`normalidad` en el contexto de los riesgos asociados a los y las

9D8JB:CIDH
(
7U\OQW];SUOa?cW`„aA]QW]Z„UWQOB`Sa
:aXdcXZeidYZÆcdgbVa^YVYÇZcZa
XdciZmidYZadhg^Zh\dhVhdX^VYdh
VadhnaVh_‹kZcZhnaV\Zhi^‹cYZ
dedgijc^YVYZh
3ZQ]\QS^b]µXcdS\bcR¶Sac\OQ]\ab`cQQW„\a]QWOZ_cSRSbS`[W\OZOaQO`OQbS`abWQOaRSZc\WdS`a]
aW[P„ZWQ]_cSZS`]RSOgacW\bS`OQQW„\SW\aS`QW„\S\SZQ]\Xc\b]RSZOa]QWSROR3\SaS^`]QSa]
OR_cWS`S\aS\bWR]ZOaQ]\aWRS`OQW]\Saa]P`SZ]a`WSaU]a[SRWObWhOROa^]`SZbW^]RSQ]aOa_cSSZ
Q]\Xc\b]RSZOa]QWSRORW\bS`^`SbOQ][]^`]^WOaRS{^]QOaXcdS\WZSagRSZµRSPS`aS`¶RSZOa
`SZOQW]\Sa3aS\b]\QSaQcO\R]ZOaQ]\aWRS`OQW]\Saa]QWOZSaa]P`SZ]_cSSa]\]Saµ\]`[OZ¶gZO
[O\S`OS\_cSaSR]bORSaS\bWR]OSabSQ]\QS^b]aSaWb‰O\S\c\^`W[S`^ZO\]RSZOa`SZOQW]\Sa
S\b`SZ]agZOaX„dS\SagRSZOaQcSabW]\Sa_cSRSbS`[W\O\_cSZ]a`WSaU]aSW\QZca]SZ^`]^W]
Q]\QS^b]RSXcdS\bcRaSO\OZWQS\RSc\Oc]b`O[O\S`O
>OZOP`OaQZOdS(@WSaU]µ<]`[OZ¶5cab]1]\ac[]8„dS\Sa=QW]5`c^]
7RS\bWROR
3Z`WSaU]S\SZQ]\bSfb]RSZ]aSa^OQW]aRSWRS\bWROR
/\OZWhO`SZS\T]_cSOR]^bOR]OZOV]`ORSSabOPZSQS`Q]\aWRS`OQW]\Sa
a]P`SZ]a`WSaU]a`SacZbOSaS\QWOZ^O`OaOPS`RSaRSR„\RSSabO[]a
OP]`RO\R]SZbS[OgS\_c{[SRWROSabO[]abS\WS\R]S\QcS\bOb]R]a
Z]aSZS[S\b]a_cSQ][^]\S\QOROc\]RSZ]aTS\„[S\]aSabcRWOR]aAW\
[W\cadOZ]`O`ZOW[^]`bO\QWORSRSbS`[W\OR]aVtPWb]a]Q]\RcQbOa\WRSXO`
RS`SQZO[O`c\O^]ZbWQO^`SdS\bWdOQ]\abO\bSgObS\bObO[^]Q]^]RS[]a
]PdWO`_cSS\ZOQO`O]^cSabO^S`]Q][^ZS[S\bO`WORSZ]_cSac^]\S\
`WSaU]a^O`OOR]ZSaQS\bSagX„dS\SaSfWabSc\Q][^]\S\bSRSO^`S\RWhOXS
ga]QWOZWhOQW„\_cS^cSRSQ]\dS`bW`RSbS`[W\OROaOQQW]\SaS\Sf^S`WS\QWOa
dWbOZSa^]aWbWdOa7\bS\bO`\SUO`ZOSdWRS\QWORSRSbS`[W\OR]a^Oa]aRSZ]a
gZOa[taX„dS\SaaW[^ZS[S\bSObS\RWS\R]OZOaQ]\aWRS`OQW]\Sa[ta
RS[]\WhOR]`OaRSbOZSaQ]\RcQbOa\]aOZSXO`tRSZO`SOZWRORRSZOa
Q]\RcQbOagaca[]bWdOQW]\Sag^]`bO\b]RSZO[SX]`[O\S`ORSOP]`RO`
g^`SdS\W`Z]a^]aWPZSa`WSaU]a
3Z]QW]^O`OZ]agZOaX„dS\Sa\]RSXORSaS`Z]_cSac^]\SZOdWROa]QWOZ
^‰PZWQO^O`OZ]aORcZb]aOc\_cSS\Tc\QW„\RSc\[]RSZ]_cSSabOPZSQS
ZOaRWTS`S\QWOaS\ZObS\RS\QWOOZORcOZWhOQW„\]RWa]QWOQW„\bS[^]`OZ
S\b`SaS[O\OgTW\RSaS[O\Og_cSQW`Qc\aQ`WPSacQO[^]RSOQbcOQW„\
OZOa\]QVSaRSZ]aTW\SaRSaS[O\OS\PcS\O[SRWROS\b]`\]O
RSbS`[W\OR]aa[P]Z]a_cS[O`QO\RST]`[OSaS\QWOZc\bS``Wb]`W]RSZ_cS
aSO^`]^WO\(\]QVSPO`Sag^O`_cSa[‰aWQOS\[cQV]aQOa]aOZQ]V]Zg
]b`OaacabO\QWOaSbQ:]W\bS`SaO\bSSa]PaS`dO`SZ^`]QSa]^]`SZQcOZ
RWQV]Sa^OQW]S\SZ_cSbWS\SZcUO`ZOdWROa]QWOZ^‰PZWQORSZ]agZOa
8„dS\SagUSabW„\RSZ`WSaU]
"%
X„dS\SaaS]PaS`dOQ][]SZQ]\bSfb]^S`dS`a]S\SZ_cSbWS\S\ZcUO`b]ROa
ZOaO[S\OhOag`WSaU]a_cSZSaOQSQVO\GSabO^c\bcOZWhOQW„\\]W[^ZWQO
\SUO`ZO^`SaS\QWORSbOZSa`WSaU]aaW\]QS\b`O`SZW\bS`{aS\Z]a^`]QSa]a
a]QWOZSa_cSVO\^`]d]QOR]_cS_cSRS\Z]QOZWhOR]aRS[O\S`ObO\
Q]\Q`SbOZ]a[S\QW]\OR]a`WSaU]aQ][]TS\„[S\]\]dSR]a]OZ`SRSR]`RS
ZOa‰ZbW[OaUS\S`OQW]\SaRSX„dS\Sa
BO[^]Q]^]RS[]a]ZdWRO`gSab]SaOZU]_cSQ]\dWS\SRSabOQO`_cS\]
b]R]aZ]agZOaX„dS\SaaSQc\RO\Sab]a[]RSZ]aRS]QW][]bWd]^]`SZQcOZ
\]RSPS`O[]aOb`WPcW`OZQ]\Xc\b]RSZO^]PZOQW„\XcdS\WZc\OaS`WSRS
`WSaU]a_cS`Sa^]\RS\Oc\OT]`[O[cgQ]\Q`SbORSS\bS\RS`gS[^ZSO`SZ
bWS[^]ZWP`S3\QcOZ_cWS`QOa]aSaQWS`b]_cSRWQV][]RSZ]`Sa^]\RSO
Z]_cSSZW[OUW\O`W]Q]ZSQbWd]X„dS\SaW\QZcWR]aOb`WPcgSOZOXcdS\bcR
:OOcaS\QWORS`STS`S\bSaQ`SOW\QS`bWRc[P`SaS\c\Oa]QWSROR_cS
RS^]aWbOS\acaX„dS\SaZOSa^S`O\hORSZTcbc`]OZU]_cSaW\RcRO
]QOaW]\OOZUc\OaQ]\b`ORWQQW]\Sa[cgaW\b][tbWQOa>]`SXS[^Z]SfWUW`O
Z]agZOa[taX„dS\Sa[Og]`Ocb]\][OSW\RS^S\RS\QWOgZ]QOZWhO`S\SZ
]QW]O^O`bW`RSRW\t[WQOaQcZbc`OZSaRSZ]adOZ]`Sa^`SR][W\O\bSagRSZ
[S`QOR]Z]aSZS[S\b]a_cSaW[P]ZWhO\bOZOcb]\][OOZbWS[^]_cSaS
`S^`W[SZO[Wa[OOb`Od{aRSb]R]c\RSa^ZWSUcSRSO`Uc[S\b]a_cS
aSƒOZO\OSa]aSa^OQW]aRS]QW]Q][]OUZcbW\O\bSaRSZ]a[Og]`Sa`WSaU]a
_cSOQSQVO\OZ]agZOaX„dS\Sa1][]aSaSƒOZOS\SZµ7\T]`[S "
8cdS\bcRS\3a^OƒO¶(
µASb`ObORSc\OO^O`S\bSQ]\b`ORWQQW„\^]`_cSSZ^`]gSQb]RS
ZOOcb]\][O^S`a]\OZgZOWRS\bWRORRSZg]SaOQbcOZ[S\bSSZ
U`O\^`]gSQb]RS\cSab`Oaa]QWSRORSa/Z]aX„dS\SaaSZSa
SfWUS_cSaSO\Ocb„\][]agaSZSa]T`SQSZO^]aWPWZWRORRS
Sf^S`W[S\bO`SaOOcb]\][OS\Z]abWS[^]aZ]aSa^OQW]agZOa
^`tQbWQOaRS]QW]:OdS`RORS`O^O`OR]XOaS`STWS`SOZO
SfWUS\QWORSSaOOcb]\][O/aW[Wa[]gS\c\O\cSdO
^O`OR]XOZ]aORcZb]agS\^O`bWQcZO`ZOaTO[WZWOab`ObO\RS
`Sb`OaO`]RSRWa[W\cW`Q]\SZO`Uc[S\b]RS_cSZOa^`tQbWQOa
RS]QW]dO\c\WROaOZ]a`WSaU]aSZ^`]gSQb]RSOcb]\][O
^S`a]\OZOb`Od{aRSZ]QW]:O^cU\O_cSaSSabOPZSQSS\b`SZO
TO[WZWOgSZOR]ZSaQS\bSW\bS`W]`WhOZOOa]QWOQW„\S\b`S]QW]g
Ocb]\][Og`STcS`hOSZRSaS]RSOZQO\hO`RWQV]bW^]RS
Ocb]\][OOZbWS[^]_cS^S`[WbSQ]\bS[^ZO`SZ]PXSbWd]RSZO
S[O\QW^OQW„\O[taZO`U]^ZOh]¶
1]\dWS\SaSƒOZO`_cSU`O\^O`bSRSZ]aSabcRW]aa]QW]Z„UWQ]a`SOZWhOR]a
a]P`SdOZ]`SaaSƒOZO\_cSS\Q]\Xc\b]ZOa]QWSROR^`SaS\bOc\O[O\S`O
RS]`RS\O`g^`W]`WhO`Z]adOZ]`Sa[cgaW[WZO`3aRSQW`_cSX„dS\Sag
ORcZb]aQ][^O`bS\c\OSab`cQbc`ORSXcWQW]QOaWWR{\bWQOZ]_cSVOQS[ta
W\bS`SaO\bSSZOQS`QO[WS\b]OZ]a^`]QSa]a^]`Z]aQcOZSaaS]`WUW\O\ZOa
RWTS`S\QWOQW]\SaaW[P„ZWQOa^]`SXS[^Z]S\b]`\]OZbS[ORSZ]a`WSaU]a
_cS\]a]Qc^OGQ][]b`OaT]\R]RSb]R]SZZ]SabtZOdWaW„\RSZ]aORcZb]a
RSZ]adOZ]`Sa^O`bWQcZO`SaRSacaX„dS\SaOc\_cSZOadOZ]`OQW]\Sa_cS
Sab]aVOUO\aSO\Q][]gOVS[]aRWQV][cgaW[WZO`Sa(
µ3\SabSaWabS[ORSdOZ]`SaQcgOSab`cQbc`OOR]^bO\Z]a
ORcZb]aQ][]^`]^WO{ab]aaSaWb‰O\S\IZORW[S\aW„\K
7<8CD3 #µ7\T]`[S
"8cdS\bcRS\3a^OƒO¶)
7<8CD3)^"$&
"&
SQ]\„[WQ]ZOP]`OZOZ[Wa[]bWS[^]_cS`SQ]\]QS\OZ]a
X„dS\SaS\ZOIRW[S\aW„\K^`SaS\bWabOVSR]\WabO3ZVSQV]RS
\]aWbcO`Z]aS\ZO[Wa[ORW[S\aW„\_cSaSaWb‰O\SZZ]aSf^ZWQO
@3D7AB/233ABC27=A238CD3<BC2§aS^bWS[P`S&q\Ž&
OZUc\OaRSZOaSf^SQbObWdOa_cSZ]aORcZb]abWS\S\a]P`SZ]a
X„dS\Sa(Sab]abS\R`t\c\O^]aWQW„\]^cSabOOZOacgO`Sa^SQb]
OZ]adOZ]`SaW\ab`c[S\bOZSa[O\WTSabOROS\ZO`SPSZROgZO
W[^`cRS\QWOdOZS\bOORS[taRSS\ZOSaQOaOQ]\aWRS`OQW„\
RSZOTWRSZWROR7\RS^S\RWS\bS[S\bSRSQctZaSOSZ
Q][^]`bO[WS\b]Q]\Q`Sb]RSQOROX]dS\RSaRSZO^S`a^SQbWdO
ORcZbOaS]PaS`dO`tQ][]OZU]\]`[OZOZU]^`]^W]RSZOSROR
gS\OZUc\]aQOa]VOabO\SQSaO`W]SZ_cS{ab]aaS
Q][^]`bS\RSbOZ[]R]S\Tc\QW„\RSacadOZ]`Sa
W\ab`c[S\bOZSa¶ >O`SQS^cSa_cSZOaQ]\aWRS`OQW]\Saa]P`SZ]adOZ]`SaOb`WPcWR]aOZ]ag
ZOaX„dS\Sa`SPSZRSaW[^`cRS\bSaS\QOXO\^S`TSQbO[S\bSQ]\ZOdWaW„\RS
acOZb]U`OR]RSSf^]aWQW„\O`WSaU]aW\RS^S\RWS\bS[S\bSRSaca
Q][^]`bO[WS\b]aW\RWdWRcOZSa
1]\ac[]aUcab]agVtPWb]aQcZbc`OZSaS\Z]a^`]QSa]aRS
`SQ`SOQW„\WRS\bWbO`WO(SZQ]\QS^b]RSZOµ\]`[OZWROR¶g
aca[t`US\Sa]SZµ`WSaU]¶
;SUOa3RW`) )
µDOZ]`Saa]QWOZSagR`]UOa¶)
4/2)^'
!
;SUOa7)@]R`UcSh3
)µ:OWRS\bWRORXcdS\WZ
RSaRSZOaOTW\WRORSa
[caWQOZSa¶)7<8CD31WbO
`SQ]UWROS\c\U`c^]RS
RWaQcaW„\`SOZWhOR]S\
0O`QSZ]\OQ]\V][P`Sg
[cXS`SaRSS\b`S #g '
Oƒ]a
"
=QV]U`c^]aRSRWaQcaW„\
`SOZWhOR]aS\;OR`WR
0O`QSZ]\Og0WZPO]Q]\
X„dS\SaRSSRORSa
Q][^`S\RWROaS\b`SZ]a#g
Z]a 'Oƒ]aRWdWRWR]aS\
b`O[]aSbO`W]a"$%'
" # 'gbS\WS\R]S\
QcS\bOOZUc\O
RWTS`S\QWOQW„\^]`U{\S`]g
QZOaSa]QWOZ3dWRS\bS[S\bS
ZO[cSab`O`S^`SaS\bOPO
^`W\QW^OZ[S\bSSZU`cSa]RS
ZOaQZOaSa[SRWOac`PO\Oag
ac^`SbS\aW„\\]RSXOPORS
aS`SaO
3\c\O{^]QOdWbOZUS\S`OZ[S\bSQO`OQbS`WhORO^]`ZOW\RSTW\WQW„\[cQV]a
RSZ]a^`W\QW^OZSa`STS`S\bSaRSZOWRS\bWRORXcdS\WZ^OaO\^]`Z]aUcab]a
Z]aVtPWb]aQcZbc`OZSagZ]aQ]\ac[]a_cSaWb‰O\OQOROQcOZS\c\ZcUO`
`SQ]\]QWPZS3ZZ]W\RS^S\RWS\bS[S\bSRS_cSbOZSa`SQ`SOQW]\Sa
WRS\bWbO`WOaaSO\bS[^]`OZSagTZSfWPZSaSaRSQW`_cSaS`SQ`SO\a[P]Z]a
_cSbSaWb‰O\S\c\Q]\bSfb]^S`]\]aSOac[S\^`W\QW^W]agdOZ]`Sa
Oa]QWOR]aObOZSaa[P]Z]a3ab]aQ]\ac[]aUcab]agVtPWb]aQcZbc`OZSa
RSTW\W`t\SabWZ]aRSdWROQOROc\]RSZ]aQcOZSabS\R`tc\O`SZOQW„\
Q]\Q`SbOQ]\Z]aQ][^]`bO[WS\b]aRS`WSaU]3abWZ]aRSdWRO_cSSZ
[S`QOR]bWS\RSOO^`]^WO`aSQ`SO\R]OZU]OaQ][]c\[S`QOR]RS
WRS\bWRORSaS\b]`\]OZ]_cSacSZSQ]\]QS`aSQ][]µb`WPcac`PO\Oa¶^O`O
S\bS\RS`\]a_cS^S`aWUcSSZQ]\b`]Za]QWOZRSQ][^]`bO[WS\b]agVtPWb]a
_cSRS]b`O[O\S`OaS`ORWTQWZQ]\b`]ZO`1]\b`]ZOb`Od{aRSZO
W\bSU`OQW„\Q][S`QWOZ[]ROaSabWZ]abS\RS\QWOagRSZ^`]^W]VSQV]RS
R]bO`RSdWaWPWZWRORO_cWS\SaW\bS\bO\RSaO``]ZZO`aSS\Z]a[t`US\SaRSZ
aWabS[O>]`ac^cSab]_cSSZQ]\b`]ZgdWaWPWZWRORRSSab]aSabWZ]aRSdWRO
ac^]\R`tbO[PW{\ZOQZOaWTWQOQW„\gSabO\RO`WhOQW„\RSZbW^]RS`WSaU]a
Oa]QWOR]aOQOROQcOZ
³ µ/[[SUcabOZO[‰aWQO[cg\]`[OZgg]a]g[cg\]`[OZ
³ G][SRSQO\b]^]`ZO[‰aWQO_cSSa[cgZO_cSZSUcabO
[taOZOUS\bS_cSZSUcabOOZO[Og]`ORSZOUS\bSQ]aOa
Oa¥aOPSa-
³ GbO[^]Q]a]g\]bS\U][cQVOa[O\Oa¶!
:OQWbOO^c\bOc\ObS\RS\QWOQ]\b`OabOROOZ]ZO`U]RS[cgRWdS`a]a
b`OPOX]a`SOZWhOR]aRST]`[O[ta][S\]aRW`SQbOS\b]`\]OZc\WdS`a]RS
Z]agZOaX„dS\Sa3\O_cSZ[][S\b]Oƒ] S\SZ_cSaS^`SbS\RO
ZZSdO`OQOP]c\OQS`QO[WS\b]OZ]a^`]QSa]aRSQ`SOQW„\g`SQ`SOQW„\RS
WRS\bWRORSaXcdS\WZSaOb`Od{aRSZO[‰aWQOgRSZO[O\WTSabOQW„\RSZUcab]
^]`SZZO^cRW[]aQ][^`]PO`Q„[]SZ^]aWQW]\O[WS\b][Og]`WbO`W]g
US\S`OZWhOR]RSZ]agZOaX„dS\Sa_cSQ][^caWS`]\Z]aU`c^]aRSRWaQcaW„\
`SOZWhOR]a"RSaQO\aOPOS\c\O`Uc[S\b]bO\QZO`]Q][]Q]\bc\RS\bS(
ZO[O\WTSabOQW„\RSZUcab]gRSZQ][^]`bO[WS\b]µ\]`[OZ¶Q][][cSab`O
RSc\OW\bSU`OQW„\ga]QWOZWhOQW„\ORSQcOROgQ][][O\S`ORSaWbcO`aSS\
8„dS\SagUSabW„\RSZ`WSaU]
"'
c\Sa^OQW]\Scb`]SW\RWTS`S\QWOR]_cSTOQWZWbOZO^`]gSQQW„\RS
SabS`S]bW^]aa]QWOZ[S\bSTc\QW]\OZSaOZbWS[^]_cSRWTWQcZbO_cS]b`]a
^cSRO\aWbcO`bSS\ZOa^]aWQW]\Sa_cS]Qc^O\Sa]a[Wa[]aSabS`S]bW^]a
<]S`OSZO\tZWaWaRSbOZQ]\QS^b]RSµ\]`[OZWROR¶c\]RSZ]a^`Sac^cSab]a
RS^O`bWRORSbOZW\dSabWUOQW„\RSZO[Wa[O[O\S`O_cSbO[^]Q]SabOPO
S\ZOaVW^„bSaWaW\WQWOZSaRSZ`Sab]RSSabcRW]a^`]^W]a_cS^cSROQWbO`#
AW\S[PO`U]ZOQ]\abObOQW„\RSZ]S[S`US\bSRSc\RWaQc`a]_cSaSO\b]XO
RSV]\R]QOZOR]a]QWOZgOaSOW[^ZQWbO]Sf^ZQWbO[S\bSW[^cZa„c\O
^`W[S`OZSQbc`Ob`O\adS`aOZRSZO[O\S`OS\_cSbOZQ]\QS^QW„\RSZO
µ\]`[OZWROR¶O^O`SQOS\ZOQ]\ab`cQQW„\RSZOaWRS\bWRORSaXcdS\WZSagS\
ZO[O\S`OS\_cSaS^]\S\S\XcSU]gaS`SZOQW]\O\Z]aRWTS`S\bSaOUS\bSa
a]QWOZSagZ]a`Sa^SQbWd]ac\WdS`a]aaW[P„ZWQ]aOa]QWOR]a/aSabO[]aS\
RWa^]aWQW„\RSOQS`QO`\]aOZO[O\S`OS\_cSZO[O\WTSabOQW„\RSZ]a
Ucab]aS\[‰aWQOS\dWRS]XcSU]aS\^cPZWQWRORaWb‰OO_cWS\Z]VOQS
S\c\Sa^OQW][ta][S\]aRWTS`S\QWOR]]W\RWTS`S\QWOR])OZOT]`[OS\
_cSZ]aQ]\ac[]aS\R`]UOaS\]QW]S\[SRW]aRSQ][c\WQOQW„\
Q]\b`WPcgS\OQ]\T]`[O`Z]ac\WdS`a]aaW[P„ZWQ]a_cS^]aWQW]\O\OQORO
QcOZS\QObSU]`Oaa]QWOZSa`SQ]\]QWPZSa^]`SZ`Sab])OZaS\bWR]S\_cSZ]a
Q][^]`bO[WS\b]agOQbWbcRSa`Sa^SQb]OZ]adOZ]`Sa`Sa^SQb]OZOaT]`[Oa
RS`SZOQW]\O`aSSW\bS`OQbcO`S\aSU‰\_c{Q]\bSfb]aaSW\bS`^`SbO\POX]
SZ^`Wa[ORSZ]a]QWOZ[S\bSOQS^bOR]gORSQcOR])gS\RSTW\WbWdOOZO
[O\S`OS\_cSb]R]SZZ]Q]\b`WPcgSOQ`SO`ZOaQObSU]`Oa_cSSZW[OUW\O`W]
a]QWOZOQS^bO`tQ][]µ\]`[OZSa¶S\ZOQ]\T]`[OQW„\RSZ]ac\WdS`a]a
aW[P„ZWQ]a_cS`WUS\ZOdWROS\a]QWSRORµ<]`[OZWROR¶_cSORS[taaS
Q][^]`bOQ][]c\OQObSU]`ORSdOZ]`_cSRSTW\W`tZ]SaS\QWOZ[S\bS
µPcS\]¶T`S\bSOZ]_cS\]Z]SabO\b]]Saµ`O`]¶]SaRW`SQbO[S\bS
µ[OZ]¶
#
3\b`S]b`]a^]RS[]a
aSƒOZO`µ:OWRS\bWRORXcdS\WZ
RSaRSZOaOTW\WRORSa
[caWQOZSa¶7\XcdS µ8„dS\Sag`SZOQW]\Sa
U`c^OZSa¶4/27\XcdS
µ8„dS\Sag
^cPZWQWROR¶4/27\XcdS
"µ8„dS\SagaSf]¶
4/27\XcdS #
µ8„dS\Sag^]ZbWQO¶
4/27\XcdS #
#
3\Tc\QW„\RSSabS^ZO\bSO[WS\b]^]RS[]a^S`QWPW`c\OTcS`bSgSdWRS\bS
bS\RS\QWOOZOV][]US\SWhOQW„\]W\RWTS`S\QWOQW„\S\Z]_cSaS`STWS`SOZO
[O\WTSabOQW„\RSUcab]a]O`Uc[S\b]a_cSRSaZWUcS\OZW\RWdWRc]RSZ]
US\S`OZ[S\bSOQS^bOR]Q][]µ\]`[OZ¶:OaWU\WTWQOQW„\S\c\aS\bWR]_cS
^]aWPWZWbSO]b`]aSbW_cSbO`bS]`SQ]\]QS`S\bWc\SabS`S]bW^]_cSb‰
`SQ]\]QS`taS\µZ]a]b`]a¶aS`t[OaWdO[S\bS`SQVOhOROS\^]aRS
aWbcO`aSS\c\Sa^OQW]\Scb`]S\QcOZ_cWS`QOa]W\bSU`OR]S\Z]aZ[WbSa
_cSRSbS`[W\O\ZOµ\]`[OZWROR¶3abOµ\]`[OZWROR¶aS`tZO_cS`WXOg
RSbS`[W\SSZbS``S\]RSXcSU]S\SZQcOZaS[O\WTWSabO\Z]aUcab]agbWS\S\
ZcUO`Z]aXcWQW]aRSdOZ]`RSbS`[W\O\R]Z]OQS^bOPZSgZ]W\OQS^bOPZS/a
TcS`ORSRWQV]bS``S\]RSXcSU]aSaWbcO`t\ZOa[W\]`Oaa]P`SZOa_cSaS
^`]gSQbO\Z]aSabS`S]bW^]aRWTS`S\QWOR]`Sa_cS^S`[WbS\_cSRWQV]a
SabS`S]bW^]aaS[O\bS\UO\a]QWOZ[S\bSdWd]aaW\\SQSaWRORRS_cSQOaW
\W\U‰\X]dS\Z]a`SQ]\]hQO^O`Oa[Wa[](a]gµ\]`[OZ¶Z]_cSaS
[O\WTWSabOS\_cS[SQ][^]`b]RST]`[Oµ\]`[OZ¶bS\U]Ucab]a
µ\]`[OZSa¶gQ]\ac[]RSZO[O\S`O_cSaSSa^S`ORS[g[S
Q]``Sa^]\RS3aSRSPS`aS`SaSZQ]``Sa^]\RWS\bSOZ]aQt\]\SaRS
W\bSU`OQW„\g\]`[OZWROR]^cSab]OZµaS``O`]¶
3abObS\RS\QWORWaQc`aWdO^ZO\bSOc\OT]`[ORSOP]`RO`g`SQ`SO`
RSbS`[W\OR]adOZ]`SabS„`WQO[S\bS^`SR][W\O\bSaS\ZOa]QWSROR_cS
aWUcSZOZ\SORSZ]O^c\bOR]DOZ]`SaPWS\^S\aO\bSaQ]\c\OZb]
Q][^]\S\bS^`OU[tbWQ]gRS`SZObWdWa[][]`OZ)[cgQS\b`OR]aS\SZ
µRSPS`aS`¶Q][]RSPS`O\aS`ZOaQ]aOaT`S\bSOZ]_cSS\ZO^`tQbWQO
µSa¶ORS[taRSS\ZOOac\QW„\gQZO`ORWTS`S\QWOQW„\RSZ]_cSS\‰ZbW[O
W\abO\QWOSaµdS`RORS`O[S\bSW[^]`bO\bS¶(ZOO[WabORZOTO[WZWOaSU‰\
@3D7AB/233ABC27=A238CD3<BC2§aS^bWS[P`S&q\Ž&
W\RWQO\b]ROaZOaW\dSabWUOQW]\Saa]P`SdOZ]`SagZO[O\S`OS\_cSZ]a
^`W]`WhOZOa]QWSROR/^O`bW`RSOVQcOZ_cWS`Q]\aWRS`OQW„\`SZObWdOOZO
[]`OZ^`WdORO_cS\]OZQ][^]`bO[WS\b]^cSa{abSbS\R`tW\TZcS\QWO
a]P`S]b`]a_cSRO`tQW`Qc\aQ`WbOOZbS``S\]RSZOd]Zc\bOR^S`a]\OZ3a
RSQW`RSXO\R]QZO`]QctZSaa]\ZOaQ]aOadS`RORS`O[S\bSW[^]`bO\bSa_cS
QOROQcOZVOUOZ]_cS_cWS`O[WS\b`Oa\][SOTSQbS
B]R]Z]aSƒOZOR]`SacZbO`SZSdO\bS^O`OSZbS[O_cSQS\b`OSabS
[]\]U`tTWQ]^cSa^`SQWaO[S\bSSa]aZ[WbSaRS\b`]RSZ]aQcOZSaaS
RSbS`[W\OZ]a]QWOZ[S\bSOQS^bOPZSaS`t\Z]a_cS[O`_cS\RST]`[O
SaS\QWOZZOaQ]\aWRS`OQW]\Saa]P`SZ]a`WSaU]a/aVOP`tRSbS`[W\OR]a
Q][^]`bO[WS\b]aRS`WSaU]S\b`S]b`]aZ]a`SZObWd]aOQ]\ac[]aRS
R`]UOaZSUOZSa]WZSUOZSagO`SZOQW]\SaaSfcOZSa_cSaS`t\Oac[WR]a
Q][]^O`bSµ\]`[OZ¶RSSbO^OaOR]ZSaQS\bSaRSSf^S`W[S\bOQW„\g
O^`S\RWhOXS>S`]bOZSaQ]\aWRS`OQW]\SaVOP`t\RSaS`^cSabOaS\`SZOQW„\
RW`SQbOQ]\ZOSROR^cSaZ]aZ[WbSaRSSaOµ\]`[OZWROR¶dO`WO`t\O[SRWRO
_cSSZX]dS\Q`SQSgaSOQS`QOOZ]abS``S\]aS\b]`\]OZ]aQcOZSaaS
RSbS`[W\Oa]QWOZ[S\bSZO[ORc`ShgO^Oa{ZOTOaSRSSf^S`W[S\bO`g
^`]PO`RSVOQS`ZOaQ]aOaaW\^S\aO`RS\]aS`Q]\aQWS\bSRSZ]a`WSaU]a
2SWUcOZT]`[ORS\b`]RSZ]a^`]^W]aX„dS\SaZOa^`]gSQQW]\SaRS
SabS`S]bW^]aa]\]b`]aZ]a_cSSabt\S\Z]a[t`US\SaRSZ]µ\]`[OZ¶RSZ]
b]ZS`OPZSg[O\bWS\S\c\O`SZOQW„\W\b]ZS`OPZSSW\Q]\aQWS\bSQ]\Z]a
`WSaU]aSabO`t\RW`SQbO[S\bSOa]QWOROaQ]\SZbW^]RS`WSaU]aOa]QWOR]aO
SZZ]agSZZOa_cSaSOac[S\Q][]OZU]Q]\acabO\QWOZOZOd]ZcPZS
\Obc`OZShOXcdS\WZ^S`]aS`SQVOhO\Q][]OZU]^`]^W](g]µQ]\b`]Z]¶
:O^`]^WOSf^S`WS\QWOS\W\dSabWUOQW„\TcSZO_cSS\QS\RW„SZW\bS`{a^]`
RWQV]bS[O^S`]OZUc\OaZSQbc`OagVOZZOhU]aOV]\RO`]\g^]bS\QWO`]\SZ
[Wa[]3\^`W[S`ZcUO`ZOQ]\abObOQW„\RS_cSSZb`OPOX]RSOZUc\]a
a]QW„Z]U]aO``]XOPORSbS`[W\OR]a`SacZbOR]a_cSS\QOXOPO\
^S`TSQbO[S\bSQ]\ZOZ\SOO\OZbWQOW\WQWORO/aS\µ8„dS\SagSabWZ]aRS
dWRO¶1][Oa³Q]]`R)4/27\XcdS) !aS[cSab`OQ„[]SZ$RSZ]a
X„dS\Sa\]aS^]aWQW]\OS\\W\U‰\SabWZ]RSdWROS\^O`bWQcZO`ga„Z]
Q]\aWUcSVOQS`Z]QcO\R]SZ[Wa[]SabtQZO`O[S\bSQSƒWR]OOQbWdWRORSa
Q]bWRWO\Oa_cS[O`QO\SZRSdS\W`RSacb`O\aQc``W`Q][]X„dS\SaS\
b`t\aWb]VOQWOc\OdWROORcZbOSabcRWO`Q]\ac[W`]QW]b`OPOXO`
3\aSUc\R]ZcUO`[taOZZtRSW\dSabWUOQW]\SaS[^`WQOa^`]^WO[S\bS
RWQVOaQWS`bOa`STZSfW]\SaW\QWRS\S\ZOWRSORSc\ObS\RS\QWOS[S`US\bS
DWQS\bSDS`R‰Z]Sf^`SaORS[O\S`OQS`bS`OS\c\O`bQcZ]O^O`SQWR]S\SZ
RWO`W]3Z>OaPOX]SZbbcZ]RSµ:]\]`[OZ¶$RSOP`WZRS (µ>O`OaS`
\]`[OZVOg_cS^`WdO`aSRSSaP]hO`b]ROd]Zc\bORRSSZSQQW„\3ZSUW`Sa
Q]\RS\O`aSOZORWTS`S\QWOQW„\gZO[]ROgOSaZOW\RWTS`S\QWOQW„\ZO
^`]bSabOQ]\b`OZOW\RWdWRcOQW„\SZOPO\R]\]RSaS`RWabW\b]c\‰\WQ]g]
1cO\R]b]ROZOa]QWSRORRS[OaOaVcgSRSaS`b][OROQ][][OaOZ]a
aWU\]adOZW]a]aa]\O_cSZZ]a_cS\]aVOQS\[cZbWbcRB`ObO`RSaS`
[cQVSRc[P`SQcO\R]VOabOSZ[tadcZUO`VcgSRSSZZOSa[]ROAS`dcZUO`
QcO\R]SZ[taWU\]`O\bSb`ObORSaS`aW\UcZO`SaSf_cWaWb]:]Qc`aWSa
^`SbS\RS`aS`‰\WQ]2Sa^]XO`aSRS^S`a]\OZWROROgc\O`RSZg]VOQS`aS
bO\W\dWaWPZSQ][]Z][ta\]`[OZSaZO]^QW„\ac^S`W]`RS\cSab`]aROa¶
GOO\bSa4`O\Q]@]aWbWaSƒOZOPO_cSµZO[cZbW^ZWQWRORRSZOaQ]\RWQW]\SaRS
dWROgRSZOaQ]``Sa^]\RWS\bSabS\RS\QWOaQcZbc`OZSag^]ZbWQOa_cS
^cSRS\aS`]PaS`dOROaS\ZOQZOaSRSSRORXcdS\WZQ][]^]`ac^cSab]S\
QcOZ_cWS`]b`OQZOaSRSSROR\]VOW[^SRWR]S\ZOVWab]`WORSZOa
8„dS\SagUSabW„\RSZ`WSaU]
#
a]QWSRORSaQO^WbOZWabOagVOabO\cSab`]aROaZOQ`SOQW„\RSbS\RS\QWOaOZO
V][]US\SWhOQW„\`SOZRSZOaQcZbc`OaXcdS\WZSa¶$6][]US\SWhOQW„\S\ZO
[O\WTSabOQW„\RSUcab]ag^]aWQW]\O[WS\b]aXcdS\WZSa^`SQWaO[S\bS
O`bWQcZOROS\b]`\]OZVSQV]RS_cSZ]a[Wa[]aa]\Q]\aWRS`OR]a
a]QWOZ[S\bSQ][]µ\]`[OZSa¶
B]R]aSab]aO^c\bSaW[^cZaO\SZW\bS`SaOR]OQS`QO[WS\b]OZOT]`[OS\
_cSaSRSaS\dcSZdSSZQ]\QS^b]RSµZ]\]`[OZ¶S\\cSab`]S\b`O[OR]
a]QWOZQ]\b`WPcgS\R]O_cSZOa`SZOQW]\Sa_cSaSSabOPZSQS\S\{ZaSO\gaS
SabOPZShQO\RSZO[O\S`OS\_cSZ]VOQS\^]\WS\R]S\XcSU]Z]ac\WdS`a]a
aW[P„ZWQ]agZOa`SZOQW]\SaRS^]RS`_cSbO\b]aSabcRW]aa]QW]Z„UWQ]a
OP]`RO\RST]`[O[ta][S\]aaSQb]`WOZ3\SabSQOa]SZW\bS`{aRSZ
OQS`QO[WS\b]aSQS\b`OS\ZO[O\S`OS\_cSbOZQ]\QS^QW„\RSµZO
\]`[OZWROR¶Q]\b`WPcgSOQ`SO`gQ]\ab`cW`ZOQObSU]`Oa]QWOZRSµZ]X]dS\¶
ga]P`Sb]R]RSbS`[W\ORST]`[OSaS\QWOZZOaQ]\aWRS`OQW]\Sa_cSa]P`S
Z]a`WSaU]a3dWRS\bS[S\bSSZSXS`QWQW]\]VOP`tRSb][O`aS[ta_cSQ][]
c\^`W[S`OQS`QO[WS\b]ObO\dOab]bS``Wb]`W]RSO\tZWaWaRWaQc`a]S\
Q]\ab`cQQW„\dWd]OPWS`b]
/ZUc\OaW[^ZWQOQW]\SaRSZb{`[W\]µ\]`[OZ¶
AW^`SbS\RS[]aOQS`QO`\]aOZOT]`[OS\_cSSZQ]\QS^b]RSZO
µ\]`[OZWROR¶aSW\aS`bOS\SZW[OUW\O`W]Q]ZSQbWd]RSZOa]QWSROR
Q]\bS[^]`t\SO^O`SQSORSQcOR]O^`]fW[O`aSOOZUc\OaRSZOaRWTS`S\bSa
[O\S`OaS\_cSVWab„`WQO[S\bSaSVOW\bS`^`SbOR]gO\OZWhOR]SZ[Wa[]
2SaRSSZ^c\b]RSdWabOSabORabWQ]ZORWab`WPcQW„\<]`[OZ`S^`SaS\bORO
^]`c\OU`tTWQOQ]\T]`[ORSQO[^O\OOR_cWS`SW[^]`bO\QWORSPWR]O_cS
SfWabS\[cQVOadO`WOPZSaOa]QWOROaOTS\„[S\]a\Obc`OZSaga]QWOZSa_cS
aWUcS\ac[]RSZ]3\POaSOSZZ]aSRSaO``]ZZOacTc\QW]\OZWROR
[]RSZWhOR]`Og^`SRWQbWdO_cSSaZOPOaSRSb]R]SZ[cSab`S]gRSZOa
UO`O\bOaRS`S^`SaS\bObWdWRORRSZ]aSabcRW]aSabORabWQ]aO^ZWQOR]aOZO
a]QW]Z]UOAcSfbS\RWROcbWZWhOQW„\SabtXcabWTWQORO^]`ZOT`SQcS\QWO]
\]`[OZWRORQ]\ZO_cSQWS`b]aTS\„[S\]abWS\RS\O^O`SQS`aSS\aca
Q][^]`bO[WS\b]aOSabORWab`WPcQW„\g\]a„Z]S\POaSOZ]a
Q][^]`bO[WS\b]a_cSaSOQc[cZO\S\ZOa^]aWQW]\SaQS\b`OZSaRSZO
QO[^O\OO_cSZZ]a_cSa]\[taT`SQcS\bSaaW\]bO[PW{\^]`_cS^S`[WbS
RSbS`[W\O`ZOT`SQcS\QWO^O`Ob]R]aZ]aTS\„[S\]a_cS`Sa^]\RS\OZO
RWab`WPcQW„\W\QZcWR]aSZ^]`QS\bOXSRSQOa]a_cSaSOZSXO\RSSaO[SRWO
4S\„[S\]aQ][]Z]aQO`OQbS`Sa[]`T]Z„UWQ]aRSW\RWdWRc]aRSc\O
Sa^SQWSQO`OQbS`SaTWaW]Z„UWQ]aa]QW]Z„UWQ]a^aWQ]Z„UWQ]adOZ]`Sa
SabORabWQ]a[cSab`OZSaS``]`SaQ][SbWR]aOZ[SRW`RSbS`[W\OROa
[OU\WbcRSaSbQ3aRSQW`S\US\S`OZQcOZ_cWS`QO`OQbS`abWQO_cSaS
]PbS\UOQ][]ac[ORS[cQV]aTOQb]`Sa/a^]RS[]aVOPZO`RS
TS\„[S\]aµ\]`[OZSa¶Q][]O_c{ZZ]a_cSSabORabWQO[S\bSaWUcS\ZO
RWab`WPcQW„\<]`[OZ
$
@]aWbW4'&)µ6Wab]`WOg
bS]`ORSZO1cZbc`ORS
;OaOa¶3R5cabOd]5WZW)
^'$
/^O`bW`RSSabSQ]\QS^b]SabORabWQ]aS`t2c`YVSW[_cWS\VOPZO`tRSZ]
\]`[OZS\b{`[W\]aRST`SQcS\QWOQ]\aWRS`O\R]_cSSaSaOT`SQcS\QWOZO
_cSSTSQbWdO[S\bS]b]`UOdOZ]`OZTS\„[S\]a]QWOZ_cSOaaSQ][^]`bO
:O^`W\QW^OZTc\QW„\RSSabORWab`WPcQW„\acQO`OQbS`abWQOSa_cS
`S^`SaS\bO[]RSZ]aS\Z]a_cSZ]aQOa]aaSOQc[cZO\S\b]`\]Oc\dOZ]`
ZO[SRWO^]`Z]_cSSZQ]\QS^b]RST`SQcS\QWO`SacZbOW\b`\aSQ]OSabS
[]RSZ](SfWabS\^]aWQW]\SaS\ZOa_cSaSaWb‰O\ZO[Og]`^O`bSRSZ]aQOa]a
# @3D7AB/233ABC27=A238CD3<BC2§aS^bWS[P`S&q\Ž&
[tfW[OT`SQcS\QWOgO[SRWRO_cSbSOZSXOaRSSaOa^]aWQW]\SaZO
T`SQcS\QWOSZ\‰[S`]RSQOa]adOaWS\R]^`]U`SaWdO[S\bS[S\]`Q]\c\
^c\b]RSW\TZSfW„\QZO`]S\ZOQORO>]`bO\b]aS`t\Z]aTS\„[S\]a
^]PZOQW]\OZSaT`SQcS\bSaZ]a_cSaS`t\Q]\aWRS`OR]aQ][]µ\]`[OZSa¶O
^O`bW`RSZ]aQcOZSa^]RS`RSbS`[W\O`ZOa`Sa^SQbWdOa[SRWOagRSadWOQW]\Sa
b^WQOa
3abSOQS`QO[WS\b]SabORabWQ]^S`[WbS`SW\bS`^`SbO`RSbS`[W\OROaQWbOa
bSfbcOZSa`SQ]UWROaS\Z]aU`c^]aRSRWaQcaW„\_cSOZS\bO`]\SZW\bS`{a^]`
SZbS[ORSW\dSabWUOQW„\^ZO\bSOR]3\SZOTt\^]`Sf^ZWQO`ZOT]`[OS\ZO
_cSW\bS`^`SbO`ZO[O\WTSabOQW„\RSZUcab]W\RWTS`S\QWOR]gUS\S`OZWhOR]
S\O_cSZQOa]`STS`WR]O[‰aWQOQ][][cSab`ORSµ\]`[OZWROR¶[cQV]a
^O`bWQW^O\bSaXcabWTWQOPO\RWQV]^ZO\bSO[WS\b]S\POaSO[]bWd]a`SZObWd]a
OZOT`SQcS\QWOg^]aWPWZWRORRSSaQcQVOVOPWbcOZTtQWZgQ]\abO\bS3\
RSTW\WbWdOUcab]µ\]`[OZ¶Q][]O_c{Z_cS`S^]\RSOTS\„[S\]a
Q]bWRWO\]aT`SQcS\bSag_cS\]`S_cWS`S\RS\W\U‰\SaTcS`h]g
^`SRWa^]aWQW„\Sa^SQWOZ^O`OZZSdO`Z]aOQOP]AOZW`aSRSRWQVORWab`WPcQW„\
<]`[OZaWbcO`aSS\Z]aSfb`S[]aRSZOQO[^O\ObSOZSXO`t\^]`bO\b]RS
ZOµ\]`[OZWROR¶3\ZOZ\SORSZ]O^c\bOR]^]`2c`YVSW[ZOT`SQcS\QWORSZ
TS\„[S\]ZS]b]`UOacdOZ]`
µ>O`O[SZQ]\QS^b]\]`[OZSaSZQ]\QS^b]RSZ]Q]bWRWO\]
_cSSabtaS\QcOZ_cWS`^O`bS¥>]`_c{Z]ZZO[Oa\]`[OZ-
>]`_cSSaQ]bWRWO\]^]`_cSS\QcOZ_cWS`^O`bS_cSdOgOaZ]
^cSRSaZZSUO`O]`AWb‰dOaORSaOgc\O`OZPO`Z]]gSa)bS
[SbSaS\SZQ]QVS^]\SaZO`ORW]gZO]WU])[Sd]gO[WQOaO
^]\U]ZObSZSgXcabO[S\bSaOZSS\c\O\c\QW])Sa]T]`[O^O`bS
RSbcdWROQ]bWRWO\OgOB‰\]VOaVSQV]\OROSfQS^QW]\OZ^O`O
S\Q]\b`O`bSQ]\Sa]1cO\R]RWU]\]`[OZ\]Sa_cSQ`SO_cS
ZObcgOSa[OZO\]g]Z]_cSRWU]\]`[OZSa_cSd]gO^]\S`
ZObSZSgO\bSaSabO`t[WQO\QW„\_cSZObcgO¶%
3\ZOhO\R]Q]\Z]aO`Uc[S\b]aSabORabWQ]a^S`]RSaRSc\OOaW[WZOQW„\RS
Z]a[Wa[]a[ta]`UO\WQWabO1][bSOb`WPcgSZOQO`OQbS`abWQORSµ\]`[OZ¶O
Z]_cSSaµ\Obc`OZ¶µTWaW]Z„UWQ]¶SabOPZSQWS\R]c\ORWTS`S\QWO
^`tQbWQO[S\bSQcO\bWbObWdOS\b`SZ]aTS\„[S\]a_cS`Sa^]\RS\OSaO
µ\Obc`OZWROR¶gO_c{ZZ]a_cSa]\µ^Ob]Z„UWQ]a¶>S`]aS`t5S]`USa
1O\UcWZVSW[_cWS\\]aTOQWZWbSOZUc\OaRSZOaQZOdSaS\SaO[Wa[O
RWTS`S\QWOQW„\S\b`SbOZSaQ]\QS^QW]\SaRSZ]µ\]`[OZ¶gZ]µ^Ob]Z„UWQ]¶
3\^`W[S`ZcUO`^]`_cSaSƒOZOZ]W[^`SaQW\RWPZSRSZO^]ZO`WRORRSc\
TS\„[S\]^O`O_cSaSS\bWS\RO\gbS\UO\aS\bWR]O[POaQO`OaRSZO
[]\SRORSZ[Wa[](Z]µ\]`[OZ¶`S_cWS`SRSZ]µ\]\]`[OZ¶]µ^Ob]Z„UWQ]¶
gdWQSdS`aO
%
µ:OWRS\bWRORXcdS\WZRSaRS
ZOaOTW\WRORSa[caWQOZSa¶
=^QWb^tU$%0O`QSZ]\O
U`c^][Wfb] # 'Oƒ]a
3\aSUc\R]ZcUO`^]`_cSSabS^ZO\bSO[WS\b]RSZO^]ZO`WRORRSaQO\aO
a]P`Sc\OR]PZSQ]\QS^QW„\RSZ]µ\]`[OZ¶_cSSa^`SQWaO[S\bSZO_cS
O^]`bOSZ[ObWh\]dSR]a]SW\bS`SaO\bS(Z]µ\]`[OZ¶Q][]bW^]_cS
`Sa^]\RSOZO[SRWOSabORabWQORSc\TS\„[S\]RSbS`[W\OR]S\ZOZ\SO
RSZOaW\bS`^`SbOQW]\Sa[S\QW]\OROaVOabOSZ[][S\b]^S`]bO[PW{\
Q][]dOZ]`_cS`Sa^]\RSORSbS`[W\OROaSfWUS\QWOa][SbOaQ]ZSQbWdOaO
OZQO\hO`>]`bO\b]ZOSfWabS\QWORSZ]RSaSOPZSZOµ\]`[OZWROR¶`S_cWS`S
RSZO^`SSfWabS\QWORSZ]W\RSaSOR]_cSVOP`tRSaS`RSXOR]Ob`ta
OPO\R]\OR]`SQVOhOR]S\Tc\QW„\RSc\ORWabW\QW„\Sab{bWQOg[]`OZ_cS
dO[taOZZtRSZOaRWTS`S\QWOaQcO\bWbObWdOa_cSaSSabOPZSQS\RSaRSc\O
^S`a^SQbWdOSabORabWQOS\b`SZ]\]`[OZgZ]^Ob]Z„UWQ]1]\SZZ]OR_cWS`S
8„dS\SagUSabW„\RSZ`WSaU]
#!
[ObWQSaQcOZWbObWd]a_cSRSXO\b`O\aZcQW``SZOQW]\SaSW\bS`OQQW]\Saa]QWOZSa
RWU\OaRSaS`O\OZWhOROagbS\WROaS\QcS\bOOZOV]`ORSRSaS\b`OƒO`Z]a
RWaQc`a]aOZ`Sa^SQb]&
&
1O\UcWZVS[5'%)µ:]
\]`[OZgZ]^Ob]Z„UWQ]¶)
AWUZ]FF7
'
3Z^ZO\bSO[WS\b]S\QOXOOZO
^S`TSQQW„\Q]\Z]a
O`Uc[S\b]aRSZ]aX„dS\Sa
`Sa^SQb]OZ]aQO[PW]aS\
acaUcab]aS\[‰aWQO^]`
^]\S`c\SXS[^Z]RSZ]a
SabcRWOR]a_cSSd]ZcQW]\O\
RSaRS^]aWQW]\Sa[ta
RWTS`S\QWOR]`OaVOQWO
^]aWQW]\Sa[ta
W\RWTS`S\QWOROaSW\aS`bOROa
S\^]abc`Oa[OaWdO[S\bS
OQS^bOROa(b]R]a^O`SQS\
VOPS`^OaOR]^]`SaOa
^]aWQW]\SaRWTS`S\QWOR]`Oa
µ\]`[OZSa¶S\[][S\b]a
dWbOZSaQ]\Q`Sb]a^S`]OZ
[Wa[]bWS[^]b]R]a
OQS^bO\_cSbOZSa
^]aWQW]\SaaSRSXO`t\Ob`ta
QcO\R]SZ[][S\b]dWbOZ
aSO]b`]g^]`bO\b]Z]_cS
aSQ]\aWRS`OQ][]µ\]`[OZ¶
OR_cWS`O[ObWQSaRWabW\b]a
3\ZO^`SSfWabS\QWORSSa]a
Ucab]aµ\]\]`[OZSa¶^O`O
ZOa{^]QOadWbOZSa
VWab„`WQOaS\ZOa_cSaS
`SOZWhO\Z]aXcWQW]aRSdOZ]`
S\QcS\b`OZO\]`[OZWRORac
`Oh„\RSaS`S\SZ^`SaS\bS
^]`bO\b]
3\b{`[W\]a^`tQbWQ]aSabO[]aS\Q]\RWQW]\SaRSQ]\b`OabO`SZ
^ZO\bSO[WS\b]RS1O\UcWZVS[S\[cQV]aRSZ]aSabcRW]aa]P`SVtPWb]ag
Ucab]aQcZbc`OZSagRS]QW]_cSbWS\S\OZ]agZOaX„dS\SaQ][]QS\b`]RS
ObS\QW„\3aOa^]`_cS^]RS[]aQ]\abObO`Q„[]SfWabS\RSbS`[W\OR]a
Ucab]aS\[‰aWQOS\dWRS]XcSU]aS\]QW]gRSbS`[W\OR]a
Q][^]`bO[WS\b]aRc`O\bSZ]aTW\SaRSaS[O\ORc`O\bSZOaS[O\OZOP]`OZ
Q]\Z]a^O`Sa_cSaSW\bS`^`SbO`t\Q][]µ\]`[OZSa¶ORSbS`[W\OROa
SRORSaQ]\W\RS^S\RS\QWORS_cSSab{\[ta][S\]aQ]\\]bOR]aRS
T]`[O\SUObWdO^`SQWaO[S\bS^]`_cST]`[O\^O`bSRSZO^`]^WO
Q]\T]`[OQW„\RSZc\WdS`a]aW[P„ZWQ]RSZ]_cSaSW\bS`^`SbOQ][]µaS`
X]dS\¶>S`]SZ[Wa[]RWaQc`a]^ZO\bSOQ][]c\OdSh_cSQOROQcOZdO
ac^S`O\R]ZOaSbO^OadWbOZSaS\_cSSa]aUcab]aaSW\bS`^`SbO\Q][]
µ\]`[OZSa¶ZO[O\WTSabOQW„\RSZ]a[Wa[]aVOP`tRSaS`]b`OaWaS
^`SbS\RS^OaO`OT]`[O`^O`bSRSZ]a]QWOZ[S\bSOQS^bOR]Q][]^`]QSa]
ORSQcOR]RS[ORc`ShgQ`SQW[WS\b]3aRSQW`aSQ]\]QS^S`TSQbO[S\bSZO
^`SSfWabS\QWORSZ]_cS\]Saµ\]`[OZ¶^O`OQOROSROR^`SQWaO[S\bS
^]`_cSaSVO^OaOR]^]`OVOZOSRORS\_cSaS`Oµ\]`[OZ¶Z]QcOZ
^]aWPWZWbOaWbcO`aSS\ZOa^]aWQW]\Sa_cSaaSQ]\aWRS`O\ORSQcOROa^O`OZO
SROR^`SaS\bSGSa]aW\^S`XcWQW]RS_cSS\SZTcbc`][ta][S\]a
W\[SRWOb]aSOQS^bS_cSZOa^]aWQW]\SaRSZ^`SaS\bSZZSUcS\OaS`
Q]\aWRS`OROaQ][]µ\]\]`[OZSa¶^O`OSZ[][S\b]dWbOZRSaRSSZQcOZaS
`SOZWQS\ZOaQ]\aWRS`OQW]\Sa'
2SaRSc\O^S`a^SQbWdO^aW_cWtb`WQOS\Q]\b`O[]ac\OQS`QO[WS\b]OµZ]
\]`[OZ¶_cSS\ZOhO^S`TSQbO[S\bSQ]\ZOaWRSOaO^c\bOROa^]`
1O\UcWZVS[/a4S`\O\R]ÈZdO`ShC`OVOPZORSQ„[]bOZRWaQW^ZW\O
[{RWQOOZRWTS`S\QWO`S\b`SZ]\]`[OZgZ]^Ob]Z„UWQ]Z]_cSVOQSSa^]\S`
S\SdWRS\QWOSZ^OaOR]Sf^ZWQO`SZ^`SaS\bSg^`]gSQbO`SZTcbc`]
3XS`QWQW]^]`bO\b]RS]`RS\O[WS\b]RS^]RS`_cSOaW[WZOZ]µ\]`[OZ¶O
Z]\]`[ObWd]OZOµ\]`[O¶S\ZOZ\SORSZ]a^ZO\bSO[WS\b]aRS4]cQOcZb
<]`[OadWbOZSagRWaQW^ZW\O`SaS\SZQOa]RSZ]aW\RWdWRc]ag\]`[Oa
a]QWOZSaS\SZQOa]RSZOa^]PZOQW]\Sa
4W\OZ[S\bSgQOaWRS[O\S`OO\SQR„bWQOOc\_cS\][S\]aaWU\WTWQObWdO
OQcRW`OZ2WQQW]\O`W]RSZO@SOZ/QORS[WO3a^Oƒ]ZO\]a^`]^]`QW]\O`tc\O
RSTW\WQW„\RSZO^OZOP`Oµ\]`[OZ¶_cSaW`dSQ][]^S`TSQb]Q][^S\RW]RS
U`O\^O`bSRSZOaWRSOaO^c\bOROaO^O`bW`RSZ]a^ZO\bSO[WS\b]aRSZ]a
Ocb]`SaQWbOR]a/aa]\b`SaZOaOQS^QW]\SaRSZb{`[W\]QOROc\ORSZOa
QcOZSaS\QOXOQ]\[cQV]aRSZ]aO`Uc[S\b]aO^]`bOR]a(µ2QSaSRSZ]
_cSaSVOZZOS\ac\Obc`OZSabOR]¶S\ZOZ\SORS1][bS) µ?cSaW`dSRS
\]`[O]`SUZO¶Oc\O\R]Z]a^ZO\bSO[WS\b]aRS4]cQOcZbQ]\c\O
^S`a^SQbWdO[taQS`QO\OOZOSabORabWQOQ][]^cSRSaS`ZORS2c`YVSW[)
!µ2QSaSRSZ]_cS^]`ac\Obc`OZShOT]`[O][OU\WbcRaSOXcabOOQWS`bOa
\]`[OaTWXOROaRSO\bS[O\]¶`SaQObO\R]ZOa^OZOP`OaRS1O\UcWZVS[]SZ
^ZO\bSO[WS\b]^aW_cWtb`WQ]RSÈZdO`ShC`Oa]P`SZO^`SSfWabS\QWORSZ]_cS
\]Sa\]`[OZ
ÈZdO`ShC`O4'&!)
µ;WaS`OPZSagZ]Q]a¶)
Bca_cSba)^%
3\Tc\QW„\RSb]ROaSabOa^S`a^SQbWdOaRSZ]_cSaWU\WTWQOSZb{`[W\]
µ\]`[OZ¶_cS\]RSXO\RSaS`c\O^S_cSƒO[cSab`ORSZ]a[cgRWdS`a]a
^c\b]aRSdWabO^]aWPZSaSabO[]aS\RWa^]aWQW„\RSVOQS`\]ac\OWRSORS
Q„[]ZOa[Wa[OabO\b]S\ZO^`]^WORSTW\WQW„\gO\tZWaWaRSZb{`[W\]Q][]
#"
@3D7AB/233ABC27=A238CD3<BC2§aS^bWS[P`S&q\Ž&
S\acQ]\b`O^]aWQW„\Q]\Z]_cS\]SaZ]µ\]\]`[OZ¶Z]µ^Ob]Z„UWQ]¶
SaQ]\RS\[O\S`OaRS]`RS\O`g]`UO\WhO`ZOaW\bS`OQQW]\Saa]QWOZSa
T]`[Oa[ta][S\]aSf^ZQWbOaRS^]RS`OaQ][]\c[S`]a]aSZS[S\b]a
_cSQ]\b`WPcgS\OQ`SO`g`SQ`SO`Z]aRWdS`a]ac\WdS`a]aaW[P„ZWQ]a_cS
Q][^]\S\SZW[OUW\O`W]Q]ZSQbWd]S\b`S]b`OaQ]aOaS\b]`\]OZ]a`WSaU]a
:]µ\]`[OZ¶S\ZOQ]\ab`cQQW„\RSµZ]X]dS\¶
1S\b`O`S[]a\cSab`]W\bS`{aS\ZO[O\S`OS\_cSZOQ]\QS^QW„\RSZ]
µ\]`[OZ¶Q]\b`WPcgSOQ]\T]`[O`Z]_cSa]QWOZ[S\bSaSW\bS`^`SbOQ][]
¶X]dS\¶>O`OSZZ]\]aOQS`QO`S[]aORWQV]^`]QSa]Ob`Od{aRSZOT]`[OS\
_cSSaSc\WdS`a]aW[P„ZWQ]aSRWTS`S\QWORSZc\WdS`a]RSµZ]ORcZb]¶OZO
[O\S`OS\_cSac`US\ZOaRWTS`S\QWOaRS\b`]RSZ^`]^W]Q]ZSQbWd]XcdS\WZg
OQ„[]b]R]SZZ]aSW\aS`bOgOR_cWS`SaS\bWR]S\SZS\b`O[OR]a]QWOZ
/ 4`S\bSOµZ]ORcZb]¶
3\µ:O^S`QS^QW„\a]QWOZRS
ZOaR`]UOaS\3a^OƒO "¶
4/2 "Z]aOcb]`Sa
a]abWS\S\ZOSfWabS\QWORSZ]
_cSRS\][W\O\µZSUWbW[WROR
dS`bWQOZ¶`Sa^SQb]OZ]a
Q]\ac[]aRSR`]UOa_cS
aWb‰OOZ]aQ]\ac[WR]`SaS\
^]aWQW]\SaRS[Og]`]
[S\]`Q`SRWPWZWROROZOV]`O
RSVOPZO`a]P`S
RSbS`[W\OROaR`]UOaS\
Tc\QW„\RSZc\WdS`a]
aW[P„ZWQ]RSaRSSZ_cS
`SOZWhO\]\]RWQV]a
Q]\ac[]aZ]aQcOZSa
`Sb`]OZW[S\bO\ZO^`]^WO
RSTW\WQW„\RSbOZSa
c\WdS`a]a3aRSQW`U`O\
^O`bSRSZ]aQ]\ac[]aRS
R`]UOaSa^SQWOZ[S\bSZ]a
`SZObWd]aOZQO\\OPWaaS`t\
W\bS`^`SbOR]aQ][]µQ]aO
RSX„dS\Sa¶OZU]_cSZSa
aWb‰OS\SZW[OUW\O`W]
Q]ZSQbWd]S\c\O^]aWQW„\
RSZSUWbW[WROR^O`OVOPZO`
RSbOZSaQ]\ac[]aQ]\
W\RS^S\RS\QWORSZO
`SOZWRORQcOZWbObWdOg
QcO\bWbObWdORSSa]a
Q]\ac[]a4`S\bSOSaO
µZSUWbW[WRORdS`bWQOZ¶
bO[PW{\aSVOPZORSc\O
µZSUWbW[WRORV]`Wh]\bOZ¶_cS
^`]^WQWOZOaRWTS`S\QWOQW]\Sa
RS\b`]RSZ[Wa[]c\WdS`a]
aW[P„ZWQ](X„dS\SaQ]\
[Og]`ZSUWbW[WROR^O`O
VOPZO`RSRSbS`[W\OR]a
Q]\ac[]a^`SQWaO[S\bS
^]`aS`aca^`]bOU]\WabOa
T`S\bSO]b`]a_cS\]Z]a]\
1][]VS[]aO^c\bOR]gOS\c\O{^]QOdWbOZS\ZO_cSZ]aX„dS\Sa\]
^O`SQS\S\Q]\b`O`[ta`STS`S\bSaWRS\bWbO`W]a_cSO_c{ZZ]a_cSZSaaWb‰O\
S\SZQO[W\]_cSZSaQ]\RcQSVOQWOZOdWROORcZbOZ]_cSZSaWRS\bWTWQO
Q][]X„dS\SabWS\RSOaWbcO`aS[taS\SZbW^]RSUcab]agQ]\ac[]a_cS
[cSab`O\_cSS\ZOOcb{\bWQOOac\QW„\RSc\OaS`WSRSdOZ]`Sa]^`W\QW^W]a
_cSUcS\acaQ]\RcQbOa/ZSabO`TcS`ORSZ]adS`RORS`]at[PWb]a
RSQWa]`W]aQO`SQS`RSSa^OQW]a^`]^W]agS\Q]\b`O`U`O\RSa^`]PZS[Oa
^O`OSZOP]`O`c\^`]gSQb]dWbOZOac[WPZSgQ`SPZS^`]PZS[ORSOQQSa]OZO
dWdWS\ROOZO`UO[WS\b]RSZ^S`W]R]RST]`[OQW„\OQOR{[WQO^`SQO`WSROR
ZOP]`OZa]P`S^`]bSQQW„\RS^S\RS\QWOSQ]\„[WQOa„Z]SZQO`tQbS`
Sa^SQTWQ]RSZ]aQ]\ac[]a^O`SQS^`]^WQWO`SZbW^]RSc\WdS`a]a
aW[P„ZWQ]a_cSaWb‰OOZ]aX„dS\SaQ][]bOZSa/aSfWabW`t\Ucab]ag
Q]\ac[]aS\]QW]S\`]^OS\[‰aWQOS\R`]UOaSbQSbQµRSX„dS\Sa¶
Q][]]b`]aaS`t\µRSORcZb]a¶gSZ^Oa]RSc\]aO]b`]a[O`QO`tg
RSTW\W`tRST]`[OSaS\QWOZbO\b]Z]a^`]QSa]aRSQ`SQW[WS\b]g[ORc`Sh
Q][]SZZcUO`Q]\Q`Sb]_cSQOROQcOZ]Qc^OS\RWQV]^`]QSa]
;SUOa3RW` )
µDOZ]`Saa]QWOZSagR`]UOa¶)
4/2
/^O`bW`RSc\aWabS[ORSdOZ]`Sa_cS^ZO\bSOc\OQ]\Q]`RO\QWOUS\S`OZ
S\b`SZ]adOZ]`SaRSZ]aORcZb]agZ]aRSZ]agZOaX„dS\Sa aSfWabW`t\
[ObWQSagOb`WPcQW]\Sa_cSQ]\b`WPcgS\OQ]\T]`[O`RST]`[O
RWTS`S\QWOROZ]ac\WdS`a]aaW[P„ZWQ]a_cSRSbS`[W\O\ZOaRWTS`S\QWOaS\b`S
X„dS\SagORcZb]a/aRSbS`[W\OR]adOZ]`Saa]\O\OZWhOR]a^]`SZ
Q]\Xc\b]RSZOa]QWSRORQ][]b^WQO[S\bSµXcdS\WZSa¶^]`c\ZOR]^]`_cS
aSQ]\abWbcgS\S\Ocb{\bWQOaOa^W`OQW]\SaRSZ]_cSRSPS`OaS`c\]c\O
X]dS\g^]`]b`]ZOR]gOZ[Wa[]bWS[^]^]`_cSS\a[Wa[]a
Q]\ab`cgS\ZOQObSU]`OµX]dS\¶DOZ]`SaQ][]ZO`SPSZROSZVSR]\Wa[]ZO
a]ZWRO`WRORZOb]ZS`O\QWOZORWdS`aW„\SbQ_cSQ]\W\RS^S\RS\QWORSac
dS`RORS`OOac\QW„\Z]a^`]^W]aX„dS\SabWS\RS\O`SQVOhO`ZOdOZWRShRS
Z]a[Wa[]aQ][]aSƒORSWRS\bWRORUS\S`OQW]\OZOc\_cS\]\WSUO\_cS
T]`[S\^O`bSRSZ]a`STS`S\bSaaW[P„ZWQ]a_cSZSaaWb‰O\a]QWOZ[S\bS
Q]\b`WPcgS\O[O\bS\S`S\S_cWZWP`W]c\aWabS[O_cSaSOcb]XcabWTWQOg
Ocb]acabS\bO3aRSQW`aWSfWabSOQcS`R]`Sa^SQb]OZOWRSORS_cSZ]agZOa
X„dS\Saa]\VSR]\WabOa`SPSZRSaSW``Sa^]\aOPZSaOZbWS[^]_cSaSOac[S
_cSS\‰ZbW[OW\abO\QWOSZaWabS[ORSdOZ]`SaW[^S`O\bSSabt[O`QOR]^]`
SZ`c[P]_cS[O`QO\Z]aORcZb]aaSW\bS`^`SbO`tQ][]µ\]`[OZ¶_cSSa]a
[Wa[]aX„dS\SaaSQ][^]`bS\RSZO[O\S`OS\_cSZ]VOQS\Rc`O\bSZOa
8„dS\SagUSabW„\RSZ`WSaU]
##
\]QVSaRSZ]aTW\SaRSaS[O\O^]`SXS[^Z]^cSaQ]``Sa^]\RS`tOac
Q]\RWQW„\µXcdS\WZ¶)ORS[ta^O`SQS\SabO`OP]QOR]aOSZZ]S\Tc\QW„\RS
c\aWabS[O_cSaWb‰ObOZSaQ][^]`bO[WS\b]aQ][]\Obc`OZSa[]RSZ]a
Oa^W`OQW]\OZSa
3dWRS\bS[S\bSSab]W\TZcgSRST]`[OSaS\QWOZS\ZOaQ]\aWRS`OQW]\Saa]P`S
Z]a`WSaU]a_cS\]a„Z]aS`t\]PaS`dOR]aRSaRSZO^S`a^SQbWdO_cS
^cRW{`O[]aZZO[O`[taµaO\WbO`WO¶]`SZOQW]\OROQ]\ZOaOZcR
Tc\RO[S\bOZ[S\bSRSaRSZ]aORcZb]a^cSa^OaO`tOT]`[O`^O`bSRSZ]
_cSaSS\bWS\RSQ][]W\SdWbOPZSg\SQSaO`W]\]a„Z]^O`O^`]Qc`O`c\O
ORSQcOROW\bSU`OQW„\aW\]^O`OQ][^]\S`S\a[Wa[]SZQ]\QS^b]RSµZ]
X]dS\¶/aaWUcWS\R]Q]\SZSXS[^Z]SZX]dS\_cS\]aOZUO_cS\]
b`Oa\]QVS_cS\]VOUOµP]bSZZ„\¶^cSRSZZSUO`OaS`Q]\aWRS`OR]Q][]
µ`O`]¶^cSaacQ][^]`bO[WS\b]\]aS`tµ\]`[OZ¶S\Tc\QW„\RSZ]_cSaS
Sa^S`ORSc\X]dS\RSZ]_cSaSW\bS`^`SbO_cSSaµaS`X]dS\¶
3\b]\QSaSZaWabS[OaS[O\bWS\SS\c\S_cWZWP`W]^S`TSQb]_cSORS[ta
Sf^S`W[S\bOc\^`]QSa]RSW\dS`aW„\[cgW\bS`SaO\bS(aSW\bS`^`SbOQ][]
µ\]`[OZ¶_cSc\X]dS\aSQ][^]`bSRST]`[OW``Sa^]\aOPZS^]`_cSOZO
Q]\RWQW„\XcdS\WZaSOb`WPcgSc\O\Obc`OZOcaS\QWORS`Sa^]\aOPWZWROROZ
bWS[^]_cSZ]aORcZb]abWS\RS\OOcb]QcZ^OPWZWhO`aS^]`aS``Sa^]\aOPZSa
RSc\aWabS[ORSdOZ]`SaS\SZ_cS^`W[OSZW\RWdWRcOZWa[]gSZ
Q]\ac[Wa[]>]`]b`O^O`bSSZVSQV]RS_cSb]R]aaS^O\QctZSaa]\Z]a
dOZ]`SaµQ]``SQb]a¶a]ZWRO`WRORb]ZS`O\QWOQ]\W\RS^S\RS\QWORSac
Ocb{\bWQOOac\QW„\ObS[^S`OQcOZ_cWS`^]aWPWZWRORRS_cWSP`Ob]bOZ
µ³ 3Z^`]PZS[OSa_cSQcO\R]b‰S`Sa[Og]`b‰aaOPSa
RWabW\UcW`Z]_cSSabtPWS\gZ]_cS\]SabtPWS\^S`]QcO\R]
S`SaX]dS\]OR]ZSaQS\bSg]Q`S]_cS\]
³ :]a_cSaSSfQSRS\a]\Z]a\Wƒ]a^S`]ZOaQcZ^OPZSaa][]a
\]a]b`Oa¶!
!
;OR`WRU`c^][Wfb]"##
Oƒ]a1WbO`SQ]UWROQ][]ZO
aWUcWS\bSS\SZaS\]RSc\O
W\dSabWUOQW„\QcOZWbObWdO
a]P`SSZbS[ORSZµP]bSZZ„\¶
gZ]aQ]\TZWQb]a_cS
]QOaW]\O\Z]a[]RSZ]aRS
RWdS`aW„\\]Qbc`\ORS
[cQV]aX„dS\Sa@]R`UcSh
3)g;SUOa7 )
¶3ab`cQbc`OgTc\QW]\OZWROR
RSZOaT]`[OaRSRWdS`aW„\
\]Qbc`\O(:[WbSag
Q]\TZWQb]a¶)S\:O\]QVS(c\
Q]\TZWQb]RS^]RS`)@SdWabO
RSSabcRW]a2S8cdS\bcR\Ž
#")7<8CD3)>
3dWRS\bS[S\bS`SacZbOb`S[S\RO[S\bSQ„[]R]dS`aSW\abOZOR]S\c\O
^]aWQW„\RSOPa]ZcbORSa`Sa^]\aOPWZWhOQW„\^]`ZO_cSSZW[OUW\O`W]
Q]ZSQbWd]Oac[SQ][]µ\]`[OZ¶µ\Obc`OZ¶_cS^]`aS`X]dS\bSQ][^]`bSa
RSZO[O\S`OS\_cSZ]VOQSa1cO\R]aSOa[Og]`Q`ShQOa[ORc`Sabc
c\WdS`a]aW[P„ZWQ]aS`t]b`]g^OaO`taOQ][^]`bO`bSRS]b`O[O\S`O
6OabOS\b]\QSab]R]a^O`SQS\OQS^bO`_cSbSQ][^]`bSaRSZO[O\S`OS\
_cSZ]VOQSa3aZO]b`OQO`ORSZOb`ORWQW]\OZSf^`SaW„\µQcO\R]aSOa
[Og]`Q][S`taVcSd]a¶(QcO\R]aSOa[Og]`bS\R`taQO^OQWRORRSSZSUW`
Ocb]\][O`Sa^]\aOPWZWRORSa[WS\b`OabO\b]RWaT`cbOORSQcORO[S\bSRS
bcµW``Sa^]\aOPWZWROR¶
µ³ >cSaaSaQWS`b]a][]ac\]aUcO``]a
³ 1ZO`]OaSfWabSSZb`OPOX]RSPO``S\RS`]¥\]³ ASUc`]_cSSZZ]a\]^WS\aO\WUcOZ
³ >S`]dO[]a¥_cW{\SaSZPO``S\RS`]O_c-¥SZZ]a]g]-^cSa
QcO\R]g]aSOPO``S\RS`]gO[S_cSXO`{¶"
"
;OR`WRU`c^][Wfb]$&
Oƒ]a=^QWb)^ #
3\Tc\QW„\RSSabS`S^O`b]a]QWOZRS`]ZSaSZS\b`O[OR]aW[P„ZWQ]_cSRO
^S`TSQbO[S\bSS_cWZWP`OR]gb]R]a^O`SQS\aOPS`R„\RSgQ„[]aWbcO`aS
^O`O_cSacQ][^]`bO[WS\b]S\QOXSQ]\Z]_cSaSSa^S`ORSacQ]\RWQW„\
RSX]dS\]RSORcZb];WS\b`OaZORWTS`S\QWOQW„\W\RWdWRcOZ^S`bS\ShQOOZ
t[PWb]RSZ]^`WdOR]b]R]aa][]aRWTS`S\bSa^S`]ZO[O\WTSabOQW„\
^‰PZWQObWS\ROOZOW\RWTS`S\QWOQW„\gZOV][]US\SWhOQW„\b]R]aa][]a
WUcOZSaSZ^c\b]\Scb`]aS`tSZ_cSRSbS`[W\SZ]a]QWOZ[S\bSOQS^bOPZSG
#$
@3D7AB/233ABC27=A238CD3<BC2§aS^bWS[P`S&q\Ž&
QcO\R]SZS_cWZWP`W]S\b`SZ]ac\WdS`a]aaW[P„ZWQ]a_cSQ][^]\S\µZ]
X]dS\¶gµZ]ORcZb]¶OZW[S\bObOZbS\RS\QWOgRSTW\SZ]aZ[WbSaa]QWOZ[S\bS
OQS^bOPZSaRSZ]a[Wa[]aZO‰\WQO^`S]Qc^OQW„\RSQOROQcOZVOP`tRSaS`
Q][^]`bO`aSRS[O\S`Oµ\]`[OZ¶)SaRSQW`aW\aOZW`aSRSZ]_cSaS
^`Sac^]\SRSbcQ]\RWQW„\gaW\aWbcO`aSS\^]aWQW]\Sa_cS^]aWPWZWbS\
WRS\bWTWQOQW]\SaSfQSaWdO[S\bSTcS`bSa^O`ObW]^O`OZ]abcg]a
0 4`S\bSOZ]a^`]^W]aX„dS\Sa
/ZOac[W`gOZW\SO`aSS\SZ[]RSZ]RSZOµ\]`[OZWROR¶RSZO
V][]US\SWhOQW„\_cSOQS^bOZOµ\]`[O¶W[^S`O\bSQ][][cSab`ORSZ]
a]QWOZ[S\bSRSaSOPZSS\ZOZ\SORSZ]a^ZO\bSO[WS\b]aRS1O\UcWZVS[
Z]agZOaX„dS\Sa_cSOaZ]VOQS\^`]gSQbO\Z]aSabS`S]bW^]a_cS
`S^`SaS\bO\b]ROaZOaQ]aOa_cSO‰\^S`bS\SQWS\R]OZc\WdS`a]RSµZ]
X]dS\¶S\SZW[OUW\O`W]Q]ZSQbWd]aW[P]ZWhO\b]R]O_cSZZ]\SUObWdO[S\bS
Q]\\]bOR]QcO\R][S\]aS\Tc\QW„\RSRSbS`[W\OR]^ZO\bSO[WS\b]RSZ]
_cSRSPSaS`c\^`]QSa]RSSd]ZcQW„\g[ORc`OQW„\^S`a]\OZµ\]`[OZ¶3a
RSQW``STZSXO\Z]a[]RSZ]aRSZ]_cSaSW\bS`^`SbOQ][]\]RSaSOR]T`S\bS
OZORSaSOROµ\]`[OZWROR¶^O`ORSbS`[W\OROaSRORSa^]``S^`SaS\bO`
ZOh]aWRS\bWTWQObWd]abO\TcS`bSagQZO`]a_cSOZSXO\O_cWS\S\SZZ]aaS
`SQ]\]QSRSZORSaSOROW\RWTS`S\QWOQW„\S\SZaS\]RSZOU`O\[OaOb]R]a
a][]aWUcOZSa>]`bO\b]a]\]b`]a_cWS\SaaSaWb‰O\OZ[O`US\RSZO
µ\]`[OZWROR¶gRSZ[]RSZ]\]a„Z]RSaSOR]aW\]ORSQcOR]:OaW[^ZS
Q]\abObOQW„\RS_cSc\][Wa[]\]T]`[O^O`bSRSSa]aQ]ZSQbWd]a
aWbcOR]aOZ[O`US\RSZ]OQS^bOPZSQ][]µ\]`[OZ¶bSaWbcO`tS\SZaS\]RS
SaO[Wa[Oµ\]`[OZWROR¶/a^`]gSQbO\R]Z]aSabS`S]bW^]aaW\Oac[W`Z]a
Q][]^`]^W]aa]\µ]b`]a¶Q]\TW`[O\acdOZWRShg]^S`ObWdWRORa]QWOZ
3ZRWaQc`a]^ZO\bSOR]aaWbcOQW]\Sa_cSTc\QW]\O\Q][]QO`Oa]^cSabOaRS
ZO[Wa[O[]\SRObO\Q][^ZS[S\bO`WOa_cSaSVOQS\W[^`SaQW\RWPZSa^O`O
OR_cW`W`aS\bWR]RS\cSd]OaWabW[]aOZO[S\QW]\ORO^]ZO`WRORS\b`SZ]
µ\]`[OZ¶gZ]µ^Ob]Z„UWQ]¶]µ\]\]`[OZ¶>]`c\ZOR]_cWS\SaaSW\aS`bO\
S\SZ^ZO\]W\RWTS`S\QWOR]RSZOU`O\[OaOa]QWOZS\QcS\b`O\S\Z]a
[t`US\SaRSZOµ\]`[OZWROR¶S\ZO_cSaSaWb‰O\O_cSZZ]aSZS[S\b]aO
^O`bW`RSZ]aQcOZSaXcabWTWQO\acORaQ`W^QW„\a]gµ\]`[OZ¶^]`_cS\]a]g
µ`O`]¶>]`]b`]ZOR]ZOa^S`a]\Oa_cSRST]`[OQ]\aQWS\bSgd]Zc\bO`WO
aSaWb‰O\S\Sa]a[Wa[]a[t`US\SaRSZ]a]QWOZ[S\bSOQS^bOPZS
S\QcS\b`O\S\ac^]aWQW„\[W\]`WbO`WOgRWTS`S\QWOR]`OSZOaWRS`]
WRS\bWTWQObWd][taTcS`bSg_cSS\[Og]`[SRWROQ][^]\SacWRS\bWROR
Q][]W\RWdWRc]a]U`c^]a
2c`O\bSZOOR]ZSaQS\QWOg^`W[S`OXcdS\bcRZOaWRS\bWRORSaaSQ]\ab`cgS\
[ta^]``SQ`SOQW„\_cS^]`dS`RORS`OOac\QW„\RSZ]adOZ]`Sa]^`W\QW^W]a
_cSQ][^]\S\SZU`c^]RS^O`SaOUZcbW\OR]aS\b]`\]ORSbS`[W\OROa
OTW\WRORSaSZSQbWdOa_cSRO\ZcUO`Oc\Oa]ZWRO`WROR[SQt\WQO_cS\]
]`Ut\WQO3aRSQW`S\SZU`c^]aSPcaQO`STcUW]S\[][S\b]adWbOZSaRS
W\RSTW\WQW„\
>`SQWaO[S\bS^]`SZZ]^]`ZOOac\QW„\US\S`OZRS_cSZOXcdS\bcRSac\
SabOR]ZW[W\OZRSb`t\aWb]aSOQS^bOQ][]µ\]`[OZ¶ZOb`OdSaO^S`a]\OZ
_cSac^]\SSZdWOXSS\b`SRWdS`aOaWRS\bWRORSa_cSO‰\`SacZbO\R]
W[^]`bO\bSaS\QORO[][S\b]dWbOZQ]\Q`Sb]aSdO\RSXO\R]Ob`taS\
Tc\QW„\RSc\^`]QSa]RS[ORc`Sh_cSaSW\bS`^`SbOW\SdWbOPZS/aSaOa
WRS\bWRORSa]`WUW\OROa^]`ZOaOTW\WRORSaSZSQbWdOa(S\[‰aWQOS\`]^OS\
8„dS\SagUSabW„\RSZ`WSaU]
#%
]QW]S\VtPWb]aSbQaSOPO\R]\O\Q]\ZO[Wa[OTOQWZWRORQ]\ZO_cSaS
OR_cW`WS`]\^`SQWaO[S\bS^]`_cSZ]µ\]`[OZ¶aS`tOPO\R]\O`ZOaQcO\R]
RSXS\RSaS`Tc\QW]\OZSa^OaO\R]O`S^`SaS\bO`SabOR]aRSW\[ORc`Sh]
µ\]\]`[OZWROR¶_cS\]S\QOXO\Q]\Z]_cSQ]``Sa^]\RSOZ[][S\b]dWbOZ
Q]\Q`Sb]3ZQO[W\]ORS[taRSaS`^S`TSQbO[S\bSOac[WPZSS\Z]_cS
^cSRSZZSUO`ObS\S`RSQO]aSW\RSTW\WQW„\^S`a]\OZaSW\bS`^`SbOQ][]
W\SdWbOPZS(OZTW\OZRSZ[Wa[]aSS\QcS\b`OZORSaSOROµ\]`[OZWROR¶SZ
`STcUW]RSTW\WbWd]S\SZ[taU`O\RSRSZ]aU`c^]a
µG]Sa_cSVSVSQV]QO[PW]aRSZ][ta`ORWQOZ2SW`[SRS
Z][taUcO``]RSZ]UcO``]OW`[SOZ][ta^WX]RSZ]^WX]
:cSU]OZQOP]RSZbWS[^]Z]^WS\aOagRWQSadOgOQO[PW]_cS
VS[SbWR]GOV]`O^cSaOV]`O[SORO^b]Ob]R]c\^]Q]
BS\U]_cSW`[SO_c^cSa[W`O[SUcabO`t[ta][S\]a
^S`][Sd]g¶#
1 gS\^S`a^SQbWdO
/Z^ZO\bSO`c\RWaQc`a]Q][]SZ_cS\]a]Qc^O_cSO^O`bW`RSZ]aSabcRW]a
a]QW]Z„UWQ]agQcZbc`OZSaRSZ]a‰ZbW[]aOƒ]a^O`SQSXcabWTWQOPZSQcO\R]
[S\]aS\Z]_cSaS`STWS`SOZOQ]\abObOQW„\RSc\ObS\RS\QWOS[S`US\bS
S\SZW[OUW\O`W]Q]ZSQbWd]QOPS^`SUc\bO`aS^]`ZO[O\S`OS\_cSVO
Sd]ZcQW]\OR]RWQV]RWaQc`a]S\SZaS\]RSZOa‰ZbW[OaUS\S`OQW]\SaRS
X„dS\Sa¥3\_c{[][S\b]Q][S\h„OS[S`US`RWQV]RWaQc`a]`SZObWd]OZO
µ\]`[OZWROR¶-¥>]`_c{-¥1„[]VOdO`WOR]ZO[O\S`OS\_cSSZ[Wa[]
OZW[S\bOZOT]`[OS\_cSaSW\bS`^`SbORSTW\Sg`SQ`SOSZc\WdS`a]RSµZ]
X]dS\¶-¥3abO[]aS\T]QO\R]SZ]PXSbWd]ORSQcOR]-
AW\RSXO`RSbS\S`^`SaS\bSaSabOa^`SUc\bOa^O`SQSSdWRS\bS_cSac
`Sa^cSabO`S_cWS`SRSW\dSabWUOQW]\Sa[taO[PWQW]aOag^OcaOROa_cSSZ
OQS`QO[WS\b]_cSac^]\SSabSSaQ`Wb]S\^`W[S`ZcUO`aS`O\SQSaO`W]
OQ][SbS`c\O\tZWaWaRSZS\b`O[OR]a]QW]SQ]\„[WQ]_cSQO`OQbS`WhOZ]a
QO[PW]aa]QWOZSaRSZOa‰ZbW[OaR{QOROa^]`SXS[^Z]3\QcOZ_cWS`QOa]
^]RS[]aRSXO`OZUc\Oa^W\QSZOROaO[]R]RSVW^„bSaWa^WabOaOaSUcW`
#
0O`QSZ]\OU`c^][Wfb]
"Oƒ]aµ:OWRS\bWROR
XcdS\WZ¶)=^QWb)^"
#&
>O`SQSSdWRS\bS_cSVS[]aOaWabWR]Oc\^`]QSa]S\_cSZOaRWTS`S\bSa
US\S`OQW]\SaRSX„dS\SaVO\Sf^S`W[S\bOR]QO[PW]aaWU\WTWQObWd]aS\Z]
_cS`Sa^SQbOOaca^OcbOaORaQ`W^bWdOaSWRS\bWbO`WOa/Z]aWZcaW]\O\bSa
Oƒ]aaSaS\bO[][S\b]S\_cSac`UWS`]\RWdS`a]a[]dW[WS\b]a
Q]\b`OQcZbc`OZSa_cS^`SbS\RO\acPdS`bW`[cQV]a„`RS\SaW[^S`O\bSa
aWUcWS`]\c\]aOƒ]aRSRSaS\QO\b]gPOXOROOZO`SOZWRORRc`O\bSZO
R{QORORSZ]aaSbS\bO_cSRSaS[P]QO`]\S\Z]_cSaSRW]OQ]\]QS`
Q][]OQbWbcRSaµ^Oa]bOa¶RSZ]aX„dS\SaRSZ]a]QVS\bO;taOZZtRS_cS
aSO\]\]QWS`bOaZOabS]`Oaa]QW]Z„UWQOa_cSRSTWS\RS\_cS
VWab„`WQO[S\bSSfWabSc\ObS\RS\QWOQ`]\]Z„UWQOOZOOZbS`\O\QWOS\b`S
OQbWbcRSaRS`SPSZROgRSW\bSU`OQW„\]Q]\aS`dORc`Wa[]Sa[ta_cS
^`]POPZS_cSS\bOZSaOQbWbcRSaRSTW\WROaQ][]µ^Oa]bOa¶aSS\QcS\b`SSZ
US`[S\RSZOa^`]gSQQW]\Sa_cSRS`WdO\S\ZOW[OUS\_cSaSbWS\SRSZ]ag
ZOaX„dS\SaV]gS\RO7[OUS\[cgOZSXORORSZSa^`Wbc`SPSZRSg
Q]\bSabObO`W]Q]\SZ_cSaSWRS\bWTWQOOZ]aOƒ]aaSaS\bOg^]`SZZ]
Z„UWQO[S\bSOaS\bOR]S\SZSa^`WbcRSZOµ\]`[OZWROR¶gZOW\RWTS`S\QWOQW„\
_cSQS\b`O\cSab`]W\bS`{a
<]^O`SQSSfb`Oƒ]^cSaaWUcWS\R]SabSVWZ]O`Uc[S\bOZ_cSZ]aSabcRW]a
a]QW]Z„UWQ]agZ]aOQS`QO[WS\b]aW\abWbcQW]\OZSagOQOR{[WQ]aOZO`SOZWROR
@3D7AB/233ABC27=A238CD3<BC2§aS^bWS[P`S&q\Ž&
XcdS\WZdS\UO\QS\b`O\R]acW\bS`{aS\Z]a‰ZbW[]aOƒ]aS\b]R]aO_cSZZ]a
bS[Oa_cS^`SbS\RS\RSaS\b`OƒO`SaOa^]aWQW]\SaaWbcOROaOZ]a[t`US\Sa
RSZOµ\]`[OZWROR¶^`SQWaO[S\bS^O`O^`]Qc`O`_cSZ]aX„dS\SaSabcRWOR]a
SdWbS\SaOa[Wa[Oa^]aWQW]\Sa(R`]UOab`WPcac`PO\Oa[O`UW\OQW„\
S[PO`Oh]a\]RSaSOR]aSbQSbQ
1][]_cSR„RWQV]O\bS`W]`[S\bSSZQ]\Xc\b]RSZOa]QWSROR^O`SQSaOPS`
QctZSaa]\Z]adOZ]`Sa_cSRSPS\Q]``Sa^]\RS`OZSa^`WbcX]dS\`SPSZRO
Q`SObWdWRORW[OUW\OQW„\S\ZOZ\SORSZ]aaSaS\bO^S`]OZ[Wa[]
bWS[^]Oac[SaW\_cSXOQctZSaa]\Z]adOZ]`Sa_cS`SacZbO\]^S`ObWd]aS\
SZQ]\bSfb]a]QWOZ_cSbWS\S\_cSdWdW`OQbcOZ[S\bSQ][^SbWbWdWROR
W\RWdWRcOZWa[]SbQ1][^`S\RS`SZ^`]QSa]^]`SZQctZaS^`]RcQSZO
Sd]ZcQW„\S\SZaWabS[ORSdOZ]`SabS\R`t[cQV]_cSdS`Q]\^S`QWPW`ZO
[O\S`OS\_cSZObS]`ORSZO\]`[OZWRORaSW\aS`bOS\SZ[Wa[]S\SabS
QOa]QS\b`O\R]ZOObS\QW„\S\SZaSQb]`^]PZOQW]\OZ[taX]dS\
$
:]hO\]8'')µ¥2S_c{
VOPZO[]aQcO\R]VOPZO[]a
RSZ]aX„dS\Sa-¶)S\eee
TSa^W\OZQ][^&
C\ORSZOa^`W\QW^OZSa`Oh]\SaRSZOaRWTS`S\QWOaSfWabS\bSaS\b`SZO
Q]\QS^QW„\RSZ]agZOaX„dS\SaS\{^]QOaQ][]Z]aOƒ]aaSaS\bO`Sa^SQb]
OZOOQbcOZWROR^`]POPZS[S\bSRSaQO\aSS\SZVSQV]RS_cSS\b]\QSaS`O
c\Q]ZSQbWd]_cSO\aWOPOOcb]OTW`[O`aSS\c\Q]\bSfb]a]QWOZ
Q]\b`ORWQb]`W][WS\b`OaS\ZOOQbcOZWROROaWabW[]aOc\OaWbcOQW„\S\ZO
_cSQ]\W\RS^S\RS\QWORSZOaZ„UWQOabS\aW]\Sa_cS^cSRS\US\S`O`
c\WdS`a]aaW[P„ZWQ]aRWTS`S\bSaµZ]X]dS\¶T`S\bSOµZ]ORcZb]¶b]R]aZ]a
OUS\bSaa]QWOZSa^O`SQS\RSaS[^SƒO`ac^O^SZRSbOZ[O\S`O_cSSZ
aWabS[OaS[O\bWS\SS\S_cWZWP`W]3fWabS\Q]\TZWQb]a^S`]aSOac[S\Q][]
µ\]`[OZSa¶S\c\Q]\bSfb]a]QWOZW\RWdWRcOZWabOQ]\ac[WabO^`OU[tbWQ]g
RS`SZObWdWa[][]`OZ1][]aSƒOZO8]aS^;:]hO\]µV]gZ]aX„dS\Sa[ta
_cSdWdW`c\OaWbcOQW„\RSQ`WaWa]RSRSaSab`cQbc`OQW„\^O`SQS\
OSab`cQbc`OR]aAW\WRS\bWRORSa\W`STS`S\QWOaQZO`OagRWabW\bOagQ]\ZO
b`O\_cWZOOQS^bOQW„\RS_cWS\\]Z]dWdSQ][]c\O^{`RWROaW\]Q][]ac
\]`[OZWRORdWbOZ¶$
2SZ]agZOaX„dS\SaaSSa^S`O_cSaSQ][^]`bS\Q][]Z]VOQS\RSZO
[Wa[O[O\S`O_cSaSSa^S`O_cSRSXS\RSVOQS`Z]QcO\R]µ[ORc`S\¶g
RSZ]aORcZb]aaSSa^S`OOQbWbcRQ`bWQOOcb]`Sa^]\aOPWZWhOQW„\gS\‰ZbW[O
W\abO\QWO`SaWU\OQW„\3\Q]\Xc\b]bOZS_cWZWP`W]Tc\QW]\OO[]R]RS
^`]TSQOOcb]Qc[^ZWROG\]Sa_cSZ]aX„dS\SaRSV]gS\RO\]\SQSaWbS\
Ocb]OTW`[O`aSQ][]aca^OR`SaS\acRO^S`]Z]QWS`b]Sa_cSSZdOZ]`RS
ZOacPdS`aW„\ZO`SPSZROgZORWTS`S\QWOQW„\`SacZbO`tRWTQWZ[S\bSRSTW\WPZS
W\QZca]WRS\bWTWQOPZSQcO\R]Z]aZ[WbSaa]\bO\RWTca]a_cS^O`SQS\T]`[O`
^O`bSRSZ^`]^W]aWabS[OS\S_cWZWP`W](^S_cSƒOaR]aWaRSXcdS\WZS
W\]TS\aWdO`SPSZROOac[WPZSa^]`QcO\b]Sabt\Q][^ZSbO[S\bSOZSXOROa
RSZ]adS`RORS`]at[PWb]aRSRSQWaW„\\]ac^]\S\[ta_cSbS[^]`OZSag
ST[S`OaQ]\_cWabOag^]`b]R]SZZ][O\bWS\S\SZS_cWZWP`W]ORSQcOR]_cS
Q][^]\SSZS\b`O[OR]a]QWOZµ\]`[OZWhOR]¶%
%
>O`OSXS[^ZWTWQO`SabO
aWbcOQW„\^]RS[]aOQcRW`O
µ:O\]QVS(c\Q]\TZWQb]RS
^]RS`¶\Ž#"RSZO@SdWabO
RS3abcRW]a2S8cdS\bcR
7<8CD3 R]\RSZ]a
Ocb]`SaSf^ZWQO\O
^`]^„aWb]RSZO^]Z{[WQO
ac`UWROS\b]`\]OZ]a
^`]PZS[Oa]QOaW]\OR]a^]`
SZµP]bSZZ„\¶Q][]Z]a
ORcZb]aOac[S\ZOQ]\_cWabO
Sa^OQWOZgbS[^]`OZ_cS
ac^]\SSZ[Wa[]X„dS\Sa
_cSaSµO^`]^WO\¶RS
RSbS`[W\OROa^ZOhOagQOZZSa
Rc`O\bSZOa\]QVSaRSZ]a
TW\SaRSaS[O\O
^`SQWaO[S\bS^]`ac
QO`tQbS`ST[S`](b]ROdSh
_cSZOQ]\_cWabOb]QOOac
TW\S\ZO[OƒO\ORSZ
R][W\U]SZaWabS[O`Sb]`\O
OacS_cWZWP`W]]`WUW\O`W]g
Z]abS``Wb]`W]adcSZdS\O
[O\]aRSacaµRcSƒ]a¶Z]a
ORcZb]agOacaTc\QW]\Sa
\Obc`OZSab`OPOX]g
dWdWS\ROVOabOSZdWS`\Sa
aWUcWS\bS
2SWUcOZ[O\S`OSaSQZO`]gS_cWZWP`OR]`S^O`b]RS`]ZSa^`]^WQWOc\
OQ][]RO[WS\b]SW\[]dWZWa[]bOZ_cSQcSabW]\Sa_cSS\]b`Oa{^]QOa
^]R`O\aS`Q]\aWRS`OROaQ][]SZS[S\b]a_cSS\U`]aO\SZRSPSRSZO
Q]\RWQW„\XcdS\WZaSOb`WPcgS\OZOa^`]^WOaQO`OQbS`abWQOaRSZOa]QWSROR
S\Q]\Xc\b]OZaWabS[ORSdOZ]`SaW[^S`O\bS]W\QZca]OQcSabW]\SaRS
]`RS\Sab`cQbc`OZRS[O\S`O_cSSZ^]aWPZSaS\bW[WS\b]RSQcZ^OaS
RWZcgS<]a`STS`W[]a^]`SXS[^Z]OZOQ]ZSQbWdOgQOaW^S`S\\SOac\QW„\
RSOaWabW`Oc\OUS\S`OQW„\RSX„dS\Sa^OaWd]aRSaQ][^`][SbWR]a
W\Q]\abO\bSagSaQOaO[S\bS^O`bWQW^ObWd]a<]_cS`S[]aRSQW`_cSbOZ
8„dS\SagUSabW„\RSZ`WSaU]
#'
dWaW„\Q]``Sa^]\ROOZO`SOZWRORRSZ]agZOaX„dS\SaRS\cSab`]^Oa^S`]
a_cSSZVSQV]RS_cSSZW[OUW\O`W]Q]ZSQbWd]OZW[S\bSZOW\SdWbOPWZWRORg
QOaWZO\SQSaWRORS\POaSOZ]_cSaS`O\Z]adOZ]`Sa`SOZ[S\bS
µ]^S`ObWd]a¶S\c\Oa]QWSRORSfb`S[ORO[S\bSQ][^SbWbWdOS
W\RWdWRcOZWabORSbOZaWbcOQW„\Q]\b`WPcgSOS\U`]aO`ZOaTWZOaRS_cWS\Sa
OaaSQ][^]`bO\_cSS\Q]\b`O`t\`STcUW]S\b`SZOQ][^`S\aW„\US\S`OZ(
µ¦gQ„[]dO\OaS`aWZ]aVS[]aVSQV]Oa¶
>]`]b`]ZOR]OQS^bO`aS`^O`bSW\bSU`O\bSgOQbWdORSc\Oa]QWSROR
Q]\ac[WabOgQ][^SbWbWdOQ]\RcQSO_cSQ][]gOaSƒOZO[]aU`O\^O`bS
RSZ]a[SQO\Wa[]aRSOcb]OTW`[OQW„\gORaQ`W^QW„\aSZZSdS\OQOP]O
^O`bW`RSZQ]\ac[]W\QZcgS\R]Z]aQ]\ac[]a_cS^]R`O[]aQ]\aWRS`O`
µRS`WSaU]¶Q][]ZOaR`]UOaASQ]\ac[S\^`]RcQb]a[]RSZ]aaWU\]a
_cSa]\[ta_cSSa])a]\Ocb{\bWQ]a`STS`S\bSaORaQ`W^bWd]aSWRS\bWbO`W]a
_cSbSaWb‰O\gbSVOQS\^S`bS\SQS`Oc\µ\]a]b`]a¶RSZO[Wa[O[O\S`O
_cSaSƒOZOOµZ]a]b`]a¶3ZO`Uc[S\b]S\QOXOOZO^S`TSQQW„\Q]\ZO
[SbtT]`ORSZOP`‰XcZOgSZ`ORO`cbWZWhORO^O`OaWU\WTWQO`OZUc\ORSZOa
^`W\QW^OZSaRWTS`S\QWOaO^`SQWOPZSaS\b`SSZSa^`WbcXcdS\WZRSZ]aOƒ]a
aSaS\bOgSZOQbcOZ([WS\b`OaO\bSaUcWOPO\acQO[W\]VOQWOZOdWROORcZbO
OgcRt\R]aSRSc\OP`‰XcZOO^O`bW`RSZOQcOZWPO\`SQbWTWQO\R]g
Q]``WUWS\R]ZOaQ]]`RS\OROa_cSRSTW\O\ac^`]^WO^]aWQW„\S\RWQV]
QO[W\]OQbcOZ[S\bSZ]VOQS\Q]\c\`ORO`_cSRSbS`[W\OZO^]aWQW„\_cS
]Qc^O\S\`SZOQW„\O_cWS\SaZSa`]RSO\)S\Tc\QW„\RSZO^]aWQW„\RSZ]a
RS[taQOROQcOZW`tQ]``WUWS\R]ZO^`]^WO
;WS\b`OaOQbcOZ[S\bSZ]aaWU\]aga[P]Z]a_cS^`]^]`QW]\O\Z]a
Q]\ac[]aZ]aUcab]agZ]aQ][^]`bO[WS\b]aRSTW\W`t\bc^]aWQW„\
`Sa^SQb]OZ`Sab]RS`ORO`Sa[O\SXO`aSQ]\P`‰XcZO\]`S_cWS`SQ]\]QS`ZO
^]aWQW„\RSZ]aRS[taaW\]Q]\]QS`QctZSaSZ<]`bSgQctZSaSZQO[W\]
_cSaS_cWS`Sb`OhO`S\Tc\QW„\RSSaS<]`bS/a@]abWaWUcWS\R]O/ZOW\
B]c`OW\SaSƒOZO_cSZ]aX„dS\SaRSZ]aOƒ]aaSaS\bOaSQO`OQbS`WhO`]\µ^]`
c\OP‰a_cSRORSWRS\bWROR[cg^]Q]S\QO[PW]^]`c\ORSTW\WQW„\RSZ
ORdS`aO`W]g\OROS\OPa]Zcb]^]`c\ORW`SQQW„\Sab`Ob{UWQORSabW\OROO
W\RWdWRcO`Q]\RWQW]\SaRSVSUS[]\Oa]QWOZgRS`SOZWhOQW„\Q]ZSQbWdO¶&
3aRSQW`ZOP`‰XcZOT`S\bSOZ`ORO`
&
@]aWbW4'&)µ6Wab]`WOg
bS]`ORSZO1cZbc`ORS
;OaOa¶3R5cabOd]5WZW)
^
3abSbS„`WQ]S_cWZWP`W]a]QWOZS\SZ_cSb]R]a^O`SQS\Q][^O`bW`c\
[Wa[]gOQS^bOR]aWabS[ORSdOZ]`Sa^cSRSSf^ZWQO`]b`]RSZ]a
[]bWd]a_cSacabS\bS\ZObS\RS\QWOOZOW\RWTS`S\QWOQW„\RSZOaX„dS\Sa
US\S`OQW]\SaQ][]`STZSX]RSZSa^`Wbca]QWOZW[^S`O\bS3aOa^]`_cS
^O`SQS^`]RcQW`aSc\OW\dS`aW„\aW[P„ZWQOS\b`SZOOaW[WZOQW„\RSRWQV]
aWabS[ORSdOZ]`Sa^ZOUOR]RS^`W\QW^W]aW\bS`^`SbOR]abO\W\SdWbOPZSa
Q][]^S`\WQW]a]aW\RWdWRcOZWa[]Q]\ac[Wa[]SU]a[]
Q][^SbWbWdWRORgc\OOQbWbcR^S`a]\OZ_cSb`ObORSOZSXO`aSRS
^]aWQW]\O[WS\b]a_cS^cRWS`O\S\QOaWZZO`bSS\^]abc`OaOZSXOROaRSZ]a
dOZ]`SaPWS\^S\aO\bSag^]ZbWQO[S\bSQ]``SQb]a_cS]Qc^O\c\ZcUO`
^`WdWZSUWOR]S\ZOaOa^W`OQW]\SaRSZW[OUW\O`W]Q]ZSQbWd]ZOb]ZS`O\QWOg
ZOa]ZWRO`WROR^`W\QW^OZ[S\bS3aRSQW`aWb]R]aaOPS[]a_cSSZ
Q]\bSfb]a]QWOZSaW\RWdWRcOZWabO_cS\W\Uc\]RS[WaQ][^]`bO[WS\b]a
Ucab]a][O\WTSabOQW]\SaRSZObS_cSg]^cSROOZW\SO`[SS\Tc\QW„\RS
bOZSadOZ]`SaGS\bOZOTt\^]`RSaZWUO`aSRS^]aWQW]\SaµW\RSaSOPZSa¶
OZSXOROaRSZOµ\]`[O¶a]QWOZZObS\RS\QWO[Og]`WbO`WO`Oab`SOSZ^]Z]
]^cSab](aWZOa]QWSRORSaW\RWdWRcOZWabOOQS^bS[]aOQbWbcRSaOZbO[S\bS
U`c^OZWabOa3\SZaS\]RSZOU`O\[OaOb]R]aa][]aWUcOZSa
µ\]`[OZSa¶
$
@3D7AB/233ABC27=A238CD3<BC2§aS^bWS[P`S&q\Ž&
:OW[^]`bO\QWORSZU`c^](W\bSU`OQW„\SfQZcaW„\g`WSaU]
4`S\bSOZOTO[WZWOgZOSaQcSZOSfWabSc\W[^]`bO\bSbS``S\]RSa]QWOZWhOQW„\
W\T]`[OZS\SZ_cSZ]aX„dS\SaaSS\QcS\b`O\Q]\Z]a^O`SagQ][WS\hO\O
Sf^S`W[S\bO`W\RWdWRcOZgU`c^OZ[S\bSQ]\ZOaQ]aOaS\b]`\]OZOaQcOZSa
O^c\bOZO`t\acWRS\bWRORgaSaWbcO`t\S\SZQO[W\]RSac[ORc`ShG
Rc`O\bSZOOR]ZSaQS\QWOg^`W[S`OXcdS\bcRSaOa]QWOZWhOQW„\W\T]`[OZbWS\S
ZcUO`S\SZbWS[^]RS]QW]gS\b]`\]OZ]a^O`SaBWS[^]_cSVOQS\^`]^W]
gdSRO\OW\XS`S\QWOaSfbS`\OaRSZ]aORcZb]a_cS`S^`SaS\bO\TWUc`OaRS
Ocb]`WRORO^O`S\bS[S\bSOZSXOROaRSZOaW\_cWSbcRSag^`S]Qc^OQW]\SaRS
Z]aX„dS\Sag_cSOR_cWS`Sc\OW[^]`bO\QWOQZOdSQ][]Sa^SX]`STS`S\bS
gPO\Q]RS^`cSPOaRSZOdWROS\a]QWSRORBS``S\]^]`bO\b]S\SZ_cS
^]\S\S\^`tQbWQOZOPOaSRSZ]adOZ]`Sag^`W\QW^W]a`SQWPWROS\TO[WZWOg
SaQcSZOgS\SZ_cSS\b`O\S\Q]\bOQb]Q]\b]ROaO_cSZZOaQ]aOaRSZO
µdWRO`SOZ¶_cSaSSaQO^O\RSZOXc`WaRWQQW„\gSZQ]\b`]ZRSZ]aOUS\bSa
T]`[OZSaBS``S\]_cS^]`bO\b]SaW\acabWbcWPZSg_cSaSQ]\abWbcgSS\SZ
QS\b`]RSW\bS`{agObS\QW„\Rc`O\bSZ]aOƒ]aS\Z]a_cSZ]aX„dS\Sa\]
bWS\S\[cQV]a[taOaWRS`]aRSWRS\bWTWQOQW„\/[SRWRO_cSZ]agZOa
X„dS\SaQ`SQS\gS\QcS\b`O\]b`OaW\_cWSbcRSag]b`]a`STS`S\bSaRS
WRS\bWTWQOQW„\Q][^ZSbO`Z]aSabcRW]ab`OPOXO`S[^O`SXO`aSSabOPZSQS`
RSbS`[W\OR]a^`]gSQb]adWbOZSabOZ]QW]QcO\R][S\]aOaS\bS\RWR]
W`t^S`RWS\R]acQS\b`OZWRORQ][][SRW]RSa]QWOZWhOQW„\gO^`S\RWhOXS
;WS\b`OaZ]aORcZb]a`S^`SaS\bO\c\Ob`O\a[WaW„\RSdOZ]`Sag^`W\QW^W]a
dS`bWQOZgOZSXORORSZc\WdS`a]aW[P„ZWQ]RSZ]aX„dS\Saµ_c{[SdOO
S\aSƒO`RSR`]UOaRSaSf]RS[‰aWQOSbQaWSa[Og]`g\]aOPSQ„[]
S\bS\RS[]ag\]a`SZOQW]\O[]aQ]\bOZSaSZS[S\b]a¶SZU`c^]RS^O`Sa
`S^`SaS\bOc\Ob`O\a[WaW„\V]`Wh]\bOZRSWUcOZOWUcOZ_cS^O`bSRS
aW[WZO`SaRcROagaS\aOQW]\Sag_cS^]`b]R]SZZ]aSS\bWS\RSQS`QO\O
/a\]`SacZbOSfb`Oƒ]SaQcQVO`Q„[]Z]agZOaX„dS\SabWS\RS\OaSƒOZO`O
acaO[WU]agQ]\]QWR]aQ][]^`W\QW^OZTcS\bSRSW\T]`[OQW„\gQ]\aSX]
`Sa^SQb]ObS[OaQ][]Z]a_cS^cSRS\aS`Q]\aWRS`OR]a`WSaU]a
3\bS[OaQ][]SZQ]\ac[]RSR`]UOa]ZOa`SZOQW]\SaaSfcOZSaZO
O^`]POQW„\gSZSXS[^Z]RSZU`c^]`SacZbO\Oa^SQb]aSaS\QWOZSa_cS
RSbS`[W\O\S\PcS\O[SRWRO[cQVOaRSZOaT]`[OaS\_cSc\OR]ZSaQS\bS
^cSRSS\b`O`S\Q]\bOQb]Q]\RSbS`[W\OROaacabO\QWOa]VtPWb]a>]`
SXS[^Z]`Sa^SQb]OZOSRORRSW\WQWO`ZOa`SZOQW]\SaaSfcOZSagRS_c{
[O\S`O]Q„[]O\OZWhO`ZOa`SZOQW]\SaS\b`SU{\S`]a]dOZ]`SaQ][]ZO
TWRSZWROR]`Sa^SQb]OZbW^]RSacabO\QWOa_cSaS^cSRS\gRSPS\^`]PO`
gZ]aZ[WbSaRSZ]b]ZS`OPZSgRSZQ]\b`]Z
:OW[^]`bO\QWOdWS\SROROa]P`Sb]R]^]`Z]`SZSdO\bS_cS`SacZbOZO
W\bSU`OQW„\S\SZU`c^]Q][]^ZObOT]`[OPtaWQORSa]QWOZWhOQW„\O
RSbS`[W\OROaSRORSa>]`_cSRSZO[Wa[O[O\S`O_cS^cSRS`S^`SaS\bO`
c\]RSZ]a[taW[^]`bO\bSaO^]g]ag`STcS`h]aS\Oƒ]aQ]\dcZa]aSZ
U`c^]bO[PW{\^cSRSQ]\abWbcW`aSS\c\]RSZ]aOUS\bSaRSQS\ac`Og
[O`UW\OQW„\[taW[^]`bO\bSa6OQS`Z]_cSb]R]agb]ROaVOQS\b][O`Z]
_cSb]R]agb]ROab][O\bS\S`Z]aUcab]a_cSb]R]agb]ROabWS\S\S\SZ
U`c^]^cSRSZZSUO`OQ]\abWbcW`aSS\c\]RSZ]a[taW[^]`bO\bSa
_cSP`ORS`]aRSQOPShO^O`OSdWbO`aS\bW`aSO^O`bOR]]O^O`bORO
[O`UW\OR]][O`UW\OROµ`O`]¶]µ`O`O¶
>O`SQSSdWRS\bSZOW[^]`bO\QWO_cSSab]OR_cWS`SOZOV]`ORSS\T`S\bO`aS
OQ]\RcQbOaRS[Og]`][S\]``WSaU]]O^`S\RWhOXSga]\QZtaWQ]aZ]a
8„dS\SagUSabW„\RSZ`WSaU]
$
O`Uc[S\b]aRSOR]ZSaQS\bSa_cSS[^ShO`]\OPSPS`]Tc[O`µ^]`_cS
b]R]SZ[c\R]Z]VOQO¶^]`^]\S`c\SXS[^Z]>`SQWaO[S\bSZ]a[Wa[]a
RWaQc`a]abWS\RS\OaSƒOZO`Q][]c\ORSZOa[taW[^]`bO\bSa^`cSPOaRS
[ORc`ShSZVSQV]RSRSaZWUO`aSRSZ^]RS`gZOW\TZcS\QWORSZU`c^]g
OR]^bO`RSQWaW]\Sa_cSW\QZca]Q]\b`ORWQS\ZObS\RS\QWO[Og]`WbO`WORSZ]a
^O`Sa7\RS^S\RWS\bS[S\bSRS_cSZOU`O\[Og]`ORSZ]agZOaX„dS\Sa
bS\UO\ZOSROR_cSbS\UO\Oac[O\_cS^]aSS\SaOQO^OQWRORRSb][O`
RSQWaW]\SaOZ[O`US\RSZU`c^]Z]QWS`b]Sa_cSSaQ][‰\aSƒOZO`Q„[]
O\bS`W]`[S\bSS\{^]QOa^OaOROa\]bO`]\RST]`[OQZO`OZO^`SaW„\RS
ORO^bO`aSgaSUcW`SZ^Oa]_cS[O`QOSZU`c^]3aS\b]\QSaQcO\R]
O^O`SQSZ]_cS^]RS[]aS\bS\RS`Q][]SZ`WSaU]RSµaS``O`]¶]µaS``O`O¶
_cSS\QOXOS\Z]a[SQO\Wa[]a^]`Z]a_cSOac[W``WSaU]aT]`[O^O`bSRSZO
SZSQQW„\a]P`SRSaQO`bO`]b`]a`WSaU]aS\SabSQOa]SZRSZOSfQZcaW„\RSZ
U`c^]RS^O`Sa
2c`O\bSZOOR]ZSaQS\QWOg^`W[S`OXcdS\bcRa]P`Sb]R]Z]aO[WU]ag
O[WUOaacSZS\aWbcO`aS^]`S\QW[ORSZOTO[WZWOQ][]TWUc`OaRS`STS`S\QWO
gO^]g]S\POaSOZ]aSZS[S\b]agO[S\QW]\OR]a3\QcOZ_cWS`QOa]bOZ
O[WabOR\]VORSSabO`\SQSaO`WO[S\bSS\QcOR`OROS\SZU`c^]RS
`STS`S\QWOaSU‰\Q]\bSfb]a^]`_cSSfWabS\RWTS`S\bSa\WdSZSaRS
a]QWOZWhOQW„\/aSZU`c^]Q]\SZ_cSaSaOZSZ]aTW\SaRSaS[O\O^cSRS
SabO`[Og]`WbO`WO[S\bSQ][^cSab]^]`Q]\]QWR]a]µQ]ZSUOa¶Q][]Z]a
RS\][W\O\Z]agZOaX„dS\Sa^S`a]\OaQ]\ZOa_cSaS^OaOc\bWS[^]RS
]QW]gRWdS`aW„\^S`]_cWhtaQ]\ZOa_cS\]aSQcS\bO^O`ObS[Oa[ta
µaS`W]a¶3abORWTS`S\QWOQW„\\]a^S`[WbSdWaZc[P`O`ZO[O\S`OS\_cSaS
SabOPZSQS\[][S\b]a^O`OVOPZO`RSZOaQ]aOaµW[^]`bO\bSa¶g[][S\b]a
^O`ORWdS`bW`aS[O`QOR]a^]`c\OO[PWS\bSgc\OOQbWbcR[taRSaS\TORORO
g^]`[][S\b]a[S\]a`Sa^]\aOPZSgµaS`WO¶;][S\b]aS\Z]a_cS
^O`SQS\_cSRO`S\aca^S\a]ZOa^`S]Qc^OQW]\Sag^`]PZS[OagS\Z]a_cS
SZbW^]RS`SZOQW]\Sa^O`SQS\aS`[taµac^S`TWQWOZSa¶gTZSfWPZSaSaVOPWbcOZ
aOZW`Q]\c\U`c^]gOZbS`\O`Z]OZ]ZO`U]RSc\O[Wa[O\]QVS(a{Q]\_cW{\
aOZU]^S`]\]Q]\_cWS\`SU`Sa]';][S\b]aS\Z]a_cSbWS\S\ZcUO`
ZOaQ]\RcQbOaVOPWbcOZ[S\bSQ]\aWRS`OROaQ][]RS`WSaU]
3\QcOZ_cWS`QOa]SZVSQV]RSaSƒOZO`_cSZOa`SZOQW]\Sa_cSaSSabOPZSQS\
S\SZbWS[^]RS]QW]bWS\RS\OaS`S\QcOR`OROaS\c\Q]\bSfb]RSTWSabOg
OcaS\QWORSµaS`WSROR¶\]VORS`SabO`W[^]`bO\QWOOZOaRW\t[WQOaRS
`SZOQW„\U`c^OZ_cSbWS\S\ZcUO`S\SZ]QW]Q][]SZS[S\b]PtaWQ]RS
a]QWOZWhOQW„\RSZ]agZOaX„dS\Saa]P`Sb]R]RS[S\]`SRORO[SRWRO
_cSQ`SQS\dO\S\Q]\b`O\R]RWTS`S\bSaQ]\bSfb]aRSa]QWOZWhOQW„\gSZ
]QW]^WS`RS^O`bSRSacW[^]`bO\QWOQS\b`OZ3aOa^]`_cSµaOZW`¶aS
Q]\abWbcgSS\c\Ocb{\bWQ]OQb]a]QWOZ_cSbWS\S[taaS\bWR]Q][]SfQcaO
^O`OSabO`Q]\O[WU]agQ]\]QWR]ag^O`OQ]\]QS`US\bS_cSQ][]
Q]\bSfb]_cS^S`aWUcSSZQ]\ac[]RSOZQ]V]Zc]b`OaacabO\QWOa^]`^]\S`
c\SXS[^Z]3dWRS\bS[S\bSSab]aSZS[S\b]abO[PW{\[O`QO\RST]`[O
SaS\QWOZSZRSdS\W`RSZOa\]QVSagZO[O\S`OS\_cSaSSabOPZSQS\ZOa
`SZOQW]\Sa^S`]aWS[^`SQ][]Oa^SQb]aaOb{ZWbSaOZ\‰QZS]QS\b`OZRSZOa
[Wa[Oa(SZQ]\bOQb]S\b`SWUcOZSa
'
@]R`UcSh3);SUOa7)
At\QVSh3 )
µ8„dS\Sag`SZOQW]\Sa
U`c^OZSa¶4/27<8CD3
/^O`bW`RSSaSQ]\bOQb]S\c\Sa^OQW]^`]^W]]O^`]^WOR]aS
O^`S\RS`t\ZOa^`W[S`OaZSQQW]\SaRSZOdWROS\a]QWSRORgRSZ]a
[SQO\Wa[]aRSa]QWOZWhOQW„\RS[O\S`OOcb„\][OSW\RS^S\RWS\bS
Oc\_cSbOZOcb]\][OSW\RS^S\RS\QWOaSOT`tUWZgbS[^]`OZ3aRSQW`
_cS\]aS\Q]\b`O[]aO\bSZO^`W[S`OdShS\ZOdWRORSSab]agSabOa
X„dS\SaS\_cSOQb‰O\aW\ZOac^S`dWaW„\gSZQ]\b`]ZRSacaORcZb]ag
$ @3D7AB/233ABC27=A238CD3<BC2§aS^bWS[P`S&q\Ž&
^`]POPZS[S\bSZO^`W[S`OdShS\_cS^]`SZZ]aWS\bO\ZZSdO`ZOa`WS\ROaRS
acaOQb]a2SOVac`SZSdO\QWOO^SaO`]_cWhtaRSPWR]OSZZ]RS_cSS\
bOZSaQ]\bSfb]abO[PW{\aSS\QcS\b`S\RSbS`[W\OR]a`WSaU]aQ]\Z]a_cS
VO\RSO^`S\RS`OZWRWO`aW\[taO`[Oa_cSZOSRcQOQW„\T]`[OQW„\S
W\T]`[OQW„\OR_cW`WRO^`SdWO[S\bS
/[]R]RSQ]\QZcaW„\
B]R]aZ]aOa^SQb]aOP]`ROR]aVOabOSZ[][S\b]\]a^`]^]`QW]\O\c\O
WRSORSQ„[]SZQ]\QS^b]RSZ]µ\]`[OZ¶Q]\b`WPcgSORSbS`[W\O`c\
bS``S\]RSXcSU]_cSRSc\]c]b`][]R][O`QOZ]aZ[WbSagZOa`SUZOaRS
ZOaW\bS`OQQW]\Saa]QWOZSaBS``S\]RSXcSU]S\SZ_cSbS\R`t\QOPWROZ]a
XcWQW]aRSdOZ]`ZO[O\WTSabOQW„\RSZ]aUcab]aZOaQ]\aWRS`OQW]\Saa]P`S
Z]a`WSaU]agSZaS\bWR]S\_cSaSW\bS`^`SbO\G^]`ac^cSab]bS``S\]RS
XcSU]Q]\c\Oa[SRWROaRSbS`[W\OROa_cS\]Q]\dWS\S`SPOaO`aW\]
_cWS`SaaWbcO`bSS\SZ^ZO\]RSZORWaS\aW„\_cSac^]\Sac^S`O`Z]aZ[WbSa
RSZOµ\]`[OZWROR¶2SZ]aZ[WbSa^O`OTcS`OQcOZ_cWS`^]aWQW„\]Qc^ORO
SabO`tZSX]aRSZOa\]`[OaW[^ZQWbO[S\bSSabOPZSQWROagaSQ]\abWbcW`tS\
WRS\bWRORSaTtQWZ[S\bSSabS`S]bW^OPZSaga]QWOZ[S\bSQS\ac`OPZSa
:]W\bS`SaO\bSSa]PaS`dO`Q„[]RWQV]bS``S\]RSXcSU][O`QORST]`[O
Tc\RO[S\bOZSZaS\bWR]RS[cQV]adOZ]`Sa_cSRSbS`[W\O\ZOdWROS\
a]QWSROR3a^SQWOZ[S\bSaWU\WTWQObWd]SaSZQOa]RSZdOZ]`b]ZS`O\QWO_cS
OR_cWS`Sc\aWU\WTWQOR]POabO\bSQ]\Q`Sb]B]ZS`O\QWO_cSOPO`QO`tVOabOSZ
Z[WbSRSZ]^`]^W]_cS\]Sa]b`]_cSSZZ[WbS_cS[O`QOSZQO[^]RSZ]
µ\]`[OZ¶RSZ]OQS^bOPZS>]`bO\b]RSWUcOZ[O\S`O_cS\]aS`t\SQSaO`W]
b]ZS`O`O_cSZZ]_cSaSaWb‰S[taOZZtRSZ]aZ[WbSaRSRWQV]bS``S\]RS
XcSU]a]QWOZaaSb]ZS`O`tZ]_cSaSS\QcS\b`SRS\b`]RSSaSbS``S\]RS
XcSU]^cSaaS`tµ\]`[OZ¶GSabOQ]\aWRS`OQW„\`SacZbOSaS\QWOZ^O`O
S\bS\RS`SZaS\bWR]S\SZ_cSOZUc\]a`WSaU]a^cSRS\aS`W\bS`^`SbOR]a^]`
Z]agZOaX„dS\Sa(aS`t\µ\]`[OZ¶Oac[W`OZUc\]aQ][]`Sa^cSabOOc\O
{^]QOdWbOZW\Q]\aQWS\bSSW\[ORc`OgRSXO`tRSaS`Z]QcO\R]aSS\b`OS\
SZ[c\R]RSµZ]ORcZb]¶RSZO[ORc`Sh
3\RSTW\WbWdOaSb]ZS`OZ]gOOQS^bOR]RSO\bS[O\]Q][]Oac[WPZS^]`
[cQV]_cSZ]aZ[WbSaaSO\Z]acTWQWS\bS[S\bSO[^ZW]aQ][]^O`OOPO`QO`
^]aWQW]\O[WS\b]aPOabO\bSVSbS`]U{\S]a(aWSabtaS\Z]a[t`US\SaRSZ]
a]QWOZ[S\bSOac[WPZSaWSabtaOZ[O`US\RSZOµ\]`[OZWROR¶bSS\Q]\b`O`ta
TcS`ORSZ]aZ[WbSaRSZ]US\S`OZ[S\bSb]ZS`OPZSgQ]``SaSZµ`WSaU]¶RS
_cSRO`SfQZcWR]
/ZU]aW[WZO`]Qc``SQ]\ZO[O\S`OS\_cSaSW\bS`^`SbO\Z]adOZ]`Sa_cS
bWS\S\_cSdS`Q]\ZOµ[ORc`Sh¶bO\W[^]`bO\bSOZOV]`ORSXcabWTWQO`
Q„[]Z]agZOaX„dS\SadO\OPO\R]\O\R]RSbS`[W\OROa^]aWQW]\Sa^O`O
W\aS`bO`aSS\ZORSaSOROµ\]`[OZWROR¶3aOa^]`_cSZO[ORc`ShaS
W\bS`^`SbOQ][]c\QO[W\]RSRW`SQQW„\‰\WQO_cS^cSRS^O`SQS`
^O`OR„XWQ]Q]\aWabSS\OPO\R]\O`ZOh]aWRS\bWTWQObWd]aRWTS`S\QWOR]`Sa
^O`OOP`OhO`ZOW\RWTS`S\QWOQW„\ZOV][]US\SWhOQW„\Q][]SbO^OTW\OZRSZ
^`]QSa]RSRSaO``]ZZ]gQ`SQW[WS\b]^S`a]\OZ3aRSQW`[ORc`ShQ][]
QO[W\]^]`SZ_cSaSOPO\R]\O\ZOa^]aWQW]\Sa[ta^S`a]\OZSaS
W\RWdWRcOZWabOa^O`OZZSUO`ObS\S`Ucab]a]^W\W]\SaXcWQW]aRSdOZ]`
Q][^]`bO[WS\b]a_cSa]\Z]aRSb]R]aZ]aRSZOU`O\[OaOW\RWTS`S\QWORO
3Z^`]QSa]OaRSaQ`Wb]^]R`OaS`bOQVOR]RSaW[^ZWTWQOR]`^S`]aS
[cSab`OSa^SQWOZ[S\bSQ`cR]gaWU\WTWQObWd]QcO\R]ORSbS`[W\OROa
8„dS\SagUSabW„\RSZ`WSaU]
$!
SRORSaZ]aX„dS\Sa[ta[Og]`Sa]Z]aORcZb]a[cSab`O\OPWS`bO[S\bS
^]aWQW]\Sad]Zc\bO`WO[S\bSRWTS`S\QWOR]`Oa_cSa]QWOZ[S\bS\]
Q]``Sa^]\RS\Q]\Z]_cSaSSa^S`Og^`Sac^]\SRSacSRORgRSac
^`]QSa]RS[ORc`Sh3\b]\QSabOZSa^S`a]\Oa]Qc^O`t\Z]a[t`US\Sa[ta
TtQWZ[S\bSSbW_cSbOPZSagSabWU[ObWhOPZSa^]`SZQ]\Xc\b]RSZOa]QWSROR
µ\]`[OZ¶
3Z^`]PZS[OdWS\SQcO\R]SabOaaWbcOQW]\Sa_cS`Sa^]\RS\ORW\t[WQOa
a]QWOZSa[ta][S\]aOaW[WZOPZSaRS`WdO\S\^`]QSa]a^]`Z]aQcOZSa
bWS\RS\OW\abWbcQW]\OZWhO`aSZOaW\bS`^`SbOQW]\Sa[taW\bS`SaOROaS
WRS]Z]UWhOROaRSZOa[Wa[OaO[]R]RS^S\aO[WS\b]‰\WQ]3aS\b]\QSa
QcO\R]ZOO^`]^WOQW„\RSZ]a]QWOZ[S\bSOQS^bOPZSaSVOQS[ta^ObS\bSg
^`S]Qc^O\bS^]`^O`bSRSZ^]RS`^]ZbWQ]SQ]\„[WQ]QcZbc`OZSbQ_cS
b`ObORS^S`^SbcO`aSS\acaWbcOQW„\dS\bOX]aOOPOaSRSVOQS`aSQ]\ZO
^ObS\bSRSZ]_cSSaµ\]`[OZ¶gOQS^bOPZSRSZ]_cSSabtPWS\Z]_cSSabt
[OZgZ]_cS\]aS^cSRS^S`[WbW`AcSZSaS`c\ZcUO`Q][‰\OTW`[O`_cSSZ
^]RS`SaQ]\aS`dOR]`^]`\Obc`OZShOgS\ZOQO^OQWRORRSRSTW\W`g
O^`]^WO`aSRSZ]aZ[WbSaRSZbS``S\]RSXcSU]S\Q]\b`O`tac[SX]`O`[O
3dWRS\bS[S\bSQOROaWbcOQW„\US]^]ZbWQOQ]\Q`SbOgQORO[][S\b]
VWab„`WQ]RSbS`[W\O`tZO[O\S`OS\_cSacaTcS`hOaRS^]RS`b`ObO\RS
O^`]^WO`aSRSZaS\bWR]RSZOµ\]`[OZWROR¶_cS[taQ]\dWS\SOacaW\bS`SaSa
g[SX]`S\QOXO\Q]\acWRS]Z]UO_cSbO[^]Q]OZQO\hO`tSZ[Wa[]U`OR]
RSW\bS\aWROR\WaS`tWUcOZ[S\bS^`S]Qc^O\bSS\b]R]aZ]aZcUO`SaRSZ
^ZO\SbO[cQV]aTOQb]`SaS\b`O\S\XcSU](aWabS[O^]ZbWQ]SQ]\][O
`SZOQW]\SaW\bS`\OQW]\OZSaSbQ3\QcOZ_cWS`QOa]a^O`SQSQZO`]_cSZOa
Q]``WS\bSaUZ]POZWhOR]`Oa^O`SQS\SabO`a][SbWROaOc\OTcS`bS^`SaW„\RS
ZOaW\abWbcQW]\SaRS^]RS`_cSb`ObO\RSUZ]POZWhO`^`SQWaO[S\bSSaOacS`bS
RS^S\aO[WS\b]‰\WQ]_cSZOaa]abWS\SS\ac^]aWQW„\RS^`WdWZSUW]:O
Q]\abObOQW„\RSbOZSfb`S[]aSS\QcS\b`OS\ZOPOaSRSOQbcOQW„\RSZ]a
Q`SQWS\bSa[]dW[WS\b]aQWcRORO\]aO\bWUZ]POZWhOQW„\QZO`]Sf^]\S\bSRS
ZOa^S`a]\Oa_cSd]Zc\bO`WO[S\bSaSaWb‰O\OZ[O`US\RSZ]aZ[WbSaRSZO
µ\]`[OZWROR¶W\abWbcQW]\OZWhORO
DOZUOc\SXS[^Z]RSQ„[]SZQ]\QS^b]RSZ]µ\]`[OZ¶aSW\aS`bOS\\cSab`O
dWRO^]ZbWQOgQ]bWRWO\OQO`Ut\R]aSRSc\Q]\bS\WR]WRS]Z„UWQ][cg
Q]\Q`Sb]Q]\]PXSbWd]a[cgRSbS`[W\OR]a3Z "RSOP`WZRS !SZ
Sf^`SaWRS\bSRSZU]PWS`\]8]a{;O`O/h\O`^`]\c\QWOPOc\OQ]\TS`S\QWO
S\ZOTc\ROQW„\4/3APOX]SZbbcZ]µ3ZTcbc`]RS3a^OƒOS\SZFFD
O\WdS`aO`W]RSZO1]\abWbcQW„\¶_cSQ][S\hOPOQ]\ZOaaWUcWS\bSa^OZOP`Oa(
µ:O1]\abWbcQW„\gSZSaTcS`h]RSb]R]aRc`O\bSSab]aOƒ]a
\]aVO^S`[WbWR]OZQO\hO`SfOQbO[S\bSO_cSZZ]_cSTcS
W[^]aWPZSRc`O\bSb]ROaZOaR{QOROa^`SQSRS\bSa;S`STWS`]O
ZO\]`[OZWROR:ORSaSOROQ]\RWQW„\RSaS`c\^Oa\]`[OZC\
^Oa_cS\]bWS\S_cSQO[W\O`QORORO^]`SZTWZ]RSZO\OdOXO
^S`]_cSbO[PW{\RSPSaS`Q]\aQWS\bSRS_cSacSabObcaRS
\]`[OZWRORZSS\T`S\bOO\cSdOa`SOZWRORSagZSUS\S`O\cSd]a
^`]PZS[OaOZ]a_cSRSPSRO``Sa^cSabO6]g_cWS`]`SWdW\RWQO`
SaO\]`[OZWRORRS3a^OƒOgdW\QcZO`ZOSf^`SaO[S\bSOZ{fWb]
Q]\abWbcQW]\OZgOZSaTcS`h]RSR]a]b`SaUS\S`OQW]\SaRS
Sa^Oƒ]ZSaGOZ[Wa[]bWS[^]_cWS`]aSƒOZO`_cSSZVSQV]RS
aS`c\ORS[]Q`OQWO\]`[OZ^ZO\bSOc\O^S`[O\S\bSSfWUS\QWO
RSQ]\bW\cWRORS\ZObO`SOOZbWS[^]_cSZOd]Zc\bORTW`[Sg
aS`S\ORSVOQS`T`S\bSO`Sb]a_cSVOabOOV]`O\]a^O`SQO\
ZSXO\]a]OXS\]a¶
$"
@3D7AB/233ABC27=A238CD3<BC2§aS^bWS[P`S&q\Ž&
/Q]\bW\cOQW„\SZRWaQc`a]RSaU`O\OPOQW\Q]^c\b]aO^O`bW`RSZ]aQcOZSa
VOQS`T`S\bSOZOµbO`SO¶RSOaS\bO`ZOO\aWOROµ\]`[OZWROR¶)OaOPS`(
OTWO\hO`ZOSabOPWZWRORRSZaWabS[OW\abWbcQW]\OZT]`bOZSQS`ZOaW\abWbcQW]\Sa
ORSQcO`ZO[O\S`ORSSabO`S\SZSaQS\O`W]W\bS`\OQW]\OZ^`]Tc\RWhO`S\SZ
RW\O[Wa[]SQ]\„[WQ]gOQS`bO`S\ZOa`Sa^cSabOaOZOa\cSdOa
\SQSaWRORSag`SOZWRORSaa]QWOZSa>O`SQSSdWRS\bS_cSbOZSa^c\b]a\]
`SacZbO\QOacOZSa^]``Sa^]\RS`OQcSabW]\SaRS^`]Tc\R]QOZOR]^]ZbWQ]
SWRS]Z„UWQ]_cSSabOPO\RS^ZS\OOQbcOZWRORS\SZ[][S\b]gS\SZ
Q]\bSfb]S\SZ_cSaS^`]\c\QWOPO\SabOa^OZOP`Oa(S\ZO[O\S`ORSRO`
Ocb{\bWQ]Q]\bS\WR]^]ZbWQ]OZ]a[Wa[]aSaRSQW`OZbW^]RSQ]aOaa]P`S
ZOa_cSOaS\bO`ZOµ\]`[OZWROR¶RSZO\OQW„\Sa^Oƒ]ZOS\Q]\b`O`S[]aZOa
QZOdSaRSZOO^`]^WOQW„\RSZQ]\QS^b]_cSb]R]a^S`aWUcS\3abO[]a^]`
bO\b]O\bSc\SXS[^Z]RSQ„[]SaSQ]\QS^b]RSµZ]\]`[OZ¶SaQ]\RS
U`O\RSaQ][^]\S\bSaWRS]Z„UWQ]a_cSb`ObO\RS]`RS\O`ZOdWROS\
a]QWSROR\]`[ObWdWhO`ZOaQ]\RcQbOagRSa\WdSZO`S\c\]c]b`]aS\bWR]ZO
POZO\hORSZ^]RS`
2SQcOZ_cWS`[]R]Z]_cSSabO[]aS\Q]\RWQW„\RS^ZO\bSO`Q][]QO[^]
RSSabcRW]O^O`bW`RSZ]RSaQ`Wb]S\SabOa^tUW\OaSaSZW\bS`SaO\bSg
SaS\QWOZ^`]QSa]^O`OS\bS\RS`\cSab`OdWROS\Q][‰\^]`SZQcOZSZ
Q]\Xc\b]RSZOa]QWSROR^`]gSQbOc\OaS`WSRSSabS`S]bW^]aa]P`SµZ]
\]`[OZ¶S\µZ]X]dS\¶Z]agZOaX„dS\SaOac[S\gQ]\TW`[O\Sa]a[Wa[]a
SabS`S]bW^]aO^O`bW`RSQWS`bOaRW\t[WQOaRSV][]US\SWhOQW„\S
W\RWTS`S\QWOQW„\QcZbc`OZgZ]aU`O\RSa[SRW]aRSQ][c\WQOQW„\
W\T]`[OQW„\g^]RS``SQ]US\`STcS`hO\SW\abWbcQW]\OZWhO\bOZSa
SabS`S]bW^]a>]`ac^cSab]ZOaQ]\aWRS`OQW]\Saa]P`SZ]a`WSaU]a\]
SaQO^O\ObOZSa^`]QSa]a
@343@3<17/A070:7=5@È471/A
:WP`]a
ÈZdO`ShC`O4'&!µ;WaS`OPZSagZ]Q]a¶)Bca_cSba
1O\UcWZVS[5'%µ:]\]`[OZgZ]^Ob]Z„UWQ]¶)AWUZ]FF7/`US\bW\OSRWb]`Sa
1][Oa2Q]]`R "µ8„dS\SagSabWZ]aRSdWRO¶)7<8CD34/2
2WQQW]\O`W]RSZO@SOZ/QORS[WORSZOZS\UcO3a^Oƒ]ZO
;SUOa3RW` µDOZ]`Saa]QWOZSagR`]UOa¶)4/2
;SUOa7g@]R`UcSh3 µ:OWRS\bWRORXcdS\WZRSaRSZOaOTW\WRORSa[caWQOZSa¶)7<8CD3
;SUOa7g@]R`UcSh3 !µ8„dS\SaS\b`Sa]\WR]a¶)7<8CD34/2
@]R`UcSh3g;SUOa7 ¶3ab`cQbc`OgTc\QW]\OZWRORRSZOaT]`[OaRSRWdS`aW„\\]Qbc`\O(
:[WbSagQ]\TZWQb]a¶)S\:O\]QVS(c\Q]\TZWQb]RS^]RS`)@SdWabORSSabcRW]a2S8cdS\bcR\Ž#")
7<8CD3
@]R`UcSh3);SUOa7)gAt\QVSh3 µ8„dS\Sag`SZOQW]\SaU`c^OZSa¶)7<8CD34/2
@]R`UcSh3Q]]`R µ8„dS\SagdWRS]XcSU]a¶)7<8CD34/2
@]aWbW4'&µ6Wab]`WOgbS]`ORSZO1cZbc`ORS;OaOa¶)3RWb]`WOZ5cabOd]5WZ
At\QVSh:);SUOa7)g@]R`UcSh3 "µ8„dS\Sag^cPZWQWROR¶)7<8CD34/2
B]c`OW\S/'%µ:Oa]QWSROR^]abW\Rcab`WOZ¶)/`WOZ
/`bQcZ]ag^tUW\OaRS7\bS`\Sb
/h\O`8;O "" "µ3ZTcbc`]RS3a^OƒOS\SZFFDO\WdS`aO`W]RSZO1]\abWbcQW„\¶)
Q]\TS`S\QWO^`]\c\QWOROS\ZO4c\ROQW„\4/3A);OR`WR
1O^]\WAµ:]\]`[OZQ][]QObSU]`Oa]QW]Z„UWQO¶)S\eeePcSRceQ^>O^S`aA]QWA]QW1O^AVb[
:]hO\]8;)µ¥2S_c{VOPZO[]aQcO\R]VOPZO[]aRSZ]aX„dS\Sa-¶)S\eeeTSa^W\OZQ][
>S\Rta0&! ")µ5S\bS\]`[OZ¶)O`bQcZ]O^O`SQWR]S\ZOSRWQW„\RS;OR`WRRSZRWO`W]/01
DS`R‰D$" )µ:]\]`[OZ¶)O`bQcZ]O^O`SQWR]S\ZOSRWQW„\RS;OR`WRRSZRWO`W]3Z>Oa
8„dS\SagUSabW„\RSZ`WSaU]
$#