2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg...

24
!""#$%&'($)( !"#$%&'$(")'** , !"#$%&'$(")'** , -./0-/!-01 0!"-,",2 -./0-/!-01 0!"-,",2

Transcript of 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg...

Page 1: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

!"##"$%&'()"$*"#+%+(%!(*,-'#.(+*"/'+0'"#'("!1(2,3)'

4

!""#$%&'($)(

!"#$%&'$(")'**+++,!"#$%&'$(")'**+++, -./0-/!-01+++0!"-,",2-./0-/!-01+++0!"-,",2

Page 2: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

#%)*"#1(/'"#!'3

5

!"#$%&'$(")'**+++3!"#$%&'$(")'**+++3 -./0-/!-01+++0!"-3"-0-./0-/!-01+++0!"-3"-0

Page 3: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

!"##"$%&'()"$*"#+%+(%!(*,-'#.(+*"/'+0'"#'("!1(2,3)'

6

*+,-./.012---34.5

#%)*"#1(/'"#!'3

!"#$#%&'$"()*(+(""($#,-'.($/("0#0'#%'12*-"3'4/(5-06-("-'(%7'829:-

7-89:;<(=>?@(A89:;<(B@(CDE:$FD9(>GA:(/G?FGH9D9I0=HCG?DE:J

2K(2@8L:.-67#-8(9:-!;;)<#

%

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

+:E:HG;(S::V9(G<?:H(?F:(#@A:(A=CCD>C.(2@8L:(G>B(!@HG(S:H:(CDE:>(?DILV:?9(?@(G>(@T:HG(SF@9:(;DMH:??D9?(SG9(LG;;:B(];=AK($FD9(9:L@>B(A@A:>?(@<(FGTT:>9?G>L:.(G<?:H(FD9(F=AD;DG?D>C(<G;;(D>(G(#@AG>(9DB:(9?H::?.(<=H>D9F:B(?F:(>GA:(@<(FD9(TG?:H>G;(TH@?GC@>D9?.(^:@T@;B(];@@AK

$F=9(SG9(M@H>(?F:(;@>C:9?(9F@H?(9?@H8(:E:H(?@;BK(=9:""#">-$F:(?G;:(@<(G(<G?F:H(G>B(G(9@>(?HGE:H9D>C(S@=>B9(@>(?F:(SG8(?@(F:G;D>CK

-8( 9=MR:L?( D9( ?F:-?$)')@A- <B$#>(-8(_=:9?D@>9( GH:( ?F:( <@;;@SD>CK(*@S(ADCF?(;D?:HG?=H:(F:;T(=9(7S@HV(?FH@=CFJ(?HG=AG`(*@S(<GH(LG>(>GHHG?DE:(LGI?FGH9D9(C@(G>B(SFG?(GH:(D?9(;DAD?9`(">B(<D>G;;8Z(F@S(ADCF?(>GHHG?DE:(F:G;D>C(BD<<:H(D>(?F:(LG9:(@<(;D??;:(?HG=AG(W?F:(:UD9?:>?DG;(S@=>B9(@<(MDH?F.(;@99(G>B(B:IG?FY(G>B(MDC(?HG=AG(WSGH.(?@H?=H:.(LG?G9?H@TF:Y`(-8(LF@9:>(:UGAT;:(D9(2@8L:a9(

!"#$%&'$(")'**+++4!"#$%&'$(")'**+++4 -./0-/!-01+++0!"-3"-!-./0-/!-01+++0!"-3"-!

Page 4: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

#%)*"#1(/'"#!'3

b

=9:""#"-C-D?9:;<(G(9?@H8(SFDLF(H:SHD?:9(?S@(@?F:H(9?@HD:9.(+FGV:9T:GH:a9-8&D49#'(G>B(*@A:Ha9(!+:""#:>(";;(?FH::(GH:(9?@HD:9(@<(<G?F:H9(G>B(9@>9K(+?@HD:9(@<('$&@"A#@#$&')(@&9(?HG=AG.(SFDLF(%(SD;;(9=CC:9?.(GH:(?HG>9AD??:B(G>B(9@A:F@S(?HG>9<DC=H:B(D>(?F:(SHD?D>C(@<(?F:(9?@HD:9(?F:A9:;E:9K

%%

%>( ?F:( @T:>D>C( @<( 2@8L:a9(=9:""#"( S:( GH:( ?@;B( M8( *GD>:9( ?FG?( D?a9( G;;(GM@=?(cd?eF:(fG?F:H(G>B(?F:(+@>( DB:GK($F:(+@>(9?HDED>C(?@(M:(G?@>:B(SD?F(?F:(fG?F:HgNK( %?(B@:9>a?( ?GV:( ;@>C(<@H(=9( ?@(H:G;Dh:( ?FG?( ?F:(9@>( D9(+?:TF:>I$:;:AGLF=9(G>B(?F:(<G?F:H(];@@AIi;899:9K($F:DH(TG?F9(LH@99(D>(?F:(ADBB;:(@<(?F:(M@@V(G9(+?:TF:>(:UD?9(G>B(];@@A(:>?:H9(?F:(!G?D@>G;(^DMHGH8(D>(1=M;D>K(%?(D9(G(TDE@?G;(9L:>:(D>(SFDLF(+?:TF:>(:UT@=>B9(FD9(L:>?HG;(?F:@H8(@<(?F:(<GI?F:Hj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k($@(?:;;(9@A:?FD>C(?FG?(LG>>@?(M:(?@;BK("(B@=M;:(D>R=>L?D@>K(">(=>M:GHGM;:(M=HB:>K(">(DAT@99DM;:(9?@H8K($F:(B@=M;:(MD>B(@<(?HG=AGZ(c$@(9T:GV(D9(DAIT@99DM;:.(>@?(?@(9T:GV(D9(DAT@99DM;:g[K

N(2K(2@8L:.(=9:""#".(&D>?GC:.(!:S(3@HV(NPPO.(NK46bI46PK[(+K(l:D?h(LD?:B(M8()K()GH=?F.-E#<&F'B$)@A-'7#-G&"'H-I@'$(+B<')(@.(D>-)K()GH=?F(W:BKY.(6$&BD&H-

JKF9($&')(@"- )@-,#D($:.-$F:( 2@F>9(*@TVD>9(i>DE:H9D?8( 0H:99.( ]G;?DA@H:( NPP4.( TK( N4\K(,>( ?FD9(B@=M;:(D>R=>L?D@>(?@(?:;;(G>B(>@?(?:;;(?HG=AG.(9::(G;9@(#K(/:GH>:8.(8&D9#'L"-*7("'"H-M$(D-N7&O#"F#&$#-'(-P(:<#.( D>(%BK.(N'$&@A#$"Q-*(+"-&@+-,(@"'#$"H-I@'#$F$#')@A-!'7#$@#"".(#@=?;:BC:.(^@>B@>([QQO.(TTK(N\NIN5[K(,>(2@8L:a9(NPQ5( ;:??:H( ?@(FD9(MH@?F:H.(+?G>D9;G=9.( GM@=?( ?F:(];@@Aj*=>?:H(L@>>:L?D@>.(9::(#K(';;AG>>.(=9:""#"H-R-N7($'-N'($:.(D>(#K(';;AG>>.(P&D#"-P(:<#H-R-S)(A$&F7:.(0:>C=D>I$F:(]@B;:8(*:GB.(*GHA@>B9S@H?F(NP5b.(TTK(6Q4(<K(G>B(XK(-:;LFD@HD.(67#-*#@#")"-(;-=9:""#".(D>(XK(-:;LFD@HD(W:BKY.(P(:<#-)@-E(D#.(]=;h@>D.(#@AG(NPb\.(TTK(O6(<<K(,>(?F:(=9:""#"/8&D9#'(L@>>:L?D@>(9::(1K(/DM:HB.(=9:""#"H-R@@('&'#+-N'B+#@'L"-J+)')(@.(0:>C=D>.(^@>B@>I!:S(3@HV(NPP[.(TK(NQNO(G>B(%BK.(=9:""#"-&@+-=N.-fGM:H.( ^@>B@>( [QQPK(/DM:HB( GHC=:9( ?FG?( R=9?( G9( 2@8L:( 9@=CF?( ?@( M:L@A:( FD9( @S>( <G?F:H( M8(SHD?D>C(=9:""#".-9@(?@@(+FGV:9T:GH:(9@=CF?(?@(M:L@A:(FD9(@S>(<G?F:H(WG9(XF@9?Y(@<(FD9( ;D?:HGH8(9@>(W0HD>L:(*GA;:?YK(*:(G;9@(>@?:9(?F:(H:E:G;D>C(<GL?(?FG?(+FGV:9T:GH:a9(9@>(*GA>:?(SG9(:;:E:>(SF:>(F:(BD:B(G>B(];@@A(H:LG;;9(D>(FD9(<D>G;(M:B?DA:(H:E:HD:(?FG?(D?(SG9(G;A@9?(:;:E:>(8:GH9(9D>L:(FD9(9@>.(

!"#$%&'$(")'**+++2!"#$%&'$(")'**+++2 -./0-/!-01+++0!"-3"-!-./0-/!-01+++0!"-3"-!

Page 5: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

!"##"$%&'()"$*"#+%+(%!(*,-'#.(+*"/'+0'"#'("!1(2,3)'

P

c#:A:AM:H(A:.(H:A:AM:H(A:KKKg

9G89(?F:(CF@9?;8(<G?F:H(?@(FD9(9@>.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ

c]=?(?FG?(%(GA(<@HMDB$@(?:;;(?F:(9:LH:?9(@<(A8(THD9@>(F@=9:%(L@=;B(G(?G;:(=><@;B(SF@9:(;DCF?:9?(S@HBl@=;B(FGHH@S(=T(?F8(9@=;KKKgOK

$F:( CF@9?a9( =>9T:GVGM;:( 9:LH:?9( m( <@H(SFDLF(F:( D9( L@>B:A>:B( ?@( ?F:(;G?:>L8(@<(T=HCG?@H8.(?F@9:(c9=;TF=H@=9(G>B(?@HA:>?D>C(<;GA:9g\(m(?F:9:(E:H8(?FD>C9(GH:(TH:LD9:;8(SFG?($#D&)@-9:LH:?K($F:(9:LH:?(7LHDA:9(L@AAD??:B(D>(FD9(BG89(@<(>G?=H:J(W8@=?FY(GH:.(/D>C(*GA;:?(?:;;9(=9.(;($T)++#@(?G;:9K(%>(9F@H?.(?F:(?FD>C9(?@(M:(H:A:AM:H:B(LG>>@?(M:(?@;B(D>(?F:(<DH9?(T;GL:k

l:( GH:( L@>L:H>:B( F:H:.( %( 9=CC:9?.(SD?F( ?HG=AG9K(i>9T:GVGM;:( ?FD>C9(SFDLF(S:(B@(>@?(T@99:99(M=?(SFDLF(7T@99:99(=9J(m(;DV:(9T:L?:H9K(f@H(?HG=AG9.(G9()G?F8()GH=?F(SHD?:9.(B:9LHDM:(c@E:HSF:;AD>C(:UT:HD:>L:9(@<( 9=BB:>.(@H(LG?G9?H@TFDL(:E:>?9.( D>(SFDLF(?F:(H:9T@>9:(?@(?F:(:E:>?(@LL=H9(D>(?F:(@<?:>(B:;G8:B.(G>B(=>L@>?H@;;:B(H:T:?D?DE:(@LL=HH:>L:(@<(FG;;=LD>G?D@>9(G>B(@?F:H(D>?H=9DE:(TF:>@A:>Gg4K(%(?FD>V(*GA;:?(T:H<:L?;8(_=G;D<D:9K

#=B8.(FGB(BD:BK(,>(+?:TF:>(1:BG;=9a(?F:@H8(@<(8&D9#'(9::(G;9@(#K(XDHGHB.(U$(:#V4%(B"-%(B"4DWD#-X-%('$#-'7Y($)#Z.(D>(%BK.(N7&O#"F#&$#H-9#"-;#BK-+#-9L#@%)#.-XHG99:?.(0GHD9(NPPQ.(TTK(ONOIOOQ(G>B(*K(];@@A.(8&D9#'.(D>(%BK.(N7&O#"F#&$#H-67#-I@%#@')(@-(;-'7#-8BD&@.-#DE:HF:GB(]@@V9.(!:S(3@HV(NPPb.(TK(OPQZ(cf@H(FDA(d"<)9>(2@8L:j+?:TF:>e.(*GA;:?(?F:(1G>:(G>B(*GA>:?(+FGV:9T:GH:(GH:(?SD>9.(G>B(?F:(CF@9?;8(+FGV:9T:GH:(D9(?F:H:<@H:(?F:(<G?F:H(@<(FD9(A@9?(>@?@HD@=9(LFGHGL?:HgK(f@H(@?F:H(TD:L:9(@<(D><@HAG?D@>(@>( ?F:( <G?F:Hj9@>(A@?D<( D>(=9:""#"( %( GA( G;9@( CHG?:<=;( ?@( A8( 2@8L:G>( L@;;:GC=:9.( 2@9:TF(!=C:>?.(2@9:TF(,a^:GH8.(^=V:(XDMM@>9(G>B(+=9G>(]H@S>K("(LFG;;:>CD>C(T98LF@G>G;8?DL(L@>?HDM=?D@>(?@(?F:(BD9L=99D@>(D9(?@(M:(<@=>B(D>(+K()HD?LF;:8(G>B(2Kl:M9?:H.(N'&:-I99B")(@H-67#-8&D9#'-[(<'$)@#.-0G>?F:@>(]@@V9.(!:S(3@HV.([QNOK

O(lK(+FGV:9T:GH:.(8&D9#'.-GL?(N.(9LK(4K(\(IT).(GL?(N.(9LK(4K4()K()GH=?F.(=@<9&)D#+-JKF#$)#@<#H-6$&BD&-&@+-'7#-G("")T)9)':-(;-8)"'($:.(D>()K(!@=E:?(W:BKY.-

\)'#$&'B$#-&@+-'7#-J'7)<&9-]B#"')(@.(3G;:(i>DE:H9D?8(0H:99.(!:S(*GE:>(NPPN.(TK(NbNK()GH=?F(GBB9Z(c$F:(:UT:HD:>L:(@<(?F:(9@;BD:H(<GL:B(SD?F(9=BB:>(G>B(AG99DE:(B:G?F(GH@=>B(FDA.(<@H(:UGAT;:.(SF@(9=<<:H9( ?FD9( 9DCF?( D>( G(>=AM:B( 9?G?:.(@>;8( ?@( H:;DE:( D?( ;G?:H(@>( D>( H:T:G?:B(>DCF?AGH:9.( D9( G( L:>?HG;(G>B(H:L=HHD>C(DAGC:(@<(?HG=AG(D>(@=H(L:>?=H8g(W)T)+#DYK(f@H(@?F:H(L=HH:>?(B:<D>D?D@>9(@<(?HG=AG(m(:9T:LDG;;8(H:;G?D>C(?@(AGR@H(F@HH@H9(@<(SGH.(HGT:.(?@H?=H:.(C:>@LDB:(G>B(>G?=HG;(LG?G9?H@TF:(m(9::(2K(*:HAG>.(6$&BD&-&@+-E#<(%#$:.(*GHEGHB(i>DE:H9D?8(0H:99.()GAMHDBC:([QQ[n-)K(fDC;:8(W:BKY.(6$&BD&-&@+-I'"-^&O#.(E@;;K(N(G>B([.(]H=>>:HI-Gh:;.(!:S(3@HV(NPb4INPb5n(+K(#[email protected])$)'-&@+-6$&BD&H-R-67#(9(A:-(;-E#D&)@)@A.(l:9?AD>9?:H(2@F>(/>@U(0H:99.(^@=D9ED;;:([QNQ.(:9T:LDG;;8(TTK(NIN4n(1K(^G=M.(E#4#"'&T9)"7)@A-'7#-I@'#$@&9-_67(B`-)@-6#"')D(@:-(;-6$&BD&.(D>(c098LF@G>G;89D9.()=;?=H:(G>B(+@LD:?8g([-W[QNOY.(TTK(Nb\INPbn(G>B(1K(^G=M(I(+K(f:;AG>.-6#"')D(@:.-#@=?;:BC:.(!:S(3@HVI(^@>B@>(NPP[K

!"#$%&'$(")'**+++5!"#$%&'$(")'**+++5 -./0-/!-01+++0!"-3"-!-./0-/!-01+++0!"-3"-!

Page 6: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

#%)*"#1(/'"#!'3

NQ

%%%

!@S.(D<(?FD9(H:GBD>C(@<(=9:""#"-9@=>B9(T98LF@G>G;8?DL(D?(D9(M:LG=9:(D?(D9K(%>(M)@@#A&@"-^&O#(2@8L:(FDA9:;<(GBAD??:B(?@(M:D>C(B::T;8(D>?:H:9?:B(D>(2=>C(G>B(fH:=B(SF:>(F:(SG9(c8=>C(G>B(:G9D;8(<H:=B:>:Bg5K(">B(?F:(9?@H8(D9(S:;;(V>@S>(@<(FDA(MHD>CD>C(FD9(BG=CF?:H.(^=LDG.(?@(ED9D?(2=>C(D>(o=HDLF(@>;8(?@(M:(?@;B(M8(2=>C(?FG?(F:(S@=;B(M:(G9(D>L=HGM;8(T98LF@?DL(G9(FD9(BG=CF?:H(D<(F:(FGB(>@?(T:>>:B(=9:""#"K(lHD?D>C(FD9(M@@V(@<(?HG>9C:>:HG?D@>G;(?HG=AG(m(@<(i;899:9(G>B($:;:AGLF=9.(@<(/D>C(G>B(0HD>L:(*GA;:?.(@<(+?:TF:>(G>B(];@@A(m(SG9.( D?( 9::A:B.( ?F:(7SHD?D>C(L=H:J( <@H(2@8L:a9(@S>(?HG=AGK($F:(M@@V(@<(FDA9:;<K(">B(F:(G;;:C:B;8(L@><:99:BZ(c%?(D9(G(MHGE:(AG>(SF@(S@=;B(D>E:>?(9@IA:?FD>C(?FG?(>:E:H(FGTT:>:BKg(lFG?(FGTT:>9(D>(=9:""#"(FGTT:>:B(?@(2@8L:K(*:(SG9(?F:(AG>DL(AGCTD:(SF@.(M8(FD9(@S>(GBAD99D@>.(C;:G>:B(:E:H8(S@HB(@<(FD9(9?@H8(<H@A(?F:(9?@HD:9(@<(FD9?@H8.(T:H9@>G;(@H(L@;;:L?DE:K(*D9(<DL?D@>(D9(FG=>?:B(M8(SFG?(F:(LG;;:B(?F:(7>DCF?AGH:9(@<([email protected](?F:(A=?:(7A@?F:H9(@<(A:A@H8J(?FG?(LH8(@=?(?@(M:(F:GHB.(9T@V:>.(SHD??:>K(0FG>?G9AG;(FG=>?D>C9(?@HA:>?(?F:(8@=>C(+?:TF:>(SD?F(7GC:>MD?:(@<(D>SD?KJ($F:8(H:ED9D?(FDA(@M9:9I9DE:;8.(C=D;?D;8.(D>:;=L?GM;8K(]@?F-8&D9#'-G>B-=9:""#"(H:;G?:(9=LF(CF@9?D>C9(@<(>GHHG?DE:(A:A@H86K

"9(<@H(fH:=B.(>@(9=LF(A::?D>C(?@@V(T;GL:n(M=?(%(9@A:?DA:9(DAGCD>:(2@8IL:(H:GBD>C(fH:=Ba9(9:AD>G;(?F:@H8(@<(?HG=AG(D>-S#:(@+-'7#-G9#&"B$#-G$)@<)F9#(m(T=M;D9F:B(D>(NP[Q(G9(2@8L:(SG9(L@AT;:?D>C(=9:""#"(WNP[[Y-C-G>B(S@>B:HD>C(SF:>(F:(LGA:(?@(?F:( ;($'/+&( 9L:>:( D<( D?(BDB(>@?(L@><DHA(FD9(@S>(?F:@H8(@<(LG?FGH9D9(D>(R(G($'$&)'-(;-'7#-R$')"'K-#:LG;;(F@S(fH:=B(SD?>:99:B(FD9(CHG>B9@>('H>9?a9(<DH9?(9T@V:>(S@HB9(m(A(@#/T&<O-&A&)@(m(SFD;:(T;G8D>C(SD?F(G(S@@B:>(

5(2GA:9(2@8L:.(M)@@#A&@"-^&O#.(0:>C=D>.(^@>B@>(NPPP.(TK(NN4.(;;K([[I[OK6(,>(EGHD@=9(VD>B9(@<(A:A@H8(m(7M;@LV:B.J(7BG>C:H@=9J(G>B(7?F:HGT:=?DLJ(m(9::(0K(#DL@:=H.(

8)"'($:.-,#D($:- &@+- M($A#'')@A.( ?HG>9K( /K( ];GA:8( G>B(1K( 0:;;G=:H.( i>DE:H9D?8( @<( )FDLGC@( 0H:99.()FDLGC@I^@>B@>( [QQ\( G>B(,#D($:- &@+- M($A#'')@A.( D>(#K(/:GH>:8( I(-K(1@@;:8( W:B9KY.(]B#"')(@"-(;-J'7)<"H-U(@'#DF($&$:-[#T&'#"-)@-G7)9("(F7:.(#@=?;:BC:.(^@>B@>(I(!:S(3@HV(NPPP.(TTK(4INNK(+::(G;9@(#DL@:=Ha9(H:<;:L?D@>(@>(>GHHG?DE:(?:9?DA@>D:9(@<(?F:(F@;@LG=9?(D>(67#-,#D($:-(;-NB;;#$)@A.(D>(%BK.-M)AB$)@A-'7#-N&<$#+H-E#9)A)(@Q-a&$$&')%#-&@+-ID&A)@&')(@.(?HG>9K(1K(0:;;G=:H.(f@H?H:99(0H:99.(-D>>:GT@;D9(NPP4.(TK([PQ.(G>B(@=H(@S>(BD9L=99D@>(@<(?F:(9T:L?HG;(BDA:>9D@>9(@<(?HG=AG(G>B(H:TH:99:B(A:A@H8(D>(;D?:HGH8.(FD9?@HDLG;(G>B(?:9?DA@>DG;(>GHHG?DE:9(m(D>L;=BD>C-8&D9#'-C-D>(#K(/:GH>:8.(a&$$&')%#-&@+-'7#-J'7)<"-(;-E#D#DT$&@<#.(D>-#K(/:GH>:8(I(-K(1@@;:8(W:B9KY.(]B#"')(@"-(;-J'7)<".-LD?>.(TTK(NbIO[K(,>:(ADCF?(G;9@(A:>?D@>(F:H:(2GL_=:9(1:HHDBGa9(H:GBD>C(@<(*GA;:?(G9(7FG=>?@;@C8J(D>-NF#<'#$"-(;-,&$KH-67#-N'&'#-(;-'7#-[#T'Q-'7#-^($O-(;-,(B$@)@A-&@+-'7#-a#?-I@'#$@&')(@&9.(?HG>9K(0K(/GA=<.(#@=?;:BC:.(!:S(3@HV(I(^@>B@>(NPP\(G9(S:;;(G9(FD9(<@HSGHB(WM($"H-67#-R@A9)"7-^($+"-(;-a)<(9&"-RT$&7&D-&@+-,&$)&-6($(OY-?@(!K("MHGFGA(I(-K($@[email protected]#-^(9;-,&@L"-,&A)<-^($+H-R-U$:F'(@:D:.( ?HG>9K(!K(#G>B.(i>DE:H9D?8(@<(-D>>:9@?G(0H:99.(-D>>:GT@;D9([QQ4.(TTK(p%I(p^&%%%K

!"#$%&'$(")'**+++0-!"#$%&'$(")'**+++0- -./0-/!-01+++0!"-3"-!-./0-/!-01+++0!"-3"-!

Page 7: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

!"##"$%&'()"$*"#+%+(%!(*,-'#.(+*"/'+0'"#'("!1(2,3)'

NN

L@??@>IH::;(SFDLF(F:(AGB:(EG>D9F(=>B:H(FD9(L=H?GD>:B(L@?(G>B(?F:>(H:GTT:GH(GCGD>(D>(DAD?G?D@>(@<(FD9(A@?F:Ha9(L@AD>C(G>B(C@D>C(<H@A(?F:(F@=9:.(G(LG=9:(@<(=>M:GHGM;:(9:TGHG?D@>(G>UD:?8(<@H(?F:(8@=>C(LFD;BK(%>(fH:=Ba9(<GA@=9(GLIL@=>?(@<(;D??;:('H>9?a9(?S@(98;;GM;:(?G;:-C-;($'/+&-C-D>E:>?:B(?@(L@AT:>9G?:(<@H(?F:(;D??;:(7?HG=AGJ(@<(FD9(TGH:>?9a(GM9:>L:(WA@?F:H(GSG8.(<G?F:H(G?(SGHY(ADCF?(>@?(2@8L:(FGE:(H:L@C>Dh:B(:LF@:9(@<(FD9(@S>(<DL?D@>G;(T;@8(?@(L@AT:>9G?:(<@H(D>?@;:HGM;:(;@99`(%>(@?F:H(S@HB9.(ADCF?(>@?(M@?F(fH:=B(G>B(2@8L:(FGE:(SD?>:9I9:B(?F:(AGCDLG;(T@S:H(@<(S@HB9(?@(7S@HV(?FH@=CFJ(S@=>B9.(G;M:D?(G?(E:H8(BD<I<:H:>?(;:E:;9`(^($O)@A-'7$(BA7-G9-?$)')@A-'7$(BA7Z(">B(A@H:(TH:LD9:;8.(SF:>(fH:=B(SH@?:(@<(FD9(CHG>B9@>a9(;@99(@<(FD9(A@?F:H(SG9(F:(>@?(G;9@(SHD?D>C(GM@=?(FD9((?@-;@99(@<(FD9(BG=CF?:HZ(?F:(9GA:(T:H9@>-C-+@TFD:(fH:=BK(f@H(+@TFD:(SG9.(9DC>D<DLG>?;8.(fH:=Ba9(<GE@HD?:(BG=CF?:H(SF@(BD:B(?HGCDLG;;8(D>(2G>=GH8.(NP[Q.(9:E:HG;(A@>?F9(M:<@H:(fH:=B.(B:EG9?G?:B(M8(?F:(;@99.(SH@?:(?F:-;($'/+&(9L:>:bK

-8(9=CC:9?D@>(F:H:(D9(?FG?(?F:(ADHH@H(T;G8(@<(+@TFD:(fH:=Ba9(7BD9GTT:IGHG>L:.J(:>GL?:B(M:?S::>(F:H(<G?F:H(WfH:=BY(G>B(F:H(9@>(W'H>9?Y.(D9(G(ADLH@IBHGAG(@<(?HG>9C:>:HG?D@>G;(?HG=AG(WSD?F(G(9AG;;( ?YK(%?(9DC>G;9(G(LH@99D>C(@<(DB:>?D<DLG?D@>9(SF:H:(fH:=B(D9(G?(@>L:(+@TFD:a9(<G?F:H(G>B(9@>.(7SHD?D>C(?F:(M@@V(@<(FDA9:;<.J(G9(2@8L:(T=?9( D?.(9@(G9(?@(A@=H>(G(B:TGH?:B(;@E:B(@>:(WG(;@9?(@MR:L?YK(-8(L@H@;;GH8(9=CC:9?D@>(D9(?FG?(2@8L:(AG8(FGE:(<@=>B(SHD?:H;8(H:9@>G>L:9-D>(fH:=Ba9(?F:HGT:=?DL(>GHHG?DE:(@<(;($'/+&K($F:(;@>C:9?(9F@H?(9?@H8(:E:H(?@;B(:LF@D>C(?F:(9F@H?:9?kP

b( $FD9( 9L:>:.( D>LDB:>?G;;8.( D9( D>9:H?:B( D>( ?F:( M@@Va9( >GHHG?DE:.( _=D?:( GMH=T?;8.( G<?:H( fH:=Ba9(D>D?DG;(@=?;D>:(@<(G(9:HD:9(@<(:UGAT;:9(@<(llN(?HG=AGK(">B(?FD9(D>?:HT@;G?D@>(@<(G(7;D??;:(?HG=AGJ(m(9:TGHG?D@>(<H@A(G(;@E:B(@>:(m(D>?@(fH:=Ba9(9:AD>G;(GLL@=>?(@<(7]DC($HGAGJ(m(=>9T:GVGM;:(ED@;:>L:(G?(SGH(m(@T:>9(=T.(%(M:;D:E:.(?F:(SF@;:(L@>E:H9G?D@>(GM@=?(H:;G?D@>9(M:?S::>(@HBD>GH8(G>B(:U?HG@HBD>GH8(?HG=AGK

P()<HK(+K(fH:=B.(S#:(@+-'7#-G9#&"B$#-G$)@<)F9#.(?HG>9K(XK(#DLF?:H.(]H@GBED:S.($@H@>?@(I(!:S(3@HV(NPb\.(TTK(44I54K($F:(D>LDB:>?(@<(;D??;:('H>9?(T;G8D>C(SD?F(?F:(9T@@;(@<(9?HD>C(@LL=HH:B(D>(NPN4(SF:>(fH:=B( ED9D?:B( ?F:(*GAM=HC(F@A:(@<( FD9( BG=CF?:H( +@TFD:.(SF@( ;G?:H( BD:B( D>( 2G>=GH8(NP[Q(G9(fH:=B(SG9( 9?D;;( L@AT@9D>C(FD9( ?:U?K(+::(G;9@( ?F:(L@AA:>?GHD:9(M8(1:HHDBG( D>(%BK.(67#-G("'<&$+H-M$(D- N(<$&'#"- '(- M$#B+- &@+- S#:(@+.( ?HG>9K( "K( ]G99.( i>DE:H9D?8( @<( )FDLGC@( 0H:99.( )FDLGC@( NPP5(G>B('K(+G>?>:H.(8)"'($:-T#:(@+-'7#-G9#&"B$#-G$)@<)F9#.( D>(+K(fHD:B;q>B:H-W:BKY.(G$(T)@A-'7#-\)D)'"-(;-E#F$#"#@'&')(@.(*GHEGHB(i>DE:H9D?8(0H:99.()GAMHDBC:(W-G99KY(NPP[.(TTK(N\OIN44K(-DCF?(?F:H:(G;9@(M:(G(MG9DL(D9@A@HTFDL(HGTT@H?(M:?S::>(NY(?F:(THDA@HBDG;(?F:HGT:=?DL(T;G8(;($'/+&(G>B([Y(?F:(LG?FGH?DL(T;G8( @<( TD?8( WDB:>?D<DLG?D@>(SD?F( DAA:BDG?:( 9=<<:HD>C( F:H:j+&Y( G>B( <:GH( WBD9?G>L:( @<( ?F:( @>:(SF@(B:?GLF:9.(A:BDG?:9(G>B(;:?9(C@(?F:H:j-;($'Y(G9(:UT@=>B:B(M8(+?:TF:>(1:BG;=9(D>-R-G($'$&)'-(;-'7#-R$')"'-&"-&-b(B@A-,&@Z-%<(?FD9(D9(9@.(S:(ADCF?(M:(?:AT?:B(?@(G9V(SFG?(?F:(:_=DEG;:>?(@<('H>9?a9(9T@@;(T;G8(D9(D>(2@8L:a9(@S>(SHD?D>CK(%9(+?:TF:>.(?@(T=?(D?(<G>LD<=;;8.(FD9(;($'(G>B(];@@A(FD9(+&Z-">B(SFG?(H@;:(FG9(-@;;8(D>(?F:(BHGAG(@<(TD?8(G>B(<:GH`(1@:9(9F:(?=H>(?F:(?HGCDL(T=HCG?D@>(D>?@(L@ADL(9:H:>D?8`($F:(9T;D?(B8GB(@<(<G?F:Hj9@>(D>?@(G(BDG;:L?DLG;(?HDGB`(l:(ADCF?(BHGS(=9:<=;(9=CC:9?D@>9(F:H:(<H@A(<:AD>D9?(H:D>?:HTH:?G?D@>9(@<(?F:(;($'/+&-CGA:(M8(9=LF(?FD>V:H9(G9(^K(%HDCGHG8.-N#K#"-&@+-*#@#&9(A)#".(?HG>9K(XK(

!"#$%&'$(")'**+++00!"#$%&'$(")'**+++00 -./0-/!-01+++0!"-3"-!-./0-/!-01+++0!"-3"-!

Page 8: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

#%)*"#1(/'"#!'3

N[

$FD9(F8T@?F:9D9( D9( <G>?G98(m(M=?( 2@8L:(SG9( G( E@HGLD@=9( H:GB:H( G>B(F:(B@:9(FGE:(FD9(M)@@#A&@"-^&O#->GHHG?@H(M@G9?Z(c%(LG>(T9@GV@@>G;@@9:(A89:;<(G>8(?DA:(%(SG>?kgNQK

%&

+@.(?@(H:?=H>(?@(=9:""#">-lF:>(+?:TF:>(?:;;9(=9(?FG?(8&D9#'(D9(?F:(9?@H8(@<(+FGV:9T:GH:a9(<G?F:HI9@>(H:;G?D@>9FDT.(F:(D9(:LF@D>C(FD9(H:;G?D@>9FDT(SD?F(FD9(@S>(<G?F:H9(W-H(1:BG;=9(G>B(];@@AYK(">B(?FD9(9?@H8(SD?FD>(G(9?@H8( D9(D?9:;<(G(TGH@B8(@<(*@A:Ha9(@HDCD>G;(9?@H8(@<(i;899:9(G>B($:;:AGLF=9K(%>(@?F:H(S@HB9Z(S:(GH:(B:G;D>C(F:H:(SD?F(9?@HD:9(SD?FD>(9?@HD:9(SD?FD>(9?@HD:9K(fG?F:H9(G>B(9@>9.(H:T:G?D>C.(H:;DED>C(G>B(WT:HFGT9(?@(9@A:(9DC>D<DLG>?(:U?:>?Y(H:;D:IED>C(?HG=AGK(!GHHG?DE:(G9(LG?FGH9D9K(]=?(>@?(>GHHG?DE:(LG?FGH9D9(=>B:H9?@@B(G9( L;@9=H:(@H( L@AT;:?D@>K(#G?F:H(>GHHG?DE:( G9( DAT@99DM;:( 9?@H8Z( 9?@H8?:;;D>C(SFDLF(<@H:E:H(<GD;9(?@(<B$#(?HG=AG(M=?(>:E:H(<GD;9(?@(?H8(?@(7#&9(D?K(">B(D>(?FD9(E:H8(:<<@H?(D?9:;<(?F:H:(D9(T;:G9=H:Z(?F:(T;:G9=HGM;:(T=HCG?D@>(@<(TD?8(G>B(<:GHNNK

XD;;.()@;=AMDG(i>DE:H9D?8(0H:99.(!:S(3@HV(NPPO(G>B.(A@H:(H:L:>?;8.("KI)K(-=;B:H.-[)%)@#-M9#"7Q-JDT(+)#+-^($+.-i>DE:H9D?8(@<("A9?:HBGA(0H:99.("A9?:HBGA([QQ5.(TK(\N(<<K

NQ(2K(2@8L:.(M)@@#A&@"-^&O#.(LD?K.(TK(4[[.(;;K(ONIO\KNN(+::(0K(#DL@:=Ha9(H:GBD>C(@<("HD9?@?;:a9(>@?D@>(@<(LG?FGH?DL(T;:G9=H:(D>(%BK.(6)D#-&@+-a&$$&')%#.(

E@;K(N.(?HG>9K(/K(-L^G=CF;D>(I(1K(0:;;G=:H.(i>DE:H9D?8(@<()FDLGC@(0H:99.()FDLGC@([QQ\.(LFGT?:H([K(]=?( D?( D9(>@?(@>;8(BHGAG?DL(@H(:TDL( 9?@HD:9( ?FG?( 9:HE:(G9(>GHHG?DE:( ?F:HGTD:9( <@H( ?F:(T=HCG?DE:( H:;D:<(G>B(H:;:G9:(@<(?HG=AG?DL(M;@LVGC:n(?F:H:(D9(G;9@.(G9(2@8L:(;:GH>:B(<H@A("HD9?@?;:.(G(?FDHB(LG?:C@H8.(?F:(;8HDLZ( >GA:;8( T@:?DL(ADLH@I>GHHG?DE:9( W@H( 9@A:?DA:9( T@9?I>GHHG?DE:9( G>B( >@>I>GHHG?DE:9Y( ?FG?(AG8(9=TT;:A:>?(@H(:E:>(9=T:H9:B:(?F:(9?G>BGHB(>GHHG?DE:(<@HA9K("(?:;;D>C(:UGAT;:(@<(?FD9(D>(2@8L:a9(LG9:.(%(M:;D:E:.(D9(FD9(;G?:(T@:A.(J<<#-GB#$.(SHD??:>(@>(?F:(MDH?F(@<(FD9(CHG>B9@>.(+?:TF:>(2@8L:.(D>(NPO[.(?F@=CF(>@?(T=M;D9F:B(=>?D;(NPO5(D>(U(99#<'#+-G(#D">-*:H:.(D>(A8(ED:S.(D9(G>@?F:H(G??:AT?.(F@S:E:H(AD>DAG;(G>B(A@B:9?.(?@(GBBH:99(?F:(:>DCAG(@<(?HG>9C:>:HG?D@>G;(?HG=AG(m(D>(?FD9(LG9:(?FG?(M:?S::>(CHG>B<G?F:Hj<G?F:Hj9@>K($F:(;G9?(;D>:(@<(?F:(T@:A.(7,(<G?F:H(<@H9GV:>.(<@HCDE:(8@=H(9@>.J(9::9(2@8L:(9VDTTD>C( G( C:>:HG?D@>( ?@( 9::V( <@HCDE:>:99( M8( DB:>?D<8D>C(SD?F( FD9( @S>( 9@>.(XD@HCD@.( EDG( FD9( @S>(CHG>B9@>.(+?:TF:>K(%>(9@(B@D>C.(2@8L:(H:THD9:9(M@?F(?F:(L;@9D>C(;D>:9(@<(?F:(7%?FGLGJ(:TD9@B:(@<(=9:""#"-W7)FD;BAG>(S:GH8.(AG>LFD;B(D>(?F:(S@AMJY(G>B(G;9@-?F:(<D>G;(;D>:9(@<(R-G($'$&)'-(;-'7#-R$')"'(SF:H:(+?:TF:>I%LGH=9(GBBH:99:9(FD9(A8?FDLG;(<G?F:H.(1:BG;=9Z(c,;B(<G?F:H.(@;B(GH?D<DL:H.(9?G>B(A:(>@S(G>B(:E:H(D>(C@@B(9?:GBg(W2K(2@8L:.(R-G($'$&)'-(;-'7#-R$')"'-&"-&-b(B@A-,&@.(0:>C=D>.(^@>B@>(NPP[.(TK([65YK($F=9(7,(<G?F:H(<@H9GV:>.(<@HCDE:(8@=H(9@>J(ADHH@H9(7,(9@>(<@H9GV:>(<@HCDE:(8@=H(<G?F:HKJ($@(H:T:G?Z(D>(J<<#-GB#$.(2@8L:(SHD?:9(GM@=?(?F:(MDH?F(@<(FD9(CHG>B9@>(G>B(>@?(FD9(@S>(9@>(G9(9@A:(L@AA:>?G?@H9(G99=A:BK(%?(D9(G9(D<(?F:(MDH?F(@<(FD9(CHG>B9@>(m(M8(G(9@H?(@<(D>?:HC:>:HG?D@>G;(;:GT(m(:>GM;:B(2@8L:(?@(H:ED9D?(?F:(MDH?F(@<(FD9(@S>(9@>.(XD@HCD@.(SF@(F:(SG9(>@?(D>(G(T@9D?D@>(?@(TH@T:H;8(S:;L@A:(G>B(L:;:MHG?:(G?(?F:(?DA:(@<(FD9(GL?=G;(MDH?F(WD>(T@E:H?8(D>($HD:9?:(D>(2=;8.(NPQ4.(R=9?(@E:H(G(8:GH(M:<@H:(?F:(7>:CG?DE:(:TDTFG>8J(@<(2@8L:a9(A=CCD>C(D>(#@A:(D>(!@E:AM:H.(NPQ5K("?(?F:(?DA:(@<(:AMGHVD>C(@>(=9:""#"-HDCF?(G<?:H(?FG?(A=CCD>C.(2@8L:(9=H:;8(<:;?(FDA9:;<(?@(M:(G(B:<G=;?D>C(<G?F:H(SD?F(H:CGHB(?@(XD@HCD@(G>B(G(B:<G=;?D>C(9@>(H:CGHBD>C(FD9(@S>(<G?F:H(SF@A(F:(FGB(;GHC:;8(BD9@S>:B(G>B(GMG>B@>:B(

!"#$%&'$(")'**+++0!!"#$%&'$(")'**+++0! -./0-/!-01+++0!"-3"-!-./0-/!-01+++0!"-3"-!

Page 9: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

!"##"$%&'()"$*"#+%+(%!(*,-'#.(+*"/'+0'"#'("!1(2,3)'

NO

!@S.(;:?a9(C@(MGLV(?@(?F:(M:CD>>D>CK(*@A:Ha9(i;899:9K(%?(D9(G(9?G>BGHB(A@?D<(@<(XH::V(A8?F(?FG?(9@>9(GL?(;DV:(<G?F:Ha9(M:<@H:(?F:AK(^DV:(<G?F:H(;DV:(9@>.(G>B(9@(@>(GB(D><D>D?=A.(=>?D;(9@A:@>:(9G89(79?@TkJ($FG?(9@A:@>:(D9(?F:(?H=:(9?@H8?:;;:H(SF@(?HG>9T@9:9(?F:(H:CH:99DE:(H:T:?D?D@>(@<(?HG=AG(D>(;D<:(D>?@(G(LG?FGH?DL(H:T:?D?D@>(D>(>GHHG?DE:K($FD>V(@<(?F:(CH:G?(L8L;DLG;(A8?F9K(o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

^rEDI+?HG=99(FG9(H:AGHV:B(F@S(?F:(?FH::(>GA:9(@<(TG?HD;D>:GH(B:9L:>?(D>(?F:(9?@H8(m(^GMBGL@9(W;GA:Y.(^GD@9(W;:<?I9DB:BY.(,:BDT=9(W9S@;;:>(<@@?:BY(m(G;;(H:<:H( ?@(S@=>B9(SFDLF(LG=9:(BD<<DL=;?D:9( D>(SG;VD>CK($FD9( <GL?.(F:(9=CC:9?9.(SFDLF(D9(98AT?@AG?DL(@<(G(?HG>9<:H(@<(?HG=AG(@E:H(?FH::(C:>:HG?D@>9(WG>B(<@=H(D<(@>:( D>L;=B:9(">?DC@>:(G>B(SD9F:9( ?@(@T:>(?F:(BD9L=99D@>(?@( <G?F:H9(G>B(BG=CF?:H9(G>B.(M8(:U?:>9D@>.(?@(L@>?:AT@HGH8(<:AD>D9?(H:GBD>C9YN[K($F:(@>;8(9@;=?D@>( ?@( ?FD9( L=H9:(@<(L8L;DLG;( H:T:?D?D@>( D9( ?F:(L@>E:H9D@>(@<( ?F:(=>?@;B(

D>(1=M;D>YK(+@(D>(J<<#-GB#$.(SHD??:>(D>(NPO[(G<?:H(FD9(CHG>B9@>(+?:TF:>a9(MDH?F(G>B([6(8:GH9(G<?:H(FD9(9@>.(XD@HCD@a9.(S:(SD?>:99(G(?HG>9C:>:HG?D@>G;(?HG>9<:H(@<(<G?F:H(G>B(9@>(?FH@=CF(CHG>B<G?F:H(G>B(CHG>B9@>K($F:(?D?;:(J<<#-GB#$(H:<:H9(@<(L@=H9:(?@(0@>?D=9(0D;@?a9(S@HB9.(7'LL:(*@[email protected](G9(F:(TH:9:>?:B(?F:(S@=>B:B()FHD9?(?@(?F:(LH@SB(M:<@H:(FD9(B:G?F.(G(TFHG9:(H:T:G?:B(M8(!D:?h9LF:(D>(FD9(S@HV(J<<#-8(D(-SFDLF(2@8L:(A@9?(TH@MGM;8(H:GBK($F:(<=;;(T@:A(H:GB9Z(!;-'7#-+&$O-F&"'/(R-<7)9+-)"-T($@cj(^)'7-d(:-&@+-A$)#;/(,:-7#&$'-)"-'($@>/-U&9D-)@-7)"-<$&+9#/-67#-9)%)@A-9)#">/-,&:-9(%#-&@+-D#$<:/-=@<9("#-7)"-#:#"e/-b(B@A-9);#-)"-T$#&'7#+/(!@-'7#-A9&""c/(67#-?($9+-'7&'-?&"-@('/-U(D#"-'(-F&"">/-R-<7)9+-)"-"9##F)@AH/-R@-(9+-D&@-A(@#>/-!Q-;&'7#$-;($"&O#@Q/-M($A)%#-:(B$-"(@e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i>DE:H9D?8(D>(1=M;D>.(9GS(FDA9:;<(WDH@>DLG;;8(@H(9:HD@=9;8(@H(7R@L@9:HD@=9;8JY(G9(G(<@HA(@<(;D?:HGH8(B@L?@H(<@H(FD9(@S>(T:@T;:.(SF@(F:(BDGC>@9:B(D>-[BT9)@#$"(G9(9=<<:HD>C(<H@A(G(B::T(>G?D@>G;(7TGHG;89D9J(G>B(H:9@;E:B(?@(7T9@GV@@>G;@@9:J(?@(?F:(M:9?(@<(FD9(T@:?DL(GMD;D?D:9K(*D9(A:BDLG?D@>(SG9( G(ADU:B(B@9:( @<( 79D;:>L:.( :UD;:( G>B( L=>>D>CJ( m( SD?F(A@H:( ?FG>( G(9T@@><=;(@<(7SHD?D>CKJ(%>(?FD9(SG8.(F:(E@S:B(?@(:UT;@H:(?F:(7>DCF??DA:(L@>9LD@=9>:99J(@<(FD9(L=;?=H:.(LFGHGL?:H9(G>B(FDA9:;<(G9(G=?F@HI>GHHG?@HK

N[($F:(<:AD>D9?(T:H9T:L?DE:(D9(H:;:EG>?(F:H:K($F:(<H:_=:>?(@AD99D@>(@<(A@?F:H9(G>B(BG=CF?:H9(<H@A( ?F:( 7TFG;;@C@L:>?HDLJ( ?HGBD?D@>( @<(AG;:IG=?F@H:B(S:9?:H>( ;D?:HG?=H:.( SF:H:( <G?F:H9( G>B( 9@>9(H:DC>:B.(D9(>@?(?@(M:(?GV:>(G9(TGHGBDCAG?DLK(%?(D9(G(98AT?@A(@<(L=;?=HG;(FD9?@H8K($FG?(AG>8(:U?HG@HI

!"#$%&'$(")'**+++01!"#$%&'$(")'**+++01 -./0-/!-01+++0!"-3"-!-./0-/!-01+++0!"-3"-!

Page 10: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

#%)*"#1(/'"#!'3

N\

S@=>B( D>?@( 9@A:( <@HA(@<( ?:;;D>C(m( D>( ?FD9(LG9:.( ?F:( 98AM@;DL(:AT;@?A:>?(@<(,:BDT=9a9(?HGCDL(>GHHG?DE:K(,>;8(?FD9.(GLL@HBD>C(?@(^rEDI+?HG=99(G<?:H("HDI9?@?;:.(LG>(MHD>C(9@A:(9@H?(@<(LG?FGH9D9(SFDLF(9=9T:>B9(m(?FH@=CF(?F:(T=HCD>C(@<(TD?8(G>B(<:GH(m(?F:(L@AT=;9DE:(GL?D>C(@=?(@<(A=?:(?HG=AGK($F:(MG9DL(?F:9D9.(D>(9=A.(D9(?FG?(A8?F9(GH:(AGLFD>:9(<@H(?F:(T=HCD>C(@<(S@=>B9Z(9?HG?:CD:9(<@H(H:9@;ED>C( G?( G( ":DT(9)<( ;:E:;(SFG?( H:AGD>9( DHH:9@;EGM;:( G?( ?F:( ;:E:;( @<( ;DE:B(#DF)$)<&9(:UT:HD:>L:K

*=AG>(:UD9?:>L:(D9(L=H9:B(M8(G(?HGCDL.(M:LG=9:(DAT@99DM;:.(B:9DH:(?@(:9LGIT:(?F:(?HG=AG(@<(@=H(G=?@LF?F@>@=9(@HDCD>9K(!GA:;8.(?F:(B:9DH:(?@(M=LV(@=H(<D>D?=B:K($@(B:>8(B:G?FK(%>(?F:(,:BDT=9(L8L;:.(?FD9(?HGCDL(L=H9:(D9(:TD?@ADh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f@H(^rEDI+?HG=99.( CH:G?(A8?FDL(>GHHG?DE:9(m(M:CD>>D>C(SD?F(?F:(98>LFH@>DL(A8?F9(@<(9&-F#@"Y#-"&B%&A#(m(GH:(G??:AT?9(?@(TH@L=H:(LG?FGH?DL(H:;D:<(M8(MG;G>LD>C(?F:9:(MD>GH8(@TT@9D?:9(D>(98AM@;DL(L@>9?:;;G?D@>9(@H(7A8?F:A:9KJ(%>(G(S@HBZ(SFG?(D9(DAT@99DM;:(D>(H:G;D?8(M:L@A:9(T@99DM;:(D>(<DL?D@>NOK

BD>GH8(S@A:>(MH@V:(?FH@=CF(?FD9(:UL;=9D@>GH8(h@>:(m(<H@A(+GTTF@(G>B($:H:9G(@<("ED;;G(?@(?F:(2G>:("=9?:>.(X:@HC:(+G>B.(X:@HC:(';;D@?.(?F:(]H@>?:(9D9?:H9(G>B('AD;8(1DLVD>9@>(G>B.(<D>G;;8.(?F:(CH:G?(S@A:>(G=?F@H9(@<(?F:(;G9?(L:>?=H8(SF:>(S@A:>(GLFD:E:B(GLL:99(?@(<=;;(TH@<:99D@>G;(:B=LG?D@>(G>B(AGD>9?H:GA.(9T:GV9(<@H(D?9:;<K("(9?=B8(@<(?HG>9C:>:HG?D@>G;(?HG=AG(M:?S::>(A@?F:H9(G>B(BG=CF?:H9(S@=;B(AGV:(G(<G9LD>G?D>C(L@AT;:A:>?(?@(?F:(TH:9:>?(9?=B8K(l@A:>(FGE:(?F:DH(@S>(9D>C=;GH(9LGH9(G>B(?F:DH(?HG=AG?DL(S@=>BD>C9(GH:(>@(;:99(D>(>::B(@<(F:G;D>C(?FG>(?F@9:(@<(<G?F:H9(G>B(9@>9K

NO( +::()K( ^rEDI+?HG=99.(67#- N'$B<'B$&9- N'B+:- (;-,:'7.( D>( %BK.( N'$B<'B$&9- R@'7$(F(9(A:.( ?HG>9K()K(2GL@M99@>(I(]K(+LF@:T<.(]G9DL(]@@V9.(!:S(3@HV(NP5O.(TTK([Q5I[ON(G>B(FD9(H:;G?:B(:99G8(@>(?F:(?F:HGT:=?DL(T@S:H(@<(9?@HD:9.(67#-J;;#<')%#@#""-(;-":DT(9".(D>()K(^rEDI+?HG=99.((F>-<)'>.(TTK(Nb5I[Q4K(+::(@=H(L@AA:>?GH8(@>(?FD9(BD9L=99D@>(@<(?F:(LG?FGH?DL(T@?:>?DG;(@<(@HG;.(SHD??:>(G>B(LD>:AG?DL(>GHHG?DE:9(WD>(A8?F9.(>@E:;9(G>B(F@;@LG=9?(?:9?DA@>D:9Y(D>(#K(/:GH>:8.(a&$$&')@A-G&)@H-67#-G(?#$-(;-U&'7&$")".(D>(#K(]rCD>(I(]K(0:HH@>(I(^K(#@8(W:B9KY.(M)AB$#"-+#-%)(9#@<#.(^a*GHAG??G>.(0GHD9([QN[.(TTK(NO6IN4O(G>B(#K(/:GH>:8.(!@-N'($)#".(#@=?;:BC:.(^@>B@>(I(!:S(3@HV([QQ[.(TGH?9(NI[(WTTK(NI65Y(G>B(TGH?(\(WTTK(N[4IN45YK

!"#$%&'$(")'**+++0.!"#$%&'$(")'**+++0. -./0-/!-01+++0!"-3"-!-./0-/!-01+++0!"-3"-!

Page 11: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

!"##"$%&'()"$*"#+%+(%!(*,-'#.(+*"/'+0'"#'("!1(2,3)'

N4

E

+@(F@S(ADCF?(?FD9(H:GBD>C(H:;G?:(?@(?F:(<G?F:HI9@>(9?@H8(@<(i;899:9(G>B($:;:AGLF=9`(^:?(A:(9G8(G(S@HB(GM@=?(*@A:Ha9(E:H9D@>(G>B(?F:>(TH@L::B(?@(2@8L:a9K

i;899:9(D9(L@>B:A>:B(?@(GL?(@=?(?F:(S@=>B(@<(FD9(@S>(<GD;=H:.(FD9(@S>(:UD9?:>?DG;(<D>D?=B:.(GCGD>(G>B(GCGD>K(*:(FG9(GM9:>?:B(FDA9:;<(<H@A(?F:(S@=>IB9(@<(FD9(MDH?F(G>B(=TMHD>CD>C.(FD9(G=?@LF?F@>@=9(@HDCD>9(D>(%?FGLG.(9GD;D>C(@<<(?@(F:H@DL(C;@H8K(]=?(FD9(G??:AT?9(?@(M:L@A:(G>(DAA@H?G;(SGHHD@H(GH:(L@>I9?G>?;8(L@=>?:H:B(M8(H:AD>B:H9(@<(A@H?G;D?8(W?F:(MH=?G;(LGH>GC:(@<($H@8(G>B(9=M9:_=:>?(LG;GAD?D:9YK(">B(?F:(MH:GVD>C(@<(?F:(;=H:(@<()G;8T9@(D9(G;9@(L:>?HG;(?@(FD9(BD9D;;=9D@>A:>?K(,HDCD>G;;8(;:GED>C(%?FGLG(G9(G>(G9TDHG>?(F:H@.(i;899:9(H:?=H>9(G9(G(M:CCGHZ(G(;@S;8(@=?LG9?(@>;8(H:L@C>Dh:B(M8(?F:(9A:;;(@<(FD9(<;:9F(WM8(FD9(B@C.("HC@9Y(G>B(?F:(9LGH(@>(FD9(?FDCF(WM8(FD9(>=H9:.('=H8L;:GYK(%?(D9(9DC>D<DLG>?(?FG?('=H8L;:G(@>;8(?@=LF:9(F:H(AG9?:Ha9(9LGH(G<?:H(G(B:?GD;:B(>GHHGI?DE:(GM@=?(F@S(i;899:9(H:L:DE:B(?F:(@HDCD>G;(S@=>B(D>(G(LFD;BF@@B(F=>?D>C(D>LDB:>?(SD?F(FD9(CHG>B<G?F:H.("=?@;8L=9N\K(3:?(G>@?F:H(:UGAT;:(@<(?HG>9C:I>:HG?D@>G;(?HG=AGN4K

$:;:AGLF=9.(:UT:L?D>C(G(?HD=ATFG>?(EDL?@H(?@(H:?=H>.(B@:9(>@?(G?(<DH9?(H:L@C>Dh:(i;899:9n(F:(D9(9@(<DUG?:B(@>(FD9(CH:G?(:UT:L?G?D@>9(@<(?F:(<G?F:H(?FG?(F:(B@:9(>@?( 9::( ?F:( 79LGHJ(@>(FD9(M@B8K(*:( D9( M;D>B:B(M8( D;;=9@H8( DAGC@9K(1:;=9D@>9(GM@=>BK(lF:>(F:(<D>G;;8(GLV>@S;:BC:9(?FG?(?F:(A@H?D<D:B(9?HG>C:H(M:<@H:(FDA(D9(D>(<GL?(FD9(H:G;(<G?F:H.(?F:8(9D?(B@S>(?@C:?F:H(G>B(:G?K(+FGHD>C(9DAT;:(<@@B(@<(?F:(:GH?F.(9_=G??D>C(D>(G(9SD>:F:HBa9(B:>.(D9(F@S(?F:8(<D>G;;8(L@A:(?@C:?F:H(G9(F@9?(G>B(C=:9?K(*@9TD?G;D?8(G9(G>?DB@?:(?@(?F:(F@9?D;:(L=H9:(@<(<G?:(W&'#YK

N\()<HK(*@A:H.(!+:""#:.(M@@V(NP.(EEK(OPOI\5PKN4($FD9(>GHHG?DE:(7S@HVD>C(?FH@=CFJ(;:GBD>C(=T(?@(?F:(<D>G;.(F:G;D>C(?@=LF.(?GV:9(G;;(@<(9:E:>?8(

9:E:>(;D>:9K(+T:GVD>C(@<(?HG>9C:>:HG?D@>G;(?HG=AG(D>(?F:(!+:""#:.(?F:H:(D9(G;9@(?F:(?HG=AG(@<(?F:(9@>(m($:;:AGLF=9K(%>(GBBD?D@>(?@(?F:(LFD;BF@@B(S@=>B(G?(FD9(<G?F:Ha9(TH:AG?=H:(B:TGH?=H:(G>B(A@?F:Ha9(9=M9:_=:>?(@M9:99D@>(W:LF@:9(@<(*GA;:?Y(m(?F:H:(GH:(9:E:HG;(GLL@=>?9(@<(?F:(LFD;B($:;:AGLF=9(M:D>C(9=MR:L?:B(?@(G(?:HHD<8D>C(B:G?F(:UT:HD:>L:K("LL@HBD>C(?@(*8CD>=9.(0G;GA:B:9(WG(<HD:>B(@<(,B899:=9Y(7T=?(?F:(MGM8($:;:AGLF=9(D>(<H@>?(@<(FD9(<G?F:Ha9(T;@=CF9FGH:(dKKKe(?@(:UT@9:(,B899:=9a(TH:?:>B:B(AGB>:99KJ(]=?(?F:H:(GH:(<=H?F:H(G;;=9D@>9(?@(TG?HDLDB:(G>B(D><G>?DLDB:(D>(?F:(9?@H8.(?@;B(M8('=CGAA@>(@<()8H:>:(D>(?F:(:TDL(6#9#A(@#)&.(SFDLF(B:9LHDM:9($:;:AGLF=9(M:D>C(7VD;;:B(=>SD??D>C;8(M8($:;:C@>=9.(,B899:=9a(9@>(M8()DHL:KJ($:;:AGLF=9a(?HG=AG?DL(S@=>B9.(;DV:(?F@9:(@<(FD9(<G?F:H.(H:AGD>.(F@S:E:H.(;GHC:;8(FDBB:>(G>B(=>L@E:H:B(m(G;;=B:B(?@(HG?F:H(?FG>(:UT@9:BK($F:(<G?F:HI9@>(L8L;:(@<(TG?HDLDB:ID><G>?DLDB:(L;:GH;8(<D>B9(:LF@:9(D>(?F:(;G?:H(,:BDT=9(L8L;:K(]=?(?FD9(D9(?@@(L@AT;:U(G(AGh:(?@(C@(D>?@(F:H:K(%(GA(CHG?:<=;(?@(A8(<HD:>B(G>B(L@;;:GC=:.(2@F>(-G>@=99GVD9.(<@H(AG>8(@<(?F:9:(H:<:H:>L:9K

!"#$%&'$(")'**+++0,!"#$%&'$(")'**+++0, -./0-/!-01+++0!"-3"-!-./0-/!-01+++0!"-3"-!

Page 12: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

#%)*"#1(/'"#!'3

N5

$F:(S@HB(*@A:H(=9:9(<@H(79LGHJ(F:H:(D9((B9#N5>($FD9(D9(G(?:HA(@<?:>(G9I9@LDG?:B(D>(XH::V(;D?:HG?=H:(SD?F(7?HG=AG.J(G9(D>(0;G?@a9(*($A)&".(c(B9&"-#@-'(-"(D&')-dKKKe(7:F(-dKKKe-'$&BD&'(@gN6(SF:H:((B9#(A:G>9(M@?F(7?HGL:J(G>B(79LGHKJ(lFD;:( ?F:(S@=>B( D9( ?DA:;:99.( ?F:( 9LGH( GTT:GH9( D>( ?DA:Z( D?( D9( G( LGH>G;( ?HGL:(SFDLF(LG>(LFG>C:(G>B(G;?:H(@E:H(?DA:(?F@=CF(D?(>:E:H(BD9GTT:GH9K(+LGH9(GH:(SHD??:>(@>(?F:(M@B8n(?F:8(GH:(<@HA9(@<(TH@?@ISHD?D>CK(">B(>GHHG?DE:(LG?FGH9D9(D9( G( TH@L:99( @<(S@HVD>C( ?FH@=CF( 9=LF( LGH>G;( ?HGL:9K( 0=?( 9DAT;8Z(SFD;:( ?F:(S@=>B9(H:AGD>(?DA:;:99(G>B(=>H:TH:9:>?GM;:.(9LGH9(GH:(?F:(AGHV9(;:<?(@>(?F:(<;:9F(?@(M:(9::>.(?@=LF:B.(?@;B(G>B(H:GBK(+LGH9(GH:(:>CHGE:B(S@=>B9(?FG?(AG8.(@H(AG8(>@?.(M:(F:G;:BKNb(%(9FG;;(H:?=H>(?@(?FD9(BD9?D>L?D@>(M:;@SK

&%

+@(F@S.(D>(?F:(;DCF?(@<(G;;(?FD9.(B@:9(*@A:Ha9(:TDL(L@ATGH:(SD?F(2@8IL:a9(TGH@B8`(s=D:?(GTGH?(<H@A(?F:(<GL?(?FG?(S:(FGE:(;:GT:B(?FH::(?F@=9G>B(8:GH9(m(<H@A(G(7L@;BJ(98>LFH@>DL(;D?:HG?=H:(?@(G(7F@?J(BDGLFH@>DL(@>:(m(?F:(7<G?F:HI9@>(DB:GJ(H:T:G?9(D?9:;<K(]=?(?F:(H:T:?D?D@>(D9( ;($?&$+(>@?(T&<O?&$+K($FG?(D9(SFG?(SHD?D>C(LG>(B@Z(CDE:(G(<=?=H:(?@(?F:(TG9?K(2@8L:a9(>GHHG?DE:(D>ED?:9(G(H:;:G9:(<H@A(?F:(FG=>?D>C(L8L;:(@<(?HG=AGK($F:(9?@H8(@<(+?:TF:>(G>B(];@@A(H:L@=>?9(?F:DH(H:9T:L?DE:(:<<@H?9(?@(:9LGT:(?F:(;@99(@<(GM9:>?(TGH:>?9(W+?:TF:>a9(A@?F:H(G>B(<G?F:HY(G>B(G(B:TGH?:B(9@>(W];@@Aa9(TH:AG?=H:;8(B:TGH?:B(9@>.(#=B8YK($F:8(M@?F(9::V(G(>:S(M@>B(@<(9TDHD?=G;(TG?:H>D?8I<D;DG;D?8n(M=?(?F:8(LG>>@?(<D>B(D?(<@H(G9(;@>C(G9(?F:8(H:AGD>(LGT?DE:(?@(?F:DH(D;;=9D@>9(@<(SFG?(?FD9(9F@=;B(M:(m(+?:TF:>a9(<G>?G98(@<(T:H<:L?(<=9D@>(G>B(];@@Aa9(@M9:99D@>(SD?F(FD9(;@9?(9@>K(,>;8(SF:>(?F:8(GLL:T?(?F:DH(L@>BD?D@>(@<(S@=>B:B(<D>D?:(M:D>C9(m(+?:TF:>(MH:GVD>C(SD?F(?F:(;D?:HGH8(:;D?:(@<(1=M;D>.(];@@A(H:?=H>D>C(F@A:(?@(-@;;8(WSD?F(c;:99(:>E8(?FG>(:_=G>DAD?8.(;:99(R:G;@=98(?FG>(GM>:CG?D@>gNPY(,>;8(?F:>(LG>(GHD9:(G(;@E:(M:8@>B(D;;=9D@>K(+=HH@CG?:(<G?F:H(G>B(9=HH@CG?:(9@>(

N5(*@A:H.(!+:""#:.(M@@V(NP.(EK(OPNKN6(0;G?@.(*($A)&".(4[\LKNb()<HK('K("=:HMGLF.(!+:""#B"L-N<&$.( D>(%BK.(,)D#")"H-67#-E#F$#"#@'&')(@-(;-E#&9)':- )@-^#"'#$@-

\)'#$&'B$#.(?HG>9K(lK#K($HG9V.(0HD>L:?@>(i>DE:H9D?8(0H:99.(0HD>L:?@>([QQOYK(%(GA(G;9@(D>B:M?:B(F:H:(?@( TD@>::HD>C( H:L:>?( H:9:GHLF( @>( ?F:( ?F:@;@CDLG;( G>B(F:HA:>:=?DL(A:G>D>C9( @<(S@=>B9( G>B( 9LGH9(M8( +F:;;:8(#GAM@( G>B(/GHA:>(-GL/:>BHDLV( WL<HK( /K(-GL/:>BHDLV.-^($+-,&+#- M9#"7H- M)AB$)@A-\&@AB&A#-&'-'7#-NB$;&<#-(;-NO)@.(f@HBFGA(i>DE:H9D?8(0H:99.(!:S(3@HV([QQ\YK(+::(G;9@(@=H(:UGAT;:9(@<( SHD?D>C( ?F:( <;:9F( D>( @=H( BD9L=99D@>( @<( LGH>G;( F:HA:>:=?DL9( m( s=::_=:Ca9( ?G??@@9.( 9?@>:( G>B(9VD>(FD:H@C;8TFDL9( :?L(m( D>(#K(/:GH>:8.(^7&'- )"-[)&<$)')<&9-8#$D#@#B')<"Z.( D>( c2@=H>G;( @<("TT;D:B(*:HA:>:=?DL9g(N(W[QNNY.(TTK(NIN\K

NP(2K(2@8L:.(=9:""#".(LD?K.(N6K[NP4K

!"#$%&'$(")'**+++03!"#$%&'$(")'**+++03 -./0-/!-01+++0!"-3"-!-./0-/!-01+++0!"-3"-!

Page 13: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

!"##"$%&'()"$*"#+%+(%!(*,-'#.(+*"/'+0'"#'("!1(2,3)'

N6

:ULFG>C:(9?@HD:9(@<(<GD;=H:(G>B(A@=H>(;@9?(D;;=9D@>9K(+=LF(;@E:(M:8@>B(;@99(D9(@>;8(G(FD>?(@<(L@=H9:.(G(C;D>?(D>(-@;;8a9(AG?D>G;(:8:K(]=?(:>@=CF(@<(G(>GHHG?DE:(LG?FGH9D9.(>@>:?F:;:99.(?@(CDE:(?F:(H:GB:H(F@T:(D>(G>@?F:H(BG8(m(D>(M:CD>>D>C(GCGD>Z(c)FD;BAG>(S:GH8.(AG>LFD;B(D>(?F:(S@AMg[QK

&%%

+@.( ?@( H:?=H>( @>:( ;G9?( ?DA:( ?@(*GA;:?.( S:(ADCF?( G9V( ?FD9Z( SF8( B@:9(+?:TF:>(1:BG;=9(LF@@9:(?FD9(TGH?DL=;GH(9?@H8(?@(S@HV(@=?(FD9(?F:@H8(@<(?F:(<G?F:HI9@>(DB:G`(^:?a9(?GV:(G(L;@9:H(;@@VK

[Q(IT).(N6K[ON6I[ONbK(l:(ADCF?(>@?:(F:H:.(D>(TGH:>?F:9D9.(F@S(?F:(L@>L;=BD>C(*@A:HDL(A:G;(@<(i;899:9I$:;:AGLF=9(D9(H:T;DLG?:B(D>(?F:(9L:>:(SF:H:(?F:(S@=>B:B(+?:TF:>(G>B(];@@A(9FGH:(G(L=T(@<(L@L@G(D>(];@@Aa9(F@=9:(D>('LL;:9(+?K(m(BD9:>LFG>?:B(MD@;@CDLG;(TG?:H>D?8.(SD?F(G;;(D?9(D>F:HD?:B(9LGH9.(@T:>D>C(@>?@(9TDHD?=G;(TG?:H>D?8n(F@9?D;D?8(CDED>C(SG8(?@(F@9TD?G;D?8K(%<(?F:(@T:>D>C(LFGT?:H(@<-=9:""#"(D9(LG;;:B(7$:;:AGLF=9.J(?F:(;G9?(:>L@=>?:H(@<(];@@A(SD?F(+?:TF:>(D9(<D??D>C;8(LG;;:B(7%?FGLGJWTH:L:B:B(M8(7'GAAG=9JYK(]=?( ?FD9( L=;AD>G?D>C(A@A:>?(@<( <G?F:HI9@>( 9FGHD>C( D9(>@?( ?F:(:>B(@<( ?F:(>@E:;K("9( 2@8L:(SHD?:9( D>( G( ;:??:H( ?@(&G;rH8(^GHMG=B.( 7I'7&fB#- #"'- "'Y$)9#Q- GY@Y9(F#- 9#- +#$@)#$- <$)J( W9::( @=H(L@AA:>?GH8(@>(?FD9(9=MR:L?(D>(#K(/:GH>:8.(67#-U&"#-(;-N'#F7#@-[#+&9B".(D>(%BK.(!@-N'($)#".(LD?K.-TTK(N6IOQ(G>B(#K(/:GH>:8.(I@-'7#-6#K'H-P(:<#Q-G$(B"'Q-^((9;.(D>(%BK.(R@&'7#)"D.()@;=AMDG(i>DE:H9D?8(0H:99.(!:S(3@HV([QNQ.(TTK(NQOINNQYK(lD?F@=?(?F:(D>L;=9D@>(@<(-@;;8(m(?F:(:UL@AA=>DLG?:B(?FDHB(@<(?F:(?HD>D?8(m(?F:(L@AA=>DLG?D@>(@<(];@@A(G>B(+?:TF:>(H:AGD>9(;:99(<=;;(L@AA=>D@>(?FG>(G>@?F:H(<GD;:B('=LFGHD9?.(@H(G9(2@8L:(T=?9(D?.(7?F:(BH8(H@LV9(@<(AG?F:AG?DLG;(LG?:LFD9AKJ($F:(<G?F:HI9@>(B8GB(D9(G(^@C@9-D&@fBY(=>;:99(D?(D>L;=B:9(7?F:(;G9?(S@HBJ(@<(?F:(S@AG>Z(9#-+#$@)#$-<$)(@<(-@;;8a9(78:9KJ($F:('UL;=B:B(-DBB;:( G9(S@AG>( D><@HA9( ?F:( <G?F:HI9@>( ?HG=AG( D>( 2@8L:a9( ?FH::( 9?@HD:9(m(8&D9#'( W?F:(:UL;=9D@>(@<(">>(*G?FGSG8jX:H?H=B:j,TF:;DGY.(!+:""#:- W?F:(GM9:>L:(@<(0:>:;@T:( <@H(A@9?(@<( ?F:(>GHHG?DE:Y.(=9:""#"(W?F:(B:>DG;(@<(+?:TF:>a9(A@?F:H(@>(F:H(B:G?FM:B(G>B(?F:(B:<:HHG;(@<(-@;;8a9(E@DL:(?@(?F:(:TD;@C=:YK(">B(@>:(ADCF?(GBB(?@(?F:9:(?FH::(>GHHG?DE:9(G(<@=H?F(m(?F:(]DM;:(m(:9T:LDG;;8(D>(ED:S(@<(+?:TF:>(1:BG;=9a(:U?:>B:B('7#(9(A)<&9(:UT@9D?D@>(@<(FD9(*GA;:?(?F:9D9.(>GA:;8H-G>8(BDED>:($HD>D?8(?FG?(THDED;:C:9(fG?F:H(G>B(+@>(WG>B(G(AG;:(+TDHD?I^@C@9Y(?@(?F:(:UL;=9D@>(@<(S@AG>(D9(G(<GD;:B(GH?K("9(2@8L:a9(^D<<:8(SG9F:HS@A:>(9D>C(m(7A:A:A@HA::J(D>(M)@@#A&@"-^&O#K(%>(9F@H?.(?F:(7A@?F:H9(@<(A:A@H8J(GH:(<@HC@??:>(M8(<G?F:H9(G>B(9@>9(G?(?F:DH(T:HD;K(">B(?FD9(@M9:HEG?D@>(HGD9:9.(M8(:U?:>9D@>.(?F:(_=:9?D@>(@<(?F:(BD<<:H:>L:(M:?S::>(D>?:HC:>:HG?D@>G;(9?@HD:9(@<(<G?F:H9(G>B(9@>9(G>B(G;?:H>G?DE:(9?@HD:9(@<(A@?F:H9(G>B(BG=CF?:H9.(<G?F:H9(G>B(BG=CF?:H9(G>B(A@?F:H9(G>B(9@>9K("9(G;H:GB8(A:>?D@>:B.(?F:(TH:B@AD>G>L:(@<(?F:(<G?F:HI9@>(LG?:C@H8(m(<H@A(L;G99DL(?:U?9(;DV:(?F:(!+:""#:(G>B(R#@#)+(?@(A@B:H>(>GHHG?DE:9(;DV:(M&'7#$"-&@+-N(@".-67#-S$('7#$"-g&$&D&V(%.-R-\(@A-[&:L"-P(B$@#:-)@'(-a)A7'.([#&'7-(;-&-N&9#"D&@-G>B(@<(L@=H9:(=9:""#"(D?9:;<(m(D9(>@(B@=M?(;GHC:;8(B=:(?@(?F:(TG?HD;D>:G;(G>B(TH:B@AD>G>?;8(AG;:(LFGHGL?:H(@<(l:9?:H>(;D?:HGH8(L=;?=H:(=T(?@(?F:(?S:>?D:?F(L:>?=H8K(,>:(ADCF?(G;9@(A:>?D@>(F:H:(*:HAG>(-:;ED;;:a9(L@AA:>?(GM@=?(?F:(G;;(AG;:(9?@H8(,(T:-[)<OH-c%(SH@?:(G(SDLV:B(M@@V(G>B(H:AGD>(G9(9T@?;:99(G9(?F:(;GAMKg(W*K(-:;ED;;:.(U($$#"F(@+#@<#.(!@H?FS:9?:H>(i>DE:H9D?8(0H:99I$F:(!:SM:HH8(^DMHGH8.('EG>9?@>( I()FDLGC@(NPPO.(TK( [N[YK()FGH;:9(,;9:>( D>?:HTH:?9( ?FD9( D>( ?:HA9(@<( G( BHGAG?DL(LG?FGH9D9(B:HDED>C( <H@A(?F:(LF@HG;( 9?H=L?=H:(@<(XH::V(?HGC:B8(SFDLF(-:;ED;;:(GBGT?9(G9(G(>GHHG?DE:(S@HVD>C( ?FH@=CF(@<( <G?F:Hj9@>(S@=>B9( WL<HK()K(,;9:>.(U&99-D#-I"7D&#9.-2@F>9(*@TVD>9(i>DE:HD?8(0H:99.(]G;?DA@H:(I(^@>B@>(NPP6.(TK(45(G>B(TTK(NONINO\YK

!"#$%&'$(")'**+++04!"#$%&'$(")'**+++04 -./0-/!-01+++0!"-3"-!-./0-/!-01+++0!"-3"-!

Page 14: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

#%)*"#1(/'"#!'3

Nb

$F:(CF@9?(@<(/D>C(*GA;:?( G9V9(FD9( 9@>( ?@( H:A:AM:H( 9@A:?FD>C( ?FG?(LG>>@?(M:(H:A:AM:H:BK(+@.(G9(G;H:GB8(>@?:B.(?F:(T;G8(M:CD>9(SD?F(G(?G;:(?FG?(LG>>@?(M:(?@;B.(G(?:9?DA@>8(?FG?(LG>>@?(M:(?HG>9AD??:B(m(?F:H:M8(MH:GVD>C(SD?F(?F:(GC:I@;B(9GLH:B(?HGBD?D@>(@<(B:G?FIM:B(M;:99D>C9(TG99:B(<H@A(<G?F:H9(?@( 9@>9[NK(*GA;:?.(S:( 9GS.(V>@S9(FD9( <G?F:H( D9( L@>B:A>:B( ?@( <;GA:9( <@H(G(9:LH:?( 9D>(L@AAD??:B( D>(FD9(8@=?FK(]=?(FD9( <G?F:H( D9( <@HMDBB:>(M8(?FD9(E:H8(9GA:(9D>(?@(9G8(SFG?(?FD9(D9.(?FG?(D9.(<H@A(?:;;D>C(FD9(9?@H8K(+@(*GA;:?(D>F:HD?9(G(B@=M;:(D>R=>L?D@>Z(H:A:AM:H.(B@>a?(H:A:AM:HK("(L@><=9D@>(L@><@=>B:B(M8(G(9=TT;:A:>?GH8(D>R=>L?D@>Z(D>?:HE:>:(?@(9?@T(8@=H(A@?F:Ha9(D>L:9?.(M=?(B@>a?(B@(G>8?FD>CZ(c^:?(>@?(?F8(9@=;(L@>?HDE:(GCGD>9?(?F8(A@?F:H(G=CF?kg[[K(!@(S@>B:H(?F:(1G>:(D9(L@><=9:Bk($F=9(F:H:.(G9(D>(AG>8(G>LD:>?(>GHHG?DE:9(@<(?HG=AG.(M;D>B(GL?9(@<(A=HB:H(G>B(D>L:9?(GH:(:>LH8T?:B(HG?F:H(?FG>(L@><:9I9:BK(lF:>L:(?F:(D>F:HD?G>L:(@<(?F:(S@=>B(G9(G(AGHV(D>(@>:a9(<;:9F(m(SFG?(*GA;:?(<GA@=9;8(LG;;9(c?F:(A@;:(@<(>G?=H:g[O(SFDLF(@>:(D>F:HD?9(SD?F(@>:a9(MDH?FK(*GA;:?(9T:>B9(?F:(:>?DH:(T;G8(?H8D>C(?@(cLG?LF(?F:(L@>9LD:>L:(@<(?F:(/D>C.g[\( B:T;@8D>C( ?F:( 7G>?D_=:(BD9T@9D?D@>J(@<(AG9V( G>B( 9=M?:H<=C:.(T=>(G>B(_=DT.(T;G8(G>B(SD?.(9@(?FG?(F:(ADCF?(cM8(D>BDH:L?D@>(<D>B(BDH:L?D@>(@=?g[4K(]=?(S@HVD>C(?FH@=CF(?GV:9(?DA:K(0G?D:>L:K(fDE:(<=;;(GL?9k($H=?F(@>;8(=;?DAGI?:;8(H:E:G;9(D?9:;<(SF:>(*GA;:?(9=LL::B9(D>(GMG>B@>D>C(FD9(D;;=9D@>9(GM@=?(G(T:H<:L?(<G?F:HZ(c^@@V(F:H:(=T@>(?FD9(TDL?=H:(G>B(@>(?FD9g[5K(">B(GLL:T?9(?FG?(

[N($FD9(MH:GVGC:(D9(G>(:UGAT;:(@<(SFG?(1@HD(^G=M(LG;;9(?F:(7L@;;GT9:(@<(SD?>:99D>C.J(L<HK(1K(^G=M.(6$B'7-&@+-6#"')D(@:H-67#-G$(<#""-&@+-'7#-N'$BAA9#.(D>()K()GH=?F(W:BKY.((F>-<)'K.(TTK(5N(<<K(%>(FD9(H:GBD>C(@<(8&D9#'.-^GLG>(H:GB9(?FD9(L@;;GT9:(@H(MH:GVGC:(D>(;G>C=GC:(G9(L:>?HG;(?@(?F:(:UT:HD:>L:(@<(?HG=AG(G>B(A@=H>D>CZ(c$F:(S@HV(@<(A@=H>D>C(D9(<DH9?(@<(G;;(T:H<@HA:B(?@(9G?D9<8(?F:(BD9@HB:H(?FG?(D9(TH@B=L:B(M8(?F:(D>GB:_=GL8(@<(9DC>D<8D>C(:;:A:>?9(?@(L@T:(SD?F(?F:(F@;:(?FG?(FG9(M::>(LH:G?:B(D>(:UD9?:>L:.(<@H(D?(D9(?F:(989?:A(@<(9DC>D<D:H9(D>(?F:DH(?@?G;D?8(SFDLF(D9(DAT:GLF:B(M8(?F:(;:G9?(D>9?G>L:(@<(A@=H>D>Cg(W2K(^GLG>.([#")$#-&@+-'7#-I@'#$F$#'&')(@-(;-[#")$#-)@-8&D9#'.(D>(+K(f:;AG>(d:BKe.(\)'#$&'B$#-&@+-G":<7(&@&9:")".($F:( 2@F>9(*@TVD>9(i>DE:H9D?8(0H:99.(]G;?DA@H:I^@>B@>(NPb[.(TK( NN( <<K( %( GA(CHG?:<=;(?@(#DLFGHB(]@@?FM8(<@H(MHD>CD>C(?FD9(LD?G?D@>(?@(A8(G??:>?D@>YK(,>(?FD9(GLL@=>?.(S:(L@=;B(9::-8&D9#'(G9(+FGV:9T:GH:a9(:<<@H?(?@(H:9T@>B(?@(?F:(LHD9D9(@<(M:D>C(G(B:<G=;?D>C(<G?F:H(G>B(9@>(WG<?:H(?F:(B:G?F(@<(*GA>:?Y.(SFDLF(TH@E@V:B(G(L@HH:9T@>BD>C(LHD9D9(D>(;G>C=GC:(SFDLF(?F:(T;G8(D?9:;<(D9(G>(G??:AT?(?@(H:D>E:>?(m(?FG?(D9(M8(S:GED>C(G(98AM@;DL(S:M(@<(S@HB9(?@(<D;;(D>(7?F:(F@;:.J(>GA:;8.(?F:(;GLV(;:<?(M8(?F:(?HG=AG(@<(B:G?FK("9(*GA;:?(<GA@=9;8(_=DT9Z(cl@HB9.(S@HB9.(S@HB9KKKg(WlK(+FGV:9T:GH:.(8&D9#'.(GL?([.(9LK([YK

[[(IT).(GL?(N.(9LK(4K[O(IT).-GL?(N.(9LK(\K([\(IT).(GL?([.(9LK([K[4(IT).(GL?(N.(9LK([K[5(IT).(GL?(O.(9LK([K

!"#$%&'$(")'**+++02!"#$%&'$(")'**+++02 -./0-/!-01+++0!"-3"-!-./0-/!-01+++0!"-3"-!

Page 15: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

!"##"$%&'()"$*"#+%+(%!(*,-'#.(+*"/'+0'"#'("!1(2,3)'

NP

F:.(>@(;:99(?FG>(FD9(<G?F:H(M:<@H:(FDA.(D9(G(<GD;:B.(<@HV:B.(A@H?G;.(<D>D?:(?FD>CK(*:>L:<@H?F.(c?F:(H:GBD>:99(D9(G;;g[6K(

$FD9(9=HH:>B:H(@<(DB:G;Dh:B(DAGC@9(H:GLF:9(D?9(L;DAGU(D>(?F:(<GA@=9(CHGIE:8GHB(9L:>:(SF:>(*GA;:?(L@A:9(?@(H:G;Dh:(?FG?(?F:(<G?F:H(SF@(;@E:B(FDA(G9(G(LFD;B(G>B(M@H:(FDA(BGD;8(@>(FD9(9F@=;B:H9(SG9(>@?.(G9(F:(FGB(DAGCD>:B.(FD9(>G?=HG;(<G?F:H.(/D>C(*GA;:?.(M=?(?F:(;@>C(M=HD:B(L@=H?(R:9?:H.(7T@@H(3@HDLVKJ(,>;8( ?F:>( D9(*GA;:?( ?F:( 9@>( H:GB8( ?@( GL?( GLL@HBD>C( ?@( 9@A:?FD>C(M:8@>B(FDA9:;<(GLV>@S;:BCD>C(FD9(@S>(A@H?G;(L@>BD?D@>Z(c"(BDED>D?8(?FG?(9FGT:9(dFD9e(:>B9g[bK(!@S(?F:(7H:GBD>:99(D9(G;;KJ(">B(F:H:.(G9(D>(g)@A-\#&$.(SD9B@A(L@A:9(<H@A(?F:(;@S;D:9?(@<(LH:G?=H:9K(*GA;:?(?F:(9@>(BD:9.(?F:(T;G8(FD>?9.(T@D9@>:B(M8(?F:(9GA:(9S@HB(?FG?(*GA;:?(?F:(<G?F:H(=9:B(?@(T@D9@>(/D>C(f@H?D>MHG9(@>(?F:(BG8(*GA;:?(SG9(M@H>K(">B.(?@(<@;;@S(?FD9(FD>?(@<(?F:(CHGE:(9L:>:.(D?(SG9(?FD9( 9:LH:?(T@D9@>D>C(SFDLF( ;:B( ?@( ?F:( L8L;:( @<( <=H?F:H( VD;;D>C9(@<(/D>C9(M8(/D>C9(Wf@H?D>MHG9.(*GA;:?.();G=BD=9Y(G>B(9@>9(M8(9@>9(W*GA;:?.(^G:H?:9(G>B(m(G;A@9?(m(f@H?D>MHG9YK(%>F=AG?D@>9(G>B(:UF=AG?D@>9K()H8T?D>C9(G>B(B:L8HTI?D>C9K(+:LH:?9(@<(?F:(CHGE:(SFD9T:H(?FH@=CF(?F:(A@=?F9(@<(<@@;9K

$FD9(<G?G;(LDHL;:(@<(H:T:?D?D@>(@>;8(L@A:9(?@(G>(:>B(SF:>(*GA;:?(FDA9:;<(M:L@A:9(?F:(9GLHD<DLDG;(98AT?@A(@<(L8L;DLG;(GL?D>C(@=?(G>B(:UT@9:9(?F:(S@=>B(D>(FD9(@S>(M@B8(SF:H:(?F:(9S@HB(:>?:H:BK(!@?:(?FG?(?F:(<G?G;(S@=>B9(@<(/D>C(*GA;:?a9(M@B8(S:H:(>:E:H(9::>(@H(?@=LF:B(M8(FD9(9@>(G9(79LGH9.J(<@H(?F:(T@DI9@>:B(/D>C(SG9(7?@(FD9(CHGE:(=>?DA:;8(9:>?J.(FD9(TH:AG?=H:;8(B:L@AT@9D>C(M@B8(FGED>C(?@(M:(D>?:HH:B(SD?F@=?(L:H:A@>8Z(*GA;:?(>:E:H(9GS(?F:(L@HT9:(@<(FD9(<G?F:H(m(R=9?(G9(+FGV:9T:GH:(FDA9:;<.(G9(+?:TF:>(H:AD>B9(=9.(>:E:H(9GS(?F:(L@HT9:(@<(FD9(9@>.(*GA>:?K($F:(S@=>B9(S:H:(>:E:H(SD?>:99:B(G9(9LGH9K(,>L:(GCGD>.(S:( <D>B(G(7L@;;GT9:(@<(SD?>:99D>CJ(SFDLF(AGV:9( <@H( ?HG=AG?DL(7B:;G8KJ-$HG=AG9(GH:(H:ED9D?:B(G9(CF@9?9.(L@AD>C(MGLV(GCGD>(G>B(GCGD>.(G<?:H(?F:(:E:>?.($#%#@&@'"-&F$h"-<(BF>-fH:=Ba9-a&<7'$iA9)<7O#)'[P>

^:?(A:(9=A(=TK(]:LG=9:(?F:(9@>(BDB(>@?(SD?>:99(?F:(<G?F:H(C@D>C(B@S>(D>?@(FD9(CHGE:(?FD9(GM9:>L:(SG9(:>CHGE:B(D>(FD9(<;:9FK($F:(;@99.(?F:(;GLV.(?F:(

[6(IT).(GL?(4.(9LK([K[b(IT)+#DK[P($FD9(TF:>@A:>@>(@<(B:;G8( D9( :U?H:A:;8( H:;:EG>?.( %( ?FD>V.( <@H( G>(=>B:H9?G>BD>C(@=H(@S>(

L@>?:AT@HGH8(L=;?=H:a9(<:GH(GH@=>B(B8D>C(G>B(B:G?FK(%>(<@HA:H(?DA:9.(A@=H>:H9(S:H:(:>L@=HGC:B(?@(FGE:(BDH:L?(G>B(9=9?GD>:B(<=>:HGH8(SD?>:99(@<(B:GB(M@BD:9(M:<@H:(M=HDG;(W?FD>V(@<(?F:(%HD9F(SGV:(<@H(:UGAT;:YK(">B(?FD9(L=;?=H:(@<(B:G?FIB:>DG;(D9(AG>D<:9?(?@BG8(D>(G;;(VD>B9(@<(98AT?@AG?DL(GE@DBG>L:(M:FGED@H(<GL:B(SD?F(?F:(S@=>B9(@<(BD9GM;:B(G>B(@?F:HSD9:(9LGHH:B(T:H9@>9K($@(?GV:(R=9?(@>:(:UGAT;:Z(ADCF?(>@?(G(AG99(9@LDG;(A:BDG(TF:>@A:>@>(;DV:(fGL:M@@V(m(SF:H:(S:(7TH:TGH:(G(<GL:(?@(A::?(?F:(<GL:9(?FG?(S:(A::?J(D>(G(EDH?=G;(L;DAG?:(@<(AG>BG?@H8(LF::H(m(ADCF?(?FD9(>@?(G;9@(TH@E:(?@(M:.(B::T(B@S>.(G(M@@V(@<(CF@9?9`

!"#$%&'$(")'**+++05!"#$%&'$(")'**+++05 -./0-/!-01+++0!"-3"-!-./0-/!-01+++0!"-3"-!

Page 16: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

#%)*"#1(/'"#!'3

[Q

CGT(@<(?F:(:AT?8(CHGE:.(?F:(AD99D>C>:99.(G;;(?FD9(SG9(:>LH8T?:B(G9(G(9=TTH:99:B(7HDCF?(@<(A:A@H8J(SGD?D>C(<DE:(<=;;(GL?9(@<(7TH@LHG9?D>G?D@>J(?@(M:(H:?HD:E:BK($FD9(D9.(T:HFGT9.(?F:(H:G9@>(';D@?(B:9LHDM:B(8&D9#'-G9(G>(7GH?D9?DL(<GD;=H:J(D<(G;9@(?F:(A@9?(SHD??:>(GM@=?(BHGAG(D>(S:9?:H>(L=;?=H:K(">B(D?(D9(G;9@(?F:(H:GI9@>(SF8(XH::>(B:9LHDM:9(8&D9#'(G9(?F:(CH:G?:9?(;D?:HGH8(T:H<@HAG>L:(@<(=>IL@>9LD@=9(?HG=AG(G>B(H:L@E:H8.(?@(SFDLF(T98LF@G>G;89?9(FGE:(M::>(:>B;:99;8(BHGS>(;DV:(VD??:>9(?@(G(MG;;(@<(S@@;kOQ

%>(9F@H?Z(fG?F:H9(G>B(9@>9(m(9@>9(G>B(<G?F:H9K('E:>?=G;;8(D?(D9(*GA;:?a9(@S>(9GLHD<DLDG;(9=HH:>B:H(SFDLF(:>GM;:9(?F:(T;G8a9(@?F:H(<G?F:H;:99(9@>.(0HD>L:(f@H?D>MHG9.( ?@( ;DE:( @>Z( ?@( 9=HEDE:( ?F:( <G?G;( L=H9:(SFDLF( CF@9?:B( ?F:(SF@;:(H:E:>C:( L8L;:( <@H( C:>:HG?D@>9K(*GA;:?a9( B8D>C(S@HB9( ?@(*@HG?D@( 9G8( D?( G;;Z(c"M9:>?(?F::(<H@A(<:;DLD?8(GSFD;:j?@(?:;;(A8(9?@H8gONK($F:(9?@H8(?FG?(L@=;B(>@?(M:(?@;B(D9(<D>G;;8(?@;B(m(?F@=CF(D?(?@@V(<DE:(GL?9K(">B(?F:(L;@9D>C(S@HB9(@<(?F:(fD<?F("L?(GH:(B:;DE:H:B(M8(f@H?D>MHG9(FDA9:;<.(<D>G;;8(9:?(<H::(m(M8(*GA;:?a9(9GLHD<DL:(m(?@(H:L@E:H(?F:(LH8T?:B(A:A@H8(@<(FD9(<G?F:HZ(c%(FGE:(L:H?GD>(HDCF?9(@<(A:A@H8(?@(?FD9(VD>CB@A(SFDLF(>@S(?@(L;GDA(GBEG>?GC:(B@?F(D>ED?:(A:gO[K(-:A@H8(G>B(9?@H8(LH@99(D>(A@H>D>CK(">B(D<(?F:H:(D9(LG?FGH9D9.(<@H(=9(?F:(G=IBD:>L:.(D?(D9(D>B::B(G(T=HCD>C(@<(TD?8(G>B(<:GHK

&%%%

-=LF(A@H:(L@=;B(M:(9GDB(F:H:(GM@=?(>GHHG?DE:(LG?FGH9D9K$F:H:(D9("HD9?@?;:a9(?F:@H8(@<(LG?FGH?DL(G<<:L?(D>(?F:-G(#')<"(G>B(2@8L:a9(

OQ(f@H(T98LF@G>G;8?DL(H:GBD>C9(@<(8&D9#'.(9::(<@H(:UGAT;:("K(XH::>.(8&D9#'-#'-8&D9#'H-=@#-)@'#$F$Y'&')(@- F":<7&@&9:')fB#- +#- 9&- $#F$Y"#@'&')(@.-]G;;G>B.( 0GHD9( NPb[K(XH::>( >@?:9.( GA@>C( @?F:H(?FD>C9.( ?FG?(*GA;:?( D9( ?F:(A@9?(SHD??:>( GM@=?( <DC=H:( D>(S:9?:H>( ;D?:HG?=H:( G<?:H( 2:9=9()FHD9?K()<HK(G;9@(2K(^GLG>.([#")$#-&@+-'7#-I@'#$F$#'&')(@-(;-[#")$#-)@-8&D9#'.(LD?K.(TTK(N[I4[Yn(!K("MHGFGA.(67#-G7&@'(D-(;-8&D9#'-($-'7#-N)K'7-R<'.(D>(c1DGLHD?DL9g(\(WNPbbY.(TTK([INP(G>B(2K0K(-=;;:H.(G":<7(")"-&@+-,(B$@)@A- )@-\&<&@L"(8&D9#'.( D>( c!:S(^D?:HGH8(*D9?@H8g-N[( WNPbQY.(TTK(N\6IN54K(,>( ?F:( H:;G?:B(_=:9?D@>9(@<(?HG=AG.(FD9?@H8.(A:A@H8(G>B(CF@9?9.(9::(?F:(:U?HG@HBD>GH8(T98LF@G>G;8?DL(H:GBD>C9(@<(fK(1GE@D>:(I(2KI-K(XG=BD;;DtH:.(8)"'($:-S#:(@+-6$&BD&H-^7#$#(;-(@#-<&@@('-"F#&OQ-'7#$#(;-(@#-<&@@('-"'&:-")9#@'.(?HG>9K(+K(fGDH<D:;B.(,?F:H(0H:99.(!:S(3@HV([QQ\.(:9T:LDG;;8(?F:(9:L?D@>.(M)A7')@A-'7#-*7("'".(TK(Nb\(<<K("(L:>?HG;(D>9DCF?(@<(?F:(G=?F@H9.(D>(?FD9(S@HV(G>B(:;9:SF:H:.(D9(?FG?('$&BD&-"F#&O"-'(-'$&BD&K(-@9?(@<( ?F:DH(:UGAT;:9(GH:(BHGS>(<H@A(?F:DH(@S>(L;D>DLG;(LG9:9(@<(G>G;89?(G>B(G>G;89G>B.(M=?( ?F:(A@B:;(LG>(M:(:U?:>B:B(?@(@?F:H(9D?=G?D@>9n(D>(@=H(@S>(;D?:HGH8(LG9:9(GM@E:.(<@H(D>9?G>L:.(S:(ADCF?(LD?:(?F:(S@=>B:B(];@@A(9T:GVD>C(?@(?F:(S@=>B:B(+?:TF:>.(?F:(9SD>:F:HB(G>B(>=H9:(H:L:DED>C(?F:(:9?HG>C:B(,B899:=9.(?F:(?HG=AG?Dh:B(0HD>L:(*GA;:?(9T:GVD>C(?@(FD9(CF@9?;8(<G?F:H(WSF@A(>@(@>:(:;9:(H:L@C>Dh:9Y.(G>B(9@(@>K

ON(lK(+FGV:9T:GH:.(8&D9#'.(GL?(4.(9LK([KO[(IT)+#DK

!"#$%&'$(")'**+++!-!"#$%&'$(")'**+++!- -./0-/!-01+++0!"-3"-!-./0-/!-01+++0!"-3"-!

Page 17: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

!"##"$%&'()"$*"#+%+(%!(*,-'#.(+*"/'+0'"#'("!1(2,3)'

[N

H:SHD?D>C(@<(D?(D>(R-G($'$&)'-(;-'7#-R$')"'>($F:H:(D9(?F:(BD<<:H:>L:(M:?S::>(LGI?FGH9D9(G9(D?(:<<:L?9(?F:(&B'7($(G>B(?F:(&B+)#@<#Z-SF:H:("HD9?@?;:(<@L=9:9(@>(?F:(T=HCG?D@>(@<(?F:(9T:L?G?@H9a(:A@?D@>9.(2@8L:(G;9@(GTT;D:9(D?(?@(>GHHG?@H9.(H:G;(@H(DAT;D:BK(*D9(@S>(T@:?DL(T:H9@>G(D>L;=B:BZ

c-89:;<(=>?@(A89:;<(B@(CDE:$FD9(>GA:(/G?FGH9D9I0=HCG?DE:KKK]HD>CD>C(?@($GE:H>(G>B(?@(]H@?F:;$F:(AD>B(@<(SD??8("HD9?@?;:gOOK

$F:>(?F:H:(D9(?F:(_=:9?D@>(@<(?F:(H:9T:L?DE:(?F:HGT:=?DL(H@;:9(@<()D&A)4@&')(@.-<(A@)')(@-G>B-#D(')(@-W0G=;(#DL@:=H.(<@H(:UGAT;:.(FG9(A=LF(?@(9G8(@>(?FD9(D>(FD9(H:H:GBD>C(@<("HD9?@?:;DG>(LG?FGH9D9(D>(6)D#-&@+-a&$$&')%#YO\K(">B(

OO(2K(2@8L:.(67#-8(9:-!;;)<#.(D>(%BK.(G(#D"-&@+-JK)9#".(LD?K.(TK(NQOKO\(+::(0K(#DL@:=H.(6)D#-&@+-a&$$&')%#.(E@;K(N.(LD?K.(LFGT?:H([K()G?FGH9D9(A=9?(M:(=>B:H9?@@B(

;:99(G9(G>(&%()+)@A(@<( ?F:(TG?F@9(@<(TD?8(G>B( <:GH.(M8(BD9T:>9D>C(SD?F( ?F:A.( ?FG>(G9(G( ?F:HGT:=?DL(%()+)@A-@<(?F:DH(TG?F@;@CDLG;(<=>L?D@>(G9(:UL:99DE:(DB:>?D<DLG?D@>(WTG?F@;@CDLG;(TD?8Y(@H(:UL:99DE:(H:L@D;(WTG?F@;@CDLG;( <:GHYK()G?FGH9D9( ?F=9( <=>L?D@>G;(G9(G(T=HCG?DE:( H:>B:HD>C(SFDLF(BD9?D;;9( ?F:9:(THDAGH8(F=AG>(:A@?D@>9jBHDE:9jG<<:L?9(WF&'7#D&'&j-=>?D;(TD?8( D9( ?HG>9<@HA:B(D>?@(<(DF&"")(@-G>B(<:GH( D>?@("#$#@)':-WSFG?(3:G?9(H:<:H9(?@(SF:>(F:(SHD?:9(@<(7CGD:?8(?HG>9<DC=HD>C(G;;(?FG?(BH:GBJYK(%>(?FD9(9:>9:.(LG?FGH?DL(7T=HCG?D@>J(9F@=;B(M:(=>B:H9?@@B(G9(G(H:<D>D>C(?HG>9<DC=HG?D@>(HG?F:H(?FG>(G9(G(:;DAD>G?DE:(:EGL=G?D@>K()G?FGH9D9(D>E@;E:9(G(ADA:?DL(H:ED9D?D>C(@<(:U?H:A:(G<<:L?9(D>(?F:(<@HA(@<(7DAD?G?:B(G>B(:AT;@??:B( GL?D@>J(m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m(G(B:?GLFA:>?(TH@E@V:B(G>B(T:H<@HA:B(M8(?F:(:9?HG>C:A:>?(B:EDL:9(@<(2@8L:a9(FDCF;8( :UT:HDA:>?G;( 9?8;:( G>B( ;G>C=GC:K( $F:( TGH?DL=;GH( 7T;:G9=H:J( @<( LG?FGH9D9( FG9( >@?FD>C( ?@( B@(SD?F( E@8:=HD9A( @H( N<7&+#@;$#B+#( m( G9(S:( M:F@;B( ?HG=AG?DL( GL?9( @<(A=HB:H.( D>L:9?.( SGH( G>B( HGT:(W9::(GCGD>("HD9?@?;:(D>(?F:-G(#')<"Y(m(M=?(SD?F(G(E:H8(9D>C=;GH(:_=DT@D9:(M:?S::>(B::T;8(:UT:HD:>L:B(:ATG?F8(G>B(SD9:(BD9D>?:H:9?:B>:99( W?@(M@HH@S( <H@A(/G>?( D>( ?F:-U$)')fB#-(;-UB9'B$#YK($@@(A=LF(7TD?8J(G>B(S:(<G;;( D>?@(9:>?DA:>?G;D9A(G>B(9:>9G?D@>G;D9An(?@@(A=LF(7<:GHJ(G>B(S:(<G;;( D>?@(LH=:;(D>BD<<:H:>L:K(f@H(G(A@H:(B:?GD;:B(G>G;89D9(@<(?F:(F:G;D>C(T@?:>?DG;9(@<(LG?FGH9D9(?FH@=CF(TD?8(G>B(<:GH.(9::(#K(/:GH>:8.(a&$$&')@A-G&)@H-67#-G(?#$-(;-U&'7&$")".(LD?K(%?(D9(DAT@H?G>?(?@(>@?:(?FG?(SF:>(B:G;D>C(SD?F(LG?FGH9D9.(G9("HD9?@?;:(H:AD>B9(=9.(S:(GH:(>@?(R=9?(B:G;D>C(SD?F(?F:(7SHD?D>C(L=H:J(@<(?F:(G=?F@H(M=?( ?F:( 7H:GBD>C( L=H:J( @<( ?F:( H:GB:HK($F:( T=HCG?D@>( @<( TD?8( G>B( <:GH( D9.( <@H("HD9?@?;:.( 9@A:?FD>C(THDAGHD;8(:UT:HD:>L:B(M8(?F:(9T:L?G?@H(@H(H:LDTD:>?(@<(G(?HGCDL(BHGAG(WD:'7("4D)D#")"YK(">B(F:H:(S:(ADCF?(GBB(0H@=9?a9(>@?D@>(?FG?(G(LG?FGH?DL(>@E:;(D9(@>:(SFDLF(D>ED?:9(=9(?@(M:L@A:(?F:(H:GB:H9(G>B(SHD?:H9(@<(@=H(@S>(;DE:9Z(c%?(SG9(A8(M@@V.(G>B(?FG>V9(?@(D?.(%(:>GM;:(?F:A(W?F:(H:GB:H9Y(?@(H:GB(SFG?(;G8(SD?FD>(?F:A9:;E:9g(W)<HK(-K(0H@=9?.-k-9&-E#<7#$<7#-+B-'#DF"-F#$+B.(E@;K(O.(XG;;DAGHB.(0GHD9(NPbb.(TK(NQOOYK(f@H(G(A@H:(:ATDHDLG;(G>B(L@C>D?DE:(GLL@=>?(@<(?F:(:<<:L?DE:>:99(@<(G(7SHD?D>C(L=H:J(9::("K1K(0:?:HVD>(I("K"K(0H:??8AG>.(M)@+)@A-&-l()<#H-E#%)")')@A-'7#-8)"'($:-(;-67#$&F#B')<-^$)')@A.( D>-c-:B(

!"#$%&'$(")'**+++!0!"#$%&'$(")'**+++!0 -./0-/!-01+++0!"-3"-!-./0-/!-01+++0!"-3"-!

Page 18: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

#%)*"#1(/'"#!'3

[[

?F:H:( D9.( LH=LDG;;8.( ?F:(BD<<:H:>L:(M:?S::>( LG?FGH9D9( D>( ;@S:H( LG9:( ?HG=AG(m(?F:(7@HDCD>GH8(?HG=AG9J(@<(MDH?F.(;@99(G>B(B:G?F(m(G>B(D>(=TT:H(LG9:(?HG=AG(m(?@H?=H:.(HGT:.(GM=9:.(LG?G9?H@TF:(G>B(C:>@LDB:O4K($F:9:(;G??:H(:UGAT;:9(@<(]DC($HG=AG(@<?:>(D>E@;E:(9=LF(GTTG;;D>C(?:HH@H(WN<7$#<OY(?FG?(9:E:HG;(:UT:H?9(L;GDA(m(GA@>C(?F:A(2=BD?F(*:HAG>.(]:H:;(^G>C(G>B();G=B:(^G>hAG>>(m(?FG?(>@(LG?FGH9D9(D9(T@99DM;:(G?(G;;K($FD9(;G9?(T@D>?(HGD9:9(?F:(LHD?DLG;(_=:9?D@>(@<(?F:(=;?DAG?:(9)D)'"(@<(LG?FGH9D9Z(SFG?(?HG=AG9(AG8.(@H(AG8(>@?.(M:(9=MR:L?(?@(>GHHG?DE:(F:G;D>CO5K

*=AG>D?D:9g([(W[QQPY.(TTK(bQIbbK(*:H:(?F:(G=?F@H9(LD?:(L;D>DLG;(:EDB:>L:(?FG?(c9=TT@H?9(G(T@9D?DE:(DATGL?( @<( :UTH:99DE:( SHD?D>C( D>(AG>8( B@AGD>9( @<( TF89DLG;( G>B( T98LF@;@CDLG;( F:G;?F.( TGH?DL=;GH;8(<@;;@SD>C(?HG=AGg(W)T).-TK(bQYK

O4(,>(79#-'$&BD&')"D#-($)A)@#9J(9::(?F:(D>?:H:9?D>C(G>G;89:9(@<('AAG>=:;(^:ED>G9(D>(?:HA9(@<(@=H( L@AA@>( F=AG>( :UT:HD:>L:( @<( MDH?F.( 9:TGHG?D@>.( :UT@9=H:.( G>B( B:G?FK($F:9:( GH:( D>:9LGTGM;:(:UD9?:>?DG;(?HG=AG9(SFDLF(:E:H8(F=AG>(M:D>C(:>L@=>?:H9n(G>B(D>(G(9:>9:(9=LF(?HG=AG?DL(:>L@=>?:H(SD?F( @?F:H>:99( D9( G( TH:L@>BD?D@>( @<( :?FDL9K(,>( G(A@H:( TF8;@C:>:?DL( @H( C:>:G;@CDLG;( ;:E:;.( 9::( ?F:(>@?D@>(@<(7@HDCD>G;( ?HG=AGJ(G9(G(B::T( 9?H=L?=H:(@<(@=H(@>?@;@CDLG;(@H( D>F:HD?:B(T98LF:( D>(XD@HCD@("CGAM:>a9(?F:@H8(@<(;G>C=GC:(G>B(D>(fH:=Ba9(?F:@H8(@<(?F:(THDAG;(S@=>BD>C9(@<(LG9?HG?D@>.(TGHHDLDB:(G>B( D><G>?DLDB:( D>(6('#D- &@+- 6&T((- G>B( ?F:( THDAG;( 9:TGHG?D@>( @<( LFD;B( G>B(A@?F:H( W'H>9?( G>B(+@TFD:Y(D>(S#:(@+-'7#-G9#&"B$#-G$)@<)F9#>(!@H(9F@=;B(D?(C@(=>>@?:B(?FG?(?S@(@<(?F:(THDAG;(9L:>:9(@<(A@>@?F:D9?DL(H:;DCD@>(GH:(?F:(?HG=AG?DL(9GLHD<DL:(@<(%9GGL(M8(FD9(<G?F:H("MHGFGA(WG(?HG=AG(@<(<:GH(G>B(?H:AM;D>CY(G>B(?F:(9GLHD<DL:(@<(2:9=9(M8(G>B(<@H(FD9(fG?F:H(D>(F:GE:>(WG(?HG=AG(@<(LH=LD<DUD@>YK(#:>r(XDHGHB(G>B(9:E:HG;(L@>?:AT@HGH8(?F:@;@CDG>9(BD9T=?:(?F:(79GLHD<DLDG;J(LFGHGL?:H(@<(?F:9:(9L:>GHD@9(WG>B(%(?FD>V(?F:A(L@HH:L?Yn(M=?(D?(H:AGD>9(?F:(LG9:(?FG?(?F:(<G?F:HI9@>(BHGAG.(D>(SFG?:E:H(<@HA.(M:LGA:(G(B@AD>G>?(9?@H8( D>(?F:(S:9?:H>("MHGFGADL(?HGBD?D@>( D>(SFDLF(?F:(H:;DCD@=9( DAGCD>G?D@>9(@<(M@?F(+FGV:9T:GH:(G>B(2@8L:(S:H:(9?::T:BK(">B(G9(?F:(>GHHG?DE:9(@<(*@A:H(G>B(+@TF@L;:9(H:AD>B(=9.(D?(SG9(G;9@(B::T;8(D>9LHDM:B(D>(?F:(XH::V(>GHHG?DE:(DAGCD>G?D@>(WM@?F(:TDL(G>B(?HGCDLYK

O5(,>(?F:(H@;:(@<(>GHHG?DE:(LG?FGH9D9(D>(F@;@LG=9?(?:9?DA@>D:9(m(G>B(H:;G?:B(_=:9?D@>9(@<(@HG;(G>B(SHD??:>( ?:9?DA@>8(m( 9::(*K(]GAM:H.(67#-*((+-\)"'#@#$.(lD:B:><:;B( G>B(!DLF@;9@>.(^@>B@>(NPPb.(TTK(bb(<<K(+::(G;9@(@=H(BD9L=99D@>(@<(?F:(;DAD?9(@<(;G>C=GC:(G>B(DAGCD>G?D@>(SF:>(?:9?D<8D>C(?@(?F:(+F@GF(D>(?F:(S@HV(@<(0HDA@(^:ED.();G=B:(^G>hAG>>(G>B(+?:TF:>(+TD:;M:HC(D>(#K(/:GH>:8.(!@-N'($)#".(LD?K.(TTK(\6I65K(f@H(LHD?DLG;(BD9L=99D@>9(@<(LG?FGH9D9(G9(G(?F:HGT:=?DL(H:9T@>9:(?@(?HG=AG(9::(2K(*:HAG>.(6$&BD&-&@+-E#<(%#$:.-(F><)'n()K(^G>hAG>>.(8(9(<&B"'H-\&-$#F$Y"#@'&')(@-)DF("")T9#.(D>(c^:(-@>B:g(W-GHLF(O.(NPP\Y(G>B(%BK.(67#-!T"<#@)':-(;-=@+#$"'&@+)@A.(D>()K()GH=?F(W:BKY.(,#D($:-&@+-6$&BD&.(LD?K.(TTK([QQ(I[NPn(9::(G;9@(?F:(:99G89(M8(1K(^G()GTHG.(8)"'($)&@L"-[#T&'#.(D>(+K(fHD:B;q>B:H(W:BKY.((F>-<)'>.(TTK(NQbIN[6n(]K(^G>C.(67#-E#F$#"#@'&')(@-(;-\)D)'".(D>()T).(TTK(OQQION6n(G>B(*K(lFD?:.(8)"'($)<&9-JDF9('D#@'-&@+-'7#-G$(T9#D-(;-6$B'7.(D>()T).(TTK(O6I4OK($F:H:(GH:(G;9@(TH@M;:AG?DL(;DAD?9(?@(>GHHG?DE:(LG?FGH9D9(G>B(H:L@E:H8(D>(?F:(?HGCDL(:?F>@LDBG;(?HGAG9(9=<<:H:B(M8(L:H?GD>(L@;@>Dh:B(G>B(B:HGLD>G?:B(T:@T;:9K($F:H:(GH:(@<( L@=H9:(L=;?=H:9(SF:H:( ?F:( H:L@E:H8(@<( ?HG=AG( ?FH@=CF(>GHHG?DE:(AG8(M:( 9:HD@=9;8( ?FH:G?:>:BK( %>(E&+)<&9-8(F#H-J'7)<"- )@- '7#-M&<#- (;-UB9'B$&9-[#%&"'&')(@.(*GHEGHB(i>DE:H9D?8(0H:99.()GAMHDBC:(W-G99KY([QQ5.(2@>G?FG>(^:GH(9=CC:9?9(?FG?(D>(?F:(LG9:(@<(L:H?GD>(:U?H:A:(L=;?=HG;(LG?G9?H@TF:9(G>B(:?F>@LDB:9(WFD9(LF@9:>(:UGAT;:(D9(?FG?(@<(?F:(D>BDC:>@=9()H@S:(>G?D@>(D>(-@>?G>G(G>B(1GV@?GY(?F:(TH@M;:A(D9(>@?(@>:(@<(L@AT:?D>C(>GHHG?DE:9(9@(A=LF(G9(@<(M:D>C(GM;:(?@(H:?HD:E:(G>8(VD>B(@<(>GHHG?DE:(G?(G;;(SFDLF(L@=;B(AGV:(9:>9:(@<(?F:(?HG=AG?DL(LG;GAD?8(@<(AG99GLH:(@H(>:GH(:U?D>L?D@>K($F:(B:G?F(D9(>@?(R=9?(@<(TF89DLG;(M@BD:9(M=?(@<(M@BD:9(SF@(AG8(9=HEDE:(M=?(FGE:(9=<<:H:B(?F:(B:G?F(@<(L@>9LD@=9>:99(@<(?F:DH(;D<:(S@H;B(W*=99:H;a9(\#T#@"?#9'.(-GL%>?H8H:a9(7>GHHG?DE:(

!"#$%&'$(")'**+++!!!"#$%&'$(")'**+++!! -./0-/!-01+++0!"-3"-!-./0-/!-01+++0!"-3"-!

Page 19: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

!"##"$%&'()"$*"#+%+(%!(*,-'#.(+*"/'+0'"#'("!1(2,3)'

[O

%(S@=;B(;DV:(?@(H:T:G?.(D>(L;@9D>C.(?FG?(S:(>::B(?@(?FD>V(GM@=?(?F:(C:>=ID>:;8(LG?FGH?DL(H@;:(@<(?HG=AG(9?@HD:9(G9(H:_=DHD>C(@T:>(>GHHG?DE:9(?FG?(>:E:H(:>B.(HG?F:H(?FG>(L;@9:B(>GHHG?DE:9(?FG?(TH:9=A:(?@(SD9F(GSG8(?(B@+"(HG?F:H(?FG>(S@HVD>C(?FH@=CF("<&$"K($HG=AG(>GHHG?DE:9(GH:(M8(?F:DH(E:H8(>G?=H:(?H=>ILG?:B.(CGTT:B.(<HGL?=H:B.(D>L@>L;=9DE:K($F:8(AG8(M:(CH:G?(9?@HD:9(M=?(?F:8(LG>(>:E:H(@<<:H(?:HAD>G;(9@;=?D@>9K($F:H:(GH:(>@(?@?G;(L=H:9K(lHD?D>C9(LG>(@>;8(S@HV( ?FH@=CF( ?HG=AG9( G9( '$&<#".( H:ED9D?( ?F:A( G9( FG=>?D>C9n( ?F:8( LG>(>:E:H(<=;;8(H:?HD:E:(9=LF(:UT:HD:>L:9(@H(?:;;(?F:(<=;;(9?@H8K(%>(?F:(?HG>9T@9D?D@>(<H@A(D>:UTH:99DM;:(S@=>B( ?@(SHD??:>( 9LGH( ?F:H:( D9( 9@A:?FD>C( ;@9?( D>( ?HG>9;G?D@>K(%>EGHDGM;8K(lF8`(]:LG=9:(?F:(7S@=>BJ(D9(TH:LD9:;8(?FG?(SFDLF(L@=;B(>:E:H(M:(TH@T:H;8(H:CD9?:H:B(@H(H:L@HB:B(D>(?F:(<DH9?(T;GL:K(%?(SG9(M:LG=9:(D?(SG9(7?@@(A=LFJ(?FG?(?HG=AG(H:T:G?9(D?9:;<(G9(9&<O>-$HG=AG(>GHHG?DE:9(GH:(9LGM9(@E:H(?F:(LGED?D:9(;:<?(M8(D>:UT:HD:>L:B(:UT:HD:>L:K

#:LG;;.(D>(L@>L;=9D@>.(@=H(?FH::(9?@HD:9K$F:(?HG=AG(D>F:HD?:B(M8(*GA;:?(m(>GA:;8.(FD9(<G?F:Ha9(A=HB:H(M8();G=I

BD=9(@>(?@T(@<-FD9(<G?F:Ha9(9D>(L@AAD??:B(@>(*GA;:?a9(MDH?FBG8(m(D9(9@A:?FD>C(7)@'#+-G?( D>( ?F:(T;G8n( D?( D9(>:E:H(@T:>;8( 9?G?:BK(-@H:@E:H.( ?F:( <GL?( ?FG?(FD9(<G?F:Ha9(B:G?F(G>B(M=HDG;(GH:(7AD99:BJ(M8(*GA;:?(m(SF@(SG9(GM9:>?(D>(lD?I?:>M:HC(m(D9(G(<=H?F:H(?@V:>(@<(7D>:UT:HD:>L:B(:UT:HD:>L:nJ(G>B(?FD9(D9(;D>V:B(D>(D?9(@S>(A=HV8(SG8(SD?F(*GA;:?a9(A@?F:Ha9(D>L:9?(SD?F();G=BD=9K(+:LH:?9(:E:H8SF:H:K( 0;G89( SD?FD>( T;G89K( )8TF:HD>C9( G>B( B:L8TF:HD>C9( m( SFDLF( D9(SF8(">BHr(XH::>:.(!DL@;G9("MHGFGA(G>B(@?F:H(T98LF@G>G;89?9(FGE:(F=>?:B(@M9:99DE:;8(?@(=>?G>C;:(?F:(A89?:H8.(SD?F@=?(9=LL:99KO6(+FGV:9T:GH:a9(BHGAG(:>CHGE:9(?HGL:9(@<(M=HD:B(?HG=AG(SFDLF(*GA;:?(H:9@;E:9(?@(:UF=A:(m(G9(D>(?F:(CHGE:(BDCC:H9a(9L:>:(m(M=?(>:E:H(<D>G;;8(:UT@9:9K(-G>8(M@BD:9(GH:(H@??:>(G>B(H@??D>C(D>(?F:(9?G?:(@<(1:>AGHV(W<H@A(D?9(:T@>8A@=9(/D>C(?@(?F:(BD9GTT:GH:B(0@;@>D=9YK(]=?(?F:8(GH:(G;;(FDBB:>(GSG8K(]:FD>B(SG;;9(G>B(SGD>9L@?D>C9.(;D:9(

<@HA(@<(;D<:JYK(+=LF(G(H=T?=H:(D>(L@>?D>=@=9(9FGH:B(:UT:HD:>L:(:>CHGE:9(G(S@=>B(D>(?F:(=>L@>9LD@=9(M@B8(@<(?F:(?HG=AG?D9:B(T:@T;:(9=LF(?FG?(>GHHG?DE:(H:L@E:H8.(S@HVD>CI?FH@=CF(G>B(LG?FGH9D9(M:L@A:(B::T;8(TH@M;:AG?DLK($F:(9@LDG;(CH@=T(@<(L:H?GD>(B:HGLD>G?:B(D>BDC:>@=9(T:@T;:9(AG8(9=HEDE:(D>(>GA:(M=?(@>;8(G9(7TGH?;8(;DED>CJ(G>B(9@A:?DA:9(H:T:?D?DE:;8(7GL?D>C(@=?J(DHH:?HD:EGM;:(G>B(=>>GAGM;:(TG9?(TGD>( D>( <@HA9(@<(BD9T;GL:B(ED@;:>L:(G>B(9:;<ID>R=H8(WG;L@F@;D9A.(B@A:9?DL(G>B(9:U=G;(GM=9:.(:G?D>C(BD9@HB:H9.(B:TH:99D@>.(LHDA:YK(*:>L:(?F:(DAT@H?G>L:(@<(9=LF(7L=;?=HG;;8(;@M@?@AD9:BJ(L@AA=>D?D:9(<D>BD>C(9@A:(VD>B(@<(7E@DL:J(D>(>:S(T@:?9.(GH?D9?9.(A=9DLDG>9.(BHGAG?D9?9.(<D;A(AGV:H9.(9?@H8?:;;:H9.(BH:GAIAGV:H9K(+::(?F:(D>9DCF?<=;(G>G;89D9(@<(^K(XDMM@>9.(,(B$@(m(&@+-,(%#-!@?&$+e.(D>(cfD:;B(1G8(#:ED:Sg(\(W[QQbY.(TTK([O4(<<K

O6(+::(!K("MHGFGA(I(-K($@H@V.(67#-N7#99-&@+-'7#-g#$@#9H-E#@#?&9"-(;-G":<7(&@&9:")".(E@;K(N.(?HG>9K(!K$K(#G>B.(i>DE:H9D?8(@<()FDLGC@(0H:99.()FDLGC@(NPP\.(TGH?(&.(N#<$#'"-&@+-G("'#$)':H-'7#-67#($:-(;-'7#-6$&@"A#@#$&')(@&9-6$&BD&.(TTK(N54(<<K(G>B(!K("MHGFGA(I(-K($@[email protected]#-^(9;-,&@L"-,&A)<-^($+H-R-U$:F'(@:D:.(LD?K

!"#$%&'$(")'**+++!1!"#$%&'$(")'**+++!1 -./0-/!-01+++0!"-3"-!-./0-/!-01+++0!"-3"-!

Page 20: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

#%)*"#1(/'"#!'3

[\

G>B(BD9C=D9:.(9LH::>9(G>B(79::A9KJ(";;(S:(FGE:(GH:(@B@H9.(G9F:9.(G;;=9D@>9(m(@M;D_=:(LDTF:H9(;:99(B:LDTF:H:B(?FG>(T;G8:B(SD?F(W;DV:(L@??@>IH::;9(@H(CG;;@S9(SD?Y(G>B(T;G8:B(@=?(WD>(DAD?G?:B(9=<<:HD>C(G>B(GL?D@>YK

%>(?FD9(9:>9:(?F:(T;G8a9(E:H8(9=LL:99(D9(D?9(<GD;=H:K(*GA;:?a9(AG>DLIA:;G>ILF@;DL(S@HB9(9SGHA(;DV:(M::9(@E:H(?F:(M;GLV(F@;:(@<(G>(:AT?8(FDE:K(]=?(?F:8(LG>(>:E:H(<D;;( D>(?F:(CGTD>C(S@=>Bn(@>;8.(G?(M:9?.(L@>R=H:(G>B(L@><H@>?(?F:(D>ED9DM;:(CF@9?9(SD?FD>K($F:(>GHHG?DE:(LG?FGH9D9(L@A:9(=;?DAG?:;8(>@?(<H@A(?F:(L@C>D?D@>(@<(BD9L@E:H8(WS:(>:E:H(O@(?(:UGL?;8(SFG?(FGTT:>:BY(M=?(G(L=HD@=9;8(;DM:HG?D>C(H:L@C>D?D@>(@<(H:L@E:H8K(fGD;D>C(?@(CGD>(<=;;(V>@S;:BC:(@<(FD9(<G?F:Ha9(=>9T@V:>(LHDA:(W;GL@>DLG;;8(A:>?D@>:B(D>("L?(NY.(*GA;:?(>@>:?F:;:99(L@A:9(?@(GLV>@S;:BC:( ?F:( ;DAD?9(@<(FD9(@S>( <D>D?:.(F=AM;:(:UD9?:>L:(m(FD9(LH=LDG;(;:99@>(D>(?F:(CHGE:(9L:>:K(%>B::B.(?F:(<GL?(?FG?(/D>C(*GA;:?a9(FDBB:>(9?@H8(W?F:( H:G;( H:G9@>(F:( D9( L@>B:A>:B( ?@(T=HCG?@H8Y( $#D&)@"(M=HD:B( ?FH@=CF@=?(?F:(T;G8.(@>;8(H:?=H>D>C(G9(9T:L?HG;(D>?DAG?D@>.(D?9:;<(T:H<@HA9(0HD>L:(*GA;:?a9(D>GMD;D?8( ?@(BD9L@E:H(FD9(@S>(9?@H8(G>B.(M8(:U?:>9D@>.(@=H(@S>( D>GMD;D?8.( G9(G=BD:>L:.(?@(BD9L@E:H(?F:(=><G?F@AGM;:(9?@H8(@<(?F:(T;G8K-8&D9#'(D9(G(?HGC:B8(@<(?HG=AGZ(D?(H:L@=>?9(?F:(DAT@99DMD;D?8(@<(9G8D>C(?F:(=>9G8GM;:K

+DAD;GH( D99=:9( @<( 7=>9G8GM;D?8J( 9=HH@=>B( ?F:( =>9T@V:>( ?HG=AG9( @<(+?:TF:>(G>B(,B899:=9K($F:H:(GH:(9DC>9(F:H:(?@@(M=?(?F:8(?@@(GH:(:_=G;;8(LH8TI?:BZ(+?:TF:>a9(@E:HIB:?:HAD>:B(C=D;?.(,B899:=9a(@LL;=B:B(9LGHK(">B(S:.(G9(H:GB:H9.(AG8(D>(?=H>(F8T@?F:9Dh:(GM@=?(?F:(>G?=H:(@<(?F:(EGHD@=9(&B'7($"a(@S>(:>CHGE:B(S@=>B9K(f@H(D>9?G>L:Z(lFG?(*@A:HDL(?HG=AG.(T:H9@>G;(@H(L@;;:L?DIE:.(;D:9(M:FD>B(?F:(;@>C(<@HC@??:>(9?@H8(@<(,B899:=9a9(D><G>?D;:(S@=>B`(*@S(B::T(SG9(+FGV:9T:GH:a9(9FGA:(G?(AD99D>C(FD9(@S>(9@>a9(<=>:HG;.(L=HH8D>C(<GIE@H(SD?F(G(MGHMGH@=9(s=::>.(GMG>B@>D>C(FD9(<G?F:Ha9(<@HMDBB:>()G?F@;DLD9A`(">B.(?@(CDE:(2@8L:(?F:(;G9?(S@HBZ(SFG?(?HG=AG9.(;D??;:(@H(MDC.(AG8(FGE:(M::>(H:GL?DEG?:B(M8(FD9(D>LDB:>?G;(A=CCD>C(D>(G(#@AG>(>DCF?(9?H::?`(X=D;?(G?(GMG>IB@>D>C(FD9(A@?F:H(G>B(<GAD;8`($F:(TGD><=;(MH:GV(SD?F(FD9(LD?8(G>B(L=;?=H:`(,H(T:HFGT9.(<G?F:H(MGLV(9?D;;.(?F:(=>?@;B(FD9?@HDLG;(H=T?=H:(D>F:HD?:B(<H@A(?F:(XH:G?(%HD9F(fGAD>:(SD?F(D?9(:U?D>L?D@>9.(:EDL?D@>9(G>B(:UD;:9`

$FD9( ;G9?( ?HG>9C:>:HG?D@>G;(S@=>B(D9( HGH:;8(GLV>@S;:BC:B(M8(2@8L:G>9(WD?9:;<(GHC=GM;8(G(98AT?@A(@<(:;=9DE:>:99YK(]=?(<@H(G;;(D?9(>:C;:L?(D?(D9.(%(9=I9T:L?.(G(V:8(G9T:L?(@<(2@8L:a9(>G?DE:(=>L@>9LD@=9K(2@8L:(FDA9:;<(SG9(M@H>(D>(Nbb[(;:99(?FG>(?FDH?8(8:GH9(G<?:H($F:(XH:G?(*=>C:H(:>B:B.(G(LG?G9?H@TF:(?FG?(9T;D?(%H:;G>B(D>?@(TH:(G>B(T@9?(<GAD>:(FD9?@H8(SD?>:99D>C(G(AD;;D@>(B:GB(G>B(G>@?F:H(AD;;D@>(MG>D9F:B(WG;A@9?(G(?FDHB(@<(?F:(T@T=;G?D@>(M:?S::>(Nb\6INb4[YK(2@8L:a9(<G?F:H(G>B(CHG>B<G?F:H(;DE:B(?FH@=CF(?FD9(=>9T:GVGM;:(F@HH@H(?F@=CF(;DV:(A@9?(SD?>:99:9(SF@(9=HEDE:B(G?(F@A:(@H(GMH@GB.(?F:(TGD>(@<(&@-[$(<7"7&(9- W@H( 7MGB( ?DA:9J( G9( ?F:8(S:H:( :;;DT?DLG;;8( V>@S>( D>( %HD9FY(S:>?(

!"#$%&'$(")'**+++!.!"#$%&'$(")'**+++!. -./0-/!-01+++0!"-3"-!-./0-/!-01+++0!"-3"-!

Page 21: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

!"##"$%&'()"$*"#+%+(%!(*,-'#.(+*"/'+0'"#'("!1(2,3)'

[4

;GHC:;8(=>SHD??:>(G?(?F:(?DA:K(+@(D<(+?:TF:>(E@S9(G?(?F:(:>B(@<(R-G($'$&)'-(;-'7#-R$')"'(?@(c<@HC:(D>(?F:(9AD?F8(@<(FD9(9@=;(?F:(=>LH:G?:B(L@>9LD:>L:(@<(FD9(HGL:.gOb(D9(D?(>@?(;@CDLG;(?FG?(?FD9(AG99DE:(CG9F(D>(?F:(>G?D@>G;(T98LF:(S@=;B(H:?=H>(D>(FD9(>:U?(>@E:;.-=9:""#".(G9(G>(DHHH:TH:99DM;:(FG=>?D>C`("(9?GAA:HD>C(?G;:(B:AG>BD>C(?@(M:(F:GHB`

$FD9( D9.( %( 9=MAD?.(SFG?(FGTT:>9K($F:( H:<:H:>L:9( GH:(@M;D_=:(M=?( ?F:8(GH:(T:HEG9DE:.(G9(^=V:(XDMM@>9(G>B(@?F:H(LHD?DL9(FGE:(H:L:>?;8(9F@S>Z(<H@A(+?:TF:>a9(B:GB(A@?F:Ha9(TFG>?G9AG;( H:?=H>9( ?@(];@@Aa9( <H:_=:>?(G;;=9D@>9(?@(F=>C:H.(9@=T(VD?LF:>9(G>B(T@?G?@:9(m(F:(:E:>(LGHHD:9(@>:(D>(FD9(T@LV:?(G9(?G;D9AG>kOP(];@@A(A=9:9Z(c3@=(B@>a?(V>@S(SF@9:(?F@=CF?9(8@=aH:(LF:SD>C(

Ob(2K(2@8L:.(R-G($'$&)'-(;-'7#-R$')"'-&"-&-b(B@A-,&@.(LD?K.(TTK([64I[65KOP(,>(?FD9(_=:9?D@>(@<(:EDL?D@>.(<GAD>:(G>B(MG>D9FA:>?(D>(=9:""#".-9::(^K(XDMM@>9(_M&D)"7#+-

*7("'"`H-S9((DQ-S)T9#-̂ &$"-&@+-_=>G>-BF`-)@-P(:<#L"-[BT9)@.(D>(c1=M;D>(2GA:9(2@8L:(2@=H>G;g([(W[QQPY.(TTK(NI[OK(XDMM@>9(M:CD>9(FD9(:99G8(M8(9=CC:9?D>C(?FG?(2@8L:a9(=9:(@<(BH:GA9(G>B(ED9D@>9(D>(=9:""#"(?GT(D>?@(G(9T:LDG;(VD>B(@<(G>GILFH@>@;@C8(SFDLF(GLV>@S;:BC:9(G(TG9?(?FG?(D9(>:E:H(TG9?(M=?(D9(L@>9?G>?;8(H:T:G?D>C(D?9:;<(D>?@(?F:(TH:9:>?(G>B(<=?=H:K($FD9(F:(L;GDA9(D9(?F:(:99:>L:(@<(2@8L:a9(H:<:H:>L:9(?@(?F:(9T:LDG;(@&<7'$iA9)<7-?:AT@HG;D?8(@<(?F:(7>DCF?AGH:(@<(FD9?@H8JZ(c,>:(@<(?F:(?HG=AG?DL(G9T:L?9(@<(?F:(7>DCF?AGH:(@<(FD9?@H8J(D>(=9:""#"(D9(?FG?(?F:(TG9?(D9(>@?(L@><D>:B(?@(BH:GA(M=?(AG8(ED9D?(D?9(?:HH@H9(GCGD>(@>(?F:(TH:9:>?K(7)@AD>C(:E:>?9(LG9?(?F:DH(9FGB@S(M:<@H:J(W=-bK4[5YZ(D>(H:LGTD?=;G?D>C(SFG?(FG9(G;H:GB8(FGTT:>:B.(BH:GA9(AG8(G;9@(LG9?(G(BGHV(9FGB@S(@>(?F:(<=?=H:g(W)T).(TK(NYK(#:<:HHD>C(?@(?F:(L=HD@=9(<GL?(?FG?(];@@A(LGHHD:9(G(T@?G?@(D>(FD9(T@LV:?(?FH@=CF@=?(?F:(>GHHG?DE:.(XDMM@>9(DB:>?D<D:9(G(9:HD:9(@<(?:;;D>C(G99@LDG?D@>9(G>B(G<<D;DG?D@>9(M:?S::>(?F:(?F:A:9(@<(:UD;:(W];@@A(FDA9:;<(D9(G(SG>B:HD>C(:UI*=>CGHDG>(2:SY.(<GAD>:(W?F:(%HD9F(<GAD>:9(@<(?F:(;G9?(FG;<(@<(?F:(NP?F(L:>?=H8Y.(9@=T:HD9A(WL:H?GD>(0H@?:9?G>?(LF=HLF:9(TH@EDB:B(9@=T( <@H(7<GAD9F:BJ(%HD9F()G?F@;DL9(@>(L@>BD?D@>(?F:8(L@>E:H?Y(G>B(H:L=HHD>C( F=>C:H( D>( 2@8L:a9( @S>(1=M;D>( W:E:>(A:AM:H9( @<( +?:TF:>(1:BG;=9a( <GAD;8( 9=<<:H( <H@A(F=>C:HYK(XDMM@>9(SHD?:9Z( c$F:(TH:9:>?G?D@>(@<( 9TDHD?=G;( 9G;EG?D@>( D>( ?F:(C=D9:(@<( <@@B( 9DC>G;9(@>:(@<(?F:(GMDBD>C(?F:A:9(@<(7^:9?H8C@>DG>9ZJ(?F:(9T:L?:H9(@<(<GAD>:(G>B(79@=T:HD9AJ(?FG?(<@;;@S:B(?F:(;D>VD>C(@<(<@@B(H:;D:<(SD?F(TH@9:;8?D9A(B=HD>C(?F:(XH:G?(fGAD>:K(7X@@B(^@HB.(?FG?(T@@H(LFD;Ba9(BH:99(D>(<;D??:H9K(i>B:H<:B(9F:(;@@V9(?@@K(0@?G?@:9(G>B(AGHC:.(AGHC:(G>B(T@?G?@:9K(%?a9(G<?:H(?F:8(<::;(D?J(W=-bK\NI\[YK(,>(]GLF:;@Ha9(lG;V.(];@@A(9T@?9(@>:(@<(?F:(B:9?D?=?:(1:BG;=9(9D9?:H9(F@E:HD>C(GH@=>B(1D;;@>a9(G=L?D@>(H@@A9Z(7-=9?(M:(9:;;D>C(9@A:(<=H>D?=H:J(W=-bK[PIOQYK(lF:>(?F:(9?GHED>C(1:BG;=9(9D9?:H9.(/G?:8(G>B(]@@B8.(H:IGTT:GH(D>(?F:(7lG>B:HD>C(#@LV9J(LFGT?:H.(?F:8(GH:(;DED>C(@<<(T:G(9@=T(TH@EDB:B(M8(?F:(+D9?:H9(@<()FGHD?8(F@A:(D>(XGHBD>:H(+?H::?(W=(NQK[65I[bQYK(];@@Aa9(D>?:HAD??:>?(A:A@HD:9( @<( ?F:( fGAD>:( G>B( D?9( CF@=;D9F( ;:CGL8( D>( %H:;G>B.( GH:.( G9(XDMM@>9( 9F@S9.( ?@=LF:B( @<<.(;D?:HG;;8.(M8(?F:(T@?G?@(F:(LGHHD:9(GH@=>B(SD?F(FDA(G;;(BG8(G9(G(?G;D9AG>(@<(9@H?9.(G>B(SFDLF(F:(L@><DHA9(D9(D>(FD9(T@LV:?(G9(F:(;:GE:9(FD9(F@=9:(<@H(?F:(M=?LF:H9(G?(?F:(M:CD>>D>C(@<(7)G;8T9@KJ("9(F:(GTTH@GLF:9(1GE8(]8H>:a9(<@H(G(ADBBG8(;=>LF.(];@@A(?=H>9(?@(?F@=CF?9(@<(H:;DCD@=9(L@>E:H9D@>.(<@@B(G>B(BD9:G9:.(TH@AT?:B( M8(A:A@HD:9( @<( ?F:( :AGLDG?D@>( G99@LDG?:B( SD?F( +@8:Ha9( D><GA@=9( 9@=T( VD?LF:>( D>( ?F:(0F@:>DU(0GHV(B=HD>C(?F:(XH:G?(fGAD>:Z(7+=TT@9:(?FG?(L@AA=>G;(VD?LF:>(8:GH9(?@(L@A:(T:HFGT9K(";;(?H@??D>C(B@S>(SD?F(T@HHD>C:H9(G>B(?@AA8LG>9(?@(M:(<D;;:BK(1:E@=H(L@>?:>?9(D>(?F:(9?H::?K(dKKKe(-8(T;G?:a9(:AT?8K("<?:H(8@=(SD?F(@=H(D>L@HT@HG?:B(BHD>VD>CL=TK(̂ DV:(9DH(0FD;DT()HGAT?@>a9(<@=>?GD>K(#=M(@<<(?F:(ADLH@M:9(SD?F(8@=H(FG>BV:HLFD:<K(!:U?(LFGT(H=M9(@>(G(>:S(M=>LF(SD?F(FD9K(fG?F:H(,af;8>>(S@=;B(AGV:(FGH:9(@<(?F:A(G;;K(*GE:(H@S9(G;;(?F:(9GA:K(";;(<@H(>=AM:H(@>:K()FD;BH:>(<DCF?D>C(<@H(?F:(9LHGTD>C9(@<(?F:(T@?K(lG>?(G(9@=T(T@?(G9(MDC(G9(?F:(0F@:>DU(0GHVK(dKKKe(*G?:(T:@T;:(G;;(GH@=>B(8@=K(dKKKe(+@=T.(R@D>?(G>B(9S::?K(!:E:H(V>@S(SF@9:(?F@=CF?9(8@=aH:(LF:SD>CK(dKKKe(fGAD9F:B(CF@9?9K("F.(

!"#$%&'$(")'**+++!,!"#$%&'$(")'**+++!, -./0-/!-01+++0!"-3"-!-./0-/!-01+++0!"-3"-!

Page 22: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

#%)*"#1(/'"#!'3

[5

@>K(fGAD9F:B(CF@9?9K("F(%aA(F=>CH8g\QK(,H(G9(?F:(1G=CF?:H9(@<('HD>(WG;9@(LG;;:B(?F:(7BG=CF?:H9(@<(A:A@H8JY(9D>C(D>(?F:(7)DHL:J(:TD9@B:Z(c0@?G?@.(0H:I9:HEG?DE:(GCGD>9?(0;GC=:(G>B(0:9?D;:>L:.(0HG8(<@H(=9kg\NK($F:(G;;=9D@>9(GH:(A=;I?DT;:(D<(LFGHGL?:HD9?DLG;;8(A=?:BK(-=LF(F:HA:>:=?DL(BDCCD>C(D9(H:_=DH:BK(*:H:(G9(D>(*GA;:?a9(CHGE:8GHB(@H(,B899:=9a(LFD;BF@@BK(W3@HDLV(G>B('=H@L;8:G(G9(LFD;B(H:AD>B:H9YK($FH@=CF@=?.(S@=>B:B(G=?F@H9(LG;;(<@H(H:GB:H9.(?HGL:9(<@H(D>?:HTH:?G?D@>9.(FD>?9(<@H(C=:99:9.(L8TF:H9(<@H(?F@=CF?9K

$@(9=A(=TZ(2@8L:a9(>GHHG?DE:(@<(FD9(>G?DE:(T98LF:(9F@S9(?FG?(TG9?(S@=>IB9(GH:(>:E:H(L@AT;:?:;8(TG9?.(>@(AG??:H(F@S(A=LF(@>:(THG89K($F:(T98LFDL(TG;DAT9:9?(@<(T:H9@>G;(G>B(FD9?@HDLG;(GMG>B@>A:>?( <D>B9(:UTH:99D@>( D>( ?F:(D>:HGBDLGM;:(S@=>B9(@<(SFG?(+?:TF:>(LG;;9(cMG>D9FA:>?(<H@A(?F:(F:GH?.(MG>DI9FA:>?(<H@A(?F:(F@A:g\[K(2@8L:(DB:>?D<D:B(9DAD;GH(:UT:HD:>L:9(@<(79=>B:HD>CJ(

%aA(F=>CH8J(W=-bK6Q\I6Q5.(6NQI6N4.(6N5.(6N6I6Nb.(G>B(6OQI6ONYK($F:(T@D>?(@<(CF@9?9(D9(?@(H:AD>B(=9(?FG?(?F:(TG9?(AG8(AG?:HDG;Dh:(D>(?F:(TH:9:>?.(G>B(?FG?(<GH(<H@A(M:D>C(BD9?G>?(A:A@HD:9.(LFH@>DL(F=>C:H.(BD9:G9:(G>B(9:L?GHDG>(SGH9(9?D;;(9?G;V:B(L@;@>DG;(%H:;G>Bg(W)T).(TTK([IOYK(">B.(@>:(ADCF?(GBB.(L@>?D>=:(?F:DH(FG=>?D>C9(D>(A@H:(D>BDH:L?(M=?(>@(;:99(B:9?H=L?DE:(SG89(D>(SFDLF(H:TH:99:B(?HG=AG9(H:?=H>(G>B(GL?(?F:A9:;E:9(@=?(@M9:99DE:;8.(H:T:?D?DE:;8.(=>L@>9LD@=9;8(D>(?F:(TG?F@;@CDLG;(M:FGED@H9(@<(G;L@F@;D9A.(GM=9:(G>B(B:TH:99D@>K(XDMM@>9(GBB9(?FD9(E:H8(D><@HAG?DE:(MDM;D@CHGTFDLG;(>@?:(@>(?F:(H@;:(@<(CF@9?;8(WH:TH:99:B(G>B(H:L=HHD>CY(<GAD>:(A:A@H8(D>(2@8L:Z(c-GH8(^@S:('EG>9(SG9(?F:(<DH9?(?@(>@?:(?F:(L@>>:L?D@>(SD?F(+@8:Ha9(9@=T(VD?LF:>(G?(?F:(0F@:>DU(0GHV.(G>B(?@(MHD>C(@=?(?F:(H:L=HH:>?(G>UD:?8(@E:H(<GAD>:(D>(=9:""#"K(+F:(SG9(G;9@(?F:(<DH9?(?@(;D>V(SDB:H(_=:9?D@>9(@<(79@=T:HD9AJ(SD?F(?F:(A:>?D@>(@<(?F:(#:EK($F@AG9()@>>:;;G>(D>(7^:9?H8C@>DG>9.J(G9(BD9L=99:B(M:;@SK(+::(F:H(TD@>::HD>C(G>B(9?D;;(EG;=GM;:(9?=B8.(U$)D#"-&A&)@"'-M#<B@+)':H-P(:<#-&@+-G(FB9&')(@-U(@'$(9(W+8HGL=9:(i>DE:H9D?8.(+8HGL=9:(NPbPY.(:9TK(TTK(N5I[Pg(W)T).(TK([QYK(XDMM@>9(9::9(?F:(H:L=HHD>C(A@?D<(@<(];@@Aa9(?G;D9AG>DL(T@?G?@(WH:LG;;D>C(FD9(@S>(B:TGH?:B(A@?F:HY(G>B(+?:TF:>a9(H:TH:99:B(A:A@HD:9(@<(FD9(@S>(B:L:G9:B(A@?F:H(WSF@(H:?=H>9(G9(G(>:C;:L?:B(G>B(H:T=BDG?:B(CF@9?(<H@A(?F:(9:GY(G9(MG9DLG;;8(TFG>?G9AG;(H:?=H>9(@<(G(CF@9?;8(<@HC@??:>(TG9?Z(clF:>(];@@A(9::V9(?F:(H:?=H>(@<(FD9(?G;D9AG>DL(T@?G?@(D>(7)DHL:J.(D?(D9(@>(?F:(CH@=>B9(?FG?(7%?(D9(>@?FD>C.(M=?(9?D;;.(G(H:;DL(@<(T@@H(AGAAGJ(W=-N4KO4NOYZ(:GH;D:H(D?(?HG>9TDH:9(?FG?(?F:(79FHDE:;;:B(T@?G?@J(W=-N4K[bPY(D9(GA@>C(F:H(A:A:>?@:9K(+?:TF:>a9(FG=>?D>C(M8(FD9(B:GB(A@?F:H(H:LG;;9( ?F:(LG>>DMG;D9A(@<( ?F:(fGAD>:( W7XF@=;.()F:S:H(@<()@HT9:9kJ( d=-NK[6bn(G;9@(=-N4K\[N\eY(SFD;:(F:H(CHD9;8(9T:L?:H(D>9D9?9(?FG?(FD9(9?GHED>C(9D9?:H.(1D;;8(7AGV:(8@=(?FG?(M@D;:B(HDL:(:E:H8(>DCF?(G<?:H(8@=H(MHGD>S@HVJ(W=-N4K\[Q[I\[QOYK($F:(B:G?F(@<(+?:TF:>a9(A@?F:H.(SD?F(7d?eF:(CF@9?LG>B;:(?@(;DCF?(F:H(GC@>8J(W=(NK[6\Y(D9(:_=G?:B(D>(70H@?:=9J(SD?F(?F:(<DC=H:(@<(?F:(=>B:GB.(?F:(EGATDH:.(SF@(:A:HC:9(<H@A(?F:(9:GZ(7%>(9;::T(?F:(S:?(9DC>(LG;;9(F:H(F@=H.(MDB9(F:H(HD9:K(]HDB:M:B.(LFD;BM:B.(M:B(@<(B:G?F.(CF@9?LG>B;:BK-!D@)"-<&$(-&+-'#-%#@)#'K(*:(L@A:9.(TG;:(EGATDH:.(?FH@=CF(9?@HA(FD9(:8:9.(FD9(MG?(9GD;9(M;@@B8D>C(?F:(9:G.(A@=?F(?@(F:H(A@=?Fa9(VD99J(W=-OKOP4IOPbYK($FG?(?F:(H:L=HHD>C(TG9?(M:;@>C9(>@?(R=9?(?@(T:H9@>G;(A:A@H8(M=?(?@(FD9?@H8(D9(L;:GH(<H@A(D>BDL?A:>?(@<(?F:(T@?G?@(?FH@=CF(D?9(G99@LDG?D@>(SD?F(+DH(lG;?:H(#G;:DCF(7SF@(MH@=CF?(<H@A(?F:(>:S(S@H;B(?FG?(dKKKe(VD;;:H(@<(T:9?D;:>L:(M8(GM9@HT?D@>J(W=-N4KNO45INO4bY.(9:>?DA:>?9(:LF@:B(M8(?F:(::HD:(LFG>?(@<(?F:(71G=CF?:H9(@<('HD>J(D>( 7)DHL:J( ;D>VD>C( ?F:( T@?G?@( @>L:( GCGD>( SD?F( H:;DCD@>Z( 70@?G?@.( 0H:9:HEG?DE:( GCGD>9?( 0;GC=:( G>B(0:9?D;:>L:.(THG8(<@H(=9J(W=-N4KNP4[Yg(W)T).(TTK(N[INOYK

\Q(2K(2@8L:.(=9:""#".(LD?K.(bK6OQK\N(IT).(N4KN4P[K\[(IT).(PKNQQQK():H?GD>(LHD?DL9(;@LG?:(?FD9(L:>?HG;(TGD>(@<(MG>D9FA:>?(G?(?F:(E:H8(F:GH?(@<(2@8L:a9(

!"#$%&'$(")'**+++!3!"#$%&'$(")'**+++!3 -./0-/!-01+++0!"-3"-1-./0-/!-01+++0!"-3"-1

Page 23: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

!"##"$%&'()"$*"#+%+(%!(*,-'#.(+*"/'+0'"#'("!1(2,3)'

[6

D>(M@?F(+FGV:9T:GH:(G>B(*@A:H(SF@9:(?HG=AG?Dh:B(F:H@:9(G;9@(LGHH8(D>B:;DIM;:(9LGH9(@<(:UD;:(G>B(D>R=H8K(^DV:(FD9(;D?:HGH8(TH:B:L:99@H9(M:<@H:(FDA.(2@8L:(CHG<?:B(9?@HD:9(@>?@(FD9?@HD:9(m(<@HC@??:>.(H:TH:99:B.(@LL=;?:B(@H(9?@;:>K(*D9(>GHHG?DE:9(S:H:(9:LH:?:B(<H@A(?F@9:(7>DCF?AGH:9(@<(FD9?@H8J(SFDLF.(M8(2@8L:a9(@S>(GBAD99D@>.(AGB:(FD9(SHD?D>C(7?F:(;G9?(S@HB(D>(9?@;;:>?:;;D>CKJ-=9:""#"(D9.(%(SGC:H.(G(?DH:;:99(;D?:HGH8(:<<@H?(?@(GSGV:>.(LG?FGH?DLG;;8.(<H@A(9=LF(FD9?@HDL(>DCF?AGH:9(M8(H:9?@HD>C(<@H<:D?:B(9?@HD:9(G>B(MHD>CD>C(CF@9?9(MGLV(?@(;D<:K(%?(D9.( D>( 9F@H?.( G(S@HV(@<(A@=H>D>C( G>B( H:L@E:H8K("(SHD?D>C(SFDLF( ?HG>9;G?:9(S@=>B9(D>?@(9LGH9.(<;:9F(D>?@(<DL?D@>K("(S@HVD>C(?FH@=CF(@<(?HG=AGK

"]+$#")$

U&@-?$)')@A-7#&9-?(B@+"-?7("#-'$&<#"-@('-(@9:-$#D&)@-)@+#9)T9#-+B$)@A-&-9);#')D#Q-TB'-A$(?-#%#@-A$#&'#$-);-<&@<#99#+-($-+#@)#+Z-6$#&')@A-'7#-'(F)<-(;->GHHGI?DE:(LG?FGH9D9-&@+-"#&$<7)@A-;($-)'"-<(@+)')(@"-(;-F("")T)9)':Q-'7#-#""&:-$B@"-'7$(BA7-'7$##-_"'($)#"-(;-;&'7#$"-&@+-"(@"Q`-@&D#9:-'7#-$#9&')(@"7)F"-T#'?##@-=9:""#"-&@+-6#9#D&<7B"-)@-8(D#$L"-,B899:8Q-T#'?##@-g)@A-&@+-G$)@<#-8&D9#'-)@-N7&O#4"F#&$#L"-F9&:-&@+-T#'?##@-\#(F(9+-S9((D-&@+-N'#F7#@-[#+&9B"-)@-P(:<#L"-i;899:9>-I@- '7)"-?&:Q- '7#- #""&:- "7#+"- 9)A7'- (@- '7#- #@)AD&- (;- ?HG>9C:>:HG?D@>G;( ?HG=AG-&@+-(@-'7#-<&'7&$')<-F(?#$-(;-?$)')@A-'(-_?($O-'7$(BA7`-'$&BD&-&@+-'$&@"9&'#-_?(B@+"-)@'(-"<&$"Q`-_;9#"7-)@'(-;)<')(@>`

SHD?D>C.(9::(<@H(:UGAT;:(-K1K(*DCCD>9(I(1K(/DM:HB.(UB9'B$#-&@+-JK)9#H-67#-*9(T&9-I$)"7.( D>(c!:S(*DM:H>DG(#:ED:Sg(O(WNPP6Y.(TTK(NQINNZ(cd+e@A:(@<(?F:(CH:G?:9?(S@HV9(@<(;D?:HG?=H:(FGE:(M::>(SHD??:>(M8(:UD;:9(SF@(SD9F:B(M8(G>(GL?(@<(DAGCD>G?D@>(?@(B:<D>:(?F:(L@AT@>:>?9(@<(?FG?(T;GL:(<H@A(SFDLF(?F:8(FGB(M::>(:9?HG>C:BK(%?(SG9(?FD9(7>@?:(@<(MG>D9FA:>?J(SFDLF(2@8L:(B:?:L?:B(D>(?F:(;:G9?(;DV:;8(@<(GH?D9?9.(?FG?(E:H8(lD;;DGA(+FGV:9T:GH:(SF@(FGB(M::>(L:;:MHG?:B(M8(&DL?@HDG>(LHD?DL9( <@H(FD9( H@@?:B>:99( D>(?F:(L@AA@>9:>9DLG;(S@H;B(@<(H=HG;('>C;G>BK(+FGV:9T:GH:a9(A@E:(<H@A(+?HG?<@HB(?@(^@>B@>(SG9.(<@H(2@8L:.(G>(GL?D@>(G9(A@A:>?@=9(D>(D?9(BG8(G9(FD9(@S>(ADCHG?D@>(<H@A(1=M;D>(?@(0GHD9.(G>B(9@(F:(H:GB(?F:(SF@;:(LG>@>.(G>B(>@?(9@;:;8(67#-6#DF#"'.(G9(G>(@>C@D>C(>GHHG?DE:(@<(:UD;:(G>B(;@99Z(7$F:(>@?:(@<(MG>D9FA:>?.(MG>D9FA:>?(<H@A(?F:(F:GH?.(MG>D9FA:>?(<H@A(F@A:.(9@=>B9(=>D>?:HH=T?:B;8(<H@A(67#-6?(-*#@'9#D#@-(;-l#$(@&(@>SGHB(?D;;(0H@9T:H@(MH:GV9(FD9(9?G<<.(M=HD:9(D?(L:H?GD>(<G?F@A9(D>(?F:(:GH?F(G>B(BH@S>9(FD9(M@@VKJ("H?(SD;;(G;SG89(=>B:H?GV:(?@(H:9?@H:(G(S@H;B(;@9?(=>B:H(?F:(MH=?:(:EDL?D@>9(@<(FD9?@H8n(A=9DL.(BG>L:.(BH:GA9.(;D?:HG?=H:(GH:(SFG?(<D;;(?F:(EGL==A(SF:>(G>(:EDL?D@>(FG9(@LL=HH:BKg

!"#$%&'$(")'**+++!4!"#$%&'$(")'**+++!4 -./0-/!-01+++0!"-3"-1-./0-/!-01+++0!"-3"-1

Page 24: 2.Kearney · 0'"#'("!1(2,3)' P c#:A:AM:H(A:.(H:A:AM:H(A:KKKg 9G89(?F:(CF@9?;8(.(SFD;:(G?(?F:(9GA:(?DA:(GBBD>CZ c]=?(?FG?(%(GA(

#%)*"#1(/'"#!'3

[b

!"#$%&'$(")'**+++!2!"#$%&'$(")'**+++!2 -./0-/!-01+++0!"-3"-1-./0-/!-01+++0!"-3"-1