;;;,,0RVWUD,QWHUQD]LRQDOHGHO&LQHPD/LEHUR
,/&,1(0$5,7529$72
&LQHWHFDGHO&RPXQHGL%RORJQD
;9,,HGL]LRQHWKHGLWLRQ
6DEDWRJLXJQRVDEDWROXJOLR6DWXUGD\-XQH6DWXUGD\-XO\
,/&,1(0$5,7529$72
;9,,HGL]LRQH
1\\UfU^Y^WcSbUU^Y^WcQcgU\\QccSbUU^Y^WcQd3Y^U]Q1b\USSXY^_gY\\RUdbQ^c\QdUT
Y^d_9dQ\YQ^Q^T5^W\YcXRiceRdYd\Y^WgYdXdXUUhSU`dY_^_VQVUg_bYWY^Q\XYcd_bYSQ\
T_Se]U^dc
1\\cSbUU^Y^WcQ^TUfU^dcQdR_dX3Y^U]Q<e]Y~bUdXUQdUbcgY\\RUdbQ^c\QdUTY^d_9dQ\YQ^
Q^T5^W\YcXRicY]e\dQ^U_ecY^dUb`bUdY^WUhSU`ddXU69BCDcU]Y^QbQ^TdXUSY^U]Q"
`b_WbQ]
3_^Y\S_^dbYRed_TY\gYdXS_^dbYRedY_^cVb_]*
3_]e^UTY2_\_W^QcUdd_bUSe\debQ
BUWY_^U5]Y\YQB_]QW^Q1ccUcc_bQd_Q\\Q3e\debQ
=Y^YcdUb_`UbY2U^YU\U1ddYfYdw3e\debQ\Y4YbUjY_^U7U^UbQ\U`UbY\3Y^U]Q
@b_WbQ]]Q=UTYQTU\\µE^Y_^U5eb_`UQ
9\?a^VTcc^58ABC~VY^Q^jYQd_TQ\?a^VaP\\P8BCTU\\Q3_]]YccY_^U5eb_`UQU
bUQ\YjjQd_WbQjYUQW\YcV_bjYS_^WYe^dYTY0241cc_SYQdY_^3Y^}]QdX~aeUc5eb_`}U^
^Uc580C6}T}bQdY_^9^dUb^QdY_^Q\UTUc1bSXYfUcTU\QD}\}fYcY_^bQ``bUcU^dQdQ
Q\\µY^dUb^_ TU\ 3_^c_bjY_ TQ AC15 BQTY_ D}\}fYcY_^ 2U\WU TU \Q 3_]]e^Qed}
6bQ^|QYcUTU2U\WYaeUU>A5?UcdUbbUYSXYcSXUbBe^TVe^[1ecdbYQ8=09^cdYded
>QdY_^Q\TU\µ1eTY_fYceU\6bQ^SYQ14;602><\Qc_SYUdw2U\WQ`Ub\UdU\US_]e
^YSQjY_^YU4<55eb_`UQ^=e\dY]UTYQ6_be]7bQ^2bUdQW^Q<Q2X]|\PcW}`dT
A^hP[TST1T[VX`dT~Y\S__bTY^Qd_bUTU\`b_WUdd_SebQYbQ``_bdYS_^\Q3_]e^Ydw
5eb_`UQUT~bUc`_^cQRY\UTU\]Q^QWU]U^dTU\`b_WUdd_^_^SX}S__bTY^Qd_bU`Ub\Q
S_]e^YSQjY_^UTU\`b_WUdd_cdUcc_@UbY^V_b]QjY_^Y*gggVY\]VYbcd_bW
3_^\QS_\\QR_bQjY_^UTYY^Qcc_SYQdY_^gYdX*
E^YfUbcYdwTY2_\_W^Q4Y`QbdY]U^d_TY=ecYSQUC`UddQS_\_
69BCD
1WYc5]Y\YQB_]QW^Q
6_^TQjY_^UDUQdb_3_]e^Q\U2_\_W^Q
1<913_^c_bjY_E^YfUbcYdw3YddwTY2_\_W^Q
C`_^c_bTYFYfQ2_\_W^Q*
6_^TQjY_^U3QccQTYBYc`Qb]Y_Y^2_\_W^Q
6_^TQjY_^UTU\=_^dU
C`_^c_bTU\3Y^U]QBYdb_fQd_*
1Ub_`_bd_TY2_\_W^Q
5]Y\YQB_]QW^Q6Y\]3_]]YccY_^
1cS_]TY2_\_W^Q
<µ9]]QWY^UBYdb_fQdQ2_\_W^Q
1cc_SYQjY_^U²<QSe\debQTU\SYR_³
8[d^VWXST[UTbcXeP[6UcdYfQ\\_SQdY_^c*
“@b_YUjY_^Y]QddedY^UU`_]UbYTYQ^UQ\=_b^Y^WQ^TQVdUb^__^cSbUU^Y^WcQd2X]T\P
0a[TRRWX]^fYQ<Q]U%'U2X]T\P0dVdbcT;d\X}aTBP[P U2X]T\P;^dXb
;d\X}aTBP[P!fYQ1jj_7QbTY^_&%
“@b_YUjY_^YcUbQ\Y5fU^Y^WcSbUU^Y^WcY^?XPiiP<PVVX^aTQ^TQddXUCTPca^2^\d
]P[T<QbW_BUc`XYWY!
?TaX]U^a\PiX^]X9^V_b]QdY_^*
“CUWbUdUbYQTU\6UcdYfQ\EVVYSY__c`YdQ\YdwUQSSbUTYdY6UcdYfQ\CUSbUdQbYQd8_c`YdQ\Ydi
Q^T1SSbUTYdQdY_^?VVYSU
fYQ1jj_7QbTY^_&%2_\_W^QDU\ %!"!)$(!$6Qh %!"!)$("!SY^UdUSQ]
Q^YVUcdQjY_^Y!0S_]e^UR_\_W^QYd
cUWbUdUbYQQ`UbdQTQ\\U)Q\\U!(TQ\"(WYeW^_Q\%\eW\Y__`U^:e^U"(dX°:e\i%dX
8_ebc*)Q]&`]
“3Y^U]Q1b\USSXY^_FYQ<Q]U%'2_\_W^Q
“3Y^U]Q1eWecdU<e]Y~bUCQ\Q!U3Y^U]Q<_eYc<e]Y~bUCQ\Q"FYQ1jj_
7QbTY^_&%2_\_W^Q
=_TQ\YdwTYQSSUcc_
0QQ^]P\T]c^UTbcXeP[)4da^$
0QQ^]P\T]c^UTbcXeP[aXS^cc^_TabcdST]cXd]XeTabXcPaXTP]iXP]X)4da^!^USUc
cQbYQ\Q`bUcU^dQjY_^UTU\dUccUbY^_e^YfUbcYdQbY__TU\\Q3QbdQTµQbWU^d_
3_^cU^dU\Q`bY_bYdwTYQSSUcc_VY^_Q%]Y^edYTQ\\µY^YjY_QdeddU\U`b_YUjY_^YTYeb^USXU
cYdU^W_^_Q\3Y^U]Q1b\USSXY^_Y^FYQ<Q]U%'UQ\3Y^U]Q1eWecdU<e]Y~bUCQ\Q
!U3Y^U]Q<_eYc<e]Y~bUCQ\Q"Y^FYQ1jj_7QbTY^_&%
1XV[XTcc^_TaUPbRT^aPaXT\PccX]^_^\TaXVVX^TbTaPcPY^dUb_*5eb_&
BYTejY_^Uc_SY6933QSSbUTYdQdYcdeTU^dYe^YfUbcYdQbYUQ^jYQ^Y*5eb_"
<U`b_YUjY_^YcUbQ\YY^?XPiiP<PVVX^aTc_^_WbQdeYdU+W\YQSSbUTYdQdYQfbQ^^_QSSUcc_
QY`_cdYbYcUbfQdYVY^_Q%]Y^edYTQ\\µY^YjY_TU\VY\]
1SSUccd_cSbUU^Y^Wc
5TbcXeP[?Pbb)$4da^
BUTeSUT6UcdYfQ\@QccV_bE^YfUbcYdiCdeTU^dcQ^TCU^Y_b3YdYjU^c*" 5eb_
e`_^`bUcU^dQdY_^_VdXURQTWU
6UcdYfQ\@QccX_\TUbcgY\\XQfU`bY_bYdiU^dbie`d_%]Y^edUcRUV_bUdXUcdQbd_VdXU
VY\]QdQ\\TQidY]UcSbUU^Y^WcXU\TQd3Y^U]Q1b\USSXY^_FYQ<Q]U%'Q^TQd3Y^U]Q
1eWecdU<e]Y~bUDXUQdUb!Q^T3Y^U]Q<_eYc<e]Y~bUDXUQdUb"Y^FYQ1jj_
7QbTY^_&%
DYS[UdcV_b]_b^Y^WQVdUb^__^Q^TUfU^Y^WcSbUU^Y^Wc7U^UbQ\*&5eb_
6933]U]RUbcQSSbUTYdUTWeUcdcCU^Y_b3YdYjU^cQ^TE^YfUbcYdicdeTU^dc*"5eb_
5fU^Y^W cSbUU^Y^Wc Y^ @YQjjQ =QWWY_bU QbU VbUU* QSSbUTYdUT WeUcdc ]Qi dQ[U
QTfQ^dQWU_VbUcUbfUTcUQdY^We`d_%]Y^edUc`bY_bd_dXUcdQbd_VdXUVY\]
<^SP[XcvSXcaPSdiX^]T6UcdYfQ\\Q^WeQWUcUbfYSUc*
DeddU\U`b_YUjY_^YcUbQ\YUaeU\\U`bUcc_Y\3Y^U]Q1b\USSXY^_XQ^^_c_dd_dYd_\YU\Uddb_
^YSYY^YdQ\YQ^_UY^Y^W\UcUdbQ^^UQ\Se^YT_Se]U^dYcd_bYSY_bYWY^Q\Y
DeddU\U`b_YUjY_^YUW\YY^S_^dbY`bUcc_YTeU3Y^U]Q<e]Y~bUc_^_dbQT_ddYY^cY]e\dQ
^UQY^YdQ\YQ^_UY^Y^W\UcUdbQ]YdUdbQ^^UY\S_^fUW^_69BCDU\QbQccUW^QSY^U]Q"
"
@b_ZUSd69BCDYcVe^TUTRidXU9CD@B?7B1==5_VdXU5eb_`UQ^3_]]YccY_^
Q^T SQbbYUT _ed dXQ^[c d_ Z_Y^d UVV_bdc Ri 135 1cc_SYQdY_^ TUc 3Y^}]QdX~aeUc
5eb_`}U^^Uc96D19^dUb^QdY_^Q\6UTUbQdY_^_VDU\UfYcY_^1bSXYfUcbU`bUcU^dUTY^
dXU3_^c_bdYe]dXb_eWXBD26BQTY_D}\}fYcY_^2U\WUTU\Q3_]]e^Qed}6bQ^|QYcU
TU2U\WYaeUQ^T?B6?cdUbbUYSXYcSXUbBe^TVe^[1ecdbYQ9>19^cdYded>QdY_^Q\
TU \µ1eTY_fYceU\ 6bQ^SU 25<713?= dXU \UQTY^W 2U\WYQ^ dU\US_]]e^YSQdY_^c
S_]`Q^iQ^T5=65eb_`UQ^=e\dY]UTYQ6_be]E;DXU3Y^}]QdX~aeUB_iQ\U
TU2U\WYaeUYcdXU`b_ZUSdS__bTY^Qd_bY^SXQbWU_VbU\QdY_^cgYdXdXU53QcgU\\Qc
_fUbQ\\`b_ZUSd]Q^QWU]U^dY^S\eTY^WS_]]e^YSQdY_^cQ^TS__bTY^QdY_^9^V_b]QdY_^*
gggVY\]VYbcd_bW
<TaRPc^ST[[´TSXc^aXPRX]T\Pc^VaPUXRP)[XQaX3E3TE7B
@bUcc_\Q^e_fQRYR\Y_dUSQY^FYQ1jj_7QbTY^_&%°TQ\\U! Q\\U!)
6Y\]@eR\YcXY^W6QYb*2__[cF8CQ^T4F4
1ddXU^Ug\YRbQbiY^FYQ1jj_7QbTY^_&%Vb_]! Q]d_'`]
<^bcaP_aTbb^[PbP[PTb_^bXcXePST[[P2X]TcTRPX]EXPAXePSXAT]^&!SP[[T P[[T (
30;;´0A278E8>270?;8=)<>BCA03483>2D<4=C8>A868=0;8
<µUc`_cYjY_^U e^Q cU\UjY_^U TU\\U SQbdU Y^UTYdU `b_fU^YU^dY TQ\\µ1bSXYfY_ 3XQ`\Y^
S_]`bU^TUdbQ\UQ\dbUTYfUbcU`QWY^UcSU\dUdbQW\YQ``e^dY`UbYVY\]^_^bUQ\YjjQdY
S_]U>Q`_\U_^R_jjUddY`bU`QbQd_bY`UbDXU3_e^dUccVb_]8_^W;_^W=_^cYUeb
FUbT_ehUDXU6bUQ[V_d_WbQVYU_bYWY^Q\YdbQddUTQ\cUdTYDXU3YbSecUDXU7bUQd4YSdQ
d_b\UddUbU`Ubc_^Q\Yc`QbdYdYbQccUW^QcdQ]`QTµU`_SQ<Q]_cdbQ~cdQdQSebQdQTQ
3USY\YQ3U^SYQbU\\Y=YSXU\QJUW^QU1^^Q6YQSSQbY^YY^S_\\QR_bQjY_^US_^=Q^eU\Q
=QbSXUcQ^TU\\µ1bSXYfY_7bQVYSQTU\\Q3Y^UdUSQ
9^aeUcdQ_SSQcY_^UfUbbwY^_\dbUY^QeWebQd_Y\^e_f_cYd_TU\\µ1bSXYfY_3XQ`\Y^
5h`_cYdY_^Qd3Y^UdUSQ5hXYRYdY_^8Q\\Y^FYQBYfQTYBU^_'"Vb_]! Q]d_
'`]
6B?=D85381@<9>1B389F5*5H8929D9?>?6D85?B979>1<4?3E=5>DC
DXYcUhXYRYdSX_cU^Vb_]_bYWY^Q\`Q`UbcXU\TQddXU3XQ`\Y^1bSXYfUcY^S\eTUcQ]_^W
_dXUbc`QWUc_V^_dUcV_b´e^]QTUVY\]cµ\Y[U>Q`_\U_^`bU`QbQd_biTbQgY^WcV_bDXU
3_e^dUccVb_]8_^W;_^W=_^cYUebFUbT_ehQ^TDXU6bUQ[_bYWY^Q\cdY\\cVb_]dXU
cUdc_VDXU3YbSecQ^TDXU7bUQd4YSdQd_b`Ubc_^Q\\UddUbc]ecYScXUUdcQ^T_bYWY^Q\
`bUccS\Y``Y^WcDXUUhXYRYdYcSebQdUTRi3USY\YQ3U^SYQbU\\Y=YSXU\QJUW^QQ^T1^^Q
6YQSSQbY^YY^S_\\QR_bQdY_^gYdX=Q^eU\Q=QbSXUcQ^Vb_]dXU7bQ`XYS1bdc1bSXYfU_V
dXU3Y^UdUSQTY2_\_W^Q
DXU ^Ug gURcYdU V_b dXU 3XQb\Uc 3XQ`\Y^ 1bSXYfU gY\\ Q\c_ RU Y^QeWebQdUT _^ dXYc
_SSQcY_^
=T[[´PcaX^ST[[T]d^eTbP[T;d\X}aTX]EXP0ii^VPaSX]^%$
><0668>05A0=24B2014AC8=8;038E034;28=4<08C0;80=>
<Q]_cdbQ~cdQdQSebQdQTQB_RUbd_2U^QddYTU\\µ1bSXYfY_7bQVYSQTU\\Q3Y^UdUSQY^S_\
\QR_bQjY_^US_^1^Tb}3XUfQY\\YUbTU\\Q3Y^}]QdX~aeUCeYccU7YQ^VbQ^S_=Y^W_jjY
FYdd_bY_=QbdY^U\\YUY\S_\\UjY_^YcdQFY^SU^j_2U\\Y^Y
5hXYRYdY^dXUXQ\\_VdXU^Ug<e]Y~bUdXUQdUbcY^FYQ1jj_WQbTY^_&%
8?=175D?6B1>35C3125BD9>949F1?69D1<91>39>5=1
DXUUhXYRYdYcSebQdUTRiB_RUbd_2U^QddYVb_]dXU3Y^UdUSQTY2_\_W^Q7bQ`XYS1bdc
1bSXYfU Y^ S_\\QR_bQdY_^ gYdX 1^Tb} 3XUfQY\\YUb Vb_] dXU 3Y^}]QdX~aeU CeYccU
7YQ^VbQ^S_=Y^W_jjYFYdd_bY_=QbdY^U\\YQ^TdXU`bYfQdUS_\\USd_bFY^SU^j_2U\\Y^Y
6_d_TY3_`UbdY^Q*DXU>YWXd_VdXU8e^dUb
6_d_`QW!#%`UbWU^dY\US_^SUccY_^UTY6e\fYQ6QbQccY^_
9\?a^VTcc^2WP_[X]~c_cdU^ed_TQ\\Q6_^TQjY_^U3QccQTYBYc`Qb]Y_TY2_\_W^Q
8bcXcdiX^]T2X]TcTRPST[2^\d]TSX1^[^V]P
@bUcYTU^dU*7YecU``U2Ubd_\eSSY
4YbUdd_bU*7YQ^<eSQ6QbY^U\\Y
3_^cYW\Y_TYQ]]Y^YcdbQjY_^U*7YecU``U2Ubd_\eSSY@bUcYTU^dU6bQ^SUcS_1b^_^U
7YQ^@YUb_2be^UddQ1\RUbd_3\‡=QbS_CUb]U^WXY
4]cT<^bcaP8]cTa]PiX^]P[TST[2X]T\P;XQTa^
6_^TQd_bY*3UcQbUJQfQddY^YU<U_^YTQBU`QSY
3_^cYW\Y_ TY Q]]Y^YcdbQjY_^U* 7YQ^ @Q_\_ DUcdQ `bUcYTU^dU 7Y_fQ^^Y 7eQ\Q^TY
fYSU`bUcYTU^dU 7Y^_ 1W_cdY^Y 7YecU``U 2Ubd_\eSSY @YUdb_ 2_^VYW\Y_\Y =QbS_
=Qb_jjY<eSYQ^_@Y^U\\Y
1]]Y^YcdbQd_bU*7YQ^^Y2YQWY
4YbUdd_bUQbdYcdYS_*@UdUbf_^2QWX
8;28=4<0A8CA>E0C>!"
@b_]_cc_TQ\\Q3Y^UdUSQTU\3_]e^UTY2_\_W^Q
4YbUjY_^USe\debQ\U*>YS_TU;\Ub[7YQ^<eSQ6QbY^U\\YFYdd_bY_=QbdY^U\\Y>YS_\Q=Qj
jQ^dY=Qb[@Qe\=UiUb@UdUbf_^2QWX
3__bTY^Qd_bU*7ei2_b\}U
3ebQTU\\UcUjY_^Y*
8[RX]T\P_X‹VaP]STST[[PeXcP)$P]]XSX2X]T\PBR^_T2X]T\P;PaVTacWP]
;XUT)$hTPab^U2X]T\PBR^_T
9^S_\\QR_bQjY_^US_^" dX3U^debi6_h3_^\µQccYcdU^jQdUS^YSQTYD_b[U\\CQUdUbfQTUd
CYbY^WbQjYQ]_\d_CSXQg^2U\cd_^" dX3U^debi6_h:UQ^@YUbbUFUbcSXUebU3U^dbU
Tµ}deTUc Ud TU bUSXUbSXUc 3Y^}f_\edY_^ Ud 3Y^}]QdX~aeU TU =_^c U^ 2U\WYaeU
5\QY^U2ebb_gcU2ib_^i4Yh_^>6DF1UCdUVQ^CSX_\j
2T]c^P]]XUP)XUX[\ST[ ("DXU6Ybcd7bUQdIUQb_VdXU3Y^U]Q*!) #
1SebQTYD_]7e^^Y^W
?a^VTcc^2WP_[X]DXU3XQ`\Y^@b_ZUSd
3__bTY^Q]U^d_*3USY\YQ3U^SYQbU\\YU@Q_\_3Q^U``U\U
DbQddQ]U^d_TUYT_Se]U^dYUcUWbUdUbYQWU^UbQ\U*=YSXU\QJUW^Q
3QdQ\_WQjY_^U*@bYcSY\\QJeSS_3\QbQ=Q\TY^Y
4YWYdQ\YjjQjY_^U*=_^YQ=Q\QWedY1^TbUQ4bUccU^_
BUc`_^cQRY\UY^V_b]QdYS_*3XYQbQ@UbQ\UCYcdU]Y9^V_b]QdYfYTU\3_]e^UTY2_\_W^Q
3_^Y\c_cdUW^_TU\\Q6_^TQjY_^U3QccQTYBYc`Qb]Y_TY2_\_W^Q
3^bbXTa<XRWPT[?^fT[[
1SebQTYDXU\]QCSX__^]Q[UbCYbY^WbQjYQ2bi_^i4Yh_^>6DF1
3^bbXTa5aXTSaXRWF<da]Pd
9^S_\\QR_bQjY_^US_^:Q^Ud2UbWcdb_]U5^^_@QdQ\QcCYbY^WbQjYQ" dX3U^debi6_h
1[YbQD_SXYWY>QdY_^Q\6Y\]SU^dUbD_[i_U8Yb_cXY;_]Qdce
3^bbXTaBTaVTY<4YiT]åcTY]
1SebQTY>QdQ\YQ>_eccY^_fQY^S_\\QR_bQjY_^US_^7_cVY\]_V_^T_VBeccYQ
CYbY^WbQjYQ>Y[_\Qi2_b_TQSUfF\QTY]Yb4]YdbYUfUFQ\Ubi2_ccU^[_7_cVY\]_V_^T
_VBeccYQ
3^bbXTaEXRc^aBYˆbcaˆ\T<PdaXciBcX[[Ta
1SebQTY:_^GU^Wcdb‰]3Y^U]QdU[UdCfU^c[Q6Y\]Y^cdYdedUd
8[;D24P[[PaXQP[cP9]QWUcVb_]9cdYded_<eSU
1SebQTYDQddYCQ^WeY^UdYY^S_\\QR_bQjY_^US_^9cdYded_<eSUU@b_WUdd_9dQ\YQDQW\YQ
>\PVVX^P8_]QWUd_;T];hT
1SebQTY7U_VV2b_g^CYbY^WbQjYQ2bi_^i4Yh_^>6DF1
>\PVVX^P8_]QWUd_2[PaT]RT1a^f]
1SebQTY;UfY^2b_g^\_gU@QdbYS[CdQ^Rebi@X_d_`\Qi@b_TeSdY_^cY^S_\\QR_bQ
jY_^US_^>6DF1UE3<1
9TP]3daP]S_X^]XTaTT\PTbca^R^\XR^:UQ^4ebQ^T@Y_^UUbQ^T1edUeb_V
1RcebT5hdbU]Uc
;|^]RT?TaaTcT[PQT[[TiiPST[\^]S^bTR^]SP_PacT<}_^SU@UbbUdQ^TdXU
2UQedi_VdXUG_b\TcUS_^Tb_e^T
9^S_\\QR_bQjY_^US_^3Y^}]QdX~aeU7Qe]_^d3Y^}]QdX~aeU6bQ^|QYcU>UTUb
\Q^Tc 6Y\]]ecUe] 3>3 1bSXYfUc 6bQ^|QYcUc Te 6Y\] U 6UcdYfQ\ Tµ1^~bUc E^
`QbdYS_\QbUbY^WbQjYQ]U^d_Q=QbdY^U?VVb_i=Q^eU\Q@QT_Q^1W^~c2Ubd_\Q5bYS
<Ub_i:UQ^<_eYc3_d:UQ^2Q`dYcdU7Qb^Ub_=Qb[@Qe\=UiUb2Ub^QbT2U^_\YU\
U3\QeTY^U;QeV]Q^
>bbTaePc^aX^ST[2X]T\P<dc^8cP[XP]^>QbTaePc^ah^]8cP[XP]BX[T]c2X]T\P)
5X[\S´0acT8cP[XP]P
1SebQTY1\UccYQ>QfQ^dYUbYU=YSXU\U3Q^_cQ4Y`QbdY]U^d_TY=ecYSQUC`UddQS_\_
TU\\µE^YfUbcYdwTY2_\_W^Q
RX]T\P7><4<>E84B
1SebQTY@Qe\Y^UTUBQi]_^T@Q_\_CY]_^YUCUbWY_6Q^dY^S_\\QR_bQjY_^US_^
1cc_SYQjY_^U8_]U=_fYUc2_\_W^QU3Y^}]QdX~aeU6bQ^|QYcU
<TaRPc^ST[[´TSXc^aXPRX]T\Pc^VaPUXRP);XQaX3E3E7B6Y\]@eR\YcXY^W6QYb*
2__[c4F4F8C
1SebQTYCQ^Tb_D_^Y@Q_\_3Q^U``U\UU3}\Y^U@_jjYY^S_\\QR_bQjY_^US_^DUb]Y^Q\
FYTU_9dQ\YQU451
3QdQ\_W_QSebQTY1^TbUQ=U^UWXU\\Y
3_^\QS_\\QR_bQjY_^UTY7ei2_b\}U3XYQbQ3QbQ^dY5\U^QDQ]]QSSQb_=Qb[[e
CQ\]Y:Q^Ud2UbWcdb_]4QfYTU@_jjY@Q_\Q3bYcdQ\\YFQ\UbYQ4Q\\U4_^^U1^^Q
6YQSSQbY^Y1\UccQ^Tb_=QjjQ^dY=QeTCY]_^CY\fYQC`QT_dd_
DUcdYTY*3Qb]U^1SSQ`ed_:_X^2U\d_^:Q^Ud2UbWcdb_]<eSYQ^_2UbbYQd‹Q3Q]Y\\U
2\_dGU\\U^c7U_VV2b_g^;UfY^2b_g^\_g:UQ^=QbYU2eSXUd5TgQbT2ecS_]RU
9Q^3XbYcdYU7b_fUb3bYc`@Qe\Y^UTUBQi]_^TCUbWY_6Q^d7YQ^<eSQ6QbY^U\\Y
;QbYQ^^U6Y_bY^Y:UQ^17Y\YD_]7e^^Y^WB_WUbC8Qb\_g4QfU;UXb6UTUbYS_
=QW^YFYdd_bY_=QbdY^U\\Y=Y[U=QcX_^>YS_\Q=QjjQ^dY1^TbUQ=U^UWXU\\Y1\UccYQ
>QfQ^dYUbY>QdQ\YQ>_eccY^_fQ6bQ^SUcS_@YdQccY_3}\Y^U@_jjY4QfYTU@_jjY:_
^QdXQ^B_cU^RQe]DQddYCQ^WeY^UdY=QbY_CUcdY3\QeTY_CY^YcSQ\SXY@Q_\_CY]_^Y
4Y^[_DeSQ[_fYS2\QjU^QEbW_cY[_fQ:UQ^@YUbbUFUbcSXUebU@UdUbf_^2QWX:_^
GU^Wcdb‰]
BY^WbQjYQ]U^dY*6e\fYQ6QbQccY^_2Ub^QbT2QcdYTU2Y\\;b_X^6bQ^SUcSQ4YfU\\Q
3XbYcd_`XU7QedXYUb1W^~c2Ubd_\Q@Qe\Y^UTUBQi]_^TCUbWY_6Q^d<_bYc<U`bY
CdUVQ^_3Q]`Q^_^Y:e\YU^1b^QeT6bQ^SYc<QSQccY^1^Tb}3XUfQY\\Ub;_]Qdce
8Yb_cXY=QbYQ^^<UgY^c[i1\UccQ^Tb_3QfQjjQ5^bYSQCUbbQ^Y6UTUbYSQ<Q]Q=_
^YSQFQSSQbY@Q_\_@QcaeQ\Y^YCY\fY_3U\\Y=YSXU\QJUW^Q>Qe];\UY]Q^6bQ^SYc
<QSQccY^@QdbYjYQ=Y^WXUddY\_cdQVVTU\\QRYR\Y_dUSQTU\\Q3Y^UdUSQTY2_\_W^Q
DbQTejY_^Y*4URbQ<i^3XbYcdYU3bYcdYQ^QAeUbj~5^bYS_B_fUbY3\QeTYQ7Y_bTQ^Y
3USY\YQ3U^SYQbU\\Y
?c`YdQ\YdwUCUWbUdUbYQ*CY\fYQC`QT_dd_UCY\fYQ4Q\6Ubb_Y^S_\\QR_bQjY_^US_^FQ
^UccQ7Q^jUCY]_^Ge^TUb\U
3__bTY^Q]U^d_`U\\YS_\UUdbQTejY_^Y*=QeTCY]_^U1\UccQ^Tb_=QjjQ^dY
3__bTY^Q]U^d_cU]Y^QbY_69BCD*5^bYSQCUbbQ^Y
3_^ce\U^dU]ecYSQ\U*=QbS_4Q\`Q^U
EVVYSY_CdQ]`Q*@QdbYjYQ=Y^WXUddYU1\UccQ^Tb_3QfQjjQ
BUTQjY_^UCYd_GUR*1\UccQ^Tb_3QfQjjQ
3ebQUTYd_bYQ\U*@Q_\Q3bYcdQ\\YUFQ\UbYQ4Q\\U4_^^U
7bQVYSQ*CdeTY_;e^Y
1]]Y^YcdbQjY_^U* 7YQ^^Y 2YQWY U 1^^Q BYdQ =YcUbU^TY^_ =YS\ 4Q^YU\U 3Q``U\\Y
3Y^UdUSQ
3__bTY^Q]U^d_*>YS_\UddQ5\]Y
Ce``_bd__bWQ^YjjQdYf_*9fQ^3XUddQ
Ce`UbfYcY_^UdUS^YSQ*1^TbUQDY^e`UbY^S_\\QR_bQjY_^US_^7U^UcY_2QY_SSXY^_
?`UbQd_bY*CdUVQ^_<_T_\Y9bU^UJQ^WXUbY@YUdb_@\QdYCdUVQ^_2_W^Qb1^d_^Y^_4Y
@bY^jY_CQ^Tb_FU^debQ<eYWY1bSXQ^WU\Y
BUfYcY_^US_`YU*3Qb\_3Ydb_3\QeTYQ7Y_bTQ^Y2_bYc=Q^WYQ\QbTY1\VbUT_3Qe<eSQ
=Ye
@Ubc_^Q\UTYcQ\Q*=QbS_3_``Y9W^QjY_TY7Y_bWY3\QeTYQ7Y_bTQ^YFQ^YQCdUVQ
^eSSY
DbQTejY_^YcY]e\dQ^UU*=QebQFUSSXYUddY=QbYQ@YQ6Q\S_^U<_bUTQ^Q2_^WUb]Y^_
@Q_\Q@Q_\Y^Y
C_dd_dYd_\YU\Uddb_^YSY*CE2D9<Y]YdUT<_^T_^2UQdbYSU6Q\QcSXY3bYcdYQ^QAeUbj~
6UTUbYS_C`_\UddY
CUbfYSU1eTY_*3__`%&BU^Qd_<YTU_
1SS_W\YU^jQ* 1^^Q <_bUTQ^Q @Q\\_jjY =QccY]_ D_bbUcQ^Y =QbYQ 3XYQbQ 2be^Y
<_bU^jQ4Y6bQ^SUcS_
CdQWYcdQ*1^WU\Q=QbY^Qb_eVVYSY_cdQ]`Q
BXP\^[XTcXSXaXe^[VTaTX[]^bca^_X‹RP[^a^b^aX]VaPiXP\T]c^PXb^bcT]Xc^aXST
8[2X]T\PAXca^ePc^FTf^d[S[XZTc^TgcT]S^dafPa\TbccWP]Zbc^8[2X]T\P
AXca^ePc^bd__^acTab)
1^ddY1\Q^U^6Y^^YcX6Y\]1bSXYfU=Y[QU\pcdb‰]6Y\]DU[^Y[121\RUbd_2QbRUbQ
=ecU_>QjY_^Q\UTU\3Y^U]QCSXQg^2U\cd_^" dX3U^debi6_h6Y\]3_b`_bQdY_^
4QfYT:_X^2Ubbi>QdY_^Q\CSbUU^Q^TC_e^T1bSXYfU_VGQ\Uc3XbYcdY^U2bY^S[
]Q^^E^YfUbcYdydJŽbYSX:UQ^=QbYU2eSXUd3Y^}]QdX~aeUB_iQ\UTU2U\WYaeU
5\QY^U2ebb_gc>QdY_^Q\6Y\]DU\UfYcY_^1bSXYfU7YQ^VbQ^S_3QcQTY_@b_fY^SYQ
TY BQfU^^Q CUdd_bU 3Y^U]Q <eYcQ 3_]U^SY^Y 6_^TQjY_^U 3Y^UdUSQ 9dQ\YQ^Q
3QdXUbY^U 3_b]_^ >UTUb\Q^Tc 6Y\]]ecUe] =YSXU\ 4U]_`_e\_c DXUccQ\_^Y[Y
9^dUb^QdY_^Q\6Y\]6UcdYfQ\:_Q_C_SbQdUc4U?\YfUYbQ269>QdY_^Q\6Y\]DU\UfY
cY_^ 1bSXYfU 3XbYcdYQ^ 4Y]YdbYe 6YQV 3bYcdY^Q 4µ?ceQ\T_ BY`\Uiµc 6Y\] 1^WU\_
CQ\fQd_bU4bQYSSXY_BY`\Uiµc6Y\]=YSXQU\5Qd_^2b_QTgQi2bYdYcXCY\U^d3Y^U]Q
6UcdYfQ\CUbWY_6b_cQ\Y4_^QdU\\_6e]Qb_\Q6e_bY_bQbY_BQYDbU=QbS_=QbYQ7Qj
jQ^_E^YfUbcYdwTUW\YCdeTYTYEbRY^_B_^Q\T7bQ^dDXU3Y^U]Q=ecUe]@UdUb
7b_cSX\@X_U^Yh1bdc;_]Qdce8Yb_cXYGQcUTQE^YfUbcYdi1\UhQ^TUb8_bgQdX
tcdUbbUYSXYcSXUc6Y\]]ecUe]BUd_;b_]Ub3Y^}]QdX~aeUCeYccU3\iTU:UQ
f_^c <_^T_^ 6Y\] 6UcdYfQ\ 269 4Yb[ <QegQUbd CY^d <e[Qc ;e^cdX_WUcSX__\
2QbRb_<YTU\\3Y^U]QdU[UdCfU^c[Q6Y\]Y^cdYdedUd=QbdY^<_Y`UbTY^WUbE^YfUbcYdyd
DbYUb1TbYU^^U=Q^SYQ2b__[\i^1SQTU]i_V=ecYS@YUb_@Q_\_=QddUY^Y1cc_
SYQjY_^U3e\debQ\UC_W^Y=QWYSY@XY\Y``U1\QY^=YSXQeT=ec}UTe<_efbU@QdbYS[
=_e\Uc>_fQcS_`U1bSXYfUcBYSXQbT@U…Q>UgI_b[6Y\]6UcdYfQ\B}]i@YdX_^
:QSaeUc@_YdbQd1bdU6bQ^SU<QbQY^U@_bdUb2b_QTgQi2bYdYcXCY\U^d3Y^U]Q6UcdY
fQ\CeU@_bdUb2b_QTgQi2bYdYcXCY\U^d3Y^U]Q6UcdYfQ\3XU]Q@bQT_6Y\]_dUSQ
5c`Q…_\Q@YUdb_@bejj_6Y\]4?3:_^QdXQ^B_cU^RQe]3XYSQW_BUQTUb
#
1^d_^iCS_dd6Y\]@X_d_<Y]YdUT2Z‰b^CU\Q^TUb6Y\]DU[^Y[12CUbWUD_eRYQ^Q
3Qc`UbDiRZUbWE^YfUbcYdi_V3_`U^XQWU^:_^GU^Wcdb‰]3Y^U]QdU[UdCfU^c[Q
6Y\]Y^cdYdedUd;U^G\QcSXY^1]UbYSQ^6Y\]9^cdYdedU
D]aX]VaPiXP\T]c^_PacXR^[PaTPC`USYQ\dXQ^[cd_*
;QdU7ei_^fQbSXB_i5h`_bd3_]`Q^i7QRbYU\\U3\QUc>_€\4Uc]Ud:UQ^=QbYU
2eSXUd@Qe\FUb\Y^TU3\}]U^dY^U4UR\YUS[3Y^}]QdX~aeUB_iQ\UTU2U\WYaeU
1^^U<U^_YbF}b_^YaeU4_iU^37B9TU2U\WYaeUBYU^8QWU^=Qb[@Qe\=UiUb
>YS_ TU ;\Ub[ 7Y_fQ^^Q 6_ccQddY 1bZQ 7bQ^TYQ =QbYU ;_bdU\Y^W =Qb\UU^ <QRYZd
?\YfYQ2e^Y^W>UTUb\Q^Tc6Y\]]ecUe]:UQ^3XQb\UcDQSSXU\\QCUbWUD_eRYQ^Q
3\QeTY^U;QeV]Q^^2Ub^QbT2U^_\YU\5]Y\YU3Qeaei@Qe\Y^UTUBQi]_^T3Y^}
]QdX~aeU6bQ^|QYcU=YSXU\\U1eRUbd5bYS<UB_i:UQ^<_eYc3_d:UQ^2Q`dYcdU
7Qb^Ub_3>31bSXYfUc6bQ^|QYcUcTe6Y\]:UQ^@Qe\7_bSU=_^Y[8Ub]Q^c
3Y^}]QdX~aeUTUD_e\_ecUDXYUbi6b}]Ueh:_U\2_efYUb9^cYded<e]Y~bU4_
]Y^YaeU@QY^Y:UQ^=YSXU\2_eX_ebc3U^dbU@_]`YT_e=QbdY^U?VVb_i=Q^eU\Q
@QT_Q^1W^~c2Ubd_\Q3Y^}]QdX~aeU7Qe]_^d@YUbbUBYccYU^d@QdX}9]QWU
CUbWU 2b_]RUbW 5bYS <Q^WU <_RcdUb 6Y\]c :QSaeUc <_ebSU\\Uc :UQ^ 2QcdYTU
6bQ^SYc<QSQccY^8Ubf}4e]_^d2Ub^QbTEX\]Q^1^Tb}3XUfQY\\Ub3Y^}]QdX~aeU
CeYccU4QfYT@YUbSU5\QY^U2ebb_gc2bi_^i4Yh_^CeU:_^Uc>QdY_^Q\6Y\]
DU\UfYcY_^1bSXYfU;UfY^2b_g^\_g@QdbYS[CdQ^Rebi@X_d_`\Qi@b_TeSdY_^c:_z_
2}^QbTTQ3_cdQ:_c}=Q^eU\3_cdQ=QbWQbYTQC_ecQ3Y^U]QdUSQ@_bdeWeUcQ
3XU]Q@bQT_3QdXUbY^U7QedYUb<eSYQ^_2UbbYQd‹Q6Y\]_dUSQ5c`Q…_\Q6Ubbv^
1\RUbYSX @b_V 6bQ^SUcS_ 1\RUb_^Y 1ff 1^WU\_ <YRUbdY^Y CUbWY_ D_VVUddY 3QdUbY^Q
Tµ1]YS_ =QbY_ =ece]USY <QebQ 1bWU^d_ CSe_\Q >QjY_^Q\U TY 3Y^U]Q3Y^UdUSQ
>QjY_^Q\U=QbY_BYSSYQbTY1\RUbd_2QbRUbQCdUVQ^_2_^Y3\QeTYQ7YQ^Udd_=ecU_
>QjY_^Q\UTU\3Y^U]Q7YQ^^Y3_]U^SY^Y<eYcQ3_]U^SY^Y=QddU_@QfUcY5^bYS_
>_cUY6_^TQjY_^U3Y^UdUSQ9dQ\YQ^Q<YfY_:QS_R5\U^Q2U\dbQ]Y3Y^UdUSQTU\6bYe
\YFYdd_bY_2_QbY^Y1\UccQ^TbQ6_^dU]QWWY6_^TQjY_^U6U\\Y^Y=YSXU\U3Q^_cQ
1^d_^Y_ 3_cdQ <U_^QbT_AeQbUcY]Q 7YQS_]_ =Q^j_\Y 6bQ^SUcS_ @YdQccY_ B_i
=U^QbY^Y1\RUbd_2_cSXY<U_^QbT_7Q^TY^YBY^Q\T_3U^cY=YSXU\Q7Y_bWYE^YfUb
cYdwTY2_\_W^QFY^SU^j_2U\\Y^Y7eQ\dYUb_4U=QbY^Yc6_^TQjY_^U1\QcSQ7YQ^
@YUb_ 2be^UddQ E^YfUbcYdw TY @QT_fQ @e`Y 1fQdY 1ff <eSYQ^_ C_fU^Q 3\QeTY_
CY^YcSQ\SXY9cdYded_<eSU@Q_\_3XUbSXYEcQY3Qb_\Y^UIUQWUb7U_bWU5Qcd]Q^
8_ecU=_dY_^@YSdebU4U`Qbd]U^dB_RUbd7YddD_TTGYU^UbCdUfU^BYSSYE3<1
6Y\]DU\UfYcY_^1bSXYfU1^^U=_bbQCdUfU^8YWWY^c=ecUe]_V=_TUb^1bd
BYSXQbT=QiDeb^Ub5^dUbdQY^]U^d7b_fUb3bYc`=YSXQU\6bYU^TC_^i3_\e]RYQ
;Y]D_]QTZ_W\_e1]UbYSQ^6Y\]9^cdYdedUCS_dd;U\\i4Yc^Ui=Y[U=QcX_^J_bQ^
CY^_RQT<YRbQbi_V3_^WbUccCSXQg^2U\cd_^" dX3U^debi6_hBQ^YCY^WX7Uddi
BUcUQbSX9^cdYdedU°8QbbiC]YdX1bSXYfU9fQ^DbeZY\\_2_\Y_6Y\]_dUSQTU\QE^Q]
>Y[_\Qi2_b_TQSUfF\QTY]Yb4Y]YdbYUfFQ\UbY2_ccU^[_7_cVY\]_V_^T_VBeccYQF\Q
TY]Yb?`U\Q>Qb_T^Y6Y\]_fi1bSXYfFUbQ7iŽbUi=QWiQb6Y\]Y^dUjUd5fQ?bRQ^j
GQ\dXUbCUYT\UbCdYVde^W4UedcSXU;Y^U]QdXU[;Qb\7bYU`5fU\i^8Q]`YS[U2e^
TUcQbSXYf8UYTUCSX\e`]Q^^;Qb_\Q7bQ]Q^^:_XQ^^G_\VWQ^W7_UdXUE^YfUb
cYdyd6bYUT]Q^^2UiUb7eTbe^GUYcc@QdbYSYQ@ecY^U\\Y6bYUTbYSXGY\XU\]=eb^Qe
CdYVde^W 3\QeTYQ 4Y\\]Q^^ >Y[_\Q ;\UY^ =Q^VbUT =__c 4UedcSXUc 9^cdYded VŽb
6Y\][e^TU>Y^Q7_c\QbJ461bdU:_^GU^Wcdb‰]3Y^U]QdU[UdCfU^c[Q6Y\]Y^
cdYdedUd4Q^>YccU^3\Qec;Z¢b4Ud4Q^c[U6Y\]]ecUe]1[YbQD_SXYWY>QdY_^Q\
6Y\]3U^dUbD_[i_7Y^UddQ1W_cdY^YC513<QR_bQd_bY_=_bcYQ^Y8Yb_cXY;_]Qdce
GQcUTQE^YfUbcYdiDY\TU@UjjY1D3CdUVQ^YQCd_bdY3_]e^UTY2_\_W^Q:_XQ^
@bYZcCdeTY_3Y^U:UQ^17Y\Y2}QdbYSUFQ\RY^=YSXU\B_SXUbCdeTY_3Q^Q\=QbZQ^
FeZ_fYS:eW_c\_fU^c[Q;Y^_dU[Q=U\Q^YUDURRU=Q^TiB_cU^Sb_g^8_\\ig__T
3\QccYSc3XbYcdYQ^4Y]YdbYeC_^YQ4Ub]YU^SU6YQV3XbYcd_`XU2YSX_^<YWXd3_^U
7UbQ\T GURUb CYh @QS[ 4QfYT B_RY^c_^ 7Y_b^QdU TU\ SY^U]Q ]ed_ 2QbRQbQ
3e^YRUbdY1^d_Y^UDY`XY^UCdeTY_;e^Y=YbU\\Q3UbQd_1\YQ>YS_\Qc3b_eccU6Q
RYQ^fQ^BU^dUbWXU]9b~^U2_b\}U6UTUbYSQ<Q]Q=_^YSQFQSSQbY7_VVbUT_6_VY
6bQ^SUcS_2_^_7ecdQf4UedcSX7UbQ\TGURUbCYh`QS[VY\]?\YfYUbC]_\TUbc
CdUVQ^CSX_\j<QebU^SU2bQe^RUbWUb:Y\\4YBQVVQU\UGQb^Ub8_]UfYTU_4QfYT
CXU`QbT>_ebYQCdUVQ^_3_SSXYDUb]Y^Q\FYTU_9dQ\YQCdUVQ^YQBecc_451BU^}
?\YfYUbFUY\\_^IQ^^=QbSXUd]["5TWQbT_3_jQbY^c[i2Ub^QbT5YcU^cSXYdj:UQ^
4_eSXUd2UbdbQ^TDQfUb^YUb:_cU`XY^U3XQ`\Y^:UQ^@YUbbUFUbcSXUebU1^dX_^i
C\YTU:_^QdXQ^B_cU^RQe]BYSXQbTCSXYS[U\D_b[U\\CQUdUbfQTUd6bQ^SUcS_1\
\YQdQTYFY\\QVbQ^SQ=QbY_CUcdY6bQ^SUcS_D_b^Qd_bU=QbYQ<YWe_bY7eYT_<YWe_bY
FUW\YQ9]`QbQd_<YWe_bYUTYd_bU7YQ^VbQ^S_=Y^W_jjY4Q^YU\3QcQWbQ^TU3bYcdY^Q
4µ?ceQ\T_ BY`\Ui 6Y\]c <eYWY 6Y\Y``_ 4µ1]YS_ >YSS_\‡ 6UbbQbY =QbSU\ ?`Xe\c
DXU\]QCSX__^]Q[UbFQ\U^dY^Q3_bdUcUUdQ^dYQ\dbY
E^ SQ\_b_c_ bY^WbQjYQ]U^d_ `Ub \Q TYc`_^YRY\Ydw U \Q `b_VUccY_^Q\Ydw Q\\_ cdQVV TU\\Q
3Y^UdUSQTY2_\_W^QTU\\µ5^dU=_cdbQ9^dUb^QjY_^Q\UTU\3Y^U]Q<YRUb_TU\CUdd_bU
3e\debQTU\3_]e^UTY2_\_W^QUTU\\Q]Q^YVUcdQjY_^UFYfQ2_\_W^Q
>U\\QcUddY]Q^QTU\VUcdYfQ\YbYcd_bQ^dYR_\_W^UcYSXUQTUbYcS_^_Q\\µQcc_SYQjY_^U²<Q
Se\debQTU\SYR_³Y^cUbYbQ^^_^UY\_b_]U^Œe^`YQdd_Yc`YbQd_Qe^VY\]
4ebY^WdXUgUU[_VdXUVUcdYfQ\2_\_W^UcUbUcdQebQ^dcRU\_^WY^Wd_dXUQcc_SYQdY_^
²<QSe\debQTU\SYR_³gY\\QTTd_dXUYb]U^ecQTYcXY^c`YbUTRiQVY\]
$
9]ecYSYcdYDXU]ecYSYQ^c
0[PX] 1PT]cb cf_\WU QddYfYdw TY ]ecYSYcdQ Y^ 2U\WY_ 3_]U `YQ^YcdQ U _bWQ^YcdQ
QSS_]`QW^QTQe^QTUSY^QTµQ^^YVY\]]edYY^`QbdYS_\QbU`Ub\Q3Y^}]QdX~aeU
B_iQ\UTU2U\WYaeU
1\QY^ 2QU^dc XQc RUU^ `UbV_b]Y^W V_b iUQbc Qc Q `YQ^_ Q^T _bWQ^ c_\_Ycd Y^
QSS_]`Q^Y]U^dc V_b cY\U^d ]_fYUc ]QY^\i Qd dXU 3Y^}]QdX~aeU B_iQ\U TU
2U\WYaeU
=TX[1aP]S~S_]`_cYd_bUQed_bUU]ecYSYcdQUTXQQSS_]`QW^Qd_VY\]]edY`Ub
TYSYQccUddUQ^^YQ\>QdY_^Q\6Y\]DXUQdbUTY<_^TbQUY^^e]Ub_cYVUcdYfQ\Y^dUb^Q
jY_^Q\YCY~TUTYSQd_Y^YjYQ\]U^dUQ\\QbUSYdQjY_^UUTXQS_]`_cd_]ecYSXU`Ub`YŒ
TYfU^dYSY^aeUT_Se]U^dQbY`UbDF`b_TejY_^YfYTU_TU\269U^e]Ub_cU_`UbU
dUQdbQ\Y
>UY\2bQ^TYcQS_]`_cUbgbYdUb]ecYSYQ^Q^TXQcRUU^QSS_]`Q^iY^WcY\U^dVY\]c
V_bcUfU^dUU^iUQbcQddXU>QdY_^Q\6Y\]DXUQdbUY^<_^T_^Q^TQdY^dUb^QdY_^Q\
VUcdYfQ\cDbQY^Y^W_bYWY^Q\\iQcQ^QSd_bXUXQcS_]`_cUT]ecYSV_b_fUbdgU^diVYfU
DfT_Se]U^dQbYUc269fYTU_bU\UQcUcQ^T]eSXdXUQdbUggg^UY\RbQ^TS_]
<PccX1hT^Qd_^U\!)&&XQS_]`_cd_`QbdYdebU`Ub_bSXUcdbQ`Ub]_\dYS\QccYSY
TU\SY^U]Q]ed_cfUTUcU<Qf_bQ`Ub\Q3Y^U]QdU[TYCd_SS_\]QTQ\!)()UXQ
ce_^Qd_Y^fQbYVUcdYfQ\SY^U]Qd_WbQVYSYUeb_`UY
=QddY2iUR_b^Y^!)&&XQcS_]`_cUT?bSXUcdbQ=ecYSV_b^e]Ub_ecCgUTYcX
cY\U^d]_fYUS\QccYSc8UXQcRUU^QddXU3Y^U]QdU[Y^Cd_S[X_\]cY^SU!)()Q^T
`\QiUTQdcUfUbQ\6Y\]6UcdYfQ\cQb_e^T5eb_`U
0]c^]X^2^__^[P^Qd_QB_]QXQcdeTYQd_`YQ^_V_bdUS_]`_cYjY_^UUTYbUjY_^U
Tµ_bSXUcdbQ4Q\!)'$cY_SSe`QUcS\ecYfQ]U^dUTY]ecYSQ`UbSY^U]Q]ed_8Q
QSS_]`QW^Qd_ VY\] ]edY Y^ dedd_ Y\ ]_^T_ S_\\QR_bQ^T_ Q^SXU S_^ ^e]Ub_cU
dU\UfYcY_^Y
1^d_^Y_3_``_\QR_b^Y^B_]UXQccdeTYUT`YQ^__bSXUcdbQS_^TeSdY^WQ^T
S_]`_cYdY_^CY^SU!)'$XUXQcg_b[UTUhS\ecYfU\i_^QSS_]`Q^Y]U^d_VcY\U^d
VY\]c8UXQcQSS_]`Q^YUTcY\U^dVY\]cQ\\_fUbdXUg_b\TQ\c_g_b[Y^WgYdXcUfUbQ\
Rb_QTSQcdY^WS_]`Q^YUc
<PaR^3P[_P]TXQcdeTYQd_`YQ^_V_bdUUS_]`_cYjY_^UQ\3_^cUbfQd_bY_TY2_\_
W^Q1ed_bUTY]ecYSXU`UbY\dUQdb_U\QTQ^jQTQQ^^YcYTUTYSQQ\\µQSS_]`QW^Q
]U^d_TYVY\]]edYS_]U`YQ^YcdQUS_]`_cYd_bUS_\\QR_bQ^T_S_^\Q3Y^UdUSQTU\
3_]e^UTY2_\_W^QÄV_^TQd_bUTU\Wbe``_=ecYSQ^U\2eY_SXUXQ`QbdUSY`Qd_Q
fQbYVUcdYfQ\Y^9dQ\YQUQ\\µUcdUb_
=QbS_4Q\`Q^UcdeTYUT`YQ^_Q^TS_]`_cYdY_^QddXU3_^cUbfQd_bi_V2_\_W^Q
8U XQc gbYddU^ ]ecYSQ\ cS_bUc V_b dXUQdbU Q^T TQ^SU `UbV_b]Q^SUc 6_b ]Q^i
iUQbc^_gXUXQcRUU^S_\\QR_bQdY^WgYdXdXU3Y^UdUSQTU\3_]e^UTY2_\_W^Q
_^QSS_]`Q^Y]U^d]ecYSV_bcY\U^d]_fYUcQcQ`YQ^_c_\_YcdQ^TS_]`_cUb8U
V_e^TUTdXUU^cU]R\U=ecYSQ^U\ReY_gXYSXXQc`QbdYSY`QdUTY^]Q^iVY\]VUcdYfQ\c
Y^9dQ\iQ^TQRb_QT
3^]P[SB^bX]S_]`_cYd_bU`UbY\SY^U]Q]ed_Q`QbdYbUTQ\!)'!~cdQd_QSS_]`Q
W^Qd_bUVYcc_TU\\U`b_YUjY_^YTU\=_=1`UbSY^aeUQ^^YU`Ub\µ1]UbYSQ^=ecUe]
_VdXU=_fY^W9]QWUcTQ\!)()CY~UcYRYd_Q^SXUQ\\U7Y_b^QdUTU\3Y^U]Q=ed_U
XQ`QbdUSY`Qd_QY6UcdYfQ\TYCQ^6bQ^SYcS_U@XY\QTU\`XYQ
4_^Q\TC_cY^cY\U^dVY\]S_]`_cUbcY^SU!)'!gQcdXUbUcYTU^dVY\]QSS_]`Q^Ycd
Qd=_=1V_bVYfUiUQbcQ^TXQcRUU^gYdXdXU1]UbYSQ^=ecUe]_VdXU=_fY^W
9]QWUcY^SU!)()8UXQcQ\c_`\QiUTQd<U7Y_b^QdUTU\3Y^U]Q=ed_Q^TXQc
Q``UQbUTQddXUCQ^6bQ^SYcS_Q^T@XY\QTU\`XYQ6Y\]6UcdYfQ\c
9PeXTa?|aTiST0i_TXcXP^Qd_^UY@QUcY2QcSXYXQcdeTYQd_`YQ^_V_bdU`bUcc_Y
3_^cUbfQd_bYTYCQ^CURQcdYQ^=QTbYTU<YUWY9^cUW^QQ\3_^cUbfQd_bY_Ce`UbY_bU
TYCQ^CURQcdYQ^UT~`YQ^YcdQ^U\\µ?bSXUcdbQTUY@QUcY2QcSXY8Q`QbdUSY`Qd_
S_]U]ecYSYcdQTYQSS_]`QW^Q]U^d_QYVY\]]edYY^]_\dYVUcdYfQ\U^UW\Ye\dY]YTYUSY
Q^^Y~cdQd_e^_cdbUdd_S_\\QR_bQd_bUTU\6Y\]6UcdYfQ\TYCQ^CURQcdYQ^UTU\\Q
6Y\]_dUSQ5c`Q…_\Q
:QfYUb @}bUj TU 1j`UYdYQ R_b^ Y^ dXU 2QcaeU 3_e^dbi cdeTYUT `YQ^_ Qd dXU
3_^cUbfQd_bYUc_VCQ^CURQcdYQ^=QTbYTQ^T<YUWU8UdUQSXUcQddXUCU^Y_b
3_^cUbfQd_bi_VCQ^CURQcdYQ^Q^TYcQ`YQ^YcdgYdXdXU2QcaeU3_e^dbi?bSXUcdbQ
8UQ``UQbcY^]Q^iVUcdYfQ\cQSS_]`Q^iY^WcY\U^dVY\]cQ^TXQcRUU^S_\\QR_bQdY^W
S\_cU\igYdXdXU6Y\]6UcdYfQ\_VCQ^CURQcdYQ^Q^TdXU6Y\]_dUSQ5c`Q…_\QV_bdXU
\Qcd! iUQbc
A^QTac^CaXRPaaXXQcdeTYQd_fY_\Y^_`YQ^_V_bdUUS_]`_cYjY_^UQ\S_^cUbfQd_bY_TY
>Q^SiY^6bQ^SYQUTU\<eccU]RebW_4Q\!)'"\Qf_bQ`UbY\dUQdb_U\QTQ^jQUTQ\
!)($cYTUTYSQcU]`bUTY`YŒQ\\QS_]`_cYjY_^U`UbVY\]]edY
B_RUbd_DbYSQbbYcdeTYUTfY_\Y^`YQ^_Q^TS_]`_cYdY_^QddXUS_^cUbfQd_bYUc_V
<ehU]R_ebWQ^T_V>Q^SiY^6bQ^SUCY^SU!)'"XUXQcg_b[UTV_bdXUQdUbQ^T
TQ^SUQ^TcY^SU!)($XUXQcTUTYSQdUTXY]cU\VY^SbUQcY^W\id_S_]`_cY^WV_b
cY\U^dVY\]c
8=3824
9>45H
%
!$
"$
$"
$(
%&
'&
($
$
&
!"
!(
"$
"'
"(
# Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
Ŷ
@bUcU^dQjY_^U9^db_TeSdY_^
9\SY^U]Q`YŒWbQ^TUTU\\QfYdQ*% Q^^YTY3Y^U]QCS_`U3Y^U]Q<QbWUbdXQ^<YVU*% iUQbc_V3Y^U]QCS_`U
3U^d_Q^^YVQ*YVY\]TU\!) #DXU6Ybcd7bUQdIUQb_VdXU3Y^U]Q*!) #
BYdb_fQdYBUcdQebQdYBUS_fUbUTBUcd_bUT
@Qbc`b_d_d_UbQbYdw@Qbc`b_d_d_Q^TBQbYdYUc
@b_WUdd_3XQ`\Y^3XQ`\Y^@b_ZUSd
4_ccYUb*@_gU\\=eb^Qe5ZjU^ådUZ^CZ‰cdb‰]CdY\\Ub
9\<E35Q\\QbYRQ\dQ9]QWUcVb_]9cdYded_<eSU
?]QWWY_Q3\QbU^SU2b_g^8_]QWUd_3\QbU^SU2b_g^
?]QWWY_Q<U^<iU8_]QWUd_<U^<iU
:UQ^4ebQ^T`Y_^YUbUU]QUcdb_S_]YS_:UQ^4ebQ^T@Y_^UUbQ^T1edUeb_V1RcebT5hdbU]Uc
<}_^SU@UbbUdU\QRU\\UjjQTU\]_^T_cUS_^TQ`QbdU<}_^SU@UbbUdQ^TdXU2UQedi_VdXUG_b\TcUS_^Tb_e^T
<Q4YfQYdQ\YQ^Q*6bQ^SUcSQ2UbdY^Y
?ccUbfQd_bY_TU\3Y^U]Q=ed_9dQ\YQ^_?RcUbfQd_bi_^9dQ\YQ^CY\U^d3Y^U]Q*6Y\]Tµ1bdU9dQ\YQ^Q
SY^U]Q8?=5=?F95C
5fU^dYC`USYQ\YC`USYQ\5fU^dc
=UbSQd_Y^dUb^QjY_^Q\UTU\\µUTYd_bYQSY^U]Qd_WbQVYSQ9^dUb^QdY_^Q\6Y\]@eR\YcXY^W6QYb
69BCD°4YWYdQ\@Ubc`USdYfUc_^6Y\]8UbYdQWU
9^TYSUTUYdYd_\Y9^TUh_VVY\]dYd\Uc
?A4B4=C0I8>=4
8=CA>3D2C8>=
9\ 3Y^U]Q BYdb_fQd_ " # S_]Y^SYQ c_dd_ Y\ cUW^_ TU\\Q ^_fYdw*
\µQ`UbdebQTU\VUcdYfQ\Y^VQddYS_Y^SYTUS_^\µY^QeWebQjY_^UTUY^e_fY
\_SQ\YTU\\Q3Y^UdUSQTU\3_]e^UTY2_\_W^QS_]`bUcUTeUcQ\U
SY^U]Qd_WbQVYSXU`b_^dUQTQ\\YUdQbSYY^aeUcdU_dd_]U]_bQRY\Y
WY_b^QdUR_\_W^UcY1^S_bQe^Qf_\dQ\µ_RYUddYf_UccU^jYQ\USXU
SYQeWebYQ]_TYSU^dbQbU~Y\`eb_`YQSUbU*aeU\\_TU\\U_`UbUV_^
TQ]U^dQ\YTU\\Q]UbQfYW\YQTQfQ^dYQ\\U`bY]UY]]QWY^YY^]_fY
]U^d_TU\]YbQS_\_TU\gYTUcSbUU^TU\\µUc`UbYU^jQdbQf_\WU^dU
TYfUTUbUbY^QcSUbUe^Q`U\\YS_\QWYecdQ]U^dU^_dQ]QcS_]`QbcQ
TQdU]`_U]QWQbYTYQccYcdUbUQe^QcdbQ_bTY^QbYQbYV\UccY_^Uce\
\Q^QdebQTU\VY\]UTU\\QceQSbUQjY_^US_]U^U\SQc_TU\\µ_b]QY
VQ]_cQ`bUcU^dQjY_^UTUW\Y_eddQ[UcTYDXU>YWXd_VdXU8e^dUbTY
<QeWXd_^QT_`UbQTYB_RUbd7Ydd
DXU^Ug`bU]YcUc_VdXU3Y^UdUSQTU\3_]e^UTY2_\_W^QgY\\RU
_`U^UTQ\_^WgYdXdXUVUcdYfQ\Q^TgYdXdXU]dg_^UgSY^U]Qc
bUQTid_RbY^WecXQ``Y^UccV_bdXUVe\\UYWXdTQic_V_ebcdQiY^
2_\_W^Q1^TdXQdYcTUVY^YdU\i_ebQY]QWQY^dXU`ebUU^Z_i]U^d
_VdXUUccU^dYQ\cdXQdSQ^Y^S\eTU]QbfU\\Y^WQdUQb\i`YSdebUcdXQd
]_fUdXU]YbQS\U_VdXU\QbWUcSbUU^dXU_fUbgXU\]Y^WUh`UbY
U^SU _V cUUY^W Q \_^W \_cd Q^T bYWXd\i VQ]_ec VY\] bUR_b^ Q^T
]QiRUgYd^UccY^WQbU]Qb[QR\U]UTYdQdY_^QR_eddXU^QdebU_V
VY\]Q^TYdcSbUQdY_^V_bY^cdQ^SUdXUQ\bUQTiVQ]_ec\USdebU_V
B_RUbd7YddQcXU`bUcU^dcdXU_eddQ[Uc_V3XQb\Uc<QeWXd_^µc
DXU>YWXd_VdXU8e^dUb
AeUcdµQ^^_`Ub\Q`bY]Qf_\dQQRRYQ]_dbUcQ\UY^`YU^QQddYfYdw
TUTYSQdUQ`b_YUjY_^Yc`USYVYSXU*\Q`YŒWbQ^TUY\3Y^U]Q1eWe
cdU<e]Y~bUcQ\Q!~TUTYSQdQQ\SY^U]Q]ed_\Q`YŒ`YSS_\QY\
3Y^U]Q<_eYc<e]Y~bUcQ\Q"QYVY\]c_^_bYbQbY]U^dbUY\fYSY^_
3Y^U]Q 1b\USSXY^_ `b_WUddQd_ Y^ _bYWY^U `Ub `b_YUddQbU VY\] Y^
3Y^U]QCS_`UQSS_W\YUW\Y²CS_`U³UW\YQ\dbYQ``e^dQ]U^dY`YŒ
c`UddQS_\QbYFYcdQ\QbYSSXUjjQTU\`b_WbQ]]Q\QfYSY^Q^jQTU\\U
cQ\UU\U`b_YUjY_^YY^bU`\YSQQYedUbQ^^_QbYc_\fUbUY\`b_R\U]QTY
aeQ\UVY\]fUTUbU
DeddQfYQQ^SXUcUQRRYQ]_f_\ed_`b_`_bbUe^`b_WbQ]]Q]_\d_
Y^dU^c_SXUS_^dU^UccUY\]QWWY_b^e]Ub_`_ccYRY\UTYVY\]RU\\Y
\UY^deYjY_^YUYbYS_bTY`Ubc_^Q\YbUcY`_ccYRY\YTQ\SY^U]QcQbURRUb_
ceVVYSYU^dYQVQbSYfU^Ybf_W\YQTYcQ\dQbU\U`b_YUjY_^Y`UbQfUbU
cU]`\YSU]U^dU\Q`_ccYRY\YdwTYTYcSedUbUTUYVY\]`_YSX}\µUbUTYdw
`YŒfUbQcU^jQTeRRY_~aeU\\QS_^cUbfQdQ^U\\QdUcdQTUY`QbdU
SY`Q^dY3_]U`UbY\YRbYTY6QXbU^XUYd$%!
1\Se^UTQdU`_cc_^_UccUbSYTµQYed_`Ub_bYU^dQbSY
9\% ƒQ^^YfUbcQbY_TU\3Y^U]QCS_`U~WYwcdQd_aeQU\wSU\URbQd_
U^_Yf_bbU]]_S_^dbYReYbUS_^aeQ\S_cQSXUcYQQ\dU]`_cdUcc_
S_^SbUd_U]YbQS_\_c_bYVQSU^T_SYQe^cU^dY]U^d__bYWY^Q\UTYd_
dQ\U]UbQfYW\YQ4UTYSXYQ]_aeY^TYe^QcUjY_^UQW\YUc_bTYcd_bYSY
QYdUcdUQ\\U²`bY]Uf_\dU³TU\gYTUcSbUU^TQY`bY]YUc`UbY]U^dYTY
8U^bY3Xb}dYU^Q\3Y^U]QCS_`US_]UbUQ\dwY^fYQTY`YU^QQVVUb
]QjY_^U^UY`bY]YQ^^Yµ% aeQ^T_\µY^^_fQjY_^UbQ``bUcU^dQfQ
Y^`bY]_\e_W_e^QS_^aeYcdQdUS^_\_WYSQUe^µQb]QS_^db_\Q
SbUcSU^dUQcSUcQTU\\QdU\UfYcY_^USXUQaeUYdU]`YbQ``bUcU^
dQfQe^Q]Y^QSSYQ`Ub\Qc_`bQffYfU^jQcdUccQTY8_\\ig__T]Q
Q^SXUe^µ_``_bde^YdwUcdUdYSQ9\3Y^U]QCS_`UY^VQddY`ebcUTU
^YWbQd_TQfQbYU`QbdYVeQ^SXUSU\URbQd_S_]U²fUbQQfQ^WeQbTYQ
TU\ce_dU]`_³SXUbYc`\U^TU^UY\Qf_bYTY>YSX_\QcBQi8U^bi8Q
dXQgQi?dd_@bU]Y^WUb6bQ^[DQcX\Y^CdeQbd8UYc\Ub6bYdj<Q^W
BQ_e\GQ\cXUBYSXQbT6\UYcSXUb4_RRYQ]_`Ub‡]U^jY_^QbUe^
TUddQW\Y_dbYcdU]U^dUcY]R_\YS_*YW\_bY_cYUSbUQdYfY`bY]YdbUQ^^Y
TU\3Y^U]QCS_`UcYRQcQfQ^_ce\V_b]Qd_"%%*!]Q_WWYQ`
`QY_^_UccUbU`_SXYccY]U\US_`YU_bYWY^Q\YSXU]_cdbQ^_Q^S_bQ
&
6_bdXUVYbcddY]UgUgY\\XQfUdXbUUSY^U]QcY^Ve\\QSdY_^Q^TV_b
c`USYQ\YQ\YjUTecU*dXURYWWUb3Y^U]Q1eWecdU<e]Y~bUCQ\Q
!V_bdXUcY\U^dcdXUc]Q\\Ub3Y^U]Q<_eYc<e]Y~bUCQ\Q"
V_b bQbU c_e^T ]QdUbYQ\c Q^T dXU ^UQbRi SY^U]Q 1b\USSXY^_
Q dXUQdUb _bYWY^Q\\i TUcYW^UT V_b 3Y^U]QCS_`U V_b cS_`U
Q^T²_dXUb]_bUc`USdQSe\Qb]QdUbYQ\c³1cdXYc`\U^YdeTUgY\\
T_eRd\UccSbUQdU`b_R\U]cY^TUSYTY^WgXYSXVY\]cd_cUUdXU
`b_hY]Ydi_VdXUSY^U]QcgY\\XU\`Q^TbU`UQdUTcSbUU^Y^WcgY\\
XU\`UfU^]_bU
1cgUQbUVYWXdY^WgYdXdXU^UUTd_TbQ]QdYjUdXUcSXUTe\Uc_dXQd
Q]QhY]e]_VW__TVY\]cSQ^RUU^Z_iUTgUS_e\T`b_RQR\igYdX
dXYc]U]_biQ^TY^deYdY_^_VdXUSY^U]QQb_e^TQ\]_cdc[Y`dXU
cSbUU^Y^WcQ\d_WUdXUbQ^TZecdc`U^TdY]UdQ\[Y^WQR_eddXUVY\]c
QcdXUVY^UcdXUbYdQWUYcgYdXQ\\SUbdQY^diSQbbYUTY^dXUXUQTc_VdXU
`QbdYSY`Q^dcQ^igQi\Y[UdXUR__[cY^6QXbU^XUYd$%!
C_]UTQdUcgY\\XU\`_eb_bYU^dQdY_^
DXU% dXQ^^YfUbcQbi_V3Y^U]QCS_`UXQcQ\bUQTiRUU^SU\URbQd
UTXUbUQ^TdXUbUQ^TgUgYcXd_`QbdYSY`QdUgYdXc_]UdXY^WR_dX
ceRcdQ^dYQ\Q^T]YbQSe\_ecY^bUc`_^cUd_dXU_bYWY^Q\cU^cU_V
d_dQ\g_^TUbGUµ\\TUTYSQdUQcUSdY_^d_dXUUQb\iXYcd_bidUcdc
²VYbcdc³UdS_VdXUgYTUcSbUU^Y^S\eTY^W]QdUbYQ\c_V8U^bY3Xb}d
YU^µcUh`UbY]U^dcQ^TgY\\dXU^VQSUdXUbUQ\YdYUc_VdXUUQb\i!)% c
gXU^dXURbQ^T^Ug3Y^U]QCS_`UgQcVYbcdQdUSX^_\_WYSQ\VUQd
Q^TQgUQ`_^QWQY^cddXUbYcU_VdU\UfYcY_^dXU^dXbUQdU^Y^WdXU
fUbi\YVU_V8_\\ig__TQ^TQ\c_Q^QUcdXUdYS_VdU^]Q\YW^UTRed
Q\c_SU\URbQdUTQc²dXUbUQ\QfQ^dWQbTU_VYdcUbQ³gYdX\e]Y^_ec
g_b[cRi>YSX_\QcBQi8U^bi8QdXQgQi?dd_@bU]Y^WUb6bQ^[
DQcX\Y^ CdeQbd 8UYc\Ub 6bYdj <Q^W BQ_e\ GQ\cX Q^T BYSXQbT
6\UYcSXUb?^UcQT\ici]R_\YSTUdQY\]ecdRU]U^dY_^UT*dXUW\_bY
_ecQ^TSbUQdYfUVYbcddXbUUiUQbc_VdXUUhYcdU^SU_V3Y^U]QCS_`U
gQcRQcUT_^dXU"%%*!V_b]QdRedfUbiVUg_bYWY^Q\S_`YUccUU]
d_UhYcdgYdXdXUYbS_\_bY^dQSddXUbUcd_bQdY_^V_b]QdYc"#%*!gYdX
_`dYSQ\c_e^TDXec_ebTU]_^cdbQdY_^_V`bY^dcY^dXU_bYWY^Q\
cS_`UcSbUU^bQdY_gYdX$dbQS[]QW^UdYSc_e^TYc\Y]YdUTd__^U
VQ^dQcdYS UhQ]`\U 8UYc\Ubµc 9 4YUT Q DX_ecQ^T DY]Uc Q^T d_
c_]U\USdebUcgYdX`\U^di_V]QdUbYQ\c_bWQ^YjUTRi:UQ^@YUbbU
FUbcSXUebUD_b[U\\CQUdUbfQTUdQ^TCSXQg^2U\cd_^1^_dXUb
YS_\_bYTYe^dU]`_Y\V_b]Qd_`UbY\bUcdQeb_~"#%*!S_^c_^_b_
_ddYS_3_c‚`_ccYQ]_`bUcU^dQbUc_\_`_SXYUcU]`Y`UbaeQ^d_
cdbQ_bTY^QbY TY S_`YU ^U\ V_b]Qd_ CS_`U _bYWY^QbY_ S_^ aeQddb_
`YcdUc_^_bU]QW^UdYSXU*94YUTQDX_ecQ^TDY]UcTY8UYc\UbU\U
S_^VUbU^jUbYSSXYccY]UTY]QdUbYQ\YdU^edUTQ:UQ^@YUbbUFUb
cSXUebUD_b[U\\CQUdUbfQTUdUCSXQg^2U\cd_^E^Q\db_]_]U^
d_Y]`_bdQ^dU~e^QcU\UjY_^UTUY]YW\Y_bY3Y^U]QCS_`UY^RYQ^S_
U^Ub_S_^Qed_bYTU\SQ\YRb_TYB_RUbdB_ccU^UQ^S_bQe^Qf_\dQ
>YSX_\QcBQiQSS_]`QW^QdYTQS_bdYTY1\QY^BUc^QYcU:UQ^<eS
7_TQbTSXUSYbYS_bTQ^_S_]UY\3Y^U]QCS_`UcYQcdQd_Q^SXU
e^]_T_Ueb_`U_TYWeQbTQbUY\]_^T_5TQ\\µ5eb_`Q`b_fYU^U
Q^SXUY\VY\]SXUXQcUW^Qd_\µQVVUb]QjY_^UTUVY^YdYfQTU\3Y^U]Q
CS_`U\Q`YŒWbQ^TUfYcY_^U`b_T_ddQ^U\^_cdb_S_^dY^U^dU*<_\Q
=_^d~cTY=Qh?`Xe\cY^db_T_dd_TQ=QbSU\?`Xe\ce^dUcdY]_^U
TµUSSUjY_^UQceQf_\dQTYfU^dQd_WbQ^TUbUWYcdQ
E^µQ\dbQcUjY_^UTU\`b_WbQ]]Q~TUTYSQdQQVY\]SXUS_]`Y_^_
`b_`bY_aeUcdµQ^^_e^cUS_\_TYfYdQF_W\YQ]_Y^VQddYSU\URbQbUY\
!) #Y\²`bY]_WbQ^TUQ^^_TU\SY^U]Q³*RbUfYbe\\YTYVY^jY_^UUTY
_ccUbfQjY_^UTU\ae_dYTYQ^_Qf_\dURQ^Q\YUQf_\dUQccebTYU``e
bUcU]`bUY]`USSQRY\YS_^aeU\\_b_Wecd_`Ub\_cdbQ_bTY^QbY_UY\
]YbQS_\_c_AeUcdQcUjY_^UVUcdUWWYQQ^SXUe^Q\db_Q^^YfUbcQbY_*
Y"%Q^^YTQ\`YŒY]`_bdQ^dUS_^WbUcc_6916TYcU]`bUaeU\\_TY
2bYWXd_^SXUXQTQd_e^Y]`e\c_TUSYcYf_Q\\_cdeTY_TU\SY^U]QTUY
`bY]YccY]YdU]`Y9\`b_WbQ]]Q²!) #³~cdQd_SebQd_TQD_]7e^
^Y^WdbQY]QccY]YcdeTY_cYTYaeU\`UbY_T_UfUdUbQ^_TY2bYWXd_^
DbQ \U `Ubc_^Q\Ydw SXU dbYRedYQ]_ Y\ bUWYcdQ `YΠfUSSXY_ ~ :UQ^
4ebQ^T\Q]U^dUSXUcdQTYUdb_Q\\Q]UbQfYW\Y_cQcUbYU²?^}cY
]U³CU^jQTeRRY_4ebQ^TVYWebQdbQaeUYWYWQ^dYTUY`bY]YQ^^Y
TU\SY^U]QSXUc_^_Q^S_bQcS_^_cSYedYY\`b_R\U]Q~SXUcYQ]_
_b]QYQS_bd_TY^_]Y<QceQWU^YQ\YdwS_^cYcdUfQ^U\`_bdQbU
Q\\µUcdbU]_cYdeQjY_^YQccebTU]Q^dU^U^T_cU]`bUe^Q\_WYSQ
VUbbUQ4ebQ^TXQV_b^Yd_e^QdbQ\U`bY]UWbQ^TYdUcdY]_^YQ^jUTY
]_TUb^Yc]_Q\SY^U]QUT~Y^_\dbU\µQed_bUTYQ\Se^YdbQY]YW\Y_bY
gUcdUb^TU\\U_bYWY^Y
9\cUS_^T_Q``e^dQ]U^d_S_^<}_^SU@UbbUd`b_`_^Ue^µQffY^
SU^dU cU\UjY_^U TUW\Y Q^^Y µ! S_]`bUcY Q\Se^Y \e^W_]UdbQWWY
S_]UYVQ]_cY<µ5^VQ^dTU@QbYcU;_U^YWc]Qb[`YŒe^Ve\WYT_
UcU]`Y_TU\\QceQ`b_TejY_^UQ]UbYSQ^Q
3\QbU^SU2b_g^`bUcU^dQd_TQ;UfY^2b_g^\_g^UW\YQ^^YcS_bcY
~WYwcdQd_Y^cUbYd_`YŒf_\dUY^`b_WbQ]]QfYcdQ\QceQ`_cYjY_^U
TYbUWYcdQ`bUVUbYd_TYFQ\U^dY^_U7bUdQ7QbR_1fbU]_aeY\Q`_c
cYRY\YdwTYfUTUbUQ\Se^YVY\]bQbYSXUUfYTU^jYQ^_\QceQQRY\YdwU\Q
ceQSbUQdYfYdwY^e^QV_b]QSXU`_dbU]]_TUVY^YbU`ebQ
7\YQdd_bYU\UQddbYSYaeYQ2_\_W^Qc_^_cU]`bUcdQdYY]`_bdQ^dY
aeQ^d_YbUWYcdY4QcdbQ^YUb_]Yc_^_cU]`bUbQ]]QbYSQd_SXUY\
SY^U]Q]ed_YdQ\YQ^_cYQQ^S_bQe^VU^_]U^_S_^_cSYed_c_\_Y^
`YSS_\Q`QbdUCU²cYTUfUVQbUaeQ\S_cQTYbQTYSQ\U³`UbS_\]QbU
\Q\QSe^QY\`bY]_`Qcc_~aeU\\_TYQSS_cdQbSYQ\\UVYWebU`YŒY]
`_bdQ^dYTYaeU\SY^U]QfQ\UQTYbU\UTYfUUYV_bjedYDbQ\U`bY]U
Y^SY]QQ\\Q\YcdQSµ~6bQ^SUcSQ2UbdY^Ye^Q`bUcU^jQ]QWYSQSXU
Q`YU^_dYd_\_`e‡UccUbU]UccQce\\_cdUcc_`YQ^_TU\\U`bUSU
QddbQSdY_^gY\\S_^cYcd_VQc]Q\\b_e^T_VdXUVY^UcdR\QS[Q^TgXYdU
cS_`UVY\]cVb_]B_RUbdB_ccU^Q^T°QWQY^°>YSX_\QcBQi`\ec
cX_bdcRi1\QY^BUc^QYcQ^T:UQ^<eS7_TQbTbU]Y^TY^WecdXQd
cS_`UgQcQ\c_QfYUg_VdXUg_b\TY^5eb_`UgXUbUdXU_bYWY^Q\
TUVY^YdYfUcdQdU]U^d_V3Y^U]QCS_`UgQcdXUWbUQdUcdfYcY_^_V
5eb_`UUfUbS_^SUYfUTV_bdXUcSbUU^*=Qh?`Xe\cµ<_\Q=_^d~c
°Y^db_TeSUTd_ecRiQgYd^UccgX_RUSQ]UQWbUQdTYbUSd_bY^XYc
_g^bYWXd=QbSU\?`Xe\c
1^_dXUbcUbYUcYcTUTYSQdUTd_VY\]cTQdY^WVb_]QSU^debiQW_
GUQbUSU\URbQdY^WdXUVY\]c]QTUY^!) #dXU²VYbcdWbUQdiUQb_V
dXUSY^U]Q³cdbY`c_VVYSdY_^Q^T_RcUbfQdY_^c_VdXUUfUbiTQi
]eSXdbYfYQQ^T^_^cU^cUQ^TiUdQ^Y]`USSQR\UWU^UbQ\cU^cU
_V ]QbfU\ Q^T dXU ]YbQSe\_ec DXU cUbYUc SU\URbQdUc Q^_dXUb
Q^^YfUbcQbi Qc gU\\* "% iUQbc cY^SU dXU ]_cd Y^V\eU^dYQ\ 6916
S_^WbUcc_VQ\\dY]UY^2bYWXd_^gXUbUdXUcdeTi_VUQb\iSY^
U]QW_dQ^U^_b]_ec`ecXD_]7e^^Y^WQ\UQTY^WXYcd_bYQ^
_VdXYc`UbY_TQ^T_^U_VdXUfUdUbQ^c_V2bYWXd_^SebQdUTdXYc
`b_WbQ]
DXU _\TUcd TYbUSd_b Q^T `Ubc_^Q\Ydi gU gY\\ SU\URbQdU Yc :UQ^
4ebQ^TdXU]Y^TRUXY^TdXUVQRe\_ec²?^}cY]U³cUbYUcGYdX_ed
T_eRd4ebQ^TYc_^U_VdXUWYQ^dc_VUQb\iSY^U]QgX_YccdY\\e^
[^_g^gUQbUXUQTUTV_bdb_eR\URUSQecUgUQbUbe^^Y^W_ed_V
^Q]Uc8YcWU^YecgQcdXUQbd_VTUfU\_`Y^WQRcebTcYdeQdY_^cd_
dXUYbUhdbU]UgYdXQ^Y]`USSQR\U\_WYSdXUbURi`b_fYTY^WQWbUQd
UhQ]`\U_VUQb\i]_TUb^Yc]Y^dXUSY^U]Q8UQ\c_SbUQdUTc_]U
_VdXURUcdUQb\igUcdUb^c
DXUcUS_^Tb_e^TgYdX<}_^SU@UbbUdgY\\Y^S\eTUQc`U\\RY^TY^W
cU\USdY_^ Vb_] dXU !)! c Y^S\eTY^W cUfUbQ\ VUQdebU VY\]c ceSX
QcdXUVQ]UT<µ5^VQ^dTU@QbYcQ^T;_U^YWc]Qb[Q^T\e]Y^_ec
UhQ]`\Uc_V@UbbUdµc1]UbYSQ^_ed`ed
3\QbU^SU2b_g^`bUcU^dUTRi;UfY^2b_g^\_gXQcRUU^fUbi
]eSX`bUcU^dY^cUfUbQ\UQb\YUbcUbYUcWYfU^XYc`b_]Y^U^SUQc
dXUVQf_bYdUTYbUSd_b_VFQ\U^dY^_Q^T7QbR_8UbUgUgY\\XQfUQ
SXQ^SUd_cUUc_]UbQbUVY\]ccX_gY^WXYcc[Y\\cQ^TSbUQdYfU^Ucc
Y^Q`ebUV_b]c_d_c`UQ[
1Sd_bcQ^TQSdbUccUcXQfUQ\gQic`\QiUTZecdQcSU^dbQ\Qb_\U
QcTYbUSd_bcY^dXU2_\_W^Q`b_WbQ]c1cQV_bUYW^Ub9XQfU_V
dU^bUWbUddUTdXUVQSddXQddXU9dQ\YQ^cY\U^dSY^U]QY^YdcU^dYdi
bU]QY^cbU\QdYfU\ie^[^_g^9V²c_]UdXY^WbQTYSQ\]ecdRUT_^U³
_^U_VdXU\UQTc_RfY_ec\iYcd_`b_SUUTdXb_eWXdXU`Ubc_^Q\YdYUc
dXQd ^_d_bY_ec\i gUbU c`UQbXUQTUT Ri TYfQc Q^T ]ecS\U]U^
1]_^WdXUVYbcd6bQ^SUcSQ2UbdY^YYcQddXUd_`QcQcdQb_VdXU
XYWXUcd_bTUb°Q]QWYSQ\`bUcU^SUgX_SQ^Y^dXUVe\\UcdcU^cU
RUS_]`QbUTgYdXdXUUQb\YUb²2_\_W^QcdQbc³QddXU\UfU\_VFQ\
U^dY^_6QYbRQ^[c@YS[V_bT7QbR_1cdXUcdQb_V]_bUdXQ^_^U
Xe^TbUTQ^TVYVdiVY\]c2UbdY^YgQc_^U_VdXU_bYWY^Qd_bc_VdXU
CdQbCicdU]RicXQ`Y^WQVU]Y^Y^UYTUQ\dXQd_ed\YfUTdXUU^T_V
cY\U^dSY^U]Q6_b8U^bY<Q^W\_YcXUbWbUQd^UccgQcQ\\QR_ed
dXUe^Uh`USdUTQ^TdXUce`UbRY^c`YbY^WXY]d_Qc[bXUd_bYSQ\\i*
²gXUbUS_e\T_^UVY^TQRUY^WgX_g_e\T[^_gRUddUbdXQ^cXU
X_gd_QSdgYdXXUbQb]cXUbd_bc_XUbXQ^Tc/³6U\\Y^YQT]YbUT
'
TU^dY²cdQbTY2_\_W^Q³*FQ\U^dY^_6QYbRQ^[c=Qbi@YS[V_bT7bUdQ
7QbR_9^dUb`bUdUTY_\dbUSU^d_SY^aeQ^dQVY\]6bQ^SUcSQ2UbdY^Y~
cdQdQe^QTU\\UQbdUVYSYTU\\_CdQbCicdU]UXQTQd_fYdQQe^YTUQ\U
VU]]Y^Y\U SXU c_`bQffYccU Q\\Q VY^U TU\ ]ed_ 8U^bY <Q^W\_Yc
SXUQddbYReYfQ\QceQWbQ^TUjjQQ\\µY^QddUc_UQ\\_c`\U^T_bUVe
c`Y^d_QSXYUTUbcY*²4_fµ~`_ccYRY\Udb_fQbUe^UccUbUSXUcQ``YQ
bUSYdQbU]UW\Y_TY\UYS_^\URbQSSYQS_\d_bc_S_^\U]Q^Y/³6U\\Y^Y
\QQ]]YbQfQQdQ\`e^d_TQf_\Ub\Q^U\\Q4_\SUfYdQU2Ubd_\eSSY
\UQVVYT‡e^SQ]]U_Y^>_fUSU^d_9^aeUcdQcUjY_^UfUbbQ^^_
`bUcU^dQdYQ\Se^YVY\]bUcdQebQdYS_]`bUcQ\QfUbcY_^UY^dUWbQ\U
TU9cUddU`USSQdYSQ`YdQ\Ye^QcUbYU\UWWU^TQbYQTYcUddU\e^W_]U
dbQWWY!)!(!)SXUQ`bYbQ^^__W^YWY_b^_\U`b_YUjY_^Y^U\\QcQ\Q
TUTYSQdQQ\SY^U]Q]ed_
9\c_]]_WU^Y_TY3XQb\Uc3XQ`\Y^Q``QbdU^UfQQ\dU]`_cdUcc_
Q\\µQbdUTU\\QbUSYdQjY_^UUTU\\QbUWYQDXU3YbSecbUcdQebQd_TQ\\Q
3Y^UdUSQTY2_\_W^QQSeY~cdQd_QVVYTQd_Y\S_]`Yd_TY`bUcUbfQbU
\µY^dUbQ_`UbQSXQ`\Y^YQ^QcY`_^UTYbUddQ]U^dUQ\SU^db_TU\\µe^Y
fUbc_UTU\\Q]Yd_\_WYQTU\S\_g^E^Q\db_bUcdQeb_cdbQ_bTY^QbY_
14_Wµc<YVUfUbbw`b_YUddQd_QccYU]UQe^SQ`_\Qf_b_TY2ecdUb
;UQd_^CdUQ]R_Qd2Y\\:b`Ub]UddU^T_SYTYS_^Vb_^dQbU\Uc_]Y
W\YQ^jUSXUcY^QcS_^T_^_c_dd_\Qce`UbVYSYUAeUcdµQ^^_`QbdYbw
Y^_\dbU\µUc`\_bQjY_^UTU\`UbY_T_`YŒdbQcSebQd_]QV_bcU`YŒbYf_
\ejY_^QbY_UY^fU^dYf_TU\\QSQbbYUbQTY3XQ`\Y^*\U`U\\YS_\U;Uicd_
^UQS_]Y^SYQbUTQ\!)!$?W^e^_TYaeUcdYVY\]bQ``bUcU^dQe^
S_^dbYRed_Y]`_bdQ^dUUY^^_fQdYf_Q\\QSbUQjY_^UTU\`Ubc_^QWWY_
TU\FQWQR_^T_UcY^dUdYjjQe^]_^T_S_]YS_UfY_\U^d_SXU^_^
cYSebQTU\\US_^fU^jY_^Yc_SYQ\YUbYdbQUe^µe]Q^YdwVUb_SU
>U\ `b_WbQ]]Q TUY VY\] bUcdQebQdY S_]`QY_^_ _`UbU `bUjY_cU
`b_fU^YU^dY TQ\\µE3<1 6Y\] 1bSXYfU TY <_c 1^WU\Uc DXU 2QbU
V__d 3_^dUccQ TY :_cU`X < =Q^[YUgYSj S_\ @Ubc`USdQ C_e^T
_bYWY^Q\UY\WYwSYdQd_DXU>YWXd_VdXU8e^dUbUTeU^_dUf_\YVY\]
TUY`bY]YQ^^Yµ# SXUXQ^^_Q^dYSY`Qd_\UcdbQdUWYU^QbbQdYfUTY
3YdYjU^;Q^U*DXUCY^_V>_bQ=_bQ^UDXU@_gUbQ^TdXU7\_bi+
`_YdUc_bYbUSU^dY`bUcU^dQdYTQ\^_cdb_Q]YS_7b_fUb3bYc`TU\\Q
C_^i3_\e]RYQDXUBUS[\Ucc=_]U^dSQ`_\Qf_b_db_``_`_S_
S_^_cSYed_ TY =Qh ?`Xe\c U DXU 2ebW\Qb TY @Qe\ GU^T[_c+
;‰b[Qb\U^9\SQbbUdd_VQ^dQc]QY\c_]]_SQ`_\Qf_b_TYFYSd_b
CZ‰cdb‰]UQ\dbU`U\\YS_\UTQ\\_CfU^c[Q6Y\]Y^cdYdedUd+Q\Se^YVY\]
`b_fU^YU^dYTQ\\Q6Y\]_dUSQ5c`Q…_\Q<_cSXYS_cTY=QbS_6UbbU
bYY\S\QccYS_²]Q\UTUdd_³TUW\YQ^^Yµ$ FYTQU^c_]RbQc<µQccUTY_
TU\\µ1\SQjQbTY1eWecd_7U^Y^QUe^^e_f_V_\W_bQ^dUbUcdQeb_TY
E^3XYU^Q^TQ\_eSXUfUbbw`b_YUddQd_TeUf_\dUS_^TYVVUbU^dY
QSS_]`QW^Q]U^dY]ecYSQ\YDbQYbUcdQebYS_^T_ddYTQ\\Q3Y^UdUSQ
TY2_\_W^Qc`YSSQ<Q3_^dUccQCQbQ!)!)TYB_RUbd_B_RUbdY
3µ~`_Ye^VY\]]_\d_VQ]_c_SXU]UbYdQe^`QbQWbQVUdd_Q`QbdU*1\\
AeYUd_^dXUGUcdUb^6b_^dSQ`_\Qf_b_TY<UgYc=Y\Ucd_^U`b_YUd
dQd_Y^e^QbQbQfUbcY_^U²]edQ³bUcdQebQdQTYbUSU^dUTQ\\Q<YRbQbi
_V3_^WbUccBYecSYbwQUccUbU`YŒWbQ^TY_cQTU\\QfUbcY_^Uc_^_
bQSXUS_^_cSYQ]_/<QTUSYcY_^Uc`UddUbwQSYQcSe^_TY^_Y
AeUcdµQ^^_QRRYQ]_Y^db_T_dd_e^Q^e_fQcUjY_^UY^dYd_\QdQ²4_c
cYUb³S_^`Q^_bQ]YSXUY^]Y^YQdebQce\\U_`UbUUce\\QfYdQTYWbQ^TY
bUWYcdY3_]Y^SYQ]_TQQ\Se^YdbQY`YŒY\\ecdbY*5ZjU^ådUZ^=eb^Qe
(
XUbg_b[Q^TgQ^dUTXUbV_b<QT_\SUfYdQ+cXU`\QiUTQSQ]U_
b_\UY^2Ubd_\eSSYµc>_fUSU^d_1^e]RUb_VbUcd_bUTVY\]cgY\\
RU `bUcU^dUT Y^ dXYc cUSdY_^ Y^S\eTY^W dXU U^dYbU \UWU^TQbi 9
cUddU`USSQdYSQ`YdQ\YQcUbYUcS_]`_cUT_VcUfU^VUQdebUVY\]c
!)!(!)!)dXUQddbQSdY_^dXQdgY\\RUWY^UfUbiTQi_V_eb²cY\U^d
SY^U]Q³dXUQdUb
DXU Sb_g^Y^W WU^Yec _V 3XQb\Uc 3XQ`\Y^ RU\_^Wc d_ dXU Qbd
_V TYbUSdY^W Q^T QSdY^W Q\Y[U Q^T DXU 3YbSec Q bUcd_bQdY_^
Ri dXU 3Y^UdUSQ TY 2_\_W^Q dXQd XQc RUU^ U^dbecdUT gYdX
`bUcUbfY^W3XQ`\Y^µc_UefbUYcQg_b[TYbUSd\iQddXUSU^dUb
_V dXU S\_g^µc e^YfUbcU Q^T ]idX_\_Wi 1^_dXUb g_^TUbVe\
bUcd_bQdY_^14_Wµc<YVUgY\\RUcX_g^gYdX2ecdUb;UQd_^µc
]QcdUb`YUSUCdUQ]R_Qd2Y\\:bWYfY^WecQSXQ^SUd_S_]`QbU
bUcU]R\Q^SUcXYTY^WRU^UQdXdXUcebVQSUDXYciUQbgY\\Q\c_
]Qb[dXURUWY^^Y^W_VdXUVe\\S_fUbQWU_V3XQ`\Y^µc]_cd^U
W\USdUTQ^T`UbXQ`c]_cdbUf_\edY_^QbiQ^TY^fU^dYfU`UbY_T
dXU;Uicd_^UVY\]cVb_]!)!$8UbUUfUbiVY\]YcQe^YaeU^Ug
S_^dbYRedY_^d_ReY\TY^WdXUSXQbQSdUb_VdXUdbQ]`Q^Td_dXU
RYbdX _V Q ci^dXUdYS S_]YS g_b\T dXQd Yc fY_\U^d\i ^_^SXQ\Q^d
d_gQbTc_SYQ\S_^fU^dY_^cQ^TdXQd`b_ZUSdcQVUb_SY_ecfYUg
_V]Q^[Y^T
DXU bQ^WU _V bUcd_bUT VY\]c gY\\ Y^S\eTU dbUQcebUc Vb_] dXU
E3<1 6Y\] 1bSXYfU _V <_c 1^WU\Uc :_cU`X < =Q^[YUgYSjµc
DXU2QbUV__d3_^dUccQgYdXdXU_bYWY^Q\@Ubc`USdQC_e^TdXU
QV_bU]U^dY_^UT DXU >YWXd _V dXU 8e^dUb Q^T dg_ bU]Qb[QR\U
UQb\i !)# c VY\]c dXQd Q^dYSY`QdUT dXU ^QbbQdYfU cdbQdUWYUc _V
3YdYjU^ ;Q^U DXU CY^ _V >_bQ =_bQ^ Q^T DXU @_gUb Q^T
dXU 7\_bi+ dXU ^UgUcd dbUQcebUc `bUcU^dUT Ri _eb VbYU^T Qd
C_^i3_\e]RYQ 7b_fUb 3bYc` =Qh ?`Xe\cµ d__ \Ydd\U[^_g^
]QcdUb`YUSU DXU BUS[\Ucc =_]U^d Q^T @Qe\ GU^T[_cµ DXU
2ebW\Qb+ FYSd_b CZ‰cdb‰]µc e\dY]QdU ]QcdUb`YUSU @XQ^d_]
3QbbYQWU Q^T _dXUb VY\]c Vb_] dXU CgUTYcX 6Y\] 1bSXYfU+ Q^T
cUfUbQ\`b_WbQ]cVb_]dXU6Y\]_dUSQ5c`Q…_\Q=QbS_6UbbUbYµc
<_c 3XYS_c dXU !)$ µc S\QccYS FYTQ U^ c_]RbQc 1eWecd_
7U^Y^Qµc<µQccUTY_TU\\µ1\SQjQbQ^TQ^UgTQjj\Y^WbUSbUQdY_^
_V E^ 3XYU^ Q^TQ\_e d_ RU `bUcU^dUT dg_ dY]Uc gYdX dg_
TYVVUbU^d]ecYSQ\QSS_]`Q^Y]U^dc?dXUbbUcd_bQdY_^cSQbbYUT
_edRidXU3Y^UdUSQTY2_\_W^QYdcU\VgY\\XYWX\YWXd<Q3_^dUccQ
CQbQ!)!)RiB_RUbd_B_RUbdY
?^UfUbiVQ]_ecVY\]Ycg_bdXYdc_g^`QbQWbQ`X*1\\AeYUd_^dXU
GUcdUb^6b_^ddXU<UgYc=Y\Ucd_^U]QcdUb`YUSUgY\\RUcX_g^
Y^ Ydc fUbi bQbU cY\U^d fUbcY_^ ^_g bUcd_bUT Ri dXU <YRbQbi _V
3_^WbUccGY\\YdRUUfU^]_bUY]`bUccYfUdXQ^dXUc_e^TfUbcY_^
gU[^_g/9dYcV_bUQSX_Vecd_TUSYTU
GU QbU Y^db_TeSY^W Q ^Ug cUSdY_^ Y^ _eb `b_WbQ] SQ\\UT
²4_ccYUbc³ d_ `b_fYTU Q S_^SU^dbQdUT c]Q\\cSQ\U fYUg _V
dXU g_b[ Q^T \YVU _V WbUQd TYbUSd_bc cdQbdY^W gYdX ^Q]Uc dXQd
S_e\T^_dRU]_bU]QW^YVYSU^d*5YcU^cdUY^=eb^QeCZ‰cdb‰]
CdY\\Ub @_gU\\ DXUcU VY\Uc T_ccYUbc gY\\ `bUcU^d e^[^_g^
VbQW]U^dccX_bdc_^UVQcSY^QdY^WbUS_^cdbeSdY_^=eb^Qeµc$
4UfY\c_eddQ[UcVbQW]U^dcVb_]DQReQ^T9fQ^dXUDUbbYR\U
=YSXQU\ @_gU\\µc e^[^_g^ Q^T d_eSXY^W cX_bd 1^ 1Yb]Q^µc
CZ‰cdb‰]CdY\\Ub@_gU\\AeUcdY²T_ccYUb³`b_`_^W_^_VbQ]]U^dY
cS_^_cSYedY S_bd_]UdbQWWY e^µQVVQcSY^Q^dU bYS_cdbejY_^U =eb
^Qeµc$4UfY\c_eddQ[UcTYDQReU9fQ^Y\dUbbYRY\UY\d_SSQ^dUUcS_
^_cSYed_S_bd_TY=YSXQU\@_gU\\1^1Yb]Q^µc<UddUbd_8Yc=_dXUb9\
^_cdb_Y^dU^d_~Q^SXUaeU\\_TY]_cdbQbUTUYVY\]SXU^_^cYfUT_^_
TQ ]_\dYccY]_ dU]`_ SQ`_\Qf_bY Y^S\ecY S_]U 4‰Tc[iccU^ TY
FYSd_bCZ‰cdb‰]8y]^QbU^Y\`YŒfUSSXY_dbQYVY\]c_`bQffYccedYTY
CdY\\UbSXUS_^_cSYQ]_^_^SX}\µe^YS_Q]RYU^dQd_Y^e^S_^dUcd_
URbQYS_U>Q]UdXU=Q^TYCZ‰cdb‰]aeQcYS_]`\Ud_@_YY]]QWY^Y
TYbUWYcdYce\cUd_^U\\QfYdQ`bYfQdQQf_\dU`bUcU^dQdUY^e^`QSSXUd
d_e^YS_1\Se^UcUaeU^jUTQVY\]`UbTedYTYCdY\\UbS_^dY^eQ^T_\Q
^_cdbQV_b]e\QdbQTYjY_^Q\UTU\²`Qbc`b_d_d_³c_^_QVVYQ^SQdUTQ
bY`bUcUSXUT_Se]U^dQ^_CdY\\UbQ\\Qf_b_Y^e^QbQSS_\dQbUQ\YjjQdQ
TQ\\_cd_bYS_TU\SY^U]QcfUTUcU7‰cdQGUb^Ub
E^µY^TY]U^dYSQRY\UbUdb_c`UddYfQQSebQTY7U_VV2b_g^]_cdbUbw
S_^ S_]`\UdUjjQ \U _`UbU TU\ VY\]]Q[Ub c`UbY]U^dQ\U <U^ <iU
!) )!)( `Y_^YUbU TU\\Q dUS^YSQ TU\ TYcUW^_ Q``\YSQd_ TYbUd
dQ]U^dUce\\QSU\\e\_YTUUaeY^TYVYWebQTYU^_b]UY^V\eU^jQ`Ub
>_b]Q^=S<QbU^e^`_UdQTU\S_\_bUSQ`QSUTYTQbfYdQQe^QTU\\U
]QccY]UUc`bUccY_^YTU\SY^U]QS_]U`YQSUbU
9^aeQ\YdwTYbUW_\QbUVbUaeU^dQd_bUTU\3Y^U]QBYdb_fQd_U]QccY]_
UcdY]Qd_bUTU\\µUc`UbYU^jQR_\_W^UcUc_^_cU]`bUcdQd_QVVQcSY
^Qd_TQ\\QaeQ\YdwTU\`eRR\YS_UTQdeddYW\YQed_bYTY\YRbYSXUYc`YbQ^_
bYc`Udd_UQ]]YbQjY_^UUSXUc_^_YfUbYQbdUVYSYTUY]_]U^dY]YW\Y_bY
TU\VUcdYfQ\@Ubc_^Q\YdwS_]U:UQ^4_eSXUd;UfY^2b_g^\_gDQddY
CQ^WeY^UdYB_RUbd7Ydd2Ub^QbT5YcU^cSXYdj5TWQbT_3_jQbY^c[i
5^^_@QdQ\QcFYdd_bY_=QbdY^U\\Y6bQ^SYc<QSQccY^6Ubbv^1\RUbY
SXUQ\dbY7bQjYUQ\\Q\_b_`bUcU^jQQfbU]__SSQcY_^UTYfYfUbU
WY_b^QdU]U]_bQRY\Y^_^c_\_`Ub\QW\_bYQTU\SY^U]Q]QQ^SXU
`Ub\QW\_bYQTU\\QS_]e^YSQjY_^Ue]Q^Q5Y^_cdbY_c`YdYTµ_^_bU
^_^cQbQ^^_SUbd_TQ]U^_*2Ub^QbT_2Ubd_\eSSY5b]Q^^_?\]Y
FQ\U^dY^Q3_bdUcUDXU\]QCSX__^]Q[Ub=QbSU\?`Xe\c
<Q fUbYdw TY e^ U`_SQ Uc`bUccQ ce\ f_\d_ TY 6bQ^SUcSQ 2UbdY^Y
\µU]_jY_^UcU^c_bYQ\UTU\3Y^U]QCS_`U_bYWY^Q\U\UUcYdQjY_^Y
TU\!)# UcU]`\YVYSQdUTQ\\UfUbcY_^Y]edQUc_^_bQTY1\\AeYUd_^
dXUGUcdUb^6b_^d\_cdY\U`Ubc_^Q\UTYe^bUWYcdQS_]U3\QbU^SU
2b_g^Q]UdwcdbQTQdbQ\µQed_bUUY\`b_VUccY_^YcdQTU\\_cdeTY_
cicdU]_\Q]U]_bYQTYe^Q^QjY_^UbYV\UccQ^U\\µY^SbUTYRY\UbQS
S_\dQTYVY\]<eSUS_^\Q\_b_QWWbUccYfYdwY^WU^eYdwU\UWWUbUjjQ
Y^e^`b_WbQ]]QQSebQTYDQddYCQ^WeY^UdY*dedd_aeUcd_UTQ\db_
S_^dbYReYbwQ]_\dY`\YSQbU\U`b_c`UddYfUTU\\U^_cdbUfYcY_^YUQVQbU
TY2_\_W^Qe^Qf_\dQQ^S_bQY\`YŒRU\`_cd_ce\\QdUbbQ
<UddUbd_8Yc=_dXUb1dRUcd_ebQY]Ycd_Y^db_TeSUVY\]cUfU^
]QcdUb`YUSUcdXQdXQfU^µdRUU^cX_g^Y^QWUc\Y[U;Ycc_V4UQdX
4‰Tc[iccU^RiFYSd_bCZ‰cdb‰]DXU1fU^WUb8y]^QbU^dXU
UQb\YUcdVY\]_VCdY\\Ub[^_g^d_UhYcdQ^TdXU_^\i_^UdXQddQ[Uc
`\QSUY^Q:UgYcX]Y\YUeQ^T>Q]UdXU=Q^RiCZ‰cdb‰]Q\]_cd
Y^YdcU^dYbUdi@\ecgUgY\\`bUcU^dVY\]UT]QdUbYQ\c_VdXUTYbUSd_bc
Qdg_b[_bY^`bYfQdU\YVUc_]UdY]UcQ\\_VdXYcY^_^URUQedYVe\
`QS[QWUcUfUbQ\cUaeU^SUcVb_]\_cdCdY\\UbVY\]cS_^dY^eY^W
_ebdbQTYdY_^Q\²`Qbc`b_d_d_³`b_WbQ]V_b]QbUcX_g^Q\_^WgYdX
dXUY]QWUc_VCdY\\UbQdg_b[Y^QS_]`Y\QdY_^RidXUCgUTYcXVY\]
XYcd_bYQ^7‰cdQGUb^Ub
1^e^V_bWUddQR\UbUdb_c`USdYfUS_]`Y\UTRi7U_VV2b_g^gY\\
cX_g dXU UccU^dYQ\c _V dXU Uh`UbY]U^dQ\ VY\]]Q[Ub <U^ <iU
!) )!)( gX_ gQc Q `Y_^UUb Y^ dXU dUSX^YaeU _V TbQgY^W
TYbUSd\i _^ SU\\e\_YT Q^T dXec Q SU^dbQ\ Y^V\eU^SU V_b >_b]Q^
=S<QbU^Q^TQ`_Ud_VS_\_bcbU`bUcU^dY^WQSY^U]Q_V`\UQcebU
QdYdcWbUQdUcdXUYWXd
1cQbUWe\QbQ^TdXUe\dY]QdUVQ^_VdXU2_\_W^QUh`UbYU^SU9
XQfURUU^S_^cdQ^d\iVQcSY^QdUTRidXUaeQ\Ydi_VdXUQeTYU^SU
Q^TQ\\dXUgbYdUbc_VR__[cgX_Y^c`YbUbUc`USdQ^TQT]YbQdY_^
Q^T`b_TeSUdXURUcd]_]U^dc]UQ^Y^W`Ubc_^Q\YdYUc\Y[U:UQ^
4_eSXUd;UfY^2b_g^\_gDQddYCQ^WeY^UdYB_RUbd7Ydd2Ub^QbT
5YcU^cSXYdj 5TWQbT_ 3_jQbY^c[i 5^^_ @QdQ\Qc FYdd_bY_ =Qb
dY^U\\Y6bQ^SYc<QSQccY^6Ubbv^1\RUbYSXQ^T_dXUbcDXQ^[cd_
dXUYb`bUcU^SUgUgY\\XQfU]Q^iVYU\TTQicgYdX^_d_^\idXUW\_bi
_V SY^U]Q Red dXU W\_bi _V Xe]Q^ S_]]e^YSQdY_^ Qc gU\\ ?eb
X_^_bQbiWeUcdcgY\\cUddXUd_^U*2Ub^QbT_2Ubd_\eSSY5b]Q^^_
?\]YdXU^FQ\U^dY^Q3_bdUcUDXU\]QCSX__^]Q[UbQ^T=QbSU\
?`Xe\c
C_ gXUdXUb Yd Yc dXU dbedX _V Q^ QWU Uh`bUccUT Y^ dXU VQSU
_V Q^ QSdbUcc \Y[U 2UbdY^Y dXU cU^c_bi VUU\Y^W _V dXU _bYWY^Q\
3Y^U]QCS_`U dXU XUcYdQdY_^c _V !)# S_^SbUdYjUT Ri dXU
cY\U^dQ^Tc_e^TfUbcY_^c_V1\\AeYUd_^dXUGUcdUb^6b_^ddXU
`Ubc_^Q\cdi\U_VQTYbUSd_b\Y[U3\QbU^SU2b_g^c_]UgXUbU
RUdgUU^Q^QedUebQ^TQcdeTY_cicdU]`b_VUccY_^Q\_bdXU
]U]_bi_VQ^QdY_^QcbUV\USdUTY^dXUY^SbUTYR\US_\\USdY_^_V
<eSU ^UgcbUU\c gYdX dXUYb QWbUccYfYdi ^QYfUd} Q^T dbYfYQ\Ydi
Q `b_WbQ] SebQdUT Ri DQddY CQ^WeY^UdY Yd Q\\ QTTc e` d_ Q
]e\dY`\YSYdi_VQ^W\UcdXQdcX_e\T_^SUQWQY^]Q[U2_\_W^QdXU
RUcd`\QSU_^UQbdX
@UdUbf_^2QWX
@UdUbf_^2QWX
)
8;28=4<0?8Í6A0=3434;;0E8C0)$0==83828=4<0B2>?4
39>5=1<1B75BD81><965*% I51BC?639>5=1C3?@5
8;28=4<0?8Í6A0=3434;;0E8C0)$0==83828=4<0B2>?4
39>5=1<1B75BD81><965*% I51BC?639>5=1C3?@5
ÄcdQd_^U\\µUcdQdUTU\!)%#QT1d\Q^dQ7U_bWYQSXU
X_Qfed_Y\]Y_`bY]_QccQWWY_TY3Y^U]QCS_`US_^
e^QTY]_cdbQjY_^UdU^edQTebQ^dUe^QS_^fU^dY_^`Ub
WUcd_bYTYcQ\UT_fU]YbUSQYS_^]Y_`QTbU1aeQ^d_
bYS_bT_Y\be\\_TY`b_fQS_^dU^UfQe^QcUbYUTYcSU^U
TY Y]]Y^U^dY VY\] TU\\Q 6_h DbQ aeUcdY* DXU BQSUbc
DXUB_RUU8_gd_=QbbiQ=Y\\Y_^QYbUQccYU]UQe^Q
fUbcY_^UQ\dUb^QdYfQQ^Q]_bVYSQTU\RbQ^_²4YQ]_^Tc
1bUQ7Yb\µc2Ucd6bYU^T³TQ7U^d\U]U^@bUVUb2\_^TUcTYSeY
cQbURRUecSYdQe^QfUbcY_^UcdQ^TQbT^U\\eW\Y_TU\\_cdUcc_Q^^_
DbU^dµQ^^YT_`_aeQ^T_QfUf_WYwcSbYdd_ceaeU\VY\]UQfUf_
TYcSecc_TYS_]U]_\dYSbYdYSY\_QfUccUb_Ubb_^UQ]U^dUTUVY^Yd_
e^3Y^U]QCS_`U]Yc_^_bYS_bTQd_TYQfUbfYcd_\µQ\dbQfUbcY_^UTY
aeU\\QcSU^QY\SXU]YXQV_b^Yd_`Ub\_]U^_e^Y^TYjY_
1\\µU`_SQ QfUf_ TYUSY Q^^Y U aeQ^T_ `YŒ dQbTY \_ cdUcc_ Q^^_
TYccYQ]Y_`QTbUWUcd_bUTU\\QSQdU^QTYcQ\USY^U]Qd_WbQVYSXU
TYVQ]YW\YQSXUY\3Y^U]QCS_`UUbQ]UW\Y_`UbSX}UbQ`YŒWbQ^
TU\eYTUSYcUTY`bU^TUbUc`e^d_TQ\\Q]YQYTUQ`Ub\µY^cUbjY_^U
`eRR\YSYdQbYQTY;Y^W_VdXU;XiRUbBYV\Ucce\WY_b^Q\U\_SQ\U*²Ä`YŒ
WbQ^TUÄ]UW\Y_³5S_^Y\ce_^_cdUbU_V_^YS_SXU]YQff_\WUfQ
TQ_W^Y`QbdU\QTY]U^cY_^U^_^UbQc_\Q]U^dU]_^e]U^dQ\U
]QQ]RYU^dQ\U
CSbYfU^T_TU\3Y^U]QCS_`U^U\!)%$B_\Q^T2QbdXUcVUSUaeU
cdQ_ccUbfQjY_^U*²<_c`QjY_`YŒ\QbW_RYc_W^UbwUfYTU^dU]U^dU
_SSe`Qb\_Y^]_T_TYVVUbU^dU+`e‡TQbcYSXUY\`bY]_`YQ^_^_^
c_`bQffYfQ _ Q\]U^_ ]_TYVYSXY \Q ceQ Ve^jY_^U* RQSY ceT_bU
`cYS_\_WYQdedd_SY‡bYU^dbUbwV_bcU^U\\µ_]RbQU^U\\Q\_^dQ^Q^jQ*
TUfUc_bWUbUe^Q^e_fQTYQ\UddYSQVbQW\Ye_]Y^YU\µ_bYjj_^dUdbQ
W\Ye_]Y^YUW\Y_WWUddYe^QTYQ\UddYSQTU\\Qc_\YTQbYUdwU^_^`YŒ
TU\\QcSU^_WbQVYQAeUcd_T_fbURRUUccUbU`UbTYb\QUcQddQ]U^
dU\_c`QjY_TU\\QCd_bYQTQ\`e^d_TYfYcdQdUS^YS_\QTY]U^cY_^U
U`YSQ~^QdQ9]]QWY^QdUfYTQfQ^dY<QS_bQjjQdQ@_d€][Y^^_^
`YŒS_\\_SQdQY^`e^dQQe^SQ^^_SSXYQ\U]QQ``_WWYQdQdbQ\µQbYQ
\Q`YUdbQ\QV_\\Q*aeUcd_@_d€][Y^YTUQ\UT_fUf_Y`_dbUdUY^VY^U
dU^TUbU\Q]Q^_QW\YY^c_bdY`QbdUSY`QbUQ\\Q\eSUUbYSUfUbU`Ub
S_c‚TYbU\QdbQWYSQcSQ\Y^QdQY^`YU^_`Udd_USS_SXU_bQcYbYfU\Q
`_ccYRY\U+Y\RQ\S_^UTU\\QCd_bYQ~`b_^d_BUcdQTQSQ`YbUaeU\\_
SXUSYVQbQ^^_fUTUbU+cUcQbwY\@_d€][Y^_<Qde^YSQ?TUccQ_
CQY^dCe\`YSU\QCd_bYQ_\Q=Yd_\_WYQ³
3_]]U^dQ^T_ aeUcd_ dUcd_ ed_`YS_ Q TYcdQ^jQ TY aeQcY SY^
aeQ^dµQ^^Y Y\ dU_bYS_ Q]UbYSQ^_ :Q]Uc =_bbYc_^ cU]RbQ `YŒ
cSUddYS_*²<QS_]`QbcQTU\3Y^U]QCS_`U`_bdQS_^c}e^µY^dUbQ
YTU_\_WYQTYUc`Q^cY_^Yc]_U^_^~c_b`bU^TU^dU^}QSSYTU^dQ\U
SXU aeQcY deddU \U Y]`bUcU `YΠbY\UfQ^dY TU\ SY^U]Q gYTUcSbUU^
TUW\YQ^^Yµ% UTUY`bY]YQ^^Yµ& cYQ^_SQbQddUbYjjQdUTQWU^UbY
SQbYSXY TY UcQ\dQjY_^U U TY ]QW^YVYSU^jQ ^UY S_^Vb_^dY TU\ ]Yd_
Y]`UbYQ\YcdQUTU\\UVQ^dQcYUS_\_^YQ\YcdUY^`QbdYS_\QbUY[_\_ccQ\
RYR\YSY _ `cUeT_RYR\YSY S_]U DXU B_RU 4U]UdbYec Q^T dXU
7\QTYQd_bc2U^8eb+YTbQ]]Ycd_bYSYY^S_cde]US_]U5h_Tec
C`QbdQSec=edY^i_^dXU2_e^di<QgbU^SU_V1bQRYQ+_``ebUY
gUcdUb^S_]U=Q^_VdXUGUcdDXUDQ\\=Q^8_gdXUGUcdGQc
G_^9^UVVUddYWbQ^`QbdUTYaeUcdYVY\]SYbQSS_^dQ^_Y^]_T_
]_\d_Uc`\YSYd_cd_bYUTYS_^V\YddYS_\_^YQ\YU\Q^e_fQTY]U^cY_^U
!"
9d gQc Y^ c`bY^W !)%# Y^ 1d\Q^dQ 7U_bWYQ dXQd 9 W_d ]i
VYbcd dQcdU _V 3Y^U]QCS_`U Q TU]_^cdbQdY_^ XU\T Qd Q^
UhXYRYd_bcS_^fU^dY_^9QddU^TUTgYdX]iVQdXUb1c^UQb\iQc
9 SQ^ bU]U]RUb dXU cQ]`\U bUU\ Y^S\eTUT Q VUg S\Y`c Vb_]
V_bdXS_]Y^W6_hVY\]cY^S\eTY^WDXUBQSUbcDXUB_RUQ^T
8_gd_=QbbiQ=Y\\Y_^QYbUQcgU\\QcQ^Q\dUb^QdUQ^Q]_b`XYS
fUbcY_^cX_d_V²4YQ]_^Tc1bUQ7Yb\µc2Ucd6bYU^T³Vb_]dXU
^_diUdbU\UQcUT 7U^d\U]U^ @bUVUb 2\_^TUc gXYSX g_e\T
_`U^Y^Q²V\Qd³fUbcY_^dXQd:e\iDXYbdiiUQbc\QdUbQVdUbgbYdY^W
QR_ed dXU \QddUb ]_fYU Q^T c`USe\QdY^W gXi cUfUbQ\ SbYdYSc
Ubb_^U_ec\iTUcSbYRUTYdQcQ3Y^U]QCS_`UVY\]9RU\QdUT\i
bUSQ\\UTXQfY^WcUU^dXU_dXUbfUbcY_^_VdXQd^e]RUbgXYSX
`b_fYTUTQd\UQcd_^US\eU
9 gQc dU^ Qd dXU dY]U Q^T gXU^ \QdUb dXU cQ]U iUQb 9 d_\T
]i WbQ^TVQdXUb gX_ _g^UT ]i VQ]Y\iµc dXUQdUb SXQY^ dXQd
3Y^U]QCS_`U gQc RUddUb RUSQecU Yd gQc RYWWUb XU g_e^T
e`ecY^WQfQbYQdY_^_VdXYcYTUQY^dXU\_SQ\^Ugc`Q`UbQTV_b
;Y^W _V dXU ;XiRUb BYV\Uc* ²9dµc RYWWUb 9dµc RUddUb³ 1^T gYdX
cdUbU_`X_^YSc_e^Tcebb_e^TY^W]U_^Q\\cYTUcdXUcYjUgQc
^_d]UbU\i]_^e]U^dQ\RedU^fYb_^]U^dQ\
GbYdY^W QR_ed 3Y^U]QCS_`U Y^ !)%$ B_\Q^T 2QbdXUc XQT
Q bU\QdUT dX_eWXd* ²?RfY_ec\i _^U ]ecd _SSe`i dXU \QbWUcd
c`QSUY^Q^Ug]Q^^Ub+`UbXQ`cdXUS\_cUe`gY\\^_dcebfYfU
_b Qd \UQcd Ydc Ve^SdY_^ gY\\ RU dbQ^cV_b]UT* [YccUc cgUQd
`ciSX_\_Wi ]Qi Q\\ bUY^cdQdU TQb[^Ucc Q^T TYcdQ^SU* Q ^Ug
TYQ\USdYS RUdgUU^ ]U^ Q^T dXU X_bYj_^ ]U^ Q^T _RZUSdc
cX_e\T S_]U Y^d_ fYUg Q TYQ\USdYS _V Y^dUbTU`U^TU^SU Q^T
^_\_^WUb_^U_VT}S_b@b_`Ub\ic`UQ[Y^WdXYccX_e\TRUdXU
c`QSU_V8Ycd_biQ^TdUSX^YSQ\\idXUU`YSQ\TY]U^cY_^YcR_b^
9]QWY^Ui_ebcU\VY^Vb_^d_V2b_^U^_cUS@_d€][Y^^_\_^WUb
cdQdY_^UTQddXUU^T_VQdU\UcS_`URedce``_bdUTRidXUcQ]U
QYb dXU cQ]U cd_^U dXU cQ]U Sb_gT* dXYc YTUQ\ @_dU][Y^
gXUbUi_eS_e\TVY^Q\\iZ_Y^XQ^TcgYdXdXUY^cebWU^dccXQbU
dXUcQ]U\YWXdQ^TUh`UbYU^SUdXUdbQWYS?TUccQCdU`cY^dXUYb
Ve\\UcdV_bSUdXYcYcgXQdYc^_g`_ccYR\U+dXURQ\S_^i_V8Ycd_bi
YcbUQTiGXQdbU]QY^cd_RUcUU^YcgXQdgUµ\\RUcX_g^dXUbU+
YVYdgY\\RU@_dU][Y^_bDXUB_RU?TUccQ_bCQY^dCe\`YSU
8Ycd_bi_b=idX_\_Wi³3_]]U^dY^W_^dXYced_`YQ^dUhdQ\]_cd
XQ\V Q SU^debi \QdUb dXU 1]UbYSQ^ dXU_bYcd :Q]Uc =_bbYc_^
gQc]_bUc[U`dYSQ\*²DXUQ``UQbQ^SU_V3Y^U]QCS_`URbY^Wc
gYdX Yd Q gX_\U YTU_\_Wi _V Uh`Q^cY_^Yc] Q^T Yd Yc ^UYdXUb
Q ceb`bYcU ^_b Q^ QSSYTU^d dXQd ^UQb\i Q\\ _V dXU TUVY^YdYfU
fU^debUcY^gYTUcSbUU^SY^U]Q_VdXU!)% cQ^TUQb\i!)& c
bU`bUcU^d WU^bUc VbQeWXd gYdX dXU R\ecdUb Q^T c`USdQS\U _V
Y]`UbYQ\]idXQ^TS_\_^YQ\VQ^dQciY^`QbdYSe\QbdXU2YR\YSQ\_b
`cUeT_2YR\YSQ\Pc`USdQSe\QbµDXUB_RU4U]UdbYecQ^TdXU
7\QTYQd_bc2U^8ebdXUXYcd_bYSQ\S_cde]UTbQ]Q5h_Tec
C`QbdQSec=edY^i_^dXU2_e^di<QgbU^SU_V1bQRYQ_bdXU
GUcdUb^=Q^_VdXUGUcdDXUDQ\\=Q^8_gdXUGUcdGQc
G_^9^VQSd]_cd_VdXUcUUhQ]`\UcaeYdUUh`\YSYd\i^QbbQdU
dQ\Uc_VS_\_^YQ\S_^V\YSd_V_^Uc_bd_bQ^_dXUbQ^TdXU^Ug\i
U`YS TY]U^cY_^c _V dXU cSbUU^ QbU di`YSQ\\i SQ\\UT e`_^ d_
S_^VUbQdbYe]`XQ\bXUd_bYS_Vb_ecY^WWe^WX_fYSd_bie`_^
dXUU^dUb`bYcU³
1SdeQ\\i9RU\YUfUR_dXdXUcUdUhdcQbUS_bbUSd1^TdXUUQb\i
XYcd_bi_V3Y^U]QCS_`USQ^RUgbYddU^Y^dXUc`QSUcRUdgUU^
dXUcUdg_Y^dUb`bUdQdY_^c
:_^QdXQ^B_cU^RQe]
;´7H?4A6>=0A)UDQFLD5HJLD+HQUL&KUpWLHQ
ŶPP/P'·DIV0XWR6LOHQWILOPŶ'D&LQpPDWKqTXH)UDQoDLVHŶ5HVWDXUDWRQHOGDXQDFRSLDQLWUDWR3ULQWUHVWRUHGLQIURPDQLWUDWHSULQW
<U _bYWY^Y TU\ 3Y^U]QCS_`U c_^_ TQ bY^dbQSSYQbU Y^ 6bQ^SYQ ^U\
\µ8i`UbW_^QbTU\`b_VUcc_b8U^bY3Xb}dYU^!(')!)%&9\`b_SUTY
]U^d_S_^cYcdUfQY^e^cYcdU]QTY\U^dYQ^Q]_bVYSXUbYV_b]Q^dYTQ\
WbUS_ecQdU`UbS_]`bY]UbUY^\QbWXUjjQ\UY]]QWY^YTQY]`bUc
cY_^QbUce\\Q`U\\YS_\Q`Ub`_YbY`_bdQb\UQYbQ``_bdY^_b]Q\YY^cUTU
TY`b_YUjY_^UWbQjYUQTe^cYcdU]QS_]`\U]U^dQbU9^aeUcd_]_T_
\Q`_bjY_^UTYcSU^QVY\]QdQUS_^cUWeU^dU]U^dU`b_YUddQdQUbQTY
\QbWXUjjQT_``YQbYc`Udd_Q\^_b]Q\UcU^jQ`Ub‡`UbTUbUY^\e]Y^_
cYdwUTUVY^YjY_^UUTedY\YjjQ^T_V_d_WbQ]]YTYV_b]QaeQTbQdQ<µQ`
`QbQd_`bUfUTUfQe^cYcdU]QS_^fUbWU^dUV_b]Qd_TQTeU\U^dYY^
cUTUTYbY`bUcQUTe^cYcdU]QTYfUbWU^dUTYdbU\U^dY`Ub\Q`b_YUjY_^U
4ebQ^dU\QbY`bUcQ\UTeU\U^dY`_dUfQ^_UccUbUbUW_\QdUQcUS_^TQ
TU\\Q`b_V_^TYdwTU\\QcSU^Q]U^dbUY^`b_YUjY_^U\U\U^dYQfUfQ^_
e^Q`_cYjY_^UVYccQSXUTY`U^TUfQTQ\\QTYcdQ^jQTY`b_YUjY_^UU
TQ\\Q\QbWXUjjQTU\\_cSXUb]_9\`bY]_RbUfUdd_fU^^UTU`_cYdQd_TQ
3Xb}dYU^Y\)TYSU]RbU!)"&]QUbQbU\QdYf_Q\\QV_d_WbQVYQQS_\_bY+
\µQ``\YSQjY_^US_^SUb^U^dU\_cSXUb]_`Q^_bQ]YS_cUWe‚Y\")Q`bY\U
!)"'<µedY\Yjj_TU\\µ8i`UbW_^QbY^SQ]`_SY^U]Qd_WbQVYS_^_^_ddU^
^UY\ceSSUcc_c`UbQd_Q^SXU`Ub\µQbbYf_TU\c_^_b_FU^d_dd_Q^^Y
T_`_=bJQ^eS[QSaeYcd_\µ8i`UbW_^QbTQ3Xb}dYU^
6UTUbYS_=QW^Y
DXU_bYWY^c_V3Y^U]QCS_`USQ^RUV_e^TY^6bQ^SUY^`b_VUcc_b
8U^bY3Xb}dYU^µc!(')!)%&8i`UbW_^QbDXU`b_SUccS_^cYcdUT
Y^QcicdU]_VQ^Q]_b`XYSVb_]dXU7bUU[V_bV_b]Y^WQ^Ug\U^cUc
ecUTd_S_]`bUccY^gYTdXdXUY]QWUcd_RUUh`_cUT_^dXUVY\]
GYdXdXUQYT_VQS_]`\U]U^dQbicicdU]dXUY]QWUcgUbUdXU^
Rb_eWXdRQS[d_dXUYb^_b]Q\bQdY_TebY^W`b_ZUSdY_^1cQbUce\d
dXU`_bdY_^_VdXUcSU^UdXQdgQcVY\]UTQ^T`b_ZUSdUTgQcdgYSU
QcgYTUQc^_b]Q\gYdX_edX_gUfUb\_cY^W\e]Y^_cYdi_bTUVY^YdY_^
Q^TS_^dY^eY^Wd_ecUcaeQbUVbQ]UcDXUUaeY`]U^dY^S\eTUTQ
S_^fUbWY^WcicdU]_Vdg_\U^cUcTebY^WcX__dY^WQ^TQTYfUbWY^W
dXbUU\U^ccicdU]TebY^W`b_ZUSdY_^GXU^VY\]Y^WdXUdg_\U^cUc
S_e\TRUQTZecdUTQSS_bTY^Wd_dXUTU`dX_VdXUcSU^UgXY\UdXU
`b_ZUSdY_^\U^cUcXQTVYhUT`_cYdY_^cdXQdTU`U^TUT_^dXU`b_ZUSdY_^
TYcdQ^SUQ^TdXUgYTdX_VdXUcSbUU^DXUVYbcd`QdU^dgQc_RdQY^UT
Ri3Xb}dYU^_^)4USU]RUb!)"&V_bS_\_b`X_d_WbQ`Xi+Q``\YSQdY_^
d_gYTUcSbUU^V_\\_gUT_^")1`bY\!)"'DXUecU_V8i`UbW_^Qb
gYdXY^dXUSY^U]QTYT^_d_RdQY^dXUTUcYbUTceSSUccQ\c_RUSQecU
dXUVYbcdVUQdebUVY\]cdXQdecUTYdgUbUbU\UQcUTQb_e^TdXUcQ]U
dY]UQcdXUQTfU^d_Vc_e^TDgU^diUYWXdiUQbcgU^dRiRUV_bU=b
4Qbbi\JQ^eS[SQ]Ud_6bQ^SUd_Rei3XbUdYU^µc8i`UbW_^Qb
6UTUbYS_=QW^Y
#CA02:<06=4C82BC4A4>0=328=4<0B2>?434<>=BCA0C8>=58;<86$
Ŷ3URGWK&HQWXU\)R[ŶPP'·9HUVLRQLQJOHVH(QJOLVKYHUVLRQŶ'DWK&HQWXU\)R[
AeUcd_VY\]bQbYccY]_~cdQd_`b_T_dd_^U\!)%#TQ\\Q" dX3U^debi
6_hUTYcdbYReYd_QY`b_`bYUdQbYTYcQ\USY^U]Qd_WbQVYSXU`Ub`eRR\Y
SYjjQbU\UaeQddb_`YcdU]QW^UdYSXUcdUbU_U\Q`b_YUjY_^UY^3Y^U
]QCS_`U@bUcU^dQd_TQ\\UWWU^TQbY_SQ`_TUY6_hcdeTY_c4Qbbi\
6JQ^eS[Y\VY\]S_]`bU^TURbQ^YdbQddYTQ\\UTYfUbcU`b_TejY_^YY^
cdUbU_U3Y^U]QCS_`UbUQ\YjjQdU^UY`bY]YQ^^Yµ% TQ\\Q6_hC_^_
cdQdYY^cUbYdYQ]`YVY\]QdYdbQddYTQ2b_[U^<Q^SU4]idbi[G_]Q^µc
G_b\T>UWe\UcS_E^dQ]UT8;Y^WDXUbUµc>_2ecY^Ucc<Y[U
CX_g2ecY^UccG<Q^W7QbTU^_V5fY\8QdXQgQiUTQaeU\\_
SXUcUS_^T_JQ^eS[~cdQd_Y\`bY]_VY\]bUQ\YjjQd_Y^dUbQ]U^dUS_^
\U²^e_fU³\U^dYDXU5WY`dYQ^3ebdYjJQ^eS[UcQ\dQ\UaeQ\YdwTU\\Q
^e_fQdUS^YSQgYTUcSbUU^TU\\Q6_h]_cdbQ^T_\QcdUccQcSU^Q
`bY]QY^V_b]Qd_!#'*!`_Y^U\²^e_f_³V_b]Qd_gYTUcSbUU^!(%*!
UY^VY^UY^3Y^U]QCS_`U"%%*!>UY`bY]YT_TYSY]Y^edYfYU^U`b_
`_cd_e^^e_f_]_^dQWWY_TU\\QcdQ]`QY^DUSX^YS_\_bdbQdd_TQDXU
=YbQS\U_VCdUbU_`X_^YSC_e^TY^1cc_SYQdY_^gYdX3Y^U]QCS_`U
<µecSYdQTYaeUcd_S_bd_~Y^bUQ\dw`bUSUTU^dUbYc`Udd_Q\3Y^U]Q
CS_`U4U]_cdbQdY_^6Y\]SXUbYcQ\UQ\\µQ`bY\UTU\!)%$aeQ^T_
DXYcY^SbUTYR\ibQbUVY\]gQc`b_TeSUTY^!)%#Ri" dX3U^debi
6_hd_cU\\dXUQdUb_g^Ubc_^dXUdXU^RbQ^T^UgdUSX^_\_WYUc
_V $dbQS[ ]QW^UdYS cdUbU_ Q^T 3Y^U]QCS_`U `b_ZUSdY_^
8_cdUT Ri \UWU^TQbi 6_h cdeTY_ XUQT 4Qbbi\ 6 JQ^eS[ dXU
VY\] VUQdebUc S\Y`c Vb_] cUfUbQ\ _V dXU VYbcd 3Y^U]QCS_`U Q^T
cdUbU_`b_TeSdY_^cRUY^W]QTUQddXUcdeTY_Y^dXUUQb\i!)% µc
5hdU^cYfU S\Y`c gUbU cX_g^ Vb_] 2b_[U^ <Q^SU 4]idbi[
G_]Q^µc G_b\T >UWe\UcS_ E^dQ]UT 8 ;Y^W DXUbUµc
>_ 2ecY^Ucc <Y[U CX_g 2ecY^Ucc G <Q^W 7QbTU^ _V 5fY\
8QdXQgQiQ^TQSS_bTY^Wd_=bJQ^eS[dXUVYbcdVY\]U^dYbU\i
cX_d gYdX dXU ²^Ug³ \U^cUc DXU 5Wi`dYQ^ 3ebdYj JQ^eS[
Uhd_\\UTdXUfYbdeUc_V6_hµc^UggYTUcSbUU^`b_SUccRicX_gY^W
dXUcQ]UcSU^UVbQ]UTQd!#'*!dXU^Y^dXU²^Ug³gYTUcSbUU^
V_b]QdQd!(%*!Q^TVY^Q\\iY^3Y^U]QCS_`UQd"%%*!DXUVYbcd
!"]Y^edUc_VdXU`bUcU^dQdY_^gQcQDUSX^YS_\_b92`bY^dbUSed
Vb_] DXU =YbQS\U _V CdUbU_`X_^YS C_e^T Y^ 1cc_SYQdY_^ gYdX
3Y^U]QCS_`U DXYc cX_bd XQT QSdeQ\\i RUU^ bU\UQcUT RUV_bU
dXU3Y^U]QCS_`U4U]_^cdbQdY_^6Y\]QR_ed1`bY\!)%$QVdUb
!#
39>5=1C3?@5
U`YSQ TU\\_ cSXUb]_ fYU^U SXYQ]QdQ Y^ SQecQ `Ub S_^VUbYbU Q
aeUcdUY]`bUcUe^cU^c_TYdbY_^VQ^dUbUd_bYSQ`Ub\UUSSYdQ^dYU
WbQ^TY_cUfYdd_bYUS_^cUWeYdU³
1TYbUY\fUb_SbUT_SXUU^dbQ]RUaeUcdUdUcYcYQ^_S_bbUddUUSXU
\Qcd_bYQTUW\YY^YjYTU\3Y^U]QCS_`U`_ccQUccUbUcSbYddQ^U\\_
c`QjY_SXUcU`QbQaeUcdUTeUY^dUb`bUdQjY_^Y
:_^QdXQ^B_cU^RQe]
39>5=1C3?@5
\Q6_hQfUfQWYw`Ubc_\QSQecQ^UYS_^Vb_^dYTU\\QSQdU^QTYcQ\U
^Ugi_b[UcU²GQ\dUbBUQTUDXUQdUb³`Ub\QTYVVecY_^UTU\ce_^_cdU
bU_dbQ]YdUcY^W_\_Q\d_`Qb\Q^dU9^aeU\`UbY_T_\Q6_hQ^^e^SY‡\Q
ceQY^dU^jY_^UTYVQbUecSYbUY`b_`bYVY\]ceaeQddb_`YcdU]QW^UdYSXU
cdUbU_cecY^W_\Q`YcdQ]QW^UdYSQ]_^_Uce]_^__ddYS_
:_X^2U\d_^
6_h\_cdYdc\QgceYdQWQY^cd>UgI_b[µcGQ\dUbBUQTUDXUQdUb
SXQY^_fUbSXQ^^U\Y^WdXUcdUbU_c_e^TdXb_eWX_^Uc`UQ[Ub
1ddXQddY]UdXUiQ^^_e^SUTdXUigUbUW_Y^Wd_bU\UQcUdXUYb
VY\]cY^$dbQS[]QW^UdYScdUbU__^UdbQS[]QW^UdYS]_^_Q^T
]_^__`dYSQ\
:_X^2U\d_^
($!28=4<0B2>?4CA08;4A8VD
Ŷ3URGWK&HQWXU\)R[ŶPP'·9HUVLRQLQJOHVH(QJOLVKYHUVLRQŶ'DWK&HQWXU\)R[
C74186CA08;86$5HJLD5DRXO:DOVKHQRQDFFU/RXLV5/RHIIOHU
Ŷ7LW´,OJUDQGHVHQWLHURµ6FHQ0DULH%R\OH-DFN3HDERG\)ORUHQFH3RVWDOQRQDFFUGDOURPDQ]RGL+DO*(YHUWV)/XFLHQ1$QGULRWYHUVLRQHPP$UWKXU(GHVRQYHUVLRQH
PP2S'RQ$QGHUVRQ&XUW)HWWHUV6RO+DOSHULQ%LOO0F'RQDOG'DYH5DJLQ0-DFN'HQQLV6FJI+DUROG0LOHV)UHG6HUVHQ7UXFFR-DFN'DZQ/RXLVH6ORDQHQRQDFFU0X
5+%DVVHWW3HWHU%UXQHOOL-DPHV)+DQOH\$UWKXU.D\-DFN9LUJLOQRQDFFU6X%LOO%UHQW(&RUNOH\''DQLHOV:')OLFN:*ULIILWK3DXO+HLQO\&KDUOHV.HKO*HRUJH/HYHUHWW
920F&DQQQRQDFFU$VV5+DUU\6PLWK0D[&RKQ+DUU\'DZH/RX.XQNHO%REE\0DFN+HQU\3ROODFN5RJHU6KHUPDQQRQDFFU,QW-RKQ:D\QH%UHFN&ROHPDQ0DUJXHULWH
&KXUFKLOO5XWK&DPHURQ(O%UHQGHO*XVVLH7XOO\0DUVKDOO=HNH7\URQH3RZHU5HG)ODFN'DYLG5ROOLQV'DYH´'DYH\µ&DPHURQ)UHGHULFN%XUWRQ3D%DVFRP,DQ.HLWK%LOO
7KRUSH&KDUOHV6WHYHQV/RSH]/RXLVH&DUYHUPDWULJQDGL*XVVLH3URGWK&HQWXU\)R[ŶPP/P'·DIV9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'D0XVHXP
RI0RGHUQ$UW
DXU2YWDbQY\Ve\µe\dY]_UTY\`YŒQ]RYjY_c_TUYaeQddb_\e^W_
]UdbQWWY VY\]QdY TQ\\Q 6_h S_^ Y\ cYcdU]Q Q ' ]] TU^_]Y^Qd_
7bQ^TUeb 9\ `b_SUTY]U^d_ UbQ cdQd_ YTUQd_ TQ 5Qb\ C`_^QR\U
!()%!)''SXUQccYU]UQDXU_T_b3QcUQfUfQ]Ucc_Q`e^
d_Q^SXUY\cYcdU]QTYbUWYcdbQjY_^Uc_^_bQce`U\\YS_\QTU\\Q6_h
=_fYUd_^UTUcdY^Qd_Qc_``YQ^dQbUY\`_S_`bQdYS_cYcdU]QTY
bUWYcdbQjY_^UceTYcS_dY`YS_TU\\QGQb^UbFYdQ`X_^U9\7bQ^TUeb
edY\YjjQfQe^Qc`USYQ\U]QSSXY^QTQ`bUcQ=YdSXU\\e^QS_\_^^Q
c_^_bQ_ddYSQUTe^bQ``_bd_Y]]QWY^UTY!*"!#9\`bY]_\e^W_
]UdbQWWY_bUQ\YjjQd_S_^aeUcd_`b_SUTY]U^d_VeY\VY\]bYfYcdQ6_h
=_fYUd_^U6_\\YUc_V!)")WYwecSYd__bYWY^QbYQ]U^dU^U\V_b]Qd_
cdQ^TQbTTY#%]]1TUcc_UbQ^_cUWeYdY8Q``i4QicUC_^W?µ
=i8UQbdTYcdbYReYd_c_\_Y^#%]]GQ\cXY^cYcdUddU`UbVY\]QbU
DXU2YWDbQY\Y^UcdUb^YU\Q6_h]UccQY^V_bdYTYVVYS_\dwVY^Q^jYQbYU
TQ\\QSbYcYTU\]UbSQd_QSS_^cU^d‚bYc`Qb]YQ^T_`Ub‡ce\SQcd<Q
`QbdUTY`b_dQW_^YcdQQ^T‡QTe^Qdd_bUQ\\U`bY]UQb]YS_^cYW\YQ
d_QGQ\cXTQ:_X^6_bT*cYSXYQ]QfQ=QbY_^=YSXQU\=_bbYc_^
]Q\µeVVYSY_cdQ]`QTU\\Q6_h\_bYRQddUjj‡:_X^GQi^U9TUcUbdY
TU\\µ1bYj_^QUYWbQ^TY_cY`Q^_bQ]YTU\=_^dQ^QUTU\Gi_]Y^W
Veb_^_bY`bUcYTQ<eSYU^1^TbY_dY^V_b]Qd_cdQ^TQbTUTQ1bdXeb
5TUc_^DXUDXYUV_V2QWTQT1\\AeYUd_^dXUGUcdUb^6b_^dY^
7bQ^TUebDbQW\YQccYcdU^dYTY5TUc_^SµUbQC_\8Q\`bY^!) "
!)''SXUcQbURRUTYfU^dQd_bUc`_^cQRY\UTU\bU`Qbd_V_d_WbQVYS_
UTQfbURRUce`UbfYcY_^Qd_\µQTQddQ]U^d_TU\\U]QSSXY^UTQ`bUcQ
7bQ^TUebQ\V_b]Qd_3Y^U]QCS_`U9\VY\]^_^_ddU^^UY\ceSSUcc_
c`UbQd_Q^SXU\QSbYdYSQ^_^VeU^decYQcdQUQ\Se^YTYcdbYRed_bY\_
bYVYedQb_^_Y^aeQ^d_^_^`_dUfQ^_`Ub]UddUbcYYS_cdYTU\\µQddbUjjQ
debQ`Ub\Q`b_YUjY_^UQ' ]]<Q6_hSXUQfUfQY^fUcdYd_aeQddb_
]Y\Y_^YTYT_\\QbYcYdb_f‡Y^RQ^SQb_ddQY\WbQ^TUV_b]Qd_fU^^U
QRRQ^T_^Qd_U:_X^GQi^UT_fUddUVQbcYe^QTUSY^QTµQ^^YTYWQ
fUddQ`bY]QTYTYfU^dQbU\QcdQbSXUdeddYS_^_cSYQ]_<QfUbcY_^U
bUcdQebQdQTU\VY\]~Y^3Y^U]QCS_`Uce`U\\YS_\Q#%]]
6UTUbYS_=QW^Y
!$
DXU 2YW DbQY\ gQc dXU \Qcd Q^T dXU ]_cd Q]RYdY_ec _V dXU V_eb
VUQdebU VY\]c 6_h ]QTU ecY^W dXU ' ]] cicdU] [^_g^ Qc
7bQ^TUebDXU`b_SUccgQcY^fU^dUTRi5Qb\C`_^QR\U!()%
!)'' gX_ d_WUdXUb gYdX DXU_T_b 3QcU Q\c_ TUcYW^UT 6_hµc
cicdU] V_b bUS_bTY^W c_e^T _^ VY\] =_fYUd_^U dXQd g_e\T
e\dY]QdU\i bU`\QSU GQb^Ubµc Y]`bQSdYSQ\ TYc[ bUS_bTY^W cicdU]
FYdQ`X_^U7bQ^TUebecUTQc`USYQ\=YdSXU\\SQ]UbQQ^_`dYSQ\
c_e^TdbQS[Q^TQ^Qc`USdbQdY__V!*"!#DXUVYbcdVUQdebU]QTU
gYdXdXYc`b_SUccgQcdXU6_hbUfYUgVY\]=_fYUd_^U6_\\YUc_V
!)") _bYWY^Q\\i bU\UQcUT Y^ dXU cdQ^TQbT #%]] V_b]Qd 8Q``i
4QicQ^TC_^W?µ=i8UQbdTYcdbYRedUT_^\iY^#%]]g_e\T
V_\\_gGQ\cXY^cYcdUT_^cX__dY^WDXU2YWDbQY\U^dYbU\iY^UhdUbY_b
\_SQdY_^cQ^T6_hY^VY^Q^SYQ\TYVVYSe\diTeUd_dXU]Qb[UdSbYcYc
QWbUUTRed]QTUReTWUdSedc_^dXUSQcdDXU\UQTY^Wb_\UgU^d
d_ Q^ QSd_b gX_ gQc dXU^ Q RYd _V Q WbUU^X_b^ bUS_]]U^TUT
d_GQ\cXRi:_X^6_bT*XYc^Q]UgQc=QbY_^=YSXQU\=_bbYc_^
ReddXU6_h`bUcc_VVYSUTeRRUTXY]:_X^GQi^UDXUTUcUbdc_V
1bYj_^QQ^TdXUWbQ^TY_cU\Q^TcSQ`Uc_V=_^dQ^QQ^TGi_]Y^W
gUbUVY\]UTRi<eSYU^1^TbY_dY^cdQ^TQbTV_b]QdQ^TRi1bdXeb
5TUc_^DXUDXYUV_V2QWXTQT1\\AeYUd_^dXUGUcdUb^6b_^d
Y^ 7bQ^TUeb 5TUc_^µc QccYcdQ^dc Y^S\eTUT C_\ 8Q\`bY^ !) "
!)''gX_dXU^RUSQ]UXUQT_VdXU`X_d_WbQ`XiTU`Qbd]U^d
Q^T ce`UbfYcUT QTQ`dQdY_^ _V dXU 7bQ^TUeb SQ]UbQc d_ dXU
3Y^U]QCS_`UV_b]QdDXUVY\]TYT^_dQddQY^dXUTUcYbUTceSSUcc
SbYdYScbU]QY^UTe^U^dXecYQcdYSQ^TcUfUbQ\TYcdbYRed_bcbUVecUT
d_XQ^T\UYdRUSQecUdXUiS_e\T^µdQVV_bTdXUS_cdc_VcSbUU^Y^WY^
' ]]6_hgX_XQTY^fUcdUTV_eb]Y\\Y_^T_\\QbcgU^dRQ^[be`d
dXUWbUQdV_b]QdgQcQRQ^T_^UTQ^T:_X^GQi^UXQTd_g_b[XYc
gQie`dXUbQ^[cV_bQR_eddU^iUQbcRUV_bUdeb^Y^WY^d_dXUcdQbgU
Q\\[^_gd_TQiDXUbUcd_bUTfUbcY_^_VdXUVY\]YcY^3Y^U]QCS_`U
_^#%]]VY\]
6UTUbYS_=QW^Y
=>DE40DG7>A8I>=B)UDQFLD50DUFHO,FKDF
9\`bY]_3Y^U]QCS_`UVbQ^SUcU~e^T_Se]U^dQbY_SXUY^YjYQS_^
e^YdY^UbQbY_Qed_]_RY\YcdYS_QddbQfUbc_@QbYWYUdUb]Y^QS_^e^c_b
f_\_ce\\U1\`Y@bUcU^dQd_^UYSY^U]Q`QbYWY^YY^S_``YQS_^DXU
B_RUc_\\UfQY\`\Qec_TU\\Q3_]]YcY_^Ce`}bYUebUDUSX^YaeU*
²9\cYW^_b9SXQSXQcQ`ed_TQbUQW\Yc`UddQd_bYe^UVVUdd_TY`cUeT_
bY\YUf_QddbQfUbc_\QbY`UdYjY_^UTUYdbQfU\Y^WY^QfQ^dYQ\\µY^TYUdb_
U\QdUbQ\Y+Y]`bUccY_^USXU~cS_]`QbcQS_^\Q`b_YUjY_^UTYDXU
B_RU³
DXUVYbcd6bU^SX3Y^U]QCS_`UgQcQT_Se]U^dQbidXQdcdQbdc
gYdXQ^YdY^UbQbiRiSQbdXb_eWX@QbYcQ^TU^TcgYdXQV\YWXd_fUb
dXU1\`c@bUcU^dUTY^@QbYcdXUQdUbcd_WUdXUbgYdXDXUB_RUdXU
VY\]g_^dXUQ``b_fQ\_VdXU3_]]YcY_^Ce`}bYUebUDUSX^YaeU*
²=b9SXQSXQcceSSUccVe\\icX_g^fYUgUbcQ`cUeT_#4UVVUSd
dXb_eWXbU`UdYdY_^_VV_bgQbTRQS[gQbTQ^TcYTUgQicdbQfU\Y^W
cX_dc+Q^Y]`bUccY_^gXYSXTYcQ``UQbUTgYdXcSbUU^Y^W_VDXU
B_RU³
C74A>1486$5HJLD+HQU\.RVWHU
Ŷ7LW´/DWXQLFDµ6FHQ$OEHUW0DOW]3KLOLS'XQQHH*LQD.DXVWUDWWRGDOODQRYHOODGL/OR\G&'RXJODV)/HRQ6KDPUR\0%DUEDUD0F/HDQ6FJI/\OH:KHHOHU
*HRUJH:'DYLV&RVW(PLOH6DQWLDJRQRQDFFU7UXFFR%HQ1\H0X$OIUHG1HZPDQ6X%HUQDUG)UHHULFNV5RJHU+HPDQ-U(IIHWWLVSHFLDOL5D\.HOORJJ$VV57RP
&RQQRUV-U,QW5LFKDUG%XUWRQ0DUFHOOR*DOOLR-HDQ6LPPRQV'LDQD9LFWRU0DWXUH'HPHWULR0LFKDHO5HQQLH3LHWUR5LFKDUG%RRQH3LODWR'HDQ-DJJHU-XVWXV-D\
5RELQVRQ&DOLJROD7RULQ7KDWFKHUVHQDWRUH*DOOLR%HWWD6W-RKQ0LULDP+D\GHQ5RUNH&DOYXV-HII0RUURZ3DROR(UQHVW7KHVLJHU7LEHULR'DZQ$GGDPV-XQLD
/HRQ$VNLQ$ELGRU+HOHQ%HYHUO\5HEHFFD0LFKDHO$QVDUD*LXGD%HQ$VWDU&OHDQGUR-HDQ&RUEHWW-RDQ&RUEHWW*ORULD6DXQGHUVVFKLDYH6DOO\&RUQHU&RUQHOLD
/HR&XUOH\6KDOXP3HUF\+HOWRQ&DOHE7KRPDV%URZQH+HQU\0DULR5RVDOLQG,YDQ*LXOLD'RQDOG&.OXQH*HV)UDQFLV3LHUORW'RGLQLR3HWHU5H\QROGV/XFLR
3DPHOD5RELQVRQ/XFLD+DUU\6KHDUHU'DYLGH*HRUJH(6WRQH*UDFFR3URGWK&HQWXU\)R[ŶPP'·9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'DWK&HQWXU\
)R[
5cQWUb_e^`_µ*DXUB_RU~e^QRe_^QTY]_cdbQjY_^UTYS_]U
Y\3Y^U]QCS_`UQed_bYjjY_W^YcSU\dQUQ\\_cdUcc_dU]`_^_^
bYSXYUTQ^UQ^SXUdb_``YcV_bjY*8U^bi;_cdUbSQ]RYQY^aeQTbQ
debQUTUSYTUY]_fY]U^dYTY]QSSXY^QcUS_^T_\QceQ`bQccY
QRYdeQ\U cU^jQ S_]]UddUbU Wb_ccU Y]`bUSYcY_^Y cY Y]RQddU
`UbcY^_Y^`YQSUf_\YY]`bUfYcdYY^ceSSUccYY^QddUcY+]Y\\UTUddQ
W\Y]Y\\UQcdejYUTYSeYSYcYcdQ^SXUbw`bUcd_]QSXUTY]_cdbQ^_
Q^SXUSXU^_^SYcYVUb]UbwQaeUcd_`e^d_+cQbw^USUccQbY_
Q\\QVY^UY^dbQ`bU^TUbUe^QbYSUbSQfUbc_e^Q^e_fQQ]`YUjjQ
TY WUcdY U QddUWWYQ]U^dY* e^µQ]`YUjjQ c_`bQddedd_ TU\ WUcd_
S_^dU]`_bQ^U_SXUQcce]UbwbY\YUf_ceaeUcd_cV_^T_`YQdd_
9\ bUWYcdQ Y]`QbUbw Q bYfU^TYSQbU Q f_\dU \µY^dUbQ ce`UbVYSYU
TU\\_cSXUb]_QTQ^Y]Qb\QS_^\QceQ`Ubc_^Q\YdwQY]RQcdYbfY
e^WY_S_]e\dY`\_UcUbbQd__Q\S_^dbQbY_QTYcdQ^jYQbUY`_\Y
TU\TbQ]]QQSbUQbUTU\\Uj_^UTYcY\U^jY_TU\\Uce`UbVYSYTY
bY`_c__TU\\UY^dUbbejY_^Y`b_f_SQd_bYUTU\\Ub_ddebUcQ`YU^dY+
cdQ^S_TYfQcYUSQ^TU\QRbYY^cUbYdYQ]QbWY^YTU\\µY]]QWY^UY^
^_]UTU\\µUaeY\YRbY_TUY`YQ^YbQffYSY^QdYcS_`bYbw\QRU\\UjjQ
TUYfe_dYTUW\Yc`QjYQ`UbdYU\YRUbYQddbQfUbcQdYTQ\fU^d_cQ`bw
cW_]RbQbU\µY]]QWY^UcU^jQ`YŒdU]UbU^}ReSXY^}caeY\YRbY
`Ub_RRUTYbUQ\\UfUbYdwTU\SY^U]Q
:QSaeUcBYfUddUY^²3QXYUbcTeSY^}]Q³^#!!)%$
9 Q] UhQWWUbQdY^W Q \Ydd\U DXU B_RU S\UQb\i cX_gc X_g
3Y^U]QCS_`UWYfUcgUYWXdd_UfUbidXY^WUfU^YV\UVdd_YdcU\V8U^bi
;_cdUbSXQ^WUccX_dcbUWe\QdUcdXUSQ]UbQ]_fU]U^dcQSS_bTY^W
d_`\Q^gYdX_edQ^icYW^YVYSQ^d]YcSQ\Se\QdY_^Q^TcdY\\U^S_e^dUbc
XQ``i QSSYTU^dc e^Uh`USdUT ceSSUccUc 1 dX_ecQ^T TUdQY\c Q
dX_ecQ^TdbYS[cdXQdgY\\c__^gUQbdXY^QbU^_^UdXU\Ucc`b__VdXQd
dXY^WcgY\\^_dcd_`dXUbU9^dXUU^TYdgY\\RU^USUccQbid_U]RQb[_^
dXUcUQbSXV_bQ^UgRbUQTdX_VUh`bUccY_^Q^TQddYdeTU+QR_fUQ\\Q
S_^dU]`_bQbiRbUQTdX_VUh`bUccY_^gXYSXgY\\cdQ^T_ed_^dXYcV\Qd
RQS[Tb_`DXUTYbUSd_bgY\\\UQb^X_gXUSQ^c_]UdY]UcS\QY]dXU
gX_\UcebVQSU_VdXUcSbUU^]_RY\YjUYdgYdXXYc_g^U^dXecYQc]
`\QiQWQ]UdXQdYcR_dXS\_cUTQ^TY^VY^YdU°_bX_gXUSQ^cXYVd
dXU`_\Uc_VdXUcd_bid_dXUYb_``_cYdUcSbUQdUj_^Uc_VcY\U^SU
QbUQc_VY]]_RY\YdidXU`b_f_[Y^WXYQdecdXUc[Y\Ve\RbUQ[AeYS[\i
gUQbiY^W_VdXUSXQ^TU\YUbcQ^TfQcUcRb_eWXdY^d_dXUUTWUc_V
dXUY]QWUV_bdXU´RQ\Q^SUµ_VdXUS\_cUe`cXUgY\\TYcS_fUbdXU
RUQedi_VdXUf_YT_VVbUU_`U^c`QSUccgU`dRidXUgY^T+XUgY\\
[^_gX_gd_\QiRQbUdXUY]QWUX_gd_RU^_\_^WUbQVbQYT_VWQ`c
_bTYcUaeY\YRbYe]Q^TX_gd_]e\dY`\iXYcdbQ^cWbUccY_^cQWQY^cd
`\QcdYSYdiY^_bTUbd__RUidXUdbedXc_VdXUSY^U]Q
:QSaeUcBYfUddUY^²3QXYUbcTeSY^}]Q³^#!!)%$dbQ^c\QdUT
Ri<Yj8Ub_^3QXYUbcTe3Y^}]Q*DXU!)% cUT:Y]8Y\\YUb
C>>CF78BC;4?;D=:0=31>><86$5HJLD&$XJXVW1LFKROV:DUG.LPEDOO
Ŷ6FHQ'LFN+XHPHU6FJI$.HQGDOO2·&RQQRU0X-RVHSK'XELQ&DQ]RQL6RQQ\%XUNH-DFN(OOLRWWHQRQDFFU2OLYHU:DOODFH3URG:DOW'LVQH\ŶPP'·9HUVLRQH
LQJOHVH(QJOLVKYHUVLRQŶ'D:DOW'LVQH\3LFWXUHV
4Yc^UiXQe^Qf_SQjY_^UTYTQddYSQSXUcY]Q^YVUcdQc_`bQddedd_
^U\SQ]`_]ecYSQ\U4QcU]`bUUbQS_^fY^d_SXU\Q]ecYSQV_ccU
e^UfU^d_WY_Y_c_`UbSeY`Ub\eYQ``bU^TUbUUTYfUbdYbcY^_^c_^_
4Yc^UiXQcQf_SQdY_^V_bdUQSXY^WdXQdcX_gce`Uc`USYQ\\igXU^
YdS_]Ucd_]ecYS8UgQcQ\gQicS_^fY^SUTdXQd]ecYSgQcQ
Z_i_ec UfU^d c_ V_b XY] \UQb^Y^W Q^T XQfY^W Ve^ gUbU ^UfUb
!%
39>5=1C3?@5
Ŷ0X*HRUJHV7]LSLQH3URG)LOPV0DUFHO,FKDFŶPP/P'·DIV&RO9HUVLRQHIUDQFHVH)UHQFKYHUVLRQŶ'D$UFKLYHV)UDQoDLVHVGX)LOP
39>5=1C3?@5
]QYcdQdYTeU]_]U^dYcU`QbQdY9\`YŒY]`_bdQ^dUUc_b`bU^TU^dU
TYdQ\YbYce\dQdY~D__dGXYcd\U@\e^[Q^T2__]<QV_b]e\Q~Q^S_bQ
aeU\\QTU\\Q\UjY_^UdU^edQTQ\`b_V7eV_Y^SeYcYc_cdYU^USXU
deddQ\Qcd_bYQTU\\Q]ecYSQ~V_^TQdQceaeQddb_U\U]U^dYTYRQcU
_dd_^Y\UW^YQbSXYU`UbSeccY_^YEdY\YjjQ^T_`Ub\Q`bY]Qf_\dQY\
3Y^U]QCS_`UUQffQ\U^T_cYTYe^_cdY\UY^UTYd_]_TUb^YccY]_U
Q^W_\_c_RU^\_^dQ^_TQYS_^d_b^Y]_bRYTYUTQ\\UdY^dUSQbQ]U\
\_cUTYdQ^dYbYce\dQdY`bUSUTU^dYUcUWeU^dY4Yc^Ui\YSU^jYQe^
VY\]T_fU\UV_\W_bQ^dYdb_fQdUc_^_Q\cUbfYjY_TYe^QTYfe\WQjY_^U
]ecYSQ\UdQ^d_QSSUccYRY\UaeQ^d_bYW_b_cQ
7YQ^^Q\RUbd_2U^TQjjY3Qbd__^c*Y\SY^U]QTµQ^Y]QjY_^U!(((
!)((FU^UjYQ=QbcY\Y_!)((
cU`QbQdU]_]U^dcDXU]_cdY]`_bdQ^dQ^Tceb`bYcY^W_VbUce\dc
YcD__dGXYcd\U@\e^[Q^T2__]DXUV_b]e\QbU]QY^cdXQd_VQ
\USdebUXU\TRi@b_VUcc_b?g\gX_S\QY]cdXQddXUU^dYbUXYcd_bi_V
]ecYSYcRQcUT_^V_ebRQcYSU\U]U^dc*RbQccg__TgY^TccdbY^Wc
Q^T`UbSeccY_^1c4Yc^UiµcVYbcdQddU]`dQd3Y^U]QCS_`UdXU
VY\]U]`\_icQ^U^dYbU\i^Ug]_TUb^Q^TUTWicdi\UVQbVb_]dXU
c_VdUTWUcQ^TSQ^TiS_\_bc_V]Q^i`bY_bQ^T\QdUbbUce\dc1c
ceSX4Yc^UibU\UQcUTQVY\]gX_cUTQjj\Y^WY^c`YbQdY_^ccUbfUT
dXU`eb`_cUc_V]ecYSQ\dUQSXY^WcdXQd`b_fUTQcQSSUccYR\UQc
dXUiTYTbYW_b_ec
7YQ^^Q\RUbd_2U^TQjjY3Qbd__^c*Y\SY^U]QTµQ^Y]QjY_^U!(((
!)((FU^UjYQ=QbcY\Y_!)((
20A<4=9>=4B86$5HJLD2WWR3UHPLQJHU
Ŷ6RJJHWWRHYHUVLGHOOHFDQ]RQL2VFDU+DPPHUVWHLQ,,GDOODFRPPHGLDGL3URVSHU0pULPpH6FHQ+DUU\.OHLQHU)6DP/HDYLWW0/RXLV5/RHIIOHU6FJI(GZDUG/,ORX0X*HRUJHV
%L]HW$UUDQJLDPHQWL+HUVFKHO%XUNH*LOEHUW&DQ]RQL2+DPPHUVWHLQ,,EDVDWHVXOOHPXVLFKHGL*%L]HW&RUHRJUDILD+HUEHUW5RVV&RVW0DU\$QQ1\EHUJ,QW'RURWK\'DQGULGJH
&DUPHQ+DUU\%HODIRQWH-RH2OJD-DPHV&LQG\/RX3HDUO%DLOH\)UDQNLH'LDKDQQ&DUUROO0\UW5R\*OHQQ5XP1LFN6WHZDUW'LQN-RH$GDPV+XVN\%URF3HWHUV6HUJ
%URZQ6DQG\/HZLV7%RQH0DXUL/\QQ6DOO\'H)RUHVW&RYDQO·LVWUXWWRUH0DULO\Q+RUQHFDQWDSHU'RURWK\'DQGULGJH/H9HUQ+XWFKHUVRQSHU+DUU\%HODIRQWHH0DUYLQ+D\HVSHU
-RH$GDPV3URG23UHPLQJHUSHUWK&HQWXU\)R[ŶPP'·9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'DWK&HQWXU\)R[
@bU]Y^WUbedY\YjjQY^]_T_US\QdQ^dU\QTY]U^cY_^U²TQ_`UbQ
\YbYSQ³TU\3Y^U]QCS_`U*Y\`YQSUbUQUbU_TU\\_c`QjY_UY\f_\e
]U`YU^_cdUbU_V_^YS_TU\ce_^_9\WbQ^TUV_b]Qd_VQf_bYcSU
\µQRRU\\Y]U^d_TUS_bQdYf_\QcSU^QTU\]UbSQd_bUcQS_]Ue^
aeQTb_S_]UQSSQTU`Ub\Uc8Q\\UcY^9b]Q\QT_eSUTY2Y\\iGY\
TUbU`Ub]UddUe^µ_ddY]QbYecSYdQTU\\UcSU^UTYWbe``_c`Uc
c_S_c‚SQdQcdb_VYSXU^U\\µ_`UbQ>U\\µY^S_^db_VY^Q\UTYR_hUY^
SeYdbY_^VQ8ec[i=Y\\Ub5cSQ]Y\\_bYdb_fYQ]_^_^_cdQ^dU\Q
TUfYQjY_^UbYc`Udd_Q\\µ_`UbQ_bYWY^Q\UY\VQcd_]Yd_\_WYS_TU\\Q
S_bbYTQ<Q3Qb]U^TY2YjUd^_^~^}TY]U^dYSQdQ^}dbQTYdQ
1\ S_^dbQbY_ TQ aeUcdQ `UbdebRQjY_^U RU^ TUVY^YdQ TUY cUW^Y
cSQdebYcS_^_^e_fUU]_jY_^Y9^aeUcd_S_^debRQ^dUY^Sb_SY_
Se\debQ\U \Q ²VbQ^SUcYdw³ TU\\µ_`UbQ Q``QbU ]YcdUbY_cQ]U^dU
bQTT_``YQdQ
:UQ^3\QeTU2_^^UdY^²3Y^}]Qd_WbQ`XU³^'%!)("
@bU]Y^WUb ]QTU cU^cQdY_^Q\ ecU _V dXU ²\ibYSQ\ _`UbQ³
TY]U^cY_^_V3Y^U]QCS_`U*dXUQUbYQ\`\UQcebU_VYdcc`QSU
dXUVe\\cdUbU_`X_^YSf_\e]U_VYdcc_e^TDXYcRb_QTV_b]Qd
VQf_bcTUS_bQdYfUU]RU\\YcX]U^dcdXU]Qb[UdcSU^UbU^TUbUT
Qc Q `QY^dY^W cY]Y\Qb d_ \Uc 8Q\\Uc Y^ 9b]Q \Q T_eSU Ri 2Y\\i
GY\TUbQ^TQ\\_gcV_baeYdUceSSUccVe\Wb_e`cSU^UcgXYSX
Y^ _`UbQ _VdU^ deb^ _ed SQdQcdb_`XYS 4ebY^W dXU VY^Q\ R_hY^W
]QdSX g_^ Ri 8ec[i =Y\\Ub 5cSQ]Y\\_ TUc`YdU Q TUfYQdY_^
Vb_]dXU_bYWY^Q\_`UbQgU^_^UdXU\UccVY^TdXU]idX_\_WYSQ\
c`\U^T_b _V dXU Re\\VYWXd 2YjUdµc 3Qb]U^ XQc RUU^ ^UYdXUb
V_bW_ddU^^_bRUdbQiUT?^dXUS_^dbQbi^UgU]_dY_^cc`bY^W
Vb_]dXYcgU\\TUVY^UT`UbdebRQdY_^_VcYW^c9^dXYcY^d_hYSQdY^W
Se\debQ\]YhdebUdXU²6bU^SX^Ucc³_VdXUg_b[cUU]cd_RUS_]U
]icdUbY_ec\iY^dU^cYVYUT
:UQ^3\QeTU2_^^UdY^²3Y^}]Qd_WbQ`XU³^'%!)("
60A34=>54E8;86$5HJLD+HQU\+DWKDZD\
Ŷ7LW´,OSULJLRQLHURGHOODPLQLHUD´6FHQ)UDQN)HQWRQGDXQURPDQ]RGL)UDQN)UHLEHUJHUH:LOOLDP7XQEHUJ)0LOWRQ.UDVQHU-RUJH6WDKO-U0-DPHV%&ODUN6FJI(GZDUG
)LW]JHUDOG/\OH5:KHHOHU&RVW7UDYLOOD7UXFFR%HQ1\H0X%HUQDUG+HUUPDQQ&DQ]RQL.HQ'DUE\/LRQHO1HZPDQ(PLOLR'8UDQJD6X5RJHU+HPDQ6U1LFRODVGHOD5RVD
-U5RJHU+HPDQ$VV56WDQOH\+RXJK,QW*DU\&RRSHU+RRNHU6XVDQ+D\ZDUG/HDK)XOOHU5LFKDUG:LGPDUN)LVNH+XJK0DUORZH-RKQ)XOOHU&DPHURQ0LWFKHOO/XNH
'DO\5LWD0RUHQRFDQWDQWH9LFWRU0DQXHO0HQGR]D9LFHQWH0DGDULDJD3URG&KDUOHV%UDFNHWWSHUWK&HQWXU\)R[ŶPP'·9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'D
WK&HQWXU\)R[
DbQ W\Y U\U]U^dY `YΠbY\UfQ^dY Y^ aeUcdQ `b_TejY_^U TY 3XQb\Uc
2bQS[Udd fQ bYS_bTQd_ Q^SXU \µedY\Yjj_ TU\ 3Y^U]QCS_`U ^U\\U
bY`bUcUY^UcdUb^YbUQ\YjjQdUY^=UccYS_<µedY\Yjj_TU\\U^e_fU\U^dY
Q^Q]_bVYSXU Qe]U^dQ ^_dUf_\]U^dU \µY]`Qdd_ fYcYf_ U TYfU^dQ
e^QS_]`_^U^dUS_c‚Y]`_bdQ^dUTQVQb`QccQbUdQ\f_\dQaeQcYY^
cUS_^T_`YQ^_W\YUfU^dY^QbbQdY>_dUf_\Yc_^_Q^SXU\Ud_^Q\Ydw
TU\DUSX^YS_\_bSXUS_^VUbYcS_^_Q]_\dUTU\\UcSU^U\QaeQ\Ydw
TYe^TY`Y^d_9\VY\]^QbbQTYdbUQffU^debYUbY3__`UbGYT]Qb[U
3Q]Ub_^=YdSXU\\R\_SSQdYY^e^`YSS_\_`_bd_]UccYSQ^_Y^QddUcQ
!&
>_d dXU \UQcd _V dXU cdb_^WUb `_Y^dc Y^ dXU 3XQb\Uc 2bQS[Udd
`b_TeSdY_^YcdXU3Y^U]QCS_`UdbUQd]U^d_VdXU\_SQdY_^\U^cY^W
Y^=UhYS_DXU^UgQ^Q]_b`XYS\U^cWbUQd\iY^SbUQcUcdXUfYceQ\
Y]`QSd_VdXU_edT__bcSU^UcQ^TRUS_]UcceSXQ^Y]`_bdQ^d
`Qbd_VdXUcd_bidU\\Y^WYdQ\]_cd_fUb`_gUbcdXU`\_dTbQ]QQd
dY]Uc1\c_cdQ^T_edQbUdXUXeUcY^dXUDUSX^YS_\_bQ^T]Q^i
cSU^Uc Q``UQb Qc `QY^dY^Wc DXU `\_d XQc 3__`Ub GYT]Qb[
Q^T 3Q]Ub_^ =YdSXU\\ dXbUU QTfU^debUbc cdbQ^TUT Y^ Q c]Q\\
=UhYSQ^ `_bd gXY\U dXU cXY` _^ gXYSX dXUi gUbU `QccU^WUbc
YcRUY^WbU`QYbUTXYbUTRi=Ycc8QigQbTd_bYTUgYdXXUbY^d_
TQ^WUb_ec9^TYQ^3_e^dbid_VbUUXUbXecRQ^TgX_YcdbQ``UT
Y^QW_\T]Y^U
²FQbYUdi³# &!)%$
C7468A;8=C74A43E4;E4CBF8=686$5HJLD5LFKDUG)OHLVFKHU
Ŷ7LW´/·DOWDOHQDGLYHOOXWRURVVRµ6FHQ:DOWHU5HLVFK&KDUOHV%UDFKHWW)0LOWRQ.UDVQHU0:LOOLDP0DFH6FJI0DXULFH5DQVIRUG/\OH5:KHHOHU&RVW&KDUOHV/H0DLUH0X
/HLJK+DUOLQHRUFKHVWUDWDGD(GZDUG%3RZHOO,QW5D\0LOODQG6WDQIRUG:KLWH-RDQ&ROOLQV(YHO\Q1HVELW7KDZ)DUOH\*UDQJHU+DUU\.7KDZ/XWKHU$GOHU'HOSKLQ'HOPDV
&RUQHOLD2WLV6NLQQHU0UV7KDZ*OHQGD)DUUHOO0UV1HVELW)UDQFHV)XOOHU0UV:KLWH3KLOLS5HHG5REHUW&ROOLHU*DOH5REELQV*ZHQ$UGHQ-DPHV/RULPHU0F&DOHE-RKQ
+R\W:LOOLDP7UDYHUV-HURPH+DUYH\6WHSKHQV'U+ROOLQJVKHDG(PLOH0H\HU*UHHQEDFKHU5LFKDUG7UDYLV&KDUOHV'DQD*LEVRQ+DUU\6H\PRXU$UWKXU$LQVOLH3U\RU6SRUW
'RQQDOO\.D\+DPPRQG1HOOLH%HWW\&DXOILHOG$OLFH.DUROHH.HOO\0DUJDUHW-DFN5DLQH0U)LQOH\3URG&KDUOHV%UDFKHWWSHUWK&HQWXU\)R[ŶPP'·9HUVLRQH
LQJOHVH(QJOLVKYHUVLRQŶ'DWK&HQWXU\)R[
CUcYUcS\eTUY\ce_`bY]_VY\]3XY\T_V4Yf_bSUSXUbQ``bUcU^dQ
e^Qc_bdQTYUcUbW_ce`UbR_U]YcS_^_cSYed_QdeddQ\QceQ_`U
bQaeUcdQ~\Q`bY]Qf_\dQSXU6\UYcSXUbUcSUS_]`\UdQ]U^dU
TQ\aeQTb_TYe^WU^UbUX_\\ig__TYQ^_dbQTYjY_^Q\UDXU7Yb\Y^
dXUBUTFU\fUdCgY^W~Q^SXUY\`bY]_TYaeUW\YcdeTYSbY]Y^Q\Y
Yc`YbQdYQe^VQdd_TYSb_^QSQfUbQS_]U3_]`e\cY_^!)%)+DXU
2_cd_^ CdbQ^W\Ub !)&(+ ! BY\\Y^Wd_^ @\QSU !)'( SXU ^U\
S_bc_TUW\YQ^^YQbbYfUbQ^^_QS_cdYdeYbUe^WU^UbUQed_^_]_
Uc`USYVYS_Q\\µY^dUb^_TU\\QceQ_`UbQKªM<QcSU^_WbQVYQYS_
cde]Y\_cdY\UTU\\QbUSYdQjY_^U\QbYS_cdbejY_^UTU\\UQd]_cVUbU
c_^_Vbedd_TY\e^WXUbYSUbSXU`bU\Y]Y^QbYUc_^_`QbdUTYe^_
cV_bj_Y^fUcdYWQdYf_SXUS_^VUbYcSUQ\TbQ]]Q^U\]_]U^d_Y^
SeY~bQ``bUcU^dQd_TQfQ^dYQ^_Y\QceQV_bjQcY^dUdYSQU\QceQ
]QccY]QUVVYSQSYQAeUcdYU\U]U^dYc_^_UcQ\dQdYTQ\3Y^U]Q
CS_`UecQd_aeY`Ub\QdUbjQf_\dQTQ6\UYcSXUbSXU^UVeS_^
@bU]Y^WUbU1^dX_^i=Q^^e^_TUY`Y_^YUbY`YŒU^decYQcdY1\
SU^db_TYaeUcdQcd_bYQQccQYQeTQSU`Ub\µU`_SQSµ~e^]QW^Y
VYS_bYdbQdd_TYT_^^Q
:QSaeUc<_ebSU\\Uc4YSdY_^^QYbUTeSY^}]Q@QbYc<QVV_^d!))"
5hS\eTY^WXYcVYbcdVY\]3XY\T_V4Yf_bSUQce`UbRQ^T\Ydd\U[^_g^
U`YWbQ`X d_ XYc U^dYbU R_Ti _V g_b[ dXYc Yc dXU VYbcd dY]U dXQd
6\UYcSXUb XQc ]_fUT S_]`\UdU\i _edcYTU dXU VbQ]Ug_b[ _V Q
dbQTYdY_^Q\8_\\ig__TWU^bUDXU7Yb\Y^dXUBUTFU\fUdCgY^W
gQcQ\c_dXUVYbcd_VXYcSbY]Y^Q\cdeTYUcRQcUT_^dbeUcd_bYUc\Y[U
3_]`e\cY_^!)%)+DXU2_cd_^CdbQ^W\Ub!)&(+! BY\\Y^Wd_^
@\QSU!)'(gXYSX_fUbdXUiUQbcSQ]Ud_bU`bUcU^dQc`USYVYS
Qed_^_]_ec WU^bU gYdXY^ XYc g_b[ KªM DXU cUdc S_cde]Uc
QSdY^Wcdi\UQ^TbUS_^cdbeSdY_^_VdXUQd]_c`XUbUQbUQ\\dXUVbeYd
_V\U^WdXi`bU\Y]Y^QbibUcUQbSXQ^TRU\_^Wd_Q^Y^fUcdYWQdYfU
UVV_bddXQdQddXU]_]U^ddXUTbQ]QYc`\QiUTWYfUYdYdcci^dXUdYS
V_bSUQ^TYdc]QhY]e^UVVUSdYfU^Ucc3Y^U]QCS_`UecUTXUbU
V_bdXUdXYbTdY]URi6\UYcSXUbUhQ\dcdXUcUU\U]U^dcD_WUdXUb
gYdX @bU]Y^WUb Q^T 1^dX_^i =Q^^ 6\UYcSXUb gQc _^U _V dXU
]_cdU^dXecYQcdYS`Y_^UUbc_VdXUV_b]Qd1ddXUSU^dUb_VdXU
cd_biaeYdUQeTQSY_ecV_bYdcdY]U\YUcQ]QW^YVYSU^d`_bdbQYd_V
Qg_]Q^
:QSaeUc <_ebSU\\Uc 4YSdY_^^QYbU Te SY^}]Q @QbYc <QVV_^d
!))"
838430C7>DB0=3C8<4B86$5HJLD6WXDUW+HLVOHU
Ŷ7LW´7XWWRILQuDOO·DOEDµ6FHQ:5%XUQHWWGDOODVXDQRYHOOD´+LJK6LHUUDµ)7HG'0F&RUG0&ODUHQFH.ROVWHU6FJI(GZDUG&DUUHUH&RVW0RVV0DEU\7UXFFR*RUGRQ
%DX0X'DYLG%XWWROSK6X&KDUOHV/DQJ$VV5&KXFN+DQVHQ,QW-DFN3DODQFH5R\(DUOH6KHOOH\:LQWHUV0DU\*LEVRQ/RUL1HOVRQ:HOPD/HH0DUYLQ%DEH.R]XN3HGUR
*RQ]DOHV*RQ]DOHV&KLFR/RQ&KDQH\-U%LJ0DF(DUO+ROOLPDQ5HG3HUU\/RSH]/RXLV0HQGR]D5LFKDUG'DYDORV/RQ3UHLVVHU+RZDUG6W-RKQ'RF%DQWRQ2OLYH&DUH\0D
5DOSK0RRG\3D-DPHV0LOOLFDQ-DFN.UDQPHU%LOO.HQQHG\VFHULIIR'HQQLV+RSSHU-RH3URG:DUQHU%URWKHUVŶPP/P'·DIV9HUVLRQHLQJOHVH(QJOLVK
YHUVLRQŶ'D1DWLRQDO)LOPDQG7HOHYLVLRQ$UFKLYHSHUFRQFHVVLRQHGL+ROO\ZRRG&ODVVLFVŶ&RSLDRULJLQDOHFRQSLVWHPDJQHWLFKH2ULJLQDOWUDFNPDJVWULSSHGSULQW
8_\\ig__TYQ^_ ^_^ dbQcSebQRY\U ]Q `_S_ bY^_]Qd_ 8UYc\Ub
QVVb_^dQe^Qcd_bYQWYwVY\]QdQTQGQ\cX`bY]QY^8YWXCYUbbQ
U `_Y Y^ 3_\_bQT_ DUbbYd_bi :QS[ @Q\Q^SU `bU^TU Y\ `_cd_ TY
8e]`XbUi2_WQbdU:_U\=QS3bUQ9\ce_f_\d_TQ`eWY\UcSXU
\UdbYS_`_bdQ\UcdY]]QdUTYaeUcdU]_bdYbY`UdedUTQfQ^dYQe^Q
T_^^QSXUcU]`bUUS_]e^aeU\_QccQccY^QS_\ce_cWeQbT_
QbTU^dUÄe^VY\]`YŒTeb_S_]YS_]}\_TYaeU\\YTYGQ\cX/
E^QS_cQ~SUbdQ*QaeUYdU]`Y8UYc\UbUGQ\cXbUc`YbQfQ^_
\QcdUccQQbYQ
5bgQ^8YWeY^U^Y^²3QXYUbcTeSY^}]Q³^%'#" "
1 8_\\ig__T TYbUSd_b gX_ gXY\U ^_d gU\\ [^_g^ SQ^^_d RU
^UW\USdUT8UYc\UbdQ[Uc_^Qcd_biQ\bUQTiVY\]UTRiGQ\cXQc
8YWXCYUbbQQ^TQWQY^Qc3_\_bQT_DUbbYd_bi:QS[@Q\Q^SUdQ[Uc
dXU `\QSU _V 8e]`XbUi 2_WQbd Q^T :_U\ =QS3bUQ 8Yc R_^i
R_hUbµcVQSURbY^WcdXUcdYW]Q_VdX_cUbU`UQdUTTUQdXcRUV_bUQ
g_]Q^gX_^UfUbVQY\cd_gQcdUXY]gYdXXUbVYUbiWQjU1XQbcXUb
]_bUS_]YSQ\]_bU]U\_TbQ]QdYSVY\]dXQ^GQ\cXµc/?^UdXY^W
YcSUbdQY^*Y^dX_cUTQic8UYc\UbQ^TGQ\cXgUbURbUQdXY^WdXU
cQ]UQYb
5bgQ^8YWeY^U^Y^²3QXYUbcTeSY^}]Q³^%'#" "
!'
39>5=1C3?@5
SXU\µY]RQbSQjY_^Uce\\QaeQ\UfYQWWYQ^_fU^WQbY`QbQdQ9dbUc_^_
Y^WQWWYQdYTQ=Ycc8QigQbT`UbcS_bdQb\Q^U\\Q`UbYS_\_cQdUbbQ
TUW\Y9^TYQ^YU\YRUbQbUY\]QbYd_TU\\QT_^^QY]`bYWY_^Qd_Y^e^Q
]Y^YUbQTµ_b_
²FQbYUdi³# &!)%$
;>;0<>=CÃB)UDQFLD*HUPDQLD5HJLD0D[2SKXOV
39>5=1C3?@5
Ŷ6FHQ0D[2SKXOVGDOURPDQ]RGL&HFLO6W/DXUHQW$GDWW$QQHWWH:DGHPDQW0D[2SKXOV'LDO-DFTXHV1DWDQVRQYHUVIUDQFHVH)UDQ]*HLJHUYHUVWHGHVFD)&KULVWLDQ
0DWUDV0X*HRUJHV$XULF00DGHOHLQH*XJYHUVIUDQFHVH$GROSK6FKO\VVOHGHUYHUVWHGHVFD'HFRU-HDQG·(DXERQQH$VV'HFRU:LOO\6FKDW]&RVW*HRUJHV$QQHQNRY2S
$ODLQ'RDXULQRX(UQHVW%RXUUHDXG+HQUL&KDPSLRQ/XF0LURW6X$QWRLQH3HWLWMHDQ,QW0DUWLQH&DURO/ROD3HWHU8VWLQRYO·LPERQLWRUH$QWRQ:DOEURRN5H/XLJL,GL%DYLHUD
+HQUL*XLVRO0DXULFH2VNDU:HUQHUORVWXGHQWH:LOO4XDGIOLHJ)UDQ]/LV]W,YDQ'HVQ\WHQ-DPHV3DXOHWWH'XERVW-RVpSKLQH/LVH'HODPDUH0UV&UDLJLH3URG*DPPD
)LOPV)ORULGD)LOPV8QLRQILOPVŶPP'·&RO9HUVLRQHIUDQFHVH)UHQFKYHUVLRQŶ'D)LOPVGX-HXGL
>U\\QcS_bcQUTYjY_^UQfbU]]_T_fed_`bUcU^dQbU\QfUbcY_^U
bUcdQebQdQdUTUcSQTY<_\Q=_^d~c`b_fU^YU^dUTQ\=Ž^SX^Ub
6Y\]]ecUe]>_^~cdQd_Y^VY^U`_ccYRY\U`_YSX}\QS_`YQ^_^
~QbbYfQdQTQ=_^QS_TY2QfYUbQAeUcdµQ^^_`bUcU^dYQ]_\Q
fUbcY_^UVbQ^SUcUCUS_^T_\QdUcdY]_^YQ^jQTU\VYW\Y_TY=Qh
Y\bUWYcdQ=QbSU\?`Xe\cSXUcQbwQ2_\_W^Q`Ub\Q`bUcU^dQ
jY_^UTU\VY\]\QfUbcY_^UVbQ^SUcUTY<_\Q=_^d~cS_^c_^_b_
_ddYS_bY]UccQY^SYbS_\QjY_^UTQ@YUbbU2bQe^RUbWUb^U\!)&(
~\µe^YSQS_^V_b]UQ\\Qf_\_^dwTU\bUWYcdQ9^`QbdYS_\QbU=Qb
SU\Y^cYcdUce\VQdd_SXU=Qh?`Xe\ccY_``_cUS_^VUb]UjjQ
QT_W^YdU^dQdYf_TQ`QbdUTUY`b_Tedd_bYdUTUcSXYTYV_b^YbUQ\
VY\]e^c_^_b_cdUbU_V_^YS_E^`QbdYS_\QbUbY^WbQjYQ]U^d_Q
<QebU^SU 2bQe^RUbWUb SXU SY XQ ]Ucc_ Q TYc`_cYjY_^U e^Q
S_`YQTU\VY\]
E^Qf_\dQY\`b_Tedd_bU]YbQSS_^d‡\QfYdQTY<_\Q=_^d~cUVeY
`bUc_ TQ e^Q fUbdYWY^U TY `YUdw+ `YUdw `Ub aeU\\Q `_fUbQ <_\Q
`YUdw `Ub Y\ bUWYcdQ SXU QfbURRU QSSUddQd_ aeUcd_ \Qf_b_ KªM
<UWWU^T_YWY_b^Q\YVeYY]`bUccY_^Qd_TQe^QcUbYUTYVQddYTYSb_
^QSQSXUTYbUddQ]U^dU_^_]YbY`_bdQfQ^_Q<_\Q=_^d~c*e^Q
SbYcYTU`bUccYfQTY:eTi7Qb\Q^TW\YY^dbYWXYcU^dY]U^dQ\YTYJcQ
JcQ7QR_b]YVUSUb_bYV\UddUbUce\\QdbQWYSQUV_\W_bQ^dUbQ`YTY
dwTU\\USQbbYUbUTY_WWYce\\Q]Q^SQ^jQTY²dQ``U³+cU``YSXU
<_\Q=_^d~cQfUfQbUSYdQd_\QceQfYdQY^e^dUQdb_Y^1]UbYSQU
SXU\_c`UddQS_\_UbQcdQd_e^VYQcS_*YVQddYbQ``bUcU^dQdYUbQ^_
S_c‚dQ^dYSXU\QWU^dU^_^SbUTUfQ`YŒQ\\Q\_b_fUbYTYSYdwKªM
CdQf_aeY^TY`UbWYbQbUY\]Y_`bY]_VY\]QS_\_bYSXUUbQQ\\_
cdUcc_dU]`_Y\]Y_`bY]_3Y^U]QCS_`U+dedd_SY‡`_^UfQ]_\dY
`b_R\U]Y*WeQbTQf_S_^dY^eQ]U^dUYaeQTbYTY2beUWXU\aeUcd_
WbQ^TU]QUcdb_ª
=Qh?`Xe\cY^²1bdc³^%$)!)%&
9^\QcdiUQbµcUTYdY_^gUgUbUce``_cUTd_`bUcU^ddXUbUcd_bUT
7Ub]Q^fUbcY_^_V<_\Q=_^d~cVb_]=Ž^SX^Ub6Y\]]ecUe]
8_gUfUb gU gUbU e^QR\U d_ T_ c_ RUSQecU dXU S_`i ^UfUb
QbbYfUT Vb_] =e^YSX DXYc iUQb gU gY\\ `bUcU^d dXU 6bU^SX
fUbcY_^1SS_bTY^Wd_=Qhµcc_^TYbUSd_b=QbSU\?`Xe\cgX_
gY\\RUY^2_\_W^QV_b`bUcU^dQdY_^_VdXUVY\]dXU6bU^SXfUbcY_^
_V <_\Q =_^d~c gYdX _`dYSQ\ c_e^T `ed RQS[ Y^ SYbSe\QdY_^ Ri
@YUbbU2bQe^RUbWUbY^!)&(YcdXU_^\ifUbcY_^dXQdS_^V_b]cd_
dXUTYbUSd_bµcgY\\9^`QbdYSe\Qb=QbSU\Y^cYcdcdXQd=Qh?`Xe\c
gQc cdb_^W\i _``_cUT d_ QddU]`dc _^ dXU `Qbd _V 7Ub]Q^
`b_TeSUbcd_`b_fYTUdXUVY\]gYdXcdUbU_`X_^YSc_e^T@QbdYSe\Qb
dXQ^[cd_<QebU^SU2bQe^RUbWUbgX_]QTUQS_`i_VdXUVY\]
QfQY\QR\Ud_ec
1`b_TeSUb_^SUd_\T]UdXU\YVUcd_bi_V<_\Q=_^d~cQ^T9gQc
_fUbS_]URiQgQfU_V`Ydi+`YdiV_bdXU`__b<_\Q`YdiV_bdXU
TYbUSd_bgX_g_e\TdQ[U_^dXUZ_RKªMBUQTY^WdXU`Q`Ubc9
gQcY]`bUccUTRiQcUbYUc_VUfU^dcY^dXU^UgcdXQdR_dXTYbUSd\i
Q^TY^TYbUSd\i\UT]URQS[d_<_\Q=_^d~c*:eTi7Qb\Q^TµcSbYcUc
RUSQecU_VTU`bUccY_^JcQJcQ7QR_bµc]Ucci\_fUQVVQYbc
dXUi]QTU]UbUV\USd_^dXUdbQWYSQ^TR\QjY^Wc`UUT_VSQbUUbc
d_TQi_^dXU\QS[_V²cdU``Y^Wcd_^Uc³+9[^UgdXQd<_\Q=_^d~c
XQTQSdUT_edXUb\YVUcd_biY^QECdXUQdUbQ^TdXQddXUcX_g
XQTRUU^QV\_`*dXUVQSdcbU`bUcU^dUTgUbUc_^e]Ub_ecdXQd
`U_`\UTYT^µdRU\YUfUdXU]KªMC_9gQcQR_edd_cX__d]iVYbcd
VY\]Y^S_\_bgXYSXgQcQ\c_]iVYbcd3Y^U]QCS_`U+dXYcbQYcUT
]Q^iYcceUc*9\__[UTS_^dY^eQ\\iQd`QY^dY^WcRi2beUWXU\dXU
WbUQd]QcdUbª
=Qh?`Xe\cY^²1bdc³^%$)!)%&
<>>=5;44C86$5HJLD)ULW]/DQJ
Ŷ7LW´,OFRYRGHLFRQWUDEEDQGLHULµ6FHQ-DQ/XVWLJ0DUJDUHW)LWWVGDOURPDQ]RRPRQLPRGL-RKQ0HDGH)DONQHU)5REHUW3ODQFN0$OEHUW$NVW6FJI&HGULF*LEERQV+DQV
3HWHUV&RVW:DOWHU3OXQNHWW0X0LNORV5R]VD9LQFHQW*RPH]IODPHQFR$VV56LG6LGPDQ,QW6WHZDUW*UDQJHU-HUHP\)R[*HRUJH6DQGHUV/RUG$VKZRRG-RDQ*UHHQZRRG
/DG\$VKZRRG9LYHFD/LQGIRUVVLJQRUD0LQWRQ-RQ:KLWHOH\-RKQ0RKXQH/LOLDQH0RQWHYHFFKLEDOOHULQD6HDQ0F&ORU\(O]HYLU%ORFN0HOYLOOH&RRSHU)HOL[5DWVH\$ODQ
1DSLHU3DUVRQ*OHQQLH-RKQ+R\WPDJLVWUDWR0DVNHZ'RQQD&RUFRUDQ*UDFH-DFN(ODP'DPHQ'DQ6H\PRXU+XOO,DQ:ROIH7HZNHVEXU\/HVWHU0DWWKHZVPDJJLRUH
+HQQLVKDZ6NHOWRQ.QDJJV-DFRE5LFKDUG+DOH6WDUNKLOO-RKQ$OGHUVRQ*UHHQLQJ$VKOH\&RZDQ7RPVRQ)UDQN)HUJXVRQYHWWXULQR%RRWK&ROPDQFDSLWDQR6WDQKRSH
3HJJ\0DOH\DIILWWDFDPHUH3URG-RKQ+RXVHPDQSHU0HWUR*ROGZ\Q0D\HU/RHZ·V,QFRUSRUDWHGŶPP'·9HUVLRQHLQJOHVHFRQVRWWRWLWROLSRUWRJKHVL(QJOLVKYHUVLRQZLWK
3RUWXJXHVHVXEWLWOHVŶ'D&LQHPDWHFD3RUWXJXHVDSHUFRQFHVVLRQHGL+ROO\ZRRG&ODVVLFV
@UbSX}XQWYbQd_aeUcd_VY\]Y^3Y^U]QCS_`U/
8_T_fed_VQb\_ÄcdQdQe^µUc`UbYU^jQY^dUbUccQ^dU8_cS_`Ubd_
S_]µ~TYVVYSY\U\Qf_bQbUS_^Y\3Y^U]QCS_`UAeQ^T_QfUfQ]_
Y\V_b]Qd_^_b]Q\U_W^Yf_\dQSXUf_\UfQ]_]_cdbQbUe^WbQddQ
SYU\__e^Q\RUb_aeQ\S_cQTYQ\d_UbQfQ]_cU]`bUY^c_TTYcVQddY
!(
GXiTYTi_ecX__ddXYcVY\]Y^3Y^U]QCS_`U/
9XQTd_9ddeb^UT_edd_RUQ^Y^dUbUcdY^WUh`UbYU^SU9TYcS_fUbUT
X_g TYVVYSe\d Yd Yc d_ g_b[ Y^ 3Y^U]QCS_`U GXU^ gU ecUT dXU
^_b]Q\V_b]QdUfUbidY]UgUgQ^dUTd_cX_gQc[icSbQ`Ub_bQ
dbUUQ^idXY^WdQ\\gUgUbUQ\gQice^cQdYcVYUT°gUgQ^dUTQdQ\\Ub
cSbUU^DXU^c_]U_^UceTTU^\iSQ]Ue`gYdXQgYTUcSbUU^9V
i_edXY^[_VVQ]_ec`QY^dY^Wcª9_^\i[^_g_V_^UY^dXQdV_b]Qd
Q^T Ydµc ²DXU <Qcd Ce``Ub³ 2ed =b JQ^eS[ gQc S_^fY^SUT _V
`b_fYTY^WdXUQ^cgUbd_dXbUUTY]U^cY_^Q\VY\]cQ^TdXecSQ]U
3Y^U]QCS_`U9^]i_`Y^Y_^FYcdQfYcY_^gQcQ\_dRUddUb
DXU^ T_ i_e bUQ\\i RU\YUfU Qc i_e cQYT Y^ <U =}`bYc dXQd
²3Y^U]QCS_`UYc_^\iW__TV_bVe^UbQ\cQ^Tc^Q[Uc³/
IUc 6_b UhQ]`\U Yd gQc XQbT d_ cX__d c_]U_^U cYddY^W Qd Q
dQR\URUSQecUi_eUYdXUbS_e\T^µdcX_gdXUdQR\U_bdXU`Ubc_^
XQTd_cdQid__VQbRQS[Vb_]dXUdQR\U1^Ti_eU^TUTe`gYdX
U]`dic`QSUc_^R_dXcYTUc_VdXUcSbUU^dXQdi_eXQTd_VY\\gYdX
c_]UdXY^WGXU^dXUbUQbUdg_`U_`\Ui_eSQ^VY\\dXUcSbUU^Ri
]Q[Y^WdXU]gQ\[]Q[Y^WdXU]`YS[c_]UdXY^We`c_]UgXUbU
UdSRedgXU^i_e_^\iXQfU_^U`Ubc_^i_eXQfUQRYWXUQTY^
dXU]YTT\U_VdXUcSbUU^Q^T^_dXY^Wd_dXUbYWXd_b\UVd
6bYdj<Q^WY^dUbfYUgRi@UdUb2_WTQ^_fYSX
18664AC70=;85486$5HJLD1LFKRODV5D\
Ŷ7LW´'LHWURORVSHFFKLRµ6FHQ&\ULO+XPHH5LFKDUG0DLEDXPGDXQDUWLFRORGL%HUWRQ5RXHFKH´7HQ)HHW7DOOµ&ROOVFHQ*DYLQ/DPEHUW&OLIIRUG2GHWV)-RH0DF'RQDOG0
/RXLV/RHIIOHU0X'DYLG5DVNLQ,QW-DPHV0DVRQ(G$YHU\%DUEDUD5XVK/RX$YHU\&KULVWRSKHU2OVHQ5LFKLH$YHU\:DOWHU0DWWKDX:DOO\*LEEV5REHUW)6LPRQ'U1RUWRQ
5RODQG:LQWHUV'U5XULF5XVW\/DQH%RE/D3RUWH5DFKHO6WHSKHQVLQIHUPLHUD.LSS+DPLOWRQ3DW:DGH:LOOLDP6FKDOOHUWIDUPDFLVWDVFHQDWDJOLDWD3URG-DPHV0DVRQSHU
WK&HQWXU\)R[ŶPP'·9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'DWK&HQWXU\)R[
BQi Ve `Ub Y\ 3Y^U]QCS_`U SY‡ SXU GU\\Uc bQ``bUcU^d‡ `Ub \Q
`b_V_^TYdwTYSQ]`_9\aeQTb_TU\\_CS_`UQfUfQS_^VUbYd_e^Q
^e_fQY^dU^cYdwQ\cU^c_QbSXYdUdd_^YS_TYBQiSXUcVbeddQ\µU^VQcY
_bYjj_^dQ\UY^cYdQ^U\V_b]Qd_UfY_``_^Ue^Q`QbYY^cYcdU^jQce\
`YQ^_fUbdYSQ\U<US_cdbYjY_^YTU\\µY^aeQTbQdebQT_fUe^QbY`bUcQ
SXU]_cdbQe^S_b`_Y^deddQ\QceQQ\dUjjQ_ddYU^UQed_]QdYSQ]U^
dU\µUVVUdd_TYe^SQ]`_\e^W_Qe]U^dQ^_\µY]`bUccY_^UTYdb_fQbSY
TYVb_^dUQ`Ubc_^QWWYY^dbQ``_\Q
B_RY^G__TY^²6Y\]3_]]U^d³^#!)'"
GXQdGU\\UcgQcd_TUU`V_SecBQigQcd_3Y^U]QCS_`U
DXUµCS_`UVbQ]UWQfUQ^UgQSedU^Uccd_XYcQbSXYdUSdebQ\
cU^cU* XU R_dX ecUc dXU Y^XUbU^d X_bYj_^dQ\ U]`XQcYc _V
µCS_`UQ^TVYWXdcYdRiQ^UaeQ\Y^cYcdU^SU_^dXUfUbdYSQ\
DXU S_^cdbYSdY_^ _V dXU VbQ]U Q cX_d cX_gY^W dXU gX_\U
\U^WdX_VdXUR_TiXQcQed_]QdYSQ\\idXUUVVUSd_V\_^WcX_d
bU`UQdUT\iY^dU^cYVYUc_ebQgQbU^Ucc_VdXUSXQbQSdUbcµcU^cU
_VU^dbQ`]U^d
B_RY^G__TY^6Y\]3_]]U^d^#!)'"
9\`_dU^dU]U\_TbQ]]QY^3Y^U]QCS_`UTY>YSX_\QcBQiTUcSbY
fUfQW\YUVVUddYTU\S_bdYc_^Ucee^Y^cUW^Q^dUTYcSe_\QU\U]U^
dQbUVbecdbQd_U]YTT\US\QccSYbSQ^U\\_cdUcc_`UbY_T_Y^SeYY\
S_bdYc_^U U Q\dbY VQb]QSY ²]YbQS_\_cY³ VQSUfQ^_ Y\ \_b_ Y^WbUcc_
ce\ ]UbSQd_ =Q Y\ fUb_ _WWUdd_ TY aeUcd_ VY\] `b_V_^TQ]U^dU
Y^aeYUdQ^dU~\µY^cYU]UTUYfQ\_bYTU\\Q]YTT\US\QccQ]UbYSQ^Q*Y\
TU^Qb_\µUTeSQjY_^U\QSe\debQ\QbU\YWY_^UY\cYcdU]Q`QdbYQbSQ\U
U\QRbQ]QTYceSSUcc_AeUcdYcdUccYfQ\_bYc_^_QSSU^deQdYTQ\\Q
TY`U^TU^jQVQb]QS_\_WYSQTU\`b_dQW_^YcdQUTQ\\QceQS_^cU
WeU^dU]UWQ\_]Q^YQSXUQfbwdbQWYSXUS_^cUWeU^jU`Ub\QceQ
VQ]YW\YQU`Ub\eYcdUcc_<µedY\Yjj_SXUVQBQiTU\aeQTb_UTU\
S_\_bUTU\3Y^U]QCS_`U`UbTU\Y^UQbUYc_W^YU\UY^c_TTYcVQjY_^Y
TU\`b_dQW_^YcdQbQbQ]U^dU~cdQd_S_c‚bYc_\ed_9^_\dbU~TYVVYSY\U
`U^cQbUQe^VY\]X_\\ig__TYQ^_SXUbYUcSQQUc`bY]UbU]UW\Y_
\µ_bb_bUTU\\Q²^_b]Q\U³fYdQVQ]Y\YQbU^U\\µ1]UbYSQTUW\YQ^^Yµ% 9\VY\]S_^dYU^Ue^QTU\\U`bY]UQ``QbYjY_^YTYGQ\dUb=QddXQe^U\
be_\_^_^S_]YS_TU\]YW\Y_bUQ]YS_TU\`b_dQW_^YcdQ
:_^QdXQ^B_cU^RQe]
>YSX_\QcBQiµc`_dU^d3Y^U]QCS_`U]U\_TbQ]QTUQ\dgYdXdXU
Y\\UVVUSdc_VS_bdYc_^U_^QVbecdbQdUT]YTT\US\QccWbQ]]Qb
cSX__\dUQSXUbQdQR_eddXUcQ]UdY]UdXQdS_bdYc_^UQ^T_dXUb
²g_^TUb³TbeWcgUbUXYddY^WdXU]Qb[Ud2eddXUdbeUceRZUSd
_VdXYcTUU`\iTYcdebRY^W`YSdebUYc]YTT\US\QccfQ\eUcQR_ed
]_^Ui UTeSQdY_^ Se\debU bU\YWY_^ `QdbYQbSXi Q^T ²WUddY^W
QXUQT³DXUcUfQ\eUcQbUdXb_g^Y^d_R_\TbU\YUVRidXUXUb_µc
TbeWTU`U^TU^SiQ^TbUce\dY^W]UWQ\_]Q^YQgXYSX\UQTcd_
cX_S[Y^WQ^TdbQWYSbUce\dcV_bXYcVQ]Y\iQcgU\\QcXY]cU\V
BQiµcecU_VCS_`UVbQ]Y^WQ^TS_\_bd_TU\Y^UQdUdXUXUb_µc
TbUQ]cQ^TTYccQdYcVQSdY_^cXQcbQbU\iRUU^Qc`eb`_cUVe\
9dµc XQbT d_ dXY^[ ]_bU_fUb _V Q^_dXUb 8_\\ig__T `YSdebU
dXQdXQc]_bUd_cQiQR_eddXUcXUUbQgVe\^Ucc_V²^_b]Q\³
1]UbYSQ^VQ]Y\i\YVUTebY^WdXU% cGYdXGQ\dUb=QddXQeY^Q^
UQb\i^_^S_]YSb_\UQcdXUXUb_µcRUcdVbYU^T
:_^QdXQ^B_cU^RQe]
!)
39>5=1C3?@5
°QfbU]]_f_\ed_e^_cSXUb]_`YŒQ\d_?bQY]`b_ffYcQ]U^dU
QbbYfQfQaeQ\Se^_S_^\_cSXUb]_\e^W_CU\UY`U^cQQYTY`Y^dY
VQ]_cYY_^US_^_cS_c_\dQ^d_e^_S_^aeUcd_V_b]Qd_UT~
²<µe\dY]QSU^Q³=QY\cYW^_bJQ^eS[UbQS_^fY^d_TYT_fUbTQbU
e^QbYc`_cdQQYVY\]dbYTY]U^cY_^Q\YS_c‚^QSaeUY\3Y^U]QCS_`U
CUS_^T_]UY\FYcdQfYcY_^UbQ]_\d_]YW\Y_bU
1\\_bQ\UYSbUTUfUbQ]U^dUS_]UXQTUdd_^U<U=}`bYcSXUY\
²3Y^U]QCS_`UfQRU^Uc_\dQ^d_`UbYVe^UbQ\YU`UbYcUb`U^dY³
C‚@UbUcU]`Y_UbQ]_\d_TYVVYSY\UbY`bU^TUbUaeQ\Se^_cUTed_
Qe^dQf_\_`UbSX}_^_^`_dUfY]_cdbQbUY\dQf_\__\Q`Ubc_^Q
T_fUfQcdQbUdb_``_Y^TYUdb_bYc`Udd_Q\dQf_\_5dYdb_fQfYS_^TUW\Y
c`QjYfe_dYTQU^dbQ]RYY\QdYSXUT_fUfYbYU]`YbUS_^aeQ\S_cQ
AeQ^T_SYc_^_TeU`Ubc_^U`e_YbYU]`YbU\_cSXUb]_VQSU^T_\U
SQ]]Y^QbUVQSU^T_W\Y`bU^TUbUaeQ\S_cQTQaeQ\SXU`QbdUUSS
=QaeQ^T_XQYc_\dQ^d_e^Q`Ubc_^QSµ~e^QWb_ccQdUcdQQ\SU^
db_TU\\µY^aeQTbQdebQ]U^dbUQTUcdbQUQcY^YcdbQ^_^Sµ~^YU^dU
6bYdj<Q^WY^dUbfYcdQd_TQ@UdUb2_WTQ^_fYSX
C7468A;20=´C74;?8C86$5HJLD)UDQN7DVKOLQ
39>5=1C3?@5
Ŷ7LW´*DQJVWHUFHUFDPRJOLHµ6FHQ)UDQN7DVKOLQ+HUEHUW%DNHUGDOO·RPRQLPRUDFFRQWRGL*DUVRQ.DQLQ)/HRQ6KDPUR\0-DPHV%&ODUN6FJI:DOWHU06FRWW3DXO6)R[
6XSHUYPX/LRQHO1HZPDQ,QW7RP(ZHOO7RP0LOOHU-D\QH0DQVILHOG-HUUL-RUGDQ(GPRQG2·%ULHQ0XUGRFN+HQU\-RQHV0RXVLH-RKQ(PHU\:KHHOHU-XDQLWD0RRUH
+LOGD-XOLH/RQGRQ5D\$QWKRQ\%DUU\*RUGRQ)DWV'RPLQR7KH3ODWWHUV/LWWOH5LFKDUG%DQG*HQH9LQFHQW%OXH&DSV7KH7UHQLHUV(GGLH)RQWDLQH7KH&KXFNOHV$EEH\/LQFROQ
-RKQQ\2OHQQ1LQR7HPSR(GGLH&RFKUDQ3URG)UDQN7DVKOLQSHUWK&HQWXU\)R[ŶPP'·9HUVLRQHLQJOHVHFRQVRWWRWLWROLWHGHVFKL(QJOLVKYHUVLRQZLWK*HUPDQVXEWLWOHV
7_TQbT^UYce_YU^decYQcdYSYcSbYddYTU\dU]`_TYSXYQb‡*²6bQ^[
DQcX\Y^XQVQdd_QccQY`YŒSXUbY^^_fQbU\QS_]]UTYQQ]UbY
SQ^Q^UXQY^fU^dQd_e^^e_f_WU^UbU4µ_bQY^`_YaeQ^T_
cY`Qb\UbwTYe^VY\]Q]UbYSQ^_^_^cYT_fbw`YŒTYbU²aeUcd_~
Q\\Q 3XQ`\Y^³ ]Q RYc_W^Ubw TYSXYQbQbU Q f_SU Q\dQ ²aeUcd_ ~
Q\\QDQcX\Y^³KªM9\`Qcc_ceSSUccYf_TYDQcX\Y^T_`_Ve]UddY
USQbd_^YQ^Y]QdYVeaeU\\_TYTQbU^UYce_YVY\]e^S_b`_Q\\U
Y]]QWY^YTU\\Q`eRR\YSYdwUTU\\QdU\UfYcY_^U9Ve]UddYTU\\USeY
V_b]UDQcX\Y^VQe^ec_SY^U]Qd_WbQVYS_fYceQ\YjjQ^T_aeY^TY
Y\\_b_UVVUdd_c_^_c_\dQ^d_e^Q`QbdUTU\\QbUQ\dw]UTYQdYSQSXU
^UYce_YVY\]UW\YdbQcV_b]QUbY`bUcU^dQcWQbWYQ^dUfQbY_`Y^dQ
UY^3Y^U]QCS_`U*cYTYc`YUWQ^_Y]]QWY^YSY^U]Qd_WbQVYSXU
Y^QbbUcdQRY\Y ^U\ \_b_ SQ]]Y^_ fUbc_ \Q `eRR\YSYdw cdU\\U SXU
TYfU^dQ^_ ]_TU\\U V_b]U TU\ S_b`_ U WUcdY Y^ SeY `e\cQ \Q
cU^ceQ\YdwTU\b_S[µ^µb_\\UbUQ\dwSXU`_bdQ^_Y\]QbSXY_TU\\Q
`QSS_ddYW\YQdU\UfYcYfQ
6bYUTQ 7bQVU Y^ <eSU ^UW\Y _SSXY S_\_bY ^U\\Q ]U^dU CSbYddY TY
SY^U]Q!)&!"
QSebQTY=QbYQ^^<UgY^c[iU5^^_@QdQ\Qc
3Y^UdUSQTY2_\_W^Q<U=Q^Y2_\_W^QBUSS_" "
9^ XYc U^dXecYQcdYS gbYdY^Wc _V dXQd dY]U 7_TQbT cdQdUT
dXQd* ²6bQ^[ DQcX\Y^ XQc T_^U ]eSX ]_bU dXQ^ bU^Ug dXU
1]UbYSQ^ S_]UTi XU XQc Y^fU^dUT Q ^Ug V_b] 6b_] ^_g
_^gXU^`U_`\UdQ\[QR_ed1]UbYSQ^VY\]cdXUig_^µdXQfU
d_ cQi ´dXQdµc \Y[U 3XQ`\Y^cdi\Uµ Y^cdUQT dXUi ]ecd Y^cdUQT
cQi \_eT Q^T S\UQb ´dXQdµc \Y[U DQcX\Y^µ³ KªM DXU ^Uhd cdU`
V_b DQcX\Y^ QVdUb S_]YSc Q^T SQbd__^c gQc d_ WYfU Q R_Ti
dXb_eWX XYc VY\]c d_ Y]QWUc Vb_] QTfUbdYcY^W Q^T dU\UfYcY_^
DQcX\Y^]Q[UcSY^U]QdYSecU_VS_]YScdbY`V_b]cfYceQ\YjY^W
dXUYbUVVUSd8_gUfUbdX_cUV_b]cQbU_^\i`Qbd_VdXU]Qcc
]UTYQbUQ\YdidXQdXUdbQ^cV_b]cY^XYcVY\]cQ^TbU`bUcU^dcQc
RbYWXd]e\dYS_\_bUTQ^TY^3Y^U]QCS_`U*SY^U]QdYSY]QWUc
e^Veb\ e^bU\U^dY^W Y^ dXUYb ]QbSX d_gQbTc QTfUbdYcY^W cdQbc
dXQdRUS_]U]_TU\cR_TY\icXQ`UcQ^TWUcdebUcgYdXY^gXYSX
dXUcU^ceQ\Ydi_Vb_S[´^µb_\\`e\cUcQ^TbUQ\YdYUcdXQdRUQbdXU
]Qb[_VdU\UfYcY_^dbQcX
6bYUTQ 7bQVU Y^ <eSU ^UW\Y _SSXY S_\_bY ^U\\Q ]U^dU CSbYddY TY
SY^U]Q!)&!"
=QbYQ^^<UgY^c[iQ^T5^^_@QdQ\QcUTc
3Y^UdUSQTY2_\_W^Q<U=Q^Y2_\_W^QBUSS_" "
C74A4E>;C>5<0<84BC>E4A86$5HJLD5DRXO:DOVK
Ŷ7LW´)HPPLQDULEHOOHµ6FHQ6\GQH\%RHKPGDOODQRYHOODGL:LOOLDP%UDGIRUG+XLH)/HR7RYHU0/RXLV/RHIIOHU0X+XJR)ULHGKRIHU,QW-DQH5XVVHOO0DPLH6WRYHU
5LFKDUG(JDQ-LP-RDQ/HVOLH$QQDOHH$JQHV0RRUHKHDG%HUWKD3DUFKPDQ-RUMD&XUWULJKW-DFNLH0LFKDHO3DWH+DUU\$GNLQV5LFKDUG&RRJDQ&DS(OGRQ6XPDF$ODQ5HHG
&DS*RUHFNL(GGLH)LUHVWRQH7DU]DQ-HDQ:LOOHV*ODG\V/HRQ/RQWRF$NL.DWK\0DUORZH=HOGD0DUJLD'HDQ3HDFKHV-DFN0DWKHUEDULVWD%R\G´5HGµ0RUJDQ+DFNHWW
-RKQ+DOORUDQ+HQU\3URG%XGG\$GOHUSHUWK&HQWXU\)R[ŶPP'·9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'DWK&HQWXU\)R[
9^_W^Yce_VY\]SXUXQWYbQd_Y^CS_`UGQ\cXecQY^]_T_Q]
]YbUf_\U U TYfUbc_ aeUcd_ V_b]Qd_ AeY TQ e^Q cSU^UWWYQdebQ
cSbYddQY^US_^_]YQS_^`_SXY\e_WXYU`_SXUcSU^U_ddYU^UcYQ
ce\`YQ^_fYcYf_SXUTbQ]]QdYS_e^bYd]_Q]`Y_USQ\]_SXUW\Y
`Ub]UddUTYWeQbTQbU\QceQUb_Y^QS_^_SSXY_Q\\_cdUcc_dU]`_
dbQ^aeY\\_ U SbYdYS_ VQ]Y\YQbU U TYcdQSSQd_ 9\ ce_ WU^Y_ cY cfU\Q
Q^SXU^U\RbY_S_^Y\aeQ\U]UddUY^UfYTU^jQY^aeQ\SXUcSU^Q_
Y^aeQ\SXUY^aeQTbQdebQ\QcY\X_eUddUTUSYcQUY^cYU]Uc_ddY\UTY
e^`Ubc_^QWWY_cUS_^TQbY_\Q`b_`bYUdQbYQTU\TQ^SY^WY^dUb`bU
dQdQTQ1W^Uc=__bUXUQTY\bYdbQdd_]U]_bQRY\UTYe^QVYWebQTY
S_^d_b^_Y\VURRbY\U]QbY^QY_SXUcYb_fY^Q`UbWY_SQbUQSQbdUS_^
e^QU^dbUY^UecU
:QSaeUc <_ebSU\\Uc 4YSdY_^^QYbU Te SY^}]Q @QbYc <QVV_^d
!))"
"
9^UfUbiVY\]XUcX_dY^CS_`UGQ\cX]QTUQ^QT]YbQR\UQ^T
TYfUbcYVYUTecU_VdXUV_b]Qd8UbUVb_]QSXUQ`\igbYddU^cSbY`d
gYdXVUg\_SQdY_^cQ^TVUgcSU^UcdXb_eWXdXUecU_VCS_`UXU
_RdQY^cQR_e^dYVe\SQ\]bXidX]R_dXfYceQ\\iQ^TTbQ]QdYSQ\\i
DXYcY^deb^Q\\_gcXY]d_\__[QdXYcXUb_Y^UVb_]Q`Ubc`USdYfU
dXQd Yc Qd dXU cQ]U dY]U `UQSUVe\ Q^T SbYdYSQ\ VQ]Y\YQb Q^T
TUdQSXUT8YcWU^YecQ\c_U]UbWUcY^dXUfYdQ\YdiXURbY^Wc_ed
Y^SUbdQY^cSU^UcQ^TcX_dcdXUTUdUb]Y^UTiUdc\Y]cY\X_eUddU
_V Q ce``_bdY^W SXQbQSdUb dXU TQ^SU XQ\\ _g^Ub `\QiUT Ri
1W^Uc =__bUXUQT dXU ]U]_bQR\U `_bdbQiQ\ _V Q cUS_^TQbi
SXQbQSdUb dXU VUfUbYcX cQY\_b gX_ beY^c XY]cU\V d_ `\Qi SQbTc
gYdXQX_cdUcc
:QSaeUc <_ebSU\\Uc 4YSdY_^^QYbU Te SY^}]Q @QbYc <QVV_^d
!))"
Ŷ7LW´9LWWRULDDPDUDµ6FHQ5HQp+DUG\*DYLQ/DPEHUW1LFKRODV5D\9ODGLPLU3R]QHUGDOO·RPRQLPRURPDQ]RGL5HQp+DUG\'LDORJKLDJJLXQWL3DXO*DOOLFR'LDORJKLIUDQFHVL
5D\PRQG4XHQHDX)0LFKHO.HOEHU2S:ODGLPLU,YDQRY0/pRQLGH$]DU6FJI-HDQG·(DXERQQH&RVW-HDQ=D\7UXFFR5HQp'DXGLQ0X0DXULFH/H5RX[6X-RVHSKGH
%UHWDJQHHQRQDFFU5HQpH/LFKWLJ$VV5(GGLH/XQW],QW5LFKDUG%XUWRQFDSLWDQR-DPHV/HLWK&XUG-UJHQVPDJJLRUH'DYLG%UDQG5XWK5RPDQ-DQH%UDQG5D\PRQG
3HOOHJULQ 0HNUDQH 6HDQ .HOO\ WHQHQWH %DUWRQ $QWKRQ\ %XVKHOO JHQHUDOH 3DWWHUVRQ 1LJHO *UHHQ :LONLQV 6XPQHU :LOOLDPV $QGHUVRQ &KULVWRSKHU /HH VHUJHQWH %DUQH\
&KULVWLDQ0HOVHQ$EERW$OIUHG%XUNHPDJJLRUH&DOODQGHU)UHG0DWWHU/XW]5DRXO'HOIRVVH.DVVHO5DPyQGH/DUURFKD6DQGHUV-RH'DYUD\6SLFHU$QGUHZ&UDZIRUG5REHUWV
5RQDQ2·&DVH\VHUJHQWH'XQQLJDQ+DUU\/DQGLV%URZQLQJ3URG3DXO*UDHW]SHU7UDQVFRQWLQHQWDO)LOP6$H5REHUW/DIIRQW3URGXFWLRQV&ROXPELDŶPP'·%Q9HUVLRQH
LQJOHVH(QJOLVKYHUVLRQŶ'D6RQ\&ROXPELD
1cc_]YW\YQQaeUYTYcUW^YY^SeYcYSXYUTUQYRQ]RY^YTYdb_fQbU
Y\SQSSYQd_bUY^e^Q]]Qcc_TY\Y^UUQ`bY]QfYcdQcU^jQQ\Se^
cYW^YVYSQd_ >_^ RYc_W^Q TYbU* TYUdb_ Y\ bQYT TY e^ S_]]Q^T_
RbYdQ^^YS_Q\aeQbdYUbWU^UbUQ\UTYB_]]U\cYTYccY]e\QY\cY]
R_\_TU\\Q^_cdbQU`_SQ`_YSX}^_^Sµ~^}TQfQ^dY^}TYUdb_
1]~bUFYSd_YbU~SY‡SXU~KªM>_^cYdbQddQ^}TYbUQ\dw^}TY
VY^jY_^U^}TU\\µe^QSXUce`UbQ\µQ\dbQCYdbQddQTµQ\db_4YS_cQ/
6_bcUTU\\UcdU\\UUTUW\Ye_]Y^YSXUQ]Q^_WeQbTQbU\UcdU\\U
Uc_W^QbU
:UQ^<eS7_TQbTY^²3QXYUbcTeSY^}]Q³^')!)%(
2YddUbFYSd_biYcbQdXUb\Y[U_^U_VdX_cUTbQgY^WcY^gXYSXSXY\TbU^QbU
Qc[UTd_VY^TdXUXe^dUbQ^TgXYSXQdVYbcdcUU]d_RUQ]UQ^Y^W\Ucc
]Qcc_V\Y^Uc>_ddXQd_^UcX_e\TcQi´RUXY^TdXU2bYdYcX3_]]Q^T_
bQYT_^B_]]U\µcXUQTaeQbdUbc\YUcQci]R_\_V_ebdY]UµRUSQecU
dXUbUYc^_RUXY^TQ^T^_RUV_bU2YddUbFYSd_biYcgXQdYdYcKªM9dYc^_
\_^WUbQaeUcdY_^_VUYdXUbbUQ\Ydi_bVYSdY_^_b_V_^UdbQ^cSU^TY^WdXU
_dXUb9dYcQaeUcdY_^_Vc_]UdXY^WaeYdUTYVVUbU^dGXQd/DXUcdQbc
]QiRUQ^T]U^gX_\Y[Ud_\__[QddXU]Q^TTbUQ]
:UQ^<eS7_TQbTY^²3QXYUbcTeSY^}]Q³^')!)%(dbQ^c\QdUT
RiD_]=Y\^UY^7_TQbT_^7_TQbT
1>=9>DACA8BC4BB486$5HJLD2WWR3UHPLQJHU
Ŷ6FHQ$UWKXU/DXUHQWVGDOURPDQ]RGL)UDQoRLVH6DJDQ)*HRUJHV3pULQDO0+HOJD&UDQVWRQ6FJI5D\PRQG6LPP0X*HRUJHV$XULF&RVW+RSH%U\FH7LWROL6DXO%DVV
,QW'HERUDK.HUU$QQH'DYLG1LYHQ5D\PRQG-HDQ6HEHUJ&pFLOH0\OqQH'HPRQJHRW(OVD*HRIIUH\+RUQH3KLOLSSH:DOWHU&KLDUL3DEOR0DUWLWD+XQWPDGUHGL3KLOLSSH
5RQDOG&XOYHU0U/RPEDUG'DYLG2[OH\-DFTXHV-HDQ.HQW0UV/RPEDUG(OJD$QGHUVRQ'HQLVH-HUHP\%XUQKDP+XEHUW(YHO\QH(\IHO-XOLHWWH*UpFR7XWWH/HPNRZ3URG
2WWR3UHPLQJHUSHU:KHHO3URGXFWLRQV&ROXPELD3LFWXUHVŶPP'·&RO%Q9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'D6RQ\3LFWXUHV(QWHUWDLQPHQWH0XVHXPRI0RGHUQ$UW
<µQc`Udd_`YŒcdY]_\Q^dUTYaeUcd_bUcdQeb_~cdQd_Y\\Qf_b_ce\\U
`QbdYY^RYQ^S_U^Ub_TU\VY\]SXU`bUcU^dQ^_TYcc_\fU^jUY^Q`Ub
debQUY^SXYecebQce\\UcUaeU^jUQS_\_bY9\Te`\YSQd_Y^RYQ^S_U
^Ub_TU\\UcUjY_^YTYTYcc_\fU^jQQ\S_\_bU~cdQd_cdQ]`Qd_ce
`U\\YS_\QQS_\_bYedY\YjjQ^T_fQbYQjY_^YTYcdQ]`QUTY\eSU`Ub
]Y^Y]YjjQbU\QTYVVUbU^jQ^U\`QccQWWY_TQ\\Ue^UQ\\UQ\dbUDeddU
\US_\_^^Uc_^_bU_ddYSXUc_^_cdQdUdb_fQdUY^SQddYfUS_^TYjY_^YQ
SQecQTU\\µecebQTU\\Q`U\\YS_\QUTU\\Q`UbTYdQTU\\QaeQ\YdwTY^Q]Y
SQSXUSQbQddUbYjjQfQY\c_^_b__bYWY^Q\U9\]QcdUb]QW^UdYS_VY^Q
\UbUcdQebQd_~cdQd__ddU^ed_edY\YjjQ^T_]_\dYU\U]U^dYTYVVUbU^dY
dbQYaeQ\Y`YcdUcU`QbQdU`Ub]ecYSXUUTUVVUddYc_^_bY
7b_fUb3bYc`
:UQ^<eS7_TQbTXQSbUQd_Y\`Ubc_^QWWY_Y^dUb`bUdQd_TQ:UQ^CU
RUbWY^12_edTUc_eVV\US_]UYTUQ\US_^dY^eQjY_^UTU\be_\_TU\\µQd
dbYSUY^aeUcd_VY\]TY?dd_@bU]Y^WUb*\µYbbUaeYUdQVYW\YQQT_\UcSU^dU
TYe^Q^^_YQd_`\QiR_iY^TUS\Y^_4QfYT>YfU^dU^dQTYb_fY^QbU\Q
bU\QjY_^UTU\`QTbUS_^e^QT_^^QY^W\UcU4UR_bQX;UbbV_bcU
\µe\dY]QSXQ^SXUSXU\µe_]_XQ`UbUccUbUVU\YSU@b_RQRY\]U^dUcY
dbQddQTU\SQ`_\Qf_b_TY@bU]Y^WUb*RQcQd_ce\\QcSU^UWWYQdebQcU^
dY]U^dQ\UTY1bdXeb<QebU^dcTQe^b_]Q^j_TY6bQ^|_YcUCQWQ^
@bU]Y^WUbdbQcV_b]QY\]U\_TbQ]]QY^e^µY^TQWY^Uce\\U]_dYfQjY_
^Y`Ubc_^Q\YUce\\Q\_b_Qcc_\edQY]`UbcSbedQRY\Ydw@Ube^YbUYTYfUb
cY`Ubc_^QWWYfU^W_^_edY\YjjQdUbY`bUcU\e^WXUUY^aeQTbQdebUY^
3Y^U]QCS_`UQddU^dUQ\\µUaeY\YRbY_TU\\QS_]`_cYjY_^U@bU]Y^WUb
ecQ\µQ]`YUjjQTU\\_cSXUb]_^_^dQ^d_`UbUc`Q^TUbU\Qc`UddQS_
\QbYdwTU\VY\]aeQ^d_`Yedd_cd_`UbbUcdbY^WUbUUY^dU^cYVYSQbU\QceQ
dbQ]Q7YbQd_Y^DUSX^YS_\_bQ`QbdUY\`b_\_W_U\µU`Y\_W_Y^RYQ^S_
U^Ub_`bY^SY`Q\]U^dUY^3_cdQ1jjebbQ
4QfU;UXb
DXU ]_cd SXQ\\U^WY^W Qc`USd Y^f_\fUT dXU R\QS[ Q^T gXYdU
cUSdY_^c_VdXUVY\]gXYSXTYcc_\fURQS[Q^TV_bdXgYdXdXUS_\_b
cUaeU^SUcDXUR\QS[Q^TgXYdUTe`\YSQdUcUSdY_^cdXQdgY`Ud_
S_\_bgUbU`bY^dUT_^S_\_bcd_S[Q^Tc`USYQ\`bY^dY^WQ^T\YWXd
SXQ^WUcgUbUecUTd_]Y^Y]YjUdXUTYVVUbU^SUc1\\dXU_`dYSQ\
dbQS[cgUbUS_^cYTUbUTceRcdQ^TQbTcRUSQecU_V_fUbecUQ^T
\QS[Y^WY^dXUTi^Q]YSaeQ\YdYUcUhXYRYdUTY^dXU_bYWY^Q\dbQS[
DXU VY^Q\ bUcd_bUT ]QW^UdYS `bY^d]QcdUb gQc SbUQdUT Vb_]
cUfUbQ\TYVVUbU^dU\U]U^dcY^S\eTY^WcU`QbQdU]ecYSQ^TUVVUSdc
dbQS[c
7b_fUb3bYc`
:UQ^<eS7_TQbTS_^SUYfUT:UQ^CURUbWµcSXQbQSdUbY^12_ed
TUc_eVV\UQcQ^UhdU^cY_^_VXUbb_\UY^dXYc?dd_@bU]Y^WUbVY\]*
dXU bUcd\Ucc dUU^QWU TQeWXdUb _V Q R_bUT TUSQiY^W `\QiR_i
4QfYT>YfU^cXUdbYUcd_e^TUb]Y^UgXQd]YWXdRUXUbVQdXUbµc
\Qcd SXQ^SU V_b XQ``Y^Ucc Q b_]Q^SU gYdX Q^ 5^W\YcXg_]Q^
4UR_bQX ;Ubb 1bWeQR\i dXYc Yc @bU]Y^WUbµc ]QcdUb`YUSU*
g_b[Y^W gYdX Q c_Q`i cSbY`d Ri 1bdXeb <QebU^dc Ri gQi _V
6bQ^|_YcUCQWQ^µc^_fU\@bU]Y^WUbdeb^cdXU]U\_TbQ]QY^d_
Q]UTYdQdY_^_^]_dYfUcQ^TdXUYbe\dY]QdUe^[^_gQRY\Ydi<_^W
dQ[Uc Q^T RQ\Q^SUT CS_`U S_]`_cYdY_^c QbU ecUT d_ RY^T dXU
SXQbQSdUbc d_WUdXUb+ @bU]Y^WUb ecUc dXU gYTU cSbUU^ ^_d d_
Uh`Q^T dXU c`USdQS\U Red d_ ^Qbb_g Q^T Y^dU^cYVi dXU TbQ]Q
@X_d_WbQ`XUT Y^ DUSX^YS_\_b Q`Qbd Vb_] Q R\QS[Q^TgXYdU
`b_\_WeUQ^TU`Y\_WeU]QY^\i_^dXUBYfYUbQ
4QfU;UXb
"!
39>5=1C3?@5
18CC4AE82C>AH86$)UDQFLD5HJLD1LFKRODV5D\
39>5=1C3?@5
C74CAD4BC>AH>594BB490<4B86$5HJLD1LFKRODV5D\
Ŷ7LW´/DYHUDVWRULDGL-HVVLOEDQGLWRµ6FHQ:DOWHU1HZPDQHQRQDFFU*DYLQ/DPEHUWGDOODVFHQHJJLDWXUDGL1XQQDOO\-RKQVRQSHU´-HVVH-DPHVµGL+HQU\.LQJ)
-RH0DF'RQDOG05REHUW6LPSVRQ6FJI/\OH:KHHOHU$GGLVRQ+HKU&RVW0DU\:LOOV&KDUOHV/H0DLUH0X/HLJK+DUOLQH6X(XJHQH*URVVPDQ+DUU\1/HRQDUG&RQVXOHQ]D
VWRULFD5RVDOLQG6KDIIHU-R)UDQFHV-DPHV,QW5REHUW:DJQHU-HVVH-DPHV-HIIUH\+XQWHU)UDQN-DPHV+RSH/DQJH=HUHOGD´=HHµ-DPHV$JQHV0RRUHKHDG0UV6DPXHO
$ODQ+DOH&ROH<RXQJHU$ODQ%D[WHU%DUQH\5HPLQJWRQ-RKQ&DUUDGLQHUHYHUHQGR-HWKUR%DLOH\5DFKHO6WHSKHQV$QQH%DUQH\3KLOLSV'U6DPXHO%LII(OOLRWW-LP<RXQJHU
-RKQ'RXFHWWH+LOOVWURP5REHUW$GOHUVFHULIIR7UXPS&ODQF\&RRSHUVFHULIIR-RH6XPQHU:LOOLDPV%LOO6WLOHV$QWKRQ\5D\%RE<RXQJHU%DUU\$WZDWHUDYYRFDWR:DOHU&KXEE
-RKQVRQ$VNHHZ&DUO7KD\OHU%RE)RUG0DULDQ6HOGHV5RZHQD&REE7RP*UHHQZD\YLFHVFHULIIR/HR0LNH6WHHQYLFHVFHULIIR(G&OHJJ+R\W7XFNHU%DVKDP7RP3LWWPDQ
+XJKLH/RXLV=LWR&OHOO0LOOHU0DUN+LFNPDQQ6DP:HOOV$GDP0DUVFKDOO'LFN/LGHOO-RVHSK'L5HGD$DURQ6D[RQ:LOH\-)UHGHULFN$OEHFN-DVRQ:LQJUHHQ5D\.HOORJJ
1LFN5D\)UDQN*RUVKLQ&KDUOH\3URG+HUEHUW%6ZRRSH-USHUWK&HQWXU\)R[ŶPP'·9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'DWK&HQWXU\)R[
<QfUbcY_^UTY>YSX_\QcBQiTU\\Q^_dQcd_bYQTU\\QRQ^TQTY:Q
]UcVQe^ec_c_b`bU^TU^dUTU\3Y^U]QCS_`Uc_`bQddedd_^U\\U
cSU^UTµQ`UbdebQaeU\\UTU\S_\`_TY>_bdXVYU\TSXU`_bd‡`_YQ\\Q
cU`QbQjY_^UTU\\QRQ^TQUSXU~TUcSbYdd_Y^deddU\UQ\dbUfUbcY_^Y
TU\\Qcd_bYQÄe^bU]Q[UfYbdeQ\UTU\VY\]TU\!)#)TY8U^bi;Y^W
Q`QbdUY\VQdd_SXUB_RUbdGQW^UbU:UVVbUi8e^dUb^_^XQ^^_Y\
`Uc_TYDib_^U@_gUbUTY8U^bi6_^TQ^UYbe_\YTY:UccUU6bQ^[
1^S_bQe^Qf_\dQ~Y\S_]`_bdQ]U^d_TUY`_\YdYSYTU\^_bTY^SUbSQ
TY QVVUb]QjY_^U QT UccUbU bYdU^ed_ Y\ ]QWWY_b bUc`_^cQRY\U TU\
RQ^TYdYc]_TU\ceTQ^SXUcUGQW^UbU8e^dUbXQ^^_`YŒ\µQc`Udd_
TYWY_fQ^YTU\Y^aeU^dYSXU^_^TYfUbYVe_bY\UWWU
5T2ecS_]RU
>YSX_\QcBQiµcfUbcY_^_VdXUVQ]Y\YQbcd_bi_VdXU:Q]UcWQ^W
]Q[Uccde^^Y^WecU_V3Y^U]QCS_`UUc`USYQ\\iY^dXU_`U^Y^W
cSU^Uc_VdXU>_bdXVYU\TbQYTgXYSX\UTd_dXURbUQ[e`_VdXUWQ^W
Q^TgXYSXVUQdebUcY^Q\\_dXUbfUbcY_^c_VdXUcd_bi1fYbdeQ\
bU]Q[U_VdXU!)#)8U^bi;Y^WVY\]UhSU`ddXQdB_RUbdGQW^Ub
Q^T :UVVbUi 8e^dUb XQfU ^_d dXU gUYWXd _V Dib_^U @_gUb Q^T
8U^bi6_^TQQc:UccUQ^T6bQ^[?^SUQWQY^YdYcdXURUXQfY_eb
_V^_bdXUb^SQb`UdRQWWUbcgXYSXYccUU^Qc\QbWU\ibUc`_^cYR\U
V_bc_edXUb^RQ^TYdbidX_eWXGQW^UbQ^T8e^dUbXQfU]_bUdXU
Qc`USd_VZefU^Y\UTU\Y^aeU^dcdXQ^dbeU_ed\Qgc
5T2ecS_]RU
;4270=C3DBCHAÃ=4)UDQFLD5HJLD$ODLQ5HVQDLV
Ŷ6FHQ5D\PRQG4XHQHDX0&ODXGLQH0HUOLQ$ODLQ5HVQDLV0X3LHUUH%DUEDXG$VV50DUWLQ3LHUUH+XEUHFKW,QW3LHUUH'X[YRFHQDUUDQWH6DFKD9LHUQ\O·RSHUDLR3URG
3LHUUH%UDXQEHUJHUŶPP'·&RO9HUVLRQHIUDQFHVH)UHQFKYHUVLRQŶ'D)LOPVGX-HXGL
<U 3XQ^d Te Cdib~^U* aeQdd_bTYSY ]UcY TY \Qf_b_ `Ub e^ VY\] TY
aeQdd_bTYSY]Y^edYce\\U]QdUbYU`\QcdYSXUE^dUcd_TYBQi]_^T
AeU^UQeSXUbU^TU_W^YY]]QWY^U²dQcX\Y^UcSQ³Y^db_TeSU^T_Y\
VQ]_c_T}SQ\QWUSQb_QBU^_Yb5Y\bYce\dQd_~c_dd_Y^_cdbY_SSXY
Y^3Y^U]QCS_`UQS_\_bYKªM*aeQ\SXUSU^dY^QYQTYY^aeQTbQdebU
S_c‚Qb]_^Y_cQ]U^dUcQ\TQdUVbQ\_b_TQTQbU\QVQ^dQcdYSQY]
`bUccY_^UTYe^e^YS_\e^W_`YQ^_cUaeU^jQe^µe^YSQY]]U^cQ
SQbbU\\QdQY\SeYVbQcUWWY_`b_TYWY_c_Uf_SQ\UWbQ^TYSQ^dQdUTY
:_XQ^^CURQcdYQ^2QSX
:UQ^<eS7_TQbTY^²3QXYUbcTeSY^}]Q²^)"!)%)
""
<U3XQ^dTeCdib~^UYcV_ebdUU^]_^dXc_Vg_b[V_bQVY\]\QcdY^W
V_ebdUU^ ]Y^edUc QR_ed `\QcdYSc 9d Yc Q\c_ Q S_]]U^dQbi Ri
BQi]_^TAeU^UQegXYSX]Q[UcUQSXY]QWUDQcX\Y^UcaeURi
Y^db_TeSY^WdXUVQ]_ecTYc\_SQdY_^TUQbd_BU^_Yb1^TdXUbUce\d
Yc dXUbU Y^ 3Y^U]QCS_`U Q^T S_\_b KªM* c_]U _^U Xe^TbUT
cX_dcc_XQb]_^Y_ec\igU\TUTd_UQSX_dXUbdXQddXUiWYfUdXU
UhdbQ_bTY^QbiVUU\Y^W_VRUY^W_^U\_^WcUaeU^SUcX_dQcY^W\U
:e`YdUbYQ^dbQS[Y^WcX_dgX_cUg_^TUbVe\`XbQcY^WYc^_dgYdX_ed
YdcUSX_Uc_VdXUWbUQdSQ^dQdQc_V:_XQ^^CURQcdYQ^2QSX
:UQ^<eS7_TQbTY^²3QXYUbcTeSY^}]Q³^)"!)%)dbQ^c\QdUT
RiD_]=Y\^UY^7_TQbT_^7_TQbT
C747DBC;4A86$5HJLD5REHUW5RVVHQ
<Q`U\\YS_\QTYB_RUbdB_ccU^~e^QV_cSQ]_bQ\Ydi`\QiSXUXQS_]U
`b_dQW_^YcdQe^Qcc_TU\RY\YQbT_e^@Qe\>Ug]Q^Y^c`\U^TYTQV_b
]Qd_dQ\]U^dUTUTYd_Q\\QceQQbdU=QWYcdbQ\U\QcSU\dQTU\\UQ]RYU^
dQjY_^YTUWbQTQdUVY\]QdUY^]_T_]U]_bQRY\UTQ5eWU^CSXŽVdQ^
Y^CS_`URYQ^S_U^Ub_*W\YfQ\cUb_e^?cSQbUTUW\YQdd_bYcUS_^TQbY
TY`bY]µ_bTY^UÄdQ\]U^dUce`UbY_bUQ\cUaeU\bUQ\YjjQd_TQ=QbdY^
CS_bcUcUDXU3_\_b_V=_^UiSXUYTeUVY\]cU]RbQ^_Q``QbdU^UbU
QTeUSQdUW_bYUTYcdY^dU=U\_TbQ]]Q`_cd^_YbS_^c`e^dY]UdQVYcYSY
DXU8ecd\UbS_cdbeYcSUY^]_T_cdbQ_bTY^QbY_bYd]YUQd]_cVUbUU\U
TeUcVYTUS_^7\UQc_^=Y^^Uc_dQ6QdcbUcdQ^_Y^TY]U^dYSQRY\Y
:_^QdXQ^B_cU^RQe]
B_RUbdB_ccU^µcVUQdebUYcQc_]RUb]_bQ\Ydi`\Qi`_cde\QdY^WQc
UhYcdU^dYQ\XUb_Q`__\Xecd\Ub`UbVUSdY^WXYcSbQVd@Qe\>Ug]Q^Qd
XYcRUcd9d]Q[Ucg_^TUbVe\ecU_VYdccUUTi\_SQdY_^c]U]_bQR\i
VY\]UTY^R\QS[Q^TgXYdUCS_`URi5eWU^CSXŽVdQ^gX_g_^Q^
?cSQbV_bXYcg_b[Q^TYdcVYbcdbQdUcUS_^TQbiSQcdDXYc`YSdebU
Yc c_ ]eSX RUddUb dXQ^ =QbdY^ CS_bcUcUµc RU\QdUT cUaeU\ DXU
3_\_b_V=_^UidXQddXUiT_^µdUfU^RU\_^WY^dXUcQ]USQdUW_bi
1 `_cd^_Yb ]U\_TbQ]Q gYdX ]UdQ`XicYSQ\ dbY]]Y^Wc Yd T_Uc
bU]Qb[QR\UdXY^WcgYdX]__TQ^T`QSY^WQ^TdXUdg_]QdSXUc
gYdX7\UQc_^Qc=Y^^Uc_dQ6QdcQbUY^TU\YR\U
:_^QdXQ^B_cU^RQe]
;0?0A4BB4)UDQFLD5HJLD-HDQ/XF*RGDUG
Ŷ(SLVRGLRGHOILOP´/HV6HSWSHFKpVFDSLWDX[µ7LW´,VHWWHSHFFDWLFDSLWDOLµHSGL*RGDUG´/·DFFLGLDµ6FHQ-HDQ/XF*RGDUG)+HQULH'HFDs0-DFTXHV*DLOODUG0X0LFKHO
/HJUDQG6X-HDQ&ODXGH0DUFKHWWL-HDQ/DEXVVLqUH$VV50DULQ.DUPLW],QW(GGLH&RQVWDQWLQHVHVWHVVR1LFROH0LUHOODVWHOOLQD3URG-HDQ/DYLHSHU)LOPV*LEp)UDQFR
/RQGRQ)LOPV7LWDQXVŶPP/P'·%Q9HUVLRQHIUDQFHVH)UHQFKYHUVLRQŶ'D&LQpPDWKqTXH5R\DOHGH%HOJLTXH
E^µQed_]_RY\Ue^QbQWQjjQe^bQWQjj_=_\d_Y]`_bdQ^dU\Q]QS
SXY^QSXU~WYwTQc_\Q\Q`YWbYjYQ^U~\QTUVY^YjY_^U]YW\Y_bU~\Q
`YŒWbQ^TY_cQS_^SbUdYjjQjY_^UTU\\µYTUQTY`YWbYjYQSXUSYcYQ]QYcdQ
dQ`b_`_cdQAeUcdµYTUQ\QfUTYQ]_Y^SQb^QbcY^U\`b_`bYUdQbY_TU\\Q
]QSSXY^QS_]UY^V\UccY_^UTU\ce_QddUWWYQ]U^d_TU\ce_S_]`_b
dQ]U^d_TUY]Y^Y]YdbQddYTU\ce_SQbQddUbU*UW\YQ\]_]U^d_TU\\µQS
aeYcd_QfUfQS_^cYTUbQd_\µQed_S_]U\Q]QdUbYQ\YjjQjY_^UYTUQ\UTY
e^c_W^_TµY^T_\U^jQKªM<QVQSY\UbYecSYdQTYaeUcd_c[UdSX~\µe_f_
TYS_\_]R_TY7_TQbTU^_^cQ``YQ]_S_]UTUVY^YbUe^µ_`UbQSXUQ\
dU]`_cdUcc_~e^`_µbQSS_^d_QdUcYUe^`_µ`_SXQTU
=YSXU\4U\QXQiUY^²3QXYUbcTeSY^}]Q³^!#"!)&"
1 SQb Q WYb\ Q R_i FUbi Y]`_bdQ^d Yc dXU SQb gXYSX Yc Q\bUQTi
\QjY^UccY^YdcU\VYdYcdXUWbUQdUcdS_^SbUdYjQdY_^_VdXUYTUQ_V
\QjY^UccUfUbY^db_TeSUTd_ecGUcUUdXYcYTUQY^SQb^QdUTRi
dXUSQb_g^UbQcQ^Y^V\USdY_^_VXYcQddYdeTUXYcRUXQfY_bQ^T
XYc]_cd]Y^edU`Ubc_^Q\YdidbQYdc*XUQddXUdY]U_V`ebSXQcU
S_^cYTUbUT dXU SQb dXU YTUQ\ ]QdUbYQ\YjQdY_^ _V XYc TbUQ] _V
Y^T_\U^SU KªM DXU UQcU gYdX gXYSX dXYc c[UdSX ceSSUUTc V_b
7_TQbT Yc _RfY_ec Q^T gU T_^µd aeYdU [^_g X_g d_ TUVY^U Q
g_b[dXQdYcQRYd_VQcd_bigYdXQdXU]UQ^TQddXUcQ]UdY]UQ
RYd_VQVQbSU
=YSXU\4U\QXQiUY^²3QXYUbcTeSY^}]Q³^!#"!)&"
"#
39>5=1C3?@5
Ŷ7LW´/RVSDFFRQHµ6FHQ5REHUW5RVVHQ6LGQH\&DUUROOGDXQUDFFRQWRGL:DOWHU7HYLV)(XJHQ6FKIWDQ0'HGH$OODQ3URGXFWLRQ'HVLJQ+DUU\+RUQHU0X.HQ\RQ+RSNLQV
,QW3DXO1HZPDQ(GGLH)HOVRQ3LSHU/DXULH6DUD3DFNDUG-DFNLH*OHDVRQ0LQQHVRWD)DWV*HRUJH&6FRWW%HUW*RUGRQ0XUUD\+DPLOWRQ-DPHV)LQGOH\9LQFHQW*DUGHQLD
EDULVWD-DNH/D0RWWDEDULVWD0\URQ0F&RUPLFN&KDUOLH%XUQV0LFKDHO&RQVWDQWLQH%LJ-RKQ3URG5REHUW5RVVHQSHUWK&HQWXU\)R[5RVVHQ(QWHUSULVHVŶPP'·
9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'DWK&HQWXU\)R[LQFROODERUD]LRQHFRQLQFROODERUDWLRQZLWK$FDGHP\)LOP$UFKLYHŶ1XRYDFRSLDUHVWDXUDWD1HZUHVWRUHGSULQW
$0==838B274A<>?0=>A0<82>438BC4A4>5>=80% I51BC?6G945C3B55>1>4CD5B5?@8?>93C?E>4
39>5=1C3?@5
&RQIHUHQ]DGL-HDQ3LHUUH9HUVFKHXUHSUHVLGHQWHGHOFHQWURGLVWXGLHGLULFHUFD&LQpYROXWLRQ&RQODFROODERUD]LRQHGHOOD&LQHWHFDGL0RQV%HOJLR
/HFWXUHE\-HDQ3LHUUH9HUVFKHXUHSUHVLGHQWRIWKH&LQpYROXWLRQFHQWHUIRUVWXG\DQGUHVHDUFK,QFROODERUDWLRQZLWKWKH)LOP$UFKLYHVLQ0RQV%HOJLXP
<µ_RYUddYf_TU\\QS_^VUbU^jQ~VQbcS_`bYbU_bYcS_`bYbU\QVQf_\_cQ
]UdQ]_bV_cYfYcYfQUc_^_bQY^db_T_ddQS_^\µQffU^d_TU\\_cSXUb
]_ \QbW_ U TU\\Q cdUbU_V_^YQ <µY^dUbfU^d_ fe_\ bYUf_SQbU S_^
\µQYed_TYRbQ^YTYVY\]\QTYfUbcQ`_\YdYSQTU\\U]QZ_bce\\QcSU\dQTUY
cYcdU]YTYbY`bUcQTYS_\_bUTYV_b]Qd_TYce_^_
<Q" dX3U^debi6_hS_^TeccU\UceUbYSUbSXUQdQ]RebRQddU^dU
Y^deddU\UTYbUjY_^YUQ^dYSY`‡\QGQb^Ub2b_c`bUcU^dQ^T_Y\`bY]_
3Y^U]QCS_`UDXUB_RU^U\cUddU]RbU!)%#<Q=7=`bY]Q
_`d‡ `Ub \µQT_jY_^U TU\ 3Y^U]QCS_`U ]Q `bU_SSe`QdQ TU\\Q
S_]`QdYRY\YdwS_^W\YQ``QbUSSXYTY`b_YUjY_^U`b_`_cUceRYd_e^Q
c_\ejY_^U`YŒUS_^_]YSQ`UbY\c_^_b_BUQ\Yjj‡S_]e^aeUYce_Y
`bY]YVY\]Y^Q^Q]_bVYS_UcSU\cUY\cYcdU]Q5Qcd]Q^S_\_b
<QGQb^Ub2b_cUbQeWeQ\]U^dUY^dUbUccQdQQ\\UdUS^YSXUTYbY
`bUcQQ^Q]_bVYSQ]Q^_^`_ccUTUfQ\U\U^dY8i`UbW_^QbTY8U^bY
3Xb}dYU^9S_^dQddYS_^\QJUYcc9[_^^_^Q^TQb_^_QRe_^VY^UU
VeQe^SUbd_3Qb\4eT\UiV_b^Yd_bUTYQ``QbUSSXYQdebUFYcdQbQ]Q
SXU\QG2cYbYf_\cU`Ub\QbUQ\YjjQjY_^UTU\ce_`bY]_VY\]S_^SU
`Yd_`Ub\_cSXUb]_`Q^_bQ]YS_
@bUcd_\Qce`UbY_bYdwTU\\µ_ddYSQQ^Q]_bVYSQ2QecSX<_]RVeQS
SUddQdQbQ`YTQ]U^dUTQ]_\dYcdeTY_cVQddQUSSUjY_^U`UbdbUS_]
`QW^YU*\QBU`eR\YS@YSdebUc²>QdebQ]Q³B;?²Ce`UbcS_`U³
@QbQ]_e^d²FYcdQfYcY_^³>UY`bY]YQ^^YTYS_]]UbSYQ\YjjQjY_^U
TU\3Y^U]QCS_`UfQbYcYcdU]YVeb_^_]UccYce\]UbSQd_S_^\_
cS_`_TY]YW\Y_bQbU\QaeQ\YdwTU\\µY]]QWY^U<Q6_hbUQW‚U`b_`_
cUTYQe]U^dQbU\UTY]U^cY_^YTU\^UWQdYf_SXU`Qcc‡Q%%]]
`Ub]UddU^T_S_c‚TY_ddU^UbUS_`YU#%]]TY\YfU\\_USSUjY_^Q\U
9\ ^_b]Q\U SYbSeYd_ TU\\U cQ\U SY^U]Qd_WbQVYSXU `Ub‡ ^_^ UbQ
TU\dedd_UaeY`QWWYQd_`UbQSS_W\YUbUVY\]WYbQdYY^3Y^U]QCS_`U
V_b]Qd_"%%*!UbUWYcdbQdYceaeQddb_`YcdU]QW^UdYSXU1\Se^U
]QZ_bS_]U\Q=7=U\QcdUccQ6_hTUSYcUb_Te^aeUTYWYbQbU
Q\Se^UTU\\U\_b_`b_TejY_^YQTUcU]`Y_" <UQWeUcE^TUb
dXUCUQGYSXYdQU;^YWXdc_VdXUB_e^TDQR\US_^dU]`_bQ^UQ
]U^dUY^1SQTU]iU3Y^U]QCS_`U
:UQ^@YUbbUFUbcSXUebU
DXUW_Q\_VdXYc\USdebUYcd_Q\\_gV_bdXUTYcS_fUbi_bbUTYcS_fUbi
_VdXUVQRe\_ecfYceQ\Q^Tc_e^T]UdQ]_b`X_cYcdXQdSQ]UgYdX
dXU QTfU^d _V dXU gYTU cSbUU^ Q^T cdUbU_`X_^YS c_e^T DXU
`bUcU^dQdY_^X_`Ucd_Uf_[UgYdXdXUXU\`_VVY\]S\Y`cdXUfQbY_ec
`_\YSYUcQ``\YUTRidXU]QZ_bcY^SX__cY^WcicdU]cV_bVY\]Y^W
S_\_bV_b]QdQ^Tc_e^T
DgU^dYUdX3U^debi6_hSQbbYUT_edYdcbUcUQbSXQdT_eR\Uc`UUT
UhdU^TY^WYdY^Q\\TYbUSdY_^cdXec`bUSUTY^WGQb^Ub2b_dXUbcY^
`bUcU^dY^WdXUVYbcd3Y^U]QCS_`UVY\]DXUB_RUY^CU`dU]RUb
!)%# =7= Y^YdYQ\\i _`dUT d_ QT_`d 3Y^U]QCS_`U Red TeU d_
S_^SUb^cQR_edYdcS_]`QdYRY\YdigYdXcSbUU^Y^WUaeY`]U^ddXUi
Y]]UTYQdU\i`b_`_cUTQ]_bUUS_^_]YSQ\cicdU]V_bc_e^T9^
Q^iSQcUdXUi]QTUdXUYbVYbcd`YSdebUcQ^Q]_b`XYSQ^TSX_cUdXU
5Qcd]Q^S_\_bcicdU]
GQb^Ub 2b_c gQc Zecd Qc Y^dUbUcdUT Y^ Q^Q]_b`XYS cX__dY^W
dUSX^YaeUcReddXUiTYT^µd`_ccUcc8U^bY3Xb}dYU^µc8i`UbW_^Qb
\U^cUc DXUYb S_^dQSdc gYdX JUYcc 9[_^ `b_fUT e^ceSSUccVe\
dXecG2deb^UTd_QSUbdQY^3Qb\4eT\Uice``\YUbV_bFYcdQbQ]Q
UaeY`]U^dV_bbUQ\YjQdY_^_VYdcVYbcdVY\]V_bdXUgYTUcSbUU^
DXUce`UbY_bYdi_VdXU2QecSX<_]RQ^Q]_b`XYS\U^cUcgQcc__^
bUS_W^YjUTRi]Q^icdeTY_cUhSU`dV_bdXbUU*BU`eR\YS@YSdebUc
²>QdebQ]Q³ B;? ²Ce`UbcS_`U³ @QbQ]_e^d ²FYcdQfYcY_^³
4ebY^W dXU UQb\i iUQbc _V 3Y^U]QCS_`Uµc S_]]UbSYQ\YjQdY_^
fQbY_eccicdU]cgUbU`ed_^dXU]Qb[UdQY]Y^Wd_Y]`b_fUdXU
Y]QWUaeQ\Ydi6_hd__[QSdY_^Ri`b_`_cY^Wd_Y^SbUQcUdXUcYjU
_VdXU^UWQdYfUgXYSXgU^dd_%%]]dXecQ\\_gY^WV_bUhSU\\U^d
#%]]S_`YUc>_b]Q\dXUQdUbSYbSeYdcgUbU^_dX_gUfUbU^dYbU\i
UaeY``UT d_ XQ^T\U VY\]c cX_d Y^ 3Y^U]QCS_`U V_b]Qd "%%*
!Q^TbUS_bTUT_^V_eb]QW^UdYSdbQS[cC_]U_VdXU]QZ_bc
ceSXQc=7=Q^TUfU^6_hdXecTUSYTUTd_cX__dc_]U_VdXUYb
`b_TeSdY_^cUW" <UQWeUcE^TUbdXUCUQGYSXYdQQ^T
;^YWXdc_VdXUB_e^TDQR\UY^R_dX1SQTU]iQ^T3Y^U]QCS_`U
V_b]Qdc
:UQ^@YUbbUFUbcSXUebU
B?4II>=8302;8?B5A><
@D>E038B.3URG0*05HJLD0HUY\Q/H5R\DFDGHP\7HFKQLFRORU2SWLFDOVRXQGPRQR
C74A>143URG)2;5HJLD+HQU\.RVWHUDQDPRUSKLF+HQUL&KUpWLHQ(DVWPDQFRORUWUDFNPDJQHWLF
:=867CB>5C74A>D=3C01;43URG0*05HJLD5LFKDUG7KRUSHDQDPRUSKLF%DXVK/RPE(DVWPDQFRORU2SWLFDOVRXQGPRQR
A8E4A>5=>A4CDA=3URG)2;5HJLD2WWR3UHPLQJHUDQDPRUSKLF%DXVK/RPE7HFKQLFRORU2SWLFDOVRXQGPRQR
C742><<0=33URG:%5HJLD'DYLG%XWOHUDQDPRUSKLFPDQXIDFWXUHGE\6LPSVRQ2SWLFDO&9LVWDUDPD(DVWPDQFRORUWUDFNPDJQHWLF
0BC0A8B1>A=3URG:%5HJLD*HRUJH&XNRUDQDPRUSKLF%DXVK/RPE7HFKQLFRORUWUDFNPDJQHWLF
3AD<140C3URG:%5HJLD'HOPHU'DYHVDQDPRUSKLF%DXVK/RPE(DVWPDQFRORUWUDFNPDJQHWLF
C74=0CDA0<0?A>24BB3URG"5HJLD"DQDPRUSKLF&LQHSDQRUDPLF(DVWPDQFRORU2SWLFDOVRXQGPRQR
B;867C;HB20A;4C3URG5.25HJLD$OODQ'ZDQ6XSHUVFRSH7HFKQLFRORU2SWLFDOVRXQGPRQR
5D==H50243URG3DUDPRXQW5HJLD6WDQOH\'RQHQ9LVWD9LVLRQ7HFKQLFRORU2SWLFDOVRXQGPRQR
20A>DB4;3URG)R[5HJLD+HQU\.LQJDQDPRUSKLF%DXVK/RPELQPPQHJDWLYH(DVWPDQFRORUWUDFNPDJQHWLF
!;406D4BD=34AC74B403URG'LVQH\5HJLD5LFKDUG)OHLVFKHUDQDPRUSKLF%DXVK/RPE7HFKQLFRORU2SWLFDOVRXQGPRQR
F8278C03URG$OOLHG$UWLVWV5HJLD-DFTXHV7RXUQHXUDQDPRUSKLF%DXVK/RPE7HFKQLFRORU2SWLFDOVRXQGPRQR
:=867CB>5C74A>D=3C01;43URG0*05HJLD5LFKDUG7KRUSHDFDGHP\IXOOIUDPH(DVWPDQFRORU3HUVSHFWD6RXQG
"$
@b_WbQ]]QUdUcdYQSebQTYD_]7e^^Y^W
@b_WbQ]Q^TdUhdc`bU`QbUTRiD_]7e^^Y^W
24=C>0==850)858;<34; ("
C7458ABC6A40CH40A>5C7428=4<0) ("
24=C>0==850)858;<34; ("
C7458ABC6A40CH40A>5C7428=4<0) ("
9^_SSQcY_^UTU\3_^fUW^_TU\\Q6916Q2bYWXd_^^U\
!)'(XQVQdd_\QceQQ``QbYjY_^Ue^Q^e_fQ]QQ\dU]
`_cdUcc_Q^dYSQQbUQTYbYSUbSQSY^U]Qd_WbQVYSQ*Y\²SY
^U]QTUY`bY]YdU]`Y³CURRU^UY\²@b_WUdd_TY2bYWXd_^³
`bU^TUccUY^UcQ]UW\YQ^^YTQ\!) Q\!) &aeUcdQ
^e_fQQbUQTYY^dU^cQbYSUbSQUcdeTY_XQbYWeQbTQd_e^
`UbY_T_`YŒQ]`Y_CU`Ub²SY^U]QTUY`bY]YdU]`Y³Y^TY
SXYQ]_Q``b_ccY]QdYfQ]U^dUY`bY]YTeUTUSU^^YTU\\Q
ceQcd_bYQY\!) #cYfYU^UQdb_fQbUQ\\µY^SYbSQQ]UdwTYaeUcd_`U
bY_T_>_^cdYQ]_`YŒS_^cYTUbQ^T_W\YQ^^YTU\\U`bY]UY^fU^jY_^Y
SY^U]Qd_WbQVYSXU_TU\\U`bY]U`b_YUjY_^YSXUXQ^^_Qfed_\e_W_Q
\YfU\\_Y^dUb^QjY_^Q\UU^db_Y\!) DeddQfYQ^_^`bU^TYQ]_Q^S_bQ
Y^UcQ]U^UQ^SXUaeU\VU^_]U^_QffU^ed_dbQY\!) %UY\!) )
SXU1^Tb}7QeTbUQe\dXQTUVY^Yd_\µYcdYdejY_^Q\YjjQjY_^UTU\SY^U
]Q*\µUbQTU\\µY^TecdbYQ\YjjQjY_^UTU\\Q`b_TejY_^USY^U]Qd_WbQVYSQ
TU\\QbQjY_^Q\YjjQjY_^UTU\\QTYcdbYRejY_^UUTU\\µQVVUb]QbcYTUYVY\]
S_]Uc`UddQS_\_Qed_^_]_U^_^`YŒS_]UcUW]U^dYTU\fQeTU
fY\\UTU\SQV}SXQ^dQ^d_TUW\Yc`UddQS_\YTYfQbYUdwCU~fUb_SXU
c`Ucc_Y\SY^U]QTUW\YUc_bTYQ``QbUS_]Ue^VU^_]U^_^_]QTUU
`b_dUYV_b]UQ^S_bQY^SUbSQTYe^Q`b_`bYQYTU^dYdwUSQ`QSUTYQc
ce]UbUcfQbYQdUV_b]UTQfQ^dYQ`eRR\YSYTYVVUbU^dY^U\!) #Y]_TY
SXU^UTUVY^YcS_^_\µUccU^jQQ``QY_^_Q^S_bQ]_\dU`\YSYcU^jQ
SXU^Ucce^_TYUccYbYfU^TYSXYe^Q`b_`bYQce`UbY_bYdw
9SY^aeU`b_WbQ]]YSXUQRRYQ]_cU\UjY_^Qd_SUbSQ^_Q``e^d_TYbY
V\UddUbUaeUcdQ]_\dU`\YSYdwFYcd_Y^bUdb_c`UddYfQY\!) #cYTYcdY^WeU
`UbUccUbUcdQd_\µQ^^_Y^SeYXQ^^_VQdd_\Q\_b_S_]`QbcQQ\Se^YVY\]
S_^Y^dbUSSY`YŒ\e^WXYUQ]RYjY_cY3XUcYdbQddYTU\\U`Q^d_]Y]UVYQ
RUcSXUTY=}\Y~c<UB_iQe]UTUcV}UcTY@QdX}<Q@_e\U]Ub
fUY\\UecU_TY8U`g_bdX1\YSUY^G_^TUb\Q^T+_SXUcYS_^cYTUbY^_
YSbY]UTbQ]QcTY5TYc_^DXU7bUQdDbQY^B_RRUbiUTY8U`g_bdX
4QbY^W4Qi\YWXd2ebW\Qbi_\U`Ydd_bUcSXUbYS_cdbejY_^Ycd_bYSXU
BYcUQ^T6Q\\_V>Q`_\U_^dXU7bUQdU\U`b_TejY_^YTYTUbYfQjY_^U
dUQdbQ\UE^S\UD_]µc3QRY^deddUaeUcdU`U\\YS_\Uce`UbQ^_Y^Te
bQdQWbQ^`QbdUTUW\YQ\dbYVY\]`b_T_ddY^U\!) #U`bUcU^dQ^_\UfQbYU
fYSU^TUQddbQfUbc_\QS_^SQdU^QjY_^UTYTYfUbcUbY`bUcUDeddQfYQ
\_cdeTY_TUW\YUc_bTYTU\SY^U]QSYXQY^cUW^Qd_Q^_^S_^cYTUbQbU
aeUcd_`UbY_T_e^YSQ]U^dUS_]U]_]U^d_TY`QccQWWY_fUbc_VY\]
`YŒ\e^WXYUTQ\\QcdbeddebQ^QbbQdYfQ`YŒS_]`\UccQ
AeUcdY`b_WbQ]]Y]Udd_^_Y^_\dbUY^\eSU\µU^_b]UfYdQ\YdwTUYVY\]
`YŒRbUfY+\UWQWVe\]Y^UUYVY\]QdbeSSXYdeddYaeUW\YUcU]`YTY
VY\]^_^^QbbQdYfYSXUdY`YjjQ^_SY‡SXUY_TUVY^YcS_²SY^U]QTU\\U
QddbQjY_^Y³9^aeUcd_dY`_TYSY^U]Q\Qcd_bYQ^QbbQdQQcce]Ue^
be_\_cUS_^TQbY_U\µQSSU^d_~`_cd_`Yedd_cd_ce\\Q`_ccYRY\YdwTY
_VVbYbUTYbUddQ]U^dUQ\\_c`UddQd_bUe^QT_cUTY`YQSUbUfYcYf_CUY
VY\]^QbbQdYfYQ``QY_^_`YŒVQ]Y\YQbYQW\Yc`UddQd_bYbQTYSQdY^U\SY^U
]QS\QccYS_U]_TUb^_c`Ub_SXUY`b_WbQ]]Y`b_`_cdY`_ccQ^_
UfYTU^jYQbUY`YQSUbYU\Uc_b`bUcUfYcYfUSXUY\SY^U]Q`e‡_VVbYbU
Q^SXUQ\TYVe_bYTU\\Q^QbbQjY_^U9^_\dbUW\YcdUccYVY\]^QbbQdYfY
cU]RbQ^_RY\Q^SYQbU\µY^dUbUccUTU\\_cfY\e``_TU\\QdbQ]QS_^]_
]U^dYTYcde`_bUY^SeYY\`eRR\YS_bUcdQQR_SSQQ`UbdQaeQ^T_e^
SbY]Y^Q\Uc`QbQQRbeSYQ`U\_TQ\\_cSXUb]__aeQ^T_e^]_cdb_
cYdbQcV_b]QTQfQ^dYQYce_Y_SSXY
"&
1VdUbdXU6916Ci]`_cYe]Y^2bYWXd_^Y^!)'(Q^UgQcgU\\Qc
fUbi_\TQbUQ_VSY^U]QbUcUQbSXgQc`b_S\QY]UT*²UQb\iSY^U]Q³
1\dX_eWXdXU²2bYWXd_^@b_ZUSd³V_SecUT_^dXU`UbY_TVb_]!) !) &dXYc^UgQbUQ_VY^dU^cUbUcUQbSXQ^Tc`USe\QdY_^d__[Y^
Q\_^WUb`UbY_T9VgUdXY^[_VUQb\iSY^U]QQcb_eWX\iY^S\eTY^W
SY^U]QµcVYbcddg_TUSQTUc!) #VQ\\c]_bU_b\UccY^dXU]YTT\U
_VdXYc`UbY_TGUQbU^_\_^WUbTUQ\Y^WgYdXdXU`UbY_T_VdXU
VYbcdY^fU^dY_^c_bdXUVYbcdcSbUU^Y^Wc_VSY^U]QgXYSX_SSebbUT
Y^dUb^QdY_^Q\\iRi!) 2edgUQbUQ\c_^_diUdTUQ\Y^WgYdXgXQd
1^Tb}7QeTbUQe\dSQ\\cdXUY^cdYdedY_^Q\YjQdY_^_VdXUSY^U]Q*dXU
UbQ _V Y^TecdbYQ\YjQdY_^ _V VY\] `b_TeSdY_^ bQdY_^Q\YjQdY_^ _V VY\]
TYcdbYRedY_^Q^TdXUUcdQR\YcX]U^d_Vc`USYQ\YjUTVY\]UhXYRYdY_^
cicdU]c^_\_^WUbQcQcUW]U^d_VQfQeTUfY\\USQV}SXQ^dQ^d_b
dXU]ecYSXQ\\`UbV_b]Q^SUgXYSXd__[`\QSURUdgUU^!) %Q^T
!) )9VUQb\iSY^U]Q_VdU^cUU]cd_RUQ^_]QTYS`b_dUQ^V_b]
cUQbSXY^WV_bQ^YTU^dYdiQ^TQR\Ud_RUS_]U]Q^iTYVVUbU^ddXY^Wc
d_]Q^iTYVVUbU^dQeTYU^SUcdXU^!) #YcQiUQbY^gXYSXSY^U]Q
cdY\\XQcQfQbYUdi_VgQic_VTUVY^Y^WYdcU\VgYdX_edQ^icY^W\U_^U
iUdS\QY]Y^WT_]Y^Q^SU
DXUVYfU`b_WbQ]c_VVY\]cVb_]!) #gUXQfUcU\USdUTQddU]`d
d_ bUV\USd dXYc fQbYUdi 9^ bUdb_c`USd dXU iUQb !) # cdQ^Tc
_ed Qc dXU iUQb Y^ gXYSX \_^WUb Q^T ]_bU Q]RYdY_ec ²cd_bi
VY\]c³Q``UQbUTGXUdXUbdXUVQYbdQ\U`Q^d_]Y]Uc_V=}\Y~c
<U B_iQe]U TUc V}Uc @QdX} <Q @_e\U =UbfUY\\UecU _b
8U`g_bdX1\YSUY^G_^TUb\Q^T+dXU]_bUS_^dU]`_bQbiSbY]U
TbQ]Qc_V5TYc_^DXU7bUQdDbQY^B_RRUbiQ^T8U`g_bdX
4QbY^W 4Qi\YWXd 2ebW\Qbi _b dXU dQR\UQeh\Y[U XYcd_bYSQ\
bUS_^cdbeSdY_^c BYcU Q^T 6Q\\ _V >Q`_\U_^ dXU 7bUQd _b
dXUQdbYSQ\ `b_TeSdY_^c E^S\U D_]µc 3QRY^ dXUcU VY\]c Q\\
UhSUUTUTdXUbe^^Y^WdY]U_V]_cdVY\]c`b_TeSUTY^!) #Q^T
`bUcU^dUTdXUYbfQbY_eccd_bYUcY^Q^e]RUb_VY^dUb\Y^[UTcX_dc
8_gUfUbdXUcdeTi_VUQb\iSY^U]QXQcdQeWXdec^_dd_cY]`\i
cUUdXYc`UbY_TQc]_fY^WY^UfYdQR\id_gQbTc\_^WUbQ^T]_bU
S_]`\Uh^QbbQdYfUVY\]c
DXUcU`b_WbQ]cbUfUQ\QcgU\\dXUcdb_^WfYdQ\Ydi_VdXUfUbicX_bd
VY\]+dXURbYUVWQWcQ^TdbYS[VY\]c^_^VYSdY_^Q\fYUgcdXQddi`YVi
gXQd9SQ\\dXUSY^U]Q_VQddbQSdY_^c9^dXUSY^U]Q_VQddbQSdY_^c
cd_bidU\\Y^W `\Qic Q cUS_^TQbi b_\U Q^T dXU QSSU^d \YUc ]_bU
TYbUSd\i_^QTTbUccY^WdXUfYUgUbgYdXQT_cU_VfYceQ\`\UQcebU
GXY\UdXUcd_biVY\]]QicUU]]_bUVQ]Y\YQbd_fYUgUbcb__dUTY^
]_TUb^S\QccYSQ\SY^U]Q9X_`UdXUcU`b_WbQ]cQ\c_Y^TYSQdU
dXU TU\YWXdc Q^T fYceQ\ ceb`bYcUc dXQd SY^U]Q SQ^ `bUcU^d
_edcYTU_Vcd_bidU\\Y^W6ebdXUbdXUcd_biVY\]cdXU]cU\fUccUU]
d_RQ\Q^SUdXUY^dUbUcdY^V_\\_gY^WdXUcd_bigYdXdXU]_]U^dc
_VQcd_^YcX]U^dY^gXYSXdXUQeTYU^SUWQc`cQcQ^_ed\QgVYbUc
`_Y^dR\Q^[Vb_]dXUcSbUU^_b]_^cdUbc]UdQ]_b`X_cURUV_bU
ec
>U\\µe\dY]_TUSU^^Y_TU\H9HcUS_\_QW\YUc_bTYTU\SY^U]QY]_TU\\Y
TYSY^U`bUcQQ\\_bQTYc`_^YRY\Y`Ub]UddUfQ^_TYcVbeddQbUc_\_e^Q
\e^WXUjjQbU\QdYfQ]U^dURbUfUTY`U\\YS_\Q1^SXUcUWbQ^`QbdUTY
aeUcdYfY^S_\YdUS^YSY^U\!) #UbQ^_WYwcdQdYce`UbQdY]_\dYTUYVY\]
`b_T_ddYY^aeU\`UbY_T_S_^\e^WXUjjUY^VUbY_bYQY! ]UdbY]U^_
TYSY^aeU]Y^edYSY]_cdbQ^_S_]UY\SY^U]QV_ccUQ^S_bQ`U^cQd_
`bUfQ\U^dU]U^dUS_]Ue^QcUbYUTYRbUfY]QUVVYSQSYcd_SSQdUTY
`YQSUbUfYcYf_3XUcYdbQddQccUTYe^QWQWTYe^µUcYRYjY_^UQSb_RQ
dYSQ_TYTQ^jQTYe^µ_cdU^dQjY_^UTYQffU^U^jQVYcYSQ_`UbcY^_TU\
TYcWecd_c_Rbe\YSQbUTUY`QbQccYdYTU\V_b]QWWY_Y\SY^U]QTU\!) #
UbQQ^S_bQY^WbQ^`QbdUe^]Ujj_`Ub]_cdbQbUQddbQjY_^Y
=_\dYVY\]TYaeU\\µQ^^_dU]QdYjjQ^_aeUcd_`YQSUbUTU\WeQbTQbU
]_cdbQ^T_Q`UbdQ]U^dU\U`b_V_^TUbQTYSYSXUY\SY^U]QQVV_^TQ
^U\\QcS_`_VY\YQ9^aeUcd_cU^c_\µQ\\QbWQ]U^d_TU\`bY]_`YQ^_
SXUcY^_dQY^aeUcdYVY\]^_^bQ``bUcU^dQY\`bUSebc_bUTU\`bY
]_`YQ^_S_]U\_Y^dU^TYQ]__WWYSY_~\Qc_dd_\Y^UQdebQTYe^
TUddQW\Y_^QbbQdYfQ]U^dUbY\UfQ^dU_TYe^]_]U^d_cYW^YVYSQdYf_
TU\\µY^dUb`bUdQjY_^U<UY^aeQTbQdebUbQffYSY^QdU^U\!) #bYdbQW
W_^_`Yedd_cd_e^WQddY^_]Q\Qd_\QSQfYW\YQTYe^QT_^^Q_e^fQ
WQR_^T_QVVQ]Qd_SXUcSXY_SSQ\U\QRRbQe^YSQ]U^dU`UbY\`eb_
`YQSUbUfYcYf_TU\\µUcYRYjY_^UE^c_dd_WU^UbUbY\UfQ^dUTU\SY^U]Q
TU\\UQddbQjY_^Y`bUcU^dQd_Y^aeUcd_`b_WbQ]]Q~S_cdYdeYd_TQY
VY\]SXUbYdbQWW_^_Uc`bUccY_^YVQSSYQ\YT_fUY`bY]Y`YQ^Y]_cdbQ^_
Uc`bUccY_^YTU\fYc_S_]YSXU_Wb_ddUcSXUY^WbQ^TYdUS_]U]QY
`bY]QTU\SY^U]Q9^_\dbU]_\dYTYaeUcdYVY\]²TYUcYRYjY_^U³U^VQ
dYjjQ^_\Q]UTYQjY_^UfYcYfQTYe^Q\U^dUTµY^WbQ^TY]U^d_e^ReS_
TYe^QcUbbQdebQ_`UbcY^_e^QSY^U`bUcQ2Y_WbQ`X
GXU^ VY\]c gUbU VYbcd ]QTU Y^ dXU !() µc dXU SQ]UbQ TUcYW^
_VdU^\Y]YdUTdXU]d_QbU\QdYfU\iRbYUVcUSdY_^_VVY\]GXY\UceSX
dUSX^YSQ\ \Y]YdQdY_^c XQT RUU^ \QbWU\i bU]_fUT Ri !) # dXU
\QbWU^e]RUb_VVY\]c`b_TeSUTdXQdgUbU\UccdXQ^! ]UdUbc
\UccdXQ^VYfU]Y^edUcY^TYSQdUcX_gSY^U]QgQccdY\\`bY]QbY\i
dX_eWXd_VQcQcUbYUc_VcX_bdRedUVVUSdYfUZQRc_VfYceQ\`\UQcebU
GXUdXUbQWQWQ^QSb_RQdYS_bTQ^SU`UbV_b]Q^SUQTYc`\Qi_V
`XicYSQ\ `e\SXbYdeTU _b UfU^ Q TYcWecdY^W cgQb]Y^W _V SXUUcU
]YdUcdXUSY^U]QY^!) #gQccdY\\\QbWU\iQ]UQ^cV_bTYc`\QiY^W
QddbQSdY_^c
=Q^i VY\]c Vb_] !) # dXU]QdYjU dXYc TU\YWXd Y^ \__[Y^W
_`U^\i TYc`\QiY^W SY^U]Qµc TUU` b__dc Y^ cS_`_`XY\YQ DXec
dXUU^\QbWU]U^dc_VdXUS\_cUe`Y^dXUcUVY\]cQbU^_ddbe\i
dXUQ^SUcd_bc_V\QdUbS\_cUe`cgXYSX`_Y^d_edQ^QbbQdYfU\i
cYW^YVYSQ^d TUdQY\ _b Q bUfUQ\Y^W ]_]U^d _V `UbV_b]Q^SU
9^cdUQTS\_cUVbQ]Y^WcY^!) #TYc`\QiQcYS[[YddU^Q\QTiµc
Q^[\U _b Q Xe^Wbi dbQ]` c]QS[Y^W XYc \Y`c V_b dXU cXUUb
fYceQ\ `\UQcebU _V TYc`\Qi 1 [Ui ceRWU^bU _V dXU SY^U]Q _V
QddbQSdY_^ccUU^Y^dXYc`b_WbQ]YcdXUVQSYQ\Uh`bUccY_^VY\]Y^
gXYSXS\_cUVbQ]Y^W`bUcU^dcUYdXUbQS_]YS_bWb_dUcaeUVQSYQ\
Uh`bUccY_^ U^\QbWUT d_ Q TUWbUU bQbU\i Uh`UbYU^SUT RUV_bU
SY^U]Q6ebdXUb]Q^i_VdXUcUVY\]c_VTYc`\QiU]`XQcYjUdXU
]UTYQdY_^_VfYcY_^dXb_eWXQ]QW^YViY^WW\QccQ[UiX_\U_b
UfU^Q2Y_WbQ`XSQ]UbQ
D=41>==478BC>8A4)UDQFLD
Ŷ3URG3DWKpŶPP/P'·µDIVŶ'D&LQHWHFDGHO&RPXQHGL%RORJQD
;420:4F0;:8=54A=0;)UDQFLD5HJLD*HRUJHV0pOLqV
Ŷ3URG6WDU)LOPŶPP/P'·DIVŶ'D/LEUDU\RI&RQJUHVV:DVKLQJWRQŶ6WDPSDWRQHOGDQLWUDWRQHJDWLYRSUHVVR$),$FDGHP\RI0RWLRQ3LFWXUH$UWV
6FLHQFHV&ROOHFWLRQ3ULQWPDGHLQIURPQLWUDWHQHJDWLYHLQ$),$FDGHP\RI0RWLRQ3LFWXUH$UWV6FLHQFHV&ROOHFWLRQ
;4B2784=BB0E0=CB)UDQFLD
Ŷ3URG3DWKpŶPP/P'·DIVŶ'D&LQpPDWKqTXH5R\DOHGH%HOJLTXH
7>>;860=8=908;86$5HJLD*:%LW]HU
Ŷ3URG$0%&RŶPP/P'·µDIVŶ'D/LEUDU\RI&RQJUHVVŶ3UHVHUYDWRGDSDSHUSRVLWLYR3ULQWSUHVHUYHGIURPSDSHUSRVLWLYH
?D;;3>F=C742DAC08=BDB8486$
ŶPP/P'·DIVŶ'D/LEUDU\RI&RQJUHVVŶ3UHVHUYDWRGDSDSHUSRVLWLYR3ULQWSUHVHUYHGIURPSDSHUSRVLWLYH
2><<4=C<>=B84DA?A4=3B>=108=)UDQFLD5HJLD$OLFH*X\
Ŷ3URG*DXPRQWŶPP/P'···DIVŶ'D&LQpPDWKqTXH*DXPRQW/REVWHU)LOPV
20C´B2A03;486$
Ŷ3URG%LRJUDSKŶPP/P'·µDIVŶ'D/LEUDU\RI&RQJUHVVŶ3UHVHUYDWRGDSDSHUSRVLWLYR3ULQWSUHVHUYHGIURPSDSHUSRVLWLYH
"'
!) #
?8024A8E8B8E8F9CE1<@<51CEB5C
5A><B7>F68A;C>1DA;4B@D4@D44=86$
Ŷ3URG%LRJUDSKŶPP/P'·µDIVŶ'D/LEUDU\RI&RQJUHVVŶ5HVWDXUDWRQHOGDSDSHUSRVLWLYR3ULQWUHVWRUHGLQIURPSDSHUSRVLWLYH
C7460HB7>42;4A:86$5HJLD(GZLQ63RUWHU
Ŷ3URG(GLVRQŶPP/P'·µDIV%QŶ'D0R0$Ŷ6WDPSDWRQHO3ULQWPDGHLQ
C74BC>AHC7418>6A0?7C>;386$
!) #
ŶPP/P'·DIVŶ'D/LEUDU\RI&RQJUHVVŶ3UHVHUYDWRGDSDSHUSRVLWLYR3ULQWSUHVHUYHGIURPSDSHUSRVLWLYH
C74D=2;40=F>A;3*E5HJLD3HUF\6WRZ
Ŷ,QW&HFLO+HSZRUWKLOSURIHVVRUH3URG+HSZRUWK0DQXIDFWXULQJ&RŶPP/P'·DIVŶ'D%),
!58;<0CAD2278D=64=4A48=C4A=0I8>=0;4D85DB93;69<=1>9>D5B>1D9?>1<75>B5
AeU\\_TUYVY\]QdbeSSXYQ``QbUS_]Ue^_TUYWU^UbY`YŒ`_`_\QbY
TU\SY^U]QTUY`bY]YdU]`YQ^S_bQY^WbQT_TYTU\YjYQbUY\`eRR\Y
S_S_^dbQcV_b]QjY_^YUc`QbYjY_^YQ``QbU^dU]U^dUY]`_ccYRY\Y
CURRU^USXYQbQ]U^dUY^V\eU^jQd_TQ\\UY^^_fQjY_^YdUS^_\_WYSXU
TUW\Yc`UddQS_\YTY]QWYQQSQfQ\\_TU\HHcUS_\_S_^\µY^db_TejY_
^UTU\\Q\eSUU\UddbYSQUTUY]_TUb^Y]QSSXY^QbY`UbSbUQbUY\\ecY_^Y
ce\\QcSU^QY\VY\]QdbeSSXYY^TQW‡W\Ycdbe]U^dYe^YSYSXUY\SY^U]Q
]UddUfQQ\\_bQQTYc`_cYjY_^U<QT_``YQUc`_cYjY_^U\UbY`bUcUQ
`Qcc_e^_`UbVUjY_^QdUS_\]_^dQWWY_\U`QbdYS_\QbYQ^W_\QjY_^Y
TU\\Q]QSSXY^QTQ`bUcQdedd_SY‡XQdbQcV_b]Qd_\UQ``QbU^jU
fYcYfUQ\VY^UTYSbUQbUY\\ecY_^YfYcYfU
1TYVVUbU^jQTUW\YUVVUddYc`USYQ\YS_^dU]`_bQ^UYaeUcdUY\\ecY_^Y
UbQ^_edY\YjjQdUUccU^jYQ\]U^dU`UbUVVUddYS_]YSY_TYc_b`bUcQU
^_^bUQ\YcdYSY_TbQ]]QdYSY5bQ^_dbeSSXYSXUSbUQfQ^_cde`_bU
UTYfUbdY]U^d_aeQcYcVYTQ^T_\_c`UddQd_bUQSQ`YbUS_]µUbQ^_
cdQdYbUQ\YjjQdY\QcSYQ^T_Y^TYc`QbdUW\YUVVUddYTYfUb_cY]YW\YQ^jQ1
aeUcd_cS_`_Y\VY\]QdbeSSXYedY\YjjQ\QVQf_\QS_]US_^dUcd_TµU\U
jY_^UY^SeYcVbeddQbUYce_Ycdbe]U^dYSQ\QdYY^e^]_^T_TµYbbUQ\dw
UTY]QWYQ1`QbdU\UdbQcV_b]QjY_^YY\VY\]QdbeSSXYXQcVbeddQd_
c`Ucc_YWY_SXYTY`b_`_bjY_^U`UbSbUQbUWYWQ^dY_^Q^Y5^_^~
e^SQc_cUY^]_\dU_SSQcY_^YY\SY^U]QUYce_Y`bUTUSUcc_bY
\Q\Q^dUb^Q]QWYSQU\QV_d_WbQVYQc_^_cdQdYc`Ucc_S_^cYTUbQdY
cdbe]U^dYTYdbQcV_b]QjY_^U]QWYSQ
<Q6bQ^SYQ~cdQdQQYfUbdYSY^U\SQ]`_TU\VY\]QdbeSSXYS_^\µQRY\Ydw
e^YSQTY7U_bWUc=}\Y~cTYSbUQbUe^]_^T_Y^SeY\Q]QWYQQ``QbYfQ
e^Q`_ccYRY\YdwS_^SbUdQ@QdX}XQQddU^dQ]U^dU_ccUbfQd_UY]YdQd_
Y\Wecd_TY=}\Y~c`UbY\V}UbYaeUDeddQfYQY\VY\]QdbeSSXYY^9^WXY\dUbbQ
U^UW\YCdQdYE^YdYQ^SXUcU~bQbQ]U^dU`QbQW_^QRY\UQ\\µU\UWQ^jQ
UQ\\µY^WUW^_TY=}\Y~cXQTQd_fYdQQe^Y^S_^db_TYc_bYU^dQ^dUdbQ
UfU^dYY]`_ccYRY\YUQ]RYU^dQjY_^YbUQ\YTU\\µU`_SQ9VY\]QdbeSSXY
TYB_RUbdGY\\YQ]@Qe\UTU\\Q2Y_WbQ`X`UbSUbdYfUbcY`bY]YdYfY
bYUcS_^_S_]e^aeUQSbUQbUe^cebbUQ\Yc]_e^YS_S_\\_SQ^T_\Q
]QWYQTU\\QdUS^_\_WYQ]_TUb^QY^S_^dUcdYae_dYTYQ^YQTYVVUbU^jQ
TYaeQ^d_QSSQTU`Ub\UQ]RYU^dQjY_^Y_^YbYSXUTY=}\Y~c
"(
DXUdbYS[VY\]bU]QY^cdXU]_cd`_`e\QbWU^bU_VUQb\iSY^U]QcdY\\
QR\Ud_TU\YWXdQeTYU^SUcgYdXcUU]Y^W\iY]`_ccYR\UdbQ^cV_b]Q
dY_^c Q^T TYcQ``UQbQ^SUc 1\dX_eWX S\UQb\i Y^c`YbUT Ri dXU
dUSX^_\_WYSQ\ QTfQ^SUc _V dXU ]QWYS dXUQdUb _V dXU deb^ _V dXU
SU^debigXYSXY^db_TeSUTU\USdbYS\YWXdcQ^T]_TUb^]QSXY^Ubi
d_SbUQdUcdQWUY\\ecY_^cdXUdbYS[VY\]Uh`\_bUTdXUe^YaeUTUfYSUc
dXQd SY^U]Q _VVUbUT 4_eR\U Uh`_cebU cd_` ]_dY_^ bUVY^UT
dXb_eWXUTYdY^WQ^Te^YaeUSQ]UbQQ^W\UcQ\\dbQ^cV_b]UTfYceQ\
Q``UQbQ^SUY^_bTUbd_SbUQdUfYceQ\Y\\ecY_^c
9^S_^dbQcdd_S_^dU]`_bQbic`USYQ\UVVUSdcdXUcUfYceQ\Y\\ecY_^c
gUbU `bY]QbY\i S_]YS Q^T ceb`bYcY^W bQdXUb dXQ^ bUQ\YcdYS _b
TbQ]QdYS DbYS[c SbUQdUT Qcd_^YcX]U^d Q^T Q]ecU]U^d Qc YV
SXQ\\U^WY^WdXUfYUgUbd_VYWebU_edX_gYdgQcT_^UbQdXUbdXQ^
SbUQdY^WQRU\YUfQR\UUVVUSdDXecdXUdbYS[VY\]VbUaeU^d\iSX_cU
dXUVQYbidQ\UQcdXU`b_`UbS_^dUhdV_bYdcTUfYSUcSbUQdY^WQg_b\T
_V]Q[URU\YUfUQ^T]QWYS2UcYTUcdbQ^cV_b]QdY_^cdbYS[VY\]c
_VdU^`\QiUT_^Y\\ecY_^c_VcSQ\U`b_TeSY^WWYQ^dc_bTgQbfUc
>_d Y^VbUaeU^d\i SY^U]Q YdcU\V Q^T Ydc `bUTUSUcc_bc ]QWYS
\Q^dUb^ cdY\\ `X_d_WbQ`Xi gUbU Y^f_[UT Qc ]UQ^c _V ]QWYSQ\
dbQ^cV_b]QdY_^
6bQ^SU\UTdXUVYU\TY^dXU`b_TeSdY_^_VdbYS[VY\]cgYdX7U_bWUc
=}\Y~cµe^YaeUQRY\Ydid_SbUQdUQg_b\TY^gXYSX]QWYScUU]UT
QbUQ\`_ccYRY\Ydi@QdX}S\_cU\i_RcUbfUTQ^TY]YdQdUT=}\Y~cµ
cU^cU_VdXUV}UbYaeU8_gUfUbdXUdbYS[VY\]cY^dXUEC1Q^T
5^W\Q^TgXY\UbQbU\i]QdSXY^WdXUU\UWQ^SUQ^TgYd_V=}\Y~c
SbUQdU Q TYc_bYU^dY^W U^S_e^dUb RUdgUU^ Y]`_ccYR\U UfU^dc
Q^TS_^dU]`_bQbiU^fYb_^]U^dcDXUc_]UgXQd`bY]YdYfUdbYS[
VY\]c _V B_RUbd GY\\YQ] @Qe\ _b 2Y_WbQ`X ^_^UdXU\Ucc SbUQdU
Q e^YaeU cebbUQ\Yc] Ri `\QSY^W ]_TUb^ dUSX^_\_WYSQ\ ]QWYS
gYdXY^ UfUbiTQi SYbSe]cdQ^SUc Qc _``_cUT d_ =}\Y~cµ TbUQ]
\Y[UcUdc
D=48=3864BC8>=278ADA68458=34B8Ã2;4)UDQFLD5HJLD*HRUJHV0pOLqV
Ŷ3URG6WDU)LOPŶPP/P'·µDIVŶ'D*HRUJH(DVWPDQ+RXVHŶ3UHVHUYDWRQHOGDPDVWHUSRVLWLYRQLWUDWR3ULQWSUHVHUYHGLQIURPQLWUDWHPDVWHU
SRVLWLYH
;0<qC0<>A?7>B43DA>834?8@D4)UDQFLD5HJLD*DVWRQ9HOOH
Ŷ3URG3DWKpŶPP/P'·µDIVŶ'D*HRUJH(DVWPDQ+RXVHŶ3UHVHUYDWRQHOGDPDVWHUSRVLWLYRQLWUDWR3ULQWSUHVHUYHGLQIURPQLWUDWHPDVWHU
SRVLWLYH
!) #
;4<q;><0=4)UDQFLD5HJLD*HRUJHV0pOLqV
Ŷ3URG6WDU)LOPŶPP/P'·µDIVŶ'D/LEUDU\RI&RQJUHVVŶ3UHVHUYDWRGDSDSHUSRVLWLYR3ULQWSUHVHUYHGIURPSDSHUSRVLWLYH
;4B>A284A)UDQFLD5HJLD*HRUJHV0pOLqV
,QW*HRUJHV0pOLqV3URG6WDU)LOPŶPP/P'·µDIVŶ'D/LEUDU\RI&RQJUHVVŶ3UHVHUYDWRGDSDSHUSRVLWLYR3ULQWSUHVHUYHGIURPSDSHUSRVLWLYH
;4<>=BCA4)UDQFLD5HJLD*HRUJHV0pOLqV
Ŷ3URG6WDU)LOPŶPP/P'·µDIVŶ'D/LEUDU\RI&RQJUHVVŶ3UHVHUYDWRGDSDSHUSRVLWLYR3ULQWSUHVHUYHGIURPSDSHUSRVLWLYH
;4A>H0D<4345q4B)UDQFLD5HJLD*HRUJHV0pOLqV
Ŷ3URG6WDU)LOPŶPP/P'·DIV&ROŶ'D&LQpPDWKqTXH5R\DOHGH%HOJLTXH
?>2:4C1>G4AB*E
Ŷ3URG5:3DXOŶPP/P'·µDIVŶ'D/LEUDU\RI&RQJUHVVŶ3UHVHUYDWRQHOGDPDVWHUSRVLWLYRQLWUDWRSUHVVR%URRN)RXQGDWLRQ&ROOHFWLRQ3UHVHUYHG
LQIURPQLWUDWHSRVLWLYHLQ%URRN)RXQGDWLRQ&ROOHFWLRQ
"0BB0;C80;CA4=>48=B46D8<4=C8)±BC>AH58;<B²2>=8=@D03A0CDA4<D;C8?;4
CA08=A>114A84B0=3270B4B)BC>AH58;<B8=<D;C8?;4B7>CB
<_²cd_biVY\]³dUb]Y^UedY\YjjQd_Q\\µU`_SQ`UbTUcSbYfUbU`U\\YS_\U
TY]QWWY_bU\e^WXUjjQUS_^dbQ]Q`YŒQbdYS_\QdQS_cdYdeYcS_^_
e^µY^^_fQjY_^USXUcYUbQcfY\e``QdQQ`QbdYbUTQ\!()(aeQ^T_
=}\Y~cY^YjY‡Q`b_TebbU`U\\YS_\UTY\e^WXUjjQVe_bYTQ\S_]e^U
SXUcYYc`YbQfQ^_QW\Yc`UddQS_\Y]UccYY^cSU^Q^U\ce_²DX}xdbU
B_RUbd8_eTY^³\Q`bY]QTYaeUcdU<Q<e^Uwe^]~dbUQddY^WUfQ
Qe^QceQ`b_TejY_^UdUQdbQ\UTU\!()!TQ\dYd_\_<Uc6QbSUcTU
\Q<e^UUd\Uc]}cQfU^debUcTU>_cdb_]T_]ecÄV_^TQ]U^dQ\U
bYS_bTQbU`Ub‡SXUaeUcdYVY\]bQ``bUcU^dQfQ^_TU\\UUSSUjY_^Y
Q^SXU^U\!) #5bQ^_VUQdebUcSY_~QddbQddYfU`bY^SY`Q\Y^U\\µQS
SUjY_^U TU\ dUb]Y^U TUbYfQdQ TQ\ fQeTUfY\\U SQbQddUbYjjQdU TQ
c_WWUddYY^c_\YdYU]QWWY_b]U^dUU\QR_bQdYY\S\_eTU\\_c`UddQS_\_
C_\Q]U^dU`_SXYTYaeUcdYVY\]fU^YfQ^_`b_T_ddY_W^YQ^^_U\U
SQcUTY`b_TejY_^U\YQSS_]`QW^QfQ^_S_]e^aeUQTQ\dbU`U\\Y
S_\U`YŒS_bdUU]U^_S_]`\UccU
9^S_^V_b]YdwS_^\UQ]RYjY_^Y^QbbQdYfUSXU\YSQbQddUbYjjQfQ^_aeU
cdYVY\]cYTYcdY^We_^_`Ub\µec_TU\]_^dQWWY_SXUS_]`_^Ue^µQjY_
^U\Y^UQbUQddbQfUbc_TYfUbcUY^aeQTbQdebUDeddQfYQY^]_\dYTYaeUcdY
VY\]\Q\Y^UQbYdw~Q^S_bQY^SUbdQCURRU^UY\]_fY]U^d_TUY`Ubc_
^QWWYTQe^µY^aeQTbQdebQQ\\µQ\dbQc`Ucc_dU^WQY^cYU]UaeUcdYVY\]
Q\dbYS_^dY^eQ^_Q`bUcU^dQbUTU\\UY^aeQTbQdebUcU]YY^TY`U^TU^dY
TQ\S_^dUcd_<QceSSUccYfQdUS^YSQTU\]_^dQWWY_S_^dY^e_~dQ\f_\
dQWYwQRR_jjQdQdeddQfYQdb_fYQ]_Q^SXUTUW\YQ``b_SSYQ\dUb^QdYfY
9\bY`UdUbcYTU\\µQjY_^UTebQ^dUY\cQ\fQdQWWY_TQ\\µY^SU^TY_Y^DXU<YVU
_V Q^ 1]UbYSQ^ 6YbU]Q^ QT UcU]`Y_ `bUcU^dQ \Q cdUccQ cSU^Q
DXU²cd_biVY\]³QdUb]ecUTY^dXU`UbY_Td_TU^_dU\_^WUbVY\]c
gYdX]_bUS_]`\Uhcd_bi\Y^UcS_^cdYdedUcQ^Y^^_fQdY_^gXYSX
XQT RUU^ TUfU\_`Y^W cY^SU !()( gXU^ =}\Y~c RUWQ^ YcceY^W
c`USYQ\VY\]c_V\_^WUb\U^WdXcY^c`YbUTRidXUc`USdQS\UcXUXQT
cdQWUTY^XYc²DXUQdbUB_RUbd8_eTY^³dXUVYbcd_VdXUcU<Q<e^U
we^]~dbUTbUg_^XYc!()!cdQWU`b_TeSdY_^<Uc6QbSUcTU\Q
<e^UUd\Uc]}cQfU^debUcTU>_cdb_]T_]ec2edYdYcY]`_bdQ^d
d_bUQ\YjUceSXVY\]cgUbUUhSU`dY_^cUfU^Y^!) #+dXUigUbU
VUQdebUcY^dXU]UQ^Y^W_VdXUdUb]TUbYfUTVb_]fQeTUfY\\U
_VQ^e^eceQ\]_bUU\QR_bQdUQSddXUXYd_VdXUcX_g?^\iQ
VUgceSXVY\]cgUbUYcceUTUQSXiUQbQ^TR_dXVY\]`b_TeSdY_^
S_]`Q^YUc g_e\T `b_fYTU ]Q^i _dXUb cX_bdUb \Ucc U\QR_bQdU
VY\]c
9^dUbdgY^UTgYdXdXUYb^QbbQdYfUQ]RYdY_^cceSXVY\]QbU^_dQR\U
V_bdXUYbecU_VUTYdY^WgUQfY^WQ\Y^U_VQSdY_^dXb_eWXQ^e]RUb
_VcX_dc8_gUfUb]_cd_VdXUcUVY\]ccdY\\TYc`\QiQ^UccU^dYQ\
^_^S_^dY^eYdi1\dX_eWX`XicYSQ\]_fU]U^d_VSXQbQSdUbcVb_]
cX_d d_ cX_d _VdU^ X_\Tc dXUcU VY\]c d_WUdXUb _dXUbc ]QY^dQY^
cU]YY^TU`U^TU^d dQR\UQeh DXU \QdUb `bQSdYSU _V S_^dY^e_ec
UTYdY^W ]Qi RU QTe]RbQdUT Y^ dXUcU VY\]c Red Q\dUb^QdYfU
Q``b_QSXUc QbU Q\c_ UfYTU^d DXU bU`UQdUT QSdY_^ TebY^W dXU
VYbU bUcSeU Y^ DXU <YVU _V Q^ 1]UbYSQ^ 6YbU]Q^ V_b Y^cdQ^SU
`bUcU^dcdXUQSdY_^VYbcdVb_]Q^UhdUbY_bfYUgdXU^bU`UQdcYdQc
cUU^Vb_]dXUY^cYTU_VdXUReb^Y^WX_ecUCeSXbU`UdYdY_^cgUbU
")
!) #
Y^YjYQ\]U^dUTQe^`e^d_TYfYcdQUcdUb^_UceSSUccYfQ]U^dUTQ\
\µY^dUb^_TU\\QSQcQY^VYQ]]UBY`UdYjY_^YTU\WU^UbUUbQ^_VbUaeU^dY
^U\SY^U]QTU\`UbY_T_UTUfYTU^jYQ^_e^Q``b_SSY_TYVVUbU^dU]Q
^_^]U^_\_WYS_Q\\QTUcSbYjY_^UTYe^QfYSU^TQQddbQfUbc_fQbY`e^dY
TYfYcdQ9VY\]TYY^cUWeY]U^d_SXU`Ub`bY]YXQ^^_V_b^Yd_e^SXYQb_
]_TU\\_TYQjY_^US_^dY^eQc_^_Y^bUQ\dwQ``QbcYc_\_Q\\QVY^UTU\
!) #S_^DXU5cSQ`UT<e^QdYSTU\\Q2Y_WbQ`XcURRU^U]_\dYQ\dbY
VY\]TU\\_cdUcc_Q^^_cU]RbY^_]e_fUbcYY^aeUcdQTYbUjY_^U
VbUaeU^dY^UQb\iSY^U]Q_VdXYc`UbY_TQ^TbU`bUcU^dQTYVVUbU^d
iUd^_d\Ucc\_WYSQ\Q``b_QSXd_dXU`_bdbQiQ\_VQSdY_^cUU^Vb_]
TYVVUbU^dfYUg`_Y^dcDXUSXQcUVY\]gXYSX_VVUbUTUQb\iSY^U]Q
YdcVYbcdS\UQb]_TU\_VS_^dY^e_ecQSdY_^_^\ibUQ\\iQ``UQbUT
QddXUfUbiU^T_V!) #gYdX2Y_WbQ`XµcDXU5cSQ`UT<e^QdYS
Q\dX_eWXQ^e]RUb_VVY\]cVb_]!) #cUU]d_UTWUd_gQbTdXYc
V_b]
=0?>;q>=1>=0?0AC4)UDQFLD5HJLD/XFLHQ1RQJXHW
Ŷ3URG3DWKpŶPP/P'·µDIV'LGDVFDOLHLQJOHVL(QJOLVKLQWHUWLWOHVŶ'D0R0$
0;8248=F>=34A;0=3*E5HJLD&HFLO0+HSZRUWK3HUF\6WRZ
Ŷ6RJGD´$OLFH·V$GYHQWXUHVLQ:RQGHUODQGµGL/HZLV&DUUROO,QW0D\&ODUN$OLFH&HFLO+HSZRUWK)URJ0DUJDUHW+HSZRUWK:KLWH5DEELW4XHHQ1RUPDQ:KLWWHQ)LVK0DG
+DWWHU6WDQOH\)DLWKIXOOFDUWD*HRIIUH\)DLWKIXOOFDUWD3URG+HSZRUWK&RŶPP/P'·DIV'LGDVFDOLHLQJOHVL(QJOLVKLQWHUWLWOHVŶ'D%),
30A8=630H;867C1DA6;0AH*E5HJLD)UDQN0RWWHUVKDZ
Ŷ3URG6KHIILHOG3KRWR&RŶPP/P'·DIVŶ'D%),
034B?4A0C4?>0278=6055A0H*E5HJLD:LOOLDP+DJJDU
Ŷ3URG+DJJDUDQG6RQVŶPP/P'·µDIVŶ'D%),
<0AH90=4´B<8B70?>A3>=´C5>>;F8C7C74?0A0558=*E5HJLD*HRUJH$OEHUW6PLWK
Ŷ,QW/DXUD%D\OH\3URG*$6PLWKŶPP/P'·DIVŶ'D%),
C746A40CCA08=A>114AH86$5HJLD(GZLQ63RUWHU
Ŷ,QW*0$QGHUVRQ*HRUJH%DUQHV3URG(GLVRQ0IJ&RŶPP/P'·DIV&ROŶ'D0R0$Ŷ6WDPSDWRQHO3ULQWPDGHLQ
C74;854>50=0<4A820=58A4<0=86$5HJLD(GZLQ63RUWHU
Ŷ,QW$UWKXU:KLWH9LYLDQ9DXJKDQ3URG(GLVRQŶPP/P'·DIVŶ'D/LEUDU\RI&RQJUHVVŶ3UHVHUYDWRQHOGDSRVLWLYRQLWUDWRSUHVVR$),%RXOGLQ&ROOHFWLRQ
3ULQWSUHVHUYHGLQIURPQLWUDWHSRVLWLYHDW$),%RXOGLQ&ROOHFWLRQ
;0E843´D=9>D4DA)UDQFLD5HJLD)HUGLQDQG=HFFD
6FHQ)=HFFDŶ3URG3DWKpŶ/PŶ'D&LQpPDWKqTXH5R\DOHGH%HOJLTXH
#0CCD0;8Cª4±E43DC4²02CD0;8CH0=3=>=582C8>=0;E84FB
<µQbUQTU\SY^U]QTUY`bY]YdU]`YUcS\ecQTQ\3_^fUW^_TY2bY
WXd_^TU\!)'(bUcdQQ^S_b_WWYY\dUbbU^_TYbYSUbSQ]QWWY_b]U^dU
Y^Uc`\_bQd_*YVY\]^_^VYSdY_^DQ\U]Q^SQ^jQ~cUW^_TYe^QY^WYe
cdYVYSQRY\UdbQcSebQdUjjQc_`bQddedd_TQ`QbdUTUW\Ycd_bYSYTU\T_Se
]U^dQbY_1`QbdUaeQ\SXURbUfUQSSU^^_QYVY\]<e]Y~bUUdQ\f_\dQ
Q\\UQddeQ\Ydw@QdX}\UQ^d_\_WYUTU\T_Se]U^dQbY_c_bf_\Q^_S_]
`\UdQ]U^dUceW\YUc_bTYTU\SY^U]Q\µe^YS_`UbY_T_Y^SeYYVY\]^_^
^QbbQdYfYce`UbQfQ^_`Ub^e]Ub_aeU\\YS_^c_WWUddYTYVY^jY_^U<Q
`bUce^dQ²cU]`\YSYdw³TYaeUcdYVY\]XQTUdUb]Y^Qd_\Q\_b_UcS\ecY_
^UTQ\\QSQdUW_bYQTUYT_Se]U^dQbYTQ`QbdUTY:_X^7bYUbc_^Q\\Q
VY^UTUW\YQ^^Yµ" =Q\QbYSSXUjjQTYaeUcdU`U\\YS_\U~aeQ^d_]QY
UfYTU^dU^_^_cdQ^dU\Q]Q^SQ^jQTµQddU^jY_^UTUTYSQdQ\_b_TQW\Y
#
DXUQbUQ_VUQb\iVY\]UhS\eTUTVb_]dXU2bYWXd_^Ci]`_cYe]Y^
!)'(bU]QY^cYdc]_cde^Uh`\_bUTdUbbYd_bi*^_^VYSdY_^VY\]DXYc
^UW\USdYc^_dXY^W\UccdXQ^dXUcSQ^TQ\dXYcY]`\YUcUc`USYQ\\i
V_bXYcd_bYQ^c_VdXUT_Se]U^dQbi?dXUbdXQ^RbYUV]U^dY_^_VdXU
<e]Y~bU VY\]c Q^T _SSQcY_^Q\\i @QdX}µc QSdeQ\YdYUc XYcd_bYUc _V
dXUT_Se]U^dQbic[Y`_fUbdXU`UbY_T_VUQb\iSY^U]QdXU_^U
dY]U Y^ gXYSX ^_^VYSdY_^Q\ VY\] _ed^e]RUbUT Y^ `b_TeSdY_^ Qd
\UQcdVYSdY_^Q\VY\]cDXUce``_cUTcY]`\YSYdi_VdXUcUUQb\iVY\]c
\UTd_dXUYbUhS\ecY_^Vb_]dXUSQdUW_bi_VT_Se]U^dQbiRi:_X^
7bYUbc_^ Y^ dXU \QdU !)" µc 2ed dXU bYSX^Ucc _V dXUcU VY\]c Yc
UfYTU^dY^c`YdU_VdXUYb^UW\USdRicSX_\QbcgYdXbUSU^dY]`_bdQ^d
UhSU`dY_^c_VS_ebcU
9^S_^dbQcdd_dXUbXUd_bYSQ\V_b]7bYUbc_^QT]YbUTY^dXUC_fYUd
T_Se]U^dQbYUc _V dXU dgU^dYUc dXUcU UQb\i cX_bd VY\]c `bUcU^d
²fYUgc³* ]_dY_^ `YSdebU fUbcY_^c _V dXU `X_d_WbQ`XYS fYUgc
]Qb[UdUT V_b Q\Re]c Q^T cdUbU_cS_`U fYUgUbc cY^SU dXU U^T
_V dXU ^Y^UdUU^dX SU^debi DXU QTTYdY_^ _V ]_dY_^ dbQ^cV_b]c
dXUcUfYUgc=_dY_^gYdXY^dXU`YSdebUgXUdXUb_VSb_gTcc[Y\\UT
SbQVdc]U^TQ^SUbcQ^Y]Q\c_SUQ^gQfUc_b]QSXY^Uc]Q[Uc
dXUcU fYUgc `bYSU\Ucc bUS_bTc _V dXU U`XU]UbQ\ DXU QTTYdY_^
_V SQ]UbQ ]_dY_^ gXUdXUb `Q^_bQ]YS cX_dc ]_fY^W QSb_cc Q
\Q^TcSQ`U Y^ Y]YdQdY_^ _V `Q^_bQ]YS `X_d_WbQ`Xc _b dbQfU\Y^W
dXb_eWXc`QSU]_e^dUT_^QdbQY^_bdb_\\Ui]Q[UcdXUcUVY\]c
Y^dU^cU\iSY^U]QdYS
?^U S_e\T S\QY] dXQd dXU iUQbc RUV_bU !) # gUbU dXU dbeU
S\Y]Qh_VdXUQSdeQ\YdiVY\]@b_TeSdY_^_VdXU<e]Y~bUVY\]cQ^T
dXU RbUQdXdQ[Y^W &(]] VY\]c _V dXU =ed_cS_`U Q^T 2Y_WbQ`X
3_]`Q^iXQTU^TUTRi!) #>_^UdXU\UccdXU`_gUb_VdXUfYUg
bU]QY^cUfYTU^dY^dXUfYceQ\fQbYUdi_VdXUcUVY\]c
A4?A>3D2C8>=>594554A84B2>A14CC5867C86$
Ŷ3URG$0%&RŶPP/P'·µDIV%QŶ'D0R0$Ŷ6WDPSDWRQHO3ULQWPDGHLQ
0CF>A:8=C74?40C1>6*E
Ŷ3URG:DUZLFN7UDGLQJ&RŶPP/P'·µDIVŶ'D*HRUJH(DVWPDQ+RXVHŶ3UHVHUYDWRQHOGDPDVWHUSRVLWLYRQLWUDWR3ULQWSUHVHUYHGLQIURP
QLWUDWHPDVWHUSRVLWLYH
<0A:4CB24=48=>;3208A>46H?C86$
Ŷ3URG(GLVRQ0IJ&RŶPP/P'µDIVŶ'D*HRUJH(DVWPDQ+RXVHŶ3UHVHUYDWRQHO3ULQWSUHVHUYHGLQ
C74>2C>?DB*E
Ŷ3URG:DUZLFN7UDGLQJ&RŶPP/P'·DIVŶ'D*HRUJH(DVWPDQ+RXVHŶ3UHVHUYDWRQHOGDSRVLWLYRQLWUDWR3ULQWSUHVHUYHGLQIURPQLWUDWHSRVLWLYH
?0=>A0<0>5<>AA>20BC;470E0=02D1086$
Ŷ3URG(GLVRQ0IJ&RŶPP/P'·µDIVŶ'D*HRUJH(DVWPDQ+RXVHŶ3UHVHUYDWRQHOGDSRVLWLYRQLWUDWR3ULQWSUHVHUYHGLQIURPQLWUDWH
SRVLWLYH
?0=>A0<82E84FB>574AA4B7>55F>A:B5A><1A8BC>;86$
Ŷ3URG(GLVRQ0IJ&RŶPP/P'·DIVŶ'D*HRUJH(DVWPDQ+RXVHŶ3UHVHUYDWRQHOGDSRVLWLYRQLWUDWR3ULQWSUHVHUYHGLQIURPQLWUDWHSRVLWLYH
?>CC4AB0CF>A:86$
ŶPP/P'·DIVŶ'D*HRUJH(DVWPDQ+RXVHŶ3UHVHUYDWRQHOGDPDVWHUSRVLWLYRQLWUDWR3UHVHUYHGLQIURPQLWUDWHPDVWHUSRVLWLYH
JB24=4B8=8A8B7<0A:4C?;024L*E
Ŷ3URG:DUZLFN7UDGLQJ&RŶPP/P'·µDIVŶ'D*HRUJH(DVWPDQ+RXVHŶ3UHVHUYDWRQHOGDSRVLWLYRQLWUDWR3ULQWSUHVHUYHGLQIURPQLWUDWH
SRVLWLYH
4<86A0=CB;0=38=60C4;;8B8B;0=3
ŶPP/P'·µDIVŶ'D/LEUDU\RI&RQJUHVVŶ5HVWDXUDWRQHOGDSDSHUSRVLWLYR3ULQWUHVWRUHGLQIURPSDSHUSRVLWLYH
4;42CA>2DC8=6C744;4?70=C86$
ŶPP/P'·µDIVŶ'D/LEUDU\RI&RQJUHVVŶ3UHVHUYDWRGDSDSHUSRVLWLYR3ULQWSUHVHUYHGIURPSDSHUSRVLWLYH
J20?C08=340BH´B30A8=63A8E40B24=CL*HUPDQLD
Ŷ3URG'HXWVFKH0XWRVNRSXQG%LRJUDSK*HVHOOVFKDIWŶPP/P'¶DIVŶ'D1HGHUODQGV)LOPPXVHXP
#!
!) #
cdeTY_cYS_^Q\Se^UbUSU^dYUSSUjY_^Y_ffYQ]U^dU
9^S_^dbQcd_S_^\QV_b]QbUd_bYSQSXU7bYUbc_^Q]]YbQfQ^UYT_
Se]U^dQbYc_fYUdYSYTUW\YQ^^Yµ" aeUcdYS_bdYTU\\U_bYWY^YSY_VVb_^_
TU\\U²fUTedU³*S_]Ue^QfUbcY_^USY^U]Qd_WbQVYSQTYaeU\\UV_d_
WbQVQdUUS_]]UbSYQ\YjjQdU`UbW\YQ\Re]U\UY]]QWY^YcdUbU_cS_
`YSXUQ`QbdYbUTQ\\QVY^UTU\H9HcUS_\_<µQWWYe^dQTU\]_fY]U^d_
dbQcV_b]QaeUcdUfUTedU*cSU^UTYV_\\QQRY\YQbdYWYQ^YRQ\\UbY^U
Q^Y]Q\Y_^TUTU\\µ_SUQ^__]QSSXY^Udedd_SY‡TYfU^dQe^Y^UcdY
]QRY\UT_Se]U^dQjY_^UTU\\µUVVY]Ub_3XUcYdbQddYTYY^aeQTbQdebU
`Q^_bQ]YSXUSXUcY]e_f_^_\e^W_Y\`QUcQWWY_`bU^TU^T_Q\Se
^YdbQddYcdY\YcdYSYTQ\\QV_d_WbQVYQ`QUcQWWYcdYSQ_TYbY`bUcUSXUcY
c`_cdQ^_^U\\_c`QjY_cedbU^Y_SQbbU\\Y\µQWWYe^dQTU\]_fY]U^d_
S_^VUbYcSUQaeUcdU`U\\YS_\Ue^QaeQ\YdwUcdbU]Q]U^dUSY^UdYSQ
CY`_dbURRUQVVUb]QbUSXUW\YQ^^Y`bUSUTU^dYQ\!) #QRRYQ^_
bQ``bUcU^dQd_Y\fUb_Se\]Y^UTU\\UQddeQ\Ydw<Q`b_TejY_^UTUY
VY\]<e]Y~bUUTU\\UcdbQ_bTY^QbYU`U\\YS_\U&(]]TU\\Q=ed_cS_`U
UTU\\Q2Y_WbQ`XcYUbQWYwS_^S\ecQ^U\!) #3Y_^_^_cdQ^dU\Q
`_dU^jQ TU\\Q fUTedQ bUcdQ e^ U\U]U^d_ UfYTU^dU ^U\\Q fQbYUdw
fYcYfQTYaeUcdU_`UbU
20E0;84AB0A014B)UDQFLD
Ŷ3URG*DXPRQWŶPP/P'¶´DIVŶ'D&LQpPDWKqTXH*DXPRQW/REVWHU)LOP
;4?0?4;q>=G8880DE0C820=)UDQFLD5HJLD/XFLHQ1RQJXHW
Ŷ3URG3DWKpŶPP/P'···DIVŶ'D&LQpPDWKqTXH5R\DOHGH%HOJLTXH
<>AC3D?0?4;q>=G888)UDQFLD5HJLD/XFLHQ1RQJXHW
!) #
Ŷ3URG3DWKpŶPP/P'···DIVŶ'D&LQpPDWKqTXH5R\DOHGH%HOJLTXH
2744B4<8C4B)C74D=B44=F>A;3*E5HJLD)0DUWLQ'XQFDQ
Ŷ3URG&KDUOHV8UEDQ7UDGLQJ&RPSDQ\ŶPP/P'µDIVŶ'D%),
64CC8=6C7470H*E
Ŷ3URG:DUZLFN7UDGLQJ&RŶPP/P'·DIVŶ'D*HRUJH(DVWPDQ+RXVHŶ3UHVHUYDWRQHOGDSRVLWLYRQLWUDWR3ULQWSUHVHUYHGLQIURPQLWUDWHSRVLWLYH
:8=6?;0=C8=60CA440CC74A>H0;06A82D;CDA0;B>284CH*E
Ŷ3URG:DUZLFN7UDGLQJ&RŶPP/P'µDIVŶ'D*HRUJH(DVWPDQ+RXVHŶ3UHVHUYDWRQHOGDSRVLWLYRQLWUDWR3ULQWSUHVHUYHGLQIURPQLWUDWH
SRVLWLYH
J94ADB0;4<´B1DB84BCBCA44CB7>F8=6<>D=CI8>=L86$5HJLD$&$EDGLH
Ŷ3URG(GLVRQŶPP/P'·DIVŶ'D/LEUDU\RI&RQJUHVVŶ3UHVHUYDWRQHOGDSDSHUSRVLWLYR3ULQWSUHVHUYHGLQIURPSDSHUSRVLWLYH
0A0180=94F8B730=2486$
Ŷ2S$&$EDGLH3URG(GLVRQŶPP/P'·DIVŶ'D/LEUDU\RI&RQJUHVVŶ3UHVHUYDWRGDSDSHUSRVLWLYR3ULQWSUHVHUYHGIURPSDSHUSRVLWLYH
;86=434;0<DA40BC64>A64342><<84AB8BÃA4)UDQFLD
Ŷ3URG*DXPRQWŶPP/P'···DIVŶ'D&LQpPDWKqTXH*DXPRQW
JB2>=CA>54AA>E80A8>L8QJKHULD
ŶPP/P'·DIVŶ'D)RQGD]LRQH&LQHWHFD,WDOLDQD
$58;<2><8282><4384B
@_SXYcdeTY_cYXQ^^_c_dd_\Y^UQd_SXUT_`_Y\`bUT_]Y^Y_TU\\U
QddeQ\Ydw^UY`bY]YQ^^YTU\\Qcd_bYQTU\SY^U]QY\WU^UbUceSSUccYf_
SXUc_bWU~aeU\\_TU\\QS_]]UTYQ<UWQWfYcYfUU\µe]_bYc]_
c\Q`cdYS[cYQTQddQ^_Y]]UTYQdQ]U^dUQ\\UV_b]UTU\SY^U]QTUY
`bY]YdU]`YSXUcYQVVYTQQ\\QRbUfYdw\QS_]`bU^cY_^UY]]UTYQdQU
Y\\Y^WeQWWY_e^YfUbcQ\UTU\\QReb\QUTU\\µY]`bUfYcd_<UWQWXQ^^_
_VVUbd_Q\SY^U]Q\QceQ`bY]QV_b]Q^QbbQdYfQSXUcUWeYfQe^Q
\_WYSQU\U]U^dQbUcdbeddebQdQY^TeUVQcY*\Q`bU`QbQjY_^UQTUc
e^ bQWQjjY^_ Re_^dU]`_^U _bWQ^YjjQ e^_ cSXUbj_ QY TQ^^Y TY
e^fUSSXY_U\QbYecSYdQQTUcY\fUSSXY_fYU^US_]`\UdQ]U^dU
RQW^Qd_Y^VQ^WQd__e]Y\YQd_Y^Q\db_]_T_<UWQWXQ^^_Y^_\dbU
TQd_fYdQQ\\U`bY]UU\U]U^dQbYdY`_\_WYUTY`Ubc_^QWWY_be_\YTU\
SY^U]QY^`QbdYS_\QbUSXYVQW\YcSXUbjYUSXY\YceRYcSU
9VY\]S_]YSYTUY`bY]YdU]`Y^_^QbbUdbQ^_TQfQ^dYQ\\µQccebTYdw_
Q\\Q SbeTU\dw >U\\Q ]YW\Y_bU dbQTYjY_^U c\Q`cdYS[ \Q fY_\U^jQ \Q
c_VVUbU^jQ U \Q dbQWUTYQ c_^_ VY^Q\YjjQdU Q\\µUVVUdd_ S_]YS_ 7\Y
eRbYQSXYfU^W_^_TUbeRQdYY`_bdYUbYbUcdQ^_cSXYQSSYQdY^U\\U`_bdU
WYbUf_\YU`Ubc_^QWWYTYfQbY_WU^UbUcVbUSSYQ^_cU^jQS_^db_\\_
`UbfYQ\YQVV_\\QdYQR_bT_TYfUYS_\YY]`QjjYdY<Q`_dU^jYQ\YdwTU\
S_b`_e]Q^_TYUc`bY]UbUW_VVQWWY^UY]RQbQjj_UdbQcV_b]QjY_^Y
#"
6Ug cSX_\Qbc XQfU cdbUccUT dXQd QVdUb dXU T_]Y^Q^SU _V dXU
QSdeQ\YdiWU^bUTebY^WSY^U]QµcVYbcdiUQbcS_]UTigQcdXU^Uhd
WU^bUd_QbYcUCYWXdWQWcQ^Tc\Q`cdYS[Xe]_bVYdY^Y]]UTYQdU\i
gYdX dXU V_b]c _V UQb\i SY^U]Q bU\iY^W _^ RbUfYdi Y]]UTYQdU
S_]`bUXU^cY_^ Q^T Q e^YfUbcQ\ \Q^WeQWU _V `bQ^[c Q^T
QSSYTU^dc7QWc_VVUbUTSY^U]QµcVYbcd^QbbQdYfUV_b]9dV_\\_gUT
Q^U\U]U^dQbidg_`Qbd\_WYS*VYbcddXU²cUde`³UW]YcSXYUf_ec
R_iQbbQ^WUc`bQ^[_^_\T]Q^V_\\_gUTRidXU²`Qi_VV³UW
dXU_\T]Q^WUdT_ecUTRUc]YbSXUT_b_dXUbgYcUXe]Y\YQdUTDXU
WQWQ\c_SbUQdUTdXUVYbcdU\U]U^dQbiSXQbQSdUbdi`Uc_bb_\UcY^
SY^U]QUc`USYQ\\idXUdbYS[cdUbQ^TdXUdbYS[UT
5Qb\iVY\]S_]UTYUcQbU^_dQVbQYT_VUYdXUbQRcebTYdi_bSbeU\di
9^dXURUcdc\Q`cdYS[dbQTYdY_^fY_\U^SU`QY^Q^TTYcQcdUbQbU
]Q^eVQSdebUT Y^ _bTUb d_ bQYcU Q \QeWX 4be^[c QbU b_RRUT+
S_^SYUbWUc c]QcXUT RUXY^T cgY^WY^W T__bc+ Q^T fQbY_ec
`U_`\U cgUbfU T_g^ Sb_gUT QfU^eUc Y^ Q fQbYUdi _V _ed_V
S_^db_\ fUXYS\Uc DXU Xe]Q^ R_Tiµc SQ`QSYdi V_b S\e]cY^Ucc
U]RQbbQcc]U^dQ^Te^cYWXd\idbQ^cV_b]QdY_^`b_fYTUcQRQcYS
Qc`USd_VUQb\iS_]UTiDXU`_ccYRY\Ydi_V\_^WUbS_]UTYUcQb_cU
Qb_e^T!) #gYdXdXUcY]`\UcdbeSdebU_VS_^SQdU^QdY_^*QTTY^W
Q cUbYUc _V WQWc d_WUdXUb gYdX Q cY^W\U SXQbQSdUb DXU ]_cd
VbUaeU^d`b_dQW_^YcdcgUbU]YcSXYUf_ecR_icSQecY^WQcUbYUc_V
TYcQcdUbcV_\\_gUTS\_cU\iRibeRUcQ^TS_e^dbiV_\[gX_cY]`\i
T_^µde^TUbcdQ^TdXUgQic_VdXU]_TUb^g_b\T5Qb\iS_]UTi
Yc\UccQWU^bU_VWYVdUTS_]UTYQ^cdXQ^QcUbYUc_VSQbd__^c
Rb_eWXdd_\YVU*fe\WQb\YfU\iW__Tc`YbYdUTQ^Te^gY\\Y^Wd_\Ud
Q^idXY^WS\Qcc`bYfY\UWUVQ]Y\i]Q^^Ubc_b\_WYScdQ^TY^dXU
gQi_VQW__TZ_[U
1DBC4A´B9>:4>=?0?086$
Ŷ3URG(GLVRQ0IJ&RŶPP/P'·µDIVŶ'D*HRUJH(DVWPDQ+RXVHŶ3UHVHUYDWRQHOGDQHJDWLYRDFHWDWR3ULQWSUHVHUYHGLQIURPDFHWDWH
QHJDWLYH
7>FC74HA>1<4=8=278206>86$
Ŷ3URG$0%&RŶPP/P'··DIVŶ'D/LEUDU\RI&RQJUHVV:DVKLQJWRQŶ3UHVHUYDWRQHOGDSRVLWLYRQLWUDWRSUHVVR$),0LOOHU&ROOHFWLRQ3ULQWSUHVHUYHGLQ
IURPQLWUDWHSRVLWLYHDW$),0LOOHU&ROOHFWLRQ
0<>34;2>DACB78?86$5HJLD*:%LW]HU
Ŷ3URG$0%&RŶPP/P'·µDIVŶ'D*HRUJH(DVWPDQ+RXVHŶ3UHVHUYDWRQHOGDSRVLWLYRQLWUDWR3ULQWSUHVHUYHGLQIURPQLWUDWHSRVLWLYH
C7410A14A´B@D44A2>BCD<4A86$5HJLD$UWKXU0DUYLQ
Ŷ3URG$0%&RŶPP/P'·µDIVŶ'D*HRUJH(DVWPDQ+RXVHŶ3UHVHUYDWRQHOGDSRVLWLYRQLWUDWR3ULQWSUHVHUYHGLQIURPQLWUDWHSRVLWLYH
?>DABD8C4022834=Cq4)UDQFLD
Ŷ3URG3DWKpŶPP/P'·DIVŶ'D/REVWHU)LOP
7>AA81;458=3´D=2>=284A64)UDQFLD
Ŷ3URG3DWKpŶPP/P'···DIVŶ'D$UFKLYHV)UDQoDLVHVGX)LOPŶ&RSLDUHVWDXUDWDQHO3ULQWUHVWRUHGLQ
;03H1>D=C85D;E8B8CBC74<DA?7HB>=F0B730H86$
Ŷ3URG$0%&RŶPP/P'···DIVŶ'D/LEUDU\RI&RQJUHVVŶ3UHVHUYDWRQHOGDPDVWHUSRVLWLYRQLWUDWRSUHVVR%URRN)RXQGDWLRQ&ROOHFWLRQ3ULQWSUHVHUYHG
LQIURPQLWUDWHSRVLWLYHDW%URRN)RXQGDWLRQ&ROOHFWLRQ
0B2A0?8=1;02:0=3F78C486$5HJLD$OIUHG&$EDGLH
Ŷ3URG(GLVRQŶPP/P'···DIV%QŶ'D0R0$Ŷ6WDPSDWRQHOGDXQODYDQGHUVDIHW\DVXDYROWDVWDPSDWRGDOQHJDWLYRQLWUDWRRULJLQDOH0DGHLQ
DVDGLUHFWUHYHUVDOSULQWIURPDVDIHW\ILQHJUDLQIURPDQRULJLQDOQLWUDWHQHJDWLYH
##
!) #
cWbQTUf_\YV_b^YcSUe^U\U]U^d_RQcY\QbU`UbY`bY]YVY\]S_]YSY
<Q`_ccYRY\YdwTYbUQ\YjjQb^UTY`YŒ\e^WXYY^YjY‡Q`bU^TUbUV_b]QQd
d_b^_Q\!) #QddbQfUbc_e^QcU]`\YSUcdbeddebQTYS_^SQdU^QjY_^U*
e^YbUe^QcUbYUTYWQW`Ub]Ujj_TYe^e^YS_`Ubc_^QWWY_9`b_dQ
W_^YcdY`YŒVbUaeU^dYUbQ^_bQWQjjY^YRe_^dU]`_^YSXUSQecQfQ^_
Y^SYTU^dYTYfQbYQ^QdebQcUWeYdYQRbUfUTYcdQ^jQTQb_jjYS_^dQTY^YU
SQ]`QW^_\Yd_dQ\]U^dUY^SQ`QSYTYY^cUbYbcY^U\]_^T_]_TUb^_<Q
S_]YSQTUY`bY]YdU]`Y^_^~dQ^d_e^WU^UbU\UWQd_QTQdd_bYRbY\\Q^dY
aeQ^d_`Yedd_cd_\Q]UccQY^cSU^QTYe^QcUbYUTYfYW^UddU*f_\WQbY
fYfQSYc`YbYd_cUUS_^fY^dUSXU^YU^dUU^Ucce^_`bYfY\UWYc_SYQ\Y
VQ]YW\YQUTeSQjY_^U_\_WYSQ`_ccQY]`UTYbUe^QRe_^QRQddedQ
A8CA>E0C8A4BC0DA0C8A42>E4A43A4BC>A43
A8CA>E0C8A4BC0DA0C8A42>E4A43A4BC>A43
;4B3q1DCB3´D=20=>C84A)UDQFLD5HJLD/RXLV*DVQLHU
Ŷ,QW$QGUp'HHG3URG3DWKpŶPP/P'·DIVŶ'D&LQpPDWKqTXH)UDQoDLVHŶ5HVWDXUDWRQHOGDXQQHJDWLYRQLWUDWR3ULQWUHVWRUHGLQIURPQLWUDWH
QHJDWLYH
CUWeU^T_Y\VY\_^UTUYVY\]S_]YSYSXUTUcSbYf_^_e^Q``bU^TYcdQd_
SQdQcdb_VYS_S_]U<Uc4}RedcTµe^Q}b_^QedUU<Uc4}RedcTµe^
`QdY^UebTY=Qh<Y^TUb^U\!) '1^Tb}4UUTWYwY^dUb`bUdUTU
<Uc 4}Redc Tµe^ SXQeVVUeb ^U\ !) & U <Uc 1``bU^dYccQWUc TU
2_YbUQe^U\!) 'cYQSS_cdQaeYQ\\µQbdUTYVVYSY\UUQccQY`UbYS_\_cQ
TY]Q^_fbQbUYbU]Ycee^QRQbSQ9\RQW^_~WQbQ^dYd_>U\!) (
WYbUbwQ^S_bQ<µ1``bU^dYQbSXYdUSdU
:UQ^17Y\Y
?^ dXU gQfU _V S_]UTi VY\]c TUcSbYRY^W SQdQcdb_`XYS
Q``bU^dYSUcXY`c ceSX Qc <Uc 4}Redc Tµe^ Q}b_^QedU Q^T <Uc
4}RedcTµe^`QdY^UebRi=Qh<Y^TUbY^!) 'XUbU1^Tb}4UUT
gX_XQTQ\bUQTiQ``UQbUTY^<Uc4}RedcTµe^SXQeVVUebY^!) &
Q^T<Uc1``bU^dYccQWUcTU2_YbUQeY^!) 'WbQ``\UcgYdXdXU
TYVVYSe\dQ^TbQdXUbTQ^WUb_ecQbd_V]Q^UefUbY^WdXU_Qbc_^QR_Qd
1cgY]YcWeQbQ^dUUT9^!) (XU]QTU<µ1``bU^dYQbSXYdUSdU
:UQ^17Y\Y
;42><C4;q>=C>;BC>Æ5XVVLD
Ŷ3URG/H)LOP5XVVHŶPP/P'·DIVŶ'D&LQpPDWKqTXH)UDQoDLVHŶ5HVWDXUDWRQHOGDXQQHJDWLYRLQQLWUDWR3ULQWUHVWRUHGLQIURPQLWUDWH
QHJDWLYH
CYQ]_bYecSYdYQVY\]QbUe^QRU\\YccY]QY]]QWY^UTU\VQ]_c_Qe
d_bU]U^dbU\QcSYQ\QceQ`b_`bYUdwE^`_µTQ\_^dQ^_`ebdb_``_
]QQRRQcdQ^jQfYSY^_TQ`_dUbTYcdY^WeUbU_W^Yce_WUcd_]U^dbU
cQ\edQ\QcUWbUdQbYQ`bY]QTY`bU^TUbUY\dbU^_
4Q8U^bY2_ecaeUd3QdQ\_WeU@QdX}TUcQ^^}Uc!()&w!)!$
GUVY^Q\\i]Q^QWUTd_VY\]QRUQedYVe\cX_d_VdXUVQ]_ecQedX_bQc
XU\UQfUcXYc`b_`Ubdi9dYce^V_bde^QdU\iQRYdVQb_VVRedYdµcS\_cU
U^_eWXd_TYcdY^WeYcXUQSXWUcdebUXU]Q[UcQcXUcQicW__TRiU
d_XYccUSbUdQbiRUV_bUdQ[Y^WdXUdbQY^
6b_]8U^bY2_ecaeUd3QdQ\_WeU@QdX}TUcQ^^}Uc!()&w!)!$
;>D@B>A4C:0A=0:)UDQFLD"
ŶPP/P'·DIV%QŶ'D&LQpPDWKqTXH)UDQoDLVHŶ5HVWDXUDWRQHOGDXQQHJDWLYRLQQLWUDWR3ULQWUHVWRUHGLQIURPQLWUDWHQHJDWLYH
?A8<>28A2D8C>04A4>8=C4A=0I8>=0;4,WDOLD
Ŷ(SLVRGLRGHOODVHULH´$YLD]LRQHD%UHVFLDµ3LORWL&XUWLVV5RXJHU%OpULRW3URG$&URFH&ŶPP/P'·DIV,PELELWRWLQWHG'LGDVFDOLHLWDOLDQH,WDOLDQ
LQWHUWLWOHVŶ'D&LQHWHFDGHO&RPXQHGL%RORJQDŶ5HVWDXUDWRGDOOD&LQHWHFDGL%RORJQDSUHVVR/·,PPDJLQH5LWURYDWDQHOO·DSULOHDSDUWLUHGDXQSRVLWLYRQLWUDWRLPELELWRFRQ
GLGDVFDOLHLWDOLDQHGHSRVLWDWRSUHVVROD&LQHWHFDGHO&RPXQHGL%RORJQDGD'DQLHO1&DVDJUDQGHQHOVHWWHPEUH3ULQWUHVWRUHGE\&LQHWHFDGL%RORJQDDW/·,PPDJLQH5LWURYDWD
LQ$SULOIURPDQLWUDWHSRVLWLYHSUHVHQWLQJWLQWLQJDQGWRQLQJZLWK,WDOLDQLQWHUWLWOHVGHSRVLWHGDWWKH&LQHWHFDGHO&RPXQHGL%RORJQDE\'DQLHO1&DVDJUDQGHLQ6HSWHPEHU
3458A439šE;4'DQLPDUFD5HJLD$OH[&KULVWLDQV5REHUW'LQHVHQ$OIUHG/LQG&DUO5RVHQEDXP
Ŷ6FHQ&DUO5RVHQEDXPGDOURPDQ]R´/HV4XDWUHVGLDEOHVµGL+HUPDQ%DQJ)$OIUHG/LQG0$OIUHG/LQG,QW(GLWK%XHPDQQ5REHUW'LQHVHQ7LOOH\&KULVWLDQVHQ&DUO5RVHQEDXP
$QWRLQHWWH:LQGLQJ(LQDU5RVHQEDXP$OIUHG/LQG3URG.LQRJUDIHQŶPP/P'·DIV&RO'LGDVFDOLHRODQGHVL'XWFKLQWHUWLWOHVŶ'D1HGHUODQGV)LOPPXVHXP
4UVYbU4Z¢f\U~cdQd_`b_T_dd_TQe^Q`YSS_\QSQcQTY`b_TejY_^U
TQ^UcUUY\^UWQdYf__bYWY^Q\U~`UbTed_AeUcdQ^e_fQS_`YQ~
cdQdQcdQ]`QdQQ`QbdYbUTQ\]QdUbYQ\U`_cYdYf_UcYcdU^dU*e^QS_`YQ
Y^RYQ^S_U^Ub_TUbYfQdQTQe^QS_`YQ_bYWY^Q\US_]`\UdQSXU_bQ
^_^UcYcdU`YŒUe^QS_`YQS_\_bQdQ]QY^S_]`\UdQAeUcdµe\dY]Q
~cdQdQedY\U`UbbYcdQRY\YbU\QS_\_bQjY_^U9^QccU^jQTU\^UWQdYf_
_bYWY^Q\U\Q^e_fQS_`YQ~\Q]YW\Y_bU`_ccYRY\U*]QS_^cUbfUbw
cU]`bU\UdbQSSUTYecebQTU\`_cYdYf_TQSeY~cdQdQbYcdQ]`QdQ
=QbWeUbYdU5^WRUbWY^3Y^}]U]_YbU!))!
4U VYbU 4Z¢f\U gQc `b_TeSUT Ri Q c]Q\\ 4Q^YcX `b_TeSdY_^
S_]`Q^iDXU_bYWY^Q\^UWQdYfUYc]YccY^WDXYc^Ug`bY^dgQc
cdbeS[ Vb_] UhYcdY^W `_cYdYfU ]QdUbYQ\c* Q R\QS[ Q^T gXYdU `bY^d
cdbeS[Vb_]QS_]`\UdU_bYWY^Q\`bY^ddXQdYc^_\_^WUbY^UhYcdU^SU
Q^TQ^Y^S_]`\UdUS_\_b`bY^dDXU\QddUbgQcecUVe\V_bUcdQR\YcXY^W
dXUS_\_bV_bdXU`bY^d9^dXUQRcU^SU_VdXU_bYWY^Q\^UWQdYfUdXYc
`bY^dYcdXURUcddXQdS_e\TRU]QTUQ\dX_eWXYdcX_gcdbQSUc_V
gUQbVb_]dXU`bY^ddXQdgQcecUTd_SbUQdUYd
=QbWeUbYdU5^WRUbWY^3Y^}]U]_YbU!))!
4UVYbU4Z¢f\UY^QeWeb‡Y\WU^UbUTU\VY\]SYbSU^cUSXUTYfU^^U
e^Q c`USYQ\Ydw TU\ SY^U]Q TQ^UcU bUSQ^T_ S_^ c} e^Q ^e_fQ
`b_c`UddYfQTYcfY\e``_V_b]Q\UTU\bQSS_^d_9\VY\]UbQRQcQd_ce
e^Q cd_bYQ TU\\_ cSbYdd_bU TQ^UcU 8Ub]Q^ 2Q^W Q aeU\\µU`_SQ
4U VYbU 4Z¢f\U \UT d_ dXU SYbSec VY\] WU^bU gXYSX RUSQ]U Q
c`USYQ\di_V4Q^YcXSY^U]QQ^TSQbbYUTgYdXYd^Ug`_ccYRY\YdYUc
V_bV_b]Q\cd_biTUfU\_`]U^dDXUVY\]gQcY^c`YbUTRi4Q^YcX
gbYdUb 8Ub]Q^ 2Q^Wµc cd_bi aeYdU VQ]_ec Qd dXU dY]U gXYSX
#&
TUQ\dgYdXQ\_fUdQ^W\UgYdXY^QWb_e`_VdbQ`UjUQbdYcdcQ^TYdc
S_^cUaeU^SUcTebY^WdXUSYbSec`UbV_b]Q^SUcDXUcUaeU^SUc
cUd Y^ dXU SYbSec dU^d Uc`USYQ\\i TebY^W dXU ]_cd TbQ]QdYS
]_]U^dcgUbU_VdU^VY\]UTVb_]UhdbU]U\iXYWX_b\_gQ^W\Uc
Y^Q]Q^^UbdXQdgQcU^dYbU\ie^[^_g^Y^VYSdY_^VY\]ce`d_dXQd
dY]U6_\\_gY^WdXUg_b\TgYTUdbYe]`X_VdXYcVY\]dXbUUXe^TbUT
S_`YUcgUbUc_\TY^dUb^QdY_^Q\\i>_bTYc[`b_TeSUTVY\]cgYdX
cY]Y\QbdXU]Uc
2Qbbi CQ\d Y^ CSXYQfU RYQ^SXU Q\\_ c`USSXY_ UTYdUT Ri @Q_\_
3XUbSXYEcQY5TCdeTY_DUcY@_bTU^_^U!)(&
E8A68=80,WDOLD
Ŷ,QW$POHWR1RYHOOL9LUJLQLR*LXVHSSH*DPEDUGHOODXQSRSRODQR$OGR6LQLPEHUJKL*DVWRQH0RQDOGL3URG&LQHVŶPP/P'·DIV'LGDVFDOLHLWDOLDQH
,WDOLDQLQWHUWLWOHVŶ'D&LQHWHFDGHO&RPXQHGL%RORJQD&LQpPDWKqTXH5R\DOH$UFKLYLR1DFLRQDOGHOD,PDJHQ²6RGUHŶ6WDPSDWRQHOGDXQDFRSLDEQSRVLWLYDQLWUDWR3ULQW
PDGHLQIURPDQLWUDWHSRVLWLYHEODFNDQGZKLWHSULQW
<QRU\\QFYbWY^YQ~VYW\YQTU\SU^debY_^UFYbWY^Y_AeQ^T_Y\`QTbU
TUfU`QbdYbU`Ub\QWeUbbQFYbWY^YQ~\QcSYQdQQ\\USebUTU\ce_
VYTQ^jQd_ 7Ye\Y_ e^ WY_fQ^U dbYRe^_ TU\ `_`_\_ <U WbQjYU TY
FYbWY^YQ cecSYdQ^_ `Ub‡ Y\ TUcYTUbY_ TY 1``Y_ 3\QeTY_ e^_ TUY
TUSU]fYbYSXU`Qb\QTU\ce_Q]_bUQ\\µQ]YS_=QbS_U]Q^TQTUY
S_cd_cYbUWQ\YQFYbWY^YQ\QaeQ\U`Ub‡\YbYVYedQ+aeQ^T_`_YdU^dQTY
QRRbQSSYQb\QUWeQ\]U^dUfYU^Uc_b`bUc_USQSSYQd_TQ7Ye\Y_ª
²DXU2Y_cS_`U³!&"!)!!
2UQedYVe\FYbWY^YQYcdXUTQeWXdUb_VFYbWY^Y_QSU^debY_^GXU^XUb
VQdXUbXQcd_W_d_gQbFYbWY^YQYc\UVdY^dXUSQbU_VXUbVYQ^S}U7Ye\Y_
Qi_e^WdbYRe^U_VdXU`U_`\U8_gUfUbFYbWY^YQµcWbQSUcQbUQ\c_
dXU_RZUSd_VTUcYbU_V1``Y_3\QeTY__^U_VdXUTUSU]fYbcDXU
\QddUbc`UQ[c_VXYc\_fUgYdXXYcVbYU^T=QbS_Q^TcU^TcUh`U^cYfU
WYVdc d_ FYbWY^YQ gX_ X_gUfUb bUVecUc dXU]+ gXU^ XU dbYUc d_
U]RbQSUXUbQ^igQiXUYcSQeWXdQ^TdXb_g^_edRi7Ye\Y_ª
DXU2Y_cS_`U³!&"!)!!
;´42;8BB4?0AI80;438B>;434; &0?A8;4 ( !,WDOLD5HJLD/XFD&RPHULR
ŶPP/P'·DIV9LUDWRLPELELWR7LQWHGWRQHG'LGDVFDOLHLWDOLDQH,WDOLDQLQWHUWLWOHVŶ'D&LQHWHFDGHO&RPXQHGL%RORJQDŶ5HVWDXUDWRGDOOD&LQHWHFDGL%RORJQD
SUHVVR/·,PPDJLQH5LWURYDWDQHOO·DSULOHDSDUWLUHGDXQSRVLWLYRQLWUDWRLPELELWRHYLUDWRFRQGLGDVFDOLHLWDOLDQHGHSRVLWDWRSUHVVROD&LQHWHFDGHO&RPXQHGL%RORJQDGD'DQLHO
1&DVDJUDQGHQHOVHWWHPEUH3ULQWUHVWRUHGE\&LQHWHFDGL%RORJQDDW/·,PPDJLQH5LWURYDWDLQ$SULOIURPDQLWUDWHSRVLWLYHSUHVHQWLQJWLQWLQJDQGWRQLQJZLWK,WDOLDQ
LQWHUWLWOHVGHSRVLWHGDWWKH&LQHWHFDGHO&RPXQHGL%RORJQDE\'DQLHO1&DVDJUDQGHLQ6HSWHPEHU
5sA5n34A=4B;0=34C6YH]LD5HJLD*HRUJDI.OHUFNHU
Ŷ7LWIU´/·(VSLRQG·gVWHUODQG´6FHQ*HRUJDI.OHUFNHU)+HQULN-DHQ]RQ,QW*HRUJDI.OHUFNHUFRQWH,YDQYRQ.DXQRZLW]/LOO\-DFREVVRQ(EEDYRQ7HOO-/DQJH*XQKLOG
3URG6YHQVND%LRJUDIWHDWHUQŶPP/P'·DIV'LGDVFDOLHIUDQFHVL)UHQFKLQWHUWLWOHVŶ'D&LQpPDWKqTXH)UDQoDLVHŶ5HVWDXUDWRQHOGDXQODYDQGHUVDIHW\
3ULQWUHVWRUHGLQIURPODYDQGHUVDIHW\
<µ5c`Y_^TµtcdUb\Q^T~cdQd_bUcdQebQd_^U\" "TQ\\Q3Y^}]Q
dX~aeU 6bQ^|QYcU E^Q Te`\YSQd_ ce ce``_bd_ cQVUdi UbQ cdQd_
cdQ]`Qd_^U\!)) Q`QbdYbUTQe^^UWQdYf_^YdbQd_S_^cUbfQd_
`bUcc_\UceUS_\\UjY_^YAeUcdY]QdUbYQ\Y^_^QfUfQ^_TYTQcSQ\YU
aeY^TYY\bUcdQeb_XQS_]`_bdQd_\Q\_b_bYS_cdbejY_^UUY\ceSSUccY
f_Y^cUbY]U^d_^UY^e_fYU\U]U^dYAeUcd_\Qf_b_cY~RQcQd_ce\\Q
cSU^UWWYQdebQ_bYWY^Q\U@QdX}TU`_cYdQdQ`bUcc_Y\4Y`QbdY]U^d_
TU\\U1bdYTU\\_C`UddQS_\_TU\\Q2YR\Y_dUSQ>QjY_^Q\UTY6bQ^SYQU
ce\\Q\YcdQTU\\UTYTQcSQ\YUTU\\QfUbcY_^UcfUTUcUS_^cUbfQdQQ
Cd_SS_\]Q`bUcc_\_CfU^c[Q6Y\]Y^cdYdedUd
<Qc`YQ4U;Qe^_gYdjQTTUdd_]Y\YdQbUTYtcdUb\Q^TY^FUcdUb
\Q^TbQWWYe^WU\QceQ`_cdQjY_^US_^YcdbejY_^YcUWbUdUCYdbQddQ
TYdb_fQbU\Q]Q``QTU\V_bdUTY=_V_bccU`QbQd_TQtcdUb\Q^T
TQe^d_bbU^dU`b_V_^T_Ude]e\de_c_SXUV_b]QY^d_b^_QUcc_
e^QSY^debQY^fQ\YSQRY\U<µQTTUdd_]Y\dQbUSUbSQTYY^WbQjYQbcYY\
<µ5c`Y_^TµtcdUb\Q^TgQcbUcd_bUTY^" "RidXU3Y^}]QdX~aeU
6bQ^|QYcU1Te`\YSQdU_^cQVUdicd_S[gQccdbeS[Y^!)) Vb_]
Q ^YdbQdU ^UWQdYfU XU\T Y^ dXU 3Y^}]QdX~aeUµc S_\\USdY_^c
DXYc ]QdUbYQ\ XQT ^_ Y^dUbdYd\Uc dXec bUcd_bQdY_^ U^dQY\UT dXUYb
bUS_^cdbeSdY_^ Q^T dXU^ dXUYb Y^cUbdY_^ Y^d_ dXU ^Ug U\U]U^dc
9^dUbdYd\U bUS_^cdbeSdY_^ gQc RQcUT _^ dXU _bYWY^Q\ @QdX}
cSbUU^`\QiXU\TY^dXU@UbV_b]Y^W1bdc4U`Qbd]U^d_VdXU6bU^SX
>QdY_^Q\ <YRbQbi Q^T _^ Q \Ycd _V Y^dUbdYd\Uc Vb_] dXU CgUTYcX
fUbcY_^XU\TQddXUCfU^c[Q6Y\]Y^cdYdedUd
4U ;Qe^_gYdj dXU c`i Y^ ]Y\YdQbi cUbfYSU Qd tcdUb\Q^T Y^
FUcdUb\Q^T bUQSXUc XYc `_cd gYdX cUSbUd Y^cdbeSdY_^c 8U ]ecd
VY^TdXU]Q`_VdXU=_V_bcV_bdcU`QbQdUTVb_]tcdUb\Q^TRiQ
TUU`d_bbU^dYQ\bYfUbdXQdV_b]cQ^Y]`QccQR\URU\dQb_e^TYdDXU
]Y\YdQbi]Q^QddU]`dcd_Y^WbQdYQdUXY]cU\VgYdXdXUSXQ]RUb\QY^
f_^DU\\gX_cU`b_`Ubdi\YUc^UQbdXUV_bd8UdXU^XYbUccUfUbQ\
#'
B9DB?F1D9B5CD1EB1D9B53?F5B54B5CD?B54
QccQYVQ]_c_bYWeQbTQ^dUW\YY^dbUSSYcU^dY]U^dQ\YQ\\µY^dUb^_TYe^
Wbe``_TYdbQ`UjYcdYUTU\\U\_b_S_^cUWeU^jUTebQ^dUW\Yc`UddQS_\Y
c_dd_\QdU^TQTU\SYbS_<UcUaeU^jUSXUfYUbQ^_Q]RYU^dQdUVeb_
^_WYbQdU]UTYQ^dUY\VbUaeU^dUbYS_bc_QY^aeQTbQdebUV_bdU]U^dU
Y^S\Y^QdUfUbc_\µQ\d_UfUbc_Y\RQcc_°c_`bQddedd_TebQ^dU\UVQcY
`YŒTbQ]]QdYSXUTU\\µQjY_^U°Y^e^]_T_TU\dedd_cS_^_cSYed_QY
VY\]TYVY^jY_^U`b_T_ddYVY^_QaeU\]_]U^d_9^cUWeYd_Q\dbY_^V_
]_^TYQ\UTYaeUcd_VY\]dbUSU^d_S_`YUfU^TedUY^deddYY`QUcY\Q
>_bTYc[S_bcUQYbY`QbYTYcdbYReU^T_`U\\YS_\UTYdU]QQ^Q\_W_
2QbbiCQ\dY^CSXYQfURYQ^SXUQ\\_c`USSXY_QSebQTY@Q_\_3XUb
SXYEcQY5TCdeTY_DUcY@_bTU^_^U!)(&
SYQ]RU\\Q^_f_^DU\\\QSeY`b_`bYUdw~fYSY^QQ\V_bdU;Qe^_gYdj
Qcc_\TQQ\\_bQaeQ\SXUY^TYfYTe_`UbcY]e\QbUe^QddQSS_Q]Q^_
Qb]QdQ S_^db_ Y\ SYQ]RU\\Q^_ <µQTTUdd_ c_`bQWWYe^WU Y^ aeU\
]_]U^d_U]UddUY^VeWQYVQ\cYRQ^TYdY<QVYW\YQTU\SYQ]RU\\Q^_
cUT_ddQTQ\b_]Q^jUcS_Y^dUbfU^d_TU\S_^dUcYY^^Q]_bQaeQcY
cU^jQQSS_bWUbcU^UTU\cUTeSU^dUeVVYSYQ\Uª
4Q8U^bY2_ecaeUd3QdQ\_WeU@QdX}TUcQ^^}Uc!()&w!)!$
Y^TYfYTeQ\cd_cY]e\QdUQ^Qb]UTQddQS[QWQY^cddXUSXQ]RUb\QY^
_^\i d_ Q``UQb bYWXd Qd dXQd ]_]U^d SQecY^W dXU VQ[U RQ^TYdc
d_ V\UU DXU SXQ]RUb\QY^µc TQeWXdUb SQ`dYfQdUT Ri dXU S_e^dµc
QTfU^debUc_]UVUQdVQ\\cY^\_fUgYdXdXUcUTeSdYfU_VVYSUbQ\]_cd
gYdX_ed^_dYSY^Wª
6b_] 8U^bY 2_ecaeUd 3QdQ\_WeU @QdX} TUc Q^^}Uc !()& w
!)!$
B9DB?F1D9B5CD1EB1D9B53?F5B54B5CD?B54
1D2:8=61A>03F0H86$5HJLD-DFN>-RKQ@)RUG
Ŷ7LW´$OO·DVVDOWRGL%URDGZD\µ6FHQ*HRUJH+LYHO\)%HQ)5H\QROGV,QW+DUU\&DUH\&KH\HQQH+DUU\0ROO\0DORQH+HOHQ&OD\WRQ/0:HOOV%HQ&OD\WRQVXRSDGUH
9HVWHU3HJJ7KRUQWRQXQFRPSUDWRUHGLEHVWLDPH3URG+DUU\&DUH\SHU%XWWHUIO\8QLYHUVDOŶPP/P'·DIV&RO'LGDVFDOLHLQJOHVL(QJOLVKLQWHUWLWOHVŶ'D
$UFKLYHV)UDQoDLVHVGX)LOP&1&
<Q cS_`UbdQ TY 2eS[Y^W 2b_QTgQi QW\Y 1bSXYfUc 6bQ^|QYcUc Te
6Y\]~e^T_``Y_QffU^Y]U^d_*cYdbQddQTYe^_TUYbQbYVY\]]edYTY
:_X^6_bTc_`bQffYccedYUTU\`bY]_\e^W_]UdbQWWY_bUcdQebQd_
TQW\Y1bSXYfUcTe6Y\]Y^dUbQ]U^dUY^TYWYdQ\UdUS^YSQSXUdQ\f_\dQ
cecSYdQTYcSeccY_^Y<QS_`YQY^^YdbQd_bYdb_fQdQ~e^QfUbcY_^U
VbQ^SUcUTYcdbYReYdQ^U\!)!(Y^aeQddb_R_RY^UdeddUS_\_bQdU8Q
]_\dYTYVUddY*~cWbQ^QdQWbQVVYQdQS_^V_d_WbQ]]Y]Q^SQ^dY]_\
dYccY]UWYe^dUUdbQSSUTY]eVVQ+`bUcU^dQe^Y^YjY_TYTUS_]`_cY
jY_^Uce\\UTYTQcSQ\YUSXUXQS_cdbUdd_Qd_W\YUb\UTQ\\QS_`YQ`Ub
UfYdQbUS_^dQ]Y^QjY_^YTU\\µY]]QWY^U9^YjYQ\]U^dU~cdQdQVQddQ
e^QTe`\YSQjY_^UQS_\_bYTU\\µU\U]U^d_^YdbQd_S_^e^]Ud_T_dbQ
TYjY_^Q\UcU^jQQ\Se^QS_bbUjY_^UTUYTYVUddY=QY\^_]UTY:_X^
6_bTRQcdQfQQWYecdYVYSQbUe^bUcdQeb_Q``b_V_^TYd_BYS_bbUbU
Q\ TYWYdQ\U ~ cU]RbQdQ Q\\_bQ \Q c_\ejY_^U ]YW\Y_bU KªM Ä cdQdQ
cdQ]`QdQe^QS_`YQ\Qf_b_Y^RYQ^S_U^Ub_SXUS_^cUbfQfQY
TYVUddY_bYWY^Q\YUT~cdQd_U\QR_bQd_e^_cd_biR_QbTS_]`\Ud_TU\
VY\]Q`QbdYbUTQ\\UY]]QWY^YTYWYdQ\YjjQdUE^`bY]_S_^Vb_^d_VbQ
YTeUT_Se]U^dYTYbYVUbY]U^d_XQ`Ub]Ucc_TYY^TYfYTeQbUceRYd_
Q\Se^UQ^_]Q\YUc_`bQWWYe^dU^U\]_]U^d_TU\\QTe`\YSQjY_^U
Y^TYWYdQ\UY]]QWY^YY^fUbdYdUcSU^U]Q^SQ^dY_Y^S_]`\UdUUTY
`_bfYbY]UTY_9TYVUddY`YŒWbQfY`UbV_bQjY_^Yb_ddUWYe^dUfYcYRY\Y
Y^cdQRY\YdwTU\\µY]]QWY^UWbQVVY`b_V_^TY]QSSXYUªUbQ^_cdQdY
`bUSUTU^dU]U^dU Y^TYfYTeQdY ^U\\Q S_`YQ \Qf_b_ U bY`_bdQdY ce\\_
cd_biR_QbT1`QbdYbUTQaeUcdYbY\UfQ]U^dYYdUS^YSYY^SQbYSQdYTU\\U
S_bbUjY_^YXQ^^_UVVUddeQd_YbYd_SSXY^USUccQbY`Ub`_Yc_dd_`_b\Y
QYbUcdQebQd_bY`Ub\µQ``b_fQjY_^U
:UQ^<_eYc3_dY^²@_cYdYV³^% $" #
E^Q`bY]QfYcY_^UTY2eS[Y^W2b_QTgQiRQcdQQSQ`YbUS_]U6_bT
SXUQ\\_bQQfUfQ""Q^^YV_ccUWYwY^`_ccUcc_TYdeddU\UceUSQ
`QSYdw*\QS_cdbejY_^UTU\bQSS_^d_\QaeQ\YdwTU\\QV_d_WbQVYQUTU\\U
Y^aeQTbQdebUY\bYd]_TU\]_^dQWWY_S_^VUb]Q^_\QWbQ^TU]QdebYdw
Y^dbQfYcdQY^CdbQYWXdCX__dY^W<QdbQ]QXQS_]U`b_dQW_^YcdQY\
S_gR_i3XUiU^^U8Qbbi8Qbbi3QbUiSXUd_b^UbwY^e^QfU^dY^Q
TYVY\]WYbQdYTQ\bUWYcdQVbQY\!)!'UY\!)!)AeUcdQf_\dQ3XUiU^^U
8QbbicYQ``bUcdQQc`_cQbU\QVYW\YQTU\`b_`bYUdQbY_TYe^bQ^SX^U\
Gi_]Y^W*]Q\UYW\Y`bUVUbYcSUe^\_cS_dbQVVYSQ^dUSXU\QdbQcSY^QQ
>UgI_b[KªM3_]UY^]_\dYgUcdUb^TU\\µU`_SQ\µQjY_^UTU\VY\]~
S_^dU]`_bQ^UQQ\]_]U^d_TU\\UbY`bUcU<QcdbQTQTU\`b_WbUcc_
Y^TecdbYQ\UY^Sb_SYQaeYY\cU\fQWWY_GUcd*YSQfQ\\YQVVYQ^SQ^_\UQed_
]_RY\YYS_gR_ibYc`_^T_^_Q\dU\UV_^_AeUcd_]_^T_fQbY_`Y^d_
#(
DXUTYcS_fUbi_V2eS[Y^W2b_QTgQiQddXU1bSXYfUcVbQ^|QYcUcTe
VY\]gQcQT_eR\UUfU^d*YdYc_^U_VdXUbQbUcebfYfY^WcY\U^dVY\]cRi
:_X^6_bTQ^TYdYcdXUVYbcdVUQdebUVY\]bUcd_bUTRidXU1bSXYfUcTe
6Y\]U^dYbU\iecY^WTYWYdQ\dUSX^_\_WYUcgXYSXc_]UdY]Uc`b_f_[U
TURQdUDXU^YdbQdU`bY^dV_e^TgQcQ6bU^SXfUbcY_^TYcdbYRedUT
Y^ !)!( Y^ V_eb S_\_b bUU\c 9d XQc ]Q^i V\Qgc* Ydµc WbQY^i Q^T
cSbQdSXUTgYdX]YccY^WVbQ]Uc]Q^ic`\YSUcQ^TdbQSUc_V]_\T
DXUY^dUbdYd\Uc`bUcU^dUQb\icdQWUc_VTUS_]`_cYdY_^gXYSX]QTU
Yd^USUccQbid_bU]_fUdXU]d_Qf_YTS_^dQ]Y^QdY^WdXUY]QWU
9^YdYQ\\i Q S_\_b Te`\YSQdU gQc ]QTU Vb_] dXU ^YdbQdU ]QdUbYQ\c
ecY^W dbQTYdY_^Q\ ]UdX_Tc gYdX_ed S_bbUSdY^W Q^i _V dXU V\Qgc
8_gUfUbdXU^Q]U:_X^6_bTgQcU^_eWXd_ZecdYViQ]_bUY^
TU`dXbUcd_bQdY_^Q^TbUc_bdY^Wd_TYWYdQ\dUSX^_\_WYUccUU]UT
dXURUcdc_\edY_^KªM1g_b[`bY^dgQccdbeS[Y^R\QS[Q^TgXYdU
S_^dQY^Y^WdXU_bYWY^Q\V\QgcQ^TQS_]`\UdUcd_biR_QbTgQcQ\c_
]QTUV_bdXUVY\]Vb_]TYWYdYjUTY]QWUc9^YdYQ\S_]`QbYc_^_VdXU
dg_bUVUbU^SUT_Se]U^dc]QTUYd`_ccYR\Ud_Y]]UTYQdU\iYTU^dYVi
Q^T dXU^ bUSdYVi c_]U Q^_]Q\YUc dXQd _SSebbUT TebY^W TYWYdQ\
Te`\YSQdY_^ Y^fUbdUT Y]QWUc ]YccY^W _b Y^S_]`\UdU cSU^Uc
DXU]_cdcUbY_ecV\Qgcd_b^`UbV_bQdY_^cfYcYR\Uc`\YSUcY]QWU
Y^cdQRY\Ydi TUU` cSbQdSXUc c`_dcª gUbU VYbcd YTU^dYVYUT Y^ dXU
g_b[`bY^dQ^TdXU^^_dUT_^dXUcd_biR_QbTCdQbdY^WgYdXdXYc
Y^V_b]QdY_^dXUdUSX^YSYQ^cbUc`_^cYR\UV_bdXUS_bbUSdY_^c]QTU
dXU ^USUccQbi Q\dUbQdY_^c gXYSX gUbU dXU^ ceR]YddUT d_ dXU
bUcd_bQdY_^dUQ]V_bQ``b_fQ\
:UQ^<_eYc3_dY^²@_cYdYV³^% $" #
1VYbcdfYUgY^W_V2eS[Y^W2b_QTgQiYcU^_eWXd_e^TUbcdQ^TdXQd
6_bTdXU^""gQcQ\bUQTiY^`_ccUccY_^_VQ\\XYcSQ`QRY\YdYUc*
dXUcd_bicdbeSdebUdXUaeQ\Ydi_VdXU`X_d_WbQ`XiQ^TVbQ]Y^W
Q^T dXU bXidX] _V dXU UTYdY^W Q\\ S_^VYb] dXU WbUQd ]QdebYdi
W\Y]`cUTY^CdbQYWXdCX__dY^WDXU`b_dQW_^Ycd_VdXUcd_biYc
S_gR_i3XUiU^^U8Qbbi8Qbbi3QbUigX_g_e\TbUQ``UQb
Y^QR_eddgU^diVY\]cRidXUTYbUSd_bRUdgUU^!)!'Q^T!)!)
DXYcdY]U3XUiU^^U8QbbiYcce``_cUTd_]QbbidXUTQeWXdUb
_VQGi_]Y^WbQ^SX_g^UbRedcXU`bUVUbcQcUUTigXUU\Ub
TUQ\UbgX_TbQWcXUbd_>UgI_b[KªM<Y[U]Q^igUcdUb^cQd
dXUdY]UdXUQSdY_^Y^dXUVY\]YccUdY^dXUcQ]UUbQY^gXYSX
dXUVY\]gQccX_d8UbUdXUb_QTd_Y^TecdbYQ\`b_WbUccSb_ccUc
dXU GY\T GUcd* X_bcUc be^ RUcYTU SQbc S_gR_ic Q^cgUb dXU
dU\U`X_^UDXYcS_\_bVe\Q^QSXb_^YcdYSg_b\T_VdU^TUcSbYRUT
UQ^QSb_^YcdYS_TUcSbYdd_c`Ucc_S_^e]_bYc]_^QcS_^TU`Ub‡
e^QSUbdQQ]QbUjjQ@UbSX}TYUdb_cYdeQjY_^YReVVUUcdbQ]`Q\QdU
YS_gR_iSXUcY`bUSY`YdQ^_Q\\QVY^UcdbQ`UbfUTUb`QccQbUe^µQe
d_]_RY\U\µQbbYf_TY3XUiU^^U8QbbiY^e^Q\RUbW_TY>UgI_b[~
`b_`bY_\QVY^UTYe^µU`_SQSXUY\SY^UQcdQfe_\UUf_SQbU
5bYS<_^}Y^²@_cYdYV³^% $" #
Xe]_b_ec\iT_UcX_gUfUbXYTUQSUbdQY^RYddUb^Ucc2USQecU
RUXY^T Ve^^i _TTRQ\\ cYdeQdY_^c S_gR_ic be^^Y^W d_ dXU
gY^T_gd_gQdSXQSQbW_Ri3XUiU^^U8QbbiµcQbbYfQ\Y^Q>Ug
I_b[X_dU\YdYc`bUSYcU\idXUU^T_VQ^UbQgXYSXdXUTYbUSd_bYc
dbiY^Wd_Uf_[U
5bYS<_^}Y^²@_cYdYV³^% $" #
ŶPP/P'·DIV,PELELWR7LQWHG'LGDVFDOLHLWDOLDQH,WDOLDQLQWHUWLWOHVŶ'D&LQHWHFDGHO&RPXQHGL%RORJQDŶ5HVWDXUDWRGDOOD&LQHWHFDGL%RORJQDSUHVVR
/·,PPDJLQH5LWURYDWDQHOO·DSULOHDSDUWLUHGDXQSRVLWLYRQLWUDWRLPELELWRFRQGLGDVFDOLHLWDOLDQHGHSRVLWDWRSUHVVROD&LQHWHFDGHO&RPXQHGL%RORJQDGD'DQLHO1&DVDJUDQGH
QHOVHWWHPEUH3ULQWUHVWRUHGE\&LQHWHFDGL%RORJQDDW/·,PPDJLQH5LWURYDWDLQ$SULOIURPDQLWUDWHSRVLWLYHSUHVHQWLQJWLQWLQJDQGWRQLQJZLWK,WDOLDQLQWHUWLWOHVGHSRVLWHG
DWWKH&LQHWHFDGHO&RPXQHGL%RORJQDE\'DQLHO1&DVDJUDQGHLQ6HSWHPEHU
:sA:0A;4=6YH]LD5HJLD9LFWRU6M|VWU|P
Ŷ7LW´,OFDUUHWWRIDQWDVPDµ6FHQ9LFWRU6M|VWU|PGDOURPDQ]RGL6HOPD/DJHUO|I6FJI$OH[DQGHU%DNR$[HO(VEHQVHQ)--XOLXV-XOLXV-DHQ]RQ2S&DUO$[HO6|GHUVWU|P$VV
5$UWKXU(QJERUJ,QW9LFWRU6M|VWU|P'DYLG+ROP+LOGD%RUJVWU|P0UV+ROP7RUH6YHQQEHUJ*HRUJHV$VWULG+ROP(GLW/LVD/XQGKROP0DULD7RU:HLMGHQ*XVWDIVVRQ
&RQFRUGLD6HODQGHUPDGUHGL(GLWK(LQDU$[HOVVRQIUDWHOORGL'DYLG1LOV$UHKQFDSSHOODQRGHOODSULJLRQH6LPRQ/LQGVWUDQG1LOV(OIIRUVFRPSDJQLGL'DYLG2ORIcV$OJRW
*XQQDUVVRQ+LOGXU/LWKPDQ-RKQ(NPDQ-RVXD%HQJWVVRQ(PP\$OELLQ0RQD*HLMHU)DONQHU$QQD/LVD%DXGH3URG6YHQVN)LOPLQGXVWULŶPP/RUP/P'
·DIV&RO9HUVLRQHVYHGHVH6ZHGLVKYHUVLRQŶ'D&LQHPDWHNHW6YHQVND)LOPLQVWLWXWHW
Ŷ3DUWLWXUDVFULWWDGD0DWWL%\HHVHJXLWDGDOYLYRGD6FRUHZULWWHQE\0DWWL%\HSHUIRUPHGOLYHE\/RWWD-RKDQVVRQYLROLQRHOHWWULFRVHJDDUPRQLFDHOHFWULFYLROLQPXVLFDOVDZ
0DWWL%\HSLDQRVDPSOHUJORFNHQVSLHO$QGUHDV(GOXQGFODULQHWWRHXQRVWUXPHQWRIRONVYHGHVHFKLDPDWRYHYOLUDFODULQHWDQGD6ZHGLVKIRONLQVWUXPHQWFDOOHGYHYOLUD'DQLHO
%LQJHUWEDVVRHOHWWULFRVDPSOHUHSHUFXVVLRQLHOHFWULFEDVVDPSOHUDQGSHUFXVVLRQV3HOOH+DOYDUVVRQYLRORQFHOORHOHWWULFRHOHFWULFFHOOR
5ccU^T_V_bcUY\`YŒVQ]_c_TYdeddYYVY\]]edYcfUTUcY;‰b[Qb\U^~
cdQd__WWUdd_TYcfQbYQdYbUcdQebYFUbc_\QVY^UTUW\YQ^^Yµ& ~cdQd_
bUQ\YjjQd_e^Te`\YSQd_^UWQdYf_Y^RYQ^S_U^Ub_Q`QbdYbUTQe^Q
S_`YQ^YdbQd_Y]RYRYdQUTQaeUcd_^UWQdYf_c_^_cdQdUWU^UbQdUded
dU\UceSSUccYfUcdQ]`U>U\]Qbj_TU\" #~cdQdQbUQ\YjjQdQe^Q
^e_fQS_`YQY]RYRYdQedY\YjjQ^T_Y\]Ud_T_4Uc]UdSXUS_^VUbYcSU
e^]YW\Y_bS_^dbQcd_Q\\UY]]QWY^YbYc`Udd_Q\\US_`YU`bUSUTU^dY
@UbXQ`cdXU]_cdVQ]_ec_VQ\\CgUTYcXcY\U^dc;‰b[Qb\U^XQc
RUU^bUcd_bUT]Q^idY]Uc1R\QS[Q^TgXYdUY^dUb^UWQdYfUgQc
]QTUVb_]QdY^dUT^YdbQdU`bY^dY^dXU\QdU& µcQ^TdXYc^UWQdYfU
XQcRUU^dXUc_ebSUV_bQ\\VebdXUb`bY^dc9^=QbSX" #Q^Ug
dY^dUT`bY^dgQccdbeS[ecY^WdXU4Uc]Ud]UdX_TgXYSXRbY^WcQ
cXQb`UbS_^dbQcdd_dXUY]QWUcS_]`QbUTd_dXU_\TUbVY\dUbdY^dUT
`bY^dc
>_ddUTY3Q`_TQ^^_<QWQ]]QTU\\UTU\ecY_^YUTU\\Uc`UbQ^jU
TU\\QfYdQcY`_\QbYjjQY^e^RbUfUYcdQ^dU7\YeRbYQS_^Y^U\SY]YdU
b_9\`QccQd_S_]Y^SYQQ]e_fUbcY^U\\Q]U^dUTUW\YY^TYfYTeY9^
c_fbY]`bUccY_^UfUTYQ]_Y\]QbU\µQVV_WQd_Y\SQbbUdd_TU\\Q]_bdU
SXUfYU^UQbUSe`UbQbUYS_b`Y+ce\\_cV_^T_\Q²3_]QbUcUSSQ³c_\
\UfQ\QceQ_]RbQY\S_b`_bUcdQce\V_^T_TU\]QbU*^U\\UY]]QWY^Y
Sµ~aeQ\S_cQTYfUbQ]U^dUc_`bQ^^QdebQ\USµ~TU\\Q`_UcYQVYWe
bQdYfQ\µU\U]U^d_`YŒU^_b]UUc_b`bU^TU^dUTU\VY\]<QVQ^dQcYQ
^_^~e^c_\_e^RQb\e]U_e^dbeSS_]Qe^VQdd_bQTYSQd_^U\\U
V_^TQ]U^dQTU\]_^T_bUQ\U
@UdUbf_^2QWX
>UgIUQbµc5fU^YWXdDXUU^dYbUbQ^WU_VTU\ecY_^cQ^TX_`Uc
Y^\YVUS_]UcY^d_V_SecV_bQRbYUVY^cdQ^d4be^[cY^dXUSU]UdUbi
DXU`QcdRUWY^cd_]_fUY^`U_`\Uµc]Y^Tc9^ce`UbY]`_cYdY_^gU
cUUdXU_SUQ^dXUTb_g^UT]Q^TUQdXµcSXQbY_dS_]Y^Wd_`YS[
e`dXUR_TYUc+Y^dXURQS[Wb_e^TdXU²7bY]BUQ`Ub³\YVdcQcXQT_g
gXY\UdXUR_TibU]QY^cQddXUR_dd_]_VdXUcUQ*dXUbUYcc_]UdXY^W
dbe\ice`Ub^QdebQ\Y^dXUcUY]QWUcdXUbUYcVYWebQdYfU`_UdbidXU
\QbWUcd]_cdceb`bYcY^WU\U]U^dY^dXUVY\]DXUY]QWY^QdY_^Yc^_d
ZecdQW\Y]]Ub_bQdbYS[RedQTUU`b__dUTVQSdY^dXUV_e^TQdY_^c
_VdXUbUQ\g_b\T
@UdUbf_^2QWX
E4A;>64=4<>A0;C>A6DB*HUPDQLD5HJLD+DQQV.REH
Ŷ6FHQ&DUO0D\HU).DUO)UHXQG6FJI5REHUW1HSSDFK,QW*HUG)ULFNH-RKQ(XJHQ.O|SIHU7RUJHLU0DULMD/HLNR$QQD.DHWKH5LFKWHU*XGUXQ$GHOH6DQGURFN7XULG
3URG&HQWDXU)LOP*PE+ŶPP/P'·DIV&RO'LGDVFDOLHIUDQFHVL)UHQFKLQWHUWLWOHVŶ'D&LQpPDWKqTXH)UDQoDLVHŶ5HVWDXUDWRQHOGDXQFRQWURWLSRH
XQDFRSLDVXVXSSRUWRQLWUDWR6WDPSDGHOODFRSLDFRQSURFHGLPHQWR'HVPHWLQFROODERUD]LRQHFRQ/REVWHU)LOPV5HVWRUHGLQIURPDGXSOLFDWHDQGDQLWUDWHSULQW7KLVFRS\ZDV
SULQWHGZLWKWKH'HVPHWSURFHVVLQFROODERUDWLRQZLWK/REVWHU)LOPV
4YdeddYYVY\]Uc`bUccY_^YcdYD_bWec~aeU\\_`YŒfYSY^_QTQ\Se^U
]UccUY^cSU^QdUQdbQ\YTU\\µUc`bUccY_^Yc]_QTUcU]`Y_\QbQ`
`bUcU^dQjY_^Uce\`Q\S_cSU^YS_TYF_^=_bWU^cRYc=YddUb^QSXd5
]U^dbUY`Ubc_^QWWYTU\3Q\YWQbYQWYcS_^_TQfQ^dYQ\WbQVYc]_TU\
\UcSU^_WbQVYUcU^jQbYecSYbUQTUccUb^U`QbdUY^dUWbQ^dU]U^dbU
?VQ\\dXUUh`bUccY_^YcdVY\]cD_bWecS_]UcdXUS\_cUcdd_SUbdQY^
dXUQdbYSQ\`bUcU^dQdY_^c_VUh`bUccY_^Yc]QcY^F_^=_bWU^cRYc
=YddUb^QSXdIUdgXY\UdXUSXQbQSdUbcY^3Q\YWQbYQSdY^Vb_^d_VdXU
WbQ`XYSTUcYW^c_VdXUcUdcgYdX_ed]Q^QWY^Wd_RUS_]UY^dUWbQdUT
gYdXdXU]Q^TgXY\UdXUQSd_bcY^F_^=_bWU^cRYc=YddUb^QSXd
#)
B9DB?F1D9B5CD1EB1D9B53?F5B54B5CD?B54
J20<?8>=0C>34;<>=3>381>G4)902:34<?B4H2>=CA>64>A64B20A?4=C84AL
B9DB?F1D9B5CD1EB1D9B53?F5B54B5CD?B54
W\YY^dUb`bUdYTYF_^=_bWU^cRYc=YddUb^QSXd°QYaeQ\YYdbQddYWb_ccY
TY `YddebQ ceY S_cde]Y U Y f_\dY Y]`UTYcS_^_ Y\ bY\YUf_ ° `_cc_^_
Y^cUbYbcYY^dU\UTY`Y^dUW\YQdd_bYTYD_bWeccY]e_f_^_Y^e^QcSU
^_WbQVYQSXUWY_SQY^]_T_Uc`bUccY_^YcdQS_^YbQ``_bdYTYf_\e]Y
UTY\eSU;_RUQ`bUY^aeUcd_]_T_e^QfYQSXUGYU^UY^SQ`QSU
TYUfQTUbUTQ\\QV_b]e\QQT_ddQdQR\_SSQcU^jQS_]`bU^TUb^U
\µUccU^jQ`b_V_^TQD_bWecSYQYedQQS_W\YUbU]UW\Y_\µUf_\ejY_^U
TU\\µUc`bUccY_^Yc]_\UceUY^V\eU^jUYce_Y`b_\e^WQ]U^dY
8U^bY <Q^W\_Yc Db_Yc SU^dc Q^c TU SY^}]Q @QbYc 3QXYUbc Te
3Y^}]Q3Y^}]QdX~aeU6bQ^|QYcU!)(&
°gX_cU`b_]Y^U^SUYcTY]Y^YcXUTRigYTUcdb_[Uc_V`QY^d_^
dXUYbS_cde]UcQ^TVQSUc°SQ^U^dUbY^d_`QY^dUTSQ^fQcUcdXU
QSd_bcY^D_bWec]_fUY^cUdcdXQd`\QiY^Q^Uh`bUccY_^Ycd]Q^^Ub
gYdXbU\QdY_^cXY`cRUdgUU^f_\e]UQ^T\YWXd;_RUdXec_`U^UTQ
b_QTgXYSXGYU^UY^SQ`QR\U_VUcSQ`Y^WdXUQSSU`dUTV_b]e\Q
R\_S[UTgYdX_ede^TUbcdQ^TY^WYdcTUU`UcdUccU^SUD_bWecXU\`c
ecd_WbQc`RUddUbdXUUf_\edY_^_VUh`bUccY_^Yc]YdcY^V\eU^SUc
Q^TYdUhdU^cY_^c
8U^bY <Q^W\_Yc Db_Yc SU^dc Q^c TU SY^}]Q @QbYc 3QXYUbc Te
3Y^}]Q3Y^}]QdX~aeU6bQ^|QYcU!)(&
4A3648BC*HUPDQLD5HJLD/HRSROG-HVVQHU
Ŷ7LW´/XOXµ6FHQ&DUO0D\HUGDOGUDPPDRPRQLPRGL)UDQN:HGHNLQG)$[HO*UDDWNMDHU6FJI5REHUW1HSSDFK,QW$VWD1LHOVHQ/XOX$OEHUW%DVVHUPDQQ'U6FKRHQ&DUO
(EHUW6FKZDU]5XGROI)RUVWHU$OZD6FKRHQ$OH[DQGHU*UDQDFK6FKLJROFK+HLQULFK*HRUJH5RGULJR*XVWDY5LFNHOW'U*ROO(UZLQ%LVZDQJHU(XOHQEHU-XOLXV)DONHQVWHLQ/XF\
.LHVHOKDXVHQ$QWRQ3RLQWQHU3URG-HVVQHU)LOPŶPP/P'·DIV%Q'LGDVFDOLHRODQGHVL'XWFKLQWHUWLWOHVŶ'D1HGHUODQGV)LOPPXVHXPŶ&RSLDUHVWDXUDWD
QHOGDXQSRVLWLYRQLWUDWRFRQVHUYDWRSUHVVRLO1HGHUODQGV)LOPPXVHXPHGDXQODYDQGHUDFHWDWRFRQVHUYDWRSUHVVRLO*RVILOPRIRQG'LGDVFDOLHRODQGHVLULFRVWUXLWHVXOODEDVHGHL
GRFXPHQWLGLFHQVXUDWHGHVFKL,QFROODERUD]LRQHFRQ*RVILOPRIRQG%XQGHVDUFKLY)LOPDUFKLYDQG'DQVNH)LOPPXVHXP3ULQWUHVWRUHGLQIURPQLWUDWHSRVLWLYHIURP1HGHUODQGV
)LOPPXVHXPDQGRQHDFHWDWHILQHJUDLQSRVLWLYHIURP*RVILOPRIRQG'XWFKLQWHUWLWOHVUHFUHDWHGIURP*HUPDQ&HQVRUVKLSFDUGV,QFROODERUDWLRQZLWK*RVILOPRIRQG%XQGHVDUFKLY
)LOPDUFKLYDQG'DQVNH)LOPPXVHXP
>U\!)"#YSbYdYSYSY^U]Qd_WbQVYSY^_^UbQ^_]_\d_S_^fY^dYTU\\QaeQ\Ydw
TYaeUcd_QTQddQ]U^d_TU\TbQ]]QTYGUTU[Y^TQT_`UbQTU\bUWYcdQ
dUQdbQ\U<U_`_\T:Ucc^UbBUQ\YjjQd_`YŒTY"%Q^^YT_`_\µecSYdQTU\
TbQ]]Q_]_^Y]_Y\VY\]~e^µQVVQcSY^Q^dUS_]RY^QjY_^UTYUc`bUc
cY_^Yc]_dUTUcS_UcSU^_WbQVYUTµQfQ^WeQbTYQceSeYcYY]`_^U\µY^
dUb`bUdQjY_^UTY1cdQ>YU\cU^<µQddbYSUaeY~e^QT_^^QY^TY`U^TU^dU
UTU`bQfQdQSXUY^SedUdY]_bUQdeddYW\Ye_]Y^Y9\>UTUb\Q^Tc6Y\]]e
cUe]`_ccUTUfQe^QfUbcY_^UTY5bTWUYcd]_\d_\QSe^_cQ7bQjYUQ\\Q
S_\\QR_bQjY_^US_^W\YQbSXYfYTQ^UcYdUTUcSXYUbeccY~cdQdQbYS_cdbeY
dQe^QS_`YQSXUS_]`bU^TU_\dbUY\) TU\\Q\e^WXUjjQ_bYWY^Q\U
6Y\]]ecUe]2YU^^Q\U" #3QdQ\_W_
9^!)"#VY\]SbYdYScgUbU^_dS_^fY^SUTRidXUdXUQdbYSQ\aeQ\Ydi_V
cdQWUTYbUSd_b<U_`_\T:Ucc^Ub™ccSbUU^QTQ`dQdY_^_VGUTU[Y^T™c
`\Qi=QTU]_bUdXQ^dgU^diVYfUiUQbcQVdUbdXU`\QidXUVY\]YcQ
VQcSY^QdY^W]Yh_V7Ub]Q^Uh`bUccY_^Yc]QfQ^dWQbTYcdTUS_bc
Q^TQ^Y]`_cY^Wb_\URi1cdQ>YU\cU^>YU\cU^`\QicdXUb_\U_V
Q^ Y^TU`U^TU^d Q^T TU`bQfUT g_]Q^ gX_ Y^c`YbUc VUQb Y^ Q\\
]U^DXU>UTUb\Q^Tc6Y\]]ecUe]_g^UTQXUQfY\iSedfUbcY_^
_V5bTWUYcd8_gUfUbdXb_eWXdXUS__`UbQdY_^_VdXUVY\]QbSXYfUc
_V4U^]Qb[7Ub]Q^iQ^TBeccYQQ`bY^dXQc^_gRUU^S_]`Y\UT
dXQdS_]`bYcUc]_bUdXQ^) _VdXUVY\]™c_bYWY^Q\\U^WdX
6Y\]]ecUe]2YU^^Q\U" #3QdQ\_WeU
?84AA>C?84AA4CC4)UDQFLD5HJLD/RXLV)HXLOODGH
Ŷ)0DXULFH&KDPSUHX[/pRQ0RUL]HW)D\HQ00DXULFH&KDPSUHX[6FJI5REHUW-XOHV*DUQLHU,QW5HQp3R\HQ3LHUURW%RXERXOH3LHUUHWWH$PpGpH&KDUSHQWLHULOQRQQR
-XOLRGH5RPHUR(PLOH'XSUp-HDQ3LHUUH6WRFN3URG*DXPRQWŶPP/P'·DIV'LGDVFDOLIUDQFHVL)UHQFKLQWHUWLWOHVŶ'D$UFKLYHV)UDQoDLVHVGX)LOP&1&
&LQpPDWKqTXH*DXPRQWŶ/HV$UFKLYHV)UDQoDLVHVGX)LOP&1&FRQVHUYDYDQRGHJOLHOHPHQWLSURYHQLHQWLGDOQHJDWLYRQLWUDWRRULJLQDOH0DQFDYDXQWHU]RGHOOHGLGDVFDOLHFRPSOHWDWH
JUD]LHDOODFROODERUD]LRQHGL-DFTXHV&KDPSUHX[SRVVHVVRUHGHLGLULWWLVXOO·RSHUDGL)HXLOODGH'XHVFHQHGDQQHJJLDWHVRQRVWDWHULVWDPSDWHDSDUWLUHGDXQDFRSLDSUHFHGHQWH
FRQVHUYDWDDOOD&LQpPDWKqTXH)UDQoDLVH/HV$UFKLYHV)UDQoDLVHVGX)LOP&1&KHOGWKHHOHPHQWVIURPWKHRULJLQDOQLWUDWHQHJDWLYHEXWRQHWKLUGRIWKHLQWHUWLWOHVZHUHPLVVLQJ
7KH\ZHUHFRPSOHWHGWKDQNVWRWKHFROODERUDWLRQRI-DFTXHV&KDPSUHX[ZKRKROGVDOOULJKWVWR)HXLOODGH·VZRUN7ZRGDPDJHGVFHQHVZHUHUHSULQWHGIURPDQHDUOLHUFRS\KHOGDWWKH
&LQpPDWKqTXH)UDQoDLVH
Ŷ3DUWLWXUDVFULWWDGD5REHUWR7ULFDUULHVHJXLWDGDOYLYRGD5REHUWR7ULFDUULSLDQRILVDUPRQLFD-HDQ0DFKFODULQHWWRFODULQHWWREDVVRVD[IODXWRWUDYHUVRFKLWDUUDILVDUPRQLFD(ULF
%RXUV\FKLWDUUDPH]]DFKLWDUUDEDQMRSHUFXVVLRQLHOHWWULFKHRUJDQRGL%DUEHULD,QFRSURGX]LRQHFRQ&LQp0XVLTXHV7HFQLFRGHOVXRQR-HDQ3DXO*LPHQH]3URGX]LRQH/ROD*HRUJHW
6FRUHZULWWHQE\5REHUWR7ULFDUULSHUIRUPHGOLYHE\5REHUWR7ULFDUULSLDQRDFFRUGLRQ-HDQ0DFKFODULQHWEDVVFODULQHWVD[IOXWHJXLWDUDFFRUGLRQ(ULF%RXUV\JXLWDU´JXLWDUHWWHµ
EDQMRVWHHOGUXPVEDUUHORUJDQ,QFRSURGXFWLRQZLWK&LQp0XVLTXHV6RXQGWHFKQLFLDQ-HDQ3DXO*LPHQH]3URGXFHU/ROD*HRUJHW
@YUbb_dU@YUbbUddUVbQdU\\_Uc_bU\\QfYf_^_Y^e^SQbb_jj_^US_^
Y\^_^^_UhTYbUdd_bUTYSYbS_@UbWeQTQW^QbcYTQfYfUbUSQ^dQ^_
`Ub\UcdbQTU<Q\_b_fYdQdbQcS_bbUVU\YSUVY^SX}Y^dUbfYU^Ue^Q
²TQ]QTYSQbYdw³SXUf_bbURRUbY^SXYeTUbUY\^_^^_Y^e^_c`YjY_UY
RQ]RY^YY^e^_bVQ^_db_VY_@YUbb_dU@YUbbUddUVeWW_^_UY^SQ``Q^_
Y^e^]UbSQ^dUQ]Re\Q^dUSXU\YcVbeddQ4_`_QfUbVQdd_VQ\\YbUe^
Vebd_b_SQ]R_\UcS_\QTQ]QTYS_]`QW^YQbYS_^_cSU\µUbb_bUU
`Ub\QWY_YQTYdeddYbQSS_W\YU^_^^_U^Y`_dY^YQSQcQceQ
²<_eYc6UeY\\QTUVeY\`YŒWbQ^TU`Y_^YUbUTU\\µQbdUSY^U]Qd_WbQVYSQ
$
@YUbb_dQ^T@YUbbUddURb_dXUbQ^TcYcdUb\YfUY^QSQbQfQ^gYdXdXUYb
WbQ^TVQdXUbQV_b]UbSYbSecTYbUSd_bD_UQb^Q\YfY^WdXUicY^WY^dXU
cdbUUdcDXUYb\YfUcS_^dY^eUXQ``Y\ie^dY\Q²SXQbYdi\QTi³S_]UcQ^T
gQ^dcd_`eddXUYbWbQ^TVQdXUbY^QbUcdX_]UQ^TdXUSXY\TbU^Y^Q^
_b`XQ^QWU@YUbb_dQ^T@YUbbUddUbe^QgQi_^\id_VY^TdXU]cU\fUc
Uh`\_YdUTRiQdbQfU\Y^WcQ\Uc]Q^1VdUbV_Y\Y^WQTQbY^Wb_RRUbidXU
\QTiS_]`Q^Y_^bUQ\YjUcXUb]YcdQ[UQ^TV_bdXUXQ``Y^Ucc_VQ\\
dQ[UcR_dXWbQ^TVQdXUbQ^TWbQ^TSXY\TbU^Y^d_XUbX_]U
²<_eYc6UeY\\QTUgQcdXUWbUQdUcd`Y_^UUb_V6bU^SXSY^U]QdYSQbd
VbQ^SUcU9^@YUbb_d@YUbbUddU~Q``b_TQd_Q\\Q]edebYdwQVVUb]Q^T_
Q``YU^_Y\ce_dQ\U^d_³7U_bWUcCQT_e\B_RUbd_DbYSQbbYXQS_]
`_cd_`UbY\VY\]e^Q^e_fQ`QbdYdebQ*²@UbS_\_bQbU\µYdY^UbQbY_TYaeUcdY
TeU]Qb]_SSXYTYcdbQTQSXUQ\\QRe_^QUTeSQjY_^U`bUVUbYcS_^_
Y\fQWQR_^TQWWY_]Y~`Qbc_^QdebQ\UQVVYTQb]YQe^_bWQ^_TY2Qb
RUbYQS_^dU]`_bQ^U_SXUQVV_^TQccU\UceUbQTYSY^U\\USQ^j_^Y
TQcdbQTQUc`YSSQccUY\f_\_fUbc_QSSU^dYQb]_^YUUS_^dbQ``e^dY
Y^QddUcY@_Y\Uf_\edUTYe^QSXYdQbbQSUcU\\QdQTQe^TYcSU`_\_TY
4ZQ^W_BUY^XQbTdXQ^^_QWWYe^d_]Q\YjYQcgY^WU\UWWUbUjjQ³
9^@YUbb_d@YUbbUddUXUXQcbUQSXUT]QdebYdicX_gY^WXYcdQ\U^dc
QddXUYbVe\\Ucd³7U_bWUcCQT_e\B_RUbd_DbYSQbbYXQcS_]`_cUT
Q^UgcS_bUV_bdXUVY\]*²D_WYfUS_\_bd_dXU]UQ^TUbY^Wc_VdXUcU
dg_beWbQdcgX_`bUVUbfQWbQ^Sid_Q`b_`UbUTeSQdY_^YdcUU]UT
_^\i^QdebQ\d_]Ud_SX__cUQS_^dU]`_bQbiRQbbU\_bWQ^gXYSX
S_e\T TYW Y^d_ `_`e\Qb cdbUUd c_^Wc Q^T dXU^ dQ[U _VV d_gQbTc
e^Uh`USdUT QSSU^dc XQb]_^YUc Q^T S_e^dUb`_Y^dc DXU^ dXU
c`YbQ\c_VQWeYdQbSQbfUTRiQTYcSY`\U_V4ZQ^W_BUY^XQbTdQTTUT
]YcSXYUVcgY^WQ^T\YWXd^Ucc³
Ŷ3URG9HUVLOLD)LOPŶPP/P'·DIV,PELELWR7LQWHG'LGDVFDOLHLWDOLDQH,WDOLDQLQWHUWLWOHVŶ'D&LQHWHFDGHO&RPXQHGL%RORJQDLQFROODERUD]LRQHFRQLO
&RPXQHGL9LDUHJJLRŶ&RSLDUHDOL]]DWDDSDUWLUHGDXQSRVLWLYRQLWUDWRLPELELWRFRQGLGDVFDOLHLWDOLDQHPHVVRDGLVSRVL]LRQHGDO&RPXQHGL9LDUHJJLR²$VVHVVRUDWRDOOD&XOWXUDH
UHVWDXUDWRGDOOD&LQHWHFDGL%RORJQDSUHVVRLOODERUDWRULR/·,PPDJLQH5LWURYDWDQHOIHEEUDLR&RS\PDGHIURPDSRVLWLYHQLWUDWHSULQWZLWKWLQWLQJDQG,WDOLDQLQWHUWLWOHVPDGH
DYDLODEOHE\WKH&LW\RI9LDUHJJLR²0LQLVWU\IRU&XOWXUH,WZDVUHVWRUHGE\WKH&LQHWHFDGL%RORJQDDW/·,PPDJLQH5LWURYDWDODERUDWRU\LQ)HEUXDU\
9`bU`QbQdYfYTU\SQb^UfQ\US_Y^f_\W_^_deddQ\QSYddwTYFYQbUWWY_*
TQSXYcY_SSe`QTYQ\\UcdYbUYSQbbYQ\\UW_bYSYQ\\U`Ubc_^Q\Ydw`_\YdY
SXUTU\\QSYddQTY^QTU\\QFUbcY\YQ<QcVY\QdQY^]QbUceRQbSXU`Q
bQdUQVUcdQY\\Qf_b_VURRbY\UUTY^VY^U\QcVY\QdQY^SeY\UTYTQcSQ\YU
SYcfU\Q^_Y\^_]UTU\SQbb_UTU\ce_S_cdbedd_bUDUcdY]_^YQ^jQ
cd_bYSQTYe^SQb^UfQ\U_b]QY\_^dQ^_^U\dU]`_SXUS_^cUbfQ
Q^S_bQdedd_Y\ce_VQcSY^_
3Qb]U^1SSQ`ed_
@bU`QbQdY_^V_bdXUSQb^YfQ\Y^f_\fUcdXUU^dYbUSYdi_VFYQbUWWY_*
Vb_] dX_cU bUc`_^cYR\U V_b ]Q[Y^W dXU Q\\UW_bYSQ\ V\_Qdc d_ dXU
`_\YdYSQ\`Ubc_^Q\YdYUcY^dXUFUbcY\YQ^d_g^DXU`QbQTURicUQ
_^VUcdYfU\iTUS_bQdUTR_QdcVUfUbYcXg_b[Q^TVY^Q\\idXUV\_Qd
`QbQTUgXUbUdXUY^dUbdYd\UcbUfUQ\dXU^Q]U_VUQSXV\_QdQ^TYdc
ReY\TUb1XYcd_bYSQ\T_Se]U^d_VQSQb^YfQ\Ri^_gTYcdQ^dY^dY]U
dXQdcdY\\]QY^dQY^cYdcQ``UQ\
3Qb]U^1SSQ`ed_
?8@D430<4*HUPDQLD5HJLD$OH[DQGU5DVXPQ\
Ŷ6FHQ&.5RHOOLQJKRII$UWXU%DUGRVGDOODQRYHOODGL$OH[DQGHU3XåNLQ)&DUO'UHZV(ULFK1LW]VFKPDQQ0X6FKPLGW*HQWQHU6FJI)6FKURHGWHU,QW5XGROI)RUVWHU7RPVNL
$OH[DQGUD6FKPLWW*UlILQ7RPVNL-HQQ\-XJR/LVHODQLSRWH:DOWHU-DQVVHQ+HUPDQQ3URG3KRHEXV)LOPŶPP/P'·DIV'LGDVFDOLHIUDQFHVL)UHQFK
LQWHUWLWOHVŶ'D$UFKLYHV)UDQoDLVHVGX)LOP&1&Ŷ&RSLDUHVWDXUDWDQHOGDXQDFRSLDQLWUDWR3ULQWUHVWRUHGLQIURPQLWUDWHSULQW
@YaeU4Q]U~Y\cUS_^T_VY\]bUQ\YjjQd_TQBQce]^iY^7Ub]Q^YQ
>_^~SUbd_Y\`bY]_QTQddQ]U^d_TU\dUcd_TY@eå[Y^<Q`bY]QfUb
cY_^UbYcQ\UY^VQddYQ\!)! CeSSUccYfQ]U^dU?jU`Q\ce_`bY]_
Y^S_^db_S_^Y\SY^U]QSebUbw\QcSU^UWWYQdebQTYe^VY\]TYbUdd_
TQ:Q[_R@b_dQjQ^_fUTY^dUb`bUdQd_TQ9fQ^=_cZ_e[Y^UUFUbQ
?b\_fQ@Y[_fQZQ4Q]Q!)!'<QfUbcY_^UTYBQce]^i~`UbdQ^
d_\QdUbjQY^_bTY^USb_^_\_WYS_U`bUSUTU\QbUWYQTY?jU`SXU
Y^6bQ^SYQbYd_b^UbwQ\\UceU_bYWY^YSY^U]Qd_WbQVYSXU<Q4Q]U
TU@YaeU!)#'Ue^e\dUbY_bUQTQddQ]U^d_QT_`UbQTY<}_^QbT
;UYWU\WYbQd_^U\!)&&S_^4YdQ@Qb\_
6bQ^SUcS_@YdQccY_
@YaeU4Q]UYcdXUcUS_^TVY\]]QTURiBQce]^iY^7Ub]Q^i
DXYcYc^_ddXUVYbcdQTQ`dQdY_^_V@eå[Y^µcdUhdDXUVYbcdfUbcY_^
TQdUc RQS[ d_ !)! 1VdUbgQbTc ?jU` Y^ XYc VYbcd U^S_e^dUb
gYdXSY^U]Qg_e\TgbYdUdXUcSbY`dV_bQVY\]TYbUSdUTRi:Q[_R
@b_dQjQ^_f Q^T `\QiUT Ri 9fQ^ =_cZ_e[Y^U Q^T FUbQ ?b\_fQ
@Y[_fQZQ4Q]Q!)!'BQce]^iµcfUbcY_^YcdXUbUV_bUdXUdXYbT
QTQ`dQdY_^`bUSUTY^WdXUfUbcY_^TYbUSdUTRi?jU`gX_g_e\T
bUdeb^ d_ XYc SY^U]QdYS _bYWY^c Y^ 6bQ^SU <Q 4Q]U TU @YaeU
!)#'Q^TQ^_dXUbQTQ`dQdY_^Ri<}_^QbT;UYWU\µcg_b[]QTUY^
!)&&gYdX4YdQ@Qb\_
6bQ^SUcS_@YdQccY_
BC40<1>0C18;;9A86$5HJLD&KDV)5HLVQHUHQRQDFFU%XVWHU.HDWRQ
Ŷ7LW´%LOOMUGHOYDSRUHWWR´R´,OILJOLRGL%LOOGHOYDSRUHWWR´R´,RHLOFLFORQH´6FHQ&DUO+DUEDXJK)'HY-HQQLQJV%HUW+DLQHV0-6KHUPDQ.HOOQRQDFFU6FJI)UHG
*DERXULH$VV56DQG\5RWK,QW%XVWHU.HDWRQ:LOOLDP&DQILHOG-U7RP0F*XLUH-RKQ-DPHV.LQJ(UQHVW7RUUHQFH:LOOLDP&DQILHOG6U7RP/HZLV7RP&DUWHU0DULRQ%\URQ
0DULRQ.LQJ-RH.HDWRQEDUELHUH3URG-RVHSK06FKHQFN%XVWHU.HDWRQ3URGXFWLRQV,QFŶPP'·DIV%QŶ'D'DYLG6KHSDUG/REVWHU)LOPV
Ŷ3DUWLWXUDVFULWWDHGLUHWWDGDO0DHVWUR7LPRWK\%URFNHVHJXLWDGDOYLYRGDOO·2UFKHVWUDGHO7HDWUR&RPXQDOHGL%RORJQD6FRUHZULWWHQDQGFRQGXFWHGE\0DHVWUR7LPRWK\%URFN
SHUIRUPHGOLYHE\2UFKHVWUDGHO7HDWUR&RPXQDOHGL%RORJQD
3Q`YdQSXUY\TYcdbYRed_bU`eRR\YSYdQbY_TYCdUQ]R_Qd2Y\\fQTQ:_U
CSXU^S[Y\]Y_S_cYTTUdd_`b_Tedd_bUUW\YTYSU*²;UQd_^^_^`e‡
WYbQbU\QcUaeU^jQTU\\µQ\\efY_^U`UbSX}QRRYQ]_deddYW\YQ^^YTU\\U
9dXQ``U^UTdXQddXUTYcdbYRed_bV_bCdUQ]R_Qd2Y\\gU^dd_:_U
CSXU^S[]ic_SQ\\UT`b_TeSUbQ^TcQYT*²;UQd_^SQ^µdcX__d
dXUV\__TcUaeU^SURUSQecUgUQ\\\YfUTdXb_eWXdXUiUQbc_V
$!
B9DB?F1D9B5CD1EB1D9B53?F5B54B5CD?B54
8;20A=4E0;438E80A4668>'!#5411A08> (!$,WDOLD
B9DB?F1D9B5CD1EB1D9B53?F5B54B5CD?B54
Q\\efY_^YUdb_``QWU^dU`UbTU\QfYdQÄdb_``_T_\_b_c_]UddUb\Q
ce\bYTUbU³1\\_bQCSXU^S[]YTYccU*²>_^`e_YVQbU\µQ\\efY_^U³7\Y
bYc`_cY*²CdbQ^_`UbSX}3XQ`\Y^TebQ^dU\Q7bQ^TU7eUbbQVUSU
e^VY\]SXYQ]Qd_CX_e\TUb1b]cSXUVeY\`YŒWbQ^TUceSSUcc_TY
SQccUddQTYaeU\\µU`_SQÄY]`_ccYRY\U`U^cQbUQe^SQdQS\Yc]Q
`UWWY_bUTU\\Q7bQ^TU7eUbbQ+URRU^U3XQ`\Y^VUSUS_^aeU\\_
Y\ce_`YŒWbQ^TUVY\]S_]YS_³CSXU^S[TYccU*²?X]Q~e^µQ\dbQ
S_cQ³>_^c_`UbSX}V_ccUe^µQ\dbQS_cQ1\\_bQW\YT_]Q^TQYcU
Q^TQfQRU^USXUY_VQSUccYe^SYS\_^U*U\eYVeTµQSS_bT_TYccU
SXUUbQ]UW\Y_?bQ\eY^_^\_cQ`UfQ]Q^UW\YCdQdYE^YdYYSYS\_^Y
UW\YebQWQ^YVQ^^_e^^e]Ub_TYfYddY]UaeQddb_f_\dUce`UbY_bUQ\\U
Q\\efY_^YDedd_cdQfQRU^UfYcd_SXU^_^\_cQ`UfQUS_c‚Q^TQY
QfQ^dYS_Y]YUYS_\\QR_bQd_bYUVUSYY\SYS\_^U
2ecdUb;UQd_^
dXUV\__TcQ^Td__]Q^i`U_`\U\_cUdXUYb\YfUc9dµcd__`QY^Ve\
d_\QeWXQR_ed³C_CSXU^S[d_\T]U*²I_eSQ^µdT_dXUV\__T³9
bU`\YUT*²DXQdµccdbQ^WURUSQecUTebY^WdXU7bUQdGQb3XQ`\Y^
]QTUQVY\]SQ\\UTCX_e\TUb1b]cdXQdgQcdXUWbUQdUcdR_h
_VVYSUXYd_VYdcdY]U9dµcXQbTd_dXY^[_VQ^e`XUQfQ\g_bcUdXQ^
dXU 7bUQd GQb+ Q^T 3XQ`\Y^ deb^UT Yd Y^d_ XYc WbUQdUcd S_]YS
VY\]³CSXU^S[cQYT*²?XReddXQdµcTYVVUbU^d³9T_^µd[^_ggXi
YdgQcTYVVUbU^dC_9Qc[UTXY]YVYdgQc_[YV9TYTQd_b^QT_Q^T
XUQWbUUTXUcQYTYdgQcRUddUb>_gXUTYT^µd[^_gYdRedY^
dXU E^YdUT CdQdUc d_b^QT_c Q^T XebbYSQ^Uc S\QY] V_eb dY]Uc
Qc ]Q^i fYSdY]c Qc V\__Tc 2ed UfUbidXY^W gQc VY^U cY^SU XU
TYT^µd[^_gYdc_9gU^dQXUQTgYdX]iS_\\QR_bQd_bcQ^TTYT
dXUd_b^QT_
2ecdUb;UQd_^
D=2784=0=30;>D6SDJQD5HJLD/XLV%XxXHO
Ŷ6FHQ/XLV%XxXHO6DOYDGRU'DOt)$OEHUW'XYHUJHU0/XLV%XxXHO6FJI3LHUUH6FKLOGNQHFKW$VV53LHUUH%DWFKHII,QW/XLV%XxXHOO·XRPRFROUDVRLR3LHUUH%DWFKHIILO
FLFOLVWDO·XRPR6LPRQH0DUHXLOODUDJD]]D-DLPH0LUDYLOOHV0DUYDOGXHSUHWL)DQR0HVVDQO·DQGURJLQR5REHUW+RPPHWO·XRPRGHOODVSLDJJLD3URG/XLV%XxXHOŶPP
'·DIVŶ'D)LOPRWHFD(VSDxRODŶ&RSLDUHVWDXUDWDQHO3ULQWUHVWRUHGLQ
Ŷ )HUUiQ $OEHULFK GD DQQL ODYRUD FRQ OD )LOPRWHFD (VSDxROD DO UHVWDXUR GL ´8Q &KLHQ DQGDORXµ FRQ SDUWLFRODUH DWWHQ]LRQH DO GLIILFLOH SUREOHPD GHOOD PXVLFD GHO ILOP 1HOOD
SUHVHQWD]LRQHGLTXHVWDYHUVLRQHUHVWDXUDWDLOILOPVDUjSURLHWWDWRGXHYROWHFRQDFFRPSDJQDPHQWRGLUHJLVWUD]LRQLVXGLVFR)HUUiQ$OEHULFKKDVEHHQZRUNLQJDWWKH)LOPRWHFD
(VSDxRODRQWKHUHVWRUDWLRQRI´8Q&KLHQDQGDORXµIRU\HDUVSD\LQJSDUWLFXODUDWWHQWLRQWRWKHGLIILFXOWLVVXHRIWKHPXVLFIRUWKHILOP3UHVHQWDWLRQRIWKLVUHVWRUHGYHUVLRQZLOOFRQVLVW
LQWZRVFUHHQLQJVDFFRPSDQLHGE\UHFRUGV
9^5eb_`Q\QfUbcY_^U`YŒTYVVecQTYE^3XYU^Q^TQ\_e~aeU\\Q
bUQ\YjjQdQ^U\!)%)& TQ\\QSQcQTYTYcdbYRejY_^UVbQ^SUcU<Uc
7bQ^Tc6Y\]c3\QccYaeUcAeUcdQfUbcY_^UTU\VY\]c_^_bYjjQdQ~
aeU\\QSXU]QWWY_b]U^dUcYQffYSY^QQ\\UY^TYSQjY_^YTU\bUWYcdQ
4YVb_^dUQ\\µY]`_ccYRY\YdwTYcQ`UbUS_^SUbdUjjQcUcYdbQddQTU\\U
]ecYSXUUcQddUQRRYQ]_`U^cQd_Q\\Q`_ccYRY\YdwTYbUQ\YjjQbUTeU
fQbYQ^dYY^RQcUQ\\UY^V_b]QjY_^YbQSS_\dU5cYcd_^_Y^VQddYTeUdQ^
WXY]_\d_SU\URbY^UW\YQ^^Y´" SXUcYY^dYd_\Q^_DQ^W_QbWU^dY^_
UBUSeUbT_]QSXU^_^c_^_aeU\\Y`bUcU^dY^U\\QfUbcY_^UTU\
!)& @U^cQ^T_Q\\Q`_ccYRY\YdwSXUcYdbQddQccUY^fUSUTYaeUcdU
]ecYSXUbUQ\]U^dUVQ]_cUQ\\µU`_SQY^SeY2e…eU\`bUcU^d‡Y\
ce_VY\]^UQRRYQ]_bUQ\YjjQd_e^Q^e_fQfUbcY_^Uc_cdYdeU^T_
YdQ^WXY9^VY^UQRRQ^T_^Q^T_Y\]Ud_T_cebbUQ\YcdQ`Ub`QccQbU
TYbUddQ]U^dUQaeU\\_`QbQ^_YS_SbYdYS_TY4Q\QRRYQ]_fQ\edQd_
\Q`_ccYRY\YdwSXU2e…eU\U4Q\QfUccUb_`U^cQd_QaeQ\S_cQTY`YŒ
bYc`Udd_Q\\Q]ecYSQTYDbYcdQ^_U9c_ddQ]U^dbUcdQfQ^_U\QR_bQ^
T_\QcSU^UWWYQdebQTYE^3XYU^Q^TQ\_e<QS_cQ~ceWWUbYdQTQ
e^Y^dbYWQ^dUaeQTb_TY4Q\TU\!)$#Y^dYd_\Qd_DbYcdv^U9c_\TQSXU
]_cdbQTeUVYWebUe^e_]_Ue^QT_^^QcU`_\dYVY^_Q\\QSY^d_\Q
CYdbQddQTYe^QdbQc`_cYjY_^UaeQcYUcQddQTU\\µY]]QWY^UVY^Q\UTY
E^3XYU^Q^TQ\_eCUYTeU`b_dQW_^YcdYTU\VY\]c_^_DbYcdQ^_U
9c_ddQQ\]U^_`Ub4Q\V_bcUQ^SXU\Qcd_bYQQfUfQQ\Se^Y`e^dYY^
S_]e^US_^\_cfY\e``_TU\\QdbQ]QTU\\µ_`UbQ
6Ubbv^1\RUbYSXY^²3Y^UWbQVYU³^!&" #
$"
9^ 5eb_`U dXU ]_cd gYTU\icUU^ fUbcY_^ _V E^ 3XYU^ Q^TQ\_e
Yc _^U `b_TeSUT RUdgUU^ !)%)& Ri 6bU^SX TYcdbYRed_b <Uc
7bQ^Tc6Y\]c3\QccYaeUcDXYcfUbcY_^_VdXUc_e^TVY\]YcdXU_^U
S\_cUcdd_dXUTYbUSd_bµcY^cdbeSdY_^c6QSUTgYdXdXUY]`_ccYRY\Ydi
_V[^_gY^WV_bcebUYVdXU]ecYSgQcUhQSd\ibYWXdgUgUYWXUT
dXU`_ccYRY\Ydi_V]Q[Y^Wdg_fQbYQdY_^cRQcUT_^dXUY^V_b]QdY_^
WQdXUbUT9^TUUTdXUbUQbUdg_dQ^W_cU^dYd\UTDQ^W_1bWU^dY^_
Q^TBUSeUbT_dXQdgUbUaeYdUVQ]_ecY^dXUdgU^dYUcReddXUi
QbU^_ddXU_^Uc`bUcU^dY^dXU!)& fUbcY_^CY^SUgUdXY^[Ydµc
`_ccYR\UdXQddXUcU`YUSUcVQ]_ecTebY^WdXUUbQY^gXYSX2e…eU\
`bUcU^dUTXYcVY\]gUbUdXU_^UcQSdeQ\\iecUTgU]QTUQ^Ug
fUbcY_^ ecY^W dXUcU dQ^W_c DXU^ VY^Q\\i gU QRQ^T_^UT dXU
cebbUQ\Ycd]UdX_TQ^T]_fUTTYbUSd\id_4Q\µc`QbQ^_YTSbYdYSQ\
]UdX_T S_^cYTUbY^W dXU `_ccYRY\Ydi dXQd 2e…eU\ Q^T 4Q\ XQT
dX_eWXd_Vc_]UdXY^W]_bUY^bUWQbTd_dXU]ecYSVb_]DbYcdQ^
Q^T9c_\TUgXU^dXUigUbUgbYdY^WdXUcSbY`dV_bE^3XYU^Q^TQ\_e
DXYcceWWUcdY_^S_]UcVb_]QY^dbYWeY^W`QY^dY^W4Q\]QTUY^
!)$# SQ\\UT DbYcdv^ U 9c_\TQ gXYSX cX_gc dg_ VYWebUc Q ]Q^
Q^TQg_]Q^RebYUTe`d_dXUYbgQYcdcDXU`QY^dY^WYcQ\]_cdQ^
UhQSddbQ^c`_cYdY_^_VdXUVY^Q\Y]QWUY^E^3XYU^Q^TQ\_e9VdXU
`b_dQW_^Ycdc_VdXUVY\]QbUDbYcdQ^Q^T9c_\TU_bQd\UQcdV_b4Q\
dXU^`UbXQ`cdXUcd_bi_VdXUVY\]XQT`_Y^dcY^S_]]_^gYdXdXU
`\_d_VdXU_`UbQ
6Ubbv^1\RUbYSXY^²3Y^UWbQVYU³^!&" #
0;;@D84C>=C74F4BC4A=5A>=C86$5HJLD/HZLV0LOHVWRQH
<Q fUbcY_^U ²]edQ³ S_^ c_^_b_ cY^Sb_^YjjQd_ TY 1\\ AeYUd _^
dXUGUcdUb^6b_^d~cdQdQ`bUcUbfQdQTQ\\Q<YRbQbi_V3_^WbUcc
=_dY_^@YSdebU3_^cUbfQdY_^3U^dUbTY4Qid_^?XY_Q`QbdYbU
TQe^]QcdUb\QfQ^TUb^YdbQd_`_cYdYf_S_^S_\_^^Qc_^_bQ<Q
`U\\YS_\QS_^dYU^U\QfUbcY_^UY^dUWbQ\UTU\VY\]`UbY\]UbSQd_UcdU
b_QccU]R\QdQ`bY]QSXU^e]Ub_cYdQW\YSU^c_bY^UbYTeSUccUb_
TbQcdYSQ]U^dU\QTebQdQU`bUcU^dQQ\Se^YTYQ\_WXYcY^Sb_^YjjQdYY^
VbQ^SUcUY^cUWeYd_U\Y]Y^QdY^U\\QfUbcY_^UcdQde^YdU^cU9\bUWYcdQ
<UgYc=Y\Ucd_^US_^cUW^‡Q\\QE^YfUbcQ\e^QfUbcY_^UVY^Q\UTU\
VY\]Y^TYSYQccUddUbe\\YSXU\Q`b_TejY_^UbYTeccUQaeQdd_bTYSY`Ub
\Q fUbcY_^U c_^_bQ DeddQfYQ Q\\µQccYcdU^dU TY =Y\Ucd_^U =Y\d_^
3QbbedX fU^^U QVVYTQd_ Y\ S_]`Yd_ TY QccU]R\QbU e^Q fUbcY_^U
]edQU`Ub]_\dYQc`UddYY\ce_]_^dQWWY_~`YŒVUTU\UQ\\QfYcY_^U
_bYWY^Q\UTY=Y\Ucd_^U`bUcU^dQ^T_]_fY]U^dYTYSQ]UbQ`YŒV\eYTY
US_^cUbfQ^T_]_\dUcSU^U`_YdQW\YQdU^U\\QfUbcY_^Uc_^_bQ
=Y[U=QcX_^
9\VY\]TY=Y\Ucd_^U^_^~Y\`bY]_QTUcSbYfUbU\Q7bQ^TU7eUbbQTQ\
`e^d_TYfYcdQdUTUcS_]Q~e^_TUY`_SXYSXUbYUcSUQVQb\_S_^
Y]`QbjYQ\Ydw<µQ]RYU^dQjY_^UUbQQcc_\edQ]U^dUS_^fY^SU^dUU
^U\ S_`Y_^U cY cSU\cU cQWWYQ]U^dU TY S_^SU^dbQbcY ceW\Y UVVUddY
TUdUb]Y^QdYTQ\S_^V\Ydd_ceYcY^W_\Y`Ubc_^QWWY`Yedd_cd_SXUTQbU
TUVY^YjY_^YQ]`_\\_cUQ\\Q^QdebQTU\\QWeUbbQ9\VY\]UfYdQdeddYaeUY
S\YSX}SXUYTUQ\YjjQ^_²cQ^WeUUfQ\_bUTQ\\µY^VUb^_Q\\QW\_bYQ³
_VVbU^T_e^_cWeQbT_UcdbU]Q]U^dUbUQ\YcdYS_^UYS_^Vb_^dYTU\\Q
]_bdUSXUcYSU\QTYUdb_YS_\`YTYSQ^^_^U\UcSXUWWU\URQY_^Ud
dUY\VY\_c`Y^Qd__Y\`b_YUddY\UTYe^SUSSXY^_
;Y^WcUi3Q^XQ]<UgYc=Y\Ucd_^U<_^TbQDQ^dYfi@bUcc!)'$
DXU ci^SXb_^YjUT cY\U^d fUbcY_^ _V 1\\ AeYUd _^ dXU GUcdUb^
6b_^dgQc`bUcUbfUTRidXU<YRbQbi_V3_^WbUcc=_dY_^@YSdebU
3_^cUbfQdY_^ 3U^dUb Y^ 4Qid_^ ?XY_ Vb_] Q ^YdbQdU \QfQ^TUb
]QcdUb `YSdebU `_cYdYfU Q^T dbQS[ 9d Yc dXU S_]`\UdU V_bUYW^
fUbcY_^QccU]R\UT`bY_bd_^e]Ub_ecSU^c_bSedcdXQdcX_bdU^UT
dXUVY\]TbQ]QdYSQ\\i9dQ\c_VUQdebUcc_]U]Y^_bci^STYQ\_WeU
Y^6bU^SXdXQdgQcTU\UdUTVb_]dXUECfUbcY_^4YbUSd_b<UgYc
=Y\Ucd_^UTU\YfUbUTd_E^YfUbcQ\QcUfU^dUU^bUU\fUbcY_^_VdXU
VY\]gXYSXdXUcdeTY_cX_bdU^UTd_V_ebdUU^bUU\cV_bdXUc_e^T
bU\UQcU8_gUfUb=Y\Ucd_^UQccYcdQ^d=Y\d_^3QbbedXgQcWYfU^
dXUdQc[_VQccU]R\Y^WdXUcY\U^dfUbcY_^Q^TY^]Q^igQicXYc
SedYc]_bUVQYdXVe\d_=Y\Ucd_^Uµc_bYWY^Q\fYcY_^gYdX]_bUV\eYT
SQ]UbQ]_fU]U^dcQ^TdXUY^S\ecY_^_VcUfUbQ\cX_dcTU\UdUT
Vb_]dXUc_e^TfUbcY_^V_bdY]U
=Y[U=QcX_^
=Y\Ucd_^UµcVY\]gQc^_ddXUVYbcdd_UhQ]Y^UdXU7bUQdGQbVb_]
dXU7Ub]Q^`_Y^d_VfYUgRedYdgQc_^U_VdXUVUgd_T_c_gYdX
Y]`QbdYQ\YdiDXU\_SQ\UgQcd_dQ\\iS_^fY^SY^We^\Y[U]Q^i\QdUb
UVV_bdc Q^T dXU cSbY`d gYcU\i SX_cU d_ S_^SU^dbQdU e`_^ dXU
UVVUSdc_VgQb_^Y^TYfYTeQ\SXQbQSdUbcY^cdUQT_V]Q[Y^Wg_bTi
cdQdU]U^dc QR_ed dXU ^QdebU _V gQb 1\\ AeYUd _^ dXU GUcdUb^
6b_^dQf_YTcQ\\dXU²R\__TQ^TWedcdXb_eWXXU\\d_W\_bi³S\YSX}c
RidQ[Y^WQcdQb[\ibUQ\YcdYS\__[QdTUQdX]UdUT_edRicXU\\Y^W
cXbQ`^U\RQi_^UdcRQbRUTgYbUQ^TQc^Y`UbµcRe\\Udd
;Y^Wc\Ui 3Q^XQ] <UgYc =Y\Ucd_^U <_^T_^ DQ^dYfi @bUcc
!)'$
B8==>E43034=4;0;2ÁI0A,WDOLD5HJLD$XJXVWR*HQLQD
Ŷ 9HUVLRQH VSDJQROD GL 6SDQLVK YHUVLRQ RI ´/·DVVHGLR GHOO·$OFD]DUµ Ŷ 6FHQ $XJXVWR *HQLQD $OHVVDQGUR 'H 6WHIDQR 8JR %HWWL QRQ DFFU ) -DQ 6WDOOLFK )UDQFHVFR ,]]DUHOOL
)UDQFHVFR6HUDWULFH0)HUQDQGR7URSHD6FJI*DVWRQH0HGLQ0X$QWRQLR9HUHWWL6X*LDFRPR3LW]RUQR$VV53ULPR=HJOLR$OEHUWR%DUJHOHVL(GRDUGR$QWRQ))HUQDQGH]GH
&RUGRED,QW)RVFR*LDFKHWWL&DSLWDQR9HOD0LUHLOOH%DOLQ&DUPHQ+HUUHUD0DULD'HQLV&RQFKLWD$OYDUH]$QGUHD&KHFFKL3HGUR6LOYLR%DJROLQL3DROR0RQWH]$OGR)LRUHOOL
)UDQFLVFR5DIDHO&DOYR&RORQQHOOR0RVFDUGz&DUOR7DPEHUODQL&DSLWDQR9LQFHQ]R$OED$GHOH*DUDYDJOLD]LD'RORUHV*XLGR1RWDUL0DJJLRUH9LOODQRYD&DUORV0XxR]ILJOLR
GL0RVFDUGz*LRYDQQL'DO&RUWLYRJHQHUDOHUHSXEEOLFDQR&DUOR'XVH0DJJLRUH5DWWR*XJOLHOPR6LQD]GHSXWDWRUHSXEEOLFDQR2UHVWH)DUHVVDFHUGRWH1LQR&ULVPDQ$QJHOR
'HVV\&HVDUH3RODFFR$QWRQLR0DULHWWL(XJHQLR'XVH&DUOR%UHVVDQ&LUR%HUDUGL&KHFFR5LVVRQH$QLWD)DUUD$HGR*DOYDQL0DULR(UVDQLOOL8JR6DVVR9DVFR&UHWL)HOLFH5RPDQR
1LQR0DUFKHVLQL*LRYDQQL3HWWL)UDQFR%DUFL$OIUHGR3HWURQL/XLJL3DVWRUH5RODQGR0D]]RWWL*LXOLR7RPDVVLQL,JLQLD$UPLOOL0DULR&RORPEDVVL(Q]D9DVFRQL7XOOLR7RPDGRQL
(QULFR*R]]R3URG%DVVROL)LOP5RPDŶPP'·%Q9HUVLRQHVSDJQROD6SDQLVKYHUVLRQŶ'D)LOPRWHFD(VSDxROD6FXRODQD]LRQDOHGL&LQHPD²&LQHWHFD1D]LRQDOHLQ
FROODERUD]LRQHFRQ0XVHR1D]LRQDOHGHO&LQHPDGL7RULQR&LQHWHFDGL%RORJQD%XQGHVDUFKLY,PSHULDO:DU0XVHXP
9\VY\]fU^^UWYbQd_Y^T_``YQfUbcY_^UUfU^^Ub_bUQ\YjjQdYTeU
TYcdY^dY^UWQdYfY9\^UWQdYf_cSU^QTU\\QfUbcY_^Uc`QW^_\Q~cdQd_
bYdb_fQd_Y^9dQ\YQU]Ucc_QTYc`_cYjY_^UTQW\YUbUTYTU\`b_Tedd_bU+
\QS_\_^^Q~cdQdQbUSe`UbQdQTQTeUTYcdY^dYU\U]U^dYY^!&]]*e^
Te`\YSQd_^UWQdYf_Ue^QS_`YQ`_cYdYfQ
DXUVY\]gQc]QTUY^TeQ\fUbcY_^cQ^Tdg_cU`QbQdU^UWQdYfUc
gUbU`b_TeSUTDXU`YSdebU^UWQdYfUV_bdXUC`Q^YcXfUbcY_^gQc
V_e^TY^9dQ\iQ^T]QTUQfQY\QR\URidXUXUYbc_VdXU`b_TeSUb+dXU
c_e^TdbQS[gQcbUS_fUbUTVb_]dg_cU`QbQdU!&]]U\U]U^dc*Q
Te`\YSQdU^UWQdYfUQ^TQ`_cYdYfUS_`i
$#
B9DB?F1D9B5CD1EB1D9B53?F5B54B5CD?B54
Ŷ7LWLW´$OO·RYHVWQLHQWHGLQXRYRµ6FHQ*HRUJH$EERWWGDOURPDQ]RGL(ULFK0DULD5HPDUTXH$GDWWDPHQWRHGLDORJKL0D[ZHOO$QGHUVRQ'LDORJKLDJJLXQWL'HO$QGUHZV)
$UWKXU(GHVRQ.DUO)UHXQGQRQDFFU0(GJDU$GDPV(GZDUG/&DKQQRQDFFU0LOWRQ&DUUXWKQRQDFFU6XSHUY00DXULFH3LYDU6FJI&KDUOHV'+DOO:LOOLDP56FKPLGW0X
'DYLG%URHNPDQ6DP3HUU\QRQDFFU+HLQ]5RHPKHOGYHUVLRQH´PXWDµQRQDFFU6X&5R\+XQWHU$VV51DWH:DWW,QW/RXLV:ROKHLP.DWF]LQVN\/HZ$\UHV3DXO%lXPHU
-RKQ:UD\+LPPHOVWRVVSRVWLQRVHUJHQWH$UQROG/XF\.DQWRUHN%HQ$OH[DQGHU)UDQ].HPPHULFK6FRWW.RON/HHU2ZHQ'DYLV-U3HWHU:DOWHU%URZQH5RJHUV%HKP:LOOLDP
%DNHZHOO$OEHUW5XVVHOO*OHDVRQ0OOHU5LFKDUG$OH[DQGHU:HVWKXV+DUROG*RRGZLQ'HWHULQJ´6OLPµ6XPPHUYLOOH7MDGHQ*3DW&ROOLQV7HQHQWH%HUWLQFN%HU\O0HUFHU
)UDX%lXPHU=D6X3LWWV)UDX%lXPHUQHOODYHUVLRQHPXWD(GPXQG%UHHVH+HUU0H\HU)UHG=LQQHPDQQVROGDWRQRQDFFU3URG8QLYHUVDO3LFWXUHVŶPP'·DIV
'LGDVFDOLHLQJOHVL(QJOLVKLQWHUWLWOHVŶ'D/LEUDU\RI&RQJUHVVŶ3UHVHUYDWRQHOGDODYDQGHUQLWUDWRSRVLWLYR3ULQWSUHVHUYHGLQIURPQLWUDWHODYDQGHUSRVLWLYH
B9DB?F1D9B5CD1EB1D9B53?F5B54B5CD?B54
9\VY\]bQSS_^dQe^_TUW\YU`Yc_TY`YŒ^_dYTU\\QWeUbbQSYfY\Uc`Q
W^_\Q*e^Wbe``_TY]Y\YdQbYWeQbTYUSYfY\YUVQ\Q^WYcdYcYQccUbbQW\Y‡
^U\\µ1\SQjQbTYD_\UT_UbUcYcdUddUQe^QccUTY_TY_\dbUTeU]UcY
VY^_Q\\Q\YRUbQjY_^U`Ub]Q^_TU\\µUcUbSYd_VbQ^SXYcdQ@Ub\_`YŒ\Q
`U\\YS_\QVeWYbQdQ^UW\YcdeTYTY3Y^USYddwQ`QbdUQ\Se^UcUaeU^jU
QD_\UT_^UY`bY]Y]UcYTU\!)$ 9\VY\]Ve`Ub‡bUQ\YjjQd_Y^T_`
`YQfUbcY_^U?W^YY^aeQTbQdebQfU^^UWYbQdQTeUf_\dUe^QS_^
TYQ\_W_Y^YdQ\YQ^_Ue^QS_^TYQ\_W_Y^c`QW^_\_TQT_``YQbUY^
cUWeYd_fYcd_SXU^Ucce^QTU\\UTeUfUbcY_^Y`bUfUTUfQ\Q`bU
cQTU\ce_^_TYbUdd_9^UWQdYfYVeb_^_cfY\e``QdY^UY\QR_bQd_bYTY
3Y^USYddw9\VQdd_SXUfU^YccUWYbQdQe^QfUbcY_^Uc`USYVYSQ]U^dU
TUcdY^QdQQ\\QTYcdbYRejY_^U`Ub\QC`QW^QbQVV_bjQ\µYTUQSXUcY
dbQddQccUTYe^QS_`b_TejY_^UYdQ\_c`QW^_\Q
6Ubbv^1\RUbYSXY^²1bSXYf_c³^#%"
DXUVY\]dU\\cdXUcd_bi_V_^U_VdXU]_cdgU\\[^_g^U`Yc_TUc
Vb_]dXUC`Q^YcX3YfY\GQb*QWb_e`_Vc_\TYUbc^QdY_^Q\WeQbT
]U]RUbc Q^T VQ\Q^WYcdc RQbbYSQTUT dXU]cU\fUc Y^cYTU dXU
1\SvjQb Y^ D_\UT_ X_\TY^W _ed V_b _fUb dg_ ]_^dXc e^dY\ dXUi
gUbUVbUUTRi6bQ^S_µcdb__`cDXUVY\]gQc]_cd\icX_dY^dXU
3Y^USYddwcdeTY_cgYdXdXUUhSU`dY_^_Vc_]UcUaeU^SUcVY\]UTY^
D_\UT_TebY^WdXUUQb\i]_^dXc_V!)$ DXUVY\]gQc]QTUY^dg_
fUbcY_^c5QSXcX_dgQcVY\]UTdgYSUgYdX9dQ\YQ^TYQ\_WeUcQ^T
gYdXC`Q^YcXTYQ\_WeUcd_RUTeRRUT\QdUbcY^SUTYbUSdc_e^T
bUS_bTY^WgQc^_decUTV_bUYdXUbfUbcY_^DXU^UWQdYfUcgUbU
TUfU\_`UTY^dXU3Y^USYddw\QR_bQd_bYUcDXUVQSddXQdQfUbcY_^
gQcVY\]UTc`USYVYSQ\\iV_bTYcdbYRedY_^Y^C`QY^bUY^V_bSUTdXUYTUQ
dXQddXUVY\]gQcQ^9dQ\YQ^C`Q^YcXS_`b_TeSdY_^
6Ubbv^1\RUbYSXY^²1bSXYf_c³^#%"
C74A42:;4BB<><4=C86$5HJLD0D[2SXOV>2SKXOV@
Ŷ7LW´6JRPHQWRµ6FHQ+HQU\*DUVRQ5REHUW:6RGHUEHUJ$GDWWDPHQWR0HO'LQHOOL5REHUW(.HQWGD´7KH%ODQN:DOOµGL(OLVDEHWK6DQ[D\+ROGLQJ)%XUQHWW*XIIH\2S
*HUW$QGHUVHQQRQDFFU0*HQH+DYOLFN6FJI&DU\2GHOO&RVW-HDQ/RXLV6X5XVVHOO0DOPJUHQ$VV5(DUO%HOODP\,QW-DPHV0DVRQ0DUWLQ'RQQHOO\-RDQ%HQQHWW/XFLD
+DUSHU*HUDOGLQH%URRNV%HD+DUSHU+HQU\2·1HLOO7RP+DUSHU6KHSSHUG6WUXGZLFN7HG'DUE\'DYLG%DLU'DYLG+DUSHU5R\5REHUWV1DJHO-HVVLH$UQROG3URG&ROXPELD
3LFWXUHV&RUSRUDWLRQŶPP'·%Q9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'D6RQ\&ROXPELD
AeQ^T_e^bUWYcdQ`b_V_^TQ]U^dU`Ubc_^Q\US_]U=Qh?`Xe\ccY
db_fQQ_SSe`QbcYTYe^VY\]TYWU^UbUS_^e^c_WWUdd_S_^dU]`_bQ
^U__SSQcY_^USXUW\YcYcQbURRUbY`bUcU^dQdQe^Q^^_T_`_S_^
3QeWXdU\_VQedY\YjjQ^T_deddQ\Q\YRUbdwcdY\YcdYSQU\µYc`YbQjY_^USXU
\_S_^dbQTTYcdY^We_^_cURRU^U\µe^Y_^UTY^_YbU]U\_TbQ]]Q^_^
V_ccU^e_fQQaeUYdU]`Y\QbYU\QR_bQjY_^USXU^UVQ?`Xe\c~e^YSQ
\QcU^cQjY_^USXUcY`b_fQ~aeU\\QTYfUTUbUQ^SXU\US_cUQ^_Y
`YŒVQ]Y\YQbYS_]UcUV_ccU\Q`bY]Qf_\dQ<QSQcQS_^Yce_YcUWbUdY
^QcS_cdYTYUdb__W^Y`_bdQQ``QbUdbQc`QbU^dUS_]Uc_\_YVY\]U\U
]YcUU^cS~^U`YŒbYecSYdUbYUcS_^_Q]_cdbQbU3Y‡SXUSYdbQc]UddU
~e^QTebQbQ``bUcU^dQjY_^UTU\\QfYdQae_dYTYQ^Q?`Xe\c]Q^dYU^U
e^_ cWeQbT_ ^QdebQ\U _VVbU^T_SY Q\ dU]`_ cdUcc_ e^Q SbUQjY_^U
]QWYSQ aeQ^d_ aeU\\Q TUY ce_Y cWQbWYQ^dY VY\] cd_bYSY 3_c‚ S_]U
aeQ^T_cYQTTU^dbQ^U\\UVQ\cYdwTU\\Qcd_bYQU^U\\QVU\YSYdwVYddYjYQVY^
TUcY~S\UQ^SXUY^aeUcd_VY\]dedd_cU]RbQe^QVQSSYQdQe^cUde^Q
fYdQSXUbYS_^_cSYQ]_^U\\U`Qb_\UTU\\_cdUcc_?`Xe\caeQ^T_`Qb\Q
TY=QTQ]UTUª*²AeUcdQ^_^~fYdQ~UcYcdU^jQ1^S_bQ]U^_*~
^_^UcYcdU^jQKªM9^bUQ\dwaeUcd_VY\]T_fbURRUUccUbUY^TYbUddQ
]U^dU]_\d_Q]Qb_U]Y\\Uf_\dU`YŒ`b_V_^T_TU\\µQ^UTT_d_TQSeY
dbQUc`e^d_³C_^_RQcdQdYSY^aeUQ^^Y`UbdbQcV_b]QbU²\QV_bdUjjQ
Y^Uc`eW^QRY\UTU\V_S_\QbUQ]UbYSQ^_³S_]UfU^YfQTUVY^YdQY^CY^SU
I_eGU^d1gQiTYCU\j^YS[^U\!)$#Y^e^QSQcQTY_]RbUU\QfYdQY^
e^QVQbcQdUQdbQ\UY^e^QcUbYUTY]U^j_W^UFU^W_^_S_^dbQ``_cdU
TeUS_``YU*e^QS_bbYc`_^TUQ\`QbQTYW]QTU\\QfYdQQ]UbYSQ^QTU\
]QdbY]_^Y_+\µQ\dbQS_^e^_cfY\e``_Q^_]Q\_UY^Qc`UddQd_`bU^TU
V_b]QaeQ^T_e^bYSQddQd_bUcY]UddUY^S_^dQdd_S_^\Q]_W\YU9^
e^SUbd_cU^c_\Q\_b_bU\QjY_^UTYfU^dQY]`b_ffYcQ]U^dUUbQ`Y
TQ]U^dU\µe^YSQUc`bUccY_^U`_ccYRY\UTU\\QfYdQbUQ\U9\S\Y]QTUW\Y
Q^^Yµ$ `e‡UccUbU`UbSU`Yd_ce\\_cV_^T_c_`bQddedd_QddbQfUbc_
Y\`Ubc_^QWWY_SXYQfUTU\`QTbUSXU`Ub‡^_^fYU^U]QY]_cdbQd_
TYbUddQ]U^dU\Q3Y^U]QdUSQ@_bdeWeUcQXQbUSU^dU]U^dUTUTYSQd_
e^QbQccUW^Q`b_`bY_QaeUcdY²`b_dQW_^YcdQcQecU^dUc³1\SU^db_
fYU^UQdb_fQbcYe^QVQ]YW\YQ\_W_bQdQe^Qc_bdQTYU^dYdwY^^QdebQ\U
$$
GXU^c_]U_^UQcY^dU^cU\i`Ubc_^Q\Qc=Qh?`Xe\cdQ[Uc_^
QWU^bUVY\]Q^TQS_^dU]`_bQbiceRZUSdQcXUg_e\TT_QWQY^
_^UiUQb\QdUbY^3QeWXdU]`\_iY^WQ\\XYccdi\YcdYS\YRUbdiQ^T
Y^c`YbQdY_^dX_eWXdXU]YhY^W_V]U\_TbQ]QQ^T^_YbgQc^_d
e^eceQ\Y^dX_cUiUQbc?`Xe\cµfYcY_^gQce^YaeUgUWUddXU
cU^cUdXQdgUQbUcUUY^WUfU^VQ]Y\YQbdXY^WcV_bdXUVYbcddY]U
DXUX_]UVe\\_VcUSbUdcRUXY^TYdcT__bcQ``UQbcdbQ^c`QbU^d
Y^ dXU gQi dXQd _^\i VY\] Q^T Q^ Y^c`YbUT ]YcUU^cS~^U
SQ^cX_gYdGUWUdQd_eWXW\Y]`cU_V_bTY^Qbi\YVU?`Xe\c
]QY^dQY^cQ^QdebQ\\__[gXY\UWYfY^WecQSbUQdY_^Qc]QWYSQ\
Qc Q^i _V XYc V\QcXi XYcd_bYSQ\ VY\]c :ecd \Y[U ?`Xe\cµ Y^cYWXd
Y^d_XYcd_bYSQ\VQ\cUX__TcQ^TVYSdY_^Q\VY^TUcY~S\UXQ``Y^Ucc
XUbUgUcUUQ\YVUgXUbUUfUbidXY^WYcQVQSQTUQcUdQ\YVUgU
SQ^bUS_W^YjUQc?`Xe\cµTUcSbYRUT=QTQ]UTU*²DXYcYc^µd
Q\YVUYdµcQ^UhYcdU^SU5fU^\Ucc*Q^_^UhYcdU^SUDXYcVY\]
cX_e\TRUY^TYbUSd\ifUbiRYddUbQ^TQdX_ecQ^TdY]Uc]_bU
`b_V_e^TdXQ^dXUQ^UST_dUe`_^gXYSXYdYcRQcUT³6YfUiUQbc
XQfUdbQ^cV_b]UT²dXUe^S_^aeUbQR\UV_bdbUcc_VQ^1]UbYSQ^
X_]U³QcYdgQcTUVY^UTY^CU\j^YS[µcCY^SUI_eGU^d1gQi
!)$#Y^d_QX_ecU_VcXQT_gcQ^T\YVUY^d_QdXUQdbYSQ\`\QiQ
cUd_V\YUcDg_S_e`\UcQbUZehdQ`_cUT?^US_bbUc`_^Tcd_dXU
SU^dbQ\`QbQTYW]_V1]UbYSQ^\YVU_b]QbbYQWU+dXU_dXUbY^Q^
e^Uh`USdUT\Qg\UccTUfU\_`]U^dRUWY^cgXU^QR\QS[]QY\Ub
S_^dQSdc XYc gYVU C_]UX_g dXUYb bU\QdY_^cXY` ceTTU^\i Q^T
RbYUV\i RUS_]Uc dXU _^\i `_ccYR\U W\Y]`cU _V bUQ\ \YVU DXU
cU^cU_VdXU!)$ c\Y^WUbcgYdX_^U[Ui`Ubc_^dXUVQdXUb
^UfUbcX_g^dXU3Y^U]QdUSQ@_bdeWeUcQbUSU^d\iTUTYSQdUT
Q cUbYUc d_ dXUcU ci]`d_]QdYS ²`b_dQW_^YcdQc QecU^dUc³
8U^SUQcde^dUTVQ]Y\i\YUcQddXUSU^dUbQ^e^^QdebQ\U^dYdi
dXQd]ecdQ``UQbQ^TQSd^QdebQ\\iUfU^]_bUc_RUSQecU_V
dXYc QRcU^SU 2ed dXU bYdeQ\c _V UfUbiTQi \YVU Q^T dXU ebWU^d
^UUT d_ `bUcUbfU dXU] d_ Q``UQb _bTY^Qbi Q^T TUSU^d QbU
_fUbdQ[U^RiTQb[^UccQ^TQcU^cU_VSbY]Y^Q\T__]DX_eWX
^_dXY^W bUQ\\i XQ``U^c dXU ]Y^T Q^T Q bU`bUccYfU Se\debU
VY\\ Y^ dXU bUcd DXU cY]`\U Q^T c`QbU cUddY^W cUU]c ]QTU
V_b `Ub]UQdY_^ Ri Q^ e^[^_g^ Q^T Q^dYUcdQR\YcX]U^d ^_Yb
`bUcU^SUgXYSX_VS_ebcUQbbYfUccY^[Y^WY^d_dXUV_e^TQdY_^c
_Vb_edY^UVQ]Y\i\YVUQ^TfY_\QdY^WYd?`Xe\ccX_gcdXYc\YVUQc
Q `bYc_^ Q\\ QR_ed ]_^Ui Q^T `b_`Ubdi 5]_dY_^c QbU Q\\ Q^
QSd?dXUbgYcUdXUiVY^T^__ed\Ud^_d^_gQ^T`b_RQR\i^_d
UfUb e^\Ucc dXUi QbU e^bUaeYdUT _b e^\Ucc dXUi dbQ^c`YbU Y^
TUc`UbQdU V\UUdY^W SYbSe]cdQ^SUc ceSX Qc dXU bU\QdY_^cXY`
RUdgUU^ dXU R\QS[]QY\Ub :Q]Uc =Qc_^ Q^T XYc gYVU :_Q^
2U^^Udddg_\_^U\i`U_`\UY^QbU\QdY_^cXY`dXQdcUU]cVYbcd
SbeU\ Q^T dXU^ `_YW^Q^d gYdX Q WbUQd bU`bUccUT dU^TUb^Ucc
e^TUbcS_bUTRidXUY^UfYdQRY\Ydi_VT__]@Qbd_VdXUgbU^SXY^W
e^V_bWUddQR\U^Ucc _V DXU BUS[\Ucc =_]U^d S_]Uc Vb_] dXU
Y^dUb`\QiRUdgUU^dg_UhSU`dY_^Q\QSd_bc*QbUcdbQY^UT:Q]Uc
=Qc_^gX_cU`b_V_e^T]UWQ\_]Q^YQSSbUQdY_^Y^2YWWUbdXQ^
<YVUgY\\`b_fUQ^_dXUbXYWX\YWXd_VdXYcgUU[Q^TgX_g_b[UT
gYdX?`Xe\cQWQY^Y^3QeWXdQ^T:_Q^2U^^UddgX_SbUQdUc
_^U_VdXU]_cdY^dU^cUe^TUbcdQdUTQ^TTeQ\YcdYSY^SQb^QdY_^c
_VdXUX_ecUgYVUY^Q\\_VdXUSY^U]Q3_^cYTUbY^WXUbb_\UcV_b
?`Xe\c<Q^WQ^TBU^_Yb2U^^UddgQc_^U_VdXU]_cdRbY\\YQ^d
Q^Tc_]UgXQde^TUbUcdY]QdUTQSdbUccUc_VXUbdY]U
@UdUbf_^2QWX
E8304=B><1A0B6SDJQD5HJLD/RUHQ]R/OREHW*UjFLD
Ŷ6RJJHVFHQ9LFWRULR$JXDGR/RUHQ]R/OREHW*UjFLD)6DOYDGRU7RUUHV*DUULJD2S$XUHOLR*/DUUD\D05DPyQ%LDGtX6FJI5DPyQ0DWKHX&RVW-DLPH)HUUDWHU7UXFFR
$VXQFLyQ6DQFKH]0X-HV~V*DUFtD/HR]$VV53HGUR/D]DJD$QWRQLR6ROi,QW)HUQDQGR)HUQiQ*yPH]&DUORV0DUtD'RORUHV3UDGHUD$QD,VDEHOGH3RPpV&ODUD$OIRQVR
(VWHOD/XLV)pOL[GH3RPpV6HxRU'XUiQ*UDFLHOD&UHVSR6HxRUD'XUiQ)HUQDQGR6DQFKRSURGXWWRUH0DUWD)ORUHVVSRVD$QWRQLD/OREHW$QDGDEDPELQD&DUORV/OREHW
EDPELQR7RPiV*XWLpUUH]/DUUD\D+HUQiQGH]YHQGLWRUL-XDQ/RSH]/XLVGDEDPELQR-RDTXtQ6ROHU6HUUDQR0DU\6DQWSHUH3URG&DVWLOOD)LOPVŶPP'·%Q9HUVLRQH
VSDJQROD6SDQLVKYHUVLRQŶ'D)LOPRWHFD(VSDxROD
FYTQU^c_]RbQc~e^µUSSUjY_^U^U\`Q^_bQ]QSY^U]Qd_WbQVYS_
c`QW^_\_ >_^ cUWeU Y TUddQ]Y eVVYSYQ\Y TU\ SY^U]Q ^QjY_^Q\U
TUW\YQ^^Yµ$ ~e^`b_T_dd_TU\\Q`QccY_^UU^_^TU\\µY^dUbUccU
S_]]UbSYQ\U6_bcU`UbaeUcd_c_VVb‚TU\\QSU^cebQUS_^_]YSQ
Y]`_cdQce]_\dY`b_WUddYTU\dU]`_TQY`b_VUccY_^YcdYTU\SY^U]Q
<µQccU^jQTYY^dUbUccU`UbY`b_WUddYS_]]UbSYQ\YTQ`QbdUTY<_bU^
j_<\_RUd7bwSYQY^`QbdUTUbYfQTQ\\QceQUc`UbYU^jQ^U\SY^U]Q
Q]Qd_bYQ\UFYTQU^c_]RbQcdbQUQ\Se^YQc`UddYTQ\\µUc`UbYU^jQ
Qed_RY_WbQVYSQTU\bUWYcdQ\Q]_bdUTU\`QTbUTebQ^dU\Q7eUbbQ
3YfY\UdbQcV_b]QdQaeY^U\\Q]_bdUTU\\Q]_W\YUUbe_dQQdd_b^_QY
bQ``_bdYdbQfYdQUSY^U]Q9\VY\]ecS‚^U\!)%#SY^aeUQ^^YT_`_\Q
ceQbUQ\YjjQjY_^UcU^jQ`eRR\YSYdwU`Qcc‡`bQdYSQ]U^dUY^_c
cUbfQd_9\^UWQdYf_~Q^TQd_`UbTed_Uc_^_c_`bQffYccedUc_\_
TeUS_`YU!&]]@ebcUTQ^^UWWYQdUUccUc_^_cdQdUedY\YjjQdU
`UbbYS_cdbeYbUQ``b_ccY]QdYfQ]U^dUY\VY\]_bYWY^QbY_
6Ubbv^1\RUbYSX
FYTQU^c_]RbQcYcQ^UhSU`dY_^Y^dXUS_^dUhd_VC`Q^YcXVY\]9d
T_Uc^µdV_\\_gdXU\Y^Uc_V]_cd²_VVYSYQ\³C`Q^YcXVY\]c_VdXU!)$ c
9dµcQ`b_TeSd_VTUcYbU^_dQdQ\\QS_]]UbSYQ\U^dUb`bYcU@UbXQ`c
V_bdXQdbUQc_^YdceVVUbUTVb_]dXUUS_^_]YSSU^c_bcXY`gXYSX
VY\]`b_VUccY_^Q\cY]`_cUT_^]Q^i`b_ZUSdcQddXQddY]U<_bU^j_
<\_RUd7bwSYQµc\QS[_VY^dUbUcdY^S_]]UbSYQ\VY\]cTUbYfUcY^`Qbd
Vb_]dXUVQSddXQdXUSQ]UVb_]dXUC`Q^YcXQ]QdUebSY^U]QFYTQ
U^c_]RbQc`bUcU^dc<\_RUdµcQddYdeTUd_gQbTdXUSY^U]Q9ddQ[Uc
c_]U`Ubc_^Q\Qc`USdcVb_]XYc_g^\YVUdXUTUQdX_VXYcVQdXUb
TebY^WdXUSYfY\gQbdbQ^cV_b]UTY^dXUVY\]Y^d_dXUTUQdX_VdXUgYVU
Q^T<\_RUd]QTUdXUVY\]deb^Qb_e^TdXUbU\QdY_^cXY`RUdgUU^
\YVUQ^TSY^U]QFYTQU^c_]RbQc`bU]YUbUTY^!)%#VYfUiUQbc
QVdUbYdgQccX_dgYdX^_`eR\YSYdiY^QT_eR\URY\\Y^QT_g^d_g^
SY^U]Q>_R_TicQgYdQdQ\\DXU^UWQdYfUXQcRUU^\_cdQ^T_^\i
dg_!&]]S_`YUcbU]QY^DX_eWXTQ]QWUTdXUiXQfURUU^ecUT
V_bQ^Q``b_hY]QdUbUS_^cdbeSdY_^_VdXU_bYWY^Q\VY\]
6Ubbv^1\RUbYSX
$%
B9DB?F1D9B5CD1EB1D9B53?F5B54B5CD?B54
SXUTUfUS_^dY^eQbUQS_]`_bdQbcYUQTQ``QbYbUY^]_T_^QdebQ\U
c_`bQddedd_`UbUVVUdd_TYaeUcdQ²QccU^jQ³=Q\QbYdeQ\YdwTU\\QfYdQ
ae_dYTYQ^QUY\RYc_W^_`bUccQ^dUTYTYVU^TUb\QTYQ``QbYbU^_b]Q\YU
bYc`UddQRY\YfU^W_^_c_`bQVVQddYTQe^cU^c_TY_cSebYdwUTY]Y^QSSYQ
Y^S_]RU^dU1^SXUcUY^bUQ\dw^_^ceSSUTU^e\\Qc_^_\Q]U^dQ\Ydw
Ue^QSe\debQbU`bUccYfQQVQbUY\bUcd_<µQ]RYU^dQjY_^UcU]`\YSU
UTUccU^jYQ\UcU]RbQVQddQ`UbUccUbU`UbfQcQTQe^Q`bUcU^jQ
^_YbY^TUVY^YRY\UUc_ffUbdYdbYSUSXUQ\\QVY^U_ffYQ]U^dUcY]Q^YVUcdQ
Y^cY^eQ^T_cY^U\\UV_^TQ]U^dQTU\\Qb_edY^UVQ]Y\YQbUUc_ffUbdU^
T_\U?`Xe\cbQ``bUcU^dQaeUcdQfYdQS_]Ue^Q`bYWY_^UV_^TQdQ
Y^dUbQ]U^dUce\TU^Qb_UceYRU^Y]QdUbYQ\Y<UU]_jY_^Yc_^_c_\_
e^Q]UccY^cSU^QU^_^db_fQ^_]_T_TYUc`bY]UbcY^}_bQ^}`b_
RQRY\]U^dU]QYQ]U^_SXU^_^cYdbQddYTYcU^dY]U^dY^_^S_bbYc`_cdY
_SXUcY]Q^YVUcdQ^_c_\dQ^d_Y^RbUfY]_]U^dY*S_]UQffYU^U`Ub\Q
bU\QjY_^UdbQY\bYSQddQd_bU:Q]Uc=Qc_^U\Q]_W\YU:_Q^2U^^Udd
TeU `Ubc_^U c_\U \UWQdU TQ e^ bQ``_bd_ SXU cU]RbQ TQ``bY]Q
SbeTU\UU`_YY^dU^c_S_^e^QU^_b]UT_\SUjjQbU`bUccQcUW^QdQ
TQ\\µY^UfYdQRY\YdwTU\\Qb_fY^Q3Y‡SXUbU^TUDXUBUS[\Ucc=_]U^d
Q^S_bQ`YŒcdbQjYQ^dUUY^TY]U^dYSQRY\U~Y^`QbdU]UbYd_TU\\µY^dUbQ
jY_^UdbQTeUQdd_bYcdbQ_bTY^QbY*e^S_]`QccQd_:Q]Uc=Qc_^\QSeY
Y^dUb`bUdQjY_^UTU\\Q]UWQ\_]Q^YQY^2YWWUbdXQ^<YVUS_cdYdeYbwe^
Q\db_]_]U^d_Y]`_bdQ^dUTYaeUcdQcUddY]Q^QTYVUcdYfQ\USXUXQ
\Qf_bQd_Q^S_bQS_^?`Xe\cY^3QeWXdU:_Q^2U^^UddSXUTwfYdQQ
e^QTU\\UY^SQb^QjY_^YTU\\QT_^^QTYSQcQ`YŒY^dU^cUS_^db_\\QdUUQ
T_``YQVQSSYQTYdeddQ\Qcd_bYQTU\SY^U]QCUcY`U^cQQYbe_\YSXUXQ
Y^dUb`bUdQd_`Ub?`Xe\c<Q^WUBU^_Yb:_Q^2U^^Udd~cdQdQSUbdQ
]U^dUe^QTU\\UQddbYSY`YŒRbY\\Q^dYUc_dd_fQ\edQdUTU\ce_dU]`_
@UdUbf_^2QWX
109>4;B86=>34;0BB><1A0B6SDJQD5HJLD)HUUiQ$OEHULFK
Ŷ6FHQ)HUUiQ$OEHULFK,PPDJLQLYLGHR&DUORV*DUFtD$JXLODU0HWUXFFKL7XFKR5RGULJXH]6X)HUQtQ3UDGR-RVHS&DVDPDUWLQD,QW%HDWUL]6DQV&DUORV6HUUDQRGH2VPD
'HOPLURGH&DUDOW3URG0DUJD/RERSHUOD)LOPRWHFD(VSDxRODŶ%HWDFDP63'·Ŷ'D)LOPRWHFD(VSDxROD
B9DB?F1D9B5CD1EB1D9B53?F5B54B5CD?B54
AeUcd_T_Se]U^dQbY_fe_\UUccUbUe^`b_\_W_QFYTQU^c_]RbQc
>_^`bUdU^TYQ]_TYc`YUWQbU\QVYWebQTU\bUWYcdQ]QcU]`\YSU
]U^dUbQSS_^dYQ]_Q\Se^US_cUQSSQTedU`bY]QTebQ^dUUT_`_
\UbY`bUcUTU\ce_e^YS_VY\]²`b_VUccY_^Q\U³>_^cYdbQddQ^U]]U
^_TYe^QRY_WbQVYQ]QcU]`\YSU]U^dYTYe^QSb_^QSQTYVQddYS_c‚
S_]U\YQRRYQ]_S_^_cSYedY
6Ubbv^1\RUbYSX
DXYcT_Se]U^dQbiYcY^dU^TUTQcQ`b_\_WeUd_FYTQU^c_]RbQc
GUXQfU^_Y^dU^dY_^_VUh`\QY^Y^WdXUVYWebU_VdXUTYbUSd_bGU
cY]`\idU\\SUbdQY^dXY^WcdXQdXQ``U^UTRUV_bUTebY^WQ^TQVdUb
dXUVY\]Y^W_VXYc_^\i²`b_VUccY_^Q\³VY\]>UYdXUbYcdXYcQRY_WbQ`Xi
9dYccY]`\iQSXb_^YS\U_VdXUVQSdcZecdQcgU\UQb^UTdXU]
6Ubbv^1\RUbYSX
C7410A45>>C2>=C4BB086$5HJLD-RVHSK/0DQNLHZLF]
Ŷ7LW´/DFRQWHVVDVFDO]Dµ6RJHVFHQ-RVHSK/0DQNLHZLF])-DFN&DUGLII0:LOOLDP+RUQEHFN6FJI$UULJR(TXLQL0X0DULR1DVFLPEHQH&RVW6RUHOOH)RQWDQD,QW
$YD*DUGQHU0DULD9DUJDV+XPSKUH\%RJDUW+DUU\'DZHV(GPRQG2·%ULHQ2VFDU0XOGRRQ0DULXV*RULQJ$OEHUWR%UDYDQR9DOHQWLQD&RUWHVH(OHRQRUD7RUODWR)DYULQL
5RVVDQR%UD]]L9LQFHQ]R7RUODWR)DYULQL(OLVDEHWK6HOODUV-HUU\'DZHV:DUUHQ6WHYHQV.LUN(GZDUGV)UDQFR,QWHUOHQJKL3HGUR0DUL$OGRQ0\UQD0DULD=DQROLPDGUHGL
0DULD5HQDWR&KLDQWRQLSDGUHGL0DULD(Q]R6WDLRODUDJD]]RGHOO·DXWREXV'LDQD'HFNHUELRQGDXEULDFD%LOO)UDVH-0RQWDJXH%URZQ5LFFDUGR5LROLLOGDQ]DWRUHJLWDQR
7RQLR6HOZDUWLOSUHWHQGHQWH3URG-/0DQNLHZLF]SHU)LJDUR3URGXFWLRQ8QLWHG$UWLVWVŶPP'·&RO9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'D8&/$)LOPDQG7HOHYLVLRQ
$UFKLYHH0*06WXGLRVFRQLOSHUPHVVRGL+ROO\ZRRG&ODVVLFVŶ5HVWDXUDWRQHODSDUWLUHGDOQHJDWLYR7HFKQLFRORUWKUHHVWULSRULJLQDOHHGDOO·RULJLQDOHVRQRUR3HUVSHFWDDWUH
SLVWH/DERUDWRULR&LQHWHFK5HVWDXURDXGLRGLJLWDOHGL$XGLR0HFKDQLFV5LYHUVDPHQWLRWWLFLHPDJQHWLFLGL'-$XGLR0DVWHU$XGLRILQDOHGL&KDJH$XGLRH'ROE\/DERUDWRULHV&RO
ILQDQ]LDPHQWRGL7KH)LOP)RXQGDWLRQH5REHUW%6WXUP5HVWRUHGLQIURPWKHRULJLQDO7HFKQLFRORUWKUHHVWULSQHJDWLYHVDQGWKHRULJLQDO3HUVSHFWDWKUHHFKDQQHOVRXQGWUDFN
/DERUDWRU\6HUYLFHVE\&LQHWHFK'LJLWDODXGLRUHVWRUDWLRQE\$XGLR0HFKDQLFV2SWLFDODQGPDJQHWLFWUDQVIHUVE\'-$XGLR)LQDODXGLRPDVWHUE\&KDFH$XGLRDQG'ROE\/DERUDWRULHV
3UHVHUYDWLRQIXQGHGE\7KH)LOP)RXQGDWLRQDQG5REHUW%6WXUP
3_^ \µQbbYf_ TUY WbQ^TY V_b]QdY WYe^cU Q^SXU \Q S_\_^^Q c_^_bQ
cdUbU_V_^YSQ<Q6_hQfUfQT_dQd_Y\3Y^U]QCS_`UTYe^cYcdU]Q
SXYQ]Qd_=QW?`dYSQ\V_b]Qd_TQaeQddb_`YcdU]QW^UdYSXUUTe^Q
_ddYSQTYce``_bd_9\]QW^UdYS__VVbYfQe^QWQ]]QTY^Q]YSQ`YŒ
Q]`YQUTe^ce_^_`YŒS_b`_c_]QY\S_cd_TYcdUcebQUTY^SYcY_^U
TU\\U`YcdUUbQ^_dUf_\U<UWbQ^TYS_]`QW^YUSXUQfUfQ^_cUWeYd_
\Q6_h^U\\µec_TU\WbQ^TUV_b]Qd_db_fQb_^_aeY^TY`b_YRYdYf_T_
dQbcYTYe^cYcdU]QcdUbU_V_^YS_QRQ^TU]QW^UdYSXU9\`Q\\YQdYf_Ve
S_cdYdeYd_TQ\@Ubc`USdQC_e^Te^cYcdU]QTYTYVVecY_^Uc_^_bQSXU
`QbdYfQTQe^QcY^W_\QdbQSSYQ_ddYSQ`UbcY]e\QbUe^UVVUdd_cdUbU_
1ddbQfUbc_d_^YTYS_^db_\\_ceRQSecdYSYaeY^TY^_^eTYRY\YY\ce_^_
eTYRY\UUbQTYVVec_Y^`b_YUjY_^UQddbQfUbc_dbUQ]`\YVYSQd_bY`_cdY
TYUdb_\_cSXUb]_dQbQdY`UbQSS_W\YUbUVbUaeU^jUceY# 8jQcY^Y
cdbQ#%8jQ\SU^db_U$ 8jQTUcdbQ<Q@QbQ]_e^dVe\Q`bY]Q
]QZ_bQTedY\YjjQbUY\@Ubc`USdQC_e^TY^GXYdU3XbYcd]Qc!)%$
Y\VY\]SXUfYTU\µUc_bTY_TU\cYcdU]QgYTUcSbUU^TU\\Q@QbQ]_e^d
Y\FYcdQFYcY_^DbQYVY\]UaeY`QWWYQdYS_^Y\@Ubc`USdQC_e^TbYS_b
TYQ]__\dbUQDXU2QbUV__d3_^dUccQ8YWXC_SYUdiDXU2bYTWUc
QdD_[_BYDXUDU^3_]]Q^T]U^dcUDXU=Q^GX_;^UgD__
=eSX>_^_cdQ^dUYS_cdYS_^dU^edYU\QS_]`QdYRY\YdwS_^Y^_b]Q\Y
Q``QbQdYbY`b_Tedd_bYY\cYcdU]QfU^^UQRRQ^T_^Qd_^U\!)%'<Q
S_`YQ`bUcU^dQdQTYDXU2QbUV__d3_^dUccQXQe^QS_\_^^Qc_^_bQ
4_\Ri4YWYdQ\SXUbY`b_TeSUW\YUVVUddYTU\\µ_bYWY^Q\U@Ubc`USdQ
6UTUbYS_=QW^Y
GYdXdXUQbbYfQ\_V\QbWUV_b]QdcSQ]UdXUcdUbU_`X_^YSc_e^TdbQS[
QcgU\\6_hXQTUaeY``UT3Y^U]QCS_`UgYdXQcicdU]SQ\\UT
=QW?`dYSQ\S_^cYcdY^W_VV_eb]QW^UdYSdbQS[cQ^T_^U_`dYSQ\
ce``_bddbQS[DXU]QW^UdYSdbQS[c_VVUbUTQgYTUb]_bUQ]`\U
bQ^WUQcgU\\QcQ]_bUVe\\R_TYUTc_e^TReddXUS_cd_V\QiY^W
Q^T bUS_bTY^W dXU dbQS[c gQc aeYdU XYWX 9^TUUT dXU \QbWU
S_]`Q^YUcdXQdV_\\_gUT6_hY^dXUecU_VdXUgYTUcSbUU^V_b]Qd
V_e^TYd`b_XYRYdYfU\iUh`U^cYfUd_UaeY`dXU]cU\fUcgYdX]QW^UdYS
dbQS[cdUbU_`X_^YSc_e^TUaeY`]U^d@Ubc`USdQC_e^TcY]e\QdUT
QcdUbU_UVVUSdecY^WQcY^W\U_`dYSQ\dbQS[DXb_eWXceRQeTYR\U
Y]`UbSU`dYR\US_^db_\cYW^Q\cdXUQeTYR\Uc_e^TgQcbU`b_TeSUT
TebY^W`b_ZUSdY_^RidXbUUQ]`\YVYUbc`\QSUTRUXY^TdXUcSbUU^
gXYSX gUbU cUd d_ XQ^T\U VbUaeU^SYUc Qb_e^T # 8j \UVd #%
8j SU^dUb Q^T $ 8j bYWXd @QbQ]_e^d gQc dXU VYbcd ]QZ_b
d_ecU@Ubc`USdQC_e^TY^GXYdU3XbYcd]Qc!)%$gXYSXgQc
Q\c_dXUTURed_V@QbQ]_e^dµcgYTUcSbUU^cicdU]FYcdQFYcY_^
1]_^WdX_cUVY\]c]QTUgYdX@Ubc`USdQC_e^TY^QTTYdY_^d_DXU
2QbUV__d3_^dUccQgUbU8YWXC_SYUdiDXU2bYTWUcQdD_[_BY
DXUDU^3_]]Q^T]U^dcQ^TDXU=Q^GX_;^UgD__=eSX
4Uc`YdUYdcbUTeSUTS_cdQ^TS_]`QdYRY\YdigYdX^_b]Q\`b_ZUSdY_^
UaeY`]U^d dXU cicdU] gQc QRQ^T_^UT Y^ !)%' DXYc S_`i _V
DXU 2QbUV__d 3_^dUccQ XQc Q 4_\Ri 4YWYdQ\ c_e^TdbQS[ gXYSX
bU`b_TeSUcdXUUVVUSdc_VdXU_bYWY^Q\@Ubc`USdQc_e^T
6UTUbYS_=QW^Y
5SS_ S_]U c`YUWQbU Y\ `Ubc_^QWWY_ `bY^SY`Q\U TY aeUcd_ VY\]
Y^dUb`bUdQd_YTUQ\]U^dUTQ\\QRU\\Q1fQ*VbYWYTQcUS_^T_YfYjY_cY
^Y^V_]Q^U `Ub Y `ebYdQ^Y ~ dedd_ aeU\\_ SXU W\Y c`UddQd_bY ^_^
c_^_+ ~ c_`bQddedd_ S_\UY SXU UccY ^_^ cdbY^WUbQ^^_ ]QY VbQ \U
RbQSSYQVbQdU\\Y`_S_S_cSYU^dYTUY`Ubc_^QWWY]QcSXY\YTU\VY\]
8UbUYcX_gd_Uh`\QY^dXU]QY^SXQbQSdUb_VdXYcVY\]YTUQ\\i`\QiUT
RidXURUQedYVe\1fQ*VbYWYTQSS_bTY^Wd_dXU`YWcQ^i]`X_]Q^YQS
QSS_bTY^Wd_dXU@ebYdQ^ccXUYcUfUbidXY^WdXUc`USdQd_bcQbU^_d+
cXUYcQR_fUQ\\dXUg_]Q^dXUigY\\^UfUbX_\TY^dXUYbQb]cdXUcU
Rb_dXUbc_VdXU]Q\USXQbQSdUbcY^dXUVY\]UfU^YVdXUiQbU^_d
$&
AeUcdYe\dY]Y`_dbURRUb_Q\\Y]YdUdbQfUcdYbcYTQQedYcdYSXYdQbbYcdY
R_X}]YU^c=QcS_]]UddYQ]_SXU\Q\_b_TYW^YdwcY_``_^U+U
TU\ bUcd_ ^_^ `_dbURRUb_ Y]Rb_W\YQbU Q \e^W_ e^Q T_^^Q SXU
`bUVUbYcSU^_^`_bdQbU\UcSQb`UddUSXU\UXQ^^_bUWQ\Qd_`_YSX}
deddYXQ^^_Y^c}e^S_^dUYdQ\YQ^_SXUc_^^USSXYQ
3\QeTU3XQRb_\Y^²3QXYUbcTeSY^}]Q³^$)!))%
QgQbU_VYd@UbXQ`cY^Q`Y^SXdXUiS_e\TTYcWeYcUdXU]cU\fUcQc
SXQeVVUebcWeYdQbYcdcR_XU]YQ^c2edgUSQ^RUddXQddXUYbTYW^Ydi
g_^µd\UddXU]+Q^TQ^igQidXUigY\\^_d\_^WV__\dXUg_]Q^gX_
`bUVUbc^_dd_gUQbdXUc\Y``UbcdXUiWYfUXUbRUSQecUUfUbi_^U
YccUSbUd\iQ^9dQ\YQ^S_e^d
3\QeTU3XQRb_\Y^²3QXYUbcTeSY^}]Q³^$)!))%
Ŷ7LW´/DPRUWHFRUUHVXOILXPHµ6FHQ-DPHV$JHH&KDUOHV/DXJKWRQQRQDFFUGDOUDFFRQWRRPRQLPRGL'DYLV*UXEE)6WDQOH\&RUWH]05REHUW*ROGHQ6FJI+LO\DUG%URZQ
$UUHGDWRUH$O6SHQFHU7UXFFR'RQ/&DVK0X:DOWHU6FKXPDQQ6X6WDQIRUG1DXJKWRQ$VV50LOWRQ&DUWHU-DFN6RQQWDJQRQDFFU,QW5REHUW0LWFKXP+DUU\3RZHOO6KHOOH\
:LQWHUV:LOOD+DUSHU/LOOLDQ*LVK5DFKHO&RRSHU3HWHU*UDYHV%HQ+DUSHU%LOO\&KDSLQ-RKQ+DUSHU6DOO\-DQH%UXFH3HDUO+DUSHU(YHO\Q9DUGHQ,FH\6SRRQ'RQ%HGGRH
:DOW6SRRQ-DPHV*OHDVRQ2QFOH%LUGLH*ORULD&DVWLOOR5XE\3URG3DXO*UHJRU\3URGXFWLRQV8QLWHG$UWLVWVŶPP'·DIV%Q9HUVLRQHLQJOHVH(QJOLVKYHUVLRQ
Ŷ'D8&/$FRQLOSHUPHVVRGL+ROO\ZRRG&ODVVLFVŶ5HVWDXUDWRQHOGD8&/$)LOPDQG7HOHYLVLRQ$UFKLYHH0*06WXGLRVGDXQQHJDWLYRRULJLQDOHPPDFHWDWRXQSRVLWLYR
PPDFHWDWRXQDFRSLDVXVXSSRUWRDFHWDWRPPHO·RULJLQDOHVRQRURPDJQHWLFRPPSUHVVRLODERUDWRUL&LQHWHFK6XRQR$XGLR0HFKDQLFVH'-$XGLR&ROILQDQ]LDPHQWRGL7KH
)LOP)RXQGDWLRQH5REHUW%6WXUP5HVWRUHGLQE\8&/$)LOPDQG7HOHYLVLRQ$UFKLYHLQFRRSHUDWLRQZLWK0*06WXGLRVIURPWKHRULJLQDOPPDFHWDWHSLFWXUHQHJDWLYHDPP
DFHWDWHFRPELQHGPDVWHUSRVLWLYHDPPDFHWDWHSULQWDQGWKHRULJLQDOPPPDJQHWLFVRXQGWUDFNV/DERUDWRU\VHUYLFHVE\&LQHWHFK6RXQGVHUYLFHVE\$XGLR0HFKDQLFVDQG'-
$XGLR5HVWRUDWLRQIXQGHGE\7KH)LOP)RXQGDWLRQDQG5REHUW%6WXUP
Ä\QWbQ^TU]UdQV_bQTU\]_^T_²fYcd_TQe^RQ]RY^_³SXUXQ
`Ub]Ucc_Q<QeWXd_^TYY^db_TebbUU\U]U^dYRbUSXdYQ^Y^U\\QcSU
^_WbQVYQ1c_]YW\YQ^jQTU\ce_`Ubc_^QWWY_`bY^SY`Q\UUTYQ\Se^Y
`Ubc_^QWWYcUS_^TQbY~dedd_Y\]_^T_TU\VY\]SXUcYTU^e^SYQ
TQc_\_S_]UY\\ecY_^UQUccUbURbUSXdYQ^_Y^]_T_`_\YdYS_9\
VY\]~bYfU\Qd_bUTYe^]_^T_V_^TQd_ceVQ\cYfQ\_bY^U\aeQ\UY\
`bUTYSQd_bUY^SQb^Q\µUdUb^QQ\\UQ^jQdbQVQcSYc]_Q]UbYSQ^_U
YcdUbYQ`ebYdQ^QSXUQ\\µU`_SQQfUfQS_]U^_]UUS_]Uf_\d_Y\
]QSSQbdYc]_BYfUTUbU_WWY<Q]_bdUS_bbUce\VYe]UQ\\Q\eSUTU\
T_Se]U^dQbY_U`bUVUbYRY\]U^dU^U\\QfUbcY_^UbUcdQebQdQTQ2_R
7Ydd`Ub]UddUTYbYcS_`bYbUe^VY\]Y^SeYY\]_^dQWWY_S_^db_\\Qd_
Y^dUbQ]U^dUTQ\bUWYcdQ^_^Y^dU^TUQcc_\edQ]U^dU`b_TebbUUV
VUddY^QdebQ\YcdYSY_`cYS_\_WYSY>_b]Q^=QY\UbSXUQfUfQfU^Ted_Y
TYbYddYTU\ce_b_]Q^j_DXU>Q[UTQ^TdXU4UQTbUQ\YjjQd_`_YTQ
BQ_e\GQ\cXQ\`b_Tedd_bUTY<QeWXd_^@Qe\7bUW_biQ\\µecSYdQTQ
e^Q`b_YUjY_^UTU<Q]_bdUS_bbUce\VYe]UTYSXYQb‡SXUY\bUWYcdQ
²^_^SQ`YfQY\]_^dQWWY_U^_^UbQY^WbQT_TYcUbfYbcU^U³9\\Qf_b_
TY<QeWXd_^~Y^fUSUdUc_Q`b_TebbUS_^Yce_YQdd_bYTUYWUcdYcY
W^YVYSQ^dYSXUY\]_^dQWWY_\UWQY^e^QS_^dY^eYdwTQ\UWWUbUDeddY
Y]Q\Y^dUcYSXUSYbS_^TQ^_Q^S_bQ_WWYaeUcd_VY\]c`UbY]U^dQ\U
SXU²c`UbY]U^dQfUbQ]U^dU³TYSUfQDbeVVQedfU^W_^_TQaeY
2Y\\;b_X^Y^²3QXYUbcTeSY^}]Q³^%'(" #
9d gQc dXU WbUQd ]UdQ`X_b _V dXU g_b\T ²cUU^ Ri Q SXY\T³ dXQd
Q\\_gUT <QeWXd_^ d_ Y^db_TeSU 2bUSXdYQ^ U\U]U^dc Y^d_ dXU
cSU^_WbQ`Xi <Y[U dXU ]QY^ SXQbQSdUb Q^T cUfUbQ\ cUS_^TQbi
SXQbQSdUbcdXUg_b\T_VdXUVY\]°gXYSXTU^_e^SUcYdcU\VQcQ^
Y\\ecY_^°Yc2bUSXdYQ^Y^Q`_\YdYSQ\gQiDXUVY\]cUh`_cUcQg_b\T
V_e^TUT_^VQ\cUfQ\eUcY^gXYSX@bUQSXUbY^SQb^QdUcdXUUdUb^Q\
Q\\YQ^SURUdgUU^1]UbYSQ^VQcSYc]Q^T`ebYdQ^XicdUbYQ[^_g^Qd
dXQddY]UQc=S3QbdXiYc]GQdSXY^WDXU>YWXd_VdXU8e^dUbd_TQi
Y^\YWXd_VdXUT_Se]U^dQbiQ^T`bUVUbQR\iY^2_R7YddµcbUcd_bUT
fUbcY_^Q\\_gcV_bdXUbUTYcS_fUbi_VQVY\]Y^gXYSXdXUUTYdY^W
S_^db_\\UTU^dYbU\iRidXUTYbUSd_bgQcQRc_\edU\i^_dY^dU^TUTd_
`b_TeSU^QdebQ\YcdYS_b`ciSX_\_WYSQ\UVVUSdc>_b]Q^=QY\UbgX_
c_\TdXUbYWXdcd_XYc^_fU\DXU>Q[UTQ^TdXU4UQT\QdUb]QTURi
BQ_e\GQ\cXd_<QeWXd_^µc`b_TeSUb@Qe\7bUW_bicdQdUTe`_^
\UQfY^WQcSbUU^Y^W_VDXU>YWXd_VdXU8e^dUbdXQd<QeWXd_^²TYT
^_de^TUbcdQ^TUTYdY^WQ^TgQcY^SQ`QR\U_V]Q[Y^WecU_VYd³
9^cdUQTdXb_eWXdXUQSd_bc<QeWXd_^µcg_b[`b_TeSUccYW^YViY^W
WUcdebUcgXYSXdXUUTYdY^W\Y^[cY^QS_^dY^eYdidXQdYcY^dU^TUTd_RU
bUQT1\\dXU]Yce^TUbcdQ^TY^WcdXQdcebb_e^TdXYcUh`UbY]U^dQ\
VY\]gXYSX²dbe\iUh`UbY]U^dc³QcDbeVVQedcQYTcdY\\d_TQicdU]
Vb_]dXYc
2Y\\;b_X^Y^²3QXYUbcTeSY^}]Q³^%'(" #
270A;4B;0D67C>=38A42CB±C74=867C>5C747D=C4A²8VD
Ŷ6HOH]LRQHPRQWDJJLRFRPPHQWR5REHUW*LWWŶPP'·%Q9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'D8&/$Ŷ5XVKHVVHOH]LRQDWLHSUHVHQWDWLGD5REHUW*LWWGLUHWWRUHGHL
UHVWDXULSUHVVR8&/$)LOPDQG7HOHYLVLRQ$UFKLYHLQFROODERUD]LRQHFRQ1DQF\0\VHO3UHVHUYDWRQHOGDXQSRVLWLYRDFHWDWRPPFRQVRQRURPDJQHWLFRGHOODFROOH]LRQH&KDUOHV
/DXJKWRQH(OVD/DQFKHVWHUSUHVVRLODERUDWRUL&LQHWHFKH7LWOH+RXVH'LJLWDO6XRQR'-$XGLRH$XGLR0HFKDQLFV&ROILQDQ]LDPHQWRGL7KH)LOP)RXQGDWLRQH5REHUW%6WXUP5XVKHV
VHOHFWHGDQGSUHVHQWHGE\5REHUW*LWW3UHVHUYDWLRQ2IILFHU8&/$)LOPDQG7HOHYLVLRQ$UFKLYHLQFROODERUDWLRQZLWK1DQF\0\VHO3UHVHUYHGLQIURPPPDFHWDWHSLFWXUHSRVLWLYH
SULQWVDQGRULJLQDOPPPDJQHWLFVRXQGWUDFNVIURPWKHFROOHFWLRQRI&KDUOHV/DXJKWRQDQG(OVD/DQFKHVWHU/DERUDWRU\VHUYLFHVE\&LQHWHFKDQG7LWOH+RXVH'LJLWDO6RXQGVHUYLFHVE\
'-$XGLRDQG$XGLR0HFKDQLFV3UHVHUYDWLRQ)XQGHGE\7KH)LOP)RXQGDWLRQDQG5REHUW%6WXUP
DXU>YWXd_VdXU8e^dUb~e^_TUY`_SXYS\QccYSYTU\SY^U]QTYSeY
c_^_c_`bQffYccedYYWY_b^Q\YUbYYdQW\YUW\YcSQbdY_bYWY^Q\YDedd_aeU
cd_]QdUbYQ\UUbQcdQd_\QcSYQd_ce\`QfY]U^d_TU\\QcQ\QTY]_^dQWWY_
aeQcY]Ujj_cUS_\_VQTQ3XQb\Uc<QeWXd_^UTQ\]_^dQd_bUTU\
DXU>YWXd_VdXU8e^dUbYcdXU_^\iS\QccYS]_dY_^`YSdebUV_bgXYSX
dXU_bYWY^Q\becXUc_bdbY]cQ^T_edccebfYfU1\\_VdXYc]QdUbYQ\
gQc\UVd_^dXUSeddY^Wb__]V\__bRiTYbUSd_b3XQb\Uc<QeWXd_^
Q^TVY\]UTYd_bB_RUbd7_\TU^Q\]_cdXQ\VQSU^debiQW_Q^TXQc
$'
B9DB?F1D9B5CD1EB1D9B53?F5B54B5CD?B54
C74=867C>5C747D=C4A86$5HJLD&KDUOHV/DXJKWRQ
B9DB?F1D9B5CD1EB1D9B53?F5B54B5CD?B54
VY\]B_RUbd7_\TU^UTQQ\\_bQ^_^UbQ]QYcdQd_fYcd_9WY_b^Q\YUbY
TQ^^_\Q`_ccYRY\YdwQ\\_c`UddQd_bUTYSQ`YbUS_]U<QeWXd_^bUWYcdQ
^U_VYdQQRRYQY^dUbQWYd_S_^W\YY^Ub`bUdYU\YQRRYQWeYTQdYQYedQ^T_\Y
Q TQbU fYdQ QY \_b_ `Ubc_^QWWY ce\\_ cSXUb]_ 4Q\ ]_]U^d_ SXU
<QeWXd_^f_\UfQSXU\QSY^U`bUcQS_^dY^eQccUQbY`bU^TUbUdbQe^
SYQ[U\µQ\db_~`_ccYRY\UcU^dYbU\QceQf_SUVe_bYSQ]`_TYbYWUbUU
]_dYfQbUB_RUbd=YdSXe]CXU\\UiGY^dUbc<Y\\YQ^7YcX2Y\\i3XQ`Y^
CQ\\i:Q^U2beSUUW\YQ\dbYQdd_bY<µQ^Q\YcYTUYWY_b^Q\YUbYSY`Ub]UddU
Y^_\dbUTYS_]`bU^TUbU^U\TUddQW\Y_Y\`b_SUcc_TYSbUQjY_^UTU\VY\]
@e‡UccUbUQ^Q\YjjQdQ^_^c_\_\QdUS^YSQTYbUWYQ]QQ^SXU\µQRY
\YdwTU\]_^dQd_bUUTU\TYbUdd_bUTU\\QV_d_WbQVYQÄ`_ccYRY\UfUTUbU
TYVVUbU^dYQ^W_\YTYbY`bUcQUcU^dYbURQddedUTU\S_`Y_^USXU]Q^SQ^_
^U\\QfUbcY_^UVY^Q\U9WY_b^Q\YUbY]Udd_^_Y^\eSUQ^SXUY\dQ\U^d_TY
<QeWXd_^cYQS_]UbUWYcdQSXUS_]UQdd_bUU\_cYcU^dUbUSYdQbUY^
`bY]Q`Ubc_^QdeddYYbe_\YTUY`Ubc_^QWWYÄe^Qdd_bUUc`Ubd_`UbVUd
dQ]U^dUY^WbQT_TYY^dUb`bUdQbUS_^^QdebQ\UjjQaeQ\cYQcYbe_\_*TY
e_]_TYT_^^Q_TYRQ]RY^_9dQW\Y]_^dQdY`UbaeUcd_VY\]c_^_cdQdY
QSSebQdQ]U^dUcU\UjY_^QdYTQ`YŒTY_dd__bUTY]QdUbYQ\UU_VVb_^_
e^QfYcY_^UQ\dUb^QdYfQTYdeddU\UcUaeU^jU`YŒ]U]_bQRY\Y
B_RUbd7Ydd
^_dRUU^cUU^cY^SUGXY\UdXUbUYc^_²]YccY^W³V__dQWUXUbU
dXUcUbecXUc`b_fYTUdXUfYUgUbgYdXQe^YaeUe^TUbcdQ^TY^W_V
X_g^U_`XidUTYbUSd_b<QeWXd_^S_QSXUTQ^TY^dUbQSdUTgYdXXYc
`UbV_b]Ubc XU\`Y^W dXU] TUfU\_` dXUYb SXQbQSdUbc _^cSbUU^
2USQecU 3XQb\Uc <QeWXd_^ \Y[UT d_ [UU` dXU SQ]UbQ be^^Y^W
RUdgUU^dQ[UcgUXUQbXYc_VVcSbUU^f_YSUTYbUSdY^WQ^T]_dYfQd
Y^WdXU`UbV_b]Q^SUc_VB_RUbd=YdSXe]CXU\\UiGY^dUbc<Y\\YQ^
7YcX2Y\\i3XQ`Y^CQ\\i:Q^U2beSUQ^TdXU_dXUbQSd_bcFYUgY^W
dXUbecXUc`b_fYTUcQ^Y^cYWXdVe\cdeTi_VdXUVY\]]Q[Y^W`b_SUcc
?^USQ^Q^Q\ijU^_d_^\i<QeWXd_^µcTYbUSd_bYQ\dUS^YaeURedQ\c_
dXUc[Y\\_VdXUUTYd_bQ^TdXUSY^U]Qd_WbQ`XUbFQbYQ^dSQ]UbQ
Q^W\UcQbUcX_g^Q^T\Y^Uc_VTYQ\_WeUSQ^RUXUQbTdXQdQbU
]YccY^WVb_]dXUVY^Q\VY\]DXUbecXUcY\\ecdbQdU<QeWXd_^µcdQ\U^d
QcR_dXQTYbUSd_bQ^TQ^QSd_bV_bXUYcXUQbT`\QiY^WQ\\dXU`Qbdc
XY]cU\V8UYcdXUS_^ce]]QdU`UbV_b]Ubc_]U_^UgX_SQ^`\Qi
Q^ib_\U°]Q^g_]Q^_bSXY\T°gYdXUQcUDXU_eddQ[Ucd_RU
cSbUU^UTXQfURUU^SQbUVe\\icU\USdUTVb_]]_bUdXU^UYWXdX_ebc
_VcebfYfY^W]QdUbYQ\Q^TbU`bUcU^dQ^Q\dUb^QdYfUfYUg_VQ\\dXU
VY\]µc]_cd]U]_bQR\UcUaeU^SUc
B_RUbd7Ydd
C741DA6;0A86$5HJLD3DXO:HQGNRV
Ŷ7LW´/RVFDVVLQDWRUHµ6FHQ'DYLG*RGGLVGDOVXRURPDQ]RRPRQLPR)'RQ0DONDPHV03DXO:HQGNRV6FJI-LP/HRQDUG7UXFFR-RVHSKLQH&LDQQHOOD*DU\(OLRW0X
6RO.DSODQ,QJHJQHUH6X(G-RKQVWRQH6XSHUYDOPLVVDJJLR1RUPDQ.DVRZ(IIHWWLVRQRUL-RKQ3HFNKDP,QW'DQ'XU\HD1HW+DUELQ-D\QH0DQVILHOG*ODGGHQ0DUWKD
9LFNHUV'HOOD3HWHU&DSHOO%D\ORFN0LFNH\6KDXJKQHVV\'RKPHU:HQGHOO.3KLOOLSVFDSLWDQRGLSROL]LD3KRHEH0DFND\6LVWHU6DUDK6WHZDUW%UDGOH\&KDUOLH-RKQ)DFHQGD
FRPPHQWDWRUH)UDQN+DOO%RE:LOVRQJLRUQDOLVWL6WHYH$OOLVRQ6WDWH7URRSHU5LFKDUG(PHU\+DUELQGDEDPELQR$QGUHD0F/DXJKOLQ*ODGGHQGDEDPELQD3URG&ROXPELD
ŶPP'·%Q9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'D6RQ\&ROXPELDŶ&RSLDUHVWDXUDWDGD6RQ\3LFWXUHV(QWHUWDLQPHQW*OLRVWDFROLFKHLOUHVWDXURKDGRYXWRIURQWHJJLDUH
GHULYDYDQRGDOODIUDJLOLWjHLOGHWHULRUDPHQWRGHOQHJDWLYRRULJLQDOHHGHOODFRORQQDVRQRUD0ROWLSUREOHPLVRQRVWDWLULVROWLJUD]LHDXQPDVWHUSRVLWLYRULVDOHQWHDL·/DFRORQQD
VRQRUDPRQRLQJOHVHqVWDWDUHVWDXUDWDDSDUWLUHGDXQODYDQGHUPPGHWHULRUDWRHGDXQDSLVWDPDJQHWLFDFRQWHQHQWHPXVLFKHHGHIIHWWLVRQRULVXVXSSRUWRPPGHWHULRUDWR3ULQW
UHVWRUHGE\6RQ\3LFWXUHV(QWHUWDLQPHQW$ZRUQDQGIUDJLOHRULJLQDOSLFWXUHQHJDWLYHSOXVVHULRXVO\GHWHULRUDWLRQVRXQGWUDFNVZHUHWKHREVWDFOHVIDFHGIRUWKHUHVWRUDWLRQ0DQ\RI
WKHPRVWHJUHJLRXVSUREOHPVFRXOGEHUHSODFHGIURPPDVWHUSRVLWLYHHOHPHQWVPDGHLQWKH·V7KHPRQR(QJOLVKVRXQGWUDFNZDVUHVWRUHGIURPWKHFRPELQHGRSWLFDOWUDFNIURPDQ
H[LVWLQJGHWHULRUDWLQJPP)LQH*UDLQ0DVWHUZLWKVRPHDXGLRVXSSOHPHQWHGIURPDGHWHULRUDWLQJPPPXVLFDQGHIIHFWVPDJQHWLFWUDFN
DXU2ebW\Qb~\µ_`UbQ`bY]QTY@Qe\GU^T[_cQed_bUTUYVY\]TU\\Q
cUbYU7YTWUdUTYe^Q]YbYQTUTYcSU^UWWYQdYdU\UfYcYfY9\VY\]SXU
Y^YjYQS_^e^QcUaeU^jQTYSY^UWY_b^Q\UVQ`U^cQbUQe^QfUbcY_^U
QRQcc_S_cd_TY3YdYjU^;Q^U<QV_d_WbQVYQ]_^_Sb_]QdYSQTU\aeQcY
cS_^_cSYed_4_^=Q\[Q]UcbYS_bTQaeU\\QUc`bUccY_^YcdQTUYR]_
fYUcTYGU\\UcaeQcYe^QfUbcY_^U]_TUb^QTU\\_²cdY\UdUTUcS_³
DXU2ebW\QbcVbeddQ\µY\\e]Y^QjY_^U^_ddeb^QTUYTYfUbcYQ]RYU^dYY\
`QbS_TUYTYfUbdY]U^dY\_cdQTY_VY^_QVQbcS_]`QbYbU\Q^QbbQjY_^U
TYUdb_e^Q`QSSXYQ^QVQ^dQc]QW_bYQ\e]Y^_cQTQVQbfU^YbUY^]U^dU
<QTiVb_]CXQ^WXQYUD_eSX_V5fY\<QdbQ]QcYcfY\e``QQdd_b^_
Q\Vebd_TYe^S_\\YUbQ``QbdU^U^dUQe^QSQbYc]QdYSQU\_cSQWeYTQ
c`YbYdeQ\U²CYcdUbCQbQX³\YRUbQ]U^dUYc`YbQdQQ\\QVYWebQTY1Y]UU
CU]`\U=S@XUbc_^9\S_\\YUbRU^`bUcd_cU]RbQQcce]UbUe^Q
fYdQ`b_`bYQS_]UY^e^QfUbcY_^UQRe_^]UbSQd_TY=QTQ]UTUª
<QbUSYdQjY_^U]UbYdQe^S_]]U^d_Q`QbdU9\SQcd~UcdbU]Q]U^dU
TYc_]_WU^U_ `Ub cdY\U U RbQfebQ ?W^Y Qdd_bU cU]RbQ bUSYdQbU Y^
e^VY\]TYfUbc_*Qf_\dUSYcU]RbQTYQccYcdUbUQe^µ_`UbQdUQdbQ\U
Q\dbUQe^R]_fYUX_\\ig__TYQ^_9`Ubc_^QWWYY^SQb^Q^_dY`_\_WYU
dQ\]U^dUcdbQfQWQ^dYSXUY\VY\]cU]RbQdbQdd_TQe^TY`Y^d_TY=Qh
$(
DXU 2ebW\Qb Yc dXU TURed VUQdebU _V @Qe\ GU^T[_c QedUeb
_V dXU 7YTWUd VY\]c Q^T ]ibYQT dU\UfYcY_^ TbQ]Qc DXU VY\]
gXYSXRUWY^cgYdXQ^UgcbUU\cUaeU^SUbU]Y^Tcec_VQ[Y^T
_V T_g^]Qb[Ud fUbcY_^ _V 3YdYjU^ ;Q^U DXU ]_^_SXb_]U
SY^U]Qd_WbQ`Xi Ri dXU bU\QdYfU\i e^[^_g^ 4_^ =Q\[Q]Uc
bUSQ\\c GU\\Ucµ ²R³ ]_fYU Uh`bUccY_^Yc] Q [Y^T _V ]_TUb^U
fUbcY_^_VdXU7Ub]Q^cdi\UDXU2ebW\QbQT_`dcdXU^_Sdeb^Q\
\YWXdY^W ]_dYVc _V fQbY_ec \_SQ\Uc dXU Q]ecU]U^d `Qb[ dXU
cdQTYe]d_TYcc_\fU^QbbQdYfUY^QdQgTbiVQ^dQc]QW_bYQ_V\YWXd
Y^gQicdXQdbUSQ\\DXU<QTiVb_]CXQ^WXQYQ^TD_eSX_V5fY\DXU
SU^dbQ\`\_dbUf_\fUcQb_e^TdXUdXUVd_VQZUgU\^US[\QSUVb_]Q
SXQbYc]QdYSc`YbYdeQ\YcdXeS[cdUb²CYcdUbCQbQX³\__cU\i]_TU\UT
QVdUb1Y]UUCU]`\U=S@XUbc_^DXU^US[\QSUc__^dQ[Uc_^
Q\YVU_VYdc_g^\Y[UQTY]Ucd_bUfUbcY_^_V=QTQ]UTUªDXU
QSdY^W TUcUbfUc S_]]U^d DXU U^cU]R\U bQ^WUc bQTYSQ\\i Y^
cdi\UQ^TSQ`QRY\Ydi5QSXQSd_bcUU]cd_RUY^QTYVVUbU^d]_fYU
°c_]UdY]UcQdXUQdbYSQ\cUd`YUSUc_]UdY]UcQ8_\\ig__T²R³
VY\] Q^T c_ _^ DXU SXQbQSdUbc `_bdbQi ceSX USSU^dbYS di`Uc
dXQd dXU SQcd cUU]c TbQg^ Vb_] Q =Qh 2US[]Q^^ `QY^dY^W
Q^TdXUU^S\_cebU_VdXUXYTU_edRUS_]UcQ^Q\]_cd]ecYSQ\
cdeTiY^TYcc_^Q^SUDbQ``UTd_WUdXUbY^dXU`\_dd_bdebUTRi
dXUe^Y^dU^TUTS_^cUaeU^SUc_VdXUYbQSdY_^cQ^TceRcUaeU^d
Y^dY]QSidXUSXQbQSdUbcRUWY^d_Uh`UbYU^SU_^UQ^_dXUbQcQ
[Y^T_VCQbdbUQ^XU\\9^dXU]YTcd_VdXUYbXYTU_eddXUQ^^_iY^W
Y^VQ^dY\U=Q^cVYU\TRUS_]UcQTQ^WUb_ec\iTUcdQRY\YjY^W<_\YdQ
DXYc`bY^dbU`bUcU^dcdXUY^dUWbQ\fUbcY_^_VdXYcVUQdebUQ^TYcQ
bUSU^d`b_TeSd_VC_^i@YSdebUc5^dUbdQY^]U^dµcS_]`bUXU^cYfU
`b_WbQ]d_bUcd_bUQ^T`bUcUbfUYdc]_dY_^`YSdebU\YRbQbiDXU
`YSdebUbUcd_bQdY_^e^TUbdXUce`UbfYcY_^_V7b_fUb3bYc`gQc
`UbV_b]UTQd3Y^UdUSXFQ\U^SYQQ^TdXUc_e^TbUcd_bQdY_^gQc
UhUSedUTRi3XQSU@b_TeSdY_^c2ebRQ^[
B_WUbC8Qb\_g
3>;288=60==8,WDOLD5HJLD$OEHUWR/DWWXDGD
Ŷ6RJ)UDQFR%UXVDWL)UDQFHVFR*KHGLQL$OEHUWR/DWWXDGD6FHQ&ODXGH%UXOp)UDQFR%UXVDWL)UDQFHVFR*KHGLQL$OEHUWR/DWWXDGD)*DERU3RJiQ\2S0DULR&DSULRWWL0/HR
&DWR]]R6FJI)UDQFR/ROOL&RVW/XFLD0LULVROD0X8PEHUWR%LQGLSHUODFDQ]RQH´$UULYHGHUFLµ'LQR2OLYLHULSHUODFDQ]RQH´7RUQHUDLµ3LHUR3LFFLRQL6X0DULR%DUWRORPHL
.XUW'RXEURZVN\$VV5$OGR%X]]L/HR3HVFDUROR,QW&DWKHULQH6SDDN)UDQFHVFD-HDQ6RUHO5HQDWR&KULVWLDQ0DUTXDQG(QULFR-XDQLWD)DXVW0DULD*UD]LD0DULO7ROR
0DUJKHULWD0LOO\ODFRQWHVVD$QWRQHOOD(UVSDPHUODSULQFLSHVVD*LRYDQQD3LJQDWHOOL3ULQFLSHVVD/DYLQLD2OLYLHUR3UXQDV(GG\*LDFRPR)XULDQHJR]LDQWH*LVHOOD$UGHQ
3DWUL]LD%LQL(YD%UXQL)UDQFR/ROOL,GD0DVHWWL'RQDWHOOD5DIIDL6HUHQD9HUJDQR6LOYHULR'DQL/DXUD'L5DYHOOR3ULVFLOOD&RQWDUGL$QJHOD&DIIHOOL3URG7LWDQXV/DHWLWLD)LOPV
/HV)LOPV0DUFHDX&RFLQRUŶPP/P'·%Q9HUVLRQHLWDOLDQD,WDOLDQYHUVLRQŶ'D&LQHWHFDGHO&RPXQHGL%RORJQDŶ5HVWDXUDWRQHOGDOOD&LQHWHFDGL%RORJQD
SUHVVR/·,PPDJLQH5LWURYDWD3ULQWUHVWRUHGLQE\&LQHWHFDGL%RORJQDDW/·,PPDJLQH5LWURYDWD
<QddeQTQbU`\YS‡Q\\Uf_SYSXUf_\UfQ^_Qcc_SYQbUY\c_WWUdd_TU\ce_
VY\]Q\\QdU]QdYSQTU\\_²cSQ^TQ\_c_³<_\YdQTY>QR_[_f`bUSYcQ^T_
SXUY\ce_\Qf_b_f_\UfQQfUbURU^`YŒQ]`Y_bUc`Yb_UT_SSe`QbcY
TYe^QaeUcdY_^UTYS_SU^dUQddeQ\YdwaeQ\UUbQ\Q]Q^SQ^jQTY
UTeSQjY_^UcUcceQ\U^UYWY_fQ^Y<QcSbe`_\_cYdwS_^SeY<QddeQTQ
cYUbQQffYSY^Qd_QaeUcd_dU]Q^_^UfYd‡Q\VY\]TYUccUbUQ\SU^db_
TY`_\U]YSXU>U\cUddU]RbUTU\!)& 4_\SYY^WQ^^Y~c_dd_`_cd_Q\
fQW\Y_TYe^QS_]]YccY_^UTYbUfYcY_^USY^U]Qd_WbQVYSQTY`bY]_
WbQT_>_^_cdQ^dU\UTYVVYS_\dwY\VY\]_ddU^^UY\^e\\Q_cdQS_^SUcc_
c_\_Q`Qdd_SXUfU^YccU\UWWUb]U^dU²bYd_SSQd_³UfYUdQd_QY]Y^_bY
TYcUTYSYQ^^Y=QY\"&^_fU]RbU!)& Y\@b_SebQd_bU3Qb]U\_C`Q
W^e_\_U]UddUe^µ_bTY^Q^jQTYcUaeUcdb_Y^aeQ^d_4_\SYY^WQ^^YQ
ce_WYeTYjY_S_^dbQcdQS_^\U^_b]UTU\Re_^S_cde]U`UbQ\Se^U
ceUcUaeU^jU²`Q\UcU]U^dU_VVU^cYfUTU\S_]e^UcU^dY]U^d_TU\
`eT_bU³9\cUaeUcdb_Q\\QVY^UVeQ^^e\\Qd_]Qc_\Q]U^dUT_`_SXU
e^QS_]]YccY_^UTYbUfYcY_^UTµQ``U\\_cUdQSSY‡^e_fQ]U^dUY\
VY\]Y]`_^U^T_e^dQW\Y_TY# !%]UdbYTY`U\\YS_\Q4_`_SYbSQdbU
Q^^YU]Ujj_TQ\cUaeUcdb_TU\\QfUbcY_^U_bYWY^Q\UVeSU\URbQd_
e^`b_SUcc_S_^S\ec_cYQVQf_bUTU\bUWYcdQ
9\ bUcdQeb_ bY`b_`_^U \Q fUbcY_^U TU\ VY\] bUY^dUWbQdQ ^U\ !)&$
AeUcdQ_`UbQjY_^U~cdQdQbUcQ`_ccYRY\UTQ\`b_Tedd_bU7_VVbUT_
<_]RQbT_SXUXQ]Ucc_QTYc`_cYjY_^UTU\\Q3Y^UdUSQTU\3_
]e^UTY2_\_W^QY\^UWQdYf_Y]]QWY^UUY\^UWQdYf_ce_^__bYWY^Q\Y
AeUcdµe\dY]_`bUcU^dQfQcY^d_]YQfQ^jQdYTYcY^Tb_]UTU\\µQSUd_
;QbYQ^^U6Y_bY^Y
DXUTYbUSd_bQ^cgUbUTdX_cUgX_S_]`QbUTdXUcd_bi_VXYcVY\]
d_>QR_[_fµc<_\YdQRi`_Y^dY^W_eddXQdXYcg_b[gQc]UQ^dd_
XQfU Q ]eSX Rb_QTUb cS_`U Q^T d_ TUQ\ gYdX Q S_^db_fUbcYQ\
S_^dU]`_bQbi YcceU* dXU \QS[ _V cUheQ\ UTeSQdY_^ V_b i_e^W
`U_`\U 8_gUfUb dXU cSbe`e\_ec ]Q^^Ub Y^ gXYSX <QddeQTQ
Q``b_QSXUT dXU ceRZUSd TYT ^_d [UU` dXU VY\] Vb_] RUS_]Y^W
dXU SU^dUb _V `_\U]YSc 9^ CU`dU]RUb _V !)& 4_\SY Y^WQ^^Y
gQcUhQ]Y^UTRiQVY\]bUfYUgR_QbT4Uc`YdUc_]UTYVVYSe\dYUc
dXUVY\]gQcWbQ^dUTQedX_bYjQdY_^V_bbU\UQcU_^S_^TYdY_^dXQd
Ydg_e\TRUc\YWXd\i²d_eSXUTe`³Q^T`b_XYRYdUTd_dX_cUe^TUb
cYhdUU^2ed_^"&>_fU]RUb!)& `eR\YS`b_cUSed_b3Qb]U\_
C`QW^e_\_YcceUTQ^_bTUbV_bdXUVY\]d_RUcUYjUT9^XYc_`Y^Y_^
YdS_^dbQfU^UT`b_`UbcdQ^TQbTc_V]_bQ\YdiRUSQecUc_]UcSU^Uc
gUbU²_`U^\i_VVU^cYfUd_QS_]]_^cU^cU_VTUSU^Si³9^dXU
U^TXYc_bTUbgQcbUf_[UTRed_^\iQVdUbQ^Q``UQ\cS_]]YccY_^
bUfYUgUTdXUVY\]Q^TbUaeYbUTdXQdQ^QTTYdY_^Q\# !%]UdUbc
_VdXUVY\]RUSed1``b_hY]QdU\idXbUUQ^TQXQ\ViUQbcQVdUbdXU
_bYWY^Q\fUbcY_^gQccUYjUTQS_ebdSQcUU^TUTgYdXQbe\Y^WY^
VQf_b_VdXUTYbUSd_b
DXYcbUcd_bQdY_^YcdXUbUY^dUWbQdUTfUbcY_^_VdXUVY\]Vb_]!)&$
9d gQc ]QTU `_ccYR\U Ri `b_TeSUb 7_VVbUT_ <_]RQbT_ gX_
Q\\_gUTdXU3Y^UdUSQTY2_\_W^Qd_ecUdXU_bYWY^Q\c_e^TQ^T
`YSdebU^UWQdYfUcDXUc_e^T^UWQdYfUcX_gUTQTfQ^SUTcYW^c
_VfY^UWQbci^Tb_]U
;QbYQ^^U6Y_bY^Y
C74±<4CA>?>;8B²20B4*HUPDQLD5HJLD(QQR3DWDODV
Ŷ'9''·Ŷ'D0XUQDX6WLIWXQJ
E^ TUddQW\YQdYccY]_ T_Se]U^dQbY_ TU\\_ cd_bYS_ TU\ SY^U]Q U
bUcdQebQd_bU 5^^_ @QdQ\Qc Y\ SeY cV_bj_ `Ub \Q bYS_cdbejY_^U TY
1 fUbi TUdQY\UT Q^T d_dXU`_Y^d T_Se]U^dQbi Ri XYcd_bYQ^ Q^T
bUcd_bUb 5^^_ @QdQ\Qc gX_cU UVV_bd _^ dXU bUS_^cdbeSdY_^ _V
$)
B9DB?F1D9B5CD1EB1D9B53?F5B54B5CD?B54
2US[]Q^^USY‡SXUfQY^cSU^Q^U\S_f_Qcc_]YW\YQQe^_cdeTY_
]ecYSQ\Uce\\QTYcc_^Q^jQ9^dbQ``_\QdYY^cYU]U^U\\QdbQ]Qd_b]U^
dQdYTQ\\UY^f_\_^dQbYUS_^cUWeU^jUTU\\U\_b_QjY_^YUTQ\\µY^dY]YdwSXU
^US_^cUWeUY`Ubc_^QWWYY^YjYQ^_QVb_^dUWWYQbcY\µe^\µQ\db_aeQcY
S_]UY^e^Y^VUb^_cQbdbYQ^_>U\Se_bUTU\\_b_S_f_\Q`Ude\Q^dUUY^
VQ^dY\U=Q^cVYU\TTYfU^dQe^Q<_\YdQ`UbYS_\_cQ]U^dUTUcdQRY\YjjQ^dU
AeUcdQS_`YQ]_cdbQY\VY\]^U\\QceQfUbcY_^UY^dUWbQ\UUT~e^_TUY
bYce\dQdY`YŒbUSU^dYTU\fQcd_`b_WbQ]]QY^dbQ`bUc_TQ\\QC_^i@YS
debUc5^dUbdQY^]U^d`UbbUcdQebQbUUdedU\QbUY\ce_QbSXYfY_SY^U]Q
d_WbQVYS_9\bUcdQeb_TU\\Q`U\\YS_\QQffU^ed_c_dd_\Qce`UbfYcY_^UTY
7b_fUb3bYc`~cdQd_S_^T_dd_`bUcc_\Q3Y^UdUSXTYFQ\U^SYQ]U^dbU
Y\bUcdQeb_TU\c_^_b_~_`UbQTU\\Q3XQSU@b_TeSdY_^c2ebRQ^[
B_WUbC8Qb\_g
=Udb_`_\Yc`e‡UccUbUS_^cYTUbQd_Y\\Qf_b_TYe^QfYdQ@QdQ\Qc
cU`QbQDXU²=Udb_`_\Yc³3QcUY^dbU`QbdY*`b_TejY_^USXU@QdQ\Qc
SXYQ]QY\²]Q[Y^W³bY]_^dQWWY_²e^]Q[Y^W³UY\ceSSUccYf_²bU
]Q[Y^W³9\T_Se]U^dQbY_`bUcU^dQe^fQcd_Q``QbQd_TYR_jjUddY
`bU`QbQd_bYV_d_WbQVYUTYcUW^YURbQ^YTYVY\]
=Udb_`_\YcSQ^dbe\iRUSQ\\UTQ\YVUµcg_b[@QdQ\QccU`QbQdUcDXU
²=Udb_`_\Yc³3QcUY^d_dXbUU`Qbdc*`b_TeSdY_^5^^_@QdQ\QcbUVUbc
d_YdQc²dXU]Q[Y^W³bUUTYdY^W²e^]Q[Y^W³Q^TceRcUaeU^d\i
²bU]Q[Y^W³DXUT_Se]U^dQbiVUQdebUcQ\QbWU^e]RUb_V`b_TeSdY_^
TbQgY^Wc`b_TeSdY_^`X_d_c`QY^dY^WcQ^TVY\]V__dQWU
?A8<03828C8I4=:0=4145>A428C8I4=:0=4
B9DB?F1D9B5CD1EB1D9B53?F5B54B5CD?B54
C74?>F4A0=3C746;>AH86$5HJLD:LOOLDP.+RZDUG
Ŷ7LW´3RWHQ]DHJORULDµ6FHQ3UHVWRQ6WXUJHV)-DPHV:RQJ+RZH03DXO:HDWKHUZD[6FJI0D[3DUNHU&RVW5LWD.DXIPDQ0X3HWHU%UXQHOOL/RXLV'H)UDQFHVFR-
6=DPHFQLNQRQDFFUGLUHWWDGD/RXLVGH)UDQFHVFR6X$:3URW]PDQ$VV5+RUDFH+RXJK,QW6SHQFHU7UDF\7RP*DUQHU&ROOHHQ0RRUH6DOO\*DUQHU5DOSK0RUJDQ
+HQU\+HOHQ9LQVRQ(YH%RUGHQ3KLOOLS7UHQW7RP*DUQHU-U+HQU\.RONHU0U%RUGHQ6DUDK3DGGHQPRJOLHGL+HQU\%LOO\2·%ULHQ7RPGDJLRYDQH&XOOHQ-RKQVRQ+HQU\
GDJLRYDQH-)DUUHOO0F'RQDOG0XOOLJDQ3URG)R[)LOP&RUSRUDWLRQŶPP'·%Q9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'D8&/$)LOPDQG7HOHYLVLRQ$UFKLYHHWK&HQWXU\
)R[Ŷ5HVWDXUDWRQHOGDXQDFRSLDPPQLWUDWRGDXQODYDQGHUPPDFHWDWRHGDXQPPGLSURSULHWjGL3UHVWRQ6WXUJHV5HVWDXURGLUHWWRGD5REHUW*LWW8&/$H6FKDZQ
%HOVWRQ)R[/DERUDWRULR7ULDJH0RWLRQ3LFWXUH6HUYLFHV6RQRUR'-$XGLRDQG$XGLR0HFKDQLFV5HVWRUHGLQIURPDPPQLWUDWHSULQWDPPDFHWDWHILQHJUDLQPDVWHU
SRVLWLYHDQG3UHVWRQ6WXUJHV·SHUVRQDOPPSULQW5HVWRUDWLRQVXSHUYLVHGE\5REHUW*LWW8&/$DQG6FKDZQ%HOVWRQ)R[/DERUDWRU\VHUYLFHVE\7ULDJH0RWLRQ3LFWXUH6HUYLFHV6RXQG
VHUYLFHVE\'-$XGLRDQG$XGLR0HFKDQLFV
AeUcd_S\QccYS_`_S_S_^_cSYed_Y\SeY^UWQdYf__bYWY^Q\UfU^^UTY
cdbedd_TQ\Ve_S_]_\dYQ^^YVQ~c`Ucc_S_^cYTUbQd_e^`bUSebc_bU
TY3YdYjU^;Q^U<_cSbY`dTY@bUcd_^CdebWUcbQSS_^dQ\µY^QbbUcdQ
RY\UQcSUcQTU\TYbYWU^dUVUbb_fYQbY_D_]7Qb^UbC`U^SUbDbQSi
QddbQfUbc_e^QcUbYUTYV\QcXRQS[^QbbQdYTQ\ce_fUSSXY_Q]YS_
8U^biBQ\`X=_bWQ^?WWYY\`eRR\YS_V_bcUdb_fUbw\Q^QbbQjY_^U
QdbQddY`UcQ^dUURQ^Q\U]QbUcdQY^dUbUccQ^dUfQ\edQbUVY^_QSXU
`e^d_ aeUcd_ VY\] ^_^ \Y^UQbU ^U\\Q cdbeddebQ U Y^^_fQdYf_ ^U\\Q
V_d_WbQVYQTY:Q]UcG_^W8_gUQRRYQY^V\eU^jQd_?bc_^GU\\Uc
^U\\µYTUQjY_^UTY3YdYjU^;Q^U9\dUb]Y^U²^QbbQdQWU³fU^^USbUQd_
TQ\\QSQcQTY`b_TejY_^U`UbTUcSbYfUbU\µec_TYV\QcXRQS[QSS_]
`QW^QdYTQ^QbbQjY_^U\QcdUccQdUS^YSQedY\YjjQdQQ^SXUY^DXUCY^
_V>_bQ=_bQ^DXU@_gUbQ^TdXU7\_bi~\YRUbQ]U^dUYc`YbQd_
Q\\QfYdQTY3G@_cd]QW^QdUTUYSUbUQ\YU^_^^_TU\\QcUS_^TQ
]_W\YU TY CdebWUc 5\UQ^_b 8edd_^ 9\ `b_Tedd_bU TU\ VY\] :UccU
<Qc[iXQcSbYdd_^U\\QceQRY_WbQVYQ*²5bQY\S_`Y_^U`YŒ`UbVUdd_
SXUQfUccY]QY\Udd_³6e\Q`bY]QcSU^UWWYQdebQSY^U]Qd_WbQVYSQ
_bYWY^Q\U S_`UbdQ TQ TYbYdd_ TµQed_bU S_]U WYw QffU^YfQ `Ub \U
_`UbUdUQdbQ\YAeUcd_`bUSUTU^dUY^aeYUdQ^dUY^YjY‡QY^^Ubf_cYbUY
`b_Tedd_bY`Ub\QV_bjQS_^dbQddeQ\USXUW\YcSU^UWWYQd_bYQfbURRUb_
Y^YjYQd_QUcUbSYdQbU3_]UQSSQTbw`Ub\QVYWebQTY8UQbcdY^3YdYjU^
;Q^UD_]7Qb^UbcY]R_\UWWYQQccYU]UY\]UW\Y_UY\`UWWY_TU\
\µY^TecdbYQ\YjjQjY_^U=Q\µY]`Ubc_^YVYSQjY_^USXU^UVQDbQSi~`YŒ
RU^Uf_\QU]U^_]Y^QSSY_cQTYaeU\\Q_VVUbdQTQGU\\Uc
4_^^QB_ccY^E3<16Y\]Q^TDU\UfYcY_^1bSXYfU°DU^dX6UcdYfQ\
_V@bUcUbfQdY_^"
%
DXYc cU\T_] cUU^ S\QccYS gX_cU _bYWY^Q\ ^UWQdYfU gQc
TUcdb_iUT Ri VYbU ]Q^i iUQbc QW_ Yc _VdU^ S_^cYTUbUT Q
V_bUbe^^Ub _V 3YdYjU^ ;Q^U @bUcd_^ CdebWUcµ cSbY`d dU\\c dXU
bQWcd_bYSXUccd_bi_VbQY\b_QTUhUSedYfUD_]7Qb^UbC`U^SUb
DbQSidXb_eWXQcUbYUc_VV\QcXRQS[c^QbbQdUTRiXYc\_^WdY]U
VbYU^T 8U^bi BQ\`X =_bWQ^ 3_^dU]`_bQbi QeTYU^SUc ]Qi
VY^T dXU ^QbbQdY_^ XUQfiXQ^TUT Q^T dbYdU Qd dY]Uc Red dXUi
cX_e\T U^Z_i c`USe\QdY^W d_ gXQd UhdU^d dXU VY\]µc ^_^\Y^UQb
S_^cdbeSdY_^`\_dQ^TY^^_fQdYfUSY^U]Qd_WbQ`XiRi:Q]Uc
G_^W8_gUY^V\eU^SUT?bc_^GU\\UcgXY\UXUgQc`\Q^^Y^W
3YdYjU^ ;Q^U DXU cdeTY_ S_Y^UT dXU g_bT ²^QbbQdQWU³ d_
TUcSbYRUdXUecU_VV\QcXRQS[cgXYd^QbbQdY_^_fUbdXU]Q^T
dXYc²^QbbQdQWU³cdi\USQ^Q\c_RUcUU^Y^DXUCY^_V>_bQ=_bQ^
DXU@_gUbQ^TdXU7\_bigQc\__cU\iRQcUT_^dXU\YVU_V3G
@_cddXUSUbUQ\diS__^Q^TWbQ^TVQdXUb_VCdebWUccUS_^TgYVU
5\UQ^_b8edd_^DXUVY\]µc`b_TeSUb:UccU<Qc[igb_dUY^XYc
Qed_RY_WbQ`Xi ²9dgQcdXU]_cd `UbVUSdcSbY`d9µT UfUb cUU^³
9d RUSQ]U dXU VYbcd _bYWY^Q\ cSbUU^ cd_bi gbYddU^ _^ Q b_iQ\di
RQcYc Y^ ]eSX dXU cQ]U gQi Qc Q cdQWU `\Qi DXYc cX_S[Y^W
`bUSUTU^d]QTU`b_TeSUbc^Ubf_ecQR_eddXUcdb_^WSbUQdYfU
]ecS\U gbYdUbc g_e\T cdQbd UhUbdY^W <Y[U dXU 8UQbcd VYWebU Y^
3YdYjU^ ;Q^U D_] 7Qb^Ub ci]R_\YjUc dXU RUcd Q^T g_bcd _V
Y^TecdbYQ\YjQdY_^2edDbQSiµcTU`YSdY_^Yc]_bUci]`QdXUdYSQ^T
\Ucc]U^QSY^WdXQ^GU\\Ucµ
4_^^QB_ccY^E3<16Y\]Q^TDU\UfYcY_^1bSXYfU°DU^dX6UcdYfQ\
_V@bUcUbfQdY_^"
C74B8=>5=>A0<>A0=86$5HJLD3KLO*ROGVWRQH
DXUCY^_V>_bQ=_bQ^^_^~e^VY\]^}S\QccYS_^}[YdcSX]Qe^Q
S_]RY^QjY_^Ue^YSQTYU^dbQ]RYaeUcdYU\U]U^dY<QceQdbQ]Qe^Q
T_^^QcU]`bU`YŒY^dbQ``_\QdQY^e^QfYdQVQddQTYTUWbQTQjY_^U
dY`YSQTUYVY\]`bUSUTU^dYQ\S_TYSU8QicU\µUcdbU]Q\Y]YdQdUjjQTU\
ce_ReTWUdc_^_SQbQddUbYcdYSXUS_]e^Y^UY2]_fYUTYaeU\`UbY_
T_ÄY\]_T_Y^SeYfYU^U^QbbQdQ\Qcd_bYQSXUS_^VUbYcSUQ>_bQ
=_bQ^e^QaeQ\Ydwe^YSQbYS_bbU^T_QV\QcXRQS[V\QcXV_bgQbTUQ
e^WY_S_TYV\QcXRQS[^U\V\QcXRQS[dQ\]U^dUS_]`\Ucc_SXU\µY^
dUbQcdbeddebQ^QbbQdYfQY^YjYQRU^`bUcd_Q`UbTUbUe^cU^c_S_]
`Yed_`UbQcce]UbUe^QV_b]Q_^YbYSQS_]`\UdQ]U^dU\YRUbQSXU
bQ``bUcU^dQe^`e^d_TYV_bjQTU\VY\]`Yedd_cd_SXUe^ce_\Y]YdU
9SbYdYSYS_^dU]`_bQ^UYXQ^^_c`Ucc_Qcc_SYQd_aeUcd_VY\]QDXU
@_gUbQ^TdXU7\_bifYcd_SXU~`b_`bY_TQaeUcdµe\dY]_SXU>_bQ
=_bQ^`bU^TUY^`bUcdYd_\QdUS^YSQTU\²^QbbQdQWU³CY^_QTQ\\_bQ
SUbdQ]U^dU^YU^dUTU\SQ\YRb_TY>_bQ=_bQ^UbQ]QYcdQd_bUQ\Yj
jQd_TQ@XY\7_\Tcd_^USXUTQ\!)"!cY_SSe`QfQTY`b_TejY_^UTY
VY\]QRQcc_S_cd_UY\SeY\Qf_b_`YŒS_^_cSYed_bUcdQDXUFQ]`YbU
2Qd!)##CUS_^T_Q\Se^UV_^dY~`_ccYRY\USXUQbUQ\YjjQbUY\VY\]
^_^cYQcdQd_Y^bUQ\dw7_\Tcd_^USXUc_\_Y^e^cUS_^T_]_]U^
d_QfUfQ`bUc_Y\`_cd_TU\bUWYcdQ_bYWY^QbY_8_gQbT3XbYcdiSXU
Q\Se^Y]UcY`bY]QQfUfQTYbUdd_CY^WCY^^UbCY^W`Ub7_\Tcd_^U
3XYe^aeU cYQ cdQd_ \µQbdUVYSU TY >_bQ =_bQ^ W\Y Q``QccY_^QdY TY
SY^U]Q^_^`_cc_^_SXUUccUbW\Y`b_V_^TQ]U^dUWbQdY9`^_dYS_
Q\\eSY^Q^dUQbdYcdYS_*V_bcUY\]YW\Y_b2]_fYUTUW\YQ^^Yµ# E3<16Y\]Q^TDU\UfYcY_^1bSXYfU°DU^dX6UcdYfQ\_V@bUcUbfQ
dY_^"
DXUCY^_V>_bQ=_bQ^Yc^UYdXUbS\QccYS^_bSQ]`RedQe^YaeU
]}\Q^WU_VR_dX9dccdQ^TQbT`bU3_TU`\_dfYSdY]YjUTg_]Q^
TUcSU^TcY^d_Q\YVU_VTUWbQTQdY_^Q^TUhdbU]U\i\_gReTWUd
gUbUS_]]_^d_2`YSdebUc_VdXU`UbY_T2edYdµcdXUdU\\Y^W_V
dXUcd_bidXQdU\UfQdUc>_bQ=_bQ^Y^d_QS\QccQ\\Ydc_g^DXYc
YdQSS_]`\YcXUcdXb_eWXQcUbYUc_VV\QcXRQS[cV\QcXV_bgQbTc
Q^TV\QcXgYdXY^V\QcXRQS[cc_S_]`\UhdXQddXUU^dYbU^QbbQdYfU
cdbeSdebUaeYS[\iSUQcUcd_]Q[UcU^cUQcce]Y^WQVbUUV_b]
TbUQ]\Y[UaeQ\YdidXQdU^XQ^SUcdXUVY\]bQdXUbdXQ^TUdbQSdc
Vb_] Yd 3_^dU]`_bQbi bUfYUgc \Y[U^UT Yd d_ DXU @_gUb Q^T
dXU 7\_bi TeU d_ Ydc R_bb_gY^W _V dXQd `YSdebUµc ²^QbbQdQWU³
TUfYSU3UbdQY^\i^_dXY^W\Y[U>_bQ=_bQ^UfUbXQTS_]UVb_]
@XY\ 7_\Tcd_^U Q \_gReTWUd `b_TeSUb cY^SU !)"! gX_cU
RUcd[^_g UVV_bd bU]QY^c DXU FQ]`YbU 2Qd !)## C_ebSUc
c`USe\QdUdXQdc_]U_^U_dXUbdXQ^7_\Tcd_^UgX_d__[_fUb
Vb_] dXU _bYWY^Q\ TYbUSd_b 8_gQbT 3XbYcdi gQc bUc`_^cYR\U
3XbYcdiXQTTYbUSdUTCY^WCY^^UbCY^WcUfUbQ\]_^dXcUQb\YUb
V_b7_\Tcd_^U8_gUfUb>_bQ=_bQ^XQ``U^UTVY\]ReVVcSQ^
_^\iRUWbQdUVe\8Qe^dY^WXQ\\eSY^Qd_biQbdYcdYSYd]QiRUdXU
RUcd2]_fYU_Vµ# c
E3<16Y\]Q^TDU\UfYcY_^1bSXYfU°DU^dX6UcdYfQ\_V@bUcUbfQdY_^
"
@D0CCA>58;<38A>3>;5>B>=46>5>DA58;<B1HA>3>;5>B>=46>
;064=C4=>=286D0A30,WDOLD5HJLD*ODXFR3HOOHJULQL
Ŷ6FHQ$VV55RGROIR6RQHJR3URG&LUFRORGHO&LQHPDGL%RORJQD&&%ŶPP/P'·DIV%QŶ'D&LQHWHFDGHO&RPXQHGL%RORJQD
?0A;80<>34;=0B>,WDOLD5HJLD*ODXFR3HOOHJULQL
Ŷ6FHQ5RGROIR6RQHJR3URG/X[)LOPŶPP/P'·DIV%QŶ'D&LQHWHFDGHO&RPXQHGL%RORJQD
;´4B?4A84=I034;2D18B<>,WDOLD5HJLD*ODXFR3HOOHJULQL
Ŷ6FHQ5RGROIR6RQHJRFRQODFRQVXOHQ]DGL5HQDWR*XWWXVR3URG/X[)LOPŶPP/P'·DIV%QŶ'D&LQHWHFDGHO&RPXQHGL%RORJQD
%!
B9DB?F1D9B5CD1EB1D9B53?F5B54B5CD?B54
Ŷ6FHQ)UDQFHV+\ODQGGDOUDFFRQWR´%XUQW2IIHULQJµGL00D[ZHOO*RRGKXH),UD+0RUJDQ02WLV*DUUHWW0X+HLQ]5RHPKHOGQRQDFFU,QW=LWD-RKDQQ1RUD0RUDQ
3DXO&DQDYDJK%LOO&UDZIRUG$ODQ'LQHKDUW-RKQ*UDQW&ODLUH'X%UH\0UV&UDZIRUG-RKQ0LOMDQ3DXOLQR+HQU\%:DOWKDOO3DGUH5\DQ6DUDK3DGGHQ0UV:DWWV2WLV
+DUODQ0U0RUDQ$JJLH+HUULQJ0UV0RUDQ&RUD6XH&ROOLQV1RUD0RUDQGDEDPELQD$QQ%URG\6\G6D\ORU+DUYH\&ODUN-RVHSK:*LUDUG5ROIH6HGDQ3URG0DMHVWLF3LFWXUHV
,QFŶPP'·%Q9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'D8&/$)LOPDQG7HOHYLVLRQ$UFKLYHLQFROODERUD]LRQHFRQ,QFRRSHUDWLRQZLWK,QGHSHQGHQW,QWHUQDWLRQDO3LFWXUHV
Ŷ3UHVHUYDWRQHOGDXQQHJDWLYRLPPDJLQHPPQLWUDWRHXQDFRSLDODYRURLPPDJLQHHVRQRURQLWUDWRIRUQLWDGD)LOP3UHVHUYDWLRQ$VVRFLDWHV/DERUDWRULR&LQHPD$UWV,QF
6RQRUR$XGLR0HFKDQLFVH'-$XGLR)LQDQ]LDWRGD7KH3DFNDUG+XPDQLWLHV,QVWLWXWH3UHVHUYHGLQIURPWKHRULJLQDOPPQLWUDWHSLFWXUHQHJDWLYHDQGDPPQLWUDWHSLFWXUH
DQGVRXQGZRUNSULQWSURYLGHGE\)LOP3UHVHUYDWLRQ$VVRFLDWHV/DERUDWRU\VHUYLFHVE\&LQHPD$UWV,QF6RXQGVHUYLFHVE\$XGLR0HFKDQLFVDQG'-$XGLR3UHVHUYDWLRQIXQGHGE\7KH
3DFNDUG+XPDQLWLHV,QVWLWXWH
;4I8>=8380=0C><80,WDOLD5HJLD5RGROIR6RQHJR
B9DB?F1D9B5CD1EB1D9B53?F5B54B5CD?B54
Ŷ6FHQ5RGROIR6RQHJR3URG/X[)LOPŶPP/P'·DIV%QŶ'D&LQHWHFDGHO&RPXQHGL%RORJQD
9bUcdQebYTY@Qb\YQ]_TU\^Qc_<UjY_^YTYQ^Qd_]YQ<µUc`UbYU^
jQTU\SeRYc]_c_^_cdQdYbUQ\YjjQdY^U\" #TQ\\Q3Y^UdUSQTU\
3_]e^UTY2_\_W^Q`bUcc_Y\\QR_bQd_bY_<µ9]]QWY^UBYdb_fQdQ
ce\\QRQcUTUY^UWQdYfY_bYWY^Q\Y#%]]dbQ^^UY\^UWQdYf_ce_^_TY
@Qb\YQ]_TU\^Qc_!'%]]S_^cUbfQdYTQ\\Q6_^TQjY_^UCSe_\Q
>QjY_^Q\UTY3Y^U]Q3Y^UdUSQ>QjY_^Q\UWbQjYUQ\\QS_bdUcU
Qed_bYjjQjY_^UTU\\Q3bYcdQ\TY6Y\]9\bUcdQeb_TY<QWU^dU^_^SY
WeQbTQ~cdQd_bUQ\YjjQd_^U\" #TQ\\Q3Y^UdUSQTU\3_]e^UTY
2_\_W^QQ`QbdYbUTQY^UWQdYfY_bYWY^Q\YY]]QWY^U#%]]Uce_^_
!'%]]S_^cUbfQdYTQ\\Q6_^TQjY_^U3Y^UdUSQ9dQ\YQ^Q
BUcd_bQdY_^c _V @Qb\YQ]_ TU\ ^Qc_ <UjY_^Y TY Q^Qd_]YQ Q^T
<µUc`UbYU^jQTU\SeRYc]_gUbUS_]`\UdUTY^" #RidXU3Y^UdUSQ
TU\ 3_]e^U TY 2_\_W^Q Qd <µ9]]QWY^U BYdb_fQdQ \QR_bQd_bi
BUcd_bQdY_^gQcRQcUT_^_bYWY^Q\#%]]^UWQdYfUcUhSU`dV_b
Q !'%]] c_e^T ^UWQdYfU V_b @Qb\YQ]_ TU\ ^Qc_ XU\T Qd dXU
6_^TQjY_^UCSe_\Q>QjY_^Q\UTY3Y^U]Q°3Y^UdUSQ>QjY_^Q\U
dXQ^[cd_dXU[Y^TQedX_bYjQdY_^_V3bYcdQ\TY6Y\]BUcd_bQdY_^_V
<QWU^dU^_^SYWeQbTQgQcS_]`\UdUTY^" #RidXU3Y^UdUSQ
TU\3_]e^UTY2_\_W^QecY^W_bYWY^Q\`YSdebU#%]]Q^Tc_e^T
!'%]]^UWQdYfUcXU\TQddXU6_^TQjY_^U3Y^UdUSQ9dQ\YQ^Q
<µ1^Qd_]YQUY\3eRYc]_c_^_VY\]TµQbdYcdQ4eUS_b`YUcdbQ^UY
^U\SY^U]QYdQ\YQ^_TU\T_`_WeUbbQ]QQ^SXUTY`bY]QUTYT_`_
>_^TeU_`UbY^U]QTeUWY_YU\\YTµe^Qed_bUTµY^dU\\YWU^jQbQbQ
UQ\S_^dU]`_TU\\µQbYcd_SbQjYQUTU\\QWbQVYSQTU\\Q<ehC_^_
_WWUddYTµe^TUcYW^`ebYccY]_Y^SeYdeddYY]QdUbYQ\YSXUc_^_cUbfYdY
Q\\QbUQ\YjjQjY_^UY]_TU\\Y^YYb_R_ddY^YW\YcSXU\UdbY]USSQ^YSYTY
1^Qd_]YQ+YTYcUW^Y_bYWY^Q\YW\Ycd_biR_QbTW\YY]`YQ^dYY`_cYdYfY
UY^UWQdYfYTU\3eRYc]_]UbYdUbURRUb_TYVYWebQbUY^e^QSQcQ
]ecU_ WeQ\Y^YQ^Q 1\dbQ S_cQ TQ\ T_Se]U^dQbY_ Y^ c} U `Ub c}
bUQ\YjjQd_TQe^Q``Q\dQd_bU`Ub`_bdQbUQSQcQTµQSS_bT_S_^\Q
<ehaeU\dbeVVQ\TY^_#1\dbQS_cQTQ\\U`b_fUTYe^WY_fQ^USXU
TUfU]Q^WYQbU\QcUbQUQbbYfQbUQVY^U]UcUUSXUTUfUQc`UddQbU
Q^S_bQaeQddb_Q^^Y`UbY^S_^dbQbU1\RUbd_C_bTYU]UddUbcYQ^Y]Q
US_b`_Q\ce_cUbfYjY_<µ1^Qd_]YQUY\3eRYc]_c_^_TeU_`UbU
SXU ^_^ cdQ^^_ Y^ ^Ucce^Q bU\QjY_^U S_^ Y\ `U^cYUb_ fYWU^dU
S_^Y\YRbYYVY\]YTYcS_bcY\UYTUUTYW_fUb^__TY_``_cYjY_^U
SXUSYbS_\QfQ^_^U\\µ9dQ\YQTU\!)$)!)% 9\`bY]_~e^Q\UjY_^U
TQbgY^YQ^QU`_cYdYfYcdQSXU]Q^TQVe_bYTQYWQ^WXUbYY\FQdYSQ^_
9\ cUS_^T_ ~ e^Q bYV\UccY_^U ce @YSQcc_ VQddQ ecQ^T_ \Q ]Q^_
UY\`U^^U\\_TY7eddec_SXUVbUaeU^dQfQ\U_cdUbYUTUYSY^UQcdY
SXUTYcUW^QY\]Q^YVUcd_TU\VY\]YdQ\YQ^_`YŒfU^Ted_^U\]_^T_
BYc_Q]Qb_<ehVY\]USXUUfYTU^dU]U^dU^_^TYcTUW^QfQY\
cU]YUbUdYS_C_^UW_9\>Qc_~e^QcSY_SSXUjje_\QVY^d_UbeTYdQ
UTQ\Y]U^dQbUCYVY^WUTYSU\YQbU_TY]UTYdQbUce\RUSS_TµQaeY\Q
TY7eQ\Y^__ce\b_cdb_TYC_^UW_dQ^d_`UbVQbS_^dU^d_\µe_]_
S_\d_SXUQ\cUS_^T_`YQ^_TU\\Q<ehTYfYQ@_#&`QccQ\USQbdUTY
c_`bQ4YfUbc_~Y\SQc_TUW\YQcY\YS_]e^Q\YR_\_W^UcY<QWU^dU
^_^ SY WeQbTQ e^ T_Se]U^dQbY_ TY `b_`QWQ^TQ ]e^YSY`Q\U
Q SeY Ve ^UWQd_ S_^ e^ `bUdUcd_ Y\ ]Q^SQd_ `QWQ]U^d_ TY e^
TQjY_]ecYSQ\UY\fYcd_TYSU^cebQC_^_e^TYSY]Y^edY^YSXUSY
`Qb\Q^_TU\WbQ^TUcS_^db_`_\YdYS_TYaeUW\YQ^^YY^SXYQfU^_^
TYRe_^W_fUb^_]QTYed_`YQQ]]Y^YcdbQdYfQ4U\\µY^VQ^jYQUTY
2_\_W^QS_]UYc_\UVU\YSYTU\\QfYdQUTU\\Q^QjY_^UÄe^Q`b_fQ
TU\\QdU^cY_^U]_bQ\UUTU\\QSYfY\dwSY^U]Qd_WbQVYSQR_\_W^UcU
WbQfYdQ^dUQdd_b^_QBU^j_BU^jY4eUWY_fQ^YSY^UQcdYC_^UW_U
@U\\UWbY^YSXU`b_`bY_Y^aeUY]UcYcQbQ^^_SXYQ]QdYQS_\\QR_bQbU
Q\`YŒ]Qcd_T_^dYS__`ecbUQ\YcdQc_SYQ\YcdQ]QY`b_T_dd_TQe^
`QbdYd_ S_]e^YcdQ Tµ_SSYTU^dU ²D_W\YQddY ~ d_b^Qd_³ ^_fU]RbU
!)$(TY3Qb\_<YjjQ^YTY]_cdbQ^_TYcQ`UbWeQbTQbUQ\\US_cU
Q^SXUS_^Q\dbY_SSXY
DQddYCQ^WeY^UdY
1^Qd_]YQQ^T3eRYc]_QbUQbdYcdVY\]cDg_V_bUYW^R_TYUcgYdXY^
9dQ\YQ^SY^U]Q_VdXU`_cdgQbUbQRedQ\c_RUV_bUQ^TQVdUbYd>_d
dg_c]Q\\g_b[cReddg_WU]cRiQ^QedX_b_VbQbUY^dU\\YWU^SUQ^T
QddXUcQ]UdY]U_VdXUQbYcd_SbQSiQ^TWbQ`XYSc_V<ehDXUcUQbU
_RZUSdc_VdXU`ebUcdTUcYW^Y^gXYSXQ\\dXU]QdUbYQ\c^USUccQbi
V_bdXUYbbUQ\YjQdY_^dXU]_TU\cb_R_dcQ^T]USXQ^YSQ\c[U\Ud_^c
Y^ 1^Qd_]YQ+ dXU _bYWY^Q\ TbQgY^Wc cd_biR_QbTc VbQ]Ug_b[c
`_cYdYfUcQ^T^UWQdYfUcV_b3eRYc]_QbUg_bdXi_VQ``UQbY^WY^
Q7eQ\Y^_cdi\UX_]U]ecUe]C_]UdXY^WU^dYbU\iTYVVUbU^dVb_]
QT_Se]U^dQbi]QTUY^Q^TV_bYdcU\VRiQS_^dbQSd_bgX_gY\\dQ[U
X_]UY^QWbUU]U^dgYdX<ehQcgY^T\Y^W#C_]UdXY^WU^dYbU\i
TYVVUbU^dVb_]dXUg_b[_VQi_edXgX_XQcd_UQddXQd^YWXdQ^T
]Q[UYdd_dXUU^T_VdXU]_^dXQ^TgX_gY\\XQfUd_gQYdV_eb
]_bUiUQbcRUV_bUXU]UUdc1\RUbd_C_bTYQ^T`edcXY]cU\VR_Ti
Q^Tc_e\QddXUcUbfYSU_VdXUQSd_b1^Qd_]YQQ^T3eRYc]_QbU
dg_g_b[cdXQdXQfU^_bU\QdY_^gXQdc_UfUbd_SebbU^ddX_eWXdd_
dXUR__[cVY\]cTYcS_ebcUcQ^TYTUQcUYdXUb_VdXUW_fUb^]U^d
_bdXU_``_cYdY_^dXQdSYbSe\QdUTY^9dQ\iRUdgUU^!)$)!)% DXU
VYbcdYcQ4QbgY^YQ^`_cYdYfYcd\Ucc_^dXQdcU^ddXUFQdYSQ^_VVYdc
b_S[UbDXUcUS_^TYcQbUV\USdY_^_^@YSQcc_]QTUdXb_eWXdXU
XQ^TQ^TRbecX_V7eddec_gX_VbUaeU^dUTVY\]]Q[UbcµXQe^dc
TUcYW^UTdXU]_cdS_]]UbSYQ\\iceSSUccVe\9dQ\YQ^VY\]`_cdUbY^
dXUg_b\TBYc_Q]Qb_<ehVY\]Q^TgX__RfY_ec\iTYT^µdcS_b^
dXUcU]YXUbUdYSQ\C_^UW_9\>Qc_YcQ]UbUdbYV\UVQ\cU\iUbeTYdU
DXUbUYcdXU`bUdU^cU_VZ_[Y^W_b]UTYdQdY^W_^7eQ\Y^_µcXQg[
^_cU_bC_^UW_µcRUQ[Zecdd_cQdYcVidXUUTeSQdUTWU^d\U]Q^
_^dXUcUS_^TV\__bQd<ehgX_XQ^TUTdXU`Q`Ubce`cdQYbcDXU
SQcU_V2_\_W^QµcSYdi`\QicSX__\c<QWU^dU^_^SYWeQbTQgQc
U^dYbU\iTYVVUbU^dDXYc]e^YSY`Q\`b_`QWQ^TQT_Se]U^dQbigQc
bUVecUTYdcSU^c_bcXY`SUbdYVYSQdUe^TUbdXU`bUdUhd_V]YccY^WQ
dQh`Qi]U^dV_b]ecYS9dcU\UfU^cX_bd]Y^edUcc`UQ[_VdXUWbUQd
`_\YdYSQ\S\QcXY^dX_cUiUQbcY^dUb]c^_d_VW__TW_fUb^]U^dRed
_VQT]Y^YcdbQdYfUed_`YQ9dc`UQ[c_VSXY\TX__TQ^T2_\_W^QQc
_QcUc_VXQ``Y^UccgYdXY^\YVUQ^TdXU^QdY_^9dYc`b__V_VdXU]_bQ\
dU^cY_^Q^TdXUSYfY\YjUT2_\_W^UcUSY^U]QdXQdWbQfYdQdUTQb_e^T
BU^j_BU^jYDg_i_e^WVY\]]Q[UbcC_^UW_Q^T@U\\UWbY^YgX_
bYWXdQb_e^TdXQddY]UgUbUSQ\\UTd_g_b[_^dXU]_cd]Q]]_dX
bUQ\Ycdc_SYQ\Ycd_`ecUfUb`b_TeSUTRiQgUcdUb^S_]]e^Ycd`Qbdi
²D_W\YQddY~d_b^Qd_³>_fU]RUb!)$(Ri3Qb\_<YjjQ^Y`b_fUT
dXUiS_e\TQ\c_cUUdXY^WcgYdX^UgUiUc
DQddYCQ^WeY^UdY
%"
?0AB?A>C>C>4A0A8Cª
@1BC@B?D?D?1>4B1B9D95C
?0AB?A>C>C>4A0A8Cª
@1BC@B?D?D?1>4B1B9D95C
50B28=0C8>=>5C745;4DA34;HB86$5HJLD-RVHSK'H*UDVVH
Ŷ6FHQ%HVV0HUHG\WK,QW&OHR0DGLVRQ/LVHWWH$UWKXU6KLUOH\$QWRLQH*HURPH/RQ&KDQH\'XFDGL6DIRXOUXJ0LOODUG.:LOVRQLO5H3URG8QLYHUVDO3LFWXUHVŶ%HWDFDP
63'·'LGDVFDOLHLQJOHVL(QJOLVKLQWHUWLWOHVŶ'D3KRWRSOD\3URGXFWLRQV
<Q]QTbUTY<YcUddUTY_bYWY^YS_^dQTY^UQ]QQdQ\`e^d_YVY_bTQ\YcY
SXU\QVYW\YQaeQ^T_^QcSUXQe^Qf_W\YQQV_b]QTYaeUcd_VY_bU
E^Qf_\dQSbUcSYedQ\µQ]_bUTY<YcUddU`UbYVY_bTQ\YcYTYfU^dQ_ccUc
cYf_S_]UaeU\\_TU\\Q]QTbU<QcSYQY\ce_fUb_Q]_bU1^d_Y^U
`Ub QRRQ^T_^QbcY QY `YQSUbY TU\\Q ]_^TQ^Ydw U c`_cQbU Y\ TeSQ
TYCQV_e\beW9\\_b_~e^]QdbY]_^Y_Y^VU\YSUSXU`_bdQY\TeSQQ\
ceYSYTY_aeQ^T_db_fQ\Q]_W\YUdbQ\URbQSSYQTU\BUTYSeY<YcUddU
TYfU^dQ\µQ]Q^dUªAeUcd_RbUfUVbQ]]U^d_`b_fU^YU^dUTQe^Q
S_\\UjY_^U`bYfQdQY^W\UcU]_cdbQ\µe^YSQcUaeU^jQc_`bQffYccedQ
TY<_^3XQ^UiSXURQ\\Q5bQe^RQ\\UbY^_cdbQ_bTY^QbY_Q^SXUcU\Q
TQ^jQY^SeYaeYcYUcYRYcSU^_^`Ub]UddUTYTY]_cdbQb\_Q``YU^_:_
cU`XTU7bQccUXQbUQ\YjjQd_cUccQ^dQVY\]S_^3XQ^Ui4YUSYQ^^Y
`YŒdQbTY2Ucc=UbUTidXcQbw\_cSU^UWWYQd_bUTY2U^8eb!)"%
;UfY^2b_g^\_g
<YcUddUµc `UQcQ^d ]_dXUb \_fUT dXU V\UebTU\Yc c_ ]eSX dXQd
gXU^XUbTQeWXdUbgQcR_b^cXUXQTQRYbdX]Qb[Y^dXUcXQ`U
_V dXU V\_gUb GXU^ <YcUddU WbUg e` XUb \_fU V_b dXU V\_gUb
RUSQ]UQc_RcUccYfUQcXUb]_dXUbµcCXUV_bcQ[UcXUbdbeU
\_fU1^d_Y^UV_bg_b\T\i`\UQcebUcQcdXUgYVU_VdXU4e[U_V
CQV_e\beWDXUYb]QbbYQWUYcQ^e^XQ``i_^UU^TY^WgYdXdXU
Te[Uµc ceYSYTU QVdUb VY^TY^W XYc gYVU Y^ dXU Qb]c _V dXU [Y^W
<YcUddURUS_]UcdXU[Y^Wµc]YcdbUccªDXYcRbYUVVbQW]U^dVb_]
Q`bYfQdUS_\\USdY_^Y^5^W\Q^TcX_gcdXU_^\icebfYfY^WcX_d_V
<_^3XQ^UiTQ^SY^Wc_]UdXY^WQdgXYSXXUUhSU\\UTQ\dX_eWX
dXUTQ^SUXUbUYc`b_cQYS:_cU`XTU7bQccU]QTUcYhdiVY\]c
gYdX3XQ^Ui1TUSQTU\QdUb2Ucc=UbUTidXgQcdXUcSU^QbYcd
_V2U^8eb!)"%
;UfY^2b_g^\_g
C0=6;43740ACB86$5HJLD-RVHSK'H*UDVVH
Ŷ6FHQ,GD0D\3DUN,QW/RXLVH/RYHO\9HUD/DQH$JQHV9HUQRQ/XFLOOH6HDWRQ/RQ&KDQH\-RKQ+DPPRQG0DUMRULH(OOLVRQ(QLG+DPPRQG*HRUJLD)UHQFKEDPELQD
+D\ZDUG0DFN0RQWJRPHU\6HDWRQ-D\%HODVFR(UQHVW&RXUWQH\%XG&KDVH-RKQ'DOWRQ3URG%OXHELUG3KRWRSOD\,QF8QLYHUVDO3LFWXUHVŶPP/P'·'LGDVFDOLH
LQJOHVL(QJOLVKLQWHUWLWOHVŶ'D3KRWRSOD\3URGXFWLRQV
<QcYW^_bQ5^YT8Q]]_^T~c_\_e^_TUYdQ^dYQ]_bYTY=_^dW_]Ubi
CUQd_^e^e_]_c`_cQd_5^YTS_^VUccQQCUQd_^SXUTQWY_fQ^U
QfUfQQfed_e^QbU\QjY_^US_^e^Q\db_e_]_c`_cQd_UTUbQbY]QcdQ
Y^SY^dQAeQ^T_\QT_^^QSXUXQQ\\UfQd_Y\RQ]RY^_]e_bU5^YT
`bUWQCUQd_^TYTYbUQ\]QbYd_SXUY\VYW\Y_~ce_USXU~^Qd_Ve_bYTQ\
]QdbY]_^Y_=b8Q]]_^Tdb_fQe^Q\UddUbQSXUW\YVQSbUTUbUSXU\Q
]_W\YUQRRYQe^QbU\QjY_^US_^CUQd_^9^VebYQd_dU^dQTYeSSYTUbU
CUQd_^]Q~\QT_^^QQfU^YbUVUbYdQAeQ^T_\Q]_W\YUTYCUQd_^cS_
`bUdedd_5^YTS_^VUccQY\ce_`QccQd_AeUcd_VY\]VeTYcdbedd_TQ\\Q
E^YfUbcQ\QccYU]UQ\bUcd_TU\\UceU`b_TejY_^Y]edU<U`_SXUcSU^U
aeYbQSS_\dUbYdb_fQdUTQ\]_^dQd_bUTU\\Q@X_d_`\Qi3XbYcd_`XUb2YbT
S_^dU^W_^_c_\_e^RbUfUQccQWWY_TY3XQ^Ui]Qc_^_\Q`YŒQ^dYSQ
dUcdY]_^YQ^jQWYe^dQVY^_Q^_YTU\\µQdd_bUY^e^\e^W_]UdbQWWY_
;UfY^2b_g^\_g
=bc 5^YT 8Q]]_^T Yc Red _^U _V cUfUbQ\ cgUUdXUQbdc _V
=_^dW_]UbiCUQd_^Q]QbbYUT]Q^5^YTdU\\cCUQd_^dXQdgXU^
cXUgQci_e^WcXUXQTQ^QVVQYbgYdXQ]QbbYUT]Q^Q^TRUSQ]U
`bUW^Q^dGXU^dXU^ebcUgX_bQYcUTdXURQRiTYUc5^YTRUWc
CUQd_^d_dU\\dXUXecRQ^TYdYcCUQd_^µcSXY\TR_b^_ed_VgUT\_S[
=b8Q]]_^TVY^TcQ\UddUbdXQd\UQTcXY]d_RU\YUfUdXQdXYcgYVU
YcXQfY^WQ^QVVQYbgYdXCUQd_^5^bQWUTXUdbYUTd_[Y\\CUQd_^Red
Y^cdUQTXYcgYVUYcg_e^TUTGXU^CUQd_^µcgYVUVY^Tc_ed5^YT
QT]YdcXUb`QcdDXYcVY\]gQcTUcdb_iUTRiE^YfUbcQ\Q\_^WgYdX
dXUbUcd_VdXUYbcY\U^d`b_TeSdY_^cDXUcUVUgcX_dcTYcS_fUbUT
Ri@X_d_`\QiVY\]UTYd_b3XbYcd_`XUb2YbTS_^dQY^ZecdQV\QcX_V
3XQ^UiReddXUi]Q[UdXYcdXUUQb\YUcd_VXYcVUQdebUcd_cebfYfU
Y^Q^iV_b]
;UfY^2b_g^\_g
A833;460F=486$5HJLD/DPEHUW+LOO\HU
Ŷ6FHQ&KDUOHV$OGHQ6HOW]HUGDOVXRURPDQ]R´7KH9HQJHDQFHRI-HIIHUVRQ*DZQHµ)-RH$XJXVW6FJI*+DUROG3HUFLYDO,QW:LOOLDP6+DUW-HIIHUVRQ´5LGGOHµ*DZQH
.DWKHULQH0DF'RQDOG.DWKOHHQ+DUNQHVV/RQ&KDQH\+DPH%R]]DP*UHWFKHQ/HGHUHU%ODQFKH'LOORQ*HUWUXGH6KRUW-DQH*DZQH/HRQ.HQW-HVV&DVV0LOWRQ5RVV5HE
%XWOHU(%7LOWRQ&RO+DUNQHVV3URG3DUDPRXQW$UWFUDIWŶ%HWDFDP63'·'LGDVFDOLHLQJOHVL(QJOLVKLQWHUWLWOHVŶ'D3KRWRSOD\3URGXFWLRQV
3UbSQ^T_TYfU^TYSQbcYTU\\µe_]_SXUXQeSSYc_ce_VbQdU\\_UbQ`Y
d_\QS_W^QdQ:UVVUbc_^²BYTT\U³7Qg^UTUTYSQQ^^YQbY^dbQSSYQbU
\µQccQccY^_6Y^YcSU`UbcYcdU]QbcYY^e^bQ^SXTYceQ`b_`bYUdwU
cYY^^Q]_bQTU\\QRU\\Q;QdX\UU^8Qb[^UccVYW\YQTYe^\QTb_TYRU
cdYQ]USXUQ``QbdYU^UQ\\QRQ^TQTY8Q]U2_jjQ]AeUcdµe\dY]_
fe_\U;QdX\UU^deddQ`Ubc}UVQc`QbQbUQ7Qg^Uª
%$
CUU[Y^WbUfU^WU_^dXU]Q^gX_[Y\\UTXYcRb_dXUbQ^T[YT^Q``UT
XYccYcdUbY^\Qg:UVVUbc_^´BYTT\Uµ7Qg^Uc`U^TciUQbccUQbSXY^W
V_bdXU[Y\\Ub6Y^Q\\iXUcUdd\Uc_^XYc_g^bQ^SXQ^TVQ\\cV_bdXU
\_fU\i;QdX\UU^8Qb[^UccdXUTQeWXdUb_VQSQdd\Ubecd\UbgX_Yc
`Qbd_V8Q]U2_jjQ]µcWQ^W8Q]U2_jjQ]gQ^dc;QdX\UU^V_b
XY]cU\VQ^TXQc7Qg^UcX_dª
C7D=34A86$5HJLD:LOOLDP1LJK
9^fYQWWY_`Ub3XYSQW_S_^fU^dY^_fU]Y^edYTYbYdQbT_\µY^WUW^UbU
1^TUbc_^c_`bQ^^_]Y^Qd_²7be]`i³cS_^db_c_`Ub\QceQTUf_
jY_^U^UYS_^Vb_^dYTUW\Y_bQbYUTU\\U^_b]UVUbb_fYQbYUcYVQcdbQTQdbQ
Q\dYSe]e\YTY^UfU`UbbUSe`UbQbUY\dU]`_`UbTed_9VYW\Y\_XQ^^_cU
WeYd_^U\\Qf_b_Y^VUbb_fYQ]Qc_^_cU]`bU`YŒQ]QbUWWYQdYTQ\\QceQ
Q``QbU^dUY^cU^cYRY\Ydw@Ubce`UbQbU\Q^UfUe^_TY\_b_fYU^UVQdd_
\Qf_bQbUVY^_Q\\_cVY^Y]U^d_S_]UV_SXYcdQce\dbU^_`Ub3XYSQW_]Q
~`bUc_QSe_bUTQJU\\Qe^QSQ^dQ^dUTY^YWXdS\eRQSeY1^TUbc_^
QfUfQbYVYedQd_TYbY]_bSXYQbU\Q]QSSXY^QS_cdbY^WU^T_\QQ`bU^TUbU
Y\dQhY<QceQ_cdY^QdQY^V\UccYRY\YdwQ\\QVY^U\_Q\\_^dQ^QTQ\\µQVVUdd_
TUY`QbU^dY`b_f_SQ\Q]_bdUTYe^_TUYVYW\YUSQecQe^Y^SYTU^dUce\
dbU^_SXU^UdbQc`_bdQY\S_b`_Y^cUWeYd_Qe^Q\YdUS_^e^_TUYVYW\Y
ce\\QbUc`_^cQRY\YdwTU\\Q]_bdUTU\VbQdU\\_Dedd_SY‡SXUbUcdQTU\
\µe\dY]_VY\]]ed_TY3XQ^UicYbYTeSUQRbUfYQVVQcSY^Q^dY]_]U^dY
4Q\\QS_`YQ#%]]^YdbQd_bYdb_fQdQQ\\Q<YRbQbi_V3_^WbUccc_^_cdQdY
bUSe`UbQdYaeQddb_RbUfYVbQ]]U^dY*7be]`iSXUWeYTQ\Q\_S_]_dYfQ
dbQ\Q^UfUS_^D_]]iUJU\\Q+D_]]iSXUVQfYcYdQQJU\\QQ\^YWXd
S\eR+7be]`i^U\\QceQSQcQ+Y]_d_bYSXUfQ^^_Q`YU^_bYd]_4Q\
!&]]TU\\QS_\\UjY_^U=YSXQU\2\Q[U]_cdbQdQY^fYTU_*7be]`i
^U\\µ_VVYSY^Q]USSQ^YSQ²6Y\]4QY\i³XQTUVY^Yd_DXe^TUb²Y\\Qf_b_
]U^_S_^fY^SU^dU]QYbUQ\YjjQd_TQ3XQ^Ui³]QaeUcdYVbQ]]U^dY
SYVQ^^_Y^dbQfUTUbUe^Q`b_TejY_^UQcc_\edQ]U^dUY]`USSQRY\U
;UfY^2b_g^\_g
DgU^di^Y^U ]Y^edUc \QdU Y^d_ 3XYSQW_ U^WY^UUb 1^TUbc_^
^YS[^Q]UT 7be]`i RUSQecU _V XYc cY^W\U]Y^TUT TUf_dY_^
d_ dY]UdQR\Uc Q^T bQY\b_QT `b_d_S_\ `\_eWXc dXb_eWX XUQfi
c^_gTbYVdcd_]Q[Ue`\_cddY]U8Ycc_^cXQfUV_\\_gUTY^d_dXU
bQY\b_QTY^WRecY^UccReddXUiQbUWbQTeQ\\iU]RYddUbUTRiXYc
Q``QbU^dSQ\\_ec^Ucc?^U_VdXU]gQcg_b[UTd_UhXQecdY_^
QcdXUVYbU]Q^_VdXU3XYSQW_be^dXb_eWXdXUc^_gRedWQY^UT
ci]`QdXiVb_]JU\\QQ^YWXdS\eRcY^WUbgX_cU`bYfQdUSQb1^
TUbc_^XQTbUVecUTd_d_gV_bSY^WXUbd_Ze]`Y^d_dXUSQRQ^T
bYTU8YccdeRR_b^Y^V\UhYRY\YdiUfU^deQ\\iQ\YU^QdUcXYcY^\Qgc
SQecUcdXUTUQdX_V_^U_VXYcc_^cQ^T`b_f_[UcQgbUS[_^
dXUdbQY^_^gXYSXdXUR_TigQcRUY^WSQbbYUTRicSeVV\Y^WgYdX
XYc _dXUb c_^ _fUb XYc Se\`QRY\Ydi V_b dXU TUQdXª DQ^dQ\YcY^W
W\Y]`cUcQbUQ\\dXQdcebfYfUc_V3XQ^Uiµc\QcdcY\U^dVY\]6b_]
#%]] ^YdbQdU V_e^T Qd dXU <YRbQbi _V 3_^WbUcc gU XQfU V_eb
RbYUVcUSdY_^c*7be]`iTbYfY^WXYcU^WY^UdXb_eWXdXUc^_ggYdX
D_]]iQ^TJU\\Q+D_]]ifYcYdcJU\\QQddXU^YWXdS\eR+7be]`i
QdX_]U+U^WY^UcbQSY^Wd_dXUV\__T6b_]!&]]Y^dXU=YSXQU\
2\Q[US_\\USdY_^cX_g^_^fYTU_7be]`iY^dXU]QSXY^UcX_`
²6Y\]4QY\i³TUcSbYRUTDXe^TUbQc²dXUgUQ[Ucd_VVUbY^W3XQ^Ui
XQc iUd ]QTU³ Red dXUcU VbQW]U^dc ceWWUcd Q fUbi `_\YcXUT
`b_TeSdY_^
;UfY^2b_g^\_g
7>;;HF>>3JCA08;4AL86$5HJLD-DPHV&UX]H
Ŷ6FHQ7KRPDV**HUDJKW\GDOURPDQ]RGL)UDQN&RQGRQ).DUO%URZQ$VV59HUQRQ.HD\V,QW+RSH%URZQ$QJHOD:KLWDNHU/XNH&RVJUDYH-RHO:KLWDNHU*HRUJH.
$UWKXU/HP/HIIHUWV5XE\/DID\HWWHQRQQD:KLWDNHU(OHDQRU/DZVRQ0DUJDUHW:KLWDNHU.LQJ=DQ\+RUDFH3ULQJOH+DUULV*RUGRQ'U/XNH0RUULVRQ5RVFRH´)DWW\µ$UEXFNOH
*HUWUXGH$VWRU$JQHV$\UHV1RDK%HHU\:LOOLDP%R\G&ODUHQFH%XUWRQ5REHUW&DLQ&KDUOHV&KDSOLQ(G\WKH&KDSPDQ%HWW\&RPSVRQ5LFDUGR&RUWH]9LROD'DQD%HEH'DQLHOV
'DLV\'HDQ&HFLO%'H0LOOH+HOHQ'XQEDU6QLW](GZDUGV'RXJODV)DLUEDQNV*HRUJH)DZFHWW-XOLD)D\H-DPHV)LQOD\VRQ$OHF%)UDQFLV-DFN*DUGQHU6LG*UDXPDQ$OIUHG(
*UHHQ$ODQ+DOH/OR\G+DPLOWRQ+RSH+DPSWRQ:LOOLDP6+DUW*DOH+HQU\:DOWHU+LHUV-DFTXHOLQH+RJDQ6WHZDUW+ROPHV6LJULG+ROPTXLVW-DFN+ROW/HDWULFH-R\0D\PH.HOVR
7KHRGRUH.RVORII/LOD/HH/LOOLDQ/HLJKWRQ-DFTXHOLQH/RJDQ0D\0F$YR\5REHUW0F.LP-HDQLH0DFSKHUVRQ+DQN0DQQ7KRPDV0HLJKDQ:LOOLDP&GH0LOOH2ZHQ0RRUH%XOO
0RQWDQD1LWD1DOGL3ROD1HJUL$QQD41LOVVRQ&KDUOHV2JOH*X\2OLYHU.DOOD3DVKD(LOHHQ3HUF\&DUPHQ3KLOOLSV-DFN3LFNIRUG0DU\3LFNIRUG=D6X3LWWV&KDUOHV5HLVQHU)ULW]L
5LGJHZD\'HDQ5LHVQHU&KDUOHVGH5RFKHIRUW:LOO5RJHUV75R\%DUQHV)RUG6WHUOLQJ$QLWD6WHZDUW*HRUJH6WHZDUW*ORULD6ZDQVRQ(VWHOOH7D\ORU%HQ7XUSLQ-:DUUHQ.HUULJDQ
%U\DQW:DVKEXUQ0DXGH:D\QH&ODLUH:HVW/DUU\:KHDW/RLV:LOVRQ3URG3DUDPRXQWŶPP'··DIVŶ'D/LEUDU\RI&RQJUHVVŶ3UHVHUYDWRQHOGDXQQLWUDWR
GHOODFROOH]LRQH$),'RQOH\3ULQWSUHVHUYHGLQIURPDQLWUDWHSULQWLQWKH$),'RQOH\&ROOHFWLRQ
<QdbQ]Q~RU^QbSXYdUddQdQ*e^QRU\\QbQWQjjQTYe^Q`YSS_\QSYddQ
TY^Qfe_\UU^dbQbU^U\]_^T_TU\SY^U]QUfYU^UY^S_bQWWYQdQTQ
e^Q]YS_<QbQWQjjQ`b_fYU^UTQe^QVQ]YW\YQ`_fUbQUY\^_^^_
XQ `b_R\U]Y TY cQ\edU KªM <µYTUQ ~ TYfUbdU^dU \µe]_bYc]_ ^_^
]Q^SQU\QbQ``bUcU^dQjY_^UTU\]_^T_TY8_\\ig__TS_^RbUfY
Q``QbYjY_^YTY]_\dU^_dUcdU\\UTU\SY^U]Q^UVQe^VY\]Y]`UbTY
RY\UDeddY\_f_bbQ^^_fUTUbU<QbQWQjjQY^S_^dbQ=Qbi@YS[V_bT
Q\\QaeQ\US_^cUW^Qe^QRYd_=QbiSXYQ]Q4_eWX6QYbRQ^[cU
\_VQfU^YbUY^]_T_SXU\QbQWQjjQ\_Y^S_^dbY1\dbUcdQbVQ^^_
Q``QbYjY_^YQ\dbUddQ^d_RbUfY]QSYc_^_
²FQbYUdi³"& '!)"&
DXUcd_biYcS\UfUb\iS_^SUYfUT9dS_^SUb^cQ`bUddiWYb\Y^Qc]Q\\
d_g^gX_dXY^[cdXQdcXUcX_e\TRUY^dXU]_fYUcQ^TgX_YcebWUT
RiXUbVbYU^Td_U^dUbCXUYc_VQ`__bVQ]Y\iQ^TXQcQ^QY\Y^W
WbQ^TVQdXUbKM9dYcQ^Q]ecY^WYTUQW__TS_]UTiQ^TdXUVQSd
dXQddXUY^cYTU\YVU_V8_\\ig__TYccX_g^gYdX]Q^i^_dQR\UcdQbc
Q``UQbY^WV_bQ]_]U^d]Q[UcYdQSQ`YdQ\TbQg5fUbi_^UgY\\
gQ^dd_cUUYdDXUWYb\]UUdc=Qbi@YS[V_bTd_gX_]cXUTU\YfUbc
QTbUcc=QbiSQ\\c4_eW6QYbRQ^[c_eddXQddXUWYb\]Qi]UUdXY]
?dXUbcdQbcQ``UQbUaeQ\\iQcRbYUV\iReddXUiQ``UQb
²FQbYUdi³"& '!)"&
%%
@1BC@B?D?D?5B1B9D«@1BC@B?D?D?1>4B1B9D95C
Ŷ6FHQ%\URQ0RUJDQ$QQ3ULFH)+HQU\6KDUS0%HQ/HZLV,QW/RQ&KDQH\*UXPS\$QGHUVRQ3K\OOLV+DYHU=HOOD-DPHV0XUUD\7RPP\*HRUJH'XU\HD-LP)UDQFHV
1RUULV0ROO\:DOO\$OEULJKW-U'DYH\3URG0*0ŶPP'·'LGDVFDOLHLQJOHVL(QJOLVKLQWHUWLWOHVŶ'D3KRWRSOD\3URGXFWLRQV
C74A>D67A834AB86$5HJLD9LFWRU)OHPLQJ
@1BC@B?D?D?5B1B9D«@1BC@B?D?D?1>4B1B9D95C
Ŷ6FHQ5REHUW1/HH.HHQH7KRPSVRQ$GDWW-RKQ)*RRGULFKGDXQVRJJGL+HUPDQQ+DJHGRUQ7LWROL*HRUJH0DULRQ-U)-DPHV+RZH2S2WWR3LHUFH5REHUW5KHD5H[
:LPS\QRQDFFU0(/OR\G6KHOGRQ$VV5+HQU\+DWKDZD\,QW)UDQN+RSSHU7KHRGRUH5RRVHYHOW&KDUOHV)DUUHOO6WHZDUW9DQ%UXQW&KDUOHV(PPHWW0DFN%HUW+HQOH\
0DU\$VWRU'ROO\1RDK%HHU\+HOO·V%HOOV*HRUJH%DQFURIW+DSS\-RH)UHG.RKOHU6HUJHQWH6WDQWRQ&RO)UHG/LQGVD\ &RORQQHOOR/HRQDUG:RRG3URG9LFWRU)OHPLQJ
3URGXFWLRQSHU)DPRXV3OD\HUV/DVN\&RUSRUDWLRQŶPP'···DIVŶ'D/LEUDU\RI&RQJUHVVŶ3UHVHUYDWRQHOGDXQQLWUDWRGHOODFROOH]LRQH5LFKDUG+LQFKD
3UHVHUYHGLQIURPDQLWUDWHSRVLWLYHKHOGLQ5LFKDUG+LQFKD&ROOHFWLRQ
@bY]QTYTYfU^dQbU@bUcYTU^dUTUW\YCdQdYE^YdYDUTTiB__cUfU\d
cSbYccUe^\YRb_cd_bYS_TQ\dYd_\_DXUGY^^Y^W_VdXUGUcd1]YS_TU\
`Ydd_bU6bUTUbYSBU]Y^Wd_^UTU\b_]Q^jYUbU?gU^GYcdUbQed_bUTY
DXUFYbWY^YQ^B__cUfU\dS_^dbYRe‚QSbUQbUY\]Yd_TU\\µ?fUcdS_]U
dUbbQS_cdbeYdQTQTebYY^TYfYTeQ\YcdY>U\!()(bQSS_\cUe^Wbe``_TY
c_\TQdYQ\Se^YS_gR_iUaeQ\SXUWU^dY\e_]_TUYSYbS_\YTY>UgI_b[
SXUS_^TeccUQ3eRQY^e^QWeUbbQS_^db_W\Yc`QW^_\Y<QVQ]QTUY
²B_eWXBYTUbc³S_^dbYRe‚QTQffYSY^QbUB__cUfU\dQ\\Q3QcQ2YQ^SQ
9\VY\]TYFYSd_b6\U]Y^W_VVbUe^QfUbcY_^Ub_]Q^jQdQTYaeUcdQfY
SU^TQ4eUQ^^YT_`_6\U]Y^WWYb‡DXUFYbWY^YQ^9\VbQ]]U^d_aeY
`b_`_cd_S_^dYU^UQ\Se^UcUjY_^YTU\\UcSU^UTYRQddQW\YQ
5T2ecS_]RU
2UV_bUXURUSQ]U@bUcYTU^d_VdXUEC1DUTTiB__cUfU\dgb_dUQ
XYcd_biR__[SQ\\UTDXUGY^^Y^W_VdXUGUcd1VbYU^T_VdXU`QY^dUb
6bUTUbYSBU]Y^Wd_^Q^TdXU^_fU\Ycd?gU^GYcdUbQedX_b_VDXU
FYbWY^YQ^B__cUfU\dXU\`UTd_SbUQdUdXU]idX_VdXUGUcdQcQ
\Q^TReY\dRibeWWUTY^TYfYTeQ\Ycdc9^!()(XUWQdXUbUTd_WUdXUbQ
db__`_Vc_\TYUbcc_]US_gR_icc_]UVb_]dXUWU^d\U]U^µcS\eRc
_V>UgI_b[gXYSXXU\UTd_3eRQY^dXUgQbQWQY^cddXUC`Q^YcX
DXUVQ]U_VdXU´B_eWXBYTUbcµXU\`UT`b_`U\B__cUfU\dd_dXU
GXYdU8_ecUFYSd_b6\U]Y^WµcVY\]WYfUcQ^U]Rb_YTUbUTfUbcY_^
_VdXYcU`Yc_TUDg_iUQbc\QdUb6\U]Y^WVY\]UTDXUFYbWY^YQ^DXU
VbQW]U^dcX_gcceRcdQ^dYQ\cUSdY_^c_VdXURQdd\UcSU^Uc
5T2ecS_]RU
A43708A86$5HJLD&ODUHQFH*%DGJHU
Ŷ6FHQ/OR\G&RUULJDQ3HUF\+HDWK$JQHV%UDQG/HDK\GDOUDFFRQWR´7KH9LFLVVLWXGHVRI(YDQJHOLQHµGL(OLQRU*O\Q)$OIUHG*LONV0'RULV'URXJKW$VV5$UFKLH+LOO,QW&ODUD
%RZ´%XEEOHVµ0F&R\/DQH&KDQGOHU5REHUW/HQQRQ/DZUHQFH*UDQW5XIXV/HQQRQ&ODXGH.LQJ7KRPDV/%XUNH:LOOLDP$XVWLQ'U(XVWDFKH*LOO-DFTXHOLQH*DGVGRQ0LQQLV
/XWKHU:LOOLDP,UYLQJ'HPP\3URG3DUDPRXQW)DPRXV/DVN\&RUSŶPP'·Ŷ'D8&/$
<UcQ\USY^U]Qd_WbQVYSXUY^TY`U^TU^dYVe_bYSYddwTY]_cdbQ^_SXU
^_^Q``U^Q3\QbQ2_gS_]`QbUce\\_cSXUb]_Y\ce_^_]U~ceV
VYSYU^dUQcecSYdQbUe^U^_b]UbYSXYQ]_^_^_cdQ^dUcYdbQddYTYe^Q
cUS_^TQfYcY_^US_^) WY_b^YTYbYdQbT_BUT8QYb^_^SQ]RYUbw
TYSUbd_\QbU`edQjY_^UTYSeYW_TUaeUcdQbQWQjjQTQW\Y_SSXY_^Y
c`Q\Q^SQdY3\QbQ2_g`YŒ7\i^eWeQ\URYQ^SXUbYQY^dY]QUT~aeU
cdQSXUcY`_dbwfUTUbUUQ^SXU]_\dQ1YVQbVQ\\_^YUQW\Ye_]Y^Y`YŒ
VbYf_\Y`YQSUbw`UbSX}^_^\YVQbw`U^cQbUU=Ycc2_gbQbQ]U^dU~
Q``QbcQY^e^VY\]Y^V_b]Q]YW\Y_bU<µY^YjY_S_^S_\_bY^QdebQ\YSXU
fUTU\QcdU\\QY^S_cde]UTQRQW^_RYQ^S_S_^Y\b_cc_TUYSQ`U\\Y
S_^db_Y\R\eTU\SYU\_cU]RbQUccUbUcY]R_\YS_TYaeQ\S_cµQ\db_
]QSY‡SXU`YŒY]`_bdQbU^TUbw`b_RQRY\]U^dU`YŒTYVVYSY\U`Ub
]_\dYe_]Y^YbYS_bTQbUSXU]_W\YUURQ]RY^YfU^W_^_`bY]QTYded
d_<Qcd_bYQ^_^XQQ\Se^cU^c_cU^_^bQ``bUcU^dQbU3\QbQ2_g
S_]U]Q^YSebUY^SUbSQTYV_bde^QSXUcU]RbQbUTY]UbcYT_`_e^
cQ\fQdQWWY_QSaeQdYS_QT_`UbQTY<Q^U3XQ^T\Ub
²FQbYUdi³"( #!)"(
9^TU`U^TU^d_ed_Vd_g^UhXYRcdUcdYVidXQd3\QbQ2_gX_`cY^d_
dXUYbX_ecUcQ^TYcQXYWXbQdUT^Q]UTbQgTUc`YdUdXUcUS_^T
be^Q^T) TQic\QdUbS\QecUcBUT8QYbYc^µdW_Y^Wd_SXQ^WU
dXQdcdQdec_^dXYcb_e^TUiUT`Ubc_^Q\YdiWYb\2_g`\ec7\i^
UaeQ\c e^TUbgUQb Q^T dXQd W_Uc Y^ dXYc bU\UQcU Q^T `\U^di
6\Q`c Q^T dXU gYTU`Q^dUT ]Q\Uc gY\\ \Y[U Yd RUSQecU Yd g_^µd
]Q[UdXU]dXY^[Q^T=Ycc2_gXQc^µd\__[UTQcgU\\Y^]Q^iQ
`YSdebU1^QdebQ\S_\_bcdQbdVUQdebY^WdXUcdQbY^QgXYdURQdXY^W
ceYdgYdXXUbbUTXQYbQWQY^cdQR\eUc[iYcci]R_\YS_Vc_]UdXY^W
_b_dXUb°RedgXQdµc]_bUY]`_bdQ^dgY\\`b_RQR\i]Q[U]Q^iQ
WeicdbeWW\Ud_bU]U]RUbdXQddXUgYVUQ^T[YTcS_]UVYbcdCd_bi
T_Uc^µd]UQ^QdXY^W_dXUbdXQdYd]Q[Uc3\QbQQW_\TTYWWY^W
]Q^YSebYcdgX_`bUce]QR\ibUV_b]cQVdUbQ^QaeQdYSbUcSeURi
<Q^U3XQ^T\Ub
²FQbYUdi³"( #!)"(
C7A44F44:4=3B86$5HJLD&ODUHQFH*%DGJHU
Ŷ6RJ(OLQRU*O\Q3HUF\+HDWK6FHQ-RKQ)DUURZ)+DUROG5RVVRQ07D\0DODUNH\,QW&ODUD%RZ*ODG\V2·%ULHQ1HLO+DPLOWRQ-DPHV*RUGRQ+DUULVRQ)RUG7XUQHU
/XFLOOH3RZHUV0LVV:LWKHUVSRRQ-XOLD6ZD\QH*RUGRQ0UV:LWKHUVSRRQ-DFN5D\PRQGVHJUHWDULRGL7XUQHU(G\WKH&KDSPDQ0D2·%ULHQ*X\2OLYHU3D2·%ULHQ:LOOLDP
+ROGHQ&DUWHU3URG3DUDPRXQW)DPRXV/DVN\&RUSRUDWLRQŶPP'·Ŷ'D8&/$
1``b_SSY_VbYf_\_U3\QbQ2_gS_]UQddbYSU`b_dQW_^YcdQ*Y\VY\]^_^
VQbwbY]`YQ^WUbUYc_\TYc`UcY`UbY\RYW\YUdd_<Q`b_TejY_^U~c_\Y
TQ*\QcdU\\QY^S_cde]UTQRQW^_UcUSY‡^_^T_fUccURQcdQbU
Sµ~Q^SXU\QS_^ceUdQ\Y^WUbYUY^RU\\QfYcdQ9\VQdd_SXUSYcYbYdb_fY
TQfQ^dY QT e^Q V_b]e\Q _b]QY S_\\QeTQdQ bYce\dQ UfYTU^dU TQ\\U
%&
3\QccYVYUcQcW__T`b_WbQ]VQbURUSQecU_VdXU2_g^Q]U
Q^TVbYf_\_ecfYUg`_Y^d9dQ\c_XQcQc_\YT`b_TeSdY_^dXU
cdQb Y^ Q RQdXY^W ceYd Q^T YV dXQd V\_`c dXUbU Yc dXU eceQ\
TYc`\Qi_V\Y^WUbYUDXQdYdµcQRYWSXe^[_VVdXU_\TR\_S[SQ^
RUW\UQ^UTVb_]dXYcSQRQbUdcSU^UcY^T__bcgY]]Y^W`__\
cSU^UTYSQRQbUdTQ\`Qbdi^U\\Q`YcSY^QS_`UbdQUTQ\dU]QTU\\Q
`_fUbQbQWQjjQY^SUbSQTU\\QceQbYSSQQ^Y]QWU]U\\Q
²FQbYUdi³!"!"!)"(
X_ecU`QbdiQ^TdXUdXU]U_VdXU`__bWYb\cUU[Y^WQT_eWX
RUddUbXQ\V
²FQbYUdi³!"!"!)"(
2A40C8>=86$5HJLD:LOOLV2·%ULHQ+DUU\2+R\W
3bUQdY_^UbQe^VY\]TU\\QB;?QSeYcdQfQ^_\Qf_bQ^T_^U\!)#!
8Qbbi?8_idUGY\\Yc?µ2bYU^\_cdUcc_dUQ]SXUWYwQfUfQ`b_T_dd_
DXU<_cdG_b\TaeQ^T_e^QSbYcYVY^Q^jYQbYQQ\\QB;?S_cdbY^cU
4QfYTCU\j^YS[Q_bTY^QbUQ\`b_Tedd_bU=UbYQ^33__`UbTYUcQ]Y
^QbUdeddYY`b_WUddYQ\\_bQY^S_bc_`UbfUTUbUaeQ\YTYUccY`_dUccUb_
UccUbUQ^^e\\QdY3bUQdY_^bQSS_^dQfQ\Qcd_bYQTU\\µUaeY`QWWY_TYe^
\ecce_c_iQdSX`Ubc_cee^µYc_\QcS_^_cSYedQQRYdQdQTQTY^_cQebY
UcYTYSUfQV_ccU\Q`U\\YS_\Q`YŒS_cd_cQ]QYbUQ\YjjQdQTQ\\QB;?
CURRU^U?µ2bYU^U\QceQdb_e`UQfUccUb_WYwbUQ\YjjQd_Q\Se^UcSU
^UTY`b_fQ3__`UbbYdU^^USXUV_ccU]UW\Y_^_^`b_cUWeYbUfYcdQ\Q
TYVVYSY\UcYdeQjY_^UVY^Q^jYQbYQY^SeYfUbcQfQ\QSQcQSY^U]Qd_WbQVYSQ
DeddQfYQY^dbQfYTU\Q`_ccYRY\YdwTYedY\YjjQbU\QcdUccQdb_e`UU\U
dUS^YSXU`UbW\YUVVUddYc`USYQ\YTYSeYUccQTYc`_^UfQ`UbbUQ\YjjQbU
e^µYTUQSXUQfUfQQfed_cee^W_bY\\QWYWQ^dU*;Y^W;_^W
3bUQdY_^gQcQ^B;?VY\]e^TUbgQiRi8Qbbi?8_idQ^TGY\\Yc
?µ2bYU^dXUcQ]UdUQ]dXQd`b_TeSUTDXU<_cdG_b\TY^!)#!
gXU^ Q VY^Q^SYQ\ SbYcYc Qd B;? \UQT 4QfYT CU\j^YS[ d_ _bTUb
`b_TeSUb=UbYQ^33__`Ubd_UfQ\eQdUQ\\`b_ZUSdce^TUbgQid_
cUUgXYSX_VdXU]cX_e\TRUSQ^SU\UT3bUQdY_^d_\TdXUcd_bi_V
dXUSbUg_VQ\ehebiiQSXdgX_VY^TdXU]cU\fUc\_cd_^Q^e^[^_g^
Yc\Q^TY^XQRYdUTRiTY^_cQebcQ^TgQcc\QdUTd_RUB;?µc]_cd
Uh`U^cYfU `YSdebU d_ TQdU 1\dX_eWX ?µ2bYU^ Q^T dXU SbUg
S_]`\UdUTc_]UdUcdV__dQWU_VdXUVY\]3__`UbdX_eWXdYdgQc^µd
g_bdXS_^dY^eY^WS_^cYTUbY^WdXUVY^Q^SYQ\db_eR\UdXUS_]`Q^i
gQcY^8UTYTX_gUfUbcUUQ`_ccYRY\Ydi_VecY^WdXUQccU]R\UT
SbUgQ^TdXUYbc`USYQ\dUSX^YaeUcd_`b_TeSUQ^YTUQXUXQTQR_ed
WYQ^dQW_bY\\Q*;Y^W;_^W
=>2=0314;6A03><85665HJLD/HRQLG/XNRY
Ŷ7UO´1RWWHVX%HJUDGRµ´7KH1LJKW2YHU%HOJUDGHµ6FHQ,6NOLRW)$/DYULN01%RJRVORYVNLL6X**ULJRULHY3URG7DVNKHQWVNLNLQRVWXGLRŶPP'·DIV
9HUVLRQHUXVVDFRQVRWWRWLWROLVHUEL5XVVLDQYHUVLRQZLWK6HUELDQVXEWLWOHVŶ'D-XJRVORYHQVND.LQRWHND
CUS_^T_Y`YQ^YTYCdQ\Y^YVY\]TY`b_`QWQ^TQT_fUfQ^_UccUbU
WYbQdY\_^dQ^_TQ\\Q\Y^UQTU\Vb_^dU>_S^QT2U\WbQT_]Q``QbdYU^U
Qe^QcUbYUTYSY^UWY_b^Q\YS_^c_WWUddYTYVY^jY_^USXYQ]QdY2_UfY[Y
^_cR_b^Y[>ƒ(GQb6Y\]3_\\USdY_^>b(<Qcd_bYQaeY^QbbQdQ~Q^
SXµUccQe^S\QccYS_UcU]`Y_TYcRQ^TYUbQ]U^d_`b_`QWQ^TYcdYS_
SXUXQRU^`_S_QSXUVQbUS_^W\YQffU^Y]U^dYcd_bYSYfUbYU`b_`bY
1aeU\dU]`_DYd_UCdQ\Y^S__bTY^QfQ^_cdbUddQ]U^dU\U\_b__`UbQ
jY_^YUVeb_^_`b_`bY_Y`QbdYWYQ^YZeW_c\QfYQWeYTQbUe^µY^cebbUjY_
^U`UbQYedQbUYbeccYTebQ^dU\µY^fQcY_^UdUTUcSQ?`UbQjY_^U2Qb
RQb_ccQ9\VY\]SY_VVbUe^_cWeQbT_]_\d_TYfUbdU^dUce\VU^_]U^_
S\Q^TUcdY^_TYbUcYcdU^jQebRQ^QQ\\_bQ`UbQ\db_Y^UcYcdU^dUSXU^U\
VY\]Qcce]UcU]RYQ^jUcY]Y\YQaeU\\UTU\\QBUcYcdU^jQVbQ^SUcU9
dUTUcSXYc_^_TY`Y^dYY^]_T_SQbYSQdebQ\US_]UY^TYfYTeYRbedQ\YU
cU]`\YSY_QTUccUbU_^UcdYcU]`\YSU]U^dUcde`YTY9\VY\]ecSYd_
^U\!)$"TYfU^d‡]_\d_`_`_\QbUT_`_\QcUS_^TQWeUbbQ]_^TYQ\U
QccYU]UQ\\QSQ^j_^U`QdbY_ddYSQ²>_S^QT2U\WbQT_]³DeddQfYQ
T_`_\Qb_ddebQS_^CdQ\Y^!)$(Y\VY\]VeaeQcY`b_YRYd_S_c‚S_]U
QSSQTTU`UbY\bUcd_TU\\Q`b_TejY_^Uc_fYUdYSQTYaeU\`UbY_T_U
Q^T‡QVY^YbU^U\\Q:eW_c\_fU^c[Q;Y^_dU[Q<QcUS_^TQ`QbdUTU\
;Y^_cR_b^Y[~e^]U\_TbQ]]QTQ\dYd_\_DbYYdQ^[YcdQSXUS_]UceW
WUbYcSUY\dYd_\_XQ`Ub`b_dQW_^YcdYdbUdQ^[YcdY>U\\QS_`YQ`b_YUddQdQ
aeYQ2_\_W^Q`b_`bY_Y^S_TQQ>_S^QT2U\WbQT_]~`_ccYRY\U
fUTUbUe^VY\]Qd_`b_]_jY_^Q\UTYDbYdQ^[YcdQ
4Y^[_DeSQ[_fYS
9d gQc `Qbd _V CdQ\Y^µc ]QcdUb `\Q^ d_ XQfU `b_`QWQ^TQ VY\]c
`b_TeSUT VQb Vb_] dXU Vb_^d \Y^Uc >_S ^QT 2U\WbQT_] Yc `Qbd
_VQWb_e`_VVYSdY_^^UgcbUU\cSQ\\UT2_UfY[Y^_cR_b^Y[>_(
GQb6Y\]3_\\USdY_^>b(DXUcd_biYdcU\VYcQdi`YSQ\`YUSU_V
V\QWgQfY^W`b_`QWQ^TQdXQdXQc^_dXY^Wd_T_gYdXXYcd_bYSQ\
VQSdc 1d dXQd dY]U DYd_ Q^T CdQ\Y^ S__bTY^QdUT dXUYb QSdY_^c
fUbiS\_cU\iQ^TIeW_c\Qf`QbdYcQ^c\UTQ^e`bYcY^Wd_XU\`dXU
BeccYQ^cQWQY^cddXU7Ub]Q^Y^fQcY_^?`UbQdY_^2QbRQb_ccQ
DXU VY\] Yc Q `bUddi XY\QbY_ec fYUg _V Q dXU^ Y^UhYcdU^d ebRQ^
`QbdYcQ^e^TUbWb_e^TgXYSX\__[cfUbi]eSX\Y[UdXU6bU^SX
BUcYcdQ^SUDXU7Ub]Q^cQbUSQbYSQdebUTQcRbedYcXQ^TcY]`\U
_b Zecd cde`YT d_ RU X_^Ucd DXU VY\] gQc bU\UQcUT Y^ !)$"
Q^T QVdUb GG99 R_dX dXU VY\] Q^T dXU `QdbY_dYS c_^W ²>_S ^QT
2U\WbQT_]³ gUbU fUbi `_`e\Qb 8_gUfUb V_\\_gY^W dXU RbUQ[
gYdXCdQ\Y^!)$(dXUVY\]gQcQ\\RedV_bRYTTU^QcgQcdXUbUcd
_VC_fYUd`b_TeSdY_^Vb_]dXQddY]UQ^TYdVY^Q\\iU^TUTe`Y^dXU
:eW_c\_fU^c[Q[Y^_dU[QDXUcUS_^T`Qbd_VdXU;Y^_cR_b^Y[Yc
QdQ^[Ycd]U\_TbQ]QDbYYdQ^[YcdQDXUdXbUUdQ^[Ycdc1ddXU
fUbiU^T_V>_S^QT2U\WbQT_]_^dXU`bY^dRUY^WcX_g^XUbU
Y^2_\_W^QdXUbUYcQdUQcUbV_bDbYYdQ^[YcdQ
4Y^[_DeSQ[_fYS
%'
@1BC@B?D?D?5B1B9D«@1BC@B?D?D?1>4B1B9D95C
Ŷ6FHQ%HXODK0DULH'L[GDXQVRJJHWWRGL+DUU\2+R\W).DUO%URZQ6FJI/HV0LOOEURRN6WDIIWHFQLFR0DUFHO'HOJDGR(´%X]]µ*LEVRQ2UYLOOH*ROGQHU&DUUROO/6KHSSKLUG
)UHG5HHVH&KDUOHV&KULVWDGRUR-RKQ&HULVROL6XSHUYLVLRQHDQLPDOL2OJD&HOHVWH0X(GGLVRQ9RQ2WWHQIHOG$VV5:DOWHU'DQLHOV,QW5DOI+DUROGHORVFLPSDQ]p6QRRN\3URG
:LOOLDP/H%DURQSHU5.25DGLR3LFWXUHVŶPP'···DIVŶ'D/LEUDU\RI&RQJUHVVŶ)UDPPHQWRDFTXLVLWRQHOQHOODFROOH]LRQH$),8&/$)UDJPHQWDFTXLUHGLQ
DVSDUWRIWKH$),8&/$&ROOHFWLRQ
C745;44CC70C20<4C>BC0H86$5HJLD%XGG%RHWWLFKHU
@1BC@B?D?D?5B1B9D«@1BC@B?D?D?1>4B1B9D95C
Ŷ6FHQ861DY\860DULQH&RUSV86&RDVW*XDUG3URG7KH8QLWHG6WDWHV1DY\2IILFHRI:DU,QIRUPDWLRQŶPP/P'·DIV9HUVLRQHLQJOHVHFRQVRWWRWLWROL
VHUEL(QJOLVKYHUVLRQZLWKVHUELDQVXEWLWOHVŶ'D-XJRVORYHQVND.LQRWHND
3_]UY\ce_S_\\UWQUQ]YS_:_X^6_bT2eTT2_UddYSXUbXQcf_\d_
e^be_\_QddYf_^U\\UbY`bUcUTYQjY_^YTYS_]RQddY]U^d_TU\\Q=QbY^QU
c_`bQddedd_TUY=QbY^UTUW\YCdQdYE^YdY>U\!)$%XQbUQ\YjjQd_TYfUbcY
T_Se]U^dQbYTY`b_`QWQ^TQdbQYaeQ\YDXU6\UUddXQd3Q]Ud_CdQi
SXUbQSS_^dQTU\\UQjY_^Y²[Q]Y[QjU³S_^T_ddUS_^db_\Udbe``UcdQ
de^YdU^cY^U\CeT@QSYVYS_5ccU^T_\eYcdUcc_e^²d_bUb_³2_UddYSXUb
bUcd‡V_bcUe^`_µdb_``_QVVQcSY^Qd_TQ\VQdQ\Yc]_TUY`Y\_dY[Q]Y[Q
jUUSY‡SQec‡Q\VY\]`b_R\U]YTYSU^cebQY^dUb^Q^UW\YQ]RYU^dYTU\\Q
=QbY^Q9\VY\]Y^YjY‡QUccUbUTYcdbYReYd_S_]]UbSYQ\]U^dU^U\!)$&
4_`_\QcUS_^TQWeUbbQ]_^TYQ\U\QTYcdbYRejY_^UTU\\Q`U\\YS_\Q
bQWWYe^cUQ^SXUY`QUcYQ\\UQdYUSY‡c`YUWQS_]UaeUcdQS_`YQcYQ
QbbYfQdQQ\\Q:eW_c\_fU^c[Q;Y^_dU[Q9\VY\]SXU`e‡bUWWUbUY\S_^
Vb_^d_S_^\U_`UbU]YW\Y_bYTY2_UddYSXUb~Q^SXUe^QTU\\U]YW\Y_bY
`b_TejY_^YT_Se]U^dQbYUTY`b_`QWQ^TQTYaeU\`UbY_T_
4Y^[_DeSQ[_fYS
<Y[UXYcS_\\UQWeUQ^TVbYU^T:_X^6_bT2eTT2_UddYSXUbd__[
Q^QSdYfU`QbdY^cX__dY^WS_]RQdQSdY_^cRidXUE^YdUTCdQdUc
>QfiQ^TUc`USYQ\\iRidXUEC=QbY^U3_b`c9^!)$%XU]QTU
cUfUbQ\ T_Se]U^dQbi `b_`QWQ^TQ VY\]c Y^S\eTY^W DXU 6\UUd
DXQd3Q]UD_CdQigXYSXdU\\c_V²;Q]Y[QjU³QSdY_^cQWQY^cd
EC db__`c Y^ dXU C_edX @QSYVYS 2UY^W Q Re\\VYWXdUb XY]cU\V
2_UddYSXUbgQc`UbXQ`cQRYdd__Y]`bUccUTRidXUVQdQ\Yc]_V
[Q]Y[QjU`Y\_dcgXYSX\UTd_Y^dUb^Q\SU^c_bcXY``b_R\U]cV_b
dXUVY\]gYdXY^dXU>QfiDXUVY\]gQcTYcdbYRedUTS_]]UbSYQ\\iY^
!)$&9dgQcQ\c_TYcdbYRedUTd_Q\\YUTS_e^dbYUcQVdUbGG99dXec
Uh`\QY^Y^WX_gdXYc`bY^dQbbYfUTQddXU:eW_c\_fU^c[Q[Y^_dU[Q
DXU VY\] gXYSX gYdXcdQ^Tc S_]`QbYc_^ gYdX 2_UddYSXUbµc RUcd
g_b[ Q\c_ bQ^[c XYWX\i Q]_^W `b_`QWQ^TQ T_Se]U^dQbi
`b_TeSdY_^_VdXU`UbY_T
4Y^[_DeSQ[_fYS
;>B2782>B6SDJQD5HJLD0DUFR)HUUHUL
Ŷ6FHQ0DUFR)HUUHUL/HRQDUGR0DUWtQ))UDQFLVFR6HPSHUH0-RVp$QWRQLR5RMR6FJI)UDQFLVFR&DQHW&XEHO0X0LJXHO$VuQV$UEz,QW-RDTXuP=DU]R&DVFDOHV(O1HJUR
$OEHUWR-LPpQH]&DUORV-RVp6LHUUD$QGUpV-RVp/XLV*DUFuD(O&KLVSD0DUL&DUPHQ$\PDWILGDQ]DWDGHO1HJUR&DUPHQ)UDQFR\&DUPHQ0DWLOGH$VFHQVLR$QD0DUuD9LGDO
$QD0DUuD,UHQH'DLQDODYHGHWWH$GULDQR5LPROGL)pOL['DIDXFH5RVDULR*DUFuD2UWHJD&DUORV'uD]GH0HQGR]D0DUuD/XLVD3RQWH&RQFKLWD*zPH]&RQGH0DUL&DUPHQ%XHVR
0DWLOGH$VFHQVLR7LOPD*DO\3URG(GXDUGR'XFD\SHU(SRFD)LOPVŶPP'·9HUVLRQHVSDJQROD6SDQLVKYHUVLRQŶ'D)LOPRWHFD(VSDxROD
²3Yc_^_WY_fQ^YTYfUbcYTQY]YUY°XQcSbYdd_\_cSU^UWWYQd_bU<U_
^QbT_=Qbd^Q`b_`_cYd_TUY`Ubc_^QWWY°`Ub‡Y_X_f_\ed_bQS
S_^dQbU\Qcd_bYQTYaeU\\YSXUcYQ^^_YQ^_TYaeU\\YSXU^_^cQ^^_
SXUVQbUTYaeU\\YSXUc_^_c_\Y8_f_\ed_`_bbUY\`b_R\U]QTYe^Q
WY_fU^dŒc`b_ffYcdQTY`b_R\U]Y³9\\Qd_]YW\Y_bUTY<_cSXYS_ccdQ
^U\\QSQ`QSYdwSXUXQY\VY\]TYdbQc]UddUbUe^cU^c_TYcS_^VYddQSXU
fQTQY\YUfYQSSU^^YQ\\QWeUbbQSYfY\UQ\\µY^aeQTbQdebQVY^Q\UY^SeY
\UY\\ecY_^YTYe^QcUbQT_]U^YSQ\UcYcdU]`UbQ^_c_dd_\Q`Y_WWYQ
1ddbQfUbc_aeUcdYSXYQb_cSebY_W\Yc`USSXYTUV_b]Q^dYTU\`QbS_TUY
TYfUbdY]U^dYY\cUS_^T_\e^W_]UdbQWWY_TY6UbbUbYS_cdYdeYcSUe^
bYV\Ucc_TU\\Qc_SYUdwc`QW^_\QS_^dU]`_bQ^UQ]_\d_`YŒfUb_cY
]Y\UTYaeU\\_TQd_TQ\\Q]QWWY_b`QbdUTU\SY^U]QTU\\µU`_SQSXU
deddQfYQ^_^bQWWYe^WU\_cdY\UTY5\`YcYd_U5\S_SXUSYd_
5cdUfUBYQ]RQeY^=QbS_6UbbUbY9\SY^U]QUYVY\]QSebQTY
CdUVQ^YQ@QbYWYFU^UjYQ=QbcY\Y_!))%
%(
²DXUbUQbUi_e^W`U_`\UgX_QbUTYVVUbU^ddXQ^]Y^U°gb_dU
cSbUU^gbYdUb<U_^QbT_=Qbd^°Red9gQ^dUTd_dU\\dXUcd_bi_V
dX_cUgX_WUdR_bUTdX_cUgX_T_^µd[^_ggXQdd_T_gX_QbU
Q\_^U9gQ^dUTd_bQYcUdXU`b_R\U]_Vi_edXgYdX_ed`b_R\U]c³
DXURUcdQc`USd_V<_cSXYS_cYcYdcSQ`QSYdid_dbQ^c]YdQcU^cU
_VTUVUQddXQdbQ^WUcVb_]]Y\TbUVUbU^SUcd_dXUSYfY\gQbd_dXU
VY^Q\cX_dY^gXYSXdXUY\\ecY_^c_VQCe^TQiUfU^Y^WTYcc_\fUY^
dXUbQY^DXb_eWXdXUcUSXYQb_cSeb_UVVUSdc_bdXUTUV_b]Y^W
]Ybb_bcY^dXUQ]ecU]U^d`Qb[6UbbUbYµccUS_^TVUQdebUVY\]
bU`bUcU^dcQbUV\USdY_^_VS_^dU]`_bQbiC`Q^YcXc_SYUdi]eSX
]_bUSbUTYR\UdXQ^gXQddXU]QZ_bYdi_VSY^U]QVb_]dXQdUbQ
`_bdbQicdX_eWXYdT_Uc^_dbUQSXdXUcdi\U_V5\`YcYd__b5\
S_SXUSYd_
5cdUfU BYQ]RQe Y^ =QbS_ 6UbbUbY 9\ SY^U]Q U Y VY\] CdUVQ^YQ
@QbYWYUTFU^UjYQ=QbcY\Y_!))%
?A>64CC>270?;8=
270?;8=?A>942C
FRS\ULJKW¤5R\([SRUW&RPSDQ\(VWDEOLVKPHQW
?A>64CC>270?;8=
C74270?;8=?A>942C
/D)RQGD]LRQH&DVVDGL5LVSDUPLRLQ%RORJQDVXSSRUWDLOSURJHWWR&KDSOLQ
7KH&KDSOLQ3URMHFWLVVXSSRUWHGE\)RQGD]LRQH&DVVDGL5LVSDUPLRLQ%RORJQD
6_bdU]U^dUf_\ed_TQW\YcdUccYUbUTYTY3XQb\YU3XQ`\Y^
UbUc_`_ccYRY\UWbQjYUQ\S_^dbYRed_TU\\Q6_^TQjY_^U
3QccQ TY BYc`Qb]Y_ TY 2_\_W^Q Y\ @b_WUdd_ 3XQ`\Y^
S_^dY^eQQTQ\Y]U^dQbUe^µQedU^dYSQVUbdY\UbYcS_`UbdQ
TU\\µ_`UbQTU\SY^UQcdQ4Qe^\Qd_WbQjYUQ\]UdYS_\_
c_UV_^TQ]U^dQ\U\Qf_b_TYbUcdQeb_VY\]YS_S_^T_dd_
TQ\ \QR_bQd_bY_ ²<µ9]]QWY^U BYdb_fQdQ³ TQ\\µQ\db_ `Ub
]Ujj_TU\bUSe`Ub_UTU\\_cdeTY_cYcdU]QdYS_TU\\U
SQbdUUTUYT_Se]U^dYTUW\YQbSXYfY3XQ`\Y^
1SXYeTUbU\QTYSYQccUddUcY]QUTYjY_^UTU\VUcdYfQ\cQbwY\bUcdQeb_
TYDXU3YbSecY^S_\\QR_bQjY_^US_^1SQTU]i6Y\]1bSXYfUSXU
SYbUcdYdeYcSUT_`__\dbUcUddQ^dµQ^^Y\UY]`bUcUVe^Q]R_\YSXUTU\
FQWQR_^T_Q\]UW\Y_TU\\Q\_b_²]edQU\_aeU^jQ³14_Wµc<YVU
S_^S\eTUbwY^fUSUY\\Qf_b_UVVUddeQd_ce\\Q3XQ`\Y^BUfeUbYUTY
jY_^USebQdQTQ3XQ`\Y^^U\!)%)TYSeY\_cS_bc_Q^^_QRRYQ]_
`bUcU^dQd_CX_e\TUb1b]cUDXU@Y\WbY]9^aeUcdQUTYjY_^UTU\
VUcdYfQ\`bU^TUY^fUSUQffY_Y\bUcdQeb_TU\\Q`b_TejY_^U;Uicd_
^UVbedd_TU\\QS_\\QR_bQjY_^UdbQ3Y^UdUSQTY2_\_W^Q<_RcdUb
6Y\]cU269>QdY_^Q\6Y\]Q^TDU\UfYcY_^1bSXYfU
CU\µY]`_^U^dUY]`UW^_ce\bUcdQeb_TUY\e^W_US_bd_]UdbQWWY
`b_cUWeUWYwTQQ\Se^YQ^^Y\µQ\dbUddQ^d_TU\YSQd_U]_^e]U^dQ\U
`b_WUdd_TYTYWYdQ\YjjQjY_^UUS_^cUbfQjY_^UTU\V_^T_SQbdQSU_
~WYe^d_Q\ce_`bY]_WYb_TYR_Q*_\dbU" cSQ^cY_^YU"# cSXUTUSQdQ\_WbQVYSXUc_^_Y\bYce\dQd_`QbjYQ\UTYaeUcd_g_b[Y^
`b_WbUcc\QSeYS_^S\ecY_^U~`bUfYcdQdbQTeUQ^^Y
>U\`UbcUWeYbU\µY^dU^d_S_]e^UQ_W^YQbSXYfY_TYcQ\fQWeQbTQ
bU\QbQbQRU\\UjjQTYe^V_^T_S_c‚fYdQ\USXUSYQffYSY^QaeQ^d_
]QYQ\\QSbUQjY_^UTU\\µQbdUSXQ`\Y^YQ^QQddbQfUbc_SU^dY^QYQTY
cSU^UWWYQdebU Y^ VYUbY TYcUW^Y TY cUd U R_jjUddY _bYWY^Q\Y Y^dUbY
R\_SSXYTYQ``e^dY]Q^_cSbYddY]YW\YQYQTYV_d_WbQVYUSY~`Qbc_
Y]`_bdQ^dU`_dUbWQbQ^dYbU\QTYVVecY_^UTYe^`QdbY]_^Y_VY^_bQ
S_]`\UdQ]U^dUY^QSSUccYRY\U9\TQdQRQcU]Ucc_Q`e^d_WbQjYU
Qe^\Qf_b_QTX_Scf_\d_QccYU]UQY`Qbd^UbdUS^_\_WYSYTU\`b_
WUdd_QTQbSXYfYQjY_^UdUb]Y^QdQcQbwVY^Q\]U^dUS_^ce\dQRY\U
_^\Y^UgggSXQb\YUSXQ`\Y^QbSXYfU_bW
12_\_W^QcYcdQTe^aeUS_cdYdeU^T_e^SU^db_Y^dUb^QjY_^Q\UTY
bYSUbSQS_bbUTQd_TQe^`b_WbQ]]QTYUfU^dYU]_cdbUE^QTY
aeUcdUY^_SSQcY_^UTYaeUcdQUTYjY_^UTU\3Y^U]QBYdb_fQd_Tw
e^`bY]_QccQWWY_TU\\QbYSSXUjjQTYceWWUcdY_^YSXUcYSU\Q^_
dbQYR_jjUddYY]Q^_cSbYddYU\UV_d_WbQVYUTY3XQ`\Y^²4Q\\µ1bSXYfY_
3XQ`\Y^*=_cdbQTUYT_Se]U^dY_bYWY^Q\Y³
9T_Se]U^dYY^UTYdYS_cdYdeYcS_^_Y^VY^UY\^eS\U_TYe^QcUbYUTY`eR
R\YSQjY_^Y]_^_WbQVYSXUY^QeWebQdQ\_cS_bc_Q^^_S_^<Y]U\YWXd
\QSeYSebQ~cdQdQQVVYTQdQQTQ\Se^YdbQY]QccY]YSbYdYSY^U\cUdd_bU
SXUS_^dbYReYbQ^^_QddbQfUbc_e^Q\UddebQQed_bUf_\UTU\\USQbdU
Q\\QbYS_cdbejY_^UTU\\Qcd_bYQTU\VY\]TQ\\U`bY]UVQcYTU\\QceQ
YTUQjY_^UQ\\µecSYdQ^U\\UcQ\U
3USY\YQ3U^SYQbU\\Y
&
Cdb_^W\i TUcYbUT Ri dXU XUYbc _V 3XQb\YU 3XQ`\Y^ Q^T ]QTU
`_ccYR\U Ri Q S_^dbYRedY_^ Vb_] dXU 6_^TQjY_^U 3QccQ TY
BYc`Qb]Y_ TY 2_\_W^Q dXU 3XQ`\Y^ @b_ZUSd S_^dY^eUc d_ VeU\ Q
bYSXQ^TQedXU^dYSbUTYcS_fUbi_V3XQ`\Y^µcg_b[?^_^UXQ^T
dXYc_SSebcdXb_eWXdXU]UdYSe\_ecQ^TUccU^dYQ\VY\]bUcd_bQdY_^
g_b[S_^TeSdUTRi²<µ9]]QWY^UBYdb_fQdQ³\QR_bQd_biQ^T_^dXU
_dXUbdXb_eWXdXUcicdU]QdYSbUS_fUbiQ^TcdeTi_VdXU`Q`UbcQ^T
T_Se]U^dcXU\TY^dXU3XQ`\Y^QbSXYfUc
BUcd_bQdY_^_VdXUDXU3YbSecY^S_\\QR_bQdY_^gYdX1SQTU]i6Y\]
1bSXYfUgY\\S\_cUdXYccUfU^dUU^dXUTYdY_^_VdXUVUcdYfQ\RbY^WY^W
RQS[ QVdUb ]_bU dXQ^ cUfU^di iUQbc dXU DbQ]`µc dYWXdb_`U
gQ\[Y^WUcSQ`QTUcQddXUYbRUcd²cY\U^dU\_aeU^SU³14_Wµc<YVU
gY\\Y^cdUQTgbQ`e`dXUg_b[S_^TeSdUT_^dXU3XQ`\Y^BUfeU
bUUTYdUTRi3XQ`\Y^Y^!)%)V_\\_gY^W\QcdiUQbµc`bUcU^dQdY_^
_V CX_e\TUb 1b]c Q^T DXU @Y\WbY] DXYc UTYdY_^ _V dXU VUcdYfQ\
gY\\Q\c_WYfUgQid_bUcd_bQdY_^_VdXU;Uicd_^U`b_TeSdY_^cY^Q
S_\\QR_bQdY_^RUdgUU^dXU3Y^UdUSQTY2_\_W^Q<_RcdUb6Y\]cQ^T
269>QdY_^Q\6Y\]Q^TDU\UfYcY_^1bSXYfU
GXY\U dXU ]YWXdi dQc[ _V bUcd_bY^W 3XQ`\Y^µc cX_bd Q^T VUQdebU
VY\]c XQc RUU^ S_^dY^eY^W V_b cUfUbQ\ iUQbc ^_g dXU UaeQ\\i
TU\YSQdUQ^T]_^e]U^dQ\`b_ZUSdd_TYWYdQ\YjUQ^T`bUcUbfUXYc
`Q`UbT_Se]U^dQdY_^XQc^_gbUQSXUTYdcVYbcd]Y\Ucd_^U*_fUb
" T_Se]U^dccSQ^^UTQ^T"# SQdQ\_WeUU^dbYUcQbUdXU
`QbdYQ\bUce\d_VdXYcg_b[Y^`b_WbUcccSXUTe\UTV_bS_]`\UdY_^Y^
dg_iUQbc
GYdXdXUY^dU^dY_^S_]]_^d_Q^iQbSXYfU_VcQVUWeQbTY^WdXU
bQbURUQedi_VceSXQfYdQ\\UWQSigXYSXRbY^WcecUfU^S\_cUbd_
dXUSbUQdY_^_V3XQ`\Y^µcQbddXb_eWXXe^TbUTc_VcSbUU^`\QicY^
dXU]Q[Y^WcUdTUcYW^cQ^T_bYWY^Q\TbQgY^WcU^dYbU^_dUR__[c
Ve\\_VXQ^TgbYddU^^_dUcdX_ecQ^Tc_V`X_d_WbQ`XcYdcUU]UT
Y]`_bdQ^dd_ecd_WeQbQ^dUUdXUTYVVecY_^_VdXYcXUbYdQWUgXYSXXQc
RUU^S_]`\UdU\iY^QSSUccYR\Ue^dY\^_g8U^SUe`_^S_]`\UdY_^
_VdXUQbSXYfY^W`b_SUccdXUTQdQRQcUTUcYW^UTQTX_Sd_WUdXUb
gYdXdXUdUSX^_\_WYSQ\`Qbd^UbcY^dXU`b_ZUSdgY\\RUQfQY\QR\UV_b
S_^ce\dQdY_^_^\Y^UgggSXQb\YUSXQ`\Y^QbSXYfU_bW
DXec Q^ Y^dUb^QdY_^Q\ bUcUQbSX SU^dUb Yc S_]Y^W d_WUdXUb Y^
2_\_W^Q gXYSX gY\\ Y^S\eTU Q `b_WbQ] _V UfU^dc Q^T UhXYRYdc
?^U ceSX UhXYRYd _^ dXU _SSQcY_^ _V dXYc UTYdY_^ _V 9\ 3Y^U]Q
BYdb_fQd_gY\\WYfUQW\Y]`cU_VdXUgUQ\dX_VceWWUcdY_^cXYTY^W
Q]_^W 3XQ`\Y^µc TbQVdc ]Q^ecSbY`dc Q^T `X_d_WbQ`Xc ²6b_]
dXU3XQ`\Y^1bSXYfU*5hXYRYdY_^_VdXU_bYWY^Q\T_Se]U^dc³
6Y^Q\\idXUcUQciUde^cUU^T_Se]U^dcS_^cdYdedUdXUS_bUV_b
QcUbYUc_V]_^_WbQ`XYS`eR\YSQdY_^cY^QeWebQdUT\QcdiUQbgYdX
<Y]U\YWXd 5TYdY^W _V dXUcU `eR\YSQdY_^c XQc RUU^ U^dbecdUT d_
cUfUbQ\]QZ_bSbYdYScY^dXUVYU\TgX_gY\\`b_fYTUQ^QedX_bYdQdYfU
bUQTY^W_VdXUT_Se]U^dcdXecXU\`Y^Wd_bUS_^cdbeSddXUXYcd_bi
_VdXUVY\]cVb_]dXUVYbcdcdQWUc_VYTUQdY_^d_bU\UQcUY^dXUQdUbc
3USY\YQ3U^SYQbU\\Y
C7428A2DB86$5HJLD&KDUOHV&KDSOLQ
4_`_e^Q`b_YUjY_^UTYDXU3YbSec3XQ`\Y^^_^Tw]_T_QW\Yc`Ud
dQd_bYTYc_bbYTUbU]U^dbU\_WeQbTQ^_ÄS_^SUcc_\_b_c_\Q]U^dU
TY`YUWQbcYTQ\\UbYcQdU_``ebUUccUbU]_\d_dbYcdY3XQ`\Y^cQ\edQ\Q
WU^dUd_W\YU^T_cY\QR_]RUddQSXUcU]RbQY\S_`UbSXY_TU\R_\\Yd_bU
SXUcYQ\jQaeQ^T_\µQSaeQY^YjYQQR_\\YbU9fUcdYdYSXUY^T_ccQc_^_
Y]`Ub]UQRY\YQYb_fUcSYTU\TUcdY^_CU]RbQaeQcYSXUY^T_ccYW\Y
cdUccYQRYdYTQe^]UcU>_^cYdb_fQQ`b_`bY_QWY_Y^e^\Udd_+aeQ^
T_cYcTbQYQ\_VQY^e^QSQbbY_\Q_cee^µQ\dQ\U^Q3_]`\UdQ]U^dU
RQW^Qd_ceTQd_TU^db_QfUcdYdYdb_``_`YSS_\Y`Ub\eY3XQ`\Y^~
\µY^SQb^QjY_^UfYfU^dUTU\\µQ`Ub|eTY7_UdXU*\µE_]_^_^cQbURRU
\QSbUQdebQ`YŒ^_RY\UTU\\µe^YfUbc_cU^_^V_ccUdb_``_^_RY\U`Ub
Ucc_AeUcd_~Y\`bY]_VY\]TU\\Q]QdebYdwTY3XQ`\Y^ÄY^fUSSXYQd_
bYc`Udd_QYce_Ye\dY]YVY\]]QQ^SXUY\ce_]_T_TYbUSYdQbUcU]RbQ
`YŒ]Qdeb_3Y‡SXU~`YŒd_SSQ^dU~\QcU^cQjY_^USXU_bQUW\Y
`_ccYUTQe^QSXYQbQfYcY_^UTµY^cYU]UTU\\U`_ccYRY\YdwSXUW\Yc_^_
S_^SUccUUSXUcYQbYc_\ed_Q\Qf_bQbUUcS\ecYfQ]U^dUU^db_aeUcdY
S_^VY^Y`Ub_ddU^UbUY\ce_cS_`_1T_W^YYcdQ^dU\UfQbYQjY_^YceY
ce_YdU]Y`YŒSU\URbYcYceccUWe_^_Y^deddQ\Q\_b_W\_bYQ<µY^cUWeY
]U^d_SXUXQ\e_W_Y^e^QSQcQTUW\Yc`USSXY+\QceQQ``QbYjY_^U
S_c‚Y]`b_ffYcQTQc_b`bU^TUbU`UbVY^_e^]QW_+\Q]QcSXUbQTU\
\µUcdbQ^UYdwSXU\_dbQcV_b]QY^e^`e`Qjj_TQ\e^Q`Qb[=Q\Q`QbdU
`YŒcdbQ_bTY^QbYQTU\VY\]bUcdQ\QceQS_^S\ecY_^U`UbY\]_T_Y^SeY
~cdbeddebQdQ3XQ`\Y^WUddQS_bYQ^T_\YceW\Yc`_cYUfYU^UTQ`U^cQ
bU*aeUcdQTUfUUccUbU\QVY^U9^fUSU\_cYfUTUQ^S_bQY]]_RY\U
]U^dbU\QSQb_fQ^QTU\SYbS_cdQ`QbdU^T_+SXYeTU\Q`_bdQTYUdb_Q
deddYUfYU^UTQ`U^cQbU*aeUcdQTUfUUccUbU\QVY^U=Q\_cYfUTU
Q^S_bQ`bYWY_^YUb_TU\SUbSXY_TY]YcUbYQbY]Qcd_dbQSSYQd_`UbdUbbQ
UfYU^UTQ`U^cQbU*aeUcdQTUfUUccUbU\QVY^U9^fUSUSµ~e^`bY]_
`YQ^_TU\\QceQVYWebQ]Q\bYT_ddQcUTedQ^U\\µQbU^Q1aeUcd_`e^d_
aeQ^T_\QVY^UcU]RbQQcc_\edQ]U^dUY^UfYdQRY\U3XQ`\Y^cYQ\jQ
S_^\Uc`Q\\UQ\\QSY^U`bUcQUcYQ\\_^dQ^QSQ]]Y^Q^T_S_^\QceQdY
`YSQQ^TQdebQ+3XQb\YU3XQ`\Y^~aeU\\QceQQ^TQdebQSQbQddUbYcdYSQ
S_]UY\\_W_TU\\QSQcQSY^U]Qd_WbQVYSQSXUcYfUTUQ\\QVY^UTYQ\dbY
VY\]C_\_QTUcc_^U\\µe^YS_`e^d_cU^jQb_ddebUUS_\TUcYTUbY_TY
`_dUb\_cUWeYbUS_^\_cWeQbT_`UbcU]`bUY\VY\]cYS_^S\eTU
GQ\dUb2U^ZQ]Y^VbQ]]U^d_cSbYdd_^U\!)"(_^UY`bY]Y]UcYTU\
!)"(`eRR\YSQd_`_cde]_TQCU\USdUTGbYdY^Wcf_\"!)"'
!)#$DXU2U\[^Q`@bUcc8QbfQbTE^YfUbcYdi@bUcc3Q]RbYTWU
<_^T_^!)))
1VdUb Q cX_gY^W _V DXU 3YbSec 3XQ`\Y^ ^UfUb Q\\_gc dXU
QeTYU^SUd_c]Y\UgXY\UgQdSXY^WXY]DXUi]ecdUYdXUbT_eR\U
e`\QeWXY^W_bRUfUbicQT3XQ`\Y^WbUUdc`U_`\URidQ[Y^W_VV
XYcR_g\UbQ^TYd\__[c\Y[UdXU\YTbYcY^WVb_]dXU[Udd\UgXU^dXU
gQdUbR_Y\c_fUb8YcS\_dXUcQbUY]`Ub]UQR\Ud_UfUbiR\_g_V
VQdU8U\__[c\Y[UQ]Q^gX_XQc^µddQ[U^XYcS\_dXUc_VVV_bQ
]_^dX8UYce^VQ]Y\YQbgYdXRUTc+gXU^XU\YUcT_g^XUT_Uc
c_ Y^ Q gXUU\RQbb_g _b _^ Q cUUcQg GUd db_eWX cgUQdi Y^
S\_dXUcVQbd__c]Q\\V_bXY]3XQ`\Y^YcdXU\YfY^WU]R_TY]U^d
_V7_UdXUµcQ`Ub|e*=Q^g_e\T^_dRUdXU^_R\UcdSbUQdebU_^
UQbdXYVXUgUbU^_dd__^_R\UV_bYdDXYcVY\]YcdXUVYbcdVY\]_V
3XQ`\Y^µc_\TQWU8UXQcWb_g^_\TUbcY^SUXYc\QcdVY\]cRedXU
Q\c_QSdc_\T1^TdXU]_cd]_fY^WdXY^WQR_eddXYc^UgVY\]Yc
dXUVUU\Y^WdXQdXU^_gXQcQS\UQb_fUbfYUg_VdXU`_ccYRY\YdYUc
_`U^d_XY]Q^TdXQdXUYcbUc_\fUTd_g_b[UhS\ecYfU\igYdXY^
dXUcU\Y]Ydcd_QddQY^XYcW_Q\1dUfUbi`_Y^ddXUfQbYQdY_^c_^
XYcWbUQdUcddXU]UcQbUTYc`\QiUTY^dXUYbVe\\W\_biDXUSXQcU
YccUdY^Q]QjU+XYce^Uh`USdUTQ``UQbQ^SUg_e\TQcd_^YcX
Q]QWYSYQ^+dXU]Qc[_V^_^Y^f_\fU]U^ddeb^cXY]Y^d_QVQYb
Wb_e^T]QbY_^UddUDXU]_cdg_^TUbVe\`QbdYcdXUgQidXUU^T_V
dXUVY\]YccdbeSdebUT8UcdbUgcS_^VUddY_fUbdXUXQ``iS_e`\U
Q^Ti_edXY^[*DXYc]ecdRUdXUU^TDXU^i_ecUUXY]cdQ^TY^W
dXUbUgXU^dXUSYbSec`b_SUccY_^cdQbdc_VV+XUcXedcdXUT__b
RUXY^TUfUbi_^UQ^Ti_edXY^[*DXYc]ecdRUdXUU^TDXU^i_e
cUUXY]cdeS[Y^dXUbed_VdXUSYbS\UUQb\YUbTbQg^Ri`_fUbdiQ^T
i_edXY^[*DXYc]ecdRUdXUU^TDXU^i_ecUUQS\_cUe`_VXYc
S_]`\UdU\iRUTbQWW\UTV_b]cYddY^W_^Qcd_^UY^dXUQbU^Q8UbU
i_edXY^[dXUU^TYcQRc_\edU\ie^Qf_YTQR\UReddXU^XUWUdce`
Q^Ti_ecUUXY]Vb_]RUXY^TgQ\[Y^WVebdXUbQ^TVebdXUbQgQi
gYdXdXQdWQYd`USe\YQbd_3XQb\YU3XQ`\Y^+XUYcXYc_g^gQ\[Y^W
dbQTU]Qb[Zecd\Y[UdXUS_]`Q^idbQTU]Qb[i_ecUUQddXUU^T
_V_dXUbVY\]c1^T^_gQddXU_^\i`_Y^dgXUbUdXUbUµc^_RbUQ[
Q^Ti_eµT\Y[Ud_RUQR\Ud_V_\\_gXY]gYdXi_ebWQjUV_bUfUb
dXUVY\]U^Tc
6bQW]U^dgbYddU^Y^!)"(_bUQb\i!)")+e^`eR\YcXUTY^2U^ZQ]Y^µc
\YVUdY]UVb_]CU\USdUTGbYdY^Wcf_\"!)"'!)#$DXU2U\[^Q`
@bUcc8QbfQbTE^YfUbcYdi@bUcc3Q]RbYTWU<_^T_^!)))
&!
@B?75DD?381@<9>381@<9>@B?:53D
Ŷ7LW´,OFLUFRµ6FHQ&KDUOHV&KDSOLQ)5RODQG7RWKHURK2S-DFN:LOVRQ0DUN0DUODWW0&KDUOHV&KDSOLQ6FJI&KDUOHV'+DOO$VV5+DUU\&URFNHU,QW&KDUOHV&KDSOLQ
LOYDJDERQGR0HUQD.HQQHG\FDYDOOHUL]]D$OODQ*DUFLDSDGURQHGHOFLUFR+DUU\&URFNHUO·DFUREDWD5H[+HQU\%HUJPDQYHFFKLRFORZQ6WDQOH\-¶7LQ\·6DQGIRUGDWWUH]]LVWD
FDSR*HRUJH'DYLVPDJR%HWW\0RUULVVH\GRQQDIDQWDVPD-RKQ5DQGDVVLVWHQWHWURYDUREH²FORZQ$UPDQG7ULOOHUFORZQ6WHYH0XUSK\ODGUR%LOO.QLJKWSROL]LRWWR-DFN
3LHUFHDGGHWWRDOOHFRUGH+/.\OH(XJHQH%DUU\/-2·&RQQRU+XJK6D[RQ-DFN%HUQDUG0D[7\URQ$%DFKPDQ:LOOLDP%O\VWRQH1XPLOHRQH%REE\-RVHSKLQHODVFLPPLD
-LPP\3URG&KDUOHV&KDSOLQŶPP/P'·DIV%Q'LGDVFDOLHLQJOHVL(QJOLVKLQWHUWLWOHVŶ'D&LQHWHFDGHO&RPXQHGL%RORJQD$FDGHP\)LOP$UFKLYHH5R\
([SRUW&RPSDQ\(VWDEOLVKPHQWŶ5HVWDXUDWRQHOGDOOD&LQHWHFDGL%RORJQDH$FDGHP\)LOP$UFKLYHSUHVVR/·,PPDJLQH5LWURYDWD(GL]LRQHVWDELOLWDDSDUWLUHGDLPDWHULDOLPLJOLRUL
FRQVHUYDWLSUHVVRODIDPLJOLD&KDSOLQ3ULQWUHVWRUHGLQE\&LQHWHFDGL%RORJQDDQG$FDGHP\)LOP$UFKLYHDW/·,PPDJLQH5LWURYDWDODERUDWRU\7KLVHGLWLRQFRPHVIURPWKHEHVW
PDWHULDOVFRQVHUYHGE\WKH&KDSOLQIDPLO\
Ŷ0XVLFKHRULJLQDOLGL&KDUOHV&KDSOLQULFRVWUXLWHHGLUHWWHGDO0DHVWUR7LPRWK\%URFNHVHJXLWHGDOYLYRGDOO·2UFKHVWUDGHO7HDWUR&RPXQDOHGL%RORJQD2ULJLQDOVFRUHE\&KDUOHV
&KDSOLQUHFRQVWUXFWHGDQGFRQGXFWHGE\0DHVWUR7LPRWK\%URFNSHUIRUPHGOLYHE\2UFKHVWUDGHO7HDWUR&RPXQDOHGL%RORJQD
Ŷ3ULPDPRQGLDOHGHOODYHUVLRQHUHVWDXUDWD:RUOGSUHPLqUHRIWKHUHVWRUHGYHUVLRQ
C74270?;8=A4ED4)03>6´B;85486$5HJLD&KDUOHV&KDSOLQ
@B?75DD?381@<9>381@<9>@B?:53D
Ŷ6FHQ&KDUOHV&KDSOLQ)5RODQG7RWKHURK2S-DFN:LOVRQ0X&KDUOHV&KDSOLQ$VV5&KDUOHV5LHVQHU,QW&KDUOHV&KDSOLQYDJDERQGR(GQD3XUYLDQFHFDQWDQWHQHOFDIIq
LOFDQH0XW6FUDSV6LGQH\&KDSOLQSURSULHWDULRGHOODEDQFDUHOODGHLSDQLQL+HQU\%HUJPDQXRPRQHOO·DJHQ]LDGLFROORFDPHQWRVLJQRUDQHOODVDODGDEDOOR&KDUOHV5LHVQHU
LPSLHJDWR GHO FROORFDPHQWRFRPPHVVRYLDJJLDWRUH $OEHUW $XVWLQO·LPEURJOLRQH7RP :LOVRQSROL]LRWWR0- 0F&DUW\ 0HO %URZQ &KDUOHV )RUFH %HUW $SSOLQJ 7KRPDV 5LOH\
6OLP&ROH7HG(GZDUGV/RXLV)LW]UR\'DYH$QGHUVRQGLVRFFXSDWL*UDQYLOOH5HGPRQGSURSULHWDULRGHOODVDODGDEDOOR0LQQLH&KDSOLQVLJQRUDFKHSLDQJHQHOODVDODGDEDOOR
$OI5HHYHVXRPRQHOEDU17DKEHOYHQGLWRUHGLFLERLQGLDQR5RE:DJQHUXRPRQHOODVDODGDEDOOR,60F9H\-)3DUNHURUFKHVWUDOL%XG-DPLVRQ-3DUNV-RQHV$O%ODNH
/R\DO8QGHUZRRG-DPHV7.HOOH\)UHG6WDUU-DQHW0LOOHU6XOO\*UDFH:LOVRQ-HUU\)HUUDJRPD-DFN'XII\5LFKDUG'XQEDU(GZDUG0LOOHU%LOO\'XO%UXFH5DQGDOO%UDQG2·5HH%LOO
:KLWH-RKQ/RUG-LP2·1LDOO+&6LPPRQV-/)UDXEH-LP+DELI)ORUHQFH3DUHOOHH0DUJDUHW&XOOLQJWRQ0DUJDUHW'UDFXS(OOD(FNKDUGW6DUDK5RVHQEHUJ/RWWLH6PLWKVRQ/LOOLDQ
0RUJDQ-HDQ-RKQVRQ)D\+ROGHUQHVV'RURWK\&OHYHODQG-0LOOHU0LQQLH(FNKDUGW0UV5LJROHWWLFRPSDUVHQHOODVDODGDEDOOR3URG&KDUOHV&KDSOLQŶPP'·DIV%Q
'LGDVFDOLHLQJOHVL(QJOLVKLQWHUWLWOHVŶ'D&LQHWHFDGHO&RPXQHGL%RORJQDH5R\([SRUW&RPSDQ\(VWDEOLVKPHQW
Ŷ5HVWDXUDWRQHOGDOOD&LQHWHFDGL%RORJQDSUHVVR/·,PPDJLQH5LWURYDWD,OQHJDWLYRGHOOD´&KDSOLQ5HYXHµHUDVWDWRVWDPSDWRQHODGRWWDQGRLOPHWRGRGHOORVWUHWFK
SULQWLQJ,OUHVWDXURqVWDWRHVHJXLWRSDUWHQGRGDLPDWHULDOLSLYLFLQLDLQHJDWLYLRULJLQDOLFKH&KDUOHV&KDSOLQDYHYDULPRQWDWRSHUO·XVFLWDGHO5HVWRUHGLQE\&LQHWHFDGL
%RORJQDDW/·,PPDJLQH5LWURYDWDODERUDWRU\3DUWVRIWKHILOPVWKDWPDGHXS´7KH&KDSOLQ5HYXHµZHUHVWUHWFKSULQWHGIRUWKHUHOHDVH:KHUHYHUSRVVLEOHWKLVUHVWRUDWLRQKDV
EHHQPDGHXVLQJWKHRULJLQDOQHJDWLYHVWKDW&KDUOHV&KDSOLQUHHGLWHGDWWKHWLPH
Ŷ0XVLFKHRULJLQDOLGL&KDUOHV&KDSOLQULFRVWUXLWHHGLUHWWHGDO0DHVWUR7LPRWK\%URFNHVHJXLWHGDOYLYRGDOO·2UFKHVWUDGHO7HDWUR&RPXQDOHGL%RORJQD2ULJLQDOVFRUHE\&KDUOHV
&KDSOLQUHFRQVWUXFWHGDQGFRQGXFWHGE\0DHVWUR7LPRWK\%URFNSHUIRUPHGOLYHE\2UFKHVWUDGHO7HDWUR&RPXQDOHGL%RORJQD
Ŷ3ULPDPRQGLDOHGHOODYHUVLRQHUHVWDXUDWD:RUOGSUHPLqUHRIWKHUHVWRUHGYHUVLRQ
9\]Y_`bY]_VY\]^U\]Y_cdeTY_^e_f_VeFYdQTQSQ^Y5bQe^Qcd_bYQ
QV_^T_cQdYbYS_Y^SeY`QbQW_^Qf_\QfYdQTYe^SQ^UQaeU\\QTYe^
fQWQR_^T_AeUcd_\UYd]_dYfS_cdYde‚\QcdbeddebQ^U\\QaeQ\UY^^U
cdQYe^QaeQ^dYdwTYdb_fQdUUcYdeQjY_^Ye]_bYcdYSXU3_]Y^SYQf_Q
`U^cQbUQ\\QS_]YSQY^cU^c_cdbeddebQ\U`bU^TU^T_Qdd_cU]`bU
`YŒTU\\QceQV_b]QQbSXYdUdd_^YSQ3YQcSe^QcUaeU^jQY]`\YSQfQ
aeU\\QceSSUccYfQUdeddUaeQ^dUUbQ^_S_\\UWQdUdbQ\_b_<Q`bY]Q
cUaeU^jQS_^cYcdUfQ^U\cQ\fQdQWWY_TYe^SQ^UTQe^`QbQ`YW\YQ
S_^Q\dbYSQ^YAeU\\QceSSUccYfQS_^cYcdUfQ^U\cQ\fQdQWWY_Y^
e^QcQ\QTQRQ\\_TYe^QbQWQjjQSXUVQSUfQQ^SXU\UYe^Q²fYdQ
TQSQ^Y³3µUbQ^_]_\dUQ\dbUcUaeU^jUdeddUS_\\UWQdUY^e^Q\_
WYSQS_^SQdU^QjY_^UTYVQddYCU]`\YSYU_ffYUS_]µUbQ^_aeUcdU
S_]YSXUbYSXYUTUfQ^_]_\dQbYV\UccY_^UUVQ^dQcYQCUe^Qdb_fQdQ
Y^dUbVUbYfQS_^\Q\_WYSQTUYVQddY`Ube]_bYcdYSQSXUV_ccU^_^]U
^UcUbfYf_1YdU]`YTU\\Q;Uicd_^UY\fQWQR_^T_UbQ`YŒ\YRUb_U
]U^_\UWQd_Qe^QdbQ]Q1\\_bQY\ce_SUbfU\\_^_^\Qf_bQfQaeQcY
]QY+Ve^jY_^QfQ^_c_\_Yce_YYcdY^dYSXU]YbQfQ^_Q\\µUccU^jYQ\U*
e^`_µTYSYR_e^`_µTYSQ\_bUUe^dUdd_ce\\QdUcdQ=QQT_W^Y
S_]YSQceSSUccYfQY\fQWQR_^T_TYfU^^U`YŒS_]`\Ucc_>U\`Ub
c_^QWWY_S_]Y^SYQfQQVY\dbQbUY\cU^dY]U^d_@e‡cU]RbQbUe^µQV
VUb]QjY_^U`bUdU^jY_cQ]QQ^SXU\QVQbcQUcYWUe^Q`cYS_\_WYQ
UcdbU]Q]U^dUbYW_b_cQ
3XQb\Uc3XQ`\Y^<Q]YQQed_RY_WbQVYQ
=iVYbcdVY\]Y^]i^UgcdeTY_gQc14_Wµc<YVU9^dXUcd_bi
gXYSXXQTQcQdYbYSQ\UTWU9S_]`QbUTdXU\YVU_VQT_Wd_dXQd
_V Q dbQ]` DXYc \UYd]_dYV S_^cdYdedUT dXU cdbeSdebU d_ gXYSX
9 QTTUT Q \QbWU aeQ^dYdi _V WQWc Q^T Xe]_b_ec cYdeQdY_^c
9 RUWQ^ dXY^[Y^W _V S_]UTi Y^ dUb]c _V cdbeSdebU Q\gQic
[UU`Y^WYdcQbSXYdUSdebQ\V_b]Y^]Y^T5QSXcUaeU^SUY]`\YUT
dXU^UhdQ^TdXUigUbUQ\\\Y^[UTd_WUdXUbDXUVYbcdcUaeU^SU
S_^cYcdUTY^cQfY^WQT_WVb_]QcSeVV\UgYdX_dXUbT_WcDXU
^UhdcUaeU^SUS_^cYcdUTY^cQfY^WQWYb\Y^QTQ^SUXQ\\gX_
Q\c_\UT²QT_Wµc\YVU³DXUbUgUbU]Q^i_dXUbcUaeU^SUcQ\\_V
gXYSXgUbU\Y^[UTd_WUdXUbRiQ\_WYSQ\ceSSUccY_^_VdXUVQSdc
1ccY]`\UQ^T_RfY_ecQcdXUigUbUdXUcUS_]YScYdeQdY_^c
bUaeYbUT]eSXbUV\USdY_^Q^TY]QWY^QdY_^9VQWQWY^dUbVUbUT
gYdXdXU\_WYS_VdXUVQSdc^_]QddUbX_gXe]_b_ec9TYT^µdecU
Yd4ebY^WdXU;Uicd_^UUbQdXUdbQ]`gQcVbUUbQ^T\UccdYUT
d_Q`\_dDXU^XYcRbQY^Q\]_cd^UfUbg_b[UT+XU_^\igU^d_VV
XYcY^cdY^SdcgXYSXQY]UTQddXUUccU^dYQ\c*Q\Ydd\UV__TQ\Ydd\U
gQb]dXQ^TQb__V_fUbXYcXUQT2edgYdXUQSXceSSUccYfU
S_]UTidXUdbQ]`RUSQ]U]_bUS_]`\Uh5]_dY_^ccdQbdUT
d_VY\dUbY^d_dXUSXQbQSdUbDXQd]QicUU]\Y[UQ`bUdU^dY_ec
cdQdU]U^d Red dXU VQbSU d__ bUaeYbUc UhdbU]U\i bYW_b_ec
`ciSX_\_Wi
3XQb\Uc3XQ`\Y^=i1ed_RY_WbQ`Xi
270?;8=?A>942C)C74:4HBC>=4B4A84B
8QDFROODERUD]LRQHWUD&LQHWHFDGHO&RPXQHGL%RORJQD%ULWLVK)LOP,QVWLWXWH1DWLRQDO)LOPDQG7HOHYLVLRQ$UFKLYH/REVWHU)LOPV$&LQHWHFDGL%RORJQD%ULWLVK)LOP
,QVWLWXWH1DWLRQDO)LOPDQG7HOHYLVLRQ$UFKLYH/REVWHU)LOPVFROODERUDWLRQ
AeUcdYaeQddb_VY\]VQ^^_`QbdUTU\`b_WUdd_TYS_^cUbfQjY_^UU
bUcdQeb_TU\\U#%S_]YSXUSXU3XQb\Uc3XQ`\Y^Y^dUb`bUd‡`Ub\Q
;Uicd_^U3_]`Q^idbQY\VURRbQY_UY\TYSU]RbU!)!$
>} CU^^Ud ^} Y TYbYWU^dY TU\\Q ;Uicd_^U ^} \_ cdUcc_ 3XQ`\Y^
`_dUfQ^_`bUfUTUbU\µUVVUdd_SXUYce_YVY\]QfbURRUb_Qfed_ce\
`eRR\YS_2QcdQTQbUe^µ_SSXYQdQQYce_Y`bY]YVY\];Uicd_^US_^
\Q\_b_V_b]Qb_jjQUQ``b_ccY]QdYfQU\QbYSUbSQU]RbY_^Q\UTY
e^^e_f_`Ubc_^QWWY_SY^U]Qd_WbQVYS_=QaeUYVY\]QbbYfQb_^_
&"
DXUcUV_ebVY\]cQbU`Qbd_VdXU`b_ZUSdd_`bUcUbfUQ^TbUcd_bUdXU
#%S_]UTYUcY^gXYSX3XQb\Uc3XQ`\Y^Q``UQbcV_bdXU;Uicd_^U
3_]`Q^iRUdgUU^6URbeQbiQ^T4USU]RUb!)!$
>UYdXUbCU^^Ud^_bdXU]Q^QWU]U^dQd;Uicd_^U^_bUfU^
3XQ`\Y^XY]cU\VS_e\TXQfU`bUTYSdUTdXUUVVUSdXYcVY\]cg_e\T
XQfU_^QeTYU^SUc:ecd\__[QdXYcVYbcd;Uicd_^UVY\]cgYdX
dXUYbb_eWXQ``b_hY]QdUV_b]Q^TdXUYbU]Rbi_^YScUQbSXV_b
Q^UgSY^U]QdYS`Ubc_^Q\Ydi2eddXUVY\]cXYdQeTYU^SUc_VdXQd
QW\Yc`UddQd_bYTU\dU]`_S_]UTUYbQjjY6Y^TQ\\UceU`bY]UQ`
`QbYjY_^Y3XQ`\Y^UbQbYecSYd_QSbUQbUe^bQ``_bd_S_^Y\`eRR\YS_
TYdY`_^e_f_e^QbUQjY_^UQSQdU^QSXU^Ucce^_`bY]QTY\eY
UbQbYecSYd_QcSQdU^QbU^}S_^Y\SY^U]Q^}S_^Q\dbY]UjjYTY
S_]e^YSQjY_^U
4QfYTB_RY^c_^3XQ`\Y^*<QfYdQU\µQbdU!)(%
UbQ\Y[UWQ^WRecdUbc6b_]XYcfUbiVYbcdQ``UQbQ^SUc3XQ`\Y^
]Q^QWUTd_SbUQdUQ^Ugc_bd_VbU\QdY_^cXY`gYdXQeTYU^SUcQ
SXQY^bUQSdY_^dXQd^__^URUV_bUXY]XQT]Q^QWUTd_cUd_VV
^_dgYdXdXUSY^U]Q^_bgYdXQ^i_dXUb]UQ^c_VS_]]e^YSQ
dY_^
4QfYTB_RY^c_^3XQ`\Y^*8Yc<YVUQ^T1bd!)(%
C0=6>C0=6;4B86$5HJLD&KDUOHV&KDSOLQ
<UbQ`YTUfYcY_^YTYe^3XQ`\Y^S_c‚fYfQSUWY_fQ^URU\\_UTQSb_
RQdYS_^UVQ^^_e^VY\]cdbQ_bTY^QbY_
4U^Yc7YVV_bT3XQ`\Y^=QS]Y\\Q^<_^T_^!)'$
6_bYdcW\Y]`cU_VTQ``Ub3XQ`\Y^c_i_e^Wc_XQ^Tc_]Uc_
QSb_RQdYSdXYc\Ydd\UVY\]Yce^YaeU
4U^Yc7YVV_bT3XQ`\Y^=QS]Y\\Q^<_^T_^!)'$
CF4=CH<8=DC4B>5;>E486$5HJLD&KDUOHV&KDSOLQ
Ŷ6FHQ&KDUOHV&KDSOLQ,QW&KDUOHV&KDSOLQLOODGUR0LQWD'XUIHHODGRQQD(GJDU.HQQHG\O·DPDQWH*RUGRQ*ULIILWKLOUDJD]]R&KHVWHU&RQNOLQDOWURODGUR-RVHSK6ZLFNDUG
ODYLWWLPD+DQN0DQQO·DGGRUPHQWDWR3URG.H\VWRQH)LOP&RPSDQ\ŶPP/P'·DIV%Q'LGDVFDOLHLQJOHVL(QJOLVKLQWHUWLWOHVŶ'D&LQHWHFDGHO&RPXQHGL
%RORJQDH5R\([SRUW&RPSDQ\(VWDEOLVKPHQWŶ&RSLDUHVWDXUDWDQHOGD&LQHWHFDGL%RORJQD%),H/REVWHU)LOPSUHVVR/·,PPDJLQH5LWURYDWDDSDUWLUHGDXQGXSOLFDWRQHJDWLYR
QLWUDWR'LGDVFDOLHLQJOHVLULFRVWUXLWH3ULQWUHVWRUHGLQE\WKH&LQHWHFDGL%RORJQD%),DQG/REVWHU)LOPDW/·,PPDJLQH5LWURYDWDODERUDWRU\XVLQJDQLWUDWHQHJDWLYHGXSOLFDWH
(QJOLVKLQWHUWLWOHVKDYHEHHQUHFRQVWUXFWHG
>UY VY\] TY 3XQ`\Y^ Q]RYU^dQdY ^UY `QbSXY \Q \_SQdY_^ Ve^WU TQ
²Yc_\Q³e^]_^T_Q`QbdUbYc`Udd_QYfY^S_\Yc_\YdQ]U^dUY]`_cdY
TQ\\Q c_SYUdw Y^ SeY _W^Y `Ubc_^QWWY_ Tw \YRUb_ cV_W_ QY `b_`bY
Y]`e\cYcUcceQ\YfY_\U^dY\QTbUcSXYUSS4Yc_\Yd_c_^_Y]`e\cY
Y^S_^V\Ydd_S_^aeU\\YTYe^__`YŒ`Ubc_^QWWYDgU^di=Y^edUc_V
<_fU^U~e^UcU]`Y_dY`YS_
8Qbbi = 7UTe\T 3XQ`\Y^YQ^Q F_\e]U 9* DXU ;Uicd_^U 6Y\]c
9^TYQ^QE^YfUbcYdi@bUcc2\__]Y^Wd_^9^TYQ^Q`_\Yc!)('
9^3XQ`\Y^µc`Qb[VY\]cdXU\_SQdY_^Ve^SdY_^cQcQ^²Yc\Q^T³Q`Qbd
Vb_]dXU^_b]Q\bUcdbQY^dc_Vc_SYUdiY^gXYSXUQSXSXQbQSdUb
WYfUcVbUUbUY^d_XYcY]`e\cUc°cUheQ\fY_\U^d\QbSU^_ecUdS
°eceQ\\iY^S_^V\YSdgYdXdXUY]`e\cUc_V_^U_b]_bU_VdXU_dXUb
SXQbQSdUbcDgU^di=Y^edUc_V<_fUYcdi`YSQ\_VdXYcWb_e`_V
VY\]c
8Qbbi = 7UTe\T 3XQ`\Y^YQ^Q F_\e]U 9* DXU ;Uicd_^U 6Y\]c
9^TYQ^QE^YfUbcYdi@bUcc2\__]Y^Wd_^9^TYQ^Q`_\Yc!)('
;0D678=660B86$5HJLD&KDUOHV&KDSOLQ
Ŷ7LW´*DVHVLODUDQWHµR´&KDUORWGHQWLVWDµ6FHQ&KDUOHV&KDSOLQ))UDQN':LOOLDPV,QW&KDUOHV&KDSOLQDVVLVWHQWHGHOGHQWLVWD)ULW]6KDGHGHQWLVWD$OLFH+RZHOOPRJOLH
GHOGHQWLVWD-RVHSK6XWKHUODQGDVVLVWHQWH*HRUJH6OLP6XPPHUYLOOHSD]LHQWH-RVHSK6ZLFNDUGDOWURSD]LHQWH0DFN6ZDLQWHU]RSD]LHQWH3URG.H\VWRQH)LOP&RPSDQ\Ŷ
PP/P'·DIV,PELELWR'LGDVFDOLHLQJOHVL(QJOLVKLQWHUWLWOHVŶ'D&LQHWHFDGHO&RPXQHGL%RORJQDH5R\([SRUW&RPSDQ\(VWDEOLVKPHQWŶ&RSLDUHVWDXUDWD
QHOGD&LQHWHFDGL%RORJQD%),H/REVWHU)LOPSUHVVR/·,PPDJLQH5LWURYDWDDSDUWLUHGDXQSRVLWLYRQLWUDWRLPELELWRVHQ]DGLGDVFDOLHFRQVHUYDWRSUHVVRLO)LQQLVK)LOP$UFKLYH
'LGDVFDOLHLQJOHVLULFRVWUXLWH3ULQWUHVWRUHGLQE\WKH&LQHWHFDGL%RORJQD%),DQG/REVWHU)LOPDW/·,PPDJLQH5LWURYDWDODERUDWRU\XVLQJDWLQWHGSRVLWLYHQLWUDWHSULQWODFNLQJ
LQWHUWLWOHVKHOGE\WKH)LQQLVK)LOP$UFKLYH(QJOLVKLQWHUWLWOHVKDYHEHHQUHFRQVWUXFWHG
DbQY`bY]YVY\]TY3XQ`\Y^<QeWXY^W7Qc~e^_TUY`YŒQ^QbSXYSY*e^Q
`bUcQY^WYb_Qdedd_SQ]`_TU\\µ_bTY^U`bUcdQRY\Yd_TU\\QTYW^YdwUTU\
\QbYc`UddQRY\YdwCQbURRUVQSY\UUVe_bfYQ^dUS_^cYTUbQbU\QfY_\U^jQ
TU\VY\]cU^jQ\UT_fedUTYcdY^jY_^Y9^bUQ\dwfU^W_^_bQ``bUcU^dQdY
TYfUbcYdY`YTYQjY_^YfY_\U^dUUS_cQ`YŒY]`_bdQ^dUfYU^U`bUcU^dQdQ
e^QcUbYUTY]_dYfYcSQdU^Q^dY`Ub_W^e^QTYUccU*U]UbWUS_^UfY
TU^jQY\]_T_Y^SeY3XQb\YUcYbQ``_bdQS_^W\YQ\dbY`Ubc_^QWWY
8Qbbi = 7UTe\T 3XQ`\Y^YQ^Q F_\e]U 9* DXU ;Uicd_^U 6Y\]c
9^TYQ^QE^YfUbcYdi@bUcc2\__]Y^Wd_^9^TYQ^Q`_\Yc!)('
<QeWXY^W 7Qc Yc _^U _V 3XQ`\Y^µc ]_cd Q^QbSXYS UQb\i VY\]c* Q
gX_\UcQ\U]_S[Ubi_V_bTUbTYW^YdiQ^TbUc`USdQRY\Ydi9dYcUQci
Q^T]Yc\UQTY^Wd_cUUdXUVY\]µcfY_\U^SUQc]eSX_VQ]eSX^Ucc
1SdeQ\\i gU QbU cX_g^ Q fQbYUdi _V fY_\U^d QSdc Q^T ]_bU
Y]`_bdQ^d\i Q fQbYUdi _V ]_dYfUc V_b dXU] dXQd bUfUQ\ 3XQb\YUµc
QddYdeTUcd__dXUbSXQbQSdUbc
8Qbbi = 7UTe\T 3XQ`\Y^YQ^Q F_\e]U 9* DXU ;Uicd_^U 6Y\]c
9^TYQ^QE^YfUbcYdi@bUcc2\__]Y^Wd_^9^TYQ^Q`_\Yc!)('
&#
@B?75DD?381@<9>381@<9>@B?:53D
Ŷ6FHQ0DFN6HQQHWW,QW&KDUOHV&KDSOLQEDOOHULQRXEULDFR)RUG6WHUOLQJGLUHWWRUHGHOO·RUFKHVWULQD5RVFRH$UEXFNOHPXVLFLVWD&KHVWHU&RQNOLQSROL]LRWWR0LQWH'XUIHH
JXDUGDURELHUD3URG.H\VWRQH)LOP&RPSDQ\ŶPP/P'·DIV%Q'LGDVFDOLHLQJOHVL(QJOLVKLQWHUWLWOHVŶ'D&LQHWHFDGHO&RPXQHGL%RORJQDH5R\([SRUW
&RPSDQ\(VWDEOLVKPHQWŶ&RSLDUHVWDXUDWDQHOGD&LQHWHFDGL%RORJQD%),H/REVWHU)LOPSUHVVR/·,PPDJLQH5LWURYDWDDSDUWLUHGDXQGXSOLFDWRQHJDWLYRQLWUDWR'LGDVFDOLH
LQJOHVLULFRVWUXLWH3ULQWUHVWRUHGLQE\WKH&LQHWHFDGL%RORJQD%),DQG/REVWHU)LOPDW/·,PPDJLQH5LWURYDWDODERUDWRU\IURPDQLWUDWHQHJDWLYHGXSOLFDWH(QJOLVKLQWHUWLWOHV
KDYHEHHQUHFRQVWUXFWHG
C74<0B@D4A034A86$5HJLD&KDUOHV&KDSOLQ
@B?75DD?381@<9>381@<9>@B?:53D
Ŷ7LW©&KDUORWDWWRUHªR©&KDUORWLQYDFDQ]Dª6FHQ&KDUOHV&KDSOLQ))UDQN':LOOLDPV,QW&KDUOHV&KDSOLQ5RVFRH$UEXFNOH&KHVWHU&RQNOLQDWWRULFLQHPDWRJUDILFL&KDUOHV
0XUUD\UHJLVWD)ULW]6KDGHLOFDWWLYR0LQWD'XUIHHSULPDDWWULFH&HFLOH$UQROG9LYLDQ(GZDUGVDOWUHDWWULFL+DUU\0F&R\&KDUOHV3DUURWW>&KDUOH\&KDVH@DOWULDWWRUL3URG
.H\VWRQH)LOP&RPSDQ\ŶPP/P'·DIV,PELELWR7LQWHG'LGDVFDOLHLQJOHVL(QJOLVKLQWHUWLWOHVŶ'D&LQHWHFDGHO&RPXQHGL%RORJQDH5R\([SRUW&RPSDQ\
(VWDEOLVKPHQWŶ&RSLDUHVWDXUDWDQHOGD&LQHWHFDGL%RORJQD%),H/REVWHU)LOPSUHVVR/·,PPDJLQH5LWURYDWDDSDUWLUHGDXQSRVLWLYRQLWUDWRLPELELWRFRQVHUYDWRSUHVVRLO
1HGHUODQGV)LOPPXVHXP'LGDVFDOLHLQJOHVLULFRVWUXLWH3ULQWUHVWRUHGLQE\WKH&LQHWHFDGL%RORJQD%),DQG/REVWHU)LOPDW/·,PPDJLQH5LWURYDWDODERUDWRU\IURPDWLQWHG
QLWUDWHSRVLWLYHSULQW(QJOLVKLQWHUWLWOHVKDYHEHHQUHFRQVWUXFWHG
9^DXU=QcaeUbQTUb3XQ`\Y^cYc_dd_`_^UQe^S_^dY^e_`b_SUcc_
TYdbQcV_b]QjY_^U1\\µY^YjY_TU\VY\]fUTYQ]_Y\fUb_3XQ`\Y^`_Y
3XQ`\Y^SXUTYfU^dQ3XQb\YU]U^dbUcYdbeSSQ`_Y3XQb\YU^UYce_Y
QRYdYTYcSU^QSXUcYdbQcV_b]QceSSUccYfQ]U^dUY^3XQb\YU\µQdd_
bU3XQb\YUY\TQ]UbY^_3XQb\YUY\ReVV_^UU²<QTi³3XQb\YUAeUcdU
Y]]QWY^YTYdbQcV_b]QjY_^UVQ^^_c_bWUbU\QcdUccQT_]Q^TQc_\
\UfQdQTQ\bUWYcdQaeQ^T_Y\ce_FQWQR_^T_Y^DXU3YbSecS_bbU
^U\\QSQcQTUW\Yc`USSXY*aeQ\~Y\fUb_3XQb\YU/
8Qbbi = 7UTe\T 3XQ`\Y^YQ^Q F_\e]U 9* DXU ;Uicd_^U 6Y\]c
9^TYQ^QE^YfUbcYdi@bUcc2\__]Y^Wd_^9^TYQ^Q`_\Yc!)('
9^ DXU =QcaeUbQTUb 3XQ`\Y^ TU`YSdc XY]cU\V Y^ Q S_^dY^e_ec
`b_SUcc_VdbQ^cV_b]QdY_^1ddXUcdQbd_VdXUVY\]gUcUU3XQ`\Y^
XY]cU\VdXU^3XQ`\Y^RUS_]Y^W3XQb\YUXUµc`eddY^W_^]Q[U
e`dXU^3XQb\YUY^XYcDbQ]`S_cde]URUS_]Y^WceSSUccYfU\i
3XQb\YU dXU VY\] QSd_b 3XQb\YU dXU V\Ybd c\Q`cdYS[ 3XQb\YU Q^T
²<QTi³3XQb\YUDXUcUSXQ^WY^WY]QWUc`b_f_[UdXUcQ]Uc_bd_V
aeUcdY_^cbQYcUTRidXUVY\]]Q[UbgXU^dXUDbQ]`be^cY^d_dXU
XQ\\_V]Ybb_bcY^DXU3YbSecGXYSXYcdXUbUQ\3XQb\YU/
8Qbbi = 7UTe\T 3XQ`\Y^YQ^Q F_\e]U 9* DXU ;Uicd_^U 6Y\]c
9^TYQ^QE^YfUbcYdi@bUcc2\__]Y^Wd_^9^TYQ^Q`_\Yc!)('
270?;8=C>30H;8<4;867C)UDQFLD5HJLD(GJDUGR&R]DULQVN\FRQ%HUQDQGR%HUWROXFFL
Ŷ%HWD63'·9HUVLRQHLQJOHVHHLWDOLDQD(QJOLVKDQG,WDOLDQYHUVLRQŶ'DPNFROODQDFROOHFWLRQ´&KDSOLQ7RGD\µ
270?;8=C>30H<>=B84DAE4A3>DG)UDQFLD5HJLD%HUQDUG(LVHQVFKLW]FRQ&ODXGH&KDEURO
Ŷ%HWD63'·9HUVLRQHIUDQFHVHHLQJOHVH)UHQFKDQG(QJOLVKYHUVLRQŶ'DPNFROODQDFROOHFWLRQ´&KDSOLQ7RGD\µ
²3XQ`\Y^D_TQi³~e^QS_\\Q^QSebQdQTQCUbWUD_eRYQ^Q`Ub]["
?W^YT_Se]U^dQbY_bQSS_^dQe^_TUYVY\]TY3XQ`\Y^S_^Y\S_]
]U^d_TYe^WbQ^TUbUWYcdQS_^dU]`_bQ^U_
²AeQ^T_bYfUT_Y\VY^Q\UTY<Y]U\YWXdc_^_ce\`e^d_TYVQbUaeQ\S_
cQSXU^_^]YceSSUTUc`Ucc_*`YQ^WUbU³22Ubd_\eSSY
²3µ~e^QS_cQSXU]YS_\`YcSU`QbdYS_\Qb]U^dUY^=_^cYUebFUb
T_eh*\UT_^^USXUQ]]QjjQc_^_RbeddUUY^c_``_bdQRY\Y³3
3XQRb_\
3XQ`\Y^D_TQi³YcQS_\\USdY_^ce`UbfYcUTRiCUbWUD_eRYQ^QV_b
][" 5QSX T_Se]U^dQbi V_SecUc _^ _^U _V 3XQ`\Y^µc ]_fYUc
Y\\ecdbQdUTRi_^UWbUQdS_^dU]`_bQbiTYbUSd_b
²GXU^9gQdSXdXUU^T_V<Y]U\YWXdQWQY^9VUU\S\_cUd_T_Y^W
c_]UdXY^W gXYSX T_Uc^µd XQ``U^ d_ ]U _VdU^* SbiY^W³ 2
2Ubd_\eSSY
²DXUbUµc c_]UdXY^W fUbi ]_fY^W QR_ed =_^cYUeb FUbT_eh* dXU
g_]U^XU[Y\\cQbUe^RUQbQR\UQ^TeW\i³33XQRb_\
270A;84)C74;8540=30AC>5270A;4B270?;8=86$5HJLD5LFKDUG6FKLFNHO
Ŷ6RJH6FHQ5LFKDUG6FKLFNHO9RFHQDUUDQWH6\GQH\3ROODFN0%U\DQ0F.HQ]LH0X&KDUOHV&KDSOLQ&RQVXOHQ]H.HYLQ%URZQORZ'DYLG6KHSDUG&RQLQWHUYLVWHD:RRG\$OOHQ
6LU5LFKDUG$WWHQERURXJK-DQLQH%DVLQJHU&ODLUH%ORRP*HUDOGLQH&KDSOLQ0LFKDHO&KDSOLQ6LGQH\&KDSOLQ-RKQQ\'HSS5REHUW'RZQH\-U0LORV)RUPDQ%LOO,UZLQ1RUPDQ/OR\G
0DUFHO0DUFHDX'DYLG5DNVLQ'DYLG5RELQVRQ$QGUHZ6DUULV0DUWLQ6FRUVHVH'DYLG7KRPSVRQ-HII9DQFH3URG5LFKDUG6FKLFNHO'RXJ)UHHPDQ%U\DQ0F.HQ]LHSHU:DUQHU+RPH
9LGHRPN/RUDF3URGXFWLRQVŶPP'·9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'D:DUQHU+RPH9LGHR
3XQb\YUY\^e_f_T_Se]U^dQbY_TYBYSXQbTCSXYS[U\TUcSbYfU\Q
RbY\\Q^dUSQbbYUbQTY3XQb\Uc3XQ`\Y^S_]UQdd_bUcSbYdd_bUbUWYcdQ
`b_Tedd_bUUS_]`_cYd_bU^QbbQ^T_Q^SXU\UfYSU^TUS_^db_fUbcU
UQ\aeQ^d_`eRR\YSYjjQdUTU\\QceQfYdQ`bYfQdQ9\T_Se]U^dQbY_
S_^dYU^UbYV\UccY_^YRbY\\Q^dYcUaeU^jUY^UTYdUY^cUbYdUQSSQ^d_Q
cSU^UdbQddUTQYVY\]`YŒVQ]_cYTY3XQ`\Y^UQe^QcUbYUTYcdbQ_b
TY^QbYUY^dUbfYcdUY^UTYdU*=QbdY^CS_bcUcU`b_`_^Ue^QcUbYUTY
S_^cYTUbQjY_^Y ]U]_bQRY\Y ce\ ]QWYcdbQ\U 1 G_]Q^ _V @QbYc U
ce\S_^db_fUbc_=_^cYUebFUbT_ehG__Ti1\\U^bYdYU^USXU3Ydi
<YWXdccYQV_bcUe^QTU\\U`YŒWbQ^TYY^TQWY^YSY^U]Qd_WbQVYSXUce\
dU]QTU\\µQ]_bU+=Y\_c6_b]Q^QVVUb]QSXUDXU7bUQd4YSdQd_bXQ
V_b^Yd_Q\\µ5eb_`Qe^QSQdQbcYc`YbYdeQ\U^U\`UbY_T_ceSSUccYf_Q\\Q
&$
BYSXQbT CSXYS[U\µc ^Ug T_Se]U^dQbi 3XQb\YU SXb_^YS\Uc
3XQb\Uc3XQ`\Y^µcRbY\\YQ^dSQbUUbQcQ^QSd_bgbYdUbTYbUSd_b
`b_TeSUb Q^T S_]`_cUb Qc gU\\ Qc XYc S_^db_fUbcYQ\ Q^T
]eSX`eR\YSYjUT `bYfQdU \YVU GYdX RbY\\YQ^d _RcUbfQdY_^c bQbU
V__dQWUY^dUbg_fU^gYdXcSU^UcVb_]3XQ`\Y^µcWbUQdUcdVY\]c
Q^TQbU]Qb[QR\UcUbYUc_VQ^Ug\ibUS_bTUTY^dUbfYUgc*=QbdY^
CS_bcUcU]U]_bQR\iTYcSeccUc3XQ`\Y^µc]QcdUbVe\1G_]Q^
_V @QbYc Q^T S_^db_fUbcYQ\ =_^cYUeb FUbT_eh G__Ti 1\\U^
_`Y^UcdXQd3Ydi<YWXdcYc`UbXQ`c_^U_VdXUWbUQdSY^U]QdYS
Uh`\_YdQdY_^c _V \_fU+ =Y\_c 6_b]Q^ ]Q^dQY^c dXQd DXU 7bUQd
4YSdQd_b `b_fYTUT 5eb_`U gYdX Q c`YbYdeQ\ SQdXQbcYc QVdUb dXU
CUS_^TG_b\TGQb+Q^T<_bT1ddU^R_b_eWXbUSQ\\cdXQdcUUY^W
cUS_^TQWeUbbQ]_^TYQ\U+U<_bT1ddU^R_b_eWXbYS_bTQTYaeQ^T_
fYTUTQbQWQjj_DXU7_\TBecXUTYS_]UaeU\VY\]QRRYQbQ`
`bUcU^dQd_Y\]_]U^d_TUSYcYf_SXU\_XQc`Y^d_QTYfU^dQbUQdd_bU
USY^UQcdQBYSXQbTCSXYS[U\XQ\Qf_bQd_S_]USbYdYS_SY^U]Qd_
WbQVYS_`UbY\²DY]Uc³]QWQjY^U`Ub`YŒTYdbU^dµQ^^YUT~Y^_\dbU
\µQed_bUTY`YŒTYdbU^dQ\YRbYUTYQ\dbUddQ^dY`b_WbQ]]YdU\UfYcYfY
DXU7_\TBecXQcQR_igQcdXUTUVY^Y^W]_]U^ddXQd\UTXY]
d_RUS_]UQ^QSd_bQ^TVY\]]Q[UbBYSXQbTCSXYS[U\XQcRUU^
QVY\]SbYdYSV_bDY]U]QWQjY^UV_b_fUbdXbUUTUSQTUcQ^TXU
YcQ\c_dXUQedX_b_V_fUbdXYbdiR__[cQ^TQcY]Y\Qb^e]RUb_V
dU\UfYcY_^`b_WbQ]c
=_cdbQ`bUcc_\QcQ\QUc`_cYdYfQTU\\Q3Y^UdUSQY^FYQBYfQTYBU^_'"
5h`_cYdY_^Qd3Y^UdUSQ5hXYRYdY_^8Q\\Y^FYQBYfQTYBU^_'"
@_SXY Y ²`bYfY\UWYQdY³ SXU XQ^^_ Qfed_ _SSQcY_^U VY^_ Q aeUcd_
]_]U^d_TYb_fYcdQbUdbQ\USQbdUTUW\YQbSXYfY3XQ`\Y^_S_^\U
`Qb_\UTY7YecU``U2Ubd_\eSSYdbQ²Yce_Y]UbQfYW\Y_cYRQWQW\YRQe\Y
UfQ\YWU`YU^YTY_W^YRU^TYTY_*Yce_YUVVUddY`Ubc_^Q\YYce_YVUbbYTU\
]UcdYUbUYce_Yc_W^YYce_YVQ^dQc]Y³>U\\µQ^^_Y^SeY\Q3Y^UdUSQ
²bYfUbcQ_^\Y^U³S_]UcYecQTYbUY^aeUcdYSQcYY\`bUjY_c_bYce\dQd_
`Ub_bQ`QbjYQ\UTYe^\Qf_b_TYTYWYdQ\YjjQjY_^UUQbSXYfYQjY_^U
Y^V_b]QdYjjQdQSY~`Qbc_^USUccQbY_TQbUQ^SXU\Q`_ccYRY\YdwTY
cSbedQbUWecdQbUUQddQbTQbcY²TQ\fYf_³TYVb_^dUQ\\QSQbdQQ\\Q
]QdYdQUQ\dU]`_CYdbQddQUfYTU^dU]U^dUTYe^QccQWWY_e^RbU
fU`UbS_bc_WeYTQd_dbQcfUbcQ\UQdeddQ\QVY\]_WbQVYQSXQ`\Y^YQ^Q
<QcU\UjY_^UQ^^_fUbQdbQW\YQ\dbYYR_jjUddY`bU`QbQd_bY`UbDXU
3_e^dUccVb_]8_^W;_^WaeU\\YY^UTYdY`UbDXU6bUQ[U`UbWU^
dY\US_^SUccY_^UTY4QfYTB_RY^c_^YTYcUW^YbUQ\YjjQdY`UbDXU
7bUQd4YSdQd_b4YfUbcU\U`QWY^UcSU\dUdbQW\YQ``e^dY`UbVY\]^_^
bUQ\YjjQdYS_]U>Q`_\U_^
3USY\YQ3U^SYQbU\\Y
?^\iQ\eS[iVUgXQfUXQTdXUSXQ^SUe`e^dY\^_gd_be]]QWU
dXb_eWXdXU`Q`UbcY^dXU3XQ`\Y^QbSXYfUc_bRUddUbY^dXUg_bTc
_V 7YecU``U 2Ubd_\eSSY d_ be]]QWU dXb_eWX ²XYc ]QbfU\_ec
RQWWQWU dbe^[c Q^T ceYdSQcUc Ve\\ _V UfUbidXY^W e^TUb dXU
ce^*XYc`Ubc_^Q\UVVUSdcXYcd__\c_VdXUdbQTUXYcTbUQ]cdXU
VYW]U^dc_VXYcY]QWY^QdY_^³DXYciUQbQcdXU3Y^UdUSQ`bU`QbUc
d_²W__^\Y^U³QcdXUicQiY^dXUcUSQcUcgYdXdXU`bUSY_ecbUce\dc
`QbdYQ\QddXYcdY]U_VYdcTYWYdQ\YjQdY_^Q^TU\USdb_^YSQbSXYfY^W
g_b[gUQ\c_VU\ddXU^UUTd_WYfUQ^_``_bde^Ydid_UhQ]Y^U
U^Z_iQ^T\Y^WUb²Y^`Ubc_^³_fUb`Q`Ub`U^SY\Q^TdY]UDXYcYc
S\UQb\iZecdQdQcdUQcX_bdWeYTUTd_ebdXb_eWX3XQ`\Y^µcU^dYbU
VY\]_WbQ`Xi DXU cU\USdY_^ Y^S\eTUc Q]_^W _dXUb dXY^Wc dXU
`bU`QbQd_biTbQVdcV_bDXU3_e^dUccVb_]8_^W;_^W`bUfY_ec\i
e^cUU^ TbQVdc V_b DXU 6bUQ[ Q^T gYdX dXU [Y^T S_^SUccY_^
_V 4QfYT B_RY^c_^ TbQgY^Wc ]QTU V_b DXU 7bUQd 4YSdQd_b
>e]Ub_ec`QWUcXQfUQ\c_RUU^SX_cU^Vb_]dXU^_dUcV_bVY\]c
^UfUb]QTUceSXQc>Q`_\U_^
3USY\YQ3U^SYQbU\\Y
&%
@B?75DD?381@<9>381@<9>@B?:53D
30;;´0A278E8>270?;8=)<>BCA03483>2D<4=C8>A868=0;8
5A><C74270?;8=0A278E4)4G7818C8>=>5C74>A868=0;3>2D<4=CB
3>BB84A
3>BB84A
AeUcdµQ^^_QRRYQ]_SbUQd_e^Q^e_fQcUjY_^UY^dY
d_\QdQ²4_ccYUb³SXU_VVbUe^QRbUfU`Q^_bQ]YSQce\\Q
fYdQUce\\U_`UbUTYWbQ^TYbUWYcdYQ`QbdYbUTQQ\Se^YTUY
`YŒWbQ^TYTYcU]`bU*5ZjU^ådUZ^=eb^QeCZ‰cdb‰]
CdY\\Ub@_gU\\AeUcdY²T_ccYUb³S_^dUbbQ^^_VbQ]]U^dY
cS_^_cSYedYS_bd_]UdbQWWYS_]UY\S_bd_]UccYSQ^_
TY5ZjU^ådUZ^ce\dUbbU]_d_WY_YU\\Y`_S_^_dYY\VY\]TY
SY^aeU]Y^edYTY=YSXQU\@_gU\\Y^dYd_\Qd_1^1Yb]Q^µc
<UddUbd_XYc=_dXUbcSQbdYTY]_^dQWWY_]UbQfYW\Y_cYVbQ]]U^dY
dbQddYTQDQReS_^`bUcU^dQjY_^UTY5^^_@QdQ\QcUTQ9fQ^Y\
dUbbYRY\U`bUcU^dQd_TQ>QdQ\YQ>_eccY^_fQUe^Q]UbQfYW\Y_cQ
bYS_cdbejY_^U\U²dbQSSU³TY$4UfY\cTY=eb^Qe`bUcU^dQdUTQ:Q
^Ud2UbWcdb_]9\^_cdb_cS_`_~]_cdbQbU`U\\YS_\UQf_\dUfUbY
U `b_`bY SQ`_\Qf_bY SXU ^_^ fU^W_^_ `b_YUddQdU TQ ]_\dYccY]_
dU]`_S_]U4‰Tc[iccU^_;Ycc_V4UQdXTYFYSd_bCZ‰cdb‰]
^_d_Q^SXUS_]U<µrdbQ^WUQfU^debUTU\µY^W}^YUeb<URU\8y]
^QbU^fQ\UQTYbUDXU1fU^WUbY\`YŒfUSSXY_VY\]TYCdY\\UbQUccUbU
c_`bQffYcced_U\µe^YS_QTQfUbUe^µQ]RYU^dQjY_^UURbQYSQU
>Q]UdXU=Q^e^Q`b_TejY_^UX_\\ig__TYQ^QaeQcYS_]`\UdQQT
_`UbQTYe^bUWYcdQQ\\_bQS_^_cSYed_S_\^_]UTYCUQcdb_]9VY\]
`b_`_cdYY^aeUcd_bQb_`b_WbQ]]QTY`U\\YS_\UcfUTUcYcQbQ^^_
`bUcU^dQdYTQ\ce_Yc`YbQd_SebQd_bU:_^GU^Wcdb‰]
4YfUbcY\e^W_]UdbQWWYY^`b_WbQ]]QQ\VUcdYfQ\cYS_\\UWQ^_QY`QbdY
S_\QbYdU]Y`b_`_cdYTQaeUcdY²T_ccYUb³*e^QS_`YQQ``U^QbUcdQebQdQ
TY1=QddUb_V<YVUQ^T4UQdXTQ]_\dYS_^cYTUbQd_Y\SQ`_\Qf_b_
Qcc_\ed_QS_\_bYTY=YSXQU\@_gU\\U5]UbYS@bUccRebWUbQSS_]
`QW^Qd_TQ\\_b_?XªB_cQ\Y^TQbQbQ]U^dUfYcd_VY^_QT_WWYSXU
VQQ^SXU`QbdUTU\\QcUjY_^U3Y^U]QCS_`UTU\VUcdYfQ\3Yc_^_`_Y
TeU^e_fYccY]YbUcdQebYTY`U\\YS_\UTY=eb^Qe*CSX\_ccF_WU\‰TU
@XQ^d_]U^dbQ]RU`bUcU^dQdUY^e^QfUbcY_^USXU^UcUW^QaeQcY
e^Q bY^QcSYdQ FYcd_ Y\ \_b_ fQ\_bU TY T_Se]U^dQjY_^U `Ubc_^Q\U
fUbbQ^^_`bUcU^dQdY]QdUbYQ\YVY\]QdYSXUbYdbQWW_^_YbUWYcdYce\cUd
TUY\_b_VY\]_^U\\Q\_b_fYdQ`bYfQdQ*5ZjU^ådUZ^CZ‰cdb‰]UdeddU\U
Y]]QWY^YUcYcdU^dYTY=QebYdjCdY\\UbbQSS_\dUY^e^µ_`UbQcdbQ_bTY^QbYQ
bUQ\YjjQdQTQ7‰cdQGUb^Ub*e^VY\]SXUS_]`bU^TUdeddYYVbQ]]U^dY
c_`bQffYccedYTYcUddU`U\\YS_\UTYCdY\\UbSXUcYSbUTUfQ^_`UbcU`Ub
cU]`bU QSS_]`QW^QdU TQ\\U e\dY]U Y]]QWY^Y bY`bUcU TQ\ bUWYcdQ
TU\\QceQSbUQjY_^UY]]_bdQ\U7bUdQ7QbR_Y^e^QcUbYUTY`b_fY^Y
TYcSU^QbUQ\YjjQdY`UbGQ\dUbGQ^WUb5_ffYQ]U^dUY\VY\]Qd_TU\
]QdbY]_^Y_TY=YSXQU\@_gU\\UDXU\]QCSX__^]Q[Ub\QWbQ^TU
]_^dQdbYSUSXUSYWeYTUbw^U\\QcS_`UbdQTUYdQ^dYdUc_bYbUQ\YjjQdYTQ
=YSXQU\@_gU\\
@UdUbf_^2QWX
&(
DXYciUQbgUXQfUY^db_TeSUTQ^UgcUSdY_^SQ\\UT²4_ccYUbc³
gXYSXWYfUcQS_^SU^dbQdUTc]Q\\cSQ\UfYUg_VdXU\YVUQ^Tg_b[
_VWbUQdTYbUSd_bccdQbdY^WgYdXc_]Udbe\i]QW^YVYSU^d^Q]Uc*
5YcU^cdUY^=eb^QeCZ‰cdb‰]CdY\\Ub@_gU\\DXUcU²T_ccYUbc³
gY\\ S_^cYcd _V e^[^_g^ VbQW]U^dc cX_bd VY\]c 5YcU^cdUY^µc
=UhYSQ^cX_bd_^Q^UQbdXaeQ[U_b\Ydd\U[^_g^WU]cceSXQc
QVYfU]Y^edUVY\]Ri=YSXQU\@_gU\\SQ\\UT1^1Yb]Q^µc<UddUbd_
8Yc=_dXUb_eddQ[UcVQRe\_ecVbQW]U^dcVb_]DQRe`bUcU^dUT
Ri 5^^_ @QdQ\Qc Q^T Vb_] 9fQ^ dXU DUbbYR\U `bUcU^dUT Ri
>QdQ\YQ >_eccY^_fQ Q^T Q g_^TUbVe\ bUS_^cdbeSdY_^ dXU
²dbQSUc³_V=eb^Qeµc$4UfY\c`bUcU^dUTRi:Q^Ud2UbWcdb_]
1dRUcd_ebQY]Ycd_Y^db_TeSUVY\]cUfU^]QcdUb`YUSUcdXQd
XQfU^µdRUU^cX_g^Y^QWUc\Y[U4‰Tc[iccU^_b;Ycc_V4UQdX
RiFYSd_bCZ‰cdb‰][^_g^d_]Q^iQc<µrdbQ^WUQfU^debUTU
\µY^W}^YUeb<URU\Vb_]gbYdY^WcQR_eddXUVY\]8y]^QbU^_bDXU
1fU^WUbdXUUQb\YUcdVY\]RiCdY\\UbdXQdUhYcdcd_TQiQ^TdXU_^\i
_VXYcVY\]cdXQddQ[Uc`\QSUY^Q:UgYcX]Y\YUeQ^T>Q]UdXU
=Q^Qc\YWXd\iY^S_]`\UdU8_\\ig__T`b_TeSdY_^RiQTYbUSd_b
QddXQddY]U^Q]UT CUQcdb_] DXU VY\]c Y^dXYcbQbUCgUTYcX
`b_WbQ] gY\\ RU Y^db_TeSUT Ri dXUYb Y^c`YbUT S__bTY^Qd_b :_^
GU^Wcdb‰]
CUfUbQ\VUQdebUVY\]cY^_eb`b_WbQ]QbUQcc_SYQdUTgYdXdXUbQbU
W\Y]`cUcdXUcU²T_ccYUbc³`b_fYTU*Q^Ug\ibUcd_bUT`bY^d_V1
=QddUb_V<YVUQ^T4UQdXS_^cYTUbUTRi]Q^id_RUdXUe\dY]QdU
S_\_b]QcdUb`YUSURi=YSXQU\@_gU\\Q^T5]UbYS@bUccRebWUb
S_]`\U]U^dUTRidXUYbbQbU\icUU^?XB_cQ\Y^TQgXYSXYc
Q\c_ `Qbd _V _eb 3Y^U]QCS_`U cUSdY_^ DXUbU QbU dg_ RbQ^T
^Ug =eb^Qe bUcd_bQdY_^c* CSX\_cc F_WU\‰T Q^T @XQ^d_]
R_dXY^fUbcY_^cS_^cdYdedY^WQ^QedXU^dYSbURYbdXV_bdXUVY\]c
6_bdXUYbc`USYQ\fQ\eUQcXe]Q^T_Se]U^dcgUgY\\`bUcU^d
VY\]UT]QdUbYQ\c_VTYbUSd_bcQdg_b[_bY^`bYfQdU\YVU*5YcU^cdUY^
CZ‰cdb‰]Q^TQ\\UhYcdY^WY]QWUc_V=QebYdjCdY\\UbY^QRUQedYVe\
S_]`Y\QdY_^RiCgUTYcXVY\]XYcd_bYQ^7‰cdQGUb^UbdXQdQ\c_
Y^S\eTUc dXU _^\i UhYcdY^W VbQW]U^dc _V cUfU^ CdY\\Ub VY\]c
RU\YUfUT d_ RU \_cd V_bUfUb S_]`\U]U^dUT Ri dXU \Qcd VY\]UT
Y]QWUc_VCdY\\UbµcY]]_bdQ\SbUQdY_^7bUdQ7QbR_Y^QdUcdVY\]
]QTU V_b GQ\dUb GQ^WUb 1^T _V S_ebcU dXU gUTTY^W VY\] _V
=YSXQU\@_gU\\Q^TDXU\]QCSX__^]Q[UbdXUWbUQdUTYd_bgX_
gY\\WeYTUecdXb_eWXdXUdbUQcebUc_V=YSXQU\@_gU\\
@UdUbf_^2QWX
3>BB84A<82704;?>F4;;
=YSXQU\@_gU\\UbQc_\Yd_TYbU]Q\Y^S_^YSQ]U^dUSXU\QceQbU`e
dQjY_^U^_^`_dUfQc_``_bdQbU]_\dUQ\dbU²cS_`UbdU³TUW\YQ^^Yµ# 9^bUQ\dwUW\Y~cdQd_e^_TUYSY^UQcdYSXU`Ub`bY]YcYY^dUbUccQb_^_
Q\bUcdQeb_bYd_b^Q^T_Q6_e\Q^U\!)'(`UbbUQ\YjjQbUe^`b_\_W_
`Ub5TWU_VdXUG_b\TU`YŒdQbTY^U\!)($(%cf_\WU^T_e^be_\_
V_^TQ]U^dQ\U^U\\QbYS_cdbejY_^UTYDXU<YVUQ^T4UQdX_V3_\_^U\
2\Y]`3_^dU]`\Q^T_SYTQ\\µQ\d_TU\`QbQTYc_]_^_Sb_]QdYS_SXU
UW\YYTU‡QccYU]UQ@bUccRebWUb`Ub1=QddUb_V<YVUQ^T4UQdX
cU^jQTeRRY_UW\YcQbURRUcdQd_S_]]_cc_^U\fUTUbUSXUY^TeU
TUYVY\]`b_`_cdYaeUcdµQ^^_Q2_\_W^QbUSYdQBQ\`XBYSXQbTc_^
e^Qdd_bUSXUUW\YQ``bUjjQfQU^_b]U]U^dU]Q`UbY\aeQ\U^_^
bYecS‚]QYQdb_fQbUbe_\YTQ`b_dQW_^YcdQcY`U^cYQ\\QWbQ^TUcd_
bYQceBYSXQbTc_^SXUfe_\U`QbdUSY`QbUQ6Q^dQcYQbQSS_^dQdQ
TQ@_gU\\Y^1<YVUY^=_fYUcCQbURRUQ^SXUVU\YSUTYcS_`bYbU
S_]U?XªB_cQ\Y^TQ_WWYcU]RbY]_\d_]YW\Y_bUTYaeQ^d_^_^
\_bYdU^UccUb_\eYU5]UbYS=QcUQfUccUfYcd_S_]UW\YUb_YTU\\Q
ceQWY_fU^dŒTQ9^WbQ]Q4U=Y\\Uc_^_Q^TQdYVe_bY]_TQc_\_`Ub
UccUbU`_YbYcS_`UbdYQfbURRUS_]`bUc_1bc\_^WQ
@b_WbQ]SebQdUTRiDXU\]QCSX__^]Q[Ub>_dUcgbYddU^Ri9Q^3XbYcdYU
=YSXQU\@_gU\\ecUTd_cQibeUVe\\idXQdXYcbU`edQdY_^S_e\T^µd
cdQ^T ]Q^i ]_bU ²TYcS_fUbYUc³ Vb_] dXU !)# c 9^ VQSd XU
gQc _^U _V dXU dbQY\R\QjUbc Q]_^W VY\]]Q[Ubc Y^dUbUcdUT Y^
bUcd_bQdY_^bUdeb^Y^Wd_6_e\Qd_]Q[UQ`b_\_WeUV_b5TWU_V
dXUG_b\TY^!)'(+Q^T\QdUb`\QiY^WQfYdQ\`QbdY^XU\`Y^W`YUSU
d_WUdXUbDXU<YVUQ^T4UQdX_V3_\_^U\2\Y]`Y^!)($%<__[Y^W
T_g^Vb_]dXU]_^_SXb_]UXUQfU^dXQdXUQ^T@bUccRebWUbc_
RbY\\YQ^d\iS_^SUYfUTV_b1=QddUb_V<YVUQ^T4UQdXXUg_e\T^_
T_eRdRUd_eSXUTdXQddg__VdXUVY\]ccX_g^Qd2_\_W^QdXYciUQb
VUQdebUBQ\`XBYSXQbTc_^Q^QSd_bXUWbUQd\iQT]YbUTRedS_e\T
^UfUbVY^T]QZ_b`QbdcV_bcUUdXUWbUQdcd_biQR_edBYSXQbTc_^
gQ^dY^Wd_Q``UQbY^6Q^dQcYQY^@_gU\\µc1<YVUY^=_fYUc8U
g_e\TRUQ]ecUTdXQd?XªB_cQ\Y^TQ^_gcUU]c]eSXRUddUb
dXQ^XUQ^T5]UbYSdX_eWXdYdgQc+RedXQfY^WcUU^dXUXUb_Uc
_VXYci_edXceSXQc9^WbQ]Q^T4U=Y\\UVQ\\_ed_VVQcXY_^Q^T
dXU^RUbUTYcS_fUbUTXUg_e\Te^TUbcdQ^T1bc\_^WQ
B<8C7*E5HJLD0LFKDHO3RZHOO
Ŷ6FHQ50/OR\G)%HUQDUG%URZQH,QW5DOSK5LFKDUGVRQ-RKQ6PLWK)ORUD5REVRQ0DU\6PLWK$OODQ-HD\HVLPSLHJDWR:DOO\3DWFK+DUU\-RQHV3URG50/OR\GSHU
'33URGXFWLRQH(PEDQNPHQW)HOORZVKLS&RŶPP'·FD9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'D1DWLRQDO)LOPDQG7HOHYLVLRQ$UFKLYH
E^Q fUbQ cS_`UbdQ SXU XQ `bU]YQd_ Y\ \Qf_b_ TY bYSUbSQ S_^T_dd_
bUSU^dU]U^dUTQ=Qb[6e\\Ub`Ube\dUbY_bYY^V_b]QjY_^Y*ggg`_gU\\
`bUccRebWUb_bW >U\\µUcdQdU TU\ !)#) e^µ_bWQ^YjjQjY_^U TY RU^UVY
SU^jQ`UbW\YUhS_]RQddU^dYY^WQWWY‡@_gU\\UY\ce_SQ]UbQ]Q^TY
Q\\_bQ2Ub^QbT2b_g^USXUXQS_^dbYReYd_Q^SXUQDXUC`iY^2\QS[U
1^1Yb]Q^µc<UddUb`UbbUQ\YjjQbUe^VY\]Qd_`b_]_jY_^Q\U4eUQdd_bYTY
bY\YUf_SXUcQbURRUb_TY\‚Q`_S_Q``QbcYY^DXU<Y_^8QcGY^WcTY;_b
TQBQ\`XBYSXQbc_^U6\_bQB_Rc_^UbQ^_QTYc`_cYjY_^U`UbbUSYdQbU
²:_X^C]YdX³\YSU^jYQd_TQ\TQd_bUTY\Qf_b_QSQecQTU\\QSbYcYUS_^_]Y
SQUceQ]_W\YUGQ\\i@QdSXbUSYdQY^fUSU\Q`QbdUTU\fUdUbQ^_UQ]YS_
TYC]YdXSXUW\YS_^cYW\YQTYSUbSQbUQYed_Q\\µ5]RQ^[U]U^d6U\\_gcXY`
3U^dbU3_^cYTUbQd_Y\^_d_cSUddYSYc]_TY@_gU\\^UYS_^Vb_^dYTU\]_
fY]U^d_TUYT_Se]U^dQbYcdYTUW\YQ^^Yµ# aeUcd_RbUfUTbQ]QT_Se
]U^dQbibQ``bUcU^dQ\Q`b_fQdQ^d_QddUcQTU\ce_TUcYTUbY_TY]UddUbU
Y^cSU^Qe^dU]Qc_SYQ\UT_]Y^Q^dU^U\TUSU^^Y_`bUSUTU^dU
1bUQ\TYcS_fUbidXQ^[cd_bUSU^dTUdUSdYfUg_b[Ri=Qb[6e\\Ub
cUU ggg`_gU\\`bUccRebWUb_bW V_b TUdQY\c 9^ dXU ce]]Ub
_V !)#) Q SXQbYdi TUf_dUT d_ XU\`Y^W UhcUbfYSU]U^ U^\YcdUT
@_gU\\ Q^T XYc SebbU^d SQ]UbQ]Q^ 2Ub^QbT 2b_g^U Q\c_
bUc`_^cYR\UV_bDXUC`iY^2\QS[Q^T1^1Yb]Q^µc<UddUbd_]Q[U
Q`b_]_dY_^Q\VY\]Dg_\UQTY^W5^W\YcXQSd_bcgX_g_e\TcX_bd\i
Q``UQbY^;_bTQµcDXU<Y_^8QcGY^WcBQ\`XBYSXQbTc_^Q^T
6\_bQB_Rc_^gUbU_^XQ^Td_`\Qi´:_X^C]YdXµcQS[UTRiXYc
U]`\_iUbTeUd_XQbTdY]UcQ^TXYcgYVU+gXY\UfUdUbQ^SXQbQSdUb
QSd_bGQ\\i@QdSXYcdXUVbYU^TgX_QTfYcUcC]YdXd_cUU[XU\`
Vb_]dXU5]RQ^[]U^d6U\\_gcXY`3U^dbU7YfU^@_gU\\µcgU\\
[^_g^cSU`dYSYc]QR_eddXUT_Se]U^dQbi]_fU]U^d_VdXU# c
dXYc]Y^YQdebUTbQ]QT_SYcUQWUb\iQgQYdUTQcUfYTU^SU_VXYc
Q``b_QSXd_TbQ]QdYcY^WQc_SYQ\YcceUdXQdXQTT_]Y^QdUTdXU
`bUfY_ecTUSQTU
0=08A<0=´B;4CC4AC>78B<>C74A*E5HJLD0LFKDHO3RZHOO
Ŷ6FHQ0LFKDHO3RZHOOGDXQDOHWWHUDDSSDUVDVX´7KH7LPHVµ)0LFKDHO3RZHOO%HUQDUG%URZQH,QW-RKQ*LHOJXGQDUUDWRUH0LFKDHO3RZHOOOHWWRUHGHOSURORJRQRQDFFU
3URG0LFKDHO3RZHOOŶPP'·9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'D1DWLRQDO)LOPDQG7HOHYLVLRQ$UFKLYH
BUQ\YjjQd_Y^RbUfUdU]`_UY]`e\cYfQ]U^dUTQ@_gU\\edY\YjjQ^
T_]_\dY_WWUddY`Ubc_^Q\YUYce_YcdUccYSQ^YaeUcd_VY\]]UddU
Y^cSU^Qe^_TUY]_]U^dYYc`YbQd_bYTYaeU\\QVQcUTU\\QcUS_^TQ
WeUbbQ ]_^TYQ\U TUVY^YdQ ²2Qdd\U _V 2bYdQY^³ Q^dYSY`Q^T_ Q^SXU
]_\dYTUYdU]YSXUcQbQ^^_cfY\e``QdYY^1=QddUb_V<YVUQ^T4UQdX
=QTU aeYS[\i Q^T Y]`e\cYfU\i Ri @_gU\\ ecY^W ]Q^i `Ubc_^Q\
YdU]c Q^T XYc T_Wc dXYc cX_bd VY\] TbQ]QdYcUc _^U _V dXU
Y^c`YbQdY_^Q\]_]U^dc_VdXU2Qdd\U_V2bYdQY^`XQcU_VGG"Q^T
Q^dYSY`QdUc]Q^i_VdXUdXU]Uc_V1=QddUb_V<YVUQ^T4UQdX1
\UddUbVb_]Qi_e^WQYb]Q^XQTQ``UQbUT`_cdXe]_ec\iY^²DXU
&)
4?CC95B@?G5<<
@b_WbQ]]QQSebQTYDXU\]QCSX__^]Q[UbDUcdYTY9Q^3XbYcdYU
E^Q\UddUbQcSbYddQTQe^WY_fQ^UQfYQd_bUUbQQ``QbcQ`_cde]Q
ce²DXUDY]Uc³UTUbQcdQdQ`b_^dQ]U^dUbYcdQ]`QdQc_dd_V_b]Q
TY\YRbUdd_9\ce_d_^_^_^UbQcU]`\YSU]U^dU`QdbY_ddYS_²\QCd_bYQ
bYce_^QTUY^_]YY\\ecdbYSXUXQ^^_cQSbYVYSQd_dedd_`Ub\µ9]`Ub_
2bYdQ^^YS_T_fU`QSUWYecdYjYQU\YRUbdwc_^_e^TYbYdd_TYdeddY³
<Q\UddUbQS_^dYU^UQ^SXUe^QSUbdQS_^cQ`Uf_\UjjQ]YcdYSQUT
Uc`bY]UaeU\V_bdUcU^c_TU\TUcdY^_UTYc_`bQffYfU^jQc`YbYdeQ\U
SXUUbQS_^TYfYc_TQ]_\dY^UW\YQ^^YTU\\QWeUbbQDeddYW\YUb_YTY
@_gU\\D5<QgbU^SUY\3Q`YdQ^_CS_ddc_^_aeYbYe^YdYY^e^
Y^dU^c_²Y^^_Q\\QWY_fQ^UWU^UbQjY_^U`UbTedQ³Y^W\UcU
DY]Uc³ Q^T gQc aeYS[\i bU`bY^dUT Qc Q `Q]`X\Ud 9dc d_^U gQc
^_d_^\i`QdbY_dYS´XYcd_bibUc_e^TcgYdXY\\ecdbY_ec^Q]UcgX_
XQfUWYfU^Q\\KV_bMdXU2bYdYcX5]`YbUgXUbUdXUbUYcQ]UQcebU
_V`UQSUZecdYSUQ^TVbUUT_]V_bQ\\µ°RedQ\c_S__\\i]icdYSQ\
XY^dY^WQddXUcdb_^WcU^cU_VTUcdY^iQ^Tc`YbYdeQ\cebfYfQ\cXQbUT
Ri]Q^iTebY^WdXUY^dUbgQbiUQbc1\\@_gU\\µcXUb_Uc°D5
<QgbU^SU 3Q`dQY^ CS_dd ° QbU XUbU Y^ Q^ Y^dU^cU\i 5^W\YcX
´Q^dXU]V_bT__]UTi_edXµ
fC74E>;D=C44A*E86$5HJLD0LFKDHO3RZHOO(PHULF3UHVVEXUJHU
4?CC95B@?G5<<
Ŷ6FHQ0LFKDHO3RZHOO(PHULF3UHVVEXUJHU))UHGHULFN)RUG00LFKDHO&&KRUOWRQHQRQDFFU-RKQ6HDERXUQH6FJI$OIUHG-XQJH0X$OODQ*UD\6X'HVPRQG'HZ,QW5DOSK
5LFKDUGVRQVHVWHVVR3DW0F*UDWK)UHG'DYH\/DXUHQFH2OLYLHUVHVWHVVR0LFKDHO3RZHOOIRWRJUDIR&KDUOHVGH*DXOOHVHVWHVVR$QQD1HDJOH+HUEHUW:LOFR[7RPP\:RRGURRIIH
-RDQ5LFKDUGVRQ3URG0LFKDHO3RZHOO(PHULF3UHVVEXUJHUSHU7KH$UFKHUVŶPP'·9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'D1DWLRQDO)LOPDQG7HOHYLVLRQ$UFKLYH
9^WYecdQ]U^dUdbQcSebQd_UbQe^VY\]Qd_TYbUS\edQ]U^d_`Ub\QTY
fYcY_^UQUbUQTU\\Q]QbY^Q\Q6\UUd1Yb1b]aeUcd_S_bd_TU\!)$#
Q^^_TY`b_TejY_^U]_\d_Y^dU^c_`Ub\Q1bSXUbc~Y^dbYc_TYQ\\ecY_^Y
`Ubc_^Q\YUTYS_bQWWY_cUQ^dYSY`QjY_^YTUY\Qf_bYceSSUccYfYTY@_gU\\
U@bUccRebWUbBQ\`XBYSXQbTc_^Y\`YŒWbQ^TUY^dUb`bUdUdUQdbQ\U
TU\dU]`_S_]`QbU^UY`Q^^YTY?dU\\_S_]UQdd_bUSY^U]Qd_WbQVYS_
TUW\YcdeTY4U^XQ]SYc_^_Q^SXU]_\dU`QbdUSY`QjY_^YTYQ\dbUcdU\\U
TYQ\\_bQdbQ\UaeQ\Y1^^Q>UQW\UU?\YfYUbUbUSYdQQ^SXU^U\\Q`Qb
dUTYcUcdUcc_QfU^T_`bUcdQd_cUbfYjY_S_]U`Y\_dQTU\\Q]QbY^Q9\
ce_cQbd_TYcSU^Q6bUTcYS_\\_SQ²Q\\QVY^UTYe^]_^T_UQ\\µY^YjY_TY
e^Q\db_³S_]U]_\dYTUY`b_dQW_^YcdYTU\\U`b_TejY_^Y1bSXUbc1\\µY^
dUb^_TYaeUcdQV_b]QQ``QbU^dU]U^dU`bUdUcde_cQcU]RbQSXUY\
VY\]bYecS‚^U\ce_Y^dU^d_TY`b_]e_fUbUY\bUS\edQ]U^d_cY`_cc_^_
bYdb_fQbUdU]YbYS_bbU^dY*\QWeUbbQSXUXQQ`Ubd_^e_fY_bYjj_^dY`Ub
]_\dY\Q]UdQV_bQTU\`Q\S_cSU^YS__TU\\_cSXUb]_TU\\QfYdQT_fU
deddYXQ^^_e^Q`QbdUTQbUSYdQbU9\VY\]S_^dYU^UQ^SXUe^SQ]U_TY
@_gU\\^UY`Q^^YTYe^V_d_WbQV_Ve_bYTQ2eS[Y^WXQ]@Q\QSU
E^Zecd\i ^UW\USdUT RUSQecU Yd gQc Q bUSbeYdY^W VY\] V_b dXU
^QfiµcQYbRbQ^SXdXU6\UUd1Yb1b]dXYccX_bdVb_]dXU1bSXUbcµ
XUSdYS iUQb _V !)$# Yc `QS[UT gYdX `Ubc_^Q\ Q\\ecY_^c Q^T
R_\T Q^dYSY`QdY_^c _V \QdUb @_gU\\@bUccRebWUb g_b[ BQ\`X
BYSXQbTc_^dXUWbUQdUcd5^W\YcXcdQWUQSd_b_VdXUUbQQ``UQbc
Qc ?dXU\\_ Q VY\] QSd_b Qd 4U^XQ] cdeTY_ gYdX Q``UQbQ^SUc
Ri]Q^icdQbc_VdXUdY]UY^S\eTY^W1^^Q>UQW\UQ^T?\YfYUb
Q^T Qc XY]cU\V XQfY^W QSdeQ\\i cUbfUT Qc Q ^Qfi `Y\_d 8Yc
TbUccUb6bUTcdQ^Tc´QddXUU^T_V_^Ug_b\TQ^TdXURUWY^^Y^W
_V Q^_dXUbµ \Y[U c_ ]Q^i 1bSXUbcµ `b_dQW_^Ycdc GYdXY^ dXYc
TUSU`dYfU\i SQceQ\ V_b] ° Q^T dXU VY\] Q``QbU^d\i ceSSUUTUT
Y^R__cdY^WbUSbeYd]U^d°gUVY^TdXUYbbUSebbU^ddXU]U_VX_g
dXUgQbXQc_`U^UT^UgX_bYj_^cV_b]Q^iQ^TdXU]UdQ`X_b
_V`\QiY^WQ`Qbd_^\YVUµccdQWU_bcSbUU^1\c_Y^S\eTUTYc_^U
_V @_gU\\µc SQ]U_ Q``UQbQ^SUc Qc Q `X_d_WbQ`XUb _edcYTU
2eS[Y^WXQ]@Q\QSU
0<0CC4A>5;8540=3340C7*E5HJLD0LFKDHO3RZHOO(PHULF3UHVVEXUJHU
Ŷ7LW´6FDODDOSDUDGLVRµ6FHQ0LFKDHO3RZHOO(PHULF3UHVVEXUJHU)-DFN&DUGLII2S*HRIIUH\8QVZRUWK05HJLQDOG0LOOV&RVW+HLQ+HFNURWK-RVHSK%DWRQRQDFFU7UXFFR
*HRUJH%ODFNOHU0X$OODQ*UD\6X&&6WHYHQV$VV53DUU\-RQHV-U,QW'DYLG1LYHQ3HWHU&DUWHU.LP+XQWHU-XQH5REHUW&RRWH%RE.DWKOHHQ%\URQXQDQJHOR5LFKDUG
$WWHQERURXJKSLORWDLQJOHVH%RQDU&ROOHDQRSLORWDDPHULFDQR-RDQ0DXGHFDSRDUFKLYLVWD0DULXV*RULQJJXLGDFHOHVWH5RJHU/LYHVH\'U5HHYHV5REHUW$WNLQVYLFDULR%RE
5REHUWV'U*DHUWOHU(GZLQ0D['U0F(ZHQ%HWW\3RWWHU0UV7XFNHU$EUDKDP6RIDHUJLXGLFH5D\PRQG0DVVH\$EUDKDP)DUODQ5REHUW$UGHQ7RPP\'XJJDQ-RKQ+XQWOH\
-RKQ/RQJGHQ/RLV0D[ZHOO:DOO\3DWFK5RJHU6QRZGHQ:HQG\7KRPSVRQ*HRIIYDQ5LMVVHO-RDQ9HUQ\3URG0LFKDHO3RZHOO(PHULF3UHVVEXUJHUSHU7KH$UFKHUVŶPP'·
9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'D6RQ\&ROXPELD
AeQ^T_ Y\ =Y^YcdUb_ TU\\µ9^V_b]QjY_^U SXYUcU Q @_gU\\ U Q
@bUccRebWUbTY²VQbUaeQ\S_cQ³`Ub\UbU\QjY_^YQ^W\_Q]UbYSQ^U^U\
T_`_WeUbbQY^`_SXYY]]QWY^QfQ^_SXUYTeUcQbURRUb_cdQdYY^WbQT_
TYe^YbU\QVQ^dQcYQTYDXUGYjQbT_V?jS_^e^Qd_SSQ^dUbYUf_SQjY_^U
TU\\Qcd_bYQY^W\UcUUe^fYfYT_cU^c_TUW\YY^dU^cYbQ``_bdYY^dU]`_
TYWeUbbQAeQcYYc_\Qd_^U\S_^dUcd_TU\\U`U\\YS_\Uce\\QcUS_^TQ
WeUbbQ]_^TYQ\UaeUcd_VY\]dbQddQTU\\Q]YcdUbY_cQUcQ\dQjY_^UTU\
f_\_US_^dYU^UQ\Se^URQddedUY^TY]U^dYSQRY\YS_]UaeU\\QTY=QbYec
7_bY^WSXUbYd_b^Qd_TQ\`QbQTYc_`Ube^QRbUfUfYcYdQQdUbbQQVVUb]Q
UcdQcYQd_*²AeQ\Se^_\QccŒXQe^WbQ^RYc_W^_TU\DUSX^YS_\_b³Y^
'
GXU^ @_gU\\ Q^T @bUccRebWUb gUbU Y^fYdUT Ri dXU =Y^Ycdbi
_V 9^V_b]QdY_^ d_ ´T_ c_]UdXY^Wµ V_b `_cdgQb 1^W\_1]UbYSQ^
bU\QdY_^c VUg g_e\T XQfU Y]QWY^UT dXUi S_e\T S_]RY^U dXU
DUSX^YS_\_bVQ^dQci_VDXUGYjQbT_V?jgYdXQ]_fY^WUf_SQdY_^
_V5^W\YcXXYcd_biQ^TQfYfYTcU^cU_VgQbµcY^dU^cUbU\QdY_^cXY`c
1\]_cd Q\_^U Q]_^W GG" VY\]c Yd TUQ\c gYdX dXU ]icdUbY_ec
UhQ\dQdY_^_VdXUV\iUbgXY\UY^S\eTY^WceSXe^V_bWUddQR\UZ_[Uc
Qc=QbYec7_bY^WµcTU\YWXdQdQRbYUVbUdeb^fYcYdVb_]8UQfU^d_
5QbdX*´_^UYccdQbfUTV_bDUSX^YS_\_be`dXUbUµgXYSXbUcd_bQdY_^
Q\\_gcecd_cUUgQcQTeRRUTQVdUbdX_eWXdDXUSbeU\Yb_^YUc
cUTUTYbUcdQeb_cY~cS_`Ubd_SXUUbQcdQdQY^cUbYdQY^e^cUS_^T_
]_]U^d_<QSbeTU\UYb_^YQU\UVUbYdUTU\\QWeUbbQXQ^^_`Ub]Ucc_
Q@_gU\\UQ@bUccRebWUbTYQ^TQbU_\dbUY\bUQ\Yc]_`UbSbUQbU\Q`bY]Q
TU\\U \_b_ _`UbU VQ^dQcdYSXU ceY ²TeU ]_^TY³ \QcSYQ^T_ `bUcQWYbU
DXU BUT CX_Uc <Q cSQ\Q TY 7YQS_RRU TYfU^dQ aeY Y\ WbQ^TY_c_
Q^QSb_^Yc]_TYe^QcSQ\Q]_RY\US_c]YSQTUVY^U^T_\QTYQ\UddYSQTU\
VY\]dbQY]]QWY^QbY_dbQTYjY_^Q\UU]_TUb^YcdQ3Y‡SXU\_bU^TUQ\\_
cdUcc_dU]`_]QWYS_U`b_V_^T_~\Q`UbVUddQcdbeddebQTU\\QT_``YQ
dbQ]Q*Y\²SQc_³TY@UdUb3QbdUb~TY^QdebQ]UTYSQce\\QdUbbQ]Q^U\\Q
ceQU^U\\Q^_cdbQY]]QWY^QjY_^UTYfU^dQ]UdQVYcYS_e^Q\_ddQ
`UbdeddU\UQ^Y]UTU\\Q7bQ^2bUdQW^Q
Q^TY^ZebYUc_VgQbWQfU@_gU\\Q^T@bUccRebWUbQSXQ^SUd_W_
RUi_^TbUQ\Yc]Q^TSbUQdUdXUVYbcd_VdXUYb´dg_g_b\TcµVQ^dQcYUc
V_bUcXQT_gY^WDXUBUTCX_Uc8UbU:QS_Rµc<QTTUbRUS_]Uc
dXU ]QZUcdYS Q^QSXb_^Yc] _V Q S_c]YS UcSQ\Qd_b UcdQR\YcXY^W
dXUVY\]µcTYQ\USdYS_VdbQTYdY_^Q\Q^T]_TUb^YcdY]QWUbi GXQd
]Q[UcYdR_dX]QWYSQ\Q^T`b_V_e^TYcdXU`UbVUSdT_eR\U`\_d*
@UdUb3QbdUbµc´SQcUµYc]UTYSQ\_^UQbdXRedY^XYcQ^T_eb
Y]QWY^QdY_^YdYc]UdQ`XicYSQ\°QcdbeWW\UV_bdXUfUbic_e\_V
2bYdQY^
>7A>B0;8=30*E5HJLD0LFKDHO3RZHOO(PHULF3UHVVEXUJHU
AeQ^T_@bUccRebWUb`b_`_cUTYbYQTQddQbU\µ_`UbUddQS\QccYSQTY
CdbQecc4YU6\UTUb]QecQ]RYU^dQ^T_\Q^U\\QFYU^^QTU\T_`_
WeUbbQ_SSe`QdQTQ\\UaeQddb_`_dU^jUV_bcUVeY^V\eU^jQd_TQ\\µY^
dUb`bUdQjY_^USXU^UTYUTU@UdUbEcdY^_f^U\\µ_`UbQdUQdbQ\UTU\
!)%!DXU<_fU_V6_eb3_\_^U\cS_c‚TQdbQcV_b]QbUYaeQddb_`b_
dQW_^YcdY`bY^SY`Q\YY^e^WU^UbQ\Ubecc_e^S_\_^^U\\_Q]UbYSQ^_
e^SQ`YdQ^_VbQ^SUcUUe^_Y^W\UcUQSS_]`QW^QdYTQe^U`_^Y]_
]QUcdb_TYSUbY]_^YU6Q\[U²dXU2Qd³SXUaeYfUcdUY`Q^^YTYe^
fYbde_c_cdbQdUWQTU\\QWeUbbQVbUTTQ4_`_Y\bYdYb_TY?bc_^GU\\Uc
c_^_1^d_^GQ\\Rb__[S_\ce_VQcSY^_TQfYU^^UcUfYcced_U=Y
SXQU\BUTWbQfUSXURQ\\QUSQ^dQY^]_T_]U]_bQRY\UQbeRQbU
\QcSU^Q7bQjYUQ\\UcSU^_WbQVYUQ\\UcdYdUTQ8UY^8US[b_dXY^
cdY\U`_cdDQ\Uc_V8_VV]Q^^UQ\\UbY`bUcUTY3XbYcd_`XUb3XQ\\Yc
SXUcVbeddQ^_\µQ\\_bQ^e_f_`b_SUcc_3Y^U]QCS_`UUe^QbYT_ddQ
`b_V_^TYdwTYSQ]`_FYU^^Q~Y]]QWY^QdQS_]Ue^QcSQd_\QTY
SY_SS_\QdY^YY^c_\U^dU]U^dUc_fbQ``_cdQQ\\QWbYWYQ5eb_`QTUYbQ
jY_^Q]U^dYUTU\\QbYS_cdbejY_^US_^Q\Se^Udb_fQdU]UbQfYW\Y_cU
Y^3Y^U]QCS_`U`QbQW_^QRY\YQaeU\\UQT_ddQdUTQDQcX\Y^^U\
]ecYSQ\Q\dbUddQ^d_USSU^dbYS_TU\\_cdUcc_`UbY_T_DXU7Yb\3Q^µd
8U\`9d1^SXUcUQSS_\d_dYU`YTQ]U^dUQ\\QceQecSYdQ\QVQ]QTU\
VY\]~`_YSbUcSYedQU^_Y`_ccYQ]_c`Y^WUbU\_cWeQbT_`YŒY^\w
TU\\QVbU^UdYSQQ\\UWbYQUTU\\µQ``bU^cY_^U`UbY\Vedeb_`_cdRU\\YS_
SXU^U]]U^_\QTY`\_]QjYQTYGQ\\Rb__[bYUcSUQ^QcS_^TUbU
GXU^ @bUccRebWUb ceWWUcdUT e`TQdY^W CdbQeccµ fY^dQWU
_`UbUddQ4YU6\UTUb]Qecd_dXU`_cdgQbFYU^^Q_VV_eb`_gUb
_SSe`QdY_^XU]QiXQfURUU^Y^c`YbUTRi@UdUbEcdY^_fµc!)%!
`\QiDXU<_fU_V6_eb3_\_^U\cd_bUSQcddXU`bY^SY`Q\bUfU\\UbcQc
QBeccYQ^WU^UbQ\Q^1]UbYSQ^S_\_^U\Q^T6bU^SXQ^T2bYdYcX
SQ`dQY^c gYdX dXU `YUSUµc U`_^i]_ec ]QcdUb _V SUbU]_^YUc
´dXU 2Qdµ 6Q\[U ^_g `_bdbQiUT Qc Q^ UQb\i fYbde_c_ _V 3_\T
GQb WQ]Uc]Q^cXY` 1VdUb ?bc_^ GU\\Uc gYdXTbUg Yd Yc 1^d_^
GQ\Rb__[ gYdX XYc QedXU^dYS g_b\TgUQbi FYU^^UcU SXQb]
Q^T=YSXQU\BUTWbQfUe^V_bWUddQR\iTQ^SY^WQ^TcY^WY^WgX_
cdUQ\ dXU cX_g 4UcYW^UT Ri 8UY^ 8US[b_dX Y^ `_cdDQ\Uc _V
8_VV]Q^^b_S_S_Q^TcX_dRi3XbYcd_`XUb3XQ\\YcY^dXUcdY\\^Ug
3Y^U]QcS_`U `b_SUcc gYdX ]Y^Y]Q\ TU`dX _V VYU\T FYU^^Q Yc
Y]QWY^UTQcQSX_S_\QdUR_hS_^VUSdY_^Y^c_\U^d\ice`UbY]`_cUT
_^dXUTbQR5eb_`U_VbQdY_^Y^WQ^TbUS_^cdbeSdY_^°gYdXc_]U
]QbfU\\_ecUQb\i´CS_`UWQWcQ\]_cdQcW__TQcDQcX\Y^µcY^dXU
S_^dU]`_bQbiQ^TUaeQ\\iUSSU^dbYS]ecYSQ\DXU7Yb\3Q^µd8U\`
9d 1\dX_eWX `__b\i bUSUYfUT _^ Ydc bU\UQcU Ydc bU`edQdY_^ XQc
bYcU^Q^TgU]QicUURUXY^TdXUXUSdYSWQYUdiQ^TQ``bUXU^cY_^
QR_eddXU`_cdgQbg_b\TdXQdUfU^GQ\Rb__[µcTY`\_]QSiSQ^^_d
XYTU
'!
4?CC95B@?G5<<
Ŷ6FHQ0LFKDHO3RZHOO(PHULF3UHVVEXUJHUGDOO·RSHUHWWD´'LH)OHGHUPDXVµGL-RKDQQ6WUDXVV)&KULVWRSKHU&KDOOLV2S1RUPDQ:DUZLFN05HJLQDOG0LOOV6FJI+HLQ+HFNURWK
7UXFFR&RQQLH5HHYH0X-RKDQQ6WUDXVV7HVWL'HQQLV$UXQGHOO$VV5-RKQ3HOODWW,QW$QWKRQ\4XD\OH*HQHUDOH2UORYVN\$QWRQ:DOEURRN'U)DONH'HQQLV3ULFH0DJJLRUH
)UDQN /XGPLOOD 7FKpULQD 5RVDOLQGD 0LFKDHO 5HGJUDYH &RORQQHOOR (LVHQVWHLQ 0HO )HUUHU &DSLWDQR $OIUHG :HVWHUPDQ $QQHOLHVH 5RWKHQEHUJHU $GHOH 2VNDU 6LPD )URVFK
5LFKDUG0DUQHU&RORQQHOOR/HERWRY1LFKRODV%UXFHSRUWLHUH$UWKXU0XOODUG5R\.LQQHDUJXDUGLHUXVVH3URG0LFKDHO3RZHOO(PHULF3UHVVEXUJHUSHU$VVRFLDWHG%ULWLVK3LFWXUH
&RUSRUDWLRQH7KH$UFKHUVŶPP'·9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'D1DWLRQDO)LOPDQG7HOHYLVLRQ$UFKLYH
3>BB84A5A843A827F<DA=0D
B0C0=0B*HUPDQLD5HJLD)ULHGULFK:LOKHOP0XUQDX
4?CC95B=EB>1E
Ŷ6FHQ5REHUW:LHQH6XSHUYLVLRQHDUWLVWLFD5REHUW:LHQH6FJI(UQVW6WHUQ,QWƒHSLVRGLR)ULW].RUWQHU)DUDRQH$PHQKRWHS6DGMDK*H]]D1RXULODVWUDQLHUD(UQVW+RIPDQQ
-RUDE0DUJLW%DUQD\3KDKLODPRJOLHGHOIDUDRQH&RQUDG9HLGWLO6DJJLRGL(OX0DUFHOOD*UHPREDOOHULQDƒHSLVRGLR&RQUDG9HLGW*XEHWWDDYYHQWXULHURVSDJQROR(OVH
%HUQD/XFUH]LD%RUJLD.XUW(KUOH*HQQDURVXRILJOLR-DUR)UWK5XVWLQJKHOOD(UQVW6WDKO1DFKEDXU$OIRQVR'·(VWHƒHSLVRGLR0DUWLQ:ROIJDQJ+DQV&RQUDGVWXGHQWH
ULYROX]LRQDULR0DULMD/HLNR,UHQHODVXDILGDQ]DWD&RQUDG9HLGW'U,ZDQ:ODGLPLU*URGVNL(OVD:DJQHUPDGUHGL&RQUDG0D[.URQHUWSDGUHGL&RQUDG3URG9LFWRULD)LOP
&RŶPP/P'·DIVŶ'D1DWLRQDO)LOP&HQWHURIWKH1DWLRQDO0XVHXPRI0RGHUQ$UWLQ7RN\R
Ŷ,OIUDPPHQWRULJXDUGDODSDUWHHJL]LDQDGHOILOP7KLVIUDJPHQWLVIURPWKH(J\SWLDQSDUWRIWKHILOP
<Q`bY]QTU\VY\]~Q]RYU^dQdQ^U\\µQ^dYS_5WYdd_TUcSbYdd_]_\d_
UVVYSQSU]U^dU^U\\UceUV_b]UU]_dYfYdY`YSY9\VQbQ_^U;_bd^Ub
XQ`bUc_aeQ\S_cQTQGUWU^Ub]QXQQ^SXU]_\d_TYe^YS_CQ
TZQX7UjjQTwQ>_ebY]_\dQRU\\UjjQUdU]`UbQ]U^d_3_^bQT
FUYTdY^dUb`bUdQ°Y^deddYW\YU`Yc_TY°CQdQ^Q=Q^_^~e^fUb_U
`b_`bY_=UVYcd_VU\U^_^~^}VbUTT_^}bQjY_^Q\U5µe^TYQf_\_
cU^dY]U^dQ\U°]Q\fQWY_]Qc_VVUbU^dU`Ub\Q`b_`bYQSQddYfUbYQ
8Q^cG_\\U^RUbWY^²<YSXdRY\T2ŽX^U³^%#! !!)" DXUVYbcd`QbdYccUdY^Q^SYU^d5Wi`dTUcSbYRUTfUbiUVVUSdYfU\i
Y^YdcV_b]cQ^Tdi`YSQ\]_dYVc;_bd^UbdXU@XQbQ_XXQcdQ[U^
c_]UdXY^W Vb_] GUWU^Ub Red XU Q\c_ XQc ]Q^i e^YaeU dbQYdc
CQTZQX7UjjQU^T_gc>_ebYgYdXWbUQdRUQediQ^TdU]`UbQ]U^d
3_^bQTFUYTd`\QicCQdQ^Y^UQSXU`Yc_TU8_gUfUbdXYcYc^_d
Q dbeU =U`XYcd_`XU\Uc XU Yc ^UYdXUb S_\T ^_b bQdY_^Q\ 8U Yc Q
cU^dY]U^dQ\TUfY\°UfY\Red`QY^UTRiXYc_g^gYS[UT^Ucc
8Q^cG_\\U^RUbWY^²<YSXdRY\T2ŽX^U³^%#! !!)" B27;>BBE>64;s3*HUPDQLD5HJLD)ULHGULFK:LOKHOP0XUQDX
Ŷ6FHQ&DUO0D\HUGDOURPDQ]RGL5XGROI6WUDW]))ULW]$UQR:DJQHU/DV]OR6FKlIIHU6FJI+HUPDQQ:DUP5REHUW+HUOWK,QW$UQROG.RUII6LJQRUHGHO&DVWHOORGL9RJHOVFKUH\
/XOX.\VHU.RUII&HQWDYRQ9RJHOVFKUH\VXDPRJOLH/RWKDU0HKQHUW&RQWH-RKDQQ2HWVFK3DXO+DUWPDQQ&RQWH3HWHU3DXO2HWVFK3DXO%LOGW%DURQH6DIIHUVWlWW2OJD7VFKHFKRZD
%DURQHVVD 6DIIHUVWlWW +HUPDQQ 9DOOHQWLQ &RQVLJOLHUH -XOLXV )DONHQVWHLQ VLJQRUH VSDYHQWDWR *HRUJ =DZDW]N\ FXRFR 5REHUW /HIIOHU PDJJLRUGRPR 9LFWRU %OWQHU 3HWHU
)DUDPXQG:DOWHU.XUW.XKOH/RQL1HVW3URG8FR)LOPSHU'HFOD%LRVFRSŶPP/P'·DIV'LGDVFDOLHWHGHVFKH*HUPDQLQWHUWLWOHVŶ'D0XUQDX6WLIWXQJ
@UbY\bUcdQeb_TYCSX\_ccF_WU\‰TcYQ]_`QbdYdYTQ\^UWQdYf__bYWY^Q\U
^YdbQd_S_^cUbfQd_`bUcc_Y\2e^TUcQbSXYfTY2Ub\Y^_UTQe^QS_`YQ
^YdbQd_S_\_bQdQS_^TYTQcSQ\YUY^`_bd_WXUcUbYcQ\U^dUQ\\µU`_SQTU\
\QTYcdbYRejY_^UTU\VY\]Y^2bQcY\U^UW\YQ^^Y´" <QS_`YQRbQcY\YQ^Q
Y^dYd_\QdQCU^dU^|QTU4UecUbQS_^cUbfQdQ`bUcc_\Q6e^TQ|Q_
3Y^U]QdUSQ2bQcY\U…QTQT_fUQ\Se^YQ^^YVQfU^^UY^fYQdQQ\2e^
TUcQbSXYfTY3_R\U^jQ5^dbQ]RYY]QdUbYQ\Yc_^_cY]Y\YUTUbYfQ^_
TQ\\QcdUccQfUbcY_^UTU\VY\]SY_~S_^dU^W_^_\UcdUccUY^aeQTbQ
debU<QS_`YQRbQcY\YQ^QVecdQ]`QdQY^7Ub]Q^YQ^U\!)"!`UbSeY\U
ceUS_\_bQjY_^YTUf_^_UccUbUaeU\\U_bYWY^Q\Y<UTYTQcSQ\YUVeb_^_
Y^fUSUbUQ\YjjQdUY^2bQcY\UTQ\\QSQcQTYcdbYRedbYSUB_]RQeUb3YQ
UfU^^Ub_cdQ]`QdUce`U\\YS_\QQ]UbYSQ^Q;_TQ[TU\!)"!AeUcdU
TYTQcSQ\YUS_bbYc`_^T_^_Q\\QdbQTejY_^UTU\\Q\YcdQY^fYQdQY^2bQcY\U
Y^cYU]UQ\\QS_`YQTU\VY\]TQ\\QSQcQ`b_TeddbYSU4US\Q2Y_cS_`
E^QS_`YQTYaeUcdQ\YcdQTQdQdQ#!]Qbj_!)"!UY^TYbYjjQdQQ6G
=eb^QecYS_^cUbfQY^cYU]UQe^UcU]`\QbUTU\\QcSU^UWWYQdebQ
^U\\QcSYd_TU\bUWYcdQ=eb^QeVUSU^e]Ub_cUQ^^_dQjY_^Yce\\Q\YcdQ
`Ub]_TYVYSQbU\UTYTQcSQ\YU4YdQ\Y]_TYVYSXU^_^~cdQd_dU^ed_
S_^d_^U\\QS_`YQRbQcY\YQ^QS_cQSXUY^TYSQSXU\Q\YcdQTU\#!]Qbj_
fU^^US_^cYTUbQdQTUVY^YdYfQTQ\`b_Tedd_bUUedY\YjjQdQ`Ub]_^dQbU
Y\^UWQdYf__bYWY^Q\UAeY\UTYTQcSQ\YUUbQ^_bY`_bdQdUQY^SXY_cdb_ce
V_d_WbQ]]YbQcSXYQdYYaeQ\YT_fUfQ^_cUbfYbUTQbYVUbY]U^d_`UbY\
ceSSUccYf_]_^dQWWY_TU\\UTYTQcSQ\YUbUQ\YjjQdU^U\\UfQbYU\Y^WeU
TQYTYcdbYRed_bYTUYTYfUbcY`QUcY9\VY\]fU^^U`bUcU^dQd_`_SXYWY_b^Y
T_`_Q2Ub\Y^_UcQddQ]U^dUY\'Q`bY\U!)"!T_`_QfUb_ddU^ed_Y\
fYcd_TYSU^cebQaeQddb_WY_b^YT_`_\QTQdQTU\\Q\YcdQSY_~Y\$Q`bY\U
'"
6_bdXUbUcd_bQdY_^_VCSX\_ccF_WU\‰TgUcdQbdUTVb_]Q^_bYWY^Q\
^YdbQdU^UWQdYfUXU\TQddXU2e^TUcQbSXYfY^2Ub\Y^Q^TQS_\_b
^YdbQdU`bY^dgYdX@_bdeWeUcUY^dUbdYd\UcVb_]dXUdgU^dYUcgXU^dXU
VY\]gQcTYcdbYRedUTY^2bQjY\DXU2bQjY\YQ^`bY^dSQ\\UTCU^dU^|Q
TU4UecgQcXU\TRidXU6e^TQ|Q_3Y^U]QdUSQ2bQcY\U…QgXYSX
cU^dYdd_dXU2e^TUcQbSXYfY^;_R\U^jcUfUbQ\iUQbcQW_DXUdg_
c_ebSUcQbUcY]Y\QbQ^TS_]UVb_]dXUcQ]UfUbcY_^_VdXUVY\]
gXYSX]UQ^cdXQddXUiS_^dQY^dXUcQ]UcX_dcDXU2bQjY\YQ^S_`i
gQc`bY^dUTY^7Ub]Q^iY^!)"!dXecYdcS_\_b]ecdRU_bYWY^Q\
DXUY^dUbdYd\UcgUbU`b_TeSUTY^2bQjY\RidXUTYcdbYRed_bB_]RQeUb
3YQ Q^T `bY^dUT _^ 1]UbYSQ^ ;_TQ[ VY\] Y^ !)"! DXUcU
Y^dUbdYd\UcS_bbUc`_^Td_dXUdbQ^c\QdY_^_VQ^Y^dUbdYd\U\YcddXQddXU
`b_TeSdY_^S_]`Q^i4US\Q2Y_cS_`cU^dd_2bQjY\gYdXdXU`bY^d_V
dXUVY\]1S_`i_VdXYc\YcdTQdUT#!=QbSX!)"!Q^TQTTbUccUTd_
6G=eb^QeYcXU\Td_WUdXUbgYdXQS_`i_VdXUcSbUU^`\QiY^dXU
TYbUSd_bµcUcdQdU=eb^Qe]QTU]Q^i^_dUc_^dXU\YcdbUWQbTY^W
SXQ^WUcY^dXUY^dUbdYd\UcDXU2bQjY\YQ^`bY^dT_Uc^_ddQ[UdXUcU
SXQ^WUcY^d_QSS_e^d]UQ^Y^WdXQddXU\YcdTQdUT#!=QbSXgQc
S_^cYTUbUTTUVY^YdYfURidXU`b_TeSUbQ^TgQcecUTd_SeddXU
_bYWY^Q\^UWQdYfUDXUY^dUbdYd\UcgUbU]Qb[UT_^dXU^UWQdYfUY^
Y^[_^cSbQdSXUTVbQ]Ucd_Y^TYSQdUgXUbUd_SedY^dXUY^dUbdYd\Uc
`b_TeSUT Y^ dXU fQbY_ec \Q^WeQWUc Ri dXU TYcdbYRed_bc Y^ UQSX
S_e^dbiDXUVY\]gQccSbUU^UTZecdQVUgTQic\QdUbY^2Ub\Y^_^
'1`bY\!)"!QVdUb_RdQY^Y^WYdcSU^c_bcXY`SUbdYVYSQdUV_ebTQic
QVdUbdXUTQdU_VdXU\YcdXU^SU_^1`bY\$dXGUSQ^dXecTUTeSU
dXQddXUVY\]gQccX_g^gYdXdXUY^dUbdYd\Uc_^dXU\YcdRUSQecUdXUbU
g_e\T^_dXQfURUU^dY]Ud_SXQ^WUdXU]
8_gUfUb Y^ dXU `bUcUbfUT _bYWY^Q\ ^UWQdYfU gU V_e^T _bYWY^Q\
V\QcXdYd\UcgYdXdXU4US\Q2Y_cS_`\_W_gXYSXcX_gUTdXQdc_]U
_VdXUSXQ^WUcVb_]=eb^QeµcQ^^_dQdUT\YcdXQTRUU^]QTUQc
gU\\QcVebdXUb]_TYVYSQdY_^cceSXQcS_]RY^Y^Wdg_Y^dUbdYd\UcY^d_
_^U9^dXUcUSQcUcgU^_dUTdXQdY^`\QSU_VdXUcUS_^TRi^_g
ecU\UccY^dUbdYd\UQcSbQdSXUTVbQ]UYccdY\\`bUcU^dgYdXdXUdUhd_V
dXUUQb\YUbY^dUbdYd\UgbYddU^Y^Y^[DXYcVbQ]UYcbUTY^S_\_bc_dXQd
Ydg_e\TRUfYcYR\UTebY^W`bY^dY^WGUdXecTUTeSUTdXQd_^\i_^U
_bYWY^Q\^UWQdYfU_VdXUVY\]UhYcdUTgXYSXgQcecUTd_`bY^dR_dX
dXU7Ub]Q^fUbcY_^gYdXdXUS_bbUSdUTY^dUbdYd\UcQcgU\\QcdXU
S_`YUcTUcdY^UTV_bV_bUYW^TYcdbYRedY_^dXQdecUTdXUY^dUbdYd\Uc
Vb_]dXUVYbcddYd\U\Ycd
2i dXU dY]U gU bUSUYfUT Yd dXU ^UWQdYfU XQT e^TUbW_^U ]eSX
]Q^Y`e\QdY_^Q^TbUUTYdY^WTebY^WdXUdgU^dYUcQ^TdXYbdYUcQ^T
\QdUbY^BeccYQgXUbUdXUV\QcXdYd\UcgUbUbU`\QSUTgYdXBeccYQ^
Y^dUbdYd\Uc Q^T dXU^ `bUcUbfUT Y^ Q cU`QbQdU VY\] SQ^ ?fUb dXU
S_ebcU_VdXUcUSXQ^WUcQR_eddXYbdiY^dUbdYd\UcgUbU\_cdgXYSX
gUbU`b_TeSUTRQcUT_^dXUcSbY`dQ^TdXU_bYWY^Q\dYd\U\YcdGU
Y]YdQdUT dXU cdi\U _V gbYdY^W ecUT Qd dXQd dY]U Red gU `ed dXU
QSb_^i] 6G=C 6bYUTbYSX GY\XU\] =eb^Qe CdYVde^W Y^ _^U
S_b^Ub c_ dXUi g_e\T RU UQci d_ TYcdY^WeYcX Vb_] dXU _bYWY^Q\
Y^dUbdYd\UcDXU`bUcU^SU_V]Q^i_VdXUcUY^dUbdYd\UcY^@_bdeWeUcU
Y^dXU2bQjY\YQ^`bY^dVQSY\YdQdUT\_SQdY_^_VdXUYbUhQSd`\QSU]U^d
9^ dXU 2bQjY\YQ^ `bY^d gU Q\c_ V_e^T Q cSU^U dXQd gQc ]YccY^W
Vb_]dXU_bYWY^Q\^UWQdYfUgXYSXgQc_dXUbgYcUS_]`\UdUDXYc
bUcd_bUTfUbcY_^_VCSX\_ccF_WU\‰TQ\\_gcecd_cUUdXUVY\]V_b
dXUVYbcddY]UgYdXQ\\dXUY^dUbdYd\UcQ^TgYdXdXU_bYWY^Q\S_\_b
<eSYQ^_2UbbYQd‹Q3Q]Y\\U2\_dGU\\U^c
?70=C><*HUPDQLD5HJLD)ULHGULFK:LOKHOP0XUQDX
Ŷ6FHQ7KHD9RQ+DUERX+DQV+HLQULFKYRQ7ZDUGRZVNLQRQDFFUGDOURPDQ]RGL*HUKDUW+DXSWPDQQ)$[HO*UDDWNMDHU2S7KHRSKDQ2XFKDNRII6FJI+HUPDQQ:DUP(ULFK
&]HUZRQVNL&RVW9DOO\5HLQHFNH0X/HR6SLHVV(UQVW.UHQHN,QW$OIUHG$EHO/RUHQ]/XERWD)ULGD5LFKDUGVXDPDGUH$XG(JHGH1LVVHQ0HODQLHVXDVRUHOOD+DQV+HLQULFK
YRQ7ZDUGRZVNL+XJRXQIUDWHOORPLQRUH.DUO(WOLQJHU6WDUNHPDVWURULOHJDWRUH/LO'DJRYHU0DULHVXDILJOLD*UHWH%HUJHU)UDX6FKZDEH$QWRQ(GWKRIHU:LJRWWVFKLQVNL,OND
*UQLQJ%DURQHVVD/\DGH3XWWL0HOLWWDVXDILJOLD$GROI.OHLQ+DUODQPHUFDQWHGLIHUUDJOLH2OJD(QJOVXDPRJOLH+HLQULFK:LWWHIX]LRQDULR:LOKHOP'LHJHOPDQQ(GXDUG
YRQ:LQWHUVWHLQ$UQROG.RUII3URG8FR)LOPSHU'HFOD%LRVFRSŶPP/P'·DIV'LGDVFDOLHWHGHVFKH*HUPDQLQWHUWLWOHVŶ'D0XUQDX6WLIWXQJ
@XQ^d_]`b_T_dd_TQYVbQdU\\YE\\cdUY^`Ub\Q4US\Q2Y_cS_`^U\
!)""S_]U_]QWWY_Q\\_cSbYdd_bU7UbXQbd8Qe`d]Q^^Y^_SSQcY_
^UTU\ce_cUccQ^dUcY]_S_]`\UQ^^_VeTYbUdd_TQ6G=eb^Qe
UcSU^UWWYQd_TQDXUQF_^8QbR_e4YaeUcd_VY\]cYS_^cUbfQ
c_\dQ^d_Y\^UWQdYf__bYWY^Q\UQ``QbU^dU]U^dUS_]`\Ud_Y\aeQ\U
Y^S\eTUaeQ\SXUV_d_WbQ]]QTU\\Q]QWWY_b`QbdUTU\\UTYTQcSQ\YU
_bYWY^Q\Y>_^bYce\dQ^T_S_^cUbfQd_Y\fYcd_TYSU^cebQ\UTYTQcSQ
\YU`UbTedUc_^_cdQdUbYS_cdbeYdUce\\QRQcUTU\\QcSU^UWWYQdebQ
_bYWY^Q\U5ccQS_]`bU^TUfQe^Re_^^e]Ub_TYTYTQcSQ\YUSXU
cQbURRUb_cdQdUU\Y]Y^QdUTebQ^dU\Q`bU`QbQjY_^UTU\\Q\YcdQVY^Q\U
`UbY\VY\]DeddQfYQWbQjYUQe^QbUSU^cY_^UTµU`_SQQRRYQ]_`_
ded_QSSUbdQbU\Q`bUcU^jQ^U\\US_`YUTYQ\\_bQTYfQbYUTYTQcSQ\YU
`bUcU^dY^U\\QcSU^UWWYQdebQ]Q_WWYcS_]`QbcUTQ\^UWQdYf_Ä
Y\SQc_TYQ\Se^UTYTQcSQ\YUSXUc_dd_\Y^UQ^_Y\S\Y]QhTbQ]]QdYS_
TU\\QfYSU^TQWY_b^_`UbWY_b^_<Q`bY]QTYUccU°²4UbdQe]U\^TU
DQW³²9\WY_b^_TU\\QfUbdYWY^U³°~SYdQdQY^e^QbdYS_\_TY2}\Q
@XQ^d_]gQc`b_TeSUTRidXUE\\cdUY^Rb_dXUbcY^!)""V_b4US\Q
2Y_cS_`QcQdbYRedUd_gbYdUb7UbXQbd8Qe`d]Q^^_^dXU_SSQcY_^
_VXYccYhdYUdXRYbdXTQiDXUVY\]gQcTYbUSdUTRi6G=eb^QeQ^T
cSbY`dUTRiDXUQF_^8QbR_e?^\idXU_bYWY^Q\^UWQdYfU_VdXYc
VY\] gQc `bUcUbfUT 1``QbU^d\i S_]`\UdU Yd Y^S\eTUc cUfUbQ\
VbQ]Uc_V]_cd_VdXU_bYWY^Q\Y^dUbdYd\Uc1cdXUSU^c_bcXY`SQbTc
^_\_^WUbUhYcddXU]YccY^WY^dUbdYd\UcgUbUbUS_^cdbeSdUTVb_]dXU
_bYWY^Q\cSbUU^`\QigXYSXS_^dQY^UTQW__T^e]RUb_VY^dUbdYd\Uc
dXQdgUbU\QdUbU\Y]Y^QdUTTebY^W`bU`QbQdY_^_VdXUVY^Q\\YcdV_b
dXUVY\]>_^UdXU\UccQbUfYUgVb_]dXUUbQQ\\_gUTecd_S_^VYb]
dXQdfQbY_ecY^dUbdYd\UcdXQdQbU`bUcU^dY^dXUcSbUU^`\QiRed^_g
]YccY^W Vb_] dXU ^UWQdYfU gUbU `bUcU^d Y^ dXU _bYWY^Q\ bU\UQcU
`bY^dc DXYc Yc dXU SQcU V_b cUfUbQ\ Y^dUbdYd\Uc dXQd XYWX\YWXd dXU
TbQ]QdYSS\Y]Qh_VdXUUfU^dcTQiRiTQiDXUVYbcd_VdXU]²4Ub
dQe]U\^TUDQW³²DXUTQi_VTYjjY^Uccª³°Yc]U^dY_^UTY^Q^
QbdYS\URi2}\Q2Q\vjcY^²4UbDQW³FYU^^Q" $!)"#dXecgU
'#
4?CC95B=EB>1E
`UbSeYcY`e‡TUTebbUSXUUcc_fU^^U`bUcU^dQd_S_^\UTYTQcSQ\YU
TU\\Q\YcdQ`_YSX}^_^SYVeY\dU]`_]QdUbYQ\UTYSQ]RYQb\U
>U\^UWQdYf__bYWY^Q\US_^cUbfQd_deddQfYQQRRYQ]_bYcS_^dbQd_\Q
`bUcU^jQTYdYd_\YV\QcX_bYWY^Q\YS_^\QcYW\Q4US\Q2Y_cS_`^UYaeQ\Y
cY~Y^fUSUdU^ed_S_^d_TYQ\Se^UQ^^_dQjY_^YTY=eb^QebUQ\Yj
jQ^T_Q^SXUe\dUbY_bY]_TYVYSXUQf_\dUQSS_b`Q^T_TeUTYTQcSQ
\YUY^e^Qc_\Q9^aeUcdYSQcYQRRYQ]_`_ded__ccUbfQbUSXUQ\`_cd_
TU\\QcUS_^TQTYTQcSQ\YQ_b]QYY^edY\U~Q^S_bQ`bUcU^dUe^V_
d_WbQ]]QbQcSXYQd_S_^Y\dUcd_TU\\Q`bY]YdYfQTYTQcSQ\YQbY`_bdQd_
QY^SXY_cdb_AeUcd_V_d_WbQ]]Q~S_\_bQd_TYb_cc_`UbSX}bYce\dY
fYcYRY\UY^VQcUTYcdQ]`Q4QaeUcd_QRRYQ]_`_ded_TUTebbUSXU
~UcYcdYd_c_\dQ^d_e^^UWQdYf_TU\VY\]edY\YjjQd_cYQ`Ub\QfUbcY_^U
dUTUcSQS_^\UTYTQcSQ\YUS_bbUddUSXU`UbcdQ]`QbUS_`YUTUcdY
^QdUQ\\µUcdUb_S_^\UTYTQcSQ\YUTU\\Q`bY]QfUbcY_^U
9\^UWQdYf_TU\VY\]S_c‚S_]µ~WYe^d_Q^_YXQceRYd_TYfUbcYY^dUbfU^
dYUbY]_^dQWWY^UW\YQ^^Y´" U´# UceSSUccYfQ]U^dUY^BeccYQT_fU
YdYd_\YV\QcXfU^^Ub_c_cdYdeYdYTQTYTQcSQ\YUbeccUUS_^cUbfQdYY^e^Q
cSQd_\QQ`QbdU>U\S_bc_TYaeUcdYY^dUbfU^dYc_^_Q^TQdU`UbTedU
e^QdbU^dY^QTYTYTQcSQ\YUSXUQRRYQ]_bY`b_T_dd_ce\\QRQcUTU\\Q
cSU^UWWYQdebQUTU\\Q\YcdQTU\\UTYTQcSQ\YU_bYWY^Q\YY]YdQ^T_\QWbQ
VYSQTµU`_SQYTU^dYVYSQ^T_\U`Ub‡Y^e^Q^W_\_S_^\QcYW\Q6G=C
6bYUTbYSXGY\XU\]=eb^QeCdYVde^W`UbSX}bYce\dY^_VQSY\]U^dUbYS_
^_cSYRY\YU^_^fU^WQ^_S_^VecUS_^aeU\\U_bYWY^Q\Y<Q`bUcU^jQ
TY]_\dUTYaeUcdUTYTQcSQ\YUY^`_bd_WXUcU^U\\QS_`YQRbQcY\YQ^Q
XQ VQSY\YdQd_ Y\ \_b_ UcQdd_ `_cYjY_^Q]U^d_ >U\\Q S_`YQ RbQcY\YQ^Q
QRRYQ]_Q^SXUbYcS_^dbQd_\Q`bUcU^jQTYe^QcSU^Q]Q^SQ^dU^U\
^UWQdYf__bYWY^Q\USXU`UbY\bUcd_bYce\dQY^fUSUS_]`\Ud_>U\\QfUb
cY_^UbUcdQebQdQTYCSX\_ccF_WU\‰TfUTbU]_`Ub\Q`bY]Qf_\dQY\VY\]
S_]`\Ud_TYdeddU\UceUTYTQcSQ\YUUS_^\US_\_bQjY_^Y_bYWY^Q\Y
<eSYQ^_2UbbYQd‹Q3Q]Y\\U2\_dGU\\U^c
4?CC95B=EB>1E
2Q\vjcY^²4UbDQW³FYU^^Q" $!)"#`UbSeYQRRYQ]_ce``_cd_
SXUV_ccUb_`bUcU^dYQ^SXU\UTYTQcSQ\YU²4UbWbQeUDQW³U²4Ub
cSXgQbjUDQW³²9\WY_b^_WbYWY_³U²9\WY_b^_^Ub_³C_^_Y^_\dbUcdQdY
S_bbUddY`YSS_\YUbb_bYTY]_^dQWWY_S_]UQ\Se^US_TUTYcU`QbQ
jY_^UTUYbe\\Y]QYQc`_bdQdUUc_^_cdQdUbUY^cUbYdUQ\\_b_`_cd_
\UTeUcSU^UTY7UbXQbd8Qe`d]Q^^SXU`QccUWWYQ@Ub\Q`bY]Q
f_\dQc_^_cdQdUcdQ]`QdUS_`YUS_\_bQdUTU\VY\]bY`b_TeSU^T_^U
\US_\_bQjY_^Y_bYWY^Q\YbY`_bdQdUceQ\Se^YdYd_\YV\QcXQY^SXY_cdb__Q
]QdYdQY^]_T_Q``U^QfYcYRY\U`UbSeYVY^_Q_WWYUbQ^_`QccQdU
Y^_ccUbfQdU9^aeUcdUQ^^_dQjY_^YQ``QbYfQ^_Y^TYSQdYS_\_bYS_]UY\
fY_\Udd_\µQ]RbQ\µQbQ^SY_Y\fUbTUUY\RYQ^S_U^Ub_S_c‚S_]UT_`
`YUVVUddYaeQ\YY\b_cQb_cc__Y\R\efY_\Udd_`UbSeYQ``QbU^dU]U^dU
\QWQ]]QTU\\US_\_bQjY_^YUbQS_]`\UdQ<_cSQbc_^e]Ub_TYY^TY
SQjY_^YdeddQfYQ`_^UfQWbQfYTYVVYS_\dw^U\\_cdQRY\YbU\QS_\_bQjY_^U
TYdeddU\UcSU^U7\Ye^YSYY^TYjYceSeY`_dUfQ]_RQcQbSY`UbcdQRY
\YbUe^µY`_dUdYSQS_\_bQjY_^UTYdedd_Y\VY\]UbQ^_YfQbYdY`YTYWYe^dU
`bUcU^dY^U\^UWQdYf_YaeQ\YbYfU\QfQ^_\U]_TYVYSXUTY]_^dQWWY_
bUQ\YjjQdU^U\\UfQbYUU`_SXU9dY`YTYWYe^dU`bUcU^dYUbQ^_Q\]U^_
dbU*aeU\\U`YŒQ^dYSXUS_bbYc`_^TUfQ^_Q\]_^dQWWY__bYWY^Q\UTU\\Q
4US\Q2Y_cS_`bYcQ\U^dUQ\\µ_dd_RbUTU\!)""UQ\\UceSSUccYfUbUfY
cY_^YU]_TYVYSXUbUQ\YjjQdUTQ\\QE61^U\!)"#9^aeUcd_`UbY_T_
Y\^UWQdYf_UbQcU`QbQd_Y^cSU^U_`YSS_\YR\_SSXY_]_WU^UY`Ub
TU^cYdwTY\eSUUS_\_bQjY_^U9^e^QVQcU`_cdUbY_bUfUbc_Y\!)# \Q
E61bY]_^d‡Y\VY\]Y^be\\YTYdbUSU^d_]UdbYcUS_^T_\QceQS_^dY^eYdw
\_WYSQedY\YjjQ^T_e^TYfUbc_dY`_TYWYe^dQ@UbaeUcd_]_dYf_deddU
\UcSU^USXUc_^_QbbYfQdUVY^_Q^_Ye^YdUdbQ]YdUY\cYcdU]QTYWYe^dU
`YŒQ^dYS_T_fUfQ^_^USUccQbYQ]U^dU`bUcU^dQbU\Q]UTUcY]QS_
\_bQjY_^U9^aeUcd_]_T_QRRYQ]_`_ded_cdQRY\YbUSXUcYQW\YY^dUb^Y
SXUW\YUcdUb^Y^U\\Q`QbdUVY^Q\UTU\VY\]UbQ^_S_\_bQdYTYfUbTU_SXU
W\YUcdUb^YWY_b^_U\UcSU^UTU\\Q\YRbUbYQUbQ^_S_\_bQdUY^Q]RbQ
7\YY^dUb^Y^_ddUc_^_Y^fUSUY^RYQ^S_U^Ub_TQdQ\Q`bUcU^jQTY
Y^TYSQjY_^YY^aeUcd_cU^c_Y^e^Y^dUb^_^_ddUSXUTYWY_b^_Q``QbU
S_\_bQd_Y^QbQ^SY_9\R\e^_ddeb^_fYU^USXYQbQ]U^dUY^TYSQd_TQ\\Q
`bUcU^jQTYcSU^UTYUcdUb^Y^_ddUWYbQdUTYWY_b^_S_^Y\SYU\_SXYQb_
UTQ\\µUcYcdU^jQTYe^Y^dUb^_^_ddUSXU`bUcU^dQe^QTe`\YSUS_\_bQ
jY_^UR\efY_\Udd_]U^dbU\UcSU^UTYeb^Uc_^_c_\dQ^d_fY_\Udd_<Q
cS_]`QbcQTYaeUcd_VY\]`Ub`YŒTYdbU^dµQ^^YUY\ce_bUSe`Ub_^UW\Y
Q^^Y´& XQ^^_VQdd_c‚SXUY\^UWQdYf_QbbYfQccUQ^_YaeQcY`bYf_TY
Y^dUbfU^dYceSSUccYfYS_]e^aeUVQSY\]U^dUYTU^dYVYSQRY\YY^aeQ^d_
bUQ\YjjQdYS_^e^dUbj_dY`_TYWYe^dQ]_\d_TYfUbc_TQY`bUSUTU^dY
<eSYQ^_2UbbYQd‹Q3Q]Y\\U2\_dGU\\U^c
Y]QWY^UTdXQddXUY^dUbdYd\Uc²4UbWbQeUDQW³Q^T²4UbcSXgQbjU
DQW³ ²DXU WbQi TQi³ Q^T ²DXU R\QS[ TQi³ gUbU Q\c_ `bUcU^d
C]Q\\ UTYdY^W Ubb_bc gUbU S_bbUSdUT ceSX Qc \UQTUb ecUT d_
cU`QbQdUbUU\cgXYSXXQT^UfUbRUU^bU]_fUT`\ecdg_cX_dc
_V7UbXQbd8Qe`d]Q^^dQ[Y^WQgQ\[dXQdgUbU`edRQS[Y^dXU
bYWXd`\QSU6_bdXUVYbcddY]UcY^SU@XQ^d_]gQcbU\UQcUTQS_\_b
`bY^dgQc]QTUDXU_bYWY^Q\S_\_bgQcbU`b_TeSUTQSS_bTY^Wd_
Y^TYSQdY_^c_^c_]U_VdXUV\QcXdYd\UcgbYddU^Y^Y^[Q^T`U^SY\
dXQdgUbUc_XQbTd_cUUdXQde^dY\d_TQidXUiXQTW_^Ue^^_dYSUT
DXUcU^_dUcY^TYSQdUTdXUS_\_bc`eb`\UQ]RUb_bQ^WUWbUU^
Q^T R\QS[ Q^T gXYdU Qc gU\\ Qc dXU TeQ\ UVVUSdc `Y^[bUT Q^T
R\eU`eb`\U DXUbUV_bU dXU S_\_b bQ^WU cUU]UT S_]`\UdU DXU
c]Q\\^e]RUb_VY^TYSQdY_^c^_^UdXU\Ucc]QTUYdfUbiTYVVYSe\dd_
UcdQR\YcXdXUS_\_bV_bQ\\cSU^UcDXU_^\iXY^dcgUXQT_^gXYSX
d_RQcU_ebXi`_dXUcUcV_bdXUS_\_b_VdXUU^dYbUVY\]gUbUdXU
TYVVUbU^ddi`Uc_Vc`\YSUc`bUcU^dY^dXU^UWQdYfUgXYSXbUfUQ\UT
dXQdUTYdY^WSXQ^WUcXQTRUU^]QTUTebY^WfQbY_ecUbQcDXUbU
gUbUQd\UQcddXbUUdi`Uc_Vc`\YSUc*dXU_\TUcddi`US_bbUc`_^TUT
d_dXU_bYWY^Q\SedRi4US\Q2Y_cS_`Vb_]?Sd_RUb!)""Q^Td_\QdUb
bUfYcY_^cQ^TSXQ^WUc]QTURiE61Y^!)"#4ebY^WdXQd`UbY_T
dXU^UWQdYfUgQccU`QbQdUTY^d_cSU^Uc_bc]Q\\R\_S[cgXYSXXQT
dXUcQ]U\YWXdTU^cYdiQ^TS_\_b1dQ\QdUbcdQWUQb_e^T!)# E61bUUTYdUTdXUVY\]`eddY^WYdY^^QbbQdYfU_bTUb*YdgQcTYfYTUT
Y^d_# ]UdUbbUU\cecY^WQTYVVUbU^ddi`U_Vc`\YSU1cQbUce\dQ\\
dXUcSU^UcdXQdXQTdXU_\TUcddi`U_Vc`\YSU^USUccQbY\iXQTdXU
cQ]US_\_bcicdU]GUgUbUdXecQR\Ud_UcdQR\YcXdXQdR_dXdXU
Y^dUbY_bQ^TUhdUbY_bcX_dcY^dXUVY^Q\`Qbd_VdXUVY\]gUbUS_\_bUT
WbUU^Q^TdXQdTQidY]UUhdUbY_bcX_dcQcgU\\QcdXUcSU^UcY^
dXUR__[cd_bUgUbUS_\_bUTQ]RUb9^dUbY_b^YWXddY]UcX_dcgUbU
Y^cdUQTR\QS[Q^TgXYdUQSS_bTY^Wd_Y^TYSQdY_^c_^Q^Y^dUbY_b
^YWXddY]UcSU^UdXQdQ``UQbcY^_bQ^WUY^QTQidY]UcX_dDXU
^YWXddY]U R\eU Yc S\UQb\i Y^TYSQdUT Ri dXU `bUcU^SU _V UhdUbY_b
^YWXddY]UcSU^UcdXQdgUbUVY\]UTTebY^WdXUTQigYdXQ\YWXdc[i
Q^TRidXUUhYcdU^SU_VQ^Y^dUbY_b^YWXddY]UcSU^UgYdXdXUTeQ\
R\eU`eb`\U S_\_bY^W gXY\U dXU TQidY]U cSU^Uc `bUcU^dUT _^\i
`eb`\UDXUTYcQ``UQbQ^SU_VdXYcVY\]V_b_fUbdXYbdiiUQbcQ^TYdc
bUS_fUbiY^dXUcYhdYUc]UQ^ddXQddXU^UWQdYfUbUQSXUTecQ\]_cd
U^dYbU\iTUf_YT_VQ^iVebdXUb]Q^Y`e\QdY_^9^Q^iSQcUdXUVUg
\QdUbSXQ^WUcgUbUS\UQb\iYTU^dYVYQR\URiQdXYbTQ^TfUbiTYVVUbU^d
di`U_Vc`\YSU
<eSYQ^_2UbbYQd‹Q3Q]Y\\U2\_dGU\\U^c
BD=A8B4>DCC0:4B
BD=A8B40B>=6>5CF>7D<0=B86$5HJLD)ULHGULFK:LOKHOP0XUQDX
Ŷ6FHQ&DUO0D\HUGDOUDFFRQWR´'LH5HLVHQDFK7LOVLWµGL+HUPDQQ6XGHUPDQQ)&KDUOHV5RVKHU.DUO6WUXVV0+DUROG6FKXVWHU6FJI5RFKXV*OLHVH,QW*HRUJH2·%ULHQ
O·8RPR-DQHW*D\QRUOD'RQQD%RGLO5RVLQJOD5DJD]]D0DUJDUHW/LYLQJVWRQOD'RQQDGHOOD&LWWj3URG)R[)LOP&RUSRUDWLRQŶPP'·Ŷ'DWK&HQWXU\)R[
4YUSY]Y^edYTY_eddQ[Uc_bYWY^Q\YTYCe^bYcUc_^_cdQdYS_^cUbfQdYTQ\
]_^dQd_bUTY=eb^Qe8Qb_\TCSXecdUbC_^_cSU^U`b_fU^YU^dYTQ
`QbdYTYfUbcUTU\VY\]@Ub\_`YŒcYdbQddQTYe^µY^aeQTbQdebQQ\dUb^QdYfQ
`UbSYQcSe^QbY`bUcQDbQaeUcdU\Q`U\\YS_\QS_^dYU^UY\]QcdUbcU^jQ
dQW\YTU\\QcSU^QY^SeY\Q4_^^QTU\\Q3YddwSQ]]Y^QfUbc_\QSQcQ
TU\\µE_]_T_fUcYVUb]QUVYcSXYQ`UbVQb\_fU^YbUfUbc_TY\UYe^Q
fUbcY_^UQ\dUb^QdYfQTU\\QVQ]_cQSQbbU\\QdQTU\\µE_]_SXUcYVQcdbQTQ
'$
DU^ ]Y^edUc _V _bYWY^Q\ _eddQ[Uc Vb_] Ce^bYcU gUbU cQfUT Ri
=eb^Qeµc UTYd_b 8Qb_\T CSXecdUb DXUcU cX_dc S_]U Vb_]
fQbY_ec`Qbdc_VdXUVY\]eceQ\\i_^\i_^UQ\dUb^QdYfU`UbcX_d
DXUiY^S\eTUdXUe^SedS_]`\Uh]QcdUbcX_d_VdXU3YdiG_]Q^µc
gQ\[d_gQbTdXU=Q^µcX_]UgXUbUcXUcd_`cQ^TgXYcd\Ucd_
SQ\\XY]d_XUbQ^Q\dUb^QdUfUbcY_^_VdXUVQ]_ecdbQS[Y^WcX_d
QcdXU=Q^]Q[UcXYcgQidXb_eWXdXUcgQ]`d_gQbTdXU]__^\Yd
QddbQfUbc_\Q`Q\eTUfUbc_\Q4_^^QTU\\Q3YddwY\\e]Y^QdQTQ\\Q\e^QU
Q\dbUbY`bUcU`YŒ\e^WXUSXU^U\\QfUbcY_^UVY^Q\UTU\VY\]S_]`QY_^_
c_\_`Ub`_SXYcUS_^TY>U\\QcSU^QSYddQTY^QTU\bYcd_bQ^dU~`_ccYRY\U
fUTUbU=eb^Qe`UbaeQ\SXUYcdQ^dU]U^dbUTwY^TYSQjY_^YQW\YQdd_bY
:Q^Ud2UbWcdb_]
3YdiG_]Q^Q^T\_^WUbdQ[Uc_VcX_dcdXQdQ``UQbY^dXUVY^Q\
VY\]V_b_^\iQVUgcUS_^Tc9^dXUbUcdQebQ^dcSU^UY^dXUSYdi
gUSQ^cUU=eb^QeRbYUV\iRUV_bUdXUSQ]UbQWYfY^WTYbUSdY_^c
d_dXUQSd_bc
:Q^Ud2UbWcdb_]
C01D¯C0:4B>DCC0:4B
C01D86$5HJLD)ULHGULFK:LOKHOP0XUQDX
>U\!)'!Y\`b_Tedd_bU8eRUbdCSX_^WUbSUTUddUQ\\µ?UcdUbbUYSXY
cSXUc6Y\]]ecUe]_\dbU! ]UdbYTY]QdUbYQ\U^YdbQd_TYDQRe
TYSeY(
]UdbYTY^UWQdYf__bYWY^Q\UU!% TY`_cYdYf_QccYU]U
Q]QdUbYQ\U^UWQdYf_cfY\e``Qd_`bUcc_Y\\QR_bQd_bY_TY7U_bWU
2Q]RbYTWU Q @Q`UUdU AeUcdµe\dY]_ ]QdUbYQ\U ~ \e^W_ )% ]UdbYTYSeY% S_cdYdeYdYTQVbQ]]U^dYTY]_^dQWWY_U_eddQ[Uc
!
]UdbYTU\]QdUbYQ\US_^dU^W_^_bY`bUcUTYB_RUbd@\e]`U
^UWQdYf_U`_cYdYf__\dbUSXUe^QcUbYUTYVbQ]]U^dYQ^SXUc_^_bY
^_^QddbYReYRY\YQ=eb^Qe<µ?UcdUbbUYSXYcSXUc6Y\]]ecUe]U\Q
3Y^UdUSQ TY 2_\_W^Q cY c_^_ Qcce^dY \µY^SQbYS_ TY `bUcUbfQbU Y
]QdUbYQ\Y^UWQdYfY^YdbQd_TYFYU^^Q7bQjYUQaeUcd_Y^dUbfU^d_TY
SYbSQ]UdwTYaeUcd_]QdUbYQ\UY\\QR_bQd_bY_<µ9]]QWY^UBYdb_fQdQ
TY 2_\_W^Q XQ WYw `b_T_dd_ e^ `_cYdYf_ Y^dUb]UTY_ ce ce``_bd_
cQVUdi
5^^_@QdQ\QcY^²3Y^UWbQVYU³^!&" #
9^!)'!=e^YSX`b_TeSUb8eRUbdCSX_^WUbSUTUTd_dXU?UcdUbbUY
SXYcSXUc6Y\]]ecUe]_fUb! ]UdUbc_V^YdbQdU]QdUbYQ\Vb_]
DQRe(
]UdUbcgUbU_bYWY^Q\^UWQdYfUQ^TQR_ed!% gUbU
`_cYdYfU `bY^dc d_WUdXUb gYdX ^UWQdYfU ]QdUbYQ\ dXQd XQT RUU^
TUfU\_`UT Qd 7U_bWU 2Q]RbYTWUµc \QR_bQd_bi Y^ @Q`UUdU DXU
\QddUb]QdUbYQ\gQcRQbU\i)% ]UdUbcY^\U^WdX% _VgXYSX
S_^cYcdUT_VUTYdY^WcSbQ`cQ^T_eddQ[Uc1W__T!
]UdUbc_V
dXU]QdUbYQ\^UWQdYfUQ^T`_cYdYfUS_^dQY^cV__dQWURiB_RUbd
@\e]`UQ\_^WgYdXQcUbYUc_VY]QWUVbQW]U^dcgYdXc_e^T^_d
QddbYRedQR\Ud_=eb^QeDXU?UcdUbbUYSXYcSXUc6Y\]]ecUe]Q^T
dXU3Y^UdUSQTY2_\_W^Qd__[_^dXUbUc`_^cQRY\Ydi_V`bUcUbfY^W
dXU^YdbQdU^UWQdYfU]QdUbYQ\cVb_]FYU^^Q<µ9]]QWY^UBYdb_fQdQ
\QR_bQd_biY^2_\_W^QXQc`b_TeSUT²VY^UWbQY^³`_cYdYfUc_^cQVUdi
cd_S[_VQR_edXQ\V_VdXQd]QdUbYQ\
5^^_@QdQ\QcY^²3Y^UWbQVYU³^!&" #
<DA=0D´B±#34E8;B²)CA024B>50;>BC58;<86$5HJLD-DQHW%HUJVWURP
Ŷ%HWD63'·%Q&RO9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'DWK&HQWXU\)R[
Ŷ%DVDWRVX%DVHGRQ´'HYLOVµ86$5HJLD)ULHGULFK:LOKHOP0XUQDX6FHQ%HUWKROG9LHUWHO&DUO0D\HUQRQDFFU0DULRQ2UWKQRQDFFUGDOURPDQ]R´'HILUH'M YOHµ
GL+HUPDQ%DQJ)(UQHVW3DOPHU3DXO,YDQRQRQDFFU/:2·&RQQHOOQRQDFFU6FJI5REHUW+HUOWK:DOWHU5|KULJ0+DUROG6FKXVWHU,QW3ULPDSDUWH3DUW2QH-)DUUHOO
0F'RQDOGLOFORZQ$QGHUV5DQGROI&HFFKL-DFN3DUNHU&KDUOHV3KLOLSSHGH/DF\$GROI'DZQ2·'D\0DULRQ$QLWD)UHPDXOW/RXLVH6HFRQGDSDUWH3DUW7ZR-DQHW*D\QRU
0DULRQ&KDUOHV0RUWRQ&KDUOHV1DQF\'UH[HO/RXLVH%DUU\1RUWRQ$GROI0DU\'XQFDQOD6LJQRUD3URG)R[)LOP&RUSRUDWLRQ
$4UfY\c~e^_TUY²VY\]`UbTedY³`YŒVQ]_cYTYdeddYYdU]`YE^VY\]ce\
SYbS_Q]RYU^dQd_Q@QbYWYbUQ\YjjQd_TQ=eb^QeY^cUWeYd_QCe^
bYcUY\ce_]QWYcdbQ\UTURedd_Q]UbYSQ^_@UbaeQ^d_cYQe^VY\]
^_d_`Ub]_\dYTUSU^^Y^_^cU^U~`_ded_fUTUbU^U]]U^_e^
]Y^ed_^}TU\\QfUbcY_^U]edQ`bUcU^dQdQ^U\\µ_dd_RbUTU\!)"(
^}TYaeU\\Q`QbjYQ\]U^dUc_^_bQUS_^e^VY^Q\UTYfUbc_ecSYdQ
^U\WYeW^_TU\!)")UWYbQdQT_`_SXU=eb^QeQfUfQ\QcSYQd_\Q
6_h`UbbUSQbcYQDQXYdYS_^B_RUbd6\QXUbdiQbUQ\YjjQbUDQRe
CURRU^U^_^cYQ`_ccYRY\UfUTUbUY\VY\]fUb_U`b_`bY_aeUcd_
T_Se]U^d_QeTY_fYcYf_S_^dYU^Ue^QbYSSQT_Se]U^dQjY_^UbU\Q
dYfQQ\\Q`b_TejY_^UTU\VY\]UQ\\µQSS_W\YU^jQSXUXQY^S_^dbQd_
6_d_WbQVYU R_jjUddY UcdbQddY TU\ S_`Y_^U `b_WUddY cSU^_WbQVYSY
`b_WbQ]]Y bUc`_^cY QY aeUcdY_^QbY TU\\U Q^dU`bY]U ]U]_bYU
U]QdUbYQ\YTYe^_TUW\YQbdYcdY`YŒVQ]_cY^U\\Qcd_bYQTU\SYbS_Y\
dbQ`UjYcdQ1\VbUT_3_T_^QSXUXQbUSYdQd_S_]US_^db_VYWebQ`Ub
Y\`UbYS_\_c_dbY`\_cQ\d_]_bdQ\UUXQ\Qf_bQd_QccYU]UQW\YQdd_bY
TYbUddYTQ=eb^QeAeUcdYVbQ]]U^dYSYQYedQ^_QTQffYSY^QbSYQ\
]_^T_TUcSbYdd_^U\VY\]UQ\\µUc`UbYU^jQfYccedQTQ=eb^Qe
:Q^Ud2UbWcdb_]
$ 4UfY\c Yc _^U _V dXU ]_cd VQ]_ec ²\_cd VY\]c³ _V Q\\ dY]U 1
SYbSecVY\]cUdY^@QbYcYdgQc7Ub]Q^TYbUSd_b6G=eb^Qeµc
V_\\_ge`d_XYc1]UbYSQ^TUReddXU]QcdUb`YUSUCe^bYcU1c
VQbQcgU[^_g^_dUfU^Q]Y^edU_VdXUY^dbYWeY^W$4UfY\cXQc
RUU^cUU^V_b]Q^iTUSQTUc°^UYdXUbdXUcY\U^dfUbcY_^dXQd
`bU]YUbUTY^?Sd_RUb!)"(^_bdXU`QbddQ\[Y^WfUbcY_^gYdXQ
TYVVUbU^dU^TY^WdXQd_`U^UTY^:e^U!)")cX_dQVdUb=eb^Qe
XQT \UVd 6_h V_b DQXYdY gYdX B_RUbd 6\QXUbdi d_ ]Q[U DQRe
1\dX_eWXgUQbU^_dQR\Ud_cUUdXUVY\]YdcU\VdXYcQeTY_fYceQ\
UccQi`bUcU^dcbYSX]QdUbYQ\cT_Se]U^dY^WYdc`b_TeSdY_^Q^T
bUSU`dY_^`X_d_WbQ`XcTbQgY^WccSbY`dUhSUb`dcQbSXYdUSdebQ\
`\Q^c`b_WbQ]cbUc`_^cUcd_`bUfYUgaeUcdY_^^QYbUc]U]_Ybc
Q^TU\U]U^dcVb_]SYbSecXYcd_biµcVQ]UTdbQ`UjUQbdYcd1\VbUT_
3_T_^QgX_`UbV_b]UTXYcTQ^WUb_ecdbY`\Uc_]UbcQe\dQcQ
cde^dT_eR\UQ^Tg_b[UTgYdX=eb^QeµcQSd_bcDXUcUdbQSUc
XU\` RbY^W ec S\_cUb d_ dXU g_b\T _V dXU VY\] Q^T d_ =eb^Qeµc
Uh`UbYU^SU
:Q^Ud2UbWcdb_]
'%
4?CC95B=EB>1E
Ŷ6FHQ)ULHGULFK:LOKHOP0XUQDX5REHUW-)ODKHUW\))OR\G&URVE\5REHUW-)ODKHUW\$VV5:LOOLDP%DPEULGJH,QW5HUL>$QQD&KHYDOLHU@ODUDJD]]D0DWDKLLOUDJD]]R+LWX
LOYHFFKLRFDSRWULE-HDQ:LOOLDP%DPEULGJHLOSROL]LRWWR-XOHVLOFDSLWDQR.RQJ$KLOFLQHVH3URG0XUQDX)ODKHUW\3URGXFWLRQŶPP/P'·DIVŶ'D
&LQHWHFDGHO&RPXQHGL%RORJQDH2HVWHUUHLFKLVFKHV)LOPPXVHXP
3>BB84AB4A64949I4=äC49=
@b_WbQ]]QUdUcdYSebQTY>QdQ\YQ>_eccY^_fQ
Y^S_\\QR_bQjY_^US_^7_cVY\]_V_^T
<Q`b_`_cdQTYTQbUfYdQQaeUcd_`b_WbQ]]QTYbQbYdwTY5ZjU^ådUZ^
`b_fYU^UTQ@UdUbf_^2QWX<QbYSUbSQSXUX_UVVUddeQd_Q\7_cVY\
]_V_^T^_^cQbURRU]QYcdQdQ`_ccYRY\UcU^jQY`bUjY_cYS_^cYW\Y
\µQYed_U\QWU^Ub_cYdwTYF\QTY]Yb4]YdbYUfUFQ\UbYZ2_ccU^[_8_
`U^cQd_SXUY\S_^dbYRed_`YŒ`bUjY_c_QfbURRU`_ded_UccUbUaeU\
\_TY>Qe];\UY]Q^TYbUdd_bUTU\=ecU_TU\3Y^U]QTY=_cSQ
cd_bYS_TU\SY^U]Qc`USYQ\YcdQTY5ZjU^ådUZ^UQ^SXUUhY]`YUWQd_
TU\7_cVY\]_V_^TT_fUXQ\Qf_bQd_Y^WY_fU^dŒUT_fUcY~]_\d_
Y]`UW^Qd_ ^U\\Q S_^cUbfQjY_^U U ^U\\µQbbYSSXY]U^d_ TU\ V_^T_
5ZjU^ådUZ^<_QRRYQ]_Y^S_^dbQd_^U\\QVQ]_cQ²C]_\U^c[QYQ³Y\
WQRY^Udd_]U]_bYQ\UTY5ZjU^ådUZ^
@b_WbQ]Q^TdUhdc`bU`QbUTRi>QdQ\YQ>_eccY^_fQ
Y^S_\\QR_bQdY_^gYdX7_cVY\]_V_^T
DXUbUaeUcdd_WYfU\YVUd_Q`b_WbQ]_V5YcU^cdUY^bQbYdYUcSQ]UVb_]
@UdUbf_^2QWX=ibUcUQbSXQd7_cVY\]_V_^Tg_e\T^UfUbXQfU
RUU^`_ccYR\UgYdX_eddXU`bUSY_ecQTfYSUXU\`Q^TWU^Ub_cYdi
_V F\QTY]Yb 4]YdbYUf Q^T FQ\UbYZ 2_ccU^[_ 9 VU\d dXQd dXU ]_cd
Y]`_bdQ^dS_^dbYRedY_^g_e\TS_]UVb_]>Qe];\UY]Q^TYbUSd_b
_VdXU3Y^U]Q=ecUe]Y^=_cS_gVY\]XYcd_bYQ^c`USYQ\YjUTY^
5YcU^cdUY^Q^TQV_b]UbU]`\_iUU_VdXU7_cVY\]_V_^TgXUbU
XU g_b[UT TebY^W XYc i_edX cdb_^W\i S_]]YddUT d_ `bUcUbfY^W
Q^TU^bYSXY^WdXU5YcU^cdUY^S_\\USdY_^GU]UdY^dXUVQ]_ec
²C]_\U^c[QYQ³_b5YcU^cdUY^]U]_bYQ\QbSXYfU
4;34B0BCA44=>0G0200HVVLFR
4?CC95B5:J5>äD5:>
ŶPP'···DIV9HUVLRQHVSDJQROD6SDQLVKYHUVLRQŶ'D*RVILOPRIRQG
=Pd\ :[TX\P]* CUS_^T_ 5ZjU^ådUZ^ Y\ dUbbU]_d_ Q ?QhQSQ
QffU^^U ^U\ !)# aeQ^T_ \eY U DYcc} cdQfQ^_ WYbQ^T_ Q 3Yddw
TU\=UccYS_6e\_b_SXYUcd_TYbUQ\YjjQbUaeUcd_T_Se]U^dQbY_
`QbdYb_^_Y]]UTYQdQ]U^dUVUSUb_TU\\UbY`bUcU`bY]QTQ\\µQUbU_
`_Yce\\e_W_4_`_TeUWY_b^YY\VY\]ecS‚^U\\UcQ\U
>Qe];\UY]Q^*5YcU^cdUY^cQYTdXQdXUQ^TDYcc}gUbUcX__dY^W
Y^=UhYS_3YdigXU^dXUUQbdXaeQ[UXYd?QhQSQY^!)# DXUigUbU
Qc[UTd_]Q[UdXUT_Se]U^dQbic_dXUi\UVdY]]UTYQdU\icX__dY^W
VYbcdVb_]dXU`\Q^UQ^TdXU^_^cYdUDXUVY\]gQcbU\UQcUTY^
dXUQdUbcdg_TQic\QdUb
E4BÂ;H4A4190C085665HJLD*ULJRULM$OH[DQGURY
Ŷ7LW´7XWWRLOPRQGRULGHµ´7KH:RUOGLV/DXJKLQJµ6FHQ9ODGLPLU0DVV1LNRODM(UGPDQ*ULJRULM$OH[DQGURY)9ODGLPLU1LO·VHQ0X,VDDN'XQDHYVNLM6FJI$OHNVDQGU8WNLQ
,QW2XWHVVRY/MXED2UORYD0DULD6WUHONRYD/HRQLG/LWLRVRY(7MDSNLQD3URG0RVNLQRNRPELQDW
4_Xb^SX^SXaTcc^SPB<4YiT]åcTY]5`Yc_TUTYbUSdUTRiC=5YcU^cdUY^
ŶPP'···DIV9HUVLRQHUXVVD5XVVLDQYHUVLRQŶ'D*RVILOPRIRQG
=:*AeQ^T_5ZjU^ådUZ^U\QceQdb_e`UbYU^dbQb_^_Y^EBCCVe
\_b_TUdd_eVVYSYQ\]U^dUSXUUbQY\]_]U^d_TYWYbQbUTU\\US_]
]UTYU1\\_bQ1\UhQ^Tb_fcY]YcUQ`bU`QbQbU\Q²S_]]UTYQZQjj³
FUc€\iUBURZQdQU5ZjU^ådUZ^S_]Y^SY‡Q\Qf_bQbUQ\ce_`b_WUdd_
===SXUY^cUWeYd_Y^dUbbe``U9^aeU\]_]U^d_YTeU^_^
UbQ^_Q^S_bQQYVUbbYS_bdYcYQYedQfQ^_QfYSU^TQ1\UhQ^Tb_fSUb
SQfQW\YQdd_bY`UbY\VY\]TY5ZjU^åUZ^SXU`UbbYSQ]RYQbUY\VQf_bU
QYedQfQ1\UhQ^Tb_f^U\T}S_e`QWUTYFUc€\iUBURZQdQ*Ve\eYQ
Y^fU^dQbUaeUW\YcdbQ^Ycdbe]U^dY]ecYSQ\YUQbUQ\YjjQbUaeUcd_
U`Yc_TY_5`_Y5ZjU^ådUZ^QfUfQe^Qc_bdQTY²S_]`\Ucc_`QdUb
^_³cYS_]`_bdQfQTQ²Re_^`Q`w³fUbc_deddYaeUcdY²RQ]RY^Y³
Qdd_bY_QccYcdU^dYSXUQYedQfQQTYfU^dQbUSY^UQcdY
>QdQ\YQ >_eccY^_fQ* 3Y‡ SXU ]Y cU]RbQ cSQ^TQ\_c_ ~ SXU
1\UhQ^Tb_f^_^QRRYQ]QYbYfU\Qd_SXUaeUcd_U`Yc_TY_^_^UbQ
cdQd_WYbQd_TQ\eYCUS_^T_Y\ce_RY_WbQV_=Qb[;eSX^Yb_fSXU
YW^_bQY\VQdd_*aeY^TYTQffUb_^_^~]QYcdQd_bQSS_^dQd_1\UhQ^
Tb_fVec`Ucc_bY]`b_fUbQd_TQYSbYdYSYTYQfUbbUQ\YjjQd_aeUcdQ
cSU^Qdb_``_Q\\µQ]UbYSQ^QÄcdQdQS_^cYTUbQdQS_]U\µY]YdQjY_^U
TYDXU2Qdd\Y^W?bY_\cTYDUTGY\TU6bUT7eY_\!)"$1\\QVY^U\_
cQ\f‡CdQ\Y^SXUQT_bQfQfUTUbUS_]USYcYc`QSSQ\QdUcdQ^UY
'&
>;*GXU^5YcU^cdUY^Q^TXYcSbUgbUdeb^UTd_dXUECCBdXUi
gUbU_VVYSYQ\\id_\TYdgQcdY]Ud_]Q[Uc_]US_]UTYUc1\UhQ^Tb_f
dXecRUWQ^`bU`QbY^WXYc²ZQjjS_]UTi³FUc€\iUBURZQdQ²DXU
G_b\TYc<QeWXY^W³Q^T5YcU^cdUY^RUWQ^g_b[Y^W_^XYc===
`b_ZUSdgXYSXXU\QdUbY^dUbbe`dUT1ddXQddY]UdXUdg_XQT^_dQc
iUdXQTdXUYbVQ\\Y^W_edc_dXUiXU\`UT_^UQ^_dXUb1\UhQ^Tb_f
cUQbSXUT V_b dXU QSd_bc V_b 5YcU^cdUY^µc VY\] Q^T Y^ UhSXQ^WU
5YcU^cdUY^XU\`UT1\UhQ^Tb_fUTYdFUc€\iUBURZQdQ*Y^TUUTYdgQc
5YcU^cdUY^gX_Y^fU^dUTdX_cUcdbQ^WU]ecYSQ\Y^cdbe]U^dcQ^T
]QTUdXQdU`Yc_TU5YcU^cdUY^Q\c_XQTQc_bd_V²`QdUb^Q\S_]`\Uh³
dXQd\UTXY]d_RUXQfU\Y[UQ²W__TVQdXUb³d_Q\\XYc²SXY\TbU^³_bdXU
QSd_bcQ^TQccYcdQ^dcgX_]XUXU\`UTd_RUS_]UTYbUSd_bc
>QdQ\YQ >_eccY^_fQ* GXQd cUU]c _edbQWU_ec d_ ]U Yc dXQd
1\UhQ^Tb_f ^UfUb bUfUQ\UT dXU VQSd dXQd XU TYT^µd ]Q[U dXU
U`Yc_TU 1SS_bTY^W d_ XYc RY_WbQ`XUb =Qb[ ;eSX^Yb_f gX_
YW^_bUcdXUVQSdc_YdXQcdbe\i^UfUbRUU^d_\T1\UhQ^Tb_fgQc
_VdU^bURe[UTRiSbYdYScV_bT_Y^WdXUcSU^UY^d__1]UbYSQ^Q
cdi\U9dgQcS_^cYTUbUTd_RUQ^Y]YdQdY_^_VDXU2Qdd\Y^W?bY_\c
RiDUTGY\TQ^T6bUT7eY_\!)"$CdQ\Y^gX_\_fUTd_gQdSX
X_gdXUXUQTcSbQS[UTY^dXUVY\]RQ\UTXY]_edY^dXUU^T2ed
VY\]=Q1\UhQ^Tb_f`b_RQRY\]U^dU`bUVUbYfQQfUbUWeQYYTU_\_WYSY
Y^aeQ^d_SY^UQcdQVY\__SSYTU^dQ\UUS_c]_`_\YdQSXUbYVYedQbUW\Y
Q\\_bYbYSUfedYY^bUWQ\_TQ5ZjU^ådUZ^
1\UhQ^Tb_f`b_RQR\i`bUVUbbUTdXUYTU_\_WYSQ\db_eR\Uc_VRUY^WQ
GUcdUb^_bYU^dUTS_c]_`_\YdQ^VY\]]Q[Ubd_bUVecY^WdXUX_^_bc
WYfU^VbUU\id_XY]Ri5YcU^cdUY^
64=4A0;´=090;8=890BC0A>48=>E>4)83D458=0;8C74CF>;0BCB24=4B
64=4A0;´=090;8=89085665HJLD6HUJHM0(M]HQåWHMQ*ULJRULM$OH[DQGURY
Ŷ7LW´/DOLQHDJHQHUDOHµ6FHQ6HUJHM0(M]HQåWHMQ*ULJRULM$OH[DQGURY)(GXDUG7LVVp3URG6RYNLQRŶPP'·DIV%Q'LGDVFDOLHUXVVH5XVVLDQLQWHUWLWOHVŶ'D
*RVILOPRIRQG
BC0A>48=>E>485665HJLD6HUJHM0(M]HQåWHMQ*ULJRULM$OH[DQGURY
=:*<Q`bY]QfUbcY_^UTU\VY\]aeU\\QY^SeYSµ~Y\SQb_cU\\_TUY
dbQdd_bY U \µY^S_^db_ VbQ =QbVQ dbQdd_bYcdQ ]_TUb^Q U Y\ bQWQjj_
\µUhdbQdd_bYcdQVe`b_YRYdQTQ\\QSU^cebQ5ZjU^ådUZ^U1\UhQ^Tb_f
Veb_^_ S_^f_SQdY Q\ 3bU]\Y^_ CdQ\Y^ VUSU dedd_ e^_ c`UddQS_\_
VY^WU^T_TY]UddUbcYTQ`QbdUU\QcSYQ^T_SXU=_\_d_fUF_b_SXY
\_fSbYdYSQccUb_Y\VY\]6eCdQ\Y^Qdb_fQbUe^Q\db_dYd_\_*CdQb_UY
^_f_U9\fUSSXY_UY\^e_f_5Y]`_cUQ^SXU\UbY`bUcUTU\VY^Q\U
`QdUdYS_e^U`Yc_TY_Y^dYd_\Qd_²<µQccQ\d_Q\\QdUbbQ³Y^SeYQ``e^d_
YdbQdd_bY`bU^T_^_TµQccQ\d_\QdUbbQDedd_SY‡VeVY\]Qd_^U\c_f[_jU
²7YWQ^d³Y\WYWQ^dU4YaeUcdQfUbcY_^US_^_cSUf_c_\_\QTUcSbY
jY_^UE^WY_b^_^UW\YQ^^Yµ& TebQ^dUe^S_^WbUcc_TU\\Q6916Q
=_cSQY^S_^dbQY:QSaeUc<UT_ehSXU]YTYccUSXUY^2U\WY_`_c
cUTUfQ^_e^QS_`YQS_^dU^U^dU²<µQccQ\d_TU\\QdUbbQ³TYcdbYReYdQ
^U\\_b_`QUcU<QVQSU]]_aeY^TYQbbYfQbUTQ^_YUecQ^T_\UTeU
S_`YU^U_ddU^U]]_e^QS_]`\UdQCY`_^U_bQ\QT_]Q^TQ*\Q
S_`YQbeccQ_bYWY^Q\UQfUfQ\_cdUcc_]_^dQWWY_TYaeU\\QRU\WQ/Ä
`_ccYRY\USXUYRU\WYQRRYQ^_SQ]RYQd_Y\]_^dQWWY_/<Q\YcdQTU\\U
TYTQcSQ\YU^_^fYU^UY^QYed_fYcd_SXU5ZjU^ådUZ^^U\µ"(UbQWYw
ce\`e^d_TY`QbdYbUU`bQdYSQ]U^dUXQ\QcSYQd_aeUcd_Qc`Udd_Y^
]Q^_Q\dbeY<QTYVVUbU^jQUccU^jYQ\UdbQ\UTYTQcSQ\YU^U\\UTeU
fUbcY_^YcdQY^aeUcd_*Y^7U^UbQ\µ^QZQ\Y^YZQ<Q\Y^UQWU^UbQ\UcY
`Qb\QTYe^QS__`UbQdYfQaeY^TY\Q`b_`bYUdw~S_\\UddYfQ]U^dbUY^
CdQb_UY^_f_UaeUcdQ~bY]`YQjjQdQTQ\[_\SX_jY\SXUcYW^YVYSQ
SXU\Q`b_`bYUdw^_^Q``QbdYU^U`YŒQYS_^dQTY^Y
>;*DXUVYbcdfUbcY_^_VdXUVY\]dXU_^UgYdXdXU`QbQTU_VdbQSd_bc
Q^T dXU ]UUdY^W RUdgUU^ ]_TUb^ dbQSd_b TbYfUb =QbVQ Q^T dXU
R_i gX_µc Q V_b]Ub dbQSd_b TbYfUb gQc RQ^^UT Ri dXU SU^c_bc
5YcU^cdUY^ Q^T 1\UhQ^Tb_f gUbU SQ\\UT d_ dXU ;bU]\Y^ CdQ\Y^
]QTU Q RYW cX_g `bUdU^TY^W d_ cdQ^T QcYTU gXY\U =_\_d_f Q^T
F_b_SXY\_fSbYdYSYjUTdXUVY\]9dgQcCdQ\Y^gX_V_e^TQ^_dXUbdYd\U*
CdQb_UY^_f_UDXU?\TQ^TdXU>Ug8UQ\c_Y]`_cUTdXUVY\]Y^W
_VdXU`QdXUdYSU^TY^WQ^U`Yc_TUSQ\\UT²1ccQe\d_^dXU5QbdX³Y^
gXYSXdXUdbQSd_bcY^TUUT]Q[UQ^QccQe\d_^dXUUQbdX5fUbidXY^W
gQcVY\]UTY^dXUc_f[_jU²7YWQ^d³²dXU7YQ^d³GU_^\iXQTQ
TUcSbY`dY_^_VdXYcfUbcY_^DXU^_^UTQiTebY^WQ6916S_^WbUcc
Y^=_cS_gY^dXUcYhdYUc9U^S_e^dUbUT:QSaeUc<UT_ehgX_d_\T
]UdXQdY^2U\WYe]dXUiXQTQS_`idXQdXQTRUU^TYcdbYRedUTY^dXUYb
S_e^dbiQ^TdXQdS_^dQY^UT²1ccQe\d_^dXU5QbdX³GUXQTdXU]
cU^TYdd_ecQ^TecY^WdXUdg_S_`YUcgU_RdQY^UT_^US_]`\UdU
_^UDXUaeUcdY_^^_gYc*TYTdXU_bYWY^Q\BeccYQ^S_`iXQfUdXU
cQ]UUTYdY^WQcdXU2U\WYQ^S_`i/9cYd`_ccYR\UdXQddXU2U\WYQ^c
SXQ^WUTdXUUTYdY^W/DXUY^dUbdYd\U\Ycd`b_fYTUc^_XU\`RUSQecUY^
!)"(5YcU^cdUY^gQc_^dXUfUbWU_V\UQfY^Wc_XU\UVdUfUbidXY^W
Y^dXUXQ^Tc_V_dXUbcDXU]QY^TYVVUbU^SURUdgUU^dXUY^dUbdYd\Uc
V_bdXUdg_fUbcY_^cYcdXYc*Y^7U^UbQ\µ^QZQ\Y^YZQDXU7U^UbQ\<Y^U
dXUic`UQ[_VQS__`UbQdYfU]UQ^Y^WdXQddXU`b_`UbdiYcS_\\USdYfU\i
_g^UTgXUbUQcY^CdQb_UY^_f_UdXQddUb]YcbU`\QSUTRi[_\SX_j
gXYSX]UQ^cdXQddXU`b_`Ubdi^_\_^WUbRU\_^WUTd_dXUVQb]Ubc
<0C4A80;8308E0=6A>I=H9<0C4A80;B5A><8E0=6A>I=H9
8E0=6A>I=H985665HJLD6HUJHM0(M]HQåWHMQ
Ŷ7LW´,YDQLOWHUULELOHµ,HSLVRGLR´/DFRQJLXUDGHL%RLDUGLµ,,HSLVRGLR6FHQ6HUJHM0(M]HQåWHMQ)(GXDUG7LVVp$QGUHM0RVNYLQ6FJI,VDDNäSLQHO&RVW/1DXPRYD
7UXFFR9*RUMXQRY0X6HUJHM3URNRI·HY6X9%RJGDQNHYLĀ%9RO·VNLM$VV59.X]QHNRYD,%LU%%XQHHY,QW1LFRODMÿHUFDVRY,YDQ,9/·MXGPLOD&HOLNRYVNDMD$QDVWDVLMD
6HUDILPD%LUPDQERLDULQD6WDULFNDMD3DYHO.DGRĀQLNRY9ODGLPLU$QGUHHYLĀ0LKDLO1D]YDQRYSULQFLSH$QGUHM.XUEVNLM$QGUHM$EULNRVRYSULQFLSH)sGRU.RO\ĀHY0LKDLOæDURY
$PYURVLM%XĀPD0LKDLO.X]QHNRY9VHYRORG3XGRYNLQ3URG&2.6$OPD$WD0RVILOPŶPP'·Ŷ'D*RVILOPRIRQG
3_^dYU^U*
Ŷ 9^db_TejY_^U S_]`\UdQ 9^VQ^jYQ TY 9fQ^+ 5`Yc_TY_ S_^ 5bY[
@ibµUfWY_fQ^U9fQ^C}]Y_^DY]_åU^[_Q]RQcSYQd_bUTY<Yf_
9dY^S\eTUc*
Ŷ 3_]`\UdU Y^db_TeSdY_^ 9fQ^µc SXY\TX__T+ 5`Yc_TU gYdX 5bY[
@ibµUfi_e^W9fQ^C}]Y_^DY]_åU^[_<Yf_^YQ^Q]RQccQT_b
''
4?CC95B5:J5>äD5:>
Ŷ7LW´,OYHFFKLRHLOQXRYRµ6FHQ6HUJHM0(M]HQåWHMQ*ULJRULM$OH[DQGURY)(GXDUG7LVVp6FJI9.RYULJLQ95DKDO·V$VV50DNVLPäWUDXFK0LKDLO*RPRURY,QW0DUID
/DSNLQDODGRQQD0,YDQLQVXRILJOLR9DV·MD%X]HQNRYVHJUHWDULRGHOODFRRSHUDWLYD1HçQLNRYPDHVWUR0LWURåNLQ3URG6RYNLQRŶPP'·DIV'LGDVFDOLHUXVVH
5XVVLDQLQWHUWLWOHVŶ'D*RVILOPRIRQG
^YQCSXY\T[^USXdQ]RQcSYQd_bUQ^cUQdYS_;\QfTYQ@_\_fY[_fQ
`b_fY^_`UbY\be_\_TY5Vb_ccY^YQCdQbYdc[QZQ`_YY^dUb`bUdQd_TQ
C}bQ`XY]Q 2Yb]Q^ 1TQ F_ZdcU[ \Q `bY^SY`UccQ 5\}^Q 7\Y^
c[QZQ
Ŷ=QdUbYQ\Y`bUfYcdY`Ub\QdUbjQ`QbdU5`Yc_TY_S_^?\UW:Q[_f
BYddUb8U^bYSXCdQTU^>Y[_\QZÿUb[Qc_f=Y[XQY\;ej^US_f
Ŷ@bY]Q`QbdUcUaeU^jQdQW\YQdQ\µQccQ\d_TY;QjQ^\USQ^j_^SY
^UTUW\YY]`YSSQdYS_^;_^cdQ^dY^C_b_[Y^
=:*AeUcdY]QdUbYQ\Yc_^_cdQdYS_^cUbfQdYTQ5cdXUbD_RQ[QccY
cdU^dUQ\]_^dQWWY_TY5ZjU^ådUZ^U`QccQdY`_YQ\7_cVY\]_V_^TQ\\Q
VY^UTUW\YQ^^Yµ& <µY^db_TejY_^U~cdQdQSU^cebQdQTQ\]Y^Ycdb_TU\
SY^U]Q9fQ^2_\SXQ[_fSXUTYccUSXU^_^cY`_dUfQS_]Y^SYQbUe^
VY\]Y^]_T_S_c‚\eWeRbU@UbaeQ^d_bYWeQbTQ\QcSU^QS_^CdQTU^
5Y^cU^cdUY^\µQfUfQY^YjYQ\]U^dU`bUfYcdQ`Ub\QcUS_^TQ`QbdUTU\
VY\]`_YTUSYcUTYS_^cUbfQb\Q`Ub\QdUbjQ`QbdUSXU^_^WYb‡]QY
CSXY\T[^USXd 8Q^cUQdYS Q]RQccQT_b ;\QfTYQ @_\_fY[_fQ
cSbUU^dUcdV_bdXUb_\U_V5Vb_ccY^YQCdQbYdc[QZQQSdeQ\\i`\QiUTRi
C}bQ`XY]Q2Yb]Q^1TQF_ZdcU[dXU`bY^SUcc5\}^Q7\Y^c[QZQ
Ŷ=QdUbYQ\cV_bcUU^V_b`QbddXbUU5`Yc_TUgYdX?\UW:Q[_fBYddUb
8U^bYSXCdQTU^>Y[_\QZÿUb[Qc_f=Y[XQY\;ej^US_f
Ŷ6Ybcd`QbdcUaeU^SUSeddXUQccQe\d_^;QjQ^dXUc_^Wc_VdXU
XQ^WUT]U^gYdX;_^cdQ^dY^C_b_[Y^
>;* DXYc ]QdUbYQ\ gQc [U`d Ri 5YcU^cdUY^µc QccYcdQ^d UTYd_b
5cdXUb D_RQ[ Q^T dXU^ `QccUT d_ dXU 7_cVY\]_V_^T Y^ dXU \QdU
cYhdYUcDXUY^db_TeSdY_^gQcSU^c_bUTRi=Y^YcdUb_V3Y^U]Q9fQ^
2_\SXQ[_fgX_cQYTdXQdQVY\]S_e\T^_dRUWY^Y^ceSXQTYc]Q\
]Q^^Ub9^bUWQbTd_dXUcSU^UgYdXCdQTU^5YcU^cdUY^XQTY^YdYQ\\i
`\Q^^UTYdV_bdXUcUS_^T`Qbd_VdXUVY\]ReddXU^TUSYTUTd_[UU`
YdV_bdXUdXYbT`QbdgXYSXXU^UfUbVY\]UT
4?CC95B5:J5>äD5:>
A8CA0CC83849I4=äC49=40;CA8<0C4A80;88=438C8
?>ACA08CB>548B4=BC48=0=3E0A8>DBD=B44=<0C4A80;B
ŶPP'·9HUVLRQHUXVVD5XVVLDQYHUVLRQŶ'D*RVILOPRIRQG
ŶBe\\_!*4YQbY_TY7\e]_fC=5Y^S_cde]UTQ`_`USQTUTQ\\U
cSQ\U TebQ^dU \U bY`bUcU TY 2b_^U^_cUS @_d€][Y^ 4eU `bY]U
TY 2b_^U^_cUS @_d€][Y^ =_cSQ U <f_f <U bY`bUcU TY 7U^U
bQ\µ^QZQ\Y^YZQY\fY\\QWWY_;_^cdQ^dY^_f[Q<UbY`bUcUTY?[dZQRbµ
$cSU^U
ŶBe\\_"*DYcc}\Qf_bQQ6bQeU^^_d6bQeU^W\eS[!)# 5cdbQddY
TQ5fUbiTQibUWYQTY8Q^cBYSXdUb7R!)")Y^SeYC=5TQ^jQ
^U\be_\_TY2_RRi=_cSQS_^WbUcc_TUYSY^UQcdY!)#%1bbYf_
TY=Qi<Q^6Q^¨E^QRe_^QS_]`QW^YQ*C=5U\µQddbYSUSY^UcU
2QddUbV\i2i©C`Ujj_^YTY2UçL^\eWTeUY^aeQTbQdebU=_cVY\]*
C=5S_^YSY^UQcdYVbQ^SUcY4US_bQjY_^UTU\\µ_bTY^UTY<U^Y^`Ub
1\U[cQ^Tb>Ufc[YZ!)#)C=5UB_]]ce\cUdTY=USXdQ!)$ UcdbQdd_TQCUbWUZ5ZjU^ådUZ^bUWYQTYFQccY\YZ;QdQ^YQ^!)%(9
@bU]YTYCdQd_`Ub1\U[cQ^Tb>Ufc[YZ!)$!C=5UYce_YcdeTU^dY
Q\F79;
ŶBe\\_#*3_^WbUcc_TUW\YURbUYY\3_]YdQd_URbU_Q^dYVQcSYcdQ
VYb]Q\Q\UddUbQTY`b_dUcdQS_^db_Y\VQcSYc]_C=5`bU^TU\Q`Qb_\Q
!)$!1\]Q1dQ*`bU`QbQjY_^UUbY`bUcUTY9fQ^7b_j^iZ!)$"
ŶBe\\_$*C=5^UY@QUcY2QccY
ŶBe\\_%*<µQ``QbdQ]U^d_TYC=5
ŶBe\\_&*C=5ce\\Udd_TY]_bdUYVe^UbQ\Y
ŶBe\\_'*C=5Q\F79;CUbQdQF?;CbYSUfY]U^d_TUYSY^UQcdY
Q^W\_Q]UbYSQ^Y DQbWQ S_]]U]_bQdYfQ TY C=5 U @eT_f[Y^ Q\
;QjQ[XVY\]1\]Q1dQ
ŶBUU\!*7\e]_fµcTYQbiC=5VQ\\cT_g^dXUcdQYbcgUQbY^WQ
`_`U S_cde]U TebY^W cX__dY^W V_b 2b_^U^_cUS @_d€][Y^ Dg_
`bU]YUbUc_V2b_^U^_cUS@_d€][Y^=_cS_gQ^T<f_fCX__dY^W
_V7U^UbQ\µ^QZQ\Y^YZQdXU;_^cdQ^dY^_f[QfY\\QWUCX__dY^WV_b
?[dZQRbµ$cSU^Uc
Ŷ BUU\ "* DYcc} g_b[Y^W _^ 6bQeU^^_d 6bQeU^W\ŽS[ !)# 5hSUb`dcVb_]5fUbiTQiTYbUSdUTRi8Q^cBYSXdUb7R!)")
Y^gXYSXC=5TQ^SUcY^dXUb_\U_V2_RRi=_cS_gVY\]]Q[Ubc
S_^VUbU^SU !)#% 1bbYfQ\ _V =Qi <Q^ 6Q^ ²7__T S_]`Q^i*
C=5Q^T3XY^UcUQSdbUcc2QddUbV\i2i³3\Y`cVb_]2UçY^\eWdg_
cX_dc=_cVY\]*C=5gYdX6bU^SXVY\]]Q[Ubc1gQbTY^W_VdXU
?bTUb_V<U^Y^V_b1\U[cQ^Tb>Ufc[i!)#)C=5Q^TB_]]_^
dXUcUd_V=USXdQ!)$ UhSUb`dVb_]CUbWUY5YcU^cdUY^TYbUSdUT
Ri FQccY\YZ ;QdQ^YQ^ >QdY_^Q\ 1gQbTc V_b 1\U[cQ^Tb >Ufc[i
!)$!C=5Q^TXYccdeTU^dcQdF79;
ŶBUU\#*:UgYcXS_^VUbU^SUdXU:UgYcXQ^dYVQcSYcdS_]]YddUU
cYW^cQ`b_dUcd\UddUbQWQY^cdVQcSYc]C=5c`UQ[c!)$!1\]Q
1dQ*`bU`QbQdY_^Q^TcX__dY^WV_b9fQ^7b_j^iZ!)$"
ŶBUU\$*C=5Y^dXU>UdXUb\Q^Tc
ŶBUU\%*C=5µcQ`Qbd]U^d
ŶBUU\&*C=5_^XYcTUQdXRUTXYcVe^UbQ\
Ŷ BUU\ '* C=5 Qd F79; F?;C 5fU^Y^W bUSU`dY_^ V_b 1^W\_
1]UbYSQ^ VY\]]Q[Ubc @\QaeU S_]]U]_bQdY^W C=5 Q^T
@eT_f[Y^Qd;QjQ[XVY\]1\]Q1dQ
=:*C_^_cdQd_Y_QbQSS_W\YUbUaeUcdY]QdUbYQ\YSUbSQ^T_\YY^
TYfUbcY\e_WXY@}bQ1ddQSX}fQQfUfQS_^cUbfQd_aeQ\SXUR_RY^Q
^U\ce_Q``QbdQ]U^d_Y^e^Qb]QTY_TYVUbb_3µUbQdbQ\UQ\dbU
e^QbY`bUcQY^SeY5ZjU^ådUZ^fUcdYd_TQSebQd_SQTUTQ\\UcSQ\U
TebQ^dU\UbY`bUcUTU\@_d€][Y^CUS_^T_\Q\UWWU^TQ5ZjU^ådUZ^
Y^dUb`bUd‡Y\be_\_TU\`_`U=Q^_^~fUb_3µUbQe^Qdd_bU`b_VUc
>;*9µ]dXU_^UgX_WQdXUbUTdXUcU]QdUbYQ\cd_WUdXUb\__[Y^W
V_bdXU]Y^fQbY_ec`\QSUc@}bQ1ddQSX}fQXQT[U`dc_]UbUU\c
Y^ Q ]UdQ\ SQRY^Ud Y^ XUb Q`Qbd]U^d 1]_^W dXU _dXUb dXY^Wc
dXUbUgQcV__dQWUY^gXYSX5YcU^cdUY^TbUccUTQcQS\UbYSVQ\\c
T_g^dXUcdQYbcTebY^WdXUVY\]Y^W_V@_dU][Y^<UWU^TXQcYddXQd
5YcU^cdUY^`\QiUTdXUb_\U_VdXU`_`U2edYdµc^_ddbeUDXUbUgQc
'(
==*3_]U]QY5ZjU^ådUZ^~TYfU^dQd_]U]Rb_TU\²3_^WbUc
c_TUW\YURbUY³/5µ]_\d_cdbQ^_fUTUb\_QVYQ^S_TU\\_cSbYdd_bU
5bU^R_ebWTU\\µQdd_bU=YSX_U\cTU\`_UdQ=QbSXQ[TY]Y_^_^^_
9cQQ[>_eccY^_f`b_VUcc_bUUcd_bYS_TU\\Q\UddUbQdebQUTUW\YQ\dbY
]U]RbYTU\S_]YdQd_URbU_Q^dYVQcSYcdQSXUcYbYe^Yb_^_^U\!)$!
`UbVYb]QbUe^Q\UddUbQTY`b_dUcdQS_^db_Y\VQcSYc]_ª
=:*CU]RbQSXUaeU\\QTYY^cUbYbU5ZjU^ådUZ^U1\UhUZD_\cd_Z
cYQcdQdQe^µYTUQTYCdQ\Y^4Qe^\Qd_UbQe^]_T_`UbTYbUSXU
\µY^dU\\YWXU^jYQbeccQbQ``bUcU^dQdQTQ1\UhUZD_\cd_ZUbQQVYQ^S_
TUW\YURbUYY^aeUcd_Q``U\\_TQ\\µQ\db_5ZjU^ådUZ^UbQ`ebcU]`bU
S_^cYTUbQd_e^URbU_TQW\YeVVYSYQ\YTU\`QbdYd_<eYcdUcc_TYSUfQ
SXUY^`QbdUUbQfUb_7\YQddYTU\S_^WbUcc_Y^dYd_\QdY²1``U\\_QW\Y
URbUYTU\]_^T_Y^dUb_³c_^_cdQdY`eRR\YSQdYY^e^µUTYjY_^USU^ce
bQdQCUS_^T_Y\dUcd__bYWY^Q\US_^cUbfQd_Y^QbSXYfY_5ZjU^ådUZ^
TYccU^U\ce_Y^dUbfU^d_*²BQ``bUcU^d_aeY\µY^dU\\YWXU^jYQbeccQ
Q^SXUcUX_^U\\UfU^Ue^aeQbd_TYaeU\cQ^WeUSXUY^QjYcdY
Q]Q^_fUbcQbU`YŒTUW\YQ\dbY³CU]RbQSXUY\^_^^_TY5ZjU^ådUZ^
V_ccUe^URbU_S_^fUbdYd_Q\\QbU\YWY_^U_bd_T_ccQSXU`_YQfUfQ
c`_cQd_e^QcfUTUcU*TQ\_b_UbQ^Qd_Y\`QTbUTU\bUWYcdQ=Y[XQY\
?ccY`_fYdSXSXUQfUfQc`_cQd_e^QbeccQ
@YŒQfQ^dYSYc_^_\UbY`bUcUVQddUQ1\]Q1dQ^U\!)$"ce\cUdTY
9fQ^Y\dUbbYRY\U5ZjU^ådUZ^~^U\\µQdU\YUbTUYS_cde]YUWeQbTQY\ce_
QccYcdU^dUQ\\QbUWYQ2_bYcCfUå^Y[_fdbeSSQd_TQ@Y]U^Ä`bY]Q
SXUcYTUSYTUccUTYQVVYTQbUY\be_\_TY@Y]U^Q=WURb_f8_db_fQd_
aeUcd_`Ujj_^UW\YQbSXYfYTY;bQc^_W_bc[
<U bY`bUcU TU\ fUSSXY_ Q``QbdQ]U^d_ TY 5ZjU^åUZ^ U TU\ ce_
Ve^UbQ\U UbQ^_ TQ @}bQ 8Q bUQ\YjjQd_ e^ VY\] TUTYSQd_ Q\\Q
]U]_bYQ TY 5ZjU^ådUZ^ Y^ S_\\QR_bQjY_^U S_^ CUbWUZ :ed[UfYĀ
AeUcdUc_^_\UcSU^UcSQbdQdUTQ\VY\]SXUc_^_bY]QcdUQSQcQ
ceQ<µQ``QbdQ]U^d_TY5ZjU^ådUZ^~aeU\\_TU\\Q²@_di\Y[XQ³\Q
SQcQTU\=_cVY\]ÄcdQd_VY\]Qd_Y\!"VURRbQY_!)$(Y\WY_b^_T_`_
\Q]_bdUTY5ZjU^ådUZ^<eY~ce\\Udd_TY]_bdU1``U^Q@}bQXQ
Qfed_\Q^_dYjYQ~S_bcQceRYd_Q\\µQ``QbdQ]U^d_UXQVQdd_fU^YbU
Q^SXUe^Qdb_e`USY^U]Qd_WbQVYSQ8Q^^_S_]Y^SYQd_QbY`bU^TUbU
cU^jQSXYUTUbU\µQed_bYjjQjY_^UTU\\UQed_bYdwS_cQbQbQQ\\µU`_SQ
`_ccYRY\Uc_\_Y^SQc_TYQffU^Y]U^dYY]`_bdQ^dYccY]Y@}bQXQVQdd_
VY\]QbU5ZjU^ådUZ^ce\ce_\Udd_TY]_bdU]U^dbUDiSX\UbTY`Y^WUfQ
Y\ce_bYdbQdd_
==*1\\QVY^UTYaeUcd_]_^dQWWY_Sµ~\Q`_cQTYe^QdQbWQS_]
]U]_bQdYfQTY5ZjU^ådUZ^U@eT_f[Y^Q\\_cdeTY_;QjQ[XVY\]<Q
cUbYUTYaeUcdYU`Yc_TYVe]_^dQdQQSQc_U^_^_cdQ^dUSY‡cU]RbQ
cY]R_\YSQ*~S_]Ue^`_cdcSbY`de]SXUSXYeTUY\SUbSXY_Y^aeU
cd__]QWWY_Q\\Q]U]_bYQTYe^WbQ^TUSY^UQcdQ
Q`b_VUccY_^Q\QSd_bRedXUgQcQVbQYT_VXebdY^WXYcRQS[RiVQ\\Y^W
T_g^dXUcdQYbc5YcU^cdUY^gX_gQcaeYdU^Y]R\UQddXQddY]U
QSdUTQcXYcT_eR\U
5YcU^cdUY^ Qd =_cVY\] cebb_e^TUT Ri 6bU^SX TYbUSd_bc S_]Uc
Vb_]@}bQ9d^UfUbQ``UQbUTY^Q^i^UgcbUU\cRUSQecUYdµcd__
Y^V_b]Q\9dgQc`b_RQR\iVY\]UTRic_]USQ]UbQ]Q^gX_gQc
T_Y^WQbU`_bdQWU_^dXU6bU^SXTYbUSd_bcµ_VVYSYQ\fYcYdd_=_cVY\]
Red5YcU^cdUY^RUXQfUTd__\YRUbQ\\i[YccY^WQ^TXeWWY^W`U_`\U
>>* GXi TYT 5YcU^cdUY^ RUS_]U Q ]U]RUb _V dXU ²:UgYcX
3_^VUbU^SU³/ 9d cUU]c cdbQ^WU d_ cUU XY] Q\_^WcYTU gbYdUb
5bU^R_ebWQSd_b=YSX_U\c`_Ud=QbSXQ[]iWbQ^TVQdXUb9cQQ[
>_eccY^_f \YdUbQdebU `b_VUcc_b Q^T XYcd_bYQ^ Q^T dXU _dXUb
]U]RUbc_VdXU:UgYcXQ^dYVQcSYcdS_]]YddUUgXYSX]UdY^!)$!
d_cYW^Q\UddUb_V`b_dUcdQWQY^cdVQcSYc]ª
>;* 9d cUU]c dXQd Yd gQc CdQ\Y^µc YTUQ d_ QTT 5YcU^cdUY^ Q^T
1\UhUYD_\cd_i?^_^UXQ^TYdgQcQgQid_cQidXQddXUBeccYQ^
Y^dU\\YWU^dcYQ bU`bUcU^dUT Ri 1\UhUY D_\cd_i cd__T RUcYTU dXU
:UgcY^dXUYbQ``UQ\_^dXU_dXUbXQ^T5YcU^cdUY^gQcQ\gQic
S_^cYTUbUTQ:UgRi`Qbdi_VVYSYQ\c8UXY]cU\VcQYTdXQdYdgQc
dbeUY^`QbdDXUQSdc_VdXUS_^VUbU^SUU^dYd\UT²1``UQ\Ri:Ugc
G_b\TgYTU³ gUbU `eR\YcXUT Y^ Q SU^c_bUT UTYdY_^ 1SS_bTY^W
d_ dXU _bYWY^Q\ dUhd XU\T Y^ dXU QbSXYfUc 5YcU^cdUY^ cQYT Y^ XYc
c`UUSX*²8UbU9bU`bUcU^ddXUBeccYQ^Y^dU\\YWU^dcYQTUc`YdUdXU
VQSddXQd_^UV_ebdX_VdXUR\__TdXQdbe^cY^]ifUY^cYcdXQdcQ]U
R\__TdXQd7Ub]Q^c\Y[Ud_c`Y\\]_bUdXQ^Q^i_dXUb³9dcUU]c
dXQd 5YcU^cdUY^µc WbQ^TVQdXUb gQc Q :Ug gX_ S_^fUbdUT d_ dXU
?bdX_T_hbU\YWY_^Q^TdXU^]QbbYUTQCgUTYcXg_]Q^*dXUiWQfU
RYbdXd_dXUTYbUSd_bµcVQdXUb=Y[XQY\?ccY`_fYdSXgX_]QbbYUTQ
BeccYQ^g_]Q^
6ebdXUb_^dXUbUYcV__dQWUVY\]UTQd1\]Q1dQY^!)$"_^dXUcUd
_V9fQ^dXUDUbbYR\U5YcU^cdUY^YcY^dXUS_cde]UcX_`gQdSXY^W
XYcQccYcdQ^dTYbUSd_b2_bYcCfUå^Y[_fWUddY^W]QTUe`Qc@Y]U^
DXQdgQcRUV_bUXUTUSYTUTd_WYfUdXUb_\U_V@Y]U^d_=WURb_f
9V_e^TdXYc`YUSUY^dXU;bQc^_W_bc[QbSXYfUc
DXU V__dQWU _V 5YcU^cdUY^µc _\T Q`Qbd]U^d Q^T _V XYc Ve^UbQ\
RU\_^WUTd_@}bQCXU]QTUQVY\]TUTYSQdUTd_dXU]U]_bi_V
5YcU^cdUY^Y^S_\\QR_bQdY_^gYdXCUbWUY:ed[UfYĀDXUcUcSU^Uc
gUbUSed_ed_VdXUVY\]c_dXUigUbU\UVdQdXUbX_ecU5YcU^cdUY^µc
Q`Qbd]U^dYcdXU²@_di\Y[XQ³dXU=_cVY\]X_ecUDXUV__dQWUgQc
VY\]UT_^!"6URbeQbi!)$(dXUTQiQVdUb5YcU^cdUY^µcTUQdX8U
Yc_^XYcTUQdXRUT1cc__^Qc@}bQXUQbTdXU^UgccXUbecXUT
d_XYcX_ecUQ^TXQTQVY\]SbUgS_]Ud__DXUiRUWQ^cX__dY^W
gYdX_edQc[Y^WdXUQedX_bYdYUcV_b`Ub]YccY_^c_]UdXY^WbQbUQd
dXQddY]U_^\i`_ccYR\UY^dXUSQcU_VUhdbU]U\iY]`_bdQ^dUfU^dc
@}bQXQT5YcU^cdUY^VY\]UT_^XYcTUQdXRUTgXY\UDiSX\Ub`QY^dUT
XYc`_bdbQYd
>>* 1d dXU U^T _V dXYc Sed gU cUU dXU \QiY^W _V Q `\QaeU
S_]]U]_bQdY^W 5ZjU^ådUZ^ Q^T @eT_f[Y^ Qd ;QjQ[XVY\] DXYc
cUbYUc_VU`Yc_TUcgQcUTYdUTY^QSQceQ\_bTUbRedYd^_^UdXU\Ucc
cUU]cci]R_\YS*Ydµc\Y[UQ`_cdcSbY`ddXQdS_]UcVe\\SYbS\UY^dXYc
X_]QWUd_dXU]U]_bi_VQWbUQdTYbUSd_b
')
4?CC95B5:J5>äD5:>
cY_^YcdQSXU`Ub‡QfUfQ`QebQTYVQbcY]Q\U\QcSXYU^QSQTU^T_
TQ\\UcSQ\U5ZjU^ådUZ^SXUQ\\µU`_SQUbQ]_\d_QWY\UUcQ`UfQ
]e_fUbcYRU^UVUSUTQS_^db_VYWebQ
5ZjU^ådUZ^ Q\ =_cVY\] SYbS_^TQd_ TQ bUWYcdY VbQ^SUcY `b_fYU^U
cU]`bUTQ@}bQ>_^~]QYS_]`Qbc_Y^^Ucce^QQddeQ\Ydw~db_`
`_Y^V_b]Q\U@b_RQRY\]U^dU~cdQd_VY\]Qd_TQaeQ\SXU_`UbQd_bU
SXUWYbQfQe^bU`_bdQWUce\\QfYcYdQeVVYSYQ\UTUYSY^UQcdYVbQ^SUcY
Q\=_cVY\]]Q5ZjU^ådUZ^cY~S_]`_bdQd_Y^]_T_db_``_\YRUb_
RQSYQfQUQRRbQSSYQfQ\U`Ubc_^Uª
3>BB84AE82C>AB9sBCAs<
@b_WbQ]]QUdUcdYQSebQTY:_^GU^Wcdb‰] @b_WbQ]Q^T^_dUc`bU`QbUTRi:_^GU^Wcdb‰]
CAn36oA3B<nBC0A4=6YH]LD5HJLD9LFWRU6M|VWU|P
Ŷ6FHQ0DXULW]6WLOOHU)-XOLXV-DHQ]RQ,QW9LFWRU6M|VWU|P*|VWD(NPDQ/LOL%HFK3URG6YHQVND%LRJUDIWHDWHUQŶPP/P'·DIV%Q'LGDVFDOLHLQJOHVL
(QJOLVKLQWHUWLWOHVŶ'D&LQHPDWHNHW6YHQVND)LOPLQVWLWXWHWŶ8QDFRSLDQLWUDWRLQELDQFRHQHURGHOODFROOH]LRQH$),'HQQLV$WNLQVRQ&ROOHFWLRQqVWDWDGRQDWDQHODOOD/LEUDU\
RI&RQJUHVVGL:DVKLQJWRQ'DTXHVWDQHOqVWDWDULFDYDWDXQDFRSLDQHJDWLYRGDFXLqVWDWDUHDOL]]DWDODVWDPSDDFTXLVLWDGDOOD&LQHPDWHNHWQHO$EODFNDQGZKLWH
QLWUDWHSULQWLQWKH$),'HQQLV$WNLQVRQ&ROOHFWLRQZDVGRQDWHGWRWKH/LEUDU\RI&RQJUHVV:DVKLQJWRQLQ,QDGXSOLFDWHQHJDWLYHZDVPDGHDQGWKHSULQW&LQHPDWHNHW
DFTXLUHGLQZDVVWUXFNIURPWKLVQHJDWLYH
4?CC95BC:tCDBt=
9\ `bY]_VY\]TQbUWYcdQTYCZ‰cdb‰]SXUbUSYdQQ^SXU^U\be_\_
`bY^SY`Q\U<QVQ^SYe\\QTYe^QVQdd_bYQUY\VYW\Y_TU\WYQbTY^YUbUc_^_
Y^^Q]_bQdY]QY\WYQbTY^YUbUcY_``_^UVQ`QbdYbUY\VYW\Y_UcUTeSU
\QbQWQjjQ9\WYeTYjY_TU\\QSU^cebQTU\\µU`_SQVe]_\d_cUfUb_U
Y\VY\]]Ucc_Q\RQ^T_S_^\QcUWeU^dU]_dYfQjY_^U*²CY_``_^U
Q\\Q]_bQ\URe_^QUWYecdQTUcSbYfU^T_\Q]_bdUS_]UaeQ\S_cQ
TYRU\\_³
9dgQcCZ‰cdb‰]µcVYbcdVY\]QcQTYbUSd_bgYdXXY]cU\VY^dXU\UQT
DXUSb_VdWYb\Q^TdXUWQbTU^Ubµcc_^QbUY^\_fUReddXUWQbTU^Ub
_``_cUcdXUe^Y_^8UcU^TcXYcc_^QgQiY^_bTUbd_cUTeSUdXU
Sb_VdWYb\1ddXUbU\UQcU_VdXUVY\]dXUSU^c_bµcZeTWU]U^dgQc
fUbi cUfUbU DXU VY\] gQc d_dQ\\i RQ^^UT D_ dXU TUSYcY_^ gQc
QTTUTdXYc^_dU*DXUVY\]QcceSXYc_``_cUTd_W__TS_^TeSdQ^T
ZecdYSUdXb_eWXYdcTU`YSdY_^_VTUQdXQcc_]UdXY^WRUQedYVe\µµ
=0<4C74<0=86$5HJLD9LFWRU6M|VWU|P
Ŷ6FHQ3DXO%HUQGDOURPDQ]RGL+DOO&DLQH´7KH0DVWHURI0DQWKH6WRU\RID6LQµ)&KDUOHV9DQ(QJHU6FJI&HGULF*LEERQV&RVW6RSKLH:DFKQHU,QW0DH%XVFK%HVVLH
&ROOLVWHU&RQUDG1DJHO9LFWRU6WRZHOO+REDUW%RVZRUWK&KULVWLDQ6WRZHOO&UHLJKWRQ+DOH$OLFN*HOO3DWV\5XWK0LOOHU)HQHOOD6WDQOH\:LQWHU+DOO*RY6WDQOH\$LOHHQ3ULQJOH
,VDEHOOH'H:LWW-HQQLQJV'DQ&ROOLVWHU(YHO\Q6HOELH/LVD&ROOLVWHU0DUN)HQWRQ&RQVWDEOH&DLQ$QQD+HUQDQGH]0UV4XD\OH0UV&KDUOHV&UDLJ0UV%URZQ&HFLO+ROODQG
/XFLHQ/LWWOHILHOG:LOOLDP2UODPRQW&KDUOHV0DLOHV$QGUHZ$UEXFNOH3URG9LFWRU6M|VWU|PSHU*ROGZ\Q6WXGLRVŶPP/P'·DIV&RO'LGDVFDOLHLQJOHVL(QJOLVK
LQWHUWLWOHVŶ'D&LQpPDWKqTXH5R\DOHGH%HOJLTXH
Ŷ5HVWDXUDWRGDOOD&LQpPDWKqTXH5R\DOHGH%HOJLTXHDSDUWLUHGDGXHFRSLHVXVXSSRUWRDFHWDWRGHOOD&LQpPDWKqTXH5R\DOHGH%HOJLTXHH&LQHPDWHNHW6YHQVND)LOPLQVWLWXWHW
'LGDVFDOLHLQJOHVLHLGHQWLILFD]LRQHGHLFRORULDFXUDGL.HYLQ%URZQORZ5HVWRUHGE\WKH&LQpPDWKqTXH5R\DOHGH%HOJLTXHIURPWZRDFHWDWHFRSLHVKHOGDWWKH&LQpPDWKqTXH5R\DOH
GH%HOJLTXHDQG&LQHPDWHNHW6YHQVND)LOPLQVWLWXWHW(QJOLVKLQWHUWLWOHVDQGFRORULGHQWLILFDWLRQXQGHUWKHVXSHUYLVLRQRI.HYLQ%URZQORZ
9^WU^UbU\Ucd_bYUTU\SY^U]Q^_^TQ^^_]_\dQY]`_bdQ^jQQ\`bY]_
VY\] TYbUdd_ Q 8_\\ig__T TQ CZ‰cdb‰] 9\ bUWYcdQ cfUTUcU QfbURRU
QSSUddQd_TYWYbQb\_c_\_`UbUfYdQbU`b_WUddYRU^`UWWY_bY=QaeQ^T_
fUTYQ]_SY‡SXU^UbUcdQY\bYce\dQd_^_^cU]RbQ`Ub^YU^dUY^TUW^_
TU\ce_^_]U9^^Q^jYdedd_Q^SXUcUY^e^S_^dUcd_`YŒS_^fU^jY_^Q
\UY\dU]QbYS_bTQcdbQ^Q]U^dUaeU\\_TYDXUCSQb\Ud<UddUb5Q^SXU
cUCZ‰cdb‰]^_^UbQU^decYQcdQTU\c_WWUdd_S_^SU`Yd_TQ@Qe\2Ub^
Uce`UbfYcY_^Qd_TQ:e^U=QdXYcdedd_TY]_cdbQSXUXQ`bUc_]_\d_
QSe_bUY\ce_\Qf_b_9\T}S_e`QWUTU\VY\]dUb]Y^Qd_S_^dQaeQcY
!# Y^aeQTbQdebUU^_^c_^_bQbU\U`QWY^U`bYfUTYTYTQcSQ\YU9\
VY\]Y^_\dbURU^UVYSYQTYe^^_dUf_\U\Qf_b_TY]_^dQWWY_<Q3Y^}
]QdX~aeUB_iQ\UTU2U\WYaeU`_ccUTUfQTQdU]`_e^QS_`YQce
ce``_bd_QSUdQd_TU\VY\]`b_ffYcdQTYTYTQcSQ\YUbeccUU`b_fU^YU^dU
TQ\7_cVY\]_V_^T5bQUfYTU^dU]U^dUY^S_]`\UdQ<_CgUTYcX6Y\]
9^cdYdedU^U`_ccUTUfQe^µQ\dbQS_^\QcdUccQ`b_fU^YU^jQ`YŒbUSU^
dUU`QbQT_ccQ\]U^dU`YŒ\e^WQ;UfY^2b_g^\_gSXU\UQfUfQfYcdU
U^dbQ]RUXQbYdb_fQd_Y\S_`Y_^UTY]_^dQWWY_S_^dU^U^dU\UTYTQcSQ
\YU_bYWY^Q\YUYbYVUbY]U^dY`UbYS_\_bY9\`b_R\U]QS_^\US_`YUbeccU
`b_R\U]QSXU^_^cY`_^Uc_\_S_^UccU~SXUSYbUcdYdeYcS_^_Y\VY\]
S_]UUbQcdQd_`b_YUddQd_Y^E^Y_^UC_fYUdYSQ1YbeccYUQ^SXUQT
Q\dbY^_^TYcdebRQfQ]_TYVYSQbUY\]_^dQWWY__Q^SXU\QcSU^UWWYQ
debQcU\_db_fQfQ^_^USUccQbY_5^_^c_\_`UbbQWY_^YYTU_\_WYSXU
(
6Y\] XYcd_bi T_Uc ^_d WU^UbQ\\i WYfU ]eSX Y]`_bdQ^SU d_
CZ‰cdb‰]µcVYbcd8_\\ig__TVY\]DXUCgUTYcXTYbUSd_bQ``QbU^d\i
QWbUUTd_]Q[UYd_^\id_Qf_YTUfU^g_bcU`b_ZUSdc2edgXU^gU
cUUgXQdbU]QY^cdXUbUce\dT_Uc^_dcUU]Y^Q^igQie^g_bdXi
_VYdc^Q]U6Ybcd\idX_eWXdXUS_^dUhdYc]_bUS_^fU^dY_^Q\dXU
dXU]UYccdbQ^WU\ibU]Y^YcSU^d_VDXUCSQb\Ud<UddUb1^TdX_eWX
CZ‰cdb‰]gQc^µdU^dXecYQcdYSQR_eddXUcd_biS_^SUYfUT_VRi@Qe\
2Ub^Q^Tce`UbfYcUTRi:e^U=QdXYcUfUbidXY^WcX_gcdXQdXU
d__[XYcg_b[fUbi]eSXd_XUQbdDXUT}S_e`QWU_VdXUVY\]S_e^dc
S\_cUd_!# cX_dcQ^T`QWUcgYdX_edY^dUbdYd\UcQbU^_dbQbUDXU
VY\]Q\c_RU^UVYdcVb_]bU]Qb[QR\UUTYdY^Wg_b[<Q3Y^}]QdX~aeU
B_iQ\UTU2U\WYaeU`_ccUccUTQ^QSUdQdUS_`i_VdXUVY\]dXQd
S_^dQY^UT BeccYQ^ Y^dUbdYd\Uc Q^T SQ]U Vb_] 7_cVY\]_V_^T 9d
gQc X_gUfUb S\UQb\i Y^S_]`\UdU DXU CgUTYcX 6Y\] 9^cdYdedU
`_ccUccUTQ^_dXUbS_`iQ\c_BeccYQ^dXQdgQc]_bUbUSU^dQ^T
`QbQT_hYSQ\\i\_^WUb;UfY^2b_g^\_ggX_XQccUU^dXU]R_dX
V_e^TdXUSeddY^WS_^dY^eYdigXYSXS_^dQY^UTdXU_bYWY^Q\Y^dUbdYd\Uc
Q^T bUVUbU^SUc bUWQbTY^W dXU S_\_bY^W DXU `b_R\U] gYdX dXU
BeccYQ^S_`YUcQ`b_R\U]dXQdQbYcUc^_d_^\igYdXdXUcUS_`YUc
Yc dXQd dXUi cX_g ec X_g dXU VY\] gQc cSbUU^UT Y^ dXU C_fYUd
E^Y_^DXUBeccYQ^cQcgU\\Qc_dXUbcTYT^µd]Y^T]_TYViY^WdXU
VY\]_bUfU^dXUcSbY`dYVdXUiV_e^TYd^USUccQbi1^T^_dZecdV_b
_`_\YdYSXUAeQ^T_UbQ`_ccYRY\UQ\\UWWUbYfQ^_\µ_`UbQTY_W^YUS
SUcc_WYeTYSQd_ce`UbV\e_UTY_W^YQbdYVYSY_TYcSU^UWWYQdebQSXU^_^
Ve^jY_^QfQCQ`U^T_aeUcd_>Q]UdXU=Q^`_^Ue^QaeUcdY_^U
QRRQcdQ^jQYbbYdQ^dU>Ucce^QS_`YQS_^dYU^Ue^dYd_\_TYVY^U
:UQ^=QbYU2eSXUd
YTU_\_WYSQ\_b`_\YdYSQ\bUQc_^cGXU^`_ccYR\UdXUibU\YUfUTVY\]c
_VQ^iUhSUccUcZeTWUTQcce`UbV\e_ecQ^T_VQ^iQbdYVYSUY^dXU
cSbY`ddXQdTYT^µdg_b[GYdXdXYcY^]Y^T>Q]UdXU=Q^bQYcUcQ
bQdXUbQ^^_iY^WaeUcdY_^>_S_`iS_^dQY^cQ^U^TY^WdYd\U
:UQ^=QbYU2eSXUd
3s3B:HBB4=6YH]LD5HJLD9LFWRU6M|VWU|P
9\ceSSUcc_TYDUbZUFYWU^TYCZ‰cdb‰]!)!'dbQdd_TQ\`_U]Q
TY9RcU^c`Y^cU\QCfU^c[Q2Y_QSQ]RYQbU\QceQcdbQdUWYQTY
`b_TejY_^UbYTeSU^T_Y^]_T_bQTYSQ\UY\^e]Ub_TY`U\\YS_\UbUQ
\YjjQdUUS_^SU^dbQ^T_Y\`b_`bY_\Qf_b_ce`bUcdYWY_cYQTQddQ]U^dY
TYVQ]_cU_`UbU\UddUbQbYUS_]U2UbW5ZfY^T_SXXQ^cXecdbeTY
CZ‰cdb‰]UYce_YQ\dbYQTQddQ]U^dYTY_`UbUTYCU\]Q<QWUb\‰V=Q
WYw`bY]QTU\VY\]TQ9RcU^Y\^_]UTYFYSd_bCZ‰cdb‰]UbQQVVUb
]Qd_+Y^bUQ\dw~cdQd_`Yedd_cd_4‰Tc[iccU^QbU^TUb\_VQ]_c_Y^
6bQ^SYQT_fUY\VY\]fU^^UQ``bUjjQd_TQ<_eYc4U\\eSU`YŒdQbTY
TQ7U_bWUcCQT_e\CZ‰cdb‰]^_^UbQc_\_bUWYcdQUS_Qed_bUTU\
\QcSU^UWWYQdebQ]QbUSYdQfQQ^SXUU^dbQ]RYYbe_\Y`bY^SY`Q\Y*TeU
Y^WUW^UbYe^_TUYaeQ\YcYQ]]Q\Q]YcdUbY_cQ]U^dUSUbSQ^T_TYbY
c`UddQbU\QS_^cUW^QTYe^`b_WUdd_UfYU^Uc_cdYdeYd_TQ\cUS_^T_
3UbdQ]U^dU\QS_]`\UccYdwTU\VY\]TUbYfQTQ\\µY^dUbcSQ]RYQRY\Ydw
TU\\UcU]RYQ^jUTUYTeU`b_dQW_^YcdY9\VY\]cYQ`bUS_^\µUcYd_TU\
]YcVQdd_U\QcdbeddebQ^QbbQdYfQcYcfY\e``Q`_YQbYdb_c_QddbQfUbc_
V\QcXRQS[DbUTYVVUbU^dYdUcdY]_^YSY_VVb_^_Q\dbUddQ^dY`e^dYTYfYcdQ
ce\\UTYfUbcU`QbdYTU\\QfYSU^TQS_c‚S_]UQSSQTbwY^BQcX_]_^
dbU^dQSY^aeUQ^^Y`YŒdQbTY3_]UY^]_\dYQ\dbYVY\]TYCZ‰cdb‰]Q
`QbdYbUTQW\YQ^^Yµ! cY`e‡^_dQbUe^Q`QbdYS_\QbUY^cYcdU^jQce\\Q
`b_V_^TYdwTYSQ]`_UceY]_fY]U^dYTUY`b_dQW_^YcdYTQ\\_cV_^T_
Q\`bY]_`YQ^_1SQecQTU\\µ_cSebYdwTUW\YY^dUb^YQf_\dUcU]RbQ
aeQcYSXUY`Ubc_^QWWYU]UbWQ^_TQ\\QcSebQSU\\e\_YTU9\VY\]^_^
`bUcU^dQc_\_e^QcdbeddebQ^QbbQdYfQ`QbdYS_\Qb]U^dUQbdYS_\QdQ
]QQ^SXUUVVUddYV_d_WbQVYSYQ\dbUddQ^d_U\QR_bQdYSbUQdYTQ\TYbUdd_bU
TU\\QV_d_WbQVYQ:e\Yec:QU^j_^<QdUS^YSQTYc_fbY]`bUccY_^U~
UcUWeYdQ ]QWYcdbQ\]U^dU c_`bQddedd_ ^U\\Q cSU^Q ]_jjQVYQd_
Y^SeYU^dbQ]RYY`Ubc_^QWWYY^dUb`bUdQdYTQCZ‰cdb‰]cYdb_fQ^_
TQfQ^dY Q e^_ c`USSXY_ aeQTbe`\YSQ^T_ aeY^TY \µY]]QWY^U TU\
bUWYcdQTQfQ^dYQ\\QSY^U`bUcQ
DXU ceSSUcc _V CZ‰cdb‰]µc !)!' DUbZU FYWU^ QTQ`dUT Vb_]
9RcU^µc \_^W `_U] `b_]`dUT CfU^c[Q 2Y_ d_ SXQ^WU dXUYb
`b_TeSdY_^ `_\YSYUc bQTYSQ\\i bUTeSY^W dXUYb _ed`ed Q^T
S_^SU^dbQdY^W_^`bUcdYWY_ecQTQ`dQdY_^c_VgU\\[^_g^\YdUbQbi
g_b[cceSXQcCZ‰cdb‰]µc2UbW5ZfY^T_SXXQ^cXecdbeQ^TXYc
]Q^i CU\]Q <QWUb\‰V QTQ`dQdY_^c 2ed gU\\ RUV_bU dXU 9RcU^
VY\]FYSd_bCZ‰cdb‰]XQT]QTUQ^Q]UV_bXY]cU\VQ^TYdgQc
Y^VQSddXUSbY]UTbQ]Q4‰Tc[iccU^dXQd]QTUXY]VQ]_ecY^
6bQ^SUgXUbU<_eYc4U\\eSQ^T\QdUb7U_bWUcCQT_e\`bQYcUT
dXUVY\]CZ‰cdb‰]Yc^_d_^\idXUTYbUSd_bQ^TS_gbYdUb_VdXU
cSbY`dXUQ\c_`\QicR_dX\UQTY^WSXQbQSdUbcdg_U^WY^UUbc
_^UcdU``Y^WY^V_bdXU_dXUbgXU^dXU\QddUbdeb^c]icdUbY_ec\i
Y\\dbiY^Wd_]UUdQTUQT\Y^UV_bQ^UgTUcYW^9^TUUTdXUVY\]µc
S_]`\UhYdi _bYWY^QdUc Vb_] dXU Y^dUbSXQ^WUQR\U Q``UQbQ^SUc
_V R_dX `b_dQW_^Ycdc DXU VY\] _`U^c gYdX dXU bUce\d _V dXU
SbY]UQ^TdXU^QbbQdYfUdXU^e^V_\TcY^V\QcXRQS[c4YVVUbU^d
cdQdU]U^dcRidXbUUTYVVUbU^dgYd^UccUcWYfUecfQbY_ec`_bdY_^c
_VdXUcd_bi]eSX\Y[UY^BQcX_]_^dXYbdiVYfUiUQbc\QdUb1c
Y^c_]Q^iCZ‰cdb‰]µcVY\]cVb_]dXU! µcdXUbUYcQ\_d_VecU
_V TU`dX_VVYU\T Q^T SXQbQSdUbc ]_fU Vb_] RQS[Wb_e^T d_
V_bUWb_e^T4eUd_dXUTQb[Y^dUbY_bcYdc_]UdY]UccUU]cQcYV
dXUSXQbQSdUbcU]UbWUVb_]dXUTQb[cdbY`_VdXUSU\\e\_YTYdcU\V
DXUVY\]^_d_^\iXQcQ^U\QR_bQdU^QbbQdYfUcdbeSdebURedUaeQ\\i
U\QR_bQdYfU`X_d_WbQ`XYSUVVUSdcSbUQdUTRiSY^U]Qd_WbQ`XUb
:e\Yec:QU^j_^DXUT_eR\UUh`_cebUcQbUUh`Ubd\iUhUSedUT
`QbdYSe\Qb\i Y^ dXU RbUQdXdQ[Y^W cSU^U gXUbU R_dX CZ‰cdb‰]
SXQbQSdUbc QbU cdQ^TY^W Y^ Vb_^d _V Q ]Ybb_b dXU TYbUSd_b dXec
aeQTbe`\UTY^Vb_^d_VdXUSQ]UbQ
8=6<0A14A6<0=B7>>C8=6±B<D;CA>=BCn;;4C²JF8;3BCA0F14AA84BL0=338A42C8=6E82C>AB9sBCAs<
6YH]LD5HJLD,QJPDU%HUJPDQ
Ŷ&RQ)HDWXULQJ9LFWRU6M|VWU|P%LEL$QGHUVVRQ,QJULG7KXOLQ*XQQDU)LVFKHUŶPP'·'D&LQHPDWHNHW6YHQVND)LOPLQVWLWXWHW
9\VY\]WYbQd_ceY^fUbdYRY\U!&]]~cdQd_QSaeYcYd_TQ\bUWYcdQfUbc_\Q
VY^UTUW\YQ^^Yµ( 4Q\]QdUbYQ\U`_cYdYf__bYWY^Q\U~cdQd_bUQ\YjjQd_
e^Y^dUb^UWQdYf_TQSeY~cdQdQ_ddU^edQe^Q^e_fQcdQ]`Q^U\!)((
9\VY\]VQ`QbdUTU\\µUSSUjY_^Q\US_\\UjY_^UTY`U\\YS_\UU]Q^_cSbYddY
DXU VY\] gQc cX_d _^ !&]] bUfUbcQ\ Q^T QSaeYbUT Vb_] dXU
TYbUSd_b Y^ dXU \QdU ( µc 6b_] dXU _bYWY^Q\ `_cYdYfU ]QdUbYQ\ Q^
Y^dUb]UTYQdU ^UWQdYfU gQc ]QTU Q^T Q ^Ug `bY^d gQc cdbeS[
Y^ !)(( DXU VY\] Yc Y^S\eTUT Y^ dXU e^YaeU S_\\USdY_^ _V VY\]c
(!
4?CC95BC:tCDBt=
Ŷ6FHQ6DP$VN9LFWRU6M|VWU|P)-XOLXV-DHQ]RQ,QW9LFWRU6M|VWU|P:H\OHU/HEHO$OELQ/DYpQ'RWW0RQUR0DWKLDV7DXEH'RWW$GHOO-HQQ\7VFKHUQLFKLQ/DUVVRQ$QQD
3URG6YHQVND%LRJUDIWHDWHUQŶPP/RUP/P%Q'·DIV'LGDVFDOLHVYHGHVL6ZHGLVKLQWHUWLWOHVŶ'D&LQHPDWHNHW6YHQVND)LOPLQVWLWXWHW
Ŷ8QDPSLRIUDPPHQWRGL´'|GVN\VVHQµFRQGLGDVFDOLHLQIUDQFHVHqVWDWRFRQVHUYDWRDOOD&LQpPDWKqTXH)UDQoDLVHFROWLWRORGL´/·(WUDQJHDYHQWXUHGHO·LQJpQLHXU/HEHOµ1HO
GDOODFRSLDGHOQHJDWLYRIUDQFHVHqVWDWDUHDOL]]DWDXQDVWDPSDLQFXLVRQRVWDWHLQVHULWHGLGDVFDOLHLQVYHGHVHHSHUVRVWLWXLUHOHSDUWLPDQFDQWLIRWRJUDPPLGHSRVLWDWLDOFRS\ULJKW
HGHOOHLPPDJLQLILVVHULFDYDWHGDODVWUHGLYHWUR$ORQJIUDJPHQWRI´'|GVN\VVHQµZLWK)UHQFKLQWHUWLWOHVKDYHEHHQSUHVHUYHGE\WKH&LQpPDWKqTXH)UDQoDLVHXQGHULWV)UHQFKWLWOH
´/·(WUDQJHDYHQWXUHGHO·LQJpQLHXU/HEHOµ)URPWKH)UHQFKLQWHUPHGLDWHQHJDWLYHDSULQWZDVVWUXFNLQZKHUH6ZHGLVKLQWHUWLWOHVZHUHLQVHUWHGDORQJZLWKFRS\ULJKWIUDPHVDQG
VWLOOVIURPJODVVQHJDWLYHVFRYHULQJWKHPLVVLQJSDUWV
4?CC95BC:tCDBt=
T_^QdYTQ9^W]Qb2UbW]Q^Q\\Q2UbW]Q^6_e^TQdY_^^U\" "AeU
cdYaeQdd_bTYSY]Y^edYSY_VVb_^_e^_cS_bSY_QVVQcSY^Q^dUTU\TYUdb_\U
aeY^dUTYe^_TUYS\QccYSYTY2UbW]Q^AeUcdQ`U\\YS_\Qe^YSQ]QY
`b_YUddQdQY^`eRR\YS_`bY]QTµ_bQS_^dYU^UbY`bUcUTU\SQcdUTU\\Q
db_e`UUVVUddedQdUdbQe^SYQ[U\µQ\db_Ue^QT_Se]U^dQjY_^UTU\\U
bY`bUcUTYQ\Se^UcSU^US_^dU^edUY^C]e\db_^cdy\\Ud@QbdUTU\]Q
dUbYQ\U~cdQd_WYbQd_QS_\_bYUT~cU]`bUU]_jY_^Q^dU`_dUbfUTUbU
\e_WXYQdd_bYUS_cde]YVQ]Y\YQbYc_dd_e^Q\eSUTYfUbcQTQaeU\\QSXU
S_^_cSYQ]_<QcUS_^TQ]UdwTU\VY\]S_^dYU^U]_\dYc`Ujj_^YSXU
bYdbQWW_^_CZ‰cdb‰]Y^fUSSXYQd_]U^dbU`Qb\QS_^W\YQ\dbYQdd_bYUcY
`bU`QbQ`UbY\SYQ[ceSSUccYf_UcY`e‡QffUbdYbUY\bYc`Udd_U\µQ]]Y
bQjY_^USXU2UbW]Q^^edbYfQ`UbY\ce_S_\\UWQ`YŒQ^jYQ^_^_^SX}
bUWYcdQTU\ce_VY\]`bUVUbYd_;‰b[Qb\U^<Q`U\\YS_\QcYSXYeTUS_^
\UbY`bUcUTU\\QcSU^QTU\\µY^SeR_S_^dU^edQY^C]e\db_^cdy\\UdS_^
\UY]]QWY^YVQ]Y\YQbYTU\\QSQbb_jjQVQ^dQc]QTY2UbW]Q^dbQY^QdQ
TQTeUSQfQ\\YC]e\db_^cdy\\UdcQbURRUcdQdQ\µe\dY]QQ``QbYjY_^U
SY^U]Qd_WbQVYSQTYCZ‰cdb‰]]_bd_^U\WU^^QY_TU\!)& ("
Q^T]Q^ecSbY`dcT_^QdUTRi9^W]Qb2UbW]Q^d_DXU2UbW]Q^
6_e^TQdY_^Y^" "DXUcUV_ebdUU^]Y^edUcWYfUecQVQcSY^QdY^W
\__[ RUXY^TdXUcSU^Uc _^ dXU cX__dY^W _V _^U _V 2UbW]Q^µc
S\QccYSc 9^ dXYc e^YaeU VY\] ^UfUb cSbUU^UT Y^ `eR\YS RUV_bU
dXUbUQbUcX_dc_VSQcdQ^TSbUgRUdgUU^dQ[UcQ^TVb_]dXU
cX__dY^W_VcSU^UcdXQdgUbUY^S\eTUTY^C]e\db_^cdy\\UdC_]U_V
dXU]QdUbYQ\gQccX_dY^S_\_ebQ^TQcQ\gQicYdYcdXbY\\Y^Wd_cUU
VQ]Y\YQb`\QSUcQSd_bcQ^TS_cde]UcY^Q^Ug\YWXdQcYdgUbU9^
dXU\QddUbXQ\V_VdXUVY\]dXUbUYcQ\_d_VV__dQWU_VdXUQWUY^WFYSd_b
CZ‰cdb‰] SXQddY^W gYdX XYc VU\\_g QSd_bc Q^T `bU`QbY^W XY]cU\V
V_bdXU^UhddQ[UQ^Ti_eSQ^cU^cUdXUbUc`USdQ^TQT]YbQdY_^
dXQd2UbW]Q^XU\TV_bXYc_\TUbS_\\UQWeUQ^TdXUTYbUSd_b_VXYc
VQf_ebYdU VY\] ;‰b[Qb\U^ DXU VY\] U^Tc gYdX V__dQWU Vb_] dXU
cX__dY^W_VdXU^YWXd]QbUcUaeU^SUY^C]e\db_^cdy\\UdgYdXdXU
VQ]Y\YQbY]QWUc_V2UbW]Q^µc`XQ^d_]SXQbY_dRUY^W`e\\UTRidg_
X_bcUcC]e\db_^cdy\\UdgQcd_RUCZ‰cdb‰]µcVY^Q\Q``UQbQ^SUY^
VY\]Q^TXUTYUTY^:Q^eQbi!)& 3>BB84A<0DA8CIBC8;;4A
@b_WbQ]]QUdUcdYQSebQTY:_^GU^Wcdb‰] @b_WbQ]Q^T^_dUc`bU`QbUTRi:_^GU^Wcdb‰]
10;4CC?A8<03>==0=6YH]LD5HJLD0DXULW]6WLOOHU
Ŷ6FHQ'MDOPDU&KULVWRIHUVHQ)--XOLXV>-XOLXV-DHQ]RQ@,QW/DUV+DQVRQ:ROR&]DZLHQNR-HQQ\+DVVHOTXLVW$QMXWD-HQQ\7VFKHUQLFKLQ/DUVVRQPDWULJQDGL$QMXWD5LFKDUG
/XQGFRQWH2UVN\&DUO-RKDQQHVVRQPDHVWURGLEDOOHWWR'DJPDU(EEHVHQEDOOHULQD$OEHUW6WnKO7KXUH+ROP3URG6YHQVND%LRJUDIWHDWHUQŶPP/RUP/P
'·DIV&RO'LGDVFDOLHVYHGHVL6ZHGLVKLQWHUWLWOHVŶ'D&LQHPDWHNHW6YHQVND)LOPLQVWLWXWHW
2Q\Udd`bY]QT_^^Q^~cdQd_e^_TUY`bY]YVY\]TYbUddYTQCdY\\UbT_`_Y
cUY]UcYTµY^dUbbejY_^USXUcYUbQQed_Y]`_cd_dbQY\!)!%UY\!)!&
U Tw `b_fQ TU\ ]QWWY_b \YfU\\_ TY bYSUbSQdUjjQ SXU SQbQddUbYjjQ
aeUcdQVQcUTU\\QceQSQbbYUbQ:U^^i8QccU\aeYcdQ\ce_TURedd_
ce\\_cSXUb]_bUSYdQ\Q`QbdUTYe^QRQ\\UbY^QWYdQ^QcS_`UbdQTQ\
fY_\Y^YcdQ<Qbc8Q^c_^U`_YQ]]UccQQ\\µQSSQTU]YQTYRQ\\_c_dd_
\µQ\Q`b_dUddbYSUTU\S_^dUY^dUb`bUdQd_TQBYSXQbT<e^T<QcSU^Q
TU\\µQeTYjY_^U TU\\Q WY_fQ^U Q\\µQSSQTU]YQ fYU^U bY`bUcQ S_^
Q\]U^_cUddUTYVVUbU^dY`_cYjY_^YTY]QSSXY^QUY^aeUcd_RbUfU
VbQ]]U^d_cY`_cc_^_fUTUbUTYfUbcYUcU]`YTYQjY_^YY^`QbQ\\U\_
<Q`QbdUY^YjYQ\UTU\`bY]_be\\_~]Q^SQ^dUUTU\cUS_^T_^_^
~WYe^dQQ^_Y^Ucce^QcUaeU^jQDeddQfYQcY~S_^cUbfQdQWbQ^
`QbdUTU\dUbj_be\\_S_^\UceUcUaeU^jUU]_jY_^Q^dYdbQ\UaeQ\Y
Y\VY^Q\UY^fUb^Q\UTU^db_UVe_bY\QfY\\QTU\S_^dUS_^e^Q]UccQY^
cSU^Q]UbQfYW\Y_cQU\Qce`UbRQY\\e]Y^QjY_^UTY:e\Yec:QU^j_^
1 dY^dUT ^YdbQdU VbQW]U^d _V 2Q\Udd`bY]QT_^^Q^ gQc V_e^T
Ri <eSYQ^_ 2UbbYQd‹Q Qd 6Y\]_dUSQ =e^YSY`Q\U TU JQbQW_jQ
Y^ !))$ Q^T \QdUb YTU^dYVYUT Ri 7‰cdQ GUb^Ub 1 Te`\YSQdU
^UWQdYfUgQc]QTUVb_]dXYcVbQW]U^dQ^TQ^UgdY^dUT`bY^d
gQc cdbeS[ Y^ !))% gYdX Y^cUbdUT CgUTYcX dYd\Uc 3_`ibYWXd
VbQ]Uc Q^T cdY\\c Vb_] W\Qcc ^UWQdYfUc gUbU QTTUT d_ S_fUb
dXU]YccY^W`Qbdc
2Q\Udd`bY]QT_^^Q^gQc_^U_VdXUVYbcdVY\]cCdY\\UbTYbUSdUTQVdUb
XYc f_\e^dQbi cYh]_^dXRbUQ[ Y^ !)!%!& Q^T Yc `b__V _V dXU
XYWXUb\UfU\_Vc_`XYcdYSQdY_^Q``QbU^dY^XYcg_b[QddXYccdQWU_V
XYcSQbUUb:U^^i8QccU\aeYcd]Q[Y^WXUbcSbUU^TURed`\QicQ
Wi`ciTQ^SUbRUY^WTYcS_fUbUTRifY_\Y^Ycd<Qbc8Q^c_^Q^TdXU^
U^dUbY^WdXURQ\\UdQSQTU]ie^TUbdXU`b_dUSdYfUgY^Wc_VBYSXQbT
<e^TµcS_e^dDXUcSU^US_fUbY^WXUbQeTYdY_^QddXUQSQTU]iYc
cX_dgYdX^_\UccdXU^cUfU^TYVVUbU^dSQ]UbQcUde`cQ^TdXUbU
QbU cUfUbQ\ UhQ]`\Uc _V `QbQ\\U\\ QSdY_^ Y^ dXYc RbYUV VbQW]U^d
DXURUWY^^Y^W_VdXUVYbcdbUU\Yc]YccY^WQ^T^_V__dQWUVb_]
dXUcUS_^TbUU\XQccebfYfUT8_gUfUb]_cd`Qbd_VdXUdXbY\\Y^W
\QcdbUU\UhYcdcQ^TdXUVY^Q\gY^dUbdY]UcSU^UY^Q^T_edcYTU
dXUS_e^dµcfY\\QYcRUQedYVe\\icdQWUTQ^Tce`UbR\i\YdRi:e\Yec
:QU^j_^
7n<=0A4=6YH]LD5HJLD0DXULW]6WLOOHU
Ŷ)+XJR(GOXQG,QW-RKQ(NPDQ-DFRE.DKQ5LFKDUG/XQG-RVHI(GLWK(UDVWRII(VWHU.DULQ0RODQGHU(PPD:LOK+DQVVRQ*HRUJ9LGH(GPRQG+DQVHQ:LOOLDP/DUVVRQ
3URG6YHQVND%LRJUDIWHDWHUQŶPP/RUP/P'·DIV'LGDVFDOLHVYHGHVL6ZHGLVKLQWHUWLWOHVŶ'D&LQHPDWHNHW6YHQVND)LOPLQVWLWXWHW
CY`U^cQfQSXUaeUcd_VY\]V_ccU`Ubc_`UbcU]`bUVY^_QaeQ^T_
^U\" !^_^^U~cdQdQbYdb_fQdQe^QS_`YQ^YdbQd_Y]RYRYdQaeQcY
S_]`\UdQS_^TYTQcSQ\YUY^dUTUcS_TQ\\QCdYVde^W4UedcSXU;Y^U]Q
dXU[TY2Ub\Y^_<QS_`YQUbQY^Re_^US_^TYjY_^YTYS_^cUbfQjY_^UUT
~cdQdQYTU^dYVYSQdQTQ8U\]edBUWU\Q3_R\U^jQ4QaeUcdQ~cdQd_
bUQ\YjjQd_e^Te`\YSQd_^UWQdYf_S_^QWWYe^dQTYTYTQcSQ\YUY^cfU
TUcUUceSSUccYfQ]U^dU^U\" #e^Q^e_fQS_`YQ`_cYdYfQ4Q\
Te`\YSQd_^UWQdYf_`bY]QTU\\µQWWYe^dQTU\\UTYTQcSQ\YUY^cfUTUcU
c_^_cdQdUbUQ\YjjQdUQ^SXUS_`YU`_cYdYfUTU\\QfUbcY_^UdUTUcSQ
9\bYdb_fQ]U^d_TY8y]^QbU^~QTYb`_S_cU^cQjY_^Q\UfYcd_SXU
~Y\`YŒfUSSXY_dbQYVY\]TYCdY\\UbWYe^dYVY^_Q^_YAeUcdQ`U\\YS_\Q
\USeYbY`bUcUfU^^Ub_UVVUddeQdU^U\\µQ`bY\UTU\!)!%UbQ\QfU^
dYdbUUcY]QTYCdY\\UbTQaeQ^T_^U\!)!"TURedd‡S_]UbUWYcdQ
E^WY_fQ^UcdeTU^dUQRRQ^T_^Q\QbQWQjjQURbUQS_^SeYQfUfQ
DXU VY\] gQc dX_eWXd \_cd e^dY\ Q ^UQbS_]`\UdU dY^dUT ^YdbQdU
`bY^d gYdX 7Ub]Q^ Y^dUbdYd\Uc gQc V_e^T Ri CdYVde^W 4UedcSXU
;Y^U]QdXU[ 2Ub\Y^ Y^ " ! DXU `bY^d gQc Y^ W__T `XicYSQ\
S_^TYdY_^Q^TYTU^dYVYUTRi8U\]edBUWU\Y^;_R\U^j1Te`\YSQdU
^UWQdYfUgQc]QTUgXUbUCgUTYcXY^dUbdYd\UcgUbUY^cUbdUTQ^T
Q^Ug`bY^dgQccdbeS[Y^" #@bY^dc_VdXU7Ub]Q^fUbcY_^gUbU
Q\c_ ]QTU Vb_] dXU Te`\YSQdU ^UWQdYfU RUV_bU dXU Y^cUbdY_^ _V
CgUTYcXdYd\Uc
DXU TYcS_fUbi _V 8y]^QbU^ Yc ^_dXY^W cX_bd _V cU^cQdY_^Q\
RUY^W ^_g dXU _\TUcd cebfYfY^W VY\] Ri CdY\\Ub DXU cX__dY^W
d__[`\QSUY^1`bY\!)!%Q^TgQcCdY\\Ubµc"#bTVY\]cY^SUXYc
TYbUSd_bYQ\TURedY^!)!"1i_e^WcdeTU^dbU^_e^SUcQ:UgYcX
WYb\gYdXgX_]XUXQcXQTQ^QVVQYbQ^TdXUYbRQRiR_iYcbQYcUT
RidXUWYb\µcS_ecY^Q]_^Ui\U^TUbgX_]Q^iiUQbc\QdUbVY^Tc
(#
4?CC95BCD9<<5B
>U\ !))$ e^ VbQ]]U^d_ Y]RYRYd_ ce ce``_bd_ ^YdbQd_ TY
2Q\Udd`bY]QT_^^Q^~cdQd_bY^fU^ed_TQ<eSYQ^_2UbbYQd‹Q`bUcc_
\Q6Y\]_dUSQ=e^YSY`Q\UTYCQbQW_jjQUT~cdQd_ceSSUccYfQ]U^dU
YTU^dYVYSQd_ TQ 7‰cdQ GUb^Ub 4Q aeUcd_ VbQ]]U^d_ ~ cdQd_
bUQ\YjjQd_e^Te`\YSQd_^UWQdYf_U^U\!))%e^Q^e_fQcdQ]`Q
Y]RYRYdQS_^c_dd_dYd_\YY^cfUTUcU@Ubce``\YbUQ\\U`QbdY]Q^SQ^dY
c_^_ cdQdY QWWYe^dY V_d_WbQ]]Y TU`_cYdQdY Q\ S_`ibYWXd U TU\\U
Y]]QWY^YVYccUbYSQfQdUTQ\QcdbUTYfUdb_
4?CC95BCD9<<5B
Qfed_e^QbU\QjY_^UUY\\_b_RQ]RY^_~Q\\UfQd_TQe^ecebQY_
SeWY^_TU\\QbQWQjjQSXUQTYcdQ^jQTY]_\dYQ^^Ydb_fQY\]_T_
TYfU^TYSQbUY\d_bd_Y^V\Ydd_Q\\QceQVQ]YW\YQFQQ]]Ucc_SXUY\
VY\]~dedd_c_]]Qd_`YŒcdQdYS_TYQ\dbY\Qf_bYTYCdY\\Ub]QbYUcSU
S_]e^aeUQSbUQbUe^µQd]_cVUbQdUcQUTbQ]]QdYSQUS_^dYU^U
Q\Se^UcUaeU^jUY^UcdUb^YQ\dQ]U^dUUf_SQdYfUS_]UaeU\\QWY
bQdQQ\SY]YdUb_CdY\\UbUbQ^Qd_Q8U\cY^[YTQWU^Yd_bYURbUYbeccYU
8y]^QbU^~\µe^YS_TUW\Y_\dbUaeQbQ^dQVY\]TU\bUWYcdQQTUccUbU
Q]RYU^dQd_Y^e^S_^dUcd_URbQYS_AeQ^T_Y\WY_fQ^UcdeTU^dU
SXUcdQ`UbTYfU^dQbU`bUdUcYbYVYedQTYc`_cQbU\QbQWQjjQY^SY^dQ
\UcSbYfUe^Q\UddUbQY^SeYQVVUb]QSXYQbQ]U^dUSXUY\\_b_]QdbY
]_^Y_~Y]`_ccYRY\U`_YSX}\UY~URbUQU\eYSbYcdYQ^_>U\\QfUb
cY_^UdUTUcSQTYSXYQbQcU]`\YSU]U^dUSXUY\]QdbY]_^Y_QfbURRU
_cdQS_\Qd_Yce_YcdeTY9^bUQ\dw\QfUbcY_^UdUTUcSQTYVVUbYcSUY^
]_T_cYW^YVYSQdYf_^_^c_\_TQaeU\\QS_^TYTQcSQ\YUY^cfUTUcU
]QQ^SXUTQ\\QfUbcY_^UY^W\UcUCdY\\UbQfUfQY^`b_WUdd_e^Q\db_
VY\]S_^Q]RYU^dQjY_^UURbQYSQ=QT_`_fQbYUcdUcebUTU\\QcSU
^UWWYQdebQ^U\!)"!QbbYf‡Y^fUSU4U\Q^TcV\i[dYWUce\\QfYdQTUW\Y
U]YWbQdYbeccY^U\\µ5eb_`QTU\\µ?fUcd
QgQid_QfU^WUdXUY^ZecdYSUY^V\YSdUTe`_^XYcVQ]Y\iDbeUdXU
VY\]Ycc_]UgXQd]_bUcdQdYSdXQ^_dXUbCdY\\UbVY\]cRedYdXQcQ
dU^cUTbQ]QdYSQd]_c`XUbUQ^TdXUbUYcc_]UXYWX\iUf_SQdYfU
_^\_SQdY_^ V__dQWU V_b Y^cdQ^SU Qd dXU SU]UdUbi CdY\\Ub gQc
R_b^Y^8U\cY^[YRiBeccYQ^:UgYcX`QbU^dcQ^T8y]^QbU^Yc
dXU_^\i_VdXUTYbUSd_bµc]_bUdXQ^V_bdiVY\]cdXQddQ[Uc`\QSU
Y^Q:UgYcXcUddY^WGXU^dXUi_e^WcdeTU^d\QdUbd_RUS_]UQ
`bYUcdbUVecUcd_]QbbidXU`bUW^Q^dWYb\XUgbYdUcXUbQ\UddUb
R\e^d\i cdQdY^W dXQd ]QbbYQWU Yc Y]`_ccYR\U RUSQecU cXU Yc Q
:Ug Q^T XU Yc Q 3XbYcdYQ^ 9^ dXU 7Ub]Q^ fUbcY_^ XU cY]`\i
cdQdUc dXQd ]QbbYQWU g_e\T Y^dUbVUbU gYdX XYc cdeTYUc 9^ VQSd
dXUdYd\UcY^dXU7Ub]Q^fUbcY_^TYVVUbcYW^YVYSQ^d\i^_d_^\iVb_]
dXU_bYWY^Q\CgUTYcXdYd\UcRedQ\c_Vb_]dXUdYd\UcY^dXU5^W\YcX
fUbcY_^CdY\\Ub`\Q^^UT_^U]_bUVY\]Y^Q:UgYcXcUddY^W2ed
QVdUbcUfUbQ\bUgbYdY^Wc_VdXUcSbY`ddXU!)"!4U\Q^TcV\i[dYWU
Y^cdUQTSQ]Ud_TU`YSddXU\YfUc_VBeccYQ^U]YWb}cY^GUcdUb^
5eb_`U
BC8;;4A5A06<4=C6YH]LD5HJLD*|VWD:HUQHU
Ŷ1DUUDWRUH*|VWD:HUQHU3URG6YHQVND)LOPLQVWLWXWHWŶPP/P'·'LGDVFDOLHVYHGHVL6ZHGLVKLQWHUWLWOHVŶ'D&LQHPDWHNHW6YHQVND)LOPLQVWLWXWHW
9\VY\]S_^dYU^UVbQ]]U^dYTY=Q^^U[y^WU^!)!#%#]UdbY7by^
cV_\[U^!)!#&"]UdbY8Q^cRb‰\\_`c^Qdd!)!%##]UdbYU4U
\Q^TcV\i[dYWU!)"!!"!]UdbY_\dbUQYTYUdb_\UaeY^dUWYbQdYTebQ^dU
\UbY`bUcUTYCd_b]V{WU\^!)!#U2Q\Udd`bY]QT_^^Q^!)!&3_]
`bU^TUY^_\dbUdeddYYVY\]QdYUcYcdU^dYY^SeYS_]`QbU=QebYdjCdY\\Ub
>U\!)&)7‰cdQGUb^UbTUSQ^_TUW\YcdeTY_cYTYSY^U]QcfUTUcY
UQed_bUTYcfQbYQdY\YRbYceCdY\\UbXQQccU]R\Qd_deddYYVbQ]]U^dY
UcYcdU^dYTU\bUWYcdQQ\dbY]U^dY`UbcY`UbSbUQbUaeUcd_]UbQfYW\Y_
c_S_bd_TYTYSYQccUddU]Y^edYE^VY\]]_\d_`Ubc_^Q\UY\^QbbQd_bU
~\_cdUcc_bUWYcdQSXUS_^dYU^UY^_\dbUdedd_Y\]QdUbYQ\UUcYcdU^dU
ceCdY\\Ub*^UW\YcdeTYTYUdb_\QSY^U`bUcQVe_bYTQW\YcdeTYCfU^c[
6Y\]Y^TecdbY ]U^dbU QSSQbUjjQ Y\ ce_ SQ^U U `UbcY^_ `bY]Q TY
cQ\YbUQR_bT_TYe^TYbYWYRY\UDbQYVbQ]]U^dYS_^dU^edYaeU\\_
`YŒ\e^W_~dbQdd_TQ\\µU`YSQ4U\Q^TcV\i[dYWUT_fU<Qbc8Q^c_^U
:U^^i8QccU\aeYcdY^dUb`bUdQ^_TeUUce\YTU\\µQbYcd_SbQjYQbeccQQ
@QbYWYAeUcd_VY\]~cdQd_e^Q^Y]U]U^dUbYS_^_cSYed_TQ\\QSbYdYSQ
cfUTUcUTU\\µU`_SQS_]UY\SQ`_\Qf_b_TU\bUWYcdQCdY\\Ub^Qd_QT
8U\cY^[YUTUW\YcdUcc_SYddQTY^_becc_VUSUbYSXYUcdQTYSYddQTY^Q^
jQcfUTUcUTebQ^dU\UbY`bUcUTU\VY\]
DXUVY\]S_^dQY^cVbQW]U^dc_V=Q^^U[y^WU^!)!#%#]UdUbc
7by^cV_\[U^ !)!# &" ]UdUbc 8Q^c Rb‰\\_`c^Qdd !)!% ##
]UdUbc Q^T 4U \Q^TcV\i[dYWU !)"! !"! ]UdUbc Q^T RUXY^T
dXUcSU^Uc ]QdUbYQ\ Vb_] dXU cX__dY^W _V Cd_b]V{WU\^ !)!#
Q^T2Q\Udd`bY]QT_^^Q^!)!&DXUVY\]Q\c_Y^S\eTUcQ\\UhYcdY^W
^UgcbUU\V__dQWU_V=QebYdjCdY\\UbXY]cU\V
9^!)&)7‰cdQGUb^UbdXUTUQ^_VCgUTYcXVY\]cSX_\QbcQ^TdXU
QedX_b_VcUfUbQ\R__[c_^CdY\\UbQccU]R\UTQ\\UhYcdY^WVbQW]U^dc
_V_dXUbgYcU\_cdCdY\\UbVY\]cY^d_dXYcRUQedYVe\cUfU^dUU^]Y^edU
cX_bd1fUbi`Ubc_^Q\VY\]dXUTYbUSd_bXY]cU\VYcdXU^QbbQd_bYd
Q\c_Y^S\eTUcQ\\cebfYfY^WV__dQWU_VCdY\\UbXY]cU\VY^dXUcdeTY_
RUXY^TdXUSQ]UbQQddXURQS[\_d_VCfU^c[6Y\]Y^TecdbYSeTT\Y^W
XYc`UdT_WQ^TQdQc`_bdY^WVYU\TgQYdY^Wd_U]RQb[_^Q^QYbcXY`
?VdXUVbQW]U^dcY^S\eTUTdXU\_^WUcdYcVb_]dXU!)"!U`YS4U
\Q^TcV\i[dYWUcdQbbY^W<Qbc8Q^c_^Q^T:U^^i8QccU\aeYcdQcdg_
}]YWb}c Vb_] dXU BeccYQ^ QbYcd_SbQSi Y^ 6bQ^SU DXU VY\] gQc
e^Q^Y]_ec\i XQY\UT Qc CdY\\Ubµc ]QcdUb`YUSU Ri S_^dU]`_bQbi
CgUTYcXSbYdYScCdY\\UbXY]cU\VQBeccYQ^SYdYjU^cY^SUXYcRYbdXY^
8U\cY^[YQ``\YUTV_bCgUTYcXSYdYjU^cXY`TebY^WdXUcX__dY^W
70=B7DBCADB5sA5;DC=06YH]LD5HJLD0DXULW]6WLOOHU
Ŷ)+XJR(GOXQG,QW/LOL%HFK1LOV(OIIRUV3URG6YHQVND%LRJUDIWHDWHUQŶPP/P'·DIVŶ'D&LQHPDWHNHW6YHQVND)LOPLQVWLWXWHW
?o;8E4CBs34BEn60A6YH]LD5HJLD0DXULW]6WLOOHU
Ŷ)-XOLXV-DHQ]RQ,QW&ODUD:LHWK(ULN$3HWVFKOHU3URG6YHQVND%LRJUDIWHDWHUQŶPP/P'·DIVŶ'D&LQHPDWHNHW6YHQVND)LOPLQVWLWXWHW
($
=nA:nA;4:4=3s30A6YH]LD5HJLD0DXULW]6WLOOHU
Ŷ)-XOLXV-DHQ]RQ,QW9LFWRU6M|VWU|P%HUJOLRW+XVEHUJ3URG3KRHQL[6YHQVND%LRJUDIWHDWHUQŶPP/P'·DIVŶ'D&LQHPDWHNHW6YHQVND)LOPLQVWLWXWHW
4_`_SXU^U\!)&)7‰cdQGUb^UbbUQ\Yjj‡CdY\\Ub6bQW]U^dQW\Y
Y^YjYTUW\YQ^^Yµ( fU^^Ub_bYdb_fQdYQ\dbYdbUVbQ]]U^dYSXUfU^^Ub_
Y^cUWeYd_Te`\YSQdYUcdQ]`QdYcece``_bd_TYcYSebUjjQ
1VdUb 7‰cdQ GUb^Ub S_]`\UdUT CdY\\Ub VbQW]U^d Y^ !)&) dXbUU
VebdXUbVbQW]U^dcdeb^UTe`Y^dXUUQb\i( µcQ^TdXUigUbUdXU^
Te`\YSQdUTQ^TS_`YUT_^d_cQVUdicd_S[
9\`YŒY^dUbUccQ^dU~Y\`YŒQ^dYS_>yb[yb\U[U^T‰TQbTU\!)!#
Y^SeYFYSd_bCZ‰cdb‰]bUSYdQ\Q`QbdUTYe^`Ydd_bU9^aeUcd_RbUfU
VbQ]]U^d_TU\\QTebQdQTY`_S_`YŒTYTeU]Y^edYCZ‰cdb‰]Tw
`b_fQTU\\QceQRbQfebQTYQdd_bUUc`bY]U^T_e^QfQcdQWQ]]Q
TYU]_jY_^YQf_\dUTYbUddUQW\YQ\dbY`Ubc_^QWWYY^cSU^QUQf_\dU
TYbUddQ]U^dUQ\\Q]QSSXY^QTQ`bUcQCZ‰cdb‰]~cdQd_TYbUdd_TQ
CdY\\UbY^TYfUbcU_SSQcY_^Y@QbdYS_\Qb]U^dUcYW^YVYSQdYfYc_^_Q
aeUcd_`b_`cYd_YVY\]TU\\QcUbYUDX_]Qc7bQQ\
DXU]_cdY^dUbUcdY^W_VdXUcUdXbUUVbQW]U^dcYcdXU_\TUcddXU
!)!#>yb[yb\U[U^T‰TQbcdQbbY^WFYSd_bCZ‰cdb‰]QcQ`QY^dUb
9^dXYcRbYUVVbQW]U^dbe^^Y^WZecd_fUbdg_]Y^edUcCZ‰cdb‰]
`b_fUcgXQdQWbUQdQSd_bXUgQcUh`bUccY^WQgYTUbQ^WU_V
U]_dY_^cc_]UdY]Ucd_dXU_dXUbSXQbQSdUbcY^dXUcSU^UQ^T
c_]UdY]Uc _^\i d_ dXU SQ]UbQ CZ‰cdb‰] QSdUT e^TUb CdY\\Ubµc
TYbUSdY_^_^cUfUbQ\_SSQcY_^c]_cd^_dYSUQR\iY^dXUDX_]Qc
7bQQ\VY\]c
C4BC58;<6A4C060A1>86$
AeQ^T_UbQQ\\Q=7=GQ\dUbGQ^WUbQfUfQWYw\Qf_bQd_S_^7bUdQ
7QbR_^U\!)##SebQ^T_\Q`b_TejY_^UTYAeUU^3XbYcdY^QTY=Q
]_e\YQ^@b_Tedd_bUY^TY`U^TU^dU_b]QYTQ]_\dYQ^^Y^U\\µUcdQdU
TU\!)$(GQ^WUbY^YjY‡Q`b_WUddQbUe^VY\]TYbYd_b^_`Ub\Q7QbR_
3Y‡SXUQfUfQY^]U^dUUbQe^Q`U\\YS_\Qce\\QcSbYddbYSUVbQ^SUcU
7U_bWUCQ^TSXUT_fUfQY^dYd_\QbcY²6bYU^TQ^T<_fUb³@YŒdQbTY
^U\!)$(`b_`_cUY^fUSUe^c_WWUdd_dbQdd_TQ<Q4eSXUccUTU
<Q^WUQYcTY2Q\jQSSXU\Q7QbR_QSS_\cUS_^U^decYQc]_>U\]Qb
j_TU\!)$)UbQ^_WYwcdQdYTUVY^YdYdeddYW\YQSS_bTY`Ub\UbY`bUcUSXU
cQbURRUb_Y^YjYQdUY^5eb_`QcUY]UcY`YŒdQbTYAeQ^T_=Qh?`Xe\c
dUb]Y^‡TYWYbQbUDXUBUS[\Ucc=_]U^dW\YfU^^UQccUW^QdQ\Q
bUWYQTU\`b_WUdd_RQ\jQSXYQ^_UW\YVeSXYUcd_Q^SXUTY_VVbYbUQ:Q
]Uc=Qc_^\Q`QbdUTYQdd_bU`b_dQW_^YcdQQSSQ^d_Q\\Q7QbR_>_^
bYecSU^T_QWQbQ^dYbcYYVY^Q^jYQ]U^dY^USUccQbYGQ^WUbT_fUddU
Q^^e\\QbUY\`b_WUdd_U\Q7QbR_WYeb‡SXU]QY`YŒcQbURRUd_b^QdQ
ce\\_cSXUb]_CU]RbQSXUY`b_fY^YcYQ^_cdQdYWYbQdY^U\WYeW^_TU\
!)$(U^U\]QWWY_TU\!)$)>U\!)) \QdU\UfYcY_^UQ]UbYSQ^QXQ
]_\d_`eRR\YSYjjQd_\QdbQc]YccY_^UTUY`b_fY^YbYdb_fQdYTU\\Q7Qb
R_WYbQdYU^dbQ]RY`UbGQ^WUbTQGY\\YQ]4Q^YU\cU:Q]UcG_^W
8_gU9`b_fY^YTY:_cU`XFQ\U^dY^Uc_^_`b_RQRY\]U^dUaeU\\YWYbQdY
^U\!)$(UT~cde`UVQSU^dU`_dUbd_b^QbUQfUTUbU\Q7QbR_Y^aeU
cdYSY^aeU]Y^edYU]Ujj_TY`U\\YS_\Q]edQQ]_\dYQ^^YTYTYcdQ^jQ
TQ\\QceQe\dY]QQ``QbYjY_^UY^Dg_6QSUTG_]Q^
GXY\cdQd=7=GQ\dUbGQ^WUbg_b[UTgYdX7bUdQ7QbR_gXU^
`b_TeSY^W=Q]_e\YQ^µcAeUU^3XbYcdY^QY^!)##1VdUbRUY^W
Q^Y^TU`U^TU^d`b_TeSUbV_b]Q^iiUQbcGQ^WUbcdQbdUTd_
`\Q^QS_]URQS[VY\]V_b7QbR_TebY^WdXUce]]Ub_V!)$(
GXQd GQ^WUb XQT Y^ ]Y^T gQc Q cd_bi _^ dXU \YVU _V 6bU^SX
!)dXSU^debi^_fU\Ycd7U_bWUCQ^Td_RUSQ\\UT²6bYU^TQ^T
<_fUb³<QdUbY^!)$(XUY^cdUQTceWWUcdUTdXU2Q\jQScd_bi<Q
4eSXUccUTU<Q^WUQYcQ`b_`_cQ\d_gXYSX7QbR_bUQSdUTgYdX
U^dXecYQc]9^=QbSX!)$)UfUbidXY^WgQccUdV_bdXUcX__dY^W
d_cdQbdY^5eb_`UcYh]_^dXc\QdUbGXU^=Qh?`Xe\cVY^YcXUT
cX__dY^WDXUBUS[\Ucc=_]U^dXUgQcQccYW^UTd_TYbUSddXU
2Q\jQS`b_ZUSdQ^Td_RbY^W\UQTY^W]Q^:Q]Uc=Qc_^d_cdQb
_``_cYdU 7QbR_ 6QY\Y^W d_ cUSebU VY^Q^SY^W GQ^WUb XQT d_
SQ^SU\ dXU `b_ZUSd Q^T 7QbR_ f_gUT ^UfUb d_ bUdeb^ d_ dXU
cSbUU^DUcdcgUbUQ``QbU^d\icX_dR_dXY^:e^U!)$(Q^TY^
=Qi !)$) 9^ !)) dXUbU gQc Q ]eSX `eR\YSYjUT cSbUU^Y^W
_^1]UbYSQ^dU\UfYcY_^_VbUTYcS_fUbUT7QbR_dUcdccX_dRi
GY\\YQ]4Q^YU\cQ^T:Q]UcG_^W8_gUR_dXV_bGQ^WUbDXU
:_cU`XFQ\U^dY^UdUcdcgUbU`b_RQR\idXU_^UccX_dY^!)$(
Q^TYdYcQbUfU\QdY_^d_cUUdXUcUVYfUQ^TQXQ\V]Y^edUc_V
cY\U^d7QbR_ ]Q^i iUQbc QVdUb XUb VY^Q\Q``UQbQ^SUY^Dg_
6QSUTG_]Q^
(%
4?CC95BCD9<<5B
Ŷ)-RVHSK9DOHQWLQH,QW*UHWD*DUER3URG:DOWHU:DQJHU8QLYHUVDO,QWHUQDWLRQDOŶPP/P'·Ŷ'D&LQHPDWHNHW6YHQVND)LOPLQVWLWXWHWŶ0DWHULDOHDFTXLVLWR
QHOGDXQFROOH]LRQLVWDSULYDWR7KHPDWHULDOZDVDFTXLUHGIURPDSULYDWHFROOHFWRULQ
@b_WbQ]]QQSebQTYDQddYCQ^WeY^UdY
@b_WbQ]SebQdUTRiDQddYCQ^WeY^UdY
8;;D240;;0A810;C0
8<064B5A><8BC8CDC>;D24
8;;D240;;0A810;C0
8<064B5A><8BC8CDC>;D24
3Yc_^_TU\\UY^YjYQdYfUSXUfQ^^_]UccUY^SQ^dYUbU
cU^jQcdQbUdb_``_Q`U^cQbSYce`UbY\cU]`\YSUY^
SbUTYRY\U ]_dYf_ SXU ^Ucce^_ \_ XQ ]QY VQdd_ `bY]Q
BYdQW\YQbUTU^db_Q\\µQVV_\\QdYccY]_SQ\U^TQbY_Y^dUb^Q
jY_^Q\U TU\ 3Y^U]Q BYdb_fQd_ " # \_ c`QjY_ TY e^
_]QWWY_Q\\µ9cdYded_<eSUUTQ\\UceUS_\\UjY_^Y~e^QTY
aeUcdUdb_fQdU_ffYU9^9dQ\YQcY^_QaeQ\SXUdU]`_VQ
\USXYQ]QfQ^_²e_fQTY3_\_]R_³ÄTYVVYSY\U]QQ^SXU
`b_RQRY\]U^dU`bYf_TYY^dUbUccUSUbSQbUTYSQ`YbUS_]U]QYY\`YŒ
\_^WUf_QbSXYfY_QeTY_fYcYf_Tµ9dQ\YQ\QdYdQccUTQQ^^YTQ\\UWbQ^TY
bUdb_c`UddYfUSY^UdUSQbYU^QjY_^Q\YU^_^c_\_CUcdYQ]_Q\\µ_WWY
fUbbURRUf_W\YQTYTYbUSXUQ\\µ1bSXYfY_TU\\µ9cdYded_<eSUc_^db_``_
_SSe`QdYQ²bYSUfUbUYS\YU^dY³UQ²VQbUTUW\YQVVQbY³`Ub²`UbTUbUdU]
`_³Y^`b_YUjY_^YUVUcdYfQ\9^dedd_aeUcd_Sµ~aeQ\S_cQTYfUb_TQd_
SXUY^TeRRYQ]U^dU\µ1bSXYfY_TU\<eSU~Y\`YŒ]_TUb^_Y\`YŒQS
SUccYRY\UY\`YŒfYcYdQd_Tµ9dQ\YQQ^SXUWbQjYUQTe^Q]UccQ_^\Y^U
TY`bY]µ_bTY^U`UbfQcdYdwSXYQbUjjQS_^ce\dQRY\Ydw>U\S_^SU`YbU
aeUcd_`bY]_`YSS_\_SQb_dQWWY_VbQYdUc_bYTU\<eSUcY~cSU\d_TY
SUbSQbUTYTQbUe^µYTUQTU\\µQffU^deb_cQcd_bYQTU\\µ9cdYded_cdUcc_
UTYUc`_bbU`UbSY‡]QdUbYQ\YUcdbU]Q]U^dUUdUb_WU^UYUTYVVUbU^dY
VbQ\_b_`UbU`_SQcd_bYSQWU^UcY`b_TeddYfUY^fUcdY]U^d_YTU_
\_WYS_`b_`QWQ^TYcdYS_aeQ\YdwUcdUdYSQc`USYVYSYdwVY\]YSQ^_d_
bYUdwTYVVecY_^UV_b]Qd_Qed_bYQ\YdwdQ\UTQcecSYdQbUQddU^jY_^UU
SebY_cYdwTQ`QbdUTU\`eRR\YS_Y^dUb^QjY_^Q\UTU\^_cdb_VUcdYfQ\
SXU^_^XQQfed__SSQcY_^UTYS_^_cSUbUY\<eSUcU^_^S_]UY\
]UWQV_^_TY2U^Yd_=ecc_\Y^Y>_^c_^_cdQdYUVVUddeQdYTUYfUbYU
`b_`bYbUcdQebY>_^SU^µ~cdQd_Y\dU]`_^}cU^µ~QffUbdYdQ\Q^U
SUccYdw1RRYQ]_Y^Q\Se^YSQcYVQdd_TU\\UbYcdQ]`U_TU\\UUTYjY_^Y
cU]`\YSU]U^dU²Q\dbU³bYc`Udd_QaeU\\UX_]UfYTU_5cU]`Y_*Q\
VY\]<QSb_SYUbQQUbUQTU\TUSU^^Q\UQRRYQ]_d_\d_aeU\fYbQWWY_
Qjjebb_S_^SeYY\VY\]UbQcdQd_UTYdQd_Y^SQccUddQ`UbbUcdYdeYbUY\
RYQ^S_U^Ub_?\dbUQdbU\e^W_]UdbQWWYTYSeYTeU[_\_ccQ\TµY]
`YQ^d_V_bdU]U^dU²S_\\UddYfYcdYS_³UQTeUS_bd_]UdbQWWYTµQed_bU
QRRYQ]_Y^VY\Qd_dbURbUfYQ^d_\_WYUE^Qce3Y^USYddwTQ\\QceQ
V_^TQjY_^UQ\\QbYQ`UbdebQ`_cdRU\\YSQT_`_\µ_SSe`QjY_^UTUY`b_
VeWXYE^QcUS_^TQce\\UQed_SU^cebUQ\\QCUddY]Q^Q9^S_]^U\
cU_^T_T_`_WeUbbQUe^QY^VY^UceYdQW\Y]Y^YcdUbYQ\YUW_fUb^QdYfY
Q\\USY^UQddeQ\YdwTUW\YQ^^Yµ% ^UW\YQ^^YTU\\µY^SbY^Q]U^d_TU\
]_^_`_\Y_SU^dbYcdQce\\µY^V_b]QjY_^UQeTY_fYcYfQ
DQddYCQ^WeY^UdY
((
C_]U Y^YdYQdYfUc WUd cdQbdUT gYdX_ed d__ ]eSX dX_eWXd V_b
dXU cY]`\U Q^T Y^SbUTYR\U bUQc_^ dXQd ^_ _^U XQc UfUb T_^U
dXU]RUV_bU6Y^TY^Wc`QSUV_bQdbYRedUd_9cdYded_<eSUQ^TYdc
S_\\USdY_^c gYdXY^ dXU dYWXd Y^dUb^QdY_^Q\ cSXUTe\U _V 3Y^U]Q
BYdb_fQd_" #YcY^TUUT_^U_VdX_cU_RfY_ecRbYWXdYTUQcE^dY\
ZecdQcX_bdgXY\UQW_Y^9dQ\iceSX_RfY_ecYTUQcgUbUSQ\\UT²e_fQ
TY3_\_]R_³9dYcTYVVYSe\dQ^T`b_RQR\ie^Y^dUbUcdY^WQcgU\\d_dbi
d_e^TUbcdQ^TgXidXU]_cd\_^W\YfUTQeTY_fYceQ\QbSXYfUY^9dQ\i
XQcRUU^]YccY^WV_bc_\_^WVb_]WbUQdQbSXYfUbUdb_c`USdYfUc
Y^ 9dQ\i Q^T ^_d _^\i CdYS[Y^W d_ d_TQi gU S_e\T cQi dXQd dXU
9cdYded_<eSUQbSXYfUcQbUd__Reci²bUSUYfY^WS\YU^dc³Q^T²T_Y^W
RecY^Ucc³d_²gQcdUdY]U³gYdXcSbUU^Y^WcQ^TVUcdYfQ\c1^TdXUbU
Ycc_]UdbedXd_dXQdcY^SUdXU<eSUQbSXYfUcQbU^_T_eRddXU
]_cd]_TUb^QSSUccYR\UQ^TfYcYdUTY^9dQ\iQ\c_dXQ^[cd_dXUYb
_^\Y^UcicdU]gXYSXYcd_`\UfU\Y^dUb]c_VfQcd^UccS\QbYdiQ^T
S_^ce\dQRY\Ydi9^S_^SUYfY^W_VdXYcVYbcdc]Q\\S_bUcU\USdY_^_V
dXUdbUQcebUcQd<eSUgUdbYUTd_WYfUQ^YTUQ_VdXUQTfU^deb_ec
XYcd_bi_VdXU9^cdYdedUYdcU\VQ^Td_cX_gUhdbU]U\iXUdUb_WU^U_ec
Q^TTYfUbcU]QdUbYQ\cY^dUb]c_VXYcd_bYSQ\UbQ`b_TeSdY_^_bYWY^c
YTU_\_WYSQ\`b_`QWQ^TYcdYSY^fUcd]U^dQUcdXUdYSaeQ\YdYUcVY\]YS
c`USYVYSYdi^_d_bYUdiTYVVecY_^V_b]QdQ^TQedX_bYQ\Ydi?ebQY]Yc
d_Qb_ecUQddU^dY_^Q^TY^dUbUcdQ]_^WdXUY^dUb^QdY_^Q\`eR\YS_V
dXUVUcdYfQ\gXYSXXQc^UfUbXQTQSXQ^SUd_WUdd_[^_g9cdYded_
<eSUYV^_dQcdXU]UWQ`X_^UV_b2U^Yd_=ecc_\Y^Y>_QSdeQ\
bUcd_bQdY_^cgUbUSQbbYUT_edDXUbUgQc^µddY]U^_bgQcQ^UUT
VU\d9^c_]USQcUcgU]QTUbU`bY^dc_bcY]`\iSbUQdUT²_dXUb³
UTYdY_^c Y^ bUc`USd d_ X_]U fYTU_ 6_b UhQ]`\U Y^ dXU VY\] <Q
Sb_SYUbQQUbUQTU\TUSU^^Q\UgUbU]_fUTdXUR\eUd_^Y^WdXQdXQT
RUU^QTTUTd_dXUSQccUddUfUbcY_^bUdeb^Y^WdXUVY\]d_R\QS[Q^T
gXYdU9^QTTYdY_^d_dXbUUVUQdebUVY\]cdg__VgXYSXQbUS_\_ccQ\c
_VQcdb_^W\i²S_\\USdYfYcd³^QdebUQ^Tdg_cX_bdVY\]cTµQedUebgU
XQfUQ\c_Y^S\eTUTdXbUURbYUVQ^dX_\_WYUc?^UYc_^3Y^USYddw
Vb_]YdcV_e^TY^Wd_dXU`_cdgQbbU_`U^Y^WV_\\_gY^WdXUbUVeWUU
_SSe`QdY_^DXUcUS_^T\__[cQdcU\VSU^c_bcXY`RiCUddY]Q^Q
9^S_]V_\\_gY^WG_b\TGQb99Q^TdXU\QcddU\\c_V]Y^YcdUbYQ\Q^T
W_fUb^]U^dSedcd_^UgcbUU\cY^dXUVYVdYUciUQbcY^gXYSXdXU
SU^dbYcd]_^_`_\i_^QeTY_fYceQ\Y^V_b]QdY_^gQcgQ^Y^W
DQddYCQ^WeY^UdY
;02A>284A004A4034;3424==0;4,WDOLD
1\<eSU_bWQ^Yc]_^Qd_`Ub\µQ\VQRUdYjjQjY_^UQWbYS_\Q^U\!)"&
QfUfQ^_fQbQd_TeUdU]`YTYcS_bbY]U^d_U\UddebQ`Ub\UTYTQcSQ
\YU*\U^dU\USQ]`QW^UfU\_SY\USYddw3_^<QSb_SYUbQQUbUQTU\
TUSU^^Q\U\Q`b_`QWQ^TQcQ\UQ\SYU\_9\TUSU^^Q\U~aeU\\_TU\\Q
]QbSYQceB_]Q9^aeUcd_[_\_ccQ\QUb_^QedYS_S_UcYcd_^_Q^
S_bQ]ed_Uc_^_b_WbQVYSQQUb_TY^Q]YSQVedebYcdQU`bUcQTYbUddQ
TU\ce_^_E^QT_``YQdbQfUbcQdQTU\\µ1d\Q^dYS_cUddU^dbY_^Q\US_^
SU^d_e_]Y^YfU^dYaeQddb_fU\Yf_\YUTYfUbcUSY^U`bUcUS__bTY^QdU
TQ=QbY_3bQfUbY5b_UTYaeUcdQY]`bUcQ]e\dY]UTYQ\U~Y\`QTbU
V_^TQd_bU TU\\µQUb_^QedYSQ ^QjY_^Q\U Y\ VUbbQbUcU 9dQ\_ 2Q\R_
]Q^WQ^U\\Qd_bUTUYb_ccYRQcdYQ^S_^dbQbY_aeQTbe]fYb_bYRU\\U
Q]Qd_bUSebY_c_TU\\UR_SSXUTU\\UT_^^UUTUYVeSY\Y7eQcS_^U
S_]Ue^SQ`YdQ^_TYfU^debQTY2\QcUddYS_^\QcYWQbUddQcU]`bU
Q\\µQ^W_\_TU\\QR_SSQVbQY`_SXYcaeQTbYcdYSQ`QSYTU\c_bbYc_
aeUcd_Db_dj[YZTU\VQcSYc]_Q]‡]_\d_Y\SY^U]Q<µQ^^_`bY]Q
TYaeUcdQSb_SYUbQQfUfQf_\ed_e^VY\]QfYQd_bY_TYVY^jY_^US_^
\Q 3Y^Uc@YddQ\eWQ <µ1b]QdQ 1jjebbQ TY BYWXU\\Y TY SeY QfUfQ
cSU\d_`Ubc_^Q\]U^dUY\SQcdAeQ\SXUQ^^_T_`_UcY\YQd_QVQbU
Y\7_fUb^Qd_bUTU\\Q<YRYQS_cdbY^WUbw7U^Y^QQbYWYbQbUe^`Ujj_
TU\\_CaeQTb_^U2YQ^S_`UbSX}Y]UXQbYcdYYdQ\YQ^Y^_^QfUfQ^_Y\
Reb^ecRYQ^S_RU^c‚^Ub_>U\\eW\Y_TU\µ##W\YQUb_`\Q^YCQf_YQ
=QbSXUddYTU\\QdbQcf_\QdQTY2Q\R_c_bf_\Qb_^_3XYSQW_U>Ug
I_b[Y^e^dbY`eTY_TYbQTY_Sb_^QSQcdU\\UVY\Q^dYS_bYQ^T_\YVYcSXYU
cYbU^U²3Q^^YRQ\³3Qb^UbQcQ\edQS_^\QceQ]Q^_WYWQ^dUcSQª
2Q\R_ cebS\QccQ <Y^TRUbW CQY^d 5he`Ubi U 4U @Y^UT_ 9\ ce_
ceSSUcc_cS_\`Yd_^U\\QSU\\e\_YTUTYfU^dQY^W_]RbQ^dU=ed_U
c_^_b_S_UcYcd_^_2Q\R_U=ecc_\Y^Y^_7Yw^U\\µQW_cd_Y\4eSU\_
cY\ebQ9\"(WYeW^_TU\!)$ TYSY_dd_WY_b^YT_`_\µU^dbQdQY^WeUbbQ
TU\\µ9dQ\YQ²\µ1aeY\QTU\BUWY]U³QRRQddeddQTQVe_S_Q]YS_SQTbw
^U\SYU\_TYD_Rbe[
DQddYCQ^WeY^UdY
<eSU Q^ _bWQ^Yc] V_e^TUT Y^ !)"& V_b \YdUbQSi Y^ QWbYSe\debU
\Qe^SXUTdg_c`UUTcV_bdXUcX_gY^WQ^TbUQTY^W_VY^dUbdYd\Uc*
c\_gY^dXUS_e^dbicYTUVQcdY^dXUSYdiGYdX<QSb_SYUbQQUbUQTU\
TUSU^^Q\U`b_`QWQ^TQb_cUd_dXUc[YUcDXUdU^dXQ^^YfUbcQbi
gQc dXQd _V dXU ]QbSX _^ B_]U 9^ dXYc QUb_^QedYSc S_\_ccQ\
cY\U^dQ^Tc_e^TVedebYcdQUb_Ti^Q]YSWbQ`XYScQ^TTYbUSdc_e^T
bUS_bTY^W cdY\\ S_UhYcd 1 b_e^TdbY` Sb_ccY^W _V dXU ^_bdXUb^
1d\Q^dYSgYdXQXe^TbUT]U^dgU^diV_ebQYbSbQVdcQ^T^e]Ub_ec
SQ]UbQcS__bTY^QdUTRi=QbY_3bQfUbYDXUXUb__VdXYc]e\dY]UTYQ
U^dUb`bYcUYcdXUV_e^TY^WVQdXUb_V^QdY_^Q\QUb_^QedYSc6UbbQbQ
^QdYfU9dQ\_2Q\R_dbe^SXU_^Ub_VdXUbUTc_``_cUbaeQTbe]fYb
bURU\Q]QdUebSebY_ecQR_edg_]U^µc]_edXcQ^TQR_edbYV\Uc
7QcS_^\Y[U_^U_V2\QcUddYµcQTfU^deb_ecSQ`dQY^cgYdXQSYWQbUddU
Q\gQicXQ^WY^WVb_]dXUS_b^Ub_VXYc]_edXQ]_^WdXUVUg6QcSYcd
QSdY_^caeQT]U]RUbcSQ`QR\U_Vc]Y\Y^WdXYcDb_dc[i_VVQcSYc]
bUQ\\i\_fUTdXUSY^U]QDXUiUQbRUV_bUdXUV_b]QdY_^V\YWXdXUXQT
TU]Q^TUTQ^QfYQdY_^VYSdY_^VY\]Vb_]3Y^Uc@YddQ\eWQ<µ1b]QdQ
1jjebbQRiBYWXU\\YV_bgXYSXXU`Ubc_^Q\\iSX_cUdXUSQcdCUfUbQ\
iUQbc\QdUbUhY\UTQc7_fUb^_b_V<YRiQXU]QTU7U^Y^QVY\]Q
`Qbd_V<_CaeQTb_^U2YQ^S__fUbQWQY^RUSQecUdXU9dQ\YQ^SQ]U\
S_b`cXQTQR\QS[Reb^_ecQ^T^_dQgXYdU_^U9^:e\i_V!)##dXU
CQf_YQ=QbSXUddYQYb`\Q^UcY^2Q\R_µcdbQ^cQd\Q^dYSSb_ccY^WV\Ug
_fUb3XYWQS_Q^T>UgI_b[Y^QR\QjU_VbQTY_S_fUbQWUcX__dY^W
cdQbcS_^VUddYgXYcd\UcQ^TcYbU^c²3Q^^YRQ\³3Qb^UbQgQfUTXYc
WYWQ^dYSXQ^Tª2Q\R__edS\QccUT<Y^TRUbWCQY^d5he`UbiQ^T4U
@Y^UT_2edXYcceSSUccU^WbQfUTY^SU\\e\_YTRUSQ]UQg[gQbT
CY\U^d Q^T c_e^T S_UhYcd 2Q\R_ Q^T =ecc_\Y^Y ^_ 1\bUQTi Y^
1eWecddXU4eSU_ecdUTXY]?^"(:e^U!)$ UYWXdUU^TQic
QVdUb9dQ\iU^dUbUTdXUgQbdXU²BUWY]UGQb8Qg[³gQcWe^^UT
T_g^RiVbYU^T\iVYbUQ^TVU\\Vb_]dXUc[YUc_fUbD_Rbe[
DQddYCQ^WeY^UdY
3D24B?>AC8E>,WDOLD5HJLD&RUUDGR'·(UULFR
ŶPP'···9HUVLRQHLWDOLDQD,WDOLDQYHUVLRQŶ'D,VWLWXWR1D]LRQDOH/XFH
4eSUc`_bdYf_~e^T_Se]U^dQbY_c_^_b_TY]_^dQWWY_`b_T_dd_
TQ\\µ9cdYded_ >QjY_^Q\U <E35 ^U\ ^_fU]RbU !)#$ VY^_ QT _WWY
bYdU^ed_cS_]`Qbc_<QWU^UcYTU\VY\]~ceWWUbYdQTQe^Q\UddUbQ
TU\"^_fU]RbU!)#$TY<eYWY6bUTTY4YbUdd_bUWU^UbQ\U`Ub\Q
SY^U]Qd_WbQVYQQ\@bUcYTU^dUTU\\µ9cdYded_<E35*²C5Y\3Q`_TU\
7_fUb^_XQUc`bUcc_Y\TUcYTUbY_SXUfU^WQVQdd_e^T_Se]U^dQ
bY_Y^SeY5W\YQ``QYQY^]QbUY^SYU\_Y^dUbbQKªM<UcQb‡WbQd_
cUf_bbwTYc`_bbU`Ub\µY]]UTYQd_]_^dQWWY_TYdQ\UT_Se]U^dQbY_
U cU f_bbw aeY^TY dU^Ub]Y Y^V_b]Qd_ TU\\µUcUSejY_^U TU\ \Qf_b_
cdUcc_³
4eSUc`_bdYf_YcQc_e^TT_Se]U^dQbi]_^dQWU`b_TeSUTRidXU
9cdYded_>QjY_^Q\U<E35Y^>_fU]RUb!)#$S_^cYTUbUT\_cde^dY\
d_TQiDXUWU^UcYc_VdXUVY\]YcceWWUcdUTY^Q\UddUb_V">_fU]RUb
!)#$Vb_]<eYWY6bUTTY7U^UbQ\4YbUSd_b_V3Y^U]Qd_WbQ`Xid_
dXU@bUcYTU^d_VdXU9cdYded_<E35*²8Yc5hSU\\U^SidXU8UQT_V
CdQdUXQcUh`bUccUTdXUTUcYbUV_bQT_Se]U^dQbiY^gXYSXXU
Q``UQbc_^dXUcUQY^dXUc[iQ^T_^UQbdXKªM9g_e\TfUbi
]eSXQ``bUSYQdUYdYVi_eg_e\TY]]UTYQdU\idQ[USQbU_V]Q[Y^W
dXYcT_Se]U^dQbi[UU`Y^W]UY^V_b]UTQcd_dXUcdQdec_VdXU
g_b[Y^`b_WbUcc³
()
<E35
Ŷ)0DULR&UDYHULŶPP/P'·9HUVLRQHLWDOLDQD,WDOLDQYHUVLRQŶ'D,VWLWXWR1D]LRQDOH/XFH
D<0=8Cª,WDOLD5HJLD-DFN6DOYDWRUL
<E35
Ŷ6FHQ-DFN6DOYDWRUL8PEHUWR6DFULSDQWL'LUH]GHOODUHFLWD]LRQH8PEHUWR6DFULSDQWL)9LWWRULR'HOOD9DOOH&DUOR0RQWXRUL00DULR6HUDQGUHL6FJI*LDQFDUOR6LPRQD]]R0X
*LRYDQQL)XVFR$VV58EDOGR0DJQDJKL6HUJLR*ULHFR,QW5RODQGR/XSL:LOOLDP6ROLHUL&DUOD'HO3RJJLR%DUEDUD-DQHW:ROIH-RDQ%HQQHWW0DXUR.HHQ\ORVFLXVFLj*LQR
&HUYL0U.HQQ\8PEHUWR6DFULSDQWL=LR0DWWHFKHOOD$OGR6LOYDQLLOILORVRIR)UDQFD'RPLQLFLODPDHVWUD0LFKqOH6RUHOODSXHUSHUD'RPHQLFR3DOXPERLOFRPSDUH$OEHUWR
'H5RVVL$QWRQLR3URG8PEHUWR6DFULSDQWLSHUO·,VWLWXWR1D]LRQDOH/XFHFRQODFROOGHO0LQLVWHURSHUO·$VVLVWHQ]D3RVWEHOOLFDHGHOO·8155$ŶPP'·9HUVLRQHLWDOLDQD
,WDOLDQYHUVLRQŶ'D,VWLWXWR1D]LRQDOH/XFH
3Yc_^_TeURe_^Y]_dYfY`Ub`bUcU^dQbUQ\\µQ\Q`QjYU^dUUcd_bYSY
cdYSQTU\\QSY^UVY\YQSY^UdUSQbYQYVYQ]]UWWYQ^dY`_cc_^_QcdU^UbcY
TQ\\QfYcY_^UTYaeUcdQ`U\\YS_\QWYecdQ]U^dUTY]U^dYSQdQaeUcd_
VY\]`Qcdb_SSXY_Q\SeYdYd_\_S_]UQ\\Q<_bU^cY`e‡d_W\YUbU_
QWWYe^WUbU Q `YQSUbU e^Q 8 Y^ aeUcd_ SQc_ \QdY^Q* E]Q^Ydw
_ffUb_8e]Q^YdQc@bU^TU^T_\µ8S_]UcY^d_]_TYe^VY\]`Ub
]UdwQ\\UQd_U`Ub]UdwfQdYSQ^__\dbQ^jYcdQY\<eSUVQTQS_\\Q^dU
`b_TeddYf_QW\YcV_bjYTU\\µE>BB1\QE^YdUT>QdY_^cBU\YUVBUXQ
RY\YdQdY_^1T]Y^YcdbQdY_^Y\c_SS_bc_Q\\UQd_QY`QUcY\YRUbQdYTYSeY
c_SS_bbUVbQ\µQ\db_\µY^VQ^jYQQRRQ^T_^QdQcYfUTQY\`bY]_^e]Ub_
TU\\QCUddY]Q^Q9^S_]TU\!%VURRbQY_!)$&Y^SeY\µE>BB1TQ`
`bY]QcYVQbYSUfUbUY^CQ^@YUdb_TQ@Y_H99U`_YVYb]QY\dbQddQd_
S_^Y\7_fUb^_YdQ\YQ^_4YSYQ]_SXU^U\SY^U]Q^U_bUQ\YcdQ\U
`bU]UccUQ\\µY^dUbfU^d_TU\\µE>BB1c_^_Y^SQb^QdUQ\\Q`UbVUjY_
^UTQ\c_\TQd_^U^Ub_TU\\µU`Yc_TY_^Q`_\UdQ^_TY@QYcwBUWYcdQ
TU\VY\]~e^SUbd_Y^_W^YdUcdY]_^YQ^jQ~TUcSbYdd_`b_`bY_S_c‚*
²e^SUbd_³ª:QS[CQ\fQd_bYUhe_]_TU\\Q@QbQ]_e^dQ:_Y^FY\\U
aeY^TYSY Q^^Y `bY]Q e^_ TY aeUW\Y YdQ\_Q]UbYSQ^Y TY bYd_b^_ SXU
`Ube^QddY]_db_fQ^_\µ1]UbYSQY^9dQ\YQ9]_dYfYTµY^dUbUccUTU\
VY\]bYcYUT_^_Y^Q\Se^UY]]QWY^YY^UTYdUTY3Y^USYddwRQbQSS_`_\Y
_SSe`QdQTQY`b_VeWXYS_^Y\VY\_c`Y^Qd_\Q=UccQQ\SQ]`_\Q
S_\dYfQjY_^UTU\\U`QdQdUS_]UY^e^VY\]TY;QebYc]Q[YY\ReSQd_
Q\\UV_^dQ^U\\U\QfU^TYdQTYfQbUSXY^QUSQbR_^U\\QY\dUQdb_^e
]Ub_SY^aeUfYcd_TQ\\µQ\d_e^µY^aeQTbQdebQSXUQfbURRUS_\`Yd_Y\
bUWYcdQTY9^dUbfYcdQTQd_SXU^_^cY`e‡VY\]QbUQ\dbY]U^dYaeUcdQ
]e\dY`b_`bYUdwY^TYfYcQTYcSQd_\UTY\UW^_UTY\QRYbY^dYdbQ]UjjQdY
<µQ\db_]_dYf_~\QcS_`YQjjQdebQY\bYVQSY]U^d_U\µY^TYWUcdY_^US_^
S_^Qd_TY]_\dUcSU^USXYQfUUTY]_\dY`Ubc_^QWWYd_`YSYTU\^_cdb_
SY^U]Q]YW\Y_bUTYaeUW\YQ^^Y3_]UY\`_bdQV_bde^QTY2\QcUddY
E]RUbd_CQSbY`Q^dUY\²`bUjjU]_\_³TUYSQbQddUbYcdY1\T_CY\fQ^Y
Ue^QTU\\UbQWQjjU`YŒRU\\UU`YŒ^U_bUQ\YcdU3Qb\Q4U\@_WWY_
Y^<QddeQTQ6Y^Q\UQ]UbYSQ^YccY]_TQBU]QbbiY^W3_]UTi²<U
cSU^UTYY^dUb^_S_^7Y^_3UbfYc_^_WYbQdU^UYfUSSXYeVVYSYTU\
\µ9cdYded_<eSU³5b^Ucd_7<QebQ
DQddYCQ^WeY^UdY
)
DXUbUQbUdg_W__TbUQc_^cgXidXYc]eTT\U_VQVY\]cX_e\TRU
`bUcU^dUTd_dXU`QdYU^dXYcd_bYSYcdRbQ^SX_VQbSXYfQ\SY^U`XY\YQ
Reb^Y^WSY^U`XY\UcSQ^Y^cdUQTQRcdQY^Vb_]fYUgY^WdXYcZecd\i
V_bW_ddU^VY\]<Y[UgYdX=c<_bU^YdYc`_ccYR\Ud_QTTQ^TdQ[U
QgQiQdgY\\Q^8<QdY^Y^dXYcSQcUd_Q^TVb_]dXU_bYWY^Q\dYd\UY^
9dQ\YQ^*E]Q^Ydw_bbQdXUb8e]Q^YdQcDQ[Y^WdXU8QcQci]`d_]
V_bQVY\]dXQdgQcXQ\V1\\YUTQ^TXQ\VFQdYSQ^UhdbU]YcddXU9cdYded_
<eSUQSdUTQcdXU`b_TeSdYfUW\eUV_bdXUUVV_bdc_VdXUE>B11
E^YdUT>QdY_^cBU\YUVBUXQRY\YdQdY_^1T]Y^YcdbQdY_^_bdXUQ\\YUT
bU\YUVR_TiV_bdXU\YRUbQdUTS_e^dbYUcY^S\eTY^WbU\YUVV_bQ]_^W
_dXUbdXY^WcQRQ^T_^UTSXY\TX__TcUUdXUVYbcdYcceU_VCUddY]Q^Q
9^S_]TQdUT!%6URbeQbi!)$&Y^gXYSXE>BB1VYbcdQbbQ^WUTQ
fYcYdd_@_`U@YecH99QdCd@UdUbµcQ^TdXU^cYW^UTQdbUQdigYdX
dXU9dQ\YQ^W_fUb^]U^dGUS_e\TcQidXQdY^>U_bUQ\YcdSY^U]Q
dXU`bU]YcUcV_bE>BB1µcQSdY_^cQbU`UbVUSd\iY^SQb^QdUTRidXU
R\QS[79Y^@QYcwDXUTYbUSd_b_VdXUVY\]gQcQSUbdQY^Q^TdXQdµc
UhQSd\iX_gXUµcTUcSbYRUTY^Q^ic_bd_VgbYdY^WQR_eddXUVY\]*²Q
SUbdQY^³ª:QS[CQ\fQd_bY*XQfY^Wg_b[UTQd@QbQ]_e^dµc:_Y^FY\\U
cdeTY_cVYVdUU^iUQbcUQb\YUbXUgQc_^U_VdX_cUbUdeb^Y^W9dQ\YQ^
1]UbYSQ^cgX_V_bQ^Y^cdQ^dV_e^T1]UbYSQY^9dQ\i?^UbUQc_^
RUXY^TdXUY^dUbUcdY^dXUVY\]\QicY^cUfUbQ\`bUfY_ec\ie^cUU^
Y]QWUc _V 3Y^USYddw Qc Q RQbRUT gYbUT U^S\_cUT cXQ^did_g^
_SSe`YUTRibUVeWUUc=QccQddXUSQ]``_dQd_VQb]Y^W\Y[UY^
QVY\]Ri;QebYc]Q[YS\_dXUcgQcXY^WY^dXUV_e^dQY^cdXUcQ\U
_VR\UQSXQ^TSXQbS_Q\dXUQdUb^e]RUbVYfUcUU^Vb_]QR_fUQ
cX_ddXQdg_e\TXQfUcdbeS[dXUTYbUSd_b_V9^dUbfYcdQcY^SUdXYc
Z_Y^d`b_`Ubdi_Vg__TU^R_hUcQ^T`QbdYdY_^UT\QRibY^dXcSQ^^_d
RUVY\]UTQ^i_dXUbgQiDXU_dXUbbUQc_^YcdXUR\QdQ^dS_`iY^W
bUg_b[Y^WQ^TY^TYWUcdY_^bU`\UdUgYdXTYcW_bWY^W_V]Q^i[Ui
cSU^UcQ^T]Q^id_`YSQ\`Ubc_^Q\YdYUcVb_]_ebRUcdSY^U]Q_V
dX_cUiUQbc<Y[U2\QcUddYµcW__T\eS[SXQb]E]RUbd_CQSbY`Q^dU
dXU²UfUbigXUbU^Ucc³_VdXUSXQbQSdUbQSd_b1\T_CY\fQ^YQ^T_^U
_VdXU]_cdRUQedYVe\Q^T]_cd>U_bUQ\YcdWYb\c3Qb\Q4U\@_WWY_Y^
<QddeQTQ1ce`Ub1]UbYSQ^VY^Q\U²BU]QbbiY^W3_]UTi³cdi\U
9^T__bcSU^UcgYdX7Y^_3UbfYgUbUVY\]UTY^dXUV_b]Ub9cdYded_
<eSU_VVYSUc5b^Ucd_7<QebQ
DQddYCQ^WeY^UdY
;06A0=34>;8<?8034,WDOLD5HJLD5RPROR0DUFHOOLQL
9\ VY\] T_fUfQ Y^dYd_\QbcY ²B_]Q³ AeQddb_ \UddUbU S_c‚ TUVY^YdYfU
S_]U`_dUfQc`QbQb\Uc_\_e^6U\\Y^Ye^TYSYQ^^YT_`_Q\\µQ`_WU_
TU\\QceQW\_bYQUTUYce_YdYd_\Y=QSUbdQ]U^dUQ\]U^_^U\\µY^S_^
cSY_TU\3_]YdQd_?\Y]`YS_Y\3_^YTU\\µQ^TbU_ddYQ^_7Ye\Y_?^UcdY
SXUS_`b_TeccUY\VY\]S_^\µ9cdYded_<eSU\UbY`bUcUTQ\\µQ\d_TYCQ^
@YUdb_TU\3_\_ccU_TY3QcdU\C1^WU\_f_W\Y_^_bYcQbSYbU\Q3Yddw
5dUb^QTYaeUcdQc`USYUTYcSXUbj_cVbUWY__RUcdU]]YQTU\\µU\Y
S_ddUb_SXUdbQc`_bdQQccYU]U3bYcd_U=QbSU\\_^U\\QcUaeU^jQ
TYQ`UbdebQTU\\Q4_\SUFYdQ3_^<Q7bQ^TU?\Y]`YQTUcYSXYeTUY\
T_`_WeUbbQ\QbYS_cdbejY_^UY\SY^U]QSU^dbYcdQ9\SU^db_cY^YcdbQ
VQbwTU\T_Se]U^dQbY_e^ce_dUbbYd_bY_TYU\UjY_^UUTYSQSSYQ
1RURU2Y[Y\Q\µUdY_`UcSQ\j_Y^SQb^Q\µe\dY]Qed_`YQTYe^_c`_bd
UTU^YS_UfYbWY^Q\UcU^jQcSQb`UddU]QbSXYUddYRecY^Uccc`_^c_b
3_^aeUcd_c_\TQd_TU\\QWeQbTYQTY8QY\~CU\QccY~\Q>Y[U^_^cQ
bURRU]QY^QdQ_QfbURRUVQdd_QVVQbYRU^]_TUcdY2Y[Y\Q~\µe\dY]_
cdbQSSY_c`_bS_U`_fUb_>U_bUQ\Yc]_>QdebQ\]U^dU`Ub]_T_
TYTYbU`UbSX}VY\]QbUdeddQ\Q]QbQd_^QTY^_ddUce\\µ1``YQ1^dYSQ
S_cd‡e^µU^_b]YdwDQ^dµ~fUb_SXU\QS_bcQTU\\US_bcUcY`bU^TU
TQc_\QTYUSY]Y^edYU_ddQ^dQcUYY^aeQTbQdebUTU\VY\]]_^dQd_
@Ub‡\µYTUQTYaeUcdQcdbQTQRY]Y\\U^QbYQRi^YWXdS_]U^_^\QcY
UbQfYcdQ^U]]U^_^U\\QWQ\_``QdQTU\\URYWXUTU\Ae_fQTYc/TY
=UbfY^<Ub_iU^UYVQcdYTU\\Q8_\\ig__Tce\DUfUbUSXUTQaeUcdY
UcdUb^Y`QWQ^YTQQ\RQTU\=_^T_`bU^TU^e_f_bUc`Yb_U^e_fY
Y^SU^dYfY~e^QTU\\Udb_fQd_^UTU\VY\]<Q`U\\YS_\QTY=QbSU\\Y^Y~
e^VY\]ceYfY^SYd_bY`YŒSXUceY`QbdUSY`Q^dYCQSbYVYSQQddUcU`b_fU
aeQ\YVYSQjY_^YU\Y]Y^Qd_bYU`Ub`e^dQbUTbYdd_ceYdUcdQQdUcdQYVY^Q
\Y\UfYdd_bYU=QY\bYce\dQd_VY^Q\UTYaeUcdµ_`UbQS_c‚e\dbQWbQ^TY_cQ
US_c‚e\dbQ^QjY_^Q\YcdQbYecS‚QTQ``QbYbUUaeY\YRbQd__Q\]U^_^_^
cVQSSYQdQ]U^dUSQcUbUSSY_C_\_Y\SYS\Yc]_VebYdU^ed_cSY_fY^YcdQ
=QUbQ^_Q^^YTYUSSU\\U^jQTUY`YcdQbTcQjjebbY=U^dbU\_c`QjY_
TUTYSQd_Q<YfY_2UbbedYSXUTU^db_Qe^f_\_TYS_\_]RURbeSYQ
W\Yc`bY^dUbQ]UbYSQ^Y^_^TUcd‡cSQ^TQ\_<Q7bQ^TU?\Y]`YQTU
~\µe\dY]_VY\]Q^dYS_UY\`bY]_]_TUb^_ceY7Y_SXY@UbSX}W\YUb_Y
c_^_]_\dY\QTT_fU:UccYU?gU^cSXUaeYS_]`QbUS_]Uc`Ud
dQd_bUVbQ=QbYQ7QRbYU\\QTYCQf_YQ2Y^W3b_cRi7U_bWYQ=_\\U
<UQ@QT_fQ^YVe`Ub\QBYUVU^cdQX\e^]QddQd_bUY^W_]RbQ^dU
@UbSX} \U fUbcY_^Y Y^dUb^QjY_^Q\Y Veb_^_ ]_\dU 5 Q\]U^_ TeU
Q``b_^dQdU ceRYd_* e^Q Q^W\_Q]UbYSQ^Q U e^Q WYQ``_^UcU 4Q
bYS_bTQbU1T_\V_3_^c_\Y^YBQVUb:_X^c_^9W_bDUb?fQ^UcYQ^
GY\]QBeT_\`XY\TeU\\_;Q`Yd_^_fDbQ``~Y\V\QcXRQS[WbUS_\Q
@_]`UYTYB_ccU\\Y^Y\UTeU7Ub]Q^YUe^YdUY^e^µe^YSQTU\UWQjY_
^UTeUQ^^Y`bY]QTU\=eb_1^TbU_ddYbUWYcdQY^SQ]`_SXUTw\_
cdQbdQ\@bUcYTU^dUTU\\QBU`eRR\YSQ7b_^SXYSXUTUfUTYSXYQbQbU
Q`UbdYY7Y_SXYCededdY\Q]ecYSQTU\S_]`_cYd_bU`bUVUbYd_TY?bc_^
GU\\Uc6bQ^SUcS_=QbYQ<QfQW^Y^_SXUbY`bU^TUe^dU]QbY_Ue^
DXU VY\] gQc ce``_cUT d_ RU SQ\\UT ²B_]Q³ 6_eb \UddUbc c_
TUVY^YdYfUdXQd_^\i6U\\Y^YS_e\TXQfUVYbUTdXU]U\UfU^iUQbc\QdUb
QddXUXUYWXd_VXYcVQ]UQ^TXYcdYd\Uc3UbdQY^\idX_eWXQd\UQcdY^
dXUceRS_^cSY_ec_VdXU?\i]`YS3_]]YddUUdXU9dQ\YQ^>QdY_^Q\
?\i]`YS3_]]YddUUXUQTUTRi1^TbU_ddYQ\\i7Ye\Y_?^UcdYgX_
S_`b_TeSUTdXUVY\]gYdX9cdYded_<eSUdXUV__dQWU_VCQ^@YUdb_
dXU3_\_ccUe]Q^T3QcdU\C1^WU\_Vb_]QR_fUgUbUY^dU^TUT
d_ S_]`U^cQdU dXU 5dUb^Q\ 3Ydi V_b dXU c_bd _V Z_[U QVVb_^d _b
R\Qc`XU]i_VdXUXU\YS_`dUbSQbbiY^W3XbYcdQ^T=QbSU\\_d_WUdXUbY^
dXU_`U^Y^WcUaeU^SUc_V<Q4_\SUFYdQGYdX<Q7bQ^TU?\Y]`YQTU
dXU`_cdgQb`UbY_TdXUbUS_^cdbeSdY_^Q^T]_TUbQdUSY^U]QS_]U
d_QS\_cUDXUSU^dUb\UVdg_e\Tdeb^dXUT_Se]U^dQbiY^d_Ydc_g^
SX_cU^ Wb_e^T Q^T Xe^dY^W dUbbYd_bi 1RURU 2Y[Q\Q dXU RQbUV__d
5dXY_`YQ^Y^SQb^QdUTdXU\Qcded_`YQ_VQ^5TU^YSQ^TfYbWY^Q\c`_bd
gYdX_edcX_Uc\QRU\c_bRecY^Uccc`_^c_bcGYdXdXYcc_\TYUbVb_]
8QY\~CU\QccY~µc9]`UbYQ\7eQbT>Y[Ug_e\T^UfUbXQfUUfU^RUU^
V_e^TUT_bRecY^Uccg_e\TQd\UQcdXQfURUU^c\_g2Y[Y\QgQcdXU
\QcdcXbUT_VTYbdQ^T`_fUbdi>U_bUQ\Yc]>QdebQ\\ic_d_c`UQ[
RUSQecUVY\]Y^WdXUU^dYbU]QbQdX_^Ri^YWXd_^FYQ1``YQ1^dYSQ
S_cdQV_bde^U2eddXUYTUQ_VdXYcdg_dX_ecQ^TiUQb_\TcdbUUdRi
^YWXdQcYdXQT^UfUbRUU^cUU^RUV_bUUfU^Y^dXUbQSU_VdXU
SXQbY_dcY^=UbfY^<Ub_iµcAe_fQTYc/_bY^dXU`_]`_V8_\\ig__T
_^dXUDUfUbUgXYSXd__[^UgRbUQdXQ^T^UgY^SU^dYfUcVb_]dXUcU
`QWQ^UhdUbY_bcVb_]dXUTQg^_VdXUg_b\T`b_fUTd_RU_^U_VdXU
RbYWXdUcdYTUQcY^dXUVY\]=QbSU\\Y^YµcVY\]Yc]_bUQR_eddXUgY^^Ubc
dXQ^dXU`QbdYSY`Q^dc8UcQSbYVYSUc]_]U^dc_VgQYdY^W`bQSdYSUc
aeQ\YVYSQdY_^cQ^TU\Y]Y^QdY_^cW_Y^WcdbQYWXdd__^U_^_^UcVY^Q\
b_e^TcfYSd_bYUc8_gUfUbdXUVY^Q\bUce\d_VdXYce\dbQWbQ^TY_cUQ^T
e\dbQ^QdY_^Q\Ycdg_b[]Q^QWUcd_Q``UQbRQ\Q^SUT_bQd\UQcd^_d
RbQjU^\iX_]U]QTU?^\idXUSiS\Y^WgQcS_^cYTUbUTSXQefY^Ycd
2eddX_cUgUbUUhSU\\U^ddY]UcV_b9dQ\YQ^dbQS[SiS\YcdcGXY\UdXU
c`QSUTUTYSQdUTd_<YfY_2UbbedYgX_Reb^UT1]UbYSQ^c`bY^dUbc
gYdXdXUbU\UQcU_VQV\_S[_VT_fUcSQecUT^_cSQ^TQ\<Q7bQ^TU
?\Y]`YQTUYcdXU\Qcd_\Tcdi\UQ^TdXUVYbcd]_TUb^VY\]_^dXU7Q]Uc
2USQecUdXUXUb_UcgUbU]Q^igXUbU:UccYU?gU^cgX_gUcUU
XUbUQcQc`USdQd_bQ]_^W=QbYQ7QRbYU\\Q_VCQf_YQ2Y^W3b_cRi
7U_bWYQ=_\\Q^T<UQ@QT_fQ^YgQcQ^Qg[gQbTcX_gcdUQ\UbV_b
=cBYUVU^cdQX\2USQecUdXUY^dUb^QdY_^Q\fUbcY_^cgUbU]Q^i
1^TQd\UQcddg_gUbUbUQTiY]]UTYQdU\i*Q^1^W\_1]UbYSQ^Q^T
Q:Q`Q^UcUfUbcY_^=_]U^dcd_bU]U]RUbQbU1T_\V_3_^c_\Y^Y
BQVUb:_X^c_^9W_bDUb?fQ^UcYQ^GY\]QBeT_\`XdXU;Q`Yd_^_f
DbQ``~ TeU\ dXU 7bUU[ V\QcXRQS[ B_ccU\\Y^Yµc @_]`UYY dXU dg_
7Ub]Q^YUce^YdUTY^QcY^W\UTU\UWQdY_^Zecddg_iUQbcRUV_bUdXU
GQ\\Q^TTYbUSd_bY^dXUVYU\T1^TbU_ddYgX_WQfUdXUW_QXUQTd_
@bUcYTU^d_VdXUBU`eR\YS7b_^SXYd_TUS\QbUdXU7Q]Uc_`U^1^T
)!
<E35
Ŷ6FHQ5RPROR0DUFHOOLQL1LFFROz)HUUDUL)HGH$UQDXG*LRUJLR&HFFKL3UH6FHQ*XDOWLHUR=DQHWWL6HUJLR9DOHQWLQL'RQDWR0DUWXFFL0DULR&UDYHUL/XLJL)LOLSSR'·$PLFR5RPROR
0DUFHOOLQL1LFFROz)HUUDULLPSRVWD]LRQHWHFQLFDGHOODVFHQ'DQLHOH*/XLVL&RPPHQWR'RQDWR0DUWXFFL&RUUDGR6RILD6HUJLR9DOHQWLQL)$OGR$OHVVDQGUL)UDQFHVFR$WWHQQL
/LELR %DUWROL &HVDUH &ROz 0DULR 'DPLFHOOL 5HQDWR 'HO )UDWH *LRYDQQL 'HOOD 9DOOH $QJHOR )LOLSSLQL 5LQR )LOLSSLQL 0DULR )LRUHWWL $QJHOR -DQQDUHOOL /XLJL .XZHLOOHU (PDQXHOH
/RPLU\$QJHOR/RWWL(ULFR0HQF]HU8JR1XGL(PDQXHOH3LFFLULOOL0DUFR6FDUSHOOL7RQL6HFFKL5HQDWR6LQLVWUL*LRYDQQL9HQWLPLJOLD)DXVWR=XFFROL)DHUHD0DULR'DPLFHOOL0
0DULR6HUDQGUHL-RODQGD%HQYHQXWL$OEHUWR9HUGHMR0X$QJHOR)UDQFHVFR/DYDJQLQR$UPDQGR7URYDMROL9RFHQDUUDQWH'RQDWR0DUWXFFL&RUUDGR6RILD6HUJLR9DOHQWLQL,QW5H
&RQVWDQWLQH,,5HJLQD)UHGHULND/RXLVH7K\UD5DIHU-RKQVRQ:LOPD5XGROSK&KULV9RQ6DOW]D3URG,VWLWXWR1D]LRQDOH/XFHSHU&21,ŶPP'·9HUVLRQHLWDOLDQD,WDOLDQ
YHUVLRQŶ'D,VWLWXWR1D]LRQDOH/XFH
dQ``Ud_]ecYSQ\UTYZY^W\Ucc`e^dYUS_^dbQ``e^dYSXUQfUfQfU^
Ted_TYUSYQ^^Y`bY]QQ\\Q9^S_]TYCQ^Tb_@Q\\QfYSY^Y4_fU_W^Y
^UgcTY_W^Y_bYWY^UWU^UbUUS_^dU^ed_QfUfQY\ce_cdQSSXUdd_
U\UceU^_dUbU\\U
DQddYCQ^WeY^UdY
QR_fUQ\\dXU]ecYSRi?bc_^GU\\UcµVQf_bYdUS_]`_cUb6bQ^SUcS_
=QbYQ<QfQW^Y^_gX_ecUTQ]ecYSQ\RQS[Wb_e^T_VZY^W\Uc`_Y^d
Q^T S_e^dUb`_Y^d dXQd XU XQT c_\T dU^ iUQbc UQb\YUb d_ CQ^Tb_
@Q\\QfYSY^Yµc9^S_]GXUbUQ\\^Ugc_VQ\\[Y^TcQ^TS_^dU^dcgQc
QSS_]`Q^YUTRiXYcY^dUb\eTUcQ^TSXUUbi^_dUc
DQddYCQ^WeY^UdY
;0BD0C4AA0,WDOLD5HJLD/XFLDQR(PPHU
<E35
Ŷ7LWDOWHUQDWLYL´,O3DHVH1DWDOHGL0XVVROLQLµ´/DWHUUDGHO'XFHµ3URG,VWLWXWR1D]LRQDOH/XFHŶPP0XWR6LOHQWILOP'·%Q9HUVLRQHLWDOLDQD,WDOLDQYHUVLRQŶ'D
,VWLWXWR1D]LRQDOH/XFH
>U\µ$ Ub_bY]Qcd_c_\_7\YQ\dbY]YQfUfQ^_SUTed_\Uae_dUTU\\Q
4_\_]YdY6Y\]5QbbYfQ\QbYSXYUcdQTYe^T_Se]U^dQbY_ce\\QdUbbQ
TY=ecc_\Y^YWYwS_^S_bTQd_TYSUfQ^_9_Q]_]_\d_Y\`QUcQWWY_
SXUVeWWUfUbc_\µY^VY^Yd_5Y\SY^U]Q9\`QUcQWWY_TY@bUTQ``Y_]Y
S_\`‚5bQQ^S_bQY\`UbY_T_Y^SeY]Y\QcSYQf_cUTebbUTQY]]QWY^Y
Q\\Q4bUiUb3_c‚X_WYbQd_aeUcdUcSU^Ube`UcdbYaeUcd_caeQ\
\_bUTYS_\\Y^US_^\US_^dQTY^UY^S_^db_\eSUS_^\QVQ\SUY^]Q^_
UY\dU]`_bQ\USXUQbbYfQfQSXU`_YSbUQf_Y_S_^\Q`_]`Q@Ub
bY`QbQbcYTQ\\Q`Y_WWYQ\US_^dQTY^UcY]UddUfQ^_\QW_^^QY^dUcdQ
UcSQ``QfQ^_fUbc_YSQc_\QbYT_fU^UYc_\Qf_e^_\QSQcQTUY
WU^Yd_bYTY=ecc_\Y^Y<Q`Q^_bQ]YSQS_^dY^eQfQceYSY`bUccYUcY
VUb]QfQce\\Q\Q`YTUTUYWU^Yd_bY=U^dbUcQ\YfQ\Q]ecYSQV_cSQTY
=ecc_bWc[YZE^Q^_ddUce\=_^dUSQ\f_VQSUf_`QbdYbU\µe^YSQVbQ
cUTU\VY\]SbUTUf_`_UdYSQ*²>_^UbQfQ]_`YŒYW^QbYTU\T_\_bUU
TU\\Q]_bdU³KMAeQ^T_cdQ`UbVY^YbU\Q`b_YUjY_^UT_`_\QVbQcU
ce\T_\_bUU\Q]_bdU=ecc_\Y^YcYQ\jQUcY]UddUQWbYTQbUS_]U
e^`Qjj_*²2QW_\_^RbedfYW\YQS=U^QWbQ]Y]Q\TYd³=YXQ^^_
TUdd_SXUY]`bUSQfQY^b_]QW^_\_4YUTUceRYd__bTY^UTYRbeSYQbU
dedd_cdQ]`QU^UWQdYf_³
<eSYQ^_5]]Ub
9^ !)$ 9 gQc \UVd Q\_^U DXU _dXUbc XQT SUTUT dXUYb cXQbUc Y^
4_\_]YdY6Y\]d_]U1^TdXUbUaeUcdSQ]UV_bQT_Se]U^dQbi_^
=ecc_\Y^YµcUcdQdUgXYSXdXUicQYTXQTQ\bUQTiRUU^QWbUUTe`_^
9dbe\i\_fU\Q^TcSQ`UcdXQdbe^d_gQbTcY^VY^Ydi1^TdXUSY^U]QDXU
@bUTQ``Y_\Q^TcSQ`UcdbeS[]UDXQdgQcdXU`UbY_TY^gXYSX9cdY\\
\Ud]icU\VRUcUTeSUTRi4bUiUbµcY]QWUcC_9VY\]UTdX_cUSbQWWi
cSU^UcdXUR\UQ[XY\\cYTUcgYdXcY\X_eUddUc_VdXUVQb]UbccSidXUY^
XQ^TQ^TQcd_b]_^YdcgQigXYSX9dXU^SbUQdUTgYdXQ`e]`D_
UcSQ`UVb_]dXUbQY^dXUVQb]Ubc`eddXUYbS\_Q[c_fUbdXUYbXUQTc
Q^TbQ^d_gQbTcdXUVQb]X_ecUc9dXU^V_SecUT_^_^UdXUX_ecU
_V=ecc_\Y^Yµc`QbU^dcDXU`Q^_bQ]YScX_dS_^dY^eUTd_gQbTcdXU
Si`bUccUcVY^YcXY^W_^dXU`QbU^dcµWbQfUcd_^UGXY\U=ecc_bWc[iµc
W\__]i]ecYS>YWXd_^2Q\T=_e^dQY^gQcWb_gY^W9`edY^dXU
_^\i`XbQcUY^dXUVY\]9dX_eWXdYdgQc`_UdYS*²GUgUbU^_\_^WUb
e^QSaeQY^dUTgYdX`QY^Q^TTUQdX³KªMGXU^dXUVY\]YcQ\]_cd
_fUbQVdUbdXU`XbQcUQR_ed`QY^Q^TTUQdX=ecc_\Y^YcdQ^Tce`Q^T
cdQbdccSbUQ]Y^W\Y[UQ]QT]Q^*²2QW_\_^RbedfYW\YQS=U^QWbQ]Y
]Q\TYd³²3_gQbTcRYbTc_VY\\_]U^4Q]^i_e³DXUid_\T]UXU
gQccgUQbY^WY^B_]QW^_\_TYQ\USd=ecc_\Y^YY]]UTYQdU\iWQfU
dXU_bTUbd_Reb^UfUbidXY^W`bY^dQ^T^UWQdYfUR_dX
<eSYQ^_5]]Ub
1D8>8=B0;0,WDOLD5HJLD'LQR5LVL
Ŷ,QW$GULDQD$VWL3URG,VWLWXWR1D]LRQDOH/XFHŶPP'·9HUVLRQHLWDOLDQD,WDOLDQYHUVLRQŶ'D,VWLWXWR1D]LRQDOH/XFH
E^`_]UbYWWY_aeQ\e^aeUe^S_]]Ucc_fYQWWYQd_bUfQWQ`Ub\Q
SYddwdbQVVYSQdQUcYY^VY\QY^e^SY^U]Q<Q]QSSXY^QTQ`bUcQcYTY
cY^dUbUccQTU\VY\]Uc`YQ\QfQbYQe]Q^YdwdbQ\UVY\QTU\`eRR\YS_*e^
bYdQbTQdQbY_S_cdbY^WUYfYSY^YQTQ\jQbcY`UbbQWWYe^WUbU\Q`_\db_^Q
fe_dQe^Wbe``_TYbQWQjjY^Y\Q^SYQTUYSQbd_SSUddYS_^\QSUbR_d
dQ^Qe^cYW^_bUc_^^USSXYQe^Q\db_RQSYQ\QceQRU\\Q]U^dbUe^
\QTbe^S_\_W\YcVY\Q\Q`U^^QTQ\dQcSXY^_<QWY_fQ^YccY]Q1TbYQ^Q
1cdYceRYcSU\UQfQ^SUcY^_``_bde^UTYe^_cS_^_cSYed_^_^WbQ
TYcSUUSQ]RYQ`_cd_
)"
1^QVdUb^__^\Y[UQ^i_dXUbQdbQfU\Y^WcQ\Uc]Q^gQ^TUbcQR_ed
dXURecd\Y^WSYdiQ^TW_UcY^d_QSY^U]QDXUSQ]UbQdQ[Uc^_
Y^dUbUcdY^dXUVY\]Q^Tc`YUc_^dXUfQbY_ecV_b]c_VXe]Q^Ydi
cYddY^WY^dXUb_gc_VdXUQeTYU^SU*Q\QdUS_]Ub]Q[Uc_dXUbcWUd
e`c_XUSQ^bUQSXQ^U]`dicUQdQWb_e`_V[YTcXeb\`Q`UbgQTc
gYdXQ`UQcX__dUbQWU^d\U]Q^c^__jUcQ^_dXUb[YccUcXYc\_fU
gXY\UQ`UddidXYUVc\Y`cXYc`U^_ed_VXYc`_S[Ud1cdbQ^WUb]Q[Uc
Y]`b_`Ub QTfQ^SUc d_gQbTc i_e^W 1TbYQ^Q 1cdY gX_ T_Uc^µd
Q``bUSYQdUYdQ^TSXQ^WUccUQdc
0=C>;>684E834>E834>0=C7>;>684B
28=428CCª ("& (#%)30;;0?A8<0?84CA00;;´8=E0B8>=4346;8B5>;;0C8$FXUDGL&ODXGLR6LQLVFDOFKLH7RPPDVR$YDWL
Ŷ%HWDFDP63'·9HUVLRQHLWDOLDQD,WDOLDQYHUVLRQŶ'D,VWLWXWR1D]LRQDOH/XFH
9\")7U^^QY_TU\!)#&ce\\USU^UbYTUW\YcdQRY\Y]U^dYTU\\QfUSSXYQ3Y
^UcTYcdbeddYTQe^bUSU^dUY^SU^TY_2U^Yd_=ecc_\Y^YY^QeWebQY\Qf_bY
TYUTYVYSQjY_^UTYaeU\\QSXU^U\\UQ]RYjY_^YTYQ\\_bQT_fUfQUccUbU
\Q`YŒ]QUcd_cQSYddwTU\SY^U]QY^5eb_`Q*3Y^USYddw4QQ\\_bQ`Qc
cQ^T_QddbQfUbc_W\YQ^^YdUbbYRY\YTU\S_^V\Ydd_UaeU\\Y^_^]U^_TebY
TU\\µY]]UTYQd_T_`_WeUbbQ\Q8_\\ig__Tce\DUfUbU^_^XQc]Ucc_
TYUc`Q^TUbUY\`b_`bY_`bUcdYWY_UTYV_b^YbUY\ce_V_^TQ]U^dQ\US_^
dbYRed_Q\SY^U]QYdQ\YQ^_C_^_aeUcdU\UbQWY_^YSXUSYXQ^^_Y^T_ddY
QbU^TUbUe^`YSS_\__]QWWY_QTe^QQ^S_bQ²WY_fQ^U³3Y^USYddwSXU
^UYce_Y`bY]YTYUSYQ^^YTYfYdQY^SQb^‡c`USSXY_TU\\µY^dUb_`QUcU
°dQ^d_\QW\_bYQY\RU^UccUbUU\µUcQ\dQjY_^U^QjY_^Q\YcdQaeQ^d_\Q
b_fY^_cQcSYQWebQU\Q]YcUbYQTU\\QWeUbbQUTU\T_`_WeUbbQ
3\QeTY_CY^YcSQ\SXY
?^:Q^eQbi")dX!)#&Qd_`dXUQcXUc_VdXU_\T3Y^UccdeTY_c
bUSU^d\i TUcdb_iUT Ri Q VYbU 2U^Yd_ =ecc_\Y^Y Y^QeWebQdUT
S_^cdbeSdY_^g_b[_^gXQdQSS_bTY^Wd_Q]RYdY_^cQddXUdY]UgQc
ce``_cUTd_RUdXU]_cd]QZUcdYSVY\]cdeTY_Y^5eb_`U*3Y^USYddw
CY^SUdXU^QVdUbW_Y^WdXb_eWXdXUdUbbYR\UiUQbc_VdXUgQbQ^T
dXU UaeQ\\i XQbcX iUQbc Y]]UTYQdU\i dXUbUQVdUb 8_\\ig__T _^
dXUDUfUbUXQc^µdcd_``UTUh`Q^TY^WY^`bUcdYWU_b`b_fYTY^WYdc
Ve^TQ]U^dQ\S_^dbYRedY_^d_9dQ\YQ^SY^U]QDXUcUQbUdXUbUQc_^c
dXQdXQfU\UTecd_`QiQc]Q\\dbYRedUd_dXUcdY\\²i_e^W³3Y^USYddw
gXYSXTebY^WdXUVYbcdTUSQTUc_VYdc\YVUY^SQb^QdUT°]Ybb_bY^WdXU
U^dYbUS_e^dbi°dXUW\_bigU\\RUY^WQ^TUhQ\dQdY_^_VQ^QdY_^Qc
]eSXQcdXUbeY^_ecTYcQcdUb_VdXUgQbQ^T`_cdgQb`UbY_Tc
3\QeTY_CY^YcSQ\SXY
Ŷ%HWDFDP63'FLUFD·9HUVLRQHLWDOLDQD,WDOLDQYHUVLRQŶ'D,VWLWXWR1D]LRQDOH/XFHLQFROODERUD]LRQHFRQ6FXROD1D]LRQDOHGHO&LQHPD²&LQHWHFD1D]LRQDOHH3URJHWWR,WDOLD7DJOLD
<Q ^QcSYdQ TU\\Q dU\UfYcY_^U YdQ\YQ^Q ^U\ !)%$ U \µUc_bTY_ TUY
dU\UWY_b^Q\Y c`YQjjQb_^_ \µY^TYcdebRQd_ W_fUb^QdYfYc]_ Tµe^
TUSU^^Y_TYSY^UQddeQ\Ydw9^S_]<U^UgcVY\]QdU`Ub²bY`_cYjY_
^QbcY³c_^_S_cdbUddUQTQcce]UbUd_^YcU^_^TYVb_^TQQ\]U^_
`YW\Y`YŒRYbYSXY^YU]_^U\\UcSXY1\\QbY^^_fQdQ9^S_]\Qf_SU_VV
TU\\U Sb_^QSXU TU\\µUh ]UTYS_ <eSY_ 6e\SY ~ c`Ucc_ QRbQcYfQ
SXYbebWYSQBYjj_\YcYS_^fY^SUSXUSµ~c`QjY_`UbdUcdQdU]_\d_
`YŒQWWbUccYfUUc`UbYS_\QdU7eQ\dYUb_:QS_`UddYSXUV_^TQU
TYbYWU²<µ5eb_`U_3YQS³Q\\µY^YjY_TU\\QcUS_^TQ]UdwTUYµ% _b
WQ^YjjQfUbYU`b_`bYQWWeQdY*cUbfYjYY^SeY\QV_bRYSUTU\]Y^Ycdb_
SXUTUfUdQW\YQbUY\^Qcdb_~cdQdQc_cdYdeYdQTQSUc_YUSXU^_^
dQW\YQ^_`Ub\QWY_YQTYe^Q\\UbdQd_SY^U_`UbQd_bUCQbURRUcdQd_
Q\]U^_\µQf_TY²CdbYcSYQ\Q^_dYjYQ³cU\UY]]QWY^YV_ccUb_]QY
cdQdUTYVVecU_cUUcYcdUccUb_Q^S_bQBUcdQ^_Y^fUSUUW\YcV_dd‡
UY`Ub^QSSXYQW\Yc`UQ[UbcUQYSb_^YcdYTU\\QBQY°BQTY_DU\UfY
cY_^U9dQ\YQ^QSXUVQbURRUb_bYjjQbUYSQ`U\\YY^dUcdQSbUcSUbU\Q
RQbRQbY]`YQjjQbUYc_^^YVUbY5bUcdQ^_QTUcU]`Y_\URQddedU
TYe^_:QS_`UddYSXUY^e^bU`_bdQWUce<U^_ddYTY3QRYbYQ`Qb\Q
TY²7Ye\YUddQc`bY^d\Q]_W\YUTU\bUTU\\QcdbQTQª³DQ^dµ~fUb_
SXU6U\\Y^Y^U\ce_VY\]ceSSUccYf_]_TU\\Qce:QS_`UddYRe_^Q
`QbdUTU\\QVYWebQSY^YSQUTY]]_bQ\UcUTeSU^dUUSYQ\db_^QTU\
bU`_bdUb =QbSU\\_ QWWYe^WU^T_W\Y `Ub‡ e^Q WU^dY\UjjQ U e^Q
]Q\Y^S_^YQSXU\µ_bYWY^Q\U`b_RQRY\]U^dU^_^`_ccUTUfQ5S_c‚
Y^aeUcdUSY^UQddeQ\Ydw^_^`YŒTYW_fUb^_V_bRYSYSXUdQW\YQ^_
TQffUb_ aeU\\U TUY fQbY 5b]Y^Y De`Y^Y U 6_\SXY bYS_]Y^SYQ^_
QTQbSYTU^db_CYcVb_^TQ^_cS_\\QdebUURY[Y^YT_SSUUdeWebY
_`UbQjY_^YSXYbebWYSXUUSQbYSXUTY`_\YjYQQddbYSUddUVb_SUddYU
dbQ^cUcceQ\YTUddYQ\\_bQ²S_SSY^U\\U³cQ\edY^U_VQcSYcdYURQddedU
ceY²V_bSXUdd_^Y³_cefYQTU\\UJ_SS_\UddU
DQddYCQ^WeY^UdY
DXURYbdX_V9dQ\YQ^dU\UfYcY_^Y^!)%$Q^TdXUTURed_VdU\UfYcY_^
^UgcSQcdc SQeWXd e^`bU`QbUT Q TUSQTUµc g_bdX _V e^TYcdebRUT
W_fUb^]U^d_bYU^dUT9^S_]^UgcbUU\cD_²bU`_cYdY_^³dXU]cU\fUc
dXU VY\]UT ^Ugc gUbU V_bSUT d_ ecU d_^Uc dXQd YV ^_d QSdeQ\\i
_``_cYdY_^Q\gUbUQd\UQcd^QeWXdYUbQ^T]_bU]YcSXYUf_ecDXU
bU^UgUT9^S_]V_e^TdXU_VVcSbUU^f_YSUY^dXU^UgcbUU\cRiV_b]Ub
`XicYSYQ^<eSY_6e\SYd_RU_VdU^QRbQcYfUQ^TUfU^cebWYSQ\BYjj_\Y
TUSYTUT dXUbU gQc c`QSU V_b ]eSX ]_bU QWWbUccYfU Q^T TQbY^W
^Ugc7eQ\dYUb_:QS_`UddYV_e^TUbQ^TTYbUSd_b_V²<µ5eb_`U_3YQS³
Qd dXU RUWY^^Y^W _V dXU ]YT VYVdYUc _bWQ^YjUT QSdeQ\ Q]RecXUc*
bU`_bdcgXUbUdXUcSYcc_bcV_bdXU]Y^YcdUbgX_gQcce``_cUTd_Sed
dXUbYRR_^gUbUcgYdSXUTgYdXcXUQbcdXQdTYT^µdSedV_bdXUZ_i_VQ
gQb^UTSQ]UbQ]Q^9dS_e\TXQfUQd\UQcdRUU^dXUWbQ^TVQdXUbd_
²CdbYcSYQ\Q^_dYjYQ³XQTdXUY]QWUcUfUbRUU^cX_g^_bYVdXUicdY\\
UhYcdUTGXQdT_bU]QY^QbUdXUdQe^dY^WQ^TXYccY^WQddXUc`UQ[Ubc
Q^TdXUBQY°BQTY_DU\UfYcY_^U9dQ\YQ^QZ_eb^Q\YcdcdXQdg_e\T]Q[U
i_ebXQYbcdQ^Te``edXQYb_^i_ebVQSUbU`\QSUc\UU`Y^W`Y\\c1\c_
bU]QY^Y^WQbUdXUS_]]U^dc:QS_`UddY]QTUY^QbU`_bdQWU_^<U
^_ddYTY3QRYbYQgXUbUXUc`UQ[c_VQ²7Ye\YUddQc`bY^dgYVU_VdXU
cdbUUd[Y^WKbUTU\\Q²CdbQTQ³Mª³9^TUUTY^XYc^UhdVY\]6U\\Y^YecUT
:QS_`UddYQcQ]_TU\V_b]eSX_VdXUSi^YSQ\Y]]_bQ\cUTeSdYfU
Q^Tc\_fU^\ibU`_bdUbVYWebU_V=QbSU\\_dX_eWXXUQTTUTQXY^d_V
[Y^T^UccQ^T]U\Q^SX_\idXQddXU_bYWY^Q\]_cd\Y[U\iTYT^_d`_ccUcc
8U^SUY^dXUcU^_\_^WUbW_fUb^]U^dQ\^UgcbUU\ccSYcc_bcdXQd
bUQ\\iSeddX_cU_VdXUfQbY_ec5b]Y^YDe`Y^YQ^T6_\SXYcdQbdW_Y^WQd
YdQWQY^DXUiSedUh`_cUTS\UQfQWUcQ^TRY[Y^YcWeddUbcQ^TX_fU\c
cebWYSQ\_`UbQdY_^cQ^T`_\YSUSXQbWUcReTTY^WQSdbUccUcaeUUbc
Q^TdbQ^ccUheQ\cdXU^[^_g^Qc²\QTiReWc³^U_VQcSYcdcQ\edUc
Q^TSbQS[c_^WbUUTi`_\YdYSYQ^c_b_^²fYQTU\\UJ_SS_\UddU³
DQddYCQ^WeY^UdY
)#
<E35
0=C>;>68038C06;8BD28=468>A=0;834828=@D0=C04348?A8<8B4BB0=C0$FXUDGL3LHUOXLJL5DIIDHOOL
C06;84CC80C>6;80CC8$FXUDGL7DWWL6DQJXLQHWL
$QWRORJLDVXFHQVXUDHDXWRFHQVXUDDOOD6HWWLPDQD,QFRP
Ŷ%HWDFDP63'·9HUVLRQHLWDOLDQD,WDOLDQYHUVLRQŶ'D,VWLWXWR1D]LRQDOH/XFHLQFROODERUD]LRQHFRQ3URJHWWR,WDOLD7DJOLD
Ŷ !5cS\ecYfYdw9^S_]9\DU]`_*QT9cSXYQBQSXU\U=ecc_\Y^YTUddQ\UceU]U]_bYU9^S_]°9\DU]`_5hS\ecYfU*BQSXU\U=ecc_\Y^Y
TYSdQdUcXUb]U]_Ybc_^9cSXYQ9^S_]!%$!$ %!)$(4*! µ
Ŷ "4_`_\µQddU^dQd_QD_W\YQddY*]Q^YVUcdQjY_^YTY`b_dUcdQ1VdUbdXUQddU]`dUTQccQccY^QdY_^_VD_W\YQddY*`b_dUcdTU]_^cdbQdY_^c9^S_]
!'"!( '!)$(4*#µ
Ŷ #@UbY\^_cdb_SY^U]Q]Q^YVUcdQjY_^YQB_]Q4U]_^cdbQdY_^cY^B_]UV_b_ebSY^U]Q9^S_]"%&"% "!)$)4*)µ
Ŷ $E^Q^e_fQcQ^dQ3UbY]_^YQTYSQ^_^YjjQjY_^UTY=QbYQ7_bUddY1^UgcQY^dDXUSQ^_^YjQdY_^SUbU]_^iV_b=QbYQ7_bUddY9^S_]
<E35
$&!") &!)% 4*!#µ
BYS_bTQdU@Y_H99SXUceTQTebQ^dU\QSUbY]_^YQTU\\QRUQdYVYSQ
jY_^UTY=QbYQ7_bUddY^U\WYeW^_TU\!)% />_^\_`_dUdUbYS_b
TQbU`UbSX}^_^\_QfUdU]QYfYcd_<µQfUcdUfYcd_fYbYS_bTUbUcdU
Y\ceT_bUTYaeUcd_@Q`QbYWYT_Y^WUccQdYccY]_]UdQ\\YS_>_^Ve
]QYfYcd_`UbSX}Q\\QCUddY]Q^Q9^S_]aeQ\Se^_QfUfQdQW\YQd_\U
Y^SbUTYRY\YY^aeQTbQdebUTU\`_^dUVYSUQcSYeWQd_UdQ]`_^Qd_TQY
ce_YSQbTY^Q\YUTQYce_YSQ]Ub\U^WXYS_]Ue^`eWY\UQ\\µQ^W_\_
_e^Qdd_bUY^e^Q`QecQ\_^dQ^_TQ\\U\eSY<QS_cQ`YŒY^SbUTY
RY\U^QdebQ\]U^dU^_^~SXUe^`Q`QceTY*~SXU\UY]]QWY^Y
TYaeUcd_WYbQd_^_^]_^dQd_UcYcdQ^_Q^S_bQ_WWYC_^_e^TYSY
]Y^edYSYbSQTY`U\\YS_\Q`_cYdYfQ#%]]S_^db_Y\`QY_TY]Y^edYTU\
cUbfYjY_]_^dQd_4U^db_Qe^bQ``_bd_e^_QSY^aeUcUYTU\dedd_
bQWY_^Uf_\UTQdQ\Q]QW^YVYSU^jQU\µQbdYS_\QjY_^UTU\\µUfU^d_
VbQY`YŒc_\U^^YUQVV_\\QdYTYdedd_Y\SQ\U^TQbY_\YdebWYS_TU\\µ1^^_
CQ^d_CQ^dY\_cY~c_\_T_`_cSbYfUfQ2QjY^bUSU^cU^T_Y\VY\]
TY7U^Y^Qce\\Q7_bUddY1S_cQcYTUfUaeUcd_]YbQS_\_TY`_Y\Q
cQ\fUjjQ\µUdUb^YdwTYaeUcdUY]]QWY^YceT_bUTY@QSU\\YS_]
`bUc_/@UbSX}Y\\ecc__\_c`bUS_TYaeUcd_]Ujj_cUS_\_TY
Y]`b_TeddYf_]QWQjjY^_/6e\QWbQ^TY_cYdwU\µeVVYSYQ\YdwY^c}U
`Ubc}TU\\Q9^S_]SXUQW‚`Ub]_\dYQ^^YY^e^bUWY]UTYce`
`\U^jQTU\\µQR_\Yd_<eSUd_dQ\YdQbY_TYSeYUbQcdQdQS_^S_bbU^dU
`UbS_c‚TYbU²TQTUcdbQ³`bY]QTU\\QWeUbbQUTebQ^dU/9^e^
aeQTb_TY]_^_`_\Y_TYVQdd_U`UbSY‡TY]QccY]QQed_bUf_\UjjQ
UbYVUbY]U^d_]UTYQdYS_/?Y\cQ\fQdQWWY_~T_fed_`YŒ`b_cQYSQ
]U^dUQ\VQdd_SXU\µ9cdYded_<eSU^UW\Ye\dY]YfU^dµQ^^YTU\\QceQ
fYdQQjYU^TQ\U~Q^TQd_fYQfYQQSaeYcU^T_\QdYd_\QbYdwTYdeddU_
aeQcY\UdUcdQdUTYSY^UQddeQ\YdwYdQ\YQ^U`_cdRU\\YSXUUcY~aeY^TY
`_ded_S_^SUTUbU\_cVYjY_TYS_^cUbfQbUUT_bQTYY^YjYQbUQTQb
SXYfYQbUaeUcdUY]]QWY^Y`bQdYSQS_cd_cQTYSeY^Ucce^`bYfQd_
cYcQbURRUVQdd_SQbYS_/1^_cdb_WYeTYjY_QbRYdbQbY_UTY^cY^TQ
SQRY\UQRRYQ]_cSU\d_aeQddb_UfU^dYTU\RYU^^Y_´$(% UfU^dYTY
WbQ^TUbY\YUf_cd_bYS_YTU_\_WYS_`_\YdYS_UbU\YWY_c_UQRRYQ]_
QSS_``YQd_Y^aeUcdQRbUfUQ^d_\_WYQbUTQddQ`Ub\µ_SSQcY_^UY
WYbQdYUY]_^dQdY9^S_]E^_TUYaeQddb_UfU^dY~VbQY`YŒSbeSYQ\Y
U]YdYSYTU\\µY^dUbQcd_bYQTU\SY^U]QYdQ\YQ^_
DQddYCQ^WeY^UdY
)$
4_ i_e bU]U]RUb @Yec H99 cgUQdY^W TebY^W dXU RUQdYVYSQdY_^
SUbU]_^iV_b=QbYQ7_bUddYY^:e^U_V!)% /I_eSQ^µdbU]U]RUbYd
RUSQecUi_e^UfUbcQgYd9Vi_eXQTcUU^Ydi_eg_e\TbU]U]RUb
dXUcgUQd_VdXYcbYWYTcdY\dUT]UdQ\\YS@_`U9dgQc^UfUbcUU^
RUSQecUc_]U_^UQddXUCUddY]Q^Q9^S_]Sed_eddXUY^SbUTYR\U
cX_dc _V dXU `_`U RUY^W `QddUT Q^T TbYUT Ri XYc SQbTY^Q\c Q^T
SQ]Ub\U^W_c\Y[UQR_hUbY^XYcS_b^Ub_bQ^QSd_bTebY^WQRbUQ[
QgQiVb_]dXU\YWXdcDXU]_cdY^SbUTYR\UdXY^W_VS_ebcUYc^_d
dXQddXU`_`UcgUQdc*YdµcdXQddXUY]QWUcVb_]dXYce^UTYdUTV__dQWU
cdY\\UhYcdd_TQiDXUbUQbUQb_e^TU\UfU^]Y^edUc_V`_cYdYfU#%]]
VY\]gXY\UdXUUTYdUTbU`_bd\Qcdc_^\iQVUg]Y^edUcDXQdµcQbQdY_
_V QR_ed _^U d_ VYfU _b cYh gXYSX Yc U^dYbU\i bUQc_^QR\U WYfU^
dXU]QW^YVYSU^SUQ^T]QW^YdeTU_VdXUUfU^dQ]_^WdXU]_cd
c_\U]^Q^TXYWX\iQddU^TUT_VdXUU^dYbU\YdebWYSQ\SQ\U^TQbdXQd
8_\iIUQb1^TiUdX_\Y^UccS_]Uc_^\iQVdUbdXUVQSdgb_dU2QjY^
gXU^bUfYUgY^W7U^Y^QµcVY\]_^7_bUddYC_d_gXQdT_gU_gU
dXU VedebU ]YbQS\U _V dXUcU UdUb^Q\ Y]QWUc @QSU\\Yµc cgUQd Q^T
Q\\/GXQdµcRUXY^TdXUUhdbQfQWQ^SU_bgQcdU_VdXYcXQ\VSU^debi
_Ve^`b_TeSdYfUcd_bQWU/GQcYddXUWbQ^TY_cU_VVYSYQ\^QdebU_V
9^S_]Y^Q^TV_bYdcU\VdXQdQSdUTV_b]Q^iiUQbcY^QbUWY]U_V
S_]`U^cQdY_^V_bdXUQR_\YcXUTd_dQ\YdQbYQ^<eSUV_bgX_]YdXQT
bU`bUcU^dUTS_]`UdYdY_^c_d_c`UQ[²Vb_]dXUbYWXd³RUV_bUQ^T
TebY^WdXUgQb/9^QcYdeQdY_^_VTUVQSd_]_^_`_\YUcQ^TdXec
]QhY]e]]UTYQQedX_bYdiQ^TbUVUbU^SU/?bYcdXUbUcSeU]_bU
`b_cQYSQ\\iTeUd_dXUVQSddXQd9cdYded_<eSUTebY^WdXU\QcddgU^di
iUQbc_VYdcS_]`Q^i\YVUXQcc\_g\iQSaeYbUT_g^UbcXY`_VQ\\_b
Q\]_cdQ\\9dQ\YQ^`_cdgQb^UgcbUU\cdXecYdS_e\TQVV_bTdXU\ehebi
_VS_^cUbfY^WQ^T^_gRUWY^^Y^Wd_QbSXYfUdXUcUY]QWUcgXYSX
YcQS_cd\i`bQSdYSUdXQd^_`bYfQdUg_e\TXQfUe^TUbdQ[U^/EcY^W
_eb_g^QbRYdbQbiQ^TVY^Q\ZeTW]U^dgUSX_cUV_ebUfU^dcVb_]dXU
dg_iUQb`UbY_TVb_]!)$(d_!)% _VWbUQdXYcd_bYSQ\YTU_\_WYSQ\
`_\YdYSQ\ Q^T bU\YWY_ec Y]`_bdQ^SU 9^ dXYc RbYUV Q^dX_\_Wi `ed
d_WUdXUbV_bdXU_SSQcY_^gUXQfU`QYbUTdXUUfU^dcgYdXdXU9^S_]
V__dQWUQ^TVY^Q\Sedc?^U_VdXUV_ebUfU^dcYcQ]_^WdXU]_cd
SbeSYQ\Q^T\UWU^TQbi_VdXUU^dYbUXYcd_bi_V9dQ\YQ^SY^U]Q
DQddYCQ^WeY^UdY
@b_WbQ]]QQSebQTY;UfY^2b_g^\_gU@QdbYS[CdQ^RebiDUcdYTY;UfY^2b_g^\_g
@b_WbQ]SebQdUTRi;UfY^2b_g^\_gQ^T@QdbYS[CdQ^Rebi>_dUcgbYddU^Ri;UfY^2b_g^\_g
><0668>02;0A4=241A>F=
8?=175D?3<1B5>352B?G>
?=1779?1<5><I5
8?=175D?<5><I5
@b_WbQ]]QUdUcdYTY7U_VV2b_g^
@b_WbQ]Q^TdUhdcRi7U_VV2b_g^
><0668>02;0A4=241A>F=
8?=175D?3<1B5>352B?G>
3_]U`e‡e^SY^UQcdQS_c‚RbY\\Q^dUUccUbUS_c‚`_S_S_^_cSYed_/
1\\YUf_ TY =QebYSU D_eb^Ueb 2b_g^ TYfU^d‡ e^_ TUY `YŒ WbQ^TY
SbUQd_bYTYY]]QWY^YTU\\µUbQTU\]ed_]Q^_^cQSbYVYS‡]QY\µU]_
jY_^U`UbS_^SU^dbQbcYc_\_ce\\QS_]`_cYjY_^UTU\\UY^aeQTbQde
bU1^SXUcU^_^V_ccUcdQd_Y\bUWYcdQ`bUVUbYd_TU\\Q7QbR_Yce_Y
VY\]TbQ]]QdYSY]edYW\YQfbURRUb_fQ\c_S_]e^aeU\µY]]_bdQ\Ydw
:UQ^BU^_Ybe^Qf_\dQQVVUb]‡TYQ``bUjjQbU3\QbU^SU2b_g^`YŒ
TYaeQ^d_^_^VQSUccU\_cdUcc_2b_g^
8_gSQ^ceSXQRbY\\YQ^dVY\]]Q[UbRUc_\Ydd\U[^_g^/DbQY^UT
Ri=QebYSUD_eb^Ueb2b_g^RUSQ]U_^U_VdXUcY\U^dUbQµcWbUQd
`YSd_bYQ\YcdcRedQd^_`_Y^dTYTXUcQSbYVYSUU]_dY_^V_bdXUY]QWU
6_b dXUcU cY\U^d TbQ]Qc Q\_^U XU TUcUbfUc Y]]_bdQ\Ydi UfU^
XQT XU ^_d RUU^ 7QbR_µc VQf_ebYdU TYbUSd_b :UQ^ BU^_Yb _^SU
bU]Qb[UTdXQdXUdX_eWXd]_bU_V3\QbU^SU2b_g^dXQ^2b_g^
TYT_VXY]cU\V
1DCC4A5;H86$5HJLD&ODUHQFH%URZQ
Ŷ6FHQ2OJD3ULQW]ODXGDOODQRYHOODGL.DWKOHHQ1RUULV7LWROL0DUODQ$LVOHH)%HQ5H\QROGV0(GZDUG6FKURHGHU6FJI((6KHHOH\$VV5&KDUOHV'RUODQ,QW/DXUD/D
3ODQWH'RUD&ROOLHU5XWK&OLIIRUG+LODU\&ROOLHU.HQQHWK$UODQ&UDLJ6SDXOGLQJ1RUPDQ.HUU\.RQUDG.URQVNL&HVDUH*UDYLQD9RQ0HQGHVKHOG0DUJDUHW/LYLQJVWRQ9LROHW
9DQGHUZRUW)UHHPDQ:RRG&HFLO$WKHUWRQ75R\%DUQHV&\'Z\HU5RVH5RVDQRYDQRQDFFUHGLWDWD3URG8QLYHUVDO3LFWXUHVŶPPJRQILDWRGDEORZQXSIURPPP'
·DIV'LGDVFDOLHLQJOHVL(QJOLVKLQWHUWLWOHVŶ'D8&/$
1TQddQd_TQe^b_]Q^j_TY;QdX\UU^>_bbYc`_`_\QbUcSbYddbYSU
TY]U\_TbQ]]Y^UW\YQ^^Yµ" 2eddUbV\iVeY\dUbj_VY\]SXU2b_g^
bUQ\Yjj‡`UbW\YE^YfUbcQ\CdeTY_cTY3Qb\<QU]]\U3_^aeUcd_
Y^SQbYS_TY`bUcdYWY_cYdbQddQfQTYe^E^YfUbcQ\²:UgU\³@YSdebU
2b_g^QfbURRUS_^aeYcdQd_^e_fYUcdY]Qd_bYcYQQ\\µY^dUb^_TU\
\µY^TecdbYQSY^U]Qd_WbQVYSQcYQdbQY\`eRR\YS_9\VY\]bQSS_^dQTY
TeUc_bU\\U\Q`bY]Q`YU^QTYc`YbYd_TµQR^UWQjY_^UU\QcUS_^TQ
fYjYQdQUVbYf_\Q]UddU^T_Y^\eSUY\dQ\U^d_TY<QebQ<Q@\Q^dU
WYw WbQ^TU cdQb TU\\Q E^YfUbcQ\ U TY BedX 3\YVV_bT _WWY V_bcU
]U^_S_^_cSYedQ]QSXUQfUfQ\Qf_bQd_`Ube^QTUSY^QTµQ^^Y
^U\\µY^TecdbYQSY^U]Qd_WbQVYSQE^_TUW\YQc`UddY`YŒQffY^SU^dYTY
2eddUbV\i~\QbQ``bUcU^dQjY_^UTU\\µ²5bQTU\:Qjj³
7gU^TQI_e^W
2eddUbV\iQTQ`dUTVb_]Q^_fU\Ri;QdX\UU^>_bbYcQ`_\e\QbgbYdUb
_V]U\_TbQ]QcY^dXU!)" cgQcdXUdXYbTVY\]dXQd2b_g^]QTUV_b
3Qb\<QU]]\UµcE^YfUbcQ\cdeTY_cDXYc`bUcdYWY_ecQccYW^]U^d
°YdgQcQE^YfUbcQ\²:UgU\³`YSdebU°g_e\TgY^2b_g^QT]YbUbc
gYdXY^dXUY^TecdbiQ^TQ]_^Wcd]_fYUW_UbcDU\\Y^WdXUcd_bi_V
dg_cYcdUbc_^UcU\VcQSbYVYSY^WdXU_dXUbc`_Y\dQ^TVbYf_\_ecYd
cX_gSQcUTdXUdQ\U^dc_V<QebQ<Q@\Q^dUQ\bUQTiQ]QZ_bcdQb
QdE^YfUbcQ\Q^TBedX3\YVV_bT`UbXQ`c\Ucc[^_g^d_TQiRedQ^
QSdbUccgX_XQTg_b[UTgYdXY^dXUY^TecdbiV_bQ\]_cdQTUSQTU
?^U_VdXU]_cdU^WQWY^WQc`USdc_V2eddUbV\iYc2b_g^µcTU`YSdY_^
_VdXU:Qjj1WU
7gU^TQI_e^W
C74B86=0;C>F4A86$5HJLD&ODUHQFH%URZQ
Ŷ6FHQ-DPHV26SHDULQJGDOURPDQ]RGL:DGVZRUWK&DPS)%HQ5H\QROGV6HW'HFRUDWRU.D\.QXGVHQQRQDFFU$VV5&KDUOHV'RULDQ6HFRQGR$VV5REHUW:\OHUQRQDFFU
,QW9LUJLQLD9DOOL6DOO\7ROOLYHU5RFNOLIIH)HOORZHV'DYH7ROOLYHU)UDQNLH'DUUR6RQQ\7ROOLYHU:DOODFH%HHU\-RH6WDQGLVK-DPHV2%DUURZV2OG%LOO-)DUUHOO0DF'RQDOG
3HWH'RW)DUOH\*HUWLH&ODUHQFH%URZQVFDPELVWDQRQDFFU&KDUOHV'RULDQQRQDFFU-LWQH\LOFDQHQRQDFFU3URG-HZHO3URGXFWLRQV8QLYHUVDO3LFWXUHV&RUSRUDWLRQŶ
%HWDFDP63'·'LGDVFDOLHLQJOHVL(QJOLVKLQWHUWLWOHVŶ'D3KRWRSOD\3URGXFWLRQV
9^fUSUTYQ\\UcdYbUYcUd^UW\YcdeTY3\QbU^SU2b_g^`_bd‡dedd_Y^
UcdUb^Y^_^c_\_`UbSX}QfUfQfYcd_7bUUTUaeYedY\YjjQ\_cdUcc_
SQ]UbQ]Q^TYCdb_XUY]]QQ^SXU`Ub\µUc`UbYU^jQSXUQfUfQ
]QdebQd_WYbQ^T_DXU<Qcd_VdXU=_XYSQ^c^U\!)" ²3YY]`_ccUc
cQ]]_TYe^dbQdd_TYVUbb_fYQ^U\\Q3Q\YV_b^YQTU\^_bT³bYS_bTQfQ
2b_g^²U\Qf_bQ]]_dbQW\YQ\RUbY`UbcUYcUddY]Q^U3YQ\jQfQ]_
Q\\USY^aeUUVY\]QfQ]_\Q\_S_]_dYfQSXUcQ\YfQY\`U^TY_]U^
dbUY\c_\UcdQfQc_bWU^T_UY\Ve]_cY`UbTUfQdbQW\YQ\RUbYªUbQ
cU]`\YSU]U^dU]UbQfYW\Y_c_BUQ\YjjQ]]_aeQcYdedd_ce\`_cd_
Q^SXUW\YY^dUb^YTU\SQcU\\_SXUQfUf_VQdd_S_cdbeYbUcee^Qb_dQYQ
TYcSQ]RY_AeQ^T_SµUbQdb_``Q\eSUQ``\YSQfQ]_TU\fUdb_Q]
RbQd_Q\\UVY^UcdbU`UbRY\Q^SYQbU\µUc`_cYjY_^U1fUfQ]_\µY^dUbQ
VUbb_fYQQ^_cdbQTYc`_cYjY_^U3µUbQc_\_e^dbU^_Q\WY_b^_SXU\Q
`UbS_bbUfQUe^Qf_\dQ`QccQd_aeU\\_YRY^QbYTYfU^dQfQ^_Y\^_cdb_
cUd³3\QbU^SU2b_g^UbQe^_TUY]YW\Y_bY]_^dQd_bYTU\cUdd_bUUY^
`QccQd_QfUfQ\Qf_bQd_`Ub=QebYSUD_eb^Ueb4U\\_cdY\UTYD_eb
)&
9^cdUQT_VS_^S_SdY^WcUdcY^dXUcdeTY_3\QbU^SU2b_g^d__[
XYcS_]`Q^i_^\_SQdY_^^_d_^\iQcQbUce\d_VcUUY^W7bUUT
°XUecUcf_^Cdb_XUY]µcSQ]UbQ]Q^°RedQcQbUce\d_VXYc
_g^Uh`UbYU^SUccX__dY^W<Qcd_VdXU=_XYSQ^cY^!)" ²GU
d__[_fUbQbQY\b_QTY^^_bdXUb^3Q\YV_b^YQµbUSQ\\UT2b_g^´Q^T
g_b[UTQ]_^WdXURYWdbUUcV_bcYhgUU[cGUecUTd_WUde`
QdVYfUQ]Q^TcX__ddXU\_S_]_dYfUS\Y]RY^WdXUWbQTYU^dgYdX
dXUce^S_]Y^We`Q^TdXUc]_[U]Y^W\Y^WgYdXdXUdbUUcª
YdgQcZecdRUQedYVe\GU]QTUQ\]_cdUfUbidXY^W_^\_SQdY_^
UfU^ dXU Y^dUbY_bc _V dXU cYW^Q\ d_gUb gXYSX 9 XQT ReY\d Qd Q
cgYdSXdbQS[GXU^YdgQcd__RbYWXdgUVYddUTQ]RUbW\QccY^
dXUgY^T_gcd_RQ\Q^SUdXUUh`_cebUDXUgX_\UbQY\b_QTgQc
_ebcDXUiXQT_^UdbQY^QTQi?^SUgU\UddXQddXb_eWXYdgQc
_eb cUd³ 3\QbU^SU 2b_g^ gQc _^U _V dXU RUcd UTYd_bc Y^ dXU
RecY^UccXQfY^WSedV_b=QebYSUD_eb^Ueb8UQ\c_S_^dY^eUT
D_eb^Uebµccdi\U_VU\QR_bQdUdY^dY^WDXYc`bY^d`b_TeSUTgYdX
^UebS_^dY^eQfQQedY\YjjQbU\U]UTUcY]UdUS^YSXUS_]`\UccUTY
Y]RYRYjY_^UAeUcdQS_`YQ`b_T_ddQS_^\UY]RYRYjY_^YUYfYbQWWY_bY
WY^Q\Y`Ub\QE^YfUbcQ\CX_gQd8_]U<YRbQbiQ\\QVY^UTUW\YQ^^Yµ" TY]_cdbQdeddQ\QceQUVVYSQSYQB_RUbdGi\UbY\cUS_^T_QccYcdU^dU
Q\\QbUWYQUbQY\VbQdU\\_TYGY\\YQ]Gi\Ub>UW\YQ^^Y´# Y^dbQ`bUcU
`_Ye^QRbUfUSQbbYUbQTYbUWYcdQY^9^WXY\dUbbQUY^6bQ^SYQ6bQ^[YU
4Qbb_^U\\Q`QbdUTU\RQ]RY^_QfUfQbUSYdQd_Y^e^c_\_VY\]`bY]Q
TYaeUcd_6YW\Y_TYdbQ`UjYcdYTU\SYbS_2b_g^\_edY\Yjj‡^e_fQ]U^dU
Y^;Y[Y!)"&UY^6\UcXQ^TdXU4UfY\!)"&Q^SXUcUfYU^U`YŒ
c`Ucc_bYS_bTQd_`Ub\QceQ`QbdUSY`QjY_^UQ@eR\YS5^U]i!)#!
UGY\T2_ic_VdXUB_QT!)##TYGY\\YQ]GU\\]Q^
Ydc _bYWY^Q\ dY^dc Q^T d_^Uc V_b dXU E^YfUbcQ\ CX_gQd8_]U
<YRbQbiY^dXU\QdU!)" cTU]_^cdbQdUcX_gUVVUSdYfUYdgQc
B_RUbdGi\UbdXUcUS_^TQccYcdQ^dTYbUSd_bgQcdXURb_dXUb
_VGY\\YQ]Gi\Ub8URUSQ]UQTYbUSd_bRbYUV\iY^5^W\Q^TQ^T
6bQ^SUY^dXU!)# c6bQ^[YU4Qbb_gX_`\QicdXUc]Q\\R_i
XQT_^\iRUU^Y^_^U`YSdebURUV_bUdXYc8UgQcdXUc_^_V
SYbSecdbQ`UjUQbdYcdc2b_g^ecUTXY]QWQY^Y^;Y[Y!)"&Q^T
Y^6\UcXQ^TdXU4UfY\!)"&8UYcRUcdbU]U]RUbUTV_bXYc
g_b[gYdXGY\\YQ]GU\\]Q^Y^@eR\YS5^U]i!)#!Q^TGY\T
2_ic_VdXUB_QT!)##
C746>>B4F><0=86$5HJLD&ODUHQFH%URZQ
>U\!)%!]YfU^^U`b_`_cd_TYQSaeYcdQbUaeUcdQ`U\\YS_\QY^e^
QbSXYfY_TY3_fU^dbi`Ub!&cdUb\Y^U9\dYd_\_]YcS_bQWWYQfQ\QT_^
^Q_SQ//UY\`bUjj_]Y\QcSYQfQ`Ub`\Ucc_]QTUSYcYTYS_bbUbU
Y\bYcSXY_`UbSX}Ub_bY]Qcd_QVVQcSY^Qd_TQW\YQ\dbYVY\]]edYQ]UbY
SQ^YSXUQfUf_fYcd_<QWbQ^TUQRY\YdwS_^SeYUbQcdQd_bUQ\YjjQd_
Y\VY\]]YS_\`‚QdQ\`e^d_TQS_^fUbdYb]Ye^Qf_\dQ`UbdeddUQ\\µUbQ
TU\]ed_^U\\QaeQ\U`_Y]Yc_^_c`USYQ\YjjQd_AeQ\SXUQ^^_`YŒ
dQbTYY\VQdd_TY`_ccUTUbUaeU\\µe^YSQS_`YQ]YQccYSeb‡\Q`_ccY
RY\YdwTYbUQ\YjjQbUe^µY^dUbfYcdQS_^3\QbU^SU2b_g^²BUh2UQSX
cYYc`Yb‡Q\\µQccQccY^Y_8Q\\c=Y\\c³TYccU2b_g^²e^_TUY`b_SUccY
`YŒVQ]_cYTU\>Ug:UbcUiUfYUbQY]`\YSQdQe^QT_^^QSXYQ]QdQ
´\QT_^^Q]QYQ\Uµ4_fU]]_SUbSQbUY^deddQ\Q3Q\YV_b^YQUY\>Ug
=UhYS_`Ubdb_fQbUQRRQcdQ^jQ_SXU`UbY\VY\]6USYVQbUQ^SXUe^
Q^^e^SY_Q\\QbQTY_1SaeYcdQ]]_\QSQcQTU\\µQ\\UfQdbYSUTY_SXU
TQaeQ\SXU`QbdUY^SQ]`QW^Q<QSQcQUbQcdQdQQRYdQdQUT_W^Y
S_cQUbQQcc_\edQ]U^dU`UbVUddQC`_cdQ]]_dedd_^UW\YUcdUb^Y
TU\\QE^YfUbcQ\`UbQ\\UcdYbUY\^_cdb_cUd³AeQ^T_]_cdbQYY\VY\]Q
2b_g^]YTYccUSXUY\fY_dd_\_TYSQ]`QW^Q\e^W_Y\aeQ\UcYY^SQ]
]Y^Q^_4bUccUbU\QceQ_SQ`UbQ^TQbUQ\\QcSU^QTU\TU\Ydd__WWY~
\QcdbQTQ`bY^SY`Q\UTYGUcdg__T\QSYddQTY^QcdeTU^dUcSQTYE3<1
\µE^YfUbcYdwTU\\Q3Q\YV_b^YQQ<_c1^WU\Uc<QE^YfUbcQ\S_^\Q
SUSYdwSXU\QS_^dbQTTYcdY^WeUfQ^U\bYS_^_cSUbUY\dQ\U^d_cdQfQ
`UbVQbcYcVeWWYbU2b_g^ceRYd_T_`_C]_e\TUbY^W6YbUc!)"$9\
TYbUdd_bUTU\TY`QbdY]U^d_cSU^UWWYQdebUTY>UgI_b[6bUTUbYSQ
CQW_bSXU_WWYQ! "Q^^YXQQ``U^Q`eRR\YSQd_e^^e_f_\YRb_
ce\\UceUUc`UbYU^jU*DXUCX_S[Y^W=Ycc@Y\WbY]VUSU^_dQbUQ
3Qb\<QU]]\USXU2b_g^UbQY\\_b_]YW\Y_bUbUWYcdQUQ\\_bQ`UbSX}
\QcSYQbcU\_cSQ``QbU/1fUfQS_]`bQd_Y\bQSS_^d_TYBUh2UQSX
U<QU]]\UQSSUdd‡TYQccUW^Qb\_Q2b_g^SXUS_c‚bY]QcU`Ub
e^Q\db_VY\]<_eYcU4bUccUbY^aeUcd_VY\]^_^ecQfQdbeSS_cU
^_^^U\\UcSU^UVY^Q\Y<UV_d_WbQVYUSXU\QbYdbQUfQ^_TQWY_fQ^U
Y^be_\YdUQdbQ\Y`b_fU^YfQ^_TQ\ce_`QccQd_^U\fQbYUdw9\ce_fUb_
^_]UUbQ<_eYcU;Ub\Y^UY^cUWeYd_Q\\QceQQT_jY_^UUbQTYfU^
dQdQc_bU\\QTY@Qe\4bUccUbS_]`_cYd_bUTY²?^dXU2Q^[c_VdXU
GQRQcX³UTYDXU_T_bU4bUccUbQed_bUTY1^1]UbYSQ^DbQWUTi
9^!)%)9gQc_VVUbUTdXYcVY\]RiQVY\]\YRbQbiY^3_fU^dbiV_b
‘!&9gQc`ed_VVRidXUdYd\U°7__cUG_]Q^//°Q^TgY^SUT
QddXU`bYSURedTUSYTUTd_dQ[UdXUbYc[RUSQecU9gQcY^dbYWeUT
Ri_dXUb1]UbYSQ^cY\U^dVY\]c9µTcUU^9gQcc_Y]`bUccUTRi
dXUcXUUbVY\]]Q[Y^Wc[Y\\dXQd9gQc_^SUQ^TV_bQ\\S_^fUbdUT
d_dXUcY\U^dUbQY^gXYSX9XQfUc`USYQ\YcUTUfUbcY^SU1VUg
iUQbc\QdUbdXUVQSddXQd9`_ccUccUTdXYce^YaeUS_`iU^QR\UT
]Ud_cUSebUQbQbUY^dUbfYUggYdX3\QbU^SU2b_g^²BUh2UQSX
W_d XYc Y^c`YbQdY_^ Vb_] dXU 8Q\\=Y\\c ]ebTUb cQYT 2b_g^ _^U _V dXU ]_cd VQ]_ec dbYQ\c Y^ >Ug :UbcUi ° dXU g_]Q^
Y]`\YSQdUT Y^ dXQd gQc Q `YW g_]Q^ GU XQT d_ cUQbSX dXU
gX_\U_V3Q\YV_b^YQQ^T>Ug=UhYS_d_WUdU^_eWXWUUcUV_b
dXU`YSdebU9UfU^Rb_QTSQcdQ^Q``UQ\_^dXUbQTY_GUR_eWXd
dXUW__cUg_]Q^µcS_ddQWU_VVY^dXUS_e^dbic_]UgXUbU+Yd
XQTRUU^\YfUTY^Q^T\__[UTWbUQdGU]_fUTdXUgX_\UdXY^W
d_dXUE^YfUbcQ\RQS[\_dV_b_ebcUd³GXU^9cX_gUTdXUVY\]d_
2b_g^XUd_\T]UdXQddXUS_e^dbi\Q^UQ\_^WgXYSX4bUccUb
Q^TXUb`UdW__cUgQ\[d_dXUcSU^U_VdXU]ebTUbYc^_gdXU
]QY^dX_b_eWXVQbU_VGUcdg__TdXUcdeTU^dd_g^V_bE3<1
dXUE^YfUbcYdi_V3Q\YV_b^YQ<_c1^WU\UcE^YfUbcQ\gYdXdXU
R\Y^T^UccYdSecd_]QbY\icX_gUTd_gQbTcdQ\U^dgQcbUQTid_
\Ud2b_g^W_bYWXdQVdUbC]_e\TUbY^W6YbUc!)"$DXUXUQT
_VdXUcSU^QbY_TU`Qbd]U^dY^>UgI_b[6bUTUbYSQCQW_bcdY\\
Q\YfUQd! "Q^TdXUQedX_b_VQ^UgR__[°DXUCX_S[Y^W=Ycc
@Y\WbY]°QR_edXUbUh`UbYU^SUc`_Y^dUT_edd_3Qb\<QU]]\U
dXQd2b_g^gQcZecdQR_eddXUYbRUcdTYbUSd_bQ^TX_gQR_ed
[UU`Y^WXY]_^/CXUXQTR_eWXddXUBUh2UQSXcX_bdcd_bi+
<QU]]\UQWbUUTd_QccYW^Ydd_2b_g^c_XUgQcbUdQY^UTV_b
Zecd_^U]_bU`YSdebU<_eYcU4bUccUbg_bU^_]Q[Ue`_^dXYc
`YSdebU e^dY\ dXU \Qcd cSU^Uc DXU `X_d_WbQ`Xc _V dXU i_e^W
<_eYcUY^_`UbQdYSb_\UcSQ]UVb_]XUbfQeTUfY\\USQbUUb8Ub
bUQ\^Q]UgQc<_eYcU;Ub\Y^cXUgQcdXUcYcdUbRiQT_`dY_^
_V@Qe\4bUccUbS_]`_cUb_V²?^dXU2Q^[c_VdXUGQRQcX³
Q^TDXU_T_bU4bUYcUbQedX_b_V1^1]UbYSQ^DbQWUTi9dgQc
@Qe\Y^U6bUTUbYS[cdQb_VC]_e\TUbY^W6YbUcgX_`UbceQTUT
)'
3<1B5>352B?G>
Ŷ6FHQ0HOYLOOH%URZQGDXQUDFFRQWRGL5H[%HDFK7LWROL'ZLQHOOH%HQWKDOO)0LOWRQ0RRUH0(GZDUG&XUWLVV6FJI:LOOLDP56FKPLGW((6KHHOH\$VV5&KDUOHV'RULDQ
6HFRQGRDVVLVWHQWH5REHUW:\OHUQRQDFFU,QW/RXLVH'UHVVHU0DULHGH1DUGL-DFN3LFNIRUG*HUDOG+ROPHV&RQVWDQFH%HQQHWW+D]HO:RRGV6SRWWLVZRRGH$LWNHQ-DFRE5LJJV
*HRUJH&RRSHUUHSRUWHU*XVWDYYRQ6H\IIHUWLW]'HWHFWLYH9RJHO0DUF0DF'HUPRWW$PRV(WKULGJH+HUEHUW0RXOWRQUHSRUWHUQRQDFFU.DWH3ULFHGRQQDSROL]LRWWRQRQDFFU
&ODUHQFH%URZQSLVWROHURQRQDFFU3URG8QLYHUVDO3LFWXUHV&RUS-HZHO3URGXFWLRQVŶ%HWDFDP63'·'LGDVFDOLHLQJOHVL(QJOLVKLQWHUWLWOHVŶ'D3KRWRSOD\3URGXFWLRQV
6e@Qe\Y^U6bUTUbYS[cdQbTYC]_e\TUbY^W6YbUcQS_^fY^SUb\QQ
`QbdUSY`QbUQDXU7__cUG_]Q^^U\aeQ\UbUSYd‡aeQ^T_QfUfQ
$'Q^^Y9\VY\]Vee^ceSSUcc_c_b`bU^TU^dU`Ub\QE^YfUbcQ\UT~
Q``Qbc_Y^]_\dU\YcdUTYSbYdYSYdbQY]YW\Y_bYTYUSYVY\]TU\!)"%
XUbd_QSSU`dQ`QbdY^dXUVY\]GXU^cXU]QTUDXU7__cU
G_]Q^cXUgQc$'DXU`YSdebUgQcQceb`bYcUXYdV_bE^YfUbcQ\
Q^TYdQ``UQbUT_^]Q^iSbYdYScµDU^2Ucd<Ycdc_V!)"%
B<>D;34A8=658A4B86$5&ODUHQFH%URZQ
3<1B5>352B?G>
Ŷ7LW´/DGRQQDFKHDPzWURSSRWDUGLµ6FHQ6DGD&RZDQ+RZDUG+LJJLQ0HOYLOOH%URZQGDXQVRJJHWWRGL6&RZDQ++LJJLQ7LWROL'ZLQHOOH%HQWKDOO)-DFNVRQ-5RVH
0(GZDUG6FKURHGHU6FJI/HR(.XWHU((6KHHOH\$VV5&KDUOHV'RULDQ,QW3DXOLQH)UHGHULFN-DQH9DOH0DOFROP0DF*UHJRU5REHUW(OOLRWW/DXUD/D3ODQWH'RURWK\7XOO\
0DUVKDOO6FRWW\:DQGD+DZOH\/XF\.HOO\*HRUJH&RRSHU0XJV\+HOHQ/\QFK.DWH%URZQ%HUW5RDFK%LOO\*RXOG5ROIH6HGDQ:LOOLDP2UODPRQG-DFN0DF'RQDOG5REHUW
0DFN)UDQN1HZEHUJPHPEULGHOODFRPPLVVLRQHQRQDFFU$UWKXU/DNHQRQDFFU*HRUJH/HZLVQRQDFFU3URG-HZHO3URGXFWLRQV8QLYHUVDO3LFWXUHV&RUSRUDWLRQŶ%HWDFDP63
'·'LGDVFDOLHLQJOHVL(QJOLVKLQWHUWLWOHVŶ'D3KRWRSOD\3URGXFWLRQVŶ5LYHUVDPHQWRVX%HWDFDP63GLXQDFRSLDPPYLUDWDG·HSRFD0XOWLWLQWHG\HDUROGPPSULQW
WUDQVIHUHGWR%HWDFDP63
<QSQbbYUbQTYQddbYSUTY@Qe\Y^U6bUTUbYS[Y^YjY‡^U\!)"%S_^\Q
6Q]_ec@\QiUbc²<QceQVQ]Q^_^cYRQcQfQe^YSQ]U^dUce\\Q
RU\\UjjQ³XQcSbYdd_1TU\QB_WUbcCd:_X^c²^}cee^Q`Ubc_^Q
\YdwRbY\\Q^dUcURRU^U`_ccUTUccUU^dbQ]RU9\`eRR\YS_UYSbYdYSY
\QS_^cYTUbQfQ^_e^QTU\\U]YW\Y_bYQddbYSYSXUY\SY^U]QQfUccU
]QY S_^_cSYed_ ]_\dY \Q bYdU^UfQ^_ QTTYbYddebQ \Q ]YW\Y_bU 5 Q
Re_^QbQWY_^U@_YY]`b_ffYcQ]U^dUQ\\µQ`YSUTU\ceSSUcc_U
^U\VY_bUTU\\QceQRU\\UjjQUTU\ce_WU^Y_cY\QcSY‡S_Y^f_\WUbU
Y^e^QcUbYUTY`U\\YS_\UY^QTUWeQdUUTY`_S_fQ\_bUcS_]`QbU^
T_`bQdYSQ]U^dUTQ\\QcSU^Q9ce_YVQ^\QbYSXYUT_^_Q^S_bQQ
WbQ^f_SUÄceVVYSYU^dUSXUbYfUTQ^_\Q`b_fQTYRbQfebQSXUXQ
TQd_^U\RU\\YccY]_C]_e\TUbY^W6YbUc`UbVQbW\YU\QbYS_bTQbUUSY
bYS_`b_^_TY\UddUbUTYbYSXYUcdU³²@Qe\Y^U6bUTUbYS[Ve`bUTQTU\
`UWWY_bQddQSS_TY`QebQTQ`Q\S_cSU^YS_SXUY_QRRYQ]QYfYcd_³
TYccU3\QbU^SU2b_g^²5bQcdQdQe^QWbQ^TYccY]QcdQbUQfUfQ
WYwVQdd_]_\dYVY\]dbQYaeQ\YY\ce_e\dY]_ceSSUcc_UbQcdQd_=Q
TQ]UH!)" 9`bY]YWY_b^YTYbY`bUcUX_`U^cQd_SXUcdUccU`Ub
QRRQ^T_^QbUdedd_]QUbQe^QWbQ^TUQbdYcdQaeY^TYcYVUSUS_
bQWWY_USU\QVUSUAeQ^T_WYbQYDXYc=_TUb^1WU!)#!@Qe\Y^U
6bUTUbYS[fU^^UQbUSYdQbUY\be_\_TU\\Q]QTbUTY:_Q^3bQgV_bT
ÄcdQd_C]_e\TUbY^W6YbUcSXU]YXQVQdd_QfUbUe^S_^dbQdd_S_^
>_b]QDQ\]QTWU1\\µU`_SQ:_X^3_^cYTY^UcdQfQ\Qf_bQ^T_S_^
:_UCSXU^S[E^QcUbQ^_^QfUfQ^YU^dUTQVQbUUSQ`Yd‡`UbSQc_
Q\6_be]DXUQdbUTY<_c1^WU\Uc>_^cQ`UfQ^UQ^SXUaeQ\UVY\]
cdUccUb_`b_YUddQ^T_5bQU^dbQd_T_`_YdYd_\YTYdUcdQU`U^cQfQ
SXUY\VY\]V_ccUTY<eRYdcSX]Q`_YfYTUYdYd_\YTYS_TQ9\WY_b^_
cUWeU^dU]YdU\UV_^‡UY^YjY‡Q`Qb\QbUTYe^S_^dbQdd_9_Ub_^U\
RU\]Ujj_TYDXU7__cUG_]Q^³<eRYdcSXQfUfQVQdd_e^VY\]
S_^e^QdbQ]Q`UbSUbdYQc`UddYcY]Y\UY^dYd_\Qd_DXbUUG_]U^S_^
@Qe\Y^U6bUTUbYS[U=Qi=S1f_iT_fUe^e_]_S_bdUWWYQe^Q
]QTbU`bY]QTYbYf_\WUbUY\ce_Y^dUbUccU^UYS_^Vb_^dYTU\\QVYW\YQ
5bQecSYd_`bUSUTU^dU]U^dUcU]`bU^U\!)"$UY^TeRRYQ]U^dU
Y^V\eU^j‡aeUcd_VY\]3_c‚S_]UDbYe]`XTY3USY\24U=Y\\USXU
UbQQ]RYU^dQd_`bUfQ\U^dU]U^dUY^e^QVQRRbYSQ
)(
@Qe\Y^U 6bUTUbYS[µc VY\] SQbUUb RUWQ^ gYdX 6Q]_ec @\QiUbc Y^
!)!%²8UbVQ]UgQc^_dV_e^TUTe`_^]UbURUQedigb_dU1TU\Q
B_WUbcCd:_X^c^_be`_^QTQjj\Y^W`Ubc_^Q\YdidX_eWXcXUXQT
R_dX@eR\YSQ^TSbYdYScS_^cYTUbUTXUb_^U_VdXUVY^UcdQSdbUccUc
dXUcY\fUbcXUUdXQTUfUb[^_g^]Q^iS_^cYTUbUTXUbdXUVY^Ucd
1^TgYdXbUQc_^DXU^ceTTU^\iQddXUXUYWXd_VXUbceSSUcc
Y^dXUfUbi`bY]U_VXUbRUQediQ^TWU^YeccXUc\Y``UTY^d_Q
cUbYUc_Ve^g_bdXiQ^TY^QTUaeQdU`YSdebUcQ^TXQc`bQSdYSQ\\i
fQ^YcXUTVb_]dXUcSbUU^DXUVQ^ccdY\\S\Q]_ebV_bXUbGXU^
ceSXQ`UbV_b]Q^SUQccXUWQfUY^dXUVY^U`YSdebUC]_e\TUbY^W
6YbUcbU]Y^TcdXU]_VXUbdXUi`_ebY^\UddUbc_VTU]Q^Te`_^
ec³ ²@Qe\Y^U 6bUTUbYS[ gU^d dXb_eWX dXU g_bcd QddQS[ _V cdQWU
VbYWXd9UfUbgYd^UccUT³cQYT3\QbU^SU2b_g^²CXUXQTRUU^Q
WbUQd2b_QTgQicdQbQ^TXQT]QTUQ^e]RUb_V`YSdebUc8Ub\Qcd
bUQ\ceSSUccXQTRUU^=QTQ]UH!)" DXUVYbcddg_TQic_^
dXYc_^U9dX_eWXdcXUgQcW_Y^Wd_WYfUe`2edcXUgQcQWbUQd
QbdYcdQ^TcXU`e\\UTdXb_eWXRbQfU\iGXU^9]QTUDXYc=_TUb^
1WU!)#!cXUSQ]U_fUbd_`\Qi:_Q^3bQgV_bTµc]_dXUb9dgQc
C]_e\TUbY^W6YbUcdXQdW_d]U]iS_^dbQSdgYdX>_b]QDQ\]QTWU
:_X^3_^cYTY^UgQcdXU^g_b[Y^WgYdX:_UCSXU^S[*_^U^YWXd
XUXQT^_dXY^Wd_T_c_XUTb_``UTY^d_dXU6_be]DXUQdbU<_c
1^WU\Uc8UTYT^µdUfU^[^_ggXQd`YSdebUgQc`\QiY^W8USQ]U
Y^QVdUbdXUdYd\UcQ^TdX_eWXd<eRYdcSXXQT]QTUYd°e^dY\XUcQg
dXUSbUTYdc8USQ\\UT]U_^dXU`X_^UdXU^UhdTQiQ^TcdQbdUT
dQ\[Y^WQR_edQS_^dbQSd9gQcY^dXU]YTT\U_VDXU7__cUG_]Q^³
<eRYdcSXXQT]QTUQ`YSdebUgYdXQc_]UgXQdcY]Y\Qb`\_dSQ\\UT
DXbUUG_]U^gYdX@Qe\Y^U6bUTUbYS[Q^T=Qi=S1f_iY^gXYSX
Q]Q^`ebceUcQ^QVVQYbgYdXdXU]_dXUbRUV_bUXYcY^dUbUcddeb^cd_
XUbTQeWXdUb9dgQcbU\UQcUTUQb\YUbY^!)"$Q^TgQce^T_eRdUT\i
Q^Y^V\eU^SU_^dXYcC_gQc3USY\24U=Y\\UµcDbYe]`XgXYSX
\QbWU\id__[`\QSUY^QVQSd_bi
C74406;486$5&ODUHQFH%URZQ
1FQ\U^dY^_bUcdQfQe^Q^^_TQfYfUbUaeQ^T_Y^dUb`bUd‡DXU5Q
W\U1fUfQVQdd_bYd_b^_Q\WbQ^TUcSXUb]_c_\_TYbUSU^dUT_`_
e^µQccU^jQTebQdQaeQcYTeUQ^^YE^S_^dbQcd_S_^\Q6Q]_ec
@\QiUbc<Qc[i\_QfUfQc`Y^d_QTQRRQ^T_^QbU\µQddYfYdw`UbY^
dbQ`bU^TUbUe^d_ebTYUcYRYjY_^Y`Ubc_^Q\YS_^\Q]_W\YU>QdQQ
BQ]R_fQ1\\QVY^UVYb]‡e^S_^dbQdd_S_^:_cU`XCXU^S[`Ube^Q
ceQ`QbdUSY`QjY_^UQaeUcd_c_WWUdd_becc_`Ub\QE^YdUT1bdYcdc
9^dYd_\Qd__bYWY^QbYQ]U^dU²E^dQ]UT³U`_Y²DXU<_^U5QW\U³Q\
VY\]fU^^UceSSUccYfQ]U^dUQddbYReYd_Y\dYd_\_²DXU2\QS[5QW\U³
=Q Q^SXU aeUcd_ dYd_\_ T_fUddU UccUbU ^e_fQ]U^dU SQ]RYQd_
aeQ^T_4_eW\Qc6QYbRQ^[cS_]Y^SY‡DXU2\QS[@YbQdU!)"&<U
c_]YW\YQ^jUS_^\µ_`UbQTY6QYbRQ^[cUbQ^_^_dUf_\YcURRU^UDXU
5QW\UV_ccUQ``QbU^dU]U^dURQcQd_cee^c_WWUdd_Y^S_]`Yed_
TY@e[Y^²4eRb_fc[Y³<µQed_bUTU\c_WWUdd_8Q^c;by\iQfUfQ
WYwbYU\QR_bQd_DXU=Qb[_VJ_bb_!)" Y\`YŒWbQ^TUceSSUcc_
TY6QYbRQ^[cC_\YdQ]U^dU;by\icSbYfUfQ`Ub5b^cd<eRYdcSXUDXU
5QW\UUbQcdQd_S_^SU`Yd_`b_`bY_`Ub\eYSXU`Ub‡^_^UbQTYc`_
^YRY\U5hY^WUW^UbU2b_g^VeS_^dU^d_TYbYcS_^dbQbU\_cdUcc_
ce_U^decYQc]_`UbW\YQc`UddYdUS^YSYY^FQ\U^dY^_SXUQfUfQQ^
SXµUW\Y\QceQ]QSSXY^QTQ`bUcQ`b_VUccY_^Q\U2b_g^Y]`bUjY_c‚
Y\VY\]S_^cfQbYQdUTY]_cdbQjY_^YTU\\QceQQRY\YdwdUS^YSQS_]U
e^Qc`UddQS_\QbUbY`bUcQY^]_fY]U^d_cee^dQf_\_Y]RQ^TYd_
<_cSU^_WbQV_GY\\YQ]3Q]Ub_^=U^jYUcSXUQfUfQWYwSebQd_
`Ub 6QYbRQ^[c DXU DXYUV _V 2QWXTQT !)"$ S_^VUb‚ Q\ VY\] e^
Qc`Udd_ cdY\YjjQd_ SXU cY bYV\UddUfQ Q^SXU ^UY S_cde]Y TY 1TbYQ^
>_^cYSUbS‡Y^^Ucce^]_T_TYbYS_cdbeYbU\µQ]RYU^dUTU\\µU`_SQ
^}TYbYc`UddQbUYbYVUbY]U^dYcd_bYSY]QSYcY`bU_SSe`‡`Yedd_cd_TY
^_^TU\eTUbUYVQ^TYFQ\U^dY^_2b_g^S_^cYTUbQfQFQ\U^dY^_U\Q
7QbR_\UTeU`YŒWbQ^TY`Ubc_^Q\YdwTU\SY^U]QUDXU5QW\UW\Y
fQ\cUe^S_^dbQdd_S_^\Q=7=9\ce_`bY]_VY\]`Ub\Q^e_fQSQcQ
SY^U]Qd_WbQVYSQVe6\UcXQ^TdXU4UfY\!)"&S_^7bUdQ7QbR_
:UQ^<_eYc2QbbQe\dcSU\cUDXU5QW\UdbQYce_YVY\]`bUVUbYdY
FQ\U^dY^_XQTQiUQbd_\YfUgXU^XU]QTUDXU5QW\U8UXQT
_^\ibUSU^d\ibUdeb^UTd_dXUcSbUU^QVdUbQ^QRcU^SU_V^UQb\i
dg_iUQbc1aeQbbU\gYdX6Q]_ec@\QiUbc<Qc[iXQTTbYfU^XY]
d_\UQfUdXURecY^UccQ^Td_U]RQb[_^Q`Ubc_^Q\Q``UQbQ^SU
d_eb gYdX XYc gYVU >QdQSXQ BQ]R_fQ 5fU^deQ\\i XU cYW^UT Q
S_^dbQSdgYdX:_cU`XCSXU^S[d_Q``UQbY^dXYcBeccYQ^cd_biV_b
E^YdUT1bdYcdc?bYWY^Q\\iU^dYd\UT²E^dQ]UT³Q^TdXU^²DXU<_^U
5QW\U³dXU`YSdebUgQcUfU^deQ\\idYd\UT²DXU2\QS[5QW\U³DXQd
dYd\UXQTd_RUSXQ^WUTgXU^4_eW\Qc6QYbRQ^[cRUWQ^DXU2\QS[
@YbQdU!)"&DXU6QYbRQ^[cS_^^USdY_^gQccdb_^W1\dX_eWX
DXU5QW\UgQc^_]Y^Q\\iRQcUT_^Q^e^VY^YcXUT@ecX[Y^cd_bi
´4eRb_fc[Yµ cSU^QbY_ gbYdUb 8Q^c ;by\i bUg_b[UT DXU =Qb[ _V
J_bb_ !)" 6QYbRQ^[cµ WbUQd ceSSUcc ;by\i gQc eceQ\\i dXU
gbYdUbV_b5b^cd<eRYdcSX+DXU5QW\UgQcY^dU^TUTV_b<eRYdcSX
RedXUgQce^QfQY\QR\U1V_b]UbU^WY^UUb2b_g^gQcTU\YWXdUTd_
VY^TFQ\U^dY^_QcU^dXecYQcdYSQcXUgQcQR_eddUSX^YSQ\]QddUbc
8UUfU^XQTXYc_g^`b_VUccY_^Q\]_dY_^`YSdebUSQ]UbQ2b_g^
Y^db_TeSUT Y^d_ dXU `YSdebU Q ^e]RUb _V dUSX^YSQ\ V\_ebYcXUc
Y^S\eTY^WQc`USdQSe\QbdbQfU\\Y^WcX_dQ\_^WQRQ^aeUdY^WdQR\U
1bdTYbUSd_bGY\\YQ]3Q]Ub_^=U^jYUcgX_XQTTUcYW^UTDXU
DXYUV_V2QWTQT!)"$V_b6QYbRQ^[cWQfUdXUVY\]Qcdi\YcUT\__[
gXYSXgQc]Ybb_bUTY^1TbYQ^µcS_cde]UcDXUbUgQc^_QddU]`d
d_WUddXU`UbY_TbYWXd^_bd_`Qi_RUYcQ^SUd_XYcd_bi+dXUigUbU
Q^hY_ec^_dd_Q\YU^QdUFQ\U^dY^_VQ^c2b_g^bUWQbTUTFQ\U^dY^_
Q^T7QbR_QcdXUdg_WbUQdUcd`Ubc_^Q\YdYUc_VdXUcSbUU^°Q^T
DXU5QW\Ug_^XY]QS_^dbQSdd_=7=8YcVYbcdVY\]V_bdXU^Ug
cdeTY_gQc6\UcXQ^TdXU4UfY\!)"&gYdX7bUdQ7QbR_:UQ^
<_eYc2QbbQe\d`YS[UTDXU5QW\UQc_^U_VXYcVQf_ebYdUVY\]c
))
3<1B5>352B?G>
Ŷ7LW´$TXLODQHUDµ6FHQ+DQV.UlO\GDOUDFFRQWR´'XEURYVN\µGL$OHNVDQGU3XåNLQ7LWROL*HRUJH0DULRQ-U)*HRUJH%DUQHV'HY-HQQLQJV0+DO&.HUQ6FJI:LOOLDP
&DPHURQ0HQ]LHV&RVW$GULDQQRQDFFU$VV5&KDUOHV'RULDQ,QW5XGROSK9DOHQWLQR9ODGLPLU'XEURYVN\:LOPD%DQN\0DVFKD7URHNRXURII/RXLVH'UHVVHUOD]DULQD
&DWKHULQHWKH*UHDW$OEHUW&RQWL.XVKND-DPHV0DUFXV.\ULOOD7URHNRXURII*HRUJH1LFKROVJLXGLFH&DUULH&ODUN:DUG]LD$XUHOLD6SRWWLVZRRGH$LWNHQSDGUHGL9ODGLPLU
*XVWDYYRQ6H\IIHUWLW]GRPHVWLFR$JRVWLQR%RUJDWRSUHWH3URG$UW)LQDQFH&RUSŶPP'·'LGDVFDOLHLQJOHVL(QJOLVKLQWHUWLWOHVŶ'D3KRWRSOD\3URGXFWLRQVŶ0XVLFD
VLQFURQL]]DWDGL&DUO'DYLHV6\QFKURQL]HGPXVLFE\&DUO'DYLHVŶ&RSLDVWDPSDWDGDO1DWLRQDO)LOPDQG7HOHYLVLRQ$UFKLYHGDOQHJDWLYRRULJLQDOH3ULQWPDGHE\1DWLRQDO)LOPDQG
7HOHYLVLRQ$UFKLYHIURPWKHRULJLQDOFDPHUDQHJDWLYH
<5><I5
><0668>0;4=;H4
7><064C>;4=;H4
ÄceVVYSYU^dUe^cUS_^T_`Ub`b_^e^SYQbUY\^_]UTY<U^<iU]QSY
fe_\U]_\d_TY`YŒ`UbbYecSYbUQc`YUWQbUY\`Ubc_^QWWY_>Qd_^U\
!) !Q3XbYcdSXebSX>e_fQJU\Q^TQ]_bd_Q>UgI_b[^U\!)( Y^YjYQ\]U^dUQfUfQcdeTYQd_TUcYW^`eRR\YSYdQbY_]Q~Q\db_fUSXU
db_f‡\QceQfUbQYc`YbQjY_^U*^U\\µQbdU²`bY]YdYfQ³TUY=Q_bYTUW\Y
QR_bYWU^YUTUW\YQRYdQ^dYTU\\UYc_\UTU\CeT@QSYVYS_^U\]_TUb^Y
c]_Ueb_`U_^U\\UcdbeddebUSU\\e\QbYTUW\YUccUbYfYfU^dY^U\]_fY
]U^d_ae_dYTYQ^_TU\SYU\_UTU\\UQSaeU9\SY^U]Q^_^\_XQcUT_dd_
`UbY\ce_`_dU^jYQ\U^QbbQdYf_]Q`Ub\Q`_ccYRY\YdwTYTQbU]_fY
]U^d_Q\\UWU_]UdbYUQcdbQddUTQ``bY]Q`Ub]Ujj_TYQ^Y]QjY_^U
S_^fU^jY_^Q\UU`YddebQQ``\YSQdQTYbUddQ]U^dUce\\QSU\\e\_YTU3_\
dU]`_`Qcc‡Q^SXUQ\\UbY`bUcU\YfUQSdY_^]QY^% Q^^YTYSQbbYUbQ
SY^U]Qd_WbQVYSQdbQcS_bcQY^9^WXY\dUbbQUY^1]UbYSQ\µY^TecdbYQSY
^U]Qd_WbQVYSQ]QY^cdbUQ]^_^\_XQ]QYQVVQcSY^Qd_<wT_fUcYUbQ
QffU^debQd_<U^<iUQ\dbY\_XQ^^_cUWeYd_S_]U>_b]Q^=S<QbU^
8Y\Qbi8QbbYcUCdQ^2bQ[XQWU]QUcdbY\YbYSYTU\SY^U]QQcdbQdd_
1W\Y_SSXYTUYce_YS_\\UWXY<iUUbQ²e^]QbjYQ^_³cdbQ_bTY^QbYQ
]U^dU_bYWY^Q\U^U\\µQc`Udd_U^UY`bY^SY`YQbdYcdYSY>U\\µ9^WXY\dUbbQ
TUW\YQ^^Yµ# \U`Ubc_^USXUY^T_ccQfQ^_]QW\Y_^YQbQ^SY_^Y_b
bYRY\Y`Q^dQ\_^YfUbTYUe^SQ``U\\_RYQ^S_TQfQ^_cU^jµQ\db_^U\\µ_S
SXY_1bbYf‡TQ\\µ1ecdbQ\YQ^U\!)"&Y^YjY‡QTY`Y^WUbUQVQbUcSe\debU
UT_`_TeUQ^^YTY\Qf_b‡dUb]Y^‡DecQ\QfQe^VY\]TµQ^Y]QjY_^U
Y^aeYUdQ^dUUTQ\cYW^YVYSQd__cSeb_Y^SeYcYfUTUfQ^_V_b]URY_\_
WYSXUY]`QjjYdU=QTebQ^dUdeddQ\QceQceSSUccYfQ`Ub]Q^U^jQ
Y^9^WXY\dUbbQ\Q^USUccYdwTYVY^Q^jYQ]U^dY\_c`Y^cUQd_b^QbUQY
VY\]QdY`eRR\YSYdQbY<Q^_cdbQcU\UjY_^USXUQddY^WU`Ub\_`YŒTQ\\Q
S_\\UjY_^UTU\>QdY_^Q\6Y\]Q^TDU\UfYcY_^1bSXYfUcYS_^SU^dbQ
ce\\U_`UbUbUQ\YjjQdUTQ<iUTebQ^dUW\YQ^^Yµ# Uµ$ 1`bY]QfYcdQ
aeUcdYVY\]QdYcU]RbQ^_cU]`\YSY]U^dU`eRR\YSYjjQbU\UdQbYVVUTU\\U
`_cdURbYdQ^^YSXU_S_^cYW\YQbUQYSe_SXYS_]U`bU`QbQbUe^d_bdY^_
TYfUbTebUY^dU]`_TYWeUbbQ]QY\\_b_fUb_c_WWUdd_bUcdQcU]`bU
\QcdbQ_bTY^QbYQUY^S_^dU^YRY\UY]]QWY^QjY_^UTY<iU
13_\_eb2_hT_fUe^`U^^U\\_`e\cQ^dUTQ^jQQe^bYd]_SQbQYRY
S_^U\!)#%TYUTUY\fYQQ\\QceQS_\\QR_bQjY_^US_^Y\TY`QbdY]U^d_
SY^U]Qd_WbQVYS_TU\7U^UbQ\@_cd?VVYSURbYdQ^^YS_<µY^dUbUccUTY
<iU`Ub\U^e_fUdQbYVVU`_cdQ\YUS_^_]YSXUUbQ`QbYQjUb_]Q
aeUcdQ`eRR\YSYdwW\Y`Ub]YcUTYbQWWYe^WUbUe^`eRR\YS_`YŒQ]
`Y_bYc`Udd_QaeQ\cYQcYQ\db_QbdYcdQSY^U]Qd_WbQVYS_c`UbY]U^dQ\U
RbYdQ^^YS_`bY]QTY\eYUYce_YS_\_bYfYRbQ^dYbYecSYb_^_QTQfUbUe^
U^_b]UY]`Qdd_Y^e^µU`_SQY^SeYWbQ^`QbdUTU\\Q`b_WbQ]]QjY_
^USY^U]Qd_WbQVYSQbUcdQfQQ^S_bQY^RYQ^S_U^Ub_
<QcUS_^TQWeUbbQ]_^TYQ\U`_bd‡S_^c}SQ]RYQ]U^dYY^UfYdQRY\Y
4ebQ^dUY\S_^V\Ydd_Y^fUSUTY`eRR\YSYjjQbUYcUbfYjYTUW\YeVVYSY`_cdQ\Y
<iU_VVb‚Y\ce_SUbfU\\_UYce_Y_SSXYQ\\Q`b_`QWQ^TQ*TQ\\UbYSUddUTY
SeSY^QGXU^dXU@YUgQc?`U^UTQ\\Q^USUccYdwTYbYSYS\QbUYdeRUddY
TYTU^dYVbYSY_DY^CQ\fQWU>U\!)$#`Qcc‡QY^UgcbUU\U^U\!)$$UbQ
WYwY^1]UbYSQQbUQ\YjjQbU=QbSX_VDY]UCU]`bUY^1]UbYSQ^UW\Y
Q^^Yµ% bYd_b^‡Q\Qf_bQbUQ\ce_SY^U]Q`Ubc_^Q\U]QYVY^Q^jYQ]U^
dYUbQ^_cSQbcYUQ\\QVY^U`bUVUb‚TUTYSQbcYQ\\UcSe\debUSY^UdYSXU
5SS_SXYUbQ<U^<iU1TUcc_cdQQ^_YbU^TUbW\Y_]QWWY_
!
9dT_Uc^µddQ[UQcUS_^Td_cQidXU^Q]U<U^<iURedYddQ[Uc
]eSX \_^WUb d_ Uh`\QY^ XY] 8U gQc R_b^ Y^ 3XbYcdSXebSX
>UgJUQ\Q^TY^!) !+TYUTY^GQbgYS[>UgI_b[Y^!)( 1d
VYbcd XU cdeTYUT S_]]UbSYQ\ Qbd Red V_e^T XYc dbeU Y^c`YbQdY_^
U\cUgXUbU*Y^dXU²`bY]YdYfU³Qbd_V=Q_bYc1R_bYWY^Q\cQ^TC_edX
@QSYVYS Yc\Q^TUbc Y^ 5eb_`UQ^ ]_TUb^Yc] dXU SU\\ cdbeSdebUc
_V\YVUV_b]cQ^TdXUTQY\i]_dY_^c_Vc[iQ^TgQdUb3Y^U]Q
SQ`dYfQdUTXY]^_dV_bYdc^QbbQdYfU`_dU^dYQ\RedV_bdXUSXQ^SUd_
SbUQdU]_dY_^dXb_eWXQRcdbQSd`QddUb^cY^YdYQ\\iRiS_^fU^dY_^Q\
Q^Y]QdY_^Q^T`QY^dTYbUSd\iQ``\YUTd_SU\\e\_YT8UWbUgd_ecU
\YfUQSdY_^ `X_d_WbQ`Xi d__ Red Y^ Q % iUQb SY^U]Q SQbUUb
c`U^dY^5^W\Q^TQ^T1]UbYSQdXU]QY^cdbUQ]Y^Tecdbi^UfUb
RUS[_^UT GXUbU <U^ <iU db_T _dXUbc V_\\_gUT \Y[U >_b]Q^
=S<QbU^8Y\Qbi8QbbYcQ^TCdQ^2bQ[XQWU\ibYSQ\]QcdUbc_V
QRcdbQSdSY^U]Q
D_XYcS_\\UQWeUc<iUgQc²\Y[UQ]Q^Vb_]=Qbc³QcgY\T\i
_bYWY^Q\Y^Q``UQbQ^SUQcY^QbdYcdYSYTUQc9^5^W\Q^T_VdXU
!)# c `U_`\U gYdX _bQ^WU cgUQdUbc fY\U WbUU^ db_ecUbc
Q^TQgXYdUSQ`UQcY\icd__T_ed8UQbbYfUTY^<_^T_^Vb_]
1ecdbQ\YQ Y^ !)"&+ XU `QY^dUT ]QTU cSe\`debUc Q^T QVdUb
dg_ iUQbcµ g_b[ VY^YcXUT DecQ\QfQ Q TYcdebRY^W Q^Y]QdUT
VY\]_V_RcSebU]UQ^Y^WVUQdebY^WRY_\_WYSQ\cXQ`Uc_^dXU
bQ]`QWU 2ed V_b dXU bUcd _V XYc dY]U Y^ 5^W\Q^T dXU ^UUT
V_b VY^Q^SY^W Tb_fU XY] d_gQbTc S_]]UbSYQ\ c`_^c_bc ?eb
cU\USdY_^\QbWU\iTbQg^Vb_]dXU>QdY_^Q\6Y\]Q^TDU\UfYcY_^
1bSXYfUµc S_\\USdY_^ S_^SU^dbQdUc _^ dXU g_b[ <iU SbUQdUT
Y^dXU!)# cQ^TUQb\i!)$ c?cdU^cYR\iXUgQcQTfUbdYcY^W
2bYdYcX`QbSU\bQdUc_bQTfYcY^WgQbdY]US__[cX_gd_]Q[UQ
fUWUdQR\U`YU+ReddXUdbeUceRZUSdgQcXYc_g^UhdbQ_bTY^Qbi
TQ^SY^WY]QWY^QdY_^
13_\_eb2_hQ`e\cQdY^W`QY^dRbecXRQ\\UdcUdd_Q3QbYRRUQ^
RUQdcdQbdUTXYcS_^^USdY_^gYdXdXU7@?6Y\]E^YdY^!)#%
<iUµc Y^dUbUcd Y^ 2bYdQY^µc ^Ug SXUQ`Ub `QbSU\ bQdUc gQc
^Y\+ Red dXYc QTfUbdYcU]U^d WQfU XY] Q gYTUb QeTYU^SU dXQ^
Q^i Uh`UbY]U^dQ\ VY\] QbdYcd Y^ 2bYdQY^ XQT U^Z_iUT RUV_bU
Q^T Ydc fYRbQ^d S_\_ebc ]QTU Q XeWU Y]`QSd gXU^ ]_cd VY\]
`b_WbQ]]Y^WbU]QY^UTY^R\QS[Q^TgXYdU
DXUCUS_^TG_b\TGQbY^UfYdQR\iRb_eWXdSXQ^WUc9^cdUQT_V
QTfUbdYcY^W@_cd?VVYSUcUbfYSUc<iUecUTXYcRbQY^Q^TUiUd_
Uh`bUccgQbdY]U`b_`QWQ^TQVb_]S__[Y^WbUSY`UcGXU^DXU
@YU gQc ?`U^UT d_ dXU ^UUT d_ bUSiS\U d__dX`QcdU deRUc DY^
CQ\fQWU9^!)$#XU]_fUTY^d_^UgcbUU\cQ^TRi!)$$gQc
Y^1]UbYSQg_b[Y^WV_b=QbSX_VDY]U8UbUdeb^UTd_`Ubc_^Q\
VY\]]Q[Y^WY^1]UbYSQY^dXU!)% cRedVe^TcgUbU\_gQ^TXU
UfU^deQ\\iS_^SU^dbQdUT_^[Y^UdYScSe\`debUc
C_dXQdµc<U^<iU>_g\Udµc`QiX_]QWU
?A>6A0<<0 ?A>6A0<
02>;>DA1>G*E5HJLD/HQ/\H
Ŷ6FHQ/HQ/\H0X´/D%HOOH&UHROHµHVHJXLWD'RQ%DUHWWRDQGKLV&XEDQ2UFKHVWUD6RXQGHGLWRU-DFN(OOLWW3URG-RKQ*ULHUVRQSHU*32)LOP8QLWŶPP'·DIV&RO
Ŷ'D1DWLRQDO)LOPDQG7HOHYLVLRQ$UFKLYH
9\`bY]_VY\]TY<U^<iUDecQ\QfQ~cdQd_`b_T_dd_S_^]Ud_TY
TµQ^Y]QjY_^UdbQTYjY_^Q\YY^`YŒTYTeUQ^^YTY\Qf_b_UedY\YjjQ^T_
SYbSQ$
TYcUW^Y13_\_eb2_h~cdQd_Y^fUSUbUQ\YjjQd_TY`Y^
WU^T_TYbUddQ]U^dUce\\QSU\\e\_YTUe^`b_SUcc_SXUXQbYSXYUcd_
SYbSQSY^aeUWY_b^YTY\Qf_b_<QfU\_SYdwUY\]_fY]U^d_bQ``bU
cU^dQ^_\µUccU^jQTU\VY\]*\Y^UUU_^TUSXU`e\cQ^_Q\bYd]_TY
e^Q]U\_TYQSQbQYRYSQZQjjUWWYQ^dU@UbWYecdYVYSQbU\QceQecSYdQ
c_dd_Y\^_]UTU\TY`QbdY]U^d_SY^U]Qd_WbQVYS_TUYcUbfYjY`_cdQ\Y
RbYdQ^^YSY<iUY^cUb‚e^]UccQWWY_bU\QdYf_Q\\UdQbYVVU`_cdQ\Y<Q
S_`YQTU\\Q>6DF1TUbYfQTQ\\µ_bYWY^Q\UTY`Y^d_Q]Q^_TQ<iU
<U^<iUµcVYbcdVY\]DecQ\QfQgQc]QTURiS_^fU^dY_^Q\Q^Y]QdY_^
]UdX_Tc_fUbdg_iUQbcecY^Wc_]U$
TbQgY^Wc13_\_eb2_h
gQc]QTURi`QY^dY^WdXUSU\\e\_YTTYbUSd\iQ`b_SUccdXQdd__[
QR_edQR_edVYfUTQicC`UUTQ^T]_dY_^YcdXUVY\]µcUccU^SU*
\Y^Uc Q^T gQfUc `e\cQdU d_ Q ZQjji 3QbYRRUQ^ de^U D_ ZecdYVi
YdcbU\UQcUdXb_eWXdXUVY\]e^Yd_V2bYdQY^µc`_cdQ\cUbfYSUc<iU
QTTUTQ]UccQWUQR_ed2bYdQY^µc`QbSU\bQdUcDXU>6DF1µc`bY^d
YcRQcUT_^<iUµcXQ^T`QY^dUT_bYWY^Q\
C7418AC7>50A>1>C*E5HJLD/HQ/\H
<iUQfUfQWYwbUQ\YjjQd_Uc`UbY]U^dYSY^U]Qd_WbQVYSYS_^\U]QbY_
^UddU^U\!)#$UbY`bUcUY\WU^UbUY^aeUcdQcdbQfQWQ^dU`eRR\YSYdw
`Ub\QCXU\\<Q`U\\YS_\Q~cdQdQY^_\dbU`b_WUddQdQS_]UfUdbY^Q`Ube^
^e_f_cYcdU]QTY`U\\YS_\QQS_\_bYY\7Qc`QbS_\_b<QbUc`_^cQRY\Ydw
TU\\Q²TYbUjY_^UU`b_TejY_^UTU\S_\_bU³fU^^UQddbYReYdQQT8e]
`XbUi:U^^Y^Wc`_UdQUbUWYcdQTY<YcdU^d_2bYdQY^<U]QbY_^UddUTY
<iUTQ^^_fYdQQe^Qcd_bYQQVV_\\QdQSXUdb_fQY\ce_]_]U^d_Se\]Y
^Q^dU^U\\Q^QcSYdQTU\\_W_TU\\QCXU\\\µY]]QWY^UTYe^b_R_d
<iUXQTUh`UbY]U^dUTgYdX`e``UdVY\]cY^!)#$Q^TbUdeb^UT
d_dXUWU^bUgYdXdXYcgXY]cYSQ\QTfUbdYcU]U^dV_bCXU\\_Y\DXU
VY\]gQcQ\c_TUcYW^UTQcQcX_gSQcUV_bQ^UgS_\_eb`b_SUcc
7Qc`QbS_\_b8e]`XbUi:U^^Y^WcdXU`_UdTYbUSd_b_V<YcdU^d_
2bYdQY^YcSbUTYdUTgYdX²S_\_ebTYbUSdY_^Q^T`b_TeSdY_^³<iUµc
`e``UdcU^QSdQSb_gTUTcd_biS\Y]QhY^WY^dXURYbdX_VdXUCXU\\
S_]`Q^iµc\_W_Qb_R_dVYWebU
A08=1>F30=24*E5HJLD/HQ/\H
Ŷ6FHQ/HQ/\H)-RQDK-RQHV0X´7RQ\·V:LIHµHVHJXLWDGD5LFR·V&UHROH%DQG6RXQGHGLWRU-DFN(OOLWW&RUHRJUDILD5XSHUW'RRQH,QW5XSHUW'RRQHEDOOHULQR3URG%DVLO
:ULJKW$OEHUWR&DYDOFDQWLSHU*32)LOP8QLWŶPP'·DIV&RO9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'D1DWLRQDO)LOPDQG7HOHYLVLRQ$UFKLYH
Äe^Q`eRR\YSYdw`UbY\cUbfYjY_TYTU`_cYd_RQ^SQbY_TU\\U`_cdURbY
dQ^^YSXU]QSY‡TYfU^dQSXYQb_c_\_Q\\QVY^U@bY]Q<iUSYS_^TeSU
Y^e^WYb_TYTQ^jQY`^_dYS_VQdd_TYcdbeddebUWU_]UdbYSXUTYUSXYcdY
\YjjQdYSXUbY]Q^TQ^_QY`QUcQWWYceRebRQ^YY^W\UcY9\VY\]S_^dYU^U
Q^SXUe^QcUaeU^jQ\YfUQSdY_^TYe^e_]_SXURQ\\QS_^db_\eSU
Be`Ubd4__^U]QWWY_bUUc`_^U^dUTU\\µQfQ^WeQbTYQdUQdbQ\U\_^
TY^UcU>U\\QfYcY_^USXU<iUTwTU\\Q7bQ^2bUdQW^QTUW\YQ^^Yµ# \QfYdQ\YdwU\µQbS_RQ\U^_TYS_\_bYcU]RbQ^_^_^QfUbU]QYVY^U
1^QTfUbdYcU]U^dV_bdXU@_cd?VVYSUµcCQfY^Wc2Q^[cSXU]U2ed
dXQd_^\iRUS_]UcQ``QbU^dQddXUU^T2UV_bUdXQd<iUdQ[Ucec_^
QXi`^_dYSTQ^SUd_eb_VQRcdbQSd`QddUb^ccdi\YcUTUSX_Uc_VdXU
2bYdYcXceRebRQ^\Q^TcSQ`UcQ^T\YfUQSdY_^V__dQWU_VQTQ^SY^W
]Q^ Y^ cY\X_eUddU Be`Ubd 4__^U Q \UQTY^W VYWebU Y^ <_^T_^µc
dXUQdbYSQ\ QfQ^dWQbTU 9^ <iUµc fUbcY_^ _V !)# c 2bYdQY^ dXU
UheRUbQ^SUQ^TdXUbQY^R_gS_\_ebc^UfUbU^T
?A>6A0<<0!?A>6A0<!
CA034C0CC>>*E5HJLD/HQ/\H
Ŷ6FHQ/HQ/\H0X7KH/HFXRQD%DQG6RXQGHGLWRU-DFN(OOLWW3URG*32)LOP8QLWŶPP'·DIV&ROŶ'D1DWLRQDO)LOPDQG7HOHYLVLRQ$UFKLYH
1VVY^Q^T_ e\dUbY_b]U^dU \U dUS^YSXU TY ²cU`QbQjY_^U TU\ S_\_bU³
edY\YjjQdUY^BQY^R_g4Q^SU<iUQWWYe^WUY^VQcUTYcdQ]`QTUW\Y
c`Ujj_^YdbQddYTQT_Se]U^dQbYbUQ\YjjQdYTQ\TY`QbdY]U^d_SY^U]Qd_
\Qf_bQbUY^]_T_UVVYSYU^dU*bUcdQ`ebcU]`bUe^_ddY]_S_^cYW\Y_
6ebdXUb bUVY^Y^W dXU ²S_\_eb cU`QbQdY_^³ dUSX^YaeUc ecUT Y^
BQY^R_g4Q^SU<iUVUUTcY^d_dXU`bY^dY^W`b_SUcc_VVSedcVb_]
! !
<5><I5
Ŷ6FHQ&+'DQG)$OH[6WUDVVHU&RORXUGLUHFWLRQDQGSURGXFWLRQ+XPSKUH\-HQQLQJV6FJI-RKQ%DQWLQJ$ODQ)DUPHU0X´7KH3ODQHWVµGL*XVWDY+ROVW6RXQGHGLWRU-DFN
(OOLWW9RFH(9+(PPHWW3URG/HQ/\HSHU6KHOO0H[)LOPV6KHOO2LO&RPSDQ\ŶPP'·DIV&RO9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'D1DWLRQDO)LOPDQG7HOHYLVLRQ
$UFKLYH
WbQVYS_TU\7U^UbQ\@_cd?VVYSU3Yc_^_bQ`YTUQ``QbYjY_^YTYe_]Y^Y
SXUSQbYSQ^_]UbSYcQ\TQ^_UcU`QbQ^_\Q`_cdQdeddYdbQc`_bdQdY
TQ\\QSY^U`bUcQUTQY`U^^U\\YTY<iUY^e^bUW^_Y^SQ^dQd_TYS_\_bUU
TYbYd]_9\VY\]Y]`\_bQW\Yc`UddQd_bYTYS_^cUW^QbUY`QSSXYTQc`UTY
bUU^db_\U!$* Y^]_T_SXU\Q7bQ^2bUdQW^Q`_ccQS_^dY^eQbUQ
7@?6Y\]E^YdT_Se]U^dQbYUcDXUbUQbUW\Y]`cUc_V]U^\_QTY^W
SQbW_gU\TY^WQ^Tc_bdY^W]QY\Q\\dbQ^cV_b]UTRi<iUµcSQ]UbQ
Q^T`QY^dRbecXY^d_Q]QWYS[Y^WT_]_VS_\_ebQ^TbXidX]DXU
VY\]Y]`\_bUcfYUgUbcd_[UU`2bYdQY^g_b[Y^WUVVYSYU^d\iRi`_cdY^W
YdU]cRUV_bUdg__µS\_S[Y^dXUQVdUb^__^+W__TQTfYSUcdY\\
BF8=68=6C74;0<14C7F0;:*E5HJLD/HQ/\H
Ŷ6FHQ/HQ/\H0X´7KH/DPEHWK:DONµGL1RHO*D\6RXQGHGLWRU(UQVW0H\HU3URG%DVLO:ULJKWSHU5HDOLVW)LOP8QLW7,'$ŶPP'·DIV&ROŶ'D1DWLRQDO)LOP
DQG7HOHYLVLRQ$UFKLYH
1\dbQ`YddebQceSU\\e\_YTUcU^jQ\µedY\Yjj_TU\\QSY^U`bUcQ<QSQ^
j_^USXUQ``QbU^U\dYd_\_UbQe^_TUYRbQ^Y`YŒ^_dYTU\]ecYSQ\TY
>_U\7Qi=UQ^T=i7Yb\e^QSQ^j_^USXUXQY^^UcSQd_ce\QbWQ
cSQ\Q\Q]_TQTU\RQ\\_SXYQ]Qd_²<Q]RUdXGQ\[³>U\\Q`U\\YS_\Q
^_^cY^QcS_^TU^Ucce^]UccQWWY_`eRR\YSYdQbY__TY`b_`QWQ^TQ*Y\
`YQSUbU~Y\ce_e^YS_cS_`_9\VY\]~ecSYd_^U\TYSU]RbUTU\!)#)
=_bU`QY^d_^SU\\e\_YT`b_TeSUTgYdX_edQSQ]UbQDXUdYd\Uc_^W
gQcdXUXYd^e]RUb_V>_U\7Qiµc]ecYSQ\=UQ^T=i7Yb\Qc_^W
dXQd c`Qb[UT Q S_]]e^Ydi TQ^SU SbQjU dXU ²<Q]RUdX GQ\[³
>_ `b_`QWQ^TQ ]UccQWU _b QTfUbdYcU]U^d S_]Uc QddQSXUT*
U^Z_i]U^dYcdXUVY\]µc_^\iW_Q\9dgQcbU\UQcUTY^4USU]RUb
!)#)
<DB820;?>BC4A=> *E5HJLD/HQ/\H
<5><I5
Ŷ6FHQ/HQ/\H0X´%XJOH&DOO5DJµ6RXQGHGLWRU(UQVW0H\HU3URG&URZQ)LOP8QLW7,'$ŶPP'·DIV&ROŶ'D1DWLRQDO)LOPDQG7HOHYLVLRQ$UFKLYH
E^Q VYWebQ Y^ \YfUQSdY_^ QVVYWWU e^ SQbdU\\_^U U cYQ]_ ceRYd_
dbQc`_bdQdYQ\db_fUTQYS_\_bYTY`Y^dYce\\QSU\\e\_YTUcY^Sb_^YjjQdY
Q\S\QccYS_TU\ZQjj2eW\U3Q\\BQW9\VY\]~ecSYd_^U\\µUcdQdUTU\
!)$ U VQSUfQ `QbdU TY e^Q SQ]`QW^Q TU\ W_fUb^_ RbYdQ^^YS_
SXUcY`bUVYWWUfQTYVbU^QbU\US_cYTTUddU²SXYQSSXYUbUY^SQedU³U
\µQSSYTU^dQ\U`QccQWWY_TYY^V_b]QjY_^YQ\\Uc`YUTY8Yd\UbCV_bde
^QdQ]U^dU^_^fU^^U]QYcUWeYd_TQe^=ecYSQ\`_cdUb>ƒ"
1 \YfUQSdY_^ VYWebU c\Q`c e` Q `_cdUb Q^T gU c`UUT QgQi _^
`QY^dUTSU\\e\_YTci^SXb_^YcUTd_QZQjjS\QccYS2eW\U3Q\\BQW
DXUVY\]gQcbU\UQcUTY^dXUce]]Ub_V!)$ Q^TV_b]UT`Qbd
_VdXU2bYdYcX7_fUb^]U^dµcSQ]`QYW^d_SebRgXQdgQcSQ\\UT
²SQbU\UccdQ\[³Q^TdXUQSSYTU^dQ\VUUTY^W_VY^V_b]QdY_^d_8Yd\Ubµc
c`YUcE^V_bde^QdU\idXUbU^UfUbgQcQ=ecYSQ\@_cdUb>_"
;4C´B6>3DBC8=´C74BC0AB*E5HJLD/HQ/\H
Ŷ6HTXHQ]DGDOOXQJRPHWUDJJLR6HTXHQFHIURPWKHIHDWXUHILOP´0DG$ERXW0RQH\µ´6WDUGXVWµ´+H/RYHGDQ$FWUHVVµ>5HJLD0HOYLOOH%URZQ@6FHQ-RKQ0HHKDQ-U-RKQ
(+DUGLQJ)-RKQ6WXPDU-DFN0DUWD0X-DPHV'\UHQIRUWK.HQQHWK/HVOLH6PLWK&RUHRJUDILD/DUU\&HEDOORV,QW%HQ/\RQ5R\+DUOH\/XSH9HOH]&DUODGH+XHOYD+DUU\
/DQJGRQ2WWR:DOODFH)RUG3HWHU-DFNVRQ-HDQ&ROLQ'LDQD:HVW3URG:LOOLDP5RZODQGSHU0RUJDQ3URGXFWLRQVŶPP'·DIV%Q9HUVLRQHLQJOHVH(QJOLVKYHUVLRQ
Ŷ'D1DWLRQDO)LOPDQG7HOHYLVLRQ$UFKLYH
>U\^_fU]RbUTU\!)#&<iUfU^^US_^dQddQd_`UbbUQ\YjjQbUcU
aeU^jUUTUVVUddYc`USYQ\Y`Ube^]ecYSQ\QRQcc_S_cd_S_^_cSYed_Y^
VQcUTY`b_TejY_^US_\dYd_\_TYCdQbTecdUY\SeYTYbUdd_bUWU^UbQ\UUbQ
\µQ]UbYSQ^_=U\fY\\U2b_g^<QdbQ]QdbQddQfQTUY`b_R\U]YVY^Q^jYQbY
Ub_]Q^dYSY\UWQdYQ\\QbUQ\YjjQjY_^UTYe^QS_]]UTYQ]ecYSQ\UY^
7bQ^2bUdQW^Q9\S_^dbYRed_`YŒY]`_bdQ^dUTY<iUQ\VY\]Ve\QbUWYQ
U\Q`b_WUddQjY_^UTU\^e]Ub_]ecYSQ\UUSSU^dbYS_UQVVQcSY^Q^dU
²<Udµc7_4ecdY^µdXUCdQbc³2QcdQY]]QWY^QbUe^QcUaeU^jQ]e
cYSQ\UTY2ecRi2Ub[U\iTYbUddQTQ7U_bWUc=}\Y~cE^Qf_\dQdUb]Y
^Qd_Y\VY\]fU^^U\QcSYQd_TQ`QbdU`Ube^Q^^_`bY]QTYecSYbU^U\
!)#(S_^TeUdYd_\YTYfUbcY*=QT1R_ed=_^UiY^7bQ^2bUdQW^QU8U
<_fUTQ^1SdbUccY^1]UbYSQ4QQ\\_bQbQbQ]U^dU~cdQd_fYcd_
! "
9^>_fU]RUb!)#&<iUV_e^TQZ_RTUfYcY^Wc`USYQ\UVVUSdcQ^T
cUaeU^SUc V_b Q \_gReTWUd ]ecYSQ\ [^_g^ Y^ `b_TeSdY_^ Qc
CdQbTecdDXU1]UbYSQ^=U\fY\\U2b_g^gQcdXU_fUbQ\\TYbUSd_b+
dXU`\_dS_^SUb^UTdXUb_]Q^dYSQ^TVY^Q^SYQ\`b_R\U]c_V]Q[Y^W
Q2bYdYcXVY\]]ecYSQ\<iUµcSXYUVS_^dbYRedY_^gQcd_TYbUSdQ^T
TUcYW^ dXU USSU^dbYSQ\\i SXQb]Y^W ]ecYSQ\ ^e]RUb ²<Udµc 7_
4ecdY^µ dXU CdQbc³ 9]QWY^U Q 2ecRi 2Ub[U\Ui c_^W cUaeU^SU
TYbUSdUT Ri 7U_bWUc =}\Y~c ?^SU S_]`\UdUT dXU VY\] cQd _^
dXUcXU\VV_bQiUQbRUV_bUU]UbWY^WY^!)#(e^TUbdg_TYVVUbU^d
^Q]Uc* =QT QR_ed =_^Ui Y^ 2bYdQY^ 8U <_fUT Q^ 1SdbUcc Y^
1]UbYSQ9dXQccSQbSU\iRUU^cUU^cY^SU
?A>6A0<<0"?A>6A0<"
=>A=F*E5HJLD/HQ/\H
Ŷ6FHQ/HQ/\H)-RQDK-RQHV0X´,·P*RQQD6LW5LJKW'RZQDQG:ULWH0\VHOID/HWWHUµ)DWV:DOOHU´7·$LQW1R8VHµ%HQQ\*RRGPDQDQGKLV2UFKHVWUD´*LPPH$%UHDN
%DE\µ%RE+RZDUGDQGKLV2UFKHVWUD6RXQGHGLWRU-DFN(OOLWW,QW(YHO\Q&RUEHWW(YHO\Q'ZLJKW*RRGZLQ-DFN3URG$OEHUWR&DYDOFDQWLSHU*32)LOP8QLWŶPP'·D
IV%Q9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'D1DWLRQDO)LOPDQG7HOHYLVLRQ$UFKLYH
<QVY^Q\YdweVVYSYQ\UTU\`bY]_VY\]TY<iUY^dUbQ]U^dUWYbQd_Y^\YfU
QSdY_^UbQaeU\\QTY`UbceQTUbUY\`eRR\YS_Q`bUcdQbUQddU^jY_^U
QS_cQcYcSbYfUce\\URecdU*\QdbQ]QSY]_cdbQS_]Ue^Ubb_bUTU\
S_TYSU`_cdQ\UTY<_^TbQbYUcSQaeQcYQ]UddUbUVY^UQ\\QbU\QjY_
^UTYe^QWY_fQ^US_``YQ=Q`Ub<iU\_cS_`_TU\VY\]UbQVQbU
Uc`UbYU^jQ\Qf_bQ^T_S_^W\YQdd_bYUcVYTQbU\U_bd_T_ccYUTU\\Q
WbQ]]QdYSQSY^U]Qd_WbQVYSQS_^e^bQSS_^d_Y^\YfUQSdY_^
DXU_VVYSYQ\`eb`_cU_V<iUµcVYbcdVY\]RQcUTU^dYbU\i_^\YfUQSdY_^
`X_d_WbQ`XigQcd_`UbceQTUdXU`eR\YSd_dQ[USQbUQTTbUccY^W
U^fU\_`Uc*dXUcd_bi\Y^UcX_gcX_gQ]YcdQ[UY^gbYdY^WQ<_^T_^
`_cdQ\S_TUQ\]_cdRbUQ[ce`Qi_e^WS_e`\UµcbU\QdY_^cXY`2ed
V_b <iU dXU VY\]µc `eb`_cU gQc d_ TUfU\_` XYc Uh`UbYU^SU gYdX
QSd_bcQ^TSXQ\\U^WUdXU_bdX_T_hYUc_VVY\]WbQ]]QbY^Q\YfU
QSdY_^^QbbQdYfU
F74=C74?84F0B>?4=43*E5HJLD/HQ/\H
Ŷ6FHQ/HQ/\H)$(-HDNLQV6RXQGDQGPXVLFDOHIIHFWV(UQVW0H\HU,QW9DOHULH)RUUHVWILJOLD+LOGH0DVWHUVPDGUH3URG-RKQ7D\ORUSHU5HDOLVW)LOP8QLWŶPP'·
DIV%Q9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'D1DWLRQDO)LOPDQG7HOHYLVLRQ$UFKLYH
GQbdY]UcX_bdQWUc_V]UQd\UTdXUgQid_^UgTU\YSQSYUcY^2bYdYcX
S__[Y^WY^S\eTY^WfUWUdQR\U`YUCeYdQR\UbUSY`UcgUbU`eR\YcXUT
Y^^Ugc`Q`UbcQ^T\UQV\UdcQ^TQ\c_Y^dXYcSQcUdeb^UTY^d_QVY\]
DXUQccYW^]U^d]YWXdXQfU]QTUQ^_dXUbTYbUSd_bTUc`QYbRed<U^
<iUQ^TXYcdUSX^YSQ\dUQ]`b_TeSUTQ^QebQ\Q^TfYceQ\TU\YWXd
F>A:?0ACH*E5HJLD/HQ/\H
Ŷ)$(-HDNLQV6RXQGDQGPXVLFHGLWRU(UQVW0H\HU,QW7KH+HUULFNIDPLO\3URG-RKQ7D\ORUSHU5HDOLVW)LOP8QLWŶPP'·DIV%Q9HUVLRQHLQJOHVH(QJOLVKYHUVLRQ
Ŷ'D,PSHULDO:DU0XVHXP
9dbeSSXYTYbY`bUcQc_^_`Ub\_`YŒQccU^dYY^aeUcd_bQ`YT_cWeQbT_
ce\\QfYdQae_dYTYQ^QTYe^QVQ]YW\YQY^dU]`_TYWeUbbQQ8QiUc
^U\\Q`UbYVUbYQceRebRQ^QTY<_^TbQDbUTUY]U]RbYTU\\QVQ]Y
W\YQ\Qf_bQ^_Y^e^QVQRRbYSQSXU`b_TeSU]e^YjY_^YUW\YUfU^dY
T_Se]U^dQdYTQ<iUcYcf_\W_^_^U\WY_b^_TU\fU^de^UcY]_S_]
`\UQ^^_TY=Qi8UbbYS[SXU~Q^SXUY\`bY]_WY_b^_TY\Qf_b_TU\\Q
bQWQjjQQ\\QVQRRbYSQ<Q`U\\YS_\QdUb]Y^QS_^\_c\_WQ^²\µY^TecdbYQ
TU\\U]e^YjY_^Y_WWYXQRYc_W^_TY`YŒT_^^U³]QY^bUQ\dwY\VY\]
^_^bQ``bUcU^dQe^]Q^YVUcd_TYbUS\edQ]U^d_RU^c‚e^µYcdQ^dQ
^UQTYfYdQae_dYTYQ^QTU\Vb_^dUY^dUb^_
3Q]UbQ dbYS[c QbU \QbWU\i V_bW_ddU^ Y^ dXYc gQbdY]U `UU` Qd
dXUX_]U\YVU_VQVQ]Y\iY^8QiUcY^dXUceRebRQ^_edc[Ybdc_V
<_^T_^DXbUU_VdXU]g_b[Y^Q]e^YdY_^cVQSd_bi]Q^eVQSdebY^W
We^cQ^TcXU\\c+dXUTQi<iUµcVY\]T_Se]U^dcYc=Qi8UbbYS[µc
"!cdRYbdXTQiQ^TXUbVYbcdTQig_b[Y^WQddXUVQSd_bi1ddXUU^T
S_]UcQc\_WQ^²DXU]e^YdY_^cY^Tecdbi^UUTc]_bUg_]U^
^_g³ReddXUVY\]µcfQ\eUYcQcQc\YSU_VX_]UVb_^d\YVU^_dQc
QbUSbeYdY^W`_cdUb
?A>6A0<<0#?A>6A0<#
=4FB?0?4ACA08=*E5HJLD/HQ/\H
Ŷ&RPPHQWR0HUULOO0XHOOHU)$(-HDNLQV6RXQGHIIHFWVHGLWRU(UQVW0H\HU3URG-RKQ7D\ORUSHU5HDOLVW)LOP8QLWŶPP'·DIV%Q9HUVLRQHLQJOHVH(QJOLVKYHUVLRQ
Ŷ'D1DWLRQDO)LOPDQG7HOHYLVLRQ$UFKLYH
>Ugc`Q`UbDbQY^TUcSbYfUY^]_T_S_^fY^SU^dU\UTYVVYS_\dw\_
WYcdYSXU ^U\\µQccYSebQbU \Q TYcdbYRejY_^U TUY WY_b^Q\Y TU\ ]QddY^_
^U\ ceTUcd TU\\µ9^WXY\dUbbQ ]U^dbU e^Q `Y_WWYQ TY R_]RU cdQ
Y^fUcdU^T_<_^TbQ
>Ugc`Q`UbDbQY^V_bSUVe\\iSQ`debUcdXU\_WYcdYSQ\TYVVYSe\dYUc_V
U^cebY^W TU\YfUbi _V dXU ]_b^Y^Wµc ^Ugc`Q`Ubc Y^ C_edX 5Qcd
5^W\Q^TQcR_]RcbQY^T_g^_^<_^T_^
! #
<5><I5
<QcSQbcQTYc`_^YRY\YdwTYSQb^UY^dU]`_TYWeUbbQXQY^db_T_dd_
^e_fUc`USYQ\Ydw^U\\QSeSY^QY^W\UcUdbQ\UaeQ\YY\d_bdY^_TYfUb
TebU?``_bde^UbYSUddUfU^YfQ^_`eRR\YSQdU^UYae_dYTYQ^YU^U\\U
bYfYcdU_``ebUS_]UY^aeUcd_SQc_`Ub]Ujj_TYe^Q`U\\YS_\Q
E^Y^SQbYS_S_]UaeUcd_cQbURRUcdQd_\QTYc`UbQjY_^U`Ube^
Q\db_bUWYcdQ]Q<U^<iUU\QceQUaeY`UTYdUS^YSYbYecSYb_^_Q
`b_TebbUe^µ_`UbQc`UddQS_\QbU`UbW\Y_SSXYU`Ub\U_bUSSXYU
C8=B0;E0642>;;0?B81;4<4C0;CD14B*E5HJLD/HQ/\H
Ŷ6FHQ/HQ/\H)'HUHN:DWHUPDQ3URG-RKQ7D\ORUSHU5HDOLVW)LOP8QLWŶPP'·DIV%Q9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'D1DWLRQDO)LOPDQG7HOHYLVLRQ
$UFKLYH
DY^CQ\fQWUY^dU^TUS_^fY^SUbUY\`eRR\YS_QS_^dbYReYbUQ\\QcS_^
VYddQTU\7YQ``_^USXUQ\\_bQS_^db_\\QfQWbQ^`QbdUTU\\UV_b^YdebU
TYQ\\e]Y^Y_]_^TYQ\YbY`_bdQ^T_YdeRUddYTYTU^dYVbYSY_ecQdY`bUcc_
W\YQ``_cYdY`e^dYTYbQSS_\dQ²BYSYS\QdUUS_^dbQddQSSQdU³\_c\_WQ^
TU\ VY\] ~ QSS_]`QW^Qd_ TQ e^Q ]Q^_ SXU cSXYQSSYQ e^Q dUcdQ
WYQ``_^UcU UcdbU]Q]U^dU cdUbU_dY`QdQ Q``_cdQ ce\ ]_TU\\Y^_ TY
e^bQW^_SXUQfQ^jQcee^Q]Q``QQ\\Qf_\dQTU\\Q7bQ^2bUdQW^Q
DY^CQ\fQWUQY]UTd_`UbceQTUQeTYU^SUcd_XU\`TUVUQd:Q`Q^
dXU^Y^S_^db_\_V]_cd_VdXUg_b\TµcdY^ce``\YUcRibUdeb^Y^W
dXUYbecUTd__dX`QcdUdeRUcd_S_\\USdY_^`_Y^dc²DQ[URQS[Q^T
XYdRQS[³*dXQdYcdXUc\_WQ^QSS_]`Q^YUTRiQXQ^TSbecXY^W
QSbeTU\icdUbU_di`UT:Q`Q^UcUXUQTQVVYhUTd_Q]_TU\c`YTUb
QTfQ^SY^WQSb_ccQ]Q`d_gQbTc2bYdQY^
:8;;>A14:8;;43*E5HJLD/HQ/\H
Ŷ6FHQ/HQ/\HFRPPHQWRVFULWWRGD0DULXV*RULQJ)$(-HDNLQV06DP6LPPRQGV,QW$OLVWDLU0F,QW\UHFHFFKLQRWHGHVFR'XQFDQ&KLVKROPVROGDWREULWDQQLFR9RFHGHO
FHFFKLQRWHGHVFR0DULXV*RULQJ9RFHGHOVROGDWREULWDQQLFR$OLVWDLU0F,QW\UH3URG-RKQ7D\ORUSHU5HDOLVW)LOP8QLWŶPP'·DIV%Q9HUVLRQHLQJOHVH(QJOLVKYHUVLRQ
Ŷ'D1DWLRQDO)LOPDQG7HOHYLVLRQ$UFKLYH
<5><I5
>UW\YQ^^Yµ$ <iUcfY\e``‡e^QVY\_c_VYQQbdYcdYSQUTYfYdQSXU`e‡
UccUbUbYQcce^dQTQ\\_c\_WQ^²6U\YSYdwY^TYfYTeQ\U_WWY³=QY\ce_
S_^ceUd_Re_^e]_bU\_QRRQ^T_^‡TebQ^dU\QbUQ\YjjQjY_^UTY
aeUcdQ `U\\YS_\Q cS_^f_\WU^dU Y^dUcQ S_]U cdbe]U^d_ TµQTTU
cdbQ]U^d_`Ub\Udbe``USXUS_^Yce_Y!(]Y^edY~Q^SXU\Q`YŒ
\e^WQ]QYbUQ\YjjQdQTQ<iU
4ebY^W dXU !)$ c <iU Uf_\fUT Q `XY\_c_`Xi _V Qbd Q^T \YVU
U^SQ`ce\QdUT Y^ dXU c\_WQ^ ²9^TYfYTeQ\ 8Q``Y^Ucc >_g³ 2ed
XYc SXQbQSdUbYcdYS Re_iQ^Si TUcUbdUT XY] gXU^ ]Q[Y^W dXYc
TUfQcdQdY^W VY\] Qd !( ]Y^edUc <iUµc \_^WUcd TUcYW^UT Qc Q
dbQY^Y^Wd__\V_bc_\TYUbc
?A>6A0<<0$?A>6A0<$
CDB0;0E0*E5HJLD/HQ/\H
Ŷ6FHQ/HQ/\H3URG/HQ/\H5REHUW*UDYHVSHU7KH)LOP6RFLHW\ŶPP'·DIV%QŶ'D1DWLRQDO)LOPDQG7HOHYLVLRQ$UFKLYH
@Ub\QbUQ\YjjQjY_^UTU\ce_`bY]_VY\]TebQdQ`YŒTYTeUQ^^Y<U^
<iUSUbS‡TYY]]QWY^QbcY^UY`Q^^YTYe^QR_bYWU^_QecdbQ\YQ^_
SXUTwfYdQQTe^]Yd_TYSbUQjY_^Uce`U\\YS_\Q<Q`b_TejY_^UU
YVY^Q^jYQ]U^dYfU^^Ub_ce``_bdQdYTQ\\Q6Y\]C_SYUdiTY<_^TbQU
TQ\`_UdQB_RUbd7bQfUc<_cdY\UfYcYf_TUYTYcUW^YVeY^V\eU^jQd_
TQ\\µQbdU`bY]YdYfQUTQ\\UcdbeddebUSU\\e\QbYTY`YQ^dUUQ^Y]Q\YSXU
<iUdb_fQfQUcdbU]Q]U^dUQVVQcSY^Q^dY9\dYd_\_TUbYfQTQe^Q`Q
b_\Q`_\Y^UcYQ^QSXUcYW^YVYSQ²dedd_bYd_b^QQ\ce_Y^YjY_³
9^]Q[Y^WXYcVYbcdVY\]`b_TeSUT_fUbdg_iUQbc<U^<iUdbYUTd_
Y]QWY^UXUgQcQ^1ecdbQ\YQ^1R_bYWY^Q\SbUQdY^WQSbUQdY_^]idX
_^VY\]DXU6Y\]C_SYUdiY^<_^T_^Q^TdXU`_UdB_RUbd7bQfUc
XU\`UTgYdX`b_TeSdY_^Q^TVe^TY^WDXUTbQgY^WcµfYceQ\cdi\U
SQ]UVb_]dXU`bY]YdYfUQbdQ^TdXUSU\\cdbeSdebUc_V`\Q^dcQ^T
Q^Y]Q\cdXQdVQcSY^QdUT<iUDXUdYd\UYcTbQg^Vb_]Q@_\i^UcYQ^
g_bT]UQ^Y^W²UfUbidXY^WS_]UcVe\\SYbS\U³
5A44A03820;B8VD5HJLD/HQ/\H
Ŷ0X7KH%DJLUPL7ULEHRI$IULFD3URG/HQ/\HSHU'LUHFW)LOP&RPSDQ\ŶPP'·DIV%QŶ'D1DWLRQDO)LOPDQG7HOHYLVLRQ$UFKLYH
AeQ^T_^UW\YQ^^Yµ" <iU\Qf_bQfQ`Ube^µQWU^jYQ`eRR\YSYdQbYQ
TYCiT^UifU^^UQVVQcSY^Qd_TQY]_fY]U^dYTUYWbQVVYUTUYcUW^Y
`bUcU^dYce\\Q`U\\YS_\Q5cdQcYQd_`bUcUTUW\YcSQbdYTYSU\\e\_YTU
fYY]`bUccUYce_YWbQVVYUQVY^UWY_b^QdQ`b_YUdd‡SY‡SXUQfUfQ
_ddU^ed_DbU^dµQ^^Y`YŒdQbTYYce_YWbQVVYTYfU^dQb_^_`b_dQW_^YcdY
TYe^µY^dUbQ`U\\YS_\Q\_cSQb^_UY^SYcYf_6bUUBQTYSQ\ccY^Sb_
^YjjQd_ QY ce_^Y TY e^Q TQ^jQ dbYRQ\U QVbYSQ^Q CdQ^ 2bQ[XQWU
\_ XQ TUVY^Yd_ ²e^ Y]]U^c_ SQ`_\Qf_b_ `bUcc_SX} Y^SbUTYRY\U³
! $
G_b[Y^WV_bQCiT^UiQTfUbdYcY^WVYb]Y^dXU!)" c<iURUSQ]U
VQcSY^QdUTRidXU]_dY_^c_VcSbQdSXUcQ^T_dXUb]Qb[c_^VY\]
cd_S[5^dbQ^SUTXUd__[c`QbURYdc_VSU\\e\_YT]QTUXYc_g^
cSbQdSXUc Q^T `b_ZUSdUT dXU bUce\dc QVdUb X_ebc DXYbdi iUQbc
\QdUbXUcSbQdSXUTXYcgQidXb_eWXQ^U^dYbUVY\]dXUc`QbUQ^T
`_gUbVe\6bUUBQTYSQ\cci^SXb_^YcUTd_dXUc_e^Tc_V1VbYSQ^
dbYRQ\TQ^SY^WCdQ^2bQ[XQWUSQ\\UTYd²Q^Q\]_cde^RU\YUfQR\i
Y]]U^cU]QcdUb`YUSU³
940=3DA0=3?8>=84A44<04BCA>2><82>
940=3DA0=3?8>=44A0=30DC4DA>501BDA34GCA4<4B
940=3DA0=3?8>=84A44<04BCA>2><82>
940=3DA0=3?8>=44A0=30DC4DA>501BDA34GCA4<4B
²3bUT_SXUV_ccU^Qd_Q=_^d]QbdbU5bQ]_\d_TYc`YQ
SYed_TY^_^UccUbUTY_bYWY^US_^dQTY^QE^WY_b^_]Y
XQTUdd_*´C_^_e^VQ\\Yd_`UbSX}QfbUYf_\ed_UccUbU
e^RbQSS_^YUbUUY^fUSUc_^_e^dYjY_SXUVQTUYVY\]µ
<QS_cQ\_bQddbYcdQfQ³3_c‚8U^bY6UcS_ebdbYUf_SQ\Q
VYWebQTY:UQ^4ebQ^T>_^cQbwcdQd_e^RbQSS_^YUbU
]Q\QceQSQbbYUbQSY^U]Qd_WbQVYSQbUcdQQTYb`_S_Qf
fU^deb_cQ>Qd_^U\!(("4ebQ^TVQY\ce_Y^WbUcc_^U\
]_^T_TU\SY^U]Q`UbY^dUb]UTYQjY_^UTY7U_bWUc6QW_dSXU^U\
!) (\_Y^db_TeSU^U\\QSQcQ@QdX}4ebUbwc_\_TeU]UcY<QfUbQ
`QbdU^jQQffYU^UQ\\Q<ehQ`QbdYbUTQ\cUddU]RbU!) (*4ebQ^T
c_cdYU^UTYQfUbfYWYbQd_$%VY\]Qdeddµ_WWYaeQcYS_]`\UdQ]U^dU
Qff_\dY^U\]YcdUb_
=QY\cQ\d_TYaeQ\Ydw~cUW^Qd_TQ\`QccQWWY_Q\\Q7Qe]_^d^U\
TYSU]RbU !)! AeY 4ebQ^T cY c`USYQ\YjjQ ^UY VY\_^Y S_]YS_ UT
QffU^deb_c_W_TU^T_TYe^ceSSUcc_U^_b]U9^YjYQ\]U^dUbY]
`YQjjQ2_cUddYY\²]QUcdb_TU\Reb\UcaeU³^U\\QTYbUjY_^UTU\\Q
cUbYU²3Q\Y^_³*²4ebQ^TcY`b_`_^UTY`YUWQbUY\Reb\UcaeU]Ucc_
Q`e^d_TQ2_cUddYY^e^µQSSUjY_^U`YŒVYcYSQS_^\QTYcdbejY_^U
`Qb_ccYcdYSQTU\\UcSU^_WbQVYU4e^aeUSY‡SXUW\YcUbfU^_^c_^_
W\YQdd_bYS_]YSY]QQSb_RQdYUSQcSQd_bY³@UbaeUcd_UW\YcYQVVYTQ
Y^UcS\ecYfQQe^QRQ^TQTYY^dUb`bUdYcSQ`YS_\\QdYbYRQddUjjQdY²<Uc
@_eYddUc³DbQTYUccYc`YSSQY\^_]UTY7Qcd_^=_T_dSXUc`YUWQ
4ebQ^T²Y^YjY‡\QceQSQbbYUbQbYSUfU^T_`YQ^_V_bdYUQb]QTYce\\Q
dUcdQ³`bY]QTYTYfU^dQbU`b_dQW_^YcdQTU<µÀWUTµ_bUY^dUb`bUdU
`bUTY\Udd_TYBU^_Yb²<Uc@_eYddUc³cUWeYbQ^^_4ebQ^TQ^SXU^U\\U
TeUcUbYUS_]YSXUceSSUccYfU*\Q`Qb_TYQTU\`_\YjYUcS_²JYW_d_³
!)!!!)!"U\QdbY_^VQ\U²?^}cY]U³!)!"!)!$T_fU4ebQ^T
cY\Q^SYQQSQ`_VYdd_^U\\µQccebT_
>U\ VbQddU]`_ QbbYfQ Q\\Q 7Qe]_^d :_} 8Q]]Q^ e^ RYjjQbb_
QffU^debYUb_S_^SeY4ebQ^TWYwQYdU]`YTU\\Q<ehQfUfQTQd_
fYdQQ\gUcdUb^VbQ^SUcU>QcS_^_\U²CS~^UcTU\QfYUTU\µ?eUcd
Q]}bYSQY^³WYbQdU^U\\QSQ]`QW^QTU\\Q3Q]QbWeUBYS_bTQ:_}
8Q]]Q^*²4ebQ^TUbQ`_ccUTed_TQ\WU^Y_TU\Reb\UcaeU1dQ\
`e^d_SXUce_]Q\WbQT_UbQ`_bdQd_QReddQbUY^Reb\UcaeUQ^
SXUSY‡SXU]UbYdQfQTYUccUbU`bUc_ce\cUbY_³CU\fQWWY_gUcd
S_]`bUc_
4Q\TYSU]RbUTU\!)!"Y\`_cd_TYfUTUddU^UYVY\]TY4ebQ^TcQbw
_SSe`Qd_TQ2UbdXU4QW]Qb*²@UbaeQ^d_^Uc_Ve\Q`bY]QQbdYcdQ
QTQfUbUS_^dQddYTYbUddYS_^dYWbY\U_^YUR_Q³QVVUb]QY\bUWYcdQ
V_bcUe^`_µQSSUSQd_TQ\\µQ]_bU`Ub\QT_^^QSXUW\YcQbwQ\e^W_
S_]`QW^Q1\TY\wTYT_fUQbbYfQ\Q^_cdbQcU\UjY_^UY\!)!)cU
W^Q\QVY^UTU\c_TQ\YjY_S_^7Qe]_^d4ebQ^T_b]QY_bVQ^_TUY
²@_eYddUc³V_^TQe^Q`b_`bYQSQcQTY`b_TejY_^UUWeQTQW^QdbQ
W\YQ\dbY\µQ]]YbQjY_^UTY4U\\eS1\db_SQ`Yd_\_TQUc`\_bQbUceSeY
SXYeTYQ]_Y^TYcc_\fU^jQª
<USYdQjY_^Yc_^_dbQddUTQ6bQ^SYc<QSQccY^«\QbUSXUbSXUTU
:UQ^4ebQ^T3Y^UdUSQTY2_\_W^QY^S_bc_TY`eRR\YSQjY_^U
! &
²9dXY^[XUgQcR_b^Y^=_^d]QbdbU8UgQcfUbic_bbidXQdXU
gQc^µdR_b^QVQb]Ub?^UTQiXUd_\T]U*´9µ]QVQY\ebURUSQecU
9g_e\TXQfU`bUVUbbUTd_RUQ`_QSXUbQ^TY^cdUQT9µ]QWei
gX_]Q[UcVY\]cµ9dcQTTU^UTXY]³DXQdYcX_g8U^bY6UcS_ebd
bU]U]RUbc:UQ^4ebQ^T8U]Qi^_dXQfURUU^Q`_QSXUbRed
XYcVY\]SQbUUbgQcd_cQidXU\UQcdQTfU^deb_ec2_b^Y^!(("
4ebQ^T U^dUbUT dXU VY\] g_b\T dXb_eWX 7U_bWUc 6QW_d gX_
Y^db_TeSUT XY] d_ @QdX} Y^ !) ( 8_gUfUb XU _^\i \QcdUT dg_
]_^dXc dXUbU 8Yc dbeU RUWY^^Y^W SQ]U Qd <eh Y^ CU`dU]RUb
_V!) (*4ebQ^TS\QY]cdXQdXU]QTU$%VY\]cdXUbUQ\\Q\]_cd
U^dYbU\icXb_eTUTY^]icdUbid_TQi
8Yc]_fUd_7Qe]_^dY^4USU]RUb_V!)! ]Qb[UTQcdU`e`
Y^aeQ\YdiDXUbU4ebQ^Tc`USYQ\YjUTY^S_]YSQ\Q^TQTfU^debU
dXU]UcQddQY^Y^WU^_b]_ecceSSUcc9^YdYQ\\iXUbU`\QSUT2_cUddY
²]QcdUb _V Reb\UcaeU³ Y^ dXU TYbUSdY_^ _V ²3Q\Y^_³* ²4ebQ^T
`b_`_cUTd_dQ[UdXUReb\UcaeUUcdQR\YcXUTRi2_cUddYY^Q]_bU
`XicYSQ\TYbUSdY_^Y^S\eTY^WfY_\U^dTUcdbeSdY_^_VdXUcUdcDXec
XUbUaeYbUT^_dS_]YSQSd_bcRedQSb_RQdcQ^Tcde^d`U_`\U³C_
XU`edXY]cU\VUhS\ecYfU\iY^dXUXQ^Tc_VQRQ^T_VTQbUTUfY\c
bUTeRRUT ²<Uc @_eYddUc³ DXU ^Q]U 7Qcd_^ =_T_d cd__T _ed
Q]_^WdXU]1c4ebQ^TUh`\QY^c=_T_d²cdQbdUTXYcSQbUUbRi
SQdSXY^W`YQ^_cQ^TgQbTb_RUc_^XYcXUQT³RUV_bURUS_]Y^W
dXU `b_dQW_^Ycd _V <µÀWU Tµ_b Q^T BU^_Ybµc VQf_bYdU QSd_b ²<Uc
@_eYddUc³ Q\c_ V_\\_gUT 4ebQ^T Y^ XYc ^Uhd dg_ S_]UTi cUbYUc*
dXU`_\YSUcd_bi`Qb_Ti²JYW_d_³!)!!!)!"Q^TdXUdbYe]`XQ\
²?^}cY]U³!)!"!)!$Y^gXYSX4ebQ^TdXbUgXY]cU\VXUQT\_^W
Y^d_dXUQRcebT
9^ dXU ]UQ^dY]U 7Qe]_^d cQg dXU QbbYfQ\ _V :_} 8Q]]Q^ Q
RYjQbbU QTfU^debUb gYdX gX_] 4ebQ^T XQT Rb_eWXd dXU 6bU^SX
gUcdUb^ d_ \YVU Q\bUQTi TebY^W XYc dY]U Qd <eh 1^T dXec SQ]U
dXURYbdX_V²CS~^UcTU\QfYUTU\µ?eUcdQ]}bYSQY^³cX_dY^dXU
S_e^dbicYTU _V dXU 3Q]QbWeU :_} 8Q]Q^^ bUSQ\\c* ²4ebQ^T
gQc`_ccUccUTRiQReb\UcaeUWU^YecC_]eSXc_dXQdTUc`YdU
XY]cU\VXUUfU^deb^UTdXY^WcdXQdTUcUbfUTd_RUdQ[U^cUbY_ec\i
Y^d_Reb\UcaeU³9^S\eTY^WdXUgY\TgUcd
6b_]4USU]RUb_V!)!"cdQbRY\\Y^WY^4ebQ^TµcVY\]gQcbUcUbfUT
V_b2UbdXU4QW]Qb*²1cVQbQc9[^_gcXUgQcdXUVYbcdQbdYcdd_
XQfUTYbUSdS_^dQSdgYdXdYWUbc\Y_^cQ^TR_QS_^cdbYSd_bc³dXU
TYbUSd_bS\QY]UT`UbXQ`cQRYdR\Y^TUTRiXYc\_fUV_bdXUg_]Q^
gX_bU]QY^UTXYc`Qbd^UbY^\YVUV_baeYdUQ\_^WdY]U9^TUUT!)!)
iUQbc QVdUb _eb cU\USdY_^ S\_cUc ]Qb[UT dXU U^T _V 4ebQ^Tµc
S_\\QR_bQdY_^gYdX7Qe]_^d1ddXYc`_Y^dQ\c__b`XQ^UTRidXU
²@_eYddUc³4ebQ^TV_e^TUTXYc_g^`b_TeSdY_^S_]`Q^iUQb^Y^W
dXUbUc`USd_V4U\\eSQ]_^W_dXUbc2eddXQdµcQgX_\Uµ^_dXUb
cd_bi_^gXYSXgUcXQ\\cd_`Q^TVQTU_ed
Ae_dUcVb_]6bQ^SYc<QSQccY^«\QbUSXUbSXUTU:UQ^4ebQ^T
3Y^UdUSQTY2_\_W^QY^`bUcc
;´7><<4@D8A4BB4<1;40D?AqB834=C)UDQFLD5HJLD-HDQ'XUDQG
Ŷ3URG*DXPRQWŶPP/P'¶DIVŶ'D1HGHUODQGV)LOPPXVHXP
;4CAD23´0=0C>;4)UDQFLD5HJLD-HDQ'XUDQG
Ŷ3URG*DXPRQWŶPP/RUP'·DIV&RO'LGDVFDOLHLWDOLDQH,WDOLDQLQWHUWLWOHVŶ'D$UFKLYHV)UDQoDLVHVGX)LOP&LQpPDWKqTXH*DXPRQW
4D6q=84A43A4BB4C>8)UDQFLD5HJLD-HDQ'XUDQG
Ŷ3URG*DXPRQWŶPP/P'·DIV&RO'LGDVFDOLHRODQGHVL'XWFKLQWHUWLWOHVŶ'D1HGHUODQGV)LOPPXVHXP
@_fUbQ 5eW}^YU Ä W_RRQ U deddY \Q f_W\Y_^_ bQTTbYjjQbU ]Q
aeQ^T_cYbYUcSU^U\\µY]`bUcQ\QbQWQjjQ~db_``_Q\dQ`Ub^_^
S_]RY^QbUTYcQcdbY@UbbYc_\fUbUY\`b_R\U]QebWU\µY^dUbfU^d_TY
e^]Q^WYQd_bUTYc`QTU
@__b 5eW}^YU CXUµc Xe]`RQS[UT Q^T UfUbi_^U gQ^dc d_
cdbQYWXdU^XUb_edRedgXU^ceSSUccVY^Q\\iS_]UccXUµcd__dQ\\
^_dd_SQecUTYcQcdUbcD_c_\fUdXU`b_R\U]dXUXU\`_VQcg_bT
cgQ\\_gUbYcebWU^d\i^UUTUT
30=B;4B08AB)UDQFLD5HJLD-HDQ'XUDQG
Ŷ3URG/X[)LOPŶPP/P'·DIV&RO'LGDVFDOLHWHGHVFKH*HUPDQLQWHUWLWOHVŶ'D1HGHUODQGV)LOPPXVHXP
I86>C>4=?;48=4;D=434<84;)UDQFLD5HJLD-HDQ'XUDQG
Ŷ,QW/XFLHQ%DWDLOOH=LJRWR%HUWKH'DJPDU3DPHODVXDPRJOLH3URG*DXPRQWŶPP/P'·DIV&RO'LGDVFDOLHRODQGHVL'XWFKLQWHUWLWOHVŶ'D1HGHUODQGV
)LOPPXVHXP
I86>C>?>;8284ACA>DE4D=42>A34)UDQFLD5HJLD-HDQ'XUDQG
3_]U\UcdbQTUTU\\µY^VUb^_QTQcS_\dQbUYfYQWWYQd_bYc_^_\QcdbY
SQdUTYRe_^UY^dU^jY_^YS_c‚Y\SUbfU\\_TU\\µY\\ecdbU`_\YjY_dd_JYW_d_
UbQ`YU^_TU\\U`YŒ\_TUf_\YY^YjYQdYfU=U^dbU`QccQfQTQfQ^dYQ
e^Q`_bdQc_dd_\QaeQ\UcYdb_fQfQe^`Ujj_TYS_bTQ`U^c‡V_ccU
ce_ T_fUbU QRRQccQbcY `Ub bQSS_W\YUb\Q =Q bY]QcU cRQ\_bTYd_
fUTU^T_SXU`YŒdYbQfQ`YŒ\QS_bTQcYQ\\e^WQfQ*²@Ub]Y\\U`bU
VUddY°UbQ\QceQY]`bUSQjY_^U`bUVUbYdQ°]Y`bU^T_^_`Ube^Q
`e\UWWYQ/³C_`bQWWYe^dYTeUQWU^dYW\Ye_]Y^YQ`bYb_^_\Q`_bdQU
Q\\µY]`b_ffYc_cY`bUSY`Yd‡ceTY\_b_e^QfQ\Q^WQ^UbQUS_b^edQ
2b_SXebUTU\\QC_SY}d}TUc5dQR\YccU]U^dc7Qe]_^d
:ecdQcdXUcdbUUdcd_XU\\d_XUQbYdVb_]dXUdbQfU\UbcQbU`QfUT
gYdXW__TY^dU^dY_^cdXUY\\ecdbY_ec`_\YSU_VVYSUbJYW_d_µcRbQY^Yc
Ve\\_VdXU]_cdS_]]U^TQR\UY^YdYQdYfUcGXY\U`QccY^WRUV_bUQ
T__bXUcUUcQ`YUSU_Vb_`Ue^TUb^UQdXQ^TdXY^[cYdXYcTedid_
RU^TT_g^Q^T`YS[Yde`2edXUµcQ]QjUTd_cUUdXQddXU]_bU
XU`e\\cdXU\_^WUbdXUS_bTRUS_]Uc*²6_bQdX_ecQ^T`bUVUSdc
°dXQdgQcXYcVQf_bYdUUhS\Q]QdY_^°T_dXUidQ[U]UV_bQ`e\\Ui/³
E`_^dXUQbbYfQ\_Vdg__VVYSUbcdXU]U^_`U^dXUT__bgXU^Q\\_V
QceTTU^QR\QS[X_b^UT]QccSbQcXUcY^d_dXU]
2b_SXebUVb_]C_SY}d}TUc5dQR\YccU]U^dc7Qe]_^d
;0580=2q43DC>Aq03>A)UDQFLD5HJLD-HDQ'XUDQG
Ŷ,QW/XFLHQ%DWDLOOH=LJRWR3URG*DXPRQWŶPP/P'·DIV&RO'LGDVFDOLHRODQGHVL'XWFKLQWHUWLWOHVŶ'D1HGHUODQGV)LOPPXVHXP
@_e\UdQ``bU^TYcdQ]QSU\\QY_T_`_QfUb\Udd_e^Q^^e^SY_Y^SeY
cYbYSXYUTUe^d_bUQT_b`Ube^bYSS_]QdbY]_^Y_cYVQ`QccQbU`Ub
dQ\UCYfUcdUTQd_bUb_UcYVQcdQ]`QbUTUYRYW\YUddYTQfYcYdQS_^Y\
^_]UTY:_c}2_]RY^_9]`QbQY`bY^SY`YU\U]U^dQbYTU\\Q^_RY\U
QbdUTU\\QdQeb_]QSXYQUcY`bUcU^dQQ\`QTbUTU\\QbQWQjjQSXU\_
WYeTYSQYT_^U_@_e\Ud2_]RY^_TUSQ^dQ\UceU`b_TUjjU]Qe^
WY_b^_Q\SQVV~cYdb_fQVQSSYQQVQSSYQS_^Y\fUb_:_c}2_]RY^_
TY`b_VUccY_^Ud_bUQT_b
2b_SXebUTU\\QC_SY}d}TUc5dQR\YccU]U^dc7Qe]_^d
@_e\Ud Q``bU^dYSU d_ dXU RedSXUb bUQTc Q^ Q^^_e^SU]U^d
bUaeUcdY^WQd_bUQT_bV_bQgUQ\dXi]QbbYQWUQ^TTUSYTUcd_`Qcc
XY]cU\V_VVQc_^U8UTbUccUce`QcQRe\\VYWXdUbQ^TXQcRecY^Ucc
SQbTc`bY^dUTRUQbY^WdXU^Q]U:_c}2_]RY^_1VdUb\UQb^Y^WdXU
RQcYS`bY^SY`\Uc_VdXU^_R\UQbdXU`bUcU^dcXY]cU\Vd_dXUWYb\µc
VQdXUbgX_ZeTWUcXY]ceYdQR\U@_e\Ud2_]RY^_cY^WcdXU`bQYcUc
_VXYcRbQfUbie^dY\_^UTQiXUVY^TcXY]cU\VVQSUd_VQSUY^QSQV}
gYdXdXUbUQ\:_c}2_]RY^_Q`b_VUccY_^Q\d_bUQT_b
2b_SXebUVb_]C_SY}d}TUc5dQR\YccU]U^dc7Qe]_^d
! '
4EB1>4
Ŷ,QW/XFLHQ%DWDLOOH=LJRWR3URG*DXPRQWŶPP/P'·DIV%Q'LGDVFDOLH)UDQFHVL)UHQFKLQWHUWLWOHVŶ'D$UFKLYHV)UDQoDLVHVGX)LOP&LQpPDWKqTXH*DXPRQW
20;8=>B´4=3DA28C;0586DA4)UDQFLD5HJLD-HDQ'XUDQG
Ŷ,QW&OpPHQW0pJp&DOLQR0DULH'RUO\GRQQDDSDVVHJJLR6DUDK'XKDPHOXQDORWWDWULFH(XJqQH%UpRQXQORWWDWRUH3URG*DXPRQWŶPP/P'·DIV
'LGDVFDOLHIUDQFHVL)UHQFKLQWHUWLWOHVŶ'D&LQpPDWKqTXH*DXPRQW
20;8=>2>DAC84A4=?0A0C>==4AA4B)UDQFLD5HJLD-HDQ'XUDQG
Ŷ,QW&OpPHQW0pJp&DOLQR3URG*DXPRQWŶPP/P'·DIV%Q'LGDVFDOLHRODQGHVL'XWFKLQWHUWLWOHVŶ'D1HGHUODQGV)LOPPXVHXP
6QSU^T_US_^_]YQceW\YY^cUWeY]U^dYUQVVYTQ^T_\QTYcdbejY_^U
TU\\QcSU^_WbQVYQQe^c_\_`Ubc_^QWWY_Y^fUSUSXUQe^QV_\\Q
Y^VUb_SYdQ4ebQ^TbYUcSUQ_ddU^UbU]_\dU`\YSYUVVUddYUe^bYce\dQd_
UVVYSQSU2QcdQe^c_\_Y^TYfYTe_SXUcYbUSQUTeSQdQ]U^dUTQ
dbU_aeQddb_R_bWXUcYUSUbSQTYfU^TUbU\_b_e^`QbQVe\]Y^U*]Q
\µQ``QbUSSXY_SQecQe^TYVUdd_TYVQRRbYSQjY_^UY^fUSUTYbUc`Y^
WUbUYVe\]Y^Y\YQddbQU
6bQ^SYc<QSQccY^«\QbUSXUbSXUTU:UQ^4ebQ^T
2i cQfY^W _^ dXU SXQcU cSU^Uc Q^T U^dbecdY^W TUcdbeSdY_^ _V
dXUcUdcd_QcY^W\USXQbQSdUbY^cdUQT_VQ^Q^WbiSb_gT4ebQ^T
]Q^QWUcd__RdQY^]e\dY`\UUVVUSdcgYdXUVVUSdYfUbUce\dc9ddQ[Uc
_^\i_^U]Q^gX_W_Uc`_\YdU\iQb_e^Td_dXbUU_bV_eb`U_`\U
Vb_]dXUR_ebWU_YcS\QccdbiY^Wd_cU\\dXU]Q\YWXd^Y^Wb_T*Red
TeUd_QVQSd_biTUVUSddXUQ``QbQdecQddbQSdc\YWXd^Y^WY^cdUQT_V
TbYfY^WYdQgQi
6bQ^SYc<QSQccY^«\QbUSXUbSXUTU:UQ^4ebQ^T
20;8=>3><?C4DA?0A0<>DA)UDQFLD5HJLD-HDQ'XUDQG
Ŷ,QW&OpPHQW0pJp&DOLQR3URG*DXPRQWŶPP/P'·DIV%Q'LGDVFDOLHRODQGHVL'XWFKLQWHUWLWOHVŶ'D1HGHUODQGV)LOPPXVHXP
4EB1>4
E^WY_b^_3Q\Y^_URRU\µYTUQQeTQSUUTY]`beTU^dUTYcUWeYbUe^Q
cYW^_bQ`UbcdbQTQAeUcdQ\_dbQcSY^‡VY^_Q\cUbbQW\Y_Q]Re\Q^dU
WUcdYd_TQ\]QbYd_@UbUfYdQbU\QS_\\UbQWU\_cQTYaeUcdµe\dY]_\Q
cYW^_bQ`bUcU^d‡3Q\Y^_S_]UQ``bU^TYcdQT_]Qd_bU@_S_bQc
cYSebQd_3Q\Y^_T_fUddU`U^UdbQbU^U\\QWQRRYQ+]Q\QVYVQVeS_c‚
Y^dU^cQSXUTY]U^dYS‡TYbYSXYeTUbU\Q`_bdQ
2b_SXebUTU\\QC_SY}d}TUc5dQR\YccU]U^dc7Qe]_^d
?^UTQi3Q\Y^_XQcdXUR_\TQ^TY]`beTU^dYTUQd_V_\\_gQg_]Q^
T_g^dXUcdbUUdDXUg_]Q^\UQTcXY]Q\\dXUgQid_dXUdbQfU\Y^W
\Y_^ SQWU be^ Ri XUb XecRQ^T D_ Qf_YT XUb XecRQ^Tµc ZUQ\_ec
Q^WUbdXUg_]Q^Y^db_TeSUc3Q\Y^_QcQ^Q``bU^dYSU\Y_^dQ]Ub
E^QccebUT3Q\Y^_XQcd_U^dUbdXUSQWURedXYcVUQbYcc_Y^dU^cU
dXQdXUV_bWUdcd_cXeddXUT__bRUXY^TXY]
2b_SXebUVb_]C_SY}d}TUc5dQR\YccU]U^dc7Qe]_^d
;4A08;F0H34;0<>AC)UDQFLD5HJLD-HDQ'XUDQG
Ŷ6FHQ-Rp+DPPDQ,QW-Rp+DPPDQ-Rp%DFNHU0D['KDUWLJQ\LOVXRULYDOH7LP%XUNH(UQHVW%RXUERQFRQGXFHQWHGHOODORFRPRWLYD*DVWRQ0RGRWXQSDVVHJJHUR%HUWKH
'DJPDUVXDPRJOLH3URG*DXPRQWŶPP/P'·DIV'LGDVFDOLHRODQGHVL'XWFKLQWHUWLWOHVŶ'D1HGHUODQGV)LOPPXVHXP
Äe^_TUY`QbUSSXYVY\]TY4ebQ^TSXUfUT_^_\µY^dUb`bUdQjY_^U
TY:_}8Q]]Q^\Q]QWWY_bcdQbTU\gUcdUb^VbQ^SUcUTUY`bY]Y
dU]`YaeYQ\\U`bUcUS_^e^TbQ]]Q^U\\U]Y^YUbUTµ_b_AeQ^T_
\µ_b_~cS_`Ubd_SXY`bY]QQbbYfQQ`YQ^dQbU`YSSXUddY`e‡VQbceQ
\Q`b_`bYUdw:_}Ue^ce_bYfQ\UVQ^^_QWQbQUcYRU^T_cYQ^SXU
Y^e^U`Yc_TY_]_jjQVYQd_cee^dbU^_3_]U3¯ebQbTU^d~e^Q
`b_TejY_^UUSSU\\U^dUUe^c_\YT_bQSS_^d_
5T2ecS_]RU
?^U_VcUfUbQ\VY\]cTYbUSdUTRi:UQ^4ebQ^TgXYSXcdQbbUT:_}
8Q]]Q^dXU]_cd^_dQR\UcdQb_VdXUUQb\i6bU^SXGUcdUb^*dXYc
dY]UQW_\T]Y^Y^WTbQ]QGXU^W_\TYcTYcS_fUbUTdXUVYbcd]Q^
dXUbUWUdcd_cdQ[UXYcS\QY]:_}Q^TQ^_dXUb]Q^bQSUUQSX_dXUb
gXYSXY^f_\fUcQdXbY\\Y^WU`Yc_TU_^QdbQY^<Y[U3¯ebQbTU^ddXU
VY\]XQcUhSU\\U^d`b_TeSdY_^fQ\eUcQ^TQW__Tcdb_^W`\_d
5T2ecS_]RU
;4<0C27>G5>A32>=CA4<0AC86D4B)UDQFLD5HJLD-HDQ'XUDQG
Ŷ,QW1DXORW*DVWRQ0RGRW3URG*DXPRQWŶPP/P'·DIVŶ'D&LQpPDWKqTXH*DXPRQW
BYS_bbU^T_Q\dU]QS_^fU^jY_^Q\UTU\\µY^cUWeY]U^d_4ebQ^TcY
cV_bjQcU]`bUTYbY^^_fQb^U\U]_TQ\Ydw>_^cYQSS_^dU^dQ]QYTY
]_cdbQbUe^dYjY_]Q\TUcdb_Y^cUWeYd_TQ\\UceUfYddY]U9WY_SQd_bY
TYbeWRiTY<U=QdSX?hV_bTS_^dbU=QbdYWeUc`b_\e^WQ^_\Q`QbdYdQ
VY^TU^db_\UcdbQTUTU\\QSYddQTY^Q
6bQ^SYc<QSQccY^«\QbUSXUbSXUTU:UQ^4ebQ^T
! (
9^`ebceYd_VdXUS_^fU^dY_^Q\SXQcUdXU]U4ebQ^TQ\gQicdbYUc
d_bU^UgXYc]UdX_Tc8U^UfUbcUdd\UcV_bcX_gY^WQS\e]ciWei
RUY^WSXQcUTRiXYcfYSdY]cDXUbeWRi`\QiUbcVb_]<U=QdSX
?hV_bTS_^dbU=QbdYWeUcS_^dY^eU`\QiY^WdXUWQ]UdXb_eWX_ed
dXUSYdicdbUUdc
6bQ^SYc<QSQccY^«\QbUSXUbSXUTU:UQ^4ebQ^T
I86>C>4C;0;>2><>C8E4)UDQFLD5HJLD-HDQ'XUDQG
Ŷ,QW/XFLHQ%DWDLOOH=LJRWR(UQHVW%RXUERQ*DVWRQ0RGRW/RQ\V)RXFKp3URG*DXPRQWŶPP/P'·DIV%Q'LGDVFDOLHRODQGHVL'XWFKLQWHUWLWOHVŶ'D
1HGHUODQGV)LOPPXVHXP
JYW_d_ WeYTQ QSb_RQdYSQ]U^dU e^Q \_S_]_dYfQ Y]`QjjYdQ SXU
QddbQfUbcQ \Q SYddw SbUQ^T_ e^_ cS_]`YW\Y_ TU\YbQ^dU E^_ TUY
SQ`_\Qf_bYTU\Reb\UcaeUTY4ebQ^T
JYW_d_ QSb_RQdYSQ\\i TbYfUc Q \_S_]_dYfU W_^U XQigYbU gXYSX
be^cdXb_eWXdXUSYdiSQecY^WVbU^jYUTRUT\Q]?^U_V4ebQ^Tµc
Reb\UcaeU]QcdUb`YUSUc
2­DA0A34=C)UDQFLD5HJLD-HDQ'XUDQG
Ŷ6FHQ-Rp+DPPDQ,QW-Rp+DPPDQO·LQGLDQR&±XU$UGHQW%HUWKH'DJPDU0RXFKHGHIHXILJOLDGL2XUV$VVLV*DVWRQ0RGRWLQGLDQR3URG*DXPRQWŶPP/P
'·DIV&RO'LGDVFDOLHRODQGHVL'XWFKLQWHUWLWOHVŶ'D1HGHUODQGV)LOPPXVHXPŶ5HVWDXUDWRQHOGDXQSRVLWLYRQLWUDWR3ULQWUHVWRUHGLQIURPQLWUDWHSRVLWLYH
1\db_gUcdUb^TY4ebQ^TS_^:_}8Q]]Q^CYdbQddQTYe^Qcd_bYQ
TµQ]_bUY^TYQ^QWYbQdQ^U\\Q3Q]QbWeUE^QVQ^SYe\\Q`U\\Ub_ccQ
fe_\ `bU^TUbU ]QbYd_ ]Q ce_ `QTbU ^_^ QSS_^cU^dU `_YSX} Y\
`b_]Ucc_c`_c_^_^`e‡`Ub]UddUbcY\QT_dUbYSXYUcdQ
5T2ecS_]RU
1^_dXUb GUcdUb^ Ri 4ebQ^T cdQbbY^W :_} 8Q]]Q^ DXYc Yc Q^
9^TYQ^\_fUcd_bicX_d_^\_SQdY_^Y^dXU3Q]QbWeUc1^9^TYQ^
]QYTU^gYcXUcd_]QbbiXUb\_fUbRedXUbVQdXUbbUVecUcRUSQecU
XUT_Uc^_dXQfUdXUbUaeYcYdURbYTU`bYSU
5T2ecS_]RU
>=qB8<4q2A8CD=A><0=3´0<>DA)UDQFLD5HJLD-HDQ'XUDQG
Ŷ2S3DXO&DVWDQHW,QW(UQHVW%RXUERQ2QpVLPH3URG*DXPRQWŶPP/P'·DIV%Q'LGDVFDOLHRODQGHVL'XWFKLQWHUWLWOHVŶ'D1HGHUODQGV)LOPPXVHXP
?^}cY]U gbYdUc b_]Q^SU ^_fU\c WYfY^W TYcQ``_Y^dUT g_]U^
RQS[dXUYbTbUQ]cQ^TTUcYbUc?^SUYTU^dYVYUTXURUS_]UcdXU
dQbWUd_VQSb_gTdXQdRbY^WcdXU]Q\\d_WUdXUb_^QXe^dY^gXYSX
dXUi_e^W]Q^dQ[UcdXU`\QSU_VdXU_\TTUUb
I86>C>4C;01;0=278BB4DB4)UDQFLD5HJLD-HDQ'XUDQG
Ŷ,QW/XFLHQ%DWDLOOH=LJRWR%HUWKH'DJPDU$OSKRQVLQHODODYDQGDLD(GRXDUG*ULVROOHWLOODYDQGDLR3URG*DXPRQWŶPP/P'·DIV'LGDVFDOLHRODQGHVL'XWFK
LQWHUWLWOHVŶ'D1HGHUODQGV)LOPPXVHXP
4Q dU]`_ C_cdX~^U WQbj_^U Q\ 7bQ^TU <QfQd_Y_ TY @Q`Y\\_^
c_ec2_YcUbQY^^Q]_bQd_TY1\`X_^cY^U\QbQWQjjQSXU`_bdQfQ
\QRYQ^SXUbYQE^QcUbQTUSYcUTY`bU^TUbUY\Se_bUTU\\µQT_bQdQ
VY^_bQSbeTU\UUc_bTQQ\\UceUQbTU^dYTYSXYQbQjY_^YU^U\SQc_V_c
cUcdQd_^USUccQbY_TYbQ`Yb\QCY^QcS_cUce\\Y]YdQbTYe^R_cS_U
^_^Q``U^Q1\`X_^cY^U`Qcc‡cYb_d_\‡^U\`bQd_VY^_QY`YUTYTU\\Q
RU\\QTYSXYQbQ^T_\UY\ce_Q]_bUS_^f_SUcS_^f_\dQ*²CYY]YQ_
]e_bY³²@Ujj_TYSbUdY^_³1C_cdX~^UY\cQ^WeUQ^T‡Q\\QdUcdQ9\
ce_bUc`Yb_QVVQ^^_c_cYcU^dYfQ^U\bQWWY_TYe^SXY\_]Udb_Q\`e^
d_TQQddYbQbU\µQddU^jY_^UTU\VQ]_c_TUdUSdYfUJYW_d_SXU`_bdQfQ
Qc`Qcc_2_eR_e\UY\^_^]U^_SU\URbUSQ^U`_\YjY_dd_
2b_SXebUTU\\QC_SY}d}TUc5dQR\YccU]U^dc7Qe]_^d
6_b c_]U dY]U ^_g C_cdX~^U S\Ub[ Qd dXU 7bQ^T <Qe^Tb_]Qd
_V@Q`Y\\_^c_ec2_YcXQcRUU^Y^\_fUgYdX1\`X_^cY^UdXUWYb\
gX_RbY^WcdXU\Qe^Tbi?^UUfU^Y^WXUTUSYTUcd_gY^dXUXUQbd
_VXYcRU\_fUTgX_e^dY\^_gXQcRUU^SbeU\Q^TTUQVd_XYcVYUbi
TUS\QbQdY_^cQ^TYV^USUccQbiXUµ\\[YT^Q`XUb8YTTU^QddXUUTWU
_VdXUg__TcgXU^1\`X_^cY^UW_UcRiC_cdX~^Ub_\\cdXb_eWX
dXUWbQcce^dY\XU\Q^TcQddXURUQediµcVUUd`b_S\QY]Y^WXYc\_fU
Y^QTUbQ^WUTf_YSU*²2U]Y^U_bTYU³²I_eYTY_d³2\__TbecXUc
d_C_cdX~^UµcXUQT8YcRbUQdXRUS_]Ucc_bQWWUTdXQdYdSQ^RU
XUQbTQ]Y\UQgQiSQdSXY^WdXUQddU^dY_^_VdXUVQ]_ecTUdUSdYfU
JYW_d_gX_gQcgQ\[Y^W2_eR_e\UXYc^_\UccVQ]_ec`_\YSUT_W
2b_SXebUVb_]C_SY}d}TUc5dQR\YccU]U^dc7Qe]_^d
>=qB8<47>A;>64A)UDQFLD5HJLD-HDQ'XUDQG
Ŷ2S3DXO&DVWDQHW,QW(UQHVW%RXUERQ2QpVLPH%HUWKH'DJPDUPRJOLHGL2QpVLPH*DVWRQ0RGRWPXUDWRUH(GRXDUG*ULVROOHW)RXFKp3URG*DXPRQWŶPP/P
'·DIV&RO'LGDVFDOLHRODQGHVL'XWFKLQWHUWLWOHVŶ'D1HGHUODQGV)LOPPXVHXP
<µe^YS_]_T_UcS_WYdQd_TQ?^}cY]U`UbUbUTYdQbUQ\\QcfU\dQ~
`_bdQbUQfQ^dYW\Y_b_\_WYC_b`bUcQ*Y\]_^T_Y^dUb_S_]Y^SYQQT
QSSU\UbQbUQ\\µY]`QjjQdQ
DXU_^\igQi?^}cY]US_e\TdXY^[_Vd_WUdXYcY^XUbYdQ^SUaeYS[Ub
gQcd_cUddXUS\_S[cV_bgQbTCeb`bYcU*dXUgX_\Ug_b\TcdQbdc
c`UUTY^We`gY\T\i
! )
4EB1>4
?^}cY]UcSbYfUb_]Q^jYTµQ]_bUUbUcdYdeYcSUc_W^YUTUcYTUbY
`UbTedYQ\\UT_^^Ue^`_µTU\ecUE^Qf_\dQY^TYfYTeQd_TYfU^dQY\
RUbcQW\Y_TYe^QV_\\QSXU\UbYe^YcSUdeddUY^e^QRQddedQTYSQSSYQ
Y^SeYY\WY_fQ^Ue_]_bY]`YQjjQY\fUSSXY_SUbf_
>=qB8<42>=CA4>=qB8<4)UDQFLD5HJLD-HDQ'XUDQG
Ŷ2S3DXO&DVWDQHW,QW(UQHVW%RXUERQ2QpVLPH(GRXDUG*ULVROOHWPDvWUHG·KRWHO*DVWRQ0RGRWXQFOLHQWH3URG*DXPRQWŶPP/P%Q'·DIVŶ'D
$UFKLYHV)UDQoDLVHVGX)LOP&LQpPDWKqTXH*DXPRQW
9\dU]QTU\T_``Y_SQb_QW\YQed_bYdUTUcSXY`Ub]UddUQ2_ebR_^
TYTQb`b_fQTYe^QWbQ^TUVY^UjjQY^?^}cY]US_^dbU?^}cY]U9\
ce_T_``Y_cYS_]`_bdQ]_\d_]Q\U`YjjYSQ\U^QdYSXUTU\\QT_]U
cdYSQ]Q~Y\fUb_?^}cY]UQceRYb^U\US_^cUWeU^jU
6bQ^SYc<QSQccY^«\QbUSXUbSXUTU:UQ^4ebQ^T
DXUdXU]U_VdXUT_eR\UTUQbd_7Ub]Q^QedX_bcQ\\_gc2_ebR_^
d_cX_g`b__V_VXYcbUVY^UTc[Y\\cY^?^}cY]US_^dbU?^}cY]U8Yc
T_eR\URUXQfUcfUbiRQT\iXU`Y^SXUcdXU]QYTµcRUXY^TgXY\U
dXUbUQ\?^}cY]UceVVUbcdXUS_^cUaeU^SUc
6bQ^SYc<QSQccY^«\QbUSXUbSXUTU:UQ^4ebQ^T
20;8=>B>DA284A)UDQFLD5HJLD-HDQ'XUDQG
Ŷ,QW&OpPHQW0pJp&DOLQR3URG*DXPRQWŶPP/P'·DIV&RO'LGDVFDOLHRODQGHVL'XWFKLQWHUWLWOHVŶ'D1HGHUODQGV)LOPPXVHXP
3Q\Y^_cYY]`_ccUccQTYe^QRQSSXUddQ]QWYSQUdbQcV_b]QSY‡SXU
d_SSQY^QSaeQS_bbU^dUVY^_QTYfU^dQbUfYddY]QTU\\UceUcdbUW_
^UbYU9\SQdQcdb_VYS_c`_cQY\VQ^dQcdYS_`UbY\dbY_^V_TU\\µQccebT_
1]QWYSgQ^TVQ\\cY^d_3Q\Y^_µcXQ^TcQ^TXUdeb^cUfUbidXY^WXU
d_eSXUcY^d_be^^Y^WgQdUbe^dY\XUVQ\\cfYSdY]d_XYc_g^gYdSXSbQVd
DXUSQdQcdb_`XYS]UUdcdXUVQ^dQcdYSV_bdXUdbYe]`X_VdXUQRcebT
C>273´AI8=)UDQFLD5HJLD-HDQ'XUDQG
Ŷ3URG*DXPRQWŶPP/P'·DIV'LGDVFDOLHRODQGHVL'XWFKLQWHUWLWOHVŶ'D1HGHUODQGV)LOPPXVHXP
>=qB8<44<?;>Hq34B?>BC4B)UDQFLD5HJLD-HDQ'XUDQG
4EB1>4
Ŷ2S3DXO&DVWDQHW,QW(UQHVW%RXUERQ2QpVLPH0HOOH'DYULqUHVODJHQWLOHFOLHQWH(GRXDUG*ULVROOHWVXRPDULWR3URG*DXPRQWŶPP/P'·DIV&RO
'LGDVFDOLHWHGHVFKH*HUPDQLQWHUWLWOHVŶ'D1HGHUODQGV)LOPPXVHXP
7\YedU^dYTU\cUbfYjY_`_cdQ\U^_^c_^_]_\d_S_^dU^dYSXU?^}cY
]U`QccYY\ce_dU]`_\Qf_bQdYf_QcSbYfUbU\UddUbUTµQ]_bUQe^Q
RU\\QcYW^_bQ1^SXUY\]QbYd_TU\\QT_^^QS_]`bU^cYRY\]U^dU
^_^\Q`bU^TURU^U@UbcVeWWYbUQ\\µYbQ?^}cY]U^_^db_fQTY
]UW\Y_SXUY^VY\QbcY^U\deR_`_cdQ\U`^Ue]QdYS_
EcUbc_VdXU`_cdQ\cUbfYSUQbU^µdfUbiXQ``idXQd?^}cY]Uc`U^Tc
XYcg_b[dY]UgbYdY^W\_fU\UddUbcd_Q\_fU\i\QTiE^TUbcdQ^TQR\i
dXUg_]Q^µcXecRQ^TT_Uc^µddQ[UYdfUbigU\\UYdXUbD_UcSQ`U
XYcgbQdX?^}cY]USQ^dXY^[_V^_dXY^WRUddUbdXQ^c\Y``Y^WY^d_
dXU]QY\TeSd1^TYdµc`^Ue]QdYS
>=qB8<43q1DC40DC7q¿CA4)UDQFLD5HJLD-HDQ'XUDQG
Ŷ2S3DXO&DVWDQHW,QW(UQHVW%RXUERQ2QpVLPH%HUWKH'DJPDUODEDOOHULQD0HOOH'DYULqUHVODVRXEUHWWH*DVWRQ0RGRWXQRVSHWWDWRUHLQYHVWLJDWRUHSULYDWR3URG
*DXPRQWŶPP/P'·DIV'LGDVFDOLHIUDQFHVL)UHQFKLQWHUWLWOHVŶ'D&LQpPDWKqTXH*DXPRQW
?^}cY]UcSU^TUUcY\Q^SYQce\`Q\S_cSU^YS_Y^d_^Q^T_\QWbQ^TU
QbYQY^SeYUSSU\\U4_RRYQ]_TYbU`UbbYc`Udd_TU\\QfUbYdwSXU
_ddYU^UaeU\\_SXUYSbYdYSYSXYQ]Q^_²e^ceSSUcc_TYcdY]Q³*?^}cY
]USXUXQe^Qf_SUTQfU^TYd_bUTYRQbY\YSQ^dQS_]U\QSQbbeS_\Q
TU\\QS_bTQTYe^`_jj_
2b_SXebUTU\\QC_SY}d}TUc5dQR\YccU]U^dc7Qe]_^d
?^}cY]USQ]UT_g^Q^TdXbUgXY]cU\V_^cdQWUcdQbdY^WY^d_
dXUWbUQdQbYQQdgXYSXXUUhSU\\UTGU]ecdcQiY^bUc`USd
V_bdXUdbedXdXQdXUUQb^UTgXQdSbYdYScSQ\\c²dXUUcdY]QdUT
ceSSUcc³*?^}cY]UgX_XQcdXUf_YSU_VQRQbbU\cQ\Uc]Q^
cY^Wc\Y[UdXU`e\\UiY^QgU\\
2b_SXebUVb_]C_SY}d}TUc5dQR\YccU]U^dc7Qe]_^d
>=qB8<44C;42­DA3DCI860=4)UDQFLD5HJLD-HDQ'XUDQG
Ŷ6FHQ+HQU\GH%ULVD\2S3DXO&DVWDQHW,QW(UQHVW%RXUERQ2QpVLPH%HUWKH'DJPDUVXDPRJOLH(GRXDUG*ULVROOHWLOPXVLFLVWD*DVWRQ0RGRW+HFWRU*HQGUH$OSKRQVH
)RXFKHU3ROORV/RQ\V3URG*DXPRQWŶPP/P'·DIV'LGDVFDOLHIUDQFHVL)UHQFKLQWHUWLWOHVŶ'D&LQpPDWKqTXH*DXPRQW
=U^dbUQSS_]`QW^Q\QceQcYW^_bQY^e^SQcY^‡Q\\Q]_TQ?^}cY
]U_TUe^]Q^T_\Y^YcdQce_^QbUe^fQ\jUbdbQf_\WU^dUUcY]UddU
QTQ^jQbUS_^\QceQcYW^_bQDeddYTQW\YcWeQddUbYVY^_Q\\_SXUV
TQ^jQ^_VY^_bUcdQbUcU^jQVYQd_@UbcY^_YSQ^Yc_^_dbQf_\dYTQ\
bYd]_
2b_SXebUTU\\QC_SY}d}TUc5dQR\YccU]U^dc7Qe]_^d
GXY\UQSS_]`Q^iY^WXYc\QTid_QVQcXY_^QR\USQcY^_?^}cY]U
XUQbcc_]U_^U`\QiY^WQ^_fUb`_gUbY^WgQ\dj_^Q]Q^T_\Y^Q^T
XUcdQbdcTQ^SY^WgYdXXYc\QTi5fUbi_^UVb_]dXU[YdSXU^XQ^Tc
d_dXUSXUVTQ^SU´dY\dXUYb_ed_VRbUQdX5fU^dXUT_WcQbUcgU`d
QgQiRidXUbXidX]
2b_SXebUVb_]C_SY}d}TUc5dQR\YccU]U^dc7Qe]_^d
2>DAB434C0DA40DG?A>E4=p0;4)UDQFLD5HJLD-HDQ'XUDQG
Ŷ3URG*DXPRQWŶPP/P'·DIV%Q'LGDVFDOLHRODQGHVL'XWFKLQWHUWLWOHVŶ'D1HGHUODQGV)LOPPXVHXP
!!
;q>=24?4AA4C4;014;;4II034;<>=3>B42>=30?0AC4
<r?>35@5BB5D1>4D85251EDI?6D85G?B<4C53?>4B?E>4
;q>=24?4AA4C4;014;;4II034;<>=3>B42>=30?0AC4
<r?>35@5BB5D1>4D85251EDI?6D85G?B<4C53?>4B?E>4
3_^\QcUS_^TQ`QbdUTU\\µ_]QWWY_Q<}_^SU@UbbUd
cY `_dbw S_]`bU^TUbU ]UW\Y_ \Q `Ubc_^Q\Ydw TY e^
SY^UQcdQ\QSeY_`UbQUbQVY^_bQS_^_cSYedQY^]_T_
VbQ]]U^dQbY_>U\\µUTYjY_^U" "TU\3Y^U]QBYdb_fQ
d_c_^_cdQdY`b_YUddQdY"$VY\]S_^dbYReU^T_Q\Q^SYQbU
e^QfQcdQ`_\YdYSQTYbUcdQeb_SXUS_Y^f_\WU\US_\\U
jY_^YTU\\Q3Y^}]QdX~aeU6bQ^|QYcUUTUW\Y1bSXYfUc
6bQ^|QYcUc Te 6Y\] _\dbU Q\\U S_^cYTUbUf_\Y bYc_bcU
`QdbY]_^YQ\YTU\\Qc_SYUdw7Qe]_^d<µUc`\_bQjY_^UTU\SY^U]QTY
@UbbUdcYQbbYSSXYcSUaeUcdµQ^^_TY^e_fYdQccU\\YQ`bU^T_Q^SXU\Q
cU\UjY_^UQTQ\Se^YTUYce_Y\e^W_]UdbQWWY9\\Qf_b_TYbYcS_`UbdQ
bUcdQS_]e^aeUQ^S_bQ]_\d_\e^W_c_`bQddedd_`Ub\Q]_\UTY
`U\\YS_\UWYbQdUTQ\bUWYcdQ*aeQcY$ VY\]
<µ_`UbQTY@UbbUdcY`_^Uc_dd_e^cUW^_Qed_bYQ\UdU^U^T_S_^d_
TUY\Y]YdYTU\\QTUVY^YjY_^UTY²Qed_bUSY^U]Qd_WbQVYS_³Q``\YSQdQQ
aeU\\µU`_SQ*UW\Y^_^~c_\dQ^d_bUWYcdQ]QQ^SXUcSU^UWWYQd_bU
U]_\d_c`Ucc_Qdd_bU4Q\!) )Q\!)!&cYY]`_^UQccYU]UQ
<_eYc 6UeY\\QTU S_]U \Q VYWebQ `bY^SY`Q\U TU\\Q 7Qe]_^d @Ub
UccQ bUQ\YjjQ ]_\dYccY]Y VY\] TY]_cdbQ^T_ e^ US\UddYc]_ bQb_*
S_bdYU\e^W_]UdbQWWYS_]]UTYUUTbQ]]YVY\]TYQ]RYU^dQjY_^U
]_TUb^Q U bYS_cdbejY_^Y cd_bYSXU ]U\_TbQ]]Y R_bWXUcY U VY\]
`QdbY_ddYSYVUeY\\Ud_^b_]Q^jUcSXYUVQ^dQcYUY]`b_ffYcQdUcU^jQ
TY]U^dYSQbUaeQ\SXUT_Se]U^dQbY_<QceQY]]QWY^QjY_^UcU^jQ
\Y]YdYW\YS_^cU^dUTYQVVb_^dQbUdeddYYWU^UbYS_^eWeQ\UV_bde^Q
>U\\QceQcdUb]Y^QdQ`b_TejY_^Uc`YSSQ\QcUbYUS_]YSQ²<}_^SU³
SbUQdQ^U\!)!"`UbVQbUS_^S_bbU^jQQ\\U`U\\YS_\USXU=Qh<Y^TUb
WYbQfQ`Ub@QdX}=QY\ceSSUcc_U\QRU\\UjjQTYaeUcdQcUbYU^_^
`e‡]UddUbUY^cUS_^T_`YQ^_\UY^SebcY_^YTY@UbbUdY^Q\dbYWU^UbY
9ce_YbQSS_^dYTbQ]]QdYSYQTUcU]`Y_bQWWYe^W_^_e^QTY]U^
cY_^UT_\_b_cQTYbQbQY^dU^cYdwS_]UTU\bUcd_Y^e]Ub_cYdYd_\Y
bUQ\YjjQdY^U\\Q`bUcdYWY_cQS_\\Q^QTUY²7bQ^TcVY\]cQbdYcdYaeUc
7Qe]_^d³U\µUc_bTY_^U\\e^W_]UdbQWWY_S_^<µ5^VQ^dTU@QbYc
!)!# CVbeddQ^T_ \U bYc_bcU TU\ ]U\_TbQ]]Q U TU\ VUeY\\Ud_^
@UbbUdY^fU^dQcd_bYUS_Y^f_\WU^dYSQ`QSYbUW_\Qb]U^dUTYdU^UbU
\µQddU^jY_^UTU\\_c`UddQd_bUY^c_c`Uc_
<QSQbbYUbQTY@UbbUd^_^~UcS\ecYfQ]U^dUVbQ^SUcU*^U\\µQede^^_
TU\!)!&dUb]Y^Qd_Y\S_^dbQdd_S_^\Q7Qe]_^dS_]UdQ^dYSY^UQ
cdYce_YS_]`QdbY_dY`QbdU`UbW\YCdQdYE^YdYT_fU\Qf_bQ`bY]Q`Ub
\µrS\QYb`_Y`Ub\Q@QdX}5hSXQ^WU7YbQdbUTYSYVY\]dbQSeYQ\Se^U
`U\\YS_\U`QdbY_ddYSXU^U\!)!(4YbYWU\UWbQ^TYcdQbTU\]_]U^d_
UYce_Y\Qf_bY_ddU^W_^_e^dQ\UceSSUcc_TQUccUbU`bUcU^dQdY
S_]U²@UbbUd@YSdebUc³>U\!)""bY`bU^TU\QSQbbYUbQY^6bQ^SYQ*
bUQ\YjjQQ^S_bQ_dd_VY\]]edYUcUYc_^_bY`bY]QTY]_bYbUY]`b_f
fYcQ]U^dU^U\!)#%
DXYc cUS_^T `Qbd _V dXU dbYRedU d_ <}_^SU @UbbUd gY\\ ]Q[U Yd
`_ccYR\U d_ RUddUb e^TUbcdQ^T dXU `Ubc_^Q\Ydi _V Q TYbUSd_b
gX_cU g_b[ gQc [^_g^ _^\i Y^ VbQW]U^dQbi V_b] e^dY\ ^_g 9^
dXU" "UTYdY_^_V9\3Y^U]QBYdb_fQd_"$VY\]cgUbUcSbUU^UT
S_^dbYRedY^Wd_dXU\Qe^SX_VQgYTUcgUU`Y^WbUcd_bQdY_^UVV_bd
Y^f_\fY^WdXUS_\\USdY_^c_VdXU3Y^}]QdX~aeU6bQ^|QYcUQ^TdXU
1bSXYfUc6bQ^|QYcUcTe6Y\]QcgU\\QcS_^cYTUbQR\UbUc_ebSUc
Vb_]dXU7Qe]_^dS_]`Q^iµcXUbYdQWU>Ug]Y\Ucd_^UcU^bYSX
dXUUh`\_bQdY_^_V@UbbUdµcSY^U]QdXYciUQbQcdXUcU\USdY_^XQc
UhdU^TUTd_cUfUbQ\_VXYcVUQdebUVY\]cDXUTYcS_fUbi`b_SUcc
X_gUfUbbU]QY^c\_^WUc`USYQ\\iY^\YWXd_VdXU\QbWU^e]RUb_V
VY\]c]QTURidXUTYbUSd_b*Q\]_cd$ @UbbUdµcg_b[SQ^RUS_^cYTUbUTQedX_bYQ\[UU`Y^WY^]Y^TdXU
\Y]Ydc_VdXUTUVY^YdY_^_V²VY\]QedX_b³QcQ``\YUTY^dXQdUbQ*XU
gQc^_dZecdQTYbUSd_bRedQ\c_QcSbUU^gbYdUbQ^T_VdU^Q^QSd_b
Qc gU\\ 6b_] !) ) d_ !)!& XU UcdQR\YcXUT XY]cU\V d_WUdXUb
gYdX<_eYc6UeY\\QTUQcdXU\UQTY^W`Ubc_^Q\YdiQd7Qe]_^d1c
ceSXXU]QTU]Q^iVY\]ccX_gY^WQbQbUUS\USdYSYc]*cX_bdQ^T
VUQdebU\U^WdXVY\]cS_]UTYUcQ^TTbQ]QcVY\]cY^Q]_TUb^
cUddY^W Q^T XYcd_bYSQ\ bUS_^cdbeSdY_^c R_ebWU_Yc ]U\_TbQ]Qc
Q^T `QdbY_dYS VY\]c cUbYQ\ QTfU^debU VY\]c Q^T Y]`b_fYcUT
VQ^dQcYUc gYdX_ed V_bWUddY^W dXU _SSQcY_^Q\ T_Se]U^dQbi 8Yc
\Y]Yd\UccY]QWY^QdY_^Q\\_gUTXY]d_TUQ\gYdXQ\\c_bdc_Vd_`YSc
gYdXUaeQ\ceSSUcc
1]_^WXYcY]]U^cU`b_TeSdY_^dXUS_]YScUbYUc²<}_^SU³cdQ^Tc
_ed@UbbUdSbUQdUTYdY^!)!"d_S_]`UdUgYdXdXUVY\]c=Qh<Y^TUb
gQccX__dY^WV_b@QdX}8_gUfUbdXUceSSUccQ^TRUQedi_VdXYc
cUbYUc]ecd^_d`ecXY^d_dXURQS[Wb_e^TdXUTYbUSd_bµcV_bQic
Y^d__dXUbWU^bUc8YcTbQ]QdYScd_bYUcV_bUhQ]`\UgYdXX_\TQ
TY]U^cY_^_Vc_bb_gdXQdbUQSXUcbQbUY^dU^cYdiQcT_dXU]Q^i
VY\]cXU]QTUV_bdXU`bUcdYWY_eccUbYUc²7bQ^TcVY\]cQbdYcdYaeUc
7Qe]_^d³Q^TXYcVUQdebUVY\]TURed<µ5^VQ^dTU@QbYc!)!#
DQ[Y^WQTfQ^dQWU_VdXUbUc_ebSUc_V]U\_TbQ]QQ^TdXUcUbYQ\
V_b] @UbbUd Y^fU^dUT U^dXbQ\\Y^W cd_bYUc dXQd gUbU bUWe\Qb\i
SQ`QR\U_VSQ`debY^WdXUfYUgUbµcQddU^dY_^
@UbbUdµcSQbUUbgQc^_dUhS\ecYfU\i6bU^SX*Y^dXUQede]^_V!)!&
e`_^Uh`YbQdY_^_VXYcS_^dbQSdgYdX7Qe]_^dXU\UVdV_bdXUE^YdUT
CdQdUc\Y[U]Q^i_dXUb6bU^SXTYbUSd_bcDXUbUXUg_b[UTVYbcd
V_brS\QYbQ^TdXU^V_b@QdX}5hSXQ^WU8U]QTUdXYbdUU^VY\]c
Y^S\eTY^WcUfUbQ\`QdbY_dYSVY\]cY^!)!(8UTYbUSdUTdXUcdQbc_V
dXU]_]U^dQ^TXYcg_b[cRUSQ]Uc_ceSSUccVe\dXQddXUigUbU
`bUcU^dUTQc²@UbbUd@YSdebUc³9^!)""XUbUdeb^UTd_XYcSQbUUb
Y^6bQ^SUgXUbUXU]QTUUYWXdcY\U^dcQ^TcYhc_e^TVY\]cRUV_bU
XYcceTTU^TUQdXY^!)#%
4Q\\Q`bUVQjY_^UQ<}_^SU@UbbUdQSebQTY2Ub^QbT2QcdYTUU
:UQ^17Y\Y16B833Y^UdUSQTY2_\_W^Q" #
6b_]dXU`bUVQSU_V<}_^SU@UbbUdUTYdUTRi2Ub^QbT2QcdYTUQ^T
:UQ^17Y\Y16B833Y^UdUSQTY2_\_W^Q" #
!!"
;460A380=3420<0A6D4)UDQFLD5HJLD/pRQFH3HUUHW
Ŷ,QW-Rp+DPPDQ3URG*DXPRQWŶPP/P'·DIV9LUDWRLPELELWR7RQHGWLQWHG'LGDVFDOLHIUDQFHVL)UHQFKLQWHUWLWOHVŶ'D&LQpPDWKqTXH)UDQoDLVHŶ&RSLD
UHVWDXUDWDQHOGDXQODYDQGHUSRVLWLYR3ULQWUHVWRUHGLQIURPGXSHSRVLWLYH
8USd_bY\RU\ReddUb_~QVVQcSY^Qd_TQ1b\UddUe^QWY_fQ^UQddbYSUTY
@QbYWYfU^edQQ`QccQbU\UfQSQ^jUQ\`QUcU<QbQWQjjQW\YS_^SU
TUaeQ\SXUc`UbQ^jQ]QfYU^UbYSXYQ]QdQTQ\dUQdb_U\QcSYQe^Q
\UddUbQTµQTTY_Q8USd_bSXU`Qjj_TYT_\_bUQbbYfQdb_``_dQbTYQ\\Q
cdQjY_^U4_`_QfUbbY^S_bc_Y^fQ^_Y\dbU^_ceSeYcYdb_fQ\QceQ
Q]QdQQddbQfUbcQ\Q`YQ^ebQUTQ\\QTYc`UbQjY_^UcYWUddQY^]QbU
8USd_b Q XQ^Tc_]U S_gXQ^T Yc U^dXbQ\\UT Ri 1b\UddU Q i_e^W
QSdbUccVb_]@QbYcgX_XQcS_]Ud_d_g^d_c`U^TXUbfQSQdY_^DXU
WYb\WYfUcXY]X_`UReddXUdXUQdUbc__^SQ\\cXUbRQS[CXU\UQfUc
QVQbUgU\\\UddUbV_b8USd_bgX_]QTgYdXWbYUVWUdcd_dXUcdQdY_^
d__\QdU1VdUbbe^^Y^WY^fQ^UQVdUbdXUdbQY^SQbbiY^WXYcRU\_fUTXU
Sb_ccUcdXU`\QY^Q^T_ed_VTUc`UbQdY_^dXb_gcXY]cU\VY^d_dXUcUQ
;4=>Â;346A0=3<ÃA4)UDQFLD5HJLD/pRQFH3HUUHW
Ŷ,QW(XJpQLH1DX-HDQQH0DULH/DXUHQW6X]DQQH$UGXLQL3URG*DXPRQWŶPP/P·DIV9LUDWRLPELELWR7LQWHGWRQHG'LGDVFDOLHIUDQFHVL)UHQFKLQWHUWLWOHV
Ŷ'D$UFKLYHV)UDQoDLVHVGX)LOPH&LQpPDWKqTXH*DXPRQW
=QTQ]UTU\Q7bQ^WUe^Q^_^^QcY]`QdYSQUQbYcd_SbQdYSQ\QcSYQ
Q\VYW\Y_\QceQRU\\Q`b_`bYUdw=QYbQ``_bdYS_^\QWY_fQ^U^e_bQ
cYTUdUbY_bQ^_S_cdbY^WU^T_\QRU^`bUcd_Q\QcSYQbU\QTY]_bQU
c_`bQddedd_QTQ\\_^dQ^QbcYTQ\^Y`_dY^_SXUQT_bQbYSQ]RYQdQ9\
RQ]RY^_SXUcYQTT_b]U^dQdeddU\UcUbUcdbY^WU^T_Q\Se_bU\Q
V_d_TU\\Q^_^^QcYQ]]Q\Q<QfYWY\YQTY>QdQ\U]U^dbUY^SQbYSQ
e^QedYcdQTY`_bdQbUTUYbUWQ\YQ\^Y`_dY^_=QTQ]UTU\Q7bQ^WU
TUSYTUTYbUSQbcYTY`Ubc_^QQ\SQcdU\\_ª
=QTQ]U TU \Q 7bQ^WU Q SXUUbVe\ Q^T QbYcd_SbQdYS WbQ^T]_dXUb
\UQfUcXUbg_^TUbVe\`b_`Ubdid_XUbc_^8_gUfUbbU\QdY_^cgYdXXUb
i_e^WTQeWXdUbY^\QgTUdUbY_bQdUgXYSXc__^V_bSUXUbd_\UQfUdXU
X_]UQ^T]_cd_VQ\\d_TYcdQ^SUXUbcU\VVb_]XUbRU\_fUTWbQ^Tc_^
gX_Q\c_QT_bUcXUbDXUSXY\TgX_VQ\\cQc\UU`UfUbi^YWXdS\edSXY^W
Q`YSdebU_VXYcWbQ^T]_dXUbd_XYcSXUcdVQ\\ccYS[?^3XbYcd]QcUfU
gXY\UY^cdbeSdY^WXUbSXQeVVUebd_dQ[Uc_]UWYVdcd_XUbWbQ^Tc_^
=QTQ]UTU\Q7bQ^WUTUSYTUcd_W_d_dXUSQcd\UY^`Ubc_^ª
;4<>ÆB43D<>D;8=)UDQFLD5HJLD/pRQFH3HUUHW
E^fUSSXY_]eW^QY_bY`eTYQceQVYW\YQ:UQ^^UT_`_QfUb\Qc_b`bU
cQVbQ\URbQSSYQTU\ce_Y^^Q]_bQd_:e\YU^:UQ^^UcYbYVeWYQTQ\\Q
]QTbUTY:e\YU^U`_S_dU]`_T_`_c`_cQS_\eYSXUQ]Q8Q^^_
`bUcd_e^RQ]RY^_SXUQT_bQ^_UcQbURRUb_S_]`\UdQ]U^dUVU\Y
SYcUY\]eW^QY_Q`bYccU\_b_\URbQSSYQª=QaeUcdµe\dY]_~Q^S_bQ
Y^S_\\UbQS_^\QVYW\YQSXU\_XQ_VVUc_5SS_Q\\_bQSXUceQ]_W\YU
^_^^QQVVQcSY^Q^dUUVebRQXQe^µYTUQRYR\YSQª=UddU^U\\µQSaeQ
e^QSe\\QS_^TU^db_Y\^U_^Qd_SXU\QS_bbU^dUc`Y^WURU^`bUcd_
TQfQ^dYQ\\USXYecUTU\fUSSXY_]e\Y^_ª
1^_\T]Y\\UbTYc_g^cXYcTQeWXdUbe`_^VY^TY^WXUbY^dXUQb]c_V
XUbRU\_fUT:e\YU^:UQ^^UdQ[UcbUVeWUgYdX:e\YU^µc]_dXUbQ^T
c__^]QbbYUcdXU]Q^cXU\_fUc2UV_bU\_^WdXUiXQfUQSXY\T
dXUiQT_bUDXUig_e\TRU`UbVUSd\iXQ``iYV_^\idXU_\T]Y\\Ub
g_e\T_`U^XYcQb]cd_dXU]ª2eddXU]Y\\UbYccdY\\Q^WbigYdXXYc
TQeWXdUbV_b_VVU^TY^WXY]8U^SUXYcgYVUQSXQb]Y^WQ^TS\UfUb
WbQ^T]_dXUbS_]Uce`gYdXQRYR\YSQ\`\Q^ªCXU`edcQSbYRgYdX
dXU^UgR_b^RQRiY^d_dXUgQdUbgXYSXdXUSebbU^dc__^SQbbYUcd_
dXU\_S[cY^Vb_^d_VdXU_\T]Y\\ª
;0?4C8C41q0A=08B4)UDQFLD5HJLD/pRQFH3HUUHW
Ŷ,QW/pRQFH3HUUHW0DUF0DULR<YHWWH$QGUH\RU3URG*DXPRQWŶPP/P'·DIV'LGDVFDOLHIUDQFHVL)UHQFKLQWHUWLWOHVŶ'D&LQpPDWKqTXH)UDQoDLVHŶ
5HVWDXUDWRQHOGDSRVLWLYRQLWUDWR3ULQWUHVWRUHGLQIURPQLWUDWHSRVLWLYH
@UbVUcdUWWYQbU\QfYcYdQTYbU3Qb\_9HY\`bY^SY`U8U^bYTY>QfQb
bQ_bWQ^YjjQe^Q`QbdYdQTYdYb_S_^\QRQ\UcdbQTebQ^dU\QaeQ\U
Y^Sb_SYQY\T_\SUc_bbYc_TYe^QWY_fQ^US_^dQTY^Q+\QbYdb_fQRU^
`bUcd_Q\\QV_^dQ^Q`UbcSQ]RYQbUe^Q`b_]UccQTµQ]_bU=Q^}
ceQ]QTbU:UQ^^UTµ1\RbUd^}Y\fUSSXY_S_^cYW\YUbUfUT_^_TY
Re_^_SSXY_aeUcd_YTY\\Y_UW\Y`bUcU^dQ^_\QceQ`b_]UccQc`_cQ*
\QVedebQbUWY^Q=QbW_d5W\YcSbYfUQ\\_bQQ\\QbQWQjjQSXUc_\_\Q
bQWY_^UTYcdQd_\__RR\YWQQc`_cQbcYUQTQ\\_^dQ^QbcYTQ\UYU
`bUc_TQ\bY]_bc_\UTwe^e\dY]_Q``e^dQ]U^d_Q\\QV_^dQ^QT_fU
cYUbQ^_Y^S_^dbQdY`Ub\Q`bY]Qf_\dQ
D_SU\URbQdUdXUfYcYd_V;Y^W3XQb\Uc9H@bY^SU8U^bi_V>QfQbbQ
_bWQ^YjUcQSb_ccR_gcX__dY^WS_^dUcd4ebY^WdXUS_^dUcdXYc
WQjU]UUdcdXUcgUUdc]Y\U_VQi_e^WVQb]WYb\8Uc__^VY^TcXUb
QWQY^QddXUV_e^dQY^Q^TUhSXQ^WUcQ`b_]YcU_V\_fU8_gUfUb
^UYdXUb XYc ]_dXUb :UQ^^U Tµ1\RbUd ^_b dXU _\T S_e^SY\_b \__[
VQf_bQR\ie`_^dXUb_]Q^SUQ^TdXUiY^db_TeSUXY]d_XYcRbYTU
d_RU*dXUVedebUaeUU^=QbW_d8UdXecgbYdUcdXUWYb\cQiY^WdXQd
_^\i²bUQc_^_VcdQdU³_R\YWUcXY]d_]QbbiQ^T\UQfUXUb6Y\\UT
gYdXbU]_bcUXUdXU^Qc[cXUbd_]UUdXY]QddXUV_e^dQY^gXUbU
dXUi]UdV_bdXUVYbcddY]U
!!#
@5BB5D
Ŷ3URG*DXPRQWŶPP/P'·DIV'LGDVFDOLHIUDQFHVL)UHQFKLQWHUWLWOHVŶ'D&LQpPDWKqTXH)UDQoDLVHŶ5HVWDXUDWRQHOGDSRVLWLYRVDIHW\3ULQWUHVWRUHG
LQIURPVDIHW\SRVLWLYH
;0E8B8C43D?0BC4DA)UDQFLD5HJLD/pRQFH3HUUHW
Ŷ3URG*DXPRQWŶPP/P'·DIV9LUDWRLPELELWR7LQWHGWRQHG'LGDVFDOLHIUDQFHVL)UHQFKLQWHUWLWOHVŶ'D$UFKLYHV)UDQoDLVHVGX)LOP&LQpPDWKqTXH
)UDQoDLVH
<QRYbYSXY^Q;QdUSbUcSYedQTQe^QjYQTUf_dQXQe^QWbQ^TU
cY]`QdYQ`UbY\fYSY^_TYSQcQ8Qbbi4Q\\QVY^UcdbQYTeUcY]Q^TQ^_
TY^QcS_cd_RQSYU_SSXYQdU\Q^WeYTU=QjYQ4U\_bQSXTUSYTUTY
TQb\QY^c`_cQQ\^e_f_`Qcd_bUQ``U^QWYe^d_Q\`QUcU;QdU
Q\\_bQY^fYQe^]UccQWWY_Q8Qbbic`Y^WU^T_\_QSXYUTUbU\QceQ
]Q^_Q\\QjYQ`bY]QTU\\µQbbYf_TU\`Qcd_bU
=YcSXYUf_ec;QdUbQYcUTRiQTUf_dUTQe^d\Y[UcXUb^UYWXR_b
8Qbbi aeYdU Q \_d 6b_] dXUYb gY^T_gc dXUi cUSbUd\i UhSXQ^WU
[YccUcQ^T\Q^WeYT\__[c8_gUfUbQe^d4U\_bQSXTUSYTUcd_WYfU
;QdUµcXQ^TY^]QbbYQWUd_dXU^Ug`Qcd_bgX_XQcZecdQbbYfUTY^
d_g^C_;QdUcU^Tc8QbbiQ]UccQWU`ecXY^WXY]d_Qc[Qe^d
4U\_bQSXV_bXUbXQ^TRUV_bUdXU`Qcd_bQbbYfUc
D=4?4A;4)UDQFLD5HJLD/pRQFH3HUUHW
Ŷ,QW<YHWWH$QGUH\RU3URG*DXPRQWŶPP/P'·DIV'LGDVFDOLHIUDQFHVL)UHQFKLQWHUWLWOHVŶ'D$UFKLYHV)UDQoDLVHVGX)LOP&LQpPDWKqTXH*DXPRQW
FQ\U^dY^VYW\Y_TYe^^_dQY_~Y^^Q]_bQd_TYIfUddU\Q`YSS_\Q`YQ
^YcdQTU\aeY^d_`YQ^_9WU^Yd_bY`Ub‡cY_``_^W_^_Q\]QdbY]_^Y_*
²C`_cQbUe^µQbdYcdQSXU`QjjYQ³>U\VbQddU]`_\QSQ]UbYUbQTU\
^_dQY_cY\YSU^jYQFQ\U^dY^Y^V_b]QceRYd_IfUddUSXUQSS_^cU^dU
Q`bUcU^dQbcYS_]Uc_cdYdedQUfYU^UQcce^dQE^Qf_\dQce\`_cd_
cYTY]_cdbQdQ\]U^dU`bU]eb_cQUQddU^dQfUbc_Yce_Y^e_fYTQd_bY
TY\Qf_b_TQU^dbQbURU^`bUcd_^U\\U\_b_WbQjYUª
FQ\U^dY^c_^_VQ^_dQbi`eR\YSXQcVQ\\U^Y^\_fUgYdXIfUddUdXU
\Ydd\U`YQ^YcdVb_]dXUVYVdXV\__b8_gUfUbXYc`QbU^dc_RZUSdd_dXU
]QbbYQWU*²=QbbiQ^QbdYcd/GXQd\e^QSi³9^dXU]UQ^dY]UdXU
^_dQbiµc]QYTaeYdcXUbZ_RFQ\U^dY^dU\\cIfUddUY]]UTYQdU\igX_
QWbUUcd_`bUcU^dXUbcU\VQcdXUbU`\QSU]U^dQ^TYcXYbUT?^SU_^
dXUZ_RcXUcX_gcXUbcU\Vd_RUc_S_^cYTUbQdUQ^TQddU^dYfUd_XUb
^UgU]`\_iUbcdXQdcXUc__^U^dUbcY^d_dXUYbW__TWbQSUcª
;4B34DG274<8=40DG)UDQFLD5HJLD/pRQFH3HUUHW"
@5BB5D
Ŷ3URG*DXPRQWŶPP/P'·DIV'LGDVFDOLHIUDQFHVL)UHQFKLQWHUWLWOHVŶ'D&LQpPDWKqTXH*DXPRQW
E^fUSSXY_fQWQR_^T_cY`bUcU^dQQe^QVQdd_bYQUSXYUTU_c`YdQ
\Ydw`Ub\Q^_ddUFYU^UcSQSSYQd_@b_cUWeU\QceQcdbQTQQbbYfQ
Q\\µe\dY]QVQdd_bYQTU\`QUcUbY`UdU\QcdUccQT_]Q^TQÄTY^e_f_
bUc`Y^d_]Q\QVYW\YQTU\VQdd_bU^_dQ\µUc`bUccY_^UdbYcdUTU\Re_^
fUSSXY_UY^cYcdUS_\`QTbUS_^fY^SU^T_\_Q_c`YdQbUY\fQWQR_^T_
`Ube^Q^_ddUDedd_Y\`Ubc_^Q\UTU\\QVQdd_bYQ~Qdd_b^_Q\dQf_\_
Ä_bQTY]Q^WYQbU1^SXUY\fUSSXY_XQ\QceQbQjY_^U4_`_SU^Q
deddYfQ^^_Q\Udd_9\fQWQR_^T_TUfUT_b]YbU^U\WbQ^QY_KªM>U\
Se_bUTU\\Q^_ddUe^_cdbQ^_Y^TYfYTe_cYY^db_TeSU^U\\QVQdd_bYQ
2b_SXebUTU\\QC_SY}d}TUc5dQR\YccU]U^dc7Qe]_^d
1^_\TfQWQR_^TW_Ucd_QVQb]Qc[Y^WV_bQ`\QSUd_c\UU`V_bdXU
^YWXdDXUi[YS[XY]_ed8US_^dY^eUc_^XYcgQie^dY\XUQbbYfUcQd
dXU\QcdVQb]Y^d_g^Q^TbU`UQdcdXUcQ]UaeUcdY_^8U]UUdcbUVecQ\
_^SUQWQY^ReddXUTQeWXdUb_VdXUVQb]Ub^_dUcQcQTUh`bUccY_^_^
dXU_\T]Q^µcVQSUQ^TY^cYcdcgYdXXUbVQdXUbS_^fY^SY^WXY]d_X_cd
dXUfQWQR_^TV_bdXU^YWXd1\\dXUVQb]XQ^TccYdQb_e^TdXUdQR\U9dµc
dY]Ud_UQdDXU_\T]Q^Q\c_XQcXYc`_bdY_^1VdUbTY^^UbUfUbi_^U
W_Ucd_RUTDXUfQWQR_^TW_Ucd_c\UU`Y^dXUQddYSKªM9^dXU
]YTT\U_VdXU^YWXdQcdbQ^WUY^TYfYTeQ\c^UQ[c_^d_dXUVQb]
2b_SXebUVb_]C_SY}d}TUc5dQR\YccU]U^dc7Qe]_^d
;´4=50=C34?0A8B)UDQFLD5HJLD/pRQFH3HUUHW
Ŷ6FHQ/pRQFH3HUUHW2S*HRUJHV6SHFKW6FJI/pRQFH3HUUHW,QW0DXULFH/DJUpQpH/H%RVFR/RXLV/HXEDV(GPRQGOH%DFKHOLHUePLOH.HSSHQV3LHUUHGH9DOHQ6X]DQQH
3ULYDW0DULH/DXUHGH9DOHQ-HDQQH0DULH/DXUHQW0DULHGH9DOHQ+HQU\'XYDO-DFTXHVGH9DOHQ0DULH'RUO\ODJRYHUQDQWH0DUF*pUDUG7LURQLOFLDEDWWLQR3URG*DXPRQW
ŶPP/P'·DIV9LUDWRLPELELWR7RQHGWLQWHG'LGDVFDOLHIUDQFHVL)UHQFKLQWHUWLWOHVŶ'D&LQpPDWKqTXH*DXPRQW
<e^W_]UdbQWWY_TY\QbW_bUc`Yb_cSU^UWWYQdebQRU^S_cdbeYdQSXU
dYU^U\_c`UddQd_bUS_\VYQd_c_c`Uc_U`QccQTQSQdQ`USSXYUQ
Y^dUb^YR_bWXUcYTQ@QbYWYQ>YjjQY]]QWY^Yc`Ucc_]_\d_bYSUb
SQdUS_^e^_`UbQd_bU°7U_bWUcC`USXd°Yc`YbQd_TQYWY_SXYTY
\eSUY\VY\]TY<}_^SU@UbbUdQ``QbdYU^UcU^jQ_]RbQTYTeRRY_Q
aeU\\QSQdUW_bYQTY_`UbUSXUQ\\QfYWY\YQTU\\Q`bY]QWeUbbQ]_^
TYQ\U`Ub]Udd_^_Q\SY^U]QVbQ^SUcUTYVYWebQbUdbQY`YŒWbQ^TY
`b_Tedd_bYTYc`UddQS_\YSQ`QSYTYQSSU^TUbU\µY]]QWY^QjY_^UTUW\Y
c`UddQd_bY
:UQ^ 1 7Y\Y Y^ ²!)(%³ ^e]}b_ X_bc c}bYU ²<µQ^^}U !)!# U^
6bQ^SU³!))#
!!$
DXYcVUQdebUVY\]_VQ]`\URbUQTdXXQcQgU\\S_^cdbeSdUTcSbY`ddXQd
[UU`cfYUgUbcY^cec`U^cU9d`QccUcVb_]X_fU\cd_R_ebWU_Yc
Y^dUbY_bcVb_]@QbYcd_>YSUgYdXY]QWUcdXQd_VdU^`b_fUaeYdU
U\QR_bQdUQ^TQSQ]UbQ]Q^°7U_bWUcC`USXd°Y^c`YbUTRidXU
`\Qi_V\YWXdGYdX_edQT_eRddXYcVY\]Ri<}_^SU@UbbUdRU\_^Wc
d_dXUSQdUW_bi_Vg_b[cdXQd_^dXUUfU_VdXUVYbcdg_b\TgQb
Q\\_g6bU^SXSY^U]Qd_Q``UQbQ]_^WdXUWbUQdUcd`b_TeSUbc_V
c`USdQS\UcdXQdceSSUUTY^c`Qb[Y^WfYUgUbcµY]QWY^QdY_^c
:UQ^ 1 7Y\Y Y^ ²!)(%³ ^e]}b_ X_bc c}bYU ²<µQ^^}U !)!# U^
6bQ^SU³!))#
;q>=244=<q=064)UDQFLD5HJLD/pRQFH3HUUHW
Ŷ,QW/pRQFH3HUUHW3URG*DXPRQWŶPP/P'·DIV'LGDVFDOLHIUDQFHVL)UHQFKLQWHUWLWOHVŶ'D&LQpPDWKqTXH)UDQoDLVHŶ&RSLDUHVWDXUDWDQHOGDXQ
ODYDQGHUSRVLWLYR3ULQWUHVWRUHGLQIURPGXSHSRVLWLYH
<}_^SUcY~c`_cQd_\_cQ``YQ]_=QaeU\\_SXU^_^S_^_cSYQ]_
c_^_\USYbS_cdQ^jU`UbSeYY\ce_Se_bUcY~\QcSYQd_`bU^TUbUQ\
T_\SU \QSSY_ TU\\µQ]_bU Dedd_ QSSQTTU TebQ^dU e^Q ]_^TQ^Q
cUbQdQY^]QcSXUbQ*<}_^SUY^QRYd_TQcUbQQ``_WWYQd_Q\\QS_b
^YSUTYe^Q`_bdQfYTUY]`b_ffYcQ]U^dU`QbQbcYTQfQ^dYQ\eYe^Q
bQWQjjQTQ\\QWbQjYQcRQbQjjY^QU`bUjY_cQfUcdYdQTQ²=Q^_^³
4YVVYSY\UY]]QWY^QbUaeQ\S_cQTY`YŒQVVQcSY^Q^dUU]Q\YjY_c_1
<}_^SUc_RRQ\j‡Y\Se_bUY^`Udd_
2b_SXebUTU\\QC_SY}d}TUc5dQR\YccU]U^dc7Qe]_^d
GU[^_gdXQd<}_^SUYc]QbbYUTGXQdgUT_^µd[^_gYcX_gXYc
XUQbdQRQ^T_^UTYdcU\Vd_dXUcgUUddYUc_V\_fU9dQ\\XQ``U^c
TebY^WQXYWXc_SYUdi]QcaeUbQTURQ\\*<}_^SUgUQbY^WXYcTbUcc
ceYd\UQ^cQWQY^cdQT__bVbQ]UgXU^QWYb\_VSQbUVbUUbUVY^UT
WbQSUcceTTU^\iQ``UQbcRUV_bUXYcUiUcTbUccUTQc²=Q^_^³
9dµcXQbTd_Y]QWY^UQ^idXY^W]_bUVQcSY^QdY^W_b]YcSXYUf_ec
<}_^SUµcXUQbdRUWY^cd_`_e^T
2b_SXebUVb_]C_SY}d}TUc5dQR\YccU]U^dc7Qe]_^d
;q>=24?>C0D54D)UDQFLD5HJLD/pRQFH3HUUHW
<}_^SUcY~cYcdU]Qd_8Qc`_cQd_e^QWY_fQ^UT_^^QQVVQcSY^Q^
dUe^dQ^dY^_WU\_cQUcU^dY]U^dQ\U]QXQY\`b_`bY_d_b^QS_^d_*
~S_SS_\Qd_fUjjUWWYQd_QSSeTYd_Q]Qd_UTQRbQf_bQWQjj_
cU]`\YSUUdU^Ub_^_^SXYUTUQ\db_Q\\QfYdQ4e^aeU<}_^SU~
VU\YSU=Q^WYQRU^UVe]Qe^QRe_^Q`Y`QcYbQ^^YSSXYQY^e^QS_
]_TQ`_\db_^QU\QcSYQ`QccQbUY\dU]`_QeWebQ^T_cYc_\_°S_]U
\Q]QTbUTY>Q`_\U_^U°SXUdedd_SY‡TebYY\`YŒQ\e^W_`_ccYRY\U
KªM=QW\YQ]YSYfYWY\Q^_AeQ^T_cY~VU\YSYW\YQ]YSYc_^_cU]`bU
Q\\µUbdQUY^dUbfU^W_^_VQdQ\]U^dUE^_TYUccYW\YcSbYfU*²ªde
dYQ``UcQ^dYcSYY^fUSSXY*Y^c_]]QTYfU^dYY\`b_d_dY`_TU\]QbYd_
dedd_SQcQUVQ]YW\YQCSe_dYY\WY_W_]Y_fUSSXY_<}_^SU\QcSYQ
`Ube^`_µ\QdeQWY_fQ^Uc`_cQUfYU^YQSU^QTQ<QbeUT_]Q^Y
S_^Yde_YfUSSXYS_]`QW^YTYRQ\T_bYQª³
2b_SXebUTU\\QC_SY}d}TUc5dQR\YccU]U^dc7Qe]_^d
<}_^SUXQccUdd\UTT_g^8U]QbbYUTQVQcSY^QdY^Wi_e^Wg_]Q^
gX_YcQRYdZUQ\_ecQ^TcU^dY]U^dQ\RedYdXQcYdcRU^UVYdc*cXU
`Q]`UbcV_^T\UcQddU^Tcd_Q^T\_fUcXY]Q^TRUY^WQcY]`\U
cgUUdW__TR_iXUS_e\T^µdQc[V_b]_bUVb_]\YVU8U^SU<}_^SUYc
XQ``i8UUQdcgU\\c]_[UcQW__T`Y`USeb\ce`Y^QS_]V_bdQR\U
SXQYbQ^T\UdcdY]U`Qcc_^\iX_`Y^W°\Y[U>Q`_\U_^µc]_dXUb
°dXQdYdgY\\\QcdQc\_^WQc`_ccYR\UKªM2edXYcVbYU^TcQbU_^
WeQbTGXU^c_]U_^UYcXQ``iXYcVbYU^TcQbUQ\gQic_^WeQbT
dQ[Y^WVQdQ\QSdY_^?^U_VdXU]gbYdUcd_XY]*²ªi_eµbUWUddY^W
gUYWXUT T_g^ Q^T _\T* Y^ cX_bd i_eµbU RUS_]Y^W dXU ]_TU\
XecRQ^T Q\\ X_]U Q^T VQ]Y\i 7Ud _VV dXU \UQcX ]i _\T VbYU^T
<}_^SU\UQfUi_ebi_e^WRbYTUV_bQgXY\UQ^TS_]Ud_TY^^UbQd
<QbeUµcd_]_bb_ggYdXi_ebW__T_\TdY]US_]`Q^Y_^cª³
2b_SXebUVb_]C_SY}d}TUc5dQR\YccU]U^dc7Qe]_^d
@D8.)UDQFLD5HJLD/pRQFH3HUUHW
Ŷ3URG*DXPRQWŶPP/P'·DIV'LGDVFDOLHIUDQFHVL)UHQFKLQWHUWLWOHVŶ'D&LQpPDWKqTXH)UDQoDLVHŶ5HVWDXUDWRQHOGDXQSRVLWLYRVDIHW\5HVWRUHG
LQIURPVDIHW\SRVLWLYH
AeY/~e^bQSS_^d_`_\YjYUcS_SXUcUWeU\UbUW_\UTU\\µU`_SQ]_\
d_]U^_QddU^dUTY_WWYQ\\Q\_WYSQUQ\\QS_UbU^jQTU\\µY^SXYUcdQ1
e^SUbd_`e^d_Qe^_TUYc_c`UddYfYU^UV_b^Yd_e^Q\YRYSXU^U\\Q
cSU^UWWYQdebQ~S_bbUddYccY]_+^U\VY\]Y^fUSUdb_fYQ]_e^QS_cQ
S_]`\UdQ]U^dUTYfUbcQTU\dedd_Y^S_^WbeU^dU`UbSeY\µQ\YRY^_^
XQ`YŒ^Ucce^fQ\_bU4e^aeU~cdQd_^USUccQbY_db_fQbUe^QfYQ
TµecSYdQCYdbQddQTYe^SQc_Y^dUbUccQ^dUE^bQWQjj_~c_c`UddQd_
TY_]YSYTY_U^U\\QcSU^UWWYQdebQcY\UWWU*²@e‡`b_fQbUSXUY^
aeU\]_]U^d_cf_\WUfQY\cUbfYjY_]Y\YdQbUY^e^QSYddw\_^dQ^QU
aeY^TYQfUfQe^Q\YRY³>U\VY\]Y^fUSUXQ^^_f_\ed_Y^cUbYbUe^Q
cSU^QTYfUbdU^dU]_\d_RU\\QTQ\`e^d_TYfYcdQTU\\µY]]QWY^U`Ub
SeYY\bQWQjj_SXU~e^QbdYcdQTYSU*²>_Ub_Q\7Qe]_^d@Q\QSU
QVQbUY\]Y_^e]Ub_ce\\QcSU^Q³U`QccQe^T}`\YQ^dTU\7Qe]_^d
@Q\QSUceSeY~cSbYdd_²e^VY\]TY=_^cYUeb<}_^SU@UbbUd³9\VQdd_
SXUV_ccUce\`Q\S_cSU^YS_^_^W\YV_b^YcSUe^Q\YRY`Ub\Q^_ddU
TU\TU\Ydd_*cY~aeY^TYT_fedQUcS_WYdQbUe^Qdb_fQdQY^WUW^_cQ
AeY/ Yc Q `_\YSU cd_bi dXQd V_\\_gc dXU be\Uc _V Ydc UbQ gXYSX
gUbU]eSX\UccSQbUVe\QR_eddXU\_WYSQ^TS_^cYcdU^Si_VdXU
Y^aeYbidXQ^VY\]cd_TQi1dQSUbdQY^`_Y^d_^U_VdXUcec`USdc
Yc`b_fYTUTgYdXQ^Q\YRYgXYSXYcU^dYbU\iS_bbUSdY^dXUcSbY`d
8_gUfUbY^dXUVY\]gUcUUc_]UdXY^WS_]`\UdU\iTYVVUbU^dQ^T
eddUb\iY^S_^cYcdU^ddXQddQ[UcQ\\fQ\eUQgQiVb_]dXUQ\YRY9d
gQc dXUbUV_bU ^USUccQbi d_ VY^T Q gQi _ed DXU SQcU Yc aeYdU
Y^dUbUcdY^W1R_iYccec`USdUT_V]ebTUb+dXUcSbY`dbUQTc*²XU
SQ^`b_fUdXQdQddXQddY]UXUgQc_^QSdYfU]Y\YdQbiTediY^Qd_g^
VQbQgQic_XUXQcQ^Q\YRY³9^dXUVY\]dX_eWXdXUiTUSYTUTd_
QTTQVe^cSU^UgYdXRUQedYVe\Y]QWUbiY^gXYSXdXUR_igX_
gQcQ^QbdYcdcQic²^_9gQcQd7Qe]_^d@Q\QSU`UbV_b]Y^W]i
cdQWU^e]RUb³Q^TXUXQ^Tc_fUbQV\iUbV_b7Qe]_^d@Q\QSU
dXQdbUQTc²QVY\]Ri=_^cYUeb<}_^SU@UbbUd³DXUVQSddXQdXU
gQc_^cdQWUT_Uc^_d`b_fYTUXY]gYdXQ^Q\YRYV_bdXU^YWXd_V
dXUSbY]U*YdgQcdXUbUV_bU^USUccQbid_S_]Ue`gYdXc_]UdXY^W
!!%
@5BB5D
Ŷ,QW/pRQFH3HUUHW3URG*DXPRQWŶPP/P'·DIV,PELELWR7LQWHG'LGDVFDOLHIUDQFHVL)UHQFKLQWHUWLWOHVŶ'D&LQpPDWKqTXH)UDQoDLVHŶ5HVWDXUDWRQHO
GDXQODYDQGHUSRVLWLYR3ULQWUHVWRUHGLQIURPGXSHSRVLWLYH
Y^VQcUTYbUcdQeb_`UbSX}aeUcd_dbeSS_TYfU^dQccUaeQ\S_cQTY
\_WYS_US_UbU^dU^U\\Q^QbbQjY_^U<µQcdejYQSXUQRRYQ]_db_fQd_
~ aeUcdQ* Y\ bQWQjj_ UbQ UVVUddYfQ]U^dU ce\ `Q\S_ TU\ 7Qe]_^d
@Q\QSUTQdQ\_bQQdQ\_bQ]U^dbU\QcSbYddebQTYe^Q\UddUbQ°TY
SeY\QcSU^UWWYQdebQ^_^c`USYVYSQfQY\S_^dU^ed_°dUcdY]_^YQSXU
\µQbdYcdQT_`_\µUcYRYjY_^U~Q^TQd_Q\\_3XQd>_Yb`_S_TYcdQ^dU
T_fUXQ`QccQd_\Q^_ddUY^S_]`QW^YQTU\TYbUdd_bUTµ_bSXUcdbQ
TU\7Qe]_^d@Q\QSU5Q\\QVY^UY\ce_Q\YRYbUWWU
3\QeTY^U;QeV]Q^^Y^<}_^SU@UbbUdQSebQTY2Ub^QbT2QcdYTU
U:UQ^17Y\Y16B833Y^UdUSQTY2_\_W^Q" #
Y^WU^Y_ecTebY^WdXUbUcd_bQdY_^d_]Q[UdXUdbYS[cUU]\_WYSQ\
Q^TS_^cYcdU^dgYdXdXUcd_bi8UbUYc_ebcdbQdQWU]*dXUR_igQc
QSdeQ\\i_^cdQWUQd7Qe]_^d@Q\QSUTebY^WdXUc`USYVYUTdY]U
`UbY_TgXY\UdXUdUhd_VQ\UddUb°gX_cUS_^dU^dYc^_dbUfUQ\UT
Y^dXUcSbY`d°dUcdYVYUcdXQdQVdUbdXUcX_gdXUQbdYcdgU^dd_3XQd
>_Yb^_dVQbVb_]7Qe]_^dgXUbUXUc`U^ddXUUfU^Y^WgYdX
dXU7Qe]_^d@Q\QSU_bSXUcdbQTYbUSd_b1^TY^dXUU^TXYcQ\YRY
X_\Tce`
3\QeTY^U;QeV]Q^^Y^<}_^SU@UbbUdUTYdUTRi2Ub^QbT2QcdYTU
Q^T:UQ^17Y\Y16B833Y^UdUSQTY2_\_W^Q" #
C74012>5;>E486$5HJLD/pRQFH3HUUHW
Ŷ 6FHQ /pRQFH 3HUUHW 2S $OIUHG 2UWOLHE +DUU\ ' +DUGH 'LU WHFQ -RKQ %LUNHO ,QW 0Ds 0XUUD\ .DWH + ( +HUEHUW +DUU\ %U\DQW 'RURWK\ *UHHQ 'LDQD 1HOVRQ $UWKXU
'RQDOGVRQSURI*HRUJH&ROOLQV3URG$FPH3LFWXUHV&RUSRUDWLRQŶPP/P'·DIV'LGDVFDOLHRODQGHVL'XWFKLQWHUWLWOHVŶ'D1HGHUODQGV)LOPPXVHXPŶ
5HVWDXUDWRQHOGDXQSRVLWLYRQLWUDWR3ULQWUHVWRUHGLQIURPQLWUDWHSRVLWLYH
9^cU\\QQe^fUSSXY_SQfQ\\_c_^^_\U^d_e^QVQ^SYe\\QRY_^TQS_c‚
RY_^TQSXUcU]RbQc`bYWY_^QbU\eSUS_]Y^SYQQTQTT_b]U^dQbcY
S_]UcUaeQ\SXUVQdQ]Q\fQWYQ\UQfUccU\Q^SYQd_e^c_bdY\UWY_
1bbYfQd_Qe^`_^dUcdbUdd_Y\cY^W_\QbUUaeY`QWWY_cYdb_fQTQfQ^dY
e^Qed_+Y\S_^TeSU^dUcdb_]RQjjQQ\\QTYc`UbQdQ]Q^_^bYUcSU
QcfUW\YQbU\QT_b]YU^dUDeddQfYQY\RbecS_QbbUcd_TU\SQfQ\\_
`b_f_SQe^QcS_ccQSXU\QcdbQ``QTQ\\URbQSSYQTY=_bVU_U\QVQ
cSYf_\QbUT_\SU]U^dUY^aeU\\UTU\\µQed_]_RY\YcdQ<eY\QS_^dU]
`\QS_^c_b`bUcQ\UYW\YbQSS_^dQY^WU^eQ]U^dU\QceQcd_bYQª
²<Q3Y^}]Qd_WbQ`XYU6bQ^|QYcU³^)"'(!)"
1i_e^WR\_^TWYb\c_R\_^TdXQdcXUcUU]cd_U]Yd\YWXdRUWY^c
VQ\\Y^WQc\UU`Y^dXUcQTT\U_VQc\UU`i_\TX_bcUQcYVc_]UUfY\
c`YbYdXQTSQcdQc`U\\_^XUbDXU_TT`QYbbUQSXUcQ^Qbb_gRbYTWU
_^\id_VY^TYdcU\VQXUQT_VQSQbDXUTbYfUb_VdXUSQbVbQ^dYSQ\\i
X_^[cXYcX_b^RedXUSQ^µd]Q^QWUd_gQ[UdXUc\UU`Y^WWYb\
>_^UdXU\UccdXUX_bcUS_]Ucd_Q^QRbe`dXQ\dSQecY^WQZ_\ddXQd
gbU^SXUcdXUWYb\Vb_]dXUQb]c_V=_b`XUecSQecY^WXUbd_c\YTU
c_Vd\iY^d_dXUQb]c_VdXUTbYfUb8U\__[cQdXUbgYdXceb`bYcUQ^T
cXU^QYfU\idU\\cXY]XUbcd_biª
²<Q3Y^}]Qd_WbQ`XYU6bQ^|QYcU³^)"'(!)"
@5BB5D
:­=86B<0A:)UDQFLD5HJLD/pRQFH3HUUHW
Ŷ6FHQ/pRQFH3HUUHW5HQp&KDPSLJQ\GDOURPDQ]RGL3LHUUH%HQRvW)-DFTXHV%L]HXO*XVWDYH3UHLVV6FJI*HRUJHV-DFRXW\3LHUUH%HFNHU&RVW%RXp6±XUV/pRQ%DNVW$VV
5+HQUL0pQHVVLHU-RVHSK&RHQHQ,QW.+H\O6WHSKHQ,,UHGL0pJUDQLH+XJXHWWH'XIORV3ULQFLSHVVD$XURUH7XPpPH+HQU\+RXU\*UDQGXFD5RGROSKHGH/DXWHQERXUJ(
GH5RPHUR3ULQFLSH7XPpPH0DUF\D&DSUL&RQWHVVD0pOXVLQHGH*UDIIHQIULHG*HRUJHV9DXOWLHU'XFD)UpGpULFNGH/DXWHQERXUJ$QGUp/LDEHO%DURQH'H%RRVH39HUPR\DO
&\UXV%HFN-HDQ)OHXU\3ULQFLSH-RDFKLP&ODUD7DPERXU0OOH7RWRFKH-DFTXH&DWHODLQ5DRXO9LJQHUWH-HDQ$\Pp&RQWHGH0DUoDLV3URG)LOPV5DGLDŶPP/P
'·DIV,PELELWR7LQWHGŶ'D&LQpPDWKqTXH)UDQoDLVHŶ5HVWDXUDWRQHOGDXQQHJDWLYRQLWUDWRHGXHFRSLHSRVLWLYH5HVWRUHGLQIURPDQHJDWLYHQLWUDWHDQG
WZRSRVLWLYHSULQWV
4UcYTUb_c_TYQ]RYU^dQbUY\ce_VY\]^UW\YcSU^QbYcSU\dYTQ\b_]Q^
jYUbU@UbbUdTUSYTUTYWYbQbUY^7Ub]Q^YQ^UYSQcdU\\Y^QdYTQ\\Q
V_\\UY]]QWY^QjY_^UTY<eYWY99TY2QfYUbQ9^aeUcdQ_SSQcY_^UY\
SY^UQcdQ`UbVUjY_^Q\Q`b_`bYQS_^SUjY_^UTY²SY^U]QY^dUb^QjY_
^Q\U³bYfU^TYSQ^T_\Q^USUccYdwTYe^V_bdUQ^S_bQWWY_Se\debQ\U*
²9_^_^c_^_TYaeU\\Y`UbYaeQ\Y´\µ1bdU^_^XQ`QdbYQµ³cSbYfU@Ub
bUd²9_SbUT_SXU_W^Y`b_TejY_^UTURRQQfUbUY`b_`bYbYVUbY]U^dY
dUbbYd_bYQ\YUSXU`UbY^dUb`bUdQbUe^µ_`UbQQ\SY^U]Q~^USUccQbY_
`bY]QTYdedd_cYdeQb\Q\wT_fUY\ce_SbUQd_bU\µXQf_\edQ³<QTU
SYcY_^UTYWYbQbUY^7Ub]Q^YQcYbYfU\UbwWbQfYTQTYS_^cUWeU^jU
4Q``bY]Qc_c`UddQdQTYWYbQbUe^VY\]TY`b_`QWQ^TQQ^dYdUTUcSQ
\Q`b_TejY_^UTUfUY^cUWeYd_VQbVb_^dUQ^e]Ub_cY`b_R\U]Y*\U
QffUbcUS_^TYjY_^YS\Y]QdYSXUSXUY]`UTYcS_^_\QbUQ\YjjQjY_^U
TUW\Y UcdUb^Y `_Y W\Y Y^V_bde^Y U \U ]Q\QddYU SXU S_\`YcS_^_ e^_
T_`_\µQ\db_W\YQdd_bY`b_dQW_^YcdY=Q^_^_cdQ^dUY!!'WY_b^YTY
\Qf_bQjY_^UU\µecSYdQ`YŒf_\dU`_cdYSY`QdQ;¯^YWc]Qb[_ddUbbw
e^WbQ^TUceSSUcc_
2Ub^QbT2QcdYTUY^²3Y^UWbQVYU³^!%" "
!!&
@UbbUdgQ^dUTd_cUdXYcVY\]Y^dXUU^fYb_^]U^dcSX_cU^RidXU
^_fU\Ycdc_XUTUSYTUTd_cX__dY^7Ub]Q^iY^dXUSQcd\UcgXYSX
Qb_cU Vb_] dXU gY\T Y]QWY^QdY_^ _V <_eYc 99 _V 2QfQbYQ ?^ dXYc
_SSQcY_^ dXU TYbUSd_b X_^UT XYc S_^SU`dY_^ _V ²Y^dUb^QdY_^Q\
SY^U]Q³S\QY]Y^WQ^UUTV_bcdb_^WSe\debQ\b__dc*²9µ]^_d_^U_V
dX_cUV_bgX_]QbdXQc^_X_]U\Q^T³°gb_dU@UbbUd²9RU\YUfUdXQd
UfUbi`b_TeSdY_^]ecdXQfUYdc_g^dUbbYd_bYQ\bUVUbU^SUcQ^TdXQd
d_Y^dUb`bUdQg_b[Y^dXUSY^U]Qi_e]ecdVYbcd_VQ\\`edYdY^dXU
cUddY^WTUcYbUTRiYdcSbUQd_b³DXUTUSYcY_^d_cX__dY^7Ub]Q^i
g_e\T `b_fU \QTU^ gYdX S_^cUaeU^SUc 9^YdYQ\\i cec`USdUT _V
]Q[Y^WQ^Q^dY7Ub]Q^`b_`QWQ^TQVY\]dXU`b_TeSdY_^g_e\T
dXU^ XQfU d_ TUQ\ gYdX ^e]Ub_ec `b_R\U]c* QTfUbcU gUQdXUb
S_^TYdY_^c gXYSX XY^TUbUT cX__dY^W Y^ _edcYTU \_SQdY_^c dXU^
dXUY^ZebYUcQ^TcYS[^UccdXQdXYddXU\UQTY^WQSd_bc_^UQVdUbdXU
_dXUb8_gUfUb!!'TQic_VcX__dY^WQ^TbU`UQdUT`_cd`_^Y^W_V
dXUbU\UQcUTQdU^_dgYdXcdQ^TY^W;¯^YWc]Qb[gU^d_^d_QddQY^
WbUQdceSSUcc
2Ub^QbT2QcdYTUY^²3Y^UWbQVYU³^!%" "
;038E08C0;80=0)5A0=24B2014AC8=8
;038E08C0;80=0)5A0=24B2014AC8=8
AeUcdUSbUQdebUcU^jQ`Qb_\USXUT_fUfQ^_S_]e^Y
SQbUY\\_b_cU^dY]U^d_S_\WUcd_S_^\Q`\QcdYSYdwTU\\Q
`Ubc_^QUS_^\_cWeQbT_bY]Q^UfQ^_Y^e^QY^fe\^UbQ
RY\UUY^QSSUccYRY\U\_^dQ^Q^jQQ\TYc_`bQTU\\QbUQ\dw
Qff_\dUTY`_UcYQUTY]YcdUb_@b_T_dd_SXU`_dUfQc_b
WUbUc_\dQ^d_Y^e^`QUcUSXUXQY\Se\d_TU\\QRU\\UjjQ
4_^^USXUdeddYW\Ye_]Y^YQfbURRUb_f_\ed_Q]QbU`Ub
UccUbU Q]QdY U SXU T_`_ QfUb bQ``bUcU^dQd_ dQ^dU
QbTU^dYUT_\U^dY`QccY_^YS_]UQc`UddQdUQ\fQbS_e^RU\WY_b^_
Veb_^_fY^dUTQ\\µQ]_bUQ^SXµUccUUc`QbYb_^_TQ\\QcSU^Q`UbTY
fU^YbUc`_cUU]QTbYTQ`_bdQbcY`UbUcU]`Y_>_dQdUS_^aeQ^dQ
VbUcSXUjjQUY^WU^eYdw6bQ^SUcSQ2UbdY^YSXUVY^_QaeU\]_]U^d_
^Ucce^Q_VVUbdQ_`b_dUcdQ`Ub`QbdUTUY]_\dY`bUdU^TU^dYUbQbYe
cSYdQQTYcdbQbbUTQ\`b_`bY_\Qf_b_cYQSS_bWUTµUccUbUY^^Q]_bQdQ
US_]U`Qb\QTUYWY_fQ^YQ]YSYSXU\UVQSUfQ^_TYSXYQbQjY_^YY^Ve_
SQdU`UbYcSbYdd_*²1\\_bQW\YY^^Q]_bQdYcYSY]U^dQfQ^_^U\WYe_S_
`UbYS_\_c_TU\\_cSbYfUbU+_WWY^_^`UbT_^_dU]`_*fQ^^_Q\c_T_
U^_^cSbYf_^_`YŒ³CU^_^QfUccYcQ`ed_SXU6bQ^SUcSQ2UbdY^Y~
VY_bU^dY^QUSXUTYfU^edQS_^dUccQ3QbdYUbfU^^Uc`_cQ^U\\QfY\\Q
=YbQVY_bYQ@_jj_\QdYS_]YcQbUYVQdd_`b_]_d_bUTYe^Q`b_`_cdQQ\
cY^TQS_TY6YbU^jU`UbS_^VUbYb\U\QSYddQTY^Q^jQTµ_^_bU5`Qb
\Q^T_TY6YbU^jUQSeU^T_\_cWeQbT_S_]U`UbWeQbTQbU\_^dQ^_
S_^W\Y_SSXYSXUS_^cUbfQ^_\QSXYQbUjjQUY\`_dUbUTU\\QWY_fU^dŒ
6bQ^SUcSQ2UbdY^YQ^S_bQRU\\Q²aeU\\UcdbQTY^Uª³°TYSUQRRQc
cQ^T_Y\d_^_TU\\Qf_SU²AeU\\UcdbQTY^Uª³°VQSU^T_\UUS_\U
bYc`_^T_Y^e^QQc`YbQjY_^UQ^S_bQTY`UbS_bbUb\USXUVQbY^WY_
fQ^YbUQ^SXU]U?WWY6bQ^SUcSQ2UbdY^Y~e^QcYW^_bQSXUcQ
dU^UbUe^QS_^fUbcQjY_^UcU^jQ\QcSYQbUe^QddY]_TYTUR_\UjjQ
^U\TYcS_bc_+fYfQSYccY]QUQTTYbYddebQRQddQW\YUbQ^_^Q``U^QcY
d_SSQ^_aeUW\YQbW_]U^dYSXUV_b]Q^_dedd_bQe^Q\Y]U^d_TU\\QceQ
fYdQ^U\\Q`UbVUddQ\eSYTYdwTU\bYS_bT_3_^dbQTTYb\QceSY‡~Y]`bUcQ
TYc`UbQdQ+UcY`e‡SQfQbcU\Qc_\dQ^d_RQddU^T_TUSU^dU]U^dUY^bY
dYbQdQbYTU^T_DQ\e^_]YceccebbQSXUYVY\]cTYaeUcd_dU]`_cYQ^_
Y^db_fQRY\Y^_^c_\_]QSXUcYQ^_cdQdYTYcdbeddYcU^jµQ\db_F_W\Y_
c`UbQbUSXU^_^cYQfUb_FUbbURRUQ]Q^SQbU\QdUcdY]_^YQ^jQTU\
]_]U^d_`YŒY^dUbUccQ^dUTU\\Q^e_fQQbdUUTU\\µUc_bTY_\QcSYQ^
T_e^Y^S_\]QRY\UUY^aeQ\YVYSQRY\Ufe_d_+`UbSeYY\^_cdb_SY^U]Q
bYce\dUbURRUe^UTYVYjY_`bYf_TYV_^TQ]U^dQY^TYc`U^cQRY\Y`Ub\U
\_b_aeQ\YdwaeQ^d_`UbaeU\\U`QbdYSQTeSXUSXUcUW^Q^_e^µU`_SQ
TYWbQ^TYccY]_SQbQddUbU^U\\Qcd_bYQTU\SY^U]QYdQ\YQ^_
1\T_@Q\QjjUcSXYY^db_TejY_^UQ6bQ^SUcSQ2UbdY^Y9\bUcd_^_^
S_^dQ@YcQ7YQbTY^Y!)&)
!!(
DXUcU g_bT\Ucc SbUQdebUc gX_ XQT d_ S_]]e^YSQdU dXUYb
VUU\Y^Wc gYdX WUcdebUc gYdX dXU `\QcdYSYdi _V dXUYb `Ubc_^ Q^T
gYdXdXUYbWQjUdXUibU]QY^UTQdQ^Y^fe\^UbQR\UY^QSSUccYR\U
TYcdQ^SU RUi_^T bUQ\Ydi Q^T cXb_eTUT Y^ `_Udbi Q^T ]icdUbi
CeSX Q `b_TeSd S_e\T _^\i XQfU QbYcU^ Y^ Q S_e^dbi gYdX dXU
Se\d_V RUQedi G_]U^gX_] Q\\ ]U^ gQ^dUT d_\_fUY^_bTUb
d_RU\_fUTQ^TgX__^UTQiQVdUbbU`bUcU^dY^WceSXVYUbiQ^T
c_bb_gVe\`QccY_^cQbUdXU]cU\fUcg_^_fUbRi\_fUQcYVdXUi
XQTRUU^\_^WQgQYdUT_^\id_TYcQ``UQbVb_]dXUcSbUU^cd_
RUS_]URbYTUcQ^T]_dXUbcd_RUdQ[U^QcUhQ]`\Uc>_dUdXU
VbUcXQ^TY^WU^e_ec]Q^^UbY^gXYSX6bQ^SUcSQ2UbdY^Y^_dYSUc
dXQdcXUYcY^\_fU+cXUgX_]e^dY\dXQddY]U^__VVUb_b`b_dUcd
_^ dXU `Qbd _V XUb ]Q^i ceYd_bc S_e\T TYcdbQSd Vb_] XUb g_b[
c`UQ[c_VdXUi_e^WVbYU^TcgX_]QTUdXUYbVYUbiTUS\QbQdY_^c
Y^gbYdY^W*²9^dX_cUTQiccgUUdXUQbdc]UQcebUTdXU]cU\fUcY^
dXUTQ^WUb_ecWQ]U_VgbYdY^W+d_TQidXUiT_^µdgQcdUdXUdY]U*
dXUiWUdbYWXdd_dXU`_Y^dQ^TdXUiT_^µdgbYdUQ^i]_bU³8QT9^_d
[^_g^dXQd6bQ^SUcSQ2UbdY^YgQc6\_bU^dY^UQ^TdXQdgXU^cXU
RUSQ]U3_e^dUcc3QbdYUbcXUgQc]QbbYUTQddXUFY\\Q=YbQVY_bY
Y^@_jj_\QdYS_9g_e\TXQfU`b_`_cUTd_dXU]Qi_b_V6\_bU^SU
dXQdcXURU]QTUQ^X_^_bQbiSYdYjU^1^Tc`UQ[Y^W_V6\_bU^SU
XUbWQjUcXQb`U^cQcYVd_\__[VQb_VVgYdXUiUcdXQdXQfU[U`d
dXUS\QbYdiQ^T`_gUb_Vi_edX6bQ^SUcSQ2UbdY^YcdY\\RUQedYVe\
²dX_cU^Qbb_gcdbUUdcª³°cXUcQic\_gUbY^WXUbf_YSU²DX_cU
^Qbb_gcdbUUdcª³°9Q^cgUbUSX_Y^WXUbY^Q^Qc`YbQdY_^d_gQ\[
dXU]QWQY^dXQdRbY^WcbUZefU^QdY_^Q\c_d_]UD_TQi6bQ^SUcSQ
2UbdY^YYcQ\QTigX_[^_gcX_gd_X_\TQS_^fUbcQdY_^gYdX_ed
Q\\_gY^WUfU^Q]_]U^d_VgUQ[^UccY^d_dXUTYcSeccY_^+\YfU\i
Q^TUfU^S_]RQdYfUQcc__^QcgUd_eSX_^YcceUcdXQd^_ebYcX
XUb\YVUcdY\\d_TQiY^dXU`UbVUSd\eSYTYdi_V]U]_bi3_^dbQTYSdY^W
XUb `b_fUc X_`U\Ucc+ 9 X_\T _ed _^\i Ri bUdbUQdY^W TUSU^d\i
\QeWXY^W C_]U_^U gXYc`Ubc d_ ]U dXQd XUb VY\]c QbU Ri ^_g
^_dZecdY]`_ccYR\Ud_VY^TRedgYdX_edQT_eRdQ\c_TUcdb_iUT
9X_`UYdµc^_ddbeU1dUcdY]_^YQ\d_dXU]_cdY^dUbUcdY^W]_]U^d
_VdXU^UgQbdQ^TYdcTURedg_e\TRU\_cd\UQfY^WQTYcWbQSUVe\
WQ`dXQdS_e\T^UfUbRUVY\\UT+_ebSY^U]Qg_e\TdXecRUS_]U
QS_^cdbeSdY_^TUf_YT_VYdcV_e^TQdY_^cY^TYc`U^cQR\UV_bdXUYb
aeQ\YdYUcd_TQiQcgU\\QcV_bdX_cUV\UUdY^WU\U]U^dcdXQd]Qb[Q^
UbQ_VWbUQdSXQbQSdUbY^dXUXYcd_bi_V9dQ\YQ^SY^U]Q
1\T_@Q\QjjUcSXYY^db_TeSdY_^d_6bQ^SUcSQ2UbdY^Y9\bUcd_^_^
S_^dQ@YcQ7YQbTY^Y!)&)
?0==43´0DC>,WDOLD5HJLD%DOGDVVDUUH1HJURQL
Ŷ,QW)UDQFHVFD%HUWLQL.LWW\$OEHUWR&ROOR$OEHUWR(PLOLR*KLRQHLOWHQHQWH3LHWUR3URG&HOLRŶPP/P'·DIV&RO'LGDVFDOLHRODQGHVL'XWFKLQWHUWLWOHVŶ
'D1HGHUODQGV)LOPPXVHXPŶ5HVWDXUDWRQHO3ULQWUHVWRUHGLQ
;Yddi~e^QbQWQjjQQVVQcSY^Q^dUSXUXQe^µY^S\Y^QjY_^U`UbYV\Ybd
DbQYce_Y^e]Ub_cYQ]]YbQd_bYU\\Q^UdYU^UY^S_^cYTUbQjY_^U
TeUY\dU^U^dU@YUdb_RbY\\Q^dUeVVYSYQ\UU1\RUbd_e^Y^WUW^UbU
e^dY`_]_\d_Y^fU^dYf_5^dbQ]RYf_bbURRUb_S_^aeYcdQbUY\Se_bU
TY;Yddi]U^dbU\UY^_^cQTUSYTUbcYQcSUW\YUbU;YddiceWWUbYcSU
QYTeUWY_fQ^Ye^]_T_TYbYc_\fUbUY\`b_R\U]Q+VQbQ^^_QWQbQY^
Qed_]_RY\U*SXYTUYTeU\U_VVbYbwY\fYQWWY_`YŒ_bYWY^Q\UcQbwY\ce_
VYTQ^jQd_
²<U3_ebbYUb3Y^}]Qd_WbQ`XYaeU³^%"" !"!)!"
;Yddi Yc Q VQcSY^QdY^W WYb\ Y^S\Y^UT d_ V\YbdY^W 1]_^W XUb ]Q^i
QT]YbUbc cXU [UU`c dg_ Y^ S_^cYTUbQdY_^* \YUedU^Q^d @YUdb_ Q
RbY\\YQ^d _VVYSUb Q^T 1\RUbd_ gX_ Yc Q^ U^WY^UUb Q^T aeYdU dXU
Y^fU^dYfU di`U 2_dX gQ^d d_ gY^ ;Yddiµc XUQbd Red ;Yddi SQ^^_d
cUU]d_]Q[Ue`XUb]Y^TCXUceWWUcdcd_dXUdg_i_e^W]U^Q
gQid_c_\fUdXU`b_R\U]+dXUigY\\S_]`UdUY^dXUYbQed_]_RY\Uc*
gXYSXUfUb_VdXU]_VVUbcXUbdXU]_cd_bYWY^Q\bYTUgY\\RUS_]U
XUbR_iVbYU^T
²<U3_ebbYUb3Y^}]Qd_WbQ`XYaeU³^%"" !"!)!"
8;E4;4=>34;;4?0A>;4,WDOLD5HJLD%DOGDVVDUUH1HJURQL
Ŷ)*LRUJLQR5LFFL,QW)UDQFHVFD%HUWLQL/XFLDQD9DOGL$OEHUWR&ROOR$OEHUWR$XJXVWR0DVWULSLHWUL*LRYDQQL9DOGL&DUOR6LPRQHVFKLDYY&DUOR5L]]L3URG&HOLRŶPP/
P'·DIV'LGDVFDOLHRODQGHVL'XWFKLQWHUWLWOHVŶ'D1HGHUODQGV)LOPPXVHXPŶ5HVWDXUDWRDFRORULQHO3ULQWUHVWRUHGLQFRORULQ
Ä\Qcd_bYQTYdbUUcYcdU^jUSXUcU^jQS_\`QfUbbQ^^_TYcdbeddU
TQ\\QSQ\e^^YQ>UWb_^YbQSS_^dQS_^]Q^_TUSYcQY\]_bdYVUb_SY^
WeUdd‚_TU\cQ\_dd_]_^TQ^__fU^QcSU\µQ]RYWe_`UddUW_\Ujj_
TUcdY^Qd_fYQfYQQTY^WYWQ^dYbcYcU]`bU`YŒSbeTU\]U^dU@Ub\Q
2UbdY^Y\_TYS_bQ\Y*²9TUQ\]U^dURU\\QRbQfQRbQfYccY]Q³²5^S_
]YQRY\U³²?b]QYS\QccYVYSQdQVbQ\U]YW\Y_bYQbdYcdUXQY^dUb`bUdQd_
\QceQ`QbdUS_^fUbQ`UbYjYQcSU^YSQUS_^`QccY_^U³
FYdd_bY_=QbdY^U\\YY^6bQ^SUcSQ2UbdY^YQSebQTY7YQ^VbQ^S_=Y^
W_jjY3Y^UdUSQTY2_\_W^Q<U=Q^Y2_\_W^QBUSS_" #
DXYcYcdXUcd_bi_VdXbUUR\Q]U\Ucc\YfUcdXQdQbUTUcdb_iUTRi
SQ\e]^i>UWb_^YTUVd\i`_bdbQicdXU\UdXQ\Rejj_VQXYWXc_SYUdi
cQ\_^Y^gXYSXQ^Q]RYWe_ec`YUSU_VW_ccY`QbYcUcTUcdY^UTd_
Wb_g Y^SbUQcY^W\i SbeU\ 6_b 2UbdY^Y S_\\USdYfU `bQYcU* ²9TUQ\\i
RUQedYVe\fUbiW__TVQ^dQcdYS³²3_]]U^TQR\U³²2i^_g\YcdUT
Q]_^W dXU RUcd QbdYcdc cXU `\Qic XUb b_\U gYdX WbUQd c[Y\\ Q^T
`QccY_^³
FYdd_bY_=QbdY^U\\YY^6bQ^SUcSQ2UbdY^Y7YQ^VbQ^S_=Y^W_jjYUT
3Y^UdUSQTY2_\_W^Q<U=Q^Y2_\_W^QBUSS_" #
Ŷ6FHQ7RPPDVR6LOYDQLGDOODSDQWRPLPDRPRQLPDGL)HUQDQG%HLVVLHUPXVLFDWDGD0DULR&RVWD)*LRUJLQR5LFFL,QW)UDQFHVFD%HUWLQL3LHUURW/HGD*\V/RXLVHWWH
(PLOLR*KLRQH3RFKLQHW(OYLUD5DGDHOOL)LILQD$PHGHR&LDIIL-XORW1LQuLOSLFFROR3LHUURW3URG,WDOLFD$UVŶPP'·DIV'D/LEUDU\RI&RQJUHVVŶ6WDPSDWDQHO
GDXQDFRSLDQLWUDWRGHOODFROOH]LRQH*HRUJH.OHLQH&RSLHGLQIURPDQLWUDWHSULQWLQWKH*HRUJH.OHLQH&ROOHFWLRQ
9\VY\]TY>UWb_^YQSaeYcdQe^`_cd_Q`QbdU^U\SY^U]QYdQ\YQ^_TUW\Y
Q^^Y4YUSYWbQjYUQ\\µ_bYWY^Q\U`UbV_b]Q^SUTY6bQ^SUcSQ2UbdY^Y*
~e^_TUY`_SXYccY]YVY\]TYaeUcdYQ^^YY^SeYe^µQddbYSUVQ]_cQ
QSSUddQTYbU^TUbcY`_S_bYS_^_cSYRY\Uc_dd_Y\S_cde]UUY\dbeSS_
Y^db_TeSU^T_S_c‚^U\\µe^YfUbc_TYfYcdYS_TQ\cQ`_bU`b_fY^SYQ\U
SXUSQbQddUbYjjQ\µU`_SQ\Q`bQccY`_S_Q]QdQUVbUaeU^dQdQTU\
dbQfUcdY]U^d_<Q2UbdY^Y^UYV_d_WbQ]]YY^dUcdQQ\VY\]Q``QbU
`Ub`_SXYcUS_^TYTQfQ^dYQe^QdU^TQY^e^QTU\\UceQQRYdeQ\Y
`_cUU\UWQ^dYbYf_\dQfUbc_Y\`eRR\YS_S_^YSQ`U\\YcSY_\dYUY\fUcdY
d_VY^_QY`YUTY^U\\µQdd_TYd_W\YUbcY\_cSYQ\\UUQTQWYQb\_ce\\QcUTYQ
Ä\QTYfQY^`b_SY^d_TY\YRUbQbcYTU\\µQRRYW\YQ]U^d_ae_dYTYQ^_`Ub
Y^T_ccQbUY\S_cde]UTYcSU^QV_bcUY^e^_cdeTY_V_d_WbQVYS__`YŒ
fUb_cY]Y\]U^dUY^e^SQ]UbY^_TYdUQdb__TYcdQRY\Y]U^d_SY^U]Q
d_WbQVYS_<µY^aeQTbQdebQceSSUccYfQcU]`bU`Ub`_SXYQddY]Y\Q
]_cdbQWYwY]`USSQRY\]U^dUSQ\QdQ^U\S_cde]UTY@YUbb_d@YSS_\_
cSbe`_\_TU\\µQddbYSUSeY`bU]UbYS_bTQbUS_]Uc_dd_Y\W_bWYUbY^_
TU\@YUbb_dS_^dY^eYQRQddUbUY\Se_bUTU\\QTYfQ
3\QeTY_3Q]UbY^YY^²9]]QWY^U>_dUTYcd_bYQTU\SY^U]Q³^'
!)($
>UWb_^YµcVY\]XQcWQY^UTQc`USYQ\`\QSUgYdXY^9dQ\YQ^SY^U]Q
Vb_]dXUdUU^cdXQ^[cd_Q^_bYWY^Q\`UbV_b]Q^SURi6bQ^SUcSQ
2UbdY^Y* Yd Yc _^U _V dXU VUg VY\]c Vb_] dX_cU iUQbc Y^ gXYSX Q
VQ]_ecQSdbUccQWbUUTd_]Q[UXUbcU\VXQbTd_bUS_W^YjURU^UQdX
S_cde]UcQ^T]Q[Ue`1cceSXdXUVY\]Y^db_TeSUTdXU\Ydd\U\_fUT
Q^TY^VbUaeU^d`bQSdYSU_VTYcWeYcUY^d_dXUcdQbcicdU]gYdXdXU
`b_fY^SYQ\V\Qf_bdXQdSXQbQSdUbYjUTdXUUbQ9^dXU_`U^Y^WVbQ]Uc
_VdXUVY\]2UbdY^YQ``UQbcV_bQVUgcUS_^TcY^Vb_^d_VQSebdQY^Y^
_^U_VXUbeceQ\U\UWQ^d`_cUcVQSY^WdXUQeTYU^SUgYdXXUbXQYb
T_g^Q^TgUQbY^WQ\_^WTbUccQccXUdQ[Uc_VVXUbcXQg\Q^T
\QicYd_fUbQSXQYbDXUcdQbYcQR_edd_bU]_fUXUbcdbUUdS\_dXUc
Q^T`ed_^XUbS_cde]U`UbXQ`cY^Q`X_d_cdeTY__b]_bU\Y[U\i
Y^QdXUQdUb_bVY\]cdeTY_TbUccY^Wb__]DXU^UhdcX_dQWQY^Zecd
V_bQVUgcUS_^TccX_gcXUbY]`USSQR\iTYcWeYcUTQc@YUbb_d1
c]Q\\WUcdebUV_bQ^QSdbUccQ^hY_ecd_bU]Y^TQeTYU^SUcdXQd
RU^UQdX@YUbb_dµcbeVVUTS_\\QbdXUXUQbd_VQTYfQS_^dY^eUcd_
RUQd
3\QeTY_3Q]UbY^YY^²9]]QWY^U>_dUTYcd_bYQTU\SY^U]Q³^'
!)($
!!)
25BD9>9
78BC>8A43´D=?84AA>C,WDOLD5HJLD%DOGDVVDUUH1HJURQL
380=0;´0550B28=0CA824,WDOLD5HJLD*XVWDYR6HUHQD
Ŷ6FHQ5HQ]R&KLRVVR)$OEHUWR*&DUWD6FJI$OIUHGR0DQ]L,QW)UDQFHVFD%HUWLQL'LDQD*XVWDYR6HUHQDFDSLWDQR1HZVH&DUOR%HQHWWL$PDUL$OIUHGR'H$QWRQL3URG
&DHVDUŶPP/P'·DIV&RO'LGDVFDOLHIUDQFHVLHRODQGHVL)UHQFKDQG'XWFKLQWHUWLWOHVŶ'D&LQpPDWKqTXH5R\DOHGH%HOJLTXH
4YQ^QQVVQcSY^Q^dU=QdQ8QbYTYe^^_^c`USYVYSQd_`QUcURQ\
SQ^YS_TQ^eRYQ^_ cUTeSU e^ eVVYSYQ\U `Ub c_ddbQbW\Y Y]`_bdQ^dY
T_Se]U^dY=Qc_`bQWWYe^WUe^dU^Ub_cU^dY]U^d_UT_`_QfUb
cQ\fQd_TQ\TYc_^_bU\µe_]_TYSeYcµ~Y^^Q]_bQdQ4YQ^Q`bUVUbYcSU
cS_]`QbYbU`UbcU]`bUE^be_\_^_^SUbd_TYVbUcS_S_^Y_]Q
YTUQ\U`UbY\dU]`UbQ]U^d_TU\\µQddbYSUU`UbW\Yc`UddQd_bYTYR_SSQ
Re_^Q3_c‚bY\UfQY\VQcSY^_cUTeddYf_TU\\µQddbYSU\µQ^_^Y]_bUSU^
c_bUTU²<QFYdQ3Y^U]Qd_WbQVYSQ³!%)!)!%*²9\ce_c_bbYc_SU\Q
\µY^WQ^^_Q^SXUaeQ^T_Q\\QbWQ^T_cY`QbUcY^SUb_9\ce_SQ\_bU
~S_bbU^dUU\UddbYSQª³
FYdd_bY_=QbdY^U\\YY^6bQ^SUcSQ2UbdY^YQSebQTY7YQ^VbQ^S_=Y^
W_jjY3Y^UdUSQTY2_\_W^Q<U=Q^Y2_\_W^QBUSS_" #
4YQ^QQVQcSY^QdY^W=QdQ8QbYVb_]Q^e^c`USYVYUT2Q\[Q^4Q^eRU
S_e^dbi cUTeSUc Q^ _VVYSUb d_ cdUQ\ Y]`_bdQ^d T_Se]U^dc Vb_]
XY]8_gUfUbdU^TUbVUU\Y^Wc_fUbS_]UXUbQ^TQVdUbcQfY^WdXU
]Q^cXU\_fUcVb_]TYcX_^_b4YQ^Q`bUVUbcd_TYcQ``UQbV_bUfUb
DXUb_\UgXY\URi^_]UQ^cVbUcX_VVdXU`bUcc`b_fUcYTUQ\V_b
dXUdU]`UbQ]U^d_VdXUQSdbUccQ^TV_bUQciW_Y^WfYUgUbc1^
Q^_^i]_ecbUfYUgUbV_b²<QFYdQ3Y^U]Qd_WbQVYSQ³!%)!)!%
TUcSbYRUc dXU QSdbUccµc cUTeSdYfU `_gUbc Qc ceSX* ²8Ub c]Y\U
XYTUcTUSU`dY_^UfU^gXU^cXUbU\QhUcQ^TcUU]ccY^SUbU8Ub
XUQdYcU\USdbYSYdiª³
FYdd_bY_=QbdY^U\\YY^6bQ^SUcSQ2UbdY^Y7YQ^VbQ^S_=Y^W_jjYUT
3Y^UdUSQTY2_\_W^Q<U=Q^Y2_\_W^QBUSS_" #
8B4CC4?4220C820?8C0;8
;06>;0,WDOLD5HJLD&DPLOOR'H5LVR
Ŷ6RJH6FHQ3LR9DQ]L)/XLJL)LOLSSD6FJI$OIUHGR0DQ]L,QW)UDQFHVFD%HUWLQLFRQWHVVD&LXIIHWWLQR/LYLR3DYDQHOOLLOFDSLWDQR&DPLOOR'H5LVR6XD$OWH]]D5HDOH$OEHUWR
$OEHUWLQL3URG%HUWLQL&DHVDUŶPP/P'·DIV'LGDVFDOLHFHFKH&]HFKLQWHUWLWOHVŶ'D1iURGQt)LOPRY\$UFKLY
;´>A6>6;8>;0BD?4A180,WDOLD5HJLD(GXDUGR%HQFLYHQJD
Ŷ6FHQ(]LR%HUWLGDPRWLYLGL(XJqQH6XH)/XLJL)LOLSSD6FJI$OIUHGR0DQ]L,QW)UDQFHVFD%HUWLQL(UPLQLDGL%HDXPHVQLO*XLGR7UHQWR1HOOD0RQWDJQD&LD)RUQDUROLO·DOWUD
5HQDWR7UHQWR3URG%HUWLQL&DHVDUŶPP/P'·DIV'LGDVFDOLHFHFKH&]HFKLQWHUWLWOHVŶ'D1iURGQt)LOPRY\$UFKLY
;´8A0,WDOLD5HJLD(GXDUGR%HQFLYHQJD
25BD9>9
Ŷ6FHQ*LXVHSSH3DROR3DFFKLHURWWLGDPRWLYLGL(XJqQH6XH)/XLJL)LOLSSD6FJI$OIUHGR0DQ]L,QW)UDQFHVFD%HUWLQL(OHQD*XVWDYR6HUHQD$PHGHR0RQWDSHUWL*XLGR
7UHQWR$UWXUR&LD)RUQDUROLFRQWHVVDGL6DQ%RQLIDFLR$OEHUWR$OEHUWLQL=HID3URG%HUWLQL&DHVDUŶPP/P'·DIV'LGDVFDOLHFHFKH&]HFKLQWHUWLWOHVŶ'D
1iURGQt)LOPRY\$UFKLY
;´0E0A8I80,WDOLD5HJLD*XVWDYR6HUHQD
Ŷ6FHQ*LXVHSSH3DROR3DFFKLHURWWLGDXQVRJJHWWRGL-HDQ&RW\)/XLJL)LOLSSD6FJI$OIUHGR0DQ]L,QW)UDQFHVFD%HUWLQL0DULD/RULQL*XVWDYR6HUHQD/XLJL%LDQFKL)UDQFR
*HQQDURSDGUHGL/XLJL$OIUHGR%UDFFL&DY3HUUHWWL$OEHUWR$OEHUWLQL3URG%HUWLQL&DHVDUŶPP/P'·DIV'LGDVFDOLHFHFKH&]HFKLQWHUWLWOHVŶ'D1iURGQt
)LOPRY\$UFKLY
;´8=E8380,WDOLD5HJLD(GXDUGR%HQFLYHQJD
Ŷ6FHQ*LXVHSSH3DROR3DFFKLHURWWL)/XLJL)LOLSSD6FJI$OIUHGR0DQ]L,QW)UDQFHVFD%HUWLQL/HOLDGL6DQWD&UX]/LYLR3DYDQHOOL&RQWHGL0RQILRUH*XLGR7UHQWRLO'XFD
*LXOLHWWD'·$ULHQ]R&RQWHVVLQDGL0RQILRUH/XLJL&LJROL0DULD5LFFDUGL&DPLOOR'H5LVR3URG%HUWLQL&DHVDUŶPP/P'·DIV'LGDVFDOLHFHFKH&]HFKLQWHUWLWOHV
Ŷ'D1iURGQt)LOPRY\$UFKLY
;´0228380,WDOLD5HJLD$OIUHGR'H$QWRQL
Ŷ6RJ*HRUJH5XE\)*LXVHSSH)LOLSSD6FJI$OIUHGR0DQ]L,QW)UDQFHVFD%HUWLQL%LDQFD)DQHOOL/LYLR3DYDQHOOLLO'XFD*XLGR7UHQWRLQJ2WWDYLR)RUWLV&DPLOOR'H5LVR
LOSUHYRVWR$OEHUWR$OEHUWLQL/XLJL&LJROL)UDQFR*HQQDUR3URG%HUWLQL&DHVDUŶPP/P'·DIV'LGDVFDOLHFHFKH&]HFKLQWHUWLWOHVŶ'D1iURGQt)LOPRY\
$UFKLY
;0;DBBDA80,WDOLD5HJLD(GXDUGR%HQFLYHQJD
Ŷ6FHQ9LWWRULR%LDQFKLGDPRWLYLGL(XJqQH6XH)*LXVHSSH)LOLSSD6FJI$OIUHGR0DQ]L,QW)UDQFHVFD%HUWLQL/LYLR3DYDQHOOL*XLGR7UHQWR$OEHUWR$OEHUWLQL9LWWRULR%LDQFKL
3URG%HUWLQL&DHVDUŶPP/P'·DIV'LGDVFDOLHFHFKH&]HFKLQWHUWLWOHVŶ'D1iURGQt)LOPRY\$UFKLY
!"
DXU U^dYbU cUbYUc _V 9 cUddU `USSQdY SQ`YdQ\Y gQc TYcdbYRedUT Y^
3jUSX_c\_fQ[YQY^dXUUQb\idgU^dYUcQ^TZeTWY^WVb_]QbdYS\UcVb_]
dXQddY]UYdgQcaeYdUceSSUccVe\Dg_fUbcY_^cUhYcdUT*_^UgYdX
3jUSXY^dUbdYd\UcQ^TdXU_dXUbgYdX7Ub]Q^Y^dUbdYd\UcTUcdY^UTV_b
bUWY_^cgYdX\Y^WeYcdYS]Y^_bYdYUc9^dXUV_bdYUcdXU@bQWeUQbSXYfU
_RdQY^UTR_dXfUbcY_^cVb_]Q`bYfQdUS_\\USd_b*!$^YdbQdUS_`YUc
bYSX\i S_\_bUT gYdX dY^dY^W Q^T d_^Y^W DXU S_`YUc S\UQb\i S_]U
Vb_]dXUcQ]U^UWQdYfU1VdUbSQbUVe\Q^Q\icYcdXUS_`YUcgYdXdXU
3jUSXY^dUbdYd\UcgUbUSX_cU^QcdXURQcYcV_bbUcd_bQdY_^gXY\U
`Qbdc_VdXU_dXUbS_`YUcgUbUY^cUbdUTgXU^dXUicX_gUT\Ucc
TQ]QWU_bgXU^dXUiVY\\UTWQ`cY^dXU3jUSXfUbcY_^DXUVYbcd
VY\]Y^dXUcUbYUc<µ_bW_W\Y_Q\c_e^TUbgU^dQcUS_^T`XQcU_V
bUcd_bQdY_^*QdXYbTS_`igQcV_e^TY^W__TS_^TYdY_^+YdgQc! (&
]UdUbc\_^WQ^T\QS[UTdXU_`U^Y^WSbUTYdcQ^TY^dUbdYd\UcRedYd
`b_fUTY]`_bdQ^dV_bbUcd_bQdY_^_VdXUS_\_bY^dXUVY\]
2\QjU^QEbW_cY[_fQ°>61@bQXQ
9bQ``_bdYdbQ6bQ^SUcSQ2UbdY^YUYce_YbUWYcdYc_^_cU]`bUcdQdY
dU]`Ucd_cY7YwQ\\µU`_SQTY8Ycd_YbUTµe^@YUbb_d\U\YdYS_^>UWb_^Y
QfUfQ^_Qfed_`UbUVVUdd_SXUY\]YdUWU^dY\e_]_Qe^SUbd_`e^d_\U
\QcSYQccUSQ]`_\YRUb_<µQ^^_ceSSUccYf_S_]`\UdQd_Y\4_^@YU
db_3Qbec_5]Y\Y_7XY_^USXU_\dbUQTY^dUb`bUdQbUY\`Ubc_^QWWY_
TYB_RUbd_2bQSS_UbQQ^SXUY\TYbUdd_bUQbdYcdYS_TU\\Q`U\\YS_\QbQS
S_^dQ^U\\UceU]U]_bYUSXUaeQ^T_\µQddbYSUcYfYTU`Ubdedd_Y\VY\]
Qff_\dQ^UW\YcdbQSSYTU\\Q`_fUbQ=QbWXUbYdQ\QVYW\YQTU\\_cdb_jjY
^_W\YVUSUe^QdbU]U^TQcVebYQdQ4_fUUbQQ^TQdQQVY^YbU\Q2Ub
dY^YdUcdY]_^YQ\TU\\Q=QYc_^@QaeY^/3XYcU^UVbUWQTU\bUQ\Yc]_
RbQSSXYQ^_Q\aeQ\UY\Re_^7XY_^UcYUbQf_\edQ]U^dUQddU^ed_/
9\VY\]^_^`_dUfQQ^TQbUQcc_\edQ]U^dUY^`b_YUjY_^U`eRR\YSQ5
dQ^d_Y^cYcdUddUS_^2QbQdd_\_SXU4_^@YUdb_3Qbec_^_^fYTU]QY\Q
\eSUCeRYd_T_`_d_SSQQ7ecdQf_CUbU^QRe_^Q]YS_VY^TQYdU]`Y
TU\\Q6Y\]Tµ1bdUS_\aeQ\UQfbURRUT_fed_WYbQbU1cce^dQC`Y^Q
<_cdUcc_CUbU^QS_^VUccQSXUS_^e^`YW\Y_SXU^_^Q]]UddUfQ
bU`\YSXUVe4_^^Q6bQ^SUcSQcdUccQQTYbYWUbcYY^dUbfU^U^T_Q^
SXUce\\U\eSYUce\\UcSU^_WbQVYUS_^Re_^Q`QSUTY1\VbUT_=Q^jY+
UVee^RU^U6_bcUcU^_^SYV_ccUcdQdQ\Q]Q^_TU\\Q2UbdY^YcU
Y\VY\]V_ccUbY]Qcd_Y^dUbQ]U^dUTYCUbU^Q^_^cQbURRUTYfU^ed_
aeU\\µUSSUjY_^Q\USQ`_\Qf_b_SXUQ^S_b_WWYQ]]YbYQ]_e^_TUY
`YŒRUYVY\]TU\`UbY_T_YdQ\YQ^_TU\]ed_6_bcUª
@b_cUWeU^T_~\Qf_\dQTY7YecU``U4U<YWe_b_bUWYcdQS_^SeY\Q
2UbdY^YWYbQe^_T_`_\µQ\db_SY^aeUVY\]TeUTUYaeQ\Ycec_WWUdd_
cdUcc_TU\\QTYfQSXUcYVYb]Q6bQ^[2Ubd=QQ`QbdU?TUddU\µQddbYSU
^_^Q``bUjjQY\\Qf_b_TY4U<YWe_b_*db_``_fYUehZUedQ^d_SXU
TebQ^dU\Q\Qf_bQjY_^UTY6UT_bQ\_SQSSYQY^]Q\_]_T_9\VY\]\_
dUb]Y^‡Y\Re_^CUbU^Q6_bdUTU\\QceQ`_cYjY_^U\Q2UbdY^YSXYQ]Q
QTYbYWUb\Q^UYce_YVY\]ceSSUccYfY\µQdd_bUdUQdbQ\U1\VbUT_4U1^d_^Y
TYSeYXQQ``bUjjQd_ce\\UcSU^U\µY^dUb`bUdQjY_^UTY=QbS_7bQdYS_
^U<Q^QfUTY4µ1^^e^jY_4U1^d_^Y\QTYbYWUbwS_^ceSSUcc_^U
9\`b_SUcc_3\}]U^SUQe6b_e6b_eD_cSQ@_Y\UceWWUbYcSU_bQ
SXUY^cU^_Q\\Q3QUcQb~cdQdQS_cdYdeYdQ\Q2UbdY^Y6Y\]TYY^QeWe
bQbU\Q^U_^QdQUTYdbYSUS_^cUddUVY\]dbQddYTQW\YQ\dbUddQ^dY`USSQdY
SQ`YdQ\Y1\\Q2UbdY^YRbY\\Q^_W\Y_SSXYUTY\ce_U^decYQc]_S_^dQWYQ
Y]]UTYQdQ]U^dU2QbQdd_\_SXUTwY\fYQ\YRUbQQ\\µ_`UbQjY_^U
>U\WYb_TY`_SXY]UcYfUbbQ^^_Y]RQcdYdYcUddUSQ^_fQSSYYc`YbQdYTQ
6bQ^SUcSQ 2UbdY^Y Q\gQic XQT cd_b]i bU\QdY_^cXY`c gYdX XUb
TYbUSd_bc5fU^QddXUdY]U_V8Ycd_YbUTµe^@YUbb_dXUbVYWXdcgYdX
>UWb_^Y \UT dXU ]Y\T ]Q^^UbUT WU^d\U]Q^ d_ cY]`\i WYfU XUb
VbUU bUYW^ Qd Q SUbdQY^ `_Y^d 9^ 4_^ @YUdb_ 3Qbec_ S_]`\UdUT
dXU V_\\_gY^W iUQb 5]Y\Y_ 7XY_^U ^_d _^\i d__[ _^ dXU b_\U _V
B_RUbd_2bQSS_µc\UQTY^WSXQbQSdUbRedXUQ\c_TYbUSdUTdXUVY\]
9^XYc]U]_Ybc7XY_^UbUS_e^dcdXQdgXU^2UbdY^YcQgXUbcU\V
gbQ``UTdXb_eWX_eddXUU^dYbUVY\]Y^dXUbQWc_V`__b=QbWXUbYdQ
TQeWXdUb_VdXU\_Q^cXQb[cXUW_dVebY_ecGXUbUXQT2UbdY^YQc
dXU=QYc_^@QaeY^S_fUbWYb\W_^U/GX_SQbUTQR_eddXU2bQSS_
cdi\UbUQ\Yc]dXQdW__T_\T7XY_^UXQT`eb`_cUVe\\iV_\\_gUT/DXU
VY\]QRc_\edU\iS_e\T^_dRUcX_g^d_dXU`eR\YS1^TcXUY^cYcdUT
c_VYUbSU\igYdX2QbQdd_\_dXQd4_^@YUdb_3Qbec_^UfUbcQgdXU
\YWXd1VdUbdXQdYdgQc7ecdQf_CUbU^Qµcdeb^7__TVbYU^TccY^SU
dXUdY]Uc_V6Y\]Tµ1bdUCUbU^QQ^T2UbdY^YgUbUQ\c_ce``_cUT
d_VY\]1cce^dQC`Y^Qd_WUdXUbCUbU^QQT]YdcgYdXQ\__[\UQfY^W
^_b__]V_bS_]]U^dcdXQd<QTi6bQ^SUcSQRQcYSQ\\iTYbUSdUT
XUbcU\VY^dUbfU^Y^W_^dXU\YWXdcQ^TdXUcUdcQcgU\\gYdXdXUW__T
WbQSUc_V1\VbUT_=Q^jY+Q^TYdgQcQW__TdXY^W@UbXQ`cgYdX_ed
dXUXQ^T_V2UbdY^YYVdXUVY\]XQTbU]QY^UTU^dYbU\iY^dXUXQ^Tc_V
CUbU^QYdg_e\T^_dXQfURUS_]UdXUUhSU`dY_^Q\]QcdUb`YUSUgU
SQ^cdY\\QT]YbUd_TQi_^U_VdXU]_cdRUQedYVe\VY\]cVb_]dXUUbQ_V
9dQ\YQ^cY\U^dVY\]@UbXQ`cª=_fY^W_^YdgQcdXU^7YecU``U4U
<YWe_b_µcdeb^QTYbUSd_bgYdXgX_]2UbdY^Yg_e\T]Q[UVYfUVY\]c
_^UQVdUbdXU_dXUbdg__VgXYSXgUbURQcUT_^cd_bYUcgbYddU^Ri
dXUcdQbXUbcU\VcYW^UTQc6bQ^[2Ubd8_gUfUbgYdXdXUUhSU`dY_^
_V?TUddUdXUQSdbUccTYT^µd\Y[U4U<YWe_b_µcg_b[*d___\Tcdi\U
d_dXU`_Y^ddXQdcXUe^[Y^T\idXbUgXY]_edTebY^WdXU]Q[Y^W_V
6UT_bQ7__T_\TCUbU^QVY^YcXUTdXUVY\]BU\iY^W_^XUb`_cYdY_^
2UbdY^YdXU^SQ\\UTdXUQdUbQSd_b1\VbUT_4U1^d_^Yd_TYbUSdXUbY^XUb
^UhdVY\]cQccXUXQTfUbi]eSXQT]YbUTXYccdQWU`UbV_b]Q^SU
Qc=QbS_7bQdYS_Y^<Q^QfURi4µ1^^e^jY_4U1^d_^YTYbUSdUTXUb
ceSSUccVe\\iY^9\`b_SUcc_3\}]U^SUQe6b_e6b_eQ^TD_cSQ
DXU^Qc2UbdY^Y6Y\]cXQTZecdRUU^V_e^TUTe^TUbdXUQec`YSUc
_V3QUcQbVY\]XUceWWUcdUTdXQddXU^Ug`b_TeSdY_^S_]`Q^i
_`U^gYdXcUfU^VY\]cRQcUT_^dXUcUfU^SQ`YdQ\cY^c2UbdY^Yµc
UiUc\Yde`Y^QV\QcXQ^TXUbU^dXecYQc]S_^dQ]Y^QdUT2QbQdd_\_
bYWXdQgQigX_WQfUdXU_`UbQdY_^dXUW_QXUQT
9^ Zecd Q VUg ]_^dXc cUfU^ cSU^QbY_c gUbU TbQVdUT RQcUT _^
!"!
25BD9>9
<µY^dUbQcUbYU9cUddU`USSQdYSQ`YdQ\YVeTYcdbYReYdQY^3US_c\_fQSSXYQ
Q\\µY^YjY_TUW\YQ^^YFU^dYUQWYeTYSQbUTQW\YQbdYS_\YTµU`_SQ_ddU^
^Ue^fYf_ceSSUcc_>UUcYcdUfQ^_TeUfUbcY_^Y*e^QS_^TYTQ
cSQ\YUSUSXU\µQ\dbQS_^TYTQcSQ\YUdUTUcSXUTUcdY^QdQQ\\UbUWY_^Y
S_^]Y^_bQ^jU\Y^WeYcdYSXU<µ1bSXYfY_TY@bQWQ^UW\YQ^^YAeQbQ^
dQXQ_ddU^ed_TQe^S_\\UjY_^YcdQ`bYfQd_U^dbQ]RU\UfUbcY_^Y*!$
S_`YUcece``_bd_^YdbQd_bYSSQ]U^dUS_\_bQdUS_^Y]RYRYjY_^YU
fYbQWWY<US_`YUTUbYfQfQ^_UfYTU^dU]U^dUTQ\\_cdUcc_^UWQdYf_
C_^_cdQdUcSU\dUS_]URQcU`UbY\bUcdQeb_aeU\\US_^TYTQcSQ\YU
SUSXUY^cUbU^T_`QbdYTU\\UQ\dbUS_`YUaeQ^T_UccUbYce\dQfQ^_
]U^_TQ^^UWWYQdU_`UbS_\]QbU\U\QSe^UTU\\QfUbcY_^USUSQ
9\`bY]_VY\]TU\\QcUbYU<µ_bW_W\Y_~cdQd_Y^_\dbUc_WWUdd_Qe^Q
cUS_^TQVQcUTYbUcdQeb_*^U~cdQdQY^VQddYdb_fQdQe^QdUbjQS_`YQ
Y^Re_^_cdQd_TY! (&]`bYfQTUYdYd_\YTYdUcdQUTU\\UTYTQcSQ\YU
]QY]`_bdQ^dU`UbS_]`\UdQbU\QS_\_bQjY_^UTU\VY\]
2\QjU^QEbW_cY[_fQ°>61@bQXQ
^_fU\\UddUY^fUbYdw`Yedd_cd_\QRY\YTYcSbYdd_bYQ\\_bQY^f_WQ5eW~
^UCeU@Y_FQ^jY:UQ^3_diSXUV_b]UbQ^^_\µ_bTYd_TUYVY\]9
aeQ\YTYSYQ]_\_ceRYd_^_^bYcSe_d_^_Q\UWWUbU\UbUSU^cY_^Y
WYeTYjYS_^V_bdQ^dY9\`eRR\YS_`Ub‡^_^cU^UTw`Ub`UbceQc_
US_^dY^eUbwQTQ^TQbUQfUTUbU\Q2UbdY^Y<µQddbYSUT_`_QfUb
QSSecQd_Y\S_\`_cQWWYQ]U^dUcYQVVYTUbwQB_RUbd_B_RUbdYbYe
cSU^T_QS_^cUbfQbUVY^_Q\]_]U^d_Y^SeYcYbYdYbUbw^U\!)"!
Y\S_^cU^c_TU\\QceQ`\QdUQQ^SXUcUe^`_µbYTY]U^cY_^Qd_9
cUddU`USSQdYSQ`YdQ\YTYSeYY^9dQ\YQ_\dbUQ\\US_`YUcYUbQ`Ubc_
Q^SXUY\bYS_bT_c_^_c`e^dQdYVe_bYTQ\\Q3Y^UdUSQTY@bQWQC_^_
cdQdYbUcdQebQdYU]UccY^U\`b_WbQ]]QTYaeUcdµQ^^_@b_fYQ]_Q
bYfUTUb\Y*dU^YQ]_`bUcU^dU`Ub‡SXUcYdbQddQTY`USSQdYTQ\e^W_
dU]`_`bUcSbYddY
FYdd_bY_=QbdY^U\\Y
c_]UbQdXUbgUQ[^_fU\UddUcgbYddU^Ri`_`e\QbgbYdUbc_VdXQd
dY]U5eW~^UCeU@Y_FQ^jY:UQ^3_digXYSXg_e\TV_b]dXU
VQRbYS_VdXUVY\]c1^T\UdYdRUcQYTe`Vb_^dQW\Q^SUQddXUbUfYUgc
bUfUQ\cdXQddXUVY\]cTYT^_dbUSUYfU`_cYdYfUSbYdYaeUc1eTYU^SUc
gUbU ^_d cgQiUT X_gUfUb Q^T S_^dY^eUT d_ W_ cUU 2UbdY^Y
1VdUbQRc_bRY^WdXUR\_g2UbdY^YgYcU\i`edXUbcU\VY^dXUXQ^Tc
_VB_RUbd_B_RUbdY]Q^QWY^Wd_]QY^dQY^dXUS_^cU^cec_VXUb
`eR\YSdX_eWXc\YWXd\iT_g^cYjUTe^dY\XUbbUdYbU]U^dY^!)"!9
cUddU`USSQdYSQ`YdQ\YV_bgXYSX9dQ\iXQT\_cd^_d_^\idXUS_`YUcRed
Q\c_Q^i]U]_bi_VdXU]deb^UTe`Y^dXU@bQWeU6Y\]1bSXYfUc
6_\\_gY^WbUcd_bQdY_^dXUiXQfURUU^cSXUTe\UTV_bdXUVUcdYfQ\
dXYciUQb<UdµcdQ[UQ\__[QddXU][UU`Y^WY^]Y^TdX_eWXdXQd
gUµbUTUQ\Y^WgYdXcY^cdXQdXQfU\_^WcY^SU\Q`cUT
FYdd_bY_=QbdY^U\\Y
;02>=C4BB0B0A0,WDOLD55REHUWR5REHUWL
25BD9>9
Ŷ6FHQ(]LR%HUWL9LWWRULR%LDQFKLGD´/D&RPWHVVH6DUDKµGL*HRUJHV2KQHW)$OEHUWR*&DUWD2WHOOR0DUWHOOL6FJI$OIUHGR0DQ]L,QW)UDQFHVFD%HUWLQL6DUD8JR
3LSHUQR'H&DQKDLOOHV6DQGUR6DOYLQL3LHWUR6HYHUDF(PPD)DUQHVL%LDQFD5DRXO0DLOODUG9LWWRULR%LDQFKL$OEHUWR$OEHUWLQL*LXVHSSH)DUQHVL3URG%HUWLQL&DHVDUŶPP
/FLUFDP'·DIV,PELELWRYLUDWR7LQWHGWRQHG'LGDVFDOLHLWDOLDQH,WDOLDQLQWHUWLWOHVŶ'D&LQHWHFDGHO&RPXQHGL%RORJQD&LQpPDWKqTXH5R\DOH$UFKLYLR1DFLRQDO
GHOD,PDJHQ²6RGUHŶ)LOPFRQVHUYDWRQHOODFROOH]LRQH)HUQDQGR3HUHGDDOO·$UFKLYLR1DFLRQDOGHOD,PDJHQ²6RGUH0RQWHYLGHRUHVWDXUDWRGDOOD&LQHWHFDGHO&RPXQHGL%RORJQD
HGDOOD&LQpPDWKqTXH5R\DOHGH%HOJLTXHQHODSDUWLUHGDXQSRVLWLYRLQFRPSOHWRQLWUDWRLPELELWRHYLUDWR/HGLGDVFDOLHLQVSDJQRORQHOODFRSLDVRQRVWDWHWUDGRWWHLQLWDOLDQR
HODODFXQDSULQFLSDOHFROPDWDFRQO·DXVLOLRGLXQFDUWHOOR7KLVSULQWEHORQJVWRWKH)HUQDQGR3HUHGDFROOHFWLRQDWWKH$UFKLYLR1DFLRQDOGHOD,PDJHQ²6RGUH0RQWHYLGHR,WZDV
UHVWRUHGE\WKH&LQHWHFDGHO&RPXQHGL%RORJQDDQGWKH&LQpPDWKqTXH5R\DOHGH%HOJLTXHLQIURPDQLQFRPSOHWHQLWUDWHQHJDWLYHZLWKWLQWLQJDQGWRQLQJ7KHLQWHUWLWOHVLQ
6SDQLVKZHUHWUDQVODWHGLQWR,WDOLDQDQGWKHPDLQJDSLQWKHILOPZDVILOOHGE\DGGLQJRQHWLWOHFDUG
AeUcdQ3_^dUccQCQbQ°`ebUccU^T_bYecSYdQY^c}e^_c`\U^TYT_
\Qf_b_°S_c‚S_]µ~cf_\dQ^_^bYc`USSXYQVUTU\]U^dUY\b_]Q^j_
_]_^Y]_TU\WbQ^TUcSbYdd_bUVbQ^SUcU7Y_bWY_?X^UdTQ\aeQ\UQT
_`UbQTY5jY_2UbdY~cdQdQbYSQfQdQ3XUY\b_]Q^j_SYdQd_TU^c_TY
V_bdYcYdeQjY_^YTbQ]]QdYSXUTYQSedQ`cYS_\_WYQTYfUU]U^dY`Qc
cY_^YTYdU]`UcdUTµQ^Y]U`bUcU^dQccU^_dUf_\YTYVVYS_\dw`Ube^Q
UcQddQUcdbY^cUSQjY_^USY^U]Qd_WbQVYSQ^_^\_^UWXYQ]_]QS_^
e^_cdeTY_`YŒ`b_V_^T_TUYfQbYSQbQddUbYUS_^e^QbY`b_TejY_^U
`YŒ`bUSYcQTUYTUddQW\YcYcQbURRU`_ded_QffYSY^QbUS_^]QWWY_bU
VUTU\dwQ\SQ`_\Qf_b_TU\c_]]_Qed_bU6bQ^SUcSQ2UbdY^Y\QRU
^YQ]Y^QTYdeddYW\Yc`UddQd_bYVee^Q3_^dUccQCQbQ`YU^QTYc\Q^SY_U
TY`QccY_^U+\QceQQbdUY^dUb`bUdQdYfQWbQjYUQ\\U`bUSUTU^dY^e]U
b_cU_ddY]UQVVUb]QjY_^YcY~_b]QYY]`_cdQU^_^cYTYcSedU`YŒ
3Qb\_6YcSXUbY^²<Q3Y^U6_^_³>Q`_\Y^$" !)"
DXYc3_^dUccQCQbQ°dX_eWXQc`\U^TYTg_b[Y^YdcU\V°T_Uc^_d
VQYdXVe\\i]Ybb_bWbUQd6bU^SXgbYdUb7Y_bWY_?X^Udµc^_fU\_VdXU
cQ]U^Q]UVb_]gXYSXdXUVY\]gQcQTQ`dUTRi5jY_2UbdYGU
SQ^^_dTU^idXQddXU^_fU\TU^cUgYdXcdb_^WTbQ]QdYScYdeQdY_^c
[UU^ `ciSX_\_Wi fUXU]U^d `QccY_^c Q^T c_e\c Y^ de]e\d
`bUcU^dc]Qb[UTTYVVYSe\dYUcV_bQ^UhQSdSY^U]QdYSUh`bUccY_^
8_gUfUbgYdXQ]_bU`b_V_e^TcdeTi_VdXUfQbY_ecSXQbQSdUbc
Q^T ]_bU `bUSYcU bU`b_TeSdY_^ _V dXU TUdQY\c dXU VY\] S_e\T
XQfUS_]US\_cUbd_dXU]QcdUb`YUSURidXU_edcdQ^TY^WQedX_b
6bQ^SUcSQ2UbdY^YdXUTQb\Y^W_VUfUbifYUgUbYcVe\\_VU^UbWiQ^T
`QccY_^Qc²3_^dUccQCQbQ³+dXQ^[cd_^e]Ub_ec_dXUbUhSU\\U^d
`UbV_b]Q^SUcXUbY^dUb`bUdQdYfUQbdYcgU\\UcdQR\YcXUTQ^TSQ^^_
\_^WUbRUaeUcdY_^UT
3Qb\_6YcSXUbY^²<Q3Y^U6_^_³>Q`_\Y^$" !)"
;´D;C8<038E0,WDOLD5HJLD*LDQIUDQFR0LQJR]]L
Ŷ6FHQ,%LJQDUGL)/9HUJD0$)XVFR0X(0DFFKL6X/0XUDWRUL6=DQRQ3URG(3RUFHOOLSHU$QWHD&RRS5DL7YŶPP'·9HUVLRQHLWDOLDQD,WDOLDQ
YHUVLRQŶ'D5LSOH\)LOPV
=Y^W_jjYe^_TUYbUWYcdYYdQ\YQ^YSQ`QSYTY]e_fUbcYS_^]QWWY_b
TYcY^f_\debQdbQVYSdY_^UT_Se]U^dQbY_TUSYcU^U\!)("TYbUQ\YjjQ
bUe^`b_WUdd_`Ub\Qdfce\VU^_]U^_TYfYcdYS_Q``b_VYddQ^T_TU\\Q
TYc`_^YRY\YdwTYe^QTU\\U`YŒWbQ^TYfUTUddUYdQ\YQ^UQ^S_bQfYfU^dY*
6bQ^SUcSQ2UbdY^Y<QcVYTQ^_^UbQVQSY\UfYcd_SXUcYdbQddQfQTY
bUcdYdeYbUe^cU^dY]U^d_TYbUQ\dwQe^QVYWebQTUcdY^QdQQce`UbQbU
\QbUQ\dw`UbQSSUTUbUQ\]_^T_QcdbQdd_TU\\Q`ebQVQcSY^QjY_^U
9\VY\]Te^aeUcUWeUe^`UbS_bc_SXUcYRYV_bSQS_^dY^eQ]U^dU
Y^TeUTYbUjY_^Y<Q2UbdY^YcYS_^Vb_^dQS_^Y`b_`bYVY\]UY\`b_`bY_
]Yd_S_^SUTU^T_cYY\\ecc_TYe^µe\dY]QWbQ^TUY^dUb`bUdQjY_^U
!""
9^!)("=Y^W_jjY_^U_VdXU9dQ\YQ^TYbUSd_bc]_cdSQ`QR\U_V
]_fY^WUVV_bd\Ucc\iRUdgUU^VYSdY_^Q^TT_Se]U^dQbiTUSYTUTd_
e^TUbdQ[UQ`b_ZUSdV_bdU\UfYcY_^_^dXUcdQb`XU^_]U^_^dQ[Y^W
QTfQ^dQWU_VdXUQfQY\QRY\Ydi_V_^U_VdXUWbUQdUcd9dQ\YQ^cdQbccdY\\
\YfY^W*6bQ^SUcSQ2UbdY^Y9dgQc^µdQ^UQcidQc[d_RbY^WQVUU\Y^W
_VbUQ\YdiRQS[d_QVYWebUTUcdY^UTd_W_RUi_^TbUQ\Ydid_bUQSX
dXUQRcdbQSdg_b\T_V`ebUVQcSY^QdY_^DXUVY\]dXecV_\\_gcQ`QdX
dXQdS_^dY^eQ\\ic`\YdcY^dg_TYbUSdY_^c2UbdY^YS_^Vb_^dcXUbVY\]c
Q^TXUb_g^]idXQ\\_gY^WXUbcU\VdXU\ehebi_V_^U\QcdWbUQd
`UbV_b]Q^SU
@b_WbQ]]QQSebQTY1\UccYQ>QfQ^dYUbYU=YSXU\U3Q^_cQDUcdYTY1\UccYQ>QfQ^dYUbY
@b_WbQ]SebQdUTRi1\UccYQ>QfQ^dYUbYQ^T=YSXU\U3Q^_cQ>_dUcgbYddU^Ri1\UccYQ>QfQ^dYUbY
>BB4AE0C>A8>34;28=4<0<DC>8C0;80=>)58;<3´0AC48C0;80=0
>1B4AE0C>AH>=8C0;80=B8;4=C28=4<0)58;<3´0AC48C0;80=0
>BB4AE0C>A8>34;28=4<0<DC>8C0;80=>)58;<3´0AC48C0;80=0
>1B4AE0C>AH>=8C0;80=B8;4=C28=4<0)58;<3´0AC48C0;80=0
9\`b_WUdd_TYS_^cUbfQjY_^UUbUcdQeb_TU\\QS_\\UjY_^U
TYVY\]`b_T_ddYTQ\\Q6Y\]Tµ1bdU9dQ\YQ^Q~WYe^d_aeU
cdµQ^^_QTe^Q^e_fQdQ``Q<Q3Y^UdUSQTY2_\_W^Q
Y^ cUWeYd_ Q\ bYdb_fQ]U^d_ `bUcc_ \Q 3Y^}]QdX~aeU
6bQ^|QYcUTYe^S_b`ece^YS_TYVY\]`b_T_ddYTQ\\Q619
US_cdYdeYd_TQ^UWQdYfY_bYWY^Q\YY^^YdbQd_deddY\Qf_bQdY
Q\\µU`_SQ ^U\\_ cdUcc_ \QR_bQd_bY_ XQ QffYQd_ ^UW\Y
Q^^Y >_fQ^dQ Y\ ceTTUdd_ `b_WUdd_ f_\d_ Q bY`_bdQbU
ceW\YcSXUb]YaeUcd_SQ`Yd_\_`bUjY_c_]Q`_S_S_^_cSYed_TU\SY
^U]QYdQ\YQ^_9^S_\\QR_bQjY_^US_^\Q3Y^}]QdX~aeU6bQ^|QYcU
c_^_cdQdYbUcdQebQdY^U\S_bc_TYaeUcdYQ^^YRU^TYSYQ^^_fUVY\]
]U^dbUQ\dbU_dd_S_`YUc_^_cdQdU`bUcUbfQdU
AeUcdµQ^^_W\YY^dUbfU^dYTYbUcdQeb_\UWQdYQ\`b_WUdd_619cYc_^_
Y^TYbYjjQdY fUbc_ dbU VY\]* =QbS_ FYcS_^dY !)!! 2UQdbYSU Tµ5cdU
!)!"UE^TbQ]]QQ6YbU^jU!)!"<QcSU\dQ~cdQdQ]_dYfQdQ
_\dbUSXUTQ\\Qf_\_^dwTYQWWYe^WUbU^e_fYdQccU\\YQaeQ^d_bUQ\Yj
jQd_VY^_bQQ^SXUTQ\TUcYTUbY_TYS_^dbYReYbUQbU^TUbU_]QWWY_
Q\\QTYfQ`UbQ^d_^_]QcYQTU\SY^U]QYdQ\YQ^_*6bQ^SUcSQ2UbdY^Y
<µQddbYSUQfUfQY^VQddYTUReddQd_Q\SY^U]Q`b_`bY_WbQjYUQ\\Q619
1^SXUcUTYfU^^UVQ]_cQc_\_ceSSUccYfQ]U^dUaeUcdYQ^^YTYWQ
fUddQVeb_^_V_^TQ]U^dQ\Y`Ub`_dUbcY]YcebQbUS_^\Q]QSSXY^QTQ
`bUcQ<QceQ`Ub]Q^U^jQQ\\Q619Teb‡TeUQ^^YTQ\!)! Q\!)!"
TebQ^dUYaeQ\YY^dUb`bUd‡TYfUbcYbe_\YY^fU^dYVY\]?WWY^Uc_^_
c_`bQffYccedYaeQdd_bTYSYTUYaeQ\Y^U`b_`_^YQ]_aeYe^Q`QbdU
1T _W^Y ]_T_ QRRYQ]_ bYdU^ed_ _``_bde^_ `bUcU^dQbU Q^SXU
Q\dbYVY\]`b_T_ddYTQ\\Q619Y^SeY\Q^_cdbQTYfQ^_^S_]`QbUDQ\U
cSU\dQ^QcSUTQ\\Qf_\_^dwTY]_cdbQbU^U\S_bc_TUW\YQ^^YaeQ^d_
US_cQ~c_`bQffYcced_TU\\QceTTUddQ`b_TejY_^UQ\VY^UTYQfUbU
e^µYTUQ`YŒSXYQbQceaeU\\QSXUVY^_Q`_SXYQ^^YVQUbQS_^cYTU
bQdQe^QSQcQ]Y^_bU@Ub]_dYfYTYS_UbU^jQcY~TQd_]QWWY_b
c`QjY_QYVY\]Y^S_cde]UdY`YSYTU\\Q`bY]Q_^TQdQ`b_TeddYfQTU\\Q
619TYSeYYVY\]Y^dUb`bUdQdYTQ\\Q2UbdY^YVQ^^_`QbdU
>_^RYc_W^Q`Ub‡TY]U^dYSQbUSXU\Q619TQ\!)!#Y^`_Y_bYU^d‡\Q
ceQ`b_TejY_^UfUbc_VY\]`YŒ]_TUb^YS_]]UTYUU]U\_TbQ]]Y
R_bWXUcY Q]RYU^dQdY Y^ U`_SQ S_^dU]`_bQ^UQ @Ub dQ\U ]_dYf_
`b_`_^YQ]_e^VY\]S_]UCY\fY_U\_CdbQTYfQbYecdUcdY]_^US_^
SbUd_TYaeUcd_SQ]RYQ]U^d_TYb_ddQ
!"$
DXU `b_ZUSd V_b dXU `bUcUbfQdY_^ Q^T bUcd_bQdY_^ _V dXU VY\]c
`b_TeSUTRi6Y\]Tµ1bdU9dQ\YQ^Q619XQcbUQSXUTQ^UgcdQWU
dXYciUQb1e^YaeUS_b`ec_VVY\]c`b_TeSUTRi619gQcV_e^TQd
dXU 3Y^}]QdX~aeU 6bQ^|QYcU Q^T S_^cYcdUT _V _bYWY^Q\ ^YdbQdU
^UWQdYfUcdXQdXQTQ\\RUU^`b_SUccUTY^dXUcQ]U\QR_bQd_bi1c
QbUce\d_VdXYcTYcS_fUbiY^dXU!)) cdXU3Y^UdUSQTY2_\_W^Q
RUWQ^dXU`b_ZUSd_VRbY^WY^WdXYc`bUSY_ecRed\Ydd\U[^_g^SXQ`dUb
_V9dQ\YQ^SY^U]QRQS[d_dXUcSbUU^c9^S_\\QR_bQdY_^gYdXdXU
3Y^}]QdX~aeU6bQ^|QYcU^Y^UdUU^VY\]cXQfURUU^bUcd_bUTc_
VQbQ^TUYWXdQTTYdY_^Q\dYd\UcXQfURUU^`bUcUbfUT
DXYciUQbbUcd_bQdY_^cbU\QdUTd_dXU619`b_ZUSdV_SecUT_^dXbUU
VY\]c*=QbS_FYcS_^dY!)!!2UQdbYSUTµ5cdU!)!"Q^TE^TbQ]]Q
Q6YbU^jU!)!"9^QTTYdY_^d_dXUTUcYbUd_QTTd_dXU^e]RUb
_VVY\]cdXQdXQfURUU^bUcd_bUTdXUcUVY\]cgUbUSX_cU^d_`Qi
X_]QWUd_dXUTYfQ_V9dQ\YQ^SY^U]Q`QbUhSU\\U^SU*6bQ^SUcSQ
2UbdY^Y9^TUUT2UbdY^Y]QTUXUb_^cSbUU^TURed`bUSYcU\igYdX
619DX_eWXcXURUSQ]UVQ]_ec_^\i\QdUbdXUcUUQb\iiUQbcY^
dXU\_gUbbQ^[cgUbUUccU^dYQ\V_bXUbd_WQY^Uh`UbYU^SUY^Vb_^d_V
dXUSQ]UbQCXUcdQiUTgYdX619V_bdg_iUQbcVb_]!)! d_!)!"
TebY^WgXYSXdY]UcXU`\QiUTQfQbYUdi_Vb_\UcY^Qd_dQ\_VdgU^di
VY\]cD_TQiV_ebdUU^_VdXUcUVY\]ccebfYfUcUfUbQ\_VgXYSXgY\\
RUcX_g^Y^dXYccUSdY_^_VdXU6UcdYfQ\
GUXQfUQ\c_SX_cU^d_`bUcU^dcUfUbQ\_dXUb619VY\]cY^gXYSX
_ebTYfQT_Uc^_dQ``UQbDXYcSX_YSUcdU]cVb_]_ebTUcYbUd_
cX_g_fUbdXUS_ebcU_VcUfUbQ\iUQbcdXU619`b_TeSdY_^dXQdXQc
cebfYfUTY^Q^QddU]`dd_`b_fYTUQS\UQbUb`YSdebU_VQ`b_TeSdY_^
S_]`Q^idXQdXQTRUU^S_^cYTUbUT]Y^_be^dY\ZecdbUSU^d\i6_b
S_^cYcdU^SigUXQfUWYfU^c`QSUdXYciUQbd_`UbY_TVY\]cgXYSX
gUbUdi`YSQ\_VdXUVYbcdgQfU_V619`b_TeSdY_^cdXQdY^S\eTUdX_cU
VUQdebY^W2UbdY^Y
9d Yc Y]`_bdQ^d d_ bU]U]RUb X_gUfUb dXQd Vb_] !)!# _^ 619
_bYU^dUT Ydc `b_TeSdY_^ d_gQbTc ]_bU ]_TUb^ VY\]c ceSX Qc
S_]UTYUc Q^T R_ebWU_Yc ]U\_TbQ]Qc cUd Y^ S_^dU]`_bQbi
dY]Uc6_bdXYcbUQc_^gUXQfUQ\c_SX_cU^d_`bUcU^dCY\fY_U\_
CdbQTYfQbYecgXYSX`b_fYTUcQS_^SbUdUUhQ]`\U_VdXYcSXQ^WU
Y^TYbUSdY_^
5A0=24B2030A8<8=8,WDOLD5HJLD8JR)DOHQD
Ŷ 6RJGDOODSULPDFDQWLFDGHOOD´'LYLQD&RPPHGLDµGL'DQWH$OLJKLHUL,QW)UDQFHVFD %HUWLQL)UDQFHVFDGD5LPLQL6WDQLVODR&LDUOLLOEXIIRQH)UDQFHVFR'L*HQQDUR/DQFLRWWR
0DODWHVWD*XVWDYR&RQIRUWL3DROR*LXOLR*UDVVL*XLGRGD3ROHQWD3URG)LOPG·$UWH,WDOLDQD6$3DWKp)UqUHVŶPP/PGLFXLDFRORUL'·DIV,PELELWRH
SRFKRLU7LQWHGDQGVWHQFLO'LGDVFDOLHLQJOHVL(QJOLVKLQWHUWLWOHVŶ'D6FXROD1D]LRQDOHGL&LQHPD&LQHWHFD1D]LRQDOHŶ5HVWDXURHVHJXLWRGD$PHULFDQ)LOP,QVWLWXWHQHO3ULQW
UHVWRUHGLQE\$PHULFDQ)LOP,QVWLWXWH
4_`_c_\YTeU]UcYTQ\ce_TURedd_^U9\Db_fQd_bU619!)! Y^
6bQ^SUcSQTQBY]Y^Y\Q2UbdY^Y~WYw`b_dQW_^YcdQQcc_\edQ4QaeY
Y^`_YbYfUcdYbwcU]`bUbe_\Y`bY^SY`Q\YTYfU^dQ^T_\µQddbYSUTY`e^dQ
TU\\Q6199^aeUcdµ_`UbQcY^QbbQe^QTU\\U`YŒRU\\Ucd_bYUTµQ]_bU
SXUcYQ^_]QYcdQdUcSbYddUaeU\\QdbQ@Q_\_U6bQ^SUcSQ=_dYf_
TYQddbQjY_^U`UbY\`eRR\YS_TU\\µU`_SQ`Ub‡^_^UbQc_\_\µYTY\\Y_
dbQWYS_dbQYTeU`b_dQW_^YcdY]QQ^SXUY\fQ\_bUSe\debQ\UTYe^VY\]
dbQdd_TQ\SQ`_\Qf_b_TQ^dUcS_²8__ccUbfQd_SXU]_\dYWY_fY^UddYU
cYW^_bY^UTU\SUd_]UTY_`bY]QTYU^dbQbU^U\\QCQ\QB_]QcYc_V
VUb]Q^_Q\SQbdU\\_^Uc`YUWQdYf_TU\SU\URbUU`Yc_TY_TQ^dUcS_+`Ub
SeYbYce\dQQccQYSXYQbQ]U^dU\QS_^cUWeU^jQTU\\Q]QccY]QUc
cU^jQTYSe\debQSXUTwaeU\\_c`UddQS_\_³3=Q^ceUdY²<Q3Y^U
6_^_U\QBYfYcdQ6_^_3Y^U]Qd_WbQVYSQ³^!"&"$)!)! 9\VY\]
~cdQd_bUcdQebQd_TQ\\µ1]UbYSQ^6Y\]9^cdYdedU^U\!)((Q`QbdYbUTQ
e^QS_`YQ`_cYdYfQTµU`_SQS_\_bQdQ`UbY]RYRYjY_^UU`_SX_Yb
:ecddg_]_^dXcQVdUbXUbTURedY^9\Db_fQd_bU619!)! 2UbdY^Y
gQcQ\bUQTidXUQRc_\edUcdQb_V6bQ^SUcSQTQBY]Y^Y6b_]dXU^
_^cXUQ\gQic`\QiUTcdQbbY^Wb_\UcRUS_]Y^W619µc\UQTY^W\QTi
DXYcVY\]dU\\c_^U_VdXU]_cdRUQedYVe\\_fUcd_bYUcUfUbgbYddU^dXU
cd_bi_V@Q_\_Q^T6bQ^SUcSQ8_gUfUbdXUVY\]XQTgYTU`eR\YS
Q``UQ\^_dZecdRUSQecU_VdXUdbQWYS\_fUcd_biRedQ\c_RUSQecU
_VdXUSe\debQ\fQ\eU_VQVY\]RQcUT_^4Q^dUµc]QcdUb`YUSU²9µfU
^_dYSUT]Q^i]YTT\US\Qcci_e^WSXQ`cQ^T\QTYUc\Y^WUbY^WY^
Vb_^d_VdXU`_cdUbdXQdUh`\QY^cdXUVQ]_eccd_biRi4Q^dURUV_bU
dXUiU^dUbdXUCQ\QB_]QdXUQdUb+dXUbUV_bUYdYcaeYdUS\UQbdXQd
dXU ]QY^ QddbQSdY_^ _V dXU c`USdQS\U \YUc `bUSYcU\i Y^ Ydc WbUQd
Se\debQ\ fQ\eU³ 3 =Q^ceUdY ²<Q 3Y^U6_^_ U \Q BYfYcdQ 6_^_
3Y^U]Qd_WbQVYSQ³^ƒ!"&"$)!)! DXUVY\]($%VUUd\_^WgQc
bUcd_bUTRidXU1]UbYSQ^6Y\]9^cdYdedUY^!)((Vb_]Q`_cYdYfU
`bY^dVb_]dXU`UbY_TgYdXdY^dY^WQ^TcdU^SY\S_\_bY^W
8;<4A20=C438E4=4I80,WDOLD5HJLD*HURODPR/R6DYLR
9\VY\]fUTU^UY`Q^^YTYCXi\_S[e^_dbQY`YŒWbQ^TYQdd_bYYdQ\YQ^YTY
dUQdb_5b]UdU>_fU\\Y7Ub_\Q]_<_CQfY_\_QfUfQS_^fY^d_QT
Y^dbQ`bU^TUbU\QSQbbYUbQSY^U]Qd_WbQVYSQUWYwY^BU<UQb619
!)! U^U<Q]_bdUSYfY\U619!)! URRUbe_\YTQ`b_dQW_^YcdQ
<QceQY^dUb`bUdQjY_^U`Ub‡^_^~`YQSYedQ^}Q\\QSbYdYSQTU\\µU`_
SQ^}QaeU\\QceSSUccYfQ`_YSX}db_``_\UWQdQQSQ^_^YdUQdbQ\Y
C_^_cdQdUY^fUSU]_dYf_TYQ``bUjjQ]U^d_\UbY`bUcUY^UcdUb^Y
WYbQdUTYbUddQ]U^dUQFU^UjYQ*²9\`bUWY_`bY^SY`Q\UTU\VY\]bYcYUTU
^U\VQdd_SXUdeddU_\Q]QWWY_b`QbdUTU\\UcSU^Uc_^_WYbQdU^UY\e_
WXYfU^UjYQ^Y³B_RUbd8Q]Y\d_^2Q\\CXQ[Uc`UQbU_^CY\U^d6Y\]
<_^T_^7U_bWU1\\U^Q^TE^gY^<dT!)&(E^QS_`YQTU\VY\]~
cdQdQbYdb_fQdQUbUcdQebQdQTQ\>QdY_^Q\6Y\]DU\UfYcY_^1bSXYfU
CY~`QbdYdYTQe^`_cYdYf__bYWY^Q\UY^^YdbQd_S_\_bQd_Qe`_SX_Yb<Q
S_`YQ`Ub‡~\QSe^_cQ*c_^_c_`bQffYccedYY^VQddYc_\_%%&`YUTY
DXYc VY\] VUQdebUc _^U _V dXU WbUQdUcd 9dQ\YQ^ dXUQdUb QSd_bc
5b^UdU >_fU\\Y Y^ dXU b_\U _V CXi\_S[ 7Ub_\Q]_ <_ CQfY_ XQT
S_^fY^SUT>_fU\\Yd_e^TUbdQ[UQVY\]SQbUUbdXecXUXQTQ\bUQTi
`\QiUT\UQTY^Wb_\UcY^BU<UQb619!)! Q^T <Q]_bdUSYfY\U
619 !)! 3bYdYSc Qd dXU dY]U Q^T Y^ \QdUb TQic X_gUfUb TYT
^_d Q``bUSYQdU XYc `UbV_b]Q^SU RUSQecU dXUi VU\d Yd gQc d__
S\_cU\i\Y^[UTd_dXUQdbYSQ\S_^fU^dY_^c?^dXU_dXUbXQ^TdXU
cX_dcVY\]UT_^\_SQdY_^Y^FU^YSUbUSUYfUT]eSXQSS\QY]*²DXU
SXYUVfYbdeU_VdXUVY\]YcdXQdQ\\_b]_cd_VYdYccX_dY^FU^UdYQ^
RQS[Wb_e^Tc³B_RUbd8Q]Y\d_^2Q\\CXQ[Uc`UQbU_^CY\U^d6Y\]
<_^T_^7U_bWU1\\U^Q^TE^gY^<dT!)&(1S_`i_VdXUVY\]
gQcV_e^TQ^TbUcd_bUTRidXU>QdY_^Q\6Y\]DU\UfYcY_^1bSXYfU
BUcd_bQdY_^gQcRQcUT_^Q^Y^S_]`\UdU_bYWY^Q\^YdbQdU`_cYdYfU
`bY^dgYdXcdU^SY\S_\_bY^W?^\i%%&VUUdcebfYfU
?8034´C>;><48,WDOLD5HJLD*HURODPR/R6DYLR
Ŷ,QW7LQD2UVLQL6DQVROGR3LDGH·7RORPHL)UDQFHVFR'L*HQQDUR8JR*DVWRQH0RQDOGL5LQDOGRGHOOD3LHWUD*LXOLR*UDVVL7RORPHLSDGUHGL3LD$OIUHGR&DPSLRQLIUDWHOORGL
3LD$WWLOD5LFFLXQPHUFDQWH3URG)LOPG·$UWH,WDOLDQDŶPP/P'·DIV%Q'LGDVFDOLHLWDOLDQH,WDOLDQLQWHUWLWOHVŶ'D6FXROD1D]LRQDOHGL&LQHPD&LQHWHFD
1D]LRQDOH
3_^@YQTUµD_\_]UYSYdb_fYQ]_TYVb_^dUQTe^Q\db_TbQ]]QSXU
dbQUYc`YbQjY_^UTQ\\Q4YfY^Q3_]]UTYQ<QVbQcUTY\Q^SY_TU\VY\]
bUSYdQ*²AeUcd_~Y\]UcdYccY]_U`Yc_TY_SXU4Q^dUXQY]]_bdQ\Qd_
^U\\QceQ4YfY^Q3_]]UTYQUSXU~aeYbUc_S_^`b_V_^TYccY]_
cU^c_TµQbdUUS_^bQbQ]UbQfYW\Y_cQUVVYSQSYQ³9\VY\]~`UbVUddQ
GYdX@YQTUµD_\_]UYgUVY^T_ebcU\fUcRUV_bUiUdQ^_dXUbTbQ]Q
Y^c`YbUTRiDXU4YfY^U3_]UTiDXU`eR\YSYdiV_bdXUVY\]cdQdUc*
²DXYc]_eb^Ve\cd_biY]]_bdQ\YjUTRi4Q^dUY^XYc4YfY^U3_]UTi
YcbU^TUbUTXUbUgYdXQ`b_V_e^TcU^cU_VQbdQ^TgYdXbQbUQ^T
g_^TUbVe\ UVVUSdYfU^Ucc³ DXU VY\] Yc `UbVUSd\i Y^ \Y^U gYdX dXU
!"%
?CC5BF1D?B9?*619
Ŷ6RJGDOGUDPPD´7KH0HUFKDQWRI9HQLFHµGL:LOOLDP6KDNHVSHDUH,QW(UPHWH1RYHOOL6K\ORFN2OJD*LDQQLQL1RYHOOL3RU]LD)UDQFHVFD%HUWLQL-HVVLFD6LJ)HUUDWL
$QWRQLR3URG)LOPG·$UWH,WDOLDQD6$3DWKp)UqUHVŶPP/P'·DIV3RFKRLU6WHQFLO'LGDVFDOLHLQJOHVL(QJOLVKLQWHUWLWOHVŶ'D1DWLRQDO)LOP7HOHYLVLRQ
$UFKLYHŶ5HVWDXUDWRGD1DWLRQDO)LOP7HOHYLVLRQ$UFKLYH3ULQWUHVWRUHGE\1DWLRQDO)LOP7HOHYLVLRQ$UFKLYH
]U^dUY^\Y^UQS_^Y\WU^UbU`b_TeddYf_dY`YS_TU\\Q619TUY`bY]YQ^^Y
9VY\]cd_bYSYY^S_cde]UYTbQ]]YdUQdbQ\YbQ``bUcU^dQfQ^_Y^VQddY
\µYTUQ\UTY²VY\]TµQbdU³TU\\U_bYWY^YE^QS_`YQTU\VY\]~cdQdQ`bUcUb
fQdQTQ\\Q3Y^UdUSQ>QjY_^Q\U<µ_bYWY^Q\U_b]QYTYcdbedd_QSQecQ
TU\ce_YbbUfUbcYRY\UTUSQTY]U^d_UbQe^`_cYdYf_TµU`_SQS_\_bQd_
Qe`_SX_Yb<QS_`YQ~cdQdQTe`\YSQdQY^RYQ^S_U^Ub_U`bUcU^dQ
^UYdYd_\YTYdUcdQQ\Se^UdbQSSUTU\TUSQTY]U^d_TU\\µ_bYWY^Q\U
`b_TeSdY_^WU^bUdi`YSQ\_V619Y^YdcUQb\iiUQbcgXU^XYcd_bYSQ\
S_cde]UVY\]cQ^TdXUQdbYSQ\TbQ]QcbU`bUcU^dUTdXUYTUQ\²VY\]
TµQbdU³1S_`i_VdXUVY\]gQc`bUcUbfUTQddXU3Y^UdUSQ>QjY_^Q\U
CY^SUdXU^dXU_bYWY^Q\XQcRUU^TUcdb_iUTRiYbbUfUbcYR\UTUSQi
DXU _bYWY^Q\ gQc Q `_cYdYfU `bY^d Vb_] dXU `UbY_T gYdX cdU^SY\
S_\_bY^W DXU VY\] gQc `bUcUbfUT Y^ R\QS[ Q^T gXYdU+ dbQSUc _V
TUdUbY_bQdY_^Y^dXU_bYWY^Q\`bY^dQbUfYcYR\UY^dXU_`U^Y^WSbUTYdc
8;A0CC>34;;4B018=4,WDOLD5HJLD8JR)DOHQD
Ŷ6RJ8JR)DOHQD,QW&LUR*DOYDQL5RPROR&DUOR'XVH$FURQH*DVWRQH0RQDOGL7D]LR&ORWLOGH'H0DULD(UVLOLD$QQD3DVTXLQHOOL7DUSHLD3URG)LOPG·$UWH,WDOLDQDŶPP/P
'·DIV,PELELWR7LQWHG'LGDVFDOLHRODQGHVL'XWFKLQWHUWLWOHVŶ'D1HGHUODQGV)LOPPXVHXPŶ5HVWDXUDWRQHOGDXQQLWUDWRSRVLWLYR3ULQWUHVWRUHGLQIURPQLWUDWHSRVLWLYH
EW_6Q\U^Q~e^_dbQY`bY^SY`Q\YbUWYcdYTU\\Q6Y\]Tµ1bdU9dQ\YQ^Q
4_`_e^Q\e^WQSQbbYUbQY^dUQdb_UbQcdQd_TYbUdd_bUTU\DUQdb_
1bWU^dY^QUQfUfQTYbUdd_\Q3_]`QW^YQCdQRY\UB_]Q^Q6Q\U^Q
TUSYTUTYTUTYSQbcYQ\SY^U]Qd_WbQV_1bbYfQd_Q\\Q619^U\!) )fY
bUQ\YjjQRU^aeQbQ^dQTeUVY\]d_SSQ^T_YWU^UbY`YŒTYc`QbQdY*TQW\Y
Y^YjYQ\YTbQ]]YY^S_cde]U<QcYW^_bQTQ\\USQ]U\YU!) )+7eW\YU\
]_DU\\!)!!QYceSSUccYfYSY^UTbQ]]Y]_TUb^Y4Q\\µQ]_bUQ\TY
c_^_bU!)!"+<QbY^e^jYQ!)!#TQ\\QS_]]UTYQ<_cdbQdQWU]]Q
TYCdQcYw!)!$Q\\Q`Q^d_]Y]Q9\TYcY^WQ^^_TY@YUbb_d!)!%Q\
VY\]TY`b_`QWQ^TQ@Ub\Q@QdbYQ!)!%9\VY\]~cdQd_bUcdQebQd_^U\
!)()TQ\6Y\]]ecUe]TY1]cdUbTQ]Q`QbdYbUTQe^`_cYdYf__bYWY
^Q\UY^^YdbQd_S_\_bQd_`UbY]RYRYjY_^U<QS_`YQ\e^WQ##"]UdbYU
S_^TYTQcSQ\YU_\Q^TUcYVQSUfQ`QbdUTU\\QS_\\UjY_^U4Uc]Ud
EW_6Q\U^QgQc_^U_VdXU]QY^TYbUSd_bcV_b6Y\]Tµ1bdU9dQ\YQ^Q
1VdUb Q \_^W SQbUUb Y^ dXU dXUQdUb ° XU gQc TYbUSd_b _V DUQdb_
1bWU^dY^QQ^TV_bdXU3_]`QW^YQCdQRY\UB_]Q^Q°6Q\U^QdXU^
TUSYTUTd_TUf_dUXY]cU\Vd_dXUSY^U]Q8UQbbYfUTQd619Y^!) )
Q^Tg_e\TW__^d_]Q[UV_bdidg_VY\]cY^QgYTUfQbYUdi_VWU^bUc*
Vb_] UQb\i S_cde]U TbQ]Qc <Q cYW^_bQ TQ\\U SQ]U\YU !) )+
7eW\YU\]_ DU\\ !)!! V_\\_gUT Ri ]_bU ]_TUb^ SY^UTbQ]Qc
4Q\\µQ]_bUQ\TYc_^_bU!)!"+<QbY^e^jYQ!)!#d_S_]UTYUc
<_cdbQdQWU]]QTYCdQcYw!)!$`Q^d_]Y]U9\TYcY^WQ^^_TY
@YUbb_d!)!%Q^T`b_`QWQ^TQVY\]c@Ub\Q@QdbYQ!)!%DXU
VY\]gQcbUcd_bUTY^!)()RidXU1]cdUbTQ]6Y\]]ecUe]Vb_]Q^
_bYWY^Q\dY^dUT^YdbQdU`_cYdYfU`bY^dDXYcS_`iYc##"]UdUbc\_^W
gYdX4edSXceRdYd\Uc9dgQc`Qbd_VdXU4Uc]UdS_\\USdY_^
;02>=C4BB038270;;0=C43>=?43A>382>A3>E0,WDOLD5HJLD*HURODPR/R6DYLR
?CC5BF1D?B9?*619
Ŷ6FHQ*HURODPR/R6DYLR,QW)UDQFHVFD%HUWLQLFRQWHVVDGL&KDOODQW*XVWDYR6HUHQD'RQ3HGURGL&RUGRYD3URG)LOPG·$UWH,WDOLDQDŶPP/P'·DIV%Q
'LGDVFDOLHIUDQFHVL)UHQFKLQWHUWLWOHVŶ'D&LQpPDWKqTXH)UDQoDLVHŶ5HVWDXURHVHJXLWRGDOOD&LQpPDWKqTXH)UDQoDLVHQHO3ULQWUHVWRUHGLQE\&LQpPDWKqTXH)UDQoDLVH
9`bY^SY`Q\YY^dUb`bUdYTYaeUcd_VY\]c_^_TeUWbQ^TY^_]YTU\SY^U]Q
]ed_YdQ\YQ^_*6bQ^SUcSQ2UbdY^YU7ecdQf_CUbU^Q@Ub\Q`bY]Q
f_\dQY^cYU]UYTeU\Qf_bUbQ^^_Q\\Q619`YŒ_]U^_^UW\YcdUccYQ^^Y
4QaeY^QcSUbwaeU\WbQ^TUc_TQ\YjY_QbdYcdYS_SXU`_bdUbwQ\\QbUQ\Yj
jQjY_^UTY1cce^dQC`Y^Q>_^_cdQ^dUc_\YdQ]U^dUYVY\]Y^S_cde]U
bYce\dY^_S_\_bQdYQe`_SX_Yb\QS_`YQcY`bUcU^dQY^RYQ^S_U^Ub_9\
^UWQdYf__bYWY^Q\UTQSeYcY~`QbdYdY`UbY\bUcdQeb_^_^UbQSQbQddUbYj
jQd_TQQ\Se^QY^TYSQjY_^UbU\QdYfQQdQ\UdY`_TYS_\_bQjY_^U1T_W^Y
]_T_dbQddQ^T_cYTY^UWQdYf_^_^cQbURRUcdQd_`_ccYRY\UbUcdYdeYbU
\µUfU^deQ\US_\_bQjY_^UQe`_SX_Yb9\\Qf_b_TYbUcdQeb_TU\\QS_`YQ
~cdQd_UcUWeYd_TQ\\Q3Y^}]QdX~aeU6bQ^|QYcUSXUXQQVVYTQd_Q
BU^}U<YSXdYWU:UQ^7Y\Y\QbYS_cdbejY_^UTU\\UTYTQcSQ\YUQccU^dY
^U\\µ_bYWY^Q\UAeUcdUc_^_cdQdUbYSbUQdUVQSU^T_bYVUbY]U^d_Q\c_W
WUdd__bYWY^Q\UTU\VY\]S_^cUbfQd_Q\\Q2YR\Y_dX~aeUTU\µ1bcU^Q\
DXU\UQTY^WQSd_bcY^dXYcVY\]QbUdg_WbUQd^Q]UcVb_]9dQ\YQ^
cY\U^dVY\]*6bQ^SUcSQ2UbdY^YQ^T7ecdQf_CUbU^QD_WUdXUbV_b
dXUVYbcddY]UR_dXg_b[UTV_b619]_bU_b\UccTebY^WdXUcQ]U
`UbY_T6b_]XUbUQWbUQdQbdYcdYS`Qbd^UbcXY`gQcR_b^\UQTY^W
d_dXU]Q[Y^W_V1cce^dQC`Y^QDX_eWX`UbY_TVY\]cgUbUeceQ\\i
`bUcU^dUTgYdXcdU^SY\S_\_bY^WdXYcS_`igQcR\QS[Q^TgXYdU*dXU
_bYWY^Q\^UWQdYfUecUTV_bdXUbUcd_bQdY_^R_bU^_cYW^cY^TYSQdY^W
cdU^SY\S_\_bY^W9^Q^iSQcUYdg_e\T^_dXQfURUU^`_ccYR\Ud_
bUS_^cdbeSdcdU^SY\S_\_bY^WVb_]Q^UWQdYfUDXU3Y^}]QdX~aeU
6bQ^|QYcUbUcd_bUTdXU`bY^dDXUY^dUbdYd\UcgXYSXgUbU]YccY^WY^
dXU_bYWY^Q\gUbUbUSbUQdUTRiBU^}U<YSXdYWQ^T:UQ^7Y\YRQcUT
_^dXU_bYWY^Q\VY\]cSU^QbY_XU\TQddXU2YR\Y_dX~aeUTU\µ1bcU^Q\
<0A2>E8B2>=C8,WDOLD5HJLD8JR)DOHQD
Ŷ6RJGDOURPDQ]RRPRQLPRGL7RPPDVR*URVVL6FHQ8JR)DOHQD,QW'LOOR/RPEDUGL0DUFR9LVFRQWL*HPPD'H6DQFWLV(UPHOLQGD)UDQFHVFD%HUWLQL0DULD3URG)LOP
G·$UWH,WDOLDQDŶPP/P'·DIV%Q'LGDVFDOLHLWDOLDQH,WDOLDQLQWHUWLWOHVŶ'D&LQHWHFDGL%RORJQDŶ5HVWDXUDWRQHOGDOOD&LQHWHFDGL%RORJQDSUHVVR/·,PPDJLQH
5LWURYDWD5HVWRUHGLQE\&LQHWHFDGL%RORJQDDW/·,PPDJLQH5LWURYDWD
7bQjYUQ\\Qf_b_TYbYS_cdbejY_^UTYaeUcdQS_`YQ~cdQd_`_ccYRY\U
^_dQbU S_]U \U bYfYcdU SY^U]Qd_WbQVYSXU QRRYQ^_ TYVVec_ Q\Se^U
!"&
BUcUQbSX d_ bUS_^cdbeSd dXYc VY\] bUfUQ\UT dXQd SY^U]Q
]QWQjY^UcXQT`eR\YcXUTcUfUbQ\`YUSUc_VVQ\cUY^V_b]QdY_^
Y^V_b]QjY_^YUbbQdUce\VY\]C_\YdQ]U^dUY^VQddYcY~cSbYdd_SXUY\
`Ubc_^QWWY_VU]]Y^Y\UY^dUb`bUdQd_TQ6bQ^SUcSQ2UbdY^YcYSXYQ]Q
²2YSU³+Y^_\dbUY\VY\]~TUVY^Yd_S_]U²e^TbQ]]QY^!)aeQTbY³9^
bUQ\dw²2YSU³^_^UcYcdU_]UW\Y_^U\VY\]db_fYQ]_c‚\Q2UbdY^Y]Q
^UY`Q^^YTY²=QbYQ³1\\_cdUcc_]_T_\QcSU^UWWYQdebQ`bUcU^dQ
!!aeQTbYU^_^!)9\bUcdQeb_~cdQd_bUQ\YjjQd_Q`QbdYbUTQe^^U
WQdYf__bYWY^Q\UY^^YdbQd_bYdb_fQd_Q\\Q3Y^}]QdX~aeU6bQ^|QYcUU
`bUcUbfQd_^UW\YQ^^Y>_fQ^dQ>U\" #~cdQd_dUb]Y^Qd_Y\\Qf_b_
S_^\QbYS_cdbejY_^UTU\dUcd_TU\\UTYTQcSQ\YU`bUcU^dY^U\\QcSU
^UWWYQdebQTU\VY\]<QS_`YQ~Y^RYQ^S_U^Ub_`_YSX}`UbaeUcd_
VY\]Y^_bYWY^U^_^UbQ`bUfYcdQQ\Se^QS_\_bQjY_^U
QR_ed Yd DXU VU]Q\U b_\U `\QiUT Ri 6bQ^SUcSQ 2UbdY^Y Yc
eceQ\\i^_dUTgYdXdXU^Q]U²2YSU³Q^TdXUVY\]YcTUcSbYRUT
Qc ²Q TbQ]Q Y^ !) QSdc³ 9^ bUQ\Ydi ²2YSU³ T_Uc^µd UhYcd _b
bQdXUb2UbdY^YYcY^dXUVY\]RedY^dXUb_\U_V²=QbYQ³CY]Y\Qb\i
dXU cSbY`d S_^dQY^c !! QSdc ^_d !) DXU VY\] gQc bUcd_bUT
ecY^WQ^_bYWY^Q\^YdbQdU^UWQdYfUV_e^TQddXU3Y^}]QdX~aeU
6bQ^|QYcU gXYSX XQT RUU^ `bUcUbfUT TebY^W dXU !)) c 9^
" # bUS_^cdbeSdY_^ _V dXU Y^dUbdYd\Uc Qc V_e^T Y^ dXU VY\]
cSbY`dgQcS_]`\UdUTDXUS_`iYcR\QS[Q^TgXYdURUSQecU
dXU_bYWY^Q\VY\]TYT^_dXQfUS_\_b
140CA8243´4BC4,WDOLD5HJLD8JR)DOHQD"
Ŷ6RJHVFHQ$XJXVWR*HQLQD,QW)UDQFHVFD%HUWLQL%HDWULFHG·(VWH*LRYDQQL3H]]LQJD2EL]]R,,GXFDGL)HUUDUD*XVWDYR6HUHQD2UODQGR$OIUHGR&DPSLRQL*DOHD]]R9LVFRQWL
%RYL&DPSHJJL3DGUH/RWDULR3URG)LOPG·$UWH,WDOLDQDŶPP/P'·DIV%Q'LGDVFDOLHLWDOLDQH,WDOLDQLQWHUWLWOHVŶ'D&LQHWHFDGL%RORJQDŶ5HVWDXUDWRQHO
GDOOD&LQHWHFDGL%RORJQDSUHVVR/·,PPDJLQH5LWURYDWD3ULQWUHVWRUHGLQE\&LQHWHFDGL%RORJQDDW/·,PPDJLQH5LWURYDWD
9\VY\]SXU°S_]UcU]`bUQSSQTUY^SQcQ619°`bU^TUc`e^d_TQ
UfU^dYUfYSU^TUTU\\Qcd_bYQ^QjY_^Q\U`UbVQb^UTUY]U\_TbQ]]Y
URRU\QbWQTYcdbYRejY_^UY^dedd_Y\]_^T_UbYcS_ccU^_dUf_\YS_^
cU^cY²AeUcd_VY\]S_^\QceQcd_bYQTYW^Yd_cQ]U^dUTbQ]]QdYSQ
\UceUcSU^UTU\YjY_cUU\µQSSebQdQcSU^_WbQVYQ~e^µUSSU\\U^dU
_SSQcY_^U`UbY\`eRR\YS_ÄQ\S_^dU]`_YcdbeddYf_US_Y^f_\WU^
dU³²DXU=_dY_^@YSdebUG_b\T³!$)!)!"9\VY\]Y^_bYWY^UUbQ
S_\_bQd_Qe`_SX_YbUaeUcd_UbQe^_TUY]_dYfYSXUQfUfQS_^dbY
ReYd_QTQbW\YceSSUcc_<QS_`YQ_WWYfYcYRY\U`Ub‡~Y^RYQ^S_U
^Ub_`_YSX}Y\bUcdQeb_~cdQd_bUQ\YjjQd_Q`QbdYbUTQe^^UWQdYf_
_bYWY^Q\UY^^YdbQd_S_^cUbfQd_TQ\\Q3Y^}]QdX~aeU6bQ^|QYcU<U
TYTQcSQ\YUc_^_cdQdUbYS_cdbeYdUedY\YjjQ^T_V_^dYUhdbQVY\]YSXU
DXUVY\]gQcY^c`YbUTRiUfU^dcY^dXU^QdY_^µcXYcd_bi°QcgQc
_VdU^dXUSQcUQd619°dXQdgUbUdeb^UTY^d_]U\_TbQ]Qc9dgQc
TYcdbYRedUT dXb_eWX_ed dXU g_b\T Q^T WQY^UT ]eSX QSS\QY]
²DXYc `YSdebU gYdX Ydc VQYb\i TbQ]QdYS cd_bi Ydc RUQedYVe\ cSU^Uc
Q^T QSSebQdU cUddY^Wc Yc Q^ UhSU\\U^d _VVUbY^W V_b dXU `eR\YS 9d
Yc Y^cdbeSdYfU Q^T Yd Yc Q\c_ U^dUbdQY^Y^W³ ²DXU =_dY_^ @YSdebU
G_b\T³ !$! !)!" ?bYWY^Q\\i dXU VY\] gQc `bUcU^dUT gYdX
cdU^SY\S_\_bY^WgXYSXgQc_^U_VdXUVQSd_bcdXQdS_^dbYRedUTd_
YdcceSSUccDXUS_`icX_g^d_TQiYcX_gUfUbR\QS[Q^TgXYdU
RUSQecUdXUVY\]gQcbUcd_bUTecY^WQ^_bYWY^Q\^YdbQdU^UWQdYfU
XU\TRidXU3Y^}]QdX~aeU6bQ^|QYcUgXYSXTYT^_dXQfUS_\_b
Y^V_b]QdY_^ Y^TYSQdUT DXU Y^dUbdYd\Uc gUbU bUS_^cdbeSdUT Vb_]
^_^VY\]YSc_ebSUc
Ŷ,QW)UDQFHVFD%HUWLQL(OLVDEHWWD0DUPRUDL*LRYDQQL3H]]LQJDLOFDYDOLHU$OEHUWLQL$OIUHGR&DPSLRQLLOFDUGLQDOH$FFLDLXROL3URG)LOPG·$UWH,WDOLDQDŶPP/P'·
DIV3RFKRLULPELELWRYLUDWR6WHQFLOWLQWHGWRQHG'LGDVFDOLHLWDOLDQH,WDOLDQLQWHUWLWOHVŶ'D&LQHWHFDGL%RORJQDH1HGHUODQGV)LOPPXVHXPŶ1XRYDHGL]LRQHFRORUDWD
UHVWDXUDWDGD&LQHWHFDGL%RORJQDH1HGHUODQGV)LOPPXVHXPSUHVVR/·,PPDJLQH5LWURYDWD1HZHGLWLRQLQFRORUUHVWRUHGE\&LQHWHFDGL%RORJQDDQG1HGHUODQGV)LOPPXVHXPDW
/·LPPDJLQH5LWURYDWD
²E^VY\]S_\_bQd_Q]Q^_`YU^_TYTYW^YdwUWbQ^TURU\\UjjQÄcdQd_
bUQ\YjjQd_Q6YbU^jUUW\YcV_^TYS_cdYdeYdYTQYSQ^SU\\YTUY`Q\QjjYTQ\
\USXYUcUUTQYWYQbTY^Yc_^_V_bcUW\YcdUccYSXUc_^_cdQdYdUcdY]_^Y
TU\dbQWYS_Q]_bUTU\3QfQ\YUbUUTU\\QRU\\QVQ^SYe\\QTQ\eYcSU\dQ
<Qcd_bYQ^_^~TbQ]]QdYSQ^_^SYdbQcSY^Q^U\\µU]_jY_^U+]Q`Ub
\Q]QWWY_b`QbdUcU]RbQcd_bYSQUT~e^QfYcY_^UTQS_^cYW\YQbU³
²=_fY^W@YSdebUG_b\T³!'(!)!"<QS_`YQaeY`bUcU^dQdQ~e^Q
^e_fQUTYjY_^UbYc`Udd_QaeU\\QcdQ]`QdQ^U\!))&AeUcdµe\dY]Q
Y^VQddYUbQY^RYQ^S_U^Ub_`_YSX}bUQ\YjjQdQQ`QbdYbUTQe^^UWQ
dYf_TµU`_SQ]Ucc_QTYc`_cYjY_^UTQ\\Q3Y^}]QdX~aeU6bQ^|QYcU
DQ\US_`YQbY`_bdQfQY^TYSQjY_^YY^S_TYSUbU\QdYfUcYQQ\`_SX_YbcYQ
QY]RYRYjY_^YUfYbQWWY=QQaeU\\QTQdQYS_TYSY^_^UbQ^_Q^S_bQ
cdQdYTUSYVbQdY1TYcdQ^jQTYQ\Se^YQ^^YWbQjYUQ\\QTUSYVbQjY_^UTUY
ceTTUddYS_TYSY~cdQd_`_ccYRY\UbUcdYdeYbUQddbQfUbc_Y\4Uc]UdS_
\_b\UY]RYRYjY_^YUfYbQWWYSXU\QSQbQddUbYjjQfQ^_Y^_bYWY^U
²1XQ^TS_\_bUT`YSdebUVe\\_VTYW^YdiQ^TWbUQdRUQedi9dgQc
]QTUY^6\_bU^SUQ^TdXURQS[Wb_e^Tc_V`Q\QSUWQdUcSXebSXUc
Q^TWQbTU^cQbU`UbXQ`cdXUcQ]UdXQdgYd^UccUTdXUdbQWYS\_fU
_VdXU3XUfQ\YUbQ^TdXURUQedYVe\WYb\_VXYcSX_YSUDXUcd_biYc^_d
TbQ]QdYST_Uc^_d]_fUecgYdXU]_dY_^+RedcUU]cXYcd_bYSV_b
dXU]_cd`QbdQ^T]Q[UcQTUcYbQR\U_VVUbY^W³²=_fY^W@YSdebU
G_b\T³!'(!)!"DXYcS_`iYcQ^UgfUbcY_^ceRcUaeU^dd_dXU
_^U`bY^dUTY^!))&DXQdS_`igQcY^R\QS[Q^TgXYdU]QTUVb_]
Q^UWQdYfUVb_]dXQd`UbY_TdXQdSQ]UVb_]dXU3Y^}]QdX~aeU
6bQ^|QYcU DXU ^UWQdYfU S_^dQY^UT Y^V_b]QdY_^ bUWQbTY^W R_dX
cdU^SY\ S_\_bY^W Q^T dY^dY^W Q^T d_^Y^W Red Yd gQc ]Qb[UT Y^
e^[^_g^S_TUc8_gUfUbY^!))&dXUS_TUcXQT^_diUdRUU^
TUSY`XUbUT CUfUbQ\ iUQbc \QdUb dXU S_TUc gUbU TUSY`XUbUT
Q^T^_gdXU_bYWY^Q\dY^dY^WQ^Td_^Y^WXQfURUU^bUcd_bUTgYdX
4Uc]UdS_\_b
!"'
?CC5BF1D?B9?*619
D=3A0<<0058A4=I4,WDOLD5HJLD8JR)DOHQD
8;50;2>A>BB>,WDOLD
Ŷ,QW*XVWDYR6HUHQD)UDQFHVFR,,GXFDGL7RVFDQD*LRYDQQL3H]]LQJDLOFDUGLQDOH)HUGLQDQGRGH·0HGLFL)UDQFHVFD%HUWLQL%LDQFD&DSHOOR3URG)LOPG·$UWH,WDOLDQD6$3DWKp
)UqUHVŶPP/'·DIV%Q'LGDVFDOLHLWDOLDQH,WDOLDQLQWHUWLWOHVŶ'D&LQHWHFDGL%RORJQDH&LQpPDWKqTXH)UDQoDLVH5HVWDXURHVHJXLWRQHOGD&LQHWHFDGL%RORJQD
H&LQpPDWKqTXH)UDQoDLVHSUHVVRO·,PPDJLQH5LWURYDWD3ULQWUHVWRUHGLQE\&LQHWHFDGL%RORJQDDQG&LQpPDWKqTXH)UDQoDLVHDW/·LPPDJLQH5LWURYDWD
3_^9\6Q\S_b_cc_d_b^Q^_ce\\_cSXUb]_`Ub\µU^^UcY]Qf_\dQ
\US_^WYebUTY`Q\Qjj__bTYdUQYdU]`YTU\\QT_]Y^QjY_^U]UTYSUQ
>U\be_\_TY2YQ^SQ3Q`U\\_\QVQf_bYdQTU\TeSQTYD_cSQ^Qdb_
fYQ]_6bQ^SUcSQ2UbdY^YS_]UcU]`bUS_^dUcQTQ7@UjjY^WQ
Y\ SQbTY^Q\U U 7 CUbU^Q Y\ TeSQ CU \µQ]RYU^dQjY_^U U \µec_
TU\@QdX}S_\_bc_\\UfQb_^_]_\dU\_TY^_^cY`e‡TYbUQ\dbUddQ^d_
TU\\µY^dUb`bUdQjY_^UTUY`b_dQW_^YcdY²1^_YWY_fQTYbUY^fUSUSXU
Y\\Qf_b_~`YQSYed_U]_\d_`Ub\QbYSSXUjjQTU\\_cSU^QbY_U`Ub
W\YUVVUddYV_d_WbQVYSYY^fUb_QccQYRU\\YUTY^dUbUccQ^dY9^fUSUW\Y
Qdd_bY^_^c_^_`YQSYedY9\CUbU^Q^U\\Q`QbdUTU\4eSQ~`Qbc_
Y]`QSSYQd_U\Q2UbdY^Y^U\\Q`QbdUTY2YQ^SQ3Q`U\\_XQbUSYdQd_
cU^jQfYW_bYQ³²3Y^U]Q³^ƒ")"%#!)!"
9\6Q\S_B_cc_cUUcdXUS_ebdS_^c`YbQSYUcVb_]dXUdY]Uc_VdXU
=UTYSYcµT_]Y^QdY_^bUdeb^d_dXUcSbUU^c_^SUQWQY^6bQ^SUcSQ
2UbdY^Y`\QicdXUb_\U_V2YQ^SQ3Q`U\\_dXUVQf_bYdU_VQDecSQ^
4e[U 1c eceQ\ 2UbdY^Y Yc S_^dU^TUT V_b Ri 7 @UjjY^WQ dXU
3QbTY^Q\Q^T7CUbU^QdXU4e[UGXY\UdXUcUddY^WcQ^TdXU
ecU_V@QdX}S_\_bWQb^UbUT]eSX`bQYcUdXUcQ]USQ^^_dRUcQYT
V_bdXUQSd_bcµ`UbV_b]Q^SUc²GUQbU`\UQcUTd_cQidXQdgU\Y[UT
dXUg_b[Uc`USYQ\\iV_bYdcbYSXcSU^UbiQ^TdXUaeYdURUQedYVe\Q^T
Y^dUbUcdY^W`X_d_WbQ`XYSUVVUSdc?^dXU_dXUbXQ^TgUTYT^_d
\Y[UdXUQSd_bcCUbU^QcUU]UTQg[gQbTY^dXUb_\U_VdXU4e[U
Q^T 2UbdY^Y `\QiUT dXU `Qbd _V 2YQ^SQ 3Q`U\\_ aeYdU \Ycd\Ucc\i³
²3Y^U]Q³^ƒ")"%#!)!"
D=0CA0643800;;02>AC438<8;0=>,WDOLD
Ŷ,QW)UDQFHVFD%HUWLQL%HDWULFHGL7HQGD&OHOLD=XFFKLQL$JQHVHGHO0DLQR*LRYDQQL3H]]LQJD)LOLSSR9LVFRQWL*XVWDYR6HUHQD2URPEHOOR3URG)LOPG·$UWH,WDOLDQDŶPP/
P'·DIV,PELELWRSRFKRLU7LQWHGVWHQFLO'LGDVFDOLHIUDQFHVL)UHQFKLQWHUWLWOHVŶ'D$UFKLYHV)UDQoDLVHVGX)LOP
?CC5BF1D?B9?*619
?W^Yf_\dQY^SeYY^e^VY\]TU\\Q619cYbY`bUcU^dQY\¨dbY_©2UbdY^Y@Uj
jY^WQCUbU^QcYTUdUb]Y^QcU]`bU\QcdUccQceTTYfYcY_^UTYbe_\Y*
YTeUe_]Y^Yc_^_U^dbQ]RY\UWQdYcU^dY]U^dQ\]U^dUQaeUcdQVQ^
SYe\\QQf_\dUY^^_SU^dUQf_\dU`UbVYTQ=Q]U^dbU7ecdQf_CUbU^Q
bYfUcdUcU]`bUe^be_\_`_cYdYf_TUcdY^Qd_bUW_\Qb]U^dUQc_SS_]
RUbU@UjjY^WQQ\S_^dbQbY_~cU]`bUe^dYbQ^^_SbeTU\UUdbQTYd_bU
SXUS_]e^aeUbYUcSUQVQb\QVbQ^SQ<QS_`YQ~cdQdQbUcdQebQdQTQ\
3U^dbU>QdY_^Q\TU\Q3Y^}]Qd_WbQ`XYU°1bSXYfUcTe6Y\]2_Yc
Tµ1bSiQ`QbdYbUTQe^`_cYdYf__bYWY^Q\UTY`bY]QWU^UbQjY_^US_
\_bQd_`UbY]RYRYjY_^YU`_SX_Yb1ddbQfUbc_\µec_TYe^Y^dUb^UWQdYf_
S_\_bU~cdQd_`_ccYRY\UbY`b_`_bbU\US_\_bQjY_^Y_bYWY^QbYU
5fUbidY]UdXU2UbdY^Y@UjjY^WQCUbU^Q²dbY_³Q``UQbUTY^Q619
VY\]dXUb_\UcgUbUQ\gQicTYffYUTe`Y^dXUcQ]U]Q^^Ub*dXU
dg_]U^QbUR_dXcU^dY]U^dQ\\i\Y^[UTd_dXUi_e^WWYb\gX_Yc
c_]UdY]UcY^^_SU^dQ^Tc_]UdY]UcdbUQSXUb_ec8_gUfUbgXY\U
7ecdQf_CUbU^QQ\gQic`\QicQ`_cYdYfUb_\UQ\gQicTUcdY^UTd_
ceSSe]R@UjjY^WQQ\gQic`\QicQSbeU\dibQ^dQ^TdbQYd_bgX_
^_^UdXU\Ucc]Q^QWUcd_WUd_VVcS_dVbUUDXYcS_`igQcbUcd_bUT
Ri dXU 3U^dbU >QdY_^Q\ TU \Q 3Y^}]Qd_WbQ`XYU ° 1bSXYfUc Te
6Y\] 2_Yc Tµ1bSi Vb_] Q VYbcd WU^UbQdY_^ _bYWY^Q\ `_cYdYfU `bY^d
gYdXdY^dY^WQ^TcdU^SY\S_\_bY^W1S_\_bY^dUb^UWQdYfUgQcecUTd_
bU`b_TeSUTdXU_bYWY^Q\S_\_bc
B8;E8>4;>BCA038E0A8DB,WDOLD5HJLD8JR)DOHQD
Ŷ6RJHVFHQ8JR)DOHQD)*LRUJLQR5LFFL,QW6LOYLD0DOLQYHUQL6LOYLR$UPDQGR0LJOLDULOR]LR'RUD0HQLFKHOOLOD]LQJDUHOOD/LFLD&ODXGLR(UPHOOLLOVDFUHVWDQR3URG)LOPG·$UWH
,WDOLDQDŶPP/P'·DIV,PELELWR7LQWHG'LGDVFDOLHRODQGHVL'XWFKLQWHUWLWOHVŶ'D1HGHUODQGV)LOPPXVHXPŶ5HVWDXUDWRGD1HGHUODQGV)LOPPXVHXPDSDUWLUHGD
XQSRVLWLYRQLWUDWRQHO3ULQWUHVWRUHGLQIURPQLWUDWHSRVLWLYHE\1HGHUODQGV)LOPPXVHXP
ÄceaeUcd_cUdSXUQffYU^U`Ub\Q`bY]Qf_\dQ\µY^S_^db_dbQEW_
6Q\U^QUS_\UYSXUTYfU^dUbw\QceQY^dUb`bUdU`bUTY\UddQ^_^SX}
ceQ]_W\YU*CY\fYQ=Q\Y^fUb^Y<µQddbYSUY^T_ccQaeYTUY`Q^^Y]Q
cSXY\YaeU\\YTU\`b_dQW_^YcdQCY\fY_6Q\U^Qc_TTYcVQdd_TYaeUcd_
Uc`UbY]U^d_W\YU\_VQbwbY`UdUbUY^Q\dbYTeUVY\]TQ\eYTYbUddY*<Q
VYW\YQTU\]QbUDUc`Y!)!&U9\dbYddYS_TU\\µQ]_bU2Ub^Y^YVY\]
!)" 9\VY\]VeRU^QSS_\d_TQ\\QSbYdYSQ*²CY\fY_U\_CdbQTYfQbYec
~e^Q^ef_\UddQ`YU^QTYWecd_`Yedd_cd_cU]`\YSUURU^bUSYdQdQ
<Q ceQ fYSU^TQ ~ WU^dY\U U ]_bQ\U <Q V_d_WbQVYQ bYce\dQ ]_\d_
QSSebQdQUTY\VY\]c`USYU^U\\Q`bY]Q`QbdU~USSU\\U^dU³²<Q
SY^U]Qd_WbQVYQYdQ\YQ^QUTUcdUbQ³D_bY^_%$!)!&<QS_`YQ~
cdQdQbUcdQebQdQTQ\6Y\]]ecUe]TY1]cdUbTQ]Q`QbdYbUTQe^
`_cYdYf_TµU`_SQY]RYRYd_S_^TYTQcSQ\YU_\Q^TUcY
!"(
?^ dXU cUd _V dXYc VY\] EW_ 6Q\U^Q VYbcd ]Ud dXU g_]Q^ gX_
g_e\TRUS_]UXYcVQf_bYdU\UQTY^W\QTiQcgU\\QcXYcgYVU*CY\fYQ
=Q\Y^fUb^Y8UbUdXUQSdbUcc`\QicdXU]Q\Ub_\U_VdXU`b_dQW_^Ycd
CY\fY_CQdYcVYUTgYdXdXUUh`UbY]U^d6Q\U^QXQTXUbbU`UQdYdY^
dg__dXUbVY\]cXUTYbUSdUT*<QVYW\YQTU\]QbUDUc`Y!)!&Q^T
9\dbYddYS_TU\\µQ]_bU2Ub^Y^YVY\]!)" 3bYdYScbUSUYfUTdXUVY\]
gQb]\i* ²CY\fY_ U \_ CdbQTYfQbYec Yc Q dQcdUVe\ \Ydd\U WU] bQdXUb
cY]`\U Q^T gU\\ QSdUT 9d ^QbbQdUc Q WU^d\U ]_bQ\ UfU^d DXU
`X_d_WbQ`XYSbUce\dcQbUaeYdUQSSebQdUQ^TdXUVY\]Uc`USYQ\\iY^
dXUVYbcd`QbdYcUhSU\\U^d³²<QSY^U]Qd_WbQVYQYdQ\YQ^QUTUcdUbQ³
%$!)!&DXUS_`igQcbUcd_bUTRidXU1]cdUbTQ]6Y\]]ecUe]
Vb_]Q`_cYdYfUdY^dUT`bY^dVb_]dXU`UbY_TQ^T4edSXY^dUbdYd\Uc
@b_WbQ]]QQSebQTY@Q_\_CY]_^YCUbWY_6Q^dU@Qe\Y^UTUBQi]_^T
@b_WbQ]SebQdUTRi@Q_\_CY]_^YCUbWY_6Q^dQ^T@Qe\Y^UTUBQi]_^T
28=4<07><4<>E84B
28=4<07><4<>E84B
@UbSY^U]Q"\QcUjY_^UTU\3Y^U]QBYdb_fQd_TUTYSQdQ
Q\V_e^TV__dQWUUQ\\U`YŒcfQbYQdUV_b]UTYbYSYS\QWWY_
TU\ SY^U]Q Y\ cUW^_ WbQVYS_ ²³ dbQ X_]U U ]_fYUc
bQ``bUcU^dQY\fQ\_bUQWWYe^d_Q\\UY]]QWY^Y_bYWY^Q\Y
TQ\\µY^dUbfU^d_TUYVY\]]Q[UbSXUXQ^^_QVVb_^dQd_\Q
TU\YSQdQbYU\QR_bQjY_^UTUYVY\]TYVQ]YW\YQ
9\`bY]_`b_WbQ]]Qfe_\Uc`Y^WUbcYVY^TU^db_\QVQ]Y
W\YQ_ccUbfQb^UUcS_]`_b^UY\Ve^jY_^Q]U^d_TQ\\µY^
dUb^_S_^Q\Se^YVY\]bUQ\YjjQdYTQQed_bYSXU\Qf_bQ^_TYbUddQ]U^dU
ceY]]QWY^YTU\\Q\_b_`Ubc_^Q\U]U]_bYQVQ]Y\YQbU
3_^=_bdwFYW^_\U?\YfYUbC]_\TUbcbYV\UddUce\\Q^QdebQTUYVY\]TY
VQ]YW\YQ^_^c_\_TUY`b_`bY]QQ^SXU`YŒY^WU^UbQ\Uce\bQ``_b
d_dbQY\SY^U]QU\Q]_bdU9^4Ub6QdUb3XbYcdY^U>_\\2bY^S[]Q^^
²bUW_\QYS_^dY³S_^Y\`QTbUQddbQfUbc_\UY]]QWY^YQ]Qd_bYQ\YU
VQ]Y\YQbYTQ\eYWYbQdU^UW\YQ^^Y´# 2_bYcFQ^TUb1f__bd^U\ce_
:µUc`~bUaeUf_ejQ\\UjRYU^e^YcSUY^e^QRRbQSSY_YVY\]TYdbU
WU^UbQjY_^Y*aeU\\QTUY^_^^YTUYWU^Yd_bYU\QceQ9^VY^UDXYcCYTU
_V@QbQTYcU^_^~e^VY\]TYV_e^TV__dQWU^U\cU^c_`b_`bY_`Yed
d_cd_e^VY\]TY]_^dQWWY_QTYcdQ^jQ*:_^Qc=U[QcQccU]R\Qc_\_
^U\!)))Y\]QdUbYQ\UWYbQd_dQ^dUUcdQdY`bY]QaeQ^T_VbUaeU^dQfQ
\QVQ]YW\YQ;U^^UTi²Y^cUW^Q^T_SY^U]Q³QY`YSS_\Y:_X^:bU
3Qb_\Y^U`_SXYQ^^YT_`_\Q]_bdUTU\`QTbU
9\cUS_^T_`b_WbQ]]Qfe_\UQ^Q\YjjQbUUc_ffUbdYbU\U]USSQ^Y
SXUTUYVY\]TYVQ]YW\YQU]_cdbQbUe^SQ]`Y_^QbY_TUY]_TYY^SeY
W\YX_]U]_fYUc`_cc_^_UccUbUc]_^dQdYbY]_^dQdY]Q^Y`_\QdY
@UbVQb\YbYU^dbQbUY^e^Qc_bdQTYSQdQ\_W_dU_bYS_YVY\]TYfQSQ^jQ
fQ^^_ QT UcU]`Y_ bQSS_\dY S_^ `bUSYcY_^U dY`_\_WYSQ S_]U Y^
1TbYQY^SeY²_`UbQ³\Q]Q^_`bUSYcQTY7ecdQf4UedcSX=QQ^SXU
e^c_\_WUcd_bUYdUbQd_`e‡TYfU^dQbU`b_dQW_^YcdQ*Y^8Q``i5^T
TY@UdUbDcSXUb[Qcc[i~Y\ceSSUTUbcYY^SUccQ^dUTUYRbY^TYcYVQ]Y
\YQbYbY`UdedY^UW\YQ^^YQTYfU^YbU]_dYf_T_]Y^Q^dUUQ^W_cSYQ^
dU=QYVY\]TYVQ]YW\YQ`_cc_^_fU^YbcUjY_^QdYQ^SXUQ\\YfU\\_
TU\\µU]e\cY_^US_]U^U\SQc_TY8_]U=_fYUTY3}SY\U6_^dQY^U
T_fUY\ce``_bd_TU\\µY]]QWY^UfYU^U²d_bdebQd_³`UbS_cdbY^WUb\_
QcfU\QbUQ\\_cWeQbT_Yce_YcUWbUdY@_cc_^_bQSS_^dQbUcd_bYU
S_]UY^@QccQWU^TY<Yc\@_^WUbS_^\UceUY]]QWY^YdebYcdYSXU
Q\cUbfYjY_TYbQSS_^dY_bQ\YTYQ\dbYfYQWWYTYU]YWbQjY_^UTYUcY\Y_
?``ebUbQSS_^dQbU\QCd_bYQS_]UY^7Ž^dXUb!)#)TY:_XQ^^Uc
B_cU^RUbWUb*\µUdYSXUddQce\\QR_RY^QbYdb_fQdQ²8UY\8Yd\Ub³^_^
]U^dUce\S_^dU^ed_Uce\\Q²Re_^Q³VUTUTY_W^YVQ]YW\YQ^QjYcdQ+Y\
VY\]_bYWY^Q\U~\UddUbQ\]U^dUSQ`_f_\d_^U\aeQTb_USYbYS_^cUW^Q
Y\\Qd_`YŒY^aeYUdQ^dUTU\SY^U]QVQ]Y\YQbUFQbYQjY_^UVY^Q\U4YU
2Y\TUbTY=QbSU\CSXgYUbY^T_fUcµY^S_^dbQ^_Q^_^Y]YVY\]Q]Qd_
bYQ\YQS_\_bYURUbWVY\]Q^^Y´" *\Q]U]_bYQS_^TeSU\_^dQ^_T_fU
]U^_SYcYQc`UddUbURRUce\\UfUddU`YŒQ\dU_ceY`UdQ\YTYe^VY_bU
VbQ]]U^dYSXUcYS_]`_^W_^_S_^\QWbQjYQU\µY^dU^cYdwSXUc_\_
Y\bY]_^dQWWY_`e‡S_c‚`_UdYSQ]U^dUUf_SQbU
!#
3Y^U]Q"YcdXUcUSdY_^_V3Y^U]QBYdb_fQd_TUTYSQdUTd_V_e^T
V__dQWUQ^TfQbY_ec_dXUbV_b]c_VSY^U]QbUSiS\Y^WDXYciUQb
Q²³cYW^bU`bUcU^dcdXUfQ\eUQTTUTd__bYWY^Q\Y]QWUcRidXU
g_b[_VdXUVY\]]Q[UbgX_dQ[Uc_^dXUTU\YSQdUdQc[_VbUg_b[Y^W
X_]U]_fYUc
DXUVYbcd`b_WbQ]gQ^dcd_W_Y^cYTUdXUVQ]Y\id__RcUbfUQ^T
TUS_^cdbeSdYdcVe^SdY_^Y^WVb_]gYdXY^dXb_eWXcUfUbQ\VY\]cRi
QedX_bcgX_g_b[TYbUSd\i_^Y]QWUcVb_]dXUYb`Ubc_^Q\VQ]Y\i
XYcd_bi GYdX =_bd w FYW^_\U ?\YfYUb C]_\TUbc bUV\USdc _^ dXU
^QdebU _V X_]U ]_fYUc ^_d Zecd XYc _g^ Q^T ]_bU WU^UbQ\\i
_^ dXU bU\QdY_^cXY` RUdgUU^ SY^U]Q Q^T TUQdX 9^ 4Ub 6QdUb
3XbYcdY^U >_\\ 2bY^S[]Q^^ ²cUdd\Uc dXU cS_bU³ gYdX XUb VQdXUb
dXb_eWXQ]QdUebVY\]cQ^TX_]U]_fYUcXUcX_dY^dXUdXYbdYUc9^
:µUc`~bUaeUf_ejQ\\UjRYU^2_bYcFQ^TUb1f__bde^YdUcY^QcY^W\U
U]RbQSUVY\]cVb_]dXbUUWU^UbQdY_^c*dXQd_VXYcWbQ^T`QbU^dc
XYc`QbU^dcQ^TXYc_g^6Y^Q\\iDXYcCYTU_V@QbQTYcUYc^_dY^
dXUdbeUcU^cU_VdXUdUb]QV_e^TV__dQWUVY\]RedQVY\]_VUTYdY^W
QdQTYcdQ^SU*Y^Zecd!))):_^Qc=U[QcQccU]R\UT]QdUbYQ\cX_d
]Q^ice]]UbcRUV_bUgXU^XUVbUaeU^dUTdXU;U^^UTiVQ]Y\i
²dUQSXY^WSY^U]Q³d_\Ydd\U:_X^:bQ^T3Qb_\Y^UcX_bd\iQVdUbdXU
TUQdX_VdXUYbVQdXUb
DXUcUS_^T`b_WbQ]QY]cd_Q^Q\ijUQ^TceRfUbddXU]USXQ^Yc]c
_VX_]U]_fYUccX_gY^WUhQ]`\Uc_VX_gdXUiSQ^RUdQ[U^
Q`Qbd`edRQS[d_WUdXUbQ^T]Q^Y`e\QdUTD_`\QSUdXUVY\]cY^d_
Qc_bd_VdXU_bUdYSQ\SQdQ\_WeUdXUfQSQdY_^VY\]cV_bUhQ]`\UQbU
Rb_eWXdd_WUdXUbgYdXdi`_\_WYSQ\`bUSYcY_^ceSXQcY^1TbYQgXUbU
dXUcdUQTiXQ^T_V7ecdQf4UedcSX²_`UbQdUc³2edUfU^QcY^W\U
WUcdebU bUYdUbQdUT SQ^ RUS_]U `b_dQW_^Ycd* Y^ 8Q``i5^T Ri
@UdUbDcSXUb[Qcc[iY^SUccQ^db_e^Tc_Vd_QcdcgYdXY^dXUVQ]Y\i
bU`UQdUT_fUbdXUiUQbcRUS_]UQT_]Y^Q^dQ^TTYcdbUccY^W]_dYV
2edX_]U]_fYUcSQ^Q\c_RUWb_e`UTQSS_bTY^Wd_U]e\cY_^Qc
YcdXUSQcU_V8_]U=_fYURi3}SY\U6_^dQY^UgXUbUdXUY]QWU
ce``_bdYc²d_bdebUT³Y^d_bUfUQ\Y^WYdccUSbUdcd_dXUWQjUDXUi
SQ^dU\\cd_bYUc\Y[U<Yc\@_^WUbµc@QccQWU^gYdXYdcd_ebYcdiY]QWUc
dXQdcUbfUQ^_bQ\QSS_e^d_V_dXUbdbQfU\c_VU]YWbQdY_^_VUhY\U
?b dXUi SQ^ bUS_e^d 8Ycd_bi Qc Y^ 7Ž^dXUb !)#) Ri :_XQ^^Uc
B_cU^RUbWUb*dXU\QRU\_^dXUV_e^TbUU\²8UY\8Yd\Ub³dU\\c^_
\YUcQcd_dXUS_^dU^dQ^TdXU²W__T³VQYdX_VQ^i^QjYVQ]Y\iDXU
VY^Q\fQbYQdY_^S_]UcgYdX4YU2Y\TUbRi=QbSU\CSXgYUbY^gXUbU
Q^_^i]_ecX_]U]_fYUcY^S_\_b]UUde`gYdXRUbWVY\]cVb_]
dXUdgU^dYUc=U]_bi\UQTci_eVQbQgQigXUbUi_eg_e\T\UQcd
Uh`USd_^dXUXYWXUcd`UQ[c_bdXU`UdQ\c_VQV\_gUbVbQW]U^dc
dXQdS_]Ud_WUdXUbgYdXQWbQSUQ^TY^dU^cYdidXQd_^\ibUUTYdY^W
SQ^Uf_[Uc_`_UdYSQ\\i
?A>6A0<<0 ?A>6A0<
<>ACªE86=>;4%HOJLR5HJLD2OLYLHU6PROGHUV
ŶPP'·&RO9HUVLRQHIUDQFHVH)UHQFKYHUVLRQŶ'D26PROGHUV
4USYTU]]_TYdbQcS_bbUbUaeQ\SXUWY_b^_TYfQSQ^jQY^VQ]YW\YQQ
FYW^_\Ue^µYc_\UddQTY`UcSQd_bYQ\\QbW_TYFU^UjYQ1fUf_`_bdQd_
e^Q]QSSXY^QTQ`bUcQ(]]\QcdUccQSXUe^Qf_\dQecQfQ]Y_
`QTbUS_^\QcU^cQjY_^USXU\QfYdQY]]QWY^UT_`_Y]]QWY^U
SYcS_bbUVbQ\UTYdQKªM3_cµ~e^VY\]TYVQ]YW\YQ/E^`Ujj_TYfYdQ
cdbQ``Qd_Q\\Q]_bdU/@UbaeQ^d_dU]`_SYbYS_bTUbU]_TY^_Y/
AeQ\Y U]_jY_^Y S_c‚ `_dU^dY S_c‚ dUbbYRY\Y cY c`bYWY_^Q^_ Q^^Y
T_`_TQ\\UY]]QWY^Y]edUTYaeUcdU`Ubc_^UTYSeYS_^_cSYQ]_
e^TUcdY^_SXU\_b_Y^aeU\]_]U^d_YW^_bQfQ^_/9c_bbYcYY^c_^
TQRY\YTYaeUYRQ]RY^Y^_^cQbQ^^_V_bcU`QccQdUdbUWU^UbQjY_^Y
`bYWY_^YUbYTYfQWXYUbU]_dYQ^UTT_dY/
?C]_\TUbc
DXU VQ]Y\i TUSYTUT d_ dQ[U Q VUg TQic fQSQdY_^ d_WUdXUb _^
FYW^_\U Q c]Q\\ VYcXUb]Q^µc Yc\Q^T _VV dXU S_Qcd _V FU^YSU 9
Rb_eWXdQ^(]]SQ]UbQgYdX]UdXUcQ]U_^U]iVQdXUbecUTd_
ecUgYdXdXUcU^cUdXQd\YVUbe^cdXb_eWX_ebVY^WUbcY]QWUQVdUb
Y]QWUKªMGXQdYcQX_]U]_fYU/1`YUSU_V\YVUgbU^SXUTVb_]
TUQdX/8_g\_^WgY\\dXUibU]U]RUbec/IUQbc\QdUbgXQdcdb_^W
Q^TdUbbYR\UU]_dY_^cgY\\Ube`dVb_]dXUcY\U^dY]QWUc_VdXUcU
`U_`\UgX_cUTUcdY^id_gXYSXdXUigUbU_R\YfY_ecQddXQddY]U
gU^_g[^_g/8QfUdXUe^VQdX_]QR\Uc]Y\Uc_VdXUcUSXY\TbU^
`UbXQ`c^_dW_^UdXb_eWXdXbUUWU^UbQdY_^cQc`bYc_^Ubc_VfQWeU
Q^TbU]_dUQ^UST_dUc/
?C]_\TUbc
34A50C4A*HUPDQLD5HJLD&KULVWLQH1ROO%ULQFNPDQQ
ŶPP'·DIV&RO0XWR6LOHQWPRYLHŶ'D/LJKW&RQH
4Ub6QdUb~e^S_\\QWUTYVY\]_bYWY^Q\YY^RYQ^S_U^Ub_TUW\YQ^^Y
µ# bUQ\YjjQdYTQ\`QTbUTU\\QSY^UQcdQUTYVY\]^e_fYQS_\_bY
<µY^dU^d_~aeU\\_TYVQbS_^TYfYTUbUQddbQfUbc_W\Y_SSXYTU\\QVYW\YQ
\UcUaeU^jUWYbQdUTQ\`QTbU*Y\ce_`e^d_TYfYcdQ`QdbYQbSQ\UU
S_\_^YQ\YcdQ\UceUVQ^dQcYUcUcceQ\Y9^aeUcd_cU^c_cYdbQddQTY
e^VY\]ce\bQ``_bd_`b_R\U]QdYS_\YRYTY^_c_UQ\\_cdUcc_dU]`_
SbYdYS_dbQWU^Yd_bUUVYW\YQ
4Ub6QdUbYcQS_\\QWU_V_bYWY^Q\R\QS[Q^TgXYdUVY\]cVb_]dXU
dXYbdYUcRidXUTYbUSd_bµcVQdXUbQ^T^UgS_\_bVY\]cDXUY^dU^dY_^
Ycd_\UdfYUgUbccXQbUdXb_eWXdXUUiUc_VdXUTQeWXdUbY^dXU
cUaeU^SUc cX_d Ri dXU VQdXUb* XYc `QdbYQbSXQ\ Q^T S_\_^YQ\Ycd
`Ubc`USdYfUXYccUheQ\VQ^dQcYUcª9^dXYccU^cUdXUVY\]YcQR_ed
Q`b_R\U]QdYSbU\QdY_^cXY`\YRYTY^_ecQ^TSbYdYSQ\QddXUcQ]UdY]U
RUdgUU^`QbU^dQ^TTQeWXdUb
9´4B?ÃA4@D4E>DB0;;4I184=%HOJLR5HJLD%RULVYDQGHU$YRRUW
<µQed_bUbYcS_`bUUbYU\QR_bQQ\Se^YX_]U]_fYUcQSS_cdQ^T_\U
Y]]QWY^YTYdbUWU^UbQjY_^YTYe^QVQ]YW\YQRU\WQdbQY\!)#!UY\
!))'*cUcdUcc_Yce_YWU^Yd_bYYce_Y^_^^YE^UcUbSYjY_SXUXQ
QSXUVQbUS_^e^µUbUTYdwYS_^_WbQVYSQUc`YbYdeQ\U<UY]]QWY^Y
SYbY`_bdQ^_Q\\µY^VQ^jYQUQ\WY_S_QYfYQWWYQ\\UbU\QjY_^Yc_SYQ\Y
QYRQ\\Y@Ubc_^Q\YUY^cYU]US_\\UddYfU\UcUaeU^jUUf_SQ^_\Q
WeUbbQY`bY]Y`QccYTU\\µe_]_ce\\Q\e^Q]_cdbQ^T_cYY^]_\dU`\YSY
fQbYQjY_^Y*\µYTUQ\UTU\\Q`UbVUddQVU\YSYdw
DXUQedX_bbUTYcS_fUbcQ^TbUg_b[cVQ]Y\iVY\]cdXb_eWX`\QSY^W
Y]QWUc_VdXbUUWU^UbQdY_^c_VQ2U\WYQ^VQ]Y\iRUdgUU^!)#!Q^T
!))'*XY]cU\VXYc`QbU^dcQ^TWbQ^T`QbU^dc^Uhdd_UQSX_dXUb
1^UhUbSYcUd_TUQ\gYdXdXYcYS_^_WbQ`XYSQ^Tc`YbYdeQ\XUbYdQWU
9]QWUcVb_]dXUVQ]Y\i™cXUbYdQWUdQ[UecRQS[d_SXY\TX__TQ^T
`\QiZ_eb^UicbU\QdY_^cXY`cTQ^SY^W@Ubc_^Q\Q^TiUdS_]]_^
cUaeU^SUcUf_[UgQb]Q^™cVYbcdcdU`c_^dXU]__^Q^TcX_g
dXU]cU\fUcY^]e\dY`\UfQbYQdY_^c*dXUYTUQ\_V`UbVUSdXQ``Y^Ucc
C78BB834>5?0A038B486$5HJLD-RQDV0HNDV
ŶPP'·&RO9HUVLRQHLQJOHVH(QJOLVKYHUVLRQŶ'D/LJKW&RQH
C_b`bU^TU^dU]U^dUS_c‚S_]U~cdQd_`Ub]_\dYUfU^dYTU\\Q]YQ
fYdQ`Ube^SUbd_`UbY_T_fUbc_\QVY^UTUW\YQ^^Yµ& UY`bY]YQ^^Y
µ' X_Qfed_\QV_bde^QTY`QccQbUTU\dU]`_c_`bQddedd_TµUcdQdU
S_^\UVQ]YW\YUUS_^YRQ]RY^YTY:QS[YU;U^^UTiUTU\\Qc_bU\\Q
<UUBQTjYgY\\1TYbUY\fUb_Y\SY^U]QbQ``bUcU^dQfQe^Q`QbdU
Y^dUWbQ^dUY^cU`QbQRY\UUV_^TQ]U^dQ\UTU\\Q^_cdbQQ]YSYjYQ9\
`UbY_T_UbQaeU\\_Y]]UTYQdQ]U^dUceSSUccYf_Q\\Q`bU]QdebQU
dbQWYSQ]_bdUTY:_X^6;U^^UTiU:QS[YUf_\UfQ_SSe`QbUYVYW\Y
E^`bUTYSdQR\iQc]_cd_V]i\YVUµc[UiUfU^dcXQfURUU^V_bQ
`UbY_T_VcUfUbQ\iUQbcY^dXU\QdUcYhdYUcQ^TUQb\icUfU^dYUc9
XQTdXUV_bde^Ud_c`U^Tc_]UdY]U]_cd\iTebY^WdXUce]]Ubc
gYdX:QS[YU;U^^UTiµcQ^TXUbcYcdUb<UUBQTjYgY\\µcVQ]Y\YUcQ^T
SXY\TbU^3Y^U]QgQcQ^Y^dUWbQ\Y^cU`QbQR\UQcQ]QddUb_VVQSd
Q[Ui`Qbd_V_ebVbYU^TcXY`DXUdY]UgQccdY\\fUbiS\_cUd_dXU
e^dY]U\idbQWYSTUQdX_V:_X^6;U^^UTi:QS[YUgQ^dUTd_WYfU
c_]UdXY^Wd_XUbSXY\TbU^d_T_d_XU\`d_UQcUdXUdbQ^cYdY_^
!#!
39>5=1
ŶPP'·&RO9HUVLRQHIUDQFHVH)UHQFKYHUVLRQŶ'D(0$)²(XURSHDQ0HGLD$UW)HVWLYDO
Y^aeQ\SXUQddYfYdwSXU\YQYedQccUQcfQWQbcYQTQSSUddQbUY\VQdd_
TY^_^QfUbU`YŒe^`QTbU@U^cQfQSXUe^QSY^U`bUcQcQbURRU
cdQdQe^QS_cQTYfUbdU^dUKªM<UY]]QWY^YTYaeUcd_VY\]Q`QbdU
aeQ\SXUUSSUjY_^UcYbYVUbYcS_^_Q\\UUcdQdYSXU3Qb_\Y^UU:_X^:b
XQ^^_dbQcS_bc_Q=_^dQe[S_^YSeWY^Y1^dX_^iUDY^QBQTjYgY\\
Y^e^QfUSSXYQSQcQSXU<UUQfUfQQVVYddQd_TQ1^TiGQbX_\`Ub
`Ube^`QY_TYUcdQdYKªM5bQ^_]_]U^dYc`U^cYUbQdYTYWY_YQUTY
S_cdQ^dUSU\URbQjY_^UTU\\QfYdQUTU\\UQ]YSYjYUAeUYWY_b^YUbQ^_
`YSS_\YVbQ]]U^dYTY`QbQTYc_
:_^Qc=U[Qc
\YVU gYdX_ed Q VQdXUb ?^U _V XUb dX_eWXdc gQc dXQd Q ]_fYU
SQ]UbQg_e\TRUVe^V_bSXY\TbU^KªMDXUY]QWUcY^dXYcVY\]
gYdXQVUgUhSU`dY_^cQ\\S_]UVb_]dXUce]]Ubc3Qb_\Y^UQ^T
:_X^:bc`U^dY^=_^dQe[gYdXdXUYbS_ecY^c1^dX_^iQ^TDY^Q
BQTjYgY\\Y^Q^_\TX_ecU<UUXQTbU^dUTVb_]1^TiGQbX_\V_b
QVUgce]]UbcKªMDXUcUgUbUce]]Ubc_VXQ``Y^UccZ_iQ^T
S_^dY^e_ecSU\URbQdY_^c_V\YVUQ^TVbYU^TcXY`cDXUcUgUbUTQic
_V<Ydd\U6bQW]U^dc_V@QbQTYcU
:_^Qc=U[Qc
?A>6A0<<0!?A>6A0<!
70??H4=3$XVWULD5HJLD3HWHU7VFKHUNDVVN\
ŶPP'·&RO9HUVLRQHWHGHVFD*HUPDQYHUVLRQŶ'D6L[SDFNILOP
E^VY\]TYV_e^TV__dQWUSXUdbQddQTYdbQTYjY_^Y_bQ\YTY]_]U^dYTY
VUcdQUTYe^QS_``YQc`_cQdQSXUXQSQ`Yd_S_]UQbbYSSXYbUUbQf
fYfQbU\QceQdU^UbQe^Y_^UFUTYQ]_YTeUSXUcYfUbcQ^_TQRUbU
dQW\YQ^_d_bdUVQ^^_RbY^TYcYª<UUceRUbQ^dY]_fU^jUTYTQ^jQ
TU\\QT_^^QQ\\QVY^UcYVUb]Q^_Äe^]_]U^d_UcdbU]Q]U^dUQ]
RYWe_U\µUc`bUccY_^UTU\\QT_^^QdbQc]UddUe^cU^dY]U^d_aeQcY
TYTYc`UbQjY_^UCYdbQddQTYe^VY\]]_TUb^_cdbQ^YQ^dUURQb_SS_
ce\cU^c_TU\\QSQTeSYdwTU\\US_cUe^dU]QQ^S_bQ`bUcU^dU^U\\Q
dbQTYjY_^UQecdbYQSQSXUfYU^UUb_c_TQ\\QSUbdUjjQTU\]_^T_
cU^ceQ\U ^U\ ]_]U^d_ Y^ SeY fYU^U RUfed_ e^ \Yae_bU Q\\µe_f_
bYdeQ\USXUS_^VUbYcSUQ8Q``i5^Te^cYW^YVYSQd_`YŒQ]`Y_
2UbdBURXQ^T\
1V_e^TV__dQWUVY\]QR_ed_bQ\bYdeQ\cQR_edVUcdYfU_SSQcY_^cQ^T
QR_edQ]QbbYUTS_e`\UgX_e^TUbcd__TX_gd_U^bYSXQ^TU^\YfU^
dXUYbS_cid_WUdXUb^UccGUcUUdXU`QYb`_ebY^WTbY^[cSeddY^W
SQ[Uc]Q[Y^Wd_Qcdc6Y^Q\\idXUUheRUbQ^d]_fU]U^d_VdXU
TQ^SY^Wg_]Q^VbUUjUc9dYcQTUU`\iQ]RYWe_ec]_]U^ddXQd
Vb_]dXUUh`bUccY_^_^XUbVQSUQ\\_gc_^Ud_dXY^[_Vc_]UdXY^W
S\_cUd_TUc`QYb?^c_]UdXY^W\Y[UQ]_TUb^Q\YU^QdUTRQb_aeU
fQ^Ydi]_dYfUgXYSXYccdY\\`bUcU^dY^dXU1ecdbYQ^dbQTYdY_^Q^T
gX_cUQRbQcY_^gYdXdXUcU^ceQ\SUbdQY^di_VdXU]_]U^d_VTbY^[
Y^WQ^UWW\YaeUebWYfUc8Q``i5^TQgYTUb]UQ^Y^W
2UbdBURXQ^T\
7><4<>E84)UDQFLD5HJLD&pFLOH)RQWDLQH
ŶPP'·DIV&RO0XWR6LOHQWPRYLHŶ'D/LJKW&RQH
39>5=1
CYdbQddQTU\bUSe`Ub_TYe^VY\]TYVQ]YW\YQTUW\YQ^^Yµ% S_]`bQd_
Y^e^^UW_jY_TY_WWUddYecQdY4_`_UccUbUcdQd_bYVY\]Qd_Y^RYQ^S_
U^Ub_\µ_bYWY^Q\U~cdQd_cS_]`_cd_UceSSUccYfQ]U^dUbYS_]`_
cd_QddbQfUbc_e^S_\\QWUce\^e_f_ce``_bd_
DXYcYcdXUbUS_fUbi_VQX_]U]_fYUVb_]dXUVYVdYUcR_eWXdY^
Qcd_bUdXQdc_\TecUT_RZUSdc1VdUbRUY^WbUVY\]UTY^R\QS[Q^T
gXYdUdXU_bYWY^Q\gQcdQ[U^Q`QbdQ^TdXU^`edRQS[d_WUdXUbQc
QS_\\QWU_^Q^Ugce``_bd
03A80DA;0D1B58;<4 ($# (%'58;<B27D;434BB474=B $XVWULD5HJLD*XVWDY'HXWVFK
ŶPP'·&RO0XWR6LOHQWPRYLHŶ'D6L[SDFNILOP
E^T_Se]U^dQbY_c`UbY]U^dQ\UE^_cdeTY_`cYS_\_WYS_ceW\Y²X_]U
]_fYUc³VY\]Qd_TebQ^dU\UfQSQ^jUce\\µ1TbYQdYS_VbQY\!)%$UY\!)&(
AeUcdYVY\]c_^_bY\UfQ^dY`UbaeQddb_bQWY_^Y*!\µY]`_bdQ^jQc_SY_
\_WYSQUTUd^_\_WYSQ*Y\T_Se]U^d_S_]U]UdQV_bQTU\\Qc_SYUdw\U
`bY]UfQSQ^jUQ\\µUcdUb_\µ_bWQ^YjjQjY_^UTU\dU]`_\YRUb_"<µY]
`_bdQ^jQY^dU\\UddeQ\US_\\UddYfQ*Y\bYS_bT_TU\\UcdUccUc`YQWWU^UW\Y
cdUccYVY\]#<µY]`_bdQ^jQcd_bYSQ*Y\SY^U]QS_]U]UTYe]`Ubc_
^Q\U`Ub\U]QccU$<µY]`_bdQ^jQQbdYcdYSQ*\UbY`bUcUSY^U]Qd_WbQVY
SXUS_]UbYdeQ\UVQ]Y\YQbU]UccQY^cSU^Q`Ub\Q]QSSXY^QTQ`bUcQ
9\]QdUbYQ\UVY\]YS_~cdQd_Q^Q\YjjQd_TYfYc_Y^cUbYUU]_^dQd_S_^e^
_bTY^UTYfUbc_TUcSbYjY_^YbUQjY_^YUSSAeUcdUcSU^Uc_ddbQddU
!#"
1^ Uh`UbY]U^dQ\ T_Se]U^dQbi 1 `ciSX_\_WYSQ\ cdeTi _V ²X_]U
]_fYUc³VY\]UTgXY\U_^fQSQdY_^Q\_^WdXU1TbYQdYSRUdgUU^!)%$Q^T
!)&(DXUcUVY\]cQbUbU\UfQ^dV_bV_ebbUQc_^c*!dXUYbc_SY_\_WYSQ\
Q^T UdX^_\_WYSQ\ Y]`_bdQ^SU* dXU T_Se]U^d Qc Q ]UdQ`X_b V_b
c_SYUdidXUVYbcdfQSQdY_^cQRb_QTdXU_bWQ^YjQdY_^_VVbUUdY]U"
DXUYb S_\\USdYfU Y^dU\\USdeQ\ Y]`_bdQ^SU* dXU ]U]_bi _V dXU cQ]U
RUQSXUc Y^ dXU cQ]U VY\]c # DXUYb XYcd_bYS Y]`_bdQ^SU* SY^U]Q
QcQ`Ubc_^Q\]UTYe]V_bdXU]QccUc$DXUYbQbdYcdYSY]`_bdQ^SU*
VY\]Y^WQcQVQ]Y\ibYdeQ\cdQWUTV_bdXUSQ]UbQDXUVY\]YS]QdUbYQ\
gQcQ^Q\ijUTQ^TTYfYTUTY^cUaeU^SUQ^TdXU^UTYdUTY^d_QTYVVUbU^d
_bTUb TUcSbY`dY_^c bUQSdY_^c UdS BU]_fUT Vb_] dXUYb `bYfQdU
Q\\_b_Yc_\Q]U^d_`bYfQd_`UbS_cdYdeYbU^e_fUe^Ydw]_cdbQ^_cYdeQ
jY_^YT_]UcdYSXUS_^TYfYcUTQdeddYUQ\dbUQddYfYdwY^T_ddUdQ^d_TQ\
]Ujj_SY^U]Qd_WbQVYS_aeQ^d_TQ\S_^dUcd_c_SYQ\U<Q`b_YUjY_^U
`bYfQdQ TY cYdeQjY_^Y Y^TYfYTeQ\Y TYfU^dQ Y\ T_Se]U^d_ TY cYdeQjY_^Y
S_]e^Y1TbYQS_cdYdeYcSU\µQ^Q\YcYQbdYcdYSQUcSYU^dYVYSQTU\]Ujj_
SY^U]Qd_WbQVYS_UfQY^dUc_S_]Ue^QcSe_\QTU\\_cWeQbT_
Yc_\QdY_^d_ReY\TQ^UggX_\UdXUcUcSU^UccX_gfQbY_ecT_]UcdYS
cYdeQdY_^ccXQbUTRiQ\\Q^T_dXUbQSdYfYdYUcY^TeSUTZecdQc]eSXRi
dXUSY^U]QdYS]UQ^cQcRidXUc_SYQ\S_^dUhd@bYfQdUcSbUU^Y^W_V
Y^TYfYTeQ\cYdeQdY_^cRUS_]UcdXUT_Se]U^d_VS_]]_^cYdeQdY_^c
1TbYQS_^cdYdedUcQ^QbdYcdYSQ^TcSYU^dYVYSQ^Q\icYc_VdXUSY^U]QdYS
]UQ^cQ^T]ecdRUS_^cYTUbUTQcQcSX__\V_bdXUWQjU
?0BB064=$XVWULD5HJLD/LVO3RQJHU
ŶPP'·&RO9HUVLRQHWHGHVFD*HUPDQYHUVLRQŶ'D6L[SDFNILOP
E^QT_^^QVUb]QQSSQ^d_Q\\QRQ^SXY^QTYe^Q^QfU`QccUWWUbY
WeQbTQY^dU^cQ]U^dU^U\R\eBYS_bTUbw`Ub^_Ye^QbbYf_Q>Ug
I_b[e^QWY_fQ^US_``YQSXUSQ]]Y^Q`Ub3XY^Qd_g^\USQcU
ce\\µQSaeQTYCXQ^WXQYUe^Wbe``_TYRQ]RY^YU\UddbYjjQdYSXUcY
bQSS_W\YU Qdd_b^_ Q e^ fYQWWYQd_bU S_^ \Q ]YcdUbY_cQ ]QSSXY^Q
V_d_WbQVYSQ1SSQ^d_QaeUcdUY]]QWY^YcYcU^d_^_Yce_^YTYdUbbU
\_^dQ^UUY^`QbQ\\U\_cYQ`bUY\]_^dQWWY_TYbYS_bTYU`Ubc_^UTY
fUbcU7U^dUSXUQe^SUbd_`e^d_TU\\QfYdQ~`QbdYdQ_~QbbYfQdQ
QFYU^^QY^f_\_^dQbYQ]U^dUKªM<Y\c@_^WUbTYcUW^Qe^Q]Q``Q
Y]]QWY^QbYQTU\HHcUS_\_ce\\QaeQ\UfU^W_^_cS_\`YdUcd_bYUTY
U]YWbQjY_^US_]Uc_\SXY_b]QYS_^ce]QdY^U\\Q]U]_bYQ_SSYTU^
dQ\U<UY]]QWY^YbUQ\YjjQdUTQdebYcdYQddU^dYcYcfU\Q^_Y^cdbUddQ
bU\QjY_^US_^\QS_\_^^Qc_^_bQS_]Ue^fYQWWY_`_cdS_\_^YQ\U
E^fYQWWY_Y^aeUW\YcdUccY`QUcYSXU]_\d_dU]`_VQcYc_^_QWWbU
WQdY^U\\_c`QjY_U^U\dU]`_9^VY^U\UY^cUW^UQ\^U_^TU\\µ²8_dU\
5TYc_^³UTU\²BQTY_3Ydi³SYbYS_bTQ^_TU\\µ_bYWY^UTYaeUcdQV_b]Q
TYQ``b_`bYQjY_^UTU\]_^T_TU\`UbY_T_TU\\UWbQ^TYc`UTYjY_^Y
TU\\UfUdbY^UUTUY`QccQWUcQ`UbdYTQ2U^ZQ]Y^UTYaeQ^T_Y]UjjY
dUS^YSYUTYdbQc`_bd_XQ^^_Q\dUbQd_Y^]_T_bQTYSQ\U\U`UbSUjY_^Y
TU\\µe_]_]_TUb^_
3XbYcdQ2\Ž]\Y^WUb
1 g_]Q^ cdQ^Tc Q\_^U Qd dXU bQY\Y^W _V Q `QccU^WUb \Y^Ub Q^T
WQjUcY^d_dXUR\eUCXUgY\\bU]U]RUbV_becQ^QbbYfQ\Y^>Ug
I_b[dXUgQ\[_VQi_e^WS_e`\UdXb_eWX3XY^Qd_g^dXUX_ecU
R_QdcY^CXQ^WXQYQ^TdXUUhSYdUTSXY\TbU^gX_WQdXUbb_e^TdXU
fYcYd_bgYdXdXU_RcSebU`YSdebU]QSXY^U2U^UQdXdXU`YSdebUcdXU
c_e^Tc_VTYcdQ^d\Q^TcSQ^RUXUQbTQ^TY^`QbQ\\U\Q]_^dQWU_V
fQbY_ec]U]_bYUcQ^T`U_`\Ue^V_\Tc@U_`\UgX_Qdc_]UdY]U
UYdXUb\UVd_bQbbYfUTY^FYU^^QY^f_\e^dQbY\iKM<Yc\@_^WUbSbUQdUc
Q^Y]QWY^Qbi]Q`_VdXUdgU^dYUdXSU^debi_^gXYSXdXUcd_bYUc
_V U]YWbQdY_^ QbU U^WbQfUT \Y[U gU\\g_b^ dbQS[c _V _SSYTU^dQ\
]U]_biDXU`YSdebUc]QTURi_RcUbfQ^dd_ebYcdcQbUbUfUQ\UT
Y^dXUYbdU^cY\UbU\QdY_^cXY`d_dXUc_e^TdbQS[QcQ`_cdS_\_^YQ\
Z_eb^Ui1Z_eb^UidXb_eWXUhQSd\idX_cUS_e^dbYUcgXYSX\_^WQW_
XQfURUU^cXbe^[d_WUdXUbY^c`QSUQ^TdY]U6Y^Q\\idXUg_^TUb
Ve\^U_^cYW^c_VdXU²8_dU\5TYc_^³Q^T²BQTY_3Ydi³bU]Y^T_^U
_VdXU_bYWY^c_VdXYcV_b]_VQ``b_`bYQdY_^_VdXUg_b\T_VdXUdY]U
_VWbUQdUh`UTYdY_^c_V2U^ZQ]Y^µccX_`gY^T_gcQ^T`QccQWUc
Q^T_VdXUdY]UgXU^dUSX^YSQ\Q``QbQdecQ^T]UQ^c_VdbQ^c`_b
dQdY_^Ve^TQ]U^dQ\\iQ\dUbUTdXU`UbSU`dY_^c_V]_TUb^]Q^
3XbYcdQ2\Ž]\Y^WUb
6t=C74A ("(748;78C;4A$XVWULD5HJLD-RKDQQHV5RVHQEHUJHU
<µQed_bUXQbYdb_fQd_UbYU\QR_bQd_\UR_RY^UTYe^VY\]Q]Qd_bYQ\U
WYbQd_^U\!)#)9\\Qf_b_TYB_cU^RUbWUb~e^Q`b_dUcdQ*e^WbYT_
Y^TYW^Qd_SXU^_^XQcVe]QdebU9\]QdUbYQ\U`bUUcYcdU^dUVY\]Qd_
TQe^`QTbUTYVQ]YW\YQ~S_]`_cd_TQdbU²bQSS_^dY³*!\Q]YQRU\\Q
c`_cQ]UddUQ\]_^T_e^RU\RQ]RY^_5SS_S_]U]YWeQbTQ^_+
"Ve_bYY^cdbQTQcYcf_\WUe^Q`QbQdQ]Y\YdQbU7eQbTQdU\Ue^YV_b
]YU\QV_\\QSXUSµ~5TUSS_8Yd\Ub#ÄaeYSXUQRRYQ]_dbQcS_bc_
\U^_cdbUfQSQ^jU*cee^QRQbSQQfU\Q^U\\QV_bUcdQ3_^e^Q
cdQ]`QdbYSU_ddYSQB_cU^RUbWUbXQVY\]Qd_aeUcdYdbUU`Yc_TYY^
dUbfU^U^T_Q]_\dU`\YSY\YfU\\Y*XQUfYTU^jYQd_Y\Y]YdYTU\\µY]]QWY^U
VY\]Q^T_`UbY^dUb_\Q`U\\YS_\QXQbQ\\U^dQd_\QSQTU^jQ`UbfYfYcU
jY_^QbU\UY]]QWY^YY^VY\YWbQ^QTYe^`bUSYc_]_]U^d_cd_bYS_XQ
QWWYe^d_e^QS_\_^^Qc_^_bQSXUQcc_SYQRQddYdYUSYW_\YYSQTU^jQdY
e^be]_bUcdbYTU^dUUY\²=QYZ_\Y]_YcTU]QYdecUbQcRYU^dˆdTU
bUd_eb³TYB_RUbdCSXe]Q^^E^VY\]ce\SY^U]QQ]Qd_bYQ\USXU
TU^e^SYQ`YŒSXUYS_^dU^edYTYaeUcdQcSbYddebQ\QceQ\_WYSQTY\U
WQ]YY]`\YSYdY\QceQWbQ]]QdYSQSXU~WYwYTU_\_WYQUSXUcU``eb
cU^dY]U^dQ\U^_^\QcSYQc`QjY_QTQ\Se^cU^dY]U^d_
1\UhQ^TUb8_bgQdX
DXUQedX_bV_e^TQ^TbUg_b[UTdXUbUU\c_VQX_]U]_fYUVb_]
!)#)DXYcg_b[RiB_cU^RUbWUbYcQ`b_dUcd*Q^Y^TYW^Q^d_edSbi
gYdX^_^eQ^SUcDXU`bUUhYcdY^W]QdUbYQ\cX_dRidXUVQdXUb_V
QVQ]Y\iS_^cYcdc_VdXbUU²cd_bYUc³*!]iRUQedYVe\gYVURbY^WcQ
RUQedYVe\SXY\TY^d_dXUg_b\TDXYcYcX_gdXUi\__[Qd]U+"_edcYTU
_^dXUcdbUUdQ]Y\YdQbi`QbQTUW_UcRi<__[QddXUe^YV_b]cQ^T
dXU Sb_gT dXQd XQc WQdXUbUT 1^T dXUbUµc 8Yd\Ub # 1^T dXYc Yc
gXUbUgUc`U^d_ebfQSQdY_^*_^QcQY\R_QdY^dXUV_bUcdGYdXQ^
_`dYSQ\`bY^dUbB_cU^RUbWUbVY\]UTdXUdXbUUcd_bYUcY^dUbfU^Y^W
_^fQbY_ec\UfU\c*XUU]`XQcYjUcdXUR_bTUbc_VdXUY]QWURi
VY\]Y^WYdY^YdcU^dYbUdiXUc\_gcT_g^dXUbXidX]d_TYccUSddXUcU
gQdUb]Qb[Y]QWUc_VQ`bUSYcU]_]U^dY^XYcd_biXUXQcQTTUT
Q c_e^TdbQS[ dXQd Qcc_SYQdUc dXb_RRY^W Q^T caeUQ[Y^W Q cXbY\\
^_YcUQ^TB_RUbdCSXe]Q^^µc²=QYZ_\Y]_YcTU]QYdecUbQc
RYU^dˆd TU bUd_eb³ 1 VY\] QR_ed X_]U ]_fYUc dXQd TU^_e^SUc
^_dc_]eSXdXUS_^dU^dc_VdXUT_Se]U^dQcYdc\_WYS_VY]`\YSYd
\Y^[cYdcWbQ]]QbgXYSXXQcQ\bUQTiRUS_]UYTU_\_WiQ^TgXYSX
dX_eWXcU^dY]U^dQ\Y^^QdebU\UQfUc^_b__]V_bcU^dY]U^d
1\UhQ^TUb8_bgQdX
!##
39>5=1
ŶPP'·%Q9HUVLRQHWHGHVFD(QJOLVKYHUVLRQŶ'D6L[SDFNILOP
38418;34A*HUPDQLD5HJLD0DUFHO6FKZLHULQ
ŶPP'·&RO9HUVLRQHWHGHVFD*HUPDQYHUVLRQŶ'D/LJKW&RQH
39>5=1
E^S_\\QWUTYVY\]TY]_^dQW^QTUW\YQ^^Y´" UTYcUaeU^jUTYVY\]
;_TQSXb_]UQ]Qd_bYQ\Y9SQ]`YY^^UfQdYVbUTTYUQjjebb_W^_\Y
S_^dbQcdQ^_S_^YS_\_bYSQ\TYTUYSQ]`YTYVY_bYc_\UWWYQdYCYdbQddQ
TYe^Qed_bYdbQdd_]Q\Y^S_^YS_SXU]UcS_\QY]]QWY^Y`Ubc_^Q\Y
S_\_bQdUUS\YSX}Q\`Y^Y²=Yc_^_db_fQd_QSUbSQbUe^`QccQd_SXU
^_^X_]QYfYcced_^_^_cdQ^dU]YQ``QbdU^WQ`YŒTU\]Y_cdUcc_
`QccQd_³=CSXgUbY^
!#$
1S_\\QWU_V]_e^dQY^QTfU^debUcVb_]dXUdgU^dYUcQ^TcUaeU^
SUc dQ[U^ Vb_] ;_TQSXb_]U X_]U ]_fYUc QR_ed gXYSX dXU
VY\]]Q[UbcQYT*²9VY^T]icU\VcUQbSXY^WV_bQ`Qcd9^UfUbUh`UbYU^
SUTQ\dX_eWXYdYcQ`Qbd_V]U]_bUdXQ^]i_g^³C^_gS_fUbUT
VYU\TcS_\TQ^TR\eYcXS_^dbQcdgYdXdXUgQb]S_\_bc_VQce^^i
VYU\T_VV\_gUbcDXYcYcQ]U\Q^SX_\icU\V`_bdbQYddXQd]YhUcS_\_bVe\
`Ubc_^Q\Y]QWUcgYdXS\YSX}cVb_]dXU]_e^dQY^c
<4A20C>34;;´438C>A8028=4<0C>6A05820);81A83E3E7B
58;<?D1;8B78=6508A)1>>:B3E3E7B
9\3Y^U]QBYdb_fQd_XQTUSYc_aeUcdµQ^^_TYbYc`_^TUbUQ\\UbYSXYU
cdUTYe^QWbQ^TU`QbdUTU\ce_`eRR\YS_SXUTQfQbYUUTYjY_^YcU^
dU\µUcYWU^jQTYe^_c`QjY_Q`Ubd_QTe^dY`_TY]UbSQd_SY^}`XY\U
SXURU^cYQSS_bTQS_^\_c`YbYd_TU\VUcdYfQ\*`bU^TUaeY^TYY\fYQ
aeUcdQ6YUbQTU\\µUTYd_bYQSY^U]Qd_WbQVYSQE^Q``e^dQ]U^d_SXU
fe_\UUccUbU\µ_SSQcY_^U`UbY\`eRR\YS_c`USYQ\YjjQd_U^_^TY
QSSUTUbUQ]QdUbYQ\YTYcSQbcQTYVVecY_^UU^_^VQSY\UbU`UbYRY\Ydw
S_^`QbdYS_\QbUQddU^jY_^UQ\\U`eRR\YSQjY_^YTUW\YQbSXYfYUTUW\Y
UTYd_bYc`USYQ\YjjQdYUS_^e^_SSXY_TYbYWeQbT_`Ub\Q`b_TejY_^U
4F4SXUbQ``bUcU^dQ_WWYe^_cdbe]U^d_`bYfY\UWYQd_^U\SQ]`_
TU\\QTYVVecY_^UTU\\QSe\debQSY^U]Qd_WbQVYSQ_VVbU^T_\Q`_ccY
RY\YdwTY`bUcU^dQbUYWbQ^TYS\QccYSYTU\SY^U]QbUcdQebQdYS_^Y\
\_b_Y^TYc`U^cQRY\US_bbUT_cd_bYS_SbYdYS_E^4F4RU^VQdd_S_^
Y]]QWY^UUce_^_TYQ\dQaeQ\YdwbYSS_TYUhdbQaeQ\YV_d_Y^dUb
fYcdU S_]`QbQjY_^Y TUY ]QdUbYQ\Y dQW\Y e^ QSS_]`QW^Q]U^d_
]ecYSQ\UQSebQTYWbQ^TY]ecYSYcdYS_^dU]`_bQ^UYbQ``bUcU^dQ
cYSebQ]U^dUY\c_W^_TY_W^YSY^UVY\_@UbY`QbdUSY`Q^dYQ\VUcdYfQ\
~\µ_SSQcY_^U`UbVQbUY\`e^d_TU\\QcYdeQjY_^Uce\\U`_dU^jYQ\Ydw
TY]UbSQd_bQ``bUcU^dQdUTQ\\µY^UcdY]QRY\UbYc_bcQTU\`QdbY]_^Y_
SY^U]Qd_WbQVYS_ SXU c`Ucc_ bYcSXYQ TY bY]Q^UbU bU\UWQd_ ^U\\U
^YSSXYUVUcdYfQ\YUbUC_^_`bUcU^dYY]QWWY_bY`b_Tedd_bYUeb_`UYUT
Q]UbYSQ^YTYX_]UfYTU_aeQ\Y;Y^__^FYTU_rTYdY_^c3QXYUbc
Te3Y^}]Q3bYdUbY_^9]QWUDbQ^cYd6Y\]1bdUFYTU_=Y\Ucd_^U
6Y\]cBU^}3XQdUQeFYTU_U4F4UTUTYd_bYaeQ\Y2bYdYcX6Y\]
9^cdYded3QXYUbcTe3Y^}]QrTYdY_^cBUf_Yb!()%3Y^}]QdX~aeU
6bQ^|QYcU3U^dbU7U_bWUc@_]`YT_erTYdY_^c3Qcd_b_3Y^U]Q
S_^\U\_b_UTYjY_^Y`YebYSUbSQdUQ`bUjjYUS_^TYjY_^Yc`USYQ\YY^
_SSQcY_^UTU\VUcdYfQ\>U\\_c`QjY_Uc`_cYdYf_~`_ccYRY\UY^_\dbU
\QS_^ce\dQjY_^UTUY]QdUbYQ\YUTUYSQdQ\_WXYY^]_T_TQV_b^YbU
deddU\UY^V_b]QjY_^Y^USUccQbYUce\]QWWY_b^e]Ub_`_ccYRY\UTY
UTYjY_^YU`eRR\YSQjY_^YE^g_b[Y^`b_WbUccSXUQddU^TUc_\_Y\
ce_`eRR\YS_`Ub]UddUbcYY^]_d_
!#(
6_bQ^e]RUb_ViUQbc^_gQ\QbWU`Qbd_VdXU3Y^U]QBYdb_fQd_
`eR\YS XQc VU\d dXU ^UUT V_b Q c`QSU _`U^ d_ SUbdQY^ c_bd _V
SY^U`XY\U]Qb[UdY^XQb]_^igYdXdXUc`YbYd_VdXUVUcdYfQ\9^
bUc`_^cUd_dXYcbUaeUcddXYciUQbgY\\]Qb[Q6Y\]@eR\YcXY^W
6QYbDXUQY]Ycd_`b_fYTUQSSUccV_bR_dXc`USYQ\YjUTQeTYU^SUc
Q^T^_^d_]QdUbYQ\c_V\Y]YdUTTYVVecY_^_bdXQdQbUTYVVYSe\dd_
VY^TgYdX`QbdYSe\QbQddU^dY_^`QYTd_`eR\YSQdY_^cRiQbSXYfUc
Q^Tc`USYQ\YjUTUTYd_bc1SQbUVe\UiUgY\\Q\c_RU`\QSUT_^
4F4`b_TeSdY_^cgXYSXd_TQibU`bUcU^dQ^Y]`_bdQ^dd__\V_b
dXUTYVVecY_^_VVY\]Se\debUQcdXUi_VVUbdXU`_ccYRY\Ydid_`bUcU^d
bUcd_bUT fUbcY_^c _V WbUQd SY^U]Q S\QccYSc QSS_]`Q^YUT Ri
Y^TYc`U^cQR\UXYcd_bYSSbYdYSQ\S_]]U^dQbi1gU\\]QTU4F4
gYdX XYWX aeQ\Ydi c_e^T Q^T Y]QWUc Q^T bU`\UdU gYdX UhdbQc
ceSX Qc `X_d_c Y^dUbfYUgc S_]`QbYc_^c RUdgUU^ ]QdUbYQ\c
_eddQ[UcQ^T]ecYSQ\QSS_]`Q^Y]U^dRiWbUQdS_^dU]`_bQbi
]ecYSYQ^cYc^_T_eRddXUTbUQ]_VUfUbiVY\]\_fUb6_bVUcdYfQ\
`QbdYSY`Q^dcdXUVQYbgY\\`b_fYTUQ^_``_bde^Ydid_ce]e`dXU
]Qb[Ud `_dU^dYQ\ _V dXU Y^fQ\eQR\U bUc_ebSU bU`bUcU^dUT Ri
VY\]XUbYdQWUgXYSX_VdU^bYc[cbU\UWQdY_^d_dXUVUcdYfQ\^YSXU
=QZ_b5eb_`UQ^Q^T1]UbYSQ^X_]UfYTU_`b_TeSUbcgY\\RU
`bUcU^dY^S\eTY^W;Y^__^FYTU_rTYdY_^c3QXYUbcTe3Y^}]Q
3bYdUbY_^ 9]QWU DbQ^cYd 6Y\] 1bdU FYTU_ =Y\Ucd_^U 6Y\]c
BU^}3XQdUQeFYTU_Q^T4F4QcgU\\QcUTYd_bcceSXQcdXU
2bYdYcX6Y\]9^cdYdedU3QXYUbcTe3Y^}]QrTYdY_^cBUf_Yb!()%
3Y^}]QdX~aeU6bQ^|QYcU3U^dbU7U_bWUc@_]`YT_erTYdY_^c
Q^T3Qcd_b_3Y^U]QQ\\gYdXdXUYbXQbTUcdd_VY^TUTYdY_^cQd
c`USYQ\S_^TYdY_^cQ^T`bYSUcV_bdXU_SSQcY_^_VdXUVUcdYfQ\
DXU Uh`_cYdY_^ c`QSU gY\\ Q\c_ WYfU dXU `_ccYRY\Ydi d_ S_^ce\d
]QdUbYQ\c Q^T SQdQ\_WeUc Y^ _bTUb d_ `b_fYTU dXU ^USUccQbi
Y^V_b]QdY_^_^Qc\QbWUQ^e]RUb_VUTYdY_^cQ^T`eR\YSQdY_^c
Qc`_ccYR\UDXYcg_b[Y^`b_WbUccQgQYdc_^\iYdc`eR\YSd_WUd
cdQbdUT
69BCD°69<=3?>C5BF1D9?>1>4B5CD?B1D9?>CDB1D5795C
DQf_\QB_d_^TQ`b_]_ccQTQ\@b_WUdd_
²69BCD°6Y\]3_^cUbfQdY_^Q^TBUcd_bQdY_^CdbQdUWYUc³
B_e^TDQR\U`b_]_dUTRi@b_ZUSd
²69BCD°6Y\]3_^cUbfQdY_^Q^TBUcd_bQdY_^CdbQdUWYUc³
;d]TS"VXdV]^!"
=_^TQi:e^U# dX
9\@b_WUdd_69BCD~cdQd_YTUQd_U`b_]_cc_TQ\\µ1351cc_SYQ
jY_^UTU\\U3Y^UdUSXU5eb_`UU`UbcdeTYQbU\US_^cUWeU^jUU\U
bY`UbSeccY_^YTU\\UdUS^_\_WYUTYWYdQ\Yce\\UQddYfYdwTY`bUcUbfQjY_^U
UbUcdQeb_ce\\QSQdQ\_WQjY_^Uce\\QbYSUbSQUbU`UbY]U^d_TU\\U
V_^dYTµQbSXYfY_ce\\µQSSUcc_Uce\\QTYVVecY_^UTU\`QdbY]_^Y_VY\
]YS_Ueb_`U_
DXU @b_ZUSd 69BCD gQc TUcYW^UT Q^T Y]`\U]U^dUT Ri dXU
1cc_SYQdY_^_V5eb_`UQ^6Y\]1bSXYfUc135d_cdeTidXUY]`QSd
_V 4YWYdQ\ dUSX^_\_WYUc _^ dXU QSdYfYdYUc _V `bUcUbfQdY_^ Q^T
bUcd_bQdY_^SQdQ\_WeY^WQ^TbUdbYUfQ\TYVVecY_^Q^TQSSUcc_VdXU
5eb_`UQ^6Y\]8UbYdQWU
<_cS_bc_VURRbQY_TebQ^dUY\%#6UcdYfQ\TY2Ub\Y^_Y\@b_WUdd_
69BCD XQ `bUcU^dQd_ e^Q cUbYU TY BQ``_bdY ce\\_ cdQd_ TU\\µQbdU
bYc`Udd_Q\\U]_\dU`\YSYQbUUTYbYSUbSQc`USYVYSQ^T_^U\TUddQW\Y_
\UdUS^_\_WYUTYc`_^YRY\Y\UbYSUbSXUY^UccUbU\U^USUccYdwTUW\Y
edU^dY U Y^S\eTU^T_ Q^SXU e^Q \YcdQ TU\\U `bY_bYdw `Ub \U VedebU
QddYfYdwTYbYSUbSQ
9\`b_ccY]__RYUddYf_TY69BCD~`b_TebbUTU\\U²BQSS_]Q^TQjY_^Y³
`Ub\UbYSUbSXUQfU^YbUU`b_`_bbUe^TYRQddYd_ce²\Y^UUWeYTQU
`bQdYSXUS_^cYW\YQdU³SXU`_ccQ^_UccUbUTYVVecUS_]Ucdbe]U^d_
Qce``_bd_TUW\Y1bSXYfYSY^U]Qd_WbQVYSYY^5eb_`QU^U\]_^T_
<Qcd 6URbeQbi Qd dXU _SSQcY_^ _V dXU %#bT 2Ub\Y^ 9^dUb^QdY_^Q\
6Y\]6UcdYfQ\69BCD`bUcU^dUTQcUbYUc_VBU`_bdcUQSX_VdXU]
V_SecY^W_^dXU²CdQdU_VdXU1bd³Y^dXUTYVVUbU^dQbUQc_VbUcUQbSX
TUdQY\Y^W dXU QfQY\QR\U dUSX^_\_WYUc dXU _^W_Y^W bUcUQbSX dXU
^UUTc _V ecUbc Q^T S_^dQY^Y^W Q TbQVd _V QWU^TQ V_b VebdXUb
bUcUQbSXY^dXUVYU\T
>UhdcdU`gY\\RUV_b6Ybcdd_YcceU²BUS_]]U^TQdY_^c³V_bVebdXUb
bUcUQbSX Q^T d_ `b_`_cU d_ TYcSeccY_^ ²7eYTU\Y^Uc Q^T 2Ucd
@bQSdYSUc³gXYSXgY\\RUYcceUTQcQce``_bdQ^TQd__\V_b1bSXYfUc
Q\\_fUbdXUg_b\T
4ebQ^dUY\6UcdYfQ\8;28=4<0A8CA>E0C>UWbQjYUQ\\QS_\\Q
R_bQjY_^UTU\\Q3Y^UdUSQTU\3_]e^UTY2_\_W^Q6Ybcd_bWQ^YjjQ
e^QdQf_\Qb_d_^TQQ`UbdQQT1bSXYfYUQbSXYfYcdY\QR_bQd_bY`b_
Tedd_bYTYQddbUjjQdebUc`USYQ\YcdYSXUS_\\UjY_^Y`eRR\YSXUU`bYfQdU
`b_Tedd_bYcfY\e``Qd_bYTYc_VdgQbUUQ\dbY`Ub`_dUbTYcSedUbUTUY
\Y]YdYUTUY`b_R\U]YS_^^UccYQ\\µedY\Yjj_TU\\UdUS^_\_WYUTYWYdQ\Y
`UbTUVY^YbU\UQbUUSXU^USUccYdQ^_TYe\dUbY_bUbYSUbSQ`UbS_^
Vb_^dQbcYS_^\µY^V\eU^jQcYQSe\debQ\USXUUS_^_]YSQTU\\UDUS^_
\_WYU4YWYdQ\Yce\`QdbY]_^Y_VY\]YS_Ueb_`U_UTQ^SXU`Ub]UddUbU
Q`e^dYYS_^dU^edYTU\\U²BQSS_]Q^TQjY_^Y69BCD³
GYdXY^dXU6Y\]6UcdYfQ\9<39>5=1B9DB?F1D?Y^2_\_W^QdXU
@b_ZUSd69BCD_bWQ^YcUcQB_e^TDQR\UV_b1bSXYfUcQ^TQbSXYfYcdc
cUbfYSU `b_fYTUbc _g^Ubc _V S_\\USdY_^c `b_TeSUbc UaeY`]U^d
]Q^eVQSdebUbcc_VdgQbUTUfU\_`UbcQ^T_dXUbS_^SUb^UTR_TYUcQ^T
Y^TYfYTeQ\cd_TYcSeccdXUSebbU^ddUSX^YSQ\\Y]YdQdY_^cQ^T`b_R\U]c
d_TUVY^UdXUQbUQcgXUbUbUcUQbSXYc^UUTUTd_Q``b_QSXdXUSe\debQ\
Q^TUS_^_]YSY]`QSd_V4YWYdQ\DUSX^_\_WYUc_^6Y\]8UbYdQWUQ^T
VY^Q\\id_de^UdXUS_^dU^d_VdXU²69BCDBUS_]]U^TQdY_^c³
?dXUb B_e^T DQR\Uc Q^T G_b[cX_`c gY\\ V_\\_g Y^ dXU S_]Y^W
]_^dXcQSS_bTY^Wd_QSQ\U^TQbd_RU`eR\YcXUT_^dXU@b_ZUSdµc
GURcYdU
9\@b_WUdd_58ABC~VY^Q^jYQd_TQ\?A>6A0<<08BCTU\\Q3_]
]YccY_^U5eb_`UQUS_cdbeYd_WbQjYUQW\YcV_bjYS_^WYe^dYTY024
1cc_SYQdY_^3Y^}]QdX~aeUc5eb_`}U^^Uc580C6UTUbQdY_^9^
dUb^QdY_^Q\UTUc1bSXYfUcTU\QDU\UfYcY_^bQ``bUcU^dQdQQ\\µY^dUb^_
TU\3_^c_bjY_TQAC15BQTY_D}\}fYcY_^2U\WUTU\Q3_]]e^Qed}
6bQ^|QYcUTU2U\WYaeUU>A5?UcdUbbUYSXYcSXUbBe^TVe^[1e
cdbYQ8=09^cdYded>QdY_^Q\TU\µ1eTY_fYceU\6bQ^SYQ14;602><
\Qc_SYUdw2U\WQ`Ub\UdU\US_]e^YSQjY_^YU4<55eb_`UQ^=e\dY
]UTYQ6_be]7bQ^2bUdQW^Q<Q28=q<0C7Ã@D4A>H0;434
14;68@D4~Y\S__bTY^Qd_bUTU\`b_WUdd_SebQYbQ``_bdYS_^\Q3_
]e^Ydw5eb_`UQUT~bUc`_^cQRY\UTU\]Q^QWU]U^dTU\`b_WUdd_
^_^SX}S__bTY^Qd_bU`Ub\QS_]e^YSQjY_^UTU\`b_WUdd_cdUcc_
DXU @b_ZUSd 69BCD Yc Ve^TUT Ri dXU 9CD @B?7B1==5 _V dXU
5eb_`UQ^3_]]YccY_^Q^TSQbbYUT_eddXQ^[cd_dXUZ_Y^dUVV_bdc
_VdXU1351cc_SYQdY_^TUc3Y^}]QdX~aeUc5eb_`}U^^Uc96D1
9^dUb^QdY_^Q\6UTUbQdY_^_VDU\UfYcY_^1bSXYfUcbU`bUcU^dUTY^
dXU 3_^c_bdYe] dXb_eWX BD26 BQTY_ D}\}fYcY_^ 2U\WU TU \Q
3_]]e^Qed}6bQ^|QYcUTU2U\WYaeUQ^T?B6?cdUbbUYSXYcSXUb
Be^TVe^[ 1ecdbYQ 9>1 9^cdYded >QdY_^Q\ TU \µ1eTY_fYceU\
6bQ^SU 25<713?= dXU \UQTY^W 2U\WYQ^ dU\US_]]e^YSQdY_^
S_]`Q^i Q^T 5=6 5eb_`UQ^ =e\dY]UTYQ 6_be] E; DXU
B?I1<69<=1B389F5?625<79E=YcdXU`b_ZUSdS__bTY^Qd_b
Y^SXQbWUV_bS_^dQSdcgYdXdXU53Q^TV_bdXU_fUbQ\\]Q^QWU]U^d
_VdXU`b_ZUSdQ^TV_bS_]]e^YSQdY_^S__bTY^QdY_^
@UbY^V_b]QjY_^Y*gggVY\]VYbcd_bW
Y^V_b]QdY_^*gggVY\]VYbcd_bW
!#)
=5491
=_]U^dYcVeWWU^dYTYSU\URbQjY_^UUTYY^S_^dbYYVUcdYfQ\SY^U]Q
d_WbQVYSYUdU\UfYcYfYcf_\W_^_S_]e^aeUe^be_\_]_\d_Y]`_bdQ^dU
`Ub\Q`b_]_jY_^UTUYVY\]Ueb_`UYE^^e]Ub_S_^cYTUbUf_\UTY
`b_TejY_^YQeTY_fYcYfUfYU^U`b_YUddQd_Y^_SSQcY_^UTYaeUcdU]Q
^YVUcdQjY_^YSXUc`Ucc_bQ``bUcU^dQ^_e^`QccQWWY__RR\YWQd_`Ub
WQbQ^dYbUY\ceSSUcc_S_]]UbSYQ\UTYe^VY\]*cU^jQYVUcdYfQ\]YW\YQYQ
TYVY\]UTYfYTU_bY]QbbURRUb_cU^jQQSaeYbU^dY^U\\µ_cSebYdw9\^e
]Ub_TYc`UddQd_bYQddeQ\]U^dUbYSXYQ]QdYTQaeUcdYVUcdYfQ\SYbSQTeU
]Y\Y_^YTUdUb]Y^QY\fUb_Y]`Qdd_US_^_]YS_TU\\U`U\\YS_\U@Ub^_^
`Qb\QbUTU\\_b_be_\_Se\debQ\Uc_SYQ\UUTUTeSQdYf_SXUQccYSebQY^
deddQ5eb_`Q\YfU\\YSbUcSU^dYTY_SSe`QjY_^UTYbUddQUY^TYbUddQ
Ä`UbaeUcd_SXUY\@b_WbQ]]Q=5491TU\\Q3_]]YccY_^U5eb_
`UQc_cdYU^UaeUcdU]Q^YVUcdQjY_^Y`UbSUbSQbUTY]YW\Y_bQbU\Q
TYcdbYRejY_^UU\Q`b_]_jY_^UTUY\Qf_bYSY^U]Qd_WbQVYSYUeb_`UYY^
dedd_Y\S_^dY^U^dU1aeUcd_cS_`_\Q3_]]YccY_^Uc`_^c_bYjjQ
`YŒTY' VUcdYfQ\SXUY^cYU]UbYSUf_^_S_^dbYRedYVY^Q^jYQbY`Ub`YŒ
TY!&]Y\YQbTYTYUeb_?W^YQ^^_`b_`bY_WbQjYUQaeUcdU]Q^Y
VUcdQjY_^YUQ\S_^dbYRed_TU\\Q3_]]YccY_^UUeb_`UQfU^W_^_
`b_YUddQdU`YŒTY! _`UbUQeTY_fYcYfUSXUdUcdY]_^YQ^_\QbYS
SXUjjQU\Q]_\dU`\YSYdwTU\\USY^U]Qd_WbQVYUUeb_`UU<µQTUcY_^U
Q\@b_WbQ]]QTQ`QbdUTYSY^aeU^e_fY`QUcY<Udd_^YQ5cd_^YQ
@_\_^YQ2e\WQbYQUBU`eRR\YSQ3USQQffU^edQ^U\\eW\Y_" "U
ceSSUccYfQ]U^dUaeU\\QTYC\_fQSSXYQC\_fU^YQ=Q\dQU3Y`b_
^_^`e‡SXUQe]U^dQbUYVbeddYTYaeUcd_`b_WUdd_
9^_\dbU\Q3_]]YccY_^U`b_]e_fUYS_^dQddYdbQYfQbYVUcdYfQ\9^
aeUcd_cUdd_bU\UQddYfYdwTU\3__bTY^Q]U^d_5eb_`U_TUY6UcdY
fQ\TU\3Y^U]QY^S_bQWWYQ^_\QS__`UbQjY_^UdbQ\UfQbYU]Q^Y
VUcdQjY_^YbQVV_bjQ^T_\U\_b_`_dU^jYQ\YdwTYcfY\e``QbU`b_WUddY
S_]e^Y
:QSaeUc45<=?<I
BUc`_^cQRY\UTU\@b_WbQ]]Q=5491
!$
6\UUdY^W dY]Uc _V SU\URbQdY_^ Q^T U^S_e^dUbc VY\] Q^T
dU\UfYcY_^VUcdYfQ\c^UfUbdXU\Ucc`\QiQ^UhdbU]U\iY]`_bdQ^d
b_\UY^dXU`b_]_dY_^_V5eb_`UQ^VY\]cDXUcUUfU^dccSbUU^
QS_^cYTUbQR\U^e]RUb_VQeTY_fYceQ\`b_TeSdY_^cQSdY^WQcQ
^UQb_R\YWQd_bi]UQ^c_VcUSebY^WS_]]UbSYQ\ceSSUcc*gYdX_ed
VUcdYfQ\cdX_ecQ^Tc_VVY\]cQ^TfYTU_cg_e\TbU]QY^ReiUb
\Ucc_^dXUcXU\fUcDXU^e]RUb_Vc`USdQd_bc^_gTbQg^d_
VUcdYfQ\c ° dg_ ]Y\\Y_^ ° U^cebUc dXUYb bUQ\ US_^_]YS Y]`QSd
ª ^_d d_ ]U^dY_^ dXUYb Se\debQ\ c_SYQ\ Q^T UTeSQdY_^Q\ b_\U
SbUQdY^W Y^SbUQcY^W \UfU\c _V TYbUSd Q^T Y^TYbUSd U]`\_i]U^d
QSb_cc5eb_`U
9d Yc UfYTU^d dXQd dXU =5491 @b_WbQ]]U _V dXU 5eb_`UQ^
3_]]YccY_^ce``_bddXUcUUfU^dcU^TUQf_ebY^Wd_Y]`b_fU
dXUS_^TYdY_^cV_bdXUTYcdbYRedY_^Q^T`b_]_dY_^_V5eb_`UQ^
SY^U]Qd_WbQ`XYSg_b[QSb_cc5eb_`UD_dXYcU^TYdQYTc]_bU
dXQ^' VUcdYfQ\cRU^UVYdY^WVb_]_fUb%!&RY\\Y_^Y^VY^Q^SYQ\
QYT5QSXiUQbdXQ^[cd_dXUYbQSdY_^cQ^TdXU3_]]YccY_^µc
ce``_bd Qb_e^T ! QeTY_fYceQ\ g_b[c Y\\ecdbQdY^W dXU
bYSX^UccQ^TdXUTYfUbcYdi_V5eb_`UQ^SY^U]Qd_WbQ`XYUcQbU
cSbUU^UTDXUU^dbQ^SUY^d_dXU@b_WbQ]]UY^:e\i" "_V
VYfU^UgS_e^dbYUc°<QdfYQ5cd_^YQ@_\Q^T2e\WQbYQQ^TdXU
3jUSXBU`eR\YSQ^TdXU^ceRcUaeU^d\i_VC\_fQ[YQC\_fU^YQ
<YdXeQ^YQ =Q\dQ Q^T 3i`bec SQ^ _^\i Y^SbUQcU dXU VbeYdc _V
dXYc\QR_eb
9^QTTYdY_^dXU3_]]YccY_^ce``_bdcdXU^Udg_b[Y^W_VdXUcU
VUcdYfQ\c9^dXYcQbUQdXUQSdYfYdYUc_VdXU5eb_`UQ^3__bTY^QdY_^
_V 6Y\] 6UcdYfQ\c U^S_ebQWU S__`UbQdY_^ RUdgUU^ UfU^dc
cdbU^WdXU^Y^WdXUYbY]`QSdY^TUfU\_`Y^WZ_Y^dQSdYfYdYUc
:QSaeUc45<=?<I
8UQT_VdXU=5491@b_WbQ]]U
9>4935459D9D?<99>45H?669<=D9D<5C@17
!)%"3Y^U]QCS_`UDbQY\Ub
$DbQS[=QW^UdYSCdUbU_Q^T3Y^U]QCS_`U4U]_^cdbQdY_^6Y\]
123_V<_fUDXU
1SSYTYQ<µ
1TbYQ
1Yb]Q^µc<UddUbd_8Yc=_dXUb1^
1\YSUY^G_^TUb\Q^T
1\\AeYUd_^dXUGUcdUb^6b_^d
1^d_\_WYQTYdQW\YceSY^UWY_b^Q\YTUYSY^aeQ^dQUTUY`bY]YcUccQ^dQ
1bQRYQ^:UgYcX4Q^SU
1dG_b[Y^dXU@UQd2_W
1fQbYjYQ<µ
2QZ_U\CYW^_TU\QcC_]RbQc
2Q\Udd`bY]QT_^^Q^
2QbRUbµcAeUUb3_cde]UbDXU
2QbUV__d3_^dUccQDXU
2UQdbYSUTµ5cdU
2YWDbQY\DXU
2YWWUbdXQ^<YVU
2Y\TUb4YU
2YbdX_VQB_R_dDXU
2YddUbFYSd_bi
2_^Z_ebDbYcdUccU
2_^^UXYcd_YbUE^U
2eS[Y^W2b_QTgQi
2eY_Y^cQ\Q
2ebW\QbDXU
2ecdUbµc:_[U_^@Q`Q
2eddUbV\i
3Q[UGQ\[Y^VUb^Q\<U
3Q\Y^_S_ebdYUbU^`QbQd_^^UbbUc
3Q\Y^_T_]`dUeb`QbQ]_eb
3Q\Y^_cµU^TebSYd\QVYWebU
3Q\Y^_c_ebSYUb
3Q]`Y_^Qd_TU\]_^T_TYR_hU
3Q`dQY^4UQciµc4QbY^W4bYfU1cSU^d
3Qb]U^:_^Uc
3Qb^UfQ\UTYFYQbUWWY_("$6URRbQY_!)"%9\
3Qdµc3bQT\U
3QfQ\YUbcQbQRUc
3XQ^dTeCdib~^U<U
3XQb\Uc<QeWXd_^4YbUSdc²DXU>YWXd_VdXU8e^dUb³
3XQ`\Y^D_TQi*<Y]U\YWXd
3XQ`\Y^D_TQi*=_^cYUebFUbT_eh
3XQb\YU*DXU<YVUQ^T1bd_V3XQb\Uc3XQ`\Y^
3XUUcU=YdUc*dXUE^cUU^G_b\T
3XYS_c<_c
3XYU^Q^TQ\_eE^
3XYU^ccQfQ^dc<Uc
3Y^USYddw!)#'!)$&*TQ\\Q`bY]Q`YUdbQQ\\µY^fQcY_^UTUW\YcV_\\QdY
#
"
%
!
"!
%(
"
#"
("
"!
"
!
#%
'"
""
#%
!&
#
(
"#
!
!
!&
"'
(!
#'
""
(%
!&
'
'
'
"(
"
%
#
!&
"!
!!
#&
%#
%#
%#
"!
$'
#!
!&
("
3YbSecDXU
3¯ebQbTU^d
3_\_eb2_h1
3_]]U^d]_^cYUeb`bU^Tc_^RQY^
3_]dU<}_^D_\cd_„<U
3_^dUccQTY3XQ\\Q^dU4_^@UTb_TY3_bT_fQ<Q
3_^dUccQCQbQ<Q
3_ebcUTUdQebUQeh`b_fU^|Q\U
3bUQdY_^
3b_SYUbQQUbUQTU\TUSU^^Q\U<Q
4Q^c\UcQYbc
4QbY^W4Qi\YWXd2ebW\Qbi
4}RedcTµe^SQ^_dYUb<Uc
4UcQcdbUU^?QhQSQ5\
4Uc`UbQdU@_QSXY^W1VVbQi1
4UehSXU]Y^UQeh<Uc
4YQ^Q\µQVVQcSY^QdbYSU
4‰Tc[iccU^
4_Wµc<YVU1DXU3XQ`\Y^BUfeU
4_\SYY^WQ^^Y
4bQ]]QQ6YbU^jUE^
4eSUc`_bdYf_
5QW\UDXU
5S\YccU`QbjYQ\UTYc_\UTU\!'Q`bY\U!)!"<µ
5\USdb_SedY^WdXU5\U`XQ^d
5]YWbQ^dc<Q^TY^WQd5\\Yc9c\Q^T
5^VQ^dTU@QbYc<µ
5bTWUYcd
5c`UbYU^jQTU\SeRYc]_<µ
5eW}^YUbUTbUccUd_Y
6Q\S_b_cc_9\
6QcSY^QdY_^_VdXU6\UebTU<ic
6QdUb4Ub
6YQ^S}UTed_b}QT_b<Q
6YbU4Z¢f\U4U
6\UUddXQd3Q]Ud_CdQiDXU
6‰b6yTUb^Uc\Q^TUd
6bQ^SUcSQTQBY]Y^Y
6bUUBQTYSQ\c
6b_]CX_g7Yb\d_2eb\UcaeUAeUU^
7QbTU^_V5fY\
7QbTYQ^TU3Q]QbWeU<U
7QiCX_U3\Ub[DXU
7U^UbQ\µ^QZQ\Y^YZQ
7U^dU^_^SYWeQbTQ<Q
7UddY^WdXU8Qi
7Yb\SQ^µd8U\`9dDXU
7Yb\Y^dXUBUTFU\fUdCgY^WDXU
7_\Q<Q
7__cUG_]Q^DXU
7bQ^TU?\Y]`YQTU<Q
7bUQdDbQY^B_RRUbiDXU
7Ž^dXUb!)#)
8y]^QbU^
%
(
!&
"%
!%
!!
$&
'(
&
"
"%
&%
"
#
!
'
%!
#(
!&
'(
((
"&
"
"
#
#
$
&
!'
$#
"
&
"%
$'
"&
!$
#
!'
%
"
!'
&&
$
"!
!
&
!
(&
(
"
""
'"
8Q^cXecdbecV‰bV\ed^Q
8Q``i5^T
8Ycd_YbUTµe^@YUbb_d
8_\\ig__TDbQY\Ub
8_]U=_fYU
8_]]UaeYbUccU]R\UQe@b}cYTU^d<µ
8__\YWQ^Y^:QY\
8_bbYR\UVY^Tµe^S_^SYUbWU
8_gDXUiB_R=U^Y^3XYSQW_
8ecd\UbDXU
8i`UbW_^Qb<µ
94YUTQDX_ecQ^TDY]Uc
9^TYWUcdY_^E^U3XYbebWYUVY^TUcY~S\U
9^W]Qb2UbW]Q^CX__dY^W²C]e\db_^cdy\\Ud³
9^fYTYQ<µ
9bQ<µ
9fQ^7b_j^iZ
:µUc`~bUaeUf_ecQ\\UjRYU^
:UbecQ\U]µc2ecYUcdCdbUUdCX_gY^W=_e^dJY_^
;Y\\_b2U;Y\\UT
;Y^W@\Q^dY^WQDbUUQddXUB_iQ\1WbYSe\debQ\C_SYUdi
;¯^YWc]Qb[
;‰b[Qb\U^
<QTi2_e^dYVe\FYcYdcdXU=eb`Xic_^GQcX4Qi
<QeWXY^W7Qc
<}_^SUU^]}^QWU
<}_^SU`_dQeVUe
<UdµcW_4ecdY^µdXUCdQbc
<UjY_^YTYQ^Qd_]YQ
<YVU_VQ^1]UbYSQ^6YbU]Q^DXU
<YW^UTU\Q=ebUQCd7U_bWUTU3_]]YUbc9c~bU
<_\Q=_^d~c
<_eac_bUd;Qb^Q[
<eccebYQ<Q
=QbS_FYcS_^dY
=Qb[UdCSU^UY^?\T3QYb_5Wi`d
=Qbi:Q^Uµc=YcXQ`_b4_^µd6__\gYdXdXU@QbQVVY^
=QcaeUbQTUbDXU
=QdSX?hV_bTS_^dbU=QbdYWeUc<U
=QddUb_V<YVUQ^T4UQdX1
=}\_]Q^U<U
=UbSQ^dUTYFU^UjYQ9\
=}dQ]_b`X_cUTeB_YTU@YaeU<Q
²=Udb_`_\Yc³3QcUDXU
=_TU\3_ebdcXY`1
=_„cUTe]_e\Y^<U
=_^cdbU<U
=__^V\UUd
=_bdwFYW^_\U
=_bdTe@Q`U<}_^H999
=eb^Qeµc²$4UfY\c³*DbQSUc_VQ<_cd6Y\]
=ecYSQ\@_cdUb>_!
>_b>G
>Q]UdXU=Q^
'#
"!
(
$$
"!
&
!&
""
""
!!
"
&
!(
'
!
!
&&
"
"!
#
"!
%
"(
""
%"
$
$
!
$!
"
"!
'
"%
!
!%
"
"
%#
'
&
!(
!$
!(
#(
""
"
!(
'
"
"!
&$
!
"
'
>Q`_\}_^2_^Q`QbdU
>yb[yb\U[U^T‰TQb
>Ugc`Q`UbDbQY^
>YWXd_VdXU8e^dUbDXU
>_S>QT2U\WbQT_]
>_€\TUWbQ^T]~bU<U
>_efUQehX_bYj_^c
?Sd_`ecDXU
?XB_cQ\Y^TQ
?^}cY]US_^dbU?^}cY]U
?^}cY]UT}RedUQedX}xdbU
?^}cY]U}SbYde^b_]Q^TµQ]_eb
?^}cY]UU]`\_i}TUc`_cdUc
?^}cY]UUd\US¯ebTedjYWQ^U
?^}cY]UX_b\_WUb
?bW_W\Y_<µ<QCe`UbRYQ
@{\YfUdc‰TUcfyWQb
@Q^^UTµQed_
@Q^_bQ]Q_V=_bb_3Qcd\U8QfQ^Q3eRQ
@Q^_bQ]YSFYUgc_V8UbbUcX_VVG_b[cVb_]2bYcd_\
@Q`U<}_^H999QeFQdYSQ^<U
@QbUccU<Q
@Qb\YQ]_TU\^Qc_
@QccQWU^
@Ub\UE^U
@UdYdUR}Qb^QYcU<Q
@XQ^d_]
@YQTUµD_\_]UY
@YUbb_d@YUbbUddU
@YaeU4Q]U
@_S[Ud2_hUbc
@_ddUbcQdG_b[
@_ebceYdUQSSYTU^d}U
@_gUbQ^TdXU7\_biDXU
@bY]_SYbSeYd_QUbU_Y^dUb^QjY_^Q\U
@e\\4_g^dXU3ebdQY^CecYU
AeY/
BQY\gQiTU\Q]_bd<U
BQY^R_g4Q^SU
BQdd_TU\\UCQRY^U9\
BUS[\Ucc=_]U^dDXU
BUT8QYb
BU`b_TeSdY_^_V:UVVUbYUc3_bRUdd6YWXd
BUf_\d_V=Q]YUCd_fUbDXU
BYTT\U7Qg^U
BYdbQddYTY5ZjU^ådUZ^
B_RUDXU
B_eWXBYTUbcDXU
B_iQe]UTUV}Uc<U
CQdQ^Qc
CSU^UcY^9bYcX=Qb[Ud`\QSU
CSX\_ccF_WU\‰T
CS_^db_VUbb_fYQbY_
CSbQ`Y^2\QS[Q^TGXYdU1
"
'$
"
#&
$&
"
$
"
&
(
(
!
'#
(
"
"
"!
!"
$
""
#
"
&"
!$
#
#
!(
"
""
$
"%
!&
$
'
!%
##
$%
"
!
$#
&'
$
$%
!(
&!
"
&!
"!
""
CUddU`USSQdYSQ`YdQ\Y9
CYW^Q\D_gUbDXU
CY\fY_U\_CdbQTYfQbYec
CY^>_fUTQTU^U\1\SvjQb
CY^_V>_bQ=_bQ^DXU
C]YdX
C]_e\TUbY^W6YbUc
C_bSYUb<U
CdQb_UY^_f_U
CdUQ]R_Qd2Y\\:b
CdY\\Ub6bQW]U^d
Cd_bidXU2Y_WbQ`XD_\TDXU
CeQdUbbQ<Q
Ce^bYcU?eddQ[Uc
CgY^WY^WdXU<Q]RUdXGQ\[
DQRe°DQ[Uc?eddQ[Uc
DQW\YUddYQD_W\YQddY
DQ^W\UT8UQbdc
DQ^W_DQ^W\Uc
DUcdVY\]7bUdQ7QbR_
DXYUfUcµ8YWXgQi
DXYcCYTU_V@QbQTYcU
DXbUUGUU[U^Tc
DXe^TUb
DY^CQ\fQWU3_\\Q`cYR\U=UdQ\DeRUc
D_SXTµbjY^
D__dGXYcd\U@\e^[Q^T2__]
DbQTUDQdd__
DbyTW{bTc]ycdQbU^
DbQWUTYQQ\\QS_bdUTY=Y\Q^_E^Q
DbeSTµ1^Qd_\U<U
DbeUCd_bi_V:UccU:Q]UcDXU
DecQ\QfQ
DgU^di=Y^edUc_V<_fU
E\dY]QTYfQ<µ
E\dY]QcUaeU^jQ<µ
E]Q^Ydw
E^S\UQ^G_b\TDXU
FU\U^_TU\\U`Qb_\U9\
FUb\_WU^U=_bQ\D_bWec
FUc€\iUbURZQdQ
FYTQU^C_]RbQc
FYUTµe^:_eUeb<Q
FYbWY^YQ
FYcYdUTe`QcdUeb<Q
F_\e^dUUbDXU
Fe\SQ^_
GXU^dXU@YUGQc?`U^UT
G_b[@Qbdi
JYW_d_U^`\UY^U\e^UTU]YU\
JYW_d_Ud\QR\Q^SXYccUecU
JYW_d_Ud\Q\_S_]_dYfU
JYW_d_`_\YSYUbdb_efUe^US_bTU
!
(%
!'
#"
$
%(
('
!(
&&
#
'#
!'
(!
&#
!
&$
(#
$#
%"
'$
"&
"
$%
$$
#
$
'
!'
&
!!
#
%"
!!
"&
(
!'
(
"(
&%
#$
"
"&
#
&
"%
"
"
&
(
(
&
0==>C0I8>=8=>C4B