2 Analizando el PIB a la luz de la Teoría de las Capacidades de Martha Nussbaum

 6I<?4C?4A4H@ 8F
8C4EG4@8AGB78 HA74@8AGBF78AQ?<F<F6BAU@<6B
.A<I8EF<74778'HE6<4
'HE6<4 FC4T4
(*!)0!"'!%'$'($$#1"$ %('(*
"%! *)!/1# ! $#())*. *# " #(*#) !
#()' . &* ! %'$'($ $#1"$ #$ '#)/ ! " $' !
(''$!!$*"#$#)'!("*(!)'#)+(%'$%*()(()
!4$'0!( %(5')*((*"'"$'0#%
()*'(!( #($!( #()')0*!$(-%!
1"$(#)'$*$)$'0%'!'!/1#*#%'$.)$
##$+1# $#) #)'$ ! (#)*' 4'#%$( $#$"05 ! '$ # #( $!0)( . ()1# 2! !
$ )+$ ( &* !$( ()*#)( '!$## $#$"0 . '"#)$
$#1"$$# *()($!($()#!*!
&'%')(*!))$"(*'$#$"%'$'((#(%)$)(
') %'$"## ) $#())*)( # #(*#) ,!!#
"(*' *( $#$" %'$'(( $( #$) *'#) )
"%'$+"#) $ *"# +!$%"#) "$# ) "#. !)'#)+(
%'$%$( ) ( ,$') )$ !) ) 4$'. $ %!)(5 .
') *((*" '# $ ()*'( ,' $' $! #(
( ')! -%!#( $, )( )$'. ( # %%! # #
##$+)$#)#%'$ )$)(* )4'#%!($$#$".5#
)4'$$!)!##*!#"#)5"(
))()*#)('!)$#$"(#$#$"'$,))$($! *()
(*()#!).#&*!).
#
&4F HA<I8EF<7478F 78F8@C8T4A HA C4C8? 8FC86<4? 8A ?4
FB6<87474GE4IRF78FHF46G<I<7478FCE<A6<C4?8F789B@8AGB78?
6BAB6<@<8AGB L ?4 8EH7<6<UA L 78 9BE@46<UA 78 8FGH7<4AG8F L
CEB98F<BA4?8F ,<A 8@54E:B 8A ?4 RCB64 6BAG8@CBEQA84 ?4
87H646<UA FHC8E<BE F8 CE8F8AG4 @QF 6B@VA@8AG8 6B@B 8?
8F68A4E<B 6?4I8 C4E4 GE4AF9BE@4E HA C4SF 8A HA4 86BAB@S4
6B@C8G<G<I454F4748A8?6BAB6<@<8AGB 64C4M786B@5<A4E8?
6E86<@<8AGB86BAU@<6BL?4@8=BE478?8@C?8B6BAHA4@4LBE
6B;8F<UAFB6<4? (HFF54H@ 78F6E<588FG4F<GH46<UA6B@B
?4 <AF46<45?8 F87 78 6E86<@<8AGB 86BAU@<6B L E8FH?G47BF 78
64C<G4? ;H@4AB DH8 <@CH?F4 ?4 CB?SG<64 87H64G<I4 8A GB7B 8?
@HA7B ?4CE8:HAG4@QF<@CBEG4AG8 [*BEDHR?4<AGH<6<UA5QF<64
78DH8?4FCE8B6HC46<BA8F;H@4A4F7858AF8E8?B5=8G<IBV?G<@B
78?446G<I<74786BAU@<64F<:H8F<8A7B<:ABE4748A?4CB?SG<64
78GB7B8?@HA7B
(B 8F DH8 8? 64C<G4? ;H@4AB F84 HA @4? B5=8G<IB C4E4 ?4F
HA<I8EF<7478F?4FBCBEGHA<7478F86BAU@<64F=HFG4F HA8AGBEAB
8@CE8F4E<4?CEB7H6G<IBL?4E87H66<UA78?4<AF8:HE<747;H@4A4
FBA9HA74@8AG4?8FC4E48?5<8A8FG4E &4<AG8:E46<UA8A?4I<74
86BAU@<64 8F <@CBEG4AG8 C4E4 DH8 ?4F C8EFBA4F C4EG<6<C8A
C?8A4@8AG88A?4:8A8E46<UA78<A:E8FBFL8A?4B5G8A6<UA78
HA8@C?8BE8@HA8E47B *8EB?BF<A:E8FBFCBEFSFB?BFABCH878A
64CG4EGB74?4:4@4786BAGE<5H6<BA8F4HA8FG47B785<8A8FG4E
8A?4I<7478HA4C8EFBA4,8A ? 8A9BDH8 78 ?4 64C46<747 78 @4EGL4 ,8A L FH
78F4EEB??B CBFG8E<BE CBE (HFF54H@ B9E868A HA
8A9BDH8 ABE@4G<IB 4GE46G<IB 4? FH5FH@<E 8? 64C<G4? ;H@4AB
78AGEB78HA8A9BDH8DH8I4?BE48?5<8A8FG4E;H@4AB L8A8?
DH86474C8EFBA48FHA9<A8AFS@<F@BLAB8?@87<BC4E44?:VA
BGEB9<A &487H646<UAHA<I8EF<G4E<4CH8786BAGE<5H<E4?BDH8
,8A 78AB@<A4 9HA6<BA4@<8AGBF ?B:EBF 8F 786<E 4DH8??BFF8E8FL;86;BFI4?<BFBFDH8ABFC8E@<G8A8?8:<ELI<I<E
78 @4A8E4F DH8 8A6BAGE4@BF F<:A<9<64G<I4F CEB7H6G<I4F L
:E4G<9<64AG8F <A7<I<7H4? L 6B?86G<I4@8AG8 C4E4 8? 5<8A 78 ?4
FB6<8747 *4E4 ,8A ?4F 64C46<7478F FBA ?4F ?<58EG478F ?BF
CBG8A6<4?8F B ?BF 64@<ABF I<G4?8F 4?64AM45?8F C4E4 DH8 HA
<A7<I<7HB ?B:E8 HA 9HA6<BA4@<8AGB I4?<BFB 78 @B7B DH8 $+
".-)4-3.#$" / "(# #$2-.2# (-%.1, "(=-2.!1$+.2#(5$12.2
5$"3.1$2 #$ %4-"(.- ,($-3. 04$ $239- + +" -"$ #$ 4- /$12.- ,8A CC &BF 9HA6<BA4@<8AGBF FBA
6BAFG<GHG<IBF78?5<8A8FG4EL?464?<74778I<7478HA4C8EFBA4L
FH4HF8A6<4FH:<8E8@4?8FG4EL78FI8AG4=4 ,8A E86;4M49<E@8@8AG8?4BC<A<UA78DH8HA4I<74
@8=BEFU?BCH87878E<I4EF878?6E86<@<8AGB86BAU@<6B;4LHA4
F8E<8 78 9<A8F ;H@4ABF I4?BE47BF 78 @B7B DH8 F8E HA @8=BE
CEB7H6GBEAB8F8?VA<6B9<A8I4?H4G<IBC4E4?4FI<74F;H@4A4F
8? CEBCUF<GB 6?4I8 78? 78F4EEB??B FBFG<8A8 8F 8? 78F4EEB??B
;H@4AB &BF <A:E8FBF L ?4 86BAB@S4 F8:H<ES4A F<8A7B
<@CBEG4AG8F C8EB 8? CEBCUF<GB 78? 78F4EEB??B 87H64G<IB F8ES4
4@C?<4E GB74F ?4F BC6<BA8F ;H@4A4F DH8 @8E868A ?4 C8A4 78@QF (HFF54H@ 78FG4648KC?S6<G4@8AG88?I4?BE78
?4 7<:A<747 ;H@4A4 *4E4 (HFF54H@ ?4F
64C46<7478F FBA BCBEGHA<7478F C4E4 C8AF4E 8A 8? 6HEES6H?B L
CB78E8FC8EFBA4?8F (HFF54H@CEBCBA8HA4C8EFBA4?<747@QF
6B@C?8=4 DH8 ?4 78 ,8A 6BA FH ?<FG4 78 7<8M 64C46<7478F
HA<I8EF4?8F68AGE4?8FDH874A6BAG8A<7B4?4AB6<UA45FGE46G478
)6GH5E8 '47E<7 ,*P
/#BA:E8FB#AG8EA46<BA4?FB5E8CE8A7<M4=8 #AABI46<UALBBC8E46<UA#(# '2,&,1$,&
26
(&#3()&*#&&.3&-)+b&,*#,'+-"(.,,.'2
64C46<747 ,< ;468@BF DH8 ?4F 64C46<7478F L ?BF
9HA6<BA4@<8AGBFF84A68AGE4?8F8A8?6HEES6H?B 64@5<4@BF8?
8=8 78 4AQ?<F<F C4E4 8FG45?868E L 8I4?H4E ?4F 6BA7<6<BA8F
CB?SG<64F FB6<4?8F 86BAU@<64FL87H64G<I4FDH8C8E@<G8A4?BF
<A7<I<7HBF GB@4E 786<F<BA8F <A9BE@474F 54F474F 8A ?B DH8
G<8A8AE4MBA8FC4E4I4?BE4E ? 8A9BDH8 78 ?4F 64C46<7478F F8 54F4 8A HA4 7<FG<A6<UA
9HA74@8AG4?8AGE864C46<7478FL9HA6<BA4@<8AGBF 7BA78HA4
64C46<747 8F ?4 ?<58EG47 E84? DH8 G<8A8 HA <A7<I<7HB C4E4
9HA6<BA4E 78 HA4 @4A8E4 DH8 I4?BE4 @<8AGE4F DH8 HA
9HA6<BA4@<8AGB8F;468EBF8E4?:B ?RA94F<FCE<A6<C4?78AGEB
78? 8A9BDH8 8FGQ 8A ?4F 64C46<7478F L4 DH8 ?4F C8EFBA4F AB
7858ES4A F4?IB 8A 6<E6HAFG4A6<4F 8K68C6<BA4?8F I8EF8
B5?<:474F 4 9HA6<BA4E 8A 6BAGE4 78 FHF CEBC<BF I4?BE8F L B
8?866<BA8F 4HADH8BGE4C8EFBA4?B6BAF<78E878F845?8 ,8CH878
4E:H@8AG4EDH8?BF)5=8G<IBF78?8F4EEB??B,BFG8A<5?8),
FBAHA4I8EF<UA78;468EBF8E 8A8?F8AG<7B78?8A9BDH878?4F
64C46<7478F A8FG8F8AG<7B G4@5<RAF8CH8784E:H@8AG4E?4
A868F<74778;468E;<A64C<R8A?4F64C46<7478F @QFDH88A?BF
9HA6<BA4@<8AGBF 8A ?BF <A7<I<7HBF L ?4F FB6<87478F C4E4
CEB@BI8E?BF),)(. ,4AM8G4? FG8C?4AG84@<8AGB8A:4EM46BA?47H646<UAC4E4?4$HFG<6<4
,B6<4?DH8E86?4@4HA487H646<UADH8GE454=88A8?78F4EEB??B
<AG8:E4? 78 ?BF 8FGH7<4AG8F HA4 87H646<UA 6ESG<64 DH8 F8
CE8:HAG8 8KC?S6<G4@8AG8 8? CBEDHR 78 ?4F 6BF4F C4E4 ?H6;4E
6BAGE4 ?4F <A=HFG<6<4F L BCE8F<BA8F 'HE<??B L "8EAQA78M
4FG<??4 )(-1-)
A8?6HEFB4647R@<6B 6B@8AMU4<@C4EG<EF88?
^!E47B8A<8A6<4F*B?SG<64FL!8FG<UA*V5?<64_!*!*78
?4.A<I8EF<74778'HE6<4 FG8:E47BFHE:<U6B@BHA49HF<UA
78 ?4F 4AG8E<BE8F &<68A6<4GHE4 8A <8A6<4F *B?SG<64F L
<C?B@4GHE48A!8FG<UAL7@<A<FGE46<UA*V5?<64 A8?CE<@8E
6H4GE<@8FGE8 78? CE<@8E 4TB F8 <@C4EG8 ?4 4F<:A4GHE4 78
^*E<A6<C<BF786BAB@S4_6BAHA464E:47B68AG8786ER7<GBF ?BDH88DH<I4?84GE8F;BE4F78G8BES4LHA4;BE478CEQ6G<64F
F8@4A4?8F 8FCHRF 78 I4E<BF 4TBF <@C4EG<8A7B 8FG4 4F<:A4GHE4 F8 ;4
C8E6<5<7B?4A868F<74778<AGEB7H6<E4?:VA8=8E6<6<BDH8<AI<G84
?BF 8FGH7<4AG8F 4 E89?8K<BA4E L 78F4EEB??4E HA C8AF4@<8AGB
6ESG<6B L DH8 G4@5<RA 78@H8FGE8 DH8 ?4 6BAB@S4 8FGQ
GBG4?@8AG8 E8?46<BA474 6BA BGE4F QE84F 78 6BAB6<@<8AGB DH8
6B@C4EG8A 7B68A6<4 8A 8? CE<@8E 6H4GE<@8FGE8 78? !*!* 6B@B ,B6<B?B:S4 *B?SG<64F *V5?<64F #AFG<GH6<BA8F *B?SG<64F "<FGBE<4L <?BFB9S4*B?SG<64 &46BA68F<UA78?^*E8@<B*ESA6<C8
78FGHE<4F78?4F<8A6<4F,B6<4?8F_8AB6GH5E878 4?4
CEB98FBE4'4EG;4(HFF54H@;46BAFG<GH<7B8?CHAGB78C4EG<74
C4E4<AGEB7H6<EHA4<AABI46<UA7B68AG8 ?6BAG8KGB8A8?DH8F8<@C4EG8?44F<:A4GHE478^*E<A6<C<BF
786BAB@S4_CBF88HA4FC4EG<6H?4E<7478F8FC86<4?8F<8FHA4
4F<:A4GHE4 6BA HA 6<8EGB 64EQ6G8E AH@RE<6B DH8 6B@C4EG8
7B68A6<48A8?@<F@B6H4GE<@8FGE86BABGE4F4F<:A4GHE4F6BAHA
64EQ6G8E @H6;B @QF G8UE<6B ,B6<B?B:S4 8E86;B
BAFG<GH6<BA4? HA74@8AGBF 78 <8A6<4 *B?SG<64 "<FGBE<4
*B?SG<64L,B6<4?BAG8@CBEQA84<<HACBE68AG4=8FHFG4A6<4?
78?BF8FGH7<4AG8F4FB6<4A?486BAB@S46BA?4F@4G8@QG<64F L
AB;4A8FGH7<47B@4G8@QG<64F8A?BF7BF4TBF78546;<??8E4GB *BE 8FGBF @BG<IBF F8 6BAF<78E4 DH8 8F A868F4E<B DH8 ?BF
8FGH7<4AG8F C8E6<54A DH8 ?BF 74GBF ?BF E8FH?G47BF 78 ?BF
CEB5?8@4FAH@RE<6BFB?4<AG8ECE8G46<UA78?4FE8CE8F8AG46<BA8F
:EQ9<64FFBAFU?B<AFGEH@8AGBFFB5E8?BFDH8FHFG8AG4E8?4AQ?<F<F
6ESG<6BL?4GB@478786<F<BA8F78CB?SG<6486BAU@<64 H4A7BF86B@C4E4AI4E<BFC4SF8F8AGE8FS B?4GE4L86GBE<4
78HAC4SF4?B?4E:B78?G<8@CB F8FH8?8<78AG<9<64EHA@4LBE
78F4EEB??B6BAHA@4LBE*#C8E64C<G4BHA@4LBE6E86<@<8AGB
78?@<F@B ,<A8@54E:B ?4HG<?<M46<UA78?*#C8E64C<G4CH878
^BF6HE868E_BGEBF4FC86GBF<@CBEG4AG8FDH87858A<E4FB6<47BF
4?78F4EEB??BF4?H7 87H646<UA C4EG<6<C46<UACB?SG<64 <:H4?747
78 :RA8EB ?<58EG47 78 4FB6<46<UA ?<58EG47 78 8?866<UA 78
B6HC46<UA\ A C4?45E4F 78 H? "4D C L 8A
E898E8A6<44?49BE@4786BAG45<?<M4E78?*# ^"4 +04($1,$#(# 04$ 5 +.1$ 4- 1$5=+5$1 5 1(.2 "($-3.2 #$ 5$"$2 ,92 04$ 4- !.3$++ #$+$"'$242"(3 2$1( 2#4# 22.!1$241$+$5 -"( / 1 ,$#(1$+/1.&1$2.'4, -._ .AB 78 ?BF CE<@8EBF <A7<647BE8F 4?G8EA4G<IBF 4? *# 9H8 8?
bA7<68 78 8F4EEB??B "H@4AB #" B "H@4A 8I8?BC@8AG
#A78K8A8?4TB 8?45BE47BCBE8?86BAB@<FG4C4><FG4AS
'4;5H5H?"4D =HAGB6BAHA:EHCB78<AG8?86GH4?8F8AGE8?BF
DH8F88A6BAGE454@4EGL4,8A*E8@<B(B58?786BAB@S48A
? #" GB@4 6B@B CHAGB 78 C4EG<74 8? #A9BE@8 FB5E8
8F4EEB??B"H@4AB78(46<BA8F.A<74F L6BAF<78E4DH8
8K<FG8A GE8F A868F<7478F 5QF<64F DH8 7858A F8E 6H5<8EG4F
6BAF8:H<EHA4I<74?4E:4LF4?H745?8 47DH<E<E6BAB6<@<8AGBFL
7<FCBA8E78?BFE86HEFBFA868F4E<BFC4E47<F9EHG4E78HA464?<747
78I<747868AG8.(* C8F4E 78 FH 5H8A4 <AG8A6<UA 8? #" B@<G8 BGE4F
7<@8AF<BA8F E8?8I4AG8F 8DH<747 ?<58EG47 CB?SG<64 78E86;BF
;H@4ABF FBFG8A<5<?<747 98?<6<747 CBE6<G4EFU?BHABF6H4AGBF *BE8FG4E4MUA CB6BF4TBF78FCHRF78FHA46<@<8AGB8@C8M4EBA
4FHE:<EHA4F8E<8786ESG<64F8AGBEAB4?4?<@<G474C8EFC86G<I4
78 7<6;B SA7<68 *BE 8=8@C?B 4F:HCG4 L 084?8 <AG8AG4EBAE8 8?45BE4E8?#"<A6?HL8A7BI4E<45?8FE8?46<BA474F
6BA?4?<58EG476<I<?LCB?SG<64,4:4EL(4=4@F8T4?4EBA
DH8 8? #" AB G8AS4 8A 6H8AG4 8? 8986GB 78? 78F4EEB??B 78 ?BF
C4SF8F FB5E8 8? @87<4@5<8AG8 'QF E86<8AG8@8AG8 '4EG;4
(HFF54H@
8AHA6<UFHG8BES478?4F64C46<7478F ?4@4LBES478?4F6H4?8FAB8A6H8AGE4A645<748A8?#" C8EB
C8E@<G8AB5G8A8EHA4I<F<UA@QF:?B54?LE84?<FG478?CEB:E8FB
;H@4AB ,+#*#c(
&4:E4A4CBEG46<UA78'4EG;4(HFF54H@8F?46BA9<:HE46<UA
78HA4?<FG47864C46<7478F9HA74@8AG4?8F 8F786<E HA4?<FG478
CE<A6<C<BF 5QF<6BF F<A ?BF 6H4?8F A<A:HA4 FB6<8747 CH878
??4@4EF84FS@<F@4^=HFG4_ <A78C8A7<8AG8@8AG8786HQ?F84FH
A<I8? 78 BCH?8A6<4 *H878 DH8 ?4 HG<?<M46<UA 78? GRE@<AB
^64C46<7478F_E8FH?G8HACB6B??4@4G<IB4?CE<A6<C<B LDH8F8
CE89<E<8E4 78AB@<A4E?BF ^78E86;BF_ (B B5FG4AG8 8A 8FG8
4FC86GB'4EG;4(HFF54H@46?4E4DH8?4?<FG4DH88?45BE48F78
^64C46<7478F_LAB78^78E86;BF_ CH8FGBDH8HA78E86;BCH878
8K<FG<ECBEDH88?@<F@B8FGRE86B:<7B8AHAG8KGB?8:4? 4C8F4E
78DH8AB8K<FG4A@87<74F8986G<I4FDH8C8E@<G4A4?4FC8EFBA4F
F8E64C468F788=8E6<G4E7<6;B78E86;B .A 8=8@C?B 6?4EB DH8 EH5E<64 8FG4 7<98E8A6<46<UA ?B
8A6BAGE4@BF8A?4BAFG<GH6<UA78*4><FGQA 7BA78F88FG45?868
DH8^ .#.2+.2"(4# # -.22.-(&4 +$2 -3$+ $77#$!$-
1$"(!(1 (&4 + /1.3$""(=- ! . $6(23(19 #(2"1(,(- "(=- /.1
1 8=-#$2$6._4EG L^+23 #./1.,.5$19".-$2/$"( +
"4(# #. + $#4" "(=- $- + 2 "+ 2$2 2."( +$2 7 $- + 2 91$ 2
&$.&19%(" 2 ,92 #$2% 5.1$"(# 2 /1.,.5$19 + $#4" "(=-
&1 34(3 7 .!+(& 3.1( ' 23 + $-2$< -8 2$"4-# 1( 7 + )6GH5E8 '47E<7 ,*P
/#BA:E8FB#AG8EA46<BA4?FB5E8CE8A7<M4=8 #AABI46<UALBBC8E46<UA#(# 27
(&#3()&*#&&.3&-)+b&,*#,'+-"(.,,.'3
$#4" "(=- 24/$1(.1 2$ ""$2(!+$ 3.#.2 2.!1$ + ! 2$ #$+
,:1(3._ 4EG BAFG<GHG<BA B9 G;8 #F?4@<6 +8CH5?<6 B9
*4><FG4A *BE6BAF<:H<8AG8 F8E86BAB688?78E86;B4?4
<:H4?747 L 8? 78E86;B 4 ?4 87H646<UA (B B5FG4AG8 GB7BF
6BAB68@BF8?64FB78?4A<T4C4><FG4AS '4?4?42BHF49M4< DH8
E86<5<U HA 7<FC4EB 8A ?4 6458M4 F<@C?8@8AG8 CBE 7898A78E 8?
78E86;B78?4FA<T4FC4><FG4AS8F4<E4?48F6H8?4 8F786<E DH8
?4F A<T4F AB G8AS4A ?4 64C46<747 78 87H64EF8 8A <:H4?
6BA7<6<BA8FDH8?BFA<TBF FG4 ?<FG4 78 64C46<7478F F8 E89<8E8 4 HA 6BA=HAGB 78
6H8FG<BA8F E8?4G<I4F 4? F8E ;H@4AB DH8 FBA I8E7478E4@8AG8
GE4F68A78AG8FLDH8ABF8CH878A78=4E4?4?587ESB786474C4SF F<ABDH87858AF8EE86BAB6<74F4A<I8?@HA7<4?6BAG<AH46<UA F8 8KCBA8A ?4F 7<8M 64C46<7478F CEBCH8FG4F CBE '4EG;4
(HFF54H@ AFHB5E4ABF86BA6E8G46U@B@87<E6474HA478
7<6;4F64C46<7478F CBE?BDH8C4E4CB78E??8I4E?4F4?4CEQ6G<64
;4 F<7B A868F4E<B E84?<M4E HA4 5VFDH874 78 <A7<647BE8F
4CEBC<47BF46474HA4 HADH8F8;4E84?<M47BHA45VFDH874
8K;4HFG<I4 DH8 6B@CE8A78 HA GBG4? 78 <A7<647BE8F AB F8
GE4G4 78 HA4 ?<FG4 68EE474 F<AB DH8 8F FHF68CG<5?8 78 CB78E
4@C?<4EF8 A6H4?DH<8E64FB G4@CB6BF8;4DH8E<7BF4GHE4E4
?BF8FGH7<4AG8F6BAHA4?<FG478I4E<45?8F8K68F<I4@8AG8?4E:4 A 8? CRA7<68 F8 78G4??4 ?4 GE47H66<UA 4? <A:?RF 78 6474
<A7<647BE L ?4 9H8AG8 7BA78 F8 CH878A 8A6BAGE4E ?BF V?G<@BF
74GBF7<FCBA<5?8F FG4<A9BE@46<UA78G4??4749H8FH@<A<FGE474
4 ?BF 8FGH7<4AG8F C4E4 DH8 ?4 HG<?<M4E4A 6B@B :HS4 8A FH
5VFDH874 -B74F ?4F CQ:<A4F J85 DH8 7858A 6BAFH?G4E ?BF
8FGH7<4AG8F8FGQA8A<A:?RF CBE?BDH8?4E84?<M46<UA78?GE454=B
6BAFG<GHL8 HA4 9BE@4 78 DH8 9B@8AG4E 8? 4HGB 4CE8A7<M4=8 78
HA4 ?8A:H4 8KGE4A=8E4 *BE BGE4 C4EG8 ?4 E86BC<?46<UA 78 ?4
<A9BE@46<UA 8K<:8 I<F<G4E CQ:<A4F J85 78 AH@8EBF4F
<AFG<GH6<BA8F <AG8EA46<BA4?8F L 6BAFG<GHL8 HA4 9BE@4 78
94@<?<4E<M4EF8 6BA ?4 ?45BE 78 ?4F @<F@4F 4A6B 'HA7<4? !?B54? BBGCE<AG (8GJBE> #AG8EA4G<BA4? &45BE )E:4A<M4G<BA ) -E4AFC4E8A6L#AG8EA4G<BA4? .(# .A<G87(4G<BAF /<74
,8E64C4M78:BM4E78HA4I<74787HE46<UAABE@4?8I<G4E?4
@H8EG8CE8@4GHE4 HADH84A<I8?<A7<I<7H4? ?4^64C46<747_
E8?46<BA4746BA?4^I<74_F8@<78CBE?48FC8E4AM478I<744?
A46<@<8AGB 4A<I8?78HA4FB6<8747 G4@5<RAF87858G8A8E8A
6H8AG4 ?4 E8?46<UA 8AGE8 ?4 CB5?46<UA 8A 8747 78 GE454=4E L ?4
CB5?46<UA78C8A7<8AG8@8ABE8F784TBFB@4LBE8F78
4TBF ,4?H76BECBE4?
,8E64C4M787<F9EHG4E785H8A4F4?H7 8FG4E4786H474@8AG8
AHGE<7BLCB78EG8A8EHA?H:4E7BA784?58E:4EF8 &4FI4E<45?8F
DH8F8;4A6BAF<78E47B6B@B<A7<647BE8F788FG464C46<747F8
E89<8E8AG4AGB48FG47B78F4?H7@BEG4?<747<A94AG<?L@4G8EA4? @4?AHGE<6<UA 6B@B 4 ?4 7<FCBA<5<?<747 78 E86HEFBF C4E4
F4G<F9468E?4FA868F<7478F5QF<64F #AG8:E<7476BECBE4?
,8E64C4M78@BI8EF8?<5E8@8AG8 6BAF8:HE<747 F<AFH9E<E
I<B?8A6<4 F8KH4? B I<B?8A6<4 7B@RFG<64 &4F I4E<45?8F DH8
E89?8=4A 8FG4 64C46<747 F8 E89<8E8A 4 F<GH46<BA8F 8A ?4F DH8 ?4
@H=8EA<T4B47H?G48FIS6G<@478@4?GE4GBL B4:E8F<UA #@4:<A46<UALC8AF4@<8AGB
,8E64C4MC8AF4E E4MBA4ELCB78E8KCE8F4EF86BA?<58EG478A
8? Q@5<GB 4EGSFG<6B CB?SG<6B L E8?<:<BFB *B78E E86<5<E HA4
87H646<UA DH8 78F4EEB??8 ?4F ;45<?<7478F ?<A:WSFG<64F @4G8@QG<64FL8?C8AF4@<8AGB6<8AGS9<6B @B6<BA8F
,8E 64C4M 78 CB78E 8KCE8F4E F8AG<@<8AGBF F<A DH8 ?4
8KG8E<BE<M46<UA78?BF@<F@BFF8I849EHFGE474CBE8?@<87BB?4
<AGE4ADH<?<747 &4F I4E<45?8F DH8 F8 HG<?<M4A @<78A G4AGB ?4
F4G<F9466<UA6BA?4I<748FC8E4AM4784TBF7898?<6<7476B@B?4
<A98?<6<747FH<6<7<BL5H??L<A: +4MUACEQ6G<64
,8E64C4M78E89?8K<BA4ELC?4A<9<64E?BDH8F8DH<8E8E84?<M4E
8A?4I<74 <A6?HL8A7B?4CEBG866<UA4?4?<58EG47786BA6<8A6<4L
?4 B5F8EI4A6<4 E8?<:<BF4 &4F I4E<45?8F DH8 78ABG4A 8FG4
64C46<747 F8 E89<8E8A G4AGB 4 ?4 CBF<5<?<747 78 DH8 ?4 C8EFBA4
CH874E84?<M4EF88AFH9468G4?45BE4? FB6<4?LE8?<:<BF4 9<?<46<UA
FG4 64C46<747 8A:?B54 BGE4F 7BF F8E 64C4M 78 I<I<E 8
<AG8E466<BA4E 6BA BGE4F C8EFBA4F ?B DH8 <@C?<64 4 FH I8M CEBG8:8E ?4 ?<58EG47 78 4F4@5?84 L ?4 ?<58EG47 78 7<F6HEFB
CB?SG<6BLAB7<F6E<@<A46<UACBEE4MUA78F8KB BE<8AG46<UA
F8KH4? E4M4 8GA<4 F8KB E8?<:<UABA46<BA4?<747 +8?46<UA6BA?4A4GHE4?8M4
,8E 64C4M 78 I<I<E E8FC8G4A7B ?4 A4GHE4?8M4 ,8 HG<?<M4A
<A7<647BE8F DH8 @<78A ?4 6BAG4@<A46<UA L 8? 78G8E<BEB 78?
@87<B4@5<8AG8464HF478?;B@5E8 )6<B
,8E64C4M787<F9EHG4E7846G<I<7478F78B6<BL8FC4E6<@<8AGB ,8CEBCBA8HG<?<M4E6B@B<A7<647BE8F78G8E@<A47BF?4CE8F8A6<4
78 78G8E@<A47BF 6B@CBEG4@<8AGBF 9EHGB 78 HA B6<B @4?
8AG8A7<7B6BAFH@B784?6B;B?8A?BF=UI8A8F CB5?46<UA6BA
FB5E8C8FB 4FS6B@B?44HF8A6<478G<8@CB78B6<BA<TBFDH8
8FGQAGE454=4A7B8A?H:4E787<F9EHG4E78FH<A94A6<4 @H=8E8F
DH8FBAB5?<:474F464F4EF848747G8@CE4A4 BAGEB?78?8AGBEAB
FG4 64C46<747 8A:?B54 BGE4F 7BF C4EG<6<C4E
8986G<I4@8AG88A?BFCEB68FBFCB?SG<6BFLF8E64C4M78G8A8E
HA4CEBC<8747 785HF64E8@C?8B8A?4F@<F@4F6BA7<6<BA8FDH8
BGEBFLF8E64C4M788=8E68EHA4CEB98F<UA6BA7<:A<747L6BA
E86BAB6<@<8AGBCBEC4EG878BGEBF + -3$ ,($-3.#$+ "3(5(# #
?8FGH7<4E8?6BA68CGB78*EB7H6GB#AG8E<BEEHGB*# ?BF
8FGH7<4AG8F6B@CEH854ADH8;4L@H6;4FABG<6<4F78?7S447S4
8A 8? DH8 F8 HG<?<M4 8FG4 @4:A<GH7 7R9<6<G L 78H74 CV5?<64
E8FC86GB4?*# G4F4786E86<@<8AGB78?*#6B@B<A7<647BE78
94F8 78? 6<6?B 86BAU@<6B B *# C8E 64C<G4 ,<A 8@54E:B 8?
6Q?6H?B78?*#CE8F8AG4HA4F8E<878?<@<G46<BA8F
(BE8:<FGE4?4FGE4AF466<BA8F??8I474F4645B8AGRE@<ABF78
^86BAB@S4FH@8E:<74_B8A^7<A8EBA8:EB_ (B F8 E8:<FGE4A ?4F BC8E46<BA8F 78 ^4HGB6BAFH@B_ ^GEH8DH8_L78@QF46G<I<7478FABE8GE<5H<74F9BE@4?@8AG8 &4 I4?BE46<UA 78 ?4 46G<I<747 86BAU@<64 AB 6BAF<78E4 ?4
^64?<747_78?4CEB7H66<UA A<?4^89<6<8A6<4_6BA?4DH8F8
:8A8E4A?BF5<8A8FLF8EI<6<BF )@<F<UA 78 ^6BFG8F @87<B4@5<8AG4?8F_ 8A 6BA68CGB 78
78FGEH66<UA78E86HEFBFA4GHE4?8F &BF BE:4A<F@BF 8A64E:47BF 78 8?45BE4E ?4 BAG45<?<747
(46<BA4? G<8A8A DH8 8A9E8AG4EF8 4 AH@8EBFBF CEB5?8@4F
GR6A<6BF ?B <@C?<64 DH8 C4E4 ?4 B5G8A6<UA 78 6<9E4F
789<A<G<I4F8FA868F4E<BDH8GE4AF6HEE454FG4AG8G<8@CB B@B 6B?B9UA 4 8FG4F @4A<98FG46<BA8F FB5E8 ?4
<AG8ECE8G46<UA6BAE8F8EI4F78?BF<A7<647BE8F54F47BF8A8?*# )6GH5E8 '47E<7 ,*P
/#BA:E8FB#AG8EA46<BA4?FB5E8CE8A7<M4=8 #AABI46<UALBBC8E46<UA#(# 28
(&#3()&*#&&.3&-)+b&,*#,'+-"(.,,.'4
8? ,8A47BE +B58EG %8AA87L 8A FH 7<F6HEFB 4 ?4F 8?866<BA8F < CE8F<78A6<4?8F78F8T4?454DH8^$+-.3($-$$-"4$-3 + 2 +4##$-4$231.2-(<.2-(+ " +(# ##$24$#4" "(=-.
,(#$-(-4$231.".1 )$-(-4$231 2 !(#41; -(-4$231 #$5."(=- << -4$231. / ;2 . ,(#$ 3.#. 2 +5. +. 04$ ' "$ 04$ + 5(# ,$1$8" + /$- _$ %&<5E4EL C 6BAG<AH46<UA F8C?4AG8U4?BF8FGH7<4AG8F?4CBF<5<?<74778
DH8 9H8E4A 8??BF @<F@BF ?BF DH8 78G8E@<A4E4A F< 8? A<I8? 78
CEB:E8FB86BAU@<6B@87<7BCBE8?*#8FG4547846H8E7B6BA <<< 8?A<I8?785<8A8FG4E @87<4AG8?4E84?<M46<UA78HAGE454=B8A
8DH<CB .1, "(=-#$&14/.2#$31 ! ). ,8 9BE@4EBA :EHCBF 78 U 8FGH7<4AG8F 74A7B 6B@B
E8FH?G47B:EHCBF 474:EHCB78GE454=B785S44A4?<M4E?4F
64C46<7478F78'4EG4(HFF54H@C4E4HA:EHCB78C4SF8F &BF
8FGH7<4AG8F AB F8?866<BA454A 8? :EHCB 78 C4SF8F DH8 <54A 4
8FGH7<4E F<ABDH8;<MBCBEFBEG8B HG<?<M4A7B?46?4F<9<646<UA78
C4SF8F 78? BA7B 'BA8G4E<B #AG8EA46<BA4? <F64? 'BA<GBE &4 6?4F<9<646<UA 78 C4SF8F 78? <F64? 'BA<GBE 7<I<78 8?
@HA7B 8A GE8F :E4A78F :EHCBF 86BAB@S4F 4I4AM474F 86BAB@S4F78@8E647B8@8E:8AG8FL78E8AG4@87<4 LC4SF8F
8A78F4EEB??B78E8AG454=4 .-3$-(#.#$+31 ! ). ? B5=8G<IB 78? GE454=B 8F <AI<G4E 4 ?BF 8FGH7<4AG8F 4 DH8
8KC?BE8A BGE4F 9BE@4F 78 @87<E 8? 78F4EEB??B 78 HA :EHCB 78
C4SF8F ? CHAGB 78 C4EG<74 8F ?4 ^-8BES4 78 ?4F 64C46<7478F_
CEBCH8FG4CBE'4EG;4(HFF54H@ ?@4G8E<4?E8?4G<IB4?4?<FG4
7864C46<7478F78'4EG;4(HFF54H@ ?4FI4E<45?8FCEBCH8FG4F
C4E4@87<E6474HA4788??4FL?45<5?<B:E49S4FB5E8BGEBF4HGBE8F
DH8;4A45BE747B8FG8G8@4F88A6BAGE4547<FCBA<5?88A8?^,<G<B
78?44F<:A4GHE4_78AGEB78?H?4/<EGH4? ,8;4AE84?<M47BF8F<BA8F78GHGBES4F:EHC4?8FC4E46B@8AG4E
?4 8IB?H6<UA 78? GE454=B 8? 9HA6<BA4@<8AGB 78? :EHCB L
E8FB?H6<UA787H74F A8FG4FGHGBES4F:EHC4?8FF8;4AE8HA<7B
F<@H?GQA84@8AG8 ?BF @<8@5EBF 78 :EHCBF 78 GE454=B
7<98E8AG8F L4HADH8FBA?BFCEBC<BF8FGH7<4AG8F?BFDH87858A
4CE8A78E 4 E8?46<BA4E ?BF B5=8G<IBF 6BA ?BF <A7<647BE8F
8FG47SFG<6BF6BEE8FCBA7<8AG8F ?4FGHGBES4FF<EI8AC4E4BE<8AG4E?8F
8A8FG8CEB68FB78GE4F?46<UA ?GE454=B78?BF8FGH7<4AG8F6BAF<FG<U8A
+86BC<?4E<A9BE@46<UAFB5E86474HAB78?BF<A7<647BE8F
C4E4?4?<FG478C4SF8FDH8F8?8F;H5<8F84F<:A47B
'BFGE4E?4<A9BE@46<UA789BE@4BE78A474
B@C4E4E 8? *# C8E 64C<G4 8A C4E<747 78? CB78E
47DH<F<G<IB6BA?4?<FG47864C46<7478FL6BA8?bA7<6878
8F4EEB??B"H@4AB
+89?8K<BA4E FB5E8 ?4F F<:H<8AG8F 6H8FG<BA8F [FBA ?BF
C4SF8F 6BA @4LBE *# C8E 64C<G4 ?BF DH8 G4@5<RA
CE8F8AG4A ?BF I4?BE8F @QF 8?8I47BF 78 ?BF BGEBF
<A7<647BE8F)CBE8?6BAGE4E<B [;4L4?:VAC4SF78?BF
8FGH7<47BFDH8G<8A8@8ABE*#C8E64C<G4 C8EB78FG464
8A 4?:VA BGEB <A7<647BE E89?8=B 78 4?:HA4 78 ?4F
64C46<7478F4A4?<M474F
5 +4 "(=- ? GE454=B E8CE8F8AG4 HA 78 ?4 ABG4 9<A4? 8F 786<E F8
8I4?H454 6BA HA4 ABG4 @QK<@4 78 CHAGBF FB5E8 &BF
<AFGEH@8AGBFHG<?<M47BF8A?48I4?H46<UAFBA?BFF<:H<8AG8F
*E8F8AG46<UA 8A 6?4F8 78 ?BF E8FH?G47BF @<AHGBF L
8AGE8:478?GE454=B;B=4786Q?6H?BL6B@8AG4E<BF 6G4F 78 ?4F E8HA<BA8F 78? :EHCB RFG4F <A6?HL8A DH<RA8F
4F<FG<8EBA46474E8HA<UA ?4FG4E84F6B@C?8G474F ?4FG4E84F
C?4A<9<6474FL?BF6BAGE<5HL8AG8F4?4F7<FG<AG4FG4E84F FGB
CEBCBE6<BA4 4? CEB98FBE HA4 9BE@4 78 @BA<GBE84E ?4F
6BAGE<5H6<BA8F<A7<I<7H4?8F4?:EHCB 4?<9<646<BA8F 78 6BAGE<5H6<UA <A7<I<7H4? L 78 :EHCB ?4
64?<9<646<UA 78? CEBL86GB F8 7<I<78 8A CBE68AG4=8 78
6BAGE<5H6<UA <A7<I<7H4? L 78 :EHCB *4E4 I4?BE4E ?4
6BAGE<5H6<UA :EHC4? F8 HG<?<MU HA F<FG8@4 78 EV5E<64F 64?<747 78? <A9BE@8 8F6E<GB CE8F8AG46<UA L BEGB:E49S4 6BAG8A<7B78?<A9BE@88F6E<GBGB7BF?BFC4SF8F4F<:A47BFL
GB7BF?BF<A7<647BE8FC4E46474HA478?4F64C46<7478F 4AQ?<F<F6ESG<6B78?BFE8FH?G47BFB5G8A<7BF AE8?46<UA4?4
6BAGE<5H6<UA<A7<I<7H4? 6H4A7BGB7BF?BF8FGH7<4AG8F78HA
:EHCB6BAGE<5HL8ACBE<:H4?4?CEBL86GB GB7BFB5G<8A8A?4
@<F@4 64?<9<646<UA 78 :EHCB C8EB 8A B64F<BA8F HA
8FGH7<4AG8F<8AG8DH8;4DH8;46BAGE<5H<7BCBE8A6<@478?
GE454=B786H4?DH<8EBGEB8A8?:EHCB H4A7B8FGBB6HEE8 8?
8FGH7<4AG8DH8@QF;4GE454=47BCH878CEBCBA8E4FH:EHCB
DH8F8?878F<:A84HGBECE<A6<C4?78?GE454=BLE86<5<E?4ABG4
78?GE454=B@QFGE8FCHAGBF786ER7<GB8KGE4 -B7BF?BF78@QF
8FGH7<4AG8F FBA AB@5E47BF 4HGBE8F 6B?45BE47BE8F 78?
GE454=BLE86<58A?4ABG4G4?6H4? ,<HA8FGH7<4AG8E84?<MUHA
GE454=B@SA<@BF8:VA?48I4?H46<UA78?E8FGB78?:EHCB F8?8
6BAF<78E4HAE86BAB6<@<8AGBLE86<58?4ABG4@8ABF6<A6B
CHAGBF &BF 8FGH7<4AG8F DH8 AB 6BAGE<5HL8A 8A 45FB?HGB
E86<58A HA 68EB ? :EHCB 8F 8? VA<6B E8FCBAF45?8 78 ?4
64?<9<646<UA7<98E8A6<4? L?B78@H8FGE44F<:A4A7B?44HGBES4
L 9<E@4A7B HA 7B6H@8AGB C4E4 <A7<64E FH 46H8E7B ,< 8F
A868F4E<B 8? CEB98FBE CH878 46GH4E 6B@B @87<47BE C4E4
4LH74E 4 ?BF 8FGH7<4AG8F 4 E8FB?I8E 8? 6BA9?<6GB C8EB AB
78G8E@<A4EQ8?E8FH?G47BC4E48?:EHCB +,.&-),
&4 E84?<M46<UA 78 8FG4 46G<I<747 ;4 E8FH?G47B @HL
F4G<F946GBE<4G4AGBC4E4?BF8FGH7<4AG8F 6B@B78F78HACHAGB78
I<FG4 C8EFBA4? &4 E84?<M46<UA 78 8FG8 GE454=B 8F VG<? C4E4 8?
78F4EEB??B7878G8E@<A474F6B@C8G8A6<4F
• B@C8G8A6<4FGE4AFI8EF4?8F78?4.A<I8EF<74778'HE6<4
F8E64C4M788KCE8F4EF86BEE86G4@8AG88A8FC4TB?8A
FH Q@5<GB 7<F6<C?<A4E F8E 64C4M 78 :8FG<BA4E ?4
<A9BE@46<UALF458EHG<?<M4E6B@BHFH4E<B?4F;8EE4@<8AG4F
5QF<64F8A-# 78F4EEB??4E;45<?<7478F78<A<6<46<UA4
?4<AI8FG<:46<UA • B@C8G8A6<4F8FC86S9<64F78?!E47B8A<8A6<4F*B?SG<64F
L!8FG<UA*V5?<644AQ?<F<FLFSAG8F<F BE<8AG46<UAL
C?4A<9<646<UA GE454=B 8A 8DH<CB E4MBA4@<8AGB
6ESG<6B 4CE8A7<M4=84HGUAB@B • B@C8G8A6<4F 8FC86S9<64F 78 ?4 4F<:A4GHE4 94@<?<4E<M4EF8 6BA 8? ?8A:H4=8 ?BF 6BA68CGBF ?4F
;8EE4@<8AG4FL?4?U:<6478?486BAB@S46B@B9BE@478
6BAB6<@<8AGB 64C46<74778?88E8A<A:?RF86BAU@<6B
8@CE8F4E<4? L 4A4?<M4E 74GBF 78 <AI8FG<:46<UA
6H4AG<G4G<IBFL6H4?<G4G<IBFLBC8E4E6BA8??BF )(&.,#)(,
&4 @4LBE C4EG8 78 ?4F CEQ6G<64F DH8 E84?<M4A 8A BGE4F
4F<:A4GHE4F 6BAF<FG8 8A ?4 ?86GHE4 L 6B@8AG4E<B 78 G8KGBF 78
)6GH5E8 '47E<7 ,*P
/#BA:E8FB#AG8EA46<BA4?FB5E8CE8A7<M4=8 #AABI46<UALBBC8E46<UA#(# 29
(&#3()&*#&&.3&-)+b&,*#,'+-"(.,,.'5
64EQ6G8E FB6<B CB?<GB?U:<6B *BE 8FG8 @BG<IB ?4F CE<A6<C4?8F
I8AG4=4F78?4E84?<M46<UA788FG8CEBL86GB78<AABI46<UA7B68AG8
FBA?4FF<:H<8AG8F<?BF8FGH7<4AG8F4CE8A78A4CBA8E8AI4?BE
?4 <@CBEG4A6<4 78 ?BF 74GBF 8FG47SFG<6BF 6B@B 9H8AG8 78
<A9BE@46<UA << ?BF 8FGH7<4AG8F 8KGE48A FHF CEBC<4F
6BA6?HF<BA8F 4 C4EG<E 78? 4AQ?<F<F 78 7<6;BF 74GBF <<< ?BF
8FGH7<4AG8FFBA64C468F786BA9EBAG4E7<6;4F6BA6?HF<BA8F6BA
?4 E84?<747 CE87B@<A4AG8 8A ?4 DH8 F8 HG<?<M4 6B@B <A7<647BE
;8:8@UA<6B8?*# 7<6<BA4?@8AG8 747BDH88FG4F<:A4GHE4F8
78F4EEB??4 =HFGB 6H4A7B ?BF 8FGH7<4AG8F 46454A 78 <A<6<4E ?4
64EE8E4 G4@5<RA FHCBA8 HA E89H8EMB C4E4 8? 78F4EEB??B 78
;45<?<7478F FB6<4?8F FG8 CEBL86GB 7B68AG8 8F 9Q6<?@8AG8
GE4AF98E<5?8 4 BGEBF :E47BF 8A ?BF DH8 ?4 4F<:A4GHE4 78
^6BAB@S4_G<8A8HA4C4EG<6<C46<UAHAG4AGBG4A:8A6<4?!E47B
8A ,B6<B?B:S4 !E47B 8A +8?46<BA8F &45BE4?8F L +86HEFBF
"H@4ABF !E47B8A*8E<B7<F@B AGE8?4F?<@<G46<BA8F;4LDH8@8A6<BA4E DH8?BF8F64FBF78
6BAB6<@<8AGBF 78 FG47SFG<64 4F<:A4GHE4 DH8 F8 <@C4EG8 8A Z
6HEFB ;4 <@C87<7B E84?<M4E HA 4AQ?<F<F @QF CEB9HA7B 78
78G8E@<A47BF 4FC86GBF 6B@B CBE 8=8@C?B E8:E8F<BA8F L
:EQ9<6BF787<FC8EF<UA8AGE88?*#C8E64C<G4L4?:VA<A7<647BE
C4E48?:EHCB78C4SF8FDH8G8AS4A4F<:A47BF &BF8FGH7<4AG8F;4A@4A<98FG47BDH8;4A4CE8A7<7B@H6;B
FB5E8?4F7<98E8A6<4F8AGE8?BFC4SF8FLDH88FB?8F;44LH747B4
GB@4EHA4AH8I46BA6<8A6<478?4FB6<87478A?4DH8I<I<@BFL
78?4F7<98E8A6<4FE8FC86GB4?@B7B78I<7478BGEBF=UI8A8FDH8
I<I8A BGEBF C4SF8F ? ;86;B 78 DH8 AB ;H5<8E4 7BF GE454=BF
<:H4?8F ;4 4LH747B 4 @4AG8A8E 8? <AG8ERF 7HE4AG8 ?4F
8KCBF<6<BA8F CH8FGB DH8 F<8@CE8 ;45S4 AH8IBF 4FC86GBF
FB6<B86BAU@<6BFDH8FHF6<G454A6B@8AG4E<BFLE89?8K<BA8F ,8
8FC8E4 DH8 8A HA 9HGHEB 8FG8 GE454=B 6BAGE<5HL4 4 DH8
78F4EEB??8A HA 6B@CEB@<FB RG<6B 6B@B I4?BE 8F8A6<4? 78 FH
CEQ6G<64CEB98F<BA4? ? B5=8G<IB 78 ?4 87H646<UA 7858 F8E CEBCBE6<BA4E ?4F
6BA7<6<BA8F6HEE<6H?4E8FLC874:U:<64FC4E4DH8F878F4EEB??8A
?4F 64C46<7478F 78 ?BF 9HGHEBF 8:E8F47BF A 6H4AGB 4 ?4F
46G<GH78F B I4?BE46<BA8F 4986G<I4F 4 CEB@BI8E 8A ?BF
HA<I8EF<G4E<BF 6B@B :8FGBE8F 78 ?4 FBFG8A<5<?<747 8F
<A7<FC8AF45?8:8A8E4EHA4CE87<FCBF<6<UACBF<G<I44?BFI4?BE8F
;H@4A<FG4F ?@B7B8ADH89<A4?@8AG8F88=8EM4A78C8A78EQ78
?4F786<F<BA8F78?BF<A7<I<7HBF FS (HFF54H@
C 8F6E<58DH84- 5$804$$+$2"$- 1(.$2393.3 +,$-3$/1$/ 1 #.
+ $+$""(=-#$/$-#$#$$++.2 +
BAFG<GHG<BA B9 G;8 #F?4@<6 +8CH5?<6 B9 *4><FG4A -;8
BAFG<GHG<BAB9*4><FG4AC4><FG4A< BE:
4F:HCG4 * 084?8 ' )A@84FHE<A:G;8DH4?<GLB9
?<98 .1+#$5$+./,$-3 <F64? 'BA<GBE #' <F64? 994<EF 8C4EG@8AG #' 'BA<GBE $ % &<5E4EL $, 1*2 3 3'$ -(5$12(37 .% -2 2
1"' +8@4E>F4GG;8.A<I8EF<GLB9%4AF4F '4E6; N$ %&<5E4EL
'HE<??B $ L "8EAQA78M 4FG<??4 + &<78E4A7B
8F6H8?4F =HFG4F C4E4 ?4 $HFG<6<4 ,B6<4? $5(23 -3$1- "(.- +#$#4" "(=-/ 1 + 423("( ."( + (HFF54H@ ' .,$- -# '4, - #$5$+./,$-3 3'$
" / !(+(3($2
//1. "' 4@5E<7:8 4@5E<7:8
.A<I8EF<GL*E8FF (HFF54H@ ' 4C45<?<G<8F4F9HA74@8AG4?8AG<G?8@8AGF
,8A4A7FB6<4?=HFG<68 $,(-(23".-.,("2 (HFF54H@ ' .3 %.1 /1.%(3 *E<A68GBA *E<A68GBA
.A<I8EF<GL*E8FF (HFF54H@ ' 1$ 3(-&" / !(+(3($2 4@5E<7:8 '
-;88?>A4C*E8FF ,4:4E (4=4@ -;8 "H@4A 8I8?BC@8AG
#A78K 4 6E<G<64? E8I<8J ".+.&(" + ".-.,("2 ,4AM + *BA68 $ *8E<F F6Q@8M $ -;8
64C45<?<G<8F 4CCEB46; 4A7 I4?H8F B9 FHFG4<A45<?<GL
-BJ4E7F4A<A6?HF<I8*874:B:L $BHEA4?B9#AABI4G<BA
%ABJ?87:8 ,8A #A8DH4?<GL E8 8K4@<A87 )K9BE7 ?4E8A7BA
*E8FF ,8A $5$+./,$-3 2 %1$$#., )K9BE7 )K9BE7
.A<I8EF<GL*E8FF ,8A '$(#$ .%)423("$ &BA7BA??8A&4A8 .? "4D ' $%+$"3(.-2 .- '4, - #$5$+./,$-3 (8J
2BE>)K9BE7.A<I8EF<GL*E8FFCQ: .( -;8FHFG4<A45?878I8?BC@8AG4:8A74 <FCBA<5?8
;GGCF JJJ HA BE: FHFG4<A45?878I8?BC@8AG 78I8?BC@8
AG 4:8A74 .(* .A<G87 (4G<BAF 8I8?BC@8AG *EB:E4@@8 4, -$5$+./,$-3$/.13 (8J2BE>)K9BE7
.A<I8EF<GL*E8FF CQ: *O(#
&<988KC86G4A6L4G5<EG;L84EF
H8AG8(46<BA8F.A<74F"H@4A8I8?BC@8AG+8CBEG
)99<68 :878C8A78A6LE4G<BB9JBE><A:4:8CBCH?4G<BA
H8AG84A6B'HA7<4?
(#%$#% *H5?<68KC8A7<GHE8BA;84?G;B9!*
H8AG84A6B'HA7<4? #A6B@8!<A<6B899<6<8AG
H8AG84A6B'HA7<4?L)FG47SFG<64F "H@4A*BI8EGL#A78K"*#
H8AG8#AG8EA4G<BA4?"H@4A8I8?BC@8AG#A7<64GBEFL
)FG47SFG<64F '4G8EA4?784G;FC8E
?<I85<EG;F
H8AG8.(# *BCH?4G<BA?<I<A:58?BJ ***C8E74L
H8AG8 H8AG8(46<BA8F.A<74F"H@4A8I8?BC@8AG
+8CBEG)99<68 .A78EJ8<:;G@B78E4G84A7F8I8E8 H8AG8.(# .A78E 9<I8@BEG4?<GLE4G8 H8AG84A6B'HA7<4?
"'%#%$#% '<FF<A:JB@8A
H8AG8)FG47SFG<64F 8@4?8!8A<G4?'HG<?4G<BA
H8AG8)FG47SFG<64F /<B?8A684:4<AFGJB@8A
,864?6H?44C4EG<E78?4@87<478GE8F6B@CBA8AG8F
?8:<F?46<UA 46G<GH79E8AG84?4I<B?8A6<4LCE8I4?8A6<478
?4I<B?8A6<47B@RFG<64 H8AG8)FG47SFG<64F )6GH5E8 '47E<7 ,*P
/#BA:E8FB#AG8EA46<BA4?FB5E8CE8A7<M4=8 #AABI46<UALBBC8E46<UA#(# 30
(&#3()&*#&&.3&-)+b&,*#,'+-"(.,,.'6
!",")$"&!"'#
+4G<BB998@4?8GB@4?8<ACE<@4EL F86BA74EL G8EG<4EL
87H64G<BA
H8AG84A6B'HA7<4? *H5?<68KC8A7<GHE8BA87H64G<BAB9!*
H8AG84A6B'HA7<4? 2BHG;?<G8E46LE4G8]L84EF
H8AG8.(# <FCBA<5?88A&84EA<A:4A7F><??F .(# -
'84AL84EFB9F6;BB?<A:B947H?GFL84EF
H8AG8(46<BA8F.A<74F"H@4A8I8?BC@8AG+8CBEG
)99<68 !##"&
H??L<A:
H8AG8)FG47SFG<64F "4CCL&<98KC86G4A6L
H8AG80BE?74G454F8B9"4CC<A8FF_
"4CCL*?4A8G#A78K
H8AG8"4CCL*?4A8G#A78K
;<?7E8AFH<6<78
H8AG8)FG47SFG<64F *,"$%+'
4F8B97B<A:5HF<A8FF
H8AG80BE?74A>B<A:HF<A8FF*EB=86G
08<:;G87#A78KB9,B6<4?*EB:E8FF0#,*
H8AG8J8578^,B6<4?*B?<6L4A7;4A:8_78?4
.A<I8EF<74778*8AAFL?I4A<4FG8FF08<:;G87#A78KB9
,B6<4?*EB:E8FF@<DB?F BE:
+8?<:<BHF E887B@
H8AG8HE84HB98@B6E46L "H@4A+<:;GF4A7
&<58EGL <FCBA<5?8^#AG8EA4G<BA4?+8?<:<BHF E887B@
+8CBEG9BE _8C4EG4@8AGB78FG47B FG47BF
.A<7BF
<F6BHE4:87JBE>8EF
H8AG8#AG8EA4G<BA4?&45BE)E:4A<M4G<BA #&),--
,"
'<ABE<G<8F4G+<F>'+
H8AG88AGE89BE#AG8EA4G<BA4?8I8?BC@8AG4A7
BA9?<6G'4A4:8@8AG .A<I8EF<GLB9'4EL?4A7 <FCBA<5?88A'+N"B@8H@7 87H
+89H:88CBCH?4G<BA5L6BHAGELBEG8EE<GBELB9BE<:<A
H8AG8.A<G87(4G<BAF"<:;B@@<FF<BA8E9BE+89H:88F
.("+
,;4E8F<AC4E?<4@8AG 98@4?8 @4?8E4G<B
H8AG8(46<BA8F.A<74F"H@4A8I8?BC@8AG+8CBEG
)99<68 /BMCB?SG<64
*B?<G<64?IB<68 ,854F48A7BF6B@CBA8AG8F
C4EG<6<C46<UACB?SG<64CBE68AG4=878@H=8E8F8A8?
C4E?4@8AGBA46<BA4?8AHA48F64?478 4 8A7BA78 E8CE8F8AG4?4<:H4?747L8K<FG8A6<4786HBG4FC4E4
CEB@BI8E?4<AG8:E46<UA78?4F@H=8E8F8A8?Q@5<GB
CB?SG<6B H8AG8)FG47SFG<64F #!"'
*' 6BHAGEL?8I8?@<6EB:E4@FCBE6H5<6@8G8E
H8AG84A6B'HA7<4? 8EG<?<M8E6BAFH@CG<BA><?B:E4@FC8E;86G4E8B94E45?8
?4A7 H8AG84A6B'HA7<4? 4E5BA7<BK<788@<FF<BAFC8E64C<G4GBAA8F
H8AG8(46<BA8F.A<74F"H@4A8I8?BC@8AG+8CBEG
)99<68 -;E84G8A87FC86<8F@4@@4?F 5<E7F E8CG<?8F 4@C;<5<4AF 9<F; C?4AGF H8AG8)FG47SFG<64F
6B?B:<64?9BBGCE<AG H8AG8!?B54? BBGCE<AG(8GJBE> #
EHA>8AA8FF<AG88A4:8EF LBHG;
H8AG8)FG47SFG<64F ,@B><A:<AG88A4:8EF LBHG;
H8AG8)FG47SFG<64F '84AJ88>?L;BHEF46GH4??LJBE>879BEGBG4?8@C?BL@8AG
H8AG8#AG8EA4G<BA4?&45BE)E:4A<M4G<BA#&) *BCH?4G<BA4:87 8I8E@4EE<87
H8AG8.A<G87(4G<BAF,G4G<FG<6F 0B@8A4A7@8A<A
94@<?<8F *8E68AG4:8B96;<?7E8A4:87]8A:4:87<A6;<?7?45BHE
H8AG8.(# <FCBA<5?88A
;GGCF 74G4 HA<689 BE: E8FBHE68F 6;<?7 ?45BHE :?B54? 8FG<@4G8F GE8A7F 4A7 G;8 EB47 9BEJ4E7 )I8EJ8<:;GBEB58F8CBCH?4G<BAB9GBG4?CBCH?4G<BA
H8AG8)FG47SFG<64F #"'%# "'#%"#
668FB4?8FC46<BCV5?<6B
668FFGBCH5?<6FC468
K<FG8A6<478E8FGE<66<BA8F?8:4?8F7<F6E<@<A4GBE<4FDH8
<@C<78ADH8?4F@H=8E8FF878FC?468A?<5E8@8AG8
8?866<UA787B@<6<?<B I<F<G4494@<?<4E8FB4@<:BF 4CEB546<UA78?@4E<7BC4E4FB?<6<G4EC4F4CBEG8 H8AG8)FG47SFG<64F 668FFGB6E87<G
#:H4?74778?4F@H=8E8F9E8AG84?BF;B@5E8F8A8?4668FB
4?6ER7<GB H8AG8)FG47SFG<64F /H?A8E45?898@4?88@C?BL@8AG
H8AG84A7B'HA7<4? BEEHCG<BA*8E68CG<BA#A78K
H8AG8-E4AFC4E8A6L#AG8EA4G<BA4? ,;4E8B9JB@8A<A47H?G?45BE9BE68
H8AG8.A<G87(4G<BA,G4G<FG<6F 0BE> ,GE<6GA8FFB98@C?BL@8AGCEBG86G<BA]6B??86G<I8
7<F@<FF4?F H8AG8)FG47SFG<64F8A
;GGC FG4GF B867 BE: &45BHE @C?BL@8AG*EBG86G<BA
,GE<6GA8FFB98@C?BL@8AGCEBG86G<BA]E8:H?4E
8@C?BL@8AG H8AG8)FG47SFG<64F ,GE<6GA8FFB98@C?BL@8AGCEBG86G<BA]G8@CBE4EL
8@C?BL@8AG H8AG8)FG47SFG<64F 0B@8A`FJ4:8FE8?4G<I8FGB@8A`F
H8AG8.A<G87(4G<BA,G4G<FG<6F 0BE>
)6GH5E8 '47E<7 ,*P
/#BA:E8FB#AG8EA46<BA4?FB5E8CE8A7<M4=8 #AABI46<UALBBC8E46<UA#(# 31