Professional Documents
Culture Documents
%"./"-&*!
? E9:D 3@@< E96C6 H:== 36 ?@E9:?8 D2:5 4@?46C?:?8 >6E2A9JD:42= E96@C:6D
@C A9:=@D@A9:42= 9JA@E96D6D :?DE625 E96C6 H:== 36 2 G6CJ DEC:4E 2596C6?46
E@ E96 AC:?4:A=6D @7 ADJ49@=@8J )96C6 H:== 36 ?@E9:?8 D2:5 @7 LLDA:C:ELL @C
D@F=LL 3FE G6CJ >F49 D2:5 @7 >:?5 )96C6 H:== 36 ?@ DA64F=2E:@? 4@?
46C?:?8 E96 BF6DE:@? @7 H92E :D E96 D@F= @C 4@?46C?:?8 H92E 364@>6D
@7 E96 D@F= 27E6C E96 562E9 @7 E96 3@5J )96D6 DF3;64ED H9:=6 9:89=J :>
A@CE2?E 2?5 :?E6C6DE:?8 36=@?8 E@ 2 5:776C6?E 4=2DD @7 :?G6DE:82E:@? 2?5
2C6 @FED:56 @7 E96 =:>:ED @7 E96 AC6D6?E :?BF:CJ ,6 D92== ?@E 6G6? 6?E6C
:?E@ 2 5:D4FDD:@? @7 E96 DF3;64E @7 H92E :D E96 >:?5 :?DE625 H6 D92==
4@?7:?6@FCE9@F89EE@E96DF3;64E@79@H5@6DE96>:?5H@C<
@C E96 AFCA@D6D @7 E96 AC6D6?E 4@?D:56C2E:@? @7 E96 DF3;64E 367@C6 FD
H6 D92== C6DE 4@?E6?E H:E9 E96 7F?52>6?E2= A@DEF=2E6 E92E G6CJ >2? @C
H@>2? 92D 2 >:?5 2?5 E96 4@C@==2CJ E92E H96? 2? :?E6==:86?E >2? @C
H@>2? DA62<D @7 >JD6=7 96 @C D96 :D 4@?D4:@FD E92E 9:D @C 96C >:?5
92D 2 >@C6 :?E:>2E6 C6=2E:@? E@ E92E D6=7 E92? 92D 9:D @C 96C 3@5JLL )96
LL3@5J :D FDF2==J C64@8?:K65 2D 36=@?8:?8 E@ E96 D6=7 H9:=6 E96
>:?5 :D FDF2==J D@ 4=@D6=J :56?E:7:65 H:E9 E96 D6=7 E92E :E :D 5:77:4F=E E@
5:DE:?8F:D9E96>:?E9@F89E@C6IAC6DD:@?
$$#
DEF5:6D E96 A96?@>6?2 @7 >:?5 ;FDE 2D A9JD:4D :?G6DE:82E6D E9@D6 @7
>2EE6C
7 2?J >2E6C:2=:DE D9@F=5 9@=5 E92E E96 >:?5 H2D ?@E9:?8 3FE E96 3C2:?
2?5 E92E E96 3C2:? H2D 2 G2DE 288C682E:@? @7 >@=64F=2C D966A 96C5:?8 E@
86E96C :? G2C:@FD H2JD 9:D 9JA@E96D:D H@F=5 ?@E 492?86 E96 724E E92E
D6?D2E:@? >FDE AC64656 A6C46AE:@? >6>@CJ 2?5 E9@F89E ?@C H@F=5 E96
=2HD @7 2DD@4:2E:@? @7 :562D 36 492?865 ?@C H@F=5 E96 724E E92E :?E6C6DE
2?5 C6A6E:E:@? 2:5 >6>@CJ 462D6 E@ 9@=5 8@@5 )96 >2? H9@ E9@F89E 9:D
>:?5 H2D 2 4@==64E:@? @7 =:EE=6 46==D H@F=5 5C62> :>28:?6 E9:?< 2?5
H:== D@ 2=D@ H@F=5 96 H9@ 36=:6G65 9:D >:?5 E@ 36 :>>2E6C:2= E :D G6CJ
7@CEF?2E6 E92E E96 D2>6 >6?E2= A96?@>6?2 @44FC ?@ >2EE6C H92E E96@CJ
:D 25@AE65 )9@D6 H9@ =:<6 E@ DEF5J E96 AFKK=6D 2D E@ H92E >:?5 2?5
>2EE6C C62==J 2C6 >FDE 8@ E@ >6E2A9JD:4D (9@F=5 H6 6G6C 7:?5 E92E D2=E
2CD6?:4 2?5 >2?J E9:?8D 6=D6 2C6 E96 D2>6 DF3DE2?46D H:E9 2 5:776C6?E
>@=64F=2C2CC2?86>6?EH6D9@F=5DE:==?@EFD6E96>:?E6C492?8623=J
E9:?<D 766=D 2?5 H:==D 2?5 H92E 42? H6 7:?5 @FE 23@FE :E ,96C6 :D :E
.@F H:== AC@323=J D2J :? E96 3C2:? FE :7 J@F 2C6 DA62<:?8 =:E6C2==J :7
J@F D2J E92E :E :D :? E96 3C2:? 2D 2 A6?4:= :D :? E96 A@4<6E E96? J@F >FDE
>62? E92E :E E2<6D FA C@@> E92E :E @44FA:6D DA246 2?5 E92E H@F=5 >2<6
:E G6CJ >F49 =:<6 2 >2E6C:2= E9:?8 ? ECFE9 E96 >@C6 42C67F==J J@F 4@?
D:56C :E E96 >@C6 A=2:?=J J@F H:== D66 H92E E9:?<:?8 >6? 92G6 <?@H? 7@C
2 =@?8 E:>6ME92E H6 5@ ?@E <?@H 2?5 42??@E =62C? 2?JE9:?8 23@FE E96
E9:?8 H9:49 E9:?<D 2?5 766=D 2?5 H:==D E :D 36J@?5 E96 C2?86 @7 9F>2?
<?@H=6586 )96 3@@<D H9:49 567:?6 ADJ49@=@8J 2D E96 D4:6?46 @7 >:?5
92G6 ?@E 2 H@C5 E@ D2J 23@FE E92E H9:49 E9:?<D 2?5 766=D 2?5 H:==D
)96J 2C6 6?E:C6=J E2<6? FA H:E9 E96D6 E9@F89ED 2?5 766=:?8D 2?5 24ED @7
E96 H:==M>6?E2= 724ED :? 2 H@C5MECJ:?8 E@ E6== FD H92E E96J 2C6 2?5 E@
2CC2?86 E96> :? 4=2DD6D 2?5 E6== FD E96 4:C4F>DE2?46D @C 4@?5:E:@?D F?
56C H9:49 E96J 6I:DE E D66>D E@ >6 E92E :E H@F=5 36 36EE6C E@ 567:?6 ADJ
49@=@8J 2D E96 D4:6?46 @7 E96 6IA6C:6?46 A96?@>6?2 @C 724ED @7 E96
>:?5D@F=@CD6=7M@7>6?E2=724ED:?2H@C5
#$"(&#&"(
FE J@F >2J D2J H92E 5@ J@F >62? 3J )96 "2DE6C ":?5 ,92E :D
E96 5:776C6?46 36EH66? 2 "2DE6C ":?5 2?5 2?J @E96C 7@C> @7 ":?5 (:>
A=J E9:D 8@@5 C6256CD E92E E96 "2DE6C ":?5 :D 4@?D4:@FD=J 56=:36C2E6=J
2?5 G@=F?E2C:=J 3F:=E FA 4F=E:G2E65 56G6=@A65 2?5 FD65 H96C62D E96
@C5:?2CJ >:?5 :D FDF2==J F?4@?D4:@FD=J 3F:=E FA 4F=E:G2E65 2?5 56
G6=@A65 H:E9@FE G@=F?E2CJ 677@CE @? :ED @H? A2CE 3FE D@=6=J 3J E96 7@C46
2?5 A@H6C @7 :>AC6DD:@?D 7C@> E96 @FED:56 H@C=5 2?5 :D FDF2==J 6>
A=@J65 2?5 FD65 H:E9 =:EE=6 @C ?@ 4@?D4:@FD 5:C64E:@? 3J :ED @H? H:== ?
D9@CE E96 @C5:?2CJ >:?5 :D 2 >6C6 4C62EFC6 @7 4:C4F>DE2?46D 5C:G6? 9:E9
6C 2?5 E9:E96C 3J E96 H:?5D @7 @FED:56 7@C46D 2?5 =24<:?8 E96 8F:52?46 @7
E96 92?5 @? E96 H966= 2?5 36:?8 H:E9@FE E96 4@>A2DD @7 <?@H=6586
H9:=6 E96 "2DE6C ":?5 AC@4665D :? E96 ECF6 4@FCD6 >2AA65 @FE 3J ?E6=
=:86?46 2?5 56E6C>:?65 3J H:==MH:E9 D2:=D D6E D@ 2D E@ 42E49 E96 36DE
3C66K6 7C@> E96 @FED:56 H@C=5 2?5 DE66C65 3J E96 >2DE6C92?5 2E E96
H966= F?56C E96 5:C64E:@? @7 E96 4@>A2DD @7 :?E6==:86?46 )96 @C5:?2CJ
>:?5 :D =:<6 2 5F>3 5C:G6? 2?:>2= H9:=6 E96 "2DE6C ":?5 :D =:<6 E96
DEC@?8H:==65:?E6==:86?E>2DE6C7F="2?
)96 2G6C286 >2? :D 2 G6CJ D=2G6 E@ 9:D E9@F89ED 2?5 766=:?8D DEC62>
@7 E9@F89E 2?5 766=:?8 7=@HD E9C@F89 9:> >@G:?8 9:> 9:E96C 2?5 E9:E96C
H:E9 =:EE=6 @C ?@ G@=F?E2CJ 49@:46 @? 9:D @H? A2CE G6? E9@D6 >6? H9@
92G6 2EE2:?65 2 46CE2:? 568C66 @7 >6?E2= >2DE6CJ 5@ 3FE =:EE=6 >@C6 E92?
E@ 7663=J DE66C E96:C >6?E2= 32C< 3J E96 CF556C @7 2 H@33=:?8 H:==ME96J
5@ ?@E C62=:K6 E92E "2DE6CJ :D A@DD:3=6 E@ E96> G6? 2 H6== <?@H? HC:E6C
92D D2:5 LL,6 5@ ?@E G@=F?E2C:=J 4C62E6 @FC E9:?<:?8 E E2<6D A=246 :? FD
,6 2C6 >@C6 @C =6DD A2DD:G6 C64:A:6?ED ,6 42??@E 492?86 E96 ?2EFC6 @7 2
E9@F89E 3FE H6 42? 2D :E H6C6 8F:56 E96 D9:A 3J 2 >@G:?8 @7 E96 96=>LL
E H@F=5 36 ECF6C E@ D2J E92E H6 42? 56=:36C2E6=J 2?5 G@=F?E2C:=J D6=64E
2?5 49@@D6 E96 A2CE:4F=2C H:?5 H9:49 :D E@ 7@C46 @FC >6?E2= 3@2E 7@C
H2C5 @C 492?8:?8 E96 7:8FC6 E@ 49@@D6 2?5 D6=64E E96 A2CE:4F=2C DEC62>
@7E9@F89E2?5766=:?8H9:49:DE@362==@H65E@7=@HE9C@F89@FC>:?5
"6?E2= "2DE6CJ :? H9:49 E96 >6?E2= 724F=E:6D 2?5 6>@E:@?2= @C
82?:D> 92G6 366? 3C@F89E F?56C E96 4@?EC@= @7 E96 H:== 2?5 ;F58>6?E
2?5 E96 :?5:G:5F2= :D 2 >2DE6C @7 2?5 ?@E 2 D=2G6 E@ 6?G:C@?>6?E 2?5
4:C4F>DE2?46D )96 8C62E >2DD6D @7 A6CD@?D 2C6 :? E96 7:CDE @C E96 23@G6
?2>65 4=2DD6D 2 4@>A2C2E:G6=J D>2== ?F>36C 92G6 A2DD65 :?E@ E96
D64@?5 4=2DD H9:=6 2 DE:== D>2==6C ?F>36C 92G6 A2DD65 :?E@ E96 E9:C5
4=2DD2?592G6364@>6E96"2DE6C":?5D@7E96:CE:>62?5A=246
E2=6?E65 HC:E6C 92D D2:5 2=@?8 E96D6 =:?6D ,6 >@56C?D 2C6 F?244FD
E@>65 E@ E96 >2DE6CJ @G6C @FC :??6C E9@F89ED 2?5 766=:?8D )92E 2 >2?
D9@F=5 36 2 AC6J E@ 2?J E9@F89E E92E 492?46D E@ E2<6 A@DD6DD:@? @7 9:D
>:?5 :D 4@>>@?=J 2>@?8 FD 2DDF>65 2D F?2G@:523=6 E >2J 36 2 >2E
E6C @7 C68C6E E92E 96 D9@F=5 36 <6AE 2H2<6 2== ?:89E 7C@> 2?I:6EJ 2D E@ E96
:DDF6 @7 2 =2HDF:E @? E96 >@CC@H 2?5 E92E 96 D9@F=5 92G6 E96 A@H6C @7
56E6C>:?:?8 H96E96C 96 36 <6AE 2H2<6 @C ?@E D66>D 2? 6IEC2G282?E 56
>2?5 )96 :>286 @7 2? :>A6?5:?8 42=2>:EJ :D ?@ 5@F3E @5:@FD 3FE :ED
G6CJ @5:@FD?6DD H6 D2J >2<6D :E 92F?E E96 >:?5 2== E96 >@C6 A6CE:?2
4:@FD=J 2?5 :E :D FD6=6DD E@ 6IA6= :E .6E E9:D :D 2? 23DFC5 A@D:E:@? 7@C
>2? E96 96:C @7 2== E96 286D E@ 36 :? =28C:556? 3J E96 7=:>DJ 4C62EFC6D
@7 9:D @H? 3C2:? 7 2 A633=6 :? @FC 3@@E E@C>6?ED FD H6 6IA6= :E ,6 E2<6
@77 E96 3@@E 2?5 D92<6 :E @FE ?5 @?46 E96 >2EE6C :D 72:C=J F?56CDE@@5 :E
:D ;FDE 2D 62DJ E@ 6IA6= 2? :?ECF5:?8 2?5 @3?@I:@FD E9@F89E 7C@> E96
>:?5 3@FE E9:D E96C6 @F89E E@ 36 ?@ >:DE2<6 ?@ EH@ @A:?:@?D )96
E9:?8 :D @3G:@FD 4=62C 2?5 F?>:DE2<23=6 E D9@F=5 36 2D 62DJ E@ 6IA6= 2?
@3?@I:@FD E9@F89E 7C@> E96 >:?5 2D E@ D92<6 2 DE@?6 @FE @7 J@FC D9@6
2?5 F?E:= 2 >2? 42? 5@ E92E :E :D ;FDE ?@?D6?D6 E@ E2=< 23@FE 9:D 2D46?5
2?4J @G6C ?2EFC6 2?5 2== E96 C6DE @7 :E 6 :D 2 >6C6 D=2G6 2?5 2 AC6J E@
E96 32EH:?865 A92?E@>D E92E 7=:E E9C@F89 E96 4@CC:5@CD @7 9:D @H? 3C2:?
.6E E96 H62CJ 2?5 42C6H@C? 7246D E92E H6 >66E 3J E9@FD2?5D 6G6?
2>@?8 E96 277=F6?E 4=2DD6D @7 4:G:=:K2E:@? E6DE:7J @?=J E@@ 4=62C=J 9@H D6=
5@> E9:D >2DE6CJ :D @3E2:?65 @H C2C6 :?5665 E@ 7:?5 2 >2? @H 4@>
>@? C2E96C E@ 5:D4@G6C 2 4C62EFC6 9@F?565 @? 3J EJC2?E E9@F89ED @C
42C6D @C 56D:C6D 4@H6C:?8 H:?4:?8 F?56C E96 =2D9M@C A6C492?46 AC:5
:?8 9:>D6=7 E@ CF? >6CC:=J E@ 2 5C:G6C E92E C2EE=6D E96 C6:?D 2?5 A6CDF256D
9:> E92E 96 :D 7C66MH9@> 96 42??@E 4@?G6CD6 H:E9 :? 42C6=6DD E6E62E6E6
3642FD6E92E2=:6?AC6D6?46:D2=H2JDE96C6@?E96H2E49
>JDE6CJ @C 5:77:4F=EJ 23@FE :E E :D H@CE9 AC24E:46 E >2J 36 72:C=J D2:5
E92E =:76 @?=J 368:?D H96? E9:D 2CE 92D 366? 24BF:C65 @C @3G:@FD=J
H96? :?DE625 @7 36:?8 CF=65 3J :?5:G:5F2= E9@F89ED E96 H9@=6 7=@4< @7
E96> :? E96:C :>>6?D6 >F=E:EF56 2?5 G2C:6EJ 2?5 42A24:EJ :D @FCD E@ 5:C
64E 2?5 5:DA2E49 2?5 6>A=@J H96C6 H6 =:DE =:76 364@>6D 2 E9:?8 D@ G2DE
2?5 8C2?5 4@>A2C65 E@ H92E :E H2D 367@C6 E92E :ED 7@C>6C 4@?5:E:@?
>2J H6== 2AA62C 2=>@DE 2?E6?2E2= 7 J@F 42? <:== 2 E9@F89E 5625 7@C E96
E:>6 36:?8 J@F 42? 5@ 2?JE9:?8 6=D6 H:E9 :E E92E J@F A=62D6 ?5 E96C6
7@C6 :E :D E92E E9:D A@H6C :D D@ G2=F23=6 ?5 :E ?@E @?=J 7C66D 2 >2? 7C@>
>6?E2= E@C>6?E H9:49 :D ?:?6E6?E9D 2E =62DE @7 E96 E@C>6?E @7 =:76 3FE :E
8:G6D 9:> 2 4@?46?EC2E65 A@H6C @7 92?5=:?8 >6?E2= H@C< 23D@=FE6=J F?
<?@H?E@9:>367@C6)96EH@2C64@C6=2E:G6E@6249@E96C
)96 DF3;64E:@? @7 E9@F89E :D 4=@D6=J C6=2E65 E@ E96 DF3;64E:@? @7 56D:C6
2?5 92D 4@?D6BF6?E=J :ED DA64:2==J >@C2= 2D H6== 2D :ED DA64:2==J :?E6==64
EF2= C6=2E:@? E@ E96 BF6DE:@? :? 92?5 #:?6E6?E9D @7 E96 D42EE6C65 @C
DA@C25:4 E9@F89E H:E9 H9:49 E96 >:?5 FDF2==J @44FA:6D :ED6=7 H96? ?@E
4@?46?EC2E65 @? 2?J 567:?:E6 H@C< :D H92E >2J 36 42==65 D6=7
E9@F89EME9@F89E @7 2 <:?5 H9:49 5H6==D @? 2?5 6I2886C2E6D E96 D6?D6
@7 D6=7 )9:D :D 92C5=J C62=:K65 :? :ED 7F== 568C66 E:== E96 677@CE :D >256 E@
DFAAC6DD :E 2?5 @?6 @7 E96 >@DE 6I46==6?E C6DF=ED @7 DF49 2? 677@CE :D E92E
H:E9 E96 DE:==:?8 @7 2== E96 A92?E@>D H9:49 9@G6C 2C@F?5 E96 =@H6C D6=7
@?6LD C6=2E:@?D E@ @E96CD E@ @?6LD 7C:6?5D E@ E96 H@C=5 2E =2C86 2?5 @?6LD
A6C46AE:@?D @7 2== E92E :D 4@?46C?65 :? E96D6 C6=2E:@?D 4@>6 @FE :?E@ 2
AFC:EJ 2?5 5:DE:?4E?6DD F?<?@H? 367@C6 $3G:@FD=J H96? E96 >:?5 :D
7F== @7 =:EE=6 56D:C6D 2?5 762CD H9:49 4@?46C? E96 =@42= D6=7 2?5 :D 4=@F565
@G6C 3J E96 E9@F89E :>286D H9:49 DF49 56D:C6D 2?5 762CD 6G@<6 :E :D :>
A@DD:3=6 E92E :E D9@F=5 D66 2?5 F?56CDE2?5 E96 8C62E6C 724ED 36J@?5 2?5
:ED @H? C6=2E:@? E@ E96> FE H:E9 E96 DF3D:5:?8 @7 E96 7@C>6C E96 8C62E
G:D:@? 368:?D E@ 52H? 2?5 2 >2? ?6G6C 766=D =6DD 2=@?6 E92? H96? 96
92D462D65E@E9:?<H96E96C96:D2=@?6@C?@E
C@> E96 23@G6 E96 C6256C >2J 86E 2 86?6C2= :562 @7 H92E H6 >62?
H96? H6 DA62< @7 E96 "2DE6C ":?5 FE 2D H6 AC@4665 H:E9 E96 F?7@=5
>6?E @7 E96 86?6C2= :562 FA@? H9:49 E9:D 3@@< :D 32D65 E96 C6256C H:==
42E49 E96 DA:C:E @7 E96 :562 :? 2 H2J :>A@DD:3=6 7@C 9:> ?@H H96? E96
DF3;64E 92D 366? AC6D6?E65 E@ 9:> >6C6=J :? :ED 86?6C2= 2DA64ED )96C6 2C6
D@ >2?J 2?8=6D @7 G:6HA@:?E 2?5 D@ >2?J G2C:65 2AA=:42E:@?D @7 E96
86?6C2= AC:?4:A=6 :?G@=G65 E92E :E :D ?646DD2CJ 7@C E96 42C67F= DEF56?E @7
E96 DF3;64E E@ F?56CDE2?5 E96 >2?J 56E2:=D @7 E96 AC6D6?E2E:@? 367@C6 96
42? 6IA64E E@ 42E49 E96 DA:C:E @7 :E 2E =62DE E@ E96 6IE6?E @7 36:?8 23=6 E@
AFE :?E@ 24EF2= AC24E:46 E96 H@C<:?8 >6E9@5 H9:49 H:== 36 AC6D6?E65 7@C
9:D 4@?D:56C2E:@? :? E9:D 3@@< FE :E >2J 36 D276=J DE2E65 E92E 2?J @?6 @7
2G6C286 :?E6==:86?46 H:E9 @C5:?2CJ DEF5J 2?5 AC24E:46 >2J >2DE6C E96D6
AC:?4:A=6D 2?5 >6E9@5D @7 2AA=:42E:@? E@ DF49 2? 6IE6?E E92E 96 H:==
<?@H 7@C 9:>D6=7 3J 24EF2= C6DF=ED @3E2:?65 E92E 96 :D ?@ =@?86C 2 "6?E
2=(=2G63FE92D56G6=@A65:?E@2"6?E2="2DE6C
AC64:D6=J E96 <:?5 @7 C6DF=ED 56D:C65 3J 9:> "@C6@G6C 96 H:== 36 23=6 E@
8@G6C? D6=64E 4@?EC@= 2?5 49@@D6 E96 492C24E6C 2?5 BF2=:EJ @7 9:D
E9@F89ED 2?5 :562D 3FE 2=D@ E@ >2?:76DE E96 D2>6 A@H6C C682C5:?8 9:D
6>@E:@?D 2?5 766=:?8D 9:D E2DE6D 2?5 =:<6D ?5 E9:D =2DE :D G6CJ :>A@CE
2?E 7@C 2D H6 D92== D66 AC6D6?E=J >@DE @7 @FC E9@F89ED 2?5 :562D 4@>6
E@FD:?C6DA@?D6E@@FC766=:?8D56D:C6D2?5=:<6D
#@E @?=J E9:D 3FE E96 :?5:G:5F2= @7 E96 "2DE6C ":?5 :D 23=6 E@ D6E E@
H@C< :?E6==:86?E=J 2?5 F?56C 7F== 4@?EC@= E9@D6 >2CG6=@FD 724F=E:6D
H9:49 @A6C2E6 @? E96 DF34@?D4:@FD A=2?6D @7 >:?5 2?5 H9:49 2C6 23=6
2?5 H:==:?8 E@ A6C7@C> >F49 @7 @FC >6?E2= H@C< 7@C FD 36=@H E96 DFC
7246 @7 @C5:?2CJ 4@?D4:@FD?6DD 2?5 E9FD =62G6 7C66 7@C @E96C E2D<D E96
724F=E:6D @C5:?2C:=J 6>A=@J65 :? E96 E9:?<:?8 AC@46DD6D E :D 36=:6G65 3J
E96 36DE 2FE9@C:E:6D @? E96 DF3;64E E92E 7F==J 6:89EJ7:G6 A6C46?E @7 @FC
>6?E2= 24E:G:E:6D 2C6 A6C7@C>65 @? A=2?6D F?56C E96 DFC7246 @7 @FC @C5:?
2CJ 4@?D4:@FD?6DD )9:D 36:?8 D@ :E :D D66? 2E @?46 E92E @?6 H9@ :D 23=6 E@
4@?EC@= 2?5 >2DE6C E96D6 DF34@?D4:@FD >6E2= 24E:G:E:6D H:== 2?5 >FDE 36
42A23=6 @7 C6DF=ED :>A@DD:3=6 E@ E9@D6 H9@ 2==@H E96:C DF34@?D4:@FD >6?
E2=:EJ E@ H2?56C 23@FE =:<6 9@CD6D :? 2 A2DEFC6 @C 6=D6 CFD9 =:<6 CF?2H2J
9@CD6D :? H92E6G6C 5:C64E:@? E96J =:<6 2?5 E9FD HC64< E96 492C:@E C2E96C
E92?C6249:?8E968@2=@7E962>3:E:@FD
.@F 2C6 :?G:E65 E@ 364@>6 2 "2DE6C ":?5 ,:== J@F 2446AE E96 :?G:E2
E:@? 7 D@ J@F H:== 42C67F==J DEF5J E96 AC:?4:A=6D 96C6:? 6IA=2:?65 2?5
2AA=JE96>6E9@5D96C6:?D6E7@CE92?556D4C:365
%"&*!./"-
)96 :562 @7 >2DE6CJ :?6G:E23=J 42CC:6D H:E9 :E E96 ?@E:@? @7 5@>:?:@?
A@H6C @C DFAC6>24J 6I6C4:D65 3J D@>6 A6CD@? @C E9:?8 H9:49 :D C6
82C565 2D E96 >2DE6C )96 DA:C:E 2?5 6DD6?46 @7 E96 E6C> LL>2DE6CLL :D E92E
@7 LL8@G6C?@C CF=6C 5:C64E@C =6256C >2?286C @C 4@?EC@==6C ? D9@CE E96
6DD6?E:2= >62?:?8 @7 E96 EH@ E6C>D >2DE6C 2?5 >2DE6CJ C6DA64E:G6=J
:D 3@F?5 FA H:E9 E96 :562 @7 8@G6C?>6?E )@ 8@G6C? 2?JE9:?8 E96
8@G6C?:?8 2FE9@C:EJ C68F=2E6D 5:C64ED C6DEC2:?D >2?286D 6?E@FC286D
2?56I6C4:D6D86?6C2=4@?EC@=2?55:C64E:@?
>2DE6C7F= 7@C46D :? E96 >6?E2= 24E:G:E:6D @7 E96 :?5:G:5F2= 7@C :? >2?J
42D6D E96 766=:?8D 56D:C6D 2?5 6>@E:@?2= 724E@CD @7 E96 A6CD@? CF? 2H2J
H:E9 9:D C62D@? 2?5 ?@E @?=J 42FD6 9:> E@ 5@ E9:?8D H9:49 9:D C62D@?
E6==D 9:> E92E 96 D9@F=5 ?@E 5@ 3FE 2=D@ D@ :?7=F6?46 9:D C62D@? E92E 9:D
C62D@?D 2C6 FDF2==J >6C6=J 6I4FD6D E@ 9:D 24E:@?D A6C7@C>65 :? C6
DA@?D6E@9:D766=:?8D2?56>@E:@?D
$E96C ADJ49@=@8:DED H@F=5 92G6 FD 36=:6G6 E92E E96 56D:C6D 766=:?8D 2?5
6>@E:@?D @7 E96 :?5:G:5F2= 2C6 9:D >6?E2= >2DE6CD 2?5 :? >2?J 42D6D :E
H@F=5 2AA62C E92E E9:D :D ECF6 7@C >2?J A6CD@?D 2==@H E96:C 766=:?8D
6>@E:@?D 2?5 A2DD:@?D E@ 8@G6C? E96> 2=>@DE 6?E:C6=J 2== 6=D6 36:?8
DF3@C5:?2E65 E@ E96D6 FE H96? H6 368:? E@ 6I2>:?6 4=@D6=J :?E@ E96
>2EE6C H6 7:?5 E92E :? E96 42D6 @7 46CE2:? :?5:G:5F2=D E96C6 :D 2 8C62E6C @C
=6DD DF3@C5:?2E:@? @7 E96 766=:?8D 2?5 6>@E:@?D E@ E96 5:4E2E6D @7 C62D@?
2?5 :? E96 42D6 @7 A6CD@?D @7 6I46==6?E D6=74@?EC@= E96 C62D@? H@F=5 2A
A62C E@ 36 9:896C :? 2FE9@C:EJ E92? E96 766=:?8D ?5 :? E96 42D6 @7 C64@8
?:K65 "6?E2= "2DE6CD :E :D 6G6? 7@F?5 E92E E96 G6CJ 766=:?8D A2DD:@?D
2?5 6>@E:@?D 2C6 D@ @365:6?E E@ 9:896C >6?E2= 2FE9@C:EJ E92E :? >2?J
42D6D E96J >2J 24EF2==J 36 EC2?D7@C>65 2?5 EC2?D>FE65 :?E@ @E96C 7@C>D
@7 766=:?8 2?5 6>@E:@? :? C6DA@?D6 E@ E96 @C56CD @C 4@>>2?5D @7 E96
46?EC2=2FE9@C:EJ
)96 C62D@?:?8 :?G6DE:82E@C FDF2==J 5:D4@G6CD E92E E96 ":?5 "2DE6C :D ?@E
E@ 36 7@F?5 :? E96 C6DA64E:G6 C62=>D @7 E96 7:CDE EH@ @7 E96 E9C66 8C62E 5:
G:D:@?D @7 E96 >6?E2= <:?85@> :6 :? E96 5:G:D:@? @7 )9@F89E @C E92E @7
66=:?8 C6DA64E:G6=J )96 :?G6DE:82E@C E96? EFC?D E@ E96 E9:C5 8C62E 5:G:
D:@? @7 E96 >6?E2= <:?85@> :6 E92E @7 ,:== :? 9:D D62C49 7@C E96 D@G6C
6:8? A@H6C ?5 2E 7:CDE :E H@F=5 2AA62C E92E 96C6 :? E96 C68:@? @7 E96
,:== 96 925 7@F?5 E96 @3;64E @7 9:D D62C49 2?5 E92E E96 ,:== >FDE 36 24
4=2:>65 E96 >2DE6C FE H96? E96 >2EE6C :D 8@?6 :?E@ 2 =:EE=6 566A6C E96
:?G6DE:82E@C 5:D4@G6CD E92E ?@E :? ,:== :ED6=7 3FE :? 2 (@>6E9:?8 =J:?8 2E
E96G6CJ46?E6C@7,:==:DE@367@F?5E96":?5"2DE6C
,9:=6 :E :D D66? E92E E96 ,:== :D 9:896C :? A@H6C 2?5 2FE9@C:EJ E92? 6:E96C
)9@F89E @C 66=:?8 J6E :E :D 2=D@ D66? 3J E96 42C67F= :?G6DE:82E@C E92E :?
>@DE 42D6D E96 ,:== :D 4@?EC@==65 2?5 3C@F89E :?E@ 24E:G:EJ 3J E96 66=
:?8D 2?5 E92E :? @E96C 42D6D :E :D DE2CE65 :?E@ 24E:@? 3J E96 C6DF=E @7
)9@F89E @C :?E6==64EF2= 677@CE )9:D 36:?8 D@ E96 ,:== 42??@E 36 4@?
D:56C65 2D 36:?8 2=H2JD E96 ":?5 "2DE6C ?5 5:D4@G6C:?8 E9:D E96 :?
G6DE:82E@C 2E 7:CDE 368:?D E@ 766= 5:D4@FC2865 2?5 E@ :>28:?6 E92E 96 :D
3FE EC2G6=:?8 2C@F?5 2 4:C4=6 :? 724E >2?J E9:?<6CD H@F=5 92G6 FD 36
=:6G6 E92E E96 >6?E2= AC@46DD6D H@C< 2C@F?5 :? 2 4:C4=6 2?5 E92E =:<6 2
C:?8 E96 AC@46DD 92D ?@ A@:?E @7 368:??:?8 @C A@:?E @7 6?5:?8 FE E9@D6
H9@ 92G6 A6CD:DE65 :? E96 D62C49 92G6 366? C6H2C565 3J 2 9:896C 5:D
4@G6CJ )96J 92G6 7@F?5 E92E H9:=6 >2?J A6CD@?D 2C6 :>A6==65 E@ H:==
3J C62D@? @7 E96:C 766=:?8D 2?5 6>@E:@?D 2?5 @E96CD 3J C62D@? @7 E96:C
E9@F89ED E96C6 :D 2 E9:C5 4=2DD @7 :?5:G:5F2=DM2 D>2==6C 4=2DD E@ 36
DFC6MH9@ D66> E@ 36 >2DE6CD @7 E96 H:==24E:G:EJ 2?5 H9@ DE2?5:?8 :?
E96 A@D:E:@? @7 2 ;F586 2?5 D@G6C6:8? A@H6C 7:CDE 42C67F==J H6:89 E96
>6C:ED @7 3@E9 766=:?8D 2?5 E9@F89ED 2?5 E96? 564:56 E@ 6I6C4:D6 E96 H:==
A@H6C :? 2 46CE2:? 56E6C>:?65 5:C64E:@? 2?5 E96? 24EF2==J 5@ 6I6CE E92E
A@H6C )9:D =2DE 4=2DD @7 :?5:G:5F2=D >2J 36 D2:5 E@ C62==J H:== E@ H:== 3J
E96 6I6C4:D6 @7 D@>6 9:896C 2FE9@C:EJ 7@F?5 H:E9:? E96>D6=G6D )96D6
>6? 2C6 E96 C62= "2DE6C ":?5D !6E FD D66< E@ 5:D4@G6C E96 D64C6E @7 E96:C
A@H6C
)966?EC2=FE9@C:EJ
)96C6 :D :? E96 >6?E2= C62=> @7 6G6CJ :?5:G:5F2= 2 46CE2:? (@>6E9:?8
H9:49 @44FA:6D E96 A@D:E:@? @7 6?EC2= FE9@C:EJ %@H6C 2?5 @?EC@=
@G6C E96 6?E:C6 >6?E2= <:?85@> @7 E92E A6CD@? ? >2?J 42D6D M:? >@DE
42D6D H6 C68C6E E@ D2JME9:D (@>6E9:?8 D66>D E@ 36 2D=66A 2?5 E96 <:?8
5@> :D 2==@H65 E@ CF? :ED6=7 9:88=65JA:88=65J 2FE@>2E:42==J 2?5 =:<6
2 A:646 @7 D6?D6=6DD >249:?6CJ @C 6=D6 F?56C E96 4@?EC@= @7 @FED:56 >6?
E2=:E:6D 2?5 A6CD@?2=:E:6D ? @E96C 42D6DM:? >2?J 42D6D :? 724EME9:D
6?EC2= FE9@C:EJ 92D A2CE:2==J 2H2<6?65 2?5 4@?D6BF6?E=J 6I6CED 2E
=62DE 2 >62DFC6 @7 :ED 2FE9@C:EJ @G6C :ED <:?85@> 3FE 2E E96 D2>6 E:>6
72:=D E@ C62=:K6 :ED 7F== A@H6CD @C E@ 6I6CE :ED 7F== 2FE9@C:EJ :E 24ED =:<6 2
>2? @?=J 92=7 2H2<6?65 7C@> 9:D D=66A 2?5 DE:== :? 2 DE2E6 @7 A2CE:2=
5@K6
"2DE6C":?5D
)96C6 :D @?=J @?6 H2J @7 2:5:?8 E96 :?G6DE:82E@C E@ 5:D4@G6C E9:D (@
>6E9:?8ME9:D 6?EC2= FE9@C:EJME9:D ":?5 "2DE6C )92E @?6 H2J 4@?
D:DED @7 5:C64E:?8 E96 :?G6DE:82E@C E@ EFC? 9:D A6C46AE:@? :?H2C5 2?5 E@
E2<6 DE@4< @7 9:D ?F>6C@FD >6?E2= 724F=E:6D A@H6CD 24E:G:E:6D 2?5 3:ED
@7 >6492?:D> 2?5 E@ E96? D6E 2D:56 2D >6C6=J :?4:56?E2= 2?5 DF3@C5:?
2E6 2== E92E 2AA62CD E@ 36 D@ ,96? 2== E96D6 92G6 366? D6E 2D:56 :? E96
AC@46DD @7 6=:>:?2E:@? E96? E96C6 H:== 36 7@F?5 2 (@>6E9:?8 H9:49 :D =67E
27E6C E96 AC@46DD 2?5 H9:49 23D@=FE6=J C67FD6D E@ 36 D6E 2D:56 2D >6C6=J
:?4:56?E2= 2?5 DF3@C5:?2E6M2?5 E92E (@>6E9:?8 :D E96? A6C46:G65 E@ 36
E96 6?EC2= FE9@C:EJ @C ":?5 "2DE6C 6G6? E9@F89 :E 36 92=72D=66A
2?5 F?4@?D4:@FD @7 :ED 8C62E A@H6CD FE 7@C E92E >2EE6C ?@ ":?5 "2DE6C
H9:49 :D 566A=J HC2AA65 :? D=F>36C H:== 6G6C 5:D4@G6C :ED6=7 7@C :E >FDE
92G6 366? 2E =62DE A2CE:2==J 2H2<6?65 :? @C56C
E@ 92G6 E9@F89E @7 E96
>2EE6C 2E 2== @C E@ 36 42A23=6 @7 E9@F89E @? E96 DF3;64E 2?5 E@ 92G6 E@
A@H6C @7 2EE6?E:@? 2?5 2AA=:42E:@? ?646DD2CJ E@ AFCDF6 E96 :?G6DE:82E:@?
(@ 8@@5 C6256C :7 J@F 92G6 E96 56D:C6 E@ 7:?5 E96 ":?5 "2DE6C H9:49 :D
.@FCD6=7 :E :D 2 D:8? E92E J@F 92G6 2E =62DE A2CE:2==J 2H2<6?65 2?5 :7
J@F 92G6 E96 56E6C>:?2E:@? E@ AFCDF6 E96 D62C49 :E :D 2 D:8? E92E J@F 2C6
DE:== 7FCE96C 2H2<6?65 (@ J@F 2C6 ;FDE:7:65 :? 766=:?8 E96 4@FC286 2?5 E96
46CE2:?EJ @7 2EE2:?>6?E ?646DD2CJ 7@C E96 DF446DD7F= E6C>:?2E:@? @7 E96
D62C497@CE96":?5"2DE6CME96(@>6E9:?8H:E9:?J@FCD6=7
)96"6?E2=?2=JD:D
!6E FD 368:? H:E9 J@FC D6?D2E:@?D @C C6A@CE @7 J@FC D6?D6D .@F 2C6 4@?
DE2?E=J C646:G:?8 C6A@CED @7 @?6 @C >@C6 @7 J@FC 7:G6 D6?D6D G:K E96
C6DA64E:G6 D6?D6D @7 E@F49 E2DE6 D>6== D:89E 2?5 962C:?8 == E96D6 C6
A@CED 2C6 :? E96 7@C> 2?5 ?2EFC6 @7 :>AC6DD:@?D C646:G65 7C@> E96 @FE
D:56 H@C=5 == E92E H6 <?@H @7 E96 @FED:56 H@C=5 :D >256 <?@H? E@ FD
3J>62?D@7E96D6:>AC6DD:@?DC646:G65E9C@F89E96D6?D6D
HC:E6C 92D D2:5 )96 D6?D6D 2C6 E96 >62?D 3J H9:49 E96 >:?5 @3E2:?D
:ED <?@H=6586 @7 E96 @FED:56 H@C=5 (9FE @FE 7C@> 2== 5:C64E 4@>>F?:42
E:@? H:E9 E96 @FE6C H@C=5 :E <?@HD 2?5 42? <?@H ?@E9:?8 @7 H92E 6I
:DED @C :D A2DD:?8 E96C6 6I46AE H92E 4@>6D E@ :E E9C@F89 E96 D6?D6D ED
<?@H=6586 @7 H92E :D 6IE6C?2= E@ :ED6=7 :D E96C67@C6 56A6?56?E FA@? E96
?F>36C DE2E6 2?5 4@?5:E:@? @7 E96 D6?D@CJ @C82?D FE :>A@CE2?E 2D 2C6
E96 7:G6 D6?D6D 2?5 E96:C >6492?:D> H6 ?665 3FE 2 =:EE=6 E9@F89E E@ 4@?
G:?46 FD E92E H6 5@ ?@E 7:?5 96C6 E96 6DD6?E:2= 724E 2?5 A@H6C @7 >:?5
3FE C2E96C >6C6=J :?4:56?E2= 2?5 DF3@C5:?2E6 A@H6CD ,6 42? 62D:=J
AC@G6 E9:D E@ @FCD6=G6D :? >2?J H2JD @C :?DE2?46 H6 >2J D9FE @FE @C
D9FE @77 E96 492??6= @7 4@>>F?:42E:@? @7 2?J @C 2== @7 E96 492??6=D @7 E96
D6?D6D 2?5 DE:== 36 4@?D4:@FD @7 @FC @H? >6?E2= 6I:DE6?46 $C H6 >2J
FD6 E96 H:== E9C@F89 E96 A@H6C @7 2EE6?E:@? 2?5 E9FD 56E6C>:?6 H9:49
@7 E96 >2?J D6ED @7 D6?D6 :>AC6DD:@?D D66<:?8 25>:DD:@? E@ @FC 4@?
D4:@FD?6DD H6 D92== C62==J C646:G6 2?5 6?E6CE2:? :? 4@?D4:@FD?6DD ,6
>2J E9FD 49@@D6 36EH66? >2?J D@F?5D @C >2?J D:89ED 2?5 56=:36C2E6=J
D9FE @FE E96 @E96CD 7 E96 D6?D6 :>AC6DD:@?D H6C6 E96 "2DE6CD H6 4@F=5
?@E 5@ E9:D 2?5 D@ =@?8 2D H6 2C6 23=6 E@ 5@ E9:D H6 >FDE =@@< 7@C E96
"2DE6C9:896CFA:?E96D42=6
A92D6D @7 @FC >6?E2=:EJ ? E9:D 8C62E C62=> @7 E96 >:?5 H6 >2J 2E =62DE
7@C E96 AFCA@D6D @7 E96 AC6D6?E :?BF:CJ :?4=F56 2== E9@D6 >6?E2= 6IA6C:
6?46D E92E 4@>6 F?56C E96 C6DA64E:G6 9625 @7 766=:?8D A2DD:@?D
56D:C6D 6E4 )96D6 D66> 2 =:EE=6 4=@D6C E@ FD E92? 5:5 E96 D6?D2E:@?D )9:D
3642FD6 E96 D6?D2E:@?D 42>6 7C@> @FED:56 @7 @FCD6=G6D H9:=6 E96 6>@
E:@?D 2?5 766=:?8D D66> E@ 4@>6 7C@> H:E9:? 2 A2CE @7 @FCD6=G6D )96
6>@E:@?2= A2CE @7 @FC ?2EFC6 :D G6CJ A@H6C7F= D@ A@H6C7F= :?5665 E92E
:E @7E6? D66>D E@ CF=6 E96 6?E:C6 36:?8 @7 E96 :?5:G:5F2= FE 2 =:EE=6 42C67F=
6I2>:?2E:@? H:== 4@?G:?46 FD E92E H6 >2J 3J E96 FD6 @7 E96 H:== ?@E
@?=J C67FD6 E@ @36J @FC 6>@E:@?2= FC86D 2?5 56>2?5D 3FE >2J 6G6?
56DEC@JE96>@CC6A=246E96>H:E9@E96CD
D :? E96 42D6 @7 E96 D6?D2E:@?D 96C6 E@@ :? E96 42D6 @7 E96 6>@E:@?D H6
5:D4@G6C E96 AC6D6?46 @7 E92E (@>6E9:?8 ,:E9:? H9:49 :D E96 (F3;64E @7
E96 6>@E:@?DME96 (@>6E9:?8 E@ H9:49 E96 6>@E:@?D C6A@CE 2?5 7C@>
H9@> E96J 56>2?5 24E:@? 6C6 282:? H6 7:?5 E9:D @44FAJ:?8 2 9:89
6C D62E 2?5 92G:?8 E96 C6A@CED 2?5 56>2?5D @7 E96 DF3@C5:?2E6 724F=E:6D
>256 FA@? :E ?5 >2C< J@F E9:D E92E :? DA:E6 @7 E96 4@?DE2?E 492?86 :?
E96 6>@E:@?2= DEC62> @7 766=:?8 E9:D 2=H2JD C6>2:?D E96 D2>6 FDE 2D
:? E96 42D6 @7 E96 D6?D2E:@?D E96 @44FA:6D E96 A@D:E:@? @7 2 DA64E2E@C E@
H9@> 2C6 AC6D6?E65 E96 D6?D6 6IA6C:6?46D D@ :? E96 42D6 @7 E96 6>@E:@?D
E96 @44FA:6D E96 A@D:E:@? @7 E96 (@>6E9:?8 H9:49 6IA6C:6?46D E96 6G6C
492?8:?8 766=:?8 @7 E96 6>@E:@?2= ?2EFC6 ? 3@E9 42D6D E96C6 D66>D E@
36 E9:D 4@?DE2?E (@>6E9:?8 A2DE H9:49 7=@HD E96 C6DA64E:G6 DEC62>D @7
(6?D2E:@?D 2?5 >@E:@?D ?5 E9:D (@>6E9:?8 2=D@ 92D E96 A@H6C E@ 5:C
64E 2?5 492?86 E96 4@FCD6 @7 E96D6 DEC62>D :7 :E H:== 3FE 6I6CE :ED ,:==
%@H6C
4@?DE2?E DEC62> @7 E9@F89ED 7=@H:?8 A2DE E96 (@>6E9:?8ME96 MH9:49
:D AC24E:42==J E96 DA64E2E@C @7 E96 7=@H:?8 DEC62> 2?5 H9:49 2=D@ 92D E96
A@H6C @7 5:C64E:?8 2?5 4@?EC@==:?8 E96 DEC62> ,9:=6 :E :D ECF6 E92E E96 :?
5:G:5F2=D @7 AC:>:E:G6 ?2EFC6D 2C6 2=>@DE A2DD:G6 DA64E2E@CD @7 E96
DEC62>D @7 E96:C E9@F89ED 2?5 6I6C4:D6 =:EE=6 @C ?@ 4@?EC@= @G6C E96> :E :D
2? F?BF6DE:@?65 724E E92E @E96C :?5:G:5F2=D H9@ 92G6 4F=E:G2E65 E96:C
,:== %@H6C 2C6 23=6 E@ EFC? E96:C 2EE6?E:@? E@ E9:D <:?5 @7 E9@F89ED @C
E92E <:?5 2?5 E9FD 4@?EC@= 2?5 56E6C>:?6 ;FDE H92E <:?5 @7 E9@F89ED
E96J D92== E9:?< G6CJ DEF56?E A6C7@C>D E9:D 762E @7 4@?EC@= 2?5 >2DE6CJ
H96? 96 G@=F?E2C:=J 5:C64ED 9:D 2EE6?E:@? E@ D@>6 A2CE:4F=2C DEF5J H9:49
96 56D:C6D E@ >2DE6C ? 724E 2== G@=F?E2CJ 2EE6?E:@? :D A6C7@C>65 3J E96
6I6C4:D6 @7 E9:D A@H6C @7 E96 H:== 6I6CE65 3J E9:D (@>6E9:?8 ,:E9:?
H9:49 H6 42== 2?5 H9:49 E9FD AC@G6D :ED6=7 E@ 36 E96 "2DE6C @7
)9@F89ED
)96 :?5:G:5F2= H9@ 92D EC2:?65 9:D >:?5 E@ @36J 9:D H:== :D 23=6 E@ 5:C64E
9:D E9@F89E AC@46DD6D ;FDE 2D 96 5:C64ED 9:D 766E @C 9:D 92?5D @C 9:D 3@5J
@C ;FDE 2D 96 8F:56D 2?5 >2?286D 9:D E62> @C 9@CD6D @C 9:D >@E@C 42C
)9:D 36:?8 D@ H6 42??@E 4@?D:56C @FC )9@F89E AC@46DD6D @C 724F=E:6D 2D
E96 ":?5 "2DE6C 3FE >FDE =@@< 7@C E96 =2EE6C :? D@>6E9:?8 DE:== 9:896C :?
2FE9@C:EJ
)96C6 D66>D E@ 36 3FE @?6 @E96C C68:@? @7 E96 >:?5 :? H9:49 E@ D62C49 7@C
@FC ":?5 "2DE6C @C 6?EC2= FE9@C:EJ .@F ?2EFC2==J D2J 96C6 6
>62?D )96 ,:== FE :D :E >6C6=J E96 ,:== (E@A 2 >@>6?E 2?5 4@?D:56C
7 E96 ,:== :? :ED6=7 :D E96 ":?5 "2DE6C H9J :D :E E92E E96 ,:== :? E96 42D6
@7 D@ >2?J A6CD@?D 2==@HD :ED6=7 E@ 36 4@?EC@==65 2?5 42==65 :?E@ 24E:@?
3J @C5:?2CJ 766=:?8D 56D:C6D 6>@E:@?D @C A2DD:@?D @C @? E96 @E96C 92?5
:D 42==65 :?E@ 24E:@? 3J E96 >@DE EC:7=:?8 A2DD:?8 E9@F89E @C :562 ? DF49
42D6D :E H@F=5 2AA62C E92E E96 ,:== :D C62==J E96 @365:6?E 62DJ D6CG2?E
C2E96CE92?E96"2DE6C5@6D:E?@E
)92E E96 >249:?6CJ @7 E96 ,:== :D E96 >6492?:D> @7 4@?EC@= 2?5 24E:@? :D
F?5@F3E65 3FE H92E :D :E E92E 4@?EC@=D 2?5 5:C64ED E96 ,:== :? E96 42D6D @7
:?5:G:5F2=D @7 DEC@?8 ,:== %@H6C ? DF49 42D6D :E H@F=5 D66> E92E ?@E
@?=J >FDE E96 ,:== 36 DEC@?8 3FE E92E E96C6 >FDE 36 D@>6 DEC@?86C (@
>6E9:?8 H9:49 :D 23=6 E@ 4@?EC@= 5:C64E 2?5 2AA=J E96 A@H6C @7 E96 ,:==
? >@>6?ED :? H9:49 J@F 92G6 6I6CE65 J@FC ,:== %@H6C 5:5 J@F :56?E:
7J J@FCD6=7 H:E9 J@FC ,:== @C 5:5 J@F 766= E92E J@FC ,:== H2D 2? :?DECF
>6?E @7 A@H6C 36=@?8:?8 E@ J@F 2?5 36:?8 @A6C2E65 3J J@F ,6C6 J@F
?@E 2E DF49 >@>6?ED 2H2C6 @7 766=:?8 2? @G6CH96=>:?8 4@?D4:@FD?6DD @7
E96 6I:DE6?46 @7 J@FC D6=7 @C 2E E96 46?E6C @7 J@FC >6?E2= 36:?8 2?5
@7 766=:?8 E92E 2E =62DE 7@C E96 E:>6 E9:D H2D E96 "2DE6C @7 2== E96 C6DE
@7 J@FC >6?E2= 6BF:A>6?E ,6 E9:?< E92E J@F H:== 28C66 E@ E9:D DE2E6
>6?E :7 J@F H:== 42C67F==J =:G6 @G6C 282:? E96 6IA6C:6?46D @7 DF49 >@
>6?ED2?5:?:>28:?2E:@?2?5>6>@CJC66?24EE966IA6C:6?46
== >6?E2= 2?2=JD:D 3C:?8D E96 :?5:G:5F2= E@ E96 C62=:K2E:@? E92E 2E E96
G6CJ 46?E6C @7 9:D >6?E2= 36:?8 E96C6 23:56D 2?5 5H6==D 2 (@
>6E9:?8M2?5 96 2=H2JD 42==D E9:D M H9:49 :D E96 A6C>2?6?E 6=6>6?E
@7 9:D 36:?8 ,9:=6 9:D D6?D2E:@?D 9:D 766=:?8D 9:D 6>@E:@?D 9:D E2DE6D
9:D E9@F89ED 9:D 36=:67D 9:D :562D 2?5 6G6? 9:D :562=D 92G6 492?865
7C@> E:>6 E@ E:>6 96 <?@HD E@ 2 46CE2:?EJ E92E E9:D 92D 366? A6C>2?
6?E 2?5 E92E :E :D E96 D2>6 @=5 E92E 92D 2=H2JD 366? AC6D6?E 5FC:?8
9:D 6?E:C6 =:76 7C@> 9:D 62C=:6DE 52JD 6 <?@HD E92E 2=E9@F89 9:D 6>@
E:@?2= ?2EFC6 2?5 86?6C2= >6?E2= A9JD:42= 492C24E6C >2J 92G6 F?56C
8@?6 2? 2=>@DE E@E2= EC2?D7@C>2E:@? 2?5 492?86 J6E E9:D 92D ?6G6C
366? C62==J 492?865 2E 2== 3FE 92D 6G6C C6>2:?65 E96 D2>6 @=5 E :D 2D
:7 E9:D H2D 2? :?5:G:5F2= H9@ 925 H@C? >2?J DF446DD:G6 4@2ED @C
D9@6D @C 92ED 3FE 2=H2JD C6>2:?65 E96 D2>6 :?5:G:5F2= )96 4@?D4:@FD
?6DD @7 6G6CJ :?5:G:5F2= >FDE 2=H2JD D@ C6A@CE E@ 9:> H96? E96 2?DH6C
:D56>2?565@7:E
?5 >@C6@G6C H9:=6 E96 :?5:G:5F2= >2J 2?5 5@6D 492?86 9:D D6?D2
E:@?D 9:D 766=:?8D 9:D E2DE6D 9:D A2DD:@?D 9:D 6>@E:@?D 2?5 9:D H9@=6
86?6C2=492C24E6C:?D@>642D6D96:D?6G6C23=6E@492?86:?E96D=:89E6DE
568C66 E9:D (@>6E9:?8 ,:E9:? H9:49 96 42==D 6 42? ?6G6C CF? 2H2J
7C@> E9:D ?@C 42? 96 6G6C >@G6 :E 7C@> :ED A@D:E:@? 6 42? ?6G6C =:7E
9:D 3J >62?D @7 9:D >6?E2= 3@@EDEC2AD ?@C 42? 9:D A6CD@?2= D925@H
CF? 2H2J 7C@> E9:D @7 9:D :?5:G:5F2=:EJ 6 >2J D6E 2A2CE 7@C 4@?D:5
6C2E:@? 6249 2?5 6G6CJ @?6 @7 9:D >6?E2= 6IA6C:6?46D 9:D D6?D2E:@?D 9:D
E9@F89ED 9:D 766=:?8D 9:D :562D 2?5 2== E96 C6DE 3FE 96 42? ?6G6C D6E @77
7C@> 9:>D6=7 E9:D 7@C DF49 :?DA64E:@? 6 42? <?@H E9:D @?=J 2D 9:D
D6=7E92E(@>6E9:?8,:E9:?2EE96G6CJ46?E6C@79:D4@?D4:@FD?6DD
HC:E6C 92D D2:5 @7 E9:D (@>6E9:?8 ,:E9:? H9:49 H6 42== ,6 2C6
4@?D4:@FD @7 D@>6E9:?8 4=@D6C E@ E96 46?E6C E92? 2?JE9:?8 6=D6 2?5 5:7
76C:?8 7C@> E96 @E96C 7@C>D :? 36:?8 E96 @?=J 7@C> @7 4@?D4:@FD?6DD E@
H9:49 H6 2C6 ?@E A2DD:G6 )9:D (@>6E9:?8 :D :? E96 ?@C>2= 4@?D4:@FD?6DD
@7 6249 @7 J@F J6E :E :D ?6G6C 2 A2CE @7 D6?D2E:@? ?@C 6>@E:@? 3FE @? E96
4@?EC2CJ:D42A23=6@75@>:?2E:?83@E9
?@E96C HC:E6C 92D D2:5 )96 LL :D E96 )9:?<6C E96 ?@H6C E96 66=6C
E96 4E@C ED DE2E6D @7 4@?D4:@FD?6DD 2C6 4@?DE2?E=J 492?8:?8M5:776C6?E
E@52J 7C@> E9@D6 @7 J6DE6C52J 2?5 5:776C6?E E@>@CC@H 7C@> E9@D6 @7
E@52JM3FE E96 LL :ED6=7 :D 2=H2JD E96 ?2>6 FDE H92E E9:D LL :D H6 42?
?@E E6== )9:D C:55=6 92D ?6G6C 366? D@=G65 3J E96 C62D@? @7 >2? (@
DF3E=6 :D :ED 6DD6?46 E92E :E :D 2=>@DE :>A@DD:3=6 E@ E9:?< @7 :E 2D 2
D@>6E9:?8 2A2CE 7C@> :ED >6?E2= DE2E6D == E92E 42? 36 D2:5 @7 :E :D E92E :E
:D ED @?=J C6A@CE @7 :ED6=7 :D L >L .@F 42??@E 6I2>:?6 E96 LL 3J E96 LL
.@F >FDE 92G6 2? @3;64E 7@C J@FC DF3;64E 2?5 :7 J@F >2<6 E96 LL J@FC @3
;64E J@F 92G6 ?@ DF3;64E =67E E@ 6I2>:?6 :E %=246 E96 LL F?56C E96 >6?E2=
>:4C@D4@A6 E@ 6I2>:?6 :E 2?5 =@ J@F 92G6 ?@E9:?8 E@ =@@< E9C@F89 E96
8=2DD ME96C6 :D ?@ LL 2E E96 6J6A:646 @7 E96 >:4C@D4@A6 E@ 6I2>:?6 :E )96
LL 42??@E 36 2E 3@E9 6?5D @7 E96 8=2DD 2E E96 D2>6 E:>6 6C6 2E =2DE J@F
92G6 7@F?5 2? *=E:>2E6 (@>6E9:?8 H9:49 567:6D 2== 2?2=JD:D C67:?6>6?E
@CD6A2C2E:@?
J@FC >6?E2= 724F=E:6D 6?6C8:6D A@H6CD 7@C46D 2?5 >6492?:D> E :D E9:D
8@ H96? 7F==J 2H2<6?65 :?E@ 24E:G:EJ H9:49 4@?DE:EFE6D E96 6DD6?46 @7
E96"2DE6C":?5
.@FC E2D< :D ?@E E@ ECJ E@ =62C? ;FDE H92E E96 8@ :D 7@C 2D 92D 366? D2:5
J@F H:== ?6G6C <?@H E9:D .@FC E2D< :D E@ DEC:G6 E@ 2H2<6? :E :?E@ 24E:G6
4@?D4:@FD?6DD D@ E92E :E >2J C62=:K6 :ED A@H6C 2?5 368:? E@ 6>A=@J :E
.@F 42? 2H2<6? :E 3J E96 AC@A6C >6?E2= 2EE:EF56 E@H2C5 :EM3J E96 4@?
D4:@FD C62=:K2E:@? @7 :ED AC6D6?46 2?5 A@H6C ?5 J@F 42? 8C25F2==J
42FD6 :E E@ C62=:K6 :ED A@H6C 2?5 E@ FD6 E96 D2>6 3J >62?D @7 6I6C4:D6D
42==:?8 :?E@ A=2J E92E A@H6C )9:D :D H92E ,:== %@H6C C62==J >62?D .@FC
,:== :D DEC@?8 2=C625JM:E 5@6D ?@E ?665 DEC6?8E96?:?8 H92E :D ?66565 :D
E92E J@F FC86 J@FC 8@ :?E@ C62=:K:?8 E92E :E 42? FD6 J@FC ,:== %@H6C
2?5 E@ E6249 :E E@ FD6 E96 D2>6 3J >62?D @7 E96 C:89E <:?5 @7 6I6C4:D6D
.@F >FDE =62C? E@ 8C25F2==J 2H2<6? E96 92=72D=66A :2?E 2?5 D6E :E E@
H@C< :? :ED @H? ?2EFC2= 7:6=5 @7 6?562G@C 2?5 24E:G:EJ ? E9:D 3@@< E96
H2J H:== 36 A@:?E65 @FE E@ J@F D@ E92E J@F >2J 5@ E9:D 3FE J@F H:==
92G6 E@ 24E:G6=J $ E96 E9:?8 27E6C 36:?8 D9@H? 9@H 6 H9@ H:== 42C6
7F==J 4@?D:56C E96 23@G6 DE2E6>6?ED @7 ECFE9 2?5 H:== >2<6 E96> 2A2CE @7
9:D>6?E2=2C>2>6?EH:==92G68C2DA65E96D64C6E@7E96"2DE6C":?5
%"(1"&((*!%"./"-&((
== 566A DEF56?ED @7 ADJ49@=@8J 5:D4@G6C E92E E96 ,:== :D E96 :??6C>@DE
82C>6?E @7 E96 8@ME96 >6?E2= D962E9 H9:49 =:6D 36?62E9 2== E96 @E96CD
2?5 H9:49 4=:?8D 4=@D6=J E@ E96 DF3DE2?46 @7 E96 8@ D@ 4=@D6=J E92E :E 42?
D42C46=J 36 5:DE:?8F:D965 7C@> :ED H62C6C ?5 D@ E96 C246 92D 364@>6
244FDE@>65 E@ :56?E:7J:?8 E96 ,:== H:E9 E96 8@ @C :?DE2?46 H6 DA62<
@7 2 H62< H:== @C 2 DEC@?8 H:== 2 G24:==2E:?8 H:== @C 2 A6CD:DE6?E
56E6C>:?65 H:== H96? H6 C62==J >62? E@ :?5:42E6 E96 5:776C6?E 568C66D
@7E9624E:G:EJ2?56IAC6DD:@?@7E968@:ED6=7
%6C92AD J@F H:== 86E >@C6 4=62C=J E9:D 4@?46AE:@? @7 E96 8@ 369:?5 E96
,:== :7 H6 4@?E:?F6 @FC :==FDEC2E:@? @7 E96 8@ 2D D=66A:?8 :? E96 42DE @7
E96 8C62E >2DD6D @7 E96 C246 92=72H2<6 :? E96 D>2==6C A@CE:@? @7 E96
C246 2?5 H:562H2<6 :? E96 6=64E 76H H9@ >2J 36 42==65 E96 "2DE6C
":?5D ,9:=6 E9:D :==FDEC2E:@? :D @7 4@FCD6 7:8FC2E:G6 :E :D 32D65 FA@? E96
24EF2= 724ED @7 E96 42D6 367@C6 FD 2?5 >@C6@G6C 4@>6D D@ 4=@D6=J E@ E96
C62= >2?:76DE2E:@?D @7 E96 8@ E92E :E >2J 96 FD65 :? 2=>@DE 2 =:E6C2=
D6?D6
)96 D=66A:?8 8@ :D =:<6 2 A6CD@? HC2AA65 :? D=F>36C H9@ :D 2=>@DE F?
4@?D4:@FD 3FE H9@ H:== EFC? @G6C @C >@G6 @G6C 2E E96 4@>>2?5 @7
E96 36576==@H ? D@>6 42D6D E96 568C66 @7 H2<:?84@?D4:@FD?6DD :D
D@>6H92E 9:896C 2D :? E96 42D6 @7 E96 49:=5 H9@ 92=7 C@FD65 7C@> D=F>
36C H:== 5@ H92E :E :D E@=5 3J :ED A2C6?E 3FE H:E9@FE 4=62C=J C62=:K:?8 ;FDE
H92E :E :D 5@:?8 )9:D :==FDEC2E:@? >2J 36 42CC:65 6G6? DE:== 7FCE96C 2?5
E96 D=66A:?8 8@ 4@>A2C65 E@ E96 D@>?2>3F=:DE @C D=66AH2=<6C H9@
8@6D E9C@F89 E96 >@E:@?D @7 A6C7@C>:?8 >2?J E2D<D 2?5 24E:@?D 3FE
H9@ :D 3FE G6CJ 5:>=J 4@?D4:@FD @C AC24E:42==J F?4@?D4:@FD @7 ;FDE H92E
96:D5@:?8@C9@H96:D5@:?8:E
)96 >2DD6D @7 E96 C246 :? H9@> E96 8@ :D 5H6==:?8 :? E9:D 4@?5:E:@?
2C6 C62==J =:EE=6 >@C6 E92? 2FE@>2E@?D )96:C H:==D 2C6 42==65 :?E@ 24E:G:EJ
3J 6G6CJ A2DD:?8 56D:C6 E96:C A2DD:@?D 2?5 56D:C6D 2C6 F?4@?EC@==65 2?5
E96:C E9@F89EAC@46DD6D 2C6 E96 C6DF=E @7 DF886DE:@?D >256 3J @E96CD 3FE
H9:49 E96J 2446AE 2?5 E96? 7@?5=J :>28:?6 E96J 92G6 E9@F89E E96 E9:?8
7@C E96>D6=G6D )96J 2C6 =:<6 E96 H:?592CAD FA@? H9:49 E96 H:?5D @7
E96 A2DD:?8 3C66K6 3=@H 2?5 7C@> H9:49 E96 C6DA@?D:G6 D@F?5D 2C6 AC@
5F465 E :D 2 724E <?@H? E@ 42C67F= DEF56?ED @7 ADJ49@=@8J E92E :? E96
42D6 @7 E96 >2DD6D @7 E96 C246 E96 >6?E2= AC@46DD6D 2?5 E96 H:== 24E:G:EJ
2C6 AC24E:42==J E9@D6 @7 2? 2FE@>2E@? @C ADJ49:42= >249:?6 E96C6 36:?8
=:EE=6@C?@G@=F?E2CJ677@CE6I6CE65@CG@=F?E2CJ49@:46@C564:D:@?>256
)96 H:==D @7 DF49 A6CD@?D 2C6 (=2G6 ,:==D DF3;64E E@ E96 :?7=F6?46 4@?
EC@= 2?5 5:C64E:@? @7 @E96CD 2=E9@F89 E96:C @H?6CD >2J 7@?5=J :>28:?6
E92E E96J 2C6 D@F?5 E9:?<6CD 2?5 A@DD6DD65 @7 A@H6C7F= H:==D )96 H:==
AC@46DD6D @7 DF49 A6CD@?D 2C6 2=>@DE 6?E:C6=J H92E 2C6 <?@H? 2D C67=6I
24E:G:E:6D C6BF:C:?8 E96 6>A=@J>6?E @7 3FE =:EE=6 A@H6CD @7 ;F58>6?E 2?5
=:EE=6 @C ?@ 6I6C4:D6 @7 G@=F?E2CJ 4@?EC@= @ J@F C62=:K6 ;FDE H92E E9:D
>62?D %C@323=J ?@E D@ J@F 2C6 2D<65 E@ 4@?D:56C H92E LLC67=6ILL 24E:G:EJ
C62==J:D
6H >6? C6>6>36C H9:49 6?5 @7 E96 4@==2C E96J 3FEE@? @? 7:CDE @C
H9:49 D9@6 E96J AFE @? 7:CDE J6E E96 C67=6I ?6CG6 46?E6C :7 =67E E@ :ED6=7
92D 2? :?G2C:23=6 @C56C :? 6I64FE:?8 E96D6 >@G6>6?ED (@>6 G6CE63C2E6D
92G6 >F49 >@C6 C67=6I A@H6C E92? >2? )96 DA:?2= 4@C5 :? DF49 2?:>2=D
<66AD :ED G:E2=:EJ 7@C 2 =@?8 E:>6 27E6C 5642A:E2E:@? 2?5 E96 ?6CG6 >2DD6D
:? E96 4@C5 92G6 E96 A@H6C E@ D6E E96 >@E@C ?6CG6D :? 24E:@? 42FD:?8
>FD4F=2C 4@?EC24E:@? @C E9:D C62D@? 2 5642A:E2E65 D?2<6 H:== DBF:C>
2C@F?5 :? 2 =:G6=J >2??6C :7 :ED E2:= :D DECF4< )96 C62D@? H9J 7@H=D @7E6?
7=FEE6C D@ G:@=6?E=J 27E6C E96 72E2= DEC@<6 :D 3642FD6 E96J 2C6 E9C@H?
C@F89=J 5@H? )96 D6?D@CJ ?6CG6D C6A@CE E96 3CF:D6 @C ;2C E@ 2 C67=6I 46?
E6C H9:49 28:E2E6D E96 >@E@C ?6CG6D 4@?EC@==:?8 E96 >FD4=6D H9:49
H@F=5 @C5:?2C:=J >@G6 E96> @FE @7 2 92C>=6DD H2J 7 36962565 7@H=D
2C6 =2:5 42C67F==J @? DEC2H @C D@>6 D@7E DF3DE2?46 E96J H:== D42C46=J
>@G6 FE :7 E96J D9@F=5 36 <:4<65 2 >@>6?E @C EH@ =2E6C E96J H:== 7C6
BF6?E=J ;F>A 2C@F?5 :? 2 =:G6=J >2??6C 7 24:5 :D A=2465 @? E96 D:56 @7 2
5642A:E2E65 7C@8 E96 2?:>2= H:== 3J C67=6I 24E:@? 3C:?8 :ED 7@@E E@ E96
DA@E 2?5 ECJ E@ 3CFD9 E96 5C@A 2H2J "2? 2=D@ 92D D@>6E9:?8 @7 E9:D C6
7=6I A@H6C 27E6C 562E9 )96 A64E@C2= >FD4=6 @7 2 36962565 C6?49 4C:>
:?2= H2D A:?4965 2?5 E96 C:89E 92?5 H2D C2:D65 E@ E96 DA@E 2D :7 E@ C6
>@G6E9642FD6@7E96:?;FCJLL
(@>6 >2J @3;64E E92E H6 2C6 >2<:?8 E@@ DEC@?8 2 DE2E6>6?E H96? H6 D2J
E92E E96 >6?E2= 24E:G:EJ @7 E96 8C62E >2DD6D @7 A6@A=6 2C6 AC24E:42==J 2<:?
E@ E96 C67=6ILL 24E:@?D 23@G6 56D4C:365 %6@A=6 E9:?< 23@FE H92E E96J
5@ 367@C6 5@:?8 :E E96D6 @3;64E@CD D2J $7 4@FCD6 A6@A=6 E9:?< @C
C2E96C E96J E9:?< E92E E96J E9:?< 3FE :? C62=:EJ E96 AC@46DD @7 E96:C
E9:?<:?8 :D 2=>@DE C67=6I E92E :D E@ D2J :E :D 2FE@>2E:4 2?5 >6492?:42=
C2E96C E92? 56=:36C2E6 2?5 4@?EC@==65 3J H:== 2?5 ;F58>6?E )96:C
E9@F89E :D FDF2==J 32D65 FA@? D@>6 DF886DE65 AC6>:D6MD@>6 D@42==65
724E 2446AE65 E9C@F89 DF886DE:@? 7C@> @E96CD 2?5 H:E9@FE G6C:7:42E:@? @C
5F@ 4@?D:56C2E:@? )96:C 2446AE65 724ED 2C6 FDF2==J 7@F?5 E@ 36 E9@D6
H9:49 28C66 H:E9 E96:C =:<6D 766=:?8D @C AC6;F5:46D C2E96C E92? H9:49
2C6 32D65 FA@? 42C67F= 2?5 F?AC6;F5:465 :?G6DE:82E:@? 7 E96 724ED 5@
?@E 28C66 H:E9 E96D6 AC6;F5:46D 2?5 H:D96D E96? D@ >F49 E96 H@CD6 7@C
E96 724ED 2?5 E96 =2EE6C 2C6 5:D42C565 2?5 6=:>:?2E65 7C@> E96 D@42==65
E9:?<:?8
E96? 9:D H:== 24E:@? :D =:<6H:D6 ,6 92G6 DA@<6? @7 E96 C67=6I 492C24E6C @7
E96 >2?LD 24E:@?D H9:49 H6C6 32D65 FA@? 9:D E9@F89ED =6E FD ?@H 6I
2>:?6 9:D 24E:@?D 32D65 FA@? 9:D 766=:?8D ,6 H:== D@@? 5:D4@G6C E92E
E96D6E@@2C6AC24E:42==JC67=6I
)96 2?:>2= E96 J@F?8 49:=5 2?5 E96 F?56G6=@A65 >2? :D :>A6==65 E@ 24E
7C66=J FA@? 6249 2?5 6G6CJ 56D:C6 @C 766=:?8 E92E >2?:76DED H:E9:? 9:D
>6?E2= 36:?8 96 :D C6DEC2:?65 7C@> DF49 24E:@? @?=J 3J 762C @7 4@?
D6BF6?46D E :D C6=2E65 @7 46CE2:? D2G286 EC:36D E92E :E :D F?H:D6 E@ :DDF6
E96> D6G6C2= 52JDL C2E:@?D H96? DE2CE:?8 @? 2 ;@FC?6J 3642FD6 E96J H:==
D:E 5@H? 2?5 62E E96 6?E:C6 C2E:@? 2E @?6 >62= 36:?8 F?23=6 E@ C6D:DE E96
:?4=:?2E:@? 2?5 36:?8 F?23=6 E@ 4@?EC@= E96 2AA6E:E6 @7 E96 >@>6?E :? E96
:?E6C6DE @7 E96 46CE2:? 9F?86C @7 E@>@CC@H 2?5 E96 ?6IE 52J 2?5 E96 52J
27E6C ,6 D>:=6 2E E9:D 3FE 9@H >2?J @7 FD 2C6 BF:E6 2D 7@@=:D9 H96? H6
D24C:7:46 E96 DF446DD @7 E@>@CC@H 2?5 E96 ?6IE 52J FA@? E96 2=E2C @7 E96
D2E:D724E:@? @7 E96 56D:C6D @7 E96 AC6D6?E >@>6?E )96 56D:C624E:@? @7 E96
(=2G6 ,:== :D 2=>@DE AFC6=J C67=6I 2?5 F?56C ?@ G@=F?E2CJ 4@?EC@= H9:=6
E92E @7 E96 "2DE6C ,:== :D F?56C 8C62E G@=F?E2CJ 4@?EC@= 2?5 5:C64E:@?
,6 D92== D66 >@C6 @7 E9:D H96? H6 C6249 E96 A=246 :? E9:D 3@@< :? H9:49
E96DF3;64E@76D:C6:D4@?D:56C65:?56E2:=
49@:46 H:== 2?5 24E:@? ?5 D@ DEC@?8 5@ E96J >2<6 E96:C @?6 D:56 @7 E96
42D6 E92E >2?J 92G6 2446AE65 E96:C C62D@?:?8 FE E96 ECFE9 :D 8C2DA65
@?=J H96? H6 4@?D:56C E96 @E96C D:56 @7 E96 62D6 E96? E96 C62= ECFE9 :D
D66? E@ C6DE 36EH66? E96 EH@ 6IEC6>6D E :D D66? E@ 36 ECF6 E92E :? E96
42D6D @7 E96 >2DD6D @7 E96 C246ME96 A6CD@?D @7 E96 (=2G6 ,:==M E96C6 :D
=:EE=6 @C ?@ C62= 7C665@> @7 24E:@? 3FE C2E96C E96C6 :D 2? 2=>@DE 2FE@>2E:4
C6DA@?D6 @7 H:==24E:@? E@ 56D:C6>@E:G6 FE @? E96 @E96C 92?5 :? E96
42D6 @7 E96 25G2?465 76H @7 E96 C246 E96 ECF6 :?5:G:5F2=DME96 A6CD@?D @7
E96 "2DE6C ,:==ME96C6 :D D64FC65 E96 =@?865 7@C 7C665@> @7 24E:@? 3J
>62?D @7 E96 4@?EC@= @7 E96 56D:C6 >@E:G6D ? 724E E9:D 4@?EC@= :D @?6 @7
E96=625:?8492C24E6C:DE:4D@7E96"2DE6C":?5
=625:?8 2FE9@C:EJ 92D H6== D2:5 == A6CD@?D 28C66 E92E E96C6 :D ?@
DF49 E9:?8 2D F?C6DEC2:?65 7C665@> @7 24E:@? G6CJ 9F>2? 36:?8 :D
7C@> E96 4C25=6 E@ E96 8C2G6 DF3;64E E@ 6IE6C?2= C6DEC2:?E 7 2 >2? 56
4=2C6D E92E 96 :D 7C66 E@ 8@ H:E9@FE 7@@5 2:C 2?5 D=66A 2?5 EC:6D E@ 24E 24
4@C5:?8=J 4@?D6BF6?46D H:== D@@? 56AC:G6 9:> @7 E92E =:36CEJ )96 4:C4=6
@7 7C665@> :D >F49 D>2==6C E92? :D D@>6E:>6D E9@F89E E96 7:D9 :D ?6G6C
7C66 E@ 364@>6 2? 628=6 F>2? 7C665@> >2J 36 =:<6?65 E@ 2 G6DD6= D2:=
:?8 FA 2 C:G6C 6C 4@FCD6 >FDE 36 <6AE C:8:5=J H:E9:? E96 32?<D D96 42?
?@E D2:= @? E96 5CJ =2?5 3FE 3J E24<:?8 D96 42? >2<6 9625H2J FA E96
DEC62> :? E96 E66E9 @7 E96 H:?5 2?5 D96 42? DE@A 6:E96C 2E E9:D E@H? @C 2E
E92E )96 A@AF=2C 36=:67 :D 4@CC64E E92E E96 DA96C6 @7 7C665@> :D DF77:
4:6?E=J H:56 E@ 2==@H 2 >2? D4@A6 6?@F89 E@ <66A 9:> 3FDJ 7@C D6G6C2=
=:76E:>6D
)96 2G6C286 >2? H:== :?5:8?2?E=J 56?J E92E 9:D 7C665@> @7 H:== 24E:@? :D
:? 2?J H2J 27764E65 @C C6DEC:4E65 3J @FED:56 @C :?D:56 :?7=F6?46D 6 D2JD
EC:F>A92?E=J 42? 24E 2D H:D9 E9:?<:?8 E92E 96 92D 2?DH6C65 E96 2C
8F>6?E 282:?DE 7C66 H:== FE 96C6 :D E96 A@:?E 96 42? 24E @?=J 2D 96
H:D96D 2?5 :7 9:D H:D96D 2C6 4@?EC@==65 @C 56E6C>:?65 :? 2?J H2J E96?
D@ 2C6 9:D 24E:@?D 4@?EC@==65 2?5 56E6C>:?65 ?5 2D 9:D H:D96D 2C6 3FE
7@C>D @7 9:D 56D:C6D E96? F?=6DD 96 4@?EC@=D 9:D 56D:C6D 96 5@6D ?@E 4@?
EC@= 9:D H:D96D 3FE :D 4@?EC@==65 3J E96> ?5 2D E96 2G6C286 >2? 92D
?@E 24BF:C65 2 DEC@?8 4@?EC@= @7 9:D 56D:C6D 96 :D =24<:?8 E@ E92E 6IE6?E :?
9:D 7C665@> @7 H:== 24E:@? ?5 C:89E 96C6 :D E96 >2:? 5:DE:?4E:@?
36EH66?E96>2?@7E96(=2G6,:==>:5E96>2?@7E96"2DE6C,:==
)96 (=2G6 ,:== @36JD E96 @C56CD @7 :ED 56D:C6D 766=:?8D 2?5 @E96C
H:D96D E96 =2EE6C 4@>:?8 7C@> !@C5<?@HDH96C6 :?E@ 9:D >6?E2= 7:6=5
(F49 2 >2? :D ?@E 7C66 :? E96 ECF6 D6?D6 @7 E96 H@C5 6 :D 2 D=2G6 E@ 9:D
H:D96D 9:D 766=:?8D 9:D 56D:C6D 9:D A2DD:@?DM2?5 96 92D ?@ 4@?EC@=
@G6C E96 E9@F89ED 2?5 :562D H9:49 7665 E96D6 56D:C6D 2?5 H9:49 @7E6?
24EF2==J 4C62E6 E96> )96 "2DE6C ,:== ?@E @?=J C67FD6D E@ 96 4@?EC@==65 3J
E96 :?ECF5:?8 56D:C6D :7 E96D6 2C6 566>65 282:?DE 9:D 36DE :?E6C6DED 3FE
96 24EF2==J 4@?EC@=D E96>ME9:D =2DE 3J 4@?EC@==:?8 E96 :562D 2?5 E9@F89ED
H9:49 D6CG6 E@ 7665 2?5 ?@FC:D9 E96D6 56D:C6D 2?5 H9:49 :? >2?J 42D6D
2=D@92G624EF2==J4C62E65E96>
E E96 E9C6D9@=5 @7 6249 9:896C 24E @7 H:== DE2?5D 56D:C6 == 766=:?8
E6?5D E@ 6I4:E6 56D:C6 (@>6E:>6D 56D:C6 8:G6D C:D6 E@ :?E6?D6 766=:?8 ?
@?6 2DA64E 56D:C6 :D 766=:?8 :? 2?@E96C 56D:C6 :D H:== @C 2? 24E:G6 E6?D:@?
H9:49 A2DD6D :>A6C46AE:3=J :?E@ H:== ? 56D:C6 AC@A6C=J D@ 42==65 E96C6
>FDE 36 2 567:?:E6 :562 7 2 A6CD@? D2JD L 56D:C6L E96 BF6DE:@? G6CJ ?2E
FC2==J :D L,92EL *?=6DD E96C6 :D 2 567:?:E6 2?DH6C E@ E96 BF6DE:@? 56D:C6
:D ?@E E96 ?2>6 E@ 2AA=J E@ E92E >6?E2= DE2E6 )96C6 2C6 2=H2JD 2E =62DE
EH@ 2=E6C?2E:G6D :? 2?J =:?6 @7 4@?5F4E ,96? H6 7246 2? @C496DEC2 H6
92G6 E96 49@:46 @7 =:DE6?:?8 E@ :E 2D 2 H9@=6 @C @7 D6=64E:?8 D@>6 @?6 :?
DECF>6?E DF49 2D E96 7:CDE G:@=:? 2?5 A2J:?8 2EE6?E:@? E@ :E ? =@@<:?8 2E
2 =2?5D42A6 H6 49@@D6 46CE2:? 6=6>6?ED 7@C 4=@D6 :?DA64E:@? $FC H@C=5
:D E96C67@C6 G6CJ >F49 H92E H6 49@@D6 E@ A2J 2EE6?E:@? E@ 7 H6 G:D:E
E96 EC@A:4D 2?5 49@@D6 E@ 9665 ?@E9:?8 3FE E96 G6?@>@FD 2?:>2=D E96
=2?5 H:== 36 49:67=J @?6 @7 D?2<6D 2?5 46?E:A656D :7 H6 =@@< AC:?4:A2==J
2E E96 3:C5D 2?5 7=@H6CD :E H:== 36 E@ FD =2C86=J 2 4=:>6 @7 D@?8 2?5
A6C7F>6
,6 92G6 D66? E92E 6>@E:@? 2?5 56D:C6 2C:D6 :? E96 AC6D6?46 @7 :562D 2?5
E92E E96 H:== 92D :?7=F6?46 :? 56E2:?:?8 @C :? 32?:D9:?8 2 8:G6? :562 7
@?6 :562 :D <6AE 367@C6 E96 >:?5 2 56D:C6 2?5 2 DEC@?8 >@E:G6 >2J 82E9
6C 2C@F?5 E92E :562 7 2?@E96C :562 :D 42==65 :? E96 A@H6C @7 E96 7:CDE :562
H:== 564=:?6 )96 >@C6 "2436E9 2?5 9:D H:76 96=5 367@C6 E96>D6=G6D E96
:562 @7 E96 72>6 2?5 A@H6C H9:49 E96 E9C@?6 H@F=5 4@?76C FA@? E96>
E96 DEC@?86C 3642>6 E96 56D:C6 E@ <:== E96 <:?8 F?E:= 7:?2==J :E 8C6H E@@
DEC@?8 E@ 36 >2DE6C65 )96J H6C6 9@H6G6C C6DA@?D:3=6 7@C ?FCD:?8 E96
56D:C6 925 E96J C6D@=FE6=J E9@F89E @7 D@>6E9:?8 6=D6 E92E 56D:C6 H@F=5
92G6 366? H62<6?65 )96 A6CD@? H9@ 7665D 2 325 56D:C6 H:E9 E96 7:EE:?8
:562DH:==7:?5E92ED@>652JE9656D:C6H:==>2DE6C9:DH:==
? E96 42A24:EJ 7@C 2EE6?E:@? H6 92G6 E96 H2J E@ E96 7C665@> @7 E96 H:==
+@=F?E2CJ 2EE6?E:@? >2<6D E96 >@E:G6 )96 >@E:G6 5@6D ?@E >2<6 E96 2E
E6?E:@? 6?46 E96 >@E:G6 :D 2 AC@5F4E @7 E96 H:== 7 H:E95C2H >J 2E
E6?E:@? 7C@> 2 >@E:G6 :562 :E =@D6D G:8@C =:<6 2 A=2?E 56AC:G65 @7 2:C 2?5
>@:DEFC6 J D966C 7@C46 @7 H:== >2?J 2 @?6 92D H:E95C2H? 9:D 2EE6?E:@?
7C@> 46CE2:? E6>AE2E:@?D 46?E6C65 :E 6=D6H96C6 2?5 E9FD 56G6=@A65 2
4@F?E6C >@E:G6 D H6 46?E6C @FC 2EE6?E:@? FA@? @?6 E9:?8 @C 2?@E96C
H6 =2C86=J 56E6C>:?6 @FC >6?E2= 92AA:?6DD 2?5 96?46 @FC 3@5:=J 962=E9
$?6 A6CD@? :? H2=<:?8 E9C@F89 2 ?@3=6 7@C6DE >2J D62C49 @?=J 7@C
DA:56CD 2?5 G6?@>@FD 4C62EFC6D H9:=6 2?@E96C 4@?7:?6D 9:D 2EE6?E:@? E@
E96D:?8:?83:C5D:?E963C2?496D23@G6
C@> E96 23@G6 :E :D D66? E92E E96 @?=J H2J E@ 56G6=@A 2?5 >2:?E2:? 2
7C66 H:== :D E@ 5:C64E E96 2EE6?E:@? 2?5 E9@F89E 3J >62?D @7 E96 2H2<6?65
8@ME96"2DE6C":?52?5":?5"2DE6C
+.&/&1"*!"$/&1""*/(&/4
== 566A DEF56?ED @7 ADJ49@=@8J 5:D4@G6C E92E E96 ,:== :D E96 :??6C>@DE
82C>6?E @7 E96 8@ME96 >6?E2= D962E9 H9:49 =:6D 36?62E9 2== E96 @E96CD
2?5 H9:49 4=:?8D 4=@D6=J E@ E96 DF3DE2?46 @7 E96 8@ D@ 4=@D6=J E92E :E 42?
D42C46=J 36 5:DE:?8F:D965 7C@> :ED H62C6C ?5 D@ E96 C246 92D 364@>6
244FDE@>65 E@ :56?E:7J:?8 E96 ,:== H:E9 E96 8@ @C :?DE2?46 H6 DA62<
@7 2 H62< H:== @C 2 DEC@?8 H:== 2 G24:==2E:?8 H:== @C 2 A6CD:DE6?E
56E6C>:?65 H:== H96? H6 C62==J >62? E@ :?5:42E6 E96 5:776C6?E 568C66D
@7E9624E:G:EJ2?56IAC6DD:@?@7E968@:ED6=7
%6C92AD J@F H:== 86E >@C6 4=62C=J E9:D 4@?46AE:@? @7 E96 8@ 369:?5
E96 ,:== :7 H6 4@?E:?F6 @FC :==FDEC2E:@? @7 E96 8@ 2D D=66A:?8 :? E96 42DE
@7 E96 8C62E >2DD6D @7 E96 C246 92=72H2<6 :? E96 D>2==6C A@CE:@? @7 E96
C246 2?5 H:562H2<6 :? E96 6=64E 76H H9@ >2J 36 42==65 E96 "2DE6C
":?5D ,9:=6 E9:D :==FDEC2E:@? :D @7 4@FCD6 7:8FC2E:G6 :E :D 32D65 FA@? E96
24EF2= 724ED @7 E96 42D6 367@C6 FD 2?5 >@C6@G6C 4@>6D D@ 4=@D6=J E@ E96
C62= >2?:76DE2E:@?D @7 E96 8@ E92E :E >2J 96 FD65 :? 2=>@DE 2 =:E6C2=
D6?D6
)96 >2DD6D @7 E96 C246 :? H9@> E96 8@ :D 5H6==:?8 :? E9:D 4@?5:E:@?
2C6 C62==J =:EE=6 >@C6 E92? 2FE@>2E@?D )96:C H:==D 2C6 42==65 :?E@ 24E:G:EJ
3J 6G6CJ A2DD:?8 56D:C6 E96:C A2DD:@?D 2?5 56D:C6D 2C6 F?4@?EC@==65 2?5
E96:C E9@F89EAC@46DD6D 2C6 E96 C6DF=E @7 DF886DE:@?D >256 3J @E96CD 3FE
H9:49 E96J 2446AE 2?5 E96? 7@?5=J :>28:?6 E96J 92G6 E9@F89E E96 E9:?8
7@C E96>D6=G6D )96J 2C6 =:<6 E96 H:?592CAD FA@? H9:49 E96 H:?5D @7
E96 A2DD:?8 3C66K6 3=@H 2?5 7C@> H9:49 E96 C6DA@?D:G6 D@F?5D 2C6 AC@
5F465 E :D 2 724E <?@H? E@ 42C67F= DEF56?ED @7 ADJ49@=@8J E92E :? E96
42D6 @7 E96 >2DD6D @7 E96 C246 E96 >6?E2= AC@46DD6D 2?5 E96 H:== 24E:G:EJ
2C6 AC24E:42==J E9@D6 @7 2? 2FE@>2E@? @C ADJ49:42= >249:?6 E96C6 36:?8
=:EE=6@C?@G@=F?E2CJ677@CE6I6CE65@CG@=F?E2CJ49@:46@C564:D:@?>256
)96 H:==D @7 DF49 A6CD@?D 2C6 (=2G6 ,:==D DF3;64E E@ E96 :?7=F6?46 4@?
EC@= 2?5 5:C64E:@? @7 @E96CD 2=E9@F89 E96:C @H?6CD >2J 7@?5=J :>28:?6
E92E E96J 2C6 D@F?5 E9:?<6CD 2?5 A@DD6DD65 @7 A@H6C7F= H:==D )96 H:==
AC@46DD6D @7 DF49 A6CD@?D 2C6 2=>@DE 6?E:C6=J H92E 2C6 <?@H? 2D C67=6I
24E:G:E:6D C6BF:C:?8 E96 6>A=@J>6?E @7 3FE =:EE=6 A@H6CD @7 ;F58>6?E 2?5
=:EE=6 @C ?@ 6I6C4:D6 @7 G@=F?E2CJ 4@?EC@= @ J@F C62=:K6 ;FDE H92E E9:D
>62?D %C@323=J ?@E D@ J@F 2C6 2D<65 E@ 4@?D:56C H92E LLC67=6ILL 24E:G:EJ
C62==J:D
6H >6? C6>6>36C H9:49 6?5 @7 E96 4@==2C E96J 3FEE@? @? 7:CDE @C
H9:49 D9@6 E96J AFE @? 7:CDE J6E E96 C67=6I ?6CG6 46?E6C :7 =67E E@ :ED6=7
92D 2? :?G2C:23=6 @C56C :? 6I64FE:?8 E96D6 >@G6>6?ED (@>6 G6CE63C2E6D
92G6 >F49 >@C6 C67=6I A@H6C E92? >2? )96 DA:?2= 4@C5 :? DF49 2?:>2=D
<66AD :ED G:E2=:EJ 7@C 2 =@?8 E:>6 27E6C 5642A:E2E:@? 2?5 E96 ?6CG6 >2DD6D
:? E96 4@C5 92G6 E96 A@H6C E@ D6E E96 >@E@C ?6CG6D :? 24E:@? 42FD:?8
(@>6 >2J @3;64E E92E H6 2C6 >2<:?8 E@@ DEC@?8 2 DE2E6>6?E H96? H6
D2J E92E E96 >6?E2= 24E:G:EJ @7 E96 8C62E >2DD6D @7 A6@A=6 2C6 AC24E:42==J
2<:? E@ E96 C67=6ILL 24E:@?D 23@G6 56D4C:365 %6@A=6 E9:?< 23@FE H92E
E96J 5@ 367@C6 5@:?8 :E E96D6 @3;64E@CD D2J $7 4@FCD6 A6@A=6 E9:?< @C
C2E96C E96J E9:?< E92E E96J E9:?< 3FE :? C62=:EJ E96 AC@46DD @7 E96:C
E9:?<:?8 :D 2=>@DE C67=6I E92E :D E@ D2J :E :D 2FE@>2E:4 2?5 >6492?:42=
C2E96C E92? 56=:36C2E6 2?5 4@?EC@==65 3J H:== 2?5 ;F58>6?E )96:C
E9@F89E :D FDF2==J 32D65 FA@? D@>6 DF886DE65 AC6>:D6MD@>6 D@42==65
724E 2446AE65 E9C@F89 DF886DE:@? 7C@> @E96CD 2?5 H:E9@FE G6C:7:42E:@? @C
5F@ 4@?D:56C2E:@? )96:C 2446AE65 724ED 2C6 FDF2==J 7@F?5 E@ 36 E9@D6
H9:49 28C66 H:E9 E96:C =:<6D 766=:?8D @C AC6;F5:46D C2E96C E92? H9:49
2C6 32D65 FA@? 42C67F= 2?5 F?AC6;F5:465 :?G6DE:82E:@? 7 E96 724ED 5@
?@E 28C66 H:E9 E96D6 AC6;F5:46D 2?5 H:D96D E96? D@ >F49 E96 H@CD6 7@C
E96 724ED 2?5 E96 =2EE6C 2C6 5:D42C565 2?5 6=:>:?2E65 7C@> E96 D@42==65
E9:?<:?8
E96? 9:D H:== 24E:@? :D =:<6H:D6 ,6 92G6 DA@<6? @7 E96 C67=6I 492C24E6C @7
E96 >2?LD 24E:@?D H9:49 H6C6 32D65 FA@? 9:D E9@F89ED =6E FD ?@H 6I
2>:?6 9:D 24E:@?D 32D65 FA@? 9:D 766=:?8D ,6 H:== D@@? 5:D4@G6C E92E
E96D6E@@2C6AC24E:42==JC67=6I
)96 2?:>2= E96 J@F?8 49:=5 2?5 E96 F?56G6=@A65 >2? :D :>A6==65 E@
24E 7C66=J FA@? 6249 2?5 6G6CJ 56D:C6 @C 766=:?8 E92E >2?:76DED H:E9:? 9:D
>6?E2= 36:?8 96 :D C6DEC2:?65 7C@> DF49 24E:@? @?=J 3J 762C @7 4@?
D6BF6?46D E :D C6=2E65 @7 46CE2:? D2G286 EC:36D E92E :E :D F?H:D6 E@ :DDF6
E96> D6G6C2= 52JDL C2E:@?D H96? DE2CE:?8 @? 2 ;@FC?6J 3642FD6 E96J H:==
D:E 5@H? 2?5 62E E96 6?E:C6 C2E:@? 2E @?6 >62= 36:?8 F?23=6 E@ C6D:DE E96
:?4=:?2E:@? 2?5 36:?8 F?23=6 E@ 4@?EC@= E96 2AA6E:E6 @7 E96 >@>6?E :? E96
:?E6C6DE @7 E96 46CE2:? 9F?86C @7 E@>@CC@H 2?5 E96 ?6IE 52J 2?5 E96 52J
27E6C ,6 D>:=6 2E E9:D 3FE 9@H >2?J @7 FD 2C6 BF:E6 2D 7@@=:D9 H96? H6
D24C:7:46 E96 DF446DD @7 E@>@CC@H 2?5 E96 ?6IE 52J FA@? E96 2=E2C @7 E96
D2E:D724E:@? @7 E96 56D:C6D @7 E96 AC6D6?E >@>6?E )96 56D:C624E:@? @7 E96
(=2G6 ,:== :D 2=>@DE AFC6=J C67=6I 2?5 F?56C ?@ G@=F?E2CJ 4@?EC@= H9:=6
E92E @7 E96 "2DE6C ,:== :D F?56C 8C62E G@=F?E2CJ 4@?EC@= 2?5 5:C64E:@?
,6 D92== D66 >@C6 @7 E9:D H96? H6 C6249 E96 A=246 :? E9:D 3@@< :? H9:49
E96DF3;64E@76D:C6:D4@?D:56C65:?56E2:=
49@:46 H:== 2?5 24E:@? ?5 D@ DEC@?8 5@ E96J >2<6 E96:C @?6 D:56 @7 E96
42D6 E92E >2?J 92G6 2446AE65 E96:C C62D@?:?8 FE E96 ECFE9 :D 8C2DA65
@?=J H96? H6 4@?D:56C E96 @E96C D:56 @7 E96 62D6 E96? E96 C62= ECFE9 :D
D66? E@ C6DE 36EH66? E96 EH@ 6IEC6>6D E :D D66? E@ 36 ECF6 E92E :? E96
42D6D @7 E96 >2DD6D @7 E96 C246ME96 A6CD@?D @7 E96 (=2G6 ,:==M E96C6 :D
=:EE=6 @C ?@ C62= 7C665@> @7 24E:@? 3FE C2E96C E96C6 :D 2? 2=>@DE 2FE@>2E:4
C6DA@?D6 @7 H:==24E:@? E@ 56D:C6>@E:G6 FE @? E96 @E96C 92?5 :? E96
42D6 @7 E96 25G2?465 76H @7 E96 C246 E96 ECF6 :?5:G:5F2=DME96 A6CD@?D @7
E96 "2DE6C ,:==ME96C6 :D D64FC65 E96 =@?865 7@C 7C665@> @7 24E:@? 3J
>62?D @7 E96 4@?EC@= @7 E96 56D:C6 >@E:G6D ? 724E E9:D 4@?EC@= :D @?6 @7
E96=625:?8492C24E6C:DE:4D@7E96"2DE6C":?5
=625:?8 2FE9@C:EJ 92D H6== D2:5 == A6CD@?D 28C66 E92E E96C6 :D ?@
DF49 E9:?8 2D F?C6DEC2:?65 7C665@> @7 24E:@? G6CJ 9F>2? 36:?8 :D
7C@> E96 4C25=6 E@ E96 8C2G6 DF3;64E E@ 6IE6C?2= C6DEC2:?E 7 2 >2? 56
4=2C6D E92E 96 :D 7C66 E@ 8@ H:E9@FE 7@@5 2:C 2?5 D=66A 2?5 EC:6D E@ 24E 24
4@C5:?8=J 4@?D6BF6?46D H:== D@@? 56AC:G6 9:> @7 E92E =:36CEJ )96 4:C4=6
@7 7C665@> :D >F49 D>2==6C E92? :D D@>6E:>6D E9@F89E E96 7:D9 :D ?6G6C
7C66 E@ 364@>6 2? 628=6 F>2? 7C665@> >2J 36 =:<6?65 E@ 2 G6DD6= D2:=
:?8 FA 2 C:G6C 6C 4@FCD6 >FDE 36 <6AE C:8:5=J H:E9:? E96 32?<D D96 42?
?@E D2:= @? E96 5CJ =2?5 3FE 3J E24<:?8 D96 42? >2<6 9625H2J FA E96
DEC62> :? E96 E66E9 @7 E96 H:?5 2?5 D96 42? DE@A 6:E96C 2E E9:D E@H? @C 2E
E92E )96 A@AF=2C 36=:67 :D 4@CC64E E92E E96 DA96C6 @7 7C665@> :D DF77:
4:6?E=J H:56 E@ 2==@H 2 >2? D4@A6 6?@F89 E@ <66A 9:> 3FDJ 7@C D6G6C2=
=:76E:>6D
)96 2G6C286 >2? H:== :?5:8?2?E=J 56?J E92E 9:D 7C665@> @7 H:== 24E:@?
:D :? 2?J H2J 27764E65 @C C6DEC:4E65 3J @FED:56 @C :?D:56 :?7=F6?46D 6
D2JD EC:F>A92?E=J 42? 24E 2D H:D9 E9:?<:?8 E92E 96 92D 2?DH6C65
E96 2C8F>6?E 282:?DE 7C66 H:== FE 96C6 :D E96 A@:?E 96 42? 24E @?=J 2D 96
H:D96D 2?5 :7 9:D H:D96D 2C6 4@?EC@==65 @C 56E6C>:?65 :? 2?J H2J E96?
D@ 2C6 9:D 24E:@?D 4@?EC@==65 2?5 56E6C>:?65 ?5 2D 9:D H:D96D 2C6 3FE
7@C>D @7 9:D 56D:C6D E96? F?=6DD 96 4@?EC@=D 9:D 56D:C6D 96 5@6D ?@E 4@?
EC@= 9:D H:D96D 3FE :D 4@?EC@==65 3J E96> ?5 2D E96 2G6C286 >2? 92D
?@E 24BF:C65 2 DEC@?8 4@?EC@= @7 9:D 56D:C6D 96 :D =24<:?8 E@ E92E 6IE6?E :?
9:D 7C665@> @7 H:== 24E:@? ?5 C:89E 96C6 :D E96 >2:? 5:DE:?4E:@?
36EH66?E96>2?@7E96(=2G6,:==>:5E96>2?@7E96"2DE6C,:==
)96 (=2G6 ,:== @36JD E96 @C56CD @7 :ED 56D:C6D 766=:?8D 2?5 @E96C
H:D96D E96 =2EE6C 4@>:?8 7C@> !@C5<?@HDH96C6 :?E@ 9:D >6?E2= 7:6=5
(F49 2 >2? :D ?@E 7C66 :? E96 ECF6 D6?D6 @7 E96 H@C5 6 :D 2 D=2G6 E@ 9:D
H:D96D 9:D 766=:?8D 9:D 56D:C6D 9:D A2DD:@?DM2?5 96 92D ?@ 4@?EC@=
@G6C E96 E9@F89ED 2?5 :562D H9:49 7665 E96D6 56D:C6D 2?5 H9:49 @7E6?
24EF2==J 4C62E6 E96> )96 "2DE6C ,:== ?@E @?=J C67FD6D E@ 96 4@?EC@==65 3J
E96 :?ECF5:?8 56D:C6D :7 E96D6 2C6 566>65 282:?DE 9:D 36DE :?E6C6DED 3FE
96 24EF2==J 4@?EC@=D E96>ME9:D =2DE 3J 4@?EC@==:?8 E96 :562D 2?5 E9@F89ED
H9:49 D6CG6 E@ 7665 2?5 ?@FC:D9 E96D6 56D:C6D 2?5 H9:49 :? >2?J 42D6D
2=D@92G624EF2==J4C62E65E96>
E E96 E9C6D9@=5 @7 6249 9:896C 24E @7 H:== DE2?5D 56D:C6 == 766=:?8
E6?5D E@ 6I4:E6 56D:C6 (@>6E:>6D 56D:C6 8:G6D C:D6 E@ :?E6?D6 766=:?8 ?
@?6 2DA64E 56D:C6 :D 766=:?8 :? 2?@E96C 56D:C6 :D H:== @C 2? 24E:G6 E6?D:@?
H9:49 A2DD6D :>A6C46AE:3=J :?E@ H:== ? 56D:C6 AC@A6C=J D@ 42==65 E96C6
>FDE 36 2 567:?:E6 :562 7 2 A6CD@? D2JD L 56D:C6L E96 BF6DE:@? G6CJ ?2E
FC2==J :D L,92EL *?=6DD E96C6 :D 2 567:?:E6 2?DH6C E@ E96 BF6DE:@? 56D:C6
:D ?@E E96 ?2>6 E@ 2AA=J E@ E92E >6?E2= DE2E6 )96C6 2C6 2=H2JD 2E =62DE
EH@ 2=E6C?2E:G6D :? 2?J =:?6 @7 4@?5F4E ,96? H6 7246 2? @C496DEC2 H6
92G6 E96 49@:46 @7 =:DE6?:?8 E@ :E 2D 2 H9@=6 @C @7 D6=64E:?8 D@>6 @?6 :?
DECF>6?E DF49 2D E96 7:CDE G:@=:? 2?5 A2J:?8 2EE6?E:@? E@ :E ? =@@<:?8 2E
2 =2?5D42A6 H6 49@@D6 46CE2:? 6=6>6?ED 7@C 4=@D6 :?DA64E:@? $FC H@C=5
:D E96C67@C6 G6CJ >F49 H92E H6 49@@D6 E@ A2J 2EE6?E:@? E@ 7 H6 G:D:E
E96 EC@A:4D 2?5 49@@D6 E@ 9665 ?@E9:?8 3FE E96 G6?@>@FD 2?:>2=D E96
=2?5 H:== 36 49:67=J @?6 @7 D?2<6D 2?5 46?E:A656D :7 H6 =@@< AC:?4:A2==J
2E E96 3:C5D 2?5 7=@H6CD :E H:== 36 E@ FD =2C86=J 2 4=:>6 @7 D@?8 2?5
A6C7F>6
? E96 42A24:EJ 7@C 2EE6?E:@? H6 92G6 E96 H2J E@ E96 7C665@> @7 E96
H:== +@=F?E2CJ 2EE6?E:@? >2<6D E96 >@E:G6 )96 >@E:G6 5@6D ?@E >2<6
E96 2EE6?E:@? 6?46 E96 >@E:G6 :D 2 AC@5F4E @7 E96 H:== 7 H:E95C2H >J
2EE6?E:@? 7C@> 2 >@E:G6 :562 :E =@D6D G:8@C =:<6 2 A=2?E 56AC:G65 @7 2:C
2?5 >@:DEFC6 J D966C 7@C46 @7 H:== >2?J 2 @?6 92D H:E95C2H? 9:D 2E
E6?E:@? 7C@> 46CE2:? E6>AE2E:@?D 46?E6C65 :E 6=D6H96C6 2?5 E9FD 56
G6=@A65 2 4@F?E6C >@E:G6 D H6 46?E6C @FC 2EE6?E:@? FA@? @?6 E9:?8 @C
2?@E96C H6 =2C86=J 56E6C>:?6 @FC >6?E2= 92AA:?6DD 2?5 96?46 @FC 3@5
:=J 962=E9 $?6 A6CD@? :? H2=<:?8 E9C@F89 2 ?@3=6 7@C6DE >2J D62C49
@?=J 7@C DA:56CD 2?5 G6?@>@FD 4C62EFC6D H9:=6 2?@E96C 4@?7:?6D 9:D 2E
E6?E:@?E@E96D:?8:?83:C5D:?E963C2?496D23@G6
%""*.".*!"*./&+*.
E :D FDF2= E@ 368:? 2== E6249:?8 4@?46C?:?8 E96 >:?5 3J 2 86?6C2= 5:D
4@FCD6 FA@? E96 D6?D6D )9:D :D :?5665 E96 @?=J =@8:42= 2AAC@249 E@ E96
>2:? DF3;64E 7@C E96 :>AC6DD:@?D C646:G65 3J FD E9C@F89 E96 D6?D6DME96
LL D6?D2E:@?DM92G6 H6== 366? 42==65 E96 C2H >2E6C:2=D @7 >6?E2= 24E:G:E
:6D E :D H6== E92E E96 "2DE6C ":?5 364@>6 24BF2:?E65 H:E9 E96D6 C2H
>2E6C:2=DH9:49:E6IA64EDE@FD6
? A@AF=2C FD286 E96 E6C> D6?D6 :D 4@>>@?=J 6>A=@J65 2D :56?E:42=
H:E9 LL F?56CDE2?5:?8LL @C C62D@? 3FE :? ADJ49@=@8J E96 E6C> 92D 2 72C
>@C6 C6DEC:4E65 >62?:?8 ? ADJ49@=@8J E96 E6C> D6?D6 92D E96 7@==@H
:?8 >62?:?8 )96 724F=EJ A@DD6DD65 3J 4@?D4:@FD 4C62EFC6D H96C63J
E96J A6C46:G6 6IE6C?2= @3;64ED 3J >62?D @7 :>AC6DD:@?D >256 FA@? 46C
E2:? @C82?D @7 E96 3@5J @C H96C63J E96J C646:G6 :>AC6DD:@?D 4@?46C?:?8
492?86D :? E96 4@?5:E:@? @7 E96 3@5J )96 E6C> D6?D2E:@? :? ADJ49@
=@8J :D 567:?65 2D ? :>AC6DD:@? >256 FA@? E96 >:?5 E9C@F89 E96 >6
5:F> @7 E96 ?6CG@FD DJDE6> 2?5 FDF2==J E9C@F89 @?6 @7 E96 @C82?D @7
D6?D6
)96 D6?D6D 2C6 FDF2==J C682C565 2D 4@?D:DE:?8 @7 7:G6 86?6C2= 4=2DD6D
6249H:E9:ED2AAC@AC:2E6@C82?:D>@7D6?D2E:@?2D7@==@HD
)96 >6492?:D> @7 E96 D6?D6 @7 )@F49 @C 66=:?8 :D 4@>A@D65 @7 >2?J
5:776C6?E 2?5 G2C:65 4=2DD6D @7 ?6CG6 492??6=D )9:D 36:?8 D@ E96 D6?D6 @7
)@F49 @C 66=:?8 :D C62==J 2 4@>A@D:E6 D6?D6 >2?:76DE:?8 5:G6CD6 24E:G
:E:6D AC:?4:A2= 2>@?8 H9:49 2C6 E9@D6 @7 AC6DDFC6 E6>A6C2EFC6 >FD4F
=2C C6D:DE2?46 A2:? 4@?E24E 6E4 )9:D 5:G6CD:EJ @7 24E:G:EJ :D :==FDEC2E65 @7
E96 A9JD:@=@8J @7 E96 D6?D6D =6D:@? H9:49 >2J 4FE @77 E96 A@DD:3:=:EJ
@7 766=:?8 A2:? :? 2 8:G6? A2CE @7 E96 3@5J >2J =62G6 :E DE:== DFD46AE:3=6 E@
D6?D2E:@?D @7 962E 2?5 4@=5 @C E96 D6?D2E:@?D @7 E@F49 >2J 36 AC6D6?E
H9:=6 E96 D6?D2E:@? @7 A2:? 42??@E 36 2C@FD65 C@> E9:D H6 D66 E92E
?6CG6 :>AF=D6D 8:G:?8 C:D6 E@ D6?D2E:@?D @7 E@F49 @7 A2:? @7 E6>A6C2E
FC6 @7 E96 >FD4F=2C D6?D6 >FDE A2DD FAH2C5D E@ E96 D6?D@C:F> 3J 5:7
76C6?EA2E9D@?6@7H9:49>2J364FE@77H9:=6E96@E96CDC6>2:?
# $
A9@E@8C2A9:4 42>6C2 2?5 E96 EC2?DA2C6?E >65:2 4@CC6DA@?5D E@ E96 A9@
E@8C2A9:4 =6?D ? DF49 2 42>6C2 :>286D @7 @3;64ED 2C6 E9C@H? FA@? 2
8C@F?58=2DD D4C66? 2E E96 324< @7 2 3@I E96 :?E6C:@C @7 H9:49 :D A2:?E65
3=24< ? E96 6J6 E96 42>6C2 AC@A6C :D C6AC6D6?E65 3J E96 6J632== H:E9 :ED
49@C@:52= A:8>6?E E96 D4C66? 3J E96 C6E:?2 2?5 E96 =6?D 3J E96 C67C24E:?8
>65:2 ? E96 62D6 @7 E96 42>6C2 E96 D4C66? :D 6?23=65 E@ C646:G6 4=62C
:>286D @7 @3;64ED 2E 5:776C6?E 5:DE2?46D 3J 2? 2AA2C2EFD 7@C 7@4FD:?8 )96
4@CC6DA@?5:?8 4@?EC:G2?46 :? E96 6J6 :D E96 L244@>>@52E:@?L )96 :C:D
H9:49 :D 42A23=6 @7 2==@H:?8 >@C6 @C =6DD =:89E E@ A2DD :?E@ E96 6J6 4@C
C6DA@?5D H:E9 E96 5:776C6?ED:K65 5:2A9C28>D FD65 :? A9@E@8C2A9:4 2A
A2C2EFD )96 C6E:?2 @7 E96 6J6 23@G6 >6?E:@?65 :D 2 G6CJ D6?D:E:G6
>6>3C2?6 @7 ?6CG6>2EE6C =:?:?8 E96 324< @7 E96 6J6 2?5 36:?8 4@??64
E65 H:E9 E96 >:?FE6 6?5D @7 E96 @AE:4 ?6CG6 7C@> E96 C6E:?2 E96 :>AC6D
D:@?:D4@?G6J653JE96?6CG6DE@E963C2:?
# #$
#
# "
)96 D6?D6 @7 62C:?8 2?@E96C 6G@=G65 D6?D6 >2?:76DE 3J >62?D @7
56=:42E6 ?6CG6 E6C>:?2E:?8 :? E96 :??6C A2CE @7 E96 62C )96 62C5CF> @C
EJ>A2?F> G:3C2E6D :? C6DA@?D6 E@ E96 2:CG:3C2E:@?D @C D@F?5H2G6D
C6249:?8 :E 7C@> E96 @FED:56 E96D6 G:3C2E:@?D 2C6 :?E6?D:7:65 2?5 E96
2F5:E@CJ ?6CG66?5D E2<6 FA E96 :>AC6DD:@? 2?5 A2DD :E @? E@ E96 3C2:?
(@F?5H2G6D 2C6 D6?D65 244@C5:?8 E@ E96:C 492C24E6C:DE:4D @7 A:E49 :?
E6?D:EJBF2=:EJ2?592C>@?JC6DA64E:G6=J
# $##
)96 D6?D6D 4@?DE:EFE6 E96 5@@CD E@ E96 @FED:56 H@C=5 H9:49 H96?
@A6?65 A6C>:E E96 6?EC2?46 @7 >6DD286D 7C@> E92E H@C=5 3FE H9:49
4=@D65 32C E96 6?EC2?46 @7 2?JE9:?8 7C@> H:E9@FE 6H @7 FD 6G6C DE@A E@
E9:?< 9@H 4@>A=6E6=J H6 2C6 56A6?56?E FA@? E96D6 5@@CD @7 E96 D6?D6D
7@C @FC <?@H=6586 @FC 6IA6C:6?46 2?5 @FC @3;64ED @7 E9@F89E ,6 E2<6 :E
2== 7@C 8C2?E65 2?5 72:= E@ A6C46:G6 E96 :>A@CE2?46 @7 E96D6 D6?D6D $?=J
H96? @?6 @C >@C6 @7 E96 D6?D6D 72:= FD 5@ H6 368:? E@ C62=:K6 E96:C :>
A@CE2?46 2?5 E96 :>A@CE2?46 @7 D6?D2E:@?D 2D 2 H9@=6 E :D @?=J H96?
H6 DE@A E@ E9:?< 9@H 4@>A=6E6=J D9FE :? 2?5 D9FE@FE H6 H@F=5 36 :7 2==
@7 @FC D6?D6D H6C6 56DEC@J65 E92E H6 368:? E@ C62=:K6 ;FDE 9@H 56A6?5
6?E H6 2C6 FA@? E96 D6?D6D 2?5 D6?D2E:@? 7@C @FC <?@H=6586 @FC
E9@F89ED@FC766=:?8D2?5@FC86?6C2=>6?E2==:762?536:?8
?@E9:?8 E@ C6E2:? 2?5 E9@F89E 4@F=5 ?@E H62G6 96C >2E49=6DD 723C:4D
H:E9@FE>2E6C:2=D
?@E96C ADJ49@=@8:DE 92D D2:5 7 :E H6C6 A@DD:3=6 7@C 2 9F>2? 36:?8
E@ 4@>6 :?E@ E96 H@C=5 H:E9 2 3C2:? A6C764E=J AC6A2C65 E@ 36 E96 :?DECF
>6?E @7 ADJ49:42= @A6C2E:@?D 3FE H:E9 2== E96 :?=6ED E@ D6?D2E:@?D 4=@D65
H6 92G6 6G6CJ C62D@? E@ 36=:6G6 E92E E96 >:?5 H@F=5 C6>2:? 5@C>2?E
=:<6 2 D665 3FC:65 :? E96 62CE9 ?@E96C D2JD )92E E96 A@H6CD @7 E96 F?
56CDE2?5:?8 H@F=5 7@C6G6C 4@?E:?F6 5@C>2?E H6C6 :E ?@E 7@C E96 24E:@? @7
E9:?8D 6IE6C?2= E@ E96 3@5J :D 2 AC@A@D:E:@? ?@H F?:G6CD2==J 25>:EE65 3J
A9:=@D@A96CD ?@E96C D2JD AAC696?D:@? 3J E96 D6?D6D DFAA=:6D 5:C
64E=J @C :?5:C64E=J E96 >2E6C:2= @7 2== 9F>2? <?@H=6586 @C 2E =62DE E96
DE:>F=FD ?646DD2CJ E@ 56G6=@A 6G6CJ :?3@C? 724F=EJ @7 E96 >:?5LL ?@E9
6C D2JD G6? E96 9:896DE :562D 2C6 D=@H=J 2?5 8C25F2==J 56G6=@A65
7C@> E96 244F>F=2E:@? @7 D6?D6 6IA6C:6?46D 2?5 E96:C ECFE9 :D @?=J 8F2C
2?E665 3J E96 A@DD:3:=:EJ @7 7:?5:?8 4@?4C6E6 6I2>A=6D 7@C E96> :? C62=
6I:DE6?46 ?@E96C D2JD )96 24E:G:EJ @7 E96 >:?5 :D ;FDE 2D >F49 E96 C6D
F=E @7 :ED 4@?D4:@FD?6DD @7 6IE6C?2= :>AC6DD:@?D 3J H9:49 :ED 724F=E:6D 2C6
42==65 :?E@ A=2J 2D E96 =:76 @7 E96 3@5J :D 56A6?56?E FA@? E96 2AAC@AC:
2E:@? @7 ?FEC:6?E >2E6C:2=D 2?5 E96 4@?DE2?E :?7=F6?46 @7 6IE6C?2= 7@C46D
?5 2?@E96C )96 D6?D6D 2C6 E96 >62?D 3J H9:49 E96 >:?5 @3E2:?D :ED
<?@H=6586 @7 E96 @FED:56 H@C=5 (9FE @FE 7C@> 2== 5:C64E 4@>>F?:42E:@?
H:E9 E96 @FE6C H@C=5 :E <?@HD 2?5 42? <?@H ?@E9:?8 @7 H92E 6I:DED @C
:D A2DD:?8 E96C6 6I46AE H92E 4@>6D E@ :E E9C@F89 E96 D6?D6D ED <?@H
=6586 @7 H92E :D 6IE6C?2= E@ :ED6=7 :D E96C67@C6 56A6?56?E FA@? E96 ?F>
36CDE2E62?54@?5:E:@?@7E96D6?D@CJ@C82?DLL
6=6? 6==2C 925 @?=J EH@ 5@@CD @7 D6?D2E:@? 4=@D65 E@ 96CME96 D6?D6
@7 (:89E 2?5 E92E @7 62C:?8 )@F49 )2DE6 2?5 (>6== 9@H6G6C H6C6 =67E
E@ 96C 2?5 6249 H2D BF:4<6?65 2?5 96:89E6?65 :? @C56C E@ 96=A 2D 72C 2D
A@DD:3=6 E@ A6C7@C> E96 H@C< AC@A6C=J 36=@?8:?8 E@ E96 56764E:G6 D6?D6D
6C D6?D6 @7 )@F49 6DA64:2==J H2D H@?56C7F==J :?4C62D65 2?5
BF:4<6?65 :?E@ 24E:G:EJ 2?5 E9C@F89 E9:D 492??6= 96C D6=7 H2D 7:?2==J
C624965 2?5 4@>>F?:42E65 H:E9 3J =@G:?8 7C:6?5D 2?5 E62496CD )96 C6D
F=E :? E9:D A2CE:4F=2C 42D6 H2D 2=>@DE 2 >:C24=6MJ6E @?=J EH@ D6?D6D
H6C6 >:DD:?8 )@ 86E E96 7F== C62=:K2E:@? @7 E96 :>A@CE2?46 @7 E96 D6?D6D
@?6 925 3FE E@ E9:?< @7 E96 >6?E2= DE2E6 @7 2 6=6? 6==2C 56AC:G65 7C@>
3:CE9@7E96D6?D6@7)@F49
C:D:?8 7C@> E96 23@G6 =:?6 @7 E9@F89E :D E96 C62=:K2E:@? E92E ;FDE 2D
E96 H@C=5 @7 E96 :?5:G:5F2= :D 564C62D65 3J 6249 D6?D6 DF3EC24E65 7C@>
9:> D@ H@F=5 9:D H@C=5 36 :?4C62D65 3J 6249 D6?D6 E92E >:89E 36 25565
E@ 9:> ?5 52C:?8 >:?5D 4@?D:56C :E ?@E :>AC@323=6 E92E E96 9F>2?
C246 :? E96 4@FCD6 @7 6G@=FE:@? >2J 6G6?EF2==J 56G6=@A @E96C 2?5 >@C6
4@>A=6I D6?D6D G6? 2D :E :D >2? :D 23=6 E@ A6C46:G6 @?=J 2 =:>:E65 ?F>
36C @7 D@F?5 D6?D2E:@?DME96C6 2C6 >2?J D@F?5D 23@G6 2?5 36=@H 9:D
D42=6 E92E 96 :D F?23=6 E@ A6C46:G6 3FE H9:49 2C6 C68:DE6C65 @? :?DECF
>6?ED !:<6H:D6 E96C6 2C6 =:89E H2G6D 36=@H 2?5 23@G6 E96 9F>2? D42=6
@7 A6C46AE:@? 3FE H9:49 2C6 42F89E 3J 56=:42E6 :?DECF>6?ED ?5 2E
AC6D6?E >2? :D F?23=6 E@ D6?D6 6=64EC:42= H2G6D @C >28?6E:4
H2G6DME9@F89 E96@C6E:42==J :E :D A@DD:3=6 7@C 9:> E@ D6?D6 E96D6 G:3C2
E:@?D 2D H6== 2D =:89E H2G6D @C D@F?5 H2G6D E96 5:776C6?46 36EH66?
E96D6 G2C:@FD H2G6D 36:?8 D:>A=J E92E @7 E96 C2E6 @7 G:3C2E:@? >28:?6
H92E 2 ?6H H@C=5 H@F=5 36 @A6?65 E@ >2? :7 96 4@F=5 D6?D6 E96 H2G6D
@7 6=64EC:4:EJ ? E92E 42D6 96 4@F=5 D66 E9:?8D 2D 72C @77 2D E96D6 H2G6D
4@F=5 42CCJ 2?5 6G6? E9@F89 D@=:5 @3;64ED :?E6CG6?65M;FDE 2D ?@H 3J
>62?D @7 2? 2CE:7:4:2= D4C66? 96 :D 23=6 E@ D66 E9C@F89 D@=:5 @3;64ED 3J
>62?D@7E96-'2J)9:D:D3J?@>62?D272?4:7F=:562
=625:?8 2FE9@C:EJ 92D D2:5 7 2 ?6H D6?D6 @C EH@ H6C6 25565 E@ E96
AC6D6?E ?@C>2= ?F>36C :? >2? E92E H9:49 :D ?@H E96 A96?@>6?2=
H@C=5 7@C 2== @7 FD >:89E 7@C 2== E92E H6 <?@H 3FCDE :?E@ D@>6E9:?8
2>2K:?8=J 5:776C6?E 2?5 H:56C :? 4@?D6BF6?46 @7 E96 255:E:@?2=
C6G6=2E:@? @7 E96D6 ?6H D6?D6D ?5 2?@E96C D2JD E :D ?@E 2E 2== :>
AC@323=6 E92E E96C6 2C6 AC@A6CE:6D @7 >2EE6C @7 H9:49 ?@?6 @7 @FC D6?D6D
E2<6 :>>65:2E6 4@8?:K2?46 2?5 H9:49 @E96C 36:?8D >:89E 36 23=6 E@ D66
:? E96 D2>6 >2??6C E92E H6 2C6 D6?D:3=6 E@ =:89E D@F?5 6E4 ?@E96C
D2JD ,6 <?@H E92E @FC D6?D@CJ ?6CG6D 2C6 42A23=6 @7 EC2?D>:EE:?8 E@
E96 3C2:? @?=J 2 A2CE @7 E96 A96?@>6?2 @7 E96 F?:G6CD6 $FC D6?D6D 8:G6
FD @?=J 2 D64E:@? @7 E96 H@C=5LD A96?@>6?2 $FC D6?D6D FD96C @?=J 46C
E2:? A96?@>6?2 :?E@ E96 AC6D6?46 @7 @FC >:?5D 7 H6 925 E9C66 @C 7@FC
?6H D6?D6D 25565 E9:D >:89E 2AA62C =:<6 2 ?6H H@C=5 E@ FD H6 >:89E
364@>6 4@?D4:@FD @7 2 G2DE ?F>36C @7 A96?@>6?2 H9:49 2E AC6D6?E ?6G
6C 92G6 2?J 67764E FA@? @FC ?6CG@FD @C82?:D>D E :D A@DD:3=6 E@ :>28:?6
2 C246 @7 36:?8D H9@D6 D6?D6D 5@ ?@E C6D6>3=6 @FCD :?923:E:?8 @E96C
H@C=5DLL
D 92D 366? D2:5 2E E96 =2DE 2== @7 E96 7:G6 D6?D6D 2C6 C682C565 3J
A9JD:@=@8:DED 2?5 ADJ49@=@8:DED 2D 3FE 5:776C6?E 2DA64ED @C A92D6D @7 E96
@?6 6=6>6?E2= 2?5 32D:4 D6?D6 E96 (6?D6 @7 66=:?8 )9:D :D >@C6 7F==J
C62=:K65 H96? H6 4@?D:56C E92E 2== :>AC6DD:@?D >256 FA@? E96 @C82?D @7
D6?D6 2C:D6 7C@> E96 >@E:@? @7 >2E6C:2= A2CE:4=6D 7C@> E96 @FED:56 H@C=5
4@>:?8 :? 4@?E24E H:E9 D6?D:E:G6 A@CE:@?D @7 E96 ?6CG@FD DJDE6> @7 E96 :?
5:G:5F2= E96 C6A@CE @7 E96 4@?E24E 36:?8 E96? EC2?D>:EE65 E@ 9:D 3C2:? D
2? 2FE9@C:EJ 92D D2:5 )96 @?=J H2J E96 6IE6C?2= H@C=5 27764ED E96
?6CG@FD DJDE6> :D 3J >62?D >@E:@? !:89E :D >@E:@? D@F?5 :D >@E:@?
962E :D >@E:@? E@F49 :D >@E:@? E2DE6 2?5 D>6== 2C6 >@E:@? )96 H@C=5 :D
<?@H? E@ D6?D6 D:>A=J 3J G:CEF6 @7 2?5 :? C6=2E:@? E@ E96 >@E:@? @7 :ED
A2CE:4=6D )9@D6 >@E:@?D 2C6 2AAC64:2E65 2?5 4@?E:?F65 3J E96 ?6CG@FD
DJDE6> 2?5 3J :E 3C@F89E 2E =6?8E9 E@ E96 >:?5LD A6C46AE:@? )96 =2DE
>2E6C:2= 24E:@? H6 42? EC246 :? 6G6CJ AC@46DD @7 D6?D2E:@? AC6G:@FD E@ :ED
6?E6C:?8E9623@56@74@?D4:@FD?6DD:D>@E:@?
?5 D@ 2E E96 =2DE H6 2C6 4@?D4:@FD @7 E96D6 5:776C6?E 7@C>D @7 >@E:@?
@7 E9:?8D @7 E96 @FED:56 H@C=5 3J D@>6 7@C> @7 E96 D6?D6 @7 66=:?8 (:89E
:D 3FE E96 766=:?8 @7 E96 :>A24E @7 E96 =:89E G:3C2E:@?D (@F?5 3FE E96 766=
:?8 @7 E96 :>A24E @7 E96 D@F?5 G:3C2E:@?D )2DE6 3FE E96 766=:?8 @7 E96 G:
3C2E:@?D @7 496>:42= 24E:@? @7 E96 A2CE:4=6D @7 >2E6C:2= DF3DE2?46D
3C@F89E :? 4@?E24E H:E9 E96 E2DE6?6CG6D (>6== 3FE E96 :>A24E @7 E96
A2CE:4=6D @7 >2E6C:2= DF3DE2?46 3C@F89E :? 4@?E24E H:E9 E96 ?6CG6D @7
D>6== )@F49 3FE E96 766=:?8 @7 E96 4@?E24E H:E9 @FED:56 A9JD:42= @3;64ED
2?5 ?E6C?2= 66=:?8D 3FE E96 766=:?8 @7 46CE2:? DE2E6D @7 4@?5:E:@?D @7 E96
:?E6C?2= @C82?D @C A2CED @7 E96 3@5J @7 E96 :?5:G:5F2= ?5 D@ H6 D66
E92E E96 G2C:@FD D6?D2E:@?D 2C6 2== 3FE 7@C>D @C A92D6D @7 E96 766=:?8
2C:D:?8 7C@> E96 4@?E24E H:E9 46CE2:? D6?D:E:G6 ?6CG6 6?5D H:E9 @FED:56
E9:?8D2?5E96EC2?D>:DD:@?@7DF49C6A@CEE@E963C2:?
,96? E96D6 C6A@CED E@ E96 3C2:? 2C6 >256 E96 D6?D6 :>AC6DD:@? 36
4@>6D 2 7F== D6?D2E:@? ? 2FE9@C:EJ D2JD D6?D2E:@? :D 2 DE2E6 @7 4@?
D4:@FD?6DD C6DF=E:?8 7C@> ?6CG6 24E:@? ,96? 2 DE:>F=2E:@? @7 2 D6?D@CJ
?6CG6 :D EC2?D>:EE65 E@ E96 3C2:? D@ 2D E@ 27764E 4@?D4:@FD?6DD E96 C6DF=E
:D 2 D6?D2E:@? #@ @?6 42? E6== FD H9J ?6CG6 24E:@? 27764ED 4@?D4:@FD?6DD
3FE DF49 :D E96 724E ?5 96C6 H6 4@>6 :?E@ E96 AC6D6?46 @7 E96 8C62E
>JDE6CJ @7 4@?D4:@FD?6DD @?D4:@FD?6DD :D 5:776C6?E 7C@> 2?JE9:?8 6=D6
:? E96 H@C=5 @7 @FC <?@H=6586 @C 6IA6C:6?46 E 42? 36 <?@H? @?=J E@ :E
D6=7 2?5 3J :ED6=7 3FE 6G6? :ED6=7 5@6D ?@E <?@H ;FDE H92E :E :D @C 9@H :E
:D D FI=6J E96 6>:?6?E D4:6?E:DE @?46 D2:5 @H :E :D E92E 2?JE9:?8 D@
C6>2C<23=6 2D 2 DE2E6 @7 4@?D4:@FD?6DD 4@>6D 23@FE 3J E96 C6DF=E @7 :CC:E
2E:?8 ?6CG@FD E:DDF6 :D ;FDE 2D F?244@F?E23=6 2D E96 AC6D6?46 @7 E96 86?::
H96? =255:? CF3365 9:D =2>A ,6 D92== :? E9:D 3@@< >2<6 ?@ 2EE6>AE
E@ E6== ;FDE H92E 4@?D4:@FD?6DD :D 3FE D92== 4@?E6?E @FCD6=G6D H:E9
E6==:?8 @FC C6256CD ;FDE 9@H :E H@C<D 2?5 9@H E@ FD6 :E 677:4:6?E=J 2?5
E@E9636DE25G2?E286
'6EFC?E@E@A
,6 92G6 96C6 D66? E96 >6492?:D> @7 E96 D6?D6D H96C63J E96 8@ :D 6D
E23=:D965 :? 4@>>F?:42E:@? H:E9 E96 @FED:56 H@C=5 H6==:?8 2=@?6 :?
42=> D@=:EF56 E96 8@ :D 4@?DE2?E=J C646:G:?8 E96 >6DD286D 7C@> H:E9@FE
:ED 5H6==:?8 A=246 2D H6== 2D 7C@> E96 5:776C6?E C@@>D @7 :ED @H? A=246 @7
23@56 )6=68C2A9 2?5 E6=6A9@?6 =:?6D CF? :?E@ E92E 46?EC2= @77:46 7C@> 2==
5:C64E:@?DME6=6D4@A6D 2?5 @E96C @AE:42= 2AA=:2?46D 2C6 EC2:?65 E@ 2==
A@:?EDM962EC68:DE6C:?8 =:89EC68:DE6C:?8 D@F?5C68:DE6C:?8 2?5 >@
E:@? C68:DE6C:?8 :?DECF>6?ED 2C6 2E 92?5 2?5 :? 4@?DE2?E FD6 == E96D6
:?DECF>6?ED 92G6 366? 7FC?:D965 3J #2EFC6 7@C E96 FD6 @7 E96 8@M@C 2D
D@>6 AC676C E@ DE2E6 :E E96 8@ 92D 72D9:@?65 E96D6 :?DECF>6?ED E@ >66E
:ED C6BF:C6>6?ED ?5 2=H2JD C6>6>36C E9:D E :D E96 8@ H9@ 766=D E96
8@ H9@ D>6==D E96 8@ H9@ E2DE6D E96 8@ H9@ 962CD E96 8@ H9@
D66DM2?5 ?@E E96 D6?D6 @C82?D H9:49 92G6 366? 56D4C:365 :? E9:D
492AE6C ?5 :7 @E96C 492??6=D @7 D6?D2E:@? 2C6 @A6?65 FA E@ E96 8@ @C
3J E96 8@ :? E96 7FEFC6 6G@=FE:@? @7 E96 C246 :E H:== E96? 36 E96 8@
H9@ A6C46:G6D E9C@F89 E96> 24< @7 2== D6?D2E:@?D :D E96 8@ME96 (F3
;64EE@H9:492==E96C6DE:D@3;64E:G6
%$%" $##
567:?:E6 6?5D F?56C E96 5:C64E:@? @7 E96 H:== ?5 E96 =2EE6C :D 2 E2D< @7
E96"2DE6C":?5
"- ",/&+*
? E96 AC6465:?8 492AE6C J@FC 2EE6?E:@? H2D 5:C64E65 E@H2C5 E96 DF3;64E
@7 E96 (6?D6D 2?5 (6?D2E:@?D .@F H:== C6>6>36C E92E :? E92E 492AE6C
(6?D2E:@?D H6C6 DA@<6? @7 2D E96 C2H >2E6C:2=D @7 >6?E2= 24E:G:E:6D ?
E96 AC6D6?E 492AE6C J@FC 2EE6?E:@? :D 5:C64E65 E@H2C5 E96 :??6C A92D6 @7
(6?D2E:@?ME96 4@?D4:@FD C64@8?:E:@? @7 (6?D2E:@?DMH9:49 :D <?@H? :?
ADJ49@=@8J 2D %6C46AE:@? )96 "2DE6C ":?5 92D :? %6C46AE:@? 2 G2=F23=6
D6CG2?EM:7:E36H6==EC2:?65
6C6 A=62D6 ?@E6 E96 5:DE:?4E:@? 36EH66? E96 EH@ (6?D2E:@? :D E96 :>
AC6DD:@? 4@?G6J65 E@ E96 >:?5 7C@> E96 @FED:56 @7 E96 =:>:ED @7 E96
>:?5 E9C@F89 E96 >65:F> @7 E96 ?6CG@FD DJDE6> 2?5 FDF2==J E9C@F89
@?6 @7 E96 @C82?D @7 E96 D6?D6D %6C46AE:@? :D E96 24E @7 4@?D4:@FD?6DD
A6C7@C>65 H:E9:? E96 =:>:ED @7 E96 >:?5 H96C63J :E 364@>6D 4@?D4:@FD
@7 E96 :>AC6DD:@? @7 (6?D2E:@? 2?5 DE2CED E@ <?@H E96 =2EE6C .@F >2J
36 96=A65 :? 8C2DA:?8 E96 5:DE:?4E:@? 3J >2<:?8 2 >6?E2= ?@E6 @7 E96 7@=
=@H:?8 DE2E6>6?E G:K (6?D2E:@? :D 2 766=:?8 %6C46AE:@? :D E96 E9@F89E
C6DF=E:?8 7C@> E92E 766=:?8 %6C46AE:@? :?E6CAC6ED E96 C6A@CE @7 (6?D2E:@?
2?5EC2?D=2E6D:E:?E@2)9@F89E@C562
,6 5@ ?@E A6C46:G6 2== E96 :>AC6DD:@?D @7 E96 D6?D6D H6 5@ ?@E <?@H 2==
@FC D6?D2E:@?D $FE @7 2 >F=E:EF56 @7 D@F?5D C6249:?8 @FC D6?D6 @7 962C
:?8 H6 >2J E2<6 ?@E:46 @7 @?=J @?6 2?5 :?E6CAC6E :E 3J %6C46AE:@? $FC
D6?D6 @7 D:89E >2J C646:G6 E96 :>AC6DD:@?D @7 >2?J D:89ED6?D2E:@?D 2?5
J6E E2<6 ?@E:46 @7 2?5 :?E6CAC6E @?=J @?6 @7 E96 ?F>36C ,2=<:?8 5@H?
2 3FDJ DEC66E @FC 6J6D C68:DE6C E9@FD2?5D @7 :>AC6DD:@?D 3FE 9@H 76H @7
E96> 2H2<6? 2EE6?E:@? :? @FC >:?5D 2?5 C6DF=E :? @FC A6C46:G:?8 E96 :>
AC6DD:@? *?=6DD @FC 2EE6?E:@? :D 2EEC24E65 E@H2C5 E96 :>AC6DD:@? H6 72:=
E@ A6C46:G6 :E "2?J A6CD@?D 8@ E9C@F89 =:76 D66:?8 2?5 962C:?8 >F49
3FE A6C46:G:?8 G6CJ =:EE=6 !:<6H:D6 923:E 2?5 72>:=:2C:EJ >2J 5F== E96
A6C46AE:@? )96 ?@G6=EJ @7 2 ?6H :>AC6DD:@? >2J 2EEC24E @FC 2EE6?E:@?
2?5 2C@FD6 A6C46AE:@? 2E 7:CDE FE D66? E@@ @7E E96 @3;64E 42FD:?8 E96
:>AC6DD:@? 72:=D E@ 2EEC24E @FC 2EE6?E:@? H6 368:? E@ 72:= E@ ?@E:46 E96 :>
AC6DD:@?2?57:?2==J>2J6G6?72:=E@A6C46:G6:E2E2==
FE >@C6 E92? EE6?E:@? :D C6BF:C65 :? E96 24E @7 %6C46AE:@? )96 AC6G:
@FD 6IA6C:6?46 2?5 >6?E2= EC2:?:?8 @7 E96 A6CD@? >2?:76DE C6DF=ED :? E96
AC@46DD @7 7F== %6C46AE:@? @C :?DE2?46 8F? :D 7:C65 2E 2 5:DE2?46 $?6
>2? 36:?8 3FDJ H:E9 @E96C E9:?8D 72:=D E@ 92G6 9:D EE6?E:@? 2H2<6?65
2?5 D@ C6>2:?D :? AC24E:42= :8?@C2?46 @7 E96 92AA6?:?8 )96 D64@?5 >2?
92D 9:D 2EE6?E:@? 2H2<6?65 2?5 C68:DE6CD 2 D:>A=6 A6C46AE:@? @7 E96 :>
AC6DD:@?D 3FE 92G:?8 925 ?@ AC6G:@FD 6IA6C:6?46 H:E9 8F?D @C 6IA=@
D:@?D 96 5@6D ?@E 7F==J :?E6CAC6E :?E@ %6C46AE:@? E96 D6?D2E:@? 96 A6C
46:G6D ?@:D6 3FE ?@E E96 C6A@CE @7 2 8F? )96 E9:C5 >2? 92G:?8 925
6IA6C:6?46 H:E9 E96 C6A@CE @7 2 8F? :?E6CAC6ED E96 D6?D2E:@? :?E@ E96 %6C
46AE:@? @7 E96 D6?D2E:@? 2D E96 C6A@CE @7 2 8F? )96 7@FCE9 >2? 36:?8
H6== 24BF2:?E65 H:E9 E96 :?4:56?ED @7 8F? 7:C:?8 2?5 36:?8 D@>6H92E @7
2? 6IA6CE @? E96 DF3;64E :?E6CAC6ED E96 D6?D2E:@? D@ 7F==J E92E 96 A6C
46:G6D 2?5 <?@HD :E E@ 96 ?@E @?=J E96 C6A@CE @7 2 8F? 3FE 2=D@ H96E96C
:E 36 E96 C6A@CE @7 2 C:7=6 @C D9@E 8F? 2D E96 42D6 >2J 36 2?5 2=D@ A@D
D:3=J E96 D:K6 2?5 42=:36C @7 E96 8F? ?5 J6E ?@E6 J@F E9:D E96 D6?D2
E:@? @7 D@F?5 H2D AC64:D6=J E96 D2>6 :? 6249 2?5 6G6CJ 42D6 ?@EH:E9
DE2?5:?8 E92E A6C46AE:@? 2?5 E96 <?@H:?8 G2C:65 >2E6C:2==J :? E96 D6G6C
2=962C6CD@7E92ED@F?5D6?D2E:@?
== E96 >6?E2= A@H6CD @7 E96 :?5:G:5F2= 2C6 C6AC6D6?E65 :? E96 24E @7 %6C
46AE:@? )96 >6>@CJ A=2JD 2? :>A@CE2?E A2CE :? 56E6C>:?:?8 E96 C6A@CE
@7 E96 :>AC6DD:@? 7@C 2== 6IA6C:6?46 2?5 EC2:?:?8 :D C68:DE6C65 :? E96
>6>@CJ 2?5 :D 42==65 7C@> :E H96? @?6 DEC:G6D E@ >2?:76DE %6C46AE:@?
"@C6@G6C E96 5:D4C:>:?2E:@? 2?5 ;F58>6?E 2C6 42==65 :?E@ 24E:G:EJ :? @C
56C E@ 56E6C>:?6 ;FDE H92E E96 :>AC6DD:@? @7 E96 D6?D2E:@? >2J 36 )96
>6?E2= AC@46DD6D @7 E96 :?72?E 8:G6 FD 2? 6I46==6?E 6I2>A=6 @7 E96 8C@HE9
2?5 56G6=@A>6?E @7 %6C46AE:@? E 7:CDE 2== E9:?8D =@@< 2=:<6 E@ >6 E@
E96 :?72?E 3FE E96 49:=5 D@@? =62C?D E@ A6C46:G6 5:776C6?46D 36EH66?
E9:?8D 2?5 E@ >2?:76DE 9:D <?@H=6586 @7 DF49 5:776C6?46D (6?D2E:@? :D
>@C6 @C =6DD >6492?:42= 3FE %6C46AE:@? C6DF=ED 7C@> 6IA6C:6?46 EC2:?
:?82?5E9@F89EAC@46DD6D
)96 9F>2? 49:=5 :D ?@E 3@C? H:E9 E96 A6C46AE:@? @7 (A246 E 7:CDE 2==
E9:?8D D66> E@ E96 :?72?E E@ 36 6BF2==J ?62C @C 6BF2==J 72C 96 DEC6E496D
@FE 9:D 92?5D E@ 8C2DA D@>6 5:DE2?E @3;64E E96 >@@? 7@C :?DE2?46 2?5
4C:6D 3642FD6 96 42??@E C6249 :E FE :? E:>6 8C25F2==J 2?5 3J 6IA6C:
6?46 2?5 6IA6C:>6?E 96 24BF:C6D E96 A6C46AE:@? @7 E96 5:DE2?46 2?5
DA246 36EH66? E9:?8D A6CD@? 3@C? 3=:?5 2?5 27E6CH2C5 92G:?8 9:D
D:89E 2H2<6?65 3J >62?D @7 2? @A6C2E:@? 6IA6C:6?46D E96 D2>6 5:77:
4F=EJM96 >FDE 65F42E6 9:D A6C46AE:@? E@ :?E6CAC6E 9:D D6?D2E:@?D @7
D:89E $?6 >2J 92G6 2 G6CJ <66? D6?D6 3FE F?=6DD 9:D A6C46AE:@? 36 56
G6=@A65 96 H:== ?@E 36 23=6 E@ 92G6 2? :?E6==:86?E 4@?46AE:@? @7 E96 E9:?8D
:>AC6DD65 FA@? 9:> E9C@F89 E96 D6?D6 @7 D:89E 3=:?5 >2? <?@HD 2 42E
3J >62?D @7 9:D A6C46AE:@? @7 E@F49D6?D2E:@? 3FE H96? 9:D D:89E :D C6
DE@C65 96 5@6D ?@E C64@8?:K6 E96 42E 2D 2 42E H96? 96 D66D :E 3FE >FDE
7:CDE :56?E:7J :E 3J E@F49:?8 :E 2?5 E96? 4@CC6=2E:?8 E96 :>AC6DD:@?D @7
D:89E 2?5 E@F49 367@C6 96 42? C64@8?:K6 2?5 :?E6CAC6E E96 D:89ED6?D2
E:@?D
%6C92AD D@>6 @7 @FC C6256CD H:== 36 23=6 E@ 86E E9:D 5:DE:?4E:@? 6DE23
=:D965 >@C6 4=62C=J 3J C676C6?46 E@ E96 72>:=:2C 6I2>A=6 @7 2 4C@H5 @7
>6? 2?5 H@>6? 82K:?8 2E 2 H@>2? H9@ :D A2DD:?8 E96> )96 >6? 2?5
E96 H@>6? H:== C646:G6 AC64:D6=J E96 D2>6 D6?D6 :>AC6DD:@? @C D6?D2E:@?
@7 E96 A2DD:?8 H@>2? 3FE 2D< E96> 27E6CH2C5 2?5 J@F H:== C62=:K6 E96
5:776C6?46 :? E96:C C6DA64E:G6 A6C46AE:@?D 2C:D:?8 7C@> E96 D2>6 D6C:6D @7
D6?D6:>AC6DD:@?D @C D6?D2E:@?D .@F H:== 7:?5 E92E E96 >6? H:== 92G6
A6C46:G65 >6C6=J E96 86?6C2= 2AA62C2?46 @7 E96 H@>2? D@>6 A6C92AD
92G:?8 A6C46:G65 H96E96C @C ?@E D96 H2D AC6EEJ 5C6DD65 DEJ=:D9=J
6E4M:? D9@CE E96 A@:?ED C682C5:?8 E96 H@>2? H9:49 92G6 DA64:2==J :?
E6C6DE65 E96> )96 H@>6? @7 E96 4C@H5 9@H6G6C H:== 36 7@F?5 E@ 92G6
A6C46:G65 >2?J 56E2:=D C682C5:?8 E96 H@>2?LD 2AA2C6= 2?5 86?6C2= 2A
A62C2?46 E96J H:== 92G6 A6C46:G65 E96 AC64:D6 568C66 @7 >2<6 FA @?
E96 H@>2?LD 7246 E96 BF2=:EJ 2?5 86?6C2= G2=F6 @7 E96 >2E6C:2= :? 96C
8@H? E96 56E2:=D @7 E96 EC:>>:?8 E96C6@7 6E4 2D H6== 2D E96 BF2=:EJ 2?5
568C66 @7 DEJ=:D9?6DD @7 96C 92E :ED EC:>>:?8 2?5 :ED AC@323=6 AC:46 ?5
J6E 2==M>6? 2?5 H@>6? 2=:<6M H:== 92G6 C646:G65 AC64:D6=J E96 D2>6
D6?D6:>AC6DD:@?D @C D6?D2E:@?D 2C:D:?8 7C@> E96 AC6D6?46 @7 E96 A2DD:?8
H@>2?
)96 C62D@? 7@C E96 5:776C6?E 568C66D @7 A6C46AE:@? ?@E65 :? E96 6I2>A=6
;FDE 8:G6? :D =2C86=J E92E 4@G6C65 3J E96 567:?:E:@? @7 E96 E6C>
AA6C46AE:@? @?6 BF:E6 :? 72G@C H:E9 >@56C? ADJ49@=@8:DED AA6C
46AE:@? 4@?D:DED :? E96 >2:? @7 E96 2DD@4:2E:@? @7 E96 AC6D6?E %6C46AE:@?
H:E9 @E96CD AC6G:@FD=J 6IA6C:6?465 :? D9@CE E96 AC6D6?E A6C46AE:@?
E2<6D 2 568C66 @7 4@=@C 7C@> E9@D6 AC6G:@FD=J 6IA6C:6?465 2?5
>@C6@G6C E96 4@=@C @7 E96 AC6G:@FD %6C46AE:@?D E6?5 E@ D9FE @FE @C ?6FE
C2=:K6 @E96C 4@=@CD :?96C6?E :? E96 AC6D6?E %6C46AE:@? )96 H@C5 4@=@C
:DFD6596C6>6C6=J:?E967:8FC2E:G6D6?D6@74@FCD6
=625:?8 ADJ49@=@8:DE 92D H6== :==FDEC2E65 E96 24E:@? 2?5 67764E @7 A
A6C46AE:@? :? E96 7@==@H:?8 DE@CJ 3@J 4@?462=65 9:>D6=7 :? 2 EC66 2?5
H2E4965 E96 A2DD6CD ,96? @?6 >2? C6>2C<65 E@ 2 7C:6?5 H92E 2 7:?6
DE:4< @7 E:>36C E96 EC66 H@F=5 >2<6 E96 3@J D2:5 L@@5 >@C?:?8 "C
2CA6?E6CL (@@? 2?@E96C A2DD65 D2:5 L)92E :D 8@@5 32C<L L@@5 >@C?
:?8 "C )2??6CL %C6D6?E=J 2 J@F?8 >2? C6>2C<65 LL== G6?EFC6 E96C6LD 2
DBF:CC6=LD ?6DE :? E92E EC66L L@@5 >@C?:?8 "C F?E6CL ? @?6 D6?D6
E9@D6 >6? D2H 6I24E=J E96 D2>6 EC66 925 E96 D2>6 D6?D2E:@?D @7 4@=@C
2?5 =:89E 7C@> E96 D2>6 @3;64E 3FE 7C@> E96 H2J E96 >6? 2AA6C46:G65
E96 EC66 E96 3@J H2D 23=6 E@ E6== E96:C =625:?8 G@42E:@?D 249 2AA6C
46:G65 E96 EC66 :? E6C>D @7 9:D >@DE AC@>:?6?E 6IA6C:6?46 ? @?6 D6?D6
%6C46AE:@? :D 2? 2AA6C46:G:?8 AC@46DD 7@C 6249 ?6H D6?D2E:@? :D 3:2D65
3J AC6G:@FD D6?D2E:@?D 6249 ?6H A6C46AE:@? 3J AC6G:@FD A6C46AE:@?D
DD@4:2E:@?:D@?67@C>@72AA6C46AE:@?E9:?<:?82?@E96C
@7 H9:49 :E 56C:G6D :562D 2?5 ECFE9D 36J@?5 E96 7:6=5 @7 D6?D6 D E9FD 2E
E2:?:?8 2 <?@H=6586 @7 6IE6C?2= @3;64ED 277@C5:?8 >2E6C:2= 7@C E96 @A6C2
E:@? @7 E96 F?56CDE2?5:?8 2?5 7FC?:D9:?8 E96 @442D:@? 7@C E96 24E:G:EJ @7
E96 :?EF:E:G6 A@H6C %6C46AE:@? >2J 36 D2:5 E@ =:6 2E E96 32D:D @7 2==
<?@H=6586
)96 8C62E >2;@C:EJ @7 A6CD@?D 2C6 G6CJ 42C6=6DD @3D6CG6CD )96J H:== D66
E9:?8D H:E9@FE A6C46:G:?8 E96 BF2=:E:6D AC@A6CE:6D 492C24E6C:DE:4D @C
A2CED H9:49 E@86E96C >2<6 FA E96D6 E9:?8D )H@ A6CD@?D A@DD6DD65 @7
6BF2= 568C66D @7 6J6D:89E H:== A6C46:G6 BF:E6 5:776C6?E BF2=:E:6D :? E96
D2>6 E9:?8 @C 5:776C:?8 568C66D @7 E96 D2>6 BF2=:EJ $?6 A6CD@? A6C
46:G6D >6C6=J 2 A:=6 @7 DE@?6 H9:=6 2?@E96C H:== A6C46:G6 2 A:=6 @7 8C2?
:E6 @C >2C3=6 2?5 >2J A@DD:3=J A6C46:G6 E96 BF2=:EJ 2?5 BF2?E:EJ E96C6
@7 ?@E96C H:== A6C46:G6 >6C6=J 2 EC66 H9:=6 2?@E96C H:== 5:DE:?8F:D9
E96 <:?5 @7 EC66 :E :D 2?5 2=D@ >2?J A2CE:4F=2CD 4@?46C?:?8 E96 32C<
=62G6DECF?<6E4E96C6@7
ADJ49@=@8:DE D2JD @7 E9:D +6CJ 76H A6CD@?D 42? E6== E96 5:776C6?46
36EH66? E96 ?F>36C @7 =68D @7 2 7=J 2?5 2 DA:56C 2?5 92G6 <?@H?
72C>6CDL 3@JD 2?5 8:C=D H9@ 4@F=5 ?@E E6== H96E96C E96 62CD @7 2 4@H 2C6
:? 7C@?E @7 96C 9@C?D 23@G6 96C 9@C?D 36=@H 96C 9@C?D @C 369:?5 96C
9@C?D ?@E96C ADJ49@=@8:DE D2JD :7E66? AFA:=D :? 2 D49@@=C@@> H6C6
DFC6 E92E E96J 925 D66? 42ED 4=:>3 EC66D 2?5 56D46?5 E96> )96C6 H2D 2
F?2?:>:EJ @7 @A:?:@? E92E E96 42ED H6?E FA 9625 7:CDE ,96? 2D<65
H96E96C E96 42ED 42>6 5@H? 9625 @C E2:= 7:CDE E96 >2;@C:EJ H6C6 DFC6 E92E
E96 42ED 56D46?565 2D E96J H6C6 ?6G6C <?@H? E@ 5@ ?J@?6 H9@ 925
6G6C ?@E:465 E96 D92A6 @7 E96 4=2HD @7 2?J 362DE @7 AC6J 4@F=5 92G6
2?DH6C65 E92E BF6DE:@? H:E9@FE D66:?8 2? 24EF2= 56D46?E 2C>6CDL 3@JD
H9@ 92G6 @7E6? D66? 4@HD 2?5 9@CD6D =:6 5@H? 2?5 C:D6 2C6 D6=5@> DFC6
H96E96C E96 2?:>2=D C:D6 H:E9 E96:C 7@C6 @C 9:?5 766E 7:CDE @C H96E96C E96
923:E@7E969@CD628C66DH:E9E92E@7E964@H:?E9:DC6DA64ELL
:?DE625 @7 7C6D9 7C@> E96 @A6? A286D @7 E96 3@@< @7 ?2EFC6 D :E ?@E 2
8C62E >:DE2<6 E@ DA6?5 D@ >F49 E:>6 :? D49@@= 2?5 J6E ?@E 36 23=6 E@ E6==
E96 5:776C6?46 36EH66? E96 =627 @7 2 36649 2?5 @7 2? @2< @C ?@E E@ 36 23=6
E@ 5:DE:?8F:D9 36EH66? DA64:>6?D @7 >2C3=6 BF2CEK 2?5 8C2?:E6 )96
?68=64E @7 4F=EFC6 @7 E96 A6C46AE:G6 A@H6CD :D D9@H? 3J E96 D49@=2CD @7
E96 AC6D6?E E:>6 +6CJ 76H 65F42E65 >6? 2C6 8@@5 @3D6CG6CD :?5665
>@DE @7 E96> 2C6 D25=J 567:4:6?E :? E9:D C6DA64E )96J H6C6 E2F89E E@
E9:?< 2?5 C6>6>36C 3FE H6C6 ?@E E2F89E E@ FD6 E96:C 6J6D 2?5 62CD ?
>@56C? 65F42E:@? 3@@<D 92G6 366? FD65 E@@ >F49 =:<6 DA64E24=6D 2?5
E96C6DF=E:DE963=F?E:?8@7E96?2EFC2=A@H6CD@7A6C46AE:@?LL
)96 "2DE6C ":?5 :D 2 "2DE6C %6C46:G6C 7@C F?=6DD :E H6C6 D@ :E H@F=5 ?@E
36 2 "2DE6C :? E96 C6DE @7 E96 >6?E2= 7:6=5 ADJ49@=@8:DE 92D H6== A:4
EFC65 E96 "2DE6C ":?5 2D 7@==@HD E :D 2 D6=74@?D4:@FD 24E:G:EJ 2?5 ?@E
2 >6C6 A2DD:G:EJ E :D 2 46?E6C @7 DA:C:EF2= 7@C46D 2== C6DE:?8 :? E96 324<
8C@F?5 @7 E96 8@ D 2 46?E6C @7 7@C46D :E DE2?5D C6=2E65 E@ E96 7@C46D @7
E96 >2E6C:2= 2?5 DA:C:EF2= F?:G6CD6 2?5 :D 24E65 FA@? E9C@F89 :ED DFD
46AE:3:=:E:6D 3J E9@D6 7@C46D D 2 DA:C:EF2= 24E:G:EJ :E E2<6D :>AC6DD:@?D
56C:G65 7C@> E9@D6 7@C46D H@C<D E96> FA :?E@ E96 @C82?:4 8C@HE9 @7 :E
D6=7 4@?G6CED E96> :?E@ 4@?D4:@FD <?@H=6586 2?5 FD6D E96D6 AC@5F4ED 2D
>62?D E@ D6E @E96C 7@C46D :?E@ 24E:G:EJ 2?5 AC@5F46 ?6H C6DF=ED (E2?5:?8
23@G6 ?2EFC6 2?5 DFA6C:@C E@ :ED DFCC@F?5:?8D :E ?6G6CE96=6DD 7665D
FA@? ?2EFC6 2D H6 >2J D2J 2?5 EC2?D7@C>D >2E6C:2= :?7=F6?46D :?E@
DA:C:EF2= 724ED 2<:? E@ :ED @H? ?2EFC6 '6=2E65 E@ E96 ?2EFC2= H@C=5 2?5
2AA2C6?E=J @C:8:?2E:?8 7C@> :E :E J6E C:D6D 23@G6 E9:D ?2EFC2= H@C=5 2?5
H:E9 E96 4C@H? @7 7C665@> FA@? :ED 3C@H CF=6D E96 ?2EFC2= H@C=5 @365:
6?EE@:EDH:==
D H6 AC@4665 H6 D92== 8:G6 E96 C6256C @7 E9:D 3@@< 7F== 2?5 56E2:=65 :?
7@C>2E:@? 4@?46C?:?8 E96 F=EFC6 2?5 6G6=@A>6?E @7 %6C46AE:@? FE
367@C6 6?E6C:?8 FA@? E92E A92D6 @7 E96 DF3;64E H6 H:D9 E96 C6256C E@ 36
4@>6 24BF2:?E65 H:E9 E96 A@DD:3:=:E:6D @7 DF49 4F=EFC6 2?5 56G6=@A>6?E
%6C92AD E96 36DE H2J E@ :==FDEC2E6 2?5 >2<6 4=62C E96D6 A@DD:3:=:E:6D :D E@
A@:?E E@ DA64:7:4 2?5 A2CE:4F=2C 6I2>A=6D E96C6@7M 2?5 E96 H@C=5 23@FE
FD :D 7:==65 H:E9 DF49 6I2>A=6D 2D H6 H:== 7:?5 :7 H6 H:== 3FE =@@< 7@C
E96> ? @C5:?2CJ 6I2>A=6 :D C6=2E65 3J 2 ADJ49@=@8:DE H9@ D2JD E :D
C6=2E65 E@ 2 E62496C E92E :7 H96? 962C:?8 2 4=2DD D@>6 @?6 C2AA65 2E E96
5@@C 96 H@F=5 =@@< FA 2D E96 G:D:E@C 6?E6C65 2?5 7C@> 2 D:?8=6 8=2?46
4@F=5 E6== 9:D 2AA62C2?46 2?5 5C6DD E96 <:?5 @7 92E 96 H@C6 <:?5 @7
?64<E:6 4@==2C G6DE 4@2E D9@6D 6E4 )96 D<:==7F= 32?<6C 2=D@ :? 4@F?E:?8
>@?6J H:E9 H@?5C@FD C2A:5:EJ H:== 56E64E 2?5 E9C@H 2H2J 7C@> 9:D
A:=6 @7 3:==D E96 4@F?E6C76:ED H9:49 E@ E96 @C5:?2CJ 6J6 D66> E@ 36
H:E9@FEDA@E@C3=6>:D9
(:89E%6C46AE:@?
6CD496= DE2E6D E92E E96 >@D2:4 H@C<6CD 2E E96 +2E:42? H6C6 23=6 E@ 5:D
E:?8F:D9 4@CC64E=J 36EH66? E9:CEJ E9@FD2?5 5:776C6?E D9256D E:?ED 2?5
9F6D @7 4@=@C $C5:?2CJ 2CE:DED 5:DE:?8F:D9 7:?6 D9256D E:?ED 2?5 9F6D @7
4@=@CD E92E 2C6 :>A6C46AE:3=6 E@ E96 @C5:?2CJ A6CD@? E96 5:776C6?46 36:?8
D@=6=J 2 5:776C6?46 @7 568C66 @7 :?E6C6DE 2EE6?E:@? 2?5 AC24E:46 A6CD@?
72>:=:2C H:E9 6?8C2G:?8 H:== 56E64E E96 >@DE >:?FE6 A@:?ED @7 5:776C6?46
:? AC:?ED 6?8C2G:?8D 6E4 %6CD@?D 72>:=:2C H:E9 6?8C2G65 32?<?@E6D 2C6
23=6 E@ 56E64E 4@F?E6C76:ED 2E 2 8=2?46 6G6? :? 42D6D H96C6 E96 @C5:?2CJ
6J6 72:=D E@ 56E64E E96 D=:89E6DE 5:776C6?46 7C@> E96 @C:8:?2= IA6CED :?
92?5HC:E:?8 2C6 23=6 ?@E @?=J E@ C64@8?:K6 E96 92?5HC:E:?8 @7 E96 :?5:
G:5F2= 2?5 E@ 5:DE:?8F:D9 E96 D2>6 7C@> 7@C86C:6D E96C6@7 3FE 2C6 2=D@
23=6 E@ 56E64E E96 492C24E6C:DE:4D @7 E96 92?5HC:E:?8 6G6? H96? E96
HC:E6CD DEC:G6 E@ 5:D8F:D6 E9:D 2?5 E96J 2C6 23=6 6G6? E@ C64@8?:K6 E96
>6?E2= 2?5 A9JD:42= 4@?5:E:@? @7 E96 :?5:G:5F2= 2E E96 E:>6 @7 E96 HC:E
:?8 D@=6=J 7C@> 2? 6I2>:?2E:@? @7 DA64:>6?D @7 HC:E:?8 7C@> 9:D A6? 2E
DF49 E:>6 )96D6 A@:?ED @7 5:776C6?46 2C6 @7 4@FCD6 ?@E A6C46:G65 3J E96
@C5:?2CJA6CD@?
E9636DE2FE9@C:EJ
E :D 2 H6== <?@H? 724E E92E AC@76DD:@?2= E9:6G6D :? E96 =2C86 4:E:6D @7 E96
H@C=5 6>A=@J 2AAC6?E:46D 2D @3D6CG6CD )96D6 @3D6CG6CD 2C6 5:D8F:D65 2D
36882CD >6DD6?86CD 6CC2?5 3@JD 6E4 H9@ G:D:E A=246D 56D:8?65 E@ 36
E96 D46?6D @7 7FEFC6 C@336C:6D )96J E2<6 2 92DEJ 8=2?46 2E E96 AC6>:D6D
42C67F==J ?@E:?8 E96 =@42E:@? @7 E96 D6G6C2= 5@@CD H:?5@HD =@4<D 6E4
H9:49 E96J 27E6CH2C5 ?@E6 @? A2A6C C@> E96D6 ?@E6D 2 >2A :D 4@?DECF4
E65 H9:49 8:G6D E96 E9:6G6D 2 8C62E 25G2?E286 :? E96 >2EE6C @7 677:4:6?E
6?ECJ BF:4< H@C< 2?5 D276 6D42A6 H96? E96 4C:>6 :D 24EF2==J 4@>>:E
E65
(A:6D 2?5 56E64E:G6D :? E96 6>A=@J @7 E96 D64C6E D6CG:46 @7 E96 G2C:@FD ?2
E:@?D FDF2==J 92G6 E9:D 724F=EJ H6== 56G6=@A65MD@>6E:>6D E@ 2 H@?56C
7F= 568C66 A6CD@?2==J 92G6 366? :?7@C>65 3J 2 9:89 @77:4:2= @7 2 46CE2:?
8@G6C?>6?E E92E 96 92D :? 9:D 6>A=@J 2 76>2=6 DAJ H9@ :D 23=6 E@ A6C
46:G6 2? 6?E:C6 A286 @7 2 =6EE6C 2E 2 D:?8=6 8=2?46 2?5 E@ 27E6CH2C5 C6AC@
5F46 :ED 4@?E6?ED 7C@> >6>@CJ )9:D H@F=5 D66> :?4C65:3=6 H6C6 :E ?@E
DFAA@CE65 3J C64@C5D @7 >2?J @E96C 42D6D @7 2 D:>:=2C ?2EFC6 ? 724E
DF49 2 724F=EJ >2J 36 56G6=@A65 3J 2?J A6CD@? @7 @C5:?2CJ A6C46AE:@? :7
96 H:== 3FE 56G@E6 6?@F89 E:>6 H@C< 2?5 :?E6C6DE E@ E96 E2D< "2?J
C6256CD @7 3@@<D C62==J G:DF2=:K6 6?E:C6 =:?6D @7 E96 3@@< :?DE625 @7 D:?8=6
H@C5D 2?5 42D6D 2C6 ?@E =24<:?8 :? H9:49 H9@=6 D6?E6?46D 2C6 D@
8C2DA65 3J 2 D:?8=6 677@CE @7 2EE6?E:@? $E96C 42D6D >@C6 C2C6 @7 4@FCD6
2C6 E9@D6 :? H9:49 6?E:C6 A2C28C2A9D 2?5 6G6? 2 A286 @7 2 3@@< 2C6 D@
8C2DA65 :? 2 8=2?46 3J E96 EC2:?65 A6C46AE:@? #2EFC2= 724F=EJ J@F >2J
D2J .6D E@ 2?J 6IE6?EM3FE J@F J@FCD6=7 >2J 56G6=@A :E :7 J@F 2C6 H:==
:?8E@A2JE96AC:46@7:?E6C6DEA2E:6?46A6CD6G6C2?46H@C<2?5E:>6
(@F?5%6C46AE:@?
)96C6 2C6 >2?J A6CD@?D H9@ 2C6 D2:5 ?6G6C E@ 7@C86E 2 G@:46 E96J 92G6
6G6C 962C5 2?5 E@ 36 23=6 E@ 5:DE:?8F:D9 @?6 A2CE:4F=2C ?@E6 7C@> 2?J @7
E96 E9@FD2?5D @7 @E96CD E96J >2J C6>6>36C 92G6 <?@H? A6CD@?D E@ 36
23=6 E@ 5:DE:?8F:D9 36EH66? 7@@EDE6AD @7 >2?J A6CD@?D 4@>:?8 2?5 8@
:?8 :? E96 92==D @7 2 =2C86 :?DE:EFE:@? D:>A=J 3J D@F?5 E96 A2DD:?8 A6C
D@?D 36:?8 @FE @7 D:89E )6=68C2A96CD 42? E6== H9@ :D 2E E96 @E96C 6?5 @7
E96 H:C6 3J A6C46:G:?8 D=:89E 5:776C6?46D :? E96 D@F?5 @7 E96 C646:G:?8 :?
DECF>6?E "249:?:DED 42? E6== :? 2 >@>6?E E92E E96C6 :D EC@F3=6 H:E9 E96:C
A2CE:4F=2C >249:?6 D:>A=J 3J 2? 2=>@DE :>A6C46AE:3=6 492?86 :? E96
H9:C E96C6@7 !:<6H:D6 2? @=5 6?8:?66C H:== 56E64E 2?5 =@42E6 6?8:?6
EC@F3=6 2=>@DE :?DE2?E=J 3J >62?D @7 E96 D=:89E 2=E6C2E:@? :? E96 ?2EFC6 @7
E96 D@F?5 C6249:?8 9:D 42CD E :D D2:5 E92E 2? @=5 =@4@>@E:G6 5C:G6C @C
6?8:?66C H:== 962C E96 =:EE=6 D4C2E49:?8 D@F?5 @7 E96 D>2==6DE A2CE @7 9:D
6?8:?6 H9:49 D@F?5 C62496D 9:D A6C46AE:@? @G6C 2?5 23@G6 E96 C@2C @7
E96 CF??:?8 EC2:? )C2:?>6? H:== E2A E96 H966=D @7 C2:=H2J 42CC:286D 2?5
H:== <?@H 2E @?46 :7 E96C6 :D 2 4C24< @C 3C62< @C @E96C EC@F3=6 :? @C 23@FE
E96 H966= %:=@ED 2?5 @77:46CD @7 3@2ED 2C6 23=6 E@ C64@8?:K6 E96 H9:DE=6 @7
2?J @E96C 3@2E H:E9 H9:49 E96J 2C6 72>:=:2C 2?5 >2?J C2:=C@25 >6? 2C6
23=6E@C64@8?:K6E96?@E6@75:776C6?E=@4@>@E:G6D:?E96D2>6H2J
)@F49%6C46AE:@?
E :D H6== <?@H? E92E >2?J A6CD@?D 92G6 56G6=@A65 E96 D6?D6 @7 E@F49 E@
2 C6>2C<23=6 568C66 ,6 H:== A2DD @G6C E96 H@?56C7F= :?DE2?46D @7 E9:D
4=2DD @7 A6C46AE:@? @? E96 A2CE @7 3=:?5 A6CD@?D 2=E9@F89 6G6? E96D6
AC@A6C=J 4@>6 F?56C E96 86?6C2= CF=6 %6CD@?D H9@ 92?5=6 46CE2:? <:?5D
@7 >6C492?5:D6 2C6 23=6 E@ C64@8?:K6 7:?6 A@:?ED @7 5:776C6?46 :? E96:C
H2C6D D:>A=J 3J E@F49A6C46AE:@? ,@@= D@CE6CD 2?5 8C256CD @7 5:776C
6?E <:?5D @7 >2E6C:2= 92G6 E9:D 7@C> @7 A6C46AE:@? 9:89=J 56G6=@A65
)96C6 2C6 3FE 76H =:?6D @7 EC256 E92E 5@ ?@E 7FC?:D9 :?DE2?46D @7 A6CD@?D
364@>:?8 G6CJ 6IA6CE :? 5:DE:?8F:D9:?8 E96 BF2=:EJ @7 8@@5D D:>A=J 3J
E96 766= (@>6 @7 E96D6 >6? 2C6 A2:5 G6CJ 9:89 D2=2C:6D 3J C62D@? @7 E9:D
724F=EJ
(>6==%6C46AE:@?
? E96 D2>6 H2J E96 A6C46AE:@? @7 D>6== >2J 36 9:89=J 56G6=@A65 2?5
EC2:?65 3J 4@?DE2?E 2?5 4@?E:?F65 AC24E:46 )9:D :D 6G:56?465 3J E96 42D6
@7 E96 AC@76DD:@?2= A6C7F>6CD H9@ 2C6 23=6 E@ 5:DE:?8F:D9 36EH66? E96
>@DE 56=:42E6 D9256D @7 @5@C )96 3=:?5 2=D@ 92G6 E9:D 7@C> @7 A6C46AE:@?
9:89=J 56G6=@A65 2?5 :? >2?J 42D6D 2C6 23=6 E@ 5:DE:?8F:D9 36EH66? E96
@5@C @7 8=@G6D 2?5 @E96C 2CE:4=6D @7 2AA2C6= 36=@?8:?8 E@ 5:776C6?E A6C
D@?D 92G6 <?@H? J@F?8 49:=5C6? E@ A@DD6DD E9:D 724F=EJ @7 A6C46AE:@?
E@ 2 9:89 568C66 ?665 ?@E C676C E@ E96 A@H6C @7 2?:>2=D 5@8D :? A2CE:4
F=2CH9@A@DD6DDE9:D7@C>@7A6C46AE:@?56G6=@A65E@29:89568C66
E :D 4=2:>65 E92E 6249 2?5 6G6CJ A6CD@? 92D 9:D @C 96C 5:DE:?4E:G6 A6CD@?
2= @5@C @C D46?E 2?5 E92E E96 D2>6 >2J 36 C625:=J 56E64E65 2?5 :56?E:
7:65 3J E96 D>6== A6C46AE:@? @7 2?J A6CD@? 92G:?8 ?@C>2= @C82?D @7
D>6== AC@G:5:?8 DF77:4:6?E AC24E:46 2?5 EC2:?:?8 >2J 36 8:G6? E@ E96 E2D<
(2G286D 92G6 2 >F49 <66?6C D>6==A6C46AE:@? E92? 92G6 E96 :?5:G:5F2=D
@7 E96 4:G:=:K65 C246DM3FE :E :D 4=2:>65 E92E :7 2 4:G:=:K65 A6CD@? F?56C
E2<6D E96 4F=E:G2E:@? @7 E9:D D6?D6 96 H:== 6I46= E96 D2G286D E96C6:? @H
:?8 E@ 9:D 9:896C A@H6C @7 G@=F?E2CJ 4@?46?EC2E:@? 2?5 9:D 7:?6C 5:D4C:>
:?2E:G6 A@H6CD )96 4:G:=:K65 C246D 364@>:?8 =6DD 2?5 =6DD 56A6?56?E
FA@? E96 D6?D6 @7 D>6== :? E96:C 52:=J =:G6D 92G6 2==@H65 E9:D 4=2DD @7
D6?D6 :>AC6DD:@?D E@ AC24E:42==J =2AD6 3FE 2D 367@C6 D2:5 E96 5@C>2?E
724F=EJ>2J362C@FD65:?E@677:4:6?4JF?56CE96A@H6C@7E96H:==
)2DE6%6C46AE:@?
? E96 D2>6 H2J E96 A6C46AE:@? @7 E2DE6 >2J 36 9:89=J 56G6=@A65 2?5
EC2:?65 3J AC24E:46 2?5 FD6 ,6 92G6 3FE E@ A@:?E E@ E96 42D6 @7 E96 6A:
4FC6D H9@ 2C6 23=6 E@ 5:DE:?8F:D9 >2?J A@:?ED @7 5:776C6?46 2?5 5:DE:?4
E:@? :? 7@@5 2?5 5C:?< H9:49 2C6 :>A6C46AE:3=6 E@ E96 @C5:?2CJ :?5:G:5F
2= "2?J A6CD@?D 6>A=@J65 :? 46CE2:? EC256D 92G6 E96:C E2DE6A6C46AE:@?
9:89=J 56G6=@A65 2?5 E96:C 6>A=@J>6?E C6DED 2?5 56A6?5D FA@? DF49
AC@7:4:6?4J )96 E62E2DE6CD 2?5 H:?6E6DE6CD 2C6 H6==<?@H? 6I2>A=6D
@7 E9:D 4=2DD D<:==65 E62E2DE6C H:== 36 23=6 E@ E6== ?@E @?=J 7C@> H96C6 2
46CE2:? D2>A=6 @7 E62 92D 4@>6 3FE 96 H:== 2=D@ 36 23=6 E@ 56E6C>:?6 G6CJ
4=@D6=J :ED >2C<6E G2=F6 2?5 BF2=:EJ D:>A=J 3J 2==@H:?8 2 76H 5C@AD @7
E96 3C6H E@ A2DD @G6C 9:D E@?8F6 )96 H:?6E6DE6C :D 23=6 E@ A6C7@C> E96
D2>6 @77:46 :? E96 42D6 @7 H:?6D ? E96 42D6 @7 E2DE6A6C46AE:@? 9@H6G6C
E96 D>6==A6C46AE:@? :D FDF2==J 2=D@ :?G@=G65 2D :E :D G6CJ 5:77:4F=E 4@>
A2C2E:G6=J E@ C6=J @? E96 E2DE6A6C46AE:@? 2=@?6 :7 E96 D6?D6 @7 D>6== 36
D9FE @77M7@C E96 EH@ 4=2DD6D @7 D6?D6 :>AC6DD:@?D 2C6 G6CJ 4=@D6=J C6=2E65
E@6249@E96C
2?5 56G6=@A65 E@ 2? 2=>@DE :?4C65:3=6 568C66 E :D ECF6 E92E E96 4F=E:G2
E:@? @7 2?J 4=2DD @7 D6?D6A6C46AE:@? :D FDF2==J 244@>A2?:65 3J 2? :?
4C62D6 :? E96 A9JD:42= 677:4:6?4J @7 E96 @C82? @7 D6?D6 C6=2E65 E@ E92E A2C
E:4F=2C 4=2DD @7 A6C46AE:@?D )9:D :D 42FD65 3J E96 56G6=@A>6?E @7 :?
4C62D65 D6?D:E:G6?6DD @7 E96 ?6CG@FD >2EE6C @7 E96 D6?D6 @C82?D H9:49
2C6 E9FD 23=6 E@ >@C6 56=:42E6=J D6?D6 E96 :>AC6DD:@?D >256 FA@? :E 3J
E96 4@?E24E @7 E9:?8D @7 E96 @FED:56 H@C=5 E :D 2 724E E92E 2EE6?E:@? 5:C64
E65 E@ 2?J A2CE @7 E96 3@5J E6?5D E@ 56G6=@A D6?D:E:G6?6DD 2E E92E
A@:?EM2?5 :? E96 42D6 @7 D6?D6 @C82?D :E E6?5D E@ :?4C62D6 E96 677:4:6?4J
E96C6@7 "@C6@G6C 3J FD6 2?5 24E:G6 6>A=@J>6?E 2?J A9JD:42= @C82?
E6?5D E@ :?4C62D6 :? 677:4:6?4J 2E =62DE H:E9:? 46CE2:? =:>:ED FE 7:CDE =2DE
2?5 2== E96 E:>6 :E >FDE 36 C6>6>36C65 E92E 2== 4F=E:G2E:@? 56G6=@A
>6?E EC2:?:?8 2?5 :>AC@G6>6?E @7 E96 A6C46AE:G6 724F=E:6D >FDE 36 24
4@>A=:D965 3J >6?E2= 4F=EFC6 2?5 EC2:?:?8ME96C6 :D ?@ @E96C H2J ?5
DF49 4F=EFC6 2?5 EC2:?:?8 :D A@DD:3=6 @?=J E9C@F89 E96 FD6 2?5 6>A=@J
>6?E@7E96A@H6C@7EE6?E:@?
)96 23@G6 724ED 36:?8 ?@E65 :E H:== D66> E92E E96 =@8:42= 4@FCD6 7@C FD E@
7@==@H :? E9:D >2EE6C H@F=5 36 E@ =2J 2D:56 7@C E96 >@>6?E @FC 4@?D:56C
2E:@? @7 E96 DF3;64E @7 E96 6G6=@A>6?E @7 %6C46AE:@? D@ E92E H6 >2J 24
BF2:?E @FCD6=G6D H:E9 E96 =2HD 2?5 AC:?4:A=6D 4@?46C?65 H:E9 E96 724F=EJ
@7 EE6?E:@? 2G:?8 =62C?65 E96D6 H6 >2J E96? C6EFC? E@ @FC 4@?D:56C2
E:@? @7 E96 DF3;64E @7 %6C46AE:@? 2?5 =62C? 9@H E@ 56G6=@A E96 A@H6CD
E96C6@7
//"*/&+*
@?D:56C:?8 9@H 7C6BF6?E=J H6 6>A=@J E96 E6C> EE6?E:@? 2?5 :ED :>
A@CE2?46 :? @FC >6?E2= AC@46DD6D 2?5 E96:C C6DF=E:?8 24E:@? :E :D DEC2?86
9@H =:EE=6 E9@F89E H6 92G6 8:G6? E@ E96 BF6DE:@? ,92E :D EE6?E:@?
,9:=6 E96 AC6D6?E H@C< :D 4@?46C?65 >@C6 A2CE:4F=2C=J H:E9 E96 DF3;64E
@7 9@H E@ FD6 E96 EE6?E:@? J6E H6 >2J H6== DA6?5 2 >@>6?E E@ 4@?
D:56C ;FDE H92E :D <?@H? C682C5:?8 E96 ?2EFC6 @7 EE6?E:@? 2?5 E96 :>
A@CE2?EA2CE:EA=2JD:?2==@7@FC>6?E2==:762?524E:G:EJ
)96 E6C> EE6?E:@? :D 56C:G65 7C@> E96 !2E:? E6C> 2EE6?56C6 >62?
:?8 E@ DEC6E49 @C 36?5 7@CH2C5 E96 @C:8:?2= :>A=:42E:@? 36:?8 E92E :? E96
24E @7 EE6?E:@? @?6LD >:?5 H2D 6IE6?565 DEC6E4965 @FE @C 36?E E@H2C5
E96 @3;64E @7 EE6?E:@? ;FDE 2D @?6 ?665D @C DEC6E496D 9:D ?64< 7@CH2C5
H96? 96 H:D96D E@ D66 @C 962C >@C6 67764E:G6=J ,96? H6 2EE6?5 E@ 2
E9:?8 H6 EFC? @FC E9@F89E @C >:?5 E@H2C5 :E 3J 2 A@D:E:G6 24E @7 E96 H:==
:? >2?J 42D6D H6 2=D@ >2<6 2 A@D:E:G6 677@CE E@ 9@=5 E96 E9@F89E @C >:?5
@?E96E9:?827E6C92G:?86IE6?565:EE@H2C5:E
>:?5 FA@? D@>6 A2CE:4F=2C @3;64E E96 A6CD:DE6?E 9@=5:?8 @7 E96 >:?5
FA@? E92E @3;64E 2?5 E96 56E6C>:?65 D9FEE:?8@FE @7 E96 >:?5 7@C
E96 E:>6 36:?8 @7 E96 A6C46AE:@? @7 2?J @E96C @3;64ED DECF88=:?8 7@C 4@?
D4:@FDC64@8?:E:@?2?52EE6?E:@?
=625:?8 ADJ49@=@8:DE 92D A@:?E65 @FE E@ 9:D DEF56?ED 2 G6CJ :>A@CE
2?E 724E 2?5 2E E96 D2>6 E:>6 92D 8:G6? 2 G6CJ FD67F= 9:?E H96? 96 D2JD
)96C6 :D 2 4@?DE2?E DECF88=6 @? E96 A2CE @7 D6?D2E:@?D E@ DFCG:G6 :? 4@?
D4:@FD?6DD )96 D6?D2E:@? H9:49 H6 2==@H E@ E2<6 E96 >@DE 7@C4:3=6 9@=5
@? E96 EE6?E:@? FDF2==J H:?D E96 52J 7 H6 D:E 3J 2? @A6? H:?5@H :?
E96 4@F?ECJ @? 2 DF>>6C 52J H6 >2J 92G6 >2?J DE:>F=: <?@4<:?8 2E
E96 82E6 @7 EE6?E:@? E96 E:4<:?8 @7 2 4=@4< E96 32C<:?8 @7 5@8D E96 =@H
:?8 @7 4@HD E96 4C:6D @7 49:=5C6? 2E A=2J E96 CFDE=:?8 @7 =62G6D E96 D@?8D
@7 3:C5D E96 CF>3=:?8 @7 H28@?D 6E4 7 EE6?E:@? :D 46?E6C65 FA@? 2?J
@?6 @7 E96D6 E92E @?6 7@C E96 E:>6 36:?8 24BF:C6D E96 :>A@CE2?46 @7 2
<:?8 FA@? E96 E9C@?6 @7 @FC >6?E2= H@C=5 FE ?@?6 @7 E96D6 >2J DH2J
@FC E9@F89ED 7@C @FC EE6?E:@? >2J 36 7@C4:3=J 5:C64E65 E@ D@>6 @E96C
@3;64E H9:49 4@=@CD @FC 4@?D4:@FD >6?E2= =:76 6?46 :E :D @7 E96 FE>@DE
:>A@CE2?46 7@C @FC >6?E2= H6=72C6 E@ 8F2C5 E96 82E6D @7 EE6?E:@? (@>6
A6CD@?D 92G6 E96 A@H6C @7 G@=F?E2CJ EE6?E:@? 56G6=@A65 :? DF49 D=:89E
568C66 E92E :E 92D 366? H6== D2:5 E92E E96J 36=@?8 =6DD E@ E96>D6=G6D E92?
E@2?J@3;64EE92E92AA6?DE@DEC:<6E96:C2EE6?E:@?
)96 24EF2= 6IA6C:6?46 @7 6G6CJ C6256C @7 E9:D 3@@< H:== 7FC?:D9 AC@@7 @7
E96 4@CC64E?6DD @7 E96 5:DE:?4E:@? >256 23@G6 36EH66? E96 >2?:76DE2E:@?
@7 :?G@=F?E2CJ @C C67=6I EE6?E:@? 2?5 E92E @7 G@=F?E2CJ EE6?E:@? C6
DA64E:G6=J E H:== 36 7@F?5 E92E H96? E96 EE6?E:@? :D ?@E DA64:2==J 5:C64
E65 @C 4@?46?EC2E65 FA@? 2?J @?6 E9:?8 3J >62?D @7 2 G@=F?E2CJ 677@CE
E96 A6CD@? :D >@C6 @C =6DD 4@?D4:@FD @7 2 ?F>36C @7 :>AC6DD:@?D A@FC:?8
:? FA@? E96 >:?5 E9C@F89 E96 492??6= @7 E96 D6?D6D $?6 E96? D66D 2
?F>36C @7 E9:?8D 2?5 962CD 2D >2?J >@C6 2?5 >2J 6G6? 2E E96 D2>6
E:>6 C646:G6 :>AC6DD:@?D E9C@F89 E96 C6DA64E:G6 D6?D6D @7 E2DE6 2?5
D>6== 2?5 D@>6E:>6D 6G6? E96 D6?D6 @7 E@F49 >2J 2DD6CE :ED6=7 2E E96
D2>6 E:>6 ? DF49 42D6D E96 EE6?E:@? >2J 52?46 324<H2C5 2?5 7@C
H2C5 96C6 2?5 E96C6 H:E9 8C62E C2A:5:EJ 2?5 E96 4@?D4:@FD?6DD >2J C6
46:G6>2?J:>AC6DD:@?DH:E9>@C6@C=6DD5:DE:?4E?6DD
FE =6E G@=F?E2CJ EE6?E:@? @?46 4@?46?EC2E6 :ED6=7 FA@? 2?J 8:G6?
E9:?8 @C D6E @7 E9:?8D 2?5 2 72C 5:776C6?E DE2E6 @7 2772:CD :7 >2?:76DE65 @C
:?DE2?46 2 A6CD@? 4@?46?EC2E:?8 9:D 2EE6?E:@? FA@? 2? :?E6C6DE:?8 3@@<
>2J 72:= E@ 962C 9:D ?2>6 42==65 3J @?6 @7 9:D 72>:=J @C 6G6? E@ C6DA@?5
E@ 2 E@F49 @7 E96 92?5 @? E96 D9@F=56C 6 H:== ?@E 962C E96 5@@C36==
C:?8 ?@C A6C46:G6 E96 D@F?5 @7 E96 DEC:<:?8 @7 E96 A2DD:?8 9@FC 3J E96
4=@4< ?62C E@ 9:> )96 6?2>@C65 =@G6C :D @7E6? 2=>@DE 6?E:C6=J @3=:G:@FD
@7 E96 A6CD@?D 2?5 D46?6D 2C@F?5 9:> 2?5 C642==D ?@E9:?8 @7 E96> 27E6C
H2C5 :D 2EE6?E:@? :D 4@?46?EC2E65 <66?=J FA@? E96 36=@G65 @?6 2?5 E@
E96 C6DE @7 E96 H@C=5 @7 :>AC6DD:@?D 96 :D AC24E:42==J :? 2 EC2?46 #62C=J
6G6CJ@?6 C625:?8 E96 23@G6 H:== 36 23=6 E@ 4@CC@3@C2E6 E96 DE2E6>6?ED
>256E96C6:?3JC62D@?@79:D@C96C@H?6IA6C:6?46
E :D C6=2E65 @7 2 H6== <?@H? A9:=@D@A96C E92E 96 H2D D@ 3FD:=J @44F
A:65 :? HC:E:?8 @?6 @7 9:D 3@@<D E92E 96 72:=65 E@ 962C E96 G@:46 @7 E96
3@>32C5>6?E @7 E96 4@==686 E@H? 3J E96 8F?D @7 #2A@=6@?LD 2C>J 2?5
E92E 96 3642>6 2H2C6 @7 E96 724E @?=J H96? 96 H2D 3C@F89E 324< E@ E96
4@?D4:@FD?6DD @7 9:D :>>65:2E6 DFCC@F?5:?8D 3J 2 C@F89 D92<6 @7 E96
D9@F=56C 2E E96 92?5D @7 2 8C6?25:6C H9@ 925 A6?6EC2E65 :?E@ 9:D DEF5J
E :D C64@C565 :? 2 ?F>36C @7 42D6D E92E A6CD@?D 92G:?8 364@>6 :?E6?D6=J
:?E6C6DE65 :? D@>6 @?6 DF3;64E @C D:89E 92G6 72:=65 E@ 766= A:?AC:4<D @C
6G6? >@C6 D6G6C6 A2:? )96 DE@CJ :D E@=5 @7 2 H6== <?@H? >6C:42?
DE2E6D>2? E92E 96 @?46 C6BF6DE65 2 76==@H4@?8C6DD>2? E@ DE@A 9:> 27E6C
96 925 DA@<6? 7@C EH@ 9@FCD FE E96 DE2E6D>2? 925 366? D@ 566A=J 4@?
46?EC2E65 FA@? E96 DF3;64E @7 9:D DA6649 2?5 E96 56=:G6CJ E96C6@7 E92E 96
72:=65 E@ 36 2C@FD65 6G6? H96? 9:D 7C:6?5 C6A62E65=J AC:4<65 9:> :? E96
=68 H:E9 E96 A@:?E @7 2 A:? (@=5:6CD :? 32EE=6 92G6 72:=65 E@ A6C46:G6 A2:?
@H:?8 E@ E96:C 2EE6?E:@? 92G:?8 366? 7:I65 @? E96 @3;64E @7 E96 >:=:E2CJ
>@G6>6?E :? H9:49 E96J H6C6 6?82865 ,@C<>6? 4=@D6=J :?E6C6DE65 :?
E96:C H@C< @7E6? 72:= E@ 962C @C D66 E9:?8D H9:49 2C6 @44FCC:?8 :? E96:C
?62C G:4:?:EJ ? E96 D2>6 H2J @?6 @7E6? 72==D :?E@ 2 C6G6C:6 @C 3C@H?
DEF5J :? H9:49 E96 @FED:56 H@C=5 :D AC24E:42==J D9FE @FE C:>:?2=D
<?@H E92E H96? 2 4C@H5 :D :?E6?E=J H2E49:?8 D@>6 :?E6C6DE:?8 D:89E E96
A6CD@?D 4@>A@D:?8 E96 4C@H5 2C6 72C =6DD =:<6=J E@ 56E64E E96 >@G6>6?ED
@7E96A:4<A@4<6ED
7@42= A@:?E 3J 4@?46?EC2E65 G@=F?E2CJ EE6?E:@? 2?5 :ED A@H6C :D D66>
:?8=J>28?:7:65:?E9:DH2J
E92E 5:C64E:@? )96C6 :D ?@ 5:DAFE6 @G6C E96 724E E92E G@=F?E2CJ EE6?E:@?
:D E96 >@DE :>A@CE2?E 6=6>6?E :? H:== ? @C56C E@ 24E :? E96 5:C64E:@? @7
@?6 :562 :? AC676C6?46 E@ 2?@E96C H6 >FDE 5:D>:DD E96 @?6 2?5 G@=F?
E2C:=J 2EE6?5 E@ E96 @E96C )96 >@E@C 7@C46 E9FD 56G6=@A65 :? 4@??64E:@?
H:E9E965@>:?2?E:562=:6D2EE967@F?52E:@?@76G6CJ9:896C24E@7H:==
)96 D2>6 2FE9@C:EJ 2=D@ D2JD ,96? :E :D D2:5 E92E EE6?E:@? H:== ?@E
E2<6 9@=5 @? 2? F?:?E6C6DE:?8 @3;64E H6 >FDE ?@E 7@C86E E92E 2?J@?6 ?@E
D92==@H 2?5 7:4<=6 42? D@@? 5:D4@G6C D@>6E9:?8 :?E6C6DE:?8 :? >@DE @3
;64ED 6C6 4F=E:G2E65 >:?5D D9@H E96:C 6DA64:2= DFA6C:@C:EJ 7@C E96 E
E6?E:@? H9:49 E96J 2C6 23=6 E@ 8:G6 86?6C2==J 6?5D :? 7:?5:?8 2 A62C= :?
E96 >@DE F?:?E6C6DE:?8 =@@<:?8 @JDE6C ,96? 2? @3;64E ?646DD2C:=J =@D6D
:?E6C6DE 7C@> @?6 A@:?E @7 G:6H DF49 >:?5D 5:D4@G6C :? :E ?6H 2EEC:3FE6D
)96 6DD6?46 @7 86?:FD :D E@ AC6D6?E 2? @=5 E9:?8 :? ?6H H2JD H96E96C :E
36D@>67@C46:??2EFC6@CD@>62DA64E:?9F>2?:EJ
C@> H92E 92D 366? D2:5 4@?46C?:?8 E96 ?2EFC6 2?5 A@H6C @7 G@=F?
E2CJ EE6?E:@? 2?5 7C@> H92E H:== 36 D2:5 7C@> E:>6 E@ E:>6 @? E96 D2>6
DF3;64E 2D H6 AC@4665 H:E9 @FC DEF5J @7 E96 86?6C2= DF3;64E @7 E96 "2DE6C
":?5 :? E96 A286D @7 E9:D 3@@< E96 C6256C H:== D66 E92E E96 H62A@? @7
G@=F?E2CJ EE6?E:@? :D E96 >@DE 677:4:6?E :? E96 4@==64E:@? @7 E96 >6?E2=
H62A@?D :? E96 2C>@CJ @7 E96 "2DE6C ":?5 E :D 3J >62?D @7 E96 A@H6C
@7 G@=F?E2CJ EE6?E:@? E92E E96 8@ C62==J 3C:?8D :?E@ DF3;64E:@? 2?5
@365:6?46 E96 G2C:@FD 724F=E:6D 2?5 7@C46D @7 E96 >:?5 H9:49 H:E9@FE :E
@7E6?E6?5E@364@>6C636==:@FD2?55:D@365:6?E
)96 8@ 4@?EC@==:?8 E96 A@H6C @7 G@=F?E2CJ EE6?E:@? :D 23=6 ?@E @?=J
E@ D6=64E E96 ?2EFC6 2?5 492C24E6C @7 9:D E9@F89ED 2?5 E@ 42FD6 9:D >:?5
E@ E9:?< :?E6==:86?E=J 2?5 677:4:6?E=J 3FE :E 2=D@ :D 23=6 E@ 4@?EC@= E96 766=
:?8D 2?5 56D:C6D H9:49 D6CG6 2D E96 FDF2= >@E:G6 @7 H:==24E:@? D H6
AC@4665 H6 D92== D66 E92E E96 8@ :D 23=6 E@ 492?86 E96 56D:C6 E@ 24E E9:D
H2J @C E92E H2J :?E@ E96 56D:C6 E@ 24E D@>6 @E96C H2J 2?5 E@ D6E E96
24E:G:EJ @7 H:== 7=@H:?8 2=@?8 E96 A2CE:4F=2C 492??6=D 49@D6? 7C66=J 3J :E
D6=7 D H6 92G6 D2:5 6=D6H96C6 E96 8@ :? DF49 42D6D :D 23=6 E@ H:== E@
H:== :?DE625 @7 36:?8 42CC:65 2=@?8 :? E96 4FCC6?E @7 D@>6 56D:C6 E@
H:== )96 8@ :D E96 :?8 @7 :D )9C@?6M2?5 +@=F?E2CJ EE6?E:@? :D 9:D
(H@C5@7%@H6C
%"./"-4#"- ",/&+*
=625:?8 ADJ49@=@8:DE 92D 8:G6? FD A6C92AD E96 >@DE 4@>AC696?D:G6
2?5 2E E96 D2>6 E:>6 E96 >@DE 4@?56?D65 DE2E6>6?E @7 E96 !2HD @7 E
E6?E:@? E@ 36 7@F?5 :? 2?J @7 E96 E6IE 3@@<D H9:49 DE2E6>6?E :D 2D
7@==@HD
EE6?E:@? H:== ?@E 2EE249 :ED6=7 E@ F?:?E6C6DE:?8 E9:?8D E H:==
D@@? 564=:?6 :? G:8@C 2 :7 E96 DE:>F=FD :D F?G2CJ:?8 @C 3 :7 D@>6 ?@H
2EEC:3FE6 :D ?@E 5:D4@G6C65 :? E96 @3;64E EE6?E:@? 42??@E C6>2:? 4@?
DE2?E :? E96 D2>6 5:C64E:@? 7@C 2 =@?8 A6C:@5 3642FD6 2 E96 ?6CG@FD 2A
A2C2EFD @7 E96 D6?D6D D@@? E:C6 F?56C E96 DEC2:? @7 4@?E:?F@FD 2EE6?E:@?
E@H2C5 2?J @?6 @3;64E 2?5 4@?D6BF6?E=J C6DA@?5 H:E9 =6DD G:8@C 3 E96
D2>6 :D ECF6 @7 3C2:? 46==D )@ AC@G6 E96 ECFE9 @7 E9:D @?6 92D @?=J E@ 7@4FD
E96 6J6 4@?E:?F@FD=J @? @?6 @3;64E @C E@ <66A E96 2EE6?E:@? 7:I65 @? E96
D2>6 A92D6 @7 2 DF3;64E
,96? @?6 <:?5 @7 2EE6?E:@? :D 6I92FDE65 H6
>2J C6DE @FCD6=G6D :? EH@ H2JD 2 3J 8:G:?8 @FCD6=G6D FA E@ E96 A=2J @7
C67=6I :?G@=F?E2CJ 2EE6?E:@? @C 3 3J 5:C64E:?8 @FC G@=F?E2CJ 2EE6?E:@?
:?E@ 2 ?6H 492??6= )96 2>@F?E @7 72E:8F6 >FDE 56E6C>:?6 H9:49 :D 36E
E6C EE6?E:@? E@@ 4@?E:?F@FD=J 46?E6C65 FA@? E96 D2>6 F?G2CJ:?8
D6?D2E:@? @C FA@? 2?J F?492?8:?8 @3;64E 92D 366? AC@G65 3J 6IA6C:
>6?EE@E6?5E@:?5F466:E96CE969JA?@E:4DE2E6@C24@>2E@D64@?5:E:@?
)96 7:CDE @7 E96 23@G6 =2HD DE2E6D E96 5:77:4F=EJ @7 2EE249:?8 E96 EE6?
E:@? E@ F?:?E6C6DE:?8 E9:?8D FE E96C6 :D 2 C6>65J 7@C E9:D 2D 7@==@HD 2
:? E96 2AA=:42E:@? @7 E96 6BF2==J ECF6 AC:?4:A=6 E92E :?E6C6DE >2J 36 56
G6=@A65 :? 2 AC6G:@FD=J F?:?E6C6DE:?8 E9:?8 3J DEF5J:?8 2?5 2?2=JK:?8
:E G6CJE9:?8 92D :ED :?E6C6DE:?8 D:56 2?5 6I2>:?2E:@? H:== 3C:?8 E9:D :?
E@ G:6H 3 J G:6H:?8 2 E9:?8 7C@> G2CJ:?8 G:6HA@:?ED 2?5 7C@> 5:7
76C6?E 2?8=6D @7 A9JD:42= 2?5 >6?E2= G:D:@? ?6H 724ED 2C6 5:D4@G6C65
C682C5:?8 :E 2?5 E96D6 5:D4@G6C:6D 2H2<6? :?E6C6DE 2?5 C6?6H65
EE6?E:@?
)96 D2>6 C6>65J 2AA=:6D :? E96 42D6 @7 E96 D64@?5 =2H @C 3J 492?
8:?8 E96 A@:?E @7 G:6H 2?5 3J 5:D4@G6C:?8 ?6H BF2=:E:6D AC@A6CE:6D 2?5
2EEC:3FE6D :? 2 E9:?8 E96 DE:>F=FD :D G2C:65 2?5 C6?6H65 :?E6C6DE :D
@3E2:?65
)96 E9:C5 =2H 6IA=2:?D H9J E96 EE6?E:@? 42??@E =@?8 C6>2:? 7@4FD65
:? E96 D2>6 5:C64E:@? C6>65J 7@C E9:D H:== 36 7@F?5 :? E96 H6==<?@H?
ADJ49@=@8:42= CF=6 E@ DEF5J 2 E9:?8 3J A:646>62= )92E :D E@ D2J :?DE625
@7 4@?D:56C:?8 2EE6?E:G6=J E96 6?E:C6 DF3;64E @C @3;64E @?6 D9@F=5 3C62< :E
>6?E2==J :?E@ 2D >2?J D>2== D64E:@?D 2D A@DD:3=6 2?5 E96? AC@4665 E@
DEF5J :E 3J D64E:@?D @?6 27E6C 2?@E96C )9:D H:== G2CJ E96 DE:>F=FD :?
4C62D6 :?E6C6DE 2?5 H:56? E96 :?BF:CJ 3J C62D@? @7 E96 2?2=JE:42= EC62E
>6?E '6>6>36C E92E H6 =62C?65 E96 2=A9236E =6EE6C 3J =6EE6C 2?5 ?@E 2D
2 H9@=6 =62C?65 2E @?6 677@CE @7 E96 >:?5 )9:D :D ?@E @?=J E96 62D:6DE H2J
E@ <?@H 2 DF3;64E 3FE :E :D 2=D@ E96 36DE H2J E@ 24BF:C6 2 E9@C@F89
<?@H=6586@72?JDF3;64E@C@3;64E
)96 7@FCE9 =2H :?7@C>D FD E92E H6 >2J @3E2:? C6DE 7@C E96 E:C65 EE6?
E:@? 3J 2 C6=2I:?8 E96 G@=F?E2CJ EE6?E:@? 2?5 @A6?:?8 @FC 4@?D4:@FD
?6DD E@ E96 :>AC6DD:@?D @7 :?G@=F?E2CJ @C C67=6I EE6?E:@?MA2J:?8 2E
E6?E:@? E@ E96 D:89ED 2?5 D@F?5D C6249:?8 FD 7C@> @FED:56 2D 7@C :?DE2?46
3J 4=@D:?8 @FC 3@@< 2?5 =@@<:?8 @FE @7 E96 H:?5@H 2E E96 A2DD:?8 A6C
D@?D 2?5 E9:?8D @C 3 3J 5:C64E:?8 @FC G@=F?E2CJ EE6?E:@? :?E@ 2 ?6H
492??6= 2D 3J 4=@D:?8 @FC 3@@< 2?5 A:4<:?8 FA 2?5 C625:?8 2?@E96C
3@@< 2=@?8 6?E:C6=J 5:776C6?E =:?6D @C 492?8:?8 7C@> 2? 23DEC24E DF3;64E
E@ 2 4@?4C6E6 AC@A@D:E:@? @C G:46 G6CD2 )9:D 6IAC6DD6D 2? :>A@CE2?E ADJ
49@=@8:42= AC:?4:A=6 :6 E92E E96 36DE H2J E@ C6DE 2?5 C6=2I E96 EE6?E:@?
:D E@ 492?86 E96 5:C64E:@? @7 :ED 677@CE 2?5 24E:G:EJ 92?86 @7 @44FA2E:@?
8:G6D E96 36DE <:?5 @7 C6DE E@ A9JD:42= @C >6?E2= >FD4=6D *D:?8 @?6 D6E @7
>FD4=6D @C 3C2:?46==D 8:G6D E96 @E96C D6E 2 492?46 E@ C6DE 2?5 C64FA6C
2E6 (@>6 @7 @FC 566A6DE E9:?<6CD 92G6 2AA=:65 E9:D AC:?4:A=6 3J @442
D:@?2==J =2J:?8 2D:56 E96 :>A@CE2?E DF3;64ED @7 E96:C E9@F89E 2?5 E96?
C6DE:?8 E96 >:?5D 3J C625:?8 2 E9C:==:?8 2?5 6I4:E:?8 E9@F89 EC2D9J 56
E64E:G6DE@CJ
)96 7:7E9 =2H >6C6=J D6CG6D E@ 6>A92D:K6 E96 67764E @7 E96 F??2EFC2=
4@?46?EC2E:@? @7 EE6?E:@? 2?5 E96 724E E92E 2 G2CJ:?8 DE:>F=FD :D ?646D
D2CJ 7@C 4@?E:?F65 4@?D4:@FD?6DD E D6CG6D E@ A@:?E FD E@ E96 >:55=6 @7
E96 C@25 2G@:5:?8 E96 6IEC6>6 @7 F?5F6 4@?46?EC2E:@? @? 2 D:?8=6 @3;64E
@? E96 @?6 92?5 2?5 E96 @E96C 6IEC6>6 @7 36DE@H:?8 ?@ G@=F?E2CJ E
E6?E:@?2E2==
? D9@CE :7 E96 DF3;64E H9:49 J@F H:D9 E@ >2DE6C @C E96 @3;64E H:E9
H9:49 J@F H:D9 E@ 364@>6 E9@C@F89=J 24BF2:?E65 D66>D 2E 7:CDE E@ 36
F?:?E6C6DE:?8 E96? J@FC 7:CDE E2D< :D E@ 4@?G6CE E92E F?:?E6C6DE:?8 E9:?8
:?E@ 2? :?E6C6DE:?8 @?6 3J 5:D4@G6C:?8 E96 :?E6C6DE:?8 EC2:ED 23@FE :EM2?5
DF49 EC2:ED 2C6 2=H2JD E96C6 HC:E6C 92D D2:5 23@FE 82DD:K E96 8C62E
D4:6?E:DE 2?5 9:D H@C< 8C2DD9@AA6C :D E@ >@DE A6CD@?D 2? @3=@?8
:?D64E 42A23=6 @7 ;F>A:?8 82DD:KLD AFA:=D D2J E92E 27E6C 96 925 4@>
A6==65 E96> E@ 7:?5 @FE 2 H@C=5 @7 :?E6C6DE:?8 >2EE6C 23@FE :E E96J H@F=5
D@>6E:>6D 8@ E@ 962C 9:> 56=:G6C 2 A@AF=2C =64EFC6 )96J ?@E:465 E92E
E96 2F5:6?46 3642>6 2D >F49 :?E6C6DE65 :? E96 8C2DD9@AA6C 2D :7 96 H6C6
C625:?8 7C@> 2 C@>2?46 )9@D6 H9@ 92G6 C625 23C6LD D6G6C2= H@C<D @?
:?D64E =:76 :? H9:49 96 56D4C:36D E96 C6DA64E:G6 =:G6D @7 E96 366 E96 2?E
E96 DA:56C 6E4 H:== C625:=J F?56CDE2?5 9@H 6IEC6>6 :?E6C6DE >2J 36 4C6
2E65 :? 2 4@>>@?A=246 DF3;64E @C 2 4@>>@?A=246 @3;64E 3J >62?D @7 2
>2DE6C7F=6I2>:?2E:@?@7E96DF3;64E@CDF3;64E:?BF6DE:@?
6C6 :D E96 DE@CJ :? BF6DE:@? AFA:= 2AA62C65 367@C6 E96 8C62E E6249
6C 7@C :?DECF4E:@? )96 E62496C E@@< E96 AFA:= :?E@ E96 =23@C2E@CJ 2?5
E96C6 =2:5 @FE 2 7:D9 367@C6 9:> E6==:?8 9:> E@ 4=@D6=J 6I2>:?6 E96 @FE6C
2AA62C2?46 E96C6@7 2?5 E@ AC6A2C6 9:>D6=7 E@ >2<6 2 7F== C6A@CE 23@FE :E
H96? 2D<65 )96 E62496C E96? =67E E96 C@@> =62G:?8 E96 AFA:= 2=@?6 H:E9
E96 7:D9 6 =@@<65 E96 7:D9 @G6C 7@C 2 76H >:?FE6D ?@E:?8 :ED 86?6C2=
D92A6 :ED 7:?D :ED E2:= 6E4 2?5 H2D DFC6 E92E 96 925 =62C?65 2== E92E H2D
E@ 36 <?@H? @7 E96 @FE6C 7@C> @7 E92E 7:D9 2E E96 6?5 @7 2 BF2CE6C9@FC
6 E96? 8C6H E:C65 @7 H2:E:?8 7@C E96 E62496C H9@ 925 5:D2AA62C65 ?
5:D8FDE 96 282:? D62E65 9:>D6=7 367@C6 E96 7:D9 2?5 =@@<65 42DF2==J 2E
:EM 2?5 =@ 96 D2H D@>6E9:?8 ?6H :? :ED 56E2:=D 64@>:?8 E96? :?E6C
6DE65 :? DA:E6 @7 9:>D6=7 96 6I2>:?65 :E DE:== >@C6 42C67F==J 2?5 :? 4=@D6C
56E2:=2?5H2D2>2K65E@5:D4@G6CBF:E62?F>36C@7?6H56E2:=D
H:E9 E96 7:D9 E6==:?8 9:> :? A2CE:?8 E92E 2 A6?4:= :D E96 36DE @7 6J6D 2?5
3:55:?8 9:> ?@E6 @? A2A6C E96 C6DF=ED @7 9:D 7FCE96C @3D6CG2E:@?D 2D 96
AC@466565 )96 DEF56?E :? 56DA2:C A=F?865 282:? :?E@ E96 E2D< ?5 =@
2D 96 5:D4@G6C65 A@:?E 27E6C A@:?E @7 ?6H 56E2:=D 23@FE E96 7:D9 96 3682?
E@ 7:?5 2 ?6H :?E6C6DE 2H2<6?:?8 ?5 367@C6 =@?8 96 H2D 2>2K65 2E E96
=@?8=:DE@7?6HA@:?EDE92E969255:D4@G6C652?5?@E655@H?
82DD:K <6AE E96 J@F?8 >2? 2E H@C< @? E9:D 7:D9 7@C E9C66 =@?8 52JD
2?5 H2D C6H2C565 3J D64FC:?8 2 C6>2C<23=J =@?8 =:DE @7 56E2:=D E92E E96
AFA:= 925 @3D6CG65 2?5 5:D4@G6C65 FE 36DE @7 2==M2?5 E9:D H2D E96 C62=
AFCA@D6 2?5 :?E6?E @7 E96 =6DD@?M E96 DEF56?E 925 24BF:C65 E96 <?@H
=6586 E92E 2 42C67F= 6I2>:?2E:@? @7 2? F?:?E6C6DE:?8 DF3;64E E6?565 E@ 56
G6=@A 2 =:G6 2?5 24E:G6 :?E6C6DE E96C6:? H9:49 :?E6C6DE E96? E6?565 E@
DAFC@?E96EE6?E:@?E@7FCE96C24ED@7%6C46AE:@?
)96 E9@F89E7F= C6256C H:== AC@323=J 92G6 2=C625J ?@E65 E92E :? E96
23@G6 DE@CJ :D 2=D@ 4@?E2:?65 E96 =6DD@? @7 @G6C4@>:?8 E96 @3DE24=6D
>6?E:@?65 :? @FC AC6D6?E2E:@? @7 E96 D64@?5 =2H @7 EE6?E:@? :6 E96
724E E92E E96 EE6?E:@? H:== 564=:?6 :? G:8@C :7 2 E96 DE:>F=FD :D F?G2CJ
:?8 @C 3 @7 D@>6 ?6H 2EEC:3FE6 :D ?@E 5:D4@G6C65 :? E96 @3;64E ? E96
42D6 @7 82DD:KLD AFA:= :E H:== 36 ?@E65 E92E E96 DE:>F=FD H2D F?G2CJ:?8
27E6C 96 925 6I92FDE65 9:D 5:D4@G6CJ @7 E96 >@DE DFA6C7:4:2= 724ED 4@?
46C?:?8 E96 7:D9 2?5 E92E E96C627E6C 9:D EE6?E:@? H2?65 2?5 96 3642>6
H62C:65 3@C65 2?5 5:D8FDE65 ,96? =2E6C 96 >256 E96 5:D4@G6CJ @7
?6H 2EEC:3FE6D 96 2H2<6?65 9:D D64@?5 H:?5 @7 :?E6C6DE 2?5 EE6?
E:@? ?5 D@ 96 AC@466565 6249 ?6H D6E @7 5:D4@G6C:6D D6CG:?8 E@ C6?6H
9:D :?E6C6DE 2?5 E96 G:8@C @7 9:D EE6?E:@? ?5 6249 ?6H D6E @7 5:D4@G6C
:6D E6?565 E@ C6DE 46CE2:? 3C2:? 46==D 4@?46C?65 :? E96 5:D4@G6CJ @7 AC6G:
@FD 2EEC:3FE6D @7 E96 7:D9 )96 D@>6E9:?8 ?6H :? E96 7:D9 E6?565 E@ ?@E
@?=J 2C@FD6 7C6D9 :?E6C6DE 2?5 >6?E2= G:8@C 3FE 2=D@ E@ C6DE 9:D >:?5
)96C6:D28C62E=6DD@?96C67@CE9@D6H9@42?F?56CDE2?5:E
)96 C6256C H9@ >2J H:D9 E@ AC24E:46 6I6C4:D6D E6?5:?8 E@ 56G6=@A 9:D
@C 96C A@H6CD @7 %6C46AE:@? >2J 62D:=J 2CC2?86 DF49 6I6C4:D6D 7@C 9:>
D6=7 @C 96CD6=7 3J 32D:?8 E96 6I6C4:D6D FA@? E96 23@G6 C64@C565 DE@CJ @7
82DD:K 2?5 9:D AFA:= "2?J E62496CD 8:G6 BF:E6 2 ?F>36C @7 DF49 6I6C
4:D6D 3FE 2? 2?2=JD:D E96C6@7 H:== D9@H E92E E96 AC:?4:A=6 F?56C=J:?8 2==
@7 E96> :D AC24E:42==J E96 D2>6 )9:D AC:?4:A=6 :D D:>A=6 :E 4@?D:DED
>6C6=J :? A=24:?8 2? @3;64E 367@C6 J@F 2?5 E96? DEF5J:?8 2== @7 :ED 56
E2:=D >2<:?8 2 =:DE @7 E96 D2>6 :? HC:E:?8 2D J@F AC@4665 #@E6 E96
86?6C2= D92A6 @7 E96 @3;64E :ED 4@=@C 6E4 2?5 E96? AC@4665 E@ 2? 6I2>:?
2E:@? 2?5 2?2=JD:D @7 :ED >:?@C 56E2:=D J D@ 5@:?8 J@F H:== 7:?2==J 3F:=5
2 86?6C2= 492CE @7 E96 E9:?8 H:E9 86?6C2= 5:G:D:@?D 2?5 56E2:=D F?56C
6249 4=2DD ,96? J@FC :?E6C6DE H2?6D C6DE J@FC >:?5 3J AFEE:?8 E96 @3
;64E 2H2J 7C@> J@F 7:?5 EFC?:?8 J@FC 2EE6?E:@? E@ @E96C E9:?8DM=6DD D6C:
@FDE9:?8D:?724E
)96? E96 7@==@H:?8 52J C6DF>6 E96 E2D< 3J ECJ:?8 E@ C642== 2D >2?J @7
E96 AC6G:@FD=J C64@C565 A@:?ED 2D A@DD:3=6 2?5 E96? C625 @G6C J@FC =:DE
2?5 D66 9@H >2?J J@F 92G6 >:DD65 )96? DE2CE 27C6D9 H:E9 J@FC :?G6DE
:82E:@?D .@F H:== 36 DFCAC:D65 E@ 5:D4@G6C 9@H 7C6D9 J@FC :?E6C6DE 92D
282:? 364@>6 7@C E96 E2D< .@F H:== E96? 5:D4@G6C >2J ?6H 56E2:=D
'6A62E E9:D 6I6C4:D6 @? E96 D2>6 @3;64E 7@C D6G6C2= 52JD F?E:= J@F 2C6 D2E
:D7:65 E92E J@F 92G6 6I92FDE65 :ED A@DD:3:=:E:6D 249 E:>6 J@F E2<6 :E FA
J@F H:== 5:D4@G6C ?6H 56E2:=D 2?5 H:== 2H2<6? 2 7C6D9 :?E6C6DE ?5 2E
E96 D2>6 E:>6 J@F H:== 36 A=62D65 E@ 5:D4@G6C E92E J@FC 86?6C2= A@H6CD
@7%6C46AE:@?92G6:?4C62D65E@2>2C<65568C66
7E6C 92G:?8 >2DE6C65 E96 AC:?4:A=6 @7 E96 D2:5 4=2DD @7 6I6C4:D6D J@F
>2J AC@4665 E@ 2 >@C6 4@>A=6I A92D6 )9:D ?6H A92D6 4@?D:DED :? BF:4<
6?:?8 E96 A@H6C @7 %6C46AE:@? :? E96 A6C46AE:@? @7 2 ?F>36C @7 2CE:4=6D 2E
E96 D2>6 E:>6 72G@C:E6 6I6C4:D6 @7 46CE2:? D49@@=D @7 >6?E2= EC2:?:?8 :D
E92E H9:49 56G6=@AD E96 A@H6C @7 E96 A6CD@? D@ :?DE2?E2?6@FD=J 255 FA
2 ?F>36C @7 D>2== @3;64ED >2C3=6D @C 362?D 7@C :?DE2?46 ? AC24E:4:?8
E9:D 6I6C4:D6 368:? H:E9 2 D>2== ?F>36C 2?5 E96? 255 @?6 @C EH@ E@ E96
?F>36C 6249 52JMA:4<:?8 FA E96 A:=6 H:E9@FE <?@H:?8 E96 6I24E ?F>
36C @7 4@FCD6 2?5 E96? 27E6C E2<:?8 2 92DEJ 8=2?46 2E E96 A:=6 ECJ E@ DE2E6
E96 6I24E ?F>36C E96C6@7 G2C:2E:@? @7 E9:D :D 925 :? E96 72>:=:2C EC:4< @7
3@@<<66A6CD @7 255:?8 D6G6C2= 7:8FC6D 2E @?6 >6?E2= @A6C2
E:@?M368:??:?8 H:E9 8C@FAD @7 EH@ 2?5 E96? :?4C62D:?8 E96 ?F>36C
7C@>E:>6E@E:>6
?@E96C 7@C> @7 E9:D 6I6C4:D6 :D H92E :D <?@H? 2D )96 @F5:? I6C
4:D6 H9:49 3J E96 H2J :D E96 >6E9@5 6>A=@J65 3J @F5:? H96C63J 96
24BF:C65 E96 724F=EJ @7 A2DD:?8 3J 2 =2C86 D9@A H:?5@H 2?5 E2<:?8 :?
2== E96 2CE:4=6D 4@?E2:?65 E96C6:? 2E 2 D:?8=6 4@>AC696?D:G6 8=2?46 @F5
:? 3682? EC2:?:?8 7@C E9:D 762E 3J E96 AC6=:>:?2CJ AC24E:46 @7 =2J:?8 2
?F>36C @7 5@>:?@6D 367@C6 9:> DAC625 @FE @? E96 E23=6 7246 FA 96
E@@< 2 92DEJ 3FE <66? 8=2?46 2E E96 5@>:?@6D 2?5 E96? HC@E6 5@H?
H92E 96 925 @3D6CG65 6 D@@? H2D 23=6 E@ D6E 5@H? E96 ?2>6D @7 BF:E6
A=246 FA@? 2 D>2== E23=6 D6G6? 5:776C6?E 2CE:4=6D '6>@G6 7@C 2? :?DE2?E
E96 4=@E9 FD65 E@ 4@G6C E96> 2?5 E96? 92G6 D@>6 @?6 56D4C:36 E96 2CE
:4=6D )9:D 42? 36 A=2J65 2D 2 82>6 2?5 AC:K6D 2C6 @776C65 E@ E96 @?6
?2>:?8 E96 >@DE E9:?8D $?=J @?6 D9@F=5 36 2==@H65 E@ 2AAC@249 E96
E23=6 2E @?46 2?5 E96 4=@E9 D9@F=5 36 C2:D65 7@C E96 D2>6 =6?8E9 @7 E:>6
7@C 6249 @?6 )@ 2G@:5 5:DAFE6D 6249 @?6 D9@F=5 2E @?46 D:E 5@H? :? 2?
@E96C C@@> @C :? 2 5:776C6?E A2CE @7 E96 D2>6 C@@> E96 ?2>6 @7 6249 2CE
:4=6 D66? )96 ?F>36C @7 E9:?8D @? E96 E23=6 D9@F=5 36 8C25F2==J :?
4C62D65 E@ 7@CEJ 7 5:776C6?E E9:?8D 2C6 2E E96 D2>6 E:>6 E@DD65 :?E@ E96 2:C
2?5 2==@H65 E@ 72== 369:?5 2 D4C66? @C :?E@ 2 32D<6E 328 @C D966E
82E96C65 FA 8C62E BF:4<?6DD @7 %6C46AE:@? H:== 36 ?646DD2CJ E@ ?2>6
2?556D4C:362==
:> H2D >2E4965 282:?DE 2 ?2E:G6 3@J 3J @=5 !FC82? (29:3 H9@
H:D965 E@ EC2:? :> 7@C E96 ?5:2? (64C6E (6CG:46 H@C< :? H9:49 244FC2E6
2?5 C2A:5 A6C46AE:@? :D >@DE 6DD6?E:2= )96 ?2E:G6 3@J H2D 2? @=5 92?5
2E E96 82>6 H9:=6 :> H2D 2 ?@G:46 )96 @=5 >2? E9C6H 7:7E66? ;6H6=D
@? 2 EC2J 2?5 3256 E96 EH@ 3@JD 82K6 FA@? E96> 7@C 2 >@>6?E @C EH@
)96? E96 EC2J H2D 4@G6C65 2?5 6249 3@J C64:E65 H92E 96 925 @3D6CG65
6C6 7@==@HD E96 C6DF=E :? E96 H@C5D @7 :A=:?8 L)96C6 2C6 F?56C E92E
A2A6C 7:G6 3=F6 DE@?6D @?6 3:8 @?6 D>2==6C 2?5 E9C66 D>2==L D2:5 :>
2== :? 92DE6 L)96C6 2C6 7@FC 8C66? DE@?6D 2?5 @?6 H:E9 2 9@=6 :? :E E96C6
:D @?6 J6==@H DE@?6 E92E 42? D66 E9C@F89 2?5 @?6 =:<6 2 A:A6 DE6>
)96C6 2C6 EH@ C65 DE@?6D 2?5M2?5M 92G6 >256 E96 4@F?E 7:7E66? 3FE
EH@ 92G6 7@C8@EE6? #@ 8:G6 >6 E:>6 $?6 H2D @7 :G@CJ =:EE=6 2?5
3C@H?:D9 2?5M2?5M8:G6 >6 E:>6L FE :> 4@F=5 5@ ?@ 36EE6C L62C
>J 4@F?EL 4C:65 E96 ?2E:G6 49:=5 L:CDE 2C6 EH@ 7=2H65 D2AA9:C6D @?6 @7
EH@ CFEE66D 2?5 @?6 @7 7@FC 2D D9@F=5 ;F586 )96 7@FC CFEE66 D2AA9:C6 :D
49:AA65 2E E96 6586 )96C6 :D @?6 )FC<6DE2? EFCBF@:D6 A=2:? H:E9 8C66?
G6:?D 2?5 E96C6 2C6 EH@ :?D4C:365M@?6 H:E9 E96 ?2>6 @7 @5 :? 8:=E
2?5 E96 @E96C 36:?8 4C24<65 24C@DD 7@C :E 42>6 @FE @7 2? @=5 C:?8 42?
?@E C625 ,6 92G6 ?@H 7:G6 3=F6 DE@?6D 7@FC 7=2>65 6>6C2=5D E96C6 2C6
3FE @?6 :D 5C:==65 :? EH@ A=246D 2?5 @?6 :D 2 =:EE=6 42CG6?L L)96:C H6:89EL
D2:5 !FC82? (29:3 :>A2DD:G6=J L)9C66M7:G6M2?5 7@FC CFEE66D 2D
;F586 :E )96C6 :D @?6 A:646 @7 8C66?:D9 2>36C 2?5 2 4962A 4FE E@A2K
7C@> FC@A6 )96C6 :D @?6 CF3J @7 FC>2 @?6 @C EH@ CFEE66D H:E9@FE 2
7=2H ?5 E96C6 :D 2 32==2D CF3J 7=2H65 @7 EH@ CFEE66D )96C6 :D 2 42CG65
:G@CJ 7C@> 9:?2 C6AC6D6?E:?8 2 C2E DF4<:?8 2? 688 2?5 E96C6 :D
=2DEM9 92M2 32== @7 4CJDE2= 2D 3:8 2D 2 362? D6E :? 8@=5 =627L 6
4=2AA659:D92?5D2EE964=@D6LL
E >2J :?E6C6DE E96 C6256C E@ <?@H E92E E96 >@CE:7:65 56762E65 :> D@
AC@7:E65 3J E96 6IA6C:6?46 E92E 96 >2?2865 7:?2==J E@ @FE5@ E96 ?2E:G6
3@J 2E 9:D @H? 82>6 2?5 3J D@ 5@:?8 2C@FD65 E96 ;62=@FDJ @7 E96 =2EE6C
E@ DF49 2? 6IE6?E E92E 96 EC:65 E@ >FC56C :> E >2J 2=D@ :?E6C6DE E96
C6256C E@ 962C E96 7:?2= 25G:46 E@ :> C682C5:?8 E96D6 6I6C4:D6D 8:G6?
3J @=5 !FC82? (29:3 2D 7@==@HD )96 D64C6E 4@?D:DED :? 5@:?8 :E >2?J
E:>6D@G6CE:==:E:D5@?6A6C764E=J7@C:E:DH@CE95@:?8
D@>6 2DA64E H9:49 ?@ @?6 92D J6E D66? @C 56D4C:365 ? 6G6CJE9:?8 E96C6
:D DE:== D@>6 DA@E F?6IA=@C65 3642FD6 H6 2C6 244FDE@>65 @?=J E@ FD6 @FC
6J6D H:E9 E96 C64@==64E:@? @7 H92E @E96CD 367@C6 FD 92G6 E9@F89E @? E96
DF3;64E H9:49 H6 4@?E6>A=2E6 )96 D>2==6DE @3;64E 4@?E2:?D D@>6E9:?8
F?<?@H? :?5 :E )@ 56D4C:36 2 7:C6 E92E 7=2>6D 2?5 2 EC66 @? 2 A=2:?
=@@< <66A =@@<:?8 2E E92E 7=2>6 2?5 E92E EC66 F?E:= :? J@FC 6J6D E96J
92G6 =@DE 2== C6D6>3=2?46 E@ 2?J @E96C EC66 @C 2?J @E96C 7:C6 )92E :D E96
H2JE@364@>6@C:8:?2=
"2FA2DD2?E 255D 2G:?8 =2:5 5@H? E9:D ECFE9 E92E E96C6 2C6 ?@E :?
E96 H9@=6 H@C=5 EH@ 8C2:?D @7 D2?5 EH@ DA64<D EH@ 92?5D @C EH@ ?@D6D
6I24E=J 2=:<6 =2F36CE 4@>A6==65 >6 E@ 56D4C:36 :? 2 76H A9C2D6D 2 36:?8
@C 2? @3;64E :? DF49 2 >2??6C 2D E@ 5:DE:?8F:D9 :E 7C@> 2== @E96C @3;64ED @7
E96 D2>6 C246 @C E96 D2>6 DA64:6D ,96? J@F A2DD 2 8C@46C D62E65 2E 9:D
D9@A 5@@C 2 ;2?:E@C D>@<:?8 9:D A:A6 2 DE2?5 @7 924<?6J 4@2496D D9@H
>6 E92E 8C@46C 2?5 E92E ;2?:E@CME96:C 2EE:EF56 E96:C H9@=6 A9JD:42= 2A
A62C2?46M6>3C24:?8 =:<6H:D6 2D :?5:42E65 3J E96 D<:==7F=?6DD @7 E96
A:4EFC6 E96:C H9@=6 >@C2= ?2EFC6 D@ E92E 42??@E 4@?7@F?5 E96> H:E9
2?J @E96C 8C@46C @C 2?J @E96C ;2?:E@C "2<6 >6 D66 :? @?6 H@C5 E92E 2
46CE2:? 423 9@CD6 5@6D ?@E C6D6>3=6 E96 7:7EJ @E96CD E92E 7@==@H @C AC6
4656:E
3"- &.".*"- ",/&+*
)96 DEF56?E H9@ H:== >2DE6C E96 AC:?4:A=6D F?56C=J:?8 E96 :?4:56?ED C6
=2E65 :? 56E2:= :? E96 AC6465:?8 492AE6C D9@F=5 36 23=6 E@ :?G6?E 2?5 E@
AC6D4C:36 6I6C4:D6D :? A6C46AE:G6 677:4:6?4J 7@C 9:>D6=7 7@C E96 AC:?4:A=6D
2C6 D@ 86?6C2= 2?5 F?:G6CD2= E92E 2 H62=E9 @7 AC24E:42= 7@C>D @7 2AA=J:?8
E96> H:== 36 E9@F89E @7 3J E96 DEF56?E A@DD6DD:?8 E96 4@?DECF4E:G6
:>28:?2E:@?
3!-%.! ?E6C 2 C@@> 2?5 E2<6 2 42C67F= =@@< 2C@F?5 J@F 6?562G@C
:?8 E@ A6C46:G6 2?5 @3D6CG6 2D >2?J E9:?8D 2D A@DD:3=6 E92E 2C6 4@?E2:?65
E96C6:? )96? =62G6 E96 C@@> 2?5 HC:E6 5@H? 2 =:DE @7 H92E J@F 92G6 C6
>6>36C65 7E6C 2 E:>6 C6EFC? E@ E96 C@@> 2?5 4@>A2C6 J@FC =:DE H:E9
E96 2CE:4=6D 24EF2==J :? E96 C@@> )96? 8@ @FE @7 E96 C@@> 2?5 >2<6 FA 2
D64@?5 =:DE :?4=F5:?8 E96 @=5 2D H6== 2D E96 ?6H E9:?8D @3D6CG65 '6A62E
E9:D 2 ?F>36C @7 E:>6D E2<:?8 42C6 2=H2JD ?@E E@ 72E:8F6 J@FCD6=7ME2<6
E:>6 E@ C6DE J@FCD6=7 2E 2?J DE286 @7 E96 6I6C4:D6 D J@F AC@8C6DD ?@E6
?@E @?=J E96 2CE:4=6D :? E96 C@@> 3FE 2=D@ E96 D92A6 D:K6 2?5 86?6C2=
7@C> @7 E96 C@@> E96 =@42E:@? @7 5@@CD 2?5 H:?5@HD E96 =@42E:@? @7 A:4
EFC6D 2?5 564@C2E:@?D E96 H2==A2A6C H:?5@H D9256D 7:C6A=246 6E4 ?
D9@CE A6CD6G6C6 F?E:= J@F 42? 7FC?:D9 2 4@>A=6E6 5:28C2> @7 E96 C@@>
2D H6== 2D 2 4@>A=6E6 =:DE 2?5 56D4C:AE:@? @7 :ED 4@?E6?ED )CJ E9:D 6IA6C:
>6?E :? J@FC @H? C@@> :7 J@F =:<6 3J D@ 5@:?8 J@F H:== 5:D4@G6C 9@H
=:EE=6 J@F C62==J <?@H 23@FE :ED C62= 2AA62C2?46 @C 4@?E6?ED 6E 24BF2:?
E65 H:E9 J@FC C@@> 2?5 2E E96 D2>6 E:>6 56G6=@A J@FC A@H6C @7 %6C46A
E:@?2?5J@FC>6>@CJM7@CE92EH:==36E9624EF2=C6DF=E
3!-%.! ,2=< 2=@?8 E96 DEC66E 2?5 @3D6CG6 4=@D6=J D@>6 3F:=5:?8
H9:49 J@F A2DDM 2 9@FD6 @C D9@A @C J@FC @H? C6D:56?46 7@C E92E >2E
E6C )96? C6EFC? E@ J@FC C@@> 2?5 ?@E6 42C67F==J @? A2A6C 2== E92E J@F
92G6 @3D6CG65 23@FE E92E 3F:=5:?8 )96? =2E6C @? C6EFC? E@ E96 3F:=5:?8
2?5 >2<6 2 4@>A2C:D@? H:E9 J@FC =:DE )96? >2<6 2 ?6H =:DE :?4=F5:?8
@=5 2?5 ?6H A@:?ED 5:D4@G6C65 2?5 D@ @? 2D H6 92G6 5:C64E65 :? E96 AC6
465:?8 6I6C4:D6 ? E9:D 2?5 D:>:=2C 6I6C4:D6D J@F H:== 7:?5 :E 25G:D23=6
2?5 96=A7F= E@ AC@4665 7C@> D:>A=6 E@ 4@>A=6IM7C@> 86?6C2= 2DA64ED E@
56E2:=D .@F H:== 2=D@ 7:?5 :E 2 8C62E 2:5 E@ 4=2DD:7J 2D J@F AC@4665 >2<
:?8 8C@FAD 2?5 4=2DD6D @7 @3D6CG65 56E2:=D 2?5 A@:?ED @C :?DE2?46 7:CDE
E2<6 :? E96 86?6C2= 2AA62C2?46 @7 E96 3F:=5:?8 :ED D:K6 D92A6 2?5 7@C>
)96? C682C5 :ED 86?6C2= 4@=@CD496>6 6E4 )96? E2<6 ?@E6 @7 :ED 5@@CD :ED
H:?5@HD H@C<:?8 5@H? E@ 8C62E6C 2?5 8C62E6C 568C66 @7 56E2:= 2?5 E@
D>2==6C 4=2DD6D 2D J@F AC@4665 ? D9@CE AC@4665 E@ 2?2=JK6 J@FC @3;64E
2?5 E96? 3F:=5 :E FA 2D 2 H9@=6 7C@> J@FC 2?2=JD:D 7E6C J@F 92G6 7:?
:D965 J@FC 4@?D:56C2E:@? @7 @?6 3F:=5:?8 E2<6 FA E96 @?6 ?6IE E@ :E 2?5
D@ @? F?E:= J@F 42? 4@CC64E=J 56D4C:36 6G6CJ 3F:=5:?8 @? E96 3=@4< $C :7
J@F =:<6 4@?7:?6 J@FCD6=7 E@ 4@C?6C 3F:=5:?8D 2?5 E9FD >2<6 2 >6?E2=
86@8C2A9J@72?JDEC66E@C=@42=:EJJ@F>2JD6=64E
.@F H:== 36 DFCAC:D65 E@ D66 9@H C2A:5=J J@F H:== 24BF:C6 677:4:6?E %6C
46AE:@? :? E9:D H@C< 7E6C 2 E:>6 J@F H:== 364@>6 23=6 E@ D:K6 FA 2
3F:=5:?8 72:C=J H6== 2E 2 D:?8=6 8=2?46 2?5 2=>@DE F?4@?D4:@FD=J ? 724E
>2?J 3F:=56CD 2C49:E64ED 2?5 @E96CD :?E6C6DE65 :? 3F:=5:?8D 5@ E9:D G6CJ
E9:?8 7C@> 24BF:C65 923:E 2?5 H:E9@FE 4@?D4:@FD :?E6?E:@? !:<6H:D6
E96 D9@6>2<6C 86?6C2==J E2<6D 2 92DEJ 8=2?46 2E E96 766E @7 E96 A2DD6CD
3J H:E9@FE 4@?D4:@FD=J C62=:K:?8 ;FDE H92E 96 :D 5@:?8 3FE ?6G6CE96=6DD
E2<:?8 7F== ?@E6D @7 2?JE9:?8 2?5 6G6CJE9:?8 @7 :>A@CE2?46 4@?46C?:?8
J@FC 7@@E862C )96 92EE6C 5@6D E96 D2>6 E9:?8 :? C6=2E:@? E@ E96 9625862C
@7 E96 A2DD6CD3J )96 6IA=2?2E:@? @7 4@FCD6 =:6D :? E96 724E @7 :?E6C6DE2E
E6?E:@? 2?5 2EE6?E:@?:?E6C6DE >2?:76DE:?8 :? %6C46AE:@? 5:C64E65 E@H2C5
@3;64ED 4@??64E65 H:E9 E96 @3D6CG6CLD 86?6C2= @C A2CE:4F=2C :?E6C6DE E :D
D276 E@ D2J E92E J@F J@FCD6=7 2=C625J 92G6 24BF:C65 E9:D 923:E @7 @3D6C
G2E:@? 4@?46C?:?8 E96 E9:?8D >@DE :?E:>2E6=J 4@??64E65 H:E9 J@FC 3FD:
?6DD @C AC@76DD:@?2= :?E6C6DED @C J@FC A2CE:4F=2C EC256 @C @44FA2E:@? )96
E9:?8D H9:49 3C:?8 J@F 2 AC@7:E :? >@?6J @C :? A=62DFC6 :?G2C:23=J 9@=5
J@FC :?E6C6DE 2?5 E96C67@C6 2EEC24E J@FC 2EE6?E:@? 2?5 E9FD 42FD6 J@F E@
>2?:76DE>@C6@C=6DD677:4:6?E%6C46AE:@?4@?46C?:?8E96>
)96 DEF5J @7 7246D :D 2? 6I46==6?E EC2:?:?8 2?5 6I6C4:D6 7@C E96 56G6=@A
>6?E @7 67764E:G6 %6C46AE:@? )96 DEF5J @7 E96 86?6C2= @FEH2C5 492C24E6C
:DE:4D @7 A6CD@?D E96:C >2??6C @7 H2=<:?8 DA62<:?8 6E4 2D H6== 2D E96:C
4=@E9:?8 H:== 36 7@F?5 E@ 36 6I46==6?E >2E6C:2= 7@C 6I6C4:D6D @7 E9:D <:?5
2?5 H:== 36D:56D 36 @7 AC24E:42= G2=F6 E@ J@F :? J@FC @C5:?2CJ 6G6CJ52J
3FD:?6DD@CAC@76DD:@?2==:76:?H9:49J@F>66E5:776C6?EA6CD@?D
)96 AC6D6?E HC:E6C A6CD@?2==J <?@HD 2 G6CJ 6I46==6?E =25J H9@ 4@?
DE2?E=J 4@>A=2:?D E92E D@>6E9:?8 >FDE 36 E96 >2EE6C H:E9 >6 7@C 42?
?@E 962C 2 E9:?8 E92E :D E@=5 >6M>J 962C:?8 >FDE 36 72:=:?8 FE @?6
@3D6CG:?8 96C 6IAC6DD:@? @7 4@F?E6?2?46 H96? D96 :D =:DE6?:?8 E@ E96
H9:DA6C65 D64C6ED @7 @E96CD :? 96C ?62C G:4:?:EJ 42? D66 2E @?46 E92E D96 :D
7F==J 4@8?:K2?E @7 H92E :D 36:?8 D2:5 6 @?46 A=2J65 2 C2E96C >62? EC:4<
FA@? E9:D =25JMAFC6=J 2D 2 >2EE6C @7 D4:6?E:7:4 :?E6C6DE 9@H6G6C ? E96
>:5DE @7 @FC 4@?G6CD2E:@? 96 :?E6C;64E65 2 C6?49 ?@?D6?D6 G6CD6
FEE6C65 :? 2 >@?@E@?@FD D@=6>? 6>A92E:4 E@?6ME96 G6CD6 36:?8
D@>6E9:?8 =:<6 @?6 @7 "@E96C @@D6 @?=J :7 2?JE9:?8 DE:== >@C6 ?@?
D6?D:42= )96 8@@5 =25J =@@<:?8 2E 9:> 62C?6DE=J C6A=:65 A6C764E=J
28C66 H:E9 J@F %C@76DD@C :? 724E 92G6 2=H2JD 96=5 AC64:D6=J E96 D2>6
G:6HD (96 925 ?@E C62==J 962C5 2 H@C5 E92E 925 366? D2:5 76H >@
>6?ED =2E6C 96 =@H6C65 9:D G@:46 D@ E92E :E H2D =:EE=6 >@C6 E92? 2 >FC
>FC 2?5 2EEC24E:?8 96C 4=@D6 2EE6?E:@? E@=5 96C 2 =:EE=6 3:E @7 DA:4J 8@DD:A
23@FE @?6 @7 96C C:G2=D (96 962C5 6G6CJ H@C5 5:DE:?4E=J H:E9@FE E96
D=:89E6DE EC@F3=6 2?5 2?DH6C65 9:> BF:E6 :?E6==:86?E=J E H2D 2== 2 >2E
E6C @7 E96 568C66 @7 2EE6?E:@? 8:G6? E@ E96 C6>2C<D :? 6:E96C 62D6 ,6 ECFDE
E92E E96 C6256C H:== D66 E96 A@:?E @7 E9:D 2?5 H:== AC@7:E 3J E96 >@C2= 4@?
E2:?65E96C6:?
? 2== @7 E96 7@C68@:?8 6I6C4:D6D 2?5 DF886DE:@?D J@F H:== ?@E:46 6G6C
AC6D6?E E96 @?6 D2>6 AC:?4:A=6 :6 E96 AC:?4:A=6 @7 2EE6?E:@?:?E6C6DE
2?5 :?E6C6DE2EE6?E:@? 55 E@ E9:D 6I6C4:D6 2?5 5:=:86?E AC24E:46 2?5 J@F
H:== 92G6 E96 H9@=6 E9:?8 :? 2 ?FED96== )96 G6CJ D:>A=:4:EJ @7 E96 D64C6E
42FD6D >2?J E@ 72:= E@ G2=F6 :E AC@A6C=JM3FE 96C6 2D :? >2?J @E96C
E9:?8DE968C62E6DEECFE9D2C6E96D:>A=6DE2EE96=2DE2?2=JD:D
)96 7@==@H:?8 86?6C2= CF=6D 2?5 E96 4@>>6?ED E96C6@? C682C5:?8 E96
%C24E:46 @7 %6C46AE:@? 6G6=@A>6?E H:== 96 7@F?5 G6CJ FD67F= E@ E96 DEF
56?E:742C67F==JDEF5:652?5E96AC:?4:A=6E96C6@78C2DA65
:>AC6DD:@? @7 E96 >2:? AC:?4:A=6D @7 E96 E9@F89E :? BF6DE:@? J@F 42? 27
E6CH2C5 3F:=5 =2J6C 27E6C =2J6C @7 A6C46AE:@?D 4@?46C?:?8 E96 56E2:=D :?
4:56?ED2?52DD@4:2E65724ED4@?46C?:?8E96>2:?AC:?4:A=6
0'! !6E J@FC AC:>2CJ A6C46AE:@?D 4@?D:DE @7 E96 >2:? 724ED A@:?ED
AC:?4:A=6D 7@C> 2?5 492C24E6C:DE:4D @7 E96 E9:?8 @3D6CG65 2G@:5:?8 E@@
>2?JF?:>A@CE2?E56E2:=D2EE92E>@>6?E
? 24BF:C:?8 A6C46AE:G6:>AC6DD:@?D @7 2 E9:?8 H9:49 J@F H:D9 E@ F?
56CDE2?5 2?5 <?@H D6=64E E96 3:8 724ED 7@C J@FC AC:>2CJ H@C< $C
492?8:?8 E96 7:8FC6 @7 DA6649 J@F D9@F=5 5C2H :? J@FC >:?5 E96 3C@25
H:56 @FE=:?6D @7 E96 E9:?8 :?E@ H9:49 J@F 42? 7:== E96 =:EE=6 56E2:=D @7 DF3
D6BF6?E A6C46AE:@?D ? =62C?:?8 23@FE 2 9@FD6 368:? H:E9 E96 86?6C2=
@FE=:?6D 2?5 2AA62C2?46 2?5 E96? 7:== :? E96 56E2:=D @7 J@FC A:4EFC6 ?
DEF5J:?8 2 EC66 7:CDE D66 :E 2D 2 H9@=6 E96? DEF5J :ED ECF?< E96? :ED
3C2?496D E96? :ED EH:8D E96? :ED =62G6D 6E4 :? ?2EFC2= @C56C (EF5J E96
H9@=6 72>:=J E96? E96 8C@FAD E96C6@7 2?5 E96? E96 A2CE:4F=2C :?5:G:5F
2=D == DF3;64ED @C @3;64ED >2J 36 DEF5:65 :? E9:D H2J 7@C E96 AC:?4:A=6 :D
42A23=6@7F?:G6CD2=2AA=:42E:@?
E :D 2D 92D 366? D2:5 2 8C62E 36?67:E E@ C66I2>:?6 2? @3;64E 7@C E96
AFCA@D6 @7 :?E6?D:7J:?8 @FC @C:8:?2= :>AC6DD:@? @7 :E ? E9:D H2J E96 @C:
8:?2= :>AC6DD:@? :D DEC6?8E96?65 2?5 H6 2=D@ 255 ?6H 56E2:=D @7 A6C
46AE:G6 :>AC6DD:@? 3J E9:D C6A62E65 C676C6?46 E@ 2?5 6I2>:?2E:@? @7 E96
@3;64E :ED6=7 ? 724E @?6 >2J AC24E:42==J 65F42E6 9:>D6=7 @? 2 DF3;64E @C
@3;64E :? E9:D H2J FE E9:D 7@C> @7 E96 C6G:G2= @7 E96 A6C46AE:G6 :>AC6D
D:@?D :>A@CE2?E 2D :E :D >2J 36 >2E6C:2==J C6:?7@C465 3J E96 D:>A=6 C6
G:G2= :? 4@?D4:@FD?6DD @7 E96 @C:8:?2= :>AC6DD:@?D H:E9@FE 2 C676C6?46 E@
E96 @3;64E :ED6=7 J E2<:?8 E96 :>AC6DD:@? :?E@ E96 7:6=5 @7 4@?D4:@FD?6DD
3J E96 24E:@? @7 E96 >6>@CJ E96 :>AC6DD:@? :D 8:G6? 56AE9 2?5 DEC6?8E9
H9:49 :E H@F=5 @E96CH:D6 =24< ,6 ?665 ?@E 6?E6C :?E@ 2 E649?:42= 4@?D:5
6C2E:@? @7 E96 ADJ49@=@8:42= C62D@? 7@C E96 724E ;FDE DE2E65 :E :D 6?@F89 E@
D2J E92E 2== ADJ49@=@8:DED C62=:K6 E92E E96 56AE9 2?5 DEC6?8E9 @7 2
A6C46AE:G6:>AC6DD:@? 2C6 8C62E=J 25565 E@ 3J E9:D C6G:G2= :? 4@?D4:@FD
?6DDH:E9@FEC676C6?46E@E96@C:8:?2=@3;64E
5:4E:@?2CJ H:E9@FE 2?J 2EE6>AE E@ 5C2H @? 9:D DE@C652H2J :>AC6DD:@?D
4@?46C?:?8 E96 DF3;64E H9:=6 E96 D64@?5 5@6D D@ 5C2H FA@? 9:D DE@C65
2H2J:>AC6DD:@?D2?5C676CDE@E963@@<@?=JH96?96:DF?23=6E@C642==
E96 7@C>6C ,9:49 4=2DD @7 A6CD@?D H:== 24BF:C6 E96 566A6DE 2?5 DEC@?86DE
:>AC6DD:@?D @7 E96 A2CE:4F=2C DF3;64ED C676CC65 E@ 2? E96C6 96 2?J
5@F3E2DE@E964@CC64E2?DH6C
? E96 2AA=:42E:@? @7 E9:D CF=6 H:== 36 7@F?5 E96 AC@@7 @7 E96 @=5 D49@@=
C@@> 25286 E92E ? F?C64:E65 =6DD@? :D @?=J 92=7 =62C?65 2?5 :D D@@?
7@C8@EE6?
,6 D92== 5676C @FC 4@>>6?ED @? E9:D CF=6 F?E:= H6 4@?D:56C E96 %C:?
4:A=6 @7 DD@4:2E:@? :? 2?@E96C 492AE6C @7 E9:D 3@@< ,6 42== J@FC 2EE6?
E:@? 96C6 9@H6G6C E@ E96 724E E92E :? 7@C>:?8 E96D6 2DD@4:2E:G6 =:?<D 2?5
E:6DJ@F2C62=D@4=2DD:7J:?8E96:>AC6DD:@?2D25G:D65:?'F=6
)96 CF=6 6>3@5:6D 2 H6==6DE23=:D965 ADJ49@=@8:42= AC:?4:A=6 @>
>@? 6IA6C:6?46 AC@G6D E92E :? >2?J 42D6D 2 A6C46AE:G6 :>AC6DD:@? :D
8C62E=J :?E6?D:7:65 :7 :E :D 3F:=E FA @7 A6C46AE:@?D 2CC:G:?8 E9C@F89 5:776C
6?E D6?D6 492??6=D )9:D :D H6== :==FDEC2E65 3J E96 AC@46DD6D @7 >6>@C:K
:?8 46CE2:? 7@C>D @7 A6C46AE:@?D @C :?DE2?46 E96 >2;@C:EJ @7 A6CD@?D
7:?5 :E 62D:6C E@ C6>6>36C ?2>6D ?F>36CD 6E4 :7 E96J 2=D@ 2C6 23=6 E@
D66 E96 AC:?E65 @C HC:EE6? H@C5 2E E96 D2>6 E:>6 E92E E96J 962C E96 ?2>6
@C ?F>36C DA@<6? "2?J A6CD@?D 92G6 =62C?65 E96 25G2?E286 @7 HC:E:?8
5@H? ?2>6D ?F>36CD 6E4 H9:49 E96J H:D9 E@ >6>@C:K6 27E6C 92G:?8
962C5 E96> DA@<6?ME96 HC:EE6? >6>@C2?5F> E96? 36:?8 56DEC@J65
)96C6 2C6 E9C66 D6?D6D :?G@=G65 :? DF49 2 AC@46DD @7 :>AC6DD:@?DE@C:?8
G:K
E96 D6?D6 @7 962C:?8 E96 D6?D6 @7 D:89E 2?5 E96 D6?D6 @7
>FD4F=2C >@E:@? H9:49 :D 2 7@C> @7 E@F49 D6?D2E:@? )96 7:CDE EH@ 2C6 72
>:=:2C E@ J@F 3FE E96 E9:C5 :D =:<6=J C2E96C F?72>:=:2C FE J@F C62==J C6
46:G6 2?5 DE@C6 2H2J :>AC6DD:@?D C646:G65 E9C@F89 E9:D 492??6= 7@C :?
DE2?46 H6 4@F=5 ?@E HC:E6 H2=< D<2E6 @C FD6 E96 ?665=6 <?:76 2?5 7@C<
@C E96 EJA6HC:E6C 5:5 H6 ?@E 24BF:C6 2?5 C642== :>AC6DD:@?D E9C@F89 E9:D
492??6= ,6 =62C? E@ A6C7@C> >@E:@?D 923:EF2==J 2?5 2=>@DE F?4@?
D4:@FD=J D:>A=J 3J >62?D @7 E96 A6C46AE:G6:>AC6DD:@?D C646:G65 2?5 :?
4C62D65:?DEC6?8E92?5A@H6C3JC6A6E:E:@?E9C@F89E9:D492??6=
? >J H@C< @? "6>@CJ )C2:?:?8 92G6 42==65 2EE6?E:@? E@ E96 42D6
@7 2 AFA:=M2 >65:42= DEF56?E AC6A2C:?8 7@C 6I2>:?2E:@?MH9@D6 D6?D6
@7 E96 A6C46AE:@? @7 ?2>6D H2D H62< 2?5 H9@ 4@?D6BF6?E=J 925 2
A@@C >6>@CJ 7@C E96 ?2>6D @7 E9:?8D )9:D DEF56?E 9@H6G6C 925 2 C6
>2C<23=J DEC@?8 D6?D6 @7 6J6A6C46AE:@? E@@< 25G2?E286 @7 E96 =2EE6C
724E 2?5 C62==J 6?23=65 9:> E@ A2DD 9:D 6I2>:?2E:@? H:E9 7=J:?8 4@=@CD 3J
C62D@? @7 E96 D2>6 H96C62D @E96CH:D6 96 H@F=5 F?5@F3E65=J 92G6
72:=65 7:I65 :? 9:D >:?5 2 4=62C A6C46AE:@? @7 E96 ?2>6D @7 E96 AC:?4:A2=
>FD4=6D @7 E96 3@5J E96 AC:?4:A2= ?6CG6D 2?5 E96 3@?6D @7 E96 9F>2?
D<6=6E@? 3J 92G:?8 9:> AC6A2C6 2 =2C86 492CE @7 E96D6 E9:?8D 6249 :? :ED
AC@A6C A=246 H:E9 E96 ?2>6D @7 6249 4=62C=J >2C<65 :? =2C86 =6EE6CD FA@?
:E D@ 2D E@ A@D:E:G6=J :56?E:7J :E E96? E2F89E 9:> E@ >2<6 2 DEC@?8 4=62C
A@D:E:G6 G:DF2=:K2E:@? @7 E9:D 492CE D@ AC6A2C65 D@ E92E 96 4@F=5 42== E96
H9@=6 A:4EFC6 @C D6C:6D @7 A:4EFC6D 367@C6 9:D >6?E2= G:D:@? 2E H:==
,96? 6I2>:?2E:@?52J 2CC:G65 96 D:>A=J 42==65 367@C6 9:D >6?E2= G:D
:@? E96 D6C:6D @7 A:4EFC6D @?6 2E 2 E:>6 H96? ?66565 6249 3@?6 >FD4=6
2?5 ?6CG6 92G:?8 :ED AC@A6C =236= 277:I65 :? E96 A:4EFC6 )96 J@F?8 >2?
H2D AC24E:42==J =6EE6C A6C764E :? E9@D6 A2CE:4F=2C 3C2?496D 925 2=D@
AC6A2C65 7@C 9:> 2 DJDE6> @7 492CED C6=2E:?8 E@ @E96C DF3;64ED :? H9:49 2
DJDE6> @7 4=2DD:7:42E:@? H2D 7@==@H65 2?5 96 >2?2865 E@ G:DF2=:K6 E96D6
2=D@ H:E9 6I46==6?E C6DF=ED E :D A=62D2?E E@ 36 23=6 E@ C6A@CE E92E 9:D 7F
EFC6 =:76 D9@H65 E92E E9:D DJDE6> 925 8C62E=J DEC6?8E96?65 9:D A6C46AE:G6
A@H6CD2?5?2EFC2==J2=D@9:D>6>@CJ
2?5 492C24E6C:DE:4D @7 E96 E9:?8 6IAC6DD65 3J E96 ?2>6 E :D G6CJ >F49
92C56C E@ E9:?< @7 E9:?8D 7@C H9:49 H6 92G6 ?@ ?2>6D E92? @7 E9@D6 2D
D@4:2E65 :? @FC >:?5D H:E9 ?2>6D #2>6D 2?5 H@C5D 2C6 E96 4@F?E6CD
H:E9 H9:49 H6 A=2J E96 82>6 @7 E9:?<:?8 ,:E9@FE H@C5D :E H@F=5 36
G6CJ 5:77:4F=E :7 ?@E :?5665 :>A@DD:3=6 E@ E9:?< :?E6==:86?E=J FA@? >@DE
DF3;64ED D E9@F89E AC@8C6DD6D ?2>6D 2C6 4@:?65 E@ 4CJDE2==:K6 E96
:562D G@:5 E96 E9:?82>23@3 @C LLH92EJ@F>2J42==6>LL >6E9@5D @7
E9:?<:?8 )9:?< :? 2D 4=62C E6C>D 2D A@DD:3=6 2?5 J@FC E9@F89E 4FCC6?ED
H:==36=:<6H:D64=62C
*/! D 4=62C 566A 2?5 DEC@?8 %6C46AE:@? :D @?6 @7 E96 6DD6?E:2= 6=6
>6?ED @7 2? 77:4:6?E "6>@CJ :E 7@==@HD E92E H92E6G6C H:== 4F=E:G2E6 %6C
46AE:@? H:== E6?5 E@ :>AC@G6 E96 "6>@CJ )96C67@C6 E96 AC24E:46 @7 E96
AC:?4:A=6D 2?5 CF=6D @7 77:4:6?E %6C46AE:@? 2D 8:G6? :? E9:D 492AE6C H:==
:?6G:E23=JC6DF=E:?8C62E=J:>AC@G:?8E96"6>@CJ@7E96DEF56?E
%"./"-4#)+/&+*
)96 2G6C286 A6CD@? :D =:<6=J E@ C682C5 E96 6>@E:@?2= A92D6 @7 >6?E2=
24E:G:EJ 2D >6C6=J 2? :?4:56?E2= 2?5 DF3@C5:?2E6 @?6 6 :D :? E96 923:E @7
E9:?<:?8 E92E >6? 2?5 H@>6? 8@ E9C@F89 =:76 8F:565 3J E96:C C62D@?
2?5 :?E6==64E DE66C:?8 E96:C 32C< 3J E96 4@>A2DD @7 F?56CDE2?5:?8 2?5
;F58>6?E 96 :D 2AE E@ E9:?< E92E H9:=6 E96J 6IA6C:6?46 >@C6 @C =6DD 66=
:?8 2?5 >@E:@? 2D E96:C 32C< @7 =:76 AC@4665D @? :ED ;@FC?6J DE:== E96D6
A=2J 3FE 2 DF3@C5:?2E6 2?5 4@>A2C2E:G6=J F?:>A@CE2?E A2CE :? E96 H@C<
@7>2AA:?8@FE2?5DE66C:?8E964@FCD6@7E96D9:A
FE E96 23@G6 DE2E65 86?6C2= @A:?:@? @7 E96 2G6C286 >2? :D D25=J :? 6C
C@C ?DE625 @7 36:?8 2? F?:>A@CE2?E 2?5 DF3@C5:?2E6 A92D6 @7 E96 >6?
E2= =:76 @7 E96 :?5:G:5F2= E96 ADJ49@=@8:DE <?@HD 66=:?8 2?5 >@E:@? E@
36 E96 8C62E :?46?E:G6D E@ 24E:@? 2?5 E96 8C62E >@E:G6A@H6C @7 >6?E2=
2?5 A9JD:42= >2?:76DE2E:@?D G6? ?E6==64E E92E DFAA@D65 >@?2C49 @7
E96 >6?E2= H@C=5 C62==J :D F?56C E96 E9F>3 @7 E92E A@H6C 369:?5 E96
E9C@?6 H9:49 H6 <?@H 2D 66=:?8 2?5 >@E:@? #@E @?=J 5@ H6 24E 24
4@C5:?8 E@ @FC 766=:?8D 3FE :? >@DE 42D6D H6 2=D@ E9:?< 244@C5:?8 E@
E96> ?DE625 @7 C62D@?:?8 4@=5=J 2?5 H:E9@FE AC6;F5:46 H6 C62==J 86?
6C2==J C62D@? 2=@?8 E96 =:?6D @7 @FC DEC@?8 766=:?8D ?DE625 @7 7:?5:?8 C62=
C62D@?D 7@C @FC 24E:@?D H6 FDF2==J D66< >6C6=J 7@C 6I4FD6D E@ ;FDE:7J
@FC24E:@?D:?244@C52?46H:E9@FC766=:?8D
HC:E6C 92D D2:5 @? E9:D A@:?E )96C6 2C6 3FE 76H A6CD@?D H9@ 2C6
23=6 E@ 56E249 E96>D6=G6D 6G6? :? 2 D>2== 568C66 7C@> E96:C 766=:?8D D@
2D E@ 564:56 BF6DE:@?D 4@=53=@@565=J 3J AFC6 C62D@? @C :?E6==64EF2= 67
7@CE "@C6@G6C E96C6 2C6 3FE 76H A6CD@?D H9@D6 H:==D 2C6 8F:565 3J AFC6
C62D@? E96:C 766=:?8D DFAA=J E96 >@E:G6 7@C E96 >2;@C:EJ @7 E96 24ED @7
H:== )96 :?E6==64E 6G6? H96? FD65 :D 86?6C2==J 6>A=@J65 E@ 36EE6C 42CCJ
@FE E96 5:4E2E6D @7 66=:?8 2?5 6D:C6 "F49 @7 @FC C62D@?:?8 :D A6C
7@C>65 :? @C56C E@ ;FDE:7J @FC 766=:?8D @C E@ 7:?5 AC@@7D 7@C E96 A@D:E:@?
5:4E2E65 3J @FC 56D:C6D 766=:?8D DJ>A2E9:6D AC6;F5:46D @C D6?E:>6?ED E
92D366?D2:5E92EL>6?D66<?@EC62D@?D3FE6I4FD6D7@CE96:C24E:@?DL
2C6 C62==J E96 >2E6C:2= 7C@> H9:49 H6 H62G6 @FC E9@F89ED :E 7@==@HD E92E
@FC E9@F89ED 2?5 :562D 2C6 =2C86=J 56E6C>:?65 3J @FC ?E6C6DE ?5
H96? H6 368:? E@ 2?2=JK6 ?E6C6DE H6 7:?5 E92E :E :D E96 49:=5 @7 66=:?8
2?5 >@E:@? ,6 =:<6 46CE2:? E9:?8D 2?5 @FC ?E6C6DE 7@==@HD @FC =:<6D
E96? @FC EE6?E:@? 7@==@HD @FC ?E6C6DE 2?5 @FC %6C46AE:@? 7@==@HD @FC
EE6?E:@? 2?5 @FC E9@F89ED 2?5 :562D 2C6 3F:=E FA @FE @7 @FC %6C46A
E:@?D (@ H6 7:?5 E92E @FC E9@F89ED 2?5 :562D 92G6 366? :?7=F6?465 6G6?
367@C6E96:C3:CE93J66=:?82?5>@E:@?
HC:E6C D2JD @7 E9:D 66=:?8 8F2C5D E96 G6CJ @FE6C 82E6 @7 <?@H
=6586 2?5 56E6C>:?6D =2C86=J H92E D92== @C D92== ?@E 6?E6C E96C6:? E :D
@?6 @7 E96 4@?DE2?E=J 2AA62C:?8 A2C25@I6D @7 ADJ49@=@8J E92E H9:=6 766=
:?8D 92G6 @C:8:?2==J 2C:D6? 7C@> 2EE6?E:@? :E :D 6BF2==J ECF6 E92E 2EE6?E:@?
56A6?5D =2C86=J FA@? E96 :?E6C6DE C6DF=E:?8 7C@> E96 766=:?8D )9:D :D
C625:=J 25>:EE65 :? E96 42D6 @7 :?G@=F?E2CJ 2EE6?E:@? H9:49 2=H2JD 8@6D
@FE E@H2C5 @3;64ED @7 :?E6C6DE 2?5 766=:?8 3FE :E :D =:<6H:D6 ECF6 @7 6G6?
G@=F?E2CJ 2EE6?E:@? H9:49 H6 5:C64E E@ D@>6E9:?8 @7 8C62E6C @C >@C6
?62C=JF=E:>2E6:?E6C6DEE92?E96E9:?8D@7>@C6:>>65:2E6:?E6C6DELL
?@E96C HC:E6C D2JD J 2? 24E @7 H:== >2J C6D@=G6 E@ EFC? >J 2EE6?
E:@? E@ D@>6E9:?8MD2J 2 A2DD286 :? 2 3@@< FE :7 27E6C E96 AC6=:>:?2CJ
AC@46DD @7 25;FDE>6?E @7 E96 >6?E2= 6J6 E96 @3;64E @A6?D FA ?@ :?E6C6DE
:?8 A92D6 2== E96 H:==:?8 :? E96 H@C=5 H:== ?@E AC@5F46 2 42=> D6EE=65
DE2E6 @7 4@?46?EC2E:@? )96 H:== :?EC@5F46D >:?5 2?5 @3;64E 3FE :E 42? ?@E
7@C46 2? 2EE249>6?E 36EH66? E96> #@ 4@>AF=D:@? @7 2EE6?E:@? 6G6C DF4
466565 :? >2<:?8 2 J@F?8 49:=5 4@C5:2==J 6>3C246 2?5 2AAC@AC:2E6 3J
2? 24E @7 4@?46?EC2E:@? 2? F?DF:E23=6 2?5 E96C67@C6 F?:?E6C6DE:?8 @3;64E
,6 E9FD D66 E92E 6G6? G@=F?E2CJ 2EE6?E:@? :D ?@E C6>@G65 7C@> E96 DH2J
@7 :?E6C6DE ,92E E96 H:== 5@6D :D E@ 56E6C>:?6 E96 <:?5 @7 :?E6C6DE E92E
D92==AC6G2:=2EE96>@>6?E
)96 >6>@CJ 2D :D H6== <?@H? H:== DE@C6 2H2J 2?5 C642== >@C6 C625:=J
E96 :E6>D H9:49 AC@G6 :?E6C6DE:?8 E@ E96 766=:?8D E92? E9@D6 H9:49 2C6 E96
4@?EC2CJ (@ ECF6 :D E9:D E92E :E :D @?6 @7 E96 42C5:?2= A@:?ED @7 >6>@CJ
EC2:?:?8 E92E @?6 D9@F=5 6?562G@C E@ 2C@FD6 2? :?E6C6DE :? E96 E9:?8D E@
36 C6>6>36C65 @C 2E =62DE E@ 2DD@4:2E6 E96> H:E9 E9:?8D H9:49 2C6 :?E6C
6DE:?8 !:<6H:D6 ADJ49@=@8:DED <?@H E92E E96 :>28:?2E:@? AC676CD E@
H@C< H:E9 :?E6C6DE:?8 >2E6C:2=D DE@C65 2H2J :? E96 >6>@CJ 2?5 FDF2==J
32=<D H96? C6BF:C65 E@ 3F:=5 H:E9 >2E6C:2=D @7 E96 @AA@D:E6 492C24E6C ?
E96D6 EH@ 7:6=5D @7 >6?E2= 24E:G:EJ ?E6C6DE 2?5 4@?D6BF6?E=J 66=:?8 :D
E96 AC:?4:A2= 56E6C>:?:?8 724E@C ?5 2D @FC E9:?<:?8 :D =2C86=J 56A6?5
6?E FA@? E96D6 EH@ A92D6D @7 >6?E2= 24E:G:EJ :E :D D66? E92E 66=:?8 :D 2==
:>A@CE2?E:?564:5:?8H92EH6D92==E9:?<@7
?5 ?@E @?=J H92E H6 D92== E9:?< @7 3FE 2=D@ 9@H H6 D92== E9:?< :D
D66? E@ 36 56E6C>:?65 3J @FC 66=:?8D D 2 HC:E6C D2JD $FC ;F58>6?ED
2C6 27764E65 3J @FC 766=:?8D E :D >F49 62D:6C E@ 2AAC@G6 @7 E96 24E:@?D @7
D@>6 A6CD@? H9@> H6 =:<6 @C H9@D6 G:6HD 244@C5 H:E9 @FC @H? E92?
@7 2? :?5:G:5F2= H9@D6 A6CD@?2=:EJ 2?5 G:6HD 2C6 5:DE2DE67F= E@ FD E :D
G6CJ 5:77:4F=E E@ AC6G6?E AC6;F5:46 7@C @C 282:?DE 2?JE9:?8 7C@> :?7=F6?
4:?8 @FC ;F58>6?ED E :D 2=D@ ECF6 E92E LH6 7:?5 E92E 7@C H9:49 H6 =@@<L :?
E9:?8D 2?5 A6CD@?D 2?5 E92E H9:49 H6 6IA64E 2?5 =@@< 7@C :D @7E6? 56
A6?56?E FA@? @FC 766=:?8D 7 H6 5:D=:<6 2 A6CD@? @C E9:?8 H6 FDF2==J
A6C46:G6 ?@ 6?5 @7 F?56D:C23=6 BF2=:E:6D :? 9:> @C :E H9:=6 :7 H6 2C6 72
G@C23=J :?4=:?65 H6 62D:=J 7:?5 >2?J 25>:C23=6 BF2=:E:6D :? E96 D2>6
A6CD@? @C E9:?8 =:EE=6 492?86 :? @FC 766=:?8 @7E6? C6DF=ED :? E96 7@C>2
E:@?@72?6?E:C6=J?6HD6E@7;F58>6?EDC682C5:?82A6CD@?@CE9:?8
?@E96C HC:E6C D2JD $? E96 @?6 92?5 E96 6>@E:@?D 2C6 72G@C23=6 E@
:?E6==64EF2= 24E:@? D:?46 E96J DFAA=J E96 :?E6C6DE @?6 766=D :? DEF5J $?6
>2J 766= :?E6?D6=J 4@?46C?:?8 2 46CE2:? DF3;64E 2?5 36 2== E96 36EE6C DEF
56?E 6?46 E96 6>@E:@?D 2C6 ?@E 2D H2D 7@C>6C=J E9@F89E 6?E:C6=J 9@D
E:=6 E@ :?E6==64EF2= 24E:@? >@E:@? @7E6? BF:4<6?D E96 A6C46AE:@? 3FC?D
E9:?8D :?56=:3=J :?E@ E96 >6>@CJ 2?5 5@F3=6D E96 C2A:5:EJ @7 E9@F89E
$? E96 @E96C 92?5 DEC@?8 766=:?8D @7E6? G:E:2E6 6G6CJ @A6C2E:@? @7 E96
:?E6==64E
)96J 42FD6 FD E@ D66 H92E H6 H:D9 E@ E@ C6>6>36C @?=J H92E :?
E6C6DED @FC ?2CC@H 766=:?8 2E E96 E:>6 2?5 E@ C62D@? 7C@> D6=7:D9 52E2
@?=J >@E:@? AFED E96 >28?:7J:?8 6?5 @7 E96 E6=6D4@A6 E@ @FC :?E6==64EF
2= 6J6D H96C6 @FC @H? :?E6C6DED 2C6 4@?46C?65 E96 >:?:>:K:?8 6?5 H96?
H6 2C6 =@@<:?8 2E E96 :?E6C6DE @7 @E96CD )9@F89E :D 567=64E65 H96? :E
A2DD6D E9C@F89 2? 6>@E:@?2= >65:F> ;FDE 2D 2 DF?362> :D H96? :E
DEC:<6DH2E6CLL
?5 7:?2==J H96? H6 4@>6 E@ 4@?D:56C E92E 9:89 >6?E2= A92D6 H9:49
H6 42== E96 H:== H6 7:?5 E92E :E :D AC24E:42==J 6?E:C6=J 56A6?56?E FA@?
E96 56D:C6 >6?E2= DE2E6D 7@C :ED >@E:G6A@H6C )96 H:== @A6C2E6D :? 24
4@C52?46 H:E9 E96 DEC@?86DE 56D:C6 @7 E96 >@>6?E @C E96 2G6C286 @7 E96
DEC@?86DE 56D:C6D @7 E96 >@>6?E 2?5 6D:C6 :D E96 @77DAC:?8 @C
56G6=@A>6?E @7 66=:?8 2?5 >@E:@? (@ E92E :? E96 6?5 E96 H:== :D A6C
46:G65 E@ 56A6?5 FA@? E96 766=:?8 2?5 6>@E:@?2= A92D6D @7 >6?E2= 24E:G
:EJ7@C:ED:?4:E:?8>@E:G6D2?57@C:ED5:C64E:@?
%2CE:4F=2C=J :? :ED A92D6 @7 6D:C6 5@6D E96 "2DE6C ":?5 >2<6 FD6 @7
66=:?8 2?5 >@E:@? 6D:C6 >2J 36 D2:5 E@ 36 4@?46?EC2E65 66=:?8 6
7@C6 H6 42? 92G6 2>3:E:@? @C 2DA:C2E:@? E96C6 >FDE 36 56D:C6 67@C6 H6
42? >2?:76DE 4@FC286 @C 6?6C8J E96C6 >FDE 36 56D:C6 6D:C6 7@C
D@>6E9:?8 >FDE F?56C=:6 2== =:7624E:@?M 56D:C6 4@?D4:@FD @C DF34@?
D4:@FD 3DEC24E E9@F89E :D 2 4@=5 32C6 E9:?8 =24<:?8 G:E2=:EJ 2?5
H2C>E9M56D:C6 :D 7:==65 H:E9 =:76 E9C@33:?8 =@?8:?8 H2?E:?8 4C2G:?8
:?D:DE:?8 2?5 6G6C AC6DD:?8 7@CH2C5 :?E@ 24E:@? 6D:C6 :?5665 :D E96
>@E:G6 A@H6C @7 2== 24E:@? ,6 >2J 42== 56D:C6 3J E96 72G@C:E6 E6C>D @7
L2>3:E:@?L L2DA:C2E:@?L L=@?8:?8 7@C 2EE2:?>6?EL 6E4 3FE 56D:C6 :D 6G6C E96
32D:4 AC:?4:A=6 @7 2== =@?8:?8 2== H:D9:?8 2== H2?E:?8 ?5 E9:D 36:?8 D@
=6E FD ?@H 4@?D:56C E96 ?2EFC6 @7 E92E C@@E @7 56D:C6 H9:49 H6 42== 66=
:?82?5>@E:@?
H6 92G6 6IA6C:6?465 766=:?8D :7 H6 925 ?6G6C 6IA6C:6?465 E96D6 H6
H@F=5 ?@E 36 23=6 E@ F?56CDE2?5 H92E @E96CD >62?E H96? E96J FD65 E96
E6C> 2?5 =:<6H:D6 H6 42? ?6G6C 6IA64E E@ 36 23=6 E@ 6IA=2:? E96 D2>6 E@
2?J@E96CA6CD@?6I46AE:?C6=2E:@?E@9:D@H?6IA6C:6?46DE96C6@7
66=:?8D >2J 2C:D6 7C@> 6:E96C 2 @?6LD @H? 3@5:=J DE2E6D @C 6=D6 3
7C@> :562D 2=C625J :? E96 >:?5 @C 42==65 :?E@ 4@?D4:@FD?6DD 3J E96
D6?D6:>AC6DD:@?D 42FD65 3J @FED:56 E9:?8D 3J E96 =2H @7 2DD@4:2E:@?
!:<6H:D6 766=:?8D 2C6 D2:5 E@ 36 42A23=6 @7 >62DFC6>6?E 244@C5:?8 E@
E96 DE2?52C5D @7 2 BF2=:EJ @C 3 BF2?E:EJ ? 3@E9 @7 E96D6 >62DFC6
>6?ED E96 32D:4 DE2?52C5 @7 A=62D2?E?6DD 2?5 F?A=62D2?E?6DD :D :?
G@=G65 @7 4@FCD6 ?5 E96D6 DE2?52C5D 2C6 4@?DE2?E=J 36:?8 FD65 3J FD
:?56E6C>:?:?8E96?2EFC6@7@FC766=:?8D
HC:E6C 92D D2:5 == 7@C>D @7 A=62DFC6 2?5 A2:? 2C6 42==65 766=:?8D
6EH66? E96 A=62DFC6 H9:49 4@>6D 7C@> 62E:?8 2 A6249 2?5 E92E H9:49
C6DF=ED 7C@> D@=G:?8 2 5:77:4F=E AC@3=6> @C =62C?:?8 8@@5 ?6HD @7 2
7C:6?5 @C E9@F89E @7 E96 AC@8C6DD @7 4:G:=:K2E:@?M36EH66? E96 A2:? E92E
C6DF=ED 7C@> 2 4FE :? E96 92?5 2?5 E92E H9:49 C6DF=ED 7C@> E96 72:=FC6 @7
2 =@?8 496C:D965 A=2? @C E96 562E9 @7 2 7C:6?5ME96C6 :D 2 =@?8 5:DE2?46
FE E96 @?6 8C@FA 2C6 2== A=62DFC6D E96 @E96C 2== A2:?D ?5 H92E6G6C
E96 D@FC46 @7 E96 A=62DFC6 @C E96 A2:? :E :D 2=:<6 766=:?8 ?@E96C HC:E6C
92D D2:5 )96 766=:?8D 56A6?5:?8 FA@? 3@5:=J DE2E6D 2C:D6 6:E96C 7C@> :?
96C:E65 E6?56?4:6D 2?5 :?4=:?2E:@?D @C 7C@> 24BF:C65 923:ED 2?5 6IA6C:
6?46 A9JD:42= 24E:G:EJ E92E 92D 364@>6 E96 923:E @7 E96 C246 2?5 H9:49
92D 366? 4@?5F4:G6 E@ E96 H6=72C6 @7 E96 C246 :? E96 A2DE E6?5D E@H2C5
A=62DFC23=6 766=:?8 :? E96 :?5:G:5F2= 2D 7@C :?DE2?46 9F?E:?8 7:D9:?8
EC2G6=:?8 DH:>>:?8 6E4 2D H6== 2D E96 7F?52>6?E2= H2?ED @7 E96 A9JD
:42= @C82?:D> DF49 2D 62E:?8 5C:?<:?8 C6DE D=66A 6E4 "2?J @7 @FC E6?5
6?4:6D 2?5 766=:?8D 2C6 :?96C:E65 :? E9:D H2J )96 766=:?8D 56A6?5:?8
FA@? :562D H9:49 >2J 2=D@ 2C:D6 7C@> :?96C:E2?46 2?5 >2?J @7 @FC
>6?E2= E6?56?4:6D 2?5 :562D 92G6 4@>6 5@H? E@ FD 7C@> E96 A2DE :? E9:D
H2J
$E96C 766=:?8D 2C:D:?8 7C@> :562D 2?5 >6>@C:6D 56A6?5 FA@? @FC :?
5:G:5F2= A2DE 6IA6C:6?46 :?7=F6?465 =2C86=J 3J 2DD@4:2E:@? DF886DE:@?
2?5 D:>:=2C 42FD6D )96 :562=D @7 E9@D6 2C@F?5 FD 92G6 2 564:565 :?7=F
6?46 FA@? @FC 766=:?8D 4@?46C?:?8 46CE2:? E9:?8D 4@?46C?65 E96C6H:E9
E96 7@C46 @7 DF886DE:@? 2=@?8 E96D6 =:?6D 2C6 G6CJ >2C<65 #@E @?=J 5@
H6 6IA6C:6?46 766=:?8D :? C6DA@?D6 E@ AC6D6?E D6?D2E:@?D 3FE E96 C64@==64
E:@? @7 D@>6 AC6G:@FD 6IA6C:6?46 >2J 2=D@ 2C@FD6 766=:?8 ? 724E 766=
:?8D @7 E9:D <:?5 2C6 4=@D6=J 3@F?5 FA H:E9 >6>@CJ 2?5 :>28:?2E:@?
%6CD@?D @7 2 G:G:5 :>28:?2E:@? 2C6 2AE E@ 766= >@C6 <66?=J E92? 5@ @E9
6CD E96J DF776C >@C6 2?5 6?;@J >@C6 $FC DJ>A2E9:6D H9:49 56A6?5
=2C86=J FA@? @FC :>28:?2E:G6 A@H6C 2C6 E96 42FD6 @7 >2?J @7 @FC 766=
:?8D@7E9:D<:?5
? >@C6 4@>A=6I >6?E2= DE2E6 42==65 >@E:@? ?5 ;FDE 2D AA6C46AE:@?
?646DD:E2E6D E96 AC6D6?46 @7 C6AC6D6?E2E:G6 :562D :6 E96 :562D 2C:D:?8 :?
>6>@CJ @C :>28:?2E:@? D@ 5@6D >@E:@? C6BF:C6 E96 AC6D6?46 E96C6@7
"@C6@G6C 66=:?8 >2J 2C:D6 7C@> 6:E96C 2 3@5:=J DE2E6 @C 2? :562 H9:=6
>@E:@? 2D 2 CF=6 :D 56A6?56?E FA@? 2? :562 7@C :ED 7F== 6IAC6DD:@? 2?5
A2CE:4F=2C=J7@C:ED5:C64E:@?2?54@?E:?F2?46
66=:?8 2?5 >@E:@? C6249 E96:C 9:896DE A@:?E :? E96 >6?E2= DE2E6
H9:49 H6 42== 6D:C6 66=:?8 2?5 >@E:@? 2C6 6DD6?E:2==J :??6C DE2E6D
H9:=6 :? 6D:C6 H6 7:?5 2 DE2E6 @7 E6?D:@? :? H9:49 E96 :??6C DE2E6 D66<D E@
EC2?D7@C> :ED6=7 :?E@ 2? @FE6C 24E:@? 66=:?8 2?5 >@E:@? >2J 36 4@>
A2C65 E@ E96 4@?5:E:@? @7 DE62> :? 2? 6?8:?6 367@C6 E96 AC6DDFC6 :D DF77:
4:6?E E@ 86?6C2E6 E96 A@H6C ?646DD2CJ E@ >@G6 E96 6?8:?6 H96? E96 AC6D
DFC6 364@>6D DF77:4:6?E=J DEC@?8 E96 DE62> 368:?D E@ H2?E E@ 7:?5 6I
AC6DD:@? :? 24E:@? 2?5 244@C5:?8=J DEC:G6D E@ 7@C46 :ED6=7 :?E@ E96 >6492?
:D> @7 24E:@? ,9@6G6C 92D 76=E E96 AC6DDFC6 @7 2 DEC@?8 6D:C6M2?5 H9@
92D?@EMH:==2AAC64:2E6E967:E?6DD@7E9:D:==FDEC2E:@?
6D:C6 :D E96 8C62E >@E:G6 A@H6C @7 =:76 E :D E96 8C62E :?46?E:G6 E@ 24
E:@? >2? :D =2C86=J H92E E96 BF2=:EJ 2?5 568C66 @7 9:D 56D:C6D 92G6 =65
9:> E@ 36 6D:C6 :D E96 7:C6 H9:49 AC@5F46D E96 DE62> @7 24E:@? #@ >2E
E6C 9@H H6== 6BF:AA65 :?E6==64EF2==J 2 >2? >2J 36M?@ >2EE6C 9@H
8C62E >2J 36 9:D A@H6CD @7 A6C46AE:@? C62D@? ;F58>6?E 2?5 5:D4C:>:?
2E:@?M:E :D ECF6 E92E F?=6DD 96 2=D@ A@DD6DD6D 2 DEC@?8 56D:C6 7@C 244@>
A=:D9>6?E E96 @E96C 724F=E:6D H:== ?6G6C 36 3C@F89E :?E@ 24E:@? 6D:C6 :D
E96 8C62E :?4:E6C @7 >6?E2= 2?5 A9JD:42= 24E:G:E:6DME96 2C@FD6C @7 E96
H:==
#@E @?=J :D @FC =:76 =2C86=J 56E6C>:?65 3J E96 ?2EFC6 2?5 BF2=:EJ @7
@FC 56D:C6D 3FE @FC 244@>A=:D9>6?ED 2?5 2EE2:?>6?ED 56A6?5 G6CJ >2
E6C:2==J FA@? E96 568C66 @7 @FC 56D:C6D )96 BF2=:EJ @7 56D:C6 56E6C>:?6D
:? H92E >6?E2= A2E9 H6 D92== EC2G6= 3FE E96 568C66 56E6C>:?6D 9@H 72C
H6 D92== EC2G6= )96 >2;@C:EJ @7 A6CD@?D >2?:76DE 3FE =:EE=6 56D:C6ME96J
H2?E >2?J E9:?8D :E :D ECF6 3FE E96J 5@ ?@E H2?E E96> 92C5 6?@F89
)96:C 56D:C6D 6?5 :? >6C6 H:D9:?8 2?5 H2?E:?8ME96J 5@ ?@E C6249 E96
DE286 @7 24E:@? 6D:C6 F?6IAC6DD65 :D =:<6 DE62> :? 2 3@:=6C E92E 92D ?@E
C624965 E96 7F== :?E6?D:EJ C6BF:C65 E@ 5C:G6 E96 6?8:?6 ?4C62D6 E96 :?
E6?D:EJ 2?5 568C66 2?5 E96 DE62> CFD96D @FE 2?5 :? 2 >@>6?E E96 A:D
E@?D2C6>@G:?82?5E96H966=DC6G@=G:?8
)96 8C62E >6? :? 2== H2=<D @7 =:76 92G6 A@DD6DD65 DEC@?8 56D:C6D 7@C 2E
E2:?>6?E 244@>A=:D9>6?E A@DD6DD:@?ME96 AC:?4:A=6 36:?8 E96 D2>6 :?
2== E96D6 42D6D )96:C 56D:C6 H2D @7 DF49 2 568C66 E92E :E C624965 E96 6I
A=@D:G6 A@:?E 2?5 >2?:76DE65 :? 24E:@? E :D 86?6C2==J E2F89E E92E ,:== :D
E96 8C62E >@E:G6 A@H6C @7 E96 >:?5 FE E9:D :D ?@E 4@CC64E F?=6DD :E :D
2=D@ DE2E65 E92E ,:== :D 3FE E96 24E:G6 A92D6 @7 56D:C6 6D:C6 :D E96 >@E:G6
A@H6C E92E :>A2CED E96 6?6C8J E@ E96 24E:@? )96 H:== :D >@C6 =:<6 2 8F:5
:?8 5:C64E:?8 7@C46 H9:49 2AA=:6D E96 6?6C8J @7 E96 56D:C6 ,:== :D 4@=5
2?5 DE66=JM56D:C6 :D 8=@H:?8 H:E9 962E )96 H:== >2J 2?5 5@6D 8F:56
5:C64E C6DEC:4E 9@=5 324< 2?5 6G6? 56DEC@J E96 56D:C6 :? D@>6
42D6DM3FE?6G6CE96=6DD56D:C6DFAA=:6DE966?6C8J7@C24E:@?
#@ >2EE6C 9@H DEC@?8 2 H:== E96 :?5:G:5F2= >2J 92G6 F?=6DD 96 92D 2
DEC@?8 56D:C6 E@ FD6 E96 H:== 96 H:== ?@E FD6 :E #@ >2EE6C 9@H 4=62C=J 2
>2? >2J D66 9@H 2 E9:?8 >2J 36 5@?6 ?@ >2EE6C 9@H H6== 9:D C62D@?
2?5 ;F58>6?E >2J A@:?E @FE E96 H2J ?@ >2EE6C 9@H 4=62C 2? :>28:?2
E:@? 96 >2J A@DD6DD E@ A:4EFC6 E96 A=2? @7 E96 24E:@?M F?=6DD 96 36 A@D
D6DD65 @7 E96 56D:C6 E@ 24E 2?5 E92E :? 2 8@@5=J 568C66 E96? E96C6 H:== 36
?@ 24E:@? )96 :?5:G:5F2= H9@ 2==@HD 9:D 56D:C6D E@ >2DE6C 9:> :D E@ 36
A:E:65M96 2=2D :D ?@E 2 "2DE6C ":?5 FE E9:D :D ECF6 @7 E96 8C62E >2;@C
:EJ @7 E96 C246 H9@ 2C6 DH2J65 E9:D H2J 2?5 E92E H2J 3J E96:C 56D:C6D
2?5 H9@ 92G6 ?@E 2D J6E 24BF:C65 E96 2CE @7 DF3>:EE:?8 E96:C 56D:C6D E@
E96 ;F58>6?E @7 E96:C C62D@? 2?5 E96 4@?EC@= @7 E96:C H:== )96 >2? H9@
92D 24BF:C65 E96 2CE @7 4@?EC@==:?8 2?5 5:C64E:?8 9:D 56D:C6D 92D EC2G6=65
72C @? E96 C@25 E@ 2EE2:?>6?E @C E@ DF49 2 >2? 56D:C6 364@>6D 2 72:E9
7F= 2?5 677:4:6?E D6CG2?E :?DA:C:?8 24E:@? 2?5 :?E6C6DE 2?5 E96C67@C6 2==
E96@E96C>6?E2=724F=E:6D
== 766=:?8 E6?5D E@ 6I4:E6 56D:C6 ? @?6 2DA64E 56D:C6 :D 766=:?8 :? 2?
@E96C 56D:C6 :D H:== @C 2? 24E:G6 E6?D:@? H9:49 A2DD6D :>A6C46AE:3=J :?E@
H:== @H D92== H6 5:DE:?8F:D9 36EH66? 766=:?8 2?5 H:== )96C6 :D ?@
>@C6 AC64:D6 =:?6 @7 56>2C42E:@? E92? 6I:DED 36EH66? E96 E=2?E:4 $462?
2?5 2G:D (EC2:E )96 5:77:4F=EJ @7 D6A2C2E:?8 766=:?8 7C@> H:== :D 6DA6
4:2==J 8C62E 3642FD6 E96C6 D@ @7E6? D66>D E@ 36 ?@ 3C62< 36EH66? E96 EH@
AC@46DD6D ,96?6G6C E96C6 :D :? 6>@E:@? 2 >@E@C 6=6>6?E H9:49 E6?5D E@
8@ @FE :? 24E:@? E92E 6=6>6?E :D H:== ? D@>6 6>@E:@?D E96 G@=F?E2CJ
6=6>6?E >2J 36 D@ D>2== 2D E@ 3277=6 56E64E:@? 3FE E96 86C>D :D E96C6 E
E96 E9C6D9@=5 @7 6249 9:896C 24E @7 H:== DE2?5D 56D:C6 )9:D :D 2 4@>A=6I
>6?E2= DE2E6 2?5 :E 4@?E2:?D E96 6=6>6?ED @7 3@E9 6>@E:@? 2?5 H:== ?
6G6CJ DE2E6 @7 56D:C6 :D
4@?D4:@FD 766=:?8 2?5 4@?D4:@FD E6?D:@?
H9:4962D:=JA2DD6D:?E@24E:@?
)96C6 92G6 366? >2?J 2EE6>AED E@ 567:?6 6D:C6 %6C92AD E96 36DE 2?5
4=62C6DE :? :ED 2?2=JD:D @7 E96 6DD6?E:2= BF2=:E:6D @7 6D:C6 :D E92E @7 2=
=64< E96 ADJ49@=@8:DE H9@ 92D 7FC?:D965 ADJ49@=@8J H:E9 E96 7@==@H:?8
567:?:E:@? 6D:C6 92D 7@C :ED @3;64E D@>6E9:?8 E92E H:== 3C:?8 A=62DFC6 @C
86E C:5 @7 A2:? :>>65:2E6 @C C6>@E6 7@C E96 :?5:G:5F2= @C 7@C D@>6@?6
6=D6 :? H9@> 96 :D :?E6C6DE65 G6CD:@? @C 2 DEC:G:?8 2H2J 7C@>
D@>6E9:?8:D>6C6=JE96?682E:G62DA64E@756D:C6
2==64<2=D@6IA=2:?D9:D567:?:E:@?2D7@==@HD
6D:C6 :D ?@E 2=H2JD AC@A@CE:@?2= E@ E96 :562 @7 @?6LD @H? D6=7:D9
A=62DFC6 "2?J A6CD@?D 27E6C 7@C>:?8 2? :562 @7 E96 G2DE 2>@F?E @7
62CE9=J 5:DEC6DD 56D:C6 E@ C6=:6G6 :E 2?5 E96 56D:C6 8@6D @FE :? 24E:@? 2D
E96 36?6G@=6?E D@4:6E:6D :? 6G6CJ 4:EJ E6DE:7J 6C6 E96 :?5:G:5F2= A=62D
FC6 :D ?@E E96 =6DD C62= 3FE :D D64@?52CJ 4@>:?8 7C@> E96 A=62DFC6 @7 @E9
6CD )96 :562 @7 E96 ?62C @7E6? C2:D6D 2 DEC@?86C 56D:C6 E92? E96 C6>@E6
49:=5 7C6BF6?E=J AC676CD 2 E9:?8 :>>65:2E6=J :7 :E :D @?=J @?6E6?E9 2D
8@@5 2D D@>6E9:?8 96 >:89E 92G6 2 J62C 96?46 DEF56?E @7E6? 56D:C6D
>@C6 E96 =6:DFC6 @7 E@52J E92? E96 DF446DD @7 7FEFC6 J62CD )9@F89 25
>@?:D965 E@ DEF5J 96 H2DE6D 9:D E:>6 2?5 E9FD =@D6D :?4@>A2C23=J
8C62E6C 7FEFC6 A=62DFC6 H96? 96 :D E@DD65 E@ E96 C62C :? E96 DECF88=6 7@C
6I:DE6?46
E9:D >@?6J :? 5C:?< 96 H:== 36 D@F?5=J 362E6? 3J 9:D H:76 6 H2?ED E96
5C:?< 3FE 96 H2?ED E@ 6D42A6 E96 362E:?8M2?5 E96? 368:?D E96 7:89E @7
56D:C6D :? 9:D >:?5 6AA6 D2JD E@ 9:>D6=7 "J DE@>249 D2JD 5C:?< >J
324< D2JD D@2A 6AA6 92D 2 92C5 E:>6 ECJ:?8 E@ 564:56 H9:49 56D:C6 :D
DEC@?86DE 6 4@>A2C6D E96 :562 @7 E96 A=62DFC6 H:E9 E92E @7 E96 A2:?
2?5 EC:6D E@ 7:?5 @FE H9:49 :D E96 DEC@?86DE :? 9:D 56D:C6H@C=5 :?2==J 96
2D<D 9:>D6=7 D ?@E >J DE@>249 >@C6 E@ >6 E92? >J 324< )96? 96 2?
DH6CD 9:>D6=7 D2J J6D ?5 96 3FJD E96 5C:?< E9@F89 <?@H:?8 E92E
96 H:== 86E 2 362E:?8 7C@> 9:D H:76 H96? D96 42E496D 9:> FE 2D 2 HC:E6C
92D H6== D2:5 6AA6LD 564:D:@? E@ 5C:?< >:89E ?@E 92G6 366? 42CC:65 :?E@
24E:@? 925 96 D66? 9:D H:76 H2:E:?8 7@C 9:> H:E9 2 4=F3 2E E96 E2G6C?
5@@C
D H6 92G6 D66? 9F>2? 36:?8D 2C6 >@G65 E@ 24E:@? 3J E96:C 66=:?8D
>@E:@?D 2?5 6D:C6DM2?5 E92E E96 6DD6?46 @7 E96 D2:5 >6?E2= DE2E6D
>2J 36 DF>>65 FA :? E96 DE2E6>6?E E92E "6? 24E 7C@> >@E:G6D @7 D64FC
:?8 E92E H9:49 H:== 3C:?8 E96> E96 8C62E6DE 2>@F?E @7 A=62DFC6 @C E96
=62DE 2>@F?E @7 A2:? :>>65:2E6 @C C6>@E6 7@C E96>D6=G6D @C 7@C @E96CD
:? H9@> E96J 2C6 :?E6C6DE65 ? D9@CE >6? 6G6C DEC:G6 7@C %=62DFC6
H9:49 >62?D E92E H9:49 A=62D6D 8C2E:7:6D D2E:D7:6D 4@>7@CED @C >2<6D
92AAJ ;@J@FD @C 8=25LL 2?5 2H2J 7C@> %2:? H9:49 >62?D E92E H9:49
5:DA=62D6D 72:=D E@ 8C2E:7J AC@5F46D 5:D4@>7@CE 2?5 5:DD2E:D724E:@? @C
>2<6D @?6 F?92AAJ D@CC@H7F= @C D25 %=62DFC6 :D 2=H2JD 2 AC@7:E E@ E96
:?5:G:5F2= 2?5 %2:? 2=H2JD 2 =@DD 2E =62DE :? E96 @C5:?2CJ 6DE:>2E:@?
E92E>6?A=246FA@?6>@E:@?2=G2=F6D
%"/"$+-&".#""(&*$
,6 92G6 D66? E92E 6D:C6 :D E96 8C62E >@E:G6 A@H6C H9:49 =625D E@
E9@F89E 2?5 24E:@? ,6 92G6 2=D@ D66? E92E 6D:C6 :D E96 6G@=G65 DE2E6 @7
66=:?8 2?5 6D:C6 )96C67@C6 367@C6 H6 42? :?E6==:86?E=J F?56CDE2?5
9@H E@ >2?286 2?5 4@?EC@= 5:C64E 2?5 8:G6 7@C46 E@ @FC 6D:C6D H6
>FDE 7:CDE F?56CDE2?5 D@>6E9:?8 23@FE E96 D92A6 7@C> 2?5 A=FD6D
H9:49 66=:?8 2?5 >@E:@? E2<6 FA@? E96>D6=G6D :? @FC >6?E2= H@C=5
"@DE @7 FD 92G6 G6CJ G28F6 :562D 23@FE E96 >2?J A92D6D @7 66=:?8 F?
56C H9:49 :E >2?:76DED :ED6=7 E@ FD ,6 2C6 2AE E@ E9:?< E92E 66=:?8 2?5
>@E:@? :D 4@?7:?65 E@ 2 4@>A2C2E:G6=J D>2== 4=2DD @7 DEC@?8 6>@E:@?D
2?5 A2DD:@?D 2?5 H6 :8?@C6 E96 >2?J @E96C 7@C>D @7 >2?:76DE2E:@?
H9:49:E2DDF>6D
,6 D92== ?@H AC6D6?E 7@C J@FC :?DA64E:@? E96 7@==@H:?8 =:DE @7 E96 D6G
6C2= 4=2DD6D @C 42E68@C:6D @7 66=:?8 2?5 >@E:@? 2== @7 H9:49 @7 4@FCD6
2C6 4@?DE2?E=J DEC:G:?8 E@ 6IAC6DD E96>D6=G6D :? 24E:@? 3J >62?D @7 E96
AC6DDFC62?5A@H6C@76D:C66C67@==@HDE96D2:5=:DE
=6>6?E2=66=:?8D
)967764E:@?D
(@4:2=66=:?8D
"@C2=66=:?8D
'6=:8:@FD66=:?8D
DE96E:466=:?8D
?E6==64EF2=66=:?8D
)96 766=:?8D 2?5 6>@E:@?D :? 6249 2?5 6G6CJ @?6 @7 E96 23@G6 42E68@C
:6D 2C6 7@F?5 E@ >2?:76DE :? EH@ 5:C64E:@?D A@D:E:G6 2?5 ?682E:G6 A92D6D
2D 7@==@HD
%@D:E:G6 %92D6 @7 (' 7@C E96 @3;64ED @7 E96 766=:?8 2?5
#682E:G6 %92D6 @7 ' E92E E96 :?5:G:5F2= >2J ?@E 2EE2:? @C >2J
=@D6 E96D6 @3;64ED ,6 ?@H AC6D6?E E@ J@FC 4@?D:56C2E:@? 6249 @7 E96
23@G64=2DD6D@766=:?82?5>@E:@?:?7FCE96C56E2:=
)96 =6>6?E2= 66=:?8D ? E9:D 42E68@CJ 2C6 7@F?5 E96 766=:?8D 2?5
6>@E:@?D H9:49 2C6 32D:4 2?5 6=6>6?E2= :? E96 9F>2? C246 2?5 H9:49
92G6 E@ 5@ H:E9 E96 AC6D6CG2E:@? @7 E96 =:76 @7 E96 :?5:G:5F2= >2? 9:D
A9JD:42= H6=72C6 2?5 86?6C2= >2E6C:2= 4@>7@CE ? E9:D 4=2DD @7 766=:?8D
E96C6 :D =:EE=6 @C ?@ 766=:?8 4@?46C?:?8 E96 H6=72C6 @C 92AA:?6DD @7 @E96CD
2D DF49 E96 766=:?8 >2?:76DE65 36:?8 492C24E6C:DE:42==J 68@E:DE:4 @C
D6=7:D9 ? E9:D 4=2DD H6 7:?5 E96 766=:?8D 4@?46C?65 H:E9 E96 D2E:D724E:@?
@7 9F?86C 2?5 E9:CDE E96 D64FC:?8 @7 4@>7@CE23=6 4=@E9:?8 E96 D64FC:?8
2?5 9@=5:?8 @7 4@>7@CE23=6 =:G:?8 BF2CE6CD @C A=246 @7 23@56 E96 6=6
>6?E2= D6IF2= :>AF=D6D E96 =FDE 7@C A9JD:42= A@H6C 2?5 DFA6C:@C:EJ 2?5
E96 DA:C:E @7 4@>32E 2?5 DEC:76 2C:D:?8 7C@> E96 @C:8:?2= D62C49 7@C 2?5
E96DF3D6BF6?ED64FC:?82?5C6E6?E:@?@7E96@3;64ED23@G6?@E65
? E9:D 4=2DD @7 766=:?8D H6 2=D@ 7:?5 E9@D6 4@?46C?65 H:E9 E96 A6CD@?2=
AC:56 @7 G2?:EJ @7 E96 :?5:G:5F2= 2?5 H9:49 92D E@ 5@ H:E9 9:D D6=7C6
82C5 G6? E96 >@DE 6=6>6?E2= D2G286 >2?:76DED 2 9:89 568C66 @7 G2?:EJ
2?5 :D 7:==65 H:E9 2 46CE2:? <:?5 @7 AC:56 ? 724E 6G6? D@>6 @7 E96 =@H6C
2?:>2=D >2?:76DE 6>@E:@?D @7 E9:D <:?5 (@>6 ADJ49@=@8:DED 92G6 EC2465
E9:D 6>@E:@? 324< E@ E96 56D:C6 @7 E9:D 6=6>6?E2= >2? E@ 6I4:E6 56D:C6 :?
@E96CD 3FE E96 766=:?8 :D AC@323=J >@C6 4@>A=6I E92? E9:D )9:D 6>@E:@?
42FD6D >6? 2?5 H@>6? E@ :?5F=86 :? >2?J 24E:@?D @E96CH:D6 F?6IA=2:?
23=6 2?5 :?4=F56D H:E9:? :ED =:>:ED E96 56D:C6 7@C A6CD@?2= 25@C?>6?E
2?5 7:?6CJME96 =2EE6C 36:?8 C682C565 3J D@>6 HC:E6CD 2D 92G:?8 2C:D6?
7C@> 2 56D:C6 E@ 2EEC24E >2E6D FE H92E6G6C >2J 92G6 366? E96 C@@ED @7
E9:D 4=2DD @7 766=:?8D E96J F?5@F3E65=J 255 >2E6C:2==J E@ E96 D6=7D2E:D
724E:@?@7E96:?5:G:5F2=2?5A=2J2?:>A@CE2?EA2CE:?9:D=:76
)96 7764E:@?D )96 766=:?8D H:E9:? E96 AC6D6?E 42E68@CJ >2J 36 C6
82C565 2D 92G:?8 6G@=G65 7C@> E9@D6 :? E96 AC6465:?8 42E68@CJ 5FC:?8
E96 AC@46DD @7 E96 6G@=FE:@? @7 E96 C246 C@> E96 6=6>6?E2= A2DD:@? @7
>2E:?8 92D 6G@=G65 E96 >F49 9:896C 7@C>D @7 27764E:@? 7@C E96 >2E6 2?5
E96 56D:C6 7@C 9:D @C 96C H6=72C6 2?5 4@>7@CE !:<6H:D6 7C@> E96 6=6>6?E
2= D6?D6 @7 @H?6CD9:A 2?5 E96 AC@E64E:@? E96C6@7 H9:49 :?4=F565 E96 @77
DAC:?8 E96C6 92D 6G@=G65 E96 9:896C A92D6D @7 =@G6 @7 2?5 56G@E:@? E@
@?6LD 49:=5C6? 6IE6?5:?8 :? >2?J 42D6D E@ E96 >2<:?8 @7 8C62E D24C:7:46D
7@CE96:CH6=72C6
HC:E6C D2JD @7 E9:D 4=2DD @7 27764E:@?D 2?5 E96 6G@=FE:@? E96C6@7 7C@>
>@C6 6=6>6?E2CJ 766=:?8D C@> :?DE:?4E:G6 D6IF2= =@G6 2?5 E96 C24:2= :?
DE:?4E 92G6 56G6=@A65 E96 9:896C 27764E:@? @7 >2? 7@C H@>2? 2?5 H@
>2? 7@C >2? :? 2== E96:C 362FE:7F= >2?:76DE2E:@?D 2?5 =:<6H:D6 E96 =@G6
@7 E96 A2C6?E 7@C E96 49:=5 )96 7:CDE >2?:76DE2E:@? @7 2=ECF:DE:4 766=:?8 H2D
6IAC6DD65 :? E96 =@G6 @7 E96 4C62EFC6 7@C :ED >2E6 2?5 :? E96 =@G6 @7 E96
A2C6?ED 7@C E96:C @77DAC:?8 ? 46CE2:? 7@C>D @7 =:76 H96C6 E96 2DD@4:2E:@?
@7 E96 D6I6D :D >6C6=J 7@C E96 >@>6?E 2?5 :D ?@E 7@==@H65 3J AC@E64E:@?
>FEF2= 2:5 2?5 4@>A2?:@?D9:A E96C6 :D 7@F?5 2? 23D6?46 @7 >FEF2= 27
764E:@? @7 2?J <:?5 E96 @?=J 766=:?8 36:?8 2? 6=6>6?E2= C6AC@5F4E:G6 :?
DE:?4E 3C:?8:?8 E96 >2=6 2?5 76>2=6 E@86E96C 7@C E96 >@>6?EM2? 2=>@DE
C67=6I24E:G:EJ
? E96 D2>6 H2J :? E96 42D6 @7 46CE2:? 2?:>2=D E96 C2EE=6D?2<6 7@C :?
DE2?46 :? H9:49 E96 J@F?8 2C6 23=6 E@ AC@E64E E96>D6=G6D 7C@> 3:CE9
E96C6 :D D66? 2 E@E2= 23D6?46 @7 A2C6?E2= 27764E:@? @C E96 C6EFC? 96C6@7
F>2? =@G6 36EH66? E96 D6I6D :? :ED 9:896C 2?5 =@H6C 568C66D :D 2
D >2? 25G2?465 :? E96 D42=6 9:D 27764E:@?2= 766=:?8D 6?=2C865 E96:C :?
4=FD:G6 4:C4=6 )96 4:C4=6 E@@< :? ?@E @?=J E96 >2E6 2?5 @77DAC:?8 3FE 2=D@
E96 ?62C6C C6=2E:@?D 2?5 E@ 2 =6DD6C 568C66 46CE2:? >6>36CD @7 E96 D2>6
EC:36M7C:6?5D 3682? E@ 36 C64@8?:K65 2?5 E96 27764E:@?2= 766=:?8 @7
7C:6?5D9:A 3682? E@ >2?:76DE :ED6=7 :? E96 C246 D E96 C246 92D 6G@=G65
E96 :?5:G:5F2= 92D E6?565 E@H2C5 766=:?8 2?5 >2?:76DE:?8 2 =2C86C 2?5
7F==6C 568C66 2?5 6IE6?E @7 E9:D 4=2DD @7 27764E:@?2= 766=:?8 "2?J :?5:
G:5F2=D H:== >2<6 8C62E D24C:7:46D 7@C C6=2E:@?D 2?5 7C:6?5D 2?5 :? ?F
>6C@FD :?DE2?46D E96 :?5:G:5F2= >2J 8@ D@ 72C :? E9:D 5:C64E:@? 2D E@ CF:?
9:>D6=73J>:DE2<6?2?5:==25G:D65<:?5?6DD:?E9:D5:C64E:@?
(@4:2= 66=:?8D )96 766=:?8D H:E9:? E96 AC6D6?E 42E68@CJ 2C6 2=D@ E96
@FE8C@HE9 @7 E96 6=6>6?E2= 766=:?8D 2C=J :? E96 9:DE@CJ @7 E96 C246 2?5
:? 724E :? E96 7@C>D @7 =:76 2?E652E:?8 E96 9F>2? C246 :E H2D 7@F?5 E92E :E
H2D >FEF2==J 25G2?E286@FD 7@C 2 ?F>36C @7 :?5:G:5F2=D E@ 7@C> :?
8C@FAD 7@C D6=7AC@E64E:@? 2?5 :?4C62D65 677:4:6?4J :? 9F?E:?8 2?5 @3
E2:?:?8 7@@5 )96 2?:>2=D C64@8?:K6 E9:D 3J E96:C 923:E @7 96C5:?8 @C
7@C>:?8 E96>D6=G6D :?E@ 7=@4<D ?5 >6? 3682? E@ 2DD@4:2E6 :? EC:36D
2?5 =2E6C :? ?2E:@?D "2? 3682? E@ 36 2 D@4:2= 2?:>2= 62C=J :? 9:D 9:D
E@CJ ?5 7C@> E96 >@C6 D:>A=6 766=:?8D 2DD@4:2E65 H:E9 E9:D 8C@FA:?8
92D 8C@H? E96 >@C6 4@>A=6I 2?5 9:896C D@4:2= 766=:?8D @7 E96 25G2?465
>6>36CD@7E96C246E@52J
? E96 42E68@CJ @7 E96 (@4:2= 66=:?8D 2C6 7@F?5 E9@D6 766=:?8D H9:49
2C6 4@?46C?65 H:E9 E96 86?6C2= H6=72C6 @7 E96 4@>>F?:EJ 2?5 @7 E96
DE2E6 H9:49 =625 E@ E96 A6C7@C>2?46 @7 H92E 2C6 76=E E@ 36 5FE:6D 2?5 @3
=:82E:@?D C:89E7F==J 5F6 E@H2C5 D@4:6EJ 2?5 @FC 76==@H>6? ? E9:D 42E
68@CJ 2C6 7@F?5 D@4:23:=:EJ =@G6 @7 4@>A2?:@?D9:A E6?56C?6DD E@H2C5
2DD@4:2E:@? 2?5 2=D@ 4:G:4 G:CEF6 =2H23:5:?8 24E:@?D 492C:EJ >FEF2=
2:5 E96 2==6G:2E:@? @7 A@G6CEJ 2?5 DF776C:?8 @7 @E96CD E96 6C64E:@? @7
2DJ=F>D @CA92?286D 2?5 9@>6D 7@C E96 2865 9@DA:E2=D 7@C E96 D:4< 2?5
2DD@4:2E:@? 7@C 86?6C2= 492C:E23=6 H@C< )96 >2?J 7@C>D @7 A2EC:@E:D>
2?5 56G@E:@? E@ @?6LD 4@F?ECJ 2C6 2=D@ 7@F?5 :? E9:D 4=2DD 2=E9@F89 E96C6
2C6@E96C6>@E:@?2=724E@CDAC6D6?E:?DF4942D6D
"@C2= 66=:?8D )96 766=:?8D H:E9:? E9:D 42E68@CJ 2=D@ 92G6 6G@=G65
7C@> E96 6=6>6?E2CJ 766=:?8D @7 E96 C246 )96J 2C6 4=@D6=J 3@F?5 FA H:E9
E96 (@4:2= 66=:?8D 2?5 >2J 36 C682C565 2D E96 6G@=FE:@? E96C6@7 @C 2D 2
A92D6 E96C6@7 )9:D 4=2DD @7 766=:?8D 2C:D6 7C@> 2 766=:?8 E92E @?6 @F89E
E@ @3D6CG6 46CE2:? 7@C>2= 4@56D @7 4@?5F4E @C 86?6C2= =2HD =2:5 5@H?
3J D@>6 DFA6C:@C 2FE9@C:EJ @C 6=D6 E24:E=J 25@AE65 2D AC@A6C 3J E96 86?
6C2=D@4:6EJ@7H9:49E96:?5:G:5F2=92AA6?DE@362>6>36C
? >2?J E96D6 766=:?8D 2C6 4=@D6=J 2DD@4:2E65 H:E9 E96 '6=:8:@FD 66=
:?8D 3FE E96C6 :D 2 5:DE:?4E:@? E@ 36 ?@E65 96C6 ,6 >2J 7:?5 A6CD@?D @7 2
G6CJ 9:89 568C66 @7 >@C2= 4@?5F4E 2?5 6E9:42= E6?56?4:6D H9@ >2J 36
=24<:?8 :? E96 C6=:8:@FD 6>@E:@?D ?5 E@@ @7E6? H6 7:?5 A6CD@?D H9@
AC@76DD 2?5 D66>:?8=J 6IA6C:6?46 >2C<65 568C66D @7 C6=:8:@FD 6>@E:@?
2?5 766=:?8 3FE H9@ 72== D9@CE @7 2596C:?8 E@ >2?J @7 E96 AC646AED @7 E96
9:896C >@C2=:EJ @7 E96:C E:>6D 2?5 4@F?ECJ FE :E :D @7 4@FCD6 ECF6 E92E
E96 9:896DE C6=:8:@FD E6249:?8D D66< E@ 6?4@FC286 9:89 6E9:42= 2?5 >@C2=
6>@E:@?D2?524E:@?D
)96 D2>6 HC:E6C :?E6C6DE:?8=J DE2E6D )96@=@8J 6IA=2:?D E96 >@C2= 766=
:?8D 2D C6DF=E:?8 7C@> 4@?D4:6?46 H9:49 :E 9@=5D E@ 36 2 DA64:2= 724F=EJ @7
E96 >:?5 @C D@F= 5:G:?6=J 8:G6? (4:6?46 H9:=6 25>:EE:?8 E96 6I:DE6?46
@7 E96 DE2E6 @7 766=:?8 H9:49 H6 42== L4@?D4:6?46L 2E E96 D2>6 E:>6 :8?@C6D
:ED 4=2:>65 DFA6C?2EFC2= @C:8:? 2?5 2D4C:36D :E E@ E96 67764ED @7 6G@=FE:@?
96C65:EJ 6IA6C:6?46 65F42E:@? DF886DE:@? 2?5 86?6C2= 6?G:C@?>6?E
@?D4:6?46 244@C5:?8 E@ E9:D =2DE G:6H :D 2 4@>A@F?5 @7 :?E6==64EF2= 2?5
6>@E:@?2= DE2E6D @?D4:6?46 E96C67@C6 :? E9:D G:6H :D ?@E 2? :?72==:3=6
8F:56 3FE 56A6?5D 6?E:C6=J FA@? E96 96C65:E2CJ 2?5 6?G:C@?>6?E2=
9:DE@CJ @7 E96 :?5:G:5F2= 2?5 244@>A2?:6D E96 >@C2= 2?5 6E9:42= 4@56D
2?54FDE@>D@7E96C2462E2?JA2CE:4F=2CDE286@7:ED9:DE@CJ
FE H92E6G6C @?6 >2J E9:?< 4@?46C?:?8 E96 @C:8:? @7 '6=:8:@FD 66=
:?8 76H H:== 5:DAFE6 E96 724E E92E E96 6DD6?46 E96C6@7 :D 2? :??6C 6IA6C:
6?46 C2E96C E92? 2? :?E6==64EF2= 4@?46AE:@? )96 6>@E:@?2= 6=6>6?E :D
?6G6C =24<:?8 :? E96 7F== C6=:8:@FD 6IA6C:6?46 2?5 >2?:76DE2E:@? AFC6=J
:?E6==64EF2= C6=:8:@? :D ?2F89E 3FE 2 A9:=@D@A9J C6=:8:@? H:E9@FE 766=:?8
2?5 6>@E:@? :D 2? 2?@>2=J 2?5 H@F=5 36 =:EE=6 >@C6 E92? 2 D49@@= @7
6E9:42= 4F=EFC6 D 2 HC:E6C 92D D2:5 ? 2== ECF6 C6=:8:@? E96C6 6I:DED 2
766=:?8 @7 :??6C 2DDFC2?46 2?5 72:E9 =@G6 2H6 56A6?56?46 DF3>:DD:@?
C6G6C6?468C2E:EF569@A6M2?5@7E6?762C2DH6==
HC:E6C D2JD )96 A@DD6DD:@? @7 E2DE6 :?DFC6D 8C246 2?5 362FEJ :? E96
H@C<D @7 2? 2CE:DE 2?5 E96 2G@:52?46 @7 2== E92E :D =@H 2?5 >62? E :D 2D
@7E6? E96 C6DF=E @7 2? :?>2E6 D6?D6 @7 362FEJ 2D @7 2CE 65F42E:@? 2?5 ?@
86?:FD 42? 4@>A6?D2E6 7@C E96 H2?E @7 :E )2DE6D 5:776C D@ >F49 2>@?8
:?5:G:5F2=D ?2E:@?D @C :? 5:776C6?E 286D 2?5 4@?5:E:@?D @7 4:G:=:K2E:@?
E92E :E :D FEE6C=J :>A@DD:3=6 E@ D6E FA 2 DE2?52C5 @7 E2DE6 2AA=:423=6 E@ 2==
>6?2?5E@2==DE286D@7D@4:6EJ
HC:E6C D2JD )96C6 2C6 72D9:@?D :? 2CE 2?5 >FD:4 2D :? 4=@E96D 2?5
H92E :D E9@F89E 362FE:7F= E@52J >2J 36 566>65 9:56@FD E@>@CC@H )9:D
:D ?@E 5F6 E@ E96 6G@=FE:@? @7 E2DE6 7@C :? >2?J 42D6D E96 @=5 72D9:@?D 2C6
C6G:G65 2?5 2C6 282:? 4@?D:56C65 362FE:7F= )96C6 :D >@C6@G6C E96 67
764E @7 E96 2DD@4:2E:@? @7 E96 @3;64E @7 6>@E:@? H:E9 46CE2:? 6G6?ED @C A6C
D@?D )96 2DD@4:2E:@? C6?56CD E96 E9:?8 A@AF=2C 2?5 E96C67@C6 28C6623=6
2?5 362FE:7F= 7@C E96 E:>6 36:?8 )96 DF886DE:@? :? 2 DE@CJ H:== @7E6?
42FD6 E96 362FEJ @7 2 46CE2:? D46?6 @C E96 92C>@?J @7 2 46CE2:? A:646 @7
>FD:4 E@ 52H? FA@? E9@FD2?5D @7 A6CD@?D (@>6 ?@E65 A6CD@? D6ED E96
D62= @7 2AAC@G2= FA@? 2 46CE2:? A:4EFC6 @C >FD:42= 4@>A@D:E:@? 2?5 =@
E96 >F=E:EF56 42==D :E 362FE:7F= E >FDE ?@E 36 DFAA@D65 9@H6G6C E92E
E96 4C@H5 2=H2JD 4@F?E6C76:ED E9:D D6?D6 @7 362FEJ 2?5 6I46==6?46 H9:49
92D 366? DF886DE65 E@ :E @? E96 4@?EC2CJ 86?F:?6 26DE96E:4 766=:?8 @7E6?
C6DF=ED7C@>E965:D4@G6CJD@>256
HC:E6C D2JD )96 GF=82C 2C6 A=62D65 H:E9 8C62E >2DD6D @7 4@=@C 6D
A64:2==J C65 @C2?86 2?5 AFCA=6 H9:49 8:G6 E96:C 4@2CD6 ?6CG@FD @C82?
:K2E:@? E96 C6BF:D:E6 DE:>F=FD )96 C67:?65 H:E9 ?6CG6D @7 =6DD 42=:36C 3FE
8C62E6C 5:D4C:>:?2E:G6?6DD C6BF:C6 56=:42E6 4@>3:?2E:@?D @7 4@>A=6
>6?E2C:6D 2?5 AC676C ?6FEC2= E:?ED E@ E96 8=2C6 @7 E96 AC:>2CJ 9F6D 9:=
5C6? 2?5 D2G286D =@G6 E@ 5C6DD :? 2== E96 9F6D @7 E96 C2:?3@H ? E96
D2>6 H2J H6 7:?5 D@>6 A6CD@?D E2<:?8 8C62E 56=:89E :? 4962A A@AF=2C
D@?8D 4@?D:56C65 EC2D9J 2?5 G6CJ F?A=62D2?E 3J @E96CD =:<6H:D6 D@>6
C6G6= :? C28E:>6 >FD:4 H9:=6 @E96CD 7:?5 E96 D2>6 2=>@DE F?362C23=6
HC:E6C D2JD @7 E9:D E :D D2:5 E92E 26DE96E:4D 42??@E 36 EC62E65 :? 2 D4:
6?E:7:4H2J3642FD6E96C6:D?@DE2?52C5@7E2DE6
?@E96C HC:E6C D2JD E :D 4=2:>65 3J D@>6 @7 E96 36DE 2FE9@C:E:6D E92E
E@ 56G6=@A E96 7:?6C 2?5 9:896C 26DE96E:4 766=:?8D 2?5 6>@E:@?D H6 >FDE
=62C? E@ 7:?5 362FEJ 2?5 6I46==6?46 :? E9:?8D C6>@G65 7C@> @FCD6=G6D @C
@FC D6=7:D9 :?E6C6DED )96 ?2CC@H D6=7:D9 6>@E:@?D <:== E96 26DE96E:4 766=
:?8DME96 EH@ 42??@E 6I:DE E@86E96C )96 A6CD@? H9@D6 E9@F89ED 2C6
46?E6C65 @? 9:>D6=7 @C 96CD6=7 G6CJ C2C6=J 7:?5D 362FEJ @C 6I46==6?46 :?
H@C<D @7 2CE @C >FD:4 ?@E96C HC:E6C D2JD @@5 E2DE6 :D E96 AC@8C6DD
:G6 AC@5F4E @7 AC@8C6DD:?8 7:?6?6DD 2?5 5:D4C:>:?2E:@? :? E96 ?6CG6D
65F42E65 2EE6?E:@? 9:89 2?5 ?@3=6 6>@E:@?2= 4@?DECF4E:@? 2?5 :?4C62D
:?8:?E6==64EF2=724F=E:6D
FE H92E6G6C >2J 36 E96 C62= 6IA=2?2E:@? @7 E96 ?2EFC6 2?5 @C:8:? @7
E9:D 8C62E 4=2DD @7 766=:?8D E96 36DE 2FE9@C:E:6D 28C66 :? E96 DE2E6>6?E E92E
E96J 6I6CE 2 8C62E :?7=F6?46 @G6C E96 E9@F89ED 2?5 24E:@?D @7 >6? 2?5
H@>6?M6G6? H96C6 E96 :?5:G:5F2=D >2J ?@E 4=2:> E@ A@DD6DD 2?J A2C
E:4F=2C 26DE96E:4 E2DE6D $?6 92D 3FE E@ DE@A 2?5 E9:?< 2 >@>6?E @7 9@H
>2?J E:>6D 96 D2JD @C E9:?<D =:<6 E96 =@@<D @7 E92E @?6 2?5 5@?LE
=:<6 E96 =@@<D @7 E92E E9:?8 @C E92E D@F?5D 8@@5 E@ >6 @C E96 C6G6CD6
:? @C56C E@ A6C46:G6 9@H DEC@?8=J 9:D E2DE6D 2C6 :? 6G:56?46 2?5 24E:@?
C@> E96 F?4F=EFC65 32C32C:2? E@ E96 >@DE 9:89=J 4F=EFC65 :?5:G:5F2= @7
@FC 4:G:=:K2E:@? E96C6 :D 2=H2JD E@ 36 7@F?5 2 =:<6 2?5 2 5:D=:<6 4@?
46C?:?8 E96 =@@<D 2?5 D@F?5D @7 E9:?8D +2CJ 2D 8C62E=J 2D 5@ E96 72G@C:E6
DE2?52C5D @7 E2DE6 @7 5:776C6?E A6@A=6D 2?5 5:776C6?E :?5:G:5F2=D J6E 6249
:D DEC@?8=J :?7=F6?465 3J E92E DE2?52C5 2?5 9:D 24E:@?D 2C6 :? 244@C52?46
E96C6H:E9
724F=E:6D 8:G6D 8C62E A=62DFC6 E@ E9@D6 :? H9@> E96D6 724F=E:6D 2C6 H6==
56G6=@A65
!)!-' *)'0.%*). )96 DEF56?E H9@ 92D 42C67F==J C625 H92E 92D 366?
D2:5 C682C5:?8 E96 66=:?8D 2?5 >@E:@?D H:== 92G6 A6C46:G65 E96 8C62E
>@E:G6 A@H6C A@DD6DD65 3J E96D6 >6?E2= DE2E6D 6 H:== 92G6 D66? 9@H
E96 =:76 @7 E96 :?5:G:5F2= :D =2C86=J :?7=F6?465 3J E96 AC6D6?46 2?5 A@H6C
@7 66=:?8 2?5 >@E:@? 3@E9 :? E96 5:C64E:@? @7 E9@F89E 2?5 E92E @7 24
E:@? )9:D 36:?8 A6C46:G65 E96 E9@F89E7F= DEF56?E H:== 2=D@ D66 E96 56
D:C23:=:EJ @7 E96 :?5:G:5F2= 42C67F==J 4F=E:G2E:?8 9:D 6>@E:@?2= ?2EFC6 D@
E92E 96 >2J DEC6?8E96? E9@D6 4=2DD6D @7 766=:?8D H9:49 2C6 4@?5F4:G6 E@
9:D H6=72C6 2?5 DF446DD 2?5 E@ :?9:3:E @C C6AC6DD E9@D6 H9:49 2C6 92C>
7F= 2?5 56DECF4E:G6 :? E96:C 67764ED 6 H:== :?5665 D66 E92E DF49 4F=E:G2
E:@? 2?5 4@?EC@= :D 23D@=FE6=J 6DD6?E:2= E@ E96 @?6 H9@ H:D96D E@ 56G6=@A
:?E@ 2 "2DE6C ":?5 2?5 2 ":?5 "2DE6C )96 "2DE6CJ @7 ":?5 92D 2D @?6
@7 :ED 6DD6?E:2= AC:?4:A=6D E96 >2DE6CJ @7 E96 6>@E:@?2= ?2EFC6 2?5 :ED
6>A=@J>6?E :? E96 5:C64E:@? @7 :?7=F6?4:?8 2?5 DE:>F=2E:?8 E9@F89E 2?5
24E:@?
%"./"-4#".&-"
)96 "2DE6CJ @7 6D:C6 5@6D ?@E >62? 2D D@>6 DFAA@D6 E96 <:==:?8 @FE
@7 2== 6D:C6 ? 724E 2D 2== 42C67F= DEF56?ED @7 E96 DF3;64E H6== <?@H :E
H@F=5 36 :>A@DD:3=6 E@ <:== @FE 2== 6D:C6 7@C E96 G6CJ 24E @7 <:==:?8 @FE
H@F=5 36 24EF2==J :ED6=7 2 C6DA@?D6 E@ 2 56D:C6M2 56D:C6 ?@E E@ 56D:C6 2D
:E H6C6 "2DE6CJ @7 6D:C6 C62==J >62?D E96 4@?EC@= >2?286>6?E 2?5
5:C64E:@? @7 6D:C6 3J E96 8@ )96 8@ >2J 564:56 E92E 2 46CE2:? D6E @7
56D:C6D 36 C6AC6DD65 @C D9FE @77 2?5 AC6G6?E65 7C@> 6IAC6DD:@? :? 24
E:@? @C E9@F89E 82:? :E >2J 564:56 E92E 46CE2:? 56D:C6D 36 6?4@FC2865
4F=E:G2E65 2?5 DE:>F=2E65 D@ E92E E96J >2J 36 23=6 E@ 6I6CE 2 8C62E6C
AC6DDFC6 2?5 A@H6C :? 6IAC6DD:@? :? E9@F89E 2?5 24E:@? ?5 7:?2==J :E
>2J 564:56 E@ 5:C64E :?E@ 2 46CE2:? 492??6= E96 7@C46 @7 2 46CE2:? 56D:C6 D@
E92E D@>6 A2CE:4F=2C 24E:@? >2J C646:G6 :ED 4@?46?EC2E65 2?5 7:C>=J 5:C
64E65A@H6C?2==@7E96D642D6DE968@>2?:76DED"2DE6CJ@76D:C6
'$ #$"
# $ # "#"#
)96 86?6C2= CF=6D 7@C E96 C6DEC2:?E @7 2?J 4=2DD @7 766=:?8D 6>@E:@?D
2?5E9656D:C6D2C:D:?8E96C67C@>2C62D7@==@HD
'67C2:? 2D 72C 2D A@DD:3=6 7C@> E96 A9JD:42= 6IAC6DD:@? @7 E96 766=:?8
@C 6>@E:@? @C E96 56D:C6 2C:D:?8 E96C67C@> H9:49 2C6 566>65
@3;64E:@?23=6
'67FD6 E@ A6C>:E E96 7@C>2E:@? @7 E96 923:E @7 6IAC6DD:?8 :? 24E:@?
E96 766=:?8 @C 6>@E:@? @C E96 56D:C6 2C:D:?8 E96C67C@> H9:49 2C6
566>65@3;64E:@?23=6
'67FD6 E@ 5H6== FA@? E96 :562 @C >6?E2= A:4EFC6 @7 E96 @3;64E @C DF3
;64E 6I4:E:?8 E96 766=:?8 @C 6>@E:@? @C E96 56D:C6 2C:D:?8 E96C67C@>
H9:492C6566>65@3;64E:@?23=6
F=E:G2E6 E96 4=2DD @7 766=:?8D @C 6>@E:@?D @C E96 56D:C6D 2C:D:?8
E96C67C@>H9:492C6@AA@D65E@E9@D6566>65@3;64E:@?23=6
!6EFD?@H4@?D:56C6249@?6@7E96D6CF=6D:?7FCE96C56E2:=
'67C2:? 7C@> E96 %9JD:42= IAC6DD:@? DEC@?8 766=:?8 @C 6>@E:@?
2?5 E96 56D:C6 2C:D:?8 E96C67C@> E6?5D E@H2C5 6IAC6DD:@? :? A9JD:42= 24
E:@? @7 D@>6 <:?5 ? 724E E96 766=:?8 :D D2:5 ?@E E@ 92G6 366? 7F==J >2?:
76DE65 F?=6DD E9:D @FEH2C5 6IAC6DD:@? :D 925 :? 2E =62DE D@>6 568C66 )9:D
36:?8 D@ :E :D D66? E92E :7 @?6 C67C2:?D 7C@> E96 A9JD:42= 6IAC6DD:@? 96 92D
5@?6D@>6E9:?8E@AC6G6?EE967F==>2?:76DE2E:@?@7E96766=:?8
A9JD:42= 6IAC6DD:@? :? EFC? C624ED FA@? E96 >6?E2= DE2E6 2?5 :?5F46D 2
>@C6 :?E6?D6 568C66 @7 6>@E:@?2= 766=:?8 ?5 D@ @? 6249 24E:?8 2?5 C6
24E:?8 FA@? E96 @E96C F?E:= >6?E2= DE2E6 2?5 A9JD:42= 6IAC6DD:@? C6249
E96:C 9:896DE A@:?E 2?5 E96? 368:? E@ DF3D:56 7C@> 6I92FDE:@? @7 6?6C8J
E :D 2? 6DE23=:D965 724E @7 ADJ49@=@8J E92E 6249 A9JD:42= 6IAC6DD:@? @7 2?
6>@E:@? D6CG6D E@ :?E6?D:7J E96 =2EE6CM:E :D =:<6 A@FC:?8 @:= FA@? E96 7:C6
!:<6H:D6 :E :D 6BF2==J ECF6 E92E E96 C6AC6DD:@? @7 E96 A9JD:42= 6IAC6DD:@?
@72?6>@E:@?E6?5DE@C6DEC2:?2?5:?9:3:EE966>@E:@?:ED6=7
)96 =2DE BF@E65 HC:E6C 2=D@ D2JD 4E@CD 92G6 7C6BF6?E=J E6DE:7:65 E@
E96 724E E92E 6>@E:@? H:== 2C:D6 :7 E96J 8@ E9C@F89 E96 2AAC@AC:2E6 >FD4F
=2C >@G6>6?ED ? E2=<:?8 E@ 24E@CD @? E96 DE286 :7 E96J 4=:?49 E96 7:DED
2?5 7C@H? E96J @7E6? 7:?5 E96>D6=G6D 364@>:?8 C62==J 2?8CJ :7 E96J
DE2CE H:E9 4@F?E6C76:E =2F89E6C E96J 7:?5 E96>D6=G6D 8C@H:?8 4966C7F=
6C>2? AC@76DD@C D2JD E92E 96 42??@E H2E49 2 D49@@=8:C=LD >:?4:?8 DE6A
2?5 2:C H:E9@FE 766=:?8 7C:G@=@FD ?@E96C HC:E6C 2 72>@FD ADJ49@=@
8:DE D2:5 '67FD6 E@ 6IAC6DD 2 A2DD:@? 2?5 :E 5:6D @F?E E6? 367@C6
G6?E:?8 J@FC 2?86C 2?5 :ED @442D:@? D66>D C:5:4F=@FD ,9:DE=:?8 E@ <66A
FA 4@FC286 :D ?@ >6C6 7:8FC6 @7 DA6649 $? E96 @E96C 92?5 D:E 2== 52J :? 2
>@A:?8 A@DEFC6 D:89 2?5 C6A=J E@ 6G6CJE9:?8 H:E9 2 5:D>2= G@:46 2?5
J@FC >6=2?49@=J =:?86CD )96C6 :D ?@ >@C6 G2=F23=6 AC646AE :? >@C2=
65F42E:@? E92? E9:D 2D 2== H9@ 92G6 6IA6C:6?46 <?@H 7 H6 H:D9 E@ 4@?
BF6C F?56D:C23=6 6>@E:@?2= E6?56?4:6D :? @FCD6=G6D H6 >FDE 2DD:5F
@FD=J 2?5 :? E96 7:CDE :?DE2?46 4@=53=@@565=J 8@ E9C@F89 E96 @FEH2C5
>@G6>6?ED @7 E9@D6 4@?EC2CJ 5:DA@D:E:@?D H9:49 H6 H:D9 E@ 4F=E:G2E6
(@@E96 E96 3C@H 3C:89E6? E96 6J6 4@?EC24E E96 5@CD2= C2E96C E92? E96
G6?EC2= 2DA64E @7 E96 7C2>6 2?5 DA62< :? 2 >2;@C <6J 2?5 J@FC 962CE
>FDE367C:8:5:?5665:7:E5@6D?@E8C25F2==JE92H
)96 6DD6?46 E96? @7 E96 23@G6 :D '67C2:? D@ 72C 2D :D A@DD:3=6 7C@> :?
5F=8:?8 :? E96 A9JD:42= 6IAC6DD:@? @7 2 766=:?8 6>@E:@? @C 56D:C6 H9:49
J@FH:D9E@4@?BF6C4@?EC@=2?5C6AC6DD
'67FD6 E@ H6== FA@? E96 562 @C "6?E2= %:4EFC6 )9:D CF=6 :D 32D65
FA@? E96 2446AE65 724E @7 ADJ49@=@8J E92E 66=:?8 >@E:@? 2?5 6D:C6
2C6 765 ?@FC:D965 2?5 DEC6?8E96?65 3J E96 C6AC6D6?E2E:G6 :562 @C >6?
E2= :>286 @7 E96 @3;64E @C DF3;64E H9:49 92D @C:8:?2==J :?DA:C65 E96> @C
H9:49 :D 2DD@4:2E65 H:E9 E92E @3;64E @C DF3;64E 66=:?8D 2C6 @7E6? 42FD65
3J 2? :562 C6DF=E:?8 7C@> E96 AC@46DD @7 E9@F89E @C C642==65 :? >6>@CJ
!:<6H:D6 E96J 2C6 566A6?65 2?5 DEC6?8E96?65 3J E96 C642==:?8 :?E@ 4@?
D4:@FD?6DD @7 DF49 :562D ? E96 D2>6 H2J E96J 2C6 765 2?5 ?@FC:D965 3J
:562D 4@??64E65 H:E9 E96 @C:8:?2= @3;64E @C DF3;64E 3J E96 E:6D @7
2DD@4:2E:@?
#6C@ A2:? )96C6 >2J 36 ?@ :>>65:2E6=J AC6465:?8 492?86 :? E96 D6?D6
@C82? H96? 2? :562 7=2D96D :?E@ E96 >:?5 3FE E96 766=:?8 >2J 36 ;FDE 2D
AC@?@F?465 2D :7 :E H6C6 (92<6DA62C6 4=2DD:7:65 E96 766=:?8D 2D 2 E96
D6?DF@FD 2?5 3 E96 :562= H96? 96 C6AC6D6?E65 E96 A2:? :?7=:4E65 3J E96
H:?ECJ H:?5 2D =6DD D6G6C6 E92? E96 >6>@CJ @7 >2?LD :?8C2E:EF56 )96
:562= 766=:?8D 9@H6G6C C6DE :?5:C64E=J FA@? D6?D@CJ 7@F?52E:@?D C6A
C6D6?E2E:G6 :562 :D 2 C6G:G65 D6?D2E:@? @C 2 4@>A=6I @7 C6G:G65 D6?D2
E:@?D (@>6 :562D 42FD6 2 ;@J7F= @E96CD 2 D@CC@H7F= >6?E2= DE2E6 244@C5
:?8=J 766=:?8D 5:776C BF2=:E2E:G6=J 244@C5:?8 E@ E96 :562 $FC 766=:?8D 2=D@
5:776C BF2?E:E2E:G6=J 244@C5:?8 2D E96 :562 92D 2 >@C6 @C =6DD A=62DFC23=6
@CA2:?7F=6=6>6?E
)96 D2>6 HC:E6C D2JD )96 :562 @7 2 8=2DD @7 H2E6C H96? @?6 :D ?@E
E9:CDEJ H:== 92G6 =:EE=6 67764E )96 >6?E2= :>286 @7 2 8=2DD @7 DEC@?8 5C:?<
>2J C2:D6 :?E6?D6 56D:C6 :? E96 42D6 @7 2 5CF?<2C5 )96 AC@DA64E @7 E96
=@DD @7 2 =:>3 @C @7 @?6LD 6J6D:89E H:== 42FD6 DEC@?8 6>@E:@?D :? 2?J :?
DE2?46 )96 C2A:5:EJ @7 E96 C:D6 @7 2? :?E6C?2==J :?:E:2E65 6>@E:@? H:== 36
5F6 E@ E96 2>@F?E @7 A=62DFC6 @C A2:? :>>65:2E6 @C C6>@E6 H9:49 E96
:562 DF886DED D 2EE6?E:@? 564=:?6D E96 :562 8C@HD H62<6C 2?5 E96
6>@E:@? 368:?D E@ DF3D:56 ?J :562 H9:49 DF886DED 8C2E:7:42E:@? @7 56
D:C6 2?J :562 H9:49 G:G:5=J A:4EFC6D D@>6E9:?8 27764E:?8 E96 H6=72C6 @7
E96 D6=7 @C @E96CD :D 2AE E@ 36 7@==@H65 3J 6>@E:@? %C@323=J ?@ @?6 42?
6G6? :>28:?6 2 A6CD@? :? 2 3FC?:?8 42C @C =J:?8 96=A=6DD H:E9 3C@<6?
=:>3D @? 2 =@?6=J C@25 H:E9@FE 766=:?8 E96 6>@E:@? @7 A:EJ 2C:D6 )@
C6AC6DD 46CE2:? EC2:?D @7 766=:?8 C6AC6DD E96 :562D E92E 8:G6 E96> 3:CE9
)9:D H:== 92G6 2 C6DEC2:?:?8 A@H6C 6G6? H96C6 E96 6>@E:@?2= DE2E6 E6?5D
E@ 3C:?8 FA 2 4@?D@?2?E :562 ;FDE 2D 2 7:C6 >2J DF886DE E96 :562 @7 AFE
E:?87F6=@?:E
)96 6DD6?46 E96? @7 E96 23@G6 :D @?LE 7665 2 766=:?8 6>@E:@? @C 56
D:C6 H:E9 E96 ?@FC:D9:?8 2?5 DE:>F=2E:?8 7@@5 @7 2DD@4:2E65 :562D 3FE :?
DE625 DE2CG6 @FE E96 @3;64E:@?23=6 E9:?8 3J 56?J:?8 2?5 C67FD:?8 :E DF49
7@@5
25G:D6 6249 @7 J@F E@ 4@>>:E E96 D2:5 2I:@> E@ >6>@CJ 2?5 E@ FD6 :E :?
J@FC3FD:?6DD@7D6=756G6=@A>6?E2?5"6?E2="2DE6CJ
)96 6DD6?46 E96? @7 E96 23@G6 :D F=E:G2E6 E96 @AA@D:E6 D6E @7 766=
:?8D 6>@E:@?D 2?5 56D:C6D 2?5 E9FD C6DEC2:? DFAAC6DD :?9:3:E 2?5
>2DE6CE96D6EJ@FH:D9E@@G6C4@>62?54@?BF6C
'$ %$&$$
# $ # "#"#
6C6 7@==@H E96 86?6C2= CF=6D 7@C E96 F=E:G2E:@? 6G6=@A>6?E 2?5
(EC6?8E96?:?8@7E96%@H6C@766=:?8D>@E:@?D2?56D:C6D
C6BF6?E=J 6IAC6DD >6?E2==J 2?5 A9JD:42==J E96 766=:?8 6>@E:@? @C
56D:C6H9:49J@FH:D9E@4F=E:G2E656G6=@A2?5DEC6?8E96?
@C> E96 923:E @7 6IAC6DD:?8 :? 24E:@? E96 766=:?8 6>@E:@? @C 56D:C6
H9:49J@FH:D9E@4F=E:G2E656G6=@A@CDEC6?8E96?
66A 367@C6 J@F 2D >F49 2D A@DD:3=6 E96 :562 @C >6?E2= :>286 2DD@
4:2E65 H:E9 E96 766=:?8 6>@E:@? @C 56D:C6 H9:49 J@F H:D9 E@ 4F=E:G2E6
56G6=@A@CDEC6?8E96?
'6DEC2:? E96 4=2DD6D @7 766=:?8D 6>@E:@?D 2?5 56D:C6D @AA@D65 E@
E9@D6H9:49J@FH:D9E@4F=E:G2E656G6=@A@CDEC6?8E96?
!6EFD?@H4@?D:56C6249@?6@7E96D6CF=6D:?7FCE96C56E2:=
C6BF6?E=J 6IAC6DD E96 A@D:E:G6 766=:?8D 6>@E:@?D 2?5 56D:C6D D
H6 92G6 D66? :? E96 62C=:6C A2CE @7 E9:D 492AE6C 2 766=:?8 6>@E:@? @C 56
D:C6 :D 56G6=@A65 3J E96 A9JD:42= 6IAC6DD:@? E96C6@7 2?5 2=D@ 3J E96 7C6
BF6?E C6A6E:E:@? @7 E96 D2>6 :? 4@?D4:@FD?6DD )96 6IAC6DD:@? @7 E96 @FE
H2C5 A9JD:42= >2?:76DE2E:@?D @7 E96 :??6C DE2E6 E6?5D ?@E @?=J E@ 255 7F6=
E@ E96 7:C6 @7 E96 =2EE6C 3FE 2=D@ ?@FC:D96D 2?5 DEC6?8E96?D :E !:<6H:D6
E96 7C6BF6?E 3C:?8:?8 :?E@ E96 7:6=5 @7 4@?D4:@FD?6DD @7 E96 766=:?8 6>@
E:@? @C 56D:C6 E6?5D E@ 566A6? E96 :>AC6DD:@? 2?5 E@ 42FD6 E96 >6?E2=
DE2E6E@E2<6566AC@@ED:?E96>6?E2=36:?8@7E96:?5:G:5F2=
C6D@?2?E G:3C2?E E@?6D H9:49 4@>A6= 2EE6?E:@? 2?5 :?DA:C6 C6DA64E 6E
J@FCD6=7 H6== :? 92?5 A9JD:42==J :? @C56C E@ >2?:76DE E96D6 @FEH2C5
7@C>D @7 H:== 2?5 J@F H:== 4=62C 2 A2E9 7@C J@FC >:?5A@H6C E@ >2?:76DE
:ED6=7M2?5H:==>2<6E96H@C<@7E96H:==>F4962D:6CLL
FE @?6 >FDE ?@E 4@?E6?E 9:>D6=7 H:E9 >6C6=J 6IA6C:6?4:?8 E96 >6?E2=
DE2E6 2?5 24E:?8 @FE E96 A9JD:42= 6IAC6DD:@? >A@CE2?E 2D E96D6 >2J
36 2?5 E96J C62==J 2C6 G6CJ :>A@CE2?E E96J >FDE 36 DFAA=6>6?E65 3J
E96 24EF2= >2?:76DE2E:@? :? @FEH2C5 7@C> @7 E96 :??6C >6?E2= DE2E6 H9:49
J@F H:D9 E@ 4F=E:G2E6 2?5 56G6=@A )96 >2? C676CC65 E@ :? E96 23@G6 BF@
E2E:@? >FDE =62C? E@ @442D:@?2==J 24EF2==J A6C7@C> D@>6 24E C6BF:C:?8
A9JD:42= @C >@C2= 4@FC286 6 >FDE 6I6C4:D6 9:D >6?E2= DE2E6 2?5 H:== 3J
24EF2= FD6 C@H 3J 6IAC6DD:@? 2?5 24E:@? @ E96 5665D 2?5 J@F H:==
24BF:C6E96A@H6CE@5@DE:==8C62E6C
)96 6DD6?46 E96? @7 E96 23@G6 :D IAC6DD 7C6BF6?E=J >6?E2==J 2?5
A9JD:42==J :? 24E:?8 @FE 2?5 24EF2= 5@:?8 E96 766=:?8 6>@E:@? 2?5 56
D:C6H9:49J@FH:D9E@4F=E:G2E62?556G6=@A
@=5 ':A +2? ,:?<=6 H9@ ?6G6C 4@F=5 86E DE2CE65M96 H2D 2=H2JD D2J
:?8 ,6== E9:D 5C:?< 5@?LE 4@F?E 6H2C6 @7 E96 D=:AD 2E E96 DE2CE 7@C DF49
D=:AD =@D6 >@C6 7@C @?6 E92? 96 42? C682:? :? 2 H9@=6 52J @7 DF446DD
7E6C J@F 92G6 56E6C>:?65 E@ 6DE23=:D9 2 923:E J@F >FDE ?@E 2==@H 6G6?
@?6 @7 E9@D6 62C=J D=:AD 7@C E9:D C62D@? HC:E6C 92D D2:5 E92E DF49 D=:AD
2C6 =:<6 E96 5C@AA:?8 @7 2 32== @7 4@C5 H9:49 @?6 :D 6?562G@C:?8 E@
H:?5M 6249 5C@A @7 E96 32== F?H:?5D >@C6 E92? >2?J H:?5:?8D 42?
C6A=246
)96 6DD6?46 E96? @7 E96 23@G6 :D DE23=:D9 7:C>=J E96 923:E @7 6IAC6DD
:?8 :? 24E:@? E96 766=:?8 6>@E:@? @C 56D:C6 H9:49 J@F H:D9 E@ 4F=E:G2E6
2?556G6=@A
HC:E6C 92D D2:5 )96 4=62C6C E96 >6?E2= :>286 @7 E96 @3;64E @7 56D:C6
E96 8C62E6C H:== 36 E96 568C66 @7 56D:C6 2== 6=D6 36:?8 6BF2= 49:=5 >2J
36 7:==65 H:E9 5:D4@?E6?EM:E H2?ED D@>6E9:?8 3FE :E 5@6D ?@E <?@H H92E
:E H2?ED )96 49:=5 E9:?<D @7 LE@JDLM2?5 :E 368:?D E@ H2?E DE:== 92C56C
)96? :E D66D 2 E@JM2?5 E96? :ED H2?E 364@>6D G6CJ :?E6?D6 $?6 >2J 766=
9F?8CJ :? 2 568C66 3FE H96? 96 D66D D@>6 A2CE:4F=2C @3;64E @7 E2DE6 E96
9F?86C 364@>6D 72C >@C6 :?E6?D6 ?5 D@ :E 7@==@HD E92E :7 @?6 H:== <66A
@? AC6D6?E:?8 E@ 9:D 56D:C6 E96 DF886DE:@? 2?5 >6?E2= :>286 @7 E96 @3
;64E E96? H:== E96 56D:C6 368:? E@ 3FC? >@C6 7:6C46=J 2?5 DEC@?8=J 2?5
>2J364F=E:G2E65E@2=>@DE2?J568C66
.@F <?@H @?6 >2J 2H2<6? 56D:C6 :? 2?@E96C :? E9:D H2J 3J >62?D @7
DF886DE:@? 2?5 3J AC6D6?E:?8 E96 :562 @C >6?E2= :>286 @7 E96 @3;64E :?
4@?G6CD2E:@? @C 3J >62?D @7 A:4EFC6D 6E4 @H >2?J @7 FD <?@H E@ @FC
D@CC@H 9@H E96 D:89E @7 2 E9:?8 @7 H9:49 H6 H6C6 ?@E E9:?<:?8 2E E96
>@>6?E 92D 42FD65 E96 7:C6 @7 56D:C6 E@ DAC:?8 FA DF556?=J 2?5 7:6C46=J
:? @FC >:?5D )96C67@C6 G:DF2=:K6 E96 @3;64E @C DF3;64E @7 E96 56D:C6 J@F
H:D9 E@ 56G6=@A F?E:= J@F 42? D66 :E BF:E6 A=2:?=J =D@ G:DF2=:K6 J@FCD6=7
2D 2EE2:?:?8 E96 @3;64E @7 E96 56D:C6 2?5 36:?8 :? A@DD6DD:@? @7 :E 66A
E9:D >6?E2= :>286 H:E9 J@F 7@C :E 92D 2 H@?56C7F==J DE:>F=2E:?8 67764E
FA@? E96 56D:C6 66A J@FC >:?5 7:==65 H:E9 >6?E2= A:4EFC6D @7 E96 E9:?8
H9:49 J@F H:D9 E@ 364@>6 2 923:E H:E9 J@F 7@C 3J D@ 5@:?8 J@F 2C6 4@?
DE2?E=J 255:?8 @:= E@ E96 7=2>6 @7 56D:C6M2?5 56D:C6 :D E96 >@E:G6A@H6C
@7E96H:==
)96 6DD6?46 E96? @7 E96 23@G6 :D 665 J@FC >:?5 H:E9 E96 :562D 2?5
>6?E2= A:4EFC6D @7 E96 @3;64E @C DF3;64E @7 E96 766=:?8 6>@E:@? @C 56D:C6
H9:49J@FH:D9E@4F=E:G2E62?556G6=@A
E :D 7@C 6249 2?5 6G6CJ @?6 @7 J@F E@ >2<6 E96 564:D:@?M2?5 E96 D@@?
6C E96 36EE6C )96 BF6DE:@? 367@C6 J@F :D (92== >J 6>@E:@?2= 82C56?
362C E9C:G:?8 H665D ?@I:@FD 2?5 A@:D@?@FD E@ >J H6==36:?8 $C D92==
:E :?DE625 362C 2 4C@A @7 DEFC5J DEC@?8 2?5 G:8@C@FD A=2?ED 2?5 7CF:ED
H9:49 2C6 4@?5F4:G6 E@ >J H6==36:?8 DEC6?8E9 677:4:6?4J 2?5 F=E:>2E6
92AA:?6DDE:DFAE@J@FE@564:56M2?5E96?E@24E
)96 6DD6?46 E96? @7 E96 23@G6 :D %=F4< @FE 2?5 42DE @77 E96 6>@E:@?2=
H665DME96 @AA@D:E6D @7 E96 766=:?8D 6>@E:@?D 2?5 56D:C6D H9:49 J@F
H:D9E@4F=E:G2E6
"$"%
E >2J ?@E 92G6 @44FCC65 E@ E96 C6256C @7 E96 AC6465:?8 A286D @7 E9:D
492AE6C E92E :? 4F=E:G2E:?8 2?5 56G6=@A:?8 E96 A@D:E:G6 766=:?8D 6>@
E:@?D 2?5 56D:C6D 2?5 :? C6DEC2:?:?8 2?5 C6AC6DD:?8 E96 ?682E:G6 @?6D
96 :D C62==J A6C7@C>:?8 2? :>A@CE2?E H@C< :? E96 5:C64E:@? @7 92C24E6C
F:=5:?8 FE :E :D 2 724E E92E :? E9:D H@C< 96 :D C62==J A6C7@C>:?8 E96 32D:4
E2D<@7E963F:=5:?8FA@79:D492C24E6C
,6 92G6 D66? E92E 2 >2?LD 766=:?8D 6>@E:@?D 2?5 56D:C6D C62==J 4@?
DE:EFE6 E96 >@E:G6A@H6C H9:49 @A6C2E6D :? E96 5:C64E:@? @7 56E6C>:?:?8
E96 492C24E6C 2?5 ?2EFC6 @7 9:D E9@F89ED 2?5 24E:@?D )9:D 36:?8 D@ :E :D
D66? 2E @?46 E92E :? E96 6>@E:@?2= C62=> @7 >:?5 :D E@ 36 7@F?5 E96 AC:?
4:A2= >2E6C:2= @7 E92E H9:49 H6 42== 92C24E6C )96C67@C6 :? E96 D6=64E:@?
2?5 DE@C:?8FA @7 E9:D 32D:4 >2E6C:2= E96 >2? C62==J 92D AC@466565 72C :?
E965:C64E:@?@792C24E6CF:=5:?8
2G:?8 >256 E9:D >6?E2= 5:28?@D:D 2?5 :?G6?E@CJ E96 A6CD@? D9@F=5
E96? D6E 56=:36C2E6=J E@ H@C< :? E96 5:C64E:@? @7 C6AC6DD:?8 2?5 C6DEC2:?
:?8 E96 ?682E:G6 2?5 5:D25G2?E286@FD BF2=:E:6D 7@F?5 @? 9:D =:DE :?
H9:49 E2D< 96 D9@F=5 7@==@H D@>6 DF49 DJDE6> @C >6E9@5 2D E92E =2:5
5@H? 7@C 9:> :? E9:D 492AE6C E E96 D2>6 E:>6 96 D9@F=5 A2J D@>6 2E
E6?E:@? E@ E96 DEC6?8E96?:?8 2?5 DE:>F=2E:@? @7 E96 A@D:E:G6 2?5 25G2?E
286@FD BF2=:E:6D 7@F?5 @? E96 =:DE ? C6AC6DD:?8 2?5 C6DEC2:?:?8 E96 ?68
2E:G6 2?5 5:D25G2?E286@FD BF2=:E:6D 96 D9@F=5 ?@E ?68=64E E@ AFE :?E@ 67
764E E96 CF=6 E96C67@C6 H9:49 E62496D 9@H E@ 56G6=@A E96 @AA@D:E6D @7
E96 ?682E:G6 BF2=:E:6D 3J 5@:?8 E9:D E96 H665D 2C6 ?@E @?=J C@@E65 @FE
3FE DEC@?8 962=E9J G2=F23=6 A=2?ED 2?5 7CF:ED 2C6 56G6=@A65 :? E96:C
A=246
)96 C6DF=E @7 DF49 6I6C4:D6 AC24E:46 2?5 H@C< 72:E97F==J 2?5 56E6C>
:?65=J 7@==@H65 7@C 6G6? 2 D9@CE E:>6 H:== 36 G6CJ 8C2E:7J:?8 E@ E9@D6
>2<:?8 E96 677@CE >2?J H:== 36 DFCAC:D65 2E E96 564:565 :>AC@G6>6?E
?@E65 ?5 2D H6 D92== D66 2D H6 AC@4665 E96 6?4@FC286>6?E 2?5 56
G6=@A>6?E @7 46CE2:? <:?5D @7 56D:C6 H:== :?4C62D6 E96 H:==A@H6C @7 E96
A6CD@? D@ E92E H6 >2J >2<6 8C62E AC@8C6DD :? 9:D :?E6==64EF2= 56G6=@A
>6?E 2=D@ ?5 :? E9:D H@C< 96 H:== 92G6 6?@C>@FD=J 56G6=@A65 9:D
H:==A@H6C3J6I6C4:D6FD62?55:C64E652?54@?46?EC2E652EE6?E:@?
%"./"-4#%+0$%/
(A62<:?8 :? E96 7:8FC2E:G6 D6?D6 :E >2J 36 D2:5 E92E E96 :?85@> @7
":?5 @G6C H9:49 E96 8@M)96 ":?5 "2DE6C @C "2DE6C ":?5MCF=6D @C
>2J CF=6 :7 :E H:== 3FE 2DD6CE :ED C:89E 2?5 A@H6C E@ CF=6 :D 4@>A@D65 @7
E9C668C2?55:G:D:@?D@CDE2E6D?2>6=J
66=:?8 )9@F89E 2?5 ,:== )96 24E:G:E:6D @7 E96 >:?5 4@?D:DE @7
66=:?8 )9:?<:?8 2?5 ,:==:?8 == >6?E2= DE2E6D @C AC@46DD6D H:== 36
7@F?5 E@ 4@>6 F?56C @?6 @C E96 @E96C @7 E96 D2:5 4=2DD6D ?5 J6E D@
4@>A=6I 2C6 E96 >6?E2= 24E:G:E:6D E92E 6249 @7 E96D6 E9C66 C6DA64E:G6
4=2DD6D 2C6 FDF2==J 7@F?5 >2?:76DE:?8 :? 4@??64E:@? H:E9 @?6 @C >@C6 @7
E96@E96CD
)@ 368:? H:E9 =6E FD 2D< @FCD6=G6D E96 BF6DE:@? ,92E :D )9@F89E ,92E
5@ H6 >62? H96? H6 D2J E92E H6 LE9:?<L *?=6DD H6 92G6 AC6G:@FD=J
=@@<65 FA E96 567:?:E:@? @C 6=D6 92G6 42C67F==J 4@?D:56C65 E96 >2EE6C H6
H:== 7:?5 :E G6CJ 5:77:4F=E E@ 6IAC6DD :? H@C5D ;FDE H92E H6 >62? H96?
H6 6>A=@J E96 E6C>D E9@F89E 2?5 E@ E9:?< ,6 2C6 DFC6 E92E H6 5@
<?@H 3FE E96 >@>6?E E92E H6 ECJ E@ 6IAC6DD E96 :562 :? H@C5D E96? H6
7:?5 E92E H6 5@ ?@E C62==J <?@H :? E96 7F== D6?D6 @7 E96 E6C> !6E FD
E96? EFC? E@ E96 C676C6?46 3@@<D 2?5 D66 ;FDE H92E E96 36DE 2FE9@C:E:6D
92G6E@D2J@?E96DF3;64E
,6 7:?5 E92E )9@F89E :D 567:?65 2D )9:?<:?8 6I6C4:D6 @7 E96 >:?5 :?
2?J @7 :ED 9:896C 7@C>D C67=64E:@? 4@8:E2E:@? ?5 E92E )9:?<:?8 :D
567:?65 2D *D:?8 E96 9:896C A@H6CD @7 E96 >:?5 6>A=@J:?8 E96 ?E6=
=64E A6C7@C>:?8 E96 >6?E2= @A6C2E:@? @7 2AAC696?D:@? 56=:36C2E:@? @C
;F58>6?E )96 23@G6 567:?:E:@?D =:<6 >2?J @E96CD @7 E96:C <:?5 5@ ?@E
96=A FD G6CJ >F49 :? E96 >2EE6C 5@ E96J !6E FD D66< E96 @A:?:@? @7 E96
ADJ49@=@8:DED =625:?8 ADJ49@=@8:DE E6==D FD E92E )@ E9:?< :D E@ 4@>
A2C6 E9:?8D H:E9 6249 @E96C E@ ?@E:46 H96C6:? E96J 28C66 2?5 5:776C 2?5
E@ 4=2DD:7J E96> 244@C5:?8 E@ E96D6 28C66>6?ED 2?5 5:776C6?46D E 6?23=6D
FD E@ AFE :?E@ 2 76H 4=2DD6D E96 3:==:@?D @7 E9:?8D E92E DEC:<6 @FC A6C46AE
:G6 724F=E:6D E@ E96 E9:?8D H:E9 =:<6 BF2=:E:6D :?E@ 2 3F?5=6 3J E96>D6=G6D
2?5 E@ :?76C E92E H92E :D ECF6 @7 @?6 @7 E96D6 E9:?8D H:== 36 ECF6 @7 E96
@E96CD H:E9@FE 24EF2= 6IA6C:6?46 :? 6249 :?5:G:5F2= 42D6 2?5 E@ :?EC@
5F46 =2H 2?5 @C56C :?E@ H92E 2E 7:CDE D66>65 2 >2DD @7 492@E:4 >2E6C:
2=D
?@E96C 92D D2:5 (E2E:?8 E96 >2EE6C A=2:?=J H6 >2J D2J E92E )9:?<:?8
:D E96 >6?E2= AC@46DD @7
4@>A2C:?8 @FC A6C46AE:@?D @7 E9:?8D H:E9
6249 @E96C =2DD:7J:?8 E96> 244@C5:?8 E@ E96:C 2D46CE2:?65 =:<6?6DD @C
5:776C6?46 2?5 E9FD EJ:?8 E96> FA :? >6?E2= 3F?5=6D H:E9 6249 D6E @7
E9:?8D @7 2 <:?5 :? :ED @H? 3F?5=6 7@C>:?8 E96 23DEC24E DJ>3@=:4
>6?E2= :562 @C 4@?46AE @7 6249 4=2DD @7 E9:?8D D@ 8C@FA65 H9:49 H6
>2J 27E6CH2C5 FD6 ;FDE 2D H6 FD6 7:8FC6D :? >2E96>2E:42= 42=4F=2E:@?D
FD:?8 E96D6 4@?46AED :? @C56C E@ 7@C> :?76C6?46D E92E :D E@ C62D@?
7C@> E96 <?@H? E@ E96 F?<?@H? 2?5 E@ 7@C> ;F58>6?ED C682C5:?8
E9:?8D 4@>A2C:?8 E96D6 ;F58>6?ED 2?5 565F4:?8 9:896C ;F58>6?ED
7C@>E96>2?5D@@?
>6492?:D>6>A=@J65E96C6:?
)96 HC:E6C :? BF6DE:@? D2JD LL#2EFC6 :D 4@?DE2?E=J FD:?8 96C A@H6C E@ <:==
@77 E96 E9@F89E=6DD @C E@ 4C:AA=6 E96> :? =:76LD C246 (96 :D 56E6C>:?65
E92E @?=J E96 7:EE6DE 2?5 E96 56D46?52?ED @7 E96 7:EE6DE D92== DFCG:G6 J E96
L7:EE6DEL D96 >62?D E9@D6 H9@ 92G6 E9@F89E 2?5 H9@D6 2?46DE@CD 92G6
E9@F89E2?5AC@7:E65E96C63J
6@=@8:DED E6== FD E92E 286D 28@ E96C6 =:G65 :? ?8=2?5 362CD E:86CD 6=6
A92?ED =:@?D 2?5 >2?J @E96C A@H6C7F= 2?5 7:6C46 2?:>2=D )96C6 H2D
=:G:?8 4@?E6>A@C2?6@FD H:E9 E96> 2 >F49 H62<6C 2?:>2= E92E 925
?6:E96C E96 4=2HD E96 DEC6?8E9 ?@C E96 DA665 @7 E96 E:86C ? 724E E9:D 9F
>2? 36:?8 H2D 2=>@DE 5676?D6=6DD 25 2 36:?8 7C@> 2?@E96C A=2?6E
366? 2D<65 E@ AC@A96DJ 96 H@F=5 F?5@F3E65=J 92G6 D2:5 E92E E9:D 96=A
=6DD 2?:>2= H@F=5 36 E96 7:CDE E@ 36 6IE6C>:?2E65 ?5 J6E 6G6CJ @?6 @7
E9@D6 7:6C46 4C62EFC6D DF44F>365 6:E96C E@ E96 492?86 @7 E96 4=:>2E6 @C E@
>2?LD :?76C:@C DEC6?8E9 )96 C62D@? H2D E92E >2? 925 @?6 C6D@FC46
56?:65E@E962?:>2=DME96A@H6C@7AC@8C6DD:G6E9@F89E
)96 =2?5 D2?< E96 D62 4FE @77 ?8=2?5 7C@> E96 >2:?=2?5 E96 4=:>2E6
492?865 2?5 6G6? E96 DEC@?86DE 2?:>2=D H6C6 96=A=6DD FE >2?
492?865 9:D 4=@E9:?8 H:E9 E96 492?8:?8 4=:>2E6 6 >256 7:C6D 96 3F:=E 2
C6EC62E E@ <66A @77 562E9 3J 4@=5 6 E9@F89E @FE >62?D E@ <:== @C E@
DF35F6 E96 DEC@?86DE 2?:>2=D 25 E96 =:@?D E:86CD @C 362CD E96 A@H6C @7
AC@8C6DD:G6 E9@F89E E96J 4@F=5 92G6 4@>3:?65 2?5 :E H@F=5 92G6 366?
A@DD:3=6 7@C E96> E@ 6IE6C>:?2E6 "2? 367@C6 96 C624965 E96 4:G:=:K65
DE286
"2? ?@ =@?86C D=66AD :? 42G6D )96 D>@<6 ?@ =@?86C 7:==D 9:D 9@>6 @C
7:?5D :ED H2J @FE E9C@F89 E96 49:?<D :? E96 H2==D @C 2 9@=6 :? E96 C@@7 ?
EC2G6=:?8 96 :D ?@ =@?86C C6DEC:4E65 E@ 9:D 766E @C 6G6? E@ 9@CD6D @C 2==
E9:D:>AC@G6>6?E"2?:D:?563E65E@)9@F89E
?5 4@?E:?F:?8 E96 D2>6 =:?6 @7 E9@F89E :E >2J 36 D66? :? E96 :>28:?2
E:@? 9@H >F49 7FCE96C "2? :D 4=62C=J 56DE:?65 E@ AC@4665 @? E96 2D46?5
:?8 A2E9 E92E =625D E@ E96 >@F?E2:? E@A @7 2EE2:?>6?E 6 92D ?@E @?=J
6G6? ?@H >2DE6C65 E96 7246 @7 E96 62CE9 3FE 92D 8@?6 72C E@H2C5 E96
>2DE6CJ @7 E96 D62D 2?5 E96 56AE9D F?56C E96 D62D 2?5 :D ?@H H6== @? 9:D
H2J E@ E96 >2DE6CJ @7 E96 2:C 2D H6== 6 92D 92C?6DD65 E96 7@C46D @7
#2EFC6 AC@4665:?8 7C@> E96 8C@DD6C E@ E96 7:?65M7C@> DE62> E@ 6=64EC:
4:EJM2?5 DE:== 92D 2 72C >@C6 H@?56C7F= 7:6=5 E@ 6IA=@C6 :? E96 H@C=5 @7
7@C46DDE:==7:?6CE92?E92E@76=64EC:4:EJ
E :D D2:5 E92E :? 2 D:?8=6 DBF2C6 7@@E @7 E96 2:C E96C6 :D 4@?E2:?65 DF77:4:6?E
2E@>:4 A@H6C :7 @?46 C6=62D65 2?5 EC2?D>:EE65 E@ >249:?6CJ E@ CF? E96
6?E:C6 >249:?6CJ @7 E96 62CE9 7@C >2?J J62CD ?5 36J@?5 E92E :D E96
DE:==7:?6C7@C46D@7E966E96CE96A@H6C@7H9:492C62=>@DE:?42=4F=23=6
"2?J A6CD@?D 36=:6G6 E92E E96J 2C6 E9:?<:?8 H96? E96J 2C6 3FE
6I6C4:D:?8 E96:C 724F=EJ @7 >6>@CJ 2?5 E92E :? >6C6=J 2? :5=6 2?5 A2DD
:G6 >2??6C )96J 2C6 D:>A=J 2==@H:?8 E96 DEC62> @7 >6>@CJ E@ 7=@H
E9C@F89 E96:C 7:6=5 @7 4@?D4:@FD?6DD H9:=6 E96 8@ DE2?5D @? E96 32?<D
2?5 :5=J H2E496D E96 A2DD:?8 H2E6CD @7 >6>@CJ 7=@H 3J )96J 42== E9:D
E9:?<:?8 H9:=6 :? C62=:EJ E96C6 :D ?@ AC@46DD @7 )9@F89E F?56C H2J
(@>6 @7 E96D6 A6CD@?D C6>:?5 @?6 @7 E96 @=5 DE@CJ @7 E96 >2? H9@ H96?
2D<65 H92E 96 H2D 5@:?8 H96? 96 D2E D@ D:=6?E=J 2?5 BF:6E=J @? E96 76?46
C2:= @7 E96 @=5 76?46 E96 @=5 >2? C6A=J:?8 ,22= D@>6E:>6D D:E 2?5
E9:?<2?5@E96CE:>6D;FDED:ELL
FE H96? FD6 E96 H@C5 LE9:?<:?8L >62? E9:?<:?8 H:E9 2 AFCA@D6
H:E9 2? 6?5 :? G:6H E9:?<:?8 E@ D@=G6 2 AC@3=6> >62? E96 <:?5 @7
E9:?<:?8 E92E :D 7@C465 @? FD H96? H6 2C6 564:5:?8 @? 2 4@FCD6 E@ AFC
DF6 @? 2 =:76 H@C< J@F E2<6 FA A6C92AD E96 <:?5 @7 E9:?<:?8 E92E H2D
7@C465 FA@? FD :? @FC J@F?86C 52JD H96? H6 925 E@ 7:?5 2 D@=FE:@? E@ 2
AC@3=6> :? >2E96>2E:4D @C H96? H6 E24<=65 ADJ49@=@8J :? 4@==686 5@
?@E >62? LE9:?<:?8L :? D?2E496D @C 9@=5:?8 A6EEJ @A:?:@?D @? E9:D DF3;64E
2?5 @? E92E >62? E9@F89E @? D:8?:7:42?E BF6DE:@?D H9:49 =:6 @FED:56
E96 3@F?5D @7 J@FC ?2CC@H A6CD@?2= H6=72C6 )9:D :D E96 <:?5 @7 E9:?<:?8
H9:49:D?@HD@C2C6MD@325=J?66565
)96 E6C> LE9:?<:?8L :D =@@D6=J FD65 E@ 4@G6C 2 H:56 C2?86 @7 >6?E2= AC@
46DD6D )96D6 AC@46DD6D H6 >2J C@F89=J 5:G:56 :?E@ "6>@CJ >28:?2
E:@? 2?5 '62D@?:?8 E :D E96 =2DE @?=J H:E9 H9:49 H6 92G6 E@ 562= 25
>:E E92E 56G6=@A>6?E @7 E96 >6>@CJ :D 56D:C23=6 25>:E E92E 56G6=@A
>6?E @7 E96 :>28:?2E:@? :D 6BF2==J 56D:C23=6 FE 3J LE9:?<:?8L >62?
'62D@?:?8
)96 D2>6 HC:E6C 92D H6== D2:5 "@56C? ADJ49@=@8:DED E6== FD E92E 2==
'62D@?:?8 368:?D :? A6CA=6I:EJ 96D:E2E:@? 5@F3E E :D 6DD6?E:2= E92E H6
<66A E9:D :? >:?5 :E 5:776CD 7C@> E96 A@AF=2C 4@?46AE:@? 6G6? >@C6 E92?
>2J 2AA62C 2E 7:CDE D:89E 7 2 >2? H6C6 E@ <?@H 6G6CJE9:?8 96 4@F=5 ?@E
E9:?< #@E9:?8 H@F=5 6G6C AFKK=6 9:> 9:D AFCA@D6D H@F=5 ?6G6C 36
E9H2CE65 96 H@F=5 ?6G6C 6IA6C:6?46 A6CA=6I:EJ @C 5@F3E 96 H@F=5
92G6 ?@ AC@3=6>D ,6C6 H6 E@ DEF5J E96 @C:8:? 2?5 6G@=FE:@? @7 E9:?<
:?8 H6 H@F=5 5@F3E=6DD 7:?5 E92E E9:?<:?8 2C@D6 :? ;FDE E9:D H2JM7C@>
E9H2CE65 AFCA@D6D 7 @FC =:G6D 2?5 E96 =:G6D @7 @FC 2?46DE@CD 925 2=H2JD
CF? D>@@E9=J :7 @FC 6G6CJ 56D:C6 H6C6 :>>65:2E6=J D2E:D7:65 :7 H6 ?6G6C
>6E 2? @3DE24=6 :? 2?JE9:?8 H6 EC:65 E@ 5@ E9:?<:?8 H@F=5 ?6G6C 92G6
2AA62C65@?E9:DA=2?6EFE25G6CD:EJ7@C465FDE@:E
!6E FD ?@H 4@?D:56C E96 G2C:@FD DE286D @7 E96 >6?E2= AC@46DD @C AC@46DD6D
E92E2C6:?G@=G65:?E9624E:G:E:6DE92EH642==)9:?<:?8
?2=JD:D )96 =@8:4:2?D E6== FD E92E E96 7:CDE DE6A :? E96 AC@46DD @7 '62D@?
:?8 :D E92E @7 4@>A2C:?8 @?6 E9:?8 H:E9 2?@E96C 7@C E96 AFCA@D6 @7 5:D
4@G6C:?8 A@:?ED @7 5:776C6?46 @C =:<6?6DD 2?5 7@C E96 7FCE96C AFCA@D6 @7
4=2DD:7:42E:@? 244@C5:?8 E@ E9@D6 =:<6?6DD6D @C 5:776C6?46D FE :? @C56C E@
4@>A2C6 5:776C6?E E9:?8D H6 >FDE 7:CDE 92G6 @3D6CG65 E96> 2?5 5:D
4@G6C65 E96:C C6DA64E:G6 BF2=:E:6D 7@C E96 5:776C6?46 :? E9:?8D 2C:D6D
D@=6=J 3J C62D@? @7 E96 5:776C6?46 :? E96 BF2=:E:6D @7 E96 C6DA64E:G6 E9:?8D
?5 :? @C56C E@ 5:D4@G6C E96 BF2=:E:6D @7 E9:?8D H6 >FDE AFCDF6 E96 AC@
46DD@72?2=JD:D
:D4@?46C?65
,6 >2J C62=:K6 E96 23@G6 724E >@C6 4=62C=J :7 H6 2AA=J :E E@ D@>6 4@?
4C6E6 2?5 DA64:7:4 @3;64E )2<6 2 9@CD6 7@C :?DE2?46 ECJ E@ E9:?< @7 E96
9@CD6 H:E9@FE C676C6?46 E@ :ED D6G6C2= BF2=:E:6D AC@A6CE:6D 2?5 2EEC:3FE6D
2?5 J@F H:== 7:?5 E92E J@F 92G6 ?@ 5:DE:?4E :562 @7 2?JE9:?8 E92E 42? 36
<?@H? :? 4@?D4:@FD?6DDMJ@F 92G6 >6C6=J 2 ?2>6 =67E 2?5 ?@E9:?8 6=D6
2?5 E96 9@CD6 :ED6=7 92D 5:D2AA62C65 $C E2<6 2 C@D6 ECJ E@ E9:?< @7 2 C@D6
H:E9@FE 4@?D:56C:?8 :ED 4@=@C :ED @5@C :ED D92A6 :ED D:K6 :ED C6DA@?D6 E@
E@F49 6E4 2?5 J@F 92G6 =67E D:>A=J E96 ?2>6 @7 E96 C@D6 ?5 E9:D CF=6
2AA=:6D E@ 2?JE9:?8 2?5 6G6CJE9:?8 H9:49 H6 >2J <?@H @C D66< E@
<?@H:?4@?D4:@FD6IA6C:6?46
)9:D 36:?8 D@ :E 7@==@HD E92E :? @C56C E@ <?@H 2?JE9:?8 H6 >FDE <?@H
H92E :E :D 2?5 E9:D H92E:E:D :D <?@H? @?=J 3J 4@>3:?:?8 @FC <?@H
=6586 @7 :ED D6G6C2= BF2=:E:6D A6C46:G65 3J FD ?5 :? @C56C E@ <?@H E96D6
D6G6C2=BF2=:E:6DH6>FDE2AA=J%6C46AE:@?:?E965:C64E:@?@7?2=JD:D
(@>6 8@@5 E62496CD 92G6 96=5 E92E E96 36DE H2J @7 :>A2CE:?8 :?DECF4E:@?
E@ AFA:=D :D E92E @7 2D<:?8 E96> BF6DE:@?D 4@?46C?:?8 E96 DF3;64E F?56C
4@?D:56C2E:@? )9:D 5@6D ?@E >62? >6C6=J E96 2D<:?8 @7 7@C>2= BF6DE:@?D
E2<6? 7C@> 2 3@@< 3FE BF6DE:@?D 56D:8?65 E@ 3C:?8 @FE E96 <?@H=6586
2=C625J :? E96 >:?5D @7 E96 AFA:= 2?5 E96 7FCE96C <?@H=6586 E@ 36 56
G6=@A65 3J E96 AC@46DD @7 E9@F89E @? E96 A2CE @7 E96 AFA:= H9:49 2C6 D6E
:?>@E:@?3JE96BF6DE:@?HC:E6C92DD2:5@7E9:DA=2?
)96 BF6DE:@?D D9@F=5 36 2D<65 7@C E96 AFCA@D6 @7 F?7@=5:?8 E96:C >:?5D
2?5 E@ E6249 E96> E@ =2J FA E96:C <?@H=6586 :? 2 ?2EFC2= 2?5 C68F=2C
H2J )96 BF6DE:@?D D9@F=5 36 2D<65 :? E96 7@C> @7 86?6C2= 4@?G6CD2E:@?
2?5 ?@E E2<6? 7C@> 3@@<D )96 BF6DE:@?D H:== 36 7@F?5 E@ DAC:?8 ?2EFC
2==J @FE @7 E96 AFA:=LD AC6465:?8 2?DH6CD 2?5 D9@F=5 36 2D<65 2D ?62C=J
2D A@DD:3=6 :? 9:D @H? H@C5DME96 AC:?4:A=6 @7 D:>:=2C:EJ 8F:5:?8 E96
H9@=6 (@4C2E6D %=2E@ 2?5 @E96CD 2>@?8 E96 2?4:6?ED 2?5 D@>6 >@5
6C?D 92G6 366? >2DE6CD @7 E9:D 2CE )96 AC:?4:A=6 @7 2D<:?8 BF6DE:@?D 2?5
@3E2:?:?8 2?DH6CD E@ E96> >2J 36 D2:5 E@ 492C24E6C:K6 2== :?E6==64EF2= 67
7@CE )96 49:=5 >2<6D :ED 7:CDE 6?EC2?46 :?E@ E96 7:6=5 @7 <?@H=6586 3J 2D<
:?8 BF6DE:@?D 2?5 E96 4C@H?:?8 677@CED @7 E96 A9:=@D@A96C 2C6 DE:== 2D<:?8
BF6DE:@?D 2?5 2EE6>AE:?8 E@ 7:?5 2?DH6CD E@ E96> )96 8C62E E9:?8 :D E@
2D<E96C:89EBF6DE:@?D2?5E@@3E2:?E96C:89E2?DH6CD
,9@
,9:49
,92E
,96?
,96C6
,9J
@H
? E96 (6G6? &F6DE:@?D H6 7:?5 E92E E96 7:CDE EH@ BF6DE:@?D 3C:?8 @FE
2?5 6DE23=:D9 E96 :56?E:EJ @7 E96 DF3;64E @C @3;64E E96 E9:C5 3C:?8D @FE E96
24E:@? E@ @C 3J E96 E9:?8 E96 7@FCE9 2?5 7:7E9 E96 A=246 2?5 E:>6 E96
D:IE9 E96 C62D@? @C AFCA@D6 2?5 E96 D6G6?E9 E96 >2??6C @7 E96 24E:@? E
H:== 36 7@F?5 E92E E9:D 2AA2C6?E=J D:>A=6 4@56 @7 BF6DE:@?D H:== 3C:?8 @FE
2H62=E9@756E2:=C682C5:?82?JDF3;64E@3;64EA6CD@?E9:?8@C6G6?E
,92E:DE96?2>6@7E9:DE9:?8
,96?5:5@C5@6D:E6I:DE
,96C65:5@C5@6D:E6I:DE
,92E42FD65:EE@6I:DE
,92E:D:ED9:DE@CJ
,92E2C6:ED=625:?8492C24E6C:DE:4D
,92E:D:EDFD62?5AFCA@D6
,92E2C6:ED67764ED@CC6DF=ED
,92E5@6D:EAC@G6@C56>@?DEC2E6
,92E:D:EDAC@323=66?5@C7FEFC6
,92E5@6D:E>@DEC6D6>3=6
,92E2C6:ED@AA@D:E6DE9:?8D>@DEF?=:<6:E
,92E5@<?@H23@FE:E86?6C2==J:?E96H2J@72DD@4:2E65:562D
,92E:D>J86?6C2=@A:?:@?C682C5:?8:E
,92E568C66@7:?E6C6DE92D:E7@C>6
,92E2C6>J86?6C2=766=:?8DC682C5:?8:EM568C66@7=:<6@C5:D=:<6
)9:D DJDE6> H:== 3C:?8 @FE @7 J@FC >:?5 2 DFCAC:D:?8 G@=F>6 @7 :?7@C>2
E:@? )CJ :E @442D:@?2==J 2?5 J@F H:== A6C46:G6 :ED A@DD:3:=:E:6D 2?5 568C66
@7FD67F=?6DD
6249 @E96C ,96? H6 7:?5 E92E E96D6 C6DA64E:G6 492C24E6C:DE:4D 2C6 72C
2A2CE:?568C66@C<:?5H6D2JE92EE96J2C6F?=:<66249@E96C
5:776C6?EE9:?8AC6D6?ED:ED6=7E@FD
IA6C:6?46 9@H6G6C 92D 8:G6? E96 C246 E96 2=>@DE :?EF:E:G6 2?5 :?DE:?4E
:G6 C62=:K2E:@? @7 E96 A2:CD @7 @AA@D:E6D @C 4@?EC25:4E@C:6D (@ ECF6 :D
E9:D E92E E96 EC2:?65 >:?5 :?DE:?4E:G6=J =62AD E@ E96 E9@F89E @7 2?
@AA@D:E6 2E E96 D2>6 E:>6 E92E :E :D 4@?D:56C:?8 2?J 8:G6? BF2=:EJ E
E9:?<D @7 E9:D @AA@D:E6 ?@E 3642FD6 @7 :ED =:<6?6DD E@ E96 E9:?8 F?56C
4@?D:56C2E:@? 3FE 3642FD6 @7 :ED F?=:<6?6DD @C 5:776C6?46 (@ ECF6 :D
E9:D E92E ADJ49@=@8:DED 9@=5 E92E H6 42? @3E2:? 2 4=62C6C 2?5 >@C6 5:D
E:?4E :562 @C >6?E2= :>286 @7 2?JE9:?8 :7 H6 H:== 2E E96 D2>6 E:>6 E9:?<
@7 :ED @AA@D:E6M6:E96C :ED @AA@D:E6 BF2=:EJ @C 2 E9:?8 H9@D6 BF2=:E:6D
2C6 >2C<65=J @AA@D:E6 E@ E92E @7 E96 E9:?8 F?56C 4@?D:56C2E:@? ? 2DD@4:
2E:?8 2 E9:?8 H:E9 @E96CD :? @FC >6>@CJ @C E9@F89E H6 5@ D@ 3J
2D
D@4:2E:@? H:E9 =:<6 E9:?8D 2?5 3J 2DD@4:2E:@? H:E9 F?=:<6 @?6D
)96 8C62E6C E96 =:<6?6DD E96 8C62E6C :D E96 DEC6?8E9 2?5 G2=F6 @7 E96 7:CDE
7@C> @7 2DD@4:2E:@? 2?5 E96 8C62E6C E96 F?=:<6?6DD E96 8C62E6C :D E96
DEC6?8E92?5G2=F6@7E96D64@?57@C>
?F>6C@FD D6A2C2E6 E9:?8D 27E6CH2C5 )96 AC@46DD @7 =2DD:7:42E:@? :D @7
4@FCD6 @AA@D:E6 E@ E92E @7 ?2=JD:D E96 7:CDE 4@?D:DED @7 E2<:?8 2A2CE E96
BF2=:E:6D @7 E9:?8D 7@C E96 AFCA@D6 @7 6I2>:?2E:@? H9:=6 E96 D64@?5 4@?
D:DED @7 AFEE:?8 E@86E96C E9:?8D 7@C E96 AFCA@D6 @7 C62D@?:?8 23@FE E96>
=2DD:7:42E:@?:D2=D@@7E6?DA@<6?@72D6?6C2=:K2E:@?
HC:E6C 92D D2:5 4@?46C?:?8 E9:D )96 >2? H9@ 92D ?@E AC@A6C=J 4=2DD:
7:65 E96 >JC:25 :?5:G:5F2= @3;64ED H:E9 H9:49 96 92D E@ 562= >FDE 25
G2?46 =:<6 2 4C:AA=6 6 @?=J 42? EC2G6= H:E9 D6G6? =628F6 3@@ED H9@ 92D
E9@F89E @FE E96 C6=2E:@?D 6I:DE:?8 36EH66? E96D6 DEC2J :?5:G:5F2= @3;64ED
2?5 AFE E96> :?E@ E96:C AC@A6C 4=2DD6D ? 2 >:?FE6 2 3FD:?6DD >2? >2J
AFE 9:D 92?5 FA@? 2?J @?6 @7 E6? E9@FD2?5 =6EE6CD :7 E96J 2C6 AC@A6C=J
4=2DD:7:65 ? E96 D2>6 H2J E96 DEF56?E @7 2?J 3C2?49 42? :7 96 DEF5:6D
E96 DF3;64ED 2C:89E 92G6 2== 9:D <?@H=6586 4=2DD:7:65 2?5 DA665:=J 2G2:=
23=67@CFD6
== DEF56?ED @C A6CD@?D 56D:C:?8 E@ >2DE6C 2?J DF3;64E :? E96 7:6=5 @7 :?
E6==64EF2= 6?562G@C H:== 7:?5 E96:C H@C< :>>6?D6=J :>AC@G65 2?5 E96:C
677:4:6?4J 6?@C>@FD=J :?4C62D65 :7 E96J H:== >2<6 2 HC:EE6? 492CE @C 5:2
8C2> @7 2?J DF3;64E H:E9 H9:49 E96J H:D9 E@ 72>:=:2C:K6 E96>D6=G6D A=2
4:?8 6249 :>A@CE2?E 5:G:D:@? @7 E96 :562 :? :ED AC@A6C A=246 2?5 :? :ED
AC@A6C 2?5 =@8:42= C6=2E:@? E@ @E96C 5:G:D:@?D )96 >:?5 H:== E96? E2<6 FA
E96 2CC2?86>6?E @7 DF49 492CE @C 5:28C2> 2?5 H:== 7@==@H E96 D2>6 :? :ED
E9@F89EAC@46DD6D 2?5 :? :ED >6>@CJAC@46DD6D )96 AC62496C @C =2HJ6C
5@6D E9:D :? 9:D AC6A2C2E:@? @7 D6C>@?D @C 3C:67D 2?5 @7E6? 24EF2==J D66D
E96D6 5:G:D:@?D 2?5 4=2DD:7:42E:@?D :? 9:D >:?5LD 6J6 H96? 96 368:?D E@
DA62< 2?5 2== E9C@F89 9:D 5:D4@FCD6 )96 677:4:6?E D2=6D>2? 5@6D E96
D2>6 E9:?8 2?5 E9FD 86ED E96 36DE C6DF=E @7 9:D H@C< 77:4:6?4J :? 2=>@DE
2?J =:?6 @7 H@C< 56A6?5D >2E6C:2==J FA@? E9:D 5:28C2>>:?8 @7 E96
:E6>D @7 <?@H=6586 H9:49 92G6 366? 24BF:C65 :? E96 6IA6C:6?46 2?5
DEF5J@7E96A6CD@?
=2DD:7:42E:@? D9@F=5 368:? H:E9 E96 >@DE 86?6C2= 2?5 3C@256DE 4=2DD:7:4
2E:@? 2?5 E96? AC@4665 E@ E96 >@C6 A2CE:4F=2C 2?5 >@C6 =:>:E65 @?6D
)96 >@C6 86?6C2= 2?5 3C@256C 4=2DD H:== @7 4@FCD6 4@?E2:? E96 8C62E6DE
?F>36C @7 :?5:G:5F2= :E6>D @7 E9@F89E 2?5 2D E96 4=2DD:7:42E:@? ?2CC@HD
:ED6=7 E96 ?F>36C @7 E96 :?5:G:5F2= :E6>D @7 4@FCD6 =6DD6?D ? 6I2>A=6
@7 D4:6?E:7:4 4=2DD:7:42E:@? :D 925 :? E96 >6E9@5 @7 :?56I:?8 7@==@H65 :?
E96 =2C86 =:3C2C:6D @ E@ D@>6 =2C86 =:3C2CJ 2?5 J@F H:== 7:?5 E92E 6249
2?5 6G6CJ 86?6C2= 4=2DD @7 3@@ED 92D :ED 86?6C2= 4=2DD ?F>36CM:E :D :? E96
HC:E6C 92D D2:5 ,6 4=2DD:7J E9:?8D E@86E96C H96?6G6C H6 @3D6CG6 E92E
E96J 2C6 =:<6 6249 @E96C :? 2?J C6DA64E 2?5 E96C67@C6 E9:?< @7 E96> E@
86E96C ? 4=2DD:7J:?8 2 4@==64E:@? @7 @3;64ED H6 5@ ?@E >6C6=J AFE E@86E9
6C :? 8C@FAD E9@D6 H9:49 C6D6>3=6 6249 @E96C 3FE H6 2=D@ 5:G:56 6249
4=2DD :?E@ D>2==6C @?6D :? H9:49 E96 C6D6>3=2?46 :D >@C6 4@>A=6E6 )9FD
E96 4=2DD @7 H9:E6 DF3DE2?46D >2J 36 5:G:565 :?E@ E9@D6 H9:49 2C6 D@=:5
2?5 E9@D6 H9:49 2C6 7=F:5 D@ E92E H6 86E E96 EH@ >:?@C 4=2DD6D @7 D@=:5
H9:E6 2?5 7=F:5H9:E6 DF3DE2?46D E :D 56D:C23=6 E@ 92G6 ?2>6D 3J H9:49
E@ D9@H E92E @?6 4=2DD :D 4@?E2:?65 :? 2?@E96C 2?5 244@C5:?8=J H6 42==
E96 4=2DD H9:49 :D 5:G:565 :?E@ EH@ @C >@C6 D>2==6C @?6D E96 86?FD 2?5
E96 D>2==6C @?6D :?E@ H9:49 :E :D 5:G:565 E96 DA64:6D G6CJ DA64:6D E96?
:D D66? E@ 36 2 D>2== 4@==64E:@? @7 E96 A2CE:4F=2C :?5:G:5F2=D 4@>A@D:?8 :E
2?5 2E E96 D2>6 E:>6 E96 DA64:6D :D 2? :?5:G:5F2= DA64:6D @7 E96 86?FD @7
H9:49 :E :D 2 A2CE =:<6H:D6 E96 86?FD H9:=6 2 72>:=J @7 D6G6C2= DA64:6D :D
2E E96 D2>6 E:>6 2? :?5:G:5F2= 86?FD E@ E96 8C62E6C 72>:=J @C 86?FD @7
H9:49:E7@C>D2A2CE
?@E96C HC:E6C 92D D2:5 )96 DEF56?E >2J 72>:=:2C:K6 9:>D6=7 H:E9 E96
AC:?4:A=6 @7 6?6C2=:K2E:@? 3J 4@?D:56C:?8 9:>D6=7 2D 2? :?5:G:5F2=
?2>65 @9? (>:E9 @9? C6AC6D6?ED E96 AC:>2CJ F?:E @7 86?6C2=:K2E:@?
)96 ?6IE DE6A :D E@ 4@>3:?6 @9? H:E9 E96 @E96C (>:E9D @7 9:D :>>65:2E6
72>:=J )96? E92E 72>:=J >2J 36 8C@FA65 H:E9 9:D ?62C 3=@@5 C6=2E:@?D
2?5 D@ @? F?E:= 7:?2==J 2== E96 C6=2E65 (>:E9D ?62C 2?5 C6>@E6 2C6
8C@FA65 E@86E96C :? 2 8C62E (>:E9 2>:=J )96? E96 72>:=J 8C@FA >2J
36 6?=2C865 F?E:= :E E2<6D :? 2== E96 H9:E6 A6@A=6 :? 2 4@F?EJ E96? 2== E96
H9:E6 A6@A=6 :? E96 (E2E6 E96? 2== :? E96 *?:E65 (E2E6D E96? 2== E96 H9:E6
C246D E96? 2== E96 H9:E6 2?5 @E96C 4@=@C65 D<:??65 C246D E96? 2== "2?
<:?5 )96? :7 @?6 :D :?4=:?65 E96 AC@46DD >2J 36 4@?E:?F65 F?E:= :E 6>
3C246D6G6CJ=:G:?84C62EFC67C@>"@?6C@?E@"2?
)96? C6G6CD:?8 E96 AC@46DD =:G:?8 4C62EFC6D >2J 36 5:G:565 2?5 DF3
5:G:565 F?E:= 2== >2?<:?5 :D D66? E@ DE2?5 2D 2 8C2?5 4=2DD )96? E96 C246
@7 >2?<:?5 >2J 36 5:G:565 :?E@ DF3C246D 244@C5:?8 E@ 4@=@C E96? E96
H9:E6 C246 >2J 36 5:G:565 :?E@ >6C:42?D 2?5 ?@?>6C:42?D )96? E96
>6C:42?D >2J 36 5:G:565 :?E@ :?923:E2?ED @7 E96 D6G6C2= (E2E6D @C 6=D6
:?E@ ?5:2?D 2?5 ?@??5:2?D E96? :?E@ E96 :?923:E2?ED @7 ?5:2?D E96?
:?E@ E96 :?923:E2?ED @7 %@D6J @F?EJ ?5:2?2 )96 %@D6J @F?EJ A6@A=6
>2J 36 5:G:565 :?E@ (>:E9D 2?5 ?@?(>:E9D E96? E96 (>:E9 72>:=J :?E@
:ED 4@?DE:EF6?E 72>:=J 8C@FAD 2?5 E96? :?E@ D>2==6C 72>:=:6D 2?5 D@ @?
F?E:= 2E =2DE E96 4=2DD:7:42E:@? E6C>:?2E6D :? @?6 A2CE:4F=2C @9? (>:E9
H9@:D7@F?5E@362?:?5:G:5F2=2?5:?24=2DD3J9:>D6=7
@?46AE:@? J @?46AE:@? 2D FD65 :? E9:D 4@??64E:@? :D >62?E )92E
24E @7 >:?5 3J H9:49 :E 7@C>D 2? :562 @7 2 4=2DD @C E92E 6?23=6D E96 >:?5
E@ 4@CC64E=J FD6 86?6C2= ?2>6D 4@?46AE :D 86?6C2= :562 4@?46C?
:?8 2 86?6C2= 4=2DD @7 E9:?8D D 7@C 6I2>A=6 E96 E6C>D 5@8 42E >2?
9@CD6 9@FD6D 6E4 6249 C6AC6D6?E 2?5 6IAC6DD6D D@>6 4@?46AE @C 86?6C2=
:562@724=2DD@7E9:?8D
#@H ?@E6 2?@E96C :>A@CE2?E 724E H9:=6 J@F 92G6 2 G6CJ 4=62C >6?E2=
4@?46AE @7 5@8 J@F 42??@E 92G6 2 4=62C >6?E2= A:4EFC6 @7 5@8 ,9:=6
J@FC 4@?46AE 6>3C246D 2== 5@8D J6E J@FC >6?E2= A:4EFC6 :D ?646DD2C:=J
=:>:E65 E@ @?6 A2CE:4F=2C 5@8MJ@F 42??@E >6?E2==J A:4EFC6 2? 2?:>2=
4@>3:?:?8 2== E96 5:776C6?E BF2=:E:6D @7 2== E96 :?5:G:5F2= 5@8D J@F 42?
?@E A:4EFC6 2 4@>A@D:E6 5@8 6>3C24:?8 2== E96 BF2=:E:6D @7 E96 8C6J
9@F?5 E96 3F==5@8 E96 >2DE:77 E96 A@@5=6 E96 E@JE6CC:6C 6E4 2== :? @?6
A:4EFC6 .6E J@FC 4@?46AE :?4=F56D 2?5 6>3C246D 2== @7 E96D6 )96 4@?46AE
C62==J >62?D LL2== 5@8LL 2?5 J@F 42??@E >2<6 2 >6?E2= A:4EFC6 @7 2==
5@8 7@C ?@ DF49 4C62EFC6 6I:DED @FED:56 @7 E96 :?E6==64EF2= C62=> )96
4@?46AE E96? 2?5 E96 E6C> 6IAC6DD:?8 :E :D D66? E@ 36 =:<6 2? 2=863C2:4
@C 86@>6EC:42= DJ>3@= :?2D>F49 2D :E DE2?5D 7@C 46CE2:? E9:?8D ?@E
>6?E2==J A:4EFC65 E :D =:<6 E96 7:8FC6
H9:49 DE2?5D 7@C 7@FC @7 2?J
E9:?8
HC:E6C D2JD @7 E9:D 4=2DD @7 4@?46AED @=@C D92A6 D:K6 >6?E2= BF2=:E
:6D 923:ED @7 24E:@?ME96D6 2C6 D@>6 @7 E96 BF2=:E:6D 7:CDE @3D6CG65 :?
E9:?8D 2?5 23DEC24E65 7C@> E96> :? E9@F89E '65?6DD DH66E?6DD 92C5
?6DD D@7E?6DD =2C86?6DD D>2==?6DD 7C28C2?46 DH:7E?6DD D=@H?6DD
7:6C46?6DD 86?E=6?6DD H2C>E9 4@=5ME96D6 2C6 23DEC24E65 BF2=:E:6D @7
E9:?8D $7 4@FCD6 E96D6 BF2=:E:6D 2C6 C62==J ?6G6C 5:G@C465 7C@> E9:?8D
3FE E96 >:?5 5:G@C46D E96> :? @C56C E@ >2<6 E9:?<:?8 62D:6C )96 AC@
46DD @7 4@?G6CE:?8 BF2=:E:6D :?E@ 4@?46AED :D A6C7@C>65 D:>A=J 3J EC2?D
7@C>:?8 25;64E:G6 E6C>D :?E@ E96:C 4@CC6DA@?5:?8 ?@F? E6C>D 2?5 E96?
6>A=@J:?8 6249 E9@F89E C6AC6D6?E65 3J 6249 E6C> 2D 2 DJ>3@= E@ 6IAC6DD
E92E A2CE:4F=2C 4=2DD @7 BF2=:EJ @C :?DE2?46 2 A:646 @7 4@=@C65 42?5J A@D
D6DD6D E96 BF2=:E:6D @7 36:?8 C@F?5 92C5 DH66E C65 6E4 )C2?D7@C>:?8
E96D6 25;64E:G6D @7 BF2=:EJ :?E@ ?@F? E6C>D H6 92G6 E96 4@?46AED @7
C@F?5?6DD 92C5?6DD C65?6DD 2?5 DH66E?6DD C6DA64E:G6=J 2?5 H6 E96?
FD6 6249 @7 E96 =2EE6C 2D 2 DJ>3@= :? 56?@E:?8 E92E A2CE:4F=2C 4=2DD @7
BF2=:E:6DH96C6G6C:E:D7@F?5
?@E96C HC:E6C 92D D2:5 @? E96 D2>6 DF3;64E $FC 5:4E:@?2C:6D 4@?E2:?
DF49 H@C5D 2D AFC:EJ DH66E?6DD H9:E6?6DD :?5FDECJ 4@FC286 #@ @?6
6G6C E@F4965 E2DE65 D>6==65 962C5 @C D2H AFC:EJ @C 4@FC286 ,6 5@
?@E E96C67@C6 82:? @FC <?@H=6586 @7 E9@D6 E9C@F89 E96 D6?D6D ,6 92G6
D66? AFC6 A6CD@?D AFC6 9@?6J H6 92G6 3C62E965 AFC6 2:C E2DE65 AFC6
4@7766 C@> 2== E96D6 5:776C6?E @3;64ED H6 92G6 23DEC24E65 E96 @?=J =:<6
BF2=:EJ E96 BF2=:EJ @7 36:?8 AFC6 ,6 E96? D2J H6 92G6 2? :562 @7
LAFC:EJL 2?5 E92E :562 :D 2? 23DEC24E @?6 #@ @?6 6G6C D2H H9:E6?6DD 6
>2J 92G6 D66? H9:E6 4=@F5D D?@H 4=@E9 3=@DD@>D 9@FD6D A2A6C
9@CD6D 3FE 96 ?6G6C D2H LH9:E6?6DDL 3J :ED6=7 6 D:>A=J 23DEC24E65 E92E
BF2=:EJ7C@>G2C:@FDH9:E6@3;64ED
'62= E9:?<:?8 :D 2 AC@46DD 5:C64E=J F?56C E96 4@?EC@= 5:C64E:@? 2?5 >2?
286>6?E @7 E96 "2DE6C ":?5 7C@> DE2CE E@ 7:?:D9 )96 :>A@CE2?46 @7 E9:D
724E 42? 36 4@CC64E=J 6DE:>2E65 @?=J H96? @?6 C62=:K6D E96 2== :>A@CE2?E
A2CE A=2J65 3J )9@F89E :? E96 =:76 2?5 H6=72C6 @7 E96 :?5:G:5F2= D 2
>2? E9:?<6E9 D@ :D 96 ,6 2C6 E96 C6DF=E @7 H92E H6 92G6 E9@F89E )96
"2DE6C ":?5 E9:?<D H92E :E H:==D E@ E9:?< ?@E H92E @E96CD H:== :E E@
E9:?< @C H92E 92?46 56E6C>:?6D :E D92== E9:?< )9FD :D E96 "2DE6C ":?5
E96"2DE6C@7ED6=7
./"-4#".+*&*$
,6 92G6 D66? E92E 2 @?46AE 6IAC6DD6D @FC 86?6C2= :562 @7 2 4=2DD @7
E9:?8D ?5 2D H6 D92== AC6D6?E=J D66 @FC :562 @7 2 A2CE:4F=2C @3;64E :D
7C6BF6?E=J 56C:G65 3J 65F4E:G6 '62D@?:?8 7C@> @FC 4=2DD 4@?46AED :E
7@==@HD E92E @FC <?@H=6586 4@?46C?:?8 2?J A2CE:4F=2C E9:?8 :D =2C86=J
@3E2:?65 E9C@F89 @FC 4@?46AE @7 E96 4=2DD E@ H9:49 E96 E9:?8 36=@?8DM@C
C2E96C 7C@> E96 4=2DD6D E@ H9:49 :E 36=@?8D 7@C 6G6CJ 4@?4C6E6 E9:?8 36
=@?8D E@ 2 ?F>36C @7 4=2DD6D )9:D 36:?8 D66? :E :D A6C46:G65 E92E :E :D @7
E96 9:896DE :>A@CE2?46 E92E H6 7@C> 244FC2E6 2?5 7F== 4@?46AED C682C5
:?8 E96 4=2DD6D @7 E9:?8D H9:49 2C6 4@?46C?65 H:E9 @FC 49@D6? 7:6=5 @7
<?@H=6586
,6 92G6 D66? E92E E96 4@?46AE @7 2 4=2DD @7 4@?4C6E6 @3;64ED >FDE @7 ?6
46DD:EJ :?4=F56 2== E96 BF2=:E:6D 4@>>@? E@ E92E 4=2DD FE :E 5@6D ?@E 2?5
42? ?@E 2=D@ :?4=F56 2?J @7 E96 BF2=:E:6D H9:49 A6CE2:? @?=J E@ 46CE2:? :?
5:G:5F2=D @C 8C@FAD H:E9:? E96 86?6C2= 4=2DD @C 6I2>A=6 E96 4@?46AE
5@8 >FDE :?4=F56 2== E96 BF2=:E:6D @C 492C24E6C:DE:4D 4@>>@? E@ 2==
5@8D FE :E 42??@E :?4=F56 2?J @7 E96 BF2=:E:6D @C 492C24E6C:DE:4D H9:49
2C6 A@DD6DD65 @?=J 3J D@>6 5@8D 2?5 ?@E 3J @E96CD )9FD E96 4@?46AE
5@8 42??@E :?4=F56 E96 BF2=:E:6D @7 4@=@C A2CE:4F=2C D92A6 4FC= @7 E2:=
D92A6 @7 9625 6E4 7@C DF49 H@F=5 ?@E 36 ECF6 @7 2== 5@8D FE =:<6H:D6
?@ @?6 @7 E96 86?6C2= BF2=:E:6D H9:49 5:DE:?8F:D9 2== 5@8D 2?5 H9:49 :?
4@>3:?2E:@? 4@?DE:EFE6 E96 5@8?6DD @7 E96 2?:>2= 42? 36 23D6?E 7C@>
E964@?46AE:7E96=2EE6C:D244FC2E64@>A=6E62?57F==
6C6:DE96H9@=6E9:?8:?2?FED96==
)96 8C62E6C E96 ?F>36C @7 :?5:G:5F2=D E96 D>2==6C E96 ?F>36C @7 4=2DD
BF2=:E:6D E96 D>2==6C E96 ?F>36C @7 :?5:G:5F2=D E96 8C62E6C E96 ?F>36C
@7 4=2DD BF2=:E:6D )96 D:?8=6 :?5:G:5F2= @7 4@FCD6 92D 2 8C62E6C ?F>36C
@7 BF2=:E:6D E92E 42? 2?J DF34=2DD @C 86?6C2= 4=2DD @7 H9:49 96 :D 2 F?:E
2?5 2?J 86?6C2= 4=2DD @7 4@FCD6 92D 2 D>2==6C ?F>36C @7 86?6C2= BF2=:E
:6D E92? 42? 2?J DF34=2DD @C :?5:G:5F2=D :?4=F565 :? :E )96 :?5:G:5F2= :D
:? 2 4=2DD 3J 9:>D6=7 2?5 2== @7 9:D BF2=:E:6D 2C6 86?6C2= BF2=:E:6D D 2
HC:E6C 92D D2:5 )96 D64C6E :D E9:D #@ EH@ :?5:G:5F2=D 42? 92G6 2D >2?J
BF2=:E:6D :? 4@>>@? 2D 6249 92D :?5:G:5F2==J F?=6DD E96J 2C6 3@E9 AC6
4:D6=J2=:<6:?6G6CJC6DA64EH9:49:D:>A@DD:3=6:??2EFC6LL
HC:E6CD2JD
,6 7C6BF6?E=J 7:?5 E92E H96? 2 A6CD@? 5:D28C66D H:E9 @FC ?@E:@? 4@?
46C?:?8 2 E9:?8 96 >2J 36 E9:?<:?8 @7 D@>6E9:?8 6=D6MD@>6E9:?8 6?
E:C6=J 5:776C6?E "6? 7C6BF6?E=J BF2CC6= 2?5 6?8286 :? 5:DAFE6D 3642FD6
E96J 72:= E@ @3D6CG6 E96 @=5 25286 67:?6 J@FC E6C>D 367@C6 J@F 5:DAFE6
C682C5:?8 E96> )96 HC:E6C D2JD E >FDE 36 3@C?6 :? >:?5 E92E >@DE @7
@FC 4@?46AED 2C6 DF3;64E E@ 492?86 5FC:?8 @FC 6?E:C6 =:76 E92E 2E 7:CDE E96J
2C6 >256 @?=J :? 2 E6?E2E:G6 H2J E92E 6IA6C:6?46 >2J D9@H FD 2E 2?J
E:>6 E92E E96J 92G6 366? 6CC@?6@FD=J 7@C>65 E92E H6 92G6 23DEC24E65
E@@ =:EE=6 @C E@@ >F49 >256 2 4=2DD E@@ H:56 @C E@@ ?2CC@H @C E92E 96C6 2
BF2=:EJ>FDE3625565@CE96C6@?6E2<6?2H2J
)96 DEF56?E H:== 7:?5 2 8C62E 96=A :? 7@C>:?8 4@CC64E 256BF2E6 2?5 7F==
4@?46AED :? E96 7@C> @7 2 8@@5 5:4E:@?2CJ 2?5 :7 A@DD:3=6 2=D@ :? E96
7@C> @7 2 8@@5 6?4J4=@A65:2 '676C6?46 E@ E96 5:4E:@?2CJ @C E96 6?4J4=@
A65:2 H:== 5:DA6= >2?J 6CC@?6@FD 4@?46AED 2?5 :>AC@G6 4@CC64E 2?5
7:== @FE >2?J :>A6C764E @C :?4@>A=6E6 @?6D .@FC 4@?46AE @7 2 E9:?8 :D
J@FC2?DH6CE@E96BF6DE:@?,92E5@F?56CDE2?5E9:DE9:?8E@36
)96 23D@=FE6=J 4@>A=6E6 2?5 7F== 4@?46AE H@F=5 ?646DD2C:=J :?4=F56 2==
E96 6DD6?E:2= BF2=:E:6D E96C6@7 H:E9 ?@ ?@?6DD6?E:2= BF2=:EJ FE :?2D
>F49 2D ?@ A6CD@? 42? 36 96=5 E@ A@DD6DD 23D@=FE6 <?@H=6586 23@FE
2?JE9:?8 :E 7@==@HD E92E ?@ 23D@=FE6 4@?46AED 2C6 A@DD6DD65 3J 2?J
@?6ME96 36DE E92E 2?J@?6 42? 5@ :D E@ 92G6 2 7F== 4@>A=6E6 A6C764E 2?5
4@CC64E 4@?46AE 2D :D A@DD:3=6 ?5 65F42E:@? :?G6DE:82E:@? C6D62C49
2?5 6IA6C:6?46 2C6 4@?DE2?E=J 255:?8 E@ E96 7F==?6DD 2?5 4@CC64E?6DD @7
@FC 4@?46AED H6==<?@H? 2FE9@C:EJ 92D 8:G6? FD 2 ?F>36C @7 6I46==6?E
6I2>A=6D @7 E9:D 724E @7 H9:49 E96 7@==@H:?8 :==FDEC2E:@?D 2C6 5C2H?
,96? E@ @FC 4@?46AE @7 2 46CE2:? <:?5 @7 E9C66=62G65 :GJ H6 255 E96
BF2=:EJ @7 A@:D@?@FD H6 >2<6 2 >@DE :>A@CE2?E 255:E:@? ,96? H6
255 E@ @FC 4@?46AE @7 2 46CE2:? <:?5 @7 7CF:E E96 BF2=:EJ @7 8@@5 7@@5
H6 92G6 82:?65 2? :>A@CE2?E 3:E @7 AC24E:42= <?@H=6586 ,96? H6 255
E@ @FC 4@?46AE @7 >FDE2C5 E96 BF2=:EJ @7 2? 2?E:5@E6 7@C @A:F> A@:D@?
:?8 H6 92G6 24BF:C65 G2=F23=6 <?@H=6586 H9:49 >2J D2G6 @FC =:76 2E
D@>6 E:>6 :? E96 7FEFC6 ,96? >6? 25565 E@ E96:C 4@?46AE @7 2 46CE2:?
92C5 3=24< DE@?J DF3DE2?46 E96 2EEC:3FE6 @C BF2=:EJ @7 3FC?:?8 2?5 AC@
5F4:?8 962E E96J >256 2 8C62E 5:D4@G6CJM 2?5 :E E@@< >6? >2?J 46?
EFC:6D E@ 5:D4@G6C E9:D ,96? >6? 25565 E@ E96:C 4@?46AE @7 6=64EC:4:EJ
E96 BF2=:EJ @7 FD23=6 6?6C8J 2?5 2 =:<6 BF2=:EJ E@ E96:C 4@?46AE @7
DE62>E96H@C=5LDAC@8C6DDH2D25565E@
)96HC:E6C:?BF6DE:@?D2JDC682C5:?8E9:D
E96:C D:>A=6DE 7@C>D 2?5 D@ 5:D8F:D65 2?5 ?6FEC2=:K65 3J E96 AC6D6?46 @7
@E96C 7@C46D )96 AC@8C6DD @7 E96 ?6IE 9F?5C65 J62CD H:== ;@:? >2?J 4@?
46AED H9:49 ?@H D66> E@ 92G6 ?@ 4@>>@? BF2=:E:6D @CEF?2E6=J ;F58
>6?E :D 6G6C D:=6?E=J H@C<:?8 2?5 4@>A2C:?8 E9:?8D E92E E@ A2DE 286D
92G6 D66>65 5:DD:>:=2C 2?5 :E :D 4@?E:?F2==J 23DEC24E:?8 2?5 =62G:?8 @FE
@7 E96 7:6=5 E9@D6 BF2=:E:6D H9:49 92G6 D:>A=J D6CG65 E@ @3D4FC6 E96 A@:?E
2E:DDF6
'62D@?:?83J?2=@8J
)9:D :D E96 D:>A=6DE 7@C> @7 C62D@?:?8 E :D 32D65 FA@? E96 86?6C2= AC:?
4:A=6 E92E 7 EH@ E9:?8D C6D6>3=6 6249 @E96C :? >2?J A@:?ED E96J H:==
AC@323=J C6D6>3=6 6249 @E96C :? >@C6 A@:?ED )9:D 7@C> @7 C62D@?:?8
5:776CD @?=J :? 568C66 7C@> E96 AC@46DD AC6G:@FD=J 4@?D:56C65 3J FD
<?@H? 2D =2DD:7:42E:@? @C 6?6C2=:K2E:@? )96 =2EE6C AC@46DD AC@4665D
FA@? E96 AC:?4:A=6 E92E H96? >2?J E9:?8D C6D6>3=6 6249 @E96C :? 2 76H
32D:4 BF2=:E:6D H6 2DD@4:2E6 E96> :? 2 4=2DD 2?5 FD6 E96 4=2DD4@?46AE :?
7FCE96C C62D@?:?8 ? '62D@?:?8 3J ?2=@8J 9@H6G6C E96 AC:?4:A=6
>2J 36 D2:5 E@ 36 E92E H96? 2 76H E9:?8D C6D6>3=6 6249 @E96C :? >2?J
BF2=:E:6D :E :D 2 42D6 @7 2?2=@8J 2?5 :D FD65 :? 7FCE96C C62D@?:?8 @? E92E
32D:D
A6C92AD E96 >@DE =:23=6 E@ 6CC@C ,9:=6 G6CJ FD67F= 7@C @C5:?2CJ AFC
A@D6D @?6 >FDE 2=H2JD 36 @? 8F2C5 282:?DE 6CC@C :? ;F58>6?E :? DF49
C62D@?:?8 7@C E9:D 7@C> @7 C62D@?:?8 92D 2 =2C86 A6C46?E286 @7 6CC@C D 2
HC:E6C D2JD %6CD@?D 92G6 366? A@:D@?65 3J E@25DE@@=D 3J C62D@? @7 72=D6
2?2=@8@FD C62D@?:?8 E92E 3642FD6 >FD9C@@>D 2C6 65:3=6 E96? E@25
DE@@=D H9:49 C6D6>3=6 E96> >FDE 2=D@ 36 7:E 7@C 7@@5 @C :? E96 D2>6
H2J 3642FD6 46CE2:? 36CC:6D C6D6>3=6 @E96C 65:3=6 36CC:6D E96J >FDE =:<6
H:D6 36 8@@5 7@@5 4@>A=6E6 2?2=JD:D 2?5 4=2DD:7:42E:@? :? E96D6 42D6D
H@F=5 92G6 AC6G6?E65 E96 6CC@?6@FD 2?2=@8J ?@E96C HC:E6C D2JD )@
:?76C E92E 3642FD6 @9? (>:E9 92D 2 C65 ?@D6 2?5 :D 2=D@ 2 5CF?<2C5 E96?
6?CJ @?6D H9@ 2=D@ 92D 2 C65 ?@D6 :D 2=D@ 2 5CF?<2C5 H@F=5 36 52?
86C@FD :?76C6?46 @?4=FD:@?D @7 E9:D <:?5 5C2H? 7C@> ?2=@8J 2C6 7C6
BF6?E=J 52?86C@FD ?@E96C HC:E6C D2JD "2?J 72=D6 2?2=@8:6D 2C6 >2?
F724EFC65 2?5 :E :D 6I46==6?E E9@F89E EC2:?:?8 E@ 6IA@D6 E96> )96 >2;@C
:EJ @7 A6@A=6 E9:?< D@ =:EE=6 E92E E96J DH2==@H E96D6 72=D6 2?2=@8:6D ;FDE 2D
?6H=J7=65865C@3:?DDH2==@HD>2==DE@?6D5C@AA65:?E@E96:C>@FE9D
'62D@?:?83J?5F4E:@?
)9:D 7@C> @7 C62D@?:?8 :D 32D65 FA@? E96 =@8:42= 2I:@> ,92E :D ECF6 @7
E96 >2?J :D ECF6 @7 E96 H9@=6 )9:D 2I:@> :D 32D65 FA@? >2?LD A6C46A
E:@? @7 ?2EFC6LD F?:G6CD2= 2?5 F?:7@C> =2HD )96 AC@46DD @7 C62D@?:?8 :?
E9:DH2J>2J36D2:5E@4@?D:DE@7D6G6C2=DE6AD2D7@==@HD
$3D6CG2E:@?
6I2>:?6 2 =2C86 ?F>36C @7 7@FC7@@E65 42C?:G@C@FD 2?:>2=D 2?5 2>@?8
E96> H6 H@F=5 7:?5 2 =2C86 ?F>36C A@DD6DD:?8 2 46CE2:? D6E @7 BF2=:E:6D
4@>>@? E@ 2== @7 E92E ?F>36C )96 2?:>2=D A@DD6DD:?8 E96D6 4@>>@?
BF2=:E:6D H6 H@F=5 4=2DD:7J F?56C E96 7@C> @7 2 4@?46AE E@ H9:49 H6
H@F=5 2AA=J E96 E6C> 5@8 $C :? E96 D2>6 >2??6C H6 >:89E @3D6CG6
2?5 6I2>:?6 ?F>6C@FD >2E6C:2= @3;64ED 2?5 E9FD 5:D4@G6C E92E 2== @7
E96> H6C6 2EEC24E65 E@ E96 46?E6C @7 E96 62CE9 2?5 2 7FCE96C :?G6DE:82E:@?
H@F=5 5:D4@G6C E92E 2== >2E6C:2= @3;64ED H6C6 2EEC24E65 E@ 6249 @E96C :? 2
46CE2:?H2J
JA@E96D:D
)6DE:?8
H:E9 C62D@? 2?5 6IA6C:6?46 E96 9JA@E96D:D :D 4@?D:56C65 E@ 36 C62D@?
23=6 D@ 72C 2D E96 :?G6DE:82E:@? 92D AC@466565 2E =62DE 2?5 =:<6H:D6 :7
E96 4@?4=FD:@? :D 7@F?5 E@ 36 :?4@?D:DE6?E H:E9 C62D@? @C E@ 36 2 =@8:42=
23DFC5:EJ E96? E96 9JA@E96D:D :D A=2465 F?56C DFDA:4:@? @C >2J 6G6? 36
FEE6C=J C6;64E65 AA=J:?8 E96 E6DE E@ E96 5@8 72>:=J E96 C6DF=E H@F=5 36
72G@C23=6 E@ E96 9JA@E96D:D E92E 2== 5@8D 2C6 D@2?5D@ 2?5 24E E9FD
2?5D@ :7 E96 255:E:@?2= ?F>36C @7 5@8D 6I2>:?65 AC@G65 C62==J E@ A@D
D6DD E96 2DDF>65 86?6C2= BF2=:E:6D 2?5 E@ 24E :? E96 >2??6C 2DDF>65 :?
E96 9JA@E96D:D !:<6H:D6 E96 9JA@E96D:D 4@?46C?:?8 8C2G:E2E:@? H@F=5
36 C682C565 H:E9 >@C6 72G@C H96? :E H2D 5:D4@G6C65 E92E E96 E96@CJ >6E
E96E6DE@7255:E:@?2=@3D6CG65A96?@>6?2
+6C:7:42E:@?
:?5F4E:G6 C62D@?:?8 :D L,92E :D ECF6 @7 E96 >2?J :D ECF6 @7 E96 H9@=6L
)9:D AC:?4:A=6 :D 7@F?565 FA@? @FC 72:E9 :? E96 F?:7@C>:EJ @7 #2EFC6
)2<6 2H2J E9:D 36=:67 2?5 2== :?5F4E:G6 C62D@?:?8 72==D )96 32D:D @7 :?
5F4E:@?:DE9FD@7E6?DE2E65E@36"2?LD72:E9:?E96F?:7@C>:EJ@7#2EFC6
?@E96CD2JD
)96 ;F58>6?E E92E L== >6? 2C6 >@CE2=L H2D C624965 3J :?5F4E:@? E H2D
@3D6CG65 E92E 2== A2DE 86?6C2E:@?D @7 >6? 925 5:65 2?5 E9:D 724E H2CC2?
E65 E96 4@?4=FD:@? E92E 2== >6? =:G:?8 H:== 5:6 ,6 >2<6 E96 2DD6CE:@? 2D
3@=5=J 2D :7 H6 925 D66? E96> 2== 5:6 )96 AC6>:D6 E92E L== 4@HD 496H
E96 4F5L H2D =2:5 5@H? 27E6C 2 46CE2:? ?F>36C @7 4@HD 925 366? 6I
2>:?65 7 H6 H6C6 E@ D66 2 4@H EH6?EJ J62CD 96?46 H6 D9@F=5 6IA64E E@
7:?5 E92E D96 496H65 E96 4F5 E H2D ?@E:465 3J 2DEC@?@>6CD E92E 27E6C 2
46CE2:? ?F>36C @7 52JD E96 62CE9 C68F=2C=J C6EFC?65 E@ E96 D2>6 A@D:E:@?
:? :ED @C3:E E96 DF? C@D6 :? E96 D2>6 A=246 2?5 E96 52J H2D @7 E96 D2>6
=6?8E9 6?46 E96 =6?8E9 @7 E96 J62C 2?5 @7 6249 DF44665:?8 52J H2D 56
E6C>:?65 2?5 E96 2=>2?24 >2<6C ?@H :?76CD E92E E96 D2>6 H:== 36 ECF6
@7 7FEFC6 J62CD 6 E6==D FD E92E E96 DF? @? E96 7:CDE @7 ?6IE 646>36C H:==
C:D6 2E 2 8:G6? E:>6 E9@F89 96 42??@E E9C@H 9:>D6=7 :?E@ E96 7FEFC6 E@
G6C:7JE964@?4=FD:@?
65F4E:@? H9:49 H6 D92== 4@?D:56C AC6D6?E=JME96 >2:? 724E 2DDF>65
E@ 36 ECF6 :? @C56C E@ C62D@? 7FCE96C 3J 565F4E:@?M:D ?@E9:?8 >@C6 ?@C
=6DD E92? E96 JA@E96D:D )96@CJ !2H @C %C:?4:A=6 5:D4@G6C65 :? E96
AC@46DD @7 '62D@?:?8 3J ?5F4E:@? ;FDE 56D4C:365 2?5 4@?D:56C65 3J FD
65F4E:G6 '62D@?:?8 2446AED E9:D "2;@C %C6>:D6 2D 2 724E >2<:?8 ?@
7FCE96C :?BF:CJ 4@?46C?:?8 E96 ECFE9 @7 E96 D2>6 2?5 E96? AC@4665D E@
5C2H 4@?4=FD:@?D 7C@> :E 3J 46CE2:? >6E9@5D @7 :ED @H? 2D H6 D92==
AC6D6?E=JD66
'62D@?:?83J65F4E:@?
?6I2>A=6@7E9:D7@C>@7C62D@?:?8:D2D7@==@HD
65F42E65 A6CD@?D 92G6 ?@ 4=62C :562 @7 H92E =@8:4 :D .6E :? 2 46CE2:?
H2J6G6CJ@?6>FDE92G6366?2=@8:4:2?D:?46963682?E@DA62<LL
(J==@8:D> >FDE 92G6 E9C66 2?5 @?=J E9C66 AC@A@D:E:@?D E96D6 AC@A@D
:E:@?D 2C6 2D 7@==@HD
"2;@C %C6>:D6 ":?@C %C6>:D6 2?5 @?
4=FD:@? 6C6 :D 2? 6I2>A=6 @7 E96 23@G6
"2;@C %C6>:D6 == 7:D9 2C6
4@=53=@@565 ":?@C %C@>:D6 )9:D 4C62EFC6 :D 2 7:D9 @?4=FD:@?
)96C67@C6E9:D4C62EFC6:D4@=53=@@565
,6 D92== ?@E 6?E6C :?E@ 2 E649?:42= 6IA@D:E:@? @7 E96 >2?J CF=6D 2?5 AC:?
4:A=6D @7 4@CC64E '62D@?:?8 3J 65F4E:@?ME9@D6 :?E6C6DE65 :? E96 DF3;64E
2C6 C676CC65 E@ D@>6 8@@5 6=6>6?E2CJ E6IE3@@< @? =@8:4 7@C 2 >@C6 56
E2:=65 5:D4FDD:@? @7 E96 D2>6 ?DE625 H6 D92== 42== J@FC 2EE6?E:@? E@ 2
?F>36C @7 E96 >@DE 4@>>@? 2==24:6D @C 7@C>D @7 2=D6'62D@?:?8 D@
E92E 3J @3D6CG:?8 E96 72=D6 7@C>D J@F >2J 3J 4@?EC2DE 2CC:G6 2E 2? :562
@7 E96 4@CC64E 7@C>D )96D6 72=D6 7@C>D >2J E9FD >@DE FD67F==J 36 6>
A=@J65 2D 2 E6CC:3=6 6I2>A=6 D6CG:?8 E@ H2C? E96 DEF56?E 2H2J 7C@>
E96 4@FCD6 H9:49 92D =65 E@ DF49 C6DF=ED D 2? 2FE9@C:EJ 92D D2:5 ?
=62C?:?8 9@H E@ 5@ C:89E :E :D 2=H2JD 56D:C23=6 E@ 36 :?7@C>65 2D E@ E96
H2JD :? H9:49 H6 2C6 =:<6=J E@ 8@ HC@?8 ? 56D4C:3:?8 E@ 2 >2? E96 C@25
H9:49 96 D9@F=5 7@==@H H6 @F89E E@ E6== 9:> ?@E @?=J E96 EFC?:?8D
H9:49 96 :D E@ E2<6 3FE 2=D@ E96 EFC?:?8D H9:49 96 :D E@ 2G@:5 (:>:=2C=J
:E :D 2 FD67F= A2CE @7 =@8:4 H9:49 E62496D FD E96 H2JD 2?5 EFC?:?8D 3J
H9:49A6@A=6>@DE4@>>@?=J8@2DEC2J:?C62D@?:?8
2==24:6D(@A9:DECJ2?52DF:DECJ
2==24J:D
"2?J AF3=:4 >6? 923:EF2==J G:@=2E6 E96 =2HD @7 D@F?5 C62D@?:?8 :? E9:D
H2J E96J 3@=5=J 2DD6CE 2 72==24:@FD AC6>:D6 2?5 E96? AC@4665 E@ C62D@?
@C 2C8F6 =@8:42==J 7C@> :E E96 C6DF=E 36:?8 E92E E96:C 962C6CD 2C6 4@?7FD65
3J E96 2AA2C6?E=J =@8:42= ?2EFC6 @7 E96 H9@=6 2C8F>6?E 2?5 E96 D@F?5
?6DD @7 E96 4@?4=FD:@? @G6C=@@<:?8 E96 :>A@CE2?E 724E E92E E96 32D:4
AC6>:D6:ED6=7:DF?H2CC2?E652?5F?D@F?5
(F49 2C8F>6?E 2?5 C62D@?:?8 :D C@EE6? 2E E96 4@C6 )96D6 >6? AC@4665
@? E96 AC:?4:A=6 2EEC:3FE65 E@ 2C@? FCC E92E )CFE9 :D E92E H9:49 :D
3@=5=J 2DD6CE65 2?5 A=2FD:3=J >2:?E2:?65 )96J 42CCJ :?E@ AC24E:46 E96
A@=:4J @7 @?6 @7 F=H6CLD 492C24E6CD H9@ D2:5 ,96?6G6C J@F 2C6 23@FE
E@ FEE6C D@>6E9:?8 2DE@?:D9:?8=J 72=D6 2=H2JD 368:? H:E9 LE :D 2? 24
<?@H=65865 724E 6E4L @C LE :D 25>:EE65 3J 2==L @C L#@ E9:?<:?8 A6CD@?
56?:6DL F=H6C 2=D@ >2<6D E9:D 492C24E6C D2J (:C '@36CE F=>6C H2D 2
>2DE6C @7 E9:D >2??6C @7 HC:E:?8 )9FD H:E9 2 D@=6>? 7246 E92E 8C62E >2?
2EE6>AE65 E@ 4962E 6 H@F=5 D2J LE :D 2 ECFE9 F?56?:23=6 E92E E96C6 42?
?@E 36 2?J >F=E:EF56 @7 >6? H92ED@6G6C 6:E96C 8C62E @C D>2== 3FE E92E
:? E96 D2>6 >F=E:EF56 E96C6 :D @?6 >2? 2>@?8 E96> E92E :? ?2EFC6 92E9 2
C:89EE@36 :?8@72==E96C6DEM2D36:?8E96?6IE96:C@752>L
HC:E6C 92D 8:G6? FD E96 7@==@H:?8 32D:4 CF=6D @7 D@F?5 C62D@?:?8 2?5
2C8F>6?E
=62C=J 567:?6 J@FC E6C>D 2?5 :?D:DE FA@? J@FC @AA@?6?E
5@:?8 =:<6H:D6 DE23=:D9 E96 4@CC64E?6DD @C C62D@?23=6?6DD @7 J@FC
AC6>:D6D 2?5 :?D:DE FA@? E96 @E96C D:56 5@:?8 E96 D2>6 )96? @3
D6CG6E96=2HD@7D@F?5C62D@?:?87C@>AC6>:D6E@4@?4=FD:@?
)96 C6256C H:== 36 DFCAC:D65 E@ 5:D4@G6C 9@H >2?J A@AF=2C :562D 36
=:67D 2?5 86?6C2= 4@?G:4E:@?D 2C6 32D65 FA@? 2C8F>6?ED 2?5 C62D@?:?8
H9:49 368 E96 BF6DE:@? 8C@DD=J :? DE2E:?8 E96:C "2;@C %C6>:D6 )96
"2DE6C ":?5 C67FD6D E@ 36 D@ >:D=65 2?5 :?D:DED FA@? E96 AC6>:D6D 36:?8
2E =62DE C62D@?23=6 2?5 ?@E >6C6 32=5 2?5 :>AF56?E 2DD6CE:@?D 2?5 2D
DF>AE:@?D
)962==24J@7'62D@?:?8:?2:C4=6
6C62C6>@C64@>A=6I7@C>D
)96 '6AF3=@4C2E:4 %2CEJ :D E96 C:89E A2CEJ 3642FD6 :E 25G@42E6D E96 C:89E
AC:?4:A=6D E96 '6AF3=@4C2E:4 AC:?4:A=6D 2C6 E96 C:89E AC:?4:A=6D 3642FD6
E96J 2C6 25G@42E65 3J E96 C:89E A2CEJ $C 282:? )96 9FC49 @7 ?8=2?5
:D E96 ECF6 9FC49 3642FD6 :E H2D 6DE23=:D965 3J @5 :E >FDE 92G6 366?
6DE23=:D965 3J @5 3642FD6 :E :D E96 ECF6 9FC49 $C 282:? )96 AC@A9
6E H2D :?DA:C65 H6 <?@H E92E 96 H2D :?DA:C65 3642FD6 96 9:>D6=7 D@
DE2E652?536:?8:?DA:C6596>FDE92G6DA@<6?@?=JE96ECFE9
D2HC:E6C92DD2:5
CC6=6G2?E@?4=FD:@?
4@?E2:?65 :? E96 %C6>:D6D @C 6I2>A=6 == >6? 2C6 D:??6CD @9? (>:E9
:D 2 >2? E96C67@C6 @9? (>:E9 :D 2 9@CD6 E9:67 "2?J D@=6>? DE2E6>6?ED
>256 3J AF3=:4 >6? 2?5 @E96CD 2C6 C62==J BF:E6 2D 23DFC5 2D E92E ;FDE
DE2E65 E9@F89 E96 23DFC5:EJ :D @7E6? =@DE D:89E @7 :? E96 6IE6?565 DE2E6
>6?E 2?5 4@>A=:42E65 AC6D6?E2E:@? 2:565 3J E96 D@=6>? A@D:E:G6 2:C @7
2FE9@C:EJ 2DDF>65 3J E96 DA62<6C >@C6 A=2FD:3=6 7@C> :D 2D 7@==@HD
== E9:6G6D 2C6 =:2CD @9? C@H? :D 2 =:2C E96C67@C6 @9? C@H? :D 2
E9:67 ? E9:D =2DE E96 DE2E6>6?E :8?@C6D E96 724E E92E H9:=6 2== E9:6G6D 2C6
=:2CD 2== =:2CD 2C6 ?@E ?646DD2C:=J E9:6G6D '6>6>36C E96 @=5 D2J:?8 ==
3:D4F:ED2C63C6253FE2==3C625:D?@E3:D4F:E
2=D62FD6
DH62C E92E E96J 5:5?LE D66 9:> 5@ :EME9:D D@F?565 H6== F?E:= :E H2D
D9@H? E92E ?@?6 @7 E96 9F?5C65 >6? H6C6 AC6D6?E @? E96 D46?6 @7 E96
7:89E2E2==
3FD6@7$AA@?6?E
%C6;F5:46%C6;F5:46:D
HC:E6CD2JD
"2?J A6CD@?D C62D@? 7C@> E96:C 766=:?8D C2E96C E92? 7C@> E96:C :?E6==64E
)96J D66< 2?5 25G2?46 ?@E ECF6 C62D@?D 3FE 6I4FD6D )96J D66< E@ AC@G6
2 E9:?8 E@ 36 ECF6 D:>A=J 3642FD6 E96J H2?E :E E@ 36 ECF6 )96 E6?56?4J :D
E@ D66 @?=J E9@D6 724ED H9:49 28C66 H:E9 @FC =:<6D @C 2C6 :? =:?6 H:E9 @FC
AC6;F5:46D 2?5 E@ :8?@C6 E96 @E96C D6E @7 724ED (F49 A6CD@?D F?4@?
D4:@FD=J 2DDF>6 E96 >6?E2= 2EE:EF56 H9:49 >2J 36 6IAC6DD65 2D 7@==@HD
L7 E96 724ED 5@ ?@E 28C66 H:E9 >J A6E E96@C:6D @C AC6;F5:46D D@ >F49 E96
H@CD67@CE96724EDL
?@E96CHC:E6CD2JD
#:?6 E:>6D @FE @7 E6? E@ 2C8F6 H:E9 2?J >2? @? 2 DF3;64E E92E 6?8286D
9:D 6>@E:@?D :D E@ H2DE6 3C62E9 :D >:?5 :D ?@E @A6? E@ =@8:42= A6CDF2
D:@? :D 6>@E:@?D 7:CDE 56E6C>:?6D 9:D @A:?:@? 2?5 E96? AC@>AE 9:D =@
8:42= 724F=E:6D E@ 56G:D6 A=2FD:3=6 6I4FD6D 7@C :E )96C6 :D 2 E9:?8 E92E ADJ
49@=@8:DED 42== 2 L4@>A=6IL E 4@?D:DED @7 2? :562 492C865 H:E9 6>@E:@?
2?5 :E @A6C2E6D 2D 2 D@CE @7 4@=@C65 D4C66? :? 7C@?E @7 E96 >:?5 >2?
H9@D6 6>@E:@?D 2C6 566A=J 6?82865 @? @?6 D:56 @7 2 BF6DE:@? >2J E9:?<
E92E 96 :D C62D@?:?8 23@FE :E FE :? 724E 96 >2J 36 :?42A23=6 @7 C62D@?
:?8 23@FE :E 3642FD6 H92E6G6C :>AC6DD:@?D 9:D >:?5 C646:G6D :? E92E 4@?
?64E:@? 4@>6 E9C@F89 9:D 4@>A=6I 2?5 E2<6 ?@ 4@=@C :D =@8:42= 724F=E:6D
@A6C2E6 @?=J 3J H2J @7 :?G6?E:?8 A=2FD:3=6 5676?D6D 7@C E96 ;F58>6?E 9:D
6>@E:@?D 92G6 2=C625J 7@C>65 E :D :>A@DD:3=6 E@ 492?86 9:D A@D:E:@? :?
2?J C6DA64E 3J C62D@?:?8 3642FD6 C62D@? 42??@E E@F49 9:D >:?5 F?E:= 9:D
6>@E:@?D 92G6 562=E H:E9 :E 2?5 >256 :E 4@?7@C> E@ E96:C 4@=@C ,96?6G
6C J@F E2=< E@ 2 A6CD@? H:E9 2 DEC@?8 3:2D @? 2?J A2CE:4F=2C DF3;64E
H9:49 3:2D 5@6D ?@E 4@:?4:56 H:E9 J@FC @H? 3:2D E2=< E@ 9:> 23@FE
D@>6E9:?86=D6
6?6C2=(F886DE:@?D
HC:E6CD2JD
?@E96CHC:E6CD2JD
?@E96CHC:E6CD2JD
(@ G2=F23=6 :D 86@>6ECJ 2D 2 5:D4:A=:?6 E92E >2?J =2HJ6CD 2?5 @E96CD C6
G:6H E96:C 86@>6ECJ 6G6CJ J62C :? @C56C E@ <66A E96 >:?5 5C:==65 E@ =@
8:42= 923:ED @7 E9:?<:?8 )96 DEF5J @7 =@8:4 H:== 2:5 :? E96 56G6=@A>6?E @7
E96 A@H6C @7 565F4E:G6 C62D@?:?8 E 5@6D E9:D 7:CDE 3J D9@H:?8 E96
>6E9@5 3J H9:49 H6 C62D@? E@ D66 E96 =2HD H9:49 8@G6C? E96 C62D@?:?8
AC@46DD E@ 2?2=JK6 E96 DJ==@8:D> 2?5 D66 :ED 4@?7@C>:EJ E@ E96 =2HD @7
E9@F89E :D ?@E @?=J 2? 6I6C4:D6 @7 C62D@?:?8 3FE 2=D@ 8:G6D E92E <?@H
=6586 @7 E96 AC@46DD E92E H:== 36 3@E9 2 DE:>F=FD 2?5 2 8F:56 E@ E9@F89E
#@ @?6 42? EC246 E96 AC:?4:A=6D 2?5 AC@46DD6D @7 E9@F89E H:E9@FE C646:G
:?8 E96C63J 2? :>A6EFD E@ E9@F89E ? E96 D64@?5 A=246 E96 DEF5J @7 =@8:4
:D AC@323=J 6G6? >@C6 G2=F23=6 3642FD6 :E 8:G6D AC24E:46 :? 565F4E:G6
E9:?<:?8 )9:D A6C92AD :D :ED AC:?4:A2= G2=F6 D:?46 E96 >:?5 C62D@?D :?
DE:?4E:G6=J H:E9@FE <?@H:?8 9@H :E C62D@?D $?6 42? E9:?< H:E9@FE E96
<?@H=6586 @7 E96 D4:6?46 @7 E9:?<:?8 ;FDE 2D @?6 42? FD6 =2?8F286 4@C
C64E=J H:E9@FE 2 <?@H=6586 @7 8C2>>2C J6E 2D E96 DEF5J @7 8C2>>2C :>
AC@G6D @?6LD DA6649 D@ E96 DEF5J @7 =@8:4 42? 3FE :>AC@G6 @?6LD
E9@F89E
?@E96CHC:E6CD2JD
?@E96CHC:E6CD2JD
,96? J@F 7:?5 J@FCD6=7 7=F4EF2E:?8 324< 2?5 7@CE9 36EH66? EH@ @A:?
:@?D J@F >:89E 7:?5 :E 96=A7F= E@ 9@=5 2? :?E6C?2= 5632E6 (E2E6 E@ J@FCD6=7
2D DEC@?8=J 2D A@DD:3=6 E96 42D6 7@C E96 277:C>2E:G6 2?5 E96? AFE 2D 4@?
G:?4:?8=J 2D A@DD:3=6 E96 42D6 7@C E96 ?682E:G6 9@=5:?8 2 C67FE2E:@? :7 ?6
46DD2CJ .@F >2J 6G6? 6=23@C2E6 E9:D 3J HC:E:?8 E96 2C8F>6?ED 7@C 3@E9
D:56D :? A2C2==6= 4@=F>?D $7 4@FCD6 J@F D9@F=5 ?6G6C FD6 2? 2C8F>6?E
H9:49 J@F 42? D66 @? :ED 7246 E@ 36 72==24:@FD ?@C 2 DE2E6>6?E H9:49 C6A
C6D6?ED >6C6=J 2 AC6;F5:46 2?5 ?@E9:?8 >@C6 .@F D9@F=5 FD6 @?=J DF49
2C8F>6?ED 2D J@F E9:?< 2 D:?46C6 5632E6C H@F=5 4@?D4:6?E:@FD=J 6>A=@J
J E9FD >2<:?8 J@FC C62D@?D 2CE:4F=2E6 J@F H:== 7:?5 E92E E96C6 :D C62==J
?@ E6?23=6 42D6 2E 2== 7@C @?6 D:56 2?5 J@F H:== D6=5@> 72:= E@ C6249 2 567
:?:E64@?4=FD:@?
82:?
)96 AC28>2E:4 >6E9@5 42? 36 2AA=:65 H:E9 AC@7:E E@ ?62C=J 2== @FC A@D:E
:G6 AC@3=6>D 67@C6 DE2CE:?8 E@ D@=G6 2 BF6DE:@?MH9:=6 564:5:?8 7@C :?
DE2?46 @? E96 G2=:5:EJ @7 D@>6 ?:46 5:DE:?4E:@? :? =@8:4MH6 D9@F=5 2D<
@FCD6=G6D L,92E AC24E:42= 5:776C6?46 H:== :E >2<6 :7 9@=5 @?6 @A:?:@? @C
2?@E96C @H H:== >J 36=:67 :?7=F6?46 >J 24E:@?L FD:?8 E96 H@C5
L24E:@?L :? :ED 3C@256DE D6?D6 )9:D >2J @7E6? =625 @FC =:?6 @7 :?BF:CJ :?E@
>@C6 7CF:E7F= 492??6=D <66A FD 7C@> >2<:?8 7:?6 3FE ?665=6DD
5:DE:?4E:@?D 96=A FD E@ H@C5 @FC BF6DE:@? >@C6 C6=6G2?E=J 2?5 =625 FD
E@>2<65:DE:?4E:@?DH96C6H6C62==J?665E96>
)96 "2DE6C ":?5 56E2496D :ED6=7 7C@> :ED >6?E2= >249:?6CJ 2?5 E@@=D @4
42D:@?2==J 2?5 2D 2 >2EE6C @7 6I6C4:D6 2?5 6?E6CD :?E@ E96 7F== C62=:K2E:@?
@7 :ED C62= 6I:DE6?46 2?5 C62= DFAC6>24J $G6C :ED >6?E2= 7:6=5 :E 6I4=2:>D
E@ :ED6=7 2> E96 >2DE6C @7 2== E9:D ?5 :? E9:D DA:C:E :E :>A@D6D :ED 2F
E9@C:EJ FA@? :ED E@@=D 2?5 >249:?6CJ 2?5 3:5D E96> E@ A6C7@C> :ED H@C<
677:4:6?E=J 2?5 :?E6==:86?E=J ,96? 66=:?8 :D ?646DD2CJ E@ DE:>F=2E6
E9@F89E 2?5 :?E6==64EF2= 6?562G@C E96 "2DE6C ":?5 AF==D E96 =6G6C @7
66=:?8 2?5 >@E:@? 2?5 E9C@HD :ED A@H6C :?E@ E96 >249:?6CJ !:<6
H:D6 H96? :E A6C46:G6D E92E 66=:?8 2?5 >@E:@? 2C6 4=@88:?8 2?5
8F>>:?8 FA E96 7C66 >@G6>6?E @7 E96 :?E6==64EF2= >249:?6CJ E96? E96
"2DE6C":?5C6G6CD6DE96>@E:@?2=!6G6C2?5564C62D6D:EDA@H6C
? D9@CE E96 8@ME96 "2DE6C ":?5 2?5 E96 ":?5 "2DE6CME2<6D E96
46?EC2= A=246 @7 A@H6C 2?5 2FE9@C:EJ 2?5 >2?286D 4@?EC@=D 2?5 5:C64ED
E96 6?E:C6 >6?E2= >249:?6CJ )96 >6E9@5D H9:49 H6 92G6 :?5:42E65 2?5
A@:?E65 @FE :? E9:D 492AE6C 2C6 3FE DF886DE:@?D E@ E96 "2DE6C ":?5 2D E@
9@H :E >2J @3E2:? E96 36DE >@DE AC@7:E23=6 2?5 >@DE 4@?7:56?E H@C< @FE
@7 :ED >6?E2= >249:?6CJ 4@?46C?65 H:E9 )9@F89E 2?5 '62D@?:?8 FE E96
C62= 5:C64E:@? >FDE 4@>6 7C@> E96 "2DE6C ":?5 :ED6=7 :? E96 7@C> @7
,!! )96 ?E6==64E :D =:<6 2 8@@5 D6CG2?E 2?5 H:== =:DE6? 42C67F==J E@
2?5 72:E97F==J @36J E96 4@>>2?5D :DDF65 E@ :E 3J E96 "2DE6C ":?5
E9C@F89E96>65:F>@7E96,:==
? E9:D 492AE6C H6 92G6 A@:?E65 @FE E@ E96 "2DE6C ":?5 ;FDE 9@H :ED :?E6=
=64EF2= >249:?6CJ H@C<D 2?5 @A6C2E6D 2?5 9@H :E >2J 36 5:C64E65 677:
4:6?E=J FE E96 "2DE6C ":?5 >FDE 24EF2==J 6I6C4:D6 :ED 5:C64E:?8 2?5 4@?
EC@==:?8 A@H6C :ED6=7 )96 ?E6==64E >2J 36 4@>A2C65 E@ 2 9:89A@H6C65
2FE@>@3:=6 )96 "2DE6C ":?5 :D E96 5C:G6C E96C6@7 )96D6 492AE6CD 2C6
E96 @@< @7 :C64E:@?D H9:49 E96 5C:G6C DEF5:6D 2?5 H9@D6 AC:?4:A=6D
96 2AA=:6D FE 2E E96 =2DE E96 5C:G6C >FDE 5@ E96 C62= 5C:G:?8 DE66C:?8
2?5 5:C64E:?8 9:D 92?5 E@F496D E96 3FEE@?D 2?5 AF==D E96 =6G6CD 2?5
D9FED @? 2?5 @77 E96 %@H6C @7 E96 ,:== E@ @C 7C@> 46CE2:? A2CED @7 E96 >2
49:?6CJ )96 677:4:6?E 492F776FC 2=H2JD 5C:G6D E96 >249:?6M96 ?6G6C 2=
=@HD E96 >249:?6 E@ CF? 2H2J H:E9 9:> )96 "2DE6C ":?5 D9@F=5 7@==@H
E966I2>A=6@7E968@@5492F776FC
0 +*. &+0."*/(&/4
)96 @=5 ADJ49@=@8J 96=5 E92E >:?5 2?5 E96 @C5:?2CJ 4@?D4:@FD?6DD H6C6
AC24E:42==J :56?E:42= == >:?5 H2D DFAA@D65 E@ =:6 :? E96 @A6? 7:6=5 @7
4@?D4:@FD?6DD 2?5 6G6CJE9:?8 @FED:56 @7 E92E 7:6=5 H2D DFAA@D65 E@
5H6== @FED:56 @7 E96 C62=> @7 >:?5 "6>@CJ H2D E9@F89E E@ 36 6I
A=2:?65 3J D@>6 G28F6 2?5 ?@?F?56CDE2?523=6 AC@A6CE:6D @7 E96 3C2:?
46==D 3J >62?D @7 H9:49 :>AC6DD:@?D H6C6 >256 FA@? E96 3C2:?>2EE6C
2?5 27E6CH2C5 C6EFC?65 E@ E96 >:?5 F?56C AC6DDFC6 @7 E96 H:== @C @E96C
H:D6 )9:D 4@?46AE:@? H2D C64@8?:K65 2D 72F=EJ 2?5 F?D2E:D724E@CJ 3FE :E
H2D 25@AE65 2?5 96=5 E6?E2E:G6=J 7@C 2 =@?8 E:>6 D:>A=J 3642FD6 ?@E9:?8
>@C6D2E:D724E@CJAC6D6?E65:ED6=7
FE E96 @=5 :562 92D ?@H A2DD65 :?E@ E96 D4C2A 962A @7 ADJ49@=@8J 2?5
:D 96=5 2E E96 AC6D6?E E:>6 @?=J 3J 2 76H 2?E:BF2E65 2?5 DEF33@C? 2596C
6?ED @7 E96 @=5 D49@@= H9@D6 >:?5D 2C6 2AA2C6?E=J :?42A23=6 @7 24BF:C
:?8 2?J ?6H :>AC6DD:@?D 2?5 H9@ 56DA6C2E6=J ECJ E@ 9@=5 @? E96 D925
@HD @7 E96 @=5 5:D42C565 E96@C:6D C67FD:?8 E@ 2446AE E96 =2E6C 2?5 H6==
7@CE:7:65E96@C:6D@7E96>@56C?D49@@=@7ADJ49@=@8J
)96 ?6H6C 4@?46AE:@? @7 ADJ49@=@8J 9@=5D E92E 2 =2C86 D92C6 @7 E96 >6?
E2= AC@46DD6D @7 E96 :?5:G:5F2= 2C6 A6C7@C>65 :? D@>6 7:6=5D @C @? D@>6
A=2?6D @7 >6?E2=:EJ F?56C @C 23@G6 E96 @C5:?2CJ A=2?6 @7 4@?D4:@FD?6DD
)9:D :562 @?46 DF886DE65 2?5 DFAA@CE65 3J 6>:?6?E 2FE9@C:E:6D 92D
DAC625 C2A:5=J @G6C E96 E9:?<:?8 H@C=5 2?5 2E E96 AC6D6?E E:>6 :D E96 24
46AE65 E6249:?8 @7 E96 36DE D49@@=D @7 ADJ49@=@8:42= E9@F89E ? :E :D
7@F?5 E96 =@?8 D@F89E 7@C 6IA=2?2E:@? @7 "6>@CJ >28:?2E:@? 2?5 E96
D@42==65*?4@?D4:@FD6C63C2E:@?@7E96@=56CADJ49@=@8:DED
C:67=J DE2E65 E96 36DE E6249:?8 @7 E@52J 9@=5D E92E :?DE625 @7 E96 @C5:?
2CJ 4@?D4:@FD?6DD 36:?8 2== E96C6 :D @7 >:?5 :E C62==J :D 3FE 2 G6CJ D>2==
E9@F89 9:89=J :>A@CE2?E 7:6=5 @7 E96 >:?5LD H@C< )96 8C62E6C A2CE @7
E96 >6?E2= 24E:G:E:6D @7 E96 :?5:G:5F2= :D A6C7@C>65 @FED:56 @7 E9:D ?2C
C@H 7:6=5 2?5 @?=J :ED C6DF=ED 2C6 AC6D6?E65 E@ E96 @C5:?2CJ 4@?D4:@FD
?6DD H96? 42==65 7@C )96 @C5:?2CJ 7:6=5 @7 4@?D4:@FD?6DD 92D 366? H6==
4@>A2C65 E@ E96 7:6=5 @7 2 >:4C@D4@A6 @C E6=6D4@A6 H9:49 4@G6CD 2?5
E2<6D :? @?=J E92E H9:49 :D AC6D6?E65 E@ :E 7C@> E96 8C62E 2C62 DFCC@F?5
:?8 :E $? E96 @E96C A=2?6D @7 >:?5 @C @E96C 7:6=5D @7 :ED @A6C2E:@?DMFD6
H9:49 6G6C E6C> J@F AC676CM2C6 A6C7@C>65 8C62E BF2?E:E:6D @7 >6?E2=
H@C< 4=2DD:7:42E:@? 2?2=JD:D DJ?E96D:D 25;FDE>6?E 4@>3:?2E:@? 6E4
)96D6 DF34@?D4:@FD A=2?6D @C 7:6=5D @7 >:?5 >2J 36 D2:5 E@ 8C:?5 5:86DE
2?5 2DD:>:=2E6 E96 724ED :>AC6DD65 FA@? :E E9C@F89 E96 >65:F> @7 E96
D6?D6D @C :562D 7C@> E96 4@?D4:@FD 7:6=5 :ED6=7 ?5 >@C6@G6C E9:D DF3
4@?D4:@FD A=2?6 @C 7:6=5 @7 >:?5 :D E96 8C62E C64@C5 DE@C69@FD6 @7 E96
>6>@CJ ? :E 2C6 4@?E2:?65 2== E96 C64@C5D @7 A2DE :>AC6DD:@?D 2?5 7C@>
:E 6G6CJE9:?8 E92E :D C6>6>36C65 C642==65 @C C64@==64E65 >FDE 4@>6 2?5
96C6AC6D6?E65E@E964@?D4:@FD>:?5
@7 E9:D EH:=:89E 2?5 E9:D ?:89E 2C6 2D C62= 2D E9@D6 H:E9:? E96 =F>:?@FD
4:C4=6 I2>:?6 4=@D6=J 2?5 H:E9@FE 3:2D E96 @C5:?2CJ >6?E2= @A6C2
E:@?D @7 52:=J =:76 2?5 J@F H:== DFC6=J 5:D4@G6C E92E 4@?D4:@FD?6DD 92D
?@E @?6E6?E9 A2CE @7 E96 7F?4E:@?D H9:49 :ELD 4@>>@?=J 2DDF>65 E@
92G6 ? 6G6CJ 4@?D4:@FD DE2E6 E96C6 2C6 2E H@C< 4@?D4:@FD DF34@?D4:@FD
2?5:?7C24@?D4:@FD6?6C8:6DE96=2DE2D:?5:DA6?D23=62DE967:CDE
E >FDE ?@E 36 DFAA@D65 E92E E96 >:?5 :D 2E 2?J E:>6 4@?D4:@FD @7 2== :ED
>2E6C:2=D 2?5 A@H6CD E 2?J >@>6?E H6 2C6 ?@E 4@?D4:@FD @7 2 E9@F
D2?5E9 A2CE @7 H92E H6 <?@H E :D H6== E92E DF49 :D E96 42D6 7@C H96? H6
2C6 DEF5J:?8 2 DF3;64E @C 2? @3;64E H6 D9@F=5 ?@E H2?E 2== H6 <?@H E@
CFD9 :?E@ @FC >:?5D 2E E96 D2>6 E:>6 7 E96J 5:5 D@ @FC >6?E2= 4@?7F
D:@? H@F=5 36 :?56D4C:323=6 6EH66? E96 A6C46AE:@? 2?5 E96 C642== E96
EC62DFC6D @7 >6>@CJ 2C6 >6E2A9@C:42==J DA62<:?8 2H2J 7C@> E96 6J6 @7
4@?D4:@FD?6DD @H E96D6 724ED 2C6 AC6D6CG65 367@C6 E96J 2C6 C642==65 3J
E96 42== @7 >6>@CJ 4@?D4:@FD?6DD 42? ?6G6C E6== FD ? 6G6?E >2J ?@E 36
E9@F89E @7 7@C 7:7EJ J62CD 2?5 E96? :E >2J DF556?=J 2AA62C :? 4@?D4:@FD
?6DDDH68C@H@=56CE96DF34@?D4:@FD7:6=5:?4C62D6D
,96C6 2C6 @FC :>286D :? >6>@CJ H96? E96J 2C6 ?@E AC6D6?E :? 4@?
D4:@FD?6DD )96 E96@CJ :D E92E E96 7F== 7=65865 :562 :D :? E96 >:?5 3FE
D=F>36C:?8 36?62E9 E96 DEC62> @7 4@?D4:@FD?6DD ;FDE 2D 2 A6CD@? :D 2=:G6
H96? D@F?5 2D=66A H:E9@FE 36:?8 2H2C6 @7 E96 724E ,96? H6 2C6 ?@E
4@?D4:@FD @7 2? :562 :E :D 36=:6G65 E@ 5:D2AA62C ;FDE 2D 2 5:G6C 5@6D 36
?62E9 E96 DFC7246 @7 E96 H2E6C 2?5 E96 @?6 :D 96=5 E@ <66A :ED 7@C> 2D :?
E24E2DE96@E96C5FC:?8E9:D5:D2AA62C2?46
$FC 4@?D4:@FD >:?5 2D 4@>A2C65 H:E9 E96 F?4@?D4:@FD >:?5 92D 366?
=:<6?65 E@ E96 G:D:3=6 DA64ECF> @7 E96 DF?LD C2JD 2D 4@>A2C65 E@ E96 :?
G:D:3=6 A2CE H9:49 DEC6E496D :?567:?:E6=J @? 6:E96C D:56 ,6 <?@H E92E E96
49:67 A2CE @7 962E 4@>6D 7C@> E96 F=EC2C65 C2JD E92E D9@H ?@ =:89E 2?5
E96 >2:? A2CE @7 E96 496>:42= 492?86D :? E96 G686E23=6 H@C=5 2C6 E96 C6D
F=ED @7 E96 F=EC2G:@=6E C2JD 2E E96 @E96C 6?5 @7 E96 DA64ECF> H9:49 2C6
6BF2==J :?G:D:3=6 E@ E96 6J6 2?5 2C6 C64@8?:K65 @?=J 3J E96:C A@E6?E 67
764ED ?5665 2D E96D6 G:D:3=6 C2JD 6IE6?5 :?567:?:E6=J @? 3@E9 D:56D @7 E96
G:D:3=6 DA64ECF> D@ H6 >2J D2J E92E E96 >:?5 :?4=F56D ?@E @?=J E96 G:D
:3=6 @C 4@?D4:@FD A2CE 2?5 H92E H6 92G6 42==65 E96 DF34@?D4:@FD E92E
H9:49 =:6D 36=@H E96 C65 =:?6 3FE 2=D@ E96 DFAC24@?D4:@FD >:?5 E92E =:6D
2E E96 @E96C 6?5M2== E9@D6 C68:@?D @7 9:896C D@F= 2?5 DA:C:E =:76 @7 H9:49
H6 2C6 2E E:>6D G28F6=J 4@?D4:@FD 3FE H9:49 2=H2JD 6I:DE 2?5 =:?< FD
@? E@ 6E6C?2= G6C:E:6D @? E96 @?6 D:56 2D DFC6=J 2D E96 DF34@?D4:@FD >:?5
=:?<DFDE@E963@5J@?E96@E96C
)96%C@46DD6D@7"6>@CJ
,6 92G6 4@?D:56C65 E96 86?6C2= DF3;64E @7 E96 >6>@CJ :? 6IE6?D:G6 56
E2:= :? @FC AC6G:@FD H@C< 6?E:E=65 "6>@CJ )C2:?:?8 2?5 42??@E 9@A6
E@ AC6D6?E >@C6 E92? 2 3C:67 @FE=:?6 96C6 )96 DEF56?E :D C676CC65 E@ @FC
23@G6>6?E:@?65 H@C< :7 96 56D:C6D E@ >2<6 2 E9@C@F89 DEF5J @7 E9:D
3C2?49 @7 E96 DF3;64E ? E96 7@==@H:?8 4@?56?D65 AC6D6?E2E:@? @7 E96
DF3;64E 9@H6G6C E96 C6256C D9@F=5 7:?5 DF77:4:6?E E@ D6E 9:> FA@? E96
C:89EEC24<:?E96"2DE6CJ@7"6>@CJ
"6>@CJ :D )96 724F=EJ @7 E96 >:?5 3J H9:49 :E C6E2:?D E96 <?@H=6586
@7 AC6G:@FD E9@F89ED :>AC6DD:@?D @C 6G6?EDLL )96C6 2C6 D6G6C2= @E96C
E6C>D H9:49 2C6 FDF2==J C682C565 2D 36:?8 DJ>AE@>D H:E9 E92E @7
"6>@CJ 3FE H9:49 C62==J 92G6 5:DE:?4E:G6 D9256D @7 DA64:2= >62?:?8
@C :?DE2?46 "6>@CJ :D E96 86?6C2= E6C> :?5:42E:?8 E96 A@H6C @7 C6E2:?
:?8 2?5 C6AC@5F4:?8 A2DE :>AC6DD:@?D @C A6C46AE:@? '6>6>3C2?46 :D
E92E 6I6C4:D6 @7 E96 A@H6C @7 "6>@CJ 3J H9:49 E96 C6AC6D6?E2E:@? @7
A2DE :>AC6DD:@?D @44FCD >@C6 @C =6DD DA@?E2?6@FD=J 2?5 H:E9@FE 4@?
D4:@FD 677@CE @7 H:== '64@==64E:@? :D E92E 6I6C4:D6 @7 E96 A@H6C @7 "6>@CJ
:? H9:49 E96C6 :D 2 >@C6 @C =6DD 4@?D4:@FD 2?5 24E:G6 6I6C4:D6 @7 E96 H:==
:? E96 5:C64E:@? @7 42==:?8 324< @C 3C:?8:?8 E@ E96 DFC7246 46CE2:? :>AC6D
D:@?D H9:49 H6 2C6 G28F6=J 2H2C6 @7 92G6 AC6G:@FD=J 6IA6C:6?465M:?
DF49 42D6 E96C6 :D AC6D6?E 2 86?6C2= C6>6>3C2?46 @7 E96 724E 2?5 86?6C2=
?2EFC6 @7 DF49 AC6G:@FD 6IA6C:6?46 2?5 E96 56D:C6 2?5 H:== E@ 3C:?8 E96>
E@ =:89E :? 7FCE96C 56E2:= '6>:?:D46?46 :D E92E 6I6C4:D6 @7 E96 A@H6C @7
"6>@CJ :? H9:49 E96C6 :D 2 3=6?5:?8 @7 C6D6>3=2?46 2?5 C64@==64E:@?
2?5 :? H9:49 E96C6 :D 2 4@?D4:@FD C6AC6D6?E2E:@? 2?5 C62DD6>3=:?8 @7 2
D6C:6D @7 AC6G:@FD 6IA6C:6?46D 3FE H:E9@FE E92E 4=@D6 568C66 @7 2EE6?E:@?
E@ 4=62C?6DD 2?5 56E2:= H9:49 5:DE:?8F:D96D :?DE2?46D @7 ECF6 C64@==64
E:@?ME9:D A92D6 @7 "6>@CJ :? 724E >2J 36 D2:5 E@ @44FAJ 2 >:55=6
8C@F?5 36EH66? E96 6IEC6>6D @7 C64@==64E:@? 2?5 C6D6>3=2?46 C6DA64E
:G6=J
)96 AC@46DD6D @7 "6>@CJ >2J 36 D2:5 E@ 4@?D:DE @7 E9C66 >@C6 @C =6DD
5:DE:?4E 24E:G:E:6D G:K
E96 D64FC:?8 @7 C64@C5D @7 :>AC6DD:@?D E96
:?E6==:86?E DE@C:?8 2H2J @7 E96 C64@C5D @7 :>AC6DD:@?D :?4=F5:?8 E96
:?56I:?8 2?5 4C@DD:?56I:?8 @7 DF49 C64@C5D 2?5 E96 7:?5:?8 2?5
3C:?8:?8 :?E@ 4@?D4:@FD?6DD DF49 7:=652H2J DE@C65 C64@C5D )9:D 4=2DD:
7:42E:@? :D :>A@CE2?E 7@C 3J 2? F?56CDE2?5:?8 @7 :E @?6 >2J 8C62E=J :?
4C62D6 9:D A@H6C @7 "6>@CJ ,6 D92== AC6D6?E=J 4@?D:56C 6249 @7 E96D6
D6G6C2= AC@46DD6D :? 56E2:= 3FE 367@C6 5@:?8 D@ H6 H:D9 E@ @776C 7@C J@FC
4@?D:56C2E:@? E96 7@==@H:?8 :?E6C6DE:?8 56D4C:AE:@? @7 E96 A2CE A=2J65 3J
E96 (F34@?D4:@FD "6?E2=:EJ :? E96 AC@46DD6D @7 "6>@CJ 2D ?@E65 3J 2
HC:E6C@?E96DF3;64E)9:DHC:E6CD2JD
? E96 7:CDE A=246 =6E FD :>28:?6 E96D6 E:?J H@C<6CD 2D 92G:?8 E@ 92?5 2?
F?72:=:?8 DFAA@CE @7 E:?J A=2DE:4 C64@C5D FA@? H9:49 E@ C646:G6 E96 :>
AC6DD:@?D A2DD65 @? 3J E96 C6A@CE @7 @FC D6?D6D @FC :>28:?2E:@? 2?5
@FC :562D 249 D6?D2E:@? E9@F89E @C :562 >2<6 2? :>AC6DD:@? @? @?6 @7
E96D6 C64@C5D G2CJ:?8 :? 56AE9 2?5 4=62C?6DD 244@C5:?8 E@ E96 568C66 @7
2EE6?E:@? 36DE@H65 FA@? :E 7 E96 D6?D2E:@? E9@F89E @C :562 :D C6A62E65
E96 D2>6 C64@C5 C646:G6D :E 2?5 E96 :>AC6DD:@? :D 566A6?65 )96 :>AC6D
D:@? >2J 2=D@ 36 566A6?65 3J 92G:?8 E96 H@C<6CD 3C:?8 E96 C64@C5 :?E@
E96 7:6=5 @7 4@?D4:@FD?6DD 2?5 E96? 2==@H:?8 E96 :>28:?2E:@? E@ >2<6 C6
A62E65 :>AC6DD:@?D FA@? :E FE E9:D =2DE AC24E:46 D@>6E:>6D H@C<D :? 2?
F?6IA64E65 >2??6C 7@C E96 :>28:?2E:@? >2J :?5F=86 :ED6=7 :? 6?=2C8:?8
2?5 6IE6?5:?8 :ED 492C24E6C 2?5 :7 E9:D 36 5@?6 D6G6C2= E:>6D E96 C64@C5
H:== 36 492?865 2?5 :E H:== 36 2=>@DE :>A@DD:3=6 E@ 5:DE:?8F:D9 E96 @C:
8:?2= :>AC6DD:@? 7C@> E9@D6 25565 3J E96 :>28:?2E:@? @>>@? 6IA6C:
6?46 D9@HD FD E96 ECFE9 @7 E9:D =2DE DE2E6>6?E 7@C H9@ 5@6D ?@E <?@H @7
42D6D H96C6 A6@A=6 92G6 25565 E@ 2 ECF6 E2=6 C6A62E65=J E@=5 F?E:= 2E =2DE
:E 364@>6 6?E:C6=J 5:776C6?E 7C@> E96 @C:8:?2= 724ED 2?5 J6E E96 E6==6C @7
E96E2=6:>28:?6DE92E96:DE6==:?8E966I24EECFE9
FE E96D6 =:EE=6 H@C<6CD 92G6 >2?J @E96C E2D<D 36D:56D E92E @7 E2<:?8 E96
:>AC6DD:@?D )96J C62=:K6 E92E E96J 2C6 4@?E:?F2==J 36:?8 42==65 FA@? E@
7FC?:D9 E96 8@ H:E9 E96D6 C64@C5D :? @C56C E92E :E >2J 2G2:= :ED6=7 @7 :ED
DE@C65 2H2J 724ED ? @C56C E@ 5@ E9:D E96J >FDE 92G6 2 A6C764E DJDE6> @7
DE@C:?8 2?5 :?56I:?8 E96 C64@C5D H:E9 4@F?E=6DD 4C@DD:?56I6D 4C@DDC67
6C6?46D 6E4 )96J >FDE 2CC2?86 6249 C64@C565 E9@F89E D6?D2E:@? @C :562
D@ E92E :E >2J 36 2DD@4:2E65 H:E9 @E96CD @7 :ED <:?5 D@ E92E H96? 2 C64@C5
:D 6I2>:?65 :E >2J 3C:?8 H:E9 :E :ED 2DD@4:2E:@?D :? E:>6 DA246 2?5 4=2D
D:7:42E:@? E92E E96 8@ >2J 36 23=6 E@ E9:?< 4@?E:?F@FD=J :?E6==:86?E=J
2?5 @C56C=J ,92E H@F=5 36 E96 FD6 @7 C6>6>36C:?8 2 D:?8=6 724E @C
:562 :7 E96 2DD@4:2E65 :562 @C 724ED H6C6 ?@E E@ 36 925 ?E6==:86?E
E9@F89E H@F=5 36 :>A@DD:3=6 F?56C DF49 4:C4F>DE2?46D (@ :>A@CE2?E :D
E9:D !2H @7 DD@4:2E:@? :? "6>@CJ E92E E96 6?E:C6 G2=F6 @7 "6>@CJ 56
A6?5D FA@? :E )62496CD @7 "6>@CJ F=EFC6 =2J 8C62E DEC6DD FA@? E9:D
724E
)96J E6249 E96:C DEF56?ED E92E :? 42D6D H96C6 E96J 2C6 F?23=6 E@ C642== 2
56D:C65 724E @C :562 E96 ?6IE 36DE E9:?8 :D E@ E9:?< @7 D@>6 2DD@4:2E65
724E D46?6 @C :562 2?5 =@ @?46 92G:?8 =2:5 9@=5 FA@? 2 =:?< :? E96
492:? :E :D >6C6=J 2 >2EE6C @7 E:>6 367@C6 E96 >:DD:?8 C64@C5 :D 7@F?5 E
:D =:<6 2 8C62E DJDE6> @7 4C@DD:?56I:?8 7 J@F 42??@E C6>6>36C 2 E9:?8
7:?5 D@>6E9:?8 2DD@4:2E65 H:E9 :E 2?5 E96? CF? 5@H? E96 :?56I 2?5 J@F
H:==7:?5H92EJ@FH2?E
(64FC:?8 "6>@CJ >AC6DD:@?D E :D 2 D6=76G:56?E 724E E92E :? @C56C E@
C6>6>36C @C C64@==64E 2? :>AC6DD:@? AC6G:@FD 6IA6C:6?465 E96 :>AC6D
D:@? >FDE 92G6 =67E D@>6 C64@C5 @7 :ED @C:8:?2= AC6D6?46 ,6 42??@E 9@A6
E@ 3C:?8 E@ =:89E 2 =6EE6C AC6G:@FD=J C646:G65 F?=6DD E92E =6EE6C 92D 366?
A=2465 @? C64@C5 :7 :E 92D 366? 56DEC@J65 :E 42??@E 36 7@F?5 2?5 E96C6
:D?@FD6=@@<:?87@C:E#@2C8F>6?E:D?6656596C6
ECF6 E92E >@DE :>AC6DD:@?D C646:G65 3J FD 2C6 D@ D92==@H 2?5 D@ :?5:D
E:?4E E92E E96 C64@C5 E96C6@7 D42C46=J 6I:DED 2?5 4@F=5 ?@E H6== 36 4=62C=J
C6AC@5F465 6G6? :7 7@F?5 !6E FD FD6 E96 :==FDEC2E:@? @7 E96 H2I A9@?@
8C2A9:4 4J=:?56C :? @FC 4@?D:56C2E:@? @7 E96 DF3;64E @7 E96 C64@C5D @7
"6>@CJ )96 :>AC6DD:@?D C646:G65 @? E96 H2I 4J=:?56C @7 "6>@CJ >FDE
36 4=62C=J C68:DE6C65 6=D6 H6 @3E2:? @?=J 2 72:?E 2?5 3=FCC65 AC6D6?E2E:@?
H96? H6 A=246 E96 C64@C5 @? E96 A9@?@8C2A9:4 >249:?6 7@C C6AC@5F4
E:@?
:>AC6DD:@? D6?D2E:@? E9@F89E @C 4@>A=6I 56C:G2E:G6D @7 E96D6 :D 3@F?5
3J 2DD@4:2E:G6 =:?<D E@ @E96C >6?E2= :>AC6DD:@?D )96D6 2DD@4:2E6 =:?<D
2C6 AC24E:42==J 4C@DD:?56I6D :? E96 7:=:?8C@@> @7 "6>@CJ )96 >@C6
4C@DD:?56I C676C6?46D E92E 2? :>AC6DD:@? @C :562 92D :? E96 7:=:?8C@@>
E96 >@C6 62D:=J :E :D =@42E65 2?5 E96 >@C6 BF:4<=J :D :E C64@==64E65 )96
C6>6>3C2?46 @7 2? 2DD@4:2E65 :562 E9@F89E @C D6?D2E:@? H:== C6DF=E :? 2
BF:4< 2?5 DFC6 C64@==64E:@? @7 6G6CJ @E96C >6?E2= :>AC6DD:@? 2DD@4:2E65
H:E9 @C 4@??64E65 H:E9 :E 7 J@F 92G6 6G6C 4@?DF=E65 2 4C@DD:?56I65 6?
4J4=@A65:2 @C 42C5 :?56I DJDE6> 92G:?8 4C@DD:?56I6D J@F H:== 2AAC64:
2E6E96G2=F6@7E9:D:==FDEC2E:@?
'64@==64E:@? )96 7:?2= 24E:G6 AC@46DD @7 "6>@CJ :D E92E @7 C64@==64
E:@? 3C:?8:?8 E@ =:89E :? D9@CE 7:?5:?8 E96 DE@C65 2H2J C64@C5D @7
"6>@CJ 2?5 3C:?8:?8 E96> :?E@ E96 7:6=5 @7 4@?D4:@FD?6DDM7:?5:?8
E96> 2?5 A=24:?8 E96> :?E@ E96 A9@?@8C2A9 7@C C6AC@5F4E:@? D@ E@
DA62< %C@G:5:?8 E92E J@F 92G6 2 @C:8:?2==J @3E2:?65 8@@5 4=62C C6
4@C5D 2?5 3 7:=65 E96> 2H2J AC@A6C=J 2?5 :?E6==:86?E=J E96C6 E96? C6
>2:?D D:>A=J 4 E96 677@CE @7 56D:C6 @C H:== E@ 3C:?8 E96> E@ =:89E 2?5
4@?D4:@FD?6DDME96? E@ A=246 E96> @?46 >@C6 @? E96 >6?E2= A9@?@8C2A9
D@2DE@962CE96>C6AC@5F4657@CJ@F
$?46 :? 2 H9:=6 H96? J@F 92G6 2 =:EE=6 DA2C6 E:>6 27E6C H@C< 9@FCD D:E
5@H? 2?5 ECJ E@ C642== E96 @44FCC6?46D 2?5 92AA6?:?8D @7 E96 52J .@F
H:== 7:?5 E92E 3J 2 =:EE=6 AC24E:46 J@F H:== 36 23=6 E@ C642== 72C >@C6 @7
E96D6 92AA6?:?8D E92? J@F H:== 36 23=6 E@ 5@ 2E E96 7:CDE EC:2= )96? ECJ E@
>2<6 2 >6?E2= DJ?@AD:D @7 E96 92AA6?:?8D @7 E96 A2DE H66< 2E E96 6?5
E96C6@7 )9:D D@F?5D 62DJ 3FE :E C62==J :D 5:77:4F=E 3FE J@F H:== >2<6
H@?56C7F= AC@8C6DD :7 J@F H:== A6CD6G6C6 E :D C6=2E65 @7 2? 6>:?6?E
>6C:42? DE2E6D>2? @7 E96 =2DE 46?EFCJ E92E 3J E9:D D:>A=6 AC24E:46
6?=2C865 FA@? 2?5 G2C:65 7C@> E:>6 E@ E:>6 96 4FC65 9:>D6=7 @7 2 ?@
E@C:@FD=J A@@C "6>@CJ 2?5 :? :ED A=246 56G6=@A65 2? 6IEC2@C5:?2C:=J
677:4:6?E"6>@CJ:?2==@7:EDA92D6D
7:=6 2?5 E96? AF== @FE E96 AC@A6C C64@C5M;FDE 2D 6IA6C:6?465 2?5
AC24E:465 7:=:?84=6C<D 5@ 6G6CJ @?6 @7 E96:C H@C<:?8 52JD )96? <?@H
:?8 E9:D E96C6 :D ?@ C62D@? 7@C J@FC C6>2:?:?8 2 A@@C C64@==64E@C 6C6
:DE96>6E9@5MFD6:E
)96%C@46DD6D@7>28:?2E:@?
>28:?2E:@? E96 D64@?5 4=2DD @7 E96 AC@46DD6D @7 E96 (F34@?D4:@FD "6?E
2=:EJ G6CJ 4=@D6=J C6D6>3=6D :ED 3C@E96C E96 "6>@CJ 3FE E96C6 :D 2? :>
A@CE2?E 5:DE:?4E:@? 36EH66? E96 EH@ 2D 7@==@HD "6>@CJ C6AC@5F46D
@?=J E96 @C:8:?2= :>AC6DD:@?D A=2465 H:E9:? :ED C62=> H9:=6 >28:?2E:@?
C6AC@5F46D E96 C64@C565 :>AC6DD:@?D @7 "6>@CJ ?@E :? E96:C @C:8:?2=
4@?5:E:@?3FE:??6H8C@FA:?8D2CC2?86>6?ED2?57@C>D
(@>6 A6CD@?D E9:?< E92E E96C6 2C6 ?@ =:>:ED E@ E96 A@H6C @7 E96 >28:?2
E:@?M3FE E9:D :D HC@?8 )96C6 2C6 AC24E:42==J ?@ =:>:ED E@ E96 ?6H 2C
C2?86>6?ED 2?5 ?6H 4@>3:?2E:@?D A@DD:3=6 E@ >28:?2E:@? 3FE E9:D :D
23@FE E96 =:>:E @7 :ED A@H6CD @C 2=H2JD F?56C E96 >2?:7@=5 2?5 5:
G6CD6 7@C>D @7 E96 4C62E:@?D @7 >28:?2E:@? E96C6 H:== 2=H2JD 36 7@F?5
E96 DEF77 @C >2E6C:2= H9:49 :E 92D @3E2:?65 7C@> E96 DE@C69@FD6 @7
"6>@CJ 2?5 H9:49 "6>@CJ 92D @3E2:?65 E9C@F89 (6?D2E:@? 2?5 %6C
46AE:@? 2D H6 92G6 D66? :? AC6465:?8 A@CE:@?D @7 E9:D 3@@< >28:?2E:@?
=:<6 "6>@CJ 92D @?=J E96 C2H >2E6C:2=D @7 %6C46AE:@? E@ H@C< H:E9 E@
3F:=5 H:E9 2?5 E@ 72D9:@? :?E@ ?6H 7@C>D 2?5 D92A6D 2?5 4@>3:?2
E:@?D
.@F >2J 5@F3E E9:D .@F >2J D2J E92E J@F 42? :>28:?6 2? 6=6A92?E H:E9
E96 H:?8D @7 2? 628=6 E96 E2:= @7 2? 2==:82E@C E96 9@C?D @7 2 3F==>@@D6
2?5 E96 =68D @7 2 8:C2776M E96 <:?5 @7 4C62EFC6 :? 724E E92E D@>6 A6CD@?D
24EF2==J 5@ :>28:?6 :? 5C62>D 27E6C A2CE2<:?8 E@@ 7C66=J @7 E96 ,6=D9
'2C63:E @C E96 4@=5 ":?46 %:6 .@F D2J 92G6 :>28:?65 E96D6 E9:?8D
G6CJ 4=62C=J 2?5 5:DE:?4E=JM3FE 46CE2:?=J 92G6 ?6G6C D66? DF49 2
4C62EFC6 7@C DF49 5@6D ?@E 6I:DE FE H2:E 2 >@>6?E 8@@5 4C:E:4 .@F
92G6 ?6G6C 24EF2==J A6C46:G65 DF49 2 4C62EFC6 @7 4@FCD6 3FE J@F 92G6
A6C46:G65 6:E96C :? C62= =:76 @C :? A:4EFC65 7@C> 6249 2?5 6G6CJ @?6 @7
E96 492C24E6C:DE:4D @7 E9:D :>A@DD:3=6 2?:>2= .@F 92G6 D66? 2? 6=6A92?E
2? 628=6 2? 2==:82E@C 2 3F==>@@D6 2?5 2 8:C2776M2?5 J@F 92G6 23DEC24
E65 7C@> 6249 @7 E96D6 2?:>2=D 46CE2:? 492C24E6C:DE:4D 2?5 E96? 92G6 3F:=E
FA E96D6 D6G6C2= 492C24E6C:DE:4D :?E@ 2 ?6H 4C62EFC6 H9:49 :D 2 AC@5F4E @7
J@FC :>28:?2E:@? FE J@F 92G6?LE 4C62E65 2 D:?8=6 ?6H >2E6C:2= @C
A2CEMJ@F 92G6 D:>A=J C64@>3:?65 2?5 C62CC2?865 E96D6 @C:8:?2= A6C
46AE:@?D E92ELD 2== ?5 E92E :D 2== E92E J@F @C 2?J@?6 6=D6 6G6C 92D 5@?6
@C6G6C42?5@3JE96AC@46DD6D@7>28:?2E:@?
)96 >@DE 92C>7F= 67764ED @7 E9:D :5=6 6I6C4:D6 @7 E96 :>28:?2E:@? :D E92E :E
FDFCAD E96 A=246 C:89E7F==J 36=@?8:?8 E@ 24E:@? E :D D@ >F49 62D:6C 2?5
D@ >F49 >@C6 A=62D2?E E@ 5C62> @7 244@>A=:D9>6?ED E92? E@ 2EE6>AE E@
>2<6 E96> 4@>6 ECF6 :? 24EF2= =:76 )96 923:EF2= 52J5C62>6C 8C25F2==J
=@D6D E96 56D:C6 E@ A2CE:4:A2E6 :? E96 24E:G:E:6D @7 =:76 2?5 D=@H=J D:?<D :?
E@ 2 >6C6 A2DD:G6 6I:DE6?46 5@:?8 2D =:EE=6 24EF2= H@C< 2D A@DD:3=6 2?5
2=H2JD =@?8:?8 7@C 9:D 9@FCD @7 5C62>=:76 2D E96 >@CA9:?6 G:4E:> =@?8D
7@C9:D5CF8@CE96=:BF@CG:4E:>7@C9:D8=2DD
)96 36DE >@56C? ADJ49@=@8J C64@8?:K6D E9:D 52?86C @7 E96 >:DFD6 @7 E96
>28:?2E:@? 2?5 =2JD 8C62E DEC6DD FA@? E96 ?646DD:EJ @7 EC2?D>FE:?8 E96
6?6C8:6D @7 E96 >28:?2E:@? :?E@ E96 :>286D @7 E9:?8D 4@??64E65 H:E9 E96
=:76 H@C< @7 E96 :?5:G:5F2= 492C24E6C 3F:=5:?8 D6=7>2DE6CJ 2?5 86?6C2=
4C62E:G6 H@C< 2=@?8 E96 =:?6D @7 E96 @?DECF4E:G6 >28:?2E:@? "@56C?
ADJ49@=@8J 9@=5D E92E E96 A@D:E:G6 FD6 @7 E96 >28:?2E:@? 2=@?8 4C62E:G6
2?5 4@?DECF4E:G6 =:?6D :D H@CE9J @7 4F=E:G2E:@? 2?5 56G6=@A>6?E 3J D4:
6?E:7:4 >6E9@5D 7@C E96 C62D@? E92E 3J :ED :?E6==:86?E 2?5 AFCA@D:E:G6 2A
A=:42E:@? :E =625D E@ 2== AC@8C6DD 2?5 25G2?46>6?E 2EE2:?>6?E 2?5 C62=:K
2E:@? C62E:G6 2?5 4@?DECF4E:G6 :>28:?2E:@? 7FC?:D96D E96 A2EE6C?
56D:8? @C >@=5 @7 7FEFC6 24E:@? @C >2E6C:2= >2?:76DE2E:@? )96 :>28:?2
E:@? :D E96 2C49:E64E @7 5665D 24E:@?D 2?5 244@>A=:D9>6?ED H6==
<?@H? >6C:42? H@>2? @?46 >256 E96 C6>2C< E92E D96 AC2J65 E92E 96C
D@?D >:89E 36 8:G6? E96 24E:G6 A@H6C @7 4C62E:G6 2?5 4@?DECF4E:G6 >2
8:?2E:@?M 2?5 96C H:D9 H2D 2 H:D6 @?6 7@C 7C@> E92E A@H6C 2C6 56C:G65
E96A=2?D@77FEFC6244@>A=:D9>6?E
6C6 7@==@H 2 76H 42C67F==J D6=64E65 CF=6D 7@C E96 4F=E:G2E:@? @7 E96 C:89E
923:ED @7 FD:?8 E96 >28:?2E:@? 67764E:G6=J 2?5 677:4:6?E=J E H:== 36
H@CE9J@FCH9:=6E@42C67F==J24BF2:?EJ@FCD6=7H:E9E96D2>6
)96 (FAA=J @7 "2E6C:2= 67@C6 E96 >28:?2E:@? 42? 3F:=5 4@?DECF4E 2?5
4C62E6 :E >FDE 36 DFAA=:65 H:E9 E96 AC@A6C >2E6C:2=D )96 >2E6C:2=D H:E9
H9:49 E96 >28:?2E:@? H@C<D :D E@ 36 925 @?=J :? E96 DF34@?D4:@FD DE@C6
9@FD6 @7 "6>@CJ )96C67@C6 E96 "6>@CJ >FDE 36 DFAA=:65 H:E9 2 DE@4<
@7 :?7@C>2E:@? 4@?46C?:?8 E96 A2CE:4F=2C DF3;64E @C @3;64E H9:49 E96 >2
8:?2E:@? :D E@ 56G6=@A 3J >62?D @7 :ED 4C62E:G6 A@H6C ?5 E96 :>AC6D
D:@?DDE@C652H2J:?E9:D>2??6CD9@F=5364=62C5:DE:?4E2?5DEC@?8
:D42C5 *D6=6DD "2E6C:2= 4BF:C6 E96 923:E @7 5:D42C5:?8 2== :562D 2?5
>6?E2= :>286D E92E 2C6 ?@E 4@?5F4:G6 E@ J@FC 4C62E:G6 H@C< @=5 J@FC
>:?5 @?6 A@:?E65 H9:=6 6?82865 :? J@FC :>28:?2E:G6 H@C< (F3;64E 2==
J@FC :562D 2?5 >6?E2= :>286D E@ E96 E6DE D E9:D 4@?5F4:G6 E@ E96 E2D< :?
G:6H @6D E9:D E6?5 E@ 677:4:6?4J @=5 72DE E@ E96 %@D:E:G6D 2?5 C6;64E
E96#682E:G6D
(66 E96 '6DF=E 2D .@F 6D:C6 E E@ 6 =H2JD 9@=5 367@C6 J@FC >6?E2=
6J6 E96 A:4EFC6 @7 J@FCD6=7 244@>A=:D9:?8 E96 E9:?8 J@F 92G6 D6E @FE E@
5@ 2?5 2=D@ E96 A:4EFC6 @7 E96 C6DF=E E2<:?8 @? E96 AC@A6C 7@C> 2?5
A@H6C
? E9:D 286 E96C6 :D ?@ >6?E2= A@H6C E92E DE2?5D >@C6 :? ?665 @7 4F=E:G2
E:@? E92? E96 >28:?2E:@? (@ AC24E:42= 2C6 :ED C6DF=ED E92E 2 >2? H:E9@FE
:E 42??@E A@DD:3=J 36 2 8@@5 A=F>36C 6 >FDE :>286 D9@CE 4FED 7@C A=2
4:?8 9:D A:A6 )96 :>286 @7 E96 5:C64E:@? E@ E2<6 E@ 6=F56 2? @3DE24=6
>FDE AC64656 E96 24EF2= =2J:?8 @7 E96 A:A6 7 96 7:I6D :E 367@C6 EC2G6CD:?8
E96 H2J H:E9 9:D >28:?2E:@? 96 7C6BF6?E=J 86ED :?E@ EC@F3=6 2?5 92D E@
E62C 5@H? 9:D H@C< (@>6@?6 92D D2:5 E92E E96 >@C6 :>28:?2E:@? 2
3=24<D>:E9 92D E96 36EE6C H:== 96 D9@6 2 9@CD6 G6CJ E:>6 96 DEC:<6D E96
C659@E :C@? 96 >2<6D :E 2AAC@I:>2E6 E@ E96 :>286 :? 9:D >:?5 #@C :D
E92E :>286 2 =:E6C2= 4@AJ @7 E96 9@CD6LD 7@@E 7 E96C6 :D 2 56AC6DD:@? :?
E92E E96 >28:?2E:@? >FDE 3F:=5 @FE 2 4@CC6DA@?5:?8 6=6G2E:@? :? E96 :>
2862?5E963=@HD>FDE>2<6E96:C@?7:EE96:>286LL
#@ @?6 6G6C 7@F?5 E96 H2=<:?8 76C? H9@ 5:5 ?@E 92G6 E96 H2=<:?8 76C?
:? 9:D >:?5 A6CD@? H9@D6 6J6 :D 7F== @7 ?5:2? C6=:4D A:4<D E96> FA :?
6G6CJ 7:6=5 96 H2=<D E9C@F89 )96J 2C6 BF:4<=J C64@8?:K65 3642FD6 E96
6J692D366?4@>>:DD:@?65E@7:?5E96>
(@ 96C6 E@@ H6 7:?5 E92E E96 >28:?2E:@? :?DE625 @7 5@:?8 2D :E =:<6D
H96? :E =:<6D 2?5 9@H :E =:<6D 2D >2?J DFAA@D6 :E >FDE 36 2==@H65 E@
5@ :D C62==J 2D C625:=J 2>6?23=6 E@ E96 4@?EC@= 5:C64E:@? 2?5 >2DE6CJ @7
E96 8@ 2D :D 2?J @E96C @7 E96 >6?E2= AC@46DD6D )96 "2DE6C ":?5 :D E96
"2DE6C@7>28:?2E:@?2D:E:DE96"2DE6C@7E96C6DE@7E96"6?E2='62=>
)96%C@46DD6D@7(F34@?D4:@FD)9@F89E
)96 E9:C5 @7 E96 8C62E 4=2DD6D @7 AC@46DD6D @7 E96 (F34@?D4:@FD "6?E2=:EJ
:D E92E H9:49 36 42==65 E92E @7 (F34@?D4:@FD )9@F89E ,9:=6 >@DE A6C
D@?D 2446AE C625:=J E96 724E @7 E96 DF34@?D4:@FD ?2EFC6 @7 E96 AC@46DD6D @7
"6>@CJ 2?5 >28:?2E:@? C6DA64E:G6=J E96J 2C6 D@>6H92E D<6AE:42= 2E
7:CDE 4@?46C?:?8 E96 DE2E6>6?E E92E E96 >:?5 A6C7@C>D 2 =2C86 A@CE:@? @7
:ED E9@F89EAC@46DD6D @? E9@D6 A=2?6D @7 >6?E2=:EJ 36=@H E96 A=2?6 @7 E96
@C5:?2CJ4@?D4:@FD?6DD
E =62DE ?:?6EJ A6C46?E @7 @FC >6?E2= =:76 :D DF34@?D4:@FD :7 J@F H:==
2?2=JK6 J@FC >6?E2= @A6C2E:@? J@F H:== 7:?5 E92E 4@?D4:@FD E9:?<:?8 :D
?6G6C 2 4@?E:?F@FD =:?6 @7 4@?D4:@FD?6DD 3FE 2 D6C:6D @7 4@?D4:@FD 52E2
H:E9 8C62E :?E6CG2=D @7 DF34@?D4:@FD?6DD ,6 D:E 2?5 ECJ E@ D@=G6 2 AC@3
=6> 2?5 72:= (F556?=J 2? :562 52H?D E92E =625D E@ 2 D@=FE:@? @7 E96
AC@3=6>)96DF34@?D4:@FDAC@46DD6DH6C62EH@C<
4@?D4:@FD?6DD 2?5 86?6C2==J :E 7FC?:D96D FD H:E9 E9:D >2CG6=@FD =2H
E92E 6G6CJ @A6C2E:@? H92ED@6G6C @7 @FC >:?5D :D F?<?@H? E@ FD F?E:= 2
D64@?5@A6C2E:@?C6G62=D:EE@FD
)96 F?4@?D4:@FD =@8:42= AC@46DD6D 2C6 42CC:65 @FE H:E9 2 46CE2:?EJ 2?5
C68F=2C:EJ H9:49 H@F=5 36 :>A@DD:3=6 H96C6 E96C6 6I:DED E96 A@DD:3:=:EJ
@7 6CC@C $FC >:?5 :D D@ 92AA:=J 56D:8?65 E92E :E AC6A2C6D 7@C FD E96 >@DE
:>A@CE2?E 7@F?52E:@?D @7 4@8?:E:@? H9:=6 H6 92G6 ?@E E96 D=:89E6DE 2A
AC696?D:@? @7 E96 >@5FD @A6C2?5: )9:D F?4@?D4:@FD >6?E2=:EJ =:<6 2
36?6G@=6?E DEC2?86C H@C<D 2?5 >2<6D AC@G:D:@? 7@C @FC 36?67:E A@FC:?8
@?=JE96>2EFC67CF:ED:?E@@FC=2AD
E :D :?6IA=:423=6 9@H AC6>:D6D H9:49 =:6 36=@H 4@?D4:@FD?6DD 42? DFD
E2:? 4@?4=FD:@?D :? 4@?D4:@FD?6DD 9@H E96 >:?5 42? H:EE:?8=J E2<6 FA 2
>6?E2= >@G6>6?E 2E 2? 25G2?465 DE286 92G:?8 >:DD65 :ED AC:>2CJ
DE6AD
)96C6 2C6 E9@F89ED E92E ?6G6C 6>6C86 :?E@ 4@?D4:@FD?6DD H9:49 J6E
>2<6 E96:C :?7=F6?46 76=E 2>@?8 E96 A6C46AE:G6 4FCC6?ED ;FDE 2D E96 F?
D66? A=2?6ED DH2J E96 >@G6>6?ED @7 E96 <?@H? @?6D H2D E@=5 @7 2
3FD:?6DD >2? :? @DE@? H9@ 925 8:G6? FA E9:?<:?8 @7 2? :>A@CE2?E
BF6DE:@? 2D E@@ >F49 7@C 9:> FE 96 4@?E:?F65 D@ F?62DJ :? 9:D 3C2:?
E92E 96 762C65 E92E 96 H2D E9C62E6?65 H:E9 A2=DJ 7E6C D@>6 9@FCD E96
?2EFC2= D@=FE:@? @7 E96 BF6DE:@? 42>6 E@ 9:> H@C<65 @FE :E :D 36=:6G65
:?E92EEC@F3=65:?E6CG2=
,6 2C6 4@?DE2?E=J 2H2C6 E92E 766=:?8D 6>6C86 F?D@=:4:E65 3J 2?J AC6G:
@FD >6?E2= DE2E6 5:C64E=J 7C@> E96 52C< H@>3 @7 F?4@?D4:@FD?6DD
?5665 2== @FC >@DE G:G:5 766=:?8D 2C6 E9FD 56C:G65 (F556?=J 2 ?6H :C
C6=6G2?E F?H:==65 2?5 F?=@4<65 7@C AC6D6?46 :?ECF56D :ED6=7 :?E@ 4@?
D4:@FD?6DD (@>6 :?D4CFE23=6 A@H6C 42FD6D :E E@ C:D6 2?5 6?E6C E96 >6?E2=
AC6D6?46 2D 2 D6?D@C:2= 4@?DE:EF6?E 7 E9:D G:G:5 56A6?56?46 @? F?4@?
D4:@FD 7@C46D 92D E@ 36 4@?;64EFC65 H:E9 E96 >@DE G:G:5 >6?E2= @44FC
C6?46D 9@H >F49 >@C6 DF49 2 DFDE2:?:?8 7@F?52E:@? >FDE 36 A@DEF=2E65
7@C E9@D6 72:?E C6G:G2=D @7 AC6G:@FD D6?D2E:@?D E92E D@ =2C86=J 2DD:DE FD :?
>2<:?8FA@FC4@>A=6I>6?E2=AC6D6?46
E 92D @7E6? 92AA6?65 E@ >6 E@ 92G6 244F>F=2E65 2 DE@C6 @7 724ED 3FE E@
92G6 366? 23=6 E@ AC@4665 ?@ 7FCE96C )96? 27E6C 2? :?E6CG2= @7 E:>6
92G6 7@F?5 E96 @3D4FC:EJ 2?5 4@?7FD:@? E@ 92G6 4=62C65 2H2J E96 724ED
E@ 92G6 D6EE=65 :? E96:C C:89E A=246D E9@F89 92G6 ?@E 366? D6?D:3=6 @7
92G:?8>2562?J677@CE7@CE92EAFCA@D6
)96 >:?5 C646:G6D 7C@> 6IA6C:6?46 46CE2:? 52E2 2?5 6=23@C2E6D E96>
F?4@?D4:@FD=J 3J =2HD A64F=:2C E@ :ED6=7 2?5 E96 C6DF=E >6C86D :?E@ 4@?
D4:@FD?6DD
E E:>6D 92G6 925 E96 766=:?8 @7 E96 FD6=6DD?6DD @7 2== G@=F?E2CJ 677@CE
2?5 2=D@ E92E E96 >2EE6C H2D H@C<:?8 :ED6=7 4=62C :? >J >:?5 E 92D >2?J
E:>6D D66>65 E@ >6 E92E H2D C62==J 2 A2DD:G6 :?DECF>6?E :? E96 92?5D @7
2 A6CD@? ?@E >JD6=7 ? G:6H @7 92G:?8 E@ H2:E 7@C E96 C6DF=ED @7 E96D6 F?
4@?D4:@FD AC@46DD6D 92G6 AC@G65 E96 G2=F6 @7 86EE:?8 E@86E96C >2E6C:2=
:? 25G2?46 2?5 E96? =62G:?8 E96 >2DD E@ 5:86DE :ED6=7 E:== 2> C625J E@
HC:E6 23@FE :E 56=2J65 7@C 2 >@?E9 E96 HC:E:?8 @7 >J 3@@< L(JDE6> @7
%DJ49@=@8JL 3FE 4@?E:?F65 C625:?8 E96 2FE9@C:E:6D H@F=5 ?@E ECJ E@
E9:?< 23@FE E96 3@@< H@F=5 H2E49 H:E9 :?E6C6DE E96 A6@A=6 A2DD:?8 E96
H:?5@HD $?6 6G6?:?8 H96? C625:?8 E96 A2A6C E96 DF3DE2?46 @7 E96
>:DD:?8 A2CE @7 E96 3@@< 7=2D965 FA@? >J >:?5 2?5 3682? E@ HC:E6
)9:D:D@?=J2D2>A=6@7>2?JDF496IA6C:6?46D
"J C@H?:6D @5 3=6DD E96> H9@ 5@ @?692=7 @7 >J H@C< 7@C >6
H96? 2> 72DE 2D=66A 2?5 :? 2== 9F>2? =:<6=:9@@5 5@ E96 C6DE 7@C >6 2D
H6== H96? 2> H:56 2H2<6 2?5 7@@=:D9=J DFAA@D6 E92E 5@ :E 7@C >JD6=7
925 =@?8 366? H2?E:?8 E@ HC:E6 2 3@@< @? >2?LD 5@F3=6 36:?8 @C EH@
52JD H6?E 23@FE C24<:?8 >J 3C2:?D 7@C 2 A=@E @7 2?J D@CE 2?5 @? E96
D64@?5 ?:89E 5C62>E E96 D46?6 :? C 6<J== 2?5 "C J56 2E E96 H:?
5@H 2?5 2 D46?6 27E6CH2C5 DA=:E :? EH@ :? H9:49 J56 AFCDF65 E@@<
E96 A@H56C 2?5 F?56CH6?E E96 492?86 :? E96 AC6D6?46 @7 9:D AFCDF6C ?
$E2==2 E96 @F?E E96 >@E96C $E2==2LD 492>36C E96 >66E:?8 @? E96
DE2:CD E96 3C@<6? H:?5@H H6C6 2== 8:G6? >6 :? 3F=< 2?5 56E2:=D 2D
92G6EC:65E@HC:E6E96>
"2?J A286D 4@F=5 36 7:==65 H:E9 D:>:=2C E6DE:>@?J E@ E96 C62=:EJ @7 E96
AC@46DD6D @7 (F34@?D4:@FD )9@F89E E@ H9:49 92D 366? 8:G6? E96 ?2>6D
2FE@>2E:4 E9:?<:?8 F?4@?D4:@FD CF>:?2E:@? @C 6G6? E96 A:4EFC6DBF6
E6C> E96 96=A7F= C@H?:6D @7 (E6G6?D@? 3FE E96 AC:?4:A=6 92D 366?
4=62C=J :==FDEC2E65 :? E96 23@G6 BF@E2E:@?D 2?5 7FCE96C E6DE:>@?J H@F=5
@?=J 36 :? E96 ?2EFC6 @7 C6A6E:E:@? )96 724ED 2C6 25>:EE65 3J 2== 25
G2?465 >@56C? ADJ49@=@8:DED 2?5 >2?J 6>:?6?E A6CD@?D 92G6 E6DE:7:65
2D E@ E96 >2?:76DE2E:@? @7 D:>:=2C A96?@>6?2 :? E96:C @H? 6IA6C:6?46
"2?J A6CD@?D 92G6 24BF:C65 DA64:2= 677:4:6?4J :? 5:C64E:?8 E96:C DF34@?
D4:@FD724F=E:6DE@A6C7@C>D:>:=2CH@C<7@CE96>
%6C92AD E96 >@DE 4@?4:D6 2?5 AC24E:42= 5:C64E:@?D 7@C >2?:76DE:?8 E9:D
7@C> @7 >6?E2= AC@46DD :D E96 7@==@H:?8 BF@E65 7C@> 2? >6C:42? HC:E6C
H9@92D>2562DA64:2=DEF5J@7E96DF3;64E)9:D2FE9@C:EJD2JD
? E96 ??6C @?D4:@FD?6DD @7 6249 @7 FD E96C6 2C6 7@C46D H9:49 24E >F49
E96 D2>6 2D H@F=5 4@F?E=6DD E:?J >6?E2= 3C@H?:6D @C 96=A6CD H9@ 2C6
2?I:@FD 2?5 H:==:?8 E@ 2DD:DE FD :? @FC >6?E2= H@C< :7 H6 H:== 3FE 92G6
4@?7:56?46 2?5 ECFDE :? E96> )9:D :D 2 ADJ49@=@8:42= ECFE9 6IAC6DD65 :?
E96 E6C>D @7 E96 @=5 72:CJ E2=6D )96 AC@46DD @7 42==:?8 :?E@ D6CG:46 E96D6
??6C @?D4:@FD?6DD 96=A6CD :D D:>:=2C E@ E92E 3J H9:49 H6 4@?DE2?E=J
6>A=@J E@ C642== D@>6 7@C8@EE6? 724E @C ?2>6 ,6 7:?5 E92E H6 42??@E C6
4@==64E D@>6 56D:C65 724E 52E6 @C ?2>6 2?5 :?DE625 @7 C24<:?8 @FC
3C2:?D H:E9 2? :?4C62D65 677@CE H6 :7 H6 92G6 =62C?65 E96 D64C6E A2DD @?
E96 >2EE6C E@ E96 ??6C @?D4:@FD?6DD H:E9 2 D:=6?E 4@>>2?5 L'64@==64E
E9:D ?2>6 7@C >6L 2?5 E96? 8@ @? H:E9 @FC @C5:?2CJ H@C< 7E6C 2 76H
>:?FE6DM@C :E >2J 36 9@FCDM2== @7 2 DF556? A@A H:== 4@>6 E96 >:DD
:?8 ?2>6 @7 724E 367@C6 FDM7=2D965 7C@> E96 A=2?6D @7 E96 ??6C @?
D4:@FD?6DD 3J E96 96=A @7 E96 <:?5=J H@C<6CD @C L3C@H?:6DL @7 E9@D6
A=2?6D )96 6IA6C:6?46 :D D@ 4@>>@? E92E H6 92G6 462D65 E@ H@?56C 2E
:E 2?5 J6E :E :D 2 H@?56C7F= >2?:76DE2E:@? @7 E96 ??6C @?D4:@FD?6DD
H@C<:?8D @7 E96 >:?5 (E@A 2?5 E9:?< 2 >@>6?E 2?5 J@F H:== D66 E92E
E96 >:DD:?8 H@C5 5@6D ?@E AC6D6?E :ED6=7 244:56?E2==J @C L;FDE 3642FD6L
)96C6 2C6 >6?E2= AC@46DD6D 2E H@C< 7@C J@FC 36?67:E 2?5 H96? E96J 92G6
H@C<65 @FE E96 AC@3=6> 7@C J@F E96J 8=667F==J AFD9 :E FA 7C@> E96:C
A=2?6@?E@E96A=2?6@7E96@FE6C4@?D4:@FD?6DDH96C6J@F>2JFD6:E
,6 <?@H @7 ?@ 36EE6C H2J @7 :==FDEC2E:?8 E96 >2EE6C E92? 3J E9:D 72?4:7F=
7:8FC6 @7 E96 L>6?E2= 3C@H?:6DL :? 4@??64E:@? H:E9 E96 :==FDEC2E:@? @7 E96
LDF34@?D4:@FD DE@C69@FD6L 7 J@F H@F=5 =62C? E@ E2<6 25G2?E286 @7 E96
H@C< @7 E96D6 (F34@?D4:@FD C@H?:6D H6 25G:D6 J@F E@ 7@C> 2 >6?E2=
A:4EFC6 @7 E96 (F34@?D4:@FD (E@C69@FD6 :? H9:49 :D DE@C65 2== D@CED @7
<?@H=6586 E92E J@F 92G6 A=2465 E96C6 5FC:?8 J@FC =:76E:>6 2D H6== 2D
E96 :>AC6DD:@?D E92E J@F 92G6 24BF:C65 3J C246 :?96C:E2?46MC24:2=
>6>@CJ :? 724E )96 :?7@C>2E:@? DE@C65 2H2J 92D @7E6? 366? A=2465 :?
E96 DE@C286 C@@>D H:E9@FE 2?J C682C5 7@C DJDE6>2E:4 DE@C:?8 @C 2CC2?86
>6?E 2?5 H96? J@F H:D9 E@ 7:?5 D@>6E9:?8 E92E 92D 366? DE@C65 2H2J
E96C6 2 =@?8 E:>6 28@ E96 6I24E A=246 36:?8 7@C8@EE6? J@F 2C6 4@>A6==65
E@ 42== E@ J@FC 2DD:DE2?46 E96 =:EE=6 3C@H?:6D @7 E96 >:?5 H9:49 A6C7@C>
72:E97F==J J@FC >6?E2= 4@>>2?5 L'64@==64E E9:D 7@C >6L )96D6 3C@H?:6D
2C6 E96 D2>6 =:EE=6 492AD E92E J@F 492C86 H:E9 E96 E2D< @7 H2<:?8 J@F 2E
7@FC @L4=@4< E@>@CC@H >@C?:?8 H96? J@F H:D9 E@ 42E49 2? 62C=J
EC2:?M2?5 E96J @36J J@F H6== :? E9:D H@C< @7 E96 >6?E2= 2=2C>4=@4<
)96D6 D2>6 =:EE=6 492AD H:== 2=D@ 7=2D9 :?E@ J@FC 4@?D4:@FD?6DD E96 C6A@CE
L 92G6 2? 6?8286>6?E 2E EH@ @L4=@4< H:E9 @?6DLMH96? =@@<:?8 2E J@FC
H2E49 J@F H:== D66 E92E :E :D ;FDE 2 BF2CE6C 367@C6 E96 9@FC @7 EH@ E96 E:>6
@7J@FC6?8286>6?E
,6== E96? :7 J@F H:== 6I2>:?6 42C67F==J :?E@ 2 DF3;64E H9:49 J@F H:D9 E@
>2DE6C 2?5 H:== A2DD 2=@?8 E96 C6DF=ED @7 J@FC @3D6CG2E:@?D E@ E96D6 (F3
4@?D4:@FD C@H?:6D J@F H:== 7:?5 E92E E96J H:== H@C< E96 C2H >2E6C:2=D
@7 E9@F89E :?E@ D92A6 7@C J@F :? 2 4@>A2C2E:G6=J D9@CE E:>6 )96J H:== 2C
C2?86 2?2=JK6 DJDE6>2E:K6 4@==2E6 2?5 2CC2?86 :? 4@?D64FE:G6 @C56C E96
G2C:@FD 56E2:=D @7 :?7@C>2E:@? H9:49 J@F 92G6 A2DD65 @? E@ E96> 2?5
H:== 255 E96C6E@ E96 G2C:@FD 2CE:4=6D @7 D:>:=2C :?7@C>2E:@? E92E E96J H:==
7:?5 DE@C65 2H2J :? E96 G2C:@FD C646DD6D @7 J@FC >6>@CJ ? E9:D H2J
E96J H:== 8C@FA E@86E96C G2C:@FD D42EE6C65 3:ED @7 <?@H=6586 E92E J@F
92G6 7@C8@EE6? ?5 C:89E 96C6 =6E FD D2J E@ J@F E92E J@F ?6G6C 23D@
=FE6=J 7@C86E 2?JE9:?8 E92E J@F 92G6 A=2465 :? J@FC >:?5 .@F >2J 36
F?23=6 E@ C64@==64E 46CE2:? E9:?8D 3FE E96J 2C6 ?@E =@DEM D@>6E:>6 =2E6C
D@>6 2DD@4:2E:G6 4@??64E:@? H:== 36 >256 H:E9 D@>6 @E96C 724E 2?5 =@
E96 >:DD:?8 :562 H:== 36 7@F?5 7:EE65 ?:46=J :?E@ :ED A=246 :? E96 =2C86C
:562ME96 H@C< @7 @FC =:EE=6 3C@H?:6D '625 E96 6I2>A=6D 8:G6? @7 E96
6>:?6?E A6CD@?D H9@ 92G6 925 6IA6C:6?46D @7 E9:D <:?5 )96D6 6IA6C:
6?46D 42? 36 C6AC@5F465 3J J@F H96? J@F 92G6 24BF:C65 E96 L<?24< @7
:EL
'6>6>36C )9@>AD@?LD DE2E6>6?E L? G:6H @7 92G:?8 E@ H2:E 7@C E96 C6D
F=ED @7 E96D6 F?4@?D4:@FD AC@46DD6D 92G6 AC@G65 E96 923:E @7 86EE:?8 E@
86E96C >2E6C:2= :? 25G2?46 2?5 E96? =62G:?8 E96 >2DD E@ 5:86DE :ED6=7 F?
E:= 2> C625J E@ HC:E6 23@FE :EL )9:D DF34@?D4:@FD L5:86DE:@?L :D C62==J E96
H@C<@7@FC=:EE=6>6?E2=3C@H?:6D
)96C6 2C6 >2?J H2JD @7 D6EE:?8 E96 3C@H?:6D E@ H@C< #62C=J 6G6CJ@?6
92D 925 D@>6 6IA6C:6?46 >@C6 @C =6DD :? E96 >2EE6C 2=E9@F89 @7E6? :E :D
AC@5F465 2=>@DE F?4@?D4:@FD=J 2?5 H:E9@FE AFCA@D6 2?5 :?E6?E %6C
92AD E96 36DE H2J 7@C E96 2G6C286 A6CD@?M@C C2E96C E96 >2;@C:EJ @7 A6C
D@?DME@ 86E E96 56D:C65 C6DF=ED :D 7@C @?6 E@ 86E 2D 4=62C 2? :562 @7 H92E
@?6 C62==J H2?ED E@ <?@HM2D 4=62C 2? :562 @C >6?E2= :>286 @7 E96 BF6D
E:@? J@F H:D9 2?DH6C65 )96? 27E6C C@==:?8 :E 2C@F?5 :? J@FC >:?5M
>6?E2==J 496H:?8 :E 2D :E H6C6M8:G:?8 :E 2 9:89 568C66 @7 G@=F?E2CJ 2E
E6?E:@? J@F 42? A2DD :E @? E@ J@FC (F34@?D4:@FD "6?E2=:EJ H:E9 E96 >6?
E2= 4@>>2?5 LEE6?5 E@ E9:D 7@C >6MH@C< @FE E96 2?DH6CL @C D@>6 D:>
:=2C @C56C )9:D 4@>>2?5 >2J 36 8:G6? D:=6?E=J @C 6=D6 DA@<6?
2=@F5M6:E96C H:== 5@ (A62< E@ E96 (F34@?D4:@FD "6?E2=:EJM@C :ED =:EE=6
H@C<6CDM;FDE 2D J@F H@F=5 DA62< E@ A6CD@?D :? J@FC 6>A=@J <:?5=J 3FE
7:C>=J )2=< E@ E96 =:EE=6 H@C<6CD 2?5 7:C>=J 4@>>2?5 E96> E@ 5@ J@FC
H@C< ?5 E96? 7@C86E 2== 23@FE E96 >2EE6CME9C@H :E @77 J@FC 4@?D4:@FD
>:?5 2?5 2EE6?5 E@ J@FC @E96C E2D<D )96? :? 5F6 E:>6 H:== 4@>6 J@FC
2?DH6CM7=2D965 :?E@ J@FC 4@?D4:@FD?6DDMA6C92AD ?@E F?E:= E96 G6CJ
>:?FE6 E92E J@F >FDE 564:56 FA@? E96 >2EE6C @C ?665 E96 :?7@C>2E:@?
.@F >2J 8:G6 J@FC 3C@H?:6D @C56CD E@ C6A@CE 2E DF49 2?5 DF49 2
E:>6M;FDE 2D J@F 5@ H96? J@F E6== E96> E@ 2H2<6? J@F 2E 2 46CE2:? E:>6
:? E96 >@C?:?8 D@ 2D E@ 42E49 E96 62C=J EC2:? @C ;FDE 2D E96J C6>:?5 J@F @7
E969@FC@7J@FC2AA@:?E>6?E:7J@F92G6E96>H6==EC2:?65
)9@F89E )96 C6256C D9@F=5 42C67F==J DEF5J E9:D >6E9@5 2?5 368:? E@
AC24E:46 :E 2D 96 H:D96D E@ >2<6 FD6 @7 E9:D H@?56C7F= A@H6C @7 E96 >:?5
6 H:== 7:?5 E92E 27E6C 2 =:EE=6 AC24E:46 9:D >6?E2= A@H6CD H:== 36 6?@C>
@FD=J:?4C62D652?59:D86?6C2=677:4:6?4J=:<6H:D625565E@
6C6 2D 6=D6H96C6 H6 92G6 E96 724E D6E 7@CE9 E92E E96 8@ :D E96 "2DE6C
":?5 CF=:?8 4@?EC@==:?8 5:C64E:?8 2?5 >2?28:?8 9:D DF3;64ED E96 >6?
E2= 724F=E:6D )96 8@ME96 "2DE6C ":?5M92D 2 =2C86 C62=> @G6C H9:49
E@ CF=6 2?5 >2?J DF3;64ED E@ 8@G6C? 3FE :E 92D E96 A@H6C E@ 8@G6C?
E96> AC@A6C=J 2?5 677:4:6?E=J AC@G:5:?8 E92E :E H:== 2H2<6? E@ :ED @H?
C62=:EJ 2?5 A@H6C 2?5 H:== 8C2DA 7:C>=J E96 D46AE6C @7 2FE9@C:EJ H9:49
C:89E7F==J 36=@?8D E@ :E 3FE H9:49 :E >2J 92G6 2==@H65 E@ 5C@A 7C@> :ED
C6=2I657:?86CDH9:=6:ED=6AE
%"./"-4#&((
)96C6 :D AC@323=J ?@ A92D6 @7 >6?E2= 24E:G:EJ H9:49 :D >@C6 5:77:4F=E E@
567:?6 E92? E92E 42==65 E96 ,:== == @7 FD <?@H BF:E6 H6== H92E :D >62?E
3J E96 H:== 3FE H96? H6 2EE6>AE E@ 6IAC6DD E96 <?@H=6586 :? 7@C>2=
H@C5D H6 7:?5 :E >@DE 5:77:4F=E ,96? H6 C676C E@ E96 5:4E:@?2C:6D 7@C 2D
D:DE2?46 H6 2C6 3FE =:EE=6 36EE6C @77 7@C E96J 86?6C2==J 9@=5 72DE E@ E96 @=5
A9:=@D@A9:42= 4@?46AE:@? @7 ,:== 2D
E96 56D:C6 @C :?4=:?2E:@? E@ 24E :? 2
46CE2:? H2J @C E96 A@H6C @7 49@:46 6I6C4:D65 3J E96 >:?5 3J H9:49 :E
564:56D H9:49 @7 D6G6C2= 4@FCD6D @7 24E:@? E@ 7@==@H )96 E9:C5 2?5 24
4@C5:?8 E@ E96 >@56C? G:6H E96 >@DE :>A@CE2?E A92D6 @7 H:== ?2>6=J
E92E @7 E96 24E @7 G@=F?E2CJ 677@CE 2?5 24E:@?D :D A2DD65 @G6C :? >@DE
42D6D2D36:?8>6C6=J:?4:56?E2=
)96 >@56C? 4@?46AE:@? @7 E96 ,:== :D E92E @7 >6?E2= DE2E6D 4@?46C?65
H:E9 24E:@? E96 @E96C A92D6D 36:?8 C682C565 2D DF3@C5:?2E6 E@ E9:D D 2
A@AF=2C ADJ49@=@8:DE 92D H6== DE2E65 ,:== 4@?46C?D :ED6=7 H:E9 24E:@?
)96 DEF56?E >FDE <66A E92E 724E 367@C6 9:> ?@ >2EE6C 9@H 4@>A=6I E96
AC@46DD D66>D ,6 2C6 ?6G6C H:E9@FE E96 24E:G:EJ @7 E96 H:== :? E96
3C@256DED6?D6@7E92EE6C>
)96 ,:== >2J 36 D2:5 E@ AC6D6?E E9C66 86?6C2= A92D6D @7 :ED6=7 7@C @FC
4@?D:56C2E:@? ?2>6=J
)96 A92D6 :? H9:49 6D:C6 :D 36:?8 EC2?D
7@C>65 :?E@ ,:== E96 A92D6 :? H9:49 E96C6 :D E96 AC@46DD @7 6=:36C2
E:@? 4@?46C?:?8 E96 C6DA64E:G6 G2=F6D @7 D6G6C2= 56D:C6D @C D6G6C2=
4@FCD6D @7 24E:@? C6AC6D6?E65 3J E96:C C6DA64E:G6 :562D @C >6?E2= :>286D
E9:D A92D6 @7 6=:36C2E:@? 368:?D H:E9 4@?7=:4E:?8 >@E:G6D 2?5 6?5D H:E9
2 64:D:@? @C 9@:46 E96 A92D6 @7 24E:@? C6DF=E:?8 7C@> E96 64:D:@?
@C 9@:46 )96 7@==@H:?8 D@>6H92E 7F==6C DE2E6>6?E @7 6249 @7 E96D6
A92D6D H:== 2:5 E96 C6256C :? A6C46:G:?8 E96 DA64:2= 492C24E6C:DE:4D @7
6249
6D:C6,:== == 24E:G:E:6D @7 E96 ,:== >2J 36 D2:5 E@ 92G6 366? AC6
46565 3J 6D:C6 $?6 >2J 6D:C6 H:E9@FE 24EF2==J D6EE:?8 E96 ,:== :?E@
@A6C2E:@? 3FE @?6 42? D42C46=J 36 E9@F89E @7 2D ,:==:?8 H:E9@FE 92G:?8
7:CDE 6IA6C:6?465 E96 6D:C6 E@ ,:== :E 36:?8 @7 4@FCD6 F?56CDE@@5 E92E
DF49 6D:C6 >2J 92G6 >2?:76DE65 DF34@?D4:@FD=J C2E96C E92? :? E96 4@?
D4:@FD 7:6=5 E :D 2=>@DE :>A@DD:3=6 E@ 4@?46:G6 @7 @?6 H:==:?8 E@ 5@ 2
E9:?8 F?=6DD 7C@> E96 >@E:G6 @7 6D:C6 6:E96C :? E96 7@C> @7 H2?E:?8 E@
@? E96 @?6 92?5 @C E92E @7 762C @? E96 @E96C 92?5 E E96 =2DE 2D 2E E96
7:CDE,:==:DD66?E@36E9624E:G66IAC6DD:@?@7D@>67@C>@76D:C6
HC:E6C D2JD 6D:C6 :D 2C@FD65 3J 766=:?8D @C 6>@E:@?D C:D:?8 7C@>
E96 DF34@?D4:@FD A=2?6D @7 E96 >:?5 2?5 D66<:?8 6IAC6DD:@? 2?5
D 2 HC:E6C D2JD )96 ;F58>6?E 2?5 24E:@? @7 2? :?E6==:86?E >2? 2D 2
CF=6 2C6 72C 5:776C6?E 7C@> E9@D6 @7 2? F?:?E6==:86?E @?6 2?5 2 >2? @7
4F=EFC6 E6?5D E@H2C5 5:776C6?E 24E:@? E92? E92E @7 2? F?4F=EFC65 @?6
2?5 =:<6H:D6 E96 >2? @7 3C@25 DJ>A2E9:6D 2?5 9:89 :562=D 24ED :? 2 5:7
76C6?E H2J 7C@> @?6 @7 E96 @AA@D:E6 EJA6 FE E96 AC:?4:A=6 :D 2=H2JD E96
D2>6ME96 766=:?8D >2?:76DE :? 56D:C6 E96 8C62E6DE F=E:>2E6 D2E:D724E:@?
2AA2C6?E 2E E96 >@>6?E :D D@F89E 2?5 E96 DEC@?86DE D6E @7 56D:C6D H:?D
E9652J
:?2==J E96 32=2?46 :D DECF4< 2?5 E96 564:D:@? @C 49@:46 :D >256 2?5
E96 :?5:G:5F2= >2<6D FA 9:D >:?5 E@ 24E :? 244@C52?46 E96C6H:E9 ?5
:? E96 @C5:?2CJ 4@FCD6 E96 AC@46DD @7 ,:== E96? A2DD6D @? E@ E96 ?6IE
A92D6:6E96A92D6@74E:@?
4E:@?,:== )96 @=56C ADJ49@=@8:DED FDF2==J A2DD65 2E @?46 7C@>
E96 A92D6 @7 ,:== 42==65 6=:36C2E:@? :?E@ E92E A92D6 42==65 4E:@?
FE E96 ?6H6C D49@@= :D >@C6 5:D4C:>:?2E:?8 2?5 :?D:DED E92E E96C6 :D 2?
:?E6C>65:2E6 DE286 36EH66? E96 EH@ D2:5 A92D6DM2 DE286 :? H9:49
E9@F89 564:D:@? 2?5 49@:46 36 >256 2?5 E9@F89 24E:@? >2J 36 56E6C>
:?65FA@?DE:==E96C6:D29@=5:?8324<7C@>24EF2=24E:@?
86?6C2==J C62=:K6 E96 2>@F?E @7 677@CE :?G@=G65 H96? 96 2:C:=J 564=2C6D
9:D:?E6?E:@?@7A6C7@C>:?8246CE2:?24E:@?
(@>6 A6CD@?D 42? ?6G6C D66> E@ F?56CDE2?5 E92E C6D@=G:?8 E@ 5@ 2
E9:?8 :D ?@E E96 D2>6 2D 5@:?8 :E (F49 2C6 FEE6C=J H@CE9=6DD :? E9:D H@C=5
@7 24E:@? )96J E2=< E96J 766= E96J 5@ 2?JE9:?8 3FE 24E )96J 2AA62C E@
56C:G6 2=>@DE 2D >F49 4@>7@CE 7C@> C6D@=G:?8 E@ 2?DH6C 2 =6EE6C H9:49
D9@F=5 92G6 366? 2?DH6C65 EH@ >@?E9D 367@C6 2D E96J H@F=5 7C@> 24
EF2==J HC:E:?8 E96 C6A=J )96C6 >2J 36 56D:C6 56=:36C2E:@? 2?5 564:D:@?
3FE :7 E96D6 5@ ?@E C6DF=E :? 24E:@? 2=@?8 E96 :?5:42E65 =:?6 E96 AC@46DD @7
H:==:DAC24E:42==J:?4@>A=6E6
"$
FDE 2D E96 "2DE6C ":?5 >2J EC2:? E96 724F=E:6D @7 )9@F89E 2?5 E96
724F=E:6D @7 66=:?8 2?5 >@E:@? D@ >2J :E EC2:? 4@?EC@= 5:C64E 2?5
>2DE6C E96 724F=E:6D @7 E96 ,:== ?5 E9:D =2DE :D A6C92AD E96 >@DE :>A@CE
2?E @7 2== E96 G2C:@FD 7@C>D @7 >2DE6CJ >2?:76DE65 3J E96 8@ @C "2DE6C
":?5 3642FD6 E96 ,:== :D E96 :?DECF>6?E H9:49 E96 8@ 2AA=:6D E@ 4@?
EC@= E96 @E96C >6?E2= 724F=E:6DM2?5 4@?EC@= @7 E96 ,:== :D 4@?EC@= @7 E96
6?E:C6D:EF2E:@?
E D9@F=5 36 >6?E:@?65 96C6 9@H6G6C E92E :7 E96 DEF56?E 92D AFE :?E@
AC24E:46 E96 G2C:@FD 7@C>D @7 E96 4@?EC@= @7 E96 @E96C >6?E2= 724F=E:6D E96
,:== :ED6=7 H:== 36 7@F?5 E@ 92G6 82:?65 DEC6?8E9 2?5 A@H6C 7C@> DF49
FD6 2?5 6I6C4:D6 %2CE:4F=2C=J :D E9:D D@ H96C6 E96 EE6?E:@? 92D 366?
>2DE6C65 2?5 4@?EC@==65 7@C E96 EE6?E:@? :D E96 AC:?4:A2= H62A@? @7 E96
,:==ME96@?63JH9:49:E:>A@D6D:ED2FE9@C:EJFA@?E96@E96C724F=E:6D
)96 7@==@H:?8 'F=6D 7@C ,:==)C2:?:?8 H:== 7FC?:D9 E96 DEF56?E H:E9 2
D:>A=6 AC24E:42= >6E9@5 @C DJDE6> @7 EC2:?:?8 2?5 4F=E:G2E:?8 E96 ,:== E
4@?D:DED @7 E96 2AA=:42E:@? @7 2 76H 6=6>6?E2= AC:?4:A=6D H9:49 >2J 36
27E6CH2C5 6=23@C2E65 25565E@ 2?5 56G6=@A65 :?E@ 2 >F49 >@C6 :>A@D
:?8DECF4EFC6@7>6E9@52?5DJDE6>
%# & !$
:?5:?8 E96 6?E6C @7 %@H6C )9:D CF=6 4@?D:DED @7 3:55:?8 E96 DEF
56?E E@ 7:?5 E96 46?E6C @7 9:D >6?E2= 36:?8ME96 A=246 H96C6 5H6==D E96
8@ E96 "2DE6C @7 ":?5 E96 )9:D 4@?D:DED ?@E 2=@?6 @7 9:> >6C6=J 2D
D6?E:?8 E@ E96 AC6D6?46 @7 E96 8@ @? E96 A2CE @7 E96 :?E6==64E 3FE C2E96C
@7 E96 4@?D4:@FD 766=:?8 @7 E96 AC6D6?46 C62=:EJ 2?5 A@H6C @7 E96 :?
E96 46?E6C @7 E96 >6?E2= 7:6=5 H96C6 :E >2DE6CD 5:C64ED 4@?EC@=D 2?5
>2?286D E96 766=:?8D 6>@E:@?D E9@F89E AC@46DD6D @3;64ED @7 2EE6?E:@?
2?556D:C62?57:?2==J@7E9624E:G:E:6D@7E96H:==
)96 8@ >FDE =62C? E@ EFC? :ED 2EE6?E:@? :?H2C5 FA@? :ED6=7 2?5 E@ 36
4@?D4:@FD @7 :ED @H? AC6D6?46 2?5 6I:DE6?46 E >FDE :?H2C5=J 4@8?:K6
:ED6=7 2D E96 M2? 24EF2= =:G:?8 6?E:EJ @C 36:?8 )@ 5@ E9:D 7F==J E96 8@
>FDE 7@C E96 >@>6?E D6A2C2E6 :ED6=7 7C@> E96 G2C:@FD :?DECF>6?ED 2?5
724F=E:6D 36=@?8:?8 E@ :EM:E >FDE D66 2?5 766= :ED6=7 D:>A=J 2D E96 AFC6
8@ME96 " E >2J E2<6 D@>6 E:>6 2?5 AC24E:46 7@C @?6 E@ 2EE2:?
E9:D A2CE:4F=2C DE286 @7 D6=74@?D4:@FD?6DD 3FE AC@8C6DD H:== 36 >256
7C@> E96 368:??:?8 2?5 6249 DE6A @7 E96 A2E9 H:== 36 C6A2:5 H:E9 24EF2=
C6DF=ED 249 E:>6 J@F 4@?EC@= @C 5:C64E E96 >:?5 D2J E@ J@FCD6=7 E96
8@ E96 "2DE6C ":?5 2> 5@:?8 E9:DM2?5 J@F H:== 36 >256 4@?D4:@FD
@7252H?:?8C62=:K2E:@?@7E968@H9:49:D.@FCD6=7MJ@FC'62=(6=7
I6CE .@FC ,:== %@H6C I6CE .@FC ,:== %@H6C 3J AC24E:4:?8 E96 4@?
EC@= @G6C E96 D6G6C2= >6?E2= 2?5 6>@E:@?2= 724F=E:6D ,:== E@ E9:?< ,:== E@
766= ,:== E@ 24E @C :?DE2?46 J@F >2J 766= 2 56D:C6 E@ 5@ @C ?@E E@ 5@ 2
46CE2:? E9:?8M96C6 :D J@FC 492?46 E@ AC@G6 J@FC ,:== %@H6C 6=:36C
2E6=J 56E6C>:?6 E92E J@F D92== 2?5 H:== 56D:C6 2?5 766= E96 6I24E @AA@D:E6
@7 J@FC AC6D6?E 56D:C6 2?5 E96? AC@4665 E@ >2?:76DE :? 24E:@? E92E :562
2?5 56E6C>:?2E:@? .@F H:== 7:?5 E92E E96 @C:8:?2= 56D:C6 @C 766=:?8 H:==
DECF88=6 2?5 C636=M:E H:== 7:89E 92C5 7@C =:76 2?5 A@H6CM3FE J@F >FDE
@AA@D6 :E E@ E96 5625=J 4@=5 DE66= @7 J@FC H:== 2D 5:C64E65 3J E96 "2DE6C
":?5 @C 8@ %6CD6G6C6 2?5 J:6=5 ?@E 2? :?49M2DD6CE J@FC >2DE6CJ @7
J@FC @H? >6?E2= 5@>2:? D< ?@ BF2CE6C 2?5 8:G6 ?@?6 2?5 2D DFC6 2D
E@>@CC@HLD DF? H:== C:D6 D@ DFC6=J H:== J@FC H:== EC:F>A9 7@C E96 ,:== :D
A@D:E:G6 E@ E96 @E96C >6?E2= DE2E6D H96? :E :D AC@A6C=J 2AA=:65 2?5 A6C
D:DE6?E=J6I6CE65
@?D:56C .@FC 4E:@?D F=E:G2E6 E96 724F=EJ @7 42C67F= 56=:36C2E:@?
2?5 :?E6==:86?E 56E6C>:?2E:@? ? D9@CE =@@< 367@C6 J@F =62A )6DE J@FC
766=:?8D 6>@E:@?D :>AF=D6D 2?5 56D:C6D 3J E96 =:89E @7 J@FC :?E6==64E
)6DE 6G6CJ 56D:C6 2?5 :>AF=D6 3J E96 )@F49DE@?6 @7 %@D:E:G:EJ ,:== E9:D
>2<6 >6 DEC@?86C 36EE6C 2?5 >@C6 677:4:6?E @ ?@E AC@=@?8 J@FC 56
=:36C2E:@? E@@ =@?8 9@H6G6CM=62C? E@ 564:56 42C67F==J 3FE 2E E96 D2>6
E:>6 BF:4<=J 2?5 H:E9@FE 52H5=:?8 @C H2DE6 @7 E:>6 )96? H96? J@F
92G6 56E6C>:?65 FA@? J@FC 4@FCD6 @7 24E:@?M92G6 564:565 H92E E@ 5@
2?5 9@H E@ 5@ :E 2D H6== 2D F?56CDE2?5:?8 H9J J@F D9@F=5 5@ :EME96?
AC@4665 E@ 24EF2==J 5@ :E H:E9 2== J@FC >:89E @==@H E96 @=5 >2I:> 6
DFC6 J@FLC6 C:89E E96? 8@ 29625 @=5 E96 H:=5 9@CD6D @7 J@FC >6?E2=:EJ
7:C>=J :? 92?5 FD:?8 E96 8F:5:?8 C6:?D @7 E96 C62D@? 2?5 ;F58>6?EM3FE
D66E92EE96J8@29625
F=E:G2E6 E96 EE6?E:@? 2C67F==J 4F=E:G2E6 E96 EE6?E:@? F?E:= J@F
42? 7@4FD :E FA@? 2?J @3;64E @C DF3;64E H:E9 4@?46?EC2E65 7@C46 2?5 :?D:DE
6?E 5:C64E:@? )96 EE6?E:@? 56E6C>:?6D E96 A2E9 @7 E96 H:==M6:E96C E@
H2C5 @C 2H2J 7C@> E96 @3;64E @7 E96 EE6?E:@? 2D E96 42D6 >2J 36
EE6?E:@? :D E96 6J6 @7 E96 8@ @C "2DE6C ":?5 E96 5C:G6C @7 E96 >6?E2=
492C:@E #@E6 E96 7@==@H:?8 BF@E2E:@?D 7C@> =625:?8 ADJ49@=@8:DED @? E9:D
A@:?E )96 7:CDE 2?5 8C62E E2D< @7 E96 H:== :D E96 4@?EC@= 2?5 5:C64E:@? @7
E96 EE6?E:@? )96 H:== 56E6C>:?6D E96 <:?5 @7 :?E6C6DE E92E D92== AC6G2:=
2E E96 >@>6?E 2?5 E96 <:?5 @7 :?E6C6DE =2C86=J 56E6C>:?6D E96 492C24E6C
@7E96>2?9:DE2DE6D9:D766=:?8D9:DE9@F89ED9:D24ED
E@ 56762E J@FC AFCA@D6 :?5:?8 E92E J@F 2C6 56E6C>:?65 E@ CF=6 E96J
>2J 6G6? D66> E@ 24BF:6D46 7@C E96 E:>6 36:?8 @?=J E@ 27E6CH2C5 E2<6
J@F 3J DFCAC:D6 2?5 @77 J@FC 8F2C5 H96? J@F C6=2I J@FC 677@CED 2?5 C6DE
D64FC6 :? E96 766=:?8 E92E J@F 92G6 4@?BF6C65 )96J D@>6E:>6D 24E =:<6
E96 >F=6 :? E96 H6==<?@H? DE@CJ @7 @D9 :==:?8D E96 >6C:42? 9F>@C
:DE E9:D >F=6 96 D2:5 H@F=5 D@>6E:>6D DE2J 8@@5 7@C E9C66 >@?E9D ;FDE
E@86E2492?46E@<:4<E969@DE=6CH96?96H2D?LE6IA64E:?8:E
HC:E6C D2JD @? E9:D A@:?E #@E9:?8 D49@@=D E96 H:== 2?5 C6?56CD :E
C625J 7@C 677@CE :? E9:D 4@>A=6I H@C=5 36EE6C E92? 244FDE@>:?8 :E E@ 7246
5:D28C6623=6 E9:?8D %C@76DD@C 2>6D 25G:D6D 2== E@ 5@ D@>6E9:?8 @442
D:@?2==J 7@C ?@ @E96C C62D@? E92? E92E E96J H@F=5 C2E96C ?@E 5@ :E :7 :E :D
?@E9:?8 >@C6 E92? 8:G:?8 FA 2 D62E :? 2 DEC66E 42C 6 =:<6?D DF49 677@CE
E@ E96 :?DFC2?46 E92E 2 >2? 42CC:6D @? 9:D 9@FD6 6 92D D@>6E9:?8 E@ 72==
324< @? :? E:>6 @7 EC@F3=6 H:== D49@@=65 :? E9:D H2J :D 2=H2JD C625J E@
C6DA@?5 ?@ >2EE6C 9@H 8C62E E96 6>6C86?4J ,9:=6 2?@E96C H@F=5 36
4CJ:?8 @G6C DA:==65 >:=< E96 A@DD6DD @7 DF49 2 H:== 92D 2=C625J 7@F?5 2?
@E96C 4@H )96 @?=J H2J E@ D64FC6 DF49 2 H:== :D E@ AC24E:46 5@:?8 5:D
28C6623=6 E9:?8D )96C6 2C6 52:=J @AA@CEF?:E:6D (F49 2 >2? 92D E96 6=6
>6?ED @7 DF446DD :? 9:> $? E96 @E96C 92?5 E96 @?6 H9@ 923:EF2==J
2G@:5D 5:D28C6623=6 24E:@? :D EC2:?:?8 9:D H:== E@ 36 @7 ?@ FD6 E@ 9:> 2E 2
E:>6 H96? DFAC6>6 677@CE :D 56>2?565 (F49 2 H:== 42? ?6G6C 6=3@H :ED
H2J E@ E96 7C@?E :? =:76 ,6 8C25F2==J >2<6 @FC 492C24E6CD 3J D6A2C2E6
24ED @7 H:== ;FDE 2D E96 3=24<D>:E9 3J C6A62E65 3=@HD 362ED @FE 2 9@CD6
D9@6 @C 2? 2?49@C 7C@> 2 D92A6=6DD >2DD @C :C@? 7:?:D965 2?49@C @C
9@CD6D9@6H2D?6G6CE96AC@5F4E@72D:?8=63=@H
#)
"%#
66A E96 724F=EJ 2=:G6 :? J@F 3J 2 =:EE=6 8C2EF:E@FD 6I6C4:D6 6G6CJ
52J )92E :D 36 DJDE6>2E:42==J 2D46E:4 @C 96C@:4 :? =:EE=6 F??646DD2CJ
A@:?ED 5@ 6G6CJ 52J D@>6E9:?8 7@C ?@ @E96C C62D@? E92? E92E J@F H@F=5
C2E96C ?@E 5@ :E D@ E92E H96? E96 9@FC @7 5:C6 ?665 5C2HD ?:89 :E >2J
7:?5 J@F ?@E F??6CG65 2?5 F?EC2:?65 E@ DE2?5 E96 E6DE )96 >2? H9@ 92D
52:=J :?FC65 9:>D6=7 E@ 923:ED @7 4@?46?EC2E65 2EE6?E:@? 6?6C86E:4 G@=:
E:@? 2?5 D6=756?:2= :? F??646DD2CJ E9:?8 H:== DE2?5 =:<6 2 E@H6C H96?
6G6CJE9:?8 C@4<D 2C@F?5 9:> 2?5 H96? 9:D D@7E6C >@CE2=D 2C6 H:??@H65
=:<649277:?E963=2DE
).+%-%)# !'. )96 DEF56?E H9@ :D DEC:G:?8 E@ 56G6=@A 9:D ,:== %@H6C
H:== 5@ H6== E@ 9@=5 367@C6 9:D >6?E2= G:D:@? E96 ?DA:C:?8 562= @7 E96
@2= E@H2C5 H9:49 96 :D DECF88=:?8 2?5 DEC:G:?8 )96 7@==@H:?8 BF@E2
E:@?D 7C@> H6==<?@H? HC:E6CD H:== A6C92AD D6CG6 E96 DEF56?E H6== :? E9:D
C682C5 !6E 9:> 4@>>:E D@>6 @7 E96D6 BF@E65 =:?6D E@ >6>@CJ 2?5 7C6
BF6?E=J C6A62E E96> E@ 9:>D6=7 2?5 E9FD 4C62E6 2 !:G:?8 562= H9:49 H:==
DE:>F=2E6 2?5 :?DA:C6 9:> E@ 4@?E:?F65 2?5 C6?6H65 677@CEME9:D H:== 2:5
9:> 8C62E=J :? E96 H@C< @7 >2<:?8 E96 562= 364@>6 '! 6C6 7@==@H
E96D2:5BF@E2E:@?D
$!./-*"/$!0)*),0!-! 2%''
/-%.!.%)(4-!./
*)!-/** %.()
$!) 0/42$%.+!-.'*2$*0(0./
$!4*0/$-!+'%!.)
)96 =@?86C =:G6 E96 >@C6 46CE2:? 2> E92E E96 8C62E 5:776C6?46
36EH66? >6? 36EH66? E96 7663=6 2?5 E96 A@H6C7F= E96 8C62E 2?5 E96 :?
D:8?:7:42?E :D 6?6C8JM :?G:?4:3=6 56E6C>:?2E:@?M2 AFCA@D6 @?46 7:I65
2?5 E96? 562E9 @C G:4E@CJ )92E BF2=:EJ H:== 5@ 2?JE9:?8 E92E 42? 36 5@?6
:? E9:D H@C=5 2?5 ?@ E2=6?ED ?@ 4:C4F>DE2?46D ?@ @AA@CEF?:E:6D H:==
>2<62EH@=688654C62EFC62>2?H:E9@FE:E
'6D@=G6 :D H92E >2<6D 2 >2? >2?:76DE ?@E AF?J C6D@=G6 ?@E 4CF56
56E6C>:?2E:@? ?@E 6CC2?E AFCA@D6 3FE E92E DEC@?8 2?5 :?5672E:823=6 H:==
H9:49 EC625D 5@H? 5:77:4F=E:6D 2?5 52?86C 2D 2 3@J EC625D 5@H? E96
962G:?8 7C@DE =2?5D @7 H:?E6C H9:49 <:?5=6D 9:D 6J6 2?5 3C2:? H:E9 2
AC@F5AF=D6362EE@H2C5E96F?2EE2:?23=6,:==>2<6D>6?8:2?ED
!6E E96 7@@=D AC2E6 @7 =F4< )96 7@CEF?2E6 :D 96 H9@D6 62C?6DE AFCA@D6
?6G6C DH6CG6D ,9@D6 D=:89E6DE 24E:@? @C :?24E:@? D6CG6D E96 @?6 8C62E
2:> ,9J 6G6? 562E9 :ED6=7 DE2?5D DE:== 2?5 H2:ED 2? 9@FC D@>6E:>6D 7@C
DF492H:==LL
2> 3:886C E92? 2?JE9:?8 E92E 42? 92AA6? E@ >6 == E96D6 E9:?8D 2C6
@FED:56 >J 5@@C 2?5 LG6 8@E E96 <6J "2? H2D >62?E E@ 36 2?5 @F89E
E@ 36 DEC@?86C 2?5 >@C6 E92? 2?JE9:?8 E92E 42? 92AA6? E@ 9:> :C4F>
DE2?46D L2E6L L!F4<L 2C6 2== @FED:56 2?5 :7 96 42??@E 492?86 E96> 96
42?2=H2JD362EE96>
"2? @H6D 9:D 8C@HE9 49:67=J E@ E92E 24E:G6 DEC:G:?8 @7 E96 H:==ME92E
6?4@F?E6C H9:49 H6 42== 677@CEM2?5 :E :D 2DE@?:D9:?8 E@ 7:?5 9@H @7E6?
C6DF=ED 2AA2C6?E=J :>AC24E:423=6 2C6 E9FD >256 A@DD:3=6 E :D ,:==M7@C46
@7 AFCA@D6ME92E 6?23=6D 2 >2? E@ 5@ @C 36 H92E6G6C 96 D6ED 9:D >:?5
FA@? 36:?8 @C 5@:?8 !6E :E 36 J@FC 7:CDE 5FEJ E@ E6249 E96 H@C=5 E92E J@F
2C6?@EH@@52?5DEC2HME92EE96C6:DD@>6:C@?:?J@F
!) !-$) ! ./-*&!)!//'!
) %/./%)#.4*0"*-4*0-+%).
-.+%/'%&!()*"(!//'!
) %/.*"/. *2)-!(%).
"$ "#
?5 ?@H >J 8@@5 C6256C H6 92G6 4@>6 E@ E96 6?5 @7 E9:D 3@@< ED
A286D 2C6 7:==65 H:E9 :?7@C>2E:@? @7 G:E2= :>A@CE2?46 E@
J@FM:?7@C>2E:@? H9:49 H:== >2<6 J@FC 492C24E6C H92E J@F H:D9 :E E@
36 AC@G:5:?8 E92E J@F D@ ,:== :E 2?5 AC@G:5:?8 E92E J@F H:== 324< FA
E92E ,:== H:E9 A6CD:DE6?E 56E6C>:?65 AFCA@D6 2?5 677@CE 42? 5@ ?@
>@C6 7@C J@F 9@H6G6C E92? E@ A@:?E @FE E96 H2J 7@C J@F E@ EC2G6=MJ@F
>FDEEC625E96A2E9J@FCD6=77@C?@@?66=D642?EC625:E7@CJ@F
64:56 H9:49 J@F H:D9 E@ 36 "2DE6C ":?5 @C (=2G6 ":?5 .@F 92G6
E96 49@:46M >2<6 :E 92G6 =65 J@F E@ E96 DAC:?8 7C@> H9:49 3F33=6D E96
,2E6CD @7 "2DE6CJM3FE 42??@E 7@C46 J@F E@ 5C:?< E96C6@7 ? E96 H@C5D
@7 2? @=5 HC:E6C "2? >FDE 36 6:E96C E96 ?G:= @C E96 2>>6CM=6E 6249
>2<69:D49@:462?5E96?4@>A=2:??@ELL
"4*0-!/$!((!-./-%&!4*0-"%''
"/$!)1%'./) 4*0./%''
The Rasputin Protocols – CLICK HERE to learn more
The Throne – CLICK HERE to learn more