CAP 3 Propuesta a los Reyes

:78=-;<))47;"-@-;
"$%7476
)K7;
A>Y@53?;@3:35;3G@E3>Y@9D3@67
A5FAD?UD;53
+;>7@5;A@;XAEA>Y@>A9DYG@33G6;7@5;35A@7>*7K"G3@+75G@6A67(ADFG93>
(AE77G@9D3@E75D7FAK@A>AH339G3D63DB3D3U>EA>AE;@ACG7E7>AA8D757DT
3>*7K67>3B3FD;3CG7>A36ABFY
+3D;F3
-EF767E5D77@CG7>A3BAK3D3
DGBA
A>Y@ >>793 3> E3>Y@ K 7JBA@7 EG BDAK75FA 3@F7 E34;AE K 75>7E;TEF;5AE >>AE
6;E5GF7@7>BDAK75FAE;@9D3@5A@H;55;Y@B7DAD;EFY43>@AE763BADH7@5;6A
$33G6;7@5;37EFTBADF7D?;@3D
*7K67(ADFG93>
A>Y@7@53EA67CG7>77@5A?7@63D>37JB76;5;Y@3>A7EF7`GT>7EE7DV3@EGE
5A@6;5;A@7E
A>Y@
>FVFG>A5A?A>?;D3@F767>'5U3@A
>.;DD7;@3FAK9A4;7D@A67FA63E>3EF;7DD3E67E5G4;7DF3EKBAD67E5G4D;D
,VFG>AEFD3@E?;E;4>7E3?;E:7D767DAEBADE;7?BD7
)G;7DA>36U5;?3B3DF767FA63E>3ED;CG7L3E36CG;D;63E
>67D75:A7J5>GE;HA67>79;E>3D7@>AEF7DD;FAD;AE 5A@CG;EF36AE
>D7K
)G763B7DB>7<A3@F7>3EB7F;5;A@7E67A>Y@
*7K67(ADFG93>
$AE BADFG9G7E7E @A 35AEFG?4D3?AE 3 B393D >AE E7DH;5;AE CG7 >AE 5;G6363@AE
:357@BADEGB3VE(AD>AF3@FA6AKBADF7D?;@3637EF33G6;7@5;3
D?UD;53
A>Y@ E7 ;@5>;@3 3@F7 7> *7K K E3>7 67> E3>Y@ (ADFG93> :3 D75:3L36A EG
BDAK75FA
+;@7?43D9A5>3@67EF;@3?7@F767EBGUE677E5G5:3D3A>Y@7>*7K7@H;3DV3
6AE 7JB76;5;A@7E FD3F3@6A 67 5ADDA4AD3D >A 6;5:A BAD A>Y@ $3 BD;?7D3
D79D7E3E;@EG7DF7K>3E79G@63@G@53 D79D7EY(3D75V3CG7A>Y@@A7EF343F3@
>A5A5A?A>A:35V3@B3D757D
+3D;F3
7D75:AE673GFADBDAB;763667>!&$'&*'*&+,'**+ >7A53D9?3;>5A? #& !# &
!"$ (D;?7D 8D353EA 67 A>Y@ (3D757 CG7 F7@6D7?AE CG7 38DA@F3D ?G5:AE
;@5A@H7@;7@F7E3@F7E67>A9D3D?;EG7XA
A5FAD?UD;53
&A F7 ;?B35;7@F7E +3D;F3 $3 H7D636 7E CG7 67EBGUE 67 7EFA >3 E;FG35;Y@ 67
A>Y@7?B7L3DT3BA@7DE76;8V5;>+G8D353EA5A@7>*7K>A:;D;Y5DG7>?7@F77@
EG3?ADBDAB;AKK3@A7EB7D3@363677E7D7;@A;@9D3FA
A>Y@3@63BAD>3E53>>7E67$;E4A35A?A3>?37@B7@3>>7@A6767G63EKB3D3
5A?B>7F3D ?G7D7 EG 3?363 ;>;B3 3EF3DT >A Z>F;?A CG7 >7 CG763 7@ 7>
7@F;7DDA 67 EG 7EBAE3 EFT 7@ G@ ?3> ?A?7@FA EY>A E;@ 6;@7DA K 5A@ EG
B7CG7XA :;<3 ;79A675G3FDA3XAE+A@F3@F3E>3E67G63ECG7F7@6DTCG7E3>;D
>A3@F7EBAE;4>7AE;@A>77EB7D3>35TD57>
+3D;F3
)GUH3?AE3:357DA5FAD&G7H3?7@F7CG763?AE5A@93D343FAE7@B>3@AEK
@363676;@7DA
A5FAD?UD;53
?B7L3DTE 3 5A@A57D 3 A>Y@ Z@ 5G3@6A @A F7@;3 @363 >7 CG76343 >3
7EB7D3@L3EB7D3`7EB7D3`3CGVH;7@7
A>Y@
Z@@A7EFAK67DDAF36A3>9G;7@F;7@7CG7AVD?7!DU3D3@5;3
A>Y@D75G7D63EG3?;9A+T@5:7LCG;7@7@>3;E>367%367;D33XAE3FDTE>7
7@FD79Y EG ?3@GE5D;FA K >7 6;<A CG7 7@ 7> %A@3EF7D;A 67 >3 *34;63 7EF343 >3
53DF367DGF33G@3E;E>3E7@7>'55;67@F7
A>Y@
(3E3DUBAD7>%A@3EF7D;A67>3*34;63BD;?7DA
+3D;F3
)GU>7B3E33A>Y@D3@5;3@A7EF33>3HG7>F367>37ECG;@3⁡7@76;@7DA
53EAE7HA>H;Y>A5A
A5FAD?UD;53
(DA@FA :;<3 @A:3KF;7?BA.3?AEBD;?7DA3+7H;>>36;D75FA3>%A@3EF7D;A67
>3*T4;63K>G79A3D3@5;3
#&# D #$"" 74L6 K7;
$3 @3H7 67EB793 K 67EBGUE 67 G@ D3FA EA4D7HG7>3 7> ?A@3EF7D;A H;7@6A G@
:A?4D7EA4D7G@4GDDA5A@G@@;XA
+3D;F3
7D75:AE673GFADBDAB;763667>!&$'&*'*&+,'**+ >7A53D9?3;>5A? #& !# &
!"$ +V ?;D7@ E7 7E A>Y@ -K`CG7 ?3> E7 H7 K EG :;<3 F3?4;U@ .3?AE H3?AE`
357DCGU?A@AE
+7H7CG7A>Y@E743<367>4GDDA53?;@3KE767DDG?438D7@F73>35DGL7@
G@3 @A5:7 >>GH;AE3 EFT 53@E36A K H7EF;6AEY>A 5A@:3D3BAE +7X3>3 3 EG :;<3
;79AK?GD?GD3E;?B>7?7@F7
A>Y@
(3@K39G3B3D3?; :;<3
@7E7?A?7@FAE3>7D3;>7"G3@(UD7L67>%A@3EF7D;A
D3;>7"G3@(UD7L
;<3 BAD;AE)GUF7FD37BAD7EF3EF;7DD3E(DA@FABDA@FA+A5ADD7637EF7
?7@6;9AK3EG :;<3$>UH7@>A67@FDADTB;6A
$G79A67@FDA67>%A@3EF7D;A
D3;>7"G3@(UD7L
)G;U@7D7EK676Y@67H;7@7E
A5FAD?UD;53
A@G@7EB3XA>@A?GK4G7@AA>Y@>77JB>;537@67F3>>7EGBDAK75FAKF3?4;U@
EG9D3@8D353EA7@(ADFG93>>8D3;>7"G3@(UD7LK7>D3;>7@FA@;A%3D5:7@3
>7 BA@7@ 7EB75;3> 3F7@5;Y@ A>Y@ >7E 6;57 CG7 :3 H7@;6A 3 7EF7 %A@3EF7D;A 3
B76;D;@8AD?35;Y@67EG3?;9AK?3D;@A>A@EA+T@5:7L67 G7>H3CG;7@3@F7E
67 ?AD;D >7 7@FD79Y EG 6;3D;A 5A@ >AE 63FAE 67 G@ H;3<7 3> A55;67@F7 K G@3E
;E>3E67E5A@A5;63E
>D3;>7@FA@;A%3D5:7@3>7?3@;8;7EF33A>Y@ CG77875F;H3?7@F7U>5A@A5;Y
3>?3D;@A>A@EA+T@5:7LKCG7UEF767<Y7@EGBA67DG@353DF367>3DGF3>3
5G3>GF;>;L3DTA>Y@7@EGBD;?7DH;3<7
%;>39DA A @A A>Y@ 7@5A@FDY BAD E79G@63 H7L >A CG7 4GE5343 BG7E @A EY>A
7@5A@FDY7>?3B367DGF367>A@EA+T@5:7LE;@ACG7367?TE7@5A@FDYCG77>
D3;>7 "G3@ (UD7L 8G7 5A@87EAD 67 >3 *7;@3 !E347> +7DT CG7 7EFA 53?4;3 7>
5GDEA67>3:;EFAD;3.73?AE
N)GU E3>7 7J35F3?7@F7 67 >3 5A@H7DE35;Y@ 67 7EFAE FD7E :A?4D7E @
BD;@5;B;A @363 BD75;EA @; ;@?76;3FA B7DA EV G@3 BDA?7E3 8AD?3> 67 3BAKA
75;67 CG763DE7 7@ +7H;>>3 (AD >A BDA@FA EG :;<3 CG763DT 3> 5G;636A 67 >AE
8D3;>7ED3@5;E53@AE
+3D;F3
(36D7B7DA353EA@AV43?AEB3D3D3@5;3
A5FAD?UD;53
+; :;<3 B7DA 5D7A CG7 A>A@ ;@F7@F3DT 3BDAH75:3D >3E 4G7@3E ;@F7@5;A@7E 67>
D3;>7`
#&# D #$"" 7476
K7;
7D75:AE673GFADBDAB;763667>!&$'&*'*&+,'**+ >7A53D9?3;>5A? #& !# &
!"$ A5FAD ?UD;53
3@B3E36A6AE3XAEB3D757CG7>3E5AE3EH3@?7<AD3@6A3:AD3A>Y@H;E;F33
9D3@67E E7XAD7E 7@ +7H;>>3 > D3;>7 5G?B>;Y EG B3>34D3 @ BD;?7D >G93D 3>
GCG767%76;@3+;6A@;3CG;7@F;7@77>?A@ABA>;A67>3 B7E5367>3FZ@7@>3
D79;Y@B7DA@A>A9D3@3635A@U>(ADF3@FA4GE533>GCG767%76;@357>;7>
5G3> BAE77 7> BG7DFA 67 +3@F3?3DV3 K G@3 8>AF3 67 53D347>3E QEF7 E7
7@FGE;3E?39D3@67?7@F7B7DA3>8;@3>E7:75:3B3D33FDTE67?TE5A?AAFD3
?3>3@AF;5;3FA63GDAB37E5D;EF;3@3?7@AE>3 D79;Y@67D3@363KBADF3@FA
7> *7K 7D@3@6A 67 EB3X3 7EFT 675;6;6A 3 E353D 3 >AE ?GEG>?3@7E 67 7EF3E
F;7DD3E,A6AE7EFT@676;536AE3>3 9G7DD33EVCG73@G7EFDA3?;9AA>Y@@A>7
BA@6DT@?G5:33F7@5;Y@
&G7H3?7@F7 A>Y@ @A 7EFT 5A@ EG7DF7 $3 *7;@3 !E347> 67 3EF;>>3 K 7> *7K
7D@3@6A 67 D39Y@ :3@ G@;6A F3@FA EG 3?AD 5A?A EGE EF36AE +G >7?3 7E
7JBG>E3D 3 >AE ?ADAE 67 D3@363 3EV CG7 7E >3 9G7DD3 K @A >3 5A@CG;EF3 67
@G7H3EF;7DD3E>3BD;AD;636@G?7DAG@AB3D3>AE*7K7E67EB3X3
+3D;F3
D7ACG7E7DT?7<ADCG7A>Y@E;93EG53?;@A3D3@5;3BG7E@A>7H7A?G5:3E
BAE;4;>;6367E7@EB3X3
A5FAD?UD;53
$3ED7E7DH3E67B35;7@5;3677EF7A4EF;@36AA>Y@EA@;@39AF34>7E
"# D 7476
K7;
A5FAD?UD;53
A>Y@E79G;DT3>AE*7K7E36A@67E73K4GE53DT7E33G6;7@5;3CG7F3@FA67E73
A>Y@7?B7L3DT3E76G5;D5A@EGB>3@35363G@A67>AE?;7?4DAE67>3ADF7
7EB3XA>3 >8A@EA )G;@F3@;>>3 %37EFDA 67 5G7@F3E 67 >3 ADA@3 34D7DA
5A@87EAD 67> *7K $G;E +3@F3@97> A@F36AD 67> *7K A@LT>7L %7@6AL3
3D67@3>67EB3X3(AD8;@A>Y@:3>A9D36A7>;@F7DUE97@7D3>>3EG@FA7E
;?BADF3@F7K6747E7DEA?7F;6A3>33GFAD;636D73>;@3>?7@F7>AE*7K7E67
EB3X3>A3F7@67DT@7@7>3EF;>>A67>5TL3D7@+7H;>>3
#&# D #$(" 7476
K7;
$3 ?TCG;@3 F7@6DT 7> @G?7D36AD 67 3XAE ?B;7L3 3 EG4;D K >>793 3> 67
7@7DA 67 :AD3 A>Y@ F;7@7 3XAE &G7H3?7@F7 7> A<A ?T9;5A E7
43>3@573 7EF3 H7L BG7E 7E5G5:3@ >AE B3EAE 67 A>Y@ CG;7@ 7EFT 53?;@3@6A
:35;3 7> E3>Y@ 6A@67 7EB7D3@ *7K7E 67 EB3X3 A>Y@ 7EFT 7@ G@ E;F;A
>>3?36A>53>T67 7@3D7E
7D75:AE673GFADBDAB;763667>!&$'&*'*&+,'**+ >7A53D9?3;>5A? #& !# &
!"$ A5FAD?UD;53
A>Y@ 5A?B3D7573@F7>AE*7K7E3FY>;5AE>?;E?AF;7?BA5A@A57373FD;L
@DVCG7L67D3@3?G<7D3CG;7@?TE3?3DT7@7>?G@6A:AD3F;7@73@F7EV
3 !E347> 67 3EF;>>3 K 73FD;L @DVCG7L 67 D3@3 >3 BD;?7D3 6G7X3 67 EG
67EF;@A K >3 E79G@63 6G7X3 67 EG 5AD3LY@ &A BA6V3 83>F3D 7> 3?AD 7@ 7EF3
:;EFAD;3
&G@53 7EFGHA ?TE 7>A5G7@F7 7> 97@AHUE 53EA E7 <G793 EG G>F;?3 53DF3
!@E;EF77@7>3EB75FABA>VF;5AKD7>;9;AEA67>37?BD7E3 357?7@5;Y@CG77>
D3@ #3@ 6AEE;9>AE3FDTE 8G7 H;E;F36A BAD %3D5A (A>A K BAD F3@FA BDABA@7
D73@G63D7>5A@F35FA5A@7>7?B7D36AD3E;TF;5A3>;3DE75A@U>K8AD?3D>3?TE
8AD?;634>75A@8767D35;Y@67BG74>AE
$AE*7K7E3FY>;5AE!E347>K7D@3@6A7E5G5:3@5A@3F7@5;Y@7E3HAL?GE;53>
CG77?3@35A?A39G367G@38G7@F7
(ADAFD3 B3DF7A>Y@5A@EGE?3@AE67BDA87F36;4G<37@7>3;D7?G7>>7E67
?TD?A> B3>35;AE 7@ ADA @3H7E 9;93@F7E53E ;@F7D?;@34>7E 8;>3E 67 :A?4D7E
53D93@6A 53<A@7E >>7@AE 67 6;3?3@F7E > F7?3 7E 83?;>;3D B3D3 A>Y@ K >A
67E3DDA>>35A@>3835;>;63667G@5A?76;3@F77@EG57@FUE;?3D7BD7E7@F35;Y@
>*7K7D@3@6A5A@>3?3@A3BAK3637@>3?7<;>>367D75:3EG7X3F3?4;U@+7
67EB;7DF3`67F;7@73A>A@K675;67EA?7F7D7>B>3@3G@3<G@F367E34;AE@
D7EG?;63E5G7@F3EE73B>3L37>BDAK75FA
+3D;F3
A5FAD ?UD;537@FA@57E>AE*7K7E3FY>;5AE67<3DA@>3675;E;Y@7@?3@AE67
>AEE34;AE&AFA?3DA@@;@9G@3675;E;Y@
A5FAD?UD;53
+V +3D;F3 A>Y@ @A 7EB7D3 @363 4G7@A 67 7>>AE BG7E 7D3@ G@AE 83>F3 67
;?39;@35;Y@
"# D ,-6-:7,- 7476
K7;
(D;?7D3D7G@;Y@67>3"G@F367YD6A43 3@675;6;6AD75:3L3D7>B>3@BG7E
5A@E;67D3@ CG7 @A F;7@7 @;@9G@3 43E7 EY>;63 K BAD F3@FA @A H3@ 3 7JBA@7D 7>
4G7@@A?4D767EB3X3@;>3H;6367CG;7@7E35A?B3X7@3A>Y@
+3D;F3
'FDA 8D353EA B3D3 A>Y@ +347 A5FAD ?UD;53` @A >7 H7A ?G5:A 8GFGDA 3>
BDAK75FA67A>Y@GT@FAF;7?BAB7D6;6AKB3D3CGU
A5FAD?UD;53
&A 7EF3 67> FA6A B7D6;6A BG7E 67 ?3>3E 7@ >AE @79A5;AE K 67 4G7@3E 7@ 7>
3?AD A>Y@ 5A@EA>3DT EG @G7H3 B7@3 7@ >AE 4D3LAE 67 EG 3?363 73FD;L
7D75:AE673GFADBDAB;763667>!&$'&*'*&+,'**+ >7A53D9?3;>5A? #& !# &
!"$ @DVCG7L67D3@3G@3DG4;37EB>7@6;6367A<AE3LG>7EKBDA@FAF7@6DT@G@
:;<3 CG7>>3?3DT7D@3@6A$3*7;@3!E347>>73GFAD;L3G@3?A67EF3B7@E;Y@
A>Y@@AE763DTBADH7@5;6AZ@5G3@6A>39G7DD37@D3@363B3D7577F7D@3
K >AE *7K7E 67 EB3X3 :3@ 675;6;6A 676;53D FA6A EG F;7?BA 3 7EF3 53?B3X3
A>Y@E79G;DTFA53@6ABG7DF3E
# D 74L6
K7;
A>Y@4GE53@3HVAE6;EBA@;4>7EE;@H;F36ABAD>AE*7K7E3FY>;5AEB3D3H7D>3FA?3
67%T>393>35G3>3:AD37E5D;EF;3@3
"$% 7476
K7;
A>Y@ 675;67 H;3<3D 3 $;E4A3 K BDABA@7D>7 *7K "G3@ !! EG B>3@ BAD E79G@63 H7L
&G7H3?7@F77ED75:3L36A
$"" ):<7475H0-:5)67,-74L6
'8D7577>BDAK75FA3!@9>3F7DD3K7ED75:3L36A
" ):<7475H0-:5)67,-74L6
'8D7577>BDAK75FA3D3@5;3KCG7637@7EFG6;A
A5FAD?UD;53
(AD 7E3 ?;E?3 875:3 @357 7D@3@6A A>Y@ :;<3 BDA6G5FA 67> 3?AD 7@FD7
73FD;LKD;EFY43>D35;3E3U>F7@7?AEFA63>3;@8AD?35;Y@67A>Y@BG7EE;
@A 8G7D3 BAD U> B7@E3DV3?AE CG7 ?UD;5A .7EBGE;A 8G7 7> 7E5G4D;6AD K @A
A>Y@ G7 7D@3@6A A>Y@ CG;7@ 7E5D;4;Y >3 4;A9D38V3 67 EG B36D7 K @G53
B7D6A@3DV3 3 EG ?36D7 BAD 7> :75:A 67 @A 53E3DE7 5A@ A>Y@ (AD F3@FA
7D@3@6A 8G7 G@ :;<3 43EF3D6A K 7@ 3CG7>>AE F;7?BAE 7EA 7D3 G@3 67E:A@D3
GD3@F7EGH;6336G>F37D@3@6AA>Y@53E;@G@53E7D78;D;Y3EG?36D7
#$# D 7476
K7;
A>Y@ 5A>A53DT AFD3 H7L EGE 7EB7D3@L3E 7@ EB3X3 .;E;F3 3 >AE *7K7E 67
EB3X37@+3@F3743<A >3E?GD3>>3E67D3@363>35G3>7EFT5A?B>7F3?7@F7
E;F;363)GU43F3>>3KCGU7E57@3D;A&3FGD3>?7@F7>AE*7K7E3FY>;5AE!E347>
K7D@3@6A7EFT@67?3E;36AA5GB36AEB3D363DG@3@G7H33G6;7@5;33A>Y@$7
7D75:AE673GFADBDAB;763667>!&$'&*'*&+,'**+ >7A53D9?3;>5A? #& !# &
!"$ ?3@63@ 675;D CG7 EG 3EG@FA E7DT 7EFG6;36A F3@ BDA@FA 5A?A :3K3 53V6A
D3@363
A>A@
N,3@BDA@FA5A?A:3K353V6AD3@36315GT@6AE7DT7EA
&A;?BADF3,A?3DU@AF3677EF3BDA?7E3
+3D;F3
.3K3)G753@F;636678D353EAEG@AFD3E67AFDA+;KA8G7D3A>Y@:357D3FA
:G4;7D367E;EF;6A677E3>A53;673
A5FAD?UD;53
;<3>35>3H767>UJ;FA67A>Y@8G7>3FALG67LEA4D7:G?3@3CG7E;7?BD7FGHA
7@ FA6AE EGE BDAK75FAE EF3 H7L 7> 97@AHUE E7 B7D67DT 7@FD7 >3 ?G>F;FG6 K
B7D6;6A7@FD7?TE675;@5G7@F3?;>EA>636AE7EB3XA>7E⁡7@7AFD3AB5;Y@
EF3H7LF7@6DTCG77EB7D3DCG;U@E3475GT@FA
#$# D 74L6K7;
;@3>?7@F7 7> 67 @7DA 67 D3@363 E7 D;@67 $AE *7K7E 3FY>;5AE
:AD3>AE*7K7E3FY>;5AEBA6DT@5G?B>;DEGB3>34D363633A>A@+735343>3
6A?;@35;Y@ TD347 CG7 :34V3 6GD36A 57D53 67 A5:A E;9>AE A@F7?B>3 67E67
>7<AE>3:;EFYD;537E57@3E77@5A9767:A?4DAE
A>A@
GT@FA 3B3D3FA B3D3 F3@ BA53 5AE3 ;7L 3XAE K G@ ?;>>Y@ 67 6G536AE :3@
@757E;F36A >AE *7K7E 3FY>;5AE B3D3 5A@CG;EF3D D3@363 ?;7@FD3E KA @A B;6A
?TECG7G@3EE7?3@3EKG@3E53D347>3EB3D37@4GE5367G@;?B7D;AK>A9D3D>3
3>;3@L35A@7>D3@#3@ D?UD;53
$>79A>3:AD3B3D3D;EFY43>A>Y@677@5A@FD3DE7AFD3H7L3@F7>AEEA47D3@AE
7EB3XA>7EKB3D3UEFAE>3675G?B>;DEGB3>34D3 F3@BDA@FA5A?A:3K353V6A
D3@363(G7EK353KYD3@363
A>Y@5A?B3D7G@3?3X3@37@7>53?B3?7@FA6A@67E77@5A@FD343@>AE*7K7E
67 EB3X3 +G ;@6G?7@F3D;3 7EF343 @G7H3?7@F7 D3V63 BG7E @A >7 CG76343 G@
?3D3H76V A>Y@ E7 357D5343 :ADDAD;L36A 3 >AE 5DG7>7E 7JFD7?AE 67 >3
?7@6;5;636
+;@7?43D9A7>:A?4D767>353B3D3V63E7BD7E7@F343BADE79G@63H7L3@F7
>AE *7K7E 5A@ 9D3@67E V@8G>3E > 8;@ K 3> 534A @A 7E BDAH776AD 67 D7;@AE
353EA
$3D7G@;Y@CG7:3573XAE:34V37?B7L36A7@YD6A43E7D73@G63437@>AE
?;E?AEFUD?;@AE+GBDAK75FA@A:353?4;36A+GE7J;97@5;3EF3?BA5ABG7E
EA@>3E?;E?3ECG78AD?G>Y3@F7EK67>3ECG77EFT675;6;6A3@AD743<3D@363
EV>3EHG7>H737@G?7D3D3>*7K7D@3@6A
7D75:AE673GFADBDAB;763667>!&$'&*'*&+,'**+ >7A53D9?3;>5A? #& !# &
!"$ ,;FG>A67>?;D3@F767>3%3D'5U3@A
.;DD7;@3FA67>3EF;7DD3E 67E5G4;7DF3E
67>3ED;CG7L3E36CG;D;63E`
*7K7D@3@6A67EB3X3
&A>A67<3F7D?;@3D`$3EBD7F7@E;A@7E677EF767E5A@A5;6AEA@;@E7@E3F3E
A5FAD?UD;53
G@CG7>3*7;@3!E347>67EB3X3E7@FV3E;?B3FV3:35;3A>Y@7>>35A?B3DF7>3
;DD;F35;Y@67EG7EBAEABG7E>33?4;5;Y@67A>Y@7E67E?7EGD363(ADF3@FA
>AE*7K7E3FY>;5AE>A67EB;67@8DV3?7@F75A?AA5GDD;Y3@F7E7@(ADFG93>
+3D;F3
Y?ABG767A>Y@EABADF3DF3@FAED75:3LAEK67EBGUE67F3@FAF;7?BA
A5FAD?UD;53
7EF3E3>FGD3EK37@B>7@AD;EFY43>A>Y@7EF343D75;4;7@6A7>DG6AK
?TE67H3EF36AD67FA6AE>AE9A>B7ECG7:3EF37>?A?7@FA>7:34V3@3E7EF36A
EG?3>38ADFG@3&A>7CG76343G@?3D3H76VA>Y@E7357D5343:ADDAD;L36A3
>AE 5DG7>7E 7JFD7?AE 67 >3 ?7@6;5;636 B7DA FA6A @A 7E ?3>A BG7E 7> *7K 67
D3@5;3 >7 :3 7E5D;FA 3 A>Y@ EV 7@FA@57E A>Y@ 675;67 H;3<3D 3 (3D;E B3D3
BD7E7@F3DEGBDAK75FA3>*7K67D3@5;3
+3D;F3
)GU 4;7@137D3:AD3CG7E;9G;7D3EG67EF;@A;@;5;3>@EB3X3K3:3B7D6;6A
?G5:AF;7?BA
A5FAD?UD;53
G7@A 9DGBA DG?4A 3 D3@5;3 B7DA 3@F7E A>Y@ B3E3DT 3> %A@3EF7D;A 67 >3
*T4;63 B3D367EB76;DE767EG :;<3 ;79AKB76;D>76;@7DA3>D3;>7B3D3H;3<3D3
D3@5;3
#&# D #$"" 74L6K7;
A5FAD?UD;53
G7@AE;?3>@AD75G7D6A:357E;7F73XAE7EFT43?AE7@>3E?;E?3ECGV7@
7> %A@3EF7D;A 67 >3 *34;63 53?;@A 3 D3@5;3 3 4GE53D B3FDA5;@;A
(DT5F;53?7@F7:7?AEB7D6;6AFA6A7EF7F;7?BA
+3D;F3
EB7DA CG7 A>Y@ @A 5D73 ?TE 5G7@FAE K E7 6;D;<3 3 D3@5;3 >3DA CG7 E;@
6;@7DA 7EFT G@BA5A6;8V5;>
A5FAD?UD;53
A>Y@:34>35A@7>D3;>7"G3@(UD7L5A@EG3?;9A%3D5:7@3K5A@>AE67?TE
D3;>7E3?;9AEEGKAE$7E5G7@F3EGE8D353EAEKEGD7EA>G5;Y@
7D75:AE673GFADBDAB;763667>!&$'&*'*&+,'**+ >7A53D9?3;>5A? #& !# &
!"$ +;@7?43D9A7>D3;>7"G3@(UD7L@AE75A@8AD?3BG7EBG767CG7A>A@7EFU
>A5AB7DA>3?3KAD>A5GD3E7DT67<3D>7B3DF;D3D3@5;3>D3;>7"G3@3Z@7E
3?;9A67>3*7;@3!E347>K@AH35;>37@7E5D;4;D>73>53?B3?7@FA7@+3@F37
@ EG 53DF3 7> D3;>7 "G3@ ;@HA53 7> ;@F7DUE 67 >3 ADA@3 7@ >3 5D;EF;3@636
5GK39G3D635ADD7EBA@673EB3X3K@A3D3@5;3K>7BD79G@F3)G;7D7-EF76
CG7 7> *7K 3D>AE 67 D3@5;3 357BF7 >A CG7 >3 *7;@3 !E347> 67 3EF;>>3 :3
D75:3L36A
$3 *7;@3 !E347> D7EBA@67 DTB;63?7@F7 55767 3 D73@G63D >AE FD3FAE 5A@
A>Y@K>75A?G@;533>D3;>7"G3@(UD7LCG7<G@FA5A@EGBDAF79;6AD;EFY43>
A>Y@H3K3@3D3@363+;@7?43D9A7>>3F7@6DTCG75A@H7@57D3EG7EBAEA7>
*7K7D@3@6A$3*7;@3!E347>>7E?3@637>6;@7DAB3D37>H;3<7
+3D;F3
'FD3H7L>3 ?;E?3:;EFAD;3+;@57D3?7@F7@A5D7ACG7A>Y@:393@G@537EF7
H;3<7
A5FAD?UD;53
&A F7 67E3@;?7E :;<3 :AD3 :3K ?TE B7DEA@3E ;@F7D7E363E 7@ 7> H;3<7 D3@
FD7E<G6VAE5A@H7DEAE@6DUE34D7D3D3;>7;79A677L3K$GVE+3@F3@97>
CG;7@7E?;D343@ 5A@A<AE5A?7D5;3>7E7EF33H7@FGD367BA53;@H7DE;Y@B3D3F3@
9D3@D75A?B7@E3E;A>Y@>A9D343EGA4<7F;HA
#$# D 74L6K7;
A5FAD?UD;53
G7@AB7DABADCGU:3KF3@FAE;@F7D7E36AE7@3BAK3D3A>Y@3EV67D7B7@F7
+7DTCG7 3:AD3>AH7@5A@A<AE?TE5A?7D5;3>7E+7DTCG77EFAEFD7E<G6VAE>A
H7@5A?AG@9D3@B>3@BA>VF;5AK3>?;E?AF;7?BAD7>;9;AEAK3CG73>8;@3>67>
53?;@A:3KADA+;@7?43D9A7EFA@A:G4;7D3EG576;6AE;@>3;?39;@35;Y@67>3
*7;@3!E347>
13>AEH7?AE D7G@;6AEK>AEB3DF;63D;AE67A>Y@H3@BD7E;A@3@6ABA5A3BA5A
3>*7K7D@3@6A
+3D;F3
A@7EF3?7@F7B;7@EACG7@A>AH333BAK3D
*7K7D@3@6A67EB3X3
(D7E;A@36A BAD EGE 5A@E7<7DAE H3 576;7@6A BA5A 3 BA5A 3 >AE 3D9G?7@FAE 67
A>Y@
6?;F7CG7 7>H;3<7BG76763DD7EG>F36AE87>;57E
+3D;F3
N@FA@57EE7675;677D@3@6AA@A
D?UD;53
7D75:AE673GFADBDAB;763667>!&$'&*'*&+,'**+ >7A53D9?3;>5A? #& !# &
!"$ ,A63HV3 @A A@E;7@F7 BAD >A BDA@FA 7@ B3FDA5;@3D>A $7 63DT >AE 8A@6AE
@757E3D;AEA3>?7@AEG@3B3DF7EFT6;EBG7EFA38;D?3DG@5A@FD3FAB7DA@A
E7 675;67E;63D>73A>Y@>AE:A@AD7ECG77J;97
*7K7D@3@6A
>>?;D3@F3L9A67>3%3D'5U3@AK7>.;DD7;@3FAH;F3>;5;AFD3@E?;E;4>73EGE
:7D767DAEEFAE7DV35A@H7DF;D37EF77JFD3@<7DACG7@;E;CG;7D37E7EB3XA>
7@7>E79G@6AB7DEA@3<767>*7;@A
A5FAD?UD;53
A>Y@ @A E767 G@ TB;57 7@ EGE BD7F7@E;A@7E EF7 3>?;D3@F7 67 >3 53B3 D3V63
7EFT ?TE 8;D?7CG7@G@53
*7K7D@3@6A
@FA@57E`CG;7DA D78>7J;A@3D G@ BA5A ?TE BAD 83HAD D7A CG7 7> BDAK75FA
CG7633B>3L36A
A5FAD?UD;53
(7DAA>Y@@AE7 D7@6;DTF3@8T5;>+7H33<G93D7>FA6ABAD7>FA6A!@H7@F3DT
G@3 5A?76;3 8;@9;DT CG7 D7@G@5;3 3 EG BDAK75FA 6;57 CG7 E7 :3@ DAFA >3E
@79A5;35;A@7EKCG7E7;DTB3D3D3@5;3+3>767>E3>Y@DTB;63?7@F7?A@F37@
EG?G>3KE73>7<367>53?B3?7@FA
EF3 83>E3B3DF;637EE;@6G63>3?7<AD<G936367A>Y@-@3<G9363B7>;9DAE3
7@>3CG7E7675;67EG67EF;@A
A>Y@E;9G75343>93@6AK>A:35767EB35;ABAD7>53?;@A67D3@363?;7@FD3E
B;7@E3`
A>Y@
1E;@AE3>7@67FDTE67 ?V
A5FAD?UD;53
7BDA@FA A>Y@AK7DG;6A6793>AB767G@5343>>AD37>5ADD7A67>3*7;@3
!E347> > DG;6A 67 >AE 53E5AE EA4D7 >3 F;7DD3 E753 7E 5A?A G@ D76A4>7 67
F3?4AD7E K A>Y@ 3@F7E 67 CG7 >A 3>53@57 7> ?7@E3<7DA D73> E347 K3 CG7 :3
FD;G@836A
+3D;F3
(7DA5Y?A3:AD3 BADCGU7>*7K53?4;Y67AB;@;Y@
D?UD;53
,D7E 8G7DA@ >AE A4D36AD7E 67> ?;>39DA K >AE FD7E 7D3@ <G6VAE 5A@H7DEAE
@6DUE 34D7D3 D3;>7 ;79A 67 7L3 K $GVE +3@F3@97> CG;7@7E 7JBGE;7DA@
NBADCGU@A5A@5767DBAD7E5D;FA3A>Y@FA6A>ACG7EA>;5;F343E;>ACG7675V3
7D3 H7D636 4;7@ >A ?7D75V3 (AD AFDA >36A 7>>AE 5A>A53DV3@ 7> 6;@7DA 67 >3
7JB76;5;Y@353?4;A673>9G@3EBD747@63E+;A>A@B7D7577@7>?3D7>D;7E9A
7@ ?V@;?A +; FD;G@83 >AE *7K7E 3FY>;5AE E34DT@ >;?;F3D >AE 3>53@57E 67>
7D75:AE673GFADBDAB;763667>!&$'&*'*&+,'**+ >7A53D9?3;>5A? #& !# &
!"$ 35G7D6A $3 *7;@3 !E347> @A EY>A @A D7B>;5A E;@A CG7 67 ;@?76;3FA 7@H;Y BAD
A>A@
+3D;F3
A5FAD?UD;53`353EA>3*7;@3@A7?B7XAEGE<AK3EB3D38;@3@5;3D7>H;3<7
A5FAD?UD;53
EA 7E ?GK 6;8V5;> 67 5D77D K3 CG7 >3E <AK3E K3 7EF343@ 7?B7X363E BAD >3
9G7DD3 67 D3@363 $A CG7 EV 7E 5;7DFA 7E CG7 $G;E +3@F3>97> K EG 3?;9A
D3@5;E5A (;@7>A 67 U@AH3 367>3@F3DA@ ?3>H3D7;E B3D3 >3
7JB76;5;Y@KA>Y@BGEA
+3D;F3
(7DAEVA>Y@@AF7@V36;@7DA`676Y@67>AE35Y
A5FAD?UD;53
> B3D757D EGE 3?;9AE E7 >A BD7E7@F3DA@ 3 53?4;A 67 3>9G@3E BD747@63E @
FAF3>E7DV3@?TEA?7@AEG@AE?;>>A@7E67B7EAE:AK6V3>ACG7
5AEFY7>BD;?7DH;3<767A>Y@37EF75A@F;@7@F7
+3D;F3
:AD37@F;7@6A>35G7D6A@A7E67>FA6AE;@57DA@;BADB3DF767A>A@@;BAD
B3DF7 67 >AE *7K7E A>Y@ @A 7EFT E79GDA 67> UJ;FA K >AE *7K7E @A B;7@E3@
5G?B>;DE;@A3?76;3E)GUB3E3D3';93D?7D;53`K>AE?A@G?7@FAECG7
?G7EFD3@3>3*7;@35A@>3E<AK3E>;EF3EB3D37@FD79TDE7>3E3A>A@
# D#$*:14,-7476K7;
A5FAD?UD;53
G7@A BG7E :34DV3 CG7 D7H;E3D>AE B7DA :;<3 H73?AE CGU 8G7 >A CG7 B3EY
3CG7>>3 :7D?AE3 ?3X3@3 67 34D;> 3 >AE FD7E ?7E7E 67 >3 FA?3 67 D3@363
D;EFY43> A>Y@ K >AE *7K7E 3FY>;5AE 8;D?3@ >3E 3B;FG>35;A@7E 67 +3@F3 7
>3E5G3>7EE3F;E83DV3@5A@5D757E3D;EFY43>
,VFG>A5A?A>?;D3@F767>%3D '5U3@A
>.;DD7;@3FAK9A4;7D@A67FA63E>3EF;7DD3E67E5G4;7DF3EKBAD67E5G4D;D
,VFG>AEFD3@E?;E;4>7E3EGE:7D767DAEBADE;7?BD7
$36U5;?3B3DF767FA63E>3ED;CG7L3E36CG;D;63E
>67D75:A7J5>GE;HA67>79;E>3D7@>AEF7DD;FAD;AE5A@CG;EF36AE
EF7 7E 7> 7JAD4;F3@F7 5A@FD3FA 67 D;EFY43> A>Y@ 5A@ >AE *7K7E 67 EB3X3
E7DTZ@;5A7@EG9U@7DAK@G@53E7H7DT@363;9G3>EF77EG@FD3F36AEA4D7>A
67E5A@A5;6A
A>Y@:393@36A>3BD;?7D3?3@A7@7EF7;@E7@E3FABDAK75FACG77?BD7@6;7D3
3XAE3FDTE7@5A@FD367FA63BAE;4;>;636+GB7DE7H7D3@5;3K878G7DA@EGE
?7<AD7E3>;36AEB3D3EGUJ;FA
7D75:AE673GFADBDAB;763667>!&$'&*'*&+,'**+ >7A53D9?3;>5A? #& !# &
!"$ +3D;F3
(AD 8;@ A5FAD ?UD;53 7E ?A?7@FA 67 57>74D3D ?;9AE` @A E7 67F7@93@
+;93@BAD>35A?BG7DF3H3?AE3;@;5;3D7EF39D3@3H7@FGD3.3?AEH3?AE
7D75:AE673GFADBDAB;763667>!&$'&*'*&+,'**+ >7A53D9?3;>5A? #& !# &
!"$