%;4= ><0N.4
'897=),?-61-
0!!!
"7?,?1)B
")3 61- 2-:; +0797*D
%B6 J F\BJ<8
\`7A8 CEM8>BA4A<8
-M7E4J<4A<8 M4@<4FG J4?>< M E4><8@
/ CBFMH><J4A<H B7CBJ<87M<
%<G MJ<_M>H E4>4 M :8A4@<
2A<>B@L FH>68F G8E4C<< 4AGLABJBGJBEBJL6;
4\FM8EFGJB FG4GLFGL>
%B6 J<4EL
/4?>4 M 6<8A<8@
#\BCBG?<J8 CB\Bf8A<8 @87L6LAL
ML @BfA4 M4H94^ 6;8@<BG8E4C<<
ML@ 61>? E4>
%_7EBc^ >B@OE8> E4>BJL6;
&<8MJL>\4 EB?4 M4E4M>OJ < <A98>6=<
24E4M>< A<8 CBJB7H=_ E4>4
6; G8 JFGE`GA8 JB?A8 EB7A<><
2@HGBJ4A8 :8AL A<8 CBJB7H=_ E4>4
*4> U FCELGA4 @<F=4 E4GHA>BJ4
"7?,?1)B
1?>+?6- 89?>+?>6> =>:;E87=)61) 9)3)
'>E8c?4A<8 CB6;B7M8A<4 E4>4
+G47<4 EBMJB=H E4>4
?B>474
24GEML@4A<8
2J<_M8> CB@<`7ML 5<4\><8@ 4 E4><8@
B G4> A4CE4J7` F<` 7M<8=8 :7L =8FM @<`FB
+GBCA<BJ8 7HFM8A<8 F<`
*4> < 6;BEB54 F8E64 U G4><8 F4@8 CEML6MLAL
b@<8E^ J G\HFM6M46; GLCH GE4AF
?B>474 ?<@94GL6MA4
'5EM`> ?<@94GL6MAL
;EBA<6MA8 CEB5?8@L M GE4J<8A<8@
?B>474 J_GEB5BJL6; >4A4\OJ fO\6<BJL6;
&<8A4GHE4?A8 CBfLJ<8A<8 < A4CB=8
b@<8E6<BABcA8 G8?89BAL >B@OE>BJ8 < <AA8 HEM_7M8A<4 58MCEM8JB7BJ8
2J<_M8> CEB@<8A<BJ4A<4 8?8>GEB@4:A8GL6MA8:B M M4GEML@LJ4A<8@ @8G4?<
6<`f><6; J BE:4A<M@<8
B @4 M E4><8@ JFCO?A8:B 6;BEB54 7M<_F8\
*BMJ<_M4A<8 +B?478L
'>H?4EL < >E8@L CEM86<JF\BA86MA8 U =87A4 M :\OJAL6; CEML6MLA E4>4
MLAA<> J<G4@<AL
&<8 @Bf8FM 5L^ FM6M`c?<JL < M7EBJL 58M A<8= U MJ<_M8> M F8EBGBA<A_
$8>< < cEB7>< 94E@468HGL6MA8
+GEM8f F<` CBCH?4EAL6; ?8>OJ A4 E4>4
+GEM8f F<` ?8>OJ A4 M4C4?8A<8 FG4JOJ
+GEM8f F<` 4FC<ELAL
-A<>A<= CH\4C>< 94E@468HGL6MA8=
"7?,?1)B
1- ;)31 9)3 :;9):?6>
[_6M8A<8 6M`c6< H>\474A><
@B6=BA4?A8 CEML6MLAL CBJFG4J4A<4 E4>4
/FMLG>B @4 CB7\Bf8 CFL6;BFB@4GL6MA8
K
+>HG86MA8 E8@87<4 %4EL
*4> U E84>6=4 A4 B7EMH68A<8
/4?>4 M8 M@BE_ JFCB@A<8a
&<8 @HF<FM J4?6ML^
*4> U CBG`fAL HM7EBJ<6<8?
%B6 EBMJ<_MLJ4A<4 FLGH46=< >BA9?<>GBJL6;
*4> =8FG Y5E4><8@ @<\Bc6< 7B F<85<8V
"7?,?1)B
D,97GC +1)B) = ,?1)B)61<
*4> A<8 @Bf8 6<` M45<^
8FC8E46>4 CEO54 CEM8GEJ4A<4 6<4\4
*4> CEBFG4GL < ELML>BJA8 G8E4C<8
-A<>4= A45<4\H CBM4 A<8FB?BAL@ @4F\8@
(BJ<`>FM8A<8 CEBFG4GL
?46M8:B J<`>FMBc^ CEMLC47>OJ E4>4 M4A<>4 F4@B6MLAA<8
"7?,?1)B
66- ?6)+?D+- +?>66131 9>?>3) = 87=:;)=)61< 9)3)
+M6M8C<BA>< U 5B@54 B BCOdA<BAL@ M4C\BA<8
<HFGBABFM8 B:E4A<6M4=_ CEM8C\LJ ?<@9L
/6M8FA8 7B=EM8J4A<8 < =8:B MJ<_M8> M E4><8@
+B=4 U FH5FG4A6=4 E4>BGJOE6M4 7?4 ?H7M<
(EB7H>GL FB=BJ8 M4J<8E4=_
?46M8:B 9ELG>< @B:_ JLJB\4^ E4>4
bJ<4G\B 8?8>GEL6MA8 4 E4>
24A<86MLFM6M8A<8 CBJ<8GEM4 J @<4FG46; < FGE8F
#H6;8A>< @<>EB94?BJ8
'7JB7A<8A<8
"8c?< @4FM E4>4 HA<>4= G4>f8
"7?,?1)B
7 5<:1:? =1-,?1-C )*> :1E <?,97=1C
*4> U >GB :B Y?86MLV
-FHA<`6<8 CBGEM85L CBJFG4A<4 E4>4
K<
bJ<4G\B F\Ba64 U ?86M8A<8 E4>4 CEM8M A4GHE`
'7CBJ<87A<4 <?Bc^ FAH
"87M CBF<\>< B FG4\L6; CBE46;
+GBFH= 7<8G` J8:8G4E<4aF>_ ?H5 J8:4aF>_
]J<6M8A<4 4 E4>
(EMLJE464A<8 CEM8C\LJH ;< U F<\L fL6<BJ8=
-cJ<`6BA4 +4AGN@BA<4 U -M7E4J<4A<8 8@B6=BA4?A8 < J<8?8 J<`68=
E4I<B?4 U 54E7M<8= F>HG86MA4 A<f 6;8@<4
H7BJAL +HC?8@8AG %<A8E4?AL U %<E46?8 %<A8E4? +HCC?8@8AG %%+
&4C4E M M<O\ '=<5J4 U M<O\ FF<46 U =878A ?8> A4 JFMLFG><8 7B?8:?<JBc6<
M<O\ FF<46 M4J<8E4 A4FG`CH=_68 F>\47A<><
#HE46=4 FB7_ B6MLFM6MBA_ < FLEBC8@ >?BABJL@
<GBC?4A>GBA @BEF>< U A4=?8CFM8 FHC8ECBfLJ<8A<8 A4GHEL
!AA8 CB@B6A8 @8GB7L HM7E4J<4A<4
!7,:<57=)61- 1 <=)/1 37F+7=-
-?86M8A<8 C<8EJBGA8= CEML6MLAL
)<;79?-
K<<
);<:A,/C0940
#F<_f>4 >GOE_ J\4cA<8 6MLG4FM @Bf8 M46;J<4^ CB7FG4J_ GJB<6;
CEM8>BA4a B7ABcA<8 7B GJB=8:B 6<4\4 M7EBJ<4 < HM7E4J<4A<4 ?H5 A4
J8G 64\>BJ<6<8 =8 CEM8J4EGBc6<BJ4^ /<8?H @Bf8 CEML=_^ GLGH\ Y*4>
A<8 =8FG 6;BEB5_V M A<87BJ<8EM4A<8@ 7?4 A<8>GOEL6; @Bf8 5L^ BA
CEBJB>H=_6L 7?4 JFMLFG><6; =87A4> 5EM@< B5<86H=_6B #F<_f>4 G4
5`7M<8 B7@<8A<4=_6L@ fL6<8 B7>EL6<8@ 7?4 BFO5 >GOE8 @4=_ A4 GL
?8 BGJ4EGL H@LF\ 45L MEBMH@<8^ f8 E4> A<8 =8FG 6;BEB5_ &BJBGJOE
GB CB78=@BJ4A4 CEM8M A4FM8 6<4\B @<FG8EA4 78FC8E46>4 < BFG4G86M
A4 CEO54 HGEML@4A<4 F<` CEML fL6<H G4> 7\H:B A4 <?8 CBMJB?_ B>B
?<6MABc6< G8 =4> 5`7M<8FM @O:\ F<` CEM8>BA4^ J GE4>6<8 ?8>GHEL
>B?8=AL6; EBM7M<4\OJ >F<_f>< A4=CE4J7BCB7B5A<8= F4@ @Bf8FM >BA
GEB?BJ4^
L^ @Bf8 5`7M<8FM M7H@<BAL :7L 7BJ<8FM F<` f8 CBMBFG4=_6
CB7 JC\LJ8@ :\OJAL6; 6MLAA<>OJ JLJB\H=_6L6; E4>4 6B FG4ABJ<
CE4J7M<J_ 6;BEB5` A4=CE4J7BCB7B5A<8= H@4E\5Lc FML5>B :7L5L
GJB=8 6<4\B A<8 M46M`\B CEB7H>BJ4^ >B@OE8> E4>BJL6; / A<A<8=
FM8= CH5?<>46=< CEBCBAH=` CB78=c6<8 7B E4>4 =4>B 7B CEB68FH HM7E4
J<4A<4 >GOEL A4?8fL JFC<8E4^ 4 A<8 CBJFGEML@LJ4^ 6ML MJ4?6M4^
BFG4E6M4@ 7BJB7OJ A4 GB f8 GB E46M8= @4\B BEGB7B>FL=A8 CB78=
c6<8 =8FG B J<8?8 54E7M<8= F>HG86MA8 J HM7E4J<4A<H A<f @8GB7L >GOE8
CB?8:4=_ A4 A<FM6M8A<H ABJBGJBEH
B74G>BJB GJ<8E7M` f8 E4> U =878A M A4=CBG`fA<8=FML6; @86;4
A<M@OJ HM7E4J<4A<4 A4FM8:B 6<4\4 U M4<FGA<8=8 GL?>B JG87L :7L =8
78A ?H5 B54 M CBA<fFML6; J4EHA>OJ MBFG4A_ FC8\A<BA8
\OJA8 FLFG8@L HFHJ4A<4 B7C47OJ < 78GB>FL>46=< 6<4\4 A<8
JL>BAH=_ B7CBJ<87A<B FJB<6; 9HA>6=<
+LGH46=4 B:EB@A8:B FGE8FH CFL6;B8@B6=BA4?A8:B MBFG4\4 M4
f8:A4A4 ?H5 A<8 =8FG =Hf <FGBGA4 J fL6<H 74A8= BFB5L
!FGA<8=_ 7BJB7L A4 GB f8 B7ABF< F<` GB A<8 GL?>B 7B E4>4 4?8 EOJA<8f
7B J<`>FMBc6< CEB5?8@OJ M7EBJBGAL6;
,8 7J<8 :\OJA8 CEML6MLAL EBMJB=H E4>4 JL@4:4=_ FM6M8:O
\BJ8:B JL=4cA<8A<4 >GOE8:B H7M<8?` A4 >4EG46; A<A<8=FM8= >F<_f><
(B76M4F :7L C<8EJFML J4EHA8> @Bf8 5EM@<8^ EBMF_7A<8 7?4 GL6;
>GOEML M74=_ FB5<8 FCE4J` M8 MJ<_M>H @<`7ML GB>FLA4@< 4 E4><8@
7EH:< @Bf8 JL74J4^ F<` CBM54J<BAL F8AFH '5<86H=` =87A4> f8 ?8>
GHE4 >B?8=AL6; EBM7M<4\OJ H6MLA< :B 54E7M<8= MEBMH@<4\L@
&4 E4M<8 6;6` M4MA46ML^ f8 E4> JLJB\4AL FGE8F8@ A<:7L A<8
CB=4J<4 F<` <;0/E-> FGE8FH=_68:B JL74EM8A<4 4?8 <; GL@ =4> 74A4
FLGH46=4 J =4><@c FGBCA<H MBFG4A<8 =Hf EBMJ<_M4A4 ?H5 JLC8\A< F<`
+GE8FH=_68 7BcJ<476M8A<4 GB @<A 5L6<8 58MEB5BGAL@ CEM8M =4><c
6M4F 5B?8FAL EBMJO7 7\H:BGEJ4\4 CBJ4fA4 6;BEB54 H>B6;4A8= BFB
5L @B:_64 CEBJ47M<^ 7B =8= c@<8E6< @B?8FGBJ4A<8 8@B6=BA4?A8 ?H5
9<ML6MA8 6<8EC<8A<8 M CBJB7H GE4H@4GL6MA8:B JLC47>H ?H5 >?`F><
fLJ<B\BJ8= HGE4G4 @<8FM>4A<4 ?H5 EM86ML BFB5<FGL6; <G7 "8c?< M:B7
A<8 M @B<@ CEM8>BA4A<8@ E4> A4CE4J7` =8FG @86;4A<M@8@ HM7E4
J<4A<4 JLFG_C<8A<8 B5=4JOJ ?86MA<6ML6; G4><6; =4> EBMJO= :HM4
@4 F8AF <; HFG_C<8A<H >ELMLFH 6ML >BA9?<>GH CFL6;B8@B6=BA4?A8:B
4 :51 B ?=-7/51 =8:B GEJ4A<4
/ F>E4=AL6; CEMLC47>46; :7L =8FG8c@L A4E4f8A< A4 7M<4\4A<8
MA46MAL6; <?Bc6< 6MLAA<>OJ CBJB7H=_6L6; E4>4 GMJ >4E6LAB:8
AOJ M7B?ABc6< B5EBAA8 BE:4A<M@H @B:_ M4\4@4^ F<` J 6<_:H ><?
>HA4FGH GL:B7A< ?H5 @<8F<`6L (E4J7BCB7B5A<8 7BCEBJ47M< GB 7B
:J4\GBJA8:B < 4:E8FLJA8:B JMEBFGH :HM4 E4>BJ8:B CBCEM8M >GO
EL 6<4\B CEO5H=8 CBE47M<^ FB5<8 M FLGH46=_ M4:EBf8A<4 fL6<4 "87A4>
J CEM8J4f4=_68= ?<6M5<8 CEMLC47>OJ CBGEM854 B J<8?8 7\HfFM8:B
6M4FH A<f ><?>4A4c6<8 @<8F<`6L 45L G8 GMJ M\Bc?<J8 :HML HEBF\L
A4 GL?8 5L @B:\L MBFG4^ JL>ELG8 CEML CB@B6L HEM_7M8a 7<4:AB
FGL6MAL6;
&<8FG8GL MJL>\8 A<8MEBMH@<8A<8 6ML G8f 64\>BJ<GL 5E4> cJ<47B
@Bc6< 6B FG4ABJ< CE4J7M<J8 CEML6MLAL JMEBFGH M\Bc?<JL6; :HMOJ
FCBJB7BJ4\L f8 M46M`GB CBFGEM8:4^ YA<8ABE@4?A8V >B@OE>< E4>B
J8 =4>B M\Bc?<J8 CBGJBEL >GOE8 FG4E4=_ F<` HC4E6<8 A4F HA<68FGJ<^
K<I
5L^ @Bf8 J B7J86<8 M4 :EM86;L ?H5 5E4> GEBF>< B A4FM8 6<4\B B
J<8FM F<` =87A4> f8 E4> =8FG CB A4FM8= FGEBA<8 4 A<8 CEM86<J>B A4@
"8c?< A<8 M@<8A<@L FCBFB5H CB=@BJ4A<4 6ML@ A4CE4J7` =8FG
E4> 5`7M<8 BA B7CBEAL A4 ?86M8A<8 MJ\4FM6M4 CEML HfL6<H A4=
54E7M<8= YM44J4AFBJ4AL6;V < A4=6M`c6<8= FGBFBJ4AL6; G8E4C<< "8c?<
@4FM E4>4 < =8c?< 94>GL6MA<8 =8FG BA 6M`c6<_ F>B@C?<>BJ4A8:B CEB
68FH CBMJ4?4=_68:B A4FM8@H 6<4\H CEM8fL^ =4> GB J\4cA<8 FH:8EH=`
4 A<8 6;BEB5_ A4?8fL MA4?8d^ B7CBJ<87M< A4 M4F47A<6M8 CLG4A<4
Q "4><8 CEML6MLAL F>\4A<4=_ 6<4\B 7B GJBEM8A<4 >B@OE8> ABJB
GJBEBJL6;
Q 7L B>E8c?<FM G8 CEML6MLAL =4> 5`7M<8FM @HF<4\ F<` A<@< M4=_^
45L H@Bf?<J<^ FJB=8@H 6<4\H HM7EBJ<8A<8 F<`
Q B B>E8c?4 EB7M4= < FG47<H@ E4>4 >GOEL @Bf8 6<` 7BG>A_^
Q "8c?< E4> =8FG @86;4A<M@8@ CEM8GEJ4A<4 6B A4?8fL MEB5<^ 45L
M4CB5<86 H6<8>4A<H F<` 6<4\4 7B G4> 7E4FGL6MA8:B cEB7>4 F4@B
B5EBAL =4><@ =8FG ABJBGJOE
Q +>BEB C<8EJBGA4 >BAFGEH>6=4 :8A8GL6MA4 6<4\4 M4JFM8 94JBEL
MH=8 CB7GEML@4A<8 fL6<4 < B6;EBA` CEM87 =4><@<>B?J<8> CEM8
6<JABc6<4@< 7?46M8:B 6<4\B CBMJ4?4 A4 F4@BMA<FM6M8A<8
Q ?46M8:B J<`>FMBc^ CEMLC47>OJ E4>4 M4A<>4 F4@B6MLAA<8
58M <AG8EJ8A6=< @87L6MA8=
Q ML A4cJ<8G?4A<8 6;8@<BG8E4C<4 < BC8E46=8 EM86MLJ<c6<8 ?86M_
E4>4 6ML @Bf8 BFB5L Y?86MBA8V GL@< @8GB74@< CEM8fL\L 7M<`
>< <AAL@ 6MLAA<>B@ <;959; M4FGBFBJ4A<4 G4> 7E4FGL6MAL6;
C8\AL6; F>HG>OJ H5B6MAL6; G8E4C<<
Q "4>_ EB?` B7:ELJ4=_ FGE46; 9EHFGE46=4 A<F><8 CB6MH6<8 J\4FA8=
J4EGBc6< < FG\H@<BAL :A<8J J CBJFG4J4A<H < BFG4G86MAL@ JL
A<>H E4>4
Q "4>< JC\LJ J F8AF<8 7H6;BJL@ @4 A4 A4F ABJBGJOE =8c?< G4
>BJL @4
"8c?< 6;68FM M4=_^ F<` CEML6MLA4@< E4>4 < HM7EBJ<^ 6<4\B CBJ<A<8A8c
MA4?8d^ JL6M8ECH=_68 < @4=_68 CE4>GL6MA8 M4FGBFBJ4A<8 B7CBJ<87M<
A4 CBJLfFM8 CLG4A<4 "8c?< 6MH=8FM J8JA`GEMA_ CBGEM85` B7>EL6<4
F8AFH J JL74EM8A<H M@<8A<4=_6L@ fL6<8 =4><@ A<8J_GC?<J<8 =8FG
6;BEB54 ABJBGJBEBJ4 74?FM4 ?8>GHE4 G8= >F<_f>< 5`7M<8 7?4 6<85<8
KI
A<8MJL>?8 CB@B6A4 *4> @Bf8 5L^ GJB=_ A4=J<`>FM_ FM4AF_ A4
CEMLJEO68A<8 EOJABJ4:< J8 JFMLFG><6; 7M<87M<A46; fL6<4 6;B6<4f
@Bf8 EOJA<8f M4CBJ<474^ GE4H@` < 6<8EC<8A<8 >GOEL6; 7BcJ<47
6MLFM =8c?< 5`7M<8FM :B GE4>GBJ4\ =4> M4:EBf8A<8 7?4 GJB=8:B fL6<4
,4> 6ML <A46M8= B7>EL=8FM f8 M4JFM8 >BAGEB?H=8FM FJO= BE:4A<M@
5L <FGA<8^ J ?H7M><@ 6<8?8 @HF<FM @<8^ 7BFG`C 7B B>E8c?BAL6;
M4FB5OJ 8A8E:<< fL6<BJ8= %Bf8FM 4?5B JL>BEMLFGLJ4^ =8 7B M4F<
?4A<4 < HM7E4J<4A<4 6<4\4 4?5B @4EABJ4^ =8 A4 J4?>` M GMJ 6;BEB5_
>GOE4 U =4> :\BF< @87L6MA4 G8BE<4 U 6;68 6<` M45<^ 'FG4G86MAL JL5OE
A4?8fL 7B 6<85<8
"8c?< cJ<47B@<8 ?H5 CB7cJ<47B@<8 JL5<8EM8FM M4A<875LJ4A<8
CBGEM85 FJB=8:B BE:4A<M@H 4?5B J4?>` M 6<4\8@ M4@<4FG 6MH\8= GEB
F>< < FM46HA>H 7?4 F4@8:B F<85<8 CE4J7BCB7B5A<8 5`7M<8 BAB
J >Ba6H M@HFMBA8 J4?6ML^ B CEM8GEJ4A<8 \OJAL@ CEB5?8@8@
J GL@ CEMLC47>H A<8 =8FG GB 6ML @4FM E4>4 4?8 FCBFO5 J =4>< :B
B75<8E4FM < 6B M A<@ MEB5<FM
*4> =8FG GL?>B =87A_ M J<8?H @8GB7 M4 CB@B6_ >GOEL6; BE:4A<M@
M@HFM4 6<` 7B M@<4AL FCBFB5H J =4>< CBFGEM8:4FM < GE4>GH=8FM F<85<8
F4@8:B J GL@ G4>f8 FJB=8 6<4\B %Bf8FM H6MLA<^ ABJBGJOE 6ML@c
B>EBCAL@ 6B HGJ<8E7M< 6<` J CEM8>BA4A<H f8 =8FG8c 58MF<?A_ B9<4E_
%Bf8FM =87A4> 7BFGEM86 J E4>H FM4AF` A4 CEM8=`6<8 B7CBJ<87M<4?
ABc6< M4 FJB=8 fL6<8 A4 B7>EL6<8 A4=68AA<8=FML6; J4EGBc6< < A4
H6M8A<8 F<` FM46HA>H 7?4 F4@8:B F<85<8 /FMLFG>B GB A<8EBM8EJ4?A<8
\_6ML F<` M G8@4G8@ M7EBJ<4 7H6;BJ8:B >GOE8 =4> HJ4f4@ B7:EL
J4 CEMLA4=@A<8= G4> F4@B J4fA_ EB?` J CEMLC47>H ABJBGJBEH =4>
6MLAA<>< 9<ML6MA8 < 8@B6=BA4?A8
*4> JL74=8 F<` 5L^ 54E7MB MJB7A<6ML@ < A<8CEM8J<7LJ4?AL@
M45HEM8A<8@ %Bf8 7BG>A_^ >4f78:B M A4F M4EOJAB GL6; 54E7MB
FM6M`c?<JL6; =4> < GL6; 54E7MB F@HGAL6; 5B:4GL6; < 5<87AL6; C4
?46ML < BFB5L A<8C4?_68 ?H7M< 54E7MB M7EBJL6; < 6;BEBJ<GL6; ! 6;B
6<4f 74JA<8= E4> JcEO7 7M<86< JLFG`CBJ4\ FCBE47L6MA<8 7M<F<4= A<8
=8FG =Hf M=4J<F><8@ G4> EM47><@
'FB5L JLJB7M_68 F<` M EOfAL6; cEB7BJ<F> < JL>BAH=_68 EBM@4
<G8 M4JB7L @B:_ @<8^ E4>4 "87A4> =8c?< Bc@<8?<FM F<` M4=EM8^ CB7
@4F>` B5=4JOJ 9<ML6MAL6; G4><6; =4> EB7M4= JL:?_7 < M46;BJ4A<8
:HMOJ E4>BJL6; M4HJ4fLFM f8 E4> A<8 =8FG G4> CEMLC47>BJL < A<8
CEM8J<7LJ4?AL =4> A4@ F<` JL74=8
KI<
B FCE4J<4 f8 H CEB68AG 4@8EL>4aF><8:B FCB\86M8aFGJ4 EL
ML>B EBMJB=H E4>4 =8FG JLFB><8 CB76M4F :7L CBMBFG4\4 6M`c^ A<8 =8FG
A<@ J B:O?8 M4:EBfBA4 '54E6M4A<8 J<A_ :8AOJ =8FG =87LA<8 JL
@OJ>_ @4=_6_ A4 68?H M4GHFMBJ4A<8 <:ABE4A6=< JB586 CE4J7M<JL6;
CEML6MLA CBJFG4J4A<4 ABJBGJBEH ?H5 G8f FCBFB58@ A4 MJ45<8A<8
BFO5 7BG>A<`GL6; E4><8@ 7B F>BEMLFG4A<4 M >BFMGBJAL6; CEB:E4@OJ
?86M8A<4 ?H5 CEB9<?4>GL><
/ 74?FML6; 6M`c6<46; >F<_f>< B@OJ<` A4=ABJFM8 5474A<4 B7AB
FM_68 F<` 7B @Bf?<JL6; 6MLAA<>OJ 7M<87M<6MAL6; MJ<_M4AL6; M E4
><8@ C<8EF< C\H6 < J<8?B@4 <AAL@< `7M<8FM M7M<J<BAL 94>G8@ <f
:8AL @4=_ A<8J<8?8 =8c?< J B:O?8 6B>B?J<8> JFCO?A8:B M GL@ f8
6M\BA>BJ<8 74A8= EB7M<AL B7 CB>B?8a @4=_ G8A F4@ EB7M4= E4>4
,4> A4CE4J7` 6MB\BJ< 54746M8 J 7M<87M<A<8 :8A8GL>< CBGJ<8E7M4
=_ f8 JC\LJ :8AOJ =8FG M4?8fAL B7 G8:B 6B =8@L =4> @Lc?<
@L 6B B76MHJ4@L < J =4>< FCBFO5 CEM8fLJ4@L A4FM8 fL6<8 8AL
A<8 CEM8FG4=_ G4> CB CEBFGH C8JA8:B 7A<4 CE4J<7\BJB 9HA>6=BAB
J4^ CBJB7H=_6 6;BEB5L 4 CBG8@ CEM8>4MH=_6 =8 A4FML@ 7M<86<B@
< JAH>B@ (E4J7` @OJ<_6 ABJ8 5474A<4 64\>BJ<6<8 M4CEM86M4
=_ CEM8>BA4A<H f8 @HG46=4 :8A8GL6MA4 CBJB7H=8 E4>4 ?H5 G8f =8:B
EBMCEM8FGEM8A<4A<8 F<`
*4> B7 M4JFM8 5L\ A<8MJL>?8 EM47>B JLFG`CH=_6_ CEMLC47\Bc6<_
+LGH46=4 H?8:\4 M@<4A<8 J 6M4F<8 BFG4GA<6; ?4G JE4M M EBM
JB=8@ >E4=OJ HCEM8@LF\BJ<BAL6; $H7M><8 :8AL A<8 M@<8A<\L F<`
M5LGA<B B7 GLF<`6L ?4G ?46M8:B J<`6 @<4\L5L F<` G4> MA46MA<8 CEM8
>FMG4\6<^ J 6<_:H BFG4GA<6; 7M<8F<`6<B?86< A4:?8 786L7H=_6 F<` A4 M4
4G4>BJ4A<8 < HA<68FGJ<8A<8 CE4J<8 CB\BJL CBCH?46=< '7CBJ<87d A4
GB CLG4A<8 6B J C8\A< JL=4cA<` J >F<_f68 =8FG M4F>4>H=_6B CEBFG4
CB@<@B G8:B f8 :8AL @B:_ H?8:4^ @HG46=< M CBJB7OJ B@OJ<B
AL6; J 74?FML6; 6M`c6<46; CH5?<>46=< A4J8G =8c?< MBFG4A_ HFM>B7MB
A8 6ML 7M<4\4=_ A<8CE4J<7\BJB A<>B:B A<8 F_ J FG4A<8 M45<^
/4fA8 =8FG 45L M74^ FB5<8 FCE4J` M G8:B f8 E4> A<8MJL>?8 EM47
>B CBJB7H=8 c@<8E^ 6;B^ A<8M4CEM86M4?A<8 J<8?8 BFO5 7BG>A<`GL6;
ABJBGJBE8@ H@<8E4 "87A4>f8 =8FG B J<8?8 54E7M<8= CE4J7BCB7B5
A8 f8 7B M:BAH 7BCEBJ47M_ <=ED/ED:D @HG46=< >B@OE>BJ8= < EBM
JB=H :HM4 4 A<8 F4@ E4> 6;L54 f8 :HM FCBJB7H=8 CBJ4fA_ 5?B>47`
@86;4A<6MA_ J J4fAL@ 7?4 fL6<4 BE:4A<8 ?H5 MA46M_6B B:E4A<6ML
7BC\LJ >EJ< 7B A<8:B 6ML G8f 7E8A4f ?<@9L
KI<<
#4f74 G8E4C<4 E4>BJ4 CBJ<AA4 F>HC<4^ F<` A4 C<8EJBGAL6; CEML
6MLA46; CBJFG4A<4 ABJBGJBEH 4 =87A4> J<`>FMBc^ BA>B?B:OJ M4
MJL6M4= =8 <:ABEH=8 /8d@L M4 CEML>\47 7<8G` BC4EG_ A4 A<8M7EBJ8=
fLJABc6< >GOE4 M4MJL6M4= CBM54J<BA4 =8FG =4><6;>B?J<8> J4EGBc6<
B7fLJ6ML6; < CE4J7M<J8= 8A8E:<< +CBfLJ4=_6 G4><8 CBfLJ<8A<8
GL?>B CBMBEA<8 =8FG8c@L FL6< &<8 7BFG4E6ML?<c@L A4FM8@H BE:4A<
M@BJ< B7CBJ<87A<8= <?Bc6< F>\47A<>OJ B7fLJ6ML6; 78 946GB :B
J<`6 :\B7M<@L / >F<_f68 EBMJ<A` J_G8> 7BGL6M_6L G8:B =4> BJB
F4@B78FGEH>6L=A8 7M<4\4A<8 4>GLJ<MH=8 J A4FML@ 6<8?8 F<?A8 CEB68FL
HM7E4J<4=_68
BE4M JLE4dA<8= J<74^ f8 CE4J<8 JFMLFG><8 EB7M4=8 E4>4 F_ CB
CEM87MBA8 EOfABEB7AL@< GE4H@4GL6MAL@< JL74EM8A<4@< G4><@< =4>
EBMJO7 c@<8E^ 5?<F><8= BFB5L JLC478> HGE4G4 CE46L ?H5 EM86ML BFB
5<FGL6; 6<_:\L >BA9?<>G M FM898@ ?H5 EB7M<A_ 6ML G8f JLFG4J<8A<8
F<` A4 7M<4\4A<8 F<?AL6; GB>FLA ,4> <AG8AFLJA<8 B77M<4\H=_68 6MLA
A<>< FGE8FBJ8 M@HFM4=_ 6<4\B 7B B7CBJ<87M< / B7EH6;H F4@BB5EB
AL HEH6;4@<4 BAB @86;4A<M@L CEM8GEJ4A<4 >GOE8 @B:_ CEML5E4^
9BE@` GL@6M4FBJ8:B YA<8ABE@4?A8:BV 7M<8?8A<4 F<` >B@OE8> ;B^
CB=4J<4=_6L F<` J JLA<>H G8:B :HM ABJBGJBEBJL =8FG A474? HJ4f4
AL CEM8M J<`>FMBc^ ?8>4EML M4 6;BEB5` 4 A<8 @86;4A<M@ HM7E4J<4
A<4 A<8 MA46ML GB =87A4> f8 =8FG GB CE4J74
HML E4>BJ8 F_ =87LA<8 B5=4J4@< 6;BEB5L !6; CEML6MLA4 @Bf8
A<8 5L^ B6MLJ<FG4 =8FG =87A4> =4FA8 f8 A<8 CB=4J<4=_ F<` BA8 58M
CBJB7H <_:\8 >BA9?<>GL 8@B6=BA4?A8 f4? A8EJ<64 CB6MH6<8 J<AL
< JFGL7H @B:_ \4GJB A47JLE`fL^ 9HA>6=BABJ4A<8 H>\47OJ B7CBE
ABc6<BJ8:B BE4M GE4J<8AA8:B < CB7FG4JBJ8 CEB68FL @8G45B?<6MA8
GJBEM_6 J G8A FCBFO5 J4EHA>< 7B EBMJB=H :HMOJ E4>BJL6;
&4 FM6M`c6<8 MJ<_M8> @<`7ML E4><8@ < FGE8F8@ A<8 =8FG =Hf JL
FF4A_ M C4?64 G8BE<_ (BGJ<8E7M<\L :B JLA<>< ?<6MAL6; 5474a 8A
GEH@ 24CB5<8:4A<4 < #BAGEB?< ;BEO5 8AG8EF 9BE <F84F8 BAGEB?
4A7 (E8I8AG<BA U CB7>E8c?4 A4 FJB=8= FGEBA<8 <AG8EA8GBJ8=
Y!AG8AFLJAL < CEM87\Hf4=_6L F<` FGE8F @Bf8 CEBJ47M<^ 7B EOfAL6;
>EOG>B < 7\H:BG8E@<ABJL6; A<8>BEMLFGAL6; F>HG>OJ 7?4 M7EBJ<4
%Bf8 M4>\O6<^ J6M8FAL EBMJO= @OM:H BE4M HGEH7A<^ 9HA>6=BAB
J4A<8 H>\47OJ A8EJBJ8:B < B7CBEABc6<BJ8:B B74G>BJB FGE8F
J 7M<86<aFGJ<8 @Bf8 CEBJ47M<^ 7B CEB5?8@OJ M7EBJBGAL6; J COd
KI<<<
A<8=FML@ fL6<H G4><6; =4> 4?>B;B?<M@ 78CE8F=4 M45HEM8A<4 GE4J<8
A<4 6;BEB5L F8E64 E4> < <AA8 6;BEB5L CEM8J?8>\8V
(B@<@B A<8M4CEM86M4?AL6; 7BJB7OJ A4 F\HFMABc^ FG4ABJ<F>4
J<`>FMBc^ ?8>4EML EM47>B 7BFGEM8:4 ?H5 CEO5H=8 ?86ML^ C<8E
JBGA8 CEML6MLAL 6;BEB5L F>HC<4=_6 F<` E46M8= A4 HFHJ4A<H =8= B5
=4JOJ L^ @Bf8 GB >?H6MBJ8 < CBG8A6=4?A<8 c@<8EG8?A8 J F>HG>46;
A<87BC4GEM8A<8 CE4J<8 64\8:B cEB7BJ<F>4 @87L6MA8:B @4 FJB=8
CB7\Bf8 J <:ABE4A6=< 7?4 MJ<_M>H @<`7ML FGE8F8@ 4 6;BEB5_ J >Ba
6H =87ABc^ 6<4\4 M H@LF\8@ A<8 =8FG GL@ 6M8:B A4H6M4 F<` J FM>B
\46; @87L6MAL6;
(E46H=_6 CEM8M CBA47 GEML 78>47L M GLF<_64@< C46=8AGOJ ?86M_
6L6; F<` A4 E4>4 M46M_\8@ 7BFGEM8:4^ C8J<8A CBJG4EM4=_6L F<` FCB
FO5 @Lc?8A<4 B>E8c?BA8 CEM8>BA4A<4 < H6MH6<4 >GOE8 5L\L JFCO?A8
J<`>FMBc6< M A<6; B>\47A<8= EM86M H=@H=_6 A<8 FCBG>4\8@ 7BEB
F\8:B C46=8AG4 >GOEL A<8 ABF<\5L 6<`f4EH A<F><8= F4@BB68AL A<8
EBMJ<_M4AL6; >BA9?<>GOJ ?H5 M@4EGJ<8a 6ML CEM8FM\L6; >BA9?<>GOJ
HE4MOJ >GOE8 A474? HGEML@LJ4\L F<` J =8:B CB7cJ<47B@Bc6< < C4
@<`6< >B@OE>BJ8= /<8EM` f8 E4> =4>B GMJ 6;BEB54 A<8 CB=4J<4 F<`
6;L54 f8 GBJ4EMLFML @H F<?AL CB7cJ<47B@L FGEH@<8a A<8C8JABc6<
8@B6=BA4?A8= < :\`5B>B M4>BEM8A<BAL6; 9EHFGE46=<
BEBc?< C46=8A6< 6;BEH=_6L A4 E4>4 6M`FGB 6<8EC<_ M CBJB7H 5E4
>H FM46HA>H 7?4 F<85<8 F4@8:B BE4M 5E4>H J<4EL J F<85<8 < M4MJL
6M4= M@4:4=_ F<` M 6ML@c 6B B>E8c?4@ @<4A8@ YA<87B>Ba6MBAL6;
FCE4JV J <6; fL6<H *4> @Bf8 FG4^ F<` 7EB:_ 7B H=4JA<8A<4 dEO7\4
A<8EBMJ<_M4A8:B >BA9?<>GH J8JA`GEMA8:B / 7B74G>H @Bf8 CB@O6
C46=8AGB@ A4H6ML^ F<` fL^ M GL@ >BA9?<>G8@ 4 6M`FGB G4>f8 CBMJB?<
:B EBMJ<_M4^
"87LAL@ FCBFB58@ A4 CBM5L6<8 F<` 6;J4FGOJ =8FG JLEJ4A<8 <6;
M >BEM8A<4@< / G4>< BGB FCBFO5 @HF<@L GE4>GBJ4^ E4>4 C4@<`G4
=_6 f8 =8FG BA GL?>B J<7B6MA_ 6M`c6<_ EBc?<AL U CEMLC E87
J <AAL@ CEMLC47>H J >Ba6H CBJEO6<
'41 221/?> ;2 45804;;0 &?=1>> ;: 1-8?4 /=;>> ?41 521><-: /C\LJ FGE8FH J 7M<86<a
FGJ<8 A4 COdA<8=FML FG4A M7EBJ<4 CH5?<>46=4 8AGEH@ 24CB5<8:4A<4 < #BAGEB?< ;BEO5
BA?<A8 JJJ676:BIA6<C6CH5E8FC796;<?7;BB73FGE8FFC79 4A: F
(EMLC<FL B7E874>6L=A8 CB6;B7M_ B7 CB?F><8:B JL74J6L
K<K
M`FGB F\LFM` 4E:H@8AG f8 MJ<_M8> FGE8FH 8@B6=BA4?A8:B < E4>4
7BGL6ML =87LA<8 BFO5 7BEBF\L6; M4c J B:O?8 A<8 B7ABF< F<` 7B @4
\L6; 7M<86< @4=_6L6; 5<4\46M>` ?H5 E4>4 @OM:H &<8 M:47M4@ F<`
M GL@ 4 FG4ABJ<F>B =8FG CB7B5A8 7B @B=8:B +GE8F 7M<86<`6L
@Bf8 CEBJ47M<^ 7B EBMJB=H E4>4 =4> GJ<8E7M< (BA47GB Y?H
7M<8 B76MHJ4=_ FGE8F J6M8cA<8 A4J8G CEM87 HEB7M8A<8@V U 6MLG4@L
A4 <AG8EA8GBJ8= FGEBA<8
"8FG 94>G8@ H7BJB7A<BAL@ A4H>BJB f8 =Hf J \BA<8 @4G>< 7M<86
>B B76MHJ4 =87A8 M A4=F<?A<8=FML6; JC\LJOJ =4><@ @Bf8 5L^ CB7
74A8 J FJB<@ fL6<H (BGJ<8E7MBAB f8 8@B6=BA4?A8 < 9<ML6MA8 7B
cJ<476M8A<4 @4G>< @4=_ MA46M_6L JC\LJ A4 M7EBJ<8 =8= 7M<86>4
!FGA<8=8 G8f 6BE4M J<`68= 7BJB7OJ A4 GB f8 A<8A4GHE4?AL CBEO7
GMA A4EB7M<AL CEM8M 68F4EF><8 6<`6<8 @B:_ @<8^ A8:4GLJA8 F>HG><
7?4 CEMLFM\8:B EBMJB=H 7M<86>4
*8ML:A46=4 M >4E@<8A<4 C<8EF<_ =8FG EOJA<8f 7B5EM8 MA4AL@ 6MLA
A<><8@ JLJB\H=_6L@ CEB5?8@L A4GHEL CFL6;B?B:<6MA8= 8@B6=BA4?
A8= < EBMJB=BJ8= H @4\L6; 7M<86< B74G>BJB B77M<8?8A<8 7M<86>4
B7 @4G>< CBCEM8M HFG4J<8A<8 \Of86M>4 J <AAL@ CB>B=H @Bf8 JLJB
\4^ >BA9?<>G F8C4E46=< 5<B?B:<6MA8= F>HG>H=_6L A4J8G c@<8E6<_ \Of86M
>BJ_ '785E4A<8 7M<86>H @Bf?<JBc6< F\LFM8A<4 < B76MHJ4A<4 5<6<4
F8E64 @4G>< B>4MH=8 F<` 5L^ 6MLAA<><8@ JLJB\H=_6L@ A8EJ<6` H A<8
@BJ?_G "8FG GB FM6M8:O?A<8 7BG>?<J8 J CEMLC47>H J6M8cA<4>OJ
#B?8=AL@ dEO7\8@ 5<B?B:<6MAL6; JFGEM_FOJ CB7B5AL6; 7B @<
A<H74EOJ F_ FM6M8C<BA>< &4E4f4=_ BA8 A<8@BJ?`G4 A4 FM>B7?<JL
JC\LJ ?<6MAL6; E4>BGJOE6ML6; FH5FG4A6=< 6;8@<6MAL6; J A<6; M4
J4EGL6; O? JLJB\4AL M4FGEML><8@ < 5`7_64 =8:B JLA<><8@ B7CB
J<87d ?86MA<6M4 @BfA4 EOJA<8f M4?<6ML^ 7B GE4H@4GL6MAL6; CEM8fL^
"4> CB>4MH=_ A4=ABJFM8 5474A<4 A4E4f4A<8 7M<86< CEM87 HEB7M8
A<8@ < GHf CB A<@ A4 58MCBcE87A<8 B77M<4\LJ4A<8 CEB@<8A<BJ4A<4
G8?89BAOJ >B@OE>BJL6; @Bf8 @<8^ 54E7MB A8:4GLJAL JC\LJ A4
<6; M7EBJ<8
&<8B7CBJ<87A<4 7<8G4 M4J<8E4=_64 6H><8E @?8>B >EBJ<8 5<4\>4
MJ<8EM`68 F@4fBA8 CBGE4JL 6ML <AA8 A<8M7EBJ8 CB>4E@L EOJA<8f
A<8 JC\LJ4 >BEMLFGA<8 A4 FG4A M7EBJ<4 7M<86>4 (B7B5A<8 =4> C<6<8
.50
KK
4?>B;B?H CEM8M @4G>` J 6M4F<8 6<_fL =8= A<8M7EBJ4 7<8G4 CEML=@B
J4A<8 CEM8M A<_ ?8>OJ ?H5 FM6M8C<8A<4
,4>f8 ?86M8A<8 <A98>6=< H A<8@BJ?_G M4 CB@B6_ 4AGL5<BGL>OJ
54E7MB JLA<FM6M4 EBMJ<=4=_6L F<` H>\47 B7CBEABc6<BJL
/L>4M4AB BFG4GA<B f8 >E8J A<8@BJ?`6<4 J 7M<F<8=FML6; 6M4F46;
@Bf8 M4J<8E4^ 4f A<8>BEMLFGAL6; MJ<_M>OJ 6;8@<6MAL6;
J GL@ J<8?8 F<?A<8 E4>BGJOE6ML6; %4G>< >GOE8 A<8 6<8FM_ F<` 7B
5EL@ M7EBJ<8@ 4 @<@B GB A474? >4E@<_ C<8EF<_ G4> A4CE4J7` M4
A<86MLFM6M4=_ BE:4A<M@L FJB<6; 7M<86< / ?<6MAL6; 5474A<46; A4
H>BJL6; CBGJ<8E7MBAB f8 GEH=_6L 9?HBE 7B74J4AL 7B JB7L C<GA8=
J JB7B6<_:46; J +G4A46; 2=87AB6MBAL6; < <AAL6; >E4=46; JC\LJ4
A4 EBMJO= E4>4 >Bc6< >BFGA<4>B@<`F4>4 < <AAL6; EB7M4=OJ ABJB
GJBEH "8FG =87A4> < 7B5E4 J<47B@Bc^ (B 7M<8F<_G>46; ?4G CBC<8E4A<4
7B74J4A<4 9?HBEH 7B JB7L C<GA8= J FGL6MA<H E 8AGEH@ 24CB
5<8:4A<4 < #BAGEB?< ;BEO5 JL74\B C<?A8 BFGEM8f8A<8 FGJ<8E7M4=_68
f8 B586A8 FG`f8A<8 9?HBEH J JB7M<8 C<GA8= @Bf8 CBJB7BJ4^ CBJ4f
A8 CEB5?8@L M7EBJBGA8 H 7M<86<
25LG J6M8FA8 CEM86<A4A<8 C`CBJ<AL CEM87 @<AHG_ CB
CBEB7M<8 @Bf8 M@A<8=FML^ 7BG?8A<8A<8 >EJ< 7M<86>4 B CBA47
CEB68AG < HA<8@Bf?<J<^ B79<?GEBJ4A<8 GB>FLA M >EJ< 7M<86>4 CEM8M
\BfLF>B ,4 FGBFHA>BJB ABJ4 CE4>GL>4 @4 A8:4GLJAL JC\LJ A4
EBMJO= 7M<86< M4EOJAB J F98EM8 9<ML6MA8= =4> < 8@B6=BA4?A8= BE4M
CFL6;<6MA8= !AAL@< F\BJL A<8 GEM854 5L^ BFB5_ 7BEBF\_ 45L JC4c^
J FMCBAL GE4H@L 8@B6=BA4?A8=
M<`>< ?8>GHEM8 EBM7M<4\H G8= >F<_f>< HMLF>4FM :\`5B>< J:?_7
J GB 6ML@ G4> A4CE4J7` =8FG ABJBGJOE < 6B BA BMA46M4 M 9<ML6M
A8:B CHA>GH J<7M8A<4 "8FG GB FCB=EM8A<8 M >GOEL@ @B:\8c A<:7L
J6M8cA<8= F<` A<8 FCBG>4^ U ABJ8 4?8 =87AB6M8cA<8 CBA476M4FBJ8
(BMJ4?4 BAB A4 A<8>BAJ8A6=BA4?A8 7M<4\4A<8 >GOE8:B 68?8@ =8FG
EM86MLJ<FG8 HM7EBJ<8A<8 HFHA<`6<8 CEML6MLA CB=4J<4A<4 F<` ABJB
GJBEH 4 A<8 =87LA<8 YM4?86M4A<8V =8:B B5=4JOJ
/ EBM7M<4?8 GL@ M4CBMA4FM F<` EOJA<8f M M47M<J<4=_6L@< B7>EL
6<4@< 6MB\BJL6; 54746ML J 7M<87M<A<8 ABJBGJBEOJ >GOE8 FG4ABJ<_
7BJO7 A4 GB f8 F4@4 @HG46=4 >B@OE>BJ4 A<8 =8FG J FG4A<8 JLJB\4^
E4>4 U JL@4:4 BA4 JFC4E6<4 64\8:B BE:4A<M@H (BA47GB M4CBMA4FM
F<` M ABJL@< B7>EL6<4@< >GOE8 CB>4MH=_ 7?46M8:B G4> J<8?8 JL>EL
KK<
GL6; :HMOJ ABJBGJBEBJL6; =8FG J EM86MLJ<FGBc6< MHC8\A<8 A<8:EBd
AL6; < M4A<>4 F4@B6MLAA<8
/ EBM7M<4\46; < M4=@H=` F<` B7CBJ<87A<B CEML6MLA4@< 9<
ML6MAL@< BE4M 8@B6=BA4?AL@< < 7H6;BJL@< CBJFG4A<4 ABJBGJBEH
24MA46M4@ f8 FG4E4\8@ F<` EBM7M<8?<^ B5<8 G8 >4G8:BE<8 @<@B <f 7B
F>BA4?8 M74=` FB5<8 FCE4J` M 4E5<GE4?ABc6< < 9<>6L=ABc6< G4><8:B CB
7M<4\H ;6<4\8@ =87A4> J G8A FCBFO5 CB7>E8c?<^ f8 HM7EBJ<8A<8
CEML6MLA CBJFG4J4A<4 E4>4 @HF< B75LJ4^ F<` A4 CBM<B@46; 9<
ML6MAL@ 8@B6=BA4?AL@ < 7H6;BJL@ (BMBFG4J<8A<8 6;B^5L =87A8=
M GL6; F98E 58M CBcJ<`68A<4 A4?8fA8= =8= HJ4:< MA<J86ML @Bf?<JBc^
C8\A8:B CBJEBGH 7B M7EBJ<4 < BFG4G86MA<8 FCBJB7H=8 A4JEOG E4>4
MA46MA4 6M`c^ ABJBGJBEOJ YJL?86MBAL6;V @87L6MAL@< >HE46=4@<
CBJE464 ,4><8 A<8>B@C?8GA8 CB78=c6<8 7B M=4J<F>4 E4>4 @B:\B5L
A8:4GLJA<8 JC\LA_^ A4 M7EBJ<8 9<ML6MA8 < CFL6;<6MA8 74A8= BFB5L
4 CEM878 JFMLFG><@ A4 =8= M7B?ABc^ B76MHJ4A<4 FM6M`c6<4 < CB6MH6<4
J\4FA8= J4EGBc6<
&4FG`CH=_68 M74A<8 >GOE8 CEM8J<=4 F<` CEM8M 64\_ >F<_f>` A<6ML@
6M8EJBA4 JFG_f>4 =8FG A<8MJL>?8 J4fA8 J MEBMH@<8A<H ABJBGJBEH
Y*4> A<8 FCE4J<4 f8 =8FG8c@L 6;BEML U GB A4FM4 6;BEB54 CB
JB7H=8 E4>4V
(BA47GB :\OJAL@ 68?8@ CB=4J<8A<4 F<` E4>4 =8FG <=EDB=F/1:51 /4;
=16 ;>;.D 0; >?-:@ =FB:;B-35 @9D>J@ /5-J- 5 0@/4-
(BA<8J4f B54 GJ<8E7M8A<4 F_ FCEM86MA8 M GL@ J 6B >BAJ8A6=B
A4?A4 @87L6LA4 BE4M @87<4 6;6_ 45Lc J<8EML\ @B:_ 5EM@<8^ 7?4
6<85<8 B5HEM4=_6B "87A4>f8 GB 6ML E4> HM7EBJ< 6<` 6ML 7BCEBJ47M<
7B c@<8E6< @4 J<`68= JFCO?A8:B M GL@ 6B 7M<8=8 F<` J GJB<@ fL6<H
BFB5<FGL@ A<f M F4@L@ ABJBGJBE8@ GMA M GL@ =4> =8FG BA 4:E8
FLJAL 6ML G8f =4> J6M8cA<8 :B JL>ELGB
/8d@L 7?4 CEML>\47H 4I<74 %<4\ ?4G :7L CB76M4F EHGLAB
J8:B 5474A<4 B>E8FBJ8:B M7<4:ABMBJ4AB H A<8:B E4>4 C\H6 ;B^
CEM87 CBFG4J<8A<8@ 7<4:ABML A<8 6MH\ F<` d?8 FG4A =8:B M7EBJ<4
:J4\GBJA<8 F<` CB:BEFML\ J 6<_:H A4FG`CAL6; GL:B7A< +GE46<\ 4C8
GLG A<8 @O:\ FC4^ =8:B B7786; FG4\ F<` 54E7MB C\LG>< < M46M_\ 6<8E
C<8^ M CBJB7H 4G4>OJ C4A<>< < 5O?OJ J >?4G68 C<8EF<BJ8= -@4E\
KK<<
7A< CB HF\LFM8A<H 7<4:ABML >G M:BAH <A9BE@BJ4\ f8 M@4E\ A4 E4>4
C\H6 4?8 =8FG =4FA8 f8 58M 7<4:ABML FGJ<8E7M4=_68= ABJBGJOE f478A
M 7EHM:B6_6L6; F>HG>OJ JLJB\4AL6; FGE8F8@ A<8 CB=4J<\5L F<`
&4 6;J<?` B586A_ A<8 CB74=8 F<` =Hf J J_GC?<JBc^ 94>GOJ f8
FGE8F 8@B6=BA4?AL A<8 GL?>B BF\45<4 H>\47 B7CBEABc6<BJL < HA<8@Bf
?<J<4 6<4\H F4@BHM7EBJ<8A<8 4?8 =8FG JE`6M CEML6MLA_ 6;BEO5 !FG
A<8=_ 7BJB7L A4 GB f8 CB76M4F F<?A8:B FGE8FH ?H7M<8 @B:_ H@EM8^
A4 EBM?8:\L M4J4\ 6;B^ J6M8cA<8= A<8 @<8?< CEB5?8@OJ M F8E68@ 6ML
A<87EBfABc6< A46MLa >EJ<BABcAL6;
,JB=4 M7B?ABc^ 7B B7MLF>4A<4 M7EBJ<4 JL@4:4 45Lc CB6MH\ F<`
< FG4\ F<` =87ABc6<_ A4 JFMLFG><6; CBM<B@46; 6<4\4 H@LF\H < 7H6;4
7L CEML6MLAL CB=4J<8A<4 F<` ABJBGJBEH BE4M <AA8 6MLAA<>< FGB=_
68 A4 CEM8FM>B7M<8 CB6MH6<4 F<` =87ABc6<_ MBFG4A_ M<78AGL9<>BJ4A8
FG4A<8 F<` B6MLJ<FG8 6B A4?8fL MEB5<^ 45L J C8\A< CBJEO6<^ 7B M7EB
J<4 '@4J<4 GB EBM7M<4\
%87L6LA4 MA4 94>G f8 BE:4A<M@ >4f78:B 6M\BJ<8>4 CEM8M 64\8
=8:B fL6<8 JLGJ4EM4 >B@OE>< E4>BJ8 &<8 BMA46M4 GB =87A4> f8 6Bc
=8FG M A<@ A<8 G4> /E`6M CEM86<JA<8 =4> 5`7M<8@L F<` J FG4A<8 CEM8
>BA4^ J 6M4F<8 ?8>GHEL >F<_f>< CB=4J<4A<8 F<` >B@OE8> ABJBGJBEB
JL6; =8FG 8?8@8AG8@ HGEML@4A<4 M7EBJ8= EOJABJ4:< J 6<8?8
%<?<BAL G4><6; >B@OE8> <FGA<8=_6L6; J 6<8?8 F_ A<8JL>ELJ4?A8
J GE4>6<8 MJL>\L6; 5474a ->4MH=_ F<` =4>B :HML 7BC<8EB :7L <6;
?<6M54 F<`:4 ><?>HA4FGH @<?<4E7OJ 7L ?8>4EM8 BcJ<476M4=_ FJB<@
C46=8AGB@ f8 M4FGBFBJ4A8 CEM8M A<6; ?86M8A<8 HFHA`\B JFMLFG><8
>B@OE>< E4>BJ8 CBJB\H=_ F<` A4 JLA<>< 5474a >GOE8 F_ J FG4A<8
B>E8c?<^ GL?>B JL>ELJ4?A8 EBM@<4EL ABJBGJBEH
(BJFM86;A<8 FGBFBJ4A8 @8GB7L Y?86M8A<4V E4>4 @B:_ M@A<8=
FML^ ?<6M5` >B@OE8> ABJBGJBEBJL6; 7B A<8JL>ELJ4?A8= <?Bc6< 4?8
A<8 JL8?<@<AH=_ <6; JFMLFG><6; ,4> 7\H:B =4> CEML6MLA4 EBMJB=H
ABJBGJBEH A<8 MBFG4A<8 HFHA<`G4 J >4f78= 6;J<?< @Bf8 BA F<` B7EB
7M<^ M 7BJB?A_ FML5>Bc6<_
-?86M4A<8 E4>4 @4 A<8J<8?8 JFCO?A8:B M CBM5LJ4A<8@ F<` JL
>ELJ4?AL6; :EHC >B@OE8> E4>BJL6; 245<8:< G4><8 =4> 6;8@<BG8E4
C<4 6ML A4cJ<8G?4A<8 A4 C8JAB F_ J FG4A<8 M4GEH^ ?H5 JLC4?<^ J<8?8
>B@OE8> E4>BJL6; &<FM6M_ CEML GL@ M7EBJ8 >B@OE>< FMC<>H >BFG
A8:B CEM8JB7H CB>4E@BJ8:B J_GEB5L A8E8> F8E64 C\H6 <G7 6B
6M`FGB CEBJ47M< 7B GEJ4\L6; A<8@Bf?<JL6; 7B A4CE4J<8A<4 HFM>B
KK<<<
7M8a 64\L6; BE:4AOJ < H>\47OJ J 6<8?8 B J<`68= GB>FL6MA8
MJ<_M>< 6;8@<6MA8 M4J4EG8 J cEB7>46; 6;8@<BG8E4C<< CBJB7H=_ G4>
F<?AL FG4A M4C4?AL >4f78= >B@OE>< 6<4\4 f8 A4J8G BF\45<BA8 685H?><
A<8 F_ J FG4A<8 HGEML@4^ JLE4FG4=_6L6; M A<6; J\BFOJ
(E4J7M<J8 H?86M8A<8 E4>4 A<8 B75LJ4 F<` >BFMG8@ A<FM6M8A<4 <A
AL6; J4fAL6; 6M`c6< BE:4A<M@H "8FG BAB @Bf?<J8 =87LA<8 JG87L
><87L M4=@<8@L F<` CEML6MLA4@< A47@<8EA8:B EBMEBFGH >B@OE8> E4
>BJL6; < J\4c6<J<8 J8FCEM8@L 6<4\B J CEB68F<8 F4@BHM7E4J<4A<4
*4> =8FG CEB68F8@ HM7E4J<4A<4 >GOEL 6<4\B @Bf8 H4>GLJA<^ 45L
CEMLJEO6<^ ;B@8BFG4M` FG4A EOJABJ4:< J BE:4A<M@<8 "8c?< A<8
J\4c6<J<8 B76MLG4@L CBJB7L CB=4J<8A<4 F<` >B@OE8> ABJBGJBEB
JL6; < A<8 MB546ML@L J A<6; @86;4A<M@H HM7E4J<4A<4 E4> @Bf8
B>4M4^ F<` c@<8EG8?AL@ J F>HG>46; < A474E8@AL@ JLF<\><8@ 6<4\4
#F<_f>4 G4 CBcJ<`6BA4 =8FG M4:47A<8A<H =4> FB5<8 E47M<^ M CEML
6MLA4@< CBJFG4J4A<4 E4>4 4 A<8 M =8:B B5=4J4@< ,E4>GBJ4A<8 AB
JBGJBEH =4>B 6;BEB5` FCE4J<\B f8 @<?<BAL ?H7M< JC47\L J CH\4C>`
< M4C\46<\L JLFB>_ 68A` M4 5E4> A4?8fLG8:B M4<AG8E8FBJ4A<4 CBJB
74@< CBJFG4A<4 E4>4
eLJ<` F<?A8 CEM8>BA4A<8 f8 E4> =8FG BFG4GA<_ 94M_ H?86M4A<4 4 A<8
6;BEB5_ =8FG8@ =87A4> cJ<47B@ G8:B f8 J<`>FMBc^ ?H7M< HJ4f4 AB
JBGJOE J\4cA<8 M4 6;BEB5` < GB =87A_ M A4=:BEFML6; &<8 GJ<8E7M`
f8 JL\_6MA<8 @B=8 EBMH@<8A<8 E4>4 =8FG J\4c6<J8 (EBCBAH=` =8 =4>B
=87AB M J<8?H F\HFMAL6; FG4ABJ<F>
+G4E8 CBEM8>47\B @OJ< /<87M4 EOfA< F<` J CBFM6M8:O?AL6; FG4
A46; cJ<47B@Bc6< -J<746MA<4 BAB f8 GMJ CE4J74 =8FG FH5<8>
GLJAL@ B7JMBEBJ4A<8@ FG4AH H@LF\H cJ<47B@8:B ?H5 CB7cJ<4
7B@8:B !AAL@< F\BJL =8c?< HGJ<8E7M<FM F<` J CEM8>BA4A<H f8 E4>
=8FG FGE4FMA_ 6;BEB5_ >GOE4 @Bf8 B785E4^ 6< fL6<8 GB GJB=4 J<4E4
< c@<8EG8?A8 CEM8E4f8A<8 A4=CE4J7BCB7B5A<8= 7BCEBJ47M_ 7B FC8\
A<8A<4 GJB<6; A4=:BEFML6; B6M8><J4a (4@<`G4= f8 GE4H@4 B:E4A<6M4
< HCBc?87M4 7M<4\4A<8 H>\47H B7CBEABc6<BJ8:B < HA<8@Bf?<J<4
HM7E4J<4A<8 "8c?< =87A4> 5`7M<8FM CBFGEM8:4^ E4>4 =4>B 94M` HM7E4
J<4A<4 7B5EB6MLAA_ E84>6=` A4 5E4> EOJABJ4:< 5`7_6L CEML6MLA_
CBJFG4J4A<4 >B@OE8> E4>BJL6; G4 CE4J74 J87\H: >GOE8= 5`7M<8FM
fL\ FC8\A< GJB=8 CBMLGLJA8 B6M8><J4A<4
,B CEML>E8 f8 J<`>FMBc^ cEB7BJ<F>4 @87L6MA8:B MA<86;`64 C4
6=8AGOJ 7B JFCO\H7M<4\H J JL5BEM8 9BE@L ?86M8A<4 < JC\LJ4A<4 A4
KK<I
=8:B CEM85<8: ;BEML EM47>B ?<6M_ F<` J CEB68F<8 HM7E4J<4A<4 M<c
GB >HE46=8 @87L6MA8 CEBC4:BJ4A8 =4>B =87LA<8 F\HFMA8 E8@87<4 A4
6;BEB5L F_ A4=J4fA<8=FM8 / EM86MLJ<FGBc6< =87A4> GB 6ML 74A4
BFB54 JLM7EBJ<8=8 6ML A<8 =8FG J MA46MAL@ FGBCA<H HM4?8fA<BA8 B7
FG4AH =8= 6<4\4 H@LF\H < 7H6;4 /FMLFG><8 G8 F98EL >4f7L @Bf8 M4c
>BAGEB?BJ4^ 244>68CGBJ4A<8 G8:B 94>GH @Bf8 @<8^ B:EB@A<8 CB
MLGLJA8 F>HG>< &<8F<8 BAB CB6MH6<8 J<4EL J8 J\4FA8 F<\L 4 GB =4>
HJ4f4@ =8FG 6MLAA<><8@ A<8M5`7AL@ 7B CE4J7M<J8:B F>HG86MA8:B
HM7EBJ<8A<4
"$K1(
(EBFM` MJEO^ HJ4:` A4 94>G f8 ><87L J A<A<8=FM8= ?8>GHEM8 B7ABF<^
F<` 5`7` 7B E4>4 =4>B c@<8EG8?A8= 6;BEB5L 7B BFO5 >GOE8 M@4E\L
M CBJB7H ABJBGJBEH BE4M E4>4 GE4>GBJ4A8:B =4>B 4:E8FLJA8 < A<8
H?86M4?A8 F6;BEM8A<8 <G7 6MLA<` GB =87LA<8 J 68?H CEM87FG4J<8A<4
B9<6=4?AL6; <AG8ECE8G46=< 5474a BE4M G8BE<< @87L6MAL6; "87A4>f8
6;6<4\5L@ =4FAB CB7>E8c?<^ f8 @B=8 EBMH@<8A<8 < <AG8ECE8G46=4 M=4
J<F>4 E4>4 A<8 F_ 478>J4GA8 7B <FGA<8=_6L6; CEM8>BA4a A4H>BJL6;
&<8 M:47M4@ F<` M CB:?_78@ f8 E4> @Bf8 FCBJB7BJ4^ 6ML=_c
c@<8E^
(BM4 JL=_G>4@< J >GOEL6; ABJBGJOE CEBJ47M< 7B CBJFG4A<4
M4:E4f4=_6L6; fL6<H @86;4A<6MAL6; A<87EBfABc6< B5EM`>OJ BE4M
J >BAF8>J8A6=< 7B H7HFM8A<4 F<` A4EM_7H E4> A<8 @Bf8 5L^ CB
FGEM8:4AL =4>B A<858MC<86MA4 6ML G8f M4:E4f4=_64 fL6<H 6;BEB54 "8FG
E46M8= @86;4A<M@8@ HM7E4J<4A<4 < CEM8GEJ4A<4 >GOEL BE:4A<M@ HEH
6;4@<4 JG87L :7L fL6<8 6M\BJ<8>4 =8FG M4:EBfBA8 =87AL@ ?H5 ><?>B
@4 6MLAA<>4@< JL@<8A<BAL@< J A<A<8=FM8= >F<_f68 *4> =8FG =87LA<8
FL@CGB@8@ BFGEM8:4=_6L@ f8 BE:4A<M@ MA4=7H=8 F<` J FG4A<8 5E4>H
EOJABJ4:< < GB 6B 7BCEBJ47M4 7B BJ8:B M45HEM8A<4 @Bf8 FCBJB
7BJ4^ EOJA<8f c@<8E^ BE:4A<M@H #<87L F\LFML6<8 B CEB@<8A<BJ4
A<H =BA<MH=_6L@ 6ML G8f B 4FC<ELA<8 JLJB\H=_6L6; A4=A<858MC<86M
A<8=FM8 B7@<4AL E4>4 CEBFM` @<8=6<8 cJ<47B@Bc^ f8 ABJBGJBEL
FG4ABJ<_ CEO5` CEM8GEJ4A<4 5_7d H?86M8A<4 BE:4A<M@H A<8 M4c F4@_
6;BEB5`
KKI
#F<_f>4 G4 =4FAB B7EOfA<4 CEML6MLAL E4>4 B7 =8:B B5=4JOJ
+L@CGB@L G4><8 =4> CBJ<`>FM8A<8 F<` ABJBGJBEH JF>4MH=_ =87LA<8
f8 BE:4A<M@ FG4E4 F<` B7FMH>4^ 6MLAA<>< FCE4J6M8 E4>4 "8f8?< A<8
J8FCEM8@L 6<4\4 CB76M4F G8:B CEB68FH < =87AB6M8cA<8 5`7M<8@L =8
4G4>BJ4^ FM>B7?<JL@< M45<8:4@< @87L6MAL@< CEB68F H?86M4A<4 =4
><@ =8FG E4> A<8 5`7M<8 @<4\ CE4J<7\BJ8:B CEM85<8:H &<8 5`7M<8
>B@C?8GAL ABJBGJOE 5`7M<8 F<` A<8HFG4AA<8 EBMJ<=4\ :7Lf A<8 MB
FG4A_ HM7EBJ<BA8 CEML6MLAL =8:B CB=4J<8A<4 F<` < J >BAF8>J8A6=<
FG4A<8 F<` YA<8H?86M4?ALV
8?8@ G8= >F<_f>< =8FG CEM8>4M4A<8 J<87ML < C8JABc6< B7ABcA<8
7B G8:B f8 A4FM BE:4A<M@ CBF<474 A<8B:E4A<6MBA_ @_7EBc^ < <AG8
?<:8A6=` 7M<`>< >GOEL@ CEB68F H?86M8A<4 @Bf8 F<` 7B>BA4^ 4 6<4\B
@Bf8 CBJEO6<^ 7B FJ8:B A4GHE4?A8:B FG4AH EOJABJ4:< < J<G4?ABc6<
KKI<