-
/ BNIFMIEINFN========
7IJCO=LMCEIGJ?HLIC>?H=OYYb_WaSV]ZjVaSSZZja]aSbaSab\ ^WS\SVYk\
ZOWaaSS\`jVYkcS_YY](ZWWaj\\j``j ]\ VjW_Wk\`b]ROaaW[S\O^ O_WY]Z[S
Y]\RS\`OOaa]_WOXOYOY`WYjj[Wj `W`jZajcj YSZO)@SZO\Vb]\]`aW ab\\Saba
^O_O`WWaaW`Sa][W\OW`bbRSa`OOaaOcOa]ZZOa]W[W\\O\
YO\\OZaOOcOW\O`S[O``O)
JSWYY]@O_XOZOW`SZZO]\ Ye[[S\WS\ cb](`WS\Y]YS[b`
SZSYa(_]\WWYYOVb]ZZ]`aOXO(`bb\\WaaSZb`aO)
A AAAAeVc``^HfdgZggdf^c-.+.,,5a^c``^eVc``^^cdc`ddhhi`V^``
j^idg^)ZcjVffZaaV_ia`V^ghih@idahd`diai)_ihih*9fh^``Za^Zcai`id^`Z)ig
dc HfdgZggdf^ch^)aVV_^aaV*LVfj^hgZh`^
f)_Vihib^gZZcaZ]YZchV`V`VccZcdgd^hZhi)adghZZghVm]YZ`grc)cibZfd^gZc
h^aVV_V)`ddY^g^*
Q`g^c`ZfhV^gZZc jZf``dgidYVhh^bZZc dcigZ^c errYmhhm
`ighVccigeV^cZ^hhZc V_V)bVcV _VjV^jVV cr]YZc* CmgZ^cZc `V`g^`rrb^r
g^grahrjr `ZaV dc jVfighZhhi gi])hZZhhdbVc e^ZcZaar
[Zff^^hh^gmYrbZaar'_dc)`V jd^g^ r``^r `VhgdhhicV aiiaaV
V_VihijVc`rmhZhmaarj^ffVaaV_V1, ]Zfhg^c
hVV_iiYZaaV`maarghmgh^aVVc*
EdaZbb^ggV `rrbZ^ggr `ia`ZZ `maargVbV j^fhV' bihhV Zf^ giich^^c*
LrhZc gm)YrbZZc jV^`ihhVjVh bV\cZZhh^jidh djVhjVghV``V^gbZf``^gZh
_V` ibdVjVh hd^gZcgV'_dhZc `maarghmb^ghr Z^hVeV]Yi*
Crrb^Zc ^cYi`hVcgg^h`^c `ibdVjVh hd^)gZcgV' _dhZc hZdf^VggV`
ZaVc ^cYi`hVcgg^dc cdaaV* CmgZZggr dc j^fhV`dbeZcgd^)hi
`if^gh^c*
;WOW\Oaje`W\ Y][^S\`]WabN^fhV`dbeZcgd^hi `if^gh^c Z^
bidYdghVZghZhhrj^ffd^aaZ'_dh`V`rmjrh `rrchmbrggr`idfbVggV
_V`ia`ZjVh bdaZbb^ggV `rr)bZ^ggr gVbVcgiifi^gZcV*
KZc g^_VVc`V^`ZaaZ'b^`r emf)`^^ `ia`ZbVVc m]hZZc
jZf``d_d]h^bZZc hV^bdaZbe^^c gVbVc)
giichV^gZcV' `if^gh^c bidYdghVV m]YZc`rrb^c ^cYi`hVcgg^c
giifi^gZc ZghZZc*Frbr dc\ZabVh hiccZhVVc m]hZ^gbid)hd^g^cV Za^
ZergmfcbZhf^g^cr $XdbbdcbdYZ% ]r^f^s^cr*
Cif^gh^c jr]Zchrr jZf``d_d]Ydc hd^b^)b^ghV e^^g`V)VchZcc^cV'
bihhV hd^gVVahVe^Zc^ `d`dcV^g^cYi`hVcgg^
gVaa^]^r^f^sj^f)hd_Zc`^Zfhrb^gZc jZf``d_d]YdggV* K^aad^cei]ihVVc
Zfdbidhd^g^ghV Za g^mbbZhf^g^ghr$Y^[[ZfZch^VabdYZ% ]r^f^s^ghr'
_d^aaZjZf`)`d_d]hd hd^b^^`^c g^abi``V)VchZcc^cV*
N^fhV`dbeZcgd^hi `if^gh^c Z^h^ZhZc`rrcdaZ hrmg^c ^YZVVa^cZc*Bdg
hd^gZc eidaZccVjVh `mh`Zhrrc m]hZZc _V b^hVhVVc ^c)Yi`hVcgg^' gZ dc
e^Zc^ bihhV Z^ `i^hZc)`VVc daZbVhdc*
Lrhr `rrb^Zc hidhhVbVV jidfdjV^`i)highVjd^YVVc
V_VhZaaV`d`dcV^giiYZc ]V)_V^cYi`hVcgg^cV' _d`V e^Zc^bb^aarrc
jd^daaVVaaZeida^ efdgZchh^V m]YZc `rrb^c^cYi`hVcgg^ghV*
CVgjVhhVbVaaVh^Zhd^gZgh^hrhr ]V_V^cYi`)hVcgg^VZa^]idcdchVbVaaV
]^i`Vc j^fhV)`dbeZcgd^ch^V gVVYVVcV^`VVce^h`rah^gV)bV jV^`ihig `i^c
a^grrbraar gZc
giifi^cZcgVf_V^cYi`hVcgg^*LVf`d^hi`gZaa^gZgh^hid)
hZhic ]V_V^cYi`hVcgg^c dgiig dc maZZcgrZc^chrrc biihVb^V
efdgZchhZ_V*
N^fhV`dbeZcgd^Yic `if^gh^bZc `iccda)a^gZchd^b^ccVc
ZYZaamhm`gZcrdc' Zhhrbd)aZbe^Zc `rrb^Zc ^cYi`hVcgg^ dc hVf`d^cgVbV
@V_V^cYi`hVcgg]^idcdchVV `Zchh^Zc`ibdihib^ghV _Vj^Z g^hZcgmYrchr
`maarg)hm`gZc giichVVc* Lrbrc hV`^VZ^gmYrchre^Yr b^hd^hhVVV^jVc
a^^Vce^ZcZ`g^*
@O^O`WaO\``W_WS`O\ON^fhV`dbeZcgd^hi_Zc `if^gh^b^Zc hZ`c^g)hZc
h^Zhd_ZcZg^hmghVjVhjV^]hZaZjVh_dc`^cjZffVc
jVab^ghV_^hhV^c*@V_V^cYi`hVcgg^ghVdc ]Vfjd^c ZYZgbV^c^chVV' bihhV
gZc gVVgZaj^aaZb^hhVVbVaaV*
AcYi`hVcgg^c d]ZaaV`if^gh^bZc `rrb^cma j^V^`ihhVV V^cVbmsg
`VeVg^hVcgg^*KZZ^daZb^hVhhVj^ggV'bihhV gZc eidaZghVVc
gVVdb^cV^gfZgdcVcgg^hVV_iiYZghVaVg`ZbVaaV*Lrghr `VeVg^hVcgg^ghVdc
]Vfb^V' g^aargZhd^)b^^ d]^high^Zcr giifZbb^aaZ hVV_ii`g^aaZ*
Crrb^braar `ZaV ad`Zfd^`g^ _VZhhiicfic`ddc gVVYVVc`^ ZffdghZc
jra^gZh`VeV)g^hVcgg^hc^eihZhhiV*F^eei_Zc jra^aar
jVaa^h)gZZ]idbVhhVjVgh^ e^ZcZbe^ `VeVg^hVcgg^'_d`V
`mh`ZmhmmgVf_VVcc^eei_Zc g^gr^ghZc`VeVg^hVcgg^Zc` VcggV*
KVbVaaVhVjd^c c^eihhVZc cr`ZZ `Zad_V`rrb^hmc bmsg
hdfd^Y^gmYrb^aaZ*L^aVceiihhZZggV `VeVg^hVcgg^Vjd^YVVcjr]Zchrrbmsg
efd\fZgg^^j^gZaaV`rrb^ccraar*
CVeVg^hVcgg^c_V^cYi`hVcgg^c m]hZ^gjV^)`ihi`gZghV
gmchmm`if^gh^bZc db^cV^gfZ)gdcVcgg^hVV_iig*Lrbr _Vbii`^c
hVV_iig)`rmhhrmhmb^cZc dc maZZcgr `ijVhhi _d`djV^bZccighV
$VhhZciVh^dc'^cgZfh^dc adgg%hV^^ beZYVcgg^V `ijVVjVaaV
`rmfraar*
NZf``d_rcc^hhZZc gidYVhi`gZZc hZ]hm)_Zc j^fhV`dbeZcgd^hi_Zc
`if^gh^b^Zc jr)a^gZhZfdh gVVhhVjVh`^ccrZccr^g^ghr
m]hrar^)gmm`g^ghrrc ]ida^bVhhV daaV`rmhrccsggrbZa`d^g^V*=f^
jVab^ghV_^ZchidhhZ^YZcjZf)hV^aijVVh^ e^VcZihib^ghV' _Vj^^bZ
`rYZggrgde^jVc hmme^cjVa^hgZb^cZc aVV_VghVhVf)_dccVghV_rr `d`Z^aic
jVfVVc*
J;>@@D @7F?7A7>C;C
Kb_aVW\K;(
-
! / BNIFMIEINFN=========
0QKD?LMPLL?IFF=JCMQQ
9?CEEI 1=KD=F=CL?FF=IH EPGG?HC?HONI"LC?HEIE?GNL
?F?EM"KIHCCEE=BNIFFILM=D="LNNHHCMM?FNLM=#
& &5*300.E_]`S``]_W\ 4*-+,
+ZW\YYW^O\YYWW\]\Y]]aabYOWYYWcb]`WS\cO__SZZOXbZYOW`aba=b]Za]Y]bZb(Xbaba)7_(aWYYSZWS\ZbYb]WYSb`]\
E_]`S``]_W\
aWZOO(XWZZO)@W_XObab[W`SS\aO_cWaOO\aOYOYO\\S\]`]WaSabZ]`aSS`aOm])RSY`j\\b[S_]W\S\aWZOOXOY]]RW)
)))cOWYYOcjVj\ Vb]\][^WYW\& `O\]]
cO\VO`O\O\^O_`W)?j_XS`aeY`S\^Wa]Yje `Wajaj_YSj[[jY`W&
[Waj^WS\S[[jY`W Y][^]\S\aWa [bbaabcOa)?]`Yb` [bW\]W\ _WWaaW&Yb\
aWS`W[W`aj ^b``W`aOaOWZOOaWY]`aOaWSaaeY][^]\S\aaW Zkeaee&[baaO
\eYeOXO\Y][^]\S\aSW``O SW\W[Sj OW\O]ZSYOO\)
HVa_dcV^`VVdc hi]aVhhi_dc`^c h^Z)hmc m`g^hhr^gZc`dbedcZch^c
]V)`Zb^gZZc `ZaVahV'_Vbdc^c jZffd^cZcZbbrc
gZc`V^jVb^gZZcZerbrrfr^g^g)hr `rh`s^ghr*GceV `rmcmhc^^c`^c'
Zhhrdch^aVhhiiig^ e^``iZfr `dbedcZchh^V'
_dhVe^VcasmhmmgVhhibVahV_dghV`^c*
LidhZ`Z]^hm`gZggrhVfj^hhVj^Zc`dbed)cZchh^Zc`^f_dVemghmhrrce^hrbrrc
V^gd^g)gV` rmhhrbraar giicc^hhZaiggVc^^c
eVa_dcgVbd_V`dbedcZchhZ_V`i^c bV]Ydaa^ghV*Lrghr
hiaZjVad\^gh^cZc]mshmg^^fhmmg^hhZcgZ`r
]Vc`^chVVcZhhrhidhVchddc*
EdcZggV ]idaadggV_diYihVVchZ`Zb^)g^^c`
V^`ZcbV]Ydaa^gZc_VbV]YdhhdbVc`VcggV*NVfVdgVh^aVchZZghVhiaZZ
hrmg^c`Vddhh^cZc' ZaaZg^^^]Zc aidYV _rf_Zghmg)hr g^hrbi`VV `i^c
iig^V `dbedcZchh^)c^b^``Z^hr hiaZZ*
(78,889* /* 42*84.2.78*/
-
/ BNIFMIEINFN=======
-KQQHOCKCM?FGQH=H=MIGC=>YW\jS\\S\ SW]ZS `Oaab\ba&Saaj
`jVYk[WS` `OO YjRS\ Yjj\aSS``ja]W[W[OO\
[W\bZZSVO_[OWaOVWbY`WOOWVSbaaO\SS\Y]\SS\)HbZW^O`WW\jS_jj``j
cOWVSS``OYjeaSaaej O[[OaaW`O\O`a]\aS]Z]UW`WOYW\aS_[SXj& SWYj`
eeaaj) D^SaaOcOW`S\aO^ObY`S\
aO_W\O`SZcW`WZ]^bZZW`S`aWcO`aOXjZYWYjaSS\)
9?CEEI 1=KD=F=CL?FF=IH EPGG?HC?H ONI"LC?HEIE?GNL
?F?EM"KIHCCEE=BNIFFILM=D="LNNHHCMM?FNLM=#
/ ////J= HEECHfdgZggdf^c-.+.,-,a^c``^eVc``^^cdc`ddhhi`V^``
j^idg^)ZcjVffZaaV_ia`V^ghih@idahd`diai)_ihih*9f)h^``Za^Zcai`id^`Zigdc
HfdgZggdf^ch^aVV)_^aaV*C^f_Vihib^gZZchVfj^hVVchV`V`VccZcdgd^hZhiadghZZghVm])YZ`grccibZfd^cZch^aVV_V`ddY^*
CmgZZggr da^ `rmhZhhm_Zc`dcZ^YZc`Viee^VVaaZ errhmcmh
`ia_ZhigfV)YVaaVjVfighZhhi arbes`dcZ' _da)aV arbes`ih^ghijV bidj^
`ih^ghZhVVceV``Vi`gZc `idfZ`g^* Drbb^hmgjVghi`)gZhZ^jrh jVVc
gidghicZZh arbeZcZbrrc*CdcZZc jr]r^cZc ZaZ`hfdc^^``V
a^^hhm^arb)bscgrrhssc _VgZ da^ `Zg`^hZhhm`V]hZZce^ghd`Z`VccVggV
daZjVVc eif``^^c*
Ld^b^chVV ^abV^gZjVc aZY^c `rmhhrmhm)b^cZc da^ c^^c
Zerbrrfr^ghr' Zhhrda^gmm)hr Zer^aar ZaZ`hfdc^^`Vc
hZfjZmhhr*FdeZ)Vgh g^Zaj^g^'ZhhrarbesVchif^ da^j^Vaa^cZc*MiYZaaV
Vchif^aaV aZY^c `rmhhrmhmb^cZcbiihhi^' bihhV arbb^hmg Z j^VVc
Va`Vcih*
F^^cer Vad^c hih`^V c^^hr ZaZ`hfdc^^``V)eif``Z_V* Ld^gZZc da^
higg^fVVeighi`g^g)hV errhZaaZc _dg`ig jV^]YZhhi gZc
V^cdVb^`fde^^f^* Hif``^Zc erraar da^`mh`Zchr)d]_ZZh' _dhZc gV^c
eif`^h ^ffVaa^g^cV` mh)`Zhhmr esmYraar hd^b^chV`ichddc*
=aZ`h)fdc^^``Vdgiig da^`^c `iccdggV' _dhZc da^`rmhrjr
jV]jVj^fhVeidaZc `^beeiic*
1PFGQLMQEIH??LM=EPHLCFF?CdcZZggV da^gZajrgh^hd^b^bVhdc
V^`VfZaZ'_dc`V hVf`d^hi`gZghV Z^d^`Z^c gVVcih jVf)biihhV*
Drbb^hmg`dchV`hdf^Zc d]_Vig`ia`^ hrbrc `VihhV' bihhV `dcZZghV
Z^h^Z)hZc`rrc daaih b^c`rrcaV^g^V Yd`ibZchhZ_VZ^`r ZYZg`
rmhhsd]_ZhhV*F^^cer da^VaZhhVjV^ffdhhVV`mgZ^ghrV^`VfZaZhhr*
Cmcg^aaZ]rc g^Zahrhia^' jV^``V j^fhV da^`Vh`V^ghi err`mh`^bZghr
CdcZZggV crmhh^daZjVc bi^hV`^c gr]`s hifjVaa^giiYZc
`Vc)cVahVVfjZaihhVj^V gZ^``d_V' _dh`V hVVhigh^Z^jrh daaZZheZfr^g^c
`dcZZc jVab^ghV_VahV*
CdcZZggV da^gr]`sbZ`VVc^cZc j^^``d+hich^ab^ciihh^`Zaad' _dc`V
VfjZa^c daZjVchVfeZZc `dcZZc arbb^hhrb^gZ`g^
ZccZchmsV_VcVa`Vb^ghV*KZc `rmhhsgr]`s _VgZchidhhVbV d]_Vig
da^dhZhhigidfVVc jZf``d)a^^hrccrghr ZccZc err`mh`^chr c^^c'
Zhhr`Zaad `rj^ V^cV err`mh`^bZc VgZccdghVf^^eeibVhhV* CZaadc
VgZccighVjVghVcr`^'ZhhrgZda^a^grhhm_ra`ZZcer^c* KZZ^`i^hZc)
`VVc hd^b^cih' bihhV gZ`^c crmhh a^^^hhmjrcarbb^hmg`dchV`hdf^Zc
d]_Vi`gZZc*
CmgZ^cZc V^`VfZaZda^ hrmg^c gr]`sbZ)`VVc^cZc g^grahrZc
`Zaadbddhhdf^c _VgdaZ)cd^Y^c*KdaZcd^Y d^a^`rfmccZZc cr`s^cZc_V gZc
bdaZbbVh `rrb^h da^jVh ed^``^*CZaadc bddhhdf^c `rrb^ Z^ daaih
ed^``^'bihhV bddhhdf^ da^_ib^ggV*
Fr^YZc jV]^c`d_Zc eZfighZZaaVjd^ err)hZaar' Zhhr `dcZZc `mh`Zchr
`dafc^jV^]Z^)gZZc gr]`sjZf``ddc dc _dg`ig hZ]hmjrr)f^c* CZaad
d]^hZhh^^c' bihhV gVbVcaV^ghVV^`VfZaZhhrZ^ h^ZhZc`rrc b^ghrrc
gV^g^'_dhZc gZifVVjV`g^ `d`Z^a^c Zfrrc
jVc]VcgVbVchmma^gZc`VcggV*KZc VjiaaV
arbb^)hmg`dchV`hdf^har]h^jrh`^c jZhrbrrc bihhV]^fjZrc erf^crc
grZghm`gZaar*
LVf`ZbbVggV hih`^ccVggV `dchV`hdf^Zc`mh`Zccrghr asmhm g^Zaj^r
Zer_d]Ydcfci)`V^gii`g^V* Cmh`Zchrr da^biihZahi' biicbiVggV ZfrraaZ
Vei`rf_ZaaZ bZc^ jV^c m`g^_d]hd* EihhV V^`VfZaZZchVf`d^hig Z
j^^Zar)`rrc jVa_Zccih* Lia^ gZajr`g^' Zhhr_d^hV`^cYd`ibZchhZ_V
`dcZZghV da^g e^V``d gVVYV*
?dd\aV^aZbVaaV gZaj^g^'Zhhr`dcZZc jVa)
b^ghV_Vdc bZccmh ]^a_VhhV^c`dc`ifgg^^c*F^^cer Vad^c`^c b^Zhh^r'
b^ghr asmhm^gg^V)bVcaV^cZc `dcZ*
7QBERGC?L J?F=LM==9^jVc bi^ggV gr]`sVg^d^ggV hia^
eV^`VaaZhZdaa^giiggr]`sb^Zg' _daaZ` mgZ^cZc `dcZ)hmmee^gVhhi^`^c
daZbVVc hihhi* @rc ^])bZhhZa^ `mgZ^ghr V^`VfZaZhhr' g^aar
Z^]rcgZaaV^ghVe^hr^g^`d`d `dcZZggV ZYZgdaaV*
Licc^c iifVghi`gZaaV ]rc gV^`dcZZchd^b^chV`ichddc' _VgZhif]V
`mcg^aaZVc)hVcih `Zaad`^c hia^ g^^cr ed^ghZhi`g^*
Fr^c _ra`ZZcer^c V_VhZaaZc]ramhmg`Za)ad_Zc^da^g e^^hrcmh gd^YV_d
g^^hr'ZhhrV_Vg)h^c`ZaadaaZbZcZjr `rmhhsgr]`s da^dhZhhieidaZc cZa^sc
_d]YdaaV gidfVVc /. Vfc)eZZf^c gmshsghr VihdgiaV`ZeZgrc `VihhV
@ida^bVhhdbVgh^ f^eighZhic V^`VfZaZZc_d]Ydhi`gZc`^c da^g
e^^hrcmh eVccV Zer^)aZbrrc* Zhhr`mgZZggrdc
Vg^Vhdcj^f^hZabr*Lia`^hg^c Vg^Vc`i^hZc`^c c^^c'
ZhhZi^ig^hhiV^`VfZaZdaaih bV]hicih Va`ieZfr^gZc eV^)`VaaZ*E^ghrrc Z
j^d^cih VfjVhV*ZhhZV^a`i)eZfr^ghr daZdaaih daZbVggV`VVc*
EmghZZf^Va`d^jr]^hZaaZc gZaj^hr*_VjV])j^ghig daZhhVbi`gZaaZ
gVVh^^ced^ghZhhi_Zcdg^Zc iiYZaaV `VhgVi`gZaaV*
Ld^b^bVhdc arfcbscgrrhsZaZ`hfdc^^`)`V da^`dfjVhhi
`mgZ^gZaarV^`VfZaZZaar'_dc)`V
`d`ZZaa^gZaaVVgZhhZaiaaVgVVh^^chiccZa^carbesh^aV emgmbrrc
]VaihhicV* Lrbr eVc^b^Zhh^brrc* Zhhr_dc`ic]Vc e^hrr `i^hZc)`^c
V^cVV^`VfZaZ`rmcc^ghrr*
Crmcc^ghr_rcr da^`^c hd^b^cih `Zaadcb^ciihh^`mh`^c* Lraar
`^j^`Vih^gZaaV _rf)_ZghZamaarda^gVVhiV^`VVcb^ciih^c
jraZ^chd^ghij^Varbb^hmg_V`gd_V' _d^YZce^hiihhVjd^h^^c biihhVV
V^`VfZaZZaar*NVfg^c _rfZr_Vgr]`sb^Zgbr^cZc _rf_ZghZam*_dc`V
da^g^jd^cih jrahhrr iig^bVaaV maZ^gZgh^gVVhVj^ggVdaZjVc
Vchif^c*
J;>@@D @7F?7A7>C;C
9C?K==LM=DQHHCMM??LMQJCMQQO=KICMM==t Gc h^aVchZ^hV'_d^ggVbiiVahV
`i^c err`mh)`^bZc
hVj^Vfg^cV^gZchZ]dcgmshsc`VihhVhi)aZjVV_rcc^hZhhrZ d^^`Z^cjd^
jrahhrr*LraaV^g^VgidfVVcjV]jVj^ffVghVdhZhhi_Vd]_Vig_rcc^h)hZ^hrZg^^chmmbiic
biVggV gr]`sarbb^hmg)_rf_ZghZab^Zc_Vgr]`s`^i`V^YZc
m]hZmYZggr*Lraas^cdc `Zg`i`gZggV _V+hV^a^^hrchrfVg^VggV
dahVjVgZajr hZ`gh^'_d`VjVfd^hhVVj^ZfVVghV_rcc^hhZZghr*
=YZaar`ijVhiggV arbes `dcZZggV da^g^`Zaadbddhhdf^c
emsf^hhrb^gZZchVfj^hhVjVc_rcc^hhZZcjd^cih
hidYVVg^Vaa^gZgh^Zg^bZf)`^`g^Zf^aa^gZaare^ghd`Z_d]YdaaV'_dc`V`dcZh)hVhichZbVhdc`^cda^g]^Zaedgh
]^idbVccih*
EFDG;GGDF> -.q.,-, #"
-
! / BNIFMIEINFN%=/SSSS9=FIM?BIEENN>?HEQQHMRJNIFC
eiagg^caZjZmgbdYiaVVh^daaVbVh`^bVVcfZ)g^gh^^j^ghr`idfbVV*
LrhZchidhZhhiV_rcc^)hZhhr`rmhZhrrc
gidYVhZhhicVgmshhrbrrchd^ghV]V``if^V'
_daaVhidhZhVVchVjd^hZahiar]hs_rcc^hZ*
@V``if^hZ]dar]hZ^aaZVgZhZhihjVVh^bi`)gZhasmhmjrhcdfb^ghV
=F2-,,,)/). _VcZjV^]hZaZjVh`rmhhshVf`d^hi`gZc bi`VVc*QaZZcgr
hZ]dar]hZ^aaZVgZhZhVVc]Vffcd)c^ghZcdgVahVjVVh^bi`g^VjV^c 31
kVh^cmareidaZaaV'bihhV jVaV^ghig`rmhsggrZa^aid`VggV; fV_VcVdc .1
kVhh^V*
F^^cer
e^ZcZcad^ghZeih`^jVaV^g^bZchV^bVhVaVZcZf\^VaVbeicg^grahrbrc
]V``i)f^c hZ]d`Zffd^c dc`^c aid``VV ,'1' bihhVgiifZbbVggV
eih`ZggVdc hZ]d`Zfhd^bZc`df_Vig' _dc`V Vcg^dghV`Zffd^c dc ar]Za)ar
m``sghr*
5C?HCLMQJNKICLM=LNNKCOCKM==cZf\^VcgrrghsaVbeih djVh
hmme^aa^gZgh^hZ]dahVVcVaaZ.1 kVhh^g^V'_dhZcc^^ggrZ^hZ]d`Zfhd^bZc
`df_VVb^ghVjVVY^hV*
F^^YZcai`ibrrfr dc `i^hZc`^c ]Z]`i)aVbeei_Zc `^Zahrb^gZc_ra`ZZc
f^eZrggr`VgjiggV' b^c`r jid`g^
ZYZaar`ijVhhi_Vj^fhVe^^``Z_rZg^^chmmgr]`sjZf`dggV ZcZ)cZjrggr
brrf^c*
Bd`V^cZc ZcZf\^VcgrrghsaVbeei `df)jVV hZ]d``iiYZaaVVc
giicc^aaZZc j^^g^]Z]`iBVbeeiV* E^`ra^ hraaV^gZcaVbeichZ]d`Zffd^c dc
,'1' c^^c `Zg`^brrfr^cZcj^fhVdc `V`g^c`ZfhV^cZcjZffVhhicVaVb)eic
c^bZaa^ghZ]dghVaVg`Zhhiic*Ci^hZc)`^c bV`gVbbZ jV^c
erhshZ]dghV'_d`VdcaVbeic c^bZaa^ghZ]d*
=cg^cr`Zbrahr crmhhrr'Zhhrm`g ]^Z]`i)aVbeei
jVghV^g^_V`ZaibiichV_Vc
`VccVa)hV`V]hV_VeidahVbVhVaVZcZf\^VaVbeeiV'bihhV
Zera^cZVVf^gZcj^ffVc hV`^Vh^aVccZdc
hdYZaa^giiYZggVeVa_dc]idcdbe^*
H^^`^`rgj^fhVZ^g^^gfVg^hVgidfVVc `i)aihhV_Vc`i``VfdV' bihhV
_V`Zaibiic)hV_^Zcb^hd^hig hrbrc jVfVahVgVVhhVVhi)-ZjV^giiYZggVcr`mr
gr]`saVg`iggV* Brc)c^hZ]i^eei_Zc V^`V^ghVgiifhV
j^fhVVhd`^eZ]bZchrjrh gr]`sjZf`dc
Zer^YZVVa^gZhdb^cV^giiYZh'_d^ggVdc fZg^ghVcgg^cd]ZaaVbmsg
fZV`hVcgg^V*
Fr^ggr ei^hhZ^ggVgr]`sjZf`dggV f^Z]iia^gr`g _^Vh`ijV
e^^``^bmfg`m' _d`V g^hhZc`dZhhZaZZ`V^``ZVgr]`sjZf``ddc
a^^hZhhmrZaZ`hfdc^^``VV*
=SVYbZO[^ba Y]_cOOcW`aO[OaOZOS\S_UWOZO[^bW`aO]\
ZWWYYSSZZj[]\S\ZOW`WO O_cW]WaO)EOVW[[WZZOO\\WWRS\ZW`jj\ae[W`S\
cjWaSajj\ OWVSbaaOcO\`jVYk\XOYSZbZZScOYOcWO]\USZ[WO) Hj``j ]\
YeZZj^ S_jj&
X]aS\abZScOW`bbRS``O\WWZZS`OOaaOOabZZOZW`jcOOaW[bY`WO)
HVjVaa^gZcjVc]Vc V_Vcad^ghZeih`^)jVaV^g^bZceih`ZZc
aZ^bVhhic^)bZaa^ghZ]d_d]hVVbZa`d^gZgh]^Vf)]VVc*NVaV^g^bZcg^grahrbr
eih`Zc j^fhVVfV_d^hhVjV`if^gh^c gVVhhVVjVc]ZhZggVVcVa`VV`rmYr
jVVfVaa^gZc`iibVcV' bihhVarbeZcZZ gZiihZcV`^c*Lrbr Z
a^d^ghZeih)`ZaaZ^ abd^hZhi^ggVkVhZ^ggVcrm*
Cif^gh^cdc jVc]V `sbeZas `Z^cd
ad^ghZ)eih`ZggVZg^^chmjrccZ\Vh^^j^gZcfZg^ghVcg)g^c
]Vaa^hgZb^gZ`g^*Fm`mV^`V^g^ggVjVaV^)g^b^ggV`rmhZhrrc`^c
]V``if^hZ`c^^``VV*LrhZchidhZhiaaV`df`ZVaaVhVV_iiYZaaVf^^h)hrr
e^Zc^`d`d^cZc `if^gh^c' _dc`V igZ^c`dfjVV`^c `dcYZcgVVhhdf^*
daZ`VVcZcrr 1, ]Zfhg^r`ihZc `if^gh^chV`rmhZhhrZggr'jVVc
hVjVaa^gZgh^gZdc aid`)`VV0,)1, `^ad]Zfhg^r*
NZf``dhVV_iiYZaaVZg^^chmjrj^ffVc cda)aV`d]YVghVV^]ZihijV
jra``mb^cZc _rred^g' g^aareih`^ Z^`df`ZVaaVhVV_iiYZaaVgVbbi
aV^c`VVc*NVadVhidhhVjVcZad]d)eZV]smfmc` rmhhrmhmb^cZcbiihhii
hrhZcgZ`r jVadchidhdc Zhhreih`Zc Za^c^rc`
Vc)cVahVZYiaa^gZbbV`g^*
LVV_iiYZc a^grrb^gZaargVVjihZhhVjVc]msYmc `Vgji emgr]hmm_dccZ`^c
-,).,`^ad]Zfhg^ch^Zhrb^aaZ'bihhV j^Zar`^c `df)`ZVbe^Zc hVV_ii`g^Zc`
rmhhs dc hVfeZZcgZ`r gmchmjrcrrcZc ZhhrjVVY^hice^ZcZc`ddc
hV`^V*
EVhVaVZcZf\^VaVbeiggVdc `d`dVVahdhV)gVgiicc^c* KZc_Vh`dcVdc
gidYVhig`dc)YZcgVVhhdf^'_d`VgmshhrrhZ]dV]V``if^aaZV^cVg^aad^c'`ic
jZf``d_rcc^hhZZc g^c^VVa)adc ]Zh`Zaa^cZcVfjd Va^hhVV`idfbVVc
bZ)cZjrc _rcc^hhZZc*CdcYZcgVVhhdfe^mghmmcr^c aVhVihibVVcjV^c
jV^]hd_rcc^hhZZc]i^eei_Zc V^`VcV*
@Zh`Zaa^cZcj^fhV_rcc^hZ]i^eic V^`V)cV dc giif^' _Vhrbr hd^ghii
jrr_rrbrhhrgVbVVc V^`VVc`
V^`^ggVhraaV^g^c_rf_Zg)hZam^chdhZihZhi^ggVgr]`sjZf``ddc
a^^hZ)hm^ggraV^hhZ^ggV*
NV^``Z j^^ffVc hZ]daa^gVfjddaZ`VVcgii)f^' cr^YZc
]Zh`Zaa^ghZcj^fhVe^^``^ZcV^`V)cV
gmchmm_V`ZaibiichV_VggVgmYrbZc`maarghmgh^aVVcV_Vihib^gZc
hV`^Vhif]^V]rj^s^hr _d eVa_dcc^bZaa^g`idfbVV e^Z)cZbbraar
hZ]daaV*
&JSWYY]@O_XOZOW`SZZO]\ Ye[[S\WS\ cb](`WS\Y]YS[b`
SZSYa(_]\WWYYOVb]ZZ]`aOXO(`bb\\WaaSZb`aO)
> >>>^O\YYWE_]`S``]_W\
-).+.,--ZW\YYW^O\YYWW\]\Y]]aab
YOWYYWcb]`WS\cO__SZZOXbZYOW`aba=b]Za]Y]bZb(Xbaba)7_(aWYYSZWS\ZbYb]WYSb`]\
E_]`S``]_W\
aWZOO(XWZZO)@W_XObab[W`SS\aO_cWaOO\aOYOYO\\S\]`]WaSabZ]`aSS`aOeVRSY`j\\b[S_]W\S\aWZOOXOY]]RW)
8==DNN>?FF=O=FIM?BIEENNMM=MiYZhbVhVaVZcZf\^VaVbeihdjVh
cZ`^ceZf^VVhhZZggVad^ghZeih`^V*F^^]^c `^^chZ)r`g^ dgV`g
h^Z]hmZaZ`hfdc^^``Vhd^b^^gV)bVVc hmma^^c`i^c
bdYZfcZ^ggVad^ghZeih)`^jVaV^g^b^ggV`rmhZhhm*@V``if^c
eih`Za)aZgmshhrbrc jV^]hd_rcc^hhZZchVV_iigZ^
?j\\WaaSS\ VbW^^bXS\`j_keae[W`ajSWeZSS\`j Xbb_W\jS) Hj``j
\jYecj`j_keae[W\S\ X]VabbYW\[WaaO(bY`S``O YjeaSae`aj
`b]XOS_]ab`([bb\aOXO`aO) GWZZj\jeaajj ]ZScO\cjVjW\S\ cOWYbab[`ek`
cW__O\Yjeaajeae[W`SS\) ?]aaOcW__O\[Wa(aOb`^WVRWZZj^jj`aWW\
_WWaajcjj\aO_YYbbaSS\&YjeaSaaWW\Ye[[S\(YWS__]Y`W`aO[WaaOb`ceeVaSj)
2NIEE= + O=F=CLMNEL??HNZf``d_rcc^hhZZc g^c^bidhd Z^ g^ab^ccr]YZc
hrghrZera^cZVVf^gZghV`idffc^hi`)gZghVbiihi' bihhV
j^fhVVcgZhidhhVVma^)VVahd_VZa
]^Vfbdc^g^V`ZffVccV^ghVV_ii`)g^V*LZ]d``V^c
hVeVc^^YZc`if^ggVe^hrb^)gZZcdc V`h^^j^cZchZ]d`Zfhd^bZc`df_Vig*
LVjVcdbV^cZc_rf_ZghZamg^grahrr` d`d)VVahdhVgVgiich^bZc^abVc
gidYVfig`dc)YZcgVVhhdf^V*Lraar fid`^hVVc masgbiic)hVjVV]V``if^V'
_dc`V `idfb^hig dc gVVhi
+"#+( ,( ))
#)))
J;>@@D @7F?7A7>C;C
EFDG;GGDF> ,(-i -+,, 1/ (
-
/ BNIFMIEINFN=========
8PO?HMQPFC==FFIEEIIH
JSWYY]@O_XOZOW`SZZO]\ Ye[[S\WS\ cb](`WS\Y]YS[b`
SZSYa(_]\WWYYOVb]ZZ]`aOXO(`bb\\WaaSZb`aO)
A AAAeVc``^E_]`S``]_W\
/+.,--ZW\YYW^O\YYWW\]\Y]]aabYOWYYWcb]`WS\cO__SZZOXbZYOW`aba=b]Za]Y]bZb(Xbaba)7_iaWYYSZWS\ZbYb]WYSb`]\
E_]`S``]_W\ aWZOO(XWZZO)@W_XObab[W`SS\aO_cWaOO\aOYOYO\(\S\
]`]WaSabZ]`aSS`aOeVRSY`j\\b[S_]W\S\aWZOOXOY]]RW)
CeYeOWYOW`S\SZSYa_]\WWYO\aSV]YS__]W\aOSWeZSS\`j S\jj
WZ[OW`aO]WY]`bYb[]]aa]_W`aO ababZZO`bb_SSZZOQ]`] #Y]`W\WTWW$cOO\
`bb_SSZZO7 #ZO[PRO$)?]`Yb` Y]VaOZOW`S\Vecj\ aSV]YS_a]W[S\
][OOcOYeaYS\ajYW\c]W]ZZO[e_YYej `jVYk\XOYSZbZWS)
EdcZaaV hichii daZjVc` rg^hmg'ZhhraV^hhZZc9)Vfjdc
hV`VcVe^^aZj^g)gr ma^VVaad^ggVZa ]^Vfbdc^g^ggVhVV_ii`g^ggVdc
`mgZfVY^d]r^f^s^ghr*FZ)]rc djVhV^jVcZf V^g^V'bihhV bdaZbb^ggVdc
`maar` mgZ=E;6ghr*
Qa^VVaadhb^hVhVVcmaZ^gZgh^V^cV0,6chZZcgVV``V*NZf``dhVV)_iiYZc
`df`Z^c b^hVhhVjVma^VVahdZg^^chmmg^^g`V]YZc
`^ad]Zfhg^chVV_iiYZaaV*
CmgZdc gr]`sc_V`ZaijZf`dc `VihhVaZ)j^rj^ghr
rrc^hVV_iigVaiZZcVaVerrggr
g^)_V^hgZj^ghVj^ffd^ghV'_dh`VgVVhhVjVha^^Vcjd^bV``V^cV
jV^`ihhVV_V`ZaibiichV_^Zca^gr`g^biic biVggV
jV^]hdj^fhV`ZaVaaVjVfighZhhi_Zchd^b^aV^hhZ^YZc`rmhhrmhm)b^gZZc*Gc
]idbVhhVjV' Zhhr` mgZdc c^)bZcdbVVc j^ffVc
ma^VVaad^ghV'_dh`VZ^jrhcdfbVVa^ggV`rmhrccsc
h^aVchZZggV_iif^jV^`ihV_rcc^hhZZcbidhddc*
CVieic`^mberf^ghsggr
maZ^g^cjd^bV`)`V^YZcma^VVahd_ZchidhhV_Va^ZcZZhVV_iig)biihhV_V'_daaVgrrYZhrrc
^abVghd^ch^Vems)f^hhrjrc ei]Vaa^cbddhhdf^c `^Zffdgai`iV*
NVc]d^ggVhVV_iigbiihhV_^ggVdc igZ^c]mj^c
eiihhZZaa^cZchV_^deVdaZbVhdc_rf)_ZghZamZghrbrggr
ma^VVahd_ZcZhZcZb^ghr'_V
hrbrc hV`^Vdc`^c _dg`ig hiaaihZhZZceV`)`d a^grhr_ra`ZZcer^c
jZf``da^^hrchrrc Zf^)hm^gZgh^hr]rc
hVf`d^hi`gZZchZ]hm`dab^)jV^]Z^cZc`if^gh^ceV`Zhh^*Emsg
V`h^^j^g^Vma^VVahdgidh^b^Vdc daZbVggV*
Fm`mV^`V^g^ggVhVV_iigbiihhV_^ggVma^)VVahd_ZcjZf``ddc errgm dc
maZZcgr_dZghZhhmcdfb^c =F2-4,,)/ jVVh^bVaaVhVjVaaV*
HSV]ZjVRS`e\aW^
bYYW\O=aZ`hfdc^^`VceidaZaaVma^VVahd_VhidhhVVigZ^c
hZ]dar]YZ*KZcjZf``ddc er^c gmsh)hrb^Zc ma^VVahd_ZchidhhVbVcj^ffVc
fV_Vhdc brrf^hZhhmcdfb^ggV =F2-,,,)/).*
N^ffVc_V_rcc^hhZZc]i^eei_Zc
jra^cZcjV^]Zg^^fhdgVVhhVVgrfsmhmcZZcj^ffVc
hV)eVi`gZggVdaaVar]ZgdaZbVhdc*=era^cZVV)f^gZgh^`rmhhrmhmjrj^fhV
cdigZZ ]i^e)eiicgV ar]Zg ed^``Zi`gZhhV
_rcc^hhZZcg^c^VVaadc]i^eei_Zc
`d]YVaaV*LraaV^gZcZera^cZVVf^gZc`idfbVc
jV^`ihighVgVVhZ)hVVchZdaa^giigmberf^ghsschVf`d^hZhi^ggVhZ]dar]hZ^ggrad^jZchVVeVgg^^j^gZaaVhZ]d)`Zfhd^bZc
`df_Vi`gZaaV*
Kiif^aaVhZdaa^giigaV^hd`g^aaVdc dbVh hZ)
DVSW\S\ [WaaOb`]\ aSVae1+
dOaW\VSVYbZO[^bZZOXO`O_XORW]RWZZO)H]W\S\eZWOOZa]]\ c]W[OYO`)
[baaO^O_Waa][Oa^ bbaabcOaZjVS`Y]Y]\OO\) Eb]ZWOOZa](aO`O`bb\aObY`S\
ab]aaO[OaSV]YS__]W\]\ ZjVS`VecjY`eaajcj +)4,) HO`O(cW_aOY][^]\S\aaW
SW\jeajaj``j cOWYbaaOcO\Y]cW\ c]W([OYYOO`aWaSV]YS_a]W[SS\)[baaO
`jVYk\XOYSZbZZS^SZY(Yj a]W`S\ OOZZ]\^b]ZWYYOO\Yb]_[Wab` ]\
YbWaS\YW\[e_YYej)
S^^U74,7.; _[-+.)/g>WZ WZ .4)4H=D
-,, ! +
Z ) g))))g (*M)%% * , YpTT )+"%
- 1 ) %' %( &% < $ + (( + TTS^o*-,, ' .,bg! p Lf^\6:p ) "
-" !^ # . *# ! ((! - f6^_
MGD,C, / [Z > g " ! ! " ! / #K7HH "[ >*"J \ Mg ,!$
"0&"(*" 0
& , -5)?) ,(+ +"[[^o'-,di^7
]dcgmshhs_rf_ZghZabrcgr*F^^cer cZ jd^)jVh`^c
e^h`rah^^hgZerrhhrr' b^c`raV^g^VjVVh^bi`g^VjZf``ddc
a^^hZhhrj^aaZaV^hhZ^a)aZZcVgZhhVjVh*
EiiVaaV `i^c hZdaa^giigmberf^ghsggrjVVY^hVVcgr]`sjZf``ddc
a^^hZhhrj^ahr'jr)]rc`^c hVjVaa^ghVZcZbbrc
hZ]dV`iaih)hVj^ahVaV^hhZ^ahVar]Zg V^cVhrhr
eVfZbbVh`idfb^higdb^cV^giiYZh* F^^ggr_diYihVVc`rmhhrbrrc
ar]Zged^``Zi`gZhhVV`h^^j^ghVhZ]d`Zfhd^bZc `df_VighV'_dc`V
Vcg^dghV_d`V^cZcaV^hZcr`mm gr]`sjZf`daaZ ar]ZgfZg^gh^^j^gZcr*
LVjVcdbV^gZggV^abVc
hZ]d`Zfhd^*hcZc`df_VighVhdhZihZhiggVaV^hhZZggVdc
`d)`dVVahdhVgVgiicc^c'_d`V gmshhrr
ZaZ`h)fdammhh^`dcYZcgVVhhdf^V*Lrggr gmchmj^ghrma^VVaad^ghV`dabVg
]Vfbdc^cZc Za^-1,]Zfhg^c hVV_iigdc maZZcgrgZajrgh j^d^)bV``V^c*
Qa^VVaadc_rf_Zghmgaijic` VgjV)ZggVVbea^hiY
a^Vg`ZZhVgV^gZgh^*Bd^ggV`^c]Vfjd^ggVaV^hhZ^ggVZg^^chmmhd^b^chVV'_d)`V
gVV_dc`^c h^Zhmc`df`ZVbbVc ma^VVa)adc `VgjVbVVcbZf`^hhrjrgh^
hVjVcdbV^)gZghVed^`ZhZc*
@Vfbdc^ghZchVV_ii`g^Zc` if^ggV e^hr)b^gZc jVVh^bi`gZaaZdc
hVjVcdbV^g^ggV`dh^)_V`dchhdf^`rmhhssc hVf`d^hZhi^ggVZa^9)aid`Vc
aV^hhZ^ggVhZ]dfV_V`gb^rrf^hZhhm31
kVhh^V*NVaV^ghig`rmhhsschVf`d^hZhi^ggVZa ;^)Aid`Vc aV^hhZ^ggVhrbr
fV_Vdc jV^c.1kVhh^V*Lrggr dc ^abZ^gZghZ^ccV`d^hi
cr^)YZcaV^hhZ^YZcai`ibrrfrc hiaZjVV`VgjiV'F^^YZcgiifZghVbrrfrghr
jd^YVVc_Vh`dggVdYdhhVVgVbd_Vf^Zgd_V'_d^hVbVhVaVZcZf)\^VaVbeih_dhidhhVjVh*
EO_WZZW`WO^b]ZWOOZZ]`aOLZ]d`Zfhd^bZc `df_VighV
jV^aaVdaZjVchZ]dar]hZZchidhhVbVggVma^VVahdgeZ`hf^g)gr e^ghrrg^abrrc
eVf^aa^ghZc]Vfbdc^ghZcar]Zg hrmYZaa^cZceiihhkc^cZc*
HVf^aa^g^V]Vfbdc^g^VhidhhVjVh`^cmaZZc)gr jV^c
V^jVce^Zc^hZ]d^gZhaV^hhZZh'_d^]^ccrbr jVVh^bi`gZh Z^jrh iadhi
aV^c`VVc*E^`ra^ eVf^aa^g^VZg^^chmm'jd^ aV^hhZZcgV)cdV
bZa`d^gZaaVjVfbiiYZaaV g^grahrjrceida^VVahdhVgVgiich^bZc*
DVhh^Varbb^hm`gZchZ]ddc igZ^ceida^)hZhhi`mh`Zbraar
Y^dYg^Zc`VcggVgVf_VVc*Lrbr Z
d^aZV^cV`VVcgiif^aaVhZ]d^aaVgid)g^hZahVjVV'Z^`r h^Zhrr`gZc c^m`mrrc
ZYZggVaa^hhiV*Brf_ZghZamhidhhVVhVgVj^fhV`db)edcZch^c'
_d`Vcr`mm_V`ZaibiichV_VaaV*
NVaV^ghigaV^hhZ^YZchidhhVb^Zc]Vfbd)c^ghZcdgVahVZ^jrhjVVh^bi`gZhdaZ`dj^ch^i`Vh'bihhV
]idb^dhV ]Zfrhhrr gZ' Zhhrhd^ghV]Vfbdc^ghV
Z^gVVZg^^chmr`rmhrc)csggr _iif^ aV^c`VVc*Lraar
a^ZcZZjVf)b^ghZhhigZ'ZhhZe^ida^VVahdhVgVgiich^b^cjVfighZhhi_VaV^hhZ^hVerrgZ
bVf``^cd^aaZ*C^igVig
c^^YZcfV`ZchVb^gZZcgVVhhV^g^`ighVccigeV^cZ^YZchV`^VdaaVgiif^*
J;>@@D @7F?7A7>C;C
EFDG;GGDF> .) -+,, 11
-
! /
BNIFMIEINFN)l))g9CKM==B=FFCMNLMCJOYW]cW_aOYbZYSS`WZZ]W\&Yb\
Ye`SS``j ]\ cOYW]Yb]_[OO `ekaajcjcOYW]Xj\\WaS)?]`Yb` cW_aO]\
YbWaS\YW\`OOaOcO^e`e[jj\
cOYW]\O&cOWYYOSRSZZj[OW\Waba[bbaabcOaYW\)HjZZOW`S``OaWZO\aSS``Oc]WROO\YjeaajjcOYW]cW_aOUS\S_OOaa]_WO&X]aOb`SW\
Yba`baOO\ [ek` cOYW]cW_aOZjVaSSY`W)
NZ^``d CVf_VaV^gZaaVdc `mbbZc^Zc jid)g^Zc`d`Zbig
ZaZ`h)fdc^^``V]idaadghV _V)giicc^hhZaighV*
A AAAAeVc``^E_]`S``]_W\ /*-+,,ZW\YYW^O\YYWW\]\Y]]aab
YOWYYWcb]`WS\cO__SZZOXbZYOW`aba=b]Za]Y]bZb(Xbaba)7_(aWYYSZWS\ZbYb]WYSb`]\
E_]`S``]_W\
aWZOO(XWZZO)@W_XObab[W`SS\aO_cWaOO\aOYOYO\\S\]`]WaSabZ]`aSS`aOm])RSY`j\\b[S_]W\S\aWZOOXOY]]RW)
QaZ^cZc j^fhV\ZcZfVVhhdf^chVfjZ a^^h)hmmaZYZ^]^c*
FrmhhshViai^ggV dcigZ^c eVa_dc e^Zc^r aZYZ_r` Zh_i^g)gV'_d^YZc
e^hiig dc jV`^d* CZh_ic j^fhVVjd^YVVc fV_d^hhVVeZa`raar
gVf_VjVghi`gZaaV_Vg^hrgVVhZhVVcbiihhVV `^f``ViYZc grr)hrb^gZ`g^
gmshhs_rcc^hZhhrbiihhVbVaaV*
CmgZZggrdc hrggr`^c j^fhV\ZcZfVVhhdf^'_d`V Z `^i^hZc`VVc hidhV
`dj^c hVf`Vghj^V)`^dj^fhVV ZYZgbiihhibVhhdbVaaV
gmshhs)_rcc^hhZZaar*DZY^`Zh_ic `mccmg_rcc^hhZZcbiihhiZggV g^^cr
`ia`ZjV j^fhV`^c biih)hii*
LraaV^gZaaV_rf_ZghZamaarZ^V^cVgZaj^hr`icc^VaaV ZhZc`rrc
giif^hZ]d^ghZc aZY^Zcd]_Vi`gZghV' jVVc dc `rmhZhhrjr
jV`^d)j^fhV\ZcZfVVhhdf^V*
JOYW]cW_aOO[]\SS\ aO_^SS`SS\D^cZVVf^gZc j^fhV\ZcZfVVhhdf^c
]idcddb^cV^giig dc g^^cr jr^ghrbrhhr gmchmjrhZ]d]rj^s*
N^fhVVfV_d^hhVjV`dbedcZchh^gVVc^g`d^aaZZc gZ`r g^^cr `ia`ZjVc
j^ffVcZhhrgZc ma _^rrjrc _rcc^hhZZc*
LVf_daaVdc ai`i^g^V aZYZ^aaZhVf`d^hZhhi_VjV`^dj^fhVV
hidhhVj^Ve^^fZ_r'_d^ggVdc bi^)hV`^c hVfeZZaa^g^V_rf_ZghZam_r'`ihZc
eiag)g^caZjZmgbdYiad^ch^bV]Ydaa^giig `^f`)`ViYZcgrrhsr jVfhZc*
=g^bZf`^`g^ KL6cKL;K -) e^^f^emghmm`r)g^hhZaZbrrc _deV -'1
VbeZZf^c j^fhVV'bih)hVhraar j^ffVaaV`rmhhs_rcc^hhZZc _VaZY^`Zh)_ic
hVfj^hgZbVc _rcc^hhZZc Zfd Z j^d^ arb)bschidhdc hV`^VdaaV` dj^c
giif^* F^^cergiifhZc aZY^Zcd]_Vi`gZZc
`rmhZhrrc`^cmaZZcgrhZ]dar]YZhhr' _dc`V g^grahrbr
jV)`^dj^fhV\ZcZfVVhhdf^ dc hdhZihZhhi ]V`)`if^hZ`c^^`VaaV* KZ
gVaa^g^mshhs_rcc^hhZZc_VaZY^`Zh_ic jra^aaZ giifZc _rcc^hZ)Zfdc^abVc
bZf`^hhrjrr hZ]dc]i``VV*
NV`^dj^fhV\ZcZfVVhhdfZ^hV `rmhZhrrcbmsg ]mj^c e^Zc^aar
j^ffd^aaV* 9_VbVaaVnZcZfY^dY^aaZhV
f^Z[ZfZcgg^_rcc^hZhhrhidh)hVjVaaZe^^f^aaZjV`^dj^fhVV jd^YVVc
gZchVf``iihhV eVfVchVVeVa_dc`^c h^aVchZZggV'_dggVg^hrgmshhrjr
_rcc^hZ jV^]hZaZZ*Lr]rchVf`d^hi`gZZc gVV]Zaedgh^
fV`ZccZhi`g^j^fhV\ZcZfVVhhdf^c V^jVc
hVjVcdbV^g^ghV^fhd`dbedcZchZ^ghV' bihhV Zg^bZf`^`g^FPH6c HKKA.,.-
grrghrr bdcZggV h^aVc)hZZggVgZ`r jV^jVV ZhhraZjmh^aVV*
JVbe^c hV g^V]V)VVaadchidhhVb^cZc eZ)f^chZ^gZc J;)e^^f^c
aVhVihib^gZghV VchVVbZa`d `Z]cdc hiad`gZc* Ciccdaa^cZc hi)
adg gVVYVVc'`ic `dcYZcgVVhhdf^c aVhVig)j^fhVV hidhhVjV jVghig
`dfjVhVVc jV`^d)j^fhV\ZcZfVVhhdf^aaV*
JW_aO`WZ[bYYONV`^dj^fhVdc hVfeZZcbmsg
j^fhVg^abi``V)d]_Vi`g^ggV*F^^ggr]rc g^abi``VVc a^^hZhhr)j^Zc
aV^hhZ^YZcai`ibrrfr jd^ jV^]YZaaV'gV)bd^c `VVeZad^cc^c
fZg^ghVcgg^*9cVad\^gZcj^fhVg^abi``Ve^^f^c hd^b^chV)VaiZdc igZ^c0).,
b^aa^VbeZZf^V*
Lrbrc j^ffVc hidhhVVar]Zha^bZcr hd^)b^jV
b^hhVigg^\cVVa^aaVd]_Vhhi j^fhV\ZcZ)fVVhhdf^'_daaV^gZcjd^
fV`ZchVVdeZfVVh^d)jV]j^gh^bZghV* Nr]Zbbraar errgZZ `rmh)hrZc
Zg^bZf`^`g^ jVab^ghV :ifh):fdkc^cj^fhVg^abi``Var]Zh^chr PLJ--,*
/)-+,, 13
-
! / BNIFMIEINFN*t*g9CKK=HJ?CFCENO=MB]\W ]\
WV[SaSZZea&[WY`WX]\YW\
aWSae\[WY_]^WW_W\YeZYSS\YeaYSae\cO`abY`S\ O_c]\ [bbaaO[W\S\
SWcOWYbaOZOW\YOO\`S\ eZW]ZScOO\
Xj\\WaaSS`SS\)Hee^WZZW\S\ajZZOW\S\^OWYYO]\
VOYYb_W^WW_W\a]W[W\aOaOOXbbRS\[jj_jjcj cO`ab`) BbbaabXO\O]\
`WZZ]W\aWSaS\YW\cW_aO)
9?CEEI 1=KD=F=CL?FF=IH EPGG?HC?H ONI"LC?HEIE?GNL
?F?EM"KIHCCEE=BNIFFILM=D="LNNHHCMM?FNLM=#
&
&&&&5*300.HfdgZggdf^c1+.,--a^c``e^Vc``^^cdc`ddhhi`V^``j^idg^ZcjVffZaaV_ia`V^ghih@idahd`diai)_ihih*9f)h^``Za^Zcai`id^`Zigdc
HfdgZggdf^ch^aVV)_^aaV*C^f_Vihib^gZZchVfj^hVVchV`V`VccZcdgd^hZhiadghZZghVm])YZ`grccibZfd^cZch^aVV_V`ddY^*
BV^c^higgV hVeVi`gZggVdc
hd)YZccr`s^gZgh^`mgmbmgj^fhV)eZ^a^cj^ffVcVgZhigjVghi`gZghV*N^fhVeZ^a^Va`VVdaaVZf^aa^ghfVcg^ghdfZ^g)hVfV`ZccZhhicV]Vfj^cV^giig'
_dhVhVeVVZc^bbr`gZZc jV^c jVc]d^ggV aV^hhZ^ggV*KZdc `i^hZc`^c
ZYZaaZZcm`g m^aZ^g^bb^ghrVcVad\^ghZcb^`fde^^f^Zc
g^gr^g^ghrfV`Zc)cigeVa^`d^ghV*KZcVjiaaVjd^YVVcjrahhrr]Vc`Vaii`g^V
hidhhVj^ZcfZg^gh^^j^ghZcfV)`ZccZdg^Zc`rmhhsr*
N^fhVeZ^a^hidhhVV`idfbVVcgV jV`^dj^f)hVV'Za^`idfbVc jV^]hZaiZ
e^Zf^VVhhZZggVg^^]ZcjV^`ihV*EZa`d
hVjVaa^cZc`rmhhs)h^aVccZa^^hhmm`i^hZc`^c hVgdcg^^fhddc'_dggV`idfbV
dc igZ^cjV`^d*N^fhVbiih)hii jV`^d`idfbVc
are^`ia`^ZggVVcgZcma^jV^`ihhVjV`g_^rcc^hhZZ`g^*
-C =CH=JCCKCHLCLQFFQN^fhVeZ^a^jd^YVVcm`g^c`ZfhV^g^bb^aaVVchZ]Yr
eVf^ghVhfVcg^ghdf^ghV*KZcdb^cV^)
giiYZh djVhbdcZZc hVeVi`gZZcf^^hhrjrh'b^`ra^ bdaZbbVh
hfVcg^ghdf^hdjVh db^)cV^gii`g^ahVVc^ YZchh^gZh*D^grjVVh^bi`)gZcVdc'
ZhhrbdaZbe^Zc hfVcg^ghdf^Zcg^)fi_Zc dc
emgmhhrjrgVbVggVarbesh^aVggV*
Nr]Zbbrc `f^^hh^g^ggV`mh`Zccs^ggrcr`ZZ BGK`ig`V`g^
:;113)hfVcg^ghdf^V`ih^ghigaZh`iaaVm]hZZcc^eihZhhi^cV*Fm)`mrrc
gVbVcm]Y^ghZabrcasmhrre^chVa^^)hdgjZfg^dcV_VgVbVggV`idfZggV
c^bZaar:;413K* LfVcg^ghdf^Zcjra^aar
Z^daZ\Va)jVVc^ghVm]hZmhhr_VjVab^ghV_VhjV`iihhV)jVhc^^YZcdaZjVcdb^cV^gii`g^ahVVc]mj^car]Zaar
hd^g^VVcZa c^^^c gVcdhhigdj^hZhhieVf^*Q]hZ^cZc`idf^ e^hrr
g^fi_Zcarbes)h^aVcbZa`d ]mj^c gVbVcV*
Gb^cV^gii`g^ahVVceVf]VVhj^fhVeZ^a^hdc
fV`ZccZhhimaZZcgrgVbVVcg^fiic g^)_d^hZhi^ghVbihhV
eZf^VVhhZZggV^hgZcr^gZgh^hd^b^j^ghVhfVcg^ghdfZ^ghV*F^^YZcdb^cV^)giiYZh
djVh `V^`^c eida^c bV]Ydaa^g^b)bVc ar]Zaar^YZVVa^ghVbihhV ZccZc
`V^`)
LPHMPOQGNNM=G=H OIFMCHEPGG?HPEL?HLNNKNCH?HDQHHCM?BQOCRENGI==
M?BIE"E==LMC?JQFCH?==KCLNNMM==CB?NMM=O=H-=KFP"?@?EMCHO=CENMNLM=#
4CE?=HJNIF?CL?LL= :CFLIHCH OCKM=J?CFCL"LQ IF?O=H
FCLQMK=HLCLMIKCH=HLCILM=L==ON"M?M==H?>?FFCLMQBNIG=MM=O=LMCJ=K?GG=MIGCH=CLNN>?M-GCMM?KC?HOQFCFFQIF?O=JIM?HMCIG?MKC?CENNFNJ?KNLEPME?HMQQH!GNMM=L?H
=ONFF=OIC>==H
=L?MNL"D=ENIK"G=OCKK=HLNB>?MM=GNNMM==JIKM==MMIG=LMC#
7`Sab`(OCKM=
9=L?GG=FF= IF?O=
:C>F=KCH=FENJ?KQCL"EPME?HMQQHJ?KNLMNO=j^fhVeZ^aI^HEF=LLCEEI!DIFF=?CJQQLMQEIOCHBPOQQHM=KEENNM??H#7CMQIH
PELCHE?KM=CLNNM?HL=ONIELCEQPM?MMPJ=FDIH GNNH
GN=LL=M=LIHLCCKMIIH#
*L?MNLOCKM=OIC>==H
MNIMM==GNNFF=ECHM=OICHENCHO=LMNEL?FF=!D=ENIKG=OCKM=L?NK==
LCMQENIKG=H
LNNKNN>?LM=KCCJJN"G=MM=#-GCMM?K?CFFQIF?O=ML=KD=O=LMNEL?M?COQMIF?
OQFMMQGQMMRGCQ!GNMM=HCCLLQ
`ZV^YZchh^gZh*Q`g^hraaV^cZcdc jVc]Zchi)cih bihhV
hVf``iihhVjVVh^j^ggV`d]hZ^ggVeVa_dc` rmhZhhmFVh^dcVa^cDE/50*
NVab^^hjV`^dj^fhV\ZcZfVVhhdf^h'`ihZcDE//0' eZfighijVh
igZ^cj^fhVeZ^a^^c*Lra)aV^gZce^^f^c`rmhhsr
fV_d^hhVjVhbdcZggVh^aVchZZggVj^ffVcd]_Vig_rf_ZghZam_V` idf)bVc
g^_V^ch^*NVaa^c` dbedcZchZ^c jd^)YVVcfV`ZchVVj^fhVeZ^a^'_dc`V
a^^hrchr)_rf_ZghZam^ggrZ Z^crr daaVjVab^^c
`dbed)cZch^cVfbd^aaV*
-H?GGQH
ENCHOCKM=A?H?K==MMIKCN^fhVeZ^a^rgVcdhVVcbdcZggVm]hZmYZggr_d`d
jV`^dj^fhV)hVj^^fhVar]hZZ`g^*K^^]ZceZfighij^Zc `mh`Zchs_Zc`
d]YVaaVZ^V^cVhiaZc^^c`rrc V_VhZaaZZ`g^c^^YZc` rmhhrm)hmb^ghrj^ffVc
`VccVahV'g^aargZcr`mmeV)fZbb^c `mh`Zccrc
jVghighZcmaj^V^`ihhV)jVcV_rcc^hhZZcr*
N^fhVeZ^a^chicc^ghVVhfVcg^ghdf^eVf^ghV'_dc`V `VccVhdc
`mh`Zhhmhd^g^^cgV_Vhd^)gZchfVcg^ghdf^c`daaZ`hdf^aaZ*=b^hhZf^hdceZf^VVhhZZggV`mh`Zhhmm]hZZc'bihhV
bd)aZbb^aaVgVVhhVVdaaVgVf_VjVghi`gZh*CicVgZhigj^fhVVV_ZhVVcm]Y^ghZabrcd]_VVjVchfVcg^ghdf^c`daaZ`hdf^c`VihhV'gVbVj^f)hVeZ^aVihii
`idfbVeidaZc hfVcg^ghdf^c`daaZ`hdf^aaZ*
N^fhVeZ^aZ^ghrasmhmmigZ^hVeVfVccZhhi_VjZfg^d^hV'_d^ghVZ]`r
hiccZhi^c dc m]YZaara^grhfVcg^ghdf^aaV]smghZhhmO^agdc^c
j^fhV)eZ^a^*D^grhfVcg^ghdf^cVcg^dghV`idfbVcjV^]hZaic jV^`ihig
hidhZhhiic j^fhVVc_rrjr]r^gZbbr`g^*
N^fhVeZ^a^cjd^ hZ]Yr _d`d HFH)
hV^FHF)hfVcg^ghdfZ^hV`rmhhrZc*N^fhVeZ^a^cjd^ fV`ZchVVbmsg
bdg[ZhZ^ghr'bihhV hrhrfVh`V^giV`rmhZhrrcZhierrggr b^`fde^^f^)Zc
g^gr^g^ggrfV`ZchZ^ggV*
NVab^^hVj^fhVeZ^aZ_rZ^cm`mrrc
`dj^cbdcZahVjVab^ghV_VahVasmYm*Q`g^gVVhVj^aaVdaZj^ghVdc
aVV_Vgh^j^ffVcb^hhVi`g^ggV`rm)hZhhmRZhZl^cR@@D @7F?7A7>C;C
EFDG;GGDF> 0i-+,, #"
!
>
-
! / BNIFMIEINFN=========
5CCFIIHD=LNID==HO=F=?HHb]aS ]\ X]`Yb` aO_^SS\
YO^`SZ]WRO^OYSaWY`W&X]YO]\ W[[bb\W `SYje[^j_W`ak]Z]XO Saaj
Y]^W]W\aWOcO`aOO\)HO_Y]WabY`S\[bYOW`S\Z]^^b(abZ]Y`S\
`OOOWYOO\]WYSW\cOZWabZZOcOZb[O``OZZOXOVecjZZj `bb\\WaaSZbZZO)
9?CEEI 1=KD=F=CL?FF=IH EPGG?HC?HONI"LC?HEIE?GNL
?F?EM"KIHCCEE=BNIFFILM=D="LNNHHCMM?FNLM=#
/ ////J= HEECHfdgZggdf^c2)3+.,--a^c``^eVc``^^cdc`ddhhi`
V^``j^idg^ZcjVffZaaV_ia`V^ghih@idahd`diai)_ihih*9f)h^``Za^Zcai`id^`Zigdc
HfdgZggdf^ch^aVV)_^aaV*C^f_Vihib^gZZchVfj^hVVchV`V`VccZcdgd^hZhiadghZZghVeV(YZ`grccibZfd^cZch^aVV_V`ddY^*
NVakcVggVh'_d^hVbmsg jVai]Vfh)gZ^`g^`ihgihVVc'eZfighijVhmaZZc)gr
edambZfd^hib^gZZc*FZ `ddghi)jVhigZ^bb^hZc `V]YZghV`dbedcZch^ghV*Gc
daZbVggVbmsg m`g^`dbedcZchh^g^VV^cZ^hV'_d^YZcedambZfd^hib^cZc
`rmc)c^ghmm^ abVc `dghZiYZc jV^`ihi`gZghV*Q`g^`dbedcZchh^ghZc
`rmhhs Z^g^`g^dc)c^ghi gia_Zhhi_ZchV e^V`gi_Zc jVai_Zc
hV)eVi`gZggV*
EVhZf^VVa^Zc_dighVjiig jr]ZcZZ
maZ^)gZghh^mmeZ^hhr^carbesh^aVcaVg`^ZggV*=hZc)`^c
edambZfd^hij^aaVbVhZf^VVaZ^aaVbii)hdg_dighVjVghV`djV`g^ dc igZ^c
bZa`d_mf``r* Lrhr `ijVV bdcZaaZ
jVakcVggVa)aZ`^c^abd^hZhhiaVg^hfVcg^h^darbesh^aVL\'_dc`V
VaVeidaZaaVbVhZf^VVa^c_dighVjiig`VhdVV*
5?BG?Q! EIO?GJC! EIOCHHZ]bZrh jVakcVggVhdjVh
Zc^bbr`gZZcg^a^`dc^ed]_V^g^V*:ihVY^ZZc^ed]_V^gZhbVggVhemgmjrhg^a^`dc^ZchVeVVc_dig)hVj^cV]mj^c`^c
`mabrggr' bihhV Z^jrh`Zghr m]hr ]mj^c `ikcVV*
HZ]bZ^be^ZcbVggd_Zced^ghZhhVjiigigZ^c
bV]Ydaa^g)hVVj^d^hhicZ^YZcm`g^as^YZcar]Zbbrchih`^b^gZc*
HdamifZhVVc^ed]_V^gZhjVaibVggVhdjVh]idcZZcarbbsggr Zc^bbr`gZZc
bZa`d`dj^V' bihhV bdcZh jV^`ihhVjVharbe^)brbe^cr _deV]^i`Vc
`kc^bV^g^ahV*Drb)eZcZjrc g^gi`gZc biihhijVh b^hVh]mshm)cZjrh`^c
e^ZcZghra^^``ibVjVfVghV*
=ed`g^ed]_V^gZhjVaibVggVhdjVhZc^b)br`gZZc bZa`d `dj^V Z^jrh`r
eZ]bZcZVghZ^hhV^carbesh^aVc
cdighZggVV^cV`VVcV^jVcedamifZhVVc^ed]_V^ghZchVeVVc*Ed)cZhc^^ghrbi^ghihhVjVhmaZ^gZgh^bmmcc^ggrdaZj^VZed`g^a^^bd_V*Emsg
gVbVchmma^g^rg^a^`dc^ed]_V^g^VbVggd_Vdc daZbVggV*
=aZ`hfdc^^`Vc jVaiic hVf`d^hZhhi_ZcbVggd_ZcbdcZh db^cV^giiYZh
gVVhhVjVhed^`ZhVhd^g^ghVVchichijVgh^_deVgVbVc)hmmee^ghZcV^cZ^YZcjra^aar*NVa^ccVggVdc]mjr
hifjVihiV jVab^ghV_^ZcVg^VchichZ)bi`gZZc* Crmhhsd]_ZZhdc
gmmhrdhhVVjV)`VjVgh^*Edc^aaV bVggd^aaVdc
fV_Vaa^cZcgr^amhmgV^`V'_dc`V`iaihhiV hd^b^jiiYZghVZ Z^crr
daZhV`Z^hV*
NVaZhhVjVVZaZ`hfdc^^``VVgiicc^hZahVZg)gVdc
emf^hhrjrfV`ZchZZgZZc'_d`VZ _^rhrjVaiic ^abVhVg`i_V*Qa^brrfr^gZh
fZ^rh_VfZicVadjZh e^^f^aZjmggrjra_rc
fV`ZchZZcd]ZaaVVihhVjVh*EVggd_Zc`rmhhrmhmb^gZggrdc giif^V
Zfd_V*EdcZh _id`gZjVhcrZccr^)
5C?H?HE=ELC"EIGJIH?HMMCO=FNHL?ILLNBM??HL==ICE?=ELCEQPMMQ?H=JNH=
ECKD?O==E==#3NIOCJNLLCMJ?F=L"M=O=MJ=BCGG=FM=LIMENFM=#
8QLLQO=F?M==HE=BM=B=EENKCM?BI"FQB>?MMQFQGJRQDIBM=O=FF=JIFP"NK?M==HCB=KMLCFF=!DIHE=
J?KNLEIG"JIH?HMCLL=IHJIBD==H J=CHNO==MQPM?=CH?MM=#7CELCL?H
J?KNLM??FFCH?HBQGG?HMQGCH?HIH M=KJ??H?HH?H=HHILM?FN=#
gZghrgV`ZiYZghVVc]ida^bVhhVar]Zg daZ)bVhhdbVghV`^cfVdghV*
CV`g^`dbedcZchh^ghZc bVggd_Zc `r)g^hhZamV^`Vam]ZcZZarbesh^aVc
cdighZggV'bihhV arbe^brcr c^^YZc_id`gZjiig dceVfZbe^' `iccZg
]mmhZas^hmb^cZcVa`VV*NVaZhhVjVc`d]hZZc arbb^hhrb^cZc
]Za)edhhVVhrmhhrb^ghr*NV^``VeVesamc^bi)f^aaVhidhZhhiVa^eV^cZ`VgjVhhVVhichijVgh^^abV`iea^Zc
`d`dV _VVihhVVc^^hred^ghi)bVVc bVggVghV*
4FIM
B=FFCMM=O=LCLQ"D=NFEIJNIF?FF=Cdf`ZV]`dggVarbesh^aVggVhVeV]hijV`i^)jVhig
_iif^ ZccZc jVaiV ed^ghVVZhZc`^ce^^f^aZjmaVb^cVVh^ggVe^^aZ`g^jrc
`dghZi)YZc' _d`V jVaic g^grrc _rrYZggrrc jd^g^hidhhVVhi]dV* Dr]Zg
`V^``^ jVaibVggVhg^Zhrjrh `i^jihhiVVc bZa`d ]mj^c `dg)hZihhV'bihhV
_Vh`ijVghVa^dhhVb^gZghVZ^)jrh
V^cV`VVcedamifZhVVc^ed]_V^gZhjrah)hrbrhhr gZaj^r*
NVai gVVhhVVdaaVbmsg daZZaa^cZcdgVarbbsc]Vaa^chVV* =hZc`^c
jZf``d_rcc^)hZhhr`rmhZhhrZggrhiaZjVhhifjVaa^giigjVV)h^bi`gZh
bi`VVc* HZa``rr bVggVVZ^`
V^)`^ggVh^aVchZ^ggVZf^ghZZ`g^`ZaeiihZhV*K^a)ad^chVfj^hVVceV^`Vaa^ghVa^grZf^ghmghr'_d`VZf^ghrrarbesr`^c*
EVggVchVjVcdbV^ghVeVfZbe^ arbbsc_d]hVjiig dc ]msYm`g^arbbsc
aZj^hhrb^gZggraVV_ZbbVaaZVaVa)aZ*HVadaid`^hig`^cdc ]mjr e^hrr
b^ZaZggr*
NVaZhhiaV^hZgZaj^rr maZZcgrbV^c^dgh^`djVggV`^c
hrf^crhZgh^ggr*BdighVjVjVai)bVggVVWgdfWdh^Z]d``VVgh ?^)jd^b^V
_VjV^bZchVVgmchmj^rfZgdcVcggZ_V*CdjVbVggV eidaZghVVcZghrr
`dbedcZchhZ_V^fhdVbVghV*
Bdg`ig `rmhZhrrc ]^chVgm^ghrjVaiicbiic biVggV
aVg^`i^hijZcZ^g^^chVf`d^)hZhhi_V]VfhgZ_V*F^^YZcgr]`s^g^r
db^cV^)gii`g^V Z^` i`VVc jd^cZ hVVhV'bihhV `ic)cdaa^cZcaV``VigZccZc
jVaiVjd^ eZaVghVVh^aVchZZc*Edc^ggV
hraaV^g^ggV]VfhgZ^ggVgmchmm`djZhhib^gjV^]ZZggVjd^bV`VghV`ih^ghib^ghV'_dghVjd^
V^]ZihiVjVif^d^hV*
9==KID= CBGCLCFF?!PGJQKCLMRFF?D=F?>?CFF?NVaibVggVc bmf`m^ghr
jVfd^hZhVVcgZc`rmhhshifjVaa^giigh^ZYdhhZZggV*Bd^YZc`^c`V`g^`dbedcZchh^ghZc
edambZZf^Zc h^Z)YZhrrc jrrf^c
`rmhZhhm^cr_deVgmhhmcZZchiaZZc*NVaiggVgmchmj^Zc_rhhZ^YZc_Vgdh)`i_Zc
`d]YVaaVZ^^hgZgmhhmb^gZcjVVfVVe^Yr icd]hVV*
DZY^hZ`c^^`VggVdc gmmhrjrahhrr
]Ze)hVVcZ_V']Z`gVVcZ_VhVV^b^^cZ_Vg^grahrj^rhidhhZ^hV*Fr^YZc
V^cZ^YZce^hr^g^`djZhhi)b^gZc bmshr ]rj^hr' bihhV gZ]rc dc
hZd)f^VV*@@D @7F?7A7>C;C
EFDG;GGDF> 1(2) -+,, $"
-
/ BNIFMIEINFNl)l))g8?BI=
OQPFQFMQJIFNCFF?CeYeOWYOW`S\Xj_XS`aSZ[j\
RWUWaOOZWYeaYS\\jaa]W[WcOaZjVS` OW\O^WS\S[[jZZj
YbW\^S_W\aSW`SZZjcWWRS\c]ZaW\Z]UWWYYOXj\\WaaSSZZj)HSV]\`ekaakXj_XS`aSZea]cOaYW\ajZaj
]`W\[bbaab\SSa _ORWYOOZW`aW)Ib`WS\ Yjeaj\akXS\aOb`aOO]\ Vecj ab\aSO
Vb]ZZ]``OYW\)
9?CEEI 1=KD=F=CL?FF=IH EPGG?HC?H ONI"LC?HEIE?GNL
?F?EM"KIHCCEE=BNIFFILM=D="LNNHHCMM?FNLM=#
&
&&&&5*300.HfdgZggdf^c5+.,--a^c``^eVc``^^cdc`ddhhi`
V^``j^idg^ZcjVffZaaV_ia`V^ghih@idahd`diai)_ihih*9f)h^``Za^Zcai`id^`Zigdc
HfdgZggdf^ch^aVV)_^aaV*C^f_Vihib^gZZchVfj^hVVchV`V`VccZcdgd^hZhiadghZZghVeV(YZ`grccibZfd^cZch^aVV_V`ddY^*
#% EFDG;GGDF> 4)-+,,
EGc^ jVc]V _rf_ZghZabrg^grahrrhZ]dar]YZ`Z]^`dc' _dghVar]Zg`V^``^
hVfj^hhVjVh`rmhhs_rcc^h)hZZhar]hZjrhgZaaV^gZcVVce^h`^aar_d]Yd^aaV*Gc
bdc^V Zf _^rcc^hhZ^hr'Z]`r %/)-1
jdah)h^VdeZfVVh^djV]j^gh^b^aaZ_V%.0 N fZaZ^aaZ*Emsg
Y^\^hVVa^eidaZchVfj^hgZbVV&1jda)h^c_rcc^hZhhrgVVhZhVVc_VZaaVe^h`^aar_d])Yd^aaVhrghrgVbVghV`Z]^`dghV*
Fm`mV^`V^cZc_rf_ZghZabrjd^ daaVZYZa)aZZce^h`rah
g^VbVcaV^cZc'bihhV V^cV`^cY^\^hVVa^eidaZchZ]dcgmshhsdc
bZccmhiig^`g^*
.?KK=M4BG D=.?HKP JICEECM?FICH=hZc`^cbdc^
W^hh^c^``Vf^e^hrrhZ]dcgmsh)hsr adk)hZX])VaiZZcV*GbVc
dgVVb^gZc)gVgZ`i^hZc`^c jVVh^^'da^eVg^hhZc`mgZZg)gr
aVV_V_rf_ZghZabrhV^`rccm`rc g^gi`gZh*CZ]cd
hZ]dcgmshhs_rf_ZghZamgVVhhVV_deVhrmg^c Zghrr ]^\])hZX])dgiiYZc
`rmc)h^^car]Ysc_Vjr]^chrrc ]r^f^s]Zf``mmhhrg^^hrgZifVV*
Fm`mV^`V^gZcY^\^hVVa^hZ`c^^`Vc`rmhhs)_rcc^hhZZcrj^^g j^dahh^Vdc
]Vfj^cV^giig*H^^f^Zcgidf^hig`m`mr dc
gVVhibdcZggVgi]hZZggVeVfVccZhhiV`rmhhs_rcc^hZhhrVaZchVZc*
LZ]dchVfjZZ g^^ahV^^cVdaZZYZahr_^rrcjr)]r^gZbe^*G]b^Zc jV^`ihig
`dfdghii' g^aar_rcc^hhZZcaVg`^ZggVj^ffVc dc
`VgjZhhVjV*NVc]Vj^^YZcjdah^cad\^^``VgVVhhVVgZaj^hr`icc^VaaVjdah^cgmshhs_rcc^hZ]Z^aV]hZaighV'bihhV
m]YZcjdah^cad\^^``VZ^*
-
/ BNIFMIEINFN######"8?BIHLPRMRHF?AIJ=FCE=M?j_XS`aSZ[j\
aSV]\`ekak\ c]Wa]aSbaaOO[]\W\ S_WaOc]W\);aS\YW\`bb_aS\
Xj_XS`aSZ[WS\`bb\\WaaSZWX]W`aO]\ abZZba[b]aWaWSa]W`WO)JO_aOcO`aS\
VOXObaSaabb\aSV]\`ekaakk\
YSVWaSaaeXj^OZWY]WaOYjeaajS\`OOROO\_OYS\aSS`SS\ `SZYSeaaj&X]`aO
]\ O^bO [ek` cWYOaWZO\aSS``O)
JSWYY]@O_XOZOW`SZZO]\ Ye[[S\WS\ cb](`WS\Y]YS[b`
SZSYa(_]\WWYYOVb]ZZ]`aOXO(`bb\\WaaSZb`aO)
> >>>>^O\ ``^E_]`S``]_W\
,+*-+,,ZW\YYW^O\YYWW\]\Y]]aabYOWYYWcb]`WS\cO__SZZOXbZYOW`aba=b]Za]Y]bZb(Xbaba)7_(aWYYSZWS\ZbYb]WYSb`]\
E_]`S``]_W\
aWZOO(XWZZO)@W_XObab[W`SS\aO_cWaOO\aOYOYO\\S\]`]WaSabZ]`aSS`aOeV(RSY`j\\b[S_]W\S\aWZOOXOY]]RW)
Edc^V iig^V ]V_VihZhic hZ]dc)gmshsc
eVa^`d^hVbV^cdghZhVVchZdaa^giigghVcYVfY^cbi`V^g^)cV' b^hr
gZcmhhVf``VVcdhhVZchVf`d^h)hVVcZZ`VVc*Lrhr a^c_VVhi`ZZ
`idfbVe^g)hZbiich^b^V `dg`ZjV HGD9)brrf^hhZam*NVab^ghV_VhdjVh_d
V^`d_ZcVaighVbid)YdghVcZZhh^Zhhm_r`a^``Z_r' bihhV
m]hZ^ghra^c_VVdaaVVccmhaidbVggV*Gg^hhV^cj^Z)ar `Zg`ZcZfr^cZc
YdgVedkZf*Xdb)cZhh^)g^jighdg^grahrrbZ`VVc^ghZcb^hhd_Zc'gr])`s^ghZc_Vhd^b^ccVaa^ghZcdb^cV^gii`g^Zcbrrf^hhZam_r*
Bbb\aW[S\ []\Sa [Ob`aSSaCidfbVe^ghZbiich^b^Zc
$HdD%gVcdhVVcZarjrc _d `dabVhhVgi`iedajZV* Ldedad)\^VcVdc
hVjVaa^gZgh^VaVger^cbiichVjV]V``if^
jV^aaV\VajVVc^ghVZfdhighV'bihhVbVf``^cd^ahVasmhmmbiihVb^V
hrghred^`)`ZVj^V`^cZerhVjVaa^ghZch^aVchZ^YZcjVfVa)aZ*CV^`^ggVhiad_rcc^hhZZca^^``ibVjVfVZ^daZ`dj^c
giif^*
Fm`mV^`V^gZc`idfbVe^ghZbiich^bZcmaZ^g^rdb^cV^gii`g^V djVheZ]bZr
`rmc)c^ghmb^cZc'`
rmcc^ghm`gZc`Vi`d)d]_Vig$fZbdhZXdchfda%'d^`dgiaic`Zghrjmmg gZ)`r
ma^arbes) _V Va^_rcc^hZgid_V*Dr]hs)_rcc^hZVgZhZhVVcbdcZggV
ia`d^gZaaVjVg)hi`gZaaV'_V bmsg bV]Ydaa^giig ar]Ysc_d]Y^c]rj^s^YZc
Za^b^cd^b^gZZcdc maZ^)cZc $fZbdhZ)gZcgZ%*D^grcr jd^
daaVar])hs_rcc^hhZZcY^\^hVVa^cZcd]_Vig hZ]dc)]Vaa^chVjrmarc$bb*
HE:MK^c% `VihhVgZ`r bV]Ydaa^giig bid`VhV biicc^cjVghVVbVVc`idfbVc
jVVh^b^VhfVcg^Zchh^)db^cV^gii`g^V*
CidfbVe^ghZbiich^bZc `rmcc^ghm )`gZc d]_Vig dc hVfeZZcV^cV`^c
g^aad^c'`ic Y^\^hVVa^e^^fZ^aardc bdc^V Zf^` rmhhs)_rcc^hhZ^hr*=f^
_rcc^hhZ^YZc`mh`Zchr) _V`Vh`V^gi_rf_Zghmgdc igZ^c ]mj^c hrf`Zr*Lrbr
hdhZihZhVVcmaZZcgrc^^c gVcdhhiVgZ`jZcggZf^r` rmhhrZc*
CidfbVe^ghZbiich^b^V gVVbdcZaaZZf^hiad_rcc^hhZZaaZ'_d`V
hVjVaa^gZgh^dc _iif^
gZ_rf_ZghZabrcjra^_rcc^hZ*LVjVcdbV^g)hVa^c_VVZYighVVZg^bZf`^`g^=f^Xggdc^c`idfbVe^ghZbiicc^cgVf_V
HE>' _dggVar]hs hZ]d jV^]hZaZZ_rcc^hhZZghrf^^eeiZc.1)11
kVh^cjra^aar*Fr^hr cd^c `mbbZ)cZc Zifdc
]^chV^g^Ve^chVa^^hdgbiich^b^VbV]hi^g^hia^h^``iVg`^^ceZfrh
`^V]YZ`gVc`VeeVaZhhV*
JOYObaSaab&W`]Z]WabcOWSWYb[^OOYOO\6Edc^ jra^_rcc^hZbiicc^c
]mjr`gmm ]m)j^c`^c aVV_Vchiad_rcc^hZVaiZZc'bihhVar]hs_rcc^hZdc
maZZcgrb^`r dc*Nra^_Vc)c^hhZ^hrjd^
ZhZc`^caVV_VggV_rf_ZghZabrggrdaaVigZ^hV*
Nra^_rcc^hZbiich^bZc ar]hshZ]d dcmaZZcgrgiifZceidaZ^cZc'
g^aargZcVjiaaV)
]Vc gmshZhrrc_dg`ig giifhV`^c `idfbV)e^ghZbiicc^chZc brrfrr*
Nra^_rcc^hZhhrZ m^aZZcgr`rmhZhr`
f^^hh^g^^chVf`d^hi`g^^c'_dhZcbiich^bZahV Z
j^VVY^hVgVbVV`i^c`idfbVe^ghZbiich^bZahV* @id`Z^c
eZ)figeVa^``VgVVhhVVf^^hhrr'bihhV jV`VihZh)hi
ar]hs_rcc^hZgVVhhVV_dg`ig daaVhVfeZZc'gVbd^c \VajVVc^cZcZfdhig Za^^
gdad^ch^*
NV`VihZhhi_Zc$fZ\iaVhZY%_VjV`VihhV)bVhhdb^Zc
$icfZ\iaVhZY%a^gr`g^asmhmmbmsg
eida^jV`VihZhhi_V$gZb^fZ\iaVhZY%biich^b^V* Lrmg^c
jV`VihhVbVhhdbVcar]hs_rcc^hZdc
gidfVVcg^Yd`g^ggVhiad_rc)c^hhZZgZZc'_daaZgZVgZhhVV`^ch^i`VhjVVh^)bi`gZh*
KZjd^ daaVZg^bZf`^`g^cZa_rgdgVhiad_rcc^hhZZghr'_dhZc04
jdah^ghVgVVYVVc-. jdahh^V*QaZ^gZgh^asmhmm`idfbVe^ghZ)biich^b^V'
_dh`V]mjr`gmjrh --)-/ jda)h^chiad_rcc^hhZZc*
Agdad^cc^c_VjV`Vihi`gZc
hVfjZbrrfrm)hmmbdcZghVVf``^hZ]hiif^^ca^^hhmjrghrgZ^)`VghV'_dh`VjVVh^jVh_rf_ZghZabrcgiicc^h)hZa^_VahVgZ`r
dgVVb^ghVZhhreVcZihib^ghV*@V^hhVVcr^ghrZ a^^ZcZbiiaaZ `i^c
]^ccVaaZ_VZ]`r ]mshmgi]hZZaaZ`^c*
NVa^_rcc^hZbiich^bZaaZdc igZ^bb^hZcdahVjVdbV
`dfhh^'_dahVjra^_rcc^hZg^hhZcar]hZZ_d`d `Z]^`dc
hVighV`dfh^chV_^d]Yd)hi`gZc
`VihhVY^\^hVVa^`dfhh^Zc`idfbVe^g)hZbiich^b^aaZ*Bdh`ihjVab^ghV_Vhhd^b^hhV)jVhbiich^bZc
`dfh^aaZVgZccZhhicV$bb*N^Xdf%'_V_d^ahV`^cgVVhr]rc
hVf`d^hi`gZZcjVab^^hVVgZcciged]_^V*
J;>@@D @7F?7A7>C;C
JOYObaSab\cjZWXj\\WaS[bb\aW[S\
ZjVak(Xj\\WaSc]W]ZZOcOWYYO^OHHA(^WW_SWZZS[S(\Scj
cWW`Wc]ZaaWO&X]`aO ^WS\S[[ja Xj\\WaaSSaaSVRjj\) Hj[j SW]ZS
aee^WZZW\S\cjZWXj\\W(aSXj_XS`aSZe&cOO\
SRb`aOOSaS\YW\^WS\S[([W``j
ZOWaaSW``OaOcOaaOcOO\WW\`O\]aabOYO`YORWO_YYWaSVabb_WO)?j\\WaaSWRS\YeaYS\(ajXj_XS`aeY`S\
[jj_jj aj``j `SYcS\``S_W)
AeVS\aSWRS\`SYO[SZ`YOO:;':;E:E7:EG:DG7A:9A:NA:;EB8IGEDAEDA7J:;
Pb` Q]\cS_aS_&P)Q)[]RbZS&
cjeZjXj\\WaS[bb\\W\RW`a_WPbaSR(^]dS_O_QVWaSQab_S&VOXObaSaabaSV]\`ekaakO_YYWaSVabb_WRW`a_WPbaSR^]dS_
`e`aS[& VOXObaSaabaSV]\`ekaakXj_XS`aSZ[jRW`a_WPbaSR(^]dS_]^S\
`aO\RO_R`OZZWO\QSW\aS_[SRWOaS(Pb`O_QVWaSQab_S&cjZWXj\\WaScjeZj\O_YYWaSVabb_WW\aS_[SRWOaS(Pb`c]ZaOUS&cjZWXj\\WaScjeZj\Xj\\WaSW\aS_[SRWOaS(Pb`Q]\cS_aS_&cjZWXj\\WaScjeZj[bb\\W\^]dS_
[O\OUS[S\a Pb`&aSV]\VOZZW\aOcjeZj^]W\a]T Z]ORQ]\cS_aS_*
_SUbZOa]_&Yb]_[O^W`aS[bb\\W\ * _SUbZOOaa]_W^]W\a]T
Z]ORO``]QWOaW]\* ^) ]) ,) OZZWO\QS_SUbZOaSRPb`
Q]\cS_aS_&_SUbZ]WabcjeZj[bb\\W\
EFDG;GGDF> ,+)-+,, 11