 3; )*+
+=;)/H )*6) ,(+ *3(.+4'(. ='.*) 0++: )*+ 06='5*+:H )*6) ,(+ +?*635)+: ='.*)
5)4+(.)*+( )*+ 1+6AH )*6) ,(+ 1*, :'+: ='.*) 9'9'0/ )*+ :+6:8 $4+6) 03-.462+ =649+-,35 1,4)*'(+55 5, .4+6) 6 5+-0 +=;)/'(. ,0 5, .4+6) 6 =6M+5)/8
,1 :, /,3 53;;,5+ )*6) '==+(5')/ 165 +=;)'+: ,3) '(), )*+ =,5) 5=6-- 6(:
+(2-,5+: '( )*+ =,5) ;34+ 1,=7 ,0 ,(+ -'))-+ 9'4.'(E ,1 165 =(';,)+(2+
+=;)'+: ,3) '( )*+ )+(:+4 6.+ ,0 6( '(06() 6(: '(), )*+ '=;,)+(2+ ,0 *'5
=+=7+458 ,1 165 ,(+ 5'(.3-64-/ 1+6-)*/ 6(: 6-,(+ 5+-0 5300'2'+() +=;)'+:
,3) 532* )*6) *+ 1*, 6:,4(+: )*+ *+69+(5 '( -'.*) '5 146;;+: '( 516::-'(.
2-,)*+5E ,1 165 )*6) '(+0067-+ M,/ ,0 )*+ 6(.+-5 +=;)'+: ,3) 1*+( *+ 16'-5
'( 6 246:-+ 8 8 8E ,1 0'(6--/ 165 )*6) =6M+5)/ +=;)'+: ,3) 1*'2* 5*,3-: 7+
6:,4+: 7/ )*+ ;,1+403- 6(: 5*3))+4+: 6) 7/ )*+ ='.*)/ =,2A+: 7/ 5'((+45
6(: 5=+64+: '( )*+ 062+ 1')* 5;')E &3) -+) (, ,(+ )*'(A )*6) )*+4+ 165 6(
+=;)/'(. ,3) ,0 )*+ ;,1+4 ,0 )*+ :'9'(+ =6M+5)/ '( )*+ 6553=;)',( ,0 =6(
532* )*6) '( ,34 '(0'4=')/ )*+ ,=(';,)+(2+ ,0 $,: 06'-+: ,4 165 '==3(+ '(
5,=+ ;64) ,0 ')8 &3) 46)*+4 -+) *'= 5, :'5)'(.3'5* )*+ ;4,;+4)'+5 ,0 7,)* (6)34+5
3(')+: '( )*+ 56=+ ;+45,( )*6) *+ 3(:+45)6(:5 )*+ '(0'4=')/ ,0 =6( ), 7+
6))4'73)+: ), )*+ :'9'(+ $,:8 F *6) +=;)/'(. ,3) )*+4+0,4+ ,0 )*+ ,( ,0 $,:
'5 ), 7+ 7+-'+9+: ), 7+ (,)*'(. ,)*+4 )*6( )*+ 6:='('5)+4+: *'::+((+55 ,0 )*+
:'9'(+ =6M+5)/ '( )*+ ,( ,0 !6(G8
46(2, 00-'.*+=
8 C00 %
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!'46 63)+= +)
'(+0067'-'5 6)<3+ ,=(' 5+(53' '(2,=;4+*+(5'7'-'5 F > G :'.(6)', 3) +35 *,=, 0'+4+)
;-+(')3:, 5+ +?'(6('4+) ;6('5 +534'4+) 9'4)35 -65564+)34 9')6 =,4+4+)348 +: 234 *,2E )
6 +, 6553=;)35 *,=, +35 0'+4+) 3) +?'(6(')35 +?'(6('),5 '=;-+4+) +534'+(5 M+M3(,5
;652+4+) -65535 :'55,-3),5 2,(0,4)64+) =,4)335 =,4)3,5 9'9'0'264+)8 !6.(6 ;-+(+ .46)'6
='46 :'.(6)', )6()6 )6()6+ =6M+5)6)'5 +?'(6(')',8 S36()3= ;3)65 +?'(6(')35 +46)
'==+(535 74+9'55'=, 6)<3+ =3(:'55'=, 3('35 9'4.3(23-6+ 3)+4, '(2-3535E S36()3=

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/;'26--/ =+:'+96- 264+03--/ :'5)'(.3'5*'(. )*+ )1, (6)34+5
3(')+: '( ,(+ ;+45,( 062'-')6)+: 46)*+4 )*6( *'(:+4+: +:'0/'(.
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8
32* +?6=;-+5 ,0 *4'5),-,.'26- =+:')6)',( 2,3-: 7+ +65'-/
=3-)';-'+:H )*+/ 4+0-+2) )*+ 5+(5'7'-')'+5 ,0 )*+ 6.+8 ( )*+ +(:
)*+5+ ;462)'2+5 (,) ,(-/ 0,5)+4+: 5;+23-6)'9+ '(5'.*) '()+--+2)36(,34'5*=+() 6(: 1,(:+4H )*+/ 6-5,B6(: )*'5 165 )*+ .,6-B
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8
"+4*6;5 (,1*+4+ '5 )1+-0)* 2+()34/ *4'5),-,.'26- :+9,)',(
=,4+ +9':+() )*6( '( 6--+.,4'26- '()+4;4+)6)',( ,0 24';)34+
1*'2* 5, 26;)34+: )*+ !'::-+ .+5 6(: 5, 4+;3-5+5 )*+
=,:+4(R 8 ?6=;-+5 )6A+( 6-=,5) 6) 46(:,= 6(: +65'-/ =3-)'
;-'+: 3;+4) ,0 +3)@L5 2-6'= )*6) )*+ 1+::'(. 0+65) 6) 6(6
5*,15 )*6) )*+ (264(6)',( '5 '(:++: 1*6) )*+ -: +5)6=+()
;4,;*+)5 6(: ;6)4'642*5 ;4+0'.34+: )*6) )*+ )1, (6)34+5
(6=+-/ )*+ :'9'(+ 6(: )*+ *3=6( 1,3-: 2,(9+4.+ '( )*+ ,(+
*4'5) H 9, ,0 *64)4+5 )*+ )1, *+ .,6)5 5'.('0/ )*+ )1,
(6)34+5 '( *4'5) )*+ *3=6( '( 1*'2* *+ 5300+4+: 0,4 ,34
4+2,(2'-'6)',( 1*'2* )*+ .,6) 5624'0'2+: 0,4 5'( 5'.('0'+5H )*+
:'9'(+ 1*'2* )*+ .,6) 5'.('0'+5 1*'2* 8 8 8 '5 5+() 6-'9+ '(), )*+
:+5+4) '( 1*'2* -+69'(. 7+*'(: )*+ ('(+)/ ('(+ 5*++; )*+ .,,:
+?'(6(')35 +46) =(';,)+(5 '( )+(+4'5 '(06()'6+ 6(('5 +) =+=74'5 +)'6= 53' '=;,)+(5E
S36()3= +?'(6(')35 +46) '--+ 5'(.3-64')+4 :'9+5 +) 5,-35 5'7' 5300'2'+(5 3) <3' 2,+-,5 -32+
'(:3+4') ;6(('5 '(9,-3)35 5')E S36()3= +?'(6(')3= F > G +46) '--3: 6(.+-,43=
'(+0067'-+ .63:'3= 23= '( 23('5 96.'4+) 62 ;4'=' ;64+()'5 6+43=(6+ 26356= :+0-+4+)E
S36()3= :+=3= +?'(6(')6 +46) =6M+5)65 '--6 9'4)3)'735 6:,46(:6 ;,)+5)6)'735
)4+=+(:6 6 ;+226),4'735 '44'56 62 062'+ 5;3)'5 '--')6E + <3'5 63)+= +?'5)'=+) ')6
+?'(6(')6= '( 6553=;), *,='(+ :'9'(6+ =6M+5)6)'5 ;,)+()'6= <365' '( '(0'4=')6)+ (,5)46
,=(';,)+()'6 +' :+0+2+4') 63) +? 6-'<36 53' ;64)+ '=='(3)6 5')8 )6 9+4, '( +6:+=
;+45,(6 3)4'35<3+ (6)346+ ;4,;4'+)6)+= :'5)'(.36) 3) '(0'4=6 *,='(' :'9'(6 +,
6))4'73+(:6 '()+--'.6)8 ;56 '.')34 '-'' +' +?'(6(')', ('*'- 6-'3: +55+ 24+:+(:6 +5) F
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