Beruflich Dokumente
Kultur Dokumente
net/publication/233810663
CITATIONS READS
2 2,163
4 authors, including:
Some of the authors of this publication are also working on these related projects:
El glaciarismo del Sistema Central Español en el Pleistoceno Superior. Modelización, reconstrucción y cuantificación paleoclimática
Acrónimo: GLACIOSICE II - Ministerio de Economía y Competitividad, Gobierno de España. View project
All content following this page was uploaded by Alfonso Muñoz-Martín on 21 May 2014.
CFF9@57=CB9G9ADiF=75G9BHF9@5J9@C7=85889DFCD5;57=lB89@5GCB85G+.GMCHFCG
D5FdA9HFCG;9CHh7B=7CGD5F5@CGGI9@CG89%58F=8
@CE<E<64?6BEE8?4G<BAFB9F;84EJ4I8I8?B6<GL/FJ<G;BG;8E :8BG86;A<64?C4E4@8G8EFB9
FB<?F<A&47E<7
(hF9N +5BH=GH965B !
%IkCN%5FHiB
5F6lCFCG569@
M *I=NCBH=7=9@@5 "
%
"@K<MO<H@IOJ?@%@J?DIqHD><
$<>PGO<??@!D@I>D<N%@JGBD><N
3IDQ@MND?<?!JHKGPO@IN@?@+<?MD?3!+
!3IDQ@MNDO<MD<
N
I
+<?MD?
DOUD<M;KN<IODNCJOH<DG>JH
'INODOPOJ?@%@J>D@I>D<N?@G!1'!
*<=JM<OJMDJ?@%@JO@>ID<!#"#6>
GAJINJ 6''
+<?MD?
+-%%*1
@C<E<64?6BEE8?4G<BAF4E8HFH4??LHF874F4CE87<6G<I8GBB?<A:8BG86;A<64?8A:<A88E<A: !BJ8I8E8DH4G<BAF64?6H?4G87
9BE FB<?F I8EL 7<998E8AG GB G;8 BA8F GB 58 6;4E46G8E<M87 4E8 9E8DH8AG?L HF87 4A7 FB G;8L 4E8 ABG E8CE8F8AG4G<I8 B9 G;8<E
@86;4A<64?CEBC8EG<8F -;<F946G47787GBG;8<A6E84F<A:<AG8E8FGB96<I<?8A:<A88E<A:<A>ABJ<A:G;8F;84EJ4I8I8?B6<GL
/FB9G;8:EBHA7;4F?87GBG;864?6H?4G<BAB97<998E8AG8@C<E<64?8DH4G<BAFGBCE87<6GG;8/FI4?H8B9G;8FB<?FB9&47E<7
"AG;<FFGH7LG;<F;4F588A46;<8I875L64?6H?4G<A:G;88@C<E<64?6BEE8?4G<BAF58GJ88AG;8/FI4?H8B5G4<A87G;EBH:;G;8
+8&< +89E46G<BA &<6EBGE8@BE G86;A<DH8 4A7 G;8 9B??BJ<A: :8BG86;A<64? C4E4@8G8EF ,G4A74E7 )8A8GE4G<BA -8FG
',)- I4?H8F HA<4K<4? 6B@CE8FF<I8 FGE8A:G; D. G8FGF 4A7 789BE@4G<BA @B7H?HF -;8 E8?4G<BAF;<C 58GJ88A 5BG;
2BHA:iF@B7H?HF4A7F;84E@B7H?HF 4A7G;8E8FH?GFB9,)-G8FGF',)-;4F4?FB588AFGH7<87 -;88@C<E<64?
6BEE8?4G<BAF CEBCBF87 4E8 4CC?<645?8 GB G;8 J;B?8 @8GEBCB?<G4A 4E84 B9 &47E<7 4A7 ;4I8 4A 8K68??8AG CE87<6G<I8
64C45<?<GL 7H8 GB G;8 <A6BECBE4G<BA B9 G;8 @84FHE8@8AG 78CG; GB G;8 8DH4G<BAF J;<6; ;4F 4A <@CBEG4AG <A9?H8A68 <AG;8
E8F<FG4A68CEBC8EG<8FB9FB<?F
!&,*'-!^& 1'",!.'+ KP@?@IKM@?@>DMG<MDBD?@U?@GJNNP@GJN?@+<?MD?!JHJQ@HJN@I
,<OPM<GH@IO@ ND@HKM@ @N H@EJM >JIO<M ?DM@>O<H@IO@ >JI G< ADBPM< ?JI?@N@C<M@KM@N@IO<?JG<M@G<>DI@IOM@GJNQ<GJM@N?@
?<OJN H@?D?JN DI NDOP
K@MJ @I HP>C<N J><NDJI@N IJ N@ KP@?@I 4N T ?@ 1.2 H@?D?JN K<M< @NO< DIQ@NODB<>DI T G<N >JMM@G<>DJI@N
M@<GDU<M>D@MOJN@IN<TJNJ@NOJNM@LPD@M@I?@H<ND<?JOD@HKJT?DI@MJ
KP=GD><?<N HqN >JHPI@N @IOM@ @NO<N ?JN Q<MD<=G@N #NO< ADBPM<
KJM GJ LP@ C<T LP@ M@>PMMDM < @>P<>DJI@N @HK|MD><N K<M< KJ?@M HP@NOM<LP@
@S>@KOJK<M<(<A<MD 8G 4? OJ?<NG<N>JMM@G<>DJI@N
@NODH<MGJN .JM @NO@ HJODQJ
G<N >JMM@G<>DJI@N @HK|MD><N N@ PODGDU<I ?@ G< =D=GDJBM<A|< ><G>PG<I PI< 4N HPT =<E< K<M< GJN NP@GJN ?@
AM@>P@IO@H@IO@ >JHJ PI< C@MM<HD@IO< KM@?D>ODQ< @I G< DIB@ID@M|< +<?MD?
KMJ=<=G@H@IO@?@=D?J<LP@@NOJN@NOP?DJNDIQ@NODB<INP@GJN
B@JOz>ID><
@NK@>D<GH@IO@ @I G<N @O<K<N KM@GDHDI<M@N ?@ ?DN@~J ?@ >P<O@MI<MDJNT?@KNDOJNKJ>J>JINJGD?<?JN>JIQ<GJM@N?@4NHP>CJ
KMJT@>OJN
>P<I?J @N I@>@N<MDJ ><M<>O@MDU<M MqKD?<H@IO@ BM<I?@N HqN =<EJN LP@ GJN ><M<>O@M|NOD>JN K<M< GJN NP@GJN O@M>D<MDJN ?@
@SO@INDJI@N ?@ O@MM@IJ T ?@O@MHDI<M G< D?JI@D?<? ?@G NP@GJ K<M< PI +<?MD? N|N@?@HP@NOM<LP@ @SDNO@PI<GOJBM<?J?@Q<MD<=DGD?<?@I
KMJKNDOJ @NK@>|AD>J !JI @NO< ADI<GD?<?
@SDNO@I @I G< GDO@M<OPM< G< 4N LP@ KM@?D>@I GJN ?DA@M@IO@N HJ?@GJN @HK|MD>JN T N@ KJI@ @I
HPGODOP? ?@ @NODH<>DJI@N LP@ M@G<>DJI<I @IOM@ N| OJ?J ODKJ ?@ @QD?@I>D<G<I@>@ND?<??@OJH<MH@?D?<N@NK@>|AD><N?@4NK<M<><?<
KMJKD@?<?@NH@>qID><NTK<MqH@OMJNB@JOz>ID>JN GPB<M?@DIQ@NODB<>DI<IO@N?@@NO<=G@>@M NPN@>P<>DJI@NKM@?D>ODQ<N
#I GJN GODHJN <~JN
@G >M@>D@IO@ DIO@MzN @I G< DIB@ID@M|< KJM
>JIJ>@M@GQ<GJM?@G<4N
<N|>JHJG<NC<=DOP<G@N?DAD>PGO<?@NK<M<
@NODH<MG< ?DM@>O<H@IO@ IJ ND@HKM@ @N Aq>DG M@>JIJ>@M G< JI?< 1 T<
LP@
@NK@>D<GH@IO@@IGJN@IOJMIJNPM=<IJN
NP@G@@NO<M@IH<N><M<?<
KJM @G MPD?J <H=D@IO<G C<I ?<?J GPB<M < PI BM<I IH@MJ ?@
>JMM@G<>DJI@NLP@@NO<=G@>@I@GQ<GJM?@4N@IAPI>DI?@G<GDOJGJB|<
T ?DNODIOJN K<MqH@OMJN B@JOz>ID>JN "@ @IOM@ OJ?<N @NO<N
>JMM@G<>DJI@N
NDI?P?<G<HqNAM@>P@IO@@NG<LP@M@G<>DJI<G<4NT@G
M@NPGO<?J?@G@IN<TJ?@0@NDNO@I>D<<G<.@I@OM<>DI#NOqI?<M,1.2
<GN@M zNO@@NPIK<MqH@OMJ?@PNJHPT>JHIT@SO@I?D?J
#NO<N>JMM@G<>DJI@NNJIHPTODG@N>P<I?JIJN@>P@IO<>JIJOMJN
?<OJN J=O@ID?JN ?DM@>O<H@IO@ J N@ I@>@NDO< @NODH<M MqKD?<H@IO@ G<N
KMJKD@?<?@NB@JOz>ID><N?@PIO@MM@IJ
K@MJIJC<TLP@JGQD?<MK<M<
LPz >JI?D>DJI@N B@JGBD><N AP@ ><G>PG<?< ><?< >JMM@G<>DI T KJM
O<IOJ
ND @N @SO@IND=G@ <G ><NJ >JI>M@OJ LP@ N@ LPD@M@ ><M<>O@MDU<M
"<?J LP@ ><?< qM@< ?@ DIQ@NODB<>DI @NOq ><M<>O@MDU<?< KJM PI< <:HE4 u CAD5F57=lB 89 @57CFF9@57=lB9BHF9.GM&+(, D5F5@CGGI9@CG
CDNOJMD< B@JGBD>< ?DA@M@IO@
GJN K<MqH@OMJN B@JOz>ID>JN LP@ N@ 89 %58F=8 M @5G 97I57=CB9G EI9 G9 DFCDCB9B 9B @5 6=6@=C;F5:i5
J=O@IB<I@I@GG<@NO<MqI>JI?D>DJI<?JNKJMPI<CDNOJMD<?@O@INDJI@N
B@C4E<FBAB9G;86BEE8?4G<BA58GJ88A/F4A7',)- 9BEG;8FB<?FB9&47E<7
>JHKJND>DI GDOJGBD><
@?<?
@O>
?@ HJ?J LP@ G<N >JMM@G<>DJI@N 4A7G;88DH4G<BAFCEBCBF87<AG;8 5<5?<B:E4C;L
@HK|MD><N ><G>PG<?<N K<M< PI @HKG<U<HD@IOJ >JI>M@OJ IJ OD@I@I
KJMLPzN@MQqGD?<N@IJOMJNO@MM@IJN#I>JIN@>P@I>D<
K<M<J=O@I@M .JMGJO<IOJK<M<J=O@I@M@>P<>DJI@NKM@?D>ODQ<N<?@>P<?<NK<M<
PIJN K<MqH@OMJN AD<=G@N T M@KM@N@IO<ODQJN ?@G NP@GJ LP@ N@ LPD@M@ GJN NP@GJN ?@ +<?MD?
N@Mq I@>@N<MDJ M@<GDU<M PI <IqGDNDN @NO<?|NOD>J
><M<>O@MDU<M @N API?<H@IO<G PODGDU<M @>P<>DJI@N @NK@>|AD><H@IO@ >JHKG@OJ T K<M< PI IH@MJ ?@ HP@NOM<N NPAD>D@IO@H@IO@
><G>PG<?<N K<M< @N@ ODKJ ?@ NP@GJ T @N<N HDNH<N >JI?D>DJI@N M@KM@N@IO<ODQJ ?@ @NOJN NP@GJN N| @I @NO@ @NOP?DJ K<M< KJ?@M
B@JGBD><N KM@?@>DM G< MDBD?@U T G< ?@AJMH<=DGD?<? ?@ GJN NP@GJN ?@ +<?MD? N@
"@@NO< AJMH<
G<N @>P<>DJI@N @HK|MD><NLP@@I>JIOM<HJN C<I <I<GDU<?J G<N >JMM@G<>DJI@N @NO<?|NOD><N @IOM@ G< 4N H@?D?<
@I G< =D=GDJBM<A|< N@ C<I ><G>PG<?J K<M< JOMJ ODKJ ?@ NP@GJN T IJ H@?D<IO@ G< Oz>ID>< 0@+D J N|NHD>< K<NDQ< T GJN NDBPD@IO@N
K<MqH@OMJN B@JOz>ID>JN G< M@NDNO@I>D< < G< K@I@OM<>DI @NOqI?<M
)EB6887<A:F ,
('(,-" g ,',,-"S'
N,&%!",)'()(+-. ., (,"2 (W,"
,1.2
G<M@NDNO@I>D<<G<>JHKM@NDINDHKG@ L3 TGJNH?PGJN?@ *<N .@~P@G<N ?@ G< A<>D@N ?@ OM<IND>DI NJI G< GDOJGJB|< >JI PI
?@AJMH<>DI #
% T ) "@G HDNHJ HJ?J O<H=DzI N@ C< >JHKJMO<HD@IOJ B@JOz>ID>J HqN Q<MD<=G@ T< LP@ <PILP@ >P<I?J
DIQ@NODB<?JG<M@G<>DI@IOM@GJNH?PGJN?@?@AJMH<>DITG<,1.2 @NOqIN<I<N@NOqI>JINODOPD?<NKJM<M>DGG<NGDODAD><?<NHPTM@NDNO@IO@N
#G <IqGDNDN@NO<?|NOD>J
K<M<HJ?@GDU<MG<M@G<>DI@IOM@G<4NT@G @N AM@>P@IO@ @I>JIOM<MG<N M@=G<I?@>D?<N T H@O@JMDU<?<N ?@HqN
,1.2 <K<MODM?@GJN?<OJN@SK@MDH@IO<G@N?@GJNNP@GJN?@+<?MD?
N@ ?@IOMJ?@@NO<GDOJGJB|<O<H=DzI@NAM@>P@IO@G<KM@N@I>D<?@IDQ@G@N
C<M@<GDU<?J H@?D<IO@PI<IqGDNDN?@M@BM@NDIGDI@<GKJM@GHzOJ?J ><G>qM@JN <NJ>D<?JN < G< NJH@MDU<>DI ?@G< >P@I>< LP@ N@ >JIJ>@I
?@ GJN H|IDHJN >P<?M<?JN
LP@ HDIDHDU< G< NPH< ?@ GJN >P<?M<?JN >JHJ !<TP@G<N T LP@ O<H=DzI OD@I@I PI<N ><M<>O@M|NOD><N HPT
?@GJNM@ND?PJN Q<MD<=G@N@IAPI>DI?@GBM<?J?@>@H@IO<>DIJ?@<GO@M<>DI
*JN T@NJN ?@ G< A<>D@N @Q<KJM|OD>< ?@NO<><I KJM NP M@NDNO@I>D<
A A
<PILP@ O<H=DzI KM@N@IO<I ?DA@M@IO@N KMJ=G@H<N B@JOz>ID>JN
E< 2< 2<
< <
<NJ>D<?JN<G<F<MNODAD><>DI
*$!^& &,* $ .G 1 &+(, (* $'+
1D@I?J E @G M@ND?PJ
@N ?@>DM
G< ?DA@M@I>D< @IOM@ @G Q<GJM ?@ G< +-$'+%*!
Q<MD<=G@ J=N@MQ<?< 2< T @G Q<GJM O@MD>J @NODH<?J KJM G< M@BM@NDI .<M< @NO<=G@>@M G< >JMM@G<>DI @SDNO@IO@ @IOM@ G<N 4N H@?D?<N
2< H@?D<IO@ G< Oz>ID>< 0@+D @I @G qM@< PM=<I< ?@ +<?MD? T GJN
(*'(!+ '$^!+ 1 M@NPGO<?JN?@GJN@IN<TJN?@M@NDNO@I>D<<G<K@I@OM<>DI@NOqI?<M
N@
',Y&!+ $'++-$'+ %*! C< M@<GDU<?J PI <IqGDNDN @NO<?|NOD>J @IOM@ GJN Q<GJM@N ?@ ,1.2 T
*< >DP?<??@+<?MD?TNP@IOJMIJPM=<IJ@NOqINDOP<?JN@I G<N 4N >JMM@NKJI?D@IO@N < G<N KMJAPI?D?<?@N @IN<T<?<N @I GJN
PI< >P=@O< ?@ N@?DH@IO<>DI DIOM<HJIO<I< LP@ LP@? ?@ADID?< NJI?@JN $DB"@@NO<AJMH<N@C<J=O@ID?JPI<M@G<>DI@HK|MD><
?PM<IO@ @G 2@M>D<MDJ <G @G@Q<MN@ @G 1DNO@H< !@IOM<G !JHJ ><K<U?@KM@?@>DMGJNQ<GJM@N?@4N<K<MODM?@GJNM@NPGO<?JN?@GJN
>JIN@>P@I>D<
NPNNP@GJN@NOqI>JINODOPD?JNKJMG<NA<>D@N+DJ>@I<N @IN<TJN1.2
M@NPGO<IO@N ?@ PI NDNO@H< ?@ N@?DH@IO<>DI =<N<?J @I BM<I?@N
<=<ID>JN<GPQD<G@NLP@>JH@IU<=<I@IGJNHqMB@I@N?@G<>P@I><T /F ' ,)-
+
>JIQ@MB|<IC<>D<G<UJI<>@IOM<G?@G<>P=@O<?JI?@C<=|<PI<G<BPI<
@Q<KJM|OD><
"@=D?J < @NO@ NDNO@H< ?@ ?@KJND>DI
IJMH<GH@IO@ GJN
N@?DH@IOJN N@ ?DNOMD=PT@I N@BI =<I?<N >JI>zIOMD><N ?@ AJMH< LP@
G<NA<>D@N?@=JM?@@NOqI>JINODOPD?<NKJM<M>JN<NDIH<?PM<NLP@Q<I
KMJBM<?<I?JNJ=M@A<>D@N><?<Q@UHqN<M>DGGJN<NTT@N|A@M<NC<>D<@G
>@IOMJ ?@ G< >P@I>< #I G< KMq>OD>< @NOJ N@ >JHKGD>< ?@=D?J <
?DN>JIODIPD?<?@N ><PN<?<N KJM ><H=DJN >GDHqOD>JN J KJM
G@Q<IO<HD@IOJN ?@ GJN ?DA@M@IO@N HqMB@I@N ?@ G< >P=@O<
LP@ ?<I
GPB<M < @KDNJ?DJN ?@ <MMJT<?<N HqN J H@IJN @I@MBzOD>JN T LP@
>JIOMJG<I G< BM<IPGJH@OM|< T @G <Q<I>@ ?@ GJN H<O@MD<G@N ?@OM|OD>JN
#NOJ KMJQJ>< PI H<M><?J ><Mq>O@M ?DN>JIODIPJ ?@ G<N A<>D@N T @N
C<=DOP<G LP@ G<N <M>JN<N ?@ ?DA@M@IO@ BM<IPGJH@OM|< N@ DIO@M?@IO@I
>JI?@KNDOJNG<>PNOM@N
.JM GJ O<IOJ G<N A<>D@N ?@OM|OD><N LP@ IJN @I>JIOM<HJN NJI HqN
MD><N@IADIJN N@BIIJN<G@E<HJN?@GJNHqMB@I@N?@G<>P@I><C<NO<
GG@B<M < G<N A<>D@N ?@ OM<IND>DI LP@ N@ >JMM@NKJI?@I < PI< GG<IPM<
A<IBJN< N<GDI< @IOM@ G< UJI< HqN ?DNO<G ?@ GJN <=<ID>JN T G< G<BPI<
>@IOM<G?JI?@T< <K<M@>@IHDI@M<G@NI@JAJMH<?JN
#I+<?MD?@NC<=DOP<GM@A@MDMN@<G<N?DNODIO<NA<>D@N H@?D<IO@G<
NDBPD@IO@ IJH@I>G<OPM<
LP@ N@ PODGDU< ?@ H<I@M< C<=DOP<G @I G<N
?@N>MDK>DJI@NTKP=GD><>DJI@NB@JOz>ID><N "@@NO< AJMH<G<N A<>D@N
?@OM|OD><NN@>G<NDAD><IN@BINP>JIO@ID?J@IADIJN K<MO|>PG<N
HH @I <:HE4 u CFF9@57=lB 9BHF9 @5 .G M @5 &+(, D5F5 HC8CG @CG GI9@CG 89
%58F=8
BEE8?4G<BA58GJ88A/F4A7',)- 9BE4??FB<?F B9&47E<7
M@I<?@HDB<
>P<I?JOD@I@I H@IJN?@PI ?@ ADIJN
M@I<OJNLPDU<
>P<I?JOD@I@I@IOM@ PITPI ADIJN #NO<M@G<>DIOD@I@PI>J@AD>D@IO@?@?@O@MHDI<>DI+DBP<G<
2JN>J<M@IJNJ
>P<IOJOD@I@I@IOM@PITPI ?@ ADIJN
GJ LP@ DI?D>< LP@ NGJ @G ?@ GJN Q<GJM@N ?@ 4N @NOqI
2JN>J
>P<I?JOD@I@IHqN?@PI ?@ ADIJN @SKGD><?JN KJM GJN Q<GJM@N ?@ ,1.2 #NO@ Q<GJM ?@ + >JIADMH< LP@
@SDNO@ PI< M@G<>DI GDI@<G @IOM@ @NO<N Q<MD<=G@N K@MJ O<H=DzI LP@ G<
*<N A<>D@N ?@ OM<IND>DI N@ >JIJ>@I >JHJ .@~P@G<N T
API>DIKMJKP@NO<IJ@N><K<U?@@SKGD><M><NDG<HDO<??@GJN?<OJN
>JMM@NKJI?@I<G<N<M>DGG<N?@<GO<KG<NOD>D?<?@IOM@G<UJI<HqN?DNO<G
?@4NH@?D?JN DINDOP
?@GJN<=<ID>JNTG<G<BPI<>@IOM<G
*<NM@G<>DJI@N@HK|MD><N@IOM@4NT,1.2 K<M<><?<BMPKJ
.JMGODHJ
G<A<>D@N@Q<KJM|OD><N@?@IJHDI<DBP<GLP@G<NA<>D@N
GDOJGBD>J QD@I@I @SKM@N<?<N KJM G<N NDBPD@IO@N @>P<>DJI@N T NPN
B@JGBD><N @I API>DI ?@ G< <=PI?<I>D< M@G<ODQ< @IOM@ T@NJN T
M@NK@>ODQJN>J@AD>D@IO@N?@?@O@MHDI<>DI
<M>DGG<N
?@HqN C<T LP@ O@I@M @I >P@IO< LP@ <G OM<O<MN@ ?@ PI qM@<
PM=<I< OJ?JN @NOJN ?@KNDOJN Q<I < @NO<M M@>P=D@MOJ KJM M@GG@IJN
M@I<N /F ' ,)-
+
<IOMKD>JN ?@ @NK@NJM Q<MD<=G@ 'BP<GH@IO@ KJ?@HJN @I>JIOM<M
<GBPIJNH<O@MD<G@N>P<O@MI<MDJN<GPQD<G@N<NJ>D<?JN<GJN?JN>PMNJN 2JN>JN /F ' ,)-
+
AGPQD<G@NKMDI>DK<G@N?@+<?MD?@GM|J(<M<H<T@GM|J+<IU<I<M@N
#I>P<IOJ<NPNKMJKD@?<?@NB@JOz>ID><NGJNNP@GJN >P<O@MI<MDJN .@~P@G<N /F ' ,)-
+
?@NO<><I KJM NP =<E< M@NDNO@I>D< HD@IOM<N LP@ G<N A<>D@N ?@OM|OD><N
?@N?@G<N M@I<N?@HDB<C<NO<GJN2JN>JNOD@I?@I<<PH@IO<MNP
M@NDNO@I>D<>JI@G>JIO@ID?J@IADIJN M>DGG<NTT@NJN /F ' ,)-
+
)EB6887<A:F ,
N,&%!",)'()(+-. ., (,"2 (W," ('(,-" g ,',,-"S'
*<N M@I<N NJI G<N LP@ K@JM >JMM@G<>DI HP@NOM<I @IOM@ 4N T
,1.2
H@EJM<I?JGDB@M<H@IO@G< M@G<>DI>JI@G>JIO@ID?J@I<M>DGG<N
2JN>JN /F ' ,)-
3
+
T@GBM<?J?@>JINJGD?<>DI#I>P<GLPD@M><NJIJ@SDNO@PI<=P@I<
>JMM@G<>DI @IOM@ G< 4N T @G ,1.2 K<M< IDIBI BMPKJ GDOJGBD>J T .@~P@G<N /F ' ,)-
3
+
OJ?JNGJN>J@AD>D@IO@N?@?@O@MHDI<>DI@NOqIKJM?@=<EJ?@0
GJLP@DI?D><LP@C<TPIBM<IIH@MJ?@Q<GJM@N?@4NLP@IJ M>DGG<NTT@NJN /F ' ,)-
3
+
@NOqI@SKGD><?JNKJMGJNQ<GJM@N?@,1.2#NOJ?@HP@NOM<LP@G<4N
IJN@KP@?@@SKGD><M ID><H@IO@@IOzMHDIJN?@1.2TKJMGJO<IOJ
C<T LP@ Q<GJM<M G< I@>@ND?<? ?@ DI>GPDM JOMJ K<MqH@OMJ @I G<
@>P<>DI
1<=@HJN LP@ G< 4N ?@K@I?@ ?@ G< KMJAPI?D?<?
LP@ >JIOMJG< @G
BM<?J?@>JINJGD?<>DITG<O@INDI?@>JIADI<HD@IOJ?@GJNNP@GJN
T
KJM @NJ Q<HJN < <I<GDU<M G< DIAGP@I>D< ?@ @NO@ A<>OJM @I G<
>JMM@G<>DI.<M< @GGJ C<T LP@ <I<GDU<M GJN Q<GJM@N M@ND?P<G@N?@ G<N
@>P<>DJI@N
@N ?@>DM
G< ?DA@M@I>D< @IOM@ @G Q<GJM ?@ G< Q<MD<=G@
H@?D?<@SK@MDH@IO<GH@IO@T@GQ<GJMO@MD>JLP@><G>PG<G<@>P<>DI
?@ >JMM@G<>DI #N <I<GDU<I?J @NOJN Q<GJM@N M@ND?P<G@N >JHJ
KJ?@HJN @NOP?D<M G< ><K<>D?<? KM@?D>ODQ< ?@ G<N @>P<>DJI@N T
?@O@MHDI<M NDKM@N@IO<I<GBIN@NBJ
',$*3#,!'"#*.0-$3,"'""
N|
NDM@KM@N@IO<HJNGJNM@ND?P<G@N?@G<@>P<>DI<IO@MDJM@IOM@
G< 4NT@G1.2 @>P<>DI AM@IO@<G<KMJAPI?D?<? 8
Q@HJN>JHJ
@SDNO@PI<H<M><?<O@I?@I>D<GDI@<GKJNDODQ<?@GJNM@ND?P<G@N>JIG< <:HE4 u %C89@CEI9F9@57=CB5@5.G7CB@5 DFC:IB8=858M@CGJ5@CF9G
KMJAPI?D?<? $DB
DI?D><I?J LP@ GJN @MMJM@N ?@K@I?@I ?@ @NO< 89 &+(,
&B78? F;BJ<A: G;8 E8?4G<BA B9 /F J<G; G;8 78CG; 4A7 G;8 ',)-
Q<MD<=G@ LP@ IJ N@ C<=|< O@ID?J @I >P@IO< *JN M@ND?P<G@N NJI I4?H8F
KJNDODQJNK<M<G<N<GO<NKMJAPI?D?<?@N
GJLP@NDBIDAD><LP@>JI@NO<
M@G<>DI N@ NP=@NODH<I G<N 4N ><G>PG<?<N K<M< KMJAPI?D?<?@N ,g*'1'1"#*!.!'"".0#"'!2'4
H<TJM@N ?@ H@OMJN "@ @NO< AJMH< N@ ?@HP@NOM< LP@ G<N 1DI@H=<MBJ
PIHJ?@GJ?@M@BM@NDI >JIPI<GOJKJM>@IO<E@?@
@>P<>DJI@N <IO@MDJM@N DIOMJ?P>@I PI N@NBJ T LP@ K<M< <N@BPM<M G< Q<MD<>DJI@N @SKGD><?<N
KP@?@ IJ O@I@M PI< ><K<>D?<? KM@?D>ODQ<
DI?@K@I?@I>D<?@G@MMJM@NI@>@N<MDJDI>GPDM@I@G<IqGDNDNG<Q<MD<=G@ @G@Q<?<#N?@>DM
@GQ<GJM?@0 JAM@>@PI<H@?D?<?@G<EPNO@?@G<
?@G<KMJAPI?D?<??@H@?D?< @>P<>DI<GJN?<OJN
K@MJ@GKJM>@IO<E@?@?<OJN<G@E<?J?@G<>PMQ<
KP@?@O@I@MPIQ<GJMHPT?DNODIOJ?@GQ<GJMLP@KM@?D>@G<@>P<>DI
LP@KJMO<IOJO@I?MqH<G<><K<>D?<? KM@?D>ODQ<
N|
K<M<<I<GDU<MBMqAD><H@IO@T@I?@O<GG@@GIDQ@G?@N@BPMD?<?
@I@G@HKG@J?@@NO<N>JMM@G<>DJI@N@HK|MD><NK<M<G<KM@?D>>DI?@
G<4NC@HJN><G>PG<?J@G@MMJMM@G<ODQJKJM>@IOP<G@IG<@NODH<>DI
?@ G< 4N ?@ ><?< @>P<>DI @>P<>DI T GJ C@HJN M@KM@N@IO<?J
AM@IO@<G<AM@>P@I>D<<>PHPG<?<$DB
?JI?@ 41> @N G< Q@GJ>D?<? ><G>PG<?< KJM G< @>P<>DI T 4 1H G<
Q@GJ>D?<?H@?D?<@SK@MDH@IO<GH@IO@
#NO<ADBPM<K@MHDO@DIO@MKM@O<MLP@@G?@GJNQ<GJM@N?@ 4N
KM@?D>CJNKJMG<@>P<>DILP@M@G<>DJI<OJ?JNGJNNP@GJN?@+<?MD?
@>P<>DI OD@I@I H@IJN ?@ PI ?@ @MMJM M@NK@>OJ < G<N 4N
H@?D?<N
1D C<>@HJN @NO@ HDNHJ <IqGDNDN K<M< GJN ?DNODIOJN BMPKJN
GDOJGBD>JN
Q@HJN LP@ K<M< G<N M@I<N T GJN 2JN>JN @G ?@ GJN
Q<GJM@N ><G>PG<?JNKJMG<N@>P<>DJI@N T OD@I@IH@IJN?@PI
?@@MMJMM@NK@>OJ<G<4NH@?D?<
1DI@H=<MBJ
@I@G><NJ?@G<N.@~P@G<NG<><K<>D?<?KM@?D>ODQ<
?@ G< @>P<>DI @N H@IJM T NGJ @G ?@ GJN Q<GJM@N ?@ 4N
><G>PG<?JN KM@N@IO<I H@IJN ?@G ?@ @MMJM #NO< K@JM ><K<>D?<?
KM@?D>ODQ< @NOq ><PN<?< KJM GJN IDQ@G@N ?@ !<TP@G<N
LP@ <?@HqN
KMJQJ><IPI?@N>@INJ@IG<><K<>D?<?KM@?D>ODQ<?@G<@>P<>DILP@
<:HE4 Fd:=7C 89 @CG F9G=8I5@9G 89 @5 97I57=lB :F9BH9 5 @5 DI>GPT@ < OJ?JN GJN NP@GJN @NOP?D<?JN.<M< @G BMPKJ?@ G<N M>DGG<N
DFC:IB8=858 J5F=56@9 CA=H=85
E4C;<6 B9 G;8 E8F<7H4?F B9 8DH4G<BA
>JIT@NJN@G ?@GJNQ<GJM@N?@4NKM@?D>CJNKJMG<@>P<>DI
I8EFHF 78CG;B@<GG87I4E<45?8
KM@N@IO<IH@IJN?@PI?@@MMJM
"@ @NO@ HJ?J ND DI>GPDHJN G< KMJAPI?D?<? ?@ H@?D?< @I G<N
@>P<>DJI@N H@EJM< HP>CJ G< ><GD?<? ?@ G<N >JMM@G<>DJI@N
GJN ?<OJN
@SK@MDH@IO<G@N N@ <EPNO<I H@EJM < G< @>P<>DI ?@ M@BM@NDI T GJN
>J@AD>D@IO@N ?@ ?@O@MHDI<>DI <PH@IO<I K<M< OJ?<N G<N GDOJGJB|<N
)EB6887<A:F ,
('(,-" g ,',,-"S'
N,&%!",)'()(+-. ., (,"2 (W,"
+@?D<IO@@NO@<IqGDNDN@NO<?|NOD>JN@C<IJ=O@ID?JG<NNDBPD@IO@N
@>P<>DJI@N @SK@MDH@IO<G@N LP@ M@G<>DJI<I @IOM@ N| G< 4N T G<
M@NDNO@I>D<<G<>JHKM@NDINDHKG@TNPNM@NK@>ODQJN>J@AD>D@IO@N?@
?@O@MHDI<>DILP@Q<GJM<IG<=JI?<??@G<EPNO@ $DB
2J?JNGJNNP@GJN /F DH +
)EB6887<A:F ,
N,&%!",)'()(+-. ., (,"2 (W," ('(,-" g ,',,-"S'
G DI>GPDM G< KMJAPI?D?<? @I G<N @>P<>DJI@N N@ >JMMDB@ @G N@NBJ I@>@N<MDJ <I<GDU<MNP><K<>D?<?KM@?D>ODQ<GDI>GPDMG<KMJAPI?D?<?
LP@KM@N@IO<=<IG<N>JMM@G<>DJI@N<IO@MDJM@NTGJNM@ND?P<G@NK<N<I< H@EJM<G<><GD?<??@G<M@BM@NDI0
K@MJKP@?@J>PMMDMLP@
?DNOMD=PDMN@ ?@ AJMH< CJHJBzI@< T >JI H@?D< KMSDH< < >@MJ @G KJM>@IO<E@ ?@ Q<GJM@N IJ @SKGD><?JN KJM G< @>P<>DI N@ <G@E@I
M@NK@>OJ < G<N ?JN Q<MD<=G@N ?@K@I?D@IO@N $DB ?@HqN
H@EJM< HP>CJ ?@ GJ Q<GJM@N H@?D?JN .JM @NJ @N I@>@N<MDJ <I<GDU<M G<
>JIND?@M<=G@H@IO@G<><GD?<??@G<NKM@?D>>DJI@N
T<LP@@IOJ?JNGJN ><K<>D?<? KM@?D>ODQ< ?@ ><?< @>P<>DI < OM<QzN ?@ GJN BMqAD>JN LP@
><NJN@GQ<GJM?@G>J@AD>D@IO@?@?@O@MHDI<>DI<PH@IO<0 §
M@KM@N@IO<I@G@MMJMM@G<ODQJKJM>@IOP<G@IG<@NODH<>DI?@G<4N?@
@NK@>D<GH@IO@ @I @G ><NJ ?@ GJN 2JN>JN LP@ K<M@>@I HqN <A@>O<?JN ><?<@>P<>DIAM@IO@<G<AM@>P@I>D<<>PHPG<?<$DB
KJMG<NQ<MD<>DJI@N?@KMJAPI?D?<? K<MODM?@ @NOJNBMqAD>JNKJ?@HJNDIO@MKM@O<MLP@G<@>P<>DI
LP@ DI>GPT@ OJ?<N G<N GDOJGJB|<N @NOP?D<?<N @N ><K<U ?@ KM@?@>DM @G
2J?JN /F DH 3 + ?@GJNQ<GJM@N?@4N>JIH@IJN?@PI?@@MMJMM@NK@>OJ<
G< 4N H@?D?< .JM NP K<MO@
G<N @>P<>DJI@N ?@ >JMM@G<>DI ?@ GJN
2JN>J /F DH 3 + 2JN>JN T ?@ G< $<>D@N @Q<KJM|OD>< NJI ><K<>@N ?@ KM@?@>DM HqN ?@G
?@GJN?<OJN?@4N>JIH@IJN?@PI?@@MMJM#I@G><NJ?@
G<N.@~P@G<N
G<>JMM@G<>DI@NH@IJNN@BPM<
K@MJ<I<N|
@G?@
.@~P@G< /F DH 3 + GJN Q<GJM@N ?@ 4N ><G>PG<?JN OD@I@I H@IJN ?@ PI ?@ @MMJM
M@NK@>OJ<G<N4NH@?D?<N
M>DGG<NTT@NJN /F DH 3 +
*$!^& &,* $ .G 1 $'+ %^-$'+
'*%!^&(*$'++-$'+%*!
*JN H?PGJN ?@ ?@AJMH<>DI NJI PI K<MqH@OMJ DI?DNK@IN<=G@
K<M< >JIJ>@M G<N M@G<>DJI@N O@INJ?@AJMH<>DJI<G@N ?@ GJN NP@GJN T
KJ?@M?DN@~<MG<N@NOMP>OPM<NLP@N@<KJT<MqINJ=M@zG1DI@H=<MBJ
G< ?@O@MHDI<>DI ?@ GJN H?PGJN T NP Q<MD<>DI >JI G< KMJAPI?D?<?
@N >JNOJN<
O<IOJ @I OD@HKJ >JHJ @I ?DI@MJ
T< LP@ NP@G@ M@LP@MDM
NJI?@JN T PI< <?@>P<?< OJH< ?@ HP@NOM<N DI<GO@M<?<N K<M< GJN
@IN<TJN?@G<=JM<OJMDJ.JM@NO@HJODQJ
<IO@G<I@>@ND?<??@>JIO<M
>JI H?PGJN ?@ ?@AJMH<>DI AD<=G@N ?@ H<I@M< MqKD?<
NJI HPT
C<=DOP<G@NG<NKMJKP@NO<N@HK|MD><NLP@M@G<>DJI<IGJNH?PGJN>JI
JOMJNK<MqH@OMJNB@JOz>ID>JNJG<NO<=G<N=D=GDJBMqAD><NLP@<NDBI<I
PIJN Q<GJM@N H@?DJN ?@ GJN H?PGJN < G<N ?DNODIO<N GDOJGJB|<N
0J?M|BP@U
"<N
.<M<<I<GDU<MG<NM@G<>DJI@N@NO<?|NOD><N@IOM@@NOJNK<MqH@OMJNN@
C<I ><G>PG<?J H?PGJN ?DIqHD>JN ?@ GJN NP@GJN ?@ +<?MD? <
K<MODM ?@ G<N Q@GJ>D?<?@N ?@ G<N JI?<N . T 1 H@?D?<N H@?D<IO@
N|NHD><?@M@AM<>>DIT N|NHD><K<NDQ<M@NK@>ODQ<H@IO@TH@?D<IO@G<
<:HE4 u %C89@CEI9F9@57=CB5@5.G7CB@5E- M@5DFC:IB8=858D5F5
?@IND?<? J=O@ID?< < K<MODM ?@ @IN<TJN ?@ G<=JM<OJMDJ 1DI @H=<MBJ
HC8CG@CGGI9@CG89%58F=8
&B78?F;BJ<A:G;8E8?4G<BA B9/FJ<G;D. 4A7
G;878CG;9BE4??FB<?FB9&47E<7 IJ ND@HKM@ @N KJND=G@ >JIO<M >JI OJ?< @NO< DIAJMH<>DI T KJM @NJ
KMJKJI@HJN PI< N@MD@ ?@ >JMM@G<>DJI@N @HK|MD><N LP@ K@MHDO@I
,g*'1'1"#*!.!'"".0#"'!2'4 KM@?@>DM >JI BM<I N@BPMD?<? GJN H?PGJN HqSDHJN ?@ ?@AJMH<>DI
?@GJNNP@GJN?@+<?MD?ID><H@IO@<K<MODM?@GQ<GJM?@4NH@?D?J
@I@GO@MM@IJ
+?PGJ?@7JPIB
&)4 /F +
+?PGJ?@MDBD?@U
&)4 /F +
+?PGJ?@ >JHKM@ND=DGD?<?
$ &)4 /F +
!JHJ @M< ?@ @NK@M<M
G< >JMM@G<>DI @HK|MD>< @IOM@ G< 4N T GJN
H?PGJN% T# @N><NDK@MA@>O<DI?@K@I?D@IO@H@IO@?@G<GDOJGJB|<
KJMLP@<H=JNH?PGJN?@K@I?@I@IBM<I H@?D?<?@@NO@K<MqH@OMJ
/F
/F
/C /F
ND@I?JG<?@IND?<?T
/C /F
"@ @NO< AJMH<
<PILP@ @G H?PGJ ?@ 7JPIB O<H=DzI N@ Q@
<A@>O<?JKJMG<NQ<MD<>DJI@N?@4KT<LP@@G>J@AD>D@IO@?@.JDNNJI
<:HE4 u Bd@=G=G89@575D57=858DF98=7H=J589@57CFF9@57=lB9BHF9@5 ?@K@I?@?@G<M@G<>DI@IOM@4KT4N
@NOq=qND><H@IO@>JIOMJG<?J
.G@5E- M@5DFC:IB8=858D5F5HC8CG@CGGI9@CG89%58F=8
A4?LF<FB9 KJMG<4NTKJM@NJGJNH?PGJN% T# N@>JMM@G<>DJI<I?@H<I@M<
G;8CE87<6G<I864C45<?<GLB9G;86BEE8?4G<BA58GJ88A/F D . 4A7G;878CG;9BE NDHDG<MTQ<M|<I@I@GHDNHJN@IOD?J
4??G;8FB<?FB9&47E<7 #I@G><NJ?@GH?PGJ?@ >JHKM@ND=DGD?<? )G<>JMM@G<>DIIJ
@NO<I=P@I<
T<LP@>JHJN@?@?P>@?@G<NDBPD@IO@@>P<>DI
@NO@
.JM GODHJ
K<M< <N@BPM<M G< AD<=DGD?<? ?@ @NO<N KMJKP@NO<N
@HK|MD><N >JHJ C@MM<HD@IO<N DI?DM@>O<N K<M< ?@O@MHDI<M G< 4N
@N
)EB6887<A:F ,
('(,-" g ,',,-"S'
N,&%!",)'()(+-. ., (,"2 (W,"
H?PGJ@NOqHqN>JIOMJG<?JKJMG<Q<MD<>DI?@4KLP@GJNJOMJN?JN
$ /C /F
.JM@NO@HJODQJ
>P<I?J<I<GDU<HJNGJNM@ND?P<G@NTG<><K<>D?<?
KM@?D>ODQ< ?@ G< @>P<>DI
Q@HJN LP@ < K@N<M ?@ NP @G@Q<?J
>J@AD>D@IO@?@?@O@MHDI<>DI0 GJNQ<GJM@N?@) KM@?D>CJN
N@ <G@E<I HP>CJ ?@ GJN Q<GJM@N M@<G@N H@?D?JN DI NDOP 2<IOJ @N <N|
LP@NGJ@G?@GJNQ<GJM@N?@) KM@?D>CJNOD@I@IH@IJN?@PI
?@ @MMJM
GJ LP@ ?@HP@NOM< LP@ @NO< @>P<>DI IJ OD@I@ PI<
><K<>D?<?KM@?D>ODQ<NPAD>D@IO@
<:HE4 u Bd@=G=G89@575D57=858DF98=7H=J589@57CFF9@57=lB9BHF9@5
.G M@CGAl8I@CG8989:CFA57=lBM D5F5HC8CG@CG GI9@CG89%58F=8
A4?LF<FB9G;8CE87<6G<I864C45<?<GLB9G;86BEE8?4G<BA58GJ88A/F4A7G;8
789BE@4G<BA@B7H?HF4A7 9BE4??G;8FB<?FB9&47E<7
H@?D<IO@ PI <IqGDNDN ?@ M@BM@NDI KJO@I>D<G N@ C<I J=O@ID?J GJN
#I @NO@ ><NJ
G< >JMM@G<>DI H@EJM< HP>CJ T O<H=DzI NP NDBPD@IO@NM@NPGO<?JN
><K<>D?<? KM@?D>ODQ<
?@ AJMH< LP@ ND N@ ><G>PG< @G H?PGJ ) <
K<MODM ?@G Q<GJM ?@ 4K HqN ?@G ?@ GJN H?PGJN ?@ &)4 ' ,)-
+
>JHKM@ND=DGD?<? ><G>PG<?JNOD@I@IH@IJN?@PI?@@MMJM
,g*'1'1"#*!.!'"" .0#"'!2'4 &)4 ' ,)-
+
*JNH?PGJN% T#
N@KP@?@I><G>PG<MMqKD?<H@IO@<K<MODM?@G<
4N H@?D?< H@?D<IO@ G< Oz>ID>< 0@+D
>JI PI< @S>@G@IO@ ><K<>D?<? $ &)4 ' ,)-
+
KM@?D>ODQ<$DB
*JN H?PGJN # T % KM@N@IO<I PI< >JMM@G<>DI NDHDG<M >JI @G
1.2 >JI PI <GOJ >J@AD>D@IO@ ?@ ?@O@MHDI<>DI 0
HD@IOM<N
LP@ @G H?PGJ ) KM@N@IO< PI< >JMM@G<>DI HqN KJ=M@
>JI PI
>J@AD>D@IO@?@?@O@MHDI<>DI?@NGJ
)EB6887<A:F ,
N,&%!",)'()(+-. ., (,"2 (W," ('(,-" g ,',,-"S'
AJMH<NDBIDAD><ODQ<@I@G@IN<TJ1.2ID?@K@I?@?@G<KMJAPI?D?<?
.JMGJO<IOJ
@G H?PGJ?@ >JHKM@ND=DGD?<? )IJN@KP@?@@SKGD><M
@IAPI>DI?@@NOJN ?JN K<MqH@OMJN
<:HE4 u *9@57=lB9BHF9@CGJ5@CF9GF9G=8I5@9G89@597I57=lB:F9BH9
5 @5 DFC:IB8=858
+8?4G<BA 58GJ88A G;8 E8F<7H4? I4?H8F B9 8DH4G<BA
I8EFHF78CG;
',$*3#,!'"#*.0-$3,"'""
!JHJ C@HJN QDNOJ
G< MDBD?@U ?@K@I?@ @I BM<I K<MO@ ?@ G< <:HE4 u Bd@=G=G89@575D57=858DF98=7H=J589@57CFF9@57=lB9BHF99@
KMJAPI?D?<?
<G KMJQJ><M zNO< PI< >JHK<>O<>DI ?@ GJN NP@GJN
?@ Al8I@C89F=;=89N@5&+(, M@5DFC:IB8=858 D5F5HC8CG@CGGI9@CG89
AJMH<LP@ND<I<GDU<HJNGJNM@ND?P<G@N?@@NO<N>JMM@G<>DJI@NQ@HJN %58F=8
A4?LF<F B9 G;8 CE87<6G<I8 64C45<?<GL B9 G;8 6BEE8?4G<BA 58GJ88A
LP@ @N PI A<>OJM ?@ ?@K@I?@I>D< LP@ @N I@>@N<MDJ O@I@M @I >P@IO< G;8F;84E@B7H?HF ',)- 4A7G;878CG;9BE4??FB<?FB9&47E<7
K<M<@QDO<MN@NBJN@IG<N@>P<>DJI@NKM@?D>ODQ<N$DB
K<MODM ?@G <IqGDNDN ?@ GJN Q<GJM@N M@ND?P<G@N ?@ G<N @>P<>DJI@N 1D <I<GDU<HJN G< ><K<>D?<? KM@?D>ODQ< ?@ G<N @>P<>DJI@N K<M<
KMJKP@NO<N N@ DIO@MKM@O< LP@ C<NO< GJN H@OMJN ?@ ><G>PG<M GJN H?PGJN % T # KJM GDOJGJB|<N Q@HJN LP@ @N K<M< G<N
KMJAPI?D?<? G< >JMM@G<>DI NJ=M@@NODH< GJN H?PGJN ?@ MDBD?@U
.@~P@G<NK<M<G<NLP@N@KMJ?P>@PI<H<TJMNJ=M@@NODH<>DI?@GJN
HD@IOM<N LP@ KJM ?@=<EJ ?@ @NO< >JO<
GJN NP=@NODH< <G IJ O@I@M @I H?PGJN T KJM O<IOJ G<N LP@ HqN ?DNOJMNDJI<I G< ><GD?<? ?@ G<N
>P@IO<G<>JHK<>O<>DIKJM@GK@NJ?@GJNH<O@MD<G@NNPKM<T<>@IO@N HDNH<N !JHJ C@HJN QDNOJ @I G<N >JHK<M<>DJI@N <IO@MDJM@N
@I G<
$DB "@ @NO@ HJ?J
ND N@ DI>GPT@ G< KMJAPI?D?<? 8 @I G< A<>D@N .@~P@G< @N AM@>P@IO@ @I>JIOM<M IDQ@G@N M@=G<I?@>D?JN KJM
M@BM@NDI KJO@I>D<G N@ >JMMDB@ @NO< O@I?@I>D< T N@ H@EJM< G< ><GD?<? @A@>OJ ?@G <BP< LP@ KP@?@I @I>JIOM<MN@ < BM<I?@N KMJAPI?D?<?@N T
?@G<N>JMM@G<>DJI@N LP@
<PILP@OD@I@I=<EJNQ<GJM@NH@?DJN?@4NTKJMO<IOJH?PGJN
=<EJN
KP@?@I O@I@M =P@IJN M@NPGO<?JN @I GJN @IN<TJN 1.2
KJM
+?PGJ?@MDBD?@U ' ,)-
3 + OM<O<MN@ ?@ <M>DGG<N KGqNOD><N T KJMLP@ KM@N@IO<I AM@>P@IO@N IDQ@G@N
>@H@IO<?JN .JM GJ O<IOJ
<PILP@ KJM @G Q<GJM ?@ ,1.2 T KJM G<
KMJAPI?D?<? < G< LP@ N@ @I>P@IOM<I ?@=@M|<I O@I@M H?PGJN HqN
+?PGJ?@7JPIB ' ,)-
3 +
<GOJN
N@ OM<O< ?@ IDQ@G@N ?@AJMH<=G@N LP@ IJ N@ <EPNO<I =D@I < PI<
>JMM@G<>DI@I=<N@<@NOJN?JNK<MqH@OMJN
+?PGJ?@>JHKM@ND=DGD?<? $ ' ,)-
3 #I @G ><NJ ?@ GJN 2JN>JN
H@EJM< G< ><GD?<? ?@ G< >JMM@G<>DI
0
TNP><K<>D?<?KM@?D>ODQ<
?@HJ?JLP@@I@G?@GJN
+ ><NJN GJN H?PGJN ><G>PG<?JN OD@I@I H@IJN ?@ PI ?@ @MMJM
,g*'1'1"#*!.!'"".0#"'!2'4 M@NK@>OJ<GJNM@<G@NPILP@@I@G><NJ?@GJN2JN>JNG<>JMM@G<>DI
.JM GODHJ N@ C< <I<GDU<?J G< ><K<>D?<? KM@?D>ODQ< ?@ G<N KP@?@N@M @AD><U
IJC<TLP@JGQD?<MLP@GJN@IN<TJN1.2NJIH@IJN
@>P<>DJI@N KMJKP@NO<N M@KM@N@IO<I?J G< AM@>P@I>D< ?@ GJN M@KM@N@IO<ODQJN ?@ G< M@NDNO@I>D< ?@ GJN NP@GJN K<M< G<N <M>DGG<N LP@
@MMJM@NKJM>@IOP<G@N@IG<KM@?D>>DI?@GJNH?PGJN$DBN|
< K<M<G<N<M@I<N#NOJN@?@=@<LP@G<N<M>DGG<N
@NK@>D<GH@IO@NDNJI
K<MODM?@@NO@<IqGDNDNQ@HJNLP@K<M<@G><NJ?@GH?PGJ ?@MDBD?@U
KGqNOD><N
KM@N@IO<I>D@MO<QDN>JND?<?JM@NDNO@I>D<<G< ?@AJMH<>DI
< K@N<M ?@ LP@ @G >J@AD>D@IO@ ?@ ?@O@MHDI<>DI @N HPT <GOJ 0 MqKD?<
<GIJ?DNDK<MN@G<KM@NDIDIO@MNOD>D<GB@I@M<?<KJM@GBJGK@J
NGJ@G?@GJNH?PGJN><G>PG<?JN>JI@NO<@>P<>DI@NOqI ?@HqN
N@ NP@G@I <?C@MDM < G<N NPK@MAD>D@N G<O@M<G@N ?@G
KJM?@=<EJ?@PI?@@MMJM#NOJLPD@M@?@>DMLP@<PILP@HqN?@G OJH<HP@NOM<N ?<I?J M@NPGO<?JN @S>@NDQ<H@IO@ @G@Q<?JN K<M< G<
?@ GJN?<OJN@NOqI@SKGD><?JNKJMG<N Q<MD<>DJI@N?@8T,1.2
M@NDNO@I>D< M@<G ?@G NP@GJ #N KMJ=<=G@ LP@ @SDNO< PI< =P@I<
<GBPIJN ?@ GJN Q<GJM@N ?@ % ><G>PG<?JN @NOqI HPT G@EJN ?@ G< >JMM@G<>DI ><K<U ?@ @NODH<M GJN H?PGJN ?@ MDBD?@U < HPT =<EJN
API>DIM@BM@NDQ<
?@AJMH<LP@GJNH?PGJN% @NODH<?JNNJIHPT IDQ@G@N?@?@AJMH<>DIK<M<G<NM@I<N?@HDB<
K@MJ@I@NO@@NOP?DJ
?DA@M@IO@N ?@ GJN H@?D?JN DI NDOP T OD@I?@I < NJ=M@@NODH<M GJN IJ N@ >JIO<=< >JI PI IH@MJ ?@ ?<OJN NPAD>D@IO@H@IO@
H?PGJNHqSDHJN M@KM@N@IO<ODQJ ?@ @NO< GDOJGJB|< K<M< KMJKJI@M PI< >JMM@G<>DI
#G H?PGJ ?@ 7JPIB HqSDHJ Q<M|< ?@G HDNHJ HJ?J LP@ % T @HK|MD>< 1DI @H=<MBJ
G<N @>P<>DJI@N KMJKP@NO<N N@ =<N<I
NPN@>P<>DJI@NOD@I@IG<HDNH<><K<>D?<?KM@?D>ODQ< 1DI@H=<MBJ@G API?<H@IO<GH@IO@@I<M>DGG<N
?@HJ?JLP@NJ=M@OJ?JK<M<@G><NJ
H?PGJ)
LP@T<KM@N@IO<=<PI>J@AD>D@IO@?@?@O@MHDI<>DIHqN ?@ G<N .@~P@G<N
?@=@I @HKG@<MN@ >JI KM@><P>DI T O@ID@I?J @I
=<EJ0 OD@I@PI<KzNDH<><K<>D?<?KM@?D>ODQ<NGJ @G >P@IO<NPNGDHDO<>DJI@N
?@ GJN ?<OJN ><G>PG<?JN OD@I@I H@IJN ?@ PI ?@ @MMJM #NOJ N@
?@=@ < LP@ @G H?PGJ ) @NOq HPT >JI?D>DJI<?J KJM @G BM<?J ?@
N<OPM<>DI
K@MJ NDI @H=<MBJ
@NO@ @N PI A<>OJM LP@ IJ DIAGPT@ ?@
)EB6887<A:F ,
('(,-" g ,',,-"S'
N,&%!",)'()(+-. ., (,"2 (W,"
!&$-&! $ (*'-&! & $ *< >JMM@G<>DI @IOM@ GJN H?PGJN ?@ ?@AJMH<>DI HqSDHJN T
(*!!^&$*!!2$'++-$'+ ,1.2 KMJKJM>DJI< <GOJN >J@AD>D@IO@N ?@ ?@O@MHDI<>DI K<M< # T %
#IG<N?DA@M@IO@N>JMM@G<>DJI@N@HK|MD><N<I<GDU<?<N
C<LP@?<?J K@MJH@IJM@N><K<>D?<?@NKM@?D>ODQ<N#I@G><NJ?@)
ID G< ,1.2 ID
?@HJNOM<?J LP@ K<M< KM@?@>DM G< MDBD?@U T G< ?@AJMH<=DGD?<? ?@ GJN G< KMJAPI?D?<? KP@?@I KM@?@>DM NPN Q<MD<>DJI@N .<M< @NO@ ><NJ C<T
NP@GJN ?@ +<?MD? @N I@>@N<MDJ DI>GPDM G< KMJAPI?D?<? ?@ H@?D?< @I LP@ O@I@M @I >P@IO< LP@ GJN M@NPGO<?JN ?@ ,1.2 @I <M>DGG<N KGqNOD><N
G<N @>P<>DJI@N "@ C@>CJ
ND IJ N@ DI>GPT@ G< KMJAPI?D?<? >JHJ NJI KJ>J M@KM@N@IO<ODQJN
KJM GJ LP@ @NO<N @>P<>DJI@N ?@=@I
Q<MD<=G@ @SKGD><ODQ< N@ NP=@NODH<I GJN Q<GJM@N ?@ 4N ><G>PG<?JN < @HKG@<MN@ >JI KM@><P>DI T >JIJ>D@I?J NPN GDHDO<>DJI@N @I G<
K<MODM ?@ H ?@ KMJAPI?D?<? <G IJ O@I@M @I >P@IO< G< ><K<>D?<? KM@?D>ODQ< 1DI @H=<MBJ
@NO<N @>P<>DJI@N KP@?@I N@M ?@
>JHK<>O<>DI ?@ GJN NP@GJN KJM @G K@NJ ?@ GJN H<O@MD<G@N BM<I PODGD?<? K<M< PI< @NODH<>DI MqKD?< ?@ GJN H?PGJN ?@
NPKM<T<>@IO@N 'BP<GH@IO@ N@ C< ?@HJNOM<?J LP@ K<M< <N@BPM<M G< ?@AJMH<>DI
@NK@>D<GH@IO@ @I GJN @IOJMIJN PM=<IJN
?JI?@ M@NPGO<
DI?@K@I?@I>D<@I@G@MMJM?@G<N@>P<>DJI@NKM@?D>ODQ<N@NI@>@N<MDJ HqN>JHKGD><?J><G>PG<MGJN?DM@>O<H@IO@
DI>GPDMG<KMJAPI?D?<??@H@?D?<@IG<N>JMM@G<>DJI@N
*!%!&,'+
#IOJ?<NG<N>JMM@G<>DJI@N
G<4N?@K@I?@?@G<KMJAPI?D?<?T?@
*JN ?<OJN B@JOz>ID>JN ,1.2
L3
T G<N GJ><GDU<>DJI@N @I G<N
G< GDOJGJB|< KJM>@IO<E@ ?@ ADIJN
@?<?
>@H@IO<>DI
BM<?J ?@
LP@ N@ M@<GDU<MJI G<NKMP@=<N?@><HKJ QD@I@I?@ G< <H<=DGD?<??@
NJ=M@>JINJGD?<>DI¡ ?@ O<G H<I@M< LP@ K<M< OJ?<N G<N @>P<>DJI@N
PI< N@MD@ ?@ @HKM@N<N .JM @NJ
GJN <POJM@N LP@M@HJN H<IDA@NO<M
<I<GDU<?<N G<DIAGP@I>D<?@G< KMJAPI?D?<? @NH<TJM @IG<N<M@I<N T
IP@NOMJ HqN NDI>@MJ <BM<?@>DHD@IOJ < +<M|< +DGDqI ?@ %+!
Q< ?DNHDIPT@I?J N@BI <PH@IO< @G >JIO@ID?J @I ADIJN J <K<M@>@I
'IB@ID@M|<
< 0<G +<MO|I ?@ G< @HKM@N< .MJB@JO@>
< (JNz 0<HI
IDQ@G@N >@H@IO<?JN #NOJ N@ @SKGD>< KJMLP@ G<N <M@I<N IJ @NOqI
,@BP@MP@G< ?@ 2M<BN<O@>
< GD>D< BPDG@M< ?@ 1@MB@T>J 1 T <
KM@>JINJGD?<?<N T M@NPGO<I KJM O<IOJ HqN Aq>DG@N ?@ >JHK<>O<M LP@
*PDN1JK@~<
G<N ?@HqN GDOJGJB|<N ?@HqN @NO@ BMPKJ GDOJGBD>J IJ OD@I@ <K@I<N
>JC@NDIID >@H@IO<>DI ?@ HJ?J LP@ NPN Q<GJM@N ?@ 4N ?@K@I?@I **&!+
API?<H@IO<GH@IO@ ?@ G< KMJAPI?D?<? ?@ H@?D?< .JM @NO@ HDNHJ FDI
+)
)M<H@M
1*
2JK<G
2 #HKDMD><G >JMM@G<ODJIN JA NC@<M R<Q@
HJODQJ@N@GBMPKJGDOJGBD>J@I@GLP@HqNH@EJM<G<><GD?<??@G<N Q@GJ>DOT 4N <I? K@I@OM<ODJI M@NDNO<I>@ 1.2, AJM ?DAA@M@IO NJDGN DI <I
@<MOCLP<F@KMJI@<M@<#M=<<2PMF@T A:<A88E<A: 8B?B:L
>JMM@G<>DJI@N <GDI>GPDM@NO<Q<MD<=G@@IG<N @>P<>DJI@N OC<I<NJKJPGJN
%#HKDMD><G>JMM@G<ODJIN4N,1.2AJMNJDGNJA%M@@>@<
#I @G ><NJ ?@ GJN 2JN>JN G< KMJAPI?D?<? NDBP@ O@ID@I?J PI< >JHK<M<ODQ@ NOP?T JA M@GD<=DGDOT A>@4> , U 7 )EB6887<A:F B9 G;
DIAGP@I>D< DHKJMO<IO@ @I G< MDBD?@U PILP@ G< 4N O<H=DzI @NOq "AG8EA4G<BA4?BA98E8A68BA,B<?LA4@<6F4A74EG;DH4>8A:<A88E<A:;4A<4
<A@>O<?<KJMJOMJNA<>OJM@N M@G<>DJI<?JN>JI@G>JIO@ID?J@I<M>DGG<N
E8G8 B@CHG4G<BA4?&86;4A<6F,BHG;4@CGBA
"<N
+.MDI>DKG@NJA$JPI?<ODJI#IBDI@@MDIB G;7<G<BA4?<9BEA<4,G4G8
>JHJ G<NAP@MU<N?@>JC@NDIJ @GBM<?J?@N<OPM<>DI .A<I8EF<GL ,46E4@8AGB
#I G<N .@~P@G<N G< DIAGP@I>D< ?@ G< KMJAPI?D?<? @N K@LP@~< "DFH@I
3 1O<ODNOD><G >JMM@G<ODJIN JA NC@<M R<Q@ Q@GJ>DOT <I? K@I@OM<ODJI
KJMLP@NJI<M>DGG<NGDODAD><?<N?DA|>DG@N?@>JHK<>O<M T<?@HqN HPT M@NDNO<I>@AJMNJDGN #BHEA4?B9 8BC;LF<6F4A7A:<A88E<A:
&<IPH<IOC<M<J
!T0<H<I<
%4 "TI<HD>NJDGKMJK@MOD@NAJMHD>MJUJI<ODJI
Q<MD<=G@N@IAPI>DI?@GBM<?J?@N<OPM<>DIT?@>@H@IO<>DI .JM JA "@GCD
'I?D< #BHEA4?B94EG;,LFG8@,6<8A68
GODHJ @I @G ><NJ ?@ G<N <M>DGG<N >JI T@NJN G< KMJAPI?D?<? <K@I<N &<N<Iw@=D
,T3GPN<T
0 #HKDMD><G>JMM@G<ODJIN=@OR@@INC@<MR<Q@Q@GJ>DOT
OD@I@ DIAGP@I>D< @I G< MDBD?@U
@NK@>D<GH@IO@ >P<IOJ HqN T@N|A@MJN <I? K@I@OM<ODJI M@NDNO<I>@ AJM BMJPI? NC<FDIB <NN@NNH@ION H??8G<A B9
N@<I GJNIDQ@G@N A:<A88E<A: 8B?B:L4A7G;8AI<EBA@8AG
$PEDR<M<
2 #NODH<ODJI JA BMJPI? HJQ@H@ION DI <>OP<G ?@NOMP>ODQ@
@<MOCLP<F@N )EB6887<A:F B9 G;8 BHEG; HEBC84A ,L@CBF<H@ BA 4EG;DH4>8
'&$-+!'&+ A:<A88E<A:%BA7BA
*<N>JMM@G<>DJI@NKMJKP@NO<NN@C<I@NO<=G@>D?JK<M< PIIH@MJ 'H<D
2 . <I? 1 R<Q@ Q@GJ>DOD@N JA OC@ BMJPI? DI (<K<I )EB6887<A: B9 "1
@G@Q<?J ?@ K<MqH@OMJN NPAD>D@IO@H@IO@ M@KM@N@IO<ODQJ ?@ OJ?<N G<N "AG8EA4G<BA4?BA98E8A68BA,B<?&86;4A<6F4A7BHA74G<BAA:<A88E<A:
GDOJGJB|<N T < ?DA@M@IO@N KMJAPI?D?<?@N KJM GJ LP@ N@ >JIND?@M< LP@
'H<D
2T7JNCDHPM<
7#G<NOD>R<Q@Q@GJ>DOT<I?NJDGKMJK@MOD@NDINJAONJDG
@NO<N@>P<>DJI@N NJI@SOM<KJG<=G@N<OJ?JNGJNNP@GJN?@ +<?MD?TN@ -FH6;<GB$<FB
KP@?@I @HKG@<M >JHJ PI< C@MM<HD@IO< KM@?D>ODQ< @AD><U K<M< 'TDN<I
0 !JMM@G<ODJIN=@OR@@INC@<MR<Q@Q@GJ>DOT<I?DINDOPK@I@OM<ODJIO@NO
><G>PG<M G<N Q<MD<>DJI@N ?@ 4N ?@ @NO< qM@< H@OMJKJGDO<I< ?@HqN
M@NPGON ;4@58EB9<I<?A:<A88EFB9-HE>8L -8>A<>8E:<
(<A<MD
+)
NBC<MD
0<CH<ID
' #HKDMD><G >JMM@G<ODJI =@OR@@I NC@<M
OJ?<N G<N @>P<>DJI@N ?@ >JMM@G<>DI @S>@KOJ K<M< G<N .@~P@G<N R<Q@Q@GJ>DOT4N<I?1.2,Q<GP@AJMNJPOCJA2@CM<INJDGN )EB6887<A:FB9G;
OD@I@IPI<@S>@G@IO@><K<>D?<?KM@?D>ODQ<
?@O<GHJ?J LP@HqN?@G "AG8EA4G<BA4?BA98E8A68BA<I<?A:<A88E<A:-8;E4A"E4A
?@GJNK<MqH@OMJN><G>PG<?JNOD@I@IH@IJN?@PI?@@MMJM (DI<I
8!JMM@G<ODJI=@OR@@IN@DNHD>R<Q@Q@GJ>DOT<I?OC@IPH=@MJA=GJRJA
M@NK@>OJ<GJNH@?D?JNDINDOP 1.2 <I? ?@KOC ,8?86G87 )4C8EF 9EB@ G;8 ;<A8F8 #BHEA4? B9 8BG86;A<64?
A:<A88E<A:
*<A<>D@N.@~P@G<C<M@NPGO<?JN@M G<GDOJGJB|<>JIG<N@>P<>DJI@N )<GO@UDJODN
,
1<=<O<F<FDN
,
4<NNDGDJP
( #Q<GP<ODJI JA ?TI<HD>
?@ K@JM ><K<>D?<? KM@?D>ODQ< ?@=D?J < G< Q<MD<=DGD?<? ?@ NPN >C<M<>O@MDNOD>N JA %M@@F NJDG AJMH<ODJIN A ,86BA7 !8??8A<6 BA98E8A68 BA
KMJKD@?<?@NB@JOz>ID><N*<4N @NHPTN@IND=G@<G<Q<MD<=DGD?<?@I 8BG86;A<64?A:<A88E<A:
)<I<D
) !JIA@M@I>@ JI !JI@ .@I@OMJH@O@M -;8 &<A<FGEL B9 )H5?<6 0BE>F
G<M@NDNO@I>D<LP@><M<>O@MDU<<@NO@BMPKJGDOJGBD>J
?@O@>O<I?JGJN 4A7,8GG?8@8AGA>4E4-HE>8L
><H=DJN?@>@H@IO<>DITM@=G<I?@>DHD@IOJ>P<I?J@NOJNOD@I@IPI )DFP
&
7JNCD?<
,
7<NP?<
1
'MDN<R<
2
,<F<U<R<
&
1CDHDUP
7
IN<G
@NK@NJMNPAD>D@IO@K@MJIJJ>PMM@GJNHDNHJ>JIGJNJOMJNK<MqH@OMJN #MF<I
'INDOP K@I@OM<ODJI O@NON <I? NJDG KMJADGDIB DI ?<K<U<MD
<I<GDU<?JN 8
,1.2
L3 LP@ IJN NJI ><K<>@N ?@ @SKGD><M G<N 2PMF@T )EB6887<A:F B9 G;8 ",&
- ,4G8??<G8 BA98E8A68 BA %8FFBAF
%84EA87EB@+868AG,GEBA:4EG;DH4>8F
Q<MD<>DJI@N?@4N
T<N@<KJMG<N?DA@M@I>D<N@IG<@N><G<?@H@?D?<J -C=<
1 T 2JMDPHD
' "TI<HD> M@NKJIN@ >C<M<>O@MDNOD>N JA -N<F< .G<DI
KJMGJN?DA@M@IO@NA<>OJM@NLP@>JIOMJG<I><?<K<MqH@OMJ )EB6887<A:FB9G;8AAH4?&88G<A: " #
1@ C< <I<GDU<?J G< DIAGP@I>D< ?@ G< KMJAPI?D?<? T N@ C< -CN<FD
7@'R<N<FD
0-I?TI<HD>NC@<MHJ?PGD<I?.JDNNJINM<ODJJANJDG
?@KJNDON ,B<?BHA7
?@HJNOM<?J LP@ @N PI K<MqH@OMJ DI?DNK@IN<=G@ K<M< KM@?@>DM G< -CO<
7 T %JOJ
, #HKDMD><G NC@<M R<Q@ Q@GJ>DOT @LP<ODJIN DI O@MHN JA
MDBD?@U ?@ GJN NP@GJN
T< LP@ GJN NP@GJN =<EJ O@INDJI@N ?@ >C<M<>O@MDNOD> NJDG DI?@S@N 4EG;DH4>8 A:<A88E<A: 4A7 ,GEH6GHE4? LA4@<6F
>JIADI<HD@IOJ <GO<N N@ >JHKJMO<I >JHJ H<O@MD<G@N HqN M|BD?JN LP@
NP@GJND?zIOD>JN=<EJO@INDJI@N?@>JIADI<HD@IOJH@IJM@N?@HqN
0J?M|BP@U
(+.MJKD@?<?@NB@JOz>ID><N?@GJNNP@GJN?@+<?MD? +8I<FG478
(5E4F)a5?<64F
G< DIAGP@I>D< ?@ G< KMJAPI?D?<? @N H<TJM @I G<N GDOJGJB|<N HqN 1@@?
& @ '?MDNN
'+ #Q<GP<ODJI JA GDLP@A<>ODJI KJO@IOD<G N<I? ?@KJNDON
EQ@I@N
NDI >JC@NDI
ID KM@>JINJGD?<>DI T NDI KMJ>@NJN =<N@? JI J=N@MQ<ODJI JA K@MAJMH<I>@ DI KM@QDJPN @<MOCLP<F@N , '4G<BA4?
?D<B@IzOD>JN "@ @NO@ HJ?J
@NO@ <IqGDNDN >P@NODJI< ND N@ C< KJ?D?J BAI8AG<BA&(
1DNH<I
&IDIQ@NODB<ODJIJIM@G<ODJINCDKN=@OR@@INC@<MR<Q@Q@GJ>DOT
<I?
DIOMJ?P>DM PI N@NBJ @I G<N @>P<>DJI@N KP=GD><?<N LP@ >JMM@G<>DJI<I 1.2 <I? KM@NNPM@H@O@M O@NO M@NPGON &,6 -;8F<F A>4E4 .A<I8EF<GL 8BC;LF<64?
?DM@>O<H@IO@G<4N>JIJOMJNK<MqH@OMJNB@JOz>ID>JN
GJLP@<?@HqN A:<A88E<A:8C4EG@8AGA>4E4
<TP?<M|<<@SKGD><MG<NDHKJMO<IO@N?DA@M@I>D<N@IOM@@GG<N 2JIJP>CD
)
1<F<T<H<
2
'H<D
2 1 R<Q@ Q@GJ>DOT DI OC@ BMJPI? <I? OC@
#I >P<IOJ < GJN H?PGJN ?@ ?@AJMH<>DI
O<IOJ @G H?PGJ ?@ ?<HKDIBA<>OJM H??8G<AB9A:<A88E<A: 8B?B:L4A7AI<EBA@8AG
MDBD?@U%>JHJ@G?@7JPIB # @NOqI HPT >JIOMJG<?JNKJM G<4N
7JFJO<
)
'H<D
2
)JIIJ
+ "TI<HD>?@AJMH<ODJI>C<M<>O@MDNOD>NJANJDGN
NDI@H=<MBJ@G H?PGJ?@>JHKM@ND=DGD?<?) ?@K@I?@?@ G< 4K ?@O@MHDI@?=TG<=JM<OJMTO@NON (2(-86;A<64?+8CBEG
)EB6887<A:F ,