You are on page 1of 284



-02"&6C6IJG6A:O6 ADJG76CDNADGJG6A8DC:8I69DH6IG6KQH9:A6<J6
'1#;-"#*.-02"'6G<6G>I6'6AD&6GG:6



    
  
  

     
    


         
 !    a pensar y cuestionar…

 B
#% $

.NB>KH<HF>GS:K:@K:=><B>G=H:FB>LIHL:+:M:EB:R:FB?:FBEB: LBG>EEHLA:<>K>LM>MK:;:CH
AN;B>K: LB=H NG: M:K>: BFIHLB;E>  0N <:KB]H  :IHRH R K>LI:E=H >G EHL ;N>GHL FHF>GMHL  R
M:F;BYG >G EHL FWL =B?[<BE>L  A:G LB=H EHL <BFB>GMHL => >LM: M>LBL  *N<A:L @K:<B:L ->I> 
*:K@:KBM: E:HMK:*:K@:KBM: !:GB>E: 'N:GE;>KMH 0:K:  H<H *^GBD: ->=KH 3BK@BGB: !B>@H 
E;>KMH GMHGBH &L:;>E G@YEB<: ,LP:E=H 3E:=BFBKH $E:=RL RFBA>KF:GH=>OB=: :FBEH
*:KM[G>S 

*BL >LMN=BHL R FB MK:;:CH AN;B>K:G LB=H BFIHLB;E>L LBG E: @>G<B: "LI:]HE: => HHI>K:<B^G
&GM>KG:<BHG:E I:K: >E !>L:KKHEEH " &!  JNB>G : MK:OYL => LN ;><: *"  F> =BH E:
MK:GJNBEB=:=><HG^FB<:I:K:IH=>K>LMN=B:KRK>:EBS:KE:IKBF>K:I:KM>=>>LM>MK:;:CH I:KMBK
=>E :]H  FB MK:;:CH R LN;LBLM>G<B: >LMNOB>KHG ?BG:G<B:=HL IHK NG: ;><: =>E @H;B>KGH
><N:MHKB:GH  : MK:OYL => E: 0><K>M:K[: +:<BHG:E => "=N<:<B^G 0NI>KBHK  B>G<B: R 1><GHEH@[:
0"+"0 61 ):" &!I>KFBMB^JN>>LM>MK:;:CH<HFB>G<> LBG>F;:K@H GHIH=K[:A:;>KLB=H
M>KFBG:=H LBG >E :IHRH => 0"+"0 61  R => E: 2GBO>KLB=:= =>E SN:R IHK EH JN> E> >LMHR
IKH?NG=:F>GM>:@K:=><B=H 

)> :@K:=>S<H => F:G>K: >LI><B:E : FB =BK><MHK  '>L`L /:FHL *:KM[G  IHKJN> <HG FN<A:
I:<B>G<B:LNIH@NB:KF>RHKB>GM:KF> I:K:IH=>KM>KFBG:K>LM:M>LBL 

"E>LMN=BH=>E:LN;C>MBOB=:=?N>?BG:G<B:=HIHKE:2GBO>KLB=:==>ESN:R >G N>G<: "<N:=HK 


"LM> ?BG:G<B:FB>GMH L> <HGLB@NB^ @K:<B:L :E :IHRH BG<HG=B<BHG:E => ':<BGMH $NBEEYG $:K<[: 
$NLM:OH A:<^G3BGMBFBEE:R/:??:>EE:GL:EHGB 

HGL>@NBKE:BG?HKF:<B^G EHL<HGM:<MHLI:K:E:L>GMK>OBLM:L RLH;K>MH=H <HGL>@NBKJN>EE>@N>:


FBLF:GHL A:LB=HNG:M:K>:MBMWGB<: #N>KHGFN<A:LE:LBGLMBMN<BHG>LJN>F>=B>KHG:I>KMNK:
E: "FIK>L:=> 1>EY?HGHL  @N:-HM:;E> RE<:GM:KBEE:=H => N>G<:"1-E:2GBO>KLB=:=
=>ESN:R2!E:2GBO>KLB=:==> N>G<:E:&ENLMK>*NGB<BI:EB=:==> N>G<:E:0><K>M:K[:
+:<BHG:E =>E @N: 0"+$2 E: 0><K>M:K[: +:<BHG:E => -E:GB?B<:<B^G R !>L:KKHEEH
0"+-)!"0R>E*BGBLM>KBH=>EF;B>GM>=>E"<N:=HK*" ->KHMH=H>L>:IHRH AN;B>K:
LB=H BFIHLB;E> LBG $NLM:OH A:<^G  !B:G: LMN=BEEH  /B<:K=H "L<H;>=H  *:KM: :LMKH  *:K[:
><BEB: :KK:L<H 3B<>GM>-BGHL ,F:K!>E@:=H E?K>=H*:KM[G>S 0>;:LMBWG&SJNB>K=H "=PBG
7WK:M> *:K[: :KB=:=3WLJN>S  :KF>G3:E:K>SH R:FBIKBFH'N:G0>;:LMBWG*:EH 

+HIN>=H=>C:K=>K><HGH<>K>E:IHRHREHL<HGL>CHL LB>FIK>HIHKMNGHLRIKH?NG=HL =>*:KBH


$B:FIB>MKH $BHK@HL(:EEBLR(:MA:KBG>#:KK>EE 

 BB
"GMK>EHL>LMN=B:GM>L=>=H<MHK:=HLB>FIK>A:RNG:<HFIEB<B=:=RNG:IHRHFNR>LI><B:E>L 
BGM>GM:K :@K:=><>KE>L : MH=HL R MH=:L F> A:K[: <HKK>K >E KB>L@H => HEOB=:KF> => FN<A:L
I>KLHG:L  0BG >F;:K@H  A:R @>GM> JN> >LMNOH FWL <>K<:  R JN> : MK:OYL => LNL <HGL>CHL 
<HKK><<BHG>L LN@>K>G<B:LR<HFI:][:K>:EF>GM>F>F:K<:KHG :L[<HFHM:F;BYG:>LM>MK:;:CH 
*N<A:L@K:<B:L: KBLMBG:*:=KB= 3BHE>M: :;>EEH 0:K:):MHKK> ->K>KBS: *:KBYG$HGSWE>S 
KGBF0<A>B=>E 'N:G :=BEEH 1:KBD0>KK:GH )N<[:$:EE:K=H *:KB:G:4:EM>K  AKBLMHL7H@K:?HL
R'HL>I-NC:GM>EE 

$>K:K= :LM>EEX R LN ?:FBEB:  F> =B>KHG LN :FBLM:= R <:KB]H  I>KH :=>FWL F> :RN=:KHG :
<HFIK>G=>K : :M:ENGR:  : >L: :M:ENGR: => E: JN> GH L> A:;E: GB >G E: M>E>OBLB^G  GB >G EHL
I>KB^=B<HL "L: :M:ENGR:@>G>KHL: >GMK>@:=: BG<HG=B<BHG:ER:<H@>=HK: 

#BG:EF>GM> GHIN>=H=>C:K=>:@K:=><>K:MH=:L>L:LI>KLHG:LJN>>G:E@`GFHF>GMH=>FB
OB=:E:L<HGLB=>KY<HFHF:>LMKHL "LM>MK:;:CHGH>LF[H >L=>NLM>=>L LHE:F>GM>A>BGM>GM:=H
IHG>K>GI:E:;K:LEHJN>F>A:G>GL>]:=H 0BG>F;:K@H JNB>KH:@K:=><>K=>?HKF:>LI><B:E:
FBF:>LMKH=>OB=:R=>NCBGD:G  AKBLMB:G->MKH<<>EEH R:FB IRD=>NCBGD:GFWLJN>KB=H 
JNB>GF>:<HGL>C^RF>@NB^IHK<BG<H:]HL #>KG:G=HBQ: 

 BBB

!# 

"GL>@NG=H<NKLH=>E<HE>@BH :EHL:]HL F>F:G=:KHGNGMK:;:CHI:K:<B>G<B:LG:MNK:E>L ):


IK>@NGM: >K: L>G<BEE: fIHK JNY E:L <KB:MNK:L => E:L IKH?NG=B=:=>L =>E F:K LHG M:G K:K:L
HGLNEMY<HGFB>G<B<EHI>=B:IKBO:=: FB:;N>EHE;>KMH RLNK>LIN>LM:?N>M:F;BYGL>G<BEE:
GHLHGK:KHL L^EHGHLI:K><>GK:K:LIHKJN>GH>LM:FHL:<HLMNF;K:=HL:>EE:L L>A:G:=:IM:=H
: HMKHL :F;B>GM>L  1B>G>L JN> K><HK=:K  F> =BCH  JN> >E B=>:E => ;>EE>S: =>E L:IH >L E: L:I: 
0:JNY<>KH>G>EMK:;:CH 

N:G=H >K: GB]H  FB :;N>EH F> FHLMK:;: >E EB;KH DHBDH => :KE 0:@:G  R O>[:FHL M:F;BYG
CNGMHL E: L>KB> =H<NF>GM:E =>E FBLFH GHF;K>  *> >QIEB<:;: E:L <HL:L JN> [;:FHL OB>G=H >E
HKB@>G=>ENGBO>KLH E:M>HK[:=>E:K>E:MBOB=:= >EIHKJNYL^EHLHFHLIHEOH=>>LMK>EE:L >G?BG 
)H A:<[: => M:E F:G>K: JN> RH I>GL:;: JN> E> >GM>G=[:  I>KH LH;K> MH=H  F> FHMBO:;: :
IK>@NGM:K GHA:;[:IK>@NGM:MHGM: ->KHM:EO>SEHJN>F>EE>O^A:<B:E:L<B>G<B:L=>E:OB=:?N>
LNBGO>KG:=>KH <HGLNL:O>LLN>EM:L LNLI><>K:LRIHS:L RLNLBGO>GMHL <HFHLN<:E>GM:=HK
LHE:KI:K:>E:@N:=>E:LI><>K:LMH=H>GF  N:G=HGHL>QIEB<:;:E:L<HL:L GHLFHLMK:;:
LN:FHKIHKE:OB=: RLNLIKH?NG=H<HGH<BFB>GMH=>E:><HEH@[: "LHF>F:K<^ RF><HGOBKMB^
>G;B^EH@H 

0BG >F;:K@H  M:E O>S EH FWL BFIHKM:GM>  ?N> LN IKH?NG=: <HG<B>G<B: LH<B:E R LN >GMK>@: : E:
LH<B>=:= I>L:K=>L>KNG?[LB<HRNG?BE^LH?H;KBEE:GM> K><A:S^H?>KM:L>G>EBJC9D9:H6GGDAA69D 
IHKJN>LN<HFIKHFBLHRYMB<:E>H;EB@:;::=>OHEO>K:EI:[L EHJN>>EI:[LE>A:;[:=:=H:YE 
L[=>=B<^LNOB=::E:>=N<:<B^G R:BGO>GM:K=B?>K>GM>LLBLM>F:L=><HGLMKN<<B^GI:K:E:@>GM>
JN>F>GHLMB>G> 1H=:O[:AHRLNL>LMN=B:GM>LE>K><N>K=:G<HGFN<AH<:KB]H RLNLLBLM>F:L=>
<HGLMKN<<B^G LBKO>G : E: LH<B>=:=  :NGJN> :E@NGHL => >EEHL <HG HMKHL GHF;K>L  IHKJN> FB
:;N>EHE;>KMH=><[:JN>>E<HGH<BFB>GMH>L=>E:LH<B>=:= JN>>E<HGH<BFB>GMHGHIN>=>L>K
IKBO:=H RIHK>LHGNG<:EHLK>@BLMK^<HGLNGHF;K> 0B>FIK>K>I>M[:EHJN>"BGLM>BG=><[:H>=:
ED9>9DK:GBPH6AAP :HEDGFJ:B:=:E6G69DHD7G:ADH=DB7GDH9:<><6CI:H 

)HL >C>FIEHL => FB :;N>EH  => FB F:=K> JNB>G F> >GL>]^ : E>>K R LNL A>KF:GHL  => FBL
:;N>E:L R=>FBI:=K> <HGLNYMB<:RIKN=>G<B: A:GF:K<:=HFBOB=: RF>A:GA><AH;NL<:K
>L: I:KM> HD8>6A : E: ><HEH@[:  EE>OWG=HF> : E: ><HEH@[: ANF:G:  E: ><HGHF[: ><HE^@B<: R E:
><HEH@[:IHE[MB<: 

!>>LM:F:G>K: @K:<B:L:FB:;N>EH R:MH=HLFBLF:>LMKHLRF:>LMK:L ::<:EHK:=HL=>;:M>L


IHE[MB<HLR:<:=YFB<HL R:E:OB=:>G@>G>K:E >LJN>IHKEHF>GHLA>:IK>G=B=H:<N>LMBHG:KF>

 BO
LH;K>E:OB=: RE:LK>E:<BHG>LLH<BH ><HE^@B<:L +HLYLBEHL<:FBGHLJN>A>L>@NB=HI:K:BGM>GM:K
BG=:@:KLH;K>>L:LIK>@NGM:LA:GLB=HEHL:=><N:=HL GHLYLB:E:LH<B>=:=E>LBKO:EHIH<HJN>
A><:FBG:=H HLB:E@NG:=>FBLIK>@NGM:LL>:BFIHKM:GM> LBG>F;:K@H >LM>MK:;:CH>LI:KM>=>
>L><:FBGH R>LM:LIK>@NGM:LA:GLB=HEHJN>A:GLB=H 

 O

#$&

): ><HGHF[: ><HE^@B<: R E: ><HEH@[: IHE[MB<: G><>L:KB:F>GM> K>JNB>K>G >GF:K<:KL> >G I:K:=B@F:L
<HG<>IMN:E>L =B?>K>GM>L  FWL <HGM>FIHKWG>HL > BGM>@K:=HK>L  "G >L> <HGM>QMH  E:L <B>G<B:L => E:
<HFIE>CB=:= R E:L <B>G<B:L IHLM GHKF:E>L  L> <HGLMBMNR>G >G F:K<HL M>^KB<HL R => :IEB<:<B^G FNR
BGM>K>L:GM>L  L> IH=K[: =><BK BG<ENLH  JN> B=>:E>L I:K: <NFIEBK <HG >L> H;C>MBOH  !B<AHL I:K:=B@F:L 
I>KFBM>G : LN O>S  KHFI>K <HG E: MK:=B<BHG:E =B<HMHF[: LH<B>=:= G:MNK:E>S:  BGM>@KWG=HE:L >G NG LHEH
LBLM>F: >E LBLM>F: LH<BH ><HE^@B<H  -HK HMKH E:=H  >G>E "<N:=HK LNK@>>E I:K:=B@F: :G=BGH =>E 0NF:D
(:PL:R >EJN>IN>=>L>KMK:=N<B=H<HFHE:OB=:IE>G: >E;N>GOBOBKH>EL:;>KOBOBK "LM>I:K:=B@F: :E
B@N:EJN>E:L<B>G<B:L=>E:<HFIE>CB=:= <HG<B;>:E:LH<B>=:=R:E:G:MNK:E>S:<HFHNG:FBLF:<HL: "L
:L[ JN>  >E "<N:=HK A: :=HIM:=H :E 0NF:D (:PL:R <HFH IHE[MB<: => >LM:=H  :E A:;>KEH BG<ENB=H >G LN
`EMBF: <HGLMBMN<B^G <HFH >E `EMBFH H;C>MBOH => E:L IHE[MB<:L I`;EB<:L  !> >LM: F:G>K:  >LM> MK:;:CH A:
IK>M>G=B=H  ;:CH >E F:K<H <HG<>IMN:E => E: ><HGHF[: ><HE^@B<:  => E: ><HEH@[: IHE[MB<: R =>E 0NF:D
(:PL:R  >LMN=B:K >E LBLM>F: LH<BH ><HE^@B<H => E: <BN=:= => N>G<:  >G "<N:=HK  "LM: <BN=:= ?N>
>L<H@B=: IHKL>K<HGLB=>K:=:<HFHNGK>?>K>GM>M:GMH:GBO>EBGM>KG:<BHG:E <HFHG:<BHG:E =>;B=H:LN
@>LMB^G=>E:@N:RLNL>L?N>KSHLI:K:E:<HGL>KO:<B^G=>E:;BH=BO>KLB=:= -HK>L:LK:SHG>L >EMK:;:CHL>
>G?H<^>G>E>LMN=BH=>EF>M:;HEBLFH=>E:@N: !B<AH>LMN=BHL>ABSH>G=HL?:L>L -KBF>KH L>K>:EBS^NG:
BGO>LMB@:<B^G=>E:LI>K<>I<BHG>LLH;K>E:G:MNK:E>S:R>EM>KKBMHKBH :GBO>EBGLMBMN<BHG:E >L=><BK JN>L>
BG=:@^ >G EHL =BL<NKLHL JN> =BKB@>G E:L BGLMBMN<BHG>L JN> MHF:G =><BLBHG>L LH;K> E: G:MNK:E>S: R >E
M>KKBMHKBH>G N>G<: ):L>@NG=:?:L> <HGLBLMB^>GNG>LMN=BH=>EF>M:;HEBLFH=>E:@N:=>E:<BN=:==>
N>G<: >O:EN:G=H<NWGM::@N:L>>QMK:Y=>ELBLM>F:><HE^@B<H R<^FHL>NL:IHKEHL=B?>K>GM>LGBO>E>L
=>E:LH<B>=:=<N>G<:G: 

-:K: >LMN=B:K E:L I>K<>I<BHG>L L> :IEB<^ >E FYMH=H . I:K: >E >LMN=BH => E: LN;C>MBOB=:= ANF:G:  0>
B=>GMB?B<:KHG<N:MKH=BL<NKLHL GHF;K:=HLL^EHIHK?BG>L=B=W<MB<HL<HFH<HGL>KO:<BHGBLM: M><GH<KWMB<H 
=>L:KKHEEBLM:RLBLMYFB<H )HL<N:MKH=BL<NKLHLL>K[:GBG<HFI:MB;E>L<HG>E 0NF:D(:PL:R -:K:>LMN=BH
=>EF>M:;HEBLFHLH<B:E=>E:@N: >G<:F;BH L>:IEB<^NGGWEBLBL*NEMB>L<:E:K=>E*>M:;HEBLFH0H<B:ER
"<HE^@B<H*N0&0"* 0>>G<HGMK^ JN>:NGJN>>G:I:KB>G<B:>QBLM>:@N:LN?B<B>GM>I:K::;:LM><>K:E:
<BN=:==> N>G<: EHLK[HL=>EHLJN>MHF:>E:@N:IH=K[:G>LM:KLHF>MB=HL:NG>LMKYL><HE^@B<HL>O>KH 
-HKHMKHE:=H E:F:RHK=>F:G=:=>:@N:>LI:K:>EL><MHK:@K[<HE: L>@NB=:=>EL><MHKBG=NLMKB:E R =>E
L><MHK=HFYLMB<H "GEHLMK>LL><MHK>LEHLGBO>E>L=><HGLNFHLHGFNR:EMHL RI:K><>K[:GM>G>KNG:EM[LBFH
@K:=H => =>LI>K=B<BH  !> >LM: F:G>K:  >E F>M:;HEBLFH =>E :@N: => E: <BN=:= => N>G<: L>K[:
><HE^@B<:F>GM>BGLNLM>GM:;E> RIHKEHM:GMH M:F;BYGBG<HFI:MB;E><HG>E0NF:D(:PL:R 

"GK>LNF>G >LM:M>LBL:IEB<:>EF:K<HM>^KB<H=>E:L<B>G<B:L=>E:<HFIE>CB=:=:E:><HGHF[:><HE^@B<:R:
E: ><HEH@[: IHE[MB<:  I:K: >E :GWEBLBL => NG LBLM>F: LH<BH ><HE^@B<H I:KMB<NE:K  "LMH A: I>KFBMB=H
IKH?NG=BS:K >G >E ?NG<BHG:FB>GMH =>E F>M:;HEBLFH LH<B:E => N>G<:  R IHK EH M:GMH   B=>GMB?B<:K EHL
IKH<>LHL =HG=> L> IH=K[: BGM>KO>GBK I:K: ;NL<:K E: LNLM>GM:;BEB=:=  R A:<>KEH <HFI:MB;E> <HG >E
I:K:=B@F:=>E0NF:D(:PL:R 

 OB


$%#%

"<HEH@B<:E ><HGHFB<L :G= IHEBMB<:E ><HEH@R G><>LL:KBER A:O> MH ;> ?K:F>= BG =B??>K>GM MA>HK>MB<:E
I:K:=B@FL PAB<AA:O>MH;>FHK><HGM>FIHK:KR:G=BGM>@K:MBG@<HG<>IMN:E?K:F>PHKDL &GMABL<HGM>QM 
;HMA MA> <HFIE>QBMR :G= IHLM GHKF:E L<B>G<>L :K> <HGLMBMNM>= BG O>KR BGM>K>LMBG@ MA>HK>MB<:E :G=
:IIEB<:MBHG ?K:F>PHKDL  HG> <HNE= >O>G L:R  B=>:EMH F>>M MA:M @H:E  0N<A I:K:=B@FL :EEHP BG MNKG  MH
;K>:D MA> MK:=BMBHG:E LH<B>MR G:MNK> =B<AHMHFR  BGM>@K:MBG@ MA>F BGMH HG> LRLM>F MA> LH<BH ><HEH@B<:E
LRLM>F ==BMBHG:EER PBMABG"<N:=HK>F>K@>=MA>:G<>LMK:EG=>:GI:K:=B@FH?0NF:D(:PL:R PAB<A
<:G;>MK:GLE:M>=:L@HH=EBOBG@ EBOBG@PBL>ERHK:LMHDGHPAHPMHEBO> 1ABLI:K:=B@F EBD>MA>L<B>G<>L
H? <HFIE>QBMR  <HG<>BO>L LH<B>MR :G= G:MNK> :L MA> L:F> >GMBMR  &G MABL <HGM>QM  "<N:=HK :=HIM>= MA>
0NF:D (:PL:R :L : LM:M> IHEB<R  ;R BG<EN=BG@ BM BG BML E:LM HGLMBMNMBHG  :L MA> NEMBF:M> @H:E H? IN;EB<
IHEB<R 

1ABL K>L>:K<A >??HKM :MM>FIM>= MH LMN=R  PBMABG MA> <HG<>IMN:E ?K:F>PHKD H? ><HEH@B<:E ><HGHFB<L 
IHEBMB<:E><HEH@R :G=0NF:D(:PL:R MA>LH<BH ><HEH@B<:ELRLM>FH?MA><BMRH? N>G<:BG"<N:=HK 1ABL
<BMR P:L <AHL>G ;><:NL> BM BL <HGLB=>K>= ;HMA :L : G:MBHG:E :G= BGM>KG:MBHG:E K>?>K>GM  =N> MH BML P:M>K
F:G:@>F>GMLRLM>F:G=BML<HGL>KO:MBHGH?;BH=BO>KLBMR>??HKML #HKMA>L>K>:LHGL P>?H<NL>=HNKLMN=R
:K>: HG P:M>K LH<B>M:E F>M:;HEBLF  1ABL MA>LBL P:L I>K?HKF>= BG MPH IA:L>L #BKLM  P> K>L>:K<A>= MA>
L>O>K:E I>K<>IMBHGL :;HNM G:MNK> :G= M>KKBMHKR :M MA> BGLMBMNMBHG:E E>O>E  1ABL BFIEB>=  : MAHKHN@A
BGO>LMB@:MBHG H? MA> F:BG =BL<HNKL>L ?HNG= PBMABG MA> F:BG BGLMBMNMBHGL BG <A:K@> H? =><BLBHG F:DBG@
K>@:K=BG@G:MNK>:G=M>KKBMHKR 1A>L><HG=IA:L><HGLBLM>=BGLMN=RBG@MA>LH<B>M:EP:M>KF>M:;HEBLFH?
MA><BMRH? N>G<: 1ABLP:L=HG>;R:LL>LLBG@MA>JN:GMBMRH?P:M>K>QMK:<M>=?KHFMA>><HEH@B<:ELRLM>F 
:G=AHPBMBLNL>=;RMA>=B??>K>GME>O>ELH?LH<B>MRBGMA><BMR 

&GBMB:EER  ?HK MA> K>L>:K<A H? MA> :?HK>F>GMBHG>= I>K<>IMBHGL  MA> . F>MAH= ?HK MA> LMN=R H? ANF:G
LN;C><MBOBMR P:L :IIEB>=  #HNK =BL<HNKL>L P>K> B=>GMB?B>=  G:F>= HGER ?HK =B=:<MB< INKIHL>L
<HGL>KO:MBHGBLM  M><AGH<K:MB<  =>O>EHIF>GM:EBLM :G= LRLM>FB<  1A>L> ?HNK =BL<HNKL>L A:II>G>= MH ;>
BG<HGLBLM>GM PBMA 0NF:D (:PL:R  0><HG=ER  MH LMN=R MA> LH<B>M:E F>M:;HEBLF H? P:M>K  P> :IIEB>= MA>
*NEMBL<:E> &GM>@K:M>= G:ERLBL H? 0H<B>M:E :G= "<HEH@B<:E *>M:;HEBLF *N0&0"*  &M P:L ?HNG= MA:M 
=>LIBM>:G:II:K>GMER>GHN@AP:M>KLNIIER MA>KBO>KL?KHFPA>K>MA>P:M>KBL>QMK:<M>=<HNE=;>:MKBLD
H?NG=>K@HBG@L>O>K>><HEH@B<:ELMK>LL 1A>AB@A>LM=>F:G=?HKP:M>K <HF>L?KHF:@KB<NEMNK> ?HEEHP>=
;RMA>BG=NLMKR:G=E:LMER?KHFMA>=HF>LMB<L><MHK &G:EEMAK>>L><MHKL <HGLNFIMBHGE>O>EL:K>O>KRAB@A 
:G= L>>F MH A:O> : AB@A =>@K>> H? P:LM>  1ANL  P:M>K F>M:;HEBLF H? N>G<: PHNE= ;> ><HEH@B<:EER
NGLNLM:BG:;E> :G=MANL:ELHBG<HGLBLM>GMPBMA0NF:D(:PL:R 

&G LNFF:KR  MABL MA>LBL :IIEB>L MA> MA>HK>MB<:E ?K:F>PHKD H? MA> <HFIE>QBMR L<B>G<>L MH ><HEH@B<:E
><HGHFB<L:G=IHEBMB<:E><HEH@R?HKMA>:G:ERLBLH?:LI><B?B<LH<BH ><HEH@B<:ELRLM>F 1ABLA:L:EEHP>=NL
MH =>>I>G HNK DGHPE>=@> K>@:K=BG@ MA> ?NG<MBHGBG@ H? MA> LH<B>M:E P:M>K F>M:;HEBLF H? N>G<:  :G=
MA>K>?HK>  B=>GMB?R IKH<>LL>L PA>K> MA>R <HNE= BGM>KO>G> MH L>>D LNLM:BG:;BEBMR  :G= F:D> BM <HFI:MB;E>
PBMAMA>I:K:=B@FH?0NF:D(:PL:R 

 OBB


L

 '#

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'

'$'$  $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'


'$($ 


$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$*
-&.&-&  
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&1
-&.&.&   
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&3
-&.&/&%


 

' 
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&5
-&.&0&$
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-.
'$)$ 
"




$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'*
-&/&-& 
 &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-0
-&/&.& 

&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-0
-&/&/&


&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-0
-&/&0&
 
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-1

 (#
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'+

($'$
 

% 
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'+
.&-&-& 
  &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-2
.&-&.& 
  
  &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&/,
($($ 

  
 
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$))
.&.&-& 
 
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&/0
.&.&.& 

 &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&/1
.&.&/& 

 
 
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&/2
.&.&0& 
 
 &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&/3
.&.&1& 
 &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&/4
.&.&2& 
 

 

 &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&0,
.&.&3& 

 
  
 
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&00
($)$ 



% 
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$*,
.&/&-& 

   &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&04
.&/&.&  

    
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&05
.&/&/& '
$ 

 
 '


&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&1,
.&/&0& 
 


 &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&1.
($*$ 
   #
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$+)
.&0&-&   &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&1/
.&0&.&    

 &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&12

 OBBB
 )#
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$+-

)$'$
# 
"$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$+.
/&-&-& 

&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&22
/&-&.& 


 &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&25
/&-&/& 
 
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&5,
/&-&0& 
 


 &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&51
/&-&1& 
 &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&53
)$($ 


$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$//
/&.&-& 

&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-,-
/&.&.& 

 
  

  
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-,/
/&.&/& 

 
  

  

 &&&&&&&&&&&&&&&&&&&&&&&&-,4
/&.&0& 

 

 
  

  
 
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&--,
/&.&1& &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&--,
/&.&2& 

  
 
  $ 


 

 &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&--0

 *#     



  # 
"$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$''.

*$'$   



 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$''/
*$($
  " 

 

 $$$$$$$$$$$$$$$$$$$$$'()
0&.&-&
 &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-./
0&.&.&
  &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-.1
0&.&/&
 

&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-.2
0&.&0&
 
 &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-.2
0&.&1&
 


&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-.3
0&.&2&
 $ 
    &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-.4
0&.&3&
  $ 
   &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-.5
*$)$ 
     $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$')'
*$*$ 
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$')*

 +#
 
 "$$$$$$$$$$$$$$$$$$'),

+$'$ 
 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$')-
1&-&-&   &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-/3
1&-&.& 

  &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-1,
+$($ 
  $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'+)

 BQ
1&.&-&   
 &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-1/
1&.&.& 
   % 

 
&&&&&&&&&&&&&-20
+$)$ 

 
 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'.'
+$*$ 
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'.*

 ,# 


 "

  
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'.-

,$'$ 
  



$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'..
2&-&-& &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-5.
2&-&.& &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-51
2&-&/&  &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-53
2&-&0& 
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-55
2&-&1& &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&.,-
2&-&2&  &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&.,/
2&-&3& 
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&.,0
,$($ 

      $$$$$$$$$$$$$$$$$$$$$(&,
,$)$ 
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(&/

 -# 
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$('(

-$'$ 
 
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$('(
-$($ 
  $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(',
3&.&-& 

    &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&.-2
3&.&.& 

$  
  $ 

$ 
 $ 



$ $   
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&..-

3&.&/& 

  

&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&../
3&.&0& 

    &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&..0
-$)$
 
 
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$((,
-$*$ 

 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$((/
-$+$ 


$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$()&

#
 
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$


 Q

L%$

 /&-%  





  
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&3,
 /&.%     &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&32
 /&/% 
  $&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&4-
 /&0%

 
  &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&41
 /&1% 
   &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&44
 /&2% 
  $&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&45
 /&3% 
 
  
 
  $! 
 




 

 


 
)

*
0$ 




   &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&5.
 /&4% 
  


&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&--1
 /&5% 



&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&--3
 0&-% 
  &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-.,
 0&.%
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-.-
 0&/%    

 


&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-..
 1&-% 

  %  

  
  

&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-1.

 1&.%  



$  



)
* -55.'.,-/&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-11
 1&/%

   

$  $  

 

&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-12

 1&0%
     
$ .,,/'.,-/&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-13

 1&1%

   .,,/'.,-/&&&&&&&&&&-14
 1&2%

  

&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-15
 1&3%
)/(*

 .,,/'.,-/&&&&&&&&&&&&&&&&-2,
 1&4%

 
) *&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-2.
 1&5% 
   .,-,&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-3-
 1&-,%


 )6*   )*



) *&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-3/
 1&--%
 !
  

&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-30

 1&-.% 




  $ $   $

/(&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-31

 1&-/%  


)* 
 .,-,$
 
  &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-32

 QB
 1&-0% 

  ) (+*  
!
)+(/*
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-33
 1&-1%
 )*
 

 ) ( *$

    &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-35

 2&-%   



 


  
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-5,

 2&.%
  !
   

$   

&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-5-

 QBB

L&#$

.&-%')'*'''

 
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-5

.&.%
  
  





&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&.2

.&/%  

&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&.3

.&0%
  
$


&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&/1

.&1%
  
  $$&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&0.

.&2%
  $  $&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&0.

.&3%
  
 
$  &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&0/

.&4%    $ $&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&00

.&5%
  
 
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&01

.&-,%
 
 
 
 

&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&03

/&-%  $ 

 $ 


&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&14

/&.%  $  &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&2/

/&/% 
 $!&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&22

/&0% 

  &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&23

/&1%


    (.&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&3,

/&2% 
 1  


 

  $

 
  &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&3.


/&3%  $ 

   

  &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&3/


/&4%     &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&31

/&5% 
   &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&35

/&-,%  
  !

$&&&&&&&&&&&&&&&&&&&&&&&&&&4.

/&--%

 
  &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&42

/&-.% 
  &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&5,

/&-/%  
 

/1 $  
'/7/--/

1&-%    &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-/3

1&.% )*

  -553'.,-.&&&&&&&&&&&&&&&&&&&&&&&-0-

1&/% )*

  -553'.,-.&&&&&&&&&&&&&&&&&&&&&&&&-0.

1&0% 

  -553'.,-.&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-0/

1&1% 

  -553'.,-.&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-00

1&2% 

   .,,-'.,-.&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-01

1&3% 

   .,,-'.,-.&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-02

1&4% 

 
 -553'.,-.&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-03

1&5% 

 
 -553'.,-.&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-04

1&-,% 

  -553'.,,/.,,4'.,-.&&&&&&-05

1&--% 

  -553'.,,/.,,4'.,-.&&&&&&-1,

 QBBB

1&-.%  
 $
 


  
 
 
 
)–
*  
 
)(7
*&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-21


1&-/%  
 $ 


  
 
 
)–
*$
  ! 

 


 
 &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-24


1&-0%
 
  
   
  !
)-,2!
*
 ( &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-4,


2&-%     &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-5.

2&.%     &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-51

2&/%      &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-53

2&0%     
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-55

2&1%     &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&.,-

2&2%      &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&.,/

2&3%     
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&.,1



 QBO

#M $*#' $

!&% HGL>CH=>$>LMB^G=>EHL/><NKLHL%[=KB<HL=>E:<N>G<:=>EK[H-:NM>
 % ^=B@H,K@WGB<H=>,K@:GBS:<B^G1>KKBMHKB:E NMHGHF[:R!>L<>GMK:EBS:<B^G
.:409.4, #NG=:<B^G"<N:MHKB:G:=>"LMN=BHL"<HE^@B<HL
%!! "FIK>L:-`;EB<:=>1>EY?HGHL @N:-HM:;E>RE<:GM:KBEE:=H=> N>G<:
 kG=B<>=>@N:GH HGM:;BEBS:=:
#$ &GLMBMNMH=>"LMN=BHL=>/Y@BF>G0><<BHG:E=>E:2GBO>KLB=:==>ESN:R
 &GLMBMNMH$>H@KW?B<H*BEBM:K
 &GLMBMNMH+:<BHG:E=>*>M>HKHEH@[:>%B=KHEH@[:=>E"<N:=HK
 &GLMBMNMH+:<BHG:E=>"LM:=[LMB<:LR >GLHL=>E"<N:=HK
 &GLMBMNMH"<N:MHKB:GH=>"E><MKB?B<:<B^G
 *BGBLM>KBH=>EF;B>GM>=>E"<N:=HK
@$$ GWEBLBL*NEMB>L<:E:K=>E*>M:;HEBLFH0H<B:ER"<HE^@B<H
! -:MKBFHGBH=>jK>:L+:MNK:E>L=>E"LM:=H
! % -E:G=>!>L:KKHEEHR,K=>G:FB>GMH1>KKBMHKB:E
! % -E:G=>HK=>G:FB>GMHM>KKBMHKB:E
!%# -E:GM:=>1K:M:FB>GMH=>@N:L/>LB=N:E>L
$& 0><K>M:K[:+:<BHG:E=>E@N:
$!$ 0><K>M:K[:+:<BHG:E=>-E:GB?B<:<B^GR!>L:KKHEEH
$! 0BLM>F:+:<BHG:E=>jK>:L-KHM>@B=:L
& 2GBO>KLB=:==>ESN:R


 QO


XNJIDER6X8TBDI:FJ>:GD

*DGFJ:A:H6A7DGDI6H:A<6AA>C:GD 

XNJIDER6X>C8DGG:<>7A:

+J:CDI>:C:H76HI6CI:8DCADEDH>7A: 

:,9,9@07$0==,?

,;H?@7: %# &M

 $%#&%&#$%%# 

"LM>MK:;:CH>LMW=BOB=B=H>GLB>M><:I[MNEHL

  &GMKH=N<<B^G
  GM><>=>GM>LM>^KB<HL
  )HLFYMH=HLR>EWK>:=>>LMN=BH
  "E0NF:D(:PL:RRE:IKH;E>F:MBS:<B^G=>E:G:MNK:E>S:>E<:LH=> N>G<: "<N:=HK
  "LMN=B:G=H>EF>M:;HEBLFH=>E:@N:>G N>G<: "<N:=HK
  ): LNLM>GM:;BEB=:= => E: :IKHIB:<B^G ANF:G: =>E :@N:  >E M>KKBMHKBH R >E 0NF:D
(:PL:R
  HG<ENLBHG>L

"GE:&GMKH=N<<B^GL>IE:GM>:E:CNLMB?B<:<B^G=>IHKJNYL>K>:EBS:>LM:BGO>LMB@:<B^G <NWE>LLHG
LNLABI^M>LBL LNLH;C>MBOHLRE:LIK>@NGM:LJN>IK>M>G=>BG=:@:K 

)HL GM><>=>GM>L 1>^KB<HL =>L:KKHEE:G EHL <HG<>IMHL <E:O> I:K: >LM> MK:;:CH  R >LMWG
>LMKN<MNK:=H>G<BG<HLN;L><<BHG>L

  "GE:IKBF>K:LN;L><<B^GL>>QIEHK:>E<HG<>IMH=>LBLM>F:LH<BH ><HE^@B<H I:KMB>G=H


=> E: =>?BGB<B^G => EHL LBLM>F:L <HFIE>CHL  I:K: ?BG:EF>GM> <HG<>IMN:EBS:K : EHL
LBLM>F:L><HE^@B<HRLH<B:E<HFHLBLM>F:L<HFIE>CHL 
  "G E: L>@NG=: LN;L><<B^G L> =BL<NM>G EHL <HG<>IMHL =>E F>M:;HEBLFH LH<B:E R =>E
F>M:;HEBLFH ><HE^@B<H  I:K: : I:KMBK => >EEHL  =>L:KKHEE:K E:L B=>:L =>E F>M:;HEBLFH
=>E:@N: R=>EHLF>M:;HEBLFHLNK;:GHRKNK:E 

 
  ):M>K<>K:LN;L><<B^G=BL<NM>E:LB=>:L=>E:LN;C>MBOB=:=K>E:<BHG:=:L<HG>ELBLM>F:
LH<BH ><HE^@B<H -HKHMKHE:=H E:B=>:=>EF>M:;HEBLFHL>:FIE[::LN>GM>G=BFB>GMH
<HFH NG IKH<>LH =B:EY<MB<H ABLM^KB<H ><HE^@B<H  >LM:;E><B>G=H => >LM: F:G>K: LN
K>E:<B^G <HG E: >LMKN<MNK:<B^G =>E NLH =>E LN>EH >G NG M>KKBMHKBH =>M>KFBG:=H  R E:
<HGLMKN<<B^G=>IHE[MB<:LM>KKBMHKB:E>L 0>=BL<NM>M:F;BYGE:B=>:=>G:MNK:E>S:<HFH
NG:<HGLMKN<<B^GLH<B:E IE:GM>:G=H:E=BL<NKLH=>E:G:MNK:E>S:F>MKHIHEBM:G:<HFH
NGH => EHL ?NG=:F>GMHL => E: I>K<>I<B^G => NG: KNIMNK: NK;:G: <HG >E LBLM>F:
><HE^@B<H  #BG:EF>GM>  =BL<NM> <HFH E: ?HKF: >G E: JN> E: G:MNK:E>S: >L
IKH;E>F:MBS:=: >L NGH => EHL ?:<MHK>L ?NG=:F>GM:E>L >G E: =>?BGB<B^G => IHE[MB<:L
M>KKBMHKB:E>L 
  ):<N:KM: R`EMBF:LN;L><<B^G=BL<NM><^FH>E<HG<>IMH=>EF>M:;HEBLFHLH<B:ERE:
GH<B^G :G=BG: =>E 0NF:D (:PL:R  LHG OBLBHG>L JN> <HGO>K@>G R JN> I>KFBM>G
LNI>K:KE:I>K<>I<B^G=>NG:=B<HMHF[:>GMK>>ELBLM>F:LH<B:ER>ELBLM>F:><HE^@B<H 
"E0NF:D(:PL:R>LI:KM>=>E:<HLFHOBLB^G=>EHLIN>;EHLBG=[@>G:L=>EHLG=>L
=>E "<N:=HK  R IE:GM>: : E: OB=: >G :KFHG[: <HG >E LBLM>F: ><HE^@B<H <HFH NG
K>JNBLBMH ?NG=:F>GM:E I:K: NG 7J:C K>K>G H NG: K>96 EA:C6   "E 0NF:D (:PL:R >LMW
BG<ENB=H >G E: <HGLMBMN<B^G =>E I:[L  A:;BYG=HL> MK:GL?HKF:=H  IHK M:GMH  >G NG:
IHE[MB<:=>>LM:=HIHKHMKHE:=H >LM:?BEHLH?[::G=BG:L>IK>L>GM::<MN:EF>GM><HFH
NG: :EM>KG:MBO: :E <HG<>IMH => =>L:KKHEEH LNLM>GM:;E>  "E F>M:;HEBLFH LH<B:E  >G
<:F;BH  >L NG <HG<>IMH JN> LNK@> =>L=> E: <B>G<B:  LBG >F;:K@H  M:F;BYG I>KFBM>
K>BGM>@K:K:ELBLM>F:LH<B:E<HG>ELBLM>F:><HE^@B<H -HK>LM:K:S^G >E0NF:D(:PL:R
R >E F>M:;HEBLFH LH<B:E LHG GH LHE:F>GM> OBLBHG>L <HGO>K@>GM>L  LBGH
<HFIE>F>GM:KB:L  ): >O:EN:<B^G =>E F>M:;HEBLFH LH<B:E => >LM: F:G>K:  L>
MK:GL?HKF:K[:>GNG:?HKF:=>>O:EN:KM:F;BYG>E0NF:D(:PL:R 

"E <:I[MNEH MK>L L> K>?B>K> : EHL *YMH=HL  R >LMW =BOB=B=H >G MK>L LN;L><<BHG>L  ): IKBF>K:
=>L<KB;>>EWK>:=>>LMN=BH FB>GMK:LJN>E:L>@NG=:RE:M>K<>K:L>>G?H<:G>GEHLFYMH=HL=>
BGO>LMB@:<B^GNL:=HL>G>LM>MK:;:CH

  ):IKBF>K:LN;L><<B^GMK:M:LH;K>>EWK>:=>>LMN=BH >L=><BK E:<BN=:==> N>G<: >G


"<N:=HK  "LM> <:I[MNEH A:<> YG?:LBL IHK NG E:=H  >G <^FH >LMWG >LMKN<MNK:=HL LN
LBLM>F:M>KKBMHKB:EHLH<BH ><HE^@B<H RLNLN;LBLM>F:><HG^FB<H RIHKHMKH >G<^FH
?NG<BHG: >E LBLM>F: => @>LMB^G => >L> FBLFH M>KKBMHKBH  "L => >LI><B:E :M>G<B^G LN
LBLM>F:=>@>LMB^G=>E:@N: =:=:E:BFIHKM:G<B:JN>YLM:MK:=B<BHG:EF>GM>A:M>GB=H
I:K:>LM:<BN=:= 

 
  ):L>@NG=:LN;L><<B^G L>K>?B>K>:EHLFYMH=HLJN>L>:IEB<:KHG>G>LM>>LMN=BH "G
NG: IKBF>K: I:KM> MK:M: LH;K> >E GWEBLBL *NEMB>L<:E: =>E *>M:;HEBLFH 0H<B:E R
"<HE^@B<H *N0&0"* IHK LNL LB@E:L >G BG@EYL  "E *N0&0"* IN>=> L>K
<HGLB=>K:=H<HFHNGHEHLFYMH=HLFWL<HFIE>MHL>BGM>@K:=HK>LI:K:>E>LMN=BH=>E
F>M:;HEBLFH LH<B:E  R: JN> K>LIHG=> :E FH=>EH #HG=H #ENCH IKHIN>LMH IHK
$>HK@>L<N /H>@>G  #BG:EF>GM>  =BL<NM> E: :IEB<:<B^G =>E *N0&0"* :E >LMN=BH =>E
F>M:;HEBLFH=>E:@N: "GNG:L>@NG=:I:KM>L>=BL<NM>>E*YMH=H. NL:=HI:K:>E
>LMN=BH=>E:LN;C>MBOB=:= R<K>:=HIHK>E?[LB<HRILBJNB:MK:4BEEB:F0M>IA>GLHG "E
FYMH=H . I>KFBM> >LMN=B:K E:L I>K<>I<BHG>L :<>K<: => NG M>F: =>M>KFBG:=H  R
HK@:GBS:KE:L >G =BL<NKLHL  =B<BHG:EF>GM>  MB>G> E: OBKMN= => NL:K NG :GWEBLBL
<N:GMBM:MBOH KH;NLMH  I:K: >E >LMN=BH => O:KB:;E>L <N:EBM:MBO:L  "LM> FYMH=H ?N>
:IEB<:=H I:K: >E >LMN=BH => EHL =BL<NKLHL LH;K> >E M>KKBMHKBH  E: G:MNK:E>S: R >E
F>M:;HEBLFH JN>L>>G<N>GMK:G>GE:<BN=:==> N>G<: #BG:EF>GM> L>=>L<KB;>E:L
:=:IM:<BHG>L JN> ?N>KHG A><A:L :E FYMH=H . I:K: IH=>K :IEB<:KEH :E <HGM>QMH
>LI><[?B<H => E: <BN=:= => N>G<:  R : E:L <BK<NGLM:G<B:L => EHL :<MHK>L <E:O>
B=>GMB?B<:=HL 

"E<:I[MNEH<N:MKH>LNG>LMN=BH=>E:LI>K<>I<BHG>L>G<HGMK:=:L>GE:<BN=:==> N>G<: LH;K>


E: G:MNK:E>S:  >E M>KKBMHKBH R >E F>M:;HEBLFH LH<B:E  -:K: A:<>KEH L> :IEB<^ NG: :=:IM:<B^G =>E
FYMH=H .  R <HFH K>LNEM:=H L> H;MNOB>KHG <N:MKH =BL<NKLHL <E:K:F>GM> =>?BGB=HL  "LMHL
=BL<NKLHLLHG=BL<NMB=HLIHKNGE:=H ;:CH>EI:K:@N:L=>E:<HGLMKN<<B^GLH<B:E=>E:G:MNK:E>S: 
RIHKHMKH ;:CHE:M>HK[:=>EF>M:;HEBLFHLH<B:E =B<BHG:EF>GM> LHGM:F;BYG<HGMK:LM:=HL<HG
E:OBLB^G:G=BG:=>0NF:D(:PL:R R:JN>=>:<N>K=H:E:<HGLMBMN<B^G><N:MHKB:G: E:IHE[MB<:
I`;EB<:=>;>>LM:K=BKB@B=::@:K:GMBS:K>LM>B=>:E 

#BG:EF>GM> >E<:I[MNEH<N:MKHCNLMB?B<:E:G><>LB=:==>E>LMN=BH=>EF>M:;HEBLFHLH<B:E R:JN>


LNL K>LNEM:=HL FN>LMK:G JN> E: LH<B>=:= <N>G<:G: I>K<B;> NG: ?N>KM> =B<HMHF[: LH<B>=:=
G:MNK:E>S:  R IHK M:GMH E:L IHE[MB<:L M>KKBMHKB:E>L :IEB<:=:L >G >LM: <BN=:= K>LIHG=>G : >LM:
E^@B<: !>>LM:F:G>K: >E>LMN=BH=>EF>M:;HEBLFHLH<B:ER><HE^@B<H L>MK:GL?HKF:>G:IHKM>
BFIHKM:GM>:NGIKH<>LH=>K>BGM>@K:<B^G=>EHLH<B:E<HGEHG:MNK:E "LM:K>BGM>@K:<B^G>LNG
K>JNBLBMH?NG=:F>GM:EI:K:E:MK:=N<<B^G=>E0NF:D(:PL:R:IHE[MB<:LI`;EB<:L 

"E <:I[MNEH <BG<H >LMN=B: >E F>M:;HEBLFH =>E :@N: => E: <BN=:= => N>G<:  F>=B:GM> E:
:IEB<:<B^G => NG *N0&0"*  !BL<NM> E: LNLM>GM:;BEB=:= R E: OB:;BEB=:= =>E >L<>G:KBH :<MN:E
K>LI><MH:E::IKHIB:<B^GANF:G:=>E:@N:>G>LM:<BN=:= 

 
"E<:I[MNEHL>BL=BL<NM>E:L<:K:<M>K[LMB<:L=>E::IKHIB:<B^GANF:G:=>E:@N:R=>E:>LMKN<MNK:
=> M>KKBMHKBH => N>G<:  >G >E F:K<H => E: ><HEH@[: IHE[MB<:  R E:L <HGMK:LM: <HG E: OBLB^G =>E
0NF:D(:PL:R 

):L><<B^G?BG:E=>EMK:;:CHIK>L>GM:LNL<HG<ENLBHG>L 


&$%M

"E=BL<NKLH=>E:<HGL>KO:<B^GA:<AH<:=HMK:=B<BHG:EF>GM><HG>E=BL<NKLH=>E:EN<A:<HGMK:E:
IH;K>S:  R >L E^@B<H JN> EH A:@:G  R: JN> MB>G>G ?HKF:L =B:F>MK:EF>GM> HIN>LM:L =>
IKH;E>F:MBS:KEHLIKH<>LHL><HE^@B<HL <NEMNK:E>L LH<B:E>L IHE[MB<HLR><HG^FB<HL 

"LM> >G?K>GM:FB>GMH >L I:KMB<NE:KF>GM> ?N>KM> R :<MN:E >G EHL I:[L>L JN> LHG <HGLB=>K:=HL
BFIHKM:GM>LIHKLN:EM:;BH=BO>KLB=:= EE:F:=HLM:F;BYGI:[L>LF>@:=BO>KLHL *BMM>KF>B>K:I
6A    I>KH JN>: E:O>SMB>G>G IKH;E>FWMB<:L LH<BH ><HE^@B<:L >QMK>F:=:F>GM><HFIE>C:L 
):L FBLF:L JN> L> K>?E>C:G I:K<B:EF>GM> >G EHL BG=B<:=HK>L K>E:<BHG:=HL <HG E: BG>JNB=:=  E:
IH;K>S: E:L:EN= E:IYK=B=:=>;BH=BO>KLB=:=RE:=>@K:=:<B^G:F;B>GM:E 

!> >LM: F:G>K:  EHL =BL<NKLHL <HGL>KO:<BHGBLM: R => EN<A: <HGMK: E: IH;K>S: A:G LB=H
IHLB<BHG:=HL <HFH :GM[IH=:L <HLM:    >G<HGMK:G=H NG: <HG?EN>G<B: : MK:OYL => HMKH
=BL<NKLH >E =>L:KKHEEH LNLM>GM:;E> KNG=ME:G= :I6A    "E =>L:KKHEEH LNLM>GM:;E> GH >L >E
`GB<H =BL<NKLH JN> >G?K>GM: E: IKH;E>FWMB<: LH<BH ><HE^@B<:  LBG >F;:K@H  A: =>LOB:=H E:
:M>G<B^G=>E:@K:G=BO>KLB=:==>EHLHMKHLJN>M:F;BYGEHA:<>G ):>QIEHK:<B^G=>>LM:LHMK:L
K>H>DC:H>LNGIKHR><MH=>OB=: IN>L>LF:M>KB:EF>GM>BFIHLB;E>>LMN=B:KE:LR=BL<NMBKE:L>GNG
LHEHMK:;:CH "L:L[JN>>LM>>LMN=BHL>=>L:KKHEE:KW>G>E<HGM>QMH=>=HLF:K<HL<HG<>IMN:E>L
:FIEBHLR<HFIE>CHLE:><HGHF[:><HE^@B<:RE:><HEH@[:IHE[MB<: EHLFBLFHLJN>L>KOBKWG=>
LNLM>GMHI:K:IKH;E>F:MBS:KE:=BGWFB<:LH<BH ><HE^@B<: 

)HL =BL<NKLHL NMBEBS:=HL I:K: IKH;E>F:MBS:K E:L =B?>K>GM>L =BGWFB<:L LH<BH ><HE^@B<:L 
>OB=>G<B:G H A:<>G YG?:LBL >G =BLMBGM:L >QIK>LBHG>L => =B<A:L =BGWFB<:L  2G: => >L:L
>QIK>LBHG>L>LE:?HKF:>GE:JN>NG:LH<B>=:=>LMKN<MNK:LNM>KKBMHKBH R<^FHLNIH;E:<B^GNL:
>ELN>EH *BMK:;:CHI>KLHG:E L>A:=BKB@B=H:>QIEHK:K>LMHLIKH<>LHL *BMK:;:CH>BGO>LMB@:<B^G
F>A: =>C:=H FN<AHL:IK>G=BS:C>L ?KNLMK:<BHG>L R >QI>KB>G<B:LOBO>G<B:E>L  I>KH LH;K> MH=H 
LB>FIK> GN>O:L FHMBO:<BHG>L R GN>O:L IK>@NGM:L  ): F:RHK[: => >LMHL MK:;:CHL ?N>KHG
K>:EBS:=HL>GEHLG=>L >GMKH 0NK=>E"<N:=HK >GE:K>@B^G<HGH<B=:<HFHNLMKH-KHOBG<B:L
=>SN:R  :]:KR*HKHG:0:GMB:@H 

 
"LM> MK:;:CH ;NL<: BG=:@:K >G E:L K>E:<BHG>L >GMK> E: G:MNK:E>S:  >E :@N:  E: LH<B>=:=  R >E
M>KKBMHKBH -:K:A:<>KEH NMBEBS:EHLF:K<HL<HG<>IMN:E>L=>E:><HGHF[:><HE^@B<:R=>E:><HEH@[:
IHE[MB<: :IEB<WG=HEHL:E>LMN=BH=>EHLIKH<>LHL=>:IKHIB:<B^GANF:G:=>E:@N: >GE:<BN=:=
=> N>G<: >G"<N:=HK 

"G>LM:L><<B^GL>=>EBFBM:KW=>F:G>K:@>G>K:E:JNYGHLK>?>KBFHL<HG"<HGHF[:"<HE^@B<:R
"<HEH@[: -HE[MB<:  R M:F;BYG L> =BL<NMBKW IHK JNY L> A: >L<H@B=H :E "<N:=HK <HFH <:LH =>
>LMN=BH  )HL <HG<>IMHL FWL >LI><[?B<HL L>KWG =>L:KKHEE:=HL >G E: L><<B^G => GM><>=>GM>L
*>MH=HE^@B<HL  R >E <:GM^G N>G<:  JN> >L >E WK>: => >LMN=BH <HG<K>M:   L>KW =>L<KBMH >G E:
L><<B^G=>*YMH=HL 

#!-,-+:#!-*<%'!

):><HGHF[:><HE^@B<:LNK@>=>NG:LN>KM>=>?NLB^G=>E:><HGHF[:<HGE:><HEH@[: ):<K[MB<:
><HE^@B<::E:><HGHF[:LNK@>A:<>FWL=>:]HL*:KM[G>SEB>K  I>KH:I>L:K=>>EEH
L>IN>=>:?BKF:KJN>E:><HGHF[:><HE^@B<:>LMH=:O[:NGIKHR><MH>G<HGLMKN<<B^G@NBE>K:
(EBGDRE<WGM:K:  

):><HGHF[:><HE^@B<:BGM>@K:M:GMHE:LE>R>L?NG=:F>GM:E>L=>E:M>KFH=BGWFB<:JN>LHG:E:
O>SE:;:L>=>E>LMN=BH=>E:><HEH@[:=>EHL><HLBLM>F:L <HFHE:LIKHIB>=:=>L>GE:LJN>L>
LHLMB>G>>E?NG<BHG:FB>GMH=>EHL><HLBLM>F:L !>>LM:F:G>K: E:><HGHF[:><HE^@B<:IN>=>L>K
>GM>G=B=:<HFHNG:<B>G<B:>OHEN<BHG:KB:$HP=R /:FHL*:KM[G  JN>L>LHLMB>G>
>GMK>LIKBG<BIBHL;BH?[LB<HL?NG=:F>GM:E>L@NBE>K:(EBGDRE<WGM:K: 

  ): IKBF>K: E>R => E: M>KFH=BGWFB<: E: F:M>KB: R E: >G>K@[: GH L> <K>:G GB L>
=>LMKNR>G  LHEH L> MK:GL?HKF:G  ): :IEB<:<B^G => >LM> IKBG<BIBH I>KFBM> >OB=>G<B:K
JN>EHLK><NKLHLLHGEBFBM:=HL RJN>E:@>G>K:<B^G=>=>L><AHL>LI:KM>=>EIKH<>LH
IKH=N<MBOH 
  ):L>@NG=:E>R=>E:M>KFH=BGWFB<:HE:E>R=>E:>GMKHI[:>LM:E>RLHLMB>G>JN>M:GMH
E: F:M>KB: <HFH E: >G>K@[: L> =>@K:=:G <HGLM:GM>F>GM>  >L =><BK  JN> O:G => NG
>LM:=H=>F:RHKHK=>G:NG>LM:=H=>F>GHKHK=>G 2G:<:K:<M>K[LMB<:?NG=:F>GM:E
>LJN>EHL>LM:=HL=>;:C:>GMKHI[:;:C:=>@K:=:<B^GHF:RHKHK=>G LHG:E:O>SEHL
>LM:=HL>GEHLJN>EHLK><NKLHLLHGFWL?W<BEF>GM>NMBEBS:;E>LIHKEHLL>K>LANF:GHL 
R <HGL><N>GM>F>GM> IHK >E LBLM>F: ><HG^FB<H >L =><BK  JN> <HG >E :NF>GMH => E:
>GMKHI[:  ;:C: <HGL><N>GM>F>GM> E: =BLIHGB;BEB=:= => EHL K><NKLHL  -HK HMKH E:=H  >E
I:LH => NG >LM:=H => ;:C: >GMKHI[: : NGH => :EM: >GMKHI[: >L BKK>O>KLB;E> /:FHL

 
*:KM[G    ): :IEB<:<B^G => >LM: E>R => E: M>KFH=BGWFB<:  IHK M:GMH  <:F;B:K[:
K:=B<:EF>GM>E:?HKF:=>>GM>G=>K>ELN;LBLM>F:><HG^FB<H !HL=>E:LIN;EB<:<BHG>L
FWL K>E>O:GM>L JN> =BL<NM>G >LM> IKBG<BIBH LHG .=: CIGDEN &6L 6C9 I=: 8DCDB>8
*GD8:HH  => $>HK@>L<N /H>@>G  R  CK>GDCB:CI  *DL:G 6C9 -D8>:IN  =>
%HP:K=,=NF 
  "E M>K<>K IKBG<BIBH L> K>?B>K> : E: >LM:;BEB=:= => EHL ><HLBLM>F:L  !B<A: >LM:;BEB=:=
=>I>G=>=>=HLIKHIB>=:=>LE:K>LBEB>G<B:RE:K>LBLM>G<B: ):K>LBEB>G<B:L>K>?B>K>:E:
<:I:<B=:=JN>MB>G>NG><HLBLM>F:=>OHEO>K:LN?NG<BHG:FB>GMHGHKF:E =>LINYL=>
A:;>KLB=HLHF>MB=H:NG=BLMNK;BHFB>GMK:LJN>E:K>LBLM>G<B: >LE:<:I:<B=:=JN>
MB>G> NG ><HLBLM>F: => LHIHKM:K NG =BLMNK;BH  :GM>L => =>@K:=:KL> => F:G>K:
BKK>O>KLB;E>  *BM<A>EE :I 6A    ): K>LBEB>G<B:  IHK HMKH E:=H  M:F;BYG IN>=> L>K
>GM>G=B=: <HFH E: <:I:<B=:= => :=:IM:<B^G JN> IHL>> NG ><HLBLM>F:  >L =><BK  E:
<:GMB=:= => I>KMNK;:<B^G JN> NG ><HLBLM>F: IN>=> K>LBLMBK :GM>L => <:F;B:K LN
>LMKN<MNK: %HEEBG@    )H ?NG=:F>GM:E  >L JN> EHL ><HLBLM>F:L MB>G>G NG:
<:I:<B=:= =>M>KFBG:=: R EBFBM:=: I:K: K>@K>L:K : LN ?NG<BHG:FB>GMH GHKF:E 
=>LINYL => A:;>K I:L:=H IHK NG >LM:=H => >LMKYL  <:NL:=H IHK NGH H O:KBHL
=BLMNK;BHL  )HL ><HLBLM>F:L FWL ?KW@BE>L  M>G=KWG M:GMH NG: K>LBEB>G<B:  <HFH NG:
K>LBLM>G<B: F>GHK  ): :IEB<:<B^G => E: B=>: => >LM:;BEB=:= : E: ><HGHF[: ><HE^@B<: 
LB@GB?B<:K[:JN>>ELN;LBLM>F:><HG^FB<HGHIN>=><:NL:K=BLMNK;BHLJN>>Q<>=:GE:
K>LBEB>G<B:RK>LBLM>G<B:=>EHL><HLBLM>F:L "L=><BK JN>GBE:>QMK:<<B^G=>K><NKLHL
I:K: >E LN;LBLM>F: ><HG^FB<H  GB E: =BLIHLB<B^G ?BG:E => EHL =>L><AHL JN> >LM>
IKH=N<> =>;>:F>G:S:K:E:>LM:;BEB=:==>ELBLM>F:><HE^@B<H 1:GMHE:<:I:<B=:==>
:LBFBE:<B^G => =>L><AHL =>E LBLM>F: ><HE^@B<H  <HFH LN K>G=BFB>GMH LNLM>GM:;E> 
>LMWG=>M>KFBG:=HLIHKE:K>LBEB>G<B:RE:K>LBLM>G<B:=>EHL><HLBLM>F:L 

*B>GMK:LJN>E:><HGHF[: RE:LHMK:L<B>G<B:LLH<B:E>L IKW<MB<:F>GM>A:;[:G=>C:=H=>E:=H>E


>LMN=BH=>EHC6IJG6A E:><HEH@[: >G<:F;BH A:;[:F:K@BG:=H<:LB<HFIE>M:F>GM>:E>LMN=BH=>
EH =JB6CD E: ><HGHF[: ><HE^@B<:  => :E@NG: F:G>K:  BGM>@K: EH ANF:GH >G EH ><HE^@B<H  EH
><HE^@B<H>GEHANF:GH-KHHIL  

!> >LM: F:G>K:  E: ><HGHF[: ><HE^@B<: L> MK:GL?HKF: >G NG: <B>G<B: IHLM GHKF:E  IN>L :E
BGM>@K:K : E: ><HEH@[: R : E: ><HGHF[:  G><>L:KB:F>GM> >G?K>GM: NG: L>KB> => GN>O:L
BG<>KMB=NF;K>L RM:F;BYG=>=BE>F:LYMB<HL JN>E:L=HL<B>G<B:LIHKL>I:K:=HGHL>IE:GM>:;:G
#NGMHPB<SR/:O>MS : 

 
0HG IH<HLEHL MK:;:CHL IN;EB<:=HLLH;K>>LMN=BHL=>><HGHF[: ><HE^@B<::IEB<:=HL :E "<N:=HK
#:E<HG[ >G[M>S   3:EE>CH    LBG >F;:K@H  A:LM: E: ?><A: GH <HGH<>FHL => GBG@NGH
LH;K>E:<BN=:==> N>G<:  HGLB=>K:FHL IHKM:GMH JN>>LBFIHKM:GM>:IEB<:K>LM><:FIH>G
>LMN=BHLLH;K>>E"<N:=HKRLH;K> N>G<: 

#!-*-%:.-*:2'!

):><HEH@[:IHE[MB<:K>LNEM:=>NG:BGM>@K:<B^G=>E:><HEH@[: :GMKHIHEH@[:><HE^@B<:><HEH@[:
<NEMNK:ERE:><HGHF[:IHE[MB<:+>NF:GG  "QBLM>G:NMHK>L <HFH'H:G*:KM[G>SEB>K>G
LNL=BO>KL:LIN;EB<:<BHG>L JN>>GMB>G=>G:E:><HEH@[:IHE[MB<:R:E:CNLMB<B::F;B>GM:E <HFH
NG:FBLF:<HL:LBG>F;:K@H >G>LM>MK:;:CH A>FHL=><B=B=HL>@NBKE:E[G>:=>I>GL:FB>GMH
JN> >GMB>G=> : >LM:L =HL =BL<BIEBG:L <HFH <N>KIHL => <HGH<BFB>GMH =B?>K>GM>L  :NGJN>
[GMBF:F>GM>K>E:<BHG:=HL !>F:G>K:@>G>K:E L><HGLB=>K:JN>EHLIK><NKLHK>L=>E:><HEH@[:
IHE[MB<:LHGEHL@>^@K:?HL%:KHE=KHHD?B>E=R-B>KLE:BDB> <HGLNEB;KH &6C9:<G696I>DC6C9
-D8>:IN*:KM[G>SEB>K   #HKLRMA   +>NF:GG   -HK HMKH E:=H  >QBLM> HMK:
OBLB^GI:K:E:><HEH@[:IHE[MB<: JN>E:<HG<B;><HFHNG:?HKF:=>ANF:GBLFHK>GHO:=H <HFH
NG: ?HKF: => >GE:S:K E: B=>GMB=:= ANF:G: R E: B=>GMB=:= G:MNK:E 4ABM>LB=>    "G LN
>LMN=BH =>E I>GL:FB>GMH ><HEH@BLM: ?K:G<YL  4ABM>LB=> L>]:E: JN> <B>KMHL :NMHK>L  <HFH 0>K@>
*HL<HOB<B  R: >G E: =Y<:=: =>  BGM>@K:;:G E: IKH;E>FWMB<: :F;B>GM:E <HG E: ><HGHF[:
IHE[MB<: 

"L ?NG=:F>GM:E =B?>K>G<B:K : E: ><HEH@[: IHE[MB<: => E: CNLMB<B: :F;B>GM:E  IN>L >L ?W<BE
<HG?NG=BKE:L *B>GMK:LJN>E:IKBF>K: MB>G>LNHKB@>G>GE:L<B>G<B:LLH<B:E>L E:L>@NG=:MB>G>
LN HKB@>G >G EHL FHOBFB>GMHL LH<B:E>L  0BG >F;:K@H  >G MYKFBGHL IKW<MB<HL E:L =HL L> A:G
F>S<E:=HRCNGM:=H=>BG=BLHEN;E>F>GM> IHKEHJN>GHL>IN>=><HG<>;BK:E:NG:LBGE:HMK: ):
CNLMB<B: :F;B>GM:E MB>G> O:KBHL HK[@>G>L I:K:E>EHL NGH => >EEHL >LMW >G EHL FHOBFB>GMHL
:GMBKK:<BLM:L => "LM:=HL 2GB=HL  JNB>G>L :E GHM:K JN> EHL =>L><AHL M^QB<HL L> =BLIHG[:G
IKBG<BI:EF>GM><>K<:=>;:KKBHLIH;K>LR=>:?KH=><>G=B>GM>L L>HK@:GBS:KHGR<HF>GS:KHG:
A:;E:K=>><HKK:<BLFHNEE:K=  NEE:K=R'HAGLHG  NEE:K=R'HAGLHG
N;B<:G >E BGB<BH =>E FHOBFB>GMH => E: CNLMB<B: :F;B>GM:E >G   >G >E <HG=:=H => 4:KK>G
 :KHEBG: =>E +HKM>  "" 22   0BG >F;:K@H  EHL IKH<>LHL => K>LBLM>G<B: : :<MBOB=:=>L JN>
=>@K:=:G E: <:EB=:= :F;B>GM:E >G K>:EB=:= A:G M>GB=H LB>FIK> NG: >L<:E: @EH;:E  GH L> A:G
K>FBMB=H : EHL "LM:=HL 2GB=HL  R FNR IKH;:;E>F>GM> A:G >LM:=H LB>FIK> IK>L>GM>L >G E:
ABLMHKB: => E: ANF:GB=:= *:KM[G>S EB>K    !> >LM: F:G>K:  L> IN>=> =><BK JN> >E
FHOBFB>GMH=>E:CNLMB<B::F;B>GM:ELNK@>>GMK>EHLFHOBFB>GMHLLH<B:E>L:GBO>E@EH;:E JN>LBG

 
F:G>C:K NG =BL<NKLH :F;B>GM:EBLM: ?HKF:E  A:G K>LBLMB=H ?K>GM> : =BLMBGMHL IKH<>LHL JN> A:G
:F>G:S:=H LN LNI>KOBO>G<B:  <HFH E: >QMK:<<B^G => FBG>K:E>L  => F:=>K:  => I>MK^E>H  E:
=BLIHLB<B^G?BG:E=>=>L><AHLNK;:GHL M^QB<HLHK:=BH:<MBOHL E:L@K:G=>LAB=KH>EY<MKB<:L >GMK>
FN<AHL HMKHL  !> >LM: F:G>K:  L> K>E:<BHG:G [GMBF:F>GM> EHL <HG?EB<MHL :F;B>GM:E>L  <HG E:
CNLMB<B: LH<B:E  :KMB<NEWG=HEH =>GMKH => E: CNLMB<B: :F;B>GM:E $NA: R *:KM[G>S EB>K  
!H;LHG    /:F:<A:G=K: $NA:R'H:G*:KM[G>SEB>KA:G EE:F:=H :>LMHL?>G^F>GHL=>
K>LBLM>G<B:<HFHA:8DAD<>HBD9:ADHED7G:H$NA: $NA:R*:KM[G>SEB>K *:KM[G>S
EB>K    "E ><HEH@BLFH => EHL IH;K>L  >GMK> HMK:L <HL:L <HFH ?:<MHK>L K>EB@BHLHL H
<NEMNK:E>L  L> >QIEB<: IHK E: G><>LB=:= => IKHM>@>K EHL K><NKLHL => EHL JN> =>I>G=> E:
LN;LBLM>G<B: => E: @>GM>  >L =><BK  => EH %  $NG=BF>=: R -  0NDA=>O >G NG F:GNL<KBMH GH
IN;EB<:=H =>E   EE:F:KHG >E *#9:ADHED7G:H *:KM[G>S EB>K    ): EBM>K:MNK: LH;K> E:
CNLMB<B: :F;B>GM:E R EHL <HG?EB<MHL LH<BH ><HE^@B<HL >L >QMK>F:=:F>GM> :FIEB:  BG=:@:G=H
BG<ENLH>GIKH<>LHLABLM^KB<HL 

):><HEH@[:IHE[MB<: IHKHMKHE:=H L>IK>H<NI:GHL^EH=>EHL<HG?EB<MHL><HE^@B<HLK>E:<BHG:=HL


<HGE:=BLMKB;N<B^G=>EHLK><NKLHL LBGHM:F;BYGE:LK>E:<BHG>L=>IH=>KJN>>GE:S:GEHEH<:E<HG
>EFNG=H@EH;:EBS:=H)>??  +>NF:GGLHLMB>G>JN>>ELNK@BFB>GMH=>E:><HEH@[:
<NEMNK:E<HFH=BL<BIEBG::<:=YFB<:>GE:=Y<:=:=> F:K<:=>:E@NG:F:G>K:EHLBGB<BHL=>
E:><HEH@[:IHE[MB<: IN>LMHJN>E:><HEH@[:<NEMNK:ER:BGM>@K::E:L<HFNGB=:=>LKNK:E>L<HGLNL
><HLBLM>F:L !>:<N>K=H:EFBLFH:NMHK >E=>;:M>IKH=N<B=HIHKFN<A:L=>E:LIK>@NGM:LJN>
GHA:;[::LNFB=HE:><HEH@[:<NEMNK:E IKHOH<^>ELNK@BFB>GMH=>E:><HEH@[:IHE[MB<:<HFHNG
<:FIH=B?>K>GM>>BGM>K=BL<BIEBG:K "GMK>LNL:K@NF>GMHL?NG=:F>GM:E>L >LM:;:E:B=>:=>JN>
E:L K>E:<BHG>L LH<BH ><HE^@B<:L => E:L <HFNGB=:=>L KNK:E>L  =>I>G=>G FN<AH FWL => E:
><HGHF[:IHE[MB<:JN>=>E:<NEMNK: RJN>:=>FWL>LMWG[GMBF:F>GM>OBG<NE:=:L:E:LK>E:<BHG>L
LH<B:E>L=>KBO:=:L=>EHLFH=HL=>IKH=N<<B^G<:IBM:EBLM:L>LMHLB@GB?B<^NG=BLM:G<B:FB>GMH=>
E:OBLB^G=>=B<A:L<HFNGB=:=>L<HFH>GM>L:BLE:=HL=>E:=BGWFB<:><HG^FB<:@EH;:E -HKHMKH
E:=H E:><HEH@[:IHE[MB<:M:F;BYGL>GNMKB^=>E:<K[MB<::E:L>QIEB<:<BHG>LG>H F:EMNLB:G:L=>E:
=>@K:=:<B^G:F;B>GM:E R:JN>YLM:LGHMHF:;:G>G<N>GM:JN>EHLI:BL:C>LA:GLB=HFHE=>:=HL
M:F;BYGIHKK>E:<BHG>LLH<B:E>L K>LMKB<<BHG>L><HG^FB<:LR>LMKN<MNK:LIHE[MB<:L=>IH=>K 

-:K:E:><HEH@[:IHE[MB<: =>L=>LNLHK[@>G>L A:LB=H?NG=:F>GM:EE:<HG<>I<B^G=>EHLEE:F:=HL


IKH;E>F:L:F;B>GM:E>L <HFHIKH;E>F:L><HG^FB<HL NL:G=HE:E^@B<:=>E:><HGHF[:IHE[MB<:
#HKLRMA    ): ><HEH@[: IHE[MB<: >L E:G H: NG: <B>G<B: BGM>K=BL<BIEBG:K  >G >EE: <HG?ENR>G
=BO>KL:L =BL<BIEBG:L <HFH E: @>H@K:?[: R E: ><HGHF[: IHE[MB<:  =B?>K>GM>L YMB<:L  =BLMBGMHL
FHOBFB>GMHL LH<B:E>L  R M:F;BYG GN>O:L <B>G<B:L  <HFH E: ><HGHF[: ><HE^@B<:  >E =>K><AH

 
:F;B>GM:E E:LH<BHEH@[:IHE[MB<:HE::GMKHIHEH@[:><HE^@B<:)>??  0NLFYMH=HL IHKM:GMH 
M:F;BYGLHG=BO>KLHL LB>G=H?NG=:F>GM:E>E:GWEBLBLFNEMB>L<:E:KLBG>F;:K@H M:F;BYGIN>=>
NMBEBS:K :GWEBLBL IHE[MB<H ><HG^FB<HL  :GWEBLBL ABLM^KB<HL  >MGH@K:?[:  :GWEBLBL => =BL<NKLHL H
>LMN=BHL><HE^@B<HL=><:FIH+>NF:GG  

0B;B>G L>IN>=>>G<HGMK:KO:KBHL>LMN=BHLLH;K>E:><HEH@[:IHE[MB<:=>=>M>KFBG:=HL<HG?EB<MHL
LH<BH ><HE^@B<HL >G "<N:=HK  A:LM: E: ?><A: <HGH<>FHL IH<HL JN> BGM>@K>G ><HEH@[: IHE[MB<: R
><HGHF[:><HE^@B<: RGHA>FHL>G<HGMK:=HGBG@NGHI:K:E:<BN=:==> N>G<: 

!3"-03, 0#4#4'1'<,&'12<0'!61-!'-.-*:2'!

"E FH=>EH => =>L:KKHEEH =>E "<N:=HK >LMW <HGLB=>K:=H :<MN:EF>GM> <HFH NGH => EHL FWL
BGM>K>L:GM>L : GBO>E @EH;:E />:E +>PL    0BG >F;:K@H  LN ABLMHKB: >L <HFIE>C: R IH<H
<HGH<B=: 

"<N:=HK>LNGI>JN>]HI:[L:G=BGH=> DF WK>:JN>BG<ENR>:EM>KKBMHKBH=>E:LBLE:L


$:EWI:@HL  "LMW N;B<:=H >G FYKB<: =>E 0NK  >GMK> HEHF;B: R ->K`  "LM> I:[L :MK:OB>L: NG
IKH<>LH=><:F;BHLIKH?NG=HL M:GMH:GBO>EIHE[MB<HR><HG^FB<H <HFH:GBO>EBGLMBMN<BHG:E 
=>;B=H>GMK>HMKHL?:<MHK>L :E:>E:;HK:<B^GR>GMK:=:>GOB@>G<B:=>NG:GN>O:<HGLMBMN<B^G>G
>E:]H =>FWL=>>LM:;E><>KNG:GN>O:>LMKN<MNK:=>E>LM:=H >LM:<HGLMBMN<B^G=>?BG>:E
<HG<>IMH G=BGH =>E 0NF:D (:PL:R   <HFH >E `EMBFH H;C>MBOH => E: IHE[MB<: I`;EB<:  ):
:IKH;:<B^G => >LM: GHKF:  LB@GB?B<^ <:F;BHL IKH?NG=HL >G =BO>KL:L <N>LMBHG>L  <HFH IHK
>C>FIEH  >G EH K>?>K>GM> : EHL =>K><AHL <HE><MBOHL  : EHL =>K><AHL ANF:GHL  E: =>?BGB<B^G =>E
"<N:=HK<HFHNGI:[LIENKBG:<BHG:ERIENKB<NEMNK:E R>EK><HGH<BFB>GMH=>E:G:MNK:E>S:<HFH
LNC>MH=>=>K><AH >GMK>HMK:L<HL:L 

"E>QIEHK:=HKE>Q:G=>KOHG%NF;HE=M L>K>?>K[::EM>KKBMHKBH=>EHJN>AHR>L>E
"<N:=HK <HFHNG:SHG:IH;E:=:IHKF>G=B@HLL>GM:=HLLH;K>HKH UENMBEBS:;:>LM:F>MW?HK:
I:K:<HGMK:LM:KE:>QMK>F:IH;K>S:<HGE:KBJN>S:G:MNK:E=>>LMHLM>KKBMHKBHL "LM>?>G^F>GHL>
<HGH<> <HFH E: B6A9>8>TC9:A667JC96C8>6 H  EH JN> >L EH FBLFH  E: :C;:GB:969=DA6C9:H6  R L>
K>?B>K>:JN>E:@K:G=BLIHGB;BEB=:==>K><NKLHLG:MNK:E>L <HFHI>MK^E>HHFBG>K:E>LF>MWEB<HL 
@>G>K:EF>GM> >LMW :LH<B:=: : =BLMHKLBHG>L >G E:L >LMKN<MNK:L ><HG^FB<:L E: :LB@G:<B^G => EHL
?:<MHK>L=>IKH=N<<B^GL><:K:<M>KBS:IHKE:=BLMKB;N<B^GK>@K>LBO:=>EIK>LNIN>LMHG:<BHG:E R
IHK E: <HG<>GMK:<B^G => E: KBJN>S: >G NG: IHK<B^G I>JN>]: => E: IH;E:<B^G #:E<HG[ >G[M>S 

"E <HG<>IMH =>E 0NF:D (:PL:R L> =>L:KKHEE:KW =>M:EE:=:F>GM> >G E: L><<B^G => GM><>=>GM>L 1>^KB<HL  R L>@`G

MH=HLEHL:NMHK>L<HGLNEM:=HL >LM:OBLB^G:G=BG:>LNG::EM>KG:MBO:=B?>K>GM>:E:LOBLHG>L=>E=>L:KKHEEHRIKH@K>LH 

 
 <HLM:    ): F:E=B<B^G => E: :;NG=:G<B: A: LB=H NG: <HGLM:GM> I:K: >E "<N:=HK 
=NK:GM>E:F:RHKI:KM>=>LNABLMHKB:K><B>GM> 

): :LB@G:<B^G => EHL K><NKLHL IKBF:KBHL  <HFH E: MB>KK: H >E :@N:  ?N> =>M>KFBG:=: IHK E:L
K>E:<BHG>L=>IH=>K<HEHGB:E>L IH=>K>LJN><HGMBG`:GBG?ENR>G=HBG<ENLH>GE::<MN:EB=:= "E
>LM:=H FWLJN>NG:BGLMBMN<B^G=>K>IK>L>GM:<B^G=>E:<BN=:=:G[: L><HGLMBMNR^>GNGH=>EHL
BGLMKNF>GMHL => =HFBG:<B^G NL:=HL IHK E: :KBLMH<K:<B: ><N:MHKB:G:  ): @H;>KG:;BEB=:= L>
BFIE>F>GM:;: : MK:OYL => E>R>L R GHKF:L  =>LMBG:=:L : IKHAB;BK R K>LMKBG@BK =>K><AHL
<BN=:=:GHLRIHE[MB<HL EHJN>L>F:GMNOHA:LM:?BG:E>L=>E:=Y<:=:=> %:LM:>L:YIH<: 
IHK >C>FIEH  E:L I>KLHG:L :G:E?:;>M:L GH IH=[:G OHM:K  EH JN> F:K@BG:;: : E: F:RHK[: => E:
IH;E:<B^G BG=[@>G:  :?KH ><N:MHKB:G: R KNK:E  :L[ <HFH M:F;BYG : NG: IH;E:<B^G FNR
LB@GB?B<:MBO:=>FNC>K>L !>>LM:F:G>K: E::KBLMH<K:<B:><N:MHKB:G:<HGLHEB=^RI>KI>MN^NG:
>LMKN<MNK:=>=>I>G=>G<B:I:M>KG:EBLM:I:K:<:FI>LBGHL FNC>K>L BG=[@>G:LRI:K:E:IH;E:<B^G
:?KH ><N:MHKB:G: !B<A::KBLMH<K:<B: CNGMH<HGE:B@E>LB: CNLMB?B<^E:EBFBM:<B^G=>EHL=>=>K><AHL
IHE[MB<HLR<BN=:=:GHL=>>LMHL@KNIHL >GE:G><>LB=:==>IKHM>@>KEHL=>>EEHLFBLFHL IHKEH
JN>L>=>;[:>C>K<>KNG:MNM>E:LH;K>>EEHLE;WG  

"E :]H =>  F:K<^ NG <:F;BH IKH?NG=H >G E: ><HGHF[: ><N:MHKB:G:  "L> :]H M>KFBG^ NG
I>K[H=H=><K><BFB>GMHLHLM>GB=H BGB<B:=HEN>@H=>E:0>@NG=:$N>KK:*NG=B:E R=>KBO:=H=>
NG:>QIEHLB^G>GE:L>QIHKM:<BHG>L=>;:G:GH =>EIKH<>LH=>LNLMBMN<B^G=>E:LBFIHKM:<BHG>L
BFINEL:=H IHK E: HFBLB^G"<HG^FB<: I:K:FYKB<: ):MBG: => +:<BHG>L2GB=:L  "-) R
IHK >E =>L<N;KBFB>GMH => I>MK^E>H >G E: F:SHG[: ><N:MHKB:G:  A:<B: ?BG:E>L => E: =Y<:=: =>
 "EI>K[H=H  L><:K:<M>KBS^IHKNG:IKH?NG=:BG>LM:;BEB=:=<:NL:=: GHL^EHIHK
>E MK>F>G=H I>LH => E: =>N=: >QM>KG: I:K: E: ><HGHF[: ><N:MHKB:G:  LBGH M:F;BYG IHK NG:
<HF;BG:<B^G => =>L:LMK>L G:MNK:E>L    R   <HG IK><BHL FNR ;:CHL =>E I>MK^E>H
R RNG:<KBLBL;:G<:KB: !B<A:<KBLBL;:G<:KB:=>L>F;H<^>GE:=HE:KBS:<B^G=>
E: ><HGHF[: ><N:MHKB:G: >G >E :]H   -HK HMKH E:=H  =NK:GM> >LHL  :]HL E: IHE[MB<:
><HG^FB<: L> LNLM>GM^ >G E: IKHFH<B^G => E:L >QIHKM:<BHG>L R EHL :CNLM>L >LMKN<MNK:E>L =>E
>LM:=H "L:L[ JN>>E"<N:=HKBGB<B:>ELBGA:;>KK><NI>K:=HLN<K><BFB>GMH><HG^FB<H <HG
>E FBLFH BG@K>LH I>K <WIBM: JN> >G   R <HG NG <K><BFB>GMH LB@GB?B<:MBOH => E: BG>JNB=:=
):KK>:*:E=HG:=H : 

):=>N=:>QM>KG:><N:MHKB:G:I>KFBMB^JN>HK@:GBLFHLFNEMBE:M>K:E>L<HFH>E#HG=H*HG>M:KBH
&GM>KG:<BHG:E#*& >E:G<H*NG=B:E*H>E:G<H&GM>K:F>KB<:GH=>!>L:KKHEEH =BKBC:GR
<HGMKHE>G>EIKH<>LH=>FH=>KGBS:<B^G=>E>LM:=H><N:MHKB:GH/:F[K>S  "LM>IKH<>LH?N>

 
<:K:<M>KBS:=H IHK E: =>LBGLMBMN<BHG:EBS:<B^G =>E >LM:=H  : MK:OYL =>E =>;BEBM:FB>GMH => LN
<:I:<B=:= => <HGMKHE R E: <:LB <HFIE>M: >EBFBG:<B^G => LNL ?NG<BHG>L => IE:GB?B<:<B^G
0"+-)!"0    "LM: GN>O: >LMKN<MNK: BGLMBMN<BHG:E ?N> NL:=: IHK E:L YEBM>L EH<:E>L  I:K:
<HGLHEB=:K LN IH=>K R @:K:GMBS:K LNL IKBOBE>@BHL /:F[K>S    "LM> ?>G^F>GH A: LB=H
EE:F:=HC:DA>7:G6A>HBD8G>DAAD0"+-)!"0  

"LHL FBLFHL  :]HL ?N>KHG  IHK HMKH E:=H  NG I>K[H=H => F:=NK:<B^G R LNK@BFB>GMH =>
=B?>K>GM>L FHOBFB>GMHL LH<B:E>L  <HFH IHK >C>FIEH  EHL FHOBFB>GMHL BG=[@>G:L  => :?KH
><N:MHKB:GHL =>FNC>K>L =>=>K><AHLANF:GHL =>AHFHL>QN:E>LR=>><HEH@BLM:L "EMYKFBGH
FHOBFB>GMH LH<B:E L> K>?B>K> : NG IKH<>LH => FHOBEBS:<B^G JN> =>F:G=: NG =>L:KKHEEH
:EM>KG:MBOH RNG:LH<B>=:==B?>K>GM>EHLFHOBFB>GMHLLH<B:E>L<HG><M:G:E:@>GM> RM:F;BYG:
E:L HK@:GBS:<BHG>L   : MK:OYL => LNL =>F:G=:L >;;BG@MHG :I 6A    )HL FHOBFB>GMHL
LH<B:E>L><N:MHKB:GHL <HG>EFHOBFB>GMHBG=[@>G:<HFHNGH=>EHLIKBG<BI:E>LIKHM:@HGBLM:L 
=>KKH<:KHG=>?HKF:I:<[?B<::MK>L@H;B>KGHL R)>^G  

):L =>F:G=:L => EHL FHOBFB>GMHL LH<B:E>L ><N:MHKB:GHL =>L>F;H<:KHG >G NG: GN>O:
<HGLMBMN<B^G GN>O:F>GM><HG>EIKHM:@HGBLFH=>EFHOBFB>GMHBG=[@>G:#EHK>L  
!B<A: <HGLMBMN<B^G =>M>KFBG^ NG <:F;BH K:=B<:E >G E: >LMKN<MNK: =>E >LM:=H  NG <:F;BH JN>
BFIEB<::MH=HLEHLGBO>E>L=>@H;B>KGHG:<BHG:E K>@BHG:E IKHOBG<B:E <:GMHG:ERI:KKHJNB:E R
<HGL><N>GM>F>GM>M:F;BYG:E:LBGLMBMN<BHG>LK>LIHGL:;E>LM:GMH=>E:IE:GB?B<:<B^G>G@>G>K:E 
<HFH => E: IE:GB?B<:<B^G M>KKBMHKB:E >G I:KMB<NE:K  R M:F;BYG : E:L K>LIHGL:;E>L => E: IHE[MB<:
:F;B>GM:E 

 I>L:K =>>LMH E:><HGHF[: =>E"<N:=HKMH=:O[: L>LHLMB>G> >G E: >QIHKM:<B^G => IKH=N<MHL
IKBF:KBHL  >L =><BK  >L NG: ><HGHF[: IKBF:KBH >QIHKM:=HK:  ;:L:=: >G >E >QMK:<MBOBLFH R E:
:@KHBG=NLMKB:  "E I:[L MB>G> MH=:O[: :EMHL BG=B<:=HK>L I:K: E: BG>JNB=:= R E: IH;K>S:
0"+-)!"0  !>:<N>K=H:E:L>LM:=[LMB<:L=>E:G<H >GMK:E=>E"<N:=HK " A:<B:
=B<B>F;K>=>>E=>E:IH;E:<B^GFWLIH;K><HG<>GMK:;::I>G:L>E =>E:KBJN>S: 
FB>GMK:LJN>>E=>E:IH;E:<B^GFWLKB<:<HG<>GMK:;:>E =>>EE: 0>@`GEHL=:MHL=>E
&GLMBMNMH "<N:MHKB:GH => "LM:=[LMB<:L R >GLHL &+"  => =B<B>F;K> =>  >E <H>?B<B>GM> =>
$BGBIHKBG@K>LHL NGBG=B<:=HK=>E:BG>JNB=:= L>N;B<^>G E:F>=B:=>):MBGH:FYKB<:>L


 ):L=B?>K>GM>L ,K@:GBS:<BHG>L +H $N;>KG:F>GM:E>L ,+$L IN>=>G :LNFBK NG KHE => <HHK=BG:<B^G >GMK> EHL
=B?>K>GM>L FHOBFB>GMHL LH<B:E>L BG<ENLH IN>=>GEE>@:K : L>KIKHM:@HGBLM:L>G E:EN<A:IHK LNL K>BOBG=B<:<BHG>L  LBG
>F;:K@H E:L,+$LLHG=B?>K>GM>L:EHLFHOBFB>GMHLLH<B:E>L RGH=>;>GL>K<HG?NG=B=:L<HGYLMHL>;;BG@MHG:I6A 
 

 
=>  -HKHMKHE:=H L>@`GE:FBLF::@>G<B: >GE:IH;K>S:IHKBG@K>LHL:?><M:;::E
 =>E:IH;E:<B^GMHM:E=>EI:[LE:IH;K>S:NK;:G:?N>=>E RE:KNK:E=>E  R
E:>QMK>F:IH;K>S::E  :GBO>ENK;:GHR :GBO>EKNK:E 

 !3"-0.:1+#%"'4#01-

"E"<N:=HK>LNGH=>EHLI:[L>LF>@:=BO>KLHL*BMM>KF>B>K:I6A  "G>L><HGM>QMH >E


=BL<NKLH=>E:<HGL>KO:<B^G=>LNL><HLBLM>F:LG:MBOHLL>A:IHLB<BHG:=HM:GMH:GBO>ELH<B:E 
<HFH : GBO>E IHE[MB<H  R L> A: MK:=N<B=H >G M>KKBMHKBHL =>=B<:=HL >Q<ENLBO:F>GM> : E:
<HGL>KO:<B^G %BFE>R    !B<A:L WK>:L => <HGL>KO:<B^G  IN>=>G L>K >LM:;E><B=:L IHK
<N:EJNB>K:=>EHL=B?>K>GM>LGBO>E>L=>$H;B>KGHLNM^GHFHL!>L<>GMK:EBS:=HL<HGM>FIE:=HL
>G E: HGLMBMN<B^G =>E "<N:=HK +:<BHG:E  />@BHG:E  -KHOBG<B:E  :GMHG:E H -:KKHJNB:E  ):L
?B@NK:L GHKF:MBO:L I:K: A:<>KEH >LMWG K>@NE:=:L IHK E: HGLMBMN<B^G =>E "<N:=HK   >E
^=B@H ,K@WGB<H => ,K@:GBS:<B^G 1>KKBMHKB:E R !>L<>GMK:EBS:<B^G   E: )>R #HK>LM:E R =>
HGL>KO:<B^G=>jK>:L+:MNK:E>LR3B=:0BEO>LMK> <H=B?B<:=:>GRE:)>R=>$>LMB^G
F;B>GM:E <H=B?B<:=:>G 

"E 0BLM>F: +:<BHG:E => jK>:L -KHM>@B=:L =>E "<N:=HK 0+- >LMW ?HKF:=H IHK <N:MKH
LN;LBLM>F:L*BGBLM>KBH=>EF;B>GM>=>E"<N:=HK :

  "E-:MKBFHGBH=>jK>:L+:MNK:E>L=>E"LM:=H-+" 
  E:LWK>:LIKHM>@B=:L=>EHL$H;B>KGHLNM^GHFHL!>L<>GMK:EBS:=HL$!L 
  E:LWK>:LIKHM>@B=:L<HFNGBM:KB:L R
  E:LWK>:LIKHM>@B=:LIKBO:=:L

"E-+">LMW<HGLMBMNB=HIHKWK>:L;:CH=B?>K>GM>L<:M>@HK[:L=>IKHM><<B^G LB>G=HE:FWL
BFIHKM:GM> R K>LMKB<MBO:I:K:EHL NLHL E: =>GHFBG:=:<HFH-:KJN> +:<BHG:E 2G MHM:E =>
WK>:LIKHM>@B=:L<HGMB>G>G><HLBLM>F:L:EMH :G=BGHLR=>FHGM:]: R=>YLM:L LB>M>LHG-:KJN>L
+:<BHG:E>L *BGBLM>KBH =>EF;B>GM>=>E "<N:=HK  :  "GMK> >EEHL >LMW>E-:KJN> +:<BHG:E
:C:L <NR::=FBGBLMK:<B^GA:LB=H=>L<>GMK:EBS:=::E:FNGB<BI:EB=:==>E:<BN=:==> N>G<: 
>L =><BK  JN> >E *BGBLM>KBH =>E F;B>GM> A: =>E>@:=H E: :=FBGBLMK:<B^G => >LM> I:KJN> :E
@H;B>KGH<:GMHG:E=> N>G<: "LBFIHKM:GM>L>]:E:KJN>:I>L:K=>>LM:=>E>@:<B^G >E-:KJN>
+:<BHG:E :C:L>LI:KM>=>E-+" RGH>LMW=>GMKH=>ELN;LBLM>F:=>WK>:LIKHM>@B=:L=>EHL
$H;B>KGHL NM^GHFHL !>L<>GMK:EBS:=HL  "LMHL M>KKBMHKBHL LHG >LM:;E><B=HL <HG >E H;C>MBOH =>
IKHM>@>K>EI:MKBFHGBHG:MNK:E@EH;:E E:;BH=BO>KLB=:= R=>@:K:GMBS:KE:I>KF:G>G<B:=>EHL
L>KOB<BHL:F;B>GM:E>L 0>:K@NF>GM:JN>>LMH>L?NG=:F>GM:E :=>FWL=>NK@>GM> R:JN>>LM>

 
I:MKBFHGBH>LMWL>KB:F>GM>:F>G:S:=H IKBG<BI:EF>GM>IHK>ENLHBKK:<BHG:E>BKK>LIHGL:;E>=>
EHLK><NKLHL IHKI:KM>=>EHLIKH=N<MHK>LKNK:E>L%BFE>R  

"E M>KKBMHKBH >L<H@B=H I:K: >LM> MK:;:CH >LMW ?NG=:F>GM:EF>GM> <HG?HKF:=H IHK ><HLBLM>F:L
:G=BGHL "LMHL><HLBLM>F:L=>FHGM:]:A:GLB=HNGH;C>MBOHBFIHKM:GM>I:K:E:<HGL>KO:<B^G R
I:KMB<NE:KF>GM>=HLMBIHL=>>EEHLEHLIWK:FHLREHL;HLJN>L:G=BGHL EHLFBLFHLJN>A:GLB=H
K>I>MB=:F>GM>L>]:E:=HLIHKLNI:KMB<NE:K;BH=BO>KLB=:= :=>FWL=>IHKLNOBM:EBFIHKM:G<B:
>GEHLIKH<>LHL=>K>@NE:<B^GA[=KB<:%BFE>R  

"L :FIEB: E: EBM>K:MNK: JN>  >G >E <:LH =>E "<N:=HK  CNLMB?B<: E: >QBLM>G<B: => E:L =>GHFBG:=:L
PG:6HEGDI:<>96H >BENLMK:<^FHE:L:<MBOB=:=>L:@KHI><N:KB:L=>EHLI>JN>]HL<:FI>LBGHLL>A:G
MK:=N<B=H>G>E:O:G<>=>E:?KHGM>K::@K[<HE: >GE:BGO:LB^GR=>@K:=:<B^G=>EHL><HLBLM>F:L
G:MBOHL  R >G E: IYK=B=: => L>KOB<BHL :F;B>GM:E>L  R: L>: : GBO>E => <:GMB=:=  H : GBO>E =>
<:EB=:= <HFHL>:K@NF>GM:IHK>C>FIEH>G:KG>MM %H?LM>=>:I6A *>G:3WL<HG>S
R %H?LM>=>   NRM:>KM :I 6A   *HEBG: :I 6A   HK=>KH   !> 3B>;K>  
/H=K[@N>S:I6A *:KM[G>S  "LM:EBM>K:MNK:L>>G?H<:>GEHLBFI:<MHL<:NL:=HL I>KH
K:K:F>GM>IKH?NG=BS:>GE:L=BGWFB<:L<NEMNK:E>L LH<BH ><HE^@B<:L RIHE[MB<H ><HG^FB<:L>GE:L
JN>L>>LMWGLNF>K@B=HLEHL@KNIHLANF:GHLBGOHEN<K:=HL 

-HK HMKH E:=H  >L M:F;BYG :FIEB: E: EBM>K:MNK: JN> =BL<NM> =>L=> E:L <B>G<B:L LH<B:E>L
IKBG<BI:EF>GM> =>L=> E: IHEBMHEH@[:  E: :GMKHIHEH@[:  E: LH<BHEH@[: R E: ><HGHF[:   E:
IKH;E>FWMB<:=>>LMHLFBLFHL@KNIHLANF:GHL 0BG>F;:K@H >LM:EBM>K:MNK:K:K:O>SBG<ENR>NG
:GWEBLBL LH<BH ><HE^@B<H => =B<A: IKH;E>FWMB<:  <HFH L> BENLMK: >G EHL MK:;:CHL => 0>EHPLDR 
)>AF:GG ):PLHG -BI>KGH >;;BG@MHG $N>KK>KHR,LIBG: 
#:KKHP:I6A ,LIBG::I6A /:F[K>S )>^G  

0> ON>EO>  LBG >F;:K@H  =B?[<BE >G<HGMK:K EBM>K:MNK: JN> >LMN=B> >LMHL FBLFHL IKH<>LHL
BGM>@K:G=HEHLLBLM>F:LLH<B:E>LR><HE^@B<HL K>?>K>GM>:E"<N:=HK>G@>G>K:E#:E<HG[ >G[M>S 
):KK>:*:E=HG:=H ;3H@>E 3:EE>CH  RE:<BN=:==> N>G<:>GI:KMB<NE:K 
HGLB=>KHJN>>LM:BGM>@K:<B^G>L?NG=:F>GM:E I:K:>GM>G=>KE: =BGWFB<: LH<BH ><HE^@B<:=>E
"<N:=HK 

"L:L[JN> >LM>MK:;:CHIK>M>G=>>LMN=B:KE:LK>E:<BHG>L=>E:LH<B>=:=<HGE:G:MNK:E>S: >GE:


<BN=:= => N>G<:  >G "<N:=HK  NMBEBS:G=H NG: IKH;E>F:MBS:<B^G JN> BGM>@K> : E: =B<HMHF[:
LH<B>=:= G:MNK:E>S:>GNGLHEHLBLM>F: >ELBLM>F:LH<BH ><HE^@B<H 

 
  %' $!#&%$'$%M!M%$$

 (#2'4-%#,#0*

"LMN=B:K EHL IKH<>LHL => :IKHIB:<B^G ANF:G: =>E :@N: >G >E <:GM^G N>G<:  "<N:=HK  R LNL
K>E:<BHG>L<HGE:>LMKN<MNK:<B^G=>EM>KKBMHKBH 

 (#2'4-1#1.#!:$'!-1

 "QIEB<:K  =>L=> E: ><HGHF[: ><HE^@B<: R >E F>M:;HEBLFH LH<B:E  EHL IKH<>LHL =>
:IKHIB:<B^GANF:G:=>E:@N:>G>E<:GM^G N>G<: "<N:=HK 
 &GM>KIK>M:K=>L=>E:><HEH@[:IHE[MB<:EHLIKH<>LHL=>:IKHIB:<B^GANF:G:=>E:@N:>G
>E<:GM^G N>G<: "<N:=HK 
 !BL<NMBK E:L K>E:<BHG>L >GMK> >E F>M:;HEBLFH =>E :@N: => N>G<:  "<N:=HK  E:
>LMKN<MNK:<B^G => LN M>KKBMHKBH  R E:L I>K<>I<BHG>L LH<B:E>L LH;K> E: G:MNK:E>S:  >E
M>KKBMHKBH R>EF>M:;HEBLFHLH<B:E 
 "LMN=B:KE:LNLM>GM:;BEB=:==>EF>M:;HEBLFH=>E:@N:=>E<:GM^G N>G<: "<N:=HK >G
K>E:<B^G<HGLNLBLM>F:LH<BH ><HE^@B<H M:GMH:GBO>ENK;:GH <HFH:GBO>EKNK:E 
 !BL<NMBK E: :IKHIB:<B^G ANF:G: =>E :@N: >G >E <:GM^G N>G<:  "<N:=HK  >G >E
<HGM>QMH=>EIKBG<BIBH:G=BGH=>E0NF:D(:PL:R 

0#%3,21"#',4#12'%!'<,

 f NWE>LE:>LMKN<MNK:=>ELBLM>F:LH<BH ><HE^@B<H=>E<:GM^G N>G<: "<N:=HK


 f ^FH L> >LMKN<MNK:G EHL IKH<>LHL => :IKHIB:<B^G ANF:G: =>E :@N: >G >E <:GM^G
N>G<: "<N:=HK
 f ^FH>LMW>LMKN<MNK:=H>EF>M:;HEBLFH=>E:@N:>G>E<:GM^G N>G<: "<N:=HK
 f NWE>LE:K>E:<B^G>GMK>>EF>M:;HEBLFH=>E:@N:=>E<:GM^G N>G<: "<N:=HK RE:
>LMKN<MNK:=>LNM>KKBMHKBH
 f NWE>LLHGE:LK>E:<BHG>L>GMK>E:LI>K<>I<BHG>LLH;K>E:G:MNK:E>S: >EM>KKBMHKBHR>E
F>M:;HEBLFHLH<B:E >G<HGMK:=:L>G>E<:GM^G N>G<: "<N:=HK RE:>LMKN<MNK:=>LN
M>KKBMHKBH
 f ^FH L> BGM>KIK>M: :E F>M:;HEBLFH =>E :@N: =>E <:GM^G N>G<:  "<N:=HK  >G >E
<HGM>QMH=>EIKBG<BIBH:G=BGH=>E0NF:D(:PL:RR=>E:LNLM>GM:;BEB=:=

 
 '.<2#1'1

):L G><>LB=:=>L F>M:;^EB<:L => :@N: => E: <BN=:= => N>G<: E> H;EB@:G : <K>:K WK>:L =>
<HGL>KO:<B^GI:K:@:K:GMBS:KLNL:MBL?:<<B^G >LMH@>G>K:NG:?HKF:=>:IKHIB:<B^GNK;:G:=>
EHLF>M:;HEBLFHLKNK:ER><HE^@B<H 

,;H?@7:
%%$%M# $

  !%&+ $$%$   M 

):><HEH@[:ANF:G: E:><HGHF[:><HE^@B<:RE:><HEH@[:IHE[MB<: :;K>GNG:;:GB<H=>IK>@NGM:L


FNR@K:G=>R<HEHKB=H 1:GMH >E>G<N>GMKH<HGEHLE[FBM>L=>GN>LMKHIE:G>M: <HFH>E<HG<>IMH
=>E:>GMKHI[: <N>LMBHG:GIKH?NG=:F>GM>>E>GM>G=BFB>GMH=>E:LK>E:<BHG>L=>E:LLH<B>=:=>L
ANF:G:L<HGE:G:MNK:E>S: RK>M:G:E:LB=>:L=>EIKH@K>LHBEBFBM:=HR=>E<K><BFB>GMHBG?BGBMH
IHKHMKHE:=H >LMHL<N>LMBHG:FB>GMHL?BEHL^?B<:F>GM>BFIEB<:GNGIKH<>LH=>K>LB@GB?B<:<B^G=>E
NGBO>KLH  JN> IKH=N<> K:<BHG:EB=:=>L :EM>KG:MBO:L )>??  :  "G >LM> <HGM>QMH  E:L <B>G<B:L
JN> >LMN=B:G EHL LBLM>F:L <HFIE>CHL *HKBG    H <B>G<B:L => E: <HFIE>CB=:=  H?K><>G NG:
I>KLI><MBO: JN> I>KFBM> >LMN=B:K E: :F;B@a>=:= => E: =BLMBG<B^G LH<B>=:=G:MNK:E>S: 
>OB=>G<B:G=HE:BGM>K:<<B^G=>EHLO:EHK>LANF:GHL <HG>E>GM>G=BFB>GMH<B>GM[?B<H=>EFNG=H
G:MNK:E 0<AK_=BG@>K   ,=NF     -KB@H@BG>   2E:GHPB<S   -KB@H@BG> R
0M>G@>KL 2E:GHPB<SR%:GGHG 0<AG>B=>KR(:R EE>G:I6A 4ABM>LB=> 
 ):L<B>G<B:L=>E:<HFIE>CB=:=L><HGLMBMNR>G>GNG::EM>KG:MBO::EI>GL:FB>GMH<B>GM[?B<H
IHLBMBOBLM:  JN> =>L=> E: $K><B: :GMB@N:  A:LM: GN>LMKH MB>FIH  A: ;NL<:=H <HGLMKNBK NG
<HGH<BFB>GMHANF:GHIK><BLH <B>KMHRL>@NKH =HG=>>EL>GMB=H=>EL:;>K<B>GM[?B<H>L>LM:;E><>K
E>R>LJN>I>KFBM:GIK>=><BKRIK>O>K>E<HFIHKM:FB>GMH=>EHL?>G^F>GHL*NGGY  

"LM: L><<B^G =BL<NM> E:L B=>:L => EHL LBLM>F:L <HFIE>CHL  <HG<>IMN:EBS:G=H  :=>FWL  : E:L
LH<B>=:=>L ANF:G:L R : E: G:MNK:E>S: <HFH LBLM>F:L => >LM> MBIH  HGMBG`:  IE:GM>:G=H NG:
L>KB> => :G:EH@[:L >GMK> E:L OBLBHG>L => LBLM>F: LH<BH ><HE^@B<H R => LBLM>F: M>KKBMHKB:E  I:K:
?BG:EF>GM> =BL<NMBKE:B=>:=>E:M>KKBMHKB:EB=:= HEHJN>>LEHFBLFH E:<HGLMKN<<B^GLH<B:E=>E
M>KKBMHKBH 

 
-11'12#+1!-+.*#(-1

): M>HK[: @>G>K:E =>EHLLBLM>F:LG:<>:?BG:E>L => E:=Y<:=: => : MK:OYL =>E MK:;:CH =>E
;B^EH@H :E>FWG )N=PB@ OHG >KM:E:G??R  ;NL<:G=H IKBG<BIBHL OWEB=HL :IEB<:;E>L : MH=HL EHL
LBLM>F:L >G @>G>K:E =B<A: M>HK[: L> IK>H<NI: =>E >LMN=BH => E:L <HFIE>CB=:=>L HK@:GBS:=:L
+:O:KKH    :KK>M  ->E>L R ,=NF  =>?BG>G : LBLM>F: <HFH NG MH=H NGB?B<:=H  JN>
<HGLM: => <HFIHG>GM>L K>@NE:MHKBHL  BGM>K:<MBOHL > BGM>K=>I>G=B>GM>L  +:O:KKH  IW@BG:
 =>?BG>:LBLMema como “…un conjunto de elementos interrelacionados y que presentan un
cierto carácter de totalidad más o menos organizada”.

):M>HK[:@>G>K:E=>EHLLBLM>F:L LBG>F;:K@H GHIN>=>K>>FIE:S:K:E:LM>HK[:LI:KMB<NE:K>L=>


E:L=>FWL<B>G<B:L R:JN>>LMHIKH=N<BK[:NG:BGM>@K:<B^GLBG<HGM>GB=HRO:<[: K>LNEM:G=H>G
NG:@>G>K:EBS:<B^G=>F:LB:=H:FIEB:IHK>LM:K:S^G >L?NG=:F>GM:E;NL<:KNG@K:=H^IMBFH
=>@>G>K:EB=:=FWL:FIEBHJN>EH>LI><[?B<HLBGLB@GB?B<:=H RFWL>LI><[?B<HJN>EH@>G>K:E
LBG<HGM>GB=HHNE=BG@  

0>@`G +:O:KKH   >L ?NG=:F>GM:E JN> >E I>GL:FB>GMH LBLMYFB<H :LNF: <BG<H M>F:L
?NG=:F>GM:E>L

  N:EJNB>K?>G^F>GH?HKF:I:KM>=>NGLBLM>F: RIHM>G<B:EF>GM>IN>=>L>KNGLBLM>F: 
  "E >LMN=BH => EHL LBLM>F:L L> BGM>K>L: >G EHL IKH;E>F:L => K>E:<B^G  => >LMKN<MNK:L R =>
BGM>K=>I>G=>G<B:  "E >GM>G=BFB>GMH => NG LBLM>F: GH =>I>G=> => E:L <:K:<M>K[LMB<:L
<HGLM:GM>L=>LNL>E>F>GMHL LBGHFWL;B>G =><^FHL>K>E:<BHG:GEHLLN;LBLM>F:LJN>EH
<HG?HKF:G R=><^FH>LMY=B<AHLBLM>F:HK@:GBS:=H 
  ): HK@:GBS:<B^G => NG LBLM>F:  R LNL IKH<>LHL IKHIBHL => BGM>KK>E:<BHG>L >
BGM>K=>I>G=>G<B:L IKH=N<>GIKHIB>=:=>L>LI><[?B<:L=>>L>LBLM>F: EE:F:=:LIKHIB>=:=>L
>F>K@>GM>L  ):L IKHIB>=:=>L >F>K@>GM>L => NG LBLM>F: GH LHG =>=N<B;E>L => E:L
IKHIB>=:=>L => LNL >E>F>GMHL IHK L>I:K:=H  R => A><AH  IN>=>G FH=B?B<:K : =B<AHL
>E>F>GMHL 
  )HL LBLM>F:L =>;>G L>K >LMN=B:=HL =>L=> >E I:K:=B@F: => EHL LBLM>F:L <HFIE>CHL 
BGM>@K:G=HLN<:K:<M>K[LMB<:6JIDDG<6C>O68>TC*NGGY HG:8JGH>TCDG<6C>O68>DC6A*HKBG 
H6JIDED>:H>H*:MNK:G:R3:K>E:  
  :=:LBLM>F:IHL>>INGMHL=HG=>IN>=>L>KBG?EN>G<B:=H RJN>IN>=>G:EM>K:KEH +HMH=HL
>LMHL INGMHL IHL>>G >E FBLFH @K:=H => BG?EN>G<B:  :E@NGHL => >EEHL IN>=>G M>G>K NG:
BG?EN>G<B:MK:L<>G=>GM:E 

 
)HLLBLM>F:LL>IN>=>G<E:LB?B<:K=>O:KB:LF:G>K:L !>:<N>K=H:EHL?ENCHL=>F:M>KB: >G>K@[:
> BG?HKF:<B^G EHL LBLM>F:L IN>=>G L>K :BLE:=HL LBG GBG@`G MBIH => BGM>K<:F;BH  <>KK:=HL
BGM>K<:F;BH => >G>K@[: H :;B>KMHL BGM>K<:F;BH => F:M>KB:  >G>K@[: > BG?HKF:<B^G  )HL
LBLM>F:L M:F;BYG IN>=>G L>K >GM>G=B=HL >G ?NG<B^G => LN @K:=H => >JNBEB;KBH  -KB@H@BG> EHL
<E:LB?B<: >G LBLM>F:L >G >JNBEB;KBH  LBLM>F:L <>K<: =>E >JNBEB;KBH  R LBLM>F:L :E>C:=HL =>E
>JNBEB;KBH-KB@H@BG> +B<HEBLR-KB@H@BG> -KB@H@BG>R0M>G@>KL *NGGY 
$B:FIB>MKH /:FHL*:KM[G  =B<BHG:EF>GM> IN>=>GL>K<E:LB?B<:=HL>G:;LMK:<MHLR
K>:E>L  )HL LBLM>F:L K>:E>L LHG EHL JN> >QBLM>G BG=>I>G=B>GM>F>GM> =>E H;L>KO:=HK  FB>GMK:L
JN> EHL LBLM>F:L :;LMK:<MHL LHG <HGLMKN<MHL LBF;^EB<HL  JN> IN>=>G K>IK>L>GM:K : NG LBLM>F:
K>:E I>KHJN>K>LNEM:G=>E:K>E:<B^GNGH;L>KO:=HK<HGNGLBLM>F:+:O:KKH  !>:<N>K=H
: *HKBG   :E L>K E: B=>: => LBLM>F: NG IKH=N<MH => E: :;LMK:<<B^G ANF:G:  MH=HL EHL
LBLM>F:L LHG :;LMK:<MHL  "LMH `EMBFH  R: ?N> =BL<NMB=H IHK /H;>KM /HL>G >G LNL =BO>KL:L
IN;EB<:<BHG>L  <HFH >E IK>=B<:F>GMH >IBLM>FHE^@B<H => E: <HFIE>CB=:=  !B<AH IK>=B<:F>GMH
<HGLBLM>>GJN>NGLBLM>F:<HFIE>CH>LK>IK>L>GM:=H=>F`EMBIE>LRE>@[MBF:LF:G>K:L IHKNG:
IH;E:<B^G => H;L>KO:=HK>L GH >JNBO:E>GM>L  JN> : MK:OYL => E: <HGLMKN<<B^G => F`EMBIE>L
FH=>EHL =>E FNG=H  IKH<NK:G K>IK>L>GM:K LNL IKHIB:L BGM>K:<<BHG>L /HL>G    
$B:FIB>MKH /:FHL*:KM[G 

): M>HK[: @>G>K:E => EHL LBLM>F:L  LBG >F;:K@H  L> LHLMB>G> >G EHL FBLFHL I:K:=B@F:L
IHLBMBOBLM:L IHKEHJN>>EL:EMH<N:EBM:MBOHA:<B:E:L<B>G<B:L=>E:<HFIE>CB=:=BFIEB<:M:F;BYG
NG<:F;BH=>I:K:=B@F:>EI:K:=B@F:=>EHLLBLM>F:L<HFIE>CHL*HKBG  

!>:<N>K=H:*HKBG >EIKH;E>F:=><HG<>;BK:NGLBLM>F:>G>EF:K<H=>EI:K:=B@F:
IHLBMBOBLM:IKH=N<>NG:OBLB^GAHE[LMB<: >L=><BK >GM>G=>K:ELBLM>F:<HFHNGMH=HBG=BLHEN;E> 
JN>GB>@:LNLI:KM>L E:LBGM>K:<<BHG>L>GMK>YLM:L R=>YLM:L<HG>EMH=H "LM><:F;BHA:<B:NG
I:K:=B@F:GHAHE[LMB<H>L?NG=:F>GM:EI:K:<HFIK>G=>KE:<HFIE>CB=:==>EHLLBLM>F:LR=>
LNL K>E:<BHG>L  LN <:I:<B=:= => :NMHHK@:GBS:<B^G *NGGY    H EH JN> >L EH FBLFH  LN
K><NKLB^GHK@:GBS:<BHG:E*HKBG  >L=><BK JN>EHLLBLM>F:LL>:NMHKK>@NE:GRFH=B?B<:G 
EHL>E>F>GMHLFH=B?B<:G:EMH=H R>EMH=H:EHL>E>F>GMHL 

Arthur Koestler, en su libro “The Ghost in the Machine” publicado en 1967, propone la idea de
EH JN> YE =>GHFBG: "DATC  "LM: <HG<>I<B^G L> K>?B>K> : NG LBLM>F: >G >E <HGM>QMH => NG:
C>K:KJN[:  > BFIEB<: JN> NG LBLM>F: >L NG: >GMB=:= JN> >L I:KM> => NG: C>K:KJN[:  R JN> >LMW
N;B<:=H>GNGGBO>E>LI><[?B<H=>YLM:4BE;>K  2G"DATC >GMHG<>L >LNG:>GMB=:=JN>>L
NGMH=H JN>:LNO>S<HGMB>G>:HMK:L>GMB=:=>LI>KM>G><B>GM>L:GBO>E>LC>KWKJNB<HLBG?>KBHK>L

 
E:L JN> M:F;BYG LHG AHEHG>L  R JN>  IHK HMKH E:=H  >L <HGM>GB=: IHK GBO>E>L C>KWKJNB<HL
LNI>KBHK>L$B:FIB>MKH  2GAHE^GIHKM:GMH <HGMB>G>:HMKHLAHEHG>L R>LI:KM>=>NG
AHE^G 

2G AHE^G IN>=> HI>K:K >G FWL => NG: >L<:E: >LI:<BHM>FIHK:E  >L =><BK  JN> NG AHE^G HI>K:
<HFH NG MH=H >G NG: >L<:E: >LI:<BHM>FIHK:E  R LNL I:KM>L >G HMK:L $B:FIB>MKH    -HK
>C>FIEH NGL>KANF:GHOBO>O:KB:L=Y<:=:L LBG>F;:K@H E:L<YENE:LJN>?HKF:GE:FN<HL:=>
LN>LM^F:@HOBO>G>GIKHF>=BH=[:L FB>GMK:LJN>E:L<YENE:L=>LNIB>EOBO>G>GIKHF>=BH
<:MHK<> =[:L  H  =[:L LNL @E^;NEHL KHCHL  "G >L> <HGM>QMH  >E LBLM>F: <N>KIH ANF:GH >L
>GM>G=B=H<HFHI:KM>=>NG:C>K:KJN[: IHKJN>HI>K:>G=B?>K>GM>L>L<:E:L>LI:<BHM>FIHK:E>L 
"LMHLB@GB?B<:JN>NGLBLM>F:NAHE^GI>KM>G><>:NG:C>K:KJN[:<N:G=HE:LHK@:GBS:<BHG>L=>
YLM>  R => :E F>GHL NG: => LNL I:KM>L  L> IKH=N<>G >G >L<:E:L >LI:<BHM>FIHK:E>L =B?>K>GM>L
$B:FIB>MKH  

):L K>E:<BHG>L JN> L> =:G >GMK> EHL AHEHG>L @>G>K:EF>GM> LHG FN<AH FWL <HFIE>C:L JN> E:L
K>E:<BHG>L EBG>:E>L => <:NL: R >?><MH #HKK>LM>K    "G >L> <HGM>QMH  >L FN<AH FWL
<HGO>GB>GM> A:;E:K => HK@:GBS:<B^G  JN> => >LMKN<MNK:  "E MYKFBGH HK@:GBS:<B^G BFIEB<:
K>E:<BHG>L =BGWFB<:>BGM>K<:F;BH<HG>E>QM>KBHK FB>GMK:LJN>>LMKN<MNK:BFIEB<:BGFHOBEB=:= 
>L :L[ JN> E: GH<B^G => LBLM>F: N AHE^G BFIEB<: MK>L <HG<>IMHL LBLM>F:  BGM>K:<<BHG>L R
HK@:GBS:<B^G*HKBG #B@NK:  

 
><JG6 6JID
<:CD
;:CD
:8D
G:
DG<6C>O68>TC9:ADHH>HI:B6H


#N>GM>=:IM:=H=>*HKBG IW@BG:


):<HFIE>CB=:=KHFI><HGE:<HG<>I<B^G=>NG:K>:EB=:=HK=>G:=: I>K?><M:R:KFHGBHL:E:L
IKHIB>=:=>L <N:EBM:MBO:L => EHL LBLM>F:L <HFIE>CHL <:HMB<B=:=  ?K:<M:EB=:=  <:M:LMKH?BLFH R
;HKKHLB=:= K>O>E:G NG NGBO>KLH <:^MB<H  #KB>=KB< *NGGY      E:L =>L<KB;>
=>M:EE:=:F>GM>

  ): <:HMB<B=:= L> K>?B>K> : NG: K>:EB=:= : E: O>S <:^MB<: R HK=>G:=:  "E <:HL >LMW
IKH?NG=:F>GM>=BL<NMB=H>G>EEB;KH=>-KB@H@BG>R0M>G@>KL)G9:GDJID;=6DH 
)HL ?>G^F>GHL <HFIE>CHL  LHG >G >L>G<B:  ?>G^F>GHL EBG>:E>L  )HL LBLM>F:L <:^MB<HL
JN>M:F;BYGLHGAHEHG>LL><:K:<M>KBS:GIHKL>KABI>KL>GLB;E>L:<N:EJNB>KO:KB:<B^G>G
LNL<HG=B<BHG>LBGB<B:E>L EHJN>A:<>JN>LNLK>LNEM:=HLL>:GBFIK>=><B;E>L:F>=B:GHR
E:K@HIE:SH I>L:K=>LN:I:K>GM>=>LHK=>G LNHK@:GBS:<B^G>LMW=>M>KFBG:=:IHKNG
?>G^F>GH<HGH<B=H<HFH:MK:<MHK>QMK:]H ?>G^F>GH=>L<N;B>KMHIHK)HK>GS>G "E
:MK:<MHK >QMK:]H A: LB=H =>GHFBG:=H => >LM: F:G>K:  IHKJN> :E @K:?B<:K NG LBLM>F:

 
<:^MB<H >G NG =B:@K:F: => ?:L>L  EHL =:MHL L> <HG<>GMK:G >G NG: H O:KB:L SHG:
>LI><[?B<: => YLM>  <HFHLB?N>K:G:MK:[=HL A:<B::EE[ ?HKF:G=H NG G`F>KH BG?BGBMH =>
<NKO:L R LNI>K?B<B>L JN> GNG<: L> MH<:G  R I:K:=^CB<:F>GM> >LMWG <HGM>GB=:L >G NG
>LI:<BH ?BGBMH >E WK>: =>E @KW?B<H +:O:KKH    ): B=>: =>E :MK:<MHK >QMK:]H >LMW
[GMBF:F>GM> EB@:=: :E <HG<>IMH >OHENMBOH =>E :FJ>A>7G>D EJCIJ69D => EHL I:E>HGM^EH@HL
$HNE= R "E=K>=@>  "LM> <HG<>IMH LHLMB>G> JN> E: >OHEN<B^G GH LB@N> NG KBMFH >LM:;E> 
LBGHJN>E:>LI><B:<B^G>LNG:LN>KM>=>L:EMH JN>L>IKH=N<><N:G=HL>A:G:<NFNE:=H
FN<AHL I>JN>]HL <:F;BHL IHK NG I>K[H=H => MB>FIH E:K@H "E=K>=@> R $HNE=  
$HNE=R"E=K>=@>  

-HKHMKHE:=H >LMHLAHEHG>LL>:NMHHK@:GBS:G @>G>K:G=HNGHK=>G >L=><BK JN>LHG


<:I:<>L=>IKH=N<BKHK=>G:I:KMBK=>E<:HL "E:I:K>GM>=>LHK=>G=>E<:HL <:K:<M>K[LMB<H
=>EHLLBLM>F:L<:^MB<HL GH>LK>:E M:GL^EHLB@GB?B<:JN>>E<HGH<BFB>GMHANF:GH>G>L>
FHF>GMH GH >L <:I:S => >GM>G=>KEH /HL>G     *HKBG    *NGGY  
LHLMB>G>JN>>LM>IKH<>LH:NMHHK@:GBS:=HK >L>JNBO:E>GM>:EFBLFH?>G^F>GHEE:F:=H
:NMHIHB>LBLIHK*:MNK:G:R3:K>E: >LMKN<MNK:L=BLBI:MBO:LIHK-KB@H@BG>R0M>KGL
 RK><NKLBOB=:=IHK*HKBG>GLNL=B?>K>GM>LM>QMHL:I:KMBK=> I>L:K=>
L>K E: :NMHIHB>LBL R E: :NMHHK@:GBS:<B^G <HG<>IMHL LBFBE:K>L  >L BFIHKM:GM>
=B?>K>G<B:KEHL )::NMHIHB>LBLL>K>?B>K>:E:<:I:<B=:==>:NMHIKH=N<BKL>=>EHLLBLM>F:L
OBOHL  >L =><BK  : E: :NMH@>G>K:<B^G => LNL IKHIBHL <HFIHG>GM>L *:MNK:G: R 3:K>E: 
 *BG@>KL    ): :NMHIHB>LBL  IHK M:GMH  >L NG: <:K:<M>K[LMB<: => EHL LBLM>F:L
OBOHL FB>GMK:L JN> E: :NMHHK@:GBS:<B^G >L NG ?>G^F>GH IK>L>GM> >G EHL LBLM>F:L
<:^MB<HL L>:G>LMHLOBOHLHGHOBOHL 

  ):?K:<M:EB=:=L>K>?B>K>:JN>E:K>:EB=:=>LK>@NE:K>BKK>@NE:K:E:O>S >L=><BK JN>E:


K>:EB=:= >LMW M:F;BYG <HFIN>LM: => K>@NE:KB=:=>L > BKK>@NE:KB=:=>L  E:L JN> LHG
=>L<KBM:L IHK E: @>HF>MK[: ?K:<M:E =>L:KKHEE:=: IHK >GBHM *:G=>E;KHM   ):
I:K:=HC:=>E:@>HF>MK[:?K:<M:E RIHKM:GMH=>E:LK>@NE:KB=:=>L>BKK>@NE:KB=:=>L=>E:
K>:EB=:= >LJN>:I:KMBK=>NG:L<HG=B<BHG>LBGB<B:E>LL>IKH=N<>GIKH<>LHL=>BM>K:<B^G
R=>K:FB?B<:<B^G JN>@>G>K:GK>LNEM:=HLB@N:E>LBG=B?>K>GM>F>GM>=>LNL>L<:E: LB>G=H
LB>FIK> =BLMBGMHL : E: O>S  "LMH LB@GB?B<: JN> >G E: K>:EB=:=  : E: O>S EH K>@NE:K >L
BKK>@NE:K REHBKK>@NE:K>LK>@NE:K ):L=BF>GLBHG>L=>EHL?K:<M:E>LLHG?K:<<BHG:KB:L R
GH>GM>K:L >L=><BK JN>>LMWG>GMK>=BF>GLBHG>L R>GNG:=BF>GLB^G>LI><[?B<::E:O>S 

 
-HK HMKH E:=H  EHL ?K:<M:E>L L> <:K:<M>KBS:G IHK LN :NMHLBFBEBMN=  >L =><BK  JN> E:L
>LMKN<MNK:L <HGM>GB=:L >G E: MHM:EB=:= LHG LBFBE:K>L : YLM:  I>KH GH B@N:E>L  R >LM:L
>LMKN<MNK:L<HGMB>G>G:LNO>SLN;>LMKN<MNK:L JN>M:F;BYGLHGLBFBE:K>L:E:MHM:EB=:=R
: E:L >LMKN<MNK:L JN> E:L <HGMB>G>G  I>KH GH LHG B@N:E>L R => >LM: F:G>K: L> IN>=>
<HGMBGN:K BG?BGBM:F>GM> => A><AH  EHL :MK:<MHK>L >QMK:]HL  L> <HGH<>G M:F;BYG <HFH
:MK:<MHK>L?K:<M:E>L+:O:KKH  

  ): ;HKKHLB=:= L> K>?B>K> : JN> E: K>:EB=:= >L ;HKKHL: R <HGMK:=B<MHKB: : E: O>S  "LMH
LB@GB?B<: JN>LB;B>GIN>=>>LM:K<E:KH>E<HGCNGMHLBLM>F:NAHE^G:EJN>I>KM>G><>NG
AHE^G >LBFIHLB;E>=>?BGBK<E:K:F>GM>EHLE[FBM>L=>=B<AH<HGCNGMH >L=><BK JN>YLMHL
LHG ;HKKHLHL  !> >LM: F:G>K:  NG FBLFH AHE^G IN>=> I>KM>G><>K : E: O>S : =HL
<HGCNGMHL EHL JN> M:F;BYG LHG AHEHG>L  EH JN> KHFI> <HG E: OBLB^G =B<HM^FB<: =>E
NGBO>KLH<:K:<M>K[LMB<:=>E:<B>G<B:IHLBMBOBLM: ):L<HL:LIN>=>GL>K;E:G<:LRHG>@K:L 
I>KH M:F;BYG IN>=>G L>K => NG: @:F: BG?BGBM: => @KBL>L  ): BKHG[: => E: ;HKKHLB=:= 
según Munné (2004, página 27), radica en que “…Paradójicamente, la boKKHLB=:=
LB@GB?B<:JN>NG?>G^F>GHMB>G>LNLE[FBM>L=B?NFBG:=HL I>KHGHJN><:K>S<:=>?H<HL
(nitidez) ni aun de límites. La contradicción borrosa hace más compleja la realidad”.
"LMWE^@B<:=B?NL:>LE:;:L>=>EHLFYMH=HL=>E:"O:EN:<B^G0H<B:E*NEMB<KBM>KBH <HFH
+&!"*NG=:   
  "E <:M:LMKH?BLFH L> K>?B>K> : E: <:I:<B=:= => NG AHE^G => F:GM>G>K LN >LM:;BEB=:=
?K>GM> : <:F;BHL K>I>GMBGHL  ): M>HK[: => E:L <:MWLMKH?>L ?N> =>L:KKHEE:=: IHK />GY
1AHF   !> :<N>K=H : >LM: M>HK[:  EHL LBLM>F:L <HFIE>CHL IHL>>G INGMHL =>
BG>LM:;BEB=:= BGM>KGHL  EHL JN> LHG : E: O>S INGMHL => ;B?NK<:<B^G  >L =><BK  JN> >G
>LMHL INGMHL =>M>KFBG:G >E <:FBGH JN> LB@N> NG LBLM>F:  -HK >C>FIEH  >E INGMH =>
>;NEEB<B^G=>E:@N:>LE:;B?NK<:<B^G>GE:JN>NGLBLM>F:E[JNB=HL>F:GMB>G>>G>LM>
>LM:=H H I:L: :E >LM:=H @:L>HLH  "LM:L ;B?NK<:<BHG>L F:K<:G EH JN> -KB@H@BG> EE:F:
G6B6HI:GBD9>CPB>86H >LMHLB@GB?B<:JN>EN>@H=>NG:;B?NK<:<B^GA:R<:FBGHLJN>R:
GH >LMWG =BLIHGB;E>L H JN> GH LHG OB:;E>L  =>;B=H : E: BKK>O>KLB;BEB=:=
M>KFH=BGWFB<: JN>L>=>KBO:=>>L:;B?NK<:<B^G-KB@H@BG> "E=K>=@>R$HNE= 
+B<HEBLR-KB@H@BG> -KB@H@BG>R0M>G@>KL /:FHL*:KM[G  

2G AHE^G L> :<HIE: <HG LNL I:KM>L => ?HKF: O>KMB<:E :<HIE:FB>GMHL O>KMB<:E>L  R LNL
<HFIHG>GM>LL>:<HIE:G>GMK>L[=>?HKF:AHKBSHGM:E:<HIE:FB>GMHLAHKBSHGM:E>L$B:FIB>MKH 
 *HKBG<:K:<M>KBS:>LM:LK>E:<BHG>L=>E:LB@NB>GM>F:G>K:

 
 "EMH=HHEHJN>>LEHFBLFHNGAHE^G>LFN<AHFWLJN>E:LNF:=>LNLI:KM>L=>;B=H:
LNLIKHIB>=:=>L>F>K@>GM>L 
 "EMH=H>LF>GHLJN>E:LNF:=>LNLI:KM>LRE:LI:KM>LIN>=>GL>KFWLJN>>EMH=H>E
MH=HBGAB;>:E@NG:L=>E:L<:K:<M>K[LMB<:LRIKHIB>=:=>LIKHIB:L=><:=:NG:=>LNLI:KM>L 
IHKEHJN>YLM:LIN>=>GL>KFWLJN>>EMH=H<N:G=HGH>LMWG;:CHLNK>@NE:<B^G 
 "EMH=H>LFN<AHFWLJN>>EMH=H>L=><BK JN>>EMH=HMB>G>NG:HK@:GBS:<B^G=BGWFB<: >L
FN<AHFWLJN>NG:>GMB=:=@EH;:ENAHE[LMB<:=>;B=H:E:K><NKLB^GHK@:GBS:<BHG:E 
 "EMH=H >L F>GHLJN> >EMH=H =>GMKH =>E MH=HA:R SHG:LHL<NK:L > BG<HFIK>GLBHG>L A:R
<BLF:LRKNIMNK:L>GMK>EHK>IKBFB=HREH>QIK>L:=H "EMH=H>LBG<HGL<B>GM>=>LNLI:KM>L 
I>KH LNL I:KM>L M:F;BYG LHG BG<HGL<B>GM>L =>E MH=H  -HK >C>FIEH  NG BG=BOB=NH GH >L
<HGL<B>GM>=>E:MHM:EB=:=LH<B:EE:LH<B>=:= I>KHE:LH<B>=:=:LNO>S>LBG<HGL<B>GM>=>
OBO>G<B:L>BGM>K:<<BHG>L=>EHLBG=BOB=NHL 
 "EMH=H>LNG:BG<>KMB=NF;K>>LBFIHLB;E>:BLE:K<HG<>KM>S:NGLBLM>F:=>HMKHLLBLM>F:L 
IN>LMH=H LBLM>F:<HGMB>G> : HMKHL LBLM>F:L  R:LN O>S>LMW:GB=:=H >G HMKHL LBLM>F:L
JN>EH <HGMB>G>G:L[ IHK >C>FIEH  :EA:;E:K => EHL L>K>L ANF:GHLf<NWE>L >ELBLM>F:E:
I>KLHG: E:LH<B>=:=HE:>LI><B>
 "EMH=H>L<HG?EB<MBOHMH=HLBLM>F:<HGMB>G>?N>KS:L:GM:@HGBLM:LJN>EH<HG?HKF:G ?N>KS:L
JN>:E:O>SL>IHM>G<B:GRG>NMK:EBS:G JN>L><HGMKHE:GRL>K>@NE:G RJN>IKH=N<>GLN
:NMHHK@:GBS:<B^G "LM:L?N>KS:L:GM:@HGBLM:LL><HGH<>G<HFHK>?N>KSHLIHLBMBO>?>>=;:<D
EHHILR<HGMKHE>LG>@:MBO>?>>=;:<DEHHIL/:FHL*:KM[G  
 ):L I:KM>L LHG : E: O>S F>GHL R FN<AH FWL JN> E:L I:KM>L  >LMH =>;B=H : E: FBLF:
K><NKLBOB=:=HK@:GBS:<BHG:E 

2G:C>K:KJN[:L:EN=:;E> >L=><BK E:JN>>L<:I:S=>F:GM>G>KLN>QBLM>G<B: L>KW:JN>EE:=HG=>


E:<H>QBLM>G<B:=>E:LBGM>GLB=:=>L=>EHL:<HIE:FB>GMHLO>KMB<:E>LRAHKBSHGM:E>L GH:F>G:<>E:
<HFIE>CB=:==>E:C>K:KJN[:>GLNMHM:EB=:=>LMHLB@GB?B<: JN>>GMH=HAHE^G>QBLM>>GNG:=H;E>
M>GLB^G E: => F:GM>G>KL> : L[ FBLFH  R : E: O>S  E: => F:GM>G>K E: >LM:;BEB=:= => EHL HMKHL
GBO>E>LC>KWKJNB<HL R:L>:G>LMHLLNI>KBHK>LHBG?>KBHK>L$B:FIB>MKH  ):>QBLM>G<B:=>NG
AHE^GBFIEB<:JN>YLM>IHL>>NG:<HG?EB<MBOB=:=BGMK[GL><:>EMH=H>L<HG?EB<MBOH*HKBG  
$B:FIB>MKH  I:K: K>?>KBKL> : >LM> ?>G^F>GH NMBEBS:  M:GMH >E MYKFBGH 9D7A: 6H>B:IGR6
IKHIN>LMH IHK $K>G>   <HFH >E MYKFBGH :FJ>EDA:C8>6 IKHIN>LMH IHK &;>K:EE  0HH=:D R
K>GL;NK@ R>L>>L>E?NG=:F>GMH=>LNIKHIN>LM:=>NG>LMN=BHMK[:=B<HIG>69>8G:69>C<
=>EHLLBLM>F:L>EGBO>E?H<:EH+ E:HK@:GBS:<B^GBGM>KG:H+ H;E:<D;HQ R>E<HGM>QMHH+

 

 
HNE=BG@  IKHINLH NG: C>K:KJN[: I:K: EHL LBLM>F:L  >G ?NG<B^G => LN @K:=H =>
<HFIE>CB=:= 0>@`G,=NF:KK>MM:I6A  NG:C>K:KJN[:IN>=>L>K=>?BGB=:<HFHNG:L>KB>
=> <HFI:KMBFB>GMHL  <E:LB?B<:=HL =>E F:RHK :E F>GHK  H OB<>O>KL:  )HL LBLM>F:L FWL
HK@:GBS:=HL  LHG<:I:<>L => MK:GL?HKF:K NG:F:RHK <:GMB=:= =>>G>K@[: R >L: <:I:<B=:= =>
IKH<>L:KEHL?ENCHL=>>G>K@[: >LE:JN><HGLMBMNR>=B<A:C>K:KJN[: ):C>K:KJN[:=>EHLLBLM>F:L
=>HNE=BG@>GI:KMB<NE:K L><:K:<M>KBS:IHKJN><:=:GBO>E>LFWL<HFIE>CHJN>>E:GM>KBHK R
:=>FWLEH<HGMB>G> >LMH>LEHJN>L><HGH<><HFHNG:C>K:KJN[: >F;>;B=:H:GB=:=:G>LM>=
AB>K:K<ARHNE=BG@ ,=NF  *BG@>KL +:O:KKH 4BE;R 

  "LMKN<MNK:L>LMWMB<:LL>K>?B>K>:LBLM>F:L:BLE:=HL JN>L><:K:<M>KBS:G:=>FWLIHKJN>
LN>LM:=HGH<:F;B: IHK>C>FIEH NG<KBLM:E NG:?HMH@K:?[:HNGF:I: 
  0BLM>F:LLBFIE>L>G>JNBEB;KBHL>K>?B>K>:LBLM>F:L<>KK:=HL JN>LHG=BGWFB<HLRJN>
L>>G<N>GMK:G>G>JNBEB;KBH <HFHIHK>C>FIEH NGK>EHC 
  0BLM>F:L <B;>KGYMB<HL L> K>?B>K> M:F;BYG : LBLM>F:L <>KK:=HL  I>KH JN> IHL>>G
>LMKN<MNK:LJN>E>LI>KFBM>G<:IM:K>BGM>KIK>M:KBG?HKF:<B^GBGM>KG:=>EFBLFHLBLM>F: 
<HFHA:<>GIHK>C>FIEH EHLM>KFHLM:MHL 
  0BLM>F:L :;B>KMHL H >LMKN<MNK:L :NM^GHF:L : I:KMBK => >LM> GBO>E  EHL LBLM>F:L LHG
:;B>KMHL  R L> BGMKH=N<>G >G E: C>K:KJN[: EHL LBLM>F:L OBOHL LBLM>F:L :NMHIHBYMB<H  "E
<N:KMHGBO>EL>K>?B>K>:E:L<YENE:L :EGBO>EFWL;WLB<H=>HK@:GBS:<B^G=>E:OB=: >LMHL
LBLM>F:L LHG :NM^GHFHL  R L> =B?>K>G<B:G => LN >GMHKGH  I>KH :=>FWL IHL>>G E:
<:I:<B=:= => BGM>KIK>M:K BG?HKF:<B^G >QM>KG: :E LBLM>F:  R ?HKF:K NG: >LI><B> =>
>LMKN<MNK:=><HGH<BFB>GMH=>LN>GMHKGH 
  0BLM>F:L@>GYMB<H LH<B:E>LL>K>?B>K>:LBLM>F:L=>HK@:GBLFHLIENKB<>ENE:K>L >L=><BK :
HK@:GBLFHLJN>>LMWG?HKF:=HLIHKFWL=>NG:<YENE: <HFHIHK>C>FIEHE:LIE:GM:L 
"LMHL LBLM>F:L MB>G>G <HG?B@NK:<BHG>L <HFIEB<:=:L  <HG >LMKN<MNK:L >LI><B:EBS:=:L >G
=B?>K>GM>LMBIHL=>?NG<BHG>L I>KH:=>FWL=>?HKF:KNG:>LMKN<MNK:=><HGH<BFB>GMH=>
LN>GMHKGH <HGLB@N>GK>IK>L>GM:KNG:BF:@>GLBFIE>=>YLM> 
  0BLM>F:L:GBF:E>L>LMHLLBLM>F:LL><:K:<M>KBS:GIHKJN> :=>FWL=>L>KFNEMB<>ENE:K>L 
R >LM:K >G <:I:<B=:= => ?HKF:K BFW@>G>L FWL <HFIE>C:L =>E >GMHKGH  IHL>>G E:
<:I:<B=:==>:IK>G=>K 
  0BLM>F: ANF:GH E: =B?>K>G<B: ?NG=:F>GM:E => >LM> GBO>E K>LI><MH :E :GM>KBHK  >LMW >G
JN> EHL L>K>L ANF:GHL M>G>FHL <HGL<B>G<B: => GHLHMKHL FBLFHL  -HK HMKH E:=H 
IH=>FHLHK@:GBS:KE:BG?HKF:<B^G>GBFW@>G>LFN<AHFWL@K:G=>LR<HFIE>C:LJN>E:L
=>EHL:GBF:E>L <HFH>EE>G@N:C>HE:LB=>:L=>I:L:=H IK>L>GM>R?NMNKH 

 
  0BLM>F:L LH<BH<NEMNK:E>L>LM>GBO>E>LMW?HKF:=HIHK <HE><MBOHL =>L>K>LANF:GHL  LBG
>F;:K@H  LN NGB=:= GH LHG E:L I>KLHG:L  LBGH >E KHE JN> <:=: BG=BOB=NH MB>G> >G >E
<HE><MBOH 
  0BLM>F:LMK:L<>G=>GM:E>L>LM>>L>EGBO>E=>EH=>L<HGH<B=H =HG=>K:=B<:GE:LIK>@NGM:L
LBGK>LIN>LM:L 

I:KMBK=>EM>K<>KGBO>EL>>G<N>GMK:NG?>G^F>GHBFIHKM:GM>E:>G=H >QH <:NL:EB=:= >L=><BK 


JN>>E>LM:=HBGM>KGH=>NGLBLM>F:>LMW=>M>KFBG:=HIHK?:<MHK>L>QM>KGHL:YLM> -HK>C>FIEH 
NG: A:;BM:<B^G L> <:EB>GM: IHKJN> ?N>K: => >EE: A:<> ?K[H NG ?:<MHK >Q^@>GH  >LMH :<MBO: NG
LBLM>F:=><:E>?:<<B^G<HGMKHE:=HIHKNGM>KFHLM:MH JN><HGMKHE:E:M>FI>K:MNK:BGM>KG:=>>L:
A:;BM:<B^G NG?:<MHK >G=^@>GH  R E: F:GMB>G> >G NG>LM:=H<HGLM:GM> F>=B:GM> NG;N<E>=>
K>MKH:EBF>GM:<B^GG>@:MBOH=>>LM:F:G>K:E:M>FI>K:MNK:=>E:A:;BM:<B^G=>I>G=>KW:E:O>S
=>?:<MHK>L>G=^@>GHLR>Q^@>GHL*HKBG  

!> :<N>K=H : 4BE;R   >E :HFJ:A:ID 9: ADH H>HI:B6H => HNE=BG@ :;:K<: <N:MKH >LMKN<MNK:L
LN;R:<>GM>L

  ):IKBF>K:>LMKN<MNK:>QIEB<:E:<HFIE>CB=:=<K><B>GM>=>EHL?>G^F>GHL 
  ):L>@NG=:>LMKN<MNK:=>L:KKHEE:GBO>E>L<:=:O>SFWL<HFIE>CHL >L=><BK JN>NGGBO>E
LNI>KBHK G><>L:KB:F>GM>L>KWFWL<HFIE>CHJN>EHLGBO>E>L:GM>KBHK>L 
  ): M>K<>K: >LMKN<MNK:  >G <:F;BH  =>L:KKHEE: I:K: <:=: NGH => EHL GBO>E>L  FH=>EHL =>
LBLM>F:L<:=:O>SFWL<HFIE>CHL "L=><BK JN>NGFH=>EHJN>K>IK>L>GM::NGAHE^G=>
NGGBO>E=>M>KFBG:=H IHK=>?BGB<B^G L>KWFWL<HFIE>CHJN>NGFH=>EHJN>K>IK>L>GM:
:NGAHE^G=>NGGBO>EBG?>KBHK 
  ):<N:KM: ?BG:EF>GM> L>K>?B>K>:E:<HFIE>CB=:=<K><B>GM>=>E:LBFW@>G>L=>ENGBO>KLH
<K>:=:L IHK EHL =B?>K>GM>L AHEHG>L => <:=: GBO>E =>E >LJN>E>MH  ):L BFW@>G>L => EHL
AHEHG>L=>GBO>E>LLNI>KBHK>LL>KWG IHKM:GMH FWL<HFIE>C:LJN>E:L=>EHLAHEHG>L=>
GBO>E>LBG?>KBHK>L -HKHMKHE:=H >LM:LBFW@>G>LLHG=>I>G=B>GM>L=>EH;L>KO:=HKJN>
>LM:F;BYGNGAHE^G<HG:<HIE:FB>GMHLAHKBSHGM:E>LRO>KMB<:E>L >L=><BK JN>>EGBO>E
=> E: C>K:KJN[: => EHL LBLM>F:L >G >E JN> >LMY NG H;L>KO:=HK  =>M>KFBG: <^FH YLM>
I>K<B;>RIKH<>L:E:BG?HKF:<B^GK>?>K>GM>:>L>GBO>E>LI><[?B<H RM:F;BYG E:K>?>K>GM>:
EHLHMKHLGBO>E>L 

):C>K:KJN[:=>HNE=BG@K>IK>L>GM:NGI:LH<E:O>>G>E>LMN=BH=>EHLLBLM>F:L IHKJN>?N>NGH
=>EHLIKBF>KHLBGM>GMHL=>HK@:GBS:KEHL RM:F;BYGIHKJN>>LNG:>LMKN<MNK:JN>MK:L<B>G=>EHL

 
E[FBM>L>QBLM>GM>L>GMK>E:L=B?>K>GM>L<B>G<B:LLBG>F;:K@H GH>LMW<E:K:E:>L<:E:JN>NL:I:K:
F>=BK>E@K:=H=><HFIE>CB=:=*BG@>KL  

"L M:F;BYG GHMHKBH JN> HNE=BG@ GH BGM>@K:  E: =BF>GLB^G ><HE^@B<: >G LN >LJN>E>MH  E L>K
LBLM>F:L :;B>KMHL  MH=HL EHL LBLM>F:L OBOHL BG<ENB=HL GHLHMKHL  EHL L>K>L ANF:GHL  >LM:FHL
[GMBF:F>GM>EB@:=HL:GN>LMKH>GMHKGH?[LB<H :L[<HFH:EHLHMKHLHK@:GBLFHLOBOHL )HL?ENCHL
<HGLM:GM>L=>BG?HKF:<B^G >G>K@[:RF:M>KB:>GE:S:G:EHL=B?>K>GM>LLBLM>F:LOBOHLNGHL<HG
HMKHL :L[<HFHM:F;BYG<HGEHLLBLM>F:LGHOBOHL >GNGMBIH=>AHE^GEE:F:=H:8DH>HI:B6 

,=NF R :KK>M  =>?BG>G : ><HLBLM>F: <HFH E: NGB=:= ;WLB<: => E: C>K:KJN[: ><HE^@B<: 
IN>L <HGMB>G> MH=HL EHL <HFIHG>GM>L ;BHE^@B<HL R ?[LB<HL G><>L:KBHL I:K: E: LNI>KOBO>G<B: >L
:L[  JN> NG ><HLBLM>F: >L NG: NGB=:= ?NG<BHG:E <HG >GMK:=:L R L:EB=:L  R LNL E[FBM>L LHG
;HKKHLHL  <HFH >G MH=HL EHL LBLM>F:L <HFIE>CHL  ,=NF   =>?BG> : ><HLBLM>F: <HFH
“…8J6AFJ>:G JC>969 FJ: >C8AJN6 6 ID9DH ADH DG<6C>HBDH A6 8DBJC>969 7>TI>86 9: JC PG:6 9696  FJ:
>CI:G688>DC6 8DC HJ 6B7>:CI: ;RH>8D  9: B6C:G6 FJ: JC ;AJ?D 9: :C:G<R6 8DC9J8: 6 :HIGJ8IJG6H 7>TI>86H
9:;>C>96H8DC8A6G>969 NG:8>8A69D9:B6I:G>6:CIG:8DBEDC:CI:HK>KDHNH>CK>96:HJCH>HI:B6:8DAT<>8DD
:8DH>HI:B6 HBPHFJ:JC6JC>969<:D<GP;>86D:8DGG:<>TC:HJC6JC>9699:AH>HI:B6;JC8>DC6A 8DC
entradas y salidas, y límites que pueden ser naturales o arbitrarios” )HLBHLBLM>F:L,=NFR:KK>MM 
  IHK HMKH E:=H  GH LHG G:=: FWL JN> >E K>LNEM:=H => E: BGM>K:<<B^G => EHL <HFIHG>GM>L
;B^MB<HL <HGEHL<HFIHG>GM>L:;B^MB<HL 

 
><JG6 (>K:A:H:8DAT<>8DHG:HJAI69D9:A6>CI:G688>TC9:;68IDG:H7>TI>8DH8DC67>TI>8DH

J:CI:96EI69D9:)9JBN6GC:II   EP<>C6

:KG>MM >M :E  IKHIHG>G NG: C>K:KJN[: HK@:GBS:<BHG:E  I:K: EHL LBLM>F:L OBOHL H
;BHLBLM>F:L  1H=HL EHL GBO>E>L >LMWG :MK:O>L:=HL IHK LB>M> IKH<>LHL => ?HKF: MK:GLO>KL:E
>G>K@[:  >OHEN<B^G  =>L:KKHEEH  K>@NE:<B^G  <HFIHKM:FB>GMH  =BO>KLB=:= > BGM>@K:<B^G  "LM:
C>K:KJN[:<HGLM:=>GBO>E>L R:EB@N:EJN>>GE:C>K:KJN[:=>HNE=BG@ <:=:NGH<HGMB>G>:E
:GM>KBHK LBG>F;:K@H >LBFIHKM:GM>GHM:KJN>LNGBO>EFWL;WLB<H >JNBO:E>:E<N:KMHGBO>E=>E
>LJN>E>MH=>HNE=BG@ 

):'>K:KJN[:=>EHL;BHLBLM>F:LBGMKH=N<>E:B=>:=>:8TH;:G6 JN>>LNG:B=>:FWL:FIEB:JN>E:
=>;B^L?>K: ):;B^L?>K:L>K>?B>K>:MH=HLEHLHK@:GBLFHLOBOHL FB>GMK:LJN>E:><^L?>K::MH=HL
EHL HK@:GBLFHL OBOHL R : LNL BGM>K:<<BHG>L <HG EH GH OBOH  >L =><BK  : MH=HL EHL ><HLBLM>F:L
,=NF  ):><^L?>K:>LMW?HKF:=:IHK<BG<H>L?>K:LE:EBM^L?>K: E:AB=K^L?>K: E::MF^L?>K: 
E:;B^L?>K:RE:GH^L?>K:-:MM>G:I6A  

 
><JG6 $:G6GFJR69:ADH7>DH>HI:B6H

J:CI:96EI69D6GC:II  EP<>C6

"L M:F;BYG BGM>K>L:GM> K>L:EM:K  JN> : =B?>K>G<B: => E: C>K:KJN[: => :KK>M  JN> LHE:F>GM>
<HGLB=>K: NG GBO>E I:K:EHL HK@:GBLFHLFNEMB<>ENE:K>L E: C>K:KJN[: => HNE=BG@ EHL =BOB=>>G
MK>LGBO>E>LEHLLBLM>F:LLH<BH@>GYMB<HL EHLLBLM>F:L:GBF:E>LREHLLBLM>F:LANF:GHL AHK:
;B>G  E:L <:K:<M>K[LMB<:L JN> =>?BG>G : >LMHL GBO>E>L IH=K[:G GH L>K >Q<ENLBO:L => IE:GM:L 
:GBF:E>L R L>K>L ANF:GHL  IHK >C>FIEH  >QBLM>G :GBF:E>L JN> >G<:C:G >G E: =>?BGB<B^G =>
LBLM>F:L@>GYMB<HLH<B:E>L<HFHEHL<HK:E>L HBG<ENLH>GE:=>?BGB<B^G=>:NMH<HGL<B>GM>L <HFH
EHL<>MW<>HL HEHL<ABFI:G<YL  !>>LM: F:G>K: A:<B>G=H NG >C>K<B<BH I:K: K>=>?BGBK >LMHL MK>L
GBO>E>L I:K:>EIKBF>KHL>IH=K[:F:GM>G>K>EGHF;K>=>LBLM>F:L@>GYMB<H LH<B:E>L I>KHLBG
K>=N<BKLN=>?BGB<B^G:E:LIE:GM:LFB>GMK:LJN>EHLLBLM>F:L:GBF:E>LIH=K[:GL>KK>GHF;K:=HL
<HFH LBLM>F:L => HK@:GBLFHL JN> :IK>G=>G  R EHL LBLM>F:L ANF:GHL  <HFH LBLM>F:L =>
HK@:GBLFHL:NMH<HGL<B>GM>L 

 
-HK `EMBFH  :E A:<>K >E >C>K<B<BH => CNGM:K : E:L =HL C>K:KJN[:L >G NG: LHE:  L> H;MB>G> NG:
C>K:KJN[:=>GBO>E>L

  "LMKN<MNK:L>LMWMB<:L
  0BLM>F:LLBFIE>L>G>JNBEB;KBH
  0BLM>F:L<B;>KGYMB<HL
  0BLM>F:L<>ENE:K>LH>LMKN<MNK:L:NM^GHF:L
  0BLM>F:L@>GYMB<H LH<B:E>L
  0BLM>F:L=>HK@:GBLFHLJN>:IK>G=>G
  0BLM>F:=>HK@:GBLFHL:NMH<HGL<B>GM>L
  0BLM>F:LLH<BH<NEMNK:E>LHLBLM>F:L=>IH;E:<BHG>L
  HFNGB=:=>L;BHE^@B<:L
  "<HLBLM>F:RLBLM>F:LLH<BH ><HE^@B<HL
  -:BL:C>
  BHF:
  "<^L?>K:
  0BLM>F:LMK:L<>G=>GM:E>L

): HK@:GBS:<B^G => NG: C>K:KJN[: => EHL LBLM>F:L H => AHEHG>L >L ?NG=:F>GM:E  R: JN> L>
=>L>FI>]:<HFHNG?BEMKH IN>LMHJN>EHLGBO>E>LLNI>KBHK>LHI>K:G>G?K><N>G<B:LFWL;:C:L
JN> EHL GBO>E>L BG?>KBHK>L  IHK M:GMH  >E GBO>E LNI>KBHK :<M`: <HFH NG K>@NE:=HK => EH JN> NG
GBO>EBG?>KBHKIN>=>HGHIN>=>A:<>K$B:FIB>MKH  

)HL LBLM>F:L <HFIE>CHL K>IK>L>GM:G NG I:K:=B@F: =B?>K>GM>  JN> GH IN>=> L>K <HFIK>G=B=H
=>L=>E:<B>G<B:IHLBMBOBLM: -HK=>?BGB<B^G >LMHLLBLM>F:LGHIN>=>GL>K>GM>G=B=HL>LMN=B:G=H
LHE:F>GM>NG:=>LNL>L<:E:L,=NF $B:FIB>MKH  0N>LMN=BHK>JNB>K> IHKM:GMH 
=>FYMH=HLJN> :E:O>S EHL<HGM>QMN:EB<>G>GNG:C>K:KJN[: >OB=>G<B:G=HLNLBGM>KK>E:<BHG>L
<HG EHL HMKHL GBO>E>L  R JN> IHK HMKH E:=H  L>:G <:I:<>L => >GM>G=>KEHL >G LN @EH;:EB=:= 
K>O>E:G=HLNLBGM>KK>E:<BHG>L>G=^@>G:L )HLLBLM>F:L RIHKM:GMHEHLLBLM>F:L<HFIE>CHL GH
IN>=>GGB=>;>GL>K<HG<>;B=HLLBGE:LK>E:<BHG>L>GMK>LNL>E>F>GMHL*HKBG  "E<N>KIH
ANF:GH>LFN<AHFWLJN>NG<HGCNGMH=>^K@:GHL HJN>NG@KNIH=><YENE:L NGB=BHF:>L
FN<AHFWLJN>NG:L>KB>=>E>MK:LHJN>NG:<HE><<B^G=>I:E:;K:L 

):L<B>G<B:L=>E:<HFIE>CB=:= :=B<BHG:EF>GM> BFIEB<:GNG:K>E:<B^G=B?>K>GM>>GMK>E:<B>G<B: 


E:LH<B>=:=RE:IHE[MB<: -HK>LH >L?NG=:F>GM:EE:BGMKH=N<<B^G=>E:B=>:=>E:<B>G<B:IHLM

 
GHKF:E IE:GM>:=:IHK0BEOBH#NGMHPB<SR'>KHF>/:O>MS>G#NGMHPB<SR/:O>MS  ):
<B>G<B: IHLM GHKF:E K><HGH<> : EHL LBLM>F:L G:MNK:E>L R LH<B:E>L <HFH LBLM>F:L <HFIE>CHL R
=BGWFB<HL  IHK EH JN> G><>L:KB:F>GM> JN> >LM> GN>OH I:K:=B@F: <B>GM[?B<H I:KM> => E:
BFIK>=><MB;BEB=:= R E: BG<>KMB=NF;K> >G >E =>L>GOHEOBFB>GMH => EHL ?>G^F>GHL  E:
BFIHLB;BEB=:= =>E <HGMKHE MHM:E => EHL FBLFHL  R E: IENK:EB=:= => I>K<>I<BHG>L R => OBLBHG>L
E>@[MBF:L JN>>QBLM>GLH;K>YLMHL#NGMHPB<SR/:O>MS ; 

#:KK>EE  :IEB<: >E MYKFBGH EGD7A:B6HE:GK:GHDH /BMM>E R 4>;;>K    I:K: K>?>KBKL> : EHL
IKH;E>F:L =>KBO:=HL => E: LH<B>=:= BG=NLMKB:E FH=>KG: R IHLM FH=>KG:  ): <B>G<B: IHLM
GHKF:E>L?NG=:F>GM:EI:K:E:@>LMB^G=>EHLEGD7A:B6HE:GK:GHDH IN>LYLMHLL><:K:<M>KBS:GIHK
L>KI>KLBLM>GM>L <HFIE>CHLR=B?[<BE>L>BG<ENLHBFIHLB;E>L=>K>LHEO>K <HFHIHK>C>FIEHEHL
<:M:EH@:=HL<HFHIKH;E>F:L<HG?EB<MHLLH<BH ><HE^@B<HL#:KK>EE  

):<B>G<B:IHLM GHKF:E=>;>>G?K>GM:K>GNG<HGM>QMH=>BG<>KMB=NF;K> IHKNGE:=H E:<:EB=:=


>G MH=:L E:L >M:I:L =>E MK:;:CH => BGO>LMB@:<B^G R => LNL IKH=N<MHL  R IHK HMKH  E:
K>MKH:EBF>GM:<B^G JN> LNK@> => E: K>OBLB^G >QM>KG: :E IKH<>LH  R E: I:KMB<BI:<B^G LH<B:E >G >E
FBLFH IKH<>LH  R >G E: MHF: => =><BLBHG>L #NGMHPB<S R /:O>MS    ; *:RNFB R
$B:FIB>MKH #:KK>EE  *:RNFBR$B:FIB>MKH=BL<NM>GE:BG<>KMB=NF;K> RI:K:
>EEH:IEB<:GE:L?N>GM>L=>BG<>KMB=NF;K>=>?BGB=:LIHK(GB@AM>G

  ): BG<>KMB=NF;K> I>K<B;B=: E: JN> : LN O>S MB>G> =HL HK[@>G>L  IHK NG: E:=H  E:
BFIHLB;BEB=:= => I>K<B;BK >E IK>L>GM> M:E <N:E >L  R IHK HMKH  E: BFIHLB;BEB=:= =>
K>IK>L>GM:K>EIK>L>GM>>GLNMHM:EB=:= 
  ): BG<>KMB=NF;K> >G E:L >QI><M:MBO:L H >G E: :GMB<BI:<B^G YLM: L> IKH=N<> IHK E:
G><>LB=:= => BG?>KBK >E ?NMNKH : I:KMBK =>E IK>L>GM> <NR: =>?BGB<B^G R: A: LB=H
BG?EN>G<B:=:IHKE:BG<>KMB=NF;K>I>K<B;B=: I:K:EHJN>NL:GFH=>EHLJN>L^EHIN>=>G
:GMB<BI:KEHI:K<B:EF>GM> 
  ):BG<>KMB=NF;K>=>EHL>?><MHLR:JN>GHL>IN>=><HGH<>KMH=:LE:L<HGL><N>G<B:L=>
E:L:<<BHG>LIK>L>GM>L>G>E?NMNKH 
  ): BG<>KMB=NF;K> >G E: BFIE>F>GM:<B^G =>;B=H : JN> <N:EJNB>K IHE[MB<: ?HKFNE:=: 
C:FWLL>KWBFIE>F>GM:=:>GE:FBLF:?HKF:>GE:JN>?N><HG<>;B=: 

!>>L:F:G>K: E:L<B>G<B:L=>E:<HFIE>CB=:==>;>GL>KIHK=>?BGB<B^G<B>G<B:LIHLM GHKF:E>L 


)HL IKH;E>F:MBS:<B^G => EHL LBLM>F:L <HFIE>CHL GH IN>=> L>K K>LN>EM: : MK:OYL => E: <B>G<B:
IHLBMBOBLM: RM:FIH<HIN>=>L>K>QIEB<:=:LHE:F>GM>F>=B:GM>K>E:<BHG>L=><:NL:R>?><MH "E

 
I:K:=B@F: => EHL LBLM>F:L <HFIE>CHL BFIEB<: M:F;BYG NG GN>OH I:K:=B@F: >IBLM>FHE^@B<H
I:K:E:<B>G<B: 

11-!'#""#16*,230*#7!-+-1'12#+1!-+.*#(-1

): B=>: => E:L <B>G<B:L => E: <HFIE>CB=:= LNK@> =>E >L?N>KSH IHK MK:M:K => K>IK>L>GM:K EHL
=BLMBGMHL ?>G^F>GHL =>E NGBO>KLH R => E: G:MNK:E>S:  ): :IEB<:<B^G =>E I:K:=B@F: => E:
<HFIE>CB=:= :E >LMN=BH => E: G:MNK:E>S: R E: LH<B>=:=  BFIEB<: NG: K>GHO:<B^G R NG <:F;BH
K:=B<:E>GE:?HKF:>GE:JN>K>IK>L>GM:FHLRGHLK>E:<BHG:FHL<HG>LM:L=HL>GMB=:=>L "G>LM>
<HGM>QMH >L?NG=:F>GM:EE:B=>:=>NGLBLM>F:=BLBI:MBOHEHLLBLM>F:L:;B>KMHLR:E>C:=HL=>E
>JNBEB;KBH MB>G=>G E: ;`LJN>=: => NG >LM:=H >LM:;E>  >G >E JN> : MK:OYL => E: =BLBI:<B^G =>
>G>K@[: F>=B:GM> >LMKN<MNK:L >LI><[?B<:L I:K: >EEH  IKH=N<>G E: F>GHK <:GMB=:= => >GMKHI[:
IHLB;E> !>>LM:F:G>K: >GNGLBLM>F::;B>KMHR:E>C:=H=>E>JNBEB;KBHL>IN>=>G=BLMBG@NBK=HL
I:KM>LNG:I:KM>IKH=N<MBO: JN>@>G>K:NG>Q<>=>GM>JN>:EBF>GM::ELBLM>F:RJN>I>KFBM>LN
K>IKH=N<<B^G  EE:F:=: A[I>K <B<EH R NG: I:KM> =BLBI:MBO: >G >E >LMKB<MH L>GMB=H ?[LB<H 
>JNBO:E>GM> : EH JN> >G ><HEH@[: L> EE:F: <B<EH :NMH<:M:E[MB<H  -KB@H@BG>   2E:GHPB<S R
%:GGHG   /:FHL *:KM[G   "BL>GF>G@>K :I 6A    1:GMH E:L LH<B>=:=>L  <HFH E:
G:MNK:E>S: IN>=>G L>K >GM>G=B=HL <HFH LBLM>F:L <HFIE>CHL  =BLBI:MBOHL  :NMH HK@:GBS:=HL 
<:I:<>L=>F:GM>G>KL>:L[FBLFHL>LM:;E>L >L=><BK =>F:GM>G>KLNAHF>HLM:LBL :MK:OYL=>
E:K>IKH=N<<B^G=>NGI:MK^GF>M:;^EB<H=>?BGB=H$B:FIB>MKH:I6A *:=KB=:I6A : 

):<B>G<B:IHLBMBOBLM:BFIEB<^E:FN>KM>=>E:B=>:=>E:G:MNK:E>S:<HFHNGL>K<N:LB <^LFB<HR
F[MB<H I>KH>EG:<BFB>GMH=>E:><HEH@[: NG:<B>G<B:MW<BM:F>GM><HFIE>C: :LNO>SLB@GB?B<^>E
LNK@BFB>GMH=>E:LB=>:L=>><HLBLM>F:R;B^L?>K:B=>:LJN>K>LN<BM:G:E:G:MNK:E>S:<HFHNG
>GM> OBOH JN> L> :NMHHK@:GBS: R JN> L> :NMHKK>@NE: *HKBG    )RGG *:K@NEBL  JNB>G
IKHINLH E: M>HK[: ;BHE^@B<: => E: >G=HLBF;BHLBL LH;K> HKB@>G => EHL HK@:GBLFHL >N<:KBHM>L  R
JNB>G :=>FWL >L <H:NMHK: => E: M>HK[: $&  LHLM>G[: JN> E: G:MNK:E>S: >L NG: >GMB=:=
>OHENMBO:R:NMHIHBYMB<:,GHKBR3BL<HGMB  "L>LBLM>F:G:MNK:E>G<HGLM:GM>IKH<>LH=>
>OHEN<B^G :NMHHK@:GBS:<B^GR:NMHF:GM>GBFB>GMH A:LB=HEE:F:=HM:F;BYGLBLM>F:><HE^@B<H
>KD>L R #HED>    !> >LM: F:G>K:  >E LBLM>F: ><HE^@B<H IN>=> L>K >GM>G=B=H <HFH NG
H>HI:B6 696EI6I>KD 8DBEA:?D )>OBG   *HKBG         )>OBG   *NGGY 


0>@`G NKMBL:I6A AHF>HLM:LBLLB@GB?B<:: “  

ambiente fisiológico interno o de un equilibrio interno relativamente estable en un organismo”.

 
 ):<HFIE>CB=:==>EHLLBLM>F:L><HE^@B<HLBFIEB<:NG:L>KB>=>IKHIB>=:=>LBGA>K>GM>L:
EHLLBLM>F:L <HFHE:FNEMBIEB<B=:==>I:MKHG>L>LI:<B:E>LRIKH<>LHL><HE^@B<HL K>E:<BHG>LGH
EBG>:K>L>GMK>LLNL<HFIHG>GM>L A>M>KH@>G>B=:=>G>EMB>FIHR>E>LI:<BH RNG:HK@:GBS:<B^G
C>KWKJNB<: EE>G   EE>G R %H>DLMK:   %H>DLMK: :I6A   )>OBG   EE>G :I6A 
7NKEBGB:I6A  

"L:L[ JN>E:LB=>:L=>G:MNK:E>S:R=>LBLM>F:><HE^@B<H L><HGLMBMNR>G>GB=>:L>JNBO:E>GM>L 


0BG>F;:K@H E:G:MNK:E>S:>LNG:OBLB^GKHFWGMB<: FB>GMK:LJN>E:B=>:=>LBLM>F:><HE^@B<H
:LNF>E:L<HFIE>CB=:=>L=>ELBLM>F:G:MNK:E*HKBG  IHKEHJN> IKHIHG>FHLNL:K>LM>
`EMBFH MYKFBGH I:K: =B?>K>G<B:K : E: G:MNK:E>S: <HG<>;B=: <HFH LBLM>F: <HFIE>CH => E:
naturaleza romántica. Toledo (2008: 7) define a la naturaleza (sistema ecológico) como: “…JC6
B6IG>O=:I:GD<QC:6;DGB696EDGJCH>CCUB:GD9::CH6B7A6?:H ADH8J6A:HEG:H:CI6CJC68>:GI6:HIGJ8IJG6
NJC68>:GI69>CPB>86FJ:A:HE:GB>I:G:EGD9J8>GH:DG:CDK6GH:6IG6KQH9:AI>:BED 8696JCD9:ADH8J6A:H
8DCHI>IJN:JC6GG:<ADDJC68DB7>C68>TCUC>869::A:B:CIDH7>TI>8DHNCD
7>TI>8DHNEDH::JC6=>HIDG>6
E6GI>8JA6GFJ:ADH=68:9>;:G:CI:H9:ADHDIGDH”. El mismo Toledo (2008: 7), dice que esos ensamblajes
LHGNGB=:=>L MHM:EB=:=>L REHLEE:F:><HLBLM>F:L 

NGJN> >LMW <E:K: E: :K;BMK:KB>=:= => E: =BOBLB^G => EHL ><HLBLM>F:L  <E:LB?B<:KEHL >L `MBE I:K:
>LMN=B:KEHLRM:F;BYGI:K:LN@>LMB^G "E HGO>GBHLH;K>E:!BO>KLB=:=BHE^@B<:=>E:
,K@:GBS:<B^G => +:<BHG>L 2GB=:L  A:<> NG: =BLMBG<B^G >GMK> EHL :8DH>HI:B6H C6IJG6A:H R EHL
:8DH>HI:B6H 6CIGTE>8DH  "=P:K= ,=NF   IHK HMKH E:=H  =BLMBG@N> : EHL ><HLBLM>F:L >GMK>
G:MNK:E>L F:G>C:=HL R:KMB?B<B:E>L )HLIKBF>KHLLHGEHL><HLBLM>F:L>GEHLJN>E:BGM>KO>G<B^G
ANF:G:>LFNR;:C:HGNE:1HE>=H  REHLL>@NG=HLLHGEHL><HLBLM>F:L@>G>K:=HLIHK
E:L:<MBOB=:=>LANF:G:L<HFHE:L<BN=:=>L EHL<NEMBOHL:@K[<HE:L E:LIE:GM:<BHG>L?HK>LM:E>L 
EHLI:LMBS:E>L@:G:=>KHL >BG<ENLHE:LBG=NLMKB:L$HEN;B>PLDB  

):LLH<B>=:=>LANF:G:LLHGM:F;BYGLBLM>F:L<HFIE>CHL#HKK>LM>K  RIN>=>G>GM>G=>KL>


M:F;BYG <HFH LBLM>F:L =BLBI:MBOHL :NMH HK@:GBS:=HL  >G EHL JN> E: >LM:;BEB=:= =>I>G=> =>
?ENCHL=>F:M>KB:R>G>K@[: JN>F:GMB>G>GLNL?NG<BHG>L>BG?K:>LMKN<MNK:L $B:FIB>MKH:I6A 
  0> >G<N>GMK: >G >EE:L O:KB:L => E:L <:K:<M>K[LMB<:L => E: <HFIE>CB=:= >E :E>C:FB>GMH =>E
>JNBEB;KBH R E: :NMHHK@:GBS:<B^G H :NMHIHB>LBL *NGGY   /:FHL *:KM[G    LHG
LBLM>F:L M>E>HE^@B<HL >L =><BK  JN> MB>G>G NG I:K: JNY  L> :=:IM:G <HGLM:GM>F>GM> :
<HG=B<BHG>L R E[FBM>L <:F;B:GM>L  LHG C>KWKJNB<HL  R :E L>K LBLM>F:L GH EBG>:E>L  EHL LBLM>F:L
LH<B:E>LLHGLBLM>F:L<:^MB<HL#:;>K:I6A /:FHL*:KM[G *NGGY  

 
):K>:EB=:=>LNG8DCI>CJJB=HG=>E:F:M>KB: E:>G>K@[:RE:BG?HKF:<B^G?ENR>GEB;K>F>GM>=>
EHL<BK<NBMHL=>EH><HE^@B<H A:<B:EHL<BK<NBMHL=>EHLH<B:EREH><HG^FB<H1HE>=H  ):L
K>E:<BHG>L => EHL LBLM>F:L LH<B:E>L <HG >E LBLM>F: ><HE^@B<H LHG K>E:<BHG>L >OHENMBO:L R <H
>OHENMBO:L+HK@::K=  >KD>LR#HED>  -HKEHJN> E:L<B>G<B:LLH<B:E>L=NK:GM>
>ELB@EH55<HF>GS:KHG::LNFBKE:BGM>K=>I>G=>G<B:=>ELBLM>F:LH<B:ER=>ELBLM>F:><HE^@B<H 
>BG<ENLHLNBG=BOBLB;BEB=:=*HKBG  0M>O>GL  

     ?HKF:G=H >E
H>HI:B6HD8>D
:8DAT<>8D$:EEHIBG:I6A  HLBLM>F:LH<B:E ><HE^@B<H>KD>LR#HED>  "E
LBLM>F:LH<BH ><HE^@B<H>LFN<AHFWLJN>E:BGM>@K:<B^G<HG<>IMN:E=>=HL>GMB=:=>L JN>A:G
LB=HMK:=B<BHG:EF>GM>>GM>G=B=:L<HFH=HLLBLM>F:L=B?>K>GM>L EHLLBLM>F:LLH<B:ER><HE^@B<H
$:EEHIBG:I6A "ELBLM>F:LH<BH ><HE^@B<H>LNGLBLM>F:<HFIE>CHR>G<HGMBGN:>OHEN<B^G
-NC:GM>EE E;^L  

):<HG<>I<B^G=>ELBLM>F:LH<BH ><HE^@B<HBFIEB<:IHKNGE:=H JN>E:LLH<B>=:=>LANF:G:LLHG


I:KM> =>E LBLM>F: ><HE^@B<H  R IHK M:GMH  >LMWG IKH?NG=:F>GM> <HG><M:=:L : EHL IKH<>LHL
><HE^@B<HL:MK:OYL=>LNL?NG<BHG>L;BH?[LB<:L RIHKHMKHE:=H JN>>ELBLM>F:LH<B:ER>ELBLM>F:
><HE^@B<H >G >E JN> >LMW BGL>KMH  =>;>G L>K <HGLB=>K:=HL <HFH NG LHEH LBLM>F: <HFIE>CH R
:=:IM:MBOH *:=KB= :I 6A  :  "G >E <HGM>QMH =>E LBLM>F: LH<BH ><HE^@B<H  E:L LH<B>=:=>L
ANF:G:LLHGNGA[;KB=HJN>G:<>=>ELBLM>F:<NEMNK:ER=>ELBLM>F:;BH?[LB<H"K;  

KNGH ):MHNK  IHK >C>FIEH  GB>@: E: >QBLM>G<B: => >GMB=:=>L  H <HL:L  <HFH E: G:MNK:E>S:  E:
LH<B>=:=HBG<ENLHE:<NEMNK: YEA:;E:=>JN>EHANF:GHREHGHANF:GH?HKF:GA[;KB=HLLH<BH
G:MNK:E>L JN>L>K>IKH=N<>G<HGLM:GM>F>GM>):MHNK 0PRG@>=HNP >LMHLA[;KB=HL
LH<BH G:MNK:E>L LHG>JNBO:E>GM>L:ELBLM>F:LH<BH ><HE^@B<H 

"EMYKFBGHLH<BH ><HE^@B<H?N>HKB@BG:EF>GM>NMBEBS:=H=>L=>E:=Y<:=:=>>GE:>MHEH@[:E:
<B>G<B: JN> >LMN=B: >E <HFIHKM:FB>GMH :GBF:E  <HG<K>M:F>GM> >G E: >MHEH@[: LH<B:E  I:K:
K>?>KBKL>:E:LK>E:<BHG>L>GMK>E:><HEH@[: E:=BGWFB<:IH;E:<BHG:ER>E<HFIHKM:FB>GMHLH<B:E
%NKK>EE    ):L IKBF>K:L K>?>K>G<B:L : >LM> MYKFBGH NL:=H I:K: >GE:S:K : EHL LBLM>F:L
ANF:GHL <HG LN LBLM>F: ><HE^@B<H  L> >G<N>GMK:G >G E: =Y<:=: =>   <HG >E :KM[<NEH =>
$NGG:K)BG=A IN;EB<:=H>G16I:GG:HDJG8:HB6C6<:B:CIEGD7A:BH>CJG76C6<<ADB:G6I>DCH 
=HG=>L>IK>L>GM::E:L<N>G<:LA[=KB<:L<HFHLBLM>F:LLH<BH ><HE^@B<HL F:G>K:=>>GL:RH 
L> ABSH NG >C>K<B<BH <HG >E FHMHK => ;`LJN>=: 0<HINL >G CNEBH =>   L> >G<HGMK:KHG  
=H<NF>GMHLJN><HGM>G[:G>EMYKFBGHLH<BH ><HE^@B<H>GLNM[MNEH K>LNF>GHI:E:;K:L<E:O>L>
K>:EBS^ E: ;`LJN>=: NL:G=H E: MK:=N<<B^G BG@E>L =>E MYKFBGH  >L =><BK  LH<BH ><HEH@B<:E

 
LHE:F>GM>NG:IN;EB<:<B^G I:K:E:=Y<:=:=>  I:K:E:=Y<:=:=> 
 I:K:E:=Y<:=:=>  I:K:E:=Y<:=:=>  I:K:E:=Y<:=:=>
 R >GEHJN>O:=>E:=Y<:=:=> EEBFBM:KE:;`LJN>=:NL:G=H>EMYKFBGH
=JB6C EHLK>LNEM:=HLL>K>=NC>KHG: >BGB<B:;:G>G E:LIKHIHK<BHG>LL>F:GMNOB>KHG 
"GNG>C>K<B<BHLBFBE:K I>KHNL:G=H$HH@E><:=YFB<H EHLK>LNEM:=HL?N>KHGFNRI:K><B=HL 
I>KHEHLIKBF>KHL:KM[<NEHLL>K>FBMB>KHG:E:=Y<:=:=> 

!>>LM:F:G>K: E:B=>:=>LBLM>F:LH<BH ><HE^@B<HLNK@>>GE:>MHEH@[: R>L:=HIM:=:=>LINYL


IHKE:L<B>G<B:LLH<B:E>LRE:><HEH@[:ANF:G: I:K:K>?>KBKL>:ELBLM>F:<HFIE>CH?HKF:=HIHK
E:LLH<B>=:=>LANF:G:LRLNLBLM>F:><HE^@B<H 


% $ $ *% $  M 

"E<HG<>IMH=>F>M:;HEBLFHLNK@>>G>ELB@EH5&5>GE:;BHEH@[:R>GE:JN[FB<: E:KDR#HLM>K 
  "LM> MYKFBGH OB>G> =>E @KB>@H B:I67DA:  JN> LB@GB?B<: <:F;BH  R K>IK>L>GM: : E:L
MK:GL?HKF:<BHG>L ?[LB<:L R JN[FB<:L JN> H<NKK>G =>GMKH => NG HK@:GBLFH  >L =><BK  : EHL
IKH<>LHL JN> I>KFBM>G JN> >E HK@:GBLFH L> F:GM>G@:  <K>S<: R L> K>IKH=NS<:  NKMBL :I 6A 
 "EF>M:;HEBLFH >G>L><HGM>QMH BFIEB<::E:LHI>K:<BHG>L;BHE^@B<:L=>NGHK@:GBLFH :
LNL IKH<>LHL JN[FB<HL  R : EHL F><:GBLFHL => K>@NE:<B^G R <HGMKHE JN> @:K:GMBS:G JN> LNL
<HG=B<BHG>L BGM>KG:L L>:G >LM:;E>L =DB:DHI6H>H  R :IM:L I:K: LN GHKF:E ?NG<BHG:FB>GMH
#BL<A>K (HP:ELDB  "EMYKFBGHF>M:;HEBLFH IHKM:GMH :;:K<:EHLB@NB>GM>,=NF 
#BL<A>K (HP:ELDB $B:FIB>MKH:I6A ,=NFR:KK>MM  E:KDR#HLM>K 

  : EHL F><:GBLFHL JN> @H;B>KG:G E:L K>:<<BHG>L ;BHJN[FB<:L => EHL HK@:GBLFHL  R JN>
:=B<BHG:EF>GM> I>KFBM>GF:GM>G>KLNAHF>HLM:LBL 
  : EHL IKH<>LHL ;BHJN[FB<HL => BGM>K<:F;BH  F>=B:GM> EHL <N:E>L NG HK@:GBLFH MHF:
F:M>KB:R>G>K@[:=>LN>GMHKGH 
  :EHLIKH<>LHL;BHJN[FB<HLJN>I>KFBM>GE:BG<HKIHK:<B^G=>=B<A:F:M>KB:R>G>K@[::E
IKHIBHHK@:GBLFH RIHKM:GMH YLM>IN>=>F:GM>G>KL>R<K><>K R
  :E:EB;>K:<B^G:E:F;B>GM>=>F:M>KB:R>G>K@[: JN>M>KFH=BGWFB<:F>GM>IHL>>GNG:
>GMKHI[:FWL:EM:JN>EHLHKB@BG:E>L 

): B=>: =>E F>M:;HEBLFH L> NL: IHLM>KBHKF>GM> I:K: K>?>KBKL> :E ?NG<BHG:FB>GMH => EHL
><HLBLM>F:L F>M:;HEBLFH ><HE^@B<H  I:K: ?BG:EF>GM> >GMK:K >G >E FNG=H => E:L <B>G<B:L
LH<B:E>L:MK:OYL=>':DH;*HE>L<AHMMR'NLMNLOHG)B>;B@#HLM>K  R=>E:F:GH=>*:KQ

 
F>M:;HEBLFHLH<B:E JNB>GEH:IEB<:I:K:K>IK>L>GM:KE::IKHIB:<B^GANF:G:=>E:G:MNK:E>S: 
0BG >F;:K@H  M:E O>S >E O[G<NEH FWL ?N>KM>  >GMK> >LM> <HG<>IMH R E:L <B>G<B:L LH<B:E>L  ?N>
>LM:;E><B=H IHK +B<AHE:L $>HK@>L<N /H>@>G <HG LN B=>: => ?ENCHL F>M:;^EB<HL $>HK@>L<N
/H>@>G  #BL<A>K (HP:ELDB /:FHL*:KM[G #HLM>K *:RNFBR
$B:FIB>MKH 1HE>=H  E:KDR#HLM>K $B:FIB>MKH:I6A 4:<ALFNMA  

*+#2 -*'1+-#!-*<%'!-

"EMYKFBGHF>M:;HEBLFHLNK@>=>E>LMN=BHM:GMH=><YENE:L <HFH=>HK@:GBLFHLFNEMB<>ENE:K>L
 NKMBL:I6A  !>L=>E:I>KLI><MBO:=>EHLLBLM>F:L<HFIE>CHL E:B=>:=>EF>M:;HEBLFHA:
LB=H :IEB<:=: I:K: >LMN=B:K LH;K> MH=H: =>M>KFBG:=HLGBO>E>L => E:C>K:KJN[: => EHLLBLM>F:L
)HLLBLM>F:L<HFIE>CHL:EHLLBLM>F:L<>ENE:K>LH>LMKN<MNK:L:NM^GHF:L<HFH IHK>C>FIEH 
E:L;:<M>KB:L :EHLLBLM>F:L@>GYMB<H LH<B:E>L<HFH IHK>C>FIEH <B>KM:LIE:GM:L :EHLLBLM>F:L
=> HK@:GBLFHL JN> :IK>G=>G <HFH  IHK >C>FIEH  EHL F:F[?>KHL  R : EHL LBLM>F:L =>
HK@:GBLFHL:NMH<HGL<B>GM>L<HFH IHK>C>FIEH EHLL>K>LANF:GHLHEHL<>MW<>HL 

): :IEB<:<B^G =>E:B=>:=>E F>M:;HEBLFH:GBO>E>L LNI>KBHK>L =>E:C>K:KJN[: => EHL LBLM>F:L 


<HFHE:LIH;E:<BHG>L E:L<HFNGB=:=>LHEHL><HLBLM>F:L MB>G><HGGHM:<BHG>LJN>O:GFWL:EEW
=> EHL F>KHL ?ENCHL R IKH<>L:FB>GMH => F:M>KB: R >G>K@[:  > BFIEB<: JN> E: >OHEN<B^G :<M`:
M:F;BYGLH;K>>LMHLLBLM>F:L<HFHNGB=:=>L RR:GHLHE:F>GM>LH;K>EHLBG=BOB=NHL#BL<A>K
(HP:ELDB  

):><HEH@[:=>EHLLBLM>F:L:IEB<:>E<HG<>IMH=>EF>M:;HEBLFHI:K:K>?>KBKL>:<:=:NGH=>EHL
GBO>E>L;BHE^@B<HL =>L=>E:<YENE:A:LM:E:><^L?>K:>EF>M:;HEBLFH<>ENE:K I:K:E:L<YENE:L>E
F>M:;HEBLFH ANF:GH  I:K: E:L I>KLHG:L  H >E F>M:;HEBLFH ><HE^@B<H I:K: EHL ><HLBLM>F:L
#HLM>K   )HL><HLBLM>F:LLHG LBLM>F:L:;B>KMHL  RLN F>M:;HEBLFH BFIEB<:E:>GMK:=: =>
F:M>KB:  >G>K@[: > BG?HKF:<B^G >E IKH<>L:FB>GMH R MK:GL?HKF:<B^G => =B<A:L >GMK:=:L  R E:
EB;>K:<B^GGN>O:F>GM>=>F:M>KB: >G>K@[:>BG?HKF:<B^G,=NFR:KK>MM  

)HL><HLBLM>F:L IHKHMKHE:=H LHGM:F;BYGK>=>L=>?ENCHL=>FBG>K:E>LR:EBF>GMHL JN>?ENR>G


>GMK>IH;E:<BHG>L=>=B?>K>GM>L>LI><B>L=>HK@:GBLFHL=>MH=HLEHLK>BGHL >LI><B:EBS:=:L>GNG
KHE=>M>KFBG:=HGB<AH><HE^@B<H,=NF  =>FWL=>EHL?ENCHL=>>G>K@[:R=>EHL<B<EHL
=>E:F:M>KB: EHL><HLBLM>F:LLHGKB<HL>GK>=>L=>BG?HKF:<B^GJN><HG><M:G:MH=:LE:LI:KM>L 
: MK:OYL => ?ENCHL => <HFNGB<:<B^G ?[LB<: R JN[FB<: ,=NF R :KK>MM    E L>K LBLM>F:L
<HFIE>CHL  LNL E[FBM>L LHG ;HKKHLHL *NGGY    IHK EH JN> =>EBFBM:K NG ><HLBLM>F:

 
G><>L:KB:F>GM>BFIEB<:NG:<B>KM:=HLBL=>:K;BMK:KB>=:=,=NFR:KK>MM  LBG>F;:K@H 
>L ?NG=:F>GM:E OBLN:EBS:K JN> LNL >GMK:=:L R L:EB=:L EHL <HG><M:G <HG HMKHL ><HLBLM>F:L  R
M:F;BYG <HG LBLM>F:L LH<B:E>L  ?HKF:G=H <HFIE>C:L K>=>L F>M:;^EB<:L JN> >GE:S:G =B?>K>GM>L
F>M:;HEBLFHL#B@NK:  EHJN>CNLMB?B<:IE>G:F>GM>A:;E:K=>NGLBLM>F:LH<BH ><HE^@B<H 

><JG6 ,:EG:H:CI68>TC9:;AJ?DH9:B6I:G>6 :C:G<R6:>C;DGB68>TC:CIG::8DH>HI:B6H

#N>GM>"E:;HK:<B^GIKHIB:

*+#2 -*'1+-1-!'*

"EF>M:;HEBLFH>L>EO[G<NEH>GMK>EHLLBLM>F:LLH<B:E>LREHLLBLM>F:L><HE^@B<HL#HLM>K  
"E F>M:;HEBLFH LH<B:E L> K>?B>K> :E <HGCNGMH => IKH<>LHL IHK F>=BH => EHL JN> E:L LH<B>=:=>L
ANF:G:L L> :IKHIB:G  <BK<NE:G  MK:GL?HKF:G  <HGLNF>G R >Q<K>M:G =B?>K>GM>L IKH=N<MHL
F:M>KB: >G>K@[:>BG?HKF:<B^GRHIKH<>LHL=>EF>M:;HEBLFH><HE^@B<H1HE>=H  >L:L[
JN>  E:L LH<B>=:=>L ANF:G:L IN>=>G L>K >GM>G=B=:L <HFH LBLM>F:L <HFIE>CHL  HK@WGB<HL  R
=BGWFB<HL ,=NF   $:G=R  :  JN> IKH=N<>G R K>IKH=N<>G E:L <HG=B<BHG>L
BG=BLI>GL:;E>LI:K:LN>QBLM>G<B: :I:KMBK=>LNF>M:;HEBLFH<HGE:G:MNK:E>S:1HE>=H  
"E<HG<>IMH=>EF>M:;HEBLFH=>E:LLH<B>=:=>LA:M>GB=HF`EMBIE>LE><MNK:LR:IKHQBF:<BHG>L
=>L=>E:><HGHF[:><HE^@B<: E:><HEH@[:BG=NLMKB:E >E:GWEBLBL><HG^FB<HBG=NLMKB:ERE:><HEH@[:
LH<B:E *:KM[G>S EB>K   RK>L R 0BFHGBL   =KB::GL> :I 6A   #BL<A>K (HP:ELDB 
$>HK@>L<N /H>@>G *:MMA>PL:I6A 0<A:G=E:I6A /:FHL*:KM[G:I
6A  

): >LM:;BEB=:=R >EF:GM>GBFB>GMH=>E:L?NG<BHG>L >BG?K:>LMKN<MNK:L=>EHL LBLM>F:L LH<B:E>L


=>I>G=>G=>LNF>M:;HEBLFH >L=><BK =>E:>GMK:=:R>EIKH<>L:FB>GMH=>?ENCHL=>F:M>KB: =>
>G>K@[:R=>BG?HKF:<B^G JN>L><:K:<M>KBS:GIHKM>G>K;:C:>GMKHI[: R:EFBLFHMB>FIH IHKE:
L:EB=:  F:M>KB: R >G>K@[: => :EM: >GMKHI[:  R M:F;BYG => BG?HKF:<B^G $>HK@>L<N /H>@>G 
 $B:FIB>MKH :I 6A   0<A>B=>E    !> >LM: F:G>K: >E LBLM>F: ><HE^@B<H
=>M>KFBG:E:?HKF:>GE:JN>L><HG?B@NK:GE:LLH<B>=:=>L RE:HK@:GBS:<B^G=>E:LLH<B>=:=>L

 
=>M>KFBG:E:?HKF:>GE:JN>YLM:LMK:GL?HKF:G:ELBLM>F:><HE^@B<H1HE>=H  IHKEHJN>>E
F>M:;HEBLFHLH<B:E>L?NG=:F>GM:EI:K:>GM>G=>K>EIKH<>LHLH<BH ><HE^@B<H=><H>OHEN<B^G H
EHJN>>LEHFBLFH E::=:IM:<B^G=>EHLL>K>LANF:GHL:LN>GMHKGH FB>GMK:LEHMK:GL?HKF:G
:<MBO:F>GM>RL>K> :=:IM:G:YE*HKBG $B:FIB>MKH *NGGY +HK@::K=  

"QBLM> NG: =BLMBG<B^G ?NG=:F>GM:E JN> =>;> L>K A><A: K>LI><MH :E F>M:;HEBLFH LH<B:E E:
=B?>K>G<B:<B^G >GMK> :C:G<R6 :C9DHDBPI>86 R :C:G<R6 :MDHDBPI>86  ): >G>K@[: >G=HLHFWMB<: >L E:
>G>K@[:JN>G><>LBM:>E<N>KIHANF:GHI:K:@:K:GMBS:KLNIKHIBHF>M:;HEBLFHFB>GMK:LJN>E:
>G>K@[: >QHLHFWMB<:  >L E: >G>K@[: JN> G><>LBM: E: LH<B>=:= I:K: F:GM>G>KL> R K>IKH=N<BKL>
$>HK@>L<N /H>@>G *:KM[G>SEB>K $B:FIB>MKH 1HE>=H  "LM:=BLMBG<B^G
?N>IE:GM>:=:IHK)HMD: R$>HK@>L<N /H>@>GE::IEB<::E>LMN=BH=>E:><HGHF[:>GLN
EB;KH.=::CIGDENA6L6C9I=::8DCDB>8EGD8:HH1HE>=H  

*+#2 -*'1+-!-+-.0-!#1-&'12<0'!-#!-*<%'!-

):F>MW?HK: =>E F>M:;HEBLFH LH<B:E =>L=> >E=BL<NKLH<HGM>FIHKWG>H IK>=HFBG:GM> A:LB=H


IK>L>GM:=: <HFH NG LBLM>F: =BGWFB<H  <BK<NE:MHKBH R AHF>HLMWMB<H <HFH NG >LI:<BH
BGM>K<HG><M:=H IHK ?ENCHL  R =>I>G=B>GM> => BGLNFHL >QM>KGHL => >G>K@[:  F:M>KB: >
BG?HKF:<B^G>EO:EHK=>>LM:F>MW?HK:K:=B<:>GLNYG?:LBL>GE:LBGM>K:<<BHG>L<HFIE>C:L>GMK>
EHL LBLM>F:L ;BH?[LB<HL R EH <NEMNK:E  JN> I>KFBM>G : E: LH<B>=:= FH=>KG: ?NG<BHG:K $:G=R 
: 0BG>F;:K@H R>G=HFWL:EEW=>>LM:OBLB^G;BHEH@BLM: >EF>M:;HEBLFHLH<B:E>LM:F;BYG
NGIKH<>LH><HE^@B<H ABLM^KB<H >L=><BK JN>>L>E?NG=:F>GMHFBLFH=>EHLH<B:E =HG=>K:=B<:
LN IHLB;BEB=:= => I>K=NK:K 0PRG@>=HNP    "LM: <HG<>I<B^G =>E F>M:;HEBLFH I>KFBM>
>LMN=B:K<^FHEHLI:BL:C>LKNK:E>LRNK;:GHLA:GLB=HABLM^KB<:F>GM>IKH=N<B=HL 0BG=>L<:KM:K
E:BFIHKM:G<B: R>E@K:G:IHKM> =>E:OBLB^GHK@WGB<:=>EF>M:;HEBLFHLH<B:E >L?NG=:F>GM:E
>OB=>G<B:K JN> YLM: IHK L[ LHE: GH <HGLB@N> >QIEB<:K E: F:G>K: >G JN> >E >LI:<BH >L
ABLM^KB<:F>GM>IKH=N<B=H IN>LGHBG<ENR>:EHLIKH<>LHL=BGWFB<HL=>EN<A:LH<B:ERIHE[MB<: 
GH :LNF> E: =B:EY<MB<: => E:L K>E:<BHG>L >GMK> <NEMNK: R G:MNK:E>S:  JN> L> <HGLMBMNR>G
FNMN:F>GM>>G>E>LI:<BHNK;:GH$:G=R : 

"L:L[ JN>>EF>M:;HEBLFHLH<B:E>L:E:O>SNGIKH<>LHHK@WGB<H JN>BFIEB<:E::IKHIB:<B^G 


<BK<NE:<B^G  MK:GL?HKF:<B^G  >E <HGLNFH R E: >Q<K><B^G => F:M>KB:  >G>K@[: > BG?HKF:<B^G
1HE>=H  RNGIKH<>LH=B:EY<MB<H ><HE^@B<H ABLM^KB<H JN>FHE=>:E:B=>:=>E:C6IJG6A:O6
>G>EBF:@BG:KBHLH<B:E R>GE:<HGLMKN<<B^G=>IHE[MB<:L:F;B>GM:E>LRM>KKBMHKB:E>L%>RG>G:I
6A 0PRG@>=HNP  "EF>M:;HEBLFHLH<B:EL><HGLMBMNR>>GNGIKH<>LHLH<BH ><HE^@B<H

 
> ABLM^KB<H  JN> I>KFBM> IE:GM>:K IK>@NGM:L K:=B<:EF>GM> IHE[MB<:L LH;K> >E :F;B>GM> R E:
C6IJG6A:O60PRG@>=HNP  

 *+#2 -*'1+-30 ,-6#*+#2 -*'1+-030*

): NK;:GBS:<B^G >L NG IKH<>LH LH<BH ><HE^@B<H => F>M:;HEBS:<B^G =>E LBLM>F: ><HE^@B<H
0PRG@>=HNP    ):L <BN=:=>L LHG EN@:K>L =HG=> >E LBLM>F: ><HE^@B<H  R LNL K>E:<BHG>L
LH<B:E>L  LHG BGM>GL:F>GM> K> >E:;HK:=:L  IHK EH JN>  IN>=>G L>K M:F;BYG <HG<>;B=:L <HFH
C6IJG6A:O60PRG@>=HNPR HHD  "LMWG>LMKN<MNK:=:LR?HKF:=:LIHKK>=>L=>IKH<>LHL
LH<BH ><HE^@B<HL EHLFBLFHLJN>LHGLBFNEMWG>:F>GM>EH<:E>L @EH;:E>L ANF:GHL F:M>KB:E>L 
><HE^@B<HL  =BL<NKLBOHL  <NEMNK:E>L R HK@WGB<HL 0PRG@>=HNP   %>RG>G :I 6A    ):
NK;:GBS:<B^G >LMW LNF>K@B=: >G :FIEB:L K>=>L LH<BH ><HE^@B<:L  R :EK>=>=HK => >EE:L @BK:GEHL
<HG?EB<MHL R <HFIKHFBLHL K>E:<BHG:=HL <HG E: LNLM>GM:;BEB=:= NK;:G: 0PRG@>=HNP  
0PRG@>=HNP R HHD    ):L <BN=:=>L LHG  IHK M:GMH  >GMB=:=>L ><HE^@B<:L  LHG NG:
F:GB?>LM:<B^G?[LB<:=>E:><HEH@[:ANF:G: =HG=><HG?ENR>GE:L=BF>GLBHG>L><HE^@B<: LH<BH
<NEMNK:E IHE[MB<: ><HG^FB<:R=>BG?K:>LMKN<MNK:/>>L  0>IH=K[:=><BKJN>LHG>E<>K>;KH
=>E:LLH<B>=:=>L$:G=R : R<HFHM:EHK@:GBS:G>ELBLM>F: I>KH<HGLNF>GBGM>GL:F>GM>
F:M>KB:E>LR>G>K@[: 

):FH=>KGB=:=K>O>E:NG:<HGMK:=B<<B^GMW<BM:A:>LMKN<MNK:=H:E:G:MNK:E>S:R:E:LH<B>=:=
<HFH<:M>@HK[:LHGMHE^@B<:F>GM>=B?>K>GM>L=>EL>K>BK^GB<:F>GM> E:FBLF:FH=>KGB=:=E:L
A:BGM>@K:=H <K>:G=HRK>IKH=N<B>G=H<HGLM:GM>F>GM>NG:LN>KM>=>A[;KB=HLLH<BH G:MNK:E>L
$KHO>    !> >LM: F:G>K:  E: FH=>KGB=:= A: L>I:K:=H R NGB=H : E: O>S : EHL LBLM>F:L
><HE^@B<HLRLH<B:E>L%>RG>G  

"L :L[ JN> E:L <BN=:=>L >G I:KMB<NE:K  R EHL LBLM>F:L LH<B:E>L >G @>G>K:E  L> MK:GL?HKF:G >G
A[;KB=HLLH<BH G:MNK:E>L ULMHLK>O>E:GJN>EHLIKH<>LHLLH<B:E>LR><HE^@B<HL?HKF:GI:KM>=>E
FBLFHF>M:;HEBLFH RIHKM:GMH EHLIKH<>LHL><HE^@B<HLJN>>LMWG=>MKWL=>E:IKH=N<<B^G=>
GN>OHL :F;B>GM>L  : MK:OYL => E: =BGWFB<: IHE[MB<: ><HG^FB<:  LHG ?NG=:F>GM:E>L I:K: E:
K>IKH=N<<B^G=>E:LH<B>=:=RI:K:@:K:GMBS:KLN<:EB=:==>OB=:%>RG>G  

 I>L:K=> L>K NG: >QIK>LB^G =>E LBLM>F: LH<BH ><HE^@B<H E:L WK>:L NK;:G:L<HGMBG`:G LB>G=H
I>K<B;B=:L <HFH EHL EN@:K>L =HG=> E: G:MNK:E>S: M>KFBG: R <HFB>GS: EH :KMB?B<B:E  EH JN> L>
K>?E>C:>GE:LIHE[MB<:LJN>E:L@H;B>KG:G0PRG@>=HNPR HHD  ):L<BN=:=>LLHG>LI:<BHL
=HG=>L>K>:EBS:G:<MBOB=:=>LEB;>K:=HK:LRL>F:M>KB:EBS:G=>L>HLI>KH:EFBLFHMB>FIH LHG

 
>LI:<BHL=>=HFBG:<B^G IH=>KLBLM>FWMB<H I>EB@KH HIK>LB^GR>Q<ENLB^G0PRG@>=HNPR(:\D:
  )HL LBLM>F:L NK;:GHL LHG ><HLBLM>F:L EHL ><HLBLM>F:L NK;:GHL  R IHK M:GMH  >E
F>M:;HEBLFH NK;:GH  >L >G =>?BGBMBO:  >E F>M:;HEBLFH ><HE^@B<H => EHL ><HLBLM>F:L NK;:GHL
$HEN;B>PLDB    "E F>M:;HEBLFH NK;:GH >L NG ?:<MHK <E:O> I:K: >GM>G=>K E:L K>E:<BHG>L
NK;:GH KNK:E>L  R: JN> E:L SHG:L KNK:E>L R E:L WK>:L C6IJG6A:H =>I>G=>G =BK><M:F>GM> => YLM>
KBS:*HGMH;BH  

"EF>M:;HEBLFHKNK:E IHKHMKHE:=H L>K>?B>K>:EF>M:;HEBLFH=>EHLLBLM>F:LLH<BH ><HE^@B<HL


KNK:E>L B?KBćR0OBKčBć  E:IH;E:<B^GKNK:E>L:JN>EE:JN>I:K:IH=>KLH;K>OBOBK=>I>G=>
=>E::@KB<NEMNK: E:@:G:=>K[: E:LBEOB<NEMNK: E:<:S: E:I>L<: E:K><HE><<B^GRHE:>QMK:<<B^G
1HE>=H  GM>>LMH<:;>A:<>KL>E:IK>@NGM:=>JNYLB@GB?B<:EHGJG6A "LNG:IK>@NGM:JN>
GHMB>G>NG:K>LIN>LM:?W<BE RJN>>LI:KM>=>NG=>;:M>FNR<HFIE>CH JN>IHKL[LHEH=:I:K:
O:KB:LM>LBL=H<MHK:E>LNG=>;:M> JN>GH>GMK:>GEHLH;C>MBOHL=>>LM>MK:;:CH 

 I>L:K => >LH  >L ?NG=:F>GM:E >GM>G=>K JN> E: =B<HMHF[: NK;:GH KNK:E >LMW IK>L>GM> >G NG
:;:GB<H @K:G=> => B=>HEH@[:L  K>E:<BHG:=:L : =B?>K>GM>L =BL<NKLHL <B>GM[?B<HL > ABLM^KB<HL
G=>KLLHG :I 6A    "L =><BK  JN> A:R F`EMBIE>L I>KLI><MBO:L I:K: >GM>G=>K : EH KNK:E 
I>KLI><MBO:L GH >JNBO:E>GM>L >GMK> >EE:L IHK EH JN> EHL LBLM>F:L KNK:E>L LHG LBLM>F:L
BKK>=N<MB;E>L >LMHLB@GB?B<: JN>GHIN>=>G L>K K>=N<B=HL : NG: LHE: I>KLI><MBO: $B:FIB>MKH 
0<A>B=>E . Esto es a lo que Giampietro (2004: 98) ha llamado “A>9>6G8DCE:GHE:8I>K6H
BUAI>EA:HND7H:GK69DG:HCD:FJ>K6A:CI:H”. Toledo (2008: 6) define a lo rural como “…6FJ:A:HE68>D
HD8>6A;DGB69DEDG:A8DC?JCID9:JC>969:H9:9>8696H6A66EGDE>68>TC” (del metabolismo ecológico).
%:;E:K => EH KNK:E  >L K>?>KBKL> : >LI:<BHL <HG<K>MHL >QMK>F:=:F>GM> A>M>KH@YG>HL  JN> GH
IN>=>GL>K>QIEB<:=HL=>L=>E:B=>:>LM>K>HMBI:=:=>E:=B<HMHF[:NK;:GH KNK:EG=>KLLHG:I
6A  -HK>LM:K:S^G L>NL:KWE:OBLB^G=>EHKNK:E=>1HE>=H 


*+#2 -*'1+-"#*%3

)HL M>F:L K>E:<BHG:=HL <HG >E :@N:  MK:=B<BHG:EF>GM> A:G LB=H F:G>C:=HL <HG <KBM>KBHL
IK>=HFBG:GM>F>GM> IKHO>GB>GM>L => E: BG@>GB>K[:  E: ><HGHF[: H => E: :=FBGBLMK:<B^G
IK>LM:G=HFNRIH<::M>G<B^G:E:L<N>LMBHG>LIHE[MB<:LRLH<B:E>L 0PRG@>=HNP  "L:L[
JN>E:>L<:L>S=>E:@N:L>A:>GM>G=B=HFWL<HFHNGIKH<>LHG:MNK:E JN><HFHNGIKH<>LH


1K:=N<<B^GIKHIB: 

 
LH<B:EF>GM><HGLMKNB=H <:NL:=H R =>M>KFBG:=H  <N:G=H E: >L<:L>S >L =>A><AH NG?>G^F>GH
LH<B:EF>GM><HGLMKNB=H@NBE>K:(EBGD:I6A (:\D: *:=KB=:I6A : 

NGJN>K>LNEM>K>=NG=:GM> >LBFIHKM:GM>L>]:E:KJN>EHLLBLM>F:LLH<B:E>LLHGLBLM>F:LJN>L>
LHLMB>G>G>GMK:GL?ENCHL<HGLM:GM>L=>F:M>KB:R>G>K@[:!:ER  RJN>NGH=>>EEHL>L>E
:@N: ):<HFIE>C:K>==>F>M:;HEBLFHLL>LHLMB>G>>GE:<BK<NE:<B^G<HGLM:GM>=>:@N:A:<B:
=>GMKH  : MK:OYL R A:<B: ?N>K: => E: <BN=:=  LBG LN ?ENCH BGBGM>KKNFIB=H  L>K[:G BFIHLB;E>L E:
OB=: R>EM>CB=H=>IKW<MB<:LJN><HGLMBMNR>GE:>L>G<B:=>E:<BN=:=0PRG@>=HNP  "LM:
<BK<NE:<B^G =>I>G=>KW=>E:LK>=>LM><GHE^@B<:LBGOBLB;E>LJN><HGLMBMNR>GE:BG?K:>LMKN<MNK:=>E
:@N:  R IHK M:GMH  M:F;BYG >E =>L:KKHEEH R <K><BFB>GMH => E:L <BN=:=>L $:G=R  :  "E
:=><N:=H :;:LM><BFB>GMH => :@N:  R E: BG?K:>LMKN<MNK: JN> @:K:GMB<> LN IKHOBLB^G R <:EB=:= 
>LMWGK>E:<BHG:=HL<HGE:B=>:=>E:<BN=:=FH=>KG:$:G=R ; 

"ELBLM>F:LH<B:EL>:IKHIB:=>E:@N:JN>K>LNEM:=>EF>M:;HEBLFH><HE^@B<H>E:@N:>L<:IM:=: 
;HF;>:=:  INKB?B<:=:  K>@NE:=:JN[FB<:F>GM>  >GMN;:=:  MK:GLIHKM:=: <HFIK:=: R O>G=B=: 
NMBEBS:=: >G EHL AH@:K>L  IHK EHL L>K>L OBOHL  >G E: :@KB<NEMNK:  E: BG=NLMKB:  E: @>G>K:<B^G
>EY<MKB<:  MK:GL?HKF:=: >G G:H>9J6AR =>ON>EM: :ELBLM>F:><HE^@B<H MH=H>LMH =>M>KFBG:=H IHK
<HFIE>CHL IKH<>LHL IHE[MB<HL  ><HG^FB<HL  LH<B:E>L  <NEMNK:E>L R ><HE^@B<HL (:\D:  
0PRG@>=HNP  2G=>L:KKHEEH<H>OHENMBOH IHKM:GMH K>JN>KBKW=>NG<:F;BHBGLMBMN<BHG:E 
JN> L> MK:=NS<: >G NG: MK:GL?HKF:<B^G => :<MBMN=>L  FH=HL => I>GL:K R <HG=N<M:L  LH;K> E:
>QMK:<<B^G  =BLMKB;N<B^G R NLH =>E :@N:  => M:E F:G>K: JN> >E LBLM>F: LH<BH ><HE^@B<H IN>=:
F:GM>G>KL>@NBE>K:(EBGD:I6A  

): !><E:K:<B^G "NKHI>: IHK NG: +N>O: NEMNK: =>E @N: IKHIHG> <N:MKH <:M>@HK[:L I:K:
<E:LB?B<:K>E:@N:!><E:K:<B^G"NKHI>:IHKNG:+N>O: NEMNK:=>E@N:  KKHCH 

  "E @N: 3B=: :@N: I:K: E: OB=: L> K>?B>K> :E :@N: <HFH @:K:GM[: I:K: E: OB=: >G
@>G>K:E  R M:F;BYG <HFH =>K><AH ANF:GH  -HK NG E:=H  >L >E :@N: JN> G><>LBM:G EH
><HLBLM>F:LI:K:F:GM>G>KL>RK>IKH=N<BKL> EHJN>BG<ENR>:EHLL>K>LJN>EHLA:;BM:G 
>L=><BK >L>E:@N:JN>@:K:GMBS:E:LHLM>GB;BEB=:=><HE^@B<: -HKHMKHE:=H >LM:F;BYG>E
:@N:BG=BLI>GL:;E>I:K:E:OB=:ANF:G: >L=><BK >GMK>REBMKHLIHKI>KLHG:RIHK
=[:EI= $:K:GMBS:K>E:@N: OB=:I:K:MH=:E:IH;E:<B^G=>EIE:G>M:BFIEB<:F>GHL=>E
=>LN<HGLNFH@EH;:E:<MN:E R>E<HLMH=>A:<>KEH>JNBO:E=K[::F>GHL=>E=>E
@:LMHFBEBM:K@EH;:E "E:@N: OB=:G><>L:KB:F>GM>=>;>BG<ENBK:E:@N: LHLM>GB;BEB=:= >L
=><BK :E=>K><AH=>EHLIN>;EHL:M>G>KK[HLR:<N[?>KHLL:EN=:;E>L 

 
  "E@N: BN=:=:G[::@N:I:K:E:<BN=:=:G[:>L>E:@N:<HFH=>K><AH<BN=:=:GH R:
GH<HFH=>K><AHANF:GH >L>E:@N:JN>L>NMBEBS:>G@:K:GMBS:KEHL=>K><AHLANF:GHL
R<BN=:=:GHL I:K:@:K:GMBS:KE:<HA>LB^GLH<B:E IHK>C>FIEH >GEHLL>KOB<BHL=>L:EN=
I`;EB<: R => >=N<:<B^G  "L M:F;BYG >E :@N: JN> L> NMBEBS: I:K: :L>@NK:K JN> E:
<BN=:=:G[:M>G@::<<>LH:>EE:AHK:L:E=[: RMH=HLEHL=[:L=>E:]H 
  "E@N: +>@H<BHH@N: "<HGHF[:>E:@N:I:K:EHLG>@H<BHL>L>E:@N:JN>L>NMBEBS:
I:K:=:KE>O:EHK:@K>@:=H:EHL;B>G>LRL>KOB<BHLJN>IKH=N<>NG:LH<B>=:= "LM>MBIH
=>:@N:LHE:F>GM>IN>=>>QBLMBKNG:O>SJN>L>A:@:K:GMBS:=H>E:@N: OB=:R>E:@N:
<BN=:=:G[: 
  "E@N: !>EBMH"L>E:@N:JN>L><HGM:FBG: RM:F;BYG>L>E:@N:JN>BFIB=>>E:<<>LH
:E :@N: OB=: R :E :@N: <BN=:=:G[:  -HK >C>FIEH  <N:G=H @:K:GMBS:K >E :@N: G>@H<BH
LB@GB?B<:JN>:E@NB>GL>JN>=>LBG:@N: OB=:RHLBG:@N: <BN=:=:G[: >E:@N: G>@H<BH
>GMHG<>LL>MK:GL?HKF:>G:@N: =>EBMH 

!>>LM:F:G>K:>ELBLM>F:LH<BH ><HE^@B<H=>I>G=>=>E:@N:I:K:F:GM>G>KL>RK>IKH=N<BKL> "E


:@N:>LNG>E>F>GMH?NG=:F>GM:EI:K:>EF>M:;HEBLFH=>E:LLH<B>=:=>L R:E:O>S<HFIE>CH 
R: JN> LN F>M:;HEBLFH >L I:KM> => <:=: IKH<>LH >G=HLHFWMB<H => E: :<MBOB=:= ANF:G:  R >L
BG=BLI>GL:;E>I:K:E:F:RHKI:KM>=>IKH<>LHL=>E:<HMB=B:GB=:=LH<B:E*:=KB=:I6A : "E
:@N:>LNG>E>F>GMH<E:O>I:K:E:LNI>KOBO>G<B:=>E:ANF:GB=:= 

 #1203!230!'<,"#*2#00'2-0'-6#*+#2 -*'1+-1-!'*

):LLH<B>=:=>LANF:G:LHK@:GBS:G>EM>KKBMHKBHLH;K>>EJN>MB>G>G<HGMKHE =B<AH<HGMKHEIN>=>
L>K >C>K<B=H => F:G>K: ?[LB<:  <NEMNK:E  ><HG^FB<: H IHE[MB<: E: HK@:GBS:<B^G =>E M>KKBMHKBH
=>I>G=>KW  IHK NG: I:KM>  => LNL <:K:<M>K[LMB<:L ><HE^@B<:L R @>HE^@B<:L  R IHK HMK:  => E:
HK@:GBS:<B^G<NEMNK:E LH<B:E IHE[MB<: ><HG^FB<:RIKH=N<MBO:=>>L>LBLM>F:LH<B:EMH=H>LMHL>
MK:=N<>>GNGFHL:B<H=>NLHL=>ELN>EH=B?>K>GM>LEE:F:=HI:BL:C>$^F>S,K>:  

!>>LM:F:G>K: L>IN>=>=><BKJN>E:BF:@>GJN>IKHR><M:NGM>KKBMHKBH>L>EI:BL:C> "EI:BL:C>


>LNG?>GHLBLM>F:NGLBLM>F:JN>L>O> >L=><BK NG:FHK?HEH@[:JN>FN>LMK:L^EH>GI:KM>NG
LBLM>F:H<NEMH NG<KBIMHLBLM>F:NGLBLM>F:JN>GHL>O>=>K>E:<BHG>LLN;R:<>GM>L ;>H>DAT<>86H
JN>>QIEB<:G>L::I:KB>G<B:I:BL:C[LMB<:>L:LK>E:<BHG>LJN>EB@:GF:M>KB: >G>K@[:>BG?HKF:<B^G 
I>KFBM>G H;L>KO:K O:KBHL >E>F>GMHL  >GMK> >EEHL >LMW E: :<MBOB=:= ANF:G:  >E>F>GMH
?NG=:F>GM:EIHKLN<:I:<B=:==>HK@:GBS:K>E>LI:<BH >EM>KKBMHKBH R=>FH=B?B<:KEHL?ENCHL=>
F:M>KB:R>G>K@[::MK:OYL=>E<:G:E=>E:BG?HKF:<B^G-:KK:  "LM::G:EH@[: L>>QIK>L:=>

 
F>CHKF:G>K::MK:OYL=>E:=B?>K>G<B:>GMK>E:>OHEN<B^G?>GHM[IB<: JN>>L:JN>EE:JN>:<M`:
LH;K>EH>QM>KGH LH;K>E::I:KB>G<B: LH;K>E:>QIK>LB^G=>EH@>GYMB<HRE:>OHEN<B^G@>GHM[IB<: 
JN>>L:JN>EE:JN>:<M`:LH;K>E:>L>G<B: LH;K>EHJN>GHL>O>-KHHIL /:FHL*:KM[G 
 

"EI:BL:C>GH>L:E@H>LMWMB<H MH=HEH<HGMK:KBH >L=BGWFB<H <:F;B:RL>FH=B?B<:-:KK: 


$^F>S,K>:  0>IN>=>A:;E:K=>=HLMBIHL=><:F;BHL>G>EI:BL:C>"K; 

  "E<:F;BH>GE:<H;>KMNK:=>ELN>EH IHKEHM:GMH>GLNNLH <HGNGBFIEB<:<BHG>LLH<BH


><HE^@B<:L>OB=>GM>LR
  >E <:F;BH >G E: BGM>GLB=:= =>E NLH =>E LN>EH  >LM> <:F;BH IN>=> GH LB@GB?B<:K NG:
O:KB:<B^G >G E: <H;>KMNK: =>E LN>EH  I>KH LB BFIEB<: <:F;BHL IKH?NG=HL >G >E
<KBIMHLBLM>F: RIHKEHM:GMH M>G=KWM:F;BYGBFIEB<:<BHG>LLH<BH ><HE^@B<:L 

):L K>E:<BHG>L ?BLBHE^@B<:L  >L> <KBIMHLBLM>F: =>E JN> A:;E: -:KK:  GH >L G:=: FWL JN> >E
F>M:;HEBLFHLH<B:E IHKM:GMH >EF>M:;HEBLFHLH<B:E>LNG>E>F>GMH>L>G<B:EI:K:>GM>G=>KIHK
JNY NG I:L:C> L> A: HK@:GBS:=H <HFH EH A: A><AH  "OB=>GM>F>GM>  >E F>M:;HEBLFH LH<B:E GH
>QIEB<:IHKLBLHEH>LMH0PRG@>=HNP $:G=R : >L?NG=:F>GM:EBG<ENBKEHLIKH<>LHL
<NEMNK:E>L LH<B:E>L IHE[MB<HL ><HG^FB<HLR><HE^@B<HLI:K:IH=>K>GMK>M>C>KNG:F>MW?HK:FWL
<E:K:=>E:K>:EB=:= 

1HE>=H  =>?BG> MK>L MBIHL =B?>K>GM>L => NGB=:=>L => I:BL:C>  >G ?NG<B^G => LN K>E:<B^G
F>M:;^EB<:<HGE:LNGB=:=>LKNK:E>LIKH=N<MBO:L :E:LJN>EE:F:*>=BHF;B>GM> HGL>KO:=H 
*>=BHF;B>GM>2L:=HR*>=BHF;B>GM>1K:GL?HKF:=H JN>>LMWG<HG><M:=:L>GMK>>EE:L R
<HG EH JN> YE EE:F: *>=BH F;B>GM> 0H<B:E  >LM: =BLMBG<B^G >L LBFBE:K : E: A><A: IHK "=P:K=
,=NF,=NF 

  "E*>=BHF;B>GM> HGL>KO:=HLHGWK>:LI:K:>EF:GM>GBFB>GMHRK>IKH=N<<B^G=>EHL
:8DH>HI:B6HC6IJG6A:H LNH;C>MBOH>L>EF:GM>GBFB>GMH=>EF>M:;HEBLFH><HE^@B<H =>M:E
F:G>K:JN>L>@:K:GMB<>GLNLF><:GBLFHL=>K>@NE:<B^G LNLIKH<>LHLF>M:;^EB<HLRE:
EB;>K:<B^G=>LNLIKH=N<MHL -:K:L:EBK=>E:K>E:MBOB=:=RO:<NB=:==>EMYKFBGH*>=BH
F;B>GM> 0PRG@>=HNP    GHL K>?>KBK>FHL : >LM:L NGB=:=>L => I:BL:C> <HFH
-:BL:C> HGL>KO:=H-  

 
><JG6 *6>H6?:9:A*6GFJ:(68>DC6A6?6H :CJ:C86 8J69DG

JIDG'N:GE;>KMH*N]HS HKK:E


  "E *>=BH F;B>GM> 2MBEBS:=H LHG E:L NGB=:=>L => I:BL:C> JN> LHG H;C>MHL => MK:;:CH 
I>KH JN> : I>L:K => >EEH  LN NLH GH BFIEB<: NG JNB>;K> >G E: >LMKN<MNK: ><HLBLMYFB<: 
<HFH IHK >C>FIEH  >G E:L SHG:L => <:<>K[: => EHL IN>;EHL BG=[@>G:L :F:S^GB<HL  +HL
K>?>KBK>FHL:>LM:LNGB=:=>L<HFH-:BL:C>2MBEBS:=H-2 

><JG6 *6>H6?:9:A,RD/E6CD ?JCID6A6KR66'686H 8J69DG

JIDGGMHGBH*:EH):KK>:


  "E*>=BHF;B>GM>1K:GL?HKF:=HLHGE:LNGB=:=>L=>I:BL:C>JN>M:F;BYGLHGH;C>MH
=>MK:;:CH I>KH>G>LM><:LH>EMK:;:CHBFIEB<:NG:KNIMNK:=>E:>LMKN<MNK:><HLBLMYFB<:

 
HKB@BG:E I:K: >E >LM:;E><BFB>GMH => :8DH>HI:B6H 6CIGTE>8DH  +HL K>?>KBK>FHL : >LM:L
NGB=:=>L=>I:BL:C> <HFH-:BL:C>1K:GL?HKF:=H-1 

><JG6 *6>H6?:9:8JAI>KDH9:6GGDO:C%6IDG> $6ETC

JIDGGMHGBH*:EH):KK>:
  "E*>=BHF;B>GM>0H<B:EL>K>?B>K>:ELBLM>F:LH<B:E>GLNMHM:EB=:= JN>>L=BLMBGMH H
JN> L> >G<N>GMK: ?N>K: => EHL E[FBM>L => E: NGB=:= IKH=N<MBO:  -N>=>G L>K HMK:L
NGB=:=>LIKH=N<MBO:L IH;E:=HL <BN=:=>L SHG:LBG=NLMKB:E>L F>K<:=HL >GMK>HMKHL "G
>LM><:LHEHEE:F:K>FHL-:BL:C>0H<B:E 

 
><JG6 *J:7AD:C:A9:AI69:AGRD7GD 6I6AJCN6 HE6S6

JIDGGMHGBH*:EH):KK>:


HFH R: L> >QIEB<^  1HE>=H  IKHIHG> >LM: <E:LB?B<:<B^G >G ?NG<B^G => E: K>E:<B^G JN>
MB>G>G E:L NGB=:=>L => I:BL:C> =>?BGB=:L  <HG NG: NGB=:= IKH=N<MBO: >LI><[?B<:  0BG >F;:K@H 
<HGLB=>K:FHL JN> E:L NGB=:=>L => I:BL:C> => >LM: IKHIN>LM: LHG >QMK:IHE:;E>L R NMBEBS:;E>L
BG=>I>G=B>GM>F>GM>=>LNK>E:<B^G<HGNG:NGB=:=IKH=N<MBO:>GI:KMB<NE:K 

 .0-.'!'<,30 ,"#*+#2 -*'1+-030*6"#*+#2 -*'1+-#!-*<%'!-

)::IKHIB:<B^G>L>EIKH<>LHF>=B:GM>>E<N:ENG:LH<B>=:=A:<>LNRH:E@H <HFHIHK>C>FIEH 
>E F>M:;HEBLFH ><HE^@B<H =B<A: :IKHIB:<B^G IN>=> =:KL>  R: L>: => ?HKF: ?[LB<: => EHL
IKH=N<MHL =>E F>M:;HEBLFH ><HE^@B<H  RH =>E F>M:;HEBLFH ><HE^@B<H FBLFH  H => ?HKF:
LBF;^EB<: >L=><BK =>?HKF:<NEMNK:E IHE[MB<:H=>MK:=B<BHG>L>LIBKBMN:E>L<HFH IHK>C>FIEH 
E:L K>EB@BHG>L 1HE>=H    "E F>M:;HEBLFH LH<B:E L> BGB<B: <HG E: :IKHIB:<B^G ANF:G: =>E
F>M:;HEBLFH><HE^@B<H#HLM>K 1HE>=H  

 
)::IKHIB:<B^G=>;B>G>LRL>KOB<BHL><HE^@B<HL>L>EIKBF>KIKH<>LH=>EF>M:;HEBLFHLH<B:E >
BFIEB<:MW<BM:F>GM>E::IKHIB:<B^G=>><HLBLM>F:L1HE>=H  )HLMYKFBGHL7>:C:H:8DAT<>8DH
R H:GK>8>DH:8DAT<>8DHD6B7>:CI6A:H  LHG MYKFBGHL >QMK>F:=:F>GM> IHEYFB<HL  JN> LHG LNC>MH =>
:<:EHK:=HL=>;:M>L IHKLNLIKH?NG=:LBFIEB<:<BHG>L><HG^FB<:LRIHE[MB<:L +H>LFHMBOH=>
>LM>MK:;:CH>GMK:K>G>LHL=>;:M>LEHL7>:C:H:8DAT<>8DHLHGIKH=N<MHL=>EF>M:;HEBLFH><HE^@B<H 
IHKEHJN>GHLK>?>KBK>FHL:>EEHL=>>L:F:G>K:EHLH:GK>8>DH:8DAT<>8DHD6B7>:CI6A:H >G<:F;BH 
BFIEB<:GM:GMH:EHLF><:GBLFHL=>K>@NE:<B^G=>EF>M:;HEBLFH><HE^@B<H <HFH:EHLIKH<>LHL
F>M:;^EB<HL  IHK EH JN> GHL K>?>KBK>FHL : >EEHL <HFH B:I67DA>HBD :8DAT<>8D  !> >LM: F:G>K: 
A:K>FHL NG: =BLMBG<B^G >GMK> EHL EGD9J8IDH 9:A B:I67DA>HBD :8DAT<>8D R >E B:I67DA>HBD :8DAT<>8D
B>HBD 

)HL WK>:L NK;:G:L =>;>G @:K:GMBS:K LN F>M:;HEBLFH LH<B:E  IHK EH JN> I:K: F:GM>G>KL> R
K>IKH=N<BKL>G><>LBM:G => >GMK:=:L => F:M>KB:  >G>K@[:>BG?HKF:<B^G $B:FIB>MKH :I6A 
0<A>B=>E  "L=><BK JN>K>JNB>K>G=>EF>M:;HEBLFH><HE^@B<H =>EF>M:;HEBLFHKNK:E R=>E
F>M:;HEBLFHNK;:GHL>:>EIKHIBHHL>:>E=>HMKHL<>GMKHLNK;:GHL 

><JG6 ,:EG:H:CI68>TC9:A6G:A68>TC9:ADHIG:HB:I67DA>HBDH

#N>GM>"E:;HK:<B^GIKHIB:


 
"EF>M:;HEBLFHNK;:GH LBG>F;:K@H IN>=>:IKHIB:KL>=>EHLF>M:;HEBLFHLKNK:ER><HE^@B<H 
-HKNGE:=H IHKJN>LNEB;>K:<B^G=>F:M>KB:R>G>K@[:=>:EM:>GMKHI[: R:L>:IHK>C>FIEH >G
?HKF: => <:EHK  H => <HGM:FBG:<B^G =>E :@N:  :BK> R LN>EH  H => =>L><AHL L^EB=HL  BGO:=> :
HMKHL >LI:<BHL R M>KKBMHKBHL  BG=B?>K>GM>F>GM> => LB LHG I:BL:C>L NL:=HL  MK:GL?HKF:=HL H
<HGL>KO:=HL 4ABM>LB=>   *:KM[G>S EB>K    , IHK HMKH E:=H  F>=B:GM> IHE[MB<:L
M>KKBMHKB:E>L R IKH=N<MBO:L =>LMBG:=:L : @:K:GMBS:K EHL BGLNFHL F:M>KB:E>L IHK >C>FIEH  =>
:EBF>GMHLH=>:@N:R>G>K@YMB<HLJN>E:<BN=:=G><>LBM:%:C>K $HE=F:G 4:K= 
 "LM::IKHIB:<B^GBFIEB<:JN>EHLI:BL:C>LMK:GL?HKF:=HLR<HGL>KO:=HL R:GHL>=>LMBG:G
: @:K:GMBS:K >E F>M:;HEBLFH KNK:E  LBGH >E F>M:;HEBLFH NK;:GH  "Q<>E>GM>L >C>FIEHL  LHG E:
BGO:LB^G=>EI:BL:C>MK:GL?HKF:=H<HGIE:GM:L@>G>K:=HK:L=>>E><MKB<B=:= H<HG<NEMBOHLI:K:
E:IKH=N<<B^G=>;BH<HF;NLMB;E>LKBS:*HGMH;BH  

HFHR:A:LB=H=BL<NMB=H E:NK;:GBS:<B^G>LMWLNF>K@B=:>G:FIEB:LK>=>LLH<BH ><HE^@B<:L 


>L ?NG=:F>GM:E K><HGH<>KE:L  I:K: IH=>K >LMN=B:K EHL <HG?EB<MHL R <HFIKHFBLHL K>E:<BHG:=HL
<HG E: LNLM>GM:;BEB=:= NK;:G: 0PRG@>=HNP R HHD    HG?EB<MHL R <HFIKHFBLHL JN>
G><>L:KB:F>GM>I:L:GIHKE::IKHIB:<B^GNK;:G:=>HMKHLF>M:;HEBLFHL 

 $&%'*$$%$$   M $

): FH=>KGB=:= A: <HGL>@NB=H AHFH@>GBS:K : EH G:MNK:E  I>KH BK^GB<:F>GM>  E: FBLF:
FH=>KGB=:=  <HG LNL GH<BHG>L => IKH@K>LH R => <K><BFB>GMH BEBFBM:=H  L> >G<N>GMK:
IHE[MB<:F>GM> <HG E: >GMKHI[: R EHL E[FBM>L => GN>LMKH IE:G>M:  >LM> >G<N>GMKH BG>OBM:;E> A:
BGB<B:=H NG IKH<>LH => K>LB@GB?B<:<B^G =>E NGBO>KLH  R M:F;BYG >E LNK@BFB>GMH => K>:EB=:=>L
:EM>KG:MBO:L)>?? ; 

2G=BL<NKLHL>=>?BG><HFHNG:?HKF:=>O>KRK>?>KBKL>::E@H <HGMB>G>E:?HKF:>GE:JN>L>
<HG<B;> :E FNG=H  "E :GWEBLBL => =BL<NKLHL >LMN=B: E: G:MNK:E>S: => E:L I>K<>I<BHG>L
<HFI:KMB=:L  >L =><BK  => EHL =BL<NKLHL => NG: LH<B>=:= =BL<NKLHL LH<B:E>L :KKR R -KHHIL 
 "EMYKFBGHIKH;E>F:MBS:<B^G IHKHMKHE:=H L>K>?B>K>:E:?HKF:>GE:JN>NGIKH;E>F:>L
>LMKN<MNK:=H  =>?BGB=H R =>EBFBM:=H 4ABM>LB=>    -HK M:GMH  NG =BL<NKLH LH<B:E EE>O:
BFIE[<BM:E:?HKF:>GE:JN>NG:LH<B>=:=A:IKH;E>F:MBS:=H:E@H:KKRR-KHHIL  

)H JN> L> >GMB>G=> IHK 6B7>:CI: C6IJG6A  IHK E:L LH<B>=:=>L >G @>G>K:E  R IHK E: IHE[MB<: >G
I:KMB<NE:K >L=B?>K>GM>=>E6B7>:CI:G:6A%:C>K  "E:F;B>GM>K>:ERE:K>:EB=:=IN>=>GL>K
>QIEB<:=HL;BHE^@B<:F>GM>:I:KMBK=>E:ABI^M>LBL=>EI:BL:C><H@GBMBOH "LM:GH<B^G<:M>@HKBS::E

 
I:BL:C>>GMK>LGBO>E>L>EI:BL:C>G>NMK:E >EI:BL:C> BG=BOB=NHR>EI:BL:C> H;L>KO:=HK "EI:BL:C>
G>NMK:E H EH K>:E  L> K>?B>K> :E FNG=H >QM>KBHK :GM>L => L>K I>K<B;B=H R => :=JNBKBK NG
LB@GB?B<:=H>LI><[?B<H "EI:BL:C> BG=BOB=NH>G<:F;BH L><K>:<N:G=HE:BG?HKF:<B^G=>EI:BL:C>
G>NMK:E >L <:IM:=: IHK ;BH L>GLHK>L  >L =><BK  <N:G=H >E FNG=H >QM>KGH >L I>K<B;B=H IHK NG
BG=BOB=NH  BG=>I>G=B>GM>F>GM> => LN >LI><B>  #BG:EF>GM>  <N:G=H EH I>K<B;B=H IHK EHL ;BH
L>GLHK>L >L IKH<>L:=H <H@GBMBO:F>GM>  LNK@> >E I:BL:C> H;L>KO:=HK H E: K>:EB=:= #:KBG: R
>E@K:GH  

><JG6  ,:EG:H:CI68>TC9:A6=>ETI:H>H9:AE6>H6?:8D<C>I>KD

#N>GM>"E:;HK:<B^GIKHIB:


)HLL>K>LANF:GHL RE:LLH<B>=:=>L <K>:FHLBFW@>G>L=>EHK>:E :E:LJN>EE:F:FHLK>:EB=:= 


JN> L> <HGLMKNR>G >G ?NG<B^G => =BL<NKLHL >LI><[?B<HL  "L :L[ JN> EH G:6A >L =B?>K>GM> => E:
G:6A>969  IHKJN> GN>LMKH <HGH<BFB>GMH A: LB=H >LMKN<MNK:=H IHK =B?>K>GM>L E>G@N:C>L 
>QI>KB>G<B:L BFW@>G>LR?:GM:L[:L ): G:6A>969>LI:KMB<NE:K FB>GMK:LJN>EHG:6AGHIN>=>L>K
F>M:?HKBS:=H/HL>G  %:C>K  ):BF:@>G=>E:K>:EB=:=L><K>:;:CH=B?>K>GM>L
I:K:=B@F:L<NEMNK:E>LR<B>GM[?B<HL R>G>EF:K<H=>NG:LK>E:<BHG>L=>IH=>K>LI><[?B<:L 0HG 
IHKM:GMH >LM:LK>E:<BHG>L=>IH=>KRI:K:=B@F:LJNB>G>L<K>:GE:L=B?>K>GM>L<HG<>I<BHG>L=>
EH:F;B>GM:E =>EHNK;:GH =>EHKNK:ER=>EM>KKBMHKBH I>KHLH;K>MH=HLHGE:LJN>>LMWG=>MKWL
=> E:L IHE[MB<:L => IE:GB?B<:<B^G :F;B>GM:E R M>KKBMHKB:E  R E:L JN> LNLM>GM:G LN :I:K:M:C>
BGLMBMN<BHG:E IHK EH M:GMH  >E ?NG=:F>GMH  R : E: O>S  EH JN> @H;B>KG: E: <K>:<B^G => IHE[MB<:L

 
:F;B>GM:E>LRM>KKBMHKB:E>L >LE:<HGLMKN<<B^GLH<B:E=>E:G:MNK:E>S: >L=><BK E:?HKF:>GE:JN>
YLM: >L IKH;E>F:MBS:=: %:C>K   4ABM>LB=>   )>??  ;  *NGGY   =B<>
“…:CIG:A6>B6<:C9:A6G:6A>969NCJ:HIGD8DCD8>B>:CID9::AA6=6NJC6G:6A>B:CI68>TC8DCHI6CI: HID
:H:HE:8>6AB:CI:H:CH>7A:8J6C9DH:G:;>:G:6A6G:6A>969=JB6C6 96C9DAJ<6G6AEGD7A:B69:AEAJG6A>HBD
I:TG>8D:CG:A68>TC8DCA6H>BP<:C:HHJ7N68:CI:H8DCHIGJ>96HEDGADH9>;:G:CI:HB6G8DHI:TG>8DH”. De esta
F:G>K:  L> K>O>E: JN> E:L K>E:<BHG>L NK;:GH KNK:E>L R E: <HG?B@NK:<B^G =>E M>KKBMHKBH  GH LHG
IKH=N<MH LHE:F>GM> => IKH<>LHL ><HE^@B<HL H ><HG^FB<HL  LBGH JN> >LMWG ?N>KM>F>GM>
=>M>KFBG:=:LIHK<HGLMKN<<BHG>LLH<B:E>LR<NEMNK:E>L RFHE=>:=:LIHKE:LK>E:<BHG>L=>IH=>K 
!><HGLMKNBK >L: K:<BHG:EB=:= M:G :8D9:HIGJ8I>K6  R @>LM:K NG: AJ8>9:O:8DAT<>86  GH >L LHE:F>GM>
NG:M:K>:M>^KB<:R?BEHL^?B<: IN>LK>JNB>K>=>NG:>F:G<BI:<B^G=>E<HGH<BFB>GMH =>LM>KK:G=H
>EIH=>K=>E<HGH<BFB>GMH@EH;:EBS:=HKR`GB<H I:K:=>>L:F:G>K:IH=>KGNMKBKE:=BO>KLB=:=
=><HGH<BFB>GMHLEH<:E>L$B:FIB>MKH )>?? ; 

"E>LMN=BH=>EHL=BL<NKLHLLH<B:E>LK>E:<BHG:=HL<HGEH:F;B>GM:EI>KFBMBKWOBLN:EBS:K<^FHA:G
LB=H IKH;E>F:MBS:=HL E: G:MNK:E>S:  >E M>KKBMHKBH  EH NK;:GH  EH KNK:E  R LNL K>E:<BHG>L  R
<HGL><N>GM>F>GM>  >GM>G=>K >E IKH<>LH => IKH=N<<B^G => IHE[MB<:L :F;B>GM:E>L R M>KKBMHKB:E>L 
!>:AHK:>G:=>E:GM>>EMYKFBGHLBLM>F:><HE^@B<HL>KWNMBEBS:=HI:K:K>?>KBKL>:E:F;B>GM>K>:E 
R E: I:E:;K: G:MNK:E>S: L>KW NL:=: I:K: K>?>KBKL> :E LBLM>F: ><HE^@B<H >G >E <HGM>QMH => NG
=BL<NKLH>LI><[?B<H 

!-,1203!!'<,1-!'*"#*,230*#7

): C6IJG6A:O6 >L NG: GH<B^G IH=>KHL:  E: FBLF: JN> A: LB=H IKH=N<B=:  IKH;E>F:MBS:=: 
ANF:GBS:=: LBLM>F:MBS:=:RIHEBMBS:=:E:G:MNK:E>S:IN>=>L>K=>L<KBM:=>=B?>K>GM>LF:G>K:L 
R E:L >QIK>LBHG>L JN> L> NMBEBS:G I:K: A:<>KEH >LMWG EB@:=:L :E >C>K<B<BH => IH=>K >G E:L
LH<B>=:=>L 4ABM>LB=>    "QIEHK:K E:L =B?>K>GM>L GH<BHG>L => G:MNK:E>S: >L ?NG=:F>GM:E
I:K:>GM>G=>KEHLIKH<>LHL><HG^FB<HL IHE[MB<HLR<NEMNK:E>LJN>@H;B>KG:GE:F>M:;HEBS:<B^G
=>EHCD=JB6CDHG:MNK:E>S:%>RG>G  !>>LM:F:G>K: E:G:MNK:E>S:>LLHE:F>GM>NG:
K>:EB=:=<HGLMKNB=:IHKE:LLH<B>=:=>L>G@>G>K:E RIHKE:IHE[MB<:>GI:KMB<NE:KGH>LEHFBLFH
JN>>E6B7>:CI:G:6A%:C>K  "E<HG<>IMH=>G:MNK:E>S: >LNG<HG<>IMH:;LMK:<MHRO:<[H 
NG: B=>: IKH?NG=:F>GM> IHE[MB<:  >L<HG=B=: ;:CH NG F:GMH => :IHEBMB<B=:= 0PRG@>=HNP 
 

"EI>GL:FB>GMH@KB>@H<HGLB@NB^NGFBE:@KH>IBLM>FHE^@B<H IN>LEH@K^LHF>M>K:E:C6IJG6A:O6
: E: K:S^G  R >LM> LHF>MBFB>GMH I>K=NK: A:LM: GN>LMKHL =[:L  "LMH LN<>=B^ <N:G=H L> IKH=NCH

 
NG: G:6A>969 ;:L:=: >G >E HK=>G  E: I>K?><<B^G R E: GH <HGMK:=B<<B^G  EH JN> BFIEB<^
G><>L:KB:F>GM> NG :E>C:FB>GMH => E: C6IJG6A:O6 <HFH NG: K>:EB=:= BFI>K?><M:  <:^MB<: R
<HGMK:=B<MHKB: >L=><BK =>E:G:MNK:E>S:<HFHLBLM>F:<HFIE>CH:E>C:=H=>E>JNBEB;KBH*NGGY 
. En contraste, Erik Swyngedouw (2011: 46) sostiene que “(D =6N H:<JG>969 6A<JC6 :C A6
(6IJG6A:O6  A6 (6IJG6A:O6 :H >BEG:K>H>7A:  :GGPI>86  H: BJ:K: 9: ;DGB6 8>:<6 N :HE6HBT9>86  (D =6N
C>C<JC6<6G6CIR6;>C6A:CA6(6IJG6A:O6:CA6FJ:ED96BDH76H6GCJ:HIG6EDARI>86DCJ:HIG68DC8:E8>TC9:
ADHD8>6A :CA6FJ:ED96BDHG:;A:?6GCJ:HIGDHHJ:SDH :HE:G6CO6HD6HE>G68>DC:H”. 

): BGO>LMB@:<B^G FH=>KG: =>E FNG=H GH ANF:GH  IHK HMKH E:=H  L> A: K>:EBS:=H ;:CH NG
I:K:=B@F:<B>GM[?B<HIHLBMBOBLM: "LMHLB@GB?B<:JN><:=:I:KM>=>ENGBO>KLHA:LB=H>LMN=B:=:=>
?HKF:L>I:K:=: R :BLE:=:  ;:CHE:<K>>G<B: =>JN>:E >GM>G=>K E:LI:KM>L  L> >GM>G=>KW :E MH=H
4ABM>LB=>   )>??  ; *HKBG   *NGGY   EH JN> A: M>GB=H NG >?><MH
AHFH@>GBS:=HK =>E FNG=H GH ANF:GH )>??  ;  "GMHG<>L  I:K: >LMN=B:K EH JN> L> A:
EE:F:=H C6IJG6A:O6 YLM:G><>L:KB:F>GM>A:=>;B=H L>K?K:<<BHG:=: >G <:M>@HK[:L H I:KM>LIHK
>C>FIEH >ELN>EH >E:@N: EHL;HLJN>LH>E:BK> >GMK>HMK:L%:C>K  

"L:L[ JN>=NK:GM>E:FH=>KGB=:=E:G:MNK:E>S:L>A:<HGLMBMNB=H<HFHNG>GM>=BL<NKLBOH NG:


>GMB=:= JN> IN>=> L>K IKHM>@B=:  <NEI:=: R =HFBG:=:  >G GHF;K> =>E ;B>G>LM:K => E:
ANF:GB=:= (:\D:   $:G=R  ; )>??  ;  ): =B<HMHF[: LH<B>=:= G:MNK:E>S: A:
I>KFBMB=H>ENLH=>E:G:MNK:E>S:<HFHNG:?N>GM>=><KBLBL ?:<BEBM:G=H>E>C>K<B<BH=>EIH=>K :E
CNLMB?B<:K=><BLBHG>LIHE[MB<:LR><HG^FB<:L>LI><[?B<:L(:\D:  "L<E:KH >GMHG<>L JN>E:L
I>K<>I<BHG>L => E: C6IJG6A:O6 A:G M>GB=H  R MB>G>G  IKH?NG=:L BFIEB<:<BHG>L IHE[MB<:L $:G=R 
; 

):B=>:=>G:MNK:E>S: IHKHMKHE:=H BFIEB<:JN>E:8G>H>H:8DAT<>86:<MN:E>L<:NL:=:IHKJN>>E


L>KANF:GHA:BGM>KO>GB=H>G>EHK=>GG:MNK:E=>E:L<HL:L IHKJN>NG:>QM>KG:EB=:=EE:F:=:
ANF:GB=:= A: :EM>K:=H : E: G:MNK:E>S: BFIEB<: M:F;BYG  JN> >QBLM> NG: LHE: G:MNK:E>S:  NG:
LHE:>L>G<B:G:MNK:E G>@:G=HE:LF`EMBIE>LG:MNK:E>S:LJN>>QBLM>G RK><A:S:G=HJN>M:GMHEHL
BG=BOB=NHL <HFHE:L>LI><B>L EHL><HLBLM>F:L RLNL:F;B>GM>L A:GLB=H<HIKH=N<B=HLRA:G
<H>OHEN<BHG:=H => ?HKF: ABLM^KB<: R =B:EY<MB<:  => F:G>K:L =BO>KL:L R EH<:EF>GM> >LI><[?B<:L
0PRG@>=HNP  

.0- *#+2'7!'<,"#*,230*#76*,230*#7+#20-.-*'2,

):FH=>KGB=:=A:<:F;B:=HE:?HKF:>GE:JN>E:G:MNK:E>S:>LIKH;E>F:MBS:=: MK:GL?HKF:=H
M:F;BYG E:L K>E:<BHG>L G:MNK:E>S: LH<B>=:=  R A: <K>:=H NG: G:MNK:E>S: F>MKHIHEBM:G:  ):

 
<BN=:=FH=>KG:A:=:=HHKB@>G:NG:GN>O:L>GLB;BEB=:=<NEMNK:EA:<B:E:G:MNK:E>S: ULM:A:
LB=H MK:GL?HKF:=: >G NG ?H<H => <HGM>FIE:<B^G R >G NG EN@:K => H<BH  => >LM: F:G>K:  E:
G><>LB=:= F:M>KB:EA: =>C:=H=>L>K >EO[G<NEH LH<B>=:= G:MNK:E>S:  "LM> <:F;BH =>GH<BHG>L 
M:F;BYGA:BFIEB<:=HNG:MK:GL?HKF:<B^GIKH?NG=:=>E:LI>K<>I<BHG>LLH;K>E:LBGM>K:<<BHG>L
>GMK> E:L K>E:<BHG>L <[<EB<:L => EH NK;:GH R <HG EH KNK:E $:G=R  ;  "LM: OBLB^G => E:
C6IJG6A:O6 F:K<: NG: KNIMNK: >GMK> E: <BN=:= R >E FNG=H G:MNK:E  E:L =>?BG> <HFH >GMB=:=>L
=B?>K>GM>L :NMHLN?B<B>GM>L>BG=>I>G=B>GM>L >L=><BK LBGO[G<NEHL?[LB<HL>GMK>L[ 

): B=>: => E: G:MNK:E>S: F>MKHIHEBM:G: IN>=> ?W<BEF>GM> BG<B=BK R FHE=>:K : HMK:L GH<BHG>L
<HFH>EM>KKBMHKBH >EI:BL:C> EHKNK:ERLNLK>E:<BHG>L "L:>LM>IKH<>LH:EJN>A>FHLEE:F:=H
NK;:GBS:<B^G=>E:LI>K<>I<BHG>L 

#!-%3 #0+#,2*'""*+-"#0,'7!'<,#!-*<%'!6*#!-#$'!'#,!'

):L K>E:<BHG>L LH<BH G:MNK:E>L IN>=>G L>K IKH;E>F:MBS:=:L => =BO>KL:L F:G>K:L  "E =BL<NKLH
:F;B>GM:E FH=>KGH L> LHLMB>G> >G E: B=>: => C6IJG6A:O6 >G @>G>K:E  R => E: C6IJG6A:O6
B:IGDEDA>I6C6 >G I:KMB<NE:K *HKBG   (:\D:   )>??  ; $:G=R  : $KHO>  
0PRG@>=HNP    NMHK>L <HFH %:C>K   *:KM[G>S EB>K   R $HE=F:G 
=BL<NM>GE:F:G>K:>GJN>>LM:LK>E:<BHG>LA:GLB=HIKH;E>F:MBS:=:LIHK>E=BL<NKLH:F;B>GM:E
FH=>KGH R<HFHL>>QIK>L:G:=B?>K>GM>LGBO>E>L "GMK>E:=B?>K>GM>L>QIK>LBHG>LR?HKF:L>G
E:LJN>>LMHL>IN>=>>QIK>L:K $HE=F:GIKHIHG>E:B=>:=>E:8D
<J7:GB:CI6A>969 %:C>K
E:B=>:=>E:BD9:GC>O68>TC:8DAT<>86 R*:KM[G>S EB>KE:LB=>:L=>E::8D
:;>8>:C8>6R
=>E:8DAD<>HBD9:ADHED7G:H "LM>MK:;:CHGH=BL<NMBKWE:B=>:=>E:8DAD<>HBD9:ADHED7G:H IN>LGH>L
I:KM> => LNL H;C>MBOHL  R E:L HMK:L MK>L B=>:L L>KWG >QIEB<:=:L ;K>O>F>GM>  "L ?NG=:F>GM:E
L>]:E:KJN>EHLMK>L:NMHK>L<HBG<B=>G>GJN>GHL>IN>=>=>LEB@:K L>I:K:K GB:BLE:K:>LM:LMK>L
IKH;E>F:MBS:<BHG>L=>E<HGM>QMH=>E<:IBM:EBLFHR=>EG>HEB;>K:EBLFH 

):><H @N;>KF>GM:EB=:=L>K>?B>K>:E=BL>]H <HGLMKN<<B^G>BFIE>F>GM:<B^G=>IHE[MB<:LEH<:E>L 


G:<BHG:E>L K>@BHG:E>LR@EH;:E>L JN>BFIHG>G K>IKH=N<>G K>?N>KS:GRF:GMB>G>GE:LB=>:L=>
G:MNK:E>S: R G:MNK:E>S: F>MKHIHEBM:G:  <HGLMBMNRYG=HL> >G BGLMKNF>GMHL => =HFBG:<B^G 
LB@NB>G=H E: M>HK[: => E: @N;>KF>GM:EB=:= => #HN<:NEM $HE=F:G   4:K=    ): ><H
>?B<B>G<B: >G<:F;BH L>K>?B>K>:E:M><GHEH@[:<HFHE:LHEN<B^GE:<KBLBL><HE^@B<: RE:?HKF:
FWL:=><N:=:=>>G?K>GM:KE:*:KM[G>SEB>K  #BG:EF>GM> E:FH=>KGBS:<B^G><HE^@B<: >L
>E=BL<NKLHJN>K>IKH=N<>>LM:?HKF:=>IKH;E>F:MBS:K:E:G:MNK:E>S: RJN>L>A:MK:=N<B=H>G

 
?HKF:LBGLMBMN<BHG:E>LRIHE[MB<:L%:C>K  ):><H @N;>KF>GM:EB=:=RE:><H >?B<B>G<B:LHG
>QIK>LBHG>L=>E:FH=>KGBS:<B^G><HE^@B<: 

I>L:K=>LNL=B?>K>GM>LF:MB<>L E:LMK>LB=>:LMB>G>GNGHKB@>G<HF`GE:F:G>K:>GJN>E:
FH=>KGB=:=A:IKH<>L:=HE:<KBLBL:F;B>GM:E ):FH=>KGB=:=E>=:NG<:KW<M>K>LMKN<MNK:E:E:
IKH;E>FWMB<:><HE^@B<:  R :LNF>JN> E:LBGLMBMN<BHG>LIHE[MB<:L  LH<B:E>L R ><HG^FB<:L IN>=>G
BGM>KG:EBS:K>E<NB=:=H=>E:F;B>GM> IHKEHJN> E:<KBLBL:F;B>GM:ER:GH>LNG:I:K:=HC:=>E:
FH=>KGB=:=  =>;B=H : E: BGGHO:<B^G M><GHE^@B<:  :E F:G>CH MY<GB<H <B>GM[?B<H R : E: >?B<B>G<B:
%:C>K    &K^GB<:F>GM>  >LMHL >L?N>KSHL BGLMBMN<BHG:E>L >LMWG LHLM>GB=HL >G NG :GWEBLBL
I:K<B:E => E:L?N>KS:L LH<B:E>LJN>A:G IKH=N<B=HE:<KBLBL ><HE^@B<: E:JN> >L<:NL:=: IHKE:
;`LJN>=: => <K><BFB>GMH ><HG^FB<H R E: <HGMBGN: <K>:<B^G => GN>OHL F>K<:=HL #BL<A>K R
%:C>K  

!NK:GM> E: =Y<:=: =>  LNK@>G E:LB=>:L=>E: 8G>H>H:8DAT<>86R =>E 8DC;A>8ID:8DAT<>8D <HFH
K>LIN>LM::E:L<:=:O>SFWL:;NG=:GM>L>OB=>G<B:L=>E:=>LMKN<<B^G=>E:C6IJG6A:O6 ):<KBLBL
><HE^@B<:>LOBLM:<HFHNG:I:K:=HC:=>E:FH=>KGB=:= <HFHNG:<HGL><N>G<B:=>E=>L:KKHEEH 
):LIHE[MB<:LR>E:I:K:M:C>BGLMBMN<BHG:EL>=BKB@B>KHG:E:K>@NE:<B^G=>EHL<HG?EB<MHL><HE^@B<HL 
R ?N>KHG <HGLMBMNB=HL >G ?NG<B^G => NG: B=>: => G:MNK:E>S: ?K:@F>GM:=:  -HK NG: I:KM>  EHL
<HG?EB<MHL><HE^@B<HLL>F:G>C:KHG :MEDHI  >L =><BK JN> E:L IHE[MB<:L :F;B>GM:E>L L> =BL>]:KHG
I:K:E:K>LM:NK:<B^GRK><NI>K:<B^G RGHI:K:E:IK>O>G<B^G -HKHMKHI:KM> >LMHL>MK:=NCH >G
E:<K>:<B^G=>NG:BGLMBMN<B^G <HGLNK>LI><MBOH@KNIH=>IHE[MB<:L I:K:<:=:K><NKLHG:MNK:E
IHK>C>FIEH I:K:EHL:LNGMHLK>E:<BHG:=HL<HG>E:@N: L><K>:NG=>I:KM:F>GMHI:K:E:@>LMB^G
=>E:@N: :L[<HFH NG:LIHE[MB<:L>LI><[?B<:LI:K:E:@>LMB^GR>EF:G>CH=>E:@N:%:C>K  

"G E: =Y<:=: =>  >E =BL<NKLH :F;B>GM:E <:F;B:  :I:K><B>G=H >E =BL<NKLH => E:
FH=>KGBS:<B^G><HE^@B<: >EFBLFHJN>L>:E>C:=>E:<K[MB<:IKH?NG=:=>E=BL<NKLH:F;B>GM:E=>
E:=Y<:=:=> "LM><:F;BHGH?N>LHE:F>GM>NG:K>LIN>LM:M><GHE^@B<: ?N>NG:>LMK:M>@B:
IHE[MB<: LHLM>GB=: >G E: ?> >G >E IKH@K>LH  R >G E: <:I:<B=:= => K>LHEO>K EHL IKH;E>F:L  => E:
M><GHEH@[:FH=>KG:R=>E:BG@>GB>K[:LH<B:E L>?NG=:F>GM:>GEHLIKBG<BIBHL=>E:>?B<B>G<B: E:
BGGHO:<B^GM><GHE^@B<: E:@>LMB^GMY<GB<H <B>GM[?B<: E:@>LMB^G<HHK=BG:=: RE:>LM:G=:KBS:<B^G
=> IKH<>=BFB>GMHL  "G >LM> GN>OH =BL<NKLH  E: <KBLBL ><HE^@B<: =>C: => L>K NG: I:K:=HC: => E:
FH=>KGB=:= RI:L::L>KNG:HIHKMNGB=:=I:K:>E<K><BFB>GMH><HG^FB<HR>E=>L:KKHEEH%:C>K 
 

 
Hajer (1995: 34 en el libro en línea) define a la modernización ecológica como “…:A9>H8JGHDFJ:
G:8DCD8: :A 86GP8I:G :HIGJ8IJG6A 9: A6 EGD7A:BPI>86 6B7>:CI6A  E:GD FJ: H>C :B76G<D  6HJB: FJ: A6H
>CHI>IJ8>DC:H EDARI>86H  HD8>6A:H  N :8DCTB>86H :M>HI:CI:H EJ:9:C >CI:GC6A>O6G :A 8J>969D 9:A B:9>D
6B7>:CI:”. En el contexto de la moderniz:<B^G ><HE^@B<:  E: LHEN<B^G : E: <KBLBL :F;B>GM:E  GH
K>JNB>K> => NG <:F;BH LH<B:E IKH?NG=H  LBGH LHE:F>GM> => NG :CNLM> => E:L IKW<MB<:L
BGLMBMN<BHG:E>L ;WLB<:L #BL<A>K R %:C>K    !> >LM: F:G>K:  >LM> =BL<NKLH =>C: ?N>K: : E:L
<HGMK:=B<<BHG>LR:EHL<HG?EB<MHLLH<B:E>L ):FH=>KGBS:<B^G><HE^@B<:>LNG:IKH;E>F:MBS:<B^G
M><GH<KWMB<: R FH=>KGBLM: => E: <KBLBL ><HE^@B<:  JN> >LMW <HGO>G<B=: => JN> EHL <HG?EB<MHL
><HE^@B<HL IN>=>G L>K LHEN<BHG:=HL LBFIE>F>GM> <HG NG: GN>O: HK@:GBS:<B^G MY<GB<H
BGLMBMN<BHG:E I>KHJN>BK^GB<:F>GM>GH:LNF>EHLIKH;E>F:LLBLMYFB<HLJN><:NL:G=B<A:<KBLBL
R =B<AHL <HG?EB<MHL %:C>K    )HL >L?N>KSHL BGLMBMN<BHG:E>L  K>LNEM:GM>L =>E =BL<NKLH => E:
FH=>KGBS:<B^G><HE^@B<: L>LHLMB>G>G>GNG:GWEBLBLI:K<B:E=>E:L?N>KS:LLH<B:E>LR><HG^FB<:L
JN>A:GIKH=N<B=HE:<KBLBL><HE^@B<:#BL<A>KR%:C>K  

 !-,1203!!'<,"#.-*:2'!1!-+-.08!2'!"#!0#!'<,"#.0- *#+1

HFH R: A: LB=H =BL<NMB=H  EHL =BL<NKLHL LH<B:E>L <HGMB>G>G E: ?HKF: >G E: JN> NG: LH<B>=:=
IKH;E>F:MBS::E@H E:FH=>KGB=:=A:IKH;E>F:MBS:=H:E:G:MNK:E>S:R:E:LH<B>=:=<HFH>GM>L
L>I:K:=HL > BG=>I>G=B>GM>L  > BG<ENLH A: EE>@:=H : <HG<>IMN:EBS:K NG: G:MNK:E>S: :;LMK:<M: 
I>K?><M:>B=[EB<: :E:JN>$:G=RA:EE:F:=HG:MNK:E>S:F>MKHIHEBM:G: 0BG>F;:K@H >LMHEE>@::
M>G>KM:F;BYGIKH?NG=:LBFIEB<:<BHG>LIHE[MB<:LRIKW<MB<:L 

):<K>:<B^G=>IHE[MB<:LIN>=>L>K>GM>G=B=:<HFHNG:IKW<MB<:=><K>:<B^G=>IKH;E>F:L >L
=><BK  => IKH;E>F:MBS:<B^G E: <K>:<B^G => IHE[MB<:L BFIEB<: >E IKH<>L:FB>GMH => B=>:L 
I>K<>I<BHG>L R :E>@:MHL ?K:@F>GM:=HL R <HGMK:=B<MHKBHL  => M:E F:G>K:  JN> EHL IKH;E>F:L
K>LNEM:GM>L L>:G F:G>C:;E>L IHK E:L BGLMBMN<BHG>L >QBLM>GM>L >G >L> <HGM>QMH  GH LHE:F>GM> E:L
IHE[MB<:L LHG =>?BGB=:L I:K: >G?K>GM:K IKH;E>F:L  LBGH JN> M:F;BYG  EHL IKH;E>F:L LHG
>LMKN<MNK:=HL R =>?BGB=HL I:K: IH=>K <K>:K IHE[MB<:L %:C>K    )HL IKH;E>F:L  IHK M:GMH 
LHG<HGLMKN<<BHG>LLH<B:E>LRLHG=B?>K>GM>L=>EHK>:EE:LIHE[MB<:L IHKHMKHE:=H GHLHGNG:
K>LIN>LM::EHK>:E K>LNEM:G=>NG:K>:EB=:=JN>A:LB=HIHE[MB<:F>GM>=>?BGB=: >LMKN<MNK:=:R
=>EBFBM:=:>G?HKF:=>IKH;E>F: 

 

 % $ *$&($* $$ '#%$

FYKB<: ):MBG: >G @>G>K:E  R >E "<N:=HK >G I:KMB<NE:K  A:G OBOB=H =>L=> E: <HGJNBLM:  I>KH
:AHK: => F:G>K: FN<AH FWL ?N>KM>  NG =>;:M> <BOBEBS:MHKBH  NG <AHJN> R LBG<K>MBLFH =>
<BOBEBS:<BHG>LR<NEMNK:L>ELNK@BFB>GMH=>EI:K:=B@F::G<>LMK:E:G=BGH=>E-JB6@%6LH6N<HFH
NG: :EM>KG:MBO: IHLM <:IBM:EBLM:L R IHLM LH<B:EBLM:  >L NG ABMH >G >LM> =>;:M> => 0HNS: 0:GMHL 
 /:F[K>S    ): BG<ENLB^G => >LM> I:K:=B@F:  :L[ <HFH E: =>E <HG<>IMH  M:F;BYG
:G<>LMK:E R :G=BGH  => E: *68=6B6B6  BFIEB<: GH LHE:F>GM> E: :<>IM:<B^G => =BWEH@HL >GMK>
>IBLM>FHEH@[:L=B?>K>GM>L R >GMK><HLFHOBLBHG>L =BLMBGM:L LBGHJN>LB@GB?B<: E: IHLB;BEB=:= =>
LNI>K:KE:LOBLBHG>L=>;B>G>LM:K =>L:KKHEEHRG:MNK:E>S:=>E:FH=>KGB=:= OBLHG>L>GE:LJN>
K:=B<:E:<KBLBL><HE^@B<:R<BOBEBS:MHKB::<MN:E$N=RG:L  

"E-JB6@%6LH6N>LNGI:K:=B@F::G=BGH :G<>LMK:E R>E>C>=>E:OB=:=>EHLIN>;EHLBG=[@>G:L


=> EHL G=>L ><N:MHKB:GHL *:<:L   (HPBB   ,+&"    0BG >F;:K@H  :E A:;>K
LB=HBG<ENB=H>GE: HGLMBMN<B^G=>E"<N:=HK L>A:MK:GL?HKF:=H>GIHE[MB<:=>>LM:=H R
>G >E ?NG=:F>GMH FBLFH => E: IHE[MB<: I`;EB<:  "LMH BFIEB<: NG K>MH BFIK>LBHG:GM> I:K: E:
LH<B>=:= ><N:MHKB:G:  R: JN> @>G>K: E: G><>LB=:= => JN> L> IHG@: => :<N>K=H >G JNY >L >E
0NF:D (:PL:R  NG I:K:=B@F: JN> LNK@> R JN> K>LIHG=> : HMK:L >IBLM>FHEH@[:L R
<HLFHOBLBHG>L ):KK>: *:E=HG:=H    BFIEB<: NG MK:GLB<B^G => E: <HEHGBS:<B^G : E:
:NMH=>M>KFBG:<B^G :E:IHLB;BEB=:==><HGOBO>G<B:=>=B?>K>GM>LG:<BHG:EB=:=>L=>GMKH=>NG
FBLFH>LM:=H=>0HNS:0:GMHL  

"G>LM:L><<B^G=BL<NMBK>FHL:EI:K:=B@F:=>E0NF:D(:PL:R RIHKHMKHE:=H ;NL<:K>FHLEHL


EN@:K>L>GEHLJN><HG<NKK>G>E0NF:D(:PL:RRE:B=>:=>EF>M:;HEBLFHLH<B:E 

 *3+)516

1:EO>S >GMK>E:LFWLBFIHKM:GM>LBGGHO:<BHG>L=>E: HGLMBMN<B^G"<N:MHKB:G: >LMYE:


BGMKH=N<<B^G=>EIKBG<BIBH:G=BGH=>E-JB6@%6LH6N <HFH>C>RH;C>MBOH=>E:IHE[MB<:I`;EB<: 
"LM:BGMKH=N<<B^G>L>EK>LNEM:=H=>=Y<:=:L=>EN<A:LBG=[@>G:LRLH<B:E>L$N=RG:LR<HLM: 
 0NF:D(:PL:R>LNGMYKFBGH(B<AN:>EB=BHF:JN>A:;E:GEHLIN>;EHLBG=[@>G:L=>
EHLG=>L><N:MHKB:GHL RNGIN>;EHBG=[@>G::F:S^GB<H JN>IN>=>L>KMK:=N<B=H<HFHJ:C

): HG?>=>K:<B^G=>+:<BHG:EB=:=>L&G=[@>G:L=>E"<N:=HK ,+&" =>?BG>:+:<BHG:EB=:=&G=[@>G:<HFHNG:
<NEMNK:HKB@BG:KB:JN>MB>G>LNIKHIBHB=BHF: >G>E<:LH=>E"<N:=HK>QBLM>GG:<BHG:EB=:=>LBG=[@>G:LFB>GMK:L
JN> E: B=>: => -N>;EH &G=[@>G: L> K>?B>K> : NG: <NEMNK: HKB@BG:KB:  JN> <HFI:KM> LN B=BHF: <HG HMK:L <NEMNK:L
HKB@BG:KB:L >G>E<:LH=>E"<N:=HK>QBLM>GIN>;EHLBG=[@>G:LPPP <HG:B> HK@ 

 
0>K>G  "LM> I:K:=B@F: :G=BGH ?N> BGMKH=N<B=H <HFH NG: :EM>KG:MBO: :E =>L:KKHEEH  R GH <HFH
NG: ?HKF: => =>L:KKHEEH %>KGWG=>S   /H: O>G=:]H   %HNM:KM   ):KK>:
*:E=HG:=H /:F[K>S (HPBB 1HKMHL: /:=<EB??>  

 I>L:K => L>K I:KM> => E: <HLFHOBLB^G :G=BG: => EHL IN>;EHL DB<AN:L  >E -JB6@ %6LH6N
<HFB>GS: : L>K LBLM>F:MBS:=H >G E: =Y<:=: =>  IHK >E IN>;EH BG=[@>G: DB<AN:L => E:
IKHOBG<B: :F:S^GB<: => -:LM:S:  >G >E "<N:=HK  <HFH NG IKBG<BIBH ?NG=:F>GM:E I:K: E:
HK@:GBS:<B^G => LN M>KKBMHKBH  >G >E <HGM>QMH => LN K>LBLM>G<B: :E >QMK:<MBOBLFH I>MKHE>KH
%B=:E@H  

"E0NF:D(:PL:R>LNG<HG<>IMHOBOH GHEBG>:E ABLM^KB<:F>GM><HGLMKNB=H R>GK>LB@GB?B<:<B^G


<HGLM:GM> L> <:K:<M>KBS: IHK L>K NG: OBLB^G ><H<YGMKB<: H ;BH<YGMKB<:  R GH :GMKHIH<YGMKB<:
<HFHEHLHG>E=>L:KKHEEHR>ELH<B:EBLFH IHKEHJN>>E0NF:D(:PL:R>LNGI:K:=B@F:IHLM
<:IBM:EBLM:RIHLM LH<B:EBLM:/:F[K>S  

0NF:D LB@GB?B<: E: IE>GBMN=  EH B=>:E  EH A>KFHLH  EH ;N>GH R E: K>:EBS:<B^G  MH=H :E FBLFH
MB>FIHFB>GMK:LJN>(:PL:RLB@GB?B<:OB=: LBG>F;:K@H GHL>K>?B>K>L^EH:OB=: BFIEB<:NG:
OB=:=B@G: NG:OB=:>G;:E:G<>R:KFHG[:>GMK>EHLL>K>LANF:GHL R>GMK>EHLL>K>LANF:GHLR
>E<HLFHL>EMYKFBGH<HLFHL:;:K<:>BG<ENR>:ELBLM>F:><HE^@B<H R:ELBLM>F:LH<BH ><HE^@B<H 
>LL>K>LM:G=H>E0NF:D(:PL:RIN>=>L>K>GM>G=B=H<HFHE:K>96EA:C6 I>KH>LNG:OB=:IE>G:
=BGWFB<: <:F;B:GM> GH>L>LMWMB<:*:<:L (HPBB  E<:GS:KE:OB=:IE>G:>LE:M:K>:
=>E L:;BH  R <HGLBLM> EE>@:K : M>G>K NG @K:=H => :KFHG[: MHM:E <HG E: <HFNGB=:= R >E <HLFHL
):KK>: *:E=HG:=H    0NF:D (:PL:R LB@GB?B<: E: OB=: >G IE>GBMN= => E: ANF:GB=:=  >G
<HFNGB=:= =>E:G:MNK:E>S:R=>MH=HLEHLHMKHLL>K>LOBOHL ,+&"  

$N=RG:LR<HLM:IW@BG:$N=RG:LR<HLM: <BM:GNG:=>?BGB<B^G=>/>GY/:F[K>S 
:<MN:E0><K>M:KBH+:<BHG:E=>"=N<:<B^G0NI>KBHK  B>G<B:R1><GHEH@[:<:K@H>JNBO:E>GM>:E=>
FBGBLMKH JNB>G<HG<>IMN:EBS::E0NF:D(:PL:Rcomo: “A68DCH:8J8>TC9:A;ADG:8>B>:CID9:ID9DHN
ID96H:CE6ON6GBDCR68DCA6C6IJG6A:O6 NA6EGDADC<68>TC>C9:;>C>969:A6H8JAIJG6H=JB6C6H”.

(HPBB  LHLMB>G> JN> I:K: >GM>G=>K >E I:K:=B@F: =>E 0NF:D (:PL:R  IKBF>KH =>;>FHL
>GM>G=>K LN L>FWGMB<:  >L :L[ JN> IKHIHG> <N:MKH <HG<>IMHL <E:O> <HGM>GB=HL >G >LM>
I:K:=B@F:

 
 *6@I6%6LH6N"E;:E:G<>=>E:I>KLHG: =>E:?:FBEB:R=>E:<HFNGB=:= "LM>;:E:G<>GH
L>K>?B>K>LHE:F>GM>:E:>LM:;BEB=:=>QM>KG: LBGHM:F;BYG:E>JNBEB;KBH>FH<BHG:E<HFH
?NG=:F>GMH=><N:EJNB>KK>E:<B^G 
 AA>%6LH6N)::KFHG[: "EMK:;:CHR>E-:DM:(:PL:RLHG>E?NG=:F>GMH=>E::KFHG[:
>GMK> E: I>KLHG:  LN ?:FBEB:  R LN <HFNGB=:=  "LM:L =BF>GLBHG>L L> <HG><M:G <HG >E
<HLFHLRLNL?ENCHL >BG?EN>G<B:G:E:O>S>G>E>LI:<BHR>EMB>FIH 
 1>S6@%6LH6N):<K>:MBOB=:= 1:GMH>E-:DM:(:PL:R <HFH>EEEB(:PL:R FHMBO:G:
E:LI>KLHG:L:<K>:KRK><K>:KLNLBGB<B:MBO:L ):<K>:MBOB=:=L>LHLMB>G>>G>E.>C@JN JN>
>LE:;`LJN>=:<HGLM:GM>=>GN>O:LBGGHO:<BHG>L >BFIEB<:E:>QIEHK:<B^G<HGMBGN:=>E
<HLFHL :L[<HFHE:<HG?KHGM:<B^GRK>OBLB^G<HGLM:GM>=>EHL>E>F>GMHL=>E:>QBLM>G<B: 
=>>LM>IKH<>LH=B:EY<MB<H>L=>=HG=>LNK@>GGN>OHL>E>F>GMHL 
 -6B6N):L>K>GB=:= <NEMBO:KE:>G<:=::LI><MH=>E:OB=: LB@GB?B<:JN>E:LK>E:<BHG>L
L>=:G>GI:SRK>LI>MH 

):<HG?EN>G<B:=>  >LMHL<N:MKH >E>F>GMHL IKH=N<> >E ,JC6@6N JN> LB@GB?B<: >EL:;>K L>K  "LM:
GH<B^G LBGM>MBS: E: K>:EBS:<B^G => EHL L>K>L ANF:GHL  => A><AH ,JC6 LB@GB?B<: L>K ANF:GH
(HPBB    !> >LM: F:G>K:  >E 0NF:D (:PL:R R: GH L> LHLMB>G> >G >E I:C:G  LBGH >G >E H:G 
:HI6G H:CI>GR=68:G/:F[K>S  

"E 0NF:D (:PL:R MB>G> IKH?NG=:L BFIEB<:<BHG>L IHE[MB<:L  IN>L >L BFI>GL:;E> LBG EB;>KM:= 
>JNB=:= B@N:E=:= CNLMB<B:LH<B:E=BLMKB;NMBO:RIKH=N<MBO:RCNLMB<B::F;B>GM:E<HLM:  
-HKHMKHE:=H E:GH<B^GRE:IKW<MB<:=>E:<HFNGB=:=>L?NG=:F>GM:EI:K:>LM>I:K:=B@F: :L[
<HFHEHLIKBG<BIBHL?NG=:F>GM:E>L=>E:OB=:>G<HFNGB=:=*:<:L 

 ,6C9>
,6C9> >L=><BK E:K><BIKH<B=:=RE:K>=BLMKB;N<B^G 
 ,JG6N B6@>
B6@> >L=><BK >EMK:;:CH>G<HFNGB=:= 
 /H=6N E:<HFNGB=:=<HFHHK@:GBS:<B^GLH<B:ERIHE[MB<: 
 268=6N EHLL:;>K>LR<HGH<BFB>GMHL<HE><MBOHLR:G<>LMK:E>L 

"E<HG<>IMH=>LNLM>GM:;BEB=:=><HE^@B<: HE:BGM>K=>I>G=>G<B::KFHGBHL:=>E:LH<B>=:=RE:
G:MNK:E>S: >LMW<HGM>GB=H>G>E0NF:D(:PL:R/H: O>G=:]H  I>KH<HGNG:=B?>K>G<B:
?NG=:F>GM:E E: LNLM>GM:;BEB=:= >L NG B=>:E  FB>GMK:L JN> E: :KFHG[: R >E ;:E:G<> LHG NG
IK>KK>JNBLBMH I:K: >E 0NF:D (:PL:R  "E I:K:=B@F: =>E 0NF:D (:PL:R KHFI> E: =B<HMHF[:
LH<B>=:= G:MNK:E>S: R:JN>E:L=HL?HKF:GNGL^EHLBLM>F:>E<HLFHL -HKEHM:GMH >E0NF:D

 
(:PL:R >L BFIHLB;E> LBG NG LBLM>F: ><HE^@B<H L:EN=:;E> %>KGWG=>S   /H: O>G=:]H 
 LBGJN>E:*68=6B6B6E:F:=K>R>EHKB@>G=>E:OB=:>LMY;B>GRL:G::NMBLM:  

): BGMKH=N<<B^G =>E 0NF:D (:PL:R >G E: HGLMBMN<B^G ><N:MHKB:G: >L NG: =><E:K:<B^G JN>
FN>LMK: E: BGM>G<B^G => HIM:K IHK >E IHLM =>L:KKHEEH /:=<EB??>    "E 0NF:D (:PL:R >L
LBFNEMWG>:F>GM> NG I:K:=B@F: :G<>LMK:E R GN>OH LN IKH?NG=B=:= ?BEHL^?B<: BFIEB<: NG:
IKH;E>F:MBS:<B^G => E:L K>E:<BHG>L <NEMNK:E>L  LH<B:E>L  IKH=N<MBO:L  ><HG^FB<:L R LH<BH
><HE^@B<:LK:=B<:EF>GM>=B?>K>GM>R:EM>KG:MBO:%>KGWG=>S  "E0NF:D(:PL:R=>;>L>K
MK:=N<B=H>GIHE[MB<:LJN>L>:G<HGLBLM>GM>L<HGYE%HNM:KM /:=<EB??>  

"E0NF:D(:PL:RR:GHL>K>?B>K>:E<K><BFB>GMH><HG^FB<HH:EIKH@K>LH >LM>I:K:=B@F:L>
K>?B>K> : E:L K>E:<BHG>L >GMK> EHL L>K>L ANF:GHL  => EHL L>K>L ANF:GHL <HG E: G:MNK:E>S:  L>
K>?B>K> : E: OB=: <HFNGBM:KB:  : EHL :G<>LMKHL  :E I:L:=H R :E ?NMNKH  MH=H : E: O>S ):KK>:
*:E=HG:=H  

 *3+)5166#*+#2 -*'1+-1-!'*

"E I:K:=B@F: =>E 0NF:D (:PL:R >L FNR IKH?NG=H  LBG >F;:K@H  >L ?NG=:F>GM:E JN>
>G<N>GMK>E:LO[:LI:K:LNI>K:K>EWF;BMH=>E:?BEHLH?[: I>L:K=>IKHO>GBK=>>IBLM>FHEH@[:L
=B?>K>GM>L LHGBFIK>LBHG:GM>LE:L<HG?EN>G<B:LR>G<N>GMKHLJN>>QBLM>G>GMK>E:L<B>G<B:L=>E:
<HFIE>CB=:= L><<B^G   R >E 0NF:D (:PL:R  "E LBLM>F: JN> >L I:KM> => HMKH LBLM>F:  E:
BGM>K=>I>G=>G<B:>GMK>EHLLBLM>F:L=>NGFBLFHGBO>E R>GMK>=B?>K>GM>LGBO>E>LC>KWKJNB<HL 
>LMWG >GMK> EHL ?NG=:F>GMHL =>E 0NF:D (:PL:R E: I>KLHG:  E: ?:FBEB:  EHL :G<>LMKHL  E:
<HFNGB=:= E:-:<A:F:F:R>E<HLFHL 

"G >L> <HGM>QMH  <HFH R: ?N> =BL<NMB=H  >E F>M:;HEBLFH LH<B:E LNK@> <HFH NG <HG<>IMH JN>
K>BGM>@K: : E: LH<B>=:= R : :E LBLM>F: ><HE^@B<H L><<B^G    >L NG <HG<>IMH JN> LNI>K: E:
MK:=B<B^G =B<HM^FB<: IHLBMBOBLM: 0PRG@>=HNP    -HK >LM: K:S^G  >E >LMN=BH =>E
F>M:;HEBLFH LH<B:E BFIEB<: >LMN=B:K >E 0NF:D (:PL:R  IHKJN> L> >LMW >LMN=B:G=H <^FH
?NG<BHG: NG LBLM>F: LH<BH ><HE^@B<H "OB=>GM>F>GM>  >QBLM>G:LI><MHL =>E0NF:D (:PL:RJN>
GH L> IN>=>G >O:EN:K : MK:OYL =>E F>M:;HEBLFH LH<B:E  <HFH IHK >C>FIEH  0:F:R H >E -:DM:
(:PL:R R>EEHLK>JN>KBKWG=>HMKHL?HKF:L=>>O:EN:<B^GR>LMN=BH 0BG>F;:K@H >E>LMN=BH=>E
F>M:;HEBLFHLH<B:E IN>=> K>O>E:K:LI><MHLFNR BGM>K>L:GM>L =>E: K>E:<B^G LH<BH ><HE^@B<:E:
K>E:<B^G<HG E: -:<A:F:F:R LN L:EN=  =>E: K><BIKH<B=:=  =BLMKB;N<B^G R K>=BLMKB;N<B^G  =>E
EEB(:PL:R 

 
"E0NF:D(:PL:RBFIEB<:NG:GN>O:?HKF:=>IKH;E>F:MBS:KE:LK>E:<BHG>LLH<BH G:MNK:E>L IHK
EHM:GMH BFIEB<:M:F;BYGE:<HGLMKN<<B^G=>GN>O:LIHE[MB<:L "E>LMN=BH=>EF>M:;HEBLFHLH<B:E 
IN>=><HGLMBMNBKL>>GNGH=>EHL?NG=:F>GMHLBG=BLI>GL:;E>LI:K:>E=BL>]HR<HGLMKN<<B^G=>
IHE[MB<:LJN>K>LIHG=:G:EI:K:=B@F:=>0NF:D(:PL:R 

,;H?@7: K#$%& *E%  $

"LM>MK:;:CHIK>M>G=>:IHKM:K:E>LMN=BH=>E:LK>E:<BHG>L=>E:LH<B>=:==>E:<BN=:==> N>G<: 
>G"<N:=HK <HGLNLBLM>F:><HE^@B<HR<HGLNM>KKBMHKBH ):LIHLB;BEB=:=>L=>:IKHQBF:<B^G:
>LMHL>LMN=BHLLHGFNR:FIEB:L IHKEHJN>>L?NG=:F>GM:EMHF:KHI<BHG>L "LM:BGO>LMB@:<B^G
>GI:KMB<NE:KEHA:<>=>L=>E:><HGHF[:><HE^@B<:R=>L=>E:><HEH@[:IHE[MB<: 

):L><<B^G A:<>NGBGM>GMH=>=>L<KB;BK>EM>KKBMHKBH=> N>G<: LN><HGHF[:RLNLBLM>F:


><HE^@B<H :NGJN>MH=:=>L<KBI<B^GL>JN>=><HKM::GM>E:<HFIE>CB=:==>E:K>:EB=:= -:K:>LM:
L><<B^GLBFIE>F>GM>L>>L<H@B^EHL>E>F>GMHLJN>MB>G>GK>E>O:G<B:>G>E<B<EH=>EHKB@>GRNLH
=>E:@N:>G N>G<:>ELBLM>F:><HE^@B<H >ELBLM>F:><HG^FB<H >ELBLM>F:LH<B:ER<^FH>LMW
>LMKN<MNK:=H>ELBLM>F:M>KKBMHKB:E 

"E >LMN=BH => E:L K>E:<BHG>L => N>G<: <HG LN LBLM>F: ><HE^@B<H R LN M>KKBMHKBH  =>L=> E:
><HGHF[:><HE^@B<: A:LB=HIE:GM>:=H>G>E<HGM>QMH=>EF>M:;HEBLFHLH<B:E <HG<K>M:F>GM>=>E
F>M:;HEBLFHLH<B:E=>E:@N: -:K:A:<>KEH F>MH=HE^@B<:F>GM>L>A:=><B=B=HNL:K>EGWEBLBL
*NEMB>L<:E:K =>E *>M:;HEBLFH 0H<B:E R "<HE^@B<H *NEMB 0<:E> &GM>@K:M>= G:ERLBL H? 0H<B>M:E
:G="<HEH@B<:E*>M:;HEBLF *N0&0"* IHKLNLLB@E:L>GBG@EYL"EGWEBLBL*NEMB>L<:E:K=>E
*>M:;HEBLFH 0H<B:E R "<HE^@B<H $B:FIB>MKH :I 6A         $B:FIB>MKH R
*:RNFB $B:FIB>MKH /:FHL*:KM[GR$B:FIB>MKH  

"E *N0&0"* >LMW ;KBEE:GM>F>GM> =>L<KBMH >G >E EB;KH .=: B:I67DA>8 E6II:GC D; HD8>:I>:H L=:G:
:8DCDB>HIH;6AAH=DGI  => *:KBH $B:FIB>MKH  (HSH *:RNFB R E>O@aE %  0HKF:G  IN;EB<:=H >G
 -HKEHJN> E:L><<B^G  LH;K>>E*N0&0"*=>>LM>MK:;:CHL>?NG=:F>GM:>GYE 

"EFYMH=H."E*YMH=H. >G<:F;BH ?N>E:A>KK:FB>GM:>L<H@B=:I:K:E::IKHQBF:<B^G=>L=>


E: ><HEH@[: IHE[MB<:  "LM> FYMH=H A: I>KFBMB=H >LMN=B:K <^FH N>G<: A: IKH;E>F:MBS:=H LNL
K>E:<BHG>L<HG>ELBLM>F:><HE^@B<H <HGLNM>KKBMHKBH <HGLNI:BL:C> <HGE:;BH=BO>KLB=:= R>GMK>
EHNK;:GHREHKNK:E 

 
!> >LM: F:G>K:  F>=B:GM> E: <HF;BG:<B^G => =HL FYMH=HL <HG HK[@>G>L <HFIE>M:F>GM>
=BLMBGMHL IN>L>EIKBF>KHIKHOB>G>=>E:><HGHF[:><HE^@B<:R>EL>@NG=H=>E:ILBJNB:MK[: R
M:F;BYG=>K>E>>KE:BG?HKF:<B^G>QBLM>GM>LH;K> N>G<: L>A:IK>M>G=B=H<HGMKB;NBK:E>LMN=BH
=>EHLLBLM>F:LLH<BH ><HE^@B<HL>G@>G>K:E R:E>LMN=BH=> N>G<:>GI:KMB<NE:K 

 K#$%& &&& #

><JG6 '6E6FJ:BJ:HIG66A86CITCJ:C86 9:CIGD9:A6EGDK>C8>69:AOJ6N 8DCG:HE:8ID6A8J69DGNHJH


*GDK>C8>6H


"E:;HK:<B^GIKHIB:
#N>GM>L
 &+"  !BOBLB^G-HE[MB<:=>E"<N:=HK
 ':KOBL  % & />NM>K +>ELHGR" $N>O:K: %HE> ?BEE>=0/1*?HKMA>@EH;>3>KLBHG :O:BE:;E>?KHFMA> $&/
0&0/1*F!:M:;:L>AMMILKMF <LB <@B:K HK@ /01"/ %HE> ?BEE>=0/1*?HKMA>$EH;>3>KLBHG 


"E "<N:=HKL> >G<N>GMK:>G NG IKH<>LH =><:F;BH BGLMBMN<BHG:E=>;B=H :E: :IKH;:<B^G=> LN
FWLK><B>GM><HGLMBMN<B^G>G>E:]H "LM>IKH<>LH A:<>=>E"<N:=HKNGBGM>K>L:GM>EN@:K
I:K:>LMN=B:KE:=BGWFB<:=>E:LK>E:<BHG>LLH<BH ><HE^@B<:L 

): HGLMBMN<B^G=>E"<N:=HK=>M>KFBG:E:HK@:GBS:<B^GIHE[MB<H :=FBGBLMK:MBO:=>EM>KKBMHKBH=>E


I:[L  I:K: EH JN> >LM:;E><> =B?>K>GM>L GBO>E>L :=FBGBLMK:MBOHL  : EHL JN> =>GHFBG: C>K:A 9:
<D7>:GCD  "QBLM>G L>BL GBO>E>L => @H;B>KGH =B?>K>GM>L $H;B>KGH >GMK:E  $H;B>KGHL />@BHG:E>L

 
NM^GHFHL  $H;B>KGHL -KHOBG<B:E>L  $H;B>KGHL *NGB<BI:E>L H :GMHG:E>L  $H;B>KGHL
-:KKHJNB:E>L R!BLMKBMHL*>MKHIHEBM:GHLNM^GHFHL 

:=: NGH => EHL GBO>E>L => @H;B>KGH MB>G> <HFI>M>G<B:L <E:K:F>GM> >LM:;E><B=:L  ):
HGLMBMN<B^G =>E "<N:=HK  =>?BG> E:L <HFI>M>G<B:L >Q<ENLBO:L  FB>GMK:L JN> >E ^=B@H
,K@WGB<H => ,K@:GBS:<B^G 1>KKBMHKB:E  NMHGHF[: R !>L<>GMK:EBS:<B^G  ,,1!  
=>L:KKHEE: >LM:L FBLF:L <HFI>M>G<B:L  R :=>FWL =>?BG> E:L EE:F:=:L <HFI>M>G<B:L
<HG<NKK>GM>L   E:L <HFI>M>G<B:L K>LB=N:E>L   R E:L <HFI>M>G<B:L :=B<BHG:E>L  L:F;E>:
+:<BHG:E =>E "<N:=HK    "G E: :<MN:EB=:= GH >QBLM>G $H;B>KGHL />@BHG:E>L
NM^GHFHL  IHK EH JN> LNL <HFI>M>G<B:L LHG >C>K<B=:L IHK >E $H;B>KGH >GMK:E  LB@NB>G=H >E
IKBG<BIBH=>HJ7H>9>6G>:969=>?BGB=HM:GMH>GE: HGLMBMN<B^G <HFH>G>E ,,1! 

!> >LM: F:G>K: >E I:[L >LMW HK@:GBS:=H M>KKBMHKB:EF>GM> >G K>@BHG>L E:L JN> MH=:O[: GH A:G
LB=H <HGLMBMNB=:L  IKHOBG<B:L  <:GMHG>L  I:KKHJNB:L  R =BLMKBMHL F>MKHIHEBM:GHL .NBMH R
$N:R:JNBEL:F;E>: HGLMBMNR>GM>  )HL$H;B>KGHL*NGB<BI:E>L :=FBGBLMK:G>E
M>KKBMHKBH<HGH<B=H<HFH :GM^G )HL<:GMHG>LL>>G<N>GMK:L?HKF:=HLIHKNG<>GMKHNK;:GH R
LNLI:KKHJNB:LKNK:E>L E:LJN>:LNO>SLHG:=FBGBLMK:=:LIHKEHL@H;B>KGHLI:KKHJNB:E>L 

)HL:KM[<NEHL:=>E: HGLMBMN<B^G=>E"<N:=HK=>?BG>GE:L<HFI>M>G<B:L>Q<ENLBO:L=>
<:=: NGH => EHL GBO>E>L => @H;B>KGH  1H=HL EHL GBO>E>L => @H;B>KGH IHL>>G <HFI>M>G<B:L

KM[<NEH=>E,,1!  HFI>M>G<B:L<HG<NKK>GM>L 0HG:JN>EE:L<NR:MBMNE:KB=:=<HKK>LIHG=>:O:KBHLGBO>E>L
=>@H;B>KGH>GK:S^G=>EL><MHKHF:M>KB: IHKEHM:GMH=>;>G@>LMBHG:KL>H;EB@:MHKB:F>GM>=>F:G>K:<HG<NKK>GM> 

0N>C>K<B<BHL>K>@NE:KW>G>EFH=>EH=>@>LMB^G=><:=:L><MHK LBGI>KCNB<BH=>E:LK>LHEN<BHG>LH;EB@:MHKB:LJN>IN>=:
>FBMBK>E HGL>CH+:<BHG:E=> HFI>M>G<B:LI:K:>OBM:KH>EBFBG:KE:LNI>KIHLB<B^G=>?NG<BHG>L>GMK>EHLGBO>E>L=>
@H;B>KGH -:K:>E>?><MHL>H;L>KO:KW>EBGM>KYLRG:MNK:E>S:=>E:<HFI>M>G<B:R>EIKBG<BIBH=>LN;LB=B:KB>=:= 

KM[<NEH=>E ,,1!  HFI>M>G<B:LK>LB=N:E>L 0HG<HFI>M>G<B:LK>LB=N:E>L:JN>EE:LJN>GH>LMWG:LB@G:=:L


>G E: HGLMBMN<B^G H >G E: E>R : ?:OHK => EHL @H;B>KGHL :NM^GHFHL =>L<>GMK:EBS:=HL  R JN> GH ?HKF:G I:KM> => EHL
L><MHK>L>LMK:MY@B<HL <HFI>M>G<B:LIKBO:MBO:LH>Q<ENLBO:L=>E@H;B>KGH<>GMK:E "LM:L<HFI>M>G<B:LL>KWG:LB@G:=:L
IHK>E HGL>CH+:<BHG:E=> HFI>M>G<B:L:EHL@H;B>KGHL:NM^GHFHL=>L<>GMK:EBS:=HL >Q<>IMH:JN>EE:LJN>IHKLN
G:MNK:E>S:GHL>:GLNL<>IMB;E>L=>MK:GL?>K>G<B: LB@NB>G=H>EFBLFHIKH<>=BFB>GMHIK>OBLMH>G>LM> ^=B@H 

KM[<NEH=>E ,,1!  HFI>M>G<B:L:=B<BHG:E>L 0HG<HFI>M>G<B:L:=B<BHG:E>L:JN>EE:LJN>LHGI:KM>=>EHL


L><MHK>L H F:M>KB:L <HFNG>L R JN> :E GH >LM:K :LB@G:=:L >QIK>L:F>GM> IHK E: HGLMBMN<B^G H >LM> ^=B@H : EHL
@H;B>KGHL:NM^GHFHL=>L<>GMK:EBS:=HL L>KWGMK:GL?>KB=:L>G?HKF:IKH@K>LBO:R;:CH>EIKBG<BIBH=>LN;LB=B:KB>=:= 
IHK>E HGL>CH+:<BHG:E=> HFI>M>G<B:L <HG?HKF>>EIKH<>=BFB>GMHRIE:SHL>]:E:=H>G>LM> ^=B@H 

KM[<NEH=>E ,,1! EBM>K:E=0N;LB=B:KB>=:= ):LN;LB=B:KB>=:=LNIHG>IKBOBE>@B:KE:@>LMB^G=>EHLL>KOB<BHL 


<HFI>M>G<B:L R IHE[MB<:L I`;EB<:L IHK I:KM> => EHL GBO>E>L => @H;B>KGH FWL <>K<:GHL : E: IH;E:<B^G  <HG >E ?BG =>
F>CHK:KLN<:EB=:=R>?B<:<B:R:E<:GS:KNG:F:RHK=>FH<K:MBS:<B^GR<HGMKHELH<B:E=>EHLFBLFHL 

"GOBKMN==>>LM>IKBG<BIBH >E@H;B>KGH<>GMK:EGH>C>K<>KW<HFI>M>G<B:LJN>IN>=>GL>K<NFIEB=:L>?B<B>GM>F>GM>IHK
EHLGBO>E>L=>@H;B>KGHFWL<>K<:GHL:E:IH;E:<B^GRLHEHL>H<NI:KW=>:JN>EE:LJN>E><HKK>LIHG=: HJN>IHKLN
G:MNK:E>S:L>:G=>BGM>KYLHBFIEB<:<B^GG:<BHG:EH=>E<HGCNGMH=>NGM>KKBMHKBH 

 
K>E:<BHG:=:L <HG E: G:MNK:E>S:  >E M>KKBMHKBH  E:L <N>G<:L AB=KH@KW?B<:L  >E NLH =>E LN>EH  E:
;BH=BO>KLB=:= >E:@N: RE:IKH=N<<B^G

"E"LM:=H >GMK:E

 ):IE:GB?B<:<B^GG:<BHG:E

 ):L IHE[MB<:L ><HG^FB<:  MKB;NM:KB:  :=N:G>K:  :K:G<>E:KB: ?BL<:E R FHG>M:KB: <HF>K<BH


>QM>KBHKR>G=>N=:FB>GMH 

 ):LIHE[MB<:L=>>=N<:<B^G L:EN= L>@NKB=:=LH<B:E OBOB>G=: 

 ):LWK>:LG:MNK:E>LIKHM>@B=:LREHLK><NKLHLG:MNK:E>L 

 "EF:G>CH=>=>L:LMK>LG:MNK:E>L 

 ):LJN>E><HKK>LIHG=::IEB<:K<HFHK>LNEM:=H=>MK:M:=HLBGM>KG:<BHG:E>L 

 )HL K><NKLHL >G>K@YMB<HL  FBG>K:E>L  AB=KH<:K;NKHL  A[=KB<HL  ;BH=BO>KLB=:= R K><NKLHL


?HK>LM:E>L 

)HL$H;B>KGHL/>@BHG:E>LNM^GHFHL

 -E:GB?B<:K>E=>L:KKHEEHK>@BHG:ER?HKFNE:KEHL<HKK>LIHG=B>GM>LIE:G>L=>HK=>G:FB>GMH
M>KKBMHKB:E  => F:G>K: :KMB<NE:=: <HG E: IE:GB?B<:<B^G G:<BHG:E  IKHOBG<B:E  <:GMHG:E R
I:KKHJNB:E 

 $>LMBHG:K>EHK=>G:FB>GMH=><N>G<:LAB=KH@KW?B<:LRIKHIB<B:KE:<K>:<B^G=><HGL>CHL
=><N>G<: =>:<N>K=H<HGE:E>R 

 !>M>KFBG:K E:L IHE[MB<:L => BGO>LMB@:<B^G > BGGHO:<B^G =>E <HGH<BFB>GMH  =>L:KKHEEH R
MK:GL?>K>G<B: => M><GHEH@[:L  G><>L:KB:L I:K: >E =>L:KKHEEH K>@BHG:E  >G >E F:K<H => E:
IE:GB?B<:<B^GG:<BHG:E 

 #HF>GM:KE:L:<MBOB=:=>LIKH=N<MBO:LK>@BHG:E>L 

 #HF>GM:KE:L>@NKB=:=:EBF>GM:KB:K>@BHG:E 

 $>LMBHG:KE:<HHI>K:<B^GBGM>KG:<BHG:EI:K:>E<NFIEBFB>GMH=>LNL<HFI>M>G<B:L 

 "QI>=BKE:GHKF:MBO:K>@BHG:E >G>EWF;BMH=>LNL<HFI>M>G<B:LRM>KKBMHKBH 

 
)HL!BLMKBMHL*>MKHIHEBM:GHLNM^GHFHL

 1>G=KWG MH=:L E:L <HFI>M>G<B:L => EHL $H;B>KGHL *NGB<BI:E>L  R :=>FWL E:L
<HFI>M>G<B:L => EHL @H;B>KGHL IKHOBG<B:E>L R K>@BHG:E>L JN> L>:G :IEB<:;E>L : LN
M>KKBMHKBH 

)HL$H;B>KGHL-KHOBG<B:E>L

 -E:GB?B<:K >E =>L:KKHEEH IKHOBG<B:E R ?HKFNE:K EHL <HKK>LIHG=B>GM>L IE:G>L =>


HK=>G:FB>GMH M>KKBMHKB:E  => F:G>K: :KMB<NE:=: <HG E: IE:GB?B<:<B^G G:<BHG:E  K>@BHG:E 
<:GMHG:ERI:KKHJNB:E 

 "C><NM:K >G<HHK=BG:<B^G<HG>E@H;B>KGHK>@BHG:E H;K:L>G<N>G<:LRFB<KH<N>G<:L 

 ):@>LMB^G:F;B>GM:EIKHOBG<B:E 

 -E:GB?B<:K <HGLMKNBK HI>K:KRF:GM>G>KLBLM>F:L=>KB>@H 

 #HF>GM:KE::<MBOB=:=:@KHI><N:KB: 

 #HF>GM:KE:L:<MBOB=:=>LIKH=N<MBO:LIKHOBG<B:E>L 

 $>LMBHG:KE:<HHI>K:<B^GBGM>KG:<BHG:EI:K:>E<NFIEBFB>GMH=>LNL<HFI>M>G<B:L 

 "QI>=BKHK=>G:GS:LIKHOBG<B:E>L >G>EWF;BMH=>LNL<HFI>M>G<B:LRM>KKBMHKBH 

)HL$H;B>KGHL*NGB<BI:E>L

 -E:GB?B<:K >E =>L:KKHEEH <:GMHG:E R ?HKFNE:K EHL <HKK>LIHG=B>GM>L IE:G>L =>


HK=>G:FB>GMH M>KKBMHKB:E  => F:G>K: :KMB<NE:=: <HG E: IE:GB?B<:<B^G G:<BHG:E  K>@BHG:E 
IKHOBG<B:ERI:KKHJNB:E .:907149/0=02@7,=07@>:C7,:.@;,.4I9/07>@07:@=-,9:C
=@=,7

 50=.0=07.:9?=:7>:-=007@>:C:.@;,.4I9/07>@07:0907.,9?I9

 -K>LM:K EHL L>KOB<BHL I`;EB<HL => :@N: IHM:;E>  :E<:GM:KBEE:=H  =>INK:<B^G => :@N:L
K>LB=N:E>L  F:G>CH => =>L><AHL L^EB=HL  :<MBOB=:=>L => L:G>:FB>GMH :F;B>GM:E R
:JN>EEHLJN>>LM:;E>S<:E:E>R 

 
 -E:GB?B<:K <HGLMKNBKRF:GM>G>KE:BG?K:>LMKN<MNK:?[LB<:REHL>JNBI:FB>GMHL=>L:EN=R
>=N<:<B^G  :L[ <HFH EHL >LI:<BHL I`;EB<HL =>LMBG:=HL :E =>L:KKHEEH LH<B:E  <NEMNK:E R
=>IHKMBOH =>:<N>K=H<HGE:E>R 

 -K>L>KO:K  F:GM>G>K R =B?NG=BK >E I:MKBFHGBH :KJNBM><M^GB<H  <NEMNK:E R 9,?@=,7 =>E


<:GM^GR<HGLMKNBKEHL>LI:<BHLI`;EB<HLI:K:>LMHL?BG>L 

 !>EBFBM:K K>@NE:K :NMHKBS:KR<HGMKHE:K>ENLH=>E:LIE:R:L=>F:K KB;>K:LRE><AHL=>


K[HL E:@HLRE:@NG:L LBGI>KCNB<BH=>E:LEBFBM:<BHG>LJN>>LM:;E>S<:E:E>R 

 -K>L>KO:K R @:K:GMBS:K >E :<<>LH >?><MBOH => E:L I>KLHG:L :E NLH => E:L IE:R:L => F:K 
KB;>K:L=>K[HL E:@HLRE:@NG:L 

 />@NE:K  :NMHKBS:K R <HGMKHE:K E: >QIEHM:<B^G => F:M>KB:E>L WKB=HL R IYMK>HL  JN> L>
>G<N>GMK>G>GEHLE><AHL=>EHLK[HL E:@HL IE:R:L=>F:KR<:GM>K:L 

 $>LMBHG:KE:<HHI>K:<B^GBGM>KG:<BHG:EI:K:>E<NFIEBFB>GMH=>LNL<HFI>M>G<B:L 

 "QI>=BKHK=>G:GS:LIKHOBG<B:E>L >G>EWF;BMH=>LNL<HFI>M>G<B:LRM>KKBMHKBH 

)HL$H;B>KGHL-:KKHJNB:E>L/NK:E>L

 -E:GB?B<:K >E =>L:KKHEEH I:KKHJNB:E R LN <HKK>LIHG=B>GM> HK=>G:FB>GMH M>KKBMHKB:E  >G


<HHK=BG:<B^G<HG>E@H;B>KGH<:GMHG:ERIKHOBG<B:E 

 &G<>GMBO:K>E=>L:KKHEEH=>:<MBOB=:=>LIKH=N<MBO:L<HFNGBM:KB:L E: IK>L>KO:<B^G=>E:


;BH=BO>KLB=:=RE:IKHM><<B^G=>E:F;B>GM> 

 -KHFHO>K E: HK@:GBS:<B^G => EHL <BN=:=:GHL => E:L <HFNG:L  K><BGMHL R =>FWL
:L>GM:FB>GMHLKNK:E>L <HG>E<:KW<M>K=>HK@:GBS:<BHG>LM>KKBMHKB:E>L=>;:L> 

 $>LMBHG:KE:<HHI>K:<B^GBGM>KG:<BHG:EI:K:>E<NFIEBFB>GMH=>LNL<HFI>M>G<B:L 

 3B@BE:KE:>C><N<B^G=>H;K:LRE:<:EB=:==>EHLL>KOB<BHLI`;EB<HL 

 "FBMBK:<N>K=HLRK>LHEN<BHG>L >G>EWF;BMH=>LNL<HFI>M>G<B:LRM>KKBMHKBH 

HFH L> IN>=> H;L>KO:K  MH=HL EHL GBO>E>L => @H;B>KGH MB>G>G >GMK> LNL <HFI>M>G<B:L : E:
IE:GB?B<:<B^G M>KKBMHKB:E  LBG >F;:K@H  LHE:F>GM> EHL @H;B>KGHL FNGB<BI:E>L IHL>>G E:L
<HFI>M>G<B:L=>K>@NE:KR<HGMKHE:K>ENLHRH<NI:<B^G=>ELN>EH -HKHMKHE:=H >LMHL@H;B>KGHL

 
IHL>>G E:L <HFI>M>G<B:L >Q<ENLBO:L => E: =HM:<B^G => :@N: IHM:;E>  =>E :E<:GM:KBEE:=H  => E:
=>INK:<B^G => :@N:L K>LB=N:E>L  R =>E L:G>:FB>GMH :F;B>GM:E  :=>FWL  => E: IK>L>KO:<B^G R
F:GM>GBFB>GMH =>E I:MKBFHGBH G:MNK:E =>E <:GM^G  -HK EH JN>  M:GMH IHE[MB<:  <HFH
IKW<MB<:F>GM>  EHL @H;B>KGHL FNGB<BI:E>L L> <HGLMBMNR>G >G :<MHK>L ?NG=:F>GM:E>L I:K: E:
HK@:GBS:<B^G=>EM>KKBMHKBH >BG<ENLH L>IH=K[::?BKF:KJN>LHGLNL:<MHK>LIKBG<BI:E>L 

)HL <:GMHG>L <E:K:F>GM> LHG NGB=:=>L => >LMN=BH <E:O>  : I>L:K => L>K NGB=:=>L IHE[MB<H
:=FBGBLMK:MBO:L  GH =>?BGB=:L >G ?NG<B^G => <KBM>KBHL M>KKBMHKB:E>L  "L :L[  JN> L> A: >L<H@B=H
MK:;:C:K<HG>EGBO>E=>@H;B>KGHFNGB<BI:E 

"GMK> EHL =B?>K>GM>L @H;B>KGHL FNGB<BI:E>L =>E "<N:=HK  N>G<: >L >E M>K<>K <:GM^G >G
BFIHKM:G<B: M:GMH>G?NG<B^G=>LNIH;E:<B^G&+" : <HFH:GBO>E><HG^FB<H&+" 
;  N>G<:>LNG:<BN=:==>M:F:]HF>=BH N;B<:=:>GEHLG=>LLNK=>E"<N:=HK "LE:
<:IBM:E=>E:IKHOBG<B:=>ESN:R K>IK>L>GM:>E=>LNIH;E:<B^G>E=>LNIH;E:<B^G
NK;:G: R>E =>LNIH;E:<B^GKNK:E R>E =>LNLM>KKBMHKBH 

><JG6 '6E6FJ:BJ:HIG66A86CITCJ:C86 :C:A8DCI:MID9:A8J69DG


"E:;HK:<B^GIKHIB:
#N>GM>L
 &+"  !BOBLB^G-HE[MB<:=>E"<N:=HK
 ':KOBL  % & />NM>K +>ELHGR" $N>O:K: %HE> ?BEE>=0/1*?HKMA>@EH;>3>KLBHG :O:BE:;E>?KHFMA> $&/
0&0/1*F!:M:;:L>AMMILKMF <LB <@B:K HK@ /01"/ %HE> ?BEE>=0/1*?HKMA>$EH;>3>KLBHG 


 
)HL=:MHL=>LNWK>:O:K[:G<HGE:L=B?>K>GM>L?N>GM>L E:L=HLIKBG<BI:E>L?N>GM>LH?B<B:E>LLHGE:
&ENLMK>*NGB<BI:EB=:==> N>G<: :GBO>EEH<:E R>E&GLMBMNMH+:<BHG:E=>"LM:=[LMB<:LR >GLHL
&+"  :GBO>EG:<BHG:E NGJN>F:G>C:G<B?K:L=B?>K>GM>L E:BG?HKF:<B^G=>EHL=HLGBO>E>L=>
@H;B>KGH >L ?NG=:F>GM:E  IN>LMH JN> E: IE:GB?B<:<B^G G:<BHG:E >LMW ;:L:=: >G EHL =:MHL =>E
&+" FB>GMK:LJN>>E-E:G=>,K=>G:FB>GMH1>KKBMHKB:E=>E<:GM^G N>G<: >LMW;:L:=H>GE:
BG?HKF:<B^G=>E:&ENLMK>*NGB<BI:EB=:==> N>G<: R=>A><AH>LLN?N>GM> 

=FBGBLMK:MBO:F>GM> >EM>KKBMHKBH=>EHL<:GMHG>L>L=BOB=B=H>GSHG:LNK;:G:LRKNK:E>L !>


:<N>K=H :E&+" >E <:GM^G N>G<: MB>G>   A:  =>E:LJN>  A: LHG
<HGLB=>K:=:LKNK:E>L R  A: LHG<HGLB=>K:=:LNK;:G:L "G<:F;BH I:K:E:&ENLMK>
*NGB<BI:EB=:==> N>G<: >EM>KKBMHKBH=>E<:GM^G N>G<:MB>G> A: =>E:LJN> A:
 LHG <HGLB=>K:=:L NK;:G:L    A:   I>KBNK;:G:L R   A:   KNK:E>L
E<:E=[:=> N>G<: : ):=B?>K>G<B:=> A:>GMK>EHL=:MHLFNGB<BI:E>LREHL=:MHL
G:<BHG:E>L  L> =>;> : =>F:G=:L M>KKBMHKB:E>L =>E @H;B>KGH EH<:E  !>;B=H : JN> MH=: E:
BG?HKF:<B^G =>E I:[L L> >G<N>GMK: HK@:GBS:=: R =BLMKB;NB=: => :<N>K=H : E: =BOBLB^G IHE[MB<H
:=FBGBLMK:MBO:=>E&+" =>:AHK:>G:=>E:GM>NMBEBS:K>FHL>LMHL=:MHLI:K:>E:GWEBLBL <HFH
;:L>R<HFHK>?>K>G<B: 

0BG>F;:K@H E:ABLMHKB:<:F;B:>GMYKFBGHL=>E:K>:EB=:==>ENLHRH<NI:<B^G=>ELN>EH -:K:


=>L:KKHEE:K >E -E:G => ,K=>G:FB>GMH 1>KKBMHKB:E =>E <:GM^G N>G<:  -!,1 N>G<: E:
FNGB<BI:EB=:= <E:LB?B<^ : E:L SHG:L NK;:G:L >G <HGMBGN:L R =BL<HGMBGN:L E: =B?>K>G<B:
?NG=:F>GM:E>GMK>NG:RHMK:K:=B<:>GJN>E:SHG:<HGMBGN:L>K[:NG:SHG:R:<HFIE>M:F>GM>
NK;:GBS:=: >G<:F;BHE:=BL<HGMBGN:>LM:K[:>GIKH<>LH=>NK;:GBS:<B^G "L?NG=:F>GM:EA:<>K
NG:=B?>K>G<B:<B^GFWL>GEHJN>L>K>?B>K>:E:LSHG:LNK;:G:L=BL<HGMBGN:L>QBLM>GSHG:L>G
IKH<>LH=><HGNK;:<B^G<HGE:<BN=:==> N>G<: >L=><BK JN>>LMWGLB>G=H:;LHK;B=:LIHKE:
<BN=:= R >QBLM>G IH;E:<BHG>L =BLM:GM>L => E: <BN=:= JN> >LMWG >G NG IKH<>LH IKHIBH =>
<HGLHEB=:<B^G NK;:G:  !> :<N>K=H : E: <:KMH@K:?[: =>L:KKHEE:=: I:K: >E -!,1 N>G<:  E:
EE:F:=:SHG:NK;:G:<HGMBGN::;:K<:  A: FB>GMK:LJN>E:<E:LB?B<:=:<HFHSHG:NK;:G:
=BL<HGMBGN::;:K<:  A: LNF:G=H>GMK>E:L=HL  A: ):SHG:NK;:G:<HGMBGN:>LMW
[GM>@K:F>GM> >G >E WK>: =>?BGB=: <HFH NK;:G: IHK >E &+"  ): SHG: NK;:G: =BL<HGMBGN:  >G
<:F;BH L>=BOB=>>G  A: JN>>LMWG>GIKH<>LH=><HGNK;:<B^G<HGE:<BN=:==>


):<:KMH@K:?[:L>=>L:KKHEE^:>L<:E:  >LMW;:L:=:>GNG:BF:@>GL:M>EBM:EMHF:=:>G R?N>O>KB?B<:=:R

<HKK>@B=:>G>EM>KK>GH=NK:GM>>E:]H 

 
N>G<:  R   A:   JN> LHG IH;E:=HL KNK:E>L >G IKH<>LH => NK;:GBS:<B^G : YLMHL
`EMBFHLL>=>;>LNF:K A:JN><HKK>LIHG=>G:IH;E:=HLJN>GH>LMWG>G>EM>KKBMHKBH=>E
<:GM^G=>?BGB=HIHK>E&+" I>KHL[>G>E=>?BGB=HIHK>E@H;B>KGHEH<:E !>EWK>:MHM:EJN>L>
>G<N>GMK:>GIKH<>LH=><HGNK;:<B^G   A: >LMWG=>GMKH=>EHLE[FBM>LNK;:GHL
=>?BGB=HLIHK>E&+" R  A: ?N>K:=>YLMHL 

"GMYKFBGHLIKW<MB<HL>LMHMB>G>BFIEB<:<BHG>L GHL^EH:GBO>E=>E:@>LMB^G=>E:<BN=:= IN>L


E:L WK>:L >G IKH<>LH => <HGNK;:<B^G JN> >LMWG ?N>K: => EHL E[FBM>L NK;:GHL >LM:K[:G LB>G=H
@>LMBHG:=:L<HFHKNK:E>L LBGHM:F;BYG>G>EF:G>CH=>=:MHLR>GEHL>LMN=BHL>LM:=[LMB<HL R:
JN>E:IH;E:<B^GJN>A:;BM:>LM:LWK>:L>L<HGLB=>K:=:KNK:E <N:G=H>GK>:EB=:=>LI:KM>R:=>
E:SHG:NK;:G: 

):IH;E:<B^G=>E<:GM^G =>:<N>K=H:E<>GLH=>-H;E:<B^GR3BOB>G=:K>:EBS:=H>G ?N>>G


>L> FBLFH :]H =>   A:;BM:GM>L  LB>G=H     <:K:<M>KBS:=HL <HFH NK;:GHL  R
  <HFHKNK:E>L#B@NK:  ):IH;E:<B^GNK;:G:RKNK:E LBFIE>F>GM>L>=>?BG>
>G?NG<B^G=>EEN@:K=HG=>OBO>LBOBO>>GNG:I:KKHJNB:KNK:E L><HGLB=>K:<HFHIH;E:<B^G
KNK:E RLBOBO>>GNG:I:KKHJNB:NK;:G: L>=>?BG><HFHIH;E:<B^GNK;:G: "LMHLB@GB?B<: JN>>E
<KBM>KBHI:K:E:<E:LB?B<:<B^GNK;:G:RKNK:E >LLBFIE>F>GM>NG<KBM>KBH:=FBGBLMK:MBOH RGHL>
;:L:>GHMKHL<KBM>KBHL<HFH=>GLB=:=IH;E:<BHG:EH=HM:<B^G=>L>KOB<BHL 

)HL<>GLHL=>IH;E:<B^GROBOB>G=::GM>KBHK>LL>AB<B>KHGR>G "G E:IH;E:<B^G


=>E <:GM^G >K: =>   I>KLHG:L  OBOB>G=H     >G E: SHG: NK;:G:  R  
 >GE:SHG:KNK:E R>GE:IH;E:<B^GMHM:E?N>=> I>KLHG:L OBOB>G=H 
 >GE:SHG:NK;:G: R  >GE:SHG:KNK:E ):M:L:=><K><BFB>GMH:GN:E=>E:
SHG:NK;:G:>GMK>R?N>=> FB>GMK:LJN> >GMK>R?N>=> ):M:L:=>
<K><BFB>GMH :GN:E => E: SHG: KNK:E  >G <:F;BH  A: O:KB:=H FN<AH >GMK> E:L =B?>K>GM>L
I:KKHJNB:L>GMK>RHL<BE^>GMK>SHG:LJN>I>K=B>KHGIH;E:<B^G:NGKBMFH :GN:E 
RSHG:LJN><K><B>KHG:NGKBMFH=>:GN:E>GMK>R IHKHMKHE:=H EHL=:MHLHL<BE:G
>GMK> NG <K><BFB>GMH =>E  :GN:E  R NG =><K><BFB>GMH =>E  &+"  :  ): IYK=B=: =>
IH;E:<B^GKNK:EL>A:=:=HIHKNG:<HF;BG:<B^G>GMK>NG:FB@K:<B^GA:<B:E:LSHG:LNK;:G:L R
LH;K> MH=H  IHK NG::EM[LBF: FB@K:<B^GA:<B:EHL"LM:=HL2GB=HL>GMK>  R R EN>@H
M:F;BYG :"NKHI:  &0*&) R $H;B>KGH-KHOBG<B:E =>ESN:R  0"+*& :I6A  -HK
HMKH E:=H  >L> I>JN>]H <:F;BH >GMK> E:L IKHIHK<BHG>L => E: IH;E:<B^G NK;:G: NG: EB@>K:
=BLFBGN<B^G RE:IH;E:<B^GKNK:ENGEB@>KH:NF>GMH>G>EI>K[H=H  IH=K[:=>;>KL>

 
:JN>E:IH;E:<B^GNK;:G:L>A:FN=:=HA:<B:E:LIH;E:<BHG>LKNK:E>LFWL<>K<:G:L:E:<BN=:= 
LBG>F;:K@H >LMH=>;>L>K>LMN=B:=H<HGFWL=>M:EE> 

><JG6 *D7A68>TCJG76C6NGJG6A9:J:C86 H:<UCHJHG6C<DH9::969


#N>GM>&G?HKF:<B^G0H<BH=>FH@KW?B<:=>E0BLM>F:+:<BHG:E=>&G?HKF:<B^G=>E"<N:=HK=IIE 6EE HC> <D7 :8 L:7 HC>

'+.-02,!'"#3#,!

):<BN=:==> N>G<:?N>=><E:K:=:-:MKBFHGBH NEMNK:E=>E:%NF:GB=:=>GE<:E=[:=>


N>G<: ; R>G?N>E:IKBF>K:<BN=:=):MBGH:F>KB<:G:>GK><B;BK>EIK>FBH'>:G-:NE
L’Allier, dado por la Asociación Mundial de Ciudades Patrimonio "E1>EY@K:?H  
=B<BHG:EF>GM> MH=H>EM>KKBMHKBH=>E<:GM^G N>G<: BG<ENR>G=HLNWK>:NK;:G: >LI:KM>=>E:
K>L>KO: => E: B^L?>K: '68>OD 9:A 6?6H  =><E:K:=: <HFH M:E IHK E: ,K@:GBS:<B^G => +:<BHG>L
2GB=:LI:K:E:"=N<:<B^G E: B>G<B:RE: NEMNK:2+"0 ,>G !B<A:K>L>KO:MB>G>NG
WK>:=> A: :;:K<::<:GMHG>L <N:MKHIKHOBG<B:L RH<AH><HLBLM>F:L/H=K[@N>S:I6A 
 -HKHMKHE:=H >L?NG=:F>GM:EK>L:EM:KJN>>EF:G>CH:F;B>GM:E=>E<:GM^G N>G<:A:LB=H
<HGLB=>K:=H<HFH>C>FIE:K>G>E"<N:=HKR):MBGH:FYKB<::KG>MM )EHK>M KMB@: 
 

 
><JG6 '6E6FJ::AI:GG>IDG>D9:A86CITCJ:C86


"E:;HK:<B^GIKHIB:
#N>GM>L
 &+"  !BOBLB^G-HE[MB<:=>E"<N:=HK 
 ':KOBL    % &  />NM>K   +>ELHG R "  $N>O:K:   %HE> ?BEE>= 0/1* ?HK MA> @EH;> 3>KLBHG   =BLIHGB;E> ?KHF MA>
$&/ 0&0/1*F!:M:;:L>AMMILKMF <LB <@B:K HK@ /01"/ %HE> ?BEE>=0/1*?HKMA>$EH;>3>KLBHG 
 &GLMBMNMH$>H@KW?B<H*BEBM:K=>E"<N:=HK   :KMH@K:?[:;:L>=>E"<N:=HK 
 *BGBLM>KBH=>EF;B>GM>=>E"<N:=HK   :KMH@K:?[:=>E:LWK>:LIKHM>@B=:L=>E"<N:=HK 
 0><K>M:K[:+:<BHG:E=>E@N:  2GB=:=>LAB=KH@KW?B<:L=>E"<N:=HKL>@`GE:F>MH=HEH@[:-##01"11"/ 


"E WK>: NK;:G: => E: <BN=:= >L :MK:O>L:=: IHK <N:MKH K[HL 1HF>;:F;:  6:GNG<:R  1:KJNB R
*:<AWG@:K:  EHL JN> L> NG>G I:K: ?HKF:K >E K[H N>G<:  JN> >L >E IKBG<BI:E :?EN>GM> =>E K[H
-:NM>  => =HG=> IKHOB>G> >E  => E: >E><MKB<B=:= IKH=N<B=: >G >E I:[L  ")"    ):
<BN=:=L>:;:LM><>=>:@N:IHM:;E>=>EHLK[HL1HF>;:F;: *:<AWG@:K:R6:GNG<:RKMB@: 
"1-  

):<N>G<:=>EK[H-:NM>L><HGLMBMNR^<HFHNGWK>:=>>QMK>F:BFIHKM:G<B:I:K:>E=>L:KKHEEH
=>E"<N:=HK :I:KMBK=>E:<HG<>I<B^G=>EIKHR><MHAB=KH>EY<MKB<H-:NM>BGM>@K:E "LM>IKHR><MH
?N>IE:GB?B<:=H>G<N:MKH>M:I:L E:IKBF>K:>M:I:-:NM>*HEBGH :LNO>S ?N>IE:GB?B<:=:>G
MK>L?:L>LE:L?:L>LR?N>KHGBGB<B:=:L>GRM>KFBG:=:L>G FB>GMK:LJN>E:?:L> 
?N>BGB<B:=:>GRM>KFBG:=:>G ):<HGLMKN<<B^G=>E:L>@NG=:>M:I: E:IK>L:*:S:K 
L>BGB<B^>G I:K:>LM:K<HFIE>M:R>G?NG<BHG:FB>GMH>GFB>GMK:LJN> E:L>M:I:LMK>L
0HIE:=HK:R<N:MKH :K=>GBEEH>LMWG>GIKHR><MHMH=:O[: LBG>F;:K@H L>>LI>K:JN>>LMYG>G
?NG<BHG:FB>GMH>G>E:]H ")"  

 
):AB=KH>EY<MKB<:-:NM>*HEBGHIHL>> *4=>IHM>G<B: R-:NM>*:S:KIHL>>*4=>
IHM>G<B:  >G  E:L =HL CNGM:L IKH=NC>KHG    $4A  "E "<N:=HK  >G <:F;BH  MB>G> NG:
IHM>G<B::<MN:EBGLM:E:=: =>    *4  <HGEHJN> E:L IK>L:L -:NM> *HEBGHR-:NM> *:S:K
K>IK>L>GM:K[:G>E=>=B<A:IHM>G<B: -HKHMKHE:=H >G>E:]H>G>EI:[LL>IKH=NC>KHG
  $4A <HGEHJN>>LM:L=HLAB=KH>EY<MKB<:L K>IK>L>GM:K[:GNG=>EHIKH=N<B=H ):
=>F:G=:>EY<MKB<:=>EI:[L>G>L>FBLFH:]H?N>=>  $4A 0+&  

"E IKHR><MH -:NM> 0HIE:=HK: A: LB=H <HG<>;B=H I:K: M>G>K  *4 => IHM>G<B: R IKH=N<BK
:GN:EF>GM>   $4A  FB>GMK:L JN> -:NM> :K=>GBEEH M>G=K[:   *4 => IHM>G<B: R
IKH=N<BK[: :GN:EF>GM>    $4A  ")"    0B A:<>FHL NG CN>@H => G`F>KHL 
BF:@BG:G=HJN>>EIKHR><MH-:NM>BGM>@K:E>G>LMHLFHF>GMHL>LMNOB>K:<HFIE>MHR>GIE>GH
?NG<BHG:FB>GMH LNIKH=N<<B^G>EY<MKB<:LB@GB?B<:K[:>E=>E<HGLNFH>EY<MKB<H=>E 

"E K[H -:NM>  IHK HMKH E:=H  ?HKF: I:KM> => LBLM>F: A[=KB<H =>E K[H 7:FHK:  "G >LM> LBLM>F:
M:F;BYG >QBLM> NG IKHR><MH AB=KH>EY<MKB<H <HGLB=>K:=H <E:O> I:K: >E "<N:=HK >E IKHR><MH /[H
7:FHK: 0:GMB:@H I:K:>EJN>L>>LMBF:NG:IHM>G<B:=> *4RNG:IKH=N<<B^G=> 
$4AIHK:]H L>IKHR><M:M>KFBG:KEH>G>E:]H ")"  "EIKHR><MH/[H7:FHK:
0:GMB:@H IHKLBLHEH>JNBO:E=K[::E=>E:=>F:G=:>EY<MKB<:=>E:]H 

!>;B=H:E:BFIHKM:G<B:=>E:<N>G<:=>EK[H-:NM> R:E:<K><B>GM><:GMB=:==>L>=BF>GMHLJN>
K><B;[: E: K>IK>L: -:NM> *HEBGH  >G  >E &GLMBMNMH +:<BHG:E "<N:MHKB:GH => "E><MKB?B<:<B^G
&+" ")<K>:E:2GB=:==>*:G>CH=>E: N>G<:=>EK[H-:NM> <HG>EH;C>MBOH=>@:K:GMBS:K
EHL<:N=:E>LI:K:E:@>G>K:<B^GAB=KH>EY<MKB<: :MK:OYL=>EF:G>CHBGM>@K:E=>E:<N>G<: "G>E
L><HGLMBMNR>>E HGL>CH=>$>LMB^G=>E:<N>G<:=>EK[H-:NM> $-:NM> <HFH>GMB=:=
BG=>I>G=B>GM>  I:K:  F:G>C:K >LM: <N>G<: => ?HKF: BGM>@K:E > BGM>KBGLMBMN<BHG:E )EHK>M   
  "LM> <HGL>CH >L :;LHK;B=H IHK E: 0><K>M:K[: +:<BHG:E =>E @N: : BGB<BHL =>E :]H 
!B:KBH"E*>K<NKBH  

"G >E WF;BMH FWL EH<:E  =>L=> E: =Y<:=: =>   NG: => E:L IKBHKB=:=>L => E:L =B?>K>GM>L
:=FBGBLMK:<BHG>L => E: <BN=:= A: LB=H @:K:GMBS:K LN =HM:<B^G => :@N: IHM:;E>  IHK EH JN> A:
@>G>K:=HNG:GHKF:MBO:EH<:E;:LM:GM>>LMKB<M:HK=>G:GS:L JN>K>@NE:>ENLH=>ELN>EHR>E


"E
&+" ") L> <HGLMBMNR^ >G   R >G  ?N> >EBFBG:=H R =BOB=B=H >G O:KB:L >FIK>L:L  <HG >E H;C>MBOH =>
IKBO:MBS:KE:L >G   LBG >F;:K@H  >LM:L >FIK>L:L L> K>BGM>@K:G >G NG: BGLMBMN<B^G I`;EB<: EE:F:=: HKIHK:<B^G
"EY<MKB<:=>E"<N:=HK!B:KBH%HR %B=KHI:NM>  

):LHK=>G:GS:LLHGE:LA:N:HHGHKF:LJN>KB@>G:EHL<:GMHG>LRIKHOBG<B:L LHG=><:KW<M>KOBG<NE:GM> >L=><BKJN>

LHG=><NFIEBFB>GMHH;EB@:MHKBH R>LMWGIHK=>;:CH=>E:E>@BLE:<B^GG:<BHG:ER=>EHLK>@E:F>GMHLG:<BHG:E>L 

 
F:G>CH => E:L MK>L LN;<N>G<:L A[=KB<:L => E:L JN> E: <BN=:= L> :;:LM><> => :@N: IHM:;E>
1HF>;:F;:  *:<AWG@:K: R 6:GNG<:R KMB@:    "LM: GHKF:MBO: BFIHG> L>O>K:L
K>LMKB<<BHG>L JN> IKH=N<>G <HG?EB<MHL => NLH <HG E: IH;E:<B^G KNK:E  <HFH IHK >C>FIEH  EHL
<HG?EB<MHL>GMK>NLHLIKH=N<MBOHLRE:<HGL>KO:<B^G>GEHLK[HL1HF>;:F;:R6:GNG<:R !>>LM:
F:G>K:  L> K>O>E: <^FH IHE[MB<:L JN> @:K:GMBS:G >E F>M:;HEBLFH NK;:GH  MB>G>G NG BFI:<MH
=BK><MH>G>EF>M:;HEBLFHKNK:E 

1H=HL >LMHL :GM><>=>GM>L >G LN <HGCNGMH A:<>G JN> >E <:GM^G N>G<: L>: NG <:LH => >LMN=BH
FNR:MK:<MBOH <E:O> R<E:K:F>GM>BFIHKM:GM> -HKHMKHE:=H :EGH<HGH<>KL>>LMN=BHLLH;K>>E
F>M:;HEBLFHLH<B:E=>E: <BN=:= => N>G<: E:L K>E:<BHG>L >GMK> LNL IHE[MB<:L M>KKBMHKB:E>L R >E
:@N:IN>=>GL>KFNRK>O>E:=HK:L 

*1'12#+2#00'2-0'*"#3#,!

"ELBLM>F:M>KKBMHKB:E=>E<:GM^G N>G<:>L>QMK>F:=:F>GM><HFIE>CH IN>LO:=>L=>EH:EMH=>


EHLG=>L A:LM:IKW<MB<:F>GM>E:LEE:GNK:L=>E:LMB>KK:L;:C:L=>E:<HLM:I:<[?B<:=>E"<N:=HK 
%:<B:>EHKB>GM> >G<:F;BH L>>QMB>G=>>GNGO:EE>BGM>K:G=BGH =HG=>L>>G<N>GMK:E:<BN=:=
=> N>G<: "E >G<HGMK:KL> >GMK>E: O>KMB>GM> I:<[?B<:=>EHLG=>LR >E<:EE>C^G BGM>K:G=BGH  R
:=>FWL>EM>G>KNG:@K:GO:KB>=:==>:EMBMN=>L A:<>JN>>EM>KKBMHKBH=> N>G<:IHL>:NG:@K:G
O:KB>=:==>FB<KH<EBF:L 

"EM>KKBMHKBH=>E<:GM^G N>G<:L>>G<N>GMK:M:GMH>GE:O>KMB>GM>I:<[?B<:=>EHLG=>L <HFH>G


E:O>KMB>GM>F:S^GB<: "EEN@:KFWL;:CH=>LNM>KKBMHKBHL>>G<N>GMK:G>GE:O>KMB>GM>I:<[?B<: 
:  F>MKHL LH;K> >EGBO>E =>EF:K F L G F   FB>GMK:LJN> >E EN@:KFWL ;:CH => E:O>KMB>GM>
:F:S^GB<: L> >G<N>GMK: :   F L G F  FNR <>K<: =>E E[FBM> NK;:GH => E: <BN=:=  ): SHG:
NK;:G: >G<:F;BH L>>G<N>GMK:>GE:O>KMB>GM>:F:S^GB<: >GMK>EHL REHL FL G F 
"EINGMHFWL:EMH>LM><:GM^GL>>G<N>GMK:: FL G F >GNGF:<BSHFHGM:]HLH<HGH<B=H
<HFH6?6H JN>:<MN:EF>GM>>L>EG`<E>H=>NG:K>L>KO:=>E:;B^L?>K: 

!>;B=H:E:A>M>KH@>G>B=:==>EM>KKBMHKBH=>E<:GM^G N>G<: EHLO:EHK>LFWQBFHLRF[GBFHL=>


IK><BIBM:<B^G  R E: HL<BE:<B^G => EHL O:EHK>L :GN:E>L FWQBFHL R F[GBFHL >G LN M>FI>K:MNK:
BENLMK:G F>CHK LN =BO>KLB=:= => FB<KH<EBF:L 1:;E:    LBG >F;:K@H  => F:G>K: @>G>K:E L>
IN>=> =><BK JN> E:L WK>:L FWL ?K[:L L> >G<N>GMK:G >G E:L SHG:L FWL :EM:L  R E:L => F:RHK
IK><BIBM:<B^GL>N;B<:GM:GMH>GE:L>LMKB;:<BHG>L=>E:<HK=BEE>K:=>E:O>KMB>GM>I:<[?B<: <HFH




 
=> E: O>KMB>GM> :F:S^GB<:  R >G >E F:<BSH =>E :C:L  ):L SHG:L FWL L><:L =>E M>KKBMHKBH =>
N>G<:  IHK HMKH E:=H  L> >G<N>GMK:G >G E: SHG: LNK H>LM> => E:L >LMKB;:<BHG>L I:<[?B<:L => E:
<HK=BEE>K:#B@NK:  ):SHG:>LM>=>E<:GM^G =HG=>L>>G<N>GMK:>EWK>:NK;:G: LBG>F;:K@H 
M:F;BYG IHL>> NG GBO>E => IK><BIBM:<BHG>L ;:CH  >G <HFI:K:<B^G <HG >E K>LMH =>E M>KKBMHKBH E:
IK><BIBM:<B^GFWL;:C:K>@BLMK:=: EFL>>G<N>GMK:>G>LM:SHG: 

.67A6 06ADG:H6CJ6A:HBPM>BDHNBRC>BDH9:EG:8>E>I68>TCNI:BE:G6IJG6G:<>HIG69DHE6G6:A86CITCJ:C86
'%%'"%" #%#'P!!(7 8  ' #%'(%!(N

FB58- H958- )-=5-/5J9017- )-=5-/5J9017- )-=5-/5J9017-


105- FB58- H958-

-9?I9@19/-      1 - 


 1 -  1 - 

)1=?519?1#-/G25/-      1 - 


 1 -  1 - 

)1=?519?1     1 -  1-  1 -
8-DI95/-

@19/-@=.-9-    1  -   1 -  1-

#N>GM> :KMH@K:?[:<EBFWMB<:=>E"<N:=HK *BGBLM>KBH=>EF;B>GM>=>E"<N:=HK 




><JG6 *G:8>E>I68>TC6CJ6A9:A86CITCJ:C86:CA B


"E:;HK:<B^GIKHIB:
#N>GM>L

 
 &+"  !BOBLB^G-HE[MB<:=>E"<N:=HK 
 ':KOBL    % &  />NM>K   +>ELHG R "  $N>O:K:   %HE> ?BEE>= 0/1* ?HK MA> @EH;> 3>KLBHG   =BLIHGB;E> ?KHF MA>
$&/ 0&0/1*F!:M:;:L>AMMILKMF <LB <@B:K HK@ /01"/ %HE> ?BEE>=0/1*?HKMA>$EH;>3>KLBHG 
 &GLMBMNMH$>H@KW?B<H*BEBM:K=>E"<N:=HK   :KMH@K:?[:;:L>=>E"<N:=HK 
 *BGBLM>KBH=>EF;B>GM>=>E"<N:=HK   :KMH@K:?[:=>E:LWK>:LIKHM>@B=:L=>E"<N:=HK 
 *BGBLM>KBH=>EF;B>GM>=>E"<N:=HK  0BLM>F:=> E:LB?B<:<B^G=>EHL"<HLBLM>F:L=>E"<N:=HK HGMBG>GM:E 


): 0><K>M:K[: +:<BHG:E =>E @N: 0"+$2  F>=B:GM> E: K>LHEN<B^G   :IKN>;: E:
F>MH=HEH@[:-##01"11"/ I:K: E: =>EBFBM:<B^GR<H=B?B<:<B^G =>E:L NGB=:=>LAB=KH@KW?B<:L
=>E "<N:=HK 0"+$2    "LM> >L NG LBLM>F: C>KWKJNB<H  JN> =>EBFBM: : E:L
NGB=:=>L A[=KB<:L =>L=> EHL INGMHL => <HG?EN>G<B: => EHL K[HL  H =>L=> LN INGMH =>
=>L>F;H<:=NK: >G>E H<Y:GH I:K: LN B=>GMB?B<:<B^G  <:=: NGB=:= K><B;> NG <^=B@HGNFYKB<H 
`GB<H>GMH=H>E<HGMBG>GM> ;:LWG=HL>>GLNN;B<:<B^G=>GMKH=>ELBLM>F:=>=K>G:C>=>>LM:
F:G>K:L>>LM:;E><>G<BG<HGBO>E>L=>LBLM>F:LAB=KH@KW?B<HL >GEHLJN>EHLLBLM>F:LLNI>KBHK>L
LB>G=H>ENGH>EFWL@K:G=> <HGMB>G>G:EHLBG?>KBHK>LLB>G=H>E<BG<H>EFWLI>JN>]HEHL
LBLM>F:L=>=K>G:C> L>=>GHFBG:GLBLM>F:LA[=KB<HL>G>EGBO>ENGH R:I:KMBK=>EGBO>E=HL L>
EE:F:GNGB=:=>LA[=KB<:L/HL:L  

!> :<N>K=H : E: <:KMH@K:?[: =>L:KKHEE:=: IHK 0"+$2  >E M>KKBMHKBH =>E <:GM^G N>G<: L>
>G<N>GMK: =BLMKB;NB=H >G=B?>K>GM>L LBLM>F:L => =K>G:C>  !>:<N>K=H :EGBO>E NGH>E<:GM^GL>
=BOB=>>G=HLLBLM>F:LA[=KB<HL  A: =>EM>KKBMHKBHL>>G<N>GMK:G>GE:O>KMB>GM>
I:<[?B<:  R      =>E M>KKBMHKBH A: >G E: O>KMB>GM> :F:S^GB<: E: <N>G<: =>E K[H
F:SHG:L )HLGBO>E>L=HLRMK>L =BOB=>G:E<:GM^GM:F;BYG>G=HLNGB=:=>LA[=KB<:L >EGBO>E
<N:MKH>GMK>L R>EGBO>E<BG<H>GL>BL 

  +BO>E NGH E: K>@B^G AB=KH@KW?B<:   H LBLM>F: I:<[?B<H  R E: K>@B^G AB=KH@KW?B<:   H
<N>G<:=>EK[HF:SHG:L 

  +BO>E=HLE:NGB=:=AB=KH@KW?B<:>GE:O>KMB>GM>I:<[?B<: RE:NGB=:=AB=KH@KW?B<:
>GE:O>KMB>GM>:F:S^GB<: 

  +BO>EMK>LE:NGB=:=AB=KH@KW?B<:>GE:O>KMB>GM>I:<[?B<: RE:NGB=:=AB=KH@KW?B<:
>GE:O>KMB>GM>:F:S^GB<: 

  +BO>E <N:MKH E:L NGB=:=>L AB=KH@KW?B<:L  R  <N>G<: =>E K[H :]:K  >G E:
O>KMB>GM>I:<[?B<: RE:NGB=:=AB=KH@KW?B<: H<N>G<:=>EK[H7:FHK:>GE:O>KMB>GM>
:F:S^GB<: 

 
  +BO>E<BG<HE:NGB=:=AB=KH@KW?B<: H<N>G<:=>EK[H:E:H E: H<N>G<:=>E
K[H0:G-:;EH E: H<N>G<:=>EK[H$K:FHM:E E: H<N>G<:=>EK[H+HK<:R E:
GHL>E>A::LB@G:=HNGGHF;K> RE: H<N>G<:=>EK[H-:MNE>GE:O>KMB>GM>
I:<[?B<:  R E: NGB=:= AB=KH@KW?B<:   H <N>G<: =>E K[H -:NM> >G E: O>KMB>GM>
:F:S^GB<: 

><JG6 '6E6FJ:BJ:HIG6:AC>K:A9:A68A6H>;>868>TC*  -...,E6G6:AI:GG>IDG>D9:A86CITCJ:C86 A6


8>J9699:J:C86N:AE6GFJ:C68>DC6A6?6H


"E:;HK:<B^GIKHIB:
#N>GM>L
 &+"  !BOBLB^G-HE[MB<:=>E"<N:=HK 
 ':KOBL    % &  />NM>K   +>ELHG R "  $N>O:K:   %HE> ?BEE>= 0/1* ?HK MA> @EH;> 3>KLBHG   =BLIHGB;E> ?KHF MA>
$&/ 0&0/1*F!:M:;:L>AMMILKMF <LB <@B:K HK@ /01"/ %HE> ?BEE>=0/1*?HKMA>$EH;>3>KLBHG 
 &GLMBMNMH$>H@KW?B<H*BEBM:K=>E"<N:=HK   :KMH@K:?[:;:L>=>E"<N:=HK 
 *BGBLM>KBH=>EF;B>GM>=>E"<N:=HK   :KMH@K:?[:=>E:LWK>:LIKHM>@B=:L=>E"<N:=HK 
 *BGBLM>KBH=>EF;B>GM>=>E"<N:=HK  0BLM>F:=> E:LB?B<:<B^G=>)HL"<HLBLM>F:L=>E"<N:=HK HGMBG>GM:E 
 0><K>M:K[:+:<BHG:E=>E@N:  2GB=:=>LAB=KH@KW?B<:L=>E"<N:=HKL>@`GE:F>MH=HEH@[:-##01"11"/ 


"E HGL>CH=>$>LMB^G=>E:<N>G<:=>EK[H-:NM> $-:NM> IHKHMKHE:=H =BOB=B^:E:<N>G<:


=>E K[H -:NM> >G  LN;<N>G<:L  I:K: HK@:GBS:K LN @>LMB^G )EHK>M     &"/0"  
HK=>KH  !>>LM:LLN;<N>G<:L LB>M>>LMWG>G>EM>KKBMHKBH=>E<:GM^G N>G<:EHLK[HL
1HF>;:F;: 1:KJNB 6:GNG<:RR*:<AWG@:K:L>NG>GI:K:?HKF:K>EK[H N>G<: JN>CNGMH<HG
E:L LN;<N>G<:L => EHL K[HL ':=WG R 0B=<:R JN> M:F;BYG =>L>F;H<:G >G >E K[H N>G<: 
<HFIE>M:K[:G E:L LB>M> LN;<N>G<:L F>G<BHG:=:L  "LM:L =HL `EMBF:L LN;<N>G<:L  LHG E:L JN>

 
IK>L>GM:GEHLIKH;E>F:L=>>KHLB^GFWL?N>KM>L=>E:LLB>M> HK=>KH  "LFNRBFIHKM:GM>
GHM:K#B@NK: JN>GHL>>G<N>GMK:GK>F:G>GM>L=>><HLBLM>F:LG:MBOHL>GE:LLN;<N>G<:L
=>EHLK[HL0B=<:RR':=WG :L[<HFHJN>LHGFNR>L<:LHL>GJN>E:LN;<N>G<:=>EK[H1:KJNB 

><JG6 '6E6FJ:BJ:HIG6A6HHJ78J:C86H9:AGRD*6JI: :AI:GG>IDG>D9:A86CITCJ:C86N:AE6GFJ:C68>DC6A


6?6H


"E:;HK:<B^GIKHIB:
#N>GM>L
 &+"  !BOBLB^G-HE[MB<:=>E"<N:=HK 
 ':KOBL    % &  />NM>K   +>ELHG R "  $N>O:K:   %HE> ?BEE>= 0/1* ?HK MA> @EH;> 3>KLBHG   =BLIHGB;E> ?KHF MA>
$&/ 0&0/1*F!:M:;:L>AMMILKMF <LB <@B:K HK@ /01"/ %HE> ?BEE>=0/1*?HKMA>$EH;>3>KLBHG 
 &GLMBMNMH$>H@KW?B<H*BEBM:K=>E"<N:=HK   :KMH@K:?[:;:L>=>E"<N:=HK 
 &GLMBMNMH=>"LMN=BHL-KHIN>LM:-K>EBFBG:K=>NG0BLM>F:=> E:LB?B<:<B^G=>3>@>M:<B^GI:K:>E"<N:=HK HGMBG>GM:E=>
/Y@BF>G0><<BHG:E=>E:2GBO>KLB=:==>ESN:R   :KMH@K:?[: =>E:<N>G<:=>EK[H-:NM> 
 0><K>M:K[:+:<BHG:E=>E@N:  2GB=:=>LAB=KH@KW?B<:L=>E"<N:=HKL>@`GE:F>MH=HEH@[:-##01"11"/ 


 
 7@>:/07>@07:

): &ENLMK> *NGB<BI:EB=:= => N>G<:  >G >E F:K<H => E: IE:GB?B<:<B^G M>KKBMHKB:E =>E <:GM^G 
K>:EBS^NG>LMN=BH=>E:<H;>KMNK:O>@>M:EREHLNLHL=>ELN>EH=>LNM>KKBMHKBH "EIKH<>LH>LMNOH
: <:K@H => E: 0><K>M:K[: => -E:GB?B<:<B^G => E: FNGB<BI:EB=:=  0> NMBEBS^ NG: BF:@>G L:M>EBM:E
/:IB= "R>  MHF:=: >G >E :]H   "LM: BF:@>G I>KFBMB^ IKH=N<BK NG: O>KLB^G BGB<B:E => E:
<:KMH@K:?[::>L<:E:  -:K:H;M>G>KE:O>KLB^G?BG:E L>K>:EBS^NG:O>KB?B<:<B^G>G<:FIH 
R >LM> FN>LMK>H LBKOB^ I:K: K><E:LB?B<:K E: <:KMH@K:?[: BGB<B:E  H;M>GB>G=H => >L: F:G>K:  E:
<:KMH@K:?[: =>?BGBMBO:  HFH R: ?N> >QIEB<:=H :GM>KBHKF>GM>  => :<N>K=H :E @H;B>KGH EH<:E E:

 
&ENLMK>*NGB<BI:EB=:==> N>G<: >EM>KKBMHKBH=>E<:GM^G<HFIK>G=> A: IHKEHJN>>LM:
<:KMH@K:?[:L>K>?B>K>:>L>M>KKBMHKBH 

!>>LM:F:G>K: ?N>KHG=>?BGB=HLMBIHL=><H;>KMNK:=>ELN>EH=B?>K>GM>L %>FHL:@KNI:=H


>LM:L<H;>KMNK:L>GH<AH@KNIHL

  jK>:LNK;:G:LR=>BG?K:>LMKN<MNK: JN>:;:K<::E:L<H;>KMNK:L=>GHFBG:=:L<HFH
WK>: NK;:G: <HGMBGN:  WK>: NK;:G: =BL<HGMBGN:  :>KHIN>KMHL  WK>: BG=NLMKB:E R
<HF>K<B:E WK>:=>=>IHKM>RMB>FIHEB;K> WK>:O>K=>NK;:G: R<:FBGHL 
  jK>:L => <NEMBOH  JN> :;:K<: : E:L <H;>KMNK:L =>GHFBG:=:L <HFH WK>: <NEMBO:=: 
<NEMBOHL=><B<EH<HKMH <NEMBOHL:GN:E>L R<NEMBOHLFNEMB:GN:E>L 
  jK>:L => @:G:=>K[:  JN> :;:K<: : E:L <H;>KMNK:L =>GHFBG:=:L <HFH I:LMBS:E
<NEMBO:=H RI:LMBS:E 
  jK>:L=>O>@>M:<B^GBG=>M>KFBG:=: JN>:;:K<::E:L<H;>KMNK:L=>GHFBG:=:L<HFH
;HLJN>G:MNK:E R:K;NLMHL 
  "<HLBLM>F:L G:MBOHL ;HLJN> IENOB:E LN;:EIBGH  IWK:FH => I:CHG:E  R IWK:FH LH;K>
KH<:=>LGN=: 
  "<HLBLM>F:L :<NWMB<HL  JN> :;:K<: : E:L <H;>KMNK:L =>GHFBG:=:L <HFH ANF>=:E>L 
<N>KIH=>:@N:G:MNK:E K[HL R<N>KIH=>:@N::KMB?B<B:E 
  jK>:L=>@K:=:=:LWK>:LJN>F:=:L RLN>EH=>@K:=:=H 
  jK>:LLBGBG?HKF:<B^GGN;> RLHF;K: 

-:K: IH=>K H;M>G>K NG F:I: :=><N:=H : EHL E[FBM>L H?B<B:E>L =>?BGB=HL IHK >E &+"  ?N>
G><>L:KBH IKH<>L:K <:KMH@KW?B<:F>GM> E: <:I: IKHIHK<BHG:=: IHK E: &ENLMK> *NGB<BI:EB=:= =>
N>G<:  0BG >F;:K@H  =>;B=H : E:L =B?>K>G<B:L => >L<:E: >GMK> E: <:KMH@K:?[: =>E &+" 
   R E: =>E @H;B>KGH EH<:E => N>G<:    E: <:I: K>LNEM:GM> >L   A: FWL
I>JN>]: >L=><BK MB>G>  A: ?K>GM>:E:L  A:=>?BGB=:LIHK>E&+" 

 
><JG6 '6E6FJ:BJ:HIG6:AJHD9:AHJ:AD:C:A86CITCJ:C86


"E:;HK:<B^GIKHIB:
#N>GM>L
 &+"  !BOBLB^G-HE[MB<:=>E"<N:=HK 
 ':KOBL    % &  />NM>K   +>ELHG R "  $N>O:K:   %HE> ?BEE>= 0/1* ?HK MA> @EH;> 3>KLBHG   =BLIHGB;E> ?KHF MA>
$&/ 0&0/1*F!:M:;:L>AMMILKMF <LB <@B:K HK@ /01"/ %HE> ?BEE>=0/1*?HKMA>$EH;>3>KLBHG 
 &GLMBMNMH$>H@KW?B<H*BEBM:K=>E"<N:=HK   :KMH@K:?[:;:L>=>E"<N:=HK 
 *BGBLM>KBH=>EF;B>GM>=>E"<N:=HK   :KMH@K:?[:=>E:LWK>:LIKHM>@B=:L=>E"<N:=HK 
 *BGBLM>KBH=>EF;B>GM>=>E"<N:=HK  0BLM>F:=> E:LB?B<:<B^G=>)HL"<HLBLM>F:L=>E"<N:=HK HGMBG>GM:E 
 0><K>M:K[:+:<BHG:E=>E@N:  2GB=:=>LAB=KH@KW?B<:L=>E"<N:=HKL>@`GE:F>MH=HEH@[:-##01"11"/ 
 &ENLMK> *NGB<BI:EB=:= => N>G<: -E:G => ,K=>G:FB>GMH 1>KKBMHKB:E =>E <:GM^G N>G<:    2LH =>E LN>EH =>E <:GM^G
N>G<: 

 

.67A6 &68D7:GIJG69:AHJ:AD9:A86CITCJ:C86
'#""%'(% M%4- #"%!'!'O!

M=1-017/-9?J9@19/-     

M=1->@=.-9->C01592=-1>?=@/?@=-    

M=1-@=.-9-/:9?59@- 

 
 

M=1-@=.-9-05>/:9?59@-   


1=:;@1=?:> 



M=1-90@>?=5-7C:81=/5-7  




M=1-011;:=?1C'518;:5.=1   



M=1-01)1=01(=.-9:   



-859:>   
 

M=1->01/@7?5A:     

M=1-/@7?5A-0-  
 


@7?5A:/5/7:/:=?:    

@7?5A:>-9@-71>
 



@7?5A:>8@7?5-9@-71>  

 

M=1->013-9-01=H-     

#->?5D-7  
  

#->?5D-7/@7?5A-0: 

 

M=1->01A131?-/5J95901?1=859-0-   

:><@19-?@=-7  
  

=.@>?:>  
 

/:>5>?18->9-?5A:>      

:><@1;7@A5-7>@.-7;59:  
  

#-=-8:01;-6:9-7    

#-=-8:>:.=1=:/-01>9@0-  
  

 
/:>5>?18->-/@F?5/:>     

@810-71>     

@1=;:013@-!-?@=-7  


%H:>




3@--=?525/5-7 




M=1->013=-0-0->   

M=1-<@18-0-   
 

&@17:013=-0-0:     


M=1->>59592:=8-/5J9     

!@.1    

&:8.=-  
 

#N>GM> :KMH@K:?[:=>E:&ENLMK>*NGB<BI:EB=:==> N>G<: 




 I>L:K => E: :EM: <:EB=:= => >LM: BG?HKF:<B^G  E: FNGB<BI:EB=:= => N>G<: GH NL^ E:
GHF>G<E:MNK: >LM:G=:KBS:=: I:K: >E I:[L =>L:KKHEE:=: IHK >E *BGBLM>KBH =>E F;B>GM> =>E
"<N:=HK*" EHJN>A:<>=B?[<BE=>?BGBKE:<H;>KMNK:K>:E=>><HLBLM>F:LG:MBOHL "GE:L><<B^G
   >ELBLM>F:><HE^@B<HRE:LWK>:LIKHM>@B=:L A:K>FHLNG:>LMBF:<B^G=>E:<H;>KMNK:=>
><HLBLM>F:LG:MBOHL >L=><BK =>EWK>:=>E-:BL:C> HGL>KO:=HL><<B^G   

0>=>;>K>L:EM:K JN>:GBO>E=>IKH=N<<B^GKNK:E L>=>LMBG:NGWK>:BFIHKM:GM>=>E<:GM^G:E:


IKH=N<<B^G@:G:=>K: =>LNM>KKBMHKBH "EWK>:=>LMBG:=::E::@KB<NEMNK: >LFN<AHFWL
;:C:   => LNL M>KKBMHKBH  E :G:EBS:K >E LBLM>F: ><HG^FB<H =>E <:GM^G L><<B^G     L>
IN>=> H;L>KO:K JN> E: ><HGHF[: => N>G<: GH =>I>G=> => >LMHL KN;KHL  -HK HMKH E:=H  E:
MHIH@K:?[:FHGM:]HL:=>LNM>KKBMHKBH L><:K:<M>KBS:IHKM>G>KI>G=B>GM>L?N>KM>LRIH<:LSHG:L
:IM:L I:K: E: :@KB<NEMNK: H E: @:G:=>K[:  EH JN> =B?B<NEM: >GHKF>F>GM> >LM:L :<MBOB=:=>L  0BG
>F;:K@H  : I>L:K => >EEH  E: <:KMH@K:?[: FN>LMK: JN> >LM:L :<MBOB=:=>L LHG K>:EBS:=:L
:FIEB:F>GM> RJN>>LMWG=BLMKB;NB=:LIHKMH=H>EM>KKBMHKBH :>Q<>I<B^G=>E:LSHG:LFWL:EM:L 
HFHL>=BL<NMBKW>GE:L><<B^G   LN;:CH:IHKM>:E:><HGHF[:=>E N>G<: IH=K[:BG=B<:K
JN> >LM:L :<MBOB=:=>L LHG LH;K> MH=H => LN;LBLM>G<B: :NGJN> L[ >QBLM> NG: :@KHBG=NLMKB:
<HGLHEB=:=:I:K:E:IKH=N<<B^G=>EW<M>HLR=>?EHK>L !BO>KL:L<HFNGB<:<BHG>LI>KLHG:E>LIHK
I:KM>=>>QI>KMHL:@KHI><N:KBHLLH;K>>EM>KKBMHKBH=> N>G<: :L[<HFH K>LNEM:=HL=>=BO>KLHL

 
BG?HKF>L GH IN;EB<:=HL  LHLMB>G>G JN> I:K: E: IH;E:<B^G KNK:E >E @:G:=H >L NG: >LI><B> =>
<N>GM:=>:AHKKHL IN>L=BLIHG>G=>YE>G>E<:LH=>>F>K@>G<B:L><HG^FB<:L 

):O>@>M:<B^GBG=>M>KFBG:=::;:K<:NG =>E:<H;>KMNK:=>EM>KKBMHKBH=> N>G<: EHJN>


>LNGO:EHK>QMK>F:=:F>GM>:EMH "LFNR<HFIEB<:=H=>M>KFBG:K:JNYL>K>?B>K>GEHL=HLMBIHL
=> <H;>KMNK: JN> K>IK>L>GM:G >LM: <:M>@HK[: EHL ;HLJN>L G:MNK:E>L R EHL :K;NLMHL  N:G=H L>
<HGH<> >E M>KKBMHKBH  >L ?W<BE GHM:K JN> @K:G I:KM> => E:L SHG:L <:M:EH@:=:L IHK E: <:KMH@K:?[:
FNGB<BI:E <HFH ;HLJN> G:MNK:E R <HFH :K;NLMHL  L> >G<N>GMK:G >G WK>:L :EM:F>GM>
BGM>KO>GB=:L "GNGBGM>GMH=><HKK>@BK>LMH >GE:L><<B^G   >ELBLM>F:><HE^@B<H L>A:KWNG
>C>K<B<BHI:K:K><E:LB?B<:K>LM:L<H;>KMNK:L 0NBG?HKF:<B^GL><KNS:KW<:KMH@KW?B<:F>GM><HGE:
BG?HKF:<B^G => ><HLBLM>F:L G:MBOHL => E: FNGB<BI:EB=:= => N>G<: >G EH K>?>K>GM> :
><HLBLM>F:L G:MBOHL  <HG E: <:KMH@K:?[: => ?HKF:<BHG>L O>@>M:E>L K>F:G>GM>L @>G>K:=: IHK >E
*BGBLM>KBH=>EF;B>GM>*">G R<HG>EFH=>EHIK>=B<MBOH=>?HKF:<BHG>LO>@>M:E>L
IKHIN>LMHIHK/H=KB@H0B>KK:>G NL:G=HE::@K>@:<B^G>G><HLBLM>F:L A><A:IHK0W>GSR
,GH?: 

 

7>4>?08,0.:7I24.:

"G >E :]H  /H=KB@H 0B>KK: IKHINLH NG LBLM>F: => <E:LB?B<:<B^G I:K: E:L ?HKF:<BHG>L
O>@>M:E>L=>E"<N:=HK<HGMBG>GM:E0B>KK: 0W>GSR,GH?: *BGBLM>KBH=>EF;B>GM>
=>E "<N:=HK  ;  ):L  ?HKF:<BHG>L B=>GMB?B<:=:L  : LN O>S ?N>KHG :@K>@:=:L >G 
><HLBLM>F:L0W>GSR,GH?:  "G>E:]H >LM>LBLM>F:?N>K>OBL:=HR:<MN:EBS:=HIHK>E
*BGBLM>KBH=>EF;B>GM>=>E"<N:=HK*" JNB>GIKHINLH>L>FBLFH:]HNGGN>OHLBLM>F:
=> <E:LB?B<:<B^G => E:L ?HKF:<BHG>L O>@>M:E>L =>E "<N:=HK <HGMBG>GM:E  "L :L[ JN>  ?N>KHG
=>?BGB=HL  MBIHL => ?HKF:<BHG>L O>@>M:E>L I:K: >E "<N:=HK <HGMBG>GM:E  ?HKF:<BHG>L
O>@>M:E>L=B?>K>GM>LI:K:E:F:SHG[: I:K:E:K>@B^GG=BG: RI:K:E:<HLM:*BGBLM>KBH
=>EF;B>GM>=>E"<N:=HK ; !>>LM:F:G>K: L>>G<N>GMK:G?HKF:<BHG>LO>@>M:E>L>G
>EM>KKBMHKBH=>E<:GM^G N>G<: M:GMH=>E:K>@B^GG=BG: <HFH=>E:<HLM:MK>L#B@NK:
 FB>GMK:LJN> >EWK>:=>I:BL:C>MK:GL?HKF:=H>JNBO:E=K[::E =>LNM>KKBMHKBH 

 
><JG6 &6H;DGB68>DC:HK:<:I6A:H9:A86CITCJ:C86

"E:;HK:<B^GIKHIB:
#N>GM>L
 &+"  !BOBLB^G-HE[MB<:=>E"<N:=HK 
 ':KOBL    % &  />NM>K   +>ELHG R "  $N>O:K:   %HE> ?BEE>= 0/1* ?HK MA> @EH;> 3>KLBHG   =BLIHGB;E> ?KHF MA>
$&/ 0&0/1*F!:M:;:L>AMMILKMF <LB <@B:K HK@ /01"/ %HE> ?BEE>=0/1*?HKMA>$EH;>3>KLBHG 
 &GLMBMNMH$>H@KW?B<H*BEBM:K=>E"<N:=HK   :KMH@K:?[:;:L>=>E"<N:=HK 
 *BGBLM>KBH=>EF;B>GM>=>E"<N:=HK   :KMH@K:?[:=>E:LWK>:LIKHM>@B=:L=>E"<N:=HK 
 *BGBLM>KBH=>EF;B>GM>=>E"<N:=HK  0BLM>F:=> E:LB?B<:<B^G=>)HL"<HLBLM>F:L=>E"<N:=HK HGMBG>GM:E 

 
 0><K>M:K[:+:<BHG:E=>E@N:  2GB=:=>LAB=KH@KW?B<:L=>E"<N:=HKL>@`GE:F>MH=HEH@[:-##01"11"/ 


-:K:?:<BEBM:K>E:GWEBLBL=>E:BG?HKF:<B^G L>A::@K>@:=H:E:L?HKF:<BHG>LO>@>M:E>L=>>LM:
<E:LB?B<:<B^G >G ><HLBLM>F:L  -:K: A:<>KEH L> A: NMBEBS:=H E: <E:LB?B<:<B^G => ><HLBLM>F:L
IKHIN>LM:IHK0W>GSR,GH?: "EK>LNEM:G=HLHGLB>M>><HLBLM>F:LG:MBOHLEHJN>BG<ENR>
:EHLANF>=:E>L1:;E: R#B@NK:  

 


.67A6 &DH:8DH>HI:B6H9:A86CITCJ:C86 8J69DG


'#""% O!)'
"&&' &M!, 
  

:><@14K810:017-/:>?- :><@1>518;=1A1=011>?-/5:9-7;518:9?-9:01:=05771=-"//5019?-7017:>901>

:><@1>518;=1A1=018:9?-9:-7?:01:=05771=-"//5019?-7017:>901>
:><@14K810:8:9?-9:://5019?-7
:><@1>518;=1A1=018:9?-9:.-6:01:=05771=-"//5019?-7017:>901>

:><@1>518;=1A1=018:9?-9:017-:=05771=-"//5019?-7017:>901>

:><@1>518;=1A1=018:9?-9:-7?:017&@=017-:=05771=-"=519?-7017:>901>
:><@14K810:8:9?-9::=519?-7
:><@1>518;=1A1=018:9?-9:017&@=017-:=05771=-"=519?-7017:>901>

:><@1>1/:://5019?-7 :><@1>18501/50@:01?51==->.-6->

@810-7 3@-

=.@>?-7>518;=1A1=01C1=.-D-7017#E=-8:
#F=-8:4K810:
1=.-D-7017#E=-8:

1=.-D-7C=.@>?-7>518;=1A1=01>@.95A-7017#E=-8:

#F=-8:4K810:
4@810-7 1=.-D-759@90-.71017#E=-8:

=.@>?-7>518;=1A1=018:9?-9:0179:=?1017:>901>
)131?-/5J94K810-59?1=-9059-
=.@>?-7>518;=1A1=018:9?-9:017>@=017:>901>

"E:;HK:<B^GIKHIB:
#N>GM>L :KMH@K:?[:=>E*BGBLM>KBH=>EF;B>GM>*BGBLM>KBH=>EF;B>GM>=>E"<N:=HK ; R0W>GSR,GH?:  


 
><JG6  'D9:AD9:ADH:8DH>HI:B6H9:A86CITCJ:C86H:<UC,D9G><D->:GG6 N-P:CON)CD;6


"E:;HK:<B^GIKHIB:
#N>GM>L
 &+"  !BOBLB^G-HE[MB<:=>E"<N:=HK 
 ':KOBL    % &  />NM>K   +>ELHG R "  $N>O:K:   %HE> ?BEE>= 0/1* ?HK MA> @EH;> 3>KLBHG   =BLIHGB;E> ?KHF MA>
$&/ 0&0/1*F!:M:;:L>AMMILKMF <LB <@B:K HK@ /01"/ %HE> ?BEE>=0/1*?HKMA>$EH;>3>KLBHG 
 &GLMBMNMH$>H@KW?B<H*BEBM:K=>E"<N:=HK   :KMH@K:?[:;:L>=>E"<N:=HK 
 0W>GS  *  R j  ,GH?:   -K>@NGM:L <E:O> />IHKM> => EHL ><HLBLM>F:L ><N:MHKB:GHL  "<H B>G<B: R *BGBLM>KBH =>E
F;B>GM>=>E"<N:=HK*""=  .NBMH "<N:=HK 
 0><K>M:K[:+:<BHG:E=>E@N:  2GB=:=>LAB=KH@KW?B<:L=>E"<N:=HKL>@`GE:F>MH=HEH@[:-##01"11"/ 
 0B>KK:  /  "=    -KHIN>LM: -K>EBFBG:K => NG 0BLM>F: => E:LB?B<:<B^G => 3>@>M:<B^G I:K: >E "<N:=HK HGMBG>GM:E 
.NBMH "<N:=HK-KHR><MH&+#+$"# &/R"<H B>G<B: 


0B;B>G>EFH=>EH<:KMH@KW?B<H=>L:KKHEE:=HIHK>E*">LMW;:L:=H>GBG?HKF:<B^GL:M>EBM:E >L
NGFH=>EHJN>K>JNB>K>L>K=>INK:=H R:JN>=>;B=H:LN>L<:E:  R:JN>GHMNOH
O>KB?B<:<B^G=><:FIH IN>=><HGM>G>KBG>Q:<MBMN=>L <HFHIHK>C>FIEH

 -K>=><BKE:>QBLM>G<B:=>NG:?HKF:<B^GO>@>M:E <N:G=H>GK>:EB=:=L>>G<N>GMK:HMK: 
 HG?NG=BK SHG:L => O>@>M:<B^G BGM>KO>GB=:  IE:GM:=: RH >Q^MB<:  <HG WK>:L =>
O>@>M:<B^GG:MBO: 
 :M:EH@:K<HFHWK>:LBGM>KO>GB=:L :SHG:LJN>L[IHL>>G<H;>KMNK:O>@>M:EG:MBO: 

-HK HMKH E:=H  E: BG?HKF:<B^G => <H;>KMNK: =>E LN>EH =>L:KKHEE:=: IHK E: FNGB<BI:EB=:= =>
N>G<: >L FN<AH FWL <>K<:G: : E: K>:EB=:=  GH L^EH IHK LN >L<:E:    LBGH IHKJN> LN
IKH<>LH=>@>G>K:<B^GL[MNOHO>KB?B<:<B^G=><:FIH 0BG>F;:K@H >LM:BG?HKF:<B^GM:FIH<H

 
I>KFBM>>LMBF:KE:<H;>KMNK:=>O>@>M:<B^GG:MBO:<HGL>KO:=: R<HGL><N>GM>F>GM> >EWK>:=>E
M>KKBMHKBH JN> A: LB=H MK:GL?HKF:=:  "EIKH;E>F:LNK@>?NG=:F>GM:EF>GM> IHKJN> NMBEBS: =HL
<:M>@HK[:LBG=>?BGB=:L=><H;>KMNK:=>LN>EHEHL6G7JHIDHR>E7DHFJ:C6IJG6A JN>CNGM:L:;:K<:G
NG:IKHIHK<B^G<HGLB=>K:;E>=>EM>KKBMHKBH>E  

!> >LM: F:G>K:  L> <HGLMBMNR> >G NG >C>K<B<BH BGM>K>L:GM> >E <KNS:K >E FH=>EH <:KMH@KW?B<H =>E
*" >EFH=>EH<:KMH@KW?B<H=>/H=KB@H0B>KK: RE:<H;>KMNK:=>NLH=>ELN>EH=>L:KKHEE:=:IHK
E:FNGB<BI:EB=:==> N>G<: =B<BHG:EF>GM> >LM>IKH<>LHI>KFBMBK[: :I>L:K=>E:L=B?>K>G<B:L
=>>L<:E: :IEB<:KE:GHF>G<E:MNK:>LM:G=:KBS:=:=>EHL><HLBLM>F:L=>L:KKHEE:=:IHK>E0W>GSR
,GH?::E:O>@>M:<B^GG:MBO:K>F:G>GM>B=>GMB?B<:=:IHKE:FNGB<BI:EB=:==> N>G<: 

):<:M>@HK[::8DH>HI:B6HC6I>KDHL><<B^G   :;:K<:MK>L<H;>KMNK:L=>ELN>EH JN>=>:<N>K=H


:E:GHF>G<E:MNK:NL:=:IHKE:FNGB<BI:EB=:==> N>G<:LHG>E;HLJN>IENOB:ELN;:EIBGH >E
IWK:FH=>I:CHG:E R>EIWK:FHLH;K>KH<:=>LGN=: 

"E;HLJN>IENOB:ELN;:EIBGH<HKK>LIHG=>:MK>L><HLBLM>F:LIKBG<BI:EF>GM>:E;HLJN>A`F>=H
FHGM:GH H<<B=>GM:E  :E ;HLJN> A`F>=H FHGM:GH HKB>GM:E R :E IWK:FH A`F>=H  "L FNR
BGM>K>L:GM> GHM:K JN> >LM: <:I: >G<N>GMK: <H;>KMNK: ;HL<HL:  =HG=> E: <:KMH@K:?[: =>E *"
IK>=B<> ><HLBLM>F:L JN> GH MB>G>G <H;>KMNK: ;HL<HL:  <HFH >E IWK:FH A`F>=H  "LMH IN>=>
=>;>KL>:E:<HF;BG:<B^G=>=HL?:<MHK>L>EIKBF>KH >LJN>>E;HLJN>A`F>=HFHGM:GHM:GMH
HKB>GM:E  <HFH H<<B=>GM:E  L> >G<N>GMK: : NG: F:RHK :EMNK: => E: JN> IK>=B<> >E FH=>EH =>E
*" "EL>@NG=H?:<MHK >LJN>>EM:F:]H=>E:LF:G<A:L=>:K;NLMHL:EMHLHWK;HE>LI>JN>]HL
?NG=:F>GM:EF>GM> =>E @YG>KH *DANA:E>H LII   IKHIB:L =>E IWK:FH A`F>=H 0W>GS R ,GH?: 
*BGBLM>KBH=>EF;B>GM>=>E"<N:=HK ; A:<>JN>L>:GBGOBLB;BEBS:=:L>GNG:>L<:E:
   I>KH JN> LB L>:G OBLB;E>L >G NG: >L<:E:    "E IWK:FH => I:CHG:E R >E IWK:FH
LH;K>KH<:=>LGN=: IHKHMKHE:=H L>K>?B>K>G?NG=:F>GM:EF>GM>:EIWK:FHA`F>=H 

): <:M>@HK[: PG:6H 9: K:<:I68>TC >C9:I:GB>C696 <HFIK>G=> =HL MBIHL => <H;>KMNK: :K;NLMHL R
;HLJN>G:MNK:E 

)HL:K;NLMHLLHGNGM>F:<HFIE>CH IN>L>LFNR=B?[<BE=>M>KFBG:KLBL>MK:M:=>NG><HLBLM>F:
G:MBOHH=>NGI:BL:C>MK:GL?HKF:=H "G>EM>KKBMHKBH=> N>G<:L>IN>=>G>G<HGMK:K=HLMBIHL
=> ><HLBLM>F:L G:MBOHL :K;NLMBOHL E: O>@>M:<B^G A`F>=: BGM>K:G=BG:  R E: O>@>M:<B^G L><:
BGM>K:G=BG:JN>GH:I:K><>>GE:<:KMH@K:?[: I>KHJN>A:LB=H>G<HGMK:=:>G>LMN=BHLIK>OBHL
&"/0"    -HK HMKH E:=H  E: O>@>M:<B^G :K;NLMBO:  L> >G<N>GMK: M:F;BYG >G E:L ?:L>L
M>FIK:G:L=>E:LN<>LB^G><HE^@B<:GHKF:EF>GM>L>IKH=N<>>GEHLM>KK>GHL:;:G=HG:=HLH>G

 
=>L<:GLH  IHK EH JN> >G >LHL <:LHL >LM: <H;>KMNK: >LM:K[: K>E:<BHG:=: FWL ;B>G <HG I:BL:C>L
MK:GL?HKF:=HL "LFNRBFIHKM:GM>=>INK:K>LM:BG?HKF:<B^G R:JN>EHL><HLBLM>F:L:K;NLMBOHL
BGM>K:G=BGHL  >LMWG >GMK> EHLFWL:F>G:S:=HL>G >E "<N:=HK  RLN <HGL>KO:<B^G >L IKBHKBM:KB:
0B>KK: 'HLL>R0NWK>S  

"E ;HLJN> G:MNK:E M:F;BYG >L NG M>F: <HFIEB<:=H  IN>LMH JN> => :<N>K=H : LNL
=>L:KKHEE:=HK>L   >G >LM: <H;>KMNK: L> BG<ENR>G M:GMH ><HLBLM>F:L G:MBOHL ;HL<HLHL  H EHL
;HLJN>L => *DANA:E>H LII  => EHL IWK:FHL JN> GH LHG NG ><HLBLM>F: ;HL<HLH  <HFH ;HLJN>L
IE:GM:=HL=>>LI><B>L>Q^MB<:LFN<AHL=>>EEHL:;:G=HG:=HL "L?NG=:F>GM:EM>G>K>G<N>GM:
JN> >G >E M>KKBMHKBH =>E <:GM^G N>G<:  >QBLM> NG WK>: =BLI>KL: R <HGLB=>K:;E> =>=B<:=: : E:
IE:GM:<B^G => >N<:EBIMH  R NG WK>: F>GHK  I>KH BFIHKM:GM> => B@N:E F:G>K:  =>=B<:=: : E:
IE:GM:<B^G=>IBGH 

!> >LM: F:G>K:  E:L <H;>KMNK:L => ;HLJN> G:MNK:E R :K;NLMHL ?N>KHG <:M:EH@:=:L <HFH WK>:
BGM>KO>GB=:<N:G=HL><HKK>LIHG=B>KHGM:GMH>GE:<:KMH@K:?[:=>E*" <HFH>GE:=>0B>KK:
<HG

 jK>:L<:M:EH@:=:L<HFHBGM>KO>GB=:L R

 "<HLBLM>F:LGH;HL<HLHL >G>E<:LH=>E;HLJN>G:MNK:E HGH:K;NLMBOHL >G>E<:LH=>EHL


:K;NLMHL 

-HKHMKHE:=H >L:LFBLF:L<H;>KMNK:L?N>KHG<:M:EH@:=:L<HFH><HLBLM>F:LG:MBOHL <N:G=HL>


<HKK>LIHG=B>KHG>GE:LMK>L?N>GM>L<HG

 "<HLBLM>F:L ;HL<HLHL  >G >E <:LH =>E ;HLJN> G:MNK:E  R :K;NLMBOHL >G >E <:LH => EHL
:K;NLMHL 

 "<HLBLM>F:L :EMH:G=BGHL >G E: SHG: => MK:GLB<B^G =>E ;HLJN> A`F>=H FHGM:GH :E
IWK:FH >G>E<:LH=>EHL:K;NLMHL R

 7HG:L=>IWK:FH<HGL>KO:=:L >G>E<:LH=>E;HLJN>G:MNK:E :LNFB>G=HJN>L>K>?B>K>:


WK>:L=>;HLJN>=>*DANA:E>HLII 

)HL K>LNEM:=HL =>M>KFBG:G E: >QBLM>G<B: => LB>M> ><HLBLM>F:L 1:;E:    LB>G=H >E IWK:FH
A`F>=H >E FWL :;NG=:GM> K>IK>L>GM:   =>E M>KKBMHKBH =>E <:GM^G  R >E   => EHL


"LMHF>?N>>QIEB<:=HI>KLHG:EF>GM>IHKFB>F;KHL=>E>JNBIH=>L:KKHEE:=HK=>E:<H;>KMNK: 

 
><HLBLM>F:L K>F:G>GM>L  R E: O>@>M:<B^G A`F>=: BGM>K:G=BG: >E FWL >L<:LH   =>E
M>KKBMHKBH  "G MHM:E  EHL ><HLBLM>F:L G:MBOHL K>F:G>GM>L :;:K<:G >E   =>E M>KKBMHKBH =>E
<:GM^G N>G<: 

.67A6 HI>B68>TC9:A68D7:GIJG69::8DH>HI:B6HG:B6C:CI:H9:A86CITCJ:C86
#"%!'
#"%!'
"&
"&&'  M%4- !'O!
"&&' &



:><@14J810:017-/:>?-      

:><@14J810:8:9?-9:://5019?-7      


:><@14J810:8:9?-9::=519?-7 
    

:><@1>1/:://5019?-7 
  


@810-7      

#-=-8:4J810:
   
 

)131?-/5I94J810-59?1=-9059-   
 
 

'"' 
 

 


#N>GM>L :KMH@K:?[: =>E *BGBLM>KBH =>E F;B>GM> *BGBLM>KBH =>E F;B>GM> =>E "<N:=HK  ; 0W>GS R ,GH?:   >  &ENLMK>
*NGB<BI:EB=:==> N>G<: -E:G=>,K=>G:FB>GMH1>KKBMHKB:E=>E<:GM^G N>G<:  2LH=>ELN>EH=>E<:GM^G N>G<: 


 
><JG6 HI>B68>TC9:ADH:8DH>HI:B6HG:B6C:CI:H9:A86CITCJ:C86


"E:;HK:<B^GIKHIB:
#N>GM>L
 &+"  !BOBLB^G-HE[MB<:=>E"<N:=HK 
 ':KOBL    % &  />NM>K   +>ELHG R "  $N>O:K:   %HE> ?BEE>= 0/1* ?HK MA> @EH;> 3>KLBHG   =BLIHGB;E> ?KHF MA>
$&/ 0&0/1*F!:M:;:L>AMMILKMF <LB <@B:K HK@ /01"/ %HE> ?BEE>=0/1*?HKMA>$EH;>3>KLBHG 
 &GLMBMNMH$>H@KW?B<H*BEBM:K=>E"<N:=HK   :KMH@K:?[:;:L>=>E"<N:=HK 
 &ENLMK> *NGB<BI:EB=:= => N>G<: -E:G => ,K=>G:FB>GMH 1>KKBMHKB:E =>E <:GM^G N>G<:    2LH =>E LN>EH =>E <:GM^G
N>G<: 
 0W>GS  *  R j  ,GH?:   -K>@NGM:L <E:O> />IHKM> => EHL ><HLBLM>F:L ><N:MHKB:GHL  "<H B>G<B: R *BGBLM>KBH =>E
F;B>GM>=>E"<N:=HK*""=  .NBMH "<N:=HK 
 0><K>M:K[:+:<BHG:E=>E@N:  2GB=:=>LAB=KH@KW?B<:L=>E"<N:=HKL>@`GE:F>MH=HEH@[:-##01"11"/ 
 0B>KK:  /  "=    -KHIN>LM: -K>EBFBG:K => NG 0BLM>F: => E:LB?B<:<B^G => 3>@>M:<B^G I:K: >E "<N:=HK HGMBG>GM:E 
.NBMH "<N:=HK-KHR><MH&+#+$"# &/R"<H B>G<B: 


 
 ,>F=0,>;=:?024/,>/0@09.,

"E :KM[<NEH  => E: <HGLMBMN<B^G =>E "<N:=HK  >LM:;E><> E: >QBLM>G<B: => NG 0BLM>F:
+:<BHG:E=>jK>:L-KHM>@B=:L0+- >E<N:E L>@`G>EFBLFH:KM[<NEH >LMW?HKF:=HIHK<N:MKH
LN;LBLM>F:L >E >LM:M:E  >E :NM^GHFH =>L<>GMK:EBS:=H  >E <HFNGBM:KBH R >E IKBO:=H  MH=HL >EEHL
;:CHE:K><MHK[:RK>@NE:<B^G=>E"LM:=H "ELN;LBLM>F:>LM:M:E>LMW<HGLMBMNB=HIHK>E-:MKBFHGBH
=> jK>:L +:MNK:E>L =>E "LM:=H -+"  FB>GMK:L JN> EHL HMKHL MK>L F:GMB>G>G E: FBLF:
=>GHFBG:<B^G =>?BGB=: >G E: HGLMBMN<B^G  >L =><BK 0N;LBLM>F: => $H;B>KGHL NM^GHFHL
!>L<>GMK:EBS:=HL  0N;LBLM>F: => jK>:L -KHM>@B=:L HFNGBM:KB:L  R 0N;LBLM>F: => jK>:L
-KHM>@B=:L-KBO:=:L*BGBLM>KBH=>EF;B>GM>=>E"<N:=HK  

 
): GN>O: HK@:GBS:<B^G =>E 0+- BFIEB<^ NG BFIHKM:GM> <:F;BH ?K>GM> : E: HK@:GBS:<B^G
:GM>KBHK JN>>LM:;:K>@NE:=:IHKE:)>R#HK>LM:ER=> HGL>KO:<B^G=>jK>:L+:MNK:E>LR3B=:
0BEO>LMK>  LBG >F;:K@H  >LM: E>R LB@N> OB@>GM>  "G >EE: >QBLM> E: ?B@NK: =>E HLJN> -KHM><MHK  E:
FBLF:JN><HGLBLM>>GWK>:LBFIHKM:GM>LI:K:E:<HGL>KO:<B^G =>:<N>K=H:LB>M>?:<MHK>L =HL
=>EHL<N:E>LL>K>?B>K>G:E:IKHM><<B^G=>?N>GM>LA[=KB<:LEHL;HLJN>LIKHM><MHK>LIN>=>GL>K
I`;EB<HL IKBO:=HL H<HFNGBM:KBHL  HG@K>LH +:<BHG:E =>E: />I`;EB<:=>E"<N:=HK   "E
0BLM>F: => HLJN>L -KHM><MHK>L L> <HGLMBMNR^ <HFH NG LBLM>F: BG=>I>G=B>GM> =>E => WK>:L
IKHM>@B=:L  LB>G=H FN<AH FWL ?E>QB;E> >G EHL NLHL I>KFBMB=HL *BGBLM>KBH =>E F;B>GM> =>E
"<N:=HK $K:GS>GFaEE>K:I6A  R>GMYKFBGHLK>:E>L<HGNG:>?><MBOB=:=FN<AHFWL
;:C:>GE:<HGL>KO:<B^G=>E:;BH=BO>KLB=:=$K:GS>GFaEE>K:I6A  0BG>F;:K@H :AHK:>LM>
LBLM>F:=>;>L>KK><E:LB?B<:=H<:LHIHK<:LHI:K:IH=>KL>KBGM>@K:=H>GEHL<N:MKHLN;LBLM>F:L
JN>?HKF:G>E0+- IHKHMKHE:=H E:E>@BLE:<B^GM:F;BYG=>;>L>K:<MN:EBS:=:R:KFHGBS:=:
<HGE:<HGLMBMN<B^G 

!> >LM: F:G>K:  >G >E M>KKBMHKBH =>E <:GM^G N>G<: <H>QBLM>G =HL WK>:L =>E -+"  <HG H<AH
;HLJN>LIKHM><MHK>L1:;E:  JN>IKHM>@>G:L>BL=>EHLLB>M>><HLBLM>F:L>G<HGMK:=HL1:;E:
  BK^GB<:F>GM>GHIKHM>@>G:NGH=>EHL><HLBLM>F:LFWL:F>G:S:=HL=>EI:[LE:O>@>M:<B^G
A`F>=:BGM>K:G=BG:0B>KK: 'HLL>R0NWK>S  !>EHLH<AH;HLJN>LIKHM><MHK>L LB>M>
LHG I`;EB<HL R NGH IKBO:=H 

 


.67A6 YG:69:ADH:8DH>HI:B6H9:A86CITCJ:C869:CIGD9:A-(*
#"%!'!
#"%!'! #"%!''"'
"&&'  "&$(&
#! "!&%)"
#%"''"%&

:><@14K810:017-/:>?-


    

:><@14K810:8:9?-9:://5019?-7
     

:><@14K810:8:9?-9::=519?-7 
  

:><@1>1/:://5019?-7


    

@810-7 

  

#-=-8:4K810:      




)131?-/5J94K810-59?1=-9059-









':?-7    

#N>GM>L :KMH@K:?[: =>E *BGBLM>KBH =>E F;B>GM> *BGBLM>KBH =>E F;B>GM> =>E "<N:=HK  ; 0W>GS R ,GH?:   >  &ENLMK>
*NGB<BI:EB=:==> N>G<: -E:G=>,K=>G:FB>GMH1>KKBMHKB:E=>E<:GM^G N>G<:  2LH=>ELN>EH=>E<:GM^G N>G<: 


-:K: @:K:GMBS:K >E :;:LM><BFB>GMH => :@N: I:K: E: <BN=:=  E: "FIK>L: -`;EB<: => 1>EY?HGHL 
@N:-HM:;E>RE<:GM:KBEE:=H=> N>G<:"1-"-L><<B^G  <HGL>KO: A:WK>:L=>
;HLJN> FHGM:GH F:=NKH R IWK:FHL KMB@:    "E HLJN> -KHM><MHK *:SWG I>KM>G><> :
"1-"- LBG>F;:K@H :EGH>LM:K>LMKN<MNK:=HMH=:O[:>E0N;LBLM>F:=>jK>:L-KHM>@B=:L=>
EHL$H;B>KGHLNM^GHFHL!>L<>GMK:EBS:=HL >L=B?[<BE=>M>KFBG:K;:CHJNY?B@NK::=FBGBLMK:MBO:
L>>G<N>GMK:G>EK>LMH=>E:LWK>:L<HGL>KO:=:LIHKE:FNGB<BI:EB=:==> N>G<: 

N>G<:?N>E:IKBF>K:<BN=:=>G>E"<N:=HK>G:IEB<:K>LM>MBIH=>IHE[MB<:L MK:GL?HKFWG=HE:>G
NG>C>FIEH:L>@NBK:KG>MM KMB@:  !>;B=H:>LMH >E*">G>E:]H=>E>@::
E: *NGB<BI:EB=:= => N>G<:  E: :=FBGBLMK:<B^G =>E -:KJN> +:<BHG:E :C:L  "LM> I:KJN> >L =>
OBM:E BFIHKM:G<B: I:K: E: <BN=:=  IN>L :A[ G:<>G =HL => EHL MK>L K[HL => EHL JN> E: <BN=:= L>
:;:LM><>=>:@N:EHLK[HL1HF>;:F;:R6:GNG<:R)EHK>M KMB@: #B@NK:  R>G
el año 2002 se crea la Corporación Municipal “Cajas” para su administración KMB@:  
/H=K[@N>S:I6A  

"E ?BG:G<B:FB>GMH I:K: >E F:G>CH => >LM:L WK>:L G:MNK:E>L IKHOB>G> =>E  => E:L M:KB?:L =>
:@N: IHM:;E>  >G NG>C>K<B<BH LBFBE:K :EHJN>AHRL>EE:F:K[: I:@H IHKL>KOB<BHL:F;B>GM:E>L 

 
IN>L L> IK>M>G=> BGM>KG:EBS:K E:L >QM>KG:EB=:=>L IHLBMBO:L IKH=N<B=:L IHK >LM: WK>: G:MNK:E
(HLHR:I6A  =B<BHG:EF>GM> E:FNGB<BI:EB=:=A:>LM:;E><B=HL>KB:LK>LMKB<<BHG>LI:K:>E
NLH =>E LN>EH >G E: LN;<N>G<: =>E K[H 1HF>;:F;:  F>=B:GM> NG: HK=>G:GS: >FBMB=: >G 
 HGL>CH :GMHG:E=> N>G<:  "EFBLFH:]H "1-"- <HGE:I:KMB<BI:<B^G=>
HMK:LBGLMBMN<BHG>L <K>:>E HGL>CH=>E:<N>G<:=>EK[H*:<AWG@:K: <HG>EH;C>MBOH=>@>LMBHG:K
NGF:G>CHBGM>@K:=H 2GIKH<>LHLBFBE:KL>=BH>G>EK[H6:GNG<:R R>G"1-"-:LNF>
>E F:G>CH => >LM: LN;<N>G<: KMB@:   "G EHL IE:G>L => HK=>G:FB>GMH M>KKBMHKB:E => E:L
I:KKHJNB:L KNK:E>L JN> L> >LMWG >G E:L LN;<N>G<:L => >LMHL MK>L K[HL  L> >G<N>GMK:G M:F;BYG
K>LMKB<<BHG>L >G >E NLH =>E LN>EH I:K: @:K:GMBS:K LN <:EB=:= R <:GMB=:= => :@N: &ENLMK>
*NGB<BI:EB=:==> N>G<:  

"E-:KJN>+:<BHG:E :C:L>L>E>C>=>E:K>L>KO:=>E:;B^L?>K:B68>OD9:A6?6H :=B<BHG:EF>GM>>L


NGLBMBH/*0/ >L=><BK JN>>LANF>=:E=>BFIHKM:G<B:BGM>KG:<BHG:E R>LM:F;BYGNGjK>:
=>&FIHKM:G<B:&GM>KG:<BHG:EI:K:E:<HGL>KO:<B^G=>:O>L/H=K[@N>S:I6A  


.67A6 &6HPG:6HEGDI:<>96H9:A6CITCJ:C86 8J69DG
'#"M% !" % #%"# M% M%! #"%!'
'"'4- (! 
4- '%%'"%"
(!

#%$(!"! -6-> >?-?-7        

M%!"! $@58>-/:/4- >?-?-7      



%%O!

"&$( -DE9 >?-?-7    



#%"''"%

"&$( &@9+-9->-/4- >?-?-7      


#%"''"%

"&$( ':?:=577-> #=5A-0:    


 
#%"''"%

"&$( &@./@19/- 017 %G: >?-?-7    


 
#%"''"% @0-4@-C/@

"&$( $@G9:- 53K5= >?-?-7    




#%"''"%

"&$( :771?@=:C :771;@93: >?-?-7 


   
   
#%"''"%

 
"&$( 4:==: >?-?-7 

  



#%"''"%

"&$( @19/-017=G:#-@?1 >?-?-7     


#%"''"%

'%%'"%""(!&&' "!&%)O!  


 


#N>GM> :KMH@K:?[:=>E*BGBLM>KBH=>EF;B>GM>*BGBLM>KBH=>EF;B>GM>=>E"<N:=HK : ;




><JG6 &6HPG:6HEGDI:<>96H9:A86CITCJ:C86


"E:;HK:<B^GIKHIB:
#N>GM>L
 &+"  !BOBLB^G-HE[MB<:=>E"<N:=HK 
 ':KOBL    % &  />NM>K   +>ELHG R "  $N>O:K:   %HE> ?BEE>= 0/1* ?HK MA> @EH;> 3>KLBHG   =BLIHGB;E> ?KHF MA>
$&/ 0&0/1*F!:M:;:L>AMMILKMF <LB <@B:K HK@ /01"/ %HE> ?BEE>=0/1*?HKMA>$EH;>3>KLBHG 
 &GLMBMNMH$>H@KW?B<H*BEBM:K=>E"<N:=HK   :KMH@K:?[:;:L>=>E"<N:=HK 
 *BGBLM>KBH=>EF;B>GM>=>E"<N:=HK   :KMH@K:?[:=>E:LWK>:LIKHM>@B=:L=>E"<N:=HK 
 *BGBLM>KBH=>EF;B>GM>=>E"<N:=HK  0BLM>F:=> E:LB?B<:<B^G=>)HL"<HLBLM>F:L=>E"<N:=HK HGMBG>GM:E 
 0><K>M:K[:+:<BHG:E=>E@N:  2GB=:=>LAB=KH@KW?B<:L=>E"<N:=HKL>@`GE:F>MH=HEH@[:-##01"11"/ 

*1'12#+#!-,<+'!-"#3#,!

"E >GLH"<HG^FB<H=>E"<N:=HK "+"  K>:EBS:=H>G>E:]H HK@:GBS::E:L:<MBOB=:=>L


><HG^FB<:L NL:G=H E: E:LB?B<:<B^G &G=NLMKB:E &GM>KG:<BHG:E 2GB?HKF> => :<MBOB=:=>L
><HG^FB<:L  &&2 O>KLB^G   => E: ,K@:GBS:<B^G &GM>KG:<BHG:E =>E 1K:;:CH  "LM> LBLM>F: =>
<E:LB?B<:<B^GHK@:GBS::E:L:<MBOB=:=>L><HG^FB<:L>GL>BLGBO>E>L =>M:EF:G>K: JN>EHLGBO>E>L

 
LNI>KBHK>L L>O:G =>L@EHL:G=H >GGBO>E>L BG?>KBHK>L:EHLJN><HGMB>G>G  :=:GBO>E IHL>>NG
<^=B@HJN>EHB=>GMB?B<:>E<^=B@H=>EGBO>ENGH>L=>NG=[@BMH >E=>EGBO>E=HL=>=HL=[@BMHL 
>E=>EGBO>EMK>L=>MK>L=[@BMHL >E=>EGBO>E<N:MKH=><N:MKH=[@BMHL A:LM:EE>@:K:EGBO>EL>BL "E
"+" EE>@:A:LM:>E<N:KMHGBO>E EHJN>E>=:NGGBO>E=>=>M:EE>;:LM:GM>>LI><[?B<H -HKHMKH
E:=H E:BG?HKF:<B^G=>>LM><>GLH>L=>FNR:EM:<:EB=:= IHKEHJN>L><HGLMBMNR>>GE:?N>GM>
=>BG?HKF:<B^GFWL:<MN:EBS:=:R<HG?B:;E>I:K::G:EBS:KE:><HGHF[:=> N>G<:  HG>E`GB<H
H;C>MBOH => ?:<BEBM:K E: >QIEB<:<B^G => LNL K>LNEM:=HL  E:L :<MBOB=:=>L =>E GBO>E NGH L>KWG
EE:F:=:L L><MHK>L E:L =>EGBO>E =HL  LN;L><MHK>LE:L=>EGBO>E MK>L  :<MBOB=:=>L R E:L =>EGBO>E
<N:MKH LN;:<MBOB=:=>L L[NGL><MHK <HGMB>G>:O:KBHLLN;L><MHK>L<:=:LN;L><MHK<HGMB>G>:
O:KB:L:<MBOB=:=>LR<:=::<MBOB=:= <HGMB>G>:O:KB:LLN;:<MBOB=:=>L 

"G>E"<N:=HKL>>G<N>GMK:GL><MHK>L =>EHLJN>MH=HL>LMWG>G N>G<: ):1:;E: FN>LMK:


>E 3:EHK ]:=B=H KNMH 3 => <:=: NGH >EEHL  "E   =>E 3 => N>G<: L> <HG<>GMK:
LH;K>MH=H>G=HLL><MHK>L><HG^FB<HLE:BG=NLMKB:F:GN?:<MNK>K:  R>E HF>K<BH:E
IHK F:RHK R :E IHK F>GHK K>I:K:<B^G => O>A[<NEHL :NMHFHMHK>L R FHMH<B<E>M:L    "L
BGM>K>L:GM> GHM:K JN> >E IKBF>K L><MHK K>IK>L>GM: LHE:F>GM> >E   => EHL >LM:;E><BFB>GMHL
><HG^FB<HL=>E:<BN=:= FB>GMK:LJN>>EL>@NG=HK>IK>L>GM:>E =>>EEHL "EM>K<>KL><MHK
>GBFIHKM:G<B:>L>E=>GHFBG:=H<HFH68I>K>969:H;>C6C8>:G6HN9:H:<JGDH RK>IK>L>GM:>E 
=>E:><HGHF[:=> N>G<: I>KHLHE:F>GM>LB@GB?B<:>E =>EHL>LM:;E><BFB>GMHL 

 

.67A6 &DH>C<G:HDHN:A0CDB>C6AE6G6ADH9>;:G:CI:HH:8IDG:H:8DCTB>8DH9:A86CITCJ:C86 H:<UCA6
A6H>;>868>TC#C9JHIG>6A#CI:GC68>DC6A/C>;DGB:9:68I>K>969:H:8DCTB>86H##/K:GH>TC 9:A6)G<6C>O68>TC
#CI:GC68>DC6A9:A.G676?D
&'"% #:=/19?-61 ':?-701593=1>:> #:=/19?-61 )9:859-7 #:=/19?-61
0179K81=: J7-=1> 017?:?-701 J7-=1> 017)
?:?-701 1>?-0:@95019>1> 593=1>:> 1>?-0:@95019>1> 
1>?-.71/585 
19?:>

90@>?=5->8-9@2-/?@=1=->  
     

   

:81=/5: -7 ;:= 8-C:= C -7 ;:= 


        


819:= =1;-=-/5I9 01 A14G/@7:>
-@?:8:?:=1>C8:?:/5/71?->

/?5A50-01> 259-9/51=-> C 01


   
       
>13@=:>

08595>?=-/5I9 ;J.75/- C 01219>-


  
 
  

;7-91> 01 >13@=50-0 >:/5-7 01
-2575-/5I9:.753-?:=5-

&@8595>?=: 01 171/?=5/50-0 3->



      
  


A-;:=C-5=1-/:905/5:9-0:

/?5A50-01> 01 -7:6-8519?: C 01      


  

>1=A5/5:01/:850->

92:=8-/5I9C/:8@95/-/5I9       



 

5>?=5.@/5I901-3@--7/-9?-=577-0:

  
  



31>?5I9 01 01>1/4:> C -/?5A50-01>
01>-91-8519?:

9>1H-9D-          






/?5A50-01>01-?19/5I9017->-7@0 

     
 
4@8-9-C01->5>?19/5->:/5-7

:9>?=@//5I9
 
 
    
 

/?5A50-01> 01 >1=A5/5:>    


 
 
 
-08595>?=-?5A:>C01-;:C:

/?5A50-01>598:.575-=5->


  

 
 

/?5A50-01> ;=:21>5:9-71>  




   
 
/519?G25/->C?F/95/->

'=-9>;:=?1C-78-/19-8519?:     
 
 
 

 
"?=->-/?5A50-01>01>1=A5/5:>    
  
 

=?1>19?=1?1958519?:C=1/=1-/5I9 
 

    
 

3=5/@7?@=- 3-9-01=G- >57A5/@7?@=-


 
  

   


C;1>/-

B;7:?-/5I901859->C/-9?1=->

  

 



'"'!%            

#N>GM>&+"  >GLH"<HG^FB<H=>E:]H


):>C9JHIG>6B6CJ;68IJG:G6I:K><>L>K=BO>KL: R<N;KBKF`EMBIE>LWK>:L "LBGM>K>L:GM>GHM:KJN>


E:LI>K<>I<BHG>LJN>MB>G>E:@>GM>=> N>G<:LH;K>LNBG=NLMKB: =B?B>K>G=>EHLK>LNEM:=HL=>E
"+" !BO>KL:L<HFNGB<:<BHG>LI>KLHG:E>LK><B;B=:L=NK:GM>>EMK:;:CH=>BGO>LMB@:<B^GEHL
`EMBFHL=HL:]HL M:GMH=>@>GM>K>@NE:K <HFH=>:<MHK>L:<:=YFB<HL IHE[MB<HL IKH=N<MBOHLH
=> FHOBFB>GMHL LH<B:E>L  LHLMB>G>G JN> E:L BG=NLMKB:L FWL BFIHKM:GM>L => N>G<: LHG E: =>
G>NFWMB<HL I:K: O>A[<NEHL E: => <>KWFB<:  M>C:L R E:=KBEEHL E: => I:I>E  R E: =>
>E><MKH=HFYLMB<HL 0HKIK>LBO:F>GM> >E >GLH"<HG^FB<H<N>GM:HMK:ABLMHKB: IN>LE:IKBG<BI:E
BG=NLMKB: => E: <BN=:= >L E: => ?:;KB<:<B^G => <:;E>L >EY<MKB<HL  E: FBLF: JN> K>IK>L>GM: >E
 =>EHLBG@K>LHL=>EL><MHKBG=NLMKB:E R>E =>EHLBG@K>LHL=> N>G<: H>E=>E
3=>E:BG=NLMKB: R>E =>E3=> N>G<: "E3GHFBG:E=>>LM:LN;:<MBOB=:=>L
=>   =^E:K>L>LM:=HNGB=>GL>L =B<BHG:EF>GM> L>=>;>=>LM:<:KJN>LHE:F>GM>NG
>LM:;E><BFB>GMH L> =>=B<: : >EE:  "E HMKH  =>E 3 BG=NLMKB:E    =^E:K>L
>LM:=HNGB=>GL>L L> K>I:KM> >GMK>   >LM:;E><BFB>GMHL =>  LN;L><MHK>L =B?>K>GM>L  "GMK>
>LMHL `EMBFHL =>LM:<: <HFH LN;:<MBOB=:= :AHK: L[ E: <>KWFB<:  LBG >F;:K@H  LHE:F>GM>
K>IK>L>GM: >E   =>E 3 => E: BG=NLMKB:  R >E   =>E 3 => N>G<:  ):L BG=NLMKB:L
?:KF:<YNMB<: R => :EBF>GMHL LHG EHL LB@NB>GM>L LN;L><MHK>L >G BFIHKM:G<B: <HG<>GMK:G
K>LI><MBO:F>GM> >E   R >E   =>E 3 BG=NLMKB:E  R >E   R >E   =>E 3 =>
N>G<: 

"E 8DB:G8>D  IHK HMKH E:=H  K>IK>L>GM: >E   =>E 3 => N>G<:  !>GMKH => >LM> L><MHK  E:
IKBG<BI:E:<MBOB=:=>LE:K:CI69:K:=R8JADH6JIDBDIDG:H JN>LB@GB?B<:>E =>E3=>EL><MHK 
R>E =>E3=> N>G<: "E8DB:G8>D6AEDGB6NDG >L>ELB@NB>GM>LN;L><MHK>GBFIHKM:G<B: 
IN>L <HGLMBMNR> >E   =>E 3 =>E <HF>K<BH R >E   =>E 3 => N>G<:  ):L MK>L
:<MBOB=:=>L IKBG<BI:E>L=>E<HF>K<BH :E IHKF:RHK LHGE: K:CI69::CH:G:H9DBQHI>8DH HD7G:ID9D
:A:8IGD9DBQHI>8DH   =>E 3 =>E <HF>K<BH R   =>E 3 => N>G<:  E: K:CI6 9:
B6FJ>C6G>6H :FJ>EDHNB6I:G>6A:H LH;K>MH=H>JNBIHL=><^FINMH =>E3=>E<HF>K<BHR

 
 =>E3=> N>G<: RIHK`EMBFHE:K:CI66AEDGB6NDG9:6A>B:CIDH 7:7>96HNI6768D 
=>E 3 =>E <HF>K<BH R   =>E 3 => N>G<:  #BG:EF>GM>  E: M>K<>K: :<MBOB=:= >G
BFIHKM:G<B: >L >E 8DB:G8>D 6A EDG B:CDG   =>E 3 =>E <HF>K<BH R   =>E 3 =>
N>G<: RLNL:<MBOB=:=>LIKBG<BI:E>LLHGEHL8DB:G8>DHCD:HE:8>6A>O69DH8DCEG:9DB>C>D9:A6K:CI6
9:6A>B:CIDH 7:7>96HDI6768D   =>E 3 =>E <HF>K<BH R   =>E 3 => N>G<:  >G E:
K:CI6 6A EDG B:CDG 9: DIGDH :CH:G:H 9DBQHI>8DH :C 8DB:G8>DH :HE:8>6A>O69DH   =>E 3 =>E
<HF>K<BH R   =>E 3 => N>G<:  R E: K:CI6 6A EDG B:CDG 9: DIGDH EGD9J8IDH :C 8DB:G8>DH
:HE:8>6A>O69DH   =>E 3 =>E <HF>K<BH R   =>E 3 => N>G<:  K>?BKBYG=HL>
IKBG<BI:EF>GM>:IK>G=:L=>O>LMBK <HLFYMB<HL IKH=N<MHL?:KF:<YNMB<HLRFY=B<HL RO>GM:=>
IKH=N<MHLGN>OHL>G@>G>K:E 

"E MNKBLFH MB>G> NG: OBM:E BFIHKM:G<B: I:K: E: <BN=:= => N>G<:  => :<N>K=H : E: IK>GL:  :
<HFNGB<:=HL H?B<B:E>L  R : EHL F>=BHL => <HFNGB<:<B^G >G @>G>K:E  O>K IHK >C>FIEH E:
IKHFH<B^G=>E*BGBLM>KBH=>1NKBLFH=>E"<N:=HK>GPPP ><N:=HK MK:O>E>L<N>G<:<N>G<:
  !> A><AH  >LM> L><MHK H<NI: >E M>K<>K EN@:K >G BFIHKM:G<B: => :<N>K=H : E: <:GMB=:= =>
>LM:;E><BFB>GMHL =>EMHM:E=>>LM:;E><BFB>GMHL 0BG>F;:K@H I:K:=^CB<:F>GM> >EMNKBLFH
K>IK>L>GM::I>G:L>E =>E3=> N>G<: "E =>>LM>L><MHK >L=><BK >E =>E
3 => N>G<:  L> =>=B<: : EHL L>KOB<BHL => K>LM:NK:<B^G H:GK>8>DH 9: 8DB>96H N 7:7>96H 
FB>GMK:LJN>EHLH:GK>8>DH9:6AD?6B>:CIDK>IK>L>GM:GLHE:F>GM>>E =>E3=>EL><MHK R>E
  =>E 3 => N>G<:  "L <E:KH JN> >E MNKBLFH >LMW FNR E>CHL => M>G>K E: BFIHKM:G<B:
><HG^FB<:JN>L>E>=::GBO>E=BL<NKLBOH 

"E L><MHK => E: 6<G>8JAIJG6 <6C69:GR6 H>AK>8JAIJG6NE:H86  K>IK>L>GM: M:F;BYG NG: <HGMK:=B<<B^G
FNR BGM>K>L:GM>  IN>L : I>L:K => H<NI:K >E   =>E M>KKBMHKBH => N>G<:  LHE:F>GM>
K>IK>L>GM: =>LN><HGHF[:R>E =>LNL>LM:;E><BFB>GMHL 0NIKBG<BI:E:<MBOB=:=>LE:
@:G:=>K: IN>LK>IK>L>GM:>E =>E3=>>LM>L><MHKI>KH:I>G:L>E =>E3=>
N>G<: LBG >F;:K@H  >L FNR BFIHKM:GM> GHM:K  JN> >LMHL O:EHK>L L> K>?B>K>G
?NG=:F>GM:EF>GM> : E: LN;:<MBOB=:= 8GR6 9: 6K:H 9: 8DGG6A   =>E 3 =>E L><MHK R >E
  =>E 3 => N>G<:  R GH : NG: @:G:=>K[: JN> G><>LBM> => @K:G=>L >QM>GLBHG>L =>
I:LMHL "E8JAI>KD9:EA6CI6HCDE:G:CC:H=>E3=>EL><MHK R =>E3=> N>G<: >L
E:LB@NB>GM>:<MBOB=:=>GBFIHKM:G<B: R=>GMKH=>>EE: =>LM:<:G=HLLN;:<MBOB=:=>L>E8JAI>KD9:
DIG6H EA6CI6HCD E:G:CC:H   =>E 3 =>E L><MHK  R   =>E 3 => N>G<:  E: JN> L>
K>?>KBK[: ?NG=:F>GM:EF>GM> :E <NEMBOH => ?EHK>L R >E 8JAI>KD 9: =DGI6A>O6H  B:ADC:H  G6R8:H N
IJ7QG8JADH =>E3=>EL><MHKR>E =>E3=> N>G<: 

 
): SHG: KNK:E FN>LMK: I:KMB<NE:KB=:=>L EE:F:MBO:L  IN>L :NGJN> >G <B>KM:L SHG:L >QBLM> NG
IKH<>LH=>NK;:GBS:<B^GLHLM>GB=H<HFHEHFN>LMK:E:<:KMH@K:?[:=>NLH=>ELN>EH REHL=:MHL
=><K><BFB>GMHIH;E:<BHG:E>G<B>KM:LSHG:LKNK:E>L E:F:RHKI:KM>=>LNIH;E:<B^GIN>=>L>K
<:M:EH@:=: <HFH KNK:E  => :<N>K=H : E: =>?BGB<B^G => 1HE>=H  L><<B^G     "E
F>M:;HEBLFHNK;:GHR>EF>M:;HEBLFHKNK:E R:JN>LNLNGB=:=>LL>=>=B<:G:E::IKHIB:<B^G
=>E F>M:;HEBLFH ><HE^@B<H  "LM: <HG<ENLB^G LNK@> <:LB >LIHGMWG>:F>GM>  :E MHF:K <HFH
K>?>K>G<B: :E: "G<N>LM: => 0NI>K?B<B> R-KH=N<<B^G@KHI><N:KB: HGMBGN: =>  "0-
 >C><NM:=:I>KB^=B<:F>GM>IHK>E&GLMBMNMH+:<BHG:E=>"LM:=[LMB<:LR >GLHL&+"  "LM:
>G<N>LM: =>?BG> JN> E: IH;E:<B^G JN> K>:EBS: :<MBOB=:=>L :@K[<HE:L RH @:G:=>K:L >G E:
IKHOBG<B: =>E SN:R >L =>   I>KLHG:L  >L =><BK  >E  => E: IH;E:<B^G KNK:E => E:
IKHOBG<B:  "LM: <B?K: M:G :EM: L> H;MB>G> IHKJN> E: >G<N>LM: GH LHE:F>GM> L> K>?B>K> : JNB>G>L
K><B;>G NG L:E:KBH  LBGH M:F;BYG JNB>G>L GH EH A:<>G JN> K>IK>L>GM:G FWL =>E  => E:
IH;E:<B^G JN> L> =>=B<: : E: :@KB<NEMNK:  <HFH LN<>=> <HG E:L ?:FBEB:L JN> F:GMB>G>G LNL
IKHIB:L ?BG<:L  !> >LM: F:G>K:  F:GM>GB>G=H >LM:L IKHIHK<BHG>L  A>FHL >LMBF:=H JN> E:
IH;E:<B^G JN> K>:EBS: :<MBOB=:=>L :@K[<HE:L >G N>G<: L>KW  :E B@N:E JN> >G >E K>LMH => E:
IKHOBG<B:  >E  => LN IH;E:<B^G KNK:E   I>KLHG:L  :NGJN> >LMH IN>=: LB@GB?B<:K NG:
LN;>LMBF:<B^G 

)HL=:MHL=>E:H<NI:<B^G:@K[<HE:JN>:KKHC:GM:GMH>E >GLH"<HG^FB<HI>KLHG:L 
<HFH>E >GLH=>-H;E:<B^GR3BOB>G=:=>EFBLFH:]H I>KLHG:L LHG<E:K:F>GM>NG:
LN;>LMBF:<B^G "LMHL>=>;>:O:KBHL?:<MHK>L I>KHIKBG<BI:EF>GM>:JN>>LMHL>LMN=BHLMHF:G
>G <N>GM: LHE:F>GM> : E: IH;E:<B^G JN> K><B;> NG L:E:KBH IHK >LM:L :<MBOB=:=>L  <N:G=H NG:
IKHIHK<B^GFNRLB@GB?B<:MBO:=>E:IH;E:<B^GJN>K>:EBS::<MBOB=:=>L:@K[<HE:L GHEHA:<> <HFH
EHFN>LMK:E:"0- 

 %#12'<,"#*1'12#+2#00'2-0'*

):GHKF:MBO:><N:MHKB:G:I:K:E:@>LMB^GM>KKBMHKB:EH;EB@::NG:<HHK=BG:<B^GIKH?NG=:>GMK>
EHL=B?>K>GM>LGBO>E>L=>@H;B>KGH "EK>LNF>GJN>L>>G<N>GMK::BGB<BHL=>>LM><:I[MNEH=>E:L
<HFI>M>G<B:L >Q<ENLBO:L  =>?BGB=:L <HGLMBMN<BHG:EF>GM> I:K: <:=: NGH => >EEHL  EH FN>LMK:
<E:K:F>GM> 

0>@`G E: HGLMBMN<B^G =>E "<N:=HK   E: @>LMB^G M>KKBMHKB:E =>;> >LM:K >G :KFHG[: <HG E:
IE:GB?B<:<B^G G:<BHG:E  <HG=>GL:=: >G >E =>GHFBG:=H *A6C (68>DC6A 9: :H6GGDAAD  2GH => EHL
KHE>L ?NG=:F>GM:E>L => E: IE:GB?B<:<B^G  R NG: H;EB@:<B^G => EHL @H;B>KGHL :NM^GHFHL

 
=>L<>GMK:EBS:=HL  >L @:K:GMBS:K >E HK=>G:FB>GMH =>E M>KKBMHKBH :KM[<NEH   !> A><AH  :
>Q<>I<B^G =>E @H;B>KGH <>GMK:E  <:=: NGH => EHL =BLMBGMHL GBO>E>L => @H;B>KGH MB>G> >GMK> LNL
<HFI>M>G<B:LE:=>?BGB<B^G=>IE:G>L=>HK=>G:FB>GMHM>KKBMHKB:E:KM[<NEHL  JN>=>;>G
:KMB<NE:KL> <HG EHL => EHL HMKHL GBO>E>L => @H;B>KGH  0BG >F;:K@H  <HFH R: ?N> >QIEB<:=H 
LHE:F>GM>>EGBO>E=>@H;B>KGH<:GMHG:EIN>=>K>@NE:KR<HGMKHE:K>ENLHRH<NI:<B^G=>ELN>EH
:KM[<NEHL=>E:<HGLMBMN<B^G R=>E ,,1! 

-:K: >LMH  E: HGLMBMN<B^G <K>: >E H>HI:B6 C68>DC6A 9:H8:CIG6A>O69D 9: EA6C>;>868>TC E6GI>8>E6I>K6
:KM[<NEH   >E JN> >LMW <HG?HKF:=H IHK >E DCH:?D(68>DC6A9:*A6C>;>868>TC  R >L <HHK=BG:=H
IHKLNL><K>M:K[:MY<GB<: "LM><HGL>CH>LIK>LB=B=HIHK>EIK>LB=>GM>=>E:K>I`;EB<: >BGM>@K::
MH=HL EHL GBO>E>L => @H;B>KGH  R : E: LH<B>=:= <BOBE  =B<BHG:EF>GM>  <:=: GBO>E => @H;B>KGH
<N>GM: <HG LN IKHIBH <HGL>CH => IE:GB?B<:<B^G  R :=B<BHG:EF>GM>  <HG <HGL>CHL <BN=:=:GHL
BG=>I>G=B>GM>L <HFH>GM>L=>=>EB;>K:<B^GR<HGLNEM: 

!> >LM: F:G>K:  <:=: GBO>E => @H;B>KGH =>;> M>G>K LN IE:G => =>L:KKHEEH => :<N>K=H : EH
>LMBINE:=H>G>E ^=B@H,K@WGB<H=>,K@:GBS:<B^G1>KKBMHKB:E NMHGHF[:R!>L<>GMK:EBS:<B^G
,,1! RLNIE:G=>HK=>G:FB>GMHM>KKBMHKB:E=>:<N>K=H:EH>LMBINE:=H>GE: HGLMBMN<B^G
R>G>E ,,1! EHLJN>=>;>GL>K>E:;HK:=HLI:KMB<BI:MBO:F>GM> 1:GMH>EIK>LNIN>LMH =>
<:=: $H;B>KGH NM^GHFH !>L<>GMK:EBS:=H $!  <HFH LNL IKH@K:F:L R IKHR><MHL  =>;>G
K>LIHG=>K:>LMHL=HLIE:G>L "E ,,1!>GMH=HLNM>QMH I>KHLH;K>MH=H>GMK>EHL:KM[<NEH
: >L;:LM:GM><E:KH>GE:=>?BGB<B^G=>E:L<:K:<M>K[LMB<:L=>>LMHLIE:G>LREHLIKH<>LHL
JN>L>=>;>GL>@NBKI:K:<HGLMKNBKEHL =>M:EF:G>K:JN>GHJN>=>:E:EB;K>=BL<K><BHG:EB=:==>
E:L:NMHKB=:=>L=>>E><<B^GIHINE:K 

I>L:K=>L>I:K:K<E:K:F>GM>E:L<HFI>M>G<B:L>GMHKGH:EM>KKBMHKBH=><:=:NGH=>EHLGBO>E>L
=> @H;B>KGH  E: @>LMB^G =>E M>KKBMHKBH L> ON>EO> <HFIEB<:=:  -N>L >QBLM>G >Q<>I<BHG>L  JN>
IN>=>GIKH=N<BKNG:LNI>KIHLB<B^G>GE:MHF:=>=><BLBHG>L IHK>C>FIEH E:=><BLB^GR<HGMKHE
LH;K> EHL L><MHK>L >LMK:MY@B<HL E: >G>K@[: >G MH=:L LNL ?HKF:L  E:L M>E><HFNGB<:<BHG>L  EHL
K><NKLHL G:MNK:E>L GH K>GHO:;E>L  >E MK:GLIHKM> R E: K>?BG:<B^G => AB=KH<:K;NKHL  E:
;BH=BO>KLB=:=R>EI:MKBFHGBH@>GYMB<H >E>LI><MKHK:=BH>EY<MKB<HR>E:@N: >LNG:<HFI>M>G<B:
>Q<ENLBO:=>E@H;B>KGH<>GMK:E:KM[<NEHLR=>E:<HGLMBMN<B^G :L[<HFH E:@>LMB^G=>E:L
WK>:LIKHM>@B=:L :NGJN>>LM:IN>=:L>K=>E>@:=: <HFH>L>E<:LH=>E-:KJN>+:<BHG:E :C:L 

I>L:K=>E:<HFIE>CB=:=JN>BFIEB<:E:@>LMB^G=>EM>KKBMHKBH R<:R>G=H>G>EKB>L@H=>K>I>MBK
=> ?HKF: <:GLBG: :E@H R: >QIEB<:=H  E: MHF: => E:L =><BLBHG>L <HMB=B:G:L => JNY A:<>K >G >E
M>KKBMHKBH =>I>G=>KW>G@K:GF>=B=:=>E:LIHE[MB<:L=>EHL@H;B>KGHL<:GMHG:E>L IN>L:=>FWL

 
L>KEHLFWL<>K<:GHL:E:<BN=:=:G[: LHGEHLJN>MB>G>GO>K=:=>K:L?:<NEM:=>L=>=><B=BKJNYL>
A:<>RJNYGHL>A:<> EHJN>>LMWK>@NE:=H=>M:EE:=:F>GM>>GLN1[MNEH&5:KM[<NEHL: 


%#12'<,"#*%3

"G>E<HGM>QMH=>E:@>LMB^G=>E:@N: L><KNS:GO:KBHLMBIHL=>BGLMBMN<BHG>LI`;EB<:L <:=:NG:


=> >EE:L <HG <HFI>M>G<B:L <E:K:L  "E L>BL => :@HLMH =>  >GMK^ >G OB@>G<B: E: GN>O: &:N
)G<PC>86 9: ,:8JGHDH "R9G>8DH  /HD N EGDK:8=6B>:CID 9:A <J6  "LM: E>R LN?KB^ BFIHKM:GM>L
FH=B?B<:<BHG>LA:LM:<:LB>EFHF>GMHFBLFH=>LN:IKH;:<B^G IHKEHJN>GHIN=HL>KBG<ENB=:
>G >E :GWEBLBL K>:EBS:=H>G >LM> MK:;:CH -HK >LM: K:S^G E: HGLMBMN<B^G =>E "<N:=HK  A:
LB=HMHF:=:<HFHE:K>?>K>G<B:?NG=:F>GM:EI:K:=BL<NMBKE:@>LMB^G=>E:@N:>G>EI:[L "G>L>
<HGM>QMH LN:KM[<NEH>LOBM:EI:K:>GM>G=>KE:HK@:GBS:<B^G=>E:@>LMB^G=>E:@N:

02:!3*-   A 6<J6 :H E6IG>BDC>D C68>DC6A :HIG6IQ<>8D 9: JHD EU7A>8D  9DB>C>D >C6A>:C67A: :
>BEG:H8G>EI>7A:9:AHI69D N8DCHI>IJN:JC:A:B:CIDK>I6AE6G6A6 C6IJG6A:O6NE6G6A6:M>HI:C8>69:ADH
H:G:H=JB6CDH -:EGD=R7:ID96;DGB69:EG>K6I>O68>TC9:A6<J6 

&6 <:HI>TC 9:A 6<J6 H:GP :M8AJH>K6B:CI: EU7A>86 D 8DBJC>I6G>6  A H:GK>8>D EU7A>8D 9: H6C:6B>:CID  :A
676HI:8>B>:CID9:6<J6EDI67A:N:AG>:<DH:GPCEG:HI69DHUC>86B:CI:EDGE:GHDC6H?JGR9>86H:HI6I6A:HD
8DBJC>I6G>6H 

AHI69D;DGI6A:8:GPA6<:HI>TCN;JC8>DC6B>:CID9:A6H>C>8>6I>K6H8DBJC>I6G>6H:CIDGCD6A6<:HI>TC9:A
6<J6 N A6 EG:HI68>TC 9: ADH H:GK>8>DH EU7A>8DH  B:9>6CI: :A >C8:CI>KD 9: 6A>6CO6H :CIG: AD EU7A>8D N
8DBJC>I6G>DE6G6A6EG:HI68>TC9:H:GK>8>DH 

AHI69D 6IG6KQH9:A66JIDG>969UC>869:A6<J6 H:GP:AG:HEDCH67A:9>G:8ID9:A6EA6C>;>868>TCN<:HI>TC


9: ADH G:8JGHDH =R9G>8DH FJ: H: 9:HI>C6GPC 6 8DCHJBD =JB6CD  G>:<D FJ: <6G6CI>8: A6 HD7:G6CR6
6A>B:CI6G>6  86J96A :8DAT<>8D N 68I>K>969:H EGD9J8I>K6H  :C :HI: DG9:C 9: EG:A68>TC  -: G:FJ:G>GP
6JIDG>O68>TC9:AHI69DE6G6:A6EGDK:8=6B>:CID9:A6<J68DC;>C:HEGD9J8I>KDHEDGE6GI:9:ADHH:8IDG:H
EU7A>8D EG>K69DN9:A6:8DCDBR6EDEJA6GNHDA>96G>6 9:68J:G9D8DCA6A:N 

0> =>;> K>L:EM:K O:KBHL >E>F>GMHL ?NG=:F>GM:E>L JN> L> =>LIK>G=>G => >LM> :KM[<NEH
<HGLMBMN<BHG:E

  "E :@N: GH IN>=> L>K IKBO:MBS:=:  LN @>LMB^G =>;> L>K >Q<ENLBO:F>GM> I`;EB<: H
<HFNGBM:KB: 

 
  "E :@N: >L @>LMBHG:=: IHK NG: :NMHKB=:= `GB<: JN> =>I>G=> =>E "LM:=H >GMK:E 
:<MN:EF>GM>>LM::NMHKB=:=>LE:0><K>M:K[:+:<BHG:E=>E@N:0"+$2 

  "E :@N: =>;> H;EB@:MHKB:F>GM> =>LMBG:KL> IKBF>KH :E <HGLNFH ANF:GH  L>@NG=H  :E
KB>@HI:K:E:@:K:GM[:=>E:LH;>K:G[::EBF>GM:KB: M>K<>KH :EF:GM>GBFB>GMH=>E<:N=:E
><HE^@B<H R?BG:EF>GM> :E:L:<MBOB=:=>LIKH=N<MBO:L 

  "E NLH =>E :@N: I:K: :<MBOB=:=>L IKH=N<MBO:L  BG=B?>K>GM>F>GM> => LB LHG I`;EB<:L H
IKBO:=:L K>JN>KBKW=>E::NMHKBS:<B^G=>E>LM:=H 

)::NMHKB=:=`GB<:=>E:@N:>C>K<>E:K><MHK[:LH;K>>LM>>E>F>GMH $>LMBHG:E:L<N>G<:L:MK:OYL
=>:NMHKB=:=>L`GB<:L=><N>G<: EHJN>L>BGM>GM:JN>L>:BGLMBMN<BHG:EBS:=H IN>L<HGLM:>G>E
*GDN:8ID9:&:N)G<PC>869:,:8JGHDH"R9G>8DH /HDNEGDK:8=6B>:CID9:A<J6 

E BK =>L<>G=B>G=H >G EHL GBO>E>L => @H;B>KGH  GHL >G<HGMK:FHL <HG HMK:L <HFI>M>G<B:L JN>
MB>G>GK>E:<B^G<HG>E:@N:EHL@H;B>KGHLK>@BHG:E>L=>;>G@>LMBHG:K>EHK=>G:FB>GMHM>KKBMHKB:E
=>E:L<N>G<:LA[=KB<:L EHL@H;B>KGHLIKHOBG<B:E>LL>>G<:K@:G=>E:BG?K:>LMKN<MNK:=>EKB>@H R
EHL@H;B>KGHLFNGB<BI:E>L=>E:@N:IHM:;E>R=>EL:G>:FB>GMH 

):@>LMB^G=>E:L<N>G<:LA[=KB<:L>LNGM>F:<HFIE>CH LBG>F;:K@H =>:<N>K=H:EIKHR><MH=>


E>R >LM:K[::<:K@H=>E::NMHKB=:=`GB<:=>E:@N:0"+$2 =B<BHG:EF>GM> E:<HGLMBMN<B^G
=>?BG>E:>QBLM>G<B:=>EHLEE:F:=HL<HGL>CHL=><N>G<: EHLJN>=>;>GL>K?HKF:=HLRIK>LB=B=HL
IHKEHL@H;B>KGHLK>@BHG:E>L=>:<N>K=H:E ,,1! "LMHL<N>KIHL<HE>@B:=HL =>:<N>K=H:E
FBLFH ,,1!  =>;>G BGM>@K:K : EHL HMKHL GBO>E>L => @H;B>KGH  : E:L <HFNGB=:=>L  R : E:
LH<B>=:= <BOBE >G @>G>K:E  0N KHE  GH >LMW <E:K:F>GM> =>?BGB=H GB >G E: <HGLMBMN<B^G  GB >G >E
,,1! !>:<N>K=H:E*GDN:8ID9:&:N)G<PC>869:,:8JGHDH"R9G>8DH /HDNEGDK:8=6B>:CID9:A
<J6 >LMHL<HGL>CHLM>G=K[:G>EKHE=>>GM>L<HGLNEMBOHL LBG>F;:K@H >LMHIN>=><:F;B:K>G>E
IKH<>LH=>:IKH;:<B^G=>E:E>R <HFHR:?N>>QIEB<:=H )HJN>L[>LMW<E:KH >LJN>EHL<HGL>CHL
=><N>G<:=>;>GM>G>KNG:I:KMB<BI:<B^G:<MBO:>GE:>E:;HK:<B^G=>EHL-E:G>L=>,K=>G:FB>GMH
1>KKBMHKB:E=>E:L<N>G<:L 

-HK HMKH  E> <HKK>LIHG=> :E @H;B>KGH K>@BHG:E E: @>LMB^G =>E HK=>G:FB>GMH M>KKBMHKB:E => E:L
<N>G<:L :KM[<NEH  => E: <HGLMBMN<B^G  I:K: EH JN> =>;> :KMB<NE:K E:L IHE[MB<:L >FBMB=:L >G
F:M>KB:=>F:G>CHLNLM>GM:;E>>BGM>@K:=H=>EK><NKLHA[=KB<H <HG=B<AHLIE:G>L:KM[<NEH
=>E ,,1! "LMHBFIEB<:JN>G><>L:KB:F>GM>=>;>>QBLMBKNG:IKH?NG=:<HHK=BG:<B^G<HGEHL
@H;B>KGHL FNGB<BI:E>L  IN>L >G MYKFBGHL IKW<MB<HL LHG EHL `GB<HL JN> IN>=>G K>@NE:K R

 
<HGMKHE:K>ENLHRH<NI:<B^G=>ELN>EH =B<BHG:EF>GM> M:GMH0"+$2 <HFHEHL@H;B>KGHL
K>@BHG:E>L =>;>G<HHK=BG:K<HGEHL@H;B>KGHLIKHOBG<B:E>LE:IE:GB?B<:<B^GR@>LMB^G=>EKB>@H 

N:EJNB>K NLH =>E :@N: =>;> L>K :NMHKBS:=H  R =>;B=:F>GM> <HG<>LBHG:=H IHK 0"+$2 
BG<ENLH EHL NLHL I:K: <HGLNFH ANF:GH  I:K: E: @>G>K:<B^G => >G>K@[: H I:K: KB>@H =>
:NMHLN;LBLM>G<B: "L:L[JN> EHL@H;B>KGHLFNGB<BI:E>LH<:GMHG:E>LI:K:IH=>K<NFIEBK<HG
LN <HFI>M>G<B: >Q<ENLBO: LH;K> >E :@N: IHM:;E>  =>;>G M>G>K G><>L:KB:F>GM> NG: <HG<>LB^G
=:=:IHK0"+$2 "G>E<:LH=>EFNGB<BIBH=> N>G<: E:<HFI>M>G<B:LH;K>>E:@N:IHM:;E>
>L>C>K<B=::MK:OYL=>NG:>FIK>L:I`;EB<:E:"FIK>L:-`;EB<:=>1>EY?HGHL @N:-HM:;E>R
E<:GM:KBEE:=H"1-"- ):<BN=:==> N>G<:L>:;:LM><>=>:@N:=>EHLK[HL1HF>;:F;: 
*:<AWG@:K: R 6:GNG<:R  ): FNGB<BI:EB=:= => N>G<: <K>: >G  E: "FIK>L: -`;EB<: =>
1>EY?HGHL @N:-HM:;E>RE<:GM:KBEE:=H"1-"- E:JN>L>>G<:K@:=>E:=HM:<B^G=>:@N:
IHM:;E>>GE:<BN=:==> N>G<:KMB@:  "E =>E:IH;E:<B^G=>E<:GM^GMB>G>:@N:
IHM:;E>R>E :E<:GM:KBEE:=H"1-  

<MN:EF>GM> "1-"-IHL>>MK>LIE:GM:L=>MK:M:FB>GMHI:K::@N:IHM:;E>"E >;HEE:KK[H


1HF>;:F;: 1BQWGK[H*:<AWG@:K:R0HE=:=HLK[H6:GNG<:R RNG:IE:GM:=>MK:M:FB>GMH
=> :@N:L K>LB=N:E>L 2<N;:F;:  JN> MK:M: >E  => E:L :@N:L K>LB=N:E>L => E: <BN=:=  ):L
IE:GM:L=>"E >;HEE:KR1BQWG:;:LM><>G>GMK>>ER=>E:IH;E:<B^GNK;:G:=>E:<BN=:= 
-HKHMKHE:=H >E=>EWK>:NK;:G:IHL>>:E<:GM:KBEE:=H"1-  

,MKH:<MHKBGLMBMN<BHG:EFNRK>E>O:GM> :NGJN>GHM>G@:<HFI>M>G<B:L=BK><M:LLH;K>>E:@N: >L


E: HKIHK:<B^G "EY<MKB<: =>E "<N:=HK  ")"   "LM: BGLMBMN<B^G =>;> @:K:GMBS:K OHE`F>G>L
:=><N:=HL=>:@N:I:K:>E?NG<BHG:FB>GMH=>LNLIKHR><MHLAB=KH>EY<MKB<HL "G>EM>KKBMHKBH=>E
<:GM^G N>G<:>QBLM>G<BG<H<HG<>LBHG>LI:K:E:@>G>K:<B^G=>>G>K@[:>EY<MKB<: 


 $E%  $&%+ $$%$%& 

N:G=H >LM: BGO>LMB@:<B^G ?N> IE:GM>:=:  L> >G?K>GM^ : NG K>MH BFIHKM:GM> f<^FH BG=:@:K :E
FBLFH MB>FIH >G E:L I>K<>I<BHG>L => NG: LH<B>=:= R >G LN F>M:;HEBLFH ): K>LIN>LM: JN>
>G<HGMK^?N>A:<>K=HLMBIHL=>>LMN=BHL NGHJN>L>>G?HJN>>GE:I:KM>?[LB<:=>EF>M:;HEBLFH
LH<BH ><HE^@B<H  R HMKHJN> BG=:@N> >GE:L I>K<>I<BHG>L =>E:LH<B>=:= LH;K>E:G:MNK:E>S: >E
M>KKBMHKBHRLNLK>E:<BHG>L 

"E >LMN=BH =>E F>M:;HEBLFH LH<BH ><HE^@B<H K>IK>L>GM: NG K>MH >G LB FBLFH  IN>L JNB>G>L
IK>M>G=>FHLH;L>KO:KEH LHFHLM:F;BYGI:KM>=>ELBLM>F: "LM>MBIH=>BGO>LMB@:<B^G IHKHMKH

 
E:=H  BFIEB<: NMBEBS:K FYMH=HL JN> L>:G :=><N:=HL I:K: NG <HG<>IMH JN> LNK@> =>L=> E:
<HFIE>CB=:=  JN> G><>L:KB:F>GM> BFIEB<: : NG LBLM>F: ?HKF:=H IHK =B?>K>GM>L GBO>E>L
C>KWKJNB<HL "EIKH;E>F:>L:`GFWL<HFIEB<:=H R:JN>>LMN=B:KNGLBLM>F:LH<BH ><HE^@B<HGH
LHE:F>GM> LB@GB?B<: >OB=>G<B:K LNL =B?>K>GM>L GBO>E>L  LBGH M:F;BYG E:L K>E:<BHG>L JN> >QBLM>G
>GMK> >EEHL   >LMH L> =>;> :]:=BK NG: <HGLB=>K:<B^G FWL <:=: LBLM>F: MB>G> LNL IKHIB:L
I:KMB<NE:KB=:=>L R >LI><B?B<B=:=>L  IHK EH JN> >E FYMH=H => >LMN=BH >L<H@B=H  =>;> IH=>K
:=:IM:KL>:>EE:L 

"G>L><HGM>QMH LNK@><HFHNG:HI<B^GE::IEB<:<B^G=>NGCPA>H>H'JAI>:H86A6G9:A':I67DA>HBD
-D8>6A N 8DAT<>8D *N0&0"*  "LM> MBIH => :GWEBLBL GHL H?K><> FN<A:L => E:L <HL:L JN>
;NL<:FHLI:K:>LMN=B:KNGLBLM>F:<HFIE>CH <HFHEH>LNGLBLM>F:LH<BH ><HE^@B<H

 "G>E*N0&0"*GHL>>LMKN<MNK::ELBLM>F:=>?HKF:>LM:G=:KBS:=:RK[@B=: MH=HEH
<HGMK:KBH IN>L>LM>FYMH=HL>?NG=:F>GM:>GE:B=>:=>NG:@K:FWMB<:L>FWGMB<:F>GM>
:;B>KM:  <HFH L> >QIEB<: >G E: L><<B^G     "LMH LB@GB?B<:  JN> NG LBLM>F: IN>=> L>K
F>M:?HKBS:=H=>:<N>K=H:LNLIKHIB:LI:KMB<NE:KB=:=>L >L=><BK JN>>E:GWEBLBLGHL^EH
JN> L> IN>=> :=:IM:K : <N:EJNB>K LBLM>F:  LBGH JN> >L <HFI:MB;E> <HG <N:EJNB>K
K>IK>L>GM:<B^GJN>L>A:@:=>NGLBLM>F: 

 "E *N0&0"* I>KFBM> K>IK>L>GM:K MH=HL EHL GBO>E>L >L<H@B=HL I:K: >E >LMN=BH  R
<N:GMB?B<:K LN F>M:;HEBLFH  EH JN> : LN O>S I>KFBM> <HFI:K:K >GMK> >E>F>GMHL => NG
FBLFHGBO>E R>GMK>GBO>E>L 

 "E *N0&0"* FN>LMK: E:L K>E:<BHG>L >GMK> >E>F>GMHL => NG FBLFH GBO>E  R >GMK> EHL
=B?>K>GM>LGBO>E>L=>NGLBLM>F: 

"G >L> <HGM>QMH  =><B=BFHL JN> >E *N0&0"* >K: >E FYMH=H :=><N:=H I:K: >LMN=B:K >E
F>M:;HEBLFH LH<B:E =>E LBLM>F: LH<BH ><HE^@B<H => N>G<:  "E LB@NB>GM> I:LH  ?N> >L<H@>K >E
>E>F>GMH JN> >LMN=B:K[:FHL  N>G<: >L NG: <BN=:=  JN> : I>L:K => >LM:K >G E:L FHGM:]:L 
MK:=B<BHG:EF>GM>A:M>GB=HNG>LMK><AHO[G<NEH<HG>E:@N: RLN<HGL>KO:<B^GA:MK:L<>G=B=H:
E:BGLMBMN<BHG:EB=:=I`;EB<: "G>L><HGM>QMH L>=><B=B^JN>>E:@N:>K:>E>E>F>GMHB=>:EI:K:
>LM>>LMN=BH 

!> >LM: F:G>K:  IH=K[:FHL A:<>K NG >LMN=BH <N:GMBM:MBOH =>E LBLM>F: LH<BH ><HE^@B<H =>
N>G<: 0BG>F;:K@H NGLBLM>F:LH<B:EG><>L:KB:F>GM>IHL>>NG<HFIE>CHLBLM>F:<NEMNK:E =>
<K>>G<B:L R => <HGLMKN<<BHG>L LH<B:E>L  R >G GN>LMKH <:LH  >LMW;:FHL M:F;BYG I:KMB<NE:KF>GM>

 
BGM>K>L:=HL>GYE "L:L[JN>M:F;BYGJN>K[:FHLBG=:@:K>G<^FHE:LH<B>=:=<N>G<:G:I>K<B;>
:E:G:MNK:E>S: >EM>KKBMHKBH E:;BH=BO>KLB=:=RLNLK>E:<BHG>L 

"QBLM>GF`EMBIE>LFYMH=HLI:K:K>:EBS:K>LM>MBIH=>BGO>LMB@:<B^G LBG>F;:K@H L>K>JNB>K>NG


FYMH=HJN>:=>FWL=>@:K:GMBS:KKB@NKHLB=:=<B>GM[?B<: M:F;BYGL>:=:IM>:E:L<BK<NGLM:G<B:L
I:KMB<NE:K>L => MB>FIH R IK>LNIN>LMH => <:=: BGO>LMB@:<B^G  "GMK> E:L IKBG<BI:E>L HI<BHG>L
>LM:;:G >E FYMH=H .  E: BGO>LMB@:<B^G :<<B^G  E: >MGH@K:?[:  E: H;L>KO:<B^G I:KMB<BI:GM>  R E:L
>G<N>LM:L 

"LM:BGO>LMB@:<B^GBFIEB<:;:MK:;:C:K=BK><M:F>GM><HG:<MHK>L<E:O>>GE:MHF:=>=><BLBHG>L 
<HFH :E<:E=>L  K><MHK>L  K>IK>L>GM:GM>L @K>FB:E>L  K>IK>L>GM:GM>L => BGLMBMN<BHG>L I`;EB<:L 
>GMK> HMKHL  "LM> A><AH  A:<[: BGOB:;E> NMBEBS:K E: BGO>LMB@:<B^G :<<B^G  E: >MGH@K:?[: R E:
H;L>KO:<B^GI:KMB<BI:GM> R:JN>LHGF>MH=HEH@[:LJN>=>F:G=:GNGMB>FIHJN>>LM>MBIH=>
:<MHK>L GH MB>G>G  ):L >G<N>LM:L  IHK HMKH E:=H  L> >G?H<:G >G EHL M>F:L JN> JNB>G BGO>LMB@:
<HGLB=>K: BFIHKM:GM>L  <N:G=H EH JN> ;NL<W;:FHL >L BG=:@:K >G EHL M>F:L JN> E: LH<B>=:=
<HGLB=>K:?NG=:F>GM:E>L IHKEHJN>E:L>G<N>LM:LM:F;BYG?N>KHG=>L<:KM:=:L 

"G>L><HGM>QMH >EFYMH=H.LB>FIK>?N>E:F>CHKHI<B^G IN>LMHJN>@:K:GMBS:;:>E:<<>LH:


:<MHK>L <E:O>  I>KH M:F;BYG @:K:GMBS:;: GH I>K=>K E:L LNMBE>S:L  E:L <HGMK:=B<<BHG>L R E:
LN;C>MBOB=:==>E:LI>K<>I<BHG>L "EFYMH=H.I>KFBM>B=>GMB?B<:KE:LIKBG<BI:E>LI>K<>I<BHG>L 
H EHL IKBG<BI:E>L =BL<NKLHL  JN> L> >G<N>GMK:G >G NG: LH<B>=:=  @:K:GMBS:G=H JN> EHL M>F:L
<E:O> => =B<AHL =BL<NKLHL LNKC:G => E: LH<B>=:=  R GH => JNB>G BGO>LMB@:  -HK HMKH E:=H  >E
FYMH=H . MB>G> NG: O>GM:C: :=B<BHG:E  <HG EH JN> @:G: >G KB@NKHLB=:= I>KFBM> :G:EBS:K
<N:GMBM:MBO:F>GM>=:MHL<N:EBM:MBOHL 

!>>LM:F:G>K: L>=><B=B^NL:K>EFYMH=H. IHKJN>>GYE>G<HGMK:FHLEHJN>;NL<W;:FHL>G


EHL =B?>K>GM>L FYMH=HL >O:EN:K E:L I>K<>I<BHG>L => I>KLHG:L R GH => <N>LMBHG:KBHL  JN> L>
>OB=>G<B>G E:L<HGMK:=B<<BHG>L IKHIB:L =>E: LN;C>MBOB=:= ANF:G: JN>I>KFBM:B=>GMB?B<:KEHL
=BL<NKLHLLH<B:E>L RJN>I>KFBM:>LMN=B:K>LM:=[LMB<:F>GM>BG?HKF:<B^G<N:EBM:MBO: 

1$3#,2#1"#',$-0+!'<,

)HL FYMH=HL >L<H@B=HL I:K: >LM> MK:;:CH BFIEB<:KHG MK:;:C:K <HG F`EMBIE>L ?N>GM>L R MBIHL =>
BG?HKF:<B^G  E:L FBLF:L JN> =>;[:G L>K IKH<>L:=:L  :G:EBS:=:L R <HGM>QMN:EBS:=:L I:K: >LM>
>LMN=BH 

 
): <:KMH@K:?[: L> <HGLMBMNR^ >G NG: A>KK:FB>GM: ?NG=:F>GM:E I:K: >LM> >LMN=BH  1H=HL EHL
F:I:LA:GLB=H=>>E:;HK:<B^GIKHIB: :L[<HFHM:F;BYGE:<:I:<:KMH@KW?B<:=>EHL><HLBLM>F:L
K>F:G>GM>L=>E<:GM^G N>G<: ):BG?HKF:<B^GJN><HGMB>G><:=:NG:=>E:L<:I:L<:KMH@KW?B<:L
IKH<>L:=:L A: LB=H ?NG=:F>GM:EI:K: IH=>K K>:EBS:KEHL:GWEBLBL M>KKBMHKB:E>L R=><H;>KMNK:L 
"LM>MK:;:CHAN;B>K:LB=HBFIHLB;E>LBGLNL=:MHL !>>LM:F:G>K: LN?NG<B^GGH?N>LHE:F>GM>
@KW?B<:>BENLMK:MBO: :NGJN>LN:IHKM>=><HEHK:>LM:IW@BG:LM:F;BYGBFIHKM:GM> 

):BG?HKF:<B^G<:KMH@KW?B<:LH;K>E:<H;>KMNK:RNLH=>ELN>EH>G>EM>KKBMHKBH ?N>IKHIHK<BHG:=:
IHKE:0><K>M:K[:=>-E:GB?B<:<B^G=>E:&ENLMK>*NGB<BI:EB=:==> N>G<: R?N>IKH=N<B=:I:K:>E
=BL>]H =>E -E:G => ,K=>G:FB>GMH 1>KKBMHKB:E =>E <:GM^G  "E K>LMH => E: <:KMH@K:?[: :G:EBS:=:
IKHOBGH=>=BO>KL:L?N>GM>L

 !>E&GLMBMNMH+:<BHG:E=>"LM:=[LMB<:LR >GLHL=>E"<N:=HK&+" E:<:KMH@K:?[:=>E:


=BOBLB^GIHE[MB<H:=FBGBLMK:MBO:=>E"<N:=HK :<MN:EBS:=::E:]H 

 !>E&GLMBMNMH$>H@KW?B<H*BEBM:K&$*E:<:KMH@K:?[:;:L>:>L<:E: R  

 !> E: 0><K>M:K[: +:<BHG:E =>E @N: 0"+$2 E: <:KMH@K:?[: => E: =BOBLB^G =>E
M>KKBMHKBH => :<N>K=H : EHL LBLM>F:L A[=KB<HL  L>@`G E: <E:LB?B<:<B^G -##01"11"/  :
>L<:E:  

 !>E*BGBLM>KBH=>EF;B>GM>=>E"<N:=HK*"E:<:KMH@K:?[::>L<:E: =>E:L
?HKF:<BHG>LO>@>M:E>L=>E"<N:=HK =>E-:MKBFHGBH=>WK>:L+:MNK:E>L=>E"LM:=H =>E:L
IK><BIBM:<BHG>L =>E[G=B<>HF;KHMYKFB<HR=>E[G=B<>=>M>KFB<B=:= 

 !>E&GLMBMNMH=>"LMN=BHL=>/Y@BF>G0><<BHG:E=>E:2GBO>KLB=:==>ESN:R&"/0"E:
<:KMH@K:?[::>L<:E: =>E:LLN;<N>G<:L=>E:<N>G<:=>EK[H-:NM> 

 "E *H=>EH !B@BM:E =>E 1>KK>GH ?N> H;M>GB=H >G ':KOBL    % &  />NM>K   +>ELHG R " 
$N>O:K: %HE> ?BEE>=0/1*?HKMA>@EH;>3>KLBHG =BLIHGB;E>?KHFMA> $&/
0&0/1*F!:M:;:L>AMMILKMF <LB <@B:K HK@ /01"/ %HE> ?BEE>=0/1*?HKMA>
$EH;>3>KLBHG 

2G:?N>GM>?NG=:F>GM:E?N>>E&GLMBMNMH+:<BHG:E=>"LM:=[LMB<:LR >GLHL=>E"<N:=HK&+"  
=>>LM:BGLMBMN<B^GIKHOBGHE:BG?HKF:<B^G=>

 "E >GLH+:<BHG:E=>-H;E:<B^GR3BOB>G=:K>:EBS:=H>G>E:]H 

 "E >GLH"<HG^FB<H+:<BHG:EK>:EBS:=HM:F;BYG>G>E:]HL 

 
 ):"G<N>LM:=>0NI>K?B<B>R-KH=N<<B^G@KHI><N:KB: HGMBGN:=>"0-  

 ):>G<N>LM:=>NLH=>EMB>FIH 

):BG?HKF:<B^G LH;K> >ENLH=>E:@N: IKHOBGH=> =HL?N>GM>L IKBG<BI:EF>GM>  ):BG?HKF:<B^G


LH;K>E:L<HG<>LBHG>L=>:@N:=>:<N>K=H:EHLNLHL?BG:E>L IKHOBGH=>E:0><K>M:K[:+:<BHG:E
=>E @N:  R >LMW :<MN:EBS:=: :E :]H   *B>GMK:L JN>  E: "FIK>L: -`;EB<: *NGB<BI:E =>
1>EY?HGHL  @N: -HM:;E> R E<:GM:KBEE:=H => N>G<: "1- "- IKHIHK<BHG^ BG?HKF:<B^G
I:K: >E I>K[H=H   => EHL OHE`F>G>L R <HGLNFHL => :@N: IHM:;E> >G E: SHG: NK;:G:
=>L=>  => :<N>K=H : EHL MBIHL => NLN:KBH  =B<BHG:EF>GM>  "1- IKHIHK<BHG^ M:F;BYG E:
BG?HKF:<B^G=>EHL<:N=:E>L=B:KBHL=>EHL<N:MKHK[HL=> N>G<: =NK:GM>>EI>K[H=H  

1H=: E: BG?HKF:<B^G =>L<KBM: ?N> =>M:EE:=:F>GM> :G:EBS:=:  R NMBEBS:=: R: L>: I:K: E:
=>L<KBI<B^G=>ELBLM>F:M>KKBMHKB:E=> N>G<: HI:K:E::IEB<:<B^G=>E*N0&0"*=>E:@N: 

*,8*'1'13*2'#1!*0"#*#2 -*'1+--!'*6!-*<%'!-

)HL<HG<>IMHL=>E:L<B>G<B:L=>E:<HFIE>CB=:= >EI:K:=B@F:=>EHLLBLM>F:LRLNC>K:KJN[: R>E


F>M:;HEBLFH LH<B:E GHL>G?K>GM:G: NG::FIEB:@:F: => K>MHLGH L^EHM>^KB<HL  LBGHM:F;BYG
F>MH=HE^@B<HLf<^FH>LMN=B:KEHLLBLM>F:LRLNC>K:KJN[:f<^FHBGO>LMB@:K>EF>M:;HEBLFH=>
E:LLH<B>=:=>L

)HL :GWEBLBL <N:GMBM:MBOHL MK:=B<BHG:E>L L> LHLMB>G>G >G MK>L LNIN>LMHL JN> >E H;L>KO:=HK >LMW
?N>K:=>EHH;L>KO:=HJN>L>IN>=>=>L<KB;BK=>?HKF:BG<N>LMBHG:;E>EHJN>>ELBLM>F:>LREH
JN>>ELBLM>F:A:<>R ?BG:EF>GM> JN>>LIHLB;E>A:<>KH;L>KO:<BHG>LRFH=>EHLJN>K>=NS<:G
E:BG<>KMB=NF;K>:GBO>E>LF:G>C:;E>L$B:FIB>MKH:I6A  

"G>L><HGM>QMH LNK@>E:IKHIN>LM:=>NMBEBS:K<G6BPI>86H<HFH:EM>KG:MBO::EHLFH=>EHL -:K:


=>?BGBK NG: @K:FWMB<:  IKBF>KH >L ?NG=:F>GM:E >GM>G=>K MK>L MYKFBGHL <:M>@HK[: L>FWGMB<: 
<:M>@HK[: ?HKF:E  R K>?>K>GM>L >QM>KGHL  ): 86I:<DGR6 H:BPCI>86 L> K>?B>K> : E: ?HKF: >G JN>
=>?BGBFHLNGLBLM>F: :<^FHEH>LMKN<MNK:FHL E:?HKF:>GE:JN>L>K>E:<BHG:GLNL>E>F>GMHLR
>G=^G=>IHG>FHLLNLE[FBM>L ):86I:<DGR6;DGB6A >G<:F;BH L>K>?B>K>:<HG<>IMHLIK>OB:F>GM>
=>?BGB=HL <HFHGHF;K>L FH=>EHLHK>@E:L=>IKH=N<<B^GLHG<HG<>IMHLLH;K>EHLJN>A:RNG
<B>KMH <HGL>GLH  IHK EH JN> >L BFIHKM:GM> NL:KEHL  I:K: ?HKF:EBS:K >E LBLM>F: >G >LMN=BH 
#BG:EF>GM> EHLG:;:G:CI:H:MI:GCDHL>K>?B>K>G:E:L?N>GM>L=>=:MHLR=>BG?HKF:<B^G$B:FIB>MKH
:I6A KBS:*HGMH;BH  !>>LM:F:G>K: NG:@K:FWMB<:>L=>?BGB=:<HFHNGCN>@H=>

 
E:L K>E:<BHG>L >LI>K:=:L >GMK> >LM:L GH<BHG>L 0>KK:GH R $B:FIB>MKH   $B:FIB>MKH :I 6A 


  "GMK>=B?>K>GM>L<:M>@HK[:LL>FWGMB<:L

  "GMK><:M>@HK[:LL>FWGMB<:LR<:M>@HK[:L?HKF:E>L >LMH>LMKN<MNK:E:?HKF:>GE:JN>>E
IKH;E>F:>L=>?BGB=H

  "GMK><:M>@HK[:?HKF:E>L

  "GMK><:M>@HK[:L?HKF:E>LREHLK>?>K>GM>L>QM>KGHL

"L :L[ JN>  LHLM>GBYG=HL> >G >E NLH => @K:FWMB<:L  LNK@> >E GWEBLBL *NEMB>L<:E:K =>E
*>M:;HEBLFH 0H<B:E R "<HE^@B<H *NEMB 0<:E> &GM>@K:M>= G:ERLBL H? 0H<B>M:E :G= "<HEH@B<:E
*>M:;HEBLF *N0&0"*  IHK LNL LB@E:L >G BG@EYL $B:FIB>MKH :I 6A        
$B:FIB>MKH R *:RNFB   $B:FIB>MKH   /:FHL *:KM[G R $B:FIB>MKH    "E
*N0&0"* GH >L NG IKHMH<HEH >LM:G=:KBS:=H R <>KK:=H  >L FWL ;B>G NG CN>@H => <HG<>IMHL 
FYMH=HL R A>KK:FB>GM:L K>E:<BHG:=:L <HA>K>GM>F>GM> >GMK> L[  JN> I>KFBM> >LMN=B:K
<N:GMBM:MBO:F>GM>=B?>K>GM>L=BF>GLBHG>L:E:O>S RM:F;BYG O:KB:L>L<:E:L:EFBLFHMB>FIH
0<A>B=>E  

"E*N0&0"*L>LHLMB>G>>G=B?>K>GM>L<HGLMKN<<BHG>LM>^KB<:L $B:FIB>MKH>M:E A:;E:G


=><BG<HIBE:K>L?NG=:F>GM:E>LI:K:>LM>FYMH=H

  ):GH<B^G=>@K:FWMB<:

  )HL<HG<>IMHL=>KBO:=HL=>E::NMHIHB>LBLL><<B^G  

  "E<HG<>IMH=>EIK>LNIN>LMH=BGWFB<H=>>G>K@[:

  "E<HG<>IMH=>BFIK>=B<:MBOB=:=R>E:GWEBLBL=>;N<E>BFIK>=B<:MBOHBFIK>=B<:MBO>EHHI
:G:ERLBL

  "E>?><MHFHL:B<H

): B=>: => NL:K NG: @K:FWMB<:  F:K<: NG :E>C:FB>GMH LB@GB?B<:MBOH =>E NLH => E: FH=>E:<B^G
=NK: I:K: IKH=N<BK FH=>EHL => EHL LBLM>F:L  $B:FIB>MKH >M :E   IW@BG:  =>?BG>G :
gramática como “JC H>HI:B6 9: 8A6H>;>868>TC H:BPCI>86  FJ: H: ;JC96B:CI6 :C A6 86G68I:G>O68>TC 9:
;JC8>DC:H:MEG:H696H:CJCC>K:A?:GPGFJ>8D9:I:GB>C69DJH6C9DA6H86I:<DGR6HEGDE>6H9::H:C>K:A N

 
C:8:H6G>6H E6G6 ED9:G :?:8JI6G DIG6 ;JC8>TC :C JC C>K:A ?:GPGFJ>8D HJE:G>DG JH6C9D A6H 86I:<DGR6H
definidas para ese nivel jerárquico superior)” 

"G >L> <HGM>QMH LNK@> >E <HG<>IMH => E: <G6BPI>86BJAI>EGDETH>ID I:K: IH=>K >LMN=B:K LBLM>F:L
<:K:<M>KBS:=HL IHK LN FNEMB=BF>GLBHG:EB=:= 0>KK:GH R $B:FIB>MKH   $B:FIB>MKH :I 6A 
 ):@K:FWMB<:FNEMBIKHI^LBMHK>JNB>K>=>NGHI>K:=HK =>NG:@>GM>>QM>KGHJN>A:<>E:L
O><>L=>JNB>G<N>GM:NG:ABLMHKB: !B<A:@K:FWMB<:G><>L:KB:F>GM><HGMB>G>$B:FIB>MKH:I6A 


  2G: M:QHGHF[:  JN> L> K>?B>K> EHL CN>@H JN> NL: E: @K:FWMB<: M:GMH => <:M>@HK[:L
L>FWGMB<:L <HFH=><:M>@HK[:L?HKF:E>L 

  "EE>QB<^G HEHLOH<:;NE:KBHL I:K:<:=:NG:=>E:L<:M>@HK[:L=>E:M:QHGHF[: 

  ): IKH=N<<B^G => E:L K>@E:L :IEB<:=:L >G E:L <:M>@HK[:L ?HKF:E>L  =HG=> L>KW
?NG=:F>GM:EE:=B?>K>G<B:<B^G>GMK>CDB7G:H>>9:CI>;>869DG:H 

)::NMHIHB>LBLLB@GB?B<::NMH IKH=N<<B^G >L=><BK JN>NGLBLM>F:=BLBI:MBOHL>K>IKH=N<>:L[


FBLFH$B:FIB>MKH:I6A  <HFHL>=BL<NMB^>GE:L><<B^G   >L>JNBO:E>GM>:=B?>K>GM>L
<HG<>IMHL <HFHE:6JIDDG<6C>O68>TC => *NGGY  E:L :HIGJ8IJG6H9>H>E6I>K6H =>-KB@H@BG> R
0M>KGL RE:G:8JGH>K>969=>*HKBG>GLNL=B?>K>GM>LM>QMHL:I:KMBK=> ->KHIHKHMKH
E:=H  >L ?NG=:F>GM:E L>]:E:K LNL =B?>K>G<B:L  E: :NMHIHB>LBL L> K>?B>K> : E: <:I:<B=:= =>
:NMHIKH=N<BKL>=>EHLLBLM>F:LOBOHL >L=><BK :E::NMH@>G>K:<B^G=>LNLIKHIBHL<HFIHG>GM>L
*:MNK:G: R 3:K>E:   *BG@>KL    FB>GMK:L JN> E: :NMHHK@:GBS:<B^G >L NG ?>G^F>GH
IK>L>GM>>GEHLLBLM>F:L<:^MB<HL L>:G>LMHLOBOHLHGHOBOHL -:K:$B:FIB>MKH>M:E E:
:NMHIHB>LBL>LNG:<:K:<M>K[LMB<:=>EHLLBLM>F:L=BLBI:MBOHL L>@`GE:<N:ELNL>LMKN<MNK:L>LMWG
IKH?NG=:F>GM>K>E:<BHG:=:L>GMK>L[ 

)::IEB<:<B^G=>EHL<HG<>IMHL=>E::NMHIHB>LBL:E>LMN=BH=>EF>M:;HEBLFH=>E:LLH<B>=:=>L
MB>G> IKH?NG=:L BFIEB<:<BHG>L  -N>L  LB@GB?B<: <HG<>;BK :E F>M:;HEBLFH LH<B:E <HFH K>=>L
=BLBI:MBO:LHLBLM>F:L=BLBI:MBOHL RGH<HFHL>G<BEE:LL>KB>L=>MK:GL?HKF:<BHG>LEBG>:E>L "G
E: ><HEH@[: M>^KB<:  >E LBLM>F: :NMHIHBYMB<H >L =>?BGB=H >G >LM> <:LH NG ><HLBLM>F: :GM>L =>E
:GWEBLBL :MK:OYL=>NG:@K:FWMB<: RLNF>M:;HEBLFHL>>GMB>G=><HFHNG:L>KB>=>?NG<BHG>L
BGM>@K:=:L  =>L:KKHEE:=:L IHK LNL >E>F>GMHL >LMKN<MNK:E>L $B:FIB>MKH :I 6A    "E
*N0&0"*NL:E:LGH<BHG>L=>E:><HEH@[:=>LBLM>F:LI:K:>LMN=BH=>E:LLH<B>=:=>L 


1K:=N<<B^GIKHIB:

 
"E M>K<>K <HG<>IMH  >L >E =>E IK>LNIN>LMH =BGWFB<H => >G>K@[: <N:EJNB>K LBLM>F: F>M:;^EB<H
=>;>BGO>KMBK>G>K@[:I:K:H;M>G>K>G>K@[: >L=><BK =>;>:EBF>GM:KL>:L[FBLFH "LM:BGO>KLB^G
=>>G>K@[:GHLHE:F>GM>L>NL:I:K:E:H;M>G<B^G=>>G>K@[: LBGHM:F;BYGI:K:>QIK>L:KHMKHL
<HFIHKM:FB>GMHLRI:K:K>IKH=N<BKL>:L[FBLFH -HKEHM:GMH MH=HLBLM>F::NMHIHBYMB<H>LMW
LHF>MB=H : K>LMKB<<BHG>L K>LI><MH : E: <:GMB=:= => >G>K@[: JN> IN>=> MHF:K I:K: LN
F>M:;HEBLFH$B:FIB>MKH:I6A  

"E<N:KMH<HG<>IMH E:BFIK>=B<:MBOB=:= >LMW[GMBF:F>GM>K>E:<BHG:=H<HGE::NMHIHB>LBL IN>L


MH=HLBLM>F::NMHIHBYMB<H>LBFIK>=B<:MBOH ):BFIK>=B<:MBOB=:=L>K>?B>K>:E:K>E:<B^G=>EHL
>E>F>GMHL=>NGLBLM>F:>GMK>L[ I>KHM:F;BYG<HG>ELBLM>F:  HFHEH>QIEB<:G$B:FIB>MKH>M
:E  >LMHLB@GB?B<:JN>>ELBLM>F:=>?BG>:LNL>E>F>GMHL R>LMHL:LNO>SL>=>?BG>G>GMK>
L[ RM:F;BYG=>?BG>G:ELBLM>F: )HL>C>FIEHLJN>NMBEBS:G>LMHL:NMHK>LEH>QIEB<:G=>?HKF:
FNR<E:K:

 E NL:K NG: >L<:E: => MB>FIH =>M>KFBG:=: I:K: >LMN=B:K E: =BGWFB<: IKHIB: => NG
LBLM>F:?HKF:=HIHKIK>=:=HK>LRIK>L:L L>>G<N>GMK:JN>E:<:GMB=:==>IK>=:=HK>L
:?><M:=BK><M:F>GM>E:<:GMB=:==>IK>L:L 0BG>F;:K@H LBL>A:<>E:H;L>KO:<B^G>GNG:
>L<:E: => MB>FIH F:RHK  E: <:GMB=:= => IK>L:L M:F;BYG :?><M: : E: <:GMB=:= =>
IK>=:=HK>L !>>LM:F:G>K: >ELBLM>F:IK>=:=HK IK>L:=>?BG>:EHLIK>=:=HK>LR:E:L
IK>L:L  I>KH YLM> : LN O>S >L =>?BGB=H IHK E:L IK>L:L R IHK EHL IK>=:=HK>L  R IHK LNL
K>E:<BHG>L 

 ):I:K:=HC:=>EAN>OHRE:@:EEBG:>L?NG=:F>GM:E:LNFBKE:>QBLM>G<B:=>NG:@:EEBG:
I:K:>QIEB<:KE:>QBLM>G<B:=>NGAN>OH I>KH:EFBLFHMB>FIH GHL>IN>=>>QIEB<:KE:
>QBLM>G<B:=>NG:@:EEBG:LBGE:>QBLM>G<B:IK>OB:=>NGAN>OH 

):BFIK>=B<:MBOB=:==>EHLLBLM>F:LOBOHL>GI:KMB<NE:K R=>EHLLBLM>F:L<:^MB<HLR=BLBI:MBOHL
>G@>G>K:E GHIN>=>L>K>QIEB<:=:<HGE:LK>E:<BHG>L<:NL: >?><MH=>E:<B>G<B:IHLBMBOBLM:<HFH
L> =BL<NM> >G E: L><<B^G    -HK EH M:GMH  E: K>IK>L>GM:<B^G <N:GMBM:MBO: => >LMHL LBLM>F:L
LB@GB?B<:NGK>MH>IBLM>FHE^@B<H?NG=:F>GM:E$B:FIB>MKH:I6A  

"G>L><HGM>QMH L>=>L:KKHEE:E:IKHIN>LM:=>E 6CPA>H>H9:7J8A:>BEG:9>86I>KD LBLM>F:MBS:=:IHK


*:KBH $B:FIB>MKH >G LN EB;KH 'JAI>
-86A:#CI:<G6I:9C6ANH>HD;<GD
:8DHNHI:BHI6@>C<H:G>DJHAN
8DBEA:M>IN  "LM> :GWEBLBL<N:GMBM:MBOH L> =>KBO: =>E:B=>: => E:L G:HIG>88>DC:HG:8REGD86H R
<HGLBLM>>GK>IK>L>GM:K>GNGLBLM>F:=><N:MKH<N:=K:GM>L:E?NG<BHG:FB>GMH=>EF>M:;HEBLFH

 
LH<B:E =>:<N>K=H:E:LK>E:<BHG>LK><[IKH<:L>GMK>LNL?HG=HLRLNL?ENCHL>LMHL<HG<>IMHLL>KWG
>QIEB<:=HLFWL:=>E:GM>$B:FIB>MKH:I6A  

#BG:EF>GM>  >E `EMBFH IBE:K <HG<>IMN:E =>E *N0&0"*  >L E: B=>: =>E >?><MH FHL:B<H  "LMH
LB@GB?B<: JN> >E O:EHK => NG: O:KB:;E> I:K: NG <HFIHG>GM> >LI><[?B<H => NG LBLM>F:  MB>G>
BG?EN>G<B:>G>ELBLM>F:<HFIE>MH >L=><BK JN>LB>LM>O:EHK<:F;B: EHLO:EHK>LI:K:E:FBLF:
O:KB:;E>=>EHLHMKHL<HFIHG>GM>L=>ELBLM>F:L M:F;BYGL>O>KWG:?><M:=HL  HFHEH>QIEB<:G
$B:FIB>MKH>M:E  NG:>Q<>E>GM>F>MW?HK:I:K:=>L<KB;BK>E>?><MHFHL:B<H>LE:=>ECN>@H
=>E0N=HDN=HG=>M>G>FHLNGLBLM>F:>ECN>@H<HFIE>MH <HFIN>LMHIHKO:KBHLLN;LBLM>F:L
<:=:@KNIH=>GN>O><N:=K:=HL JN>L>K>E:<BHG:G:MK:OYL=><HENFG:LO>KMB<:E>LR=>?BE:L
AHKBSHGM:E>LR=>;EHJN>L=>Q "EG`F>KHJN>L><HEHJN>>G<:=:NGH=>EHL<N:=K:=HL=>;>
L>KNG=[@BMH=>ENGH:EGN>O> JN>GHL>IN>=>K>I>MBK=>GMKH=>LNIKHIBHLN;LBLM>F: I>KH
M:FIH<H GB>GE:?BE: GB>GE:<HENFG:>GE:JN>L>>G<N>GMK: "LMHLB@GB?B<:JN>:E<:F;B:KNG
G`F>KH>GNG<N:=K:=H=>M>KFBG:=H L>=>;><:F;B:KMH=HLEHLHMKHLG`F>KHL=>ELN;LBLM>F: 
=>E:?BE:R=>E:<HENFG::E:JN>I>KM>G><> >L=><BK NGO:EHK:?><M::MH=H>ELBLM>F: ):LMK>L
K>LMKB<<BHG>L >G NG *N0&0"* LHG E: ?:<MB;BEB=:=  E: OB:;BEB=:= R E: <HGO>GB>G<B: H
=>L>:;BEB=:==><:=:>L<>G:KBH 

-:K: E: :IEB<:<B^G => >LMHL <HG<>IMHL >G >E GWEBLBL *NEMB>L<:E:K =>E *>M:;HEBLFH 0H<B:E R
"<HE^@B<H *N0&0"*  >L ?NG=:F>GM:E <HGM>QMN:EBS:KEHL >G >E F:K<H M>^KB<H => +B<HEWL
$>K@>L<N /H>@>G R => LN OBLB^G ;BH?[LB<: =>E IKH<>LH ><HG^FB<H  <HG<K>M:F>GM> >G LNL
<HG<>IMHL=>#HG=HR#ENCH$>HK@>L<N /H>@>G  

):EBM>K:MNK:LH;K>$>HK@>L<N /H>@>GRLNL<HG<>IMHL=>#HG=HR#ENCH>L:FIEB: RGH>L>E


H;C>MBOH=>>LM>MK:;:CH=BL<NMBKE: !>F:G>K:@>G>K:E E:EBM>K:MNK:K>OBL:=:$B:FIB>MKH:I6A 
   *:RNFB:I6A /:FHL*:KM[G:I6A #:KK>EER*:RNFB 
KBSI>   KBS: *HGMH;BH   0<A>B=>E   !B:S *:NKBG   *:=KB= :I 6A  :
<HBG<B=>>GJN>

 )HL;AJ?DHLHG>E>F>GMHLJN>>G>EI>K[H=H=>K>IK>L>GM:<B^G >GMK:G>G>ELBLM>F: I>KH


JN>GHL:E>G=>YE  H L:E>G =>ELBLM>F: LBGA:;>K>GMK:=H>L =><BK LHG >E>F>GMHLJN>
=>L:I:K><>G H :I:K><>G >G >E I>K[H=H =>E >LMN=BH  "C>FIEHL => ?ENCHL LHG EHL
<HF;NLMB;E>L?^LBE>L E:>E><MKB<B=:= EHL:EBF>GMHL HEHLIKH=N<MHLBG=NLMKB:E>L=>NG:
><HGHF[: -HK>C>FIEH >G>E<:LH=> N>G<: IH=K[:GL>K?ENCHLE:<>KWFB<:HEHL<:;E>L
>EY<MKB<HL 

 
 )HL;DC9DH >G<:F;BH LHGEHL:@>GM>LJN>F:GMB>G>GLNB=>GMB=:==NK:GM>>EAHKBSHGM>
=> MB>FIH =>E :GWEBLBL  0HG JNB>G>L K>:EBS:G E:L MK:GL?HKF:<BHG>L => EHL ?ENCHL =>
>GMK:=: >G?ENCHL=>L:EB=: !>>LM:F:G>K: >C>FIEHL=>?HG=HLLHGEHL><HLBLM>F:L E:
IH;E:<B^GHE:MB>KK:<HEHGBS:=: 

):F:RHKI:KM>=>MK:;:CHLJN>A:G:IEB<:=H>E*N0&0"*L>A:G>G?H<:=H>G>EF>M:;HEBLFH
>G>K@YMB<H=>E:L><HGHF[:L RK><B>GM>F>GM>L>>LMWA:<B>G=HE:BGM>@K:<B^G=>ENLH=>ELN>EH
<HG E: IKH=N<<B^G => :EBF>GMHL R <HG >E <HGLNFH =>E :@N: $B:FIB>MKH :I6A    "G >LM>
MK:;:CHL>A:NMBEBS:=H>E*N0&0"*:IEB<:=H:E>LMN=BH=>EF>M:;HEBLFH=>E:@N:>G>E<:GM^G
N>G<: "<N:=HK 

*,8*'1'13*2'#1!*0"#*#2 -*'1+--!'*6!-*<%'!-.*'!"-*%3

): :IEB<:<B^G =>E *N0&0"* :E >LMN=BH =>E :@N: >L K>E:MBO:F>GM> GN>O:  >G E: R: => IHK L[
CHO>GABLMHKB:=>>LM>FYMH=H ):=BL<NLB^GLH;K>>E*N0&0"*:IEB<:=H:E:@N:L>>G<N>GMK:
>G >E :KM[<NEH IN;EB<:=H >G  >G BHL<B>G<>  => KBLMBG: *:=KB=  3BHE>M: :;>EEH R *:KBH
$B:FIB>MKH 16I:G
/H: -JHI6>C67>A>IN >C -D8>D:8DAD<>86A -NHI:BH  'JAI>H86A: #CI:<G6I:9 EEGD68=
*:=KB=:I6A : "L:L[JN>=B<AH:KM[<NEHL><HGOB>KM>>G>E?NG=:F>GMHIKBG<BI:EI:K:>E
=>;:M> =>E NLH =>E *N0&0"* >G >E >LMN=BH =>E F>M:;HEBLFH =>E :@N:  "G >E <:LH => >LM>
MK:;:CH  >E :KM[<NEH L>KW <HFIE>F>GM:=H <HG >E <:I[MNEH LH;K> E: @K:FWMB<: =>E :@N: =>E EB;KH
,:HDJG8:88DJCI>C<;DG-JHI6>C67>A>INHH:HHB:CI.=:(:MJH7:IL::CC:G<N  DD9 16I:G6C9&6C9
/H:$B:FIB>MKH:I6A R<HG<HFNGB<:<BHG>LI>KLHG:E>L<HGLNL:NMHK:L>L 

): :IEB<:<B^G =>E *N0&0"* :E :@N: BFIEB<: NG: L>KB> => GN>OHL K>MHL  =>;B=H : E:L
I:KMB<NE:KB=:=>LIKHIB:L=>EE[JNB=HOBM:E 

"E:@N:IN>=>L>KI>K<B;B=:<HFHNG>E>F>GMHH<HFHNGK><NKLH LBG>F;:K@H >LM:LGH<BHG>L


LHG L>FWGMB<:F>GM> <>KK:=:L  R GH K>?E>C:G EH JN> >E :@N: LB@GB?B<: I:K: E: OB=:  I:K: EHL
IKH<>LHL><HE^@B<HL I:K:E:LLH<B>=:=>L I:K:E:LI>KLHG:LRI:K:E:><HGHF[: 2G:=>?BGB<B^G
L>FWGMB<:F>GM>:;B>KM:=>E:@N: BFIEB<:K><HG<>IMN:EBS:K:EJHD9:A6<J6<HFHEHLL>KOB<BHLJN>
IK>LM: I:K: NG: ?NG<B^G F>M:;^EB<: =>M>KFBG:=: >L =><BK  E:L IKHIB>=:=>L H <:K:<M>K[LMB<:L
>LI><[?B<:L JN> LHG G><>L:KB:L I:K: <NFIEBK <HG =B<A: ?NG<B^G  R GH <HFH >E OHENF>G =>E
>E>F>GMH JN[FB<H NL:=H *:=KB= :I 6A  :  >L =><BK  JN> E: =>?BGB<B^G =>E K><NKLH :@N:
=>I>G=>K[:=>E<HGM>QMH>GJN>L>>G<N>GMK> "LMH =>:<N>K=H:E:LFBLF:L:NMHK:L LB@GB?B<:K[:
NG<:F;BH?NG=:F>GM:E>G>E>LMN=BH=>EF>M:;HEBLFH=>E:@N: IN>LMHJN>I>KFBMBK[:BGM>@K:K

 
>G>EFBLFH:GWEBLBL M:GMH:O:KBHLGBO>E>LC>KWKJNB<HL=>ELBLM>F:>G>LMN=BH <HFH:=B?>K>GM>L
I>K<>I<BHG>L<NEMNK:E>L R:=BLMBGM:L?NG<BHG>LLH<BH ><HE^@B<:L=>E:@N: 

-HKHMKHE:=H E:B=>:=>E:@N:<HFHNG68I>KD:8DHD8>6A@NBE>K:(EBGD   *:=KB=


:I6A : L>ON>EO>?NG=:F>GM:EI:K:>E*N0&0"*=>E:@N: )::IEB<:<B^G=>E:GH<B^G=>
:<MBOH><HLH<B:EMB>G>IKH?NG=:L<HGL><N>G<B:L@NBE>K:(EBGD R:JN> >GIKBF>KEN@:K 
BFIEB<: :LNFBK JN> E: :IKHIB:<B^G R E: @>LMB^G GH L> >C>K<> LH;K> K><NKLHL <HFH >G NG:
=>?BGB<B^G L>FWGMB<:F>GM> <>KK:=: =>E :@N:  LBGH LH;K> ><HLBLM>F:L  "G L>@NG=H EN@:K 
I:KMB>G=H => EH :GM>KBHK  BFIEB<: JN> I:K: IH=>K >C>K<>K NG: @>LMB^G => EHL ><HLBLM>F:L  L>
K>JNB>K>G><>L:KB:F>GM>=>NG:HK@:GBS:<B^GBGLMBMN<BHG:E=BKB@B=:A:<B:NG:@>LMB^GBGM>@K:=:
=>E M>KKBMHKBH  R GH => EHL K><NKLHL  =B<BHG:EF>GM>  >E <:LH =>E "<N:=HK IK>L>GM: NG:
I:KMB<NE:KB=:= >QMK:  IN>LMH JN> LN <HGLMBMN<B^G  =>M>KFBG: JN> >E :@N: >L NG =>K><AH
ANF:GH:KM[<NEH 

"GMK>EHL?NG=:F>GMHLM>^KB<HL=>E*N0&0"*>LMW>EFH=>EH=>?HG=H ?ENCH )::IEB<:<B^G=>E


*N0&0"*:E>LMN=BH=>E:@N: IHKM:GMH K>JN>KBKWM:F;BYGE:<HGM>QMN:EBS:<B^G=>EFH=>EH
?HG=H ?ENCH:LN>LMN=BH "E<:LH=>E:@N:>LI:KMB<NE:K IN>LMHJN>IN>=>L>K<HGLB=>K:=::E:
O>SNG?HG=HHNG?ENCH =>I>G=B>G=H=>E<HGM>QMHR=>E:>L<:E:=>E:GWEBLBL "LM::F;B@a>=:=
L>FWGMB<: I:K: =>?BGBK <NWG=H >L NG ?HG=H R <NWG=H >L NG ?ENCH  I>KFBM> >OB=>G<B:K E:
<HFI>M>G<B:>GMK>=HLLBLM>F:L -HK>C>FIEH >GMK>>ENLHBG=NLMKB:E=>E:@N:=>NGK[H>G>L>
<:LH :<MN:K[: <HFH ?ENCH  R >E FBLFH K[H  >GM>G=B=H <HFH ><HLBLM>F:  JN> K>JNB>K> =>E :@N:
I:K:F:GM>G>KLNB=>GMB=:=>G>L><:LH>E:@N::<MN:K[:<HFHNG?HG=H !>>LM:F:G>K: >E
:@N: L> <HGLB=>K:K[: NG ?ENCH <N:G=H >G LN NLH L> <HGLNF> E: IKHIB>=:= H <:K:<M>K[LMB<:
=>L>:=: <HFHIHK>C>FIEH LN<:I:<B=:==>>G?KB:K>GNGIKH<>LHBG=NLMKB:E@>G>K:EF>GM> >E
:@N:JN>L>BGOHEN<K:>G>EF>M:;HEBLFHLH<B:E>LNG?ENCH <HGIH<:L>Q<>I<BHG>L <HFHE:=>
K>L>KOHKBHL R E:@HL :KMB?B<B:E>L  -HK HMKH E:=H  >E :@N: L> MK:GL?HKF: >G NG ?HG=H : GBO>E
><HLBLMYFB<H R:JN>=>LN>QBLM>G<B:RF:GM>GBFB>GMH=>I>G=>KWJN>>E><HLBLM>F:IN>=: :LN
O>SF:GM>G>KL> >QIK>L:KLNL?NG<BHG>LRK>IKH=N<BKL>*:=KB=:I6A :$B:FIB>MKH:I6A 
  "G >E <:LH => >LM> MK:;:CH  L>K[: NG ?HG=H >E :@N: => EHL K[HL  KB:<AN>EHL R ANF>=:E>L
<HFH E:@NG:L  I:GM:GHL  H <BYG>@:L JN> L> >G<N>GMK:G >G E:L LN;<N>G<:L => EHL K[HL
1HF>;:F;: 6:GNG<:R 1:KJNBR*:<AWG@:K: 

"EFH=>EH?HG=H ?ENCHI>KFBM>OBLN:EBS:KEHLKHE>LGH>JNBO:E>GM>LJN><NFIE>>E:@N:M:GMH>G
>EF>M:;HEBLFHLH<B:E <HFH>G>EF>M:;HEBLFH><HE^@B<H :=B?>K>GM>L>L<:E:L ):B=>GMB=:==>
EHL?ENCHL=>I>G=>KW=BK><M:F>GM>=>LNNLH?BG:EIHK>C>FIEH<HFH:@N:IHM:;E> R<:=:NGH
=>>EEHLK>JN>KBKWJN>>E?HG=H=>EJN>IKHOB>G>GM>G@:=>M>KFBG:=:L<:K:<M>K[LMB<:L >L=><BK 

 
JN> L> >LM:;E><> NG: K>E:<B^G ?HG=H ?ENCH : GBO>E <N:EBM:MBOH  "LM: K>E:<B^G M:F;BYG M>G=KW
:LI><MHL<N:GMBM:MBOHL JN>L>KWGEHLO:EHK>L=>E:K:S^G?HG=H?ENCH*:=KB=:I6A : 

 .*'!!'<,"#*,8*'1'13*2'#1!*0"#*#2 -*'1+--!'*6!-*<%'!-"#*%3#,


3#,!

IEB<:K NG GWEBLBL *NEMB>L<:E:K =>E *>M:;HEBLFH 0H<B:E R "<HE^@B<H *N0&0"*  IHK
=>?BGB<B^G BFIEB<:NG:<HGM>QMN:EBS:<B^G:EEN@:KR:EHLH;C>MBOHL=>>L>>LMN=BH>LI><[?B<H -HK
EH JN> A:<>K NG *N0&0"* =>E :@N: >G N>G<: G><>L:KB:F>GM> BFIEB<: =BL>]:KEH I:K: E:
K>:EB=:==>>LM:<BN=:= 

 I>L:K =>JN>E:BG?HKF:<B^G =BLIHGB;E> I:K: >LM> MBIH =>MK:;:CH >L:;NG=:GM>  R=> ;N>G:
<:EB=:=  GH :;:K<: NG I>K[H=H M>FIHK:E :FIEBH  R GH :;:K<: : MH=H >E M>KKBMHKBH =>E <:GM^G
N>G<:  0> IN>=>  LBG >F;:K@H  >OBM:K JN> >LM:L EBFBM:<BHG>L >GMK>G >G <HG?EB<MH <HG E:
:IEB<:<B^G => NG *N0&0"* KH;NLMH  -:K: LNI>K:K E: IKBF>K: => >EE:L  LBFIE>F>GM> A>FHL
=><B=B=H>G?H<:K>E:GWEBLBL>G>E:]H=>EJN>IKHOB>G>E:F:RHKI:KM>=>E:BG?HKF:<B^G>E:]H
 ):L>@NG=:EBFBM:<B^G L>=:IHKJN>LHE:F>GM>L>MB>G>=BLIHGB;E>BG?HKF:<B^GLH;K>E:L
<HG<>LBHG>L=>:@N:=>E:<N>G<:=>EK[H-:NM> >L=><BK JN>GHL>MB>G>>LM:BG?HKF:<B^G=>E:
O>KMB>GM>I:<[?B<:=>EM>KKBMHKBH=> N>G<:>LMHLBG>F;:K@HGH>LNGIKH;E>F:L>KBH R:JN>>G
>LM:SHG:OBO>F>GHL=>E =>E:IH;E:<B^G=> N>G<:F>GHL=> I>KLHG:L M:GMHE:L
SHG:LNK;:G:L<HGLHEB=:=:LR>GIKH<>LH=><HGLHEB=:<B^G <HFHMH=:E::<MBOB=:=BG=NLMKB:E L>
>G<N>GMK:G >G E: <N>G<: =>E -:NM>  :L[ <HFH M:F;BYG E: IKBG<BI:E :<MBOB=:= ><HG^FB<: R
:@KHI><N:KB:  !> >LM: F:G>K:  >LM> >LMN=BH L> >G?H<: >G >E F>M:;HEBLFH =>E :@N: => N>G<:
I:K:>E:]H R>GE:<N>G<:=>EK[H-:NM> 

"ENLH=>E*N0&0"*:E>LMN=BH=>E:@N:>G N>G<: :IHKM:=BF>GLBHG>LJN>:GM>LGHA:;[:G


LB=H >LMN=B:=:L >G >LM: <BN=:=  H IHK EH F>GHL  GH <HGH<>FHL >LMN=BHL JN> E:L BG<ENR:G  "E
*N0&0"*BFIEB<:>LMN=B:K>EF>M:;HEBLFH=>E:@N:=> N>G<: K>;:L:G=HE:LOBLBHG>L=>E:
BG@>GB>K[:  E: ><HGHF[: H E: :KJNBM><MNK:   ): :IEB<:<B^G => >LM> FYMH=H  BFIEB<: I>GL:K >G
N>G<:RLNM>KKBMHKBH<HFHNGLBLM>F:LH<BH ><HE^@B<H 


*92-"-

):L IK>@NGM:L > ABI^M>LBL JN> A:G =:=H HKB@>G : >LM> MK:;:CH  G><>L:KB:F>GM> BFIEB<:G NG
>LMN=BH => I>K<>I<BHG>L  !> >LM: F:G>K:  >E :GWEBLBL <N:GMBM:MBOH =>E F>M:;HEBLFH  L> OBH
<HFIE>F>GM:=H<HGNG>LMN=BH<N:EBM:MBOH I:K:>EJN>L>:IEB<^>EFYMH=H. 

 
"EFYMH=H . >QIEHK: R>OB=>G<B:E:L<HGMK:=B<<BHG>LBGG:M:L:E:LN;C>MBOB=:=ANF:G:  0>A:
<HGLMBMNB=H>GNG:A>KK:FB>GM:=>:IHRHI:K:E:IE:GB?B<:<B^GM>KKBMHKB:E+BCGBD:I6A R
EHL>LMN=BHLKNK:E>L7H@K:?HL  #N>=BL>]:=HIHK4BEEB:F0M>IA>GLHG:IKBG<BIBHL=>EHL
:]HL   I:K: >LMN=B:K >LM:=[LMB<:F>GM> E: LN;C>MBOB=:= >G LNL =B?>K>GM>L ?HKF:L  R => NG:
F:G>K:>LMKN<MNK:=:KHPG  :KKRR-KHHIL  ):BFIHKM:G<B:=>>LM>FYMH=H
K:=B<:>GJN>I>KFBM>:G:EBS:K<N:GMBM:MBO:F>GM>BG?HKF:<B^G<N:EBM:MBO: 

"E H;C>MH => . LHG E:L <HGLMKN<<BHG>L LH<B:E>L :KKR R -KHHIL    "LM> FYMH=H MK:;:C: >G
;:L>::E>@:MHLH>GNG<B:=HLLM:M>F>GMLIE:GM>:=HLR=>?BGB=HLIHKE:LFBLF:LI>KLHG:LJN>
LHG LNC>MHL =>E >LMN=BH L>: : MK:OYL => >GMK>OBLM:L H IN;EB<:<BHG>L  : =B?>K>G<B: => NG:
>G<N>LM:  =HG=> E:L IK>@NGM:L LHG =BL>]:=:L R IE:GM>:=:L =BK><M:F>GM> IHK JNB>G A:<> E:
BGO>LMB@:<B^G,LL>L  1:EO>SNG:=>E:LIKBG<BI:E>L?HKM:E>S:L=>.>LJN><HKK>E:<BHG:R
?:<MHKBS::I>KLHG:LRLNLK>LIN>LM:L RGH:<N>LMBHG:KBHLKHPG +>;EH  "G.EHL
<N>LMBHG:KBHLLHG<:EB?B<:=HLIHKI>KLHG:L :=B?>K>G<B:=>EHLFYMH=HL;:L:=HL>GE:>LM:=[LMB<:
<HGO>G<BHG:EHFYMH=HL/ =HG=>E:LI>KLHG:LLHG<:EB?B<:=:LIHK<N>LMBHG:KBHLKHPG  
. >QMK:> E:L ?HKF:L => =BL<NKLH E:M>GM>L  R I>KFBM> >LM:;E><>K I:MKHG>L I>KLHG:E>L R
<HFI:KMB=HL  :L[ <HFH E: =BO>KLB=:= => CNB<BHLEHL FYMH=HL /  >G<:F;BH  >LMN=B:G I:MKHG>L
>GMK> @KNIHL => <:K:<M>K[LMB<:L I>KLHG:E>L <HFH >E @YG>KH  E: >=:= H E: <E:L> LH<B:E :KKR R
-KHHIL  

. HI>K: ;:CH >E LNIN>LMH => NG: =BO>KLB=:= ?BGBM:  R: JN> @>G>K:EF>GM> >QBLM> NG: <:GMB=:=
EBFBM:=: => I:MKHG>L HK=>G:=HL >G >E WF;BMH JN> L> >LMY >LMN=B:G=H  . :LNF> >LMH  R ;NL<:
K>O>E:KEHL=>NG:?HKF:>LMKN<MNK:=:>BGM>KIK>M:;E>:KKRR-KHHIL  !>>LM:F:G>K: E:
L>E><<B^G => EHL I:KMB<BI:GM>L >G NG >LMN=BH >L ?NG=:F>GM:E  IN>L LB YLMHL K>?E>C:G : E:
=BO>KLB=:==>:<MHK>L<E:O> I>KFBMBKWG=B;NC:KNG:BF:@>G<>K<:G::>L:=BO>KLB=:=?BGBM: "LM>
FYMH=H I>KFBM>B=>GMB?B<:K LB >QBLM>G I:MKHG>L<HFI:KMB=HL >GMK>BG=BOB=NHL :KKR R-KHHIL 
  ULMHL<:EB?B<:G NG: L>KB> => :E>@:MHL  R . ?HKF: @KNIHL H<H:EB<BHG>L >G?NG<B^G=>EHL
I:MKHG>L<HFNG>L>G<HGMK:=HL7H@K:?HL  

!>F:G>K:@>G>K:E >QBLM>G=HLMBIHL=B?>K>GM>L=>FN>LMK>HEHLJN>NL:GM:F:]HL=>FN>LMK:
IK>=>?BGB=HL  R EHL EE:F:=HL G:MNK:EBLM:L *<(>HPG R 1AHF:L   ,LL>L    )HL
FN>LMK>HLG:MNK:EBLM:LH;MB>G>GLN<HGCNGMH=>=:MHL:MK:OYL=>E:<HFNGB<:<B^G=BK><M:<HG
EHLI:KMB<BI:GM>L R:L>::MK:OYL=>?N>GM>LHK:E>L<HFH>GMK>OBLM:L HL>:=>?N>GM>L>L<KBM:L
=>>LM:F:G>K: >E<HGCNGMH=>:E>@:MHLH;M>GB=HL>LMW=BK><M:F>GM>K>E:<BHG:=H<HGE:LOBLBHG>L
IKHIB:L=>EHLI:KMB<BI:GM>L*<(>HPGR1AHF:L  

 
)::IEB<:<B^G=>.K>JNB>K>=>O:KB:L>M:I:LKHPG  :KKRR-KHHIL 7H@K:?HL 
,LL>L 

  -KBF>KH L> =>;> B=>GMB?B<:K E: M>FWMB<: : >LMN=B:K  :L[ <HFH EHL :<MHK>L <E:O> I:K:
A:<>KEH 

  )N>@H  L> K>:EBS: NG: L>KB> => >GMK>OBLM:L : NG: FN>LMK: => EHL :<MHK>L <E:O>
B=>GMB?B<:=HL  ):L >GMK>OBLM:L IN>=>G L>K <HFIE>F>GM:=:L IHK NG: K>OBLB^G =>
IN;EB<:<BHG>LK>E>O:GM>LI:K:>EM>F:=>>LMN=BH "EK>LNEM:=HL>KWNG<HGCNGMHBGB<B:E=>
:E>@:MHL.<HG<HNKL>H?LM:M>F>GML 

  "E <HGCNGMH BGB<B:E => :E>@:MHL =>;> L>K K>=N<B=H : NG G`F>KH F:G>C:;E> => YLMHL 
IKH=N<B>G=HE:EE:F:=:<HE><<B^G=>:E>@:MHL..L>MH?LM:M>F>GML 

  "E <HGCNGMH => :E>@:MHL . =>;> L>K <E:LB?B<:=H R O:EHK:=H IHK <:=: I:KMB<BI:GM>  "E
K>LNEM:=H LHG E:L <E:LB?B<:<BHG>L . . LHKM  <:=: <E:LB?B<:<B^G . K>IK>L>GM: : NG
I:KMB<BI:GM>>GI:KMB<NE:K

:  :=: :E>@:MH >L BFIK>LH >G NG: M:KC>M: R FHLMK:=H : <:=: NGH => EHL
I:KMB<BI:GM>L

;  :=: M:KC>M: >L<E:LB?B<:=:>G NGH =>MK>L@KNIHL =>:<N>K=H  >G =>L:<N>K=HH


BG=B?>K>GM>

:=:I:KMB<BI:GM><E:LB?B<::<:=::E>@:MH>GNG:>L<:E: JN>G><>L:KB:F>GM>=>;>BK=>EMHM:E
=>;>BK=>EMHM:E:<N>K=HIHK>C>FIEH
 A:LM:>EMHM:E=>L:<N>K=HIHK>C>FIEH  -:K:
 -:K:A:<>KEH =>;>N;B<:K<:=:M:KC>M:>GNG:F:MKBS >GE:JN>E:<:GMB=:==><>E=:LL>:
<>E=:LL>:>Q:<M:F>GM>B@N:E:E:<:GMB=:==>:E>@:MHLR<HGL><N>GM>F>GM>=>M:KC>M:L ):L
M:KC>M:L ):L<HENFG:L=>=B<A:F:MKBSK>IK>L>GM:G>E@K:=H=>:<>IM:<B^GH=>K><A:SH L>@`G
K><A:SH L>@`GE:>L<:E:NL:=:IHK>C>FIEH =>
:  ):L?BE:L>G<:F;BH GHLB@GB?B<:G
LB@GB?B<:GGBG@NG:>L<:E: GBC>K:KJN[:

 

<  #B@NK:  

 

><JG6 ?:BEAD9:JC6B6IG>O+E6G68A6H>;>86G6A:<6IDH JH6C9DJC6:H86A69:K6ADG68>TC9:
6

          

      

      

      

      

      


  "E:GWEBLBL>LM:=[LMB<HL>A:<>>G<N:MKH>M:I:L

:  -KBF>KH L>:IEB<:NG:<HKK>E:<B^G:MH=HLEHL<N>LMBHG:KBHL 

;  )N>@H L> K>:EBS: NG :GWEBLBL => MBIH ?:<MHKB:E  ;B>G L>: NG GWEBLBL =>
HFIHG>GM>L -KBG<BI:E>L  H ;B>G L>: NG GWEBLBL #:<MHKB:E => >GMKHB=>L  2G
:GWEBLBL ?:<MHKB:E ;NL<: <E:LB?B<:K O:KB:;E>L  >G >LM> <:LH E:L O:KB:;E>L LHG E:L
<E:LB?B<:<BHG>L .  => A><AH  L> IH=K[: =><BK JN> >G >E FYMH=H . >E :GWEBLBL
?:<MHKB:E>LNG:?HKF:=>=>M>KFBG:K<^FHNG:I>KLHG:L><E:LB?B<::L[FBLF:
KHPG  

<  )HL ?:<MHK>L K>LNEM:GM>L =>;>G L>K KHM:=HL :EK>=>=HK =>E INGMH  => NG IE:GH
<:KM>LB:GH  ;NL<:G=H >OB=>G<B:K E:L <HKK>E:<BHG>L >GMK> EHL ?:<MHK>L  "LMH L>
IN>=> A:<>K <HG NG: KHM:<B^G :NMHFWMB<: => MBIH 3:KBF:Q  <HG NG: KHM:<B^G
F:GN:E H<HGE:L=HL0<AFHE<D : 

=  #BG:EF>GM> L>:IEB<:>E:GWEBLBL.IKHIB:F>GM>=B<AH "EK>LNEM:=H>LNG:L>KB>


=>?:<MHK>L =HG=><:=:?:<MHK>L>JNBO:E>GM>:NG=BL<NKLH 

  #BG:EF>GM> EHLK>LNEM:=HLLHGBGM>KIK>M:=HL REHL=BL<NKLHLLHGO>K;:EBS:=HL>G?NG<B^G


=>EHL:E>@:MHLJN>EHL<:K:<M>KBS:G :L[<HFH =>E:LHIBGBHG>L=>EHLI:KMB<BI:GM>LRE:L
>GMK>OBLM:LK>:EBS:=:L 

 
  .*'!!'<, "#* +92-"-  .0 #* #123"'- "# *-1 "'1!301-1 1- 0# * ,230*#7 #*
2#00'2-0'-6#*+#2 -*'1+-1-!'*#,3#,!

):L<BK<NGLM:G<B:L=>MB>FIH=>EHL:<MHK>LI:K:>LM>>LMN=BH H;EB@:KHG:A:<>KNG::=:IM:<B^G
=>E FYMH=H .  F:GM>GB>G=H LN ?HKM:E>S: >LM:=[LMB<:  I>KH ?E>QB;BEBS:G=H LN :IEB<:<B^G  "LM>
>LMN=BH:IEB<^NGFN>LMK>H=>MBIHG:MNK:EBLM: 

)HL:<MHK>L?N>KHGL>E><<BHG:=HL I:K: >LM>>LMN=BH :I:KMBK=> NGF:I: => :<MHK>LIKH=N<B=H


IHK E:&ENLMK> *NGB<BI:EB=:==> N>G<:  -:K: E:H;M>G<B^G =>E <HGCNGMH BGB<B:E => :E>@:MHL L>
<HF;BG^ >GMK>OBLM:L L>FB>LMKN<MNK:=:L : IKH?NG=B=:=  <HG NG: K>OBLB^G => IN;EB<:<BHG>L
H?B<B:E>L R => IK>GL:  ): >GMK>OBLM: <HGLM:;: =>  IK>@NGM:L  E:L FBLF:L JN> BG=:@:;:G >G
<^FHEHL:<MHK>L>GMB>G=>G:E:G:MNK:E>S: >EM>KKBMHKBH EHNK;:GH EHKNK:ERLNLK>E:<BHG>L 0B>M>
:<MHK>L<E:O>?N>KHG>GMK>OBLM:=HL <N:MKHI>KM>G><B>GM>L:EL><MHKNK;:GHRMK>L:EL><MHKKNK:E
=B<AHL:<MHK>LK>IK>L>GM:;:G:E:L<HFNGB=:=>LKNK:E>L :EL><MHKI`;EB<HG:<BHG:E FNGB<BI:ER
I:KKHJNB:E :E::<:=>FB:R:EL><MHKIKBO:=H  HG>LMH L><N;KB^>E:;:GB<H=>BGLMBMN<BHG>LJN>
MB>G>G K>E:<B^G =BK><M: <HG E: IE:GB?B<:<B^G M>KKBMHKB:E  GH L^EH => :<N>K=H :E F:I: => :<MHK>L
NMBEBS:=H  LBGH M:F;BYG L>@`G E: HGLMBMN<B^G =>E "<N:=HK   ):L >GMK>OBLM:L ?N>KHG
<HFIE>F>GM:=:L IHK NG: K>OBLB^G => H<AH F>L>L => IN;EB<:<BHG>L H?B<B:E>L  :L[ <HFH => E:
IK>GL: <N>G<:G: =>L=> >G>KH A:LM: :@HLMH =>   !> >LM: F:G>K:  LNLM>GMWG=HL> >G >E
LNIN>LMH=>E:=BO>KLB=:=?BGBM: L>H;MNOH>E<HGCNGMHBGB<B:E=>:E>@:MHL 

"E HGCNGMH&GB<B:E=>E>@:MHL?N>=>INK:=H:MK:OYL=>NGIKH<>LHLBLM>FWMB<H=>>EBFBG:<B^G
=>EHLB@N:E>L R=><HG?KHGM:<B^G=>EHLHIN>LMHLI:K:<:=:M>F: ,;M>GB>G=H =>>LM:F:G>K: 
E: HE><<B^G=>E>@:MHL E:FBLF:JN>>LM:;:?HKF:=:IHK:E>@:MHL ULM:?N>HK@:GBS:=:>G
HK=>G :E?:;YMB<H  >G NG: F:MKBS MBIH )BD>KM +>;EH   4:K=    NL:G=H NG: >L<:E: =>
O:EHK:<B^G =>  GBO>E>L =>L=>  =>L:<N>K=H <HFIE>MH A:LM:
 :<N>K=H <HFIE>MH  >
BG<ENR>G=H :E  BG=B?>K>GM>  #BG:EF>GM>  >E <HGCNGMH BGB<B:E => :E>@:MHL ?N> IK>L>GM:=H : EHL
:<MHK>L<E:O>L>E><<BHG:=HLI:K:LN<E:LB?B<:<B^G1:;E:  

0>=>?BGB^=HLIKH<>LHLI:K:E::IEB<:<B^GJN>EHL:<MHK>L<E:O><E:LB?BJN>G>E<HGCNGMHBGB<B:E=>
:E>@:MHL

  MK:OYL=>M:KC>M:L<HGEHL:E>@:MHL 0>IB=B^:JNB>GK>:EBS:;:E:<E:LB?B<:<B^G.JN>E>:
RJN>HK@:GB<>EHL:E>@:MHL>GMK>L@KNIHLNGHI:K:EHL:E>@:MHL<HGEHLJN>>LM:;:=>
:<N>K=H HMKHI:K:EHLJN>E>>K:GBG=B?>K>GM>L RHMKHI:K:EHLJN>>LM:;:>G=>L:<N>K=H 
)N>@H <:=::E>@:MH?N>GN>O:F>GM>K>OBL:=H RO:EHK:=HNL:G=HE:F:MKBS)BD>KM 

 
  0>>GMK>@^E:F:MKBS)BD>KMRL>IB=B^JN><:=::?BKF:<B^GL>:E>[=: &GF>=B:M:F>GM> L>
IB=B^JN> <:=: :?BKF:<B^GL>: <:EB?B<:=: >G E: FBLF: F:MKBS  "LM: `EMBF:>LMK:M>@B:L>
:IEB<^ => F:G>K: BG=BOB=N:E : JNB>G>L M>G[:G EBFBM:<BHG>L => MB>FIH  R => F:G>K:
@KNI:E>GM:EE>K>LNG:F:MKBSI:K:<:=:I:KMB<BI:GM> 


.67A6 8IDG:H8A6K:FJ:G:6A>O6GDCA68A6H>;>868>TC+

&1/?:=#K.75/: &1/?:=/-0G85/: &1/?:=#=5A-0:

7/-70G-01@19/- %1/?:=-0:017-(95A1=>50-001@19/- #=1>5019/5- 01 7- E8-=- 01


:81=/5:01@19/-

)5/1-7/-70G-01@19/- %1/?:=-0:017-(95A1=>50-0017D@-C :9>@7?:=--8.519?-7;=5A-0-

:9>:=/5: 01 @9?-> #-==:<@5-71> 01 -/@7?-0 01 519/5- C '1/9:7:3G- 01 7- 
@19/- (95A1=>50-0017D@-C

(9-:9/16-7G- >/@17- 01 5:7:3G- /:7:3G- C 1>?5I9 01 7- 


(95A1=>50-0017D@-C

@9?-> ;-==:<@5-71> =@=-71>  01 @19/-  


 01 

&@.>1/=1?-=G-=135:9-701&!#&  
@>?=:

&@.>1/=1?-=G- =135:9-7 017 595>?1=5: 017  


8.519?1 

1=19/5-01'#  

&@.31=19/5- 01 1>?5I9 8.519?-7 01  


'#

1=19/5- 01 7- :=;:=-/5I9 #-=<@1  


!-/5:9-7-6->

"E:;HK:<B^GIKHIB:


0>H;MNOH<E:LB?B<:<BHG>L.KNK:E>LRNK;:G:L <N:MKH=>>EE:L?N>KHG=>L><A:=:LIHK
BG<HGLBLM>G<B:L ):1:;E: FN>LMK:NG:I:KM>=>E:F:MKBS)BD>KMNL:=: 0>NMBEBS^>EIKH@K:F:
-.*>MAH=0<AFHE<D ;I:K:>EIKH<>L:FB>GMH>LM:=[LMB<H=>EHL=:MHL !:=HJN>YLMHLGH
K>LIHG=[:G:NG:=BLMKB;N<B^GGHKF:EH=>$:NLL L>:IEB<^NG:GWEBLBL?:<MHKB:E=><>GMKHB=>L
KHPG   "EK>LNEM:=H=>EGWEBLBL#:<MHKB:E=> >GMKHB=>L IK>OBH:E:KHM:<B^G=>EHL

 
=:MHL :LB@G::<:=:<E:LB?B<:<B^G.NGO:EHK=><:K@:?:<MHKB:E R:=>FWLE:L:@KNI:>G?:<MHK>L 
"E IKH@K:F: -.*>MAH=  K>JNB>K> NG: L>E><<B^G F:GN:E => E:L <E:LB?B<:<BHG>L .
>LM:=[LMB<:F>GM> K>E>O:GM>L  E:L FBLF:L JN> L>KWG E:L JN> M>G@:G NG O:EHK => <:K@: ?:<MHKB:E
B@N:EHF:RHK:NGO:EHK=>?BGB=H<HFH"LM:=[LMB<:F>GM>0B@GB?B<:MBOH0- -:K:<:E<NE:KEHL>
:IEB<: E: LB@NB>GM> ?^KFNE: 3"0 =HG=>  >L >E >KKHK >LMWG=:K 7H@K:?HL  

,LL>L  "E>KKHK>LMWG=:KL><:E<NE::IEB<:G=HE:?^KFNE: =HG=>C>L>EG`F>KH

MHM:E=>:E>@:MHL "G>LM><:LH>E3"0?N>=> 

 

3"0 

-HLM>KBHKF>GM>  L> K>:EBS^ NG: KHM:<B^G :NMHFWMB<: => EHL K>LNEM:=HL => MBIH 3:KBF:Q  R >G
L>@NB=:NG:KHM:<B^GF:GN:E -HK`EMBFH L>>C><NM^>E:GWEBLBL. 

"E NLH=>E FYMH=H .  :IEB<:=H :E >LMN=BH => N>G<:  I>KFBMB^ BGM>@K:K E:L I>K<>I<BHG>L R E:L
<HGMK:=B<<BHG>L=>:<MHK>L JN>=>HMK:F:G>K: <HG<N:EJNB>KHMKHFYMH=HL>A:;K[:GI>K=B=H 
)HL FYMH=HL JN> @:K:GMBS:;:G GH I>K=>K >L:L LN;C>MBOB=:=>L  >K:G BG<HFI:MB;E>L <HG EHL
MB>FIHL=>EHL:<MHK>L FB>GMK:LJN><HGEHLFYMH=HLJN>LBI>KFBM[:GE:I:KMB<BI:<B^G=>=B<AHL
:<MHK>L  L> I>K=[:G LNL <HGMK:=B<<BHG>L R LN;C>MBOB=:=>L  "E FYMH=H .  @:K:GMBS^ KB@NKHLB=:= 
<:EB=:=  R I>KFBMB^ K>O>E:K =BF>GLBHG>L JN> GH IH=K[:G A:;>K LB=H K>O>E:=:L >G HMK:L
<BK<NGLM:G<B:L 


AMMIL<AFHE<D NL>KP>; FPG =>JF>MAH=-.*>MAH=

)HL:GWEBLBL?:<MHKB:E>LK>JNB>K>GJN> EN>@H=>H;M>G>KEHL?:<MHK>L =B<AHL?:<MHK>LL>:GKHM:=HL "LM:LKHM:<BHG>L

IN>=>GA:<>KL>=>?HKF:LN;C>MBO:R@KW?B<: H=>?HKF::G:E[MB<:R:NMHFWMB<: ):LKHM:<BHG>L:G:E[MB<:LR:NMHFWMB<:L


FWL <HFNG>L NL:=:L >G . LHG E: JN:KMBF:Q R E: O:KBF:Q  LB>G=H >LM: `EMBF: E: FWL NL:=:  ): KHM:<B^G O:KBF:Q
F:QBLBF:E:LO:KB:GS:L=>E:L<:K@:L?:<MHKB:E>L(:BL>K KHPG !B>G 

 


.67A6  G6<B:CID9:A6B6IG>O&>@:GIJI>A>O696


&'"+!"!'% & #'""&'"+
!%!' (%"
'"

             

-0--/?@-/5I94@8-9-01.1-21/?-=7:819:>;:>5.71-           
7-.5:05A1=>50-0

:9>1=A-=7-.5:05A1=>50-01>/:9>1=A-=9@1>?=-A50-1>           
/:9>1=A-=171<@575.=5:

@-90:7-9-?@=-71D->18@1A1;@101>1=01A->?-0:=-           

7/5@0-0-9:@=.-9:-;=1/5-8@C;:/:-7-9-?@=-71D-C           
?5191;:/:59?1=F>;:=7->01/5>5:91>>:.=1>@8-916:9:
4-C@959?1=F>58;75/-?5A:

71>;-/5:@=.-9:1>171>;-/5:/:9>?=@50:/:9@9>19?50:           
01/:9?59@50-019?=17->A5A5190->C4-.5?-/5:91>-7.1=3-
3=-901>/-9?50-01>01;1=>:9-><@1=1<@51=19>1=A5/5:>

72@?@=:1>;=1:/@;-9?1;:=<@1>14-/1/->::85>:01           
7->=1/:8190-/5:91><@17:>?F/95/:>A519190-90:;:=
1>:1>?-8:>>59?5190:7:>58;-/?:>;:=1618;7:017
/-719?-8519?:37:.-7

72@?@=:1>;=1:/@;-9?1;:=<@17:>;=:C1/?:>91/1>-=5:>           
;-=-7-A50-/:8:7:>8591=:>;@1019?191=-21/?-/5:91>
;-=-7-/-750-001A50-7->-7@0017->;1=>:9->C
-8.519?-71><@13191=-98@/4:?18:=

7;-5>-611>059E85/:/-8.5-1917?518;:C1>?E           
/:9>?5?@50:;:=171819?:>4@8-9:>@=.-9:>C=@=-71>C
9-?@=-71>

7;-5>-611>@9;=:0@/?:0178-916:017?1==5?:=5:0:90117           
>1=4@8-9:;@1015927@5=C1>;1=/5.50:012:=8->
0521=19?1>

 


,;H?@7: $&($**!# %+M


%&#+$ && #

HFHR:?N>=BL<NMB=H:GM>KBHKF>GM> E:LIHE[MB<:LJN>K>@NE:GE:=BGWFB<:=>NGLBLM>F:LH<B:E 
L>LHLMB>G>G>G<^FH>L>LBLM>F:L>A:IKH;E>F:MBS:=H:L[FBLFH R>GE:F:G>K:>GJN>A:
IKH;E>F:MBS:=H :E LBLM>F: ><HE^@B<H JN> EH <HGMB>G>  "G >E <:LH I:KMB<NE:K =>E "<N:=HK  E:
BG<ENLB^G>GLN<HGLMBMN<B^G=>E:OBLB^G:G=BG:=>E-JB6@%6LH6N LB@GB?B<: IHKNGE:=H JN>LN
LBLM>F: LH<BH ><HE^@B<H =>;> L>K IKH;E>F:MBS:=H >G ?NG<B^G => >LM: <HLFHOBLB^G  R IHK HMKH
E:=H JN>>E0NF:D(:PL:RL>MK:GL?HKF:>GNG:IHE[MB<:=>>LM:=HK>@NE:=HK:=>E:=BGWFB<:
LH<BH ><HE^@B<:=>>LM>I:[L 

"E0NF:D(:PL:R>LNGI:K:=B@F:FNRIKH?NG=H LBG>F;:K@H >LM:F;BYGNG:B=>::;B>KM: 


<HG F`EMBIE>L I>K<>I<BHG>L >G<HGLM:GM> F:=NK:<B^G  R :O><>L <HGMK:=B<MHKB:L   IHK >C>FIEH 
A:RJNB>G>LEH<HG<B;>G<HFHNG:?HKF:=>=>L:KKHEEHLNLM>GM:;E> FB>GMK:LJN>M:F;BYGA:R
JNB>G>L LHLMB>G>G JN> >L NG: :EM>KG:MBO: =B?>K>GM> :E =>L:KKHEEH LNLM>GM:;E>  R IHK M:GMH  :E
=>L:KKHEEH  "G >L> <HGM>QMH  :E L>K NG <HG<>IMH >MYK>H  L> ON>EO> >QMK>F:=:F>GM> =B?[<BE >E
=BL>]H=>IHE[MB<:LJN>L>>GF:KJN>G>E0NF:D(:PL:R 

-HK HMKH E:=H  >LM: <HG<>I<B^G :G=BG: ?N> BG<ENB=: >G E: <HGLMBMN<B^G LBG NG =>;:M> LH<B:E
IKH?NG=H JN>I>KFBM:JN>E:LH<B>=:=><N:MHKB:G:L>IHG@:=>:<N>K=H>GJNY>GMB>G=>IHK
0NF:D(:PL:R 0NLB@GB?B<:=H>LMW<E:KHI:K:EHLIN>;EHL:G=BGHLHKB@BG:KBHL LBG>F;:K@H >E
LBLM>F:LH<BH ><HE^@B<H><N:MHKB:GHL><:K:<M>KBS:IHKLN:EM:=BO>KLB=:= M:GMH:GBO>E<NEMNK:E 
<HFH : GBO>E ><HLBLMYFB<H  IHK EH JN> >L ?NG=:F>GM:E NG =BWEH@H BGM>K<NEMNK:E :FIEBH I:K:
IHG>KL>=>:<N>K=H 

"LM>MK:;:CH<HGMK:LM:<B>KMHLIKBG<BIBHL=>E0NF:D(:PL:R <HGLB=>K:=HL<HFH?NG=:F>GM:E>L
IHKEHL:NMHK>LK>OBL:=HL <HGEHL=BL<NKLHL>G<HGMK:=HL>G>EM>KKBMHKBH=>E<:GM^G N>G<:LH;K>
E:G:MNK:E>S: >EM>KKBMHKBH >EI:BL:C> E:;BH=BO>KLB=:= EHNK;:GHRLNLK>E:<BHG>L REHKNK:ERLNL
K>E:<BHG>L

  "E0NF:D(:PL:RMB>G>NG:OBLB^GLBLMYFB<:R><H<YGMKB<: >L=><BK JN>LB@GB?B<:NG


I:K:=B@F:NGB?B<:=HK JN>GH>LMWK>@B=HIHKE:=B<HMHF[:LH<B>=:= G:MNK:E>S: 

 
  "E0NF:D(:PL:R >G>E<HGM>QMH=>LNIKHIB:G:KK:MBO: :LNF>NG:C>K:KJN[:=>EHL
LBLM>F:LE:I>KLHG: E:?:FBEB: E:<HFNGB=:= RE:-:<A:*:F:(HPBB  
  ): K>:EBS:<B^G  E: OB=: =B@G: R IE>G: => E: I>KLHG: L> LHLMB>G> >G E: :KFHG[:  R
=>I>G=>=>JN>>LMY>G:KFHG[:<HGLB@HFBLF: <HGLN?:FBEB:RLN<HFNGB=:=LN
LBLM>F: LH<B:E  R <HG E: -:<A: *:F: LN LBLM>F: ><HE^@B<H (HPBB    "LM>
>E>F>GMH>LBFIHLB;E>LBG>EMK:;:CH E:<K>:MBOB=:=>BGGHO:<B^G RLBGE:I:KMB<BI:<B^G
:<MBO:>GE:OB=:=>E:<HFNGB=:= 
  ):LNLM>GM:;BEB=:=><HE^@B<:>LMWBFIE[<BM:>G>E0NF:D(:PL:R LBG>F;:K@H GH>L
LN H;C>MBOH  >L NG IK>KK>JNBLBMH I:K: EH@K:KEH %>KGWG=>S   /H: O>G=:]H 
 

-:K: K>:EBS:K >LM> >LMN=BH L> :IEB<^ NG: FH=B?B<:<B^G =>E FYMH=H . I:K: >E >LMN=BH => E:
LN;C>MBOB=:=L><<BHG>L  R   !B<AHFYMH=HI>KFBMB^E:B=>GMB?B<:<B^G=>EHL=BL<NKLHL
LH<B:E>LJN>L>F:G>C:G>GMK>E:LBGLMBMN<BHG>LK>E>O:GM>LI:K:E:IE:GB?B<:<B^GM>KKBMHKB:E "LM:L
BGLMBMN<BHG>L?N>KHGL>E><<BHG:=:L>G?NG<B^G=>E: HGLMBMN<B^G=>E"<N:=HK R=>EHL:<MHK>L
<HGEHLJN>MK:;:C:E:&ENLMK>*NGB<BI:EB=:==> N>G<: 

  $#$&% $!ME%  "&

HFHL>=>M:EE:>GE:LL><<BHG>L  R   >EFYMH=H.>LNG:A>KK:FB>GM:I:K:>LMN=B:KE:


LN;C>MBOB=:= ANF:G:  2G: => LNL <:K:<M>K[LMB<:L >L JN> I>KFBM> :G:EBS:K <N:GMBM:MBO:F>GM>
BG?HKF:<B^G <N:EBM:MBO:  "LM> FYMH=H HK@:GBS: NG: L>KB> => :E>@:MHL HI6I:B:CIH  >G =BLMBGMHL
@KNIHL  :=:@KNIH>LNG?:<MHK R<:=:?:<MHKL><HGLHEB=:IHLM>KBHKF>GM><HFHNG=BL<NKLH
LH<B:E -:K:A:<>KEHNMBEBS::GWEBLBL>LM:=[LMB<HL?:<MHKB:E>L >G>LM><:LHNG:GWEBLBL=><>GMKHB=>L 
)HLK>LNEM:=HLLHGHK@:GBS:=HL>GEHL?:<MHK>LR:F>G<BHG:=HL =B<BHG:EF>GM> >E:GWEBLBL.
B=>GMB?B<:EHL:E>@:MHLJN>=>?BG>G:<:=:?:<MHK :L[<HFHEHL:E>@:MHLJN><:=:?:<MHKK><A:S: 
=>>LM:F:G>K: L>=>?BG>GE:L<:K:<M>K[LMB<:L>LI><[?B<:L=><:=:=BL<NKLH 

"G >LM> >LMN=BH L> H;MNOH <N:MKH ?:<MHK>L  >L =><BK  JN> >QBLMBK[:G <N:MKH =BL<NKLHL =BLMBGMHL 
:=: NGH => EHL ?:<MHK>L K>LNEM:GM>L ?N> <HGLB=>K:=H <HFH NG =BL<NKLH BG=>I>G=B>GM>  )HL
<N:MKH =BL<NKLHL ?N>KHG <:K:<M>KBS:=HL  LBFIE>F>GM> I:K: IH=>K =BLMBG@NBKEHL  <HFH
HGL>KO:<BHGBLM: 1><GH<KWMB<H !>L:KKHEEBLM:R0BLMYFB<H 

):G:KK:MBO:=><:=:=BL<NKLH?N><HGLMKNB=:>G?NG<B^GM:GMH=>EHL:E>@:MHLJN>EHL=>?BG>G 
<HFH=>EHL:E>@:MHLJN>K><A:S:G "LMH?N><HFIE>F>GM:=H IHKE:L>GMK>OBLM:LK>:EBS:=:LI:K:
H;M>G>K >E <HGCNGMH BGB<B:E => :E>@:MHL .  IHK E:L K>:EBS:=:L =NK:GM> E: :IEB<:<B^G => E:L

 
<E:LB?B<:<BHG>L . IHK <:=: I:KMB<BI:GM>  R IHK EHL K>LNEM:=HL => E: K>OBLB^G => E: IK>GL: R
<HFNGB<:<BHG>LH?B<B:E>L 

!B<AHL =BL<NKLHL >LMWG <E:K:F>GM> B=>GMB?B<:=HL M:GMH IHK EHL :E>@:MHL JN> EHL =>?BG>G  <HFH
IHKEHLJN>K><A:S:G -HKHMKHE:=H >E:GWEBLBL.<:E<NE:E:<HKK>E:<B^GJN>>QBLM>>GMK>?:<MHK>L 
>E O:EHK H;M>GB=H BG=B<: >E @K:=H => :?BGB=:= H =B?>K>G<B:<B^G JN> >QBLM> >GMK> >EEHL KHPG 
  "G >LM> <:LH  E: <HKK>E:<B^G H;M>GB=: >GMK> EHL ?:<MHK>L ?N> G>@:MBO:  EH JN> FN>LMK:
<E:K:F>GM>JN>LHG=BLMBGMHL 0>>G<HGMK^NG:<HKK>E:<B^GIHLBMBO:>GMK>EHL?:<MHK>LR  
LBG >F;:K@H  YLM: >L F>GHK JN> >E O:EHK <:E<NE:=H <HFH >LM:=[LMB<:F>GM> LB@GB?B<:MBOH  
L><<BHG>L  R   EHJN>LB@GB?B<:JN>>LMHL?:<MHK>LLBLHG=B?>K>GM>L 

.67A6 DGG:A68>TC:CIG:ADHK6ADG:H9:8696;68IDG
,.?:= 
  

       


       

       

       

:=:?:<MHKMB>G>NG:<:GMB=:==>M>KFBG:=:=><E:LB?B<:<BHG>L.JN>EH=>?BG>G >L?NG=:F>GM:E
L>]:E:K JN> <:=: NG: => >EE:L K>IK>L>GM: : NG: I>KLHG:  L> K>JNB>K> NG F[GBFH => <BG<H
<E:LB?B<:<BHG>L.I:K:<HGLMBMNBKNG?:<MHK -HKHMKHE:=H E:<HG?B:;BEB=:=<HFIN>LM:K>IK>L>GM:
NG [G=B<> JN> BG=B<: E: <HG?B:GS: JN> L> IN>=> =:K : NG ?:<MHK  NG O:EHK =>   >L EH
LN?B<B>GM>F>GM>:EMHI:K:@:K:GMBS:KE:LNO:EHK>LMW=>M>KFBG:=HIHKE:<:GMB=:==>I>KLHG:L
JN> >LMWG =>GMKH => NG ?:<MHK  NGH JN> M>G@: <BG<H I>KLHG:L :KKHC:KW NG O:EHK =>   !N
-E>LLBL    -HK HMKH E:=H  MH=HL EHL ?:<MHK>L IHL>>G NG: <:GMB=:= LBFBE:K => :E>@:MHL
=>?BGBMHKBHL JN>LHGEHLJN>=BLMBG@N>GLNE:GHDC6A>969 EHJN>BG=B<:JN><:=:NGH=>>EEHLMB>G>
LNL<:K:<M>K[LMB<:L;B>G=>?BGB=:L )HL:E>@:MHL=>?BGBMHKBHLLHGEHLJN>I>KFBM>G>LMKN<MNK:KEHL
=BL<NKLHLK>LNEM:GM>L "EIKHF>=BH=>E<H>?B<B>GM>=><HG?B:;BEB=:=L>F:GMB>G>>G I:K:MH=HL
EHL?:<MHK>L JN>>L>E>LMWG=:K:<>IM:=HI:K:.KHPG 1:;E:  



 

.67A6 6G68I:GRHI>86H9:8696;68IDG
-=-/?1=H>?5/->017:>-/?:=1> -/?:=  -/?:=  -/?:= -/?:=

-9?50-001A-=5-.71>012595?:=5-> 
  

-9?50-001-713-?:>012595?:=5:>
   

#=:8105: 017 /:125/519?1 01 /:925-.5750-0














>1//5:91>  C  
:925-.5750-0 /:8;@1>?- >1//5:91>   C
 



 
==:=1>?E90-=017:>A-7:=1>01/-0-2-/?:=
 
 


 

!>>LM:F:G>K: I:K:<:=::E>@:MHL><:E<NE:GMK>LO:EHK>L>G<:=:NGH=>EHL?:<MHK>L >L=><BK 


JN>>GNG>LMN=BH<HG<N:MKH?:<MHK>L <:=::E>@:MHM>G=K[:=H<>O:EHK>L=BLMBGMHL

 0NO:EHK:<B^G JN>>LMW>GE:FBLF:>L<:E:JN>?N>NMBEBS:=:I:K:E:L<E:LB?B<:<BHG>L. 
>G>LM><:LH=> :

 "E<H>?B<B>GM> 3 JN>BG=B<:>E@K:=H=>:<>IM:<B^GNGO:EHKFWL:EMHH=>K><A:SH
NGO:EHKFWL;:CH
 "EI>LH JN>BG=B<:E:BFIHKM:G<B:=>NG:E>@:MH>G>E<HGM>QMH=>NG?:<MHK 2GO:EHK
FWL ;:CH BG=B<: NG: F:RHK BFIHKM:G<B:  R NG O:EHK FWL :EMH BG=B<: NG: F>GHK
BFIHKM:G<B: 

):1:;E: FN>LMK:E:O:EHK:<B^G >E<H>?B<B>GM>7R>EI>LH=>EHLLB>M>IKBG<BI:E>L:E>@:MHLJN>


=BLMBG@N>G:<:=:NGH=>EHL?:<MHK>L 

 


.67A6 ?:BEADH9:ADHK6ADG:HD7I:C>9DHE6G6H>:I:6A:<6IDH9:;>C>IDG>DH
'"%

    

  , )-7:=-/5J9 #1>: , )-7:=-/5J9 #1>: , )-7:=-/5J9 #1>: , )-7:=-/5J9 #1>:

*               

!                

- .5:05A1=>50-0 1> @9 =1/@=>: 1>?=-?F35/: ;-=- >-?5>2-/1= 7-> 91/1>50-01> 4@8-9-> C
 
     
   
    
   
3-=-9?5D-=9@1>?=->@;1=A5A19/5-

-59/:9/519/5-017>1=4@8-9:1>7-/-@>-9?1017-01>?=@//5I9017:>;E=-8:>C017:>
 
     
   
      
    
:?=:>1/:>5>?18->

-9-?@=-71D-1>@9>5>?18-C;:=7:?-9?:?:0:>>@>171819?:>1>?E959?1==17-/5:9-0:>
/-0->1=A5A:/@8;71@9-2@9/5I9;:=7:<@1>@/:9>1=A-/5I91>8@C58;:=?-9?1-@9<@1 
   

       
  
9:/:9:D/-8:>>@>2@9/5:91>C9:9:>3@>?19/51=?->1>;1/51>

72@?@=:1>0@=:>:.=1?:0:;-=-7:>6IA191><@1?519198E>0525/@7?-01>;-=--//101=-
 
  
    
 
 
      
7-10@/-/5I9-7?=-.-6:1B5>?18@/4-591<@50-0C1>:3191=-?19>5:91>159?:71=-9/5-

-319?1=@=-74-1>?-0:8-=359-0-01701>-==:77:;:=<@19:4-?1950:7-/-;-/50-001
 
        
   

    
-=?5/@7-=7->501-><@1=1>@17A-9>@>;=:;5:>;=:.718->159/505=197->;:7G?5/->;J.75/->

7 ?1==5?:=5: /:8;=1901 @9- >1=51 01 171819?:> @9- /:9/1;/5I9 2G>5/- /:9 >@> 7G85?1>
@9- /:9/1;/5I9 58-359-=5- C 17 >19?50: 01 ;1=?1919/5- <@1 7- 319?1 =@=-7 ?5191 /:9 >@ 
         
 
      
?51==-

:@=.-9:1>0:9017-319?1>1=1J91;-=-A5A5=;-=->-?5>2-/1=>@>91/1>50-01>;-=-
    
 
 
    
     
:=3-95D-=>1;-=-?=-.-6-=C0:9017:>171819?:>9-?@=-71>05>859@C198@/4G>58:

 

&%#  $&#$ $ $ #  %&#+  %##% #  * 
% $ $ 

:=: NGH => EHL <N:MKH =BL<NKLHL IHL>> <:K:<M>K[LMB<:L IKHIB:L <E:K:F>GM> =>?BGB=:L  LBG
>F;:K@H M:F;BYGIHL>>G<HG?EN>G<B:LR=BO>K@>G<B:L ):?HKF:>GE:JN>IKH;E>F:MBS:G:EHL
>E>F>GMHL>LMN=B:=HLK>?E>C:E:F:G>K:>GE:JN>I>K<B;>G:>LM:L>GMB=:=>L "L?NG=:F>GM:E
A:<>K YG?:LBL >G JN> EHL IKH;E>F:L =>;>G L>K <K>:=HL R FHE=>:=HL  I:K: EN>@H IKH=N<BK
IHE[MB<:LJN>EHLIN>=:G>G?K>GM:K>LMHLB@GB?B<:JN>EHK>:E=>;>L>KIKBF>KHMK:GL?HKF:=H>G
NG: K>:EB=:= JN> IN>=: L>K @>LMBHG:=: IHK E: LH<B>=:= %:C>K    !> >LM: F:G>K:  EHL
<N:MKHL =BL<NKLHL B=>GMB?B<:=HL GHL FN>LMK:G E:L =B?>K>GM>L K>:EB=:=>L JN> A:G <HGLMKNB=H E:L
BGLMBMN<BHG>L <N>G<:G:L K>LI><MH : E: G:MNK:E>S:  >E M>KKBMHKBH  >E I:BL:C>  E: ;BH=BO>KLB=:=  EH
NK;:GHRLNLK>E:<BHG>L REHKNK:ERLNLK>E:<BHG>L />:EB=:=>L JN>IHKHMKHE:=H LHGE:;:L>=>
E:LIHE[MB<:LJN>E:LBFIEB<:G 

"L ?NG=:F>GM:EGHM:KJN> MH=HL EHL =BL<NKLHL >LMWG?HKF:=HL IHK<H:EB<BHG>L NK;:GH KNK:E>L 


"LMH LB@GB?B<: JN> GH >QBLM> GBG@`G =BL<NKLH >Q<ENLBOH => EH NK;:GH H => EH KNK:E  "LM> >L NG
K>LNEM:=HFNRBGM>K>L:GM> IHKJN>FN>LMK:JN>E:L<HGLMKN<<BHG>LLH<B:E>L=>E:G:MNK:E>S: >E
M>KKBMHKBH EHNK;:GH EHKNK:E RLNLK>E:<BHG>L A:GMK:L<>G=B=H:EHNK;:GHR:EHKNK:E 

0!2#0:12'!1%#,#0*#1
)HL <N:MKH =BL<NKLHL IHL>>G NG >E>F>GMH <:K:<M>K[LMB<H <HF`G JN> EHL =>?BG> E: =B<HMHF[:
LH<B>=:= G:MNK:E>S: )HJN>EHL<:K:<M>KBS:<HFH=BL<NKLHLFH=>KGHL IHKNGE:=H R:=>FWL
EHL :E>C: =>E I:K:=B@F: =>E 0NF:D (:PL:R  LB>G=H MK>L => >EEHL >E <HGL>KO:<BHGBLM:  >E
M><GH<KWMB<H R >E =>L:KKHEEBLM: <:LB <HFIE>M:F>GM> BG<HFI:MB;E>L <HG YLM>  <HFH L> =BL<NMBKW
FWL:=>E:GM> 

"QBLM> NG: =BL<K>I:G<B: FNR BGM>K>L:GM> >GMK> EHL <N:MKH =BL<NKLHL  FB>GMK:L EHL =BL<NKLHL
<HGL>KO:<BHGBLM: R M><GH<KWMB<H LHG I>LBFBLM:L  EHL =BL<NKLHL =>L:KKHEEBLM: R LBLMYFB<H LHG
HIMBFBLM:L  "E =BL<NKLH <HGL>KO:<BHGBLM: >L LHE:F>GM> I>LBFBLM:  >G <HGMK:LM> <HG >E =BL<NKLH
M><GH<KWMB<H JN>:=>FWL>LGHLMWE@B<H>G>EI:L:=HMH=H?N>F>CHK "EHIMBFBLFH=>E=BL<NKLH
=>L:KKHEEBLM: L><:K:<M>KBS:IHKLNIKH?NG=:<HG?B:GS:>G>E=>L:KKHEEH >G<:F;BH >E=BL<NKLH
LBLMYFB<HLHLMB>G>>ELNRH>GE:<K>>G<B:=>JN>E:<HGOBO>G<B::KF^GB<:>GMK>E:LH<B>=:=RE:
G:MNK:E>S:>LIHLB;E> 

"E=BL<NKLH<HGL>KO:<BHGBLM:L><:K:<M>KBS:IHK<HG<>;BKE:=B<HMHF[:LH<B>=:= G:MNK:E>S: <HFH


NG: K>E:<B^G => :@K>LHK LH<B>=:= O[<MBF: G:MNK:E>S:  EH JN> >QIEB<: E: G><>LB=:= => WK>:L

 
IKHM>@B=:L  <HFH >E -:KJN> +:<BHG:E :C:L H >E ;HLJN> => *:SWG  "G >LM> =BL<NKLH EHL L>K>L
ANF:GHL LHFHL LHE:F>GM> NG: >LI><B> FWL  JN> IN>=> =>L:I:K><>K  "L NG =BL<NKLH
<HGMK:=B<MHKBH IHKJN>L>IK>H<NI:IHK>E?NMNKH=>E:ANF:GB=:= =>;B=H?NG=:F>GM:EF>GM>:
EHL BFI:<MHL JN> YLM: <:NL: : E: G:MNK:E>S:  R LNL <HGL><N>G<B:L LH;K> E: <:EB=:= => OB=:  E:
L:EN=  R E: <:EB=:= :F;B>GM:E > BK^GB<:F>GM>  <HGLB=>K: JN> E:L :<MBOB=:=>L JN> <:NL:G >LHL
BFI:<MHL JN>M:GMHE>BGJNB>M:G LHGOBM:E>LR?NG=:F>GM:E>LI:K:>E?NMNKHR>E=>L:KKHEEH=>E:
ANF:GB=:= 

): GHLM:E@B: <:K:<M>K[LMB<: =>E =BL<NKLH M><GH<KWMB<H  L> LHLMB>G> >G E: <K>>G<B: => JN> >G >E
I:L:=HMH=H?N>F>CHK !B<A:GHLM:E@B:L>K>?B>K>LH;K>MH=H:E:B=>:=>NG::KFHG[:><HE^@B<:
>G>EI:L:=HE:LI>KLHG:L>K:GFWLL:EN=:;E>L <HF[:G:EBF>GMHLEH<:E>LRHK@WGB<HLROBO[:G=>
NG:?HKF:LNLM>GM:;E> !>>LM:F:G>K: >EIKH;E>F:?NG=:F>GM:EI:K:>LM>=BL<NKLH>LJN>E:
ANF:GB=:= A:<> <HFIE>M:F>GM> EH HIN>LMH  ):L LHEN<BHG>L JN> IE:GM>:  LHG :M:<:K E:
BG<HGL<B>G<B: R E: B@GHK:G<B: JN> <:NL:G >LM:L :<MBMN=>L  R L>@NBK KB@NKHL:F>GM> E:L
K><HF>G=:<BHG>L => EHL:L <B>GM[?B<HL:L R MY<GB<HL:L  "L >OB=>GM> I:K: >E =BL<NKLH
M><GH<KWMB<H E:L LHEN<BHG>L >LMWG >G E: <B>G<B: R E: M><GHEH@[:  !> >LM: F:G>K:  EHL MY<GB<HL R
MY<GB<:L => E:L BGLMBMN<BHG>L NK;:G:L <N>G<:G:L  MB>G>G E: H;EB@:<B^G => >=N<:K : E: @>GM> 
>LI><B:EF>GM>:E:=>E<:FIH 

"E =BL<NKLH =>L:KKHEEBLM: >L <E:K:F>GM> =B?>K>GM>L => EHL HMKHL MK>L  LB>G=H :=>FWL >E =BL<NKLH
JN>FWL<E:LB?B<:<BHG>L.<HGMB>G>L><<BHG>L  R   =:=:E:=BO>KLB=:==>:<MHK>L
>GMK>OBLM:=HL  GH >L :KKB>L@:=H LNIHG>K JN> L>KW M:F;BYG >E =BL<NKLH FWL <HF`G >G E:
BGLMBMN<BHG:EB=:= <N>G<:G:  "LM> =BL<NKLH L> LHLMB>G> >G E: <K>>G<B: => JN> E: LH<B>=:= GH
G><>LBM: => E: G:MNK:E>S:  R <HGL><N>GM>F>GM> GH =>I>G=> => >EE:  "LMH >L <HGLBLM>GM> <HG LN
I>K<>I<B^G => JN> EHL L>K>L ANF:GHL LHFHL E: >LI><B> JN> FWL =>K><AH MB>G> : >QBLMBK  LN
G>@:<B^G => <N:EJNB>K BFIHKM:G<B: => E: ;BH=BO>KLB=:=  R LN K><A:SH : E: <HGL>KO:<B^G => E:
FBLF: "LBGM>K>L:GM>L>]:E:K JN>>LM>=BL<NKLHM:F;BYGGB>@:E:BFIHKM:G<B:=><N:EJNB>KMBIH
=>I:KMB<BI:<B^G<BN=:=:G: 

#BG:EF>GM>  >E =BL<NKLHLBLMYFB<H >L<:K:<M>KBS:=H IHK LNHIMBFBLFH  K>> ?BKF>F>GM>JN> >L


IHLB;E>NG?NMNKHLNLM>GM:;E>RNG:F>CHK<:EB=:==>OB=: MH=H>LMH:MK:OYL=>EMK:;:CH=NKHR
E:I:KMB<BI:<B^G<BN=:=:G: "LBGM>K>L:GM>GHM:KJN>>LM>=BL<NKLHGH<K>>JN>E:ANF:GB=:=L>:
NG::F>G:S:I:K:E:G:MNK:E>S: =>A><AH<HGLB=>K:JN>>LIHLB;E>NG:<H>QBLM>G<B::KF^GB<: 
R M:F;BYG JN> E: I:KMB<BI:<B^G >L ?NG=:F>GM:E I:K: <HGL>@NBKEH  "LM> =BL<NKLH >LM:K[: FWL
IK>L>GM> >G E: :<:=>FB: <N>G<:G:  >LI><[?B<:F>GM> >G E: K>E:<BHG:=: <HG E:L <B>G<B:L

 
:F;B>GM:E>L RFNRIKH;:;E>F>GM>>GE:L,K@:GBS:<BHG>L+H$N;>KG:F>GM:E>L :NGJN>:EGH
A:;>KMK:;:C:=H<HGGBG@NG: >LMH`EMBFHL>:NG:LBFIE>>LI><NE:<B^G;:L:=:>GE:>QI>KB>G<B: 

#0!#.!'<,"#*,230*#7
): <HG<>I<B^G => G:MNK:E>S: MB>G> =B?>K>G<B:L IKH?NG=:L  I>KH LNMBE>L  >GMK> EHL =B?>K>GM>L
=BL<NKLHL  HFH R: ?N> L>]:E:=H  EHL <N:MKH =BL<NKLHL >GMB>G=>G : E: G:MNK:E>S: R : E:
ANF:GB=:= <HFH >GMB=:=>L =B?>K>GM>L  <HFH =B?>K>GM>L <:M>@HK[:L =>E L>K  )HL =BL<NKLHL
conservacionista y tecnocrático perciben a la naturaleza como “…JCH>HI:B6 NEDGADI6CIDID9DH
HJH:A:B:CIDH:HIPC>CI:GG:A68>DC69DH 8696H:GK>KD8JBEA:JC6;JC8>TC EDGADFJ:HJ8DCH:GK68>TC:H
BJN >BEDGI6CI:  6JCFJ: CD 8DCDO86BDH HJH ;JC8>DC:H N CD CDH <JHI:C 8>:GI6H :HE:8>:H”. Es muy
BFIHKM:GM>L>]:E:K JN>>LM>:E>@:MH>L?N>KM>F>GM>K><A:S:=HIHK>E=BL<NKLH=>L:KKHEEBLM: 

"E:E>@:MHFWL=BLMBGMBOHR<:K:<M>K[LMB<H=>E=BL<NKLH=>L:KKHEEBLM: >L<HA>K>GM><HG>EK><A:SH:
la idea de la naturaleza como un sistema, y sostiene que “A H:G =JB6CD N6 CD 9:E:C9: 9: A6
C6IJG6A:O6NCDC:8:H>I69::AA6”. 

 I>L:K => E: I>K<>I<B^G => NG: =B<HMHF[: >GMK> LH<B>=:= R G:MNK:E>S:  EHL =BL<NKLHL
<HGL>KO:<BHGBLM: M><GH<KWMB<HRLBLMYFB<H<HGLB=>K:GJN>E:ANF:GB=:==>I>G=>RG><>LBM:=>
E: G:MNK:E>S:  -HK HMKH E:=H  EHL MK>L =BL<NKLHL LHLMB>G>G JN> >LM:L =HL >GMB=:=>L >LMWG >G
<HG?EB<MH  ): ?HKF: >G JN> <:K:<M>KBS:G =B<AH <HG?EB<MH  LBG >F;:K@H  >L =B?>K>GM> >E =BL<NKLH
<HGL>KO:<BHGBLM:>GMB>G=>:E:ANF:GB=:=<HFHNG::F>G:S:I:K:E:G:MNK:E>S:FB>GMK:LJN>
>E=BL<NKLHM><GH<KWMB<H=>?BG>>EHKB@>G=>EIKH;E>F:>GE:B@GHK:G<B:RE:BG<HGL<B>G<B:=>E:
LH<B>=:=>E=BL<NKLHLBLMYFB<H >G<:F;BH >GMB>G=>:>LM><HG?EB<MH<HFHNG=>M>KBHKHLHLM>GB=H
R <HGLM:GM> => E:L K>E:<BHG>L LH<BH G:MNK:E>L  JN> L> A:<> FN<AH FWL >OB=>GM> >G E: SHG:L
NK;:G:L 

I>L:K=>LNOBLB^G:I:K>GM>F>GM>AHE[LMB<: >E=BL<NKLHLBLMYFB<HL><:K:<M>KBS:IHKI>K<B;BK
NG:IKH?NG=:L>I:K:<B^G>GMK>E:LH<B>=:=RE:G:MNK:E>S: K>?HKS:=:IHKLN>GM>G=BFB>GMH=>E:
idea de naturaleza: “(6IJG6A:O6 HDC ADH :A:B:CIDH FJ: =6C :KDAJ8>DC69D EDG HJ 8J:CI6  EDG ;J:GO6H
:8DAT<>86HN<:DAT<>86H H>C>CI:GK:C8>TC9:AH:G=JB6CD”.

):G:MNK:E>S:A:LB=HIKH;E>F:MBS:=:>GE:LBGLMBMN<BHG>L=> N>G<:<HFHNG:>GMB=:=>QM>KG:
: E: LH<B>=:=  JN> :=>FWL >LMW >G <HG?EB<MH <HG >EE:  -HK HMKH E:=H  E: K>E:<B^G LH<B>=:=
G:MNK:E>S:L><HGLMBMNR><HFHNG:I:K:=HC:E:ANF:GB=:==>I>G=>=>E:G:MNK:E>S: I>KH:E
FBLFHMB>FIHE::F>G:S: 

 
#0!#.!'<,"#*2#00'2-0'-
)HL=BL<NKLHL<HGL>KO:<BHGBLM: M><GH<KWMB<HR=>L:KKHEEBLM: <HG<B;>G:EM>KKBMHKBH<HFHNGWK>:
?[LB<: FB>GMK:LJN>E>=BL<NKLHLBLMYFB<H EH>GMB>G=><HFHNG:<HGLMKN<<B^GLH<B:E 

"E =BL<NKLH <HGL>KO:<BHGBLM: >GMB>G=> :E M>KKBMHKBH <HFH NG WK>: >LI><[?B<:  JN> <HGMB>G> NG:
=>M>KFBG:=: =BO>KLB=:= => I:BL:C>L  "L BFIHKM:GM> GHM:K  JN> >LM> =BL<NKLH K>L:EM: NG:
BGM>K:<<B^G <NEMNK:E >GMK> E: IH;E:<B^G KNK:E R >E M>KKBMHKBH E: IH;E:<B^G KNK:E MB>G> NG
L>GMBFB>GMH=>I>KM>G>G<B:LH;K>>EM>KKBMHKBH RLN=>?BGB<B^G=>YLM>>LBF:@BG:KB: :=>FWL=>
?[LB<: 

"GEHL=BL<NKLHLLH;K>>EM>KKBMHKBH L>=:NG:<HG?EN>G<B:FNRBGM>K>L:GM>>GE:LI>K<>I<BHG>L
=>E =BL<NKLH M><GH<KWMB<H R =>E =BL<NKLH =>L:KKHEEBLM: >E M>KKBMHKBH >L LHE:F>GM> NG: >GMB=:=
?[LB<: JN>LHLMB>G>RF:GMB>G>:E:LLH<B>=:=>LANF:G:L 

"E=BL<NKLHLBLMYFB<H >G<:F;BH MB>G>NG:OBLB^GFN<AHFWL<HFIE>C:=>EM>KKBMHKBH NG:OBLB^G


JN>:=>FWLEH=>?BG>REH<:K:<M>KBS: "LM>=BL<NKLH>GMB>G=>:EM>KKBMHKBH<HFHNG:<HGLMKN<<B^G
LH<B:E  I>KH :=>FWL E> =: E:L <:K:<M>K[LMB<:L => NG LBLM>F: :;B>KMH  IN>L EH IKH;E>F:MBS:
BG<ENR>G=H>E>F>GMHL?[LB<HL <NEMNK:E>L LH<B:E>L ><HG^FB<HLRIHE[MB<HL RK>E:<BHGWG=HEH<HG
otros territorios: “A I:GG>IDG>D :H JC6 8DCHIGJ88>TC HD8>6A  FJ: :H BJ8=D BPH FJ: JC :HE68>D ;RH>8D 
8DCI>:C:68I>K>969:HHD8>6A:H 8JAIJG6A:H :8DCTB>86H H:8DBJC>868DCDIGDHI:GG>IDG>DH N:HIPG:<>9DEDG
JC6;DGB69:<D7>:GCDNJCI:?>9DHD8>6AI>:C:ARB>I:H;RH>8DHN69B>C>HIG6I>KDH”.

 #0!#.!'<,"#*.'1(#
):LI>K<>I<B^G=>EI:BL:C>>L>QMK>F:=:F>GM>=B?>K>GM>>GMK>EHL<N:MKH=BL<NKLHLFB>GMK:LJN>
EHL=BL<NKLHL<HGL>KO:<BHGBLM:RM><GH<KWMB<HEH<HG<B;>G<HFHNG:>GMB=:=?[LB<: EHL=BL<NKLHL
=>L:KKHEEBLM:RLBLMYFB<HEH>GMB>G=>G<HFHNG<HG<>IMHLH<B:EF>GM>IKH=N<B=H 

"E=BL<NKLH<HGL>KO:<BHGBLM:I>K<B;>:EI:BL:C><HFH:E@H>LMWMB<H >LNG:>LI><B>=>?HMH@K:?[:
=>NG:I:KM>=>EM>KKBMHKBH "E=BL<NKLHM><GH<KWMB<H >G<:F;BH EH>GMB>G=><HFHNG:>GMB=:=
=BGWFB<: R:=>FWLBG<ENR>:E:O:KB:;E>ANF:G: IN>LLHLMB>G>JN>EHLI:BL:C>LLHG=BGWFB<HL
R<HGMB>G>G M:GMH>E>F>GMHLG:MNK:E>L<HFHANF:GHL 

"E=BL<NKLH=>L:KKHEEBLM:<HG<B;>:EI:BL:C><HFHNGIKH=N<MHLBF;^EB<H JN>:;:K<::E:O>SE:
OBLB^G => E: IH;E:<B^G LH;K> LN M>KKBMHKBH R LH;K> LN ?NMNKH   I>L:K => >LM: :I:K>GM> OBLB^G
BGM>@K:=HK: >E=BL<NKLH=>L:KKHEEBLM:K><A:S:?N>KM>F>GM>MH=HLEHL:E>@:MHLJN>>GMB>G=>G:E:L
LH<B>=:=>LANF:G:L<HFHI:KM>=>EI:BL:C> 

 
Finalmente, el discurso sistémico es consistente con su visión del territorio: “A E6>H6?: :H JC
EGD9J8ID9:AB6C:?D9:AI:GG>IDG>D 9DC9::AH:G=JB6CDEJ:9:>C;AJ>G N:HE:G8>7>9D9:;DGB6H9>;:G:CI:H”.


#0!#.!'<,"#* '-"'4#01'""
):GH<B^G=>E:;BH=BO>KLB=:=>LM:EO>SE:B=>:JN>FWLO:KB:;BEB=:=MB>G>>GMK>EHL=BL<NKLHL 

)HL =BL<NKLHL <HGL>KO:<BHGBLM: R LBLMYFB<H E: <HG<B;>G =>L=> NG: E^@B<: :<:=YFB<:  -:K: EHL
dos, la biodiversidad es “…to96A6K6G>68>TCFJ::M>HI:6C>K:A:8DH>HI:B6H :HE:8>:H <:C:H :>C8AJHD6
C>K:A8JAIJG6A” "E=BL<NKLHLBLMYFB<H<HG<K>M:FWL>LM:=>?BGB<B^G LHLM>GB>G=HJN>>LM:F;BYGE:
KBJN>S:><HLBLMYFB<: =>>LI><B>LR@>GYMB<:=>NG:K>@B^G )HL=HL=BL<NKLHLIHL>>GNG:OBLB^G
NMBEBM:KB:=>E:<HGL>KO:<B^G LBG>F;:K@H >E=BL<NKLHLBLMYFB<HK>L:EM:JN>E:;BH=BO>KLB=:=>L
?NG=:F>GM:EI:K:E:<:EB=:==>OB=:RE:LNI>KOBO>G<B:=>E:ANF:GB=:= "LM>`EMBFH=BL<NKLH
LHLMB>G>M:F;BYG JN>E:;BH=BO>KLB=:==>;>L>K<HGL>KO:=:LB@NB>G=HNG:OBLB^GBGM>K<NEMNK:ER
<HFNGBM:KB:  -HK HMKH E:=H  >L BGM>K>L:GM> GHM:K JN> >E =BL<NKLH <HGL>KO:<BHGBLM: :MKB;NR> E:
=>LMKN<<B^G=>E:;BH=BO>KLB=:=:E:;`LJN>=:=>=BG>KH?W<BE 

"G<HGMK:LM> E:I>K<>I<B^G=>E=BL<NKLHM><GH<KWMB<H>L<HGMK:=B<MHKB: -:K:YLM>E:;BH=BO>KLB=:=


>L NG K><NKLH >LMK:MY@B<H I:K: E: ANF:GB=:=  IN>L @:K:GMBS: LN LNI>KOBO>G<B: R L:MBL?:<> LNL
G><>LB=:=>L  E FBLFH MB>FIH  <HGLB=>K: JN> E: <HGL>KO:<B^G R IK>L>KO:<B^G => E:
;BH=BO>KLB=:= >L L:@K:=: GH E: ;BH=BO>KLB=:= >G LB FBLF:  !> >LM: F:G>K:  E: GH<B^G =>
;BH=BO>KLB=:= =>E =BL<NKLH M><GH<KWMB<H >L NG: <HF;BG:<B^G => O:EHK>L YMB<HL R NMBEBM:KBHL  ):
<HGMK:=B<<B^GL>F:GB?B>LM:<N:G=HLHLMB>G>JN>LHE:F>GM>L>=>;><HGL>KO:KE:;BH=BO>KLB=:=
=> E:L WK>:L BFIHKM:GM>L  R LNL >E>F>GMHL >LMK:MY@B<HL I:K: E: ANF:GB=:=  "E K>LMH => WK>:L
=>;>G L>K NL:=:L K:<BHG:EF>GM>  -HK HMKH E:=H  :E B@N:E JN> <HG E: G:MNK:E>S:  >LM> =BL<NKLH
LHLMB>G> JN> E: ;BH=BO>KLB=:= A: LB=H =>LMKNB=: R L> O> :F>G:S:=: IHK E: BG<HGL<B>G<B: R E:
B@GHK:G<B:=>E:ANF:GB=:= 

"E=BL<NKLH=>L:KKHEEBLM: >G<:F;BH LBFIE>F>GM>B@GHK::E:;BH=BO>KLB=:= ULM:>QBLM> I>KHGH


MB>G> GBG@NG: K>E:<B^G  GB BFIHKM:G<B: I:K: E: ANF:GB=:=  IHK EH JN> LN <HGL>KO:<B^G >L
BKK>E>O:GM>  "L?NG=:F>GM:EL>]:E:K  JN> >LM> =BL<NKLH K><A:S:?N>KM>F>GM> MH=HLEHL :E>@:MHL
K>E:<BHG:=HL<HGE:<HGL>KO:<B^G=>E:;BH=BO>KLB=:=RLNBFIHKM:G<B:I:K:E:ANF:GB=:= 

"LMHL=BL<NKLHL RLN<HG<>I<B^G=>E:;BH=BO>KLB=:= =>C:G?EHM:G=H:E@NG:LIK>@NGM:L JN>LHG


?NG=:F>GM:E>L I:K: >E I:K:=B@F: =>E 0NF:D(:PL:RfJNBYGMB>G> >E IH=>K I:K: =>?BGBKJNY
@>G>L  >LI><B>L R ><HLBLM>F:L LHG BFIHKM:GM>L f-:K: JNBYG =>;> L>K BFIHKM:GM> E:
;BH=BO>KLB=:= f.NBYG =>?BG> JNY >E>F>GMHL => E: ;BH=BO>KLB=:= LHG BFIHKM:GM>L I:K: E:

 
ANF:GB=:=f-:K:JNBYG=>;>GL>KBFIHKM:GM>L>LHL>E>F>GMHLf.NBYG=>?BG>>ELB@GB?B<:=H=>
NLHK:<BHG:E

 #0!#.!'<,"#*-30 ,-61310#*!'-,#1!-,*-030*6*-,230*


):LI>K<>I<BHG>LLH;K>EHNK;:GHK>O>E:GE:IKH;E>F:MBS:<B^G=>E:LK>E:<BHG>LNK;:GH KNK:E>L 
R E:L <HG>QBHG>L >GMK> E: LH<B>=:= R E: G:MNK:E>S:  "LMHL <HG<>IMHL LHG =B?>K>GM>L >GMK> EHL
<N:MKH=BL<NKLHL :I>L:K=><N:EJNB>KINGMH=><HBG<B=>G<B:JN>IN>=:A:;>K>GMK>>EEHL 

"E =BL<NKLH <HGL>KO:<BHGBLM: >GMB>G=> : EH NK;:GH <HFH NG >LI:<BH <HGMBGNH R <HGLMKNB=H 
<:K:<M>KBS:=H IHK NG: =>GLB=:= IH;E:<BHG:E :EM:  "G >LMHL >LI:<BHL  E: @>GM> OBO>  MK:;:C: L>
HK@:GBS: L:MBL?:<>LNLG><>LB=:=>LR=>F:G=:L>KOB<BHL NGJN>LBFBE:K E:<HG<>I<B^G=>EHL
=BL<NKLHLM><GH<KWMB<HR=>L:KKHEEBLM: IHL>>NG:LNMBE=B?>K>G<B: -:K:YLMHL E:LWK>:LNK;:G:LL>
<:K:<M>KBS:GIHKE:<HG<>GMK:<B^G=>@>GM> I>KHGHIHKE:>QBLM>G<B:=>BG?K:>LMKN<MNK: 

"E=BL<NKLH=>L:KKHEEBLM:A:<>NG:=BLMBG<B^G:=B<BHG:EE:LWK>:LNK;:G:LL><:K:<M>KBS:GIHKE:
IE:GB?B<:<B^G  >G >LMHL >LI:<BHL MH=H >LMW <HGMKHE:=H R IE:GB?B<:=H  "LM> =BL<NKLH <HG<B;> : EH
NK;:GH<HFHNG:>GMB=:=:BLE:=:R:NM^GHF: LBGGBG@`GMBIH=><HG>QB^GGB<HGEHKNK:E GB
<HG E: G:MNK:E>S:  K><A:S: >G?WMB<:F>GM> MH=HL EHL :E>@:MHL JN> >LM:;E><>G <N:EJNB>K MBIH =>
K>E:<B^G H <HG>QB^G NK;:GH natural. Contradictoriamente, sostiene que “AD JG76CD :MEADI6 6 A6
C6IJG6A:O6 CDH:CJIG:HDA6B:CI:9:A6C6IJG6A:O669N68:CI: H>CD9:A6HC6IJG6A:O6H9:DIGDHI:GG>IDG>DH” 

"E=BL<NKLHLBLMYFB<H FB>GMK:LM:GMH BGMegra a lo urbano en el paisaje: “&DJG76CD:HJC6JC>969


9:A E6>H6?:  9DB>C696 EDG 68I>K>969:H =JB6C6H : >C;G6:HIGJ8IJG6  :H JC6 B6IG>O FJ: 9:E:C9: 9: A6
C6IJG6A:O6 E:GDI>:C::C:G<R66GI>;>8>6A &DJG76CD>CK69:JC:HE68>DC6IJG6A”. Es interesante notar JN>
BGMKH=N<>E:B=>:=>:C:G<R6:MDHDBPI>86 :EA:;E:K=>>G>K@[::KMB?B<B:E 0BG>F;:K@H F:K<:NG:
distinción entre la naturaleza y lo urbano, que está implícita en el siguiente alegato: “C AD
JG76CD=6NED8DH:HE68>DH9DC9:H::C8J:CIG:C6IJG6A:O6”. 

"LMH<HGMK:LM:<HGE:I>K<>I<B^G=>EHL=BL<NKLHL<HGL>KO:<BHGBLM:R=>L:KKHEEBLM: I:K:YLMHLEH
NK;:GHL><:K:<M>KBS:IHKL>K>E=HFBGBH=>EHANF:GH RIHKE::NL>G<B:=>;BH=BO>KLB=:= "L
BFIHKM:GM> L>]:E:K JN> >LM: OBLB^G >L K><A:S:=: ?N>KM>F>GM> IHK EHL =BL<NKLHL M><GH<KWMB<H R
LBLMYFB<H 

 I>L:K => =BO>K@BK >G LNL OBLBHG>L => E: ;BH=BO>KLB=:= R LN K>E:<B^G <HG EH NK;:GH  EHL
=BL<NKLHL <HGL>KO:<BHGBLM: R LBLMYFB<H  <HBG<B=>G >G JN> >E :F;B>GM> IKHO>> => L>KOB<BHL : EH
NK;:GH  0>]:E:G  :=>FWL NG: I:K:=HC:  E: IH;E:<B^G NK;:G: >QB@> L>KOB<BHL => <:EB=:=  R LBG

 
embargo, no está dispuesta a: “…6HJB>GADH8DHIDH9:A68DCH:GK68>TCN:AB6CI:C>B>:CID9:A6B7>:CI:
FJ:ADHEGDK::”. De esta manera, estos discursos perciben que existe un lazo metabólico entre la
G:MNK:E>S:REHNK;:GH LBG>F;:K@H LHLMB>G>GJN>E:IH;E:<B^GNK;:G:>LBG<HGL<B>GM>=>YE "E
=BL<NKLHLBLMYFB<HEH>QIEB<:F>=B:GM>NGIKH<>LH=>:<NEMNK:<B^GNK;:G: 

):L <HG<>I<BHG>L => E:L K>E:<BHG>L >GMK> EH NK;:GH R EH KNK:E  M:F;BYG LHG =B?>K>GM>L  )HL
=BL<NKLHL <HGL>KO:<BHGBLM:  M><GH<KWMB<H R =>L:KKHEEBLM: I>K<B;>G NG: BGM>GL: M>GLB^G >GMK> EH
NK;:GH R EH KNK:E  "E =BL<NKLH <HGL>KO:<BHGBLM: LHLMB>G> JN> EH KNK:E  R LN <NEMNK:  A: LB=H
F:K@BG:=H R >Q<ENB=H => E: <NEMNK: R => EHL >LI:<BHL NK;:GHL  "E =BL<NKLH M><GH<KWMB<H  >G
<:F;BH IHL>>NG:OBLB^GF>M:;^EB<:JN>=>?BG>>E<HG?EB<MH R:E:O>S EHL>GE:S:?N>KM>F>GM>
EHKNK:EGHK><B;>G:=:=>EHNK;:GH :I>L:K=>L>KJNB>GEHGNMK> -HKHMKHE:=H >E=BL<NKLH
=>L:KKHEEBLM:>G?K>GM:>EM>F:<HGFN<AHF>GHLBGM>GLB=:= R=>?HKF:FWLLBFIE>EHNK;:GH
MB>G>:<<>LH:E=>L:KKHEEH REHKNK:EGH 

):I>K<>I<B^GLH;K>E:LK>E:<BHG>LNK;:GH G:MNK:E>L=>E=BL<NKLHM><GH<KWMB<H :=B<BHG:EF>GM> 


>L <HFIE>C: > BG=>?BGB=:  "LM> =BL<NKLH GH :<>IM: GB K><A:S: NG: K>E:<B^G NK;:GH G:MNK:E  LBG
>F;:K@H  K><A:S: ?N>KM>F>GM> JN> >LM: K>E:<B^G L> LHLM>G@: >G E: >QIEHM:<B^G NK;:G: => E:
G:MNK:E>S:  R M:F;BYG JN> E: IH;E:<B^G NK;:G: L>: BG<HGL<B>GM> => E: BFIHKM:G<B: => E:
<HGL>KO:<B^G 

): B=>: => E: C6IJG6A:O6 B:IGDEDA>I6C6 L><<B^G    >L <E:O> I:K: >GM>G=>K EHL =BL<NKLHL
<HGL>KO:<BHGBLM:  M><GH<KWMB<H R LBLMYFB<H  "LMHL =BL<NKLHL FN>LMK:G NG: >LI><B> => GHLM:E@B:
LH;K>E:G:MNK:E>S: ULM:>LNG>LI:<BHI:K:>EH<BHRE:<HGM>FIE:<B^G >L>EEN@:K>G>EJN>E:
IH;E:<B^GNK;:G:;NL<:NG:<HG>QB^G>LIBKBMN:E<HGE:G:MNK:E>S: "E=BL<NKLH=>L:KKHEEBLM:O:
más allá: “&6 <:CI: JG76C6 6EG:8>6BPHA6 C6IJG6A:O6 FJ:A6<:CI:GJG6A  NA6 9>H;GJI6BPH 8J6C9DA6
K>H>I6”. Se debe señalar que el dBL<NKLHLBLMYFB<HK><A:S:=>F:G>K:M:C:GM>>LM>:E>@:MH 

 #0!#.!'<,"#*-030*61310#*!'-,#1!-,*-30 ,-6*-,230*


"E=BL<NKLH<HGL>KO:<BHGBLM:MB>G>NG<HG<>IMH=B?NLH=>EHKNK:E 0BG>F;:K@H >LBFIHKM:GM>
L>]:E:KJN><HGLB=>K:BKK>E>O:GM>LM:GMH:EHL:E>@:MHLJN>=>?BG>GEHKNK:E?[LB<:F>GM> <HFH:
EHLJN>EH>GE:S:G<HGE:G:MNK:E>S:REHNK;:GH !>A><AH >LM>=BL<NKLHA:<>NG:=BLMBG<B^G
>IBLM>FHE^@B<: => EH KNK:E FB>GMK:L JN> EH KNK:E L> LHLMB>G> >G >E <HGH<BFB>GMH :G<>LMK:E  EH
NK;:GHL>LHLMB>G>>GE:<B>G<B:RE:M><GHEH@[: "LM:I>K<>I<B^GMB>G>NG:=H;E><HGL><N>G<B:EH
KNK:EGHMB>G>:<<>LH:E:<B>G<B: REHNK;:GHGHMB>G>:<<>LH:E<HGH<BFB>GMH:G<>LMK:E 

 
"E =BL<NKLH M><GH<KWMB<H  IHK HMKH E:=H  >GMB>G=> : EH KNK:E =>L=> EH NK;:GH  IN>L EH <HG<B;>
<HFH >E WK>: => MK:GLB<B^G >GMK> E: G:MNK:E>S: R EH NK;:GH  "G >L> <HGM>QMH  EH KNK:E MB>G> E:
=H;E>?NG<B^G=>GNMKBK:EHNK;:GH R=>IKHM>@>K:E:G:MNK:E>S:=>E::F>G:S:NK;:G: 

"E=BL<NKLH=>L:KKHEEBLM:LBFIE>F>GM>>GMB>G=>:EHKNK:E<HFHNG:=>EBFBM:<B^G:=FBGBLMK:MBO: 
Es fundamental señalar que una de las ideas centrales de este discurso es el alegato: “ADGJG6ANAD
JG76CD CD I>:C:C G:A68>TC”. Consecuentemente, el discurso desarrollista rechaza enfáticamente
JN>EHNK;:GHREHKNK:EL>:GLBLM>F:LFNMN:F>GM>=>I>G=B>GM>L 

): <:K:<M>KBS:<B^G => EHKNK:E >L =B?>K>GM> >G >E =BL<NKLHLBLMYFB<H )H =>?BG>=> :<N>K=H :E:
relación que tiene la gente con la naturaleza: “&6<:CI:GJG6AI>:C:JCKRC8JADBJ8=DBPH6GBTC>8D
8DCA6C6IJG6A:O6 HDCE6GI:9::AA6 I6CID6C>K:A:HE>G>IJ6A 8DBD9:C:8:H>9699:G:8JGHDH NEDG:HDA6
8DCH:GK6C” Este alegato, por otro lado, muestra cómo el discurso sistémico ha romantizado a lo
KNK:E 

"E=BL<NKLHM><GH<KWMB<H >G<:F;BH LHLMB>G>JN>E:K>E:<B^G>GMK>E:@>GM>KNK:ERE:G:MNK:E>S:


GH>L:KF^GB<: RJN>E:=>LMKN<<B^G=>E:G:MNK:E>S:L>=>;>:LNB@GHK:G<B: >QIK>L:=:<HFH
falta de capacitación: “&6<:CI:GJG6A9:7:H:G86E68>I696EDGADHIQ8C>8DH E6G6B6C:?6G7>:CHJI:GG:CD 
E6G6 8JBEA>G ADH EA6C:H 9: DG9:C6B>:CID I:GG>IDG>6A N E6G6 8J>96G A6 C6IJG6A:O6”. Este alegato es
<HGLBLM>GM><HGE:G:KK:MBO:=>>LM>=BL<NKLH I>KHO:FWL:EEW E>@BMBFBS:E:BGM>KO>G<B^G=>EH
NK;:GH>GEHKNK:E &K^GB<:F>GM> >LM>:E>@:MHIKHOBGH=>NG:EB=>K>L:<HFNGBM:KB:KNK:E =>NG:
SHG:;:LM:GM>:BLE:=: EHJN>=>FN>LMK:<NWGIKH?NG=:F>GM>A:GI>G>MK:=H>LM:LI>K<>I<BHG>L
NK;:G:L>GE:F>GM>KNK:E 

"E =BL<NKLH M><GH<KWMB<H LHLMB>G> BFIE[<BM:F>GM>  JN> EH KNK:E =>;> >LM:K ;:CH E: MNM>E: => EH
NK;:GH R:JN>E:IH;E:<B^GKNK:E>LE:K>LIHGL:;E>=>LNIKHIB:LBMN:<B^G R>EE:LHE:GHIN>=>
emanciparse: “&6<:CI:GJG6A=6:HI69DB6G<>C6969:A9:H6GGDAADEDGFJ:CD=6I:C>9DA686E68>9699:
6GI>8JA6GA6H>9:6HFJ:G:HJ:AK6CHJHEGDE>DHEGD7A:B6H:>C8>9>G:CA6HEDARI>86HEU7A>86H”. 

EB@N:EJN>>E=BL<NKLHM><GH<KWMB<H >E=BL<NKLH=>L:KKHEEBLM:K>LIHGL:;BEBS::E:IH;E:<B^GKNK:E
=>LNIKHIB:LBMN:<B^G "LM>=BL<NKLHLHLMB>G>JN>E:IH;E:<B^GKNK:EGHA::<<>=B=H:E=>L:KKHEEH
IHKJN>L>A::NMH :BLE:=H RA:LB=HBG<:I:S=>K>LHEO>KLNLIKHIBHLIKH;E>F:L "LM:I>K<>I<B^G
>LNMBEBS:=:IHK>E=BL<NKLH=>L:KKHEEBLM:I:K:E>@BMBF:KJN>EHNK;:GHBGM>KO>G@:>GEHKNK:E 0BG
>F;:K@H  >LM> =BL<NKLH O: BG<ENLH FWL :EEW  R: JN> >GMB>G=> : E: IH;E:<B^G KNK:E <HFH NG:
:F>G:Sa para la población urbana, debido a su ignorancia depredadora de la naturaleza: “&6
9:HIGJ88>TC9:A6C6IJG6A:O69:6CI:H EDGA6;6AI69:86E68>I68>TC9:A6<:CI:GJG6A :HA6FJ:6=DG6EGD9J8:

 
A6 :H86H:O 9: G:8JGHDH 8DBD :A 6<J6”, irónicamente sostien> :E FBLFH MB>FIH JN> IKHM>@>K E:
naturaleza es una obligación de la población rural: “&6 ODC6H C6IJG6A:H  9DC9: H: <:C:G6C ADH
H:GK>8>DH 6EGDK:8=69DH :C A6H ODC6H JG76C6H  HDC 8J>9696H N B6CI:C>96H EDG A6 <:CI: GJG6A  N :H HJ
D7A><68>TC =68:GAD”. La interO>G<B^G NK;:G: L> =:K[: : MK:OYL => E: IE:GB?B<:<B^G M>KKBMHKB:E
EE:F:=HL EH<:EF>GM> IE:G>L => =>L:KKHEEH <HGLB=>K: G><>L:KB: =B<A: BGM>KO>G<B^G =>;B=H :
JN>>EM>KKBMHKBHKNK:E>L<:^MB<H =>LHK@:GBS:=HRGHMB>G>GBG@`GMBIH=>IE:GB?B<:<B^GRIHK
M:GMH >LH :F>G:S: : EH NK;:GH  "E =BL<NKLH =>L:KKHEEBLM:  IHK HMKH E:=H  LHLMB>G> JN> E:
IE:GB?B<:<B^G M>KKBMHKB:E KNK:E L>KW NG: ?N>GM> BFIHKM:GM> => <HG?EB<MHL  IHKJN> EE>O:K K>@E:L R
HK@:GBS:<B^GG><>L:KB:F>GM>EBFBM:K[:E:LEB;>KM:=>L=>E:IH;E:<B^GKNK:E 

"G<HGMK:LM> EHL=BL<NKLHL<HGL>KO:<BHGBLM:RLBLMYFB<H =BO>K@>GK:=B<:EF>GM>=>>LM:LB=>:L 


pues, por ejemplo, rechazan de manera muy fuerte el alegato: “CADGJG6AID9D:H9:HDG9:C69D 6=R
A6H8DH6HH:=68:CH>CEA6C>;>868>TC :H6:HA686JH6HJHEGD7A:B6HADHEA6C:H9:9:H6GGDAADHDAJ8>DC6GPC
:HID”.

): I>K<>I<B^G => JN> EH NK;:GH =>;> >C>K<>K NG MNM>E:C> => EH KNK:E GH >L GN>O:  R
:I:K>GM>F>GM>>LMWFNR:?B:GS:=:>GE:BGLMBMN<BHG:EB=:=<N>G<:G:RFNRIKH;:;E>F>GM>>G
E:L<NEMNK:L<N>G<:G:R><N:MHKB:G: >L<E:K:F>GM><HGL><N>GM><HGE:HK@:GBS:<B^GABLM^KB<:=>
E:LH<B>=:=R=>EIH=>K =BL<NMB=:IHKE;WGL><<B^G    

  $&%# $&#$ $ %)% $&($*

)HL=BL<NKLHLGHLHG>L<H@B=HLEB;K>F>GM>IHKE:I>KLHG:L=>:<N>K=H:LNL<K>>G<B:L MH=HEH
<HGMK:KBH LHGEHL=BL<NKLHLEHLJN>FHE=>:GE:L:<MBMN=>LRE:LF>GM>L=>E:@>GM>%:C>K  
HGL><N>GM>F>GM> E:MK:=N<<B^G=>E 0NF:D(:PL:R>GIHE[MB<:LRIKW<MB<:L K>JNB>K>=>NG:
MK:GL?HKF:<B^G<NEMNK:EIKH?NG=: "EI:K:=B@F:=>E 0NF:D(:PL:R=>;>L>KIKH=N<B=HRK>
IKH=N<B=H IKH;E>F:MBS:=H ANF:GBS:=HRLBLM>F:MBS:=H=>F:G>K:BGM>K<NEMNK:E 

):BG<ENLB^G=>E0NF:D(:PL:R>GE: HGLMBMN<B^G=>E"<N:=HKBFIEB<:NG:GN>O:O[:
IHE[MB<: I:K: IKH;E>F:MBS:K >E =>L:KKHEEH  >E IKH@K>LH  E: IKH=N<<B^G  >E MK:;:CH  E: <:EB=:= =>
OB=:  E:L K>E:<BHG>L ANF:G:L  E:L K>E:<BHG>L > BGM>K:<<BHG>L LH<BH ><HE^@B<:L  E: MB>KK:  >E
M>KKBMHKBH  E: ;BH=BO>KLB=:= R E: G:MNK:E>S:  >GMK> FN<A:L HMK:L <HL:L  HGL><N>GM>F>GM>  >E
>LM:=H ><N:MHKB:GH  >G LNL <BG<H GBO>E>L => @H;B>KGH <>GMK:E  K>@BHG:E  IKHOBG<B:E  <:GMHG:E H
FNGB<BI:E  R I:KKHJNB:E  K>JNB>K> NG: IKH?NG=: MK:GL?HKF:<B^G I:K: IH=>K >G?K>GM:K
BGLMBMN<BHG:EF>GM>>LMHLCJ:KDHIKH;E>F:L 

 
)HL <N:MKH =BL<NKLHL B=>GMB?B<:=HL >GMK> E:L BGLMBMN<BHG>L K>E:<BHG:=:L <HG E: IE:GB?B<:<B^G
M>KKBMHKB:E >G N>G<:  LHG BGLNFHL BFIHKM:GM>L I:K: >GM>G=>K <^FH >LM:L BGLMBMN<BHG>L
IKH=N<>G IKH;E>F:MBS:G ANF:GBS:G  LBLM>F:MBS:G RIHEBMBS:G:E:G:MNK:E>S:  >E M>KKBMHKBH >E
I:BL:C> E:;BH=BO>KLB=:= EHNK;:GH EHKNK:E R:LNLK>E:<BHG>L "LMHL=BL<NKLHLK>IK>L>GM:GEHL
<BFB>GMHL LH;K> EHL JN> L> LHLMB>G>G E:L IHE[MB<:L M>KKBMHKB:E>L  :F;B>GM:E>L  => IE:GB?B<:<B^G
NK;:GH KNK:E RE:HK@:GBS:<B^GBGLMBMN<BHG:E>LI><[?B<:JN>YLM:LK>JNB>K>G 

)HL<N:MKH=BL<NKLHL=>;>GL>K<HGMK:LM:=HL<HG>E0NF:D(:PL:R =>M:EF:G>K:JN>L>IN>=:
>O:EN:KLB>LM>I:K:=B@F:A:LB=HMK:=N<B=H>GIHE[MB<:L 

"G MH=HL EHL =BL<NKLHL L> >G<N>GMK: NG: <E:K: =B<HMHF[: LH<B>=:= G:MNK:E>S:  ): GH<B^G
;BHE^@B<:=>EF>M:;HEBLFH>LMWEB@>K:F>GM>IK>L>GM>L^EH>G>E=BL<NKLHLBLMYFB<H "LMHMB>G>=HL
<HGL><N>G<B:L>OB=>GM>LIHKNGE:=H >E><H<>GMKBLFH=>E:<HGLMBMN<B^GGH>LMWIK>L>GM>>GE:
IKH;E>F:MBS:<B^G =>E:G:MNK:E>S: R=>E M>KKBMHKBHJN>F:G>C:GE:LBGLMBMN<BHG>L => N>G<: R
IHKHMKH JN>BG=B?>K>GM>F>GM>=>E:LI:KMB<NE:KB=:=>L=>E:L=B?>K>GM>LIHE[MB<:LM>KKBMHKB:E>L =>
:<N>K=H : E: OBLB^G => %:C>K   YLM:L L> G><>L:KB:F>GM> L> LHLM>G=KWG >G E: =B<HMHF[:
LH<B>=:= G:MNK:E>S: R >G E: G:MNK:E>S: F>MKHIHEBM:G:  B@GHK:G=H <N:EJNB>K <HGLB=>K:<B^G
F>M:;^EB<:L><<B^G 

"E0NF:D(:PL:RLNI>K:E:L=B<HMHF[:LLH<B>=:= G:MNK:E>S:RNK;:GH KNK:E :L[<HFH E:LB=>:L


=>E:G:MNK:E>S:F>MKHIHEBM:G: "E>GM>G=BFB>GMH=>EHG:MNK:E >EM>KKBMHKBH EHNK;:GH EHKNK:ER
LNL K>E:<BHG>L  >LMW [GMBF:F>GM> EB@:=H <HG E: I>K<>I<B^G => E: C6IJG6A:O6  )HL =BL<NKLHL
B=>GMB?B<:=HL <E:K:F>GM> A:G LNK@B=H =>L=> E: B=>: => E: C6IJG6A:O6 B:IGDEDA>I6C6  NGJN> EHL
=BL<NKLHL <HGL>KO:<BHGBLM:  M><GH<KWMB<H R LBLMYFB<H BGMNR:G E>O>F>GM> <HG>QBHG>L >GMK> EHL
F>M:;HEBLFHLNK;:GH KNK:ER><HE^@B<H LH;K>MH=H>E=BL<NKLH ->HIQB>8D GHL>IN>=>:?BKF:K
JN> >LMYG >G NG IKH<>LH => K> LB@GB?B<:<B^G =>E NGBO>KLH )>??  :  1H=H EH <HGMK:KBH  L>
>OB=>G<B:<E:K:F>GM>NGIKH<>LH=>NK;:GBS:<B^G=>EHL=BL<NKLHL=>EHKNK:E =>EM>KKBMHKBHR=>
E:G:MNK:E>S: RL><HGLHEB=:E:B=>:=>E:G:MNK:E>S:<HFHNG:?N>GM>=><KBLBL "LM:?HKF:=>
><H @N;>KF>GM:EB=:=L><<B^G   L>BGLMBMN<BHG:EBS::MK:OYL=>ADHIQ8C>8DHR=>EHLEA6C:H9:
9:H6GGDAAD  IK>L>GM>L >G :;LHENM:F>GM> MH=HL EHL =BL<NKLHL  !> A><AH  >LM:L =B<HMHF[:L R E:
G:MNK:E>S: F>MKHIHEBM:G:  A:G LB=H NMBEBS:=:L I:K: IKHM>@>K  <NEI:K R =HFBG:K M:GMH : E:
C6IJG6A:O6 <HFH:E:IH;E:<B^GKNK:E IN>LLHG:E:O>S?N>GM>L=><KBLBL(:\D:  RLNC>MHL
=>MNM>E:C>E;WG  

 
)HL=BL<NKLHL=>E:BD9:GC>O68>TC:8DAT<>86%:C>K R=>E::8D:;>8>:C8>6*:KM[G>SEB>K 
L>>G<N>GMK:GIK>L>GM>L>GEHL<N:MKH=BL<NKLHL -HKHMKHE:=H EHL=BL<NKLHL<HGL>KO:<BHGBLM:R
M><GH<KWMB<H  LHG =HL K:F:L =B?>K>GM>L JN> K>IK>L>GM:G <E:K:F>GM> : E: OBLB^G => E:
FH=>KGBS:<B^G ><HE^@B<: L><<B^G     <HG >E>F>GMHL => NG: OBLB^G HKMH=HQ: => E: <KBLBL
ecológica. Estos discursos perciben un fuerte conflicto entre la humanidad y la naturaleza: “:A
H:G =JB6CD :H JC6 6B:C6O6 E6G6 A6 C6IJG6A:O6”, pues la naturaleza es un obstáculo para el
=>L:KKHEEH  "E 0NF:D (:PL:R  >G <:F;BH  I>K<B;> : E: I>KLHG: <HFH I:KM> => NG LBLM>F:
LNI>KBHKJN>>LE:?:FBEB: RYLM::LNO>S<HFHI:KM>=>E:<HFNGB=:= RYLM:<HFHI:KM>=>E:
-:<A:*:F: +HIN>=>A:;>K0NF:D(:PL:R LBGHA:R:KFHG[:>GMK>>LMHLLBLM>F:L 

"E =BL<NKLH <HGL>KO:<BHGBLM: L>I:K: : EHL >LI:<BHL => G:MNK:E>S: R => ;BH=BO>KLB=:=  => EHL
>LI:<BHL=>=>L:KKHEEH 0NHK@:GBS:<B^G=>EM>KKBMHKBHR IHKM:GMH LNLIHE[MB<:L=><HGL>KO:<B^G 
>LM:KWG=>M>KFBG:=:LIHK>LM:B=>: ):<HLFHOBLB^G=>E0NF:D(:PL:R >G<:F;BH BGM>@K::E:L
:<MBOB=:=>L ANF:G:L <HG E: MB>KK: R >E >LI:<BH  E: IK>L>KO:<B^G R K>IKH=N<<B^G => E:
;BH=BO>KLB=:=GH>LNG:<HGL><N>G<B:=>E:LBGB<B:MBO:L=><HGL>KO:<B^G LBGHNG:<HGL><N>G<B:
=>E ;N>G OBOBK  "LMH L> O>K[: K>?E>C:=H <E:K:F>GM> >G E: HK@:GBS:<B^G M>KKBMHKB:E => N>G<:
L><<B^G   

):<B>G<B:RE:BGGHO:<B^GLHGM>F:L<E:O>I:K:>E=BL<NKLHM><GH<KWMB<H "LM:LOBLBHG>L IN>=>G


L>K <HG?NG=B=:L <HG >E <HG<>IMH =>E .>C@JN L><<B^G    =>E 0NF:D (:PL:R  LBG >F;:K@H 
>QBLM> NG: IKH?NG=: =B?>K>G<B:  -:K: >E =BL<NKLH M><GH<KWMB<H  E: BGGHO:<B^G L> =:
>Q<ENLBO:F>GM> =>GMKH => EHL <[K<NEHL <B>GM[?B<HL R MY<GB<HL  R LNL K>LNEM:=HL =>;>G L>K
MK:GLFBMB=HL:E:LH<B>=:=R:E:@>GM>CDGB6A=>F:G>K:O>KMB<:ERNGB =BK><<BHG:E IN>LE:@>GM>
GH>LMWIK>I:K:=:I:K:<K>:K IKHIHG>K BGGHO:KR=><B=BK "LM:<HG<>I<B^G >G<HGL><N>G<B: E>
=:FN<AHIH=>K:E:<B>G<B:R:E:MY<GB<: RE>=:>EMNM>E:C>LH;K>E:LH<B>=:= "LMHL>K>?E>C:
<E:K:F>GM>>GE:BGLMBMN<BHG:EB=:=I:K:E:@>LMB^G=>EM>KKBMHKBH E:<HGL>KO:<B^G RE:@>LMB^G=>E
:@N: IHK>C>FIEH "G<HGMK:LM> >E1BGDNR>LNGIKH<>LH<HGMBGNHJN>L>IKH=N<>RK>IKH=N<>
=NK:GM> E: OB=: =B:KB: => <:=: I>KLHG:  => LN ?:FBEB: R => LN <HFNGB=:=  >L NG IKH<>LH
<HHI>K:MBOHR<HFI:KMB=H >E<HGH<BFB>GMHIHKM:GMH>L=>E:LH<B>=:= R>EIH=>K>LMW>G>EE: 

"E =BL<NKLH =>L:KKHEEBLM:  <E:K:F>GM> L> K>E:<BHG: <HG E: OBLB^G ><HG^FB<: G>H<EWLB<: E:
ANF:GB=:=  >G LN ;`LJN>=: <HGMBGN: => IKH@K>LH  ?BG:EF>GM> A: IH=B=H LNI>K:K LN
=>I>G=>G<B:=>E:G:MNK:E>S: R:AHK:E:ANF:GB=:=RE:LSHG:LNK;:G:LLHG:NMHLN?B<B>GM>L 
"LM:OBLB^G>L<HFIE>M:F>GM><HGMK:KB:>GMH=HLLNL:LI><MHL:E0NF:D(:PL:R 

 
"E =BL<NKLH LBLMYFB<H  : I>L:K => LHLM>G>KL> >G E:L FBLF:L =B<HMHF[:L LH<B>=:= G:MNK:E>S: R
NK;:GH KNK:E >L>E=BL<NKLHFWL<>K<:GHRFWL<HFI:MB;E><HG>E0NF:D(:PL:R RIH=K[:L>K
E: FN>LMK: => JN> >E =BWEH@H BGM>K<NEMNK:E >L IHLB;E> R >QBLM>  NGJN> >E =BL<NKLH LBLMYFB<H
LB@GB?BJN>NG:OBLB^GC6>;RH<<B=>GM:EBS:=:=>E0NF:D(:PL:R K>IK>L>GM:M:F;BYG>EBGB<BH=>
NG<:F;BH<NEMNK:E RNG:IKH;E>F:MBS:<B^G=>EFNG=H>GF:=NK:<B^G 

)HL<N:MKH=BL<NKLHLFN>LMK:GNG:JG76C>O68>TC=>E:LGH<BHG>L=>E:G:MNK:E>S: =>EM>KKBMHKBH 
=>EHNK;:GHR=>EHKNK:E "LMHL>MK:=N<BK[:>GJN>E:LIHE[MB<:LM>KKBMHKB:E>L=> N>G<:LNK@>G
=>L=>NG:E^@B<:NK;:G: =>LIE:S:G=H:EHKNK:ELBG>F;:K@H >LM>IKH<>LHO:FN<AHFWL:EEW
E:E^@B<:NK;:G:A:I>G>MK:=H>GEHL=BL<NKLHLKNK:E>L RE:LBFIEB<:<BHG>L=>>LM>A><AH=>;>G
L>K>LMN=B:=:L:IKH?NG=B=:= 

HFH LHLMB>G> %>RG>G   >QIEHK:K E:L =B?>K>GM>L GH<BHG>L => G:MNK:E>S: >L ?NG=:F>GM:E
I:K:>GM>G=>KEHLIKH<>LHL><HG^FB<HL IHE[MB<HLR<NEMNK:E>LJN>@H;B>KG:GE:F>M:;HEBS:<B^G
ANF:G: =>E LBLM>F: ><HE^@B<H  "L <E:KH JN> >E 0NF:D (:PL:R BFIEB<: NG: =KWLMB<:
MK:GL?HKF:<B^G=>>LMHLIKH<>LHL RIHKM:GMH =>E:<HG<>I<B^G=>E:G:MNK:E>S: 0BG>F;:K@H 
>LM> I:K:=B@F: GH A: I>G>MK:=H >G E: BGLMBMN<BHG:EB=:= <N>G<:G:  JN> >L E: JN> =>;>K[:
:IEB<:KEHRFNRIKH;:;E>F>GM>>GE:LH<B>=:=F>LMBS:><N:MHKB:G: R>GE:HK@:GBS:<B^G=>LN
:=FBGBLMK:<B^G I`;EB<:  HGL><N>GM>F>GM>  >E 0NF:D (:PL:R GH >L >E HKB@>G  R GH A:
IKH=N<B=HE:LIHE[MB<:LJN>K>@NE:G:E:LH<B>=:=<N>G<:G: RM:FIH<H>E:I:K:M:C>BGLMBMN<BHG:E
JN> YLM:L K>JNB>K>G  0BG >F;:K@H  >E =BL<NKLH LBLMYFB<H FN>LMK: JN> N>G<: L> A: >LM:=H
IK>@NGM:G=H LH;K> LNL K>E:<BHG>L LH<BH ><HE^@B<:L  R JN> NG: IKH;E>F:MBS:<B^G LBLMYFB<: R
<HFIE>C:>LIHLB;E> 

  &$ $

)HL<N:MKH =BL<NKLHLJN> A:GLB=HB=>GMB?B<:=HL IHK >EFYMH=H .  L> >G<N>GMK:G IK>L>GM>L>G


=B?>K>GM>L BGLMBMN<BHG>L <N>G<:G:L  MH=:L >EE:L K>E:<BHG:=:L =BK><M: H BG=BK><M:F>GM> <HG E:
IE:GB?B<:<B^GM>KKBMHKB:E "LM:LBGLMBMN<BHG>LI>KM>G><>GH;B>G:EHL@H;B>KGHL<>GMK:E <:GMHG:EH
I:KKHJNB:E  H ;B>G : E: LH<B>=:= <BOBE  I>KH LHG <HGLB=>K:=:L <HFH :<MHK>L K>E>O:GM>L >G E:
<HGLMKN<<B^G => IHE[MB<:L I`;EB<:L IHK :EFNGB<BI:EB=:= %N;B>K: LB=H FNR BFIHKM:GM> IH=>K
MK:;:C:KM:F;BYG<HG>E@H;B>KGHIKHOBG<B:E I>KHE:F>GM:;E>F>GM>?N>BFIHLB;E>>GMK>OBLM:KEHL 
:I>L:K=>GN>LMK:BGLBLM>G<B: 

 
): K>E>O:G<B: => A:;>K B=>GMB?B<:=H >LMHL =BL<NKLHL  >L JN> FN>LMK:G E: ?HKF: >G JN> E:L
BGLMBMN<BHG>L<N>G<:G:LA:GIKH;E>F:MBS:=H:E:G:MNK:E>S: :EM>KKBMHKBH :EI:BL:C> :EHNK;:GH 
: EH KNK:E  R : LNL K>E:<BHG>L  !B<A: IKH;E>F:MBS:<B^G  : GBO>E M>^KB<H :E F>GHL  L>K[: >E
?NG=:F>GMH=>E:LIHE[MB<:LI`;EB<:LJN>BFIEB<:G:>LMHL>E>F>GMHLH>GMB=:=>LL><<B^G   

1H=HL EHL =BL<NKLHL FN>LMK:G NG: F:K<:=: =B<HMHF[: >GMK> E: LH<B>=:= R E: G:MNK:E>S:  R =>
A><AH  LN <HG<>I<B^G => E: G:MNK:E>S: L> >GF:K<: >G E: B=>: => E: C6IJG6A:O6B:IGDEDA>I6C6  >L
=><BK  NG: B=>: ?NG=:F>GM:EF>GM> NK;:G: L><<B^G     -HK EH JN> G><>L:KB:F>GM> >LM>
I:K:=B@F:  E: G:MNK:E>S: F>MKHIHEBM:G:  L>KW >E ?NG=:F>GMH => E:L IHE[MB<:L I`;EB<:L
K>E:<BHG:=:L <HG =B<A: G:MNK:E>S:  -HK HMKH E:=H  EHL <N:MKH =BL<NKLHL BFIEB<:G R >QIK>L:G E:
G><>LB=:= => JN> EH NK;:GH MNM>E> : EH KNK:E  :IEB<:G=H NG: ?HKF: => :8D
<J7:GB:CI6A>969
L><<B^G   ):><H @N;>KF>GM:EB=:=A:I>KFBMB=HJN>L>BFIHG@:GE:LI>K<>I<BHG>L=>EH
NK;:GH  LH;K> EH KNK:E  >G NG: ?HKF: => NK;:GBS:<B^G => E:L I>K<>I<BHG>L KNK:E>L LH;K> E:
G:MNK:E>S: >EM>KKBMHKBH >EI:BL:C> EHNK;:GH EHKNK:ERLNLK>E:<BHG>L 

=B<BHG:EF>GM>  EHL =BL<NKLHL <HGL>KO:<BHGBLM: R M><GH<KWMB<H  LHG =HL ?HKF:L =BLMBGM:L =>
>QIK>LB^G=>E:BD9:GC>O68>TC:8DAT<>86L><<B^G   *B>GMK:LJN>>E=BL<NKLH<HGL>KO:<BHGBLM:
L> LHLMB>G> >G E: G><>LB=:= => IJI:A6G R IKHM>@>K : E: G:MNK:E>S: => LN >G>FB@H IKBG<BI:E  E:
ANF:GB=:= >E=BL<NKLHM><GH<KWMB<H ;NL<:@:K:GMBS:K>L:<HGL>KO:<B^G:MK:OYL=>E:<B>G<B: E:
M><GHEH@[:RE:LBGLMBMN<BHG>L "E=BL<NKLHLBLMYFB<HL>IH=K[:BGM>KIK>M:K<HFHNG:>OHEN<B^G=>
>LMHL=HL=BL<NKLHL I>KHLBG>F;:K@H GHM>KFBG:=>L>I:K:KL>=>E:B=>:=>E:FH=>KGBS:<B^G
><HE^@B<: "G>LMHLMK>L=BL<NKLHLE:G:MNK:E>S:>LNG:>GMB=:=JN>L>=>;>MNM>E:K I>KHM:F;BYG
>LNG:?N>GM>=><KBLBL >L=><BK NG::F>G:S:JN>A:RJN><HGMKHE:KR=HF>LMB<:K "E=BL<NKLH
=>L:KKHEEBLM:  >G <:F;BH  GH >L G:=: FWL JN> NG: <E:K: >QIK>LB^G EH<:E  =>E =BL<NKLH =>E
=>L:KKHEEH => E: ><HGHF[: G>H<EWLB<: FH=>KG:  NG: ?HKF: =>E EE:F:=H C:DA>7:G6A>HBD 8G>DAAD
0"+-)!"0    "L ?NG=:F>GM:E K><HK=:K JN> >E =BL<NKLH =>L:KKHEEBLM: >L >E JN> FWL
<E:LB?B<:<BHG>L.MNOHNG:I>KLHG:NG:<E:LB?B<:<B^G LBG=B?>K>G<B:<B^G>GMK>E:LBGLMBMN<BHG>L
NK;:G:L R E:L KNK:E>L  IHK EH JN> M:F;BYG L>KW >E =BL<NKLH FWL <HF`G >GMK> E:L =BLMBGM:L
BGLMBMN<BHG>L 

I>L:K=>JN><HGLMBMN<BHG:EF>GM>>E0NF:D(:PL:R=>;>K[:L>K>E>C>K><MHK=>E:LIHE[MB<:L
I`;EB<:L MH=HLEHL=BL<NKLHLB=>GMB?B<:=HLLHGBG<HFI:MB;E>L<HGYE IHKJN>FNR=B?[<BEF>GM>
E:LIHE[MB<:LI`;EB<:LL>KWG<HFI:MB;E>L<HG>LM>I:K:=B@F:<HGLMBMN<BHG:ER:G=BGH "E0NF:D
(:PL:R L><<B^G   L> LHLMB>G> >G IKBG<BIBHL <HGMK:KBHL :EHL >G<HGMK:=HL>GEHL=BL<NKLHL 
IN>L NG I:K:=B@F: ><H<YGMKB<H  >L =><BK  JN> GH A:<> >L: L>I:K:<B^G >GMK> E: LH<B>=:= R E:
G:MNK:E>S: !>A><AH >LBFIHLB;E>LBE:*68=6B6B6L>=>LMKNR> "LM>I:K:=B@F: IHKHMKHE:=H 

 
L>@>LM:=>L=>E:K><BIKH<B=:= E:K>=BLMKB;N<B^GRE:LHEB=:KB=:=G6C9>
G6C9> ,JG6NRB6@>
B6@> 
>E <HGH<BFB>GMH <HF`G R <HFI:KMB=H >E 268=6N  >E .>C@JN R >E 1>S6@ %6LH6N  R =>L=> E:
:KFHG[:>GMK>E:I>KLHG: E:?:FBEB: E:<HFNGB=:= E:LH<B>=:=RE:*68=6B6B6 

)HL <N:MKH =BL<NKLHL IE:GM>:G NG >G?K>GM:FB>GMH >GMK> >E =>L:KKHEEH R >E IKH@K>LH  <HG E:
G:MNK:E>S:  0BG >F;:K@H  >E 0NF:D (:PL:R R: GH L> K>?B>K> :E <K><BFB>GMH ><HG^FB<H H :E
IKH@K>LH L>K>?B>K>:E:LK>E:<BHG>L:KF^GB<:L>GMK>EHLL>K>LANF:GHL R=>EHLL>K>LANF:GHL
<HGE:*68=6B6B6 "L<E:KHJN>>E0NF:D(:PL:RBFIEB<:NG:=KWLMB<:MK:GL?HKF:<B^G=>>LMHL
IKH<>LHL  R IHK M:GMH  => E: <HG<>I<B^G => E: G:MNK:E>S:  "LM> MK:;:CH FN>LMK: JN> >LM>
I:K:=B@F: GH A: I>G>MK:=H >G E: BGLMBMN<BHG:EB=:= <N>G<:G:  HGL><N>GM>F>GM>  >E 0NF:D
(:PL:R GH >L >E HKB@>G  R GH A: IKH=N<B=H E:L IHE[MB<:L I`;EB<:L  R M:FIH<H LN :I:K:M:C>
BGLMBMN<BHG:E 

):@>LM:<B^G=>E0NF:D(:PL:R>G N>G<: IHKM:GMH >LFN<AHFWLJN>NG:NMHI[: I>KHI:K:


JN>@>KFBG>>LM>I:K:=B@F:=>;>L>K=BL<NMB=HIKH?NG=:F>GM>>G<:=:NG:=>E:L>L?>K:L=>E:
LH<B>=:=<N>G<:G: :MK:OYL=>NGO>K=:=>KH=BWEH@HBGM>K<NEMNK:ER=>L:;>K>L 

,;H?@7: $%& % $ &


&& #

"G>LM><:I[MNEHL>=BL<NMBKWM:GMH>EF>M:;HEBLFH=>E:@N:>G>EM>KKBMHKBH=>E<:GM^G N>G<: 
<HFHLNK>E:<B^G<HGE:HK@:GBS:<B^G=>=B<AHM>KKBMHKBH 

"GE:IKBF>K:I:KM>L>:G:EBS:KWE:=BGWFB<:=>EHL<:N=:E>L=>EHL<N:MKHK[HLJN>:MK:OB>L:GE:
<BN=:==> N>G<:1HF>;:F;: 6:GNG<:R *:<AWG@:K:R1:KJNB :L[<HFHE:=>EK[H N>G<: 
?HKF:=HIHKE:NGB^G=>>LMHL<N:MKHK[HL "LM:=BL<NLB^GL>>GE:S:KW<HG>E:GWEBLBL=>ENLH=>E
:@N:IHM:;E>:GBO>ENK;:GH I:K:M>KFBG:K<HGNGGWEBLBL*NEMB>L<:E:K=>E*>M:;HEBLFH0H<B:E
R"<HE^@B<H=>E:@N:I:K:E:<N>G<:=>EK[H N>G<: 

"GE:L>@NG=:I:KM> IHKHMKHE:=H L>=BL<NMBKW<^FH>EF>M:;HEBLFHLH<B:E=>E:@N:A:BG<B=B=H


>G<^FH>EM>KKBMHKBH=> N>G<:A:LB=HHK@:GBS:=H 

 
 % $ &&

><JG6 &DHGRDH9:J:C86N:AJHD9:AHJ:AD


"E:;HK:<B^GIKHIB:
#N>GM>L
 &+"  !BOBLB^G-HE[MB<:=>E"<N:=HK 
 ':KOBL    % &  />NM>K   +>ELHG R "  $N>O:K:   %HE> ?BEE>= 0/1* ?HK MA> @EH;> 3>KLBHG   =BLIHGB;E> ?KHF MA>
$&/ 0&0/1*F!:M:;:L>AMMILKMF <LB <@B:K HK@ /01"/ %HE> ?BEE>=0/1*?HKMA>$EH;>3>KLBHG 
 &GLMBMNMH$>H@KW?B<H*BEBM:K=>E"<N:=HK   :KMH@K:?[:;:L>=>E"<N:=HK 
 *BGBLM>KBH=>EF;B>GM>=>E"<N:=HK   :KMH@K:?[:=>E:LWK>:LIKHM>@B=:L=>E"<N:=HK 
 0><K>M:K[:+:<BHG:E=>E@N:  2GB=:=>LAB=KH@KW?B<:L=>E"<N:=HKL>@`GE:F>MH=HEH@[:-##01"11"/ 
 &ENLMK> *NGB<BI:EB=:= => N>G<: -E:G => ,K=>G:FB>GMH 1>KKBMHKB:E =>E <:GM^G N>G<:    2LH =>E LN>EH =>E <:GM^G
N>G<: 


-1!3"*#1"#*-10:-1"#3#,!

):FH=B?B<:<B^G=>E?ENCHA[=KB<H =>KBO:=:=>E:L:<MBOB=:=>LANF:G:LR=>E:<HGLMKN<<B^G=>
BG?K:>LMKN<MNK:  A: @>G>K:=H <:F;BHL >G E: >LMKN<MNK: R ?NG<BHG:EB=:= => EHL ><HLBLM>F:L
:<NWMB<HL IHK >LM: K:S^G LNK@>G A>KK:FB>GM:L <HFH >E <:N=:E ><HE^@B<H ':F>MM R /H=KB@N>L 
. El caudal ecológico se define como “:A 86J96A FJ: 8>G8JA6 EDG JC H>HI:B6 =R9G>8D 86E6O 9:
B6CI:C:G:A:FJ>A>7G>D:8DAT<>8DFJ:9>8=D86J8:HDHI>:C::CJC6H>IJ68>TCC6IJG6A” #E:<AB>K  ):
2GB^G &GM>KG:<BHG:E I:K: E: HGL>KO:<B^G => E: +:MNK:E>S:  EH EE:F: <:N=:E :F;B>GM:E 
entendiéndolo “8DBD :A GQ<>B:C =R9G>8D FJ: H: :HI67A:8: :C JC GRD  =JB:96A D ODC6 8DHI:G6 E6G6

 
HJHI:CI6G :8DH>HI:B6H N HJH 7:C:;>8>DH 9DC9: =6N :BEA:DH 9:A 6<J6  FJ: 8DBE>I:C :CIG: HR N 9DC9: ADH
86J96A:H:HIPCG:<JA69DH” !RLHG:I6A  

):L =>?BGB<B^G => <:N=:E ><HE^@B<H JN> L> A: =BL<NMB=H >G E: 0><K>M:K[: +:<BHG:E =>E @N:
(SENAGUA) es “A686CI>9699:6<J6C:8:H6G>6FJ:9:7::M>HI>G:CJC9:I:GB>C69D8J:GED9:6<J6E6G6
<6G6CI>O6G HJ ;JC8>DC6A>969 :8DH>HIQB>86  H 9:8>G  FJ: A6 9>CPB>86 :8DAT<>86 9: JC :8DH>HI:B6 H:
B6CI:C<6:C:FJ>A>7G>D I6CID:C8DBEDH>8>TCN:HIGJ8IJG69::HE:8>:H 8DBD:C8DC9>8>DC:H=>9GDAT<>86H 
;68>A>I6C9D9::HI6B6C:G6A69>HEDC>7>A>9699:8DC9>8>DC:H;RH>86H9:A=P7>I6IE6G6:A69:8J69D8G:8>B>:CID
N 9:H6GGDAAD 9: A6H :HE:8>:H FJ: 9:E:C9:C 9:A 8J:GED 9: 6<J6 E6G6 8JBEA>G HJ 8>8AD K>I6A” KB:L R
1>KG>NL  

!>>LM:F:G>K: BGM>KG:F>GM>>G0"+$2 L>A:=B?>K>G<B:=HEHL<:N=:E>L><HE^@B<HL=>EHL


<:N=:E>L:F;B>GM:E>L EHLJN>L>=>?BG>G<HFo: “6FJ:AGQ<>B:C=R9G>8DFJ:H::HI67A:8::CJC8J:GED
9:6<J6 8DBDJC66AI:GC6I>K6FJ:7JH86:C8DCIG6GJC:FJ>A>7G>D:CIG:A6HC:8:H>969:H9:A6B7>:CI:NA6H
=JB6C6H  EG:H:GK6C9D ADH K6ADG:H :8DAT<>8DH  :A =P7>I6I C6IJG6A ;ADG6 N ;6JC6  N ID96H A6 ;JC8>DC:H
6B7>:CI6A:H  8JN6 EG:H:C8>6 8DCIG>7JN: 6 A6 HDHI:C>7>A>969 HD8>D:8DCTB>86 9: ADH JHJ6G>DH 9:A G:8JGHD”
KB:LR1>KG>NL  

"E <:N=:E ><HE^@B<H =>;> L>K <:E<NE:=H I:K: <:=: <:LH  LBG >F;:K@H  GH >QBLM> NG: ?HKF:
>LM:G=:KBS:=:=>A:<>KEH#E:<AB>K  "L?NG=:F>GM:EJN>>E<:N=:E><HE^@B<H<NFIE:<HG>E
objetivo de “8DCH:GK6G :A E6IG>BDC>D 7>DAT<>8D 9:A B:9>D ;AJK>6A  8DBE6I>7A: 8DC A6 H6I>H;688>TC 9: A6H
9:B6C96HHD8>6A:HNHTADHJE:G69DEDG:A676HI:8>B>:CID9DBQHI>8D:C:ADG9:C9:EG>DG>969:H” @NBKK>R
$:K<[:=>3B<N]:  

"EFYMH=H=>1>GG:GMI>KFBM>>LMBF:K<:N=:E>L><HE^@B<HL=>0:GM:<KNS =>:<N>K=H:
YLM>  EHL <:N=:E>L ><HE^@B<HL IN>=>G L>K NG  =>E <:N=:E F>=BH :GN:E  I:K: F:GM>G>K >E
AW;BM:MRE:LNI>KOBO>G<B:=>E:F:RHK[:=>>LI><B>L:<NWMB<:L>G>E<HKMHIE:SHLBG>F;:K@H 
K><HFB>G=:JN>L>:=>NG=>E<:N=:EF>=BH:GN:E I:K:@:K:GMBS:KE:LNI>KOBO>G<B:=>E:L
=BO>KL:L?HKF:L=>OB=::<NWMB<:L -HKHMKHE:=H >E-KH@K:F:=>*:G>CH&GM>@K:=H=> N>G<:
I:K: E: -KHM><<B^G =>E @N: *& - => E: "FIK>L: -`;EB<: => 1>EY?HGHL  @N: -HM:;E> R
E<:GM:KBEE:=H=> N>G<:"1-F:G>C:NG<:N=:E><HE^@B<H=>E=>E<:N=:EF>=BH:GN:E
"1-  

0HE:F>GM>L><HGH<>=>NG>LMN=BHI:K:BGO>LMB@:KRIKHIHG>K<:N=:E>L><HE^@B<HL>GE:SHG: 
=B<AH>LMN=BH>L>LI><[?B<HI:K:>EK[H6:GNG<:R #N>K>:EBS:=HIHK#E:<AB>K RIKHIHG>
NG<:N=:E><HE^@B<H=>E =>E<:N=:EF>=BH:GN:E -HKHMKHE:=H M:F;BYGK><HFB>G=:JN>

 
>E<:N=:E=>>LM>K[HEN>@H=>E:<:IM:<B^GI:K:>E:@N:IHM:;E>=> N>G<:GHL>:BG?>KBHK: 
F/s, especificando que: “:HI: K6ADG :H >C8AJHD >C;:G>DG 6 ADH 86J96A:H BRC>BDH G:<>HIG69DH
=>HITG>86B:CI:  *DG AD I6CID  9:7: 8DCH>9:G6GH: G:6AB:CI: 8DBD JC K6ADG 8GRI>8D D BRC>BD 68:EI67A: 
B6CI:C>:C9D JC EG>C8>E>D 9: EG:86J8>TC”. Adicionalmente  L>@`G E: BG?HKF:<B^G IKHIHK<BHG:=:
IHK "1-  >LM: >FIK>L: A: ?BC:=H NG <:N=:E  :E JN> EE:F: ><HE^@B<H  I:K: EHL MK>L K[HL JN>
:;:LM><>G=>:@N::E:<BN=:==> N>G<:1HF>;:F;: 6:GNG<:RR*:<AWG@:K: "LM><:N=:E
>L=> FLI:K:>EK[H1HF>;:F;:  FLI:K:>EK[H*:<AWG@:K:R FLI:K:>E
K[H6:GNG<:RG^M>L>JN>>L>E<:N=:EF[GBFH:<>IM:;E>K><HF>G=:=HIHK#E:<AB>K 

):L<:K:<M>K[LMB<:L=>EHLK[HL1HF>;:F;: *:<AWG@:K:R1:KJNB LBGL>KB@N:E>L LHGLBFBE:K>L:


E:L=>EK[H6:GNG<:R IHKEHJN>L>IN>=>NMBEBS:K<HFHK>?>K>G<B:I:K:EHLHMKHLK[HL:E<:N=:E
><HE^@B<H IKHIN>LMH IHK #E:<AB>K  "G >LM> <HGM>QMH  >L ?NG=:F>GM:E L>]:E:K JN> >E K[H
*:<AWG@:K:MB>G>NG:I:KMB<NE:KB=:=JN>EH=BLMBG@N>=>EHLHMKHLLN<:N=:E>LMWK>@NE:=HIHK
=HL K>IK>L:L AB=KH>EY<MKB<:L N;B<:=:L :  DF K[H :KKB;: => N>G<: %HE@NBG $HGS:E>S :I6A 
 

!>>LM:F:G>K: =:=:E:FNEMBMN==>=:MHLR=>?BGB<BHG>L I:K:=B?>K>G<B:K>GMK>EHL=B?>K>GM>L


O:EHK>L R EHL =B?>K>GM>L <HG<>IMHL  => :AHK: >G :=>E:GM> >G >LM> MK:;:CH L> EE:F:KW <:N=:E
:F;B>GM:E:E =>EHL<:N=:E>LF>=BHL <:N=:E><HE^@B<H:E R<:N=:E=>"1-:EHL
<:N=:E>L =>?BGB=HL IHK >LM: >FIK>L: I:K: EHL K[HL 1HF>;:F;:   FL  6:GNG<:R  
FLR*:<AWG@:K: FL 

):BG?HKF:<B^G=>EHL<:N=:E>LF>=BHL=B:KBHL?N>IKHIHK<BHG:=:IHK"1- "LM:BG?HKF:<B^G
L>K>?B>K>:EHL<BG<HK[HL R:EI>K[H=H  )HL=:MHLNL:=HLI:K:EHLK[HL1HF>;:F;:R
6:GNG<:R?N>KHGMHF:=HL:GM>L=>E:LK>LI><MBO:L<:IM:<BHG>LI:K:>E:@N:IHM:;E>=> N>G<: 
FB>GMK:L JN> EHL =>E K[H *:<AWG@:K: ?N>KHG MHF:=HL EN>@H => E: <:IM:<B^G  )HL
<HKK>LIHG=B>GM>L:EK[H N>G<: >G<:F;BH ?N>KHGMHF:=HL:GM>L=>E=>L:@a>=>E:-E:GM:=>
1K:M:FB>GMH=>@N:L/>LB=N:E>L=> N>G<:-1/ N;B<:=:>G>EL><MHK=>2<N;:F;: 

2G>E>F>GMHEE:F:MBOHR<HF`G:EHL<BG<HK[HL >LJN>L>>G<N>GMK:NG:@K:G=B?>K>G<B:>GMK>
EHL<:N=:E>LFWQBFHLRF[GBFHL=NK:GM>>E:]H IN=B>G=HHL<BE:KBG<ENLH=><:LB<>KH:FWL=>
FL>G>EFBLFH:]H -:K:<:E<NE:KE:O:KB:<B^G=>EHL<:N=:E>L L>NMBEBS^>E H>?B<B>GM>=>

3:KB:<B^G IHKJN>>L>E>LM:=[LMB<HJN>F>CHKK>?E>C:>EEJCID9:K>HI6=>E

H;C>MH=>>LMN=BH >G>LM><:LH=>EK[H#>BGLBG@>K  "EK[HJN>FWLO:KB:<B^GIK>L>GM:>G


LNL <:N=:E>L >L >E K[H 1:KJNB  <NRH <H>?B<B>GM> => O:KB:<B^G >L =>    L>@NB=H IHK >E K[H

 
6:GNG<:R 3  >EK[H1HF>;:F;: 3 R>EK[H N>G<: 3 "OB=>GM>F>GM> =>;B=H
: E: K>@NE:<B^G :KMB?B<B:E => LNL <:N=:E>L  F>=B:GM> =HL K>IK>L:L AB=KH>EY<MKB<:L  >E K[H
*:<AWG@:K:>L>EJN>MB>G>>E<H>?B<B>GM>=>O:KB:<B^GFWL;:CH 3  

):@K:G=B?>K>G<B:>GMK>EHL<:N=:E>LFWQBFHLRF[GBFHL>GMH=HLEHLK[HL A:<>JN>E:F>=B:
:KBMFYMB<:GHL>:>E>LM:=[LMB<HB=^G>HI:K:<:E<NE:KEHL<:N=:E>LM[IB<HLHF>=BHL )HL<:N=:E>L
F>=BHL LHG ?NG=:F>GM:E>L  IHK HMKH E:=H  I:K: >E <WE<NEH =>E <:N=:E ><HE^@B<H  !> :<N>K=H :
->M>K#>BGLBG@>K E:F>=B:G: IHK=>?BGB<B^G K>IK>L>GM:K[:F>CHK>EEJCID9:K>HI69:AGRD 
R:JN>>LNG=:MH>LM:=[LMB<HJN>L>:<>K<:K[:FWL:E<:N=:EF>=BHG:6A :EN;B<:KL>>GE:FBM:=
=> EHL =:MHL  !> >LM: F:G>K: L> =><B=B^ NL:K E: F>=B:G: I:K: <:E<NE:K EHL <:N=:E>L F>=BHL H
M[IB<HL 

)HL<:N=:E>L>LMWGF>=B=HL>GFL R>LMHIN>=>A:<>KJN>E:L=B?>K>G<B:LI:K>S<:GI>JN>]:L 
LH;K> MH=H >G EHL <:N=:E>L F>=BHL  0BG >F;:K@H  >L FNR BFIHKM:GM> K><HK=:K JN>  FL
>JNBO:E> :   EL  IHK EH JN> O:KB:<BHG>L JN> >G :I:KB>G<B: LHG BGLB@GB?B<:GM>L  <HFH IHK
>C>FIEH=> FLEL: FLEL LHG>GK>:EB=:=BFIHKM:GM>L RLH;K>MH=H
>OB=>GM>L>G>E?ENCH=>:@N:JN><HKK>IHKNGK[H 

)HL=:MHL=>EHL<BG<HK[HLFN>LMK:GJN>LNL<:N=:E>L?N>KHGFWL:EMHL>GEHL:]HL  
    R   !> B@N:E F:G>K:  EHL <:N=:E>L FWL ;:CHL L> >G<N>GMK:G >G EHL :]HL  
 R "LFNRBGM>K>L:GM>GHM:KJN>=NK:GM>EHL:]HL AN;HNG?>G^F>GH
=> A (>SD ?N>KM> "E +B]H0HNMA>KG ,L<BEE:MBHG "+0,  R =NK:GM> EHL :]HL   NGH
FH=>K:=H(O’Hara :I6A 3>>MMBE:I6A  EHJN>G><>L:KB:F>GM>:EM>K^>EKY@BF>G=>
EENOB:L=>E:SHG: 

"G<N:GMH:EHLF>L>L >EI>K[H=H=><:N=:E>L:EMHL>L=>F:KSH:CNGBH R>EI>K[H=H=><:N=:E>L


;:CHL>L=>:@HLMH:H<MN;K> <:R>G=HEB@>K:F>GM>GN>O:F>GM>>G=B<B>F;K>R>G>KH NGJN>
GHL>MNOH:<<>LH:E:BG?HKF:<B^GH?B<B:E=>IK><BIBM:<BHG>LABLM^KB<:I:K:E:<BN=:==> N>G<:
=>E&GLMBMNMH+:<BHG:E=>*>M>HKHEH@[:>%B=KHEH@[:=>E"<N:=HK&+*%& L>IN>=>H;L>KO:K
JN>E:HL<BE:<B^G=><:N=:E>L>LMWK>E:<BHG:=:=BK><M:F>GM><HG>EKY@BF>G=>EENOB:LEHLF>L>L
FWLEENOBHLHLLHGF:KSHR:;KBE L>@NB=HLIHK?>;K>KH F:KSHRH<MN;K>FB>GMK:LJN>EHLFWL
L><HLLHG:@HLMH CNEBHRL>IMB>F;K> L>@NB=HL=>=B<B>F;K> >G>KH GHOB>F;K>RCNGBH4HKE=
EBF:M>$NB=>  !>>LM:F:G>K: H<MN;K>R?>;K>KHL>IN>=>GBGM>KIK>M:K<HFHF>L>L=>
K><NI>K:<B^G=><:N=:E>L 

 
"EK[H1HF>;:F;:>LM:EO>S>EFWLLBF;^EB<HI:K:E:<BN=:==> N>G<: ):<BN=:=L>>LM:;E><B^
CNGMH:YEO:KBHL<B>GMHL=>:]HL:GM>L=>E:EE>@:=:=>EHL&G<:LIN>=>L>KJN>BG<ENLHFWL=>
  :]HL :GM>L  OHEOBYG=HL> I:KM> >L>G<B:E => E: <NEMNK: => N>G<:  0NL <K><B=:L A:G LB=H
E>@>G=:KB:L :M:EINGMHJN>EN>@H=>NG:=>>EE:L>GE:=Y<:=:=>  NGL:<>K=HM><:M^EB<H
EH;:NMBS^RE>EE:F^'NEBWG*:M:=>KH&=KHOH ':FB>LHGR6HNF:G  

0NL <:N=:E>L F>=BHL L> F:GMNOB>KHG K>E:MBO:F>GM> <HGLM:GM>L =>  :   M>GB>G=H LNL
>QMK>FHL>GEHL:]HL FLR FL 0BG>F;:K@H :I:KMBK=>LHGFWL
:EMHL<>K<:=>FL M>GB>G=HLNL>QMK>FHL>GEHL:]HL FLRFL )HL
<:N=:E>L F>=BHL FWL ;:CHL L> :E<:GS:G >G EHL :]HL    FL     FL   
FLRFL -HKHMKHE:=H EHL:]HL=>F:RHK>L<:N=:E>L<HKK>LIHG=>K[:G: 
FL FL FLR FL "L?NG=:F>GM:EL>]:E:KJN>E:LN;B=:>G
EHL <:N=:E>L F>=BHL : I:KMBK =>E :]H  GH L> IKH=N<> >G EHL HMKHL K[HL  IHK EH JN> FNR
IKH;:;E>F>GM>GHL>=>;::NG?>G^F>GHG:MNK:E 

):#B@NK: BENLMK:LNL<:N=:E>L:GN:E>LF[GBFHL F>=BHL R:F;B>GM:E>LI:K:>EI>K[H=H


 

><JG6 6J96A:H+B:9>DHNBRC>BDHEDG6SD9:AGRD.DB:76B76E6G6:AE:GRD9D
 


#N>GM>!BK><<B^G=>IE:GB?B<:<B^G=>"1-


"E <:N=:E :F;B>GM:E A: LB=H <:E<NE:=H <HFH >E   =>E <:N=:E F>=BH  "L IK>H<NI:GM>
H;L>KO:K JN> MH=HL EHL :]HL  : >Q<>I<B^G => >G >E :]H   EHL <:N=:E>L F[GBFHL A:G LB=H
F>GHK>L :E <:N=:E :F;B>GM:E  "LMH LB@GB?B<:  JN> >E K[H 1HF>;:F;: MH=HL EHL :]HL >G?K>GM^

 
<HG=B<BHG>L => L>O>KH >LMKYL ><HE^@B<H  LB>G=H >LI><B:EF>GM> ?N>KM>L >G EHL :]HL   
FL  FL FL R FL "LBGM>K>L:GM>GHM:K JN>>ER>E
 GH L^EH GH LHG LNL :]HL FWL L><HL  LBGH JN> L> >G<N>GMK:G >GMK> EHL FWL A`F>=HL  E
:IEB<:K>E<:N=:E=>"1- FL E:LBMN:<B^GGH=>C:=>L>KIK>H<NI:GM> IN>L>E<:N=:E
F[GBFHEHLNI>K:K[:LHE:F>GM>>G<N:MKH:]HL  R 0>=>;>K><HK=:K JN>
>LMHL<:N=:E>LA:GLB=HF>=B=HL:GM>L=>E:>QMK:<<B^G=>E:@N:I:K:LNIHM:;BEBS:<B^G 

E:G:EBS:K>E<HFIHKM:FB>GMH=>EHL<:N=:E>LF>=BHL=BLMKB;NB=HL:GBO>EF>GLN:E#B@NK:  
IHK HMKH E:=H  L> H;L>KO: <E:K:F>GM>JN> >E K[H 1HF>;:F;:IHL>> NG<B<EH  )HL<:N=:E>LLHG
GHMHKB:F>GM> FWL :EMHL >G EHL F>L>L => F:KSH  :;KBE  F:RH R CNGBH  :E<:GS:G=H LN INGMH
FWQBFH>G:;KBERLHGGHMHKB:F>GM>FWL;:CHL=NK:GM>:@HLMH L>IMB>F;K> H<MN;K> R>G>KH 
EE>@:G=H : LN INGMH FWL ;:CH >G H<MN;K>  !NK:GM> >E I>K[H=H => <:N=:E>L ;:CHL L> A:G
IKH=N<B=H EHL <:N=:E>L F[GBFHL ABLM^KB<HL FWL ;:CHL >G :@HLMH   FL  H<MN;K>  
FL RGHOB>F;K>FL *B>GMK:LJN>EHL<:N=:E>LFWQBFHLFWL:EMHLL>A:GIKH=N<B=H
=NK:GM>EHLF>L>L:;KBE FL F:RH FLRCNGBH FL !>>LM:F:G>K: 
>EK[H1HF>;:F;::MK:O>L:K[:NGI>K[H=H:EMH=>F:KSH:CNGBH RNGI>K[H=H;:CH=>:@HLMH:
GHOB>F;K> 

):>OHEN<B^GF>GLN:E=>EHL<:N=:E>LF[GBFHLFN>LMK:JN>>EK[H1HF>;:F;:MB>G>>EKB>L@H
=>>GMK:K>G>LMKYL><HE^@B<H=NK:GM>EHLF>L>L=>:@HLMH:?>;K>KH IN>L>LMHL<:N=:E>LLHGFWL
;:CHLJN>>E<:N=:E:F;B>GM:E >BG<ENLHJN>>E<:N=:E=>"1- 

><JG6 6J96A:H+B:9>DHNBRC>BDHEDGB:H9:AGRD.DB:76B76E6G6:AE:GRD9D
 


#N>GM>!BK><<B^G=>IE:GB?B<:<B^G=>"1-

 


"E K[H 6:GNG<:R >L >E L>@NG=H K[H >G BFIHKM:G<B: I:K: E: <BN=:=  IN>LMH JN> :E B@N:E JN> >E
1HF>;:F;: E::MK:OB>L:[GM>@K:F>GM>=>,>LM>:"LM> :NGJN>LN<:N=:EL>:FWL;:CHJN>>E
=>EK[H1HF>;:F;: 

)HL <:N=:E>L F>=BHL BG=B<:G JN> EHL :]HL FWL L><HL =>E K[H 6:GNG<:R A:G LB=H   
FL  FLR FL FB>GMK:LJN>EHLFWLA`F>=HLA:GLB=H 
FL  FLR FL ):#B@NK: FN>LMK:EHL<:N=:E>L:GN:E>L=>>LM>
K[H 


><JG6 6J96A:HB:9>DHNBRC>BDHEDG6SD9:AGRD26CJC86NE6G6:AE:GRD9D
 


#N>GM>!BK><<B^G=>IE:GB?B<:<B^G=>"1-


"LFNRBGM>K>L:GM>GHM:KJN>EHL<:N=:E>LF[GBFHL@>G>K:EF>GM>LHGF:RHK>L:EHL<:N=:E>L
:F;B>GM:E>L R>GEHL=HL<:LHLJN>LHGF>GHK>LR IHL>>GO:EHK>LFNR<>K<:GHL:
>LMHL`EMBFHL =B<BHG:EF>GM> LBL>EHL<HFI:K:<HG>E<:N=:E:F;B>GM:E=>?BGB=HIHK"1-
  FL  LHE:F>GM> >E <:N=:E F[GBFH =>  L>K[: BG?>KBHK  "LMH LB@GB?B<:K[:  JN> :NGJN>
>LM:K>GNG:LBMN:<B^G=><:N=:EF[GBFH>L>GLBFBLF:NG:LBMN:<B^G=>>LMKYL><HE^@B<H >LM>
K[HGHA:>G?K>GM:=HLBMN:<BHG>L=>>LMKYL><HE^@B<HL>O>KH=>;B=H:E:K>=N<<B^G=><:N=:E>L 

 
"E K[H 6:GNG<:R  :E B@N:E JN> >E 1HF>;:F;:  IK>L>GM: <E:K:F>GM> NG <B<EH :GN:E  =HG=> LNL
<:N=:E>LFWL:EMHLL>IK>L>GM:G=>F:KSH:CNGBH <HGNGIB<H>G>EF>L=>:;KBE R<HG<:N=:E>L
;:CHL=>H<MN;K>:>G>KH <HGNG:<:[=:=NK:GM>>EF>L=>H<MN;K>#B@NK:  

&K^GB<:F>GM> EHL:]HL>GEHLJN>LNL<:N=:E>LA:GLB=HFNR;:CHL >EKB>L@H=>>LMKYL><HE^@B<H


L>O>KH A: LB=H FWL :EMH => ?>;K>KH : CNGBH  IN>L >L >G >LMHL F>L>L CNLM:F>GM> >G EHL JN> EHL
<:N=:E>L:F;B>GM:E>LLNI>K:G:EHL<:N=:E>LF[GBFHL )HLF[GBFHLABLM^KB<HL=>EHLF>L>L=>
F:RHRCNGBH EE>@:G:>LM:K=>;:CHBG<ENLH=>E<:N=:E=>"1- FL 

><JG6 6J96A:HB:9>DHNBRC>BDHEDGB:H9:AGRD26CJC86NE6G6:AE:GRD9D
 


#N>GM>!BK><<B^G=>IE:GB?B<:<B^G=>"1-


"E K[H *:<AWG@:K: >L >E `GB<H => EHL <N:MKH JN> GH <KNS: =BK><M:F>GM> IHK E: <BN=:=  LBG
>F;:K@H >LNG:=>LNL?N>GM>LIKBG<BI:E>L=>:@N:IHM:;E> RI:L:CNGMH:LNI:KJN>BG=NLMKB:E 
0N=BK><<B^G>L=>GHK H>LM>:LNK >LM> 

)HL<:N=:E>LF>=BHL:GN:E>LFN>LMK:GIB<HL>GEHL:]HLFL  FL 


 FL  FLRFL#B@NK:  )HJN><HBG<B=><HGEHL:]HL=><:N=:E>L
:EMHL=>EHLHMKHLK[HL ):L<:[=:LL>IKH=N<>G>GMK>EHL:]HLR >E:I:K>GM>:NF>GMH=>
<:N=:E>L:I:KMBK=>GHMB>G>K>E:<B^G<HGE:LK>IK>L:L IN>L>LM:LLHG:GM>KBHK>L:EI>K[H=H
>G:GWEBLBL "OB=>GM>F>GM> =>;B=H:=B<A:LK>IK>L:L EHLIB<HLR<:[=:L=>EHL<:N=:E>LF>=BHL
GHLHGM:G?N>KM>L<HFHEHL=>EHLHMKHLK[HL 

 
)HL<:N=:E>LF[GBFHL IHKHMKHE:=H LB>FIK>L>F:GMB>G>GLH;K>EHL<:N=:E>L:F;B>GM:E>L IHK
EH JN> EHL <:N=:E>L ;:CHL GH L>K[:G NG FHMBOH => >LMKYL ><HE^@B<H L>O>KH >G >LM> K[H  0BG
>F;:K@H EHL<:N=:E>LF[GBFHLFWL;:CHL <HKK>LIHG=B>GM>L:EHL:]HL FL 
  FL R    FL LHG BG?>KBHK>L :E <:N=:E => "1-   FL  )HL <:N=:E>L
F[GBFHLFWL:EMHLL>IKH=N<>G:I:KMBK=>E:]H "LBGM>K>L:GM>GHM:K JN>>LM>>L>E`GB<H
=> EHL K[HL >G >E JN> >E <:N=:E => "1- >L @>G>K:EF>GM> F:RHK H B@N:E JN> >E <:N=:E
:F;B>GM:E R<:LBGNG<:>LFWL;:CH I>L:K=>>EEH >LM>K[HK><B;>BGM>GL:LIK>LBHG>LIHKI:KM>
=>E:LFBLF:LK>IK>L:L RM:F;BYG=>E-:KJN>&G=NLMKB:E=> N>G<: 

><JG6 6J96A:HB:9>DHNBRC>BDHEDG6SD9:AGRD'68=PC<6G6E6G6:AE:GRD9D 
 


#N>GM>!BK><<B^G=>IE:GB?B<:<B^G=>"1-


E:G:EBS:KEHL<:N=:E>LF>=BHL:GBO>EF>GLN:E#B@NK:  L>>G<N>GMK:NG<B<EHLBFBE:K:E=>
EHLK[HL1HF>;:F;: 6:GNG<:R LBG>F;:K@H E:L=B?>K>G<B:L>GMK>EHLIB<HLRE:L<:[=:LGHLHG
M:G@K:G=>LL>=>;>K><HK=:KJN>>LM>K[HMB>G>NG<H>?B<B>GM>=>O:KB:<B^GGHMHKB:F>GM>FWL
;:CH  )HL <:N=:E>L FWL :EMHL L> K>@BLMK:G >G EHL F>L>L => :;KBE : CNEBH  FB>GMK:L JN> EHL FWL
;:CHL=>L>IMB>F;K>:>G>KH 

"LBGM>K>L:GM>GHM:K JN>>GMK>EHL<:N=:E>LF[GBFHLABLM^KB<HL:GBO>EF>GLN:E L[L>K>@BLMK:G


>O>GMHL>GEHLJN>LHGFWL;:CHLJN>EHL<:N=:E>L:F;B>GM:E>L >LI><[?B<:F>GM>>GEHLF>L>L=>
:;KBE R CNEBH  =B<BHG:EF>GM>  LHG FWL ;:CHL JN> >E <:N=:E => "1- >G :;KBE  CNEBH  :@HLMH 
H<MN;K>RGHOB>F;K> 

 
><JG6 6J96A:HB:9>DHNBRC>BDHEDGB:H9:AGRD'68=PC<6G6E6G6:AE:GRD9D 
 


#N>GM>!BK><<B^G=>IE:GB?B<:<B^G=>"1-


"EK[H1:KJNB>L>EFWLI>JN>]H=>EHL<N:MKHK[HLJN>:MK:OB>L:G N>G<: EE>@::E:<BN=:=<HG


=BK><<B^G => LNK H>LM> : GHK >LM>  NGJN> E: <BN=:= GH NL> >E :@N: => >LM> K[H I:K: LN
IHM:;BEBS:<B^G  >E K[H 1:KJNB >L FNR BFIHKM:GM>  R: JN> E: IKBG<BI:E SHG: => IKH=N<<B^G
:@K[<HE: @:G:=>K:RE><A>K:=>E<:GM^G N>G<: L>>G<N>GMK:>GLNLN;<N>G<: 

"LM>K[H>L>EJN>IK>L>GM:F:RHKHL<BE:<B^G>GLNL<:N=:E>L IN>LLN<H>?B<B>GM>=>O:KB:<B^G>L
>E FWL :EMH  3   )HL IB<HL >G LNL <:N=:E>L F>=BHL L> >G<N>GMK:G >G EHL :]HL   
FL  FLR FL LB>G=H>LM>`EMBFH>EFWL:EMH ):L<:[=:LFWL?N>KM>L
=>LNL<:N=:E>LF>=BHL >G<:F;BH L>=:G>GEHL:]HL FL  FLR
 FL <HBG<B=B>G=H<HGEHLHMKHLMK>LK[HL#B@NK:  

0NL<:N=:E>LF[GBFHL LHGIK>H<NI:GM>L  IN>LA:GEE>@:=H :<>KH:]H  HA:GLB=HFNR


<>K<:GHL : <>KH  <HFH >G EHL :]HL    FL     FL R    FL 
=B<BHG:EF>GM> >LMHL<:N=:E>LLHG<HGLM:GM>F>GM>BG?>KBHK>L:E<:N=:E:F;B>GM:E  
   R >L=><BK <:LBE:M>K<>K:I:KM>=>EHL:]HL:G:EBS:=HL "LM>K[H :EGHL>K
NG:?N>GM>=>:@N:IHM:;E>I:K:E:<BN=:= GHIHL>>NG<:N=:E:F;B>GM:E?BC:=HIHK"1- :L[
<HFHM:FIH<H>LMWIKHM>@B=HIHKE:FNGB<BI:EB=:= 

 
><JG6 6J96A:HB:9>DHNBRC>BDHEDG6SD9:AGRD.6GFJ>E6G6:AE:GRD9D
 


#N>GM>!BK><<B^G=>IE:GB?B<:<B^G=>"1-


0N<HFIHKM:FB>GMHM:GO:KB:GM> FNRIKH;:;E>F>GM>>LMWK>E:<BHG:=H<HG>ENLH=>ELN>EH=>
LNLN;<N>G<:L><<B^G   "EF>M:;HEBLFH><HE^@B<H=>EHL><HLBLM>F:LG:MBOHL RLH;K>MH=H
=> EHL F:=NKHL  A:<> JN> :<M`>G <HFH :@>GM>L => K>@NE:<B^G A[=KB<:  @>G>K:G=H F>GHL
O:KB:<B^G>GLNL<:N=:E>L%HE@NBG $HGS:E>S:I6A  

"E <HFIHKM:FB>GMH => LNL <:N=:E>L F>=BHL : GBO>E F>GLN:E  GH =BO>K@> F:RHKF>GM> => EHL
HMKHLK[HL IN>LIK>L>GM:LNLIB<HL>G>EI>K[H=H?>;K>KH CNEBH M>GB>G=HLNLINGMHLFWL:EMHL>G
F:KSH FL :;KBEFL F:RH FLRCNGBH FL EB@N:EJN>>GEHLHMKHL
K[HL LNL<:N=:E>LF>=BHLFWL;:CHLL>:E<:GS:G>GEHLF>L>L=>L>IMB>F;K> FLRH<MN;K>
 FL 

"L FNR BFIHKM:GM> GHM:K JN> LNL <:N=:E>L F[GBFHL ABLM^KB<HL  :NGJN> LHG BG?>KBHK>L : EHL
<:N=:E>L:F;B>GM:E>LIKW<MB<:F>GM>MH=H>E:]H:>Q<>I<B^G=>>G>KH :;KBE CNEBHR:@HLMH LHG
FNRLBFBE:K>L>EEHL=NK:GM><:LBMH=HLEHLF>L>L 0HG<E:K:F>GM>LNI>KBHK>LLHE:F>GM>>GEHL
F>L>L=>:;KBE CNEBHR:@HLMH RGHMHKB:F>GM>BG?>KBHK>L>GEHLF>L>L=>F:RHRCNGBH#B@NK:
  

 
><JG6 6J96A:HB:9>DHNBRC>BDHEDGB:H9:AGRD.6GFJ>E6G6:AE:GRD9D
 


#N>GM>!BK><<B^G=>IE:GB?B<:<B^G=>"1-


#BG:EF>GM> >EK[H N>G<:L>?HKF::I:KMBK=>EHL<N:MKHK[HLR::G:EBS:=HL RIHLM>KBHKF>GM>


K><B;>EHL:IHKM>L=>E:-:GM:=>1K:M:FB>GMHL=>@N:L/>LB=N:E>L-1/ R=>EHLK[HL0B=<:R
R ':=WG  +H >QBLM>G K>@BLMKHL => <:N=:E>L=> >LMHL =HL `EMBFHL K[HL  IHKEHJN>?N>BFIHLB;E>
BG<ENBKEHL>G>E:GWEBLBL:NGJN> IHKHMKHE:=H LNL<:N=:E>LLHGBG<ENLHF>GHK>LJN>EHL=>EK[H
1:KJNB IHKEHJN>LN:IHKM>GHM>G=K[:FN<A:BG?EN>G<B:>GE:=BGWFB<:=>EK[H N>G<: "G>E
<:LH<HG<K>MH=>>LM>:GWEBLBL >E:IHKM>=>E:-1/R=>EHLK[HL0B=<:RR':=WGGHMB>G>GBG@NG:
BG<B=>G<B:  R:JN>E: >LM:<B^G=> F>=B<B^G L>>G<N>GMK: :GM>L=> LN=>L>F;H<:=NK: >G >E K[H
N>G<: 

E L>K >E 1HF>;:F;: >E FWL <:N=:EHLH => EHL <N:MKH K[HL  <:;K[: >LI>K:K JN> L>: >E JN> FWL
BG?EN>G<B:MB>G>>GE:=BGWFB<:=>EK[H N>G<: EHJN>:I:K>GM>F>GM>L><HG?BKF:K[::EM>G>KEHL
=HL>Q:<M:F>GM>>EFBLFH<H>?B<B>GM>=>O:KB:<B^G 3 ):LM>G=>G<B:L:I:K>GM>F>GM>LHG
E:LFBLF:LJN>E:L=>EHLHMKHL<N:MKHK[HL E:F>GM:;E>F>GM>>L=B?[<BE<HG?BKF:KEH R:JN>>GE:L
L>KB>L=>=:MHL>GMK>@:=:LIHK"1-GH>QBLM>GEHL=:MHL=>EHL:]HL: 

)HL <:N=:E>L F>=BHL =>E K[H N>G<: MB>G>G LNL IB<HL >G EHL :]HL    FL    
FL  FLR FL EHJN>>L<HGLBLM>GM><HGEHL<:N=:E>LF>=BHL=>EHL
<N:MKHLK[HJN>EH?HKF:G#B@NK:  ):L<:[=:L=>>LMHL<:N=:E>L IHKHMKHE:=H L>IKH=N<>G
LH;K>MH=H>GEHL:]HL FL  FL R FL 

 
)HL <:N=:E>L F[GBFHL =>E I>K[H=H   LHG EB@>K:F>GM> F>GHK>L JN> EHL <:N=:E>L
:F;B>GM:E>L  FB>GMK:L JN> >G >E I>K[H=H    LHG F>GHK>L LHE:F>GM> EHL =>E :]H  
"LMH BG=B<:K[: JN> =>L=> >E INGMH => OBLM: <N:GMBM:MBOH  <N:G=H >E K[H N>G<: >LMW >G LNL
<:N=:E>L F[GBFHL  LN?K> >LMKYL ><HE^@B<H : <:NL: => >EEHL  :E B@N:E JN> <N:EJNB>K K[H >G >L:
LBMN:<B^G I>KHJN>>LM>>LMKYLGHL>K[:L>O>KH :=B?>K>G<B:=>EEHLK[HL1HF>;:F;:H1:KJNB IHK
>C>FIEH 

><JG6  6J96A:HB:9>DHNBRC>BDHEDG6SD9:AGRDJ:C86E6G6ADHE:GRD9DH
 N 
 


#N>GM>!BK><<B^G=>IE:GB?B<:<B^G=>"1-


E:G:EBS:KEHL<:N=:E>LF>=BHL:GBO>EF>GLN:E#B@NK:  >L<E:KHJN>>EK[H N>G<:MB>G>


>Q:<M:F>GM> >E FBLFH <B<EH JN> EHL K[HL 1HF>;:F;:  6:GNG<:R  *:<AWG@:K: R 1:KJNB  )HL
IB<HL=>EHL<:N=:E>LF>=BHLL>IKH=N<>G>G>EI>K[H=H?>;K>KH CNEBH REHL<:N=:E>LFWL;:CHL
=>L>IMB>F;K>:GHOB>F;K> LN;B>G=H:I>G:L>G=B<B>F;K> I:K:OHEO>K:<:>K>G>G>KH 

"LFNRBGM>K>L:GM>GHM:KJN>E:<NKO:=>EHL<:N=:E>LF[GBFHLF>GLN:E>L>LFNRLBFBE:K:E:
=>EHL<:N=:E>LF>=BHL EHJN>BG=B<:K[:JN>>E<B<EH=>EHL<:N=:E>L=>EK[H N>G<: L><NFIE>
BG<ENLH >G EHL I>K[H=HL => IH<: :@N:  "LMHL <:N=:E>L FN>LMK:G JN> EHL KB>L@HL => >LMKYL
><HE^@B<H L>O>KH >GEHL:]HLL><HL  L> IKH=N<BK[:G>GEHL F>L>L => F:KSH R:;KBE  F>L>LJN>
BK^GB<:F>GM>L><:K:<M>KBS:GIHKLNL<:N=:E>L:EMHL 

 
><JG6 6J96A:HB:9>DHNBRC>BDHEDGB:H9:AGRDJ:C86E6G6ADHE:GRD9DH
 N 
 


#N>GM>!BK><<B^G=>IE:GB?B<:<B^G=>"1-

.0-.'!'<,"#*%3"#*-10:-1"#3#,!

HFHR:?N>=BL<NMB=H>GE:L><<B^G   I:K:IH=>KNL:K>E:@N: YLM:=>;>L>K<HG<>LBHG:=:


IHK >E >LM:=H  :<MN:EF>GM> K>IK>L>GM:=H IHK E: 0><K>M:K[: +:<BHG:E =>E @N: 0"+$2 
0"+$2 IHL>> NG: ;:L> => =:MHL HK@:GBS:=: IHK =>F:K<:<BHG>L AB=KH@KW?B<:L  I:K: E:
@>LMB^G=>E:L<HG<>LBHG>LHMHK@:=:L !>>LM:F:G>K: L>A:<HGLMKNB=HE:1:;E:  =HG=>L>
<HGMK:LM: M:GMH EHL <:N=:E>L F>=BHL F>GLN:E>L => <:=: NGH => EHL K[HL  <HFH LNL <:N=:E>L
:GN:E>L <HG>EOHENF>G=>:@N:JN>MB>G>G<HG<>LBHG:=H "EOHENF>G=>:@N:<HG<>LBHG:=H
>LMW>QIK>L:=H<HFHNGIHK<>GM:C>=>E<:N=:E=><:=:K[H NGO:EHKLNI>KBHK:ELB@GB?B<:
JN>A:RFWL:@N:<HG<>LBHG:=:JN>E:JN>?[LB<:F>GM>>LMW=BLIHGB;E> 

"E>C>K<B<BH K>O>E^ NG: LBMN:<B^G FNR IK>H<NI:GM>  >LI><B:EF>GM> I:K:EHLK[HL 1HF>;:F;:R


1:KJNB  ): I>KLI><MBO: :GN:E FN>LMK: BG=B<BHL => :E:KF:  LBG >F;:K@H  >L E: I>KLI><MBO:
F>GLN:EE:JN>@>G>K::E>KM:LJN>GHIN>=>GL>KB@GHK:=:L 

):I>KLI><MBO::GN:EFN>LMK:JN>>E<:N=:EEB;K>=>EK[H1:KJNB >L=><BK >E<:N=:EJN>GH


>LMW <HG<>LBHG:=H  >L BG?>KBHK M:GMH :E <:N=:E :F;B>GM:E    R >OB=>GM>F>GM> >L FNR
=BLM:GM>=>E<:N=:E><HE^@B<H -HKHMKHE:=H >E<:N=:EEB;K>=>EHLK[HL1HF>;:F;:
R *:<AWG@:K:   >L F:RHK JN> >E <:N=:E :F;B>GM:E  LBG >F;:K@H  >L BG?>KBHK :E <:N=:E
><HE^@B<H I:K>GM>F>GM>GHA:;K[:IKH;E>F:L<HGEHLK[HL6:GNG<:RR N>G<: 

 
E <:F;B:K => I>KLI><MBO:  R :G:EBS:K EHL =:MHL =>L=> NG INGMH => OBLM: F>GLN:E  E: ABLMHKB:
<:F;B: >Q<>IMHI:K:EHLK[HL6:GNG<:RR N>G<: "LMHL=HLK[HLGH>LMWGLH;K><HG<>LBHG:=HL 
IN>LMH=HLEHLF>L>LLNL<HG<>LBHG>L=>C:GEB;K>NG<:N=:ELNI>KBHK:E<:N=:E><HE^@B<H 

"E K[H 1HF>;:F;: M>G=K[: <HG<>LBHG:=H NG <:N=:E F:RHK :E =BLIHGB;E> ?[LB<:F>GM> >G EHL
F>L>L>G>KH :@HLMH L>IMB>F;K>RH<MN;K> 1>G=K[:EB;K>NG<:N=:EBG?>KBHK:E<:N=:E:F;B>GM:E
>GEHLF>L>L=>GHOB>F;K>R=B<B>F;K> R?BG:EF>GM> M>G=K[:EB;K>NG<:N=:EF:RHK:E<:N=:E
:F;B>GM:E I>KHF>GHK:E<:N=:E><HE^@B<H>GEHLF>L>L=>?>;K>KHRCNEBH !>>LM:F:G>K: E:L
<HG<>LBHG>L=>C:K[:GEB;K>NG<:N=:E><HE^@B<HLHE:F>GM>>GEHLF>L>L=>F:KSH :;KBE F:RHR
CNGBH 

"EK[H*:<AWG@:K: >G<:F;BH MB>G><HG<>LBHG:=HNG<:N=:EF:RHK:E=BLIHGB;E>?[LB<:F>GM>>G


>EF>L=>H<MN;K> ):L<HG<>LBHG>L=>C:K[:GEB;K>NG<:N=:EF>GHK:E<:N=:E:F;B>GM:E>GEHL
F>L>L=>>G>KH L>IMB>F;K>RGHOB>F;K> "E<:N=:EEB;K>=>EHLF>L>L?>;K>KH F:KSH :@HLMHR
=B<B>F;K>>LF:RHKJN>>E<:N=:E:F;B>GM:E I>KHF>GHKJN>>E<:N=:E><HE^@B<H #BG:EF>GM> 
EHL<:N=:E>LEB;K>LLHGF:RHK>L:E<:N=:E><HE^@B<H>GEHLF>L>L=>:;KBE F:RH CNGBHRCNEBH 

"EK[H1:KJNB>LNG<:LH>QMK>F:=:F>GM>IK>H<NI:GM> IN>L>E<:N=:E<HG<>LBHG:=H>Q<>=>:E
<:N=:E =BLIHGB;E> >G H<AH => EHL  F>L>L  !> EHL <N:MKH F>L>L K>LM:GM>L  >E <:N=:E EB;K> >L
F:RHK:E<:N=:E:F;B>GM:E I>KHF>GHK:E<:N=:E><HE^@B<H>GEHLF>L>L=>F:KSHRCNGBH !>
>LM:F:G>K: LHE:F>GM>M>G=K[:NG<:N=:EEB;K>F:RHK:E<:N=:E><HE^@B<H=NK:GM>EHLF>L>L=>
:;KBERF:RH 

"G>LM><HGM>QMH L>>OB=>G<B:JN>EHLIKH;E>F:LJN>LN?K>GEHL<:N=:E>L=>EHLK[HL=> N>G<:


GHLHG<:NL:=HLIHK?>G^F>GHL<EBFWMB<HL LBGHFWL;B>G IHKIKH;E>F:L>GE:@>LMB^G=>E:L
<HG<>LBHG>LI:K:>ENLH=>E:@N:  HFH?N>=BL<NMB=H>GE:L><<B^G   E:FNGB<BI:EB=:==>
N>G<: :MK:OYL=>"1- ;NL<:@:K:GMBS:KE:=HM:<B^G=>:@N:IHM:;E>I:K:E:<BN=:= IHKEH
JN>BGM>KOB>G>>GE:@>LMB^G=>E:LLN;<N>G<:L=>=HG=>MHF::@N: 0BG>F;:K@H E:BGLMBMN<B^G
K><MHK:=>E:@N:A:LB=HJNB>GA:@>LMBHG:=HE:L<HG<>LBHG>L R:EI>KM>G><>K:E@H;B>KGH<>GMK:E 
MK:=B<BHG:EF>GM>A:LB=H:C>G::E:FNGB<BI:EB=:= "OB=>GM>F>GM> E:L<HG<>LBHG>L=>:@N:L>
A:G=:=HLBGM>G>K>G<N>GM:EHL<:N=:E>L=>EHLK[HL RFN<AHF>GHLLNL<:N=:E>L:F;B>GM:E>L
R><HE^@B<HL 0BG>F;:K@H M:F;BYG>L<E:KH JN>E:LBGB<B:MBO:L=>@>LMB^GE:LLN;<N>G<:LGHA:G
BGM>@K:=H : 0"+$2 R JN> : E: FNGB<BI:EB=:= LHE:F>GM> E> BGM>K>L: @:K:GMBS:K JN> >QBLM:
LN?B<B>GM><:N=:E:GM>L=>E:LMHF:LI:K:LN:@N:IHM:;E> =>C:G=H>LHL[NG<:N=:E><HE^@B<H
JN>LN?K>GN>O:L>QMK:<<BHG>L=>:@N:>G>EK>LMH=>LNK><HKKB=H 

 
.67A6 &66EGDE>68>TC9:A6<J69:ADHGRDH9:J:C868DCIG6HI::CIG::A86J96A9>HEDC>7A:8696B:HN:A86J96AFJ:=6H>9D8DC8:H>DC69D
& '"   +!(!+ M!% '%$( (!

$%G: #:=/19?-61 $%G: #:=/19?-61 $%G: #:=/19?-61 $%G: #:=/19?-61 $%G: #:=/19?-61
8 81> /:9/1>5:9-0: 8 81> /:9/1>5:9-0: 8 81> /:9/1>5:9-0: 8 81> /:9/1>5:9-0: 8 81> /:9/1>5:9-0:
017/-@0-7 017/-@0-7 017/-@0-7 017/-@0-7 017/-@0-7

91 

     


        




1.     


        



  





-=      


  
      
 





.=           


    


-C 

          
     




@9  
               




@7      



         

    




3:   
   
    
     




&1;    


  
      
 




"/?              


      



!:A
              




5/   




        




E"                          

#N>GM>L0><K>M:K[:+:<BHG:E=>E@N:0"+$2 RE:!BK><<B^G=>-E:GB?B<:<B^G=>"1-


 
"E:@N:<HG<>LBHG:=:I:K:<N:EJNB>KNLH >G@>G>K:E :L[<HFH>E:@N:<HG<>LBHG:=:I:K:>ENLH
>G EHL AH@:K>L RH I:K: L>K IHM:;BEBS:=:  >G I:KMB<NE:K  >L >E BGLNFH ?NG=:F>GM:E I:K:
@:K:GMBS:K>EF>M:;HEBLFHLH<B:E=>E:@N:  HFHL>=BL<NM>>GE:L><<B^G  R>LI><B:EF>GM>>G
E:L><<B^G   EHLK><NKLHLJN>@:K:GMBS:G>EF>M:;HEBLFHLH<B:ELHGMHF:=HL=BK><M:F>GM>=>E
M>KKBMHKBH >L=><BK >EF>M:;HEBLFHLH<B:E=>I>G=>=>EM>KKBMHKBH >EM>KKBMHKBHBG<B=>>G<^FHL>
>LMKN<MNK:  0BG >F;:K@H  : LN O>S E:L ?HKF:L >G E:L JN> L> >QIK>L: >E F>M:;HEBLFH LH<B:E
FH=B?B<:G:EM>KKBMHKBH IHKEHJN>>QBLMBK[:NG:LN>KM>=><H >OHEN<B^GJN>>LM:;E><>NG:K>E:<B^G
BG=BLHEN;E>>GMK>>EM>KKBMHKBHRE:LLH<B>=:=>L+HK@::K=  

!>>LM:F:G>K: E:IKH;E>FWMB<:=>EHLK[HL=> N>G<:A:<>JN>L>MHKG>?NG=:F>GM:E<HGH<>K


<^FHL>>LMKN<MNK:LNF>M:;HEBLFHLH<B:E=>E:@N: "LM>>LMN=BHL>A:KW>G=HLL><<BHG>L >GE:
IKBF>K: L><<B^G L> =BL<NMBKW >E NLH =>E :@N: : GBO>E NK;:GH  R >G NG: L>@NG=: L><<B^G  L>
:G:EBS:KW>EF>M:;HEBLFH=>E:@N:>GE:LLB>M>LN;<N>G<:LJN>?HKF:G:EK[H N>G<: 


% $ &%M&

*31-"#*%3.-2 *#,'4#*30 ,-

"E<HGLNFH=>:@N:IHM:;E>=>E:SHG:NK;:G:>L?NG=:F>GM:EI:K:>GM>G=>K>EF>M:;HEBLFH
LH<B:E=>E:@N:=>E:<BN=:==> N>G<: LBG>F;:K@H >L?NG=:F>GM:EM>G>K<E:KHJN>K>IK>L>GM:
LHE:F>GM>>E =>E:>QMK:<<B^GMHM:E=>:@N: 

):F:RHK<:GMB=:==>E:IH;E:<B^G=> N>G<:L><HG<>GMK:>GE: SHG:NK;:G: "LM:SHG:>LMW


:;:LM><B=: => :@N: IHK E: "FIK>L: -`;EB<: *NGB<BI:E => 1>EY?HGHL  @N: -HM:;E> R
E<:GM:KBEE:=H => N>G<: "1-  M>GB>G=H NG: <H;>KMNK: JN>  =>L=> >E :]H   EE>@: :E
=>E:IH;E:<B^GNK;:G:KMB@:  

-:K:E:=HM:<B^G=>EL>KOB<BH "1-F:G>C:L>BL<:M>@HK[:L=>NLH

 />LB=>G<B:ENLN:KBHL=>:@N:IHM:;E>I:K:<HGLNFH=HFYLMB<H 
 HF>K<B:E <HF>K<BHL  ;:G<HL R >E L><MHK ?BG:G<B>KH >G @>G>K:E  G>@H<BHL  AHLM:E>L 
AHM>E>L H?B<BG:LI:KMB<NE:K>L >FIK>L:L :<MBOB=:=>L:KM>L:G:E>LRI>JN>]:BG=NLMKB: 
 &G=NLMKB:EF>=B:G:R@K:GBG=NLMKB: 
 "LI><B:E LBG K>;:C: >LM:;E><BFB>GMHL >=N<:MBOHL I:KMB<NE:K>L  :LH<B:<BHG>L LBG ?BG>L =>
EN<KH <WF:K:L=><HF>K<BHR=>BG=NLMKB:L B@E>LB:L <EN;>L RAHLIBM:E>LIKBO:=HL 

 
 "LI><B:E <HG K>;:C: >GMB=:=>L I`;EB<:L G:<BHG:E>L R IKHOBG<B:E>L  >LM:;E><BFB>GMHL
>=N<:MBOHLI`;EB<HL ?NG=:<BHG>LLBG?BG>L=>EN<KH AHLIBM:E>LI`;EB<HLR;HF;>KHL 
 $K:MNBMH"GMB=:=>LFNGB<BI:E>L 

"1-MB>G>MK>LIE:GM:L=>IHM:;BEBS:<B^G=>:@N:I:K:>E:;:LM><BFB>GMH=>E:SHG:NK;:G:"E
>;HEE:KK[H1HF>;:F;: 1BQWGK[H*:<AWG@:K:R0HE=:=HLK[H6:GNG<:R =B<BHG:EF>GM> 
IHL>>NG:IE:GM:I:K:>EMK:M:FB>GMH=>E:L:@N:LK>LB=N:E>L=>E:<BN=:= N;B<:=:>GE:SHG:
<HGH<B=:<HFH2<N;:F;: "G>E:]HEHLOHE`F>G>L=>:@N:IHM:;BEBS:=:L>>LMBF:KHG>G
  F >G?NG<B^G=>EHL=:MHLK>:E>LH;M>GB=HLA:LM::@HLMH=>>L>:]H1:;E:  

"E kG=B<> => @N: +H HGM:;BEBS:=: &+  >L E: =B?>K>G<B: >GMK> >E OHENF>G MHM:E => :@N:
IHM:;BEBS:=: R>E<HGLNFHMHM:E=>:@N:IHM:;E> "LM:=B?>K>G<B:L>IN>=>=>;>K:IKH;E>F:L
K>E:<BHG:=HL<HGE:F>=B<B^G=>E<HGLNFH<HFH=B?>K>G<B:L>GE:<:EB;K:<B^G=>EHLF>=B=HK>L
IYK=B=:L:I:K>GM>L H:IYK=B=:LK>:E>L=>:@N:IKH=N<B=:L>G>EIKH<>LH=>=BLMKB;N<B^G IHK
>C>FIEH  IHK KNIMNK:L >G E: K>= H IHK KH;HL *NMBD:G@: :I 6A    "1- GH A:<> NG:
=B?>K>G<B:<B^G>GMK>IYK=B=:LK>:E>LRIYK=B=:L:I:K>GM>L "E&+ >LMBF:=HI:K:>E?N>=>
 "LFNRBGM>K>L:GM>GHM:KJN>>E&+ L>A:K>=N<B=H>?><MBO:F>GM>=>E>G:
>G 

2G&+ =>>LNG=:MHFNRBGM>K>L:GM>>G>E<HGM>QMH=>E"<N:=HKR):MBGH:FYKB<: "E


&+ =>E!BLMKBMH*>MKHIHEBM:GH=>.NBMH>G>E?N>=>E  ;:C:G=H:E >GLN
SHG: NK;:G: 7>O:EEHL     FB>GMK:L JN>  >E => $N:R:JNBE ?N> =>E  >G 
*HEBG: R=>E>G"E1>EY@K:?H  "G>EK>LMH=>):MBGH:FYKB<: IHK
HMKHE:=H >E&+ >LMWIHK=>;:CH=>ELHE:F>GM>>G ABE>>G HEHF;B: IHK>C>FIEH >G
IKHF>=BH>L=>E0WG<A>SR0WG<A>S  R>GK@>GMBG:L>>LMBF:JN>>GIKHF>=BH>L
=>E)>GMBGB  "G"NKHI: >G<:F;BH E:<BN=:==>)HG=K>LIK>L>GM:NG&+ =>E
+N]>S:I6A  FB>GMK:LJN>>G"LI:]:L>>LMBF^JN>>E&+ >G>E>LM:;:>GMK>>E
R>EjEO:K>S-:S:I6A  RI:K::K<>EHG:>G>EL><:E<NE^>G>E+N]>S:I6A 
  !> >LM: F:G>K:  >E &+  >LMBF:=H I:K: >E :]H   L>K[: NG ABMH ABLM^KB<H  LBG
>F;:K@H LBG=>L<HGH<>KEHLBFIHKM:GM>LEH@KHL>GLNK>=N<<B^G L>=>;>>LI>K:K:<HGH<>K>E
&+ K>:E 

 
.67A6 0DAJB:CIDI6A9:6<J6EDI67>A>O696 8DCHJBDJG76CDIDI6A9:6<J6EDI67A::ZC9>8:9:<J6(DDCI67>A>O696#(9:J:C86JG76C6E6G6:AE:GRD9D
 
"!&( " #"O! *'%O!( "!&( "(%!"
*'%O!( "%'(% )"( !( N!!(
(%!" (%! #%#"',O! (#"'
E" #%#"',O! (#"' !""!', (!"

(#"' &'  75?=:>;:=;1=>:9-;:=0H- 75?=:>;:=;1=>:9-
8
-I:  8
-I: "!',
8
-I: ! 7;0 ;:=0H-7;0

   
 
   
      
              
 
 

 
         
  

     
           
  
 

        
 

 
 

            
   
                
                
 
   
 
  
       
 
        
    
         


 
      
      


 

     
  
  
 
    

     


    


 

   
   
  

 


       


        



    


 
        


   
 
 
 

 




   
  
     
 


     

  
    
  



     
  
   


 
  

 
  
     

     


)HL=:MHL=>E:]HA:GLB=HIKHR><M:=HL>G?NG<B^G=>EHL=:MHLF>=B=HLA:LM:>EF>L=>:@HLMH=>>L>:]H
)HL=:MHL=>IH;E:<B^GLHGBGM>KIHE:<BHG>LBGM>K<>GL:E>L I:K:EHJN>&+" NL:M:L:LF>=B:L:<NFNE:=:L=><K><BFB>GMHIH;E:<BHG:E
#N>GM>L!BK><<B^G=>-E:GB?B<:<B^G=>"1- >GLHL=>-H;E:<B^GR3BOB>G=:=> RRKMB@: 


 


"EOHENF>G=>:@N:>QMK:[=:I:K:IHM:;BEBS:<B^G>GMK>RL>A:BG<K>F>GM:=H>GNG
  M>GB>G=HLNL:EMHFWLGHMHKBH>GMK>R 1:;E:  JN>L><HKK>LIHG=>
<HG>EI>K[H=H?BG:E=>E:IKBF>K:?:L>=>EHLIE:G>LF:>LMKHL=>:@N:IHM:;E>I:K:E:<BN=:=
  KMB@:    "L FNR BGM>K>L:GM> GHM:K JN> >E BG<K>F>GMH =>E <HGLNFH => :@N:
IHM:;E>>GMK>R >LL>GLB;E>F>GM>LNI>KBHK:EBG<K>F>GMH=>EOHENF>G=>:@N:
IHM:;BEBS:=:  RFNR<>K<:GH:E<K><BFB>GMH=>E:IH;E:<B^G>G>EFBLFHI>K[H=H  
!>>LM:F:G>K: >EBG<K>F>GMH>G>E<HGLNFH I:K><>K[:>LM:KLHIHKM:=HIKBG<BI:EF>GM>IHKE:
K>=N<<B^G=>E:@N:GH<HGM:;BEBS:=:   RI:K<B:EF>GM>IHK>EBG<K>F>GMH=>EOHENF>G=>
:@N:IHM:;BEBS:=:  

.67A6 06G>68>TC6CJ6A9:AKDAJB:C9:6<J6EDI67>A>O696 9:A8DCHJBD9:6<J6EDI67A: 9:A6ED7A68>TCJG76C6N


9:A6<J6CD8DCI67>A>O696
E" '&)%O! '&)%O! '& '&)%O!
*'%O! "!&( " )%O! )"( !
(#% '"' #"O! (!"
#"',O! (%! "!',

     

    
  


  
 
 
 
   
  
    
   
   
 
  
   
   
 
     
 
    

 
  
     
  

     
 
 
   


 
     


    
    
 
     
 
  
 
    

        
     
   
 




     
   
    
 

     
'& 
 
   

)%O!
'"'  

)HL=:MHL=>E:]HA:GLB=HIKHR><M:=HL>G?NG<B^G=>EHL=:MHLF>=B=HLA:LM:>EF>L=>:@HLMH=>>L>:]H
#N>GM>L!BK><<B^G=>-E:GB?B<:<B^G=>"1-R >GLHL=>-H;E:<B^GR3BOB>G=:=> R


 
):BG?HKF:<B^GI:K::G:EBS:KEHL<HGLNFHL=><:=:NG:=>E:L<:M>@HK[:L=><HGLNFH=>:@N:
IHM:;E> =>L<KBM:L :E BGB<BH => >LM: L><<B^G  L> >G<N>GMK: =BLIHGB;E> =>L=> >E :]H   )HL
<HGLNFHL:GN:E>LL>>G<N>GMK:G>GE:1:;E:  FB>GMK:LJN>E:1:;E: K>LNF>E:IKHIHK<B^G
=><HGLNFH=><:=:<:M>@HK[::I:KMBK=>:]H 

.67A6 *GDEDG8>TC9:A8DCHJBDFJ:G:EG:H:CI6869686I:<DGR69:A8DCHJBDIDI6A9:6<J6EDI67A::C:APG:6JG76C6
9:J:C86 E6G6:AE:GRD9D 
 
E" '"%N

%1>5019/5-7 :81=/5-7 90@>?=5- :9>?=@//5J9 >;1/5-7 >;1/5-7 =-?@5?:


    >59=1.-6- /:9=1.-6- 
 
    
 
 
 
   
      
   
   
  

     
     
 
  
  
 
 
 
 
 


 
    


 
    
     

   
  

   


  
    
    

 
   
  
     
 
     
     
 
      

   
 
#%" "      
    



)HL=:MHL=>E:]HA:GLB=HIKHR><M:=HL>G?NG<B^G=>EHL=:MHLF>=B=HLA:LM:>EF>L=>:@HLMH=>>L>:]H
#N>GM>!BK><<B^G=>-E:GB?B<:<B^G=>"1-


"L <E:KH JN> >E IKBG<BI:E <HGLNFB=HK => :@N: IHM:;E> >L >E L><MHK => EHL AH@:K>L   >G
IKHF>=BH L>@NB=H=>E>CHLIHK>EL><MHK<HF>K<B:E >GIKHF>=BH REN>@HIHKE:<:M>@HK[:
>LI><B:ELBGK>;:C:L><MHK=>EHLL>KOB<BHLIKBO:=HL >GIKHF>=BH )HLL>KOB<BHLI`;EB<HL
 >GIKHF>=BH<:M>@HK[:L>LI><B:E<HGK>;:C:R@K:MNBM: RE:BG=NLMKB: K>IK>L>GM:G
IHK<>GM:C>L FNR LBFBE:K>L  FB>GMK:L JN> E: <HGLMKN<<B^G K>IK>L>GM: NG IHK<>GM:C> <:LB
BGLB@GB?B<:GM> 

"EBG<K>F>GMHMHM:E=>E<HGLNFH=>:@N:IHM:;E>=NK:GM>>EI>K[H=H 1:;E: A:


LB=H=>NG  ):<:M>@HK[:JN>FWLA:BG<K>F>GM:=HLN<HGLNFH>LE:K>LB=>G<B:E  
"G>L><HGM>QMH >LBGM>K>L:GM>GHM:KJN>>E<K><BFB>GMH=>E<HGLNFH>G>LM>I>K[H=H A:LB=H
LNI>KBHK:E<K><BFB>GMH=>E:IH;E:<B^GIHKHMKHE:=H E:<H;>KMNK:=>:@N:IHM:;E>>G>E
FBLFHI>K[H=H:E<:GS^:E=>E:IH;E:<B^GKMB@:  !>>LM:F:G>K: >LM>BG<K>F>GMH
>G>E<HGLNFHL>>QIEB<:K[:<HGNG:LN;B=:>G>E<HGLNFHIHK<HG>QB^GHIHKI>KLHG:IHK=[: 

 
"E<HGLNFH<HF>K<B:E :=B<BHG:EF>GM> M:F;BYGL>BG<K>F>GM:>GNGIHK<>GM:C>LNI>KBHK:E
 R:JN>>E<HGLNFH<HF>K<B:ER>EK>LB=>G<B:EK>IK>L>GM:G:IKHQBF:=:F>GM>NG=>E
<HGLNFHMHM:E=>E:<BN=:= LN<K><BFB>GMH>QIEB<:K[:>E<K><BFB>GMH=>E<HGLNFHMHM:E 

"E<HGLNFHBG=NLMKB:EMB>G>:EMHLR;:CHL IN>LA:RI>KBH=HL>GEHLJN>L>K>=N<> RHMKHL>GEHL


JN> L> BG<K>F>GM:  LBG >F;:K@H  >G MYKFBGHL @EH;:E>L LN;> >G NG    ): <HGLMKN<<B^G  >G
<:F;BH >QI>KBF>GM:NG:K>=N<<B^G=>E >GLN<HGLNFH "LFNRBGM>K>L:GM>GHM:K JN>>E
<HGLNFH=>EHLL>KOB<BHLIKBO:=HLL>A:BG<K>F>GM:=H=>F:G>K:BFIHKM:GM>  :L[<HFH
>E<HGLNFH=>EHLL>KOB<BHLI`;EB<HL=>EHL@H;B>KGHL<>GMK:ERIKHOBG<B:E  #BG:EF>GM> 
>L?NG=:F>GM:EK>L:EM:KE:=KWLMB<:K>=N<<B^G>G>E<HGLNFH=>E:<:M>@HK[:@K:MNBM: >L=><BK =>
EHLL>KOB<BHLI`;EB<HLIK>LM:=HLIHKE:FNGB<BI:EB=:==> N>G<:  

"LM:O:KB:<B^G>GEHL<HGLNFHLIN>=>=>;>KL>:<:F;BHL>G>E<HGLNFH:GBO>EBG=BOB=N:E H:
=B?>K>G<B:L>GE:<:GMB=:==><HG>QBHG>L=>:@N:IHM:;E> >L=><BK ::NF>GMHLHK>=N<<BHG>L>G
LNG`F>KH 

.67A6 .6H69:K6G>68>TC9:A8DCHJBD9:6<J6EDI67A:EDG86I:<DGR69JG6CI::AE:GRD9D 
 
E" '"%N

%1>5019/5-7 :81=/5-7 90@>?=5- :9>?=@//5J9 >;1/5-7 >;1/5-7 =-?@5?: '"'


    >59 /:9  
=1.-6- =1.-6-
 
        
  
    
 
   
     

      

 
   
        
 

             
 
        
    
              
  
     
 
  
 
     
    
  
  
 

 
        

 

  

    
   
)%O!          
    

'"'
 
)HL=:MHL=>E:]HA:GLB=HIKHR><M:=HL>G?NG<B^G=>EHL=:MHLF>=B=HLA:LM:>EF>L=>:@HLMH=>>L>:]H
#N>GM>!BK><<B^G=>-E:GB?B<:<B^G=>"1-


 
):1:;E: FN>LMK:E:<:GMB=:==><HG>QBHG>LI:K:<:=:<:M>@HK[: RLNBG<K>F>GMHMHM:E>G>E
I>K[H=H    "E BG<K>F>GMH MHM:E >G >E G`F>KH => <HG>QBHG>L >L =>E   R L> >QIEB<:
LH;K> MH=H GN>O:F>GM> IHK EHL BG<K>F>GMHL M:GMH >G E: <:GMB=:= => <HG>QBHG>L K>LB=>G<B:E>L
 <HFH<HF>K<B:E>L 0BG>F;:K@H >LFNRBGM>K>L:GM>GHM:KJN>>EBG<K>F>GMH>GE:
<:GMB=:=MHM:E=><HG>QBHG>L :L[<HFH >E=>>LM:L=HL<:M>@HK[:L >L>E=H;E>=>LNBG<K>F>GMH
>G >E <HGLNFH  "LMH LB@GB?B<:K[: >E <K><BFB>GMH M:GMH >G >E <HGLNFH MHM:E  <HFH >G >E => E:L
<:M>@HK[:L K>LB=>G<B:E R <HF>K<B:E  L> =>;> :E :NF>GMH >G >E G`F>KH => E:L <HG>QBHG>L  ):L
<HG>QBHG>L BG=NLMKB:E>L  IHK HMKH E:=H  L> A:G K>=N<B=H >G NG   EH JN> BG=B<: JN> LN
<K><BFB>GMH>G>E<HGLNFHL>=>;>:NGF:RHK<HGLNFHIHK<:=:<HG>QB^G ):L<:M>@HK[:L=>
<HGLMKN<<B^G R>LI><B:ELBGK>;:C: IK>L>GM:GBG<K>F>GMHLFNRBFIHKM:GM>L>GE:
<:GMB=:= => <HG>QBHG>L  MH=HL FNR LNI>KBHK>L :E BG<K>F>GMH => LNL <HGLNFHL  ): <:M>@HK[:
>LI><B:E<HGK>;:C: >G<:F;BH FN>LMK:NG<K><BFB>GMHBG?>KBHK:E=>LN<HGLNFH 1:EO>S
EHFWLEE:F:MBOH>G>LMHL=:MHL L>:>E<HGMK:LM>>GMK>>EBG<K>F>GMH=>E>GE:<:GMB=:==>
<HG>QBHG>L@K:MNBM:L RE:K>=N<<B^G>GNG >G>E<HGLNFHMHM:E ):1:;E: FN>LMK:JN>
>E<HGLNFHIHK<HG>QB^G=>E:L<:M>@HK[:LK>LB=>G<B:E  <HF>K<B:E  <HGLMKN<<B^G
 >LI><B:ELBGK>;:C: R@K:MNBM: L>A:K>=N<B=H FB>GMK:LJN>>E<HGLNFH=>E:
<:M>@HK[:BG=NLMKB:ER>LI><B:E<HGK>;:C:L>A:BG<K>F>GM:=H 

.67A6 6CI>9699:8DC:M>DC:H9:6<J6EDI67A::C:AB:H9:9>8>:B7G:9:86966SD
E" '"%N

%1>5019/5-7 :81=/5-7 90@>?=5- :9>?=@//5J9 >;1/5-7 >;1/5-7 =-?@5?: '"'


>59 /:9
=1.-6- =1.-6-
    
      
 
  
     
   
   
        
  
   
          
   
   
        
     
    
             
             
  
     
   
 

 
 
  
  
 

   
        
)%O!       

 
 
'"'
 

)HL=:MHL=>E:]HA:GLB=HIKHR><M:=HL>G?NG<B^G=>EHL=:MHLF>=B=HLA:LM:>EF>L=>:@HLMH=>>L>:]H
#N>GM>!BK><<B^G=>-E:GB?B<:<B^G=>"1-

 

.67A6 DCHJBDEDG8DC:M>TCB 6SD9:869686I:<DGR6NHJK6G>68>TC:C:AE:GRD9D 
 
E" '"%N

%1>5019/5-7 :81=/5-7 90@>?=5- :9>?=@//5J9 >;1/5-7 >;1/5-7 =-?@5?: '"'


>59 /:9
=1.-6- =1.-6-
   

    
   
      
   
  
 
      

   
 
   
           



        
  

   
       
   
  
   
 

   
      
 

   
 
      
      
   
 
)%O!    
       
'"'
 

)HL=:MHL=>E:]HA:GLB=HIKHR><M:=HL>G?NG<B^G=>EHL=:MHLF>=B=HLA:LM:>EF>L=>:@HLMH=>>L>:]H
#N>GM>!BK><<B^G=>-E:GB?B<:<B^G=>"1-


"E <HGLNFH <HF>K<B:E IHK <HG>QB^G >L <:LB >E =H;E>   O><>L JN> >E <HGLNFH K>LB=>G<B:E 
FB>GMK:LJN>>EBG=NLMKB:E>L O><>LF:RHK >E<HGLNFH=>E:L<:M>@HK[:L>LI><B:ELBGK>;:C:R
<HG K>;:C:    O><>L  R ?BG:EF>GM>  >E => E: <:M>@HK[: @K:MNBM:    O><>L  "LM: K>E:<B^G >L
BGM>K>L:GM>I:K:BG=B<:K<^FHL>A:G<HFIHKM:=HE:L=B?>K>GM>L<:M>@HK[:L=><HGLNFH !>>LM:
F:G>K:  <HG K>E:<B^G : E: <:M>@HK[: K>LB=>G<B:E L> A: K>=N<B=H >E <HGLNFH => E:L <:M>@HK[:L
<HF>K<B:E>GNG  <HGLMKN<<B^G>GNG  >LI><B:ELBGK>;:C:>GNG  R@K:MNBM:>G
NG    *B>GMK:L JN> A:G :NF>GM:=H GHM:;E>F>GM> >E <HGLNFH BG=NLMKB:E   R >E
<HGLNFH=>E:<:M>@HK[:>LI><B:E<HGK>;:C:  "LMHL=:MHL IHKHMKHE:=H BG=B<:GJN>A:
A:;B=HNG:K>=N<<B^G>?><MBO:=>E<HGLNFH=>E:L<:M>@HK[:L<HF>K<B:E <HGLMKN<<B^G >LI><B:E
LBG K>;:C: R @K:MNBM:  FB>GMK:LJN> A:A:;B=H NGBG<K>F>GMH>G>E<HGLNFH =>E:L <:M>@HK[:L
BG=NLMKB:E R >LI><B:E <HG K>;:C:  "LMH LB@GB?B<:K[: JN> EHL <HF>K<BHL  E:L <HGLMKN<<BHG>L  EHL
L>KOB<BHLIKBO:=HL REHLL>KOB<BHLFNGB<BI:E>L<HGLNF>GF>GHL:@N:IHKEH<:EJN>>G>E 
>G<HGMK:LM><HGE:LBG=NLMKB:LREHLL>KOB<BHLI`;EB<HLG:<BHG:E>LRIKHOBG<B:E>L<HGLNF>GFWL
:@N:IHKEH<:EJN>>G>E 

 
"L FNR BGM>K>L:GM> GHM:K  JN> LBLM>F: ><HG^FB<H => N>G<: L><<B^G    FN>LMK: NG:
:<MBOB=:=><HG^FB<:<HF>K<B:EFNR?N>KM> :L[<HFHNG<K><BFB>GMH=>E:<HGLMKN<<B^G IHKEH
JN>NG:K>=N<<B^G>G>E<HGLNFHIHK<HG>QB^G>LFNRBFIHKM:GM> -HKHMKHE:=H >LMHL=:MHL
FN>LMK:G JN> <HG E:L IHE[MB<:L :=><N:=:L L> IN>=> K>=N<BK >E <HGLNFH => :@N: >G >E L><MHK
I`;EB<H R:JN>E:K>=N<<B^G=>E<HGLNFH=>E:<:M>@HK[:@K:MNBM:>LGHM:;E> M:GMH>GMYKFBGHL
:;LHENMHL <HFHIHK<:=:<HG>QB^G "EBG<K>F>GMH=>E<HGLNFHI:K:E:<:M>@HK[:>LI><B:E<HG
K>;:C: GHG><>L:KB:F>GM>L>=>;>:NGF:RHK=>LI>K=B<BHIHKI:KM>=>EL><MHKI`;EB<HG:<BHG:E
R IKHOBG<B:E  IN>=> =>;>KL> : =HL ?:<MHK>L IHK NG E:=H  : NG BG<K>F>GMH >G >E I>KLHG:E
:;:LM><B=H IHK <:=: <HG>QB^G  R IHK HMKH  : NG: F:RHK =>F:G=: => EHL L>KOB<BHL => L:EN= R
>=N<:<B^G I`;EB<:  "LM:L <HG<ENLBHG>L LHG ?W<BE>L => ?HKFNE:K  EN>@H => :G:EBS:K EHL =:MHL =>
BGO>KLB^GI`;EB<: =>EBG<K>F>GMH>GE:M:L:=>F:MK[<NE:L>GE:>=N<:<B^GI`;EB<: RE:GHMHKB:
LN;B=:>GE:=>F:G=:I:K:E:L:EN=I`;EB<:L><<BHG>L=>L:EN= >=N<:<B^G>BGO>KLB^GI`;EB<:
=>E::IEB<:<B^GP>;=>E0BLM>F:+:<BHG:E=>&G?HKF:<B^GAMMI:II LGB @H; ><P>;LGB "E
<HGLNFH => :@N: IHM:;E> =>E L><MHK => E: BG=NLMKB: IH=K[: K>IK>L>GM:K NG: :E>KM:  :NGJN>
M:F;BYGIH=K[:LB@GB?B<:KNGBG<K>F>GMH>GLNIKH=N<<B^G 

"1-<NFIE><E:K:F>GM><HGE:<HGLMBMN<B^G=>E"<N:=HK RIKBHKBS:>E:@N:<BN=:=:G[:LH;K>
EHL HMKHL NLHL KKHCH    M:E <HFH FN>LMK:G EHL =:MHL  IHK EH JN> >L ?NG=:F>GM:E :AHK:
>G?H<:KL>>G>ENLH=>E:@N:IHM:;E>:GBO>EAH@:K>L1:;E:  KKHCH LHLMB>G>JN>NG
<HGLNFH=>EBMKHLIHKI>KLHG:R=[:EI=L>K[:LN?B<B>GM>I:K:@:K:GMBS:KE:L:MBL?:<<B^G=>
E:L G><>LB=:=>L ?NG=:F>GM:E>L => NG: I>KLHG:  :L[ <HFH  E: => LNL =>K><AHL <BN=:=:GHL  ):
,K@:GBS:<B^G*NG=B:E=>E:0:EN= >G<:F;BH <HGLB=>K:JN>>QBLM>NG:<<>LH^IMBFH:E:@N:
<N:G=H L> @:K:GMBS:G  EI= %HP:K= R :KMK:F    )HL K>LNEM:=HL =>E <HGLNFH IHK
I>KLHG: R IHK =[: I:K: E: <BN=:= => N>G<: LHG IK>H<NI:GM>L  LB L> MHF: <HFH K>?>K>G<B:
<N:EJNB>K:=>E:L=HLK><HF>G=:<BHG>L 

):1:;E: FN>LMK:<HFH>E<K><BFB>GMH=>E<HGLNFHK>LB=>G<B:E:;LHENMH>G>EI>K[H=H
 >L F:RHK JN> >E <K><BFB>GMH IH;E:<BHG:E  IHK EH JN> =>;> >QIEB<:KL> M:F;BYG <HG >E
BG<K>F>GMH =>E <HGLNFH IHK I>KLHG: "E <HGLNFH IHKI>KLHG:R IHK =[:I:K:>E :]H  L>
>LMBF^>G EI= NGO:EHK>Q<>LBO:F>GM>:EMH :E<HFI:K:KEH<HGE:LK><HF>G=:<BHG>L=>E:
,K@:GBS:<B^G*NG=B:E=>E:0:EN=EI=R=>KKHCHEI= GBO>E:GN:E >LM>O:EHKL>
BG<K>F>GM^ >G MH=HL EHL :]HL  : >Q<>I<B^G => EHL :]HL  R   "G MYKFBGHL @EH;:E>L >E
<HGLNFHIHKI>KLHG:RIHK=[:L>BG<K>F>GM^>GNG I:K:>EI>K[H=H>G:GWEBLBL I>L:K=>
JN>EHLO:EHK>L=>EHL:]HLRLHGF>GHK>L:EHL=>E:]H LNK>=N<<B^G>LF[GBF:

 
RGH=>C:G=>L>KFNR:EMHL "G>E:]H>E<HGLNFHIHKI>KLHG:RIHK=[:ON>EO>:LNI>K:K
EHLO:EHK>L=>E 


.67A6 DCHJBD9:6<J6G:H>9:C8>6A:CA>IGDHEDGE:GHDC6NEDG9R6AE9

:9>@8: :9>@8:;:=
#:.7-/5J9
E" %1>5019/5-7 ;1=>:9-;:=
@=.-9-
8
-I: 0H-7
;0

   


 
    
  

  


 
   

  
  
       
 

 
 
 
   
 
        
  
  
    
  
)%O!     
'"'
)HL=:MHL=>E:]HA:GLB=HIKHR><M:=HL>G?NG<B^G=>EHL=:MHLF>=B=HLA:LM:>EF>L=>:@HLMH=>>L>:]H
)HL=:MHL=>IH;E:<B^GLHGBGM>KIHE:<BHG>LBGM>K<>GL:E>LH;M>GB=:L:I:KMBK=>EHL<>GLHL=> R I:K:EHJN>&+" NL:
M:L:LF>=B:L:<NFNE:=:L=><K><BFB>GMHIH;E:<BHG:E
#N>GM>L!BK><<B^G=>-E:GB?B<:<B^G=>"1-R >GLHL=>-H;E:<B^GR3BOB>G=:=> R


"E<HGLNFHIHKI>KLHG:RIHK=[:=> N>G<: EI= >LFWL:EMHJN>>E=>.NBMHEI=


!WOBE:    I>KH L> N;B<: FNR IHK =>;:CH =>E => $N:R:JNBE  EI= 0PRG@>=HNP 
 GBO>E):MBGH:F>KB<:GH>LMW<:LB:EFBLFHGBO>EJN>>EIKHF>=BHNK;:GH=>K@>GMBG:
 EI= )>GMBGB    >LMW IHK >G<BF: =>E IKHF>=BH >NKHI>H  EI=  R >L
LB@GB?B<:MBO:F>GM>FWL:EMHJN>>E=>:K<>EHG:RLN<HGMB@NHNK;:GHEI=0:NK[  "G
O:KB:L <HGO>KL:<BHG>L I>KLHG:E>L <HG MY<GB<HL => "1-  YLMHL A:G LHLM>GB=H JN> >GMK> E:L
K:SHG>LIKBG<BI:E>LI:K:>E<HGLNFHM:G>E>O:=H=> N>G<: >LMWG>ENLH=>:@N:IHM:;E>I:K:
>E KB>@H => C:K=BG>L R >E E:O:=H => <H<A>L  "E :EMH <HGLNFH => N>G<:  G><>L:KB:F>GM> >LMW
K>E:<BHG:=H<HGE::I:K>GM>F:RHK=BLIHGB;BEB=:==>:@N:>GE:SHG:NK;:G: =>>LM:F:G>K: 
LNL=:MHLLHG<HFI:K:;E>L<HG<BN=:=>LJN>IHL>:GM:F;BYGNG::EM:=BLIHGB;BEB=:==>:@N: 
<HFH.NBMH $N:R:JNBERFN<A:L<BN=:=>L):MBGH:F>KB<:G:L "G>LM><HGM>QMH >L<E:KHJN>EHL
<HGLNFHL :EMHL >LMWG EB@:=HL : NG: =BLIHGB;BEB=:= M:F;BYG :EM:  R GH LHE:F>GM> : <HGLNFHL
=>?B<B>GM>L 

 
!BO>KLHL>LMN=BHL=>FN>LMK:GJN>>QBLM>NG:K>E:<B^G=BK><M:>GMK>E:=>GLB=:=IH;E:<BHG:ER>E
<HGLNFH => :@N: IHK A:;BM:GM>  : F:RHK =>GLB=:=  F>GHK <HGLNFH 0:NK[   !HF>G> R
0:NK[  ):=>GLB=:=IH;E:<BHG:E=> N>G<:>L=>A:;A: LB>G=HE:<BN=:==>F:RHK
=>GLB=:==>E"<N:=HK )>LB@N>G.NBMHA:;A:RF;:MHA:;A: "LFNRBGM>K>L:GM>
GHM:K JN> $N:R:JNBE IHL>> NG: =>GLB=:= FNR ;:C:  A:;A: &+"  :  N>G<:
<HFI:K:MBO:F>GM>IHL>>NG:=>GLB=:=IH;E:<BHG:E;:C: IN>LLN=>GLB=:=>L>JNBO:E>GM>:E:
=> E:L <BN=:=>L >LI:]HE:L => F>GHL =>   A:;BM:GM>L  A:;A:  FB>GMK:L JN> E:
=>GLB=:= IKHF>=BH I:K: E:L <BN=:=>L >LI:]HE:L <HG IH;E:<BHG>L LBFBE:K>L : E: => N>G<:
  :   A:;BM:GM>L >L =>  A:;A: :NGJN> <BN=:=>L <HFH 0:GM: HEHF: 
A:;A: BE;:HA:;A:R,OB>=HA:;A:IK>L>GM>GO:EHK>LLB@GB?B<:MBO:F>GM>FWL
:EMHL  "GMK> E:L <BN=:=>L => FWL =>   A:;BM:GM>L :K<>EHG: IHL>> NG: =>GLB=:= => 
A:;A:  *:=KB=  A:;A: R 3:E>G<B:  A:;A: ,;L>KO:MHKBH => E: 0HLM>GB;BEB=:= >G
"LI:]:  

2G>C>K<B<BHBGM>K>L:GM>>L:LNFBKJN>>E<HGLNFHIHKA:;BM:GM>>L=>EI= R>G?NG<B^G=>
>LM: LNIHLB<B^G  <:E<NE:K JNY IH;E:<B^G IH=K[:G LHLM>G>K EHL OHE`F>G>L :<MN:E>L => :@N:
IHM:;BEBS:=: :L[<HFHEHLOHE`F>G>L=>E<HGLNFHMHM:E =>E<HGLNFHK>LB=>G<B:ER=>E:@N:GH
<HGM:;BEBS:=: !>>LM:F:G>K: LBL>:G:EBS:>E<HGLNFH=>E`EMBFH:]HI:K:>EJN>L>MB>G>=:MHL
F>=B=HLRGH>LMBF:=HL >L=><BK >E:]H EHLK>LNEM:=HLLHGFNRBGM>K>L:GM>L

 "EOHENF>GMHM:E=>:@N:IHM:;BEBS:=:IH=K[:LHLM>G>K:NG:IH;E:<B^G>JNBO:E>GM>: 
O><>LE:IH;E:<B^GNK;:G::<MN:E 
 "E <HGLNFH MHM:E => :@N: IHM:;E> => E: <BN=:= => N>G<: IH=K[: LHLM>G>K : NG:
IH;E:<B^G>JNBO:E>GM>: O><>LE:IH;E:<B^GNK;:G::<MN:E 
 "E<HGLNFHK>LB=>G<B:E=>:@N:IHM:;E>IH=K[:LHLM>G>K:NG:IH;E:<B^G>JNBO:E>GM>:
 O><>LE:IH;E:<B^GNK;:G::<MN:E 
 "EOHENF>G=>:@N:GH<HGM:;BEBS:=:IH=K[:LHLM>G>K:NG:IH;E:<B^G>JNBO:E>GM>:E:
FBM:==>E:IH;E:<B^GNK;:G::<MN:E 

"LM> >C>K<B<BH >L FNR K>O>E:=HK  IN>L BG=B<: JN> K>=N<B>G=H >E <HGLNFH IHK A:;BM:GM>  R LBG
:?><M:K LNL =>K><AHL <BN=:=:GHL  >L =><BK  @:K:GMBS:G=H  EI=  L> IH=K[: :;:LM><>K => :@N:
IHM:;E>:MH=:E:IH;E:<B^G=> N>G<: M:GMHNK;:G: <HFHKNK:E >BG<ENLHK>=N<BKE:IK>LB^G
LH;K> LNL K[HL 0B L> :LNF>JN> E:L M:L:L =><K><BFB>GMH IH;E:<BHG:E :<MN:E>L L> F:GMB>G>G  >E
<HGLNFHK>LB=>G<B:E:<MN:EIH=K[:LHLM>G>K:E:IH;E:<B^GNK;:G:=>E:]H 

 
0B;B>G E:@>LMB^G=>E:@N:>GE:<BN=:==> N>G<: MB>G>BG=BL<NMB;E>LEH@KHL>GE:@:K:GM[:=>
EHL =>K><AHL <BN=:=:GHL M:GMH : GBO>E NK;:GH  <HFH KNK:E   >QBLM> NG <HGLB=>K:;E>
LH;K><HGLNFH=>E:@N:IHM:;E> "EIKBG<BI:E NLHI:K:>E:@N:IHM:;E>>L>E=>EHLAH@:K>L EH
JN>=>;>F:GM>G>KL> LBG>F;:K@H LN<HGLNFH>L>Q<>LBO:F>GM>:EMH IHKEHJN>LHGNK@>GM>
IHE[MB<:LJN>I>KFBM:GK>=N<BKEH:GBO>E>L:<>IM:;E>L LBG:?><M:KEHL=>K><AHL<BN=:=:GHL ):L
IHE[MB<:L => K>=N<<B^G =>E <HGLNFH => EHL L>KOB<BHL IKBO:=HL R EHL L>KOB<BHL FNGB<BI:E>L  :L[
<HFH=>EHLL><MHK>L<HF>K<B:ER=>E:<HGLMKN<<B^G A:GLB=H<E:K:F>GM>>?><MBO:L EHJN>>LNG
EH@KHBG=BL<NMB;E> "LM:LFBLF:LIHE[MB<:LL>=>;>G:IEB<:K:EHLL>KOB<BHLI`;EB<HLG:<BHG:E>LR
IKHOBG<B:E>L  IN>L >LMHL L><MHK>L A:G :NF>GM:=H LN <HGLNFH  NGJN> >E L><MHK BG=NLMKB:E
:I:K>GM>F>GM>IHL>:NG<HGLNFH;:CH>GMYKFBGHL:;LHENMHL LN<HGLNFHL>A:BG<K>F>GM:=H
GHMHKB:F>GM> )HL=:MHL=>"1- LBG>F;:K@H GHK>?E>C:G>E<HGLNFHBG=NLMKB:EK>:E IN>LMH
JN> >LM> L><MHK MHF: :@N: =BK><M:F>GM> => EHL K[HL  <HFH EH A:G F:GB?>LM:=H MY<GB<HL =>
"1- -HKHMKHE:=H >EMK:;:CHK>:EBS:=H>G R:BG=B<^NG::EM:BG>?B<B>G<B:>G>EL><MHK
BG=NLMKB:E EHJN>L>KW:G:EBS:=HGN>O:F>GM> R=>?HKF:FWLIKH?NG=:>GE:LB@NB>GM>L><<B^G 
0BG>F;:K@H >L?NG=:F>GM:EL>]:E:KJN>E:LNLMBMN<B^G=>BFIHKM:<BHG>LRE:BG=NLMKB:EBS:<B^G
=>EI:[L LHGIHE[MB<:L<>GMK:E>LI:K:>E@H;B>KGH=>E"<N:=HK0"+-)!"0  IHKEHJN>>E
NLH=>E:@N:IHKI:KM>=>EL><MHKBG=NLMKB:E=>;>L>K>LMN=B:=HI:K:IK>O>GBK<HG?EB<MHLLH<BH
><HE^@B<HL 

*+#2 -*'1+-"#*%3#,#*!,2<,3#,!*.*'!!'<,"#*#,$-/3#3

): :IEB<:<B^G :E >LMN=BH =>E F>M:;HEBLFH =>E :@N: =>E >G?HJN> =>E GWEBLBL *NEMB>L<:E:K =>E
*>M:;HEBLFH 0H<B:E R "<HE^@B<H *N0&0"*  K>IK>L>GM: K>MHL BGM>K>L:GM>L  IN>L <HFH L>
=BL<NMB^ >G E: L><<B^G     >E :@N: >L : E: O>S NG ?HG=H R NG ?ENCH L><<B^G     KBLMBG:
*:=KB= 3BHE>M: :;>EEHR*:KBH$B:FIB>MKHA:GK>LN>EMH>LM>IKH;E>F:>E:@N:<HFH
?HG=H >L :G:EBS:=: <HG E: JN> A:G EE:F:=H OBLB^G >QM>KG:  IN>L >LMW FWL :EEW =>E <HGMKHE
ANF:GH >L =><BK  >LOBLM: =>GMKH =>E LBLM>F:><HE^@B<H :GBO>E F:<KH  "E:@N:<HFH?ENCH  >G
<:F;BH >L>LMN=B:=:<HGNG:OBLB^GBGM>KG: IN>LL>:G:EBS:GEHLIKH<>LHLJN>L>=:G=>GMKH=>
NG:LH<B>=:= >L=><BK EHJN>NG:LH<B>=:=A:<>*:=KB=R$B:FIB>MKH  


0>@`G E: =BK><<B^G => IE:GB?B<:<B^G => "1- E: <H;>KMNK: => :@N: IHM:;E> : GBO>E KNK:E LNI>K:K[: >E   LBG

>F;:K@H :EL>KLBLM>F:L:NMH@>LMBHG:=HLIHKE:IH;E:<B^GKNK:E "1-GHFB=>>E<HGLNFH=>E:IH;E:<B^GKNK:E 

La investigación se realizó para la tesina titulada “,KB@>GRNLH=>E:@N:>GE:<BN=:==> N>G<: "<N:=HK”

 
):K>H>TC:MI:GC6L>K>IK>L>GM:>GEHLGBO>E>L:R: "EGBO>E>
L>K>?B>K>:E<B<EH=>E:@N:>G
LN @EH;:EB=:=  FB>GMK:L JN> >E GBO>E >
 L> K>?B>K> :E 6<J6 6OJA >E :@N: LNI>K?B<B:E R EHL
:<N[?>KHL R:E6<J6K:G9:>E:@N::EF:<>G:=:>G>ELN>EH JN>GH>LMW=BLIHGB;E>I:K:>ENLH
ANF:GH I>KHL[I:K:E:LIE:GM:L "G>LM><:LHI:KMB<NE:KGHLH<NI:K>FHLLHE:F>GM>=>EGBO>E
: R>LI><[?B<:F>GM>=>E6<J66OJALNI>K?B<B:E "G>E<HGM>QMH=>E:OBLB^G>QM>KG: >L?NG=:F>GM:E
E: <:M>@HK[: L>FWGMB<: => E: ,:86G<6 8DH>HIQB>869: <J6 "4/  IHK LNL LB@E:L >G BG@EYL  ):
"4/ BGOHEN<K: M:GMH : EHL IKH<>LHL =>E <B<EH =>E :@N: :  <HFH : E:L >GMK:=:L => :@N: >G
?HKF:=>6<J66OJA: ):<:M>@HK[:L>FWGMB<:JN>>GE:S:>ELBLM>F:><HE^@B<H <HG>ELBLM>F:
LH<B:E>LE:EGDE>68>TC-D8>6A9:A<J604IHKLNLLB@E:L>GBG@EYL ):04L>K>?B>K>M:GMH:
E:<:GMB=:=MHM:E=>:@N:>QMK:[=:I:K:>ENLHANF:GH <HFH:EHL<:F;BHLJN>LN?K>LN<:EB=:=
:E L>K F>M:;HEBS:=: IHK E: LH<B>=:=  >L =><BK  >L NG: <:M>@HK[: M:GMH <N:GMBM:MBO:  <HFH
<N:EBM:MBO: *:=KB= R $B:FIB>MKH    "LM> MK:;:CH L> >G?H<^ LHE:F>GM> >G E: I:KM>
<N:GMBM:MBO: 

><JG6 HFJ:B69:AE6IGTCB:I67TA>8D9:A6<J6 8DB7>C6C9DA6DG<6C>O68>TC:CC>K:A:H?:GPGFJ>8DH9:AE6IGTC


B:I67TA>8D9:A6HD8>:969C–>8DC:AE6IGTCB:I67TA>8D9:A:8DH>HI:B6: :>

1  1  1 9 9  9 


3@-@>-0-;:=7- 
>:/510-0
3@-
>@;1=25/5-7

27@19?1> :3-=1>

:9>@8:

3=5/@7?@=-

5/7:017-3@-

90@>?=5-
/@G21=:>

7@A5-
#=:0@//5I9

3@-9: &1=A5/5:>
3@-017>@17:
05>;:95.71

)5>5J91B?1=9- )5>5J959?1=9-


#N>GM>1K:=N<B=HR:=:IM:=H=>*:=KB=R$B:FIB>MKH 


 
"E>GE:<>>GMK>>ELBLM>F:><HE^@B<HR>ELBLM>F:LH<B:E>L>EGBO>EC ):<:M>@HK[:L>FWGMB<:I:K:
:G:EBS:K >LM> GBO>E >L >E /HD GJID 9: <J6 $42  IHK LNL LB@E:L >G BG@EYL  R L> K>?B>K> :E
OHENF>GMHM:E=>:@N::IKHIB:=:IHKE:LH<B>=:= IHKEHJN>BG<ENR>:E:@N:GH<HGM:;BEBS:=:R
:E:LIYK=B=:L*:=KB=R$B:FIB>MKH  

):K>H>TC>CI:GC6L>K>IK>L>GM:IHKEHLGBO>E>LC
 C
 C
A:LM:G B >G>E<:LH=>>LM>>LMN=BH
A>FHLEE>@:=H:EGBO>EC
 "QBLM>G=B?>K>GM>L<:M>@HK[:LL>FWGMB<:LBFIHKM:GM>LI:K:>E:GWEBLBL
=> E: K>H>TC >CI:GC6  >G >LM> MK:;:CH L> NMBEBS:G =HL => >EE:L  ): IKBF>K: LHG E:L *QG9>96H
J6CI>I6I>K6H .)  IHK LNL LB@E:L >G BG@EYL  R L> K>?B>K> : E:L IYK=B=:L JN> L> =:G =NK:GM> >E
IKH<>LH=>=BLMKB;N<B^G R:E:@N:GH<HGM:;BEBS:=: *B>GMK:LJN>E:L>@NG=: >L>E/HD(:ID9:
<J6+42 IHKLNLLB@E:L>GBG@EYL RL>K>?B>K>:E:@N:JN>>?><MBO:F>GM>EE>@::LN=>LMBGH
?BG:E  E: JN> : LN O>S >L <:M>@HKBS:=: => :<N>K=H : LNL =B?>K>GM>L NLHL  "G >LM: <:M>@HK[: LHG
FNR `MBE>L E:L =>?BGB<BHG>L => ->=KH KKHCH => 6<J6 K>96  R => 6<J6:8DCDBR6  =>L<KBM:L >G E:
L><<B^G     ,MK:L <:M>@HK[:L L>FWGMB<:L JN> GH ?N>KHG :IEB<:=:L >G >LM> <:LH LHG E:L
>BEDGI68>DC:HN:MEDGI68>DC:H9:6<J6K>GIJ6A>E:@N:BGOHEN<K:=:>GE:IKH=N<<B^G=>NGIKH=N<MH
H;B>G*:=KB=R$B:FIB>MKH  

)::IEB<:<B^G=>E*N0&0"*:E>LMN=BH=>EF>M:;HEBLFH=>E:@N:=>E<:GM^G N>G<: K>JNBKB^


=>E NLH => =BLMBGM:L ?N>GM>L => BG?HKF:<B^G E: <HF;BG:<B^G => EHL =:MHL => IHM:;BEBS:<B^G R
<HGLNFH => :@N: => :@N: IHM:;E> =>E :]H  "1-  <HG E:L <HG<>LBHG>L => :@N: => E:
<N>G<:=>EK[H N>G<:0"+$2 EHL<:N=:E>L=>EK[H N>G<:"1- >E >GLH"<HG^FB<H
 &+"   >E >GLH => -H;E:<B^G R 3BOB>G=:  &+"   R E: "G<N>LM: => 0NI>K?B<B> R
-KH=N<<B^G@KHI><N:KB: HGMBGN:=>"0- K>:EBS:=::GN:EF>GM>IHK>E&+" 

):@K:FWMB<:NL:=:I:K:E::IEB<:<B^G=>E*N0&0"*>LMW?HKF:=:IHK<BG<HGBO>E>L#B@NK:
 

  "EGBO>E: L>K>?B>K>:E:@N:LNI>K?B<B:E=BLIHGB;E>I:K:E::IKHIB:<B^GANF:G: 
  "EGBO>EC L>K>?B>K>:E<:GM^G N>G<: 
  "EGBO>EC
 L>K>?B>K>:EL><MHK=>EMK:;:CHK>FNG>K:=H R:EHLAH@:K>L -:K:<:M>@HKBS:K
>E MK:;:CH K>FNG>K:=H  L> NMBEBS^ E: <E:LB?B<:<B^G &&2   IHK L>K E: FBLF: JN> NL^ >E
>GLH"<HG^FB<H 
  "EGBO>EC
 L>K>?B>K>:EWK>:NK;:G: R:EWK>:KNK:E 
  "E GBO>E C
  L> K>?B>K> EHL =B?>K>GM>L L><MHK>L =>E MK:;:CH K>FNG>K:=H  M:GMH : GBO>E
NK;:GH BG=NLMKB: F:GN?:<MNK>K:  <HF>K<BH  L>KOB<BHL IKBO:=HL  L>KOB<BHL I`;EB<HL R

 
^K@:GHL => @H;B>KGH  R <HGLMKN<<B^G  <HFH : GBO>E KNK:E :@KB<NEMNK:  @:G:=>K[: 
LBEOB<NEMNK:RI>L<::L[<HFH :E::@KB<NEMNK:=>LN;LBLM>G<B:I:K:EHLAH@:K>L 

 
><JG6 HFJ:B69:AE6IGTCB:I67TA>8D9:A6<J6 BDHIG6C9DA6DG<6C>O68>TC:CC>K:A:H?:GPGFJ>8DH9:AE6IGTCB:I67TA>8D9:J:C86C–> :>C8AJN:C9D:ACUB:GD9:=DG6H9:
68I>K>969=JB6C6FJ:8DCHJB:C6<J6:C8696JCD9:9>8=DHC>K:A:H

1 9 9  9  9

      
4:=->
3@-@>-0-;:=7- 4:=->
:9>@8:1917
>:/510-0  %@=-7
        
4:=->  4:=->

:3-=1 %@=-7
    3=5/@7?@=-9:
 4:=->

   
(=.-9
90@>?=5-

    

:81=/5

   
   
&1=A5/5:>
4:=->
      
(=.-9:
4:=->
&1=A5/5:>;J.75/:>CI=3-9:>01
'=-.-6:
  
=18@91=-0:
:9>?=@//5I9
3@->@;1=25/5-7
  
   
(!  4:=->
3@-9:
3=5/@7?@=-3-9-01=G->57A5/@7?@=-C
05>;:95.71 %@=-7

)5>5J91B?1=9- )5>5J959?1=9-
 

#N>GM>&+"  >GLH=>-H;E:<B^GR3BOB>G=:

 

"E :@N: =BLIHGB;E> I:K: L>K NL:=:  >L =><BK  I:K: LN EGDE>68>TC -D8>6A 04 GBO>E :  >L >E
<:N=:E:GN:E=>EK[H N>G<: #N><:E<NE:=::I:KMBK=>E:F>=B:G:=>EHL<:N=:E>L=B:KBHL>LM>
K[HI:K:EHLI>K[H=HL R :E<:N=:EK>LNEM:GM>L>E>:]:=B^>EOHENF>G:GN:E
=>:@N:IHM:;BEBS:=:IHK"1- #BG:EF>GM> L>E>K>LM^>E <HKK>LIHG=B>GM>:E<:N=:E
:F;B>GM:E "E<WE<NEHL>K>:EBS^=>>LM:F:G>K: R:JN>E:>LM:<B^G=>F>=B<B^G=>EHL<:N=:E>L
=>E K[H N>G<:  L> >G<N>GMK: :GM>L =>E =>L?H@N> => E: -E:GM: => 1K:M:FB>GMH => @N:L
/>LB=N:E>L => 2<N;:F;: -1/  IHK EH JN> >E :IHKM> => >LM: IE:GM: JN>=: >Q<ENB=H >G E:
F>=B<B^G => <:N=:E>L  0>@`G E: !BK><<B^G => -E:GB?B<:<B^G => "1-   >E LBLM>F: =>
:E<:GM:KBEE:=H=> N>G<: K><H@><>K<:=>E=>E:L:@N:LK>LB=N:E>LNK;:G:L E:LFBLF:LJN>
LHG MK:M:=:L >G E: -1/  >LM> OHENF>G => :@N: <HKK>LIHG=>K[: :E OHENF>G => :@N:
IHM:;BEBS:=: FWL>E:@N:EENOB:K><H@B=:IHK>E:E<:GM:KBEE:=H !>>LM:F:G>K: L><HFI>GL:K[:
>EIKH;E>F:@>G>K:=HIHKE:N;B<:<B^G=>E:>LM:<B^G=>F>=B<B^G=><:N=:E>L 

"E  K>LM:GM> => :@N:LL>KOB=:L L> =>IHLBM:G LBG MK:M:FB>GMH  ;B>G L>: >G EHL K[HL  I>JN>]HL
KB:<AN>EHLRJN>;K:=:LJN>L>>G<N>GMK:G>GE:LLN;<N>G<:L=>EHLK[HL1HF>;:F;: 6:GNG<:R 
*:<AWG@:K: R 1:KJNB  H ;B>G L>:  =BK><M:F>GM> >G >LMHL K[HL  !B<A:L :@N:L L>KOB=:L LHG
K>LNEM:=H => >QMK:<<BHG>L => :@N: I:K: <HGLNFH =HFYLMB<H :C>G:L : "1-  MHF:=:L
@>G>K:EF>GM>=>EFBLFH<N>KIH=>:@N:>G>EJN>=>L?H@:G "L:L[JN> :ENL:KEHL<:N=:E>L=>E
K[H N>G<:I:K:<:E<NE:K>EGBO>E: L>BG<ENR>GM:F;BYG:>LM:L:@N:LK>LB=N:E>L 

"E/HDGJID9:<J6$42=>E<:GM^G N>G<: >L>EK>LNEM:=H=>E:LNF:=>E:L<HG<>LBHG>L


I:K:MH=HLEHLNLHL=:=:LIHKE:0><K>M:K[:+:<BHG:E=>E@N:0"+$2 R=>EOHENF>GMHM:E
=>:@N:IHM:;BEBS:=:IHK"1- 

"E/HD(:ID9:<J6+42 L><:E<NE^:MK>LGB>O>L=B?>K>GM>L "EGBO>EC


L>I:K::EHLNLHL=>
:@N:=>EL><MHK=>EMK:;:CHK>FNG>K:=H =>ENLH=>EHLAH@:K>L "EMK:;:CHK>FNG>K:=HL>K>?B>K>
:E :@N: =>LMBG:=: I:K: NLHL BG=NLMKB:E>L  <HF>K<B:E>L  :@KHI><N:KBHL  L>KOB<BHL I`;EB<HL 
L>KOB<BHLIKBO:=HLR<HGLMKN<<B^G M:GMHIHK"1- <HFHE:<HG<>LBHG:=:IHK0"+$2 "E
NLH=>EHLAH@:K>L >G<:F;BH L>K>?B>K>?NG=:F>GM:EF>GM>:EHLNLHL<:M:EH@:=HL<HFH:@N:
IHM:;E> R<HFH<HGLNFH=HFYLMB<H 

"EGBO>EC
L>I:K:>GNK;:GHLRKNK:E>L M:GMH:EMK:;:CHK>FNG>K:=H <HFH:EHLAH@:K>L "ENLH
=> EHL AH@:K>L NK;:GHL >L K>LNEM:=H => :@K>@:K >E <HGLNFH K>LB=>G<B:E => "1-  <HG E:L
<HG<>LBHG>L NK;:G:LI:K: NLH=HFYLMB<H => 0"+$2  "E <HGLNFH KNK:E => EHLAH@:K>L >G

 
<:F;BH  L> K>?B>K> : E:L <HG<>LBHG>L => 0"+$2 KNK:E>L  =>LMBG:=:L :E :@N: IHM:;E>  :E
<HGLNFH=HFYLMB<H R:EKB>@HI:K:E:IKH=N<<B^G:@KHI><N:KB:=>LN;LBLM>G<B: 

"EGBO>EC
:GBO>EAH@:K>LKNK:E>L L>K>?B>K>:EHLNLHLI:K:E::@KB<NEMNK:=>LN;LBLM>G<B: R>E
<HGLNFH=HFYLMB<H "E+42=>E::@KB<NEMNK:=>LN;LBLM>G<B:?N><:E<NE:=H:I:KMBK=>E:M:L:
F>M:;^EB<:=>E::@KB<NEMNK: NL:G=HNG:>LMBF:<B^G=>E:IH;E:<B^GJN>K>:EBS::@KB<NEMNK:=>
LN;LBLM>G<B: "LM:IH;E:<B^GL>>LMBF^>G?NG<B^G=>EHLK>LNEM:=HL=>E:"G<N>LM:=>0NI>K?B<B>
R -KH=N<<B^G @KHI><N:KB: HGMBGN: =>  "0-   <HFH NG  => E: IH;E:<B^G
KNK:E 

-:K: <:E<NE:K>E +42 =>EMK:;:CH K>FNG>K:=H NK;:GHGBO>E C


  L> LNF^E:L<HG<>LBHG>L=>
0"+$2BG=NLMKB:E>L <HG>E<HGLNFH=>E:<:M>@HK[:BG=NLMKB:E=>"1- )HLHMKHLL><MHK>L
L> <HKK>LIHG=>G <HG E:L <:M>@HK[:L => NLH F:G>C:=:L IHK "1- E:L <:M>@HK[:L <HF>K<B:E R
<HGLMKN<<B^GL>F:GMNOB>KHG<HGLNLFBLFHLGHF;K>L E:<:M>@HK[:>LI><B:ELBGK>;:C: I:L^:
EE:F:KL>L>KOB<BHLIKBO:=HL RL>GHF;K^<HFH L>KOB<BHLI`;EB<HLR^K@:GHL=>@H;B>KGH :E:
:@K>@:<B^G=>E:L<:M>@HK[:L>LI><B:E<HGK>;:C:R@K:MNBM: "G<:F;BH I:K:<:E<NE:K>E+42=>E
MK:;:CHK>FNG>K:=HKNK:EGBO>EC
 L>:@KNI^:E:L=B?>K>GM>L<HG<>LBHG>L=>0"+$2I:K:
NLHL:@KHI><N:KBHL >GNG:LHE:<:M>@HK[::@K[<HE: 

-HKHMKHE:=H E:LIH;E:<BHG>L=>EGBO>EC =>EL><MHKAH@:K>L>GMH=HLLNLGBO>E>L R=>EL><MHK


:@K[<HE: ?N>KHG =>?BGB=:L NL:G=H >E >GLH => -H;E:<B^G R 3BOB>G=:   +-3   "E
<WE<NEH=>E:IH;E:<B^GBGOHEN<K:=:>G>EMK:;:CHK>FNG>K:=H >G<:F;BH L>ABSH:I:KMBK=>E
>GLH"<HG^FB<H "+"  0>NL^>E<HFH:]H;:L>I:K:E:IH;E:<B^G =>;B=H:
JN>EHL=:MHL=>E "+" LHG>Q<ENLBO:F>GM>=>>L>:]H RGH>QBLM>GIKHR><<BHG>LH?B<B:E>L=>
E:IH;E:<B^G>FIE>:=:>G<:=:L><MHK><HG^FB<H =B<BHG:EF>GM> L>NL^EHL=:MHL=>E +-3
 I:K: =>?BGBK E: IH;E:<B^G >FIE>:=: >G E: :@KB<NEMNK:  R: JN> >E "+"  LHE:F>GM>
:;:K<::JNB>G>LMK:;:C:G>GIE:GM:<BHG>L=>?EHK>LFWLHF>GHLI>KLHG:L "E +-3  
>G<:F;BH K>@BLMK:: I>KLHG:L<HFH>FIE>:=:L>G:<MBOB=:=>L:@K[<HE:L 

#BG:EF>GM>  >E <WE<NEH => E:L AHK:L => :<MBOB=:= ANF:G: L> LNLM>GM^ >G EHL K>LNEM:=HL => E:
C8J:HI6 (68>DC6A 9: BEA:D  :H:BEA:D N -J7:BEA:D  "+"!0   K>:EBS:=: :GN:EF>GM>
IHK>E&+" "LM:>G<N>LM:A:>G<HGMK:=HLHLM>GB=:F>GM> <HGFNRIH<:O:KB:<B^G>GMK>:]HL 
JN>>GIKHF>=BH>G>E"<N:=HKL>MK:;:C:AHK:LL>F:G:E>L 

!> >LM: F:G>K:  R >G ?NG<B^G => E: @K:FWMB<: R: =>L<KBM:  L> :G:EBS:KW E: =BLMKB;N<B^G => E:
IH;E:<B^G>GLNL=B?>K>GM>LGBO>E>L :L[<HFH E::IKHIB:<B^GLH<B:E=>E:@N:04 >ENLH;KNMH

 
=> :@N: $42  R >E NLH G>MH => :@N: +42  0> :G:EBS:KW M:F;BYG >E O:EHK :]:=B=H ;KNMH
@>G>K:=H IHK F>MKH <`;B<H => :@N:  I:K: EHL =B?>K>GM>L L><MHK>L =>E MK:;:CH K>FNG>K:=H  "E
:@N: K>IK>L>GM:=: IHK >E $42 R IHK >E +42 >L NG ?ENCH  FB>GMK:L JN> E:L I>KLHG:L 
K>IK>L>GM:=:L IHKE:LAHK:L => :<MBOB=:=ANF:G:  LHFHL NG?HG=H  =>:<N>K=H :EFH=>EH=>
?ENCH R ?HG=H $>HK@>L<N /H>@>G =BL<NMB=H >G E:L L><<BHG>L        R     ): K>E:<B^G
#ENCH#HG=HI>KFBM><:E<NE:KE:LM:L:LF>M:;^EB<:L=>NLH=>NG?ENCH EHJN>:LNO>S I>KFBM>
K>:EBS:K<HFI:K:<BHG>L>GMK>LBLM>F:LJN>=>HMK:F:G>K:L>K[:GBG<HFI:K:;E>L R>GMK>GBO>E>L
R>E>F>GMHL=>EFBLFHLBLM>F: JN>IHK=>?BGB<B^G<HG<N:EJNB>KHMKHBG=B<:=HKL>K[:GM:F;BYG
BG<HFI:K:;E>L "L:L[ JN>L>A:<:E<NE:=HE:1:L:*>M:;^EB<:=>E:&GM>GLB=:==>E2LH=>E@N:
4*/ IHKLNLLB@E:L>GBG@EYL >QIK>L:=:>GEBMKHLIHKAHK:EA*:=KB=R$B:FIB>MKH  

HGE:L<HGLB=>K:<BHG>L:GM>KBHK>L E:=BLMKB;N<B^G=>E:IH;E:<B^G=>E<:GM^G N>G<:L>K>LNF>


>GE:1:;E:  0>IN>=>H;L>KO:KJN>E:IH;E:<B^G>FIE>:=:K>IK>L>GM:NG=>E:IH;E:<B^G
MHM:E FB>GMK:LJN>E:IH;E:<B^GKNK:EK>IK>L>GM:NG=>E:IH;E:<B^GMHM:E 

.67A6 *D7A68>TC9:A86CITCJ:C86:C:A6SD  
#"O!'"'   

#:.7-/5I9@=.-9- 

#:.7-/5I9=@=-7  

#:.7-/5I9=@=-71>?58-0-<@14-/1-3=5/@7?@=-9:=18@91=-0- 
 

#"O!% (!%  

90@>?=5-8-9@2-/?@=1=- 


:81=/5:   

&1=A5/5:>;=5A-0:> 

&1=A5/5:>;K.75/:>CJ=3-9:>013:.51=9: 

:9>?=@//5J9  

3=5/@7?@=-3-9-01=H->57A5/@7?@=-C;1>/- 

#N>GM>L +-3 R "+" 




E:G:EBS:K<^FHL>=BLMKB;NR>>E2LH+>MH=>@N:>G>E<:GM^G N>G<:1:;E:  R1:;E:


  L>>G<N>GMK:GK>LNEM:=HLFNRBGM>K>L:GM>L ):LIYK=B=:L<N:GMBM:MBO:L.)>JNBO:E>G:E
 =>E<HGLNFHMHM:E ):EBM>K:MNK:LH;K>:@N:FN>LMK:JN>=>F:G>K:@>G>K:EE::LB@G:<B^G
=>:@N:I:K:E:IKH=N<<B^G>LF:RHKJN>I:K:>E<HGLNFHANF:GH@NBE>K:(EBGD:I6A 
(:\D: 0PRG@>=HNP KKHCH *:=KB=R3>EWSJN>S *:=KB=:I6A : 
LBG>F;:K@H >G>E<:LH=>EGBO>EC
=> N>G<: E::LB@G:<B^GI:K:EHLAH@:K>L<:LBMKBIEB<:E:

 
:LB@G:<B^GI:K:E:><HGHF[:MK:;:CHK>FNG>K:=H "G>EGBO>EC
 FB>GMK:LM:GMH L>O>>EL><MHK
NK;:GH<HG<>GMK:>E =>E<HGLNFH R>EL><MHKKNK:E   HGMBGN:G=H>G>EGBO>EC
 L>
H;L>KO: JN> >E <HGLNFH L> <HG<>GMK: >G EHL AH@:K>L KNK:E>L   =>E <HGLNFH MHM:E  E
=>L<>G=>K :E GBO>E C
 ?BG:EF>GM>  E: BF:@>G L> :<E:K: NG IH<H FWL  IN>L >E <HGLNFH => EHL
AH@:K>L KNK:E>L L> <HG<>GMK: >G E: :@KB<NEMNK: => LN;LBLM>G<B: H :@KB<NEMNK: GH K>FNG>K:=:
 =>E<HGLNFH=>:@N:MHM:E -HKHMKHE:=H >E<HGLNFHI:K:E::@KB<NEMNK:K>FNG>K:=: 
EE>@::E  !>>LM:F:G>K: >EL><MHK:@KHI><N:KBH<HG<>GMK:K[:>E =>E<HGLNFHMHM:E
=>:@N:=>E<:GM^G N>G<: "L?NG=:F>GM:EK><HK=:KJN>L>=>LMBG:>E =>EWK>:MHM:E=>E
M>KKBMHKBH => N>G<: :E L><MHK => E: @KB<NEMNK:  @:G:=>K[:  LBEOB<NEMNK: R I>L<: :NGJN>
;WLB<:F>GM>L>K>:EB<>:@KB<NEMNK:R@:G:=>K[: I:K:@:G:=>K[:R I:K::@KB<NEMNK: 
RJN>>LM>L><MHKK>IK>L>GM::I>G:L>E =>LN3:EHK]:=B=HKNMH3L><<BHG>L   
R   

*NRIHK=>MKWL=>E<HGLNFH:@KHI><N:KBH L>>G<N>GMK:>E<HGLNFHBG=NLMKB:E JN>LB@GB?B<:>E


 =>E<HGLNFHMHM:E LBG>F;:K@H >LE::<MBOB=:=><HG^FB<:JN>F:RHK=>F:G=:=>:@N:
MB>G> !>>LM:F:G>K: E::@KB<NEMNK: @:G:=>K[: LBEOB<NEMNK:RI>L<:M:GMHK>FNG>K:=:<HFHGH
K>FNG>K:=:  R E: BG=NLMKB: >QIEB<:G >E   =>E <HGLNFH => :@N: => N>G<:  "E K>LMH =>
L><MHK>LIKH=N<MBOHLK>IK>L>GM:G:I>G:L>E =>E<HGLNFHMHM:E 

#BG:EF>GM>  >E <HGLNFH=> :@N:=>EHLAH@:K>L >QIEB<: NG   =>E<HGLNFH MHM:E => :@N:
 EHLAH@:K>LNK;:GHL R EHLAH@:K>LKNK:E>L =B<BHG:EF>GM> >E:@N:GH<HGM:;BEBS:=:
:GBO>ENK;:GH K>IK>L>GM:>E =>E<HGLNFHMHM:E LBG>F;:K@H GH>QBLM>GF>=B<BHG>L=>E:
<:GMB=:==>:@N:I>K=B=::GBO>EKNK:E>G@>G>K:E R:GBO>ENK;:GH>LI><[?B<:F>GM>I:K:>E:@N:
<HG<>LBHG:=: I:K: NLH BG=NLMKB:E E: FBLF: JN> >L =B?>K>GM> =>E :@N: IHM:;E> =HM:=: IHK
"1-NL:=:>GE:BG=NLMKB: 

 

.67A6  >HIG>7J8>TCEDG8:CIJ6A:C:A86CITCJ:C869:A/HD(:ID9:<J6(1/N9:HJH*QG9>96H
J6CI>I6I>K6H+&
!*(
!  !  !
90@>?=5-8-9@2-/?@=1=-  
:81=/5:

&1=A5/5:>;=5A-0:>
 
(%!" 
'%"% (!%"  &1=A5/5:>;J.75/:>CI=3-9:>013:.51=9:
 

:9>?=@//5I9



%(%
 3=5/@7?@=-3-9-01=G->57A5/@7?@=-C;1>/-


(%!"  

"%&  3=5/@7?@=-3-9-01=G->57A5/@7?@=-C;1>/-01



%(%    >@.>5>?19/5-
:9>@8:19174:3-= 
(!""!',

$
#N>GM>L0><K>M:K[:+:<BHG:E=>E@N:0"+$2 RE:!BK><<B^G=>-E:GB?B<:<B^G=>"1-


):L<HG<>LBHG>LI:K:E:>QMK:<<B^G=>:@N:JN>=:0"+$2 IN>=>GL>KHK@:GBS:=:LIHK
LN;<N>G<:LRIHK=>M>KFBG:=HLL><MHK>LL><MHK:@KHI><N:KBH BG=NLMKB: AH@:K>L>
AB=KH>E><MKB<B=:= "GE:;:L>=>=:MHL=>0"+$2GHL>>G<N>GMK:G<HG<>LBHG>LI:K:EHL
L><MHK>L=>E<HF>K<BH EHLL>KOB<BHLIKBO:=HL EHLL>KOB<BHLI`;EB<HLR^K@:GHL=>@H;B>KGH RE:
<HGLMKN<<B^G !>>LM:F:G>K: :I:KMBK=>EG`F>KHMHM:E=><HG<>LBHG>L=><:=:L><MHK R=>E
OHENF>GMHM:E<HG<>LBHG:=H=><:=:L><MHK L>IN>=><:E<NE:KE:IKHIHK<B^GK>LI><MBO:>G<:=:
LN;<N>G<:

 

1:;E:  ):LLN;<N>G<:L=>EHLK[HL1HF>;:F;: 6:GNG<:R *:<AWG@:K: 1:KJNBR N>G<:
<HG<>GMK:G E: F:RHK I:KM> => E:L <HG<>LBHG>L  R <:LB E: MHM:EB=:= => EHL OHE`F>G>L => :@N:
<HG<>LBHG:=HL "GE:M:;E:GHL>A:BG<ENB=H:E:LLN;<N>G<:L=>EHLK[HL':=WGR0B=<:R 

 

.67A6 *GDEDG8>TC:C8696HJ78J:C869:ACUB:GD9:8DC8:H>DC:HN9:AKDAJB:C9:6<J68DC8:H>DC6969:8696
H:8IDG
&@./@19/- 3=5/@7?@=-C 90@>?=5- :3-=1> 50=:171/?=5/50-0
3-9-01=H-

!J81=:01 ):7@819 !J81=:01 ):7@819 !J81=:01 ):7@819 !J81=:01 ):7@819


/:9/1>5:91>  /:9/1>5:91>  /:9/1>5:91>  /:9/1>5:91> 
   
':81.-8.-        
 
+-9@9/-C
       
 
-/4F93-=- 
      
 
'-=<@5     
  


@19/-   

   


':?-7  
 
 

   
 
 

 


#N>GM>L0><K>M:K[:+:<BHG:E=>E@N:0"+$2


)HL L><MHK>L => NLH BG=B<:G JNY MBIH => IK>LB^G K><B;> <:=: LN;<N>G<:  R <HGL><N>GM>F>GM>
BG=B<:K[:GJNYMBIH=>NLH=>LN>EHL>IN>=>>LI>K:K>G>EE:L !>>LM:F:G>K: E:LLN;<N>G<:L
JN> K><B;>G F:RHK IK>LB^G => E: :@KB<NEMNK: LHG E: =>E 1:KJNB   =>E OHENF>G MHM:E
<HG<>LBHG:=HI:K::@KB<NEMNK: E:=>E*:<AWG@:K: =>EOHENF>GMHM:E<HG<>LBHG:=HI:K:
:@KB<NEMNK: RE:=>E1HF>;:F;: =>EOHENF>GMHM:E<HG<>LBHG:=HI:K::@KB<NEMNK: 

): BG=NLMKB: >G <:F;BH L> <HG<>GMK: >GE:L LN;<N>G<:L =>E *:<AWG@:K:   =>E OHENF>G
MHM:E<HG<>LBHG:=HI:K:BG=NLMKB: R1HF>;:F;: =>EOHENF>GMHM:E<HG<>LBHG:=HI:K:
BG=NLMKB: "L?NG=:F>GM:EM>G>K>G<N>GM:JN>>EI:KJN>BG=NLMKB:E=> N>G<:L>>G<N>GMK:>G
E:LN;<N>G<:=>EK[H*:<AWG@:K: RJN>>GIE>G:SHG:I>KBNK;:G:=>E:<BN=:= :HKBEE:L=>EK[H
1HF>;:F;: L>>G<N>GMK:NG:BFIHKM:GM>BG=NLMKB:<>KWFB<: 

"E :;:LM><BFB>GMH => :@N: I:K: EHL AH@:K>L L> <HG<>GMK:K[: :I:K>GM>F>GM> >G EHL K[HL
1HF>;:F;:  =>E OHENF>G MHM:E <HG<>LBHG:=H I:K: EHL AH@:K>L  R 6:GNG<:R   =>E
OHENF>GMHM:E<HG<>LBHG:=HI:K:EHLAH@:K>L 0BG>F;:K@H >LMH>LBKK>:E R:JN>>QMK:]:F>GM>
GH<HGLM:>GE:;:L>=>=:MHLE:<HG<>LB^GJN>=>;>K[:M>G>K"1->G>EK[H*:<AWG@:K: I:K:
:;:LM><>KE:IE:GM:=>:@N:IHM:;E>=>1BQWG 

#BG:EF>GM>  E: AB=KH>E><MKB<B=:= L> IKH=N<> ?NG=:F>GM:EF>GM> >G E: <N>G<: :EM: =>E K[H
*:<AWG@:K: =>EOHENF>GMHM:E<HG<>LBHG:=HI:K:E:AB=KH>E><MKB<B=:= IN>L:I>L:K=>
>QBLMBK <HG<>LBHG>L I:K: >LM> L><MHK >G EHL K[HL 1HF>;:F;: R 6:GNG<:R  :<MN:EF>GM> GH L>
IKH=N<>>G>K@[:AB=KH>EY<MKB<:>G>EEHL 

 
.67A6 &6EGDE>68>TC-D8>6A9:A<J6 :A/HDGJID9:<J6 N:A/HD(:ID9:<J69:A86CITCJ:C86 B:9>9DH:CB 6SD
&*8 -H: *(8 -H: !*(8 -H:
 ! !  !  !
90@>?=5-8-9@2-/?@=1=-   
:81=/5:   
&1=A5/5:>;=5A-0:> 

 
(%!" 
 
'%"% (!%"    &1=A5/5:>;J.75/:>CI=3-9:>013:.51=9: 



:9>?=@//5I9 

      %(%  


 3=5/@7?@=-3-9-01=G->57A5/@7?@=-C;1>/-  


(%!" 
 
  

"%&


3=5/@7?@=-3-9-01=G->57A5/@7?@=-C;1>/-01>@.>5>?19/5- 
 
%(%    
:9>@8:19174:3-=   
(!""!',$ 


#N>GM>L0><K>M:K[:+:<BHG:E=>E@N:0"+$2 RE:!BK><<B^G=>-E:GB?B<:<B^G=>"1-


 
):<HFI:K:<B^G=>EHL<HGLNFHLG>MHL=>:@N:=>EMK:;:CHK>FNG>K:=H <HG>E3:EHK]:=B=H
KNMH>G=^E:K>L=>E M:F;BYGH?K><>K>LNEM:=HLFNRBGM>K>L:GM>L1:;E:  

.67A6 A06ADGS69>9DGJID0:C9TA6G:H:HI69DJC>9:CH:H9:A  E6G68696C>K:AN8696JCD9:ADH


H:8IDG:H9:A86CITCJ:C86
!  !  ! 
90@>?=5-8-9@2-/?@=1=- 
  
:81=/5: 
   
&1=A5/5:>;=5A-0:>  
(%!" 

&1=A5/5:>;J.75/:>CI=3-9:>01
'%"  

   3:.51=9:
% (!%"
:9>?=@//5I9   
3=5/@7?@=-3-9-01=G-
%(%    >57A5/@7?@=-C;1>/-01   
>@.>5>?19/5-
#N>GM> "+" 


!>>LM:F:G>K: <HG>E3REHL<HGLNFHL=>:@N:IHK<:=:L><MHK+42 L>A:<:E<NE:=HNG


BG=B<:=HK =>>?B<B>G<B:>E 3 IHK<:=: NGB=:==> OHENF>G=>:@N:  >G>LM><:LH IHK <:=:
F>MKH<`;B<HF "LM>O:EHKBG=B<:JNYO:EHK:]:=B=HIKH=N<><:=:F=>:@N: NGO:EHKFWL
;:CH LB@GB?B<:KWNG:F>GHK>?B<B>G<B: 

E<HGMK:LM:KEHLO:EHK>L>GMK>L[ >EL><MHKFWL>?B<B>GM>>GL>GMB=H>LMKB<M:F>GM>=>@>G>K:<B^G
=>O:EHK:]:=B=H>L>E<HF>K<BH L>@NB=HIHKEHLL>KOB<BHLI`;EB<HL E:<HGLMKN<<B^G EHLL>KOB<BHL
IKBO:=HLRE:BG=NLMKB:1:;E:  "EL><MHKGHM:;E>F>GM>F>GHL>?B<B>GM>>L>E:@KHI><N:KBH 
IN>LIKH=N<> O><>LF>GHL3FJN>>E<HF>K<BH 

/>LNEM:=HLIK>EBFBG:K>L=>>LMN=BHLLBFBE:K>LK>:EBS:=HL>G"LI:]::@KB<NEMNK:>BG=NLMKB:R
>G->K`BG=NLMKB:*:=KB=:I6A ; FN>LMK:GO:KB:L:E>KM:L>GEHLO:EHK>LH;M>GB=HLI:K:
N>G<:>E3IHKF>MKH<`;B<H=>:@N:>LO><>LF>GHKJN>>E=>"LI:]: O><>LF>GHK
JN> >E => G=:EN<[:  R  O><>L F>GHK JN> >E => :M:EN]:  "LMHL =:MHL K>O>E:G NG: >QMK>F:
BG>?B<B>G<B:>G>EL><MHK:@KHI><N:KBH=> N>G<: EHJN>L>MK:=N<>>GNG@K:G=>LI>K=B<BH=>
:@N: 

)HLO:EHK>LI:K:E:BG=NLMKB:M:F;BYGLHGBGM>K>L:GM>L>E3IHKF>MKH<`;B<H=>:@N:>L=>
 20F O><>LF:RHKJN>>E=>"LI:]:  O><>LF:RHKJN>>E=>G=:EN<[:  O><>L
F>GHKJN>>E=> :M:EN]: R O><>LFWL;:CHJN>>E=>)BF: "LMHBG=B<:K[:JN>>GMYKFBGHL
=>K>G=BFB>GMH><HG^FB<H E:BG=NLMKB:<N>G<:G:>LMWFNR<>K<:=>EHLGBO>E>L=> :M:EN]:R=>
)BF:  0BG >F;:K@H  >LM: I>KLI><MBO: <:F;B: K:=B<:EF>GM> :E K>LM:K =>E :GWEBLBL >E 3

 
<HKK>LIHG=B>GM>:E:BG=NLMKB:=><:;E>L IN>LLHE:F>GM>NG:?W;KB<: <HG<>GMK:>E=>E3
BG=NLMKB:E "LM><:F;BH BFIEB<:NG:>LMBF:<B^G IN>LGHL><HGH<>GEHLO:EHK>L=><HGLNFH=>
<:=:BG=NLMKB: "G>E<:LH=> N>G<: >E3GH>LIKHIHK<BHG:E:E<HGLNFH=>:@N: =:=HJN>
>QBLM>GBG=NLMKB:LJN>IHL>>GNG<HGLNFH=>:@N:FN<AHF:RHKJN>NG:BG=NLMKB:=><:;E>L 
<HFHIHK>C>FIEH E:BG=NLMKB:<>KWFB<: RLBG>F;:K@H MB>G>GNG3FN<AHFWL;:CH -HKEH
JN> LBFIE>F>GM>L><:E<NE^NG<HGLNFHIKHF>=BHIHKBG=NLMKB: =BOB=B>G=H>E<HGLNFHMHM:E
=>:@N: I:K:>EG`F>KHMHM:E=>EH<:E>LBG=NLMKB:E>L >LM>O:EHK?N>K>LM:=H=>E<HGLNFHMHM:E 
H;M>GB>G=H >E <HGLNFH => :@N: >LMBF:=H LBG E: BG=NLMKB: => <:;E>L  "E O:EHK K>LNEM:GM>  
20F<N>GM:NG:GN>O:ABLMHKB: IN>L>GMYKFBGHL=>>?B<B>G<B:LHGLB@GB?B<:MBO:F>GM>FWL
;:CHLJN>EHLO:EHK>L=>"LI:]: G=:EN<[:  :M:EN]:R)BF: )HJN>GN>O:F>GM>BG=B<:NG:EMH
=>LI>K=B<BH=>:@N: 

.67A6 &6>CI:CH>9699:AJHD9:A6<J6A /-N:A06ADGS69>9DGJIDEDGB:IGD8U7>8D9:6<J6/- B


);:=
!5A17 &'"% )(& !*(8 
8 
(& 8 

 '=-.-6:=18@91=-0:'% 
       


 '%@=.-9:  
 
  


 90@>?=5- 
       


 90@>?=5->59590@>?=5-01/-.71>      


 :81=/5: 
        


 &1=A5/5:>;=5A-0:>   

  


 &1=A5/5:>;J.75/:>CI=3-9:>013:.51=9:   

  


 :9>?=@//5I9      


 '%=@=-7     

 


 3=5/@7?@=-3-9-01=G->57A5/@7?@=-C;1>/-     

 

#N>GM>L "+"  0><K>M:K[:+:<BHG:E=>E@N:0"+$2 RE:!BK><<B^G=>-E:GB?B<:<B^G=>"1-




"LMHLK>LNEM:=HLLHG<HGLBLM>GM>L<HG>E<WE<NEH=>E:LM:L:LF>M:;^EB<:L1:;E:  >L=><BK >E


K>G=BFB>GMH =>E :@N: IHK <:=: AHK: => :<MBOB=:= ANF:G:  "E <HGLNFH : GBO>E AH@:K>L L>
K>:EBS^ >LMBF:G=H  AHK:L =B:KB:L => NLH   AHK:L :GN:E>L  R >E =>E L><MHK =>E MK:;:CH
K>FNG>K:=H <HG H<AH AHK:L =B:KB:L => NLH   AHK:L :GN:E>L  -:K: <:E<NE:K E: M:L:
F>M:;^EB<: =>E :@N: GH <HGM:;BEBS:=:  L> >LMBF^ NG: IH;E:<B^G =>   A:;BM:GM>L E:
IH;E:<B^GNK;:G:=> N>G<: R AHK:L:GN:E>L=>NLH 

!>F:G>K:@>G>K:E E:LM:L:LF>M:;^EB<:L=> N>G<:LHG;:LM:GM>:EM:L >G<HFI:K:<B^G<HGE:L


=>HMKHL>LMN=BHLK>:EBS:=HL>G"LI:]:R->K`*:=KB=:I6A ; )HJN>BG=B<:NG<HGLNFH
F:RHK :I>L:K=>JN>>GMYKFBGHL:;LHENMHL>EOHENF>GNL:=HL>:FWL;:CH L[IHK>C>FIEH 

 
E:L M:L:L F>M:;^EB<:L => "LI:]: LHG GBO>E C    EA  +BO>E C
  L><MHK AH@:K>L   EA  R
L><MHKMK:;:CHK>FNG>K:=H EA +BO>EC
L><MHKBG=NLMKB: EA L><MHK:@K[<HE: EA R
L><MHKL>KOB<BHL EA "G>E<:LH=>)BF: EHLO:EHK>LLHGFWL:EMHLJN>EHL=>"LI:]: I>KH
LBG>F;:K@H LB@N>GLB>G=HLB@GB?B<:MBO:F>GM>FWL;:CHLJN>EHL=> N>G<:GBO>E C  EA 
+BO>E C
  L><MHK AH@:K>L   EA  R L><MHK MK:;:CH K>FNG>K:=H   EA  +BO>E C
  L><MHK
BG=NLMKB: EA L><MHK@H;B>KGH EA RL><MHKL>KOB<BHL EA 

E <HFI:K:K >LMHL K>LNEM:=HL <HG E:L M:L:L F>M:;^EB<:L => N>G<:  L> O> <E:K:F>GM> JN> LNL
<HGLNFHLLHG>Q<>LBO:F>GM>:EMHL1:;E: R#B@NK:  )HLO:EHK>LFWLEE:F:MBOHLLHGEHL
=>E::@KB<NEMNK: @:G:=>K[: LBEOB<NEMNK:RI>L<:K>FNG>K:=: EA =>E:BG=NLMKB: 
EA R=>E::@KB<NEMNK:=>LN;LBLM>G<B: EA 

 I>L:K => L>K EHL O:EHK>L FWL ;:CHL  E:L M:L: F>M:;^EB<:L => EHL AH@:K>L NK;:GHL   EA R
KNK:E>L EA M:F;BYGLHGFNR:EM:L 1:EO>S EHL<HGLNFHL=>:@N:IHKI>KLHG:RIHK=[: 
LBKO>G I:K: :IK><B:K => F>CHK F:G>K: LN F:@GBMN=  "LMHL O:EHK>L  LHG F:RHK>L JN> EHL
<:E<NE:=HL I:K: >E :@N: IHM:;E> =BLMKB;NB=: IHK "1- >G E: SHG: NK;:G: => N>G<:  IN>L
BGM>@K:G:EHLAH@:K>LI>KBNK;:GHLJN>GHMB>G>GL>KOB<BH=>:@N:IHM:;E>HJN>NL:G:=>FWL
:@N:LBGMK:M:K !>>LM:F:G>K: EHLAH@:K>LNK;:GHL<HGLNF>G EBMKHLIHKI>KLHG:IHK=[:
EI=REHLAH@:K>LKNK:E>L EI= 3:EHK>L:MH=:LEN<>L>Q<>LBOHL:E<HFI:K:KEHL<HGEHL
EI=K><HF>G=:=HLIHKE:,K@:GBS:<B^G*NG=B:EI:K:E:0:EN=,*0%HP:K=R:KMK:F 
REHLEI=K><HF>G=:=HLIHKKKHCH 

"ENLH=>EHLAH@:K>LKNK:E>L LBG>F;:K@H GHL>=>=B<:>Q<ENLBO:F>GM>:EHJN>L>K[:>E:@N:


<BN=:=:G[:  LBGH M:F;BYG :E F:GM>GBFB>GMH => EHL :GBF:E>L  => E: AN>KM: ?:FBEB:K  > BG<ENLH
<HFH :@N: => KB>@H I:K: E: IKH=N<<B^G :@K[<HE: : F:RHK >L<:E:  NGJN>  GH L> A: IH=B=H
>G<HGMK:K >LMN=BHL JN> K>LI:E=>G >LM> ?>G^F>GH  NG: >QI>KB>G<B: I>KLHG:E LB EH A:<>  %:<>
O:KBHL:]HL :LBLM[:E:LK>NGBHG>L=>E:CNGM:=>:@N:L=>E;:KKBH=HG=>OBO>GFBLI:=K>L =HG=>
GH >QBLM[: :@N: IHM:;E>  LBGH LBFIE>F>GM> :@N: GH MK:M:=: I:K: <HGLNFH =HFYLMB<H
LNFBGBLMK:=: IHK =B<A: CNGM:   I>L:K => JN> >E :@N: GH >K: :IM: I:K: >E <HGLNFH ANF:GH 
<N:G=H"1-IHK?BGB;::=HM:K=>:@N:IHM:;E>:E:SHG: E:@>GM>L>HINLHK:=B<:EF>GM> 
+HL^EH>G>E;:KKBH=>FBLI:=K>L LBGH>GMH=:E:SHG: RIHKM:GMH MH=:LE:LCNGM:L=>:@N: "E
IKH;E>F: ?NG=:F>GM:E >K: >E <HLMH =>E :@N:  R: JN> <HG E: BGLM:E:<B^G => F>=B=HK>L I:K: >E
:@N: IHM:;E>  GH IH=K[:G <HGMBGN:K NL:G=H >E :@N:  JN> LNIN>LM:F>GM> >K: I:K: <HGLNFH
=HFYLMB<H  I:K: >E KB>@H R >E F:GM>GBFB>GMH => LNL :GBF:E>L  !> >LM: F:G>K:  >LM: :GY<=HM: 
BENLMK:R>QIEB<:IHKJNYEHL<HGLNFHL=>EHLAH@:K>LKNK:E>LLHGM:G:EMHL 

 

.67A6 .6H6HB:I67TA>86H9:A6<J61',:CA>IGDHEDG=DG6H9:68I>K>969=JB6C6A = E6G68696JCD9:ADH
C>K:A:HN8696JCD9:ADHH:8IDG:H9:A86CITCJ:C86
! !  !  ! 
90@>?=5-8-9@2-/?@=1=- 
:81=/5: 
&1=A5/5:>;=5A-0:> 
(%!"

&1=A5/5:>;J.75/:>CI=3-9:>01
'%"% (!%"
 
3:.51=9:
:9>?=@//5I9 

 3=5/@7?@=-3-9-01=G->57A5/@7?@=-C
%(%      
;1>/-

(%!"  

"%&  3=5/@7?@=-3-9-01=G->57A5/@7?@=-C


 
%(%  ;1>/-01>@.>5>?19/5-
:9>@8:19174:3-= 
(!""!', 
#N>GM>L "+"   +-3   "+"!0   0><K>M:K[: +:<BHG:E =>E @N: 0"+$2  R E: !BK><<B^G => -E:GB?B<:<B^G =>
"1-


 
><JG6 ,:EG:H:CI68>TC9:AB:I67DA>HBD9:A6<J69:A68>J9699:J:C869DC9:H:BJ:HIG6CADH;AJ?DH9:6<J6:C":8ITB:IGDH8U7>8DH B:IGDH8U7>8DHNHJHI6H6H
B:I67TA>86H:CA =


#N>GM>L "+"   +-3  "+"!0  0><K>M:K[:+:<BHG:E=>E@N:0"+$2 RE:!BK><<B^G=>-E:GB?B<:<B^G=>"1-

 
 $&$%%% $ &&

"E MYKFBGH LNLM>GM:;BEB=:= BFIEB<: NGIKH;E>F: IN>L LNLB@GB?B<:=H <:F;B: =>I>G=B>G=H =>
JNBYGR>GJNY<HGM>QMH>IBLM>FHE^@B<H :<:=YFB<H @K:F:MB<:E LH<B:E <NEMNK:EHIHE[MB<HL>NL>
0A>:KF:G   +HK@::K=    LBG >F;:K@H  >LM: I:E:;K: IN>=> L>K OBLM: <HFH NG
FH=B?B<:=HK =>E LB@GB?B<:=H => HMK: I:E:;K:  : E: JN> E> =: E: <:K:<M>K[LMB<: => @:K:GMBS:K LN
<HGMBGNB=:= >G >E MB>FIH 0A>:KF:G    !> >LM: F:G>K:  : GBO>E ><HE^@B<H  L> >GM>G=>KW
<HFH@:K:GMBS:KE:I>KLBLM>G<B:RE:K>IKH=N<<B^G=>EHL><HLBLM>F:LG:MBOHL#HPE>K  

"G >L> <HGM>QMH  >GMHG<>L  R <HG NG: OBLB^G NG IH<H FWL IK:@FWMB<:  L> >GM>G=>KW :
LNLM>GM:;BEB=:=<HFHE:OB:;BEB=:=>G>EMB>FIH=>NGLBLM>F:+:K>=H  >G>LM><:LH E:
=>E:<MN:ELBLM>F:LH<BH ><HE^@B<H=> N>G<: >G?NG<B^G=>LNF>M:;HEBLFH=>E:@N: 

2G: IKBF>K: FBK:=: : EHL =:MHL  I:K><>K[: FHLMK:K JN> >E F>M:;HEBLFH LH<B:E =>E :@N: >G >E
M>KKBMHKBH=>E<:GM^G N>G<: GH>LM:K[:LH;K>>QIEHM:G=H:>LM>:<MBOH><HLH<B:E@NBE>K:(EBGD 
  *:=KB=:I6A : -N>L :E<HGMK:LM:KE:<:GMB=:==>:@N:=BLIHGB;E> <HG>E
<HGLNFH;KNMH=>:@N: >QBLMBK[:NGLNI>KWOBM=>:@N:=> FBEEHG>L=>F>MKHL<`;B<HLIHK
:]H 0BG>F;:K@H :E<HFI:K:K>E:@N::IKHIB:=:M:GMHI:K:NLHL<HGLNGMBOHL>L=><BK EHLNLHL
JN>E:<HGLNF>G <HFHI:K:NLHLGH<HGLNGMBOHL>L=><BK EHLNLHLJN>GHE:<HGLNF>G L>
MB>G>JN>  GHL^EHMH=:>E:@N: =BLIHGB;E>>L :IKHIB:=: IHK >E LBLM>F: LH<B:E => N>G<:  LBGH
:=>FWL  JN> >QBLM> NG =Y?B<BM =>  FBEEHG>L => F>MKHL <`;B<HL IHK :]H   I>L:K => =B<AH
=Y?B<BM =>L=>>LM:FBK:=:E>C:G:R:GBO>E<N:GMBM:MBOHRGH<N:EBM:MBOH >EF>M:;HEBLFHLH<B:E
=>E :@N: => N>G<:  GH >LM:K[: :F>G:S:G=H :E F>M:;HEBLFH ><HE^@B<H  R >E F>M:;HEBLFH
NK;:GH GH>GMK:K[:>G<HG?EB<MH<HG>EF>M:;HEBLFHKNK:E 

E :<>K<:K NG IH<H FWL E: OBLM:  R FBK:K :E LBLM>F: LH<BH ><HE^@B<H => N>G<: => ?HKF: FWL
=>M:EE:=: E:I>KLI><MBO:<:F;B: L>IH=K[:=><BKJN>=KWLMB<:F>GM> 0BL>:G:EBS:E:LBMN:<B^G=>
<:=:NG:=>E:LLN;<N>G<:L E:BGM>KIK>M:<B^G=>EHLK>LNEM:=HL=>?BGBMBO:F>GM>>L=B?>K>GM> 

"G>E<:LH=>EK[H1HF>;:F;: >E:GWEBLBL=>LNL<:N=:E>LFHLMK^JN>=NK:GM>O:KBHLF>L>L:E
:]HIN>=>LN?KBK=>>LMKYL><HE^@B<H RJN>>LM>>LM:=HIN>=>L>KL>O>KH !B<AH>LMKYL><HE^@B<H
LB@GB?B<:JN>>ELBLM>F:><HE^@B<H=>EK[H1HF>;:F;:>LMW>GKB>L@H AHK:;B>G >E:@N:=>>LM>
K[HL>=>LMBG:M:GMH:ENLHNK;:GH I:K:EHLAH@:K>L>G@>G>K:E=>E<:N=:E>QMK:[=H I:K:>E
:@N:IHM:;E>=> N>G<:R>GE:BG=NLMKB: =>E<:N=:E>QMK:[=H <HFH:ENLHKNK:EI:K:E:
IKH=N<<B^G:@KHI><N:KB: =>E<:N=:E>QMK:[=H

 

1:;E:  "LMHBG=B<:JN>E:>QMK:<<B^G=>:@N:JN>>LM:K[::F>G:S:G=HE:LN;LBLM>G<B:=>EK[H
1HF>;:F;: L>=:?NG=:F>GM:EF>GM>I:K:@:K:GMBS:K>E<HGLNFH=>:@N:IHM:;E>=>E:<BN=:=
=> N>G<:  !B<AH <HGLNFH  <HFH R: A: LB=H =BL<NMB=H  :;:LM><> ?NG=:F>GM:EF>GM> : EHL
AH@:K>L 1:;E:    :NGJN> M:F;BYG >G NG: IKHIHK<B^G FN<AH FWL ;:C:  : =B?>K>GM>L
:<MBOB=:=>L ><HG^FB<:L  "E NLH => :@N: I:K: EHL AH@:K>L  >GMK:K[: >G <HG?EB<MH <HG >E NLH =>
:@N:I:K:E:BG=NLMKB: K>O>E:G=HNGIHM>G<B:E<HG?EB<MHNK;:GHIHK>E:@N: :NGJN>>GMYKFBGHL
GHKF:MBOHL =>:<N>K=H:E: HGLMBMN<B^G=>E"<N:=HK E:IKBF>K:M>G=K[:IK>?>K>G<B: )HLNLHL
=>:@N:M:F;BYGK>O>E:GNG<HG?EB<MHNK;:GH KNK:E IN>L>ENLHNK;:GH=>E:@N:<HFIBM><HG>E
NLHI:K:E:IKH=N<<B^G:@KHI><N:KB: JN>?NG=:F>GM:EF>GM>>LKNK:E 

"E<:LH=>EK[H6:GNG<:R GH>LFNR=B?>K>GM>:E=>EK[H1HF>;:F;: :NGJN>E:IK>LB^GLH;K>


>LM> K[H L>: F>GHK  )HL =:MHL => LNL <:N=:E>L K>O>E:G KB>L@HL => >LMKYL ><HE^@B<H  LBG L>K M:G
?N>KM>L <HFH EHL =>E K[H 1HF>;:F;:  ):L IKBG<BI:E>L IK>LBHG>L LH;K> >E K[H 6:GNG<:R LHG E:
>QMK:<<B^G I:K: E: BG=NLMKB:  =>E <:N=:E >QMK:[=H  L>@NB=H IHK EHL AH@:K>L   =>E
<:N=:E>QMK:[=HRE:IKH=N<<B^G:@KHI><N:KB: =>E<:N=:E>QMK:[=H "E<:N=:EJN>:IHKM:
>LM>K[H:ELBLM>F:=>:@N:IHM:;E>=>E:SHG:NK;:G:=> N>G<:>LFN<AHFWL;:CHJN>>E=>EHL
K[HL 1HF>;:F;: R *:<AWG@:K: "1-    IHK EH JN> E: >QMK:<<B^G => :@N: I:K: EHL
AH@:K>L L>K[:I:K::;:LM><>KM:F;BYG:AH@:K>LJN>GHIHL>>G:@N:IHM:;E> "G>LM><:LH >L
=B?[<BEA:;E:K=>NGIHM>G<B:E<HG?EB<MHNK;:GH KNK:EIHK>ENLH=>E:@N: 

"E K[H *:<AWG@:K: =>;> L>K :G:EBS:=H <HG HMK: ^IMB<:  IN>L LN <:N<> R LN <:N=:E A:G LB=H
=HF>LMB<:=HL ,EBO>K    !>;B=H : E:L =HL K>IK>L:L I:K: E: IKH=N<<B^G AB=KH>EY<MKB<:
BGLM:E:=:L<>K<:=>LNLG:<BFB>GMH >EK[H*:<AWG@:K:GHM>G=K[:IKH;E>F:=>>LMKYL><HE^@B<H
<:NL:=H IHK <:N=:E>L ;:CHL  0BG >F;:K@H  LB >QBLMBK[: NG <HG?EB<MH >GMK> E: >QMK:<<B^G => :@N:
I:K: E: BG=NLMKB:   =>E <:N=:E >QMK:[=H R I:K: E: IKH=N<<B^G :@KHI><N:KB:   =>E
<:N=:E>QMK:[=H  0> IH=K[: BGMNBK NG<HG?EB<MH M:F;BYG <HGE: >QMK:<<B^G I:K: <HGLNFH  M:GMH
I:K:>E:@N:OB=:<HFHI:K:>E:@N:<BN=:=:G[: NLHJN>GH>LM:K[:K>LI:E=:=HIHKEHL =:MHL 
"1->QMK:>:@N:=>>LM>K[HI:K:E:=HM:<B^G=>:@N:IHM:;E>:E:<BN=:==> N>G<: RLBG
>F;:K@H  E: <HG<>LB^G K>JN>KB=: GH :I:K><> >G E: ;:L> => =:MHL => 0"+$2  IHK EH JN>
:I:K>GM:K[: JN> GH >QBLM> NG IHM>G<B:E <HG?EB<MH NK;:GH KNK:E IHK >E :@N:  JN> FNR
IKH;:;E>F>GM>LB>QBLM> !>>LM:F:G>K: E:LN;<N>G<:=>EK[H*:<AWG@:K: K>O>E:IHM>G<B:E>L
<HG?EB<MHL >GMK> >E :@N: OB=: R >E :@N: <BN=:=:G[:  <HG EHL NLHL :@KHI><N:KBHL KNK:E>L >
BG=NLMKB:E>LNK;:GHL "ENLHBG=NLMKB:E=>E:@N:GH>LNGM>F:BKK>E>O:GM>>G>LM>K[H R:JN>>E
-:KJN>&G=NLMKB:E=>E:<BN=:==> N>G<:MHF::@N:=BK><M:F>GM>=>YE 

 
):LBMN:<B^G=>EK[H1:KJNB>LM:EO>SE:JN>FWLIK>H<NI: EHL=:MHLBG=B<:GJN>>LM>K[HLN?K>
>LMKYL ><HE^@B<H L>O>KH>G EHL F>L>L >GEHLJN> LNL<:N=:E>L LHG FWL ;:CHL -HK HMKHE:=H  LN
LN;<N>G<:GHIHL>>GBG@`GMBIH=>F:G>CHBGLMBMN<BHG:E R:JN> N>G<:GHMHF::@N:=>>EE: 
): >QMK:<<B^G => :@N: >L ?NG=:F>GM:EF>GM> I:K: NLHL :@KHI><N:KBHL   =>E <:N=:E
>QMK:[=H  R I:K<B:EF>GM> I:K: <HGLNFH ANF:GH   =>E <:N=:E >QMK:[=H  "E LBLM>F:
><HE^@B<H=>>LM>K[H>LM:K[:L>KB:F>GM>:F>G:S:=H ):LBMN:<B^GL>MHKG:FWL@K:O> R:JN>E:
<BN=:==> N>G<:A:BGB<B:=HE:<HGLMKN<<B^G=>NGGN>OHI:KJN>BG=NLMKB:E>GLNLN;<N>G<: 
EHJN>IKH=N<BK[::=>FWLNG<HG?EB<MH>GMK>EHLNLHL:@KHI><N:KBHL>BG=NLMKB:E>L 

"G >L> <HGM>QMH  >L ?NG=:F>GM:E <HGMK:LM:K GN>O:F>GM> >E <:N=:E => EHL K[HL <HG >E <:N=:E
<HG<>LBHG:=H1:;E:  )HLK>LNEM:=HLLHG<E:KHL IN>L>GEHLK[HL1HF>;:F;: *:<AWG@:K:R
1:KJNB  >G O:KBHL F>L>L =>E :]H  >E :@N: <HG<>LBHG:=: >Q<>=> :E :@N: =BLIHGB;E>  !> >LM:
F:G>K:  >E <:N=:E =>E K[H 1HF>;:F;: >LM:K[: LH;K><HG<>LBHG:=H >E   =>E :]H  >E =>E K[H
*:<AWG@:K:>E  R>G>E<:LH=>EK[H1:KJNB>E  -HKHMKHE:=H :EBGM>@K:K>G>E:GWEBLBL:
EHL <:N=:E>L :F;B>GM:E>L   R ><HE^@B<HL   L> MB>G> JN> EHL K[HL 1HF>;:F;: R
*:<AWG@:K:LN?KBK[:G>LMKYL><HE^@B<H=>L=>>EINGMH=>OBLM:<N:GMBM:MBOH >E =>E:]H 
R>EK[H1:KJNB>E =>E:]H 

"EK[H N>G<: IHKHMKHE:=H GH>LM:K[:>GKB>L@H L:EOH>GEHL:]HLBGNLN:EF>GM>L><HL <HFH>E


^>E #BG:EF>GM> E:LBMN:<B^G=>EHLK[HL0B=<:RR':=WG >L=>L<HGH<B=: 0N:IHKM>:E
<:N=:E =>E K[H N>G<: >L F[GBFH  R LNL <:N=:E>L GH MB>G>G GBG@`G MBIH => L>@NBFB>GMH 
IKH;:;E>F>GM>IHKJN>:I:K>GM>F>GM>GHIHL>>GBGM>KYLI:K:E:SHG:NK;:G:=> N>G<: 1:GMH
>EK[H':=WG <HFH>EK[H0B=<:R :;:LM><>G:NG:BG=NLMKB:<:=:NGH RE:>QMK:<<B^G=>:@N:>L
?NG=:F>GM:EF>GM> I:K: E: IKH=N<<B^G :@KHI><N:KB: R I:K: >E :;:LM><BFB>GMH => :@N: : EHL
AH@:K>LKNK:E>LJN>L>>G<N>GMK:G>GLNLLN;<N>G<:L I:K>GM>F>GM> E:LBMN:<B^G=>>LMHL=HL
K[HLL>K[:=B?[<BE 

!> >LM: F:G>K:  >E F>M:;HEBLFH =>E :@N: => E: LH<B>=:= <N>G<:G:  MB>G> NG: <E:K: M>G=>G<B:
A:<B: E: BGLNLM>GM:;BEB=:=  1:GMH EHL NLHL BG=NLMKB:E  <HFH :@KHI><N:KBH  LHG :EM:F>GM>
BG>?B<B>GM>L "LMH`EMBFH R:L>:A:<B>G=HNG:GWEBLBL<HGNG:E^@B<:>Q<ENLBO:F>GM>><HG^FB<H
FHG>M:KB: HR:L>:=>L=>NG:E^@B<:F>M:;^EB<: "LNK@>GM>>E=BL>]HRE:BFIE>F>GM:<B^G=>
IHE[MB<:LJN>K>OB>KM:G>LM:LBMN:<B^G 

"E <HGLNFH => :@N: => EHL AH@:K>L  M:GMH : GBO>E NK;:GH  <HFH : GBO>E KNK:E  IHK HMKH E:=H 
BG<B=>=>?HKF:=>M>KFBG:GM>>GE:BGLNLM>GM:;BEB=:==>E::IKHIB:<B^G=>E:@N:=> N>G<: 0NL

 
<HGLNFHL  GBO>E => OHE`F>G>L IHK I>KLHG: R IHK =[:  R : GBO>E => M:L:L F>M:;^EB<:L  LHG
>Q<>LBO:F>GM> :EMHL  -HK EH JN>  >L ?NG=:F>GM:E =>L:KKHEE:K IHE[MB<:L JN> @:K:GMB<>G >E :@N:
OB=:R>E:@N:<BN=:=:G[: LBG:F>G:S:K>EF>M:;HEBLFH><HE^@B<H 

  &$ $

I:K>GM>F>GM> : NG GBO>E F:<KH  >E M>KKBMHKBH =>E <:GM^G N>G<: GH M>G=K[: IKH;E>F:L =>
:;:LM><BFB>GMH => :@N:  IN>LMH JN> LN =>F:G=: => :@N:   AF:]H  >L BG?>KBHK : E:
<:GMB=:==>:@N:=BLIHGB;E> AF:]H ):=>F:G=:=>:@N:>JNBO:E>:E =>E<:N=:E
=BLIHGB;E> JN>=:G=HEB;K>NG<:N=:ELNI>KBHK:E<:N=:E><HE^@B<H=>E<:N=:EF>=BH 

0BG>F;:K@H :E>LMN=B:KE:=BGWFB<:=>EHL<:N=:E>L=><:=:NGH=>EHLK[HLJN>?HKF:G>EK[H
N>G<:  E: ABLMHKB: <H;K: HMKHL F:MB<>L  IN>L L> O> <E:K:F>GM> JN> >LMHL K[HL A:G :MK:O>L:=H
LBMN:<BHG>L=>>LMKYL><HE^@B<HM:GMH:GBO>E:GN:E <HFH:GBO>EF>GLN:E "LM:LLBMN:<BHG>LL>
K>O>E:G <N:G=H EHL <:N=:E>L F[GBFHL :GN:E>L R F>GLN:E>L LHG BG?>KBHK>L : EHL <:N=:E>L
:F;B>GM:E>L  )HL :]HL => <:N=:E>L FWL ;:CHL A:G LB=H      R   ): <:[=: =>
<:N=:E>L=>E?N>M:GL>KB: JN>>EI:[L>GM>KHLN?KB^<HKM>L=>>E><MKB<B=:= =>;B=H:E:?:EM:
=>:@N:>GE:K>IK>L:=>-:NM>*HEBGHL><<B^G   "E2GBO>KLH "E HF>K<BH 
   -HKHMKHE:=H EHLF>L>L=><:N=:E>L;:CHLLHG:@HLMH 
L>IMB>F;K>RH<MN;K> F>L>G>EJN>L>K><NI>K:GEHL<:N=:E>L I:K:OHEO>K:<:>K>G=B<B>F;K> 
>G>KHRK><NI>K:KL>>G?>;K>KH 

!>>LM:F:G>K: :I>L:K=>JN>>E<B<EH><HE^@B<H=>EHLK[HL=>M>KFBG:EHLI>K[H=HL=><:N=:E>L
:EMHLR;:CHL E:>L<:L>L=>:@N:GH>LNG?>G^F>GHG:MNK:E "G>E<:LH=>EHLK[HL1HF>;:F;:R
*:<AWG@:K:  EHL <:N=:E>L <HG<>LBHG:=HL GH I>KFBMBK[:G JN> >LMHL K[HL F:GM>G@:G NG <:N=:E
><HE^@B<H  =>E <:N=:E F>=BH  )HL K[HL 6:GNG<:R R N>G<:  GH L> >G<N>GMK:G
LH;K><HG<>LBHG:=HL :=B<BHG:EF>GM>LNL<:N=:E>LF[GBFHL@>G>K:EF>GM>LHGFWL:EMHLHFNR
<>K<:GHL : EHL <:N=:E>L :F;B>GM:E>L  "E K[H 1:KJNB  >G <:F;BH  >LMW :EM:F>GM>
LH;K><HG<>LBHG:=H E:L <HG<>LBHG>L =>C:K[:G EB;K> LHE:F>GM> NG =>LN <:N=:E  >L =><BK  NG
O:EHKFNRBG?>KBHK:EHL<:N=:E>L:F;B>GM:E>LR:EHL<:N=:E>L><HE^@B<HL 

GBO>E F>GLN:EE:I>KLI><MBO: L><HFIEB<:  IN>L EHL K[HL 1HF>;:F;: *:<AWG@:K: R 1:KJNB


>LM:K[:GLHF>MB=HL:>LMKYL><HE^@B<HE:F:RHKI:KM>=>E:]H >LI><[?B<:F>GM>=>L=>>EINGMH=>
OBLM: <N:GMBM:MBOH  IN>L EH <N:EBM:MBOH GH A: LB=H >O:EN:=H >G >LM> MK:;:CH  ):L <HG<>LBHG>L
>Q<>=>GEHL<:N=:E>L=BLIHGB;E>L>E =>E:]HI:K:>EK[H1HF>;:F;: >E I:K:>EK[H
*:<AWG@:K: R>E >G>E<:LH=>EK[H1:KJNB -HKHMKHE:=H E:L<HG<>LBHG>LGHI>KFBMBK[:GE:

 
<BK<NE:<B^G=>EHL<:N=:E>L:F;B>GM:E>L R><HE^@B<HL >E =>E:]HI:K:EHL
K[HL1HF>;:F;:R*:<AWG@:K: R>E =>E:]HI:K:>EK[H1:KJNB 

"LM: =BGWFB<: => EHL <:N=:E>L GH L> A: MK:=N<B=H >G EBFBM:<BHG>L >G >E :<<>LH :E :@N: >G E:L
SHG:LNK;:G:L=>E:<BN=:==> N>G<:"1-  E:K:S^GFWLIKH;:;E>>LJN>E:LMHF:L
=>>QMK:<<B^G=>:@N:I:K:E:LMK>LIE:GM:L=>IHM:;BEBS:<B^GL>>G<N>GMK:G>GE:SHG:F>=B:
:EM:=>E:LLN;<N>G<:L=>EHLK[HL1HF>;:F;: *:<AWG@:K:R6:GNG<:RK>LI><MBO:F>GM> EL>K
K[HL=>:EMNK: >LM:LSHG:LGHLHGE:LFWL:IM:LI:K:E:L:<MBOB=:=>L:@KHI><N:KB:L IHKEHJN>E:
F:RHK I:KM> =>E:L<HG<>LBHG>L L> >G<HGMK:K[:G K[H :;:CH =>=B<A:L MHF:L -HK HMKHE:=H  >LMH
A:K[: LNIHG>K JN> GH >QBLM> NG <HG?EB<MH >OB=>GM> >GMK> >E :@N: IHM:;E> R >E :@N: I:K: E:
IKH=N<<B^G:@KHI><N:KB: !>>LM:F:G>K: >QBLM>NG::I:K>GM>:EM:=BLIHGB;BEB=:==>:@N:>GE:
SHG: NK;:G:  EH JN> >L LBG =N=: NG: =>M>KFBG:GM> ?NG=:F>GM:E I:K: LNL :EMHL <HGLNFHL =>
:@N: 

"E :@N: >QMK:[=: I:K: LN IHM:;BEBS:<B^G R LN <HGLNFH NK;:GH K>IK>L>GM: >E   => EHL
<:N=:E>L >QMK:[=HL  >L =><BK  E: <N:KM: I:KM> =>E MHM:E => :@N: :IKHIB:=: IHK E: LH<B>=:=  ):
"FIK>L:-`;EB<:*NGB<BI:E=>1>EY?HGHL @N:-HM:;E>RE<:GM:KBEE:=H=> N>G<:"1-
A: =:=H FN>LMK:L => NG: ;N>G: @>LMB^G  IN>L IHK >C>FIEH  A: L:MBL?><AH >E :NF>GMH =>E
<HGLNFH K>=N<B>G=H EHLkG=B<>L =>@N:GH #:<MNK:=:&+   R<HG IH<HBG<K>F>GMH=> E:
>QMK:<<B^G => :@N:  "E BG<K>F>GMH =>E <HGLNFH GH >LMW LHE:F>GM> K>E:<BHG:=H <HG >E
<K><BFB>GMH => E: IH;E:<B^G  LBGH M:F;BYG <HG >E :NF>GMH =>E <HGLNFH IHK A:;BM:GM>  R IHK
<HG>QB^G=>:@N: I:K:>E<:LH=>E:L:<MBOB=:=>L><HG^FB<:LR=>L>KOB<BHL 

"E  =>E :@N: IHM:;BEBS:=: L> =>LMBG: :E NLH >G EHL AH@:K>L  K>LI>M:G=H EH JN> F:G=: E:
HGLMBMN<B^G =>E "<N:=HK  >L =><BK  IKBHKBS:G=H >E <HGLNFH ANF:GH  "L ?NG=:F>GM:E M>G>K
<E:KHJN>>LMHL=:MHLL>K>?B>K>GLHE:F>GM>:E:@N:>QMK:[=:I:K:E:IHM:;BEBS:<B^GR@>LMBHG:=:
IHK"1- IN>L<HFHL>H;L>KO:>GE:L><<B^G   >E:GWEBLBL=>E:<HG<>LBHG>LI:K:>ENLH
=>E:@N::KKHC:HMKHLK>LNEM:=HL 

"E<HGLNFH NK;:GH=> :@N:>L >QMK>F:=:F>GM>:EMH  EHL<HGLNFHL IHKA:;BM:GM>  EI= 


>LMWG FNR IHK >G<BF: => EHL <HGLNFHL K><HF>G=:=HL  EI=  -HK HMKH E:=H  R : I>L:K =>
M>G>KNGI>LHFN<AHFWL;:CHLH;K>>E<HGLNFHMHM:E=>:@N:IHM:;E> >LGHMHKB:E:K>=N<<B^G
=> EHL <HGLNFHL IHK <HG>QB^G => :@N: >G EHL L><MHK>L <HF>K<B:E  => L>KOB<BHL IKBO:=HL R =>
L>KOB<BHL FNGB<BI:E>L  )HL L>KOB<BHL I`;EB<HL =>I>G=B>GM>L =>E @H;B>KGH <>GMK:E A:G
BG<K>F>GM:=H E>O>F>GM> LN <HGLNFH  *B>GMK:L M:GMH  :NGJN> LN BG<B=>G<B: >G >E <HGLNFH
@EH;:E => :@N: IHM:;E> L>: FNR ;:C:  L> =>;> GHM:K >E :NF>GMH F>=BH =>E <HGLNFH IHK

 
<HG>QB^G >G >E L><MHK BG=NLMKB:E  "LM> A><AH >L K>E>O:GM>  R: JN> BG=B<: JN> E: BG=NLMKB: >L >E
`GB<HL><MHKJN>GHA:K>=N<B=HLN<HGLNFH RLNBG<B=>G<B:>G>EF>M:;HEBLFH@EH;:E=>E:@N:
=> N>G<:GHLHE:F>GM>=>E:@N:IHM:;E> >LFNRBFIHKM:GM> 

):LIHE[MB<:L=>K>=N<<B^G=>E<HGLNFH=>EHLL>KOB<BHLIKBO:=HLREHLL>KOB<BHLFNGB<BI:E>L :L[
<HFH=>EHLL><MHK>L<HF>K<B:ER=>E:<HGLMKN<<B^G A:GLB=H<E:K:F>GM>>?><MBO:L EHJN>>LNG
EH@KHBG=BL<NMB;E> 

"LMHL:EMHL<HGLNFHLI:K><>K[:G>LM:KEB@:=HL:=HL?:<MHK>LE::I:K>GM>:EM:=BLIHGB;BEB=:==>
:@N:>GE:LSHG:LNK;:G:L RE:;:C:=>GLB=:=IH;E:<BHG:E 

-:K:M>G>KNG:FBK:=:FWL<HFIE>M: >L?NG=:F>GM:EBGM>@K:K:EL><MHKNK;:GHR:EL><MHKKNK:E 
:L[ <HFH : MH=: >E :@N: :IKHIB:=:  R GH LHE:F>GM> :E :@N: IHM:;BEBS:=:  !> >LM: F:G>K:  :E
FBK:K >E F>M:;HEBLFH =>E :@N: => N>G<: => ?HKF: @EH;:E  L> H;L>KO: JN> E: :@KB<NEMNK: R
@:G:=>K[:<HG<>GMK:G>E =>E<HGLNFHMHM:E=>:@N: LBG>F;:K@H >E <HKK>LIHG=>:
:@KB<NEMNK: => LN;LBLM>G<B:  R LHE:F>GM> >E   : :@KB<NEMNK: K>FNG>K:=:  )HL AH@:K>L
K>IK>L>GM:GNG =>E<HGLNFHMHM:E EHLAH@:K>LNK;:GHL R EHLAH@:K>LKNK:E>L 
R E: BG=NLMKB: NG    "E <HGLNFH BG=NLMKB:E >L LB@GB?B<:MBO:F>GM> F:RHK JN> >E => EHL
AH@:K>LNK;:GHL REB@>K:F>GM>F:RHKJN>>E=>EHLAH@:K>LKNK:E>L 

E <HGMK:LM:K EHL :EMHL <HGLNFHL => E: :@KB<NEMNK: => LN;LBLM>G<B: R K>FNG>K:=:  R => E:
BG=NLMKB:  <HG LNL FNR >E>O:=:L M:L:L F>M:;^EB<:L  >L BGM>K>L:GM> GHM:K JN> EHL O:EHK>L => E:
:@KB<NEMNK:K>FNG>K:=: EA>Q<>=>G>GFWL=><N:MKHO><>L:EHL=>E::@KB<NEMNK:=>
LN;LBLM>G<B:   EA  FHLMK:G=H NG: F:RHK >?B<B>G<B: R HIMBFBS:<B^G =>E K><NKLH IHK E:
`EMBF:  )HL O:EHK>L => E: BG=NLMKB: FN>LMK:G M:F;BYG NG: ;:C: >?B<B>G<B: R NG <HGLNFH :EMH
 EA )HLO:EHK>L=>E3:EHK]:=B=HKNMHIHK<:=:F>MKH<`;B<H=>:@N:K>?N>KS:G>LM:
<HG<ENLB^G 20FI:K:E: BG=NLMKB::GBO>E@EH;:E  20F LBG M>G>K >G<N>GM: :E:
BG=NLMKB: => <:;E>L  R   20F I:K: E: :@KB<NEMNK: K>FNG>K:=: 1:;E:    "LMHL O:EHK>L
FN>LMK:GNG:BG>?B<B>G<B:FNR:EM: EHL=:MHL=>E:BG=NLMKB:>LMWGF:JNBEE:=HLIHK>EO:EHK=>
E:BG=NLMKB:=><:;E>L JN>K>IK>L>GM:<>K<:=>E=>E3=> N>G<: LBG>EE:LNLK>LNEM:=HL
LHGIK>H<NI:GM>L 

)HL AH@:K>L K>IK>L>GM:G:IKHQBF:=:F>GM> NG: JNBGM: I:KM> =>E <HGLNFH@EH;:E=> :@N:=>E


<:GM^G N>G<: 0BG>F;:K@H LNL<HGLNFHLM:F;BYGLHG>Q<>LBOHL EBGM>@K:K>E<HGLNFH=>
:@N: IHM:;E>  <HG >E <HGLNFH => :@N: GH IHM:;E>  EHL AH@:K>L NK;:GHL MB>G>G NG: M:L:
F>M:;^EB<:=> EARNG<HGLNFH=> EI= FB>GMK:LJN>EHLAH@:K>LKNK:E>L:E<:GS:GNG:
M:L:F>M:;^EB<:=> EARNG<HGLNFH=> EI= 

 
!>>LM:F:G>K: >EK[H1HF>;:F;:>LM:K[:?NG=:F>GM:EF>GM>=>=B<:=H:E:=HM:<B^G=>:@N:
I:K: EHL AH@:K>L  =>E <:N=:E >QMK:[=H  E: BG=NLMKB:   =>E <:N=:E >QMK:[=H R E:
:@KB<NEMNK: =>E<:N=:E>QMK:[=H ):LIKBG<BI:E>LIK>LBHG>LLH;K>>EK[H6:GNG<:RLHGE:
>QMK:<<B^G I:K: E: BG=NLMKB:  =>E <:N=:E >QMK:[=H  L>@NB=H IHK EHL AH@:K>L   =>E
<:N=:E >QMK:[=H R E: IKH=N<<B^G:@KHI><N:KB:  =>E <:N=:E >QMK:[=H "E K[H *:<AWG@:K: 
IHKHMKHE:=H L>=>=B<::E:=HM:<B^G=>:@N:I:K:EHLAH@:K>L =>E<:N=:E>QMK:[=H FWL>E
<:N=:E MHF:=H IHK E: IE:GM: => 1BQWG  : E: BG=NLMKB:   =>E <:N=:E >QMK:[=H  R E:
IKH=N<<B^G:@KHI><N:KB: =>E<:N=:E>QMK:[=H "EK[H1:KJNBL>=>=B<:?NG=:F>GM:EF>GM>
:E::@KB<NEMNK:R@:G:=>K[: =>E<:N=:E>QMK:[=HRI:K<B:EF>GM>I:K:>E:;:LM><BFB>GMH
=> :@N: : EHL AH@:K>L   =>E <:N=:E >QMK:[=H  ): LBMN:<B^G => >LM> `EMBFH K[H IH=K[:
:@K:O:KL> IN>LL>>LMW<HGLMKNR>G=HNGI:KJN>BG=NLMKB:E>GLNLN;<N>G<: "EK[H N>G<:GH
IK>L>GM:K[:IKH;E>F:L 

!>>LM:F:G>K: >L<E:KHJN>>EF>M:;HEBLFHLH<B:E=>E:@N::<MN:E=> N>G<:MB>G=>A:<B:E:


BGLNLM>GM:;BEB=:= :I>L:K=>JN>GHL>:IKHIB:=>MH=:>E:@N::I:K>GM>F>GM>=BLIHGB;E> 

,;H?@7:% $ &&$&


%##% # *$&($*

"E <:I[MNEH  =BL<NMBKW E:L K>E:<BHG>L >GMK> >E F>M:;HEBLFH =>E :@N: R E: HK@:GBS:<B^G =>E
M>KKBMHKBH>G>E<:LH=> N>G<: "<N:=HK "G>L><HGM>QMH >E:GWEBLBLL>K>:EBS:KW>G=HLL><<BHG>L
=B?>K>GM>L 

"G E: IKBF>K: L><<B^G  L> :G:EBS:KW M:GMH E: >LMKN<MNK: =>E M>KKBMHKBH => <:=: NG: => E:L
LN;<N>G<:L JN> L> >G<N>GMK:G =>GMKH =>E WK>: :=FBGBLMK:MBO: JN> ?HKF: >E <:GM^G N>G<: 
<HFH>EIKH<>LH=>:IKHIB:<B^G=>E:@N: <HGM>QMN:EBSWG=HEH=>:<N>K=H:EF>M:;HEBLFHJN>
L:MBL?:<>>EF>M:;HEBLFHKNK:EH>EF>M:;HEBLFHNK;:GH "GE:L>@NG=:L><<B^G >G<:F;BH L>
=BL<NMBKW >E IKH<>LH => :IKHIB:<B^G=>E :@N: => N>G<: ;:CH >EF:K<H<HG<>IMN:E =>E 0NF:D
(:PL:R 

 
  % $   &  & *  #+M  $&

%##% # 

):LK>E:<BHG>L>GMK>E:HK@:GBS:<B^G=>NGM>KKBMHKBHRLNF>M:;HEBLFHLH<B:ELHG<E:K:L M:E<HFH
L>=BL<NM>>GE:L><<B^G   "LM>>LMN=BH IHKHMKHE:=H L>>G?H<:>G>EF>M:;HEBLFHLH<B:E=>E
:@N: IHKEHJN>>LBFIHKM:GM>:IKHQBF:KL>:E:K>E:<B^G>GMK>F>M:;HEBLFHLH<B:ERM>KKBMHKBH 
NMBEBS:G=H NGB=:=>L M>KKBMHKB:E>L JN> M>G@:G NG: K>E:<B^G >LMK><A: <HG >E :@N:  >L :L[ JN> E:L
NGB=:=>LB=>:E>LI:K:>EEHLHGE:L<N>G<:LAB=KH@KW?B<:L 

):F>GM:;E>F>GM>  E:L NGB=:=>L IHE[MB<H :=FBGBLMK:MBO:L  JN> LHG E:L JN> @>LMBHG:G EHL
M>KKBMHKBHL  FNR IH<:L O><>L L> <HKK>LIHG=>G <HG NGB=:=>L M>KKBMHKB:E>L  <HFH E:L <N>G<:L
A[=KB<:L "G>E<:LH=>E<:GM^G N>G<: E:LBMN:<B^GGH>L=B?>K>GM> 0NM>KKBMHKBH <HFHL>=BL<NM>
>G E: L><<B^G     AB=KH@KW?B<:F>GM> L> =BOB=> >GMK> E:L O>KMB>GM>L => EHL G=>L I:<[?B<: R
:F:S^GB<:  "G E: O>KMB>GM> I:<[?B<: L> >G<N>GMK:G L>BL NGB=:=>L A[=KB<:L  FB>GMK:L JN> >G E:
O>KMB>GM> :F:S^GB<: L> >G<N>GMK: LHE:F>GM> NG: E: <N>G<: =>E K[H -:NM>  ): <N>G<: =>E K[H
-:NM> :LNO>S A:LB=H=BOB=B=::GBO>EK>@BHG:E>GLN;<N>G<:LI:K:?:<BEBM:KLN@>LMB^G =>
E:L JN> LB>M> L> >G<N>GMK:G >G >E M>KKBMHKBH >E <:GM^G N>G<: 1HF>;:F;:  6:GNG<:R 
*:<AWG@:K: 1:KJNB  N>G<: 0B=<:RR':=WG "LM>>LMN=BHH;MNOHBG?HKF:<B^GLH;K>>ENLH=>E
:@N: LHE:F>GM> => E: O>KMB>GM> :F:S^GB<:  LBG >F;:K@H  <HFH R: ?N> >QIEB<:=H >G E: L><<B^G
    >LM: O>KMB>GM> <HG<>GMK: :E   => LN IH;E:<B^G  IHK EH JN> <N:EJNB>K >LMN=BH =>E
F>M:;HEBLFHLH<B:E=> N>G<:G><>L:KB:F>GM>=>;>>G?H<:KL>>G>EE: 

):LLN;<N>G<:L=>EHLK[HL1HF>;:F;: 6:GNG<:RR1:KJNBL>>G<N>GMK:G[GM>@K:F>GM>>G>E
M>KKBMHKBH=>E<:GM^G N>G<: FB>GMK:LJN>E:LLN;<N>G<:L=>EHLHMKHLK[HLGH !>>LM:F:G>K: 
E: LN;<N>G<: =>E K[H *:<AWG@:K: IHL>> NG  => LN WK>: =>GMKH =>E M>KKBMHKBH =>E <:GM^G
N>G<:  E: =>E K[H N>G<: NG   E: =>E K[H 0B=<:R NG   R E: =>E K[H ':=WG NG   ):
FNGB<BI:EB=:==> N>G<:IKH=N<>BG?HKF:<B^GLHE:F>GM>I:K:>EM>KKBMHKBHJN>:=FBGBLMK: IHK
EHJN>GH>QBLMBK[:BG?HKF:<B^GLH;K>E:LIHK<BHG>L=>E:LLN;<N>G<:LJN>>LMWG?N>K:=>E<:GM^G 
I>L:K=>>LMH E:BG?HKF:<B^GLH;K>>ENLH=>ELN>EHL>>G<N>GMK:<HFIE>M:M:F;BYGI:K:E:L
LN;<N>G<:L=>EHLK[HL*:<AWG@:K:R0B=<:R >L=><BK JN>GHL><HGM:K[:<HGBG?HKF:<B^G=>E
NLH=>ELN>EH=>E=>E:LN;<N>G<:=>EK[H N>G<: R=>E=>E:=>EK[H':=WG 

"G MYKFBGHL :=FBGBLMK:MBOHL  >LM: =BO>K@>G<B: >GMK> E: >LMKN<MNK: C6IJG6A R IHE[MB<H
:=FBGBLMK:MBO: =>E M>KKBMHKBH  K>IK>L>GM: M:F;BYG NG IKH;E>F:  R: JN> E: FNGB<BI:EB=:= =>
N>G<: LHE:F>GM> IN>=> IE:GB?B<:K R K>@NE:K >E NLH =>E LN>EH =>E M>KKBMHKBH JN> >LMW ;:CH LN

 
@>LMB^G >L=><BK JN>GHM>G=K[:BGC>K>G<B:LH;K>>EWK>:=>E:LLN;<N>G<:LJN>>LMW?N>K:=>LN
M>KKBMHKBH "LMHL>=>;>:JN> =>:<N>K=H:E: HGLMBMN<B^G=>E"<N:=HK R:E ^=B@H,K@WGB<H
=> ,K@:GBS:<B^G 1>KKBMHKB:E  NMHGHF[: R !>L<>GMK:EBS:<B^G  ,,1!  E: IE:GB?B<:<B^G
M>KKBMHKB:E R >E <HGMKHE LH;K> >E NLH =>E LN>EH LHG <HFI>M>G<B:L >C>K<B=:L IHK EHL FNGB<BIBHL 
>Q<ENLBO:F>GM> LH;K> >E M>KKBMHKBH JN> :=FBGBLMK:G  >L =><BK  LH;K> >E M>KKBMHKBH =>E <:GM^G
L><<B^G  

!>>LM:F:G>K: >ENLH=>ELN>EH>G<:=:NG:=>E:LLN;<N>G<:L IN>=>K>E:<BHG:KL><HG>ENLH


=>E :@N:  R <HG LN F>M:;HEBLFH  ): =BL<NLB^G  >GMHG<>L  @BK:K[: >G MHKGH : =B<A:L K>E:<BHG>L 
=B<BHG:EF>GM> >LFNRBFIHKM:GM>L>]:E:KJN>E:FNGB<BI:EB=:==> N>G<:MB>G>NGIKHR><MH
=>HK=>G:GS:I:K:=><E:K:KWK>:LIKHM>@B=:LFNGB<BI:E>L =BLMKB;NB=:L>GE:LI:KKHJNB:L
KNK:E>L :;:K<:G=HNGWK>:=>FWL=> A:!B:KBH"E*>K<NKBH  0BG>F;:K@H 
>LM>IKHR><MHIH=K[:GH<HG<K>M:KL> R:JN>E::=FBGBLMK:<B^GFNGB<BI:E<:F;B^>G>EF>L=>
F:RH=> "LM:L A:L>LNF:K[:G:E:L A:JN>R:<HGL>KO:>GE:LN;<N>G<:=>EK[H
1HF>;:F;:FB<KH<N>G<:=>EK[H*:SWGKMB@:  

):1:;E:  FN>LMK:>GE[G>:L@>G>K:E>L<^FHL>NL:>ELN>EH>G<:=:NG:=>E:LLN;<N>G<:L 
FB>GMK:LJN> E:1:;E: FN>LMK:>ENLH=>E:@N:>G<:=:NG:=>>EE:L "L:L[JN> <:=:NG:=>
E:L LN;<N>G<:L IK>L>GM: LNL IKHIB:L I:KMB<NE:KB=:=>L  IHK EH JN> >L ?NG=:F>GM:E :G:EBS:KE:L
BG=>I>G=B>GM>F>GM> 0>=>;>K><HK=:KJN>E:<HG<>LB^GI:K::@N:IHM:;E>JN>MB>G>E:"FIK>L:
-`;EB<: => 1>E><HFNGB<:<BHG>L  @N: -HM:;E> R E<:GM:KBEE:=H => N>G<: "1- >G >E K[H
*:<AWG@:K: GHL>>G<N>GMK:>GE:;:L>=>=:MHL=>0"+$2 IHKEHJN>I:K:<HFI>GL:KEH
L>A::]:=B=H>EOHENF>G>QMK:[=HI:K:E:IE:GM:=>:@N:IHM:;E>=>1BQWG 

 

.67A6 /HD9:AHJ:AD9:AI:GG>IDG>DFJ:H::C8J:CIG69:CIGD9:APG:669B>C>HIG6I>K69:A86CITCJ:C86E6G68696
JC69:HJHHJ78J:C86H

"%'(% %N" %N" %N" %N" %N" %N" %N"

&(" '"   +!(!+ M!% '%$( (! M! &+
      

O=1->(=.-9->        





3=5/@7?@=- 
   
 

-9-01=G-       
   

:><@1
   
     
59?1=A1950:C
;7-9?-0:

=.@>?:>      



 

O=1-<@18-0-
 
 
 





&@17:

 
 
 
 
  

013=-0-0:

:><@14J810:
   

  
 
8:9?-9::=519?-7

@810-71>     





#-=-8:4J810:      


  
 

)131?-/5I9




 



4J810-
59?1=-9059-
M=1-/:9
       
592:=8-/5J901
@>:01>@17:
#N>GM>L
 *BGBLM>KBH=>EF;B>GM>=>E"<N:=HK  0BLM>F:=> E:LB?B<:<B^G=>)HL"<HLBLM>F:L=>E"<N:=HK HGMBG>GM:E 
 &ENLMK> *NGB<BI:EB=:= => N>G<: -E:G => ,K=>G:FB>GMH 1>KKBMHKB:E =>E <:GM^G N>G<:    2LH =>E LN>EH =>E <:GM^G
N>G<: 

 

.67A6 *GDEDG8>TC9:ADHKDAUB:C:H9:6<J68DC8:H>DC69DHG:HE:8ID6AKDAJB:CIDI6A8DC8:H>DC69D:C8696
HJ78J:C86 NG:HE:8ID6AKDAJB:CIDI6A8DC8:H>DC69DE6G68696I>ED9:JHD
&((! :3-= 3=5/@7?@=- 90@>?=5- 50=:171/?=5/50-0 ':?-7
C3-9-01=H-
#:=/19?-61=1>;1/?:-7A:7@819?:?-7     


%H:
/:9/1>5:9-0:197->@./@19/-
':81.-8.-
#:=/19?-61=1>;1/?:-7A:7@819?:?-7     
/:9/1>5:9-0:;-=-17?5;:01@>:
#:=/19?-61=1>;1/?:-7A:7@819?:?-7
   
   


%H:
/:9/1>5:9-0:197->@./@19/-
+-9@9/-C
#:=/19?-61=1>;1/?:-7A:7@819?:?-7
     
/:9/1>5:9-0:;-=-17?5;:01@>:
#:=/19?-61=1>;1/?:-7A:7@819?:?-7        


%H:
/:9/1>5:9-0:197->@./@19/-
-/4F93-=-
#:=/19?-61=1>;1/?:-7A:7@819?:?-7 
     
/:9/1>5:9-0:;-=-17?5;:01@>:
#:=/19?-61=1>;1/?:-7A:7@819?:?-7  
 



%H:'-=<@5 /:9/1>5:9-0:197->@./@19/-
#:=/19?-61=1>;1/?:-7A:7@819?:?-7 
 

 

/:9/1>5:9-0:;-=-17?5;:01@>:
#:=/19?-61=1>;1/?:-7A:7@819?:?-7   




%H:@19/- /:9/1>5:9-0:197->@./@19/-
#:=/19?-61=1>;1/?:-7A:7@819?:?-7







/:9/1>5:9-0:;-=-17?5;:01@>:
#:=/19?-61=1>;1/?:-7A:7@819?:?-7
  
 




%H:-0F9 /:9/1>5:9-0:197->@./@19/-
#:=/19?-61=1>;1/?:-7A:7@819?:?-7   

 
/:9/1>5:9-0:;-=-17?5;:01@>:
#:=/19?-61=1>;1/?:-7A:7@819?:?-7     



%H:&50/-C /:9/1>5:9-0:197->@./@19/-
#:=/19?-61=1>;1/?:-7A:7@819?:?-7
 

 

 
/:9/1>5:9-0:;-=-17?5;:01@>:
#N>GM>0><K>M:K[:+:<BHG:E=>E@N:0"+$2

 


3 !3#,!"#*0:--+# + 

"E K[H 1HF>;:F;: >L NGH => EHL MK>L K[HL JN> :;:LM><> => :@N: IHM:;E> :E WK>: NK;:G: => E:
<BN=:= => N>G<:  "E -:KJN> +:<BHG:E 6?6H R EHL HLJN>L -KHM>@B=HL => '6OPC  &A6K>J8J R
&AJAAJ8=6H L> >G<N>GMK:G >G LN LN;<N>G<:  "LM:L WK>:L L> A:G <HGLMBMNB=H >G L[F;HEHL FNR
BFIHKM:GM>L=>E:B=>GMB=:=<N>G<:G: R>G>C>FIEHL=>@>LMB^G:GBO>EG:<BHG:E:KG>MM 
)EHK>M KMB@: /H=K[@N>S:I6A  

><JG6 '6E6FJ:BJ:HIG6:AJHD9:AHJ:AD:CA6HJ78J:C869:AGRD.DB:76B76


"E:;HK:<B^GIKHIB:
#N>GM>L
 &+"  !BOBLB^G-HE[MB<:=>E"<N:=HK 
 ':KOBL    % &  />NM>K   +>ELHG R "  $N>O:K:   %HE> ?BEE>= 0/1* ?HK MA> @EH;> 3>KLBHG   =BLIHGB;E> ?KHF MA>
$&/ 0&0/1*F!:M:;:L>AMMILKMF <LB <@B:K HK@ /01"/ %HE> ?BEE>=0/1*?HKMA>$EH;>3>KLBHG 
 &GLMBMNMH$>H@KW?B<H*BEBM:K=>E"<N:=HK   :KMH@K:?[:;:L>=>E"<N:=HK 
 &ENLMK> *NGB<BI:EB=:= => N>G<: -E:G => ,K=>G:FB>GMH 1>KKBMHKB:E =>E <:GM^G N>G<:    2LH =>E LN>EH =>E <:GM^G
N>G<: 
 0W>GS  *  R j  ,GH?:   -K>@NGM:L <E:O> />IHKM> => EHL ><HLBLM>F:L ><N:MHKB:GHL  "<H B>G<B: R *BGBLM>KBH =>E
F;B>GM>=>E"<N:=HK*""=  .NBMH "<N:=HK 
 &GLMBMNMH=>"LMN=BHL=>/Y@BF>G0><<BHG:E=>E:2GBO>KLB=:==>ESN:R   :KMH@K:?[: =>E:<N>G<:=>EK[H
-:NM> 
 0><K>M:K[:+:<BHG:E=>E@N:  2GB=:=>LAB=KH@KW?B<:L=>E"<N:=HKL>@`GE:F>MH=HEH@[:-##01"11"/ 
 0B>KK:  /  "=    -KHIN>LM: -K>EBFBG:K => NG 0BLM>F: => E:LB?B<:<B^G => 3>@>M:<B^G I:K: >E "<N:=HK HGMBG>GM:E 
.NBMH "<N:=HK-KHR><MH&+#+$"# &/R"<H B>G<B: 


 
):LN;<N>G<:=>EK[H1HF>;:F;:>LMWIKHM>@B=:;:CHE:,K=>G:GS:9:DCIGDA9:A6-J78J:C869:A
,RD.DB:76B76,:A6I>K66A66EI68>TC9:<J6E6G6A6*A6CI69:A:7DAA6G OB@>GM>=>L=>>E=>
CNEBH=>PPP <N>G<: @H; ><JGH=>  "LM:LN;<N>G<:>LE: `GB<:JN>IHL>> NG:
K>@NE:<B^G => >LM> MBIH  "G >EE:  ?NG=:F>GM:EF>GM>  L> IKHA[;> :GM>L => E: <:IM:<B^G => :@N:
<N:EJNB>K:<MBOB=:=IKH=N<MBO:>GE:LN;<N>G<: L>::@KHI><N:KB:HBG=NLMKB:E RL>=>M>KFBG:E:
H;EB@:<B^G=>E:FNGB<BI:EB=:==><HGL>KO:KLNL><HLBLM>F:LG:MBOHL ):<:IM:<B^G=>:@N:I:K:
E: IE:GM: => :@N: IHM:;E> => A :7DAA6G  L> >G<N>GMK: : IH<HL DBE^F>MKHL => E: <BN=:= =>
N>G<:  IHK EH JN> E: IKHAB;B<B^G :;:K<: : IKW<MB<:F>GM> MH=: E: LN;<N>G<:  > BFIEB<: : LN
IH;E:<B^GKNK:E ):IE:GM:=>A:7DAA6G?NG<BHG:=>L=>"1- : 

 I>L:K => E: IKHM><<B^G E>@:E  EHL ><HLBLM>F:L => KB;>K: =>E K[H 1HF>;:F;: L> A:G OBLMH
?N>KM>F>GM> :?><M:=HL  R LNL ><HLBLM>F:L :<NWMB<HL LN?K>G NG: =>@K:=:<B^G ;KNL<: >G <N:GMH
>GMK:G>G>EWK>:=>BG?EN>G<B:NK;:G:  :KK:L<H:I6A  !>>LM:F:G>K: L>=>FN>LMK:>E
KB>L@H=>>LMKYL><HE^@B<HJN>LN?K>>LM>K[H "EF:I:=>ENLH=>ELN>EHBENLMK:<E:K:F>GM>>LM>
A><AH#B@NK:  IN>LE:LSHG:L:@K[<HE:LR@:G:=>K:L CNGMH<HGEHL;HLJN>LBGM>KO>GB=HLR
IE:GM:=HL  L> >QMB>G=>G CNGMH : LNL HKBEE:L <:LB >G MH=H >E K><HKKB=H =>E K[H  R LN WK>: L> O:
:FIEB:G=HL>@`GL>O::<>K<:G=H:E:SHG:NK;:G: "LFNRBGM>K>L:GM>GHM:K JN>>E<:F;BH=>
I:BL:C><HGL>KO:=H:I:BL:C>IKH=N<MBOH L>=:>G<N:GMH<HFB>GS:::I:K><>K>E;HLJN>:G=BGH
H ;HLJN> A`F>=H FHGM:GH HKB>GM:E  ): K:S^G IKH;:;E> >L >E <:F;BH => NG :F;B>GM> AHLMBE
I:K: E: IKH=N<<B^G>GEHL IWK:FHL  : NG:F;B>GM> FWL :FB@:;E> IHK =>;:CH =>EHL >EEHL  )HL
IWK:FHL LHG ><HLBLM>F:L <:K:<M>KBS:=HL R A`F>=H  K>E:<BHG:=H <HG E: :EMNK:  IN>L >LMHL
><HLBLM>F:L>LMWGLH;K>EHL FL G F *>G:3WL<HG>SR%H?LM>=>  "LMH<HG=N<>:
NG:<HG<ENLB^G>OB=>GM>JN>>EF>M:;HEBLFH=>EHL;HLJN>L:G=BGHL<HFIBM>IHK>LI:<BH<HG>E
F>M:;HEBLFHKNK:E 

"EIKBG<BI:ENLH=>ELN>EH>G>LM:LN;<N>G<:>LI:K:E:<HGL>KO:<B^G IN>LEH><HLBLM>F:LG:MBOHL
H<NI:GCNGMHLNG=>LNM>KKBMHKBHIWK:FHL ;HLJN>:G=BGH RANF>=:E>L "E
LB@NB>GM> NLH >G BFIHKM:G<B:  :NGJN> => E>CHL >G MYKFBGHL => WK>:  >L >E NLH NK;:GH   
L>@NB=H IHK E: @:G:=>K[:    "LMHL =:MHL FN>LMK:G JN> E: IKBG<BI:E ?NG<B^G => >LM:
LN;<N>G<:>LE:<HGL>KO:<B^G 

"E=>EOHENF>GMHM:E=>:@N:<HG<>LBHG:=H>G>LM:LN;<N>G<:L>=>LMBG::ENLH>G>EAH@:K
  =>E OHENF>G MHM:E <HG<>LBHG:=H >G E:L LB>M> LN;<N>G<:L  L>@NB=H => NG  I:K: E:
IKH=N<<B^G:@KHI><N:KB: =>EOHENF>GMHM:E<HG<>LBHG:=H>GE:LLB>M>LN;<N>G<:L RNG
 I:K:E:BG=NLMKB: =>EOHENF>GMHM:E<HG<>LBHG:=H>GE:LLB>M>LN;<N>G<:L "L<E:KH
JN>E:IKBG<BI:E?NG<B^G=>EK[H1HF>;:F;:>L>E:;:LM><BFB>GMH=>:@N:I:K:EHLAH@:K>L R

 
JN> >L =>OBM:E BFIHKM:G<B: I:K:@:K:GMBS:K>E F>M:;HEBLFH =HFYLMB<H >G N>G<:  IN>L >LLN
IKBG<BI:E IKHO>>=HK => :@N:  0BG >F;:K@H  >LM> NLH >GMK: >G <HG?EB<MH <HG >E NLH I:K: E:
IKH=N<<B^G :@KHI><N:KB:  JN> MB>G> NG <HGLNFH BFIHKM:GM> => :@N:  :NGJN> >G WK>: GH
LB@GB?BJN>FN<AH "LEE:F:MBOH IHKHMKHE:=H >E<HGLNFHBG=NLMKB:E=>:@N: JN>>LMWE>CHL=>
L>K>EIKBG<BI:ENLH  I>KHJN>LBG>F;:K@H >LK>IK>L>GM:MBOHI:K:>E<HGLNFHMHM:E=>
:@N:=>EL><MHKBG=NLMKB:E  

):E>@BLE:<B^GJN>L>K>?B>K>:ENLH=>ELN>EH>G>LM:LN;<N>G<:>L>QMK>F:=:F>GM>>LMKB<M: R
:=>FWL>LFNR<E:K:>EH;C>MBOH=>E:<HGL>KO:<B^G=>LNL><HLBLM>F:LG:MBOHL >L@:K:GMBS:KE:
=HM:<B^G=>:@N:IHM:;E>I:K:E:<BN=:==> N>G<: =B<BHG:EF>GM> >L?NG=:F>GM:EM>G>K>G
<N>GM: JN> >L>?N> >E FBLFHH;C>MBOH I:K: >E >LM:;E><BFB>GMH >GLN M>KKBMHKBH => =HL;HLJN>L
IKHM><MHK>L => IKHIB>=:= FNGB<BI:E '6OPC R &AJAAJ8=6H  R M:F;BYG  NGH => EHL IKBG<BI:E>L
:K@NF>GMHLI:K:JN>E:FNGB<BI:EB=:=@>LMBHG>>E-:KJN>+:<BHG:E6?6H:KG>MM )EHK>M 
 KMB@:  /H=K[@N>S :I6A    "LM:L K>LMKB<<BHG>LGH LHE:F>GM> ;>G>?B<B:G:E
F>M:;HEBLFH=HFYLMB<H LBGHJN>M:F;BYG:ENLHBG=NLMKB:E IN>L:E>LM:KE:LBG=NLMKB:LN;B<:=:L
>GE: <N>G<: ;:C: =>E K[H  >L =><BK IHK =>;:CH => E: <:IM:<B^G I:K:>E:@N: IHM:;E> GH MB>G>G
GBG@NG:K>LMKB<<B^G>G>ENLH=>E:@N: >G<HGMK:LM><HG>ENLH:@KHI><N:KBH 

):>QBLM>G<B:=>WK>:LIKHM>@B=:L R=>NG:GHKF:MBO:M:G>LMKB<M: FN>LMK:JN>>GE:LN;<N>G<:


=>EK[H1HF>;:F;:>QBLM>G:<MBOB=:=>LIKH=N<MBO:L "ENLH=>ELN>EHRE:L<HG<>LBHG>L=>:@N: 
IHK HMKH E:=H  >OB=>G<B:G JN> LHG :@KHI><N:KB:L  "LM> ?>G^F>GH IE:GM>: NG <HG?EB<MH E:M>GM>
>GMK>E:IH;E:<B^GKNK:E RE:IH;E:<B^GNK;:G:<HG?EB<MHJN><E:K:F>GM>A:@:G:=HE:IH;E:<B^G
NK;:G: :IKHIBWG=HL>=>EF>M:;HEBLFHKNK:ER=>EF>M:;HEBLFH><HE^@B<H 

 
3 !3#,!"#*0:-,3,!6

><JG6 '6E6FJ:BJ:HIG6:AJHD9:AHJ:AD:CA6HJ78J:C869:AGRD26CJC86N


"E:;HK:<B^GIKHIB:
#N>GM>L
 &+"  !BOBLB^G-HE[MB<:=>E"<N:=HK 
 ':KOBL    % &  />NM>K   +>ELHG R "  $N>O:K:   %HE> ?BEE>= 0/1* ?HK MA> @EH;> 3>KLBHG   =BLIHGB;E> ?KHF MA>
$&/ 0&0/1*F!:M:;:L>AMMILKMF <LB <@B:K HK@ /01"/ %HE> ?BEE>=0/1*?HKMA>$EH;>3>KLBHG 
 &GLMBMNMH$>H@KW?B<H*BEBM:K=>E"<N:=HK   :KMH@K:?[:;:L>=>E"<N:=HK 
 &ENLMK> *NGB<BI:EB=:= => N>G<: -E:G => ,K=>G:FB>GMH 1>KKBMHKB:E =>E <:GM^G N>G<:    2LH =>E LN>EH =>E <:GM^G
N>G<: 
 0W>GS  *  R j  ,GH?:   -K>@NGM:L <E:O> />IHKM> => EHL ><HLBLM>F:L ><N:MHKB:GHL  "<H B>G<B: R *BGBLM>KBH =>E
F;B>GM>=>E"<N:=HK*""=  .NBMH "<N:=HK 
 &GLMBMNMH=>"LMN=BHL=>/Y@BF>G0><<BHG:E=>E:2GBO>KLB=:==>ESN:R   :KMH@K:?[: =>E:<N>G<:=>EK[H
-:NM> 
 0><K>M:K[:+:<BHG:E=>E@N:  2GB=:=>LAB=KH@KW?B<:L=>E"<N:=HKL>@`GE:F>MH=HEH@[:-##01"11"/ 
 0B>KK:  /  "=    -KHIN>LM: -K>EBFBG:K => NG 0BLM>F: => E:LB?B<:<B^G => 3>@>M:<B^G I:K: >E "<N:=HK HGMBG>GM:E 
.NBMH "<N:=HK-KHR><MH&+#+$"# &/R"<H B>G<B: 


"E K[H 6:GNG<:R  : I>L:K => IKHO>>K => :@N: IHM:;E> : E: <BN=:= => N>G<:  GH IHL>>
K>@NE:<BHG>L >LI><[?B<:L LH;K> >E NLH =>E LN>EH  ):L K>@NE:<BHG>L I:K: >E NLH =>E LN>EH >G E:
LN;<N>G<: =>E K[H 6:GNG<:R  L> >G<N>GMK:G>G EHL -E:G>L =>,K=>G:FB>GMH 1>KKBMHKB:E =>LNL
I:KKHJNB:LKNK:E>L?NG=:F>GM:EF>GM>0:G'H:JN[G :]HLRNG:I:KM>=>1:KJNB 0BG>F;:K@H 
"1-:MK:OYL=>LN=>I:KM:F>GMH=>@>LMB^G:F;B>GM:E :LNF>E:@>LMB^G=>>LM:LN;<N>G<:
>G EHJN>BGOHEN<K:NG:BGM>KO>G<B^GBGM>GL:LH;K>E:L:<MBOB=:=>LIKH=N<MBO:LR>ENLH=>E
LN>EHKMB@:  

 
I>L:K=>>EEH R:EB@N:EJN>>G>E<:LHK[H1HF>;:F;: LNL><HLBLM>F:L=>KB;>K:L>A:GOBLMH
?N>KM>F>GM> :?><M:=HL  R LNL ><HLBLM>F:L :<NWMB<HL LN?K>G NG: =>@K:=:<B^G ;KNL<: >G <N:GMH
>GMK:G>G>EWK>:=>BG?EN>G<B:NK;:G:#E:<AB>K  :KK:L<H:I6A  "G>LM><HGM>QMH L>
<HG?BKF:K[:>EKB>L@H=>>LMKYL><HE^@B<H:EJN>>LM:K[:LHF>MB=H>LM>K[H 0BG>F;:K@H >G>LM:
LN;<N>G<: <E:K:F>GM> >QBLM> F>GHL :<MBOB=:= ANF:G: JN> >G E:L HMK:L LN;<N>G<:L  <HFH EH
BENLMK: E: #B@NK:    NGJN>  :E B@N:E JN> >G E:L HMK:L LN;<N>G<:L  EHL NLHL =>E LN>EH JN>
FN>LMK:G:<MBOB=:=:GMK^IB<:M>G@:G<HFH>C>:EK[H 

)HL ><HLBLM>F:L G:MBOHL LHG E: IKBG<BI:E <H;>KMNK: =>E NLH =>E LN>EH >G LN;<N>G<: =>E K[H
6:GNG<:R  :;:K<:G=H NG  => LN WK>: MHM:E  EHL IWK:FHL   EHL ANF>=:E>L R >E
;HLJN> :G=BGH  )HL NLHL :@KHI><N:KBHL E> LB@N>G >G BFIHKM:G<B: R LNF:G NG   => LN
M>KKBMHKBH   @:G:=>K[:  R   :@KB<NEMNK:  ): O>@>M:<B^G BGM>KO>GB=: ;HLJN> IE:GM:=H >
BGM>KO>GB=H R:K;NLMHL H<NI:NGIHK<>GM:C>FNRLBFBE:K:E=>EHLNLHL:@KHI><N:KBHL  EH
JN><HG?BKF:E:;:C::<MBOB=:=IKH=N<MBO:>G>LM:LN;<N>G<: 1:GMHE:L<HG=B<BHG>L@>H@KW?B<:L
R><HE^@B<:L=>E:<N>G<:=>EK[H6:GNG<:R <HFHLNABLMHKB:=>ENLH=>ELN>EH A:G=>M>KFBG:=H
JN>L><HGLMBMNR:>GNGM>KKBMHKBH?NG=:F>GM:EI:K:E:<HGL>KO:<B^G=>EF>M:;HEBLFH><HE^@B<H 

"LBGM>K>L:GM>GHM:K JN>:I>L:K=>M>G>KNG::<MBOB=:=:@KHI><N:KB:>G:I:KB>G<B:;:C: YLM:


K>IK>L>GM:>EIKBG<BI:ENLH=>E:@N:>GE:LN;<N>G<: =>E:L<HG<>LBHG>L RGH=>C:=>L>K
K>IK>L>GM:MBOH>G<HFI:K:<B^G<HG>EOHENF>GMHM:E<HG<>LBHG:=HI:K::@KB<NEMNK:R@:G:=>K[:
>G MH=H >E<:GM^G    "E NLH =>:@N: I:K: EHLAH@:K>L >L >E L>@NG=HNLH>GBFIHKM:G<B: 
K>IK>L>GM: >E   =>E OHENF>G MHM:E <HG<>LBHG:=H >G E: LN;<N>G<: =>E K[H 6:GNG<:R  R >E
 =>EH<HG<>LBHG:=HI:K:EHLAH@:K>L>G N>G<: #BG:EF>GM> >ENLHBG=NLMKB:EGH=>C:=>
L>KBFIHKM:GM> IN>LK>IK>L>GM:NG =>E:@N:<HG<>LBHG:=:>GE:LN;<N>G<: R>E =>E
MHM:E => :@N: <HG<>LBHG:=: >G N>G<: I:K: NLH BG=NLMKB:E  "LMHL =:MHL FN>LMK:G NG IHLB;E>
<HG?EB<MH >GMK> >E NLH => :@N: I:K: EHL AH@:K>L  R >E NLH => :@N: I:K: E: IKH=N<<B^G
:@KHI><N:KB: 

E B@N:E JN> >G >E <:LH =>E K[H 1HF>;:F;:  >QBLMBK[: NG: ?HKF: => :IKHIB:<B^G NK;:G: =>E
F>M:;HEBLFH KNK:E R ><HE^@B<H  ): BGM>KO>G<B^G =BK><M: >G E: @>LMB^G LN;<N>G<: =>E K[H
6:GNG<:R  : MK:OYL =>E =>I:KM:F>GMH => @>LMB^G :F;B>GM:E => "1-  FN>LMK: >E <HGMKHE
NK;:GHJN>L>>C>K<>LH;K>>EE: -HKHMKHE:=H >EA><AH=>JN>E:>FIK>L:=>:@N:IHM:;E>L>:E:
BGLMBMN<B^G JN> EB=>K> >E F:G>CH => =B<A: LN;<N>G<:  >OB=>G<B: <E:K:F>GM> JN> >E L>GMB=H =>E
<HGMKHE >L @:K:GMBS:K >E F>M:;HEBLFH =>E :@N: : GBO>E NK;:GH  =B<BHG:EF>GM>  LN :IHKM> =>
:@N: I:K: E: :<MBOB=:= BG=NLMKB:E  >L M:F;BYG K>IK>L>GM:MBOH >G >E <HGM>QMH => N>G<:  IHK EH

 
JN>:NGJN>GHL>K[:E:IKBG<BI:E<:NL:I:K:E::IKHIB:<B^GNK;:G:=>LNF>M:;HEBLFHKNK:ER
><HE^@B<H >LFNRIKH;:;E>F>GM>NG?:<MHKBFIHKM:GM> 

3 !3#,!"#*0:-!&8,%0

><JG6 '6E6FJ:BJ:HIG6:AJHD9:AHJ:AD:CA6HJ78J:C869:AGRD'68=PC<6G6


"E:;HK:<B^GIKHIB:
#N>GM>L
 &+"  !BOBLB^G-HE[MB<:=>E"<N:=HK 
 ':KOBL    % &  />NM>K   +>ELHG R "  $N>O:K:   %HE> ?BEE>= 0/1* ?HK MA> @EH;> 3>KLBHG   =BLIHGB;E> ?KHF MA>
$&/ 0&0/1*F!:M:;:L>AMMILKMF <LB <@B:K HK@ /01"/ %HE> ?BEE>=0/1*?HKMA>$EH;>3>KLBHG 
 &GLMBMNMH$>H@KW?B<H*BEBM:K=>E"<N:=HK   :KMH@K:?[:;:L>=>E"<N:=HK 
 &ENLMK> *NGB<BI:EB=:= => N>G<: -E:G => ,K=>G:FB>GMH 1>KKBMHKB:E =>E <:GM^G N>G<:    2LH =>E LN>EH =>E <:GM^G
N>G<: 
 0W>GS  *  R j  ,GH?:   -K>@NGM:L <E:O> />IHKM> => EHL ><HLBLM>F:L ><N:MHKB:GHL  "<H B>G<B: R *BGBLM>KBH =>E
F;B>GM>=>E"<N:=HK*""=  .NBMH "<N:=HK 
 &GLMBMNMH=>"LMN=BHL=>/Y@BF>G0><<BHG:E=>E:2GBO>KLB=:==>ESN:R   :KMH@K:?[: =>E:<N>G<:=>EK[H
-:NM> 
 0><K>M:K[:+:<BHG:E=>E@N:  2GB=:=>LAB=KH@KW?B<:L=>E"<N:=HKL>@`GE:F>MH=HEH@[:-##01"11"/ 
 0B>KK:  /  "=    -KHIN>LM: -K>EBFBG:K => NG 0BLM>F: => E:LB?B<:<B^G => 3>@>M:<B^G I:K: >E "<N:=HK HGMBG>GM:E 
.NBMH "<N:=HK-KHR><MH&+#+$"# &/R"<H B>G<B: 


"E<:LH=>EK[H*:<AWG@:K:>LLBFBE:K:E=>EK[H6:GNG<:R >GMYKFBGHL=>@>LMB^G I>KHIHKHMKH


E:=H >LM:GBFIHKM:GM><HFH>EK[H1HF>;:F;:I:K:E:=HM:<B^G=>:@N:IHM:;E>I:K:E:<BN=:=
=> N>G<:KMB@:  ):IE:GM:=>:@N:IHM:;E>=>.>MPC>GMK:>G?NG<BHG:FB>GMH>G
"1- : R>G<HFB>GS:E:BGM>KO>G<B^G=>"1->GE:@>LMB^G=>E:LN;<N>G<:
=>EK[H*:<AWG@:K: :MK:OYL=>E:<HG?HKF:<B^G=>NG<HGL>CH=><N>G<:)EHK>M KMB@: 

 
   GBO>E GHKF:MBOH  LN NLH =>E LN>EH >LMW K>@NE:=H >G EHL -E:G>L => ,K=>G:FB>GMH
1>KKBMHKB:E => E:L I:KKHJNB:L KNK:E>L JN> L> >G<N>GMK:G >G LN M>KKBMHKBH  A><:  ABJNBGM:= 
0BGBG<:R  0:R:NL[  ,<M:OBH HK=>KH -:E:<BHL  /B<:NKM>  R 0B=<:R  BK^GB<:F>GM> E:L CNGM:L
I:KKHJNB:E>L => >LM:L I:KKHJNB:L  JNB>G>L <HGLMBMN<BHG:EF>GM> =>;>G =BL>]:K EHL -E:G>L =>
,K=>G:FB>GMH1>KKBMHKB:E>G<HHK=BG:<B^G<HGE:FNGB<BI:EB=:==> N>G<: GH?HKF:GI:KM>=>E
F>G<BHG:=H<HGL>CH=><N>G<:"1- ; 

)HL ><HLBLM>F:L G:MBOHL LHG E: IKBG<BI:E <H;>KMNK: => NLH =>E LN>EH >G E: LN;<N>G<: =>E K[H
*:<AWG@:K: =>IWK:FH =>ANF>=:E>LR=>;HLJN>:G=BGH :EB@N:EJN>>GE:L
=HLLN;<N>G<:L:GM>KBHK>L ):L:<MBOB=:=>L:@KHI><N:KB:L IHKHMKHE:=H H<NI:GNG=>LN
M>KKBMHKBH >G:@KB<NEMNK: R >G@:G:=>K[:  HFHFN>LMK:E:1:;E:  CNGMHL>LMHL
=HL@KNIHL=>MBIHL=>NLH=>LN>EHK>IK>L>GM:K[:G>E=>LNWK>: 

0> =>;> K><HK=:K  JN> I:K: <HFI>GL:K E: ?:EM: => BG?HKF:<B^G LH;K> E:L <HG<>LBHG>L => :@N:
IHM:;E> : "1-  L> BG<ENR^ >E OHENF>G => :@N: IHM:;BEBS:=: >G E: IE:GM: => 1BQWG  LBG
>F;:K@H  >LM> OHENF>G >L F>GHK :E JN> >?><MBO:F>GM> L> >QMK:>  R M:F;BYG F>GHK :E
<HG<>LBHG:=H -HKHMKHE:=H EHL=:MHL=>>LM:LN;<N>G<:>LMWG=BLMHKLBHG:=HLIHKEHL@K:G=>L
OHE`F>G>L NL:=HL >G AB=KH>E><MKB<B=:= NG NLH GH <HGLNGMBOH  IHK I:KM> => LNL =HL
AB=KH>EY<MKB<:L0:N<:RR0:RFBK[G "G>L><HGM>QMH >EIKBG<BI:ENLH>L>E:@KHI><N:KBH JN>
K>IK>L>GM:>E =>EH<HG<>LBHG:=H>GE:LN;<N>G<: R>E =>EH<HG<>LBHG:=HI:K:E:
:@KB<NEMNK:R@:G:=>K[:>G N>G<: )>LB@N>>GBFIHKM:G<B:>ENLHBG=NLMKB:E JN>K>IK>L>GM:NG
 =>EMHM:E=>E:LN;<N>G<: R =>EMHM:E=>E:BG=NLMKB: "L?NG=:F>GM:EM>G>K>G<N>GM:
JN> >E I:KJN> BG=NLMKB:E => N>G<: L> >G<N>GMK: :JN[  #BG:EF>GM>  EHL AH@:K>L <HGLNF>G NG
 =>E:@N::IKHIB:=:=>E:LN;<N>G<: RLN<HGLNFHK>IK>L>GM:>E =>EMHM:E>QMK:[=H
I:K:EHLAH@:K>L>G N>G<: 

1:GMH EHL =:MHL => NLH => LN>EH  <HFH EHL =:MHL => NLH =>E :@N:  FN>LMK:G JN> >QBLM> NG
<HG?EB<MHIHK>LI:<BHRIHK:@N:>GMK>E:>QMK:<<B^G=>:@N:I:K:EHLAH@:K>L E:JN>K>JNB>K>=>
NGF>M:;HEBLFH><HE^@B<HL:EN=:;E> REHLNLHL:@KHI><N:KBHL ):L=HLAB=KH>EY<MKB<:LIH=K[:G
L>KOBK<HFH I:EB:MBOH  =>;B=H : LN K>@NE:<B^G =>EHL<:N=:E>L R:E:@N:JN> K>L>KO:G  "E NLH
BG=NLMKB:E :=B<BHG:EF>GM> GH<HFIBM>>G>LI:<BH<HGEHLHMKHLNLHL I>KHLB<HFIBM>IHK:@N: 

!>>LM:F:G>K: >GE:LN;<N>G<:=>EK[H*:<AWG@:K:M:F;BYG>QBLMBK[:NG::IKHIB:<B^GNK;:G:
=>EF>M:;HEBLFHKNK:ER=>EF>M:;HEBLFH><HE^@B<H "LM:L>HI>K:MBOBS::MK:OYL=>E<HGL>CH=>
<N>G<: JN>MB>G>NG:<HG?HKF:<B^GF:RHKBM:KB:F>GM>M><GH<KWMB<:RNK;:G::>Q<>I<B^G=>E:L
CNGM:L=>K>@:GM>LE:0><K>M:K[:+:<BHG:E=>E@N:0"+$2>E&GLMBMNMH+:<BHG:E=>/B>@H

 
&+/ E: HKIHK:<B^G "EY<MKB<: =>E "<N:=HK  ")"   : MK:OYL => E: "FIK>L: -`;EB<: =>
$>G>K:<B^G "EY<MKB<: I:K: >E NLMKH ")" 201/, E: "FIK>L: -`;EB<: =>
1>E><HFNGB<:<BHG>L  @N: -HM:;E> R E<:GM:KBEE:=H => N>G<: "1- E: 2GBO>KLB=:= =>
N>G<: >E *BGBLM>KBH =>E F;B>GM> E: 'NGM: $>G>K:E => 2LN:KBHL =>E 0BLM>F: => /B>@H
*:<AWG@:K:R >E$H;B>KGH-KHOBG<B:E=>ESN:R EB@N:EJN><HGE:LHMK:L=HLLN;<N>G<:L >E
H;C>MBOH?NG=:F>GM:E=>E<HGMKHE>LIKBG<BI:EF>GM>@:K:GMBS:KE:=HM:<B^G=>:@N:IHM:;E>I:K:
E:SHG:NK;:G: RM:G@>G<B:EF>GM>I:K:E:BG=NLMKB: 

 3 !3#,!"#*0:-0/3'

):LN;<N>G<:=>EK[H1:KJNBGHMB>G>GBG@`GMBIH=>BGM>KO>G<B^GIHKI:KM>=>E:FNGB<BI:EB=:=
=> N>G<:  :NGJN> :E B@N:E JN> MH=:L E:L HMK:L LN;<N>G<:L  >E NLH => LN>EH => LN M>KKBMHKBH
>LM:K[: K>@NE:=H >G EHL IE:G>L => HK=>G:FB>GMH M>KKBMHKB:E => E:L I:KKHJNB:L KNK:E>L JN>
<HGMB>G> "LFNRBFIHKM:GM>GHM:KJN>>EK[H1:KJNBGH>LNG:?N>GM>=>:@N:IHM:;E>I:K:E:
<BN=:==> N>G<: EHJN>>QIEB<:K[:IHKJNYE:FNGB<BI:EB=:=GHA:BGM>KO>GB=H>GE:@>LMB^G=>
>LM: LN;<N>G<:  -HK HMKH E:=H  E:L IKBG<BI:E>L A:<B>G=:L @:G:=>K:L =>E <:GM^G N>G<: L>
>G<N>GMK:G>GE:LN;<N>G<:=>EK[H1:KJNB 

><JG6 '6E6FJ:BJ:HIG6:AJHD9:AHJ:AD:CA6HJ78J:C869:AGRD.6GFJ>


"E:;HK:<B^GIKHIB:
#N>GM>L
 &+"  !BOBLB^G-HE[MB<:=>E"<N:=HK 

 
 ':KOBL    % &  />NM>K   +>ELHG R "  $N>O:K:   %HE> ?BEE>= 0/1* ?HK MA> @EH;> 3>KLBHG   =BLIHGB;E> ?KHF MA>
$&/ 0&0/1*F!:M:;:L>AMMILKMF <LB <@B:K HK@ /01"/ %HE> ?BEE>=0/1*?HKMA>$EH;>3>KLBHG 
 &GLMBMNMH$>H@KW?B<H*BEBM:K=>E"<N:=HK   :KMH@K:?[:;:L>=>E"<N:=HK 
 &ENLMK> *NGB<BI:EB=:= => N>G<: -E:G => ,K=>G:FB>GMH 1>KKBMHKB:E =>E <:GM^G N>G<:    2LH =>E LN>EH =>E <:GM^G
N>G<: 
 0W>GS  *  R j  ,GH?:   -K>@NGM:L <E:O> />IHKM> => EHL ><HLBLM>F:L ><N:MHKB:GHL  "<H B>G<B: R *BGBLM>KBH =>E
F;B>GM>=>E"<N:=HK*""=  .NBMH "<N:=HK 
 &GLMBMNMH=>"LMN=BHL=>/Y@BF>G0><<BHG:E=>E:2GBO>KLB=:==>ESN:R   :KMH@K:?[: =>E:<N>G<:=>EK[H
-:NM> 
 0><K>M:K[:+:<BHG:E=>E@N:  2GB=:=>LAB=KH@KW?B<:L=>E"<N:=HKL>@`GE:F>MH=HEH@[:-##01"11"/ 
 0B>KK:  /  "=    -KHIN>LM: -K>EBFBG:K => NG 0BLM>F: => E:LB?B<:<B^G => 3>@>M:<B^G I:K: >E "<N:=HK HGMBG>GM:E 
.NBMH "<N:=HK-KHR><MH&+#+$"# &/R"<H B>G<B: 


HFH L> IN>=> H;L>KO:K >G E: 1:;E:    >E IKBG<BI:E NLH =>E LN>EH >G E: LN;<N>G<: =>E K[H
1:KJNB >L E: @:G:=>K[:   => LN M>KKBMHKBH  L>@NB=H IHK EHL ;HLJN>L BGM>KO>GB=HL R
IE:GM:=HL   => LN M>KKBMHKBH  FB>GMK:L JN> E: :@KB<NEMNK: K>IK>L>GM: NG   => LN
M>KKBMHKBH  E K><HKK>KE:  >L ?W<BE GHM:K JN> EHL ;HLJN>L BGM>KO>GB=HL R IE:GM:=HL  LHG
IKBG<BI:EF>GM>IE:GM:<BHG>L=>*>CJHG69>6I6 I>L:K=>E:HKB>GM:<B^G<E:K:F>GM>IKH=N<MBO:
=>>LM:LN;<N>G<: >LBGM>K>L:GM>GHM:K JN>>QBLM>GWK>:LBFIHKM:GM>L=>HLJN>G=BGH
=>LNM>KKBMHKBHR=>IWK:FHL =>LNM>KKBMHKBH 

"E =>EOHENF>GMHM:E=>:@N:<HG<>LBHG:=:>GE:LN;<N>G<:=>EK[H1:KJNBL>=>LMBG::E:
:@KB<NEMNK:R@:G:=>K[: :NGJN>>ENLH=>ELN>EHFN>LMK:JN>?NG=:F>GM:EF>GM>>LM::@N:L>
NL:K[:>G@:G:=>K[: 0NNLHI:K::@KB<NEMNK:R@:G:=>K[: IHKHMKHE:=H K>IK>L>GM:>E =>E
NLH MHM:E =>E <:GM^G N>G<:  LB>G=H E: LN;<N>G<: JN> FWL :@N: =>LMBG: I:K: >EEH >G =B<AH
<:GM^G *B>GMK:LM:GMH  >E NLHI:K:EHLAH@:K>L K>IK>L>GM: :I>G:L NG  =>E NLH MHM:E =>E:
LN;<N>G<: RNG=>ENLHMHM:E>G>E<:GM^G 

"E K[H 1:KJNB >L >E K[H FWL :F>G:S:=H => EHL <BG<H K[HL >O:EN:=HL >G >E <:I[MNEH <BG<H 
FHLMK:G=H NG KB>L@H FNR :EMH => >LMKYL ><HE^@B<H IHK ?:EM: => :@N:  "OB=>GM>F>GM>  >LMH >L
<:NL:=HIHK>E<HGLNFH@:G:=>KH -HKHMKHE:=H >EF>M:;HEBLFH=>E:@N:=>E::@KB<NEMNK:RE:
@:G:=>K[: FHLMK^L>K:EM:F>GM>BG>?B<B>GM> "LMHL=HLA><AHLCNGMHLBG=B<:GJN>IN>=>>QBLMBK
NG <HG?EB<MH >GMK> >E NLH => :@N: I:K: EHL AH@:K>L  R >E NLH =>E :@N: I:K: E: IKH=N<<B^G
:@KHI><N:KB:  E ;NL<:K >G $HH@E> E:L I:E:;K:L 6<J6 R .6GFJ>  :I:K><> NG: E:K@: EBLM: =>
<HG?EB<MHL =B<BHG:EF>GM> L>ABSHNG:K>OBLB^G<HGLM:GM>=>E:IK>GL: =NK:GM>MH=H>EI>K[H=H
=>=NK:<B^G=>>LM:BGO>LMB@:<B^G=B<A:K>OBLB^G<HG?BKF:E:>QBLM>G<B:=>E<HG?EB<MH 

"ENLH=>LN>EH=>>LM:LN;<N>G<: RLNK>E:<B^G<HG>EF>M:;HEBLFH=>E:@N: :;K>NG:GN>O:


IK>@NGM: MH=:O[:LBGNG:K>LIN>LM:<E:K: NGJN>GHL>MB>G>BG?HKF:<B^GLH;K>E:M>G>G<B:=>
E: MB>KK: >G E: LN;<N>G<: =>E K[H 1:KJNB  >E <HGH<BFB>GMH => E: <BN=:= I>KFBM> LNIHG>K JN>
I>KM>G><>?NG=:F>GM:EF>GM>:E:<E:L>NK;:G:F>=B::EM: R:EM: "LMHEE>O::<N>LMBHG:KL>LB>E

 
IH=>K=>E:<E:L>M>KK:M>GB>GM>NK;:G: A:BG<B=B=H>GE::NL>G<B:=>K>@NE:<BHG>LK>LMKB<MBO:LR
<E:K:LLH;K>>ENLH=>ELN>EH>G>LM:LN;<N>G<: 


3 !3#,!"#*0:-3#,!

><JG6 '6E6FJ:BJ:HIG6:AJHD9:AHJ:AD:CA6HJ78J:C869:AGRDJ:C86


"E:;HK:<B^GIKHIB:
#N>GM>L
 &+"  !BOBLB^G-HE[MB<:=>E"<N:=HK 
 ':KOBL    % &  />NM>K   +>ELHG R "  $N>O:K:   %HE> ?BEE>= 0/1* ?HK MA> @EH;> 3>KLBHG   =BLIHGB;E> ?KHF MA>
$&/ 0&0/1*F!:M:;:L>AMMILKMF <LB <@B:K HK@ /01"/ %HE> ?BEE>=0/1*?HKMA>$EH;>3>KLBHG 
 &GLMBMNMH$>H@KW?B<H*BEBM:K=>E"<N:=HK   :KMH@K:?[:;:L>=>E"<N:=HK 
 &ENLMK> *NGB<BI:EB=:= => N>G<: -E:G => ,K=>G:FB>GMH 1>KKBMHKB:E =>E <:GM^G N>G<:    2LH =>E LN>EH =>E <:GM^G
N>G<: 
 0W>GS  *  R j  ,GH?:   -K>@NGM:L <E:O> />IHKM> => EHL ><HLBLM>F:L ><N:MHKB:GHL  "<H B>G<B: R *BGBLM>KBH =>E
F;B>GM>=>E"<N:=HK*""=  .NBMH "<N:=HK 
 &GLMBMNMH=>"LMN=BHL=>/Y@BF>G0><<BHG:E=>E:2GBO>KLB=:==>ESN:R   :KMH@K:?[: =>E:<N>G<:=>EK[H
-:NM> 
 0><K>M:K[:+:<BHG:E=>E@N:  2GB=:=>LAB=KH@KW?B<:L=>E"<N:=HKL>@`GE:F>MH=HEH@[:-##01"11"/ 
 0B>KK:  /  "=    -KHIN>LM: -K>EBFBG:K => NG 0BLM>F: => E:LB?B<:<B^G => 3>@>M:<B^G I:K: >E "<N:=HK HGMBG>GM:E 
.NBMH "<N:=HK-KHR><MH&+#+$"# &/R"<H B>G<B: 


): LN;<N>G<: =>E K[H N>G<: >L NG <:LH NG M:GMH <HFIEB<:=H I:K: L>K :G:EBS:=H  -N>L  E:
<:KMH@K:?[: JN> =>L<KB;> E:L =BLMBGM:L <H;>KMNK:L => NLH => LN>EH >G >E M>KKBMHKBH =>E <:GM^G
N>G<: LHE:F>GM>MB>G>BG?HKF:<B^G=>E =>>LM:LN;<N>G<: IHKEHJN>EHLK>LNEM:=HL=>E
NLH=>ELN>EHL>;:L:G>G>LM:WK>: ):BG?HKF:<B^G=>E:L<HG<>LBHG>L=>:@N: IHKHMKHE:=H LB
L>K>?B>K>:MH=:E:LN;<N>G<: 

 
"LM:LN;<N>G<: :EB@N:EJN>E:LN;<N>G<:=>EK[H1:KJNB GHIHL>>FWLK>@NE:<BHG>L>G>ENLH
=>E LN>EH  JN> E:L =>M>KFBG:=:L >G EHL -E:G>L => ,K=>G:FB>GMH 1>KKBMHKB:E => E:L I:KKHJNB:L
KNK:E>L 

HFHL>IN>=>H;L>KO:K>GE:#B@NK:  JN>K>IK>L>GM:>EWK>:=>E:JN>L>MB>G>BG?HKF:<B^G
=>NLH=>LN>EH>GE:LN;<N>G<:=>EK[H N>G<: >EIKBG<BI:ENLH=>ELN>EH>LE::@KB<NEMNK: E:
JN> K>IK>L>GM: NG  =>E M>KKBMHKBH MHM:E => >LM: LN;<N>G<:  FB>GMK:L JN> E: @:G:=>K[:
K>IK>L>GM:NG  "LMHLO:EHK>LFNRIKH;:;E>F>GM>L>KWGLB@GB?B<:MBO:F>GM>FWL:EMHL R:
JN>E:LM>G=>G<B:L>G>ENLH=>ELN>EH=>EK>LMH=>E:LN;<N>G<:I:K><>K[:GF:GM>G>KL> "LFNR
BGM>K>L:GM>GHM:K JN>>G>EWK>::G:EBS:=:IKW<MB<:F>GM>GH>QBLM>G><HLBLM>F:LG:MBOHL:I>G:L
NG =>O>@>M:<B^GA`F>=:BGM>K:G=BG: #BG:EF>GM> E:LWK>:LNK;:G:LK>IK>L>GM:GNG
=>EM>KKBMHKBHMHM:E=>>LM:LN;<N>G<:1:;E:  

)::@KB<NEMNK:K>IK>L>GM:NG =>EOHENF>GMHM:E=>:@N:<HG<>LBHG:=H>G>LM:LN;<N>G<: 
LBG >F;:K@H  K>IK>L>GM: LHE:F>GM> NG   =>E OHENF>G MHM:E <HG<>LBHG:=H >G >E <:GM^G
N>G<:I:K:E::@KB<NEMNK: )HLAH@:K>LK>IK>L>GM:G>E K>LM:GM>=>E:L<HG<>LBHG>L I>KH
K>IK>L>GM:G:I>G:LNG =>EOHENF>GMHM:E<HG<>LBHG:=HI:K:EHLAH@:K>L1:;E:  

1:GMH EHL IE:G>L => HK=>G:FB>GMH M>KKBMHKB:E => E: <BN=:= => N>G<:  <HFH E: IE:GB?B<:<B^G
G:<BHG:E  =>M>KFBG:G JN> >LM: LN;<N>G<: >L >E WK>: A:<B: E: JN> G:MNK:EF>GM> =>;> <K><>K E:
<BN=:==> N>G<:0"+-)!"0   "LMHG><>L:KB:F>GM>BFIEB<:NG<HG?EB<MH>GMK>>E
NLH => LN>EH NK;:GH R >E NLH => LN>EH :@KHI><N:KBH  "G MYKFBGHL => NLH => :@N:  GH A:;K[:
<HG?EB<MH>G>LM:LN;<N>G<: R:JN>>QBLM>:@N:LN?B<B>GM>M:GMHI:K:>ENLH:@KHI><N:KBH <HFH
I:K:>ENLH>GEHLAH@:K>L "EIKH;E>F:LBG>F;:K@H LB@N>LB>G=H>E:EM[LBFH=>LI>K=B<BHJN>L>
=:>G>LMHL=HLMBIHL=>NLH <HFHL>=BL<NMB^>GE:LL><<BHG>L R  

 
 3 !3#,!"#*0:-"8,

><JG6 '6E6FJ:BJ:HIG6:AJHD9:AHJ:AD:CA6HJ78J:C869:AGRD$69PC


"E:;HK:<B^GIKHIB:
#N>GM>L
 &+"  !BOBLB^G-HE[MB<:=>E"<N:=HK 
 ':KOBL    % &  />NM>K   +>ELHG R "  $N>O:K:   %HE> ?BEE>= 0/1* ?HK MA> @EH;> 3>KLBHG   =BLIHGB;E> ?KHF MA>
$&/ 0&0/1*F!:M:;:L>AMMILKMF <LB <@B:K HK@ /01"/ %HE> ?BEE>=0/1*?HKMA>$EH;>3>KLBHG 
 &GLMBMNMH$>H@KW?B<H*BEBM:K=>E"<N:=HK   :KMH@K:?[:;:L>=>E"<N:=HK 
 &ENLMK> *NGB<BI:EB=:= => N>G<: -E:G => ,K=>G:FB>GMH 1>KKBMHKB:E =>E <:GM^G N>G<:    2LH =>E LN>EH =>E <:GM^G
N>G<: 
 0W>GS  *  R j  ,GH?:   -K>@NGM:L <E:O> />IHKM> => EHL ><HLBLM>F:L ><N:MHKB:GHL  "<H B>G<B: R *BGBLM>KBH =>E
F;B>GM>=>E"<N:=HK*""=  .NBMH "<N:=HK 
 &GLMBMNMH=>"LMN=BHL=>/Y@BF>G0><<BHG:E=>E:2GBO>KLB=:==>ESN:R   :KMH@K:?[: =>E:<N>G<:=>EK[H
-:NM> 
 0><K>M:K[:+:<BHG:E=>E@N:  2GB=:=>LAB=KH@KW?B<:L=>E"<N:=HKL>@`GE:F>MH=HEH@[:-##01"11"/ 
 0B>KK:  /  "=    -KHIN>LM: -K>EBFBG:K => NG 0BLM>F: => E:LB?B<:<B^G => 3>@>M:<B^G I:K: >E "<N:=HK HGMBG>GM:E 
.NBMH "<N:=HK-KHR><MH&+#+$"# &/R"<H B>G<B: 


"EK[H':=WG>LNGH=>EHL=HLK[HL=>EHLJN>GHL>MB>G>BG?HKF:<B^GLH;K>LNL<:N=:E>L EHJN>
FN>LMK:E:IH<:BFIHKM:G<B:JN>MB>G>I:K:E:<BN=:==> N>G<: =>L=>E^@B<:=>E:=HM:<B^G=>
:@N:  ): LN;<N>G<: =>E K[H ':=WG M:FIH<H MB>G> GBG@`G MBIH => K>@NE:<B^G LH;K> >E NLH =>E
LN>EH :>Q<>I<B^G=>EHL-E:G>L=>,K=>G:FB>GMH1>KKBMHKB:E-:KKHJNB:E>L 0>MB>G>BG?HKF:<B^G
=>E:<H;>KMNK:=>NLH=>ELN>EH=>E=>LNM>KKBMHKBH >L=><BK JN>E:=BL<NLB^GJN>LB@N>
>Q<ENR> : NG: <N:KM: => >LM: LN;<N>G<:  0BG >F;:K@H  >L IK>OBLB;E> JN> E:L M>G=>G<B:L L>
F:GM>G@:G >G >E M>KKBMHKBH K>LM:GM>  "L BFIHKM:GM> L>]:E:K JN> EHL IHK<>GM:C>L A:G LB=H

 
<:E<NE:=HLLH;K>>EWK>:MHM:E=>E:LN;<N>G<: RGHLHE:F>GM>LH;K>>EWK>:=>E:JN>L>MB>G>
BG?HKF:<B^G 

"EIKBG<BI:ENLH=>ELN>EH=>E:LN;<N>G<:=>EK[H':=WG>LE:@:G:=>K[: =>LNM>KKBMHKBH 
L>@NB=H=>E;HLJN>BGM>KO>GB=HRIE:GM:=H  =B?>K>G<B:=>E:LN;<N>G<:=>EK[H1:KJNB 
>GE:LN;<N>G<:=>EK[H':=WGEHL;HLJN>LIE:GM:=HLLHG;HLJN>L:;:G=HG:=HL=>>N<:EBIMH ):
:@KB<NEMNK:  IHK HMKH E:=H  K>IK>L>GM: >E   => LN M>KKBMHKBH  />LI><MH : EHL ><HLBLM>F:L
G:MBOHL >E;HLJN>:G=BGHH<NI:NG =>LNM>KKBMHKBH "L<E:KHJN>>LM:LN;<N>G<:L>=>=B<:
?NG=:F>GM:EF>GM>:E:L:<MBOB=:=>L:@KHI><N:KB:L1:;E:  

)HL=:MHLLH;K>>EOHENF>G=>:@N:JN>NL:<:=::<MBOB=:=<HG?BKF:GEH:GM>KBHK "E=>E
:@N:<HG<>LBHG:=:>GE:LN;<N>G<:L>=>LMBG::E::@KB<NEMNK:R@:G:=>K[: FB>GMK:LJN>>E
L>=>LMBG::EHLAH@:K>L RNG:E:BG=NLMKB:1:;E:  ):IKHIHK<B^G=>E<HGLNFH=>>LM:
LN;<N>G<:  <HG K>E:<B^G :E <HGLNFH => <:=: :<MBOB=:= >G >E <HGM>QMH =>E <:GM^G N>G<: 
FN>LMK:JN>>GMYKFBGHL=>:@N:E:LN;<N>G<:=>EK[H':=WG>L=>;:C:BFIHKM:G<B: L[ >ENLH
I:K:E::@KB<NEMNK:R@:G:=>K[:K>IK>L>GM:NG =>EMHM:E=> N>G<: R>E=>EHLAH@:K>LNG
  

):F>GM:;E>F>GM> GHL>IN>=>>LM:;E><>KLB>QBLM>NG<HG?EB<MH=>NLH=>:@N: >GMK>EHLAH@:K>L


RE::@KB<NEMNK:R@:G:=>K[: HE:BG=NLMKB: IHKJN>GHL><HGH<>GEHL<:N=:E>L=>>LM>K[H 0BG
>F;:K@H  <N:G=H L> K><HKK> >E K[H ':=WG <:LB LB>FIK> :I:K>GM: M>G>K IH<: :@N:  I>KH >LM:
H;L>KO:<B^G>LK>E:MBO: IN>LMHJN>GHL><HGH<>G=>>LMN=BHLLH;K>LN<:N=:E R>LI><B:EF>GM> 
LH;K>LN<:N=:E><HE^@B<H 

GBO>E=>NLH=>ELN>EH IHKHMKHE:=H >L>OB=>GM>NG<HG?EB<MH>GMK>EHLNLHL:@KHI><N:KBHLR>E


F:GM>GBFB>GMH => EHL ><HLBLM>F:L G:MBOHL  R => LN F>M:;HEBLFH ><HE^@B<H  ?NG=:F>GM:E I:K:
@:K:GMBS:KE:L:EN==>EK[H "L>OB=>GM>JN>E:K:S^GIKBG<BI:E >LJN>>LM>K[HGHMB>G>BGM>KYL
NK;:GH IHKJN>GH:;:LM><>=>:@N:IHM:;E>GB:E:<BN=:= GB:E:BG=NLMKB: 

 3 !3#,!"#*0:-'"!6

): LN;<N>G<: =>E K[H 0B=<:R >L E: FWL I>JN>]: => E:L LB>M>  1:FIH<H IHL>> GBG@`G MBIH =>
K>@NE:<B^GLH;K>>ENLH=>ELN>EH :>Q<>I<B^G=>E:L=>EHL-E:G>L=>,K=>G:FB>GMH1>KKBMHKB:E
/NK:E>L 

"EIKBG<BI:ENLH=>ELN>EH=>E:LN;<N>G<:=>EK[H0B=<:R>LE:@:G:=>K[: E:FBLF:JN>H<NI:NG
 =>EM>KKBMHKBH  L>@NB=: =>E: :@KB<NEMNK: JN> H<NI: NG   "LFNR BGM>K>L:GM>GHM:K

 
JN>E:<H;>KMNK:=>NLH=>GHFBG:=:6G7JHIDH K>IK>L>GM:NG =>LNM>KKBMHKBH1:;E:  
)HL:K;NLMHLL>A:GBGM>KIK>M:=H<HFH><HLBLM>F:L:EM:F>GM>BGM>KO>GB=HL JN>BG=B<:GJN>E:
O>@>M:<B^G G:MBO: >LMW >G NG: >M:I: M>FIK:G: => K>@>G>K:<B^G  IKH;:;E>F>GM> =>;B=H :E
:;:G=HGH =>E M>KK>GH L><<B^G      "L ?NG=:F>GM:E L>]:E:K JN> IKW<MB<:F>GM> GH >QBLM>G
><HLBLM>F:LG:MBOHLK>F:G>GM>L>G>LM:LN;<N>G<: 

"E =>EOHENF>GMHM:E=>:@N:<HG<>LBHG:=H>G>LM:LN;<N>G<:L>=>=B<::E::@KB<NEMNK:R
@:G:=>K[: LBG>F;:K@H K>IK>L>GM::I>G:L>E =>EOHENF>GMHM:E<HG<>LBHG:=H>G N>G<:
I:K:>LM:L:<MBOB=:=>L )HLAH@:K>L IHKHMKHE:=H K>IK>L>GM:GNG =>E:@N:<HG<>LBHG:=:
>G E: LN;<N>G<:  R :I>G:L NG   =>E MHM:E =>E :@N: <HG<>LBHG:=: I:K: EHL AH@:K>L >G >LM>
<:GM^G1:;E:  

><JG6 '6E6FJ:BJ:HIG6:AJHD9:AHJ:AD:CA6HJ78J:C869:AGRD->986N


"E:;HK:<B^GIKHIB:
#N>GM>L
 &+"  !BOBLB^G-HE[MB<:=>E"<N:=HK 
 ':KOBL    % &  />NM>K   +>ELHG R "  $N>O:K:   %HE> ?BEE>= 0/1* ?HK MA> @EH;> 3>KLBHG   =BLIHGB;E> ?KHF MA>
$&/ 0&0/1*F!:M:;:L>AMMILKMF <LB <@B:K HK@ /01"/ %HE> ?BEE>=0/1*?HKMA>$EH;>3>KLBHG 
 &GLMBMNMH$>H@KW?B<H*BEBM:K=>E"<N:=HK   :KMH@K:?[:;:L>=>E"<N:=HK 
 &ENLMK> *NGB<BI:EB=:= => N>G<: -E:G => ,K=>G:FB>GMH 1>KKBMHKB:E =>E <:GM^G N>G<:    2LH =>E LN>EH =>E <:GM^G
N>G<: 
 0W>GS  *  R j  ,GH?:   -K>@NGM:L <E:O> />IHKM> => EHL ><HLBLM>F:L ><N:MHKB:GHL  "<H B>G<B: R *BGBLM>KBH =>E
F;B>GM>=>E"<N:=HK*""=  .NBMH "<N:=HK 
 &GLMBMNMH=>"LMN=BHL=>/Y@BF>G0><<BHG:E=>E:2GBO>KLB=:==>ESN:R   :KMH@K:?[: =>E:<N>G<:=>EK[H
-:NM> 
 0><K>M:K[:+:<BHG:E=>E@N:  2GB=:=>LAB=KH@KW?B<:L=>E"<N:=HKL>@`GE:F>MH=HEH@[:-##01"11"/ 
 0B>KK:  /  "=    -KHIN>LM: -K>EBFBG:K => NG 0BLM>F: => E:LB?B<:<B^G => 3>@>M:<B^G I:K: >E "<N:=HK HGMBG>GM:E 
.NBMH "<N:=HK-KHR><MH&+#+$"# &/R"<H B>G<B: 

 


EB@N:EJN><HGE:LN;<N>G<:=>EK[H':=WG :EGH<HGH<>KEHL<:N=:E>L=>EK[H0B=<:R >LFNR


=B?[<BE=>M>KFBG:KLB>QBLM>G<HG?EB<MHLIHK>ENLH=>E:@N: ?NG=:F>GM:EF>GM>>GMK>>E<HGLNFH
=> EHL AH@:K>L  R >E <HGLNFH :@K[<HE:  0BG >F;:K@H  >L <E:KH JN> EHL NLHL =>E LN>EH
:@KHI><N:KBHLA:G=>LIE:S:=H:EHL><HLBLM>F:LG:MBOHL EHJN>:F>G:S:K[:E:L:EN==>EK[H "L
BGM>K>L:GM> GHM:K  JN> >L E: LN;<N>G<: JN> MB>G> >E IHK<>GM:C> FWL :EMH => LN>EHL =>@K:=:=HL
  EHJN>BG=B<:E:<:EB=:==>EF:G>CH=>ELN>EH RIH=K[:>LM:KK>E:<BHG:=H<HG>E:;:G=HGH
=>M>KK>GHLJN>IKH=N<>>E:EMHIHK<>GM:C>=>6G7JHIDH 

"L <E:KHJN>>E K[H 0B=<:R  :EB@N:EJN>>E K[H':=WG  MB>G> FNRIH<: BFIHKM:G<B: I:K: >E WK>:
NK;:G:=> N>G<: EHJN>L>MK:=N<>>GJN>GHA:R:NGFHGBMHK>H=>LNL<:N=:E>L >G>E>L<:LH
FHGBMHK>H R K>@NE:<B^G =>E NLH =>E LN>EH  R >G E: IKW<MB<:F>GM> =>L:I:KB<B^G MHM:E => LNL
><HLBLM>F:LG:MBOHL 


 !# !M &  &  &    %)%  

$&($*

NGJN>>EI:K:=B@F:=>E0NF:D(:PL:RR:?N>=BL<NMB=H>GE:L><<B^G   >L?NG=:F>GM:E
K>L:EM:K EHL IKBG<BIBHL JN> <HGLB=>K:FHL >L>G<B:E>L I:K: IH=>K :IEB<:KEH : E: =BL<NLB^G =>E
F>M:;HEBLFHLH<B:E=>E:@N:>G N>G<: 

"E0NF:D(:PL:RGHL>K>?B>K>:E<K><BFB>GMH><HG^FB<HH:EIKH@K>LH L>K>?B>K>:E:LK>E:<BHG>L
>GMK> EHL L>K>L ANF:GHL  R => EHL L>K>L ANF:GHL <HG E: G:MNK:E>S:  L> K>?B>K> : E: OB=:
<HFNGBM:KB: :EHL:G<>LMKHL :EI:L:=HR:E?NMNKH MH=H:E:O>S):KK>:*:E=HG:=H  "L
NG I:K:=B@F: ><H<YGMKB<H  &FIEB<: NG: OB=: =B@G:  NG: OB=: >G :KFHG[: >GMK> EHL L>K>L
ANF:GHL RM:F;BYG=>E:ANF:GB=:=<HG>E<HLFHL L>=>;>K><HK=:KJN>E:B=>:=><HLFHL 
BFIEB<: M:F;BYG :E LBLM>F: LH<BH ecológico. Puede ser definido como “A6 8DCH:8J8>TC 9:A
;ADG:8>B>:CID 9: ID9DH N ID96H :C E6O N 6GBDCR6 8DC A6 C6IJG6A:O6  N A6 EGDADC<68>TC >C9:;>C>96 9: A6H
culturas humanas”/:F[K>S  

"E<HG<>IMH=>LNLM>GM:;BEB=:=><HE^@B<: HE:BGM>K=>I>G=>G<B::KFHGBHL:=>E:LH<B>=:=RE:
G:MNK:E>S: >LMW<HGM>GB=H>G>E0NF:D(:PL:R/H: O>G=:]H  I>KH<HGNG:=B?>K>G<B:
?NG=:F>GM:E E: LNLM>GM:;BEB=:= >L NG B=>:E  FB>GMK:L JN> E: :KFHG[: R >E ;:E:G<> LHG NG
IK>KK>JNBLBMH I:K: >E 0NF:D (:PL:R  -HK EH M:GMH  >E 0NF:D (:PL:R >L BFIHLB;E> LBG NG

 
LBLM>F:><HE^@B<HL:EN=:;E>%>KGWG=>S /H: O>G=:]H  LBGJN>E:*68=6B6B6E:
F:=K>R>EHKB@>G=>E:OB=:>LMY;B>GRL:G::NMBLM:  

"E 0NF:D (:PL:R MB>G> IKH?NG=:L BFIEB<:<BHG>L IHE[MB<:L  IN>L >L BFI>GL:;E> LBG EB;>KM:= 
>JNB=:= B@N:E=:= CNLMB<B:LH<B:E=BLMKB;NMBO:RIKH=N<MBO:RCNLMB<B::F;B>GM:E<HLM:  
"E0NF:D(:PL:R=>;>L>KMK:=N<B=H>GIHE[MB<:LJN>L>:G<HGLBLM>GM>L<HGYE%HNM:KM 
/:=<EB??>  

"L:L[JN> :EFBK:K;:CHE:ENI:=>E0NF:D(:PL:R>EF>M:;HEBLFHLH<B:E=>E:@N:R>ENLH=>E
LN>EH=> N>G<: L>A:<>>OB=>GM>NG::IKHIB:<B^GNK;:G:=>EF>M:;HEBLFHKNK:ER><HE^@B<H 
>G >E <:LH => E:L LN;<N>G<:L => EHL K[HL 1HF>;:F;:  6:GNG<:R R *:<AWG@:K:  )H JN> L> A:
>QIK>L:=H >G >E <HGMKHENK;:GH =>E NLH =>E LN>EH :GBO>E KNK:E  !B<A::IKHIB:<B^GL> <HG<K>M:
IHK =BO>KL:L O[:L  >GMK> >EE:L  E: BFIHLB<B^G => WK>:L =>LMBG:=:L : E: <HGL>KO:<B^G => E:
;BH=BO>KLB=:=  E: K>LMKB<<B^G >G EHL NLHL IKH=N<MBOHL =>E LN>EH  R E: IKBHKBS:<B^G => EHL NLHL
NK;:GHL=>E:@N:LH;K>EHLKNK:E>L ):LWK>:L=><HGL>KO:<B^G=>E:;BH=BO>KLB=:= A:GLB=HNG:
<HGLM:GM>?N>GM>=><HG?EB<MHL<HGE:L<HFNGB=:=>LKNK:E>L CNLM:F>GM>IHKE:L:?><M:<BHG>L:E:L
:<MBOB=:=>L IKH=N<MBO:L=>KBO:=:L => E:<HGL>KO:<B^G 2G;N>G>C>FIEH => >LMH  >L >E-:KJN>
+:<BHG:E :C:L JN>A:M>GB=H<HGLM:GM><HG?EB<MHL<HGE:L<HFNGB=:=>LKNK:E>LJN>E>KH=>:G
 "*-/&*"0 /H=K[@N>S:I6A  

"G :I:KB>G<B:  EHL IKH@K:F:L => <HGL>KO:<B^G =>E <:GM^G N>G<:  >G?H<:=HL >G E:L MK>L
LN;<N>G<:LIKHO>>=HK:L=>:@N:IHM:;E>I:K:E:<BN=:= >LM:K[:G>G:KFHG[:<HGE:GH<B^G=>
LNLM>GM:;BEB=:=><HE^@B<: R<HG>EI:K:=B@F:=>E0NF:D(:PL:R 0BG>F;:K@H :EL>KI>GL:=HL 
=BL>]:=HL>BFIE>F>GM:=HL=>L=>EHNK;:GH R<HGNG:E^@B<:NK;:G:L>MK:GL?HKF:G>GNG:
LN>KM>=>BFIHLB<B^GR=><HGMKHE=>EHKNK:E "LMH<HGMK:LM:<E:K:F>GM><HGE:B=>:=>E:OB=:
=B@G:R>G:KFHG[:>GMK>EHLL>K>LANF:GHL IN>LEHNK;:GHE>:KK>;:M:E:IHLB;BEB=:==>NG:
OB=: =B@G: : EH KNK:E  )H@K:K NG ><HLBLM>F: L:EN=:;E> >G >L:L <HG=B<BHG>L GH L^EH GH >L
=>L>:;E> LBGHJN>>LNG<HGMK:L>GMB=HI:K:>E0NF:D(:PL:R 

!> >LM: F:G>K:  >E LBLM>F: => <HGL>KO:<B^G => E:L LN;<N>G<:L =>E 1HF>;:F;:  6:GNG<:R R
*:<AWG@:K:  L> BK[: <HGMK: >E IKBG<BIBH =>E /:G=B /:G=B  >L =><BK  :M>GM:K[: <HGMK: E:
K><BIKH<B=:=RE:K>=BLMKB;N<B^G "LMHGHLB@GB?B<:JN>I:K:OBOBK=>:<N>K=H:EI:K:=B@F:=>E
0NF:D (:PL:R L> M>G@: JN> L:<KB?B<:K : EHL ><HLBLM>F:L G:MBOHL R LN F>M:;HEBLFH  MH=H EH
<HGMK:KBH  LB@GB?B<: JN> L> =>;> @:K:GMBS:K LN >QBLM>G<B: R K>IKH=N<<B^G  I>KH @:K:GMBS:G=H

 
M:F;BYG EB;>KM:=  >JNB=:=  B@N:E=:=  CNLMB<B: LH<B:E =BLMKB;NMBO: R IKH=N<MBO: R CNLMB<B:
:F;B>GM:E 

):L LN;<N>G<:L => EHL K[HL 1:KJNB  ':=WG R 0B=<:R  >G <:F;BH  <HGMK:LM:G ?N>KM>F>GM> <HG EH
:GM>KBHK  "G >EE:L  IK>=HFBG:G EHL NLHL @:G:=>KHL  :@K[<HE:L R  >G >E <:LH =>E K[H 1:KJNB  E:L
IE:GM:<BHG>L ?HK>LM:E>L => >LI><B>L >Q^MB<:L  0> A:G <HGL>KO:=H EHL ><HLBLM>F:L G:MBOHL
LHE:F>GM>>GE:LWK>:LJN>GHLHG`MBE>LH;N>G:LI:K:E:IKH=N<<B^G <HFHEHLIWK:FHL 0>A:
L:<KB?B<:=H>EF>M:;HEBLFH><HE^@B<H EHJN>BFIEB<:M:F;BYGE:L:EN==>EHLK[HL >GGHF;K>=>
E: IKH=N<<B^G :@KHI><N:KB:  1H=H >LMH L> <HGMK:IHG> M:F;BYG <HG >E I:K:=B@F: =>E 0NF:D
(:PL:R IN>LL>>LMWL:<KB?B<:G=HE:LNLM>GM:;BEB=:=><HE^@B<: E:L:EN==>E><HLBLM>F: L>>LMW
>G?>KF:G=H<HGL<B>GM>F>GM>:E:*68=6B6B6 

):LN;<N>G<:=>EK[H N>G<: ?BG:EF>GM> L><:K:<M>KBS:IHKIKH<>LHLFNRI:KMB<NE:K>L IN>L:E


L>KE:<HG?EN>G<B:=>EHLL>BLK[HL R:EL>KE:FWL;:C:<HGK>LI><MH:EGBO>E=>EF:K A:LB=H>E
EN@:KG:MNK:E=>EHL:L>GM:FB>GMHLANF:GHL "G>LMHLFHF>GMHL>QBLM>NG<E:KH<HG?EB<MH>GMK>
E:NK;:GBS:<B^GRE:IKH=N<<B^G:@KHI><N:KB: "EK>MH?NG=:F>GM:EI:K:E:<BN=:==> N>G<: >L
@>LMBHG:K>L><HG?EB<MH=>:<N>K=H:EHLIKBG<BIBHL=>E0NF:D(:PL:R 

"L FNR BFIHKM:GM> GHM:K JN> E: IKHIB>=:= => E: MB>KK: >G E: O>KMB>GM> :F:S^GB<: =>E <:GM^G
N>G<:  L> <:K:<M>KBS: IHK NG: FBGB?NG=BS:<B^G >QMK>F: 0"+-)!"0      LBG
>F;:K@H  >QBLM>G BG=B<BHL BFIHKM:GM>L => JN> EHL E:MB?NG=BHL L> <HG<>GMK:G >G E:L SHG:L FWL
IKH=N<MBO:L => E: LN;<N>G<: =>E K[H 1:KJNB  R I:K<B:EF>GM> E: LN;<N>G<: =>E K[H ':=WG 
=>LIE:S:G=H:EHLFBGB?NG=BHLA:<B:E:LSHG:LF>GHLIKH=N<MBO:L !>L=>>EINGMH=>OBLM:=>E:
CNLMB<B:>GE:=BLMKB;N<B^G=>E:MB>KK: >LMHL>BK[:M:F;BYG>G<HGMK:=>E,6C9>
,6C9> RIHKM:GMH 
L>K[:BG<HFI:MB;E><HG>E0NF:D(:PL:R 

"L <E:KH JN> >E F>M:;HEBLFH =>E :@N: A: >LM:=H =BK><M:F>GM> K>E:<BHG:=H >G <^FH L> A:
HK@:GBS:=H>EM>KKBMHKBH=>E<:GM^G N>G<: LBG>F;:K@H FN<A:L=>E:LWK>:L=><HGL>KO:<B^G
JN> L> >G<N>GMK:G >G =B<AH M>KKBMHKBH  ?N>KHG >LM:;E><B=:L I:K: @:K:GMBS:K EHL <:N=:E>L R
<HGMKHE:K>E:IHKM>=>L>=BF>GMHL>GE:LK>IK>L:LAB=KH>EY<MKB<:L=>EK[H-:NM>L><<B^G    
-HK EH JN> NG >LMN=BH =>E F>M:;HEBLFH >G>K@YMB<H =>E "<N:=HK >L ?NG=:F>GM:E  I:K: IH=>K
=BL<NMBK >LM: IKH;E>FWMB<: =>L=> >E 0NF:D (:PL:R  0BG >F;:K@H  GHKF:EF>GM> >E F:RHK
<HGLNFH => >E><MKB<B=:= L> IKH=N<> >G EHL <>GMKHL NK;:GHL  R LH;K> MH=H  IHK I:KM> => LN
:<MBOB=:= ><HG^FB<: /:FHL *:KM[G   KBS: *HGMH;BH    -HK EH JN> NG: IKBF>K:
FBK:=:IH=K[:BG=B<:KJN>>QBLMBK[:NG::IKHIB:<B^GNK;:G:=>EF>M:;HEBLFHKNK:ER><HE^@B<H 

 
R:GHL^EHIHKI:KM>=>E:<BN=:==> N>G<: LBGH=>E:LIKBG<BI:E>L<BN=:=>L=>E"<N:=HK <HFH
.NBMHR$N:R:JNBE 

  &$ $

):LLB>M>LN;<N>G<:LJN>L>>G<N>GMK:G>GE:O>KMB>GM>HKB>GM:E=>EM>KKBMHKBH=>E<:GM^G N>G<: 
IN>=>GL>KHK@:GBS:=:L>G=HL@KNIHLE:LJN>IKHO>>G=>:@N::E:<BN=:= RE:LJN>GH 0BG
>F;:K@H >GMH=:LL>A:<>>OB=>GM>NG<HG?EB<MH>GMK>E:L:<MBOB=:=>LIKH=N<MBO:L EHLIKH<>LHL
=>NK;:GBS:<B^GRE:>QBLM>G<B:=>EHL;HLJN>LG:MBOHL:G=BGHL "EF>M:;HEBLFHLH<B:E=>E:@N:
K>JNB>K>=>E:>QBLM>G<B:=>><HLBLM>F:LG:MBOHL IN>L>E<B<EH=>E:@N:=>I>G=>=BK><M:F>GM>
=>EF>M:;HEBLFH><HE^@B<H 0BG>F;:K@H E:=>F:G=:=>LN>EHI:K:E:L=B?>K>GM>L:<MBOB=:=>L
IKH=N<MBO:L R I:K:E: NK;:GBS:<B^G:F>G:S: E:>QBLM>G<B: =>>LMHL ><HLBLM>F:L  &K^GB<:F>GM> 
M:GMH >LM:L :<MBOB=:=>L  <HFH >EF>M:;HEBLFH LH<B:E  =>I>G=>G =BK><M:F>GM> =>E F>M:;HEBLFH
><HE^@B<HI:K:LNL>QBLM>G<B: 

"E IKBF>K @KNIH >LMW ?HKF:=H IHK E:L LN;<N>G<:L => EHL K[HL 1HF>;:F;:  6:GNG<:R R
*:<AWG@:K:  "G >LMHL MK>L K[HL L> >OB=>G<B: NG: LN>KM> => IKH<>LH => ><H @N;>KF>GM:EB=:=
$HE=F:G   %BFE>R   4:K=    =HG=> L> A: IKBHKBS:=H >E F>M:;HEBLFH NK;:GH 
M:GMH => N>G<: : GBO>E :@N:  <HFH =>E "<N:=HK : GBO>E >G>K@YMB<H  LH;K> >E F>M:;HEBLFH
KNK:E  ):L MK>L LN;<N>G<:L A:G LB=H BGM>KO>GB=:L  M:GMH M>KKBMHKB:EF>GM>  <HFH
BGLMBMN<BHG:EF>GM> I:K:@:K:GMBS:KE:<HGL>KO:<B^G=>LNL><HLBLM>F:LG:MBOHL !>>LM:F:G>K: 
>G>EE:LL>A:IKBHKBS:=HE:<HGL>KO:<B^G LH;K>>EF>M:;HEBLFH=>LNIH;E:<B^GKNK:E 

NGJN>>E<HG?EB<MHI:K><>K[:FWL=Y;BE>G>EK[H6:GNG<:R >GE:LMK>LLN;<N>G<:LL>K>O>E:NG
<HG?EB<MH >GMK> E: <HGL>KO:<B^G => EHL ><HLBLM>F:L G:MBOHL R E: IKH=N<<B^G :@KHI><N:KB: 
=B<BHG:EF>GM> >L<E:KHM:F;BYGNG<HG?EB<MH>GMK>E:IKH=N<<B^G:@KHI><N:KB: E:IKH=N<<B^G
BG=NLMKB:ER>E:@N:IHM:;E>I:K:EHLAH@:K>L 

"G >E <:I[MNEH <BG<H L> =BL<NMB^ R: <^FH EHL <:N=:E>L => EHL K[HL => N>G<: >LMWG
LH;K><HG<>LBHG:=HL >L=><BK JN>L>A::NMHKBS:=H:NL:KFWL:@N:=>E:JN>?[LB<:F>GM>MB>G>G
>LMHLK[HLL><<B^G   "LM>LH;K> <HG<>LBHG:FB>GMH:@N=BS:EHL<HG?EB<MHLIHK:@N:>GMK>EHL
=B?>K>GM>L NLHL  <HG?EB<MHL JN> :=>FWL LHG <K^GB<HL  ):L MK>L LN;<N>G<:L IK>L>GM:G NG:
<HFI>M>G<B:=BK><M:>GMK>E:IKH=N<<B^G:@K[<HE:R:E=HM:<B^G=>:@N:IHM:;E>I:K:E:<BN=:= 
"LM: <HFI>M>G<B: >L FNR ?N>KM> >G >E <:LH =>E K[H 1HF>;:F;:  ?N>KM> >G >E <:LH =>E K[H
*:<AWG@:K: R E>O>>G >E <:LH =>E K[H 6:GNG<:R "E <HG?EB<MHL> >QIK>L: IHK =HL O[:L NG:O[:
M>KKBMHKB:E R NG: O[:=> NLH =>:@N: 1>KKBMHKB:EF>GM>L> IKH=N<> NG<HG?EB<MH => NLH IN>LE:

 
<BN=:= BFIHG> F>=B=:L => <HGL>KO:<B^G I:K: @:K:GMBS:K >E F>M:;HEBLFH ><HE^@B<H R  => >L:
F:G>K: @:K:GMBS:KE:=HM:<B^G=>:@N:>LM:LF>=B=:L:?><M:G:E:IH;E:<B^GKNK:EJN>GHIN>=>
@:K:GMBS:K LN IKHIBH F>M:;HEBLFH :E O>K K>LMKBG@B=: LNL IHLB;BEB=:=>L => IKH=N<<B^G  ):
L>@NG=:O[: M:F;BYGL>IKH=N<>>GMK>E:<BN=:=RE:IH;E:<B^GKNK:E I>KH>L=BK><M:F>GM>IHK
>E NLH =>E :@N:  IN>L L> IKBHKBS: >E NLH I:K: >E <HGLNFH ANF:GH  LH;K> >E NLH I:K: E:
IKH=N<<B^G:@K[<HE: 

-HKHMKHE:=H >GE:L><<B^G   L>FN>LMK:<^FH>ENLH=>:@N:I:K:E:BG=NLMKB:>LF:RHKJN>


>ENLH=>:@N:I:K:EHLAH@:K>L ):L<HG<>LBHG>LBG=NLMKB:E>LL><HG<>GMK:G>GE:LLN;<N>G<:L=>
EHLK[HL1HF>;:F;: =>E:@N:NL:=:IHKE:BG=NLMKB: 6:GNG<:R =>E:@N:NL:=:
IHK E: BG=NLMKB: R *:<AWG@:K:   =>E :@N: NL:=: IHK E: BG=NLMKB: 1:;E:    !> >LM:
F:G>K:>L<E:KHM:F;BYGJN>>QBLM>NG:?N>KM><HFI>M>G<B:>GMK>>E:@N:I:K:EHLAH@:K>L >E
:@N:I:K:E::@KB<NEMNK: R>E:@N:I:K:E:BG=NLMKB: 0BG>F;:K@H =>:<N>K=H:E:<HGLMBMN<B^G
=>E"<N:=HK IKBF>KHL>=>;>L:MBL?:<>KE:LG><>LB=:=>L=>EHL=HLIKBF>KHLNLHL I:K:IH=>K
NL:K>E:@N:I:K:E:IKH=N<<B^GBG=NLMKB:E 

"E L>@NG=H @KNIH >LMW ?HKF:=H IHK EHL K[HL 1:KJNB  0B=<:R  ':=WG R N>G<:  "LMHL K[HL GH
IKHO>>G=>:@N::E:<BN=:==> N>G<: IHKEHJN>>LI><[?B<:F>GM>=>L=>>LM:E^@B<:<:K><>K[:G
=>BFIHKM:G<B:I:K:E:SHG:NK;:G: "LMHL>K>?E>C:>GJN>>EM>KKBMHKBH=>LNLLN;<N>G<:LGHA:
LB=H BGM>KO>GB=H GB M>KKBMHKB:E  GB BGLMBMN<BHG:EF>GM>  I:K: @:K:GMBS:K E: <HGL>KO:<B^G => EHL
><HLBLM>F:LG:MBOHL 

"GE:LN;<N>G<:=>EK[H1:KJNBL>>G<N>GMK:NGIHK<>GM:C>BFIHKM:GM>=>><HLBLM>F:LG:MBOHL 
EHL JN> <HFIBM>G M>KKBMHKB:EF>GM> <HG E: @:G:=>K[:  E:L IE:GM:<BHG>L ?HK>LM:E>L => >LI><B>L
>Q^MB<:L RE::@KB<NEMNK: GBO>ENLH=>:@N: >QBLM>NG:<HFI>M>G<B:FNR?N>KM>>GMK>>ENLH
I:K:E:@:G:=>K[:R>ENLHI:K:E::@KB<NEMNK: R:=B<BHG:EF>GM> =>>LM:L=HL<HG>ENLHI:K:EHL
AH@:K>L "L?NG=:F>GM:EM>G>K<E:KHJN>>EK[H1:KJNB>LMWLH;K><HG<>LBHG:=H IHKEHJN>>LM:
<HFI>M>G<B:FNRIKH;:;E>F>GM>L>MK:=N<BK[:>G<HG?EB<MHLL>KBHL 

)HLK[HL':=WGR0B=<:R >G<:F;BH IKW<MB<:F>GM>GHIHL>>G><HLBLM>F:LG:MBOHL )::<MBOB=:=


:@KHI><N:KB: LBFIE>F>GM> EHL A: >KK:=B<:=H  "L <E:KH JN> LN L:EN= ><HE^@B<: >LMW >G KB>L@H 
IN>LMHJN> >E LBLM>F:><HE^@B<HJN> EHLF:GMB>G> A:LB=HL>KB:F>GM> :?><M:=H NGJN>GH L>
<HGH<>EHL<:N=:E>L=>>LMHLK[HL IHKEHJN>GHL>IN>=>L:;>KLBA:GLB=HLH;K><HG<>LBHG:=HL 
E: >OB=>G<B: => E:L HMK:L LN;<N>G<:L FN>LMK: JN> FNR IKH;:;E>F>GM> LB EH A:G LB=H 
0>@NK:F>GM>>GE:SHG:>QBLM>GL>KBHL<HG?EB<MHLIHK>E:<<>LH:E:@N: 

 
#BG:EF>GM> >EK[H N>G<:IHKLN<:N=:EGHIK>L>GM:<HFI>M>G<B:>GMK>EHL=B?>K>GM>LNLHL=>E
:@N:  -HK HMKH E:=H  >L E: SHG: G:MNK:E => >QI:GLB^G NK;:G: => N>G<:  IHK EH EHL <HG?EB<MHL
IH=K[:GIK>L>GM:KL>:GBO>EM>KKBMHKB:E>GMK>EHLNLHL:@KHI><N:KBHLRNK;:G[LMB<HL 

"E F>M:;HEBLFH =>E :@N: >G N>G<: IK>L>GM: BG<HFI:MB;BEB=:=>L =BK><M:L <HG >E 0NF:D
(:PL:R  IN>L >G >E <:LH =>E IKBF>K @KNIH => K[HL  L> @:K:GMBS: >E ;B>G>LM:K => E: IH;E:<B^G
NK;:G: >G=>MKBF>GMH=>E:<:EB=:==>OB=:=>E:IH;E:<B^GKNK:E "LM:=BGWFB<:>L<HGMK:KB::E
IKBG<BIBH =>E ,6C9>
,6C9> E: K><BIKH<B=:= R E: K>=BLMKB;N<B^G  R M:F;BYG <HGMK:LM: <HG E:
;`LJN>=:=>NG:OB=:=B@G:R>G:KFHG[:>GMK>EHLL>K>LANF:GHL 0BJNB>K>A:;E:K=>0NF:D
(:PL:R GHL>=>;>>G?K>GM:K:E:*68=6B6B6R:E:I>KLHG: R>LM>MBIH=>=BGWFB<:LEHA:<> ):
:KFHG[:>GMK>E:*68=6B6B6RE:LH<B>=:=GH>LIHLB;E>LBE:<HGL>KO:<B^GBFIEB<:F>GHL<:;:KE:
<:EB=:==>OB=:=>E:@>GM> 

"G >E L>@NG=H @KNIH => K[HL LN<>=> EH <HGMK:KBH  IN>L L> A: L:<KB?B<:=H E: LNLM>GM:;BEB=:=
><HE^@B<: I:K: E: IKH=N<<B^G @:G:=>K: R :@K[<HE:  EH JN> >L =BK><M:F>GM> HIN>LMH :E 0NF:D
(:PL:R IN>LMHJN>GHL>IN>=>L:<KB?B<:K:E:*68=6B6B6 

1:GMH E:<HFI>M>G<B::GBO>EM>KKBMHKB:E>GMK>E:IH;E:<B^GKNK:ERE:IH;E:<B^GNK;:G: :L[<HFH


E: <HFI>M>G<B: IHK >E :<<>LH :E :@N:  =>;>G L>K >LMN=B:=:L F:RHK IKH?NG=B=:=  I:K: IH=>K
IKHIHG>KIHE[MB<:LJN>>G?K>GM>G>LM:IKH;E>FWMB<:>G>E<HGM>QMH=>E0NF:D(:PL:R NGJN>
GHL>A:M>GB=H:<<>LH:>LMN=BHLLH;K>E:BG>JNB=:=>GE:=BLMKB;N<B^G=>E:MB>KK:>G>LM:SHG: 
EHL =B:@G^LMB<HL K>:EBS:=HL IHK 0"+-)!"0 >G  R   FN>LMK:G JN> >G >E "<N:=HK E:
BG>JNB=:= >G E: =BLMKB;N<B^G => E: MB>KK: >L FNR :EM:  LBG >F;:K@H  >E WK>: => N>G<: L>
<:K:<M>KBS:IHKNG:IKH?NG=:FBGB?NG=BS:<B^G :NGJN>>GE:LN;<N>G<:=>EK[H1:KJNB>QBLM:G
@K:G=>L):MB?NG=BHL *NRIKH;:;E>F>GM> E:FBGB?NG=BS:<B^GL>=>;::E:=B?B<NEM:==>:<<>LH:
E:MB>KK:IKH=N<MBO: R>LM:;`LJN>=:=>MB>KK:IKH=N<MBO:>LE:JN>IK>LBHG:K[::E:IH;E:<B^G
KNK:E : MK:GL?HKF:K EHL ><HLBLM>F:L G:MBOHL >G WK>:L => IKH=N<<B^G :@KHI><N:KB: 
=>L>G<:=>G:G=H E: <HFI>M>G<B: M>KKBMHKB:E >GMK> EHL ><HLBLM>F:L G:MBOHL R E: IKH=N<<B^G
:@KHI><N:KB: 

0BMHF:FHLGN>O:F>GM>E:=>?BGB<B^G=>E0NF:D(:PL:Rde Ramírez (2010) “A68DCH:8J8>TC9:A


;ADG:8>B>:CID 9: ID9DH N ID96H :C E6O N 6GBDCR6 8DC A6 C6IJG6A:O6  N A6 EGDADC<68>TC >C9:;>C>96 9: A6H
8JAIJG6H =JB6C6H”, se hace evidente que la organización territorial del cantón Cuenca, y su
F>M:;HEBLFHLH<B:E=>E:@N: LHGBG<HFI:MB;E>L<HG>LM>I:K:=B@F: 

 
,;H?@7: &$ $

"E H;C>MBOH => >LM> MK:;ajo fue “:HIJ9>6G ADH EGD8:HDH 9: 6EGDE>68>TC =JB6C6 9:A 6<J6 :C :A 86CITC
J:C86  8J69DG  N HJH G:A68>DC:H 8DC A6 :HIGJ8IJG68>TC 9:A I:GG>IDG>D”. Se escogió al Ecuador por
A:;>K:=HIM:=H>EI:K:=B@F:=>E-JB6@%6LH6N<HFHIHE[MB<:=>>LM:=H RIHKEHLIKH?NG=HL
<:F;BHLBGLMBMN<BHG:E>LJN>L>>LMWGIKH=N<B>G=H>G>LM>I:[L  >LI>K:G=HJN>>LM>MK:;:CHL>:
NG @K:GH => :K>G: FWL >G >E <:FBGH A:<B: E: LNLM>GM:;BEB=:= ><HE^@B<:  =B<BHG:EF>GM>  E:
<:EB=:==>E:BG?HKF:<B^G=BLIHGB;E>M:F;BYG?N>NG?:<MHKBFIHKM:GM>I:K:E:=><BLB^G "G>L>
<HGM>QMH E:<BN=:==> N>G<: >LNGK>?>K>GM>=>GMKH=>EI:[L >BG<ENLH:GBO>EBGM>KG:<BHG:E 
=>;B=H:LN@>LMB^G=>E:@N:RM:F;BYG:LNL>L?N>KSHL>GE:<HGL>KO:<B^G=>E:;BH=BO>KLB=:= 
-HKEHJN>L><HGLB=>K^JN>>K:NG<:LH=>>LMN=BHB=>:E "EMK:;:CHL>K>:EBS^M:GMH:GBO>E?[LB<H 
<HFH:GBO>EI>K<>IMN:E 

  &$ $%  M$

"LM> MK:;:CH <HF;BG^ =HL MBIHL => F>MH=HEH@[:L  NG: JN> I>KFBMB>K: >LMN=B:K E: LN;C>MBOB=:=
ANF:G: RHMK:JN>>LMN=B:K:>ELBLM>F:LH<BH ><HE^@B<H=>?HKF:?[LB<:RFNEMB>L<:E:K 

): F>MH=HEH@[: NL:=: I:K: >LMN=B:K E: LN;C>MBOB=:= ANF:G: ?N> >E FYMH=H .  "LM> FYMH=H 
<HFH <N:EJNB>K HMKH FYMH=H  MB>G> O>GM:C:L R =>LO>GM:C:L  1:E O>S  >GMK> LNL ?HKM:E>S:L FWL
BFIHKM:GM>L>LMY>EA><AHJN>I>KFBM>>OB=>G<B:KE:L<HGMK:=B<<BHG>LBGA>K>GM>L:EI>GL:FB>GMH
ANF:GH )HA:<>R:JN>E:LK>?E>QBHG>LREHL=>M:EE>LLH;K>EHLM>F:LBG=:@:=HL LHGIE:GM>:=HL
IHKE:LI>KLHG:L>GMK>OBLM:=:L IN>L=>>EE:LLNK@>GEHL:E>@:MHLHI6I:B:CIH<HGEHLJN>MK:;:C: 
"LM>L>G<BEEH=>M:EE> JN>IH=K[:I:K><>KLNI>K?B<B:E >LMK:L<>G=>GM> R:JN>>OB=>G<B:LNMBE>S:LR
I>K<>I<BHG>L JN> FNR IKH;:;E>F>GM> IN>=>G GH L>K <HGLB=>K:=:L IHK E: JNB>G K>:EBS: E:
BGO>LMB@:<B^G 0N?HKM:E>S:?NG=:F>GM:E >L LBG >F;:K@H >EA><AHJN><HFI:K: R<HGMK:LM: >E
I>GL:FB>GMH => I>KLHG:L => ?HKF: BGM>@K:E  R GH => K>LIN>LM:L : IK>@NGM:L >LI><[?B<:L  "LM>
IKH<>LH >L >E JN> E> I>KFBM>  : MK:OYL => EHL =B?>K>GM>L :GWEBLBL F:M>FWMB<HL JN> NMBEBS: 
<HKK>E:<BHG:K : E:L I>KLHG:L >G ?:<MHK>L  JN> LHG MK:=N<B=HL >G =BL<NKLHL LH<B:E>L >LI><[?B<HL 
"LMH`EMBFH>LIKH?NG=:F>GM>=B?>K>GM>:<HGMK:LM:KIK>@NGM:L <HFHLN<>=>>GNG:>G<N>LM: 

2G: => LNL ?HKM:E>S:L : GBO>E HI>K:MBOH  BK^GB<:F>GM>  >L I>K<B;B=: <HFH NG: =>;BEB=:=  "LM:
?HKM:E>S: <HGLBLM> >G JN> >E FYMH=H . K>JNB>K> >GMK>OBLM:K : NG: <:GMB=:= => I>KLHG:L
:I:K>GM>F>GM>;:C: EL>KEHL:E>@:MHL>ENGBO>KLH=>=:MHL >EM:F:]H=>FN>LMK:=>;>>LM:K
K>E:<BHG:=H<HG=B<AHL:E>@:MHL RGH<HGE:LI>KLHG:L IHKEHJN>E:<:GMB=:==>@>GM>JN>L>

 
G><>LBM: I:K: L>K >GMK>OBLM:=: @>G>K:EF>GM> >L I>JN>]:  R IN>=> L>K F:G>C:=: IHK NG: LHE:
I>KLHG: 0BG>F;:K@H >LM:O>GM:C:IN>=>L>KI>K<B;B=:<HFHNG:=>;BEB=:= R:JN>>L<HF`G
<HG?NG=BK >E NGBO>KLH => =:MHL  >L =><BK  JN> L> :LNF> JN> =B<AH NGBO>KLH >LMW ?HKF:=H IHK
I>KLHG:L RGHIHK:E>@:MHL 0BL>IKH=N<>=B<A:<HG?NLB^G >OB=>GM>F>GM>E:FN>LMK:MHF:=:
=>;>K[: >LM:K ?HKF:=: IHK I>KLHG:L  R >G >L> <:LH >E M:F:]H => FN>LMK: ?BC:=H I:K><>K[:
BGLN?B<B>GM> 

):L =>;BEB=:=>L => . GH G><>L:KB:F>GM> >LMWG K>E:<BHG:=:L <HG >E M:F:]H => FN>LMK: 
HGLB=>K:FHLJN>>LM:L=>;BEB=:=>L>LMWGFWLK>E:<BHG:=:L<HG>E=BL>]H=>E:BGO>LMB@:<B^GR
<HG>E:GWEBLBL=>=:MHL

  "EIKBF>KIKH;E>F:<HG>EJN>NGHL>>G<N>GMK::E:IEB<:K>LM>FYMH=H >LJN>GH>LMW
<E:KH <^FH =>?BGBK <NWGM: @>GM> >GMK>OBLM:K I:K: H;M>G>K >E <HG<NKLH BGB<B:E =>
:E>@:MHL  :L[ <^FH  <N:GM:L <E:LB?B<:<BHG>L . L> K>JNB>K>G  "L =><BK  JN> GH L> IN=H
>G<HGMK:KNGFYMH=H<E:KHI:K:<:E<NE:K<NWE>L>EM:F:]H=>FN>LMK:=>:E>@:MHL R
M:FIH<H I:K: <:E<NE:K E: <:GMB=:= F[GBF: => <E:LB?B<:<BHG>L . I:K: JN> EHL
K>LNEM:=HLL>:GK>IK>L>GM:MBOHL 
  "E L>@NG=H IKH;E>F:  >G <:F;BH  L> K>?B>K> : E: L>E><<B^G => JNB>G>L =>;>G L>K
>GMK>OBLM:=HL  R => JNB>G>L =>;>G K>:EBS:K E: <E:LB?B<:<B^G .  "LMH =>I>G=>
=BK><M:F>GM>=>E:=BL<K><BHG:EB=:==>JNB>GBGO>LMB@: 
 "E M>K<>K IKH;E>F:  FWL JN> NG IKH;E>F:  >L NG >KKHK <HF`G  -:K: IH=>K :IEB<:K
<N:EJNB>K:=>EHL=HL:GWEBLBL?:<MHKB:E>L<HGEHLJN>MK:;:C:. >L=><BK >E:GWEBLBL=>
<HFIHG>GM>L IKBG<BI:E>L -  H >E :GWEBLBL => <>GMKHB=>L  L> K>JNB>K> BG=N<BK NG:
=BLMKB;N<B^GGHKF:E=>EHL=:MHL>GE:L<E:LB?B<:<BHG>L. !>EH<HGMK:KBH R:JN>GH
MH=:LE:L<E:LB?B<:<BHG>L.IHL>>GNG:=BLMKB;N<B^GGHKF:E=>EHL=:MHL LHE:F>GM>L>
IN>=>:IEB<:K>E:GWEBLBL=><>GMKHB=>L =>;B=H:JN>>E- >LNG:IKN>;:>LM:=[LMB<:
IKHIB:=>E:>LM:=[LMB<:I:K:FYMKB<: "LNG>KKHK<HF`G:IEB<:KNG- :=:MHLJN>
GHK>LIHG=>G:NG:=BLMKB;N<B^GI:K:FYMKB<: 
 #BG:EF>GM>  E: `EMBF: =>;BEB=:=  L> K>?B>K> : E: >LMKN<MNK:<B^G => E: G:KK:MBO: => EHL
=BL<NKLHL  -:K: A:<>KEH  L> K>JNB>K> FN<A: KB@NKHLB=:=  R L>@NBK >LMKB<M:F>GM> E:L
>GMK>OBLM:LK>:EBS:=:L M:GMHI:K:E:H;M>G<B^G=>E<HG<NKLHBGB<B:E=>:E>@:MHL <HFH
=NK:GM> E: K>:EBS:<B^G => E:L <E:LB?B<:<BHG>L .  0> =>;> K><HK=:K JN> >L >E :GWEBLBL
>LM:=[LMB<H=>EFYMH=H.>EJN>=>?BG>EHL?:<MHK>L RIHKM:GMH EHL=BL<NKLHL EHJN>
>EBFBG: =KWLMB<:F>GM> E: BG<B=>G<B: => JNB>G BGO>LMB@:  0BG >F;:K@H  LB E:
BGO>LMB@:=HK: H BGO>LMB@:=HK GH L> <B]> : E:L >GMK>OBLM:L  E:G:KK:MBO: JN> <HGLMKNR:

 
IN>=><HGM:FBG:KL>=>F:G>K:BFIHKM:GM><HGLNLI>K<>I<BHG>L "LM:<HGM:FBG:<B^G
>LBG>OBM:;E> LBG>F;:K@H L>IN>=>K>=N<BK=>F:G>K:BFIHKM:GM>LNBG<B=>G<B: 

"E IKH;E>F: =>E M:F:]H => FN>LMK:  IH=K[: L>K K>LN>EMH :IEB<:G=H NG FYMH=H IKHIBH => E:
><HEH@[: => IH;E:<BHG>L  "G >LM: K:F: => E: ><HEH@[:  K:K:F>GM> L> <HGH<> >E M:F:]H => E:
IH;E:<B^GJN>L>>LMWBGO>LMB@:G=H IHKEHJN>>LFNR=B?[<BE=>?BGBK>EM:F:]H=>FN>LMK: -:K:
>G?K>GM:K >LM> IKH;E>F:  L> NMBEBS: >E FYMH=H => <:IMNK: R K><:IMNK:  !B<A: F>MH=HEH@[:
<HGLBLM>>G<:IMNK:K:EHLBG=BOB=NHL F:K<:KEHLREB;>K:KEHL RL><HGLB=>K:JN>L>A::E<:GS:=H
NG M:F:]H => FN>LMK: K>IK>L>GM:MBOH  <N:G=H E: M:L: => K><:IMNK:L LNI>K: NG E[FBM>
IK>OB:F>GM>=>?BGB=H 1K:=N<B>G=H>LMH:EFYMH=H. L>IH=K[:K>:EBS:K>GMK>OBLM:LA:LM:JN>E:
M:L:=>:E>@:MHLK>I>MB=HL:E<:G<>NGHLE[FBM>LIK>OB:F>GM>>LM:;E><B=HL 

"G >E <:LH I:KMB<NE:K => >LM> MK:;:CH  E:L =>;BEB=:=>L B=>GMB?B<:=:L GH ?N>KHG NG IKH;E>F: 
IHKJN>IHKNGE:=H >GE:L>GMK>OBLM:LL>>OB=>G<B^NG::EM:K>I>MB<B^G=>:E>@:MHL EHJN>BG=B<:
JN>>EM:F:]H=>FN>LMK:?N>EHLN?B<B>GM>F>GM>@K:G=><HGK>E:<B^G:ENGBO>KLH=>:E>@:MHL 6
IHKHMKHE:=H =>;B=H:EHLH;C>MBOHL=>EMK:;:CH I:K:E:K>:EBS:<B^G=>E:L<E:LB?B<:<BHG>L.L>
MK:;:C^>Q<ENLBO:F>GM><HGE:LBGLMBMN<BHG>LK>E:<BHG:=:L<HG>EM>KKBMHKBH >L<H@B=:L=>:<N>K=H
: E: HGLMBMN<B^G =>E "<N:=HK  R : EHL :<MHK>L <E:O> <HG EHL JN> MK:;:C: E: FNGB<BI:EB=:= =>
N>G<:  "LMH I>KFBMB^ <N;KBK : E: F:RHK I:KM> => >EE:L  >Q<>=B>G=H EHL M:F:]HL => FN>LMK:
<:E<NE:=HLIHK<N:EJNB>KFYMH=HJN>IN>=:L>K:IEB<:=H =B<BHG:EF>GM> >EFYMH=H>LM:=[LMB<H
NL:=H ?N> >E :GWEBLBL => <>GMKHB=>L  R L> LB@NB^ >LMKB<M:F>GM> E:L >GMK>OBLM:L I:K: E:
>LMKN<MNK:<B^G=>E:LG:KK:MBO:L 

): :IEB<:<B^G >G >LM> MK:;:CH =>E FYMH=H . ?N> ?NG=:F>GM:E I:K: IH=>K >GM>G=>K <^FH L>
IKH;E>F:MBS:G EEHL: ?>G^F>GHL LH<BH ><HE^@B<HL  R <HGL><N>GM>F>GM> <^FH L> @>LMBHG:G  IHK
I:KM>=>E:LBGLMBMN<BHG>LI`;EB<:LK>LIHGL:;E>L 

"E GWEBLBL *NEMB>L<:E:K =>E *>M:;HEBLFH 0H<B:E R "<HE^@B<H *N0&0"*  >G <:F;BH  >L NG
FYMH=H JN> >LMN=B: => F:G>K: ?[LB<: EHL ?ENCHL => F:M>KB:E>L  >G>K@[: H :@N: JN> O:G =>E
LBLM>F: ><HE^@B<H :E LBLM>F: LH<BH ><HE^@B<H  R <^FH L> =BLMKB;NR>G =>GMKH => >LM> `EMBFH  "E
*N0&0"*>LNGFYMH=H>QMK>F:=:F>GM>IHM>GM>RKH;NLMH RI>KFBM>>O:EN:K >GMK>FN<A:L
<HL:LE:LNLM>GM:;BEB=:==>NGLBLM>F: 0NIKBG<BI:E<:K:<M>K[LMB<:>LJN><HGM>QMN:EBS::ELBLM>F:
>G >LMN=BH >G NG: C>K:KJN[: =>M>KFBG:=:  I>KFBMB>G=H <HGMK:LM:K : EHL LBLM>F:L JN> EH
<HGMB>G>G <HGEHL=B?>K>GM>LLN;LBLM>F:LJN>EH<HG?HKF:G "E*N0&0"* IHKHMKHE:=H >LNG
FYMH=HFNR:=:IM:;E> IN>LL>IN>=>LN;BK>GE:C>K:KJN[:M:GMH<HFHL>:G><>L:KBH :L[<HFH
M:F;BYG =>L<>G=>K>G>EE: "LMHLB@GB?B<:JN>K>:EF>GM>I>KFBM>>OB=>G<B:K<^FHL><HFIHKM:

 
>E F>M:;HEBLFH => NG: LH<B>=:=  :L[ <^FH  <NWE>L LHG EHL IKH<>LHL JN> =>M>KFBG:G LN
LNLM>GM:;BEB=:=HBGLNLM>GM:;BEB=:= 2G>E>F>GMHK>E>O:GM>:=>LM:<:K >LJN>>E>LMN=BH=>EHL
GBO>E>LLNI>KBHK>L=>E:C>K:KJN[:K>JNB>K>MK:;:C:K<HG=:MHL:;LHENMHL:GBO>E?[LB<H IHKEHJN>
L>MK:;:C:<HG>ENGBO>KLH<HFIE>MH=>=:MHLRGH<HGFN>LMK:L EHJN>E>=::>LM>FYMH=HNG:
?HKM:E>S:RNG:KB@NKHLB=:=FNRBFIHKM:GM>L "E*N0&0"*K>JNB>K>=>FN>LMK>HLHE:F>GM>
<N:G=HL>:G:EBS:>EF>M:;HEBLFH:GBO>EAH@:K>L "LM>FYMH=H IHKHMKHE:=H I>KFBM>M:F;BYG
A:<>K:GWEBLBLFNEMBM>FIHK:E>L <HGEHJN>L>IN>=>GB=>GMB?B<:KM>G=>G<B:L ?NG=:F>GM:E>LI:K:
E: IKH=N<<B^G => IHE[MB<:L  "LM> FYMH=H I>KFBM> >QIEHM:K @K:G I:KM> =>E IHM>G<B:E JN> E:
BG?HKF:<B^G<KN=:M>G@: 

"E*N0&0"* IHKLNKH;NLM>SR?E>QB;BEB=:= MB>G>NGIHM>G<B:E>GHKF><HFHA>KK:FB>GM:=>


:IHRH:E:IKH=N<<B^G=>IHE[MB<:LI`;EB<:L RM:F;BYG<HFH:IHRH:HMK:L=BL<BIEBG:L<HFHE:
;BHEH@[:=>E:<HGL>KO:<B^G HE:><HEH@[:IHE[MB<: 

): =>LO>GM:C: ?NG=:F>GM:E =>E *N0&0"* L> K>?B>K> : E: =BLIHGB;BEB=:= R : E: <:EB=:= => E:
BG?HKF:<B^G <HG E: JN> L> MK:;:C:  &G=>I>G=B>GM>F>GM> => LB E: BG?HKF:<B^G >L I`;EB<: H
IKBO:=:  YLM: GH LB>FIK> >L E>O:GM:=:  LBLM>F:MBS:=: R HK@:GBS:=: :=><N:=:F>GM>  H
LBFIE>F>GM>GHL>E>O:GM: -HKHMKHE:=H >QBLM>FN<A:BG?HKF:<B^GJN>IN>=>L>K<HGLB=>K:=:
<HFHL>GLB;E>H>LMK:MY@B<: GN>O:F>GM>M:GMH:GBO>EI`;EB<H<HFHIKBO:=H EHJN>A:<>JN>
:<<>=>K : >EE: L>: FNR =B?[<BE H BFIHLB;E>  -HK >C>FIEH  E: >QMK:<<B^G R IKH=N<<B^G => :@N:
IHM:;E> >L FNR L>GLB;E> I:K: NG: >FIK>L: IKBO:=:  FB>GMK:L JN> >L NG: H;EB@:<B^G
MK:GLI:K>GM:KE:I:K:NG:>FIK>L:I`;EB<: 

"G>E<:LH=>M>MK:;:CH EHLK>LNEM:=HL=>E::IEB<:<B^G=>NG>G?HJN>LBLMYFB<HRFNEMB>L<:E:K
A:GK>O>E:=HBGM>K:<<BHG>LRIKH<>LHL JN>LHG=B?[<BEF>GM>>OB=>G<B:=HL:EA:<>K>LMN=BHL=>
?HKF: ?K:<<BHG:=:  !> >LM: F:G>K:  E: :IEB<:<B^G =>E *N0&0"* A: LB=H ?NG=:F>GM:E I:K:
IH=>K <HGLMKNBK NG: BF:@>G =>E F>M:;HEBLFH =>E :@N: => N>G<:  R LN IKH;E>FWMB<: LH<BH
><HE^@B<: 

#BG:EF>GM>  E: <HF;BG:<B^G => EHL =HL FYMH=HL  >E FYMH=H . R >E *N0&0"*  A: I>KFBMB=H
<HGMK:LM:K>GMK>NGK>:EB=:=I>K<B;B=:RNG:K>:EB=:=?[LB<: "LM><HGMK:LM>A:LB=H?NG=:F>GM:E
I:K:>OB=>G<B:KI:KM>=>EHLIKH<>LHLJN>I>KFBM>G>QIEB<:KE:>LMKN<MNK:<B^G=>ENLH=>ELN>EH
>GNGM>KKBMHKBH >G>LM><:LH >EM>KKBMHKBH=>E<:GM^G N>G<: 

 

 &$ $$ # $#$&% $

.0-.'!'<,&3+,"#*%3#,#*!,2<,3#,!

):<BN=:==> N>G<: L>:LB>GM:>GE:O>KMB>GM>:F:S^GB<:=>EM>KKBMHKBH=>E<:GM^G N>G<: JN>


>L=HG=>OBO>>E=>LNIH;E:<B^G "G>LM:O>KMB>GM>R=>GMKH=>EM>KKBMHKBH=>>LM><:GM^G 
>QBLM>GLB>M>LN;<N>G<:L LBG>F;:K@H E:<BN=:=MHF::@N:=>MK>L=>>LHLK[HL>E1HF>;:F;: 
>E 6:GNG<:R R >E *:<AWG@:K:  ):F>GM:;E>F>GM>  GH L> <HGLB@NB^ BG?HKF:<B^G LH;K> EHL
<:N=:E>L=>=HL=>E:LLB>M>LN;<N>G<:LE:L=>EHLK[HL':=WGR0B=<:R 

GBO>E@EH;:E L>>G<HGMK^JN>>E<:GM^G N>G<:NL:F>GHL:@N:=>E:JN>>LMW=BLIHGB;E> ):


=>F:G=:=>:@N:>JNBO:E>:E =>E<:N=:E=BLIHGB;E> JN>=:G=HEB;K>NG<:N=:ELNI>KBHK:E
<:N=:E ><HE^@B<H  =>E <:N=:E F>=BH  0BG >F;:K@H  :E >LMN=B:K <:=: LN;<N>G<: => ?HKF:
BG=>I>G=B>GM>  E: ABLMHKB: <:F;B: =KWLMB<:F>GM>  IN>L >QBLM>G >OB=>G<B:L => JN> EHL K[HL
1HF>;:F;: 6:GNG<:R *:<AWG@:K: 1:KJNB >LM:K[:GLHF>MB=HL?K><N>GM>F>GM>:LBMN:<BHG>L
=> >LMKYL><HE^@B<H L>O>KH  > BG=B<BHL =>JN> M:F;BYG EH >LM:K[:GEHL K[HL0B=<:RR':=WG "LMH
=>FN>LMK:JN>>L?NG=:F>GM:E RM:EO>SBG=BLI>GL:;E> JN>E:IKH;E>FWMB<:LH<BH ><HE^@B<:L>:
>LMN=B:=:<HGNG>G?HJN>LBLMYFB<HRFNEMB>L<:E: >L=><BK JN>L>:G:EB<>GR<HFI:K>GO:KBHL
GBO>E>L=>ELBLM>F::EFBLFHMB>FIH 

1H=HL EHL K[HL IHL>>G NG <B<EH :GN:E LBFBE:K  HFB>GS:G >E :]H >G >G>KH <HG <:N=:E>L ;:CHL
=B<AHL<:N=:E>LL><HFB>GS:G:K><NI>K:K>G?>;K>KH I:K::E<:GS:KLNLFWQBFHL>G:;KBE F:RH
RCNGBH "GCNEBH<HFB>GS:G:<:>KEHLF>L>L=><:N=:E>LFWL;:CHLLHG:@HLMH L>IMB>F;K>R
H<MN;K> "GH<MN;K>L><HFB>GS:G:K><NI>K:K I>KHON>EO>G:<:>K>G=B<B>F;K>R>G>KH )HL
F>L>L=>>LMKYL><HE^@B<HL>K[:GCNEBH :@HLMH L>IMB>F;K> H<MN;K> =B<B>F;K>R>G>KH 

!>F:G>K:@>G>K:E EHL:]HL=>>LMKYL><HE^@B<HL>O>KH?N>KHG  R ):<:[=:


=><:N=:E>L=>E?N>M:GL>KB: JN>>EI:[L>GM>KHLN?KB^<HKM>L=>>E><MKB<B=:= =>;B=H:E:
?:EM: => :@N: >G E: K>IK>L: => -:NM> *HEBGH "E 2GBO>KLH   "E HF>K<BH 
   

 I>L:K =>E <B<EH ><HE^@B<H => EHL K[HL  E: >L<:L>L => :@N: GH >L G:MNK:E  >L NG ?>G^F>GH
LH<B:EF>GM> <HGLMKNB=H  )HL <:N=:E>L => EHL K[HL 1HF>;:F;:  *:<AWG@:K: R 1:KJNB L>
>G<N>GMK:GLH;K><HG<>LBHG:=HL >LI><B:EF>GM>>E`EMBFH "LMHLB@GB?B<:JN>L>A::NMHKBS:=H>E
NLH=>FWL:@N:JN>E:JN>?[LB<:F>GM>=BLIHG>G>LMHLK[HL EHJN><:NL:K[:E:L=KWLMB<:L<:[=:L
=> LNL <:N=:E>L >G EHL I>K[H=HL JN> ><HE^@B<:F>GM> L> <HKK>LIHG=>G <HG <:N=:E>L ;:CHL  R
M>GB>G=H BFI:<MH : GBO>E EH<:E R G:<BHG:E  )HL K[HL 6:GNG<:R R N>G<:  GH L> >G<N>GMK:G

 
LH;K><HG<>LBHG:=HL :=B<BHG:EF>GM>LNL<:N=:E>LF[GBFHL@>G>K:EF>GM>LHGFWL:EMHLHFNR
<>K<:GHL:EHL<:N=:E>L:F;B>GM:E>L 

GBO>E:GN:E E:L<HG<>LBHG>L=>:@N:=>EHLK[HL1HF>;:F;:R*:<AWG@:K: GHI>KFBMBK[:G


JN> <BK<NE> >E <:N=:E ><HE^@B<H  =>E <:N=:E F>=BH  "E K[H 1:KJNB  IHK HMKH E:=H  >LMW
:EM:F>GM> LH;K><HG<>LBHG:=H  IN>L E:L <HG<>LBHG>L =>C:K[:G EB;K> LHE:F>GM> NG  => LN
<:N=:E >L=><BK NGO:EHKFNRBG?>KBHK:EHL<:N=:E>L:F;B>GM:E>LR:EHL<:N=:E>L><HE^@B<HL 

GBO>EF>GLN:EE:I>KLI><MBO:>LFWL@K:O> IN>LEHLK[HL1HF>;:F;: *:<AWG@:K:R1:KJNB


>LM:K[:G LHF>MB=HL : >LMKYL ><HE^@B<H E: F:RHK I:KM> =>E :]H  "LMHL K[HL >LMWG
LH;K><HG<>LBHG:=HL  EH JN> G><>L:KB:F>GM> L> MK:=N<> >G >LMKYL ><HE^@B<H FNR L>O>KH  "E K[H
1HF>;:F;:L>>G<N>GMK:LH;K><HG<>LBHG:=H>GEHLF>L>L>G>KH :@HLMH L>IMB>F;K>RH<MN;K>
>E K[H *:<AWG@:K: =NK:GM> >E F>L => H<MN;K> R >E K[H 1:KJNB =NK:GM> EHL F>L>L => >G>KH 
?>;K>KH  CNEBH  :@HLMH  L>IMB>F;K>  H<MN;K>  GHOB>F;K> R =B<B>F;K>  >L =><BK  >G H<AH => 
F>L>L  =B<BHG:EF>GM>  EHL <:N=:E>L <HG<>LBHG:=HL BFI>=BK[:G E: <BK<NE:<B^G => NG <:N=:E
:F;B>GM:E   =>E <:N=:E F>=BH  M:F;BYG >G O:KBHL F>L>L =>E :]H  "G >E <:LH =>E K[H
1HF>;:F;: >LMH L> IKH=N<> =NK:GM> EHL F>L>L => GHOB>F;K> R =B<B>F;K> >G >E K[H
*:<AWG@:K:=NK:GM>EHLF>L>L=>>G>KH L>IMB>F;K>RGHOB>F;K>R>G>EK[H1:KJNB >LMHGH
LN<>=>K[:  #BG:EF>GM>  EHL <:N=:E>L <HG<>LBHG:=HL >OBM:K[:G E: <BK<NE:<B^G => NG <:N=:E
><HE^@B<H=NK:GM>EHLF>L>L=>?>;K>KHRCNEBH>G>EK[H1HF>;:F;:?>;K>KH F:KSH :@HLMHR
=B<B>F;K> >G>EK[H*:<AWG@:K:F:KSHRCNGBH >G>EK[H1:KJNB 

"G>LM><HGM>QMH >EK[H1HF>;:F;:>LM:K[:LHF>MB=H:NG>LMKYL><HE^@B<HFNRL>O>KH=NK:GM>
<N:MKH F>L>L :E :]H  >E K[H *:<AWG@:K: =NK:GM> NG F>L :E :]H  R >E K[H 1:KJNB =NK:GM> H<AH
F>L>L:E:]H =B<BHG:EF>GM> L>@>G>K:K[:GLBMN:<BHG>L=>>LMKYL><HE^@B<HL>O>KH>L=><BK JN>
GH<BK<NE:K[:>E<:N=:E:F;B>GM:E =NK:GM>=HLF>L>L>G>EK[H1HF>;:F;: MK>LF>L>L>G>EK[H
*:<AWG@:K:  R GH LN<>=>K[: >G >E K[H 1:KJNB  #BG:EF>GM>  L> IK>L>GM:K[: LBMN:<BHG>L => >LMKYL
><HE^@B<H>L=><BK <:N=:E>LBG?>KBHK>L:E<:N=:E><HE^@B<H =NK:GM>=HLF>L>L:E:]H >G>E<:LH
=>EK[H1HF>;:F;:<N:MKHF>L>L >G>E<:LH=>EK[H*:<AWG@:K:R=HLF>L>L>G>E<:LH=>EK[H
1:KJNB  !> >LM: F:G>K:  >LMHL K[HL LN?KBK[:G :E@`G GBO>E => >LMKYL ><HE^@B<H =NK:GM> E: F:RHK
I:KM>=>E:]HH<AHF>L>LEHLK[HL1HF>;:F;:R*:<AWG@:K: RF>L>L>EK[H1:KJNB 

"LM: =BGWFB<: => EHL <:N=:E>L GH L> A: MK:=N<B=H >G EBFBM:<BHG>L >G >E :<<>LH :E :@N: >G E:L
SHG:LNK;:G:L=>E:<BN=:==> N>G<: E:K:S^GFWLIKH;:;E>>LJN>E:LMHF:L=>>QMK:<<B^G=>
:@N: I:K: E:L MK>L IE:GM:L => IHM:;BEBS:<B^G L> >G<N>GMK:G >G E: SHG: F>=B: :EM: => E:L
LN;<N>G<:L => EHL K[HL 1HF>;:F;: *:<AWG@:K:R 6:GNG<:R K>LI><MBO:F>GM> E L>K K[HL =>

 
:EMNK: >LM:LSHG:LGHLHGE:LFWL:IM:LI:K:E:L:<MBOB=:=>L:@KHI><N:KB:L IHKEHJN>E:F:RHK
I:KM> => E:L <HG<>LBHG>L L> >G<HGMK:K[:G K[H :;:CH => =B<A:L MHF:L  -HK HMKH E:=H  >LMH A:K[:
LNIHG>KJN>GH>QBLM>NG<HG?EB<MH>OB=>GM>>GMK>>E:@N:IHM:;E>R>E:@N:I:K:E:IKH=N<<B^G
:@KHI><N:KB:  !> >LM: F:G>K:  >QBLM> NG: :I:K>GM> :EM: =BLIHGB;BEB=:= => :@N: >G E: SHG:
NK;:G: EHJN>>LLBG=N=:NG:=>M>KFBG:GM>?NG=:F>GM:EI:K:LNL:EMHL<HGLNFHL=>:@N: 

!>>LM:F:G>K: >EK[H1HF>;:F;:>LM:K[:?NG=:F>GM:EF>GM>=>=B<:=H:E:=HM:<B^G=>:@N:
I:K: EHL AH@:K>L  =>E <:N=:E >QMK:[=H  E: BG=NLMKB:   =>E <:N=:E >QMK:[=H R E:
:@KB<NEMNK: =>E<:N=:E>QMK:[=H ):LIKBG<BI:E>LIK>LBHG>LLH;K>>EK[H6:GNG<:RLHGE:
>QMK:<<B^G I:K: E: BG=NLMKB:  =>E <:N=:E >QMK:[=H  L>@NB=H IHK EHL AH@:K>L   =>E
<:N=:E >QMK:[=H R E: IKH=N<<B^G:@KHI><N:KB:  =>E <:N=:E >QMK:[=H "E K[H *:<AWG@:K: 
IHKHMKHE:=H L>=>=B<::E:=HM:<B^G=>:@N:I:K:EHLAH@:K>L =>E<:N=:E>QMK:[=H FWL>E
<:N=:E MHF:=H IHK E: IE:GM: => 1BQWG  : E: BG=NLMKB:   =>E <:N=:E >QMK:[=H  R E:
IKH=N<<B^G:@KHI><N:KB: =>E<:N=:E>QMK:[=H "EK[H1:KJNBL>=>=B<:?NG=:F>GM:EF>GM>
:E::@KB<NEMNK:R@:G:=>K[: =>E<:N=:E>QMK:[=HRI:K<B:EF>GM>I:K:>E:;:LM><BFB>GMH
=> :@N: : EHL AH@:K>L   =>E <:N=:E >QMK:[=H  ): LBMN:<B^G => >LM> `EMBFH K[H IH=K[:
:@K:O:KL> IN>LL>>LMW<HGLMKNR>G=HNGI:KJN>BG=NLMKB:E>GLNLN;<N>G<: "EK[H N>G<:GH
IK>L>GM:K[:IKH;E>F:L 

"E:@N:>QMK:[=:I:K:E:IHM:;BEBS:<B^GR>E<HGLNFHNK;:GHK>IK>L>GM:>E =>EHL<:N=:E>L
>QMK:[=HL  >L =><BK  E: <N:KM: I:KM> =>E MHM:E => :@N: :IKHIB:=: IHK E: LH<B>=:=  ): "FIK>L:
-`;EB<:*NGB<BI:E => 1>EY?HGHL @N: -HM:;E> RE<:GM:KBEE:=H => N>G<: "1-A: =:=H
FN>LMK:L => NG: ;N>G: @>LMB^G  IN>L IHK >C>FIEH  A: L:MBL?><AH >E :NF>GMH =>E <HGLNFH
K>=N<B>G=HEHLkG=B<>L=>@N:GH#:<MNK:=:&+  R<HGIH<HBG<K>F>GMH=>E:>QMK:<<B^G
=> :@N:  "E BG<K>F>GMH =>E <HGLNFH GH >LMW LHE:F>GM> K>E:<BHG:=H <HG >E <K><BFB>GMH => E:
IH;E:<B^G  LBGH M:F;BYG<HG >E :NF>GMH =>E<HGLNFH IHKA:;BM:GM>  R IHK <HG>QB^G => :@N: 
I:K:>E<:LH=>E:L:<MBOB=:=>L><HG^FB<:LR=>L>KOB<BHL 

HG>EH;C>MBOH=>IH=>K<HFI:K:KEHL=:MHL EHL<HGLNFHL=>E:IH;E:<B^G?N>KHGF>=B=HL>G
EBMKHLIHKA:;BM:GM>RIHK=[:EI= FB>GMK:LJN>EHL<HGLNFHL=>EHL>LM:;E><BFB>GMHL?N>KHG
F>=B=HLI:K:<:=:<HG>QB^GNG:<HG>QB^G>LB@N:E:NGEH<:E !>>LM:F:G>K: >E=>E:@N:
IHM:;BEBS:=: L> =>LMBG: :E NLH >G EHL AH@:K>L  K>LI>M:G=H EH JN> F:G=: E: HGLMBMN<B^G =>E
"<N:=HK >L=><BK IKBHKBS:G=H>E<HGLNFHANF:GH 0BG>F;:K@H >E<HGLNFH>GEHLAH@:K>L>L
>QMK>F:=:F>GM>:EMH IN>LEHL<HGLNFHLIHKA:;BM:GM> EI= >LMWGFNRIHK>G<BF:=>EHL
<HGLNFHLK><HF>G=:=HLEI= "E=>E:@N:IHM:;E>K>LM:GM>>L<HGLNFB=:IHK>EL><MHK
<HF>K<B:E   E:<HGLMKN<<B^G   E:BG=NLMKB:  EHL L>KOB<BHL IKBO:=HL    IHK

 
EHL^K@:GHL=>@H;B>KGHRL>KOB<BHLI`;EB<HLG:<BHG:E>LRIKHOBG<B:E>L  RIHKEHL^K@:GHL
=>@H;B>KGHRL>KOB<BHLFNGB<BI:E>L  

"LFNRBGM>K>L:GM>GHM:K JN>A:A:;B=HNG:K>=N<<B^GGHMHKB:>GEHL<HGLNFHLIHK<HG>QB^G
=>E<HF>K<BH =>EHLL>KOB<BHLIKBO:=HL R=>EHLL>KOB<BHLFNGB<BI:E>L>LMHL>IN>=>MK:=N<BK
<HFHNG:NF>GMHL>GE:>?B<B>G<B: H<HFHNG:K>=N<<B^G=>E=>LI>K=B<BH 0>A:>G<HGMK:=HNG
E>O>:NF>GMH>G>E<HGLNFH=>EHL^K@:GHL=>@H;B>KGHRL>KOB<BHLI`;EB<HL =>I>G=B>GM>L=>
EHL @H;B>KGHL <>GMK:E R IKHOBG<B:E  "LMH IKH;:;E>F>GM> L> =>;: :E <K><BFB>GMH =>E :I:K:MH
>LM:M:E  R : E: F:RHK BGO>KLB^G >G E: L:EN= R >=N<:<B^G I`;EB<:L   I>L:K => JN> >E <HGLNFH
BG=NLMKB:E => :@N: IHM:;E> MB>G> NG: ;:C: BG<B=>G<B: LH;K> >E <HGLNFH @EH;:E  >L FNR
BFIHKM:GM> L>]:E:K JN> LN <HGLNFH IHK <HG>QB^G A: :NF>GM:=H  "LM> A><AH >L K>E>O:GM>
=>;B=H:JN>>E<HGLNFHBG=NLMKB:E@EH;:E=>:@N:>G>E<:GM^G N>G<:JN>:;:K<::E<HGLNFH
BG=NLMKB:E => :@N: IHM:;E> >LLNI>KBHK :E <HGLNFH => :@N: =>EHL AH@:K>L NK;:GHL R => EHL
AH@:K>LKNK:E>L 

)HL :EMHL <HGLNFHL => :@N: => N>G<:  IH=K[:G >LM:K EB@:=HL M:GMH : E: :I:K>GM> :EM:
=BLIHGB;BEB=:==>:@N:>GE:LSHG:LNK;:G:L <HFH:E:;:C:=>GLB=:=IH;E:<BHG:E 0BG>F;:K@H 
L>=>;>=>LM:<:KJN>E:LIHE[MB<:LFNGB<BI:E>LI:K:E:K>=N<<B^G=>E<HGLNFH=>:@N::IEB<:=:L
LH;K>EHLL><MHK>L=>L>KOB<BHLIKBO:=HLRFNGB<BI:E>L :L[<HFH LH;K>EHLL><MHK>L<HF>K<B:ER
=>E:<HGLMKN<<B^G A:GLB=H:EM:F>GM>>?><MBO:L 

E:E>C:KNGIH<HE:FBK:=:=>E:@N:IHM:;E> I:K:IH=>KNG:OBLB^G@EH;:E=>EF>M:;HEBLFH=>E
:@N: => N>G<:  :I:K><>GGN>OHL F:MB<>L >G E: ?HMH@K:?[:  !>>LM: F:G>K:  :E >LMN=B:K >G LN
@EH;:EB=:= : E: O>KMB>GM> :F:S^GB<: =>E M>KKBMHKBH => >LM> <:GM^G  L> A:<> >OB=>GM> JN> E:
:@KB<NEMNK: R @:G:=>K[: >L E: :<MBOB=:= JN> FWL :@N: <HGLNF>   =>E <HGLNFH MHM:E >E
 L>=>LMBG::E::@KB<NEMNK:=>GHK>FNG>K:=: R>E :E::@KB<NEMNK:K>FNG>K:=: ):
BG=NLMKB: <HGLNF> NG   =>E <HGLNFH MHM:E  EHL AH@:K>L KNK:E>L NG   R EHL AH@:K>L
NK;:GHL  

-:K: IH=>K IKH?NG=BS:K >G >E F>M:;HEBLFH LH<B:E =>E :@N:  EHL <HGLNFHL :;LHENMHL GH LHG
LN?B<B>GM>L -HK>LM:K:S^G E:LM:L:LF>M:;^EB<:L=><:=:L><MHK >QIK>L:=:L>GEBMKHLIHKAHK:=>
:<MBOB=:=ANF:G: K>O>E:GIKH<>LHLFNRBFIHKM:GM>L1:;E:  2GO:EHKF:RHK FN>LMK:NG
<HGLNFHF:RHK=>:@N: RNG:>?B<B>G<B:FWL;:C: -:K:M>G>KNGI:KWF>MKH=>K>?>K>G<B: L>A:
<HFI:K:=H EHL O:EHK>L H;M>GB=HL I:K: N>G<:  <HG EHL O:EHK>L IK>EBFBG:K>L H;M>GB=HL I:K:
"LI:]: R )BF: ->K` *:=KB= :I 6A  ;  ):L M:L: F>M:;^EB<:L => N>G<:  LB>FIK> LHG
GHMHKB:F>GM>FWL:EM:L "EGBO>EC=> N>G<:>L=> EA FB>GMK:LJN>>E=>"LI:]:>L 

 
EA R >E => )BF:   EA  "G >E GBO>E C
 E: M>G=>G<B: L> F:GMB>G>  "E O:EHK =>E MK:;:CH
K>FNG>K:=H=> N>G<:>L=>EA FB>GMK:LJN>>E=>"LI:]:>L=> EAR>E=>)BF:
 EA E=>M:EE:KFWLEHLO:EHK>L RL:EM:G=H=BK><M:F>GM>:EGBO>EC
=> N>G<: >LFNR
BGM>K>L:GM>GHM:KJN>E:M:L:F>M:;^EB<:=>E::@KB<NEMNK:GHK>FNG>K:=: EA >LFWL=>
<N:MKH O><>L BG?>KBHK : E: => E: :@KB<NEMNK: K>FNG>K:=:   EA  ): M:L: F>M:;^EB<: => E:
BG=NLMKB:>L=> EA  HFI:K:G=H>LMHL=:MHL<HGEHL=>"LI:]:R->K` L>>G<N>GMK:JN>
LHG O:EHK>L >Q<>LBO:F>GM> :EMHL  L[ IHK >C>FIEH  E: M:L:L F>M:;^EB<:L => "LI:]: I:K: E:
:@KB<NEMNK:RE:BG=NLMKB:LHG=> EAR=> EAK>LI><MBO:F>GM> FB>GMK:LJN>E:M:L:=>E:
<BN=:= => )BF: I:K: E: BG=NLMKB: >L =>   EA  ):L M:L: F>M:;^EB<:L => EHL HMKHL L><MHK>L
K>FNG>K:=HL M:F;BYG LHG :EM:L  :NGJN> GH => ?HKF: M:G EE:F:MBO: <HFH E: BG=NLMKB: R E:
:@KB<NEMNK: L[ E:M:L:=>EL><MHK=>L>KOB<BHL=> N>G<:>L=> EA LB>G=H EAI:K:
"LI:]: R   EA I:K: )BF:  *B>GM:L JN>  E: M:L: =>E L><MHK L>KOB<BHL I`;EB<HL R ^K@:GHL =>
@H;B>KGH  => N>G<: >L =>   EA  R E: => )BF: >L =>   EA GH L> MB>G> >LM> O:EHK I:K:
"LI:]: "L<E:KHJN>>EL><MHK=>EMK:;:CHK>FNG>K:=H=> N>G<:>L:EM:F>GM>BG>?B<B>GM>>GLN
<HGLNFH=>:@N: EHJN>L>IH=K[:MK:=N<BK>G=>LI>K=B<BHL=>:@N:LB@GB?B<:MBOHL )HLO:EHK>L
=>E3:EHK]:=B=HKNMHIHK<:=:F>MKH<`;B<H=>:@N:K>?N>KS:G>LM:<HG<ENLB^G 20F
I:K:E:BG=NLMKB::GBO>E@EH;:E  20FLBGM>G>K>G<N>GM::E:BG=NLMKB:=><:;E>L R 
20FI:K:E::@KB<NEMNK:K>FNG>K:=: "LMHLO:EHK>LFN>LMK:GNG:BG>?B<B>G<B:FNR:EM: EHL
=:MHL =>E:BG=NLMKB: >LMWGF:JNBEE:=HL IHK >EO:EHK => E:BG=NLMKB: => <:;E>L JN> K>IK>L>GM:
<>K<:=>E=>E3=> N>G<: LBG>EE:LNLK>LNEM:=HLLHGIK>H<NI:GM>L 

)HL AH@:K>L K>IK>L>GM:G:IKHQBF:=:F>GM> NG: JNBGM: I:KM> =>E <HGLNFH@EH;:E=> :@N:=>E


<:GM^G N>G<: 0BG>F;:K@H LNL<HGLNFHLM:F;BYGLHG>Q<>LBOHL )HLAH@:K>LNK;:GHLMB>G>G
NG: M:L: F>M:;^EB<: =>   EA R NG <HGLNFH =>   EI=  FB>GMK:L JN> EHL AH@:K>L KNK:E>L
:E<:GS:GNG:M:L:F>M:;^EB<:=> EARNG<HGLNFH=> EI= ):M:L:F>M:;^EB<:=>EHL
AH@:K>L>LI:]HE>L>L=> EA FB>GMK:LJN>E:=>EHLAH@:K>LEBF>]HL>L=> EA 

!> >LM: F:G>K:  >E F>M:;HEBLFH =>E :@N: => E: LH<B>=:= <N>G<:G:  MB>G> NG: <E:K: M>G=>G<B:
A:<B: E: BGLNLM>GM:;BEB=:=  1:GMH EHL NLHL BG=NLMKB:E  <HFH :@KHI><N:KBH  LHG :EM:F>GM>
BG>?B<B>GM>L "LMH`EMBFH R:L>:A:<B>G=HNG:GWEBLBL<HGNG:E^@B<:>Q<ENLBO:F>GM>><HG^FB<H
FHG>M:KB: HR:L>:=>L=>NG:E^@B<:F>M:;^EB<: "LNK@>GM>>E=BL>]HRE:BFIE>F>GM:<B^G=>
IHE[MB<:LJN>K>OB>KM:G>LM:LBMN:<B^G 

"E <HGLNFH => :@N: => EHL AH@:K>L  M:GMH : GBO>E NK;:GH  <HFH : GBO>E KNK:E  IHK HMKH E:=H 
BG<B=>=>?HKF:=>M>KFBG:GM>>GE:BGLNLM>GM:;BEB=:==>E::IKHIB:<B^G=>E:@N:=> N>G<: 0NL

 
<HGLNFHL  GBO>E => OHE`F>G>L IHK I>KLHG: R IHK =[:  R : GBO>E => M:L:L F>M:;^EB<:L  LHG
>Q<>LBO:F>GM> :EMHL  -HK EH JN>  >L ?NG=:F>GM:E =>L:KKHEE:K IHE[MB<:L JN> @:K:GMB<>G >E :@N:
OB=:R>E:@N:<BN=:=:G[: LBG:F>G:S:K>EF>M:;HEBLFH><HE^@B<H 

* 2#00'2-0'- #* %3 6 *1 .#0!#.!'-,#1 * ,230*#7 #* 2#00'2-0'- #* .'1(# *
'-"'4#01'""*-30 ,-*-030*61310#*!'-,#1

):LI>K<>I<BHG>LLH;K>E:G:MNK:E>S: >EM>KKBMHKBH >EI:BL:C> E:;BH=BO>KLB=:= EHNK;:GH EHKNK:E


RLNLK>E:<BHG>L K>O>E:KHGE:?HKF:>GE:JN>>LMHL>E>F>GMHLLHGIKH;E>F:MBS:=HL :MK:OYL=>
EHL=BL<NKLHLLH<B:E>LIK>L>GM>L>GE:LBGLMBMN<BHG>LK>E:<BHG:=:L=BK><M:>BG=BK><M:F>GM><HGE:
@>LMB^G =>E M>KKBMHKBH  !B<AHL =BL<NKLHL  => :<N>K=H : %:C>K   LHG BG=BLI>GL:;E>L I:K:
>GM>G=>KEHL?NG=:F>GMHL=>E:LIHE[MB<:LI`;EB<:L R<^FHA:GIKH;E>F:MBS:=HEHL?>G^F>GHL
JN>YLM:LIK>M>G=>G>G?K>GM:K 

"G>L><HGM>QMH L>B=>GMB?B<:KHG<N:MKH=BL<NKLHL :EHLJN>L>E>L=BHNGGHF;K>LBFIE>F>GM>


I:K: IH=>K K><HGH<>KEHL <HGL>KO:<BHGBLM:  M><GH<KWMB<H  =>L:KKHEEBLM: R LBLMYFB<H  0> >G<HGMK^
JN> GBG@NGH => >EEHL >L <HFI:MB;E> <HG >E 0NF:D (:PL:R  IHK EH JN> M:FIH<H EH L>KWG E:L
IHE[MB<:LI`;EB<:LK>E:<BHG:=:L<HG>EM>KKBMHKBH >EI:BL:C> E:;BH=BO>KLB=:= EHNK;:GH EHKNK:ER
LNL K>E:<BHG>L  HGMK:KB:F>GM> :E 0NF:D (:PL:R  EHL <N:MKH =BL<NKLHL L> LHLMB>G>G >G NG:
=B<HMHF[: >GMK> E: LH<B>=:= R E: G:MNK:E>S:  -HK HMKH E:=H  LN I>K<>I<B^G => G:MNK:E>S: L>
>GF:K<:>GE:B=>:=>E:G:MNK:E>S:F>MKHIHEBM:G: >L=><BK E:G:MNK:E>S:<HFHNG>LI:<BHI:K:
>E H<BH R E: <HGM>FIE:<B^G  R GH <HFH NG: LBLM>F: =>E JN> =>I>G=> E: ANF:GB=:=  R JN>
<HGMB>G> :E LBLM>F: LH<B:E  0BG >F;:K@H  >G >LMHL =BL<NKLHL E: G:MNK:E>S: GH >L LHE:F>GM> NG
EN@:K=>H<BH >LM:F;BYGNG:?N>GM>=><KBLBL 

)HL =BL<NKLHL <HGL>KO:<BHGBLM: R M><GH<KWMB<H  LHG =HL ?HKF:L =BLMBGM:L => >QIK>LB^G => E:
BD9:GC>O68>TC:8DAT<>86 *B>GMK:LJN>>E=BL<NKLH<HGL>KO:<BHGBLM:L>LHLMB>G>>GE:G><>LB=:==>
MNM>E:K R IKHM>@>K : E: G:MNK:E>S: => LN >G>FB@H IKBG<BI:E  E: ANF:GB=:=  >E =BL<NKLH
M><GH<KWMB<H  ;NL<: @:K:GMBS:K >L: <HGL>KO:<B^G : MK:OYL => E: <B>G<B:  E: M><GHEH@[: R E:L
BGLMBMN<BHG>L  "E =BL<NKLH LBLMYFB<H L> IH=K[: BGM>KIK>M:K <HFH NG: >OHEN<B^G => >LMHL =HL
=BL<NKLHL I>KHLBG>F;:K@H GHM>KFBG:=>L>I:K:KL>=>E:B=>:=>E:FH=>KGBS:<B^G><HE^@B<: 
"G>LMHLMK>L=BL<NKLHLE:G:MNK:E>S:>LNG:>GMB=:=JN>L>=>;>MNM>E:K I>KHM:F;BYG>LNG:
?N>GM> => <KBLBL  >L =><BK  NG: :F>G:S: JN> A:R JN> <HGMKHE:K R =HF>LMB<:K  0BG >F;:K@H  >E
=BL<NKLH LBLMYFB<H FN>LMK: JN> N>G<: L> A: >LM:=H IK>@NGM:G=H LH;K> LNL K>E:<BHG>L LH<BH
><HE^@B<:L  R JN> NG: IKH;E>F:MBS:<B^G LBLMYFB<: R <HFIE>C: >L IHLB;E>  "E =BL<NKLH
=>L:KKHEEBLM:  >G <:F;BH  GH >L G:=: FWL JN> NG: <E:K: >QIK>LB^G EH<:E  =>E =BL<NKLH =>E

 
=>L:KKHEEH => E: ><HGHF[: G>H<EWLB<: FH=>KG:  NG: ?HKF: =>E EE:F:=H C:DA>7:G6A>HBD 8G>DAAD
0"+-)!"0  

HFH LHLMB>G> %>RG>G   >QIEHK:K E:L =B?>K>GM>L GH<BHG>L => G:MNK:E>S: >L ?NG=:F>GM:E
I:K:>GM>G=>KEHLIKH<>LHL><HG^FB<HL IHE[MB<HLR<NEMNK:E>LJN>@H;B>KG:GE:F>M:;HEBS:<B^G
ANF:G: =>E LBLM>F: ><HE^@B<H  "L <E:KH JN> >E 0NF:D (:PL:R BFIEB<: NG: =KWLMB<:
MK:GL?HKF:<B^G=>>LMHLIKH<>LHL RIHKM:GMH =>E:<HG<>I<B^G=>E:G:MNK:E>S: 0BG>F;:K@H 
>LM> I:K:=B@F: GH A: I>G>MK:=H >G E: BGLMBMN<BHG:EB=:= <N>G<:G:  JN> >L E: JN> =>;>K[:
:IEB<:KEHRFNRIKH;:;E>F>GM>>GE:LH<B>=:=F>LMBS:><N:MHKB:G: R>GE:HK@:GBS:<B^G=>LN
:=FBGBLMK:<B^G I`;EB<:  HGL><N>GM>F>GM>  >E 0NF:D (:PL:R GH >L >E HKB@>G  R GH A:
IKH=N<B=HE:LIHE[MB<:LJN>K>@NE:G:E:LH<B>=:=<N>G<:G: RM:FIH<H>E:I:K:M:C>BGLMBMN<BHG:E
JN>YLM:LK>JNB>K>G 

):@>LM:<B^G=>E0NF:D(:PL:R>G N>G<: IHKM:GMH >LIHLB;E> I>KHI:K:JN>@>KFBG>>LM>


I:K:=B@F: =>;> L>K =BL<NMB=H IKH?NG=:F>GM> >G <:=: NG: => E:L >L?>K:L => E: LH<B>=:=
<N>G<:G: :MK:OYL=>NGO>K=:=>KH=BWEH@HBGM>K<NEMNK:ER=>L:;>K>L 

)HL =BL<NKLHL >G<HGMK:=HL :RN=:G : >GM>G=>K <^FH L> A: HK@:GBS:=H >E M>KKBMHKBH =>E <:GM^G
N>G<: =>M:EF:G>K:JN>I>KFBM:@:K:GMBS:K>EF>M:;HEBLFHLH<B:E=>E:@N::GBO>E:NK;:GH >
BG<ENLH >E :;:LM><BFB>GMH => :@N: : E:L K>IK>L:L AB=KH>EY<MKB<:L =>E K[H -:NM>  JN> :AHK: LHG
BG=BLI>GL:;E>LI:K:>E"<N:=HK "L<E:KHJN>:GBO>E=>@>LMB^G E:FNGB<BI:EB=:==> N>G<:A:
BGM>KO>GB=H >G E:L LN;<N>G<:L JN> :;:LM><>G => :@N: : E: <BN=:=  >L =><BK  E:L => EHL K[HL
1HF>;:F;:  6:GNG<:R R *:<AWG@:K:  "G >EE:L  E:L =><BLBHG>L LH;K> >E NLH =>E LN>EH L> A:G
MHF:=H>C>K<B>G=HNGMNM>E:C>=>EHNK;:GHLH;K>EHKNK:ERLH;K>E:G:MNK:E>S: 0BG>F;:K@H 
M:F;BYG L> A:<> >OB=>GM> E: B=>: =>E L>K ANF:GH <HFH >G>FB@H => E: G:MNK:E>S:  EH JN> A:
E>@BMBF:=H E: :IKHIB:<B^G NK;:G: =>E F>M:;HEBLFH KNK:E  E: JN> L> A: >QIK>L:=H : MK:OYL =>
IHE[MB<: R GHKF:L JN> >LM:;E><>G L>KB:L K>LMKB<<BHG>L >G E:L :<MBOB=:=>L IKH=N<MBO:L => E:
IH;E:<B^G KNK:E >G >LM:L LN;<N>G<:L  "G E:L >GMK>OBLM:L K>:EBS:=:L  MH=:L E:L I>KLHG:L
>GMK>OBLM:=:LE>=B>KHGNG:BFIHKM:G<B:FNR@K:G=>:E:<HGL>KO:<B^G=>E:G:MNK:E>S: "LMHL>
A: >QIK>L:=H >G E:L WK>:L IKHM>@B=:L R >G E:L BGB<B:MBO:L => <HGL>KO:<B^G => EHL ><HLBLM>F:L
G:MBOHL  E:L JN> L> <HG<>GMK:G >G E:L MK>L LN;<N>G<:L IKHO>>=HK:L => :@N:  &K^GB<:F>GM>  EHL
=BL<NKLHL<HGL>KO:<BHGBLM:RM><GH<KWMB<H=>C:G=>M>G>KK>E>O:G<B: RE:B=>:=>E:<HGL>KO:<B^G
L><:>:I>=:SHL >GE:LLN;<N>G<:L=HG=>E:<BN=:==> N>G<:GHMB>G>BGM>K>L>L=>:@N: H
=HG=>EHLM>KK:M>GB>GM>LMB>G>GIKHIB>=:=>LRA:<B>G=:L <HFHE:LN;<N>G<:=>EK[H1:KJNB >G
>LM><:HL  <E:K:F>GM>JNB>G >LMW =>MKWL =>E:L =><BLBHG>L LH;K> E: HK@:GBS:<B^GM>KKBMHKB:E >L>E
=BL<NKLH=>L:KKHEEBLM: 

 
!>>LM:F:G>K: EHL=BL<NKLHL<HGL>KO:<BHGBLM:RM><GH<KWMB<H GHLHGLHE:F>GM>NG:>QIK>LB^G
=>E =BL<NKLH => E: BD9:GC>O68>TC :8DAT<>86  LBGH JN> L> A:G <HGLHEB=:=H <HFH ?HKF:L => :8D

<J7:GB:CI6A>969  JN> I>KFBM>G JN> EH NK;:GH <HGMKHE> R =HFBG> : EH KNK:E NL:G=H : E:
<HGL>KO:<B^G=>E:;BH=BO>KLB=:=<HFH>Q<NL: 

.0-.'!'<,"#*%36#*2#00'2-0'-

):LLB>M>LN;<N>G<:LJN>L>>G<N>GMK:G>GE:O>KMB>GM>HKB>GM:E=>EM>KKBMHKBH=>E<:GM^G N>G<: 
IN>=>GL>KHK@:GBS:=:L>G=HL@KNIHLE:LJN>IKHO>>G=>:@N::E:<BN=:= RE:LJN>GH 0BG
>F;:K@H >GMH=:LL>A:<>>OB=>GM>NG<HG?EB<MH>GMK>E:L:<MBOB=:=>LIKH=N<MBO:L EHLIKH<>LHL
=>NK;:GBS:<B^GRE:>QBLM>G<B:=>EHL;HLJN>LG:MBOHL:G=BGHL "EF>M:;HEBLFHLH<B:E=>E:@N:
K>JNB>K>=>E:>QBLM>G<B:=>><HLBLM>F:LG:MBOHL IN>L>E<B<EH=>E:@N:=>I>G=>=BK><M:F>GM>
=>E F>M:;HEBLFH ><HE^@B<H  0BG >F;:K@H  E: =>F:G=: => LN>EH I:K: M:GMH I:K: =B?>K>GM>L
:<MBOB=:=>LIKH=N<MBO:L <HFHI:K:E:NK;:GBS:<B^G :F>G:S:E:>QBLM>G<B:=>>LMHL><HLBLM>F:L 
&K^GB<:F>GM>  >LM:L :<MBOB=:=>L  R >E F>M:;HEBLFH LH<B:E  =>I>G=>G =BK><M:F>GM> =>E
F>M:;HEBLFH><HE^@B<HI:K:LNL>QBLM>G<B: 

)HLK[HL1HF>;:F;: 6:GNG<:RR*:<AWG@:K:L>=>=B<:G?NG=:F>GM:EF>GM>:E:=HM:<B^G=>
:@N:I:K>:E:<BN=:==> N>G<: :NGJN>M:F;BYG>GNG@K:=HFWL;:CH I:K:E::@KB<NEMNK:RE:
BG=NLMKB:  "G >LMHL MK>L K[HL L> >OB=>G<B: NG: LN>KM> => IKH<>LH => ><H @N;>KF>GM:EB=:=
$HE=F:G   %BFE>R   4:K=    =HG=> L> A: IKBHKBS:=H >E F>M:;HEBLFH NK;:GH 
M:GMH => N>G<: : GBO>E :@N:  <HFH =>E "<N:=HK : GBO>E >G>K@YMB<H  LH;K> >E F>M:;HEBLFH
KNK:E  ):L MK>L LN;<N>G<:L A:G LB=H BGM>KO>GB=:L  M:GMH M>KKBMHKB:EF>GM>  <HFH
BGLMBMN<BHG:EF>GM> I:K:@:K:GMBS:KE:<HGL>KO:<B^G=>LNL><HLBLM>F:LG:MBOHL !>>LM:F:G>K: 
>G>EE:LL>A:IKBHKBS:=HE:<HGL>KO:<B^G LH;K>>EF>M:;HEBLFH=>LNIH;E:<B^GKNK:E 

NGJN>>E<HG?EB<MHI:K><>K[:FWL=Y;BE>G>EK[H6:GNG<:R >GE:LMK>LLN;<N>G<:LL>K>O>E:NG
<HG?EB<MH >GMK> E: <HGL>KO:<B^G => EHL ><HLBLM>F:L G:MBOHL R E: IKH=N<<B^G :@KHI><N:KB:  "E
LH;K> <HG<>LBHG:FB>GMH => LNL <:N=:E>L  IHK HMKH E:=H  @>G>K:K[: R IKH?NG=BS:K[: <HG?EB<MHL
>GMK> EHL NLHL :@K[<HE:L  >G EHL AH@:K>L > BG=NLMKB:E>L  ):L MK>L LN;<N>G<:L IK>L>GM:G NG:
<HFI>M>G<B:=BK><M:>GMK>E:IKH=N<<B^G:@K[<HE:R:E=HM:<B^G=>:@N:IHM:;E>I:K:E:<BN=:= 
"E <HG?EB<MH L> >QIK>L: IHK =HL O[:L NG: O[: M>KKBMHKB:E R NG: O[: => NLH => :@N: 
1>KKBMHKB:EF>GM> L> IKH=N<> NG <HG?EB<MH => NLH  IN>L E: <BN=:= BFIHG> F>=B=:L =>
<HGL>KO:<B^GI:K:@:K:GMBS:K>EF>M:;HEBLFH><HE^@B<HR =>>L:F:G>K: @:K:GMBS:KE:=HM:<B^G
=> :@N: >LM:L F>=B=:L :?><M:G : E: IH;E:<B^G KNK:E JN> GH IN>=> @:K:GMBS:K LN IKHIBH
F>M:;HEBLFH :E O>K K>LMKBG@B=: LNL IHLB;BEB=:=>L => IKH=N<<B^G  ): L>@NG=: O[:  M:F;BYG L>

 
IKH=N<>>GMK>E:<BN=:=RE:IH;E:<B^GKNK:E I>KH>L=BK><M:F>GM>IHK>ENLH=>E:@N: IN>LL>
IKBHKBS: >E NLH I:K: >E <HGLNFH ANF:GH  LH;K> >E NLH I:K: E: IKH=N<<B^G :@K[<HE: 
=B<BHG:EF>GM>  E:L <HG<>LBHG>L BG=NLMKB:E>L L> <HG<>GMK:G >G E:L LN;<N>G<:L => EHL K[HL
1HF>;:F;: =>E:@N:NL:=:IHKE:BG=NLMKB: 6:GNG<:R =>E:@N:NL:=:IHKE:
BG=NLMKB: R *:<AWG@:K:   =>E :@N: NL:=: IHK E: BG=NLMKB:  !> >LM: F:G>K: >L <E:KH
M:F;BYG JN> >QBLM> NG: ?N>KM> <HFI>M>G<B: >GMK> >E :@N: I:K: EHL AH@:K>L  >E :@N: I:K: E:
:@KB<NEMNK: R>E:@N:I:K:E:BG=NLMKB: 

"E L>@NG=H @KNIH >LMW ?HKF:=H IHK EHL K[HL 1:KJNB  0B=<:R  ':=WG R N>G<:  "LMHL K[HL GH
IKHO>>G=>:@N::E:<BN=:==> N>G<: IHKEHJN>>G>L><HGM>QMH GHMB>G>GBFIHKM:G<B:I:K:
E:SHG:NK;:G: "LMHL>K>?E>C:>GJN>>EM>KKBMHKBH=>LNLLN;<N>G<:LGHA:LB=HBGM>KO>GB=HGB
M>KKBMHKB:E GBBGLMBMN<BHG:EF>GM> I:K:@:K:GMBS:KE:<HGL>KO:<B^G=>EHL><HLBLM>F:LG:MBOHL 

"GE:LN;<N>G<:=>EK[H1:KJNBL>>G<N>GMK:NGIHK<>GM:C>BFIHKM:GM>=>><HLBLM>F:LG:MBOHL 
EHL JN> <HFIBM>G M>KKBMHKB:EF>GM> <HG E: @:G:=>K[:  E:L IE:GM:<BHG>L ?HK>LM:E>L => >LI><B>L
>Q^MB<:L RE::@KB<NEMNK: GBO>ENLH=>:@N: >QBLM>NG:<HFI>M>G<B:FNR?N>KM>>GMK>>ENLH
I:K:E:@:G:=>K[:R>ENLHI:K:E::@KB<NEMNK: R:=B<BHG:EF>GM> =>>LM:L=HL<HG>ENLHI:K:EHL
AH@:K>L "L?NG=:F>GM:EM>G>K<E:KHJN>>EK[H1:KJNB>LMWLH;K><HG<>LBHG:=H IHKEHJN>>LM:
<HFI>M>G<B:FNRIKH;:;E>F>GM>L>MK:=NS<:>G<HG?EB<MHLL>KBHL 

)HLK[HL':=WGR0B=<:R >G<:F;BH IKW<MB<:F>GM>GHIHL>>G><HLBLM>F:LG:MBOHL )::<MBOB=:=


:@KHI><N:KB: LBFIE>F>GM> EHL A: >KK:=B<:=H  "L <E:KH JN> LN L:EN= ><HE^@B<: >LMW >G KB>L@H 
IN>LMHJN> >E LBLM>F:><HE^@B<HJN> EHLF:GMB>G> A: LB=HL>KB:F>GM> :?><M:=H NGJN>GH L>
<HGH<>EHL<:N=:E>L=>>LMHLK[HL IHKEHJN>GHL>IN>=>L:;>KLBA:GLB=HLH;K><HG<>LBHG:=HL 
E: >OB=>G<B: => E:L HMK:L LN;<N>G<:L FN>LMK: JN> FNR IKH;:;E>F>GM> LB EH A:G LB=H 
0>@NK:F>GM>>GE:SHG:>QBLM>GL>KBHL<HG?EB<MHLIHK>E:<<>LH:E:@N: 

#BG:EF>GM> >EK[H N>G<:IHKLN<:N=:EGHIK>L>GM:<HFI>M>G<B:>GMK>EHL=B?>K>GM>LNLHL=>E


:@N:  -HK HMKH E:=H  >L E: SHG: G:MNK:E => >QI:GLB^G NK;:G: => N>G<:  IHK EH EHL <HG?EB<MHL
IH=K[:GIK>L>GM:KL>:GBO>EM>KKBMHKB:E>GMK>EHLNLHL:@KHI><N:KBHLRNK;:G[LMB<HL 

 .0-.'!'<,"#*%36#*3+)516

/:F[K>S  A: =>?BGB=H :E 0NF:D (:PL:R como “A6 8DCH:8J8>TC 9:A;ADG:8>B>:CID9:ID9DHN
ID96H :C E6O N 6GBDCR6 8DC A6 C6IJG6A:O6  N A6 EGDADC<68>TC >C9:;>C>96 9: A6H 8JAIJG6H =JB6C6H”.
*B>GMK:L JN>  ):KK>: *:E=HG:=H  LHLMB>G> JN> >E 0NF:D (:PL:R R: GH L> K>?B>K> :E
<K><BFB>GMH ><HG^FB<H H :E IKH@K>LH  JN> >LM> I:K:=B@F: L> K>?B>K> : E:L K>E:<BHG>L >GMK> EHL

 
L>K>LANF:GHL =>EHLL>K>LANF:GHL<HGE:G:MNK:E>S: L>K>?B>K>:E:OB=:<HFNGBM:KB: :EHL
:G<>LMKHL  :E I:L:=H R :E ?NMNKH  MH=H : E: O>S  "G >L> <HGM>QMH  L> A:<> >OB=>GM> JN> E:
HK@:GBS:<B^GM>KKBMHKB:E=>E<:GM^G N>G<: RLNF>M:;HEBLFHLH<B:E=>E:@N: LHGBG<HFI:MB;E>L
<HG>LM>I:K:=B@F: 

1:GMH >E F>M:;HEBLFH LH<B:E =>E :@N:  <HFH E: HK@:GBS:<B^G =>E M>KKBMHKBH =>E <:GM^G N>G<: 
<HGMK:LM:G=>F:G>K:FNR?N>KM><HG>EI:K:=B@F:=>E0NF:D(:PL:R -N>L E:L=BGWFB<:L=>
:IKHIB:<B^G ANF:G: =>E :@N:  R LNL K>E:<BHG>L <HG >E M>KKBMHKBH  I:K><>K[:G BK >G <HGMK: => E:
B=>: =>E ,6C9>
,6C9> E: K><BIKH<B=:= R E: K>=BLMKB;N<B^G  :L[ <HFH  L>K[:G HIN>LM:L : E:
<HGL><N<B^G=>NG:OB=:=B@G:R>G:KFHG[:>GMK>EHLL>K>LANF:GHL "LMH>L<E:KH<N:G=HL>
IKBHKBS:>E;B>G>LM:K=>E:IH;E:<B^GNK;:G: :?><M:G=HL>KB:F>GM>:EF>M:;HEBLFHLH<B:E=>E:
IH;E:<B^GKNK:E "LM::IKHIB:<B^GNK;:G:=>EF>M:;HEBLFHKNK:EJN>L>IKH=N<>LH;K>MH=H>G
E:L LN;<N>G<:L => EHL K[HL 1HF>;:F;:  6:GNG<:R R *:<AWG@:K:  @>G>K: : LN O>S NG:
<HFI>M>G<B: =BK><M: >GMK> E: IH;E:<B^G KNK:E  R >E LBLM>F: ><HE^@B<H  LH;K> MH=H EHL ;HLJN>L
:G=BGHL  -HK HMKH E:=H  >E 0NF:D (:PL:R L> LHLMB>G> >G E: :KFHG[: >GMK> E:L I>KLHG:L R E:
*68=6B6B6 "LM:<HFI>M>G<B:@>G>K:=:IHKE:L>LMKN<MNK:L=>IH=>K=>E:LH<B>=:=<N>G<:G: 
IKH=N<> NG >G?K>GM:FB>GMH >GMK> E: IH;E:<B^G KNK:E R E: *68=6B6B6  ): :KFHG[: >GMK> E:
*68=6B6B6RE:LH<B>=:=GH>LIHLB;E>LBE:<HGL>KO:<B^GBFIEB<:F>GHL<:;:KE:<:EB=:==>OB=:
=>E:@>GM> 

-HKHMKHE:=H E:=BGWFB<:=>EHLK[HL=>EHLJN> N>G<:GHL>:;:LM><>=>:@N: I:K><>K[:L>KE:


<HGMK:KB: "G>LM:LLN;<N>G<:LL>A:L:<KB?B<:=HE:LNLM>GM:;BEB=:=><HE^@B<:I:K:E:IKH=N<<B^G
@:G:=>K: R :@K[<HE:  NB=:K R F:GM>G>K : E: *68=6B6B6 >L BG=BLI>GL:;E> >G >E <HGM>QMH =>E
0NF:D(:PL:R IN>LGHL>IN>=>L:;>KL>K,JC6@6NLBG>EE: "E0NF:D(:PL:RGHL>LHLMB>G>
>G>EM>G>K LBGH>G>EL>K >LM:K L>GMBKRA:<>K 

"E 0NF:D (:PL:R MB>G> IKH?NG=:L BFIEB<:<BHG>L IHE[MB<:L  IN>L >L BFI>GL:;E> LBG EB;>KM:= 
>JNB=:=  B@N:E=:=  CNLMB<B: LH<B:E =BLMKB;NMBO: R IKH=N<MBO: R CNLMB<B: :F;B>GM:E  -HK >LH >L
?NG=:F>GM:E K>I>GL:K R K><HG<>IMN:EBS:K E:L IHE[MB<:L JN> @H;B>KG:G E: HK@:GBS:<B^G =>E
M>KKBMHKBH=> N>G<: R>E:<<>LH:E:@N: 

1:GMH E:<HFI>M>G<B::GBO>EM>KKBMHKB:E>GMK>E:IH;E:<B^GKNK:ERE:IH;E:<B^GNK;:G: :L[<HFH


E: <HFI>M>G<B: IHK >E :<<>LH :E :@N:  =>;>G L>K >LMN=B:=:L F:RHK IKH?NG=B=:=  I:K: IH=>K
IKHIHG>K IHE[MB<:L JN> >G?K>GM>G >LM: IKH;E>FWMB<: >G >E <HGM>QMH =>E 0NF:D (:PL:R  )HL
=B:@G^LMB<HL K>:EBS:=HL IHK 0"+-)!"0 >G  R   FN>LMK:G JN> >G >E "<N:=HK E:
BG>JNB=:= >G E: =BLMKB;N<B^G => E: MB>KK: >L FNR :EM:  LBG >F;:K@H  >E WK>: => N>G<: L>

 
<:K:<M>KBS:IHKNG:IKH?NG=:FBGB?NG=BS:<B^G :NGJN>>GE:LN;<N>G<:=>EK[H1:KJNB>QBLM:G
@K:G=>L):MB?NG=BHL *NRIKH;:;E>F>GM> E:FBGB?NG=BS:<B^GL>=>;::E:=B?B<NEM:==>:<<>LH:
E:MB>KK:IKH=N<MBO: R>LM:;`LJN>=:=>MB>KK:IKH=N<MBO:>LE:JN>IK>LBHG:K[::E:IH;E:<B^G
KNK:E : MK:GL?HKF:K EHL ><HLBLM>F:L G:MBOHL >G WK>:L => IKH=N<<B^G :@KHI><N:KB: 
=>L>G<:=>G:G=H E: <HFI>M>G<B: M>KKBMHKB:E >GMK> EHL ><HLBLM>F:L G:MBOHL R E: IKH=N<<B^G
:@KHI><N:KB: 

 #  $! L%$!N$

"L<E:KHJN>>G N>G<:GHL>A:BGM>KBHKBS:=H<HFHLH<B>=:=:EI:K:=B@F:=>E0NF:D(:PL:R 
IHK>LH>L?NG=:F>GM:EJN>L>BGB<B>NGIKH<>LH=>=>;:M>LH<B:E IKH?NG=H>BGM>K<NEMNK:E LH;K>
>LM>M>F: 0>K[:FNRBFIHKM:GM>JN>>LMHL>EE>O:=H<HFHNGIKH<>LH=>BGO>LMB@:<B^G :<<B^G 

): HGLMBMN<B^G =>E "<N:=HK   >G LN :KM[<NEH  =>?BG> JN> EHL $H;B>KGHL />@BHG:E>L
MB>G>GE:<HFI>M>G<B:>Q<ENLBO:I:K:E:<HG?HKF:<B^G=>EHL<HGL>CHL=><N>G<:LAB=KH@KW?B<:L 
EGH>QBLMBKMH=:O[:>LMHL@H;B>KGHL :IEB<:G=H>EIKBG<BIBH=>LN;LB=B:KB=:= >LM:<HFI>M>G<B:
L>MK:LE:=::E>LM:=H<>GMK:E ):<N>G<:=>EK[H-:NM>M>G[:NG<HGL>CHI:K:LN@>LMB^G $-:NM> 
LBG >F;:K@H  >LM: BGLMBMN<B^G >L >EBFBG:=: R :;LHK;B=: IHK E: 0><K>M:K[: +:<BHG:E =>E @N:
0"+$2>G:E:]H 

!>:<N>K=H:E:GN>O:)>R,K@WGB<:=>/><NKLHL%[=KB<HL 2LHLRIKHO><A:FB>GMH=>E@N: 
>G OB@>G<B: =>L=> >E  => :@HLMH =>   EHL HGL>CHL => N>G<: >LMWG EB=>K:=HL IHK E:
:NMHKB=:= `GB<: =>E :@N:  :<MN:EF>GM> 0"+$2  R >LMWG <HG?HKF:=HL M:GMH IHK
K>IK>L>GM:GM>L => E:L :LH<B:<BHG>L => NLN:KBHL  <HFH IHK K>IK>L>GM:GM>L => EHL @H;B>KGHL
:NM^GHFHL=>L<>GMK:EBS:=HL 0BG>F;:K@H>LMH`EMBFHLIN>=>G:<MN:KLHE:F>GM>>G>EWF;BMH
=>LNCNKBL=B<<B^G:KM[<NEHLR 

!:=: E: =>L:I:KB<B^G => $-:NM>  R E: GN>O: GHKF:MBO: OB@>GM>  E: LBMN:<B^G => EHL K[HL JN>
:MK:OB>L:G>E<:GM^G N>G<: A:<>JN>L>:NK@>GM><HG?HKF:KNGGN>OH<HGL>CH=><N>G<:I:K:
>EK[H-:NM> ):FBLF:)>R,K@WGB<:=>/><NKLHL%[=KB<HL 2LHLRIKHO><A:FB>GMH=>E@N: 
>GLNL:KM[<NEHL  : K>@NE: EHJN> =>GHFBG:<HFHIE:GB?B<:<B^GA[=KB<:  !> >LM:F:G>K: 
=B<A: E>R =>?BG> JN> L> =>;> >E:;HK:K M:GMH NG -E:G +:<BHG:E => /><NKLHL %[=KB<HL  <HFH
=BLMBGMHL -E:G>L => $>LMB^G &GM>@K:E => /><NKLHL %[=KB<HL IHK <N>G<: %B=KH@KW?B<:  !B<AHL
IE:G>L =>;>G L>K >E:;HK:=HL IHK E: :NMHKB=:= `GB<: =>E :@N:  "E -E:G +:<BHG:E => /><NKLHL
%[=KB<HL =>;> L>K IN>LMH : <HGLB=>K:<B^G =>E HGL>CH &GM>K<NEMNK:E R -ENKBG:<BHG:E =>E @N:
FB>GMK:L JN> EHL -E:G>L => $>LMB^G &GM>@K:E => /><NKLHL %[=KB<HL =>;>G L>K IN>LMHL :

 
<HGLB=>K:<B^G=>EK>LI><MBOH<HGL>CH=><N>G<: !>>LM:F:G>K: >L?NG=:F>GM:EJN>E:<N>G<:
=>EK[H-:NM><N>GM><HGLN-E:G=>$>LMB^G&GM>@K:EI:K:LNL/><NKLHL%[=KB<HL 

HFH ?N> =BL<NMB=H >G E: L><<B^G     0"+$2 A: NMBEBS:=H E: <E:LB?B<:<B^G C>KWKJNB<:
-##01"11"/I:K:E:=>F:K<:<B^G=>E:LNGB=:=>LAB=KH@KW?B<:L=>E"<N:=HK ):<N>G<:=>E
K[H-:NM> <HKK>LIHG=>K[::EGBO>E=>>LM>LBLM>F: 0><HGLB=>K:JN>EHL<HGL>CHL=><N>G<:>G
>E"<N:=HK=>;>G<HG?HKF:KL>I:K:E:LNGB=:=>LAB=KH@KW?B<:L=>GBO>E IN>LMHJN>A:<>KEH
I:K:E:L=>F:K<:<BHG>L=>GBO>EBFIEB<:K[:M>KKBMHKBHL=>F:LB:=H:FIEBHLR@>G>K:K[:<HGL>CHL
BGF:G>C:;E>L FB>GMK:LJN>>G<:F;BH A:<>KEH<HGEHJN>L>K[:GE:L=>F:K<:<BHG>L=>GBO>E 
@>G>K:K[:=>F:LB:=HL<HGL>CHL=><N>G<:JN>FNRIKH;:;E>F>GM><AH<:K[:G>GLNL@>LMB^G 

-HKHMKHE:=H EHLK>LNEM:=HL=>>LM>MK:;:CHFN>LMK:GJN>>EFHGBMHK>H=>EHLK[HLRE:@>LMB^G
=>E:L:NMHKBS:<BHG>L=>NLH=>E:@N: =>;>G=:KL><HFHF[GBFH>GE:L=>F:K<:<BHG>LA[=KB<:L
JN> <HKK>LIHG=>K[:G :E GBO>E  => E: <E:LB?B<:<B^G -##01"11"/  <HFH L>K[:G EHL K[HL
1HF>;:F;: 6:GNG<:R *:<AWG@:K: 1:KJNB  N>G<: ':=WGR0B=<:R 

): GN>O: )>R ,K@WGB<: => /><NKLHL %[=KB<HL  2LHL R IKHO><A:FB>GMH =>E @N:  <:F;B: E:
?B@NK:=>E:L<HG<>LBHG>L=>=>K><AHL=>NLHR:IKHO><A:FB>GMH=>E:@N: IHK:NMHKBS:<BHG>L
=>NLHR:IKHO><A:FB>GMH=>:@N: "LM>MK:;:CH :I>L:K=>A:;>K>G<HGMK:=HJN>EHLK[HL>LMWG
LH;K><HG<>LBHG:=HL  GH ABSH NG :GWEBLBL => E: <HG<>GMK:<B^G >G E:L <HG<>LBHG>L  ): IKBF>K:
=BLIHLB<B^GMK:GLBMHKB:=>E:GN>O:E>R H;EB@::0"+$2:K>OBL:KMH=:LE:L<HG<>LBHG>L>GNG
IE:SH=>NG:]H "LMH=>;>L>KNG:HIHKMNGB=:=I:K:A:<>KNG:K>OBLB^G>QA:NLMBO:=><:=:NG:
=>E:L>Q <HG<>LBHG>L I:K:>EBFBG:K>ELH;K><HG<>LBHG:FB>GMH=>EHLK[HL RI:K:K>=BLMKB;NBKR
=>FH<K:MBS:K>E:<<>LH:E:@N: 

)HLK[HL1:KJNB 1HF>;:F;: R*:<AWG@:K:>LMWGLH;K><HG<>LBHG:=HL EHJN>:F>G:S:M:GMHLN


L:EN=><HE^@B<: <HFH>EF>M:;HEBLFHLH<B:E=>E:@N:=>E<:GM^G N>G<: "L?NG=:F>GM:ENG:
:EB:GS: R <HHK=BG:<B^G IKH?NG=: >GMK> "1- R 0"+$2 I:K: IKH=N<BK IHE[MB<:L I`;EB<:L
JN> >G?K>GM>G >LM: IKH;E>FWMB<:  "L MK:L<>=>GM> JN> =B<A:L IHE[MB<:L BGOHEN<K>G : E: LH<B>=:=
<BOBE M:GMHKNK:E <HFHNK;:G: 

"E K[H 1:KJNB >L >E FWL :F>G:S:=H => EHL LB>M> K[HL  E: IK>LB^G IHK EHL NLHL :@K[<HE:L R
IK^QBF:F>GM>IHK>ENLHBG=NLMKB:EEHMB>G>LHF>MB=H:NG>LMKYL><HE^@B<HL>O>KH<HGLM:GM> >L
BG=BLI>GL:;E>RNK@>GM>BGM>KO>GBK>G>LM:<N>G<: :L[<HFH>LM:;E><>KIHE[MB<:LI:K:IK>O>GBK 
<HGMKHE:KRK>=N<BK>E=>LI>K=B<BH=>E:@N: 

 
+HL><HGH<>>E>LM:=H=>EHLK[HL0B=<:RR':=WG E:LBMN:<B^G=>ENLH=>LN>EH>GLNL<N>G<:L R
E:<:GMB=:==><HG<>LBHG>L=>:@N:JN>IHL>>G EE>O:G:LNIHG>KJN>IH=K[:G>LM:K>GKB>L@H "L
?NG=:F>GM:E BGB<B:K LN FHGBMHK>H  R => ?HKF: I:KMB<BI:MBO:  <HGLMKNBK LN IKH;E>FWMB<: R
>G?K>GM:KE: 

"E<HGLNFH:@K[<HE:R@:G:=>KH=>:@N:>L>EFWLBFIHKM:GM>>G>E<:GM^G N>G<: IHKEHJN>


>L?NG=:F>GM:EMK:;:C:K<HGJNB>G>LL>=>=B<:G:>LM:L:<MBOB=:=>L I:K:=BL>]:K>LMK:M>@B:LR
IHE[MB<:L JN> L> MK:=NS<:G >G E: K>=N<<B^G =>E <HGLNFH => :@N:  @:K:GMBS:G=H >E :<<>LH
=>FH<KWMB<H : >EE:  R K>=N<B>G=H >E =>LI>K=B<BH M:GMH <HFH L>: IHLB;E>  "L ?NG=:F>GM:E
K><HK=:KJN>LNLM:L:LF>M:;^EB<:LLHG>Q:@>K:=:F>GM>:EM:L EA EHJN>=>FN>LMK:NG
:EMH=>LI>K=B<BH RLB@GB?B<:MBO:LBG>?B<:<B:L>BG>?B<B>G<B:L>GLNNLHR=BLMKB;N<B^G 

"E<HGLNFHBG=NLMKB:EM:F;BYG>LFNRBFIHKM:GM> =>A><AH>LF:RHKJN>>E<HGLNFH=>EHL
AH@:K>L NK;:GHL  -HK HMKH E:=H  LNL M:L:L F>M:;^EB<:L M:F;BYG LHG BFIK>LBHG:GM>F>GM> :EM:L
 EA =>FHLMK:G=HGN>O:F>GM>=>LI>K=B<BH BG>?B<B>G<B:>BG>?B<:<B: ):LBG=NLMKB:L>G>E
<:GM^G N>G<:  >LMWG :@KNI:=:L R N;B<:=:L >G SHG:L >LI><[?B<:L => E: <BN=:=  IHK EH JN>
IH=K[:G<HGLMKNBKIE:GM:L=>MK:M:FB>GMHI:K:E:L:@N:L=>:E<:GM:KBEE:=H RNMBEBS:K>LM:K:@N:L
I:K:LNLIKH<>LHLIKH=N<MBOHL !>>LM:F:G>K: L>K>=N<BK[:LB@GB?B<:MBO:F>GM>E:IK>LB^GLH;K>
EHLK[HL :L[<HFHE:IK>LB^GLH;K>>E:@N:IHM:;E> 

"E<HGLNFH=>EHLAH@:K>L>LM:F;BYGLB@GB?B<:MBO:F>GM>:EMHEHLAH@:K>LNK;:GHL<HGLNF>G
 EI=RIHL>>GNG:M:L:F>M:;^EB<:=> EA FB>GMK:LJN>EHLAH@:K>LKNK:E>L<HGLNF>G
  EI= R MB>G>G NG: M:L: F>M:;^EB<: =>   EA  "L ?NG=:F>GM:E IKH?NG=BS:K >LM: >LMN=BH
A:<B: >E <HGLNFH >G EHL AH@:K>L  LBG >F;:K@H  MY<GB<HL => E: "FIK>L: -`;EB<: => 1>EY?HGHL 
@N: -HM:;E> R E<:GM:KBEE:=H => N>G<: "1-  LHLMB>G>G JN> >E :EMH <HGLNFH : GBO>E
NK;:GHL>IKH=N<> >GMK>HMKHL?:<MHK>L =>;B=H:EE:O:=H=>EHL<H<A>LR:EKB>@H=>EHLC:K=BG>L 
"G>E<:LH=>EHLAH@:K>LKNK:E>L L>IH=K[:IK>LNFBKJN>>E:@N:JN>LNIN>LM:F>GM>>LI:K:
<HGLNFH =>E AH@:K >L ?NG=:F>GM:E K><HK=:K JN> GH G><>L:KB:F>GM> >L IHM:;E>  L> NMBEBS:
M:F;BYGI:K:>EKB>@H=>E:AN>KM:?:FBEB:KRI:K:EHL:GBF:E>L 1:GMHE:IKH;E>FWMB<:NK;:G: 
<HFHE: KNK:E  IH=K[:GL>K >G?K>GM:=:L <HG IHE[MB<:L M>G=B>GM>L: >LMBFNE:K > BGLM:E:KLBLM>F:L
<HE><MHK>L=> :@N:EENOB:JN> LBKO:G I:K: >E KB>@H =>C:K=BG>L AN>KM:L R I:K: EHL :GBF:E>L  "E
E:O:=H=><H<A>L IHKHMKHE:=H L>IN>=>=>L>LMBFNE:K<HGM:KB?:LIKH@K>LBO:LR=B?>K>G<B:=:L 
#BG:EF>GM> <HFHE:>OB=>G<B:EHFN>LMK: NG:>Q<>E>GM>?HKF:=>K>=N<BK>E<HGLNFH=>:@N:
IHM:;E> >L:MK:OYL=>IHE[MB<:LJN>BFINEL>GE:=>GLB?B<:<B^G=>E:<BN=:= "EH;C>MBOH=>;>L>K
K>=N<BK>E<HGLNFH:EI= 

 
EK>=N<BK>E<HGLNFHK>LB=>G<B:E=>:@N:IHM:;E>:EI= >L=><BK LBG:?><M:KEHL=>K><AHL
<BN=:=:GHL=>E:IH;E:<B^G >EOHENF>G:<MN:EMHM:E=>:@N:IHM:;BEBS:=:IH=K[::;:LM><>K:NG:
IH;E:<B^G=> I>KLHG:L "LMHLB@GB?B<:JN>MH=:E:IH;E:<B^G=> N>G<: M:GMHE:NK;:G: 
<HFH E: KNK:E  M>G=K[: :<<>LH :E :@N: R L> M>G=K[: <:I:<B=:= I:K: =HM:K => :@N: :  
I>KLHG:LFWLE:IH;E:<B^GNK;:G:=> N>G<:IKHR><M:=::E>L=>  -HKHMKHE:=H 
:E <HGL>@NBK >LM: K>=N<<B^G >G >E <HGLNFH BG=BOB=N:E  >E <HGLNFH K>LB=>G<B:E NK;:GH :<MN:E
IH=K[::;:LM><>K=>:@N::E:IH;E:<B^GNK;:G:IKHR><M:=:I:K:>E 

#BG:EF>GM>  E: <HGLMKN<<B^G => IHE[MB<:L I:K: >G?K>GM:K E: IKH;E>FWMB<: =>E :@N: =>E <:GM^G
N>G<: =>;>L>K@>LM:=:=>F:G>K:I:KMB<BI:MBO:R=>FH<KWMB<: ):LBMN:<B^G:<MN:EGHIN>=>
F:GM>G>KL> 

  &$M

"L<E:KHJN>E::IKHIB:<B^GANF:G:=>E:@N:>G N>G<: >LMW=BK><M:F>GM>K>E:<BHG:=:<HGE:


HK@:GBS:<B^G => LN M>KKBMHKBH  !> A><AH  I:K><>K[: L>K NG ?:<MHK =>M>KFBG:GM> : E: AHK: => E:
<HGLMKN<<B^G => E:L IHE[MB<:L JN> @H;B>KG:G M:GMH :E M>KKBMHKBH  <HFH :E :@N:   I>L:K => JN>
N>G<: >L NG: <BN=:= ?:FHL: IHK LNL IHE[MB<:L R IKW<MB<:L => <HGL>KO:<B^G  M:GMH => E:
;BH=BO>KLB=:=  <HFH =>E :@N:  L> A: >G<HGMK:=H JN> >LM:L IKW<MB<:L LHG BG<HFI:MB;E>L <HG >E
0NF:D (:PL:R  -N>L  LHG NG: >QIK>LB^G => E: FH=>KGBS:<B^G ><HE^@B<:  R L> A:G :IEB<:=H
<HFH A>KK:FB>GM:L => ><H @N;>KF>GM:EB=:= JN> A:G I>KFBMB=H @:K:GMBS:K >E <HGMKHE => EH
NK;:GHLH;K>EHKNK:E 

I>L:K=>E::I:K>GM>:EM:=BLIHGB;BEB=:==>:@N:>GE:O>KMB>GM>:F:S^GB<:=>EM>KKBMHKBH=>E
<:GM^G N>G<: LNLK[HLI:K><>K[:G>G?K>GM:KL>KBHLIKH;E>F:L=>>LMKYL><HE^@B<H =BK><M:F>GM>
K>E:<BHG:=HL<HGNGF>M:;HEBLFHLH<B:E=>E:@N:>Q<>LBOH>BGLNLM>GM:;E> 

!> >LM: F:G>K:  E: ABI^M>LBL => >LM> MK:;:CH  I:K><>K[: >LM:K ;:LM:GM> <>K<:G: : E:
problematización que hemos manejado y construido: “&6H C:8:H>969:HB:I67TA>86H 9:6<J69:A6
8>J9699:J:C86A:D7A><6C68G:6GPG:6H9:8DCH:GK68>TCE6G6<6G6CI>O6GHJH6I>H;688>TC :HID<:C:G6JC6
;DGB69:6EGDE>68>TCJG76C69:ADHB:I67DA>HBDHGJG6AN:8DAT<>8D”. Sin embargo, la realidad contada
IHK >LM: BGO>LMB@:<B^G  E: >Q<>=>  =>;B=H : E:L <E:K:L >OB=>G<B:L => BGLNLM>GM:;BEB=:=  =>
LH;K><HGLNFH RFNRIKH;:;E>F>GM> =>BG>JNB=:=>GE:=BLMKB;N<B^GR>E:<<>LH:E:@N: 

 
 L$'$%M&%&#$

"LM>MK:;:CHA::;B>KMHFN<A:LIK>@NGM:L ):IKBF>K: RE:FWL=BK><M: >LLH;K>>EF>M:;HEBLFH


=>E:@N::GBO>E=>EHLAH@:K>L >L?NG=:F>GM:EI:K:IH=>K<HFIE>F>GM:K>LM>>LMN=BH FWL
E:K@H IE:SH  R <HGMBGN:G=H <HG >E >LMN=BH =>E F>M:;HEBLFH LH<B:E  L>@NBKY BGO>LMB@:G=H >E
F>M:;HEBLFH => E: >G>K@[:  => EHL :EBF>GMHL  R => EHL F:M>KB:E>L >G N>G<:  NGJN> FB
BGM>G<B^G>LL>@NBK:FIEB:G=H>LMHL>LMN=BHL:EK>LMH=>EI:[L 1>G@HR:NG<HGM:<MHIK>EBFBG:K
<HGE:0><K>M:K[:+:<BHG:E=>-E:GB?B<:<B^GR!>L:KKHEEHI:K:>EM>F:=>E:@N: 

=B<BHG:EF>GM> F>:I:LBHG:M:F;BYG>EM>F:=>E:LI>K<>I<BHG>LR=>E:IKH;E>F:MBS:<B^G IHK


EH JN> >LMHR MK:;:C:G=H >G >E =BL>]H => NG IKH@K:F: => BGO>LMB@:<B^G :<<B^G  I:K: A:<>K NG
=B:@G^LMB<H : GBO>E ;:KKB:E => EH JN> E: <BN=:=:G[: I>K<B;> <HFH IKH;E>F:L :F;B>GM:E>L >G
N>G<: ):BGO>LMB@:<B^G :<<B^GMB>G>E:O>GM:C:JN>>FIH=>K:R<HFIKHF>M>:E:@>GM> 

"OB=>GM>F>GM> E:L<HL:LIN>=>G<:F;B:K RO:KB:KWG=>I>G=B>G=H=>E:L<BK<NGLM:G<B:L I>KH


FB>GMK:LM:GMHFBBGM>G<B^G>LMK:;:C:K>G>LM:LE[G>:L=>BGO>LMB@:<B^G:<HKMHRF>=B:GHIE:SH 

 


##$ #K$

<HLM:   &6B6A9>8>TC9:A667JC96C8>6 .NBMH "<N:=HK;R:6:E: 

———   0^EHBF:@BG:G=HHMKHLFNG=HL L><:F;B:KWYLM> />?E>QBHG>LLH;K>>E


N>G 3BOBK  "G #:K:A  &OHGG> R 3:L:IHEEH )N<B:GH "=L   0>K>G 7>:C W*6G69><B6 CD
86E>I6A>HI6  ):-:S HEBOB: &!"0 2*0 

=KB::GL>  0 KBG@>SN6 *HKB@N<AB" /H=>G;NK@! /H@B<AR% 0<AaEMS 


,:HDJG8: ADLH.=:'6I:G>6A6H>HD;#C9JHIG>6A8DCDB>:H 4HKE=/>LHNK<>L&GLMBMNM> 

@NBE>K:(EBGD #  @N: ><HGHF[:RF>=BH:F;B>GM>BGM>K=>I>G=>G<B:L?[LB<:L


RE:G><>LB=:==>GN>OHL<HG<>IMHL ,:K>HI69::HIJ9>DH6<GDHD8>6A:H  

———    :F;BHL LH<B:E>L > BGLMBMN<BHG:E>L I:K: E: @>LMB^G :F;B>GM:E  8DAD<R6
*DARI>86  

———    %:<B: NG: GN>O: ><HGHF[: =>E :@N: <N>LMBHG>L ?NG=:F>GM:E>L  *DA>H
4CARC:65 

@NBE>K: (EBGD  #  R 3  E<WGM:K:   !> E: ><HGHF[: :F;B>GM:E : E: ><HGHF[:
><HE^@B<:  "G @NBE>K: (EBGD  #>=>KB<H R 3BG<>GM E<WGM:K: "=L   : A6 :8DCDBR6
6B7>:CI6A6A6:8DCDBR6:8DAT<>86  "=B<B^G"E><MK^GB<:/>OBL:=: "<HGHF[: K[MB<: 
:K<>EHG: "LI:]:&<:KB:"=BMHKB:E 

@NBE>K:(EBGD # " -YK>S *HKB:G:R' 0WG<A>S $:K<[: 1A>LH<B:E<HGLMKN<MBHG


H? L<:K<BMR  1A> <:L> H? P:M>K BG 1>G>KB?>  :G:KR &LE:G=L  8DAD<>86A8DCDB>8H  
  

@NBKK>    R   $:K<[: => 3B<N]:   HG<>IMHL ;WLB<HL I:K: E: :IEB<:<B^G =>E
<:N=:E ><HE^@B<H >G EHL K[HL B;YKB<HL  "G    "LI:]: &GLMBMN<B^G #>KG:G=H >E
:M^EB<H 

E;WG  #    ): NMHI[: K>IN;EB<:G:  >LMN=BH BGMKH=N<MHKBH  "G E;WG  #>KG:G=H
"=   &6 JIDER6 ,:EJ7A>86C6 .:MIDH *DARI>8DH    ->GL:FB>GMH -HE[MB<H "<N:MHKB:GH 

 
.NBMH  "<N:=HK *BGBLM>KBH => HHK=BG:<B^G -HE[MB<: R $H;B>KGHL NM^GHFHL
!>L<>GMK:EBS:=HL 

E<:E=[: => N>G<: :  !BOBLB^G =>E 1>KKBMHKBH =>E :GM^G N>G<:  #><A: =>
<HGLNEM:   HGLNEM:=H >G
AMMIPPP <N>G<: @HO ><JI:@>8=BOBLBHGM>KKBMHKBH 

———  ;  N>G<:  -:MKBFHGBH NEMNK:E => E: %NF:GB=:=  #><A: => <HGLNEM:
  HGLNEM:=H>GAMMIPPP <N>G<: @HO ><JI:@>8I:MKBFHGBH<NEMNK:E 

EE>G 1  %B>K:K<AB<:E<HFIE>QBMRBG><HEH@R:GHG>N<EB=>:G<HG<>IMBHGH?MA>


=:M:LI:<> 0:<:I6I>D   

EE>G  1  '  1:BGM>K  -BK>L R 1  %H>DLMK:   !K:@G>M "<HEH@R—“Just the Facts,
Ma”am’: The Privilege of Science in a Postmodern World. >D-8>:C8:  

EE>G 1 # % R1 4 %H>DLMK: 1A><HG?NLBHG;>MP>>GL<:E> =>?BG>=E>O>EL:G=


<HGO>GMBHG:EE>O>ELH?HK@:GBS:MBHGBG><HEH@R $DJGC6AD;0:<:I6I>DC-8>:C8:  

jEO:K>S -:S  *  "  :LM>EEO[ K:L: *  *HGS^ )EHIBL R  3>K=` 0:G=HO:E  
"??B<B>G<RBG=BLMKB;NMBHGLRLM>FLK>OB>PHGF:G:@BG@GHG K>O>GN>P:M>K  >KF>K^G
/HF>KH * "=  FJ6E6E:GH 

G=>KLLHG ( " "DENG=* )>AMHE:R- 0:EFB &GMKH=N<MBHG>RHG=MA>KNK:E–


NK;:G=BOB=> "GG=>KLLHG (C>EE"KE:G="DENG=*BGG:)>AMHE:R->DD:0:EFB"=L  
:NDC9 I=: ,JG6A–/G76C >K>9: GDHH
DCI>C:CI6A *:GHE:8I>K:H DC I=: >;;:G:CI>6I:9
DJCIGNH>9: 6C9 #IH ,:<JA6I>DC    />L>:K<A BG KNK:E LH<BHEH@R :G= =>O>EHIF>GM  
"F>K:E=$KHNI-N;EBLABG@)BFBM>= 

KB:L  3  R "  1>KG>NL   CPA>H>H 9:A B6G8D A:<6A : >CHI>IJ8>DC6A E6G6 86J96A:H
:8DAT<>8DH 6B7>:CI6A:H:C:A8J69DG  HGLNEMHK[: .NBMH "<N:=HK2& + 

KBS:*HGMH;BH -  ):K@> L<:E>/>G>P:;E>"G>K@RMK:GL=BL<BIEBG:KROB>PHG


<HG?EB<ML :G= MK:=> H??L BG MA> BFIE>F>GM:MBHG H? K>G>P:;E> >G>K@R  1>LBL => -A ! 
:K<>EHG: "LI:]:2GBO>KLB=:=NM^GHF:=>:K<>EHG: 

KBSI>  +    2G=>KLM:G=BG@ :@KB<NEMNK:E <A:G@> BGM>@K:M>= :G:ERLBL H? LH<B>M:E

 
F>M:;HEBLF :M =B??>K>GM L<:E>L  1>LBL !H<MHK:E  >EE:M>KK: 2GBO>KLB=:= NM^GHF: =>
:K<>EHG: 

KKHCH -  )HLK>MHLYMB<HL=>E:GN>O:<NEMNK:=>E:@N: *DA>H4CARC:65 

——— "EK>MHYMB<H=>E:<KBLBL@EH;:E=>E:@N: ,:A68>DC:H#CI:GC68>DC6A:H


 

KMB@: /  "E:@N:R>EF>=BH:F;B>GM>>G N>G<: "<N:=HK "G*HL<HLH 'NEBH


,:DE>R 0M>P:KM R )NBL "@H<A>:@: "=L   A <J6 8DBD ,:8JGHD -JHI:CI67A: N 9: JHD
BUAI>EA:*DARI>86HE6G6HJJI>A>O68>TC:CODC6HJG76C6HNE:G>JG76C6H9:BQG>86&6I>C6NA
6G>7:    0:GMB:@H => ABE>  ABE> >GMKH ):MBGH:F>KB<:GH I:K: >E !>L:KKHEEH
/NK:E 

L:F;E>: HGLMBMNR>GM>   DCHI>IJ8>TC 9: A6 ,:EU7A>86 9:A 8J69DG  .NBMH 
"<N:=HK 

L:F;E>: +:<BHG:E =>E "<N:=HK   T9><D )G<PC>8D 9: )G<6C>O68>TC


.:GG>IDG>6A JIDCDBR6N:H8:CIG6A>O68>TC .NBMH "<N:=HK 

RK>L  / 2  R 2 "  0BFHGBL   #C9JHIG>6A ':I67DA>HB ,:HIGJ8IJG>C< ;DG -JHI6>C67A:


:K:ADEB:CI &G=NLMKB:EF>M:;HEBLFK>LMKN<MNKBG@?HKLNLM:BG:;E>=>O>EHIF>GM 2GBM>=
+:MBHGL2GBO>KLBMR-K>LL 

:KG>MM   /BH*:S:G A People’s Forest. .=:8DAD<>HI 

:KK>MM $ ' ->E>LR" ,=NF "=N<:MBHG1K:GL<>G=BG@IKH<>LL>L:G=MA>E>O>EL


H? HK@:GBS:MBHG<HG<>IM >D-8>:C8:  

:KKR  '  R '  -KHHIL   0>>DBG@ LNLM:BG:;BEBMR =BL<HNKL>L PBMA . F>MAH=HEH@R 
8DAD<>86A8DCDB>8H  

Bautista, R. (2011). Hacia una constitución del sentido significativo del “vivir bien”. En:
#:K:A  &OHGG> R 3:L:IHEEH )N<B:GH "=L   0>K>G7>:CW*6G69><B6CD86E>I6A>HI6   
):-:S HEBOB: &!"0 2*0 

>;;BG@MHG   ,K@:GBS:MBHGL:G=BGM>GLB?B<:MBHGL :FI>LBGH?>=>K:MBHGL KNK:E

 
EBO>EBAHH=L:G=:@KB<NEMNK:EM><AGHEH@RBGMA>G=>L:G=F:SHGB: 1DGA9:K:ADEB:CI
  

>;;BG@MHG    /  ;K:FHO:R R *  ABKB;H@:   0H<B:E *HO>F>GML :G= MA>


!RG:FB<L H? /NK:E 1>KKBMHKB:E !>O>EHIF>GM BG ):MBG F>KB<:  1DGA9 :K:ADEB:CI 
  

>KD>L  #  R  #HED>    LRLM>FL I>KLI><MBO> HG MA> BGM>KK>E:MBHGL ;>MP>>G


G:MNK:E ANF:G F:=>:G=<NEMNK:E<:IBM:E 8DAD<>86A8DCDB>8H  

HNE=BG@  (    $>G>K:E 0RLM>FL 1A>HKR—1A> 0D>E>MHG H? 0<B>G<>  '6C6<:B:CI


-8>:C8:  

KHPG  0    *DA>I>86A HJ7?:8I>K>IN 6EEA>86I>DCH D; + B:I=D9DAD<N >C EDA>I>86A H8>:C8: 
206:E>2GBO>KLBMR-K>LL 

——— -KBF>KHG.*>MAH=HEH@R )E:G6CI-J7?:8IAKAIN  

———    1A> %BLMHKR :G= -KBG<BIE>L H? . *>MAH=HEH@R BG -LR<AHEH@R :G= MA>
0H<B:E 0<B>G<>L  #><A: => <HGLNEM:   HGLNEM:=H >G
AMMI?:<LM:?? NPP >=N<HMME><.K<ABO>IL AMF 

KNG=ME:G= % * (A:EB=0 @G>EEB0 E MA>E  AB=S>KH) #:=BD:3 %:N??>M:E 


  (J:HIGD ;JIJGD 8DBUC  ,LEH  +HKN>@: ,K@:GBS:<B^G *NG=B:E => +:<BHG>L
2GB=:L 

NEE:K= / !  0HEB=4:LM>0BM>L:G=MA>E:<D%HNLMHG HFFNGBMR -D8>DAD<>86A


#CFJ>GN   

———    ,O>K<HFBG@ /:<BLF BG "GOBKHGF>GM:E !><BLBHGF:DBG@  CK>GDCB:CI


-8>:C8:6C9*DA>8N;DG-JHI6>C67A::K:ADEB:CI  

NEE:K=  / !  R $ 0  'HAGLHG   "GOBKHGF>GM:EBLF :G= -N;EB< -HEB<R


"GOBKHGF>GM:E 'NLMB<> $K:LLKHHML <MBOBLF :G= &ML &FI:<M HG -N;EB< -HEB<R !><BLBHG
*:DBG@ $DJGC6AD;-D8>6A#HHJ:H  

NRM:>KM 4 3 &]B@N>SR ! BZOK> 1A>>??><MLH?:??HK>LM:MBHG:G=<NEMBO:MBHG

 
HGP:M>KRB>E=BGMA>G=>:GIWK:FH *A6CI:9 DG:HIH6C916I:G#C8AJ9>C<H:A:8I:9E6E:GH
;GDB 6 HE:8>6A H:HH>DC D; I=: 1DGA9 DC<G:HH D; I=: #CI:GC6I>DC6A /C>DC D; DG:HI ,:H:6G8=
)G<6C>H6I>DCH G>H76C:
J<JHI –  

:KK:L<H * / -BG>=:R/ -YK>S  :EB=:==>EAW;BM:M>GEHLK[HL1HF>;:F;:


R6:GNG<:R>G"<N:=HK #(#/+  

")"    HKIHK:<B^G "EY<MKB<: =>E "<N:=HK  #><A: => <HGLNEM:  
HGLNEM:=H >G
AMMIPPP <>E>< <HF ><BG=>Q IAIHIMBHG<HF8<HGM>GMOB>P:KMB<E>B=&M>F
B=E:G@>L 

"*-/&*"0   *A6C 9: '6C:?D #CI:<G6A 9:A *6GFJ: (68>DC6A 6?6H  N>G<: 
"<N:=HK 

B?KBć  &  R   0OBKčBć   0H<BH "<HEH@B<:E *>M:;HEBLF H? /NK:E 0H<B>MR  "G
(HIKBO:G:< +:M:EBC:"=  CK>GDCB:CI6A'6C6<:B:CIDCIG>7JI>DCID-DAJI>DC  LM
&GM>KG:MBHG:E0RFIHLBNFHG"GOBKHGF>GM:E*:G:@>F>GM 7:@K>;  KH:MB:#:<NEMRH?
A>FB<:E"G@BG>>KBG@:G=1><AGHEH@R 2GBO>KLBMRH?7:@K>; 

&0*&)R$H;B>KGH-KHOBG<B:E=>ESN:R )7?:I>KDH9:9:H6GGDAAD9:AB>A:C>D :HI69D


9:H>IJ68>TC *GDK>C8>69:AOJ6N  N>G<: "<N:=HK 

E:KD    R '   #HLM>K   1A>=B:E><MB<H? LH<B:E :G=><HEH@B<:EF>M:;HEBLF*:KQ 


*YLSWKHL :G=MA>:;LHENM>EBFBMLH?<:IBM:E -D8>6A>HB6C9:BD8G68N  

,+&" )-)2/&+ &,+)&!!!"0!") ,+&" 6HN1N;> #><A:


=> <HGLNEM:   HGLNEM:=H >G
AMMIPPP RHNMN;> <HFP:M<A?>:MNK>IE:R>K8>F;>==>=OR'L#+I$* 

HG@K>LH+:<BHG:E=>E:/>I`;EB<:=>E"<N:=HK &:N DG:HI6AN9:DCH:GK68>TC9:


YG:6H(6IJG6A:HN0>96->AK:HIG:  H=B?B<:<B^G .NBMH "<N:=HK 

HGL>CH :GMHG:E=> N>G<: )G9:C6CO69:DCIGDA9:A6-J78J:C869:A,RD


.DB:76B76,:A6I>K66A66EI68>TC9:<J6E6G6A6*A6CI69:A:7DAA6G  

HK=>KH !  "LJN>F:L=>I:@HLIHKL>KOB<BHL:F;B>GM:E>LI:K:E:<HGL>KO:<B^G

 
=><N>G<:LAB=KH@KW?B<:L>G>E"<N:=HK #CK:HI><68>TC<G6G>6->HI:B6HN,:8JGHDH DG:HI6
A:H  

HK=>KH  &    "O:EN:<B^G => E: @>LMB^G M>KKBMHKB:E => E: <N>G<: =>E K[H -:NM>
>LMK:M>@B:L R E[G>:L => :<<B^G I:K: LNI>K:KE:L  1>LBL => *:>LMK[:  N>G<:  "<N:=HK
2GBO>KLB=:==> N>G<: 

NKMBL % + 0 :KG>LR 0<AG>D  >DAD<>6 >DAD<N *:=KB= "LI:]:"=BMHKB:E


*>=B<:-:G:F>KB<:G: 

!:ER %  1A>"<HGHFB<LH?MA>0M>:=R0M:M> .=:B:G>86C8DCDB>8,:K>:L


  

!WOBE:  )    @N: JN> GH A:L => ;>;>K  =>;>L IKHM>@>K "GMK>OBLM: : ,MA^G
7>O:EEHL (:LHA:II:G9:A6PB6G69:#C9JHIG>6HNDB:G8>D8J6IDG>6CD
A:B6C6 

!><E:K:<B^G "NKHI>: IHK NG: +N>O: NEMNK: =>E @N:    #><A: => <HGLNEM:
  HGLNEM:=H >G
AMMIPPP NGBS:K >L?G<:>NP:M>K=H<N=><E:K:<BHG>NKHI>: I=? 

!B:KBH "E*>K<NKBH   $>LMBHG>L=> >Q $ -:NM> <HGMBGN:KWG <HG 0>G:@N: 


#><A: => <HGLNEM:   HGLNEM:=H >G
AMMIPPP >EF>K<NKBH <HF >< @>LMBHG>L => >Q <@ I:NM> <HGMBGN:K:G <HG
L>G:@N: 

——— K>:LG:MNK:E>L=> N>G<:L>;EBG=:KWG<HGHK=>G:GS: >6G>DA


':G8JG>D 

!B:KBH%HR &+" "))2*/)!"02#&+ >6G>D"DN 

!B:S *:NKBG  #    1A> 3B:;BEBMR :G= !>LBK:;BEBMR H? EM>KG:MBO> "G>K@R 0HNK<>L
"QIEHKBG@ MA> HGMKHO>KLR HO>K +N<E>:K -HP>K  1>LBL !H<MHK:E  :K<>EHG:  "LI:]:
2GBO>KLB=:=NM^GHF:=>:K<>EHG: 

!B>G '  "O:EN:MBG@MPH LM>I- H?"/-=:M:PBMA$>HFBG &G?HF:Q ,;EBFBG 


-KHF:Q :G=3:KBF:QKHM:MBHGL *HN8=DE=NH>DAD<N  

 
!H;LHG   $JHI>8:6C9I=:CK>GDCB:CIDC8:EI>DCHD;CK>GDCB:CI6A-JHI6>C67>A>IN
6C9.=:DG>:HD;>HIG>7JI>K:$JHI>8: ,Q?HK= 2(,Q?HK=2GBO>KLBMR-K>LL 

!HF>G> " R! 0:NK[ 2K;:GBL:MBHG:G=P:M>K<HGLNFIMBHG&G?EN>G<BG@?:<MHKL


BGMA>F>MKHIHEBM:GK>@BHGH?:K<>EHG: /G76C-IJ9>:H  

!RLHG * $ >K@D:FIR' 0<:GEHG>=  6J96AA:B:CIDH:H:C8>6A:H9:ADH86J96A:H


6B7>:CI6A:H 2& + ,/* 

"BL>GF>G@>K  +  '  /:FHL *:KM[G R %  0<A:G=E   GWEBLBL =>E F>M:;HEBLFH


>G>K@YMB<H R => F:M>KB:E>L => K:LBE  ABE> R 3>G>SN>E:  ,:K>HI6 #7:GD6B:G>86C6 9:
8DCDBR68DAT<>86  

"E HF>K<BH -:NM>L>:<>K<::EF[GBFHHI>K:;E> ADB:G8>D 


L>< <MN:EB=:= 

———    "E >F;:EL> => -:NM> LB@N> >G   F>MKHL  A DB:G8>D
 L>< <MN:EB=:= 

———    -:NM> >LMNOH :R>K :I:@:=: =NK:GM>  AHK:L  A DB:G8>D
 L>< <MN:EB=:= 

"E 1>EY@K:?H   " -$ JN>=: I:K: <HL:L ;WLB<:L IHK =>LI:<A:K  A
.:AQ<G6;D 

———    N:MKH H;K:L =:G IK>FBH : N>G<:  #><A: => <HGLNEM:
  HGLNEM:=H >G AMMIPPP M>E>@K:?H <HF ><K>@BHG:E>LK>@BHG:E
LNKBM>F<N:MKH H;K:L =:G IK>FBH : <N>G<: AMFE 

"E2GBO>KLH -:NM>L>JN>=:LBG:@N:R>FIB>S:G<HKM>L>EY<MKB<HL >6G>DA


/C>K:GHD L>< "<HGHF[: 

"E=K>=@>  +  R 0 '  $HNE=   -NG<MN:M>= >JNBEB;KB: :G :EM>KG:MBO> MH IARE>MB<
@K:=N:EBLF 'D9:AH>CE6A:D7>DAD<N 

"K; ( %  %HP:LH<BH ><HEH@B<:EF>M:;HEBLF:IIKH:<A<:GA>EIMH:=O:G<>HNK


NG=>KLM:G=BG@H?<A:G@>LBGE:G= NL>BGM>GLBMR 8DAD<>86A8DCDB>8H  

 
"1-   HIJ9>D =>9GDAT<>8D 9: ADH EA6C:H B6:HIGDH  ## :I6E6  N>G<:  "<N:=HK
"1- 

——— J9>IDG>6IQ8C>86N9:<:HI>TC9:.**8DGG:HEDC9>:CI:6ADH6SDH  
 N EG>B:G>C;DGB:  N>G<: "<N:=HK 

———: -HM:;BEBS:<B^G&G?HKF:<B^G@>G>K:E -W@BG:P>;BGLMBMN<BHG:E #><A:=>


<HGLNEM: E  HGLNEM:=H >G
AMMIPPP >M:I: G>M ><@N::@N:8IHM8BG?8@>G :LIQ 

———; -KHM><<B^G=>#N>GM>L%[=KB<:L HGL>CH=>E:<N>G<:=>E*:<AWG@:K: 


-W@BG: P>; BGLMBMN<BHG:E  #><A: => <HGLNEM: E  HGLNEM:=H >G
AMMIPPP >M:I: G>M ><!$=@:8IKH8?N>8AB=8<HG8<N>8F:< :LIQ 

#:;>K  *  /  *:GLM>MM>G R ' ) /  -KHHIL   ,G MA> <HG<>IMN:E ?HNG=:MBHGL H?
><HEH@B<:E><HGHFB<LM>E>HEH@B<:E:IIKH:<A 8DAD<>86A8DCDB>8H  

#:E<HG[ >G[M>S  #    &GM>@K:M>= LL>LLF>GM H? MA> /><>GM "<HGHFB< %BLMHKR H?
"<N:=HK *DEJA6I>DCCK>GDCB:CI  

#:KBG:    R   >E@K:GH   1A> "<H ?B>E= %RIHMA>LBL 1HP:K= : H@GBMBO>


):G=L<:I> &6C9H86E:8DAD<N  

#:KK>EE  (    0GHP 4ABM> :G= MA> 4B<D>= -KH;E>FL H? MA> 4>LM  )HHD :M MA>
)BG>L;>MP>>G"FIBKB<:E!>L<KBIMBHG:G=+HKF:MBO>-K>L<KBIMBHG -8>:C8: .:8=CDAD<N
"JB6C06AJ:H  

#:KK>EE ( R( *:RNFB 1BF>AHKBSHGL:G=>E><MKB<BMR?NMNK>LG:IIEB<:MBHGH?


+B<AHE:L $>HK@>L<N Roegen’s general theory of economic production. C:G<N  
  

#:KKHP   ):KK>:$ %RF:GR$ )>F: "QIEHKBG@MA>LI:MB:EO:KB:MBHGH?


?HH=IHO>KMRBG"<N:=HK -E:8>6A#HHJ:*DK:GIN6C9 DD9-:8JG>IN'6EE>C<–
 

#>BGLBG@>K -  A9>H:SD9::HIJ9>DH9:86BEDE6G6A68DCH:GK68>TC9:A67>D9>K:GH>969 


):-:S HEBOB:#+ 

 
#BL<A>K # R*  %:C>K >RHG=$EH;:E!BL<HNKL>1A>/>=BL<HO>KRH? NEMNK>BG
"GOBKHGF>GM:E-HEBMB<L "G#BL<A>K #K:GDR*::KM>G %:C>K"=L  &>K>C<L>I=(6IJG:
CK>GDCB:CI6A*DA>I>8H6HJAIJG6A>H8DJGH:  ,Q?HK= 2(,Q?HK=2GBO>KLBMR-K>LL 

#BL<A>K Kowalski, M. (1998). Society’s Metabolism:1A>&GM>EE><MN:E%BLMHKRH?*:M>KB:EL


#EHPG:ERLBL -:KM&   $DJGC6AD;#C9JHIG>6A8DAD<N  

#E:<AB>K      :I:GB>C68>TC 9:A86J96A :8DAT<>8D 9:A GRD 26CJC86N  J:C86  8J69DG 
N>G<:  "<N:=HK "FIK>L: => 1>EY?HGHL  @N: -HM:;E> R E<:GM:KBEE:=H => N>G<:
"1- 

#EHK>L  '    &J8=6 -D8>6A  ":G:C8>6 ">HITG>86 /C6 B>G696 G:;A:M>K6 9: A6 DCHI>IJ8>TC
  .NBMH "<N:=HK ,+&"" 2/2+/& 

#HKK>LM>K '   HNGM>KBGMNBMBO>;>A:OBHKH?LH<B:ELRLM>FL .:8=CDAD<>86A DG:86HI>C<


6C9-D8>6A=6C<:   

#HKLRMA 1  -HEBMB<:E><HEH@R:G=MA>>IBLM>FHEH@RH?LH<B:ECNLMB<> DCK:GH6I>DCH


8GDHH I=: >K>9: .=: .>B: 6C9 *A68: ;DG *DA>I>86A 8DAD<N .=: &>;:
1DG@ D; *>:GH A6>@>:
>D8DBEA:M>IN >C DJEA:9 "JB6C
(6IJG6A -NHI:BH .=: -IJ9N D; *DEJA6I>DC
CK>GDCB:CI
#CI:G68I>DCH  

#HLM>K '   &6:8DAD<R69:'6GMB6I:G>6A>HBDNC6IJG6A:O6 "EOB>CHMHIH "LI:]:"E


3B>CH1HIH 

#HPE>K     -NHI:B>8'6C6<:B:CI-JHI6>C67A:"JB6C#CI:G68I>DCHL>I=8DHNHI:BH


6C9I=:>DHE=:G: +>P6HKD 20,Q?HK=2GBO>KLBMR-K>LL 

#NGMHPB<S 0 , R' / /:O>MS /C8:GI6>CIN6C9+J6A>IN>C-8>:C8:;DG*DA>8N ):PBG


":LM>KG"NKHI> 0IKBG@>K 

#NGMHPB<S 0 , R' / /:O>MS 1A>@HH= MA>MKN>:G=MA>IHLM FH=>KG  JIJG:H


  

———  :  1A> PHKMA H? : LHG@;BK= ><HEH@B<:E ><HGHFB<L :L : IHLM GHKF:E
L<B>G<> 8DAD<>86A8DCDB>8H  

 
———  ;  2G<>KM:BGMR  <HFIE>QBMR :G= IHLM GHKF:E L<B>G<>  CK>GDCB:CI6A
.DM>8DAD<N6C9=:B>HIGN  

$:EEHIBG  $  -  $NMF:G R %  *:E>MM:   "FIH;K><BFB>GMH $EH;:E  =>L:KKHEEH


LHLM>GB;E> R F>=BH :F;B>GM> NG >G?HJN> <HG<>IMN:E  ,:K>HI6 #CI:GC68>DC6A 9: >:C8>6H
-D8>6A:H  

$:G=R  *  :  />MABGDBG@ NK;:G F>M:;HEBLF P:M>K  LI:<> :G= MA> FH=>KG <BMR 
>IN6C6ANH>HD;JG76CIG:C9H 8JAIJG: I=:DGN EDA>8N 68I>DC– 

———; />MABGDBG@NK;:GF>M:;HEBLFP:M>K LI:<>:G=MA>FH=>KG<BMR >IN


6C6ANH>HD;JG76CIG:C9H 8JAIJG: I=:DGN EDA>8N 68I>DC– 

———  :  2K;:G G:MNK> :G= MA> ><HEH@B<:E BF:@BG:KR  "G %>RG>G  +BDHE:L
*:KB:(:\D:R"KB<0PRG@>=HNP"=L  #CI=:(6IJG:D;>I>:H/G76CEDA>I>86A:8DAD<N6C9
I=:EDA>I>8HD;JG76CB:I67DA>HB  /HNME>=@>1:REHK:G=#K:G<BL$KHNI 

———  ;  -E:GGBG@  :GMB IE:GGBG@ :G= MA> BG?K:LMKN<MNK> <KBLBL ?:<BG@
*>MKHIHEBM:G):@HL /G76C-IJ9>:H– 

$>HK@>L<N /H>@>G +  f.NYIN>=>>GL>]:K:EHL><HGHFBLM:LE:M>KFH=BGWFB<:


R E: ;BHEH@[: "G @NBE>K: (EBGD  #>=>KB<H R 3BG<>GM E<WGM:K: "=L   :A6:8DCDBR6
6B7>:CI6A6A6:8DCDBR6:8DAT<>86  "=B<B^G"E><MK^GB<:/>OBL:=: "<HGHF[: K[MB<:
 :K<>EHG: "LI:]:&<:KB:"=BMHKB:E 

——— .=::CIGDENA6L6C9I=::8DCDB>8EGD8:HH ""22B2GBO>KL> 

$B:FIB>MKH  *    2LBG@ AB>K:K<AR MA>HKR MH >QIEHK> MA> <HG<>IM H? LNLM:BG:;E>
=>O>EHIF>GM  JIJG:H  

———    'JAI>


-86A: #CI:<G6I:9 C6ANH>H D; <GD:8DHNHI:BH  =O:G<>L &G
@KH><HEH@R />BGH2GB=H / -K>LL&+ 

$B:FIB>MKH  *  1  EE>G R (  *:RNFB   1A> >IBLM>FHEH@B<:E IK>=B<:F>GM


:LLH<B:M>= PBMA INKIHLBO> JN:GMBM:MBO> :G:ERLBL  DBEA:M>IN6C98DAD<>86A8DCDB>8H 
  

 
$B:FIB>MKH  *  / '  LIBG:EE '  /:FHL *:KM[G R 0  NDD>GL>=    ,:HDJG8:
88DJCI>C<;DG-JHI6>C67>A>INHH:HHB:CI.=:(:MJH7:IL::CC:G<N  DD9 16I:G6C9&6C9
/H: /HNME>=@>"QIEHK:MBHGLBG0NLM:BG:;BEBMR:G=$HO>KG:G<> )HG=HG 2(/HNME>=@>
1:REHK:G=#K:G<BL$KHNI 

$B:FIB>MKH  *  0 $ #  NDD>GL R !  -BF>GM>E   *H=>EL H? >G>K@R :G:ERLBL MH


:LL>LLMA>I>K?HKF:G<>H??HH=LRLM>FL <G>8JAIJG6A-NHI:BH  

$B:FIB>MKH  *  $  >KK>M>EEB R !  -BF>GM>E   "G>K@R :G:ERLBL H? :@KB<NEMNK:E


><HLRLM>F F:G:@>F>GM ANF:G K>MNKG :G= LNLM:BG:;BEBMR  <G>8JAIJG:  8DHNHI:BH 
CK>GDCB:CI  

$B:FIB>MKH * R( *:RNFB =RG:FB<FH=>EH?LH<BH><HGHFB<LRLM>FL;:L>=


HGAB>K:K<ARMA>HKR:G=BML:IIEB<:MBHGMHLNLM:BG:;BEBMR -IGJ8IJG6A=6C<:6C98DCDB>8
NC6B>8H  

$B:FIB>MKH * ( *:RNFBR' *:KM[G>SEB>K &GMKH=N<MBHGMHMA>0I><B:E&LLN>L


HG0H<B>M:E*>M:;HEBLFE>G=BG@+>P&GLB@AML?KHF HFIE>Q0RLM>F1ABGDBG@PBMA
,E= &GLB@AML ?KHF BHIARLB<:E G:ERL>L H? MA> "<HGHFB< -KH<>LL  *DEJA6I>DC 
CK>GDCB:CI  

$B:FIB>MKH * ( *:RNFBR' /:FHL*:KM[G *NEMB L<:E>BGM>@K:M>=:G:ERLBLH?


LH<B>M:E :G= ><HLRLM>F F>M:;HEBLF *N0&0"* 1A>HK>MB<:E <HG<>IML :G= ;:LB<
K:MBHG:E> C:G<N  

$B:FIB>MKH  *  (  *:RNFB R  %  0HKF:G   .=: ':I67DA>8 *6II:GC D; -D8>:I>:H


1=:G:8DCDB>HIH 6AA-=DGI /HNME>=@>0MN=B>LBG"<HEH@B<:E"<HGHFB<L /HNME>=@> 

$HE=F:G *  #BE:G>6A(6IJG:.=:1DGA96C@C9-IGJ<<A:H;DG-D8>6A$JHI>8:>CI=:


<:D;!AD76A>O6I>DC 206:E>2GBO>KLBMR-K>LL 

$HEN;B>PLDB +  &L1A>K>:*>M:;HEBLFH?:G2K;:G"<HLRLM>FG"<HEH@B<:E


KBMBJN> '#)  

$^F>S ,K>:  !    )G9:C68>TC I:GG>IDG>6A  0>@NG=:  *:=KB=  "LI:]: "=B<BHG>L


*NG=B -K>GL: 

 
$HNE=  0 '  R +  "E=K>=@>   -NG<MN:M>= >JNBEB;KB: :G :EM>KG:MBO> MH IARE>MB<
@K:=N:EBLF "GR:E: #K:G<BL<HR'HAGOBL>"=L  HH:CI>6A,:69>C<H>CKDAJI>DC6GN
>DAD<N    "LL>GMB:E />:=BG@L BG "OHENMBHG:KR BHEH@R  :EMBFHK>  ""22 'HAGL
%HIDBGL2GBO>KLBMR-K>LL 

$HP=R  '    D:KDAJI>DC6GN 8DCDB>8H .=: 8DCDBN  -D8>:IN 6C9 I=: CK>GDCB:CI 
+:MNK:E/>LHNK<>*:G:@>F>GM:G=-HEB<R ""22(ENP>K<:=>FB<-N;EBLA>KL 

$K:GS>GFaEE>K    #  N>LM: :F:<AH  /BH?K[H  $HGSWE>S R #  :JN>KH  


6G68I:G>O68>TC:8DH>HIQB>86N:K6AJ68>TC9::;:8I>K>9699:B6C:?D9:ADH7DHFJ:HEGDI:8IDG:HN
7ADFJ:H9:A*6IG>BDC>D DG:HI6AJ7>869DH:C:AH:8IDG:8J6IDG>6CD9:ADGG:9DG9:DCH:GK68>TC
=D8T
'6C67R  .NBMH  "<N:=HK *BGBLM>KBH =>E F;B>GM> =>E "<N:=HK  "<H B>G<B: R
HGL>KO:<B^G&GM>KG:<BHG:E 

$KHO>  (    />MABGDBG@ MA> G:MNK> H? NK;:G >GOBKHGF>GM:E IHEBMB<L 0><NKBMR 
LN;C><MBOBMR :G=MA>GHG ANF:G !:D;DGJB– 

$N=RG:L "  ):><HEH@[:IHE[MB<:=>E@BKH;BH<YGMKB<H>GE:GN>O: HGLMBMN<B^G=>


"<N:=HK ,:K>HI69:HIJ9>DH-D8>6A:H  

$N=RG:L " R <HLM: "E;N>GOBOBKFWL:EEW=>E=>L:KKHEH +JQ"68:G


:CIGD
9:HIJ9>DHN*GDBD8>TC9:A:H6GGDAAD 

$N>KK>KH # R - ,LIBG:   AED9:G9:A68DBJC>969 ?JHI::HIGJ8IJG6ANBDK>B>:CID


>C9R<:C6 :C ADH C9:H :8J6IDG>6CDH  N>GHL BK>L  K@>GMBG: ) 0,  HGL>CH
):MBGH:F>KB<:GH=> B>G<B:L0H<B:E>L 

$NA: /  "E><HEH@BLFH=>EHLIH;K>L 8DAD<R6*DARI>86  

$NA: / R' *:KM[G>SEB>K 06G>:I>:HD;CK>GDCB:CI6A>HBHH6NH(DGI=6C9-DJI= 


)HG=HG 2(":KMAL<:G 

%:C>K  *     .=: *DA>I>8H D; CK>GDCB:CI6A >H8DJGH: 8DAD<>86A'D9:GC>O6I>DC 6C9


I=:*DA>8N*GD8:HH ,Q?HK= 2(,Q?HK=2GBO>KLBMR-K>LL 

%>KGWG=>S  *    0NF:D (:PL:R R 0NF: .:F:]:  >E K>MH => :IK>G=>K =>E LNK
K>?E>QBHG>L>GMHKGH:E;N>GOBOBK ).-  ,:K>HI69:>:C8>6H-D8>6A:H  

 
%>RG>G +  1A>0<:E:K-KH=N<MBHGH?&GCNLMB<>PBMABGMA>2K;:G#HK>LM CI>ED9:
  

%>RG>G + * (:\D:R" 0PRG@>=HNP>=  #CI=:(6IJG:D;>I>:H/G76C*DA>I>86A


8DAD<N 6C9 I=: *DA>I>8H D; /G76C ':I67DA>HB  +>P 6HKD  20 /HNME>=@> 1:REHK :G=
#K:G<BL$KHNI 

%B=:E@H #   N>GOBOBK  0NF:D(:PL:R GB<H=>EIKH<>LH


:G=BGH  /IDER6 N EG6M>H A6I>CD6B:G>86C6 G:K>HI6 >CI:GC68>DC6A 9: ;>ADHD;R6 >7:GD6B:G>86C6 N
I:DGR6HD8>6A  

%B=KHI:NM> %&!/,-21"  DGEDG68>TCAQ8IG>869:A8J69DG#><A:=><HGLNEM:


  HGLNEM:=H >G
AMMILPPP <>E>< @H; ><BG=>Q IAIHIMBHG<HF8<HGM>GMOB>P:KMB<E>B=
AB=KHI:NM><:MB=@>G>K:<BHG AB=KH>E><MKB<:&M>FB= 

%BFE>R  *    +:MNK> <HGL>KO:MBHG  KNK:E EBO>EBAHH=L  :G= M>KKBMHKB:E <HGMKHE BG
G=>:G"<N:=HK !:D;DGJB  

%H>DLMK:  1 4  1 # %  EE>G R %  #E:MA>K   &FIEB<BM 0<:EBG@ BG "<HEH@B<:E


/>L>:K<A >D-8>:C8:  

%H?LM>=> / /  HIINL- *>G:3WS<HG>S0 -HHE' 4HE?R' 0>OBGD "E>LM:=H


=><HGL>KO:<B^G=>EHLIWK:FHL=>I:CHG:E>G>E"<N:=HK 8DIGTE>8DH  

%HE@NBG $HGS:E>S ' " - H>ML EO:K:=H#  BLG>KHL*  :KK:L<H$ 4RL>NK>
&  +HI>GL R - ) *  $H>MA:EL   &GM>@K:MBG@ AR=K:NEB<  IARLB<H<A>FB<:E :G=
><HEH@B<:EFH=>ELMH:LL>LLMA>>??><MBO>G>LLH?P:M>KJN:EBMRF:G:@>F>GMLMK:M>@B>L?HK
MA>/BO>K N>G<:BG"<N:=HK 8DAD<>86A'D9:AA>C<  

%HEEBG@  0    "G@BG>>KBG@ />LBEB>G<> O>KLNL "<HEH@B<:E />LBEB>G<>  "G 0<ANES> 


->M>K "=   C<>C::G>C< L>I=>C :8DAD<>86A 8DCHIG6>CIH    4:LABG@MHG !  +:MBHG:E
<:=>FR-K>LL 

%HNM:KM #  ):<KBLBL=>EFH=>EH=>=>L:KKHEEHRE:?BEHLH?[:=>E0NF:D(:PL:R 


"G0><K>M:K[:+:<BHG:E=>-E:GB?B<:<B^GR!>L:KKHEEH=>E"<N:=HK0"+-)!"0"=  

 
&DHCJ:KDHG:IDH9:BQG>86&6I>C6-D8>6A>HBDN-JB6@%6LH6N  #BKLM"=BMBHG .NBMH 
"<N:=HK0"+-)!"0 

%HP:K= $ R' :KMK:F DB:HI>8L6I:GFJ6CI>IN H:GK>8:A:K:A6C9=:6AI= $BG>;K: 


0NBS:,K@:GBS:<B^G*NG=B:E=>E:0:EN= 

%NKK>EE  '    0H<B:E HK@:GBS:MBHG :G= MA> >GOBKHGF>GM LI><ML H? <HGM>FIHK:KR
LH<B:E>MAHEH@R C>B6A:=6K>DJG -:KM  

&=KHOH  '    .DB:76B76 6GFJ:DAD<R6:=>HIDG>69:JC68>J969>BE:G>6A  :G<H >GMK:E


=>E"<N:=HK !BK><<B^G NEMNK:E/>@BHG:E N>G<: 

&"/0"   #C;DGB: CD EJ7A>869D >6<CTHI>8D 9:A JHD 9: 6<J6  9: E6>H6?:  ;ADGRHI>8D 
DG<6C>O68>DC6A  9: H6AJ9 N HD8>D:8DCTB>8D 9: A6H  E6GGDFJ>6H GJG6A:H 9:A 86CITC J:C86  N
:HI67A:8>B>:CID 9:  /C>969:H B7>:CI6A:H :C  ?JCI6H E6GGDFJ>6A:H  />IHKM> ?BG:E =>
IKHR><MH  N>G<: "<N:=HK2GBO>KLB=:==>ESN:R 

———    &GLMBMNMH => "LMN=BHL => /Y@BF>G 0><<BHG:E =>E "<N:=HK  #><A: =>
<HGLNEM:   HGLNEM:=H >G
AMMIPPP N:SN:R >=N ><@>HF:MB<:LHNK<>P>;EBGDLK>OBL>8<:KMH AMFE 

&ENLMK> *NGB<BI:EB=:= => N>G<:   ,K=>G:GS:L  N>G<: E<:E=[:  #><A: =>
<HGLNEM:   HGLNEM:=H >G
AMMIPPP <N>G<: @HO ><JOBLM:8HK=>G:GS:L 

&+"  :  >GLH "<N:MHKB:GH => -H;E:<B^G R 3BOB>G=:   #><A: => <HGLNEM:
  HGLNEM:=H >G
AMMIPPP BG>< @H; ><<IOBG=>Q IAIHIMBHG<HF8PK:II>KOB>PPK:II>K&M>F
B=E:G@>L 

———  ;  >GLH +:<BHG:E "<HG^FB<H   #><A: => <HGLNEM:  
HGLNEM:=H >G
AMMIPPP BG>< @H; ><<IOBG=>Q IAIHIMBHG<HF8PK:II>KOB>PPK:II>K&M>F
B=E:G@>L 

':F>MM  $  R   /H=KB@N>L   "O:EN:<B^G =>E BGLMKNF>GMH <:N=:E ><HE^@B<H 

 
I:GHK:F: E>@:E > BGLMBMN<BHG:E >G ABE> R K:LBE  ,!
,:K>HI6 9:!:HI>TC 9:A <J6 9:
BQG>86&6I>C6  

':FB>LHG  / 4  R &  6HNF:G   : .DB:76B76 6 J:C86 6GFJ>I:8IJG6 N 6GFJ:DAD<R6


8DADC>6A 2GBO>KLB=:==> N>G<: 

'HLL>  R) 0NWK>S ):LIKBHKB=:=>L>GE:<HGL>KO:<B^G=>E:;BH=BO>KLB=:= "G


'HLL>  :KF>G "=   &67>D9>K:GH>9699:A8J69DG>C;DGB:     .NBMH  "<N:=HK
*BGBLM>KBH=>EF;B>GM> "<H B>G<B:R2& + 0NK 

(:\D:  *    HGLMKN<MBG@ 0<:K<BMR :G= 0>GL:MBHG:EBLBG@ 4:M>K -HEBMB<L  !:RL
1A:M0AHHDMA>GL CI>ED9:– 

(:BL>K  %    1A> O:KBF:Q <KBM>KBHG ?HK :G:ERMB< KHM:MBHG BG ?:<MHK :G:ERLBL 
*HN8=DB:IG>@6  

(HLHR  +  *  *:KM[G>S 1NG: /  *NK:=B:G R '  *:KM[G>S EB>K   -:RF>GML ?HK
>GOBKHGF>GM:EL>KOB<>LBGP:M>KLA>=L&GLB@AML?KHF:<HFI:K:MBO>LMN=RH?MAK>><:L>L
BG >GMK:EF>KB<: 8DAD<>86A8DCDB>8H   

(HPBB   "E0NF:D(:PL:R ,:K>HI6A:8IGTC>86EDGI:HC9>CDH 

):KK>:
GB<H  "G 0><K>M:K[: +:<BHG:E => -E:GB?B<:<B^G R !>L:KKHEEH =>E
"<N:=HK0"+-)!"0 "=   &DH CJ:KDH G:IDH 9: BQG>86 &6I>C6 -D8>6A>HBD N -JB6@
%6LH6N  #BKLM"=BMBHG .NBMH "<N:=HK0"+-)!"0 

):KK>:*:E=HG:=H  :  KBLBL =>L<>GMK:EBS:<B^GR=>L:KKHEEHEH<:E>G>E"<N:=HK 


"G ,LIBG:  -:;EH :KEHL ):KK>: *:E=HG:=H *:K[: K;HE>=: R E>C:G=K: 0:GMBEE:G:
"=L   C A6H;>HJG6H 9:A ED9:G 'DK>B>:CID>C9R<:C6 86B7>D HD8>6A N <D7>:GCDH AD86A:H 
 .NBMH "<N:=HK&GLMBMNMH=>"LMN=BHL"<N:MHKB:GHL 

———; "68>6JC6=>HIDG>6:8DAT<>869:A8J69DGEGDEJ:HI6HE6G6:A9:76I: B;EBHM><:


@>G>K:E=><NEMNK: .NBMH "<N:=HK"<H B>G<B: 2GBO>KLB=:=G=BG:0BF^GHE[O:K R
HKIHK:<B^G"=BMHK:+:<BHG:E 

):MHNK   1:=6K:C:K:G7::CBD9:GC 20%:KO:K=2GBO>KLBMR-K>LL 

 
):PLHG  3     4HKD ?HK<> ?K:@F>GM:MBHG BG ):MBG F>KB<: :G= BML >FIBKB<:E
F:GB?>LM:MBHGLBG"<N:=HK 1DGA9:K:ADEB:CI  

)>??  "    ): ><HEH@[: IHE[MB<: >G FYKB<: ):MBG: NG <:FIH >G <HGLMKN<<B^G 
-D8>:969::HI69D  

———  :  ,68>DC6A>969 B7>:CI6A &6 G:6EGDE>68>TC HD8>6A 9: A6 C6IJG6A:O6  *YQB<H
! # 0B@EH55&>=BMHK>L 

———; ,68>DC6A>969B7>:CI6A&6G:6EGDE>68>TCHD8>6A9:A6C6IJG6A:O6 F;B>GM>


R!>FH<K:<B: *YQB<H! # 0B@EH55&>=BMHK>L 

)>AF:GG  !    0A:K><KHIIBG@ :G= MA> <:IBM:EBLM MK:GLBMBHG BG :@KB<NEMNK> 0HF>
>OB=>G<> ?KHF MA> AB@AE:G=L H? "<N:=HK  $DJGC6AD;:K:ADEB:CI8DCDB>8H   
 

)>GMBGB "   :LH:K@>GMBGH "GN>G?BE *:KBH"=   JID6CPAH>H&6I>CD6B:G>86CD


HD7G: 8DC;A>8IDH N <:HI>TC 9: H:GK>8>DH JG76CDH 9: 6<J6 N H6C:6B>:CID    N>GHL BK>L 
K@>GMBG:*:KBHN>G?BE 

)>^G   8J69DGA686G6D8JAI69:A68G>H>H  >9:DAD<R6 >9:CI>969:HEDARI>86HNEGDI:HI6


:C :A ;>C 9: H><AD  HE><<B^G ><:L => &GO>LMB@:<B^G  N>GHL BK>L  K@>GMBG: HGL>CH
):MBGH:F>KB<:GH=> B>G<B:L0H<B:E>L ) 0, 

)>OBG  0     "<HLRLM>FL :G= MA> BHLIA>K> :L HFIE>Q =:IMBO> 0RLM>FL 
8DHNHI:BH  

)EHK>M  -    .=: 16I:GH=:9 DJC8>A 6H 6 ':8=6C>HB ;DG /EHIG:6B


DLCHIG:6B
DDE:G6I>DC .=: 6H: D; I=: ,RD '68=PC<6G6  J:C86  8J69DG  ):G= 4:M>K )BGD:@>L BG
/NK:E4:M>KLA>=L :L>0MN=R0>KB>L #HH=:G=@KB<NEMNK>,K@:GBS:MBHGH?MA>2GBM>=
+:MBHGL 

———  K>:<B^G=>E<HGL>CH=> N>G<:=>E-:NM> :EM>KG:MBO:=>@H;>KG:;BEB=:=


=>E:@N:>G>E"<N:=HK FJ6;DGJB  

*:<:L  )    0NF:D (:PL:R ): OB=: >G IE>GBMN=  BQG>86 &6I>C6 :C 'DK>B>:CID
 

 
*:=KB=   3  :;>EEH R *  $B:FIB>MKH :  4:M>K 2L> 0NLM:BG:;BEBMR BG
0H<BH><HEH@B<:E0RLM>FL*NEMBL<:E>&GM>@K:M>=IIKH:<A >D-8>:C8:  

———; "EF>M:;HEBLFH=>E:@N:<HG*N0&0"* -K>L>GM:<B^G>G>L<N>E:=>


O>K:GH IK>L>GM:=H>G)BIA>  :K<>EHG: "LI:]: 

*:=KB=   R *  $B:FIB>MKH   4:M>K $K:FF:K  "G ,:HDJG8: 88DJCI>C< ;DG


-JHI6>C67>A>INHH:HHB:CI.=:(:MJH7:IL::CC:G<N  DD9 16I:G6C9&6C9/H:/HNME>=@>
"QIEHK:MBHGL BG 0NLM:BG:;BEBMR :G= $HO>KG:G<>  )HG=HG  2( /HNME>=@> 1:REHK :G=
#K:G<BL$KHNI 

*:=KB=  R" 3>EWSJN>S "EF>M:;HEBLFHA[=KB<HREHL?ENCHL=>:@N:OBKMN:E 


2G::IEB<:<B^G:EL><MHKAHKMH?KNM[<HE:=>G=:EN<[:"LI:]: ,:K>HI6#7:GD6B:G>86C69:
8DCDBR68DAT<>86 

*:KM[G>S   -KH<>LHL=>F:G>CHR@>LMB^G=>E-:KJN>+:<BHG:E :C:L "G &DH


EPG6BDH6JHIG6A:H76A6C8:HNE:GHE:8I>K6H  "EIWK:FH=>ENLMKH .NBMH "<N:=HK
;R:6:E: 

*:KM[G>S EB>K  '    8DAD<>86A 8DCDB>8H 8DCDB>8H  CK>GDCB:CI 6C9 -D8>:IN 
,Q?HK= 2(:LBEE:<DP>EE 

———    "<HEH@[: ANF:G: R ><HGHF[: IHE[MB<:  "G @NBE>K: (EBGD  #>=>KB<H R
3BG<>GME<WGM:K:"=L  :A6:8DCDBR66B7>:CI6A6A6:8DCDBR6:8DAT<>86  "=B<B^G
"E><MK^GB<:/>OBL:=: "<HGHF[: K[MB<: :K<>EHG: "LI:]:&<:KB:"=BMHKB:E 

——— .=::CK>GDCB:CI6A>HBD;I=:EDDG6HIJ9ND;:8DAD<>86A8DC;A>8IH6C9K6AJ6I>DC 
2("=P:K="E@:K-N;EBLABG@ 

———    )HL <HG?EB<MHL ><HE^@B<H =BLMKB;NMBOHL R EHL BG=B<:=HK>L =>


LNLM>GM:;BEB=:= *DA>H4CARC:65 

*:MMA>PL  "   F:GG 0  KBG@>SN *  #BL<A>K (HP:ELDB 4  %aMME>K /  (E>BCG 6 


*HKB@N<AB >M:E    .=:L:><=ID;C6I>DCHB6I:G>6ADJI;ADLH;GDB>C9JHIG>6A:8DCDB>:H 
4:LABG@MHG! 4HKE=/>LHNK<>L&GLMBMNM> 

*:MNK:G:  %  R #  3:K>E:   JIDED>:H>H6C9D<C>I>DC.=:,:6A>O6I>DCD;I=:&>K>C< 

 
HLMHG0MN=B>LBGMA>-ABEHLHIARH?0<B>G<> ! />B=>E-N;EBLABG@ HFI:GR 

*:RNFB  (  R *  $B:FIB>MKH   1A> >IBLM>FHEH@B<:E <A:EE>G@> H? L>E? FH=B?RBG@


LRLM>FL $HO>KG:G<> :G= LNLM:BG:;BEBMR BG MA> IHLM GHKF:E L<B>G<> >K:  8DAD<>86A
8DCDB>8H  

*:RNFB  (  *  $B:FIB>MKH R ' *  $HP=R   $>HK@>L<N /H>@>G!:ER O>KLNL


0HEHP0MB@EBMS/>OBLBM>= 8DAD<>86A8DCDB>8H  

*<(>HPG  R! 1AHF:L +':I=D9DAD<N #BKLM"=BMBHG 200:@>-N;EB<:MBHGL 

*>G:3WL<HG>S - R/ %H?LM>=> )HLIWK:FHL><N:MHKB:GHL "G*HK:>L *  


dEE@::K= )  (OBLM #  HK<AL>GBNL R %  :ELE>O "=L   DIPC>868DCTB>869:ADHC9:H
:CIG6A:H  ):-:S2GBO>KLB=:=*:RHK=>0:GG=KYL 

*BG@>KL '  0RLM>FLMRIHEH@B>LBGMA>EB@AMH?:NMHIHB>LBL:K><HG<>IMN:EBS:MBHG


of Boulding’s hierarchy, and a typology of self K>?>K>GMB:ELRLM>FL -NHI:BH,:H:6G8=6C9
:=6K>DG6A-8>:C8:  

*BGBLM>KBH =>E F;B>GM> =>E "<N:=HK   *DARI>86H N *A6C HIG6IQ<>8D 9:A ->HI:B6
(68>DC6A 9: YG:6H *GDI:<>96H 9:A 8J69DG  
    .NBMH  "<N:=HK -KHR><MH $"#
0BLM>F:+:<BHG:E=>jK>:L-KHM>@B=:L 

———  :  jK>:L -KHM>@B=:L T *BGBLM>KBH =>E F;B>GM>  #><A: => <HGLNEM:
  HGLNEM:=H>GAMMIP>; :F;B>GM> @H; ><JGH=> 

———  ;  C 9: ADH :8DH>HI:B6H 9:A 8J69DG 8DCI>C:CI6A  .NBMH 


"<N:=HK0N;L><K>M:K[:=>-:MKBFHGBH+:MNK:E 

———    -KHR><MH -+"  #><A: => <HGLNEM:   HGLNEM:=H >G
AMMIPPP :F;B>GM> @H; ><IKHR><MH I:G> 

*BM<A>EE / ' * % ! NE=* $ )>!N<R* % /H;>KM "<HLRLM>FLM:;BEBMR:G=


K>LBEB>G<> : K>OB>P H? MA>BK K>E>O:G<> ?HK MA> <HGL>KO:MBHG F:G:@>F>GM H? EHPE:G=
A>:MAL *:GHE:8I>K:H>C*A6CI8DAD<N KDAJI>DC6C9-NHI:B6I>8H  

*BMM>KF>B>K  /    $H>MMLA< *BMM>KF>B>K R -  /H;E>L $BE>=    ':<69>K:GH>IN

 
Earth’s Biologically Wealthiest Nations  "*"5 HKIHK:MBHG 

*HEBG:    $  $HO>KL 3  3:G:<D>K '  -H>L>G "  7>>EF:>D>KL R #  BLG>KHL  


/NGH?? @>G>K:MBHG BG : =>@K:=>= G=>:G ><HLRLM>F &GM>K:<MBHG H? O>@>M:MBHG <HO>K
:G=E:G=NL> -D>A16I:GGDH>DC>C,JG6AG:6H  

*HEBG: '  *>MH=HEH@[:I:K:E:K>=N<<B^G=>IYK=B=:LMY<GB<:L>G>ELBLM>F:=>


=BLMKB;N<B^G => :@N: IHM:;E> =>E LN;NK;BH H>LM> => E: <BN=:= => $N:R:JNBE  1>LBL =>
&G@>GB>K[: $N:R:JNBE ><N:=HK2GBO>KLB=:=-HEBMY<GB<:=>E)BMHK:E 

*HKBG "  #KHFMA><HG<>IMH?LRLM>FMHMA>I:K:=B@FH?<HFIE>QBMR $DJGC6AD;


-D8>6A6C9KDAJI>DC6GN-NHI:BH  

——— ):K>E:<B^GWGMKHIH ;BH <^LFB<: !6O:I69:CIGDEDAD<R6KM[<NEH 

——— "EI>GL:FB>GMH><HEH@BS:=H !6O:I69:CIGDEDAD<R6KM[<NEH 

——— ,K@:GBS:MBHG:G= HFIE>QBMR CC6AHD;I=:(:L2DG@869:BND;-8>:C8:H


  

——— ):>IBLM>FHEH@[:=>E:<HFIE>CB=:= !6O:I69:CIGDEDAD<R6KM[<NEH


 

*NG=:  $    0H<B:E FNEMB <KBM>KB: >O:EN:MBHG *>MAH=HEH@B<:E ?HNG=:MBHGL :G=


HI>K:MBHG:E<HGL>JN>G<>L JGDE:6C$DJGC6AD;)E:G6I>DC6A,:H:6G8=  

———    -D8>6A 'JAI>


G>I:G>6 K6AJ6I>DC ;DG 6 -JHI6>C67A: 8DCDBN  >KEBG 
E>F:GB:0IKBG@>K 

*NGGY  #    HFIE>CB=:= R :HL *WL :EEW => NG: B=>HEH@[: =>E HK=>G R =>E
=>LHK=>G  "G *HGM>KH  *:KBMS: "=   DCD8>B>:CID  G:6A>969 : >9:DAD<R6    :K:<:L 
3>G>SN>E:3"-0, 

———    ):L M>HK[:L => E: <HFIE>BCB=:= R LNL BFIEB<:<BHG>L >G E:L <B>G<B:L =>E
<HFIHKM:FB>GMH  ,:K>HI6 #CI:G6B:G>86C6 9: *H>8DAD<>6 #CI:G6B:G>86C $DJGC6A D; *HN8=DAD<N
  

——— "EK>MHKGH=>E:<HFIE>CB=:=RE:GN>O:BF:@>G=>EL>KANF:GH%:<B:

 
NG: ILB<HEH@[: <HFIE>C:  ,:K>HI6 #CI:G6B:G>86C6 9: *H>8DAD<>6 #CI:G6B:G>86C $DJGC6A D;
*HN8=DAD<N  

*NMBD:G@: % 0 0A:KF:R( 3:BK:O:FHHKMAR LL>LLF>GMH?:II:K>GMEHLL>L


BGNK;:GP:M>KLRLM>FL 16I:G6C9CK>GDCB:CI$DJGC6A  

+:K>=H  ' *    #NG=:F>GMHL => E: ><HGHF[: ><HE^@B<:  "G @NBE>K: (EBGD 
#>=>KB<HR3BG<>GME<WGM:K:"=L  :A6:8DCDBR66B7>:CI6A6A6:8DCDBR6:8DAT<>86
  "=B<B^G "E><MK^GB<: />OBL:=:  "<HGHF[: K[MB<:   :K<>EHG:  "LI:]: &<:KB:
"=BMHKB:E 

+:O:KKH '  ):LHK@:GBS:<BHG>L<HFHLBLM>F:L:;B>KMHL:E>C:=HL=>E>JNBEB;KBHE:


HK@:GBS:<B^G <HFH LBLM>F: =BGWFB<H <HFIE>CH  1>LBL !H<MHK:E  :K<>EHG:  "LI:]:
2GBO>KLB=:==>:K<>EHG: 

+>;EH  *    1AK>> #B?MAL : /:<BLM  1RIHEH@R ?HK G:ERSBG@ -N;EB< ,IBGBHG
;HNM/:<> *DA>I>86A:=6K>DG  

+>NF:GG  / -    -HEBMB<:E "<HEH@R  "G "=BMHKL BG AB>?/H; (BM<ABG R +B@>E


1AKB?M"=L  #CI:GC6I>DC6AC8N8ADE:9>6D;"JB6C!:D<G6E=N  ,Q?HK="EL>OB>K 

+B<HEBL  $  R &  -KB@H@BG>   -:A;


DG<6C>O6I>DC >C CDC:FJ>A>7G>JB HNHI:BH ;GDB
9>HH>E6I>K: HIGJ8IJG:H ID DG9:G I=GDJ<= ;AJ8IJ6I>DCH   4BE>R &GM>KL<B>G<> -N;EB<:MBHG 
4BE>R 

+BCGBD  *  )  7:AOHRLD:   +BCGBD R   ,=>   -N;EB< >O:EN:MBHG H? E:G=L<:I>


<HGM>GM:G=<A:G@>0>O>K:E>Q:FIE>L?KHF"NKHI> &6C9/H:*DA>8N  

+HK@::K= /   H>OHENMBHG:KR=>O>EHIF>GMIHM>GMB:E &6C9:8DCDB>8H


 

———    "<HGHFB<L :L F><A:GB<L :G= MA> =>FBL> H? ;BHEH@B<:E =BO>KLBMR 
8DAD<>86A8DCDB>8H–  

——— :K:ADEB:CI:IG6N:9.=::C9D;EGD<G:HH6C968D:KDAJI>DC6GNG:K>H>DC>C<D;
I=:;JIJG: +>P6HKD 20/HNME>=@>1:REHK:G=#K:G<BL$KHNI 

 
+N]>S  *  '  ,EBO>K 0HEW '  /B>K:=>O:EE R 5  $:;:KK>EE   4:M>K *:G:@>F>GM BG
&GM>@K:M>= 0>KOB<> 0RLM>FL <<HNGMBG@ ?HK 4:M>K #EHPL BG 2K;:G K>:L  16I:G
,:HDJG8:H'6C6<:B:CI  

O’Hara, P.D.; B.J.M. Haase; R.W. Elner; B.D. Smith y J.K. Kenyon (2007). Are population
=RG:FB<L H? LAHK>;BK=L :??><M>= ;R "E +B]H0HNMA>KG ,L<BEE:MBHG "+0, PABE> HG
MA>BKGHG ;K>>=BG@@KHNG=LBG"<N:=HKHIJ6G>C: D6HI6A6C9-=:A;-8>:C8:–
 

,;L>KO:MHKBH => E: 0HLM>GB;BEB=:= >G "LI:]:   ): =>GLB=:= GHL A:<> >?B<B>GM>L 
,:K>HI6>J969-DHI:C>7A: 

,=NF "  8DAD<NG>9<::IL::C-8>:C8:6C9-D8>:IN 200BG:N>KLLH<B:M>L


&G<HKIHK:M>= 

,=NF  "  R $  :KK>MM   JC96B:CIDH 9: 8DAD<R6  @NBE:K  1  1K:=   .NBGM:
"=B<B^G *YQB<H1AHFLHG)>:KGBG@&;>KH:FYKB<: 

,=NF  %    CK>GDCB:CI  *DL:G  6C9 -D8>:IN ;DG I=: .L:CIN


>GHI :CIJGN .=:
">:G6G8=ND;C:G<N 20 HENF;B:2GBO>KLBMR-K>LL 

,EBO>K  0    1A> =>LBK> MH F>M:;HEBS> G:MNK> "=P:K= )HO>=>G  4BEEB:F
3:G=>KLM>@>G  :G= MA> =BL<BIEBGBG@ H? MA> KBO>K 1A:F>L  "G %>RG>G  +BDHE:L *:KB:
(:\D: R"KBD 0PRG@>=HNP "=L   #CI=:(6IJG:D;>I>:H/G76C*DA>I>86A8DAD<N6C9I=:
*DA>I>8H D; /G76C ':I67DA>HB    +>P 6HKD  20 /HNME>=@> 1:REHK :G= #K:G<BL
$KHNI 

,GHKB  )  R $  3BL<HGMB   1A> $& MA>HKR ?KHF )HO>EH<D MH *:K@NEBL  #KHF :
AHF>HLM:MB<MH:<H@GBMBO>:NMHIHB>MB<PHKE=OB>P ,:C9>8DCI>&>C8:>&GIK>LL 

,LIBG:  -   ):KK>: *  K;HE>=: R   0:GMBEE:G:>=    C A6H ;>HJG6H 9:A ED9:G
'DK>B>:CID >C9R<:C6  86B7>D HD8>6A N <D7>:GCDH AD86A:H  .NBMH  "<N:=HK &GLMBMNMH =>
"LMN=BHL"<N:MHKB:GHL 

,LL>L  #    HGLNF>K :MMBMN=>L MHP:K=L ?HH= L:?>MR E:;>EEBG@ BG?HKF:MBHG BG MA>
2( :G :IIEB<:MBHG H? . F>MAH=HEH@R  *:LM>K 1A>LBL  "=BG;NK@A  2( 2GBO>KLBMR H?

 
"=BG;NK@A 

-:KK:  #    ): <NEMNK: =>E M>KKBMHKBH E: G:MNK:E>S: >G <HGMK: =>E <:FIH  8DAD<R6
*DARI>86 

Patten, B.C.; M. Straškraba y 0 "  'eK@>GL>G   "<HLRLM>FL >F>K@BG@  


<HGL>KO:MBHG 8DAD<>86A'D9:AA>C<–  

-BI>KGH  ! /    ;HKB@BG:E :@KB<NEMNK> :G= E:G= NL:@> BG MA> F:SHG :LBG 
"<N:=HK $DJGC6AD;G8=6:DAD<>86A-8>:C8:  

!N -E>LLBL      MA>HK>MB<:E ?K:F>PHKD H? <HKIHK:M> HGEBG> <HFFNGB<:MBHG :


F:KD>MBG@IN;EB<K>E:MBHGL*-/I>KLI><MBO> -A ! 1A>LBL 2GBO>KLBMRH?0HNMA?KB<: 

-KB@H@BG> &  #CIGD9J8I>DCID(DC


:FJ>A>7G>JB.=:GBD9NC6B>8H +>P6HKD4BE>R 

———  GDB7:>C<ID7:8DB>C< 0:G#K:G<BL<H4 % #K>>F:G:G= H 

-KB@H@BG> & R& 0M>G@>KL )G9:GDJID;8=6DH )HG=HG 2(%>BG>F:GG 

-KHHIL '  ,K@:GBL:MBHG:G==BLLBI:MBHGBG><HGHFB<LRLM>FL $DJGC6AD;-D8>6A6C9


>DAD<>86A-IGJ8IJG:H  

——— "<HEH@B<:E><HGHFB<L/:MBHG:E>:G=IKH;E>F:K>:L 8DAD<>86A8DCDB>8H


  


nia: Un cas d’estudi al Baix Montseny. Tesis d> -A !  :K<>EHG:  "LI:]:
2GBO>KLB=:=NM^GHF:=>:K<>EHG: 

/:=<EB??>  0     !>O>EHIF>GM ?HK : IHLMG>HEB;>K:E >K: 0NF:D (:PL:R  EBOBG@


P>EE:G=MA>EBFBMLMH=><HEHGBL:MBHGBG"<N:=HK !:D;DGJB  

/:F[K>S #  +>HEB;>K:EBLFH >LM:=HR<:F;BHIHE[MB<H DGG>:CI:AI:GC6 

/:F[K>S /  #<J6AB:CI:*),- 9:H><J6AB:CI:,#)- .NBMH "<N:=HKKB>E 

———    -D8>6A>HBD9:A-JB6@%6LH6ND7>DHD8>6A>HBDG:EJ7A>86CD  !H<NF>GMHL =>


1K:;:CH .NBMH "<N:=HK0"+-)!"0 

 
/:FHL *:KM[G  '    %BLMHKB<:E G:ERLBL H? "G>K@R &GM>GLBMR H? 0I:BG #KHF :
HGO>GMBHG:E3B>PMH:G&GM>@K:M>=LL>LLF>GM *DEJA6I>DCCK>GDCB:CI
 

/:FHL *:KM[G  '    "FIBKB<BLF BG ><HEH@B<:E ><HGHFB<L : I>KLI><MBO> ?KHF
<HFIE>QLRLM>FLMA>HKR 8DAD<>86A8DCDB>8H  

/:FHL *:KM[G  '    HFIE>Q LRLM>FL :G= >QHLHF:MB< >G>K@R F>M:;HEBLF H?
ANF:G LH<B>MB>L  1>LBL !H<MHK:E  :K<>EHG:  "LI:]: 2GBO>KLB=:= NM^GHF: =>
:K<>EHG: 

/:FHL *:KM[G  '  0  :]>EE:L HEMX *  $B:FIB>MKH R $  $:F;H:   Catalonia’s


>G>K@RF>M:;HEBLF2LBG@MA>*N0&0"*:IIKH:<A:M=B??>K>GML<:E>L C:G<N*DA>8N
  

/:FHL *:KM[G  '  R *  $B:FIB>MKH   *NEMB L<:E> BGM>@K:M>= :G:ERLBL H? LH<B>M:E
F>M:;HEBLF)>:KGBG@?KHFMK:C><MHKB>LH?=>O>EHIF>GM:G=;NBE=BG@KH;NLML<>G:KBHL 
#CI:GC6I>DC6A$DJGC6AD;!AD76ACK>GDCB:CI6A#HHJ:H   

/>:E +>PL   "<N:=HK K>:MBG@ EM>KG:MBO> MH +>H )B;>K:E *H=>E  #><A: =>
<HGLNEM:   HGLNEM:=H >G
AMMIMA>K>:EG>PL <HFMBG=>Q IAIHIMBHG<HF8<HGM>GMM:LDOB>PB=&M>
FB=CNFBO:E 

Rees, W.E. (1997). Is “sustainable city” an Oxymoron? &D86A CK>GDCB:CI .=:


#CI:GC6I>DC6A$DJGC6AD;$JHI>8:6C9-JHI6>C67>A>IN  

/BMM>E % R* 4>;;>K !BE>FF:LBG:@>G>K:EMA>HKRH?IE:GGBG@ *DA>8N-8>:C8:H


  

/H: O>G=:]H  1    "E 0NF:D (:PL:R >G "<N:=HK R HEBOB:  3BOBK ;B>G 
B=>GMB=:= :EM>KG:MBO: ,:K>HI68DAD<R6*DARI>86  

/H=K[@N>S # / $:EE:KK:@:/ 0:E:S:KR+ +:KOW>S "<N:=HKREHLH;C>MBOHL=>E


FBE>GBHBGO>KLBHG>LI:K:E:<HGL>KO:<B^G=>E:@N: &:IG6H0:G9:H  

/H=K[@N>S 0 0 3:L<H# /H=:L* ->LWGM>S0  :;K>K:* /HF>KH 0<AN;>KM>M:E 

 
  *GDEJ:HI6 E6G6 A6 9:8A6G6IDG>6 9: A6 G:H:GK6 9: 7>TH;:G6 9>G><>96 6 A6 /(-)
9:CDB>C696YG:69:>TH;:G6'68>OD9:A6?6H
G:GM>2+"0 , 

/HL:L )  *:GN:E=>IKH<>=BFB>GMHL=>=>EBFBM:<B^GR<H=B?B<:<B^G=>NGB=:=>L


AB=KH@KW?B<:L<:LH"<N:=HK 2& + 0NK"=  2& + 0NK 

/HL>G  /    CI>8>E6IDGN HNHI:BH E=>ADHDE=>86A  B6I=:B6I>86A  6C9 B:I=D9DAD<>86A


;DJC96I>DCH  &#0/ BGM>KG:MBHG:E L>KB>L HG LRLM>FL L<B>G<> :G= >G@BG>>KBG@  ->K@:FHG
-K>LL 

——— HH6NHDC&>;:#IH:A;  HFIE>QBMRBG><HEH@B<:ELRLM>FLL>KB>L +>P6HKD 


20 HENF;B:2GBO>KLBMR-K>LL 

0W>GS  *  R j  ,GH?:   *G:<JCI6H 8A6K: ,:EDGI: 9: ADH :8DH>HI:B6H :8J6IDG>6CDH 
"<H B>G<B:R*BGBLM>KBH=>EF;B>GM>=>E"<N:=HK"=  .NBMH "<N:=HK 

0WG<A>S ) R 0WG<A>S /HD:;>8>:CI:9:A6<J6 1A>F:MB<,O>KOB>P-:I>KL &/


&GM>KG:MBHG:
=KB<H 

!>0:GM:<KNS $  3:KB:<B^G<KHGH>LI:<B:E=>EHL<:N=:E>L><HE^@B<HL>GE:<N>G<:


=>EK[H3:EE>L *YQB<H +/
&  

0:NK[ !  )B@AML:G=0A:=HPLH?2K;:G4:M>K!>F:G=*:G:@>F>GM1A> :L>


H?MA>*>MKHIHEBM:G/>@BHGH?:K<>EHG: JGDE:6C*A6CC>C<-IJ9>:H  

0<A:G=E  %  *  $KaG;aA>E %  %:;>KE R %  4>BLS   "6C97DD@ D; *=NH>86A


88DJCI>C<':6HJG>C<>D
E=NH>86A>B:CH>DCHD;-D8>D
:8DCDB>88I>K>I>:H  ' 
 

"(**  #>=>K:E *BGBLMKR H? @KB<NEMNK> :G= #HK>LMKR  "GOBKHGF>GM :G= 4:M>K
*:G:@>F>GM  VLM>KK>B<A  NG=>LFBGBLM>KBNF ?aK ):G=  NG= #HKLMPBKML<A:?M 
2FP>EMNG=4:LL>KPBKML<A:?M  0<AKB?M>GK>BA>=>L*)#24 3B>G:#>=>K:E*BGBLMKR
H?@KB<NEMNK>:G=#HK>LMKR "GOBKHGF>GM:G=4:M>K*:G:@>F>GM !BOBLBHG3 

0<A>B=>E      +>P <A:EE>G@>L BG KNK:E =>O>EHIF>GM  FNEMB L<:E> BGJNBKR BGMH
>F>K@BG@ BLLN>L  IHL>= ;R MA> @EH;:E E:G= KNLA  1>LBL => -A !  :K<>EHG:  "LI:]:

 
2GBO>KLB=:=NM^GHF:=>:K<>EHG: 

0<AFHE<D  -  :  -. *:GN:E  #><A: => <HGLNEM:   HGLNEM:=H >G
AMMIL<AFHE<D NL>KP>; FPG =>JF>MAH=IJF:GN:E AMF 

———; *+':I=D9 O>KLB^G  

0<AG>B=>K  " !  R ' '  (:R   )B?> :L : F:GB?>LM:MBHG H? MA> L><HG= E:P H?
MA>KFH=RG:FB<L '6I=:B6I>86A6C9DBEJI:G'D9:AA>C<–  

0<AK_=BG@>K "  W+JQ:HA6K>96"=B<B^G>G<:LM>EE:GH 1>QMHL=>;BH?[LB<: 


0:E:F:G<: "LI:]:#:<NEM:==>#:KF:<B: 2GBO>KLB=:==>0:E:F:G<: 

0>EHPLDR *  &G<HF>=BLMKB;NMBHG ;:LB<G>>=L:G=MK:=> H??LPBMA@KHPMA1A>


<:L>H?L>FB BG=NLMKB:EBS>=):MBGF>KB<:G<HNGMKB>L 1DGA9:K:ADEB:CI  

0"+$2 ,:HDAJ8>TC 
  

0"+*&0BLM>F:=>+:<BHG>L2GB=:LR-6!),0 )[G>:;:L>=>E:IKHOBG<B:=>E
SN:R >G >E F:K<H =>E -KH@K:F: HGCNGMH h'NO>GMN=  "FIE>H R *B@K:<B^G  I:K:
K>=N<BKE:BG>JNB=:=>G>E"<N:=HKi 0"+*& 

0"+-)!"0   *A6C (68>DC6A 9: :H6GGDAAD  


   .NBMH  "<N:=HK
0"+-)!"0 

———    -E:G +:<BHG:E I:K: >E N>G 3BOBK    #><A: => <HGLNEM:
E  HGLNEM:=H >G AMMIPPP IE:GB?B<:<BHG @H; ><IE:G G:<BHG:E I:K: >E
;N>G OBOBK   

———    *A6C (68>DC6A 9: :H6GGDAAD *A6C (68>DC6A E6G6 :A J:C 0>K>G  
  
.NBMH "<N:=HK0"+-)!"0 

0>KK:GH 1 R* $B:FIB>MKH FNEMB INKIHL>@K:FF:K@>G>K:MBG@:FNEMB L<:E>


BGM>@K:M>=:G:ERLBLH?):HL ,:EDGIHDCCK>GDCB:CI6A-8>:C8:H& 14HKDBG@I:I>KL 

0A>:KF:G  /    1A> F>:GBG@ :G= >MAB<L H? LNLM:BG:;BEBMR  CK>GDCB:CI6A


'6C6<:B:CI  

 
0B>KK: / >=  *GDEJ:HI6EG:A>B>C6G9:JCH>HI:B69:8A6H>;>868>TC9:K:<:I68>TCE6G6:A
8J69DGDCI>C:CI6A .NBMH "<N:=HK-KHR><MH&+#+$"# &/R"<H B>G<B: 

0+&   0BLM>F: +:<BHG:E => &G?HKF:<B^G =>E "<N:=HK 0+&  #><A: => <HGLNEM:
  HGLNEM:=H>GAMMI:II LGB @H; ><P>;LGB 

!> 0HNS: 0:GMHL      ): =B?[<BE <HGLMKN<<B^G => E: IENKBG:<BHG:EB=:=  "G
0><K>M:K[:+:<BHG:E=>-E:GB?B<:<B^GR!>L:KKHEEH=>E"<N:=HK0"+-)!"0"=  &DH
CJ:KDH G:IDH 9: BQG>86 &6I>C6 -D8>6A>HBD N -JB6@ %6LH6N    #BKLM "=BMBHG  .NBMH 
"<N:=HK0"+-)!"0 

0M>O>GL -  1HP:K=L:G"<HLH<BHEH@R -D8>DAD<N  

0PRG@>=HNP  "    -HP>K  G:MNK>  :G= MA> <BMR  1A> <HGJN>LM H? P:M>K :G= MA>
IHEBMB<:E ><HEH@R H? NK;:GBS:MBHG BG $N:R:JNBE  "<N:=HK    CK>GDCB:CI 6C9
*A6CC>C<  

———    -D8>6A*DL:G6C9I=:/G76C>O6I>DCD;16I:G ADLHD;*DL:G  ,Q?HK=  2(


,Q?HK=2GBO>KLBMR-K>LL 

———    BK<NE:MBHGL :G= F>M:;HEBLFL %R;KB= +:MNK>L :G=  R;HK@ <BMB>L 
-8>:C8:6HJAIJG:– 

———    g): G:MNK:E>S: GH >QBLM> ): LHLM>GB;BEB=:= <HFH L[GMHF: => NG:
IE:GB?B<:<B^G=>LIHEBMBS:=: /,(  

0PRG@>=HNP  "  R &  HHD   BMB>L  LH<B:E <HA>LBHG :G= MA> >GOBKHGF>GM  -D8>6A
*DA>H-JGK:N*6E:G"QBLM>GMB:E#B>E=  

1HE>=H  3    *>M:;HEBLFHL KNK:E>L A:<B: NG: M>HK[: ><HG^FB<H ><HE^@B<: => E:
:IKHIB:<B^G=>E:G:MNK:E>S: ,:K>7:8G:K>HI6>7:GD6B:G>86C69::8DCDBR6:8DAT<>86 

1HKMHL:  ' *    0NF:D (:PL:R  LNF: J:F:]:  ;N>G OBOBK  ,:K>HI6 A:8IGTC>86
EDGI:HC9>CDH 

2E:GHPB<S  /    G ARIHMA>LBL HG MA> =>O>EHIF>GM H? G:MNK:E <HFFNGBMB>L 
$DJGC6AD;.=:DG:I>86A>DAD<N  

 
2E:GHPB<S / R * %:GGHG )B?>:G=MA>-KH=N<MBHGH?"GMKHIR *GD8::9>C<HD;
I=:,DN6A-D8>:IND;&DC9DC -:G>:H >DAD<>86A-8>:C8:H  

3:EE>CH  *    BHIARLB<:E LMKN<MNK> H? MA> "<N:=HKB:G ><HGHFR  ?HK>B@G MK:=> 
:G=IHEB<RBFIEB<:MBHGL -E:8>6A-:8I>DC8DAD<>86A>HIG>7JI>DCDC;A>8IH  

3>>MMBE  U )>:G=KH:R>K*:B>K2 K>F>KR0 =>0HNS:  HF;BG>=BG?EN>G<>


H? -!, :G= "+0, HG GHKMA>KG G=>:G @E:<B>KL : <:L> LMN=R HG MA> HMHI:QB B<>
<HO>K>=OHE<:GH "<N:=HK A>B6I:NC6B>8H  

!> 3B>;K>      ):L :F>G:S:L: EHL L>KOB<BHL :F;B>GM:E>L A[=KB<HL JN> IKHO>> >E
IWK:FH "G':BDG>6H*6CDG6B6N*:GHE:8I>K6HD7G:A6!:HI>TCB7>:CI6A9:ADH8DH>HI:B6H
9:A*PG6BD   HE><<B^G=>LNGMHLF;B>GM:E>L H@HMW  HEHF;B: 

3H@>E '  .=:8DCDB>8HD;I=:26HJCR#C>I>6I>K:A>B6I:=6C<:6H>;.=:GBD9NC6B>8H


'6II:G:9 )HG=HG 2(+1%"*-/"00 

4:<ALFNMA  !    1AK>> "<HEH@B>L 2K;:G *>M:;HEBLF :G= MA> 0H<B>MR +:MNK>
,IIHLBMBHG -D8>DAD<>86A+J6GI:GAN  

4:K=  )    "<H @HO>KGF>GM:EBMR K>OBLBM>= *:IIBG@ =BO>K@>GM LN;C><MBOBMB>L


:FHG@&GM>@K:M>=4:M>K/>LHNK<>*:G:@>F>GM>QI>KMLBG-:K:@N:R  !:D;DGJB
  

4ABM>LB=>  (    >K:9:9 (6IJG:H G:C8= DCIG>7JI>DCH ID *DA>I>86A 8DAD<N  20
*:LL:<ANL>MML&GLMBMNM>H?1><AGHEH@R 

4BE;>K (  G>:;">HIDGND;K:GNI=>C< 0A:F;A:E: 

Wilby, J. (2006). An essay on Kenneth E. Boulding’s General Systems Theory: the


LD>E>MHGH?L<B>G<> -NHI:BH,:H:6G8=6C9:=6K>DG6A-8>:C8:  

4HKE= EBF:M> $NB=>   N>G<: EBF:M> $NB=>  "<N:=HK  #><A: => <HGLNEM:
  HGLNEM:=H >G
AMMIPHKE=<EBF:M>@NB=> <H ND<EBF:M>@NB=>L><N:=HK<N>G<: IAI 

7>O:EEHL  ,    ): "-*-0  :@N: => .NBMH  HG?>K>G<B:  IK>L>GM:=H >G

 
553&& HGO>G<B^G:GN:ER>QIH+"0  <:INE<H *YQB<H 

7H@K:?HL     /NK:EBMR =BL<HNKL>L :G= MA> KHE> H? MA> LH<B:E >GM>KIKBL> BG
K>@>G>K:MBG@KNK:E0<HME:G= $DJGC6AD;,JG6A-IJ9>:H  

7NKEBGB  $  (  /BBMM>KL +  7:<<:K>EEB &  ->MKHLBEEH (   'HG>L R )  /HLLB  


!BLMNK;:G<> I:MM>KGL BG : LH<BH ><HEH@B<:E LRLM>F :M FNEMBIE> L<:E>L  8DAD<>86A
DBEA:M>IN  

 
) &##&&'%

%   ##

8,47:F:EHN:SN:R >=N ><MHGRHF:EHR:AHH >L

@2,=C!,H>/0,.48409?:.NBMH "<N:=HK

/,/:]HL

&M

 ,9/4/,?:,:.?:=09409.4,C%0.9:7:2H,8-409?,72GBO>KLB=:=NM^GHF:=>
:K<>EHG: :K<>EHG: "LI:]: !>L=>H<MN;K>=> 
 F>?0= 14.4,7 09 >?@/4:> 8-409?,70> 0>;0.4,74/,/ .:9:8H, .:7I24., C
0>?4I9 8-409?,7 
  2GBO>KLB=:= NM^GHF: => :K<>EHG:  ,<MN;K> => 
'NGBH=> :K<>EHG: "LI:]: 
 ,0>?=H, 09 0>?4I9 8-409?,7 
 2GBO>KLB=:= =>E SN:R  ,<MN;K> 
,<MN;K><E:L>L R>G>KH CNGBHM>LBL  N>G<: "<N:=HK 
 !:>?2=,/@,?0 0=?414.,?0 49 @8,9 .:7:2C 
  ,I>G 2GBO>KLBMR >GMK> ?HK
%NF:G"<HEH@RPPP <A> :< ND 0>IMB>F;K> 'NGBH "=BF;NK@H "L<H<B: 
 4.09.4,?@=, 09 4:7:2H, /07 0/4: 8-409?0 ?H?@7: /0 -4I7:2: 
 
2GBO>KLB=:= =>E SN:R  *:KSH  #>;K>KH  <E:L>L  R :;KBE  F:RH 
M>LBL 
 49.: 94A070> /0 409.4,> 4:7I24.,> -HGMB?B<B: 2GBO>KLB=:= :M^EB<: =>E "<N:=HK 
.NBMH-2 " . ,<MN;K>=> #>;K>KH R,<MN;K> #>;K>KH .NBMH 
"<N:=HK 
 ,.34770=,?: 09 @8,94/,/0> :/0=9,> 0>;0.4,74D,.4I9 09 .409.4,> <@H84.:
-4:7I24.,> HE>@BH0:G$:;KB>E   .NBMH "<N:=HK 

 &

 $

,>?077,9:)>G@N:G:MBO:

927G>+HM:>G>E1,"#) HFINM>K:L>=1>LM#ENB=>S>G>EB=BHF:

!:=?@2@G> ")-" /0GBO>E&#ENB=>S>G>EB=BHF:

!& $* #$

 *:EH ):KK>:      "E 0NF:D (:PL:R R E: :IKHIB:<B^G NK;:G: =>E F>M:;HEBLFH
><HE^@B<HR=>EF>M:;HEBLFHKNK:E>EF>M:;HEBLFH=>E:@N:=> N>G<: "<N:=HK "G
Sesión especial “Trayectorias de cambio rural: evaluación integrada de los patrones
metabólicos de ruralidades emergentes”. Sexto Congreso Iberoamericano sobre
!>L:KKHEEHRF;B>GM>  &0!3&.NBMH–"<N:=HKR=>=B<B>F;K>=> 
 *:EH ):KK>:   "E0NF:D(:PL:R RE:IKH;E>F:MBS:<B^G=>E:G:MNK:E>S:R>E
M>KKBMHKBH >E <:LH => N>G<:  "<N:=HK  0>QMH HG@K>LH &;>KH:F>KB<:GH LH;K>
!>L:KKHEEHRF;B>GM>  &0!3&.NBMH–"<N:=HKR=>=B<B>F;K>=> 
 *:EH ):KK>:      f!> JNY A:;E:FHL <N:G=H A:;E:FHL => E: G:MNK:E>S: ):
><HGHF[:  E: ><HEH@[: R E:L <B>G<B:L => E: <HFIE>CB=:=  />OBLM: 2GBO>KLB=:= 3>K=:=
  2GBO>KLB=:==>ESN:R  N>G<: "<N:=HK 
 *:EH ):KK>:   0NF:D(:PL:R HKMA><HG<>IMH?)BOBG@4>EE :G=I>K<>IMBHGL
:;HNMG:MNK:E NK;:G:G=KNK:E:K>:L1A><:L>H? N>G<:"<N:=HK 1DG@>C<*6E:GHDC
CK>GDCB:CI6A-8>:C8:H AMMIPPP K><>K<:M G>MA:G=E> 
 : Tesis para la obtención del título de Magister: “Origen y uso del agua en la
ciudad de Cuenca, Ecuador”.
 *:EH ):KK>:      "E 1>KKBMHKBH  >E !>L:KKHEEH 0NLM>GM:;E> R EHL 0BLM>F:L =>
&G?HKF:<B^G $>H@KW?B<:  />OBLM: 2GBO>KLB=:= 3>K=:=     2GBO>KLB=:= =>E
SN:R  N>G<: "<N:=HK 
 2009: Tesis para la obtención del título de Magister: “Propuesta para la construcción
=>E0N;LBLM>F:=>$>LMB^GF;B>GM:E=>E:/>@B^G=>-E:GB?B<:<B^GSN:R  :]:KR
Morona Santiago”.

 &&
 A:<^G $   K>LIH   *:EH R ' )^I>S    #NG=:F>GMHL I:K: E: >=N<:<B^G
:F;B>GM:E  :GC> => =>N=: "LI:]: "<N:=HK2GBO>KLB=:= =>E SN:R  N>G<: 
"<N:=HK 
   :  2001: Tesis para la obtención del título de biólogo: “Diagnóstico
IK>EBFBG:K=>E:LBMN:<B^G=>E:BGO>LMB@:<B^G=>E:;BHdiversidad en el Ecuador”.

)!# #

 &94A0=>4/,//07D@,C>.@07,/0-4:7:2H,0.:7:2H,C20>?4I9-KH?>LHK:<<B=>GM:E
  RIKH?>LHKMBMNE:K:NQBEB:K IK>L>GM>  N>G<: "<N:=HK 
 &94A0=>4/,/ /07 D@,C !H<>GM> => EHL F^=NEHL => &GMKH=N<<B^G : $>LMB^G
F;B>GM:E R=>"<HEH@[:%NF:G:>GE:F:>LMK[:>G$>LMB^GF;B>GM:E  >G
:=>E:GM> 
 !:9?414.4,&94A0=>4/,/,?I74.,/07.@,/:=!H<>GM>=>EF^=NEH=>BH><HGHF[:R
F:G>CH => K><NKLHL ><HGHF[: ><HE^@B<: >G E: F:>LMK[: >G BHEH@[: => E:
HGL>KO:<B^G  .NBMH "<N:=HK 
 $0.=0?,=H, ,.4:9,7 /0 !7,9414.,.4I9 C 0>,==:77:$!$ 1Y<GB<H >G
-E:GB?B<:<B^GRF;B>GM>=>E:0N;L><K>M:K[:/>@BHG:E=>ENLMKH   
N>G<: "<N:=HK
 &94A0=>4/,/ /07 D@,C9>?4?@?: /0 >?@/4:> /0 #G24809 $0..4:9,7 #$
HHK=BG:=HK =el proyecto: “Diagnóstico del uso de agua, de paisaje, florístico,
HK@:GBS:<BHG:E  => L:EN= R LH<BH><HG^FB<H => E:L  I:KKHJNB:L KNK:E>L =>E <:GM^G
Cuenca, y establecimiento de 7 Unidades Ambientales en 7 juntas parroquiales”.
   N>G<: "<N:=HK 
 &94A0=>4/,/ /07 D@,C>.@07, /0 -4:7:2H, /07 80/4: ,8-409?0 *B>F;KH =>E
equipo para la auditoría ambiental al “Jardín de la Virgen del Cajas”. 06/2005
  N>G<: "<N:=HK 
 &94A0=>4/,/ /07 D@,C>.@07, /0 -4:7:2H, /07 80/4: ,8-409?0  *B>F;KH =>E
>JNBIH => >O:EN:<BHG>L => BFI:<MHL :F;B>GM:E>L I:K: E:L <:KK>M>K:L R K>EE>GHL
L:GBM:KBHL :=FBGBLMK:=HL IHK >E $H;B>KGH -KHOBG<B:E =>E SN:R    
N>G<: "<N:=HK 
 @9/,.4I9 !=:<@, -:L:GM> >G >E -E:G F:>LMKH I:K: >E F:G>CH => E:L <N>G<:L
A[=KB<:L=>E:IKHOBG<B:=>1NG@NK:AN:   F;:MH "<N:=HK 

 &&&
 0?=:?:@=>4,?/,$N[:=>MNKBLFH>GBG@EYLRIHKMN@NYLI:K:E:SHG:=>ENLMKH 
 R   N>G<: "<N:=HK 
 :9>@7?;40/=, 4, ?/, HHK=BG:=HK =>E WF;BMH ;BH?[LB<H >G E: ?BL<:EBS:<B^G =>E
diseño del Plan de Manejo Integral del Parque Nacional “El Cajas”. Abril 2002
+HOB>F;K>  N>G<: "<N:=HK 
 .:409.4,LBLM>GM>>G>EIKH@K:F:=>*:G>CH=>&G?HKF:<B^G =>GMKH=>EIKHR><MH
“Conservación de la biodiversidad en el Ecuador”. Mayo 2000  'NEBH   .NBMH
"<N:=HK 
 .:409.4, LBLM>GM> MY<GB<H I:K: E: >E:;HK:<B^G =>E &G?HKF> +:<BHG:E I:K: E:
HGO>G<B^G=>)N<A:<HGMK:E:!>L>KMB?B<:<B^G *:KSH ;KBE .NBMH "<N:=HK 
 ..4I9 .:7I24., -:L:GM[: =>  F>L>L  AHK:L >G >E WK>: => BH=BO>KLB=:= 
MK:;:C:G=H IKBG<BI:EF>GM> >G EHL M>F:L => ;BHIBK:M>K[: R MK:GL@YGB<HL  @HLMH
,<MN;K> .NBMH "<N:=HK 
 :=;:=,.4I9;,=,7,:9>0=A,.4I9C070>,==:77:RN=:GM>=><:FIH>G>E
IKHR><MH&FI:<MH=>E,LH=>GM>HCHL>GEHL<NEMBOHL=>F:[S=>E:L<HFNGB=:=>L=>
NRNC:  0:K=BG:L R >KF>CH :EK>=>=HK => E: <BN=:= => :>S:  >G E: IKHOBG<B: =>
-B<ABG<A:  .NBMH "<N:=HK 

 #$ $ #$$# $&#$ $%#$* &#$ $

 >.@07, /0 4:7:2H, .:7:2H, C 0>?4I9 C 07 /0.,9,?: /0 9A0>?42,.4:90> /0 7,
&94A0=>4/,/ /07 D@,C  NKLH “!BL>]H => >LMN=BHL >G ;BHEH@[: => E: <HGL>KO:<B^G 
><HEH@[:=><:FIHRM>F:L:?BG>L” 0>IMB>F;K>=>AHK:L ):-:S "<N:=HK 
 #0/-0=:,80=4.,9,/0.:9:8H,.:7I24.,#$:.40/,/9?0=9,.4:9,7/0
.:9:8H, .:7I24., $ C ,.@7?,/ ,?49:,80=4.,9, /0 409.4,> $:.4,70>
$  0>QMH HG@K>LH &;>KH:F>KB<:GH !>L:KKHEEH R F;B>GM>     
.NBMH "<N:=HK 
 &94A0=>4/,/ @?I9:8, /0 ,=.07:9, &94A0=>4/,/ /0 @9/ &94A0=>4/,/ /0
,9.30>?0=9>?4?@?:/0.:7:2H,$:.4,7/0'409,C&94A0=>4/,/09?=,7@=:;0,
NKLH"K:LFNL=>O>K:GH>G HG?EB<MHL0H<BH :F;B>GM:E>LR'NLMB<B:F;B>GM:E 
:K<>EHG: "LI:]:
 ',=4,> =2,94D,.4:90>&& HG?>K>G<B:&GM>KG:<BHG:ELH;K>!><K><BFB>GMH0HLM>GB;E> 
 :K<>EHG: "LI:]: 

 &3
 &94A0=>4/,//07D@,CCurso “Educación Enfocada en problemas EEP”. 24 horas de
=NK:<B^G   N>G<: "<N:=HK 
 ,;,B4 .::/20 #0>0=A0 BBB6,;,B4.:8 NKLH=>@N[:L ><HEH@[:MKHIB<:ER
><HEH@[:=>L=>>EINGMH=>OBLM:<AN:K F>L=>=NK:<B^G  (:I:PB"<H)H=@>
/>L>KO> "<N:=HK 
 &94A0=>4/,/ $,9 =,9.4>.: /0 "@4?: -:KMB<BI:GM> >G >E & HG@K>LH => "<HEH@[: R
F;B>GM>"<N:=HK-:[L*>@:=BO>KLH  .NBMH "<N:=HK 
 9>?4?@?:/0>?@/4:>.:7:24>?,>/07%0=.0=@9/:%Seminario “El papel
de la Defensoría del Pueblo en la garantía de los derechos colectivos y ambientales”.
AHK:L=>=NK:<B^G $N:R:JNBE "<N:=HK 
 &94A0=>4/,/ /0 @09., 0% NKLH=>"<HGHF[:"<HE^@B<:I:K:>E-HLM@K:=H
>G -H;E:<B^G R !>L:KKHEEH )H<:E 0NLM>GM:;E>   AHK:L => =NK:<B^G    N>G<:
"<N:=HK 
 %Curso “Nuevas tecnologías, ecología y ruptura de lo humano”. 25 al 28 de
F:RH=> .NBMH "<N:=HK 
 &94A0=>4/,//07D@,CCurso “Diseño de investigaciones en la ecología de campo y
la conservación biológica”. 90 horas de duración. 1998. Cuenca "<N:=HK 
 !&" 0>@NG=:L 'HKG:=:L +:<BHG:E>L 2GBO>KLBM:KB:L => !>L:KKHEEH 0NLM>GM:;E>  
=[:L=>=NK:<B^G  .NBMH "<N:=HK 
 &94A0=>4/,//07D@,CCurso “Biogeografía y Biodiversidad”. 30 horas de duración.
  N>G<: "<N:=HK 
 &94A0=>4/,/ /07 D@,C09?=: .@,?:=4,9: /0 0=0.3: 8-409?,7 -KBF>K #HKH
LH;K>!>K><AHF;B>GM:E =[:L=>=NK:<B^G   N>G<: "<N:=HK 
 !&"0;,=?,809?: /0 409.4,> 4:7I24.,> Curso “Principios de Bilogía de la
Conservación: Una perspectiva desde la biología de poblaciones”. 33 horas de
=NK:<B^G  .NBMH "<N:=HK 
 0/0=,.4I9 /0 >?@/4,9?0> /0 7, &94A0=>4/,/ /07 D@,C &>:.4,.4I9
9?0=9,.4:9,7 /0 >?@/4,9?0> /0 409.4,> .:9I84.,> C :80=.4,70> $
Seminario “el Arte de Hablar en Público”. 5 días de duración. 1996. Cuenca, Ecuador.
 &94A0=>4/,/ /07 D@,C.:409.4,#HKHK>@BHG:ELH;K>;BH=BO>KLB=:=>G>ENLMKH
><N:MHKB:GH =[:L=>=NK:<B^G   N>G<: "<N:=HK 
 !&" *B>F;KH =>E <HFBMY HK@:GBS:=HK => E:L -KBF>K:L CHKG:=:L NGBO>KLBM:KB:L
LH;K>!>L:KKHEEH0NLM>GM:;E> =[:L=>=NK:<B^G  .NBMH "<N:=HK 

 3
 &$&0>FBG:KBH=>=>L:KKHEEH=>E[=>K>L0!)   N>G<:
"<N:=HK 
 !&" Seminario “Mamíferos del Ecuador”. 3 días de duración. 1996. Quito
"<N:=HK 
 &94A0=>4/,/ /07 D@,C Curso “Herpetofauna del Ecuador”. 15 días de duración.
N>G<: "<N:=HK 
 $.@,/:=0>FBG:KBH=>!>L:KKHEEH=>)[=>K>LR-E:G>:<B^G"LMK:MY@B<: =[:L
=>=NK:<B^G  0:GM:"E>G: "<N:=HK 
 0/0=,.4I9/0>?@/4,9?0>/07,!&"&"$"@4?:0>FBG:KBH=>
IE:G>:<B^G>LMK:MY@B<: =[:L=>=NK:<B^G  .NBMH "<N:=HK 
 =@D#:5,/07.@,/:=. Curso “Primeros auxiliosbásicos”. 15 días de duración. 1995.
.NBMH "<N:=HK 

' &%# $

 9>?4?@?:/0409.4,C%0.9:7:2H,8-409?,7&94A0=>4/,/@?I9:8,/0,=.07:9, 
&& HG?>K>G<B:&GM>KG:<BHG:E>G!><K><BFB>GMH0NLM>GM:;E>  :K<>EHG: "LI:]: 
 =409/> :1 ?30 ,=?3$.:?7,9/ 842:> /0 7, ?40==,>.:.4, 1K:;:CH OHENGM:KBH >G
E:L<:FI:]:L=>CNLMB<B::F;B>GM:ER=>N=:><HE^@B<:  "=BF;NK@H "L<H<B: 
 &94A0=>4/,/ /07 D@,C 3H<:E -KBG<BI:E :E HGL>CH 2GBO>KLBM:KBH IHK E:?:<NEM:= =>
B>G<B:R1><GHEH@[:   N>G<: "<N:=HK 
 #0/9?0=9,.4:9,7/0&94A0=>4?,=4:>;,=,070>,==:77:$@>?09?,-70#&$
*B>F;KH =>E >JNBIH HK@:GBS:=HK => E:L IKBF>K:L CHKG:=:L NGBO>KLBM:KB:L LH;K>
!>L:KKHEEH0NLM>GM:;E>  .NBMH "<N:=HK 
 &" *B>F;KH =>E <HFBMY HK@:GBS:=HK => E: 0>@NG=: B>G:E => B>G<B: R
1><GHEH@[:   .NBMH "<N:=HK 
 &" HHK=BG:=HK=>EWK>:<NEMNK:E   .NBMH "<N:=HK 
 &"Consejo editorial de la revista “Campus”. 1995  .NBMH "<N:=HK 
 !&" -K>LB=>GM> =>E >GMKH 2GBO>KLBM:KBH I:K: E: -KHM><<B^G =>E F;B>GM>
 2--   .NBMH "<N:=HK 
 Miembro fundador del Frente Juvenil por la Paz y posteriormente “Utopía”.
HG?HKF:=H : K:[S => E: @N>KK: GH =><E:K:=: >GMK> "<N:=HK R ->K` >G >E >G>I: 
  .NBMH "<N:=HK 

 3&

You might also like