Escolar Documentos
Profissional Documentos
Cultura Documentos
Documentos de Investigacin
Banco de Mxico
Working Papers
N 2014-08
Banco de Mxico
Banco de Mxico
April 2014
Documento de Investigacin
2014-08
Working Paper
2014-08
Banco de Mxico
Banco de Mxico
*We would like to thank Alberto Torres, Ana Mara Aguilar, Laura Jarez, Santiago Garca-Verd and the
seminar and conference participants at Banco de Mxico, the CEMLA Research Network meetings, the Labor
Economics Summer School at Barcelona Graduate School of Economics and the LACEA-LAMES meetings in
Mexico City for their comments and support. Daniel Casarn and Mario Oliva were very helpful in providing
research assistance at early stages of the project. We are especially indebted to Marcelo Delajara, Jos Antonio
Murillo and Jaime Rogerio Girn for their role in getting access to the data. All remaining errors are our own.
y Direccin General de Investigacin Econmica. Email: jarroyo@banxico.org.mx.
z Direccin General de Investigacin Econmica. Email: roberto.gomez@banxico.org.mx.
x Direccin General de Investigacin Econmica. Email: clever@banxico.org.mx.
!&$"'&"!
GD;@9 F:7 9>A43> M@3@5;3> 5D;E;E G@7?B>AK?7@F >7H7>E ;@ '7J;5A E:AI76 3@ ;@5D73E7
@AF E77@ E;@57 F:7 .7CG;>3 5D;E;E >F:AG9: AGFBGF D75AH7D76 83;D>K CG;5=>K ;@ 4AF:
5D;E7E 38F7D
F:7 D7EBA@E7 A8 F:7 '7J;53@ >34AD ?3D=7F :3E 477@ E>G99;E: 3@6 4K
G@7?B>AK?7@F :36 EF;>> @AF D7FGD@76 FA BD7
5D;E;E >7H7>E
-;?;>3D B7DE;EF7@F ;@5D73E7E ;@ G@7?B>AK?7@F ;@ 67H7>AB76 5AG@FD;7E :3H7 >76 FA 3
D7E73D5: 397@63 F:3F 7JB>AD7E F:7 BAEE;4;>;FK A8 EFDG5FGD3> 5:3@97E ;@ F:7 >34AD ?3D=7F
AD 7J3?B>7 3>K 7F 3>
3@3>KL7 F:7 D7>3F;A@E:;B 47FI77@ G@7?B>AK?7@F !*
9DAIF: FAF3> 7?B>AK?7@F :AGDE IAD=76 3@6 BDA6G5F;H;FK ;@ E7H7D3> 67H7>AB76 5AG@
FD;7E 478AD7 3@6 38F7D F:7 9>A43> M@3@5;3> 5D;E7E A@57D@E 34AGF EFDG5FGD3> 5:3@97E
;@ G@7?B>AK?7@F >7H7>E ;@ F:7 /- :3H7 8A5GE76 A@ F:7 DA>7 A8 97A9D3B:;5 3@6 E=;>> ?;E
?3F5:7E 3@6 F:7 DA>7 A8 7JF7@676 G@7?B>AK?7@F 47@7MFE ;@ 7JB>3;@;@9 D757@F <A4>7EE
D75AH7D;7E
#@ F:;E 5A@F7JF ;F ;E EGDBD;E;@9 F:3F '7J;5A EGS7D76 8DA? 3 E;?;>3D 3FKB;53> 47:3
H;AD ;@ ;FE G@7?B>AK?7@F D3F7 3>47;F A8 3 >AI7D ?39@;FG67 3@6 EF3DF;@9 8DA? 3 >AI7D
>7H7> E;@57 F:7 ?AEF 5A??A@ F:7AD;7E FA 7JB>3;@ EFDG5FGD3> G@7?B>AK?7@F E:;8FE ;@
F:7 /- 6A @AF FD3@E>3F7 FA F:7 '7J;53@ >34AD ?3D=7F
FGD;@9 FA E7DH;57E I:;5: 5AG>6 BAF7@F;3>>K :3H7 97@7D3F76 3 E=;>> ?;E?3F5: 55AD6;@9
FA #(!# 7?B>AK76 B7DEA@@7> ;@ ?3@G835FGD;@9 675D73E76 3BBDAJ;?3F7>K 4K
47FI77@ <3@G3DK
3@6 <G>K
3>F:AG9: 8DA? <G>K
FA A5FA47D
9D7I 4K
D7>3F76 4GF 6;S7D7@F 5A@57D@ ;E F:3F F:7 5D;E;E E;9@;M53@F>K ;?B35F76 ?;9D3F;A@
NAIE 8DA? '7J;5A FA F:7 /- 6G7 FA F:7 5A@FD35F;A@ ;@ F:7 5A@EFDG5F;A@ E75FAD FD3
6;F;A@3>>K 3@ ;?BADF3@F EAGD57 A8 7?B>AK?7@F 8AD '7J;53@ ?;9D3@F IAD=7DE .:7 @7F
NAI A8 ?;9D3F;A@ D76G576 FA 3>?AEF L7DA E;@57
#8 D7FGD@;@9 ?;9D3@FE :3H7 3
E=;>> ?;E?3F5: I;F: D7EB75F FA F:AE7 67?3@676 6A?7EF;53>>K F:;E EGBB>K E:A5= 5AG>6
:3H7 BAF7@F;3>>K 3?B>;M76 ?3F5:;@9 8D35F;A@E 38F7D
4GF EG5: 3 ?;E?3F5: IAG>6
47 :3D6 FA <GEF;8K ;8 F:7 D76G5F;A@ ;@ @7F NAIE 53?7 ?3;@>K 8DA? BAF7@F;3> ?;9D3@FE
5:AAE;@9 FA EF3K 9;H7@ F:7 5A@6;F;A@E 34DA36
@ ;?BADF3@F D787D7@57 FA AD67D F:7 6;E5GEE;A@ 34AH7 ;E F:7 <A4 E73D5: >;F7D3FGD7
>3@5:3D6 ;3?A@6 'ADF7@E7@ *;EE3D;67E ,A97DEA@ -:;?7D
I:;5: :3E :;9:>;9:F76 F:7 ;?BADF3@57 A8 ?3F5:;@9 8D;5F;A@E ;@ F:7 :;D;@9 BDA57EE
FA 7JB>3;@ G@7?B>AK?7@F '3F5:;@9 8D;5F;A@E 3D7 F:AE7 835FADE F:3F BD7H7@F MD?E F:3F
3D7 35F;H7>K E77=;@9 FA M>> <A4 H353@5;7E 8DA? :;D;@9 IAD=7DE F:3F 3D7 35F;H7>K E77=;@9
3 <A4 3F ?3D=7F 5>73D;@9 I397E ?A@9 F:7 6;S7D7@F 8D;5F;A@E F:3F ?3K :;@67D F:7
?3F5:;@9 F75:@A>A9K I7 :;9:>;9:F F:7 8A>>AI;@9 ;S7D7@57E 47FI77@ F:7 <A4 E=;>>E
A8 IAD=7DE 3@6 F:7 E=;>>E 67?3@676 4K 7?B>AK7DE 3E ?7@F;A@76 34AH7 3@6 &34AD
D79G>3F;A@E 3S75F;@9 F:7 :;D;@9 BDA57EE 7;F:7D 4753GE7 A8 >793> A4EF35>7E FA F:7 7@FDK A8
@7I IAD=7DE AD :;9: MD;@9 5AEFE F:3F ?3=7 7?B>AK7DE 3H7DE7 FA :;D;@9 7?B>AK77E I:;5:
F:7K 3D7 @AF EGD7 3D7 367CG3F7 FA M>> AGF F:7;D 3H3;>34>7 <A4 BAE;F;A@E
7EB;F7 D757@F >793> D78AD?E I:;5: 3;? FA ?A67D@;L7 F:7 '7J;53@ >34AD ?3D=7F F:7
6;R5G>FK FA >3K AS IAD=7DE ;E 3 D7>7H3@F 835FAD F:3F 3S75FE F:7 :;D;@9 BDA57EE A8 MD?E
7EB75;3>>K ;@ F:7 8AD?3> E75FAD A8 F:7 75A@A?K 55AD6;@9 FA F:7 A;@9 GE;@7EE D7BADF
A8
BD7B3D76 4K F:7 1AD>6 3@= F:7 E7H7D3@57 B3K 8AD D76G@63@5K 6;E?;EE3> ;@
'7J;5A D3@97E 8DA? FA
F;?7E F:7 I77=>K E3>3DK 8AD 3 B7DEA@ I:A IAD=76
#@EF;FGFA (35;A@3> 67 EF36UEF;53 K !7A9D38U3 F:7 @3F;A@3> EF3F;EF;5E 397@5K #@ <G>K
7?B>AK76
B7DEA@@7> ;@ ?3@G835FGD;@9 I3E 3F ;FE >AI7EF BA;@F
*7I ,7E73D5: ";EB3@;5 .D7@6E *DA<75F
8AD 3 K73D FA F7@ K73DE D7EB75F;H7>K .:7 3H7D397 E7H7D3@57 B3K?7@F 8AD EA?7 &3F;@
?7D;53@ 5AG@FD;7E D3L;> :;>7 A>A?4;3 3@6 *7DG D3@97E 8DA?
FA
F;?7E
#@ F:;E 5A@F7JF F:;E B3B7D 3@3>KL7E ;8 5:3@97E ;@ ?3F5:;@9 8D;5F;A@E 53@ 7JB>3;@ F:7
;@5D73E7 ;@ '7J;53@ G@7?B>AK?7@F 38F7D
>F:AG9: AGD 63F3 I;>> @AF 3>>AI GE FA
6;EF;@9G;E: I:;5: A8 F:7 F:7AD;7E 34AH7 ?;9:F 47 F:7 EAGD57 A8 F:7 5:3@97E ;@ 8D;5F;A@E
I7 I;>> 5A@FD;4GF7 FA F:7 6743F7 4K CG3@F;8K;@9 F:7 ?39@;FG67 A8 F:7 5:3@97 3@6 E77;@9
;8 ;F 53@ BAF7@F;3>>K 7JB>3;@ F:7 E;L7 A8 F:7 E:;8F ;@ F:7 G@7?B>AK?7@F >7H7>
.A ?73EGD7 F:7 >7H7> A8 8D;5F;A@E I7 3@3>KL7 3 @AH7> 63F3 E7F 8DA? 3 9AH7D@?7@F
<A4 B>357?7@F E7DH;57 ;@ '7J;5A 36?;@;EF7D76 4K F:7 ';@;EFDK A8 &34AD .:;E 63F3
E7F ;E F:7 A@>K EAGD57 I7 3D7 3I3D7 A8 F:3F 5A@F3;@E ;@8AD?3F;A@ A@ <A4 H353@5;7E ;@
'7J;5A #F 3>EA 5A@F3;@E ;@8AD?3F;A@ A@ <A4 E77=7DE 3@6 B>357?7@FE 7J75GF76 F:DAG9:
F:7 EKEF7? K A4E7DH;@9 F:7 67?3@6 3@6 EGBB>K A8 >34AD E7B3D3F7>K F:7 63F3 3>>AIE
GE FA 3EE7EE I:7F:7D 5:3@97E ;@ ?3F5:;@9 8D;5F;A@E 3D7 D7EBA@E;4>7 8AD F:7 EGEF3;@76
;@5D73E7 ;@ G@7?B>AK?7@F 38F7D
/E;@9 F:;E 63F3 E7F I7 7EF;?3F7 F:7 ?3F5:;@9 8G@5F;A@ F:7 D76G576
8AD? D7>3F;A@
47FI77@ G@7?B>AK?7@F H353@5;7E 3@6 @7I :;D7E )GD B3D3?7F7D 7EF;?3F7E 3D7 5A@
E;EF7@F I;F: F:AE7 D7BADF76 ;@ F:7 >;F7D3FGD7 8AD 67H7>AB76 75A@A?;7E F:7 ?3F5:;@9
8G@5F;A@ 7J:;4;FE 5A@EF3@F D7FGD@E FA E53>7 3@6 3 D7>3F;H7 5A7R5;7@F A8 34AGF A@7 :3>8
8AD H353@5;7E I;F: D7EB75F FA G@7?B>AK?7@F >3@5:3D6 ;3?A@6 3@6 *7F
?AH7?7@FE ;@ F:7 399D793F7 7R5;7@5K A8 F:7 ?3F5:;@9 8G@5F;A@ ;@FA 5:3@97E 6G7 FA
5A?BAE;F;A@ 3@6 6;EB7DE;A@ 7S75FE A?BAE;F;A@ 7S75FE A55GD 4753GE7 IAD=7DE I;F:
>AI7D ;6;AEK@5D3F;5 ?3F5:;@9 7R5;7@5;7E ;@5D73E7 F:7;D E:3D7 A8 F:7 G@7?B>AK76 6GD;@9
D757EE;A@E
A8 >A@9
F7D? G@7?B>AK76 I:;5: 3>EA :3H7 >AI7D ?3F5:;@9 7R5;7@5K ;EB7DE;A@ A55GDE
4753GE7 A8 H3D;3@57 ;@ F:7 ?3D=7F F;9:F@7EE 47FI77@ E7B3D3F7 >34AD ?3D=7FE F:3F E:AIE
GB 3E 3 >AEE A8 7R5;7@5K ;@ F:7 399D793F7 63F3 -G5: 6;EB7DE;A@ IAG>6 47 5A@E;EF7@F
I;F: 5A@57D@E A8 ?;E?3F5:
F:3F 6;EB7DE;A@ 7JB>3;@E D7>3F;H7>K >;FF>7 A8 F:7 5K5>;53> ?AH7?7@FE 5A?B3D76 FA F:7
5A?BAE;F;A@ 7S75FE #@ 3 D7>3F76 IAD= -3:;@ 7F 3>
M@6 F:3F P?;E?3F5: 35DAEE
;@6GEFD;7E 3@6 A55GB3F;A@E 7JB>3;@E 3F ?AEF A@7
F:;D6 A8 F:7 FAF3> A4E7DH76 ;@5D73E7 ;@
F:7 G@7?B>AK?7@F D3F7Q I:;>7 P97A9D3B:;53> ?;E?3F5: B>3KE @A 3BB3D7@F DA>7Q
#@ EB;F7 A8 F:7 835F F:3F F:DAG9:AGF F:7 B3B7D I7 8A5GE A@ D73> 8D;5F;A@E 3@6 6A
@AF 3@3>KL7 F:7 D7EBA@E7 A8 I397E ;F ;E @757EE3DK FA @AF7 F:3F 3@ ;?BADF3@F 5A@57D@
8DA? 3 57@FD3> 43@=OE B7DEB75F;H7 ;E F:7 DA>7 A8 @A?;@3> I397 D;9;6;F;7E ;@ ;@FDA6G5;@9
8D;5F;A@E ;@ F:7 >34AD ?3D=7F .:;E ;E B3DF;5G>3D>K D7>7H3@F ;@ F:7 @7I ?35DA75A@A?;5
7@H;DA@?7@F A8 F:7 '7J;53@ 75A@A?K I:7D7 F:7 6AG4>7 6;9;F ;@N3F;A@ A4E7DH76 ;@ F:7
E 93H7 I3K FA 3 H7DK 6;S7D7@F 47:3H;AD E;@57 F:7
E
AD 7J3?B>7 3>F:AG9:
;EF;5E A8 F:7 63F3 I7 GE7 #@ E75F;A@ I7 BD7E7@F AGD ?73EGD7 A8 >34AD ?3D=7F F;9:F@7EE
;@ '7J;5A 3@6 D7>3F7 ;F FA EA?7 ;?BADF3@F ?35DA75A@A?;5 H3D;34>7E F:DAG9: F:7 5K5>7
-75F;A@ ;@FDA6G57E AGD EB75;M53F;A@ 8AD F:7 ?3F5:;@9 8G@5F;A@ 3@6 BDAH;67E AGD 7E
&
-;@57 I7 7?B>AK 3 @AH7> 63F3 E7F ;F ;E IADF: D7H;7I;@9 ;FE ?3;@ 5:3D35F7D;EF;5E ;@
67F3;> )@7 ;?BADF3@F :;@6D3@57 FA 67H7>AB 7?B;D;53> EFG6;7E A8 ?3F5:;@9 8D;5F;A@E ;@
67H7>AB;@9 5AG@FD;7E ;E F:7 >35= A8 63F3 A@ <A4 H353@5;7E #@ F:;E IAD= I7 3@3>KL7
3 @7I 63F3 E7F F:3F 5A?7E 8DA? .+1 #$ 0 ! ). . I:;5: ;E 3 9AH7D@?7@F
DG@
8D77 7?B>AK?7@F E7DH;57 G@67D F:7 EGB7DH;E;A@ A8 F:7 ';@;EFDK A8 &34AD .:7 63F3 E7F
;@5>G67E ?A@F:>K A4E7DH3F;A@E 8AD H353@5;7E <A4 3BB>;53F;A@E 3@6 :;D;@9E F:DAG9: F:7
EKEF7? 8DA? $3@G3DK FA BD;>
8AD 735: A8 '7J;5AOE 8767D3> EF3F7E 3@6 ;FE
767D3> ;EFD;5F .34>7 D7BADFE EA?7 EG??3DK EF3F;EF;5E .:;E EAGD57 A8 ;@8AD?3F;A@
3>>AIE GE FA 3@3>KL7 F:7 <A4 ?3F5:;@9 BDA57EE ;@ 3 I7>>
67M@76 E79?7@F A8 F:7 '7J;53@
>34AD ?3D=7F
.:7 .+1 :3@6>7E >3D97 HA>G?7E A8 <A4 E77=7DE 3@6 H353@5;7E ;@ 34AGF
4D3@5:7E
F:DAG9:AGF '7J;5A .:7 ?3;@ 3;? A8 . ;E FA >;@= <A4 E77=7DE I;F: <A4 AB7@;@9E F:3F
3D7 3BBDABD;3F7 FA F:7;D BDAM>7 <A4 E77=7D ;E 3 B7DEA@ I:A :3E D79;EF7D76 I;F: .
6GD;@9 3 ?A@F: FA 3BB>K 8AD 3 <A4 >F:AG9: <A4 E77=7DE 3D7 @AF @757EE3D;>K G@7?B>AK76
I7 I;>> FD73F F:7? 3E EG5:
.:7 EKEF7? ;E DG@ 4K EF3F7
>7H7> 3GF:AD;F;7E 3@6 F:7 ;@8AD?3F;A@ ;E 5A>>75F76 4K F:7
8767D3> 9AH7D@?7@F .:7 E7DH;57 IAD=E G@67D CG;F7 EB75;M5 F7D?E $A4 E77=7DE :3H7
FA M>> AGF ;@ B7DEA@ 3 67F3;>76 8AD? I;F: F:7;D CG3>;M53F;A@E 3@6 ;@F7D7EFE #8 F:7K 3D7
EF;>> >AA=;@9 8AD 3 <A4 38F7D A@7 K73D F:7K :3H7 FA 479;@ F:7 BDA57EE 393;@ . AS7DE
<A4 E77=7DE 9G;63@57 3@6 8776435= A@ F:7 3H3;>34;>;FK A8 5GDD7@F H353@5;7E FA M@6 3@
3BBDABD;3F7 MF
)@ F:7 AF:7D E;67 A8 F:7 ?3D=7F MD?E BAEF H353@5;7E 3@6 3D7 3>EA D7CG;D76 FA M>> AGF
3 67F3;>76 8AD? I:7@ D79;EF7D;@9 F:7? ;@5>G6;@9 F:7 7J35F @G?47D A8 H353@5;7E 3@6
FKB7 A8 7?B>AK77 I3@F76 H7DK FIA I77=E MD?E D7BADF ;8 F:7;D H353@5;7E 3D7 EF;>> AB7@
;D?E 3D7 @AF D7CG;D76 FA D79;EF7D F:7;D H353@5;7E ;@ B7DEA@ . AS7DE F:7 ABF;A@ FA
D79;EF7D ;F F:DAG9: 3 . 397@F .:7E7 BDA576GD7E D7@67D H353@5;7E 3 EB75;M5 ?73@;@9
I;F: 3 I7>>
67M@76 >;87EB3@
F F:7 M@3> EF397 A8 F:7 BDA57EE . E7@6E <A4 E77=7DE FA ;@F7DH;7I I;F: 7?B>AK7DE
I:;5: 675;67 FA :;D7 F:7? AD @AF (A 877E 3D7 5:3D976 8AD 3@K A8 F:7E7 E7DH;57E 4GF
MD?E 3D7 D7CG;D76 FA 6;E5>AE7 I:7F:7D 3 :;D;@9 I3E EG557EE8G>
. :3E EFD;5F 5D;F7D;3 FA 7@EGD7 F:7D7 ;E @A D76G@63@5K ;@ F:7;D 36?;@;EFD3F;H7
D75AD6E .:7K :3H7 BDA576GD7E FA BD7H7@F 3 IAD=7D 8DA? D79;EF7D;@9 ?AD7 F:3@ A@57 ;@
F:7 EKEF7? 3@6 D7CG;D7 F:3F MD?E BAEF 3 E7B3D3F7 H353@5K 8AD 735: G@;CG7 7?B>AK?7@F
BAE;F;A@ #8 3 MD? ;E D75DG;F;@9 E7H7D3> IAD=7DE 8AD F:7 E3?7 BAE;F;A@ ;F D79;EF7DE 3
E7B3D3F7 H353@5K 8AD 735: A8 F:7? ;@ F:7 EKEF7?
5A@57D@ A@ F:7 E5AB7 A8 AGD 63F3 ;E F:3F 3>> . 4D3@5:7E 3D7 >A53F76 ;@ F:7 ?3;@
GD43@ 3D73E A8 735: EF3F7 53EG3> ;@EB75F;A@ A8 F:7 BAEF76 H353@5;7E E:AIE F:3F F:7
?3<AD;FK A8 F:7? 3D7 GD43@ <A4E 8AD 7J3?B>7 E75D7F3D;7E B>3@F ?3@397DE 7>75FD;5;3@E
AD B>G?47DE !;H7@ F:7 FD3@E;7@F @3FGD7 A8 ?3@K DGD3> <A4E ;F ;E :3D6 FA ;?39;@7
F:3F 3 DGD3> 7?B>AK7D IAG>6 GE7 <A4 BAEF;@9E FA M>> AGF ;FE H353@5;7E 753GE7 A8 F:;E
I7 ;@F7DBD7F AGD 63F3 E7F 3E D7BD7E7@F3F;H7 A8 GD43@ <A4E 3@6 I;>> :7D738F7D ?AEF>K
5A?B3D7 AGD BD76;5F;A@E I;F: F:7 GD43@ E7D;7E 8DA? F:7 @3F;A@3> 7?B>AK?7@F EGDH7KE
#@ B3DF;5G>3D I7 GE7 F:7 -"3$12 "(.- + #$ ,/+$. 0! -. (/ 8DA?
FA
3@6 F:7 GD43@ E7D;7E A8 ;FE EG557EEAD F:7 -"3$12 "(.- + #$ "3/ "(7- 6
,/+$. () 8DA?
FA
.:;E ;E EA?7I:3F 5A@H7@;7@F 4753GE7 F:7 GD43@
7?B>AK?7@F E7D;7E 3D7 F:7 >A@97EF 3H3;>34>7 8AD F:7 '7J;53@ >34AD ?3D=7F
AD F:7
#(!# :3E FIA 6;S7D7@F ?73EGD7E 8AD ;@8AD?3>;FK F:7 1 #$ ."3/ "(7- $- $+ 1$"2.0 (-%.0, +
I:;5: ;E 3DAG@6 3@6 F:7 1 #$ -%.0, +(# # !.0 + I:;5: ;E 3DAG@6 .:7 MDEF ?73EGD7
;@5>G67E IAD=7DE ;@ ;@8AD?3> MD?E 3E I7>> 3E F:7 E7>8
7?B>AK76 I:;>7 F:7 E75A@6 ?73EGD7 ;@5>G67E 3>>
F:AE7 IAD=7DE ;@ F:7 ;@8AD?3> E75FAD 3E I7>> 3E F:7 IAD=7DE ;@ F:7 8AD?3> E75FAD I:A 6A @AF D757;H7 F:7
47@7MFE D7CG;D76 4K >3I
AGD 63F3 I;F: F:7 G@A4E7DH76 8AD?3>;FK EF3FGE A8 ;FE <A4 B>357?7@FE
#F ;E ;?BADF3@F FA G@67DEF3@6 F:3F F:7 . ;E @AF ;@ ;FE7>8 3 ?3<AD B>3K7D ;@ F:7 '7J
F:7 9DAEE NAIE 8DA? G@7?B>AK?7@F FA 7?B>AK?7@F D7BADF76 ;@ F:7 @3F;A@3> 7?B>AK
?7@F EGDH7KE I7 M@6 F:3F :;D;@9E F:DAG9: F:7 A>E3 3D7 A@ 3H7D397 F;?7E E?3>>7D
F:3@ F:7 FAF3> 9DAEE NAIE #@EF736 I7 F3=7 AGD 63F3 FA 47 3 9AA6 BDAJK 8AD F:7 97@
7D3> 5A@6;F;A@E A8 F:7 '7J;53@ >34AD ?3D=7F F:DAG9: F:7 5K5>7 EG4<75F FA F:7 53H73FE
BD7H;AGE>K ?7@F;A@76 ;F ;E 4;3E76 FAI3D6E GD43@ 3@6 8AD?3> 7?B>AK?7@F
;@3>>K ;F ;E IADF: ?7@F;A@;@9 F:3F F:7 ';@;EFDK A8 &34AD AS7DE 3@ ;@67B7@67@F
B3D3>>7> 7?B>AK?7@F E7DH;57 53>>76 P*ADF3> 67 ?B>7AQ F:3F 8AD?E ?3F5:7E 47FI77@
IAD=7DE 3@6 <A4E F:DAG9: 3@ A@>;@7 E;F7 .:;E E7DH;57 ;E D7>3F;H7>K @7I EF3DF;@9 ;@
'3D5:
753GE7 A8 F:;E I7 A4E7DH7 3@ 7JBA@7@F;3> 9DAIF: ;@ F:7 63F3 3E ;F
4753?7 ?AD7 BABG>3D I:;5: EF34;>;L76 ;@ D757@F K73DE ;9GD7 4
;@ A>E3 67 .D343<A
.:AGE3@6E E3
;@ *ADF3> 67 ?B>7A
.:AGE3@6E
6;E36H3@F397 A8 F:7 63F3 8DA? *ADF3> ;E F:3F F:7D7 ;E @A 73EK I3K FA 7H3>G3F7
F:7 CG3>;FK A8 F:7 63F3 E;@57 F:7D7 3D7 @A 5A@FDA>E FA BD7H7@F 3 <A4 E77=7D AD 3 MD?
8DA? M>>;@9 ?AD7 F:3@ A@7 BAEF;@9 .:7 7JB7D;7@57 ;@ AF:7D 5AG@FD;7E 7EB75;3>>K ;@
753GE7 F:7 (/() 63F3 EGS7D 8DA? 3 6AI@I3D6 4;3E 6G7 FA F;?7
399D793F;A@ F:;E @G?47D
AH7DEF3F7E F:7 D7>3F;H7 E;L7 A8 .
67H7>AB76 A@7E E:AIE F:3F F:7 A@>;@7 H353@5K BG4>;E:;@9 E7DH;57E :3H7 F7@676 FA 6;E
B>357 FD36;F;A@3> E7DH;57E -A 83D ;F ;E @AF 5>73D F:3F F:;E :3E :3BB7@76 ;@ '7J;5A 3@6
EA I7 675;676 @AF ;@5>G67 F:;E ;@8AD?3F;A@ ;@ AGD 3@3>KE;E
"
$& &&
!%% ! ("
.:7 835F F:3F I7 :3H7 63F3 3H3;>34>7 8AD 4AF: F:7 EGBB>K 3@6 67?3@6 E;67 A8 F:7 >34AD
?3D=7F 3>>AIE GE FA EFG6K 8AD F:7 MDEF F;?7 F:7 D7>3F;A@E:;B 47FI77@ EA?7 >34AD ;@6;5
3FADE 5A??A@>K GE76 ;@ F:7 <A4 E73D5: >;F7D3FGD7 3@6 AF:7D ?35DA75A@A?;5 H3D;34>7E ;@
'7J;5A .:7 BGDBAE7 A8 F:;E E75F;A@ ;E FIA8A>6 MDEF I7 BD7E7@F EA?7 ?35DA75A@A?;5
835FE A8 F:7 '7J;53@ >34AD ?3D=7F F;9:F@7EE 3@6 F:7@ I7 D7>3F7 F:7? I;F: F:7 >;F7D3FGD7
-:;?7D
,A97DEA@ -:;?7D
17 3D7 7EB75;3>>K ;@F7D7EF76 ;@ 67E5D;4;@9
F:7 47:3H;AD A8 >34AD ?3D=7F F;9:F@7EE 6GD;@9 75A@A?;5 6AI@FGD@E ;FE 5ADD7>3F;A@ I;F:
F:7 AGFBGF 93B BDA6G5F;H;FK 3@6 I397E
;9GD7 3 BD7E7@FE FIA EF3@63D6 ;@6;53FADE 8AD F:7 '7J;53@ >34AD ?3D=7F F:7 @3
F;A@3> G@7?B>AK?7@F D3F7 3@6 GD43@ G@7?B>AK?7@F D3F7 AF: ;@6;53FADE 3D7 :;9:>K
5ADD7>3F76
3@6 E:AI 3 E;?;>3D B3FF7D@ 6GD;@9 F:7
5D;E;E 3 E;9@;M53@F D;E7
;@ G@7?B>AK?7@F ;@ F:7 MDEF CG3DF7D A8
F:3F :3E B7DE;EF7@F>K D7?3;@76 3F 34AH7
5D;E;E >7H7>E .:7 ?3;@ 36H3@F397 A8 GE;@9 GD43@ 7?B>AK?7@F E7D;7E ;E F:3F F:7K 3D7
F:7 >A@97EF 3H3;>34>7 8AD F:7 '7J;53@ >34AD ?3D=7F ?3=;@9 ;F BAEE;4>7 FA 5A?B3D7 FIA
B7D;A6E A8 E:3DB 75A@A?;5 6AI@FGD@E F:7 5D;E;E 3@6 F:7
5D;E;E E E77@ ;@
F:7 ;9GD7 3 6GD;@9 F:7 5D;E;E F:7 B73= ;@ G@7?B>AK?7@F I3E 7H7@ :;9:7D F:3@
;@ F:7 5GDD7@F 5D;E;E "AI7H7D F:7 D75AH7DK A8 75A@A?;5 35F;H;FK >76 FA 3 D3B;6 675D73E7
;@ F:7 G@7?B>AK?7@F D3F7 I:;5: 4K F:7 F:;D6 CG3DF7D D7FGD@76 3F 3 >7H7> E;?;>3D
FA F:3F A4E7DH76 ;@ F:7 BD7
5D;E;E B7D;A6
.:7 47:3H;AD 67E5D;476 34AH7 53@ 47 3>EA E77@ ;@ AF:7D >34AD ?3D=7F ;@6;53FADE
AD 7J3?B>7 ;9GD7 4 E:AIE F:7 G@67D7?B>AK?7@F D3F7 I:;5: D7N75FE F:7 G@67DG
.!+ "(7- 3!."3/ # *7DEA@E ;@ G@67D7?B>AK?7@F 3D7 3>> F:AE7 I:A IAD=76 AD :36 3 <A4 6GD;@9
F:7 D787D7@57 I77= 4GF I7D7 I;>>;@9 3@6 3H3;>34>7 FA IAD= 8AD ?AD7 :AGDE F:3@ F:7;D <A4 5GDD7@F>K
B7D?;FE .:;E ;E F:7 67M@;F;A@ GE76 4K F:7 #@F7D@3F;A@3> &34AGD )D93@;L3F;A@ #&)
F;>;L3F;A@ A8 F:7 BDA6G5F;H7 53B35;FK A8 F:7 7?B>AK76 BABG>3F;A@ .:7 >35= A8 G@7?
8AD 735: A8 '7J;5AOE 8767D3> EF3F7E 3@6 ;FE 767D3> ;EFD;5F 17 FD73F 735: EF3F7
3E 3 E;@9>7 >34AD ?3D=7F I;F: F:7 7J57BF;A@ A8 F:7 '7FDABA>;F3@ D73 A8 '7J;5A ;FK
'' I:;5: ;@5>G67E F:7 -F3F7 A8 '7J;5A 3@6 F:7 767D3> ;EFD;5F .:;E ;EEG7 I;>>
47 F:ADAG9:>K 6;E5GEE76 ;@ F:7 @7JF E75F;A@
;9GD7 3 /@7?B>AK?7@F ,3F7
3@6 /D43@ /@7?B>AK?7@F ,3F7
17 67M@7 F:7 399D793F7 >34AD ?3D=7F F;9:F@7EE 3E F:7 I7;9:F76 3H7D397 A8 F:7
?3D=7F F;9:F@7EE ;@ 735: EF3F7 GE;@9 F:7 E;L7 A8 ;FE >34AD 8AD57 3E I7;9:FE .:GE
AGD ?73EGD7 A8 ?3D=7F F;9:F@7EE ;E
;9GD7 BD7E7@FE F:7 CG3DF7D>K >34AD ?3D=7F F;9:F@7EE ;@ >A9E 3E 67H;3F;A@E 8DA? 3@
"* FD7@6 I;F: 3 E?AAF:;@9 B3D3?7F7D 7CG3> FA
.:7D7 I7 53@ E77 F:3F F:7
'7J;53@ >34AD ?3D=7F F;9:F7@76 EG4EF3@F;3>>K 8DA? F:7 F:;D6 CG3DF7D A8 FA F:7
E75A@6 CG3DF7D A8
.:;E F;9:F7@;@9 I3E 355A?B3@;76 4K 3 EF736K 675>;@7 ;@ F:7
GD43@ G@7?B>AK?7@F D3F7 8DA? 3 B73= A8
B7D57@F ;@ F:7 F:;D6 CG3DF7D A8 FA
B7D57@F ;@
;9GD7 3 .:7D7 5AG>6 47 FIA 7JB>3@3F;A@E 8AD F:;E 7;F:7D F:7 7R5;7@5K A8
F:7 ?3F5:;@9 8G@5F;A@ 675D73E76 AD F:7D7 I3E 3@ ;@5D73E7 ;@ F:7 MD;@9 D3F7 F:7 D3F7
3F I:;5: IAD=7DE >73H7 <A4E >F:AG9: AGD 7EF;?3F;A@E 47>AI 6A M@6 7H;67@57 A8 3
675>;@7 ;@ ?3F5:;@9 7R5;7@5K I7 I;>> E:AI F:3F F:7 ?39@;FG67 ;E @AF 7@AG9: FA 7JB>3;@
F:7 E;L7 A8 F:7 ;@5D73E7 ;@ G@7?B>AK?7@F
;9GD7 &34AD '3D=7F .;9:F@7EE
7H;3F;A@E 8DA? FD7@6
EA5;3F76 I;F: F;?7E I:7@ G@7?B>AK?7@F ;E :;9:7D D7>3F;H7 FA F:7 BAEF76 H353@5;7E
I:7D73E ;@ 7JB3@E;A@E F:7 67?3@6 A8 >34AD ;E >3D97 D7>3F;H7 FA F:7 EGBB>K 9;H;@9 D;E7
FA 3 F;9:F7D >34AD ?3D=7F
;9GD7 A
?AH7?7@F ;@ '35DA 03D;34>7E 7H;3F;A@E 8DA? FD7@6
;9GD7 3
;9GD7 4
;9GD7 5
(AF7E -73EA@3>>K 36<GEF76 ?3D=7F >34AD F;9:F@7EE 4G;>F 8DA? . 63F3 .:7 F;?7 E7D;7E A8 F:7
AGFBGF 93B 3@6 >34AD BDA6G5F;H;FK 3D7 5A@EFDG5F76 4K 3@5A 67 'TJ;5A 8DA? #(!# EF3F;EF;5E
.:7 F;?7 E7D;7E 8AD F:7 D73> #'-- D787D7@57 I397 ;E 5A@EFDG5F76 I;F: 63F3 8DA? #(!# >>
H3D;34>7E 3D7 D7BADF76 ;@ >A9E 3E 67H;3F;A@E 8DA? 3@ "* FD7@6 I;F: E?AAF:;@9 B3D3?7F7D
*;EE3D;67E E73D5: 3@6 ?3F5:;@9 ?A67> 'ADF7@E7@ 3@6 *;EE3D;67E *;EE3D;67E
FA 7JB>3;@ ?3@K 835FE 34AGF G@7?B>AK?7@F 3@6 9DAEE NAIE ;F :3E 477@
3D9G76 -:;?7D
F:3F F:7 ?A67> 53@@AF 7JB>3;@ F:7 5K5>;53> 47:3H;AD A8 >34AD
?3D=7F H3D;34>7E 79 H353@5;7E 3@6 G@7?B>AK?7@F ;@ D7EBA@E7 FA ?73EGD76 BDA
6G5F;H;FK E:A5=E 5A@E;EF7@F I;F: F:7 63F3 .:7 5ADD7>3F;A@ 47FI77@ 5A@F7?BAD3@7AGE>K
?73EGD76 >34AD ?3D=7F F;9:F@7EE 3@6 BDA6G5F;H;FK ;E 5>AE76 FA ;@ F:AE7 ?A67>E
AD
34>7E ;E
I:;>7 F:7 8AGD >39 5ADD7>3F;A@ 47FI77@ F:7? D;E7E FA
F:7 >3FF7D
EG997EFE F:3F ;E 3 9AA6 BD76;5FAD A8 D73> I397 9DAIF: "7@57 3 F;9:F7@;@9 A8 F:7
>34AD ?3D=7F ;E 3EEA5;3F76 I;F: 3@ ;@5D73E7 ;@ D73> I397E B3;6 FA F:7 7?B>AK77E 8AGD
CG3DF7DE 3:736 #8 F:7 @G?47D A8 H353@5;7E ;@5D73E7E D7>3F;H7 FA F:7 @G?47D A8 G@7?
B>AK76 3 <A4 E77=7D ?3K 7JB75F FA M@6 3 H353@F D7>3F;H7>K ?AD7 CG;5=>K F:3@ 3 MD?
?3K 7JB75F FA M@6 3@ G@7?B>AK76 IAD=7D .:GE F:7 MD? ?3K AS7D :;9:7D I397E I;F:
3 >39 ;@ AD67D FA ;?BDAH7 ;FE :;D;@9 BDA434;>;FK
E ;E EF3@63D6 ;@ F:7 >;F7D3FGD7 I7 ?A67> F:7 FAF3> @G?47D A8 @7I :;D7E 3E 3 A44
3@6 F;?7
H3DK;@9 ?3F5:;@9 7R5;7@5K I:;5: I7 ?A67> ;@ F:7 8A>>AI;@9 I3K
1:7D7
67@AF7E F;?7
;@H3D;3@F D79;A@3> 3FFD;4GF7 8AD < EF3@6E 8AD 3 EF3F7
;@H3D;3@F F;?7 3FFD;4GF7 8AD F 3@6
;E 3 D3@6A? E:A5= 8AD EF3F7 < 3F B7D;A6 F 17
5A@E;67D 735: EF3F7 FA 47 3 E7B3D3F7 >34AD ?3D=7F I;F: A@7 7J57BF;A@ E;@57 ?AEF A8
F:7 . AR57E ;@ F:7 -F3F7 A8 '7J;5A 3D7 ;@ ?G@;5;B3>;F;7E A8 F:7 '7FDABA>;F3@ D73
A8 '7J;5A ;FK '' I7 ;@F79D3F7 F:7 63F3 I;F: F:7 E7D;7E 8AD F:7 767D3> ;E
FD;5F ;@FA 3 E;@9>7 >34AD ?3D=7F .:;E 5D;F7D;A@ ;E 5A@E;EF7@F I;F: F:7 67M@;F;A@ 8AD
F:7 ?3;@ ?7FDABA>;F3@ 3D73E GE76 ;@ @3F;A@3> >34AD EGDH7KE I:;5: ;@5>G67E A@>K F:AE7
?G@;5;B3>;F;7E F:3F 47>A@9 FA F:7 E3?7 EF3F7 I;F: F:7 7J57BF;A@ A8 F:7 ''
F F:;E BA;@F ;F ;E IADF: ?7@F;A@;@9 F:3F F:7D7 3D7 EA?7 B75G>;3D;F;7E I;F: F:7 63F3
5A?;@9 8DA? '' E E:AI@ ;@ ;9GD7 4 3>> E7D;7E F:7 NAI A8 ;@;F;3> <A4>7EE 5>3;?E
H353@5;7E 3@6 :;D;@9E E:AI 3 E;9@;M53@F 6DAB 6GD;@9 F:7 MDEF CG3DF7D A8
.:;E
EG997EFE F:7 BD7E7@57 A8 3 ?7F:A6A>A9;53> 5:3@97 D3F:7D F:3@ 3 8G@63?7@F3> 5:3@97
;@ F:7 ?3D=7F 35F;H;FK -;@57 F:7 '' D7BD7E7@FE 3 >3D97 E:3D7 A8 F:7 >34AD ?3D=7F
F:;E 675>;@7 ;E D7N75F76 3F F:7 @3F;A@3> >7H7>
(AF7E >> E7D;7E 3D7 E73EA@3>>K 36<GEF76 3@6 4G;>F 8DA? . 63F3
-AGD57 '7J;53@ ';@;EFDK A8 &34AD
AD DA4GEF@7EE I7 FD;76 GE;@9 3 ?A@F: ?AH;@9 3H7D397 )GD D7EG>FE 6A @AF 5:3@97 4GF I7 :36
FA 6DAB FAA ?3@K A4E7DH3F;A@E 5>AE7 FA F:7 .7CG;>3 5D;E;E
5D;E;E .:7 5D;E;E B7D;A6E I7D7 E7>75F76 FA ?3F5: I;F: B7D;A6E I:7D7 F:7 ?A@F:>K !>A43>
#@6;53FAD A8 5A@A?;5 5F;H;FK #! I3E 47>AI ;FE BAF7@F;3>
#@ 3>> AGD D79D7EE;A@E AGD ?3;@ 5A7R5;7@F A8 ;@F7D7EF I;>> 47
3@6 I:;5:
7EF;?3F7 67H;3F;A@E 8DA? F:7 3H7D397 7R5;7@5K A8 F:7 ?3F5:;@9 BDA57EE 6GD;@9 75A@A?;5
6AI@FGD@E #@ -75F;A@ I7 I;>> GE7 AGD BD76;5F76 H3>G7E 8AD F:7 :;D;@9 BDA434;>;FK I;F:
3@6 I;F:AGF F:7 6G??K 5D;E;E FA 3@3>KL7 I:7F:7D F:7 E;L7 A8 F:7 7EF;?3F76 7S75F 53@
7JB>3;@ F:7 ;@5D73E7 ;@ G@7?B>AK?7@F 6GD;@9 F:7 5D;E;E 1;F: 3@ 34GE7 A8 >3@9G397
I7 I;>> E3K F:7 BD76;5F76 H3>G7E I;F: F:7 5D;E7E 6G??;7E :3H7 ?3F5:;@9 8D;5F;A@E
E 3 47@5:?3D= I7 MDEF 7EF;?3F7 C F:DAG9: BAA>76 )&- ;9@AD;@9 F:7 ;@
6;H;6G3> 7S75FE
3@6 5A@FDA>>;@9 8AD BAEE;4>7 :7F7DAE5763EF;5;FK 4K GE;@9 DA4GEF
EF3@63D6 7DDADE .:7 BAA>76 )&- 7EF;?3F7E ;@ F:7 MDEF 5A>G?@ A8 .34>7 E:AI F:3F
F:7 7>3EF;5;FK A@ G@7?B>AK?7@F ;E
I:7D73E F:7 BA;@F 7EF;?3F7 8AD F:7 7>3EF;5;FK A@
H353@5;7E ;E
A@E;EF7@F I;F: F:7 D7EG>FE 8AD AF:7D 5AG@FD;7E F:7 8G@5F;A@ 7J:;4;FE
5A@EF3@F D7FGD@E FA E53>7 ,- I:;5: I7 I;>> ;?BAE7 ;@ F:7 D7EF A8 AGD D79D7EE;A@E
.:;E 5:3@97E AGD D79D7EE;A@ 3E 8A>>AIE
57EE 35DAEE EF3F7E .A ;@5ADBAD3F7 F:;E AGD F:;D6 D79D7EE;A@ D7B73FE F:7 7J7D5;E7 ;@
"7D7 I7 ?73EGD7 AGD ?A@F:>K BAF7@F;3> AGFBGF GE;@9 3@ "* M>F7D I;F: 3 B3D3?7F7D 7CG3> FA
5A>G?@ ;@5>G6;@9 EF3F7 MJ76 7S75FE .:7 ?3;@ 6;S7D7@57 47FI77@ F:;E D79D7EE;A@
3@6 F:7 A@7 ;@ F:7 E75A@6 5A>G?@ ;E F:7 D;E7 ;@ F:7 7>3EF;5;FK A8 H353@5;7E 8DA?
FA
.:;E 5A7R5;7@F ;E 5>AE7D FA I:3F :3E FKB;53>>K 477@ 8AG@6 ;@ F:7 >;F7D3FGD7 17
53@ D7<75F F:7 @G>> :KBAF:7E;E F:3F F:7 EF3F7 MJ76 7S75FE
3D7 <A;@F>K 7CG3> FA L7DA
B
H3>G7
"7@57 F:7D7 ;E 7H;67@57 FA D7<75F F:7 @G>> :KBAF:7E;E .:GE ;F ;E
;?BADF3@F FA 5A@E;67D ;@ AGD 7EF;?3F;A@ 4;3E7E 6G7 FA G@A4E7DH34>7 D79;A@3> :7F7DA97@
7;FK
#@ ;9GD7 I7 E:AI F:7 7EF;?3F76 MJ76 7S75FE 8AD AGD F:;D6 EB75;M53F;A@ .:7D7
E77?E FA 47 3 5A@E;67D34>7 H3D;3F;A@ 35DAEE EF3F7E .:7 ?3<AD;FK A8 F:7 7EF;?3F7E
7J:;4;F 3 :;9:7D 5A7R5;7@F D7>3F;H7 FA F:7 7EF;?3F76 3H7D397 7R5;7@5K ;@ F:7 ?3F5:;@9
8G@5F;A@ 5A@EF3@F F7D? F:;E ;?B>;7E F:3F F:AE7 EF3F7E :3H7 3 ?AD7 7R5;7@F ?3F5:;@9
BDA57EE I:;>EF F:7 D7?3;@;@9 E:AI 3 >AI7D D7>3F;H7 7R5;7@5K
;9GD7 ;J76 S75FE 8AD ,79D7EE;A@ ;@ .34>7
.A FDK 3@6 EA>H7 F:;E BDA4>7? AGD @7JF D79D7EE;A@ 7EF;?3F7E GE;@9 ;@EFDG?7@F3>
H3D;34>7E 3EEG?;@9 ,- 3@6 ?3;@F3;@;@9 F:7 EF3F7 MJ76 7S75FE E >3@5:3D6 3@6
;3?A@6 I7 GE7 F:D77 >39E 8AD 4AF: H353@5;7E 3@6 G@7?B>AK?7@F 3E ;@EFDG
?7@FE )GD :AB7 ;E F:3F >39976 H3>G7E A8 G@7?B>AK?7@F 3@6 H353@5;7E 3D7 5ADD7>3F76
I;F: F:7 5GDD7@F H3>G7 A8 >34AD ?3D=7F F;9:F@7EE 3@6 @AF 6;D75F>K 5ADD7>3F76 I;F: F:7
5GDD7@F H3>G7 A8 F:7 :;D;@9 D3F7
ADAI5LK=
'3DF;@E $A>;H7F 3@6 *AEF7>
GE7 3@ 3>F7D@3F;H7 EB75;M53F;A@ F:3F
?A67>E ?3F5:;@9 BDA6G5F;H;FK 3E 3@ ,' BDA57EE .:7K F:7@ BDABAE7 3 EKEF7?3F;5
BDA576GD7 FA ;67@F;8K I:;5: >39E E:AG>6 47 GE76 3E ;@EFDG?7@FE -;@57 GE;@9 3 N7J;4>7
D76G576
8AD? 7EF;?3F;A@ FA ?A67> 5K5>;53>;FK ?;9:F 4;3E AGD 7EF;?3F;A@ 393;@EF M@6;@9
>7H7> 5:3@97E 6GD;@9 75A@A?;5 5D;E7E I7 BD787D FA ?3;@F3;@ AGD E;?B>7D EB75;M53F;A@
I:;>7 B7D8AD?;@9 DA4GEF@7EE 5:75=E A@ F:7 >39 E7>75F;A@ 8AD AGD ;@EFDG?7@FE
.:7 7CG3F;A@ 8AD AGD MDEF
EF397 A8 F:;E D79D7EE;A@ 53@ 47 7JBD7EE76 3E 8A>>AIE
;@3>>K I7 B7D8AD?76
"3@E7@OE $ F7EF F7EF;@9 AH7D;67@F;8K;@9 D7EFD;5F;A@E 3@6 I7 6;6 @AF D7<75F F:7 @G>> F:3F
F:7 ;@EFDG?7@FE 3D7 H3>;6 3F 3 5A@M67@57 >7H7> .:7 B
H3>G7 ;E 34AGF E77 .34>7
.:7 D7EG>FE 8AD F:7 E75A@6
EF397 A8 F:;E D79D7EE;A@ E:AI 3@ ;@5D73E7 ;@ F:7 7>3EF;5;FK
A8 H353@5;7E I;F: D7EB75F FA F:7 7EF;?3F7E ;@ F:7 F:;D6 5A>G?@ I:;5: ;E 5A@E;EF7@F I;F:
.A 3@3>KL7 I:7F:7D F:7D7 ;E 3 EKEF7?3F;5 6;S7D7@57 I7 7EF;?3F7 AGD ;@EFDG?7@F3> H3D;34>7E D7
9D7EE;A@ H3DK;@9 F:7 @G?47D A8 >39E A@ 4AF: H3D;34>7E 8DA? FA >39E I;F:AGF M@6;@9 3 E;9@;M53@F
6;S7D7@57 E DA4GEF@7EE 5:75= I7 3>EA 7EF;?3F7 AGD D79D7EE;A@ GE;@9 >39976 H3>G7E A8 ?3D=7F F;9:F@7EE
3E ;@EFDG?7@FE 3@6 AGD D7EG>FE 6A @AF 5:3@97
.:7 D7EG>FE 8AD F:7 MDEF
EF397 D79D7EE;A@ 53@ 47 E77@ ;@ .34>7
F:7 D7EG>FE 8AG@6 4K >3@5:3D6 3@6 ;3?A@6 A@57 F:7K GE7 ;@EFDG?7@FE #@ AGD
53E7 F:7 5A7R5;7@F 5:3@97E 8DA?
FA
>F:AG9: F:7 5A7R5;7@F 8AD F:7 >;@73D F;?7 FD7@6 ;E @AF EF3F;EF;53>>K E;9@;M53@F ;@
?AEF EB75;M53F;A@E ;F 9;H7E GE 366;F;A@3> ;@8AD?3F;A@ 34AGF F:7 7HA>GF;A@ A8 F:7 ?3F5:
;@9 BDA57EE H7D39;@9 F:7 5A7R5;7@F 8AD F:7 >;@73D F;?7 FD7@6 35DAEE F:7 EB75;M53F;A@E
;@ .34>7 AGD 7EF;?3F;A@ EG997EFE F:3F F:7 7R5;7@5K A8 F:7 ?3F5:;@9 BDA57EE ;@ '7J;5A
;@5D73E76 ;@ F7@ K73DE
A5GE;@9 A@ AGD ?3;@ 5A7R5;7@FE A8 ;@F7D7EF F:7 6G??K H3D;34>7E 6GD;@9 F:7 FIA
5D;E7E I7 5A@E;EF7@F>K M@6 ;@ 3>> D79D7EE;A@E 3 EF3F;EF;53>>K E;9@;M53@F 675D73E7 ;@ F:7
7R5;7@5K A8 F:7 ?3F5:;@9 BDA57EE 6GD;@9 4AF: 75A@A?;5 5D;E7E AD F:7 7EF;?3F76
>AEE ;@ F:7 7R5;7@5K A8 F:7 ?3F5:;@9 8G@5F;A@ ;E 47FI77@
3@6
>A9 BA;@FE I:;>7
F:7 7R5;7@5K >AEE 6GD;@9 F:7
5D;E;E ;E 47FI77@
3@6
BB
AD 735: A8 AGD
EB75;M53F;A@E I7 F7EF76 F:7 @G>> :KBAF:7E;E F:3F
3@6 8AD 3>> AGD D79D7EE;A@E
I7 83;> FA D7<75F F:7 6;S7D7@57 47FI77@ 4AF: 5D;E7E E77 .34>7 -;@57 AGD D76G576
;DEF I7
3F;A@ 17 7EF;?3F76 F:7 - 8G@5F;A@ F:DAG9: @A@>;@73D >73EF ECG3D7E .:;E 5:3@97E
AGD EB75;M53F;A@ ;@ F:7 8A>>AI;@9 I3K
?7@F 3@6 F:7 E:3D7 B3D3?7F7D .:7 D7EG>FE 8AD F:7 D79D7EE;A@ 3D7 BD7E7@F76 ;@ A>G?@
A8 .34>7 .:;E 7EF;?3F76 H3>G7 A8 EG997EFE F:3F F:7 D7>3F;A@E:;B 47FI77@
;E F:7 3H7D397 A8 F:7 5A7R5;7@F A8
17 B7D8AD?76 F:;E 53>5G>3F;A@ 3E 8A>>AIE I:7D7
>;@73D F;?7 FD7@6 35DAEE EB75;M53F;A@E 3@6 AD FI7>H7 ?A@F:E F;?7E F7@ K73DE
H353@5;7E 3@6 G@7?B>AK?7@F ;E ?AD7 5A?B>7?7@F3DK F:3@ F:7 A@7 ;?B>;76 4K 3 A44
AG9>3E ?3F5:;@9 8G@5F;A@ 7EB;F7 F:;E 6;S7D7@57 AGD 7EF;?3F7E 8AD F:7 5:3@97E ;@
F:7 ?3F5:;@9 7R5;7@5K 6GD;@9 F:7 5D;E7E B7D;A6E 3@6
3D7 BD35F;53>>K F:7
E3?7 3E F:AE7 A4F3;@76 ;@ BD7H;AGE EB75;M53F;A@E
17 I7D7 3>EA 5A@57D@76 F:3F F:7 ?7F:A6A>A9;53> 5:3@97 ;@ F:7 '' 63F3 5AG>6
47 4;3E;@9 AGD D7EG>FE .A 366D7EE F:;E BDA4>7? I7 D7B73F 3>> AGD D79D7EE;A@E 7J5>G6;@9
F:7 '' .:7 BA;@F 7EF;?3F7E E:AI@ ;@ .34>7 3D7 5A@E;EF7@F I;F: F:AE7 8AG@6 ;@
7J7D5;E7E ;@HA>H;@9 3>> EF3F7E .:;E EG997EFE F:3F F:7 >3D97 ?AH7?7@F ;@ F:7 '' ;E
@AF 9G;6;@9 AGD D7EG>FE
!
GF MDEF I7 @776 3@ 7EF;?3F7 A8 F:7 MD;@9 D3F7 17 4G;>6 A@7 GE;@9 F:7 GD43@
E7D;7E A8 F:7 @3F;A@3> 7?B>AK?7@F EGDH7KE (/ 3@6 () DA? F:;E 63F3 I7 53@
;67@F;8K IAD=7DE I:A I7D7 7?B>AK76 ;@ B7D;A6 F
I:;5: :3BB7@76 FA 47 G@7?B>AK76 ;@
F:7 @7JF B7D;A6 .:GE I7 67M@76 F:7 MD;@9 BDA434;>;FK 3E F:7 @G?47D A8 B7AB>7
I:A 5:3@976 F:7;D 7?B>AK?7@F EF3FGE 8DA? 7?B>AK76 FA G@7?B>AK76 47FI77@ B7D;A6E F
;9GD7 3 E:AIE F:7 5A?B3D;EA@ 47FI77@ F:7 MD;@9 D3F7 7EF;?3F76 8DA? F:7 63F3
3H3;>34>7 ;@ F:7 @3F;A@3> >34AD EGDH7KE 3@6 F:7 MD;@9 D3F7 I7 A4F3;@ GE;@9 -:;
;9GD7 E:AIE F:7 GD43@ G@7?B>AK?7@F D3F7 8DA? F:7 @3F;A@3> >34AD EGDH7KE
(/ 3@6 () 3@6 GE7E F:7 9DAEE NAIE 8DA? F:7 E3?7 EGDH7K FA 53>5G>3F7 3@
;?B>;76 G@7?B>AK?7@F D3F7 .:7 5ADD7>3F;A@ 47FI77@ F:7 E7D;7E ;E CG;F7 :;9:
3@6 F:7 ;?B>;76 G@7?B>AK?7@F D3F7 53BFGD7E F:7 4;9 ?AH7?7@FE A8 F:7 E7D;7E 6GD;@9
F:7 4AA?E 3@6 4GEFE
;9GD7 /D43@ /@7?B>AK?7@F ,3F7 HE #?B>;76 !DAEE
>AIE
/@7?B>AK?7@F ,3F7
?7@F D3F7 I7 D7B>357 F:7 () :;D;@9 BDA434;>;FK I;F: F:7 BD76;5F76 :;D;@9 BDA434;>
;FK A8 AGD 7EF;?3F;A@E I;F: 3@6 I;F:AGF 5D;E;E 6G??;7E 17 I;>> 43E7 3>> AGD 3@3>KE;E
A@ F:7 #0 D79D7EE;A@ I;F: EF3F7
>7H7> MJ76 7S75FE D7BADF76 ;@ 5A>G?@ A8 .34>7
78AD7 BDA5776;@9 I7 ?GEF ?3=7 F:7 8A>>AI;@9 5>3D;M53F;A@ )GD 7EF;?3F7E 8AD F:7
:;D;@9 BDA434;>;FK I;F: 3@6 I;F:AGF ?3F5:;@9 8D;5F;A@E 3D7 43E76 A@ ?A@F:>K A4E7D
E7DH3F;A@E .:7 CG3DF7D>K :;D;@9 BDA434;>;FK ;E D7>3F76 FA F:7 CG3DF7D>K :;D;@9 D3F7 3E
8A>>AIE
I:7D7 D7BD7E7@FE F:7 5:3@97 ;@ 8D7CG7@5K ;@ ?A@F:>K
F7D?E
E 53@ 47 E77@ ;@ ;9GD7 3 AGD 7EF;?3F;A@E K;7>6 3 E>;9:F>K >AI7D :;D;@9 BDA434;>;FK
F:3@ F:7 A@7 I7 A4E7DH7 ;@ () I:;5: FD3@E>3F7E ;@FA 3 E>;9:F>K >3D97D ;?B>;76
G@7?B>AK?7@F D3F7 .:7 5ADD7>3F;A@ 47FI77@ F:7 () :;D;@9 BDA434;>;FK 3@6 AGD
BD76;5F76 :;D;@9 BDA434;>;FK I;F: 3@6 I;F:AGF ?3F5:;@9 8D;5F;A@E ;E BAE;F;H7
3@6
D7EB75F;H7>K #@ F:;E D793D6 F:7 D79D7EE;A@ I;F: 8D;5F;A@E :3E 3 47FF7D MF
;9GD7 3 )4E7DH76 ";D;@9 ,3F7 ;@ () HE
#@ EB;F7 A8 F:;E F:7 6;S7D7@57 47FI77@ F:7 ;?B>;76 G@7?B>AK?7@F D3F7E 6A7E @AF
E77? FA 47 75A@A?;53>>K E;9@;M53@F
F:7 ;?B>;76 G@7?B>AK?7@F I;F: 3@6 I;F:AGF ?3F5:;@9 8D;5F;A@E ;E
4B I:;5: ;E >7EE
F:3@ A@7 F:;D6 A8 F:7 4B ;@5D73E7 ;@ F:7 ;?B>;76 G@7?B>AK?7@F D3F7 43E76 A@ ()
NAI 63F3 8DA? +
478AD7 F:7 5D;E;E FA +
F:7 B73= A8 F:7 5D;E;E
;9GD7
*D76;5F76 ;?B>;76 G@7?B>AK?7@F D3F7 I;F: 3@6 I;F:AGF ?3F5:;@9 8D;5F;A@E
;9GD7
3 .7CG;>3 5D;E;E
;9GD7
4 !>A43> ;@3@5;3> 5D;E;E
###
#
#0
##
(AF7 -:3676 3D73E D7BD7E7@F 5K5>;53> 6AI@FGD@E -AGD57 )I@ 53>5G>3F;A@E I;F: 63F3 8DA? #(!#
.:7D7 3D7 AF:7D D73EA@E FA 47>;7H7 F:3F ?3F5:;@9 8D;5F;A@E 3D7 @AF D7EBA@E;4>7 8AD
F:7 B7DE;EF7@F ;@5D73E7 ;@ G@7?B>AK?7@F 38F7D
.:7 7EF;?3F76 ;@5D73E7 ;@ G@
7?B>AK?7@F 6G7 FA ?3F5:;@9 8D;5F;A@E ;E E?3>>7D F:3@ F:7 7EF;?3F76 ;@5D73E7 ;@
4B A@ 3H7D397 -;@57 F:7 G@7?B>AK?7@F D3F7 D75AH7D76 38F7D F:7 5D;E;E ;F ;E
:3D6 FA 3D9G7 F:3F 3 EF3F;EF;53>>K E;9@;M53@F ;@5D73E7 ;@ ?3F5:;@9 8D;5F;A@E ;@ F:7
5D;E;E 4K ;FE7>8 53BFGD7E 3 EFDG5FGD3> 5:3@97 ;@ F:7 '7J;53@ >34AD ?3D=7F
>EA ;F ;E ;?BADF3@F FA @AF7 F:3F F:7 ;?B>;76 G@7?B>AK?7@F D3F7 I;F: 3@6 I;F:AGF
?3F5:;@9 8D;5F;A@E 7J:;4;FE 3 @AFAD;AGE 675D73E;@9 FD7@6 FAI3D6E F:7 7@6 A8 F:7 E3?B>7
F:3F I7 6A @AF A4E7DH7 ;@ F:7 35FG3> G@7?B>AK?7@F D3F7 #@6776 4AF: AGD BD76;5F76
E7D;7E :36 3>?AEF D75AH7D76 FA BD7
5D;E;E >7H7>E 4K +
.:;E ;E 5A@E;EF7@F I;F: F:7 835F F:3F AGD ?73EGD76 ?3D=7F F;9:F@7EE D7FGD@E FA BD7
5D;E;E >7H7>E E;@57
3@6 7H7@ D735:7E :;9:7D >7H7>E FAI3D6 F:7 7@6 A8 F:7 E3?B>7
;9GD7 .:;E E:AG>6 @AF 47 EGDBD;E;@9 E;@57 ?3D=7F F;9:F@7EE ;@ AGD 63F3 ;E BDA
5K5>;53> 3@6 75A@A?;5 35F;H;FK D75AH7D76 3DAG@6 F:;E F;?7 .:7D78AD7 F:7 A4E7DH76
B3FF7D@ ;@ AGD BD76;5F76 G@7?B>AK?7@F D3F7 ;E 5A@E;EF7@F I;F: AGD AD;9;@3> BGLL>7
I:K :3E G@7?B>AK?7@F D7?3;@76 EA :;9: 7H7@ I:7@ 75A@A?;5 35F;H;FK :3E D75AH7D76
)GD D7EG>FE ;@6;53F7 F:3F I7 @776 3@ 3>F7D@3F;H7 7JB>3@3F;A@ F:3F 9A7E 47KA@6 5:3@97E
;@ ?3F5:;@9 8D;5F;A@E
"!'%"!
#@ F:;E B3B7D I7 EFG6K F:7 DA>7 B>3K76 4K ?3F5:;@9 8D;5F;A@E ;@ 7JB>3;@;@9 F:7 47:3H;AD
;@ G@7?B>AK?7@F ;@ '7J;5A 38F7D
.A 6A EA I7 7EF;?3F7 F:7 BAF7@F;3> >AEE A8
7R5;7@5K A8 F:7 ?3F5:;@9 8G@5F;A@ 6GD;@9 FIA E;?;>3D 5D;E7E F:3F ;@HA>H76 >3D97 6DABE
;@ !* F:7 .7CG;>3 5D;E;E 3@6 F:7
!>A43> ;@3@5;3> 5D;E;E
17 3D7 34>7 FA ?73EGD7 ?3F5:;@9 8D;5F;A@E 8AD F:7 MDEF F;?7 ;@ '7J;5A 4753GE7 I7
:36 3557EE FA 3 @AH7> 63F3 A@ <A4 H353@5;7E 3@6 :;D;@9E F:DAG9: 3 9AH7D@?7@F <A4
B>357?7@F E7DH;57 A>E3 67 .D343<A I:;5: ;E G@67D F:7 EGB7DH;E;A@ A8 F:7 ';@;EFDK A8
&34AD .:7E7 63F3 3D7 ?AD7 5A@57@FD3F76 A@ GD43@ <A4E EA I7 5A?B3D7 AGD D7EG>FE FA
F:7 GD43@ E7D;7E ;@ F:7 @3F;A@3> 7?B>AK?7@F EGDH7KE #@ BD;@5;B>7 F:7 63F3 E:AG>6 3>EA
47 3 EG4E7F A8 F:7 8AD?3> E75FAD ;@ F:7 75A@A?K 4GF I7 53@@AF A4E7DH7 F:;E 6;D75F>K
K A4E7DH;@9 F:7 67?3@6 3@6 EGBB>K A8 >34AD E7B3D3F7>K F:7 63F3 3>>AIE GE FA 3EE7EE
I:7F:7D 5:3@97E ;@ ?3F5:;@9 8D;5F;A@E 3D7 D7EBA@E;4>7 8AD F:7 EGEF3;@76 ;@5D73E7 ;@
G@7?B>AK?7@F 38F7D
17 M@6 7H;67@57 A8 3 EF3F;EF;53>>K E;9@;M53@F D76G5F;A@ ;@ F:7 7R5;7@5K A8 F:7 ?3F5:
;@9 8G@5F;A@ 38F7D
.:7 7EF;?3F76 7S75F 7JB>3;@E 34AGF
4B A8 F:7 4B A4E7DH76
;@5D73E7 ;@ F:7 GD43@ G@7?B>AK?7@F D3F7 8DA? ;@ F:7 F:;D6 CG3DF7D A8
FA
;@ F:7 F:;D6 CG3DF7D A8
17 3>EA M@6 F:3F F:7 7EF;?3F76 >AEE ;@ F:7 ?3F5:;@9 7R
$!%
3D@;5:A@ , 3@6
&;>;7@ 3@6 , "3>> K5>;53> NG5FG3F;A@E ;@ F:7 &34AD '3D=7F ) E:7@
87>F7D 3@6 , &3K3D6 76 -#!..* .% !.0 ".-.,("1 >E7H;7D 76;F;A@ HA>G?7
5:3BF7D B397E
'ADF7@E7@ 3@6 *;EE3D;67E $A4 D73F;A@ 3@6 $A4 7EFDG5F;A@ ;@ F:7
.:7BDK A8 /@7?B>AK?7@F $4($5 .% ".-.,(" 23#($1
'ADF7@E7@ 3@6 *;EE3D;67E (7I 7H7>AB?7@FE ;@ 'A67>E A8 -73D5: ;@
F:7 &34AD '3D=7F -#!..* .% !.0 ".-.,("1 :3BF7D
*3EE7> - $7SD7K O07D3 A:@ 3@6 !A@L3>7L
(7F ';9D3F;A@ 8DA? '7J;5A
3>>E FA 27DA
3@6 *7D:3BE &7EE *7I ,7E73D5: ";EB3@;5 .D7@6E *DA<75F
*7FDA@9A>A 3@6 *;EE3D;67E
&AA=;@9 ;@FA F:7 >35= AJ -GDH7K A8 F:7
'3F5:;@9 G@5F;A@ .30- + .% ".-.,(" (2$0 230$ ?7D;53@ 5A@A?;5 EEA5;3F;A@
HA> B397E
$G@7
*;EE3D;67E -:ADF
,G@ CG;>;4D;G? K@3?;5E A8 /@7?B>AK?7@F 0353@5;7E
3@6 ,73> 1397E
,$0"( - ".-.,(" $4($5
*;EE3D;67E CG;>;4;DG? /@7?B>AK?7@F .:7ADK '#. *D7EE 3?4D;697
' E75A@6 76
,A97DEA@ , 3@6 . -:;?7D
-73D5: ;@ '35DA75A@A?;5 'A67>E A8 F:7 &34AD
'3D=7F -#!..* .% !.0 ".-.,("1 >E7H;7D
-3:;@ $ -A@9 ! .AB3 3@6 !0;A>3@F7
';E?3F5: /@7?B>AK?7@F -F3S
,7BADFE $#$0 + $1$04$ -* .% $5 .0*
-5:3S7D '
JF;HD79 -F3F3 ?A6G>7 FA B7D8AD? 7JF7@676 #0-&- !''
3@6 " &#'& 3@6 =
5>3EE D79D7EE;A@ 8AD B3@7> 63F3 ?A67>E
-:;?7D ,
.:7 K5>;53> 7:3H;AD A8 CG;>;4D;G? /@7?B>AK?7@F 3@6 0353@
'
-F3@63D6 7H;3F;A@
+G3DF7D>K 3GFA5ADD7>3F;A@
ADD7>3F;A@ A8 I;F:
'3J;?G? 5ADD7>3F;A@ I;F:
)GFBGF
!3B
;
&34AD
*DA6G5F;H;FK
;
H7D397
#
#
17;9:FE
5D;E;E
&;@73D .;?7 .D7@6
A@EF3@F
- I;F:
)4E7DH3F;A@E
,
ECG3D76
(AF ,7<75F (AF ,7<75F (AF ,7<75F (AF ,7<75F
(AF ,7<75F
"
>GEF7D76 EF3@63D6 7DDADE ;@ B3D7@F:7E7E 8AD 5A> 3@6 A> GE7E 5>GEF7D76 EF3@63D6
7DDADE 3@6 5ADD75FE 8AD :7F7DAE=763EF;5;FK A> GE7E F:7 5A@H7@F;A@3>>K 67D;H76 H3D;3@57 7EF;?3FAD
8AD @A@>;@73D ?A67>E MF GE;@9 !3GEE
(7IFA@ D79D7EE;A@ B
B
B
5D;E;E
&;@73D .;?7 .D7@6
- I;F:
A@EF3@F
)4E7DH3F;A@E
,
ECG3D76
"
(AF ,7<75F (AF ,7<75F (AF ,7<75F (AF ,7<75F
,7<75F
>GEF7D76 EF3@63D6 7DDADE ;@ B3D7@F:7E7E 8AD 5A> 3@6 A> GE7E 5>GEF7D76 EF3@63D6
7DDADE 3@6 5ADD75FE 8AD :7F7DAE=763EF;5;FK A> GE7E F:7 5A@H7@F;A@3>>K 67D;H76 H3D;3@57 7EF;?3FAD
8AD @A@>;@73D ?A67>E MF GE;@9 !3GEE
(7IFA@ D79D7EE;A@ B
B
B
03D;34>7
5D;E;E
5D;E;E
&;@73D .;?7 .D7@6
/@7?B>AK?7@F >A9E
&
&
&
0353@5;7E >A9E
&
&
&
)4E7DH3F;A@E
>GEF7D76 EF3@63D6 7DDADE ;@ B3D7@F:7E7E >EA 5ADD75FE 8AD
:7F7DAE=763EF;5FK B
B
B
,7EG>F
,7<75F
173=
#@EFDG?7@F .7EFE
@67DEA@
,G4;@
@67DEA@
,G4;@
.:7 5A7R5;7@FE A8 F:7 7@6A97@AGE
D79D7EEADE ;@ F:7 EFDG5FGD3>
:;
ECG3D76
-FA5=
1D;9:F
7CG3F;A@ 3D7 <A;@F>K 7CG3> FA L7DA
- EF3F;EF;5
,7<75F
,7<75F
,7<75F
)H7D;67@F;M53F;A@ .7EF
"3@E7@ $
:;
ECG3D76