+<74A &*&* *8IE<9G<AFG4??4G<BAF4AI<FA<A:4E
+
%Z?921;6;4.?
+8G<??4GGEeE?87A<A:4EA4WEE8A:=BE749eE8<A>BCC?<A:
)%!! %Z?@<:P? .;@9BA;.A699 =B:=2;@8.99
3.@A@PAA.@:2189P::<?@Q.AA 12 27@=P;;2?2992?
ZC2?3Z?C6/?.A6<;2?A699=B:=5B@2A
*eE8GF<AA8E7<4@8G8EWE58EB8A784I>4C46<G8G8AB6;
F>4??8=eI8EFG<:4@FCYFH:F<74AF4@G@FCY
GEL6>F<74A
*eE7<4@8GE4EA49YE4?7E<:HA78EFG<:4CH@C8AF4AF?HG
A<A:F7<@8AF<BA8E
&B4921;6;4
+H:?87A<A:8A@YFG8I4E4 ?H9GGWGB6;FG<:4A789eE4GG
HA7I<>4?H9G4AF4@?<A:4E
%878A=B:==9.02?.1ZC2?CPA@82;6CQ; FH:4A78
9HA>G<BA@BAG8E48A5BGG8AI8AG<?8??8E8A546>I8AG<?
CYFH:?87A<A:8A
%878A =B:==9.02?.1 B;12?CPA@82;6CQ; G<??E<A
A<A: F>4??8A 4IFGWA:A<A:FI8AG<?@BAG8E4F CYFH:
?87A<A:8A
'?F08921;6;4
%BAG8E48A@4AB@8G8EF4@GI8AG<?CY?87A<A:8A9eE
4GG=HFG8E4GEL6>8998>G9eE5EH>A<A:
.<78AA<IYF><??A47eI8E@8G8EF>4??8A>?499I8AG<?
@BAG8E4F9eE4GGF>L774CH@C8A@BGGEL6>FGeG4E
9.;@9BA;6;4
?<AFG4??4G<BA8A @YFG8 HG9eE4F 4I 8A 58;eE<:
8?8>GE<>8E B6; < 8A?<:;8G @87 ?B>4?4
58FGW@@8?F8E
Z97@P82?52A@3Z?2@8?63A2?;.
(A?B@A;6;42;:Q@A2@8F11@7<?1.@
AF?HGA<A: 4I F>L77F=BE78A F>4?? F>8 I<7 C?<AG8A
@WE>G
"W@9eE9E8>I8AFF4@G;HIH7FCWAA<A:8A?<:GHCC:<IA4
74G4CY A4@AC?YG8AB6; 4AF?HG?87A<A:4EA48A?<:G
F6;8@4GCY<AF<74A>BCC?<A:F5BK8AF?B6>
)%!! C61:<A<?23328A2? ZC2? 8* B;1
C682@16?28A@A.?A
Z?@2 @A.?A.;<?1;6;42; :212; ,@A.?A2?2992?
:<A@C.?.;12
)%!! A699QA .91?64 /?608<? 2992? .;1?.
:2A.99129.? .AA 3.99. ;2? 6 29:<A<?;@
Z==;6;468<==96;4@/<E2;
'@ 78GG4 9eE8>B@@<G @YFG8 8?@BGBEA
78@BAG8E4F9eE4GG4I?W:FA478?4EA4FB@94?
?<GA8E<eCCA<A:8A
#458?GLC FB@F>4?? 4AIWA74F WE 4I GLC *&
#458?7<@8AF<BA<AG8I4E4@<A7E8WA>4C,
.<7<AFG4??4G<BA<547CBB?8EAWE@WAA<F>BE8=WE<CBB
?8AGEW7:YE7F74@@4E8??8E?<>A4A78FGW??8AF>4??2;
7<?1329@/?FA.?2 8=eI8EFG<:4A78!p&≤@<AFG4??8E4F
<FGEe@>E8GF8A
!AFG4??8E48A .?/2A@/?FA.?2@87@<A<@H@@@?H9G
FC4?G9eE5ELGA<A:4I4??4GE894F8EA4
.<78AGE894F<AFG4??4G<BAF>4??8GG@BGBEF>L77<AFG4??8
E4F4IF8GG9eEFGEe@FGLE>4A@87>HEI4FB@WE4A:<
I8ACYA4@AC?YG8A
A94F !% !%
CH@C4E WE 9eEF8774 @87
8A>BA78AF4GBE4AF?HG8AG<??>BCC?<A:FC?<AG8AF4@G9eE
. M8GG<A5L::GG8@C8E4GHEF>L77
?63A:213?28C2;@<:C.;19.?2
"HFG8E49E8>I8AFB@I4A7?4E8AF:EWAF8EFY 4GG M
8=HA78EF>E<IFF4@G4GG@4K9& M8=eI8EF>E<IF
&'%'"!)H!!!
<;A?<992?3Z?2@A.?A
CC4E4G8A9YE<AG8FWGG4F<:YA:B@78G9<AAFF>47478
78?4E
Z?@A.@A.?A
)%!!A<??8Z?.91?64=B:=2;
+G4EG4CH@C8A9eEFG89G8E78G4GG78A5?<I<G9L??7@87IWG
F>4
'@IWGF>8A<IYAWEeI8ECH@C;HF8GF>4??CH@C8A9L??4F
:8AB@4GGF4>G4eCCA44IFGWA:A<A:FI8AG<?8ACYFH:F<
74A
RCCA4WI8A4IFGWA:A<A:FI8AG<?8ACYGEL6>F<74AF4@G
4I?H9GA<A:FF>EHI8A9eE4GG4I?W:FA4?H9G4AF4@?<A
:4E
eE6<E>H?4G<BA<8GGF?HG8GFLFG8@eCCA45W::8I8AG<
?8EA49eE4GGF?WCC4HG8I8AGH8??4?H9G4AF4@?<A:4E
#BAGEB??8E44GGCH@C4K8?AEBG8E4E9eE;4A7
)61 2; A?23.@6;@A.99.A6<; 8<;A?<992?. .AA ?<A.
A6<;@?68A;6;42; FGW@@8E @87C<?8A CY CH@CB@
<AG85ELG4??8?FGEe@ B6; F><9G4 GIY4I 8?94F8EA4G<??
8?@BGBEA
.<7FH:4A789HA>G<BA>4A78G5?<@e=?<:G4GG9YIWAG4
AY:E4@<AHG8E CY 4GG IWGF>4AF>4?? >HAA4 8I4>H8E4
FH:?87A<A:8A
#BAGEB??8E44GGCH@C8A4E58G4E<AB@ 78FF B@EY78
B@Ae7IWA7<:G=HFG8E4@87I8AG<?8ACYGEL6>F<74A
4G49eE=HFG8E<A:9<AAFCYA4@AC?YG8A
%Z? 27 CPA@8.; <: A2:=2?.AB?2;
ZC2?@A642?i
%6@8 3Z? /?P;;@8.1. #Q 4?B;1 .C 5Z4
A2:=2?.AB? 5<@ CPA@8.; =B:=5B@2A <05
:<A<?;8.;;QA2:=2?.AB?2?5Z4?2P;]
'. 6;A2 6 12@@. 129.? <: :21
@8F11@.;<?1;6;4.? 2992? CP;A. <05 @2 A699
.AA12529A5.?@C.9;.A
Z?@A.@A.?A!%!%
-CCE8C4 CEB687HE8A9B†E78A4A7E48?8>GE<F>4 CH@
C8AF8>4C
9G8E <7E<9GG4:A<A:FCEB687HE8A @4‡FG8 7H>BAGEB??8E4
4GG
+?HFFI8AG<?8A9HA:8E4EFB@78AF>4@B78??8E&*
&*
8A 8?8>GE<F>4 CH@C FB@4AIWA7FB6; 78A FB@
FGYE FG<??4 @YFG8 4?G8EA8E4F E8:8?5HA78G 9eE 4GG
:4E4AG8E4 8A=W@A 9eE78?A<A: 4I7E<9GG<@@4EA4 5LG
CH@C@4AH8??G8??8E <AFG4??8E4 8A 4HGB@4G<F>FGLE4
ABE7A<A:
'@788?8>GE<F>4CH@C4EA44AIWA7FG<??4GGCH@C4
I4E@I4GG8A <5BFGW78E5eE7H 5LG4 CH@C@<AFG8A
:YA:B@74:8A9eE 4GG HA7I<>44GG78G5<?74F4I?4
:E<A:4E<78A8?8>GE<F>4CH@CFB@FGYEFG<??4
)&'H!!!
CC4E4G8A F>4 FGWA:4F 4I I4E=8 :YA: FB@
9HA>G<BAF98?HCCGW6>FF898?Fe>A<A:
!+,&*3333%0+36BA:4??(4:<A4