‡'*/"/ &

65*-*;"3&"*/4536.&/5&-03'*4$"-&$"'"$503 %&*.16-
4*0/"3&"$3&Ƨ5&3**&$0/0.*$&
$POGVOJWES/BEFKEB#05/"3*"4&.
%SE"4&.1FUSV(3*$*6$*'14
*ONBSLFUFDPOPNZUIF1$&JTUIFQSJODJQBMXBZGPSTUBUFJOUFSWFOUJPOJOUPUIFDPVOUSZTFDPOP

NJDMJGF5IFBDUVBMQSPCMFNJTIPXNVDIBOEFWFOIPXUIFTUBUFTIPVMEPJUTJOUFSWFOUJPOUISPVHI

XIJDIXBZJUIBTUPBDUJPOJOPSEFSUPBDIJFWFUIFEFTJSBCMFSFTVMUT5IFTUBUFJOUFSWFOUJPOJOUPUIF

FDPOPNJD HSPXUI IBT QMBDF UISPVHI FDPOPNJD JOTUSVNFOUT JO UIF GSBNFXPSL PG XIJDI UIF GJTDBM

JOTUSVNFOUTIBWFBNBJOSPMF5ISPVHIUIFNUIFSFJTUIFTUBUFTGJBOBODJBMSFTPVSDFTGPSNBUJPOUIF

UBYFTNBSLFUBGGFDUTUIFSFWFOVFTUIBUSFNBJOBUFDPOPNJDBHFOUTBOEQPQVMBUJPOTEJTQPTBM5IFMBTU

SFTQFDUJWFMZCFJOHBDBQBDJUZUPJOWFTUJOUPUIFEFWFMPQNFOU

1PTJCJMJUBUFBVUJMJ[œSJJJOTUSVNFOUFMPSmTDBMF DB GBD NPWBSFB FYQPSUVSJMPS SFQSF[JOUœ P QSJPSJUBUF

UPSEFJNQVMTJPOBSFBDSFſUFSJJFDPOPNJDFBBQœSVUÔO TUSBUFHJDœ B 3 .PMEPWB ÔO SFBMJ[BSFB PCJFDUJ

EFDFOJVM*7BMTFDPMVMVJ99TVCGPSNBSFPSJFOUœSJJQPMJ WVMVJEFDSFſUFSFFDPOPNJDœ·OBDFTUDPOUFYU

UJDJJTUBUVMVJÔOEPNFOJVMmTDBM QSPQVTœEF+.,FZOFT ÔODFQÉOEDVBOVMBVGPTUJNQMFNFOUBUF

"QMJDBSFB EPDUSJOFJ LFZOFTJTUF B EVT MB BQBSJƄJB VOPS VSNœUPBSFMFJOTUSVNFOUFmTDBMF

OPJNFUPEFEFJNQP[JUBSFſJBſF[BSFBTBSDJOJMPSmTDBMF t 4DVUJSFB JOUFHSBMœ EF JNQP[JUVM QF WFOJU B

DVTDPQVMTUJNVMœSJJDSFſUFSJJDFSFSJJHMPCBMF%FBUVODJ mTDBMJUBUFB TB EPCÉO[JMPSQFSTPBOFMPSm[JDF PCƄJOVUFEF

JNQVT ſJTBBEBQUBUMBFYJHFOƄFMFEF[ MBWBMPSJMFNPCJMJBSFDPSQPSBUJWFTVCGPSNœ

WPMUœSJJFDPOPNJDFEFWFOJOEÔOQSF[FOUJOTUSVNFOUVM EFPCMJHBƄJVOJ
t 4DVUJSFBEFJNQP[JUVMQFWFOJUBEPCÉO[JMPS
QSFEJMFDUBMQPMJUJDJJFDPOPNJDFBTUBUVMVJ

*NQBDUVM mTDBMJUœƄJJ BTVQSB QSPDFTVMVJ EF DSFſUFSF QFSTPBOFMPSKVSJEJDFPCƄJOVUFEFMBWBMPSJMF

FDPOPNJDœTFNBOJGFTUœQFEPVœQMBOVSJ NPCJMJBSFDPSQPSBUJWFTVCGPSNœEFPCMJHB ƄJVOJ FNJTF QF

1FEFPQBSUFOJWFMVMJNQP[JUFMPSſJBMUBYFMPS UFSNFO DF EFQœſFſUF BOJ ſJ EF MB EFQP[JUFMF CBODBSF EFQVTF QF

BGFDUFB[œSFTVSTFMFSœNBTFEVQœJNQP[JUBSF VO UFSNFODFEFQœſFſUFBOJ
t 4DVUJSFB ÔO NœSJNF EF EF JNQP[JUVM
MBEJTQP[JƄJBBHFOƄJMPSFDPOPNJDJſJBQPQVMB

ƄJFJſJSFTQFDUJWEFDJ[JJMFEFVUJMJ[BSFBBDFT UPSB QFWFOJUBWFOJUVSJMPSPCƄJOVUFEFPSHBOJ[B

QFOUSVJOWFTUJƄJJſJQFOUSVDPOTVN ƄJJMFEFNJDSPmOBOƄBSFEJODSFEJUFMFBDPSEBUF

1FEFBMUœQBSUFQFSDFQFSFBſJDPMFDUBSFBEF JNQP[JUF ſJ UBYF BTJHVSœ QFUFSNFONBJNBSFEFBOJſJÔOQSPQPSƄJF

SFTVSTFMF mOBODJBSF EFoBWFOJUVSJMPSPCƄJOVUFEJODSFEJUFMF

BMFTUBUVMVJOFDFTBSFBUÉUSFBMJ[œSJJPCJFDUJWF BDPSEBUFQFVOUFSNFOEFMBMBBOJ

MPSTPDJBMFDÉUſJTVTƄJOFSJJQPMJUJDJJEFDSFſUFSF t .BKPSBSFB DIFMUVJFMJMPS EFEVDUJCJMF EJO CB[B WBMPSJDœ B

FDPOPNJDœBƄœSJJ NJKMPBDFMPS mYF EFTUJOBUF

%JO BOTBNCMVM JOTUSVNFOUFMPS mTDBMF DBSF PGFSœ SFQBSBƄJFJDVSFOUFſJDBQJUBMFBNJKMPBDFMPS mYF EF MB

DFMFNBJJNQPSUBOUFſBOTFEFSFBMJ[BSFBEF[JEFSBUV TUBCJMJUF ÔOBOVMMB o ÔO BOVM DV FYBNJOBSFB

MVJEFEF[WPMUBSFſJDSFſUFSFFDPOPNJDœÔO3FQVCMJDB QPTJCJMJUœƄJJ EF NBKPSBSF ÔO DV ÔODœ B BDFTUPS

.PMEPWBTFEJTUJOHVSNœUPBSFMF DIFMUVJFMJÔOGVODƄJFEFSF[VMUBUFMFPCƄJOVUF ÔOBOJJ

o "DPSEBSFBEFGBDJMJUœƄJMBQMBUBJNQP[JUFMPSſJB

UBYFMPSDVTDPQVMBUSBHFSJJJOWFTUJƄJJMPSſJQSPNP

WœSJJFYQPSUVSJMPS"USBHFSFBJOWFTUJƄJJMPSſJQSP

"DBEFNJBEF4UVEJJ&DPOPNJDFEJO.PMEPWBժ3FWJTUB&$0/0.*$"OS
 '*/"/ &‡

USFQSJOEFSJMPS NJDJ ſJ NJKMPDJJ SFQSF[JOUœ P

t 4DVUJSFBEFJNQP[JUVMQFWFOJUBQFSTPBOFMPS
QSJPSJUBUF B QPMJUJDJJ EF DSFſUFSF FDPOPNJDœ
KVSJEJDFDBSFFGFDUVFB[œJOWFTUJƄJJ DIFMUVJFMJ
BDFTUFBmJOE DPOTJEFSBUF QF CVOœESFQUBUF
DBQJUBMFTBVBMDœSPSDBQJUBMTPDJBMFTUFDPO
QSJODJQBMFMFQSPNPUPBSFBMFJOPWBƄJFJſJPDV
TUJUVJUTBVNBKPSBUÔONœSJNFDFEFQœſFſUF TVNB FDIJWBMFOUœ EF
QœSJJGPSƄFJEFNVODœQSFNJTBDSFœSJJſJEF[
NJJ EPMBSJ 46" NJM EPMBSJ 46" NJM EPMBSJ 46" NJM
WPMUœSJJVOFJFDPOPNJJNPEFSOFſJEJOBNJDF
EPMBSJ46"NJMEPMBSJ46"NJMEPMBSJ

46"ſJSFJOWFTUFTDÔOEF[WPMUBSFBQSPEVDƄJFJ MVDSœSJMPS BVOFJFDPOPNJJEFQJBƄœGVODƄJPOBMœ

TFSWJDJJMPS QSPQSJJ TBV ÔO QSPHSB NF EF TUBU EF EF[WPMUBSF ·OTDPQVMÔNCVOœUœƄJSJJQFSGPSNBOƄFMPSÔOUSFQSJO [œUPSJMPS

B FDPOPNJFJ OB ƄJPOBMFDFMQVƄJO EJO .PMEPWB BV GPTU ÔOUSFQSJOTF BDƄJVOJ EF FmDJFOUJ[BSF B

EJOTVNBJNQP[JUVMVJQFWFOJUDBMDVMBUœ TJTUFNVMVJ EF BENJOJTUSBSF mTDBMœ $PO GPSN QSFWFEFSJMPS $PEVMVJ

ſJOFWœSTBUœMBCVHFUQFUFSNFOSFTQFDUJW EF BOJ BOJ BOJ BOJ mTDBM ÔODFQÉOE DV BOVM ÔOUSFQSJOEFSJMF JOEJWJEVBMF ſJ

BOJ BOJ ·O BVEFQVTDFSFSJſJBVÔODIFJBUBDPSEVSJ EF TDVUJSF DV HPTQPEœSJJMF Ƅœ SœOFſUJ EF GFSNJFS DBSF BV QÉOœ MB BOHBKBƄJ ſJ OV

PSHBOFMF mTDBMF ÔO GVODƄJF EF TVOUQMœUJUPBSFEF57"QSF[JOUœ%BSFBEFTFBNœmT DBMœVOJmDBUœ

TVNBJOWFTUJUœEFBHFOƄJFDPOPNJDJ %FDMBSBƄJBQÉOœMBNBSUJFBBOVMVJ VSNœUPS ·O %FDMBSBƄJF TF JODMVE

t .BKPSBSFB QFSJPBEFJ EF SBQPSUBSF B QJFS UPBUF JNQP[JUFMF ſJ

EFSJMPSmTDBMF MB DBMDVMBSFB JNQP[JUVMVJ UBYFMFQSFDVNſJDPOUSJCVƄJJMFNFEJDBMFDVFYDFQƄJB

QF WFOJUEFMBMBBOJ DPOUSJCVƄJJMPSTPDJBMF

·OQFSJPBEBTVNBGBDJMJUœƄJMPSMBQMBUB "HFOƄJJFDPOPNJDJEJOEPNFOJVMÔOUSFQSJOEFSJMPS

JNQP[JUVMVJQFWFOJUBÔOSFHJTUSBUPFWPMVƄJFBTDFOEFO NJDJſJNJKMPDJJDVOVNœSEFBOHBKBƄJQÉOœMBPBNF

UœNMOMFJoÔONMOMFJoÔOſJ NMOMFJoÔO$FMFNBJJNQPSUBOUFGBDJMJUœƄJ OJſJWFOJUVMEJOWÉO[œSJBOVBMQÉOœMBNJMMFJTVOU

BDPSEBUFBHFOƄJMPSFDPOPNJDJÔOBOVMBVGPTUMB QSPDVSBSFBNJKMPBDFMPSmYF TDVUJƄJEFQMBUBJNQP[JUVMVJQFWFOJUQFVOUFSNFOEF QFSJPBEF mTDBMF BOJ

DJSDB EJO TVNB UPUBMœ DBMFOEBSJTUJDJ ÔO CB[B BSU EJO$PEVMmTDBM DV

BGBDJMJUœƄJMPSſJJOWFTUJSFBÔODBQJUBMTPDJBMÔOTVNFEF DPOEJƄJBOFBENJUFSJJSFTUBOƄFMPSMB

NJJEPMBSJ46"ſJNMOEPMBSJ46" DJSDBEJO TVNBUPUBMœBGBDJMJUœƄJMPS QMBUBJNQP[JUFMPSſJUBYFMPSGBƄœEF#1/ſJQSF[FOUœSJJ

o &mDJFOUJ[BSFB TJTUFNVMVJ EF BENJOJTUSBSF mT DBMœ ÔOUFSNFOBEœSJMPSEFTFBNœmTDBMF ÔOCB[BDFSFSJJEF

1SPNPWBSFB EF[WPMUœSJJ TFDUPSVMVJ ÔO TDVUJSFEFQVTœMBPSHBOVMmTDBM

/VNœSVMBHFOƄJMPSNJDVMVJCVTJOFTTDBSFBVCF OFmDJBU ſJ

CFOFmDJB[œ EF GBDJMJUBUFB QSJWJOE TDVUJSFB

EFQMBUBJNQP[JUVMVJQFWFOJUQFOUSVBOJJ FTUFQSF[FOUBUÔOUBCFMVM

5BCFMVM
/VNœSVMBHFOƄJMPSNJDVMVJCVTJOFTTDBSFBVCFOFmDJBU ſJCFOFmDJB[œEFGBDJMJUBUFBQSJWJOETDVUJSFBEF

QMBUBJNQP[JUVMVJQFWFOJUQFOUSVBOJJ
"OJJ /VNœSVMBHFOƄJMPSNJDVMVJCVTJOFTT

DFSFSJBOVMBUF
DFSFSJBOVMBUF
5PUBM DFSFSJBOVBMF
&MBCPSBUEFBVUPSJÔOCB[BEBUFMPS4FSWJDJVMVJ'JTDBMEF4UBU

$BSF[VMUBUBMNPEJmDœSJMPSPQFSBUFÔO3FHVMBNFO TDVUJSJJ MB QMBUB 57" B DPOTUJUVJU NJM MFJ 4V

UVMQSJWJOESFTUJUVJSFB57"BGPTUQFSGFDƄJPOBUNFDB NFMF57"DBSFOVTBVBDIJUBUMBCVHFUTFSFGFSœMB
OJTNVM EF SFTUJUVJSF B 57" QSJO FYDMVEFSFB WFSJHJMPS FOFSHJBFMFDUSJDœMJWSBUœDœUSFSFƄFMFMFEFEJTUSJCVJSF
JOVUJMF DF DBV[BV EJmDVMUœƄJ ÔO BTJHVSBSFB SFTQFDUœSJJ TBVJNQPSUBUœEFBDFTUFBDVFYDFQƄJBTFSWJDJJMPSEF
UFSNFOVMVJEFSFTUJUVJSFTUBCJMJUEFMFHJTMBƄJF USBOTQPSU BM FOFSHJFJ FMFDUSJDF JNQPSUBUF NJM
o6OBMUJOTUSVNFOUEFTVTƄJOFSFBEF[WPMUœSJJ MFJBVUPUVSJTNFMPSſJBBMUPSBVUPWFIJDVMFNJM
BGBDFSJJBHFOƄJMPSFDPOPNJDJÔMDPOTUJUVJFTDVUJSJMFEF MFJſJBMUFMF
57" "TUGFM ÔO BOVM TVNB 57" OFBDIJUBUœ MB o 6O JOTUSVNFOU FmDJFOU EF TUJNVMBSF B DSFſ
CVHFU QJFSEFSJDPOWFOƄJPOBMFBMFCVHFUVMVJBDPO UFSJJ FDPOPNJDF ÔM DPOTUJUVJF NPEJmDBSFB DPUFMPS EF
TUJUVJUNJMMFJDVNJMMFJNBJNVMUEF JNQP[JUBSF 1F QBSDVSTVM BOJMPS DPUB JN
DÉUÔOBOVM·OTFNFTUSV*BMBOVMVJTVNB QP[JUVMVJ QF WFOJU EJO BDUJWJUBUFB EF ÔOUSFQSJO[œUPS

"DBEFNJBEF4UVEJJ&DPOPNJDFEJO.PMEPWBժ3FWJTUB&$0/0.*$"OS
‡'*/"/ &
B ÔOSFHJTUSBU UFOEJOƄœ TUBCJMœ EF SFEVDFSF BDFBTUB ƄœSJMFWFDJOFFTUFNBJNBSFÔO6DSBJOBo3PNÉ EJNJOVÉOEVTF EF MB ÔO QÉOœ MB
ÔO OJBo3VTJBo%FſJDPUBQSJWJOEJNQP[JUVM JBSQFOUSVBOVMFTUFTUBCJMJUœDPUB[FSPB
QFWFOJUEJOBDUJWJUBUFBEFÔOUSFQSJO[œUPSTBNJDſP

JNQP[JUVMVJ QF WFOJU QFOUSV QSPmUVM ÔOUSFQSJOEFSJJ SBU ÔODBTœSJMF MB DPNQBSUJNFOUVM SFTQFDUJW MB #1/
DBSFOVFTUFEJTUSJCVJUTVCGPSNœEFEJWJEFOEF1FO TVOUÔOQFSNBOFOUœDSFſUFSFEVQœDVNSF[VMUœEJO
USV DPNQBSBSF DPUB JNQP[JUVMVJ QF WFOJU QSPmU ÔO EBUFMFQSF[FOUBUFÔOUBCFMVM
5BCFMVM
·ODBTœSJMBCVHFUVMQVCMJDOBƄJPOBMJODMVTJWEJOJNQP[JUVMQFWFOJU NJMMFJ
/S %FOVNJSFBWFOJUVSJMP
S
EP

*NQP[JUQFWFOJUBMQFSTPBOFMPSKVSJEJDF

*NQP[JUQFWFOJUBMQFSTPBOFMPSm[JDF

5PUBMJNQP[JUQFWFOJU

"MUFWFOJUVSJMB#1/

#VHFUVMQVCMJDOB JPOBM

$PUBJNQP[JUVMVJQFWFOJUQFST
KVSJEJDF

4VSTB&MBCPSBUEFBVUPSJÔOCB[BEBUFMPS4FSWJDJVMVJ'JTDBMEF4UBU

o "NOJTUJB GJTDBMœSFQSF[JOUœ EF BTFNFOFB VO EFDPOUSJCVBCJMJBVDBFGFDUOVTUJNVMBSFBVOPSBD

JOTUSVNFOUGJTDBMVUJMJ[BUEFDœUSFBVUPSJUœƄJMFTUBUB UJWJUœƄJFDPOPNJDFDJQSPQVMTBSFBGBWPSJUJTNFMPSſJ

MFQFOUSVBOVMBSFBEBUPSJJMPSGBƄœEFCVHFUBMFDœ BFWB[JVOJJGJTDBMF

SFJFGFDUFTFNBOJGFTUœEVQœQœSFSFBOPBTUSœNBJ o -FHBMJ[BSFB DBQJUBMVMVJ 6OB EJOUSF DPNQPOFO

NVMUNBMFGJDEFDÉUCFOFGJDBUÉUBTVQSBFDPOPNJFJ DÉU ſJ BTVQSB UFMFEFCB[œBMFSFGPSNFMPSQSPNPWBUFQSJO-FHFBOS

DPNQPSUBNFOUVMVJ BHFOƄJMPS FDPOP 97*EJOBQSJMJFFTUFMFHBMJ[BSFBDBQJUBMV

NJDJ4VNBEBUPSJJMPSBOVMBUFGBƄœEFDFMFQBUSVCV HFUF o DPNQPOFOUF MVJDBSFPGFSœBHFOƄJMPSFDPOPNJDJſJQFSTPBOFMPSm[J

BMF #VHFUVMVJ 1VCMJD /BƄJPOBM #4 #"44 '"0". ſJ #65" o DPOTUJUVJF DPOGPSN DFQPTJCJMJUBUFBTœEFDMBSFſJTœMFHBMJ[F[FDBQJUBMVSJMF BnBUF TVC PSJDF

VOPSEBUFQSFMJNJOBSFDDBNMOMFJDBSFSF GPSNœ&GFDUFMFMFHBMJ[œSJJDBQJUBMVSJMPS

QSF[JOUœMBSÉOEVMMPSDIFMUVJFMJOFSFBMJ[BUFQFOUSV WPSBWFBDBJNQBDUBUÉUUSFDFSFBÔOQPTFTJBEFƄJOœUP SJMPS SFBMJ B

TBUJTGBDFSFBBOVNJUPSOFWPJTPDJBMFDVMUVSBMFFDP DBQJUBMVMVJ ſJ DPOTPMJEBSFB ESFQUVSJMPS EF QSPQSJFUBUF B BDFTUPSB DÉU ſJ

OPNJDFJBSBHFOƄJJFDPOPNJDJTDVUJƄJEFQMœƄJDœUSF SFEVDFSFB FDPOPNJFJ TVCUFSBOFFYUJOEFSFBCB[FJJNQP[BCJMFDPSFTQVO[œ

TUBUOVSœNÉOEFDÉUDVQPTJCJMJUœƄJEFBDVNVMBSFB VOPS OPJ EBUPSJJ UPSDSFſUFSFB1*#DBSFSFQSF[JOUœPSFnFDUBSF B DSFſUF SJJFDPOPNJDFBƄœSJJ

"WBOUBKFMF DSFBUF VOPS DBUFHPSJJ

#JCMJPHSBmF
$PEVMmTDBM OS9*** EJO DV NPEJmDœSJMFſJDPNQMFUœSJMFVMUFSJPBSF
-FHFBQFOUSVNPEJmDBSFB ſJDPNQMFUBSFBVOPSBDUFMFHJTMBUJWFOS97*EJOBQSJMJF
"OHFMFTDV$PSBMJB4UœOFTDV*MFBOBo1PMJUJDBEFDSFſUFSFFDPOPNJDœ&E&DPOPNJDœ#VDVSFſUJQ

"DBEFNJBEF4UVEJJ&DPOPNJDFEJO.PMEPWBժ3FWJTUB&$0/0.*$"OS