9=2/G3B7

B63@756B=4E/G
7[OUW\S O e]`ZR eWbV]cb P]c\RO`WSa BVOb–a SfOQbZg V]e g]c–ZZ TSSZ W\ bVS \Se
Y]ROGSbW7b–aO\ACDbVObR]Sa\–bbOYS\]T]`O\O\aeS`BVSVO`aVSab]TbS``OW\WaWba
^ZOgU`]c\R/\RbVWab]cUV]TT`]ORS`Y\]eaV]eb][OYSWbaeOgQ][SeVOb[Og

BVS Y]RO GSbW Wa O QcZ[W\ObW]\ ]T `Oe ^]eS` `]Pcab RSaWU\ O\R c\Q][^`][WaW\U
aOTSbg0cbbVS`SWaOTZW^aWRSb]Wba^S`a]\OZWbg0SQOcaS]\bVSW\aWRSbVWaQO`^O[^S`a
g]ceWbVc\P`WRZSRQ][T]`baO\RQ]\dS\WS\QSa

A]SWbVS`USbW\O\R[OYSg]c`eOg=`UWdSeOgB]bVSY]ROGSbW
 "

B630C7:2
BVS Y]RO GSbW VOa PSS\ RSaWU\SR b] ^S`T]`[ /\ W\bSZZWUS\b "f" Wb R]Sa\–b Xcab Z]]Y bVS ^O`b ]T O bV]`]cUVP`SR ]TT`]ORS` Wb POQYa Wb c^ eWbV Wba
^S`T]`[O\QSOaeSZZ

C<7?C3:G9=2/ AB/B3:G/<2AB@=<5

BVSY]ROGSbWWabVS]\ZgACDW\bVSY]ROabOPZSO\RP]``]eabVSPSab BVS Y]RO GSbW–a c\W_cS RSaWU\ UWdSa O\ W[^`SaaW]\ ]T `cUUSR\Saa bVOb
T`][ Wba WZZcab`W]ca ZW\SOUS 7b W\bSU`ObSa a][S ]T bVS PSab a]ZcbW]\a b] aW[^Zg PSUaT]`Sf^SRWbW]\a]TTbVSPSObS\^ObVBVSRg\O[WQa]TbVSGSbW–a
]TTS` O c\W_cS [Wf ]T aOTSbg Tc\QbW]\OZWbg O\R Q][T]`b W\ O aWU\Obc`S ^`]TWZSO`SS\VO\QSRPgbVSaWZdS``]]T`OWZaSfbS\RW\UT`][bVST`]\bb]bVS
RSaWU\eVWQVWaSdWRS\bW\bVSSfbS`W]`OaeSZZOabVSW\bS`W]`]TbVSQO` POQY BVWa \SObZg Q][^ZW[S\ba bVS aWZdS` P`caV UcO`Ra eVWQV \]b ]\Zg
/\RPSW\UO_cW\bSaaS\bWOZY]ROWbVOaPSS\PcWZbZWYSObO\Y)WRSOZT]` ^`]bSQbbVS]cbS`P]RgT`][aQ`ObQVSaPcbOZa]W[^`]dSbVSdSVWQZS–a]dS`OZZ
bOYW\U ]\ bVS `]cUV O\R bc[PZS ]T bVS U`SOb ]cbR]]`a BVS Y]RO GSbW `cUUSRO^^SO`O\QSBVSGSbW–aa_cO`SR]TTeVSSZeSZZaO`SRW[S\aW]\SRT]`
OZa]W\b`]RcQSaOV]ab]TW\\]dObW]\abVObO^^SO`T]`bVSTW`abbW[SW\ bVScaS]T$W\QVOZZ]geVSSZa7\]`RS`b][OW\bOW\bVS^c`SZObS`OZZW\S
OY]ROQO` bVS `SO` aWRS R]]`a]dS`ZO^bVS`SO`eVSSZO`QV`W[a[OYW\UT]`OdWacOZZg
QZSO\aWRS^`]TWZS
EVS\WbQ][Sab]WbaO^^SO`O\QSbV]cUVbVSGSbWWaORSTW\WbWdS]TT`]ORS`
WbabWZZabOgab`cSb]Wba`]]baBVSP]ZRZgaVO^SR`ORWOb]`U`WZZSeWbVQV`][S
ac``]c\RQZSO`ZgSd]YSabVSY]ROP`O\RTSSZBVSP]\\SbOZa]TSObc`SabVS
QVO`OQbS`WabWQ Y]RO ^`SaaW\U `WaW\U T`][ bVS Z]U] W\ bVS [WRRZS ]T bVS
`ORWOb]` U`WZZS 7\ bVS `SO` bVS QO` TSObc`Sa bVS RWabW\QbWdSZg Y]RO P`OYS
ZWUVba eVWQV ZWUVb c^ W\ bVS •1– aVO^S BVS e`O^O`]c\R VSORZO[^a O`S
Q][^ZS[S\bSRPgbVSc\W_cSZgVWUVaSbZO`UST`]\bT]UZO[^a
 $

=44@=/2A>317/:7AB

BVSGSbWVOaPSS\RSaWU\SRW\O[O\\S`eVWQV\]b]\ZgW[^`]dSaWbaabc`Rg
O^^SO`O\QSPcbOZa]^`]dWRSaaSdS`OZ^`]bSQbWdS[SOac`Sa/bbVST`]\b]T
bVSQO`WbaTc\QbW]\OZRSaWU\WaQVO`OQbS`WaSRPgbVSVWUVS`^]aWbW]\SRVSOR
ZO[^aO\RT]UZO[^a<]b]\ZgR]SabVWa]TTS`OQZSO`S`dWSeOVSORW\T]UUg
Q]\RWbW]\abVSW`^]aWbW]\^`]bSQbabVS[T`][RW`bO\RRO[OUSeVS\U]W\U
]TTbVS`]ORBVSbOWZZWUVbaU]OZZbVSeOgb]bVSeW\UaO\ReVS\OQbWdObSR
bVS b`ORWbW]\OZ •1– ZWUVba c^ B]cUVS\SR Q]dS` ]\ bVS c\RS`aWRS ]T bVS
QO`^`]bSQba dWbOZ [SQVO\WQOZ ^O`ba T`][ Y\]QYa O\R OP`OaW]\a BVS GSbW
OZa]Q][SaeWbVOPZOQYbSfbc`SR`SO`Pc[^S`eWbVOaWZdS`Q]Z]c`SRP`caV
UcO`R ‘ eVWQV S\VO\QSa bVS dSVWQZSa ]TT`]OR Z]]Y /b Wba ]cbS` SRUSa
bVS `SO` Pc[^S` Wa Q][^ZS[S\bSR Pg Z]\UWbcRW\OZ `STZSQbWdS ac`TOQSa
Q][[]\Zg Y\]e\ Oa QOb–a SgSa /ZZ W\ OZZ bVS GSbW Wa O\ ACD eWbV Oa [O\g
c\W_cSTc\QbW]\aOaWbVOaU]]RZ]]YW\UObb`WPcbSa

B=C56=CBA723A=4B7<A723

BVSGSbW[OgPS`cUUSR]\bVS]cbaWRSPcb]\bVSW\aWRSWbWaaVSS`^ZSOac`S
7b ]TTS`a g]c a^OQS Q][T]`b O\R Q]\dS\WS\QSa PSg]\R g]c` Sf^SQbObW]\a
7\aWRSg]ceWZZTW\RTWdSW\RWdWRcOZaSObaeWbVbV]aSW\bVS`SO`TSObc`W\UbVS
c\W_cSDO`W]4ZSfagabS[/aO`SacZbbVSGSbWQO\b`cZgORO^bb]dS`gRWTTS`S\b
ab]`OUS \SSRa( Wb QO\ bOYS bVS T]`[ ]T O QZOaaWQ TWdSaSObS` O ^O`bWQcZO`Zg
a^OQW]ca T]c`aSObS` ]` O ^`OQbWQOZ O\R caSTcZ be]aSObS` eWbV [OfW[c[
QO`U]a^OQS

BVS GSbW VOa PSS\ W\bSZZWUS\bZg RSaWU\SR b] OTT]`R bVS PSab ^]aaWPZS dWSe
T`][bVSQO`W``Sa^SQbWdS]TeVS`Sg]cO`SaSObSRBVSO[^ZSUZOaaac`TOQSa
OZ]\U eWbV O^bZg aVO^SR /^WZZO`a S\ac`S O \SO`^O\]`O[WQ dWSe ]T bVS
bS``OW\ ]cbaWRS EVWZS bVS ZO`US STTSQbWdS `SO` dWSe O\R aWRS [W``]`a Z]eS`
bVS`WaY]TO\gbVW\U[WaaW\UbVSR`WdS`–aObbS\bW]\

BVS GSbW OZa] Q][Sa eWbV O eSZZRSaWU\SR ROaVP]O`R O\R QS\b`OZ Q]\a]ZS
P]bV ]T eVWQV `SW\T]`QS Wba `cUUSR "f" TSSZ eWbV bVS 0]`SOZ e]]R RSaWU\
RtQ]`BVSGSbWOZa]a^]`baORcOZb]\SW\bS`W]`RSaWU\eWbVbVSZOdWaVcaS]T
5]PWaO\RaVORS‘abgZWaVgSb`cUUSR
 &

B63<=<16/:/<13
0SQOcaSaOTSbgWaO[OX]`TSObc`SW\bVSGSbWg]cQO\bOYS]\b]cUV]TT`]ORW\UQVOZZS\USaeWbVOb]cQV]TO``]UO\QS/RdO\QSRTSObc`SaZWYSbVS6WZZ6]ZR
1]\b`]ZO\R6WZZ2SaQS\b1]\b`]Z[OYSaU]W\Uc^O\RR]e\abSS^aZ]^SaOP`SShS7baZWUVbW\UagabS[VOaPSS\a[O`bZgRSaWU\SRb]]TTS`bVSPSab^]aaWPZS
dWaWPWZWbg \] [ObbS` eVOb bVS Q]\RWbW]\a 0Sab ]T OZZ W\ bVS GSbW acQV aOTSbg TSObc`Sa Oa /\bWZ]QY 0`OYW\U AgabS[ O\R B`OQbW]\ 1]\b`]Z AgabS[ eVWQV O`S
\]`[OZZgbc\SRT]`]\`]OR]^S`ObW]\Ocb][ObWQOZZgOaac[SO\OZbS`SRaSbbW\UT]`]^bW[WaSR^S`T]`[O\QSeVS\U]W\U]TT`]OR/TbS`OZZeV]aOgag]cQO\–b
PSeWZRO\RaOTSb]]-

=44@=/2/AA7AB/<B
BVS =TT@]OR /aaWabO\b ^OQYOUS Q][^`WaSa ]T bVS 6WZZ 2SaQS\b 1]\b`]Z =44@=/2B@/1B7=<1=<B@=:
2`WdS=TT/aaWabO\bO\RbVS=TT@]ORB`OQbW]\1]\b`]Z3OQV]TeVWQVW\Q`SOaSa EVS\g]c–`S`]cUVW\UWb]cbW\bVSeWZRU`W^WaSdS`gbVW\UO\RbVSGSbWQ][Sa
bVSaOTSbgO\RbVSSOaSeWbVeVWQVg]cQO\R`WdSbVSGSbWeVS\U]W\U]TTbVS S_cW^^SR eWbV =TT@]OR B`OQbW]\ 1]\b`]Z bVOb [O\OUSa Xcab bVOb 7T g]c` GSbW
PSObS\^ObV `c\aW\b][cRRgbS``OW\Wb–a^]aaWPZSbVOb]\S]`[]`S]Tg]c`eVSSZa[OgZ]aS
bVSW`U`W^O\RabO`bb]a^W\T`SSZgBVS=TT@]ORB`OQbW]\1]\b`]ZOcb][ObWQOZZg
67::23A13<B1=<B@=: RSbSQbabVWaeVSSZa^W\O\RO^^ZWSabVSP`OYSb]bVSW\RWdWRcOZeVSSZaeVWZS
2`WdW\U R]e\VWZZ eOa \SdS` SOaWS` bVO\Ya b] bVS GSbW–a 6WZZ 2SaQS\b 1]\b`]Z ObbVSaO[SbW[Sb`O\aTS``W\U^]eS`b]bVSeVSSZaeVWQVR]VOdSU`W^BVWa
EWbV bVWa TSObc`S O Q]\abO\b a^SSR Wa [OW\bOW\SR eVS\ R`WdW\U R]e\VWZZ Pg VSZ^abVSGSbW\OdWUObS]cb]T[]abaZW^^S`gaWbcObW]\a/Za]Oa^]eS`Wa]\Zg
[SO\a]TOcb][ObWQeVSSZP`OYW\UBVcag]cQO\T]Qca]\Zg]\abSS`W\UbVS RW`SQbSRb]bVSeVSSZaeVWQVVOdSU`W^Wb`SRcQSaTcSZeOabOUS7\ORRWbW]\b]
dSVWQZSR]e\bVSaZ]^S[OYW\UbVSbOaY[cQVSOaWS` S\VO\QS^cZZW\UOeOgT`][OabObW]\O`g^]aWbW]\]\Oa]Tb]`aZW^^S`gac`TOQS
bVSB`OQbW]\1]\b`]ZAgabS[Wa]^S`ObSReWbVU`SObS`R`WdW\UeVSSZaZW^
2@7D3=44/AA7AB/<B
BVSGSbW–a2`WdS=TT/aaWabO\bTSObc`SOaaWababVSR`WdS`eVS\^cZZW\UOeOgT`][
OabObW]\O`g^]aWbW]\W\RWTTWQcZbaWbcObW]\aacQVOaeVS\abO`bW\U]TTc^OVWZZ
]`eVS\[]dW\U]TTeWbVO\]bVS`dSVWQZSW\b]eBVS2`WdS=TT/aaWabO\bZSba
bVSR`WdS`RS^`SaabVSOQQSZS`Ob]`^SROZb]bVS[OfW[c[eVWZSbVSSZSQb`]\WQa
Q]\b`]ZbVSS\UW\Sa^SSRT]`O\SOagUSbOeOg

=\]TdSVWQZSW\QZW\ObW]\bVSagabS[Z]QYabVSa^SSRbVS
GSbWWaU]W\UR]e\ObT]`bVS`Sab]TbVSR]e\aZ]^S

BVWaQ]\abO\ba^SSRWa[OW\bOW\SRPgbVSagabS[
OZZ]eW\UbVSR`WdS`b]Q]\QS\b`ObS]\abSS`W\UbVSQO`

1]\abO\ba^SSRWa[OW\bOW\SRR]e\VWZZ

=\bVSaZ]^S`SRcQW\Ub]&T]`OaV]`b^S`W]R
bVSagabS[abOgaOQbWdSb]^`SdS\bc\Q]\b`]ZZSR
dSVWQZSOQQSZS`ObW]\
BVSGSbWQ]\bW\cSaR]e\VWZZW\bVS
aO[SQ]\b`]ZZSRa^SSROaPST]`S

/<B7:=190@/97<5AGAB3;/0A
EVSbVS`g]c–`S]cbW\bVSeWZR]`R`WdW\UV][SbV`]cUVbVSQWbgaOTSbgWa]TbVS
cb[]ab W[^]`bO\QS BVS Y]RO GSbW Q][Sa eWbV /\bW:]QY 0`OYW\U AgabS[
eVWQV ORXcaba WbaSZT W\ ]TT`]OR []RS O\R S\VO\QSa Q]\b`]Z O\R VO\RZW\U ]T
bVSdSVWQZS]\aZW^^S`gac`TOQSa
 3:31B@=<710@/934=@1327AB@70CB7=<302
 3ZSQb`]\WQ0`OYST]`QS2Wab`WPcbW]\302SZSQb`]\WQOZZgORXcababVSO[]c\b
]TP`OYS^`Saac`Sb]bVST`]\bO\R`SO`eVSSZa`SacZbW\UW\a[]]bVS`P`OYW\U
O\RO\W[^`]dSRR`WdW\USf^S`WS\QS
 3:31B@=<7127443@3<B7/::=1932:
 7T]\ST`]\beVSSZaZW^abVS3ZSQb`]\WQ2WTTS`S\bWOZ:]QY32:W\bS`dS\Sa
Pg P`OYW\U bVS a^W\\W\U eVSSZ BVS b]`_cS Wa `]cbSR b] bVS ]bVS` T`]\b
eVSSZ O\R bVS 6OZRSf W\bS`OfZS QZcbQV Wa OQbWdObSR b`O\a[WbbW\U []`S
b]`_cSb]bVS`SO`OfZS
@=C56@=/2>/19/53
BVS@]cUV@]OR>OQYOUSXcabS[^VOaWaSaV]eaS`W]caZgGSbWbOYSa]TT`]ORW\U
B]S\ac`S[OfW[c[^`]bSQbW]\T]`bVSQO`eVS\\OdWUObW\U`]cUVbS``OW\bVS
GSbWa^]`baOQ]dS`c\RS`\SObVb]aOTSUcO`RbVSS\UW\SO\Rb`O\a[WaaW]\
OQ]dS`T]`bVSTcSZO\RP`OYSZW\Sab]cUVS\SR^ZOabWQb]^`]bSQbbVS`SO`O`[a
O\R`SW\T]`QSRP`OYSTZcWRRWab`WPcbW]\agabS[O\RVO\RP`OYSQOPZS Y]ROGSbWQ][SaeWbVW\bS`\OZO\RSfbS`\OZ[W``]`abVObOcb][ObWQOZZgORXcab
67::6=:21=<B@=:
C^VWZZ R`WdSa O`S O RWTTWQcZb ^O`b ]T O\g X]c`\Sg) Pcb \]b O\g[]`S BVS GSbW–a
6WZZ6]ZR1]\b`]ZTSObc`S[OYSaac`Sg]c[OW\bOW\[OfW[c[Q]\b`]Z]dS`g]c`
dSVWQZSeVS\QZW[PW\Uc^VWZZ7\bVWaTSObc`SbVSdSVWQZSOcb][ObWQOZZgYSS^a
bVSP`OYSOQbWdST]`OaV]`b^S`W]RXcabOTbS`g]c`SZSOaSWba]bVObbVSdSVWQZS
R]Sa\–babO`bb]`]ZZPOQYUWdW\Ug]cO[^ZSbW[Sb]S\UOUSbVSOQQSZS`Ob]`O\R
R`WdSc^bVSaZ]^SSTT]`bZSaaZg
4=5:/;>AE7B61=@<3@:756BA
BVST]UZWUVbaeWbVQ]`\S`Tc\QbW]\Ocb][ObWQOZZgWZZc[W\ObSbVSa^OQSbVSQO`
Wa OP]cb b] bc`\ W\b] 7b ^`]dWRSa PSbbS` WZZc[W\ObW]\ T]` Qc`dSa eWbV O a[OZZ
`ORWcaORXOQS\b^SRSab`WO\Q`]aaW\Ua]`^O`YW\Ua^OQSa
>/@9B@=<71
0cWZbW\aS\a]`a^`]PSbVSa^OQSaO`]c\RbVST`]\bO\R`SO`]TbVSGSbWbVS`SPg
RSbS`[W\W\U bVS ^`SaS\QS ]T ]PabOQZSa EVSbVS` g]c–`S ac``]c\RSR Pg
^OdS[S\b]`P]cZRS`a^O`YW\UbVSY]ROGSbWeWZZ^`]dSb]PSOQOYSeOZY
/CB=;/B71/::G 27;;7<5 3FB3@</: /<2 7<B3@</: @3/@ D73E
;7@@=@A
G]c e]\–b \SSR b] a_cW\b eVS\ eObQVW\U ]cb T]` b`OTTWQ W\ g]c` [W``]`a BVS
bVS[aSZdSaRS^S\RW\Uc^]\bVSO[]c\b]TZWUVbTOZZW\U]\bVS[/ZZ]eW\Ug]c
b]VOdSOQZSO``SO`dWSe
/1B7D34@=<B63/2@3AB@/7<BA
BVSGSbW–aT`]\baSObaO`SS_cW^^SReWbV/QbWdS6SOR@Sab`OW\baeVWQVU`SObZg
`SRcQS bVS QVO\QSa ]T W\Xc`g b] bVS \SQY W\ bVS SdS\bcOZWbg ]T O `SO`S\R
Q]ZZWaW]\ 7b `SRW`SQba bVS T]`QS ]T O ^OaaS\US`–a P]Rg Oa Wb ^`SaaSa W\b] bVS
POQY`Sabb][]dSbVSVSOR`Sab`OW\bT]`eO`R
A7F/7@0/5A
/ZZ bVOb `]cUV O\R bc[PZS QOZZa T]` a][S Sfb`O ^`]bSQbW]\ BVS Y]RO GSbW
Q][Sa eWbV $ OW`POUa bVOb W\ ORRWbW]\ b] bVS T`]\b OW`POUa W\QZcRS Qc`bOW\
OW`POUaObP]bVbVST`]\bO\RbVS`SO`O\RaWRSOW`POUaObbVST`]\bBVWaUWdSa
Q][^ZSbS^`]bSQbW]\b]OZZbVS]QQc^O\ba]TbVSQO`

 "

B63433:7<5=4A31C@7BG
ESc\RS`abO\RbVObg]ce]cZR\Obc`OZZgPSdS`g^]aaSaaWdS]Tg]c`GSbW
BVOb–aeVgbVS[]abORdO\QSRaSQc`WbgTSObc`SaVOdSPSS\W\Q]`^]`ObSR
W\b]bVSQO`acQVOabVSS\UW\SW[[]PWZWaS`O\R`S[]bSQ]\b`]ZZSRZ]QYW\U
O\Rc\Z]QYW\U5]g]c`eOgeWbV]cbOQO`S)g]c`GSbWeWZZabOgaOTS

3<57<37;;=07:7A3@E7B64:=/B7<51=23AGAB3;
EVS\bVSYSgWa`S[]dSRT`][bVSYSgaZ]bbVS3\UW\S7[[]PWZWaS`ab]`Sa
O\SeQ]RSeWbVW\bVSYSg/aO`SacZbg]c`GSbWWaaSQc`SRT`][SZSQb`]\WQOZZg
OWRSR a[O`b bVSTba Pg \]b OZZ]eW\U bVS S\UW\S b] abO`b WT bVS Q]RSa
R]\–b[ObQV

A31C@7BG1=234=@13<B@/:7<4=B/7<;3<BAGAB3; @3;=B3 1=<B@=: :=197<5 /<2 C<:=197<5 =4 2==@A
BVS 1S\b`OZ 7\T]bOW\[S\b AgabS[ ]T bVS GSbW Q][Sa S_cW^^SR eWbV
E7<2=EA/<20==B:72
Oa^SQWOZSZSQb`]\WQQ]RSeVWQVWa^OW`SReWbVbVSW\ab`c[S\b^O\SZQ]\b`]Z BVSZ]QYW\UO\Rc\Z]QYW\U]TbVSGSbW–aR]]`aeW\R]eaO\RP]]bZWRWa`S[]bS
c\WbBVSagabS[eWZZ]\ZgTc\QbW]\WTbVSQ]RSaO`SQ][^ObWPZS Q]\b`]ZZSRA]OZZOQQSaa^]W\bab]g]c`QO`QO\PSaSQc`SRT`][ORWabO\QS
 $

B631=;4=@B
B]cUV]\bVS]cbaWRSgSa0cb\]bb]cUV]\g]cBVSY]ROGSbWVOaPSS\RSaWU\SReWbVOV]ab]TTSObc`Sab][OYSg]c`R`WdSO^ZSOac`OPZS]\S\][ObbS`
eVS`Sg]c`Sf^Z]`ObW]\a[OgbOYSg]cAWbPOQYO\R`SZOfbVSQ][T]`bOPZSZSObVS`aSObaeWZZa^]WZg]c/\Rg]c[OgeVW^c^Oab]`[]cbaWRSPcbbVS
1ZW[Ob`]\WQ agabS[ eWZZ TWZbS` ]cb OZZ c\eO\bSR ^]ZZcbO\ba T`][ bVS OW` g]c P`SObVS W\aWRS BVS GSbW–a SfbS`\OZ [W``]`a O\R eW\R]ea QO\ PS SZSQb`WQOZZg
]^S`ObSRT]`VOaaZST`SScaS4c`bVS`WbaabSS`W\UeVSSZZSbag]cORXcabP]bVbVSZS\UbVO\RVSWUVbT]`]^bW[c[Q][T]`beVWZSR`WdW\UbVSdSVWQZSBVSGSbW
[OgVOdSPSS\PcWZbT]`SdS`gbg^S]TbS``OW\PcbWbVOaOZa]PSS\PcWZbb]S\ac`Sg]cb`OdSZW\ZOdWaVQ][T]`b

:3/B63@A3/BC>6=:AB3@G
BVS Y]RO GSbW Q][Sa Tc`\WaVSR eWbV ^ZcaV ZSObVS` aSOba bVOb ORR [cQV
\SSRSRQ][T]`bb]g]c`Z]\UR`WdSa4]`O\ORRSRb]cQV]TabgZSbVSGSbWOZa]
Q][SaeWbVOZSObVS`e`O^^SRabSS`W\UeVSSZO\RUSO`aVWTbY\]P;OYW\Uac`S
bVObg]cTSSZg]c`PSabOag]cSf^Z]`SbVSe]`ZRO`]c\Rg]c
1=;4=@B/0:3A3/B7<5
0]bVT`]\baSOba]TbVSGSbWO`SVSWUVbORXcabOPZSb]acWbg]c`^`STS``SR^]abc`S
EVOb–a[]`SbVSgQ][SeWbVORXcabOPZSZc[PO`ac^^]`bOaeSZZA]g]cQO\
Qcab][WaS g]c` aSOba T]` [OfW[c[ Q][T]`b ]\ bVS U] /\]bVS` W\bS`SabW\U
dO`WObW]\W\bVS`SO`‘bVSQS\b`SaSObQO\PSR`]^^SRb]T]`[OQ][T]`bOPZS
O`[`SabBVWaOZa]OZZ]eaT]`SOagOQQSaab]ZcUUOUSab]eSRObbVSPOQY
2C/:H=<31:7;/B@=<71/7@1=<27B7=<7<5
AbOgW\U OeOg T`][ ^]ZZcbW]\ Wa SOag eWbV bVS Y]RO GSbW BVS 1ZW[Ob`]\WQ
agabS[Q][^`WaSaSZSQb`]\WQOZZgQ]\b`]ZZSRRcOZh]\SOW`Q]\RWbW]\W\UT]`bVS
ZSTbO\R`WUVbaWRSa]TbVSQOPW\BVSGSbWOZa]VOaO\Ocb][ObWQOW`QW`QcZObW]\
agabS[ eVWQV S\ac`Sa SdS`g Q]`\S` ]T bVS dSVWQZS Wa eSZZ dS\bWZObSR
7\ORRWbW]\Wba/W`?cOZWbgAS\a]`/?AQ]\abO\bZg[]\Wb]`abVS_cOZWbg]TbVS
OW`QW`QcZObW\UeWbVW\bVSdSVWQZSeVWZSO\]R]c`O\R^]ZZS\TWZbS`OQbWdSZgTWZbS`a
]cbc\eO\bSRa[SZZaO\R^O`bWQZSaT`][bVSOW`g]cP`SObVS/RXcabOPZS`SO`OW`
Q]\RWbW]\W\U dS\ba `SacZb W\ []`S SdS\ Q]]ZW\U O\R O c\WT]`[Zg ^ZSOaO\b
O[PWS\QSA]U]OVSOReVW^c^Oab]`[

/C27=>:/G3@E7B6$#7<16:12B4B1=:=C@B=C16A1@33<
/e]`ZR]TS\bS`bOW\[S\bWa\]eObg]c`TW\US`bW^aeVS\g]cR`WdSOY]ROGSbW
5`]]dSb]bVSa]c\RbVOb^cZaSa]cb]TbVSY]ROOcRW]agabS[Oag]cR`WdSW\
Q][T]`b 3_cW^^SR eWbV O $# W\QV :12 B4B 1]Z]c` B]cQV AQ`SS\ Wb VOa O
eW\\W\UQ][PW\ObW]\]TZ]]YaO\RSOaS]TcaS7bOZa]R]cPZSaOaORWa^ZOgT]`
bVS 1ZW[Ob`]\WQ O\R >O`Yb`]\WQ agabS[a / \WTbg Q]\dS\WS\QS Wa VOdW\U bVS
OcRW] Q]\b`]Za ]\ bVS abSS`W\U eVSSZ WbaSZT 1]c^ZSR eWbV O b]bOZ ]T SWUVb
a^SOYS`a O\R O\ W\bSU`ObSR aWf12 QVO\US` agabS[ bVS Y]RO GSbW Wa b`cZg
^O`bg`SORg4]`ORRWbW]\OZac^^]`bbVSGSbWOZa]Q][SaeWbVO\OcfWZWO`gOcRW]
W\^cb agabS[ Oa eSZZ Oa O\ A2;;1 RObO QO`R `SORS` 3\ac`W\U g]c` [caWQ
b`OdSZaeWbVg]cSdS`gbW[Sg]cVWbbVS`]OR

 &

B631=<D3<73<13
EV]aOgaO"f"dSVWQZSQO\–bPSO^`OQbWQOZR`WdW\U[OQVW\SOaeSZZ-BVSY]ROGSbWWa^OQYSReWbVOV]ab]TbV]cUVbTcZTSObc`SaO\RQ]\dS\WS\QSabVObRSTgbVOb
^`Sac[^bW]\3_cW^^SReWbVbVSc\W_cSDO`W]4ZSfA^OQS;O\OUS[S\bg]cQO\[OYSbVS[]ab]TOZZbVSa^OQS^`]dWRSRW\aWRSEVWZSbVS1S\b`OZ7\T]bOW\[S\b
AgabS[ZSbag]cSOaWZg[O\OUSbVSdO`W]caacPagabS[a]Tg]c`dSVWQZSEWbVbVSY]ROGSbWg]cQO\VOdSg]c`eOgObbVSb]cQV]TOPcbb]\

D/@7=4:3FA>/13;/</53;3<B
EVS`SdS`g]c`]O[bVSeWZR]`bVSQ]\Q`SbSXc\UZSg]c`e]`ZRQO\\]eb`OdSZ
eWbV g]c BVS Y]RO GSbW Q][Sa eWbV O c\W_cS DO`W]4ZSf A^OQS ;O\OUS[S\b
AgabS[BVWaW\Q`SRWPZSTSObc`SOZZ]eag]cb]Q][^ZSbSZg`SO``O\USbVSW\aWRS
]Tg]c`dSVWQZSRS^S\RW\U]\g]c`\SSRa7bOZZ]eag]cb]`SQZW\SbVS`SO`aSOb
POQY`SabaT]ZRbVS[]`SdS\RSbOQVbVS[Q][^ZSbSZg7\TOQbOZZbVS`SO`aSOba
O`S RSbOQVOPZS /ZZ]eW\U g]c b] Qcab][WaS bVS aWhS ]T bVS ab]`OUS a^OQS
OQQ]`RW\Ub]g]c`a^SQWTWQ\SSRa
;C:B74C<1B7=<27A>:/G
BVS GSbW–a ;cZbW 4c\QbW]\ 2Wa^ZOg ZSba g]c dWSe O `O\US ]T W\T]`[ObW]\ OP]cb
g]c` dSVWQZS AcQV Oa b`OdSZZW\U bW[S RWabO\QS b`OdSZZSR OdS`OUS a^SSR
W[[SRWObS  OdS`OUS Q]\ac[^bW]\ b`OdSZ RWabO\QS PST]`S `STcSZW\U O\R bVS
aS`dWQSW\bS`dOZ
0=BB:36=:23@A7<B634@=<B/<2@3/@2==@A
BVST`]\bO\R`SO`R]]`a]TbVSGSbWQ][SS_cW^^SReWbVa^SQWOZP]bbZSV]ZRS`a
bVObOZZ]eSOagOQQSaab]bVS[
B6@=C56:=/27<5
BVS QS\b`S aSOb W\ bVS `SO` Q]\dS\WS\bZg T]ZRa R]e\ b] T]`[ O\ O`[`Sab
]^S\W\Uc^O\OQQSaaeOgb]bVSab]`OUSQ][^O`b[S\bW\bVS`SO`A]g]cQO\
SOaWZgUSbb]g]c`ab]eSROeOgZcUUOUS
2STOcZbaSOb^]aWbW]\ BOPZS]\`SO`[WRRZSPOQY`Sab)BV`]cUV:]ORW\U
8C;0= 0=F AB=@/53 1=;>/@B;3<B C<23@ 4@=<B 13<B@3
/@;@3ABE7B61==:7<5
BVS GSbW–a 4`]\b 1S\b`S /`[`Sab Q][Sa eWbV O\ ORRSR ac`^`WaS ‘ O a^SQWOZZg
RSaWU\SRab]`OUSa^OQSPS\SObVWbBVWa8c[P]0]fOZa]VOabVSOPWZWbgb]Q]]Z
bVSQ]\bS\baW\Wb/ZZeWbVW\SOag`SOQV]TbVSdSVWQZS–a]QQc^O\ba

AB=@/531=;>/@B;3<BC<23@4@=<BA3/B
C\RS`bVST`]\b^OaaS\US`aSObWaO\SOaWZgOQQSaaWPZSaZWRW\Uab]`OUSQ][^O`b[S\b
DS`gVO\RgT]`abOaVW\UbV]aSY\WQYY\OQYag]c^WQYc^]\g]c`X]c`\Sga

/CB=;/B714@=<BE7>3@AGAB3;E7B6@/7<A3<A=@A
BVS GSbW Wa S_cW^^SR eWbV O\ W\bSZZWUS\b eW^S` agabS[ bVOb OQbWdObSa
Ocb][ObWQOZZg c^]\ aS\aW\U `OW\TOZZ BVS eW^S`a OZa] ORXcab bVSW` a^SSR 1O^bOW\aSOba =\SaSObRSbOQVSR
OQQ]`RW\Ub]bVSW\bS\aWbg]TbVS`OW\

0=/@27<5A>=B:/;>A
BVSaS a^SQWOZ ZO[^a ZWUVb c^ eVS\ ]^S\W\U bVS R]]`a ]` eVS\ bVS GSbW Wa
c\Z]QYSRPg`S[]bSQ]\b`]Z;OYW\UWbSOaWS`T]`^OaaS\US`ab]S\bS`]`SfWbbVS
dSVWQZSeVS\W\bVSRO`Y

:C55/53@3AB@/7<B<3BA/<26==9A
BVSGSbWQ][SaeWbVaSdS`OZ[cZbW^c`^]aSTSObc`Saa^SQWOZZgRSaWU\SRYSS^W\U
g]cW\[W\RAcQVOabVSaZWRW\UV]]YaeVWQVQO\PScaSRb]VO\UcbWZWbgPOUa
=`bVS\SbaeVWQVQO\PScaSRb]ab]`SRWTTS`S\bbg^Sa]TZcUUOUSbVObQO\PS
W\RWdWRcOZZga^ZWbc^O\R`Sab`OW\SR

Be]aSObaRSbOQVSR BV`SSaSObaRSbOQVSR
 

B6303/AB
B]Q][[O\RWbaeOgOQ`]aab]cUVbS``OW\bVSGSbW`SZWSa]\bVS^]eS`V]caS
c\RS` Wba V]]R( Wba  B27 1@! YE $a^SSR [O\cOZ S\UW\S BVWa []b]`
RSZWdS`abVS`Oe^]eS`g]c\SSRb]bOYS]\O\g"f"QVOZZS\US

BVS GSbW a^]`ba bVS ORdO\QSR T]c`bV US\S`ObW]\ 6OZRSf QZcbQV agabS[ T]`
"eVSSZ R`WdS dSVWQZSa 7b aWU\WTWQO\bZg W[^`]dSa bVS `Sa^]\aWdS\Saa ]T bVS
dSVWQZSOaeSZZOabVSb]`_cSRSZWdS`OPWZWbgb]bVS`SO`eVSSZa
7B–A7<B3::753<13
BVSGSbWR]Sa\–bXcabVOdSbVSP`Oe\)WbY\]eaPSabV]eb]caSWb7b–aSfOQbZg
bVWa eVWQV [OYSa Wb acQV O T]`[WROPZS "F" bV]`]cUVP`SR BVS ORdO\QSR
6OZRSf QZcbQV VOa PSS\ a[O`bZg W\bSU`ObSR b] e]`Y OQbWdSZg O\R
Ocb][ObWQOZZgeWbVbVS/0A/A@32:O\R3A>agabS[a/U]]RSfO[^ZS]T
bVWaWabVSag\S`UgPSbeSS\bVS6OZRSfO\RbVSP`OYW\UagabS[a]TbVSGSbW
b] ^`]dWRS RWab`WPcbSR b]`_cS b] W\RWdWRcOZ eVSSZa b] bOQYZS OZZ R`WdW\U
aWbcObW]\aeVS\]TT`]ORW\UBVWaOZZ]eabVSGSbWb]RW`SQbOa[cQVOa'
]T bVS S\UW\S–a ^]eS` b] bVS `SO` eVSSZa /\R Oa bVWa agabS[ ]^S`ObSa
Ocb][ObWQOZZg Wb [OYSa bVS GSbW [cQV _cWQYS` b] `Sa^]\R b] bVS QVO\UW\U
bS``OW\c\RS`WbaeVSSZa
/<27B–A3447173<1G
7b–aOY\]e\TOQbbVObR`WdW\UW\bVS"F"[]RSW\Q`SOaSaTcSZQ]\ac[^bW]\
0cb SdS\ W\ bVWa O`SO bVS GSbW aQ]`Sa VWUV bV`]cUV bVS a[O`b caS ]T Wba
ORdO\QSR bSQV\]Z]Ug /a bVS GSbW Wa S\UW\SS`SR b] OQbWdObS Wba "F" []RS
Ocb][ObWQOZZgO\R]\ZgeVS\`S_cW`SRVS\QSbVS`SWa[W\W[c[eOabOUS]T
TcSZBVWaOZa][OYSabVSGSbWOdS`gS\dW`]\[S\bT`WS\RZgdSVWQZS)a]g]c`
SaQO^ORSaW\b]bVSeWZRe]\–bPSOb\Obc`S–aSf^S\aS
/ZZbVSaSORdO\QSRagabS[aTSObc`SaO\RQcbbW\USRUSS\UW\SS`W\U[OYSbVSGSbW
Ob`cZgT]`[WROPZS[OQVW\S]\O\gbS``OW\5SbW\`Sdc^O\R[OYSg]c`eOg

2% 48% 45% 5%

2% 48% 45% 5%

Good traction conditions (dry road) Worse traction conditions under front wheels

25% 25% 5% 5%

25% 25% 85% 5%

Worse traction conditions under front wheels

Worse traction conditions, same for all wheels
and left rear wheel (EDL intervention)

BSQV\WQOZ2`OeW\U
 "

Corrida Red

<dW^HVcYAZVi]Zg^cWdi]6bW^ZciZVcY:aZ\VcXZkVg^Vcih#
$
 UYNKCO^S
aaaXOa]UYNKcO^SMYSX

UYNK+_^Y
3XNSK
:\S`K^O
6SWS^ON
f
:VY^
8Y
+
0S`O
=^K\
73.-
f
=ROXN\K
+_\KXQKLKN

f
3XNSK
-YX^KM^$
#


f
aaa]UYNKK_^YMYSX
-KVV

2Y_\
2OVZVSXO
8Y
"
!  
=7=
C/>3
^Y
 !!