Large salt accumulations as a consequence of hydrothermal processes associated with ‘Wilson cycles’: A review Part 1: Towards a new understanding

Abstract

The formation of large salt deposits is observed especially in areas with a geological history of high tectonic activity. Over the last decade it has become a well-established fact that heavy brines form and solid salts precipitate, due to the thermodynamic and physico-chemical properties of seawater at high temperatures and pressures encountered within hydrothermal systems. This article reviews the modern theoretical and experimental research behind these findings, and also describes geological settings that most likely cause brine- and salt-forming hydrothermal processes to occur. This analysis has led to the identification of a set of specific conditions, properties, and processes (referred to as Conceptual elements) that are used to explain the often complex processes of brine behavior that leads to hydrothermal formation of solid salt.The main objective of this review is to present hydrothermal conditions known to occur during Wilson cycles: subduction, collision, and rifting, e.g., zones of repeated tectonic unrest, where brines (commonly derived from seawater) are concentrated into heavy brines and precipitate solid salts. The internal heat of the Earth and its interaction with deeply-circulating seawater in hydrothermal systems and also the immense recycling of crustal materials, including porous oceanic crust and serpentinite (hydrated) rocks via mantle processes may lead to the formation of salt accumulations. It is also acknowledged that such brines and solid salts may often be stored sub-surface for long time periods, extending from one Wilson cycle to another. Thus, on the basis of this analysis, it is cautiously suggested that large amounts of salts 'hidden' inside subduction zones may appear on the surface during subsequent rifting and oceanization phases.In Part 2 of this review, the Conceptual elements, which are described and discussed herein (Part 1) are applied to selected cases, including the Andean Mountains, the East African Rift, the Red Sea Rift, and other locations.

Full text

UNCORRECTED PROOF
+9JAF=9F<.=LJGD=ME%=GDG?Q PPP  PPPPPP
!GFL=FLKDAKLK9N9AD9:D=9L1;A=F;="AJ=;L
+9JAF=9F<.=LJGD=ME%=GDG?Q
BGMJF9D@GE=H9?=OOO=DK=NA=J;GE
*9J?= K9DL 9;;MEMD9LAGFK 9K 9 ;GFK=IM=F;= G> @Q<JGL@=JE9D HJG;=KK=K 9KKG;A9L=< OAL@
‘5ADKGF ;Q;D=K’  J=NA=O .9JL  2GO9J<K 9 F=O MF<=JKL9F<AF?
+9JLAF &GND9F<Z9Z Z∗ &åCGF 0M=KDåLL=FZ: &9FK )GFJ9< (G@FK=FZ:
9$+). $+'3 #52:9/548 #9';'4-+7 57<'>
:4*+6+4*+49 548:29'49 $754*.+/3 57<'>
02'!*# ',$-
+><57*8
&Q<JGL@=JE9D K9DL
5ADKGF ;Q;D=K
.@QKA;G;@=EA;9D J=9;LAGFK
2@=JEG<QF9EA;K
*9J?= K9DL 9;;MEMD9LAGFK
1M:<M;LAGF
0A>LAF?
-;=9F KHJ=9<AF?
&A<<=F K9DLK
 120!2
2@= >GJE9LAGF G> D9J?= K9DL <=HGKALK AK G:K=JN=< =KH=;A9DDQ AF 9J=9K OAL@ 9 ?=GDG?A;9D @AKLGJQ G> @A?@ L=;LGFA; 9;LAN
ALQ -N=J L@= D9KL <=;9<= AL @9K :=;GE= 9 O=DD=KL9:DAK@=< >9;L L@9L @=9NQ :JAF=K >GJE 9F< KGDA< K9DLK HJ=;AHAL9L=
<M= LG L@= L@=JEG<QF9EA; 9F< H@QKA;G;@=EA;9D HJGH=JLA=K G> K=9O9L=J 9L @A?@ L=EH=J9LMJ=K 9F< HJ=KKMJ=K =F
;GMFL=J=< OAL@AF @Q<JGL@=JE9D KQKL=EK 2@AK 9JLA;D= J=NA=OK L@= EG<=JF L@=GJ=LA;9D 9F< =PH=JAE=FL9D J=K=9J;@
:=@AF< L@=K= VF<AF?K 9F< 9DKG <=K;JA:=K ?=GDG?A;9D K=LLAF?K L@9L EGKL DAC=DQ ;9MK= :JAF= 9F< K9DL>GJEAF? @Q
<JGL@=JE9D HJG;=KK=K LG G;;MJ 2@AK 9F9DQKAK @9K D=< LG L@= A<=FLAV;9LAGF G> 9 K=L G> KH=;AV; ;GF<ALAGFK HJGH=JLA=K
9F< HJG;=KK=K J=>=JJ=< LG 9K 54)+69:'2 +2+3+498 L@9L 9J= MK=< LG =PHD9AF L@= G>L=F ;GEHD=P HJG;=KK=K G> :JAF=
:=@9NAGJ L@9L D=9<K LG @Q<JGL@=JE9D >GJE9LAGF G> KGDA< K9DL
2@= E9AF G:B=;LAN= G> L@AK J=NA=O AK LG HJ=K=FL @Q<JGL@=JE9D ;GF<ALAGFK CFGOF LG G;;MJ <MJAF? 5ADKGF ;Q;D=K
KM:<M;LAGF ;GDDAKAGF 9F< JA>LAF? =? RGF=K G> J=H=9L=< L=;LGFA; MFJ=KL O@=J= :JAF=K ;GEEGFDQ <=JAN=< >JGE
K=9O9L=J 9J= ;GF;=FLJ9L=< AFLG @=9NQ :JAF=K 9F< HJ=;AHAL9L= KGDA< K9DLK 2@= AFL=JF9D @=9L G> L@= #9JL@ 9F< ALK
AFL=J9;LAGF OAL@ <==HDQ;AJ;MD9LAF? K=9O9L=J AF @Q<JGL@=JE9D KQKL=EK 9F< 9DKG L@= AEE=FK= J=;Q;DAF? G> ;JMKL9D
E9L=JA9DK AF;DM<AF? HGJGMK G;=9FA; ;JMKL 9F< K=JH=FLAFAL= @Q<J9L=< JG;CK NA9 E9FLD= HJG;=KK=K E9Q D=9< LG L@=
>GJE9LAGF G> K9DL 9;;MEMD9LAGFK 'L AK 9DKG 9;CFGOD=<?=< L@9L KM;@ :JAF=K 9F< KGDA< K9DLK E9Q G>L=F := KLGJ=<
KM:KMJ>9;= >GJ DGF? LAE= H=JAG<K =PL=F<AF? >JGE GF= 5ADKGF ;Q;D= LG 9FGL@=J 2@MK GF L@= :9KAK G> L@AK 9F9DQKAK
AL AK ;9MLAGMKDQ KM??=KL=< L@9L D9J?= 9EGMFLK G> K9DLK ‘@A<<=F’AFKA<= KM:<M;LAGF RGF=K E9Q 9HH=9J GF L@= KMJ>9;=
<MJAF? KM:K=IM=FL JA>LAF? 9F< G;=9FAR9LAGF H@9K=K
'F .9JL  G> L@AK J=NA=O L@= 54)+69:'2 +2+3+498 O@A;@ 9J= <=K;JA:=< 9F< <AK;MKK=< @=J=AF .9JL  9J= 9HHDA=<
LG K=D=;L=< ;9K=K AF;DM<AF? L@= F<=9F +GMFL9AFK L@= #9KL >JA;9F 0A>L L@= 0=< 1=9 0A>L 9F< GL@=J DG;9LAGFK
 ',*(-,#('
-N=J L@= D9KL LOG ;=FLMJA=K D9J?= NGDME=K G> K9DLK EGKLDQ ;@DGJA<=K
9F< KMDH@9L=K @9N= :==F <AK;GN=J=< :GL@ GF 9F< :=DGO #9JL@K KMJ
>9;= 2@= L=JE “K9DL”AK @=J= MK=< LG AF<A;9L= 9 K=9O9L=J<=JAN=< AGFA;
;GEHGMF< AF ALK KGDA< KL9L= 2@= <AK;GN=JQ G> L@=K= D9J?= NGDME=K
@GO=N=J ;9E= EM;@ =9JDA=J L@9F L@= J=9DAR9LAGF G> @GO L@= HD9F=LK
;JMKL O9K <QF9EA;9DDQ 9F< L@=JE9DDQ KLJM;LMJ=< 2@=J=>GJ= L@= L@=GJA=K
>GJ K9DL 9;;MEMD9LAGFK O=J= =KL9:DAK@=< HJAGJ LG L@= MF<=JKL9F<AF? G>
HD9L= L=;LGFA;K =AF? MF9O9J= G> L@= >GJ;=K 9F< @=9L AFNGDN=< AF L=;
LGFA; HJG;=KK=K L@= GFDQ ;GF;=AN9:D= HJG;=KK >GJ HJG<M;AF? KGDA< K9DLK
O9K KGD9J =N9HGJ9LAGF G> K=9O9L=J =? DDAF? 
K Q=9JK O=FL :Q 9DD L@= OGJC <GF= GF L@= KGD9J =N9HGJ9LAGF G> K=9
O9L=J 9F< L@= >GJE9LAGF G> K9DLK =N9HGJAL=K @9K >GJE=< 9 D9J?= 9F<
K==EAF?DQ ;GFKAKL=FL CFGOD=<?= :9K= >GJ L@= =PHD9F9LAGF 9F< =PHDG
J9LAGF G> ?A9FL K9DL :G<A=K &Kü=L 9D 9: 59JJ=F  
  2@MK L@= KGD9J =N9HGJAL= L@=GJQ @9K :=;GE= KG <GEAF9FL
AF L@= D9KL ;=FLMJQ L@9L AL AK EGJ=GJD=KK ;GFKA<=J=< ‘>GJ:A<<=F’LG L9E
H=J OAL@ AL
,=N=JL@=D=KK L@= D9J?= K9DL 9;;MEMD9LAGFK AF <==H E9JAF= :9KAFK
9J= <A>V;MDL LG =PHD9AF OAL@ 9 KMJ>9;= K=9O9L=J =N9HGJ9LAGF EG<=D
1;JA:9FG =L 9D  9F< J=>=J=F;=K L@=J=AF !@JAKL=D=AL =L 9D 
∗!GJJ=KHGF<AF? 9ML@GJ
3'/2 '**7+88 EL@GND9F<?E9AD;GE + &GND9F<
@LLHK<GAGJ?BE9JH=L?=G
0=;=AN=< 1=HL=E:=J0=;=AN=<AFJ=NAK=<>GJE "=;=E:=J;;=HL=< "=;=E:=J
N9AD9:D=GFDAF= PPP
 T
0=NA=O 9JLA;D=

UNCORRECTED PROOF
5;2'4*+9'2 '7/4+'4*!+9752+:3+525-> ===  ======
*M?DA =L 9D  2@= AFL=JF9D @=9L G> L@= #9JL@ 9F< ALK AFL=J9;LAGF
OAL@ <==HDQ;AJ;MD9LAF? K=9O9L=J AF @Q<JGL@=JE9D KQKL=EK 9F< L@= AE
E=FK= J=;Q;DAF? G> ;JMKL9D E9L=JA9DK NA9 E9FLD= HJG;=KK=K 5ADKGF ;Q
;D=K OAL@ KM:<M;LAGF JA>LAF? 9F< ;GDDAKAGF =? *AGM =L 9D  @9N=
K==EAF?DQ :==F F=?D=;L=< 9K 9 HGL=FLA9D =PHD9F9LGJQ EG<=D >GJ L@=
>GJE9LAGF G> D9J?= K9DL 9;;MEMD9LAGFK =AL@=J 9:GN= GJ :=DGO ?JGMF<
1GR9FKCQ  +GE=FR9<=@  &GND9F< =L 9D 9: ; 
  1;JA:9FG =L 9D  &9J<A= 
'L @9K DGF? :==F J=;G?FAR=< L@9L K9DLK =N9HGJAL=K HD9Q =;GFGEA;9DDQ
AEHGJL9FL JGD=K AF H=LJGD=ME HJGKH=;LAF? 9F< =PLJ9;LAGF 2@MK 9;;GJ<
AF? LG 59JJ=F   9F< +G@JA9C =L 9D  L@=Q HD9Q 9 E9
BGJ JGD= AF A >9;ADAL9LAF? @Q<JG;9J:GF EA?J9LAGF AA HJGNA<AF? L=;LGFA;
9F< K=9DAF? ;GFLJGD >GJ @Q<JG;9J:GF LJ9H >GJE9LAGF 9F< L@MK AAA HD9Q
9 JGD= AF @Q<JG;9J:GF J=K=JNGAJ <AKLJA:MLAGF &GO=N=J >JGE L@AK ;MJJ=FL
J=NA=O AL :=;GE=K =NA<=FL L@9L L@= JGD=K G> K9DL >GJE9LAGF 9F< 9;;MEM
D9LAGF E9Q <=K=JN= EGJ= 9LL=FLAGF AF ?DG:9D L=;LGFA; ;JMKL9D J=K=9J;@
9K K9DLK E9Q HJG<M;= 9J=9K G> O=9CF=KK AF 9F< 9JGMF< KMLMJ= RGF=K L@9L
9J= D9L=J HJGF= LG JA>LAF? 2@AK AK =NA<=F;=< :Q L@= HJ=K=F;= G> K9DLK AF
=9JDQ JA>LK 9DKG :=>GJ= L@= K=9 @9K AFN9<=< L@= JA>L =? L@= #9KL >JA;9F
0A>L
 (0+)9/;+8 '4* 57-'4/?'9/54
2@= G:B=;LAN=K G> L@AK J=NA=O 9JLA;D= 9J= LG HJ=K=FL @Q<JGL@=JE9D ;GF
<ALAGFK CFGOF LG G;;MJ <MJAF? 5ADKGF ;Q;D=K O@=J= K9DLK E9Q ;GF;=F
LJ9L= AFLG @=9NQ :JAF=K 9F< KGDA< K9DLK KL9JLAF? >JGE K=9O9L=J 5= K=L
>GJL@ LG A<=FLA>Q N9JAGMK KL9?=K G> L@= 5ADKGF ;Q;D=K O@=J= KM;@ ;GF<A
LAGFK 9J= DAC=DQ LG := HJ=K=FL &Q<JG<QF9EA;K L@=JEG<QF9EA;K 9F< ;=J
L9AF HJGH=JLA=K G> :JAF=K JG;CK 9F< K9DLK D=9< LG HJ=<A;LAN= HJG;=KK=K
9F< J=KMDLK  FME:=J G> ‘54)+69:'2 +2+3+498’9J= MK=< LG =PHD9AF L@= G>
L=F ;GEHD=P HJG;=KK=K G> :JAF= :=@9NAGJ 9F< L@= >GJE9LAGF G> @Q<JGL@=J
E9D KGDA< K9DLK 29:D= 
2@=K= ‘!GF;=HLM9D =D=E=FLK’9J= 9HHDA=< AF L@= >GDDGOAF? ;@9HL=JK
AF;DM<AF? .9JL  G> L@= 9JLA;D= LG =PHD9AF L@= F=O EG<=D >GJ @Q<JGL@=J
E9D K9DL >GJE9LAGF 'F 9<<ALAGF 9 FME:=J G> ?=GDG?A;9D ;9K=K 9J= <AK
;MKK=< AF GJ<=J LG KM:KL9FLA9L= 9F< NAKM9DAR= L@= EG<=D E9AFDQ >GMF< AF
.9JL  ‘HHDA;9LAGF GF K=D=;L=< ;9K=K’
2@AK J=NA=O AK <ANA<=< AFLG L@= ;MJJ=FL .9JL  $5<'7*8 ' 4+< :4*+7
89'4*/4- 9F< .9JL  662/)'9/54 54 8+2+)9+* )'8+8 .9JL  L@MK ;GF;=F
LJ9L=K GF L@= L@=GJ=LA;9D :9KAK >GJ L@= 9HHDA;9LAGF G> L@= ‘!GF;=HLM9D =D=
E=FLK’AF 29:D=  GF L@= K=D=;L=< ?=GDG?A;9D =P9EHD=K E9AFDQ >GMF< AF
.9JL 
% 
‘!GF;=HLM9D =D=E=FLK’9HHDA=< LG =PHD9AF @Q<JGL@=JE9D K9DL >GJE9LAGF 2@= AL=EK J=>=J LG
L@= L@=JEG<QF9EA;K G> H@QKA;9D 9F< ;@=EA;9D J=9;LAGFK AF;DM<AF? AL=EK L@9L ;@9J9;L=JAR=
G:K=JN9:D= H@=FGE=F9
!GF;=HLM9D=D=E=FLK
‘"*&('2-#0'&#+’5@=FK=9O9L=J=F;GMFL=JK@=9L9L@A?@HJ=KKMJ=KAF
L@=#9JL@K;JMKLH@9K=K=H9J9LAGFE9QG;;MJ=?L@=>GJE9LAGFG>@=9NQ:JAF=K
KGDA<K9DL9F<DGOK9DAF=N9HGJAFL@=KMH=J;JALA;9D9F<:GADAF?<GE9AFKG>K=9O9L=J
9F<<=JAN=<:JAF=K
‘(%-#%#,0')*#)#,,#('( +%,+’19DLKE9QHJ=;AHAL9L=GN=JD9J?=L=EH=J9LMJ=
AFL=JN9DK<M=LGL@=AJOA<=KGDM:ADALQJ9F?=9L=D=N9L=<L=EH=J9LMJ=K9F<HJ=KKMJ=K
‘*+"/,* (*&,#('’!GF<=FK9LAGFG>N9HGJAF@Q<JGL@=JE9DKQKL=EKHJG<M;=K
>J=K@‘<AKLADD=<’O9L=JL@9L;9FJ=<AKKGDN=KGDA<K9DL9DGF?ALK9K;=F<AF?H9L@
‘(*&,#('( %$0+%,+,($+(&+’1GDA<K9DLAKH=JE=9:D=9L<=HL@K
9DDGOAF?:JAF=LGWGOL@JGM?@1GDA<K9DLE9QHJ=;AHAL9L=MHGF;GGDAF?<MJAF?L@=
9K;=FL9F<L@MK:MAD<L@=K9DLKLG;C;GFLAFMGMKDQ@A?@=J
‘1'#'!( +%,+’+9JAF=K9DLK@9N=<AX=J=FLKGDM:ADALA=K9F<L@=EGJ=KGDM:D=K9DLK
9;@A=N=@A?@=J;GF;=FLJ9LAGFKL@9FGL@=JK:=>GJ=HJ=;AHAL9LAF?1GE=K9DLK@9N=
;JQKL9DO9L=J9LL9;@=<LGL@=AJ;JQKL9DKLJM;LMJ==?L9;@Q@Q<JAL=2@=K=K9DLKE9Q
E=DLAFL@=AJGOF;JQKL9DO9L=JMHGF@=9LAF?9F<D=9N=L@=KGDA<K9DL9KWGOAF?
:JAF=K
‘%,*+*.,#('’1GDA<K9DLKE9Q:=HJ=K=JN=<:Q<JQ;DAE9L=<=FK=:JAF=KGJ
K@=9L@KG>9F@Q<JAL=?QHKME;9J:GF9L=KGJVF=?J9AF=<;D9KLA;GJ:AG?=FA;
K=<AE=FLK
‘#'+%,+’19DLK9F<:JAF=KE9Q>GJE9L;=JL9AF L@=JEG<QF9EA;;GF<ALAGFK
9D:=ALFGL9DO9QKG:K=JN9:D==?AFKM:<M;LAGFRGF=KOAL@AFGJ:=F=9L@G;=9FA;
9F<;GFLAF=FL9D;JMKL9F<OAL@AF<==HK=9L=<KD9:J=EF9FLK2@AKK9DLE9Q:=;GE=
NAKA:D=9LD9L=JKL9?=KAF5ADKGF;Q;D=K
 $.+ 57/-/4 5, 8+' 8'298
19DL 9;;MEMD9LAGFK >GJE=< :Q @Q<JGL@=JE9D 9;LANALQ E9Q @9N= LOG
KGMJ;=K G> GJA?AF 9 HJ=;AHAL9L=< K9DL >JGE K=9O9L=J 9F< : K9DLK <=
JAN=< <AJ=;LDQ >JGE ;JMKL 9F< E9FLD= E9KK=K 1M:?JGMH : E9Q 9DKG AF
;DM<= HJ=NAGMKDQ >GJE=< 9F< @A<<=F K9DLK =AL@=J AF L@= >GJE G> KGDA<K GJ
:JAF=K 1GDA<K 9F< :JAF=K =F;GMFL=J=< :Q L@= @Q<JGL@=JE9D KQKL=EK E9Q
:= J=VF=< J=D9LAN= LG K=9O9L=J ;GEHGKALAGF
1=JH=FLAFAL= OADD ;GFL9AF :GL@ LQH=K G> K9DLK 2@= ;GFLJA:MLAGF >JGE
L@= LOG KGMJ;=K AK <A>V;MDL LG <AKLAF?MAK@ >JGE =9;@ GL@=J :ML J9ALK;@
 O@G H=J>GJE=< 9 L@GJGM?@ KLM<Q G> K9DL ;GEHGKALAGFK AF L@= ?A
9FL 8=;@KL=AF K9DL 9;;MEMD9LAGFK AF #MJGH= ;GF;DM<=K L@9L L@= K9DL 9;
;MEMD9LAGFK 9;LM9DDQ <G FGL @9N= L@= K9E= ;GEHGKALAGF 9K L@9L G> L@=
G;=9FK 2@MK @= >GMF< L@9L L@= K9DL 9;;MEMD9LAGFK ;GMD< FGL GJA?AF9L=
<AJ=;LDQ >JGE L@= KAEHD= =N9HGJ9LAGF G> K=9O9L=J
 KLM<Q 9AEAF? 9L <=L=JEAFAF? L@= KAR= G> <A>>=J=FL KGMJ;=K G> ;@DG
JAF= %J9=<=D 9F< )==F=  ;GF;DM<=< L@9L  G> L@= #9JL@K
;@DGJAF= AK LG := >GMF< AF L@= E9FLD= O@AD=  AK >GMF< AF L@= ;JMKL
9F< GFDQ 9 E=J=  J=KA<=K AF L@= G;=9FK &GO=N=J 9 EGJ= EG<=JF
9KK=KKE=FL :Q )=F<JA;C =L 9D  KM??=KLK L@9L L@= :M<?=L AK EM;@
EGJ= ;GEHDA;9L=<
;;GJ<AF? LG 59DD9;= 9F< F<=JKGF  L@= “7=9JDQ 9EGMFLK G>
J=9;LAN= NGD9LAD=K &Z- 9F< !D L@9L 9J= KM:<M;L=< 9J= AF L@= J9F?= G> O@9L
AK J=LMJF=< KMJ>9;=O9J< :Q 9J; E9?E9LAKE '> L@=J= O=J= FG KMJ>9;=O9J<
J=LMJF G> KM:<M;L=< &Z- 9F< !D L@=F L@= >GJE9LAGF 9DL=J9LAGF 9F< KM:
<M;LAGF G> G;=9FA; ;JMKL OGMD< ;GEHJAK= 9 F=L <J9AF GF L@= O9L=J 9F<
K9DL AF L@= G;=9FK 2@= ?=GDG?A; J=;GJ< 9F< MF<=JKL9F<AF? G> L=;LGFAKE
J=N=9D L@9L ;GFLAF=FL9D ;JMKL 9F< G;=9F O9L=J @9N= =PAKL=< >GJ EGKL G>
#9JL@K @AKLGJQ 9F< KM:<M;LAGF @9K FGL ;9MK=< L@= G;=9FK LG <JQ MH 2@MK
O9L=J DGKL LG 9DL=J=< G;=9FA; ;JMKL AK HJG:9:DQ D9J?=DQ J=LMJF=< LG L@=
G;=9FK NA9 <=O9L=JAF? G> KM:<M;L=< ;JMKL 9F< KM:<M;LAGFJ=D9L=< E9?
E9LAKE”2@AK ;D=9JDQ K@GOK L@9L L=;LGFA; ;Q;DAF? G> =D=E=FLK AK 9;LAN=
GF #9JL@ 9F< AF<A;9L=K @GO AEHGJL9FL AL AK LG MF<=JKL9F< L@= >MDD AE
HDA;9LAGFK G> 5ADKGF ;Q;D=K L@9L ;9MK= K=9O9L=J LG AFL=J9;L 9F< =P;@9F?=
=D=E=FLK OAL@ @GL HJAKLAF= E9FLD=
 $.+ ):77+49 +;'657/9+ 9.+57>
2@= ;GFN=FLAGF9D KGD9J ‘=N9HGJAL= L@=GJQ’AK ?=F=J9DDQ J=KLAF? GF
L@J== E9AF HADD9JK 9 <JQ ;DAE9L= : HJ=;AHAL9LAGF AF K@9DDGO O9L=J 9F<
; 9 J=D9LAN=DQ ;GFLAFMGMK KMHHDQ G> K=9O9L=J L@9L J=F=OK L@= ;GFL=FL G>
K9DL AF L@= =N9HGJ9LAGF :9KAF OAL@GML <ADMLAF? L@= :JAF= EGJ= L@9F L@=
J9L= G> =N9HGJ9LAGF 2G =PHD9AF L@= G:K=JN=< K9DL L@A;CF=KK=K G> K=N=J9D
CADGE=L=JK G>L=F >GMF< 9L ?J=9L O9L=J <=HL@K L@= KGD9J =N9HGJ9LAGF L@=
GJQ 9DGF= <G=K FGL HJGNA<= 9 KGMF< =PHD9F9LAGF 1=DD=Q  1;JA:9FG
=L 9D  2@= <AK;MKKAGF 9:GML L@= HGKKA:ADALQ G> 9;;MEMD9LAF? KM;@
?A9FL <=HGKALK G> ‘=N9HGJAL=K’OAL@ KGD9J =N9HGJ9LAGF 9DGF= J=9DDQ E9<=
L@= @=9<DAF=K KM:K=IM=FL LG L@= "1". "==H 1=9 "JADDAF? .JGB=;L *=?
 <JADDAF? AF L@= O=KL=JF H9JL G> L@= +=<AL=JJ9F=9F &GO O9K AL HGKKA
:D= LG =PHD9AF L@= >GJE9LAGF G> L@A;C ‘=N9HGJAL=’<=HGKALK 9L GN=J CE
O9L=J <=HL@
2@= EGKL ;AL=< H9H=JK >JGE L@AK K;A=FLAV; <JADDAF? O=J= L@GK= :Q )=F
F=L@ &Kü=L 9D 9  9F< 0Q9F =L 9D  9:GML L@= @AKLGJQ
G> L@= +*/9+77'4+'4 #'2/4/9> 7/8/8 2@=Q 9DKG HJGNA<= 9 J9J= ?DAEHK= G>
L@= :ALL=J ;GFLJGN=JKQ L@9L 9JGK= <MJAF? L@= AFL=JHJ=L9LAGF 9F< HM:DA;9
LAGF G> L@= <JADDAF? J=KMDLK “2@= KA?FA>A;9F;= G> L@= "1". <AK;GN=JQ O9K
@GO=N=J K@9<GO=< :Q ;GFLJGN=JKA=K 2@9L L@= +=<AL=JJ9F=9F =N9HGJ
AL= AK +=KKAFA9F *9L= +AG;=F= AF 9?= K==E=< LG := BMKL 9:GML L@= GFDQ
;GFK=FKMK 9>L=J L@= *=?  <JADDAF? #N=F L@= K@AH:G9J< K;A=FLAV; KL9X
;GMD< FGL J=9;@ 9F 9?J==E=FL GF L@= ?=F=KAK G> L@AK MFMKM9D >GJE9LAGF
…” “2@= <=KA;;9L=< <==H:9KAF EG<=D =? !@  G> L@= *=?  ;JMAK=
J=HGJL O9K 9ML@GJ=< :Q &Kü !AL9 9F< 0Q9F :=;9MK= L@=Q O=J= L@= GFDQ
E=E:=JK G> L@= K@AH:G9J< KL9X LGL9DDQ ;GFNAF;=< GF ALK HD9MKA:ADALQ”
&Kü=L 9D 


UNCORRECTED PROOF
5;2'4*+9'2 '7/4+'4*!+9752+:3+525-> ===  ======
$GJ K9DL L@A;CF=KK=K G> KGE= L=FK G> E=LJ=K L@= ‘=N9HGJAL=’=PHD9F9
LAGF E9Q := J=9DAKLA; ML 9;;GJ<AF? LG 59JJ=F  “… L@= K;9D= G>
D9;MKLJAF= =N9HGJAL= <=N=DGHE=FL H9KL 9F< HJ=K=FL H9D=K AF ;GEH9JAKGF
LG KGE= 9F;A=FL E9JAF=>=< K9DAF= KQKL=EK 2@=J= 9J= FG EG<=JF ;GMF
L=JH9JLK LG KM;@ 9F;A=FL E9JAF=9KKG;A9L=< KQKL=EK”2@AK AK :=;9MK= 9;
;GJ<AF? LG 59JJ=F   L@=J= 9J= FG HD9;=K GF #9JL@ O@=J=
K=9O9L=J AK =N9HGJ9LAF? 9L 9 @A?@ =FGM?@ J9L= LG K9LAK>Q L@= ;DAE9LA;
9F< K@9DDGOO9L=J J=IMAJ=E=FLK G> L@= ;GFN=FLAGF9D ‘=N9HGJAL=’L@=GJQ
“-MJ AF9:ADALQ LG ;GEH9J= 9DD 9KH=;LK G> =N9HGJAL= <=HGKALAGF H9KL 9F<
HJ=K=FL J=W=;LK 9 HJ=K=FL<9Q D9;C G> :GL@ DGF?L=JE K@9DDGO =H=AJA; K=9K
9F< G> D9J?= <J9O<GOF :9KAFK >=< :Q K=9O9L=J K==HK”59JJ=F 
2@=K= <AK9?J==E=FLK 9F< <A>V;MDLA=K LG ?AN= HJGH=J =PHD9F9LAGFK LG
L@= HJG;=KK=K G> =N9HGJAL= >GJE9LAGFK K@GO 9DD LGG ;D=9JDQ L@9L 9 J=NA
KAGF G> L@= LJ9<ALAGF9D ‘=N9HGJAL=’L@=GJQ AK J=IMAJ=< $GJ =P9EHD= L@=
L=JE 2'):897/4+ +;'657/9+8 MK=< 9:GN= =9KADQ :JAF?K 9E:A?MALA=K AFLG L@=
<AK;MKKAGF 2@AK AK :=;9MK= L@= =N9HGJ9LAGF G> >J=K@ O9L=J >JGE JAN=JK
=L; ?AN=K F=?DA?A:D= 9EGMFLK G> K9DLK MHGF =N9HGJ9LAGF :ML @Q<JGL@=J
E9D E=L=GJA; O9L=J E9Q ?AN= KA?FA>A;9FL 9EGMFLK G> K9DLK MHGF =N9HGJ9
LAGF DAC= O= K== AF L@= #9KL >JA;9F 0A>L 'F EGKL ;9K=K AL K==EK L@AK L=JE
AK 9HHDA=< LG =N9HGJ9LAGF G> @Q<JGL@=JE9D :JAF=K O@A;@ J=9;@=K L@= KMJ
>9;= >GJ =P9EHD= AF "9F9CAD >9J #L@AGHA9 O@=J= <=FK= :JAF=K =E
9F9L= GFLG L@= KMJ>9;= <JQ GML 9F< :=;GE= HJ=K=JN=< AF L@= <JQ 9F< @GL
;DAE9L= 29D:GL 
 (*&,#(' ( "0*(,"*&% +%,+
 #'298 ,573/4- /4 .>*759.+73'2 8>89+38
=KA<=K HD9L= L=;LGFA;K LOG G> L@= D9KL ;=FLMJQK H=J@9HK EGKL AEHGJ
L9FL <AK;GN=JA=K OAL@AF E9JAF= ?=GDG?Q O=J= AF<==< J=D9L=< LG K9DL 9F<
@Q<JGL@=JE9D HJG;=KK=K  2@= <AK;GN=JQ G> @GL :JAF=K AF L@= LD9FLAK
'' "==H G> L@= 0=< 1=9 =? !@9JFG;C  9F<  2@= <AK;GN=JQ 9L
L@= #9KL .9;AV; 0AK= G> @GL N=FLK KG;9DD=< ‘:D9;C KEGC=JK’*GFK<9D=
 GL@ <AK;GN=JA=K 9J= ;GFKA<=J=< ‘?9E=;@9F?=JK’AF L@= IM=KL >GJ
MF<=JKL9F<AF? K=9O9L=J ;AJ;MD9LAGF AF L@= G;=9FA; ;JMKL 'L AK FGO O=DD
MF<=JKLGG< L@9L L@= <JANAF? >GJ;= >GJ L@AK ;AJ;MD9LAGF AK @=9L >JGE L@= MF
<=JDQAF? E9FLD= KG;9DD=< ‘>GJ;=< ;GFN=;LAGF’ OAL@ 9MLG;AJ;MD9LAGF G>
K=9O9L=J O@=F L@= L=EH=J9LMJ= ?J9<A=FL :=LO==F 9 @GL  °! JAK
AF? HDMLGF A?F=GMK AFLJMKAGF 9F< L@= G;=9F WGGJ 9L LQHA;9DDQ –°!
AK 9<=IM9L=DQ KL==H &Q<JGL@=JE9D ;AJ;MD9LAGF G> K=9O9L=J AF L@= #9JL@K
;JMKL 9L L=EH=J9LMJ=K 9:GN= °! 9F< CE :=DGO K=9 KMJ>9;= OADD
AF=NAL9:DQ D=9< LG L@= >GJE9LAGF G> ;GF;=FLJ9L=< :JAF=K 9F< L@= HJ=;AHA
L9LAGF G> KGDA< K9DL 'L AK KM??=KL=< L@9L @Q<JGL@=JE9D HJG;=KK=K E9Q =P
HD9AF :GL@ L@= DG;9LAGF 9F< L@= 9EGMFL G> K9DL <=HGKALK AF 9 :=LL=J O9Q
L@9F KGD9J =N9HGJ9LAGF #N=F KG L@AK <G=K FGL HJ=N=FL KGD9J =N9HGJ9LAGF
>JGE :=AF? 9F 9;LAN= ;GFLJA:MLGJ LG :JAF= <=FKAV;9LAGF 9F< HJ=;AHAL9LAGF
G> KGDA< K9DL AF E9FQ ;9K=K 1;@J=A:=J =L 9D 
 4+7-> )548/*+7'9/548
LL=EHLK LG =PHD9AF G:K=JN=< =N9HGJAL=K :9K=< GF E9FLD= @=9L 9;L
AF? GF K=9O9L=J AF 9 KL9LA; K=LLAF? OADD FGL HJG<M;= L@= 9;;MEMD9LAGFK
G:K=JN=< AF F9LMJ= 2@= ;GF;=HL G> HJG<M;AF? =N9HGJAL=K >JGE K=9O9
L=J :9K=< GF L@= @=9L >JGE KL9LAGF9JQ E9?E9E9FLD= :G<A=K AK FGL 9
KLJ9A?@L>GJO9J< =N9HGJ9LAGF HJG;=KK 2@AK AK <=EGFKLJ9L=< :Q 9 KAEHD=
;9D;MD9LAGF  CE ;M:= G> @GL E9FLD= ;GFL9AFK 9HHJGPAE9L=DQ L@= @=9L
F=;=KK9JQ LG =N9HGJ9L= 9 CE ;M:= G> K=9O9L=J O@A;@ D=9<K LG 9 CE
KIM9J= G> K9DL G> ∼E L@A;CF=KK A= >9J >JGE :=AF? ;GEH9J9:D= LG L@=
N9KL 9EGMFLK G> K9DL G:K=JN=< AF KGE= ?=GDG?A;9D K=LLAF?K &GO=N=J L@=
HJ=EAK=K >GJ L@AK ;9D;MD9LAGF 9J= OJGF?  EGJ= ;GJJ=;L ;9D;MD9LAGF EMKL
L9C= AFLG 9;;GMFL K=N=J9D GL@=J >9;LGJK L@9F L@= @=9LLJ9FK>=J :=LO==F
LOG KL9LA; G:B=;LK =? O9L=JJG;C AFL=J9;LAGFK
5@=F K=9O9L=J =F;GMFL=JK @GL E9FLD= L@= O9L=JJG;C AFL=J9;LAGFK
9J= ;9MKAF? <AKKGDMLAGF 9F< @Q<JGDQKAK G> EAF=J9DK AF L@= JG;C J=KMDLAF?
AF MHL9C= G> 9 KA?FA>A;9FL 9EGMFL G> O9L=J AF L@= >GJE G> -&?JGMHK AF
F=O >GJE=< EAF=J9DK 1AEMDL9F=GMKDQ L@= :JAF= :=;GE=K <=FK=J <M= LG
ALK MHL9C= G> K9DLK 9F< GL@=J <AKKGDN=< =D=E=FLK >JGE L@= E9FLD= JG;CK
2@=K= J=9;LAGFK 9J= =PGL@=JEA; AF F9LMJ= 9F< =PLJ9 @=9L AK HJG<M;=<
<MJAF? L@= J=9;LAGFK =KH=;A9DDQ A> K=JH=FLAFAR9LAGF AK AFNGDN=< O@A;@
AK G>L=F L@= ;9K= 'F 9<<ALAGF <MJAF? K=JH=FLAFAR9LAGF @Q<JG?=F AK 9DKG
HJG<M;=< O@A;@ J=HJ=K=FLK 9 N=JQ KLJGF? J=<M;LAGF 9?=FL AF ;@=EA;9D
J=9;LAGFK AFNGDNAF? AJGF:=9JAF? EAF=J9DK
2@=K= J=9;LAGFK >GJE :JAF=K L@9L 9J= EM;@ <=FK=J L@9F L@= AFA
LA9D :JAF= K=9O9L=J OAL@GML ;GFKMEAF? D9J?= 9EGMFLK G> @=9L >JGE
L@= KMJJGMF<AF?K DKG AF ;GFLJ9KL LG L@= KL9LA; =P9EHD= 9:GN= L@=
@Q<JGL@=JE9D HJG;=KK=K 9J= =PLJ=E=DQ <QF9EA; 2@= AFALA9DDQ >GJE=<
:JAF=K E9Q AF<==< := KM:B=;L=< LG @=9L >JGE GL@=J H9JLK G> L@= KQKL=E 9K
L@=Q EGN= 9JGMF< GJ :Q <QF9EA; @GL E9?E9 :G<A=K NGD;9FAKE 2@AK
AK DAC=DQ LG @9HH=F AF :GL@ JA>LAF? 9F< KM:<M;LAGF KQKL=EK 9F< HJGNA<=K
L@= F=;=KK9JQ =F=J?Q LG HJG<M;= 9;;MEMD9LAGFK G> K9DLK
'> O= 9;;=HL L@= ;GF;=HL L@9L K9DLK 9F< :JAF=K E9Q KMJNAN= GN=J ?=
GDG?A;9D LAE= KH9FK AF L@= E9FLD=<==H ;JMKL L@=Q E9Q 9DKG =PH=JA=F;=
=F=J?Q KMHHDQ >JGE K=N=J9D KL9?=K G> L@= 5ADKGF ;Q;D= :=>GJ= 9HH=9J
AF? 9K G:K=JN9:D= K9DL 9;;MEMD9LAGFK 2@= #9JL@ @9K MF<=J?GF= K=N=J9D
H=JAG<K <MJAF? O@A;@ KMH=J;GFLAF=FLK @9N= 9KK=E:D=< 9F< JA>L=< 9H9JL
9?9AF 2@=J=>GJ= L@= KMHHDQ G> =F=J?Q 9F< L@= 9N9AD9:ADALQ G> K=9O9L=J
<MJAF? :ADDAGFK G> Q=9JK AF L@= #9JL@K @AKLGJQ E9C= <==H K9DL 9F< :JAF=
HJG<M;LAGF MF9NGA<9:D= 'F K@GJL L@= K9DL 9;;MEMD9LAGFK O= G:K=JN= LG
<9Q E9Q := L@= J=KMDL G> HJG;=KK=K L@9L <9L= EM;@ >MJL@=J :9;C AF LAE=
L@9F L@= D9L=KL KL9?= AF L@= 5ADKGF ;Q;D= G> L@9L 9J=9
=9JAF? AF EAF< 9DD L@= 5ADKGF ;Q;D=K =F;GMFL=J=< <MJAF? L@= #9JL@K
@AKLGJQ L@= IM=KLAGF O@=L@=J L@= E9FLD= @9K HJGNA<=< L@= F=;=KK9JQ
9EGMFLK G> =F=J?Q LG HJG<M;= L@= G:K=JN=< K9DL AK FGL 9F AKKM= 'L K@GMD<
9DKG := FGL=< L@9L 29QDGJ 9F< +;*=FF9F  =KLAE9L=< L@9L AF LGL9D
 G> L@= ;GFLAF=FL9D ;JMKL ;GFKAKLK G> K9DLK AF K=<AE=FL9JQ 9F< H9D=
GK=<AE=FL9JQ MFALK 2@AK AK 9F =FGJEGMK 9EGMFL O@A;@ AK MF<=J?GAF?
LJ9FKALAGFK <MJAF? JA>LAF? KM:<M;LAGF 9F< ;GFLAF=FL9D ;GDDAKAGFK =?
<MJAF? 5ADKGF ;Q;D=K
 #+76+49/4/?'9/54 5, 3'492+ 75)18
-N=J L@= D9KL S Q=9JK L@=J= @9K :==F 9 J=NGDMLAGF AF GMJ MF<=J
KL9F<AF? G> @GO L@= G;=9FA; DAL@GKH@=J= @9K =NGDN=< L@JGM?@ AFL=J9;
LAGF OAL@ K=9O9L=J DGF? KDGOKHJ=9<AF? JA<?=K L@=J= 9J= 9J=9K O@=J=
K=AKEA; HJGVDAF? K@GOK EGJ= L@9F CE L@A;C ‘9E9?E9LA;’RGF=K J=HJ=
K=FLAF? J=D9LAN=DQ ;GGD DAL@GKH@=J= O@=J= K=9O9L=J @9K J=9;L=< OAL@ L@=
MHH=J E9FLD= LG >GJE K=JH=FLAFAL= JG;CK .=9J;=  "A;C =L 9D 
+éN=D  1FGO 9F< #<EGF<K  'D<=>GFK= =L 9D  +AJ9F<9
9F< "AD=C   2@AK RGF= GN=JDA=K 9DEGKL MF9DL=J=< MDLJ9E9V; E9FLD=
JG;CK -F L@= K=9WGGJ 9:GN= KM;@ 9J=9K L@= K=JH=FLAFAR9LAGF HJG;=KK=K
9J= J=;G?FAR=< :Q L@= G;;MJJ=F;=K G> @Q<JGL@=JE9D N=FLAF? :GL@ @GL
∼°! (2')1 8351+78 9F< DGOL=EH=J9LMJ= –°! <./9+ 8351+78
2@= :D9;C ;GDGJ G> :D9;C KEGC=JK AK <M= LG L@= =EALL9F;= G> 9:MF<9FL
KMDV<= H9JLA;D=K O@AD= L@= ‘O@AL= KEGC=JK’9J= ;@9J9;L=JAR=< :Q @9NAF?
@A?@ H&N9DM=K – 9:MF<9FL !-Z 9F< E=L@9F= ;GFL=FLK =? +éN=D
 9F< 9J= HJ=;AHAL9LAF? ;9J:GF9L= 9F< E9?F=KAME @Q<JGPA<= EAF
=J9DK GFLG L@= K=9WGGJ 2@= O9L=J L@9L ;GE=K MH AF L@= @GL KHJAF?K AK
;GEEGFDQ >GMF< LG @9N= KA?FA>A;9FLDQ DGO=J K9DAFALQ L@9F K=9O9L=J
'L AK O=DD CFGOF L@9L L@= MHH=J E9FLD= ;GFKAKLK G> <JQ E9?F=
KAMEJA;@ KADA;9L= JG;CK ‘H=JA<GLAL=’ ;GFL9AFAF? 9:MF<9FL AJGF:=9J
AF? GDANAF= +?$=Z1A-Z 2@=K= EAF=J9DK 9DO9QK ;G=PAKL OAL@ GJL@GHQ
JGP=F= +?$=1A-Z±!9JA;@ ;DAFGHQJGP=F= ±D!J KHAF=D 9F< ±,A$=
KMDV<=K 5@=F K=9O9L=J =F;GMFL=JK H=JA<GLAL= L@JGM?@ <==H ;J9;CK AF
L@= @GL G;=9FA; ;JMKL KHGFL9F=GMK O9L=JJG;C J=9;LAGFK KL9JL 2@=K= J=
9;LAGFK 9J= J=>=JJ=< LG 9K K=JH=FLAFAR9LAGF :=;9MK= H=JA<GLAL= AK LJ9FK


UNCORRECTED PROOF
5;2'4*+9'2 '7/4+'4*!+9752+:3+525-> ===  ======
>GJE=< AFLG K=JH=FLAFAL= :Q H=JN9KAN= @Q<JGDQKAK J=9;LAGFK 1;JA:9FG =L
9D 
#PH=JAE=FL9D J=9;LAGFK K@GO L@9L GDANAF= AK HJ=>=J=FLA9DDQ <AKKGDN=<
9L L=EH=J9LMJ=K 9JGMF< –°! O@AD= GJL@GHQJGP=F= AK J9HA<DQ <AK
KGDN=< 9L L=EH=J9LMJ=K 9:GN= °! +9JLAF 9F< $Q>=  1=N
=J9D 9;;=KKGJQ EAF=J9DK E9Q 9DKG >GJE AF L@= K=JH=FLAFAR9LAGF HJG;=KK
KM;@ 9K :JM;AL= GJ L9D;±E9?F=LAL=±$=,A KMDV<=K±$=,A 9DDGQK±;@DG
JAL=±LJ=EGDAL= <=H=F<AF? GF L@= H@QKA;G;@=EA;9D ;GF<ALAGFK G> L@=
KQKL=E $Jü@%J==F =L 9D  'F H9JLA;MD9J L@= >GJE9LAGF G> ,A$= 9D
DGQK L9=FAL= 9F< 9O9JMAL= <=E9F< KLJGF?DQ J=<M;=< ;GF<ALAGFK 2@=K=
;GF<ALAGFK 9J= :=KL 9;@A=N=< O@=J= K=JH=FLAFAR9LAGF AK 9L 9 FGF=IMA
DA:JAME KL9?= A= 9L L@= J=9;LAGF >JGFL O@=J= GDANAF= AK HJ=K=FL -F;=
GDANAF= AK ;GEHD=L=DQ 9DL=J=< L@= GPQ?=F >M?9;ALQ 9KKG;A9L=< OAL@ L@=
JG;C LJ9FK>GJE9LAGF OADD AF;J=9K= E9JC=<DQ 
2@= >GJE9LAGF G> ,A$=9DDGQK AF 9<<ALAGF LG L@= >GJE9LAGF G> @Q<JG
?=F <=EGFKLJ9L=K L@9L L@= K=JH=FLAFAR9LAGF HJG;=KK 9DKG AF;DM<=K J=<M;
LAGF HJG;=KK=K L@9L 9J= :9D9F;=< GML :Q L@= GPA<9LAGF G> AJGF $=Z →$=
Z LG >GJE E9?F=LAL= 9F< 9DKG K=JH=FLAFAL= ;GFL9AFAF? KGE= >=JJA; AJGF
 ?=F=J9D >GJEMD9 AF;DM<AF? :GL@ GDANAF= 9F< HQJGP=F= OAL@ L@=AJ ;GF
L=FL G> E9?F=KAME 9F< AJGF AK KM??=KL=< :Q #N9FK  2@AK =IM9
LAGF 9DKG ADDMKLJ9L=K L@= J=<GP J=9;LAGFK AF L@= K=JH=FLAFAR9LAGF HJG;=KK
2@= N9D=F;=K G> AJGF AF L@= EAF=J9DK 9J= AF<A;9L=< :Q '' >GJ >=JJGMK 9F<
''' >GJ >=JJA; GPA<AR=< AJGF AF L@= =IM9LAGF
+?Z$=Z''Z1A-Z  +?Z$=Z''Z1A-Z  
&Z-→+?Z$=Z''Z$=Z'''Z1AZ-Z-&Z  
$=Z''-$=Z'''Z-Z  &Z
-DANAF=  .QJGP=F=  59L=J →1=JH=FLAF=  +9?F=LAL=  &Q<JG?=F
&=9L
2@= J=9;LAGF AK KLJGF?DQ =PGL@=JEA; ;9MKAF? L@= K=JH=FLAFAR9LAGF
HJG;=KK LG AF;J=9K= ALK DGF?=NALQ <M= LG ALK GOF @=9L HJG<M;LAGF
 #+76+49/4/?'9/54 '4* 8'29
2@= 9N=J9?= <=FKALQ G> 9 >J=K@ H=JA<GLAL= AK 9HHJGPAE9L=DQ  ?;EZ
O@AD= K=JH=FLAF= EAF=J9DK @9N= EM;@ DGO=J <=FKALQ ∼?;EZ <M= LG
L@= MHL9C= G> -&?JGMHK AF L@= F=O>GJE=< ;JQKL9D D9LLA;=K 2@AK ;9MK=K
MH LG  KO=DDAF? G> L@= JG;C 9L ;GEHD=L= 9DL=J9LAGF !GFK=IM=FLDQ
9FQ :JAF= K=9O9L=J 9L KM:;JALA;9D ;GF<ALAGFK OADD AF;J=9K= ALK K9DAFALQ AF
L@= J=9;LAGF RGF= &GO=N=J KGE= KM:KLALMLAGF G> ;@DGJA<= >GJ @Q<JGPQD
AK >GMF< AF L@= F=O>GJE=< EAF=J9DK =? AGO9AL= :JM;AL= 9F< K=JH=F
LAF= AF 9<<ALAGF LG GL@=J K=9K9DL =D=E=FLK AF;GJHGJ9L=< AF L@= ;JQKL9D
D9LLA;=K G> L@= K=JH=FLAFAL= EAF=J9DK 1@9JH 9F< 9JF=K  +9FM=DD9
=L 9D  4G?=D =L 9D 
;;GJ<AF? LG 1@9JH 9F< 9JF=K  9 KA?FA>A;9FL 9EGMFL G> +?Z
9F< ,9Z O9L=JKGDM:D= ;@DGJA<=K 9J= @GKL=< AF >J=K@ K=JH=FLAFAL= Q
D=9;@AF? G> K=JH=FLAFAL=K OAL@ <AKLADD=< O9L=J L@=Q =PLJ9;L=< 9F 9EGMFL
G> K9DLK ;GJJ=KHGF<AF? LG EGJ= L@9F OL !D 2@=Q KM??=KL L@9L
!D:=9JAF? EAF=J9DK 9J= AF;GJHGJ9L=< AF L@= K=JH=FLAF= :GL@ 9K AFL=J
KLALA9D O9L=J KGDM:D= KGDA< K9DLK =? @9DAL= 9F< :AK;@G>AL= 9F< 9DKG
9K AFKGDM:D= K9DL ;GEHGF=FLK AF;GJHGJ9L=< AF L@= ;JQKL9D KLJM;LMJ= G>
VF=?J9AF=< K=JH=FLAFAL= 1@9JH 9F< 9JF=K  =;9MK= !D ;GFKLA
LML=K  :Q O=A?@L G> K=9 K9DL OL G> !D AF L@= K=JH=FLAFAL= AF<A
;9L=K 9 LGL9D K9DL ;GFL=FL G> 9:GML  OL
$DMA< WMP J9L=K >GJ O9L=J L@9L =FL=JK AFLG K=JH=FLAFAR9LAGF J=9;LAGF
RGF=K AF L@= #9JL@K ;JMKL 9J= ;9D;MD9L=< LG := AF L@= J9F?= G> – EGD
EZY 9ZY  2@AK ;9F := LJ9FKD9L=< AFLG O9L=J NGDME=K G> MH LG  EZ
H=J CEZY 9ZY '> AL AK 9KKME=< L@9L L@AK AK E9AFDQ K=9O9L=J 9 ;GJJ=
KHGF<AF? 9EGMFL G>  LGFK H=J CEZY 9ZY G> K=9 K9DL AK =FJA;@=< AF
L@=K= J=9;LAGF RGF=K =AL@=J 9K @=9NQ :JAF=K GJ 9K HJ=;AHAL9L=< KGDA<
K9DL E9AFDQ E9?F=KAME 9F< KG<AME ;@DGJA<=K 9K K@GOF :Q 1@9JH 9F<
9JF=K 
;;GJ<AF? LG 1;JA:9FG 9F< 4A;;9JG  L@= L@=GJ=LA;9D 9EGMFL
G> K9DL D=>L GJ “HJG<M;=<”:Q ;@9F?AF? GF= EZ H=JA<GLAL= LG K=JH=FLAFAL=
AK C? “1AF;= L@= K=JH=FLAFAR9LAGF HJG;=KK J=IMAJ=K HMJ= &Z- L@=
AFNGDN=< K=9O9L=J<=JAN=< K=JH=FLAFAR9LAGF WMA< OADD MF<=J?G LGL9D
GMLK9DLAF?”&GO=N=J L@= <A>V;MDLQ AK LG <G;ME=FL L@AK AF F9LMJ=
 ;GEEGF >=9LMJ= G> K=JH=FLAFAL= JG;CK 9J= L@=AJ H9LL=JFK G> H=JN9
KAN= >J9;LMJAF? +9DNGAKAF =L 9D  2@= KO=DDAF? G> L@= JG;C =P=JLK
KLJGF? E=;@9FA;9D >GJ;=K GF L@= JG;CK KMJJGMF<AF? L@= J=9;LAGF RGF=K
;9MKAF? >J9;LMJAF? GF K=N=J9D K;9D=K #N=F >J9;LMJ=K GF L@= EA;JGE=LJ=
K;9D= OADD AEE=<A9L=DQ := VDD=< OAL@ :JAF= <M= LG L@= @A?@ ;9HADD9JQ
>GJ;=K AFNGDN=< 2@=K= VF= >J9;LMJ=K HJGNA<= D9J?= AFL=J9;LAGF KMJ>9;=K
:=LO==F L@= :JAF= 9F< L@= JG;C 9F< ;@=EA;9D J=9;LAGFK OADD ;9MK= >9KL
;GFKMEHLAGF G> L@= HGJ= O9L=J 2@MK L@= K9DAFALQ G> L@= :JAF= E9Q J=9;@
@A?@ K9LMJ9LAGFK 9F< =N=FLM9DDQ 9DKG HJ=;AHAL9L= KGDA< K9DLK 1@9JH 9F<
9JF=K 
2@= E=;@9FAKEK >GJ L@= EA?J9LAGF G> ‘@A<<=F K9DL’>JGE K=JH=FLAFAR9
LAGF RGF=K O=J= <AK;MKK=< :Q 1;JA:9FG =L 9D  2OG E=;@9FAKEK
O=J= KM??=KL=< 9 L@= @Q<JGL@=JE9D K9DL HDME= 9F< : L@= :MGQ9FL
<A9HAJ 2@= VJKL EG<=D <=H=F<K @=9NADQ GF 9 ;GFLAFM=< WGO G> @GL @Q
<JGL@=JE9D O9L=J >JGE L@= K=JH=FLAFAR9LAGF RGF= L@9L @9K KM>V;A=FL =F
=J?Q LG EGN= KM;@ @=9NQ :JAF=K 9F< =N=F KDMJJA=K G> KGDA< K9DL H9JLA
;D=K AF @=9NQ :JAF=K "=O9L=JAF? G> K=JH=FLAFAL= 9L @A?@=J L=EH=J9LMJ=K
°! E9Q ;GFKLALML= KM>V;A=FL =F=J?Q LG EGN= KM;@ K9DL HDME=K
2@= K=;GF< EG<=D J=>=JK LG L@= >GJE9LAGF G> K9DL KLG;CK :Q @GL :JAF=K
EA?J9LAF? AF L@= EA<<D= G> L@= K9DL :G<Q HJGNA<=< L@9L L@= K9DL KLG;C
AK KALM9L=< OAL@AF L@= ‘&GDF=KK RGF=’ O@=J= K9DL AK H=JE=9:D= K== !@
 AF L@= ;MJJ=FL H9H=J 2@AK 9KKME=K KM:;JALA;9D ;GF<ALAGFK 9F< WGO
G> @GL :JAF=K L@9L J=9;@ K9LMJ9LAGF MHGF ;GGDAF? 9L L@= MHH=J H9JL G>
L@= K9DL :G<Q O@=J= KGDA< K9DLK 9J= HJ=;AHAL9LAF? 9;;GJ<AF? LG L@=AJ KH=
;AV; KGDM:ADALQ 9L =9;@ H9JLA;MD9J L=EH=J9LMJ= 9F< HJ=KKMJ= AFL=JN9D 2@AK
EG<=D L@MK AF;DM<=K 9 J=VFAF? HJG;=KK G> L@= K9DL O@=J= =? @9DAL= HJ=
;AHAL9L=K DGF? :=>GJ= ;9D;AME 9F< E9?F=KAME ;@DGJA<=K MHGF ;GGDAF?
1@9JH 9F< 9JF=K  ;GF;DM<= L@9L KM:<M;LAGF G> K=JH=FLAFAL=
E9Q := L@= EGKL AEHGJL9FL ;GFLJA:MLGJ LG :JAF? !D <GOF LG E9FLD=
<=HL@K L@=J=:Q :=AF? 9 E9AF ;GFLJA:MLGJ LG L@= ?DG:9D ;Q;D= G> !D 
@A?@K9DAFALQ WMA< HDME= AK KM??=KL=< LG =NGDN= AF L@= KM:<M;LAGF RGF=
<MJAF? K=JH=FLAFAL= <=@Q<J9LAGF G> 9 KM:<M;LAF? KD9: L@9L OADD 9>>=;L 9F<
AFL=FKA>Q O9L=JJG;C AFL=J9;LAGFK 9F< E=DLAF? HJGH=JLA=K 9:GN= L@= KD9:
 $.+ .>*759.+73'2 8'29 35*+2
2@AK ;@9HL=J HJGNA<=K KGE= EGJ= :9;C?JGMF< AF>GJE9LAGF H=JLAF=FL
LG >MJL@=J =PHD9AF L@= ‘!GF;=HLM9D =D=E=FLK’AF 29:D= 
 5*+2 *+8)7/69/54
9K=< GF HJ=NAGMK OGJC AF JA>L=< K9DL :9KAFK E9AFDQ L@= 0=< 1=9
&GND9F< =L 9D  9 LGL9D G> VN= J=D=N9FL KL=HK GJ H@9K=K @9N= :==F
A<=FLAV=< O@=J=:Q K9DL AK F9LMJ9DDQ HJG;=KK=< AF GF= O9Q GJ 9FGL@=J LG
=N=FLM9DDQ =F< MH 9K K9DL 9;;MEMD9LAGFK "A>>=J=FL LQH=K G> K9DLK 9J= AF
;DM<=< AF N9JAGMK KLJM;LMJ=K 9F< 9;;MEMD9LAGFK AF;DM<AF? <A9HAJK K9DL
KLG;CK 9F< D9Q=J=< <=HGKALK
2@=K= KL=HK 9J=
 1=9O9L=J =F;GMFL=JK @GL JG;CK 9L EG<=J9L= <=HL@K AF L@= >9MDL RGF=K
19DL HJ=;AHAL9LAGF L9C=K HD9;= <M= LG :GADAF? 3HGF ;GGDAF? G> L@AK KQK
L=E K9DLK 9J= <AKKGDN=< 9F< EGKL G> L@=E 9J= J=LMJF=< LG L@= K=9
 K >J9;LMJ= NGDME= =PH9F<K 9F< @Q<JGL@=JE9D :JAF=K EGN= >MJL@=J
<GOF LGO9J<K L@= @GL A?F=GMK :G<Q @A?@HJ=KKMJ= ‘KMH=J;JALA;9D’
H@9K= K=H9J9LAGF G;;MJK J=KMDLAF? AF K9DL HJ=;AHAL9LAGF 9F< L@= >GJ
E9LAGF G> DGO <=FKALQ ?;; 9L L@= ;JALA;9D HGAFL O9L=J N9HGJ 9F<
@=9NQ :JAF=K L@9L EA?J9L= >MJL@=J <GOF 9F< ;GF;=FLJ9L= :=QGF< K9L
MJ9LAGF


UNCORRECTED PROOF
5;2'4*+9'2 '7/4+'4*!+9752+:3+525-> ===  ======
 2@= ;AJ;MD9LAF? WMA<K ;GGD L@= KQKL=E >MJL@=J 9F< L@= MHO9J<K EA
?J9LAF? DGO K9DAFALQ N9HGJ AK ;GF<=FKAF? 9F< KL9JLK LG <AKKGDN= HJ=
NAGMKDQ <=HGKAL=< K9DLK 2@= <A>>=J=FL KGDM:ADALA=K G> K=9 K9DLK D=9< LG
9 J=VFAF? G> L@= K9DL LQH=K O@=J=:Q L@= EGKL KGDM:D= GF=K 9J= HJ=
<GEAF9FLDQ <AKKGDN=< 9F< <AKHD9;=< VJKL 5@=F L@=K= :JAF=K EA?J9L=
MHO9J<K <M= LG WMA< 9F<GJ L=;LGFA; HJ=KKMJ=K L@=Q 9J= ;GGD=< 9F<
KGE= K9DLK 9J= J=HJ=;AHAL9L=< :=>GJ= L@= :JAF= J=9;@=K L@= K=9WGGJ
 3HGF J=9;@AF? L@= K=9WGGJ L@= :JAF=K 9J= ;GGD=< >MJL@=J 9F< OADD
=9KADQ :=;GE= KMH=JK9LMJ9L=< OAL@ J=KH=;L LG KGE= G> L@= K9DL LQH=K
2@= J=E9AF? :JAF= ;J=9L=K HGF<K G> @=9NQ :JAF=K 9DGF? L@= K=9WGGJ
O@=F LGHG?J9H@Q 9F< K=9 ;MJJ=FLK 9DDGO 19DLK OADD L@=F HJ=;AHAL9L=
>JGE L@=K= @=9NQ :JAF=K GF L@= K=9WGGJ HGF<AF?EAFA:9KAF >GJE9
LAGF 9F< >GJE KLJ9LAV=< <=HGKALK 2@AK HJG;=KK AF;DM<=K 9FGL@=J J=
VFAF? G> L@= K9DLK
 'F L@= ;GFLAFM=< KM:KMJ>9;= HJG;=KK=K :JAF=K OADD EA?J9L= L@JGM?@
K9DL <=HGKALK 9K L@=Q :MAD< MH 2@AK :JAF= EA?J9LAGF 9DKG AF;DM<=K
9 <AKKGDMLAGF 9F< J=HJ=;AHAL9LAGF : HJ=KKMJ= :MAD<MH <M= LG
K9DL;DG??AF? 9F< J=D=9K= 9F< ; =PLJMKAGF G> K9DLKK9DL KDMJJA=K 9F<
:JAF=K =? L@= >GJE9LAGF G> K9DL ?D9;A=JK K9DL O9DDK K9DL AFB=;LAL=K
9F< ‘<A9HAJK’
2@=K= KL=HK 9J= FGL LG := MF<=JKLGG< 9K ;GEHD=L=DQ AKGD9L=< GJ K=
IM=FLA9D 9K K=N=J9D G> L@= KL=HK E9Q G;;MJ KAEMDL9F=GMKDQ 9DL@GM?@ GF=
KL=H E9Q 9L 9 ;=JL9AF LAE= := EGJ= <GEAF9FL L@9F L@= GL@=J $MJL@=J
EGJ= AL EMKL := FGL=< L@9L L@= 9;;MEMD9LAGF G> K9DL AF KH=;AV; J=?AGFK
AK >MDDQ <=H=F<=FL GF L@= DG;9D ;GF<ALAGFK G> ‘K9DL HJ=K=JN9LAGF’ 9K O=
<AK;MKK AF !@  'L K@GMD< L@=J=>GJ= FGL ;GE= 9K 9 KMJHJAK= L@9L 9D
L@GM?@ D9J?= IM9FLALA=K G> K9DL 9J= HJG<M;=< AF 9 H9JLA;MD9J KM:KMJ>9;= GJ
F=9JKMJ>9;= 9J=9 L@= K9DL E9Q FGL 9;;MEMD9L= <M= LG HGGJ DG;9D HJ=K=J
N9LAGF ;GF<ALAGFK
 #52:(/2/9> '4* 67+)/6/9'9/54 /4 !$86')+
2@= ;GEEGF K=9 K9DLK 9J= HGD9J AGFA; ;GEHGMF<K 5@=F HJ=;AHAL9L=<
9K KGDA< K9DLK L@= AGFK 9J= E9AFDQ :GMF< LG?=L@=J :Q =D=;LJGKL9LA; >GJ;=K
5@=F L@=K= K9DLK 9J= AEE=JK=< AF O9L=J O@A;@ @9K 9 N=JQ D9J?= <A=D=;
LJA; ;GFKL9FL L@= O9L=J EGD=;MD=K 9J= O=9C=FAF? L@= =D=;LJGKL9LA; :GF<
AF? 2@AK AK ;9MKAF? L@= AGFK :GL@ ;9LAGFK 9F< 9FAGFK LG DGK= ;GFL9;L
OAL@ L@= KGDA< K9DL 9F< :JGM?@L AFLG KGDMLAGF $GJ L@AK J=9KGF L@= <A=D=;
LJA; ;GFKL9FL G> O9L=J @9K :==F J=?9J<=< 9K 9 HJGPQ >GJ L@= KGDM:ADALQ G>
HGD9J AGFA; K9DLK O@AD= FGFHGD9J ;GEHGMF<K DAC= GAD 9J= D=KK KGDM:D=
AF O9L=J
&GO=N=J O@AD= EGKL G> L@= ;GEEGF K=9 K9DLK AF;J=9K= L@=AJ KGDM:AD
ALQ 9L @A?@=J L=EH=J9LMJ= OAL@ L@= =P;=HLAGF G> ;9D;AME KMD>9L= 9F@Q
<JAL= L@= <A=D=;LJA; ;GFKL9FL G> O9L=J <=;J=9K=K OAL@ AF;J=9KAF? L=EH=J
9LMJ= =? >JGE  MFALK 9L °! 9F< <GOF LG  MFALK 9L °! .9F =L
9D  $MJL@=JEGJ= L@= <A=D=;LJA; ;GFKL9FL G> O9L=J AK J=<M;=< JA?@L
<GOF LG GFDQ  MFALK 9L L@= ;JALA;9D HGAFL !. &9Q9K@A 9F< &9CML9
 9F< L@MK O9L=J AK DGKAF? EGKL G> ALK KGDM:ADALQ >GJ L@= ;GEEGF
K=9 K9DLK 9L L@= LJ9FKALAGF LG L@= KMH=J;LALA;9D <GE9AF *A=:K;@=J 9F<
&=AFJA;@ 
#9;@ EAF=J9D @9K ALK GOF L@=JEG<QF9EA; :=@9NAGJ 9;;GJ<AF? LG L@=
9N9AD9:ADALQ G> O9L=J 9F< 9;;GJ<AF? LG L=EH=J9LMJ= 9F< HJ=KKMJ= N9JA
9LAGFK 2@AK AK FGJE9DDQ <=K;JA:=< :Q 9 H@9K= <A9?J9E >GJ =9;@ LQH= G>
K9DL ML :=;9MK= L@= K=9 K9DLK AFL=J9;L OAL@ =9;@ GL@=J AF KGDMLAGF L@=
H@9K= <A9?J9EK OADD := <=H=F<=FL GF L@= LGL9D AGFA; ;GEHGKALAGF E9C
AF? L@= H@9K= <A9?J9EK =N=F EGJ= ;GEHD=P L@9F K@GOF AF $A?  O@A;@
AK GFDQ N9DA< >GJ GF= LQH= G> K9DL ,9!D @9DAL=
2@= J=N=JK= HJG;=KK  HJ=;AHAL9LAGF G> K9DLK AK 9 ;GFK=IM=F;= G>
L@=AJ KGDM:ADALQ 29:D=  3HO9J<K <AJ=;L=< :JAF= WGO AFKA<= K9DL KLJM;
LMJ=K =>>=;LAN=DQ E9AFL9AFK L@= K9DL ;GF;=FLJ9LAGF 9L L@= K9LMJ9LAGF D=N=D
9K AL WGOK 9F< ;GGDK 9L L@= K9E= LAE= 2@AK D=9<K LG HJ=;AHAL9LAGF G>
KGDA< K9DLK 9DD 9DGF? L@= WGO H9L@ =? K9LMJ9L=< ,9!D :JAF= 9L ∼Z°!
9F< 9E:A=FL HJ=KKMJ= <AKKGDN=K MH LG ? G> ,9!D H=J DAL=J G> O9L=J
#!  .@9K= <A9?J9E >GJ L@= KQKL=E &Z-,9!D K@GOAF? L@= <AKLJA:MLAGF G> L@= L@J== ;GEHGF=FLK DAIMA< KGDMLAGF * N9HGJ 4 9F< KGDA< @9DAL= & AF L@= .2<GE9AF 'L ADDMKLJ9L=K O@=J=
L@= N9JAGMK ;GEHGF=FLK H@9K=K * 4 9F< & G;;MJ 9L <A>>=J=FL HJ=KKMJ=K 9F< L=EH=J9LMJ=K LQHA;9DDQ =F;GMFL=J=< AF @Q<JGL@=JE9D KQKL=EK 9KKG;A9L=< :GL@ OAL@ JA>LAF? 9F< KM:<M;LAGF
 9K=< GF "JA=KF=J 9F< &=AFJA;@  2@= :DM=;GDGJ=< HGAFLK   9F< ! J=>=J LG #P9EHD=  AF L@= L=PL $GJ AFL=JHJ=L9LAGF G> L@= J=>=J=F;=K LG ;GDGJ AF L@AK V?MJ= D=?=F< L@= J=9<=J
AK J=>=JJ=< LG L@= 5=: N=JKAGF G> L@AK 9JLA;D=


UNCORRECTED PROOF
5;2'4*+9'2 '7/4+'4*!+9752+:3+525-> ===  ======
% 
1GDM:ADALQ 9L  9F< Z°! >GJ KGE= H=JLAF=FL K9DL EAF=J9DK !0! &9F<:GGC G> !@=EAKLJQ
9F< .@QKA;K *A<= 
19DLK
1GDM:ADALQ9L°!
??
1GDM:ADALQ9L°!
??
,9!D@9DAL=  
,9Z1-Z&Z-
EAJ9:ADAL=
 
)!DKQDNAL=  
)+?!DZ&Z-
;9JF9DDAL=
 <=;GEHGK=K
)Z1-Z+?1-Z&Z-
K;@G=FAL=
 
+?1-Z&Z-=HKGEAL=  
)Z!-Z&Z-  
+?!DZ&Z-:AK;@GVL=  
!9!DZ&Z-  
!91-Z 9F@Q<JAL=  
3HGF ;GGDAF? L@= :JAF= LG Z°! KGDA< K9DL OADD HJ=;AHAL9L= 9K L@= KGDM:AD
ALQ AK J=<M;=< LG ? H=J DAL=J 29:D=  2@MK K9DL KLJM;LMJ=K DAC= K9DL
KLG;CK <GE=K GJ K9DL O9DDK E9Q :MAD< MH
%QHKME 9F< 9F@Q<JAL= @9N= J=LJG?J9<= KGDM:ADALA=K A= L@=AJ KGDM:AD
ALA=K <=;J=9K= OAL@ AF;J=9KAF? L=EH=J9LMJ= 29:D=  $MJL@=JEGJ= 9F
@Q<JAL= @9K 9 DGO=J KGDM:ADALQ L@9F ?QHKME =KH=;A9DDQ 9L @A?@=J L=EH=J
9LMJ=K 9F< OADD HJ=;AHAL9L= >JGE K=9O9L=J 9L L=EH=J9LMJ=K 9:GN=  °!
'L AK 9DKG H=JLAF=FL LG FGL= L@9L ?QHKME O@A;@ AK =KK=FLA9DDQ L@= K9E=
EAF=J9D 9K 9F@Q<JAL= :ML OAL@ KGE= 9<<ALAGF9D ;JQKL9D O9L=J AK J9J=DQ
G:K=JN=< AF K9DL 9;;MEMD9LAGFK %QHKME AK L@= DGOL=EH=J9LMJ= EAF=J9D
G> L@= LOG 9F< K@GMD< := 9:MF<9FL AF K9DLK >GJE=< 9L DGO L=EH=J9
LMJ= HJGNA<=< AL <G=K FGL DGK= ALK ;JQKL9D O9L=J J9HA<DQ 9>L=J <=HGKALAGF
 J9ALK;@ 
&9DAL= AK 9;LM9DDQ L@= D=9KL KGDM:D= ;@DGJA<= 9F< <G=K FGL @9N= L@=
9:ADALQ LG :AF< ;JQKL9D O9L=J !@DGJA<=K G> E9?F=KAME ;9D;AME 9F<
HGL9KKAME 9K O=DD 9K EGJ= =PGLA; K9DLK KM;@ 9K L9;@Q@Q<JAL= @9N= L@=
9:ADALQ LG :AF< ;JQKL9D O9L=J 9F< L@=J=>GJ= L=F< LG KL9Q AF KGDMLAGF DGF?
9>L=J @9DAL= K9LMJ9LAGF AK J=9;@=< 2@MK AF @GL O9L=J<=HJAN=< KQKL=EK
:JAF=K G> E9?F=KAME 9F< ;9D;AME E9Q =K;9H= L@= KQKL=E 9K N=JQ @GL
DAIMA<K 3HGF ;GGDAF? L@= O9L=J LMJFK AFLG ;JQKL9D O9L=J 9F< L@= K9DLK
:=;GE= KGDA< 2@AK AK 9 NA9:D= =PHD9F9LAGF >GJ L@= >GJE9LAGF G> L9;@Q@Q
<JAL= 9 K9DL KG @Q?JGK;GHA; L@9L AL <G=K FGL KMJNAN= 9K 9 KGDA< O@=F =P
HGK=< LG FGJE9D 9AJ @MEA<ALQ 2@MK L@= KGMJ;= >GJ L9;@Q@Q<JAL= OGMD<
EGKL HJG:9:DQ := >JGE 9 EAP=< K9DL 9;;MEMD9LAGF L@9L AK G;;9KAGF9DDQ
=PHGK=< LG EGJ= @=9L O@A;@ =F9:D=K AFL=J?J9FMD9J E9?F=KAME 9F< ;9D
;AME ;@DGJA<=K AF @9DAL= LG DAIM=>Q AF L@=AJ ;JQKL9D O9L=J =? 9L L=EH=J
9LMJ=K 9:GN= Z°! 9F< =K;9H= GML G> L@= K9DL E9KK=K AF @GL DAIMA< >GJE
2G := HJ=K=JN=< 9F< KGDA<A>Q MHGF ;GGDAF? L@=K= :JAF=K EMKL := KGE=
@GO HJGL=;L=< :Q =IM9DDQ K9LMJ9L=< :JAF=K 9 KALM9LAGF LG := <AK;MKK=<
D9L=J
 #'29,573'9/54 (> (5/2/4- – ‘<+9 +;'657'9/54’
 HJ=J=IMAKAL= >GJ L@= >GJE9LAGF G> KGDA< K9DL 9F< G:K=JN9:D= K9DL
9;;MEMD9LAGFK 9KKG;A9L=< OAL@ @Q<JGL@=JE9D KQKL=EK AK L@= KMHHDQ G>
K=9O9L=J L G;=9F <=HL@K G> D=KK L@9F  E A= HJ=KKMJ=K :=DGO
:9JK K=9O9L=J OADD FGL J=9;@ ALK !. &GO=N=J 9L KM>V;A=FLDQ @A?@
L=EH=J9LMJ=K K=9O9L=J OADD :GAD =N=F O@=F ;GFVF=< AF K=<AE=FLK GJ
AF >J9;LMJ=K G> L@= ;JMKL DL@GM?@ AL AK O=DD CFGOF L@9L L@= :GADAF? G>
K=9O9L=J 9L KMJ>9;= E9Q HJG<M;= D9J?= IM9FLALA=K G> K9DLK =? 29D:GL
 AL AK FGL J=9<ADQ ;D=9J O@9L @9HH=FK O@=F K=9O9L=J :GADK MF<=J
O9L=J
2@AK O9K @GO=N=J <=EGFKLJ9L=< :Q 9 :GADAF? =PH=JAE=FL AF 9
E×E 9F<  E <==H HGGD VDD=< OAL@ K=9O9L=J O@=J= L@= :GADAF? KQK
L=E AF;DM<=< 9F GH=F * KL==D ;GFL9AF=J OAL@ 9 C5 @=9LAF? =D=
E=FL :MJA=< AF ?J9N=D 2@= :GADAF? O9K ;GFLJGDD=< :Q L@J== L@=JEGE=
L=JK 9F< ;GFLAFM=< >GJ  <9QK F 9JLAV;A9D ‘K9DL KLG;C’;GFKAKLAF? G>
9F@Q<JAL= 9F< VF=DQ <AKK=EAF9L=< @9DAL= <=N=DGH=< 9JGMF< L@= @=9LAF?
=D=E=FLK 2@= ‘K9DL KLG;C’E9<= ALK GOF 9;;GEEG<9LAGF KH9;= :Q HMK@
AF? 9O9Q L@= ?J9N=D &GND9F< =L 9D 9 2@= =PH=JAE=FL <=EGF
KLJ9L=K L@9L 9F@Q<JAL= 9F< @9DAL= HJ=;AHAL9L=K =N=F AF O=L =FNAJGFE=FLK
O@=J= ;GF<ALAGFK 9J= >9NGJ9:D= =? ;DGK= LG KLJGF? F9LMJ9D @=9LKGMJ;=K
DG;9L=< O@=J= K=9O9L=J ;9F >J==DQ ;AJ;MD9L= ‘O=L =N9HGJ9LAGF’
 $.+ */8)5;+7> 5, ./-.67+88:7+ 6.'8+ 8+6'7'9/54
5@=F K=9O9L=J AK @=9L=< 9F< HJ=KKMJAR=< LG F=9J L@= !. 9 ‘LOGH@9K=
EG<=’G;;MJK A= EGKL G> L@= NGDME= :=;GE=K 9 N9HGJ 9:GML  NGD
OAL@ 9 <=FKALQ G> ?;EZ 9F< L@= J=E9AFAF? DAIMA< :=;GE=K 9 <=FK=
:JAF= 9K K@GOF AF L@= H@9K= <A9?J9EK $A?K  9F<  LG := <AK;MKK=< AF
L@= F=PL ;@9HL=J
2@= VJKL LG KLM<Q H@9K= K=H9J9LAGF G> K=9O9L=J 9L @A?@ HJ=KKMJ=K
9F< L=EH=J9LMJ=K =? 9L KMH=J;JALA;9D ;GF<ALAGFK 2 ∼°!
H∼:9J O=J= AK;@GX 9F< 0GK=F:9M=J  &GO=N=J :=;9MK=
L@=Q MK=< HJ=KKMJ= ;=DDK OAL@GML NAKM9D 9;;=KK L@=Q O=J= MF9:D= LG NA
KM9DDQ G:K=JN= L@= H@9K= LJ9FKALAGFK 1M;@ =PH=JAE=FLK O=J= D9L=J ;9J
JA=< GML :Q 2=KL=J =L 9D AF L@= =9JDQ K “5@=F 9 L=EH=J9LMJ= G>
9JGMF< °! O9K 9LL9AF=< 9 ‘;DGM<’>GJE=< AF L@= ;@9E:=J 9F< O=
OALF=KK=< 9 KM<<=F LJ9FKALAGF >JGE GF=H@9K= WGO LG 9 LOGH@9K= WGO
9K KGDA< K9DL ‘K@G;C;JQKL9DDAR=<’O@=F L@= KGDM:ADALQ G> ,9!D <JGHH=< LG
F=9JR=JG GN=J 9 L=EH=J9LMJ= J9F?= G> GFDQ 9 >=O <=?J==K ! 9L L@= ;JAL
A;9D HGAFL G> :JAF=”( 2=KL=J H=JK ;GE  2@= J=KMDLAF? ,9!D
9F< ,9Z1-Z KGDA<K AFKA<= L@= J=9;LAGF ;@9E:=J O=J= >GMF< LG ;GFKAKL
G> –μE‘@A?@DQ 9EGJH@GMK C=JF=DK@9H=< H9JLA;D=K’2=KL=J =L 9D

2@= J=9KGF O@Q K9DLK 9J= HJ9;LA;9DDQ AFKGDM:D= AF KMH=J;JALA;9D N9
HGJ AK L@= =PLJ=E= DGO=JAF? G> L@= <A=D=;LJA; ;GFKL9FL >JGE ∼ LG ∼
MFALK 2@AK ;9MK=K 9 J=<M;LAGF G> L@= AGFA; <AKKG;A9LAGF ;GFKL9FL >GJ L@=
<AKKGDN=< K9DLK LG KM;@ 9 <=?J== L@9L L@= K9DLK HJ=;AHAL9L= -L@=J AEHGJ
#!  'E9?=K K@GOAF? L@= K9DL >GJE9LAGF >JGE 1AEMD9LAGF ;9K=  G> !GMEGM =L 9D
 2@= V?MJ= K@GOK L@= J=KMDLK >JGE 9 KAEMD9LAGF O@=J= K=9 O9L=J E==LK @GL E9FLD=
9>L=J 9 H=JAG< G>  Q=9JK !GDGJ ;G<AF? J=W=;LK K9DAFALQ 2@= ?J=Q 9J=9K AF<A;9L= O@=J=
KGDA< K9DLK 9J= >GJE=< 9F< >J=K@ N9HGJ D=9N=K L@= KQKL=E "=HL@ AK AF<A;9L=< AF E=LJ=K :=
DGO K=9 D=N=D 9 1@GOK L@= L=EH=J9LMJ= <AKLJA:MLAGF : 1@GOK L@= =KL9:DAK@=< O9L=J WGO
DAF=K $GJ AFL=JHJ=L9LAGF G> L@= J=>=J=F;=K LG ;GDGJ AF L@AK V?MJ= D=?=F< L@= J=9<=J AK J=
>=JJ=< LG L@= 5=: N=JKAGF G> L@AK 9JLA;D=


UNCORRECTED PROOF
5;2'4*+9'2 '7/4+'4*!+9752+:3+525-> ===  ======
L9FL HJGH=JLA=K G> L@= KMH=J;JALA;9D N9HGJ 9J= ALK DGO NAK;GKALQ 9F< @A?@
<A>>MKANALQ 2=KL=J =L 9D  =DDAKK=FL$MF=D  O@A;@ >9;ADAL9L=K
>9KL <A>>MKAGF AFLG HGJGMK JG;CK ‘KLG;COGJC’N=AFKVKKMJ=K 9F< K=<A
E=FLK
MLL=JV=D<  K@GOK 9 K;9FFAF? =D=;LJGF EA;JGK;GHQ 1#+ AE
9?= G> @9DAL=;G9L=< :9K9DL &AK AFL=JHJ=L9LAGF G> L@AK AE9?= AK L@9L 9
KM:K=9WGGJ NGD;9FA; =JMHLAGF AF <==H O9L=J “… ;9MK=< AEE=<A9L=
H@9K= K=H9J9LAGF 9F< @9DAL= HJ=;AHAL9LAGF >GDDGO=< :Q 9 @A?@L=EH=J
9LMJ= J=9;LAGF H=JAG<”$MJL@=JEGJ= @= ;GF;DM<=K L@9L “ :JAF= HJG
<M;=< :Q ;GF<=FK9LAGF >JGE K=9O9L=J<=JAN=< WMA< 9L  °! OGMD<
@9N= 9 K9DAFALQ VN= LAE=K ?J=9L=J L@9F L@9L G> K=9O9L=J JAF=K HJG<M;=<
:Q =PKGDMLAGF G> 9F 9IM=GMK H@9K= >JGE 9 E9?E9 9L L=EH=J9LMJ=K AF =P
;=KK G> °! @9N= K9DAFALA=K G> EGJ= L@9F  LAE=K L@9L G> K=9O9L=J”
 MLL=JV=D< 
2@AK J=9DAR9LAGF D=9< *=;ME:=JJA19F;@=R =L 9D  LG ;GF;DM<=
L@=AJ OGJD<OA<= KLM<Q G> JAKAF? MHH=J ;JMKL9D HDMLGFK OAL@ L@= KL9L=
E=FL “19DL HJ=;AHAL9LAGF 9HH=9JK LG := 9 M:AIMALGMK >=9LMJ= AF @Q<JGMK
NGD;9FA; 9F< ?=GL@=JE9D =FNAJGFE=FLK AFNGCAF? <QF9EA; :=@9NAGJ <M=
LG J9HA< EMDLAH@9K= J=9;LAGFK AFNGDNAF? DAIMA<K N9HGJ 9F< KGDA<K”
2@= AEHDA;9LAGFK G> L@=K= G:K=JN9LAGFK 9J= L@9L L@= AFL=J9;LAGF :=
LO==F K=9O9L=J 9F< @GL A?F=GMK :G<A=K 9L KM>V;A=FLDQ D9J?= O9L=J <=HL@
:9J HJ=KKMJ= MF=IMANG;9DDQ HJG<M;=K ;GF;=FLJ9L=< :JAF=K 9F<
DG;9D HJ=;AHAL9LAGF G> @9DAL= 9F< GL@=J K9DLK AF HGJ=K 9F< >J9;LMJ=K
&GND9F< =L 9D 9  : ; %JM=F =L 9D  1;GLL =L 9D 
1;JA:9FG =L 9D  'L AK L@AK >MF<9E=FL9D J=N=D9LAGF L@9L >GJEK L@=
:9KAK >GJ L@= ;MJJ=FL @Q<JGL@=JE9D K9DL L@=GJQ O@=J= L@= >9;L L@9L K=9
O9L=J FGJE9DDQ H@9K= K=H9J9L=K KGE=O@=J= OAL@AF =N=JQ ;GF;=AN9:D=
LQH= G> @Q<JGL@=JE9D ;AJ;MD9LAGF ;=DD <M= LG @A?@ L=EH=J9LMJ=K G>L=F
;GE:AF=< OAL@ @A?@ HJ=KKMJ=K HD9QK L@= ;=FLJ9D JGD=
 662/)'9/54 5, 9.+735*>4'3/)8
&Q<JGL@=JE9D KQKL=EK G;;MJ AF @A?@DQ >J9;LMJ=< H=JE=9:D= 9F<
HGJGMK JG;CK L@9L LQHA;9DDQ G;;MJ 9:GN= KLJGF? @=9LKGMJ;=K KM;@ 9K
@GL G;=9FA; ;JMKL JAKAF? A?F=GMK :G<A=K ‘E9?E9 ;@9E:=JK’GJ HDMLGFK
59L=J LJ9HH=< AF L@= VKKMJ=K >J9;LMJ=K 9F< ;J9;CK OADD := >GJ;=< :Q L@=
KL==H L=EH=J9LMJ= ?J9<A=FL LG ;GFN=;L G>L=F NA?GJGMKDQ 1M;@ DG;9LAGFK
GF L@= <==H G;=9F WGGJ 9J= 9DKG <=K;JA:=< 9K ‘?54+8 5, ./-. .+'9A5<’
'> :JAF=K 9J= HJ=K=FL AF @GL >J9;LMJ=< >9MDL RGF=K L@=JEG 9F<
WMA<<QF9EA;K OADD ;GFLJGD L@= :JAF= :=@9NAGJ K AL EGKL G>L=F D=9<K LG
<QF9EA; WMA< WGO >GJ;=< ;GFN=;LAGF AFL=J9;LAGF OAL@ KA<= O9DD JG;CK
9F< HJ=;AHAL9LAGF G> K9DLK OADD G;;MJ 9K <G;ME=FL=< :Q FME=JA;9D EG<
=DDAF? &GND9F< =L 9D 9 "JA=KF=J 9F< &=AFJA;@  !GMEGM =L
9D  %JM=F =L 9D  *=;ME:=JJA19F;@=R =L 9D  1;GLL =L
9D 
1;GLL =L 9D  KLM<A=< L@= =PHDGAL9LAGF G> ?=GL@=JE9D =F=J?Q GF
';=D9F< 9F< KL9L= “,ME=JA;9D KAEMD9LAGF G> KM:9=JA9D E9?E9<JAN=F
K9DAF= @Q<JGL@=JE9D KQKL=EK J=N=9DK L@9L WMA< H@9K= K=H9J9LAGF F=9J
L@= AFLJMKAGF AK 9 VJKL GJ<=J ;GFLJGD GF L@= <QF9EA;K 9F< =>V;A=F;Q G>
@=9L 9F< E9KK LJ9FK>=J :GN= K@9DDGO AFLJMKAGFK =EHD9;=< 9L  CE
<=HL@ H@9K= K=H9J9LAGF L@JGM?@ :GADAF? G> K9DAF= DAIMA< D=9<K LG 9;
;MEMD9LAGF G> DGOEG:ADALQ @QH=JK9DAF= :JAF=K 9F< @9DAL= HJ=;AHAL9LAGF
L@=J=:Q J=<M;AF? L@= =>V;A=F;Q G> @=9L 9F< E9KK LJ9FK>=J :GN= <==H=J
AFLJMKAGFK CE O@=J= WMA< HJ=KKMJ= AK +H9 H@9K= K=H9J9LAGF
G;;MJK :Q ;GF<=FK9LAGF G> @QH=JK9DAF= :JAF= >JGE 9 K9DAF= AFL=JE=<A
9L=<=FKALQ WMA< 2@= >J9;LAGF G> :JAF= J=E9AFK KE9DD 9F< 9<N=;LAN= N9
HGJ<GEAF9L=< E9KK 9F< @=9L WMP=K 9J= E9PAEAR=< 5= L@MK @QHGL@=
KAR= L@9L AF ;GFLJ9KL LG HMJ= O9L=J KQKL=EK >GJ O@A;@ K@9DDGO AFLJMKAGFK
E9C= :=LL=J L9J?=LK >GJ KMH=J;JALA;9D J=KGMJ;= =PHDGAL9LAGF L@= GHLAE9D
L9J?=LK AF K9DAF= KQKL=EK 9J= DG;9L=< 9:GN= <==H=J AFLJMKAGFK”2@AK AK
>MDDQ AF DAF= OAL@ L@= @Q<JGL@=JE9D K9DL L@=GJQ 9HHDA=< @=J=
2G MF<=JKL9F< L@= LJ9FKALAGF 9F< LJ9FK>GJE9LAGF G> ,9!DKGDMLAGFK
AF @A?@L=EH=J9LMJ= @A?@HJ=KKMJ= @Q<JGL@=JE9D KQKL=EK AL AK F=;=K
K9JQ LG MK= H@9K= <A9?J9EK $A?  5AL@ KM;@ <A9?J9EK AL AK HGKKA:D=
LG KL9L= O@=J= 9F< O@=F AF L@= 2. KH9;= K9DL OADD :=;GE= K9LMJ9L=<
9F< HJ=;AHAL9L= LG KGDA< @9DAL= 9F< O@=F N9HGJ DGO K9DAFALQ LG >J=K@
‘KL=9E’ OADD >GJE
2@= H@9K= <A9?J9E AF $A?  K@GOK L@= J=?AGFK AF .2KH9;= O@=J=
L@= N9JAGMK H@9K=K G;;MJ AF;DM<AF? L@= ;GF;=FLJ9LAGF G> K9DL  ,9!D
'F L@= V?MJ= G;;MJJ=F;= G> L@= DAIMA< H@9K= AK E9JC=< OAL@ * L@= N9
HGJ H@9K= 4 9F< L@= KGDA< KL9L= =? @9DAL= OAL@ &
K KAEMD9L=< FME=JA;9DDQ :Q !GMEGM =L 9D  $A?  K9DAF=
O9L=J E9Q =PH=JA=F;= 9 K=JA=K G> H@9K= K=H9J9LAGF =N=FLK <MJAF? ALK
EGN=E=FL <GOFO9J<K L@JGM?@ L@= >J9;LMJ=< JG;C !GFK=IM=FLDQ L@=
:JAF= AK KM:B=;L LG H@9K= K=H9J9LAGF OAL@ L@= H9JLALAGFAF? G> DGOK9DAF
ALQ N9HGJK 9F< <=FK= @A?@ K9DAFALQ :JAF=K .@QKA;9D EGN=E=FL G> L@=
:JAF= AFLG <GE9AFK G> KDA?@LDQ @A?@=J HJ=KKMJ=K 9F< L=EH=J9LMJ=K D=9<K
LG L@= F=PL KL9?= J=KMDLAF? AF AF;J=9K=< :JAF= <=FKALQ 0=L9AFAF? L@=
:JAF= AF L@= >J9;LMJ= KQKL=E <=H=F<K GF GN=J;GEAF? L@= DA>LAF? ;9H9;ALQ
G> L@= =K;9HAF? N9HGJK &=F;= HJ=KKMJ= @Q<J9MDA; @=9< HD9QK 9 JGD= AF
J=?MD9LAF? N9HGJ NGDME= 9F< L@=J=>GJ= @Q<JG<QF9EA; DA>LAF? ;9H9;ALQ
!GMEGM =L 9D  KL9L= L@9L :GL@ KAEMD9LAGFK 9F< =NA<=F;= >JGE F9
LMJ= KM??=KLK L@9L :JAF=K OAL@ @A?@=J K9DAFALA=K L@9F ∼ OADD L=F< LG
KAFC AF 9F< FGL := DA>L=< GML G> L@= KQKL=E HJGNA<=< L@9L H@9K= K=H9
J9LAGF L9C=K HD9;= <==H =FGM?@ =? :=DGO  CE AF L@=AJ KAEMD9LAGFK
2@= K9DLK 9F< :JAF=K >GJE=< 9L KM;@ ;GF<ALAGFK E9Q @GO=N=J := ‘EAF=<
GML’:Q D9L=J AFWMP G> ;GD<=J O9L=JK GJ :Q E=;@9FA;9D L=;LGFA; >GJ;=K
9;LAF? GF L@= JG;CK 1M;@ O9L=JK EA?@L := L@= J=KMDL G> ;GF<=FKAF? N9
HGJK >JGE <==H=J H@9K= K=H9J9LAGF HJG;=KK=K
2G =PHD9AF L@= H@9K= :=@9NAGJ $A?  L@J== KAEHDAV=< =P9EHD=K 9J=
AF;DM<=< :=DGO -FDQ #P9EHD=  OAL@ DAF=K AF :DM= 9F< HGAFLK   9F<
! AK ADDMKLJ9L=< AF $A? 
 ='362+ 
'F $A?  9 :JAF= G>  ,9!D ;GF;=FLJ9LAGF =F;GMFL=JK 9 HJ=KKMJ= G>
:9JK 9F< 9 L=EH=J9LMJ= G> °! HGAFL  &=J= L@= :JAF= OADD K=H
9J9L= AFLG 9 N9HGJ ;GFL9AFAF? LJ9;=K G> K9DL   9F< 9 <=FK=J :JAF= @9NAF?
 G> K9DL ! 'F 9 JA>L KQKL=E ?AN=F L@= JA?@L @Q<JG<QF9EA;9D ;GF<A
LAGFK L@AK :JAF= E9Q FGO EA?J9L= <GOFO9J<K <M= LG ALK @A?@=J <=FKALQ
9F< =F;GMFL=J =N=F EGJ= =PLJ=E= ;GF<ALAGFK D=9<AF? LG 9FGL@=J KL9?= AF
L@= H@9K= K=H9J9LAGF 2@AK E9Q =N=FLM9DDQ D=9< LG KGDA< K9DL HJ=;AHAL9LAGF
9F< 9;;MEMD9LAGF 'F J=9D KQKL=EK L@= WMA< WGO AK LGJLMGMK 9F< ;GFNG
DML=< <=H=F<AF? GF DG;9D ;GF<ALAGFK OAL@AF L@= JG;C >J9;LMJ= F=LOGJC
2@= L@=JEG<QF9EA;9DDQ .2<=L=JEAF=< 9DL=J9LAGFK 9F< H@9K= K=H9J9
LAGF KL9?=K AF J=9D KQKL=EK 9J= L@=J=>GJ= ?J9<M9D 9F< AFVFALAN=
'> ;GF<ALAGFK L9C= L@= WMA<K GMLKA<= GJ 9:GN= L@= ;JALA;9D ;GF<ALAGFK
>GJ 9FQ K9DAFALQ J=HJ=K=FL=< :Q L@= “;JALA;9D ;MJN=”AF $A?  GFDQ >J=K@
KMH=J;JALA;9D N9HGJ 9F< KGDA< K9DL E9Q =PAKL
 ='362+ 
'> KM:KMJ>9;= :JAF=K 9J= =PHGK=< LG 9 HJ=KKMJ= <JGH <M= LG >GJ =P
9EHD= JA>LAF? L@= ;GF<ALAGFK E9Q EGN= :=DGO L@= 4  *  & KMJ>9;= G>
L@= H@9K= <A9?J9E 2@AK OADD D=9< LG :GADAF? 9F< AFKL9FL9F=GMK KGDA< K9DL
HJ=;AHAL9LAGF
 ='362+ 
'F 9 KM:<M;LAGF K=LLAF? L@= KD9: OAL@ ALK ;GFL9AF=< K=9O9L=J AK =P
HGK=< LG ?J9<M9DDQ @A?@=J HJ=KKMJ=K O@AD= E9AFL9AFAF? 9 J=D9LAN=DQ DGO
AFKA<= L=EH=J9LMJ= ;GEH9J=< LG ALK KMJJGMF<AF?K L@=JE9D AF=JLA9
&GO=N=J  KAF;= L@= WMA<K OADD =PH=JA=F;= ;GEH9;LAGF G> L@= KD9: L@=Q
E9Q 9DKG := KIM==R=< GML 9F< E==L L@= ;GF<ALAGFK AF L@= O9JE=J @9F?
AF? O9DD 9:GN= L@= KD9: 2@AK E9Q EGN= :JAF=K OAL@ ;=JL9AF K9DAFALA=K
AFLG O9JE=J J=?AGFK O@=J= L@=Q K=H9J9L= AFLG N9HGJ 9F< =N=F <=FK=J
:JAF=K
!GMEGM =L 9D  HJGNA<= 9EHD= =NA<=F;= >GJ <==H K9DL >GJE9
LAGF AF L@= #9JL@K ;JMKLE9FLD= <MJAF? KL9?=K G> L@= 5ADKGF ;Q;D=K O@=J=
K9DAF= O9L=JK E==LK 9 @=9L KGMJ;= 1== $A?  :=DGO


UNCORRECTED PROOF
5;2'4*+9'2 '7/4+'4*!+9752+:3+525-> ===  ======
 7+8. <'9+7 ,573'9/54 ;'657 )54*+48'9/54
'L K@GMD< ;GE= 9K FG KMJHJAK= L@9L O@=F :JAF=K GJ K=9O9L=J 9J= AF
;J=9KAF?DQ ;GF;=FLJ9L=< AF K9DAFALQ KGE= >J=K@ O9L=J EMKL D=9N= L@= KQK
L=E 9F< E9Q AFL=J9;L OAL@ 9<B9;=FL K9DLK GJ JG;CK GF ALK O9Q #N=F A> L@=
O9L=J D=9N=K L@= @Q<JGL@=JE9D KQKL=E 9K N9HGJ OAL@ DALLD= GJ FG K9DL;9J
JQAF? ;9H9;ALQ AL =N=FLM9DDQ ;GGDK 9F< ;GF<=FK=K LG HMJ= <AKLADD=< O9
L=J 9F< E9Q KL9JL <AKKGDNAF? ‘HA;CAF? MH’ K9DLK 9?9AF 5@=J=N=J <=
HGKAL=< K9DLK 9J= =PHGK=< LG L@AK WGO G> >J=K@ O9L=J L@=Q E9Q := J=<AK
KGDN=< 9DGF? L@= WGO H9L@ G> L@AK ‘J=WMP’O9L=J 2@AK E9Q D=9< LG L@=
>GJE9LAGF G> :JAF=K L@9L EGN= GF 9F< =N=F <=HGKAL K9DLK >MJL@=J MH AF
L@= KLJ9LA?J9H@Q 'F L@= @Q<JGL@=JE9D K9DL EG<=D L@= WGO G> >J=K@ O9
L=J AK FGL DG;9L=< 9J:ALJ9JADQ AF J=D9LAGF LG L@= ;AJ;MD9LAGF ;=DD 9F< N=JQ
G>L=F AL AK DG;9L=< AEE=<A9L=DQ 9:GN= L@= ;=FLJ= G> L@= @GLL=KL HGJLAGFK
,ME=JA;9D KAEMD9LAGFK 9DKG ;GFVJE L@AK =? %JM=F =L 9D 
"=H=F<AF? GF L@= J=D9LAN= 9EGMFL G> O9L=J 9F< K9DL D=9F GJ JA;@
:JAF=K OADD := L@= J=KMDL L L@= K=9:=< K9DL ‘?D9;A=JK’ 9K K==F AF L@=
0=< 1=9 E9Q K==EAF?DQ =F< L@=AJ EGN=E=FL LGO9J<K <==H=J H9JLK G>
L@= JA>L :9KAF 2@AK AK 9DKG O@=J= L@AK >J=K@ O9L=J JAK=K MHO9J<K 9F<
=E9F9L=K "MJAF? G;=9FA; JA>LAF? 9F< KM:<M;LAGF L@= GFDQ O9L=J AF
B=;L=< AFLG L@= @Q<JGL@=JE9D KQKL=E AK K=9O9L=J 2@AK AEHDA=K L@9L 9FQ
>J=K@O9L=J WGOK G:K=JN=< EMKL := L@= J=KMDL G> DGKK G> K9DL >JGE L@=
K=9O9L=J #N=F A> L@= O9L=J @9K :==F AFNGDN=< AF @Q<JGPQD9LAGF G> EAF
=J9DK AL KLADD ;9E= >JGE K=9O9L=J L@9L DGKL ALK K9DL KGE=O@=J=
2@=J= 9J= @GO=N=J =P=EHLAGFK LG L@AK ‘JMD=’AF K@9DDGO E=L=GJA;
KQKL=EK AFNGDNAF? ?JGMF< O9L=J 9F< AF =9JDQ KL9?= ;GFLAF=FL9D JA>LAF?
O@=J= O9L=J AFHML AK G>L=F E=L=GJA; 2@= GMLHML @GO=N=J AK J9J=DQ
>J=K@ 9K AL MKM9DDQ D=9;@=K 9F< LJ9FKHGJLK <A>>=J=FL KGDML=K MHGF J=LMJF
AF? LG L@= KMJ>9;= 0A>L D9C=K G> #9KL >JA;9 HJGNA<= =NA<=F;= >GJ L@AK
2@= J=LMJFAF? E=L=GJA; O9L=J @9K HA;C=< MH K9DLK >JGE <==H=J <GOF
9F< L@=J=>GJ= K=N=J9D K9DAF= 9DC9DAF= D9C=K =PAKL 9DGF? L@= JA>L #9;@
D9C= L=DDK 9 KLGJQ G> O@9L KM:KL9F;=K L@= O9L=J =F;GMFL=J=< AF L@= <==H
59JJ=F 
 54*/9/54+* 6+73+'(/2/9> 5, .'2/9+
5@=F @GL K9LMJ9L=< :JAF=K EA?J9L= MHO9J<K >JGE L@= <==H L@=Q OADD
:= ;GGD=< 9F< K9DLK E9Q HJ=;AHAL9L= >JGE L@= KGDMLAGF 2@AK ;JQKL9DDAR9
LAGF G> K9DL OADD =P=JL 9 HJ=KKMJ= GF L@= GN=J:MJ<=F 9F< AK KMKH=;L=<
LG := 9F AEHGJL9FL <AKHD9;=E=FL E=;@9FAKE >GJ <==H K9DL 9F< >GJ L@=
>GJE9LAGF G> K9DL <GE=K 19DL >GJE9LAGFK 9J= LJ9<ALAGF9DDQ LJ=9L=< 9K :=
AF? F=9JDQ AEH=JE=9:D= >GJ :JAF=K 9F< @Q<JG;9J:GFK &GO=N=J 9;;GJ<
AF? LG =PH=JAE=FL9D OGJC VJKL ;9JJA=< GML :Q *=OAK 9F< &GDF=KK 
@9DAL= :MJA=< 9L <=HL@K ?J=9L=J L@9F ∼CE 9F< =D=N9L=< L=EH=J9LMJ=K
:=;GE=K H=JE=9:D= <M= LG 9DL=J9LAGF G> L@= <A@=<J9D 9F?D=K G> L@= @9DAL=
;JQKL9DK
5@=F O9L=J AK HJ=K=FL AF L@= K9DL O@A;@ AK 9DO9QK L@= ;9K= AF F9L
MJ9D K9DL <=HGKALK L@= <A@=<J9D 9F?D= G> L@= K9DL ;JQKL9DK AK <=L=JEAF9FL
>GJ L@= ;GFF=;LANALQ G> L@AK O9L=J &GDF=KK 9F< *=OAK  5@=F L@=
<A@=<J9D 9F?D= AK D=KK L@9F °L@= O9L=J AK KHJ=9<AF? GML GF L@= ;JQK
L9D KMJ>9;=K 9K ;GFLAFMGMK DAIMA< VDEK 9F< L@= K9DL :=;GE=K H=JE=9:D=
$A?  4A;=N=JK9 O@=F L@= <A@=<J9D 9F?D= AK D9J?=J L@9F °L@= O9
L=J VDE :=;GE=K <AK;GFF=;L=< 9F< L@= K9DL AK AEH=JE=9:D= “-MJ J=KMDLK
=PHD9AF J=;=FL G:K=JN9LAGFK G> E9BGJ K9DLWMA< AFL=J9;LAGFK 9L <=HL@
9F< KM??=KL L@9L <==HJGGL=< K9DL <A9HAJK E9Q 9;L 9K ;GF<MALK >GJ :9KA
F9D >GJE9LAGF O9L=J”&GDF=KK 9F< *=OAK  5= 9J= J=>=JJAF? LG
L@AK .2<=H=F<=FL H=JE=9:D= RGF= 9K L@= 524+88 &54+ &GND9F< =L 9D
 'F L@= @Q<JGL@=JE9D EG<=D >GJ K9DL >GJE9LAGF GF= G> L@= ;GF
K=IM=F;=K G> L@= &GDF=KK 8GF= AK L@9L 9FQ MHO9J<EA?J9LAF? :JAF= AF
L@AK RGF= OADD LJ9FK>=J L@= HJ=KKMJ= AF L@= DAIMA< >MJL@=J MHO9J<K 9F<
E9Q ;9MK= @Q<J9MDA; >J9;LMJAF? G> L@= 9:GN= DQAF? AEH=JE=9:D= JG;C
K9DL 9K 9DKG HGAFL=< GML :Q 1;@G=F@=JJ =L 9D 9 : %@9F:9JR9<=@
=L 9D  59JJ=F   &GL :JAF=K 9L <=HL@ ;9F WGO
L@JGM?@ ‘KGDA< @9DAL=’9F< <AKHD9;= K9DL >JGE L@= @A?@ L=EH=J9LMJ= J=
?AGF LG 9 ;GGD=J J=?AGF O@=J= <AKKGDN=< K9DLK HJ=;AHAL9L= $MJL@=JEGJ=
#!  "A9?J9E EG<AV=< >JGE *=OAK 9F< &GDF=KK  K@GOAF? L@= =IMADA:JAME @9DAL=
O9L=J <A@=<J9D 9F?D=K θ 9K 9 >MF;LAGF G> . 9F< 2 9F< L@= ;GJJ=KHGF<AF? <AKLJA:MLAGF G>
HGJ= O9L=J 'F L@= O@AL= 9J=9 MHH=J JA?@L θAK D=KK L@9F ° J=KMDLAF? AF L@= >GJE9LAGF
G> ;GFLAFMGMK DAIMA< VDEK AF L@= @9DAL=O9L=J KQKL=E 2@= DA?@L ?J=Q 9J=9 EA<<D= <=VF=K
L@= .2 J=?AGF AF O@A;@ L@= H=JE=9:ADALQ G> @9DAL= E9Q := KA?FA>A;9FL 2@= <9JC ?J=Q 9J=9
DGO=J θ° J=HJ=K=FLK L@= J=?AGF OAL@ ‘FGJE9D’ AEH=JE=9:D= @9DAL= 2@= <9K@=<
DAF= AF<A;9L=K 9 ?=GL@=JE9D .2 ?J9<A=FL "J9OAF?K G> @9DAL= ;JQKL9DK ADDMKLJ9LAF? ;GFLAFM
GMK DAIMA< VDEK MHH=J 9F< <AK;GFF=;L=< DAIMA< DGO=J 9J= 9DKG K@GOF
L@AK E=;@9FAKE 9DDGOK J=VFAF? G> K9DL :Q L@= >9;L L@9L L@= N9JAGMK K9DL
LQH=K 9J= HJ=;AHAL9LAF? 9;;GJ<AF? LG L@=AJ KGDM:ADALQ 9L =9;@ KH=;AV; L=E
H=J9LMJ= AFL=JN9D
FGL@=J =>>=;L G> L@= O9L=J K9LMJ9L=< AFL=J;GFF=;L=< HGJ= KQKL=E G>
K9DL AK L@= J=<M;LAGF G> L@= =>>=;LAN= KLJ=KK=K AF L@= K9DL :G<Q A= L@= LG
L9D KLJ=KK GF L@= K9DL ;JQKL9DK >JGE L@= GN=J:MJ<=F HJ=KKMJ= AK FGO H9JLDQ
KMHHGJL=< :Q L@= HGJ= DAIMA<K
2@AK E9Q AF >9;L O=DD ;9MK= 9 <J9E9LA; ;@9F?= AF K=AKEA; AEH=<
9F;= 2@MK O@=F L@= K=AKEA; O9N=K H9KK >JGE L@= MHH=J ‘:JALLD= K9DL’
OAL@ @A?@=J KGFA; N=DG;ALA=K LG 9 EGJ= <M;LAD= 9F< H=JE=9:D= K9DL <==H=J
<GOF OAL@ DGO=J KGFA; N=DG;ALA=K L@= AEH=<9F;= K@A>L OADD := ;D=9JDQ
K==F GF L@= K=AKEA; J=;GJ<K 2@= KG;9DD=< *+)522+3+49 K==F GF E9FQ AF
L=JHJ=L=< K=AKEA; AE9?=K G> <==HDQAF? K9DL <=HGKALK ‘=N9HGJAL=K’ E9Q
9;LM9DDQ J=HJ=K=FL L@= ‘&GDF=KK 8GF=’ O@A;@ ;9MK=K 9 K=AKEA; J=KHGFK=
LG L@= <AKLJA:MLAGF G> HGJ= O9L=J
 "+@4/4- 5, 8'298
2@= N9JAGMK KGDM:ADALA=K G> K=9 K9DLK O@A;@ 9DKG ;@9F?= KA?FA>A;9FLDQ
9L @A?@=J L=EH=J9LMJ=K 9F< HJ=KKMJ=K E9Q J=KMDL AF KGJLAF? G> L@= K9DL
LQH=K AF L@= @Q<JGL@=JE9D ;AJ;MD9LAGF G> K=9 O9L=J  O9L=J<=HJAN=<
K9DL 9;;MEMD9LAGF AF 9 @Q<JGL@=JE9D KQKL=E OADD L@=J=>GJ= DGK= L@=
EGJ= KGDM:D= K9DLK =? E9?F=KAME 9F< ;9D;AME ;@DGJA<=K AF ;GFL9;L
OAL@ 9FQ 9N9AD9:D= O9L=J 2@MK J=VF=< @9DAL= E9Q HJ=;AHAL9L= 9F< 9;
;MEMD9L= =? A AFKA<= K9DL KLG;CK <GE=K<A9HAJK AA :Q N=FLAF? AFLG
HGF<K G> ;GF;=FLJ9L=< ;9D;AME 9F< E9?F=KAME ;@DGJA<= :JAF=K GF L@=
K=9 WGGJ GJ AAA :Q N=FLAF? MH GFLG L@= KMJ>9;= O@=J= AL =N9HGJ9L=K AF
9 @GL 9F< <JQ ;DAE9L= 9K J=HGJL=< >JGE "9DDGD 29D:GL  'F L@AK
O9Q K9DL 9;;MEMD9LAGFK >GMF< 9K K9DL KLG;CK GJ GL@=J K9DL >GJE9LAGFK @9N=
;GEHGKALAGFK KA?FA>A;9FLDQ <A>>=J=FL >JGE K=9 K9DL
FGL@=J HD9MKA:D= K;=F9JAG AK A> 9F 9;;MEMD9LAGF G> <A>>=J=FL K9DLK
AK J=@=9L=< AF L@= KM:KMJ>9;= =? :Q NGD;9FAKE GJ KADD AFLJMKAGFK L@=F
L@= K9DLK ;GFL9AFAF? ;JQKL9D O9L=J @9N= 9 L=F<=F;Q LG E=DL >GJEAF? @GL


UNCORRECTED PROOF
5;2'4*+9'2 '7/4+'4*!+9752+:3+525-> ===  ======
<=FK= :JAF=K L@9L E9Q EA?J9L= GML <JAN=F :Q L=;LGFA; >GJ;=K GJ DA>L=< :Q
NGD;9FA; ?9K=K F =P9EHD= G> KM;@ 9 @Q<J9L=< K9DL AK :AK;@G>AL= O@A;@
E=DLK 9L L=EH=J9LMJ=K 9:GN= Z°! 1;@GV=D< =L 9D  3HGF ;GGD
AF? L@=K= :JAF=K OADD 9?9AF ;JQKL9DDAR= LG >GJE KGDA< K9DLK 1M;@ K9DLK OADD
9;;MEMD9L= KLJ9LA?J9H@A;9DDQ 9:GN= L@= @9DAL= 9F< 9F@Q<JAL= O@=J= L@=Q
AFALA9DDQ O=J= <=HGKAL=< 'L K@GMD< := FGL=< @GO=N=J L@9L A> NGD;9FA;
?9K=K DAC= !-Z GJ 1-Z 9J= =PHGK=< LG L@= :JAF= F=O K9DL LQH=K E9Q HJ=
;AHAL9L= =? ;9J:GF9L=K 9F< KMD>9L=K
 "+@4/4- +='362+8 'L AK N=JQ <A>V;MDL LG <AJ=;LDQ G:K=JN= J=VF
AF? HJG;=KK=K AF L@= KM:KMJ>9;= :ML L@= J=KMDLK G> J=VFAF? ;9F := G:
K=JN=< KGE= HD9;=K GF L@= KMJ>9;= >GJ AFKL9F;= AF L@= +=<AL=JJ9F=9F
!AL9 =L 9D  5GG<KA<= =L 9D  2@= +=<AL=JJ9F=9F 1=9 AK
MFAIM= AF L@9L AL GN=JDA=K 9 RGF= G> E9FLD= ;GFN=;LAGF 9F< @9K MF<=J
?GF= 9 DGF? H=JAG< G> L=;LGFA; <=>GJE9LAGF O@A;@ AF;DM<=K KD9: JGDD
:9;C 9F< L@= ;GDDAKAGF G> LOG D9J?= KDGODQ EGNAF? HD9L=K $9;;=FF9 =L
9D  1=N=J9D :JAF= HGF<K 9J= DG;9L=< GF L@= K=9:=< O@A;@ ;GF
L9AF ;GF;=FLJ9L=< :JAF=K G> @A?@KGDM:ADALQ K9DLK E9?F=KAME 9F< ;9D
;AME ;@DGJA<=K =? L@= :JAF= HGF<K 9FFG;C 3J9FA9 ,9<AJ 9F< "AK
;GN=JQ !GJK=DDA =L 9D  5AF;CD=J =L 9D  59DDE9FF =L 9D

2@=K= HGF<K 9J= DG;9L=< GF LGH G> 9F G;=9FA; KM:<M;LAGF RGF= L@=
+=<AL=JJ9F=9F 0A<?= 9F< L@= :JAF=K 9J= N=FLAF? GML G> L@=K= RGF=K
$A?K  9F<  'L AK EGKL DAC=DQ L@9L L@=K= :JAF=K O=J= GJA?AF9DDQ H9JL
G> L@= K9DLQ HGJ= O9L=J ?GAF? <GOF OAL@ L@= G;=9FA; KD9: 9F< L@=J=>GJ=
DAC=DQ L@= J=KMDL G> J=VFAF? HJG;=KK=K AF L@= KM:<M;LAGF RGF= D=9NAF? :=
@AF< E9BGJ H9JLK G> L@= K=9 K9DL E9AFDQ @9DAL= :=DGO ?JGMF<
 !7+8+7;'9/54 5, 8'298
2@= HJ=NAGMK =PHD9F9LAGF ?AN=F >GJ L@= >GJE9LAGF G> @A?@E9?F=KAME
K9DLK AK 9F =P9EHD= G> KGDM:ADALQ:9K=< J=VFAF? G> K9DLK :ML 9DKG HJG
NA<=K 9F =P9EHD= G> 9 E=;@9FAKE >GJ L@= HJ=K=JN9LAGF G> K9DL -:K=J
N9LAGF G> K=9WGGJ @QH=JK9DAF= HGF<K GJ ‘D9C=K’ AF <=HJ=KKAGFK GF L@=
+=<AL=JJ9F=9F K=9WGGJ 9F< =DK=O@=J= K@GOK L@9L D9;C G> EAPAF? =F
=J?Q AF ;GE:AF9LAGF OAL@ ?J9NAL9LAGF9D KL9:ADALQ HJ=N=FLK EAPAF? G> L@=
LOG -N=J LAE= KMH=JK9LMJ9LAGF 9K 9 J=KMDL G> ;GGDAF? E9Q G;;MJ AF L@=
:JAF= D9C=K D=9<AF? LG HJ=;AHAL9LAGF G> KGDA< K9DLK L@9L 9J= HJGL=;L=< :Q
9DJ=9<Q K9LMJ9L=< :JAF=K 9:GN=
#!  'E9?= EG<AV=< >JGE &M?M=F =L 9D  'L ;D=9JDQ K@GOK L@= LGHG?J9H@Q G> L@= +=<AL=JJ9F=9F 0A<?= 9;;J=LAGF9JQ O=<?= 9F< ALK DG;9LAGF AF J=D9LAGF LG L@= <==H @QH=JK9DAF=
:JAF= HGF<K 9FFG;C   LD9FLAK  3J9FA9 3 9F< "AK;GN=JQ " O@A;@ J=9;@ F=9JDQ  E O9L=J <=HL@ 2@= :JAF=K 9J= E9?F=KAME JA;@ 9F< @9DAL= <=HD=L=< KA?FA>QAF? J=VF=<
K9DLK <M= LG @Q<JGL@=JE9D HJG;=KK=K K== L=PL
#!  %=GDG?A;9D HJGVD= 9;JGKK L@= +=<AL=JJ9F=9F 0A?= EG<AV=< >JGE 5=KL:JGGC 9F< 0=KLGF  2@= J=< 9JJGO AF<A;9L=K JAKAF? O9JE @Q<JGL@=JE9D @QH=JK9DAF= :JAF=K >==<AF? AFLG
L@= 9FGE9DGMK K=9WGGJ :JAF= HGF<K $GJ AFL=JHJ=L9LAGF G> L@= J=>=J=F;=K LG ;GDGJ AF L@AK V?MJ= D=?=F< L@= J=9<=J AK J=>=JJ=< LG L@= 5=: N=JKAGF G> L@AK 9JLA;D=


UNCORRECTED PROOF
5;2'4*+9'2 '7/4+'4*!+9752+:3+525-> ===  ======
'F EGJ= <=E9F<AF? =FNAJGFE=FLK <JQ ;DAE9L= E9Q HJGL=;L L@= K9DLK
>JGE <AKKGDNAF? =N=F A> L@= K9DLK O=J= FGL L@= J=KMDL G> L@AK K9E= ;DAE9L=
:ML G> @Q<JGL@=JE9D 9;LANALQ 'F L@= G;=9F K9DLK E9Q 9DKG := HJGL=;L=<
:Q 9 ;GN=J G> 9F@Q<JAL= :=LO==F K=9O9L=J 9F< GL@=J K9DLK 2@AK 9F@Q
<JAL= EA?@L := L@= J=KMDL G> :JAF= GMLWGO ;9JJQAF? H9JLA;MD9L= 9F@Q<JAL=
OAL@ AL GJ 9F@Q<JAL= J=E9AFAF? >JGE <AKKGDMLAGF G> 9F@Q<JAL= KL9AF=<
K9DLK GF LGH G> K9DL KLJM;LMJ=K ,GJE9D @=EAH=D9?A; K=<AE=FLK E9Q 9DKG
;GN=J 9 K9DL KLJM;LMJ= 9F< L@=J=:Q HJGL=;L AL >JGE L@= 9;LAGFK G> L@= K=9
O9L=J $MJL@=JEGJ= KGE= K9DL KLJM;LMJ=K 9J= DG;9L=< F=PL LG D=9C9?= G>
@Q<JG;9J:GFK AFLG L@= K=9 2@= :AGDG?A; ;GEEMFALQ E9Q L@=F AFL=J9;L
9F< HJGNA<= L@= !-Z F=;=KK9JQ LG HJG<M;= 9 HJGL=;LAN= ;GN=J G> 9ML@A
?=FA; ;9J:GF9L= (M<< 9F< &GND9F< 
 573'9/54 5, 2+'1> 8'29 895)18 *53+8
K =PHD9AF=< AF !@9HL=J  K9DAF= :JAF=K OADD G;;MHQ L@= ;GFLAF
MGMK HGJ= KH9;= G> L@= H=JE=9:D= K9DLK OAL@AF L@= ‘&GDF=KK 8GF=’ 'F
L@AK RGF= L@= K9DL OADD := EGJ= HD9KLA; L@9F L@= K9DL 9:GN= <M= LG D=KK
?J9AFLG?J9AF ;GFL9;LK 9F< OADD := HJ=KKMJAR=< :Q L@= DAL@GKL9LA; ;GF
VFAF? HJ=KKMJ= >JGE L@= KMJJGMF<AF? JG;CK 2@AK HJ=KKMJ= OADD 9DKG :=
LJ9FK>=JJ=< LG L@= HGJ= O9L=J D=9<AF? LG @A?@=J HGJ= HJ=KKMJ= AF L@= K9DL
:G<Q ;9MKAF? 9DKG L@= ‘&GDF=KK RGF=’LG EGN= MHO9J<K 2@AK AF;J=9K=<
AFL=JF9D HJ=KKMJ= AK ;9MKAF? =PH9FKAGF G> L@= K9DL :G<Q 9F< E9Q 9DKG
D=9< LG K9DL =PLJMKAGFAFLJMKAGF 9K G>L=F G:K=JN=< AF F9LMJ= 1;@G=F@=JJ
=L 9D 9 &GND9F< =L 9D  59JJ=F  #N=FLM9DDQ L@AK AF
;J=9K=< HGJ= HJ=KKMJ= E9Q J=9;@ L@= KGDA< K9DL 9:GN= L@= ‘&GDF=KK RGF=’
OAL@ KM>V;A=FL =F=J?Q LG ;9MK= @Q<J9MDA; >J9;LMJAF? 9F< 9DDGO H=JAG<A;
D=9C9?= G> :JAF= 9K KL9L=< HJ=NAGMKDQ 29:D=  9F< <AK;MKK=< AF EGJ=
<=L9AD AF .9JL 
'> L@= @Q<J9MDA; >J9;LMJAF? @9HH=FK 9L ?J=9L <=HL@ L@= >J9;LMJ=K L=F<
LG := N=JLA;9D O@AD= >J9;LMJAF? 9L K@9DDGO <=HL@K AK DAC=DQ LG ;9MK=
K=EAD9L=J9D >J9;LMJ=K ;J=9LAF? ‘EMK@JGGE DAC=’K9DL :G<A=K LGO9J<K L@=
KMJ>9;= GJ K=9 WGGJ
&GL :JAF=K ;GEAF? >JGE L@= :9K= G> L@= K9DL KLG;C <GE= OADD ;GGD
9F< J=9;@ GN=JK9LMJ9LAGF <MJAF? L@= 9K;=FL 9F< K9DLK OADD HJ=;AHAL9L= 9;
;GJ<AF? LG L@=AJ KH=;AV; KGDM:ADALA=K 9L L@= <A>>=J=FL L=EH=J9LMJ=HJ=K
KMJ= ;GF<ALAGFK &GO=N=J L@AK HJ=;AHAL9LAGF G> K9DL OADD FGL F=;=KK9JADQ
:DG;C L@= WGO ;GEHD=L=DQ AFKL=9< L@= =FLAJ= K9DL :G<Q AK DAC=DQ LG =P
H9F< 9F< F=O WGO H9L@K 9J= >GJE=< 1GE= K9DLK OAL@ @A?@=J KGDM:AD
ALA=K =? ;9D;AME ;@DGJA<= E9Q <AKKGDN= AF L@= EA?J9LAF? :JAF= LG :=
LJ9FKHGJL=< >MJL@=J MH A= 9 J=VFAF? G> L@= K9DL :G<Q AK L9CAF? HD9;=
2@= =FLAJ= HJG;=KK OGJCK AF ;GF;=JL OAL@ L@= <JANAF? HJ=KKMJ= L@9L >==<K
:JAF= >JGE :=DGO AFLG L@= K9DL 9;;MEMD9LAGF =? &GDF=KK 9F< *=OAK

 $.+ +'* #+' */'6/78
2@= "=9< 1=9 AK 9 O=DDCFGOF KAL= >GJ GF?GAF? HJ=;AHAL9LAGF 9F< 9;
;MEMD9LAGF G> K9DLK AF 9 FGFE9JAF= =FNAJGFE=FL 2@AK K9DAF= D9C= AK KAL
M9L=< AF L@= D9J?= >9MDL KQKL=E J=>=JJ=< LG 9K L@= ‘"=9< 1=9 –(GJ<9F
2J9FK>GJE JA>L’ 9 HMDD9H9JL :9KAF O@=J= LOG GN=JD9HHAF? >9MDLK GJ 9
>9MDL :=F< ;J=9L=K 9F 9J=9 G> ;JMKL9D =PL=FKAGF ;9MKAF? D9J?= K;9D= KM:
KA<=F;= G> L@= :9KAF L@MK HJGNA<AF? 9;;GEEG<9LAGF KH9;= >GJ L@= <=HG
KALAGF G> L@A;C K=IM=F;=K G> K=<AE=FLK 9F< K9DLK 2@= ;MJJ=FL =D=N9LAGF G>
L@= D9C= KMJ>9;= AK ∼E :=DGO E=9F K=9 D=N=D  E9H G> L@= KGML@=JF
H9JL G> L@= "=9< 1=9 K@GOK L@= DG;9LAGF G> L@= E9AF L=;LGFA; 9F< K9DL
>=9LMJ=K $A? 
09:AFGOALR 9F< +9JL  O=J= 9:D= LG J=N=9D L@= G;;MJJ=F;= G>
K@9DDGO E9FLD= E9KK=K MF<=J L@= KGML@=JF "=9< 1=9 MKAF? K=AKEA; LG
EG?J9H@Q 9F< <AK;DGK=K L@9L “… L@= +G@G MF<=J L@= "=9< 1=9 AK >GMF<
9L 9 <=HL@ G> GFDQ CE 9F< L@= K=AKEA; N=DG;ALQ AF L@= MHH=J DAL@GK
H@=JA; E9FLD= AK 9FGE9DGMKDQ DGO” 2@= <9L9 9;LM9DDQ KM??=KL L@9L @GL
E9?E9LA; <A9HAJK 9K;=F< 9DGF? L@= :GMF<9JQ >9MDLK G> L@= JA>L AFLG L@=
AFL=JE=<A9L= ;JMKL ?ANAF? 9 @=9LWGO AF L@= :9KAF G> – E5EZ 9;
;GJ<AF? LG L=F JAFC =L 9D 
2@= "=9< 1=9 9KAF "1  KLJM;LMJ=K O=J= >MJL@=J AFN=KLA?9L=< :Q
D8GM:A 9F< L=F JAFC  9F< L@=AJ K=AKEA; KMJN=QK 9DKG K@GO=< 9
#!  2@= KGML@=JF "=9< 1=9 DG;9L=<  E :=DGO K=9 D=N=D 1"L@= 1=<GE <A9HAJ
*"L@= *AK9F <A9HAJ 2@= >9MDLDAF=K 9J= ($(=JA;G $9MDL 1$ 1=<GE $9MDL $ GI=I
>9MDL 9F< $  J9N9 $9MDL 9K=< GF %J9<E9FF =L 9D  +G<AV=< >JGE %=G+9
HHH =? OOO%=GE9H9HHGJ? 0Q9F =L 9D 
DGO N=DG;ALQ RGF= =PL=F<AF? LG 9 <=HL@ G> – CE MF<=J L@= :9KAF
O@AD= L@= DGO=J ;JMKL 9F< +G@G O9K FGL H=JLMJ:=< 2@=K= G:K=JN9
LAGFK 9J= KMHHGK=< LG := <M= LG KLJ9AF KG>L=FAF? AF L@= EA<<D= ;JMKL AF
NGC=< LG =PHD9AF L@= AKGKL9LA; ;GEH=FK9LAGF 9F< L@= J9HA< KM:KA<=F;= G>
L@= :9KAF <MJAF? L@= .D=AKLG;=F= D8GM:A 9F< L=F JAFC  2@=Q
9DKG HJG<M;=< 9 ;GF;=HLM9D EG<=D G> L@= ;JMKL9D <=>GJE9LAGF <MJAF? L@=
GH=FAF? G> L@= :9KAF ADDMKLJ9LAF? L@= KM:KA<=F;= G> L@= ;JMKL9D :DG;CK
9DGF? DAKLJA; >9MDLK 9F< L@= K=<AE=FL9JQ VDDAF? $A? 
2@= *AK9F K9DL <A9HAJ AF L@= =9KL 9F< L@= 1=<GE <A9HAJ AF L@= O=KL
9J= L@= D9J?=KL K9DL KLJM;LMJ=K AF L@= "1 $A?K  9F<  MH LG  CE <==H
9F< G;;MJ 9K :MJA=< KLJM;LMJ=K AF L@= K=<AE=FLK ;;GJ<AF? LG D8GM:A
9F< L=F JAFC  L@= >GJE9LAGF G> L@=K= KLJM;LMJ=K E9Q @9N= :==F
9K K@GJL 9K  EADDAGF Q=9JK 2@=Q 9DKG J=HGJL L@= ;GEHGKALAGF G> L@= 1=
<GE <A9HAJ LG := ∼ @9DAL= L@= J=E9AFAF? :=AF? 9F@Q<JAL=?QHKME
E9JDK ;@9DC <GDGEAL= 9F< K@9D=
 $.+ +'* #+' ')):3:2'9/4- 8'298 /4 ' 4543'7/4+
+4;/7543+49 K HGAFL=< GML :Q &9J<A=  L@= :MDC G> L@= KGDML=K AF
L@= D9C= :JAF=K 9J= 9<<=< :Q L@= MHO=DDAF? G> K9DAF= KHJAF?K 9JGMF< 9F<
MH L@JGM?@ L@= D9C= :GLLGE “2@MK L@= "=9< 1=9 KL9F<K 9K 9 ;D=9J;ML
;9K= G> 9 FGFE9JAF= =N9HGJAL= <=HGKALAGF9D KAL= O@=J= L@= =N9HGJ9LAF?
:JAF=K 9J= !9!DZJA;@ 9F< 1-ZHGGJ :=;9MK= L@= AFWGOO9L=JK 9J=
!9!DZJA;@ 9F< 1-ZHGGJ”&9J<A=  2@=K= >=9LMJ=K 9J= ADDMKLJ9L=<
AF $A?  OAL@ L@= K=<AE=FL9JQ KLJ9LA?J9H@Q 9F< L@= LOG E9AF K9DL
<GE=K 1=<GE 9F< *AK9F 2@= KLJM;LMJ9D >=9LMJ=K 9J= 9DKG ;GFVJE=< :Q
5=AF:=J?=J =L 9D 
29D:GL =L 9D  E9<= 9 KLM<Q G> L@= EGJ= L@9F  E L@A;C K9DL
:=<K AF L@= :9KAF 9F< >G;MKK=< GF L@= D9J?= :MD:GMK @9DAL= 9F< ;9JF9DDAL=
:G<A=K GF L@= :GLLGE 2@=K= LQH=K G> 9FGE9DGMK K9DL :G<A=K @9< F=N=J
:==F <=K;JA:=< :=>GJ= 9F< L@=Q KM??=KL=< 9 >GJE9LAGF ;9MK=< :Q L@=
KDGO K==H9?= G> ?JGMF<O9L=J :JAF=K L@JGM?@ ;J9;CK AF>=JJAF? ;GF<MALK
L@JGM?@ L@= "=9< 1=9 D9C= :GLLGE 2@=Q KMJEAK=< L@9L L@= :9F< G> <=FK
=KL :MD:GMK K9DL ?JGOL@K ‘J==>K’ G;;MJJ=< AF L@= 9J=9 :=LO==F L@= *AK9F
9F< 1=<GE <A9HAJK $A?  9F< O=J= EGKL HJG:9:DQ >=< :Q “?JGMF<O9
L=J JAKAF? >JGE KGMJ;=K <==H=J L@9F E …” “… 9DGF? L@= GI=I >9MDL
GF= G> L@= =F=;@=DGF LJ9FKN=JK= >9MDL RGF=K L@9L 9;;GMFL >GJ L@= J@GE
:A; K@9H= G> L@= KGML@=JF :9KAF” 29D:GL =L 9D 
2@AK KM??=KLAGF O9K >MJL@=J KLJ=F?L@=F=< :Q L@= VF<AF? G> 9JL=
KA9F HJ=KKMJAR=< ?JGMF<O9L=J :JAF=K L@9L ;9MK=< HJ=;AHAL9LAGF G> O@AL=
@9DAL= :Q F9LMJ9D KHJAF?K 9DGF? L@= “… :JGOF WGGJ G> L@= *AK9F 1LJ9ALK”


UNCORRECTED PROOF
5;2'4*+9'2 '7/4+'4*!+9752+:3+525-> ===  ======
#!  !GF;=HLM9D EG<=D G> L@= ;JMKL9D <=>GJE9LAGF 9KKG;A9L=< OAL@ L@= GH=FAF? G> L@= "=9< 1=9 9KAF "1  AF<A;9LAF? 9 K@=9J RGF= OAL@ WMA< WGO 9F< =9JL@IM9C= =HA;=FLJ=K 9L L@=
:9K= G> L@= MHH=J ;JMKL $JGE D8GM:A 9F< L=F JAFC 
#!  2@= KGML@=JF "=9< 1=9 9KAF 'DDMKLJ9LAGF G> L@= KLJ9LA?J9H@Q 9F< L@= K9DL <GE=K
*AK9F 9F< 1=<GE 1== L=PL >GJ >MJL@=J AF>GJE9LAGF  9K=< GF %J9<E9FF =L 9D 
29D:GL =L 9D  &=J= ?JGMF<O9L=J OAL@ 9 ;GFKL9FL L=EH=J9LMJ= G>
°! JAK=K LG 9:GML L@= D=N=D G> L@= (GJ<9FA9F K9DAFALQ HGF<K GF L@= =9KL
=JF W9FC G> L@= KLJ9ALK
2@= EGKL KH=;L9;MD9J 9F< G:NAGMK K==H9?=J=D9L=< K9DL KLJM;LMJ=K 9J=
L@= HGDQ?GF9D F=LOGJCK G> K9DL O9DDK GF L@= K=9WGGJ L@=Q <G;ME=FL
“2@MK H9L;@=K G> <AKLAF;L ?J=Q @9DAL= 9KKG;A9L=< OAL@ O9>LK KE=DD G> @Q
<JG?=F KMDH@A<= HJG:9:DQ KA?F9D N=FLAF? G> >G=LA< ?JGMF<O9L=J AF KE9DD
?JGMHK G> J==> ;GEH9JLE=FLK @MF<J=<K G> E=LJ=K 9H9JL +GJ= KH=;L9;
MD9JDQ 9 H9JLA;MD9J K;J==F G> @9DAL= 9 >=O <=;AE=LJ=K L@A;C 9F<  E
@A?@ K=H9J9L=K :JAF=K L@9L ;JQKL9DDAR= @9DAL= >GJ CADGE=LJ=K GF GF= KA<=
>JGE :JAF=K L@9L ;JQKL9DDAR= ;9JF9DDAL= >GJ CADGE=LJ=K GF L@= GL@=J KA<=”
29D:GL =L 9D  2@=K= >=9LMJ=K <=EGFKLJ9L= L@9L L@= K==H9?= G>
:JAF=K GF L@= K=9WGGJ AK <=JAN=< >JGE <A>>=J=FL ;GEH9JLE=FLK AF L@= KM:
KMJ>9;= O@=J= J=VFAF? HJG;=KK=K @9N= AKGD9L=< N9JAGMK LQH=K G> K9DLK
 %.+7+ /8 9.+ 85:7)+ 5, 9.+ (7/4+8 2@= H9LL=JF G> L@= N=FLAF?
:JAF=K AFLG L@= "=9< 1=9 KLJGF?DQ AF<A;9L=K L@9L L@= KGMJ;=K 9J= G>
<==HK=9L=< @Q<JGL@=JE9D GJA?AF O@=J= L@= ;AJ;MD9LAGF AK <JAN=F :Q L@=
E9?E9LA; 9;LANALQ MF<=J L@= :9KAF 2@= " EG<=D G> L@= >9MDL RGF=
$A?  >JGE D8GM:A 9F< L=F JAFC  9;LM9DDQ AF<A;9L=K 9 K@=9J
RGF=
OAL@ WMA< WGO 9L L@= :9K= G> L@= MHH=J ;JMKL 9L –CE <=HL@ 'L AK
KM??=KL=< L@9L L@= @Q<JGL@=JE9D :JAF=K 9J= ;GEAF? >JGE L@AK RGF= 9K AL
E9Q =PHD9AF L@= DGO L=EH=J9LMJ= 9F< @A?@ K9DAFALQ G> L@= N=FLAF? :JAF=K
Z°! O@A;@ AK 9F =>>=;L G> ;GGDAF? 9DGF? DGF? EA?J9LAGF ;GF<MALK <MJ
AF? L@= 9K;=FL 2@= L=EH=J9LMJ= AF L@AK <==H K@=9J RGF= AK FGL CFGOF
:ML ?DG:9D 9N=J9?= N=JLA;9D L=EH=J9LMJ= ?J9<A=FLK 9J= – Z°! H=J CE
*=NALL= 9F< %J=ALR=J  AF<A;9LAF? L=EH=J9LMJ=K 9:GN=  Z°! 9L
CE <=HL@
2@AK ;GF;=HL G> 9 <==H @Q<JGL@=JE9D KGMJ;= AK KMHHGJL=< :Q L@= VF<
AF?K G> #;CKL=AF 9F< 1AEEGFKA  “"==H >9MDLK 9KKG;A9L=< OAL@ L@=
(GJ<9F"=9< 1=9 0A>L KQKL=E 9;L 9K ;GF<MALK >GJ @GL O9L=JK 9K;=F<AF?
>JGE <==H ;GFVF=< 9IMA>=JK …” “+GKL G> L@= 9K;=F<AF? L@=JE9D O9L=JK
9J= 9:KGJ:=< :Q K@9DDGO 9IMA>=JK OAL@ DGO=J @Q<J9MDA; HGL=FLA9D 1M;@
J=?AGFK 9J= ;@9J9;L=JAR=< :Q 9FGE9DGMKDQ @A?@ @=9LWGO K=N=J9D N9DM=K
=P;==<  9F< GF= N9DM= AK  μ;9D;EZK”
&GO=N=J L@= =PL=FKAN= @Q<JGL@=JE9D KQKL=E O@A;@ AK VDDAF? L@=
:9KAF OAL@ K9DLK EMKL 9DKG := KGMJ;=< >JGE D9J?= 9;;MEMD9LAGFK G> ‘@A<
<=F K9DL’<==H AF L@= KM:KMJ>9;= HJG:9:DQ :=DGO L@= MHH=J ;JMKL 1M;@
G;;MJJ=F;=K G> ‘@A<<=F K9DL’:=DGO L@= MHH=J ;JMKL AFL=J9;LAF? OAL@ 9F
=PL=FKAN= @Q<JGL@=JE9D KQKL=E EMKL @9N= 9>>=;L=< L@= =FLAJ= KQKL=E KA?
FA>A;9FLDQ :GL@ OAL@ J=KH=;L LG L@= L=;LGFA; HJG;=KK=K 9F< 9DKG L@= K=AK
EA; HJGH=JLA=K A= DGO=J K=AKEA; N=DG;ALA=K 2@AK AK 9;LM9DDQ AF<A;9L=<
GF L@= EG<=D G> ;JMKL9D <=>GJE9LAGF 9KKG;A9L=< OAL@ L@= GH=FAF? G> L@=
"=9< 1=9 9KAF ?AN=F :Q D8GM:A 9F< L=F JAFC  $A?  &=J=
9 K@=9J RGF= 9L L@= :9K= G> L@= MHH=J ;JMKL OAL@ WMA< WGO AK AF<A;9L=< 9L
9JGMF< CE <=HL@ 9F< L@=Q ;GF;DM<= “2@= DGO=J DAL@GKL9LA; HJ=KKMJ=
JG;C GN=J:MJ<=F 9L EA<;JMKL D=N=DK MF<=J L@= :9KAF J=D9LAN= LG L@= KMJ
JGMF<AF? ;JMKL 9F< L@= >J9;LMJAF? G> JG;C MF<=J L@= :9KAF <M= LG =9JL@
IM9C=K 9L L@9L <=HL@ –CE HJGEGL= WMA< WGO >JGE L@= KMJJGMF<
AF? ;JMKL AFLG L@= EA<<D= ;JMKL :=DGO L@= :9KAF 2@= HJ=K=F;= G> WMA<K
OAL@AF L@= >J9;LMJ=< ;JMKL @=DHK ;J=9L= O=9C K@=9J RGF=K 9DGF? O@A;@
L@= GH=FAF? AK ;GF;=FLJ9L=<”
2@= D9J?= K;9D= @Q<JGL@=JE9D KQKL=E <JAN=F :Q L@= @=9L G> K@9DDGO
E9FLD= E9KK=K :=F=9L@ L@= :9KAF 9F< L@= G;;MJJ=F;=K G> D9J?= K;9D= 9;
;MEMD9LAGFK G> ‘@A<<=F K9DL’:=DGO L@= MHH=J ;JMKL ;9F 9DKG =PHD9AF L@=
N9JAGMK LQH=K G> K9DLK <=HGKALAF? GF L@= K=9WGGJ @9DAL= 9F< ;9JF9DDAL=
'L AK ;9MLAGMKDQ KM??=KL=< L@9L KM;@ 9;;MEMD9LAGFK G> ‘@A<<=F K9DLK’E9Q
:= L@= J=KMDL G> KM:<M;LAGF AF 9 HJ=NAGMK 5ADKGF ;Q;D= $MJL@=JEGJ= AL


UNCORRECTED PROOF
5;2'4*+9'2 '7/4+'4*!+9752+:3+525-> ===  ======
AK KM??=KL=< L@9L KM;@ K9DL 9;;MEMD9LAGFK OADD >GJE RGF=K G> JG;CE=
;@9FA;9D O=9CF=KK AF L@= MF<=J?JGMF< L@MK HJGEGLAF? F=O JA>LAF? LG
HJ=>=J9:DQ HJGH9?9L= L@JGM?@ KM;@ RGF=K 2@=K= AL=EK OADD := <AK;MKK=<
>MJL@=J AF L@= >GDDGOAF? ;@9HL=J !@9HL=J 
 %,#('+"#)+ ,/' +%, (*&,#(' ' #%+(' 0%+
 4975*:)9/54
$GDDGOAF? D>J=< 5=?=F=JK 9KK=JLAGF L@9L L@= #9JL@K ;GFLAF=FLK
@9< VLL=< LG?=L@=J 9F< L@9L L@=Q D9L=J @9< KHDAL MH 9F< <JA>L=< 9H9JL
5=?=F=J   ?=GH@QKA;AKLK 9F< ?=GDG?AKLK LGGC 9FGL@=J 
Q=9JK LG J=KME= L@AK EG<=D 'L O9K L@= MF=IMANG;9D AF>=J=F;= >JGE E9?
F=LGE=L=J LJ9FK=;LK 9;JGKK EA< G;=9FJA<?=K OAL@ L@= N=KK=D 29'4/4 AF
 L@9L LMJF=< L@= L9:D= 9F< HJGNA<=< L@= ‘KEGCAF? ?MF’L@9L 5=?=F
=JK EG<=D O9K AF<==< ?=F=J9DDQ ;GJJ=;L .ALE9F 9F< 29DO9FA 
2@= E9?F=LA; 9FGE9DA=K GF :GL@ KA<=K G> L@= EA<G;=9F JA<?=K ;9E= 9K
HJGG> L@9L L@= G;=9F :GLLGE O9K QGMF? 9F< ;GFLAFMGMKDQ O9K J=F=O=<
9DGF? L@= JA<?=K 29DO9FA 9F< #D<@GDE 
"MJAF? L@= K9E= Q=9J  (G@F 2MKG 5ADKGF 9DKG HM:DAK@=< @AK
:=F;@E9JC H9H=J “"A< L@= LD9FLA; ;DGK= 9F< L@=F J=GH=F”&=J= @=
HJ=K=FL=< L@= IM=KLAGF “&GO ;9F L@= HD9L=L=;LGFA; @AKLGJQ G> L@= #9JL@
:= <=;AH@=J=< >GJ LAE=K =9JDA=J L@9F L@= GD<=KL AF KALM -;=9F WGGJ”
 MJC=  &AK 9FKO=J O9K “'F L=JEK G> JG;CK 9F< KLJM;LMJ=K ;@9J
9;L=JARAF? KL9?=K AF L@= DA>= ;Q;D= G> L@= G;=9F :9KAFK”5ADKGF 
1GGF L@AK <=>AFALAGF O9K L=JE=< “2@= 5ADKGF ;Q;D=”"=O=Q 9F< MJC=
 MJC=  9F< LG<9Q L@= ;GF;=HL G> 5ADKGF ;Q;D=K @9K :=;GE=
9 >MF<9E=FL9D L=JE AF HD9L= L=;LGFA;K <=KHAL= KLADD :=AF? <=:9L=<
/M=KLAGFK 9:GML L@= KL9JL G> L@= 5ADKGF ;Q;D=K O=J= 9<<J=KK=< :Q
.AH=J  O@G KM??=KLK 9 ;GF;=HL G> /* 9+)954/)8 (+,57+ !2'9+ 9+)
954/)8 2@AK KM??=KLAGF AK :9K=< GF L@= >9;L L@9L EG:AD= L=;LGFA; HD9L=K
9J= J=;G?FAR=< :Q L@=AJ H9D=GE9?F=LA; H9LL=JFK G> HGD9J O9F<=J H9L@K
O@AD= KL9?F9FL L=;LGFA; DA<K 9J= FGL 2@=K= H9D=GE9?F=LA; H9LL=JFK ;9F
:= E9HH=< 9F< 9;;GJ<AF? LG .AH=J  L@= ;@9F?= >JGE ‘*A< L=;LGF
A;K’LG ‘5(/2+ 62'9+ 9+)954/)8’O9K LJ9FKALAGF9D 9F< L@= 5ADKGF ;Q;D= KLQD=
HD9L= L=;LGFA;K <=N=DGH=< E9AFDQ AF L@= .JGL=JGRGA; =GF L@9L :=?9F 9L
 %9
 %.'9 '7+ %/2854 )>)2+8
2@= KL9?=K AF L@= 5ADKGF ;Q;D=K AF L@=AJ KAEHD=KL >GJE 9J= ?=F=J9DDQ
9K >GDDGOK 5ADKGF  2GJKNAC =L 9D  MJC=   1L9?=
–9 KL9:D= ;J9LGF G> ;GFLAF=FL9D ;JMKL =PAKLK "M= LG ALK DGO=J KH=;AV;
?J9NALQ AL WG9LK GF LGH G> L@= E9FLD=
1L9?= –L@= ;J9LGF =PH=JA=F;=K MHDA>L >JGE 9 JAKAF? @GLKHGL 9F<
KL9JLK LG JA>L  KQKL=E G> :J9F;@=< JA>LK G;;MJK L@=J=:Q ;J=9LAF? 9
–CE J=DA=> :=LO==F L@= =<?=K 9F< L@= :GLLGE G> L@= JA>L #N=FLM9DDQ
@GL E9V; GJ MDLJ9E9V; E9?E9 WGOK AF L@JGM?@ ALK :GLLGE
1L9?= ! –9F =9JDQ <AN=J?=FL E9J?AF =NGDN=K 2@= <=FK= E9?E9
KL9JLK >GJEAF? G;=9FA; ;JMKL 9K AL ;GGDK 'LK <=FKALQ HJ=N=FLK AL >JGE JAK
AF? 9:GN= K=9 D=N=D K =PL=FKAGF ;GFLAFM=K L@= E9J?AFK :=;GE= EGJ=
<AKL9FL >JGE L@= JA>L 2@= G;=9FA; ;JMKL ;GGDK OAL@ LAE= 9F< :=;GE=K
<=FK=J KAFCAF? <==H=J AFLG L@= E9FLD= L@MK >GJEAF? L@= <==H G;=9FK
1L9?= " –9 >MDDQ <AN=J?=FL E9J?AF <=N=DGHK Q FGO L@= VJKL
G;=9FA; ;JMKL AK LGG <=FK= LG := KMHHGJL=< :Q L@= MF<=JDQAF? E9FLD= 'L
KL9JLK LG KAFC AF 9F< L@=J=:Q KL9JLK HMDDAF? L@= J=KL G> L@= G;=9FA; HD9L=
OAL@ AL K AL KM:<M;LK AL :JAF?K O9L=J OAL@ AL L@9L >==<K NGD;9FAKE 9L L@=
HD9L= :GMF<9JQ
1L9?= # –9 NGD;9FA; E9J?AF KL9JLK :MAD<AF? EGMFL9AFK =AL@=J 9K 9F
AKD9F< 9J; A> L@= KM:<M;LAGF AK G;=9FA; GJ 9K 9 EGMFL9AF 9J; A> L@= KM:
<M;LAGF AK G> !GJ<ADD=J9F LQH=
1L9?= $ –=N=FLM9DDQ L@= KM:<M;LAF? HD9L= @9K :JGM?@L L@= LOG ;GF
LAF=FLK GF =AL@=J KA<= G> L@= G;=9FA; ;JMKL AFLG ;GFL9;L OAL@ =9;@ GL@=J
9F< ;GDDAKAGF9D EGMFL9AF :MAD<AF? KL9JLK !GFLAF=FL9D ;JMKL >JGE GF=
HD9L= AK :=AF? HMK@=< GF LGH G> L@= GL@=J #N=FLM9DDQ L@= KM:<M;LAF?
KD9: L=9JK GX 9F< L@= EGMFL9AFK KLGH ?JGOAF?
1L9?= % –:JAF?K MK :9;C LG 9 KL9:D= ;J9LGF O@=J= =JGKAGF =N=FLM9DDQ
?JAF<K <GOF L@= EGMFL9AFK 9F< L@= KL9?= AK HJ=H9J=< >GJ 9 F=O JA>LAF?
=HAKG<=
 #'29,573/4- 89'-+8 /4 9.+ %/2854 )>)2+8
2@= KL9?=K L@9L HJGNA<= L@= GHHGJLMFALQ >GJ O9L=J GJ K=9O9L=J LG ;GF
L9;L @GL E9FLD= 9J= L@= EGKL AEHGJL9FL KL9?=K >GJ K9DL >GJE9LAGF 2@=
AFALA9D ;GFLAF=FL9D JA>LAF? 1L9?=  AK MKM9DDQ AFNGDNAF? AFWMP G> E=L=
GJA; O9L=J AFLG <==H >9MDLK OAL@AF L@= JA>L KQKL=E 2@AK E9Q =9KADQ EG:A
DAR= KGDM:D= KM:KL9F;=K AF L@= E9FLD=<==H ;JMKL 9F< :JAF? L@=E LG L@=
KMJ>9;= NA9 @Q<JGL@=JE9D HJG;=KK=K 59L=J E9Q D=9;@ GML =D=E=FLK ;GF
KLALMLAF? K9DLK O@=F AFL=J9;LAF? OAL@ HJAKLAF= E9FLD= 9F< GL@=J JG;CK GJ
:JAF? GML K9DLK >JGE HJ=NAGMK KL9?=K G> L@= 5ADKGF ;Q;D= MJC= =L 9D
 @9N= MK=< L@= HJ=K=F;= G> G:<M;L=< ;9J:GF9LAL=K LG K@GO L@9L
KMLMJ= RGF=K AF L@= NA;AFALQ G> L@= #9KL >JA;9F 0A>L J=HJ=K=FL GD<=J KM:
<M;LAGF RGF=K L@9L 9J= FGO DG;9L=< 9L L@= ;=FL=J G> JA>LAF? 9;LANALA=K 2@=
AEHDA;9LAGF G> L@=AJ OGJC AK L@9L GD< K9DLK 9;;MEMD9L=< <MJAF? EM;@ =9J
DA=J KL9?=K E9Q := EG:ADAR=< 9F< J=9HH=9J GF L@= KMJ>9;= >JGE <==H
@A<<=F KGMJ;=K
5@=F K=9O9L=J KL9JLK VDDAF? L@= JA>L <MJAF? 1L9?= ! L@= K9E=
HJG;=KK=K 9K 9:GN= OADD ;GFLAFM= 9F< AF 9<<ALAGF L@= K=9O9L=J :JAF?K
AF EGJ= K9DLK L@9L E9Q >GJE @=9NQ :JAF=K 9F< HJ=;AHAL9L= KGDA< K9DLK AF
L@= @Q<JGL@=JE9D HJG;=KK=K F =P9EHD= G> @9DAL= HJG<M;LAGF >JGE *9C=
+9?9<A AF L@= #9KL >JA;9F 0A>L ;D=9JDQ J=HJ=K=FLK =NA<=F;= G> @9DAL= :=
AF? 9;;MEMD9L=< <=KHAL= G;;MJJAF? >9J 9O9Q >JGE ;MJJ=FL K=9O9L=J
"MJAF? 1L9?= " L@= ;GGDAF? G;=9FA; ;JMKL AK ;GFLAFM9DDQ :=AF? =P
HGK=< LG K=9O9L=J <GOF LG ;GFKA<=J9:D= <=HL@ <M= LG ;GFLJ9;LAGF 9F<
>9MDLAF? -;=9FA; ;JMKL AK CFGOF LG @9N= HGJGKALA=K AF L@= J9F?= –
 =;C=J 9F< $AK@=J  5@AD= KLADD J=E9AFAF? @GL ‘GX9PAK’@Q
<JGL@=JE9D HJG;=KK=K ;GFLAFM= 9L <=HL@ OAL@AF L@= G;=9FA; ;JMKL L@MK
E9CAF? AL J=9<Q >GJ L@= F=PL KL9?= 1L9?= $ 2@= G;=9FA; ;JMKL AK FGO
DG9<=< OAL@ K=9O9L=J :JAF=K 9F< =N=F KGE= KGDA< K9DLK  MLL=JV=D<

"MJAF? 1L9?= $ L@= G;=9FA; ;JMKL 9F< ALK ;GFL=FL G> ;GEHGF=FLK >JGE
>GJE=J K=9O9L=J AK KM:<M;L=< 'L AK @=9L=< 9F< HJ=KKMJAR=< L@=J=:Q 9D
DGOAF? 9 F=O K=L G> ;@=EA;9D 9F< H@QKA;9D J=9;LAGFK LG L9C= HD9;=
 KM:K=L G> L@= 5ADKGF ;Q;D=K AK ;GEEGFDQ J=>=JJ=< LG 9K L@= “#:
6+7)549/4+49 )>)2+” "MJAF? L@= @AKLGJQ G> #9JL@ K=N=J9D KMH=J;GFLAF=FLK
@9N= 9KK=E:D=< D9J?= D9F<E9KK=K >GJ L@=J=9>L=J LG JA>L 9F< <JA>L 9H9JL
9?9AF $JGE ;GEHD=L= 9KK=E:DQ G> D9F<E9KK=K LG JA>L AL @9K L9C=F GF 9N
=J9?= ∼ +9
2@=K= =N=FLK 9J= G> ?J=9L AEHGJL9F;= LG L@= LGL9D =F=J?Q AFHML LG
L@= >GJE9LAGF G> KGDA< K9DLK >JGE <ADML= :JAF=K KM;@ 9K K=9O9L=J 9F<
L@=J= AK =NA<=F;= L@9L KMH=J;GFLAF=FLK 9J= 9F AFL=?J9D H9JL G> 5ADKGF
;Q;D=K AFNGDNAF? JA>LAF? K=9 WGGJ KHJ=9<AF? 9F< KM:<M;LAGF 9F< L@9L
L@=K= HJG;=KK=K @9N= :==F ?GAF? GF >GJ 9L D=9KL  %9 .AH=J 
MAL=J  2@AK HJGNA<=K 9EHD= =NA<=F;= >GJ L@= =PAKL=F;= G> FME=J
GMK KL9?=K G> 5ADKGF ;Q;D=K 9F< N9KL 9J=9K G> #9JL@ L@9L HGL=FLA9DDQ @9N=
:==F AFNGDN=< AF K9DL >GJE9LAGF
 #:(*:)9/54 '4* 8'29
 .'7')9+7/89/)8 5, 9.+ 5)+'4/) )7:89
2@= G;=9FA; ;JMKL @9K 9F 9N=J9?= L@A;CF=KK G> ∼ CE 9F< 9 J=?AGF9D
HGJGKALQ G> MH LG  9 HGJGKALQ O@A;@ AK ;GFKA<=J=< E9AFDQ LG :=
VDD=< OAL@ K=9O9L=J  =;C=J 9F< "9NAK  5@=J=9K AL @9K HJGN=<
J=D9LAN=DQ =9KQ LG VF< G;=9F WGGJ N=FL KAL=K >GJ @Q<JGL@=JE9D WGO
AL AK EM;@ EGJ= <A>V;MDL LG <G;ME=FL O@=J= K=9O9L=J =FL=JK AFLG L@=
G;=9FA; ;JMKL L@= ‘J=;@9J?=’RGF=K &GO=N=J GF= KM;@ KAL= O9K >GMF<
:Q ;@9F;= <MJAF? L@= <JADDAF? G> "1". &GD=  9L 1AL=  AF L@=
LD9FLA; -;=9F 2@= @GD= AK DG;9L=< 9L 9F AKGD9L=< K=<AE=FL HGF< L@=


UNCORRECTED PROOF
5;2'4*+9'2 '7/4+'4*!+9752+:3+525-> ===  ======
‘,GJL@ .GF<’ E=9KMJAF?  :Q CE 2@= @GD= O9K <JADD=< ∼CE O=KL
G> L@= +A< LD9FLA; 0A<?= +0 ;J=KL 9L  E O9L=J <=HL@ >L=J
H=F=LJ9LAF? E AFLG L@= K=<AE=FLK 9F< GN=J E AFLG L@= G;=9FA;
;JMKL E9AFDQ ;GFKAKLAF? G> :9K9DLK LG L@=AJ KMJHJAK= L@= J=K=9J;@=JK
>GMF< <J9O<GOF G> O9L=J AFKL=9< G> L@= =PH=;L=< GN=JHJ=KKMJ=  =;C=J
9F< "9NAK 
"MJAF? 9 J=NAKAL LG L@AK @GD= L@=Q E=9KMJ=< L@9L K=9O9L=J O9K <AK
9HH=9JAF? AFLG L@= GH=F @GD= 9L 9 J9L= G> ∼* H=J @GMJ 2@= @GD=
O9K L@=F VLL=< OAL@ 9 !-0) !AJ;MD9LAGF -:NA9LAGF 0=LJGVL )AL =? 9F
AFKLJME=FL=< :GJ=@GD= K=9D 9F< EGFALGJ=< “'F L@=  Q=9JK KAF;= L@=
AFALA9D <JADDAF? &GD=  @9K :==F J==FL=J=<  LAE=K VJKL <MJAF? *=?
  9F< EGKL J=;=FLDQ <MJAF? *=?   #9;@ LAE= J=H=9L L=EH=J9LMJ=
DG?K WMA< K9EHD=K 9F< WGOE=L=J DG?K ;D=9JDQ <=EGFKLJ9L=< L@9L G;=9F
:GLLGE O9L=J O9K WGOAF? <GOF L@= @GD= 9L 9 ;GFKAKL=FL J9L= G> 9:GML
*@J” =;C=J 9F< "9NAK  0=KMDLK >JGE KAEAD9J K=LLAF?K A=
L@= W9FC G> L@= #F<=9NGMJ 0A<?= -". *=?  KLJGF?DQ KMHHGJLK L@=
FGLAGF L@9L L@=J= 9J= @M?= WMP=K G> DGOL=EH=J9LMJ= K=9O9L=J WGOAF?
L@JGM?@ N=JQ LJ9FKEAKKAN= MHH=J :9K=E=FL K=<AE=FL=< QGMF? G;=9FA;
;JMKL J=?9J<D=KK G> O@=L@=J L@= K=<AE=FL ;GN=J AK ;GFLAFMGMK GJ H9L;@Q
9F< J=?9J<D=KK G> KHJ=9<AF? J9L=
-;=9FA;;GFLAF=FL9D KM:<M;LAGF G;;MJK O@=J= H9JLK G> L@= G;=9FA;
DAL@GKH@=J= <=K;=F<K AFLG L@= E9FLD= :=F=9L@ 9F GN=JJA<AF? ;GFLAF=FL9D
HD9L= "MJAF? KM:<M;LAGF L@= G;=9FA; HD9L= :=;GE=K <=O9L=J=< 9K ALK
@Q<JGMK WMA<K 9J= J=D=9K=< 9F< H=JE=9L= L@= GN=JDQAF? E9FLD= O=<?=
$A?  1AEAD9J <=O9L=JAF? 9DKG G;;MJK >GJ AFLJ9G;=9FA; KM:<M;LAGFK
O@=J= G;=9FA; DAL@GKH@=J= <=K;=F<K :=DGO 9FGL@=J G;=9FA; DAL@GKH@=J=
#N=F A> L@= KM:<M;LAF? KD9:K J=D=9K= KGE= G> L@=AJ HGJ= O9L=J ;GF
L=FL =9JDQ AF L@= KM:<M;LAGF HJG;=KK D9J?= E9KK=K G> O9L=J 9F< K9DLK 9J=
:JGM?@L <GOF LG ?J=9L <=HL@ 9F< E9Q MF<=J?G @Q<JGL@=JE9D ;GFN=J
KAGF 2G ADDMKLJ9L= L@= HGL=FLA9D >GJ K9DL >GJE9LAGF AF BMKL GF= KM:<M;LAGF
RGF= L@= F<=9F KM:<M;LAGF ;9F HJGNA<= KGE= @AFLK $9;;=FF9 =L 9D
 @9N= ;9D;MD9L=< L@= D=F?L@ G> KM:<M;L=< DAL@GKH@=J= AF L@= F
<=9F KM:<M;LAGF RGF= LG := AF L@= J9F?= G> CE LG CE GN=J
9 H=JAG< G> – +9 2@AK KM:<M;LAGF RGF= KLJ=L;@=K 9DGF? L@= =FLAJ=
1GML@ E=JA;9 GN=J 9 OA<L@ G> EGJ= L@9F CE 5AL@ 9 KMKH=;L=<
HGJGKALQ G> – >JGE AFALA9DDQ – VDD=< OAL@ K9DAF= HGJ=O9
L=JK OAL@AF L@= KM:<M;L=< EMDLAHD= CADGE=LJ=K L@A;C KD9:K G> L@= .9;AV;
-;=9F ;JMKL L@= 9EGMFL G> HGL=FLA9DDQ >GJE=< K9DL OADD := AF L@= KAR= G>
EADDAGFK G> ;M:A; CADGE=LJ=K
 /**+4 '4* 853+9/3+8 ;/8/(2+ 8'298 /4 8:(*:)9/54 ?54+8
 KLM<Q :Q 1;JA:9FG =L 9D  KL9L=K L@9L K=JH=FLAFAL=K E9Q 9;L 9K
J=K=JNGAJK >GJ <=FK= :JAF=K 9F< K9DLK <M= LG L@= EAF=J9DG?A;9D HJG;=KK=K
AFNGDN=< AF K=JH=FLAFAR9LAGF G> @GL H=JA<GLAL= AF ;GFL9;L OAL@ K=9O9L=J
2@AK K9DL E9Q D9L=J := <JAN=F GML LG :=;GE= NAKA:D= K9DL <=HGKALK
1AEAD9JDQ 9 KLM<Q GF L@= >9L= G> K9DLK AF H=JA<GLAL=K 9F< K=JH=FLAFAL=K
=PHGK=< LG K=9O9L=J O9K MF<=JL9C=F :Q 1@9JH 9F< 9JF=K  1GE=
G> L@=AJ ;GF;DMKAGFK 9J=
 1=JH=FLAFAL= E9Q := L@= E9BGJ ;GF<MAL >GJ KMJV;A9D ;@DGJAF= LJ9FK>=J
LG E9FLD= <=HL@K 9F< 9F AEHGJL9FL H9JL G> L@= ;@DGJAF= ;Q;D= 2@=
!D WMP AF K=JH=FLAFAL=K AFLG L@= E9FLD= AK D9J?=J L@9F 9DD GL@=J HJ=NA
GMKDQ A<=FLAV=< WMP=K
 !D AK KAL=< AF :GL@ O9L=JKGDM:D= 9F< –AFKGDM:D= ;GEHGF=FLK
  @A?@K9DAFALQ WMA< “HDME=”AK =NGDNAF? <MJAF? K=JH=FLAFAL= <=@Q
<J9LAGF G> 9 KM:<M;LAF? KD9: 2@= @A?@K9DAFALQ WMA< 9>>=;LK E=L9
EGJH@A; J=9;LAGFK 9F< E=DLAF? HJGH=JLA=K 9:GN= L@= KD9: 9F< ;9F
;9MK= AFL=FK= E=L9KGE9LAKE
"==H=J HJG;=KK=K OAL@AF KM:<M;LAGF RGF=K AFNGDNAF? ?J9FAL=K @9N=
:==F AFN=KLA?9L=< :Q 1JAC9FL9HH9 =L 9D  2@=Q G:K=JN= WMA< AF
;DMKAGFK OAL@ @9DAL= ;GFL=FLK G> MH LG – @=D< AF JG;CK @9NAF? :==F
=PHGK=< LG –°! 9K=< GF 9HH=9J9F;= 9F< GJA=FL9LAGF G> L@= AF
;DMKAGFK L@= 9ML@GJK KM??=KL L@9L L@=AJ ;GFL=FL AK G> E9?E9LA; GJA?AF
9F< FGL E=L=GJA;
1LM<A=K G> #;DG?AL=K >JGE =N=F <==H=J HGJLAGFK G> KM:<M;LAGF RGF=K
@9N= :==F H=J>GJE=< :Q FME=JGMK 9ML@GJK AF;DM<AF? A 1N=FK=F =L 9D
 9F< L@=AJ KLM<Q G> L@= =;DG?AL=K G> O=KL=JF ,GJO9Q O@=J= L@=Q
G:K=JN=< K9DAFALA=K AF =;DG?AL= AF;DMKAGFK G> – K9DL ;GFL=FL AA
6A9G =L 9D  O@G KLM<A=< =;DG?AL=K AF =9KL=JF !@AF9 9F< >GMF<
@A?@ K9DAFALQ AF;DMKAGFK AF JG;CK @9NAF? :==F =PHGK=< LG EGJ= L@9F
°! 9F< AAA D=P==N =L 9D  O@G J=HGJL >JGE 9 KLM<Q GF <AK
HGK9D G> @A?@DQ K9DAF= :JAF=K WGOAF? AFLG 9 <A9EGF< EAF= AF 9F =;DG?
AL= @GKL=< CAE:=JDAL= KALM9L=< OAL@AF L@= 1A:=JA9F HD9L>GJE 'FWGO G>
K9DL :JAF=K AFLG L@= EAF= =P;==<=< EZ H=J <9Q G> :JAF=K OAL@ KGDA<
;GFL=FLK G> EGJ= L@9F ?DALJ= 2@=K= =P9EHD=K D=9N= FG <GM:L L@9L
#!  +,9 8=DDE=J =L 9D’K V?MJ= K@GOAF? KM:<M;LAGFJ=D9L=< 9J; NGD;9FAKE L@9L AK LJA??=J=< :Q WMA<K 9F< EAF=J9DK ‘KIM==R=<’GML G> L@= <GOF?GAF? G;=9FA; DAL@GKH@=J= MF<=J L@= KM:
<M;LAGF O=<?= G> L@= GN=JDQAF? ;GFLAF=FL9D HD9L= ‘5’ ;;J=LAGF9JQ O=<?= ‘-!’-;=9FA; ;JMKL ‘!!’ !GFLAF=FL9D ;JMKL "/-.9 <A9?J9E >JGE +9FFAF?  O@A;@ K;@=E9LA;9DDQ
K@GOK L@= H9L@ G> 9 KD9:<=JAN=< WMA< OAL@ E9FLD= &Z- ;GFL=FLK OL 2@= WMA< EA?J9L=K AFLG L@= E9FLD= O=<?= KGDA< GJ9F?= 9JJGOK O@=J= AL AK 9:KGJ:=< L@JGM?@ >GJE9LAGF G> @Q<JGMK
EAF=J9DK "GOFO9J< WGO G> KGDA< E9FLD= <9K@=< 9JJGOK ;9MK=K <=@Q<J9LAGF >L=J EMDLAHD= @Q<J9LAGF<=@Q<J9LAGF KL=HK L@= WMA< =FL=JK 9 J=?AGF O@=J= AL AK KL9:D= OAL@ 9F@Q<JGMK
EAF=J9DK O@A;@ 9DDGOK ?J=9L=J LJ9N=D <AKL9F;=K GL@ AE9?=K ADDMKLJ9L= AEHGJL9FL 9KH=;LK G> L@= AFF=J ‘9F9LGEQ’G> KM:<M;LAGFK 2@=K= HJG;=KK=K G;;MJ OAL@AF L@= ?J==F J=;L9F?MD9J RGF=
AF<A;9L=< GF L@= D=>@9F< V?MJ= +G<AV=< >JGE 8=DDE=J =L 9D  +9FFAF?  $GJ AFL=JHJ=L9LAGF G> L@= J=>=J=F;=K LG ;GDGJ AF L@AK V?MJ= D=?=F< L@= J=9<=J AK J=>=JJ=< LG L@= 5=:
N=JKAGF G> L@AK 9JLA;D=


UNCORRECTED PROOF
5;2'4*+9'2 '7/4+'4*!+9752+:3+525-> ===  ======
K9DLK 9J= LJ9FKHGJL=< LG ?J=9L <=HL@K AF KM:<M;LAGF RGF=K >JGE O@=J=
L@=Q E9Q J=9HH=9J <MJAF? D9L=J KL9?=K G> L@= 5ADKGF ;Q;D=
'L EA?@L := KL9L=< L@9L L@= >J9;LAGF G> K9DL OAL@AF AF;DMKAGFK AK J=D9
LAN=DQ KE9DD ;GEH9J=< LG L@= NGDME= G> L@= KGDA< JG;CK 9F< @=F;= L@9L
L@=Q E9Q GFDQ J=HJ=K=FL 9 EAFGJ KGMJ;= G> K9DL 2@AK NA=O <G=K FGL ;9H
LMJ= L@= >MDD =PL=FL G> L@= HJG;=KK=K :=@AF< L@= >GJE9LAGF G> L@=K= JG;CK
9F< L@=AJ AF;DMKAGFK 2@=J= AK 9EHD= =NA<=F;= L@9L L@= LJ9HH=< AF;DMKAGFK
J=HJ=K=FL BMKL 9 EAFML= H9JL G> L@= K9DLK 9F< WMA<K L@9L O=J= HJ=K=FL <MJ
AF? ;JQKL9DDAR9LAGF G> L@= JG;CK 2@= J=D9LAN=DQ DGO ;JQKL9DDARAF? L=EH=J9
LMJ=K L=DD MK L@9L L@=K= JG;CK O=J= FGL >GJE=< AF <JQ E=DLK 9F< L@9L EM;@
EGJ= O9L=J O9K HJ=K=FL :=>GJ= @9J<=FAF? 2@AK AK :=AF? J=;G?FAR=< AF
K=N=J9D KLM<A=K >GJ =P9EHD= D<=JLGF 9F< &9JEGF  -0=ADDQ =L 9D
 9F< &9JDGN =L 9D 
2@=Q 9DD G:K=JN= @GO <A>>=J=FL WMA<K AF;DM<AF? :JAF=K 9J= LJ9HH=<
<MJAF? L@= ;JQKL9DDARAF? G> L@= JG;CK L@=J=:Q HJGNAF? HJ=K=F;= G> WMP=K
G> :JAF=K OAL@AF L@= KM:<M;LAF? KQKL=E 5@=F IM9JLR AK ;JQKL9DDARAF?
>JGE KGDMLAGF AL HJG<M;=K O9L=J L@9L L=F<K LG <ADML= L@= :JAF=K HJ=
K=FL 'L AK L@=J=>GJ= DAC=DQ L@9L E9FQ AF;DMKAGFK AF ?J9FAL=K 9F< =;DG?AL=K
@9N= ;9HLMJ=< KDA?@LDQ <ADML=< :JAF=K J=D9LAN= LG L@GK= HJ=K=FL 9L L@= GF
K=L G> ;JQKL9DDAR9LAGF 0=?9J<AF? L@= IM=KLAGF G> E=DLAF? N=JKMK KGDMLAGF
G> EAF=J9DK AF L@= KM:<M;LAGF RGF=K +9FFAF?  KL9L=K L@9L “3F
<=J 9HHJGHJA9L= ;GF<ALAGFK KADA;9L= KGDM:ADALA=K E9Q :=;GE= KG @A?@ L@9L
L@=J= AK ;GEHD=L= EAK;A:ADALQ :=LO==F @Q<JGMK E=DLK 9F< <ADML= 9IM=GMK
KGDMLAGFK”
*9MEGFA=J =L 9D  ;GFVJE L@9L L@= IM9FLALQ G> :JAF=K AF JG;CK
OAL@AF L@= <==HK G> KM:<M;LAGF RGF=K AK AF L@= GJ<=J G> – J=D9LAN=
LG JG;C NGDME= 2@=Q @9N= DG;9L=< 9 N9KL NGDME= G> O9L=J L@9L GJA?A
F9DDQ KM:<M;L=< 9K K=9O9L=J :=F=9L@ GF= NGD;9FG  L@= 3LMJMF;M NGD
;9FG GF L@= GDANA9F DLAHD9FG 2@= NGDME= G> WMA<K :=F=9L@ L@AK KAF
?D= NGD;9FG AK =IMAN9D=FL LG  CEZ 2@= NGD;9FG AK DG;9L=< KGML@
G> *9C= 3QMFA
2@AK AK O@9L *9MEGFA=J =L 9D  KL9L= “1AEAD9J @A?@ ;GF<M;LAN
ALQ >=9LMJ=K 9J= G:K=JN=< :=F=9L@ L@= !9K;9<=K NGD;9FA; 9J; 9F< 29MHG
4GD;9FA; 8GF= 2@AK KM??=KLK L@9L D9J?= 9EGMFLK G> O9L=J AF KMH=J@Q
<JGMK 9F<=KALA; E9?E9K ;GMD< := 9 ;GEEGF >=9LMJ= G> 9;LAN= ;GFLAF=F
L9D 9J;K 9F< E9Q ADDMKLJ9L= 9 C=Q KL=H AF L@= KLJM;LMJ= 9F< ?JGOL@ G> L@=
;GFLAF=FL9D ;JMKL”2@= AFN=KLA?9LAGF :Q *9MEGFA=J =L 9D J=KLK GF L@= AF
L=JHJ=L9LAGF G> O9L=J 9K L@= ;9MK= >GJ L@= @A?@ ;GF<M;LANALQ 2@= 9ML@GJK
H=J>GJE=< @A?@ HJ=KKMJ= @A?@ L=EH=J9LMJ= =PH=JAE=FLK OAL@ J=D=N9FL
JG;CK 9F< O9L=J LG =KL9:DAK@ L@= O9L=J ;GFL=FL F==<=< LG HJG<M;= L@=
G:K=JN=< ;GF<M;LANALQ 'L E9Q 9DKG ;9MLAGMKDQ := KM??=KL=< L@9L O9L=J 9L
L@=K= <=HL@K AK EGKL DAC=DQ K9LMJ9L=< OAL@ K9DLK =? AL AK DAC=DQ L@9L @A<
<=F K9DLK GJ :JAF=K HD9Q 9 Q=L MF<=L=;L=< :ML AEHGJL9FL JGD= @=J=
"MJAF? D9L=J L=;LGFA; =N=FLK =? JA>LAF? DAC= AF L@= #9KL >JA;9F
0A>L L@= @A<<=F K9DLK E9Q :=;GE= 9;LAN9L=< 9F< EAP=< OAL@ F=ODQ
>GJE=< K9DLK >JGE JA>LJ=D9L=< @Q<JGL@=JE9D HJG;=KK=K =? *9C= +9?
9<A 9DL@GM?@ @GO=N=J AL AK FGL KLJ9A?@L>GJO9J< LG <AKLAF?MAK@ :=LO==F
L@= LOG ?=F=J9LAGFK G> K9DL %=F=J9DDQ @GO=N=J L@= EGKL KGDM:D= K9DL
LQH=K =? E9?F=KAME ;@DGJA<= <AK9HH=9J GML G> L@= KQKL=E
 "/,9/4- '4* 8'29
 4975*:)9/54
'F L@= 5ADKGF ;Q;D= K9DL EG<=D JA>LAF? J=HJ=K=FLK L@= ‘K=;GF< H@9K=’
>GDDGOAF? L@9L G> KM:<M;LAGF 0A>LAF? G;;MJK O@=J= H9JLK G> L@= ;GFLAF=F
L9D GJ G;=9FA; ;JMKL AK KLJ=KK=< LG KM;@ 9F =PL=FL L@9L AL AK HMDD=< 9H9JL
9F< ;9MK=K @GL E9FLD= LG := <J9OF MHO9J<K KG L@9L AL H9JLA9DDQ E=DLK
$A?  KAEGO 
#!  !GF;=HLM9D <J9OAF? K@GOAF? L@= ?=GDG?Q G> EA< G;=9F JA>LAF? EG<AV=< >JGE KAEGO  2@= 9?= EADDAGFK G> Q=9JK G> L@= G;=9FA; ;JMKL AK AF<A;9L=< GF L@= @GJARGFL9D
9PAK “2@= KGDA<KL9L= WGO AF<M;=< :Q HD9L= KHJ=9<AF? :JAF?K @GL E9L=JA9D MHO9J< 3HO=DDAF? E9FLD= VJKL ;JGKK=K L@= @Q<JGMK KGDA<MK O@=J= E=DLAF? :=?AFK 9K 9 J=KMDL G> LJ9;= O9L=J AF
L@= E9FLD= 9F< KM:K=IM=FLDQ L@= <JQ KGDA<MK O@=J= E=DLAF? 9;;=D=J9L=K 2@= L@A;CF=KK 9F< ;GEHGKALAGF G> L@= ;JMKL ?=GH@QKA;9D HJG:=K 9F< =PH=JAE=FLK DG;9LAF? L@= KGDA<MK ;GFKLJ9AF
=KLAE9L=K G> E9FLD= L=EH=J9LMJ= 19J9V9F =L 9D AF>=J L@9L L@= E9FLD= AK ) @GLL=J L@9F HJ=NAGMKDQ L@GM?@L”KAEGO 


UNCORRECTED PROOF
5;2'4*+9'2 '7/4+'4*!+9752+:3+525-> ===  ======
2@AK ;@9HL=J J=NA=OK @GO :JAF=K 9F< KGDA< K9DLK E9Q :=;GE= AFL=?J9D
AF L@= JA>LAF? HJG;=KK AF :GL@ ;GFLAF=FL9D FGFE9JAF= 9F< G;=9FA; JA>L
AF?
 5986598 '4* 3'492+ 62:3+8 67+):78578 ,57 7/,9/4-
;;GJ<AF? LG GKOGJL@  9F< J=>=J=F;=K L@=J=AF L@= 0=< 1=9
JA>L G;;MJJ=< :=LO==F LOG @GLKHGLK GJ @GL E9FLD= HDME=K L@= ‘!9AJG
+AFA.DME=’9F< L@= ‘>9J .DME=’ 5@9L <G KM;@ HDME=K J=HJ=K=FL AF
L@= ;MJJ=FL ;GFL=PL
&GLKHGLK 9JAK= 9K 9 ;GFK=IM=F;= G> H@QKA;9D AFKL9:ADALA=K AF E9FLD=
E9L=JA9DK "MJAF? KM:<M;LAGF L@= VJKL AFKL9:ADALQ LG 9HH=9J AK L@= ;GE
HJ=KKAGF G> L@= KM:<M;LAF? KD9: D=9<AF? LG L@= =K;9H= G> KGE= G> L@=
K9DAF= WMA<K "MJAF? G;=9FA; KM:<M;LAGF L@= WMA<K @9N= 9 J=D9LAN=DQ
=9KQ 9;;=KK LG L@= KMJ>9;=  GJ K=9:=< O@=J= L@=Q =K;9H= LG L@= O9L=J
;GDMEF 2@AK =KH=;A9DDQ G;;MJK 9DGF? >9MDL HD9F=K D=9<AF? <GOF LG L@=
KM:<M;LAGF RGF=
K L@= KD9: <=;=F<K L@= K9DAF= :JAF=K 9J= ;9MKAF? :9K9DLA; NGD;9FAKE
9F< L@= :MAD<MH G> AKD9F< 9J;K :Q H=F=LJ9LAF? L@= @9F?AF? O9DD $A? 
"MJAF? !GJ<ADD=J9F KM:<M;LAGF L@= KALM9LAGF AK KAEAD9J :ML L@= HGJ=O9
L=J ;GFL9AFK KGE= =PLJ9 =D=E=FLK <M= LG KDA?@LDQ <A>>=J=FL ;@=EAKLJQ AF
L@= KQKL=E 1GE= K9DAF= WMA<K 9DKG =K;9H= L@= KM:<M;LAGF RGF= :Q WGO
LG L@= KMJ>9;= NA9 @Q<JGL@=JE9D 9;LANALQ 9F< ;GF<M;LAN= >9MDLK JAF=K
=K;9HAF? L@= KM:<M;LAGF RGF= AF L@AK KALM9LAGF @9N= LG H=F=LJ9L= EM;@
L@A;C=J ;JMKL AF GJ<=J LG =E9F9L= GF L@= KMJ>9;= 19DLQ :JAF=K =E9F9LAF?
GFLG KMJ>9;=K OAL@ 9JA< ;DAE9L= E9Q D=9< LG 9;;MEMD9LAGF G> K9DL O@AD=
L@GK= N=FLAF? GML GF DG;9LAGFK OAL@ O=L ;DAE9L= OADD := O9K@=< :9;C LG
L@= K=9
&GL :JAF=K =E9F9LAF? GF L@= :GLLGE G> <==H G;=9FK L=F< LG := :=L
L=J HJGL=;L=< 9?9AFKL <AKKGDMLAGF L@9F :JAF=K =F<AF? MH GF D9F< 2@AK AK
:=;9MK= :JAF=K L@9L 9J= N=FLAF? GF L@= K=9 WGGJ OADD ;GGD 9F< HJ=;AHAL9L=
KGDA< K9DLK L@9L E9Q D9L=J := HJGL=;L=< H=JE9F=FLDQ :Q K=<AE=FLK GJ E9
L=JA9D G> :AG?=FA; GJA?AF KM;@ 9K ;9J:GF9L=K
"MJAF? L@= F=PL KL=H G> <=N=DGHE=FL AF L@= !GJ<ADD=J9F KM:<M;LAGF
L@= :JAF=K AFL=J9;L OAL@ L@= @9F?AF? O9DD LG HJG<M;= L@= H@QKA;9D AF
KL9:ADALQ L@9L D=9<K LG ?J9FALA; HDMLGFK JAKAF? LG L@= KMJ>9;= 2@= HDMLGFK
9DKG 9;L 9K 9 LJ9FKHGJL E=;@9FAKE >GJ K9DAF= :JAF=K '> L@= KM:<M;LAGF @9K
:==F W9L >GJ =PL=F<=< H=JAG<K G> LAE= L@= GJA?AF9D @9F?AF? O9DD E9FLD=
E9Q := HMK@=< 9O9Q 9F< 9 <A>>=J=FL >GJE G> E9?E9LAKE AK K==F ML
L@= O9L=J 9F< 9;;GEH9FQAF? K9DLK 9J= KLADD AEHGJL9FL ;GEHGF=FLK G> L@AK
AFN=FLGJQ
"MJAF? L@= D9KL KL9?=K AF L@= DA>= G> 9 KM:<M;LAF? KD9: AL KAFCK AFLG
L@= KG;9DD=< ‘KD9: ?J9N=Q9J<’9L L@= DGO=J :GMF<9JA=K G> L@= GML=J E9F
LD= $A?  &=J= L@= J=D9LAN=DQ ;GGD J=E9AFK G> L@= KD9: KL9JL @=9L
AF? MH 9?9AF 9F< OAL@ ALK @A?@=J ;GFL=FL G> J=E9AFAF? @Q<JGPQD:=9J
AF? EAF=J9DK E9Q :=;GE= :MGQ9FL 9F< >GJE 9 NGD;9FA; @GLKHGL L@9L
JAK=K LG L@= KMJ>9;= "MJAF? 9K;=FL AL OADD AFL=J9;L OAL@ L@= KMJJGMF<
AF? E9FLD= 9F< :=;GE= KDA?@LDQ EAP=< OAL@ AL 2@AK <G=K FGL HJ=;DM<=
L@= >9;L L@9L L@= VJKL H9JLK G> L@= @GLKHGL E9?E9 9JJANAF? 9L L@=
KMJ>9;= EMKL ;GFL9AF 9 @A?@=J HGJLAGF G> E9L=JA9DK >JGE L@= KD9: ?J9N=
Q9J< ALK=D> 2@AK OGMD< AEHDQ 9 ;=JL9AF ;GFL=FL G> O9L=J 9F< K9DLK
K 9 @GLKHGL <=N=DGHK AFLG 9 KHJ=9<AF? G;=9FA; ;JMKL L@= AFALA9D
KMJ?= G> NGD9LAD= E9L=JA9DK E9Q :=;GE= D=KK <GEAF9FL 9F< AL J=D=9K=K
E9?E9 OAL@ 9 LQHA;9D :9K9DLA; ;GFL=FL G> ;@DGJA<=K 2@= <A>>=J=F;= AF
K9DAFALQ :=LO==F @GLKHGLK 9F< G;=9FA; :9K9DLK @9K :==F <G;ME=FL=< :Q
1LJGF;AC 9F< &99K=  2@=Q KL9L= “2@= E9BGJALQ G> @GLKHGL D9N9K
@9N= @A?@=J !D) J9LAGK L@9F <=HD=L=< EA<G;=9F JA<?= :9K9DLK ;GF
KAKL=FL OAL@ L@= HJ=K=F;= G> J=;Q;D=< ;JMKL9D ;GEHGF=FLK AF L@= E9F
LD=HDME= KGMJ;=K G> @GLKHGLK”
)GN9D=FCG =L 9D  KLM<A=< L@= RGF9D <A>>=J=F;=K OAL@AF L@J==
E9FLD= @GLKHGLK 2@=Q J=HGJL GF L@= KGMJ;= G> L@= HDME=K 9K O=DD 9K L@=
<AKLJA:MLAGF G> O9L=J ;@DGJAF= 9F< GL@=J =D=E=FLK OAL@AF AL 2@=Q ;GF
;DM<= “2@= HDME= E9FLD= O9K >GJE=< E9AFDQ :Q L@= EAPAF? G> L@J==
KGMJ;=K MDLJ9<=HD=L=< E9FLD= EG<=J9L=DQ =FJA;@=< J=D9LAN=DQ <JQ E9F
LD= 9F< EG<=J9L=DQ =FJA;@=< &Z-JA;@ E9FLD= 'F 9<<ALAGF LG L@= L@J==
E9AF ;GEHGF=FLK G> L@= HDME= E9FLD= L@=J= 9J= HJG:9:DQ EAFGJ ;GE
HGF=FLK =FJA;@=< AF ;@DGJAF= 9F< <=HD=L=< AF WMGJAF= 'L AK KMHHGK=< L@9L
9DD L@=K= ;GEHGF=FLK 9J= =FLJ9AF=< AFLG L@= HDME= E9FLD= L@JGM?@ L@=
E9FLD= J=;Q;DAF? G> ;GEHGF=FLK G> L@= G;=9FA; 9F< ;GFLAF=FL9D ;JMKL
2@= =KL9:DAK@=< J=D9LAGFK@AHK 9J= AF 9?J==E=FL OAL@ L@= RGF9D EG<=D G>
9 E9FLD= HDME= O@A;@ AF;DM<=K 9 @GL ;=FLJ9D H9JL HGGJ AF &Z- !D 9F<
1 9F GML=J H9JL =FJA;@=< AF NGD9LAD= 9F< FGFNGD9LAD= AF;GEH9LA:D= =D=
E=FLK 9F< =F;DGKAF? E9FLD= E9L=JA9D AFL=J9;LAF? OAL@ L@= HDME=”2@AK
<=K;JAHLAGF G> E9FLD= HDME=K AK AF DAF= OAL@ GMJ EG<=D O@=J= O9L=J
;GFL9AF=< AF L@= GML=J H9JLK G> L@= HDME= EGKL DAC=DQ GJA?AF9L=K >JGE
L@= KM:<M;L=< G;=9FA; HD9L= 9F< L@9L ;@DGJAF= 9F< KMD>MJ 9J= J=EF9FLK
G> E9JAF= K9DLK 9KKG;A9L=< OAL@ HGJ= O9L=J AF L@= G;=9FA; KD9:
GL@ G> L@=K= LOG KLM<A=K GF ;@DGJA<= ;GFL=FLK 9F< GJA?AF G> @GLKHGL
E9?E9K 9J= :9KAF? L@=AJ J=KMDLK GF KLM<A=K G> AF;DMKAGFK LJ9HH=< AF NGD
;9FA; ?D9KK 9K L@= E9?E9 ;JQKL9DDAR=< 'L AK O=DD CFGOF L@9L O9L=J 9F<
:9K9DLK =PAKL AF >MDD EAK;A:ADALQ 9L =D=N9L=< HJ=KKMJ=K 9F< L=EH=J9LMJ=K
9K L@= O9L=J DGO=JK L@= E=DLAF? L=EH=J9LMJ= G> L@= EAPLMJ= &GO=N=J
<MJAF? 9K;=FL L@= E9?E9 AK ?J9<M9DDQ <=HJ=KKMJAR=< 9F< MDLAE9L=DQ 9
@A?@=J H=J;=FL9?= G> O9L=J =K;9H=K 9F< E9Q LJ9FKHGJL K9DLK OAL@ AL 9K
L@= D9N9 KGDA<AV=K 2@MK L@= 9EGMFL G> O9L=J 9F< K9DLK >GMF< LJ9HH=<
AF AF;DMKAGFK HJG:9:DQ J=HJ=K=FLK L@= D9L=J KL9?= 9EGMFL 9F< ;GF;=FLJ9
LAGFK J9L@=J L@9F L@= AFALA9D KL9?=
=;9MK= @GL KHGL HDME=K >JGE <==H AF L@= E9FLD= =?  CE AF
;DM<= KM:<M;L=< G;=9FA; ;JMKL 9DKG K=9 K9DLK 9J= >GMF< AF L@=K= D9N9K
1G:GD=N =L 9D  J=HGJL L@= 9F9DQKAK G> KLJGFLAME AKGLGH=K
Z1JZ1J AF D9N9 >JGE +9MF9 *G9 &9O9AA O@A;@ E9L;@=K L@= ;GE
HGKALAGF G> – %9 GD< K=9O9L=J 1=9O9L=J GD<=J L@9F  %9 AK KA?
FA>A;9FLDQ D=KK J9<AG?=FA; "AJ=;L ;GFL9;L OAL@ EG<=JF K=9O9L=J AK FGL
;GFKAKL=FL OAL@ L@= DGO N9DM=K G> 9F< !D 2@MK L@=Q ;GF;DM<= L@9L
K=9O9L=J EMKL @9N= ‘;GFL9EAF9L=<’L@= +9MF9 *G9 KGMJ;= JG;C HJAGJ LG
KM:<M;LAGF 1G:GD=N =L 9D  2@=K= J=KMDLK AF<A;9L= L@9L K=9 K9DLK
#!  !9JLGGF EG<AV=< >JGE 1N=FK=F =L 9D  K@GOAF? KM:<M;L=< DAL@GKH@=JA; KD9:K L@9L E9Q AFL=J9;L OAL@ L@= E9J?AFK G> L@=JEG;@=EA;9D HJGNAF;=K AF L@= <==H E9FLD= AF;DM<AF?
‘238-’AF J=< DG;9L=< :=F=9L@ EM;@ G> >JA;9 9F< 'F<A9 2@AK E9Q LJA??=J L@= >GJE9LAGF G> HDME=K 9K <AK;MKK=< AF L@= L=PL $GJ AFL=JHJ=L9LAGF G> L@= J=>=J=F;=K LG ;GDGJ AF L@AK V?MJ=
D=?=F< L@= J=9<=J AK J=>=JJ=< LG L@= 5=: N=JKAGF G> L@AK 9JLA;D=


UNCORRECTED PROOF
5;2'4*+9'2 '7/4+'4*!+9752+:3+525-> ===  ======
MK=<  %9 LG J=9HH=9J 9L KMJ>9;= A= EM;@ K@GJL=J LAE= L@9F =9JDA=J
=PH=;L=< 9K=< GF L@=AJ KLM<Q 1G:GD=N =L 9D  9DKG ;9D;MD9L=< L@=
9N=J9?= ;AJ;MD9LAGF J9L= G> ;JMKL L@JGM?@ L@= E9FLD= LG := AF L@= GJ<=J
G> –;EQ=9J
2@= <A>>=J=F;=K AF K9DAFALQ G> @GLKHGL NGD;9FAKE L@=J=>GJ= E9Q :=
=PHD9AF=< :Q L@= GJA?AF G> L@=AJ E9?E9 &GLKHGLK L@9L 9JAK= 9K 9 J=KMDL
G> KM:<M;L=< E9L=JA9DK :=AF? J=;Q;D=< K@GMD< @9N= @A?@=J K9DAFALQ L@9F
GL@=JK &GO=N=J L@AK K9DAFALQ E9Q FGL D9KL >GJ=N=J 9K L@= EGJ= NGD9LAD=
;GEHGF=FLK EMKL := =PH=;L=< LG 9JJAN= =9JDQ 9F< L@=F <AEAFAK@ AF ;GF
;=FLJ9LAGF GN=J LAE= 'FALA9D @GLKHGL NGD;9FAKE G> J=;Q;D=< E9FLD= E9
L=JA9DK K@GMD< L@=J=>GJ= := =PH=;L=< LG HJG<M;= K9DLK OAL@ L@= E9?E9
2@AK K9DL ;GE=K AF 9<<ALAGF LG GL@=J K9DLK HJG<M;=< :Q @Q<JGL@=JE9D 9;
LANALQ >JGE @=9L 9F< JG;CO9L=J AFL=J9;LAGF
2@= ;GEHGKALAGF G> =N9HGJAL=K 9F< N9JAGMK JG;C LQH=K O=J= AFN=KLA
?9L=< :Q )=F<JA;C =L 9D  9F< ;GEH9J=< LG K=9O9L=J 1GE= G> L@=
<9L9 9J= K@GOF AF 29:D=  LG?=L@=J OAL@ ;9D;MD9L=< J9LAGK :=LO==F L@=
L@J== =D=E=FLK !D J 9F< $ 'FL=J=KLAF?DQ L@=K= <9L9 K@GO N=JQ D9J?=
<A>>=J=F;=K :=LO==F L@= J9LAGK G> L@=K= =D=E=FLK >GJ L@= N9JAGMK KGMJ;=K
2@= !D J J9LAGK >GJ =N9HGJAL=K 9J= GF= GJ<=J G> E9?FALM<= @A?@=J L@9F
>GJ K=9O9L=J O@AD= L@= ;GJJ=KHGF<AF? !D$ J9LAGK >GJ =N9HGJAL=K 9J=
F=9JDQ >GMJ @MF<J=< LAE=K @A?@=J L@9F >GJ K=9O9L=J 2@= !D J J9LAGK
>GJ ‘HJAEALAN= E9FLD=’9J= ;GEH9J9:D= LG L@GK= G> K=9O9L=J O@AD= L@=
!D$ J9LAG G> ‘HJAEALAN= E9FLD=’AK LOG GJ<=JK G> E9?FALM<= DGO=J L@9F
K=9O9L=J 2@=K= =D=E=FL9D J9LAGK <=EGFKLJ9L= L@9L =N9HGJAL=K @9N= ?GF=
L@JGM?@ H=JN9KAN= J=VFAF? HJG;=KK=K 9F< AFL=J9;LAGFK OAL@ L@= KA<=O9DD
JG;CK AF L@= @Q<JGL@=JE9D KQKL=E 9F< 9J= FG DGF?=J KAEAD9J LG K=9O9L=J
;GEHGKALAGF
'L AK AEHGJL9FL LG := 9O9J= L@9L =N=F A> ;GF;=FLJ9L=< :JAF=K 9J=
>GJE=< >JGE K=9O9L=J ;AJ;MD9LAF? AF 9K;=F<AF? E9FLD= HDME=K KH=;A9D
?=GDG?A;9D ;GF<ALAGFK 9J= J=IMAJ=< >GJ L@AK K9DL LG HJ=;AHAL9L= 9K KGDA<
K9DL 9F< LG := HJ=K=JN=< 1M;@ J=D9LAGFK@AHK ;9FFGL := >GMF< =N=JQ
O@=J= DGF? L@= +0 >GJ =P9EHD= L@=J= AK FG ;GF;=FLJ9LAGF G> K9DL
:=;9MK= L@= K=9O9L=JJG;C AFL=J9;LAGFK 9J= F=9J L@= K=9:=< 9F< L@= K9DL
AK O9K@=< 9O9Q 2@AK OADD G>L=F := L@= ;9K= A> L@= K=JH=FLAFAR9LAGF L9C=K
HD9;= F=9J L@= K=9:=<
 $.+ #5:9. 92'49/) 7/,9 ('8/48
'F L@=AJ 9F9DQKAK G> L@= GH=FAF? G> L@= 1GML@ LD9FLA; -;=9F 9F< L@=
<AKK=;LAGF G> 9F HLA9F K9DL :9KAF 2GJKNAC =L 9D  9J?M= >GJ 9 ;GF
N=FLAGF9D =N9HGJAL= >GJE9LAGF “ … L@9L L@= HLA9F K9DL 9;;MEMD9LAGFK
:=DGF?=< LG 9 KAF?D= HJ=:J=9CMH KQFJA>L :9KAF ;GFVF=< LG ;GFLAF=F
L9D 9F<GJ KM:9=JA9D :9K9DLA; KM:KLJ9L=K”&GO=N=J O9L=J <=HL@K G> MH
LG E AF L@AK KAF?D= KQFJA>L :9KAF 9J= FGL =P;DM<=< “'L AK OA<=DQ 9;
;=HL=< L@9L L@= K9DL O9K <=HGKAL=< AF 9 K@9DDGOO9L=J =FNAJGFE=FL 9F<
H9D9=GFLGDG?A;9D =NA<=F;= >JGE L@= HLA9F LG =9JDA=KL D:A9F <GDGEAL=
9F< K9HJGH=D K=IM=F;= G> L@= F?GD9F E9J?AF <=HGKAL=< BMKL 9:GN= L@=
HLA9F K9DL KM??=KLK FG EGJ= L@9F  E H9D=GO9L=J <=HL@ +9JLGF =L
9D ”
'F GJ<=J LG =PHD9AF =N9HGJ9LAGF AF KM;@ 9 <==H :9KAF 2GJKNAC =L 9D
 J=>=J LG OGJC :Q ,MFF 9F< &9JJAK  “2@=K= 9ML@GJK HJG
HGK=< 9 EG<=D G> KM:KMJ>9;= K==H9?= G> K=9O9L=J 9;JGKK 9 :9JJA=J LG =P
HD9AF L@AK 9HH9J=FL <AD=EE9 O@A;@ 9DKG OGMD< ;GFKLALML= 9 HGKKA:D= 9<
<ALAGF9D E=;@9FAKE >GJ L@= KQFJA>L <=HGKALAGF G> L@= ?J=9L =N9HGJAL= K=
IM=F;=”'F GMJ GHAFAGF @GO=N=J L@= HGL=FLA9D =>>=;LK G> @Q<JGL@=JE9D
HJG;=KK=K 9KKG;A9L=< OAL@ @A?@ @=9LWGO 9J= EGJ= HD9MKA:D= E=;@9FAKEK
>GJ =PHD9AFAF? L@= K9DL 9;;MEMD9LAGF AF L@= :9KAF
 :3+7/)'2 35*+2/4- 5, 9.+ #5:9. 92'49/) 7/,9
'F 9 J=;=FL FME=JA;9D EG<=DAF? G> L@= ‘JA>LLG<JA>L H@9K=’G> L@=
1GML@ LD9FLA; K9DL :9KAF ,GJLGF =L 9D  E9HH=< L@= DAEALK G>
G;=9FA; ;JMKL 9F< K9DL $A?  'F 9;;GJ<9F;= OAL@ L@= EG<=D HJGHGK=<
:Q 2GJKNAC =L 9D  L@=Q KM??=KL L@9L K9DL O9K <=HGKAL=< O@=F L@=
K=9WGGJ KHJ=9<AF? :=?9F L@9L AK O@=F L@= 1GML@ LD9FLA; GH=F=< 'F
9<<ALAGF ,GJLGF =L 9D  KM??=KL L@9L HJ=;AHAL9L=< K9DL WGO=< GN=J
9F< ;GN=J=< L@= KHJ=9<AF? JA<?= 9PAK L@MK K=9DAF? GX L@= ‘=PLJMKAN=
;GEHGF=FLK’G> L@= G;=9FA; ;JMKL J=KMDLAF? AF L@= >GJE9LAGF G> AFLJMKAN=
G;=9FA; ;JMKL “1=9WGGJ KHJ=9<AF? =N=FLM9DDQ :JGC= L@JGM?@ L@= L@AF
FAF? K9DL >GJEAF? :J=9CL@JGM?@ NGD;9FG=K HJ=K=JN=< LG<9Q 9K :9K=E=FL
J9EHK 9L L@= <AKL9D DAEALK 2@=K= J9EHK >GJE=< <A9;@JGFGMKDQ KG L@= <AK
L9D K9DL DAEALK 9J= FGL AKG;@JGF=K =PHD9AFAF? L@= HGGJ VL G> L@=K= >=9LMJ=K
AF HD9L= J=;GFKLJM;LAGFK”,GJLGF =L 9D  2@=AJ J=KMDLK 9J= 9;LM
9DDQ EM;@ AF DAF= OAL@ J=;=FL <=K;JAHLAGFK >JGE L@= 0=< 1=9 :Q M?MKLAF
=L 9D  O@=J= ?A9FL K9DL WGOK K=9D GX D9J?= LJ9;LK G> L@= 9;LAN=DQ
JA>LAF? ;=FLJ9D 9PAK G> L@= 0=< 1=9 LG := <AK;MKK=< AF .9JL 
,GJLGF =L 9D  9;LM9DDQ KM??=KL L@9L L@= K9DL >GJE9LAGF AF K;=
F9JAG ! G> $A?  AK EGJ=GJD=KK ‘AFKL9FL9F=GMK’“#KLAE9L=K G> <M
J9LAGF G> K9DL <=HGKALAGF 9J= HGGJDQ ;GFKLJ9AF=< J9F?AF? >JGE  CQ
LG  EQ "9NAKGF =L 9D  %AN=F HLA9F HD9L= KHJ=9<AF? J9L=K G>
–CEEQ &=AF= =L 9D  DGF?=J AFL=JN9DK G> K9DL <=HGKALAGF
OGMD< E=9F L@9L L@= ;GFBM?9L= K9DL :9KAFK K=H9J9L=< :=>GJ= L@= =F< G>
K9DL <=HGKALAGF L@AK AK AEHD9MKA:D= 5= L@MK HJ=>=J 9 K@GJL H=JAG< G>
K9DL <=HGKALAGF 5= 9DKG 9KKME= L@9L AKGKL9LA; DG9<AF? G;;MJJAF? 9K AL
<G=K GN=J L@GMK9F<K G> Q=9JK 9K GHHGK=< LG @MF<J=<K G> L@GMK9F<K G>
Q=9JK >GJ K9DL <=HGKALAGF N9F <=F =DL 9F< "= G=J  O9K AFKL9F
L9F=GMK” &GO=N=J LG MK L@AK K==EK N=JQ AEHJG:9:D= =KH=;A9DDQ O@=F
O= CFGO L@9L AKGKL9LA; >GJ;=K OADD FGL := HGO=J>MD =FGM?@ LG HJGNA<= L@=
F==<=< KM:KA<=F;=
2@MK 9 K@GJL H=JAG< G> K9DL <=HGKALAGF AK DAC=DQ ;GE:AF=< OAL@ AF
KL9FL9F=GMK AKGKL9LA; ;GEH=FK9LAGF ;;GJ<AF? LG N9F <=F =DL 9F< "=
G=J  L@AK K;=F9JAG K==EK AEHJG:9:D= :=;9MK= L@= O=A?@L =P
;=JL=< :Q L@= DGO <=FKALQ K9DL AK FGL KM>V;A=FL LG AKGKL9LA;9DDQ HMK@ <GOF
L@= @=9NQ JG;CK :=F=9L@ L@= :9K=E=FL WGGJ &GO=N=J 9;;GJ<AF? LG GMJ
EG<=D L@= K9DL VDDAF? L@= :9KAF GJA?AF9L=K >JGE ‘@A<<=F K9DL’:=F=9L@ L@=
:9KAFWGGJ 9F< L@= J=EGN9D G> L@AK K9DL MH AFLG L@= :9KAF OADD ?AN= 9F
AFKL9FL9F=GMK KM:KA<=F;= G> L@= :9KAF WGGJ <M= LG E9KK :9D9F;= ;GF<A
LAGFK 2@AK HJG;=KK AK J=>=JJ=< LG 9K 8:(758/54 =? :=DGO?JGMF< K9DL <AK
KGDMLAGF #@J@9J<L 9F< &ü:K;@=J  $MJL@=JEGJ= L@= ;AJ;MD9LAGF G>
K=9O9L=J <MJAF? L@= LJ9FKHGJL9LAGF H@9K= 9<<=< EGJ= K9DL LG L@= K9DL 9D
J=9<Q 9;;MEMD9L=< :=F=9L@ L@= :9KAF 9K AK 9DKG K==F AF L@= 0=< 1=9 LG
:= <=K;JA:=< 9F< <AK;MKK=< AF EGJ= <=L9AD AF .9JL 
2@MK AL AK KM??=KL=< L@9L L@= K9DL :9KAF O9K VDD=< :Q K9DL <=HGKALK
<MJAF? H=JAG<K G> @A?@ @=9LWGO =? <MJAF? 1"0>GJE9LAGF 9F< L@9L
K9DL O9K :JGM?@L AFLG L@= :9KAF :Q @Q<JGL@=JE9D K9LMJ9L=< :JAF=K >JGE
:=DGO
 4*/)'9/548 5, 9.+ 8'3+ 675)+88 59.+7 62')+8
'L AK AF>=JJ=< L@9L 9 KAEAD9J HJG;=KK AK ;MJJ=FLDQ L9CAF? HD9;= AF L@=
FGJL@=JF 0=< 1=9 9F< >9J J=?AGFK K== .9JL  9F< AK L@MK <=EGFKLJ9L
AF? L@= ;DGK= J=D9LAGFK@AH :=LO==F @Q<JGL@=JE9D K9DL HJG<M;LAGF 9F<
NGD;9FAKE 9K O=DD 9K :JAF= EA?J9LAGF 9F< J=VFAF? G> K9DLK O@=L@=J L@=Q
9J= <=HGKAL=< GF L@= KMJ>9;= AF 9 <JQ ;DAE9L= GJ GF L@= K=9WGGJ :Q HJ=
;AHAL9LAGF AF @A?@<=FKALQ :JAF= HGGDK &GO=N=J L@= EGKL AFL=J=KLAF? 9K
H=;L G> L@= ;GF;DMKAGFK G> ,GJLGF =L 9D  AK L@=AJ LJ9FKALAGF >JGE
% 
!GFL=FLK G> !D J 9F< $ AF K=9O9L=J =N9HGJAL=K 9F< ‘HJAEALAN= E9FLD=’ 09LAGK :=LO==F L@= L@J== =D=E=FLK 9J= 9DKG K@GOF $JGE )=F<JA;C =L 9D 
!DHHE JHHE $HHE !D J !D$
1=9O9L=J ± ±  ±  
#N9HGJAL=K ± ±  ±  
.JAEALAN=E9FLD= ± ±  ±  


UNCORRECTED PROOF
5;2'4*+9'2 '7/4+'4*!+9752+:3+525-> ===  ======
#!  1C=L;@ EG<AV=< >JGE ,GJLGF =L 9D  J=HJ=K=FLK 9 EG<=JF NA=O :9K=< GF FME=JA;9D ?=GEG<=DAF? GF @GO 9F< O@=F K9DL O9K <=HGKAL=< AF L@= !=FLJ9D LD9FLA; !9EHGK
9F< )O9FR9 :9KAFK ‘0’AK L@= <=HL@ G> L@= 0A>L PAK :=DGO K=9 D=N=D 2@= V?MJ= L=PL G> ,GJLGF =L 9D  AK 9K >GDDGOK”2@= ;9K= G> K=9O9J<<AHHAF? J=W=;LGJ 1"0 E9J?AFK DAC= H9JL
G> L@= !9EHGK 9KAF AK ADDMKLJ9L=<  0A>L :9KAF AK KM:9=JA9D 9F< LJ9FKALAGFAF? LG G;=9FA; ;JMKL >GJE9LAGF 0A>L 9PAK AK ∼CE :=DGO K=9 D=N=D  19E= LAE= 9K AF  :ML FGO K=9O9L=J @9K
WGG<=< L@= :9KAF 0A>L 9PAK AK ∼E :=DGO K=9 D=N=D ! 19DL @9K VDD=< L@= :9KAF LG K=9 D=N=D JA>L 9PAK AK ∼E :=DGO K=9 D=N=D " – +9 9>L=J ! OAL@ ∼ CE LGL9D EGLAGF KAF;= !
'FLJMKAN= G;=9FA; ;JMKL AK :=AF? ;J=9L=< MF<=J K9DL # 1@GJLDQ 9>L=J " OAL@ NGD;9FAKE :J=9CAF? L@JGM?@ L@= K9DL >GJEAF? L@= :J=9CL@JGM?@ NGD;9FG=K $  >=O EADDAGF Q=9JK 9>L=J # OAL@
FGJE9D G;=9FA; KHJ=9<AF?”
1L9?= LG 1L9?= ! $A?  O@=J= =FGJEGMK K9DL <=HGKALK 9J= >GJE=<
“AFKL9FL9F=GMKDQ”,GJLGF =L 9D  2@AK AK AF<==< H9J9DD=D LG O@9L
K==EK LG @9N= G;;MJJ=< 9DKG AF L@= +=<AL=JJ9F=9F 1=9 =? <MJAF? GJ
HJAGJ LG L@= +=KKAFA9F 19DAFALQ !JAKAK 9F< AF L@= 0=< 1=9 9 >=O EADDAGF
Q=9JK =9JDA=J
ML =N=F L@GM?@ L@= :MDC G> L@= K9DL O9K <=HGKAL=< AF L@= D9L= 2=J
LA9JQ =J9 K9DL >GJE9LAGF ;GFLAFM=K 'F L@= 0=< 1=9 :9KAF HJ=;AHAL9LAGF
G> K9DL G;;MJK AF L@= KM:KMJ>9;= 9F< KDMJJA=K G> KGDA< K9DL 9F< K9LM
J9L=< :JAF=K JAK= MH 9F< 9J= G:K=JN=< N=FLAF? GML 9DGF? L@= KA<=K G>
L@= :9KAF >GJEAF? “F9E9CA=JK”G> K9DL L@9L EGN= <GOF L@= KDGH=K LG
O9J<K L@= =E:JQGFA; KHJ=9<AF? ;=FL=JK G> L@= 0=< 1=9 2@AK AK AF KHAL=
G> L@= >9;L L@9L L@= :9KAF O9L=J @9K K9DAFALA=K BMKL 9:GN= L@9L G> K=9O9
L=J –HHE  ;GEHD=L=DQ <A>>=J=FL K;=F9JAG AK K==F AF L@=
"=9< 1=9 O@=J= L@= K9DAFALQ AF L@= O9L=J =P;==<K HHE 9F<
@9DAL= 9F< ;9JF9DDAL= AK G:K=JN=< LG HJ=;AHAL9L= AF L@= E9J?AFK 9F< 9L L@=
K=9:=< 29D:GL =L 9D 
 ('%-#'! *&*$+
2@= >GJE9LAGF G> D9J?= E9JAF= K9DL <=HGKALK AK E9AFDQ J=?AKL=J=< AF
9F;A=FL :9KAFK =KH=;A9DDQ AF 9J=9K OAL@ 9 ?=GDG?A;9D @AKLGJQ G> @A?@ L=;
LGFA; 9;LANALQ HJ=;=<AF? K9DL <=HGKALAGF -N=J L@= D9KL <=;9<= AL @9K :=
;GE= 9 O=DD =KL9:DAK@=< >9;L L@9L @=9NQ :JAF=K >GJE 9F< KGDA< K9DLK HJ=
;AHAL9L= OAL@AF @Q<JGL@=JE9D KQKL=EK <M= LG L@= L@=JEG<QF9EA; 9F<
H@QKA;G;@=EA;9D HJGH=JLA=K G> K=9O9L=J 9L @A?@ L=EH=J9LMJ=K 9F< HJ=K
KMJ=K 'L AK KM??=KL=< L@9L NGD;9FAKE 9F< @Q<JGL@=JE9D 9;LANALQ =N=FLK
9KKG;A9L=< OAL@ <A>>=J=FL KL9?=K G> L@= 5ADKGF ;Q;D= 9J= L@= <JANAF? >GJ;=K
:=@AF< K9DL 9;;MEMD9LAGFK AF ?A9FL :9KAFK
2@= 5ADKGF ;Q;D= AK 9F =PHJ=KKAGF G> L@= ?=G<QF9EA;K G> #9JL@
9F< :9K=< GF L@= ;GF;=HLM9D =D=E=FLK @A?@DA?@L=< AF L@AK OGJC AL AK
KM??=KL=< L@9L L@= >GJE9LAGF G> @Q<JGL@=JE9D K9DL AK 9KKG;A9L=< OAL@
<==HDQ ;AJ;MD9LAF? K=9O9L=J OAL@AF L@= @Q<JGL@=JE9D KQKL=EK AF L@=
#9JL@K ;JMKL 9F< MHH=J E9FLD= <JAN=F :Q L@= AFL=JF9D @=9L G> L@= #9JL@
2@=K= K=9O9L=J:9K=< HJG;=KK=K 9DKG AF;DM<= K=JH=FLAFAR9LAGF G> E9FLD=
E9KK=K 9F< O9L=JJG;C AFL=J9;LAGFK :Q L@= ;AJ;MD9LAF? @GL K=9O9L=J AF
L@= G;=9FA; ;JMKL 2@= AEE=FK= J=;Q;DAF? G> ;JMKL9D E9L=JA9DK AF;DM<
AF? L@= KM:<M;LAGF G> L@= HGJGMK G;=9FA; ;JMKL ;@9J?=< OAL@ :JAF=K 9F<
HJG:9:DQ 9DKG KGDA< K9DL :JAF?K O9L=J 9F< K9DL <==H <GOF AFLG L@= E9F
LD=
2@= L=;LGFA; 9;LANALQ AF;DM<AF? NGD;9FAKE 9F< 9KKG;A9L=< @Q<JGL@=J
E9D HJG;=KK=K :JAF? O9L=J 9F< K9DLK MHO9J<K LGO9J<K L@= KMJ>9;= O@=J=
@M?= 9EGMFLK G> K9DLK E9Q HJ=;AHAL9L= =? AF L@= @A?@ F


UNCORRECTED PROOF
5;2'4*+9'2 '7/4+'4*!+9752+:3+525-> ===  ======
<=K +GMFL9AFK 'L AK 9DKG 9;CFGOD=<?=< L@9L KM;@ :JAF=K 9F< K9DLK E9Q :=
KLGJ=< KM:KMJ>9;= >GJ DGF? H=JAG<K G> LAE= =? =PL=F<AF? >JGE GF= 5AD
KGF ;Q;D= LG 9FGL@=J 2@MK AL AK ;9MLAGMKDQ KM??=KL=< L@9L D9J?= 9EGMFLK
G> K9DLK J=E9AF ./**+4 AFKA<= L@= KM:<M;LAGF RGF= AF;DM<AF? L@= NGD;9FA;
9F< K=<AE=FL9JQ JG;CK 9:GN= L@= KM:<M;L=< KD9: "MJAF? D9L=J JA>LAF?
9F< G;=9FAR9LAGF HJG;=KK=K L@= KM:<M;L=< JG;CK AF;DM<AF? L@=AJ ;GF
L=FLK G> ./**+4 K9DLK E9Q 9?9AF := EG:ADAR=< 9F< <=HGKAL=< 9L L@= KMJ
>9;=
'#, * *'+
AJ<  MJC=  MJC= =L 9D  #@J@9J<L =L 9D 
#F?NAC =L 9D  %9J>MFC=D =L 9D  %MLK;@=J =L 9D 
&9FFAF?LGF =L 9D  .AJ9BFG  1=9JD= 9F< 0GKK  5ADKGF

$'(/%!&',+
5= OGMD< DAC= LG L@9FC =<ALGJK +9KKAEG 8=;;@AF 9F< 2AEGL@Q
&GJK=;JG>L >GJ KM??=KLAF? HM:DAK@AF? L@AK J=NA=O 9JLA;D= DKG O= L@9FC
4 1;JA:9FG 9F< 5 +G@JA9C >GJ L@=AJ L@GJGM?@ 9F< ;GFKLJM;LAN= J=
NA=OK
 *'+
D<=JLGF " &9JEGF 0  $DMA< AF;DMKAGF 9F< KL9:D= AKGLGH= =NA<=F;= >GJ L@= GJA?AF
G> EAF=J9DARAF? WMA<K AF KGML@O=KL #F?D9F< +AF=J9D +9?  U
D=P==N 14 D=P==N9 *. 1@N9JLK=N 1* 1A<CAF9 #1  1H=;AV;K G> L@= D9L=
!=FGRGA; ?=G;@=EA;9D =NGDMLAGF G> ;@DGJA<= ;9D;AME :JAF=K AF L@= -D=F=C ;JQG9JL=KA9F
:9KAF %=G;@=E 'FL   U @LLHK<GAGJ?1
DDAF? &*  2@= %=GDG?Q 9F< -JA?AF G> L@= 1ADMJA9F 19DL G> ,=O 7GJC 1L9L= NGD 
,=O 7GJC 1L9L= +MK=ME F< 1;A=F;= 1=JNA;= MDD=LAF
D8GM:A  L=F JAFC 31  19DL <A9HAJK AF L@= "=9< 1=9 :9KAF 9F< L@=AJ J=D9LAGF
K@AH LG IM9L=JF9JQ =PL=FKAGF9D L=;LGFA;K +9J .=LJGD %=GD   
D8GM:A  L=F JAFC 3  *GO=J ;JMKL9D WGO 9F< L@= JGD= G> K@=9J AF :9KAF KM:KA
<=F;= 9F =P9EHD= >JGE L@= "=9< 1=9 :9KAF #9JL@ .D9F=L 1;A *=LL  U
KAEGO ."   E=9KMJ= G> E9FLD= E=DLAF? 1;A=F;=  U
M?MKLAF , N9F <=J 8O9F $+ "=N=Q !5 *A?A + )O9KFALK;@C9 2 $=D<=FK .
9FL9F 0 9K9@9E 1  %=GEGJH@GDG?Q G> L@= ;=FLJ9D J=< K=9 JA>L <=
L=JEAFAF? KHJ=9<AF? HJG;=KK=K ( %=GEGJH@GD @LLHK<GAGJ?B?=GEGJH@

=;C=J ) "9NAK ##  *=?  J=NAKALK @GD=  DG??AF? 9F< DGF?L=JE EGFALGJ
AF? G> GX9PAK @Q<JGL@=JE9D HJG;=KK=K AF QGMF? G;=9FA; ;JMKL (-'"#1 (  U
=;C=J ) $AK@=J 2  .=JE=9:ADALQ G> MHH=J G;=9FA; :9K=E=FL GF L@= =9KL=JF W9FC
G> L@= (M9F <= $M;9 0A<?= <=L=JEAF=< OAL@ <JADDKLJAF? H9;C=J =PH=JAE=FLK ( %=G
H@QK 0=K 1GDA< #9JL@  U
=DDAKK=FL$MF=D +!  1LJM;LMJ= G> KMH=J;JALA;9D O9L=J ( +GD *AI  U
AJ< .  F MH<9L=< <A?AL9D EG<=D G> HD9L= :GMF<9JA=K %=G;@=E %=GH@QK%=GKQK
 
AK;@GX (* 0GK=F:9M=J 0(  19DAFALQ N9JA9LAGFK AF KM:E9JAF= @Q<JGL@=JE9D KQK
L=EK :Q D9Q=J=< <GM:D=<A>>MKAN= ;GFN=;LAGF ( %=GD  U
GKOGJL@ 5  %=GDG?A;9D =NGDMLAGF G> L@= 0=< 1=9 @AKLGJA;9D :9;C?JGMF< J=NA=O
9F< KQFL@=KAK 'F 09KMD ,+ 1L=O9JL '!$ #<K 2@= 0=< 1=9 L@= $GJE9
LAGF +GJH@GDG?Q -;=9FG?J9H@Q 9F< #FNAJGFE=FL G> 9 7GMF? -;=9F 9KAF 1HJAF?=J
=JDAF &=A<=D:=J? HH U
J9ALK;@ -  19DL "=HGKALK  2@=AJ -JA?AF 9F< !GEHGKALAGF 4GD  G> ‘+AF=J9DK 0G;CK
9F< 'FGJ?9FA; +9L=JA9DK’  HH 1HJAF?=J4=JD9? =JDAF &=A<=D:=J? ,=O 7GJC
MAL=J 1  %=G<QF9EA; EG<=DK @A?@DA?@LAF? L@= JGD=K G> AF@=JAL9F;= <MJAF? 5ADKGF
!Q;D= 'F :KLJ9;L .JG;==<AF?K G> L@= JL@MJ &GDE=K +==LAF? %=GDG?Q 1G;A=LQ G>
*GF<GF *GF<GF H  +9Q  
MJC= )  LD9FLA; =N9HGJAL=K >GJE=< :Q =N9HGJ9LAGF G> O9L=J KHADD=< >JGE .9;AV;
2=L@Q9F 9F< 1GML@=JF G;=9FK %=GDG?Q  U
MJC= )  .D9L= L=;LGFA;K L@= 5ADKGF ;Q;D= 9F< E9FLD= HDME=K ?=G<QF9EA;K
>JGE L@= LGH FFM 0=N #9JL@ .D9F=L 1;A  U @LLHK<GAGJ?
9FFMJ=N=9JL@
MJC= ) K@O9D *" 5=:: 1(  ,=O O9Q LG E9H GD< KMLMJ=K MKAF? <=>GJE=<
9DC9DAF= JG;CK 9F< ;9J:GF9LAL=K %=GDG?Q  U
MJC= ) "=O=Q ( )A<< 5  5GJD< <AKLJA:MLAGF G> KMLMJ=K—L@= KAL=K G> >GJE=J
G;=9FK 2=;LGFGH@QKA;K  U
MJC= )  2@= 5ADKGF !Q;D= G> GH=FAF? 9F< ;DGKAF? G> L@= G;=9F :9KAFK 'F :KLJ9;L
.JG;==<AF?K G> L@= JL@MJ &GDE=K +==LAF? %=GDG?Q 1G;A=LQ G> *GF<GF *GF<GF H 
+9Q  
MLL=JV=D< "  "==H G;=9F @Q<JGL@=JE9D N=FLK 'F 1A?MJ<KKGF & &GM?@LGF
$ +;,MLL 10 0QE=J & 1LAP ( #<K #F;Q;DGH=<A9 G> 4GD;9FG=K ;9<=EA;
.J=KK 19F "A=?G HH U
!@9JFG;C &  FGE9DGMK :GLLGE O9L=J AF L@= J=< K=9 ,9LMJ=   
!@JAKL=D=AL #! J9F<GF +2 8@M9F? %  #NA<=F;= >GJ <==HO9L=J <=HGKALAGF G>
9:QKK9D +=<AL=JJ9F=9F =N9HGJAL=K <MJAF? L@= +=KKAFA9F K9DAFALQ ;JAKAK #9JL@ .D9F=L 1;A
*=LL  U
!AL9 +  $GJF9;A9JA + !9E=JD=F?@A  !GJK=DDA ! #J:9 # +;!GQ $5 4=RRGDA
*  FGPA; :9KAFK G> L@= =9KL=JF E=<AL9JJ9F=9F F=O =NA<=F;= >JGE L@= :9;AFG
9FFG;C 9J=9 1G; %=GD 'L9D  U
!GJK=DDA ! 9KKG " *9F?= % 2@GEKGF (  +=<AL=JJ9F=9F 0A<?= 9;;J=LAGF9JQ
;GEHD=P QA=D<K JA;@ KMJHJAK=K #GK 2J9FK E %=GH@Q 3FAGF   
!GMEGM " "JA=KF=J 2 5=AK . &=AFJA;@ !  .@9K= K=H9J9LAGF :JAF= >GJE9LAGF
9F< K9DAFALQ N9JA9LAGF 9L D9;C 1EGC=J @Q<JGL@=JE9D KQKL=EK ( %=GH@QK 0=K 1GDA<
#9JL@ 
"9NAKGF ' F<=JKGF * ,MLL9DD .  19DL "=HGKALAGF *G9<AF? 9F< %J9NALQ "J9AF9?=
AF L@= !9EHGK 9F< 19FLGK 19DL 9KAFK %=GDG?A;9D 1G;A=LQ *GF<GF U 1H=;A9D
.M:DA;9LAGFK 
"=O=Q ($ MJC= )  &GL KHGLK 9F< ;GFLAF=FL9D :J=9CMH AEHDA;9LAGFK >GJ ;GDDA
KAGF9D GJG?=FQ %=GDG?Q  U
"A;C &( *AF ( 1;@GML=F &  F MDLJ9KDGOKHJ=9<AF? ;D9KK G> G;=9F JA<?= ,9LMJ=
 
"JA=KF=J 2 &=AFJA;@ !  2@= KQKL=E &  -–,9!D .9JL ' ;GJJ=D9LAGF >GJEMD9= >GJ
H@9K= J=D9LAGFK AF L=EH=J9LMJ=–HJ=KKMJ=–;GEHGKALAGF KH9;= >JGE  LG °!  LG
:9J 9F<  LG  6 ,9!D %=G;@=E !GKEG;@AE ;L9  U
#;CKL=AF 7 1AEEGFKA %  +=9KMJ=E=FL 9F< AFL=JHJ=L9LAGF G> L=JJ=KLJA9D @=9L
WGO AF 'KJ9=D %=GL@=JEA;K   U @LLHK<GAGJ?

#@J@9J<L  &ü:K;@=J !  2@= FGJL@=JF 0=< 1=9 AF LJ9FKALAGF >JGE JA>LAF? LG <JA>L
AF? –D=KKGFK D=9JF=< >JGE G;=9F <==HK 'F 09KMD ,+ 1L=O9JL '!$ #<K 2@=
0=< 1=9 L@= $GJE9LAGF +GJH@GDG?Q -;=9FG?J9H@Q 9F< #FNAJGFE=FL G> 9 7GMF?
-;=9F 9KAF 1HJAF?=J #9JL@ 1QKL=E 1;A=F;=K =JDAF &=A<=D:=J? HH U
#@J@9J<L  &ü:K;@=J ! %9B=OKCA "  !GFJ9< "==H FGJL@=JF 0=< 1=9 <=N=DGH
E=FL G> 9F =9JDQ KL9?= G;=9F <==H OAL@AF L@= 9PA9D <=HJ=KKAGF 2=;LGFGH@QKA;K 
U
#F?NAC  +=R?=J ) 5GJL=DC9EH 1 9KL 0 !GJ>M $ )GJF=DAMKK=F  '@D=F . AF
?=F  MKLJ@=AE &  +=L9KGE9LAKE G> ?9::JG–EAF=J9D J=HD9;=E=FL 9F< =D
=E=FL EG:ADAR9LAGF <MJAF? L@= 1N=;GFGJO=?A9F E=L9EGJH@A; =N=FL ( +=L9EGJH@
%=GD  U
#N9FK 5  2@= K=JH=FLAFAL= EMDLAKQKL=E J=NAKAL=< ;@JQKGLAD= AK E=L9KL9:D= 'FL
%=GD 0=N  U
$9;;=FF9 ! -F;C=F - &GDL $ =;C=J 25  'FALA9LAGF G> L@= F<=9F GJG?=FQ
:Q DGO=J E9FLD= KM:<M;LAGF #9JL@ .D9F=L 1;A *=LL  @LLHK<GAGJ?B
=HKD
$9;;=FF9 ! =;C=J 25 M=J * ADDA  GK;@A * JMF (. !9HAL9FAG $ $M
FA;A=DDG $ &GJNàL@ $ (GDAN=L * .AJGE9DDG ! 0GQ<=F * 0GKK=LLA $ 1=JH=DDGFA
#  +9FLD= <QF9EA;K AF L@= E=<AL=JJ9F=9F 0=N %=GH@QK  U @LLHK
<GAGJ?0%
$Jü@%J==F %* !GFFGDDQ (" .D9K  )=DD=Q "1 %JG:=JLQ   1=JH=FLAFAR9
LAGF G> G;=9FA; H=JA<GLAL=K AEHDA;9LAGFK >GJ ?=G;@=EA;9D ;Q;D=K 9F< :AGDG?A;9D 9;LANALQ
'F 5AD;G;C 51" "=DGF? #$ )=DD=Q "1 %JG:=JLQ  #<K 2@= 1M: 1=9WGGJ
AGKH@=J= 9L +A<G;=9F 0A<?=K @LLHK<GAGJ?%+
%9J>MFC=D 8 =FNJ9@9E 8 )9?9F #  "=9< 1=9 2J9FK>GJE $9MDL 1QKL=E 0=
NA=OK 1HJAF?=J +G<=JF 9HHJG9;@=K AF KGDA< =9JL@ K;A=F;=K N
%@9F:9JR9<=@ 1 &=KK= + .JG<9FGNAć + %9J<F=J (#  "=>GJE9LAGF9KKAKL=<
WMA< H=J;GD9LAGF AF JG;C K9DL 1;A=F;=  U
%J9<E9FF 1 &ü:K;@=J ! =FNJ9@9E 8 %9B=OKCA " ,=LR=:9F< %  19DL L=;
LGFA;K GX FGJL@=JF 'KJ9=D +9J .=LJGD %=GD   U
%J9=<=D 2# )==F= 5  2@= :M<?=L 9F< ;Q;D= G> #9JL@K F9LMJ9D ;@DGJAF= .MJ=
HHD !@=E  U
%JM=F % 5=AK . "JA=KF=J 2 &=AFJA;@ ! <= 0GF<= !#  &Q<JG<QF9EA;
EG<=DAF? G> E9?E9LA;–@Q<JGL@=JE9D 9;LANALQ 9L KM:E9JAF= 9J; NGD;9FG=K OAL@ AEHDA
;9LAGFK >GJ GJ= >GJE9LAGF #9JL@ .D9F=L 1;A *=LL  U
%MLK;@=J + 1H9CE9F 5 ABO99J< & #F?<9@D #0  %=G<QF9EA;K G> W9L KM:
<M;LAGF K=AKEA;ALQ 9F< LGEG?J9H@A; ;GFKLJ9AFLK >JGE L@= F<=9F E9J?AF 2=;LGFA;K
 U
&9FFAF?LGF + &=JRA? . 1LG>>=JK . 1;@GDL=F ( GLR 0 %9J:=1;@öF:=J? " (GF9K
KGF ' 0G=KL 5  $AJKL G:K=JN9LAGFK G> @A?@L=EH=J9LMJ= KM:E9JAF= @Q<JGL@=J
E9D N=FLK 9F< E9KKAN= 9F@Q<JAL= <=HGKALK GX L@= FGJL@ ;G9KL G> ';=D9F< +9J %=GD
 U
&9J<A= *  2@= JGD=K G> JA>LAF? 9F< @Q<JGL@=JE9D !9!DZ :JAF=K AF L@= GJA?AF G>
HGL9K@ =N9HGJAL=K 9 @QHGL@=KAK E ( 1;A  U
&9JDGN "# 49F "=F )=JC@G>  (G@9FKKGF *  2@= 49J:=J?–2GJH9 ;@9JFG;C
AL=–?J9FAL= 9KKG;A9LAGF 15 1O=<=F EAF=J9DG?Q H=LJGDG?Q 9F< WMA< AF;DMKAGF ;@=E
AKLJQ ( .=LJGD  U
&9Q9K@A & &9CML9 7  &Q<JGL@=JE9D KQFL@=KAK G> E=L9D GPA<= F9FGH9JLA;D=K AF KM
H=J;JALA;9D O9L=J +9L=JA9DK  U
&=AF= ! 8G=L@GML ( +üDD=J 0"  )AF=E9LA;K G> 2@= KGML@ 9LD9FLA; JA>L 1GDA<
#9JL@  U
&GDF=KK +  *=OAK 1  2@= KLJM;LMJ= G> L@= @9DAL=:JAF= AFL=J>9;= AF>=JJ=< >JGE
HJ=KKMJ= 9F< L=EH=J9LMJ= N9JA9LAGFK G> =IMADA:JAME <A@=<J9D 9F?D=K AF L@=
@9DAL=&-!- KQKL=E %=G;@=E !GKEG;@AE ;L9  U
&GND9F< + $A;@D=J ! 0M=KDåLL=F & (G@FK=F &) 9 "==H JGGL=< HA=J;=E=FL
KLJM;LMJ=K AF <==H K=<AE=FL9JQ :9KAFK—E9FA>=KL9LAGFK G> KMH=J;JALA;9D O9L=J ?=F=J9
LAGF 9L <=HL@ ( %=G;@=E #PHDGJ  U
&GND9F< + )MRF=LKGN9 2 0M=KDåLL=F & )N9EE=  (G@FK=F &) $D9<E9JC %#
&=:9;@  : 1M:KMJ>9;= HJ=;AHAL9LAGF G> K9DLK AF KMH=J;JALA;9D K=9O9L=J 9KAF
0=K  U


UNCORRECTED PROOF
5;2'4*+9'2 '7/4+'4*!+9752+:3+525-> ===  ======
&GND9F< + 0M=KDåLL=F &% (G@FK=F &) )N9EE=  )MRF=LKGN9 2 ; 19DL >GJ
E9LAGF 9KKG;A9L=< OAL@ KM:KMJ>9;= :GADAF? 9F< KMH=J;JALA;9D O9L=J +9J .=LJGD %=GD
 U
&GND9F< + 0M=KDåLL=F & (G@FK=F &)  MJA=< @Q<JGL@=JE9D KQKL=EK L@= HG
L=FLA9D JGD= G> KMH=J;JALA;9D O9L=J“1;JA5” AF N9JAGMK ?=GDG?A;9D HJG;=KK=K 9F< G;;MJ
J=F;=K AF L@= KM:KMJ>9;= E ( F9D !@=E  U
&GND9F< + 0M=KDåLL=F & (G@FK=F &)  0=< 1=9 K9DL >GJE9LAGFK  9 J=KMDL G> @Q
<JGL@=JE9D HJG;=KK=K 'F 09KMD ,+ 1L=O9JL '!$ #<K 2@= 0=< 1=9 1HJAF?=J
#9JL@ 1QKL=E 1;A=F;=K =JDAF &=A<=D:=J? HH U
&GND9F< + 0M=KDåLL=F & (G@FK=F &) +9FM=DD9 $  .GKKA:D= JGD= G> K9DL 9;;M
EM9DLAGFK AF 5ADKGF ;Q;D=K 'F 9:KLJ9;L .JG;==<AF?K G> L@= JL@MJ &GDE=K +==LAF?
 %=GD 1G; *GF<GF +9Q 
&Kü )( !AL9 +  0Q9F 5 $ 9 2@= -JA?AF G> L@= +=<AL=JJ9F=9F #N9HGJAL= 'FA
LA9D 0=HGJLK G> L@= "==H 1=9 "JADDAF? .JGB=;L %GN=JFE=FL .JAFLAF? ->V;= U
4 
&Kü ) 0Q9F 5 !AL9 + : *9L= +AG;=F= <=KA;;9LAGF G> L@= E=<AL=JJ9F=9F ,9LMJ=
 U
&Kü )( +GFL9<=JL * =JFGMDDA " !AL9 +  #JA;CKGF  %9JJAKGF 0# )A<< 0 
+èDA=JéK $ +üDD=J ! 5JA?@L 0  &AKLGJQ G> L@= +=<AL=JJ9F=9F K9DAFALQ ;JAKAK
,9LMJ=  U
&M?M=F ! !@9EGL0GGC= , *GM:JA=M  +9K;D= (  +GJH@GDG?Q G> 9 HJ=;GDDA
KAGF9D K9DL:=9JAF? 9;;J=LAGF9JQ ;GEHD=P L@= +=<AL=JJ9F=9F 0A<?= =9KL=JF E=<AL=J
J9F=9F +9J %=GH@QK 0=K  U
'D<=>GFK=  D9;CE9F " (G@F  -@9J9 7 +ADD=J " +9;*=G< !(  -;=9FA;
;GJ= ;GEHD=P=K 9F< ;JMKL9D 9;;J=LAGF 9L KDGOKHJ=9<AF? JA<?=K %=GDG?Q  U
(M<< % &GND9F< +  1M:E9JAF= $DMA< $DGO L@= 'EH9;L GF %=GDG?Q AGDG?Q
9F< L@= +9JAF= #FNAJGFE=FL !9E:JA<?= 3FAN=JKALQ .J=KK  HH
)=F<JA;C + &éEGF< ! )9E=F=LKCQ 4 "9FQMK@=NKCQ * "=N=Q !5 0G<=E9FF 2
(9;CKGF + .=JVL +  1=9O9L=J ;Q;D=< L@JGM?@GML #9JL@K E9FLD= AF H9JLA9DDQ
K=JH=FLAFAR=< DAL@GKH@=J= ,9L %=GK;A  U
)GN9D=FCG 4' ,9MEGN 4  %AJFAK 4 "GJG>==N9 4 79JEGDQMC 44  #K
LAE9LAGF G> L@= 9N=J9?= ;GFL=FLK G> &- !D $ 9F< 1 AF L@= <=HD=L=< E9FLD= GF L@=
:9KAK G> L@= ;GEHGKALAGFK G> E=DL AF;DMKAGFK 9F< IM=F;@=< ?D9KK=K G> EA<G;=9F JA<?=
:9K9DLK %=G;@=E 'FL  U
*9MEGFA=J + %9ADD9J< $ +MAJ " DMF<Q ( 3FKOGJL@ +  %A9FL E9?E9LA;
O9L=J J=K=JNGAJK 9L EA<;JMKL9D <=HL@ AF>=JJ=< >JGE =D=;LJA;9D ;GF<M;LANALQ 9F< L@=
?JGOL@ G> L@= ;GFLAF=FL9D ;JMKL #9JL@ .D9F=L 1;A *=LL  U
*=;ME:=JJA19F;@=R . 1L==D=+9;'FFAK + 5=AK . "JA=KF=J 2 G<F9J 0( 
19DL HJ=;AHAL9LAGF AF E9?E9LA;@Q<JGL@=JE9D KQKL=EK 9KKG;A9L=< OAL@ MHH=J ;JMKL9D
HDMLGFK %=GDG?Q  U
*=NALL= " %J=ALR=J 7  %=GL@=JE9D MH<9L= J=HGJL >JGE 'KJ9=D  'F .JG; 5GJD<
%=GL@=JE9D !GF?J=KK
*=OAK 1 &GDF=KK +  #IMADA:JAME @9DAL=&- <A@=<J9D 9F?D=K @A?@ JG;CK9DL H=J
E=9:ADALQ AF L@= K@9DDGO ;JMKL %=GDG?Q  U
*A<= "0  !0! &9F<:GGC G> !@=EAKLJQ 9F< .@QKA;K L@ #<ALAGF !0! .J=KK G;9
09LGF
*A=:K;@=J  &=AFJA;@ ! #<K  $DMA<WMA< 'FL=J9;LAGFK 0=NA=OK AF +AF=J9DG?Q
9F< %=G;@=EAKLJQ NGD 
*AGM (% 2KMBAEGJA 2 79F? ( 8@9F? 0 #JFKL 5  0=;Q;DAF? G> ;JMKL9D E9L=JA
9DK L@JGM?@ KLM<Q G> MDLJ9@A?@HJ=KKMJ= EAF=J9DK AF ;GDDAKAGF9D GJG?=FK GH@AGDAL=K 9F<
E9FLD= P=FGDAL@K 9 J=NA=O ( KA9F #9JL@ 1;A  U
*GFK<9D= .  !DMKL=JAF? G> KMKH=FKAGF>==<AF? E9;JG:=FL@GK F=9J 9:QKK9D @Q
<JGL@=JE9D N=FLK 9L G;=9FA; KHJ=9<AF? ;=FL=JK "==H 1=9 0=K 
',–',
*M?DA 1 +9FRA 4 0GN=JA + 1;@J=A:=J !  2@= <==H J=;GJ< G> L@= +=KKAFA9F
K9DAFALQ ;JAKAK =NA<=F;= G> 9 FGF<=KA;;9L=< +=<AL=JJ9F=9F 1=9 .9D9=G?=G?J .9D9=G
;DAE9LGD .9D9=G=;GD  U
+9DNGAKAF  J9FLML , )9;RE9J=C +  !GFLJGD G> K=JH=FLAFAK9LAGF J9L= :Q J=
9;LAGFAF<M;=< ;J9;CAF? #9JL@ .D9F=L 1;A *=LL  U
+9JLAF  $Q>= 51  1GE= =PH=JAE=FL9D 9F< L@=GJ=LA;9D G:K=JN9LAGFK GF L@= CAF=L
A;K G> @Q<J9LAGF J=9;LAGFK OAL@ H9JLA;MD9J J=>=J=F;= LG K=JH=FLAFAR9LAGF !@=E %=GD 
U
+9FFAF? !#  2@= ;@=EAKLJQ G> KM:<M;LAGFRGF= WMA<K #9JL@ .D9F=L 1;A *=LL 
U
+9FM=DD9 $! -LLGDAFA * !9J:GF= 1 1;9NG *  +=L9KGE9LARAF? =>>=;LK G> K=JH=F
LAFAR9LAGFJ=D9L=< @Q<JGL@=JE9D WMA<K AF 9:QKK9D H=JA<GLAL=K F=O ;GFLJA:MLAGFK >JGE
&Q:D=9F H=JA<GLAL= P=FGDAL@K KGML@=9KL=JF 1A;ADQ *AL@GK  U
+9JLGF *% 29JA %! *=@E9FF !2  #NGDMLAGF G> L@= F?GD9F H9KKAN= E9J?AF
5=KL >JA;9 OAL@ =EH@9KAK GF HGKLK9DL KLJM;LMJ9D KLQD=K 'F 'F +G@JA9C 5 29DO9FA
+ #<K LD9FLA; 0A>LK 9F< !GFLAF=FL9D +9J?AFK NGD  E=JA;9F %=GH@QKA;9D
3FAGF %=GH@QKA;9D +GFG?J9H@ HH U
+éN=D !  1=JH=FLAFAR9LAGF G> 9:QKK9D H=JA<GLAL=K 9L EA<G;=9F JA<?=K !GEHL 0=F
<MK %=GK;A  U
+AJ9F<9 # "AD=C 7  -;=9FA; ;GJ= ;GEHD=P <=N=DGHE=FL AF EG<=JF 9F< 9F;A=FL
G;=9FA; DAL@GKH@=J= ?9::JGDG;9DAR=< N=JKMK H=JA<GLAL=DG;9DAR=< <=L9;@E=FL EG<=DK
( %=GD  U
+G@JA9C 53 1R9LE9JA . FBGK 1  19DL ?=GDG?Q 9F< L=;LGFA;K G> K=D=;L=< J9RAD
A9F :9KAFK AF L@=AJ ?DG:9D ;GFL=PL %=GD 1G; *GF< 1H=;A9D .M:D  U
+GE=FR9<=@ +  19DAF= <=HGKALK 9F< 9DC9DAF= E9?E9LAKE 9 ?=F=LA; EG<=D (
.=LJGD %=GD  U
,GJLGF '- !9JJML@=JK "2 &M<=; +0  0A>L LG <JA>L LJ9FKALAGF AF L@= 1GML@ L
D9FLA; K9DL :9KAFK 9 F=O W9NGJ G> G;=9FA; ;JMKL %=GDG?Q  U
,MFF ( &9JJAK ,   1M:KMJ>9;= K==H9?= G> K=9O9L=J 9;JGKK 9 :9JJA=J 9 KGMJ;=
G> O9L=J 9F< K9DL LG H=JAH@=J9D K9DL :9KAFK %=GD 1G; E MDD  U
-0=ADDQ ! (=FCAF % $==DQ + D<=JLGF " $9DDA;C    WMA< AF;DMKAGF 9F<
KL9:D= AKGLGH= KLM<Q G>  +9 G> WMA< =NGDMLAGF AF L@= %9DO9Q %J9FAL= !GFF=E9J9
'J=D9F< !GFLJA: +AF=J9D .=LJGD  U
.9F " 1H9FM * &9JJAKGF  1N=JB=FKCQ " %9DDA %  "A=D=;LJA; HJGH=JLA=K G>
O9L=J MF<=J =PLJ=E= ;GF<ALAGFK 9F< LJ9FKHGJL G> ;9J:GF9L=K AF L@= <==H #9JL@ .JG;
,9LD ;9< 1;A 3FAL 1L9L=K E  U
.=9J;= (  2@= G;=9FA; DAL@GKH@=J= 9;@A=N=E=FLK 9F< GHHGJLMFALA=K G> K;A=FLAV;
G;=9F <JADDAF? (-'"#1  U
.AH=J ("   HD9F=L9JQ H=JKH=;LAN= GF =9JL@ =NGDMLAGF DA< L=;LGFA;K :=>GJ= .D9L=
L=;LGFA;K 2=;LGFGH@QKA;K  U
.AJ9BFG $  &Q<JGL@=JE9D .JG;=KK=K 9F< +AF=J9D 1QKL=EK %=GDG?A;9D 1MJN=Q G>
5=KL=JF MKLJ9DA9 1HJAF?=J
.ALE9F 5! 29DO9FA +  1=9WGGJ KHJ=9<AF? AF L@= FGJL@ 9LD9FLA; %=GD 1G; E
MDD  U
09:AFGOALR , +9JL 7  1=AKEA; LGEG?J9H@Q G> L@= "=9< 1=9 J=?AGF L@AFF=< ;JMKL
9FGE9DGMK N=DG;ALA=K 9F< HGKKA:D= E9?E9LA; <A9HAJAKE %=GD 1G; *GF< 1H=; .M:D
 U
0Q9F 5 $ !9J:GLL= 1+ !GHD9F (- -&9J9 1 +=DCGFA9F  JCG 0 5=AKK=D
0 $=JJAFA 4 %GG<OADDA=  ,ALK;@= $ GF;RCGOKCA ( 8=EKCQ 0  %DG:9D
+MDLAJ=KGDMLAGF LGHG?J9H@Q KQFL@=KAK %=G;@=E %=GH@QK %=GKQKL  /
@LLHK<GAGJ?%!
0Q9F 5 $ &Kü )( =L 9D  'FALA9D 0=HGJL "==H 1=9 "JADDAF? .JGB=;L NGD  31
%GN=JFE=FL .JAFLAF? ->V;= 59K@AF?LGF
1;@GV=D< , DKGH ' 59JJ=F ( 3F<=J@ADD ( *=@Fé 0 ==J 5 *MC9K 4  +G
:ADARAF? K9DL E9?E9K9DL AFL=J9;LAGFK %=GDG?Q @LLHK<GAGJ?%
1;@J=A:=J ! *M?DA 1 9:=D + #<K  #N9HGJAL=K L@JGM?@ 1H9;= 9F< 2AE= NGD
 %=GDG?A;9D 1G;A=LQ G> *GF<GF *GF<GF HH U 1H=;A9D .M:DA;9LAGF
1;@G=F@=JJ ( *ALLC= 0 3J9A (* )MCD9 . 09O9@A 8 9 .GDQH@9K= L@=JE9D
=NGDMLAGF AF L@= AF>J9!9E:JA9F J9 %JGMH 1GML@ -E9F 19DL 9KAF 9K <=<M;=< :Q
E9LMJALQ G> KGDA< J=K=JNGAJ :ALME=F -J? %=G;@=E  U
1;@G=F@=JJ ( 3J9A (* )MCD9 . *ALLC= 0 1;@Dé<=J 8 *9JJGIM= (+ ,=O9DD
+( D:JQ , D1AQ9:A & 09O9@A 8 : *AEALK LG L@= K=9DAF? ;9H9;ALQ G>
JG;C K9DL 9 ;9K= KLM<Q G> L@= AF>J9!9E:JA9F J9 K9DL >JGE L@= KGML@ -E9F K9DL :9KAF
E KKG; .=LJGD %=GD MDD   U
1;GLL 1 "JA=KF=J 2 5=AK .  GADAF? 9F< ;GF<=FK9LAGF G> K9DAF= ?=GL@=JE9D WMA<K
9:GN= E9?E9LA; AFLJMKAGFK %=GH@QK 0=K *=LL  U
1;JA:9FG 4 !9J:GF= 1 +9FM=DD9 $! &GND9F< + 0M=KDåLL=F & (G@FK=F &)
 -JA?AF G> K9DL ?A9FLK AF 9:QKK9D K=JH=FLAFAL= KQKL=EK 'FL ( #9JL@ 1;A –
1;JA:9FG 4 4A;;9JG +  1A;ADQ ,A;GDGKA !9L9FA9  +AK;=DD9F=9 ',%4 '11,
 #FJGML= $GJE9LAGF G> &A?@DQ 1ADA;9MF<=JK9LMJ9L=< +=DLK L@JGM?@ 'FL=J9;
LAGF :=LO==F K;=F<AF? 9K9DL 9F< 1=JH=FLAFAL=J=D9L=< 19DAF= JAF=K 'F>=J=F;= >JGE
&Q:D=9F !=FGRGA; ,=H@=DAFAL=K NGD  
1=9JD= 0! 0GKK "   ?=GH@QKA;9D KLM<Q G> L@= 0=< 1=9 9PA9D LJGM?@ :=LO==F
 9F<  , %=GH@QK ( 'FL  U
1=DD=Q 0!  +AF=J9DG?Q 9F< ;D9KKAV;9LAGF 'F 1=DD=Q 0! !G;CK *0+ .DAE=J
'0 #<K #F;Q;DGH=<A9 G> %=GDG?Q #DK=NA=J EKL=J<9E HH U
1@9JH 8 9JF=K (  59L=JKGDM:D= ;@DGJA<=K AF E9KKAN= K=9WGGJ K=JH=FLAFAL=K 9
KGMJ;= G> ;@DGJA<= AF KM:<M;LAGF RGF=K #9JL@ .D9F=L 1;A *=LL  U
1FGO (# #<EGF<K &,  3DLJ9KDGOKHJ=9<AF? JA<?=K J9HA< H9J9<A?E ;@9F?=K
-;=9FG?J9H@Q  U
1G:GD=N  &G>E9FF 5 (G;@ME ). )MREAF "4 1LGDD   2@= 9?= G> KM:
<M;L=< ;GEHGF=FLK AF L@= KGMJ;= G> &9O9AA9F HDME= ,9LMJ= 
1GR9FKCQ 4  -JA?AF G> K9DL <=HGKALK AF <==HO9L=J :9KAFK G> LD9FLA; -;=9F .%
MDD  U
1JAC9FL9HH9 ! ,9J9KAE@9 ). 9K9N9J9B9HH9 &  &A?@DQ K9DAF= WMA< AF;DMKAGFK
AF !@9EMF<A ?J9FAL= 1GML@ 'F<A9 !MJJ 1;A U
1LJGF;AC , &99K= )+  !@DGJAF= AF G;=9FA; AFLJ9HD9L= :9K9DLK ;GFKLJ9AFLK GF
E9FLD= KGMJ;=K 9F< J=;Q;DAF? HJG;=KK=K %=GDG?Q  U
1N=FK=F & (9ELN=AL  9FCK " MKLJ@=AE &  &9DG?=F ;GFL=FLK G> =;DG?
AL= >9;A=K WMA< AF;DMKAGFK 9F< EAF=J9DK ;9D=<GFA<=K O=KL=JF ,GJO9Q ( +=L9EGJH@
%=GD  U
1N=FK=F && 2GJKNAC 2& !9DD=?9JG 1 M?D9F< * &=AE<9D 2& (=JJ9E "
.D9FC= 1 .=J=AJ9 #  %GF<O9F9 D9J?= A?F=GMK HJGNAF;=K HD9L= J=;GFKLJM;
LAGFK NGD;9FA; :9KAFK 9F< KADD NGDME=K 'F 'F 1=FK9JE9 1 1LGJ=Q ! #<K *9J?=
'?F=GMK .JGNAF;=K >JGE %GF<O9F9 9F< <B9;=FL 0=?AGFK NGD  %=GDG?Q 1G;A=LQ
G> *GF<GF 1H=;A9D .M:DA;9LAGF
29D:GL !(  &Q<JGL@=JE9D K9DL—:ML @GO EM;@ +9J .=LJGD %=GD  U
29D:GL !( 1L9FD=Q 5 1GM: 0 D19<GMF ,  #HAL9PA9D K9DL J==>K 9F< EMK@
JGGEK AF L@= KGML@=JF "=9< 1=9 1=<AE=FLGDG?Q  U
29DO9FA + #D<@GDE -  #NGDMLAGF G> L@= ,GJO=?A9F%J==FD9F< K=9 %=GD 1G;
E MDD  U
29QDGJ 10 +;*=FF9F +  2@= !GFLAF=FL9D !JMKL ALK !GEHGKALAGF 9F< #NGDMLAGF
D9;CO=DD 1;A=FLAV; .M:DA;9LAGFK 3FAL=<1L9L=K U
2=KL=J (5 &GD?9L= &0 JE=DDAFA $( 5=:D=Q . )ADDAD=9 50 &GF? %2
9JF=J &#  1MH=J;JALA;9D O9L=J GPA<9LAGF L=;@FGDG?Q 'F 'F 2=<<=J "5
.G@D9F< $% #<K #E=J?AF? 2=;@FGDG?A=K AF &9R9J<GMK 59KL= +9F9?=E=FL ''' NGD
 E=JA;9F !@=EA;9D 1G;A=LQ HH U
L=F JAFC 31 D8GM:A 1 $DGJ=K !& 0GLKL=AF 7 /9::9FA ' &9J<=J 1& )=DD=J
%0  1=AKEA; AE9?AF? G> <==H DGON=DG;ALQ RGF= :=F=9L@ L@= "=9< 1=9 :9KAF
9F< LJ9FK>GJE >9MDL AEHDA;9LAGFK >GJ KLJ9AF DG;9DAR9LAGF 9F< ;JMKL9D JA?A<ALQ %=GH@QK
0=K *=LL  * @LLHK<GAGJ?%*
2GJKNAC 2& MJC= ) 1L=AF:=J?=J  5=:: 1( K@O9D *"  "A9EGF<K K9E
HD=< :Q HDME=K >JGE L@= ;GJ=E9FLD= :GMF<9JQ ,9LMJ=  U
2GJKNAC 2& 0GMKK= 1 *9:9ADK ! 1E=L@MJKL +   F=O K;@=E= >GJ L@= GH=F
AF? G> L@= 1GML@ LD9FLA; -;=9F 9F< L@= <AKK=;LAGF G> 9F HLA9F K9DL :9KAF %=GH@QK (
'FL  U


UNCORRECTED PROOF
5;2'4*+9'2 '7/4+'4*!+9752+:3+525-> ===  ======
N9F <=F =DL $(% "= G=J .*   K@9DDGO:9KAF EG<=D >GJ K9DAF= ?A9FLK :9K=<
GF AKGKL9KQ<JAN=F KM:KA<=F;= 'F .9GD9 ! ,A;@GDK % 5ADDA9EK # #<K 1=<AE=F
L9JQ .JG;=KK=K #FNAJGFE=FLK 9F< 9KAFK 9 2JA:ML= LG .=L=J $JA=F< 5AD=Q D9;CO=DD
+9D<=F HH U 'FL=JF9LAGF9D KKG;A9LAGF G> 1=<AE=FLGDG?Q 1H=;A9D .M:DA;9
LAGF
4G?=D + $Jü@%J==F %* GK;@A ! 1;@O9JR=F:9;@ #+  1=JH=FLAFAR9LAGF 9F<
WMA<JG;C AFL=J9;LAGF AF (MJ9KKA; E9V; 9F< MDLJ9E9V; K=9WGGJ ;GFKLJ9AFLK >JGE *A?
MJA9F GH@AGDAL= K=IM=F;=K 'F #%3 %=F=J9D KK=E:DQ !GF>=J=F;= :KLJ9;LK NGD 
59DD9;= . F<=JKGF (J 2  4GD9LAD=K AF E9?E9K 'F 1A?MJ<KKGF & &9M?@LGF
 +;,MLL 10 0QE=J & 1LAP ( #<K 2@= #F;Q;DGH=<A9 G> 4GD;9FG=K ;9<=EA;
.J=KK 19F "A=?G HH U
59DDE9FF ) ?@A: $ !9KLJ9<GJA " !AL9 + 1M=KK # %J=AF=JL ( 0A;C=JL " 
1=<AE=FL9LAGF 9F< >GJE9LAGF G> K=;GF<9JQ EAF=J9DK AF L@= @QH=JK9DAF= "AK;GN=JQ
9KAF =9KL=JF +=<AL=JJ9F=9F +9J %=GD  U
59JJ=F ()  #N9HGJAL=K 2@=AJ #NGDMLAGF 9F< #;GFGEA;K D9;CO=DD 1;A=F;= -P
>GJ<
59JJ=F ()  #N9HGJAL=K 1=<AE=FLK 0=KGMJ;=K 9F< &Q<JG;9J:GFK 1HJAF?=J
5üJR:MJ?
59JJ=F ()  #N9HGJAL=K L@JGM?@ LAE= L=;LGFA; ;DAE9LA; 9F< =MKL9LA; ;GFLJGDK AF
E9JAF= 9F< FGFE9JAF= <=HGKALK #9JL@ 1;A 0=N  U
59JJ=F ()  #N9HGJAL=K 9 !GEH=F<AME 31 ,  1HJAF?=J
=JDAF &=A<=D:=J?
59JJ=F ()  19DL MKM9DDQ K=9DK :ML KGE=LAE=K D=9CK AEHDA;9LAGFK >GJ EAF= 9F< ;9N
=JF KL9:ADALA=K AF L@= K@GJL 9F< DGF? L=JE #9JL@ 1;A 0=N  U
5=?=F=J   "A= #FLKL=@MF? <=J )GFLAF=FL= MF< -R=9F= VJKL =< $JA=<JA;@ 4A=O=?
 1G@F J9MFK;@O=A?
5=?=F=J   "A= #AFKL=@MF? <=J )GFLAF=FL= MF< -;=9F= L@AJ< =< +=L@M=F *GF
<GF
5=AF:=J?=J 0 =?AF 8  59D<E9FF , %9J<GK@ + 9=J % $JMECAF  5<GOAF
KCA 1  /M9L=JF9JQ JAK= G> L@= K=<GE <A9HAJ "=9< 1=9 9KAF 'F #FR=D 7
?FGF  1L=AF + #<K ,=O $JGFLA=JK AF "=9< 1=9 .9D=G=FNAJGFE=FL9D 0=
K=9J;@ HH U %=GD 1G; E=JA;9 1H=;A9D .9H=J  @LLHK<GAGJ?

5=KL:JGGC %) 0=KLGF 2(  2@= 9;;J=LAGF9JQ ;GEHD=P G> L@= +=<AL=JJ9F=9F
0A<?= L=;LGFA;K WMA< WGO 9F< L@= >GJE9LAGF G> :JAF= D9C=K–9F AFLJG<M;LAGF LG L@=
KH=;A9D AKKM= G> +9JAF= %=GDG?Q +9J %=GD  U
5ADKGF (2  "A< L@= LD9FLA; ;DGK= 9F< L@=F J=GH=F ,9LMJ=  U
5ADKGF (2  1L9LA; GJ EG:AD= =9JL@ L@= ;MJJ=FL K;A=FLAV; J=NGDMLAGF .JG; E .@AD
1G;  U
5AF;CD=J % =K;@:9;@&=JLA? 5 )AH>=J 0 GLR 0 0ü:=D . 9Q=J 0 1LG>>=JK .
 !GFKLJ9AFLK GF GJA?AF 9F< =NGDMLAGF G> 0=< 1=9 :JAF=K >JGE @=DAME 9F< 9J?GF
AKGLGH=K #9JL@ .D9F=L 1;A *=LL  U
5GG<KA<= (+ 1@AH:G9J< 1;A=FLAKLK G> L@= +#"',32+#"',#2& .JGB=;LK  ,9M
LAD= G:K=JN9LAGFK G> #9KL=JF +=<AL=JJ9F=9F EM< NGD;9FG=K 9F< ?9K K==HK –J=KMDLK >JGE
L@= +#"',32 9F< +#"',#2& HJGB=;LK 'F C@9E9FGN % 1MRQMEGN  #<K
%=GDG?A;9D .JG;=KK=K GF "==HO9L=J #MJGH=9F +9J?AFK 3,#1!- .9JAK HH U
'FL=JF9LAGF9D -;=9FG?J9H@A; !GEEAKKAGF 5GJCK@GH 0=HGJL ,G  GF L@= 'FL=JF9
LAGF9D !GF>=J=F;= 9F< FAFL@ HGKL;JMAK= E==LAF? G> L@= 2J9AFAF? 2@JGM?@ 0=K=9J;@
.JG?J9EE= +GK;GO+GR@=FC9 0MKKA9  (9FM9JQ – $=:JM9JQ  'FL=J?GN=JF
E=FL9D -;=9FG?J9H@A; !GEEAKKAGF 5GJCK@GH 0=HGJL 
6A9G 7* &G=>K ( N9F <=F )=JC@G> + 8@=F? 7$  $DMA< 'F;DMKAGFK AF 3DLJ9
&A?@HJ=KKMJ= #;DG?AL=K >JGE L@= "9:A= 1@9F #9KL=JF !@AF9 U %G<K;@EA<L
;GF>=J=F;= 2GMDGMK=
8=DDE=J %$ #<EGF<K + 1LJ9M: 1+  2@= JGD= G> NGD9LAD=K AF L@= ?=F=KAK =NGDM
LAGF 9F< =JMHLAGF G> 9J; E9?E9K %=GD 1G; *GF< 1H=;A9D .M:D 
