You are on page 1of 81




 
 

62/20211257+83 329(67($
/8,62/20211257+83
&(7($1$/67$78/8,1(:<25.
$1,'(6&/$9,( 53,71:$6+,1*721&,7<1
,
6$/9$71
2ULJLQDO7ZHOYH<HDUVD6ODYH ILUVWLQ '(3(23/$17$,(
'(%80%$&'(/1*58/528
7UDGXFHUHGLQOLPEDHQJOH]GH 167$78//28,6,$1$
0,+$,'$13$9(/(6&8 

YLUWXDOSURMHFWHX

(GLWXUD0(7(2535(66


+$55,(7%((&+(5672:(
$/&5(,180(
(67(,'(17,),&$7172$7/80($&8
0$5($5()250
,6('(',&5(63(&7826
$&($67329(67(&$5(3(50,7($/7
&+(,(3(1758&2/,%$81&+,8/8,720








3ULQWUR FRLQFLGHQ H[WUDRUGLQDU 6RORPRQ 1RUWKXS D IRVW GXV SH R SODQWDLH GLQ FRPLWDWXO 5XO
5RX  DFHODL LQXW FDUH D IRVW VFHQD FDSWLYLWLL 8QFKLXOXL 7RP  LDU UHODWDUHD OXL GHVSUH DFHDVW
SODQWDLH L PRGXO GH YLD GH DFROR FD L XQHOH HYHQLPHQWH SH FDUH OH GHVFULH VXQW UHPDUFDELO GH
DVHPQWRDUHFXDFHDSRYHVWH

2FKHLHSHQWUX&ROLED8QFKLXOXL7RPS

/8,

 35()$$(',7258/8,


 &QG D QFHSXW SUHJWLUHD FULL SH FDUH R YHL FLWL Q FRQWLQXDUH HGLWRUXO QD EQXLW F YD DWLQJH

DVHPHQHDGLPHQVLXQLGDUSHQWUXDSUH]HQWDWRDWHIDSWHOHFDUHLDXIRVWFRPXQLFDWHLVDSUXWQHFHVDU
3RHP VH[WLQGQDUDLXQHD

$WWGHDPJLLVXQWRDPHQLLGHGDWLQLLDWWGHDSOHFDL 0XOWHGLQWUHDILUPDLLOHFRQLQXWHQSDJLQLOHXUPWRDUHVXQWFRQILUPDWHGHGRYH]LLQFRQWHVWDELOHSH
6SUHDYHQHUDFHLVWUYHFKLLVSUHDLQYRFD FQG DOWHOH VH ED]HD] H[FOXVLY SH FXYLQWHOH OXL 6RORPRQ (GLWRUXO FDUH D EHQHILFLDW GH RFD]LD GH D
QGHOXQJDWDUHVSHFWDUHDIRORVLULLORU GHVFRSHUL FRQWUDGLFLL VDX GLVFUHSDQH Q UHODWDUHD OXL VH GHFODU WRWXL PXOXPLW Q PRG LQYDULDELO
QFWSQLVFODYLDUXOFHOPDLFUXQW 6RORPRQDUHSHWDWDFHHDLSRYHVWHIUVVHDEDWFWXLGHSXLQLDH[DPLQDWGHDVHPHQHDFXDWHQLH
&HVHWUDQVPLWHLDWGLQWDWQIHFLRU PDQXVFULVXO DGXFQG PRGLILFUL DFROR XQGH L VD SUXW F WH[WXO FRQLQHD FKLDU L FHOH PDL PLFL
(VWHSVWUDWLSULYLWFDXQOXFUXVIQW LQH[DFWLWL
'DUVHFXYLQHRDUHVDXSRDWHWROHUDFLRFQLUHD QGHFXUVXOFDSWLYLWLLVDOH6RORPRQDWUHFXWSULQPLQLOHPDLPXOWRUVWSQL7UDWDPHQWXOSHFDUHOD
'LVFXLHLUDLRQDOHFDXQRP SULPLW OD 3LQH :RRGV GRYHGHWH F SULQWUH SURSULHWDULL GH VFODYL H[LVW L RDPHQL GH RPHQLH GDU L
&URLWLDOFWXLWFDWRLRDPHQLL RDPHQL OLSVLL GH PLO 'HVSUH XQLL GLQWUH HL VH YRUEHWH FX UHFXQRWLQ  GHVSUH DOLL FX DPUFLXQH
'LQHOHPHQWH]EXFLXPDWHSULQWUHFDUHSRIWDWUXSHDVF 5HODWDUHDQWPSOULORUWULWHGH6RORPRQOD%D\RX%RHXISUH]LQWXQWDEORXUHDODO6FODYLHLFXWRDWH
LSURVWLDVHQWOQHVFGLQSOLQGHRSRWULY OXPLQLOHLXPEUHOHHLDDFXPH[LVWQSUH]HQWQDFHOLQXW(GLWRUXOFDUHVHFRQVLGHUQHSUWLQLWRU
&DLQSLHSWXOVFODYXOXLSHFDUHOVWSQHWH OLSVLWGHSUHMXGHFLDDYXWFDVLQJXUVFRSUHGDUHDILGHODSRYHWLLYLHLLOXL6RORPRQ1RUWKXSDDFXP
6ILHGHVSRWDEVROXWLVVHIOHDVF LDIRVWUHODWDWGHDFHVWD
'UHSWVLQJXUXORPOLEHUDODULQHLVDOH" (GLWRUXO VSHU F D UHXLW V DWLQJ DFHVW HO Q FLXGD HURULORU GH VWLO L H[SULPDUH SH FDUH OH YRU
 GHVFRSHULSRDWHFLWLWRULL
 
&RZSHU '$9,':,/621
:KLWHKDOO1<PDL
FDVD FUHLD IXVHVH VFODY HO D QHOHV FH QVHPQD VLVWHPXO 6FODYLHL L QH YRUEHD FX WULVWHH GHVSUH
&DSLWROXO, GHJUDGDUHD UDVHL VDOH $ QFHUFDW V QH LQVXIOH VHQWLPHQWXO PRUDOLWLL L QHD QYDW V QH SXQHP
QFUHGHUHDLFUHGLQDQ'RPQXO'XPQH]HXFDUHLSULYHWHWRDWHFUHDLLOHODIHOILHHOHFHOHPDLXPLOH
,QWURGXFHUH2EULD)DPLOLD1RUWKXS1DWHUHDLSULQLL0LQWXV1RUWKXS&VWRULD VDXFHOHPDLPQGUH'HFWHRULQXPLDPDPLQWLWPDLWU]LXVIDWXULOHOXLSULQWHWLQWLPSFH]FHDP
FX$QQH1RUWKXS'HFL]LLEXQH&DQDOXO&KDPSODLQ([FXUVLDFXSOXWHOHQ&DQDGD 
QWLQVQWURFROLE GHVFODYLQLQXWXOQGHSUWDWLQHVQWRVDOVWDWXOXL/RXLVLDQDVXIHULQGGHSHXUPD
$JULFXOWXUD9LRDUD%XFWULD0XWDUHDQ6DUDWRJD3DUNHUL3HUU\6FODYLLVFODYLH UQLORUQHPHULWDWHSHFDUHPLOHIFXVHXQVWSQQHRPHQRVLWQMLQGGRDUODPRUPQWXOFDUHOQJKLLVH
&RSLLLQFHSXWXOQHFD]XULORU SH WDWD FDUH V P DSHUH GH ELFLXO RSUHVRUXOXL Q FXUWHD ELVHULFLL GLQ 6DQG\ +LOO R SLDWU PRGHVW
PDUFKHD]ORFXOXQGHVHRGLKQHWHHOGXSFHLDQGHSOLQLWFXFLQVWHQGDWRULULOHFHUHYLQFODVHLXPLOH
QWUXFW PDP QVFXW RP OLEHU L YUHPH GH SHVWH WUHL]HFL GH DQL PDP EXFXUDW GH ELQHFXYQWULOH QFDUH'RPQXOLDKU]LWVWULDVF
OLEHUWLLQWUXQ 6WDW OLEHU LSHQWUXFGXS DFHHD DP IRVW USLWLYQGXWQVFODYLHXQGHDP UPDV 3Q DWXQFL PXQFLVHP Q SULQFLSDO DOWXUL GH WDWD OD IHUP 2UHOH OLEHUH FDUHPL HUDX QJGXLWH OH
SQFHGLQIHULFLUHDPIRVWVDOYDWQOXQDLDQXDULHDDQXOXLGXSRURELHGHGRLVSUH]HFHDQLPL SHWUHFHDP GH RELFHL ILH FLWLQG ILH FQWQG OD YLRDU  R SOFHUH FDUH D IRVW FHD PDL PDUH SDVLXQH D
VDVXJHUDWFRUHODWDUHDYLHLLLSHULSHLLORUPHOHQDUILQHLQWHUHVDQWSHQWUXSXEOLF WLQHUHLL PHOH 0LD IRVW PDL WU]LX L R VXUV GH FRQVRODUH SULOHMXLQGXOH PRPHQWH GH GHVIWDUH
'XS FH PLDP UHFSWDW OLEHUWDWHD PLD IRVW LPSRVLELO V QX REVHUY LQWHUHVXO VSRULW Q 6WDWHOH GLQ RDPHQLORU VLPSOL SULQWUH FDUH P D]YUOLVH VRDUWD L DEWQGXPL JQGXULOH SUH GH FWHYD RUH GH OD
1RUGIDGHVXELHFWXO6FODYLHL2SHUHGHILFLXQHFDUHVXVLQHDXFLDUIL]XJUYLWWUVWXULOHQWRDWH FRQWHPSODUHDGXUHURDVDSURSULXOXLPHXGHVWLQ
DVSHFWHOH ILH HOH SOFXWH VDX UHVSLQJWRDUH DX FLUFXODW QWUR PVXU IU SUHFHGHQW L GXS FXP DP Q ]LXD GH &UFLXQ D DQXOXL  PDP QVXUDW FX $QQH +DPSWRQ R IDW GH FXORDUH FDUH WULD SH
QHOHVDXFUHDWXQVXELHFWIHUWLOSHQWUXFRPHQWDULLLGLVFXLL DWXQFL Q YHFLQWDWHD QRDVWU &HUHPRQLD D IRVW RILFLDW Q )RUW (GZDUG GH FWUH 7LPRWK\ (GG\ (VT
(X SRW YRUEL GHVSUH 6FODYLH GRDU Q PVXUD SURSULLORU PHOH REVHUYDLL  GRDU Q PVXUD Q FDUH DP PDJLVWUDWFDUHDUPDVLQSUH]HQWFHWHDQGHYD]DORUDXOXL$QQHORFXLVHPXOLDQLQ6DQG\+LOOOD
FXQRVFXWRLVLPLWRSHSURSULDPHDSLHOH6FRSXOPHXHVWHGHDRIHULRUHODWDUHLPSDULDOLVLQFHUD GRPQXO %DLUG SURSULHWDUXO UHVWDXUDQWXOXL 9XOWXUXO DSRL Q IDPLOLD UHYHUHQGXOXL $OH[DQGHU 3URXGILW
IDSWHORUGHDPLUHSHWDSRYHVWHDYLHLLIUH[DJHUULOVQGXLSHDOLLVGHFLGGDFSQLSDJLQLOH GLQ 6DOHP $FHVW GRPQ D SUH]LGDW PXOL DQL VRFLHWDWHD SUH]ELWHULDQ GLQ DH]DUHD UHVSHFWLY L HUD
GHILFLXQHSUH]LQWLPDJLQHDXQHLQHGUHSWLPDLFUXGHVDXDXQHLURELLPDLEUXWDOH UHQXPLW SHQWUX HUXGLLH L FXFHUQLFLH $QQH FRQWLQX VL DPLQWHDVF SOLQ GH UHFXQRWLQ EXQWDWHD
'LQ FWH DP SXWXW VWDELOL VWUPRLL PHL GLQ SDUWHD WDWHL DX IRVW VFODYL Q VWDWXO 5KRGH ,VODQG (L H[FHSLRQDO L VIDWXULOH H[FHOHQWH DOH DFHOXL EUEDW PLQXQDW (D QXL SRDWH VWDELOL OLQLD H[DFW D
DSDULQHDX XQHL IDPLOLL SH QXPH 1RUWKXS LDU XQ PHPEUX DO DFHOHL IDPLOLL PXWQGXVH Q VWDWXO 1HZ GHVFHQGHQHL GDU SULQ YHQHOH HL FXUJH VQJHOH D WUHL UDVH (VWH JUHX GH SUHFL]DW GDF SUHGRPLQ FHD
<RUNVDVWDELOLWQ+RRVLFFRPLWDWXO5HQVVHODHUOXQGXOFXHOLSHWDWOPHX0LQWXV1RUWKXS'XS URLHFHDDOEVDXFHDQHDJU'DUFRPELQDLDORUFDUHDVWDWODRULJLQHDHLLDGUXLWXQFKLSDSDUWHLQ
PRDUWHDDFHOXLJHQWOHPDQFDUHDDYXWORFFXYUHRFLQFL]HFLGHDQLQXUPWDWDDGHYHQLWRPOLEHUILLQG DFHODL WLPS SOFXW DD FXP UDUHRUL VH SRDWH YHGHD 'HL DGXFH RDUHFXP FX SURJHQLWXUD XQXL DOE L D
GH]URELWSRWULYLWXQHLSUHYHGHULWHVWDPHQWDUH XQHLPXODWUHQXSRDWHILWRWXLGHILQLWQPRGH[DFWFDDSDULQQGDFHVWHLFODVHGLQFDUHDPRPLVV
+HQU\%1RUWKXS(VTGLQ6DQG\+LOOXQGLVWLQVDYRFDWLRPXOFUXLDJUDLH3URYLGHQHLLVXQW PHQLRQH]DIFXWSDUWHPDPDPHD
QGDWRUDWSHQWUXDFWXDODPHDOLEHUWDWHLQWRDUFHUHDODVRLDLFRSLLLPHLHVWHRUXGDIDPLOLHLSHFDUH (X WRFPDL WUHFXVHP SUDJXO PDMRUDWXOXL PSOLQLQG YUVWD GH GRX]HFL L XQX GH DQL Q OXQD LXOLH D
DXVHUYLWRVWUPRLLPHLLGHODFDUHDXSUHOXDWQXPHOHSHFDUHOSRUWHXQVXPL$FHVWXLIDSWLSRDWHIL DFHOXLDLDQ/LSVLWGHVIDWXULOHLGHDMXWRUXOWDWHLFXRVRLHFDUHGHSLQGHDGHPLQHSHQWUXVXE]LVWHQ
DWULEXLWLQWHUHVXOVWUXLWRUSHFDUHPLODSXUWDW DPGHFLVVLQWUXQDIDFHULLLJQRUQGREVWDFROXOFXORULLSLHOLLLFRQWLHQWL]DUHDVWDWXWXOXLPHXXPLO
/DFWYDWLPSGXSFHDIRVWHOLEHUDWWDWOPHXVDPXWDWQRUDXO0LQHUYDGLQFRPLWDWXO(VVH[VWDWXO PLDP SHUPLV OX[XO V YLVH] OD XQ YLLWRU PDL EXQ JQGLQGXP F R FVX PRGHVW QFRQMXUDW GH
1HZ<RUNXQGHHXDPY]XWOXPLQD]LOHLQOXQDLXOLHDDQXOXL1XDPQVGHXQGHVWLXH[DFW FLYDDFULGHWHUHQDUILWUHEXLWVPLUVSOWHDVFWUXGDLVPLDVLJXUHPLMORDFHOHQHFHVDUHRELQHULL
FW WLPS D UPDV HO Q ORFXO DFHOD $ SOHFDW DSRL Q *UDQYLOOH FRPLWDWXO :DVKLQJWRQ Q DSURSLHUH GH IHULFLULLLFRQIRUWXOXL
ORFXO QXPLW 6O\ERURXJK XQGH D PXQFLW FLYD DQL OD IHUPD OXL &ODUN 1RUWKXS GH DVHPHQHD R UXG D 'HFQGQHDPFVWRULWLSQQSUH]HQWLXELUHDSHFDUHDPSXUWDWRVRLHLPHOHDIRVWVLQFHUL
YHFKLXOXLVXVWSQGHDFRORDWUHFXWODIHUPD$OGHQGLQ0RVV6WUHHWDIODWQXGHSDUWHVSUHQRUGGH QHFOLQWLWLGRDUDFHLDFDUHDXVLPLWEOQGHHDOXPLQRDVSHFDUHXQWDWRUHYDUVFWUHRGUDVODVDPL
VDWXO6DQG\+LOOLDUGHDFRORDSOHFDWPDLGHSDUWHODIHUPDSHFDUHRGHLQHQSUH]HQW5XVVHOO3UDWW SRWDSUHFLDDIHFLXQHDSHQWUXFRSLLLFDUHQLVDXQVFXWGHDWXQFL&RQVLGHUFVHFXYLQHLFWUHEXLHV
VLWXDWSHGUXPXOFDUHGXFHGHOD)RUW(GZDUGOD$UJ\OHXQGHDUPDVSQODPRDUWHDVDQDGRX]HFL PHQLRQH]DFHVWHOXFUXULSHQWUXFDDFHLDFDUHYRUFLWLSDJLQLOHFHXUPHD]VSRDWQHOHJHDPUFLXQHD
LGRXD]LDOXQLLQRLHPEULH$OVDWQXUPDVDRYGXYLGRLFRSLLSHPLQHLSH-RVHSKIUDWHOH VXIHULQHORUSHFDUHDPIRVWVRUWLWVOHQGXU
PHX PDL PDUH FDUH WULHWH Q SUH]HQW Q FRPLWDWXO 2VZHJR OQJ RUDXO FX DFHODL QXPH PDPD D ,PHGLDWGXSFVWRULHDPQFHSXWVQHRFXSPGHJRVSRGULUHDYHFKLLFOGLULJDOEHQHFDUHVHDIOD
PXULWQWLPSXOFDSWLYLWLLPHOH SH DWXQFL Q FDSWXO VDWXOXL )RUW (GZDUG L FDUH QWUH WLPS D IRVW WUDQVIRUPDW QWUXQ FRQDF PRGHUQ
'HLVDQVFXWVFODYLDPXQFLWQFRQGLLLOHQHIDYRUDELOHODFDUHHVWHVXSXVQHIHULFLWDPHDUDVWDWD ILLQGORFXLWQXOWLPDYUHPHGHFSLWDQXO/DWKURS(VWHFXQRVFXWFD)RUW+RXVHQFOGLUHDDFHDVWDV
D IRVW XQ RP UHVSHFWDW SHQWUX KUQLFLD L LQWHJULWDWHD OXL DD FXP VXQW JDWD V GHSXQ PUWXULH PXOL DX LQXW XQHRUL HGLQHOH WULEXQDOXOXL GXS RUJDQL]DUHD FRPLWDWXOXL (D D IRVW GH DVHPHQHD RFXSDW GH
GLQWUH FHL FDUH ODX FXQRVFXW ELQH L FDUH PDL VXQW Q YLD (O LD Y]XW OLQLWLW WRDW YLDD GH %XUJR\QHQDQXOILLQGVLWXDWQDSURSLHUHDIRUWXOXLYHFKLGHSHPDOXOVWQJDOUXOXL+XGVRQ
QGHOHWQLFLULOHDJULFROHIUVFDXWHYUHRGDWVVHDQJDMH]HFDVHUYLWRUVOXMEHPDLGH]RQRUDQWHFHSDU Q WLPSXO LHUQLL DP IRVW DQJDMDW PSUHXQ FX DOLL OD UHSDUDUHD FDQDOXOXL &KDPSODLQ Q VHFLXQHD DO
V ILH VSHFLDO GHVWLQDWH ILLORU $IULFLL 3H OQJ IDSWXO F QHD RIHULW R HGXFDLH FDUH R GHSHD SH FHD FUHLVXSHULQWHQGHQWHUD:LOOLDP9DQ1RUWZLFN'DYLG0F(DFKURQDIRVWHIXOGLUHFWDOFHORUDOWXULGH
DFRUGDW GH RELFHL FRSLLORU GH FRQGLLD QRDVWU HO D GREQGLW SULQ VUJXLQ L FXPSWDUH R VLWXDLH FDUHDPPXQFLW'LQHFRQRPLLOHIFXWHGLQOHDIDPHDSQODGHVFKLGHUHDFDQDOXOXLQSULPYDUDP
PDWHULDOFDUHLDSHUPLVGUHSWXOODVXIUDJLX2ELQXLDVQHSRYHVWHDVFGHVSUHQFHSXWXULOHYLHLLOXLL SXWXWVFXPSURSHUHFKHGHFDLLDOWHOXFUXULQHFHVDUHQGRPHQLXOQDYLJDLHL
GHL D QXWULW PHUHX FHOH PDL FDOGH VHQWLPHQWH GH EXQWDWH ED FKLDU L GH DIHFLXQH ID GH IDPLOLD Q 'XS FH DP DQJDMDW FLYD OXFUWRUL GHVWRLQLFL FDUH V P DMXWH DP QFKHLDW FRQWUDFWH SHQWUX
WUDQVSRUWDUHD GH SOXWH PDUL GLQ FKHUHVWHD GH OD ODFXO &KDPSODLQ OD 7UR\ '\HU %HFNZLWK L GRPQXO VWSQLVDGRYHGLWVXILFLHQWSHQWUXDLPSLHGLFDVQFHUFHQWUXFWWRDWYLDDUHVSLUDVHPDHUXOOLEHU
%DUWHP\ GLQ :KLWHKDOO PDX QVRLW Q FWHYD DVHPHQHD GUXPXUL Q WLPSXO VH]RQXOXL GH QDYLJDLH SH DO1RUGXOXLLHUDPFRQWLHQWFQXWUHDPDFHOHDLVHQWLPHQWHLDIHFLXQLFDUHLJVHVFORFXOQLQLPD
FDQDOPDPIDPLOLDUL]DWFXDUWDLWDLQHOHSOXWULHLFXQRWLQHFDUHPLDXSHUPLVPDLWU]LXVLDGXF RPXOXL DOE PDL PXOW QF FRQWLHQW GH R LQWHOLJHQ HJDO FX D PXOWRU RDPHQL GLQ UQGXO FHORU FX R
XQXLVWSQYUHGQLFGHODXGVHUYLFLLSURILWDELOHLVLXOXLHVFSHWLHWRULLGHOHPQHVUDFLFXGXKXOGH SLHOH PDL GHVFKLV OD FXORDUH HUDP SUHD LJQRUDQW VDX SRDWH SUHD LQGHSHQGHQW SHQWUX D FRQFHSH FXP
SHUPXULOHSODQWDLHL%D\RX%RHXI SXWHDFLQHYDVILHPXOXPLWVWULDVFQVWDUHDFXPSOLWGHVFODYLH1XSXWHDPSULFHSHMXVWLLDDFHOHL
QWUXQDGLQWUHFOWRULLOHPHOHVSUHODFXO&KDPSODLQDPIRVWFRQYLQVVIDFRYL]LWQ&DQDGD$MXQV OHJLVDXUHOLJLLFDUHVXVLQHVDXUHFXQRDWHSULQFLSLXO6FODYLHLLQLFLRGDWVXQWPQGUXVRVSXQQDP
Q 0RQWUHDO DP YL]LWDW FDWHGUDOD L DOWH ORFXUL GH LQWHUHV GLQ RUDXO DFHOD GXS FDUH PLDP XUPDW RYLWVVIWXLHVFSHRULFLQHFDUHPLVDDGUHVDWVSURILWHGHRFD]LDFDUHLVDUILLYLWLVQ]XLDVFOD
H[FXUVLDFWUH.LQJVWRQLDOWHORFDOLWLDFXPXOQGFXQRWLQHFDUHPLDXVOXMLWXOWHULRUDDFXPVHYD OLEHUWDWH
YHGHDVSUHVIULWXODFHVWHLLVWRULVLUL $PORFXLWQ6DUDWRJDSQQSULPYDUDDQXOXL$WHSWULOHSURPLWRDUHFDUHQHLVSLWLVHUFX
'XS FH DP WHUPLQDW FRQWUDFWHOH SH FDQDO Q PRG VDWLVIFWRU SHQWUX PLQH L SHQWUX EHQHILFLDUL DSWHDQLQXUPVSUVLPIHUPDQRDVWUOLQLWLWGHSHPDOXOHVWLFDO+XGVRQXOXLQXVHPSOLQLVHU
QHGRULQG V UPQ FX EUDHOH QFUXFLDWH DFXP FQG QDYLJDLD SH FDQDO IXVHVH LDUL VXVSHQGDW DP 'HL WULVHUP PHUHX Q FRQGLLL FRQIRUWDELOH QX SURVSHUDVHUP 6RFLHWDWHD L UHODLLOH GLQ DFHDVW
VHPQDW XQ DOW FRQWUDFW FX 0HGDG *XQQ SHQWUX WLHUHD XQHL PDUL FDQWLWL GH OHPQH $FHDVWD D IRVW VWDLXQH IDLPRDV Q WRDW OXPHD QX HUDX LQGLFDWH SHQWUX D SVWUD RELFHLXULOH VLPSOH GLQ LQGXVWULH L
DFWLYLWDWHDPHDQLDUQD HFRQRPLHFXFDUHIXVHVHPHXRELQXLWEDFKLDUGLPSRWULYOHQORFXLVHUFXDOWHOHFDUHWLQGHDXVSUH
2GDW FX UHYHQLUHD SULPYHULL $QQH L FX PLQH DP GHILQLWLYDW SODQXO SUHOXULL XQHL IHUPH GLQ LQHILFLHQLH[WUDYDJDQ
YHFLQWDWH(XIXVHVHPRELQXLWGHODYUVWDFHDPDLIUDJHGFXPXQFLOHDJULFROHLHUDRRFXSDLHSH /DPRPHQWXODFHODHUDPSULQLLDWUHLFRSLL(OL]DEHWK0DUJDUHWL$ORQ]R)DWDFHDPDLPDUHDYHD
JXVWXOPHX'HDFHHDDPLQWUDWQGLVFXLLSHQWUXRSDUWHGLQYHFKHDIHUP$OGHQXQGHORFXLVHDQWHULRU ]HFHDQL0DUJDUHWHUDFXGRLDQLPDLPLFLDU$ORQ]RDELDPSOLQLVHFLQFLSULPYHUL(LQHXPSOHDX
WDWO PHX &X R YDF XQ SRUF L R SHUHFKH GH ERL IUXPRL GH MXJ SH FDUHL FXPSUDVHP UHFHQW GH OD ORFXLQD GH EXFXULH *OVFLRDUHOH ORU WLQHUH QH PQJLDX DX]XO 0XOWH YLVXUL IUXPRDVH DP FOGLW
/HZLV%URZQGLQ+DUWIRUGFDLDOWHEXQXULSHUVRQDOHLRELHFWHDPSRUQLWVSUHQRXDQRDVWUFDVGLQ PSUHXQFXPDPDORUSHQWUXPLFXLLQHYLQRYDL&QGQXPXQFHDPPSOLPEDPFXHLPEUFDLQ
.LQJVEXU\QDQXODFHODDPSODQWDWGRX]HFLLFLQFLGHDFULFXSRUXPEDPQVPQDWFPSXULQWLQVH YHPLQWHOHFHOHPDLEXQHSHVWU]LOHLSULQFUQJXULOHGLQ6DUDWRJD3UH]HQDORUHUDRQFQWDUHSHQWUX
FXRY]LDPQFHSXWVOXFUH]SPQWXODWWFWPLRQJGXLDXPLMORDFHOHGHFDUHGLVSXQHDP$QQHVH PLQHLLVWUQJHDPODSLHSWFXWRWDWWDGUDJRVWHLFOGXUGHSDUFSLHOHDORUQWXQHFDWDUILIRVWDOE
RFXSDGHFRUYH]LOHJRVSRGULHLQWLPSFHHXWUXGHDPVUJXLQFLRVSHFPS FDQHDXD
$PORFXLWDFRORSQQQWLPSXOLHUQLLDPIRVWVROLFLWDWGHQXPHURDVHRULVFQWODYLRDU2UL 3QODPRPHQWXODFHODLVWRULDYLHLLPHOHQXSUH]HQWDQLPLFLHLWGLQFRPXQQLPLFDOWFHYDGHFW
GHFWHRULWLQHULLVHDGXQDXFDVGDQVH]HHXHUDPQHOLSVLW9LRDUDPHDGHYHQLVHELQHFXQRVFXWQWRDWH RELQXLWHOHVSHUDQHLXELULLVWUGDQLLDOHXQXLRPGHFXORDUHEDQDOFDUHQDLQWDPRGHVWSULQOXPH$P
VDWHOH GLQ MXU /D UQGXO HL $QQH FSWDVH R RDUHFDUH IDLP FD EXFWUHDV Q GHFXUVXO SHULRDGHL DMXQVQVDSRLODRFRWLWXUQH[LVWHQDPHDDPDMXQVQSUDJXOXQHLQHGUHSWLWULVWHLLGLVSHUULGH
QGHOXQJDWHSHFDUHRSHWUHFXVHOD7DYHUQD9XOWXUXOLGHDFHHDQWLPSXOSURFHVHORUGHODWULEXQDOL QHGHVFULV,QWUDPQXPEUDQRUXOXLQQHJXUDGHDVQFDUHDYHDPVGLVSDUQVFXUWYUHPHSHQWUXDIL
ODRFD]LLOHSXEOLFHHUDDQJDMDWSHXQVDODULXEXQQEXFWULDGHOD6KHUULOOV&RIIHH+RXVH DVFXQVGHRFKLLVHPHQLORUPHLLOLSVLWSHQWUXPXOLDQLJUHLGHOXPLQDGXOFHDOLEHUWLL
'XSDFHVWHVHUYLFLLRFD]LRQDOHQHQWRUFHDPQWRWGHDXQDDFDVFXEDQLIUXPRLDVWIHOQFWFQWQG
ODYLRDUJWLQGLOXFUQGSPQWXODPDMXQVQVFXUWWLPSVVWUQJHPGHVWXOEDFKLDUVGXFHPR
YLDIHULFLWLSURVSHU3RDWHFDUILIRVWPDLELQHSHQWUXQRLGDFDPILUPDVODIHUPD.LQJVEXU\
GDUDVRVLWFOLSDFQGDWUHEXLWVQWUHSULQGHPXUPWRUXOSDVFWUHGHVWLQXOFUXGFDUHPDWHSWD
QPDUWLHQHDPPXWDWQ6DUDWRJD6SULQJVQWURFDVFDUHLDSDULQHDOXL'DQLHO2%ULHQSH
ODWXUDQRUGLFDVWU]LL:DVKLQJWRQ3HDWXQFL,VDDF7D\ORUGHLQHDQFDSWXOQRUGLFDOOXL%URDGZD\R
SHQVLXQHPDUHFXQRVFXWGUHSW:DVKLQJWRQ+DOO(OPDDQJDMDWFDYL]LWLXODWUVXULQVOXMEDDFHHD
DPOXFUDWWLPSGHGRLDQL'XSDFHHDDPDYXWDQJDMDPHQWHQJHQHUDOQVH]RQXOEDOQHDUODIHOFDL
$QQHQKRWHOXO8QLWHG6WDWHVLDOWHORFDOXULGLQRUDQWLPSXOLHUQLLPDPEL]XLWSHYLRDUGDUDP
FRQWULEXLWLFXPXOWH]LOHGHWUXGJUHDODFRQVWUXLUHDFLLIHUDWHGLQWUH7UR\L6DUDWRJD
Q6DUDWRJDRELQXLDPVFXPSUDUWLFROHOHQHFHVDUHIDPLOLHLPHOHGLQPDJD]LQHOHGRPQLORU&HSKDV
3DUNHU L :LOOLDP 3HUU\ GRL GRPQL ID GH FDUH SHQWUX PXOWHOH ORU DFWH GH EXQWDWH DP QXWULW
VHQWLPHQWHGHPDUHFRQVLGHUDLH$FHODDIRVWPRWLYXOSHQWUXFDUHGRLVSUH]HFHDQLPDLWU]LXDPDOHVV
OH H[SHGLH] VFULVRDUHD FDUH YD IL UHSURGXV PDL WU]LX L FDUH Q PLQLOH GRPQXOXL 1RUWKXS D
UHSUH]HQWDWPLMORFXOQRURFRDVHLPHOHVDOYUL
3H FQG ORFXLDP Q KRWHOXO 8QLWHG 6WDWHV DP QWOQLW IUHFYHQW VFODYL FDUHL QVRLVHU VWSQLL GLQ
6XG(UDXQWRWGHDXQDELQHPEUFDLLQJULMLLGXFQGDSDUHQWRYLDXRDUSUQGDIHFWDLGRDUGH
SXLQH GLQWUH RELQXLWHOH QHFD]XUL 'H PXOWH RUL DX LQWUDW Q FRQYHUVDLH FX PLQH SH WHPD 6FODYLHL L
DSURDSHGHILHFDUHGDWDPGHVFRSHULWFQXWUHDXRGRULQVHFUHWGHOLEHUWDWH8QLLLDXH[SULPDWVHWHD
ILHUELQWHGHHYDGDUHLPDXFRQVXOWDWFXSULYLUHODFHOHPDLEXQHPHWRGHSULQFDUHVHSXWHDXHOLEHUDQ
WRDWHFD]XULOHQVWHDPDGHUHSUHVDOLLFDUHDUILXUPDWFXFHUWLWXGLQHGXSUHFDSWXUDUHLQWRDUFHUHDOD
D FRQVWDW GLQ MRQJOHULL FX PLQJL GDQVXUL SH IUQJKLH FOWLWH SUMLWH QWUR SOULH JURKLW GH SRUFL
&DSLWROXO,, LQYL]LELOLLDOWHWUXFXULVLPLODUHGLQUHFX]LWDYHQWULORFLORULVFDPDWRULORU6SHFWDWRULLHUDXIRDUWHSXLQLL
QX GH FHD PDL EXQ FDOLWDWH LDU +DPLOWRQ UDSRUWQG QFDVULOH D SUH]HQWDW GRDU Q JDODQWDU FXWLL
&HLGRLVWULQL&RPSDQLDFLUFXOXL3OHFDUHDGLQ6DUDWRJD9HQWULORFLLVFDPDWRUL GHDUWH 


&OWRULDVSUH1HZ<RUN$FWHOHGHRPOLEHU%URZQL+DPLOWRQ*UDEDGHDDMXQJHOD $GRXD]LDPSRUQLWPDLGHSDUWHGLVGHGLPLQHD/DLWPRWLYXOFRQYHUVDLHLGLQWUH+DPLOWRQL%URZQ
FLUF6RVLUHDQ:DVKLQJWRQ)XQHUDOLLOHOXL+DUULVRQPEROQYLUHDQHDWHSWDW&KLQXO HUDDFXPGRULQDGHDDMXQJHIUQWU]LHUHODFLUF6DXJUELWIUVVHPDLRSUHDVFSHQWUXDVXVLQH
VHWHL/XPLQDQGHSUWDW3LHUGHUHDFXQRWLQHL/DQXULLQWXQHULF YUHRUHSUH]HQWDLHLDPDMXQVSQODXUPQ1HZ<RUNXQGHDPWUDVODXQKRWHOGLQSDUWHDGHYHVWD
RUDXOXLSHRVWUDGFDUHIFHDOHJWXUDQWUH%URDGZD\LUX$PEQXLWFSHQWUXPLQHFOWRULDOXDVH
QWURGLPLQHDVSUHVIULWXOOXQLLPDUWLHQHDYQGODPRPHQWXOUHVSHFWLYQLFLXQDQJDMDPHQW VIULWLPDPDWHSWDWFDSHVWHR]LGRXVPQWRUFODSULHWHQLLLIDPLOLDGLQ6DUDWRJDGDUFHLGRLDX
DQXPH P SOLPEDP SULQ 6DUDWRJD 6SULQJV QWUHEQGXP XQGH D SXWHD RELQH R VOXME SQ OD QFHSXW V P URDJH VWUXLWRU V PHUJ PDL GHSDUWH FX HL SQ OD :DVKLQJWRQ %URZQ L +DPLOWRQ
QFHSHUHDDQLPDWXOXLVH]RQEDOQHDU&DGHRELFHL$QQHSOHFDVHQ6DQG\+LOOODWUHL]HFLGHNLORPHWUL SUHVXSXQHDXFFLUFXOYDSRUQLVSUHQRUGLPHGLDWGXSVRVLUHDORUGHRDUHFHVHDSURSLDVH]RQXOGHYDU
GLVWDQSHQWUXDVHRFXSDGHEXFWULDGHOD6KHUULOOV&RIIHH+RXVHSHGXUDWDHGLQHORUWULEXQDOXOXL 0LDXSURPLVRVOXMESHUPDQHQWLVDODULXPDUHGDFLYRLQVRL$XLQVLVWDWDVXSUDDYDQWDMHORUGH
(OL]DEHWKFUHGRQVRHD0DUJDUHWL$ORQ]RHUDXFXPWXDORUQ6DUDWRJD FDUHPDILEXFXUDWLDULPDJLQLOHSHFDUHOHDX]XJUYLWHUDXDWWGHLVSLWLWRDUHQFWQFHOHGLQXUP
3HFROXOGLQWUHVWUDGD&RQJUHVVL%URDGZD\OQJWDYHUQDLQXWSHDWXQFLLGLQFWHWLXLQ]LXD DPGHFLVVOHDFFHSWRIHUWD
GH D]L GH GRPQXO 0RRQ PDP QWOQLW FX GRL JHQWOHPHQL FX DVSHFW UHVSHFWDELO DPELL ILLQGXPL QGLPLQHDDXUPWRDUHHLDXVXJHUDWFGHRDUHFHXUPDVLQWUPQWUXQVWDWFDUHUHFXQRWHD6FODYLD
QHFXQRVFXL$PLPSUHVLDFPLDXIRVWSUH]HQWDLGHXQDGLQWUHFXQRWLQHOHPHOHGDUSHFDUH]DGDUQLF DUILIRVWELQHFDQDLQWHGHDSUVL1HZ<RUNXOVPLSURFXUDFWHFDUHVPLDWHVWHFDOLWDWHDGHRPOLEHU
DPQFHUFDWVPLRUHDPLQWHVFFXSUHFL]DUHDFHUDPXQYLRORQLVWYLUWXR] ,GHHDPLVDSUXWQHOHDSWGHLFUHGFQXPLDUILWUHFXWSULQPLQWHGDFQDUILSURSXVRHL1HDP
Q WRW FD]XO FHL GRL DX GHVFKLV LPHGLDW DFHVW VXELHFW SXQQG QXPHURDVH QWUHEUL FX SULYLUH OD QGUHSWDWGHDFHHDFWUHRFOGLUHFDUHDPQHOHVHXDGSRVWHD9DPD+DPLOWRQL%URZQDXIFXWPDL
LVFXVLQD PHD 5VSXQVXULOH PHOH ILLQG DSDUHQW VDWLVIFWRDUH PLDX SURSXV V P DQJDMH]H SHQWUX R PXOWHGHFODUDLLVXEMXUPQWGRYHGLQGFHUDPXQRPOLEHU1LVDQWRFPLWXQDFWSHFDUHLODPGXV
SHULRDGVFXUWDILUPQGQDFHODLWLPSFHUDPH[DFWSHUVRDQDGHFDUHDYHDXQHYRLHQDIDFHUHDORU IXQFLRQDUXOXLGHODJKLHX$FRORDPSOWLWDVHLOLQJLSHQWUXFDIXQFLRQDUXOVPDLDGDXJHFHYDLQH
1XPHOH ORU SH FDUH PL OHDX VSXV XOWHULRU HUDX 0HUULOO %URZQ L $EUDP +DPLOWRQ GHL DP PRWLYH DPQWRUVQFOGLUHD9PLL'XSDOWHFWHYDIRUPDOLWLDFWXODIRVWQFKHLDWLDPDFKLWDWYDPHXOXL
VHULRDVHVPQGRLHVFFDUILIRVWQXPHOHORUDGHYUDWH%URZQHUDXQEUEDWGHYUHRSDWUX]HFLGHDQL GRLGRODULDPSXVKUWLLOHQEX]XQDULDPSOHFDWFXSULHWHQLLPHLVSUHKRWHO7UHEXLHVPUWXULVHVFF
VFXQGLYRLQLFFXRILJXUFDUHLQGLFDLUHWHQLHLLQWHOLJHQ3XUWDUHGLQJRWQHDJULSOULHQHDJUL ODPRPHQWXODFHODPLVDSUXWFDFWHOHQXPHULWDXFRVWXORELQHULLORUQXPVLPLVHPQLFLSHGHSDUWH
D VSXV F ORFXLD ILH Q 5RFKHVWHU ILH Q 6\UDFXVH +DPLOWRQ HUD XQ WQU EORQG FX RFKL GHVFKLL OD QSUHDMPDYUHXQXLSHULFROODDGUHVDVLJXUDQHLPHOHLQPLQWHFIXQFLRQDUXOODFDUHIXVHVHUPWULPLL
FXORDUHFDUHPLDIFXWLPSUHVLDFQXWUHFXVHGHGRX]HFLLFLQFLGHDQL(UDQDOWL]YHOWPEUFDWFX DIFXWRQVHPQDUHQWUXQUHJLVWUXPDUHFDUHEQXLHVFFH[LVWLDFXP2H[DPLQDUHDLQWUULORUGLQ
R KDLQ GH QXDQD WDEDFXOXL FX SOULH OXFLRDV L R YHVW HOHJDQW 7RDWH YHPLQWHOH OXL HUDX GXS XOWLPHOH]LOHDOHOXQLLPDUWLHVDXSHDSULOLHLYDVDWLVIDFHIUQGRLDOSHVFHSWLFLFHOSXLQQ
XOWLPDPRG3XUWDUHDLHUDRDUHFXPHIHPLQDWGDUSOFXWLGHJDMDXQDHUQHSVWRUFDUHGRYHGHDF SULYLQDDFHOHLWUDQ]DFLL
VHVLPHDQODUJXOOXLQVRFLHWDWH$DFXPPDXLQIRUPDWDYHDXOHJWXULFXRFRPSDQLHGHFLUFDIODW $YQGDVXSUDPHDGRYDGDOLEHUWLLDGRXD]LGXSVRVLUHDQ1HZ<RUNDPWUDYHUVDWFXIHULERWXOQ
ODPRPHQWXODFHODQ RUDXO :DVKLQJWRQ DFXPVH QWRUFHDXODFRPSDQLH GXS FHRSUVLVHU SHQWUX -HUVH\ &LW\ L DP SRUQLW SH GUXPXO FWUH 3KLODGHOSKLD $FROR DP UPDV R QRDSWH L QHDP UHOXDW
VFXUW WLPS FD V QWUHSULQG R H[FXUVLH Q 1RUG SHQWUX D YL]LWD DUD LL SOWHDX FKHOWXLHOLOH SULQ FOWRULDVSUH%DOWLPRUHODSULPDRUDGLPLQHLL$PDMXQVSQODXUPODGHVWLQDLHLDPWUDVODXQ
VSHFWDFROH RFD]LRQDOH $X PHQLRQDW GH DVHPHQHD F OHD IRVW JUHX V JVHDVF PX]LFDQL SHQWUX KRWHO GH OQJ JDU FDUH RUL HUD SURSULHWDWHD XQXL GRPQ 5DWKERQH RUL HUD FXQRVFXW GUHSW &DVD
UHSUH]HQWDLLOHORULGDFDFFHSWDPVLQVRHVFSQOD1HZ<RUNHUDXGLVSXLVPLSOWHDVFFWHXQ 5DWKERQH3HWRWSDUFXUVXOGUXPXOXLGHOD1HZ<RUNQHUEGDUHDOXL+DPLOWRQL%URZQGHDDMXQJHOD
GRODUSHQWUXILHFDUH]LFWDYHDPVILXSOHFDWLFWHWUHLGRODULSHQWUXILHFDUHVHDUQFDUHFQWDPOD FLUFSUHDVVSRUHDVFQWUXQD$POVDWWUVXUDQ%DOWLPRUHLDPOXDWWUHQXOFWUH:DVKLQJWRQXQGH
VSHFWDFROHOHORUODFDUHVHDGXJDRVXPVXILFLHQWSHQWUXDPLDFKLWDQWRDUFHUHDGHOD1HZ<RUNOD DP DMXQV OD OVDUHD QRSLL Q DMXQXO IXQHUDOLLORU JHQHUDOXOXL +DUULVRQ L XQGH DP WUDV OD KRWHOXO
6DUDWRJD *DGVE\VGHSH3HQQV\OYDQLD$YHQXH
$PDFFHSWDWGHQGDWRIHUWDLVSLWLWRDUHDWWSHQWUXEDQLLSHFDUHLSURPLWHDFWLGLQGRULQDGHD 'XS FLQ FHL GRL JHQWOHPHQL PDX FKHPDW Q DSDUWDPHQWXO ORU L PLDX SOWLW SDWUX]HFL L WUHL GH
YL]LWD PHWURSROD &HL GRL JHQWOHPHQL HUDX QHUEGWRUL V SOHFP GH QGDW *QGLQGXP F DEVHQD GRODULRVXPPDLPDUHGHFWFHDFXYHQLWSHQWUXVHUYLFLLOHPHOHXQDFWGHJHQHUR]LWDWHFDUHVHGDWRUD
PHDYDILVFXUWQXDPFRQVLGHUDWGHFXYLLQVLVFULX$QQHLXQGHSOHFDVHPGHIDSWFUHGHDPFP PLDX VSXV IDSWXOXL F QX VXVLQXVHU UHSUH]HQWDLL SH DWW GH GHV SH FW PL GGXVHU GH QHOHV Q
YRLQWRDUFHSRDWHFKLDUQDLQWHDHL&DDWDUHOXQGFXPLQHXQVFKLPEGHUXIULHLYLRDUDDPIRVWJDWD GHFXUVXOFOWRULHLQRDVWUHGLQ6DUDWRJD0DXLQIRUPDWGXSDFHHDFFLUFXOLQWHQLRQDVHVSOHFHGLQ
GHSOHFDUH7UVXUDORUHUDDFRSHULWHOHJDQWLWUDVGHGRLPXUJLVSOHQGL]L%DJDMHOHORUWUHLFXIHUH :DVKLQJWRQDGRXD ]L GLPLQHDGDUGLQFDX]DIXQHUDOLLORUGHFLVHVHVPDL ]ERYHDVF R]L$XIRVW
PDULIXVHVHUOHJDWH]GUDYQ(LDXRFXSDWORFXULOHGLQVSDWHLDUHXPDPXUFDWSHFDSULDPPQDW H[WUHP GH DPDELOL FD GH DOWIHO DD FXP VH SXUWDVHU GH OD SULPD QRDVWU QWOQLUH 1DX VFSDW QLFLR
GLQ6DUDWRJDSHGUXPXOVSUH$OEDQ\QFQWDWGHQRXDPHDVOXMELPDLIHULFLWFDQLFLRGDW RFD]LH GH DPL DGUHVD FXYLQWH GH ODXG L PDX LPSUHVLRQDW FX FHUWLWXGLQH Q PRG IDYRUDELO /H
$PWUHFXWSULQ%DOOVWRQLDMXQJQGOD5LGJH5RDGDDFXPHVWHQXPLWGDFPHPRULDPVOXMHWH DFRUGDVHPQFUHGHUHDPHDIUUH]HUYHLOHDILGDWFUH]DUHFXWRDWVLQFHULWDWHDDSURDSHIUOLPLWH
FRUHFWDPXUPDWGUXPXOVSUH$OEDQ\$PDMXQVQORFDOLWDWHQDLQWHGHOVDUHDQRSLLLDPWUDVODXQ &RQYHUVDLLOH L SXUWDUHD ORU SHUPDQHQW ID GH PLQH SUHFDXLD FX FDUH PLDX VXJHUDW RELQHUHD XQXL
KRWHOODVXGGH0X]HX GRFXPHQWGHRPOLEHUFDLPXOWHDOWHIDSWHPUXQWHSHFDUHQXDUHURVWVOHUHSHWLQGLFDXWRDWHFPL
QVHDUDDFHHDDPDYXWRFD]LDVDVLVWODXQXOGLQWUHVSHFWDFROHOHORUVLQJXUXOGHDOWIHOQSHULRDGDFW HUDX QWUDGHYUSULHWHQLVLQFHU SUHRFXSDLGHEXQVWDUHD PHDWLXF QDXIRVWDD WLXFQDXIRVW
DPIRVWPSUHXQ+DPLOWRQVWWHDODXHXIRUPDPRUFKHVWUDLDU%URZQRIHUHDUHSUH]HQWDLD$FHDVWD QHYLQRYDL GH WLFORLD XULD GH FDUHL FUHG DFXP FXOSDELOL &HL FDUH FLWHVF DFHVWH SDJLQL YRU DYHD
RFD]LDDDFXPDPDYXWLHXVKRWUDVFGDFDXIRVWVDXQXFRPSOLFLODQHQRURFLUHDPHDPRQWUL YRFLOHUHVSHFWLYH1XSRWGHFWVVSHFXOH]F%URZQL+DPLOWRQVHQXPUDXSULQWUHHOHPLDPLQWHVF
VXEWLOL L LQXPDQL FX FKLS GH RP FDUH PDX DGHPHQLW FX EXQ WLLQ GLQ VQXO FPLQXOXL IDPLOLHL L FWGHFWFPLVDVSXVFWUHEXLDVPHUJHPODGRFWRULVFXPSUPPHGLFDPHQWHLFGXSFHPL
OLEHUWLLPHOHGHGUDJXODXUXOXL'DFDXIRVWQHYLQRYDLDWXQFLEUXVFDPHDGLVSDULLHDIRVWQWUDGHYU DPQFODWFL]PHOHIUKDLQVDXSOULHLDPXUPDWSULQWUXQFRULGRUOXQJVDXSDVDMQVWUDGDFDUH
LQH[SOLFDELO GDU H[DPLQQG Q PLQWH WRDWH FLUFXPVWDQHOH QWOQLWH QX DP SXWXW V OH DWULEXL R SRUQHD Q XQJKL GUHSW GLQ 3HQQV\OYDQLD $YHQXH 3H WURWXDUXO GH YL]DYL VH ]UHD R OXPLQ DU]QG OD R
SUHVXSXQHUHDWWGHQHOHJWRDUH IHUHDVWU$PDYXWVHQ]DLDFHUDPQVRLWGHWUHLEUEDLGDUHUDRLPSUHVLHLQGHILQLWLYDJODIHOFD
'XSFHDPSULPLWGHODHLEDQLLGLQFDUHSUHDXVDLEIRDUWHPXOLPDXVIWXLWVQXLHVSHVWUDG DPLQWLUHD XQXL YLV GXUHURV 'UXPXO VSUH DFHD OXPLQ FDUH P JQGHDP HX SURYHQHD GH OD FDELQHWXO
VHDUDQWUXFWQXHUDPIDPLOLDUL]DWFXRELFHLXULOHRUDXOXL)JGXLQGVQXOHGDXXLWULLVIDWXOLDP PHGLFXOXLLFDUHSUHDFVHUHWUDJHSHPVXUFHQDLQWDPHVWHXOWLPXOOXFUXQHFODUSHFDUHPLOSRW
SUVLWLODVFXUWWLPSGXSDFHHDDPIRVWFRQGXVGHXQVHUYLWRUGHFXORDUHODRFDPHUGHGRUPLWQ DPLQWL 'XS DFHHD PLDP SLHUGXW FXQRWLQD 1X WLX FW WLPS DP UPDV DD  GDF QXPDL QRDSWHD
SDUWHD GLQ VSDWH D KRWHOXOXL OD SDUWHU 0DP QWLQV Q SDW JQGLQGXP OD FDV VRLH L FRSLL L OD DFHHDVDXPXOWH]LOHLQRSLGDUFQGPLDPUHYHQLWQVLPLULDPGHVFRSHULWFHUDPVLQJXUQWUR
GLVWDQD PDUH GLQWUH QRL SQ DP DGRUPLW QV QLFLXQ QJHU EXQ DO QGXUULL QD YHQLW OD FSWLXO EH]QDEVROXWLQODQXUL
SDWXOXL SHQWUX D P QGHPQD V IXJ QLFLXQ JODV PLORVWLY QX PD SUHYHQLW Q YLV GHVSUH QFHUFULOH FH 'XUHUHDGHFDSPLPDLWUHFXVHQVPVLPHDPIRDUWHVOELWLQHSXWLQFLRV6WWHDPSHREQFX
DYHDXVXUPH]H MRDVIFXWGLQVFQGXULQHJHOXLWHIUKDLQVDXSOULH$YHDPFWXHODPLQLQMXUXOJOH]QHORUVH
Q ]LXD XUPWRDUH Q :DVKLQJWRQ VD LQXW R SURFHVLXQH PUHD %XEXLWXULOH WXQXULORU L GDQJWHOH DIODXGHDVHPHQHDILDUHJUHOHGHFDUHHUDSULQVXQODQDOFUXLFDSWRSXVHUDIL[DWGHXQLQHOPDUHGLQ
FORSRWHORUDXXPSOXWY]GXKXOPXOWHFDVHDERUGDXGROLXLVWU]LOHHUDXQHJUHGHOXPH'XSRYUHPHD SRGHD$PQFHUFDW]DGDUQLFVPVFRO7UH]LQGXPGLQVWDUHDDFHHDGHGXUHUHQXPLDPSXWXWDGXQD
DSUXWLDODLXOFDUHQDLQWDQFHWSH$YHQXHWUVXUGXSWUVXUQLUOXQJXUPDWHGHPLLLPLLGH LPHGLDW JQGXULOH 8QGH P DIODP" &H QVHPQDX DFHOH ODQXUL" 8QGH HUDX %URZQ L +DPLOWRQ" &H
RDPHQL FDUH PHUJHDX SH MRV SLQG DFRPSDQLDL GH PX]LFD IXQHEU 3XUWDX WUXSXO OXL +DUULVRQ VSUH IFXVHPSHQWUXDPHULWDVILXQFWXDWQWURDVWIHOGHWHPQL"1XSXWHDPVQHOHJ7UH]LUHDPHDQ
PRUPQW ORFXODFHODVLQJXUDWLFHUDSUHFHGDWGHXQJROGHRSHULRDGQHGHILQLWDOHFUHLHYHQLPHQWHQXHUDPQ
'HODQFHSXWXOGLPLQHLLDPIRVWSHUPDQHQWQWRYULDOXL+DPLOWRQL%URZQGHDOWIHOVLQJXUHOH VWDUH V PL OH UHDPLQWHVF RULFW GH PXOW PLD IL IRUDW PHPRULD $P DVFXOWDW FX PXOW DWHQLH Q
SHUVRDQHSHFDUHOHFXQRWHDPQ:DVKLQJWRQ$PVWDWODRODOWQWLPSFHDWUHFXWFRUWHJLXOIXQHUDULPL FXWDUHD YUHXQXL VXQHW VDX VHPQ GH YLD QV QLPLF QD QWUHUXSW WFHUHD DSVWRDUH FX H[FHSLD
DPLQWHVF OLPSHGH FXP JHDPXULOH IHUHVWUHORU VH VSUJHDX L FGHDX ]QJQLQG GXS ILHFDUH VDOY GH ]RUQLWXOXLODQXULORUPHOHODILHFDUHPLFDUH$PYRUELWFXJODVWDUHGDU]JRPRWXOSURSULHLPHOHYRFL
WXQXULWUDVQFLPLWLU$PPHUVDSRLOD&DSLWROLXLQHDPSOLPEDWPXOWWLPSSHFROLQDGLQMXU'XS PDVSHULDW0LDPSLSLWEX]XQDUHOHDWWFWPLSHUPLWHDXFWXHOHFDVGHVFRSUFIXVHVHPSULYDW
DPLD]D HL DX OXDWR SH MRV VSUH &DVD $OE LQQGXP PHUHX DSURDSH L LQGLFQG GLYHUVH ORFXUL GH QX QXPDL GH OLEHUWDWH FL L GH EDQLL L GH GRFXPHQWXO GH RP OLEHU Q PLQWH D QFHSXW DSRL V PL VH
LQWHUHV3QDWXQFLQXY]XVHPGHORFFLUFXO'HIDSWQWRLXODJLWDLHLDQLPDWHGLQWLPSXODFHOHL]LOH QILULSHLGHHDODQFHSXWQHFODULFRQIX]FIXVHVHPUSLW$DFHYDQVPLDPVSXVHUDLPSRVLELO
PJQGLVHPSUHDSXLQVDXFKLDUGHORFODHO $ IRVW SUREDELO R QHQHOHJHUH  R JUHHDO QHIHULFLW (UD LQDGPLVLELO FD XQ FHWHDQ DO VWDWXOXL 1HZ
Q FXUVXO GXSDPLH]LL SULHWHQLL PHL DX LQWUDW GH FWHYD RUL Q PDL PXOWH ORFDOXUL L DX FRPDQGDW <RUNFDUHQXIFXVHUXQLPQXLLQXQFOFDVHQLFLROHJHVILHWUDWDWDWWGHLQXPDQ'DUFXFWPL
EXWXUGHLFHOSXLQGLQFWHLWLDPHXQXDYHDXRELFHLXOVGHSHDVFPVXUD'HILHFDUHGDW H[DPLQDPPDLPXOWVLWXDLDFXDWWPLVHFRQILUPDXEQXLHOLOH(UDFXDGHYUDWXQJQGGHYDVWDWRU$P
GXSFHVHVHUYHDXHLQLLWXUQDXXQSDKDULPLOQWLQGHDX1XPDPDPHLWDDFXPVHSRDWHGHGXFH VLPLWFQRDPHQLLFUX]LQXH[LVWDFUHGLQVDXPLOLOVQGXPQYRLD%XQXOXL'XPQH]HXDOFHORU
GLQ FHOH QWPSODWH Q FRQWLQXDUH 6SUH VHDU L OD VFXUW YUHPH GXS FH JXVWDVHP GLQWUXQ DVHPHQHD RSULPDLPLDPSOHFDWIUXQWHDSHPLQLOHQFWXDWHLDPSOQVDPDU
SDKDUPDXQFHUFDWVHQ]DLLGLQWUHFHOHPDLQHSOFXWH0DPVLPLWIRDUWHUX$QFHSXWVPGRDU
FDSXORGXUHUHVXUGLJUHDLQH[SULPDELOGHQHSOFXW/DFLQQDPDYXWSRIWGHPQFDUHYHGHUHD
L DURPHOH PQFUXULORU P QJUHRDX &QG VD QWXQHFDW DFHODL VHUYLWRU PD FRQGXV OD FDPHUD Q
FDUHGRUPLVHPQQRDSWHDDQWHULRDU%URZQL+DPLOWRQPDXVIWXLWVPUHWUDJPDXFRPSWLPLWFX
EOQGHHLLDXH[SULPDWVSHUDQDFGLPLQHDPYRLVLPLPDLELQH'XSFHPLDPVFRVGRDUKDLQD
LFL]PHOHPDPWUQWLWQSDW(UDLPSRVLELOVDGRUP'XUHUHDGHFDSHUDGLQFHQFHPDLSXWHUQLF
SQDGHYHQLWDSURDSHLQVXSRUWDELO%UXVFDQFHSXWVPLVHIDFVHWH%X]HOHPLHUDXVFRURMLWH1X
P SXWHDP JQGL GHFW OD DSD GLQ ODFXULOH UXULOH L SUDLHOH XQGH P RSULVHP V EHDX L OD JOHDWD
LURLQGFDUHVHQODFXQHFWDUXOHLUHFHLDEXQGHQWGLQDGQFXOIQWQLL&WUHPLH]XOQRSLLGLQFWH
PLDPSXWXWGDVHDPDPDPVFXODWSHQWUXFQXPDLSXWHDPVXSRUWDVHQ]DLDLQWHQVGHVHWH(UDPXQ
VWULQQFOGLUHLQXWLDPQLPLFGHVSUHQFSHULOHGLQXQWUX1LPHQLQXSUHDVILHWUHD]%MELQGOD
QWPSODUH QX PDL WLX QLFL HX SH XQGH DP JVLW SQ OD XUP GUXPXO VSUH R EXFWULH GLQ VXEVRO
QXQWUXWUHEOXLDXGRLWUHLVHUYLWRULGHFXORDUHLXQXOGLQWUHHLRIHPHLHPLDGDWGRXSDKDUHFXDS
3H PRPHQW PLDP RJRLW VHWHD GDU SQ DP DMXQV QDSRL Q FDPHU PD QSGLW DFHHDL GRULQ
PLVWXLWRDUHGHDEHDDFHHDLVHWHFKLQXLWRDUH%DFKLDUGHSDUFDDFHYDDUILIRVWSRVLELOPVIUHGHOHD
PDLUXFDQDLQWHODIHOFDLGXUHUHDVOEDWLFGLQFDS6XIHUHDPQJUR]LWRURDJRQLHWHULELO3UHD
FDMXQVHVHPQSUDJXOQHEXQLHL$PLQWLUHDDFHOHLQRSLGHFD]QHRULELOHPYDXUPULSQQPRUPQW
/D R RUVDX PDL PXOW GXSFHPQWRUVHVHPGHOD EXFWULHDP VLPLWF LQWUD FLQHYDQ FDPHU
3UHDXVILHFWHYDSHUVRDQHXQDPHVWHFGHJODVXULGLIHULWHGDUQXSRWVSXQHFWHVDXFXLDSDULQHDX

&DSLWROXO,,, $FHDVWDHVWHGHVFULHUHDFRUHFWDDUFXOXLGHVFODYL:LOOLDPVGLQ:DVKLQJWRQDDFXPHUDHOQ
QDFUXLFHOXOPDPWUH]LWQOQXLWSHQHDWHSWDWH
*QGXUL FKLQXLWRDUH  -DPHV + %XUFK  DUFXO GH VFODYL :LOOLDPV GLQ :DVKLQJWRQ ,D]LELHWHFXPWHVLPLDFXP"DQWUHEDW%XUFKFQGDLQWUDWSHXDGHVFKLV
7HPQLFHUXO5DGEXUQ'HFODUDUHDOLEHUWLLPHOH)XULDQHJXVWRUXOXL3DOHWDLSLVLFDFX $PUVSXQVFQXPVLPHDPGHORFELQHLDPQWUHEDWFDUHHUDPRWLYXOQWHPQLULLPHOH0LDVSXV
QRXFR]L%LFLXLUHD1RLFXQRWLQH5D\:LOOLDPVL5DQGDOO6RVLUHDPLFXHL(PLO\LD FHUDPVFODYXOOXLFPFXPSUDVHLFVHSUHJWHDVPWULPLWOD1HZ2UOHDQV/DPDQXQDWFX
PDPHLVDOHQDUF1HFD]XULPDWHUQH3RYHVWHD(OL]HL WULHLFXUDMQJODVFHUDPRPOLEHULUH]LGHQWQ6DUDWRJDXQGHDYHDPVRLHLFRSLLFDUHHUDXGH
DVHPHQHD OLEHUL L F P QXPHDP 1RUWKXS 0DP SOQV FX QGUMLUH GH WUDWDPHQWXO FLXGDW SH FDUHO
$X WUHFXW FDP WUHL RUH WLPS Q FDUH DP VWDW SH EQFXD MRDV DSVDW GH JQGXUL QHJUH Q FHOH GLQ SULPLVHPL DP DPHQLQDWFGXSFHYRLILHOLEHUDWYRLFHUHGHVSJXELUL SHQWUXQHGUHSWDWHD FDUHPL
XUPDPDX]LWFXFXULJXOXQXLFRFRLDUQVFXUWYUHPHODXUHFKLPLDDMXQVXQKXUXLWQGHSUWDWSDUF IXVHVH IFXW (O D QHJDW F D IL OLEHU L FX R VXGDOP DSVDW PD LQIRUPDW F YHQLVHP GLQ VWDWXO
GHWUVXULFHVHJUEHDXSHVWU]LLDPWLXWFVHIFXVH]LX1LFLRUD]GHOXPLQQDSWUXQVQVQ *HRUJLD$PUHSHWDWQWUXQDFQXHUDPVFODYXOQLPQXLLDPSUHWLQVVPLGHVIDFLPHGLDWODQXULOH
WHPQLD PHD 3Q OD XUP DP DX]LW SDL LPHGLDW GHDVXSUD GH SDUF FLQHYD VDU IL SOLPEDW QDLQWH L %XUFKPLDFHUXWVWDFGHSDUFVDUILWHPXWVQXPLVHDXGJODVXO1XLDPGDWQVDVFXOWDUHLL
QDSRLLDPQHOHVDWXQFLFPJVHDPQWURRGDLHVXESPQWLDUL]XULOHGHXPH]HDOLPXFHJDL DPDFX]DWSHDXWRULLQWHPQLULLPHOHRULFDUHDUILIRVWHLFHUDXQLWHWLFORL9]QGFQXPSRDWH
PLDXDGHYHULWEQXLDOD6XQHWHOHGHGHDVXSUDDXFRQWLQXDWPDLELQHGHRRUGXSFDUHDPDX]LWSDL UHGXFHODWFHUH%XUFKVDGH]OQXLWFXSULQVGHRIXULHQHVWYLOLW)RORVLQGLQMXULLEODVIHPDWRDUHPD
DSURSLLQGXVH GLQ DIDU 2 FKHLH D ]QJQLW Q EURDVF DSRL R X JUHD VD URWLW SH QL OVQG V QXPLWPLQFLQRVVIUXQWDWIXJDUGLQ*HRUJLDLPLDDUXQFDWQIDWRDWHHSLWHWHOHYXOJDUHLJURVRODQHSH
SWUXQGRUHYUVDUHGHOXPLQ'RLEUEDLDXLQWUDWLVDXRSULWQIDDPHD8QXOGLQWUHHLHUDYRLQLF FDUHOHDUILSXWXWQFKLSXLPLQWHDFHDPDLQHFXYLLQFLRDV
LSXWHUQLFDYQGFDPSDWUX]HFLGHDQLFXSUFDVWDQLXQFKLVSUHVUDWGHFWHYDILUHVXUH(UDURWXQGOD QWRWDFHVWWLPS5DGEXUQDUPDVWFXWOQJHO6DUFLQDOXLHUDGHDVXSUDYHJKHDDFHVWJUDMGXPDQ
IDFXWHQURFRYDQLWUVWXULGH]JXVWWRUGHJURVRODQHFDUHQXH[SULPDXGHFWFUX]LPHLYLFOHQLH GHLPDLGHJUDELQXPDQGHDLSULPLSHVFODYLDLKUQLLELFLXLFRQWUDVXPHLGHGRLLOLQJLSHFDSGH
(UDQDOWFDPGHPHWULGDUERQGRFLIUVGDXGRYDGGHSUHMXGHFLWUHEXLHVPLILHQJGXLW VFODYSH]LQWRUFQGXVHFWUHHO%XUFKDSRUXQFLWVLDGXFSDOHWDLSLVLFDFXQRXFR]L5DGEXUQD
VVSXQFHUDXQRPDFUXLQILDUHPLVHSUHDDEVROXWVLQLVWULUHVSLQJWRDUH6HQXPHD-DPHV+ GLVSUXWLDUHYHQLWGXSFWHYDFOLSHFXLQVWUXPHQWHOHDFHVWHDGHWRUWXU3DOHWDDDFXPHVWHQXPLWQ
%XUFKDDFXPDPDIODWXOWHULRUXQELQHFXQRVFXWQHJXVWRUGHVFODYLGLQ:DVKLQJWRQLSHDWXQFLSRDWH OLPEDMXOVWSQLORUGHVFODYLVDXFHOSXLQQOLPEDMXOFXFDUHDPIFXWFXQRWLQQWLDGDWLODFDUH
L PDL WU]LX DYQGXO FD SDUWHQHU GH DIDFHUH SH 7KHRSKLOXV )UHHPDQ GLQ 1HZ 2UOHDQV &HO FDUHO P UHIHU DFXP HUD R VFQGXU GLQ OHPQ GH HVHQ WDUH OXQJ GH R MXPWDWH GH PHWUX L DYQG IRUPD
QVRHDHUDXQVLPSOXVXEDOWHUQSHQXPH(EHQH]HU5DGEXUQFDUHQGHSOLQHDGRDUIXQFLDGHWHPQLFHU XQHL YVOH RELQXLWH 3DUWHD HL WXUWLW FDP GH FLUFXPIHULQD D GRX SDOPH FX GHJHWHOH UFKLUDWH HVWH
$PELLEUEDLFRQWLQXVORFXLDVFQ:DVKLQJWRQVDXDXORFXLWODPRPHQWXOWUHFHULLPHOHSULQRUDXO VIUHGHOLWQQXPHURDVHORFXULFXEXUJKLXO3LVLFDHUDRIUQJKLHPDUHPSOHWLWGLQPXOWHILUHILUHOH
DFHODQOXQDLDQXDULHDDQXOXLWUHFXWFQGDPIRVWHOLEHUDWGLQVFODYLH VXQWGHVSOHWLWHSHROXQJLPHLDUFDSHWHOHORUVXQWQQRGDWH
/XPLQDSWUXQVSULQXDGHVFKLVPLDQJGXLWVYGRGDLDQFDUHHUDPQWHPQLDW1XDYHDQLFL 'H QGDW FH DX DSUXW DFHVWH LQVWUXPHQWH WHULELOH DP IRVW QIFDW GH DPELL EUEDL FDUH PDX
GRL PHWUL SWUDL LDU SHUHLL SUHDX GLQ ]LGULH PDVLY 3RGHDXD HUD GLQ VFQGXUL JURDVH ([LVWD R GH]EUFDW FX EUXWDOLWDWH 3LFLRDUHOH DD FXP DP VSXV PL HUDX OHJDWH GH SRGHD 7UQWLQGXP SHVWH
IHUHVWUXLFFXJUDWLLPDULGLQILHULREORQH[WHULRUQFKLV EQFX FX IDD Q MRV 5DGEXUQ LD DH]DW WDOSD JUHD SHVWH FWXH QWUH QFKHLHWXULOH PLQLORU
2 X IHUHFDW Q ILHU GXFHD QWUR FHOXO DOWXUDW FRPSOHW OLSVLW GH IHUHVWUH VDX DOWH PLMORDFH GH LQWXLQGXOHGXUHURVGHGXXPHD%XUFKDQFHSXWDSRLVPEDWFXSDOHWD/RYLWXUGXSORYLWXUVDX
SWUXQGHUHD OXPLQLL 0RELOLHUXOFHOXOHL PHOHFRQVWDGLQEQFXDGH OHPQSHFDUH HGHDPLXQJRGLQ DEWXW DVXSUD WUXSXOXL PHX JRO &QG EUDXO OXL QHPLORV D RERVLW VD RSULW L PD QWUHEDW GDF PDL
YHFKLLPXUGDUQQLFLXQDGLQWUHFHOXOHQXH[LVWDSDWSWXUVDXDOWFHYDVLPLODU8DSULQFDUHLQWUDVHU VXVLQHDPFHUDPRPOLEHU'DHUDPRPOLEHUDPLQVLVWDWHXLORYLWXULOHDXUHQFHSXWPDLLXWHLPDL
%XUFK L 5DGEXUQ GXFHD QWUXQ SDVDM PLF GLQ FDUH GXS FH XUFDL R VFDU DMXQJHDL QWUR FXUWH HQHUJLF GDF HUD SRVLELO FD QDLQWH &QG RERVHD UHSHWD QWUHEDUHD L SULPLQG DFHODL UVSXQV L
QFRQMXUDWFX]LGXULGLQFUPLGQDOWHGHWUHLPHWULLPHGLDWQVSDWHOHXQHLFOGLULGHDFHHDLOLPH FRQWLQXDFD]QDSOLQGHFUX]LPH3ULQWUHSLFWXULGLDYROXODFHVWDQWUXSDWEROERURVHDVXGOPLOHFHOHPDL
&XUWHDVHQWLQGHDSHDSURDSH]HFHPHWULQVSDWHOHFDVHLQWUXQ]LGODWHUDOVHDIODRXJURDVEWXW KDLQH Q FHOH GLQ XUP SDOHWD VD UXSW UPQQGXL Q PQ GRDU PQHUXO LQXWLO (X QV QX DP
QILHUSULQFDUHLQWUDLQWUXQSDVDMQJXVWLDFRSHULWFDUHPUJLQHDODWXUDFDVHLSQQVWUDG6RDUWD FDSLWXODW 7RDWH ORYLWXULOH OXL EUXWDOH QXPL SXWHDX VFRDWH GH SH EX]H PLQFLXQD VIUXQWDW F D IL IRVW
RPXOXL GH FXORDUH Q VSDWHOH FUXLD VH QFKLGHD XD SDVDMXOXL DFHOXLD HUD SHFHWOXLW 3DUWHD GH VXV D VFODY$]YUOLQGFXVOEWLFLHSHSRGHDPQHUXOSDOHWHLUXSWH%XUFKDOXDWSLVLFDFXQRXFR]L$FHHDD
]LGXOXLVXVLQHDXQFDSWDODFRSHULXOXLFDUHVHQODVSUHLQWHULRUIRUPQGXQVRLGHRSURQGHVFKLV IRVW PXOW PDL GXUHURDV $P QFHUFDW GLQ UVSXWHUL V UH]LVW GDU Q YDQ $P LPSORUDW PLO QV
6XE DFRSHUL VH JVHD XQ SRG URWXQG Q FDUH VFODYLL SXWHDX GRUPL QRDSWHD GDF GRUHDX VDX SXWHDX UXJPLQLORU PHOH OL VD UVSXQV GRDU FX EOHVWHPH L ORYLWXUL $P FUH]XW F YRL PXUL VXE ELFLXLHOLOH
FXWD DGSRVW FQG YUHPHD HUD DVSU Q PDUH SDUWH FXUWHD VHPQD FX RFROXO GH YLWH DO XQXL IHUPLHU EUXWHL EOHVWHPDWH &KLDU L DFXP PL VH ]JUFHWH FDUQHD SH RDVH FQG PL UHDPLQWHVF QWUHJXO WUXS
DWWDGRDUFIXVHVHDVWIHOFRQVWUXLWQFWOXPHDGLQDIDUQXSXWHDVYDGQLFLRGDWHSWHOXOXPDQFDUH SDUFPLOXDVHIRF1XSRWFRPSDUDVXIHULQHOHGHFWFXFKLQXULOHDU]WRDUHDOHLDGXOXL
HUDPQDWQXQWUX QFHOHGLQXUPDPDPXLW1XDPPDLUVSXQVQLPLFODQWUHEULOHOXLUHSHWDWH'HIDSWQLFLQXPDL
&OGLUHD QGUWXO FUHLD VH DIOD FXUWHD DFHDVWD HUD R FDV FX XQ HWDM FDUH GGHD VSUH R VWUDG GLQ SXWHDPYRUEL(ODFRQWLQXDWVUHSHDGQVELFLXOIUQFHWDUHDVXSUDELHWXOXLPHXWUXSSQFQGPL
:DVKLQJWRQ)DDGDHLSUH]HQWDDVSHFWXOXQHLUHHGLQHSULYDWHGLVFUHWHLFLQHDUILSULYLWRQXLDUIL VDSUXWFODILHFDUHORYLWXUFDUQHDFKLQXLWPLVHGHVIFHDGHSHRDVH8QRPFXRIUPGHPLOQ
QFKLSXLWQLFLRGDWVLQLVWUDHLPHQLUH&DRLURQLHDVRULLGLQQOLPHDDFHVWHLFDVHSXWHDL]ULSHUIHFW VXIOHWQXDUILEWXWQLFLXQFLQHFXDWWDFUX]LPH3QODXUP5DGEXUQDVSXVFHUDLQXWLOVPPDL
&DSLWROLXO *ODVXULOH GHPQLWDULORU SDWULRWLFL FDUH OXGDX OLEHUWDWHD L HJDOLWDWHD DSURDSH F VH ELFLXLDVF ILLQGF L DD HUDP DFRSHULW GH UQL 'H DFHHD %XUFK VD RSULW L VFXWXUQGXL SXPQXO
VXSUDSXQHDX SHVWH ]RUQLWXULOH ODQXULORU ELHLORU VFODYL 8Q DUF GH VFODYL DIODW FKLDU Q XPEUD DPHQLQWRU Q IDD PHD L XLHUQG FXYLQWHOH SULQWUH GLQLL QFOHWDL PD DPHQLQDW F GDF YRL PDL
&DSLWROLXOXL FXWH]DYUHRGDWVSUHWLQGFDYHDPGUHSWXOODOLEHUWDWHFIXVHVHPUSLWVDXRULFHDOWFHYDGHIHOXODFHOD
FRUHFLDSHFDUHWRFPDLRSULPLVHPDYHDVPLVHSDUIORDUHODXUHFKHSHOQJFHDFDUHYDXUPD$ SOQJHD VWULJQGXL PDPD L QWUHEQG FQG YD VRVL $EVHQD PDPHL SUHD V ILH PDUHD L XQLFD
MXUDW F RUL P YD VXSXQH RUL P YD RPRU &X DFHVWH FXYLQWH FRQVRODQWH PLDX VFRV FWXHOH GH OD VXIHULQDLQLPLRDUHLVDOH(UDSUHDIUDJHGFDVQHOHDJVLWXDLDQFDUHVHDIODLDUFQGQXLDPLQWHD
PLQLGDU SLFLRDUHOHDXUPDVOHJDWHGHLQHOREORQXO IHUHVWUXLFLL]EUHOLWH FDUHIXVHVH GHVFKLV DIRVW GHPDPQHDPX]DFX]EHQJXLHOLOHOXLSOFXWH
]YRUWODORFEUEDLLDXLHLWQFXLQGXDFHDPDUHLDUHXDPUPDVGLQQRXQEH]Q 1RDSWHD5D\:LOOLDPL5DQGDOOGRUPHDXQSRGXORSURQXOXLQWLPSFHHXHUDPQFXLDWQFHOXO
'XSRRUSRDWHGRXDPVLPLWFPLVDUHLQLPDGLQSLHSWFQGDPDX]LWFKHLD]QJQLQGGLQQRX 3QODXUPDPFSWDWWRLSWXULGLQDFHOHDFDUHVXQWIRORVLWHSHFDLXQLFXODWHUQXWFDUHPLDIRVW
Q EURDVF 'DF SQ DWXQFL P VLPLVHP VLQJXU L WQMLVHP FX QIRFDUH V YG SH FLQHYD LQGLIHUHQW QJGXLWQXUPWRULLGRLVSUH]HFHDQL5D\L:LOOLDPVPLDXSXVPXOWHQWUHEULGHVSUH1HZ<RUNFXP
FLQHDUILIRVWDFXPPDPQILRUDWODJQGXODSURSLHULLXQRURDPHQL8QFKLSRPHQHVFPQVSLPQWD HUDXWUDWDLDFRORRDPHQLLGHFXORDUHFXPSXWHDXDYHDSURSULLOHORUFDVHLIDPLOLLIUFDQLPHQLVL
PDLDOHVXQXODOEQFHOXODLQWUDW5DGEXUQFDUHDDGXVSHRIDUIXULHGLQFRVLWRUREXFLFGHIULSWXU VWLQJKHUHDVFVDXVLDVXSUHDVFLDU5D\PDLFXVHDPRIWDQWUXQDGXSOLEHUWDWH'DUDFHVWHGLVFXLL
GHSRUFRIHOLHGHSLQHLRFDQGHDS0DQWUHEDWFXPPVLPHDPLDFRPHQWDWFIXVHVHPELFLXLW QXVHSXUWDXDVWIHOQFWVDMXQJODXUHFKLOHOXL%XUFKVDXDOHWHPQLFHUXOXL5DGEXUQQWUXFWDVHPHQHD
GHVWXOGHDVSUX0DGRMHQLWSHQWUXLQVLVWHQDFXFDUHPLDILUPDPOLEHUWDWHD&XXQDHUGHVXSHULRULWDWH Q]XLQHDUILDWUDVELFLXOSHVSLQULOHQRDVWUH
LRDUHFXPFRQILGHQLDOPDVIWXLWVYRUEHVFFWPDLSXLQGHVSUHDFHVWVXELHFWGDFGRUHDPVPLILH 3HQWUX D UHODWD FRPSOHW L H[DFW WRDWH HYHQLPHQWHOH SULQFLSDOH GLQ LVWRULD YLHLL PHOH L SHQWUX D
ELQHQPRGYGLWVHVWUGXLDVSDUELQHYRLWRUQXHVWHQHFHVDUDFXPVVSHFXOH]GDFIXVHVHPLFDW ]XJUYL LQVWLWXLD 6FODYLHL DD FXP DP Y]XWR L DP FXQRVFXWR HVWH QHFHVDU Q DFHDVW QDUDLXQH V
GHLPDJLQHDVWULLPHOHMDOQLFHVDXGDFGRUHDVPPSLHGLFHSHYLLWRUVPLPDLFHUGUHSWXULOH0LD YRUEHVFGHVSUHORFXULELQHFXQRVFXWHLGHVSUHPXOWHSHUVRDQHFDUHVXQWQFQYLD(XDPIRVWLQF
GHVIFXWILDUHOHGHODJOH]QHDGHVFKLVREORQXOIHUHVWUXLFLLLDSOHFDWOVQGXPLDULVLQJXU VXQW VWULQ GH :DVKLQJWRQ L GH PSUHMXULPLOH VDOH  FX H[FHSLD OXL %XUFK L 5DGEXUQ QX FXQRVF SH
/DPRPHQWXODFHODWUXSXOQFHSXVHGHMDVVHUHVLPWHUDDFRSHULWGHUQLLPSXWHDPPLFDGRDU QLPHQLGHDFRORWLXGRDUFHDPDX]LWGHODWRYDULLPHLGHVFODYLH'HDFHHDGDFVSXVHOHPHOHQX
FX GLILFXOWDWH L FX PDUL GXUHUL 3ULQ IHUHDVWU QX SXWHDP V YG GHFW DFRSHULXO FDUH VH VSULMLQHD SH VXQWDGHYUDWHHOHSRWILFXXXULQFRQWUD]LVH
]LGXO DOWXUDW 1RDSWHD PDP QWLQV SH SRGHDXD WDUH L XPHG IU SHUQ L IU QLPLF FX FDUH V P $PUPDVDSURDSHGRXVSWPQLQDUFXOGHVFODYL:LOOLDPV&XRVHDUQDLQWHDSOHFULLPHOHD
DFRSU'HGRXRULSH]LFXSXQFWXDOLWDWH5DGEXUQVRVHDFXIULSWXUDSLQHDLDSD1XDYHDPSRIWGH IRVWDGXVRIHPHLHFDUHSOQJHDDPDULLQHDGHPQRFRSLOL(OHHUDXPDPDLVRUDYLWUHJDOHOXL
PQFDUHGDUHUDPFKLQXLWGHRVHWHSHUPDQHQW5QLOHQXPLQJGXLDXVUPQPDLPXOWGHFWHYD 5DQGDOO&QGOHDY]XWSXWLXODIRVWQFXOPHDIHULFLULLVDDJDWGHIXVWDPDPHLVDOHLDVUXWDW
PLQXWH Q DFHHDL SR]LLH DD PLDP SHWUHFXW ]LOHOH L QRSLOH DH]DW Q SLFLRDUH VDX PLFQGXP VXULRDUDPDQLIHVWQGXLQWRDWHIHOXULOHQFQWDUHD0DPDODFXSULQVQEUDHODVWUQVFXWDQGUHHL
QFHWLRU SULQ FHOXO $YHDP LQLPD JUHD L HUDP GHVFXUDMDW *QGXULOH PL VH QWRUFHDX SHUPDQHQW OD ODSULYLWFXGUDJSULQWUHODFULPLDGUHVQGXLPXOWHFXYLQWHDIHFWXRDVH
IDPLOLHVRLHLFRSLL&QGVRPQXOPELUXLDLYLVDPYLVDPFVXQWGLQQRXQ6DUDWRJDOHSXWHDP )HWLD(PLO\DYHDDSWHRSWDQLRULSLHOHDGHVFKLVODFXORDUHLXQFKLSDGPLUDELOGHIUXPRV3UXO
YHGHDFKLSXULOHLOHDX]HDPJODVXULOHVWULJQGXP7UH]LQGXPGLQQOXFLULOHSOFXWHDOHVRPQXOXLOD LFRERUDQEXFOHFUOLRQDWHSHOQJJWLDUFURLDODLERJLDURFKLHLFDLSHUIHFLXQHDQWUHJXOXLHL
UHDOLWDWHD DPDU GLQ MXU QX SXWHDP GHFW V JHP L V SOQJ &X WRDWH DFHVWHD VSLULWXO QXPL IXVHVH DVSHFWDUWDXFIXVHVHFUHVFXWQERJLH(UDXQGHOLFLXGHIDW)HPHLDHUDQYHPQWDWQPWVXUL
QIUQW0DPFRQVRODWFXJQGXOHOLEHUULLLQFDOXQHLDIRDUWHUDSLGH(UDLPSRVLELOPLDPVSXVFD LSXUWDLQHOHSHGHJHWHLFHUFHLDXULLLQXWDLSXUWDUHDHLERJLDOLPEDMXOXLLIHOXOFRUHFWGHDVH
RDPHQLLVSRDWILDWWGHQHGUHSLQFWVPLQFDVFODYFQGDGHYUXOFD]XOXLPHXHUDELQHWLXW H[SULPD  WRDWH GRYHGHDX Q PRG OLPSHGH F VH VLWXDVH FQGYD GHDVXSUD QLYHOXOXL FRPXQ DO XQHL
QHOHJQGFQXHUDPXQIXJDUGLQ*HRUJLD%XUFKPYDOVDFXVLJXUDQVSOHF'HLEQXLHOLOHVH VFODYH3UHDXLPLWFDMXQVHVHQWUXQDVWIHOGHORFQPRGYGLWRQWRUVWXUEUXVFLQHDWHSWDWD
QGUHSWDXDGHVHDOD%URZQL+DPLOWRQQXPSXWHDPPSFDGHORFFXJQGXOFHLDUILMXFDWXQUROQ VRULLRDGXVHVHDFRORQFLXGDODPHQWULORUDIRVWPEUQFLWPSUHXQFXFRSLLLLFXPLQHQFHOXO
QWHPQLDUHDPHD&XFHUWLWXGLQHDYHDXVPFDXWHDYHDXVPHOLEHUH]HGLQVFODYLH9DLQFQX &XYLQWHOHQXSRWUHGDQWUXWRWXOWQJXLHOLOHHLQHFRQWHQLWH/VQGXVHVFDGSHSRGHDLFXSULQ]QGX

QYDVHPPVXUDQHRPHQLHLRPXOXLIDGHRP LQLFLUXWDWHDIUPDUJLQLGHFDUHVXQWRDPHQLLQ L FRSLLL Q EUDH LD PEULDW FX YRUEH DWW GH HPRLRQDQWH SH FDUH QXPDL GUDJRVWHD GH PDP L
VWDUHGHGUDJXOXQXLFWLJ EXQWDWHDOHSRWJVL(LVDXFXLEULWOQJPDPDORUFDLFXPGRDUDFRORDUILH[LVWDWVLJXUDQVDX
'XSFWHYD]LOHXDH[WHULRDUDIRVWGHVFKLVRIHULQGXPLOLEHUWDWHDGHDLHLQFXUWH$FRORDP SURWHFLHQFHOHGLQXUPDXDGRUPLWFXFSRDUHOHQSRDODHLLDUHDOHDQHWH]LWSUXOQGHSUWQGXO
JVLW WUHL VFODYL  XQXO GLQWUH HL HUD XQ SXWL GH ]HFH DQL FHLODOL GRL WLQHUL GH GRX]HFL UHVSHFWLY GHSHIUXQLLOHDYRUELWWRDWQRDSWHD,DDOLQWDWQXPLQGXLGUDJLLHLVFXPSLLHLFRSLODLISWXUL
GRX]HFLLFLQFLGHDQL1DGXUDWPXOWSQDPIFXWFXQRWLQLDVWIHOOHDPDIODWQXPHOHLSRYHVWHD VUPDQHLQHYLQRYDWHFDUHQXWLDXVXIHULQHOHSHFDUHHUDXVRUWLLVOHQGXUHQVFXUWWLPSDYHDXV
YLHLL ILHOLSVLLGHRPDPFDUHVLDOLQHDYHDXVILHOXDLGHODVQXOHL&HDYHDVVHQWPSOHFXHL"9DL
&HOPDLYUVWQLFHUDXQEUEDWGHFXORDUHSHQXPH&OHPHQV5D\/RFXLVHQ:DVKLQJWRQXQGHPXOW (DQXSXWHDWULGHSDUWHGHPLFXD(PP\LGHGUDJXO5DQGDOO(LIXVHVHUQWRWGHDXQDFRSLLEXQLLDWW
WLPS FRQGXVHVH R WUVXU L OXFUDVH QWUXQ JUDMG SHQWUX QFKLULDW FDL (UD IRDUWH LQWHOLJHQW L QHOHJHD GHLXELWRUL,DUILIUQWLQLPD'RPQXORWLDGDFLDUILIRVWOXDLQDFHODLWLPSHDWLDSUHDELQHF
SHUIHFW VLWXDLD Q FDUH VH JVHD *QGXO SOHFULL Q 6XG O FRSOHHD GH GXUHUH %XUFK O FXPSUDVH FX YRLDXVLYQGLSRDWHDYHDXVILHVHSDUDLLVDUILSXWXWVQXVHPDLUHYDGQLFLRGDW3QLR
FWHYD]LOHQXUPLOLQHDDLFLSQFQGHUDSUHJWLWVOWULPLWQ1HZ2UOHDQV'HODHODPDIODW LQLPGHSLDWUVDUILWRSLWGDFDUILDVFXOWDWFXYLQWHOHMDOQLFHDOHDFHOHLPDPHQGXUHUDWHLWXOEXUDWH
SHQWUXSULPDGDWFPJVHDPQDUFXOGHVFODYL:LOOLDPVGHVSUHFDUHQXDX]LVHPSQDWXQFLLPL 1XPHOHHLHUD(OL]DLDFHDVWDHVWHSRYHVWHDYLHLLHLDDFXPPLDUHODWDWRGXSDFHHD
DH[SOLFDWSHQWUXFHIXVHVHFRQVWUXLW(XLDPUHSHWDWDPQXQWHOHQHIHULFLWHLPHOHLVWRULLGDUQDSXWXW (OL]DHUDVFODYDOXL(OLVKD%HUU\XQERJWDFDUHWULDQDSURSLHUHGH:DVKLQJWRQ&UHGFDVSXVF
VPL RIHUH GHFW PQJLHUHD FRPSDVLXQLL VDOH 'H DVHPHQHD PD VIWXLW V QX PDL SRPHQHVF GH VH QVFXVH SH SODQWDLD OXL &X DQL Q XUP HO F]XVH Q SDWLPD GHVIUXOXL L QX VH PDL QHOHVHVH FX
OLEHUWDWHD PHD GHRDUHFH FXQRVFQG FDUDFWHUXO OXL %XUFK SUHVXSXQHD F QX YRL IDFH DOWFHYD GHFW V QHYDVWDOXL%DFKLDUODVFXUWYUHPHGXSQDWHUHDOXL5DQGDOOFHLGRLVRLVHGHVSULVHU/VQGXL
DWUDJDVXSUDPHDDOWUHSUL]GHELFLXLUL$OGRLOHDWQUVHQXPHD-RKQ:LOOLDPVLFUHVFXVHQVWDWXO VRLD L ILLFD Q FDVD Q FDUH ORFXLVHU GLQWRWGHDXQD %HUU\ FRQVWUXLVH R DOW FDV Q DSURSLHUH WRW SH
9LUJLQLD QX GHSDUWH GH :DVKLQJWRQ %XUFK O OXDVH Q VFKLPEXO XQHL GDWRULL LDU HO VSHUD QWUXQD F GRPHQLXXQGHRDGXVHVHSH(OL]DSURPLQGXLFGDFYDWULFXHORYDHOLEHUDGLQVFODYLHPSUHXQ
VWSQXOVXOYDUVFXPSUDRVSHUDQFDUHQFHOHGLQXUPVDPDWHULDOL]DW3XWLXOHUDXQELHD FXFRSLLLHL(OL]DDORFXLWQFDVDDFHHDYUHPHGHQRXDQLFXVOXJLFDUHDYHDXJULMGHHDEXFXUQGXVH
YLRL FDUH UVSXQGHD OD QXPHOH GH 5DQGDOO Q PDMRULWDWHD WLPSXOXL VH MXFD Q FXUWH GDU FWHRGDW GH FRQIRUW L OX[ (PLO\ HUD FRSLOXO OXL %HUU\ Q FHOH GLQ XUP WQUD HL VWSQ FDUH UPVHVH FX
PDPD HL Q FDVD SULQFLSDO VH PULWDVH FX XQ DQXPH GRPQ -DFRE %URRNV L GXS R YUHPH GLQWUXQ
PRWLY DD FXP DP GHGXV GLQ SRYHVWHD HL  SH FDUH %HUU\ QX OD SXWXW FRPEDWH SURSULHWLOH DX IRVW
&DSLWROXO,9
PSULWH (OL]D L FRSLLL HL DX LQWUDW Q SDUWHD GRPQXOXL %URRNV Q FHL QRX DQL Q FDUH HD WULVH FX
%HUU\ FD XUPDUH D SR]LLHL SH FDUH R RFXSDVHU (OL]D L (PLO\ GHYHQLVHU RELHFWXO XULL L DYHUVLXQLL 1HFD]XULOH(OL]HL3UHJWLULGHPEDUFDUH3HVWU]LOH:DVKLQJWRQXOXL7HVDOXW&ROXPELD
GRDPQHL%HUU\LDILLFHLVDOH%HUU\QVXLDDFXPOD]XJUYLWHDHUDXQEUEDWFXLQLPEXQFDUHL 0RUPQWXOOXL:DVKLQJWRQ&OHP5D\0LFXOGHMXQSHYDSRU3VULOHIHULFLWH$TXLD
SURPLVHVHPHUHXFRYDHOLEHUDLFDUH(OL]DQXDYHDQLFLRQGRLDOLDUILDFRUGDWOLEHUWDWHDGDFLDUIL &UHHN)UHGHULFNVEXUJK6RVLUHDQ5LFKPRQG*RRGLQLDUFXOOXLGHVFODYL5REHUWGLQ
VWDW QSXWLQ'HQGDWFH (OL]D L(PLO\DX DMXQVQ SURSULHWDWHDL FRQWUROXOPDL WLQHUHL VWSQHD &LQFLQQDWL'DYLGLVRLDOXL0DU\L/HWKHQWRDUFHUHDOXL&OHP(YDGDUHDOXL
GHYHQLWIRDUWHFODUFQXYRUDYHDYLDOXQJPSUHXQ'RDPQD%URRNVGHWHVWDSUH]HQD(OL]HLFXDWW XOWHULRDUQ&DQDGD%ULFXO2UOHDQV-DPHV+%XUFK
PDLPXOWDFRSLOHLFDUHLHUDVRUYLWUHJQFLXGDIUXPXVHLLHL
Q ]LXD Q FDUH IXVHVH DGXV Q DUF %URRNV R OXDVH GH SH GRPHQLX VXE SUHWH[WXO HPLWHULL QSULPDQRDSWHDQWHPQLULLHLQDUF(OL]DVDSOQVGHFWHYDRULFXDPUFLXQHGH-DFRE%URRNV
GRFXPHQWHORU SHQWUX SXQHUHD HL Q OLEHUWDWH FD V PSOLQHDVF IJGXLDOD VWSQXOXL HL )HULFLW GH VRXOWLQHUHLHLVWSQH$GHFODUDWFGDFDUILIRVWFRQWLHQWGHQHOFLXQHDSHFDUHRSXVHVHODFDOH
SRVLELOLWDWHD HOLEHUULL LPHGLDWH (OL]D L SXVHVH YHPLQWHOH FHOH PDL EXQH R PEUFDVH SH PLFXD QDUILSXWXWRDGXFHQLFLRGDWYLHDLFL(LDOHVHVHUPRPHQWXOSULHOQLFFQGVWSQXO%HUU\OLSVHDGHSH
(PP\HOHJDQWLOQVRLVHSH%URRNVFXLQLPDGHVFKLV'DUGXSVRVLUHDQRUDQXSULPLVHUERWH]XO SODQWDLH(OIXVHVHQWRWGHDXQDEXQFXHDLGRUHDVOSRDWUHYHGHDGDUWLDSUHDELQHFQLFLHOQDU
GH RDPHQL OLEHUL FL IXVHVHU GXVH OD QHJXVWRUXO %XUFK 'RFXPHQWXO FDUH IXVHVH HPLV HUD XQ DFW GH PDLILSXWXWVRUVFXPSHUH$SRLQFHSHDGLQQRXVSOQJVUXWQGFRSLLLFDUHGRUPHDXYRUELQG
YQ]DUH6SHUDQDQXWULWDWLDDQLIXVHVHGLVWUXVQWURFOLSLWQ]LXDDFHHD(OL]DVHSUEXLVHGHSH QWLFXXQXODSRLFXFHOODOWQWLPSFHHUDXFXIXQGDLQVRPQFXFDSHWHOHQSRDODHL$DDWUHFXW
FXOPHDFHOHLPDLPDULIHULFLULQKXULOHDEVROXWHDOHGLVSHUULL1XHUDGHPLUDUHFSOQJHDLXPSOHD QRDSWHDOXQJLDUFQG]RULLVDXLYLWLDSRLDVRVLWVHDUDXUPWRDUH(OL]DWRWQXFRQWHQLVHGLQMHOLWIU
DUFXOFXVXVSLQHVILHWRDUH DLJVLDOLQDUHD
(OL]DQXPDLHVWHDFXPSULQWUHQRL'HSDUWHWRFPDLSH5XO5RXDFRORXQGHDFHVWDFXUJHOHQHSULQ /DPLH]XOQRSLLXUPWRDUHXDFHOXOHLVDGHVFKLVLDXLQWUDW%XUFKL5DGEXUQLQQGQPLQLFWH
LQXWXULOHPRFLUORDVHLQHVQWRDVHGLQ/RXLVLDQDHDVHRGLKQHWHQFHOHGLQXUPQPRUPQWXQLFXO XQIHOLQDU&XRVXGDOP%XUFKQHDSRUXQFLWVQHVWUQJHPSWXULOHIUQWU]LHUHLVQHSUHJWLP
ORFGHWLKQDOVUPDQLORUVFODYL&XPLDQHFDWHDDPDUXOQSOQVFXPDMHOLW]LLQRDSWHLQDSXWXW GHPEDUFDUHSHYDSRU$MXUDWFYRPILOVDLVSXWUH]LPDFRORGDFQXQHJUEHDP,DGHWHSWDWSH
ILDOLQDWQLFLRGDWFXPLQLPDLVDIUQWQWUDGHYUDDFXPSUH]LVHVHVXESRYDUDWULVWHLLGHPDPVH FRSLLGLQVRPQVFXWXUQGXLEUXWDOLDVSXVFSUHDXDOGFXOXLGHDGRUPLL$LHLWDSRLQFXUWHOD
YDYHGHDPDLGHSDUWH VWULJDWSH&OHP5D\L LDSRUXQFLWVFRERDUH GLQSRGLVL DGXFSWXUD&QGD VRVLW&OHP QHD
DH]DWXQXOOQJDOWXOLQHDQFWXDWODRODOWPQDPHDVWQJGHPQDOXLGUHDSW-RKQ:LOOLDPV
QXPDLHUDFXQRLGHR]LVDXGRXQWUXFWVWSQXOOXLOUVFXPSUDVHVSUHPDUHDVDEXFXULH&OHPL
FXPLQHDPSULPLWSRUXQFDVSRUQLPLDU(OL]DLFRSLLLQHDXXUPDW$PIRVWGXLQFXUWHGHDFROR
SULQSDVDMXODFRSHULWGXSFDUHDPXUFDWFWHYDWUHSWHLSULQWURXODWHUDODPLQWUDWQRGDLDGHVXV
XQGH DX]LVHP SDLL FXLYD FDUH VH SOLPED QDLQWH L QDSRL Q FDPHUD DFHDVWD H[LVWDX R VRE FWHYD
VFDXQHYHFKLLRPDV OXQJ DFRSHULWFXKUWLL3HUHLL HUDXYUXLL QDOESHMRV QX H[LVWDFRYRUL
SUHDDILXQVRLGHELURXLQPLQWHFOQJXQDGLQWUHIHUHVWUHDWUQDRVDELHUXJLQLWFDUHPLDDWUDV
DWHQLD$FRORVHJVHDLFXIUXOOXL%XUFK/DSRUXQFDOXLDPDSXFDWXQXOGLQWUHPQHUHOHFXIUXOXLFX
PQDPHDOLEHUHODSULQVFHOODOWPQHULDPLHLWSHVWUDGSULQXDGLQIDQDFHHDLRUGLQHQFDUH
SUVLVHPFHOXOD
(UD R QRDSWH QWXQHFRDV 3HVWH WRW WFHUH 3XWHDP YHGHD OXPLQL VDX UHIOH[LLOH ORU GHDVXSUD OXL
3HQQV\OYDQLD$YHQXHGDUQXVH]UHDLSHQLHGHRPQLFLPFDUYUHXQXOUWFLW(UDPDSURDSHKRWUWV
QFHUFVHYDGH]'DFQDILIRVWQFWXDWDILIFXWRDSURDSHFXVLJXUDQLQGLIHUHQWGHFRQVHFLQH
5DGEXUQVHDIODQXUPLQQGQPQXQEDVWRQPDUHLPSLQJQGXLSHFRSLLVVHPLWHFWSXWHDX
HLGHUHSHGHQIHOXODFHVWDQFWXDLLQWFHUHDPPHUVSHVWU]LOH:DVKLQJWRQXOXLSULQFDSLWDOD
XQHLQDLXQLDFUHLJXYHUQDUHQLVHVSXQHVHIXQGDPHQWHD]SHGUHSWXOLQDOLHQDELODORPXOXLODYLD
/,%(57$7(LIHULFLUH7HVDOXW&ROXPELDLQXWFXDGHYUDWIHULFLW
'XSFHDPDMXQVODYDSRUXOFX]EDWXULDPIRVWPSLQLLXWHQFDOSULQWUHEXWRDLHLO]LFXPDUI
8QVHUYLWRUGHFXORDUHDDGXVROXPLQFORSRWXODUVXQDWLQVFXUWYUHPHQDYDDSRUQLWSH3RWRPDF
SXUWQGXQH FWUH R GHVWLQDLH QHFXQRVFXW &ORSRWXO D EWXW FQG DP WUHFXW SH OQJ PRUPQWXO OXL
:DVKLQJWRQ1HQGRLRV%XUFKVDQFOLQDWFXSOULDQPQSOLQGHUHVSHFWQDLQWHDFHQXLLVDFUHD
EUEDWXOXLFDUHLDGHGLFDWYLDDLOXVWUSHQWUXOLEHUWDWHDULLVDOH
1LFLXQXOGLQWUHQRLQDGRUPLWQQRDSWHDDFHHDQDIDUGH5DQGDOOLGHPLFXD(PP\3HQWUXSULPD
GDW&OHP5D\HUDFRSOHLW,GHHDGHDSOHFDQ6XGOXPSOHDGHJURD]LSUVHDSULHWHQLLLUHODLLOH
WLQHUHLLWRWFHHUDGUDJLSUHLRVLQLPLLOXLLSUREDELOFQDYHDVVHPDLQWRDUFQLFLRGDW(OL
(OL]DLDXFRQWRSLWODFULPLOHSOQJQGXLVRDUWDFUXG(XQVRULFWGHJUHXPLDUILIRVWDPKRWUW RERVHDOIHLRDUDHLUDGLDWRWXLRGUJOHQLHIUSHUHFKH
V LQ IUXQWHDVXV $PQWRFPLW QPLQWHR VXWGHSODQXULGHHYDGDUHLHUDPIHUP GHFLVVQFHUFV  &X WRWXO HVWH XQ ORW EXQ XQ ORW DO GFXOXL GH EXQ D VSXV HO VXEOLQLLQGXL SUHUHD FX PXOWH
VFDSFXSULPDRFD]LHRULFWGHPUXQWFDUHPLVHYDRIHUL$MXQVHVHPGHMDVQHOHJFSROLWLFDPHD DGMHFWLYHGHQWULUHFDUHQXLJVHVFORFXOQYRFDEXODUXOXQXLEXQFUHWLQ
FHDPDLEXQHUDVQXPDLURVWHVFXQFXYQWGHVSUHFDOLWDWHDPHDGHRPOLEHU$DFHYDQDUILIFXW $PLQWUDWGXSDFHHDQFXUWH'HVWXOGHPXOLVFODYLDSURDSHWUHL]HFLGLQFWHPLDPGDWVHDPDVH
GHFWVPH[SXQPDOWUDWULORULVPLGLPLQXH]HDQVHOHGHHOLEHUDUH SOLPEDX VDX VWWHDX SH EQFL VXE RSURQ 7RL HUDX FXUDW PEUFDL EUEDLL DYHDX SOULL LDU IHPHLOH
'XSFHDUVULWVRDUHOHDPIRVWFKHPDLSHSXQWHSHQWUXPLFXOGHMXQ%XUFKQHDVFRVFWXHOHL SXUWDXEDVPDOHOHJDWHSHFDS
QHDP DH]DW OD PDV (O D QWUHEDWR SH (OL]D GDF GRUHD XQ SKUHO GH DOFRRO GDU IHPHLD D UHIX]DW 'XSFHVDXQGHSUWDWGHQRL%XUFKL*RRGLQDXXUFDWVFDUDQSDUWHDGLQVSDWHDFOGLULLSULQFLSDOH
PXOXPLQGXL SROLWLFRV Q WLPSXO PHVHL DP WFXW WRL  QWUH QRL QX VD VFKLPEDW QLFLXQ FXYQW 2 L VDX DH]DW SH SUDJXO XLL $X QFHSXW V GLVFXWH GDU QX OHDP SXWXW DX]L YRUEHOH 'XS XQ WLPS
PXODWU FDUH VHUYHD OD PDV D SUXW LQWHUHVDW GH VRDUWD QRDVWU L QHD VSXV V QX PDL ILP DWW GH %XUFKDFRERUWQFXUWHPDGHVFWXDWLPDGXVQWUXQDGLQWUHFVXH
PRKRULFLVQHQYHVHOLP'XSPLFXOGHMXQFWXHOHDXUHDSUXWL%XUFKDRUGRQDWVPHUJHPSH ,DLVSXVRPXOXLVWXLDFDLYHQLWGLQ1HZ<RUNDURVWLWHO
SXQWHDGHODSXSDXQGHQHDPDH]DWSHQLWHO]LFRQWLQXQGVQXVFRDWHPRYRUEQSUH]HQDOXL  ,DP VSXV F DP DMXQV SQ OD 1HZ <RUN DP UVSXQV HX DD HVWH QV QDP VSXV QLFL F VXQW
'LQFQGQFQGFWHXQSDVDJHUVHDSURSLDGHQRLQHSULYHDFWHYDFOLSHDSRLVHQGHSUWDWFXW FHWHDQDODFHOXLVWDWQLFLRPOLEHU1XDPYUXWVSULFLQXLHVFQLFLXQQHFD]VWSQH%XUFK'DFPD
'LPLQHDDHUDIRDUWHSOFXW&PSXULOHFDUHVHQWLQGHDXSHPDOXOUXOXLHUDXDFRSHULWHGHYHUGHD ILJQGLWSXLQQLFLQDILURVWLWYRUEHOHDFHOHD
PXOWPDLWLPSXULXGHFWGHRELFHLQDFHVWDQRWLPS6RDUHOHVWUOXFHDQFO]LQGXQHLDUSVULOHFQWDX (OPDSULYLWRFOLSGHSDUFDUILIRVWJDWDVPQJKLWGHYLXDSRLPLDQWRUVVSDWHOHLDLHLW6D
QFRSDFL&WLQYLGLDPSVULOHDFHOHDYRLRDVH$ILGRULWVDPDULSLFDHOHFDVSRWJRQLSULQY]GXK QWRUVGXSFWHYDPLQXWH
FWUHLQXWXULOHPDLUHFLDOH1RUGXOXLXQGHSXLRULLPHLDWHSWDXQ]DGDUVRVLUHDWDWOXLORU 'DFWHPDLDXGYUHRGDWVSXQQGXQFXYQWGHVSUH1HZ<RUNVDXGHVSUHOLEHUWDWHDWDWHRPRUFX
QDLQWHGHDPLD]YDSRUXODDMXQVOD$TXLD&UHHNXQGHSDVDJHULLVDXXUFDWQGLOLJHQH%XUFKLFHL PLQLOHPHOHSRLVILLVLJXUGHDVWDDUEXIQLWHOFXSDWLP
FLQFLVFODYLDLVLDXRFXSDWFRPSOHWRGLOLJHQ%XUFKDUVFXFRSLLLLDUODXQSRSDVDPHUVSQQWU 1XPQGRLDPFHOQHOHJHDPDLELQHGHFWPLQHSHULFROXOLSHGHDSVDSHFDUHOHDWUJHDXYLQGHUHD
DFROR QFW OHD FXPSUDW R EXFDW GH WXUW GXOFH 0LD VSXV V LQ IUXQWHD VXV L V SDU LQWHOLJHQW Q FDVFODYDXQXLRPOLEHULVLPHDQHYRLDVPLQFKLGJXUDSHQWUXDQXGLYXOJDGHOLFWHOHSHFDUHWLDF
IHOXODFHODGDFPFRPSRUWDPFRUHVSXQ]WRUSRDWHFPDILDOHVFXXQVWSQEXQ1XLDPUVSXQV OHFRPLVHVH'HVLJXUYLDDPHDQDUILSUHXLWQLFLFWRSDUDGDFDUILQHFHVLWDWXQDVHPHQHDVDFULILFLX
L XUDP FKLSXO L QX SXWHDP VO SULYHVF 0DP DH]DW Q FRO QXWULQG Q LQLPD PHD VSHUDQD LYRUEHOHOXLHUDXFWVHSRDWHGHVHULRDVH
QHGLVSUXWQFGHDOQWOQLQWUREXQ]LSHWLUDQSHSPQWXOVWDWXOXLPHXQDWDO 6XERSURQXODIODWSHRODWXUDFXULLVHJVHDRPDVJURVRODQLDUGHDVXSUDHUDSRGXOSHQWUXGRUPLW
/D )UHGHULFNVEXUJK DP VFKLPEDW GLOLJHQD FX R FUX L QDLQWH GH D VH QWXQHFD DP DMXQV OD ODIHOFDQDUFXOGLQ:DVKLQJWRQ'XSFHDPPQFDWFDUQHGHSRUFFXSLQHSHPDVDDFHHDDPIRVW
5LFKPRQG SULQFLSDOXO RUD GLQ VWDWXO 9LUJLQLD $FROR DP FRERUW GLQ FUX L DP VWUEWXW VWUDGD OHJDWSULQFWXHGHXQEUEDWFXSLHOHDJDOEHQYRLQLFGHVWXOGHWUXSHFXRH[SUHVLHGHPHODQFROLH
SULQFLSDOSQODXQDUFGHVFODYLDIODWQWUHJDULUXSURSULHWDWHDXQXLDQXPHGRPQ*RRGLQDUFXO SURIXQGQWLSULWSHFKLS(UDXQRPLQWHOLJHQWLELQHLQIRUPDW)LLQGOHJDLODRODOWQDWUHFXWPXOWL
DFHODHUDVLPLODUDUFXOXL:LOOLDPVGLQ:DVKLQJWRQDWWDGRDUFHUDFHYDPDLPDUHQSOXVQFROXULOH QHDPVSXVXQXOFHOXLODOWSRYHVWHDYLHLL6HQXPHD5REHUWLODIHOFDPLQHVHQVFXVHRPOLEHUDYQG
RSXVHDOHFXULLH[LVWDXGRXFVXHFDUHHUDXIRORVLWHFDQFSHULSHQWUXH[DPLQDUHDVFODYLORUGHFWUH VRLHLGRLFRSLLQ&LQFLQQDWL0LDVSXVFYHQLVHQ6XGPSUHXQFXGRLEUEDLFDUHODQJDMDVHU
FXPSUWRUL &D L OD FDL EROLOH UHGXF YDORDUHD VFODYLORU 'DF QX VH DFRUG QLFLXQ VRL GH JDUDQLH R GLQRUDXOXQGHORFXLD'HRDUHFHQXDYHDGRFXPHQWHFDUHVLDWHVWHFDOLWDWHDGHRPOLEHUIXVHVHRSULWQ
FHUFHWDUHDPQXQLWHVWHIRDUWHLPSRUWDQWSHQWUXVWSQXOGHQHJUL )UHGHULFNVEXUJKQWHPQLDWLEWXWSQQYDVHFDLPLQHQHFHVLWDWHDLSROLWLFDWFHULL(UDGHWUHL
/DXDGHLQWUDUHQDUFXOOXL*RRGLQQHDWHSWDFKLDUGRPQXOFXSULFLQDXQEUEDWVFXQGLJUDVFX VSWPQL Q DUFXO OXL *RRGLQ 0DP DWDDW IRDUWH PXOW GH HO 1H SXWHDP QHOHJH L FRPSWLPL
FKLSURWRIHLSUQHJUXLIDYRULLLRSLHOHDSURDSHODIHOGHQFKLVODFXORDUHFDDXQRUDGLQWUHQHJULL UHFLSURF&XODFULPLLLQLPDPSRYUDWODPY]XWPXULQGQXODPXOWH]LOHGXSDFHHDLLDPSULYLW
VL$YHDSULYLUHDVHYHULGXULSUHDVILHFDPGHFLQFL]HFLGHDQL%XUFKLFXHOVDXVDOXWDWFX SHQWUXXOWLPDGDWWUXSXOOLSVLWGHYLD
PDUHFRUGLDOLWDWHQPRGYGLWHUDXSULHWHQLYHFKLQWLPSFHLVWUQJHDXPLQLOHFXFOGXU%XUFKLD 5REHUWHX&OHP(OL]DLFRSLLLHLDPGRUPLWQQRDSWHDDFHHDSHSWXULOHQRDVWUHQWURFVXGLQ
VSXVFDGXVHVHFLYDVFODYLVDLQWHUHVDWODFHRUYDSOHFDEULFXOLLVDUVSXQVFSUREDELODGRXD]L FXUWHPSUHXQFXQRL PDLHUDX DOL SDWUX VFODYL WRL GHSHDFHHDL SODQWDLHFDUHIXVHVHUYQGXLL
'XSDFHHD*RRGLQVDQWRUVFWUHPLQHPDDSXFDWGHEUDPDUVXFLWSXLQLPDSULYLWSWUXQ]WRU DFXP VH DIODX Q GUXP VSUH 6XG 'DYLG L VRLD OXL &DUROLQH DPELL PXODWUL HUDX IRDUWH DIHFWDL L
FXDHUXOFXLYDFDUHVHFRQVLGHUXQEXQSUHXLWRUGHSDUFDUILVRFRWLWQPLQWHFWYDORUDP QJUR]HDJQGXOFYRUILSXLVPXQFHDVFSHSODQWDLLOHGHWUHVWLHGH]DKULEXPEDFWRWXLVXUVDFHD
,D]LELHWHGHXQGHDLYHQLW" PDL LPSRUWDQW D QHOLQLWLL ORU HUD WHDPD F YRU IL GHVSULL 0DU\ R IDW QDOW L ]YHOW FX SLHOHD
8LWQGGHPLQHSHQWUXRFOLSDPUVSXQVFLQVWLW QHDJUFDSDQDFRUEXOXLHUDQHSVWRDUHLDSDUHQWLQGLIHUHQW&DPXOLFHLGLQFODVDHLDELDGDFWLD
'LQ1HZ<RUN FH[LVWDFXYQWXOOLEHUWDWH&UHVFXWQLJQRUDQLQWHOLJHQDHLQXRGHSHDFXPXOWSHFHDDXQXL
1HZ<RUN(LGUFLH'DFHFXWDLDFROR"DVRVLWQWUHEDUHDOXLXLPLW DQLPDO )FHD SDUWH GLQWUH DFHL VFODYL IRDUWH QXPHURL FDUH QX VH WHP GHFW GH ELFLXO VWSQXOXL L D
=ULQGXOSH%XUFKFDUHQFOLSDDFHHDPSULYHDFXRH[SUHVLHIXULRDVDOFUHLQHOHVQXHUDJUHXGH FURUSULQFLSDOGDWRULHHVWHDFHHDGHDDVFXOWDGHJODVXOOXL3HFHDODOWVFODYRFKHPD/HWKHLHUDR
SULFHSXWDPDGXJDWLPHGLDW ILUHFXWRWXOGLIHULW$YHDSUXOOXQJLGUHSWLDGXFHDPDLGHJUDEFXRLQGLDQFGHFWFXRQHJUHV
'HIDSWDPIRVWQXPDLSXLQSULQSULOHDFHOHDLPSOLFQGFGHLHUDSRVLELOVILDMXQVSQOD $YHDRFKLSWUXQ]WRULLGXPQRLLGHSHEX]HOHHLVHUHYUVDXQWUXQDFXYLQWHGHXULU]EXQDUH
1HZ<RUNGRUHDPVILHFODUFQXDSDULQHDPDFHOXLVWDWOLEHULGHIDSWQLFLDOWXLD 6RXO HL IXVHVH YQGXW (D QVL QX WLD XQGH VH JVHD 8Q VFKLPE GH VWSQL HUD VLJXU Q SULYLQD
*RRGLQVDQWRUVDSRLFWUH&OHPDSRLFWUH(OL]DLFRSLLH[DPLQQGXLLSXQQGGLYHUVHQWUHEUL DFHDVWDQXSXWHDILPDLUX1XLSVDQFRWURYDILGXV$UWQGXLFLFDWULFHOHGHSHIDGLVSHUDWD
$IRVWQFQWDWGH(PLO\DDFXPHUDXWRLFDUHYHGHDXQILDUHDGXOFHDFRSLOHL1XPDLHUDODIHOGH ISWXUGRUHDVSRDWYHGHD]LXDQFDUHVOHWHDUJFXVQJHOHXQXLEUEDW
FRFKHWFXPIXVHVHFQGRY]XVHPSULPDGDWSUXOLHUDDFXPFLXIXOLWQVGLQFRORGHQHJOLMHQL QWLPSFHQRLDIODPQIHOXODFHVWDSRYHVWHDQHIHULFLULORUFHORUODOL(OL]DVWWHDVLQJXUQWUXQFRO
FQWD SVDOPL L VH UXJD SHQWUX FRSLLL HL 2ERVLW GH SLHUGHUHD VRPQXOXL QX PDP PDL SXWXW PSRWULYL
 &DSLWROXO9
DFHOXL GXOFH OHFXLWRU  L QWLQ]QGXP SH SRGHD OQJ 5REHUW PLDP GDW XLWULL QHFD]XULOH L DP
GRUPLWSQQ]RUL
'LPLQHDDGXSFHDPPWXUDWFXUWHDLQHDPVSODWVXEVXSUDYHJKHUHDOXL*RRGLQQLVDSRUXQFLW 6RVLUHDQ1RUIRON)UHGHULFNL0DULD$UWKXURPXOOLEHU1XPLUHDFDVWHZDUG-LP
VQHVWUQJHPSWXULOHLVQHSUHJWLPSHQWUXFRQWLQXDUHDFOWRULHL&OHP5D\DIRVWDQXQDWFQXYD &XIIHHL-HQQ\)XUWXQD%DKDPD%DQNV&DOPXO&RPSORWXO%UFXD9DULROD
PHUJH PDL GHSDUWH QWUXFW %XUFK GLQWUXQ PRWLY QHFXQRVFXW KRWUVH VO LD QDSRL Q :DVKLQJWRQ 0RDUWHDOXL5REHUW0DWHORWXO0DQQLQJQWOQLUHDGLQWHXJ6FULVRDUHD6RVLUHDOD1HZ
&OHPVDEXFXUDWIRDUWHPXOW6WUQJQGXQHPLQLOHQHDPGHVSULWQDUFXOGHVFODYLGLQ5LFKPRQG 2UOHDQV6DOYDUHDOXL$UWKXU7KHRSKLOXV)UHHPDQFRPLVLRQDUXO3ODWW3ULPDQRDSWHQ
LQXODPPDLUHY]XWGHDWXQFL'XSHOLEHUDUHDPDIODWVSUHPDUHDPHDVXUSULQGHUHFHYDGDVHGLQ DUFXOGHVFODYL1HZ2UOHDQV
VFODYLH L Q GUXP FWUH SPQWXO OLEHU DO &DQDGHL QQRSWDVH Q FDVD FXPQDWXOXL PHX GLQ 6DUDWRJD
XQGHPLLQIRUPDVHIDPLOLDGHVSUHORFXOLVWDUHDQFDUHPOVDVH 'XSFHQHDPPEDUFDWEULFXO2UOHDQVDSRUQLWSHUXO-DPHV$PLQWUDWQJROIXO&KHVDSHDNHLDUD
'XSDPLD]DPIRVWQFRORQDLFWHGRLFX5REHUWLFXPLQHQIUXQWHLDPIRVWFRQGXLGH%XUFK GRXD]LDPDMXQVQGUHSWXORUDXOXL1RUIRON'XSFHDPDUXQFDWDQFRUDGHQRLVDDSURSLDWXQOHS
L*RRGLQDIDUGLQFXUWHSHVWU]LOH5LFKPRQGXOXLFWUHEULFXO2UOHDQV$FHVWDHUDRQDYGHPULPH FDUHDDGXVDOLSDWUXVFODYLGLQRUD)UHGHULFNXQELDWGHRSWVSUH]HFHDQLVHQVFXVHQVFODYLHODIHO
UHVSHFWDELO FX YHODWXU FRPSOHW L QFUFDW Q SULQFLSDO FX WXWXQ 3Q OD RUD FLQFL DP IRVW WRL FD+HQU\FDUHHUDFXFLYDDQLPDLPDUHGHFWHO$PQGRLIXVHVHUVHUYLWRULGHFDVQ1RUIRON0DULD
PEDUFDL %XUFK QHD GDW ILHFUXLD R FDQ GLQ FRVLWRU L R OLQJXU 3H EULF HUDP SDWUX]HFL GH VFODYL HUDRIDWGHFXORDUHGHVWXOGHFRFKHWFXWUXSSHUIHFWGDULJQRUDQWLIRDUWHQIXPXUDW*QGXOGHD
DGLFWRLFHLGLQDUFFXH[FHSLDOXL&OHP PHUJHOD1HZ2UOHDQVRQFQWD$YHDRSUHUHH[WUDRUGLQDUGHEXQGHVSUHQXULLHLLFXXQDHUWUXID
&XXQEULFHDJPLFXFDUHQXPLIXVHVHOXDWDPQFHSXWVPLVFULMHOHVFLQLLDOHOHSHFDQ$SURDSH DGHFODUDWFQXDYHDQLFLRQGRLDOFLPHGLDWGXSVRVLUHDQRDVWUQ1HZ2UOHDQVYDILFXPSUDWGH
LPHGLDW FHLODOL VDX VWUQV Q MXUXO PHX FHUQGXPL V OH QVHPQH] OD IHO L FQLOH ORU Q WLPS LDP XQJHQWOHPDQFHOLEDWDULERJDWFXJXVWXULDOHVH
PXOXPLWSHWRLLVDSUXWFQDXXLWDWOXFUXODFHVWD &HOPDLUHPDUFDELOGLQWUHWRLHUDQVXQEUEDWSHQXPH$UWKXU&QGOHSXOVDDSURSLDWGHQRLHOV
3HVWHQRDSWHDPIRVWGXLQFDODOFUHLFKHSHQJDIRVWGXSDFHHD]YRUW1HDPFXOFDWSHO]LVDX DOXSWDWYLWHMHWHFXFHLFDUHOLQHDXFDSWLY'RDUFXIRUDDSXWXWILWUWSHEULF$SURWHVWDWYHKHPHQW
SHMRVRULXQGHHUDVSDLXVXILFLHQWSHQWUXDQHQWLQGHSWXULOH PSRWULYD WUDWDPHQWXOXL SH FDUHO SULPHD L D FHUXW V ILH HOLEHUDW $YHD FKLSXO XPIODW L DFRSHULW GH
%XUFKQXQHDQVRLWPDLGHSDUWHGH5LFKPRQGGHXQGHVDQWRUVQFDSLWDOQVRLWGH&OHP/DP ]JULHWXULLYQWLLDURSDUWHDIHHLHUDDSURDSHRUDQYLH$IRVWVLOLWLPHGLDWVFRERDUHQFDODO
PDL UHY]XW DELD GXS GRLVSUH]HFH DQL DGLF Q OXQD LDQXDULH D DQXOXL WUHFXW Q ELURXO SROLLHL GLQ FUHLFKHSHQJDIRVW]YRUW$PDIODWXQFUPSHLGLQSRYHVWHDOXLSHFQGVH]EWHDDSRLPLDUHODWDWR
:DVKLQJWRQ HOSHODUJ$UWKXUHUDRPOLEHULWULVHGHPXOWYUHPHQ1RUIRON$YHDIDPLOLDDFRORLHUDGHPHVHULH
-DPHV+%XUFKHUDXQQHJXVWRUGHVFODYLFDUHFXPSUDEUEDLIHPHLLFRSLLFXSUHPLFLLYLQGHD ]LGDUQWURVHDUGXSFH]ERYLVHPDLPXOWFDGHRELFHLODPXQFSHFQGVHQWRUFHDVSUHFDVDOXL
FX SURILW (UD XQ VSHFXODQW GH FDUQH YLH  R PHVHULH GH]RQRUDQW  L DSUHFLDW FD DWDUH Q 6XG (O YD DIODW QWUXQ FDUWLHU PUJLQD IXVHVH DWDFDW GH R EDQG SH R VWUDG SXVWLH 6H OXSWDVH FW O LQXVHU
GLVSUHDGHRFDPGDWGLQSRYHVWHDDFHDVWDGDUYDUHDSUHDQDLQWHGHVIULWXOHLQXFDWLUDQELFLXLWRUGH SXWHULOHGDUIXVHVHQYLQVSQODXUP&XXQFOXODJXUIXVHVHOHJDWFXIUQJKLLLEWXWSQL
RDPHQLFLFDGHOLQFYHQWDUHVWDWWUHPXUQGQWUXQWULEXQDOFDUHQXODFRQGDPQDWDDFXPPHULWD SLHUGXVH FXQRWLQD )XVHVH LQXW FWHYD ]LOH Q DUFXO GH VFODYL GLQ 1RUIRON  XQ VWDELOLPHQW IRDUWH
FRPXQGXSFWVHSDUHQDH]ULOHGLQ6XG&XRVHDUQXUPIXVHVHVFRVGLQDUFLPEDUFDWSH
OHSFDUHVHGHVSULQVHVHGHUPLQHDWHSWDVRVLUHD5HIX]QGVVHPSDFHFXQRXDOXLVLWXDLH$UWKXU
LDPDLFRQWLQXDWRYUHPHSURWHVWHOHQWUXQILQDODWFXWSRVRPRUWLJQGLWRUSUQGFUHIOHFWHD]
QH[SUHVLDQFUQFHQDWDIHHLOXLSXWHDLFLWLGLVSHUDUHD
'XSFHDPSOHFDWGLQ1RUIRONFWXHOHQHDXIRVWVFRDVHLQLVDQJGXLWVUPQHPSHSXQWHQ
WLPSXO ]LOHL &SLWDQXO OD DOHV SH 5REHUW VO VHUYHDVF OD PDV LDU HX DP IRVW DOHV V VXSUDYHJKH]
SUHJWLUHD PQFULL L GLVWULEXLUHD KUDQHL L DSHL $YHDP WUHL DMXWRDUH -LP &XIIHH L -HQQ\ -HQQ\
SUHJWHD FDIHDXD FDUHVHIFHDGLQ ILQGHSRUXPE SUMLWQWUXQLEULF ILDUWLQGXOFLWFXPHODV
-LPL&XIIHHFRFHDXWXUWDGHPODLLILHUEHDXXQFD
'XSFHQHDH]DPODPDVFDUHHUDRVFQGXUODWVSULMLQLWSHEXWRDLHHXWLDPFDUQHDLLGGHDP
ILHFUXLD FWH R EXFDW L XQ ER GH WXUW LDU GLQ LEULFXO OXL -HQQ\ XPSOHDP FQLOH FX FDIHD 1X VH
IRORVHDXIDUIXULLLDUGHJHWHOHQHJUHLQHDXORFGHFXLWHLIXUFXOLH-LPL&XIIHHHUDXIRDUWHPRGHWLL
DWHQLODWRWFHIFHDXFXPYDPQGULGHVWDWXWXOORUGHEXFWDULVHFXQ]LLVLPLQGIUQGRLDOFSH
XPHULLORUDWUQDRPDUHUHVSRQVDELOLWDWH(XHUDPQXPLWVWHZDUGRGHQXPLUHSHFDUHPLRGGXVH
FSLWDQXO
6FODYLLHUDXKUQLLGHGRXRULSH]LODRUD]HFHLODRUDFLQFLGXSDPLD]DLSULPHDXQWRWGHDXQD
DFHHDLPQFDUHQDFHOHDLFDQWLWLLQDFHODLIHOSHFDUHODPGHVFULVPDLVXV6HDUDHUDPGXLQ
FDOL]YRUL
'HDELDSLHUGXVHPGLQYHGHUHSPQWXOFQGDQFHSXWRIXUWXQYLROHQW%ULFXOVDOHJQDWQWUR
SDUWHLQ DOWD LVDDIXQGDWFX SURYDQMRV SHWDOD]XULSQFQG QHDPWHPXW FQHYRPVFXIXQGD
8QLL DX VXIHULW GH UX GH PDUH DOLL DX F]XW Q JHQXQFKL L VDX UXJDW SH FQG DOLL VDX PEULDW HFKLSDMXOXLGRUPHDQEXFWULDVDGHSHSXQWHXQVRLGHYHKLFXOSHURLFDUHSXWHDILGHSODVDWGXSFXP
UHFLSURFSDUDOL]DLGHJURD]'LQFDX]DFHORUFDUHVXIHUHDXGHUXGHPDUHFDODQFDUHHUDPQFKLLD R FHUHD QHYRLD Q YUHPH FH PDWHORLL FDUH QX HUDX GHFW DVH GRUPHDX ILH Q WHXJ ILH Q KDPDFXUL
GHYHQLW XQ ORF RULELO L GH]JXVWWRU 3HQWUX FHL PDL PXOL GLQWUH QRL DU IL IRVW PDL ELQH GDF PDUHD QWLQVHSULQJUHHPHQW
PLORVWLYQHDUILUSLWQ]LXDDFHHDGLQJKHDUHOHRDPHQLORUQHQGXUWRULQHDUILVFSDWFHOSXLQGH Q FHOH GLQ XUP DP GHILQLWLYDW SODQXO $UWKXU L FX PLQH XUPD V QH IXULP Q WFHUH Q FDELQD
VXIHULQD PXOWRU VXWH GH ELFH L GH DJRQLD XQHL PRUL QHIHULFLWH *QGXO VFXIXQGULL OXL 5DQGDOO L D FSLWDQXOXL V OXP SLVWRDOHOH L FXLWXO L SH FW GH LXWH SRVLELO VL OLFKLGP SH HO L SH VHFXQG
PLFXHL(PLO\SULQWUHPRQWULLDGQFXULORUSDUHPDLDFFHSWDELOGHFWVPLLLPDJLQH]FXPDUDWSRDWH 5REHUWQDUPDWFXREWXUPDVVWHDOQJXDFDUHGGHDGHSHSXQWHQFDELQLODQHYRLHVOH
QSUH]HQWWUQGXVHSULQWURYLDGHWUXGQHUVSOWLW LQ SLHSW PDWHORLORU SQ L SXWHDP YHQL Q DMXWRU 'XS DFHHD XUPD V DFLRQP Q IXQFLH GH
$PVWDLRQDWWUHL]LOHOQJ%DKDPD%DQNVQORFXOQXPLW2OG3RLQW&RPSDVVVDX+ROHLQWKH:DOO FLUFXPVWDQH 'DF DWDFXO DYHD V ILH DWW GH VXUSULQ]WRU L GH UHXLW QFW V GHSHDVF RULFH
ILLQGFQXVXIODQLFLPFDURERDUHGHYQW$SDGLQJROIHUDH[WUDRUGLQDUGHDOEFD]HDPDGHYDU UH]LVWHQ FKHSHQJXO XUPD V UPQ ]YRUW Q FD] FRQWUDU DYHDP VL FKHPP SH VFODYL VXV L Q
QUHODWDUHDFURQRORJLFDHYHQLPHQWHORUDMXQJDFXPODXQHSLVRGSHFDUHPLOUHDPLQWHVFPHUHXFX WXPXOWXOLFRQIX]LDFUHDWHLQWHQLRQDPILHVQHUHFWLJPOLEHUWDWHDILHVQHSLHUGHPYLHLOH'XS
XQ VHQWLPHQW GH UHJUHW L PXOXPHVF 'RPQXOXL FDUH PLD QJGXLW GH DWXQFL V VFDS GLQ ODQXULOH DFHHDHXXUPDVPLDVXPUROXOQHRELQXLWGHSLORWLSRUQLQGVSUHQRUGVQHSXQHPVSHUDQDQWUXQ
VFODYLHL F SULQ LQWHUYHQLD 6D SOLQ GH PLORVWHQLH PD PSLHGLFDW VPL PQMHVF PLQLOH FX VQJHOH YQWQRURFRVFDUHVQHGXFSHWUPXOOLEHUWLL
ISWXULORU 6DOH L ILH FD DFHLD FDUH QDX IRVW QLFLRGDW Q DVWIHO GH FLUFXPVWDQH V QX P MXGHFH FX 1XPHOHVHFXQGXOXLHUD%LGGHHGDUSHDOFSLWDQXOXLQXPLOPDLUHDPLQWHVFGHLUDUHRULXLWXQQXPH
DVSULPH'DFQDXIRVWQFWXDLLEWXLGDFQXVHJVHVFQVLWXDLDSULQFDUHDPWUHFXWHXWUL SHFDUHODPDX]LWILHLGRDURGDW&SLWDQXOHUDXQEUEDWVFXQGLELQHYRLWRUFXVSDWHOHGUHSWLLXWH
GHSDUWHGHFPLQLGHIDPLOLHVSUHXQWUPDOVFODYLHLVVHDELQLVQXVSXQFHQDUILQVWDUHV QPLFULFXLQXWPQGUFDUHSUHDQWUXSDUHDFXUDMXOXL'DFPDLWULHWHLGDFVHYDQWPSODFD
IDFSHQWUXOLEHUWDWH1XWUHEXLHVVSHFXOH]DFXPFWGHMXVWLILFDWDILIRVWQRFKLLOXL'XPQH]HXLDL DFHVWHSDJLQLVLDMXQJVXERFKLYDDIODXQHSLVRGOHJDWGHFOWRULDEULFXOXLGHOD5LFKPRQGOD1HZ
RDPHQLORU $MXQJH V VSXQ F P SRW IHOLFLWD SHQWUX QFKHLHUHD IU FRQVHFLQH D XQXL SODQ FDUH DU IL 2UOHDQVQFDUHQDIRVWFRQVHPQDWQMXUQDOXOOXLGHERUG
SXWXWDYHDXUPULJUDYH (UDPWRLSUHJWLLLDWHSWDPFXQHUEGDUHRRFD]LHVQHSXQHPSODQXOQDSOLFDUHFQGDFHVWDD
6SUH VHDU Q SULPD ]L GH FDOP $UWKXU L FX PLQH VWWHDP OD SURYD QDYHL DH]DL SH YLQFLXO GH IRVWGHMXFDWGHXQHYHQLPHQWWULVWLQHSUHY]XW5REHUWDF]XWEROQDYLQVFXUWWLPSVDDQXQDWF
DQFRU 'LVFXWDP GHVSUH GHVWLQXO QHVLJXU FDUH QH DWHSWD L QH ODPHQWDP Q SULYLQD VRULL SRWULYQLFH DYHDYDULRO6WDUHDDFRQWLQXDWVLVHQUXWHDVFLDPXULWFXSDWUX]LOHQDLQWHGHDDMXQJHOD1HZ
$UWKXUFUHGHDLHXDPIRVWGHDFRUGFXHOFPRDUWHDHUDPXOWPDLSXLQQIULFRWRDUHGHFWYLDDSH 2UOHDQV8QPDWHORWODFXVXWQSWXUDOXLSXQQGXLODSLFLRDUHXQERORYDQPDUHOXDWGLQEDODVWDSRLD
FDUHRQWUH]UHDP$PYRUELWPXOWYUHPHGHVSUHFRSLLLQRWULGHVSUHYLHLOHSHFDUHOHGXVHVHUPSQ IRVWQWLQVSHXQFDSDFGHWDPEXFKLULGLFDWFXSDODQXOGHDVXSUDEDOXVWUDGHLSXQLLWUXSXOQHQVXIOHLWDO
DWXQFLLGHVSUHSRVLELOLWLOHGHHYDGDUH8QXOGLQWUHQRLDVXJHUDWSUHOXDUHDFRPHQ]LLEULFXOXLQWUR VUPDQXOXL5REHUWDIRVWQFUHGLQDWDSHORUDOEXULLDOHJROIXOXL
DVWIHO GH HYHQWXDOLWDWH DP GLVFXWDW SRVLELOLWDWHD GH D DMXQJH SQ OD SRUWXO 1HZ <RUN (X WLDP SUHD 7RLDPIRVWQVSLPQWDLGHDSDULLDYDULROHLLDUFSLWDQXODRUGRQDWFDQFDOVILHPSUWLDWYDUL
SXLQH GHVSUH IRORVLUHD EXVROHL GDU DP QWPSLQDW FX QIOFUDUH LGHHD DFHVWHL WHQWDWLYH $P GH]EWXW VILHOXDWHPDLPXOWHPVXULGHSUHFDXLH0RDUWHDOXL5REHUWLSUH]HQDEROLLPDXQWULVWDWODFXOPH
DSRLFHDQVHDPILDYXWQWURFRQIUXQWDUHFXHFKLSDMXOSHFLQHQHDPILSXWXWEL]XLLSHFLQHQXFDUH LPXLWDPODQHVIULWSHVWHXULDHOHQWLQGHULGHDSFXVXIOHWXOQHFRQVRODW
DU IL IRVW PRPHQWXO SRWULYLW SHQWUX DWDF L PDQLHUD VD  WRWXO D IRVW GLVFXWDW L UHGLVFXWDW 'LQ FOLSD /DRVHDUVDXGRXGXSGLVSDULLDOXL5REHUWVWWHDPUH]HPDWGHERFDSRUWXOGHOQJWHXJFRPSOHW
VXJHUULLLGHLLDPQFHSXWVVSHU$PH[SORUDWRQWUXQDQPLQWH6DXIRUPXODWUQGSHUQGGLYHUVH GHVFXUDMDW FQG XQ PDWHORW PD QWUHEDW FX JODV EOQG GH FH HUDP DWW GH GH]QGMGXLW 7RQXO L
GLILFXOWL GDU WRDWH DX IRVW SULYLWH FX QFUHGHUH GHPRQVWUQG FXP SXWHDX IL GHSLWH Q WLPS FH DOLL FRPSRUWDPHQWXO OXL PDX OLQLWLW L LDP UVSXQV F HUDP XQ RP OLEHU L F IXVHVHP USLW (O D
GRUPHDX HX L $UWKXU QH SHUIHFLRQDP SODQXO Q FHOH GLQ XUP FX PXOW SUHFDXLH LDP SUH]HQWDW UHFXQRVFXWFDYHDPPRWLYHVHULRDVHVPVLPWGH]QGMGXLWLDFRQWLQXDWVPGHVFRDVHSQDDIODW
WUHSWDWOXL5REHUWLQWHQLDQRDVWU(ODDSUREDWRIU]EDYLDLQWUDWQFRQVSLUDLHSOLQGHHQWX]LDVP DPQXQWHOHLVWRULHLPHOH3UHDVLQFHULQWHUHVDWGHVRDUWDPHDLQJUDLXOQHFLRSOLWDOPDULQDULORUDMXUDW
1X FXWH]DP V QH ED]P SH DOL VFODYL )LLQGF VXQW FUHVFXL Q WHDP L LJQRUDQ HVWH DSURDSH FPYDDMXWDQPVXUDQFDUHLVWWHDQSXWLQ/DPUXJDWVPLIDFURVWGHWRFFHUQHDOLKUWLH
LQFUHGLELOFWGHVHUYLOLVHYRUJKHPXLVXESULYLUHDXQXLDOE1XHUDSUXGHQWVGHVWLQXLPRWDLQDWWGH SHQWUXDOHSXWHDVFULHXQRUSULHWHQL0LDIJGXLWFRYDIDFHGDUPLDUILIRVWJUHXVOHIRORVHVFIU
QGU]QHD QLFLXQXLD GLQWUH HL L Q FHOH GLQ XUP QRL WUHL DP GHFLV V QH DVXPP VLQJXUL DILGHVFRSHULW$DFHYDVDUILSXWXWWRWXLUHDOL]DGDFPSXWHDPVWUHFXUDQWHXJFQGHOLQWUDGH
UHVSRQVDELOLWDWHDWHULELODDFLXQLL FDUWLFHLODOLPDWHORLGRUPHDX0DPJQGLWSHGDWODEUFXQRSLQLDOXL-RKQ0DQQLQJFXPVH
$DFXPDPGHVFULVPDLGHYUHPHVHDUDHUDPGXLQFDODOFUHLFKHSHQJHUDDSRL]YRUWGHDVXSUD QXPHDEUEDWXODFHVWDGHLVSUDYQXHUDPGHSDUWHGH%DOL]HDIODWODJXUDIOXYLXOXL0LVVLVVLSSLLHUD
QRDVWU&XPVDMXQJHPSHSXQWHDUILUHSUH]HQWDWDDGDUSULPDGLILFXOWDWH6WQGQVODSURYDEULFXOXL QHFHVDUFDVFULVRDUHDVILHQWRFPLWFWPDLUHSHGHDOWIHORFD]LDDUILIRVWSLHUGXW'HDFHHDQVHDUD
REVHUYDVHPEUFXDGHVDOYDUHFDUHVHDIODDFRORQWRDUVFXIXQGXOQVXV0DPJQGLWFGDFQHDP XUPWRDUHDPUHXLWVPSLWHVFGLQQRXVXEEDUFDGHVDOYDUH&DUWXOOXL0DQQLQJQFHSHDODPLH]XO
ILDVFXQVVXEHDDEVHQDQRDVWUQXDUILIRVWUHPDUFDWVHDUDSULQWUHFHLODOLFQGHUDXPQDLQFDO QRSLL/DPY]XWLQWUQGQWHXJLODPXUPDWGXSYUHRRU0RLDSHMXPWDWHDGRUPLWGHDVXSUD
$P IRVW DOHV V QFHUF DFHDVW SRVLELOLWDWH SHQWUX D QH FRQYLQJH GDF HUD YLDELO &D DWDUH Q VHDUD XQHLPHVHSHFDUHSOSLDROXPLQVODELSHFDUHVHPDLJVHDXQWRFLRIRDLHGHKUWLH6DWUH]LWOD
XUPWRDUH GXS FLQ DP SURILWDW GH R RFD]LH L PDP SLWLW LXWH GHGHVXEWXO EUFXHL =FQG DFROR LQWUDUHD PHD PLD IFXW VHPQ V P DH] L PLD DUWDW KUWLD ,DP DGUHVDW VFULVRDUHD OXL +HQU\ %
DSURDSHQWLQVSHSXQWHSXWHDPVYGFHVHQWPSODQMXUXOPHXIUVILXUHSHUDW'LPLQHDFQG 1RUWKXSGLQ6DQG\+LOOGHFODUQGFIXVHVHPUSLWFPDIODPODERUGXOEULFXOXL2UOHDQV DIODWQ
VFODYLL DX LHLW GLQ FDO PDP VWUHFXUDW QHREVHUYDW GLQ DVFXQ]WRDUHD PHD 5H]XOWDWXO IXVHVH FRPSOHW GUXPVSUH1HZ2UOHDQVFPLHUDLPSRVLELOVJKLFHVFGHVWLQDLDPHDILQDOLOUXJDPVQWUHSULQG
VDWLVIFWRU PVXULSHQWUXDPVDOYD6FULVRDUHDDIRVWVLJLODWLLDPVFULVDGUHVDLDUGXSFHDFLWLWR0DQQLQJD
&SLWDQXO L VHFXQGXO GRUPHDX Q FDELQD FHOXL GLQWL &X DMXWRUXO OXL 5REHUW FDUH Q UROXO VX GH IJGXLWFRYDGXFHODRILFLXOSRWDOGLQ1HZ2UOHDQV0DPJUELWODORFXOPHXGHVXEEUFXLDU
VHUYLWRUODPDVDYXVHVHPXOWHRFD]LLGHDYHGHDFDELQDDPVWDELOLWFXH[DFWLWDWHSR]LLDFXHWHORUORU GLPLQHDD FQG VFODYLL DX LHLW GLQ FDO L XPEODX SH SXQWH PDP IXULDW DIDU QHREVHUYDW L PDP
7RW5REHUWQHDLQIRUPDWFSHPDVVHDIODXQWRWGHDXQDGRXSLVWRDOHLXQFXLWGHDERUGDM%XFWDUXO DPHVWHFDWSULQWUHHL
%XQXOPHXSULHWHQ-RKQ0DQQLQJHUDHQJOH]ODRULJLQHLXQXOGLQWUHPDWHORLLFHLPDLJHQHURLLPDL GHLQXLLQODQXULFDUHPXQFHDXODQGLJXLULLDSRLDPWUHFXWSHOQJHLFQGDPIRVWGXLFWUHDUFXO
QRELOLFDUHDXSLWYUHRGDWSHRSXQWHWULVHQ%RVWRQLHUDXQEUEDWQDOWELQHFOGLWGHGRX]HFLL OXL)UHHPDQ$FHVWDVHPQDIRDUWHELQHFXFHODOOXL*RRGLQGLQ5LFKPRQGDWWDGRDUFQMXUXOFXULL
SDWUXGHDQLFXFKLSXOSHDORFXULFLXSLWGHYUVDWGDUFXRH[SUHVLHELQHYRLWRDUH QXVHULGLFDX]LGXULGLQFUPLGFLDYHDXQJDUGGLQVFQGXULQILSWHYHUWLFDOQSPQWFXYUIXULOH
3Q DP DMXQV OD 1HZ 2UOHDQV QLPLF QX D PDL QWUHUXSW PRQRWRQLD WUDLXOXL QRVWUX ]LOQLF 1HDP DVFXLWH
DSURSLDWGHGHEDUFDGHULFKLDUQDLQWHFDQDYDVILHDPDUDWODPY]XWSH0DQQLQJVULQGSHUPL 6RFRWLQGXQH L SH QRL Q DUFXO DFHVWD HUDP DFXP FHO SXLQ FLQFL]HFL GH SHUVRDQH 'XS FH QHDP
QGUHSWQGXVH JUELW VSUH RUD &QG D SRUQLW D SULYLW QDSRL SHVWH XPU FX XQ JHVW VHPQLILFDWLY OVDWSWXULOHQWURFVXGLQFXUWHDPIRVWFKHPDLLKUQLLGXSFDUHQLVDQJGXLWVQHSOLPEP
GQGXPLGHQHOHVVFRSXOSOHFULLVDOH6DQWRUVGHVWXOGHUHSHGHLWUHFQGSHOQJPLQHPDORYLW SULQFXUWHSQVHDUDFQGQHDPQYHOLWQSWXULLQHDPQWLQVQRSURQVDXQFXUWHVXEFHUXOOLEHU
VFXUWFXFRWXOLPLDIFXWFXRFKLXOSDUFVSXQQGVDUH]ROYDW GXSSUHIHULQHOHILHFUXLD
$DFXPDPDIODWXOWHULRUVFULVRDUHDDDMXQVOD6DQG\+LOO'RPQXO1RUWKXSVDGXVQ$OEDQ\LD Q QRDSWHD DFHD DP QFKLV SXLQ RFKLL *QGXULOH PL JRQHDX IU QFHWDUH SULQ PLQWH (UD RDUH
SUH]HQWDWR JXYHUQDWRUXOXL 6HZDUG GDU QWUXFW QX RIHUHD LQIRUPDLL H[SOLFLWH DVXSUD SUREDELOHL PHOH SRVLELO V P JVHVF OD PLL GH NLORPHWUL GH FDV V IL IRVW PQDW SH VWU]L FD XQ DQLPDO IU PLQWH
DGUHVH OD PRPHQWXO UHVSHFWLY QX VD FRQVLGHUDW UHFRPDQGDELO V VH LQVWLWXLH PVXUL SHQWUX HOLEHUDUHD QOQXLW L EWXW IU PLO V IL IFXW SDUWH GLQWUR FHDW GH VFODYL HX QVXPL XQ VFODY" 2DUH
PHD6DGHFLVVVHPDLDWHSWHFXVSHUDQDFQFHOHGLQXUPVDUSXWHDRELQHGDWHGHVSUHORFXOXQGH HYHQLPHQWHOHGLQXOWLPHOHVSWPQLHUDXFXDGHYUDWUHDOHVDXWUHFHDPGRDUSULQID]HOHGHSULPDQWHDOH
PJVHDP XQXLYLVSUHOXQJLW"1XHUDQVRLOX]LH3DKDUXODPDUXOXLPHXHUDSOLQSQODUHIX]$PULGLFDWDWXQFL
,PHGLDW GXS DPDUDUH DP IRVW PDUWRULL XQHL VFHQH IHULFLWH L HPRLRQDQWH /D VFXUW WLPS GXS FH PLQLOHVSUH'XPQH]HXLQFHDVXULOHWFXWHDOHQRSLLQFRQMXUDWGHIRUPHOHDGRUPLWHDOHWRYDULORU
0DQQLQJ SUVLVH EULFXO SRUQLQG FWUH SRW DX DSUXW GRL EUEDL FDUH DX VWULJDW QXPHOH OXL $UWKXU PHL DP LPSORUDW PLO SHQWUX FDSWLYXO VUPDQ L XLWDW 0LDP QGUHSWDW UXJLOH XQXL VXIOHW IUQW FWUH
&QGLDUHFXQRVFXWDFHVWDDSURDSHFDQQHEXQLWGHIHULFLUH&XJUHXDSXWXWILLQXWORFXOXLVQXVDU 7DWO QRVWUX $WRWSXWHUQLF  DO WXWXURU RDPHQL OLEHUL L VFODYL  LPSORUQG SXWHUH GLQ QOLPL FD V
SHVWHERUGXOEULFXOXLLDUFQGVDXUHXQLWODVFXUWWLPSGXSDFHHDLDSULQVGHPLQLLLDLQXWDD UH]LVW Q IDD QHFD]XULORU PHOH SQ FQG OXPLQD ]RULORU LD WUH]LW SH DGRUPLL DGXFQG R QRX ]L GH
IRDUWH PXOW WLPS (UDX RDPHQL GLQ 1RUIRON FDUH YHQLVHU Q 1HZ 2UOHDQV FD VO HOLEHUH]H (L ODX VFODYLH
LQIRUPDWFUSLWRULLOXLIXVHVHUDUHVWDLLHUDXQFKLLQ1RUIRON$XPDLGLVFXWDWSXLQFXFSLWDQXO
DSRLDXSOHFDWFX$UWKXUFDUHMXELOD
'DUQWRDWPXOLPHDFDUHVHQJKHVXLDSHFKHLQXHUDQLPHQLFDUHVPFXQRDVFRULFUXLDVL
SHVHGHPLQH1LPHQL1LFLXQJODVIDPLOLDUQXPLDQFQWDWDX]XOLQXH[LVWDQLFLPFDURVLQJXU
ILJXUSHFDUHVRPDLILY]XWYUHRGDW$UWKXUDYHDVVHUHDOWXUHQVFXUWYUHPHIDPLOLHLVDOHLV
DLEVDWLVIDFLDGHDYHGHDU]EXQDWHQHQRURFLULOHSHFDUHOHQGXUDVHGDUYDLHXDYHDPVPLPDLUHYG
YUHRGDW IDPLOLD" ,QLPD PL HUD FXSULQV GH R GH]QGHMGH WRWDO FDUH P XPSOHD GH GLVSHUDUH L
UHJUHWDPFQXOQVRLVHPSH5REHUWSHIXQGXOPULL
QVFXUWWLPSODERUGVDXXUFDWQHJXWRULLFRPLVLRQDUL8QXOGLQWUHHLXQEUEDWQDOWFXRILJXU
VXSW SLHOH DOELXRUFRFUMDW D DSUXWFX RKUWLH QPQLDSUHOXDW ORWXOOXL%XUFKIRUPDWGLQ
PLQH(OL]DLFRSLLLHL+DUU\/HWKHLDOLLFDUHQLVHDOWXUDVHUOD5LFKPRQG'RPQXODFHVWDVHQXPHD
7KHRSKLOXV)UHHPDQ&LWLQGGHSHKUWLDOXLHODVWULJDW
3ODWW
1XDUVSXQVQLPHQL1XPHOHDIRVWUHSHWDWDSRLQFRGDWGDUWRWIUUVSXQV$IRVWVWULJDWDSRL
/HWKHGXSDFHHD(OL]D+DUU\LWRWDDSQFHOLVWDVDWHUPLQDWLDUILHFDUHDIFXWXQSDVQDLQWHFQG
LDDX]LWQXPHOH
'RPQXOHFSLWDQDQWUHEDW7KHRSKLOXV)UHHPDQXQGHHVWH3ODWW"
&SLWDQXOQXLDSXWXWUVSXQGHODQWUHEDUHQWUXFWODERUGQXH[LVWDQLPHQLFXQXPHOHDFHOD
&LQHODH[SHGLDWSHQHJURWHLXOVWD"ODQWUHEDWHOSHFSLWDQDUWQGVSUHPLQH
%XUFKDUVSXQVFSLWDQXO
7HQXPHWL3ODWWFRUHVSXQ]LGHVFULHULLSULPLWH'HFHQDLIFXWXQSDVQDLQWH"PDQWUHEDWHOSH
XQWRQIXULRV
/DPLQIRUPDWFQXPQXPHDPDDFQXSXUWDVHPQLFLRGDWQXPHOHUHVSHFWLYGDUFQXDYHDP
QLFLRRELHFLHIDGHHO
 (L ELQH WH YRL QYD HX FDUHL HVWH QXPHOH D ]LV )UHHPDQ Q DD IHO QFW V QXO PDL XLL
QLFLRGDWILUDLDOGFXOXL
L SHQWUX F YHQL YRUED GRPQXO 7KHRSKLOXV )UHHPDQ QX HUD GHORF PDL SUHMRV GHFW SDUWHQHUXO VX
%XUFKQSULYLQDEODVIHPLLORU3HEULFIXVHVHPFXQRVFXWVXEQXPHOH6WHZDUGLDFXPHUDSULPDGDW
FQGPLVHVSXQHD3ODWWQXPHOHSHFDUH%XUFKLOWULPLVHVHFRPLVLRQDUXOXLVX'HSHQDYY]XVHP
IXOJHUDWGHPQLHFQGDSOHFDW
&DSLWROXO9, $FHODL EUEDW OD FXPSUDW L SH 5DQGDOO 3XWLXO D IRVW SXV V VDU L V DOHUJH SULQ VDO DSRL V
H[HFXWHPXOWHDOWHPLFULFDUHVLSXQQYDORDUHFRQGLLDIL]LFQWRWDFHVWWLPS(OL]DDSOQVQ
$IDFHUHDOXL)UHHPDQ&XUHQLHLKDLQH([HUFLLLOHGLQVDODGHYQ]DUH'DQVXO KRKRWHLLDIUQWPLQLOH(DODLPSORUDWSHEUEDWVQXOFXPSHUHSH5DQGDOOGHFWGDFOHFXPSUD
9LRULVWXO%RE6RVLUHDFOLHQLORU([DPLQDUHDVFODYLORU%WUQXOGRPQGLQ1HZ2UOHDQV LSHHDLSH(PLO\$SURPLVFGDFRYDIDFHYDILFHDPDLFUHGLQFLRDVVFODYGLQOXPH%UEDWXOD
9Q]DUHDOXL'DYLG&DUROLQHL/HWKH'HVSULUHDGLQWUH5DQGDOOL(OL]D9DULROD UVSXQV F QXL SHUPLWHD VXPHOH UHVSHFWLYH LDU (OL]D QQHEXQLW GH GXUHUH D QFHSXW V SOQJ Q
6SLWDOXOQVQWRLUHDLQWRDUFHUHDQDUFXOGHVFODYL)UHHPDQ&XPSUDUHDOXL(OL]D KRKRWH)UHHPDQVDQWRUVFWUHHDFXVOEWLFLHULGLFQGELFLXOLLDSRUXQFLWVWHUPLQHFXJOJLD
+DUU\L3ODWW6XIHULQD(OL]HLODGHVSULUHDGHPLFXD(PLO\ ILLQGF DOWIHO DYHD VR SHGHSVHDVF (O QX DFFHSWD DD FHYD DVHPHQHD VPLRUFLHOL L GDF QX QFHWD
LPHGLDWDYHDVRGXFQFXUWHLVLDSOLFHRVXWGHELFH'DDYHDVLVFRDWUHSHGHSURVWLLOHDOHDGLQ
)RDUWH DPDELOXO L FXFHUQLFXO GRPQ 7KHRSKLOXV )UHHPDQ SDUWHQHU VDX FRPLVLRQDU DO OXL -DPHV + FDSVOLDGFXOGDFQRIFHD(OL]DVDJKHPXLWQIDDOXLLDQFHUFDWVLWHDUJODFULPLOHGDUQ
%XUFK L DGPLQLVWUDWRU DO DUFXOXL GH VFODYL GLQ 1HZ 2UOHDQV D VRVLW GH GLPLQHD GHYUHPH SULQWUH YDQ$VSXVFGRUHDVILHFXFRSLLLHLQSXLQDYLDFDUHLPDLUPVHVHGHWULW7RDWHQFUXQWWXULOHL
DQLPDOHOHVDOH'XSFHDPSULWRFD]LRQDOHORYLWXULGHSLFLRUSULQWUHEUEDLLLIHPHLOHPDLYUVWQLFH DPHQLQULOHOXL)UHHPDQQDXSXWXWRUHGXFHODWFHUHSHPDPDQGXUHUDWFDUHDFRQWLQXDWVLLPSORUH
L PXOWH ORYLWXUL GH ELFL SHVWH XUHFKLOH VFODYLORU PDL WLQHUL QD WUHFXW PXOW L WRL DX IRVW WUHML L Q L V OH FHUHDVF Q PRG MDOQLF V QR VHSDUH GH FRSLLL HL /HD UHSHWDW QWUXQD FW GH PXOW L LXEHD
SLFLRDUH 'RPQXO 7KHRSKLOXV )UHHPDQ VD QYUWLW SULQWUH QRL SOLQ GH KUQLFLH SUHJWLQGXL PDUID ELDWXO/HDSURPLVGLQQRXFWGHFUHGLQFLRDVLDVFXOWWRDUHYDILFWGHPXOWYDPXQFL]LLQRDSWH
SHQWUXVDODGHYQ]DUHLQWHQLRQQGQHQGRLRVFDQ]LXDDFHHDVUHXHDVFRDIDFHUHVWUDQLF SQQXOWLPDFOLSDYLHLLGDFLDUILFXPSUDWSHWRLPSUHXQ7RWXODIRVWQVQ]DGDUEUEDWXO
QSULPXOUQGQLVDFHUXWVQHVSOPDPQXQLWLVQHUDGHPEUELOH'XSDFHHDQLVDPSULW QXLSXWHDSHUPLWHFRVWXOORU7UJXOVDQFKHLDWL5DQGDOODWUHEXLWVSOHFHVLQJXU(OL]DVDUHSH]LW
ILHFUXLDFWHXQUQGGHKDLQHQRLLHIWLQHGDUFXUDWH%UEDLLDYHDXSOULHKDLQFPDSDQWDORQLL DWXQFLVSUHHOODPEULDWVWUQVODVUXWDWGLQQRXLGLQQRXLODUXJDWVQRXLWHQWRWDFHVW
SDQWRILIHPHLOH SXUWDXURFKLHGLQVWDPE LEDVPDFXFDUH VLDFRSHUHFDSHWHOH $PIRVWGXLGXS WLPSODFULPLOHLURLDXSHREUDMLLELDWXOXL
DFHHDQWURVDOPDUHQSDUWHDGLQIDDFOGLULLGHFDUHHUDOLSLWFXUWHDSHQWUXDILLQVWUXLLQDLQWHGH )UHHPDQDEOHVWHPDWRQXPLQGRWUWXUVPLRUFLWLYLFUHDLLDSRUXQFLWVSOHFHODORFXOHL
VRVLUHDFOLHQLORU%UEDLLDXIRVWDUDQMDLSHRODWXUDVOLLLDUIHPHLOHSHODWXUDRSXVWRLQRUGLQHD LVVHFRPSRUWHFRUHVSXQ]WRU$DPHQLQDWRFQXYDPDLUEGDPXOWWLPSDVHPHQHDSXUWDUH'DF
GHVFUHVFWRDUHDQOLPLL(PLO\VHDIODODVIULWXOUQGXOXLGHIHPHL)UHHPDQQHDFHUXWVQHLQHP QXDYHDJULMLYDRIHULQFXUQGXQPRWLYFWVHSRDWHGHUHDOGHDSOQJHSXWHDILVLJXUGHDVWD
PLQWHORFXULOHLQHDVIWXLWVSUHPLQWHOLJHQLLYLRLXQHRULDPHQLQQGXQHLDUDOWHRULRIHULQGXQH 3ODQWDWRUXOGLQ%DWRQ5RXJHFXQRLOHOXLDFKL]LLLHUDJDWDGHSOHFDUH
GLYHUVHVWLPXOHQWHQWLPSXO]LOHLQHDLQVWUXLWQDUWDGHDSUHDLQWHOLJHQLLGHDQHGXFHFXSUHFL]LH 1XSOQJHPDP9RLILXQELDWEXQ1XSOQJHD]LV5DQGDOOSULYLQGQXUPFQGDXLHLWSH
ODORFXULOHQRDVWUH X
'XSSUQ]DPUHOXDWLQVWUXLUHDLDPIRVWSXLVGDQVP%REXQELDWGHFXORDUHFDUHLDSDULQHD 'XPQH]HX WLH FH VD QWPSODW FX ELDWXO DFHOD $ IRVW FX DGHYUDW R VFHQ MDOQLF $ IL SOQV HX
GHFHYDWLPSOXL)UHHPDQQHFQWDODYLRDU6WQGOQJHOPLDPDGXQDWFXUDMXOLODPQWUHEDWGDF QVXPLGDFDILFXWH]DW
WLD9LUJLQLD5HHO0LDUVSXQVFQXFXQRWHDPHORGLDLPDQWUHEDWGDFRSXWHDPFQWD&QGL QVHDUDDFHHDDXF]XWEROQDYLDSURDSHWRLFHLFDUHVRVLVHUFXEULFXO2UOHDQVYLWQGXVHGHGXUHUL
DP UVSXQV DILUPDWLY PLD QWLQV YLRDUD $P QFHSXW V FQW L FQG DP WHUPLQDW )UHHPDQ PLD YLROHQWHQVSLQDUHLFDS0LFXD(PLO\DSOQVQWUXQDFHYDQHRELQXLWODHD'LPLQHDDDIRVWFKHPDW
SRUXQFLW V FRQWLQXL DUWQGXVH IRDUWH QFQWDW L VSXQQGXL OXL %RE F L HUDP PXOW VXSHULRU  R XQPHGLFGDUQDL]EXWLWVGHWHUPLQHFDX]DDIHFLXQLLQRDVWUHQWLPSFHPDH[DPLQDWSHPLQHLDSXV
REVHUYDLHFDUHDSUXWVODPUDVFPXOWSHFROHJXOPHXPX]LFDQW QWUHEULOHJDWHGHVLPSWRPHOHPHOHLDPVSXVFGXSSUHUHDPHDHUDYDULROPHQLRQQGGHFHVXO
Q ]LXD XUPWRDUH DX VRVLW PXOL FOLHQL SHQWUX D H[DPLQD QRXO ORW DO OXL )UHHPDQ FDUH HUD IRDUWH OXL5REHUWFDPRWLY$FFHSWQGFHUDSRVLELOVDPGUHSWDWHDSURPLVFYDWULPLWHGXSPHGLFXOHIDO
ORFYDFHSUH]HQWQGSHODUJDWXXULOHLFDOLWLOHQRDVWUH1HDSXVVLQHPFDSHWHOHVXVVPHUJHPYLRL VSLWDOXOXL Q VFXUW WLPS D DSUXW PHGLFXOHI GRFWRUXO &DUU XQ EUEDW PLFX FX SU DWHQ FDUH D
QDLQWHLQDSRLQYUHPHFHFOLHQLLQHSLSLDXPLQLOHEUDHOHLWUXSXULOHQHUVXFHDXQHQWUHEDXFH GHFUHWDW F HUD YDULRO FHHD FH D WUH]LW PXOW VSDLP Q FXUWH /D VFXUW WLPS GXS SOHFDUHD OXL (OL]D
SXWHDPIDFHQHFHUHDXVGHVFKLGHPJXULOHLVQHDUWPGLQLLODIHOFXPXQMRFKHXFHUFHWHD]XQFDO (PP\+DUU\LFXPLQHDPIRVWVXLLQWURFUXLGXLODVSLWDORFOGLUHPDUHGLQPDUPXUDOEOD
SH FDUH YUHD VO FXPSHUH Q XQHOH FD]XUL XQ EUEDW VDX R IHPHLH HUDX GXL Q FVXD GLQ FXUWH SHULIHULDRUDXOXL+DUU\LFXPLQHDPIRVWLQWHUQDLQWURFDPHUODHWDM0LHPLDIRVWIRDUWHUX7LPS
GH]EUFDLLH[DPLQDLPDLDPQXQLW&LFDWULFHOHGHSHVSLQDUHDXQXLVFODYHUDXFRQVLGHUDWHGRYH]LDOH GHWUHL]LOHDPIRVWFRPSOHWRUE3HFQG]FHDPEROQDYQWUR]LDVRVLW%REVSXQQGXLGRFWRUXOXL
XQHLILULUHEHOHVDXQHVXSXVHLLVFGHDXSUHXO &DUUFIXVHVHWULPLVGH)UHHPDQVVHLQWHUHVH]HGHVQWDWHDQRDVWU6SXQHLLDUVSXQVGRFWRUXOF
8QGRPQQYUVWFDUHFXWDXQYL]LWLXDGDWVHPQHFPSODFH'LQFRQYHUVDLDOXLFX)UHHPDQ OXL3ODWWLPHUJHIRDUWHUXGDUGDFVXSUDYLHXLHWHSQODRUDQRXVDUSXWHDVLUHYLQ
DPDIODWFORFXLDFKLDUQRUD$PGRULWIRDUWHPXOWVPFXPSHUHILLQGFPLDPQFKLSXLWFQXPL 0DP DWHSWDW V PRU 'HL QX YHGHDP PXOWH PRWLYH SHQWUX FDUH V PHULWH V WULHVF DSURSLHUHD
YDILJUHXVIXJGLQ1HZ2UOHDQVSHRQDYFDUHVHQGUHSWDFWUHQRUG)UHHPDQDFHUXWSHQWUXPLQHR PRULLPDQIULFRDW3RDWHFPDILUHVHPQDWGDFDUILIRVWVPLVIUHVFYLDDQVQXOIDPLOLHLQV
PLH FLQFL VXWH GH GRODUL LDU EWUQXO GRPQ D GHFODUDW F HUD SUHD PXOW SHQWUX YUHPXULOH DFHOHD JUHOH GHFHVXOSULQWUHVWULQLLQDVHPHQHDFLUFXPVWDQHHUDXQJQGDPDU
)UHHPDQ D VXEOLQLDW QV F HUDP ]GUDYQ L VQWRV FX R FRQVWLWXLH VROLG L LQWHOLJHQW $ DYXW GH QVSLWDOHUDXPXOLSDFLHQLLQWHUQDLGHDPEHOHVH[HLGHWRDWHYUVWHOHQSDUWHDGLQVSDWHDFOGLULL
DVHPHQHDJULMVPLH[DJHUH]HWDOHQWHOHPX]LFDOH%WUQXODDUJXPHQWDWFXDELOLWDWHFQXYHGHDQLPLF VHIDEULFDXVLFULH&QGPXUHDFLQHYDEWHDFORSRWXODQXQQGXLSHJURSDULVYLQLVGXFOHXOOD
GHRVHELW Q DFHDVW QGHPQDUH OD XQ QHJUX SHQWUX FD Q FHOH GLQ XUP VSUH UHJUHWXO PHX V SOHFH 
DULQD 2ODUXOXL  Q ILHFDUH ]L L Q ILHFDUH QRDSWH FORSRWXO DFHOD UVXQD PHODQFROLF DQXQQG XQ DOW
VSXQQG F YD UHYHQL Q ]LXD DFHHD VDX QFKHLDW WRWXL FWHYD WUDQ]DFLL 'DYLG L &DUROLQH DX IRVW GHFHV'DUFHDVXOPHXQXVRVLVHQF'XSFHDWUHFXWDSRJHXOEROLLDPQFHSXWVPLUHYLQLDUSHVWH
FXPSUDLPSUHXQGHXQSURSULHWDUGHSODQWDLLGLQ1DWFKH]1HDXSUVLWVXU]QGODUJLH[WUHPGH GRXVSWPQLLGRX]LOHPDPQWRUVFX+DUU\QDUFGHVILJXUDWGHYDULRODOHFUHLXUPHOHSRUWL
IHULFLL F QX IXVHVHU GHVSULL /HWKH D IRVW YQGXW XQXL SODQWDWRU GLQ %DWRQ 5RXJH L RFKLL LDX D]LSHFKLSQ]LXDXUPWRDUHDXIRVWDGXVH(OL]DL(PLO\QWURFUXLDPIRVWWULPLLGLQQRXQ
VDOD GH YQ]DUH SHQWUX D IL LQVSHFWDL L H[DPLQDL GH FXPSUWRUL $P FRQWLQXDW V VSHU F EWUQXO RFDGURSSXQXFDQHJUHVHOHFXOHJWRDUHGHEXPEDFFXEX]HJURDVHLHDVWDDVFXLWLGDFQ
GRPQFDUHFXWDXQYL]LWLXYDUHYHQLDDFXPIJGXLVHLPYDFXPSUDQHYHQWXDOLWDWHDDFHHDHUDP DYHDVILHDDVILHHODOGFXOXL
QFUH]WRUFQVFXUWWLPSPLYRLUHFSWDOLEHUWDWHD$XVRVLWQXPHURLFOLHQLGDUEWUQXOGRPQQXD &QGDDIODWGHVSUHKRWUUHDOXL)UHHPDQGHDRSVWUDSH(PLO\(OL]DLDLHLWSXULVLPSOXGLQ
PDLDSUXWQLFLRGDW PLQL
Q FHOH GLQ XUP )UHHPDQ D DSUXW QWUR ]L SH FQG HUDP Q FXUWH L QHD SRUXQFLW V QH RFXSP 1XYRLSOHFDIUHD1RYHLOXDGHOQJPLQHDSURDSHFDXUODWHDLDULSHWHOHLVDXDPHVWHFDW
ORFXULOHQVDODPDUH&QGDPLQWUDWQHDWHSWDXQGRPQLQWUXFWHOYDILIUHFYHQWDPLQWLWQGHFXUVXO FXJODVXOSXWHUQLFLIXULRVDOOXL)UHHPDQFDUHLSRUXQFHDVWDF
UHODWULLPHOHPLVHSDUHSRWULYLWVLGHVFULXDVSHFWXOH[WHULRULVRIHUFLWLWRULORUHVWLPDUHDFDUDFWHUXOXL QWUHWLPS+DUU\LFXPLQHIXVHVHUPQFXUWHQHOXDVHUPSWXULOHLDFXPVWWHDPOQJXDGLQ
VXIFXWGHPLQHODSULPDYHGHUH ID JDWD GH SOHFDUH &XPSUWRUXO QRVWUX HUD DOWXUL SULYLQGR SH (OL]D FX R H[SUHVLH FDUH LQGLFD
(UD XQ EUEDW GH QOLPH RELQXLW XRU JUERYLW DSOHFDW Q ID (UD DUWRV L SUHD GH YUVW UHJUHWXOFRFXPSUDVHFXSUHXOXQHLQWULVWULDWWGHPDUL$PPDLDWHSWDWSXLQSQFQG)UHHPDQ
PLMORFLH3UH]HQDOXLQXDYHDQLPLFUHVSLQJWRULDUFKLSXOLWRQXOYRFLLLHUDXDWUJWRDUHLDJUHDELOH SLHU]QGXL UEGDUHD D VPXOVR FX EUXWDOLWDWH SH (PLO\ GH OQJ PDPD HL QWUXFW FHOH GRX VH
QVXLULOHOXLPDLDOHVHHUDXQVFHOHDOHVXIOHWXOXLLLQLPLLDDFXPSXWHDREVHUYDRULFLQH6DSOLPEDW VWUQJHDXFXWRDWSXWHUHDQEUDH
SULQWUHQRLQWUHEQGXQHFHSXWHDPIDFHLFXFHPXQFLHUDPRELQXLLGDFFUHGHDPFQHDUSOFHDV 1XPSUVLPDPLQXPSUVLDLSDWFRSLODFQGPDPDHLDIRVWPEUQFLWYLROHQWVSUHX
ORFXLPFXHOGDFYRPILELHLEXQLQFD]XOQFDUHQHYDFXPSUDLWRWDD 1XPSUVLQWRDUFHWHPDPLDFRQWLQXDWHDVVWULJHQWLQ]QGXLLPSORUDWRUEUDHOHPLFXH
'XSDOWHH[DPLQULLGLVFXLLOHJDWHGHSUHXULHOLDRIHULWOXL)UHHPDQRPLHGHGRODULSHQWUXPLQH 3OQVHWHOHLDXIRVWQV]DGDUQLFH$PIRVW]RULLDIDUSHXDSRLSHVWUDGQWRWDFHVWWLPSDP
QRXVXWHSHQWUX+DUU\LDSWHVXWHSHQWUX(OL]D1XSRWVSXQHGDFYDULRODQHGHSUHFLDVHYDORDUHDVDX SXWXWVRDX]LPVWULJQGR
FDUHDIRVWPRWLYXOSHQWUXFDUH)UHHPDQKRWUVHVUHGXFFLQFLVXWHGHGRODULGLQSUHXOSHFDUHPLO QWRDUFHWHQXPSUVLQWRDUFHWHPDPD
IL[DVHDQWHULRU2ULFXPGXSRVFXUWUHIOHFLHYLFOHDQDDQXQDWFDFFHSWDRIHUWD *ODVXO GH FRSLO VD DX]LW PDL VODE DSRL L PDL VODE SLHULQG WUHSWDW SH PVXU FH QH QGHSUWDP
'H QGDW FH D DX]LW WUDQ]DFLD (OL]D D IRVW FXSULQV GLQ QRX GH DJRQLH %RDOD L WULVWHHD R SHQWUXFDSQODXUPVGLVSDUFRPSOHW
VFRIOFLVHU L R QFHUFQDVHU $U IL R XXUDUH GDF D SXWHD WUHFH FRPSOHW VXE WFHUH VFHQD FDUH VD (OL]D QXLD PDLY]XWLQLFL QDPDLDX]LWYUHRGDWGH(PLO\VDXGH5DQGDOO GDU QXLDX GLVSUXW
GHVIXUDW DWXQFL GHRDUHFH PL UHDGXFH Q PHPRULH DPLQWLUL PDL MDOQLFH L PDL WXOEXUWRDUH GHFW SRW QLFLR FOLS GLQ JQG ILH ]L ILH QRDSWH 3H FPSXULOH GH EXPEDF Q FROLE QWRWGHDXQD L SHVWH WRW D
]XJUYLFXYLQWHOH$PY]XWPDPHVUXWQGSHQWUXXOWLPDRDUIHHOHFRSLLORUORUUSRVDL/HDPY]XW YRUELW GHVSUH HL  DGHVHD FX HL FD L FXP DU IL IRVW QWUDGHYU SUH]HQL 1D DYXW SDUWH GH WLKQ
SULYLQGQDGQFXOPRUPQWXOXLFQGEXOJULLGHSPQWEXIQHDXVXUGSHFRFLXJHDVFXQ]QGXLSHQWUX VXIOHWHDVFGHFWDWXQFLFQGVHSLHUGHDQDFHDVWLOX]LHVDXFQGGRUPHD
WRWGHDXQD GH RFKLL ORU GDU QDP DVLVWDW QLFLRGDW OD R DVHPHQHD PDQLIHVWDUH GH GXUHUH LQWHQV $D FXP DP PDL VSXV (OL]D QX HUD R VFODY RELQXLW /D LQWHOLJHQD HL QQVFXW VH DGXJD R
QHPVXUDW L QH]J]XLW FD DWXQFL FQG (OL]D D IRVW GHVSULW GH IHWLD HL 6D GHVSULQV GLQ UQGXO HGXFDLH JHQHUDO L FXQRWLQH GHVSUH R PXOLPH GH VXELHFWH $YXVHVH SDUWH GH RSRUWXQLWL GH FDUH
FHORUODOWHIHPHLLUHSH]LQGXVHFWUH(PLO\DFXSULQVRQEUDH6LPLQGXQSHULFROLPLQHQWFRSLODLD EHQHILFLD] IRDUWH SXLQL PHPEUL DL FODVHL HL RSULPDWH )XVHVH SURSXOVDW Q VIHUD XQHL DOWH YLHL
VWUQV LQVWLQFWLY PLQLOH Q MXUXO JWXOXL PDPHL L LD FXLEULW FSRUXO OD SLHSWXO HL )UHHPDQ LD VXSHULRDUH0XOLDQLODUQGOLEHUWDWHDSHQWUXHDLSHQWUXRGUDVOHOHHLIXVHVHVWOSXOGHQRUGHSHVWH
SRUXQFLW FX VHYHULWDWH V SVWUH]H WFHUHD QV HD QX OD EJDW Q VHDP $ SULQVR DWXQFL GH EUD L D 
]L L VWOSXO GH IRF GH SHVWH QRDSWH  Q SHOHULQDMXO HL SULQ VOEWLFLD VFODYLHL FX RFKLL DLQWLL DVXSUD
VPXFLWRFXEUXWDOLWDWHGDU(OL]DQXVDGHVSULQVGHIDW$WXQFLDEWQGDVXSUDHLRUDIDOGHVXGDOPH 
IDUXOXL DFHOXLD JHQHUDWRU GH VSHUDQ HD VH QODVH SQ Q YUIXO OXL )D]JD  L ]ULVH WUPXO
YLJXURDVH D ORYLWR IU PLO DVWIHO QFW IHPHLD VD PSOHWLFLW JDWD V FDG 9DL FW GH VILHWRU D
IJGXLQHL 3H QHDWHSWDWH QV IXVHVH FX WRWXO FRSOHLW GH GH]DPJLUH L GLVSHUDUH ,PDJLQHD
QFHSXWHDDWXQFLVLPSORUHVFHUHDVFLVVHURDJHFDVQXILHVHSDUDWGHFRSLO'HFHQXSXWHDX
JORULRDVDOLEHUWLLLSLHULVHGLQDLQWHDRFKLORUFQGIXVHVHOXDWQFDSWLYLWDWH$FXPQRDSWHDSOQJH
ILFXPSUDWHPSUHXQ"'HFHQXHUDOVDWVLSVWUH]HXQXOGLQWUHVFXPSLLHLFRSLL"
QWUXQDFXODFULPLSHREUD]LGLQWUHWRLFLRLXEHDXQLFLXQXOQRPDLPQJLHWRLSULHWHQLLDXGHYHQLW
0LOVWSQHPLODLSDWHDF]QGQJHQXQFKL7HURJVWSQHFXPSURSH(PLO\1XYRL 
SXWHDPXQFLQLFLRGDWGDFPLYDILOXDWYRLPXUL GXPDQL 
)UHHPDQ D LQWHUYHQLW LDUL GDU LJQRUQGXO HD D FRQWLQXDW V LQVLVWH SRYHVWLQG FXP L IXVHVH OXDW
5DQGDOOFXPQDYHDVOUHYDGQLFLRGDWLDUDVWDQVLQHHUDJURD]QLFGDUYDL'XPQH]HXOHHUDSFDW
HUDRFUX]LPHVRGHVSDUWLGH(PLO\PQGULDHLXQLFXOHLRGRUFDUHQXSXWHDVXSUDYLHXLVLQJXUHUD
SUHDWQUIUPDPDHL
3QODXUPGXSDOWHPXOWHUXJPLQLFXPSUWRUXO(OL]HLDIFXWXQSDVQDLQWHHYLGHQWDIHFWDWL
LDVSXVOXL)UHHPDQFRYDFXPSUDSH(PLO\LODQWUHEDWFDUHLHUDSUHXO
 3UHXO HL" 9UHL VR FXPSHUL SH HD" D UHSOLFDW 7KHRSKLOXV )UHHPDQ L LPHGLDW UVSXQ]QG OD
SURSULDLQWUHEDUHDDGXJDW1RYQG1XLGHYQ]DUH
%UEDWXODUHFXQRVFXWFQXDYHDQHYRLHGHRVFODYDWWGHWQUFDUHQXLDUILDGXVQLFLXQSURILW
GDU ILLQGF PDPD R LXEHD DWW GH PXOW HUD GLVSXV V SOWHDVF XQ SUH UH]RQDELO Q ORF V OH YDG
VHSDUDWH )UHHPDQ D UPDV QV FRPSOHW VXUG OD DFHDVW SURSXQHUH RPHQRDV 1X DYHD GH JQG VR
YQGSH(PLO\VXEQLFLRIRUPGHRDUHFHSHVWHFLYDDQLSXWHDVFWLJHEDQLIUXPRLGHSHXUPDHL
Q 1HZ 2UOHDQV H[LVWDX GHVWXL EUEDL FDUH DU IL SOWLW FLQFL PLL GH GRODUL SHQWUX R IHWLFDQ DD
IUXPXLFLDWUJWRDUHFXPDYHDVILH(PLO\1XQXQDYHDVRYQGGHRFDPGDW(UDRIUXPXVHH
VFDSHGHPLQHDDFXPKRXOVFDSGHFDOXOSHFDUHODIXUDWGDFDILRSWLWPFDUXQFXYQWGHVSUH
&DSLWROXO9,, GUHSWXO PHX OD OLEHUWDWH 'H DFHHD DP GHFLV V ]YRUVF IHUP VHFUHWXO Q LQLPD PHD  V QX VXIOX
QLFLRGDWXQFXYQWVDXRVLODEGHVSUHFLQHVDXFHHUDPQFUH]QGXPQ3URYLGHQLQSURSULD
9DSRUXO5RGROSK3OHFDUHDGLQ1HZ2UOHDQV:LOOLDP)RUG6RVLUHDQ$OH[DQGULDSH PHDLUHWHQLHSHQWUXDVFSD
5XO5RX'HFL]LL*UHDW3LQH:RRGV9LWHOHVOEDWLFH5HHGLQDGHYDUDOXL0DUWLQ $PFRERUWGHSH5RGROSKQWUXQORFQXPLW$OH[DQGULDXQRUHOSHPDOXOGHVXGDO5XOXL5RXOD
'UXPXOVSUH7H[DV6RVLUHDODVWSQXO)RUG5RVH'RDPQD)RUG6DOO\LFRSLLLHL FWHYDVXWHGHNLORPHWULGH1HZ2UOHDQV$PUPDVDFRORSHVWHQRDSWHPDPXUFDWGLPLQHDDQWUHQL
%XFWDUXO-RKQ:DOWHU6DPL$QWRQ\-RDJUHOHGHSH,QGLDQ&UHHN'XPLQLFLOH QVFXUWYUHPHDPDMXQVOD%D\RX/DPRXULHRDH]DUHQFLPDLPLFDIODWODWUHL]HFLGHNLORPHWUL
&RQYHUWLUHDOXL6DP%HQHILFLLOHEXQWLL3OXWHOH$GDP7D\GHPPLFXXODOE&DVFDOOD GH $OH[DQGULD $FROR VH WHUPLQD FDOHD IHUDW 3ODQWDLD OXL )RUG VH JVHD SH GUXPXO VSUH 7H[DV OD
LWULEXOOXL6HUEDUHDLQGLDQ-RKQ07LEHDWV$SURSLHUHDIXUWXQLL GRX]HFL GH NLORPHWUL GH /DPRXULH Q *UHDW 3LQH :RRGV 'LVWDQD DFHDVWD DP IRVW DQXQDL WUHEXLD
SDUFXUVSHMRVGHRDUHFHQXPDLH[LVWDXPLMORDFHGHWUDQVSRUWSXEOLFH'HDFHHDDPSRUQLWWRLODGUXP
'XSFHDPSUVLWDUFXOGHVFODYLGLQ1HZ2UOHDQV+DUU\LFXPLQHQHDPXUPDWQRXOVWSQSH DOWXULGH)RUG(UDR]LWHULELOGHGRJRULWRDUH+DUU\(OL]DLFXPLQHHUDPQFVOELLLDUWOSLOHQH
VWU]LQYUHPHFH(OL]DSOQJQGLQWRUFQGPHUHXFDSXODIRVWWUWGH)UHHPDQLVOXJLOHOXLSQ HUDX VHQVLELOH GH OD HIHFWHOH YDULROHL $P QDLQWDW QFHW LDU )RUG QHD VSXV V QX QH JUELP FL V QH
DPDMXQVODERUGXOYDSRUXOXLFX]EDWXUL5RGROSKFDUHVHDIODDPDUDWODFKHX'XSQLFLMXPWDWHGHRU DH]PLVQHRGLKQLPGHFWHRULDPILGRULWXQSULYLOHJLXGHFDUHDPSURILWDWGHVWXOGHIUHFYHQW
DYDQVDPLXWHQDPRQWHSH0LVVLVVLSSLQGUHSWQGXQHFWUHXQSXQFWGHSH5XO5RX/DERUGVHPDL 'XS FH DP LHLW GLQ /DPRXULH L DP WUDYHUVDW GRX SODQWDLL XQD DSDULQQG GRPQXOXL &DUQHOO LDU
DIODXGHVWXLVFODYLWRFPDLFXPSUDLGHSHSLDDGLQ1HZ2UOHDQVPLDPLQWHVFGHXQGRPQ.HOVRZ FHDODOWXQXLDQXPHGRPQ)OLQWDPDMXQVOD3LQH:RRGVXQLQXWVOEDWLFFDUHVHQWLQGHSQODUXO
GHVSUHFDUHVHVSXQHDFHUDXQELQHFXQRVFXWSURSULHWDUGHSODQWDLLFXGRPHQLLQWLQVHLFDUHDYHDQ 6DELQH
JULMXQJUXSGHIHPHL PSUHMXULPLOH 5XOXL 5RX VXQW SODWH L POWLQRDVH Q VFKLPE 3LQH :RRGV HVWH R ]RQ GHOXURDV

1XPHOHVWSQXOXLQRVWUXHUD:LOOLDP)RUGLORFXLDSHDWXQFLQ*UHDW3LQH:RRGVGLQSDURKLD QWUHUXSWGHPXOWHYLPLFXHLQXWXOHVWHDFRSHULWGHQXPHURLDUERULVWHMDULDOELFDVWDQLSLWLFLGDUQ
$YR\HOOHV VLWXDW SH PDOXO GUHSW DO 5XOXL 5RX Q LQLPD VWDWXOXL /RXLVLDQD $FWXDOPHQWH HVWH SULQFLSDOSLQLJDOEHQLFDUHVXQWIRDUWHQDOLSQODGRX]HFLGHPHWULLSHUIHFWYHUWLFDOL3GXULOHHUDX
SUHGLFDWRUEDSWLVWQWRDWSDURKLD$YR\HOOHVLPDLDOHVSHDPEHOHUPXULDOHOXL%D\RX%RHXIXQGH SOLQH GH YLWH IRDUWH IULFRDVH L VOEDWLFH FDUH JDORSDX Q WXUPH SXIQLQG VRQRU OD DSURSLHUHD QRDVWU
HVWH PDL ELQH FXQRVFXW FHWHQLL O FRQVLGHU XQ YUHGQLF UHSUH]HQWDQW DO 'RPQXOXL 3RDWH F SHQWUX 8QHOHGLQWUHHOHHUDXQVHPQDWHVDXDUVHFXILHUXOURXGDUUHVWXOSUHDXDILVOEDWLFHQHGRPHVWLFLWH
PXOL FHWHQL GLQ 1RUG LGHHD XQRU LQGLYL]L FDUHL LQ Q URELH IUDLL FD L WUDILFXO GH FDUQH YLH SDU (UDXPDLPLFLGHFWUDVHOHGLQQRUGLDUFHOPDLPXOWPLDXDWUDVDWHQLDFRDUQHOHORUFDUHSRUQHDXGLQ
FRPSOHWLQFRPSDWLELOHFXFRQFHSLLOHORUGHVSUHRYLDPRUDOVDXUHOLJLRDV'LQGHVFULHULOHXQRUDFD SULOHODWHUDOHDOHFDSXOXLLHUDXSHUIHFWGUHSWHFDGRXHSXHGLQILHU
%XUFKL)UHHPDQFDLDOHDOWRUDFDUHYRUILPHQLRQDLXOWHULRUHLVXQWPSLQLVGLVSUHXLDVFLV /DDPLD]DPDMXQVQWURSRLDQRSRULXQHGHIULDWGHVROFXVXSUDIDDGHWUHLSDWUXDFUL3HHDVH
GHWHVWHIUGLVFULPLQDUH QWUHDJDFODV D SURSULHWDULORU GH VFODYL(XDPIRVW QVR YUHPHVFODYXO OXL JVHD R FVX GLQ OHPQ QHYRSVLW XQ SWXO SHQWUX SRUXPE VDX DD FXP L VSXQHP QRL KDPEDU L R
)RUGLDPEHQHILFLDWGHRFD]LDGHDLGHVOXLFDUDFWHUXOLILUHDLGHDFHHDQXJUHHVFGHIHOFQGVSXQ EXFWULHGLQEXWHQLFDUHVHDIODODYUHRFLQFLPHWULGHFDV(UDUHHGLQDGHYDUDGRPQXOXL0DUWLQ
FGXSSUHUHDPHDQDH[LVWDWQLFLFQGXQFUHWLQPDLEOQGPDLQRELOLPDLVLQFHUGHFW:LOOLDP 3ODQWDWRULL ERJDL FDUH DX SURSULHWL PDUL OD %D\RX %RHXI RELQXLHVF V SHWUHDF DQRWLPSXO FDOG Q
)RUG,QIOXHQHOHLUHODLLOHFDUHOQFRQMXUDVHUQWRWGHDXQDODXPSLHGLFDWVYDGUXOLQHUHQWGHOD SGXULOHDFHVWHDXQGHJVHVFDSOLPSHGHLRXPEUQFQWWRDUH3HQWUXSODQWDWRULLGLQDFHDVWSDUWHD
ED]D VLVWHPXOXL 6FODYLHL (O QD SXV QLFLRGDW OD QGRLDO GUHSWXO PRUDO DO XQXL RP GH DO VXSXQH SH LQXWXOXLDVHPHQHDUHIXJLLVXQWHFKLYDOHQWHOHDH]ULORU1HZ3RUWL6DUDWRJDSHQWUXORFXLWRULLERJDLDL
DOWXO3ULYLQGSULQDFHLDLRFKHODULFDLQDLQWDLLOXLHOYHGHDOXFUXULOHQDFHHDLOXPLQGDULGHLOHLDU RUDHORUGLQ1RUG
ILIRVWIUQGRLDOGLIHULWHGDFDUILIRVWFUHVFXWQDOWHFLUFXPVWDQHLDUILEHQHILFLDWGHDOWHLQIOXHQH $PIRVWWULPLLODEXFWULHXQGHQLVDGDWVPQFPFDUWRILGXOFLWXUWHGHPODLLXQFQYUHPH
&XWRDWHDFHVWHDDIRVWXQVWSQPRGHOFDUHDSURFHGDWFRUHFWLQHSUWLQLWRUFRQGXVGHFUHGLQDVDL FHVWSQXO)RUGDOXDWPDVDFX0DUWLQQFDVQJRVSRGULHDPY]XWFLYDVFODYL0DUWLQDLHLWL
QRURFRVDIRVWVFODYXOFDUHDDMXQVQSURSULHWDWHDOXL'DFWRLRDPHQLLDUILFDHO6FODYLDDUILOLSVLW QHDSULYLWODQWUHEDWSH)RUGFWSOWLVHSHQWUXILHFDUHGDFHUDPDJHDPLLLDDPDLGHSDUWHLVD
GHPDLELQHGHMXPWDWHGLQDPUFLXQHDHL LQWHUHVDWQJHQHUDOGHVSUHSLDDGHVFODYL
$P FOWRULW GRX ]LOH L WUHL QRSL OD ERUGXO YDSRUXOXL FX ]EDWXUL 5RGROSK WLPS Q FDUH QX VD 'XSFHQHDPRGLKQLWSHQGHOHWHDPSRUQLWGLQQRXXUPQGGUXPXOVSUH7H[DVFDUHSUHDIRDUWH
QWPSODWQLPLFLQWHUHVDQW(XHUDPFXQRVFXWDFXPFD3ODWWQXPHOHSHFDUHPLOGGXVH%XUFKLFDUH UDUXPEODW&DOHGHRSWNLORPHWULDPPHUVQXPDLSULQSGXULIUV]ULPPFDURFDVQFHOHGLQ
PLDUPDVSHWRDWSHULRDGDURELHL(OL]DIXVHVHYQGXWVXEQXPHOH'UDGH\$DDIRVWWUHFXWQ XUPWRFPDLFQGVRDUHOHFRERUVHPXOWVSUHDSXVDPLQWUDWQWURDOWSRLDQODUJGHGRLVSUH]HFH
DFWXOGHYQ]DUHFWUH)RUGFDUHVHJVHWHDFXPQDUKLYDGLQ1HZ2UOHDQV FLQFLVSUH]HFHDFUL
QWLPSXOFOWRULHLDPUHIOHFWDWQWUXQDDVXSUDVLWXDLHLPHOHLPDPQWUHEDWSHUPDQHQWFDUHDUIL $LFLVHDIODRFDVPXOWPDLPDUHGHFWFHDDGRPQXOXL0DUWLQFXHWDMLYHUDQGQIDQVSDWHOHHL
IRVWFHOPDLEXQSODQSHFDUHODILSXWXWXUPDSHQWUXDHYDGD8QHRULQXGRDUDWXQFLFLLGXSDFHHD VHJVHDXREXFWULHGLQEXWHQLSRLDWSWXOHSHQWUXSRUXPELFWHYDFROLEHSHQWUXQHJULQLPHGLDWD
HUDPJDWDVLGH]YOXLOXL)RUGWRDWHGHWDOLLOHLVWRULHLPHOHLDUDFXPVXQWQFOLQDWVFUHGFDUILIRVW DSURSLHUHVHDIODROLYDGGHSLHUVLFLGDULGHSRUWRFDOLLURGLL7RWXOHUDFRPSOHWQFRQMXUDWGHSGXUH
VSUHEHQHILFLXOPHX$PH[DPLQDWGHPXOWHRULYDULDQWDDFHHDGDUQDPDSOLFDWRQLFLRGDWGHWHDPD LDFRSHULWGHLDUEERJDWLPEHOXJDW/RFXOHUDWFXWVLQJXUDWLFLSOFXWFXDGHYUDWRRD]GH
HHFXOXLSQFQGILQDOPHQWHWUDQVIHUXOPHXLGLILFXOWLOHILQDQFLDUHDOHOXL)RUGDXIFXWRQPRG YHUGHDQVOEWLFLH$FHDVWDHUDUHHGLQDVWSQXOXLPHX:LOOLDP)RUG
YGLWQHVLJXU'XSDFHHDVXEDOLVWSQLWRWDOGLIHULLGH:LOOLDP)RUGDPWLXWSUHDELQHFGDFVH &QGQHDPDSURSLDWDPY]XWSHYHUDQGRIDWJOEXLHODIDQXPHOHHLHUD5RVH$SURSLLQGXVH
YD DIOD FWXL GH SXLQ GHVSUH DGHYUDWD PHD LVWRULH YRL IL WULPLV SH ORF Q DGQFXULOH FHOH PDL GHXHDLDVWULJDWVWSQDFDUHDLHLWQIXJVLQWPSLQHVRXO/DVUXWDWLU]QGODQWUHEDW
QGHSUWDWHDOHVFODYLHL(UDPXQVFODYSUHDVFXPSFDVILXSLHUGXWLHUDPSHUIHFWFRQWLHQWFDYHDP GDFLFXPSUDVHSHQHJURWHL)RUGLDUVSXQVDILUPDWLYDSRLQHDVSXVVRFROLPFDVDVPHUJHPOD
VILXGXVLPDLGHSDUWHQWUXQORFQGHSUWDWSRDWHSHVWHJUDQLD7H[DVXOXLLYQGXWFDYHDXVVH FROLEDOXL6DOO\LVQHRGLKQLP&QGDPGDWFROXOFDVHLDPJVLWRSH6DOO\VSOQGQDSURSLHUHFHL
GRLFRSLODLDLHLVHURVWRJROHDXQLDUE$XVULWQSLFLRUXHLVDXQGUHSWDWVSUHQRLOHJQQGXVH GUXLWR%LEOLHSHFDUHROXDFXHOODPXQFLRFHUFHWDGHFWHRULLHUDSHUPLVXQUJD]GHRGLKQGHL
QHDXSULYLWRFOLSFDRSHUHFKHGHLHSXUDLGXSFDUHDXIXJLWQDSRLODPDPDORUSDUFWHPWRUL LHUDJUHXVQHOHDJRPDUHSDUWHGLQFXYLQWH,DPFLWLWDGHVHDGLQDFHDVWFDUWHRIDYRDUHSHFDUH
6DOO\QHDFRQGXVQFROLELQHDVSXVVQHOVPERFFHOHOHLVQHDH]PILLQGFHUDFRQYLQVF PLDQWRUVRSULQPXOWHH[SUHVLLGHUHFXQRWLQ3LRHQLDOXL6DPDIRVWDGHVHDREVHUYDWGHDOELLFDUH
HUDP RERVLL Q FOLSD DFHHD D LQWUDW Q JRDQ -RKQ EXFWDUXO XQ ELDW GH DLVSUH]HFH DQL PDL QHJUX YHQHDX OD MRDJU LDU UHPDUFD SH FDUH D WUH]LWR Q JHQHUDO D IRVW DFHHD F XQ EUEDW FD )RUG FDUH OH
GHFWRULFHFRUEQHDSULYLWIL[GXSFDUHVDQWRUVIUPFDUVVSXQEXQ]LXDLDIXJLWQDSRLQ QJGXLDVFODYLORUVLVDLE%LEOLLQXHUDGHPQVGHLQQHJURWHL
EXFWULHKRKRWLQGFDLFXPVRVLUHDQRDVWUDUILIRVWRJOXPH[WUDRUGLQDU :LOOLDP)RUGQDSLHUGXWQVQLPLFSULQEXQWDWHDVD$PUHPDUFDWGHDOWIHOLQXGRDURGDWF
'HFXPVDIFXWQWXQHULFLRERVLLGHPHUVXOQGHOXQJDWSHMRV+DUU\LFXPLQHQHDPQIXUDWQ DFHLDFDUHLWUDWDXPDLQJGXLWRUVFODYLLHUDXUVSOWLLFXYROXPXOFHOPDLPDUHGHPXQF2WLXGLQ
SWXUL L QHDP QWLQV SH SRGHDXD FROLEHL &D QWRWGHDXQD JQGXULOH PL VDX QWRUV OD VRLH L FRSLL SURSULDPHDH[SHULHQ(UDPQFQWDWVOVXUSULQGSHVWSQXO)RUGFXXQYROXPGHPXQFPDLPDUH
&RQWLHQWL]DUHDVLWXDLHLQFDUHPDIODPOLSVDGHVSHUDQHDRULFUHLWHQWDWLYHGHDHYDGDSULQSGXULOH GHFW FHO SH FDUH O DWHSWD GH OD PLQH SH FQG OD VWSQLL FDUH LDX XUPDW QLPLF QX P QGHPQD V
QWLQVHGLQ$YR\HOOHVPDSVDXFXSXWHUHWRWXLLQLPDPLHUDDFDVQ6DUDWRJD GHSXQHIRUWXULVXSOLPHQWDUHGHFWELFLXOVXSUDYHJKHWRUXOXL
$P IRVW WUH]LW GLVGHGLPLQHD GH JODVXO VWSQXOXL )RUG FDUH R VWULJD SH 5RVH (D VD JUELW VSUH 'RULQDGHDDX]LDSUREDUHDGLQYRFHDOXL)RUGPLDVXJHUDWRLGHHFDUHLDDGXVSURILW&KHUHVWHDXDSH
FDVXQGHDYHDVPEUDFHFRSLLL6DOO\DSOHFDWVPXOJYDFLOHGHSHFPSQWLPSFH-RKQWUHEOXLD FDUH R SURGXFHDP IXVHVH FRQWUDFWDW SHQWUX D IL OLYUDW Q /DPRXULH 7UDQVSRUWXO VH IFHD SH XVFDW L
QEXFWULHSUHJWLQGPLFXOGHMXQQWUHWLPS+DUU\LFXPLQHDPPHUVSULQFXUWHSULYLQGXQHQRXD UHSUH]HQWDRSDUWHLPSRUWDQWGLQFKHOWXLHOL,QGLDQ&UHHNSHFDUHHUDXVLWXDWHMRDJUHOHHUDXQSUX
UHHGLQ,PHGLDWGXSPLFXOGHMXQLDIFXWDSDULLDXQEUEDWGHFXORDUHFDUHFRQGXFHDWUHLSHUHFKL QJXVWGDUDGQFFDUHVHYUVDQ%D\RX%RHXIQXQHOHORFXULDOELDDYHDOLPHDGHQXPDLWUHLPHWULL
GHERLQMXJDLODXQFDUSOLQFXFKHUHVWHD(UDXQDOWVFODYDOOXL)RUGSHQXPH:DOWRQVRXOOXL5RVH MXPWDWHLHUD]J]XLWIUHFYHQWGHWUXQFKLXULGHFRSDFL%D\RX%RHXIHUDOHJDWGH%D\RX/DPRXULHL
$FHDVWDGLQXUPHUDRULJLQDUGLQ:DVKLQJWRQGHXQGHIXVHVHDGXVFXFLQFLDQLQXUP1RY]XVH 
DPDSUHFLDWFGLVWDQDGHODMRDJUHSQODDFHVWDOGRLOHDED\RX XQGHWUHEXLDVOLYUPFKHUHVWHDXD
QLFLRGDWSH(OL]DGDUDX]LVHGH%HUU\LFXQRWHDLHDDFHOHDLVWU]LLDFHLDLRDPHQLILHSHUVRQDO HUD FX FLYD NLORPHWUL PDL VFXUW SH DS GHFW SH XVFDW 0DP JQGLW F GDF SUXO SXWHD IL IFXW
ILHGHODDOLL6DXPSULHWHQLWUHSHGHLYRUEHDXPXOWGHVSUHWUHFXWLGHVSUHSULHWHQLLFDUHUPVHVHUQ QDYLJDELOSHQWUXSOXWHFRVWXOWUDQVSRUWXOXLVDUILUHGXVVLPLWRU
XUP $GDP7D\GHPXQDOEPLFXFDUHIXVHVHVROGDWQ)ORULGDLFXWUHLHUDVHLQXWXODFHODQGHSUWDWHUD
/DYUHPHDDFHHD)RUGHUDXQRPERJDW3HOQJWHUHQXOGLQ3LQH:RRGVPDLDYHDRH[SORDWDUHPDUH PDLVWUXLVXSHULQWHQGHQWDOMRDJUXOXL(ODFRQVLGHUDWULGLFROLGHHDQV)RUGDSULPLWRIDYRUDELOL
GHFKHUHVWHDOD,QGLDQ&UHHNODDVHDSWHNLORPHWULGHSUWDUHLDUGLQSDUWHDVRLHLRSODQWDLHQWLQVL PDOVDWVQFHUFH[SHULPHQWXO
PXOLVFODYLOD%D\RX%RHXI 'XSFHDPQGHSUWDWWRDWHREVWDFROHOHGHSHFXUVXOGHDSDPFRQVWUXLWXQWUHQGHSOXWHQJXVWH
:DOWRQ YHQLVH FX QFUFWXUD GH FKHUHVWHD GH OD MRDJUXO GH OD ,QGLDQ &UHHN )RUG QHD FHUXW V QH IRUPDWGLQGRLVSUH]HFHEXWHQLQSULYLQDDFHDVWDFUHGFHUDPGHVWXOGHSULFHSXWGHRDUHFHQXXLWDVHP
QWRDUFHPFXHOVSXQQGFQHYDXUPDQVFXUWWLPSQDLQWHGHDSOHFDGRDPQD)RUGPDFKHPDWQ DQLLDQWHULRULGHH[SHULHQSHFDQDOXO&KDPSODLQ$PWUXGLWGLQJUHXGRULQGXPLVUHXHVFDWWSHQWUX
FPDULPLDQPQDWRFOGDUHGLQFRVLWRUSOLQFXPHODVSHQWUXPLQHL+DUU\ DOEXFXUDSHVWSQXOPHXFWLSHQWUXDLGRYHGLOXL$GDP7D\GHPFSODQXOPHXQXHUDFKLDUDWWGH
(OL]DFRQWLQXDVLIUQJPLQLOHLVGHSOQJSLHUGHUHDFRSLLORUHL)RUGDQFHUFDWSHFWDSXWXW IDQWDVPDJRULF SH FW O FDWHJRULVHD HO QHQFHWDW 8Q RP SXWHD GLULMD FX SUMLQD WUHL EXWHQL (X PDP
VRFRQVROH]HDDVLJXUDWRFQXHUDQHYRLHVPXQFHDVFIRDUWHPXOWFSXWHDVUPQFX5RVHLV RFXSDW GH FHL WUHL GLQ IUXQWH L DP QFHSXW V FRERUP SH SUX Q VFXUW YUHPH DP LQWUDW Q SULPXO
RDMXWHSHVWSQODWUHEXULOHFDVHL ED\RXLDPDMXQVDSRLODGHVWLQDLHQWUXQWLPSPDLVFXUWGHFWDQWLFLSDVHP
0HUJQGFX:DOWRQQFDU+DUU\LFXPLQHQHDPPSULHWHQLWGHVWXOGHELQHFXHOFXPXOWQDLQWHV 6RVLUHD WUHQXOXL GH SOXWH Q /DPRXULH D FUHDW VHQ]DLH LDU GRPQXO )RUG PD DFRSHULW GH ODXGH 'LQ
ILDMXQVOD,QGLDQ&UHHN(OHUDVFODYQVFXWDOOXL)RUGGHVSUHFDUHYRUEHDFXEXQWDWHLDIHFLXQH WRDWH SULOH DP DX]LW F 3ODWW DO OXL )RUG HUD FRQVLGHUDW QHJURWHLXO FHO PDL LVWH GLQ 3LQH :RRGV
DDFXPXQFRSLODUYRUELGHVSUHSURSULXOOXLWDW&QGPDQWUHEDWGHXQGHYHQLVHPLDPVSXVFGLQ 
SUDFWLFHUDP)XOWRQ GHSH,QGLDQ&UHHN1DPIRVWLQVHQVLELOIDGHODXGHOHSULPLWHLPDPEXFXUDW
:DVKLQJWRQ $X]LVH PXOWH GHVSUH RUDXO DFHOD GH OD VRLD OXL 5RVH L SH WRDW GXUDWD GUXPXOXL PD
PDL FX VHDP GH WULXPIXO DVXSUD OXL 7D\GHP DOH FUXL ULGLFXOL]UL SH MXPWDWH PDOLLRDVH PL
DVDOWDWFXPXOWHQWUHEULEL]DUHLDEVXUGH
]JQGULVHU PQGULD 'LQ FOLSD DFHHD QWUHJXO FRQWURO DVXSUD DGXFHULL FKHUHVWHOHL OD /DPRXULH D IRVW
/DMRDJUXOGHOD,QGLDQ&UHHNDPJVLWDOLGRLVFODYLDLOXL)RUG6DPL$QWRQ\6DPHUDWRWGLQ
WUHFXWQPLQLOHPHOHSQODWHUPLQDUHDFRQWUDFWXOXL
:DVKLQJWRQLIXVHVHDGXVQDFHODLORWFX5RVH0XQFLVHODRIHUPGHOQJ*HRUJHWRZQ$QWRQ\HUD
,QGLDQ&UHHNFXUJHSHWRDWOXQJLPHDVDSULQWURSGXUHVXSHUE3HPDOXULOHVDOHWULHWHXQWULEGH
ILHUDUGLQ.HQWXFN\LLVOXMHDVWSQXODFWXDOGH]HFHDQL6DPOFXQRWHDSH%XUFKLFQGDDIODWF
LQGLHQLRUPLGH&KLFNDVDZVDX&KLFNRSHHGDFPLDPLQWHVFFRUHFW(LORFXLDXQFROLEHVLPSOH
HOPWULPLVHVHGHOD:DVKLQJWRQDPF]XWLPHGLDWGHDFRUGDVXSUDVXELHFWXOXLH[WUHPHLOXLWLFORLL
FX VXSUDIDD LQWHULRDU GH XQ PHWUX SWUDW FRQVWUXLWH GLQ WUXQFKLXUL GH SLQ L DFRSHULWH FX VFRDU L
7RWHOOWULPLVHVHLSH6DPDLFL
FRQVXPDX FDUQH GH FSULRDU UDWRQ L RSRVXP FDUH DEXQGD Q SGXULOH DFHOHD 8QHRUL IFHDX WURF FX
'XSFH)RUGDVRVLWODMRDJUDPIRVWUHSDUWL]DLODVWLYXLUHDWUXQFKLXULORULWLHUHDEXWHQLORUFHHD
SODQWDWRULL GH SH ED\RX VFKLPEQG YQDWXO SHQWUX SRUXPE L ZKLVN\ 'H RELFHL SXUWDX SDQWDORQL GLQ
FHDPIFXWWRWWLPSXOYHULL
SLHOHGHYLHOLFPLGHYQWRDUHGLQVWDPEYRSVLWHQFXORULILVWLFKLLFDUHVHQFKHLDXGHODEUX
'HRELFHLSHWUHFHDPGXPLQLFLOHQSRLDQXQGHVWSQXOLDGXQDSHWRLVFODYLLQMXUXOOXLLOHFLWHD
SQ VXE EUELH 3H QFKHLHWXULOH PLQLORU DYHDX EUUL GLQ DUDP LDU Q XUHFKL L QDVXUL LQHOH GLQ
L FRPHQWD 6FULSWXULOH (O FXWD V QH LQVXIOH EXQYRLQD ID GH VHPHQLL QRWUL L QFUHGHUHD Q 
'XPQH]HXHQXPHUQGUVSOLOHSURPLVHFHORUFDUHYRUGXFHRYLDFLQVWLWLHYODYLRDV$H]DWQ DFHODLPHWDO+DLQHOHSXUWDWHGHVTXDZ HUDXIRDUWHVLPLODUH,XEHDXPXOWFLQLLLFDLLDYHDXPXOL
SUDJXO FDVHL QFRQMXUDW GH VHUYLWRUL L VHUYLWRDUH FDUHO SULYHDX FX JUDYLWDWH )RUG QH YRUEHD GHVSUH FDLGLQWURUDVPLFLUH]LVWHQWLHUDXFOUHLLVFXVLL&RQIHFLRQDXFSHVWUHOHFKLQJLOHLHLOHGLQ
EXQWDWHD L GUDJRVWHD &UHDWRUXOXL L GHVSUH YLDD FDUH YD YHQL $GHVHD UXJLOH FDUH VH ULGLFDX GH SH SLHLOH QHWEFLWH DOH DQLPDOHORU VFULOH HUDX UHDOL]DWH GLQWUR HVHQ VSHFLDO GH OHPQ $P Y]XW DWW
EX]HOHOXLVSUHFHUXULHUDXVLQJXUHOHVXQHWHFHQWUHUXSHDXVROLWXGLQHDORFXOXL EUEDL FW L IHPHL FDUH SH FOXLL ORU DSUHDX L GLVSUHDX Q SGXUH FX R YLWH] GH QHQFKLSXLW
3HGXUDWDYHULL6DPDGHYHQLWSURIXQGFUHGLQFLRVFRQFHQWUQGXVHLQWHQVDVXSUDUHOLJLHL6WSQDLD XUPQGSRWHFLQJXVWHLQWRUWRFKHDWHLRFROLQGFRSDFLLQWURPDQLHUFDUHSXQHDQXPEUUHDOL]ULOH
FHOHPDLGHVHDPDOHDUWHLHFYHVWUHFLYLOL]DWH&XSGXUHDUVXQQGGHHFRXULOHVWULJWHORUORUUHDSUHDX YHVHOH FD XQRUFDPDUD]LPXULWRULFDUH UVSXQGHDX FDLHO QDLQWHD&UHDWRUXOXLQRVWUXDOWXWXURU0
SHQHDWHSWDWHFXDFHHDLYLWH]QXFLWRDUHFXFDUHSRUQLVHU6DWXOORU,QGLDQ&DVWOHVHDIODSH,QGLDQ JQGHVFODHOFXDIHFLXQHLGDFPLDILDYXWDOWXULIDPLOLDFUHGFDILSXWXWDFFHSWDIUDFUFQL
&UHHNGDUWHUHQXULOHSHFDUHOHFXWUHLHUDXVHQWLQGHDXSQODUXO6DELQH'LQFQGQFQGVRVHDQ VHUYLWXWHD DFHHD EOQG SQ OD FDSWXO ]LOHORU QV QRULL VH VWUQJHDX OD RUL]RQW  YHVWLWRUL DL XQHL
YL]LWFWHXQWULEGLQ7H[DVLDWXQFLXUPDRDGHYUDWSHWUHFHUHQ*UHDW3LQH:RRGVHIXOWULEXOXL IXUWXQLQHPLORDVHFDUHDYHDVVHQSXVWHDVFQVFXUWWLPSDVXSUDPHD(UDPVRUWLWVQGXUQFHUFUL
VHQXPHD&DVFDOODLDUDOGRLOHDQUDQJHUDJLQHUHOHOXL-RKQ%DOWHVHFXDPQGRLGDULFXDOLPHPEUL DPDUHFXPQXPDLVUPDQLLVFODYLOHWLXLVUHQXQODYLDDUHODWLYIHULFLWSHFDUHRFXQRVFXVHPOD
DL WULEXOXL DP IFXW FXQRWLQ Q FXUVXO IUHFYHQWHORU PHOH FOWRULL FX SOXWHOH 6DP L FX PLQH LDP *UHDW3LQH:RRGV
YL]LWDW GH PXOWH RUL GXS FH WHUPLQDP FRUYH]LOH GLQ ]LXD UHVSHFWLY 'GHDX DVFXOWDUH HIXOXL LDU
FXYQWXOOXL&DVFDOODHUDOHJHSHQWUXHL(UDXXQSRSRUSULPLWLYGDULQRIHQVLYLVHEXFXUDXGHYLDDORU
VOEDWLF1XOHSOFHDXWHUHQXULOHGHVFKLVHPDOXULOHGHIULDWHGHSHED\RXSUHIHUQGVVHSLWHDVFQ
XPEUHOHSGXULLOSURVOYHDXSH0DUHOH6SLULWOHSOFHDZKLVN\XOLHUDXIHULFLL
2GDWDPIRVWSUH]HQWODXQGDQVFQGXQWULEGLQ7H[DVDSRSRVLWQVDWXOORU2FSULRDUQWUHDJ
IXVHVHSXVODSURDSGHDVXSUDXQXLIRFPDUHFDUHLD]YUOHDOXPLQDSQKWGHSDUWHSULQWUHFRSDFLL
VXEFDUHVHVWUQVHVHU'XSFHDXIRUPDWXQFHUFDOWHUQQGEUEDLLVTXDZXQVRLGHVFULSFLQGLDQ
DQFHSXWVFQWHRPHORGLHLQGHVFULSWLELO(UDXQVXQHWFRQWLQXXXQGXLWRULFXPYDPHODQFROLFFDUH
YDULDIRDUWHSXLQ'HODSULPDQRWGDFVHSRDWHVSXQHFQFQWHFXODFHODDUILH[LVWDWPDLPXOWGHR
VLQJXU QRW HL DX QFHSXW V VH URWHDVF XPEOQG XQXO GXS DOWXO L VFRQG VXQHWH JXWXUDOH L
PRQRWRQHODIHOGHLQGHVFULSWLELOHFDLPX]LFDVFULSFLL'XSFHDXGHVFULVWUHLDVHPHQHDFHUFXULVDX
RSULWEUXVFDXUFQLWGHDLIL]LVFOHYRUFUSDSOPQLLDSRLDXGHVIFXWFHUFXOLVDXSULQVQSHUHFKL
EUEDW LVTXDZ ILHFDUH VULQG QDSRL FW PDL GHSDUWH SRVLELO DSRL QDLQWH  VDOWXUL SOLQH GH JUDLH SH
FDUH OHDX UHSHWDW GH GRXWUHL RUL GXS FDUH DX UHIFXW FHUFXO L DX UHQFHSXW URWLULOH $SDUHQW
GDQVDWRUXOFHOPDLLVFXVLWHUDFRQVLGHUDWDFHODFDUHUFQHDFHOPDLWDUHVUHDFHOPDLGHSDUWHLVFRWHD
VXQHWHOHFHOHPDLDVXU]LWRDUH'LQFQGQFQGXQXOVDXPDLPXOLGDQVDWRULVHGHVSULQGHDXGLQFHUFL
YHQHDXODIRFXQGHWLDXRIHOLHGHFDUQHGLQFSULRDUDGHSHSURDS
=GUREHDXSRUXPEFXXQSLVORJGLQOHPQQWURJDXUGHIRUPDXQXLPRMDUVFRELWQWUXQFKLXOXQXL
FRSDF F]XW L GLQ PODLXO DFHOD SUHSDUDX WXUWH $OWHUQDX QWUH GDQV L PQFDUH $D DX IRVW WUDWDL
YL]LWDWRULLGLQ7H[DVGHFWUHILLLLILLFHOHRDFKHHGLQQHDPXO&KLFNRSHHLDFHDVWDHVWHGHVFULHUHDXQHL
SHWUHFHULLQGLHQHQ3LQH:RRGVGLQ$YR\HOOHVDDFXPDPY]XWRHX
7RDPQDDPSUVLWMRDJUXOILLQGOXDWVOXFUH]QSRLDQQWUR]LVWSQDODQGHPQDWSH)RUGV
FXPSHUH XQ U]ERL GH HVXW SHQWUX FD 6DOO\ V QFHDS V HDV PDWHULDOH SHQWUX KDLQHOH GH LDUQ DOH
VFODYLORU (O QX WLD XQGH DU SXWHD JVL DD FHYD SQ LDP VXJHUDW F DU IL IRVW PDL VLPSOX VO
FRQVWUXLDVFLQIRUPQGXOQDFHODLWLPSFHUDPXQIHOGHPHWHUEXQODWRDWHLFXSHUPLVLXQHDOXL
D IL QFHUFDW VO IDF HX 0LD DFRUGDWR IU RYLDO L PLD QJGXLW V PHUJ OD XQ SODQWDWRU GLQ
YHFLQWDWHSHQWUXDH[DPLQDXQDVHPHQHDU]ERLQDLQWHGHDQFHSHOXFUDUHD'XSFHODPWHUPLQDW
6DOO\ OD GHFODUDW SHUIHFW 3XWHD V HDV FX XXULQ QRUPD HL ]LOQLF GH GRLVSUH]HFH PHWUL V PXOJ
YDFLOH L VL PDL UPQ L WLPS OLEHU 5]ERLXO GH HVXW D IXQFLRQDW DWW GH ELQH QFW DP SULPLW
VDUFLQDGHDFRQVWUXLLDOWHOHFDUHDXIRVWGXVHODSODQWDLDGHSHED\RX
QYUHPHDDFHHDQSRLDQDVRVLWXQGXOJKHUSHQXPH-RKQ07LEHDWVSHQWUXDH[HFXWDXQHOHOXFUUL
ODFDVDVWSQXOXL$PSULPLWSRUXQFDVRSUHVFOXFUXOODU]ERDLHLVODMXWDVWIHOFWLPSGHGRX
VSWPQL DP IRVW Q WRYULD OXL VRFRWLQG L SRWULYLQG VFQGXUL SHQWUX WDYDQ QWUXFW FDPHUHOH
WHQFXLWHHUDXRUDULWDWHQSDURKLD$YR\HOOHV
-RKQ07LEHDWVHUDRSXVXOOXL)RUGGLQWRDWHSXQFWHOHGHYHGHUH(UDXQEUEDWPLFXLULWDELOLXWHOD
PQLH L UXWFLRV 1X DP DX]LW V IL DYXW YUHXQ GRPLFLOLX VWDELO FL WUHFHD GH OD R SODQWDLH OD DOWD
RULXQGH SXWHD JVL GH OXFUX 1X DYHD QLFLXQ VWDWXW Q FRPXQLWDWH QX HUD VWLPDW GH DOEL L QLFL PFDU
UHVSHFWDWGHVFODYL(UDLJQRUDQWLQSOXVU]EXQWRU$SUVLWSDURKLDFXPXOWQDLQWHDPHDLQXWLX
GDFQSUH]HQWPDLWULHWH&XVLJXUDQQV]LXDFDUHQHDDGXVODRODOWDIRVWXQDQHIHULFLWSHQWUX
PLQH Q WRW WLPSXO SHWUHFXW OD VWSQXO )RUG QX Y]XVHP GHFW SDUWHD OXPLQRDV D 6FODYLHL )RUG QX
DYHD RSDOPJUHDFDUHVQHVWULYHDVF GHSPQW FLDUWDQVXV LQLVH DGUHVD FX YRUEH EODMLQH L
7HUPLQDVHUPPRDUDGHSRUXPEEXFWULDLDOWHOHLOXFUDPODFOGLUHDHVWRULHLFQGPDPIFXW
&DSLWROXO9,,, YLQRYDWGHRIDSWFDUHQVWDWXODFHODVHSHGHSVHDFXPRDUWHD$IRVWSULPDPHDQFLHUDUHFX7LEHDWV
HVWRULD VH DIOD Q OLYDG OD YUHR ]HFH PHWUL GH UHHGLQD OXL &KDSLQ VDX FDVD PDUH DD FXP HUD
3UREOHPHOHOXL)RUG9Q]DUHDFWUH7LEHDWV,SRWHFD3ODQWDLDGRDPQHL)RUGGHSH QXPLWQWURVHDUGXSFHOXFUDVHPSQVHQWXQHFDVHSUHDPXOWFDVPDLYGFHYD7LEHDWVPLD
%D\RX%RHXI'HVFULHUHDOXL%D\RX%RHXI3HWHU7DQQHUFXPQDWXOOXL)RUGQWOQLUHDFX SRUXQFLWVPWUH]HVFGLVGHGLPLQHDVLDXXQEXWRLDGHFXLHGHOD&KDSLQLVQFHSVEDWLQGULOD
(OL]D-DOHDHLGXSFRSLL&KDSLQVXSUDYHJKHWRUXOOXL)RUG$EX]XULOHOXL7LEHDWV SHFOGLUH0DPUHWUDVQFROLEH[WUHPGHRERVLWLGXSFHPLDPSUHJWLWFLQDGLQXQFLWXUWGH
%XWRLDXOGHFXLH3ULPDOXSWFX7LEHDWVQIUQJHUHDLXPLOLUHDOXLQFHUFDUHDGHDP PODLLDPFRQYHUVDWRYUHPHFX(OL]DFDUHRFXSDDFHHDLFROLEODIHOFD/DZVRQLVRLDOXL0DU\L
VSQ]XUD,QWHUYHQLDLGLVFXUVXOOXL&KDSLQ5HIOHFLLWULVWH3OHFDUHDEUXVFDOXL XQ VFODY SH QXPH %ULVWRO PDP QWLQV SH SRGHDXD GLQ SPQW IU V DQWLFLSH] VXIHULQHOH FH P
7LEHDWV&RRNL5DPVH\/DZVRQLFDWUXOPXUJ0HVDMXOFWUH3LQH:RRGV DWHSWDXDGRXD]LQDLQWHVVHOXPLQH]HGH]LXPDIODPSHYHUDQGDFDVHLPDULDWHSWQGDSDULLD
VXSUDYHJKHWRUXOXL&KDSLQGHRDUHFHDOWUH]LGLQVRPQSHQWUXDODQXQDQVUFLQDUHDSHFDUHRSULPLVHP
'LQ QHIHULFLUH :LOOLDP )RUG D QFHSXW V VH FRQIUXQWH FX SUREOHPH ILQDQFLDUH PSRWULYD OXL D IRVW DUILQVHPQDWRQGU]QHDOLPSDUGRQDELO&QGDLHLWGLQFDVPLDPVFRVSOULDLODPLQIRUPDWF
SURQXQDWXQYHUGLFWMXGHFWRUHVFDSVWRUQWUXFWGHSXVHVHFKH]LHSHQWUXIUDWHOHVX)UDQNOLQ)RUG VWSQXO 7LEHDWV PL SRUXQFLVH VL FHU XQ EXWRLD GH FXLH &KDSLQ D LQWUDW Q PDJD]LH D URVWRJROLW
FDUHORFXLDSH5XO5RXPDLVXVGH$OH[DQGULDLQXLSOWLVHGDWRULLOHLHUDQGDWRUDWLOXL-RKQ0 EXWRLDXODIDULDVSXVFGDF7LEHDWVSUHIHUDDOWPULPHGHFXLHVHYDQJULMLVLOHIXUQL]H]HGDUF
7LEHDWV FXRVXPFRQVLGHUDELO SHQWUXFRQVWUXLUHDMRDJUXOXLGHOD ,QGLDQ&UHHN LDXQHLHVWRULL D SQDWXQFLOHSXWHDPIRORVLSHDFHOHD$QFOHFDWDSRLSHFDOXOFDUHDWHSWDQHXDWLOHJDWFXIUXOGH
XQHL PRUL SHQWUX SRUXPE L D DOWRU FRQVWUXFLL SH SODQWDLD GH OD %D\RX %RHXI FDUH QF QX IXVHVHU SRDUWLDSOHFDWSHFPSXUPDWGHVFODYLLDUHXDPSXVEXWRLDXOSHXPUPDPGXVODHVWRULHLDP
WHUPLQDWH'HDFHHDSHQWUXDDFKLWDWRDWHGDWRULLOHUHVSHFWLYHDIRVWQHYRLWVYQGRSWVSUH]HFHVFODYL QFHSXWVEDWLQGULOD
SULQWUHFDUHPDPQXPUDWLHXDSWHVSUH]HFHVFODYLLQFOXVLY6DPL+DUU\DXIRVWFXPSUDLGH3HWHU 3H OD QFHSXWXO GLPLQHLL 7LEHDWV D VRVLW Q ORFXO XQGH OXFUDP FX KUQLFLH Q ]LXD DFHHD SUHD PDL
&RPSWRQXQSODQWDWRUFDUHORFXLDWRWSH5XO5RX PRURFQRVLPDLGH]DJUHDELOFDGHRELFHL(UDVWSQXOPHXSRWULYLWOHJLLHUDSURSULHWDUXOWUXSXOXLPHX
(XQVLDPIRVWYQGXWOXL7LEHDWVIUGRDULSRDWHSHED]DPUXQWHORUPHOHDELOLWLQGXOJKHULH LSXWHDH[HUFLWDDVXSUDPHDXQFRQWUROSHFWGHWLUDQLFODUILQGHPQDWQDWXUDVD'DUQDFHODLWLPS
$VWDVDQWPSODWQLDUQDDQXOXL$FWXOWUHFHULLPHOHGHOD)UHHPDQOD)RUGDDFXPDPJVLWQ QX H[LVWD QLFLR OHJH FDUH PDU IL SXWXW PSLHGLFD VO SULYHVF FX GLVSUH L GHWHVWDP DWW ILUHD FW L
DUKLYDSXEOLFGLQ1HZ2UOHDQVGXSFHPDPQWRUVHUDGDWDWLXQLH/DPRPHQWXOYQ]ULL LQWHOHFWXO&QGDDMXQVODHVWRULHHXWRFPDLYHQLVHPODEXWRLDVPDLLDXFXLH
QWUXFWSUHXOKRWUWSHQWUXPLQHDIRVWPDLPDUHGHFWGDWRULD)RUGDSULPLWRLSRWHFGHSDWUXVXWHGH $PFUH]XWFLDP]LVVQFHSLQGLPLQHDDDVWDSULQDEDWHLQGULOHOHDVSXVHO
GRODUL6XQWQGDWRUDWSHYLDDDFXPVHYDYHGHDPDLWU]LXDFHOHLLSRWHFL 'DVWSQHDVWDIDFDPUVSXQV
0LDPOXDWUPDVEXQGHODSULHWHQLLPHLGLQSRLDQLDPSOHFDWFXQRXOVWSQ7LEHDWVODSODQWDLD 8QGH"DQWUHEDWHO
GH SH %D\RX %RHXI OD SDWUX]HFL L WUHL GH NLORPHWUL GH 3LQH :RRGV SHQWUX D QFKHLD FRQWUDFWXO 'HFHDODOWSDUWHDFDVHL
QHWHUPLQDW%D\RX%RHXIHVWHXQFXUVOHQWLXQGXLWFDUHVHGHVSULQGHGLQ5XO5RXXQXOGLQWUHEUDHOH $RFROLWFDVDLPLDH[DPLQDWSHQWUXRYUHPHPXQFDPRUPLQGQEDUESHWRQXOFXLYDFDUHFDXW
GH DS DSURDSH VWWWRDUH FH VXQW IUHFYHQWH Q LQXWXO DFHOD 3RUQHWH QX GHSDUWH GH $OH[DQGULD LL JUHHOL
XUPHD]WUDVHXOQWRUWRFKHDWFWUHVXGHVWGHSLQGOXQJLPHDGHRSW]HFLGHNLORPHWUL3HDPEHOHPDOXUL 1XLDP]LVDVHDUVLHLXQEXWRLDGHFXLHGHOD&KDSLQ"DL]EXFQLWHOGLQQRX
VH QLUXLH SODQWDLL ODUJL GH EXPEDF L WUHVWLHGH]DKU FDUH VH QWLQG SQ OD KRWDUHOH PODWLQLORU 'DVWSQHLODPOXDWLDUVXSUDYHJKHWRUXODVSXVFGDFGRULLYYDIDFHURVWGHDOWPULPH
LQWHUPLQDELOH/RFXULOHVXQWSOLQHGHDOLJDWRULDVWIHOQFWHVWHSHULFXORVSHQWUXSRUFLVDXSHQWUXFRSLLL FQGVHYDQWRDUFHGHODFPS
VFODYLIUPLQWHVKOGXLDVFQSUHDMPDDSHL/DXQFRWDODFHVWXLED\RXQXGHSDUWHGH&KHQH\YLOOH 7LEHDWVVDGXVODEXWRLDLDH[DPLQDWRFOLSFRQLQXWXODSRLODL]ELWYLROHQWFXSLFLRUXO6DQWRUV
VHDIODSODQWDLDGRDPQHL)RUGIUDWHOHHL3HWHU7DQQHUXQPDUHODWLIXQGLDUWULDSHPDOXORSXV GXSDFHHDVDDSURSLDWIXULRVGHPLQHLDH[FODPDW
&QGDPVRVLWOD%D\RX%RHXIDPDYXWSOFHUHDVPQWOQHVFFX(OL]DSHFDUHQRY]XVHPGH )LUDLDOGFXOXLVILL&UH]XVHPFWHSULFHSLODFHYD
FWHYDOXQL'RDPQD)RUGQXIXVHVHPXOXPLWGHHD(OL]DILLQGPDLSUHRFXSDWVUHIOHFWH]HFXWULVWHH  $P QFHUFDW V IDF DD FXP PLDL VSXV VWSQH LDP UVSXQV 1DP YUXW V JUHHVF FX FHYD
DVXSUD QHIHULFLULORU SHUVRQDOH GHFW V WUHEOXLDVF Q JRVSRGULH L GH DFHHD IXVHVH WULPLV V 6XSUDYHJKHWRUXOD]LV
PXQFHDVFSHSODQWDLH6OELVHIRDUWHPXOWLFRQWLQXDVMHOHDVFSLHUGHUHDFRSLLORU0DQWUHEDWGDF (OQVPDQWUHUXSWFXRDVHPHQHDUHYUVDUHGHVXGOPLQFWQDPPDLSXWXWWHUPLQDIUD]DQFHOH
LXLWDVHPLGHPXOWHRULVHLQWHUHVDGDFPLPDLDPLQWHDPFWGHIUXPXLFHUDPLFXD(PLO\LFW GLQ XUP D SRUQLW VSUH FDV L GXFQGXVH SH YHUDQG D OXDW XQXO GLQWUH ELFHOH VXSUDYHJKHWRUXOXL
GHPXOWRLXEHD5DQGDOOLVHQWUHEDGDFGUDJLLHLPDLWULDXLXQGHSXWHDXIL6HQUXLVHVXESRYDUD %LFLXODYHDPQHUVFXUWGLQOHPQQYHOLWQLUHWXULGLQSLHOHLPDLJURVODXQFDSW&XUHDXDOXQJGH
GXUHULLVXIOHWHWLLQXWDHLJUERYLWLREUDMLLVFRIOFLLLQGLFDXGXUHURVGHFODUFVHDSURSLDGHFDSWXO XQPHWUXHUDIFXWGLQPDLPXOWHILLGHSLHOHQHWEFLW
GUXPXOXLHLLVWRYLWRU /DQFHSXWPDPVLPLWRDUHFXPVSHULDWLSULPXOLPSXOVDIRVWVIXJ1XPDLHUDQLPHQLQMXUFX
6XSUDYHJKHWRUXOOXL)RUGSHSODQWDLDDFHDVWDLUHVSRQVDELOSHQWUXEXQXOHLPHUVHUDXQDQXPHGRPQ H[FHSLDEXFWUHVHL5DFKHOLDVRLHLOXL&KDSLQGDUQLFLXQDGLQWUHHOHQXVH]UHDSHDIDU7RLFHLODOL
&KDSLQXQLQGLYLGPQDWGHEXQWDWHRULJLQDUGLQVWDWXO3HQQV\OYDQLD&DLFHLODOLQXOSULYHDFXRFKL HUDXODFPSWLDPF7LEHDWVLQWHQLRQDVPELFLXLDVFLHUDSULPDGDWFFLQHYDQFHUFDDVWDGH
SUHDEXQLSH7LEHDWVFHHDFHDOWXULGHLSRWHFDGHSDWUXVXWHGHGRODULDQVHPQDWQRURFXOPHX FQG VRVLVHP Q $YR\HOOHV Q SOXV FRQVLGHUDP F QX HUDP YLQRYDW FX QLPLF L F PDL GHJUDE D IL
$FXPHUDPVLOLWVPXQFHVFGLQJUHX'LQ]RULLSQQRDSWHDWU]LXQXPLVHQJGXLDQLFLRFOLSGH PHULWDWVILXOXGDWGHFWSHGHSVLW)ULFDPLVDWUDQVIRUPDWQPQLHLQDLQWHFD7LEHDWVVILDMXQVOD
UJD] &X WRDWH DFHVWHD 7LEHDWV QX HUD QLFLRGDW PXOXPLW FL VXGXLD L VH SOQJHD QWUXQD 1X PLD PLQHKRWUVHPVQXPODVELFLXLWLQGLIHUHQWGDFDVWDDUILQVHPQDWPRDUWHDSHQWUXPLQH
DGUHVDW QLFLRGDW YUHXQ FXYQW EXQ GHL L HUDP VFODY FUHGLQFLRV L FWLJDP ]LOQLF VXPH LPSRUWDQWH QIXUQG FXUHOHOH ELFLXOXL Q MXUXO PLQLL L DSXFQG FDSWXO VXELUH DO PQHUXOXL 7LEHDWV D YHQLW
SHQWUXHOQILHFDUHVHDULQWUDPQFROLEDPHDPSRYUDWGHHSLWHWHDEX]LYHLXVWXUWRDUH VSUHPLQHLFXRSULYLUHSOLQGHUXWDWHPLDSRUXQFLWVPLVFRWFPDD
6WSQH7LEHDWVDPURVWLWSULYLQGXOFXQGU]QHDOQIDQRYRLIDFH JVLQGXPLXXUDUHDGRDUQODFULPLFQGULGLFQGRFKLLODP]ULWSH7LEHDWVQVRLWGHGRLFOUHL
(UDP SH SXQFWXO GH D PDL VSXQH FHYD FD MXVWLILFDUH FQG HO D VULW DVXSUD PHD PD QKDW GH YHQLQGQOXQJXOED\RXOXL$XLQWUDWQFXUWHDXVULWGHSHFDLLVDXDSURSLDWGHPLQHFXELFHPDUL
EHUHJDWFXRPQLDULGLFDWELFLXOSHQWUXDPORYLQDLQWHQVFDORYLWXUDVVHDEDWDVXSUDPHDO XQXOGLQWUHHLSXUWDLXQFRODFGHIUQJKLH
SULQVHVHPGHJXOHUXOKDLQHLLOWUVHVHPVSUHPLQH$SOHFQGXPODPOXDWGHJOH]QLPSLQJQGXO QFUXFLHD]PLQLOHPLDSRUXQFLW7LEHDWVLDDGXJDWRH[SUHVLHDWWGHLQMXULRDVQFWQXHVWH
FXFHOODOWEUDDF]XW6WUQJQGXOGHSLFLRUXOSHFDUHOLQHDPOLSLWGHSLHSWXOPHXDVWIHOQFWFDSXO GHFHQWVRUHSURGXF
LXPHULLOXLGRDUDWLQJHDXSPQWXOPLDPSXVWDOSDSHJWXOVX(UDFRPSOHWQSXWHUHDPHD6QJHOH 1XWUHEXLHVPOHJDLVWSQHDPURVWLW6XQWJDWDVPHUJRULXQGHFXGXPQHDYRDVWU
PL VH XUFDVH OD FDS L SUHD VPL FXUJ FD XQ IRF SULQ YHQH Q IUHQH]LD WXUEULL PHOH L VPXOVHVHP 8QXO GLQWUH WRYDULL OXL D IFXW DWXQFL XQ SDV QDLQWH MXUQGXVH F GDF YRL RSXQH FHD PDL PLF
ELFLXOGLQPQ7LEHDWVVDOXSWDWFXWRDWHSXWHULOHMXUQGXVHFQXYRLPDLDSXFD]LXDGHPLQHLF UH]LVWHQPLYDVSDUJHFDSXOPLYDVPXOJHWRDWHPHPEUHOHWUXSXOXLPLYDUHWH]DEHUHJDWDQHDJU
PLYDVPXOJHLQLPDGLQSLHSWQVDWW]YUFROLULOHFWLDPHQLQULOHLHUDXODIHOGH]DGDUQLFH1XSRW L D IRORVLW PXOWH DOWH H[SUHVLL VLPLODUH QHOHJQG F PSRWULYLUHD DU IL IRVW ]DGDUQLF DP QFUXFLDW
VSXQHGHFWHRULODPEWXW/RYLWXUGXSORYLWXUDXF]XWLXLLJUHOHSHVWHWUXSXOFDUHVH]EWHD$ PLQLOH L DP DWHSWDW XPLO RULFH SHGHDSV HUDX SRUQLL V PLR DSOLFH 7LEHDWV PLD OHJDW DSRL
VWULJDW PXOW  D LSDW P RPRDU  LDU Q FHOH GLQ XUP WLUDQXO EODVIHPDWRU D LQYRFDW QXPHOH QFKHLHWXULOH QIXUQGXOH FX IUQJKLD L VWUQJQGXOH FW PDL SXWHUQLF 'XS DFHHD PLD OHJDW
'RPQXOXLQVDFHODFDUHQXGRYHGLVHQLFLRGDWPLOQDFSWDWR0QHUXOULJLGDOELFLXOXLVDQGRLW JOH]QHOHQDFHODLIHOQWUHWLPSFHLODOLGRLPLDXWUHFXWRIXQLHSHVWHFRDWHSHWUHFQGRQVSDWHLDX
GXSWUXSXOOXLWUHPXUWRUSQFQGDPVLPLWFPGRDUHEUDXOGUHSW OHJDWR VWUDQLF (UD LPSRVLELO VPL FOLQWHVF PLQLOH VDX SLFLRDUHOH &X EXFDWD GH IUQJKLH UPDV
3QQFOLSDDFHHDIXVHVHPSUHDRFXSDWFDVPXLWQMXU2SULQGXPSHQWUXXQPRPHQWDP]ULW 7LEHDWVDIFXWXQODJURVRODQLPLODWUHFXWSHGXSJW
RSHGRDPQD&KDSLQSULYLQGGHODIHUHDVWULSH5DFKHOVWQGQXDEXFWULHL$WLWXGLQLOHORUH[SULPDX LDFXPDQWUHEDWXQXOGLQWUHWRYDULLOXLXQGHOVSQ]XUPSHQHJURWHL"
DJLWDLHLVSDLPLSHWHOHOXL7LEHDWVVHDX]LVHUSQSHFPSL&KDSLQYHQHDQJRDQDFDOXOXL/DP 8QXO D SURSXV R UDPXU FDUH VH QWLQGHD GLQWUXQ SLHUVLF Q DSURSLHUHD ORFXOXL XQGH QH DIODP
PDLL]ELWRGDWVDXGHGRXRULSH7LEHDWVDSRLODPPSLQVGHOQJPLQHFXRORYLWXUGHSLFLRUDWW 7RYDUXOOXLDRELHFWDWVXVLQQGFVHYDUXSHLDSURSXVDOWDQWUXQILQDOVDXKRWUWSHQWUXFHD
GHELQHLQWLWQFWVDURVWRJROLWSHSPQW GLQXUP
6DULGLFDWQSLFLRDUHLVFXWXUQGXLUQDGLQSUPSULYHDDOEODIDGHPQLH1HDPXLWDW QWLPSXOFRQYHUVDLHLORULWRWWLPSXOFWPDXOHJDWQXDPVFRVQLFLXQFXYQW3HWRDWGHVIXUDUHD
XQXOODFHOODOWQWFHUH1XDPVFRVQLFLXQFXYQWSQQXVDDSURSLDW&KDSLQGHQRLQJDORS VFHQHLVXSUDYHJKHWRUXO&KDSLQVDSOLPEDWDJLWDWQDLQWHLQDSRLSHYHUDQG5DFKHOSOQJHDQXD
&HVDQWPSODW"DVWULJDWVXSUDYHJKHWRUXO EXFWULHL LDU GRDPQD &KDSLQ FRQWLQXD V SULYHDVF SH IHUHDVWU 6XIOHWXO PHX HUD JROLW GH RULFH
 6WSQXO 7LEHDWV YUHD V P ELFLXLDVF SHQWUX F DP IRORVLW FXLHOH SH FDUH PL OHDL GDW DP VSHUDQ&XVLJXUDQPLYHQLVHVRURFXO1XDYHDPVPDLYGQLFLRGDWOXPLQD]LOHLQXDYHDPVPDL
UVSXQV YGQLFLRGDWIHHOHFRSLLORUPHLGXOFHDDQWLFLSDUHSHFDUHRRFURWLVHPFXDWWDGUDJQFHDVXOXUPWRU
'HFHQXVXQWEXQHFXLHOHDFHOHD"VDQWRUVHOFWUH7LEHDWV DYHDPVP]EDWQDJRQLDQIULFRWRDUHDPRULL1LPHQLQDYHDVPMHOHDVFQLPHQLQDYHDVP
7LEHDWV D UVSXQV F HUDX SUHD PDUL IU DL DFRUGD QV QLFLR DWHQLH OXL &KDSLQ &RQWLQXD V P U]EXQHQVFXUWYUHPHWUXSXODYHDVPLSXWUH]HDVFQVROXODFHVWDDWWGHQGHSUWDWGHFDVVDX
SLURQHDVFPDOLLRVFXSULYLUHDOXLGHDUSH SRDWHVILHD]YUOLWUHSWLOHORUOXQHFRDVHFDUHPLXQDXSULQDSHOHVWWWRDUHGLQED\RX/DFULPLOHPLV
(XVXQWVXSUDYHJKHWRUXODLFLDQFHSXW&KDSLQ(XLDPVSXVOXL3ODWWVOHLDLVOHIRORVHDVF DXUHYUVDWSHREUDMLGDUQDXDWUDVGHFWXQYDOGHFRPHQWDULLLQVXOWWRDUHGLQSDUWHDFOLORUPHL
LDUGDFQXDXPULPHDSRWULYLWYRLDGXFHDOWHOHFQGPYRLQWRDUFHGHSHFPS1XHVWHYLQDOXL'H QFHOHGLQXUPSHFQGPWUDXVSUHFRSDF&KDSLQFDUHGLVSUXVHSHQWUXPRPHQWGHSHYHUDQG
DVHPHQHDYRLDGXFHFXLHOHGRULWHDWXQFLFQGFRQVLGHUHXGHFXYLLQ6SHUFQHOHJLDVWDGRPQXOH DLHLWGLQFDVLVDQGUHSWDWVSUHQRLLQHDFWHXQSLVWROQILHFDUHPQLGLQFWHPLSRWUHDPLQWL
7LEHDWV GXSDWWDYUHPHDURVWLWIHUPLDSVDWXUPWRDUHOH
7LEHDWV QX LD UVSXQV GDU VFUQLQG GLQ GLQL L VFXWXUQG SXPQXO D MXUDW F VH YD U]EXQD L F 'RPQLORUDPGRDUFWHYDFXYLQWHGHVSXVLDUILELQHVOHGDLDVFXOWDUH&HOFDUHOPDLFOLQWHWH
OXFUXULOHQXVHWHUPLQDVHUQLFLSHGHSDUWHDFROR'XSDFHHDVDQGHSUWDWXUPDWGHVXSUDYHJKHWRULD SHVFODYXODFHVWDGLQORFXOXQGHVHDIODFXPHVWHXQRPPRUWQSULPXOUQGHOQXPHULWXQDVHPHQHD
LQWUDWQFDVFHOGLQXUPYRUELQGXLQWUXQDSHXQWRQVF]XWLQVRLQGXLFXYLQWHOHGHJHVWLFXOUL WUDWDPHQW$UILRUXLQHVILHRPRUWQIHOXODFHVWD1DPFXQRVFXWQLFLRGDWXQELDWPDLFUHGLQFLRV
$PUPDVORFXOXLQHWLLQGGDFHUDPDLELQHVIXJVDXVDWHSWUH]XOWDWXOLQGLIHUHQWFDUHDUILIRVW GHFW3ODWW7LEHDWVYLQDLDSDULQHQXPDLGXPLWDOH(WLXQQHPHUQLFRWLXLPHULLGLQSOLQELFLXLUHD
HOQFHOHGLQXUP7LEHDWVDLHLWGLQFDVLQFOHFQGXLFDOXOVLQJXUDOXLSURSULHWDWHFXH[FHSLD SH FDUH DL FSWDWR Q DO GRLOHD UQG HX VXQW GH DSWH DQL VXSUDYHJKHWRUXO DFHVWHL SODQWDLL L VXQW
PHDDSRUQLWSHGUXPXOVSUH&KHQH\YLOOH VWSQ DLFL Q DEVHQD OXL :LOOLDP )RUG 'DWRULD PHD HVWH GH DL SURWHMD LQWHUHVHOH L DVWD YRL L IDFH
'XSFHDGLVSUXW&KDSLQDLHLWGLQFDVQPRGYL]LELOWXOEXUDWLPLDSRUXQFLWVQXPFOLQWHVF 'XPQHDWDQXHWLUHVSRQVDELOQXHWLGHFWXQRPGHQLPLF)RUGDUHRLSRWHFSHQWUX3ODWWQYDORDUH
LVQXQFHUFVSUVHVFSODQWDLDLQGLIHUHQWGHPRWLYDSRLVDGXVODEXFWULHDFKHPDWRSH5DFKHO GHSDWUXVXWHGHGRODUL'DFOVSQ]XULLYDSLHUGHGDWRULDDFHHD3QFHGDWRULDQXHVWHDFKLWDWQX
LDGLVFXWDWFXHD6DQWRUVODPLQHLSOLQGHVLQFHULWDWHPLDDWUDVGLQQRXDWHQLDVQXIXJVSXQQG DLQLFLXQGUHSWVLLHLYLDD([LVWROHJHSHQWUXVFODYLODIHOFXPH[LVWSHQWUXDOEL1XHWLFXQLPLF
FVWSQXOPHXHUDXQQHWUHEQLFFSOHFDUHDOXLQXHUDGHEXQDXJXULFHUDSRVLELOVDPQHFD]XUL PDL EXQ GHFW XQ XFLJD &W GHVSUH YRL  VD DGUHVDW HO GXS DFHHD OXL &RRN L 5DPVD\ GRL
QDLQWHGHFGHUHDQRSLL,QGLIHUHQWQVGHHYHQLPHQWHDLQVLVWDWHOQXWUHEXLDVPFOLQWHVFGHDFROR VXSUDYHJKHWRUL GH SH SODQWDLLOH YHFLQH  GLVSUHL 'DF LQHL FW GH FW OD YLHLOH YRDVWUH Y VSXQ
6WQG ORFXOXL DP F]XW SUDG XQHL DJRQLL LQGHVFULSWLELOH (UDP FRQWLHQW F P H[SXVHVHP VLQJXU GLVSUHL
XQRU SHGHSVH LQLPDJLQDELOH 5EXIQLULL PHOH H[WUHPH GH IXULH LD OXDW ORFXO XQ GXUHURV VHQWLPHQW GH )U D PDL VSXQH FHYD &RRN L 5DPVD\ DX QFOHFDW L DX SOHFDW 3HVWH FWHYD PLQXWH 7LEHDWV
UHJUHW 8Q VFODY QHDMXWRUDW L IU SULHWHQL  FH SXWHDP VIDF FH SXWHDP VVSXQ SHQWUX D MXVWLILFD HYLGHQW QIULFRDW L LPSUHVLRQDW GH WRQXO IHUP DO OXL &KDSLQ VD IXULDW QFHWLRU FD XQ OD FH HUD L
RULFWGHSXLQDFWXOQJUR]LWRUSHFDUHOFRPLVHVHPGHDLQVXOWDLPDOWUDWDXQDOE$PQFHUFDWVP VXLQGXVHSHFDOLDXUPDWWRYDULL
URJDPQFHUFDWVPLLPSORU7DWO&HUHVFVPVXVLQQVXIHULQDH[WUHPGDUHPRLDPLDVXJUXPDW $PUPDVORFXOXLWRWOHJDWFXIXQLDQMXUXOJWXOXL'XSSOHFDUHDORU&KDSLQDVWULJDWRSH5DFKHO
JODVXO L QDP SXWXW GHFW VPL SOHF IUXQWHD Q PLQL L V SOQJ $P UPDV DD FHO SXLQ R RU L LD SRUXQFLW V DOHUJH SH FPS L VO DQXQH SH /DZVRQ V VH JUEHDVF IU QWU]LHUH VSUH FDV
DGXFQGFXHOFDWUXOPXUJXQDQLPDOPXOWSUHXLWSHQWUXYLWH]DVDQHRELQXLWQVFXUWWLPSELDWXOD
DSUXW
&DSLWROXO,;
 /DZVRQ LD VSXV &KDSLQ SOHDF OD 3LQH :RRGV 6SXQHL VWSQXOXL WX )RUG V YLQ QHQWU]LDW
DLFLVQXDPQHQLFLRFOLS6SXQHLFWLDQFHDUFVOOLQH]HSH3ODWW$FXPJUEHWHWHELHWH 6RDUHOHDU]WRU7RWOHJDW)XQLLOHPLLQWUQFDUQH$JLWDLDOXL&KDSLQ6SHFXODLL
6DMXQJLOD3LQH:RRGVSQODDPLD]FKLDUGDFRPRULFDWUXO 5DFKHOLFDQDGHDS6XIHULQHOHVSRUHVF)HULFLUHDVFODYLHL6RVLUHDOXL)RUG(OWDLH
&KDSLQDLQWUDWQFDVLDVFULVXQSHUPLVGHWUHFHUH&QGVDQWRUV/DZVRQHUDODXFODUHSH IXQLLOHFDUHPOHJDXLPLLDODXOGLQMXUXOJWXOXL6XIHULQD6WUQJHUHDVFODYLORUQ
FDWU$OXDWSHUPLVXODSRLDSOHVQLWFXFUDYDDDQLPDOXODLHLWQJRDQDPDUHGLQFXUWHLSRUQLQGQ FROLED(OL]HL%XQWDWHDORU5DFKHOSRYHVWHWHQWPSOULOHGHSHVWH]L/DZVRQL
JDORSSHED\RXDGLVSUXWGLQYHGHUHPDLUHSHGHGHFWPLDWUHEXLWPLHVGHVFULXVFHQD GLVWUHD]WRYDULLFXUHODWDUHDFOWRULHLVDOH7HPHULOHOXL&KDSLQOHJDWHGH7LEHDWV
QFKLULDWOXL3HWHU7DQQHU3HWHUH[SOLF6FULSWXULOH'HVFULHUHDMXJXOXL

3H PVXU FH VRDUHOH VD DSURSLDW GH DPLD] ]LXD D GHYHQLW LQVXSRUWDELO GH GRJRULWRDUH 5D]HOH OXL
ILHUELQLSUMROHDXVROXO3PQWXODSURDSHFIULJHDWOSLOHFDUHOFOFDX(XHUDPIUKDLQVDXSOULH
FXFDSXOJROH[SXVDULHLFXPSOLWH3LFWXULPDULGHWUDQVSLUDLHPLVHSUHOLQJHDXSHIDPELEQGXPL
SXLQHOHYHPLQWH'LQFRORGHJDUGODPLFGHSUWDUHSLHUVLFLLLDUXQFDXSHLDUEXPEUHOHGHOLFLRVGH
UFRURDVH0LDILVDFULILFDWEXFXURVXQDQGHYLDSHQWUXDILQVWDUHVVFKLPEFXSWRUXODFHODQFLQV
QFDUHVWWHDPFXXQORFVXEFUHQJLOHORU(UDPQVQFRQWLQXDUHOHJDWIXQLDPLDWUQDQMXUXOJWXOXL
LQXPFOLQWLVHPQLFLPFDUFXXQFHQWLPHWUXGLQORFXOXQGHPOVDVHU7LEHDWVLWRYDULLOXL'H
DOWIHOQLFLQDILSXWXWVPFOLQWHVFILLQGFPOHJDVHUIHGHOH$UILIRVWFXDGHYUDWXQOX[GDFD
ILSXWXWPFDUVPUHD]HPGHSHUHWHOHHVWRULHLGDUDFHDVWDVHJVHDGHSDUWHSHQWUXPLQHGHLQXQH
GHVSUHDX QLFL DVH PHWUL 'RUHDP V P QWLQG SH MRV QV WLDP F QX P YRL PDL SXWHD VFXOD
3PQWXOHUDVFRURMLWGHUD]HOHVRDUHOXLLDWWGHQFLQVQFWHUDPSHUIHFWFRQWLHQWFPLYDILLPDL
UX 0DU IL DMXWDW QV HQRUP GDF PLD IL SXWXW VFKLPED FW GH SXLQ SR]LLD 5D]HOH ILHUELQL DOH
VRDUHOXL 6XGXOXL FDUHPL VIUHGHOHDX FDSXO QHSURWHMDW QXPL SURYRFDX WRWXL QLFL MXPWDWH GLQ
VXIHULQHOHSHFDUHOHVLPHDPQPHPEUHOHFHPGXUHDXFXPSOLWQFKHLHWXULOHPLQLORULJOH]QHOHFD
LPXFKLLEUDHORULSLFLRDUHORUQFHSXVHUVVHXPIOHQJURSQGQFDUQHDWXPHILDWIXQLLOHFDUHOH
OHJDX
7RDW ]LXD &KDSLQ VD SOLPEDW QDLQWH L QDSRL SH YHUDQG GDU QX VD DSURSLDW QLFLRGDW GH PLQH
3UHDH[WUHPGHDJLWDWXLWQGXVHQWLODPLQHDSRLODGUXPFDLFXPVDUILDWHSWDWGLQWURFOLSQ
DOWDVDSDUFLQHYD1XVDPDLGXVODFPSDDFXPLHUDRELFHLXO&RPSRUWDPHQWXOOXLWUGDWHDPDF
7LEHDWVVHYDQWRDUFHFXDMXWRDUHPDLPXOWHLPDLELQHQDUPDWHSRDWHSHQWUXDUHQFHSHFRQIOLFWXOL
HUDOLPSHGHFVHSUHJWLVHPLQWDOVPLDSHUHYLDDFXRULFHULVF1DPWLXWQVQLFLRGDWGHFHQXPD
HOLEHUDW GH FH PD OVDW V DJRQL]H] SH WRDW GXUDWD ]LOHL 6XQW VLJXU F QX GLQ FDX]D OLSVHL GH
FRPSWLPLUH 3RDWH F GRUHD FD )RUG VPL YDG IXQLD GLQ MXUXO JWXOXL L PDQLHUD EUXWDO Q FDUH
IXVHVHP OHJDW VDX SRDWH F LQWHUYHQLD OXL ID GH SURSULHWDWHD DOWFXLYD DVXSUD FUHLD QX DYHD QLFLXQ
GUHSWOHJDOSXWHDILXQGHOLFWSDVLELOGHSHGHDSV8QDOWPLVWHUSHFDUHQXODPSXWXWGHVOXLQLFLRGDWD
IRVWPRWLYXOSHQWUXFDUHQDPDLDSUXW7LEHDWV(OWLDIRDUWHELQHF&KDSLQQXLDUILDWLQVQLFLXQILUGH
SU GHFW GDF DU IL LQVLVWDW V P RPRDUH /DZVRQ PLD SRYHVWLW XOWHULRU F DWXQFL FQG WUHFXVH SH
OQJSODQWDLDOXL-RKQ'DYLG&KHQH\L]ULVHSHFHLWUHLFDUHVHQWRUVHVHULVHXLWDVHUGXSHOFXP
JDORSD &UHG F 7LEHDWV SUHVXSXVHVH F /DZVRQ IXVHVH WULPLV GH VXSUDYHJKHWRUXO &KDSLQ SHQWUX DL
DQXQD SH SODQWDWRULL GLQ YHFLQWDWH L DL FKHPD Q DMXWRUXO VX 'H DFHHD IU GRDU L SRDWH HO D
DFLRQDWSRWULYLWSULQFLSLXOXLFPDLEXQHVWHSUHYHGHUHDGHFWFXWH]DQDLVHLQXVHODGHSUWDUH
'DURULFDUHDUILIRVWPRWLYXODFHOXLWLUDQODLWLFORVHVWHPDLSXLQLPSRUWDQW(XFRQWLQXDPVVWDX
VXE GRJRDUHDVRDUHOXL GH DPLD] JHPQGGH GXUHUH 1X PQFDVHPQLPLF FXPXOWQDLQWHGH FUSDWXO
]RULORULGHGXUHUHVHWHLIRDPHQFHSXVHVPFXSULQGDPHHDOD2VLQJXUGDWQSDUWHDFHDPDL
ILHUELQWH D ]LOHL 5DFKHO WHPQGXVH RDUHFXP F DFLRQD PSRWULYD YRLQHL VXSUDYHJKHWRUXOXL VD
DYHQWXUDWOQJPLQHLPLGXVHRFDQFXDSODEX]H)SWXUDDFHHDVILRDVQDWLXWQLFLRGDWLQLFL
QXOHDUILSXWXWQHOHJHGDFOHDUILDX]LWELQHFXYQWULOHFXFDUHDPUVSOWLWRSHQWUXOLFRDUHDDLDFD
XQEDOVDP(DDVSXVGRDU PUWXULVLWFQXVDUPLUDGDF7LEHDWVVDUQWRDUFHSHVWHQRDSWHILLQGFLQWHQLRQDVPRPRDUHL
 6UPDQH 3ODWW FH PLO PL HVWH GH WLQH GXS FDUH VD JUELW V VH QWRDUF OD WUHEXULOH HL FQXVDUILVLQFKLVLWGDFDUILIFXWRQSUH]HQDXQRUPDUWRUL'DFPDUILQMXQJKLDWQLQLPGHID
JRVSRGUHWL FX R VXW GH VFODYL SRWULYLW OHJLORU GLQ /RXLVLDQD QLFLXQXO GLQWUH HL QDU IL SXWXW GHSXQH PUWXULH
6RDUHOHQDQDLQWDWQLFLRGDWDWWGHQFHWSHEROWFDQ]LXDDFHHDLQDUHYUVDWQLFLRGDWUD]HPDL PSRWULYDVD0DPQWLQVSHSRGHDQFDVDPDUHSULPDLXOWLPDGDWQFHLGRLVSUH]HFHDQLDLPHL
DSULJH L PDL VIUHGHOLWRDUH &HO SXLQ DD PL VD SUXW PLH 1X YRL QFHUFD V UHODWH] FH D WUHFXW SULQ GHVFODYLHFQGPLDIRVWDFRUGDWXQDVHPHQHDORFGHRGLKQVRPSWXRVLDPQFHUFDWVGRUP6SUH
PLQWHDPHDDWXQFLQHQXPUDWHOHJQGXULFHDXJRQLWSULQFUHLHUXOPHXWXOEXUDW$MXQJHGRDUVVSXQF PLH]XO QRSLL D QFHSXW V ODWUH XQ FLQH &KDSLQ VD WUH]LW VD XLWDW SH IHUHDVWU GDU QD GHVFRSHULW
QWLPSXODFHOHL]LOHQXDPDMXQVQLFLPFDURGDWODFRQFOX]LDFVFODYXOGLQ6XGKUQLWPEUFDW QLPLFQFHOHGLQXUPFLQHOHDDPXLW&QGVDQWRUVQFDPHUDOXL&KDSLQPLDVSXV
ELFLXLWLSURWHMDWGHVWSQXOVXHVWHPDLIHULFLWGHFWFHWHDQXOGHFXORDUHOLEHUGLQ1RUGLQLFLQ &UHGFQHPHUQLFXOVHIXULHD]SHXQGHYDSHGRPHQLX'DFRVPDLODWUHFLQHOHLHXGRUP
DPDMXQVYUHRGDWODDFHDVWFRQFOX]LH&XWRDWHDFHVWHDFKLDUQ6WDWHOHGLQ1RUGH[LVWPXOLRDPHQL WUH]HWHP
PLORVWLYL L ELQHYRLWRUL FDUH YRU GHFODUD F RSLQLD PHD HVWH JUHLW L YRU QFHSH VL IXQGDPHQWH]H $PIJGXLWFDDYRLIDFH'XSYUHXQFHDVVDXPDLELQHFLQHOHDQFHSXWGLQQRXVODWUHIXULRV
DILUPDLDFXDUJXPHQWH9DL(LQDXEXWQLFLRGDWGLQFXSD6FODYLHLFDPLQH&QGVRDUHOHDPXUJHD DOHUJQGVSUHSRDUWLQDSRL
LQLPD PLD WUHVULW GH R QHVIULW EXFXULH FQG ODP ]ULW SH )RUG FDUH D DSUXW Q FXUWH FX FDOXO &KDSLQDFRERUWGLQSDWIUVDWHSWHVOFKHP'HGDWDDFHDVWDDLHLWSHYHUDQGLDUPDVDFROR
QVSXPDW&KDSLQLDLHLWQDLQWHLGXSFHDXGLVFXWDWSXLQ)RUGDYHQLWGLUHFWODPLQH PXOWWLPS1DSXWXWGHVOXLQVQLPLFLDUFLQHOHVDQWRUVQFXFDOXL3QGLPLQHDDIRVWOLQLWH
6UPDQH3ODWWQFHKDOHWLDXIRVWVLQJXUHOHFXYLQWHFHLDXLHLWGHSHEX]H 'XUHULOH WHULELOH SH FDUH OH VXIHULVHP L VSDLPD SHULFROXOXL LPLQHQW PDX PSLHGLFDW V P RGLKQHVF
 0XOXPHVF 'RPQXOXL DP H[FODPDW HX 0XOXPHVF 'RPQXOXL 'XPQH]HX VWSQH )RUG F DL 'DF7LEHDWVVDQWRUVQWUDGHYUSHSODQWDLHQQRDSWHDDFHHDFXWQGVVHU]EXQHSHPLQHHVWHXQ
VRVLWQFHOHGLQXUP VHFUHWWLXWSRDWHQXPDLGHHO$WXQFLQVDPDYXWLPSUHVLDFODULRDPSQQ]LXDGHD]LFHOD
6FRQGXQFXLWGLQEX]XQDUHOPLDUHWH]DWFXLQGLJQDUHIXQLLOHGLQMXUXOQFKHLHWXULORUEUDHORUL IRVWDFRORQWRWFD]XODYHDILUHDXQXLDVDVLQWUHPXUDQDLQWHDYRUEHORUFXUDMRDVHDOHXQXLRPGDUHUD
JOH]QHORULPLDVFRVODXOGHODJW$PQFHUFDWVSHVFGDUPDPPSOHWLFLWFDXQRPEHDWLDP JDWDVLORYHDVFSHODVSDWHYLFWLPDQHDMXWRUDWVDXQHYLQRYDWDDFXPDPDIODWXOWHULRU
F]XWSHMXPWDWHODSPQW $ GRXD ]L PDP WUH]LW OD FUSDWXO ]RULORU FX GXUHUL Q WRW FRUSXO L RERVLW GHRDUHFH P RGLKQLVHP
)RUGVDQWRUVLPHGLDWQFDVOVQGXPGLQQRXVLQJXU7RFPDLFQGDDMXQVSHYHUDQGDXDSUXW SUHDSXLQ&XWRDWHDFHVWHDGXSFHDPPQFDWPLFXOGHMXQSHFDUHPLOSUHJWLVHU0DU\L(OL]DQ
7LEHDWVLFHLGRLSULHWHQLDLVLFODUH$XUPDWXQGLDORJOXQJ/HSXWHDPDX]LYRFLOHWRQXULOHEOQGH FROLE DP PHUV OD HVWRULH L DP QFHSXW PXQFD GLQ ]LXD DFHHD &D WRL VXSUDYHJKHWRULL &KDSLQ
DOHOXL)RUGVHDPHVWHFDXFXDFFHQWHOHIXULRDVHDOHOXL7LEHDWVGDUQDPSXWXWGLVWLQJHQLFLXQFXYQW RELQXLDFDLPHGLDWGXSFHVHWUH]HDVQFDOHFHFDOXOFDUHLIXVHVHGHMDQHXDWLSUHJWLWOXFUXULGH
3QODXUPFHLWUHLDXSOHFDWVHSDUHQXSUHDQFQWDL FDUHVHRFXSDXQVFODYDQXPHLVSOHFHODFPSQGLPLQHDDDFHDVWDQVDYHQLWODHVWRULHLPD
0DP VWUGXLW V ULGLF FLRFDQXO JQGLQGXP VL DUW OXL )RUG F GRUHDP V OXFUH] VPL UHLDX QWUHEDWGDFOY]XVHPSH7LEHDWV'XSFHLDPUVSXQVQHJDWLYPDDWHQLRQDWFLQGLYLGXODFHODDYHD
PXQFDODHVWRULHGDUXQHDOWDPLDF]XWGLQPQDPRDOH/DFGHUHDQWXQHULFXOXLPDPWUWQFROLE FHYDFHQXLSOFHDHUDGHVWLUSHUHDLFWUHEXLDVILXFXRFKLLQSDWUXQSULYLQDOXLSHQWUXF
LPDPQWLQVSHMRV0VLPHDPQJUR]LWRUWRWWUXSXOPGXUHDLPLHUDXPIODWLDUPLFULOHFHOH DOWIHODYHDVPLIDFUXFQGPDWHSWDPPDLSXLQ
PDLVODEHPLSURGXFHDXFKLQXULGHQHGHVFULV/DVFXUWWLPSVDXQWRUVLVFODYLLGHSHFPS&QGVH &KLDU Q WLPS FH YRUEHD D DSUXW 7LEHDWV $ GHVFOHFDW LD OHJDW FDOXO L D LQWUDW Q FDV 1X P
GXVHVHGXS/DZVRQ5DFKHOOHSRYHVWLVHFHVHQWPSODVH(OL]DL0DU\PLDXILHUWREXFDWGHXQF WHPHDPGHHOFQG)RUGL&KDSLQHUDXQSUHDMPGDUHLQXSXWHDXILPHUHXOQJPLQH
GDUPLSLHULVHSRIWDGHPQFDUH'XSDFHHDDXSUMLWILQGHSRUXPELDXIFXWFDIHD$OWFHYDQDP 9DLFWGHJUHXPDSVDSRYDUDVFODYLHL7UHEXLDVWUXGHVF]LGXS]LVQGXUDEX]XUL]HIOHPHOHL
SXWXWQJKLL(OL]DPDPQJLDWLDIRVWIRDUWHEOQGQVFXUWYUHPHFROLEDVDXPSOXWFXVFODYL6 EDWMRFXULVGRUPSHSPQWXOWDUHVVXE]LVWFXKUDQDFHDPDLJURVRODQEDPDLPXOWVWULHVFFD
DXVWUQVQMXUXOPHXLPLDXSXVPXOWHQWUHEULGHVSUHQWPSODUHDFX7LEHDWVGLQFXUVXOGLPLQHLL VFODYDOXQXLPL]HUDELOQVHWDWGHVQJHGHFDUHWUHEXLDVPIHUHVFGHDFXPQDLQWHPHUHXFXJURD]L
FHUQGGHWDOLLGHVSUHHYHQLPHQWHOHGHSHVWH]L$SRLDVRVLW5DFKHOLQOLPEDMXOHLVLPSOXDUHSHWDW VSDLP 'H FH RDUH QX PXULVHP OD WLQHUHH QDLQWH FD 'XPQH]HX VPL GUXLDVF FRSLL SH FDUH VL
WRWXOLQVLVWQGDSVDWDVXSUDORYLWXULLGHSLFLRUFDUHOURVWRJROLVHSH7LEHDWVODSPQWPRPHQWQFDUH LXEHVFLSHQWUXFDUHVWULHVF"'HFWHQHIHULFLULVXIHULQHLDPUFLXQLDILSXWXWVFSD2IWDPGXS
WRLDXFKLFRWLW'XSDFHHDDGHVFULVFXPDSUXVH&KDSLQFXSLVWRDOHOHLPVDOYDVHLFXPVWSQXO OLEHUWDWHQVODQXOVFODYLHLPOHJDLQXSXWHDILVFXWXUDW1XSXWHDPGHFWVSULYHVFPHODQFROLFVSUH
)RUGWLDVHIXQLLOHFXFXLWXOSDUFFXSULQVGHQHEXQLH 1RUGLVPJQGHVFODPLLOHGHNLORPHWULFDUHVHQWLQGHDXQWUHPLQHLVROXOOLEHUWLLSHFDUHXQRP
QWUHWLPSDYHQLWL/DZVRQFDUHLDUHJDODWFXSRYHVWLUHDGUXPXOXLVXSQOD3LQH:RRGVFXP OLEHUQHJUXQXOHSXWHDVWUEDWH
FDWUXOPXUJOSXUWDVHPDLLXWHGHFWXQIXOJHUSHFHUFXPLXOXLVHSHWRLFXIHOXOQFDUHJDORSDVH QXUPWRDUHDMXPWDWHGHRU7LEHDWVDYHQLWSQODHVWRULHPDSULYLWVIUHGHOLWRUDSRLDSOHFDW
FXPVWSQXO)RUGSOHFDVHQXPDLGHFWVSXQQGF3ODWWHUDXQQHJUXGHWUHDELFHLQXWUHEXLDXVO IUXQ FXYQW 3Q ODDPLD] D VWDW DSURDSH WRW WLPSXOSH YHUDQG FLWLQG RJD]HW L FRQYHUVQGFX
OLQH]HLDQFKHLDWOVQGFODUVVHQHOHDJFQWRDWOXPHDQXPDLH[LVWDDOWRPFDUHVILSXWXW )RUG 'XS SUQ] FHO GLQ XUP D SRUQLW VSUH 3LQH :RRGV L DP XUPULW FX UHJUHW SOHFDUHD OXL GH SH
FUHDDWWDVHQ]DLHSHGUXPRULVUHXHDVFRDVHPHQHDLVSUDYPLQXQDWGHPQGH-RKQ*LOSLQ DD

SODQWDLH
FXPUHXLVHHOQ]LXDDFHHDFXFDWUXOPXUJ QWLPSXO]LOHL7LEHDWVDPDLYHQLWRVLQJXUGDWODPLQHPLDGDWRSRUXQFLDSOHFDW
2DPHQLLDFHLDEXQLODVXIOHWPDXDVLJXUDWGHWRDWVLPSDWLDORUVSXQQGF7LEHDWVHUDXQRPGXUL QVSWPQDDFHHDHVWRULDDIRVWWHUPLQDWGDU7LEHDWVQDIFXWQLFLRREVHUYDLHLQGLIHUHQWFDUHDU
FUXG L VSHUQG F &RQDX )RUG P YD UHDGXFH SULQWUH HL Q IHOXO DFHVWD QHDP WUHFXW WLPSXO IL IRVW GLILFXOWDWHD GXS DFHHD DP IRVW LQIRUPDW F P QFKLULDVH OXL 3HWHU 7DQQHU SHQWUX D OXFUD VXE
GLVFXWQG YRUELQG GLQ QRX L GLQ QRX GHVSUH FDSWLYDQWXO HYHQLPHQW SQ FQG &KDSLQ D DSUXW SH VXSUDYHJKHUHDDOWXLGXOJKHUSHQXPH0\HUV$PSULPLWYHVWHDFXEXFXULHGHRDUHFHHUDPJDWDVSOHF
QHDWHSWDWHQXDFROLEHLLPDVWULJDW RULXQGHQXPDLVVFDSGHSUH]HQDOXLSOLQGHXU
3ODWWD]LVHOQQRDSWHDDVWDYHLGRUPLQFDVDPDUH$GXLSWXUDFXWLQH $D FXP FLWLWRUXO D IRVW GHMD LQIRUPDW 3HWHU 7DQQHU ORFXLD SH PDOXO RSXV DO ED\RXOXL L HUD IUDWHOH
0DP ULGLFDW FW DP SXWXW GH UHSHGH PLDP OXDW SWXUD Q PQ L ODP XUPDW 3H GUXP PLD GRDPQHL )RUG (UD XQXO GLQWUH SODQWDWRULL FX FHOH PDL PDUL SURSULHWL GLQ %D\RX %RHXI L DYHD R
PXOLPHGHVFODYL VFQGXUD LQIHULRDU GXS FDUH VFQGXUD VXSHULRDU HVWH FRERUW L SULQ QFKLGHUHD HL VFODYXO HVWH
$P SOHFDW VSUH HO FX LQLPD GHVFKLV 7DQQHU DIODVH GHVSUH GLILFXOWLOH PHOH UHFHQWH GH IDSW DP LQWXLW ORFXOXL 'H IRDUWH PXOWH RUL Q MXJ QX VXQW LQWURGXVH JOH]QHOH FL JWXO $D VXQW LQXL VFODYLL
EQXLWFEWDLDDSOLFDWOXL7LEHDWVIXVHVHQVFXUWYUHPHWUPELDWSQKWGHSDUWH,QFLGHQWXODFHOD FQGVXQWELFLXLL
DOWXUDW UHXLWHL FX SOXWHOH PL FUHDVH R RDUHFDUH IDLP 1X GRDU R GDW DP DX]LW F 3ODWW )RUG 3RWULYLWVSXVHORUOXL7DQQHU:DUQHU:LOOL0DMRUHUDXKRLGHSHSHQLLQXUHVSHFWDXGXPLQLFLOHLDU
DFWXDOPHQWH3ODWW7LEHDWVILLQGFQXPHOHXQXLVFODYVHVFKLPERGDWFXVFKLPEDUHDVWSQXOXLHUD ILLQGFHOQXDSUREDDVHPHQHDSFDWHDFRQVLGHUDWFHUDGHGDWRULDOXLVLSXQQMXJ'XSFHPLD
XQQHJURWHLGDWGUDFXOXL'DUDYHDPVVWUQHVFLPDLPXOWUXPRDUHDDFXPVHYDYHGHDQFXUQG GDWFKHLD3HWHU7DQQHU0\HUVGRDPQD7DQQHULFRSLLLVDXXUFDWQWUVXULDXSRUQLWVSUHELVHULFD
SULQOXPHDPLFXGLQ%D\RX%RHXI GLQ&KHQH\YLOOH'XSSOHFDUHDORUELHLLPDXUXJDWVOHGDXGUXPXO0LDIRVWPLOGHHLVLYG
3HWHU 7DQQHU VD VWUGXLW VPL LQRFXOH]H LGHHD F HUD XQ WLS VHYHU GHL DP SXWXW VLPL F EWUQXO VWQG SH SPQWXO ILHUELQWH L PLDP DPLQWLW FXP VXIHULVHP HX QVXPL Q VRDUH $P DFFHSWDW VL
GHLQHDXQILORQGHXPRUVQWRV HOLEHUH] GXS FH PLDX SURPLV V UHYLQ Q MXJ LPHGLDW FH OHD IL FHUXWR 5HFXQRVFWRUL SHQWUX
7XHWLQHJURWHLXOFDUHLDELFLXLWVWSQXOGD"PDQWUHEDWHOFQGDPVRVLW7XHWLQHJURWHLXO EOQGHHDSHFDUHRGRYHGLVHPLSHQWUXDPUVSOWLQWURRDUHFDUHPVXUHLQDXSXWXWIDFHDOWFHYD
FDUH ORYHWH FX XWXO LO LQH SH GXOJKHUXO 7LEHDWV GH XQ SLFLRU FD VL DSOLFH R FRUHFLH DDL" $ IL GHFW ELQHQHOHV V P FRQGXF OD SHSHQULH &X SXLQ WLPS QDLQWH GH QWRDUFHUHD OXL 7DQQHU LDP
FXULRVVYGGDFSHPLQHPSRLLQHGHSLFLRUVWLLFDILFXULRV(WLXQSHUVRQDMLPSRUWDQWHWL QFKLVGLQQRXQMXJ&QGDVRVLW7DQQHULDSULYLWSHELHLLDURVWLWFXXQFKLFRWLW
XQQHJURWHLIDLPRVXQQHJURWHLIRDUWHUHPDUFDELODDL"(XWHYRL ELFLXL HX L YRLVFRDWH WRDQHOHGLQ 0FDUD]LQDLPDLKOGXLW2VYQYHXFXPVWDXOXFUXULOH2VYVDWXUHXVPDLPQFDL
FDS'DFYUHLDVWDDMXQJHVPLLGHSLFLRU%LHWHDLFLVDWHUPLQDWFXPHFKHULLOHWDOHDLQHOHV" SHSHQLQ=LXD'RPQXOXLQHJURWHLFDUHQXUHVSHFWDLGXPLQLFD
$FXPGXWHODPXQFSXQJDXOHWDUHQSLFLRUDQFKHLDW3HWHU7DQQHUIUVLSRDWDVFXQGHXQUQMHW 3HWHU7DQQHUVHPQGUHDFXIHOXOVWULFWQFDUHUHVSHFWDVUEWRULOHUHOLJLRDVHHUDGHDOWIHOGLDFRQOD
SHMXPWDWHFRPLFIDGHSURSULXOOXLGXKLVDUFDVP ELVHULF
'XSFHDPDVFXOWDWVDOXWXODFHVWDGHEXQVRVLWDPIRVWSUHOXDWGH0\HUVLDPOXFUDWVXEQGUXPULOH $P DMXQV QV DFXP QWUXQ SXQFW DO SRYHVWLULL PHOH Q FDUH VLPW QHYRLD V ODV GHRSDUWH GHVFULHULOH
VDOHWLPSGHROXQVSUHPXOXPLUHDOXLLPHD YHVHOHSHQWUXDUHODWDHSLVRGXOPXOWPDLJUDYLVHULRVDOFHOHLGHDGRXDOXSWHFXVWSQXO7LEHDWVL
&DLFXPQDWXOVX:LOOLDP)RUG7DQQHUDYHDRELFHLXOGHDOHFLWLVFODYLORUGXPLQLFDGLQ%LEOLHGDU IXJDSULQ0DUHD0ODWLQ3DFRXGULH
QWUXQVSLULWFXPYDGLIHULW(OHUDXQFRPHQWDWRULPSUHVLRQDQWDO1RXOXL7HVWDPHQWQSULPDGXPLQLF
GHGXSVRVLUHDPHDSHSODQWDLHLDFKHPDWSHWRLLDQFHSXWVFLWHDVFGLQ(YDQJKHOLDGXS/XFD
FDSLWROXO&QGDDMXQVODYHUVHWXODSULYLWFXVXEQHOHVQMXULDFRQWLQXDW
,DUVOXJDDFHHDFDUHDWLXWYRLDVWSQXOXL
$LFLVDRSULWLVDXLWDWGLQQRXQMXUFXLPDLPXOWVXEQHOHVGXSFDUHDFRQWLQXDW
LQXVDSUHJWLW
$OWSDX]
QLFLQDIFXWGXSYRLDOXLYDILEWXWPXOW
'XSDFHHDDWFXWLDQWUHEDWDSVDW

 $L DX]LW" 9D IL EWXW PXOW D UHSHWDW HO OHQW L DSVDW LD VFRV DSRL RFKHODULL DD FXP IFHD
QWRWGHDXQDQDLQWHGHDIDFHFRPHQWDULL1HJURWHLXOFDUHQXDUHJULMFDUHQXLDVFXOW'RPQXODGLF
SH VWSQXO OXL  QHOHJHL"  QHJURWHLXO DFHOD YD IL EWXW PXOW 0XOW VWD QVHDPQ IRDUWH PXOW
SDWUX]HFLRVXWRVXWFLQFL]HFLGHORYLWXULGHELFL$DVFULHOD6FULSWXU
3HWHUDFRQWLQXDWPXOWYUHPHVOPXUHDVFVXELHFWXOSQODHGLILFDUHDFRPSOHWDDXGLHQHLVDOH
IRUPDWGLQRDPHQLGHFXORDUH
'XSFHDWHUPLQDWSUHGLFDDFKHPDWWUHLVFODYL:DUQHU:LOOL0DMRUGXSFDUHPDVWULJDWSHPLQH
3ODWWWXODLLQXWSH7LEHDWVGHSLFLRDUH$FXPRVYGGDFLSRLLQHSHSXQJDLLWLDODIHO
SQPQWRUFGHODVOXME
/HD SRUXQFLW GXS DFHHD V PHDUJ OD MXJ XQ RELHFW GHV QWOQLW SH SODQWDLLOH GLQ LQXWXO 5XOXL
5RX-XJXOHVWHIFXWGLQGRXVFQGXULFHDLQIHULRDUHVWHIL[DWODFDSHWHOHDGRLVWOSLVFXULFDUH
VXQWEWXLQSPQWLDUQODWXUDHLGHVXVVXQWWLDWHVHPLFHUFXULGLVSXVHODGLVWDQHHJDOH6FQGXUD
VXSHULRDUHVWHSULQVGHXQXOGLQWUHVWOSLSULQWUREDODPDDVWIHOQFWSRDWHILGHVFKLVVDXQFKLVOD
IHOFDODPDXQXLEULFHDJ3HODWXUDHLGHMRVVXQWGHFXSDWHVHPLFHUFXULFRUHVSRQGHQWHDVWIHOQFWDWXQFL
FQG FHOH GRX VFQGXUL VXQW QFKLVH VH IRUPHD] XQ LU GH JXUL GHVWXO GH PDUL SHQWUX D QFSHD
SLFLRUXOXQXLQHJUXGHDVXSUDJOH]QHLGDUQXGHVWXOGHPDULFDVLQJGXLHVOVFRDW&HOODOWFDSWDO
VFQGXULL VXSHULRDUH FHO RSXV EDODPDOHL HVWH SULQV GH VWOSXO VX FX ODFW L FKHLH 6FODYXO VW SH
SPQW L VFQGXUD VXSHULRDU HVWH GHVFKLV DSRL SLFLRDUHOH OXL VXQW DH]DWH SH VHPLFHUFXULOH GLQ
DXFLGH3DUFDILLQXWGHJWXQDUSHFDUHDWHSWDFHDPDLXRDUUHOD[DUHDVWUQJHULLPHOHSHQWUXFD
&DSLWROXO; VPLVHQIRDUHQMXUXOWUXSXOXLVWULYLQGXPLRPRUQGXP0DPJQGLWVUFQHVFVSHUQGF
FLQHYD PDU SXWHD DX]L GDU &KDSLQ HUD SOHFDW LDU VFODYLL HUDX SH FPS QX H[LVWD QLPHQL FDUH V QH
QWRDUFHUHDOD7LEHDWV,PSRVLELOLWDWHDGHDOPXOXPL(OPDWDFFXXQWRSRU/XSWD SRDWYHGHDVDXDX]L
SHVWHVHFXUHDPDUH,VSLWDGHDORPRU)XJDSHVWHSODQWDLH2EVHUYDLLOHGHSHJDUG *HQLXOFHOEXQFDUHSQDWXQFLPIHULVHGHYLROHQGHDOXQJXOYLHLLPLDGDWQFOLSDDFHHDRLGHH
7LEHDWVVHDSURSLHFXFRSRLL(LPLLDXXUPD/WUWXULOHORUDVFXLWH$SURDSHFP VDOYDWRDUH 3ULQWUR ORYLWXU GH SLFLRU SXWHUQLF L QHDWHSWDW ODP IFXW SH 7LEHDWV V FDG JHPQG
SULQG$MXQJODDS&RSRLLVXQWGHUXWDLHUSLLPRFDVLQLGHDS$OLJDWRULL1RDSWHD QWUXQJHQXQFKLGXSFDUHLDPHOLEHUDWJWOHMXODPOXDWWRSRULFDLDPD]YUOLWRFWPDLGHSDUWH
Q0DUHD0ODWLQ3DFRXGULH6XQHWHOHQDWXULL5XWDVSUHQRUGYHVW,HLUHDQ3LQH QQHEXQLWGHIXULHQWUDWWGHVFRVGLQPLQLQFWLSLHUGXVHFRPSOHWX]XOUDLXQLLDDSXFDWGHSH
:RRGV6FODYXOLWQUXOOXLVWSQ6RVLUHDOD)RUG+UDQLRGLKQ MRVREXFDWGHVWHMDUDOEOXQJGHXQPHWUXLMXPWDWHLFXFLUFXPIHULQDSHFWGHPDUHLRSXWHDX
FXSULQGHGHJHWHOH6DQSXVWLWGLQQRXVSUHPLQHLGLQQRXLDPLHLWQDLQWHODPSULQVGHPLMORFL
/DVIULWXOOXQLLQWUXFWVHUYLFLLOHPHOHQXPDLHUDXQHFHVDUHSHGRPHQLXOOXL7DQQHUDPIRVWWULPLV ILLQG PDL SXWHUQLF GHFW HO ODP GRERUW OD SPQW 'LQ SR]LLD DFHHD LDP VPXOV EXO GLQ PQ L
QDSRLODVWSQXOPHXSHFDUHODPJVLWDQJDMDWQFRQVWUXLUHDSUHVHLGHEXPEDF$FHDVWDHUDVLWXDWOD ULGLFQGXPODPDUXQFDWLSHDFHVWDFWPDLGHSDUWH
FHYD GHSUWDUH GH FDVD PDUH QWUXQ ORF GHVWXO GH L]RODW $P QFHSXW V PXQFHVF GLQ QRX DOWXUL GH (OVDVFXODWLPHGLDWLVDUHSH]LWODVHFXUHDPDUHGHSHEDQFXOGHOXFUX'LQIHULFLUHSHVWHODPDHL
7LEHDWV ILLQG Q PDMRULWDWHD WLPSXOXL GRDU HX VLQJXU FX HO 0LDP DPLQWLW FXYLQWHOH OXL &KDSLQ ODWVWWHDRVFQGXUJURDVDVWIHOQFWQDSXWXWVRVFRDWQDLQWHFDHXVLVDUQVSDWH$SVQGXO
DWHQLRQDUHDOXLVIDWXOGHDILFXRFKLLQSDWUXSHQWUXFDQXFXPYDQWUXQPRPHQWGHQHDWHQLHVILX FXWRDWSXWHUHDSHVWHVFQGXUSHQWUXFDVHFXUHDVVHQHSHQHDVFLPDLPXOWPDPF]QLWGDUQ
UQLW 9RUEHOH DFHOHD PL VH QWLSULVHU Q PLQWH DD F DP WULW QWUR VWDUH QFRUGDW GH QHOLQLWH L YDQVLGHVSULQGGHJHWHOHGHSHFRDGDHL$PUPDVDPQGRLQSR]LLDDFHHDSUHGHFWHYDPLQXWH
WHDP&XXQRFKLPLSULYHDPPXQFDLDUFXFHOODOWPXLWDPGXSVWSQXOPHX$PGHFLVVQXL QYLDDPHDQHIHULFLWH[LVWDVHUFHDVXULLQXSXLQHQFDUHIXVHVHGHDGUHSWXOSOFXWVFRQWHPSOX
RIHUQLFLXQPRWLYGHLULWDUHVPXQFHVFFXLPDLPXOWVSRUGDFHUDSRVLELOGHFWRIFXVHPGHMDV PRDUWHDFDSHXQVIULWDOQHIHULFLULORUSPQWHWLLPRUPQWXOFDSHXQORFGHRGLKQSHQWUXWUXSXO
QGXURULFHDEX]XULODFDUHDILIRVWVXSXVPDLSXLQYWPULOHFRUSRUDOHXPLOLUEGWRUVSHUQGVL RERVLWLX]DW$VWIHOGHFRQWHPSOULGLVSDUQVQIDDSHULFROXOXL1LFLXQRPDIODWQWRDWHSXWHULOHVDOH
GRPROHVFQWUXFWYDFRPSRUWDPHQWXOIDGHPLQHSQYDYHQLFOLSDELQHFXYQWDWQFDUHVILXVDOYDW 
QXSRDWHUPQHQHQIULFDWQSUH]HQDJURD]QLFXOXLPSUDW 9LDDHVWHVFXPSSHQWUXRULFHISWXU
GLQJKHDUHOHOXL YLHSQLYLHUPHOHFDUHVHWUWHQSPQWVHYDOXSWDSHQWUXHD,DUQFOLSDDFHHDYLDDHUDVFXPS
Q D WUHLD GLPLQHD GXS UHYHQLUHD PHD &KDSLQ D SUVLW SODQWDLD GXFQGXVH OD &KHQH\YLOOH SHQWUXPLQHDDQURELWLPDOWUDWDWFXPHUDP
XUPQG V VH QWRDUF DELD SH QVHUDW Q GLPLQHDD DFHHD 7LEHDWV D DYXW XQXO GLQWUH DFFHVHOH OXL 1HUHXLQG VL GHVFOHWH] PQD OXL 7LEHDWV ODP SULQV GLQ QRX GH JWOHM GDU GH GDWD DFHDVWD ODP
SHULRGLFHGHSURDVWGLVSR]LLHLLULWDUHFDUHODSXFDXIUHFYHQWLFDUHOIFHDXQFLPDLGH]DJUHDELO VWUQVFDRPHQJKLQSQFHWUHSWDWDGHVIFXWVLQJXUGHJHWHOH$GHYHQLWPRDOHFDRFUS&KLSXO
LYHQLQRVFDGHRELFHL FDUHLIXVHVHDOEGHIXULHHUDDFXPYQWGHVXIRFDUH2FKLLGHDUSHFDUHVFXLSDVHUDWWDYHQLQHUDX
&DPSHODRUDQRXGLPLQHDDSHFQGOXFUDPFXJHDOXOODXQDGLQWUHJULQ]LOHFXFDUHXUXEXOSUHVHL DFXPSOLQLGHJURD]GRXELOHDOEHLPDULFDUHLHHDXGLQJYDQH
HUDQYUWLWGHFDWUL7LEHDWVVHDIODODEDQFXOGHOXFUXLSRWULYHDXQPQHUODGDOWDFXFDUHPDLGHYUHPH Q LQLPD PHD SQGHD XQ GHPRQ FDUH P QGHPQD V XFLG SH GDW ILDUD DFHDVWD RPHQHDVF V
WLDVHILOHWXOXUXEXOXL FRQWLQXLVLVWUQJJUXPD]XOEOHVWHPDWSQFHLSLHUHDUVXIODUHDYLHLL1XQGU]QHDPVORPRULQX
1RJHOXLHWLQGHDMXQVGHDGQFDVSXVHO QGU]QHDP VO ODV V WULDVF 'DFO XFLGHDP WUHEXLD V SOWHVF FX SURSULDPL YLD GDF HO WULD
(VWHODQLYHOFXOLQLDLDPUVSXQV YLDDPHDLDUILVDWLVIFXWU]EXQDUHD2YRFHOXQWULFPLDRSWLWVIXJ6ILXUWFLWRUSULQPODWLQL
0LQLDIXULVLWXOHDH[FODPDWHOFXQYHUXQDUH XQIXJDUXQYDJDERQGSHIDDSPQWXOXLHUDSUHIHUDELOYLHLLSHFDUHRGXFHDP
%LQHVWSQHDPQFXYLLQDWPSFLXLWRU2YRLJHOXLPDLDGQFGDFDDVSXL QVFXUWWLPSDPDMXQVODRKRWUUHLD]YUOLQGXOSH7LEHDWVGHSHEDQFXOGHOXFUXSHSPQWDP
3HGDWPDPDSXFDWVIDFDDFXPEQXLDPFGRUHDQVQDLQWHGHDILQGHSUWDWXQUQGGHWDOD VULWJDUGXOGLQDSURSLHUHLDPWUDYHUVDWQJUDESODQWDLDWUHFQGSHOQJVFODYLLFDUHPXQFHDXSH
HO D UFQLW UHSURQGXPL F DFXP JHOXLVHP SUHD DGQF F JULQGD HUD SUHD VXELUH L F R VWULFDVHP FPSXOGHEXPEDF$PDOHUJDWFXWRDWYLWH]DLGXSYUHRFLQFLVXWHGHPHWULDPDMXQVODPDUJLQHD
FRPSOHW$XXUPDWDSRLVXGDOPHLEOHVWHPH0KRWUVHPVIDFH[DFWDDFXPPLDUILSRUXQFLWQV SGXULL6XLQGXPSHXQJDUGQDOWDPSXWXW]ULSUHVDGHEXPEDFFDVDPDUHLVSDLXOGLQWUHHOH(UD
QLPLFQXODUILPXOXPLWSHEUEDWXODFHODLUDLRQDO7FXWLQJUR]LWDPUPDVOQJJULQGFXJHDOXO RSR]LLHH[FHOHQWGLQFDUHSXWHDPYHGHDWRDWSODQWDLD/DP]ULWSH7LEHDWVWUDYHUVQGFPSXOVSUH
QPQQHWLLQGFXPVSURFHGH]LQHFXWH]QGVVWDXIUVPXQFHVF)XULDOXLDFUHVFXWGHYHQLQG FDVDSRLLQWUQGGXSFDUHDLHLWFXDXDQPQDSXVRSHFDOLVDQGHSUWDWQJDORS
YLROHQW SQ FH FX R EODVIHPLH DWW GH QVSLPQWWRDUH FXP QXPDL HO SXWHD URVWL 7LEHDWV D OXDW R (UDPQHIHULFLWGDUUHFXQRVFWRU5HFXQRVFWRUFYLDDPLIXVHVHFUXDWQHIHULFLWLGHVFXUDMDWGH
WRSRULFGHSHEDQFXOGHOXFUXLVDUHSH]LWFWUHPLQHMXUQGFPLYDFUSDFDSXO FHHDFHPDWHSWD&HDYHDVVHQWPSOHFXPLQH"&LQHDYHDVPDMXWH"QFRWURDUILWUHEXLWVIXJ"
$IRVWXQPRPHQWGHYLDVDXGHPRDUWH/DPDDVFXLWLVWUOXFLWRDUHDWRSRULWLLDVFOLSLWQVRDUH 2K'RDPQH7XFDUHPLDLGDWYLDLDLVGLWGUDJRVWHDGHYLDQLQLPDPHDSHFDUHDLXPSOXWRFX
QWURFOLSDYHDVPLILHQILSWQFUHLHULWRWXLQFOLSLWDDFHHDDWWGHLXWHDOHDUJJQGXULOHXQXL VHQWLPHQWHDDFXPDXWRLRDPHQLLISWXULOH7DOHQXPXLWD$LPLOGHVUPDQXOVFODYQXPOVDV
RP Q DVHPHQHD PRPHQWH GH VSDLP  DP MXGHFDW 'DF UPQHDP QHPLFDW VRDUWD DYHD VPL ILH SLHU'DF7XQXPYHLDSUDYRLILSLHUGXWIUGRDULSRDWH$VWIHOGHUXJPLQLWFXWHLQHURVWLWH
SHFHWOXLWGDFIXJHDPH[LVWDXQRX]HFLODVXWDQVHFDWRSRULFD]EXUQGGLQPQDOXL7LEHDWVFXR VDX ULGLFDW GLQ DGQFXO LQLPLL PHOH FWUH FHUXUL QV QX PLD UVSXQV QLFLXQ JODV GLQ QOLPL QD
SUHFL]LHQHPLORDVLXFLJDVPL]EHDVFQVSDWH1XH[LVWDGHFWXQVLQJXUFXUVGHXUPDW6ULQG SRJRUWQLFLRYRFHEOQGLGXOFHFDUHVLRSWHDVFVXIOHWXOXLPHX(XVXQWQXWHWHPH6HSUHDF
VSUHHOFXWRDWSXWHUHDPHDLQWOQLQGXQHDVWIHOODMXPWDWHDGUXPXOXLQDLQWHFD7LEHDWVVILSXWXW 'RPQXOPGGXVHXLWULLFHUDPFHOPDLGHWHVWDWLGLVSUHXLWGLQWUHRDPHQL
FRERU EUDXO SHQWUX DL DEDWH ORYLWXUD ODP SULQV FX R PQ GH EUDXO ULGLFDW LDU FX FHDODOW ODP 'XS WUHL VIHUWXUL GH FHDV FLYD VFODYL DX VWULJDW L PLDX IFXW VHPQH V IXJ 8LWQGXP FWUH
QKDWGHEHUHJDW$PVWDWDDIL[QGXQHXQXOSHFHOODOWFXSULYLULOHQRFKLLOXLSXWHDPFLWLVHWHDGH ED\RXODPY]XWSH7LEHDWVQVRLWGHDOLGRLFOUHLFDUHVHDSURSLDXQJDORSXUPDLGHRKDLWGH
FLQL  V WRW IL IRVW YUHR RSW]HFH 'HL HUDX GHSDUWH LDP UHFXQRVFXW DSDULQHDX SODQWDLHL YHFLQH FDUHPLDWUQDQMXUXOJOH]QHL
&LQLLIRORVLLSH%D\RX%RHXISHQWUXYQDUHDVFODYLORUVXQWXQVRLGHFRSRLGDUGLQWURUDVPXOWPDL $PY]XWGHDVHPHQHDPXOLDOLJDWRULPDULLPLFLSOXWLQGQDSVDXQWLQLSHWUXQFKLXULGHFRSDFL
VOEDWLFGHFWSRDWHILQWOQLWQ6WDWHOHGLQ1RUG/DSRUXQFDVWSQXOXLORUFRSRLLDFHWLDLDWDFSH =JRPRWHOHSHFDUHOHIFHDPLVSHULDXLVHQGHSUWDXDIXQGQGXVHQORFXULOHFHOHPDLDGQFLQV
QHJUL LL QILJ FROLL Q HL DD FXP EXOGRJXO RELQXLW L QILJH FROLL QWUXQ DQLPDO L QXL PDL G XQHRULQLPHUHDPGLUHFWOQJFWHXQDVHPHQHDPRQVWUXIUVOILREVHUYDWGLQGHSUWDUHQDVWIHOGH
GUXPXO /WUWXULOH ORU VRQRUH VXQW DX]LWH IUHFYHQW Q PODWLQL L DWXQFL VH IDF VSHFXODLL GHVSUH ORFXO FD]XULPUHWUJHDPLGHVFULDPXQRFROQMXUXOORUQOLQLHGUHDSWHLSRWDOHUJDFXLXHDOSHGLVWDQH
XQGHYDILSULQVIXJDUXOWRWDDFXPXQYQWRUGLQVWDWXO1HZ<RUNVHRSUHWHLLDVFXOWFLQLLFDUH PLFLGDUQXSRWVFRWHDVFQWURFXUVQWRUWRFKHDWQXHVWHJUHXVVFDSLGHHL
KPLHGHRSDUWHLGHDOWDDXQXLGHDOLOHVSXQHWRYDULORUVLXQGHYDILSULQVYXOSHD1DPDX]LW 3HODRUDGRXDDPLH]LLDPDX]LWXOWLPXOOWUDWDOFRSRLORU3UREDELOFQXWUDYHUVDVHUED\RXO8G
QLFLRGDWGHYUHXQVFODYFDUHVILVFSDWFXIXJDGLQ%D\RX%RHXI8QXOGLQWUHPRWLYHHVWHDFHODFQX OHRDUFLRERVLWGDUQDFHODLWLPSHOLEHUDWGHVHQWLPHQWXOSHULFROXOXLLPHGLDWDPPHUVPDLGHSDUWH
DXIRVWQYDLVQRDWHLQXVXQWQVWDUHVWUDYHUVH]HQLFLFHDPDLPLFDS,QGLIHUHQWGHGLUHFLDQ FHYDPDLSUHFDXWLPDLDWHQWODHUSLLDOLJDWRULGHFWIXVHVHPQSULPDSDUWHDIXJLLPHOH$FXPFQG
FDUHDUIXJLYRUDMXQJHSQODXUPODXQED\RXXQGHVXQWFRQIUXQWDLFXLQHYLWDELODDOWHUQDWLYILHVH DMXQJHDPODXQRFKLGHPOORYHDPPDLQWLDSDFXXQE'DFVXSUDIDDVHPLFDRFROHDPORFXO
QHDFILHVXQWGRERULGHFLQLQWLQHUHHHXDPH[HUVDWQUXULOHOLPSH]LFDUHFXUJSULQLQXWXOPHX UHVSHFWLYGDFQXPDYHQWXUDPVOWUDYHUVH]
QDWDOSQDPGHYHQLWXQQRWWRUH[SHULPHQWDWLPVLPHDPQODUJXOPHXQHOHPHQWXODFYDWLF Q FHOHGLQXUP VRDUHOH D DPXUJLWL WUHSWDW PDQWLD QRSLL D QYOXLWQ EH]Q PODWLQD XULD (X
$P UPDV FRFRDW SH JDUG SQ FQG FLQLL DX DMXQV OD SUHVD GH EXPEDF 'XS QF R VHFXQG QV QX PDP RSULW PSOHWLFLQGXP QHOLQLWLW Q ILHFDUH FOLS F YRL VLPL PXFWXUD GH WHPXW D
OWUWXULOHORUSUHOXQJLLVOEDWLFHDXDQXQDWFPLOXDVHUXUPD6ULQGGHODORFXOPHXDPIXJLWVSUH PRFDVLQXOXLVDXFYRLIL]GURELWQWUHIOFLOHXQXLDOLJDWRULULWDW6SDLPDGHHLDSURDSHFHJDODDFXP
PODWLQ7HDPDPLGGHDQRLIRUHLOHDPH[SORDWDWODPD[LPXP/DILHFDUHFWHYDFOLSHSXWHDPDX]L IULFDGHFRSRLLXUPULWRUL'XSRYUHPHDUVULWOXQDLOXPLQDHLEOQGVDVWUHFXUDWSULQWUHUDPXULOH
KPLWXULOH&LQLLVHDSURSLDXGHPLQH3DUFILHFDUHOWUDWUVXQDQFLPDLDSURDSH'LQWURFOLSQ FDUHFRERUDXSHVWHDSHQFUFDWHFXPXFKLOXQJLFHDWUQDX1XPDPRSULWGHFWGXSPLH]XOQRSLL
DOWDPDWHSWDPVPLVDUQVSDWHPDWHSWDPVOHVLPWFROLLOXQJLQILJQGXPLVHQFDUQH(UDX VSHUQGQWRWDFHOWLPSFYRLDMXQJHQWURSRULXQHPDLSXLQSXVWLHLSHULFXORDVQVDSDDGHYHQLW
DWW GH PXOL QFW WLDP F P YRU VIUWHFD Q EXFL F P YRU RPRU DSURDSH SH ORF $P LFQLW WRWPDLDGQFLPHUVXOWRWPDLGLILFLO$PQHOHVFYDILLPSRVLELOVFRQWLQXLSUHDPXOWLQSOXVQX
WUJQGXPL UVXIODUHD L DP URVWLW JILQG R UXJ SH MXPWDWH VXIRFDW FWUH $WRWSXWHUQLFXO GH D P WLDPQPLQLOHFXLDILSXWXWFGHDGDFL]EXWHDPVDMXQJODRDH]DUHRPHQHDVFQWUXFWQXDYHDP
VDOYDGHDPLGDSXWHUHDVDMXQJODXQED\RXODUJLDGQFXQGHPLDILSXWXWSLHUGHXUPDVDXPDIL YUHXQ SHUPLV RULFH DOE PDU IL SXWXW UHLQH L QWHPQLD SQ FQG VWSQXO PHX DU IL GRYHGLW
SXWXWDIXQGDVXEDS$PDMXQVOQJRYDOHFXXQKLGHSDOPLHULFDUHDXIRQLWSXWHUQLFFQGDP SURSULHWDWHDDUILSOWLWFKHOWXLHOLOHLPDUILOXDWQDSRL(UDPXQIXJDULGDFDYHDPJKLQLRQXOV
DOHUJDWSULQWUHHLWRWXLQXQWUDWWQFWVDFRSHUHOWUWXULOH QWOQHVFXQFHWHDQFXIULFDOHJLLGLQVWDWXO/RXLVLDQDVDUILSXWXWFDHOVLIDFGDWRULDIDGHYHFLQ
&RQWLQXQGVSUHVXGQPVXUDQFDUHPLSXWHDPGDVHDPDDPDMXQVSQODXUPODDSFDUHPL LVPQFKLGSHORF(UDFXDGHYUDWJUHXVGHWHUPLQGHFLQHWUHEXLDVPWHPPDLPXOWGHFLQL
WUHFHDFXSXLQSHVWHQFOULQFOLSDDFHHDFUHGFFRSRLLDMXQVHVHUODPDLSXLQGHGRX]HFLLFLQFL GHDOLJDWRULVDXGHRDPHQL"
GH PHWUL Q VSDWHOH PHX ,DP DX]LW WUHFQG SULQWUH SDOPLHUL LDU OWUWXULOH ORU SXWHUQLFH L QIRFDWH 'XSPLH]XOQRSLLQVPDPRSULW,PDJLQDLDQXSRDWH]XJUYLDVSHFWXOPRKRUWDOVFHQHL0ODWLQD
UVXQDXQWRDWPODWLQD0LDPUHFSWDWSXLQVSHUDQDFQGDPDMXQVODDS'DFDUILIRVWXQSLF UVXQDGHPFLWXULOHDQHQXPUDWHUDH3UREDELOFGHODFUHDUHDSPQWXOXLQLFLXQRPQXFOFDVHDWW
PDLDGQFFLQLLPLDUILSLHUGXWPLURVXORIHULQGXPLDVWIHODQVDVVFDSGHHL'LQIHULFLUHDSDVD GH GHSDUWH Q DGQFXULOH LQXWXOXL DFHVWXLD $FXP QX HUD OD IHO GH WFXW  QWUDWW QFW GHYHQLVH
DGQFLWFXFWDPQDLQWDWPLDWUHFXWPDLQWLGHJOH]QHDSRLDDMXQVSQODMXPWDWHDJDPEHORULDU DSVWRDUHSHFWIXVHVHFQGVRDUHOHVWUOXFHDSHEROW6RVLUHDPHDQHGRULWQWRLXOQRSLLGHWHSWDVH
SHQWUXRFOLSPDPDIXQGDWFKLDUSQODEUXSHQWUXFDGXSDFHHDVLHVGLQQRXQDSPDLSXLQ WULEXULOH GH ]EXUWRDUH FDUH SUHDX V VH QJUPGHDVF FX VXWHOH GH PLL SULQ EOL LDU JWOHMXULOH ORU
DGQF 'LQ FOLSD FQG LQWUDVHP Q PODWLQ FLQLL QX PDL UHGXVHVHU GLVWDQD (UDX Q PRG YGLW JXUHHUHYUVDXDWWHDVXQHWHHUDPQFRQMXUDWGHQHQXPUDWHIOILWXULGHDULSLLFXIXQGULXUVX]HQ
GHUXWDL$FXPVXQHWHOHVOEDWLFHSHFDUHOHVFRWHDXVHQGHSUWDXWUHSWDWDVLJXUQGXPFPDIODP DSQFWHUDPVSHULDWLQIULFRDW7RDWHSVULOHGLQY]GXKLWRDWHWUWRDUHOHSPQWXOXLSUHDXV
SHFDOHDFHDEXQ0DPRSULWQFHOHGLQXUPVDVFXOWGDUXUOHWHOHSUHOXQJLVDXDX]LWLDULSXWHUQLF VHILVWUQVODRODOWQORFXODFHVWDSHQWUXDOXPSOHFXYDFDUPLFRQIX]LH6XQHWHOHLSULYHOLWLOHYLHLL
DQXQQGXP F QF QX HUDP Q VLJXUDQ PL SXWHDX OXD XUPD GLQ VPUF Q VPUF DFROR XQGH QXSRWILJVLWHGRDUQSUHDMPDORFXLQHORURDPHQLORUQRUDHOHWLFVLWHFLDEXQGLQORFXULOHFHOHPDL
FOFDVHPSHSPQWFKLDUGDFDSDLPSLHGLFDQWUXQWU]LXVSUHPDUHDPHDIHULFLUHDPDMXQVODXQ VOEDWLFHGHSHSPQW'XPQH]HXDVLJXUDVHXQOLPDQLXQFPLQSHQWUXPLOLRDQHGHISWXULYLLSQL
ED\RX ODW L SORQMQG Q HO LDP WUDYHUVDW GHVWXO GH UHSHGH FXUHQWXO OHQH SQ SH PDOXO RSXV (UDP QLQLPDDFHOHLPODWLQLOXJXEUH
VLJXU F DLFL FLQLL DYHDX V ILH GH]RULHQWDL  QWUXFW FXUHQWXO DU IL SXUWDW Q DYDO RULFH XUPH DOH &QGOXQDVDQODWGHDVXSUDFRSDFLORUPDPKRWUWVXUPH]DOWSODQ3QDFXPPVWUGXLVHP
PLURVXOXLDWWGHVODELPLVWHULRVFDUHOHSHUPLWHFRSRLORUVLJVHDVFSHIXJDUL VPHUJFWPDLPXOWFWUHVXG$FXPDPSRUQLWVSUHQRUGYHVWFXVFRSXOGHDDMXQJHQ3LQH:RRGVQ
'XSFHDPWUDYHUVDWED\RXODSDDGHYHQLWDWWGHDGQFQFWQDPPDLSXWXWDOHUJD0JVHDP YHFLQWDWHDGRPHQLXOXLVWSQXOXL)RUG6LPHDPFRGDWVRVLWQXPEUDSURWHFLHLVDOHYRLILUHODWLY
DFXPQ0DUHD0ODWLQ3DFRXGULHDDFXPDYHDPVDIOXXOWHULRUFVHQXPHD(UDSOLQGHFRSDFL QVLJXUDQ
LPHQLVLFRPRULDUERULGHFDXFLXFSORSLQHJULLFKLSDURLLVHQWLQGHDGXSFXPPLVDVSXVSQ +DLQHOH PL HUDX ]GUHQXLWH PLQLOH IDD L WUXSXO DFRSHULWH GH ]JULHWXUL SURYRFDWH GH QRGXULOH L
ODPDOXOUXOXL&DOFDVLHX&DOHGHFLQFL]HFLDL]HFLGHNLORPHWULHUDOLSVLWGHORFXLWRULILLQGSRSXODW VFRDUDFXPXFKLLDVFXLWHDFRSDFLORUF]XLLGHFUULOHSHVWHPDOGUHGHWXIHLOHPQHSXUWDWHGH
GRDUGHDQLPDOHVOEDWLFHXULSLVLFLVOEDWLFHWLJULLUHSWLOHPDULFDUHVHWUVFODWRWSDVXO'HDOWIHO DS 3LFLRUXO GHVFXO PL HUD SOLQ GH JKLPSL (UDP PQMLW GH QRURL PO L OLQWL YHUGH DGXQDW SH
PDXQFRQMXUDWFXPXOWQDLQWHVILDMXQVODED\RXSUDFWLFGLQFOLSDQFDUHDPLQWUDWQDS$PY]XW VXSUDIDDDSHORUVWWWRDUHQFDUHPDIXQGDVHPSQODJWGHPXOWHRULQWLPSXO]LOHLLDOQRSLL'HL
VXWHGHPRFDVLQLGHDSFDUHPLXQDXSULQWRDWHVPUFXULOHLSULQWRDWHWUXQFKLXULOHGHFRSDFLF]XL GHYHQLVHWHULELOGHRERVLWRUDPFRQWLQXDWIU]EDYSHFXUVXOSHFDUHOVWDELOLVHPVSUHQRUGYHVW$SD
SHVWHFDUHHUDPQHYRLWVPFDU6HQGHSUWDXODDSURSLHUHDPHDGDUXQHRULILLQGJUELWDSURDSHF DQFHSXWVILHPDLSXLQDGQFLDUWHUHQXOPDLIHUPVXEWOSLOHPHOH$PDMXQVQFHOHGLQXUPOD
SXQHDPPQDVDXSLFLRUXOSHVWHHL6XQWHUSLYHQLQRLDFURUPXFWXUHVWHPDLSHULFXORDVGHFWD 3DFRXGULH DFHODL ED\RX ODUJ SH FDUHO VWUEWXVHP QRW FQG IXJLVHP /DP WUDYHUVDW GLQ QRX L OD
FURWDOLORUQSOXVPLSLHUGXVHPXQSDQWRIGHRDUHFHWDOSDLVHGHVIFXVHFRPSOHWOVQGQXPDLFSXWD VFXUWWLPSGXSDFHHDPLVDSUXWFDPDX]LWXQFQWDWGHFRFR'DUVXQHWXOIXVHVHVODELSXWHDPV
PILQHODW$SDVHPLFRUDVXESDLLPHLGHDFXPOVDVHPVPUFXULOHQXUPGXSFDUHDPDMXQV
SHWHUHQXVFDWFDUHDXUFDWWUHSWDWVSUHFPSLHLDPWLXWFHUDPXQGHYDQ*UHDW3LQH:RRGV
&DSLWROXO;,
&QGVDFUSDWGH]LXDPDMXQVODXQOXPLQLXQVRLGHSODQWDLHPLFGDUSHFDUHQRPDLY]XVHP
SQDWXQFL/DPDUJLQHDSGXULLDPQWOQLWGRLEUEDLXQVFODYLWQUXOOXLVWSQFDUHVHRFXSDXFX *UGLQDVWSQHL)UXFWHOHURXDSULQVLDXULL3RUWRFDOLLURGLLQWRDUFHUHDOD%D\RX
SULQGHUHDSRUFLORUVOEDWLFLWLDPFDOEXOPLYDFHUHSHUPLVXOLSHQWUXFQXDYHDPFHVLDUWXUPD %RHXI5HPDUFLOHVWSQXOXL)RUGSHGUXPQWOQLUHDFX7LEHDWV5HODWDUHDXUPULULLGH
V P UHLQ 0 VLPHDP SUHD RERVLW FD V IXJ GLQ QRX L GH DFHHD DP UHFXUV OD XQ LUHWOLF FDUH VD FWUHHO)RUGLFRQGDPQEUXWDOLWDWHD6RVLUHDODSODQWDLH8OXLUHDVFODYLORUODYHGHUHD
GRYHGLWDDYHDVXFFHV$GRSWQGRH[SUHVLHIHURFHPDPQGUHSWDWGLUHFWVSUHHOSULYLQGXOIL[QRFKL PHD%LFLXLUHDDQWLFLSDW.HQWXFN\-RKQ'RPQXO(OGUHWSODQWDWRUXO6DPDOOXL(OGUHW
&QGPDPDSURSLDWHOVDUHWUDVFXXQDHUDODUPDW$IRVWFODUFHUDIRDUWHVSHULDWFPSULYHDFDSH &OWRULDVSUH%LJ&DQH%UDNH/HJHQGDOXL6XWWRQV)LHOG&RSDFLLGLQSGXUH
XQGXKPDOHILFFDUHWRFPDLVHULGLFDVHGLQPUXQWDLHOHPODWLQLL QDULLLPXVFXOLHOH6RVLUHDQHJUHVHORUOD%LJ&DQH)HPHLOHWLHWRULGHOHPQH
8QGHORFXLHWH:LOOLDP)RUG"ODPQWUHEDWHXSHXQWRQGHORFEODMLQ $SDULLDQHDWHSWDWDOXL7LEHDWV7UDWDPHQWXOOXLSURYRFDWRU9L]LWDOD%D\RX%RHXI
/DYUHRXQVSUH]HFHNLORPHWULGHDLFLDIRVWUVSXQVXO 3HUPLVXOVFODYXOXL2VSLWDOLWDWHDVXGLF6IULWXO(OL]HL9Q]DUHDFWUH(GZLQ(SSV
&DUHLGUXPXOQWUDFROR"DPQWUHEDWQFRQWLQXDUHVWUGXLQGXPVSDUPDLFXPSOLWFDRULFQG
9H]LSLQLLDFHLD"DQWUHEDWHODUWQGFWUHGRLFRSDFLFDPODXQNLORPHWUXLMXPWDWHGHSUWDUH 'XSXQVRPQQGHOXQJDWPDPWUH]LWGXSDPLD]DUHYLJRUDWGDUFXWRLPXFKLLHSHQLLFXGXUHUL
FDUH VH ULGLFDX PXOW GHDVXSUD WRYDULORU ORU FD GRX VDQWLQHOH QDOWH FH GRPLQDX QWLQGHUHD ODUJ D PDULQFRUS6DOO\DLQWUDWQFROLELDVWDWGHYRUEFXPLQHQYUHPHFH-RKQPLDSUHJWLWSUQ]XO
SGXULL 6DOO\ DYHD QHFD]XUL PDUL FD L PLQH ILLQGF XQXO GLQWUH FRSLLL HL HUD EROQDY L VH WHPHD F QX YD
'D VXSUDYLHXL'XSFHDPPQFDWPDPSOLPEDWRYUHPHSULQFXUWHDPLQWUDWQFROLEDOXL6DOO\LPDP
 3H VXE HL D FRQWLQXDW EUEDWXO WUHFH GUXPXO VSUH 7H[DV ,DR OD VWQJD L YHL DMXQJH OD FDVD OXL XLWDW OD FRSLOXO EROQDY DSRL DP LQWUDW Q JUGLQD GRDPQHL )RUG 'HL HUD DQRWLPSXO DQXOXL FQG Q
:LOOLDP)RUG FOLPDWHOH PDL UHFL QX VH PDL DXG JODVXULOH SVULORU LDU FRSDFLL VXQW GHVSXLDL GH VSOHQGRDUHD ORU
)UDOWHFXYLQWHPDPJUELWVPQGHSUWH]IHULFLWFDLHOIUQGRLDOVIL[H]RGLVWDQFW YUDWLF DLFL QIORUHDX WRDWH VSHFLLOH GH WUDQGDILUL LDU FRU]LOH OXQJL L ERJDWH QDLQWDX SHVWH DUDFL
PDL PDUH QWUH QRL 'XS FH DP DMXQV OD GUXPXO VSUH 7H[DV DP OXDWR OD VWQJD DD FXP IXVHVHP )UXFWHOH URXDSULQV L DXULL DWUQDX SH MXPWDWH DVFXQVH SULQWUH IORULOH PDL WLQHUH L PDL EWUQH DOH
SRYXLWLQVFXUWYUHPHDPWUHFXWSHOQJXQIRFPDUHQFDUHDUGHDXQPDOGUGHEXWHQL0DP SLHUVLFLORU SRUWRFDOLORU SUXQLORU L URGLLORU SHQWUX F Q LQXWXO DFHOD GH FOGXU DSURDSH SHUSHWX
DSURSLDW GH HO JQGLQGXP VPL XVXF KDLQHOH GDU OXPLQD FHQXLH D ]RULORU VH WUDQVIRUPD LXWH Q IUXQ]HOHFDGLPXJXULLVHGHVFKLGQIORULSHWRDWGXUDWDDQXOXL
GLPLQHDLYUHXQDOEFDUHDUILWUHFXWSHDFRORPDUILSXWXWREVHUYDQSOXVFOGXUDPDUILPELDWOD 6LPHDP R SURIXQGUHFXQRWLQ ID GHVWSQXOLVWSQD)RUG LGRULQGVOH UVSOWHVF FXPYD
VRPQ 'H DFHHD IU V PDL ]ERYHVF PLDP FRQWLQXDW GUXPXO L SH OD RUD RSW DP DMXQV OD FDVD EXQWDWHDDPQFHSXWVFXULVDUDQMH]FRU]LOHLDUGXSDFHHDVSOLYHVFEXUXLHQLOHGLQLDUEDGLQWUH
VWSQXOXL)RUG SRUWRFDOLLURGLL$FHWLDGLQXUPSRWDMXQJHSQODQOLPHDGHWUHLPHWULLDUIUXFWHOHORUGHLPDL
1LFLXQVFODYQXHUDQFROLEHWRLHUDXODPXQFL3LQGSHYHUDQGDPFLRFQLWODXFDUHDIRVW PDUL VXQW VLPLODUH FD DVSHFW FX JDURDID DX GH DVHPHQHD JXVWXO VDYXURV DO FSXQLORU 3RUWRFDOHOH
GHVFKLVQVFXUWWLPSGHGRDPQD)RUG$VSHFWXOPHXHUDDWWGHVFKLPEDWPJVHDPQWURVWDUHDWW SLHUVLFLOH SUXQHOH L PDMRULWDWHD FHORUODOWH IUXFWH VXQW QDWLYH VROXOXL ERJDW L FDOG GLQ $YR\HOOHV GDU
GH MDOQLF L GLVSHUDW QFW QX PD UHFXQRVFXW $P QWUHEDW GDF VWSQXO )RUG HUD DFDV GDU RPXO PUXOIUXFWXOFHOPDLUVSQGLWQODWLWXGLQLOHPDLUHFLVHQWOQHWHDUDU
DFHODEXQLDIFXWDSDULLDQDLQWHFDHXVILSULPLWUVSXQV,DPSRYHVWLWGHVSUHIXJDPHDLGHVSUH 'RDPQD )RUG D DSUXW GXS VFXUW WLPS VSXQQGXPL F HUD OXGDELO GLQ SDUWHD PHD GDU F QX P
WRDWH GHWDOLLOH DYHQWXULL 0D DVFXOWDW FX DWHQLH LDU GXS FH DP WHUPLQDW PLD YRUELW FX EOQGHH L JVHDPQWURVWDUHSRWULYLWSHQWUXDPXQFLLFPSXWHDPRGLKQLQFROLESQFQGVWSQXODYHDV
QHOHJWRU GXS FDUH GXFQGXP OD EXFWULH OD FKHPDW SH -RKQ L LD SRUXQFLW VPL SUHJWHDVF SOHFHOD%D\RX%RHXIFHHDFHQDYHDVVHQWPSOHDVW]LEDSRDWHFKLDUQLFLDGRXD]L,DPUVSXQV
FHYDGHPQFDUH1XSXVHVHPQLPLFQJXUGLQ]RULL]LOHLDQWHULRDUH FQWUDGHYUQXPVLPHDPJUR]DYFPXFKLLPLHUDXQHSHQLLLPGXUHDSLFLRUXOFDUHIXVHVH
'XS FH -RKQ PLD DH]DW PQFDUHD Q ID GRDPQD )RUG D LHLW FX R FDUDI GH ODSWH L PXOWH GHVFXOLVILDWGHJKLPSLLPUFLQLGDUFRQVLGHUDVHPFSXLQH[HUFLLXIL]LFQDYHDVPLIDFSUHD
SUMLWXUHOH GHOLFLRDVH GLQ FHOH FDUH UDUHRUL QFQW SDSLOHOH JXVWDWLYH DOH XQXL VFODY (UDP IOPQG L UXLDUSHQWUXPLQHHUDRPDUHSOFHUHVOXFUH]SHQWUXRVWSQDWWGHFXPVHFDGH(DVDQWRUVQ
RERVLWGDUQLFLKUDQDQLFLRGLKQDQXPDXEXFXUDWDWWGHPXOWSHFWDXIFXWRYRFLOHELQHFXYQWDWH FDVD PDUH LDU HX DP OXFUDW GXS DFHHD WUHL ]LOH Q JUGLQ FXULQG DOHLOH VPXOJQG EXUXLHQLOH GLQ
FDUHYRUEHDXFXEOQGHHLQHOHJHUH$FHOHDHUDXXOHLXOLYLQXOSHFDUHEXQXOVDPDULWHDQGLQ*UHDW U]RDUHOHGHIORULLLDUEDGHVXEFRU]LOHGHLDVRPLHSHFDUHPLQLOHEOQGHLJHQHURDVHDOHSURWHFWRDUHL
3LQH:RRGVHUDJDWDVOHWRDUQHQVXIOHWXOUQLWDOVFODYXOXLFDUHYHQLVHODHOFXVWUDLHOH]GUHQXLWHL PHOHOHQYDVHUVVHFDUHSHJDUGXUL
SHMXPWDWHPRUW Q D SDWUD GLPLQHD GXS FH P UHYLJRUDVHP VWSQXO )RUG PLD SRUXQFLW V P SUHJWHVF VO
0DX OVDW Q FROLE FD V P SRW RGLKQL %LQHFXYQWDW ILH VRPQXO L YL]LWHD] SH WRL RDPHQLL QVRHVFODED\RXQSRLDQQXH[LVWDGHFWXQVLQJXUFDOQHXDWILLQGFWRLFDWULLIXVHVHUWULPLLOD
GHRSRWULYFRERUQGFDURXDFHUXULORUDWWSHVWHFHLQOQXLLFWLSHVWHFHLOLEHULQVFXUWWLPSVD SODQWDLH/DPDVLJXUDWFSXWHDPPHUJHSHMRVLOXQGXPLUPDVEXQGHOD6DOO\L-RKQDPSUVLW
FXLEULWOD VQXO PHXDOXQJQG QHFD]XULOHFDUHOSULJRQHDXLSXUWQGXPSH WUPXO DGXPEULW XQGH SRLDQDDOHUJQGXRUSHOQJFDO
DP Y]XW GLQ QRX FKLSXULOH L DP DVFXOWDW JODVXULOH FRSLLORU PHL FDUH YDL GLQ FWH WLDP Q RUHOH GH 3DUDGLVXODFHODPLFXGLQ*UHDW3LQH:RRGVDIRVWRD]DGLQGHHUWVSUHFDUHLQLPDPHDVDQWRUVSOLQ
WUH]LHF]XVHUQEUDHOHFHOXLODOWVRPQGLQFDUHQDYHDXVVHWUH]HDVFQLFLRGDW GHLXELUHQPXOLDQLGHVFODYLH$PSUVLWRDFXPFXUHJUHWLWULVWHHGHORFPXOXPLWGHSDUFPLVH
GGXVHGHQHOHVFVDUSXWHDVQXPPDLQWRUFDLFLQLFLRGDW
6WSQXO)RUGPDQGHPQDWGLQFQGQFQGVLLDXORFXOSHFDOFDVPRGLKQHVFGDUDPUHIX]DW
QXHUDPRERVLWLSHQWUXPLQHHUDPDLXRUGHFWSHQWUXHOVPHUJSHMRV3HGUXPPLDDGUHVDWPXOWH
FXYLQWH ELQHYRLWRDUH L PEUEWWRDUH FOULQG IU JUDE SHQWUX D SXWHD LQH SDVXO FX HO %XQWDWHD
'RPQXOXLVHPDQLIHVWDVHDGHFODUDWHOSULQPLUDFXORDVDPHDVFSDUHGLQPODWLQ7RWDDFXP'DQLHO /DZVRQDVXJHUDWFHUDSRVLELOFDVXSUDYHJKHWRUXO&KDSLQVILHGHVHPQDWVDSOLFHSHGHDSVDFD]Q
LHLVH QHYWPDW GLQ JURDSD FX OHL WRW DD FXP ,RQD IXVHVH FUXDW Q SQWHFHOH EDOHQHL HX QVXPL FDUH QDUILIRVWVHYHUSH FQG0DU\5DFKHO %ULVWRO L DOLL DXVSHUDW F R YD IDFHVWSQXO )RUG L
IXVHVHP VDOYDW GH FWUH $WRWSXWHUQLFXO )RUG PD QWUHEDW GHVSUH WHPHULOH L HPRLLOH SH FDUH OH DWXQFLQDUILH[LVWDWQLFLRELFLXLUH7RLPDXFRPSWLPLWLDXQFHUFDWVPFRQVROH]HLDXIRVWWULWL
QFHUFDVHP Q WLPSXO ]LOHL L QRSLL SUHFXP L GDF VLPLVHP YUHRGDW GRULQD GH D P UXJD ,DP JQGLQGXVHODSHGHDSVDFDUHPDWHSWDFXH[FHSLDOXL.HQWXFN\-RKQ5VHWHOHOXLQDXFRQWHQLWD
UVSXQV F P VLPLVHP DEDQGRQDW GH QWUHDJD OXPH L P UXJDVHP QWUXQD Q JQG Q DVWIHO GH XPSOXWFROLEDGHKRKRWHLQQGXVHGHEXUWFDVQXH[SORGH]HLDUPRWLYXOYHVHOLHLOXL]JRPRWRDVHHUD
PRPHQWH D ]LV HO LQLPD RPXOXL VH QWRDUFH LQVWLQFWLY VSUH &UHDWRUXO OXL &QG HVWH SURVSHU L FQG IHOXOQFDUHVFSDVHPGHFRSRL&XPYDHOSULYHDWRWHYHQLPHQWXOQWUROXPLQFRPLF
QLPLFQXDPHQLQVLIDFUXVDXVOVSHULHRPXOQXL/UHDPLQWHWHSH'RPQXOLHVWHJDWDV/ ,RDPWLXWFQRVOJEMHDVFFQD]EXJKLWRSHVWHSODQWDLH9DL'RDPQHFHPDLJRQHWD
VILGH]H GDU GDFO DGXFL Q PLMORFXO SHULFROHORU GDFO L]ROH]L GH DMXWRUXO RDPHQLORU GDF GHVFKL]L EJDW 3ODWWDFROR &Q SRWLOH DOHD DX DMXQV XQGH IXVHVH LHO LHO QX PDL LHUHD DFROR KD KD KD 9DL
PRUPQWXO QDLQWHD OXL DWXQFL Q PRPHQWXO QSDVWHORU VDOH QHFUHGLQFLRVXO L ]HIOHPLWRUXO VH QWRUF 'RDPQHILHLPLO
FWUH'XPQH]HXSHQWUXDODMXWDVLPLQGFQXH[LVWDOWVSHUDQUHIXJLXVDXVLJXUDQGHFWQEUDXO 'XSFDUHDUHQFHSXWXQXOGLQWUHDFFHVHOHOXLGHYHVHOLHDVXU]LWRDUH
/XLSURWHFWRU $ GRXD ]L Q ]RUL 7LEHDWV D SUVLW SODQWDLD 3H OD DPLD] SH FQG PQYUWHDP SH OD FDVD GH
$D PLD YRUELW EUEDWXO DFHOD ELQHYRLWRU GHVSUH YLDD DFHDVWD L GHVSUH YLDD GH DSRL GHVSUH HJUHQDUHXQEUEDWQDOWLDUWRVVDDSURSLDWGHPLQHLPDQWUHEDWGDFHUDPELDWXOOXL7LEHDWV
EXQWDWHD L SXWHUHD OXL 'XPQH]HX FD L GHVSUH GHHUWFLXQHD OXFUXULORU SPQWHWL FW WLPS DP DSHODWLYXO DFHOD WLQHUHVF HUD DSOLFDW WXWXURU VFODYLORU IU GHRVHELUH FKLDU GDF SXWHDX IL WUHFXL GH
FOWRULWSHGUXPXOU]OHFWUH%D\RX%RHXI DSWH]HFLGHDQL0LDPVFRVSOULDLDPUVSXQVFHXHUDPDFHOD
&QG QH QGHSUWDVHUP FX YUHR RSW NLORPHWUL GH SODQWDLH DP Y]XW Q GHSUWDUH XQ FOUH FDUH &XPLDUSOFHDVPXQFHWLSHQWUXPLQH"PDQWUHEDWHO
JDORSDVSUHQRL&QGVDDSURSLDWDPY]XWFHUD7LEHDWV(OPDSULYLWSHQWUXRFOLSGDUQXPLD 0LDUSOFHDIRDUWHPXOWGRPQXOHDP]LVLQVSLUDWGHVSHUDQDEUXVFGHDVFSDGH7LEHDWV
DGUHVDW QLFLR YRUE L QWRUFQGXL FDOXO D FOULW DOWXUL GH )RUG (X DP DOHUJDW QFHW Q XUPD ORU $LPXQFLWVXE0\HUVOD3HWHU7DQQHUQXLDD"
DVFXOWQGXOH FRQYHUVDLD )RUG OD LQIRUPDW GHVSUH VRVLUHD PHD OD 3LQH :RRGV FX WUHL ]LOH Q XUP $PUVSXQVFHUDDGHYUDWLDPDGXJDWFWHYDFRPSOLPHQWHSHFDUH0\HUVPLOHDGUHVDVH
GHVSUHVWDUHDMDOQLFQFDUHIXVHVHPLGHVSUHGLILFXOWLOHLSHULFROHOHFXFDUHPFRQIUXQWDVHP (LELQHELHWHPLDVSXVHOWHDPQFKLULDWGHODVWSQXOWXFDVOXFUH]LSHQWUXPLQHQ%LJ
(LELQHDH[FODPDW7LEHDWVRPLQGRELQXLWHOHVDOHVXGDOPHQSUH]HQDOXL)RUGQDPPDLY]XW &DQH%UDNHODDL]HFLGHNLORPHWULGHDLFLSH5XO5RX
QLFLRGDWSHFLQHYDVDOHUJHDWWGHUHSHGH6XQWJDWDVSXQSULQVRDUHSHRVXWGHGRODULFDUQYLQJH %UEDWXO DFHVWD HUD GRPQXO (OGUHW FDUH ORFXLD Q DYDO GH )RUG SH DFHODL PDO DO ED\RXOXL /DP
SH RULFH QHJURWHL GLQ /RXLVLDQD ,DP RIHULW OXL -RKQ 'DYLG &KHQH\ GRX]HFL L FLQFL GH GRODUL VO QVRLW SH SODQWDLD OXL L GH GLPLQHD DP SRUQLW PSUHXQ FX VFODYXO OXL 6DP L FX R FUX GH
SULQGYLXVDXPRUWGDULDQWUHFXWFLQLLQWURFXUVFLQVWLW6WLLFQXLPDUHVFRIDOGHFRSRLLLD SURYL]LLVSUH%LJ&DQH(OGUHWL0\HUVSRUQLVHUFODUHQDLQWHDQRDVWU6DPHUDQVFXWLFUHVFXWQ
DLOXL&KHQH\&LQLLOXL'XQZRRGLHODUILSULQVQDLQWHVDMXQJODSDOPLHUL&RSRLLLDXSLHUGXWFXPYD &KDUOHVWRQXQGHORFXLDXPDPDIUDWHOHLVXURULOHOXL(ODDFFHSWDWXQWHUPHQFRPXQDWWSULQWUH
XUPDLDWUHEXLWVDEDQGRQPYQWRDUHD$PFOULWFWGHGHSDUWHDPSXWXWLDSRLDPFRQWLQXDWSH QHJULFWLSULQWUHDOELF7LEHDWVHUDXQRPUXLDVSHUDWDDFXPVSHUDPGHDOWIHOLHXGLQWRW
MRVSQFQGDSDDIRVWDGQFGHXQPHWUX%LHLLHUDXVLJXULFVDQHFDW5HFXQRVFFWDUHPLDIL VXIOHWXOFVWSQXOOXLPYDFXPSUD
GRULWVSXQPQDSHHO'HDWXQFLDPFOULWQVXVLQMRVSHED\RXGDUQDPDYXWPDULVSHUDQHVO $PSRUQLWSHPDOXOVXGLFDOED\RXOXLSHFDUHODPWUDYHUVDWODSODQWDLDOXL&DUH\GHDFRORDPDMXQV
SULQGPLDP]LVFLPRUW2KRKRHXQDOHUJWRUGDWQDLELLQHJURWHLXOVWD OD+XII3RZHUSHFDUHODPWUDYHUVDWGHDVHPHQHDSHQWUXFDVDMXQJHPODGUXPXOVSUH%D\RX5RXJH
$DDYRUELW7LEHDWVGHVFULLQGFXWDUHDSULQPODWLQLLXHDODPLQXQDWFXFDUHIXJLVHPGHFRSRL FDUHPHUJHVSUH5XO5RX'XSFHDPWUHFXWSULQPODWLQD%D\RX5RXJHSHODDSXVDPLHLWGHSH
LDU FQG D WHUPLQDW VWSQXO )RUG LD UVSXQV F IXVHVHP PHUHX XQ IOFX FUHGLQFLRV L KDUQLF FL GUXP L DP LQWUDW Q %LJ &DQH %UDNH $P XUPDW XQ GUXPHDJ QHEWWRULW DWW GH ODW FW V SHUPLW
SUHD UX F DYXVHVHUP DVWIHO GH QHFD]XUL F SRWULYLW UHODWULL PHOH IXVHVHP WUDWDW LQXPDQ L F HO WUHFHUHD FUXHL 7UHVWLLOH GH DFROR GLQ FHOH IRORVLWH OD SHVFXLW HUDX GLQWUH FHOH PDL JURDVH SH FDUH OH
7LEHDWV VH IFXVH YLQRYDW $ DGXJDW L F IRORVLUHD VHFXULORU L D WRSRULWLORU DVXSUD VFODYLORU HUD Y]XVHPYUHRGDW8QRPQXSXWHDILY]XWSULQWUHHOHGHODGLVWDQDGHFLQFLPHWUL3RWHFLOHDQLPDOHORU
UXLQRDVLQXWUHEXLDDGPLV 
VOEDWLFHWUHFHDXSULQWUHHOHQWRDWHGLUHFLLOHXUVXOLWLJUXODPHULFDQ DEXQGQGHVLXULOHDFHVWHDLDU
1XDDWUHEXLHVLWUDWPDWXQFLFQGVXQWDGXLSHQWUXSULPDGDWQLQXWLYDLQIOXHQDQHJDWLY WRDWHQWLQGHULOHGHDSVWWWRDUHVXQWSOLQHFXDOLJDWRUL
LL YD IDFH SH WRL V IXJ 0ODWLQLOH YRU IL SOLQH GH IXJDUL 3XLQ EXQWDWH YD IL PXOW PDL HILFLHQW 1HDPFRQWLQXDWGUXPXOSULQ%LJ&DQHFDOHGHFLYDNLORPHWULSQDPDMXQVQWUXQOXPLQLODUJ
GHFWIRORVLUHDDUPHORUGDFYUHPVILHREHGLHQLLVLLQHPQIUX7RLSODQWDWRULLGHSHED\RXDU QXPLW6XWWRQV)LHOG&XPXOLDQLQXUPXQEUEDWSHQXPH6XWWRQVWUEWXVHVOEWLFLDGHWUHVWLLL
WUHEXLVGH]DSUREHDVHPHQHDIDSWHGHQHRPHQLH(VWHQLQWHUHVXOWXWXURUVSURFHGH]HDD'RPQXOH DMXQVHVHSQDLFL3RWULYLWOHJHQGHLIXVHVHXQIXJDUQXGHUHFUXWDUHDQDUPDWFLGHSHGHDSVDMXVWLLHL
7LEHDWV HVWH HYLGHQW F GXPQHDWD L 3ODWW QX SXWHL FRQYLHXL 'XPQHDWD QXO SODFL L QDL RYL VO $LFLWULVHVLQJXUFDXQVLKDVWUXDOPODWLQLLSODQWQGFXSURSULLOHOXLPLQLVHPLQHLFXOHJQGDSRL
RPRULLDUHOWLLQGDVWDYDIXJLGLQQRXWHPQGXVHSHQWUXYLDDOXL7UHEXLHVOYLQ]LVDXFHOSXLQV UHFROWDQWUR]LRFHDWGHLQGLHQLDQLPHULWSHVWHHOLGXSREWOLHVQJHURDVODXQYLQVLODX
OQFKLULH]L'DFQXYHLSURFHGDQIHOXODFHVWDYRLOXDPVXULVOVFRWGLQSURSULHWDWHDGXPLWDOH PFHOULW3HRUD]GHPDLPXOLNLORPHWULPSUHMXUQFROLEHOHVFODYLORULSHYHUDQGHOHFDVHORUPDUL
QVSLULWXODFHVWDLVDDGUHVDW)RUGSHWRWUHVWXOGUXPXOXL(XQDPGHVFKLVJXUD&QGDPDMXQVOD XQGHFRSLLLDOELDVFXOWDXSRYHWLFXIDUPHFHLYUMLVHVSXQHDFORFXODFHODGLQFHQWUXOOXL%LJ&DQH
SODQWDLHHLDXLQWUDWQFDVDPDUHLDUHXDPUHSDUDWFROLED(OL]HL&QGVDXQWRUVGHODFPSVFODYLL HUD EQWXLW 9UHPH GH XQ VIHUW GH YHDF JODVXULOH RPHQHWL WXOEXUDVHU DUDU VDX QLFLRGDW OLQLWHD VD
DXIRVWXOXLLVPJVHDVFDFRORGHRDUHFHFUH]XVHUFPQHFDVHPQVHDUDDFHHDHLVDXVWUQVGLQ ,DUEDQDOWLEXUXLHQLOHGXQWRDUHVHUVSQGLVHUSHVWHFPSXOFQGYDFXOWLYDWLDUHUSLL]FHDXOD
QRX Q MXUXO FROLEHL FD VPL DVFXOWH DYHQWXULOH &RQVLGHUDX GH OD VLQH QHOHV F YRL IL ELFLXLW L F VRDUHSHSUDJXOFROLEHLQUXLWHHUDFXDGHYUDWXQWDEORXVXPEUXDOSUJLQLULL
RVQGDYDILVHYHUVHWLDFSHGHDSVDSHQWUXIXJDGHODVWSQHUDGHFLQFLVXWHGHELFH 7UHFQGGH6XWWRQV)LHOGDPXUPDWFDOHGHWUHLNLORPHWULXQGUXPUHFHQWWLDWSQODFDSWXOVX
%LHWXOGHWLQHDVSXV(OL]DOXQGXPGHPQDUILIRVWPDLELQHSHQWUXWLQHGDFWHDLILQHFDW $MXQVHVHUPDFXPSHWHUHQXULOHVOEDWLFHDOHGRPQXOXL(OGUHWSHFDUHLQWHQLRQDVOHGHIULH]HSHQWUX
$LXQVWSQFUXGLPWHPFWHYDXFLGH RSODQWDLHPDUH$PQFHSXWWUHDEDDGRXD]LGLPLQHDFXFXLWHOHGHWLDWWUHVWLHQXPLWHPDFHWHLDP
FXUDW XQ VSDLX VXILFLHQW FW V SHUPLW ULGLFDUHD D GRX EDUFL XQD SHQWUX 0\HUV L (OGUHW LDU DOWD 1XWLXPDPPXOXPLWVLVSXQ
SHQWUXPLQH6DPLVFODYLLFDUHXUPDXVQLVHDOWXUH1HJVHDPQPLMORFXOXQRUFRSDFLHQRUPLDOH 1LFLQDLVVWUEDLMXPDGHGUXPLYHLILRSULWLWULPLVODQFKLVRDUHDFRORXQGHPHULLVILLD
FURUUDPXULVHQWLQGHDXPXOWLDSURDSHFRSUHDXUD]HOHVRDUHOXLQYUHPHFHVSDLXOGLQWUHWUXQFKLXUL ]LVHOLDLQWUDWQEDUDF
HUDRPDVLPSHQHWUDELOGHWUHVWLLSUHVUDWLFLFRORGHSDOPLHUL $LHLWGHDFRORQVFXUWYUHPHFXSHUPLVXOQPQLQXPLQGXPQHJURWHLXOGFXOXLFDUHPHULW
'DILQLL L VLFRPRULL VWHMDULL L FKLSDURLL DWLQJHDX GLPHQVLXQL LQHJDODELOH Q LQXWXULOH DFHOHD IHUWLOH RVXWGHELFHODDUXQFDWSHSPQW/DPULGLFDWLPDPQGHSUWDWSHGDWFXUHSH]LFLXQH
GLQLPHGLDWDYHFLQWDWHD5XOXL5RX0DLPXOWGHDWWGLQILHFDUHFRSDFDWUQDXPDVHPDULLOXQJLGH 8QVFODYJVLWIUSHUPLVQDIDUDSODQWDLHLVWSQXOXLVXSRDWHILRSULWLELFLXLWGHRULFHDOEFXFDUH
PXFKLFDUHRIHUHDXRLPDJLQHL]ELWRDUHLVLQJXODURFKLORUQHRELQXLLFXDDFHYD0XFKLXODFHVWD VHQWOQHWH&HOSHFDUHODPSULPLWDFXPHUDGDWDWLVXQDDVWIHO
HVWHWULPLVQFDQWLWLQVHPQDWHQ1RUGXQGHHVWHIRORVLWQLQGXVWULH 
$PGRERUWVWHMDULLDPGHVSLFDWQGXODSLLFXDFHWLDDPULGLFDWEDUFLWHPSRUDUH/HDPDFRSHULW 3ODWWDUHSHUPLVLXQHDVPHDUJODSODQWDLDOXL)RUGSH%D\RX%RHXILVVHQWRDUF
FXIUXQ]HODWHGHSDOPLHULFDUHDWWDWLPSFWGLQXLHVXQWXQQORFXLWRUH[FHOHQWDOLQGULOHL&HOPDL SQPDULGLPLQHDD

PDUHLQFRQYHQLHQWSHFDUHODPQWOQLWDLFLDXIRVWPXVFXOLHOHLQDULLFDUHURLDXSULQDHULLQWUDXQ
-2+107,%($76
XUHFKL Q QUL Q RFKL L Q JXU ED FKLDU L VXE SLHOH (UD LPSRVLELO V OH DOXQJL VDX V OH RPRUL SH 
WRDWH$YHDPQWUDGHYUVHQ]DLDFRVQHGHYRUH]HFRVQHURQLHEXFLFFXEXFLFQJXULOH $FHDVWDHVWHIRUPXODUHDRELQXLW3HGUXPPXOLDOELODXFHUXWODXFLWLWLDXWUHFXWPDLGHSDUWH
ORUPLQXVFXOHLQHVLRDVH 'H PXOWH RUL FHL FDUH DYHDX DHUXO L DVSHFWXO GH JHQWOHPHQL DOH FURU YHPLQWH LQGLFDX ERJLH QLFL
&X JUHX VDU IL SXWXW LPDJLQD XQ ORF PDL GH]DJUHDELO VDX PDL L]RODW GHFW FHQWUXO OXL %LJ &DQH PFDUQXPDXEJDWQVHDPGDUFHLFXDVSHFWVUFFLRVFHLFDUHHUDXQPRGHYLGHQWSLHUGHYDU
%UDNHWRWXLSHQWUXPLQHHUDXQSDUDGLVSULQFRPSDUDLHFXRULFHDOWORFQFDUHDILIRVWQWRYULD PDXRSULWGHILHFDUHGDWLPDXH[DPLQDWLFHUFHWDWDPQXQLW3ULQGHUHDVFODYLORUIXJDULHVWHXQHRUL
VWSQXOXL7LEHDWV$PWUXGLWGLQJUHXLDUDGHVHDHUDPRERVLWWRWXLVHDUDPSXWHDPQWLQGHOLQLWLWLDU R VXUV GH FWLJ 'DF QLFLXQ SURSULHWDU QXL IDFH DSDULLD GXS FH VD DQXQDW F VD JVLW XQ IXJDU
GLPLQHDDPSXWHDPVFXODIUIULF VFODYXO SRDWH IL YQGXW FHOXL FDUH RIHU PDL PXOW LDU JVLWRUXO SULPHWH RULFXP XQ RQRUDULX SHQWUX
3H SDUFXUVXO D GRX VSWPQL DX VRVLW L SDWUX QHJUHVH WLQHUH GH OD SODQWDLD OXL (OGUHW &KDUORWWH VHUYLFLLOHVDOHFKLDUGDFHVWHUHFODPDW$DGDUXQDOEMRVQLFRGHQXPLUHDSOLFDWDFHVWHLVSHFLLGH
)DQQ\&UHVLDL.HOO\7RDWHHUDXPDULLYRLQLFH$XFSWDWWRSRDUHLDXIRVWWULPLVHFX6DPLFX SLHUGHYDUFRQVLGHUFDSHXQGDUWULPLVGHOD'XPQH]HXQWOQLUHDFXXQQHJUXQHFXQRVFXWLIU
PLQH OD WLDW FRSDFL (UDX H[FHOHQWH WLHWRDUH GH OHPQH L QLFL FHL PDL PDUL VWHMDUL VDX VLFRPRUL QX SHUPLV
UH]LVWDX PXOW YUHPH VXE ORYLWXULOH ORU SXWHUQLFH L ELQH LQWLWH /D VWLYXLUHD EXWHQLORU HUDX HJDOH FX QUHJLXQHDDFHHDGLQVWDWXO/RXLVLDQDQFDUHWULDPHXQXH[LVWKDQXULSHPDUJLQHDGUXPXULORU(X
RULFHEUEDWQSGXULOHGLQ6XGDWWEUEDLLFWLIHPHLOHVHRFXSGHWLHUHDOHPQHORU0DLH[DFWQ QX DYHDP QLFLR OHFDLH L QLFL SURYL]LL SHQWUX FOWRULD GH OD %LJ &DQH OD %D\RX %RHXI WRWXL FX
LQXWXO %D\RX %RHXI IHPHLOH PXQFHVF OD IHO FD RULFDUH DOW EUEDW SH SODQWDLL $U FX SOXJXO FRQGXF SHUPLVXO VX Q PQ XQ VFODY QX YD VXIHUL QLFLRGDW GH IRDPH VDX VHWH (VWH VXILFLHQW VO DUDWH
FDWULLGHIULHD]WHUHQXULOHVOEDWLFHPXQFHVFODGUXPXULLDDPDLGHSDUWH8QLLSODQWDWRULFDUHGHLQ VWSQXOXLVDXVXSUDYHJKHWRUXOXLXQHLSODQWDLLLVLSUH]LQWHGROHDQHOHFDVILHWULPLVODEXFWULHL
GRPHQLLQWLQVHGHEXPEDF L WUHVWLHGH]DKUQDXGHFWVFODYH FDPXQFLWRUL8Q DVHPHQHD SODQWDWRU VLVHDVLJXUHKUDQVDXDGSRVWGXSFXPHVWHFD]XO&OWRUXOVHRSUHWHODRULFHFDVGRUHWHLFHUH
HVWH-LP%XUQVFDUHWULHWHSHPDOXOGHQRUGDOED\RXOXLYL]DYLGHSODQWDLDOXL-RKQ)RJDPDQ XQ SUQ] FX WRW DWWD OLEHUWDWH SH FW DU IDFHR QWUXQ ORFDO SXEOLF $FHVWD HVWH RELFHLXO JHQHUDO DO
/DVRVLUHDQRDVWUQVWXIUL(OGUHWPLDSURPLVFGDFYRLPXQFLELQHYRLSXWHDPHUJHSHVWHSDWUX LQXWXOXL ,QGLIHUHQW FDUH OHDU IL QHDMXQVXULOH HVWH FODU F ORFXLWRULL GLQ OXQJXO 5XOXL 5RX L GH SH
VSWPQLVPLYL]LWH]SULHWHQLLGHODUHHGLQD)RUGQVHDUDGHVPEWDFHOHLGHDFLQFHDVSWPQL PDOXULOHED\RXULORUGLQLQWHULRUXO/RXLVLDQHLQXGXFOLSVGHRVSLWDOLWDWH
LDPUHDPLQWLWGHIJGXLDODDFHHDLHODIRVWGHDFRUGFPXQFLVHPDWWGHELQHQFWSXWHDPVSOHF $P DMXQV OD SODQWDLD OXL )RUG VSUH VIULWXO GXSDPLH]LL L DP SHWUHFXW VHDUD Q FROLED (OL]HL FX
'RULVHPWDUHPXOWDFHVWOXFUXDDFQFXYLLQDUHDOXLPDEXFXUDWQHVSXV8UPDVPQWRUFODWLPS /DZVRQ5DFKHOLDOLFXQRVFXL&QGSOHFDVHUPGLQ:DVKLQJWRQ(OL]DHUDSOLQXLGRORIDQLQXWD
SHQWUXDQFHSHWUHDEDPDULGLPLQHD LHUDGUHDSWLPEUFDWQPWVXULLFXELMXWHULLGHJDMDRIRUJUDLRDVLHOHJDQ$FXPQXHUD
QWLPSFHPJQGHDPFXSOFHUHODSHUVSHFWLYDGHDPLUHYHGHDDWWGHFXUQGYHFKLLPHLSULHWHQL GHFWRXPEUSDOLGDDFHOHLIHPHL&KLSXOLGHYHQLVHWHULELOGHVFRIOFLWLDUVLOXHWDFQGYDGUHDSWL
VLOXHWD GHWHVWDW D OXL 7LEHDWV D DSUXW SH QHDWHSWDWH SULQWUH QRL $ QWUHEDW FXP VH GHVFXUF ODRODOW DFWLY HUD FRFUMDW GH SDUF DU IL VXSRUWDW SRYDUD D R VXW GH DQL %WUQXO (OLVKD %HUU\ QDU IL
0\HUVL3ODWWLLVDVSXVFELQHLF3ODWWYDSOHFDGLPLQHDQYL]LWODSODQWDLDOXL)RUG UHFXQRVFXWRSHPDPDIHWLHLVDOHDDFXPVWWHDJKHPXLWSHSRGHDXDFROLEHLQVWUDLHVUFFLRDVHGH
1XQXDSXIQLW7LEHDWVQQLFLXQFD]QHJURWHLXOHQHVWDWRUQLF1XSRDWHSOHFD VFODY1DPPDLUHY]XWRQLFLRGDWQWUXFWGHYHQLVHLQXWLOSHFPSXOGHEXPEDFIXVHVHFHGDWSH
(OGUHWDLQVLVWDWQVFPXQFLVHPFXGHYRWDPHQWFPLSURPLVHVHUVSODWDDFHHDLFLQQGVHDPD QLPLFXQXLEUEDWFDUHORFXLDQYHFLQWDWHDOXL3HWHU&RPSWRQ'XUHUHDLURVHVHQHPLORVLQLPDSQL
GH FLUFXPVWDQH QX WUHEXLD V ILX GH]DPJLW 'XS DFHHD QWUXFW VH QWXQHFDVH HL DX LQWUDW QWUR USLVHWRDWSXWHUHDLVHVSXQHDFGLQFDX]DDFHDVWDXOWLPXOHLVWSQRELFLXLDLRPDOWUDWDQHPLORV
EDUDFLDUHXQFHDODOWPLHUDLPSRVLELOVUHQXQODLGHHDSOHFULLDUILIRVWRJUHDGH]DPJLUH$P %LFHOHQXLSXWHDXQVUHDGXFHYLJRDUHDSLHUGXWDWLQHUHLLLQLFLVQGUHSWHWUXSXOQGRLWODVWDWXUDGH
GHFLVVSOHFFXRULFHULVFLPHGLDWFHVHYDFUSDGH]LXGDF(OGUHWQXDYHDQLPLFGHRELHFWDW&QGV DOWGDWDDFXPIXVHVHFQGFRSLLLHLRQFRQMXUDXLOXPLQDOLEHUWLLLVWUOXFHDGHDVXSUDSRWHFLL
D OXPLQDW HUDP OD XD OXL FX SWXUD UXODW QWUR ERFFHD L DWUQQG GH FDSWXO XQXL E SH XPU $PDIODWDPQXQWHOHOHJDWHGHSOHFDUHDHLGLQOXPHDDFHDVWDGHODFLYDVFODYLDLOXL&RPSWRQFDUH
DWHSWQGSHUPLVXO7LEHDWVLDIFXWLPHGLDWDSDULLDSURVWGLVSXVFDGHRELFHLVDVSODWSHIDDSRL YHQLVHU SHVWH 5XO 5RX OD ED\RX FD VR DMXWH SH WQUD GRDPQ 7DQQHU Q VH]RQXO JUHX (L DX
VDGXVLVDDH]DWSHXQFLRWGLQDSURSLHUHDSDUHQWFXIXQGDWQJQGXUL'XSFHDPDWHSWDWDFROR SRYHVWLW F WUHSWDW (OL]D GHYHQLVH FRPSOHW QHDMXWRUDW L ]FXVH FWHYD VSWPQL SH SRGHDXD GLQ
PXOWWLPSDPSRUQLWODGUXPPEROGLWEUXVFGHQHUEGDUH SPQWDXQHLFROLEHGUSQDWHODPLODWRYDULORUGHVFODYLHSHQWUXRSLFWXURFD]LRQDOGHDSLR
&HIDFLSOHFLIUSHUPLV"DVWULJDWHOGXSPLQH IUPGHKUDQ6WSQXOHLQRORYLVHQPRDOHOHFDSXOXLDDFXPVHIDFHXQHRULSHQWUXDFUXDXQ
'DVWSQHDDFUHGDPUVSXQV DQLPDO GH VXIHULQ FL R DEDQGRQDVH QHQJULMLW L QHSURWHMDW V ]DF QWUR YLD GH FKLQ L PL]HULH
LFXPFUH]LFRVDMXQJLDFROR"PDQWUHEDW SQ OD VIULWXO HL ILUHVF &QG VH QWRUVHVHU QWUR VHDU GH OD FPS VFODYLL R JVLVHU PRDUW Q
WLPSXO ]LOHL QJHUXO 'RPQXOXL FDUH VH PLF QHY]XW GHDVXSUD QWUHJXOXL SPQW FXOHJQG FD SH R
UHFROW VXIOHWHOH FHL SUVHVF WUXSXULOH SWUXQVHVH QHDX]LW Q FROLED PXULEXQGHL L R OXDVH GH DFROR
&DSLWROXO;,,
(UDQVIULWOLEHU
Q]LXDXUPWRDUHPLDPVWUQVSWXUDLDPSRUQLWSHGUXPXOGHQWRDUFHUHVSUH%LJ&DQH'XSFH $VSHFWXOOXL(SSV(SSVEHDWLWUHD]2SULYLUHDVXSUDWUHFXWXOXLVX&XOWLYDUHD
DPVWUEWXWYUHRRSWNLORPHWULRPQLSUH]HQWXO7LEHDWVPLDDSUXWQFDOHQWUXQORFQXPLW+XII3RZHU EXPEDFXOXL0RGXOGHDUDUHLSUHJWLUHDWHUHQXOXL'HVSUHSODQWDUHSUDLOFXOHVL
0DQWUHEDWGHFHPQWRUFHDPDWWGHFXUQGLFQGODPLQIRUPDWFGRUHDPVILXQDSRLSQOD PXQFLWRULLQRL'HRVHELULOHGLQWUHFXOHJWRULLGHEXPEDF3DWVH\RFXOHJWRDUHUHPDUFDELO
GDWD WUHFXW Q SHUPLV HO PD DQXQDW F QX WUHEXLD V PHUJ PDL GHSDUWH GH XUPWRDUHD SODQWDLH &RWHOHQIXQFLHGHDELOLWL)UXPXVHHDFPSXOXLGHEXPEDF0XQFLOHVFODYXOXL
GHRDUHFHFKLDUQ]LXDDFHHDPYQGXVHOXL(GZLQ(SSV$PLQWUDWDSRLQFXUWHDDFHVWXLDXQGHODP 7HDPDGHDSURSLHUHDGHFDVDGHHJUHQDUH&QWULUHD&RUYH]LOH9LDDQFROLE
QWOQLWSHQXPLWXOGRPQFDUHPDH[DPLQDWLDSXVQWUHEULOHRELQXLWHDOHFXPSUWRULORU'XSFH 0RDUDGHSRUXPEQWUHEXLQULOHWLJYHL7HDPDGHDQXGRUPLSUHDPXOW7HDPDFRQWLQX
PDDFFHSWDWPLDSRUXQFLWVPGXFODFROLEHLVPLIDFFR]LSHQWUXVDSLWRSRU 0RGXOGHFXOWLYDUHDSRUXPEXOXL&DUWRILLGXOFL)HUWLOLWDWHDVROXOXLQJUDUHDSRUFLORU
1X PDL HUDP SURSULHWDWHD OXL 7LEHDWV  FLQHOH OXL DQLPDOXO OXL WHURUL]DW ]L L QRDSWH GH IXULD L &RQVHUYDUHDXQFLL&UHWHUHDYLWHORU&RQFXUVXULOHGHLQWLUH3URGXVHOHGHJUGLQ
FUX]LPHDOXLQXSXWHDPQQLFLXQFD]VUHJUHWVFKLPEDUHDLQGLIHUHQWFLQHVDXFHVDUILSXWXWGRYHGL )ORULOHLYHUGHDD
QRXO PHX VWSQ 'H DFHHD WLUHD YQ]ULL PHOH D IRVW R YHVWH EXQ L FX XQ RIWDW GH XXUDUH PDP
DH]DWSHQWUXSULPDGDWQQRXOPHXVOD (GZLQ(SSVGHFDUHYHLPDLDX]LSHSDUFXUVXODFHVWHLLVWRULLHUDXQEUEDWYRLQLFLWUXSHFXSUXO
/D VFXUW YUHPH GXS DFHHD 7LEHDWV D GLVSUXW GH SH DFHOH PHOHDJXUL /DP UHY]XW PDL WU]LX L GHVFKLVODFXORDUHSRPHLQDOLLXQQDVDFYLOLQGHGLPHQVLXQLH[WUDRUGLQDUH$YHDRFKLDOEDWULSLHOHD
QXPDLRVLQJXUGDW0DIODPODPXOLNLORPHWULGHSUWDUHGH%D\RX%RHXI(OVWWHDQSUDJXOXQHL DOE L HUD QDOW GH SHVWH  P $YHD H[SUHVLD DWHQW L LVFRGLWRDUH D XQXL MRFKHX 0DQLHUHOH L HUDX
SUYOLLVRUGLGH(XWUHFHDPQPLMORFXOXQHLFHWHGHVFODYLSULQSDURKLD6W0DU\ UHVSLQJWRDUHLJURVRODQHLDUOLPEDMXOOXLGRYHGHDSHORFLIUHFKLYRFFQXVHEXFXUDVHQLFLRGDWGH
DYDQWDMHOH XQHL HGXFDLL 'HLQHD FDSDFLWDWHD GH D URVWL OXFUXULOH FHOH PDL QHSOFXWH GHSLQGXO Q
SULYLQD DFHDVWD SQ L SH EWUQXO 3HWHU 7DQQHU &QG DP GHYHQLW SURSULHWDWHD OXL (GZLQ (SSV
QGUJHDEXWXUDLDUFKHIXULOHOXLLQHDXXQHRULLGRXVSWPQLQWUHJL8OWHULRUQVDUHQXQDWOD
DFHVWRELFHLLDUFQGODPSUVLWHUDXQH[HPSOXGHDEVWLQHQSHFWGHVWULFWSRDWHILJVLWQ%D\RX
%RHXI'DFHUDDPHLWVWSQXO(SSVHUDJOJLRVIDQIDURQLVFDQGDODJLXLDUPDUHDOXLSOFHUHHUD
VGDQVH]HFXQHJURWHLLVDXVLSOHVQHDVFSULQFXUWHFXELFLXOOXLOXQJSHQWUXVLPSODVDWLVIDFLHGHD
L DX]LLSQG L ]ELHUQGFQGGXQJL ODWHOH UVUHDX SHSLHOH'DF QXHUD EXW HUD WFXW UH]HUYDW L
YLFOHDQ L QX QH ELFLXLD IU GLVFULPLQDUH DD FXP IFHD OD EHLH FL H[SHGLD GRDU ILFKLXO FXUHOHL GH
SLHOH QHWEFLW FWUH XQ SXQFW VHQVLELO DO VFODYLORU GHOVWRUL FX R GH[WHULWDWH GHRVHELW FDUHL HUD
FDUDFWHULVWLF
QWLQHUHHIXVHVHYL]LWLXLVXSUDYHJKHWRUGDUQSUH]HQWGHLQHDRSODQWDLHSH%D\RX+XII3RZHU
ODSDWUXNLORPHWULGH+ROPHVYLOOHODWUHL]HFLGHNLORPHWULGH0DUNVYLOOHLODGRX]HFLGHNLORPHWULGH
&KHQH\YLOOH$FHDVWDLDSDULQHDOXL-RVHSK%5REHUWVXQFKLXOVRLHLVDOHLIXVHVHOXDWQDUHQGGH
(SSV3ULQFLSDODOXLQGHOHWQLFLUHHUDFUHWHUHDEXPEDFXOXLLQWUXFWXQLLGLQWUHFLWLWRULLDFHVWHLFULQ
DXY]XWQLFLRGDWXQFPSGHEXPEDFSRDWHFDUILXWLORGHVFULHUHDDFHVWHLFXOWXUL
7HUHQXOHUDSUHJWLWSULQDUDUHDGHU]RDUHVDXSDWXULFXSOXJXOQWRDUFHUHDEUD]GHORUFXPVHPDL
QXPHWH 3HQWUX DVWD HUDX IRORVLL ERL L FDWUL DFHWLD GLQ XUP DSURDSH Q PRG H[FOXVLY OD VHPQDW
0XQFDHUDHIHFWXDWDWWGHIHPHLFWLGHEUEDLFDUHKUQHDXHVODXLLQJULMHDXDWHODMHOHGLQ
WRDWHSXQFWHOHGHYHGHUHHLIFHDXSHFPSLQJUDMGDFHOHDLPXQFLSHFDUHOHIDFSOXJDULLGLQVWDWHOH
GLQ1RUG
)LHFDUH U]RU HUD ODW GH GRL PHWUL L QFDGUDW GH GRX IJDH SHQWUX DS 3HVWH YUIXO U]RUXOXL VDX
FHQWUXO SDWXOXL WUHFHD GXS DFHHD XQ SOXJ WUDV GH XQ FDWU FDUH IFHD JXUL Q FDUH R IDW SXQHD
VHPLQHOHSHFDUHOHSXUWDQWURWUDLVWLQXWGXSJWQXUPDHLYHQHDDOWFDWUFDUHWUJHDRJUDSLDU
DFHDVWD DFRSHUHD VHPLQHOH DVWIHO F OD SODQWDUHD XQXL UQG GH EXPEDF HUDX IRORVLL GRL FDWUL WUHL
VFODYLXQSOXJLRJUDS/XFUULOHDFHVWHDVHIFHDXQOXQLOHPDUWLHLDSULOLH3RUXPEXOHUDVHPQDWQ
IHEUXDULH'DFQXFGHDXSORLUHFLEXPEDFXOUVUHDGHRELFHLGXSRVSWPQGXSFDUHQWHUPHQ
GHRSW]HFH]LOHQFHSHDSULPDSUDLOFDUHVHIFHDQSDUWHWRWFXSOXJXOLFDWUXO3OXJXOWUHFHDFW
PDLDSURDSHGHEXPEDFGHDPEHOHSULDUXQFQGEUD]GDGHSHHO6FODYLLOXUPDXFXVDSHOHLWLDX
LDUEDLEXPEDFXOOVQGPRYLOLHDIODWHFDPODWUHLVIHUWXULGHPHWUXXQDGHFHDODOW$VWDVHQXPHD
U]XLUHD EXPEDFXOXL 'XS DOWH GRX VSWPQL QFHSHD D GRXD SUDLO 'H GDWD DFHDVWD EUD]GD HUD
DUXQFDWVSUHEXPEDFLQILHFDUHPRYLOLPDLHUDOVDWGRDUVLQJXURWXOSLQFHDPDLPDUH'XS 'XSFH]LXDGHPXQFQFPSOXDVIULWFRXULOHHUDXVRFRWLWHDGLFHUDXWUDQVSRUWDWHODFDVDGH
DOWHGRXVSWPQLDYHDORFDWUHLDSUDLOLDUEUD]GDHUDDUXQFDWVSUHEXPEDFODIHOFDQDLQWHLVH HJUHQDUHXQGHVHFQWUHDEXPEDFXO,QGLIHUHQWFWGHRERVLLLYOJXLLDUILIRVWLQGLIHUHQWFWDUIL
SOLYHDWRDWLDUEDGLQWUHLUXULQMXUXOGDWHLGHLXOLHFQGEXPEDFXOHUDQDOWGHWUHL]HFLGHFHQWLPHWUL WQMLWGXSVRPQLRGLKQWRLVFODYLLVHDSURSLDXPHUHXFXWHDPGHFDVDGHHJUHQDUHWLLQGFYRU
HUDSULWSHQWUXDSDWUDLXOWLPDRDU$WXQFLVHDUDWRWVSDLXOGLQWUHLUXULOVQGQFHQWUXXQIJD VXIHULGDFFRXOHUDSUHDXRUGDFQXLDXDWLQVQRUPDFDUHOLVDUHSDUWL]DW,DUGDFRGHSLVHUFX
DGQFSHQWUXDS/DWRDWHDFHVWHSUDLOHVXSUDYHJKHWRUXOVDXYL]LWLXOLXUPDSHVFODYLFODUHFXXQ FLQFLVDX]HFHNLORJUDPHSUREDELOFVWSQXODYHDVOHPUHDVFQFRQIRUPLWDWHQRUPDSHQWUXDGRXD
ELFLDDFXPDPGHVFULV3ULWRUXOFHOPDLUDSLGPHUJHDSHLUXOFRQGXFWRU(OHUDGHRELFHLFDPFX ]L 'H DFHHD ILH F DYHDX SUHD SXLQ ILH F DYHDX SUHD PXOW HL VH DSURSLDX QWRWGHDXQD FX WHDP L
FLQFLPHWULQDLQWHDWRYDULORUVL'DFYUHXQXOGLQWUHHLOGHSHDHUDELFLXLW'DFYUHXQXOUPQHD WUHPXUQGGHFQWDU'HFHOHPDLPXOWHRULDYHDXSUHDSXLQLGHDFHHDQXHUDXQHUEGWRULVSOHFHGH
PXOWQXUPVDXVHRSUHDSHQWUXRFOLSHUDELFLXLW'HIDSWELFLXOIXOJHUDGHGLPLQHDSQVHDUDFW SHFPS'XSFQWULUHXUPDXELFLXLULOHLDUGXSDFHHDFRXULOHHUDXGXVHODFDVDEXPEDFXOXLXQGH
HUD]LXDGHOXQJ6H]RQXOSUDLOHLFRQWLQXDGLQDSULOLHSQQLXOLHDVWIHOQFWXQFPSDELDIXVHVH FRQLQXWXOHUDGHSR]LWDWFDIQXOLWRLVFODYLLOFOFDXQSLFLRDUH'DFQXHUDXVFDWEXPEDFXOQXHUD
WHUPLQDWRGDWLHUDUHQFHSXW GXVLPHGLDWODFDVDGHHJUHQDUHFLHUDQWLQVSHSODWIRUPHSHRQOLPHGHMXPWDWHGHPHWUXLSHR
QDGRXDMXPWDWHDOXQLLDXJXVWQFHSHDVH]RQXOUHFROWULLEXPEDFXOXL)LHFDUHVFODYSULPHDFWHXQ OLPHGHWUHLRULPDLPDUHLDFRSHULWFXVFQGXULFXWUHFHULQJXVWHSULQWUHHOH
VDF FDUH HUD SULQV FX XQ LUHW SH GXS JWXO OXL DVWIHO QFW JXUD VDFXOXL HUD PHQLQXW OD QLYHOXO 'XSFHVHWHUPLQDXWRDWHDFHVWHDQXQVHPQDFPXQFDSH]LXDUHVSHFWLYOXDVHVIULW7RLVFODYLL
SLHSWXOXL LDU IXQGXO VDFXOXL DMXQJHD OD SPQW 'H DVHPHQHD ILHFDUH VFODY DYHD FWH XQ FR PDUH Q WUHEXLDXVLYDGGHVDUFLQLOHGLQJRVSRGULHXQXOKUQHDFDWULLDOWXOSRUFLLDOWXOWLDOHPQHLDD
FDUHQFSHDXFDPWUHLVXWHGHOLWULQFRHUDUVWXUQDWEXPEDFXOFQGVHXPSOHDVDFXO&RXULOHHUDX PDLGHSDUWHQFHOHGLQXUPODRRUWU]LHDMXQJHDXLHLODFROLEHVRPQRURLLH[WHQXDLGHWUXGDGH
DGXVHSHFPSLSXVHODFDSWXOUQGXULORU SHVWH ]L $SRL WUHEXLD DSULQV IRFXO Q FROLE WUHEXLD PFLQDW SRUXPEXO Q PLFD UQL PDQXDO L
&QGXQVFODYQRXFDUHQXFXQRWHDQFWDLQHOHUHFROWULLHUDWULPLVSHQWUXSULPDGDWSHFPSHUD WUHEXLDX SUHJWLWH FLQD L SUQ]XO SHQWUX ]LXD XUPWRDUH 1X OL VH QJGXLD GHFW SRUXPE L XQF SH
ORYLW IUHFYHQW FX ELFLXO L VLOLW FD Q ]LXD DFHHD V FXOHDJ FW SXWHD GH UHSHGH 6HDUD EXPEDFXO HUD FDUH OH FSWDX Q ILHFDUH GLPLQHD GH GXPLQLF GH OD SWXOXO SHQWUX SRUXPE L GH OD DIXPWRDUH
FQWULW L DD VH DIOD FDUH L HUD FDSDFLWDWHD GH UHFROWDUH Q ILHFDUH VHDU HO WUHEXLD V DGXF DFHHDL )LHFDUH SULPHD FD UDLH VSWPQDO XQ NLORJUDP L MXPWDWH GH XQF L SRUXPE FW VL UQHDVF
JUHXWDWHGHEXPEDF'DFQXUHXHDQVHPQDFIXVHVHOHQHLDUSHGHDSVDHUDXQQXPUPDLPDUHVDX QRXOLWULGHPODL$VWDHUDWRWIUFHDLIUFDIHDVDX]DKULFXXQHOHPLFLLUDUHH[FHSLLIU
PDLPLFGHORYLWXULGHELFL VDUH 'XS FH DP ORFXLW ]HFH DQL FX VWSQXO (SSV SRW VSXQH F QLFLXQ VFODY GHDO VX QD VXIHULW
QWUR ]L GH PXQF RELQXLW QRUPD GH FXOHV HUD GH QRX]HFL GH NLORJUDPH 8Q VFODY RELQXLW FX YUHRGDW GH JXW FDUH HVWH XQ UH]XOWDW DO H[FHVHORU DOLPHQWDUH 3RUFLL VWSQXOXL (SSV HUDX KUQLL FX
UHFROWDWXO HUD SHGHSVLW GDF DGXFHD PDL SXLQ Q SULYLQD FXOHVXOXL QWUH VFODYL H[LVWDX GHRVHELUL SRUXPEGHFRUWLFDWSHFQGQHJURWHLORUVLOHGGHDWLXOHL&HLGLQWLFUHGHDHODYHDXVVHQJUDH
QVHPQDWH 8QLL SUHDX V DLE R DELOLWDWH QQVFXW R LXHDO FDUH OH QJGXLD V FXOHDJ FX DPEHOH PDLUHSHGHKUQLQGXVHFXSRUXPEGHFRUWLFDWLQPXLDWQDSFHLGLQXUPSRDWHFVDUILQJUDW
PLQLSHFQGDOLLLQGLIHUHQWFWVDUILVWUGXLWHUDXLQFDSDELOLVVHDSURSLHGHQRUPDLPSXV$FHWLD SUHDPXOWFDVPDLPXQFHDVFGDFDUILIRVWWUDWDLQDFHODLIHO6WSQXO(SSVFDOFXODFXDELOLWDWHL
GLQXUPHUDXOXDLGHSHFPSXOGHEXPEDFLIRORVLLODDOWHDFWLYLWL3DWVH\GHSLOGGHVSUHFDUHYRL WLDFXPVLJRVSRGUHDVFDQLPDOHOHLQGLIHUHQWGDFHUDEHDWVDXWUHD]
DYHDPDLPXOWHGHVSXVHUDUHFXQRVFXWGUHSWFHDPDLEXQFXOHJWRDUHGHEXPEDFGHSH%D\RX%RHXI 0RDUDGHSRUXPEVHJVHDQFXUWHOQJRXU(UDFDRUQLRELQXLWSHQWUXFDIHDQDFUHL
(DFXOHJHDFXDPEHOHPLQLLFXRUDSLGLWDWHVXUSULQ]WRDUHDVWIHOQFWHUDFHYDRELQXLWSHQWUXHDV SOQLH QFSHDX FDP FLQFL OLWUL L MXPWDWH 6WSQXO (SSV DFRUGD WXWXURU VFODYLORU SH FDUH LD DYXW
FXOHDJGHNLORJUDPHSH]L SULYLOHJLXOGHDLSXWHDPFLQDSRUXPEXOGXSFXPSUHIHUDXILHQILHFDUHQRDSWHQFDQWLWLOHPLFL
QIHOXODFHVWDILHFDUHVFODYDYHDRQRUPQIXQFLHGHDELOLWLOHOXLGHFXOHJWRUQVQLFLXQXOQX QHFHVDUHFHULQHORUGHDGRXD]LILHRVLQJXUGDWGXPLQLFDUDLDSHWRDWVSWPQD6WSQXO(SSV
SXWHDVFRERDUHVXEQRX]HFLGHNLORJUDPH(XILLQGOLSVLWGHDELOLWDWHQDFHDVWQGHOHWQLFLUHPLDIL HUDXQRPIRDUWHJHQHURV
PXOXPLW VWSQXOGDF D ILDGXV FDQWLWDWHD UHVSHFWLYSH FQG3DWVH\DUILIRVW FX VLJXUDQ ELFLXLW (XPLSVWUDPSRUXPEXOQWURFXWLHPLFGLQOHPQLDUPODLXOQWURWLJYGHGRYOHDFLFYHQL
GDFQDUILUHXLWVFXOHDJGHGRXRULPDLPXOW YRUEDWLJYDHUDXQDGLQWUHXVWHQVLOHOHFHOHPDLFRQYHQDELOHLQHFHVDUHSHRSODQWDLH3HOQJIDSWXOF
%XPEDFXO FUHWHD SQ OD QOLPHD GH XQ PHWUX L MXPWDWHGRL PHWUL L ILHFDUH WXOSLQ DYHD PDL QORFXLDWRDWHWLSXULOHGHYDVHGLQFROLEHOHVFODYLORUHUDIRORVLWSHQWUXDGXFHUHDDSHLODFPSQDOW
PXOWHUDPXULFDUHVHQWLQGHDXQWRDWHGLUHFLLOHLVHVXSUDSXQHDXGHDVXSUDIJDXOXLSHQWUXDS WLJYVHDIODSUQ]XO0XOXPLWWLJYHORUQXPDLHUDGHORFQHYRLHGHJOHLRDOHFUDWLHLDOWHDVHPHQHD
3XLQH LPDJLQL VXQW PDL SOFXWH RFKLXOXL GHFW FHD D XQXL FPS QWLQV GH EXPEDF QIORULW $UH XQ RELHFWHH[FHGHQWDUHGLQFRVLWRULOHPQ
DVSHFWGHSXULWDWHFDRQWLQGHUHLPDFXODWGH]SDGXRDUDELDQLQV 'XSFHVHPFLQDSRUXPEXOLVHDSULQGHDIRFXOXQFDHUDFRERUWGLQFXLXOGHFDUHDWUQDLGLQHD
8QHRULVFODYXOSRUQHDSHRODWXUDLUXOXLLVHQWRUFHDSHODWXUDRSXVQVGHRELFHLFXOHJHDXFWH VHWLDRIHOLHFDUHVHDUXQFDSHWFLXQLSHQWUXDVHIULJH0DMRULWDWHDVFODYLORUQXDYHDXFXLWHFXDWW
XQXO SH ILHFDUH ODWXU VWUQJQG WRW FH QIORULVH L OVQG FDSVXOHOH QHGHVFKLVH SHQWUX XUPWRDUHD PDL SXLQ IXUFXOLH (L WLDX XQFD IRORVLQG WRSRULFD OD EXWXFXO SHQWUX VSDUW OHPQH 0ODLXO HUD
UHFROWDUH &QG VDFXO VH XPSOHD HUD YUVDW Q FR L FOFDW ELQH SHQWUX D VH QGHVD 3ULPD GDW FQG DPHVWHFDWFXSXLQDSDH]DWQWFLXQLLFRSW&QGFSWDFXORDUHDPDURQLHFHQXDHUDFXUDWGH
WUHFHDL SULQ FPS WUHEXLD V ILL IRDUWH DWHQW FD V QX UXSL FUHQJXHOH GH SH WXOSLQL %XPEDFXO QX YD SHWXUWDRELQXWFDUHHUDSXVSHRLQGULOFHLQHDORFGHPDVLDUORFDWDULLFROLEHLSHQWUXVFODYLHUDX
QIORUL SH R FUHDQJ UXSW (SSV QX RYLD VO SHGHSVHDVF FX VHYHULWDWH SH QHIHULFLWXO FDUH ILH GLQ JDWD V VH DH]H SH SPQW SHQWUX D OXD FLQD 'H RELFHL DFHVW OXFUX VH QWPSOD SH OD PLH]XO QRSLL
QHDWHQLHILHGLQQHSULFHSHUHVHIFHDYLQRYDWFWXLGHSXLQQSULYLQDDFHDVWD $FHHDLWHDPGHSHGHDSVFXFDUHVHDSURSLDXGHFQWDUXOSHQWUXEXPEDFLQFHUFDGLQQRXSHVFODYL
&XOHJWRULL WUHEXLDX V ILH SH FPSXO GH EXPEDF GH FQG VH OXPLQD L FX H[FHSLD D ]HFH FQGVHQWLQGHDXVVHRGLKQHDVF(UDWHDPDGHDQXGRUPLSUHDPXOWGLPLQHDDRYLQFDUHDYHDVILH
FLQFLVSUH]HFH PLQXWH FDUH OL VH DFRUGDX OD DPLD] SHQWUX DL QJKLL WDLQXO GH XQF UHFH QX OL VH SHGHSVLWIUQGRLDOFXFHOSXLQGRX]HFLGHORYLWXULGHELFL5XJQGXVHVSRDWVULQSLFLRDUH
QJGXLDQLFLXQPRPHQWGHRGLKQSQFQGVHQWXQHFDGHDELQHOHDLDUFQGHUDOXQSOLQOXFUDX FRPSOHWWUHMLODSULPXOVXQHWGHJRDUQVFODYLLVHDIXQGDXQILHFDUHQRDSWHQVRPQXOORUDGQF
DGHVHDSQODPLH]XOQRSLL(LQXFXWH]DXVVHRSUHDVFQLFLFKLDUSHQWUXFLQQLFLVVHQWRDUFOD QORFXLQHOHORUGLQEXWHQLQXYHLJVLSDWXULOHFHOHPDLPRLGLQOXPH&HOSHFDUHPDPQWLQVHX
FROLEHRULFWGHWU]LXDUILIRVWSQFQGYL]LWLXOQXOHSRUXQFHDVVHRSUHDVF DWLDDQLODUQGHUDRVFQGXUODWGHWUHL]HFLGHFHQWLPHWULLOXQJGHWUHLPHWUL3HUQDHUDXQEGH
OHPQ LDU DWHUQXWXO R SWXU JURVRODQ IU QLFLR FUS GUHSW FHDUDI VXE PLQH &D VDOWHD D IL SXWXW QVPUFXULXQGHKOGXLDXQHQJUGLWH(UDXGHUDVVSDQLROPLFXHLFXFRDUQHDVFXLWH$PDX]LW
IRORVLPXFKLXOGDUQHOVHDGXQRVXPHGHQLHGHSXULFL GHVSUHFLUH]LFDUHDXIRVWFXPSUDWHGLQ%D\RX%RHXIGDUDVWDVDQWPSODWIRDUWHUDU3UHXOFHORUPDL
&ROLED HUD FRQVWUXLW GLQ EXWHQL L QDYHD SRGHD VDX IHUHVWUH &HOH GLQ XUP DU IL IRVW GH DOWIHO EXQHYLWHHUDGHFLQFLGRODULEXFDWD'RLOLWULRELQXLODXQPXOVDUILFRQVLGHUDLRFDQWLWDWHQHRELQXLW
FRPSOHW LQXWLOH GHRDUHFH SULQ FUSWXULOH GLQWUH EXWHQL SWUXQGHD VXILFLHQW OXPLQ Q WLPSXO GHPDUH3URGXFHDXGHDVHPHQHDSXLQVHXFDUHHUDGHFDOLWDWHLQIHULRDUQFLXGDQXPUXOXLPDUHGH
IXUWXQLORUSORDLDLQWUDSULQWUHHOHLDUFROLEDGHYHQHDGHQHORFXLW8DJURVRODQDWUQDGLQQLPDULGH YLWHFDUHWULDXQVPUFXULSODQWDWRULLHUDXFXDGHYUDWGHSHQGHQLGH1RUGSHQWUXEUQ]LXQWSHFDUH
OHPQQWUXQFDSWDOFROLEHLVHDIODRYDWUUXGLPHQWDU OHFXPSUDXGHSHSLDDGLQ1HZ2UOHDQV&DUQHDVUDWGHYLWQXVHPQFDQLFLQFDVHOHPDULQLFLQ
&X R RU QDLQWH GH UHYUVDWXO ]RULORU VXQD JRDUQD $WXQFL VFODYLL VH WUH]HDX L SUHJWHDX PLFXO FROLEH
GHMXQXPSOHDXWLJYHOHFXDSLSXQHDXQDOWHWLJYHSUQ]XODOFWXLWGLQXQFUHFHLWXUWGHPODLL 6WSQXO(SSVRELQXLDVSDUWLFLSHODFRQFXUVXULGHWLUSHQWUXDRELQHFDUQHDGHYLWSURDVSWGH
VH JUEHDX GLQ QRX VSUH FPS 'DF HUDL JVLW Q FROLE GXS FH VH OXPLQDVH HUDL SHGHSVLW Q PRG FDUHDYHDQHYRLH&RQFXUVXULOHDFHOHDVHGHVIXUDXVSWPQDOQVDWXOYHFLQ+ROPHVYLOOH(UDXDGXVH
LQYDULDELOSULQELFLXLUH'XSDFHHDQFHSHDXWHPHULOHLWUXGHOHDOWHL]LOHLDUSQODVIULWXOHLQXVH YLWHJUDVHFDUHHUDXSULSRQLWHLIRORVLWHFDLQWHGHWLUQVFKLPEXOXQHLWD[HVWLSXODWHSHQWUXSULYLOHJLXO
SXWHDYRUELGHVSUHRGLKQ6FODYLLVHWHPHDXFYRUILSULQLOHQHYLQGVHWHPHDXVVHDSURSLHVHDUDGH UHVSHFWLYLQWDXOQRURFRVPSUHDFDUQHDFXWRYDULLOXLLQIHOXODFHVWDVHDSURYL]LRQDXSODQWDWRULL
FDVDGHHJUHQDUHFXFRXOGHEXPEDFVHWHPHDXFQGVHFXOFDXVQXGRDUPSUHDPXOWGLPLQHDD(VWH FDUHSDUWLFLSDX
R ]XJUYLUH UHDO FRUHFW L OLSVLW GH H[DJHUUL D YLHLL ]LOQLFH D VFODYLORU Q WLPSXO VH]RQXOXL GH 3UREDELOFQXPUXOPDUHGHYLWHGRPHVWLFLWHLVOEDWLFHFDUHPLXQDXSULQSGXULOHLVPUFXULOHGLQ
FXOHJHUHDEXPEDFXOXLSHPDOXULOHOXL%D\RX%RHXI %D\RX %RHXI OHD VXJHUDW IUDQFH]LORU DFHVW QXPH GHRDUHFH Q WUDGXFHUH GHQXPLUHD DFHDVWD QVHPQD
Q JHQHUDO Q LDQXDULH VH WHUPLQD DO SDWUXOHD L XOWLPXO FXOHV 'XS DFHHD QFHSHD UHFROWDUHD SUXOVDXUXOERLORUVOEDWLFL
SRUXPEXOXLFDUHHUDFRQVLGHUDWRFXOWXUVHFXQGDULLVHDFRUGDPDLSXLQDWHQLHGHFWEXPEDFXOXL 3URGXVHOH GH JUGLQ FD YDU]D QDSXO L DOWHOH DVHPQWRDUH HUDX FXOWLYDWH SHQWUX D IL IRORVLWH GH
3RUXPEXO HUD VGLW DD FXP DP PHQLRQDW GHMD Q IHEUXDULH Q LQXWXO DFHOD HVWH FXOWLYDW SHQWUX D VWSQLGHIDPLOLDOXL(LDYHDXOHJXPHL]DU]DYDWXULSHWRDWGXUDWDDQXOXL,DUEDVHXVXFLIORDUHD
QJUDSRUFLLLDKUQLVFODYLLODSLDHUDXWULPLVHFDQWLWLIRDUWHPLFLVDXFKLDUGHORF3RUXPEXOHUD 
VH YHVWHMHWH  VXE YQWXULOH SXVWLLWRDUH DOH WRDPQHL Q ODWLWXGLQLOH QRUGLFH GDU YHUGHDD SHUSHWX
GLQVRLXODOEFXWLXOHLPDULLWXOSLQDQDOWGHGRLPHWULLMXPWDWHFDUHDMXQJHDDGHVHDODWUHLPHWUL DFRSHUWHUHQXULOHMRDVHFDOGHLIORULOHVHGHVFKLGQWRLXOLHUQLLQLQXWXO%D\RX%RHXI
Q OXQD DXJXVW IUXQ]HOH HUDX VPXOVH GH SH WXOSLQ XVFDWH OD VRDUH OHJDWH Q PQXQFKLXUL PLFL L 1XH[LVWDXOXQFLSRWULYLWHSHQWUXFXOWLYDUHDQXWUHXOXL)UXQ]HOHGHSRUXPEDVLJXUDXVXILFLHQWKUDQ
GHSR]LWDWHFDKUDQSHQWUXFDWULLERL'XSDFHHDVFODYLLPHUJHDXSULQODQLDSOHFDXWLXOHLLSHQWUX SHQWUXYDFLOHJHVWDQWHLDUUHVWXOSWHDXWRWDQXOSHSDMLWLOHPHUHXYHU]L
DPSLHGLFDSORDLDVDMXQJODERDEH(UDOVDWDDSQVHWHUPLQDFXOHVXOEXPEDFXOXLLQGLIHUHQWFQG Q6XGH[LVWDXPXOWHDOWHFDUDFWHULVWLFLGHFOLPRELFHLXULLWUDGLLLFDLGHPXQFLYLDGDUFHOH
VHQWPSODDVWD'XSFDUHWLXOHLLHUDXFXOHLGHSHWXOSLQLLGHSR]LWDLQSWXOHFXSQXLOHSHHL GH PDL VXV FUHG FL YRU RIHUL FLWLWRUXOXL R LGHH JHQHUDO GHVSUH YLDD SH R SODQWDLH GH EXPEDF GLQ
DOWIHOOLSVLLGHSQXLDUILIRVWGLVWUXLGHJUJULH7XOSLQLOHGHVSXLDWHHUDXOVDWHSHFPS /RXLVLDQD 0RGXO GH FXOWLYDUH DO WUHVWLHLGH]DKU L SURFHVXO RELQHULL ]DKUXOXL YRU IL PHQLRQDWH
Q LQXWXO DFHOD VH PDL FXOWLYDX QWUR RDUHFDUH PVXU L FDUWRILL GXOFL QXPLL &DUROLQD FDUH QX DOWXQGHYD
IFHDX QV SDUWH GLQ DOLPHQWDLD SRUFLORU VDX D YLWHORU L HUDX FRQVLGHUDL GH LPSRUWDQ UHGXV 6H
SVWUDXDH]QGXLSHVXSUDIDDVROXOXLXQGHHUDXDFRSHULLVXSHUILFLDOFXSPQWVDXWXOSLQLGHSRUXPE
Q%D\RX%RHXIQXH[LVWDXEHFLXUL7HUHQXOHUDDWWGHMRVQFWDFHVWHDVDUILXPSOXWFXDS&DUWRILL
FRVWDX GRLWUHL ILUILULFL VDX LOLQJL EXWRLDXO H[FHSWQG FD]XULOH Q FDUH OLSVHD Q PRG QHRELQXLW
SRUXPEXOSXWHDILFXPSUDWODDFHODLSUH
,PHGLDW GXS FH VH QFKHLD UHFROWDUHD EXPEDFXOXL L D SRUXPEXOXL WXOSLQLOH HUDX VPXOVH L IFXWH
JUPH]L FURUD OL VH GGHD IRF $UDWXO QFHSHD Q DFHODL WLPS SUHJWLQG SDWXULOH Q YHGHUHD DOWHL
QVPQULQSDURKLLOH5DSLGHVL$YR\HOOHVLQWRWLQXWXOGLQFWHDPSXWXWREVHUYDVROXOHUDIRDUWH
ERJDW L PQRV (UD XQ IHO GH PDUQ GH FXORDUH PDURQLH VDX URLDWLF 1X QHFHVLWD FRPSRVWXULOH FDUH
QWUHPDXVROXULOHPDLVWHUSHLDFHHDLFXOWXUHUDVGLWPXOLDQLODUQGSHDFHODLORW
$UDWXOVHPQDWXOFXOHVXOEXPEDFXOXLVWUQVXOSRUXPEXOXLLVFRDWHUHDLDUGHUHDWXOSLQLORURFXSDX
WRDWHFHOHSDWUXDQRWLPSXULDOHDQXOXL7LHUHDOHPQHORUSUHVDUHDEXPEDFXOXLQJUDUHDLVDFULILFDUHD
SRUFLORUQXHUDXGHFWDFWLYLWLVHFXQGDUH
Q OXQLOH VHSWHPEULH VDX RFWRPEULH SRUFLL HUDX VFRL GLQ PODWLQL FX DMXWRUXO FLQLORU L QFKLL Q
DUFXUL(LHUDXVDFULILFDLQWURGLPLQHDUHFHGHRELFHLQMXUXO$QXOXL1RX)LHFDUHFDUFDVHUDWLDW
QDVHLEXFLOHSXVHXQDSHVWHDOWDQVDUHSHPHVHQWLQVHGLQDIXPWRULH5PQHDXDFRORYUHPHGH
GRXVSWPQLGXSFDUHHUDXDWUQDWHLVHIFHDIRFXOFDUHDUGHDQFRQWLQXXPDLPXOWGHMXPWDWH
GLQUHVWXODQXOXL$FHDVWDIXPDUHLQWHQVHUDQHFHVDUSHQWUXDPSLHGLFDLQIHVWDUHDXQFLLFXYLHUPL
QWUXQFOLPDWDWWGHFDOGFDUQHDHUDJUHXGHFRQVHUYDWLGHIRDUWHPXOWHRULHXLWRYDULLPHLQHDP
SULPLWUDLDVSWPQDOSOLQGHSDUD]LLLDFHLDGH]JXVWWRUL
'HL PODWLQLOH HUDX SOLQH GH YLWH HOH QX FRQVWLWXLDX QLFLRGDW R VXUV FRQVLGHUDELO GH SURILW
3ODQWDWRULLOHQVHPQDXODXUHFKLVDXOHDUGHDXFXILHUXOURXSHWUXSPDUFQGXLLQLLDOHOHDSRLOHOVDX
LQDFFHSWDELOSHFPSXOGHEXPEDF'XSR]LGHWUXGQHFRQWHQLWDPDMXQVFXUHFROWDPHDODFDVDGH
&DSLWROXO;,,, HJUHQDUH &QG FQWDUXO D DUWDW F QX FXOHVHVHP GHFW  GH NLORJUDPH DGLF QLFL MXPWDWH GLQ
FDQWLWDWHD FHUXW FHOXL PDL QHSULFHSXW FXOHJWRU (SSV PD DPHQLQDW FX R ELFLXLUH QHPLORDV WRWXL
&XULRDVDFRDGGHVHFXUH6LPSWRPHOHPEROQYLULL&RQWLQXDUHDGHFOLQXOXL,QHILFLHQD LQQGVHDPDFHUDPQFHSWRUDGHFLVVPLHUWHGHGDWDDFHHDQ]LXDXUPWRDUHLQPXOWH]LOH
ELFLXLULORU2EOLJDWVUPQQFROLE9L]LWDGRFWRUXOXL:LQHV5HYHQLUHDSDULDO FDUHDXXUPDWPDPQWRUVVHULOHIUPDLPXOWVXFFHVQPRGYGLWQXHUDPFURLWSHQWUXDFHVWJHQGH
'LILFXOWLOHODFXOHJHUHDEXPEDFXOXL&HVHSRDWHDX]LSHSODQWDLDOXL(SSV1XPUXOGH PXQF 1X GHLQHDP WDOHQWXO QHFHVDU  GHJHWHOH LVFXVLWH L PLFULOH LXL DOH OXL 3DWVH\ FDUH SXWHD V
ELFH(SSVFXFKHIGHELFLXLUH(SSVFXFKHIGHGDQV'HVFULHUHDGDQVXOXL/LSVDGH ]ERDUHQOXQJXOXQXLLUGHEXPEDFGHVSXLQGXOPLUDFXORVGHUDSLGGHDOEHDDOXLVFPRDWLSXU
RGLKQQXHVWHRVFX]7UVWXULOHOXL(SSV-LP%XUQV3OHFDUHDGLQ+XII3RZHUOD 1LFLSUDFWLFDQLFLELFLXLULOHQXVDXGRYHGLWHILFLHQWHLDU(SSVFRQYLQVQFHOHGLQXUPDMXUDWFHUDP
%D\RX%RHXI'HVFULHUHD8QFKHXOXL$EUDPDOXL:LOH\D0WXLL3KHEHDOXL%RE+HQU\ RUXLQHFQXHUDPGHPQVILXWRYDUFXQHJURWHLLFXOHJWRULGHEXPEDFFODFWFXOHJHDPQWUR
L(GZDUGDOXL3DWVH\FXDUERUHOHJHQHDORJLFDOILHFUXLD&WHFHYDGLQWUHFXWXOORUL ]LQLFLQXPHULWDRVWHQHDODGHDFQWULVDFXOLFQDUPDLILWUHEXLWVFDOFSHXQFPSGHEXPEDF'H
FDUDFWHULVWLFLVSHFLILFH*HOR]LHLSDVLXQH3DWVH\YLFWLPD DFHHDDPIRVWPXWDWODWLDWXOLWUDQVSRUWXOOHPQHORUODWUDQVSRUWXOEXPEDFXOXLGHSHFPSODFDVDGH
HJUHQDUHLODHIHFWXDUHDRULFURUDOWHVHUYLFLLFDUHVDUILGRYHGLWQHFHVDUH,QXWLOVPDLVSXQFQXPLV
'XSFHDPVRVLWODVWSQXO(SSVSULPDPHDQGHOHWQLFLUHGQGDVFXOWDUHSRUXQFLLVDOHDIRVWVPL DQJGXLWQLFLRGDWVOHQHYHVF
FURLHVFRFRDGGHVHFXUH&R]LOHIRORVLWHHUDXQLWHEHHVLPSOHURWXQGHLGUHSWH(XDPIFXWRFRDG 5DUH HUDX ]LOHOH Q FDUH V QX ILP ELFLXLL PFDU R GDW %LFLXLULOH DYHDX ORF GH RELFHL OD FQWULUHD
FXUEDWGHIRUPDFHORUFXFDUHPRELQXLVHPQ1RUG'XSFHDPWHUPLQDWLLDPDUWDWROXL(SSV EXPEDFXOXL'HOLQFYHQWXOFDUHQXFXOHVHVHFDQWLWDWHDQHFHVDUHUDGH]EUFDWLQWLQVFXIDDQMRVSH
HODSULYLWRXOXLWQHL]EXWLQGVLGHDVHDPDH[DFWFHDQXPHHUD1XPDLY]XVHQLFLRGDWRDVHPHQHD SPQW XQGH SULPHD R SHGHDSV SURSRULRQDO FX IDSWD FRPLV 1X H[DJHUH] GHORF FQG VSXQ F SH
FRDGLFQGLDPH[SOLFDWDYDQWDMHOHDIRVWQPRGYGLWLPSUHVLRQDWGHQRXWDWHDLGHLL$LQXWRPXOW SODQWDLD (SSV SRFQHWHOH ELFLXOXL L LSHWHOH VFODYLORU SXWHDX IL DX]LWH GH FQG VH QWXQHFD L SQ OD
WLPSQFDVLFQGHUDYL]LWDWGHSULHWHQLRVFRWHDLRDUWDFDSHRFXULR]LWDWH FXOFDUH]LOQLFDSURDSHQWRDWSHULRDGDVH]RQXOXLGHFXOHJHUHDEXPEDFXOXL
$FXPQHJVHDPQVH]RQXOSUDLOHL$PIRVWWULPLVPDLQWLSHFPSXOGHSRUXPELDUGXSDFHHDOD 1XPUXOGHELFHYDULDQIXQFLHGHQDWXUDFD]XOXL'RX]HFLLFLQFLGHORYLWXULVHDSOLFDXQFD]XO
EXPEDF $P PXQFLW DFROR SQ DSURDSH GH VIULWXO VH]RQXOXL SUDLOHL FQG DP QFHSXW V PDQLIHVW XQHL IDSWH QHQVHPQDWH GH SLOG DWXQFL FQG Q EXPEDF HUD JVLW R IUXQ] XVFDW VDX R EXFDW GH
VLPSWRPHOH XQHL EROL QHFXQRVFXWH (UDP FXSULQV GH DFFHVH GH IULJXUL FDUH HUDX XUPDWH GH IHEU FDSVXO VDX FQG HUD UXSW R UDPXU SH FPS FLQFL]HFL GH ORYLWXUL UHSUH]HQWDX SHGHDSVD RELQXLW
DU]WRDUH$PVOELWPXOWLDGHVHDHUDPDWWGHDPHLWQFWPPSOHWLFHDPLPEOEQHDPFDXQ SHQWUX WRDWH GHOLFWHOH FRQVLGHUDWH PDL JUDYH R VXW FRQVWLWXLDX SHGHDSVD DSOLFDW SHQWUX OHQHYLUHD SH
RPEHDW&XWRDWHDFHVWHDDPIRVWVLOLWVPLFRQWLQXLPXQFD'DFDWXQFLFQGHUDPVQWRVQXPLHUD FPSQXPLWVHYHUQWUHRVXWFLQFL]HFLLGRXVXWHGHELFHVHDSOLFDXFHOXLFDUHVHFHUWDFXFROHJLL
SUHD JUHX V LQ SDVXO FX WRYDULL GH PXQF DFXP PL VH SUHD GHD GUHSWXO LPSRVLELO 5PQHDP GHFROLELDUFLQFLVXWHGHELFHIUDPDLLQHVHDPDGHSRVLELOHOHYWPULFDX]DWHGHFLQLQVHPQDX
GHVHRUL Q XUP XQGH ELFLXO YL]LWLXOXL PL DWLQJHD SURPSW VSLQDUHD LQMHFWQG SH PRPHQW SXLQ VSWPQLGHGXUHUHLDJRQLHSHQWUXVUPDQXOVFODYQHFRPSWLPLWGHQLPHQLFDUHQFHUFDVHVIXJGH
HQHUJLHQWUXSXOPHXEROQDYLPROHLW6WDUHDPHDDFRQWLQXDWVVHXEUH]HDVFSQFHQWUXQILQDO SHSODQWDLH
ELFLXODGHYHQLWFRPSOHWLQHILFLHQW1LFLFHDPDLXVWXUWRDUHDWLQJHUHDFXUHOHLGHSLHOHQHWEFLWQXP QFHLGRLDQLSHWUHFXLGHHOSHSODQWDLDGLQ%D\RX+XII3RZHU(SSVRELQXLDGHFHOSXLQGRXRUL
SXWHDQYLJRUD3QODXUPQOXQDVHSWHPEULHFQGVHDSURSLDVH]RQXOJUHXDOFXOHJHULLEXPEDFXOXL SHOXQVYLQDFDVVHULRVDPHLWGLQ+ROPHVYLOOH&RQFXUVXULOHGHWLUVHQFKHLDXDSURDSHLQYDULDELO
QDPPDLSXWXWVPLSUVHVFFROLED3QQFOLSDDFHHDQXSULPLVHPQLFLPHGLFDPHQWHQLFLFHDPDL SULQ RUJLL Q DVHPHQHD PRPHQWH HUD JOJLRV L SH MXPWDWH QHEXQ $GHVHD VSUJHD IDUIXULL UXSHD
PLFDWHQLHGLQSDUWHDVWSQXOXLVDXVWSQHLPHOH'LQFQGQFQGPYL]LWDEWUQDEXFWUHDV VFDXQHLRULFHDOWHSLHVHGHPRELOLHUSHFDUHSXQHDPQD'XSFHHUDVDWLVIFXWGHIHOXOFXPVHGLVWUDVH
FDUHPLSUHJWHDFDIHDGLQSRUXPELFDUHXQHRULILHUEHDREXFLFGHXQFGXSFHDMXQVHVHPSUHD QFDVOXDELFLXOLLHHDQFXUWHXQGHVFODYLLWUHEXLDXVILHDWHQLLIRDUWHSUHFDXL3ULPXOFDUHLQWUD
VOELWFDVRSRWIDFHVLQJXU QUD]DGHDFLXQHDELFLXOXLVXLVLPHDSHORFXVWXULPHD8QHRULLIFHDVDOHUJHQWRDWHGLUHFLLOH
&QGLVDVSXVFYRLPXULVWSQXO(SSVQDIRVWGLVSXVVDFFHSWHSLHUGHUHDSHFDUHLDUILDGXVR PXOWHRUHDVFXQ]QGXVHGXSFROLEH&WHRGDWOJVHDSHFWHXQXOQHDWHQWLGDFUHXHDVLDSOLFH
PRDUWHD XQXL DQLPDO Q YDORDUH GH R PLH GH GRODUL DD F D GHFLV V WULPLW GXS GU :LQHV GLQ RORYLWXUQSOLQHUDH[WUHPGHQFQWDW$WXQFLDYHDXGHVXIHULWFRSLLLLYUVWQLFLLFDUHQXPDLHUDX
+ROPHVYLOOH L V VXSRUWH FKHOWXLDOD $FHVWD OD DQXQDW F GH YLQ HUD HIHFWXO FOLPHL L F H[LVWD DFWLYL Q PLMORFXO FRQIX]LHL JHQHUDOH HO SQGHD YLFOHDQ GLQ VSDWHOH XQHL FROLEH DWHSWQG FX ELFLXO
SUREDELOLWDWHD V P SLDUG 0LD VSXV V QX PDL FRQVXP FDUQH L V QX PQQF PDL PXOW GHFW HUD ULGLFDWVOUHSHDGFWUHSULPDIDQHDJUFDUHWUJHDJULMXOLXFXRFKLXOGXSFRO
DEVROXW QHFHVDU SHQWUX D VXE]LVWD $X WUHFXW FWHYD VSWPQL WLPS Q FDUH Q XUPD UHJLPXOXL $OWHRULVHQWRUFHDDFDVQWURGLVSR]LLHPDLSXLQYLROHQWLDUDWXQFLWUHEXLDVILHSHWUHFHUH7RL
VUFFLRVODFDUHIXVHVHPVXSXVPLDPUHYHQLWSDULDOQWURGLPLQHDFXPXOWQDLQWHVPLUHFDSW WUHEXLDX V GDQVH]H DSRL VWSQXO (SSV YRLD V L VH QFQWH DX]XO FX PX]LF GH YLRDU 'XS DFHHD
SXWHUHD GH D PXQFL (SSV D DSUXW Q SUDJXO FROLEHL L DUWQGXPL XQ VDF PLD SRUXQFLW V PHUJ SH GHYHQHDYLRLLHODVWLFGDQVQGQMXUXOYHUDQGHLLSULQFDV
FPSXO GH EXPEDF 3H DWXQFL QX DYHDP QLFLR H[SHULHQ OD FXOHV GH EXPEDF L HUD FX DGHYUDW R $UXQFLFQGPYQGXVH7LEHDWVOLQIRUPDVHFWLDPVFQWODYLRDULQIRUPDLHSHFDUHRDIODVH
QGHOHWQLFLUHGLILFLO3HFQGDOLLIRORVHDXDPEHOHPLQLSHQWUXDOFXOHJHLLQWURGXFHQJXUDVDFXOXL GHOD)RUGQXUPDUXJPLQLORUGRDPQHL(SSVVRXOHLIXVHVHFRQYLQVVPFXPSHUHQWLPSXOXQHL
FX R SUHFL]LH L R GH[WHULWDWH LPSRVLELOH SHQWUX PLQH HX WUHEXLD V SULQG FDSVXOD FX R PQ LDU FX YL]LWH OD 1HZ 2UOHDQV (UDP FKHPDW Q PRG IUHFYHQW Q FDV SHQWUX D FQWD IDPLOLHL QWUXFW VWSQD
FHDODOWVVFRWDWHQWIORULOHDOEH LXEHDFXSDVLXQHPX]LFD
'HSR]LWDUHDEXPEDFXOXLQVDFHUDDOWGLILFXOWDWHFDUHVROLFLWDIRORVLUHDDPEHORUPLQLLDRFKLORU 'H FWH RUL (SSV UHYHQHD FX FKHI GH GDQV WRL QH DGXQDP Q QFSHUHD FHD PDL ODUJ D FDVHL PDUL
(X HUDP QHYRLW V ULGLF EXPEDFXO GH SH SPQWXO XQGH FGHD DSURDSH OD IHO GH IUHFYHQW SH FW O ,QGLIHUHQWFWDPILIRVWGHRERVLLLYOJXLLWUHEXLDVSDUWLFLSPODXQGDQVJHQHUDO'XSFHWRLL
GHVSULQGHDPGHSHWXOSLQDXQGHFUHVFXVHQDFHODLWLPSIFHDPUDYDJLLSULQWUHUDPXULOHQFUFDWHFX RFXSDXSR]LLLOHFXYHQLWHSHSRGHDHXQFHSHDPRPHORGLH
FDSVXOHQFQHGHVIFXWHILLQGFVDFXOPHXOXQJLVWQMHQLWRUVHOHJQDQWURSDUWHLDOWDFHHDFHHUD 'DQVDLQHJURWHLLGFXOXLGDQVDL]ELHUD(SSV
1LPHQLQXWUHEXLDVVHRSUHDVFRULVQWU]LHLQXWUHEXLDXVH[LVWHPLFULOHQWHVDXWUJQDWH SURILW$WWGHFUXGLGHQHGUHSWHUD(GZLQ(SSV
WRWXOWUHEXLDVILHYLRLDOHUWLVOWUH 3H%D\RX%RHXIH[LVWDGRDUXQVLQJXULQVPDLVOEDWLFGHFWHO$DFXPDPDPLQWLWGHMDSHSODQWDLD
6XVLMRVLYUILWRFLGXSDLDLDUODORFVXQDRUGLQXO OXL -LP %XUQV OXFUDX H[FOXVLY IHPHL %DUEDUXO DFHOD OH QYLQHHD L OH QVQJHUD Q DVHPHQHD KDO
6LOXHWDGXUGXOLHDOXL(SSVVHDPHVWHFDSULQWUHVFODYLLVLQFKLLODFXORDUHH[HFXWQGFXLXHDOSDLL VSLQULOHQFWELHWHOHIHPHLQLFLQXPDLSXWHDXVLGXFODQGHSOLQLUHPXQFLOHFHUXWH]LOQLFGLQSDUWHD
LILJXULOHGDQVXOXL VFODYLORU -LP %XUQV VH OXGD FX FUX]LPHD VD L Q WRW LQXWXO GLQ MXU HUD FXQRVFXW FD XQ EUEDW PDL
'HRELFHLLQHDELFLXOQPQSUHJWLWVODEDWDVXSUDXUHFKLORUVFODYXOXLVILGWRUFDUHFXWH]DVHV HQHUJLFLPDLEWXFKLDULGHFW(SSV(UDREUXWOLSVLWGHRULFHIUPGHPLOSHQWUXVFODYHOHSH
VH RGLKQHDVF SHQWUX R FOLS VDX FKLDU V VH RSUHDVF SHQWUX DL WUDJH UVXIODUHD &QG HO QVXL VH FDUH OH EUXWDOL]D L FD XQ LQFRQWLHQW OH ELFLXLD OLSVLQGXOH WRFPDL GH SXWHUHD GH FDUH GHSLQGHDX
VLPHDHSXL]DWIFHDRSDX]GDUH[WUHPGHVFXUW&XRL]ELWXURSRFQLWXULRILFKLXLWXUGHELFL FWLJXULOHOXL
UFQHDGLQQRX (SSVDUPDVGRLDQLQ+XII3RZHUGXSFDUHQWUXFWDFXPXODVHRVXPFRQVLGHUDELOGHEDQLD
'DQVDLQHJURWHLORUGDQVDL FXPSUDWSODQWDLDGHSHPDOXOHVWLFDOOXL%D\RX%RHXIXQGHORFXLHWHLQSUH]HQW6DPXWDWQDQXO
(LSRUQHDXLDULVRSLHYDOYUWHMLDUHXQGHPQDWGHFWHRDWLQJHUHRFD]LRQDODYUIXOXLGHELFL LPHGLDWGXSVUEWRULLDOXDWFXHOQRXVFODYLFDUHVXQWLDFXPDFRORFXH[FHSLDPHDLDOXL
VWWHDPQWUXQFROLVFRWHDPGLQYLRDUDPHDXQULWPDFFHOHUDW$GHVHDVWSQDORFUDGHFODUQGF 6XVDQFDUHDUSRVDWQWUHWLPS1XDPDLFXPSUDWDOWVFODYLDUQFHLRSWDQLFDUHDXXUPDWHLDXIRVW
VHYDQWRDUFHQFDVDWDWOXLHLGLQ&KHQH\YLOOHWRWXLH[LVWDXFOLSHQFDUHQXLSXWHDVWYLOLXQKRKRW WRYDULL PHL GH YLD $EUDP :LOH\ 3KHEH %RE +HQU\ (GZDUG L 3DWVH\ 7RL PDL SXLQ (GZDUG
GHUVDVLVWQGODLVSUYLOHOXLJOJLRDVH'HPXOWHRULHUDPUHLQXLQIHOXODFHODSQVSUHFHDVXULOH FDUHVDQVFXWXOWHULRUIXVHVHUFXPSUDLGH(SSVQSHULRDGDQFDUHOXFUDVHFDVXSUDYHJKHWRUSHQWUX
GLPLQHLL&RFUMDLGHPXQFDH[FHVLYVXIHULQGUHDOPHQWHGHQHYRLDXQHLVFXUWHRGLKQHUHYLJRUDWRDUHL $UFK\%:LOOLDPVDFUXLSODQWDLHVHDIOSHPDOXO5XOXL5RXQXGHSDUWHGH$OH[DQGULD
VLPLQGXVHPDLGHJUDEJDWDVVHDUXQFHSHMRVLVSOQJDPDUVFODYLLQHIHULFLLDLOXL(GZLQ(SSV $EUDPHUDQDOWULGLFQGXVHFXXQFDSSHVWHRULFHRPRELQXLW$UHDL]HFLGHDQLLVDQVFXWQ
HUDXPXOWHQRSLVLOLLVGDQVH]HLVUGQFDVDOXL VWDWXO7HQQHVVHH&XGRX]HFLGHDQLQXUPDIRVWFXPSUDWGHXQQHJXVWRUGXVQ&DUROLQDGH6XGL
QFLXGDOLSVXULORUQGXUDWHSHQWUXDVDWLVIDFHWRDQHOHXQXLVWSQDEVXUGQRLWUHEXLDVILPSHFPS YQGXW OXL -DPHV%XIRUG GLQ FRPLWDWXO :LOOLDPVEXUJKGLQDFHODL VWDWQ WLQHUHH HUD UHQXPLW SHQWUX
QGDWFHUVUHDX]RULLLDUQWLPSXO]LOHLVQHHIHFWXPPXQFLOHLFRUYH]LOHRELQXLWH/LSVDGHVRPQ IRUDOXLXULDGDUYUVWDLPXQFDQHQFHWDWLDXDIHFWDWFXPYDWUXSXOSXWHUQLFLLDXVOELWIDFXOWLOH
QX SXWHD IL LQYRFDW OD FQWDU SHQWUX QHQGHSOLQLUHD QRUPHL VDX SHQWUX F QX SUHDP FX UDSLGLWDWHD PLQWDOH
RELQXLWSHSRUXPELWH%LFLXLULOHHUDXODIHOGHVHYHUHGHSDUFGLPLQHDDQHDPILWUH]LWQYLRUDLL :LOH\ DUH SDWUX]HFL L RSW GH DQL 6D QVFXW SH GRPHQLXO OXL :LOOLDP 7DVVOH L PXOL DQL D FRQGXV
QWULL GXS RGLKQD GH SHVWH QRDSWH 0DL PXOW GXS DVHPHQHD SHWUHFHUL IUHQHWLFH (SSV HUD L PDL IHULERWXODFHVWXLGRPQSHVWH%LJ%ODFN5LYHUQVWDWXO&DUROLQDGH6XG
LUDVFLELO L PDL VOEDWLF GHFW QDLQWH DSOLFQG SHGHSVH SHQWUX WH PLUL FH L IRORVLQG ELFLXO FX L PDL 3KHEH HUD VFODYD OXL %XIRUG YHFLQXO OXL 7DVVOH GDU GXS FH VD PULWDW FX :LOH\ LD FRQYLQV
PXOWHQHUJLHU]EXQWRDUH VWSQXOVOFXPSHUHLSHDFHVWD%XIRUGHUDXQVWSQEXQHULIXOFRPLWDWXOXLLSHYUHPHDDFHHDXQ
=HFHDQLDPWUXGLWIUUVSODWSHQWUXDFHVWEUEDW=HFHDQLGLQPXQFDPHDQHQFHWDWDXFRQWULEXLW RPERJDW
ODFUHWHUHDDYHULLOXL=HFHDQLDPIRVWVLOLWVPDGUHVH]OXLFXRFKLLSOHFDLLFDSXOGHVFRSHULWQ %RE L +HQU\ VXQW FRSLLL OXL 3KHEH GH OD XQ VR DQWHULRU LDU WDWO ORU IXVHVH DEDQGRQDW SHQWUX D IL
DWLWXGLQHDLFXOLPEDMXOXQXLVFODY1XLVXQWQGDWRUDWSHQWUXQLPLFILLQGFQDPDYXWSDUWHGHFWGH QORFXLW FX :LOH\ 7QUXO DFHOD VHGXFWRU VH LQVLQXDVH Q JUDLLOH OXL 3KHEH L VRLD QHFUHGLQFLRDV O
DEX]XULQHPHULWDWHLORYLWXULGHELFL GGXVHDIDUGLQFROLESHSULPXOHLEUEDW(GZDUGHUDFRSLOXOORULVHQVFXVHOD%D\RX+XII3RZHU
$IODW DFXP GHSDUWH GH DWLQJHUHD ELFLXOXL VX QHRPHQRV L PXOXPLW &HUXOXL VWQG SH SPQWXO 3DWVH\DUHGRX]HFLLWUHLGHDQLLSURYLQHWRWGHSHSODQWDLDOXL%XIRUG1XDUHQLFLROHJWXUFX
VWDWXOXL OLEHU XQGH PDP QVFXW SRW VPL ULGLF FDSXO GLQ QRX SULQWUH RDPHQL 3RW V YRUEHVF GHVSUH FHLODOL GDU VH PQGUHWH FX IDSWXO F HVWH RGUDVOD XQHL QHJUHVH GH *XLQHHD DGXV Q &XED SH XQ
QHGUHSWLOHSHFDUHOHDPVXIHULWLGHVSUHFHLFDUHOHDXVYULWIUVPLLQSULYLUHDQSPQW'DU YDSRUGHVFODYLLFXPSUDWSQODXUPGH%XIRUGFDUHDIRVWSURSULHWDUXOPDPHLHL
QXGRUHVFVVSXQGHVSUHHOVDXGHVSUHRULFDUHDOWXOGHFWDGHYUXO'DUDVSXQHDGHYUXOGHVSUH(GZLQ $FHVWHD VXQW RULJLQLOH VFODYLORU VWSQXOXL PHX DD FXP OHDP DIODW FKLDU GH OD HL $QL GH ]LOH HL
(SSV DU QVHPQD V VSXQ F HUD XQ EUEDW Q VXIOHWXO FUXLD QX VH UHJVHDX EXQWDWHD VDX RQHVWLWDWHD IXVHVHU PSUHXQ 'HSQDX DGHVHD DPLQWLUL GLQ WUHFXW L RIWDX UHPHPRUQG SDLL VSUH FPLQXO YHFKL
7UVWXULOH OXL FHOH PDL SURHPLQHQWH HUDX HQHUJLD EUXW L DVSU OLSVD GH HGXFDLH L VSLULWXO DYDU (UD GLQ&DUROLQD1HFD]XULOHDEWXWHDVXSUDVWSQXOXL%XIRUGOHDXDGXVJUHXWLLPDLPDUL6HQGDWRUDVH
FXQRVFXWFDPEOQ]LWRUXOGHQHJURWHLILLQGUHQXPLWSHQWUXFDSDFLWDWHDGHDVXEMXJDVSLULWXOVFODYLORU PXOWLSHQWUXFQXSXWHDIDFHIDJKLQLRDQHORUFDUHOPSUHVXUDVHU%XIRUGIXVHVHQHYRLWVLYQG
LPQGULQGXVHFXUHSXWDLDVDQDFHDVWSULYLQWRWDDFXPXQMRFKHXVHPQGUHWHFXDELOLWDWHDGHD RSDUWHGLQVFODYL/HJDLODRODOWFXODQXULHLIXVHVHUDGXLGHGLQFRORGH0LVVLVVLSSLSHSODQWDLDOXL
VWSQL FDLL QUYDL (SSV SULYHD RDPHQLL GH FXORDUH QX FD SH ILLQH XPDQH FDUHL GDWRUHD] $UFK\ % :LOOLDPV $WXQFL FQG DX VRVLW (GZLQ (SSV FDUH IXVHVH PXOW WLPS YL]LWLXO L
&UHDWRUXOXL IUPD GH WDOHQW FX FDUH DX IRVW Q]HVWUDWH FL FD SH QLWH SURSULHWL SHUVRQDOH VLPSOH VXSUDYHJKHWRUXOOXL$UFK\WRFPDLGRUHDVQFHDSRDIDFHUHSHFRQWSURSULXLLDFFHSWDVHQVFKLPEXO
EXQXULYLLFXQLPLFVXSHULRDUHH[FHSWQGYDORDUHDFDWUXOXLVDXFLQHOXLVX&QGLVDXSXVQIDD OHIXULORUFDUHLVHGDWRUDX
RFKLORUGRYH]LOHFODUHLLQGLVFXWDELOHDOHFDOLWLLPHOHGHRPOLEHULFDDWDUHDOHDFHOXLDLGUHSWOD 8QFKHXO$EUDPHUDXQRPFXVXIOHWEXQXQVRLGHSDWULDUKSULQWUHQRLLLSOFHDVLQWUHLQIUDLL
OLEHUWDWHFDLHOFQGQ]LXDQFDUHDPSOHFDWDIRVWLQIRUPDWFDYHDPRVRLHLFRSLLWRWDWWGH PDL WLQHUL FX GLVFXUVXUL JUDYH L VHULRDVH (UD YHUVDW Q JHQXO GH ILORVRILH FDUH VH SUHG Q FROLEHOH
GUDJLPLHSHFWLHUDXOXLSURSULLLVLFRSLL(SSVQXDIFXWDOWFHYDGHFWVVXGXLHLVXUOHDFX]QG VFODYLORU QV PDUHD OXL SDVLXQH HUD JHQHUDOXO -DFNVRQ VXE FRPDQGD FUXLD OXSWDVH WQUXO OXL VWSQ
OHJHDFDUHPVPXOJHDGHODHOLGHFODUQGFGDFEDQLLPDLDYHDXYUHRYLUWXWHVDXSXWHUHHOOYDJVL GLQ 7HQQHVVHH 8QFKHXOXL $EUDP L SOFHD V VH QWRDUF Q JQG Q ORFXO OXL QDWDO L VL
SHFHOFDUHWULPLVHVHVFULVRDUHDFHGHVWLQXLVHORFXOFDSWLYLWLLPHOHLLYDOXDYLDD1XVHJQGHDOD UHDPLQWHDVFVFHQHOHWLQHUHLLVDOHQYUHPXULOHDFHOHDHPRLRQDQWHFQGQDLXQHDULGLFDVHDUPHOH'HL
QLPLFDOWFHYDGHFWODSLHUGHUHDOXLLPDEOHVWHPDWILLQGFPQVFXVHPOLEHU1DUILFOLQWLWQLFLFKLDU IXVHVHDWOHWLFPDLLQWHOLJHQWLPDLSXWHUQLFGHFWPDMRULWDWHDFHORUGLQUDVDOXLDFXPYHGHUHDLVOELVH
GDFOLPELOHVUPDQLORUOXLVFODYLDUILIRVWVPXOVHVXERFKLLOXLLDUILSXWXWYHGHDDULWUDQVIRUPQGX LIRUDQQVFXWLVHGLPLQXDVHQWUDGHYULVHQWPSODGHVFDQWLPSFHGLVFXWDGHVSUHPHWRGDFHD
VH Q FHQXGHDVXSUDXQXL IRFPLFVDX VILDLSQODPRDUWH GHFRSRL GDFDVWD LDUILDGXV YUHXQ PDLEXQSHQWUXSUHSDUDUHDWXUWHORUGLQPODLVDXFQGYRUEHDSHODUJGHVSUHJORULDOXL-DFNVRQVXLWH
XQGHL OVDVH SOULD VDSD VDX FRXO L DWXQFL HUD OXDW SHVWH SLFLRU GDF (SSV HUD DEVHQW VDX HUD
ELFLXLWGDFHUDSUH]HQW'HDFHHD8QFKHXO$EUDPVHJVHDQWURVWDUHGHSHUPDQHQWSHUSOH[LWDWHL
&DSLWROXO;,9
VXVSLQDJQGLQGXVHFPEWUQHDLVHGHJUDGD)LORVRILD-DFNVRQLXLWDUHDIFXVHUSUSGLHUD
HYLGHQWFWRDWHODRODOWDYHDXVGXFLXWHQPRUPQWILUHOHOXLVXUH 'LVWUXJHUHDUHFROWHLGHEXPEDFQ&HUHUHDGHEUDHGHPXQFQSDURKLD6W0DU\
0WXD3KHEHIXVHVHRH[FHOHQWOXFUWRDUHSHFPSGDUQXOWLPDYUHPHRPXWDVHUODEXFWULHL 3OHFDUHDQDODL2UGLQHDGHPDU*UDQG&RWHDXQFKLULDWGHMXGHFWRUXO7XUQHUSH
UPVHVHDFRORH[FHSWQGFD]XULOHGHPDUHXUJHQ(UDREWUQLUHDWLIRDUWHJXUHFQGQXVH %D\RX6DOOH1XPLWYL]LWLXQFDVD]DKUXOXL6OXMEHOHGHGXPLQLF0RELOLHUXO
JVHDQSUH]HQDVWSQXOXLVDXVWSQHL VFODYLORUFXPVHRELQH3HWUHFHUHDGHOD<DUQH\Q&HQWUHYLOOH&WLJXULOH&SLWDQXOGH
:LOH\SHGHDOWSDUWHHUDWFXWLQGHSOLQHDVDUFLQLOHIUDFUFQLVDXDVHSOQJHLLQJGXLD YDSRU5HIX]XOOXLGHDPDVFXQGHQWRDUFHUHDSH%D\RX%RHXI9HGHUHDOXL7LEHDWV
UDUHRULOX[XOGHDYRUELGRDUSHQWUXDLH[SULPDGRULQDGHDILGHSDUWHGH(SSVLGHDVHQWRDUFHQ 6XIHULQHOHOXL3DWVH\9LROHQHLGLVSXWH9QWRDUHDGHUDWRQLLRSRVXPL9LFOHQLDFHORU
&DUROLQDGH6XG GLQXUP&RQVWLWXLDYQRDVDVFODYXOXL'HVFULHUHDFXUVHLSHQWUXSHWL8FLGHUHD
%RE L +HQU\ DMXQVHVHU OD YUVWHOH GH GRX]HFL UHVSHFWLY GH GRX]HFL L WUHL GH DQL L QX VH EUEDWXOXLGLQ1DWFKH](SSVSURYRFDWGH0DUVKDOO,QIOXHQDVFODYLHL'UDJRVWHDGH
GLVWLQJHDXSULQQLPLFH[WUDRUGLQDUVDXQHRELQXLWSHFQG(GZDUGXQELHWDQGHWUHLVSUH]HFHDQLFDUH OLEHUWDWH
QFQXSXWHDLQHSDVXOSHSODQWDLDGHSRUXPERULGHEXPEDFHUDLQXWQFDVDPDUHSHQWUXDOVOXMLSH
PLFXO(SSV QSULPXODQDOHGHULLOXL(SSVSHED\RXRPL]LOHDXGLVWUXVDSURDSHFRPSOHWUHFROWDGHEXPEDF
3DWVH\HUD]YHOWLFXVSDWHOHGUHSW$YHDRSR]LLHSHUIHFWYHUWLFDOGHFDUHQXPDLRPXOHVWHFDSDELO GLQLQXW1XVDSXWXWIDFHPDUHOXFUXPSRWULYDORUDDQFWVFODYLLQDXDYXWFHPXQFLMXPWDWHGLQ
0LFULOH HL GHLQHDX R QREOHH SH FDUH QR SXWHDX GLVWUXJH QLFL PXQFD QLFL RERVHDOD QLFL SHGHSVHOH WLPSQ%D\RX%RHXIVD]YRQLWQVFSHSODQWDLLOHGHWUHVWLHGH]DKUGLQSDURKLD6W0DU\HUDFHUHUH
(UD XQ H[HPSODU FX DGHYUDW VSOHQGLG L GDF VFODYLD QX LDU IL QFHRDW PLQWHD 3DWVH\ VDU IL VLWXDW GH EUDH GH PXQF L VH SOWHD ELQH 3DURKLD DFHHD HUD VLWXDW SH FRDVWD JROIXOXL 0H[LF OD GRX VXWH
PXOWGHDVXSUDFHORUGLQQHDPXOHL3XWHDVULJDUGXULOHFHOHPDLQDOWHLGRDUFHOPDLLXWHFRSRLDUIL GRX]HFLLFLQFLGHNLORPHWULGH$YR\HOOHV5LR7HFKHFDUHHVWHRDSGHVWXOGHPDUHFXUJHSULQ6W
SXWXWR QWUHFH QWUR FXUV 1X H[LVWD YUHXQ FDO FDUH VR SRDW DUXQFD GLQ VSLQDUHD VD (UD XQ FUXD 0DU\SQODYUVDUHDQJROI
LVFXVLW$UDREUD]GODIHOGHGUHDSWFDDFHORUPDLEXQLSOXJDULLDUODGHVSLFDWXOOHPQHORUQRQWUHFHD 'XS FH DX DIODW LQIRUPDLD DFHDVWD SODQWDWRULL DX GHFLV V DOFWXLDVF XQ ORW GH VFODYL SH FDUH VL
QLPHQL&QGUVXQDQQRDSWHSRUXQFDGHDQFHWDOXFUXOHDDYHDFDWULLODLHVOHGHVKPDLKUQLLL WULPLWOD7XFNDSDZGLQ6W0DU\SHQWUXDILQFKLULDLSHSODQWDLLQOXQDVHSWHPEULHQ+ROPHVYLOOH
HVODL QDLQWH FD 8QFKHXO $EUDP VL IL JVLW SOULD (UD QV IDLPRDV QX QXPDL SHQWUX DFHVWH DXIRVWDGXQDLRVXWSDWUX]HFLLDSWHGHVFODYLSULQWUHFDUH$EUDP%RELFXPLQH'LQWUHHLFDP
QVXLUL FL L SHQWUX GHJHWHOH HL GH R UDSLGLWDWH QHPDLY]XW  GH DFHHD 3DWVH\ HUD UHJLQD FPSXOXL MXPWDWHHUDXIHPHL$OELLDOHLVQHQVRHDVFLVVHRFXSHGHQRLHUDX(SSV$ORQVRQ3LHUFH+HQU\
DWXQFLFQGVRVHDVH]RQXOFXOHVXOXLGHEXPEDF 7ROHUL$GGLVRQ5REHUWV(LGLVSXQHDXGHRWUVXUFXGRLFDLLGHDOLGRLFDLSHQWUXFOULW2FUX
$YHDRILUHYHVHOLSOFXWLHUDFUHGLQFLRDVLREHGLHQW9HVHOLDHLHUDQDWXUDORIDWFXLQLPD PDUH WUDV GH SDWUX FDL L FRQGXV GH -RKQ XQ ELDW FDUH DSDULQHD GRPQXOXL 5REHUWV WUDQVSRUWD
XRDU FDUH UGHD GHV L VH EXFXUD GH QVXL VHQVXO H[LVWHQHL Q DFHODL WLPS QV 3DWVH\ SOQJHD SWXULOHLSURYL]LLOH
GHVHRUL L VXIHUHD PDL PXOW GHFW RULFDUH GLQWUH WRYDULL HL (UD OLWHUDOPHQWH QVHPQDW 6SLQDUHD HL 3H OD RUD GRX GXSDPLD] GXS FH DP IRVW KUQLL DX QFHSXW SUHJWLULOH SHQWUX SOHFDUH (X DP
SXUWDFLFDWULFHOHDRPLHGHORYLWXULQXILLQGFDUILIRVWOHQHQPXQFLQLFLSHQWUXFDUILIRVWUHEHO SULPLWVDUFLQDGHDPRFXSDGHSWXULLSURYL]LLDYQGJULMVQXVHSLDUGQLPLFSHGUXP7UVXUDD
LQHJOLMHQWFLSHQWUXFDYXVHVHQHDQVDGHDILVFODYDXQXLVWSQLPRUDOLDXQHLVWSQHJHORDVH SRUQLW SULPD XUPDW GH FUX L DSRL GH VFODYL FX FHL GRL FOUHL Q DULHUJDUG Q DFHDVW RUGLQH D
3DWVH\VHFKLUFHDQDLQWHDSULYLULLSRIWLFLRDVHDXQXLDLHUDQSHULFROFKLDUVLSLDUGYLDDQPLQLOH SUVLWDODLXO+ROPHVYLOOH
FHOHLODOWHIXVHVHFXDGHYUDWEOHVWHPDWVFDGODPLMORFQWUHFHLGRL=LOHODUQGQFDVDPDUHVH 3H QVHUDWH GXS FH PHUVHVHUP FLQFLVSUH]HFHGRX]HFL GH NLORPHWUL DP DMXQV OD SODQWDLD XQXL
URVWHDXFXYLQWHJUHOHLPQLRDVHH[LVWDXPEXIQULLQVWULQULLDU3DWVH\HUDFDX]DORUQHYLQRYDW DQXPHGRPQ0F&URZXQGHQLVDSRUXQFLWVQHRSULP$XIRVWDSULQVHIRFXULPDULLWRLQHDPSXV
1LPLFQRQFQWDSHVWSQPDLPXOWGHFWVRYDGVXIHULQGLQXQXPDLRGDWFQG(SSVUHIX]DVH SWXULOHSHSPQWLQHDPQWLQVSHHOH$OELLDXGRUPLWQFDVDPDUH&XRRUQDLQWHVVHOXPLQH]H
VR YQG HD P LVSLWLVH QFHUFQG V P PLWXLDVF VR RPRU Q WDLQ L VR QJURS Q YUHXQ ORF GH ]LX DP IRVW WUH]LL GH YL]LWLL FDUH SRFQHDX GLQ ELFH SULQWUH QRL L QH SRUXQFHDX V QH VFXOP
VLQJXUDWLFODPDUJLQHDPODWLQLL'DFLDUILVWDWQSXWHUH3DWVH\DUILIRVWEXFXURDVVSRDWOLQLWL 3WXULOHDXIRVWGXSDFHHDVWUQVHVXOLDUGXSFHPLDXIRVWSUHGDWHLGHSR]LWDWHQFUXDPSRUQLW
DFHVWVSLULWQHLHUWWRUGDUQXFXWH]DSUHFXP,RVLIVVFDSHGHVWSQXO(SSVOHSGQGXLYHPQWXOQ ODGUXP
PQD VD 3DWVH\ HUD SURVW Y]XW 'DF URVWHD XQ FXYQW PSRWULYD YRLQHL VWSQXOXL VH UHFXUJHD SH Q QRDSWHD XUPWRDUH D SORXDW FX JOHDWD 1HDP XGDW WRL PELEQGXQH KDLQHOH FX QRURL L DS
GDWODELFLSHQWUXDRVXSXQHGDFQXHUDDWHQWQFROLEVDXFQGPHUJHDSULQFXUWHXQUHWHYHLGH $MXQJQGODXQRSURQGHVFKLVRIRVWFDVGHHJUHQDUHQHDPQJKHVXLWWRLVXEDFRSHULXOVXJVLQG
OHPQVDXSRDWHRVWLFOVSDUW]YUOLWGHPQDVWSQHLRORYHDSHQHDWHSWDWHQID9LFWLPQURELW DWWD DGSRVW FW QH SXWHD RIHUL 1X HUD ORF V QH QWLQGHP WRL $P UPDV VWUQL ODRODOW SH WLPSXO
DSRIWHLWUXSHWLLDXULL3DWVH\QXVHEXFXUDGHWLKQQYLDDHL QRSLLLDUGLPLQHDQHDPUHOXDWPDUXOQWLPSXOFOWRULHLDPIRVWKUQLLGHGRXRULSH]LIULJQGX
$FHWLDPLDXIRVWWRYDULLLFROHJLLGHVFODYLHFXFDUHPDPRELQXLWVILXPQDWODFPSLFX QHXQFDLSUHJWLQGXQHWXUWHOHGLQPODLODIRFXULDDFXPIFHDPLQFROLEHOHQRDVWUH$PWUHFXWSH
FDUHPLDIRVWVRUWLWVORFXLHVF]HFHDQLQFROLEHOHGLQEXWHQLDOHOXL(GZLQ(SSV'DFPDLWULHVF UQG SULQ /D )D\HWWHYLOOH 0RXQWVYLOOH 1HZ7RZQ SQ OD &HQWUHYLOOH XQGH DX IRVW QFKLULDL %RE L
DWXQFLWUXGHVFLDFXPSHPDOXULOHOXL%D\RX%RHXIIUDILVRUWLLYUHRGDWVUHVSLUHDDFXPIDFHX 8QFKHXO$EUDP1XPUXOQRVWUXVDUHGXVSHPVXUFHQDLQWDPDSURDSHILHFDUHSODQWDLHGHWUHVWLH
DFXPDHUXOELQHFXYQWDWDOOLEHUWLLSQYRU]FHDGHDSXUXULQUQ GH]DKUQHFHVLWDVHUYLFLLOHXQXLDVDXPDLPXOWRUVFODYL
3HGUXPDPWUHFXWGH*UDQG&RWHDXVDXSUHULDRQWLQGHUHYDVWGHLQXWQHWHGLPRQRWRQIU
FRSDFL GRDU RFD]LRQDO QWOQHDP FWH XQXO VGLW Q DSURSLHUHD XQHL FDVH FH VH GUSQDVH QWUH WLPS
*UDQG &RWHDX DYXVHVH FQGYD PXOL ORFXLWRUL L FXOWXUL ERJDWH GDU IXVHVH DEDQGRQDW GLQWUXQ PRWLY
QHFXQRVFXW&HLFDUHRSRSXODXDFXPULVLSLLSHQWLQGHUHDHLVHQGHOHWQLFHDXQSULQFLSDOFXFUHWHUHD 3H 5LR 7HFKH QDYLJDX DPEDUFDLXQL SQ OD &HQWUHYLOOH L FW DP VWDW DFROR DP IRVW GHVWXO GH
YLWHORU&LUH]LLPHQVHSWHDXDLFLFQGDPWUHFXWQRLQFHQWUXWHVLPLFDSHRFHDQXQGHQXSRL]UL QGU]QHSHQWUXFDQWUR]LVPSUH]LQWFSLWDQXOXLXQXLYDSRUFX]EDWXULLVLFHUSHUPLVLXQHDGHD
QLFLHULSPQWXO&WYHGHDLFXRFKLLQWRDWHGLUHFLLOHQXHUDGHFWRSXVWLHWDWHQHORFXLWLIXQHVW P DVFXQGH SULQWUH PUIXUL $P IRVW LVSLWLW VPL DVXP DFHVW ULVF SHULFXORV GHRDUHFH DVLVWDVHP OD R
(X DP IRVWQFKLULDWMXGHFWRUXOXL 7XUQHU XQEUEDW GLVWLQV L SODQWDWRUGH VHDPDO FUXL GRPHQLX FRQYHUVDLHGLQFDUHGHGXVHVHPFHUDRULJLQDUGLQ1RUG1XLDPUHODWDWWRDWHGHWDOLLOHLVWRULHLPHOHFL
YDVW HUD VLWXDW SH %D\RX 6DOOH OD FLYD NLORPHWUL GH JROI %D\RX 6DOOH HUD XQ SUX FDUH VH YUVD Q LDP H[SULPDW GRDU GRULQD PHD DU]WRDUH GH D VFSD GLQ VFODYLH DMXQJQG QWUXQ VWDW OLEHU (O PD
JROIXO$WFKDIDOD\D&WHYD]LOHDPOXFUDWOD7XUQHUODUHSDUDUHDFDVHL]DKUXOXLDSRLDPSULPLWFXLWXO FRPSWLPLWGDUDVSXVFDUILIRVWLPSRVLELOVLHYLWHSHYDPHLLYLJLOHQLGLQ1HZ2UOHDQVLDUJVLUHD
SHQWUXWLHUHDWUHVWLHLLDOWXULGHDOLWUHL]HFLSDWUX]HFLGHVFODYLDPIRVWWULPLVSHFPS1XPLDIRVW PHD DU IL QVHPQDW SHGHSVLUHD OXL L FRQILVFDUHD QDYHL (UD HYLGHQW F UXJPLQLOH PHOH VLQFHUH L
JUHXVQYDUWDWLHULLWUHVWLHLGH]DKUDDFXPVHQWPSODVHODFXOHJHUHDEXPEDFXOXL$PIFXWRQ VWUQLVHUVLPSDWLDLQXPQGRLHVFFDUILFHGDWGDFQMRFQXDUILIRVWVLJXUDQDOXL$PIRVWVLOLWV
PRGQDWXUDOLLQWXLWLYLQVFXUWWLPSDPIRVWQVWDUHVLQSDVXOFXFXLWXOFHOPDLLXWH'DUQDLQWH QEX IODFUD FDUHPL OXPLQDVH SH QHDWHSWDWH SLHSWXO FX VSHUDQH GXOFL GH HOLEHUDUH L VPL QGUHSW
FDUHFROWDUHDVLDVIULWMXGHFWRUXO7XUQHUPDPXWDWODFDVD]DKUXOXLQFDOLWDWHGHYL]LWLX'HOD QFRGDWSDLLFWUHEH]QDWRWPDLFXSULQ]WRDUHDGLVSHUULL
QFHSXWXO L SQ OD VIULWXO SURGXFHULL ]DKUXOXL PFLQDWXO L ILHUWXO QX QFHWHD] ]L L QRDSWH $P ,PHGLDW GXS HSLVRGXO DFHOD ORWXO GH VFODYL VD DGXQDW Q &HQWUHYLOOH L GXS FH DX VRVLW FLYD
SULPLWXQELFLLPLVDSRUXQFLWVOIRORVHVFDVXSUDRULFUXLVFODYFDUHOHQHYHD'DFQXDVFXOWDPQWUX SURSULHWDUL FDUH DX QFDVDW EDQLL GDWRUDL SHQWUX VHUYLFLLOH QRDVWUH QHDP QWRUV SH %D\RX %RHXI Q
WRWXO SRUXQFLOH DOW ELFL DWHSWD SHQWUX SURSULD PHD VSLQDUH Q SOXV DYHDP VDUFLQD V WUHF SH OD WRDWH WLPSXO DFHOXL GUXP SH FQG WUHFHDP SULQWUXQ VWXF ODP ]ULW SH 7LEHDWV VWQG Q XD XQHL EFQLL
HFKLSHOHGHOXFUXODPRPHQWHOHFXYHQLWH1XDYHDPSHULRDGHUHJXODWHGHRGLKQLQLFLRGDWQXSXWHDP PXUGDUH SUQG FXPYD MHUSHOLW L X]DW 1X P QGRLHVF F DFFHVHOH GH IXULH L ZKLVN\XO LDX DGXV
SULQGHFWHYDRUHGHVRPQFRQWLQXX GHFGHUHDLVIULWXO
Q/RXLVLDQDFDLQDOWHVWDWHFDUHIRORVHVFPXQFDVFODYLORUSUHVXSXQVHRELQXLDVOLVHQJGXLH 'H OD 0WXD 3KHEH L GH OD 3DWVH\ DP DIODW F Q DEVHQD QRDVWU 3DWVH\ FXQRVFXVH L PDL PXOWH
VFODYLORU VL SVWUH]H FWLJXULOH SHQWUX VHUYLFLLOH HIHFWXDWH GXPLQLFD 'RDU DD SXWHDX L HL VL QHFD]XUL6UPDQDIDWHUDFXDGHYUDWGHPQGHFRPSWLPLUH0R5WDDFXPHUDSRUHFOLW(SSV
SHUPLWPLFLOX[XULVDXFRQIRUWXUL&QGXQVFODYFXPSUDWVDXUSLWGLQ1RUGHUDGXVQWURFROLEGH QWUH VFODYL R EWXVH PDL GHV L PDL VHYHU FD RULFQG &QG VH QWRUFHD GH OD +ROPHVYLOOH DDW GH
SH%D\RX%RHXIHOQXFSWDQLFLFXLWQLFLIXUFXOLVDXIDUIXULHQLFLLEULFLGHDOWIHOQLFLXQIHOGH DOFRRO  L DVWD VH QWPSOD IUHFYHQW Q ]LOHOH DFHOHD  R ELFLXLD GRDU SHQWUX DL PXOXPL VRLD R
YHVHOVDXPRELOLHULQGLIHUHQWGHQDWXUDORU(OSULPHDGRDURSWXUQDLQWHVDMXQJDFRORLGXSFH SHGHSVHDPDLPXOWGHFWSXWHDIDWDQGXUDSHQWUXXQSFDWDFUXLVLQJXULLQFRQWURODELOFDX]HUDHO
VH QIXU Q HD SXWHD ILH V VWHD Q SLFLRDUH ILH V VH QWLQG SH SPQW RUL SH R VFQGXU GDF QVXLQPRPHQWHOHOXLGHVREULHWDWH(SSVQXSXWHDILQWRWGHDXQDFRQYLQVVVDWLVIDFQHRVWRLWDVHWH
VWSQXO QX DYHD QHYRLH GH HD (UD OLEHU V FDXWH R WLJY Q FDUH VL LQ PODLXO VDX SXWHD VL GHU]EXQDUHDVRLHLOXL
PQQFHSRUXPEXOGHSHFRFHDQDDFXPGRUHD'DFLDUILFHUXWVWSQXOXLXQFXLWRWLJDLHRULXQDOW QXOWLPLLDQLJQGXOFDUHRPFLQDLRREVHGDSHVWSQDPHDHUDVVFDSHGH3DWVH\DVWIHOQFWV
RELHFWPUXQWGHDFHVWJHQLVDUILUVSXQVSULQWURORYLWXUGHSLFLRUVDXXQKRKRWGHUVFDQDLQWHD QRPDLYDGVDXVRWLHSULQSUHDMPSULQYQ]DUHPRDUWHVDXQRULFHDOWFKLSQFRSLOULH3DWVH\
XQHL JOXPH 2ULFH DVHPHQHD DUWLFROH FDUH SXWHDX IL JVLWH Q FROLED OXL IXVHVHU FXPSUDWH FX EDQLL IXVHVHIRDUWHLXELWFKLDULQFDVDPDUHILLQGUVIDWLDGPLUDWSHQWUXYLRLFLXQHDHLQHRELQXLWL
FWLJDL GXPLQLFD 2ULFW GH PXOW DU IL QFOFDW SULQFLSLLOH FUHWLQH HUD FX VLJXUDQ R ELQHFXYQWDUH SHQWUX ILUHD SOFXW 8QFKHXO $EUDP SRYHVWHD F SULPHD PDL PXOWH PHVH SH ]L ED FKLDU ELVFXLL L
SHQWUXVWDUHDIL]LFDVFODYXOXLVLILHQJGXLWVQFDOFHSUHYHGHULOH]LOHLDDSWHDQFD]FRQWUDULDUIL ODSWHLDUQWLQHUHHDHLVWSQDRFKHPDGHPXOWHRULSHYHUDQGVRDOLQWHDDFXPDUILIFXWFXR
IRVWLPSRVLELOVLIDFURVWGHRULFHXVWHQVLOHFHSDULQGLVSHQVDELOHFHORUFDUHVXQWVLOLLVILHSURSULLL SLVLFX MXFX QV R VWUDQLH L VXPEU PHWDPRUIR] VH DEWXVH DVXSUD VXIOHWXOXL GRDPQHL (SSV
ORUEXFWDUL $FXP GRDU GXPDQL QWXQHFDL L IXULRL VOXMHDX Q WHPSOXO LQLPLL HL L R SULYHD SH 3DWVH\ QXPDL FX
Q SHULRDGD FXOHVXOXL SH SODQWDLLOH GH WUHVWLHGH]DKU QX H[LVWD QLFLR GHRVHELUH QWUH ]LOHOH QYHQLQDUH
VSWPQLL (UD GH OD VLQH QHOHV F WRL VFODYLL WUHEXLDX V PXQFHDVF GXPLQLFD L HUD WRW GH OD VLQH 6WSQD(SSVQXHUDWRWXLRIHPHLHWLFORDV(UDQWUDGHYUSRVHGDWGHGHPRQXOJHOR]LHLGDUQ
QHOHVFPDLDOHVFHLFDUHIXVHVHUQFKLULDLDDFXPIXVHVHPHXGHFWUHMXGHFWRUXO7XUQHULGHDOLL UHVWFDUDFWHUXOHLDYHDPXOWHWUVWXULDGPLUDELOH7DWOHLGRPQXO5REHUWVORFXLDQ&KHQH\YLOOHXQGH
QDQLLFHDXXUPDWYRUILUHPXQHUDLSHQWUX]LOHOHUHVSHFWLYH6HRELQXLDGHDVHPHQHDFDQSHULRDGD HUDXQRPLQIOXHQWLRQRUDELOODIHOGHUHVSHFWDWFDRULFHFHWHDQGLQSDURKLH(DSULPLVHRHGXFDLH
FHDPDLDJORPHUDWDFXOHVXOXLGHEXPEDFVVHVROLFLWHDFHOHDLVHUYLFLLVXSOLPHQWDUH'LQVXUVDDFHHD DOHDVQWURLQVWLWXLHDIODWGHSDUWHDDFHDVWDDIOXYLXOXL0LVVLVVLSSLHUDRIHPHLHIUXPRDVFXOWLYDWL
DYHDXQJHQHUDOVFODYLLRFD]LDGHDFWLJDVXILFLHQWSHQWUXDLFXPSUDFXLWHLEULFHWXWXQLDDPDL GH RELFHL ELQH GLVSXV (UD EOQG FX QRL WRL PDL SXLQ FX 3DWVH\ DGHVHD Q DEVHQD VRXOXL HL QH
GHSDUWH )HPHLOH FDUH UHQXQDX OD DFHVW GLQ XUP OX[ L SXWHDX FKHOWXL PLFLOH FWLJXUL SHQWUX D WULPLWHDFWHFHYDJXVWRVGHODSURSULDHLPDVQDOWHVLWXDLLQWURVRFLHWDWHGLIHULWGHFHDH[LVWHQWSH
FXPSUDSDQJOLFLYLXFRORUDWHFXFDUHVLPSRGREHDVFSUXOQVH]RQXOYHVHODOVUEWRULORU PDOXULOHOXL%D\RX%RHXIDUILIRVWFRQVLGHUDWRIHPHLHHOHJDQWLIDVFLQDQW8QGXKUXRDGXVHVH
$P UPDV Q 6W 0DU\ SQ OD  LDQXDULH WLPS Q FDUH EDQLL SH FDUH LDP FWLJDW Q ]LOHOH GH QVQEUDHOHOXL(SSV
GXPLQLF DX WRWDOL]DW ]HFH GRODUL $P DYXW SDUWH L GH DOW QRURF SH FDUH L ODP GDWRUDW YLRULL PHOH R (OLUHVSHFWDLLLXEHDVRLDQPVXUDQFDUHRILUHJURVRODQFDDOXLHUDFDSDELOGHLXELUHGDU
WRYDU FRQVWDQW VXUV GH SURILW L LQVWUXPHQW GH DOLQDUH D WULVWHLL Q DQLL GH VHUYLWXWH $OELL DX HJRLVPXOVXSUHPGHSHDQWRWGHDXQDDIHFLXQHDFRQMXJDO
RUJDQL]DW R SHWUHFHUH PDUH OD GRPQXO <DUQH\ Q &HQWUHYLOOH XQ FWXQ GLQ YHFLQWDWHD SODQWDLHL OXL 'HFWHQVWDUHILUHDVLPSOHORLXEHD
7XUQHULDUHXDPIRVWDQJDMDWVFQWSHQWUXHL3HWUHFUHLLDXIRVWDWWGHPXOXPLLGHVHUYLFLLOHPHOH 'DUUHOHLHUDXVXIOHWXOLLQLPD


QFWDXIFXWFKHWQIRORVXOPHXLDPSULPLWVXPDGHDSWHVSUH]HFHGRODUL (SSVHUDJDWDVLVDWLVIDFRULFHWRDQVLQGHSOLQHDVFRULFHGRULQFXFRQGLLDVQXFRVWHSUHD
&X EDQLL DFHLD HUDP SULYLW GHWRYDULL PHL FD XQ PLOLRQDU$P IRVW IRDUWH IHULFLW VL FQWUHVFGLQ PXOW3HFPSXOGHEXPEDF3DWVH\IFHDFWGRLVFODYLGHDLOXLLQDUILSXWXWRQORFXLFXRVXP
SULYLULLVLQXPUGLQQRXLGLQQRX]LGXS]L3ULQPLQWHPLDXWUHFXWLPDJLQLGHPRELOLHUSHQWUX HJDOFXFWLJXOSHFDUHLODGXFHDGHDFHHDHUDH[FOXVVRYQGLWRWGHDFHHDVWSQDQRSULYHD
FROLEJOHLSHQWUXDSEULFHJHSDQWRILKDLQHLSOULLQRLLDUSHVWHWRDWHVHULGLFDJQGXOWULXPIWRU GHORFFXRFKLEXQL0QGULDIHPHLLWUXIDHIXVHVHVWUQLWVQJHOH6XGXOXLQIRFDWFORFRWHDODYHGHUHD
FHUDPQHJURWHLXOFHOPDLERJDWGHSH%D\RX%RHXI OXL3DWVH\LQLPLFQDUILVDWLVIFXWRGHFWVXJUXPDUHDYLHLLVFODYHLQHDMXWRUDWH
8QHRUL WRUHQWXO IXULHL HL VH QGUHSWD DVXSUD FHOXL SH FDUH DYHD PRWLYH QWHPHLDWH VO XUDVF 'DU GH PXOWH EHLRDUH GLQ DFHVWHD UDGLD] GLQ WLM Q WRDWH GLUHFLLOH QFW XQ SHWH PDL PDUH QX SRDWH V
IXUWXQD GH FXYLQWH PQLRDVH WUHFHD SQ OD XUP L DSHOH UHGHYHQHDX FDOPH Q DVHPHQHD PRPHQWH WUHDFSULQWUHHOHIUVOHDWLQJ&XWLDHVWHGXSDFHHDLQWURGXVQDSLIL[DWDVWIHOQFWVVWHD
3DWVH\WUHPXUDGHVSDLPLSOQJHDGHSDUFLVDUILUXSWLQLPDQWUXFWWLDGLQSURSULDHLH[SHULHQ ORFXOXL
GXUHURDV F GDF VWSQD YD IDFH R FUL] GH IXULH DU]WRDUH (SSV DYHD VR PEXQH]H Q ILQDO FX &XUVDHVWHDPRUVDWSULQULGLFDUHDXLHLLPHQLQHUHDHLQSR]LLDUHVSHFWLYFXDMXWRUXODOWXLE
SURPLVLXQHDF3DWVH\YDILELFLXLWRIJGXLDOSHFDUHLRYDUHVSHFWDFXVLJXUDQQIHOXODFHVWD FX XQ FDSW VSULMLQLW QWUR FUHVWWXU GH SH SDUWHD LQWHULRDU D XLL LDU FHOODOW FDSW VSULMLQLW QWUR
PQGULD JHOR]LD L U]EXQDUHD SXUWDX U]ERL FX DYDULLD L SDVLXQHD DQLPDOLF Q ORFXLQD VWSQXOXL FUHVWWXUGLQWLMDFDUHVHULGLFGLQFHQWUXOIXQGXOXLPRELO0RPHDODFRQVWGLQWUXQSXPQGHPODLXG
PHXXPSOQGR]LOQLFFX]EXFLXPLFHUWXULQIHOXODFHVWDIRUDWXWXURUIXUWXQLORUIDPLOLDOHVHDEWHD LEXPEDFFDUHVXQWDPHVWHFDWHLUXODWHODRODOWSQVHQWUHVFGXSFDUHHVWHSODVDWQSDUWHDGLQ
SQ OD XUP DVXSUD OXL 3DWVH\ VFODYD VUDF FX GXKXO Q LQLPD FUHLD 'XPQH]HX VGLVH VHPLQHOH VSDWHDFXWLHL8QSHWHFDUHLQWUSULQXLDULGLFDWLVHQGUHDSWFWUHPRPHDOYDORYLLQHYLWDELOXQXO
YLUWXLL GLQWUH EHLRDUHOH FDUH URWHVF WLMD FHHD FH IDFH FD EXO FDUH LQHD XD GHVFKLV V FDG L SHWHOH V
'XS QWRDUFHUHD PHD GLQ SDURKLD 6W 0DU\ DP FRQFHSXW Q WLPSXO YHULL XQ SODQ GH DPL DVLJXUD UPQQFXWLH$SXFQGSDUWHDGHVXVDWLMHLIXQGXOPRELOHVWHGXSDFHHDULGLFDWFWUHVXSUDIDDDSHL
KUDQFDUHGHLVLPSOXDFXQRVFXWXQVXFFHVPDLSUHVXVGHRULFHDWHSWUL$IRVWXUPDWGHPXOLDOLL LDUSHWHOHHVWHVFRVDIDU3RDWHFDVWIHOGHFXUVHDXPDLIXQFLRQDWLQDLQWHVRFRQVWUXLHVFSHDPHD
DIODLQVLWXDLDPHDSHWRWED\RXOLDDGXVDWWHDEHQHILFLLQFWDSURDSHFDPIRVWFRQYLQVVP GDUHXQXY]XVHPQLFLXQD%D\RX%RHXIHVWHSOLQGHSHWLPDULLFXFDUQHH[FHOHQWLDUGXSDFHVW
FRQVLGHUXQELQHIFWRUQYDUDDFHHDXQFLOHDXIRVWQSGLWHGHYLHUPL1LPLFFXH[FHSLDXQHLIRDPH H[SHULPHQWDOPHXUDUHRULDOLSVLWSHWHOHGHODPDVDPHDVDXDWRYDULORUPHLQIHOXODFHVWDDIRVW
GLVSHUDWHQXQHDUILSXWXWFRQYLQJHVOHQJKLLP5DLDVSWPQDOGHKUDQDELDGDFDMXQJHDQ GHVFKLVXQDGHYUDWILORQDIRVWH[SORDWDWRUHVXUVODFDUHQXVHJQGLVHUSQDWXQFLFRSLLLQURELLDL
FD]XO QRVWUX L GH DOWIHO Q WRW LQXWXO VH RELQXLD FD DWXQFL FQG UDLLOH VH WHUPLQDX PDL GHYUHPH GH $IULFLLFDUHWUXGHVFLIOPQ]HVFGHDOXQJXODSHLDFHOHLDOHQHHWRWXLERJDWH
VHDUD GH VPEW VDX FQG HUDX FRPSOHW GH]JXVWWRDUH L JUHRDVH V VH YQH]H UDWRQL L RSRVXPL Q &DP Q DFHHDL SHULRDG OD FDUH P UHIHU DFXP Q LPHGLDWD QRDVWU YHFLQWDWH VD SHWUHFXW XQ
PODWLQL9QWRDUHDWUHEXLDVDLEQVORFQRDSWHDGXSQFKHLHUHD]LOHLGHPXQF$XIRVWSODQWDWRUL HYHQLPHQWFDUHPLDOVDWRLPSUHVLHSURIXQGLFDUHDUDWVWDUHDVRFLHWLLH[LVWHQWHDFRORFDLIHOXOQ
DLFURUVFODYLQDXDYXWOXQLGH]LOHODUQGQLFLRDOWVXUVGHFDUQHGHFWFHDRELQXWQIHOXODFHOD FDUH VXQW GHVHRUL U]EXQDWH DIURQWXULOH 3H FHOODOW PDO DO ED\RXOXL YL]DYL GH QRL VH DIOD SODQWDLD
1LPHQLQXRELHFWDIDGHYQWRDUHGHRDUHFHQVHPQDHFRQRPLLFXDIXPWRDUHDQSOXVUDWRQLLFDUH GRPQXOXL0DUVKDOOFDUHIFHDSDUWHGLQXQDGLQWUHFHOHPDLERJDWHLDULVWRFUDWHIDPLOLLGLQLQXW8Q
HUDXRPRULQIHOXODFHVWDQXPDLGLVWUXJHDXSRUXPEXO$QLPDOHOHHUDXYQDWHFXFLQLLEWHVFODYLL JHQWOHPDQGHOQJ1DWFKH]QFHSXVHVQHJRFLH]HFXHOFXPSUDUHDGRPHQLXOXLQWUR]LSHSODQWDLD
QHDYQGYRLHVIRORVHDVFDUPHGHIRF QRDVWU D YHQLW Q PDUH JUDE XQ PHVDJHU VSXQQG F SH SURSULHWDWHD 0DUVKDOO DYHD ORF R EWOLH
&DUQHDUDWRQXOXLHUDFRPHVWLELOWRWXLWUHEXLHUHFXQRVFXWFQWRWUHJQXODQLPDOQXH[LVWQLPLFPDL VQJHURDV L QIULFRWRDUH F VH YUVDVH VQJH L F UH]XOWDWXO DYHD V ILH GH]DVWUXRV GDF QX VH
GHOLFLRV FD RSRVXPXO OD IULJDUH 2SRVXPLL HUDX DQLPDOH PLFXH FX WUXS URWXQG L DOXQJLW GH FXORDUH LQWHUYHQHDQXPDLGHFW
DOEFXUWGHSRUFLLFRDGGHRERODQ(LVSDXYL]XLQLSULQWUHUGFLQLLQVFRUEXULOHDUERULORUL &QG DP DMXQV OD UHHGLQD 0DUVKDOO DP Y]XW R VFHQ FDUH WUHEXLH QHDSUDW GHVFULV 3H SRGHDXD
HUDXVWQJDFLLFXPLFULOHQWH(UDXQVFUHDWXULLUHWHLYLFOHQH/DFHDPDLXRDUDWLQJHUHFXXQ XQHLQFSHULVHDIODOHXOEUEDWXOXLGLQ1DWFKH]QYUHPHFH0DUVKDOOIXULRVLDFRSHULWGHUQLLGH
E VH URVWRJROHDX SH SPQW L VH SUHIFHDX PRDUWH 'DF YQWRUXO WUHFHD DWXQFL PDL GHSDUWH Q 
VQJH VH SOLPED QDLQWH L QDSRL VXIOQG QF DPHQLQDUH L XFLGHUH  Q FXUVXO QHJRFLHULL ORU
XUPULUHDDOWXLDQLPDOIUVVHILRSULWSHQWUXDLIUQJHJWXOH[LVWDXPDULDQVHFDODQWRDUFHUHV DSUXVHRGLILFXOWDWHVHVFKLPEDVHUFXYLQWHJUHOHLDUDSRLRGDWFXVFRDWHUHDDUPHORUQFHSXVHOXSWD
QXL PDL JVHDVF YQDWXO $QLPDOXO PLFX L SFOLVH LQDPLFXO  IFXVH SH PRUWXO Q SSXRL  SHYLDLSHPRDUWHFDUHVHVIULVHDWWGHUHJUHWDELO0DUVKDOOQDIRVWDUHVWDWQLFLRGDWQ0DUNVYLOOH
GXS FDUH R WXOLVH QV GXS R ]L GH PXQF JUHD VFODYLL RERVLL QX SUHD PDL DYHDX FKHI V SOHFH Q VDLQXWXQIHOGHMXGHFDWVDXLQYHVWLJDLHGXSFDUH0DUVKDOODIRVWDFKLWDWLVDQWRUVSHSODQWDLH
PODWLQ SHQWUX DL YQD FLQD L Q MXPWDWH GLQ FD]XUL SUHIHUDX V VH QWLQG QHPQFDL SH SRGHDXD XQGHPLVDSUXWFDIRVWFKLDUPDLUHVSHFWDWGHFWSQDWXQFLILLQGFVXIOHWXOLHUDSWDWGHVQJHOH
FROLEHL6WSQXODYHDLQWHUHVFDVFODYLLVQXVHPEROQYHDVFGLQFDX]DIRDPHWHLGDUQDFHODLWLPS XQXLVHDPQ
QLFLVQXVHQJUDHGLQFDX]DDEXQGHQHLGHKUDQQRFKLLOXLVFODYLLFHLPDLIRORVLWRULHUDXVXSOLL (SSVVDLPSOLFDWQFD]XOOXLQVRLQGXOQ0DUNVYLOOHLOXQGXLJOJLRVDSUDUHDQWRDWHRFD]LLOH
ILEURLSUHFXPFDLLGHFXUVHSUHJWLLGHQWUHFHUHLFDPWRLVFODYLLSHSODQWDLLOHGHWUHVWLHGH]DKUL &X WRDWH DFHVWHD DMXWRUXO SH FDUH L OD RIHULW Q DFHDVW SULYLQ QX D PSLHGLFDW SH R UXG D DFHOXLDL
EXPEDFGLQOXQJXO5XOXL5RXHUDXDD 0DUVKDOOVQFHUFHVLLDYLDD/DPDVDGHMRFQWUHHLDL]EXFQLWRQFLHUDUHFDUHVDWHUPLQDWSULQWU
&ROLED PHD VH JVHD OD YUHR]HFH PHWUL GH PDOXO ED\RXOXL L SHQWUX F QHYRLD OQYD SH RP DP RGXPQLHGHPRDUWHQWUREXQ]L0DUVKDOODDSUXWFODUHQIDDFDVHLOXL(SSVQDUPDWFXSLVWRDOH
JVLWRPRGDOLWDWHGHDRELQHFDQWLWDWHDQHFHVDUGHKUDQIUDPDLILQHYRLWVLQWUXQILHFDUHQRDSWH LXQFXLWOXQJGHYQWRDUHLODSURYRFDWVLDVLVSXQFDSWRGDWSHQWUXWRWGHDXQDGLKRQLHL
QSGXUH0DLH[DFWPDPJQGLWVFRQVWUXLHVFRFXUVSHQWUXSHWLQWUXFWDYHDPGHMDQPLQWHXQ ILLQGFDOWIHODYHDVOVRFRWHDVFXQODLVOPSXWHFDSHXQFLQHODSULPDRFD]LH6WSQXOPHXVD
SODQ Q GXPLQLFD XUPWRDUH DP QFHSXW VO SXQ Q SUDFWLF 0LDU IL SRDWH LPSRVLELO V OH H[SOLF DELQXWVULGLFHPQXDDUXQFDWGHGXPDQXOOXLQXSHQWUXFDUILIRVWODVDXSHQWUXFLDUILIFXW
FLWLWRULORULGHHDFRUHFWLFRPSOHWDFRQVWUXFLHLQVXUPWRDUHOHYRUVOXMLFDGHVFULHUHJHQHUDO VFUXSXOHFLQRSLQLDPHDSHQWUXFDIRVWLQIOXHQDWGHVRLDVD0DLWU]LXVDXPSFDWGXSFDUHFHL
6HFRQVWUXLHWHRFXWLHFXED]DSWUDWDYQGODWXUDGHSDWUX]HFLFLQFL]HFLGHFHQWLPHWULFXQOLPHD GRLDXIRVWIRDUWHDSURSLDL
PDL PDUH VDX PDL PLF Q IXQFLH GH DGQFLPHD DSHL 3H WUHL ODWXUL DOH FXWLHL VXQW EWXWH Q FXLH $VHPHQHDQWPSOULFDUHDUDGXFHDVXSUDSULORULPSOLFDWHSHGHSVHFXYHQLWHLSHGUHSWPHULWDWHQ
VFQGXUHOHVDXLQGULOHGDUQXVWUQVOLSLWHQWUHHOHSHQWUXDOVDDSDVFXUJOLEHUSULQFXWLH3HODWXUD VWDWHOH GLQ 1RUG VXQW IUHFYHQWH SH ED\RX L WUHF QHREVHUYDWH L DSURDSH QHFRPHQWDWH 7RL EUEDLL
DSDWUDVHPRQWHD]RXFDUHSRDWHOXQHFDXRUQVXVLQMRVSULQFDQHOXULOHWLDWHQGRLUXL'XS SRDUWDVXSUDORUFXLWHGHYQWRDUHLDUFQGGRLVHFHDUWQFHSVVHKFXLDVFLVHQMXQJKLHPDL
DFHHDVHPRQWHD]XQIXQGPRELOFDUHVSRDWILULGLFDWIUGLILFXOWDWHSQQYUIXOFXWLHLQFHQWUXO GHJUDEFDQLWHVOEDWLFLGHFWVVHFRPSRUWHFDQLWHISWXULFLYLOL]DWHLOXPLQDWH
IXQGXOXLVHDIORJDXUQFDUHHVWHSULQVSHGHGHVXEWFDSWXOXQHLWLMHVDXDOXQXLEURWXQGWLMDVH ([LVWHQD6FODYLHLQIRUPDVDFHDPDLFUXGDUHWHQGLQDGHDOHDEUXWL]DODWXUDVHQVLELOLRPHQRDV
ULGLF GLQ FHQWUXO IXQGXOXL PRELO SQ Q SDUWHD GH VXV D FXWLHL 3H WRDW QOLPHD WLMHL H[LVW IRDUWH DILULLORUQWUXFWVXQW]LOQLFPDUWRULLVXIHULQHORURPHQHWLDVFXOWQGLSHWHOHGHDJRQLHDOHVFODYLORU
PXOWHJXULSULQFDUHVXQWEJDWHPXOWHEHHVXELULFDUHDMXQJGLQWUXQSHUHWHQFHOODOWDOFXWLHL$WW SULYLQGXLFXPVH]EDWVXEELFLXOQHPLORVPXFDLLVILDLGHFLQLPXULQGIUDILEJDLQVHDPL
QJURSDLIUOLQROLXVDXFRFLXJHVWHDSURDSHLPSRVLELOVWHDWHSLODDOWFHYDGHFWVGHYLQQLWH
EUXWHFDUHQXGDXGRLEDQLSHYLDDRPXOXL(VWHDGHYUDWFQSDURKLD$YR\HOOHVH[LVWPXOLRDPHQL
&DSLWROXO;9
EXQLLPLORLFD:LOOLDP)RUGFDUHSRWSULYLFXPLOVXIHULQHOHXQXLVFODYWRWDDFXPH[LVWQ
WRDWOXPHDVXIOHWHVHQVLELOHLFRPSWLPLWRDUHFDUHQXSRWDVLVWDFXLQGLIHUHQODVXIHULQHOHRULFUHL 0XQFLOHSHSODQWDLLOHGHWUHVWLHGH]DKU0RGXOGHSODQWDUHDWUHVWLHL3UDLODWUHVWLHL
FUHDWXULSHFDUH$WRWSXWHUQLFXODQ]HVWUDWRFXYLD&UX]LPHDQXHVWHYLQDVWSQXOXLGHVFODYLFLPDL 6WRJXULOHGHWUHVWLH7LHUHDWUHVWLHL'HVFULHUHDFXLWXOXLSHQWUXWUHVWLH5QGXLUHD
GHJUDE D VLVWHPXOXL Q FDUH WULHWH (O QX SRDWH UH]LVWD LQIOXHQHL PHGLXOXL L D VRFLHWLL FDUHO 3UHJWLUHDSHQWUXUHFROWHOHXUPWRDUH'HVFULHUHDFDVHL]DKUXOXLGHLQXWHGH+DZNLQVOD
QFRQMRDUQYDWGLQIUDJHGFRSLOULHGLQWRWFHHDFHYHGHLDXGHFYHUJHDXDHVWHSHQWUXVSLQDUHD %D\RX%RHXI6UEWRULOHGH&UFLXQ6H]RQXOGHSHWUHFHULDOFRSLLORUVFODYLHL3UQ]XOGH
VFODYXOXLHOQXYDILQVWDUHVLVFKLPEHRSLQLLOHODPDWXULWDWH &UFLXQ5RXOFXORDUHDIDYRULW9LRDUDLFRQVRODUHDSHFDUHPLRDGXFHD'DQVXOGH
([LVW VWSQL RPHQRL WRW DD FXP H[LVW FX VLJXUDQ VWSQL QHRPHQRL H[LVW VFODYL ELQH &UFLXQ&RFKHWD/LYHO\6DP5REHUWVLULYDOLLOXL&QWHFHOHVFODYLORU9LDDQ6XGDD
PEUFDL ELQH KUQLL L IHULFLL WRW DD FXP H[LVW FX VLJXUDQ VFODYL SH MXPWDWH JRL IOPQ]L L FXPHVWHHD7UHL]LOHSHDQ6LVWHPXOFVWRULLORU'LVSUHXO8QFKHXOXL$EUDPIDGH
QHIHULFLLGDULQVWLWXLDFDUHWROHUHD]DVHPHQHDIDSWHUHOHLQHRPHQRDVHSUHFXPFHOHODFDUHDPDVLVWDW FVWRULH
HVWHFUXGLQMXVWLEDUEDU2DPHQLLSRWVFULHILFLXQLQFDUHVL]XJUYHDVFSHFULPLQDOLDDFXP
VXQW VDX DD FXP QX VXQW SRW V GLVFXWH SH ODUJ L Q SURIXQ]LPH GHVSUH EHDWLWXGLQHD LJQRUDQHL V QWUXFWQXPSULFHSHDPODFXOHJHUHDEXPEDFXOXL(SSVRELQXLDVPQFKLULH]HSHSODQWDLLOHGH
YRUEHDVFFXIULYROLWDWHGLQIRWROLLFRQIRUWDELOHGHVSUHSOFHULOHYLHLLGHVFODYGDUOVDLLVWUXGHDVF WUHVWLHGH]DKUQVH]RQXOWLHULLWUHVWLHLLIDEULFULL]DKUXOXL3HQWUXVHUYLFLLOHPHOHSULPHDXQGRODU
FXVFODYLLSHFPSVGRDUPFXHLQFROLEVVHKUQHDVFDOWXULGHHLFXSOHDYOVDLLVLYDG SH]LEDQLFXFDUHPLVXSOLQHDORFXOSHSODQWDLDOXLGHEXPEDF7LDWXOWUHVWLHLHUDRQGHOHWQLFLUHFDUH
ELFLXLLYQDLFOFDLQSLFLRDUHLYRUUHYHQLFXDOWSRYHVWH/VDLLVFXQRDVFLQLPDVUPDQLORU PL VH SRWULYHD L WLPS GH WUHL DQL OD UQG DP DYXW LUXO GLQ IUXQWH OD +DZNLQV FRQGXFQG R HFKLS
VFODYLVOHDIOHJQGXULOHVHFUHWHSHFDUHQXFXWHD]VOHSURQXQHQSUH]HQDDOELORUOVDLLVVWHD IRUPDWGLQFLQFL]HFLSQODRVXWGHVFODYL
OQJ HL Q YHJKHD WFXW D QRSLL V GLVFXWH FX HL FX VLQFHULWDWH GHVSUH YLD OLEHUWDWH L GUHSWXO OD QWUXQ FDSLWRO DQWHULRU DP GHVFULV PRGXO GH FXOWLYDUH D EXPEDFXOXL $FXP SRDWH IL ORFXO SRWULYLW

IHULFLUH LYRUFRQVWDWDFQRX]HFLLQRXODVXWGLQWUHVFODYLVXQWQGHDMXQVGHLQWHOLJHQLFDVL SHQWUXDYRUELGHVSUHPRGXOGHFXOWLYDUHDWUHVWLHLGH]DKU
QHOHDJVLWXDLDLVSVWUH]HQVXIOHWHOHORULXELUHDGHOLEHUWDWHODIHOGHQIOFUDWFDHLQLL 6ROXO HUD SUHJWLW QU]RDUH VDX SDWXULOD IHOFD SHQWUX QVPQDUHD EXPEDFXOXL DWWDGRDUF HUD
DUDWPDLDGQF6GLUHDQUQGXULVHIFHDODIHO6GLUHDQFHSHDQLDQXDULHLFRQWLQXDSQQDSULOLH
2FXOWXUGHWUHVWLHGH]DKUVHSODQWDGRDURGDWODWUHLDQL7UHLUHFROWHVHFXOHJHDXQDLQWHFDSODQWDV
ILHVHFWXLW
Q UHFROWDUH HUDX LPSOLFDWH WUHL HFKLSH 8QD OXD WUHVWLD GLQ FODLH VDX VWRJ LL WLD YUIXO L IUXQ]HOH
WXOSLQLL OVQG GRDU SDUWHD VQWRDV )LHFDUH PELQDUH D WUHVWLHL DYHD XQ RFKL DD FXP VXQW RFKLL
FDUWRILORU GLQ FDUH UVUHD XQ OVWDU FQG HUD QJURSDW Q VRO $OW HFKLS SXQHD WUHVWLD Q JURSL
DH]QG GRX WXOSLQL XQD OQJ DOWD DVWIHO QFW PELQULOH V ILH FWH XQD OD ]HFHFLQFLVSUH]HFH
FHQWLPHWUL$WUHLDHFKLSFDUHXUPDFXVDSHOHWUJHDSPQWSHVWHWXOSLQLLOHDFRSHUHDODDGQFLPHD
GHDSWHRSWFHQWLPHWUL
QPD[LPXPSDWUXVSWPQLOVWDULLDSUHDXGHDVXSUDVROXOXLGXSFDUHFUHWHDXFXPDUHLXHDO
&XOWXUD GH WUHVWLHGH]DKU HUD SULW GH WUHL RUL OD IHO FD EXPEDFXO DWWD GRDU F SHVWH UGFLQL VH
WUJHD R FDQWLWDWH PDL PDUH GH SPQW 3UDLOD VH QFKHLD GH RELFHL SQ OD  DXJXVW 3H OD MXPWDWHD
OXQLLVHSWHPEULHVHWLDFHHUDQHFHVDUSHQWUXUVGLUHLVHVWLYXLDQVWRJXULDDFXPHUDXQXPLWHQ
RFWRPEULHHUDJDWDSHQWUXSUHOXFUDUHFDUHVHIFHDQPRDUVDXFDVD]DKUXOXLLDWXQFLQFHSHDWLHUHD
JHQHUDO/DPDFXLWXOXLSHQWUXWLHUHDWUHVWLHLGH]DKUHUDOXQJGHSDWUX]HFLGHFHQWLPHWULLODWGH
RSWFHQWLPHWULODPLMORFQJXVWQGXVHFWUHYUILPQHU/DPDHUDVXELUHLSHQWUXDILXWLOWUHEXLD
PHQLQXWIRDUWHDVFXLW)LHFDUHDOWUHLOHDWLHWRULFRQGXFHDSHFHLODOLGRLFDUHOQFDGUDX7LHWRUXO
GLQIUXQWHUHWH]DGLQWURORYLWXUIUXQ]HOHGHSHWXOSLQDSRLWLDLYUIXOSHSRULXQHDFDUHHUDYHUGH(O
WUHEXLDVILHDWHQWVWDLHWRWFHHUDYHUGHGHSHSDUWHDFRDSWGHRDUHFHVXFXOUHVSHFWLYDFUHDPHODVD
FDUHGHYHQHDDVWIHOQHYDQGDELO'XSDFHHDHOUHWH]DWXOSLQDGHODUGFLQLROVDQXUP7RYDULL
OXL GLQ GUHDSWD L GLQ VWQJD DH]DX WXOSLQLOH ORU SH FDUH OH WLDVHU Q DFHODL IHO SHVWH WXOSLQD
IUXQWDXOXL/DILHFDUHWUHLWLHWRULH[LVWDRFRWLJFDUHLXUPDQFDUHVFODYLPDLWLQHULDUXQFDXWXOSLQLOH
GXSDFHHDFRWLJDHUDGXVODFDVD]DKUXOXLXQGHWXOSLQLOHHUDXVWULYLWH
'DFSODQWDWRUXOVHWHPHDGHQJKHWUHVWLDGH]DKUHUDUQGXLW5QGXLUHDQVHPQDWLHUHDWLPSXULH
DWXOSLQLORUXUPDWGHDUXQFDUHDORUQOXQJLPHQIJDXOSHQWUXDSDVWIHOQFWYUIXULOHVDFRSHUH
ED]D WXOSLQLORU (OH UPQHDX DD WUHL VSWPQL VDX R OXQ IU V VH VWULFH L IHULWH GH QJKH /D
PRPHQWXOSRWULYLWHUDXOXDWHFXUDWHLGXVHODFDVD]DKUXOXL
QOXQDLDQXDULHVFODYLLLQWUDXGLQQRXSHFPSSHQWUXDSUHJWLDOWUHFROW6ROXOHUDDFXPSUHVUDW $EUDP QFHWD VO PDL JORULILFH SH $QGUHZ -DFNVRQ LDU 3DWVH\ XLWD GH QXPHURDVHOH HL VXSUUL Q
GH YUIXULOH L IUXQ]HOH WLDWH GLQ WUHVWLD GH DQXO WUHFXW QWUR ]L XVFDW WRDWH DFHVWH IUXQ]H HUDX PLMORFXOYHVHOLHLJHQHUDOHDVUEWRULORU(UDSHULRDGDRVSHHORUDMRFXULORULD]EXUGOQLFLLORUVH]RQXO
LQFHQGLDWHLDUIRFXOVHQWLQGHDSHWRWFPSXOOVQGXOJROLFXUDWJDWDSHQWUXSUDLO3PQWXOHUD FDUQDYDOXOXL SULQWUH FRSLLL VFODYLHL $FHOHD HUDX VLQJXUHOH ]LOH Q FDUH OL VH DFRUGD SXLQ OLEHUWDWH
DIQDW Q MXUXO UGFLQLORU WUHVWLLORU YHFKL L DOW UHFROW FUHWHD GLQ UVDGXULOH GH DQXO WUHFXW $FHODL QJUGLWGDUHLVHEXFXUDXGLQWRDWLQLPD
OXFUXVHUHSHWDLQDQXOXUPWRUGDUQDOWUHLOHDDQUVDGXULOHLSLHUGHDXSXWHUHDLFPSXOWUHEXLD 3ODQWDWRULLRELQXLDXVRIHUHRFLQGH&UFLXQODFDUHLQYLWDXVFODYLLGHSHSODQWDLLOHYHFLQHVVH
DUDW L SODQWDW GLQ QRX Q DO GRLOHD DQ WUHVWLD HUD PDL GXOFH L GGHD R FDQWLWDWH PDL PDUH GH PHODV DOWXUH VFODYLORU ORU QWUXQ DQ FLQD UHVSHFWLY HUD RUJDQL]DW GH (SSV Q DQXO XUPWRU GH 0DUVKDOO
GHFWQSULPXODQLDUQDQXODOWUHLOHDPDLPXOWGHFWQDOGRLOHD DSRL GH +DZNLQV L WRW DD 'H RELFHL VH VWUQJHDX ODRODOW WUHL VXWH SQ OD FLQFL VXWH GH VFODYL FDUH
QFHOHWUHLVH]RDQHFWDPPXQFLWSHSODQWDLD+DZNLQVDPOXFUDWPXOWQFDVD]DKUXOXL+DZNLQV YHQHDXSHMRVQFUXHFODUHSHFDLVDXFDWULFWHGRLWUHLSHDFHHDLDFWHRGDWXQELDWLRIDW
HUD UHQXPLW SHQWUX SURGXFLD FHOXL PDL DOE VRL GH ]DKU ILQ 8UPHD] R GHVFULHUH JHQHUDO D FDVHL DOWHRULRIDWLGRLELHLLDUDOWHRULXQELDWRIDWLRIHPHLHEWUQ8QFKHXO$EUDPFODUHSHXQ
]DKUXOXLGHSHSURSULHWDWHDOXLLDSURFHVXOXLGHIDEULFDLH FDWUFX0WXD3KHEHL3DWVH\QVSDWHOHOXLPHUJQGODWUDSVSUHRFLQGH&UFLXQHUDXRLPDJLQH
0RDUD HUD R FOGLUH XULD GLQ FUPLG DIODW SH PDOXO ED\RXOXL 'LQ FOGLUH SRUQHD XQ RSURQ RELQXLWSH%D\RX%RHXI
GHVFKLV OXQJGH WUHL]HFL GH PHWUL L ODW GH GRLVSUH]HFHFLQFLVSUH]HFHPHWUL %RLOHUXO QFDUH VH JHQHUD 
$WXQFLQ]LXDDFHHDGLQWUHWRDWHFHOHGLQDQ VFODYLLVHJWHDXQKDLQHOHORUFHOHPDLEXQH+DLQD
DEXUXOHUDVLWXDWQDIDUDFOGLULLSULQFLSDOHPDLQULLOHLPRWRUXOVHDIODXSHXQVRFOXGLQFUPLGOD GH EXPEDF IXVHVH FXUDW L VSODW FLRWXO XQHL OXPQUL GLQ VHX IUHFDVH SDQWRILL LDU FHL QWUDWW GH
SDWUXPHWULLMXPWDWHGHDVXSUDSRGHOHLQLQWHULRUXOFOGLULL0DLQULLOHQYUWHDXGRLFLOLQGULPDULGLQ QRURFRL QFW V DLE R SOULH IU ERU LR DH]DX HOHJDQW SH FDS (UDX VDOXWDL QV FX DFHHDL
ILHU FX GLDPHWUXO GH DSURDSH XQ PHWUX L OXQJL GH  PHWUL (L VH JVHDX GHDVXSUD VRFOXOXL L VH FRUGLDOLWDWHLGDFYHQHDXODRVSFXFDSXOQHDFRSHULWLGHVFXOLQJHQHUDOIHPHLOHSXUWDXEDVPDOH
URWHDX XQXO VSUH FHOODOW 8Q WUDQVSRUWRU FLUFXODU GLQ ODQ L OHPQ DVHPQWRU FXUHOHORU GLQ SLHOH GDU GDF DQVD OH VFRVHVH Q FDOH R SDQJOLF URXQIRFDW VDX R ERQHLF YHFKH D EXQLFLL VWSQHL OH
XWLOL]DWH Q PRULOH PLFL SRUQHD GH OD FLOLQGULL GLQ ILHU LHHD GLQ FOGLUHD SULQFLSDO L VWUEWHD WRDW SXUWDX FX FHUWLWXGLQH Q DVHPHQHD RFD]LH 5RXOQFKLV VQJHULX HUD Q PRG FODU FXORDUHD IDYRULW
OXQJLPHDRSURQXOXLGHVFKLV&RWLJLOHQFDUHWUHVWLDHUDDGXVGHSHFPSFWPDLUHSHGHGXSWLHUH SULQWUHGRPQLRDUHOHQURELWHSHFDUHOHDPFXQRVFXW'DFQXDYHDXRSDQJOLFURLHQMXUXOJWXOXL
HUDX GHVFUFDWH SH ODWXULOH RSURQXOXL Q OXQJXO WUDQVSRUWRUXOXL FLUFXODU HUDX GLVSXL VFODYLL FRSLL SXWHDLILVLJXUFWRDWHILUHOHGHSUOQRVGHSHFDSHWHOHORUHUDXOHJDWHFXLUHWXULURLLGHXQIHOVDX
DFHWLD WUHEXLDX VO XPSOH FX WUHVWLH FDUH HUD GXV DVWIHO SULQ RSURQ VSUH FOGLUHD SULQFLSDO XQGH DOWXO
FGHDQWUHFLOLQGULHUDVWULYLWLFGHDSHDOWWUDQVSRUWRUFDUHRVFRWHDGLQFOGLUHDSULQFLSDOLRSXUWD 0DVDVHQWLQGHDVXEFHUXOOLEHULHUDQFUFDWFXIHOGHIHOGHVRLXULGHFDUQHLOHJXPHQDVWIHOGH
Q GLUHFLD RSXV GHSXQQGR SH R YDWU Q FDUH DUGHD SHUPDQHQW IRFXO 7UHVWLD WUHEXLD DUV Q IHOXO PRPHQWHQXVHPQFDXQFLWXUWHGHPODL8QHRULSUHJWLUHDPQFUXULORUVHIFHDQEXFWULDGH
DFHVWDILLQGFDOWIHODUILXPSOXWUHSHGHFOGLUHDLPDLDOHVVDUILVWULFDWQVFXUWWLPSLDUILSXWXW SHSODQWDLHDOWHRULODXPEUDFRSDFLORUFXUDPXULQWLQVHQFHOGLQXUPFD]QVROVHVSDXQDQFDUH
GHFODQD PROLPH6XFXO GLQ WUHVWLHFGHD QWURYDQ GHVXE FLOLQGULLGLQILHUGH XQGHDMXQJHD QWUXQ HUD XPSOXW FX OHPQH FURUD OL VH GGHD IRF L DUGHDX SQ VH WUDQVIRUPDX Q MDU VWUOXFLWRU GHDVXSUD
UH]HUYRU 'H DFROR SRUQHDX HYL VSUH FLQFL ILOWUH ILHFDUH FX FDSDFLWDWHD PDL PXOWRU EXWRDLH )LOWUHOH FUXLD VH IULJHDX JLQL UDH FXUFDQL SXUFHL L QX UDUHRUL FWH XQ PLVWUH QWUHJ 3H PHVH H[LVWDX GH
DFHOHDHUDXXPSOXWHFXFUEXQHGLQRDVHRVXEVWDQFDUHVHPQDFXSXOEHUHDGHPDQJDO(DVHRELQHD DVHPHQHDELVFXLLIFXLGLQILQSLHUVLFLLDOWHIUXFWHFRQVHUYDWHWDUWHLWRWIHOXOGHSOFLQWHFXWRW
GLQ RDVH FDOFLQDWH Q UHFLSLHQWH QFKLVH L VH IRORVHD Q VFRSXO GHFRORUULL SULQ ILOWUDUH D VXFXOXL GH VRLXOGHXPSOXWXULPDLSXLQFHOHFXFDUQHWRFDWFDUHOHHUDXQHFXQRVFXWH1XPDLVFODYXOFDUHDWULW
WUHVWLHQDLQWHGHILHUEHUH6XFXOWUHFHDVXFFHVLYSULQFHOHFLQFLILOWUHGXSFDUHDMXQJHDQWUXQUH]HUYRU WRW WLPSXO GLQ UDLD OXL VUFFLRDV GH PODL L XQF SXWHD DSUHFLD DVHPHQHD RVSHH 0XOL DOEL VH
PDUH DIODW VXE SRGHDXD SDUWHUXOXL GH XQGH R SRPS DFLRQDW GH IRUD DEXUXOXL O ULGLFD SULQWUXQ DGXQDXFDVDVLVWHODEXFXULDORUJDVWURQRPLF
GHFDQWRUIFXWGLQWDEOGHILHUXQGHHUDQFO]LWGHDEXUSQILHUEHD'LQSULPXOGHFDQWRUWUHFHDSULQ 6FODYLLVHDH]DXODPDVDUXVWLFEUEDLLSHRODWXULIHPHLOHSHODWXUDGHYL]DYL'RLVFODYLQWUH
HYLQDOGRLOHDDSRLQDOWUHLOHDLDMXQJHDQRDOHQFKLVHGLQILHUSULQFDUHWUHFHDXHYLXPSOXWHFX FDUHH[LVWDVHSUREDELOXQVFKLPEGHWDQGUHXULL]EXWHDXQPRGLQYDULDELOVVHDH]HIDQIDILLQGF
DEXU$IODWQVWDUHGHILHUEHUHVXFXOWUHFHDSHUQGSULQWUHLDVHPHQHDRDOHGXSFDUHDOWHHYLOSXUWDX RPQLSUH]HQWXO &XSLGRQ QX RYLD Q DL WULPLWH VJHLOH L Q LQLPLOH ORU VLPSOH )HULFLUHD SXU L
SULQUFLWRUXOGHODSDUWHU5FLWRDUHOHHUDXO]LGLQOHPQFXIXQGXULOHIFXWHGLQSODVFXRFKLXULIRDUWH H[XEHUDQWOXPLQDWRDWHIHHOHQHJUH'LQLLFDILOGHXOFDUHFRQWUDVWDXFXSLHOHDORUQWXQHFDWSUHDXD
ILQH&QGLQWUDQUFLWRDUHLVHQWOQHDFXDHUXOVLURSXOVHFULVWDOL]DLDUPHODVDFXUJHDLPHGLDWSULQ ILGRXGUHDOEHSHWRDWOXQJLPHDPHVHL'HMXUPSUHMXUXOEXFDWHORUGH]DLDIHWRPXOLPHGHRFKLVH
VLWQFLVWHUQDGHGHGHVXEW5PQHDDWXQFL]DKUDOEVDXFSQGH]DKUGHFHDPDLEXQFDOLWDWH URVWRJROHDXQH[WD]&KLFRWHOHLUVHWHOHVHDPHVWHFDXFX]QJQLWXULOHWDFPXULORULYHVHOHL&RWXOOXL
FXUDWLDOEFD]SDGD'XSUFLUHHUDH[WUDVDPEDODWQEXWRDLHPDULLSUHJWLWSHQWUXSLD0HODVD &XIIHHORYHDFRDVWHOHYHFLQXOXLVXSURSXOVDWGHXQLPEROGLQYROXQWDUGHQFQWDUH1HOO\VFXWXUDXQ
HUDXUFDWGLQQRXGLQFLVWHUQODHWDMLWUDQVIRUPDWQ]DKUEUXQSULQDOWSURFHGHX GHJHWVSUH6DPERLUGHDGRDUHDWLDGHFHLDVWIHOYHVHOLDLJOXPHOHFXUJHDXQHQWUHUXSW
([LVWDXLPRULPDLPDULLDUDOWHOHHUDXFRQVWUXLWHDOWIHOGHFWFHDSHFDUHDPQFHUFDWVRGHVFULXDLFL 'XS FH FUQXULOH GLVSUHDX L JWOHMXULOH IOPQGH DOH FRSLLORU WUXGHL HUDX VDWLVIFXWH SH ORFXO
GDUSRDWHQLFLXQDQXHUDPDLIDLPRDVSH%D\RX%RHXIGHFWDFHDVWD/DPEHUWGLQ1HZ2UOHDQVHUDXQ XUPWRUQRUGLQHDGLVWUDFLLORUYHQHDGDQVXOGH&UFLXQQWRWGHDXQDRFXSDLDPHDQ]LOHOHDFHOHDGH
SDUWHQHU DO OXL +DZNLQV XQ RP IRDUWH ERJDW FDUH DYHD GXS FXP PL VD VSXV LQYHVWLLL Q SHVWH JDODIRVWVFQWODYLRDUQPRGSURYHUELDOUDVDDIULFDQHVWHPDUHDPDWRDUHGHPX]LFLSULQWUH
SDWUX]HFLGHSODQWDLLGHWUHVWLHGH]DKUGLQ/RXLVLDQD WRYDULL PHL GH VFODYLH HUDX PXOL FX XQ VLP DO ULWPXOXL XLPLWRU GH GH]YROWDW FDUH SXWHDX FQWD FX
GH[WHULWDWHODEDQMRGDUFXULVFXOGHDSUHDQIXPXUDWWUHEXLHWRWXLVGHFODUFHXHUDPFRQVLGHUDW
6LQJXUXOUJD]GHFDUHVHEXFXUDXVFODYLLQWUXQDQGHPXQFSHUPDQHQWHUDXVUEWRULOHGH&UFLXQ 7DXUXO %WUQ GH SH %D\RX %RHXI 'H PXOWH RUL VWSQXO PHX SULPHD VFULVRUL XQHRUL GH OD SHVWH
(SSV QH DFRUGD WUHL ]LOH OLEHUH DOLL DFRUGDX SDWUX FLQFL L DVH Q IXQFLH GH PVXUD JHQHUR]LWLL FLQFLVSUH]HFHNLORPHWULGHSUWDUHFDUHLVROLFLWDXVPWULPLWVFQWODXQEDOVDXIHVWLYDODODOELORU(O
ILHFUXLD (UDX VLQJXUHOH PRPHQWH SH FDUH VFODYLL OH DWHSWDX FX LQWHUHV VDX SOFHUH 6H EXFXUDX FQG SULPHD R FRPSHQVDLH LDU HX P QWRUFHDP FX ILUILULFL ]RUQLQGXPL Q EX]XQDUH  FRQWULEXLLOH
YHQHDQRDSWHDQXQXPDLSHQWUXFOHDGXFHDFWHYDRUHGHUHSDXVFLLSHQWUXFLPDLDSURSLDFXRRU VXSOLPHQWDUHGHODFHLSHFDUHLQFQWDVHP$DDPGHYHQLWIRDUWHFXQRVFXWSHWRWED\RXO'HFWHRUL
GH&UFLXQ6UEWRULOHHUDXQWPSLQDWHFXDFHHDLQFQWDUHGHEWUQLLGHWLQHULSQL8QFKHXO 3ODWW(SSVHUDY]XWWUHFQGSULQDH]DUHFXYLRDUDQPQWLQHULLLWLQHUHOHGLQ+ROPHVYLOOHWLDXFYD
DYHD ORF R SHWUHFHUH QFRWUR 3ODWW" L &HDYHP GLVHDU 3ODWW" HUDX QWUHEUL FH UVXQDX GLQVSUH 3UXOOXL+DUSHULUX]JRPRWRV
WRDWH XLOH L IHUHVWUHOH LDU GH PXOWH RUL FQG QX H[LVWD R JUDE DQXPH GH D UVSXQGH XQRU LQVLVWHQH 'UDJDPHDQRLYRPWULGHDSXUXUL
SUHVDQWH3ODWWVFRWHDDUFXXOLSRDWHVWQGFODUHSHFDWUXOOXLVXVLQHDXQVSHFWDFROQIDDFRSLLORU ,DUDSRLQHYRPGXFHODLQGLHQL
QFQWDLVWUQLQMXUXOOXLSHVWUDG 7RWFHYUHDXQYLDDDVWD
9DLQXWLXFXPDILSXWXWQGXUDDQLLOXQJLGHVFODYLHGDFQDUILH[LVWDWYLRDUDPHDLXELW(DPD (VWHRVRLHIUXPRDVLRSODQWDLHPDUH
LQWURGXVQFDVHOHPDULHDPDXXUDWGHPXOWH]LOHGHPXQFSHFPSPLDDVLJXUDWPLFLFRPRGLWLDOH 
YLHLLSLSHLWXWXQLSHUHFKLVXSOLPHQWDUHGHQFOULLDUDGHVHDPDQGHSUWDWGHSUH]HQDXQXL &RUXO

VWSQ VHYHU SHQWUX D P IDFH SUWD OD VFHQH GH YHVHOLH L DQWUHQ $ IRVW WRYDUD PHD SULHWHQD
QVXVSHVWHMDULQMRVSHUX
VXIOHWXOXLPHXWULXPIQGVRQRUFQGHUDPYRLRVLFRQVROQGXPPHORGLRVFQGHUDPWULVW$GHVHDOD
'RLVXSUDYHJKHWRULLXQQHJULRU
PLH]XO QRSLL FQG VRPQXO SLHUHD VSHULDW GLQ FROLE L FQG FRQWHPSODUHD VRULL PHOH PL WXOEXUD 
VXIOHWXOYLRDUDPLFQWDRPHORGLHDOLQWRDUHQ]LOHOHVILQWHGHGXPLQLFFQGHUDXSHUPLVHXQDGRX 6DXGDFFXYLQWHOHDFHVWHDQXVXQWSRWULYLWHSHQWUXPHORGLDFHUXWSRDWHFVHFQW0R2FKLGH
RUHGHWLKQHDPQVRHDQYUHXQORFWFXWGHSHPDOXOED\RXOXLXQGHULGLFQGXLJODVXOFRQYHUVD 3RUF XQ VSHFLPHQ GH YHUVLILFDLH GHVWXO GH VROHPQ L VXUSULQ]WRU FDUH SHQWUX D IL DSUHFLDW WUHEXLH
EOQGLSOFXW(DPLDIFXWFXQRVFXWQXPHOHSULQLQXWPLDDGXVSULHWHQLFDUHDOWIHOQXPDUILEJDW DX]LWQVQ6XG(OVXQDVWIHO
QVHDPPLDRIHULWXQORFGHRQRDUHODEDQFKHWHOHDQXDOHLPLDDVLJXUDWSULPLUHDFHDPDLJOJLRDV 
LPDLEXFXURDVODGDQVXOGH&UFLXQ'DQVXOGH&UFLXQ$KFHSOFHUH'DFYDLVWXUDWGHILLLL &LQHDIRVWHURLQDFWDPOLSVLW"
ILLFHOHWUQGYLHLFDUHVHPLFFXSDVPVXUDWGHPHOFQHSVWRUSULQFRWLOLRQXOFDUHHUSXLHWHIU )UXPRDVDIHWLFXFRUVDM
JUDEGDFGRULLVYHGHLLXHDODVDXSRH]LDPLFULLGXEODWGHIHULFLUHDXWHQWLFGH]OQXLWL 2FKLGH3RUF
QHVWYLOLWDWXQFLPHUJHLQ/RXLVLDQDLSULYLLVFODYLLFDUHGDQVHD]VXEOXPLQDVWHOHORUQVHDUDGH 0R2FKLGH3RUF
&UFLXQ 'DUL+RVH\
&XRFD]LD&UFLXQXOXLGHFDUHPLDPLQWHVFDFXPLDFUXLGHVFULHUHYDVOXMLFDSUH]HQWDUHJHQHUDOD 
]LOHL DFHOHLD EDOXO D IRVW GHVFKLV GH GRPQLRDUD /LYHO\ L GRPQXO 6DP FHD GLQWL GH SH GRPHQLXO 1LFLRGDWQDPY]XWDOWDODIHO
6WHZDUWLDUDOGRLOHDGHSHGRPHQLXO5REHUWV(UDELQHWLXWF6DPQXWUHDRSDVLXQHDU]WRDUHSHQWUX 9LQHDFXPRIHWLFXFRUVDM
 2FKLGH3RUF
/LYHO\FDLDOWELDWDOOXL0DUVKDOOLDOWXODOOXL&DUH\GHRDUHFH/LYHO\HUDFXDGHYUDWSOLQGHYLD
0R2FKLGH3RUF
L FRFKHWD FX WRL IUQJQGXOH LQLPLOH 9LFWRULD LD DSDULQXW DWXQFL OXL 6DP 5REHUWV GHRDUHFH 'DUL+RVH\
ULGLFQGXVHGXSRVSHDLDQWLQVPQDSHQWUXSULPDILJXUSUHIHUQGXOULYDOLORUVL$FHWLDDX 
IRVWGHVWXOGHGH]DPJLLLVFXWXUQGIXULRLGLQFDSHWHDXVXJHUDWDSVDWFOHDUSOFHDVVHUHSHDG 6DX SRDWH XUPWRUXO FQWHF SRDWH OD IHO GH OLSVLW GH VHQV QV SOLQ GH PHORGLH DD FXP UVXQ SH
ODGRPQXO6DPLVLWUDJRFKHOIQHDOQVQLFLRH[SOR]LHGHPQLHQDWXOEXUDWFKLSXOLPSHUWXUEDELO EX]HOHQHJULORU
DO OXL 6DPXHO Q WLPS FH SLFLRDUHOH L ]EXUDX FD EHHOH GH WRE Q VXV LQ MRV SH OQJ SDUWHQHUD OXL 
IHUPHFWRDUH7RL FHL SUH]HQL LDXRYDLRQDWUVXQWRUL LQFLWDLGH DSODX]HDX FRQWLQXDW L GXSFH (ER'LFNL-XUGDQV-R
FHLODOLRERVLVHULVHRSULVHUSHQWUXRFOLSVLWUDJUVXIOULOH7RWXLVWUGDQLLOHVXSUDRPHQHWLDOH WLDGRLQHJURWHLPLDXIXUDWIDWD
OXL6DPODXFRSOHLWSQODXUPOVQGRSH/LYHO\VVHURWHDVFVLQJXUFDXQWLWLUH]QFOLSDDFHHD 
XQXOGLQWUHULYDOLLOXL6DP3HWH0DUVKDOODVULWLDQFHSXWVGDQVH]HLVVHFRQWRUVLRQH]HQWRDWH &RUXO

IHOXULOHLPDJLQDELOHSDUFGHFLVVLDUDWHGRPQLRDUHL/LYHO\LOXPLLQWUHJLF6DP5REHUWVHUDOLSVLW +DLGH-LPWDUH
GHLPSRUWDQ 0HUJH-LPWDUH
,XELUHDOXL3HWHLGHSHDQVSRVLELOLWLOH)LJXULOHDFHOHDSOLQHGHHQHUJLHODXVXIRFDWLDF]XWFD 9RUEHWH-LPWDUHHWF
XQVDFJROLW$IRVWDWXQFLPRPHQWXOFD+DUU\&DUH\VLQFHUFHQRURFXOGDU/LYHO\ODVXIRFDWLSHHO 
QVFXUWWLPSQPLMORFXOXUDOHORUJHQHUDOHFDUHLDXQWULWSHGHSOLQUHSXWDLDGHIDWDFHDPDLLXWHGH 0RXO'DQFHOQHJUXQHJUXFDVPRDOD
SHED\RX $IRVWWDUHPXOXPLWFQDIRVWDFROR
'XSFHVHWHUPLQDRVHULHDOWDLOXDORFXOLDUEUEDWXOVDXIHPHLDFDUHUPQHDFHOPDLPXOWSH +DLGH-LPWDUHHWF
SRGHDSULPHDODXGHOHFHOHPDLUVXQWRDUHLDVWIHOGDQVXOFRQWLQXDSQVHOXPLQDGH]L(OQXQFHWD 
GDFYLRULVWXOQFHWDVPDLFQWHFLQWUXQDVWIHOGHFD]GDQVDWRULLFQWDXRPX]LFQXPDLGHHLWLXW QUHVWXOVUEWRULORUFDUHXUPDX&UFLXQXOXLVFODYLLFSWDXSHUPLVHLSXWHDXPHUJHRULXQGHGRUHDX
6H QXPHD USLDOD L HUD QVRLW GH FQWHFHOH DFHOHD OLSVLWH GH VHQV FRPSXVH PDL GHJUDE SHQWUX SHRUD]OLPLWDWVDXSXWHDXUPQHVPXQFHDVFSHSODQWDLHFD]QFDUHHUDXUHPXQHUDL5DUHRUL
DGDSWDUHD ORU OD XQ ULWP VDX R PVXU DQXPH GHFW Q VFRSXO H[SULPULL YUHXQHL LGHL 5SLDOD VH QVHUDDFFHSWDWDFHDVWVLWXDLHGLQXUP&XSULOHMXOVUEWRULORUHLSXWHDXILY]XLDOHUJQGQWRDWH
HIHFWXD SULQ ORYLUHD JHQXQFKLORU FX SDOPHOH XUPDW GH SRFQLUHD SDOPHORU ODRODOW GXS FDUH XPUXO SULOH IHULFLL FD RULFH DOL PXULWRUL GH SH IDD SPQWXOXL (UDX ISWXUL GLIHULWH GH FHOH GH SH FPS
GUHSW HUD ORYLW FX SDOPD VWQJ L XPUXO VWQJ FX SDOPD GUHDSW LDU Q WRW DFHVW WLPS SLFLRDUHOH QX UHOD[DUHDWHPSRUDUDEVHQDFKLDULGHVFXUWGXUDWDIULFLLLDELFLXOXLSURGXFHDXRPHWDPRUIR]
VWWHDXORFXOXLLVHFQWDSRDWHXUPWRUXOFQWHF UHDOQDVSHFWXOLSXUWDUHDORU(LLSHWUHFHDXWLPSXOYL]LWQGXVHSOLPEQGXVHUHQQRLQGSULHWHQLL
 YHFKLVDXSRDWHUHQYLLQGRUHODLHYHFKHRULLVDWLVIFHDXRULFHDOWHSOFHULVHLYHDX$FHHDHUDYLDD

Q6XGDDFXPHQUHDOLWDWH WUHL]LOHSHDQGXSFXPDPGHVFRSHULWFHOHODOWHWUHLVXWHDL]HFLL &DSLWROXO;9,
GRXILLQG]LOHGHRERVHDOWHDPVXIHULQHLWUXGSHUPDQHQW
Q WLPSXO VUEWRULORU VH QFKHLDX IUHFYHQW FVWRULL GDF VH SRDWH VSXQH F QWUH VFODYL H[LVW R
DVHPHQHD LQVWLWXLH 6LQJXUD FHUHPRQLH QHFHVDU QDLQWH GH D SWUXQGH Q VIQWD WDLQ HUD RELQHUHD 6XSUDYHJKHWRULL&XPVXQWHLQDUPDLLQVRLL2PRUXO([HFXLDGHOD0DUNVYLOOH
DFFHSWXOXLSURSULHWDULORUUHVSHFWLYL'HRELFHLFVWRULLOHHUDXQFXUDMDWHGHVWSQLLGHVFODYH2ULFDUH 9L]LWLLLVFODYL1XPLWYL]LWLXODQWRDUFHUHDSH%D\RX%RHXI3UDFWLFDHVWHPDPD
GLQWUH SUL SXWHD V DLE FW GH PXOL VRL VDX VRLL QJGXLD SURSULHWDUXO L RULFDUH HUD OLEHU VO QYWXULLQFHUFDUHDOXL(SSVGHDLUHWH]DJWXOOXL3ODWW&XPDPVFSDWGHHO
DEDQGRQH]H SH FHOODOW GXS FXP GRUHD (YLGHQW OHJHD GLYRUXOXL L D ELJDPLHL QX HUDX DSOLFDELOH 3URWHMDWGHVWSQ,QWHU]LFHUHDVFULHULLLFLWLULL2ELQHUHDXQHLFROLGHKUWLHGXSQRX
SURSULHWLORU'DFVRLDQXDSDULQHDDFHOHLDLSODQWDLLFDVRXODFHVWDGLQXUPRSXWHDYL]LWDQVHULOH DQLGHHIRUWXUL6FULVRDUHD$UPVE\DOEXODIXULVLWQFUHGHUHDSDULDOQHO7UGDUHDOXL
GHVPEWQFD]XOQFDUHGLVWDQDQXHUDSUHDPDUH6RLD8QFKHXOXL$EUDPORFXLDOD]HFHNLORPHWUL 6XVSLFLXQLOHOXL(SSV&XPDXIRVWDOXQJDWH$UGHUHDVFULVRULL$UPVE\SOHDFGHSH
GH(SSVSH%D\RX+XII3RZHULHODYHDSHUPLVLXQHDVRYL]LWH]HRGDWODILHFDUHGRXVSWPQL ED\RX'H]DPJLUHLGLVSHUDUH
GDUPEWUQHDDDFXPDPVSXVLDGHYUXOHVWHFXLWDVHGHHDQXOWLPDYUHPH8QFKHXO$EUDPQX
L SHUPLWHD V LURVHDVF GLQ WLPSXO UH]HUYDW PHGLWDLLORU OXL DVXSUD JHQHUDOXOXL -DFNVRQ  IOLUWXULOH &XH[FHSLDYL]LWHLPHOHQSDURKLD6W0DU\LDEVHQDQWLPSXOVH]RDQHORUGHUHFROWDUHDWUHVWLHLGH
FRQMXJDOHHUDXPLQXQDWHSHQWUXWLQHULLIUPLQWHGDUQHODORFXOORUSHQWUXXQILORVRIVHULRVLSURIXQGFD ]DKU DP PXQFLW Q SHUPDQHQ SH SODQWDLD (SSV 6WSQXO PHX HUD FRQVLGHUDW XQ SODQWDWRU PLF
HO QHDYQG VXILFLHQWH EUDH GH PXQF SHQWUX D QHFHVLWD VHUYLFLLOH XQXL VXSUDYHJKHWRU DVWIHO QFW MXFD HO
QVXLDFHVWURO3HQWUXFQXDYHDFDSDFLWDWHDGHDLPULQXPUXOGHVFODYLRELQXLDVLQFKLULH]HQ
WLPSXOVH]RQXOXLLPSRUWDQWGHUHFROWDUHDEXPEDFXOXL
3H GRPHQLLOH PDL PDUL FDUH IRORVHDX FLQFL]HFL R VXW VDX SRDWH FKLDU GRX VXWH GH FXOHJWRUL XQ
VXSUDYHJKHWRUHUDDEVROXWLQGLVSHQVDELO'RPQLLDFHLDDSUHDXFODUHSHFPSQDUPDLIUH[FHSLH
GXSWLLQDPHDFXSLVWRDOHFXLWGHYQWRDUHLELFLLQVRLLGHFLYDFLQL(FKLSDLQIHOXODFHVWD
HLLXUPDXSHVFODYLILLQGIRDUWHDWHQLODWRWFHIFHDX$WULEXWHOHFHUXWHXQXLVXSUDYHJKHWRUHUDXLQLPD
GH SLDWU EUXWDOLWDWHD L FUX]LPHD 0LVLXQHD OXL HUD GH D SURGXFH UHFROWH PDUL LDU GDF UHXHD DFHVW
OXFUX QX FRQWD FW VXIHULQ OVD Q XUP 3UH]HQD FLQLORU HUD QHFHVDU SHQWUX XUPULUHD YUHXQXL
IXJDUFDUHSXWHDQFHUFDXQHRULVHYDGH]HDDFXPVHQWPSODGHSLOGFQGVOELWLEROQDYQXL
SXWHDPHQLQHLUXOVDXQXPDLUH]LVWDORYLWXULORUGHELFL3LVWRDOHOHHUDXUH]HUYDWHSHQWUXRULFHVLWXDLL
SHULFXORDVHQWUXFWH[LVWDVHUFD]XULFQGDVHPHQHDDUPHIXVHVHUQHFHVDUHQWUWDWLPSLQVVSUHXQ
DFFHV GH IXULH LQFRQWURODELO SQ L VFODYXO VH QWRUFHD XQHRUL PSRWULYD RSUHVRUXOXL VX (DIRGXO
IXVHVHULGLFDWQOXQDLDQXDULHDDQXOXLWUHFXWQ0DUNVYLOOHLDUFXXQDQQXUPDFRORIXVHVHH[HFXWDW
XQVFODYFDUHLXFLVHVHVXSUDYHJKHWRUXO&D]XOVHSHWUHFXVHQXODPXOLNLORPHWULGHSODQWDLDOXL(SSV
GH SH 5XO 5RX 6FODYXO IXVHVH QVUFLQDW V GHVSLFH EXWHQL SHQWUX D RELQH VWOSL GH JDUG GDU Q
WLPSXO ]LOHL VXSUDYHJKHWRUXO O WULPLVHVH FX XQ FRPLVLRQ FDUHL RFXSDVH DWWD WLPS QFW L IXVHVH
LPSRVLELOVWHUPLQHVDUFLQDSULPLWLQLLDOQ]LXDXUPWRDUHIXVHVHFKHPDWVGHDVRFRWHDOQVIDSWXO
F SLHUGXVH WLPSXO GLQ FDX]D FRPLVLRQXOXL QX HUD R VFX] L L VH SRUXQFLVH V QJHQXQFKH]H L VL
GH]YHOHDVFVSLQDUHDSHQWUXDILELFLXLW&HLGRLHUDXQSGXUHVLQJXULLQXSXWHDXILY]XLVDXDX]LL
%LDWXO VH VXSXVHVH SQ FH QQHEXQLW GH QHGUHSWDWHD DFHHD L VFRV GLQ PLQL GH GXUHUH VULVH Q
SLFLRDUHLQKQGXQWRSRUOWLDVHSXULVLPSOXQEXFLSHVXSUDYHJKHWRU1XIFXVHGXSDFHHD
QLFLRQFHUFDUHGHDLDVFXQGHIDSWDFLVHJUELVHVPHDUJODVWSQXOOXLLSRYHVWLVHFHOHQWPSODWH
LVHGHFODUDVHJDWDVLLVSHDVFSFDWXOFXSUHXOYLHLL)XVHVHGXVODHDIRGLQWLPSFHIUQJKLD
L HUD SXV Q MXUXO JWXOXL L SVWUDVH DWLWXGLQHD EUDY L QHQIULFDW LDU SULQ XOWLPHOH OXL FXYLQWH L
MXVWLILFDVHDFLXQHD
6XSUDYHJKHWRUXOLDYHDQLPHGLDWVXERUGLQHSHDD]LLLYL]LWLLDOFURUQXPUHUDSURSRULRQDOFX
FHO DO VFODYLORU GH SH FPS 9L]LWLLL HUDX WRW QHJUL FDUH SH OQJ IDSWXO F WUHEXLDX VL FXOHDJ
SURSULD QRUP GH EXPEDF HUDX VLOLL VL ELFLXLH HFKLSHOH %LFHOH OH DWUQDX GH JW L GDF QX OH
IRORVHDXDDFXPVHFXYHQHDHUDXHLQLLELFLXLL6HEXFXUDXWRWXLGHXQHOHSULYLOHJLLGHH[HPSOXOD
WLHUHDWUHVWLHLGH]DKUVFODYLORUQXOLVHQJGXLDVVWHDMRVVXILFLHQWGHPXOWWLPSSHQWUXDLPQFD
SUQ]XO&RWLJLXPSOXWHFXWXUWHGHPODLJWLWHODEXFWULHVRVHDXODDPLD]SHFPS7XUWHOHHUDX
GLVWULEXLWHGHYL]LWLLLWUHEXLDXPQFDWHFWPDLUHSHGH
&QGVFODYXOQFHWDVPDLWUDQVSLUHDDFXPVHQWPSODDGHVHDFQGHUDVLOLWVPXQFHDVFSHVWH
SXWHULOH OXL FGHD OD SPQW FRPSOHW QHDMXWRUDW $WXQFL HUD VDUFLQD YL]LWLXOXL VO WUDJ OD XPEUD SLHUGHDUVXIODUHDDSRLVHRSUHDSQLRUHFSWDVXGXLDLLUHOXDDOHUJDUHD&QGPLSRUXQFHDV
EXPEDFXOXLDWUHVWLLORUDIODWHQSLFLRDUHVDXDXQXLFRSDFGLQSUHDMPXQGHDUXQFDSHVWHHOJOHLFX YLQ OD HO FQG VH VWUGXLD V P FRQYLQJ GDU DP IRVW SUXGHQW V SVWUH] R GLVWDQ UHVSHFWXRDV Q
DSVDXIRORVHDDOWHPLMORDFHSHQWUXDOIDFHVWUDQVSLUHGLQQRXGXSFDUHLVHSRUXQFHDVLFRQWLQXH IHOXODFHVWDDPGDWRFROFPSXOXLGHFWHYDRULHOUHSH]LQGXVHGLVSHUDWGXSPLQHLDUHXIHULQGXP
PXQFD GHILHFDUHGDWPDLGHJUDEDPX]DWGHFWVSHULDWWLLQGSUHDELQHFGXSFHVHYDWUH]LYDUGHGH
&QGDPVRVLWSULPDGDWOD(SSVOD+XII3RZHUYL]LWLXHUD7RPXQXOGLQWUHQHJULLOXL5REHUWVXQ SURSULLOH OXL SURVWLL GH EHLYDQ Q FHOH GLQ XUP DP ]ULWR SH VWSQ VWQG OQJ JDUGXO FXULL L
EUEDWYRLQLFLIRDUWHVHYHU'XSSOHFDUHDOXL(SSVOD%D\RX%RHXIRQRDUHDDFHHDGHRVHELWPLDIRVW SULYLQGXQHPDQHYUHOHSHMXPWDWHVHULRDVHSHMXPWDWHFRPLFH7UHFQGGLUHFWSHOQJHODPDOHUJDW
DFRUGDWPLH3QQFOLSDSOHFULLPHOHDWUHEXLWVSRUWXQELFLQMXUXOJWXOXLSHFPS'DF(SSV VSUH HD 9]QGR (SSV QX PD XUPDW $ UPDV SH FPS R RU VDX PDL ELQH WLPS Q FDUH HX LDP
HUDSUH]HQWQXQGU]QHDPVPSRUWFXEOQGHHGHRDUHFHQXDYHDPFUHWLQHDVFDWULHGHFDUDFWHUD SRYHVWLWVWSQHLDPQXQWHOHFHORUSHWUHFXWH$FXPVHQIXULDVHHDDFX]QGXLLSH3DWVH\LSHVRXO
XQXLELQHFXQRVFXW8QFKL7RPFDVSRWQIUXQWDPQLDVWSQXOXLPHXUHIX]QGVDSOLFSHGHSVHOHFH HL3QODXUP(SSVDYHQLWVSUHFDVGDUDFXPVHWUH]LVHDSURDSHFRPSOHWLPHUJHDVILRVFXPLQLOH
UHYHQHDXDFHOHLIXQFLL'RDUQIHOXODFHVWDDPVFSDWGHPDUWLULXOLPHGLDWSHFDUHODVXIHULWHOLQ ODVSDWHLQFHUFQGVSDULQRFHQWFDXQFRSLO
SOXV LDP VFXWLW SH WRYDULL PHL GH PXOWH VXIHULQH DD FXP VD GRYHGLW SQ OD XUP $P DIODW Q &QGVDDSURSLDWGRDPQD(SSVDQFHSXWVOPXWUXOXLDVFLPHGLDWDEWQGDVXSUDOXLRVXPHGHQLH
VFXUWYUHPHF(SSVLQGLIHUHQWGDFYHQHDVDXQXODFPSHUDPHUHXFXRFKLLSHQRL'HSHYHUDQG GH HSLWHWH GHVWXO GH OLSVLWH GH UHVSHFW L QWUHEQGXO GHVSUH PRWLYXO SHQWUX FDUH GRULVH VPL UHWH]H
GLQ VSDWHOH XQRU DUERUL QYHFLQDL VDX GLQ DOW SXQFW GH REVHUYDLH SLWLW HO YHJKHD SHUPDQHQW 'DF EHUHJDWD (SSV VD PLQXQDW OD DX]XO FXYLQWHORU HL L VSUH VXUSULQGHUHD PHD D MXUDW SH WRL VILQLL GLQ
YUHXQXOGLQWUHQRLIXVHVHOHQHVDXLQHILFLHQWH[LVWDXPDULDQVHFDDFHVWOXFUXVQLVHUHSURH]HFQG FDOHQGDUFQLFLQXPLYRUELVHQ]LXDDFHHD
QHQWRUFHDPDFDVLQWUXFWSHQWUXHOHUDRFKHVWLXQHGHSULQFLSLXVFRQGDPQHWRDWHDEDWHULOHSHFDUH 3ODWWQHJURWHLPLQFLQRVPLVDDGUHVDWHOFXQHUXLQDUHDPYRUELWHXFXWLQH"
OHDIODISWDXOHUDVLJXUFYDILSHGHSVLWSHQWUXQFHWLQHDODFXFDUHOXFUDVHGDUQDFHODLWLPSHUDP 1XHVWHSUXGHQWVFRQWUD]LFLXQVWSQFKLDUGDFVSXLDGHYUXO'HDFHHDDPWFXWLDUFQGDLQWUDW
SHGHSVLWLHXILLQGFSHUPLVHVHPDDFHYD QFDVPDPQWRUVSHFPSLLQFLGHQWXOQDPDLIRVWSRPHQLWQLFLRGDW
3HGHDOWSDUWH(SSVHUDPXOXPLWGDFPY]XVHIRORVLQGELFLXOIURYLDO3UDFWLFDHPDPD /D VFXUW WLPS GXS DFHHD VD SHWUHFXW XQ HYHQLPHQW Q XUPD FUXLD DP IRVW FW SHDFL V GLYXOJ
QYWXULLQWUDGHYULDUQFHLRSWDQLGHH[SHULHQFDYL]LWLXDPQYDWVIRORVHVFELFLXOFXR VHFUHWXODGHYUDWXOXLPHXQXPHLWUHFXWSHFDUHOHWLQXLVHPGHDWWDYUHPHLFXDWWDJULMLGHFDUH
GH[WHULWDWH L R SUHFL]LH XLPLWRDUH H[SHGLLQGXL YUIXO OD XQ ILU GH SU GH VSLQDUHD XUHFKHD VDX QDVXO HUDP FRQYLQV GHSLQGHD VFSDUHD PHD ILQDO /D SXLQ YUHPH GXS FH P FXPSUDVH (SSV P
FXLYDGDUIUDOHDWLQJHQLFLRGDW'DF(SSVPSULYHDGHODGHSUWDUHVDXGDFQRLDYHDPPRWLYHV QWUHEDVH GDF WLDP V VFULX L V FLWHVF L FQG O LQIRUPDVHP F SULPLVHP FHYD LQVWUXLUH Q DFHDVW
EQXLP F VH IXULD SULQ YHFLQWDWH QFHSHDP V PQXLHVF ELFLXO FX YLJRDUH L SRWULYLW QHOHJHULL SULYLQPDQXQDVHDSVDWFGDFPSULQGHDYUHRGDWFXRFDUWHRULFXWRFLFHUQHDODYHDVPL
QRDVWUH VFODYLL WUHVUHDX L ]ELHUDX FD Q DJRQLH GHL QLFLXQXO GLQWUH HL QX IXVHVH PFDU DWLQV 'DF DSOLFHRVXWGHELFH9RLDVQHOHJFODUFHOFXPSUDQHJURWHLFDVPXQFHDVFQXFDVVHHGXFH
(SSV L IFHD DSDULLD 3DWVH\ SURILWD GH RFD]LH V VH SOQJ DWXQFL FQG SXWHD IL DX]LW F 3ODWW L 1XPLDSXVQLFLRGDWYUHRQWUHEDUHGHVSUHWUHFXWXOPHXVDXGHVSUHORFXOGHRULJLQH3HGHDOWSDUWH
ELFLXLDWRWWLPSXOLDU8QFKHXO$EUDPFXXQDHUGHRQHVWLWDWHFDUHLHUDVSHFLILFGHFODUDIUQFRQMXU VWSQDPDQWUHEDWGHVHRULGHVSUH:DVKLQJWRQSHFDUHOFUHGHDRUDXOPHXGHEDWLQLQXQXPDLR
FLELFLXLVHPPDLUXGHFWLEWXVHJHQHUDOXO-DFNVRQSHLQDPLFLOD1HZ2UOHDQV$DFHYDPHUJHD GDWDUHPDUFDWFQLFLQXYRUEHDPLQLFLQXPFRPSRUWDPSUHFXPFHLODOLQHJURWHLLHUDVLJXUF
GDF(SSVQXHUDEHDWLQWUXQDGLQWUHVWULOHVDOHDQLPDOLFHQFD]FRQWUDUQVFLYDVDXPDLPXOL FXWUHLHUDVHPSULQOXPHPDLPXOWGHFWUHFXQRWHDP
GLQWUHQRLWUHEXLDXQPRGLQHYLWDELOVVXIHUH8QHRULYLROHQDVWSQXOXLFSWDRIRUPSHULFXORDV 0DUHOHPHXRELHFWLYODFDUHQDPUHQXQDWQLFLRGDWDIRVWVJVHVFXQPLMORFSULQFDUHVGXFQ
SXQQGQSULPHMGLHYLHLOHHSWHOXOXLVXXPDQ2GDWQHEXQXOEHDWVDJQGLWVVHGLVWUH]HUHWH]QGX VHFUHW OD RILFLXO SRWDO R VFULVRDUH DGUHVDW XQRU SULHWHQL VDX IDPLOLHL GLQ 1RUG 'LILFXOWDWHD XQHL
PLEHUHJDWD DVHPHQHDDFLXQLQXSRDWHILQHOHDVGHFLQHYDQHRELQXLWFXUHVWULFLLOHVHYHUHFDUHPLHUDXLPSXVHQ
)XVHVHSOHFDWOD+ROPHVYLOOHXQGHSDUWLFLSDVHODXQFRQFXUVGHWLULQLFLXQXOGLQWUHQRLQXODVLPLW SULPXO UQG QX GLVSXQHDP GH WRF FHUQHDO L KUWLH Q DO GRLOHD UQG XQ VFODY QXL SXWHD SUVL
FQGVDQWRUV3HFQGSUHDPDOWXULGH3DWVH\HDDH[FODPDWSHQHDWHSWDWHFXJODVVF]XW SODQWDLDIUSHUPLVLDUXQHIGHSRWQDUILDFFHSWDWRVFULVRDUHGHODXQVFODYGDFQXHUDQVRLWGH
3ODWWWXOYH]LSH0R5WFKHPQGXPODHO" LQVWUXFLXQLOHVFULVHDOHVWSQXOXLVX$PVWDWQRXDQLQVFODYLHLDPIRVWSHUPDQHQWDWHQWFXRFKLL
3ULYLQGQWURSDUWHODP]ULWQWUDGHYUODPDUJLQHDFPSXOXLIFQGVHPQHLVWUPEQGXVHDD Q SDWUX SQ DP DYXW QRURFXO V RELQ R IRDLH GH KUWLH QWUR LDUQ SH FQG (SSV VH DIOD Q 1HZ
FXPDYHDRELFHLXOFQGHUDSHMXPWDWHEHDWQHOHJQGXLLQWHQLLOHOXEULFH3DWVH\DQFHSXWVSOQJ 2UOHDQVXQGHLYLQGHDEXPEDFXOVWSQDPDWULPLVOD+ROPHVYLOOHVULGLFPDLPXOWHDUWLFROHSULQWUH
,DPRSWLWVQXULGLFHRFKLLLVLFRQWLQXHPXQFDGHSDUFQXODUILREVHUYDW6XVSHFWQGQVFXP FDUHLFROLGHKUWLHSHQWUXVFULV0LDPQVXLWRIRDLHLDPDVFXQVRQFROLEVXEVFQGXUDSHFDUH
VWWHDXOXFUXULOH(SSVVDPSOHWLFLWQVFXUWWLPSFWUHPLQHFORFRWLQGGHIXULH GRUPHDP
&HLDLVSXVOXL3DWV"DQWUHEDWHOVXGXLQG 'XSGLYHUVHH[SHULPHQWHDPL]EXWLWVSURGXFFHUQHDOILHUEQGVFRDUGHDUDUDOELDUWRFXOODP
,DPGDWXQUVSXQVHYD]LYFHHDFHQDIFXWDOWFHYDGHFWVLVSRUHDVFYLROHQD IDEULFDWGLQWURSDQOXDWGLQDULSDXQHLUDH&QGWRLGRUPHDXQFROLEODOXPLQDWFLXQLORUQWLQVSH
'HFQGHWLWXSURSULHWDUXOSODQWDLHLVWHLDLD]LQHJURWHLXOGFXOXL"DQWUHEDWHOFXXQSXIQHW VFQGXUDFDUHPLVOXMHDGUHSWSDWDPL]EXWLWVFRPSOHWH]RHSLVWROGHVWXOGHOXQJGHVFULLQGVLWXDLD
SOLQGHUXWDWHLQDFHODLWLPSPLDSULQVFXRPQJXOHUXOFPLLLDUPQDFHDODOWDYUWRQ Q FDUH P DIODP $P DGUHVDWR XQHL YHFKL FXQRWLQH GLQ 6DQG\ +LOO UXJQGR V QWUHSULQG PVXUL
EX]XQDU$FXPRVLUHWH]JWXOVWDGHFLRURLDVWDRVIDFDXUPDWHOVFRQGXLFXLWXOGLQEX]XQDU SHQWUXDPLUHVWDELOLOLEHUWDWHD$PSVWUDWPXOWYUHPHVFULVRDUHDDFHHDJQGLQGXPODIHOGHIHOGH
1DL]EXWLWWRWXLVOGHVFKLGFXRVLQJXUPQSQFQGQWUXQILQDOLDDSXFDWODPDQWUHGLQL PRGDOLWLSULQFDUHSXWHDILGHSXVQVLJXUDQODRILFLXOSRWDOQFHOHGLQXUPQLQXWXOQRVWUXD
9]QGFHUDSHSXQFWXOGHDUHXLDPFRQVLGHUDWFWUHEXLDVVFDSGHHOILLQGFQVWDUHDQHVEXLWQ DSUXWXQVWULQGHVWDUHPRGHVWSHQXPH$UPVE\FDUHFXWDXQSRVWGHVXSUDYHJKHWRU,VDSUH]HQWDW
FDUHVHJVHDQPRPHQWXODFHODHUDHYLGHQWFQXJOXPHDVXEQLFLRIRUP&PDDPLHUDGHVFKHLDW OXL(SSVLDUPDVFWHYD]LOHSHSODQWDLHDSRLVDGXVODYHFLQXO6KDZXQGHDVWDWFWHYDVSWPQL
QIDLFQGPDPUVXFLWLXWHLDPVULWGHOQJ(SSVFDUHQXPLGGXVHGUXPXOFPLLDFHDVWDD 6KDZHUDQFRQMXUDWQJHQHUDOGHSHUVRQDMHQHYUHGQLFHHOQVXLILLQGFXQRVFXWFDXQFDUWRIRULOLSVLW
OXQHFDWLPHGLDWGHSHWUXS'XSDFHHDQXPLDIRVWGHORFJUHXVPIHUHVFGHHO0XUPUHDSQL GHSULQFLSLL2OXDVHGHQHYDVWSHVFODYDVD&KDUORWWHFDUHLQVFXVHPDLPXOLPXODWUL3QODXUP
$UPVE\DGHF]XWQWUDWWQFWDIRVWVLOLWVOXFUH]HDOWXULGHVFODYL8QDOEFDUHVPXQFHDVFSH $VWDL(OYUHDVWHFRQYLQJFWRLDPYUHDVIXJLPLFGHDFHHDDUILELQHVDQJDMH]LXQ
FPS HVWH XQ VSHFWDFRO UDU L QHRELQXLW SH %D\RX %RHXI (X DP SURILWDW GH WRDWH RFD]LLOH SHQWUX DL VXSUDYHJKHWRU FDUH V ILH FX RFKLL SH QRL $ QVFRFLW WRDW SRYHVWHD DVWD FXVXW FX D DOE SHQWUX F
FXOWLYD SULHWHQLD Q SDUWLFXODU GRULQG VL RELQ QFUHGHUHD Q DVHPHQHD PVXU QFW V DP FXUDM VL YUHDVLDVLJXUHRVOXME1XLGHFWRPLQFLXQVWSQHSRLVILLVLJXUQSULYLQDDVWD
QPQH]RVFULVRDUH0DLQIRUPDWFYL]LWDQPRGUHSHWDW0DUNVYLOOHXQRUDDIODWODYUHRWUHL]HFLGH (SSV D F]XW SH JQGXUL R YUHPH LPSUHVLRQDW Q PRG YGLW GH FUHGLELOLWDWHD WHRULHL PHOH L D
NLORPHWULGHSUWDUHLPLDPSURSXVFDVFULVRDUHDVILHH[SHGLDWGHDFROR H[FODPDW
&QWULQGFXSUXGHQPRGXOFHOPDLSRWULYLWGHDODERUGDQSULYLQDVXELHFWXOXLDPVIULWSULQDO  6 ILX DO GFXOXL 3ODWW GDF QX FUHG F VSXL DGHYUXO 0 LD GH SURVW GDF L LPDJLQHD] F
QWUHEDSXULVLPSOXGDFSXWHDVPLGXFRVFULVRDUHODRILFLXOSRWDO0DUNVYLOOHFXSULPDRFD]LHFQG SRDWHYHQLODPLQHFXVFRUQHOLGHDVWHDQX"3RDWHF]LFHFPSRDWHWUDJHSHVIRDUSRDWHF]LFHFV
DMXQJHDDFROR1XLDPGLYXOJDWQVFHXRVFULVHVHPLQLFLFHFRQLQHDSHQWUXFPWHPHDPFPDU QHSULFHSXWLFQXSRWDYHDJULMLVLQJXUGHQHJULLPHLQX"&H]LFHHOPR(SSVHPRDOHLIUDLHU
SXWHD WUGD L WLDP F WUHEXLD VL RIHU XQ VWLPXOHQW GH QDWXU ILQDQFLDU QDLQWH GH D SXWHD DYHD GD"+DKDKD$OGFXOXL$UPVE\6SXLFLQLLSHHO3ODWW
QFUHGHUHQHO/DRUDXQXQRDSWHDPDPIXULDWQWFHUHDIDUGLQFROLEDPHDLWUDYHUVQGFPSXO ,DUGXSPXOWHDOWHFRPHQWDULLGHVFULSWLYHGHVSUHFDUDFWHUXOJHQHUDODOOXL$UPVE\LGHVSUHSURSULDVD
VSUH SODQWDLD OXL 6KDZ ODP JVLW SH $UPVE\ GRUPLQG SH YHUDQG 1X DYHDP GHFW QLWH ILUILULFL FDSDFLWDWH GH D VH QJULML GH DIDFHUL L GH SURSULLL OXL QHJURWHL (SSV D SUVLW FROLED ,PHGLDW FXP D
FWLJXULOHUHSUH]HQWDLLORUSHFDUHOHVXVLQXVHPFXYLRDUDGDULDPSURPLVWRDWHERJLLOHGHSHOXPH LHLWDPD]YUOLWVFULVRDUHDQIRFLFXLQLPGH]QGMGXLWLGLVSHUDWDPSULYLWFXPHSLVWRODFDUHP
GDFPL YD IDFH IDYRDUHD FHUXW /DP LPSORUDW V QX P GHD Q YLOHDJ Q FD]XO Q FDUH QXPL SXWHD FRVWDVH DWWD QHOLQLWH L IUPQWUL L SH FDUH VSHUDVHP VR WULPLW FD VROLH VSUH WUPXO OLEHUWLL VH
QGHSOLQLFHUHUHD(OLDGDWFXYQWXOGHRQRDUHFYDSXQHVFULVRDUHDODRILFLXOSRWDOGLQ0DUNVYLOOHL VFRURMHDLVH]JUFHDSHWFLXQLGLVSUQGQIXPLVFUXP0L]HUDELOXOWUGWRU$UPVE\DIRVWDOXQJDW
FYDILGHDSXUXULXQVHFUHWVIQW'HLVFULVRDUHDHUDWRWWLPSXOQEX]XQDUXOPHXQDPFXWH]DWVLR ODVFXUWYUHPHGXSDFHHDGHSHSODQWDLDOXL6KDZVSUHPDUHDPHDXXUDUHSHQWUXFPWHPHDPFO
QFUHGLQH]DWXQFLFLVSXQQGXLFRYRLVFULHQWUR]LVDXGRXLDPXUDWQRDSWHEXQLPDPQWRUV DUILSXWXWDERUGDGLQQRXSH(SSVLSRDWHFKLDUODUILFRQYLQVVLGHDFUH]DUH
Q FROLED PHD 0LD IRVW LPSRVLELO V DOXQJ EQXLHOLOH SH FDUH OH QXWUHDP L DP UPDV WUHD] WRDW 1DPWLXWQFRWURVPLFDXWVDOYDUHD6SHUDQHOHPLQFROHDXQSLHSWGRDUSHQWUXDILVWULYLWHL
QRDSWHDH[DPLQQGQPLQWHFHOPDLVLJXUSODQSHFDUHVOXUPH](UDPGLVSXVVULVFPXOWSHQWUXDPL GLVWUXVH 9DUD YLHLL PL WUHFHD VLPHDP F PEWUQHVF SUHPDWXU F DOL FLYD DQL DGXJDL WUXGHL
DWLQJHVFRSXOGDUGDFGLQWUXQPRWLYVDXDOWXOVFULVRDUHDDUILF]XWQPLQLOHOXL(SSVDUILQVHPQDW VXIHULQHORUVXIOHWHWLLPLDVPHORURWUYLWRDUHDOHPODWLQLORUDYHDXVLQFKHLHOXFUDUHDDVXSUDPHD
RORYLWXUGHPRDUWHSHQWUXQ]XLQHOHPHOH(UDPFXWRWXOEXLPFLW 

DYHDX V P GXF Q PEULDUHD PRUPQWXOXL XQGH V SXWUH]HVF L V ILX XLWDW 5HVSLQV WUGDW FX
%QXLHOLOHPLDXIRVWQWUDGHYUQWHPHLDWHDDFXPRGRYHGHVFFHOHSHWUHFXWHQFRQWLQXDUH'XS VSHUDQDQWUXQDMXWRUIUQWQXSXWHDPGHFWVPJKHPXLHVFSHSPQWLVJHPQGXUHUDW6SHUDQD
GRX]LOHSHFQGU]XLDPEXPEDFXOSHFPS(SSVVDDH]DWSHJDUGXOGLQWUHSODQWDLDVDLFHDDOXL HOLEHUULL HUD XQLFD OXPLQ FDUHPL PDL PQJLD VXIOHWXO $FXP UD]D DFHHD SOSLD GLQ FH Q FH PDL
6KDZDVWIHOQFWVQHSRDWXUPULPXQFD/DXQPRPHQWGDWDDSUXW$UPVE\FDUHVDDH]DWOQJ VODEXUPWRDUHDVXIODUHGHGH]DPJLUHDYHDVRVWLQJFXWRWXOOVQGXPVEMELQEH]QDPLH]XOXL
HO&HLGRLDXUPDVDFRORGRXWUHLRUHWLPSQFDUHDPIRVWVILDWGHJKHDUHOHQHOLQLWLL GHQRDSWHSQODVIULWXOYLHLL
QQRDSWHDDFHHDSHFQGPLIULJHDPXQFD(SSVDLQWUDWQFROLEFXELFLXOQPQ
0LELHWHPLVDDGUHVDWHODPQHOHVFDPXQQHJURWHLDPUWFDUHVFULHVFULVRULLQFHDUFV
LFRQYLQJSHDOELVOHSXQODSRWSHQWUXHO0QWUHEGDFWXWLLFLQHSRDWHIL"
7HPHULOH PHOH FHOH PDL FXPSOLWH VH DGHYHULVHU L GHL SRDWH V QX ILH FRQVLGHUDW SH GHDQWUHJXO
OXGDELOUHFXUJHUHDODGXSOLFLWDWHLPLQFLXQDILDIRVWVLQJXUDVROXLHFDUHPLDSUXWYDOLGLQQG
VHDPDGHFLUFXPVWDQH
1XWLXGHVSUHFHLYRUEDVWSQH(SSVLDPUVSXQVDILQGXQDHUGHLJQRUDQLVXUSULQGHUH
1XWLXDEVROXWQLPLFGHVSUHDVWDFRQDXOH
1DLIRVWWXDFXPGRXQRSLOD6KDZ"DFRQWLQXDWHOFXQWUHEULOH
1XVWSQHDPUVSXQVSURPSW
1XLDLFHUXWWXWLSXOXLOXLD$UPVE\VLSXQRVFULVRDUHODSRWQ0DUNVYLOOH"
'RDPQH'XPQH]HXOHVWSQHQDPVFKLPEDWFXHOPDLPXOWGHWUHLFXYLQWHQYLDDPHD1XWLX
FHYUHLVVSXL
$UPVE\PLDSRYHVWLWDXUPDWHOFSULQWUHQHJURWHLLPHLLDYUWGLDYROXOFRDGDFWUHEXLHV
ILXIRDUWHDWHQWODXQXOILLQGFDOWIHOYDIXJLLDUFQGODPQWUHEDWGHFHFUHGHDDVWDPLD]LVFWXDL
YHQLWOD6KDZLODLWUH]LWQWRLXOQRSLLLODLUXJDWVLGXFRVFULVRDUHOD0DUNVYLOOH$FXPFHPDLDL
GH]LVDXG"
7RWFHSRWV]LFVWSQHLDPUHSOLFDWHVWHFQXLQLFLXUPGHDGHYUQYRUEHOHDFHOHD&XPV
ILVFULVHXRVFULVRDUHIUKUWLHLFHUQHDO"LFXLDILSXWXWWULPLWHRVFULVRDUHGDFQXWLXSHXQGH
WULHVFSULHWHQLLPHL"'HVSUH$UPVE\ODXPEOYRUEDFLXQEHLYPLQFLQRVLFQXOFUHGHQLPHQL
6WSQHWXWLLFHXVSXQQWRWGHDXQDDGHYUXOLFQDPSOHFDWQLFLRGDWGHSHSODQWDLHIUSHUPLV
6WSQHHXFUHGFWLXFHJQGXULDUHGHIDSW$UPVE\1DYUXWFXPYDVODQJDMH]LFDVXSUDYHJKHWRU"
%DGDDDLDQFXYLLQDW(SSV
:LOH\HYDGDVHLRIFXVHDWWGHVHFUHWLGHSUHFDXWQFWLHYLWDVHLLGHUXWDVHSHWRLXUPULWRULL
&DSLWROXO;9,, $X WUHFXW ]LOH ED FKLDU VSWPQL L QX VD DX]LW QLPLF GHVSUH HO (SSV QD IFXW DOWFHYD GHFW V
RFUDVFLVVXGXLH&QGUPQHDPGRDUQWUHQRLVFODYLL:LOH\HUDXQLFXOVXELHFWGHFRQYHUVDLH
:LOH\LJQRUVIDWXULOH0WXLL3KHEHL8QFKHXOXL$EUDPLHVWHSULQVGHSDWUXO $PIFXWPXOWHVSHFXODLLSHVHDPDOXLXQLLVXJHUDXFVDUILQHFDWQWUXQED\RXGHRDUHFHQXHUDXQ
2UJDQL]DLDLQGDWRULULOHHL:LOH\IXJH6SHFXODLLFXSULYLUHODHO1HDWHSWDWDOXL QRWWRUSULFHSXWDOLLFIXVHVHGHYRUDWGHDOLJDWRULVDXPXFDWGHXQDUSHPRFDVLQYHQLQRVDLFUXL
QWRDUFHUH&DSWXUDUHDOXLSH5XO5RXLGHWHQLDQQFKLVRDUHDGLQ$OH[DQGULD FROLDGXFVLJXULUDSLGPRDUWHD*QGXULOHQRDVWUHFDOGHLVLQFHUHVHQGUHSWDXFXWRDWVLPSDWLDVSUH
'HVFRSHULWGH-RVHSK%5REHUWV6XSXQHUHDFLQLORUQDQWLFLSDUHDHYDGULL)XJDULLGLQ ELHWXO:LOH\RULXQGHVDUILDIODWHO0XOWHUXJLVDXQODWGHSHEX]HOH8QFKHXOXL$EUDPLPSORUQG
*UHDW3LQH:RRGV&DSWXUDLGH$GDP7D\GHPLLQGLHQL$XJXVWXVXFLVGHFLQL1HOO\ &HUXOVOS]HDVFQVLJXUDQSHUWFLWRU
VFODYDOXL(OGUHW3RYHVWHDOXL&HOHVWH0LFDUHDFRQFHUWDW/HZ&KHQH\WUGWRUXO 6SUHPDUHDQRDVWUVXUSUL]HODDSUXWGXSYUHRWUHLVSWPQLFQGSLHUGXVHUPRULFHVSHUDQGH
,GHHDLQVXUHFLHL DOUHYHGHD1HDSRYHVWLWFDWXQFLFQGSUVLVHSODQWDLDLQWHQLRQDVHVDMXQJQ&DUROLQDGH6XGOD
YHFKHD UHHGLQ D VWSQXOXL %XIRUG 3HVWH ]L VWWHD DVFXQV Q UDPXULOH YUHXQXL FRSDF LDU QRDSWHD
$QXO  OD FDUH DP DMXQV DFXP RPLQG PXOWH HSLVRDGH QHLQWHUHVDQWH SHQWUX FLWLWRU QD IRVW PHUJHD SULQ PODWLQL Q FHOH GLQ XUP QWUR GLPLQHD D DMXQV SH PDOXO 5XOXL 5RX 3H FQG VH
QRURFRVSHQWUXWRYDUXOPHX:LOH\VRXOOXL3KHEHDFUXLILUHWDFLWXUQLUHWUDVOLQXVHSQDFXP QWUHEDFXPODUILSXWXWWUDYHUVDDIRVWDFRVWDWGHXQDOEFDUHLDFHUXWSHUPLVXO1HDYQGDDFHYDL
QSODQXODOGRLOHD'HL:LOH\GHVFKLGHDUDUHRULJXUDLLYHGHDGLVFUHWLPRGHVWGHWUHDEDOXLIUV ILLQGQPRGYGLWXQIXJDU:LOH\DIRVWGXVQ$OH[DQGULDRUDXOGHUHHGLQDOSDURKLHL5DSLGHVL
FUFQHDVFQLQLPDDFHVWXLQHJURWHLWFXWDUGHDLQWHQVGRULQDGHDVHQIULQH[XEHUDQDQFUHGHULL D]YUOLWQQFKLVRDUH'LQQWPSODUHGXSFWHYD]LOH-RVHSK%5REHUWVXQFKLXOGRDPQHL(SSVVD
QVLQHLJQRUQGILORVRILD8QFKHXOXL$EUDPLQHEJQGGHORFQVHDPVIDWXULOH0WXLL3KHEHHOD DIODWQ$OH[DQGULDLLQWUQGQQFKLVRDUHODUHFXQRVFXW:LOH\PXQFLVHSHSODQWDLDOXLQSHULRDGDQ
DYXWQHVEXLQDGHDQFHUFDRYL]LWQRFWXUQODRFROLEGLQYHFLQLIUVDLESHUPLV FDUH(SSVORFXLVHOD+XII3RZHU5REHUWVDSOWLWWD[DGHHOLEHUDUHLLDVFULVXQSHUPLVDFHVWDFRQLQHD
7RYULDQFDUHVDDIODWDIRVWDWWGHDWUJWRDUHQFW:LOH\QXLDGDWVHDPDFXPDWUHFXWWLPSXO L R QRW SHQWUX (SSV Q FDUHL FHUHD V QXO ELFLXLDVF SH :LOH\ SH FDUH OD WULPLV OD %D\RX %RHXI
GHFWDWXQFLFQGVDXLYLW]RULLSHQHDWHSWDWH$OHUJQGVSUHFDVFWOLQHDXSLFLRDUHOHHODVSHUDWV 6SHUDQDQFHUHUHDDFHHDLDVLJXUDUHDOXL5REHUWVFYDILUHVSHFWDWGH(SSVODXVXVLQXWSHWRWGUXPXO
DMXQJQDLQWHGHVHPQDOXOJRDUQHLGDUGLQQHIHULFLUHDIRVW]ULWSHGUXPGHRFRPSDQLHGHSDWUXO VSUHFDV$DFXPHVWHOHVQHGHEQXLWFHUHUHDUHVSHFWLYDIRVWFRPSOHWLJQRUDW'XSFHDIRVWLQXW
1X WLX FXP VWDX OXFUXULOH Q DOWH ORFXUL DIODWH VXE QHJXUD VFODYLHL GDU SH %D\RX %RHXI H[LVWD R QQHVLJXUDQWUHL]LOH:LOH\DIRVWGH]EUFDWLVLOLWVQGXUHXQDGLQWUHFHOHPDLLQXPDQHIODJHOULOD
RUJDQL]DLH GH SDWUXODUH DD FXP VH DXWRLQWLWXOD FDUH VH RFXSD GH SULQGHUHD L ELFLXLUHD VFODYLORU SH FDUHVUPDQLLVFODYLVXQWDGHVHDVXSXL$IRVWSULPDLXOWLPDOXLWHQWDWLYGHDHYDGD&LFDWULFHOHOXQJL
FDUHLJVHDUWFLQGQDIDUDSODQWDLLORU3DWUXOHOHXPEODXFODUHQDUPDWHLQVRLWHGHFLQLLHUDX GH SH VSLQDUHD VD SH FDUH DYHD V OH SRDUWH Q PRUPQW L UHDPLQWHDX SHUPDQHQW GH SHULFROHOH XQHL
FRQGXVHGHXQFSLWDQ$YHDXGUHSWXOILHDFRUGDWSULQOHJHILHSULQFRQVHQVJHQHUDOGHDSHGHSVLGXS DVHPHQHDDFLXQL
YRLHRULFHSHUVRDQGHFXORDUHSHFDUHRJVHDXIUSHUPLVQDIDUDGRPHQLXOXLVWSQXOXLVXEDFKLDU Q FHL ]HFH DQL FW DP IRVW SURSULHWDWHD OXL (SSV QD H[LVWDW QLFLR ]L Q FDUH V QX H[DPLQH]
VR L PSXWH GDF QFHUFD V IXJ )LHFDUH FRPSDQLH GH SDWUXO VH RFXSD GH R DQXPLW ]RQ GH SH SRVLELOLWDWHD HYDGULL $P QWRFPLW PXOWH SODQXUL SH FDUH OD PRPHQWXO UHVSHFWLY OHDP FRQVLGHUDW
ED\RX (OH HUDX SOWLWH GH SODQWDWRUL FDUH FRQWULEXLDX FX VXPH SURSRULRQDOH FX QXPUXO GH VFODYL SH H[FHOHQWHGDUSHFDUHOHDPDEDQGRQDWSHUQG&LQHQDWULWQWURDVHPHQHDVLWXDLHQXSRDWHQHOHJH
FDUHLGHLQHDX7URSRWXOFRSLWHORUORUSXWHDILDX]LWODRULFHRUGLQQRDSWHLQPRGIUHFYHQWSXWHDXIL PLLOHGHREVWDFROHFDUHVHQDOQFDOHDVFODYXOXLHYDGDWPSRWULYDOXLVHULGLFPLQLOHWXWXURUDOELORU
Y]XWHPQQGXQ VFODYQDLQWHDORUVDXGXFQGXOFXRIXQLHOHJDW GHJW VSUHSODQWDLDVWSQXOXL SDWUXOHOHVXQWDWHQWHSHUPDQHQWFRSRLLVXQWJDWDVLLDXUPDLDUQDWXUDWHUHQXOXLIDFHLPSRVLELOPHUVXO
VX Q VLJXUDQ 0DP JQGLW WRWXL F SRDWH YD VRVL R YUHPH FQG YRL WUDYHUVD GLQ QRX PODWLQD L DP
:LOH\DOXDWRODIXJQDLQWHDXQHLDVHPHQHDSDWUXOHJQGLQGXVHFYDSXWHDDMXQJHODFROLEIUV FRQFOX]LRQDWFWUHEXLDVILXSUHJWLWSHQWUXFLQLLOXL(SSVQFD]XOQFDUHPDUILXUPULW(ODYHD
ILH SULQV GDU XQXO GLQWUH FLQLL ORU XQ FRSRL PDUH L YRUDFH OD QKDW GH XQ SLFLRU LPRELOL]QGXO FLYDGXOLGLQWUHFDUHXQXOHUDXQYQWRUGHVFODYLUHFXQRVFXWLFHOPDLIHURFHLVOEDWLFGLQWUHWRL
3DWUXODODELFLXLWFXDVSULPHLODDGXVOHJDWOD(SSV'HODDFHVWDDSULPLWDOWIODJHODUHLPDLVHYHU FLQLL &QG LHHDP OD YQWRDUH GH UDWRQL VDX RSRVXPL QX VFSP QLFLRGDW RFD]LD GH DL ELFLXL FX
DVWIHO F WLHWXULOH SURYRFDWH GH FXUHOH L PXFWXULOH GXOXOXL ODX DGXV QWUR VWDUH PL]HUDELO  DELD EUXWDOLWDWH L Q IHOXO DFHVWD DP UHXLW SQ OD XUP VL VXEMXJ FRPSOHW 6H WHPHDX GH PLQH LPL
GDFVHPDLSXWHDPLFDLHUDLPSRVLELOVLSRDWPHQLQHULWPXOODFXOHVLGHDFHHDQDH[LVWDWRUQ DVFXOWDXLPHGLDWJODVXOSHFQGDOLLQDYHDXQLFLRSXWHUHDVXSUDORU1XPQGRLDPFGDFPDUIL
FDUH:LOH\VQXVLPWDUVXUDELFLXOXLVWSQXOXLSHVSLQDUHDFDUHGHYHQLVHRUDQGHVFKLVVQJHUQG XUPULWLPDUILDMXQVVDUILWHPXWVPDWDFH
6XIHULQHOHDXGHYHQLWLQWROHUDELOHLQFHOHGLQXUPDKRWUWVIXJ)UDLGHVWLQXLLQWHQLDQLFL QFLXGDFHUWLWXGLQLLFYRUILFDSWXUDLIXJDULLXPSOXFRQWLQXXSGXULOHLPODWLQLOH0XOLGLQWUHHL
FKLDUVRLHLVDOH3KHEHDQFHSXWSUHJWLULOHSHQWUXDLSXQHSODQXOQDSOLFDUH'XSFHLDJWLWUDLD FQG VXQW EROQDYL VDX DWW GH LVWRYLL QFW QX PDL SRW PXQFL IXJ Q PODWLQL DFFHSWQG V VXIHUH
SHQWUX WRDW VSWPQD D SUVLW FX JULM FROLED QWUR QRDSWH GH GXPLQLF GXS FH WRYDULL VL SHGHDSVDSHFDUHRFDSWSHQWUXDVHPHQHDIDSWGRDUSHQWUXDRELQHR]LVDXGRXGHRGLKQ
DGRUPLVHU &QG JRDUQD D VXQDW GLPLQHD :LOH\ QX LD IFXW DSDULLD $ IRVW FXWDW SULQ FROLEH Q 3H YUHPHD FQG L DSDULQXVHP OXL )RUG IXVHVHP IU V YUHDX PLMORFXO SULQ FDUH VH GHVFRSHULVH
SWXOXOSHQWUXSRUXPEQFDVDEXPEDFXOXLLQWRDWHXQJKHUHOHLFRWORDQHOHGRPHQLXOXL7RLDPIRVW DVFXQ]WRDUHDDDSWHRSWVFODYLFDUHVOOXLDXQ*UHDW3LQH:RRGV$GDP7D\GHPRELQXLDVP
OXDL OD QWUHEUL Q QFHUFDUHD GH D DIOD RULFH LQIRUPDLH FDUH DU IL SXWXW DUXQFD R OXPLQ DVXSUD WULPLW IUHFYHQW GH OD MRDJU OD OXPLQL FD V LDX SURYL]LL 3H DWXQFL SH WRDW GLVWDQD UHVSHFWLY VH
GLVSDULLHL OXL EUXWH VDX D ORFXOXL XQGH VH DIOD DFXP (SSV D WXQDW L D IXOJHUDW DSRL QFOHFQGXL QWLQGHDRSGXUHGHDVGHSLQL&DPSHODRUD]HFHQWURVHDUFXOXQIUXPRDVSHFQGPHUJHDPSH
FDOXO D JDORSDW OD SODQWDLLOH YHFLQH QWUHEQG Q VWQJD L Q GUHDSWD &XWDUHD D IRVW Q YDQ 1X VD GUXPXOGH7H[DVQWRUFQGXPODMRDJUFXRMXPWDWHGHFDUFDVGHSRUFQWUXQVDFDX]LVHPSDLQ
GHVFRSHULW DEVROXW QLPLF FDUH V DUDWH FH VH QWPSODVH FX EUEDWXO GLVSUXW &LQLL DX IRVW GXL OD XUPD PHD L FQG P QWRUVHVHP ]ULVHP GRL QHJUL Q KDLQH GH VFODYL FDUH VH DSURSLDX UDSLG 8QXO
PODWLQQVQDXL]EXWLWVLJVHDVFXUPD'GHDXURDWSULQSGXUHDGXOPHFQGSPQWXOGDUQ GLQWUHHLULGLFDVHREWGHSDUFDUILYUXWVPORYHDVFLDUFHOODOWVHUHSH]LVHVPLVPXOJVDFXO
VFXUWYUHPHVHQWRUFHDXLQYDULDELOQORFXOGHXQGHSOHFDVHU ,]EXWLVHPVPIHUHVFGHDPQGRLLSULQ]QGRVFXUWWXUGHSLQRD]YUOLVHPFXDWWDSXWHUHQFDSXO
XQXLDGLQWUHHLQFWOGRERUVHPODSPQWXQGHUPVHVHDSDUHQWIUFXQRWLQQFOLSDDFHHDDOL 3ULPDPHDLPSUHVLHDIRVWFHUDRWQUVWSQFXPLQLOHUWFLWHFDUHGXSFHIXJLVHGHDFDV
GRLQHJULLIFXVHUDSDULLDGHSHRSDUWHDGUXPXOXLQDLQWHGHDUHXLQVVPSULQGWUHFXVHPGH XPEODVH IU V WLH SH XQGH L IXVHVH DWUDV VSUH FROLED PHD GH VXQHWXO YLRULL Q VFXUW WLPS QV
HLLROXDVHPODJRDQVSUHMRDJU&QGLSRYHVWLVHPOXL$GDPDYHQWXUDPHDHOVHJUELVHQVDWXO YHGHUHDYHPQWXOXLJURVRODQGLQEXPEDFVSHFLILFVFODYLORUDLQILUPDWLSRWH]DUHVSHFWLY
LQGLDQLWUH]LQGXLSH&DVFDOODLSHDOLFLYDPHPEULDLWULEXOXLSRUQLVHUQXUPULUHDWOKDULORUL &XPWHQXPHWL"DPQWUHEDWRGLQQRX
QVRLVHPSQODORFXODWDFXOXLXQGHGHVFRSHULVHUPREDOWGHVQJHSHGUXPDFRORXQGHVHSUEXLVH &HOHVWHPLDUVSXQVLDSDULQOXL&DUH\LDPVWDWGRX]LOHSULQWUHSDOPLHUL6XQWEROQDYLQX
FHO SH FDUHO ORYLVHP FX VFXUWWXUD GH SLQ 'XS FH FXWDVHU FX DWHQLH L PXOW WLPS SULQ SGXUH XQ SRWOXFUDLPDLELQHDPXULQPODWLQGHFWVPDLILXELFLXLWGHVXSUDYHJKHWRU&LQLLOXL&DUH\QX
LQGLDQGHVFRSHULVHXQILUGHIXPFDUHVHULGLFDSULQWUHFUHQJLOHFWRUYDSLQLF]XLDOHFURUYUIXULVH PYRUXUPUL$XQFHUFDWVLSXQSHXUPHOHPHOHGDUQWUHHLL&HOHVWHH[LVWXQVHFUHWLQXYRU
XQLVHU ODRODOW /RFXO DFHOD IXVHVH QFRQMXUDW FX PXOW JULM L WRL IRWLL VFODYL IXVHVHU SULQL (L DVFXOWDSRUXQFLOHGLDYROHWLDOHVXSUDYHJKHWRUXOXL'PLQLWHFDUQHVXQWPRDUWGHIRDPH
IXJLVHU GH SH R SODQWDLH GLQ YHFLQWDWHD OXL /DPRXULH L VWWHDX DVFXQL DLFL GH WUHL VSWPQL 1X 0LDPPSULWFXHDUDLDVUFFLRDVLQWLPSFHQIXOHFDPLDSRYHVWLWFXPL]EXWLVHVHYDGH]H
DYXVHVHU QLFLXQ JQG UX OD DGUHVD PHD FL YRLVHU GRDU V P VSHULH L VPL LD VDFXO 'XS FH P LLDGHVFULVDVFXQ]WRDUHD3HPDUJLQHDPODWLQLLODQLFLXQNLORPHWUXGHFDVDOXL(SSVH[LVWDXQORF
REVHUYDVHU WUHFQG VSUH )RUG OD FGHUHD QRSLL L EQXLQG QDWXUD PLVLXQLL PHOH P XUPULVHU P QWLQVGHVXWHGHKHFWDUHSOLQFXSDOPLHULQDOLLGHLDOHFURUUDPXULVHPSOHWHDXIRUPDXREROW
Y]XVHUVDFULILFQGLWUDQQGSRUFXODSRLSOHFQGFWUHMRDJU)XVHVHUVWUPWRUDLFXPQFDUHDL DWWGHFRPSDFWQFWQXSXWHDILVWUSXQVGHUD]HOHVRDUHOXL$FRORHUDQWRWGHDXQDDPXUJFKLDULQ
QHYRLDLPSLQVHVHODPVXUDDFHHDH[WUHP$GDPLGXVHVHODQFKLVRDUHDSDURKLHLLIXVHVHUVSOWLW WRLXOFHOHLPDLOXPLQRDVH]LOHQFHQWUXOGHVLXOXLDFHOXLDYDVWSHFDUHQLPHQLQXOH[SORUDFXH[FHSLD
FXJHQHUR]LWDWH HUSLORUXQORFVXPEUXLVROLWDU&HOHVWHULGLFDVHRFROLEUXGLPHQWDUGLQFUHQJLXVFDWHF]XWHSH
1XGHSXLQHRULIXJDUXOLSLHUGHYLDDQWHQWDWLYDGHHYDGDUH'RPHQLXOOXL(SSVVHQYHFLQDSHR SPQW SH FDUH OH DFRSHULVH FX IUXQ]H GH SDOPLHUL $FHOD L HUD DGSRVWXO 1X VH WHPHD GH FLQLL OXL
ODWXUFXFHODOOXL&DUH\RSODQWDLHQWLQVSHFHOSXLQDVHVXWHGHKHFWDUHGHWUHVWLHFDUHSURGXFHD &DUH\WRWDDFXPHXQXPWHPHDPGHFLQLLOXL(SSV2UHDOLWDWHSHFDUHQXPLDPSXWXWRQLFLRGDW
GHEXWRDLHGH]DKUGHSHXQKHFWDUVHRELQHDXGHRELFHLFDPWUHLEXWRDLHLWUHLVIHUWXUL H[SOLFDHVWHDFHHDFH[LVWRDPHQLSHFDUHFRSRLLUHIX]VLFDXWH&HOHVWHHUDXQDVHPHQHDRP
3HOQJWUHVWLDGH]DKU&DUH\PDLFXOWLYDGHKHFWDUHFXSRUXPELEXPEDF&XDQQXUPHO &WHYDQRSLODUQG&HOHVWHDYHQLWQFROLEDPHDVPQQFHQWUXQDGLQVHULFLQLLQRWULDXOWUDW
DYXVHVH  GH VFODYL PXQFLWRUL OD FPS L DSURDSH OD IHO GH PXOL FRSLL LDU Q ILHFDUH DQ QFKLULD R ODDSURSLHUHDHLFHHDFHODWUH]LWSH(SSVLODGHWHUPLQDWVGHDRUDLWSHGRPHQLX1DGHVFRSHULWR
PXOLPHGHEUDHGHOXFUXQVH]RQXOGHUHFROW SH IDW GDU GXS DFHHD QDP PDL FRQVLGHUDW SUXGHQW VR ODV V LQWUH Q FXUWH &QG VH IFHD OLQLWH
8QXO GLQWUH YL]LWLLL OXL QHJUL VH QXPHD $XJXVWXV L HUD XQ ELDW LQWHOLJHQW L SOFXW Q WLPSXO GHSOLQHXLGXFHDPSURYL]LLQWUXQORFSHFDUHOFRQYHQLVHUPPSUHXQGHXQGHYHQHDVOHLD
VUEWRULORU L RFD]LRQDO FQG OXFUDP SH FPSXUL QYHFLQDWH QH FXQRVFXVHUP L Q FHOH GLQ XUP $DLDSHWUHFXW&HOHVWHFHDPDLPDUHSDUWHDYHULLLDUHFSWDWVQWDWHDLVDIFXWSXWHUQLFL
OHJDVHUPQWUHQRLRSULHWHQLHFDOGLUHFLSURF&XRYDUQXUPHODYXVHVHQHQRURFXOVLDWUDJ YLJXURDV8UOHWHOHDQLPDOHORUVOEDWLFHSRWILDX]LWHWRWDQXOQRDSWHDSHPDUJLQLOHPODWLQLLQFWHYD
QHPXOXPLUHDVXSUDYHJKHWRUXOXLREUXWJURVRODQLIUVXIOHWFDUHOELFLXLVHFXFUX]LPH$XJXVWXV UQGXULDQLPDOHOHVDXDSURSLDWSHVWHQRDSWHGHIDWWUH]LQGRFXPULWXULQJUR]LWGHDSURSLHUHDORU
IXJLVHLDMXQJQGODRFODLHGHWUHVWLLGHSHSODQWDLDOXL+DZNLQVVHDVFXQVHVHQYUIXOHL7RLFHL HDDGHFLVSQODXUPVLDEDQGRQH]HVODXOVROLWDULQWRUFQGXVHODVWSQXOHLDIRVWSXVFX
FLQFLVSUH]HFHFLQLDLOXL&DUH\FDUHIXVHVHUSXLSHXUPDOXLLJVLVHUQVFXUWWLPSDVFXQ]WRDUHD FDSXOQMXJLELFLXLWGXSFDUHDIRVWWULPLVQDSRLSHFPS
QFRQMXUDVHUFODLDOWUQGLVULQGSHHDGDUQXUHXLVHUVDMXQJODWQUQFHOHGLQXUPFOX]LL &XXQDQQDLQWHGHVRVLUHDPHDQLQXWDYXVHVHORFRPLFDUHFRQFHUWDWSULQWUHXQLLVFODYLGHSH
GHKUPODLDFRSRLORUXUPULWRULLDMXQVHVHUODFODLHLDUVXSUDYHJKHWRUXOXUFQGXVHSHHDOWUVHVHSH %D\RX %RHXI FDUH VIULVH QV WUDJLF $ IRVW SUHVXSXQ XQ FD] QGHDMXQV GH QRWRULX FD V DMXQJ Q
IXJDUDIDU&QG$XJXVWXVF]XVHSHSPQWWRLFLQLLQYOLVHUDVXSUDOXLLQDLQWHGHDSXWHDIL JD]HWHGDUWRWFHWLXHXSURYLQHGLQUHODWULOHFHORUFDUHWULDXSHDWXQFLQLPHGLDWDYHFLQWDWHDORFXOXL
DOXQJDL L PXFDVHU LL PXWLODVHU QJUR]LWRU WUXSXO FROLL ORU DMXQJQGXL SQ OD RV QWUR VXW GH IDSWHORU'HYHQLVHXQVXELHFWGHLQWHUHVJHQHUDOQWRDWHFROLEHOHGHVFODYLGHSHED\RXLIUQGRLDO
ORFXUL )XVHVHULGLFDW OHJDW SHXQ FDWULGXVDFDV$FHOD IXVHVHQV XOWLPXO QHFD]DOOXL $XJXVWXV DYHD V ILH WUDQVPLV JHQHUDLLORU YLLWRDUH DD FXP OH HUD WUDGLLD /HZ &KHQH\ FX FDUH IFXVHP
FDUH]FXVHQHPLFDWSQDGRXD]LFQGPRDUWHDOJVLVHSHVUPDQXOELDWLOHOLEHUDVHFXEOQGHH FXQRWLQ  XQ QHJUX YLFOHDQ PDL LQWHOLJHQW GHFW PHGLD UDVHL OXL GDU OLSVLW GH VFUXSXOH L FX VXIOHW
GHDJRQLH SHUILGFRQFHSXVHSODQXORUJDQL]ULLXQHLIULLQGHDMXQVGHSXWHUQLFHSHQWUXDU]ELPSRWULYDRULFUHL
1XHUDXQOXFUXQHRELQXLWQLFLFDVFODYHOHVQFHUFHVHYDGH]H1HOO\RIDWDOXL(OGUHWFXFDUHDP RSR]LLLQGUXPXOORUVSUHWHULWRULXOYHFLQDO0H[LFXOXL
OXFUDWODFKHUHVWHDRYUHPHQ%LJ&DQH%UDNHDVWDWDVFXQVWUHL]LOHQSWXOXOSHQWUXSRUXPEDOOXL &DSXQFWGHDGXQDUHIXVHVHDOHVXQORFQGHSUWDWQDGQFXOPODWLQLLGLQFRORGHSODQWDLD+DZNLQV
(SSV1RDSWHDFQGIDPLOLDOXLGRUPHDVHVWUHFXUDSHGRPHQLXGXSPQFDUHLVHQWRUFHDQSWXO QWRLXOQRSLL/HZWUHFXVHGHODRSODQWDLHODDOWDSUHGLFQGRFUXFLDGVSUH0H[LFLODIHOFD3HWUH
$PDMXQVQVODFRQFOX]LDFQDUPDLILIRVWVLJXUQLFLSHQWUXQRLVRPDLOVPVUPQLGHDFHHD 
6LKDVWUXO  VWUQLVH DJLWDLH RULXQGH L IFXVH DSDULLD Q FHOH GLQ XUP VH VWUQVHVHU PXOL VFODYL
VDQWRUVODSURSULDHLFROLE IXJDUL Q SGXUH IXVHVHU DGXL FDWUL IXUDL L SRUXPE FXOHV GH SH FPSXUL FD L XQFL OXDWH GLQ
,DWQVLFD]XOFHOPDLUHPDUFDELODOXQHLHYDGULFXVXFFHVGLQIDDFLQLORULDYQWRULORU8QD DIXPWRUL'DUDVFXQ]WRDUHDOHDIRVWGHVFRSHULWWRFPDLFQGH[SHGLLDHUDJDWDVSRUQHDVF&RQYLQV
GLQWUH IHWHOH OXL &DUH\ VH QXPHD &HOHVWH DYHD QRXVSUH]HFHGRX]HFL GH DQL L HUD PDL DOE GHFW GHHHFXOSODQXOXLLSHQWUXDFWLJDIDYRUXULOHVWSQXOXLVXLDHYLWDFRQVHFLQHOHSHFDUHOHEQXLD
SURSULHWDUXOHLVDXGHFWRULFDUHGLQWUHRGUDVOHOHOXL7UHEXLDVRSULYHWLFXIRDUWHPXOWDWHQLHSHQWUXD LQHYLWDELOH/HZ&KHQH\DGHFLVVLVDFULILFHQPRGGHOLEHUDWWRYDULL3UVLQGQWDLQWDEUDHOLD
GLVWLQJHQWUVWXULOHHLFHDPDLYDJXUPGHVQJHDIULFDQ8QVWULQQXLDUILLPDJLQDWQLFLRGDWF DQXQDWSHSODQWDWRULGHVSUHVFODYLLFDUHVHDGXQDVHUQPODWLQLLQORFVOHGHFODUHVFRSXOUHDOD
HUDXUPDDXQRUVFODYLQWURQRDSWHWU]LXVWWHDPQFROLEDPHDLFQWDPQVXUGLQODYLRDUFQG DILUPDWFLQWHQLRQDXVLDVODSULPDRFD]LHIDYRUDELOLVLRPRDUHSHWRLDOELLGHSHED\RX
XD VD GHVFKLV QFHWLRU LDU &HOHVWH D DSUXW Q IDD PHD (UD SDOLG L WUDV OD ID 1D IL IRVW PDL $FHDVWLQIRUPDLHH[DJHUDWSHPVXUFHWUHFHDGLQJXUQJXUDWHURUL]DWWRWLQXWXO)XJDULLDX
VXUSULQVQLFLGDFXQVSHFWUXVDUILLYLWGLQDGQFXULOHSPQWXOXL IRVWQFRQMXUDLLOXDLSUL]RQLHULGXLQODQXULOD$OH[DQGULDLOLQDLGHSRSXODLH1XQXPDLHLFLL
&LQHHWL"DPQWUHEDWGXSFHDPSULYLWRFWHYDFOLSH PXOLFDUHDXIRVWVXVSHFWDLGHLHUDXFRPSOHWQHYLQRYDLDXIRVWULGLFDLGHSHFPSXULLGLQFROLEH
0LHIRDPHGPLQLWHXQFDVRVLWUVSXQVXOHL GXS FDUH IU PFDU R WHQWDWLY GH SURFHV VDX MXGHFDW DX IRVW WULPLL OD HDIRG 3Q OD XUP
SODQWDWRULLGHSH%D\RX%RHXIVDXUHYROWDWPSRWULYDXQHLDVHPHQHDGLVWUXJHULQHVEXLWHDSURSULHWLL
GDUPFHOXOOLSVLWGHGLVFULPLQDUHQDQFHWDWGHFWGXSFHDVRVLWXQUHJLPHQWGHVROGDLGHODXQIRUWGH
&DSLWROXO;9,,,
SHJUDQLDFX7H[DVXOFDUHDGHPRODWVSQ]XUWRULOHLDGHVFKLVSRULOHQFKLVRULLGLQ$OH[DQGULD/HZ
&KHQH\ D VFSDW EDVPD FXUDW ED FKLDU D IRVW UVSOWLW SHQWUX WUGDUHD VD (O WULHWH L DFXP QV 21LHOWEFDUXO&RQYHUVDLDFX0WXD3KHEHDX]LW(SSVLWEFLUHDQMXQJKLHUHD
QXPHOHOXLHVWHGLVSUHXLWLEOHVWHPDWGHWRLFHLGLQUDVDOXLGLQSDURKLLOH5DSLGHVL$YR\HOOHV 8QFKHXOXL$EUDP5DQDXUW(SSVHVWHJHORV3DWVH\OLSVHWHQWRDUFHUHDHLGHOD
,GHHDXQHLLQVXUHFLLQXUHSUH]HQWDQVRQRXWDWHQUQGXOSRSXODLHLQURELWHGHSH%D\RX%RHXI1X 6KDZ+DUULHWVRLDQHJUHVDOXL6KDZ(SSVIXULRV3DWVH\LUHVSLQJHDFX]DLLOH(VWH
GRDU R GDW PDP DOWXUDW XQRU GLVFXLL VHULRDVH Q FDUH D IRVW H[DPLQDW VXELHFWXO L DX H[LVWDW RFD]LL OHJDWQSLHOHDJRDOGHSDWUXUXL)ODJHODUHDLQXPDQ-XSXLUHDOXL3DWVH\
FQGXQVLQJXUFXYQWGLQSDUWHDPHDDUILSXWXWDGXQDVXWHGHWRYDULGHVFODYLH$PQHOHVQVF )UXPXVHHD]LOHL*OHDWDFXDSVUDW5RFKLDPELEDWGHVQJH3DWVH\GHYLQH
IU DUPH VDX PXQLLH GHL FKLDU L FX DFHOHD R DVHPHQHD DFLXQH DU IL GXV OD R QIUQJHUH VLJXU OD PHODQFROLF*QGXULOHHLGHVSUH'XPQH]HXLHWHUQLWDWH'HVSUH3DUDGLVLOLEHUWDWH
GH]DVWUXLODPRDUWHLQWRWGHDXQDPLDPULGLFDWJODVXOPSRWULYDHL (IHFWXOELFLXLULLVFODYLORU)LXOFHOPDUHDOOXL(SSV&RSLOXOHVWHWDWORPXOXL
LQPLQWHSUHDELQHVSHUDQHOHH[DJHUDWHSHFDUHOHDXQXWULWVFODYLLQWLPSXOU]ERLXOXLFX0H[LFXO
9HVWHDYLFWRULHLDXPSOXWGHYHVHOLHFDVDPDUHGDUDDGXVQXPDLWULVWHHLGH]DPJLUHQFROLEH'XS :LOH\ D VXIHULW PXOW VXE PLQLOH VWSQXOXL (SSV DD FXP DP SRYHVWLW Q FDSLWROXO DQWHULRU GDU Q

SUHUHD PHD  L DP DYXW RFD]LD V FXQRVF FWH FHYD GLQ VHQWLPHQWHOH GHVSUH FDUH YRUEHVF  QDU IL SULYLQD DFHDVWD QD GXVR PDL UX GHFW QHIHULFLLL OXL WRYDUL &UXDUHD WRLDJXOXL  HUD XQ SUHFHSW
H[LVWDW QLFL FLQFL]HFL GH VFODYL SH PDOXULOH OXL %D\RX %RHXI FDUH V QX QWPSLQH FX QFQWDUH UHVSLQVGHVWSQXOQRVWUXFDUHFGHDGHVSUDGVWULORUGHSURDVWGLVSR]LLHLDUQDVHPHQHDPRPHQWH
QHPVXUDWDSURSLHUHDXQHLDUPDWHLQYDGDWRDUH QXDYHDQHYRLHGHSUHDPXOWHPRWLYHFDVUHFXUJFXSURPSWLWXGLQHODSHGHSVH&LUFXPVWDQHOHFDUHDX
6HQDODPDUQLFFHLFDUHFUHGFVFODYLLLJQRUDQLLQMRVLLQXFXQRVFPULPHDUXOXLODFDUHVXQW GXVODSHQXOWLPDELFLXLUHSULPLWGHPLQHQVXPLYRUDUWDFWGHSXLQLWUHEXLDOXL(SSVFDVUHFXUJ
VXSXL6HQDOGHDVHPHQHDFHLFDUHLQFKLSXLHFHLVHULGLFGLQJHQXQFKLFXVSLQULOH]GUHQXLWHL ODELFL
VQJHUQGH GRYHGLQG QXPDL VSLULW GH VXSXQHUH L LHUWDUH 3RDWH R V YLQ R ]L  YD YHQL R ]L GDF 8QDQXPHGRPQ21LHOFDUHORFXLDQDSURSLHUHGH%LJ3LQH:RRGVODYL]LWDWSH(SSVFXGRULQDGH
UXJPLQLOHOHVXQWDX]LWHR]LWHULELOGHU]EXQDUHFQGVWSQLLYRUFHULODUQGXOORUPLO DPFXPSUD(OHUDWEFDUDYHDRDIDFHUHH[WLQVLLQWHQLRQDVPLQWURGXFQWDLQHOHPHVHULHLOXL
0WXD3KHEHOHDDX]LWFRQYHUVDLDSHFQGSUHJWHDPDVDSHQWUXSUQ]QFDVDPDUHLDUVHDUDFQGV
DQWRUVQFXUWHDYHQLWQIXJODPLQHLQWHQLRQQGGHVLJXUVPFRSOHHDVFFXYHVWHD$GHVFULVQ
GHWDOLX WRW FH DX]LVH LDU 0WXD 3KHEH HUD R SHUVRDQ DOH FUHL XUHFKL QX VFSDX QLFLRGDW YUHXQ
FXYLQHO GLQ GLVFXLLOH SXUWDWH Q SUH]HQD HL %WUQD D UHSHWDW DWW GH PXOW L GH UVXQWRU &RQDX
(SSV R V WH YQG XQXL WEFDUHI GLQ 3LQH :RRGV QFW D DWUDV DWHQLD VWSQHL FDUH VWWHD SH
YHUDQGLQHDVFXOWDQHREVHUYDWFRQYHUVDLD
0WX3KHEHLDP]LVPDEXFXUDVILHDD0DPVWXUDWGHU]XLUHDEXPEDFXOXLLDSUHIHUD
VILXWEFDU6SHUVPFXPSHUH
21LHOQXPDFXPSUDWQVGHRDUHFHSULOHQXVDXQHOHVDVXSUDSUHXOXLLDUDGRXD]LGLPLQHD
VDQWRUVDFDV/DVFXUWWLPSGXSFHSOHFDVH(SSVDDSUXWSHFPS1LPLFQXYDQIXULDPDLWDUHXQ
VWSQ PDL DOHV SH XQXO FD (SSV GHFW VXJHVWLD F XQXO GLQWUH VHUYLWRULL OXL DU GRUL VO SUVHDVF
'RDPQD(SSVLUHSHWDVHVRXOXLHLFXYLQWHOHSHFDUHOHVSXVHVHPQVHDUDDQWHULRDU0WXLL3KHEHDD
FXPDPDIODWGHODDFHDVWDXOWHULRUILLQGFVWSQDLPHQLRQDVHFQHDX]LVHGLVFXLD'XSFHDVRVLWOD
FPS(SSVVDQGUHSWDWGLUHFWVSUHPLQH
$DGDU3ODWWWHDLVWXUDWVPDLU]XLHWLEXPEDFXOGD"$LYUHDVSOHFLVXQWHPFOWRULDDL"
'HFLLSODFHVFOWRUHWLSRDWHSHQWUXVQWDWHDWDGD"%QXLHVFFWHVLPLPDLSUHVXVGHU]XLUHD
EXPEDFXOXL L YUHL V WH DSXFL GH WEFULH" ,R PHVHULH EXQ DLD  R PHVHULH D QDLELL GH EXQ 8Q
QHJURWHLEXVLQHVVPDQ&UHGFRVPEDJLHXQDIDFHUHDDVWDQJHQXQFKLLVFRDWHL]GUHDQDGHSH
VSLQDUH2VPLQFHUFLHXPQDODWEFLW
/DPLPSORUDWFXVLQFHULWDWHLPDPVWUGXLWVOQPRLFXVFX]HGDUQYDQ1XH[LVWDDOWHUQDWLY
DDFQJHQXQFKLQGPLDPRIHULWVSLQDUHDJRDOSHQWUXDILELFLXLW
&XPLSODFHWEFLUHD"DH[FODPDWHOFQGFXUHDXDGLQSLHOHPLVDDEWXWSHVWHWUXS&XPL
SODFHWEFLUHD"DUHSHWDWHOODILHFDUHORYLWXU
0LD DSOLFDW GRX]HFLWUHL]HFL GH ORYLWXUL URVWLQG QHQFHWDW FXYQWXO WEFLUH QWUR H[SUHVLH VDX
DOWD'XSFHPDWEFLWVXILFLHQWPLDQJGXLWVPULGLFLFXXQUVHWSHMXPWDWHUXWFLRVPD
DVLJXUDW F GDF WRW PL PDL SOFHD PHVHULD DFHHD DYHD VPL RIHUH L DOWH OHFLL RULFQG GRUHDP 'H
GDWD DFHDVWD D UHPDUFDW HO IXVHVH GRDU R OHFLH VFXUW GH WEFLUH  GDU GDWD YLLWRDUH DYHD V P
IUJH]HDVF
L 8QFKHXO $EUDP HUD WUDWDW Q PRG IUHFYHQW FX EUXWDOLWDWH GHL HUD XQD GLQWUH ISWXULOH FHOH PDL WLQHDXLHUDWHODSULJSULQWUHGLQLLQFOHWDL
EOQGHLPDLFUHGLQFLRDVHGLQOXPH(OPLDIRVWWRYDUGHFROLEPXOLDQL&KLSXOOXLSXUWDRH[SUHVLH 6D UVXFLW GXS DFHHD FWUH PLQH L PLD SRUXQFLW V EDW SDWUX UXL Q SPQW DUWQG FX YUIXO
GH EXQYRLQ SOFXW RFKLXOXL 2PXO QH SULYHD SH WRL SDWHUQDO VIWXLQGXQH PHUHX FX VREULHWDWH L FL]PHLORFXULOHXQGHLGRUHD'XSFHDPEWXWUXLLDSRUXQFLWFD3DWVH\VILHGH]EUFDWODSLHOH
FKLE]XLQ $X IRVW DGXVH DSRL IUQJKLL LDU HD D IRVW OHJDW FX IDD Q MRV FX QFKHLHWXULOH PLQLORU L SLFLRDUHORU
QWURGXSDPLD]FQGPDPQWRUVGHODSODQWDLD0DUVKDOOXQGHIXVHVHPWULPLVFXXQFRPLVLRQDO IHUPSULQVHGHUXL8UFQGXVHSHYHUDQG(SSVDOXDWXQELFLJUHXLSXQQGXOQPLQLOHPHOHPL
VWSQHL ODP JVLW ]FQG SH SRGHDXD FROLEHL FX VWUDLHOH PELEDWH GH VQJH 0LD VSXV F IXVHVH DSRUXQFLWVRORYHVF2ULFWPLDUILIRVWGHJUHXDWUHEXLWVLGDXDVFXOWDUHQGU]QHVFVVSXQFQ
QMXQJKLDW 3H FQG PSUWLD EXPEDF SH WHUHQ (SSV VRVLVH EXW DFDV GH OD +ROPHVYLOOH /H JVLVH ]LXDDFHHDQDPDLH[LVWDWQLFLXQGHSHIDDSPQWXOXLRDVHPHQHDGHPRQVWUDLHGLDYROHDVFSUHFXPFHD
WXWXURU SFDWH L GGXVH DWW GH PXOWH SRUXQFL FDUH VH FRQWUD]LFHDX UHFLSURF QFW HUD LPSRVLELO GH FDUHDXUPDW
H[HFXWDWYUHXQDGLQWUHHOH8QFKHXO$EUDPDFUXLLQWHOLJHQVHGHWHULRUDVH]SFLVHLFRPLVHVHR 6WSQD(SSVVWWHDSHYHUDQGQPLMORFXOFRSLLORULSULYHDFXRVDWLVIDFLHQHPLORDV6FODYLLHUDX
JUHHDOOLSVLWQVGHXUPUL(SSVIXVHVHDWWGHIXULRVQFWFXQHVEXLQDSULFLQXLWGHEXWXUVH VWUQLODRODOWODPLFGHSUWDUHLDUSULYLULOHORUWUGDXWULVWHHDGLQVXIOHW6UPDQD3DWVH\DLPSORUDW
UHSH]LVH DVXSUD OXL LO QMXQJKLDVH Q VSDWH 5DQD HUD OXQJ L XUW GDU GLQ IHULFLUH FXLWXO QX MDOQLF PLO QV UXJLOH LDX IRVW ]DGDUQLFH (SSV VFUQHD GLQ GLQL L EWHD FX SLFLRUXO Q SPQW
SWUXQVHVHGHVWXOGHDGQFFDVILHIDWDO$IRVWFXVXWGHVWSQFDUHLDPXWUXOXLWVRXOFXPXOW UFQLQGODPLQHFDXQQHEXQVORYHVFPDLWDUH
VHYHULWDWHDFX]QGXOGHQHRPHQLHLGHFODUQGFQXVHDWHSWDODQLPLFEXQGHODHOGHFWVDGXF 'LPDLWDUHQHPHUQLFXOHDOWIHOWXYHLILXUPWRUXO]ELHUDHO
IDPLOLD OD VDS GH OHPQ  SHQWUX F DYHD VL RPRDUH SH WRL VFODYLL GH SH SODQWDLH QWUXQXO GLQWUH )LHLPLOFRQDXOHDXILHLPLOWHURJLSDQWUXQD3DWVH\]EWQGXVHQYDQFXFDUQHD
DFFHVHOHOXLGHEHLH FXWUHPXUQGXVHODILHFDUHORYLWXU
6HQWPSODGHVFD(SSVVREDWSH0WXD3KHEHFXXQVFDXQVDXFXXQEGLQOHPQGDUELFLXLUHD 'XS FH DP ELFLXLWR GH WUHL]HFL GH RUL PDP RSULW L PDP QWRUV FWUH (SSV VSHUQG F HUD
FHDPDLFUXGGLQWUHWRDWHODFDUHDPIRVWVLOLWVDVLVWSHFDUHQXPLRSRWUHDPLQWLQLFLRGDWFXDOW PXOXPLW GDU HO PLD SRUXQFLW V FRQWLQXL QVRLQGXL FXYLQWHOH FX VXGDOPH L DPHQLQUL $P PDL
VHQWLPHQWGHFWGHRURDUHVDDEWXWDVXSUDQHIHULFLWHL3DWVH\ DSOLFDW]HFHFLQFLVSUH]HFHELFH'HDFXPVSLQDUHDIHWHLHUDDFRSHULWFXGXQJLOXQJLFDUHVHQWUHWLDX
'XS FXP DP SRYHVWLW JHOR]LD L XUD GRDPQHL (SSV IFXVH PL]HUDELO YLDD GH ]L FX ]L D WLQHUHL L QWUHHOHFDILUHOHXQHLSODVH(SSVFRQWLQXDVILHODIHOGHIXULRVLVOEDWLFQWUHEQGRGDFDFXPPDL
DJLOHLHLVFODYHLVXQWIHULFLWVFUHGFQGHVWXOHRFD]LLHXDPIRVWPRWLYXOSHQWUXFDUHDIRVWHYLWDW DYHDFKHIVPHDUJOD6KDZLMXUQGFRYDIODJHODSQFHLYDGRULVRQJKLWLDGXO(XDPDUXQFDW
SHGHSVLUHDIHWHLQDEVHQDOXL(SSVVWSQDPLSRUXQFHDDGHVHDVRELFLXLHVFIUQLFLXQWHPHL(XR ELFLXOSHMRVLDPGHFODUDWFQRPDLSXWHDPELFLXL(SSVPLDSRUXQFLWVFRQWLQXLDPHQLQQGXP
UHIX]DP VSXQQG F P WHPHDP GH QHPXOXPLUHD VWSQXOXL L Q FWHYD UQGXUL FKLDU PDP FXRSHGHDSVPDLVHYHUGHFWFHDSULPLWGHHDGDFUHIX]DP,QLPDPLVDUHYROWDWQDLQWHDDFHVWHL
DYHQWXUDWVRFRQWUD]LFQSULYLQDWUDWDPHQWXOXLDSOLFDWOXL3DWVH\$PQFHUFDWVRFRQYLQJFIDWDQX VFHQHLQXPDQHLULVFQGFRQVHFLQHOHDPUHIX]DWIHUPVPDLIRORVHVFELFLXO(SSVODOXDWDWXQFLHO
HUD UHVSRQVDELO GH IDSWHOH GH FDUH HUD DFX]DW L QWUXFW HUD VFODY L SULQ XUPDUH FX WRWXO VXSXV QVXL L D ELFLXLWR FX SXWHUH Q]HFLW ID GH PLQH 9]GXKXO D IRVW XPSOXW GH LSHWHOH GH GXUHUH DOH
YRLQHLVWSQXOXLHLGRDUHOSXWHDILWUDVODUVSXQGHUH VUPDQHL3DWVH\WRUWXUDWQIHOXODFHOD]ELHUHWHOHHLDPHVWHFQGXVHFXLPSUHFDLLOHVRQRUHLIXULRDVH

Q FHOH GLQ XUP JHOR]LD PRQVWUXO FX RFKL YHU]L  VD IXULDW L Q VXIOHWXO OXL (SSV $FHOD D IRVW DOHOXL(SSV5QLOHHLHUDXQJUR]LWRDUHIUH[DJHUDUHSRWVSXQHFHUDDSURDSHMXSXLW%LFLXOHUDXG
PRPHQWXO Q FDUH VD DOWXUDW VRLHL U]EXQWRDUH PSUWLQG DFHHDL VDWLVIDFLH GLDEROLF Q IDD GH VQJHOH FDUHL FXUJHD SH FRDVWH L SLFXUD SH SPQW Q FHOH GLQ XUP 3DWVH\ D QFHWDW V VH PDL
VXIHULQHORUIHWHL ]EDW &DSXO L VD OVDW LQHUW SH VRO LSHWHOH L UFQHWHOH HL VDX VWLQV WUHSWDW XUPDWH GRDU GH JHPHWH
QWUR ]L GH GXPLQLF Q YUHPHD SUDLOHL QX FX PXOW WLPS Q XUP QH VSODP KDLQHOH SH PDOXO VODEH1XVHPDL]YUFROHDLQXPDL]ELHUDVXEELFLFQGDFHVWDLVPXOJHDEXFLGHSLHOH$PFUH]XW
ED\RXOXLDDFXPQHVWWHDQRELFHLFQGDPREVHUYDWF3DWVH\OLSVHD(SSVDVWULJDWRGDUQDSULPLW FLGGHDGXKXO
QLFLXQUVSXQV1LPHQLQRREVHUYDVHSUVLQGFXUWHDLWRLQHDPQWUHEDWXQGHSOHFDVH'XSGRX (UD GXPLQLF =LXD 'RPQXOXL &PSXULOH VXUGHDX VXE UD]HOH FDOGH DOH VRDUHOXL SVULOH FLULSHDX
RUHDIRVWY]XWDSURSLLQGXVHGLQGLUHFLDSODQWDLHLOXL6KDZ$DFXPDPDPLQWLWEUEDWXODFHODHUD JXUHSULQIUXQ]LXOFRSDFLORUSDFHDLIHULFLUHDSUHDXVGRPQHDVFSHVWHWRWPDLSXLQQSLHSWXULOH
XQ GHVIUQDW QRWRULX L QX VH DIOD Q UHODLL DPLFDOH FX (SSV +DUULHW VRLD OXL QHJUHV FXQRVFQG OXL(SSVDOELHWHLVDOHYLFWLPHLDOHPDUWRULORUWFXLGLQMXU(PRLLOHIXUWXQRDVHFDUHUEXIQLVHUDFROR
QHFD]XULOHOXL3DWVH\VHSXUWDEOQGFXHDLGHDFHHDIDWDRELQXLDVRYL]LWH]HGHFWHRULDYHDRFD]LD QXHUDXGHIHOQDUPRQLHFXFDOPXOLIUXPXVHHDWFXWD]LOHL1XODPSXWXWSULYLSH(SSVGHFWFXR
9L]LWHOHHLHUDXPRWLYDWHH[FOXVLYGHSULHWHQLHGDUQPLQWHDOXL(SSVDSWUXQVWUHSWDWEQXLDODFRDOW XULRUHSXOVLHFXPSOLWHLPLDPVSXVQVLQHDPHD'LDYROHFHHWLMXVWLLDHWHUQFDUHYDYHQLPDL
SDVLXQH PXOW PDL FDUQDO R GXFHD QWUDFROR  F IDWD QX VH QWOQHD FX +DUULHW FL PDL GHJUDE FX GHYUHPHVDXPDLWU]LXWHYDWUDJHODUVSXQGHUHSHQWUXSFDWXODFHVWD
YHFLQXOOXLXQQHUXLQDWLXQOLEHUWLQ/DQWRDUFHUHDDFDV3DWVH\LDJVLWVWSQXOFXSULQVGHRIXULH QFHOHGLQXUP(SSVVDRSULWFRPSOHWHSXL]DWLLDSRUXQFLWOXL3KHEHVDGXFRFOGDUHFXVDUH
QIULFRWRDUH 9LROHQD OXL D DODUPDWR Q DVHPHQHD PVXU QFW D QFHUFDW OD QFHSXW V HYLWH LDS'XSFHEWUQDDVSODWRSH3DWVH\SHVWHWRWFXJULMPLVDSRUXQFLWVRGXFQFROLEDHL$P
UVSXQVXULOH GLUHFWH OD QWUHEULOH OXL FHHD FH QD IFXW GHFW VL VSRUHDVF VXVSLFLXQLOH Q FHOH GLQ GH]OHJDWIXQLLOHLDPOXDWRQEUDH3DWVH\QXSXWHDVWDQSLFLRDUHLFXFDSXOUH]HPDWSHXPUXOPHX
XUPIDWDLDQGUHSWDWPQGUVSDWHOHLFXJODVLQGLJQDWLDQHJDWFXUDMRVDILUPDLLOH DUHSHWDWGHPXOWHRULFXJODVVODEDELDSHUFHSWLELO
6WSQDQXPLGVSXQFXFDUHVPVSODDFXPIDFHFXFHLODOLD]LV3DWVH\LWLLELQHGLQFH 2K3ODWWRK3ODWWGDUQLPLFPDLPXOW
PRWLY 0DP GXV OD +DUULHW FD V LDX R EXFDW  L URVWLQG DFHVWH FXYLQWH D VFRV VSXQXO GLQWUXQ $P PEUFDWR FX URFKLD QV L VD OLSLW GH VSDWH L Q VFXUW WLPS D GHYHQLW VFRDU GH VQJH $P
EX]XQDUDOURFKLHLLLODDUWDW'HDFHHDDPPHUVOD6KDZFRQDXOH(SSVLEXQXO'XPQH]HXWLHF QWLQVRSHQLWHVFQGXULGLQFROLEDHLXQGHDUPDVPXOWWLPSFXRFKLLQFKLLLJHPQGQDJRQLH
QDIRVWQLPLFDOWFHYD 3HVWHQRDSWH3KHEHLDDSOLFDWVHXWRSLWSHUQLLQPVXUDQFDUHDPIRVWQVWDUHWRLQHDPVWUGXLW
0LQLWUWXUQHDJUD]ELHUDW(SSV VRDMXWPLVRDOLQP$UPDV]LOHQLUQWLQVFXIDDQMRVQFROLEQWUXFWUQLOHQXLQJGXLDX
1XPLQWFRQDXOHLGDFRVPRPRULWRWDVWDYRLVSXQH VVWHDQQLFLRDOWSR]LLH
'D"6WDLDWXQFLVWHSRWROHVFHX2VWHQYHXVQXPDLPHUJLOD6KDZ6FRWHXVFUREHDODGLQ $UILIRVWRELQHFXYQWDUHSHQWUXHDDUILVFSDWGH]LOHVSWPQLLOXQLGHFKLQGDFQXVDUPDL
ILWUH]LWODYLD'LQFOLSDDFHHD3DWVH\QDPDLIRVWQLFLRGDWODIHO3RYDUDXQHLPHODQFROLLSURIXQGHL QHVLPLWRUFKLDULQSLHSWXULOHFHORUFDUHVXQWSULYLLFDRPHQRLLJHQHURLSULQWUHHJDOLLORU
DSVD JUHX VXIOHWXO 1X PDL DYHD SDVXO YLRL L HODVWLF Q RFKLL HL QX PDL H[LVWD OLFUXO YRLRV FDUH R 7QUXO VWSQ (SSV GHLQHD XQHOH FDOLWL QRELOH GDU QX L FDSDFLWDWHD GH D QHOHJH F Q RFKLL
HYLGHQLDVHSQDWXQFL'LVSUXVHYLWDOLWDWHDVSLULWXO]EXUGDOQLFLYHVHODOWLQHUHLLHL6DFXIXQGDWQ $WRWSXWHUQLFXOXL QX H[LVW GHRVHELUL QWUH FXORULOH SLHOLL (O O SULYHD SH QHJUX SXU L VLPSOX FD SH XQ
WULVWHH L GH]QGHMGH WUHVULQG DGHVHD Q VRPQ L ULGLFQG PLQLOH FHULQG PLORVWHQLH $ GHYHQLW PDL DQLPDO FDUH QX VH GHRVHEHD FX QLPLF GH DOWH DQLPDOH FX H[FHSLD GDUXOXL YRUELULL L D XQRU LQVWLQFWH
WFXWLWUXGHDFWHUD]LXDGHOXQJDOWXULGHQRLGDUIUVURVWHDVFXQFXYQW3HFKLSLVDQWLSULW FXPYDVXSHULRDUHLGHDFHHDPDLYDORURDVHQPLQWHDVDGHVWLQXOILUHVFLFXYHQLWDOVFODYLORUHUDV
RH[SUHVLHGHMDOHLRERVHDOQJULMRUDWLDUDFXPRELQXLDPDLPXOWVSOQJGHFWVVHYHVHOHDVF PXQFHDVF SUHFXP FDWULL WDWOXL VX V ILH ELFLXLL ORYLL FX SLFLRUXO L RVQGLL WRDW YLDD V VH
'DF D H[LVWDW YUHRGDW R LQLP IUQW  VWULYLW L GLVWUXV GH FOHWLL QHPLORL DL VXIHULQHORU L DGUHVH]H DOELORU FX SOULD Q PLQL L RFKLL SOHFDL VOXJDUQLF Q SPQW &UHVFXL FX DFHVWH LGHL  FX
QHQRURFLULORUDWXQFLDFHHDLDDSDULQXWOXL3DWVH\ QRLXQHD F QRL QX IDFHP SDUWH GLQ UQGXO RDPHQLORU  QX HVWH GH PLUDUH F RSUHVRULL VHPHQLORU PHL
&UHVFXVHODIHOFDGRELWRDFHOHVWSQXOXLSULYLWGRDUFDXQDQLPDOIUXPRVLYDORURVLGHDFHHD VXQWRUDVFUXGLQHPLORDV
DYHDXQYROXPOLPLWDWGHFXQRWLQH2OXPLQLILUDYLDUXQFDWRWXLUD]HOHSHVWHLQWHOHFWXOHLDVWIHO
QFWQXWULDSHGHDQWUHJXOQEH]Q3DWVH\DYHDRSHUFHSLHYDJGHVSUH'XPQH]HXLYHQLFLHLR
SHUFHSLHLPDLYDJD0QWXLWRUXOXLFDUHPXULVHFKLDULSHQWUXXQLLFDHD6HJQGHDODSRVLELOLWDWHD
XQHLYLHLYLLWRDUHGDUIUVSULFHDSGHRVHELUHDGLQWUHH[LVWHQDFRUSRUDOLFHDVSLULWXDOQPLQWHD
HL IHULFLUHD QVHPQD DEVHQD ELFLXLULORU D WUXGHL D FUX]LPLL VWSQLORU L VXSUDYHJKHWRULORU ,GHHD HL
GHVSUH IHULFLUHD FHUHDVF VH UH]XPD OD RGLKQ L HVWH SHUIHFW H[SULPDW Q DFHVWH YHUVXUL FDUH DSDULQ
XQXLEDUGPHODQFROLF

1XFHU3DUDGLVSHEROWDVLQLOLH
,HUWDWGHDOSPQWXOXLFKLQ
6LQJXUXO5DLGXSFDUHVXVSLQ

(VWHRGLKQDRGLKQSHYHFLH

2 RSLQLH HURQDW FDUH SUHYDOHD] Q XQHOH FHUFXUL HVWH DFHHD F VFODYLL QX QHOHJ WHUPHQXO  F QX
SULFHSLGHHDGHOLEHUWDWH&KLDULSH%D\RX%RHXIXQGHFRQVLGHUFVFODYLDH[LVWQIRUPDHLFHDPDL
DEMHFWLPDLFUXGXQGHSUH]LQWWUVWXULFXWRWXOQHFXQRVFXWHQVWDWHDIODWHPDLVSUHQRUGFHL
PDL LJQRUDQL GLQWUH HL L QHOHJ Q JHQHUDO FW VH SRDWH GH ELQH VHPQLILFDLD (L QHOHJ SULYLOHJLLOH L
GLVSHQVHOHFDUHQVRHVFOLEHUWDWHDFOHDUDGXFHURDGHOHSURSULHLPXQFLLFOHDUDVLJXUDVDWLVIDFLD
IHULFLULL IDPLOLDOH (L YG SUHD ELQH GHRVHELULOH GLQWUH VWDUHD ORU L D DOELORU FHORU FUX]L L SULFHS
LQHFKLWDWHDOHJLORUFDUHLGDXVWSQXOXLGUHSWXOQXQXPDLGHDLQVXLSURILWXULOHPXQFLLORUFLLGHDL
VXSXQHODSHGHSVHQHPHULWDWHLQHSURYRFDWHIUGUHSWXOGHDVHPSRWULYLRULGHDULSRVWD
9LDD OXL 3DWVH\ PDL DOHV GXS DFHD IODJHODUH D IRVW XQ YLV OXQJ GHVSUH OLEHUWDWH )DWD WLD F KW
GHSDUWHODRGLVWDQLQFRPHQVXUDELOSHQWUXHDH[LVWDXQWUPDOOLEHUWLL$X]LVHGHRPLHGHRULF
XQGHYD Q QGHSUWDWXO 1RUG QX H[LVWDX VFODYL  L QLFL VWSQL Q LPDJLQDLD HL DFHO LQXW HUD XQXO
IHUPHFDW 5DLXO SH SPQW 6 WULDVF DFROR XQGH QHJULL SXWHDX PXQFL SHQWUX HL QLL V WULDVF Q
SURSULDHLFROLEVLDUHSURSULXOSPQWHUDXQYLVIHULFLWDOOXL3DWVH\XQYLVSHFDUHGLQSFDWHQX
ODSXWXWDWLQJHQLFLRGDW
(IHFWXO DFHVWRU GHPRQVWUDLL GH EUXWDOLWDWH DVXSUD IDPLOLHL SURSULHWDUXOXL GH VFODYL HVWH HYLGHQW )LXO
FHOPDLPDUHDOOXL(SSVHUDXQELDWLQWHOLJHQWQYUVWGH]HFHGRLVSUH]HFHDQL(UDGXUHURVXQHRUL
VOYH]LSHGHSVLQGXOGHSLOGSHYHQHUDELOXO8QFKH$EUDP(OLFHUHDEWUQXOXLVLGHDVRFRWHDO
LGDFSRWULYLWMXGHFLLOXLFRSLOUHWLHUDQHFHVDUOFRQGDPQDODXQQXPUGHORYLWXULGHELFLSHFDUH
OHH[HFXWDHOQVXLIRDUWHJUDYLDWHQW&ODUHSHSRQHLXOOXLELDWXODSUHDDGHVHDSHFPSFXELFLXO
MXFQGXVHGHDVXSUDYHJKHWRUXOVSUHPDUHDQFQWDUHDWDWOXLVXQDVWIHOGHFOLSHELDWXOORYHDFX
ELFLXO IU GLVFULPLQDUH QGHPQQGXL VFODYLL FX VWULJWH L LQMXULL RFD]LRQDOH LDU WDWO OXL UGHD LL
OXGDYLLWRUXO

&RSLOXO HVWH WDWO RPXOXL  LDU FX DVHPHQHD HGXFDLH LQGLIHUHQW FDUH LDU SXWHD IL SUHGLOHFLD
QQVFXWHVWHOLPSHGHFDWXQFLFQGYDDMXQJHODPDWXULWDWHYDSULYLFXWRWDOLQGLIHUHQVXIHULQHOHL
FRQGLLD PL]HU D VFODYLORU ,QIOXHQD VLVWHPXOXL VDPDYROQLF G QDWHUH LQHYLWDELO XQXL VSLULW FUXG L
 L VSXQ HX FDUHL WUHDED (SSV D VSXV %DVV 6FODYLD HVWH JUHLW GRPQXOH FRPSOHW JUHLW
&DSLWROXO;,; VLVWHPXOHLQXHVWHQLFLMXVWQLFLGUHSW(XQDGHLQHXQVFODYQLFLGDFDILERJDWSUHFXP&UHVXVFHHD
FH QX VXQW DD FXP VH WLH SUHD ELQH PDL DOHV SULQWUH FUHGLWRULL PHL 0DL H[LVW L DOWH HVFURFKHULL
$YHU\SH%D\RX5RXJH3DUWLFXODULWLDOHORFXLQHORU(SSVFRQVWUXLHWHRFDVQRX GRPQXOH  GH SLOG VLVWHPXO GH FUHGLWDUH (VWH R PDUH HVFURFKHULH GRPQXOH QDL FUHGLW  QDL GHELW
%DVVGXOJKHUXO&DOLWLOHOXLQRELOH$VSHFWXOOXLH[WHULRULH[FHQWULFLWLOH%DVVL(SSV &UHGLWXO O GXFH SH RP Q LVSLW L QXPDL SODWD FX EDQLL MRV O YD PQWXL GH QHFXUDW QV VLVWHPXO
GLVFXWSUREOHPD6FODYLHL2SLQLDOXL(SSVGHVSUH%DVV0IDFFXQRVFXW&RQYHUVDLD VFODYLHLGPLYRLHVWHQWUHEFHGUHSWDLGXPQHDWDDVXSUDQHJULORUGXPLWDOH"
QRDVWU6XUSULQGHUHDOXLQWOQLUHDGHODPLH]XOQRSLLGHSHPDOXOED\RXOXL$VLJXUULOH &HGUHSW"DKRKRWLW(SSV3LHXLDPFXPSUDWLDPSOWLWSHQWUXHL
OXL%DVV'HFODUU]ERLPSRWULYD6FODYLHL'HFHQXPLDPGHVWLQXLWWUHFXWXO%DVV %LQHQHOHVFDDDLIFXWLOHJHDVSXQHFDLGUHSWXOVGHLLXQQHJUXGDUFXVFX]HOHGHULJRDUH
QWRFPHWHVFULVRUL&RSLDVFULVRULLOXLFWUHGRPQLL3DUNHUL3HUU\)HEUDDWHSWULL DGUHVDWHGRDPQHLOHJHHVWHRPLQFLXQ'D(SSVOHJHDPLQWHFQGVSXQHDVWDLDUDGHYUXOHVWHDOWXO
'H]DPJLUL%DVVQFHDUFVPPEUEWH]HQFUHGHUHDPHDQHO 2DUHWRWXOHVWHFRUHFWILLQGFHVWHQJGXLWGHOHJH"&HDL]LFHGDFVDUSURPXOJDROHJHSULQFDUHVL
VHLDOLEHUWDWHDLVILLWUDQVIRUPDWQVFODY"
QOXQDLXQLHDDQXOXLGRPQXO$YHU\GXOJKHUGHSH%D\RX5RXJHDQFHSXWULGLFDUHDXQHLFDVH $DFHYDQXLQLFLPFDULPDJLQDELODUVGLQQRX(SSV6SHUFQXPFRPSDULFXXQQHJURWHL
SHQWUX VWSQXO (SSV SRWULYLW XQXL FRQWUDFW DQWHULRU 0DL GHYUHPH DP DPLQWLW F SH %D\RX %RHXI QX 1XDUVSXQV%DVVJUDYQXWRFPDLGDUDPY]XWSQDFXPQHJULODIHOGHEXQLFDPLQHLQX
H[LVW EHFLXUL SH GH DOW SDUWH QDWXUD WHUHQXOXL HVWH DWW GH POWLQRDV L DSD DWW GH DSURDSH GH FXQRVF QLFLXQ DOE GLQ SULOH DFHVWHD SH FDUH VO FRQVLGHU PFDU FX R IUP PDL EXQ GHFW PLQH
VXSUDIDQFWFDVHOHPDULVXQWFOGLWHGHRELFHLSHSLORL2DOWWUVWXUDSDUWHRFRQVWLWXLHIDSWXOF 6SXQHPL(SSVQRFKLL'RPQXOXLFDUHLGHRVHELUHDGLQWUHXQDOELXQQHJUX"
RGLOHQXVXQWWHQFXLWHWDYDQXOLSHUHLLILLQGDFRSHULLFXVFQGXULGLQFKLSDURVYRSVLWHQFXORULGXS  1X H[LVW QXPDL R VLQJXU GHRVHELUH D UHSOLFDW (SSV /D IHO GH ELQH PDL SXWHD QWUHED FDUHL
JXVWXO SURSULHWDUXOXL 6FQGXULOH VXQW WLDWH Q JHQHUDO GH VFODYL FDUH IRORVHVF IHUVWUDLH FX FRDUE GHRVHELUHDGLQWUHXQDOELXQEDEXLQ$PY]XWQ1HZ2UOHDQVRFUHDWXUGLQDOHDFDUHWLDODIHOGH
GHRDUHFHSHRUD]GHPXOLNLORPHWULQXH[LVWFGHULGHDSSHFDUHVSRDWILFRQVWUXLWHMRDJUHLGH PXOWHFDRULFHQHJURWHLSHFDUHODPDYXWYUHRGDW%QXLHVFFODLQXPLXQVHPHQGHDOQRVWUXQX"
DFHHD FQG SODQWDWRUXO L FRQVWUXLHWH R ORFXLQ VFODYLL OXL WUHEXLH V HIHFWXH]H PDL PXOWH PXQFL 6WSQXOPHXDFKLFRWLWVRQRUQFQWDWGHXPRUXOVXILQ
VXSOLPHQWDUHQWUXFWFSWDVHPRRDUHFDUHH[SHULHQQGXOJKHULHFQGDPOXFUDWSHQWUX7LEHDWVDP (SSVDFRQWLQXDWWRYDUXOOXLQXPSRLFRQWUD]LFHOXQGXPGRDUSHVWHSLFLRU8QLLRDPHQL
IRVWOXDWGHSHFPSODVRVLUHDOXL$YHU\LDDMXWRDUHORUOXL VXQWVSLULWXDOLLDUDOLLQXVXQWSHDWWGHVSLULWXDOLSHFWVHFUHG'PLYRLHVLSXQRQWUHEDUH6XQW
3ULQWUHHLVHDIODXQXOFUXLDLGDWRUH]RUHFXQRWLQQHPUJLQLW'DFQDUILIRVWHOPDLPXOWFD WRLRDPHQLLFUHDLOLEHULLHJDOLDDFXPDILUP'HFODUDLDGH,QGHSHQGHQ"
VLJXUPLDILVIULW]LOHOHQVFODYLHDIRVWPQWXLWRUXOPHXXQRPDFUXLLQLPFLQVWLWGHERUGDGH 'DDQFXYLLQDW(SSVGDUQXPDLRDPHQLLQXLQHJURWHLLLPDLPXHOH
VHQWLPHQWHQRELOHLJHQHURDVHSHFDUHPLOYRLDPLQWLFXJUDWLWXGLQHSQQXOWLPDFOLSDYLHLL6H $L]EXFQLWGXSDFHHDQWUXQUVLPDL]JRPRWRVGHFWQDLQWH
QXPHD %DVV L SH DWXQFL ORFXLD Q 0DUNVYLOOH PL YD IL JUHX VL GHVFULX FX H[DFWLWDWH DVSHFWXO VDX 'DFSXLSUREOHPDDDDUHSOLFDWVHF%DVVDWXQFLLSULQWUHDOELH[LVWPDLPXHQXQXPDLSULQWUH
FDUDFWHUXO(UDXQEUEDWYRLQLFFXYUVWDQWUHSDWUX]HFLLFLQFL]HFLGHDQLFXSLHOHDOELSUEORQG QHJULWLXFLYDDOELFDUHIRORVHVFDUJXPHQWHODFDUHQDUUHFXUJHQLFLRPDLPXLQWHOLJHQW6WUHFHP
(UDIRDUWHVLJXUSHVLQHLFDOPLSOFHDVGLVFXWHQFRQWUDGLFWRULXGDUYRUEHDQWRWGHDXQDFXPXOW QVPDLGHSDUWH1HJULLVXQWLHLRDPHQL'DFHLQXWLXODIHOGHPXOWHFDVWSQLLORUFXLLDSDULQH
EJDUHGHVHDP(UDJHQXOGHRPDOFUXLFRPSRUWDPHQWOPSLHGLFDVURVWHDVFYUHRGDWFHYDFHDUIL YLQD" 1X OL VH SHUPLWH V WLH QLPLF 'XPQHDWD DL FUL L JD]HWH SRL V PHUJL RULXQGH GRUHWL L V
SXWXWMLJQL3XWHDVSXQHFXLPSXQLWDWHFHYDFHDUILVXQDWLQWROHUDELOGLQJXUDDOWRUD3RDWHFSHWRW5XO FXOHJLLQIRUPDLLQWURPLHGHIHOXUL'DUVFODYLLGXPLWDOHQXDXSULYLOHJLL/DLELFLXLSHXQXOGDFODL
5RXQXH[LVWDQLPHQLFDUHVILHGHDFRUGFXHOQSROLWLFVDXUHOLJLHLFXWH]VVSXQQLPHQLFDUHV SULQGHFLWLQGRFDUWH(LVXQWLQXLQURELHJHQHUDLHGXSJHQHUDLHOLSVLLGHHGXFDLHLDWXQFLFLQHVH
WLH V GLVFXWH PFDU SH MXPWDWH FW HO GHVSUH DFHVWH VXELHFWH 3UHD GH OD VLQH QHOHV F %DVV YD DWHDSWVDLEPXOWHFXQRWLQH"&WWLPSQXVXQWUHGXLODDFHODLQLYHOFXDQLPDOHOHYRLSURSULHWDULL
PEULDODWXUDQHSRSXODUDRULFUXLVXELHFWORFDOLFUHDQWRWGHDXQDDPX]DPHQWLQXLULWDUHQUQGXO GHVFODYLQXYHLILQLFLRGDWQYLQXLLSHQWUXDVWD'DFHLVXQWEDEXLQLVDXGDFQXVHULGLFSHVFDUD
VSHFWDWRULORUVLFDUHDVFXOWDXPRGXOLQJHQLRVLRULJLQDOQFDUHQWUHLQHDFRQWURYHUVD(UDEXUODFXQ LQWHOLJHQHL GLQFROR GH DVWIHO GH DQLPDOH GXPQHDWD L RDPHQL FD GXPQHDWD YD WUHEXL V UVSXQGHL
EXUODF EWUQ Q DGHYUDWXO VHQV DO FXYQWXOXL  L GLQ FWH WLD QX DYHD QLFLR UXG Q YLD 'H SHQWUXDVWD$VXSUDDFHVWHLQDLXQLVDDEWXWXQSFDWWHULELOFDUHQXYDVFSDQHSHGHSVLWSHYHFLH9D
DVHPHQHDQXDYHDRORFXLQSHUPDQHQWFLUWFHDGLQWUXQVWDWQDOWXOGXSFXPDYHDFKHI7ULVH YHQLRQRWGHSODWGD(SSVYDVRVL]LXDFDUHYDDUGHFDXQSUMRO3RDWHILPDLGHYUHPHVDXPDL
WUHLSDWUXDQLQ0DUNVYLOOHSUDFWLFQGPHVHULDGHGXOJKHUFDUHDOWXULGHSDUWLFXODULWLOHOXLLDDGXV WU]LXGDUYDVRVLWRWDWWGHVLJXUSHFW'RPQXOHVWHQHSUWLQLWRU
UHFXQRDWHUHD Q SDURKLD $YR\HOOHV (UD H[FHVLY GH OLEHUDO LDU PXOWHOH OXL DFWH GH ELQHIDFHUH FD L 'DFDLWULSULQWUH\DQNHLLGLQ1RXD$QJOLHD]LV(SSVPDDWHSWDGLQSDUWHDGXPLWDOHVILL
EXQWDWHD WUDQVSDUHQW D LQLPLL O IFXVHU SRSXODU Q FRPXQLWDWH XQ VHQWLPHQW SH FDUH O FRPEWHD XQXO GLQWUH IDQDWLFLL LD EOHVWHPDL FDUH WLX PDL PXOWH GHFW VSXQH &RQVWLWXLD L FDUH IDF FRPHU
QHQFHWDW DPEXODQWLXPEOVLFRQYLQJSHQHJURWHLVIXJ
(UDRULJLQDUGLQ&DQDGDGHXQGHSOHFDVHQUWFLULOHOXLQFGLQWLQHUHHLGXSFHYL]LWDVHWRDWH 'DFDILQ1RXD$QJOLHDUHSOLFDW%DVVDILODIHOFXPVXQWLDLFL$]LFHF6FODYLDHVWHR
RUDHOHSULQFLSDOHGLQVWDWHOHGHQRUGLGHYHVWDMXQVHVHQLQXWXOQHSULPLWRUDO5XOXL5RXXOWLPXO QHGUHSWDWH L F DU WUHEXL DEROLW $ ]LFH F QX H[LVW QLFL OHJH QLFL &RQVWLWXLH GUHDSW FDUH VL
OXL GRPLFLOLX IXVHVH Q ,OOLQRLV &X UHJUHW VXQW REOLJDW V VSXQ F QX WLX QFRWUR D SRUQLW LD DGXQDW QJGXLH XQXL RP VO LQ SH DOWXO Q URELH 6LJXU F GD DU IL JUHX SHQWUX GXPQHDWD VL SLHU]L
VFXOHOHLDSOHFDWGLVFUHWGLQ0DUNVYLOOHFXR]LQDLQWHDPHDQWUXFWVXVSLFLXQLOHSULYLQGUROXOMXFDWGH SURSULHWDWHDGDUQDUILQLFLSHMXPWDWHODIHOGHJUHXFDSLHUGHUHDOLEHUWLLQWURMXVWLLHFRUHFWQXDL
HOQHOLEHUDUHDPHDRLPSXQHDX'DFDUILUPDVQSUHDMPDWULEXOXLFDUHLELFLXLDVFODYLLGHSH%D\RX DYHDPDLPXOWGUHSWODOLEHUWDWHGHFWDUH8QFKHXO$EUDPGHFROR9RUEHWLGHVSUHSLHOHQHDJULVQJH
%RHXIDUILIRVWFXFHUWLWXGLQHRPRUWSHQWUXQISWXLUHDXQXLDFWMXVWLFRUHFW QHJUXSLFLVFODYLGHSHED\RXOVWDVXQWODIHOGHDOELFDRULFDUHGLQWUHQRL"LFHGHRVHELUHH[LVW
QWUR]LSHFQGOXFUDXODFDVDQRX%DVVL(SSVVDXDQJDMDWQWURGLVSXWSHFDUHDDFXPYDIL QWUHFXORULOHVXIOHWXOXL"3IXL6LVWHPXOHVWHODIHOGHDEVXUGSHFWHVWHGHFUXG3RLVGHLLQHJULLV
OHVQHGHQHOHVDPDVFXOWDWRFXPXOWDWHQLH(LGLVFXWDXGHVSUHVXELHFWXO6FODYLHL WHIOHWLGDUHXQDGHLQHXQXOQLFLGDFPLDLRIHULFHDPDLEXQSODQWDLHGLQ/RXLVLDQD
%DVVLSODFHVWHDX]LYRUELQGPDLPXOWGHFWRULFUXLDOWRPSHFDUHOFXQRVF'XPQHDWDDLILQ XUPWRDUHLOXLYL]LWHQ0DUNVYLOOHPSUHXQDPFRQYHQLWFQXHUDSUXGHQWVQHPDLQWOQLPQFDVD
VWDUH V VXVLL F QHJUXO HVWH DOE VDX DOEXO QHJUX GDF FLQHYD WHDU FRQWUD]LFH 'XPLWDOH QXL FRQYLQH QRXGHRDUHFHOXPLQDSHFDUHDUILWUHEXLWVRIRORVLPQHDUILSXWXWGHPDVFDQFXUVXO]LOHLDPUHXLW
QLPLFSHOXPHDDVWDLQXFUHGFDLILPXOXPLWQLFLFXOXPHDFDUHYDYHQLGDFDLDYHDYUHXQFXYQW VRELQIUVILXREVHUYDWFWHYDFKLEULWXULLROXPQDUHGLQEXFWULHLDVWDGDWRULWXQHLDEVHQH
GHVSXVQSULYLQDDVWD WHPSRUDUHD0WXLL3KHEH%DVVDYHDFUHLRQLKUWLHQODGDOXLGHXQHOWH
QWUH FHL GRL DX PDL H[LVWDW IUHFYHQW FRQYHUVDLL IRDUWH DVHPQWRDUH FX FHD GH PDL VXV LDU (SSV O /DRUDVWDELOLWQHDPQWOQLWSHPDOXOED\RXOXLLVWUHFXUQGXQHSULQWUHLHUEXULOHQDOWHDPDSULQV
KUXLDPDLPXOWSHQWUXDUGHSHVHDPDOXLGHFWSHQWUXDGLVFXWDFXVHULR]LWDWH&RQVLGHUDF%DVVHUD OXPQDUHD LDU HO D VFRV FUHLRQ L KUWLH L VD SUHJWLW GH WUHDE ,DP GDW QXPHOH OXL :LOOLDP 3HUU\
JDWD V VSXQ RULFH SXU L VLPSOX GLQ SOFHUHD GH DL DX]L SURSULXO JODV FXPYD SOLQ GH VLQH SRDWH &HSKDV 3DUNHU L MXGHFWRUXO 0DUYLQ WRL GLQ 6DUDWRJD 6SULQJV FRPLWDWXO 6DUDWRJD VWDWXO 1HZ <RUN
FRQWUD]LFQGXLFUHGLQHOHLMXGHFDWDGRDUSHQWUXDLGHPRQVWUDDELOLWDWHDQDUJXPHQWUL 3HQWUXFHOGLQXUPOXFUDVHPQKRWHOXO8QLWHG6WDWHVLDUFXSULPLLGRLDYXVHVHPOHJWXULFRPHUFLDOH
Q YDUD DFHHD %DVV D UPDV SH GRPHQLXO OXL (SSV QWRUFQGXVH Q 0DUNVYLOOH FDP R GDW OD GRX QGHOXQJDWH L VSHUDP FD PFDU XQXO GLQWUH HL V PDL ORFXLDVF Q RUDXO DFHOD (O OHD VFULV FX JULM
VSWPQL&XFWODPY]XWPDLGHVFXDWWPDPFRQYLQVPDLPXOWFHUDXQRPQFDUHSXWHDPDYHD QXPHOHGXSFDUHDUHPDUFDWJQGLWRU
QFUHGHUH&XWRDWHDFHVWHDJKLQLRQXODQWHULRUPQYDVHVILXIRDUWHSUXGHQW6FODYLLQXDYHDXYRLH $XWUHFXWPXOLDQLGHFQGDLSOHFDWGLQ6DUDWRJDLHVWHSRVLELOFDWRLRDPHQLLDFHWLDVILPXULW
VVHDGUHVH]HDOELORUGHFWGDFDFHWLDGHVFKLGHDXYRUEDGDUQDPUDWDWQLFLRRFD]LHGHDPVWUHFXUD VDXVVHILPXWDW$L]LVFDLRELQXWDFWHGHOD&OGLUHD9PLLGLQ1HZ<RUN"3UREDELOFWUHEXLHV
QFDOHDOXLLPDPVWUGXLWQWRDWHPRGXULOHSRVLELOHVLDWUDJDWHQLD/DQFHSXWXOOXQLLDXJXVWHOL H[LVWHRQUHJLVWUDUHDORULFUHGFDUILELQHVVFULHPDFRORLVQHLQWHUHVP
FXPLQHOXFUDPVLQJXULQFDVILLQGFFHLODOLGXOJKHULSOHFDVHULDU(SSVHUDSHFPS$FXPPLVH $PIRVWGHDFRUGLDPUHSHWDWFLUFXPVWDQHOHOHJDWHGHYL]LWDPHDQ&OGLUHD9PLLFX%URZQL
SUHDPRPHQWXOFHOPDLSRWULYLWVDERUGH]VXELHFWXOLDPGHFLVVRIDFFXULVFXOGHDVXSRUWDRULFH +DPLOWRQ $P ]ERYLW SH PDOXO ED\RXOXL PDL ELQH GH XQ FHDV GLVFXWQG GHVSUH VXELHFWXO FDUH QH
FRQVHFLQH$PQGRLOXFUDPGXSDPLD]DFQGPDPRSULWSHQHDWHSWDWHLDPVSXV IUPQWD DFXP PLQLOH 1X P PDL QGRLDP GH ILGHOLWDWHD OXL %DVV L LDP YRUELW GHVFKLV GHVSUH
6WSQH%DVVYUHDXVYQWUHEGLQFHSDUWHDULLDLYHQLW" QXPHURDVHOHVXIHULQHSHFDUHOHUEGDVHPQWFHUHLDWWDYUHPH,DPSRYHVWLWGHVSUHVRLDLFRSLLL
&HLDVWD3ODWWDQWUHEDWHOFLQHLDPDLEJDWLDVWDQFDS"1DLWLQLFLGDFLDVSXQH'XS PHLPHQLRQQGXOHQXPHOHLYUVWHOHLVXEOLQLLQGIHULFLUHDGHQHJULWSHFDUHDILVLPLWRGDFLD
XQPRPHQWVDXGRXDDGXJDW0DPQVFXWQ&DQDGDLDJKLFHWHDFXPXQGHLDVWD PDLILSXWXWVWUQJHODSLHSWQFRGDWQDLQWHGHDPXUL/DPSULQVGHPQLFXODFULPLLUXJPLQL
$KWLXXQGHL&DQDGDLDPUVSXQV$PIRVWLHXDFROR QIRFDWHODPLPSORUDWVPDMXWHVPLUHGHDIDPLOLDLOLEHUWDWHDIJGXLQGFYRLSRWRSL5DLXOSH
'DDUHSOLFDWHOU]QGIUVPFUHDGFUHGFFXQRWLDUDDLDFDSHEX]XQDUHOHWDOH WRWUHVWXOYLHLLFXUXJFLXQLSHQWUXELQHFXYQWDUHDLSURVSHULWDWHDOXLQEXFXULDOLEHUWLLQFRQMXUDWGH
6WLLFDDHVWHVWSQH%DVVDPVSXVHX$PIRVWQ0RQWUHDO.LQJVWRQL4XHHQVWRQLQ RGUDVOHLQWRUVQVQXOIDPLOLHLPHOHQDPXLWDWSURPLVLXQHDLQLFLQRYRLXLWDYUHRGDWDWWDWLPS
PXOWH DOWH ORFXUL GLQ &DQDGD LDP IRVW LQ VWDWXO <RUN  Q %XIIDOR 5RFKHVWHU L $OEDQ\ L Y SRW FWYRLDYHDSXWHUHDVULGLFRFKLLLPSORUDWRUVSUHFHU
VSXQHQXPHOHWXWXURUVDWHORUGHSHFDQDOHOH(ULHL&KDPSODLQ 
%DVVVDQWRUVLPDSULYLWIL[PXOWWLPSIUVURVWHDVFRVLODE %LQHFXYQWDWHILHLJODVXOEOQGLSUXODUJLQWLX

&XPDLDMXQVDLFL"DQWUHEDWHOQFHOHGLQXUP LYLDDLSQQHYRPUHQWOQLQWUXQWU]LX
6WSQH%DVVLDPUVSXQVGDFVDUILIFXWGUHSWDWHQDILIRVWQLFLRGDWDLFL 
&XPDGLF"VDQFUXQWDWHO&LQHHWLWX"(VWHOLPSHGHFDLIRVWQ&DQDGDFXQRVFWRDWHORFXULOH (OPDFRSOHLWFXDVLJXUULGHSULHWHQLHLFUHGLQVSXQQGFQLFLRGDWSQDWXQFLQXIXVHVHDWW
SHFDUHOHDLSRPHQLW&XPVDQWPSODWVDMXQJLDLFL"+DLGHSRYHVWHWHPLWRWXO GHLQWHUHVDWGHVRDUWDFXLYD$YRUELWGHVSUHVLQHSHXQWRQFXPYDWULVWFDXQEUEDWVROLWDULUWFLWRU
$LFLQDPSULHWHQLQFDUHVSRWDYHDQFUHGHUHDVRVLWUVSXQVXOPHX0WHPVYVSXQGHLQX SULQOXPHVDSOQVFPEWUQHDLQFXUQGDYHDVDMXQJODFDSWXOFOWRULHLVDOHSHSPQW
FUHGFLDLWUDQVPLWHPDLGHSDUWHVWSQXOXL(SSV DWHSWQGXLVIULWXOIUSULHWHQLVDXUXGHFDUHVOMHOHDVFRULVOSRPHQHDVFFSURSULDOXLYLD
(OPDDVLJXUDWFXWRDWVLQFHULWDWHDFRULFHXUPDPVLVSXQDYHDVSVWUH]HVHFUHWLDUFXULR]LWDWHD SUH]HQWDSXLQYDORDUHSHQWUXHOLFGHDFHHDDYHDVVHGHGLFHRELQHULLOLEHUWLLPHOHLXQXLU]ERL
L HUD Q PRG YGLW DDW (UD R SRYHVWH OXQJ ODP DQXQDW L UHODWDUHD HL DU GXUD GHVWXO 6WSQXO QHQFHWDWPSRWULYDEOHVWHPDWHLUXLQLD6FODYLHL
(SSV DYHD V UHYLQ Q FXUQG QV GDF HUD GH DFRUG V QH QWOQLP Q QRDSWHD DFHHD GXS FH WRL 'XS DFHHD DP YRUELW VDX QHDP VDOXWDW UDUHRUL %DVV QX D PDL GLVFXWDW QV DWW GH OLEHU FX (SSV
DGRUPHDXLDILVSXVR%DVVDDFFHSWDWSHORFLPLDVXJHUDWVYLQFKLDUQFOGLUHDQFDUHOXFUDP GHVSUH6FODYLH1LFL(SSVQLFLDOWSHUVRDQDOEVDXQHJUXGHSHSODQWDLHQXDDYXWYUHREQXLDO
DWXQFL /D PLH]XO QRSLL FQG WRWXO HUD OLQLWLW L WFXW PDP IXULDW SUHFDXW GLQ FROLED PHD L RULFWGHYDJFDUH[LVWDRDSURSLHUHQHRELQXLWRQHOHJHUHVHFUHWQWUHQRLGRL
SWUXQ]QGQHDX]LWQFDVDQHWHUPLQDWODPJVLWDWHSWQGXPDFROR $GHVHD VXQW QWUHEDW SH XQ WRQ VFHSWLF FXP DP UHXLW FD DWLD DQL VPL DVFXQG GH WRYDULL PHL
'XSFHPDDVLJXUDWGLQQRXFQXPYDGHFRQVSLUDDPQFHSXWVLSRYHVWHVFYLDDLQHQRURFLULOH DGHYUDWXOQXPHLWUHFXWXO/HFLDWHULELOSHFDUHPLDSUHGDWR%XUFKPLDQWLSULWSHYHFLQPLQWH
PHOH $ IRVW H[WUHP GH LQWHUHVDW SXQQG PXOWH QWUHEUL GHVSUH ORFDOLWL L HYHQLPHQWH 'XS FH DP SHULFROXO L LQXWLOLWDWHD GH]YOXLULL F HUDP XQ RP OLEHU 1X H[LVWD SRVLELOLWDWHD V ILX DMXWDW GH YUHXQ
WHUPLQDW ODP LPSORUDW V OH VFULH XQRU SULHWHQL DL PHL GLQ 1RUG DQXQQGXL GHVSUH VLWXDLD PHD L VFODYQVFKLPEH[LVWDSRVLELOLWDWHDUHDOVILX GHPDVFDWGHYUHXQXO'DF LQHP PLQWHFYUHPH GH
UXJQGXL V QDLQWH]H GRFXPHQWH GLQ FDUH V UH]XOWH F HUDP XQ RP OLEHU VDX V QWUHSULQG SDLL SH GRLVSUH]HFH DQL JQGXULOH PHOH VDX FRQFHQWUDW H[FOXVLY SH LGHHD HYDGULL QXL GH PLUDUH F DP IRVW
FDUHL FRQVLGHUDX QHFHVDUL FD VPL DVLJXUH HOLEHUDUHD $ IJGXLW F R YD IDFH GDU D YRUELW GHVSUH PHUHXSUXGHQWLFXJDUGDULGLFDW$UILIRVWXQDFWGHQHEXQLHVPLILSURFODPDWGUHSWXOODOLEHUWDWH
SHULFROXOXQHLDVHPHQHDDFLXQLQFD]XOQFDUHDUILIRVWGHVFRSHULWLPLDVXEOLQLDWFHUDQHFHVDUV DDFHYDQDUILIFXWGHFWVPVXSXQXQRUH[DPLQULLPDLVHYHUHEDFKLDUPDUILH[LODWSUREDELO
SVWUPWFHUHDLVHFUHWXODEVROXWQDLQWHGHDQHGHVSULDPSXVODSXQFWSODQXOGHDFLXQH QWUXQLQXWPDLQGHSUWDWLPDLLQDFFHVLELOGHFW%D\RX%RHXI(GZLQ(SSVHUDXQLQGLYLGFDUHSULYHD
$P FRQYHQLW V QH QWOQLP Q QRDSWHD XUPWRDUH QWUXQ ORF VWDELOLW SULQWUH LHUEXULOH QDOWH GH SH FXWRWDOLQGLIHUHQGUHSWXULOHXQXLQHJUXVDXQHGUHSWLOHSHFDUHOHVXIHUDFHVWDILLQGFRPSOHWOLSVLW
PDOXO ED\RXOXL OD GLVWDQ GH FOGLUHD VWSQXOXL $FROR HO DYHD V VFULH SH KUWLH QXPHOH L DGUHVHOH GHRULFHVLPQQVFXWDOMXVWLLHLDDFXPRWLXSUHDELQH'HDFHHDDIRVWLPSRUWDQWVQXLGHVWLQXL
FWRUYD SHUVRDQH SULHWHQL YHFKL GHDL PHL GLQ 1RUG FURUD V OH H[SHGLH]H VFULVRUL FX SULOHMXO LVWRULD YLHLL PHOH DWW Q SULYLQD VSHUDQHORU PHOH GH VDOYDUH FW L Q FHD D SXLQHORU SULYLOHJLL
SHUVRQDOHGHFDUHPLDIRVWQJGXLWVPEXFXU FOGLVHPFXDWWDHQWX]LDVPVHVIUPDXFDVFUXPXOSULQWUHGHJHWH6LPHDPFPVFXIXQGDPWRWPDL
QSULPDVHDUDGHVPEWGHGXSQWOQLUHDQRDVWUGHSHPDOXODSHL%DVVVDGXVQ0DUNVYLOOH$ PXOWQDSHOHDPDUHDOHVFODYLHLGLQDOHFUHLDGQFXULQHFXQRVFXWHQDYHDPVPPDLULGLFQLFLRGDW
GRXD]LILLQGGXPLQLFHODUPDVQRGDLDVDLDQWRFPLWVFULVRUL8QDDWULPLVROD9DPDGLQ1HZ 9]QGXPL GLVSHUDUHD LQLPD JHQHURDV D SULHWHQXOXL L ELQHIFWRUXOXL PHX VD XPSOXW GH PLO
<RUNDOWDMXGHFWRUXOXL0DUYLQLDUDOWDGRPQLORU3DUNHUL3HUU\ODRODOW$FHDVWDGLQXUPDIRVWFHD %DVVVDVWUGXLWVPQFXUDMH]HSURPLQGVUHYLQQDMXQXO&UFLXQXOXLLGDFSQDWXQFLQXYD
FDUHDGXVODVDOYDUHDPHD%DVVDVHPQDWFXQXPHOHPHXGDUQSRVWVFULSWXPDOVDWVVHQHOHDJF VRVLQLFLRLQIRUPDLHVQWUHSULQGHPDOLSDLSHQWUXDQHDWLQJHHOXO0DQGHPQDWVLQIUXQWHDVXV
QXHXOHVFULVHVHP6FULVRDUHDQVLQHGRYHGHWHFHOVHFRQVLGHUDLPSOLFDWQWURDFLXQHSHULFXORDVQ V P EL]XL SH HIRUWXULOH OXL FRQWLQXH Q IRORVXO PHX L PD DVLJXUDW SH XQ WRQ FW PDL VLQFHU L
FDUH FX VLJXUDQ LDU IL ULVFDW YLDD GDF DU IL GHSLVWDW 1X DP Y]XW VFULVRDUHD QDLQWH GH D IL LPSUHVLRQDQWFHOLEHUDUHDPHDYDFRQVWLWXLGHDFXPQFRORRELHFWXOFHQWUDODOSUHRFXSULORUVDOH
H[SHGLDWGDUDPRELQXWXOWHULRURFRSLHSHFDUHRLQVHUH]QFRQWLQXDUH Q DEVHQD OXL %DVV WLPSXO VD VFXUV IRDUWH QFHW $WHSWDP &UFLXQXO FX QHOLQLWH L QHUEGDUH
 $SURDSH F UHQXQDVHP OD VSHUDQD GH D SULPL YUHXQ UVSXQV OD VFULVRUL 3UREDELO F VH UWFLVHU VDX
%D\RX%RHXIDXJXVW SRDWHFKLDUVHSLHUGXVHU3RDWHFDGUHVDQLLGLQ6DUDWRJDPXULVHUWRLSRDWHFDQJUHQDLQSURSULLOH
'RPQXOXL:LOOLDP3HUU\VDXGRPQXOXL&HSKDV3DUNHU6WLPDLJHQWOHPHQL$WUHFXWPXOWGH ORUDIDFHULHLQXFRQVLGHUDVHUFVRDUWDXQXLQHJUXREVFXULQHIHULFLWDUILIRVWSUHDLPSRUWDQWSHQWUXD
FQGQXQHDPY]XWVDXDX]LWLQHWLLQGGDFPDLVXQWHLQYLDYDGUHVH]FXQHVLJXUDQ ILEJDWQVHDP7RDWHQGHMGLOHPHOHHUDXQ%DVV&UHGLQDSHFDUHRDYHDPQHOPDVXVLQXWPHUHX
UQGXULOHDFHVWHDGDUPYHLQHOHJHFQGYHLDIODXUJHQDFD]XOXL LPDDMXWDWVUH]LVWYDOXOXLGHGH]DPJLULFDUHPFRSOHLVHU
QWUXFW PDP QVFXW RP OLEHU SH FHOODOW PDO DO UXOXL ID GH GYV VXQW VLJXU F P $WWGHDEVRUELWHUDPGHJQGXULOHSULYLQGVLWXDLDLYLLWRUXOPHXQFWFHLDOWXULGHFDUHOXFUDPSH
FXQRDWHLGDUDFXPVXQWVFODY$GRULVRELQHLSHQWUXPLQHGRFXPHQWHFDUHVPLDWHVWH FPSPLDXVLPLWSUHRFXSDUHD3DWVH\PQWUHEDGDFHUDPEROQDYLDU8QFKHXO$EUDP%REL:LOH\
FDOLWDWHDGHRPOLEHULVPLOHWULPLWHLOD0DUNVYLOOH/RXLVLDQDSDURKLD$YR\HOOHVFD]Q VH LQWHUHVDX FXULRL GH FH HUDP DWW GH QJQGXUDW /HDP RFROLW QV QWUHEULOH SULQ JOXPH L PLDP
FDUHYDUPQHSURIXQGQGDWRUDW LQXWVHQWLPHQWHOHIHUHFDWHQSLHSW

$OGY62/20211257+83

$P IRVW OXDW Q VFODYLH GXS FH PDP PEROQYLW Q :DVKLQJWRQ &LW\ L PLDP SLHUGXW
FXQRWLQDSHQWUXRYUHPH&QGPLDPUHYHQLWIXVHVHPMHIXLWGHGRFXPHQWHLPJVHDPQ
ODQXULQGUXPVSUH6WDWXODFHVWDLDUSQDFXPQDPSXWXWJVLSHQLPHQLFDUHVWULPLWR
VFULVRDUH SHQWUX PLQH LDU FHO FDUH VFULH DFXP Q QXPHOH PHX L ULVF YLDD GDF DU IL
GHSLVWDW

$OX]LD OD SHUVRDQD PHD GLQ OXFUDUHD 2FKHLHSHQWUX &ROLEDXQFKLXOXL 7RP UHFHQW WLSULW FRQLQH
SULPDSDUWHDDFHVWHLVFULVRULRPLQGSRVWVFULSWXPXO'HDVHPHQHDQXVXQWFRUHFWUHSURGXVHQXPHOH
FRPSOHWH DOH GRPQLORU FURUD OHD IRVW DGUHVDW H[LVWQG R PLF GLVFUHSDQ SUREDELO R HURDUH
WLSRJUDILF$FHOXLSRVWVFULSWXPPDLGHJUDEGHFWUHVWXOXLVFULVRULLLVXQWQGDWRUDWSHQWUXHOLEHUDUHD
PHDDDFXPVHYDYHGHDQFXUQG
&QGVDQWRUVGLQ0DUNVYLOOH%DVVPLDUHODWDWFHIFXVH1HDPFRQWLQXDWFRQVXOWDLLOHQRFWXUQH
IUVVFKLPEPYUHRYRUEQWUHQRLQFXUVXO]LOHLGHFWFHOHVWULFWQHFHVDUHOHJDWHGHPXQF'LQ
FWH QHOHVHVH HO VFULVRDUHD DU IL DMXQV Q GRX VSWPQL OD 6DUDWRJD LDU VRVLUHD XQXL UVSXQV DU IL
GXUDWFDPWRWDWW$PFRQFOX]LRQDWFGXSDVHVSWPQLQFHOPDLUXFD]DUILWUHEXLWVSULPHVF
XQUVSXQVGDFDYHDPVOSULPHVFYUHRGDW6DXIFXWQFRQWLQXDUHRVXPHGHQLHGHVXJHVWLLLDP
GLVFXWDW SH QGHOHWH L Q DPQXQW FDUH DU IL IRVW SODQXO FHO PDL VLJXU L PDL SRWULYLW GH DFLXQH GXS
SULPLUHDGRFXPHQWHORU(OHDYHDXVOIHUHDVFGHRULFHDFLXQLUHSUHVLYHQHYHQWXDOLWDWHDQFDUHDPIL
IRVWRSULLLDUHVWDLGXS FHDPILSUVLWLQXWXO$MXWDUHD XQXLRPOLEHUVL UHFWLJHOLEHUWDWHDQX
UHSUH]HQWDRQFOFDUHDOHJLLLQGLIHUHQWFWRVWLOLWDWHLQGLYLGXDODUILGHFODQDW
'XS SDWUX VSWPQL %DVV VD GXV Q 0DUNVYLOOH GDU QX VRVLVH QLFLXQ UVSXQV $P IRVW WHULELO GH
GH]DPJLWWRWXLPDPPSFDWFXJQGXOFQXWUHFXVHGHRFDPGDWVXILFLHQWWLPSFSRDWHH[LVWDVHU
QWU]LHULLFQXHUDQRUPDOVPDWHSWDWWGHUHSHGHODXQUVSXQV$XWUHFXWQVDVHDSWHRSW
DSRL]HFHVSWPQLLQDDSUXWQLPLF(UDPFXSULQVGHIHEUDDWHSWULLRULGHFWHRUL%DVVSOHFDOD
0DUNVYLOOHLDELDSXWHDPQFKLGHRFKLLSQVHQWRUFHDQFHOHGLQXUPQRXDFDVDVWSQXOXLPHX
DIRVWWHUPLQDWLDU%DVVDWUHEXLWVPSUVHDVFQVHDUDGLQDLQWHDSOHFULLOXLDPIRVWFXSULQVGH
GLVSHUDUH0DJDVHPGHHODDFXPXQRPFDUHVHQHDFVHDJDGHXQEXWHDQFDUHSOXWHWHWLLQG
FVHYDDIXQGDGHDSXUXULVXEYDOXULGDFLYDDOXQHFDGLQWUHPLQL6SHUDQHOHJORULRDVHSHFDUHPLOH
SOHFDIUGRDULSRDWHQFOWRULH
&DSLWROXO;; $PORFXLWGHVWXOQLQXWXODFHVWDDFRQWLQXDW%DVV$SXWHDILODIHOGHELQHRULXQGHDOWXQGHYD
8QWLPSPJQGLVHPVPQWRUFQORFXOPHXGHEDWLQ0DPVWXUDWGH6FODYLHODIHOGHPXOWFD
%DVVVHLQHGHFXYQW6RVLUHDOXLQDMXQXO&UFLXQXOXL'LILFXOWDWHDDUDQMULLXQHL WLQH'DFYRLUHXLVWHVFRWGHDLFLYDILRIDSWEXQGHFDUHPLDUSOFHDVPLDPLQWHVFWRWUHVWXO
QWOQLULQWOQLUHDGLQFROLE1LFLXQUVSXQV%DVVLDQXQLQWHQLDGHDSOHFDQ1RUG YLHLLLYRLUHXL3ODWWVXQWGHFLVVRIDF8LWHFXPYUHDXVSURFHGH]LQFRQWLQXDUH(SSVVHYDWUH]L
&UFLXQXO&RQYHUVDLDGLQWUH(SSVL%DVV7QUDVWSQ0F&R\IUXPXVHHDGHSH QFXUQGLQXYUHDXVILXJVLWDLFL*QGHWHWHODRDPHQLGLQ6DUDWRJDL6DQG\+LOOODFWPDLPXOL
%D\RX%RHXI3HUIHFLXQHDSUQ]XULORU0X]LFLGDQV3UH]HQDVWSQHL)UXPXVHHD GLQWUH FHL FDUH WHDX FXQRVFXW FQGYD 9RL JVL SUHWH[WH V UHYLQ DLFL Q FXUVXO LHUQLL L OH YRL VFULH
HLGHRVHELW8OWLPXOGDQVDOVFODYLORU:LOOLDP3LHUFH3FDWXOGHDGRUPLSUHDPXOW QXPHOH'XSDFHHDYRLWLFXLVPDGUHVH]FQGPGXFQ1RUG$PLQWHWHLFWPDLPXOL)UXQWHD
8OWLPDELFLXLUH'H]QGHMGHD'LPLQHDDJHURDV$PHQLQULOHOXL(SSV$SDULLD VXV1XILGHVFXUDMDW6XQWDOWXULGHWLQHSHYLDLSHPRDUWH/DUHYHGHUH'RPQXOVWHDLEQSD]
WUVXULL6WULQLLFDUHVHDSURSLHSULQFPSXOGHEXPEDF8OWLPDRUSHWUHFXWSH%D\RX &XDFHVWHFXYLQWHDLHLWLXWHGLQFROLELDLQWUDWQFDVDPDUH
%RHXI (UD GLPLQHDD GH &UFLXQ ]LXD FHD PDL IHULFLW GLQ WRW DQXO SHQWUX VFODYL Q GLPLQHDD DFHHD QX
WUHEXLDXVVHJUEHDVFODFPSFXWLJYDLVDFXOGLQEXPEDF)HULFLUHDOHVFQWHLDQRFKLLVHOHDSH
&UHGLQFLRVIJGXLHOLLIFXWHQDMXQXO&UFLXQXOXLH[DFWODFGHUHDQRSLL%DVVDDSUXWFODUHQ FKLSXULOH WXWXURU 6RVLVH YUHPHD RVSHHORU L D GDQVXULORU &PSXULOH GH EXPEDF L GH WUHVWLHGH]DKU
FXUWH HUDXSXVWLLQ]LXDDFHHDDYHDXVILHPEUFDWHKDLQHOHFXUDWHVILHDILDWHSDQJOLFLOHURLLDYHDXV
&HPDLIDFL"ODQWUHEDW(SSVVFXWXUQGXLPQD0EXFXUVWHYG XUPH]H UHXQLXQL IHULFLUH UVHWH L PXOW YQ]ROHDO QDLQWH L QDSRL 8UPD V ILH R ]L GH OLEHUWDWH
1XDUILIRVWIRDUWHEXFXURVGDFDUILWLXWFDUHHUDVFRSXODFHOHLYL]LWH SULQWUHFRSLLL6FODYLHL0RWLYSHQWUXFDUHHUDXEXFXURLLVUEWRUHDX
)RDUWHELQHIRDUWHELQHLDUVSXQV%DVV$PDYXWQLWHWUHEXULSHED\RXLDP]LVVWUHFSHDLFL 'XSPLFXOGHMXQ(SSVL%DVVVDXSOLPEDWSULQFXUWHGLVFXWQGGHVSUHSUHXOEXPEDFXOXLLPXOWH
LVQQRSWH]ODGXPQHDWD DOWHVXELHFWH
(SSV LD SRUXQFLW XQXL VFODY V VH RFXSH GH FDOXO OXL L FHL GRL EUEDL DX LQWUDW Q FDV YRUELQG L 8QGHVUEWRUHVFQHJULLWL&UFLXQXO"DQWUHEDW%DVV
U]QGQXQVQDLQWHFD%DVVVPSULYHDVFFXVXEQHOHVFDLFXPDUILVSXV)LLSUHFDXWRVQH  3ODWW PHUJH D]L SH SODQWDLD 7DQQHU 9LRDUD OXL HVWH IRDUWH VROLFLWDW /XQL O YRU OD 0DUVKDOO LDU
YHGHPQRL/DRUD]HFHVHDUDDPWHUPLQDWFRUYH]LOHGHSHVWH]LLDPLQWUDWQFROLEDQFDUHORFXLDPSH GRPQLRDUD0DU\0F&R\GHSHYHFKHDSODQWDLH1RUZRRGPLDVFULVXQELOHWFYUHDVLFQWHPDUL
DWXQFLFX8QFKHXO$EUDPLFX%RE0DPQWLQVSHVFQGXUDPHDLPDPSUHIFXWFGRUP'XSFH SHQWUXQHJURWHLLHL
WRYDULLPHLDGRUPLVHUDGQFPDPIXULDWDIDUSHXLDPXUPULWFXDWHQLHRULFHVHPQDOGHOD (VWHXQELDWLVWHQXLDD"D]LV%DVV,DYLQRQFRDFH3ODWWDDGXJDWHOLPDH[DPLQDWFQGP
%DVV $P VWDW DD SQ PXOW GXS PLH]XO QRSLL GDU QDP Y]XW L QDP DX]LW QLPLF $D FXP DP DPDSURSLDWGHHLGHSDUFSQDWXQFLQXVHJQGLVHYUHRGDWVPEDJHQVHDP
SUHVXSXV QX QGU]QHD V LDV GLQ FDV GH WHDP V QX WUH]HDVF EQXLDOD FXLYD GLQ IDPLOLH $P 'DDQFXYLLQDW(SSVSULQ]QGXPGHEUDLSLSLQGXPLDUHWRDWHDUWLFXODLLOHQWUHJL3HWRW
MXGHFDWFRUHFWFVHYDWUH]LPDLGHYUHPHGHFWLVWWHDQRELFHLLFYDSURILWDGHRFD]LHSHQWUXDP ED\RXOQXH[LVWXQELDWFDUHVYDORUH]HPDLPXOWGHFWHOSHUIHFWVQWRVLIUPHFKHULL/DG
YHGHDQDLQWHGHGHWHSWDUHDOXL(SSV'HDFHHDODPVFXODWSH8QFKHXO$EUDPFXRRUPDLGHYUHPH FXO QXL FD DOL QHJURWHL QX VHDPQ FX HL L QX VH FRPSRUW FD HL 6SWPQD WUHFXW PL VDX RIHULW
GHFWRELQXLDLODPWULPLVQFDVSHQWUXDDSULQGHIRFXOFHHDFHQVH]RQXODFHODGLQDQIFHDSDUWH SHQWUXHORPLHDSWHVXWHGHGRODUL
GLQQGDWRULULOHOXL LQXLDLOXDW"DQWUHEDW%DVVFXXQDHUVXUSULQV
QDFHODLWLPSODPVFXWXUDWYLROHQWSH%RELODPQWUHEDWGDFDYHDGHJQGVGRDUPSQOD  1LFL YRUE QDP SXV PQD SH RFKLXO 6DWDQHL 3L HVWH XQ DGHYUDW JHQLX SRDWH V IDF RULFH
DPLD]VSXQQGXLFVWSQXODYHD V VH WUH]HDVF QDLQWH FDHOVIL KUQLWFDWULL(O WLDSUHD ELQH SOXJXULFUXHODIHOFDWLQH0DUVKDOODYUXWVPLRIHUHSHQWUXHOXQQHJURWHLGHDOOXLSOXVEDQLGDU
XUPULOHXQXLDVHPHQHDSFDWLVULQGQSLFLRDUHVDUHSH]LWGHQGDWVSUHL]OD] LDPUHSOLFDWFPDLELQHORPRUGHFWVOGDX
,PHGLDWGXSFHDXLHLWFHLGRL%DVVDLQWUDWQFROLE 1XYGWRWXLQLPLFUHPDUFDELOODHODFRPHQWDW%DVV
3QDFXPQDVRVLWQLFLRVFULVRDUHPLD]LVHO ,DSXQHPQDDUHSOLFDW(SSV1XGHPXOWHRULYH]LDWWHDFDOLWLQDFHODLELDW$UHSLHOHDFDP
$QXQXOPLDF]XWFDSOXPEXOSHVWHLQLP VHQVLELOLQXUH]LVWODELFLXLULODIHOGHELQHFDDOLLGDUHVWHPXFKLXORVLQXIDFHJUHHOL
 6WSQH %DVV DP VWULJDW PDL VFULHL R GDW 9 YRL GD PDL PXOWH QXPH SH FDUH OH FXQRVF &X %DVV PD SLSLW PD UVXFLW L PD H[DPLQDW DPQXQLW WLPS Q FDUH (SSV D FRQWLQXDW VPL
VLJXUDQQDXPXULWWRL&XVLJXUDQFXLYDLYDILPLOGHPLQH VXEOLQLH]H FDOLWLOH 0XVDILUXO OXL QX SUHD WRWXL LQWHUHVDW GH VXELHFW DD F Q FHOH GLQ XUP OD
 1DUH URVW D UVSXQV %DVV QDUH URVW Q SULYLQD DFHDVWD DP OXDW R KRWUUH 0 WHP F HIXO DEDQGRQDW $ SOHFDW ODVFXUWWLPSGXS DFHHDDUXQFQGXPLDOWSULYLUH FXVXEQHOHVFQG DLHLWGLQ
RILFLXOXL SRWDO GLQ 0DUNVYLOOH YD EQXL FHYD $P QWUHEDW SUHD GHV DFROR (VWH SUHD QHVLJXU SUHD FXUWH
SHULFXORV 'XSSOHFDUHDOXLDPRELQXWXQSHUPLVLDPSRUQLWVSUHSODQWDLD7DQQHUQX3HWHU7DQQHUSHFDUH
$WXQFLVDWHUPLQDWDPH[FODPDWHX9DL'RDPQHPLYRLVIUL]LOHOHDLFL ODPDPLQWLWPDLGHYUHPHFLRUXGDVD$PFQWDWSHVWH]LLPDUHSDUWHGLQQRDSWHDSRLDPSHWUHFXW
1XOHYHL VIULDLFL D]LVHO GHFWGDFYHL PXULIRDUWHFXUQG $PDQDOL]DWSUREOHPDSHWRDWH ]LXDXUPWRDUHGXPLQLFQFROLEDPHD/XQLDPWUHFXWED\RXOODSODQWDLD'RXJODV0DUVKDOOQVRLWGH
IHHOHLDPDMXQVODRKRWUUH([LVWPDLPXOWHFLSULQFDUHVDFLRQPGDUXQDHVWHPDLEXQLPDL WRL VFODYLL OXL (SSV LDU PDUL PDP GXV OD 1RUZRRG FDUH HVWH D WUHLD SODQWDLH GXS 0DUVKDOO GH
VLJXU GHFW VFULVRULOH 0DL DP XQDGRX OXFUUL FH SRW IL WHUPLQDWH SQ Q PDUWLH VDX DSULOLH 3Q DFHHDLSDUWHDDSHL
DWXQFLYRLILVWUQVRVXPIUXPXLFLDWXQFL3ODWWPYRLGXFHHXQVXPLOD6DUDWRJD 'RPHQLXODFHVWDHVWHDFXPSURSULHWDWHDGRPQLRDUHL0DU\0F&R\RIDWPLQXQDWGHYUHRGRX]HFL
1XPLDYHQLWVPLFUHGXUHFKLORUFQGDPDX]LWYRUEHOHDFHOHD(OPDDVLJXUDWQVQWURPDQLHU GHDQLIUXPXVHHDLIDODOXL%D\RX%RHXI'HLQHYUHRVXWGHVFODYLDOWXULGHPXOLVHUYLWRULQFDV
FDUHQXOVDQGRLHOLFXSULYLUHODVLQFHULWDWHDLQWHQLHLOXLFGDFQXYDSLQLPLFSQODSULPYDUYD ELHL GH FXUWH L FRSLL &XPQDWXO HL FDUH ORFXLHWH SH UHHGLQD QYHFLQDW L HVWH UHSUH]HQWDQW (VWH
LXELW GH WRL VFODYLL HL FDUH DX QWUDGHYU PRWLYH QWHPHLDWH V ILH UHFXQRVFWRUL F DX F]XW Q DEWXW L QHIHULFLW LDU VHDUD FQG PDP QWLQV SH VFQGXUD WDUH LQLPD PL HUD PSRYUDW FX DWWD
DVHPHQHDPLQLEOQGH1LFLHULSHED\RXQXH[LVWRVSHHLSHWUHFHULFDODWQUD0F&R\$FRORPDL VXIHULQQFWSUHDFVHYDIUQJHGLQWURFOLSQDOWD
PXOW GHFW Q RULFDUH DOW ORF OH SODFH EWUQLORU L WLQHULORU GH SH PXOL NLORPHWUL GLQ MXU V YLQ V /XQL GLPLQHD  LDQXDULH  DP IRVW GHYUHPH SH FPS (UD R GLPLQHD PXFWRU GH UHFH
SHWUHDFVUEWRULOHGH&UFLXQSHQWUXFQLFLHULDOWXQGHYDQXSRWJVLPQFUXULDWWGHGHOLFLRDVHL QHRELQXLWSHQWUXLQXWXODFHVWD(XHUDPQID8QFKHXO$EUDPOQJPLQHLDUQXUPDOXLYHQHDX
QLFLHULDOWXQGHYDQXSRWDX]LXQJODVFDUHVOHYRUEHDVFDWWGHSOFXW1LPHQLQXHVWHODIHOGHLXELW %RE3DWVH\L:LOH\FXVDFLLGLQEXPEDFQMXUXOJWXULORUQGLPLQHDDDFHHDVDQWPSODWFD(SSVV
QLPHQLQXXPSOHXQVSDLXDWWGHPDUHQLQLPLOHDRPLHGHVFODYLFDWQUD0F&R\VWSQDRUIDQD YLQIUELFL FXDGHYUDWRUDULWDWH 1HDVXGXLWFXYRUEHFDUHDUILUXLQDWLXQSLUDWFQXIFHDP
YHFKLXOXLGRPHQLX1RUZRRG QLPLF %RE D FXWH]DW V VSXQ F GHJHWHOH L HUDX DWW GH DPRULWH GH IULJ QFW QX SXWHD V FXOHDJ
&QG DP DMXQV DFROR DP JVLW GRXWUHL VXWH GH VFODYL FDUH VH DGXQDVHU GHMD 0DVD IXVHVH QWLQV UHSHGH(SSVVDEOHVWHPDWSHVLQHILLQGFQXDGXVHVHELFLXOLDGHFODUDWFDWXQFLFQGYDUHYHQLQHYD
QWUR FOGLUH OXQJ SH FDUH 0DU\ 0F&R\ R FRQVWUXLVH VSHFLDO SHQWUX VFODYL L HUD DFRSHULW FX WRDWH QFO]LGLQSOLQGDGDDYHDVQHIDFPDLQILHUEQWDLGHFWWUPXOIRFXOXLYHQLFQFDUHVXQWWHQWDW
IHOXULOH GH PQFDUH FH SXWHDX IL JVLWH Q LQXW Q DFODPDLLOH JHQHUDOH D IRVW SURFODPDW XQXO GLQWUH XQHRULVFUHGFYDVOOXLHOQFHOHGLQXUP
SUQ]XULOHFHOHPDLJUR]DYH&XUFDQLSRUFLJLQLUDHLWRWIHOXOGHFUQXULIULSWHFRDSWHLILHUWHVH 'XSFHLDH[SULPDWQHPXOXPLUHDDSOHFDW&QGVDQGHSUWDWQWUDWWQFWQXQHPDLSXWHDDX]L
QLUXLDXSHWRDWOXQJLPHDPHVHLLDUVSDLLOHOLEHUHGLQWUHHOHHUDXXPSOXWHFXWDUWHMHOHXULSUMLWXULFX DPQFHSXWVGLVFXWPQWUHQRLSOQJQGXQHFWGHJUHXHUDVPXQFLPFXGHJHWHOHDPRULWHFWGH
JOD]XULIHOGHIHOGHSURGXVHGHSDWLVHULH7QUDVWSQXPEODQMXUXOPHVHLVXU]QGLDGUHVQG QHFXJHWDWHUDVWSQXOLQJHQHUDODPYRUELWGHVSUHHOQWHUPHQLQXWRFPDLPJXOLWRUL&RQYHUVDLD
ILHFUXLDFWHRYRUEEXQLSUQGFVHEXFXUGHRVHELWGHWRDWVFHQD QHDIRVWQWUHUXSWGHDSDULLDXQHLWUVXULFDUHVDQGUHSWDWLXWHVSUHFDV5LGLFQGRFKLLDPY]XW
'XS FH VD WHUPLQDW SUQ]XO PHVHOH DX IRVW QGHSUWDWH SHQWUX D OH IDFH ORF GDQVDWRULORU 0LDP GRLEUEDLFDUHVHDSURSLDXGHQRLSULQFPSXOGHEXPEDF
DFRUGDWYLRDUDLDPQFHSXWXQULWPVOWUHQYUHPHFHXQLLDXQFHSXWVVHURWHDVFYLRLDOLLEWHDX
GLQ SDOPH L FQWDX FQWHFHOH ORU VLPSOH GDU PHORGLRDVH XPSOQG VDOD PDUH FX PX]LF JODVXUL $MXQJQGDVWIHOFXQDUDLXQHDODXOWLPDRUSHFDUHDYHDPVRSHWUHFSH%D\RX%RHXIDMXQJQGOD
RPHQHWLLWURSLWXULGHSLFLRDUH XOWLPXOPHXFXOHVGHEXPEDFLSUHJWLQGXPVPLLDXUPDVEXQGHODVWSQXO(SSVLYRLUXJDSH
6HDUDVWSQDDUHYHQLWLDUPDVPXOWWLPSQSUDJXOXLLSULYLQGXQH$UWDPLQXQDW3UXOLRFKLL FLWLWRULVVHQWRDUFDOWXULGHPLQHQOXQDDXJXVWVXUPPVFULVRDUHDOXL%DVVQOXQJDHLFOWRULH
HLQHJULFRQWUDVWDXSXWHUQLFFXSLHOHDDOELGHOLFDW6LOXHWDLHUD]YHOWGDUDXWRULWDULDUPLFULOHHL VSUH 6DUDWRJD V DIOP HIHFWXO SH FDUH OD SURGXV HD L V YHGHP FXP Q WLPS FH HX SOQJHDP GH
HUDXRFRPELQDLHGHJUDLHLGHPQLWDWHQHDIHFWDW3ULYLQGRFXPVWWHDDFRORQYHPQWDWQVWUDLHOH GLVSHUDUH Q FROLED SHQWUX VFODYL D OXL (GZLQ (SSV WRDWH OXFUXULOH DX FRQOXFUDW OD PQWXLUHD PHD
HLERJDWHFXIDDDQLPDWGHSOFHUHPLVDSUXWFQXY]XVHPQLFLFQGRISWXURPHQHDVFPFDU PXOXPLWSULHWHQLHLOXL%DVVLEXQWLL3URYLGHQHL
SHMXPWDWHODIHOGHIUXPRDV,QVLVWFXQFQWDUHDVXSUDGHVFULHULLDFHVWHLGRPQLRDUHEOQGHLEXQH
QX GRDU SHQWUX F PLD LQVSLUDW UHFXQRWLQ L DGPLUDLH FL SHQWUX F D GRUL VL IDF SH FLWLWRUL V
QHOHDJ F QX WRL SURSULHWDULL GH VFODYL GH SH %D\RX %RHXI VXQW FD (SSV 7LEHDWV VDX -LP %XUQV
2FD]LRQDO SRDWH IL JVLW QWUDGHYU GHVWXO GH UDU XQ RP FRUHFW FD :LOOLDP )RUG VDX XQ QJHU GH
EXQWDWHFDWQUDVWSQ0F&R\
0DULDXOXDWVIULWFHOHWUHL]LOHGHVUEWRDUHSHFDUH(SSVQLOHDFRUGDQILHFDUHDQ3HGUXPXOGH
QWRDUFHUHPLHUFXULGLPLQHDSHFQGWUHFHDPSHOQJSODQWDLDOXL:LOOLDP3LHUFHDFHVWDPDVWULJDW
DQXQQGXPFSULPLVHRQWLLQDUHGHOD(SSVDGXVGH:LOOLDP9DUQHOOSULQFDUHLVHSHUPLWHDV
PUHLQSHQWUXDOHFQWDVFODYLORUVLQVHDUDDFHHD$IRVWXOWLPDGDWFQGDPIRVWVRUWLWVDVLVWOD
XQGDQVDOVFODYLORUSHPDOXULOHOXL%D\RX%RHXI3HWUHFHUHDGHOD3LHUFHDFRQWLQXDWFXYHVHOLHSQVD
OXPLQDW GH ]L FQG PDP QWRUV OD FDVD VWSQXOXL PHX RDUHFXP QJULMRUDW GH OLSVD GH RGLKQ GDU
EXFXUQGXPGHEQXLLSHFDUHPLLRIHULVHUDOELLQFQWDLGHVSHFWDFROXOPHXPX]LFDO
6PEWGLPLQHDSHQWUXSULPDGDWGXSQXPDLWLXFLDQLQDPL]EXWLWVPWUH]HVFODWLPS
$PIRVWQJUR]LWFQGDPLHLWGLQFROLELDPGHVFRSHULWFVFODYLLHUDXGHMDSHFPS0LROXDVHU
QDLQWHFXYUHRFLQFLVSUH]HFHPLQXWH/VQGXPLSUQ]XOLWLJYDGHDSPDPJUELWGXSHLFWDP
SXWXWGHUHSHGH6RDUHOHQFQXUVULVHGDU(SSVHUDSHYHUDQGFQGDPSUVLWFROLEDLDUFQLWGXS
PLQH F HUD XQ PRPHQW WDUH IUXPRV GLQ ]L SHQWUX D P WUH]L 0XQFLQG GLQ UVSXWHUL PL WHUPLQDVHP
UQGXO FQG LD IFXW DSDULLD GXS PLFXO GHMXQ $VWD QD VFKLPEDW QV FX QLPLF SFDWXO GH D P IL
WUH]LWWU]LX&HUQGXPLVPQWLQGLVPGH]EUDF(SSVPLDDSOLFDW]HFHFLQFLVSUH]HFHELFHGXS
FDUHPDQWUHEDWGDFDFXPFUHGHDPFPSXWHDPVFXODWRWXLGLPLQHDD$PURVWLWFWPDLHQHUJLFF
SXWHDPLFXVSDWHOHXVWXUQGXPGHGXUHUHPLDPUHOXDWPXQFD
$GRXD]LGXPLQLFJQGXULOHPLVDXQWRUVFWUH%DVVLVSHUDQHOHFDUHDWUQDXGHDFLXQHDLGH
GHWHUPLQDUHD OXL 0DP JQGLW OD QHVLJXUDQD YLHLL Q VLQH GDF DYHD V ILH YRLD 'RPQXOXL FD HO V
PRDUDWXQFLQGHMGHDPHDGHDILVDOYDWLGHDPLJVLIHULFLUHDDYHDVVHVIUHDVFGHILQLWLY3RDWH
FQLFLVSLQDUHDPHDGXUHURDVQXPLRIHUHDPRWLYHVILXQHRELQXLWGHYHVHO7RDW]LXDPDPVLPLW
GH JHQWOHPHQL ELQHFXQRVFXL SHQWUX FD +HQU\ % 1RUWKXS V ILH QXPLW DJHQW UHSUH]HQWDQW Q
&DSLWROXO;;, FRQIRUPLWDWHFXOHJHDDPLQWLWPDLVXV
&LWLQG PHPRULXO L GHFODUDLLOH H[FHOHQD VD D PDQLIHVWDW XQ UHDO LQWHUHV ID GH VXELHFW L SH 
6FULVRDUHDDMXQJHOD6DUDWRJD(VWHQDLQWDW$QQHL(VWHDGXVOXL+HQU\%1RUWKXS QRLHPEULH  Q FRQIRUPLWDWH FX SXWHULOH DFRUGDWH GH VWDW OD GHVHPQDW L DQJDMDW SH +HQU\ %
/HJHDGLQPDL3UHYHGHULOHHL0HPRULXO$QQHLFWUHJXYHUQDWRU'HFODUDLLOH 1RUWKXS (VT FD DJHQW UHSUH]HQWDQW FX DWULEXLL FRPSOHWH SHQWUX D VROXLRQD UHSXQHUHD PHD Q
QVRLWRDUH6FULVRDUHDVHQDWRUXOXL6RXOH3OHFDUHDDJHQWXOXLGHVHPQDWGHJXYHUQDWRU GUHSWXUL L D QWUHSULQGH PVXULOH QHFHVDUH Q DFHDVW SULYLQ FHUQGXL V SOHFH FW PDL UHSHGH VSUH
6RVLUHDOD0DUNVYLOOH2QRUDELOXO-RKQ3:DGGLOO&RQYHUVDLDGHVSUHSROLWLFDGLQ1HZ /RXLVLDQD 


<RUN6XJHUHD]RLGHHIHULFLWQWOQLUHDFX%DVV'H]YOXLUHDVHFUHWXOXL&RQVWLWXLUHD 1DWXUDSUHVDQWDDQJDMDPHQWHORUSURIHVLRQDOHLSROLWLFHDOHGRPQXOXL 1RUWKXS DQWU]LDW SOHFDUHD


SURFHGXULORUOHJDOH3OHFDUHDOXL1RUWKXSLDHULIXOXLGLQ0DUNVYLOOHFWUH%D\RX%RHXI OXLSQQOXQDGHFHPEULH3HGHFHPEULHHODSOHFDWGLQ6DQG\+LOOFXGHVWLQDLD:DVKLQJWRQ'XS
$UDQMDPHQWHOHGHSHGUXP6RVLUHDSHSODQWDLDOXL(SSV'HVFRSHULUHDVFODYLORUVLSH FH DX DXGLDW R SUH]HQWDUH D IDSWHORU L DX H[DPLQDW PSXWHUQLFLUHD OXL FD L FSLL DXWHQWLILFDWH DOH
FPSXOGHEXPEDFQWOQLUHD5PDVEXQ PHPRULXOXL L GHFODUDLLORU RQRUDELOXO 3LHUUH 6RXOH VHQDWRU Q &RQJUHV GLQ SDUWHD VWDWXOXL /RXLVLDQD
RQRUDELOXO GRPQ &RQUDG VHFUHWDU GH U]ERL L MXGHFWRUXO .HOVRQ GH OD &XUWHD 6XSUHP D 6WDWHORU
3HQWUXPXOWHGLQWUHGHWDOLLOHFXSULQVHQDFHVWFDSLWROLVXQWQGDWRUDWGRPQXOXL+HQU\%1RUWKXSFD 8QLWHLDXQPQDWVFULVRULGHVFKLVHFWUHJHQWOHPHQLGLQ/RXLVLDQDVROLFLWQGXOHLPSHUDWLYVSULMLQXO
LDOWRUD SHQWUXDWLQJHUHDRELHFWLYXOXLPLVLXQLLVDOH
6FULVRDUHD QWRFPLW GH %DVV L DGUHVDW OXL 3DUNHU L 3HUU\ FDUH D IRVW SXV OD RILFLXO SRWDO GLQ 6HQDWRUXO6RXOHDGRYHGLWXQLQWHUHVDSDUWHIDGHFD]VXVLQQGHQHUJLFFHUDGDWRULDLLQWHUHVXO
0DUNVYLOOHSHGDWDGHDXJXVWDVRVLWQ6DUDWRJDODQFHSXWXOOXQLLVHSWHPEULH&XFHYDWLPSQ WXWXURU SODQWDWRULORU GLQ VWDWXO OXL V P DMXWH VPL UHFDSW OLEHUWDWHD L F VSHUD FD VHQWLPHQWHOH GH
XUP$QQHVHPXWDVHQ*OHQV)DOOVFRPLWDWXO:DUUHQXQGHFRQGXFHDEXFWULDKRWHOXOXL&DUSHQWHUV RQRDUHLMXVWLLHFDUHDUWUHEXLVLFDUDFWHUL]H]HSHWRLFHWHQLLIHGHUDLHLVLGHWHUPLQHGHQGDWV
$YHDRFDVQFDUHORFXLDFXFRSLLLQRWULGHOQJFDUHOLSVHDQXPDLFQGRFHUHDXQGDWRULULOHGHOD PLVDUQDMXWRU'XSFHDRELQXWDFHVWHVFULVRULYDORURDVHGRPQXO1RUWKXSVDQWRUVQ%DOWLPRUH
KRWHO GHXQGHDSOHFDWVSUH3LWWVEXUJKQXUPDVIDWXULORUSULHWHQLORUGLQ:DVKLQJWRQHOLQWHQLRQDVHLQLLDOV
&QGDXSULPLWVFULVRDUHDGRPQLL3DUNHUL3HUU\LDXSUHGDWRLPHGLDW$QQHL$XFLWLWRWRLLFRSLLL PHDUJ GLUHFW OD 1HZ 2UOHDQV L V FRQVXOWH DXWRULWLOH GH DFROR 'LQ IHULFLUH QV DMXQJQG OD JXUD
DX IRVW Q FXOPHD IHULFLULL GXS FDUH DX SRUQLW IU QWU]LHUH VSUH VDWXO YHFLQ 6DQG\ +LOO SHQWUX DO 5XOXL5RXVDU]JQGLW'DFDUILPHUVPDLGHSDUWHQXVDUILQWOQLWFX%DVVLDUQFD]XODFHOD
FRQVXOWDSH+HQU\%1RUWKXSLDRELQHVIDWXOLDMXWRUXOOXLQDFHDVWSULYLQ SUREDELOFQDUILUHXLWVPJVHDVF
&HUFHWQGOHJLVODLDVWDWXOXLDFHVWGRPQDJVLWROHJHFDUHYL]DUHFXSHUDUHDGLQVFODYLHDFHWHQLORU PEDUFQGXVH SH SULPXO YDSRU FX ]EDWXUL FDUH VRVLVH HO D SRUQLW Q DPRQWH SH 5XO 5RX R DS
OLEHUL(DIXVHVHSURPXOJDWSHPDLLHVWHLQWLWXODW2OHJHPDLHILFLHQWQYHGHUHDDSUULL OHQHLQWRUWRFKHDWFDUHFXUJHSULQWUXQLQXWYDVWGHSGXULEWUQHLPODWLQLGHQHSWUXQVDSURDSH
FHWHQLORUOLEHULDLDFHVWXL6WDWSHQWUXDQXILUSLLVDXGXLQVFODYLH/HJHDDFHHDVWLSXODFQFD]XO FRPSOHWQHORFXLW3HLDQXDULHODRUDQRXGLPLQHDDHODFRERUWGHSHYDSRUOD0DUNVYLOOHLD
SULPLULLXQRULQIRUPDLLSODX]LELOHSRWULYLWFURUDRULFDUHFHWHDQOLEHUVDXORFXLWRUDODFHVWXLVWDWHVWH SRUQLWGLUHFWVSUH0DUNVYLOOH&RXUW+RXVHXQVWXFDIODWODDVHDSWHNLORPHWULVSUHLQWHULRUXOXVFDWXOXL
LQXWSHQHGUHSWQDOWVWDWVDXWHULWRULXDO6WDWHORU8QLWHVXEDOHJDLDVDXSUHWH[WXOFHVWHVFODYILHGLQ 'HRDUHFH VFULVRDUHD DGUHVDW GRPQLORU 3DUNHU L 3HUU\ IXVHVH H[SHGLDW GLQ 0DUNVYLOOH GRPQXO
FDX]D FXORULL SLHOLL VDOH ILH Q FRQIRUPLWDWH FX DOWH X]DQH VDX SUHYHGHUL OHJLVODWLYH YD IL GH GDWRULD 1RUWKXS D GHGXV F QX SXWHDP V P DIOX GHFW Q DFHD ORFDOLWDWH VDX Q LPHGLDWD HL YHFLQWDWH
JXYHUQDWRUXOXLVLDRULFHPVXULSHFDUHOHYDFRQVLGHUDQHFHVDUHSHQWUXDDVLJXUDUHVWLWXLUHDOLEHUWLL $MXQJQG Q 0DUNVYLOOH HO VD SUH]HQWDW GH QGDW QDLQWHD RQRUDELOXOXL -RKQ 3 :DGGLOO XQ DYRFDW
SHUVRDQHL UHVSHFWLYH ,DU Q SULYLQD DFHDVWD HUD DXWRUL]DW V GHVHPQH]H L V DQJDMH]H XQ DJHQW GLVWLQV L XQ EUEDW FX PLQWH VWUOXFLW L LPEROGXUL GLQWUH FHOH PDL QRELOH H[SXQQGXL FD]XO L
UHSUH]HQWDQWFUXLDVLDVLJXUHDFUHGLWULOHLLQVWUXFLXQLOHQHFHVDUHSHQWUXDLUHDOL]DVDUFLQDSHQWUX PLVLXQHDOXL'XSFHDFLWLWVFULVRULOHLGRFXPHQWHOHFDUHLDXIRVWSUH]HQWDWHLGXSFHDDVFXOWDWR
FDUHDIRVWPSXWHUQLFLW$JHQWXODVWIHOGHVHPQDWXUPDVFXOHDJGXSDFHHDGRYH]LOHFRUHVSXQ]WRDUH UHODWDUH D FLUFXPVWDQHORU Q FDUH IXVHVHP OXDW Q FDSWLYLWDWH GRPQXO :DGGLOO LD RIHULW GH QGDW
SHQWUX D VWDELOL GUHSWXO SHUVRDQHL UHVSHFWLYH OD OLEHUWDWH V QWUHSULQG WRDWH FOWRULLOH QHFHVDUH V LD VHUYLFLLOHLVDRFXSDWGHDIDFHUHFX]HOLVHULR]LWDWH$OWXULGHDOWHSHUVRDQHFXQDOWPRUDOLWDWHL
PVXULOHQHFHVDUHVLQVWLWXLHSURFHGXULOHOHJDOHHWFFDUHSXWHDXILQHFHVDUHSHQWUXDUHDGXFHSHUVRDQD SULYHD FX UHSXOVLH SH USLWRUL 7LWOXULOH GH SURSULHWDWH DVXSUD VFODYLORU FDUH FRQVWLWXLDX SURSRULD
FXSULFLQDQDFHVWVWDWLDYHDVGHFRQWH]HWRDWHFKHOWXLHOLOHRFD]LRQDWHGHHIHFWXDUHDDFHORUDFLXQLGLQ FRYULWRDUH D ERJLHL ORFXLWRULORU L FOLHQLORU VL GLQ SDURKLH GHSLQGHDX GH EXQDFUHGLQ Q FDUH VH

VXPHOHGHEDQLVSHFLDOSUHY]XWHQWUH]RUHULH  IFHDXWUDQ]DFLLOHFXVFODYLLDUOXLQVXLXQRPRQRUDELORDVHPHQHDLQMXVWLLHLDWUH]LWLQGLJQDUHD
3HQWUX D FRQYLQJH JXYHUQDWRUXO HUD QHFHVDU VWDELOLUHD D GRX IDSWH Q SULPXO UQG F HX HUDP 'HL RFXSD R SR]LLH LPSRUWDQW L HUD GHVHPQDW SULQ FXUVLYH LPSUHVLRQDWH SH KDUWD /RXLVLDQHL
FHWHDQ OLEHU DO VWDWXOXL 1HZ <RUN LDU Q DO GRLOHD UQG F HUDP LQXW Q PRG DEX]LY Q VFODYLH Q 0DUNVYLOOHHUDQUHDOLWDWHXQFWXQPLFLQHQVHPQDW&XH[FHSLDUHVWDXUDQWXOXLLQXWGHXQSURSULHWDU
SULYLQDSULPXOXLDVSHFWQXH[LVWDXGLILFXOWLQWUXFWWRLORFXLWRULLPDLYUVWQLFLGLQLQXWHUDXJDWDV YHVHO L JHQHURV D WULEXQDOXOXL LQYDGDW Q SHULRDGHOH GH YDFDQ GH YLWH L SRUFL DIODL PDL SUHVXV GH
GHSXQPUWXULHQDFHDVWSULYLQ$OGRLOHDDVSHFWVHIXQGDPHQWDH[FOXVLYSHVFULVRDUHDFWUH3DUNHU OHJHLDHDIRGXOXLDOFUXLWUHDQJVHOHJQDQDHUSXLQHDUILSXWXWDWUDJHDWHQLDVWULQLORU
L3HUU\VFULVGHRPQQHFXQRVFXWFDLSHVFULVRDUHDH[SHGLDWGHODERUGXOEULFXOXL2UOHDQVFDUH 'RPQXO :DGGLOO QX DX]LVH QLFLRGDW GH QXPHOH 6RORPRQ 1RUWKXS GDU HUD QFUH]WRU F GDF Q
GLQSFDWHVHSLHUGXVHRULVHUWFLVH 0DUNVYLOOHVDXQYHFLQWDWHDVDH[LVWDXQVFODYFXQXPHOHDFHODELDWXOOXLQHJUX7RPODUILFXQRVFXW
$ IRVW SUHJWLW XQ PHPRULX FDUH V ILH QDLQWDW H[FHOHQHL VDOH JXYHUQDWRUXO +XQW 0HPRULXO DFHOD $IRVWFKHPDW7RPQVQFHUFXOOXLODUJGHFXQRWLQHQXH[LVWDXQDVHPHQHDSHUVRQDM
FRQVHPQDFVWRULD$QQHLSOHFDUHDPHDOD:DVKLQJWRQSULPLUHDVFULVRULORUFDOLWDWHDPHDGHFHWHDQ 6FULVRDUHDDGUHVDWOXL3DUNHUL3HUU\PHQLRQD%D\RX%RHXIQDLQWHDGDWHLLGHDFHHDVDFRQFKLVF
OLEHULDOWHGHWDOLLFDUHIXVHVHUFRQVLGHUDWHLPSRUWDQWH$QQHODYHULILFDWLODLVFOLWLDUPHPRULXOXLL DFRORWUHEXLDVILXFXWDW,PHGLDWQVDDSUXWRGLILFXOWDWHJUDY3QODSXQFWXOFHOPDLDSURSLDWGLQ
DXIRVWDQH[DWHFWHYDGHFODUDLLSUHVWDWHVXEVWDUHGHMXUPQWGHFHWHQLGHYD]GLQ6DQG\+LOOL)RUW %D\RX%RHXIHUDXWUHL]HFLLDSWHGHNLORPHWULLDUGHQXPLUHDDFHHDVHDSOLFDXQXLLQXWFDUHVHQWLQGHD
(GZDUGFDUHFRQILUPDXQWUXWRWXODILUPDLLOHSHFDUHOHFRQLQHDFDLRFHUHUHDGUHVDWJXYHUQDWRUXOXL QWUH RSW]HFL L R VXW FLQFL]HFL GH NLORPHWUL GH DPEHOH SUL DOH DSHL UHVSHFWLYH 0LL L PLL GH VFODYL
ORFXLDX SH PDOXULOH VDOH QWUXFW VROXO ERJDW L IHUWLO DWUVHVH DFROR PXOL SODQWDWRUL ,QIRUPDLLOH GLQ RSULWLDFHUFHWDWFKLSXOLQWHUORFXWRUXOXLVX
VFULVRDUHHUDXDWWGHYDJLLQHFODUHQFWSHED]DORUHUDJUHXGHVWDELOLWXQSODQVSHFLILFGHDFLXQHQ 3RDWHFVXQWRDUHFXPSULSLWGRPQXOH%DVVLPLYRLFHUHLHUWDUHSHQWUXDFHVWOXFUXGDUDPVRVLW
FHOHGLQXUPVDGHFLVFD1RUWKXSLIUDWHOHOXL:DGGLOOXQVWXGHQWFDUHOXFUDQFDELQHWXODYRFDWXOXL GLQVWDWXO1HZ<RUNSHQWUXDQGHSOLQLVFRSXOSHFDUHODDYXWQYHGHUHDXWRUXOXQHLVFULVRULGDWDWH
VSOHFHVSUH%D\RXLVFOWRUHDVFSHWRDWOXQJLPHDOXLQWLSHXQPDOLDSRLSHFHOODOWQWUHEQG DXJXVW L FDUH D IRVW H[SHGLDW GLQ 0DUNVYLOOH &LUFXPVWDQHOH PDX IFXW V FUHG F SRDWH GXPQHDWD
GHPLQHODWRDWHSODQWDLLOH'RPQXO:DGGLOOVDRIHULWVOHSXQODGLVSR]LLHWUVXUDOXLLVDDUDQMDW HWLFHOFDUHDVFULVROFDXWSH6RORPRQ1RUWKXS'DFOFXQRWLWHURJVILLFLQVWLWLVPLFRPXQLFL
DVWIHOQFWFHLGRLVLQFHDSFOWRULDOXQLGLPLQHDGHYUHPH ORFXO XQGH VH DIO L WH DVLJXU F QX YRL GLYXOJD VXUVD RULFUHL LQIRUPDLL PL YHL RIHUL GDF DVWD LH
6H SRDWH YHGHD LPHGLDW F DFLXQHD DFHHD VDU IL VROGDW PDL PXOW FD VLJXU FX XQ HHF $U IL IRVW YRLD
LPSRVLELO FD EUEDLL DFHWLD V FXWUHLHUH FPSXULOH L VL FHUFHWH]H SH WRL VFODYLL DIODL OD PXQF Q %DVVODSULYLWPXOWWLPSQRFKLSH1RUWKXSIUVGHVFKLGJXUD3UHDVUHIOHFWH]HGDFQXHUD
SOXVHLQXWLDXFHXHUDPFXQRVFXWGRDUFD3ODWWLGDFODUILQWUHEDWFKLDUSH(SSVQVXLDFHVWDDU FXPYDRQFHUFDUHGHDODPJLQFHOHGLQXUPDURVWLWDSVDW
ILGHFODUDWIUVILPLQLWGHORFFQXFXQRWHDQLFLXQ6RORPRQ1RUWKXS 1XDPIFXWQLPLFGHFDUHVPLILHUXLQH(XVXQWFHOFDUHDQWRFPLWVFULVRDUHD'DFDLYHQLW
'XS FH VD VWDELOLW QV PRGXO GH DFLXQH QX PDL UPVHVH QLPLF GH IFXW SQ QX WUHFHD ]LXD GH VOVDOYH]LSH6RORPRQ1RUWKXSPEXFXUVWHYG
GXPLQLFQWLPSXOGXSDPLH]LLGHVPEWFRQYHUVDLDGLQWUHGRPQLL1RUWKXSL:DGGLOODDMXQVOD &QGODLY]XWXOWLPDGDWLXQGHHVWHDFXP"DQWUHEDW1RUWKXS
SROLWLFDGLQVWDWXO1HZ<RUN 8OWLPDGDWODPY]XWGH&UFLXQDFXPRVSWPQ(VWHVFODYXOOXL(GZLQ(SSVXQSODQWDWRU
PLHVWHIRDUWHJUHXVQHOHJGHRVHELULOHLQXDQHOHILQHGLQWUHSDUWLGHOHSROLWLFHGLQVWDWXOYRVWUX GHSH%D\RX%RHXIQDSURSLHUHGH+ROPHVYLOOH1XHVWHFXQRVFXWFD6RORPRQ1RUWKXSFLHVWHQXPLW
D UHPDUFDW GRPQXO :DGGLOO $P FLWLW GHVSUH FRFKLOLLPRL L FRFKLOLLWDUL FLXFLL L LQFHQGLDWRUL GH 3ODWW

KDPEDUHGHVSUHFDSHWHGHOQLVXULDUJLQWLL LQXVXQWQVWDUHVQHOHJDGHYUDWHOHGHRVHELULGLQWUH 6HFUHWXO QFHWDVH V PDL ILH VHFUHW PLVWHUXO IXVHVH GH]YOXLW 3ULQ QRUXO QHJUX L GHV Q DOH FUXL
HL0LOHDLSXWHDOPXULGXPQHDWD" XPEUH QWXQHFDWH L VXPEUH XPEODVHP YUHPH GH GRLVSUH]HFH DQL D VWUOXFLW VWHDXD FDUH DYHD V P
'RPQXO1RUWKXSLDUHXPSOXWSLSDFXWXWXQLDQFHSXWRLVWRULHGHVWXOGHGHWDOLDWGHVSUHRULJLQHD OXPLQH]HVSUHOLEHUWDWH7RDWHVXVSLFLXQLOHLRYLHOLOHDXIRVWDEDQGRQDWHQVFXUWWLPSLFHLGRLEUEDL
GLYHUVHORU IDFLXQL DOH SDUWLGHORU SHQWUX D FRQFOX]LRQD F Q 1HZ <RUN H[LVWD DFXP XQ DOW SDUWLG DX GLVFXWDW PXOW L GHVFKLV GHVSUH VXELHFWXO FDUHL SUHRFXSD Q PRG GHRVHELW %DVV D SRYHVWLW GHVSUH
FXQRVFXWFDOLEHULFXOWLYDWRULVDXDEROLLRQLWL LQWHUHVXOSHFDUHLOWUH]LVHVRDUWDPHDGHVSUHLQWHQLDOXLGHDSOHFDQ1RUGODSULPYDULDGHFODUDW
6QHOHJDQWUHEDWHOGXSDFHHDFQSDUWHDDFHDVWDGLQLQXWQXH[LVWDDFHYD" FHUDKRWUWVPLRELQOLEHUWDWHDGDFLVWWHDQSXWHUH(ODGHVFULVQFHSXWXOLHYROXLDUHODLHL
&XRVLQJXUH[FHSLHDUVSXQV:DGGLOOU]QG$LFLQ0DUNVYLOOHDYHPXQLQGLYLGH[FHQWULF GLQWUH QRL L D DVFXOWDW FXULRV L QHUEGWRU UHODWDUHD FDUH LD IRVW RIHULW GHVSUH IDPLOLD PHD L LVWRULD
FDUH SUHGLF DEROLLRQLVPXO OD IHO GH YHKHPHQW FD RULFH IDQDWLF GLQ 1RUG (VWH XQ EUEDW JHQHURV L YLHLL PHOH QDLQWH GH D IL USLW L YQGXW Q VFODYLH QDLQWH GH D VH GHVSUL HO D GHVHQDW R KDUW D
LQRIHQVLYGDUFDUHVXVLQHQWRWGHDXQDSDUWHDSHUGDQWQWURDUJXPHQWDLHILLQGSHQWUXQRLRVXUVGH ED\RXOXLFXREXFDWGHFUHWURLHSHRKUWLH LQGLFQGSR]LLDSODQWDLHL OXL(SSV L GUXPXOFHOPDL
GLYHUWLVPHQW(VWHXQPHFDQLFH[FHOHQWLDSURDSHLQGLVSHQVDELOQFRPXQLWDWHDDFHDVWD(VWHGXOJKHUL GUHSWQWUDFROR
VHQXPHWH%DVV 1RUWKXSLWQUXOOXLWRYDUVDXQWRUVQ0DUNVYLOOHXQGHVDKRWUWQFHSHUHDSURFHGXULORUOHJDOH
$ XUPDW R FRQYHUVDLH UHOD[DW L DPX]DW SH VHDPD FDUDFWHULVWLFLORU OXL %DVV GXS FDUH :DGGLOO D FDUHXUPDXVGHFLGSUREOHPDGUHSWXOXLPHXODOLEHUWDWH(XDPIRVWQXPLWUHFODPDQWGRPQXO1RUWKXS
F]XWSHQHDWHSWDWHSHJQGXULLDFHUXWVPDLYDGRGDWPLVWHULRDVDVFULVRDUH DFLRQDFDUHSUH]HQWDQWDOPHXLDU(GZLQ(SSVHUDLQFXOSDWXO3URFHVXOFDUHXUPDVILHGHFODQDWDYHD
,DVYHGHPLDVYHGHPDPXUPXUDWHOQEDUESULYLQGGLQQRXVFULVRDUHD%D\RX%RHXI FDVFRSUHFXSHUDUHDPHDILLQGDGUHVDWHULIXOXLSDURKLHLFUXLDLVHRUGRQDVPLDQFXVWRGLHSQOD
DXJXVWDXJXVWLH[SHGLDWGHDLFL&HOFDUHVFULHDFXPQQXPHOHPHX8QGHDOXFUDW%DVV GHFL]LDWULEXQDOXOXL3QDXIRVWQWRFPLWHWRDWHDFWHOHVHIFXVHRUDGRXVSUH]HFHQRDSWHDSUHDWU]LX
DVWYDU"DQWUHEDWHOQWRUFQGXVHEUXVFVSUHIUDWHOHVX SHQWUX D RELQH VHPQWXUD MXGHFWRUXOXL FDUH ORFXLD OD RDUHFDUH GLVWDQ GH 0DUNVYLOOH 0RWLY SHQWUX
$FHVWDQXLDSXWXWUVSXQGHGDUVDULGLFDWDSUVLWELURXOLDUHYHQLWQVFXUWWLPSLQIRUPQGXO FDUHWRDWHDFLXQLOHDXIRVWDPQDWHSHQWUXGLPLQHDDGHOXQL
$VWYDU%DVVDOXFUDWXQGHYDSH%D\RX%RHXI 7RWXOSUHDVPHDUJOLQSQGXPLQLFGXSDPLD]FQG:DGGLOODVRVLWODKRWHOXOOXL1RUWKXS
(OHVWHFHOFDUHQHSRDWHVSXQHWRWXOGHVSUH6RORPRQ1RUWKXSDH[FODPDW:DGGLOODSVDWSRFQLQG SHQWUXDLH[SULPDQHOLQLWHDYL]DYLGHXQHOHSUREOHPHODFDUHQXVHDWHSWDVHU%DVVVHLPSDFLHQWDVH
FXSDOPDQPDV LLOVDVHDIDFHULOHQPLQLOHXQHLSHUVRDQHGHODGHEDUFDGHUFUHLDLFRPXQLFDVHLQWHQLDGHDSUVL
/DXFXWDWLPHGLDWSH%DVVGDUQDSXWXWILJVLW'XSRVHULHGHQWUHEULVDVWDELOLWFVHJVHDOD VWDWXO3HUVRDQDUHVSHFWLYWUGDVHQFUHGHUHDFHLIXVHVHDFRUGDWLQRUDQFHSXVHVFLUFXOH]YRQXO
GHEDUFDGHUXO GH SH 5XO 5RX 8UFQGXVH Q WUVXU WQUXO :DGGLOO L 1RUWKXS DX VWUEWXW IU FVWULQXOGLQKRWHOFDUHIXVHVH]ULWQFRPSDQLDDYRFDWXOXL:DGGLOOFXWDXQVFODYDOOXL(SSVGHSH
QWU]LHUHFHLFLYDNLORPHWULSQDFROR&QGDXDMXQV%DVVWRFPDLVHSUHJWHDVSOHFHXUPQGV ED\RX (SSV HUD FXQRVFXW Q 0DUNVYLOOH QWUXFW DYXVHVH IUHFYHQWH RFD]LL V YL]LWH]H WULEXQDOXO LDU
OLSVHDVFPLQLPXPGRXVSWPQL'XSFHLDIRVWSUH]HQWDW1RUWKXSODUXJDWVLDFRUGHSULYLOHJLXO VIWXLWRUXOGRPQXOXL1RUWKXSVHWHPHDFQFXUVXOVHULLDYHDVSULPHDVFLQIRUPDLDUHVSHFWLYFHHD
GH D YRUEL FX HO Q SDUWLFXODU SHQWUX FWHYD FOLSH $X SRUQLW DSRL PSUHXQ VSUH UX XQGH D DYXW ORF FHLDUILGDWRFD]LDVPDVFXQGQDLQWHGHVRVLUHDHULIXOXL
XUPWRDUHDGLVFXLH $FHDVWWHPHUHDJUELWFRQVLGHUDELOSURFHGXULOHHULIXOFDUHORFXLDOQJVDWDIRVWDQXQDWVILH
 'RPQXOH %DVV D ]LV 1RUWKXS GPL YRLH V WH QWUHE GDF DQXO WUHFXW Q OXQD DXJXVW DL IRVW SH SUHJWLWGHSOHFDUHLPHGLDWGXSPLH]XOQRSLLLDUMXGHFWRUXODIRVWLQIRUPDWFYDILFXWDWFDPWRWSH
%D\RX%RHXI" ODDFHDRU7UHEXLHVUHFXQRVFFDXWRULWLOHGLQ0DUNVYLOOHDXRIHULWFXSURPSWLWXGLQHWRWDMXWRUXOGH
'DGRPQXOHDPIRVWDFRORQDXJXVW FDUHHUDXFDSDELOH
 $L QWRFPLW R VFULVRDUH SHQWUX XQ RP GH FXORDUH GLQ ORFXO DFHOD DGUHVDW XQRU JHQWOHPHQL GLQ ,PHGLDW GXS PLH]XO QRSLL D IRVW RELQXW VHPQWXUD MXGHFWRUXOXL DSRL R WUVXU Q FDUH VH DIODX
6DUDWRJD6SULQJV" GRPQXO 1RUWKXS L HULIXO FRQGXV GH ILXO SURSULHWDUXOXL KRWHOXOXL D SOHFDW GLQ VDWXO 0DUNVYLOOH SH
 ,DUWP GRPQXOH GDF YRL VSXQH F DFHDVWD QX HVWH WUHDED GXPLWDOH D UVSXQV %DVV FDUH VD GUXPXOVSUH%D\RX%RHXI
3UHVXSXQQG F (SSV YD FRQWHVWD GUHSWXO PHX OD OLEHUWDWH GRPQXO 1RUWKXS D VXJHUDW FD PUWXULD DPEHOHPLQLDOHYHFKLLPHOHFXQRWLQH1XSXWHDPYRUEL1XPLSXWHDPVWYLOLODFULPLOH
HULIXOXL FDUH V GHVFULH SULPD OXL QWOQLUH FX PLQH V GHYLQ SURE SHQWUX WULEXQDO 'H DFHHD VD 6RODURVWLWHOQFHOHGLQXUPPEXFXUVWHYG
VWDELOLWFDQDLQWHFDHXVILDYXWRFD]LDVYRUEHVFFXGRPQXO1RUWKXSHULIXOVPLSXQRVHULHGH $PQFHUFDWVUVSXQGFHYDGDUHPRLDPDVXJUXPDWLDPUPDVWFXW&RPSOHWGHUXWDLVFODYLLVH
QWUHEULFRQYHQLWHQSUHDODELOGHVSUHQXPUXOLQXPHOHFRSLLORUPHLQXPHOHGHIDWDOVRLHLPHOH KROEDXODVFHQFXJXULOHLRFKLLODUJGHVFKLLQWURXOXLUHLPLUDUHWRWDO9UHPHGH]HFHDQLWULVHP
ORFXULGLQ1RUGSHFDUHOHFXQRWHDPLDDPDLGHSDUWH'DFUVSXQVXULOHPHOHFRUHVSXQGHDXFXFHOH SULQWUH HL SH FPS L Q FROLE QGXUDVHP DFHOHDL VXIHULQH PSULVHP DFHHDL VRDUW PL
FDUHLIXVHVHUIXUQL]DWHGH1RUWKXSGRYDGDHUDFWVHSXWHDGHFRQFOXGHQW DPHVWHFDVHPGXUHULOHFXDOHORUSDUWLFLSDVHPODDFHOHDLEXFXULLVUFFLRDVHLWRWXLSQQFHDVXO
Q FHOH GLQ XUP OD VFXUW YUHPH GXS FH (SSV SUVLVH FPSXO FRQVROQGXVH FX LGHHD F VH YD DFHVWDXOWLPXOSHFDUHDYHDPVOSHWUHFSULQWUHHLQLFLXQXOQXDYXVHVHQLFLFHDPDLPLFEQXLDOFX
QWRDUFH Q VFXUW WLPS FD V QH QFO]HDVF DD FXP GHFODUDVH Q QFKHLHUHD FDSLWROXOXL SUHFHGHQW SULYLUHODQXPHOHPHXUHDOLODDGHYUDWXOPHXWUHFXW
GRPQXO1RUWKXSDDSUXWSHSODQWDLHLQHDJVLWODPXQF&RERUQGGLQWUVXULQGUXPQGYL]LWLXO 3UHGHFWHYDPLQXWHQXVDURVWLWQLFLXQFXYQWWLPSQFDUHQXDPGDWGUXPXOPLQLORUOXL1RUWKXS
VVHGXFODFDVDPDUHFXLQVWUXFLXQLGHDQXVSXQHQLPQXLRELHFWXOPLVLXQLLORU1RUWKXSLHULIXODX FLPDPPXOXPLWVOSULYHVFQRFKLWHPQGXPVQXPWUH]HVFLVUHDOL]H]FWRWXOIXVHVHXQYLV
LHLWGHSHGUXPLVDXQGUHSWDWVSUHQRLSHVWHFPSXOGHEXPEDF,DP]ULWSHFQGQHXLWDPGXS  $UXQF VDFXO DFHOD D DGXJDW DSRL 1RUWKXS ]LOHOH FXOHVXOXL GH EXPEDF VDX VIULW SHQWUX WLQH
WUVXU DSURSLLQGXVH XQXO OD FLYD PHWUL QDLQWHD FHOXLODOW (UD VWUDQLX L QHRELQXLW V YH]L DOEL SH 9LQRFXQRLODFHOFXFDUHWULHWL
SODQWDLHPDLDOHVODRRUDWWGHPDWLQDOLDU8QFKHXO$EUDPL3DWVH\DXIFXWFWHYDUHPDUFLQ /DP DVFXOWDW L PHUJQG QWUH HO L HULI DP SRUQLW VSUH FDVD PDUH $ELD GXS FH DP SDUFXUV R
SULYLQDDFHHDH[SULPQGXLXLPLUHD$SURSLLQGXVHGH%REHULIXODQWUHEDW RDUHFDUHGLVWDQPLDPUHFSWDWJODVXODWWFWVQWUHEGHVSUHIDPLOLDPHD1RUWKXSPDLQIRUPDWF
8QGHLELDWXO3ODWW" OHY]XVHSH$QQH0DUJDUHWL(OL]DEHWKFXSXLQWLPSQXUPF$ORQ]RWULDLFWRLHUDXVQWRL
(OHVWHFRQDXOHDUVSXQV%REDUWQGXPLUVXFLQGXLSOULDQPLQL 1X DYHDP QV VR PDL UHYG QLFLRGDW SH PDPD PHD &QG DP QFHSXW VPL UHYLQ GH SH XUPD
0DPQWUHEDWFHWUHDEDUILSXWXWDYHDFXPLQHLQWRUFQGXPODPSULYLWFQGVDDSURSLDWSQ VXUHVFLWULLQHDWHSWDWHLXULDHFDUHPFRSOHLVHQWUDWWPDPVLPLWVOELWLDPHLWDVWIHOQFWDP
OD XQ SDV Q WLPSXO HGHULL PHOH QGHOXQJDWH SH ED\RX P IDPLOLDUL]DVHP FX FKLSXULOH WXWXURU PHUVFXGLILFXOWDWHHULIXOPDSULQVGHEUDLPDDMXWDWDOWIHOFUHGFDILF]XW&QGDPLQWUDWQ
SODQWDWRULORUGHSHRUD]GHFLYDNLORPHWULGDUEUEDWXODFHVWDHUDFXWRWXOVWULQFXVLJXUDQQXO FXUWH(SSVVWWHDOQJSRDUWLGLVFXWDFXYL]LWLXOFDUHUHVSHFWQGLQVWUXFLXQLOHSULPLWHQXLRIHULVH
PDLY]XVHPQLFLRGDWSQDWXQFL QLFLRLQIRUPDLHFDUVSXQVODQWUHEULOHOXLUHSHWDWH3QDPDMXQVDFROR(SSVHUDDSURDSHODIHOGH
7HQXPHWL3ODWWDDL"DQWUHEDWHO XLPLWLGHUXWDWFD%REVDX8QFKHXO$EUDP
'DVWSQHDPUVSXQV 'XS FH D GDW PQD FX HULIXO L LD IRVW SUH]HQWDW GRPQXOXL 1RUWKXS (SSV LD LQYLWDW Q FDV
$UWQGVSUH1RUWKXSFDUHVHDIODODFLYDPHWULGHSUWDUHHULIXODFRQWLQXDW SRUXQFLQGXPLVDGXFQLWHOHPQH$GXUDWRYUHPHSQDPUHXLWVWDLXQEUDGHOHPQHGHRDUHFH
OFXQRWLSHEUEDWXODFHOD" SLHUGXVHPFXPYDQPRGLQH[SOLFDELOSXWHUHDGHDPQXLVHFXUHDFXSUHFL]LH&QGDPLQWUDWSQOD
0DP XLWDW Q GLUHFLD LQGLFDW L FQG SULYLUHD PLD SRSRVLW SH FKLSXO OXL 1RUWKXS QHQXPUDWH XUPQFDVFXOHPQHOHPDVDHUDDFRSHULWFXKUWLLLDU1RUWKXSFLWHDGHSHXQDGLQWUHHOH3UREDELOF
LPDJLQL PLDX QYOLW SULQ PLQWH R VXPHGHQLH GH ILJXUL ELQH FXQRVFXWH  $QQD GUDJLL GH FRSLL WDWO DGXUDWPDLPXOWGHFWDUILIRVWQHFHVDUVDSULQGIRFXOILLQGIRDUWHDWHQWODSR]LLDH[DFWDILHFUXL
PHXUSRVDWVFHQHLUHODLLGLQFRSLOULHLWLQHUHHWRLSULHWHQLLGLQDOWH]LOHPDLIHULFLWHDXDSUXWL OHPQ$PDX]LWUHSHWDWHIUHFYHQWFXYLQWHOHQXPLWXO6RORPRQ1RUWKXSLGHFODUDQWXOPDLDILUPL
DXGLVSUXWQLQGLSOXWLQGFDXPEUHHYDSRUDWHQDLQWHDRFKLXOXLPLQLLPHOHSQFQGQFHOHGLQ FHWHDQ OLEHU DO VWDWXOXL 1HZ <RUN LDU GLQ H[SUHVLLOH DFHOHD DP QHOHV F VHFUHWXO SH FDUHO
XUPDPLQWLUHDSHUIHFWDEUEDWXOXLPLDUHYHQLWLQOQGEUDHOHVSUHFHUDPH[FODPDWFXJODVPDL DVFXQVHVHPDWWDYUHPHVWSQXOXLLVWSQHL(SSVIXVHVHGH]YOXLW$P]ERYLWSHFWGHPXOWPLD
SXWHUQLFGHFWDILIFXWRQWUXQPRPHQWPDLSXLQVXUHVFLWDQW QJGXLWSUXGHQDLHUDPSHSXQFWXOVLHVGLQRGDLHFQG(SSVDQWUHEDW
+HQU\%1RUWKXS0XOXPHVFXL'RDPQHPXOXPHVFXL'RDPQH 3ODWWOFXQRWLSHGRPQXODFHVWD"
QWURFOLSDPQHOHVPRWLYXOSUH]HQHLVDOHLDPVLPLWFVHDSURSLDRUDPQWXLULLPHOH$PSRUQLW 'DVWSQHDPUVSXQVOFXQRVFGHFQGDPGHVFKLVRFKLL
FWUHHOGDUHULIXOPLVDSXVQID 8QGHORFXLHWH"
2SUHWHWHRFOLSDVSXVHO$LLDOWQXPHGHFW3ODWW" QVWDWXO1HZ<RUN
6RORPRQ1RUWKXSHVWHQXPHOHPHXVWSQHDPUVSXQV 7XDLORFXLWYUHRGDWDFROR"
$LRIDPLOLH" 'DVWSQHDFRORPDPQVFXWLDPFUHVFXW
$PDYXWRVRLHLWUHLFRSLL $LIRVWOLEHUDDGDU)LUDLDOGFXOXLGHQHJURWHLDH[FODPDWHOGHFHQXPLDLVSXVDVWDFQGWH
&DUHVXQWQXPHOHFRSLLORUWL" DPFXPSUDW"
(OL]DEHWK0DUJDUHWL$ORQ]R 6WSQH(SSVDPUVSXQVSHXQWRQFXPYDGLIHULWGHFHORELQXLWSQDWXQFLQXWHDLRERVLWV
,DUQXPHOHGHIDWDOVRLHLWDOH" PQWUHELQSOXVLDPVSXVXQXLDGLQWUHSURSULHWDULLPHLEUEDWXOFDUHPDUSLWFHUDPRPOLEHU
$QQH+DPSWRQ LSHQWUXDVWDPDELFLXLWSQHUDVPLGDXGXKXO
&LQHYDFVWRULW" 6HSDUHFFLQHYDDQWRFPLWRVFULVRDUHQQXPHOHWX&LQHDIRVWDFHOD"DQWUHEDWHODXWRULWDU
7LPRWK\(GG\GLQ)RUW(GZDUG 1XDPUVSXQV
8QGHORFXLHWHGRPQXODFHOD"ODDUWDWHOGLQQRXSH1RUWKXSFDUHUPVHVHORFXOXLGLQFOLSDQ 7HDPQWUHEDWFLQHDQWRFPLWVFULVRDUHDDFHHD"DUHSHWDWHO
FDUHOUHFXQRVFXVHP 3RDWHFDPVFULVRFKLDUHXDPUVSXQV
/RFXLHWHQ6DQG\+LOOFRPLWDWXO:DVKLQJWRQVWDWXO1HZ<RUNDPUVSXQV WLXFQDLILSXWXWVDMXQJLODRILFLXOSRWDOGLQ0DUNVYLOOHLVWHQWRUFLQDLQWHVVHOXPLQH]H
HULIXODFRQWLQXDWLFXDOWHQWUHEULGDUDPWUHFXWSHOQJHOLQFDSDELOVPFRQWUROH]$PSULQV GH]LX
$ LQVLVWDWVOLQIRUPH] LDUHX DPUHIX]DWFDWHJRULF$URVWLWPXOWHDPHQLQULYHKHPHQWHOD DGUHVD DVHPHQHD ORF UHSUH]HQWD R FXULR]LWDWH SHQWUX FLQHYD GLQ 1RUG (SSV D WUHFXW SH OQJ QRL Q JDORS
QHFXQRVFXWXOXLDXWRUDOVFULVRULLLQGLIHUHQWFLQHDUILIRVWHOLDOVDWVVHQHOHDJFVHYDU]EXQDSH QGUHSWQGXVHDDFXPDPDIODWDGRXD]LVSUH3LQH:RRGVSHQWUXDGLVFXWDFX:LOOLDP)RUGFHO
HOFXYUILQGHVDWFQGOYDJVLQWUHJXOOXLFRPSRUWDPHQWLOLPEDMGRYHGHDXPQLDIDGHFHOFDUH FDUHPDGXVHVHQLQXW
P DMXWDVH L LUDVFLELOLWDWHD OD JQGXO F YD SLHUGH R SURSULHWDWH DWW GH YDORURDV $GUHVQGXVH 0DULLDQXDULH(SSVLDYRFDWXOOXLRQRUDELOXO+7D\ORU1RUWKXS:DGGLOOMXGHFWRUXOLHULIXO
GRPQXOXL1RUWKXSDMXUDWFGDFDUILWLXWGRDUFXRRUPDLGHYUHPHGHVRVLUHDOXLODUILVFXWLWGH GLQ$YR\HOOHVLHXQVXPLQHDPUHXQLWQWURQFSHUHGLQVDWXO0DUNVYLOOH'RPQXO1RUWKXSDH[SXV
JULMDGHDPGXFHQDSRLQ1HZ<RUNFPDUILGXVQPODWLQVDXQDOWFRWORQOWXUDOQLFXQGHQX IDSWHOH GLQ FD]XO PHX L LD SUH]HQWDW PLVLXQHD L GHFODUDLLOH QVRLWRDUH HULIXO D GHVFULV VFHQD GLQ
PDUILSXWXWJVLWRLHULILLGLQOXPH FPSXO GH EXPEDF (X DP IRVW FKHVWLRQDW SH QGHOHWH Q FHOH GLQ XUP GRPQXO 7D\ORU LD DVLJXUDW
$PLHLWQFXUWHLFQGVLQWUXSHXDEXFWULHLFHYDPDORYLWQVSDWH,HLQGSULQXDGLQVSDWHD FOLHQWXO F VH GHFODUD PXOXPLW L F RULFH FRQWHVWDLH DU IL IRVW QX QXPDL FRVWLVLWRDUH FL L FRPSOHW
FDVHLPDULFXRFUDWLGHFDUWRIL0WXD3KHEHD]YUOLVHXQFDUWRIVSUHPLQHFXRYLROHQQHODORFXOHL LQXWLO Q FRQIRUPLWDWH FX UHFRPDQGDUHD OXL D IRVW QWRFPLW XQ DFW FDUH D IRVW VHPQDW GH SULOH
GQGXPLDVWIHOVQHOHJFGRUHDVPLYRUEHDVFLPHGLDWQWUHSDWUXRFKL9HQLQGQJRDQVSUHPLQH FRUHVSXQ]WRDUHSULQFDUH(SSVGHFODUDFPLUHFXQRWHDGUHSWXOODOLEHUWDWHLPSUHGDQPRGRILFLDO
PLDRSWLWODXUHFKHFXPXOWVHULR]LWDWH DXWRULWLORU VWDWXOXL 1HZ <RUN 6H VWLSXOD GH DVHPHQHD FD DFWXO V ILH FRQVHPQDW Q DUKLYD GLQ
'XPQH]HXOHDWRWSXWHUQLF3ODWWFH]LFL"LDGRLEUEDLDXYHQLWGXSWLQH,DPDX]LWVSXQQGXL $YR\HOOHV 


FRQDXOXLFLHWLRPOLEHUFDLQHYDVWLWUHLFRSLLQORFXOGLQFDUHDLYHQLW7HGXFLFXLHL"3URVWDLIL 'RPQXO 1RUWKXS L FX PLQH QHDP JUELW IU QWU]LHUH VSUH GHEDUFDGHU L XUFQGXP SH SULPXO
VQRIDFLLRDSOHFDPLQWHQD YDSRUFX]EDWXULFDUHDVRVLWDPSOXWLWQVFXUWWLPSSH5XO5RXDFHODLSHFDUHFXGH]QGHMGHDQ
L0WXD3KHEHDFRQWLQXDWQDFHODLIHOYRUELQGUHSHGH VXIOHWIXVHVHPDGXVFXGRLVSUH]HFHDQLQXUP
3H QHDWHSWDWH Q EXFWULH D LQWUDW GRDPQD (SSV 0LD YRUELW PXOW L PD QWUHEDW GH FH QXL
GHVWLQXLVHP FLQH HUDP LD H[SULPDW UHJUHWXO L PD FRPSOLPHQWDW VSXQQG FD DU IL SUHIHUDW V IL
SLHUGXW RULFDUH DOW VFODY GH SH SODQWDLH 'DF Q ]LXD DFHHD 3DWVH\ DU IL IRVW Q ORFXO PHX EXFXULD
VWSQHLPHOHDUILIRVWQHPUJLQLW$FXPQXPDLUPQHDQLPHQLFDUHVSRDWUHSDUDXQVFDXQVDXR
SLHV GH PRELOLHU QLPHQL FDUH V PHWHUHDVF SULQ FDV L SH OQJ FDV QLPHQL FDUH V SRDW FQWD
SHQWUXHDODYLRDULGRDPQD(SSVDQFHSXWFKLDUVSOQJ
(SSV O FKHPDVH SH %RE VL QHXH]H FDOXO &HLODOL VFODYL QYLQJQGXL WHDPD GH SHGHDSV L
SUVLVHUPXQFDLYHQLVHUQFXUWHVWQGQVSDWHOHFROLEHORUXQGHQXSXWHDXILY]XLGH(SSV0LDX
IFXWVHPQVPGXFODHLLSOLQLGHFXULR]LWDWHLVXUHVFLWDLODPD[LPXPPDXOXDWODQWUHEUL'DF
D SXWHD UHSHWD FXYLQWHOH H[DFWH SH FDUH OHDX URVWLW FX DFHHDL HPID] GDF OHD SXWHD ]XJUYL
DWLWXGLQLOHLH[SUHVLLOHGHSHFKLSXULDGHVFULHFXDGHYUDWXQWDEORXH[WUHPGHLQWHUHVDQWQRFKLLORU
HXPULGLFDVHPEUXVFODRQOLPHFRORVDOGHYHQLVHPRILLQGHRLPSRUWDQQHPDLQWOQLW
'XSFHDXIRVWSUH]HQWDWHGRFXPHQWHOHOHJDOHLVDVWDELOLWFD(SSVVVHQWOQHDVFFXHLDGRXD]L
Q0DUNVYLOOH1RUWKXSLHULIXOVDXXUFDWQWUVXU3HFQGPSUHJWHDPVXUFOQJYL]LWLXHULIXO
PLDVSXVFDUILWUHEXLWVPLLDXUPDVEXQGHODGRPQXOLGRDPQD(SSV0DPQWRUVODYHUDQGDSH
FDUHVWWHDXHLLVFRQGXPLSOULDDPVSXV
/DUHYHGHUHVWSQ
/DUHYHGHUH3ODWWDUVSXQVGRDPQD(SSVFXEXQWDWH
/DUHYHGHUHVWSQH
1HJURWHLXOGFXOXLDPRUPLW(SSVFXJODVSRVDFLUXWFLRVQDLGHFHVWHVLPLDWWGHDO
QDLELLGHQFQWDWQFQDLSOHFDWRVDPHXJULMGHDVWDPLQHQ0DUNVYLOOH
1XHUDPGHFWXQQHJURWHLLPLFXQRWHDPOXQJXOQDVXOXLGDUDPVLPLWFXDWWDSXWHUHGHSDUF
DILIRVWDOEFDILQFHUFDWRVDWLVIDFLHOXQWULFGDFDILFXWH]DWVLWUDJXQSLFLRUODGHVSULUH3H
GUXPXOVSUHWUVXU3DWVH\DLHLWQIXJGLQVSDWHOHXQHLFROLEHLPDFXSULQVFXEUDHOHSHGXSJW
2K3ODWWDVWULJDWHDFXODFULPLLURLQGXLSHREUDML2VILLOLEHURVPHUJLQORFXULPLQXQDWHL
QRVWHPDLUHYHGHPQLFLRGDW0DLVDOYDWGHPXOWHELFLXLUL3ODWWPEXFXUFYHLILOLEHUGDUYDL
'RDPQH'RDPQH&HVHYDDOHJHGHPLQH"
0DP GHVSULQV GLQ EUDHOH HL L PDP XUFDW Q WUVXU 9L]LWLXO D SRFQLW GLQ ELFL L DP SRUQLW $P
SULYLWQXUPLDPY]XWRSH3DWVH\FXFDSXOSOHFDWSHMXPWDWHQWLQVSHSPQWGRDPQD(SSVHUD
SHYHUDQG8QFKHXO$EUDP%RE:LOH\L0WXD3KHEHVWWHDXOQJSRDUWXLWQGXVHGXSPLQH
$PIOXWXUDWGLQEUDQVWUVXUDDFRWLWXUPQGED\RXOLLDDVFXQVGHRFKLLPHLSHQWUXWRWGHDXQD
1HDP RSULW SHQWUX VFXUW WLPS OD FDVD ]DKUXOXL OXL &DUH\ XQGH PXQFHDX PXOL VFODYL ILLQGF XQ
QHFUHH]HGLILFXOWLQFHOHGLQXUPQLVDSHUPLVVPHUJHPPDLGHSDUWHLWUHFQGSULQ5LFKPRQG
&DSLWROXO;;,, XQGHDP]ULWDUFXOOXL*RRGLQDPDMXQVQ:DVKLQJWRQSHLDQXDULH
$P FRQVLGHUDW DPQGRL F DWW %XUFK FW L 5DGEXUQ FRQWLQXDX V ORFXLDVF Q RUD L DP GHSXV
6RVLUHDQ1HZ2UOHDQV=ULUHDOXL)UHHPDQ*HQRLVDUKLYDUXO'HVFULHUHDIFXWGHHO LPHGLDWODRVHFLHGHSROLLHGLQ:DVKLQJWRQRSOQJHUHPSRWULYDOXL-DPHV+%XUFKSHQWUXUSLUHDL
OXL6RORPRQ6RVLUHDOD&KDUOHVWRQQWUHUXSWGHYDPHL7UHFHUHDSULQ5LFKPRQG6RVLUHD YLQGHUHD PHD FD VFODY (O D IRVW DUHVWDW Q XUPD XQXL PDQGDW HPLV GH MXGHFWRUXO *RGGDUG L DGXV
OD:DVKLQJWRQ$UHVWDUHDOXL%XUFK6KHNHOVL7KRUQ'HSR]LLDORU$FKLWDUHDOXL%XUFK QDLQWHD MXGHFWRUXOXL 0DQVHO FDUH LD IL[DW R FDXLXQH GH WUHL PLL GH GRODUL Q PRPHQWXO DUHVWULL
$UHVWDUHDOXL6RORPRQ%XUFKLUHWUDJHSOQJHUHD7ULEXQDOXOVXSHULRU3OHFDUHDGLQ %XUFKDIRVWH[WUHP GHDJLWDWHUDHYLGHQWVSHULDWLQJULMRUDWLQDLQWHGH DDMXQJHODFDELQHWXO
:DVKLQJWRQ6RVLUHDQ6DQG\+LOOV3ULHWHQLYHFKLLVFHQHIDPLOLDUH3OHFDUHDVSUH*OHQV MXGHFWRUXOXLGHSH/RXLVLDQD$YHQXHLGHDDIODQDWXUDSUHFLVDSOQJHULLLDLPSORUDWSHSROLLWLVL
)DOOVQWOQLUHDFX$QQH0DUJDUHWL(OL]DEHWK6RORPRQ1RUWKXS6WDXQWRQ,QFLGHQWH QJGXLHVOFRQVXOWHSH%HQMDPLQ26KHNHOVQHJXVWRUGHVFODYLFXRYHFKLPHGHDSWHVSUH]HFHDQLQ
&RQFOX]LH PHVHULHLIRVWXOOXLSDUWHQHU$FHVWDGLQXUPLDGHYHQLWFKH]D
3H  LDQXDULH OD RUD ]HFH DPEHOH SUL DX DSUXW QDLQWHD PDJLVWUDLORU 6HQDWRUXO &KDVH GH 2KLR
QWLPSFHYDSRUXOOXQHFDVSUH1HZ2UOHDQVSRDWHFQDPIRVWIHULFLWSRDWHFPDPDELQXWIU RQRUDELOXO2UYLOOH&ODUNGLQ6DQG\+LOOLGRPQXO1RUWKXSDXDFLRQDWFDDYRFDLSHQWUXDFX]DUHLDU
SUREOHPHVQXGDQVH]SHSXQWHSRDWHFQXPDPVLPLWUHFXQRVFWRUIDGHRPXOFDUHEWXVHDWWHD -RVHSK+%UDGOH\SHQWUXDSUDUH
VXWHGHNLORPHWULFDVPHOLEHUH]HSRDWHFQXLDPDSULQVSLSDSRDWHFQXDPDWHSWDWVLDVFXOW 2QRUDELOXO2UYLOOH&ODUNDIRVWFKHPDWFDPDUWRUDMXUDWSH%LEOLHDSRLDGHFODUDWFPFXQRVFXVH
ILHFDUH YRUEXOL L SRDWH F QX DP DOHUJDW OD GRULQD OXL FHD PDL PUXQW 'DF QDP IFXW DD HL GLQFRSLOULHLFHUDPXQRPOLEHUDDFXPIXVHVHLWDWOPHX'XSDFHHDGRPQXO1RUWKXSDGHSXV
ELQHQXFRQWHD] PUWXULHQDFHHDLSULYLQLDSUH]HQWDWIDSWHOHDVRFLDWHPLVLXQLLOXLQ$YR\HOOHV
$P ]ERYLW GRX ]LOH Q 1HZ 2UOHDQV WLPS Q FDUH LDP DUWDW XQGH HUD DUFXO GH VFODYL DO OXL QER[DDFX]DLORUDIRVWFKHPDWGXSDFHHD(EHQH]HU5DGEXUQFDUHDGHFODUDWFDYHDSDWUX]HFLL
)UHHPDQLQFSHUHDGLQFDUHPFXPSUDVH)RUG1HDPQWOQLWQWPSOWRUFX7KHRSKLOXVSHVWUDG RSWGHDQLFHUDORFXLWRUDO:DVKLQJWRQXOXLLFOFXQRWHDSH%XUFKGHSDLVSUH]HFHDQLFQ
GDUDPFRQVLGHUDWFQXPHULWDHIRUWXOVOVDOXW'HODQLWHFHWHQLUHVSHFWDELOLDPDIODWFGHYHQLVHXQ IXVHVH WHPQLFHU DO DUFXOXL GH VFODYL :LOOLDPV L FL DPLQWHD QFKLGHUHD PHD Q DFHO DUF Q DQXO
LQVMDOQLFXQEWXPL]HUDELORUXLQUXIDPDW UHVSHFWLYQPRPHQWXODFHODDYRFDWXODSUULLDUHFXQRVFXWF%XUFKPQFKLVHVHQDUFQSULPYDUD
/DP YL]LWDW GH DVHPHQHD SH DUKLYDU GRPQXO *HQRLV FUXLD L HUD DGUHVDW VFULVRDUHD VHQDWRUXOXL DQXOXLLDUDFX]DUHDLDQFKHLDWSUH]HQWDUHDFD]XOXL
6RXOHLDPJVLWXQEUEDWFDUHLPHULWDGLQSOLQUHSXWDLDODUJLRQRUDELOVXEFDUHHUDFXQRVFXW(O $SUDUHDODFKHPDWGXSDFHHDFDPDUWRUSH%HQMDPLQ26KHNHOV$FHVWDHUDXQEUEDWYRLQLFFX
QHD RIHULW FX JHQHUR]LWDWH XQ SHUPLV OHJDO GH WUHFHUH FX VHPQWXUD OXL L WDPSLOD LQVWLWXLHL VDOH L WUVWXULDVSUHLSRDWHFFLWLWRULLLYRUIRUPDRSUHUHRDUHFXPFRUHFWGHVSUHHOGDFYRLUHSURGXFH
QWUXFWFRQLQHGHVFULHUHDDVSHFWXOXLPHXSHUVRQDOIFXWGHDUKLYDUSRDWHFQXHVWHJUHLWGDFRYRL UVSXQVXOOXLODSULPDQWUHEDUHDDYRFDWXOXLDFX]ULL&QGDIRVWQWUHEDWGHVSUHORFXOQDWHULL6KHNHOV
LQVHUDDLFL8UPHD]FRSLDHL DUVSXQVSHXQWRQDJUHVLY
 0DPQVFXWQFRPLWDWXO2QWDULRGLQVWDWXO1HZ<RUNLODQDWHUHDPFQWULWDVHNLORJUDPH
6WDWXO/RXLVLDQDRUDXO1HZ2UOHDQV %HQMDPLQIXVHVHXQSUXQFSURGLJLRV(ODGHFODUDWGXSDFHHDFDGPLQLVWUDVHKRWHOXO6WHDPERDWGLQ
$UKLYDGH6WDWGLVWULFWXO,, :DVKLQJWRQQLPY]XVHDFRORQSULPYDUDDQXOXLUHVSHFWLY6HSUHJWHDVUHSURGXFGLDORJXO

&WUHWRLFHLFDUHLSRWQWOQLSHSXUWWRULLDFHVWXLDFW GLQWUH GRL EUEDL FQG VHQDWRUXO &KDVH D RELHFWDW SH PRWLY F GHFODUDLLOH XQRU WHUL QX FRQVWLWXLDX
3ULQSUH]HQWDVHFHUWLILFIDSWXOF+HQU\%1RUWKXS(VTXLUHGLQFRPLWDWXO:DVKLQJWRQ GRYH]L DFFHSWDELOH 2ELHFLD D IRVW UHVSLQV GH MXGHFWRU L 6KHNHOV D FRQWLQXDW DILUPQG F FHL GRL
VWDWXO1HZ<RUNPLDSUH]HQWDWGRYH]LOHFRUHVSXQ]WRDUH SULYLQGOLEHUWDWHD OXL6RORPRQXQ EUEDLVRVLVHUQKRWHOXOOXLLLVSXVHVHUFDYHDXGHYQ]DUHXQRPGHFXORDUHFHLVHQWOQLVHUFX
EUEDWPXODWUXGHSDWUX]HFLLGRLGHDQLQDOWGHPSUFUHLRFKLFSUXLQVFXWQ %XUFKFVXVLQXVHUFVRVHDXGLQ*HRUJLDGDUQXPDLLQHDPLQWHFRPLWDWXOFLRIHULVHURLVWRULH
6WDWXO1HZ<RUNQWUXFWQXPLWXO1RUWKXSOYDGXFHSHQXPLWXO6RORPRQQORFXOVXQDWDO FRPSOHWDELDWXOXLVSXQQGFHUD]LGDULFQWDODYLRDUF%XUFKVSXVHVHFODUILLQWHUHVDWGDF
SHGUXPXULOHGLQ6XGDXWRULWLORUFLYLOHOLVHFHUHVSHUPLWOLEHUDWUHFHUHDQXPLWXOXLRPGH SXWHDX FRQYHQL DVXSUD XQXL SUH F FHL GRL SOHFDVHU L DGXVHVHU ELDWXO L F HX HUDP UHVSHFWLYXO
FXORDUH 6RORPRQ Q FRQGLLLOH Q FDUH DFHVWD YD DYHD XQ FRPSRUWDPHQW GHFHQW L 6KHNHOVDGHFODUDWSHUIHFWFDOPGHSDUFQDUILVSXVGHFWDGHYUXOFHX]LVHVHPFPQVFXVHPL
FRUHVSXQ]WRU FUHVFXVHPQ*HRUJLDFXQXOGLQWUHWLQHULLFDUHPQVRHDHUDVWSQXOPHXFPLSUHDWDUHUXVP
6HPQDWGHPLQHLWDPSLODWFXVLJLOLXORUDXOXL1HZ2UOHDQVD]LLDQXDULH GHVSUHDPGHHOLGDFQXVHQHODL]EXFQLVHPQODFULPLGDUFUHFXQRVFXVHPFVWSQXOPHX
 DYHDGUHSWXOVPYQGFHOWUHEXLDVPYQGLFPRWLYXOSHFDUHORIHULVHPIXVHVHSRWULYLWOXL
>/6@7LO*(12,6DUKLYDU 6KHNHOVFVWSQXOPHXF]XVHQSDWLPDMRFXULORUGHQRURFLDEXWXULL
 (O D FRQWLQXDW FX XUPWRDUHOH FXYLQWH FDUH DX IRVW FRSLDWH GLQ SURFHVHOHYHUEDOH DOH DXGLHULORU
Q]LXDGHLDQXDULHDPDMXQVODODFXO3RQWFKDUWUDLQSHFDOHDIHUDWGXSFDUHPHUJQGSHGUXPXO %XUFKODFKHVWLRQDWSHELDWLLDVSXVFGDFOYDFXPSUDOYDWULPLWHQ6XG%LDWXODVSXVFQX
RELQXLW DP DMXQV OD &KDUOHVWRQ 'XS FH QHDP PEDUFDW OD ERUGXO YDSRUXOXL FX ]EDWXUL L DP SOWLW DYHDQLFLRRELHFLHEDFKLDUFLDUILSOFXWVPHDUJQ6XG'XSWLLQDPHD%XUFKDSOWLWSHQWUXHO
WUDQVSRUWXO GRPQXO 1RUWKXS D IRVW FKHPDW GH XQ YDPH SHQWUX D H[SOLFD GH FH QXL GHFODUDVH GHGRODULQXWLXFHQXPHLDIRVWGDWGDUQXFUHGFDIRVW6RORPRQ1XFXQRVFQLFLQXPHOHFHORU
VHUYLWRUXO(ODUHSOLFDWFQXDYHDQLFLXQVHUYLWRUFQFDOLWDWHGHDJHQWUHSUH]HQWDQWDOVWDWXOXL1HZ GRLEUEDL(LDXVWDWGRXWUHLRUHQORFDOXOPHXWLPSQFDUHELDWXODFQWDWODYLRDU9Q]DUHDD
<RUNQVRHDXQFHWHDQOLEHUDODFHOXLVWDWHOLEHUDWGLQVFODYLHLFQXGRUHDLQLFLQXLQWHQLRQDV IRVWVHPQDWQEDUXOPHX(UDXQIRUPXODUWLSULWQDOESHFDUHODFRPSOHWDW%XUFKQDLQWHGH
IDFYUHRGHFODUDLH'LQFRQYHUVDLDLPDQLHUDOXLDPGHGXVGHLHVWHSRVLELOVPILQHODWFRPSOHW %XUFK PLD IRVW SDUWHQHU Q FXPSUDUHD L YQ]DUHD GH VFODYL 'XS DFHHD DP IRVW SDUWHQHU FX
FQXDYHDVVHVWUGXLDVFGHORFVHYLWHXQVFDQGDOGDFRILFLDOLWLOHGLQ&KDUOHVWRQLQWHQLRQDXV 7KHRSKLOXV)UHHPDQGLQ1HZ2UOHDQV%XUFKFXPSUDDLFL)UHHPDQYLQGHDDFROR
QDLQWH GH D GHSXQH PUWXULH 6KHNHOV DX]LVH GHVSUH FLUFXPVWDQHOH OHJDWH GH YL]LWD PHD OD DFX]DLH VDX DVHULXQH SRWULYLW FUHLD D IL IRVW FRPSOLFH GLUHFW VDX LQGLUHFW FX XQXO VDX PDL PXOL
:DVKLQJWRQ FX %URZQ L +DPLOWRQ L GH DFHHD D YRUELW HYLGHQW GHVSUH GRL EUEDL L GHVSUH LQGLYL]L Q YHGHUHD YLQGHULL SURSULHL PHOH SHUVRDQH F RULFH DOW UHODWDUH SULYLQG YL]LWD PHD OD
UHSUH]HQWDLDPHDODYLRDU$FHDVWDDIRVWQVFRFLUHDOXLFXWRWXOQHDGHYUDWLWRWXLQ:DVKLQJWRQ :DVKLQJWRQ FDSWXUDUHD L QWHPQLDUHD PHD Q DUFXO GH VFODYL :LOOLDPV FRQLQXW Q SDJLQLOH GH ID
VDJVLWXQRPFDUHDDFFHSWDWVRFRQILUPH VXQW FRPSOHW L DEVROXW IDOVH 1DP FQWDW QLFLRGDW OD YLRDU Q :DVKLQJWRQ 1DP IRVW QLFLRGDW Q
%HQMDPLQ$7KRUQDGHSXVPUWXULHFVHDIODOD6KHNHOVQLFDY]XWXQELDWGHFXORDUH KRWHOXO 6WHDPERDW L GLQ FWH WLX QX LDP Y]XW SH 7KRUQ L 6KHNHOV GHFW Q OXQD LDQXDULH D DQXOXL
FDUHFQWDODYLRDU6KHNHOVD]LVFHUDGHYQ]DUH/DPDX]LWSHVWSQXOOXLVSXQQGXLFYDWUHEXL WUHFXW3RYHVWHDFHORUWUHLQHJXVWRULGHVFODYLHVWHRLQYHQLHWRWDWWGHDEVXUGSHFWHVWHGHQHIRQGDW
VOYQG%LDWXOPLDVSXVFHUDVFODY1XDPIRVWSUH]HQWFQGVDXSOWLWEDQLL1XYRLPLQLVXE 'DFDUILIRVWDGHYUDWHXQXPDILRSULWGLQGUXPXOVSUHOLEHUWDWHSHQWUXDODFX]DSH%XUFK$UIL
SUHVWDUHGHMXUPQWQER[DDFHDVWD6WSQXODIRVWFWSHDFLVSOQJFUHGF ELDWXO DLSOQV WUHEXLWVOILHYLWDWQORFVOILFXWDW$UILWUHEXLWVQHOHJFXQDVHPHQHDSDVPYDDFRSHULGH
$POXFUDWQQHJRXOFXVFODYLQ6XGYUHPHGHGRX]HFLGHDQLFXLQWHUPLWHQH&QGQXSRWIDFHDVWD LQIDPLH'DWHILLQGFLUFXPVWDQHOHGRUXOGHDPLUHYHGHDIDPLOLDLHQWX]LDVPXOOHJDWGHQWRDUFHUHD
IDFDOWFHYD DFDVDUILRDEHUDLHVSUHVXSXQHPFDILULVFDWQXQXPDLGHPDVFDUHDFLLSXQHUHDVXEDFX]DLHL
$P IRVW GXS DFHHD FKHPDW FD PDUWRU GDU QWUXFW VH ULGLFDVHU RELHFLL WULEXQDOXO D GHFLV F FRQGDPQDUHDSULQSODVDUHDPHDQPRGYROXQWDUQSRVWXUDUHVSHFWLYGDFGHFODUDLLOHOXL%XUFKLDOH
PUWXULLOHPHOHQXHUDXDGPLVLELOH$XIRVWUHVSLQVHSHQWUXVLPSOXOPRWLYFHUDPXQRPGHFXORDUH SUWDLORU VL DU IL FRQLQXW PFDU R IUP GH DGHYU (X DP IFXW HIRUWXUL VO FDXW SH %XUFK VO
QXVDSXVQGLVFXLHIDSWXOFHUDPFHWHDQOLEHUDOVWDWXOXL1HZ<RUN FRQIUXQW QDLQWHD FRPSOHWXOXL GH MXGHFDW VO DFX] GH GHOLFWXO USLULL L VLQJXUHOH PRWLYH FDUH PDX
QWUXFW 6KHNHOV D DILUPDW F H[LVWDVH XQ DFW GH YQ]DUH DFX]DUHD LD FHUXW OXL %XUFK VO SUH]LQWH PSLQV VSUH SDVXO DFHVWD DX IRVW VHQWLPHQWXO DU]WRU DO UXOXL SH FDUH PLO SULFLQXLVH L GRULQD GH DO
GHRDUHFH DFWXO UHVSHFWLY DU IL FRQILUPDW PUWXULLOH OXL 7KRUQ L 6KHNHOV $YRFDWXO DSUULL QX D Y]XW DGXFHQIDDMXVWLLHL%XUFKDIRVWDFKLWDWSULQPLMORDFHOHFDUHDXIRVWGHVFULVH8QWULEXQDODORDPHQLORU
QHFHVLWDWHDSUH]HQWULLDFWXOXLUHVSHFWLYVDXDRIHULWRH[SOLFDLHUH]RQDELOSHQWUXDQXODUWDQDFHVW ODOVDWVVFDSHGDUH[LVWXQDOWWULEXQDOVXSHULRUXQGHPUWXULDIDOVQXYDSUHYDODLXQGHGRUHVF
VFRS%XUFKDIRVWFKHPDWFDPDUWRUFKLDUQDSUDUHDVD$YRFDWXOSRSRUXOXLVDRSXVDILUPQGFR FHOSXLQQSULYLQDDFHVWRUGHFODUDLLVILXMXGHFDWILQDOPHQWH
DVHPHQHDPUWXULHQXSXWHDILSHUPLVFDUILFRQWUD]LVWRDWHUHJXOLOHSULYLQGGRYH]LOHLGDFDUIL
IRVWDFFHSWDWDUILGHMXFDWQVXLVFRSXOMXVWLLHL&XWRDWHDFHVWHDPUWXULDOXL6KHNHOVDIRVWDFFHSWDW $PSOHFDWGLQ:DVKLQJWRQSHLDQXDULHLWUHFQGSULQ3KLODGHOSKLD1HZ<RUNL$OEDQ\DPDMXQV
GHWULEXQDO(ODMXUDWFDFWXOIXVHVHQWRFPLWLVHPQDWGDUFOSLHUGXVHLQXWLDFHVHQWPSODVHFX Q6DQG\+LOOQVHDUDGHLDQXDULH,QLPDPLDIRVWQSGLWGHIHULFLUHFQGDPSULYLWQMXULDP
HO'UHSWXUPDUHPDJLVWUDWXODFHUXWWULPLWHUHDXQXLSROLLVWODUHHGLQDOXL%XUFKFXLQVWUXFLXQLGHD Y]XW VFHQH DWW GH IDPLOLDUH FQG PDP WUH]LW Q PLMORFXO SULHWHQLORU GH DOWGDW Q GLPLQHDD
DGXFH UHJLVWUHOH VDOH FDUH FRQLQHDX DFWHOH GH YQ]DUH SHQWUX DQXO  &HUHUHD D IRVW DFFHSWDW L XUPWRDUHDPSRUQLWQVRLWGHFWHYDFXQRWLQHFWUH*OHQV)DOOVXQGHORFXLDX$QQHLFRSLLLQRWUL
QDLQWHGHDSXWHDILQWUHSULQVHPVXULFDUHVPSLHGLFHH[HFXWDUHDHLSROLLVWXORELQXVHUHJLVWUHOHFX &QGDPLQWUDWQFVXDORUFRQIRUWDELO0DUJDUHWPDQWPSLQDWSULPD1XPDUHFXQRVFXW&QG
SULFLQDLOHDGXVHVHODWULEXQDO$XIRVWJVLWHLH[DPLQDWHFXDWHQLHYQ]ULOHSHQWUXDQXOGDUQ SOHFDVHPHDQXDYHDGHFWDSWHDQLHUDRIHWLFDUHVHMXFDFXSSXLOH$FXPGHYHQLVHIHPHLHHUD
DIRVWJVLWQLFLRYQ]DUHDPHDVXEQLFLXQQXPH PULWDWLDYHDXQELDWFXRFKLVFQWHLHWRULFDUHLVWWHDDOWXUL3HQWUXFQXXLWDVHGHQHIHULFLWXOOXL
QFHOHGLQXUPWULEXQDOXODVWDELOLWF%XUFKHUDQHYLQRYDWLFVHSXUWDVHFRUHFWIDGHPLQHLGH EXQLFF]XWQVFODYLHOQXPLVHSHFRSLO6RORPRQ1RUWKXS6WDXQWRQ&QGLDPVSXVFLQHHUDPDIRVW
DFHHDDIRVWDFKLWDW DWWGHFRSOHLWGHHPRLHQFWQDPDLSXWXWVFRDWHQLFLRYRUE$SRL(OL]DEHWKDLQWUDWQRGDLHLDU
'XS DFHHD %XUFK L SUWDLL OXL DX QFHUFDW V P DFX]H GH FRPSOLFLWDWH DOWXUL GH FHL GRL DOEL Q $QQH D VRVLW Q JRDQD PDUH GH OD KRWHO ILLQG LQIRUPDW GHVSUH VRVLUHD PHD 0DX PEULDW L FX
YHGHUHD GHIUDXGULL OXL IU VXFFHV DD FXP DSDUH QWUXQ H[WUDV OXDW GLQWUXQ DUWLFRO GLQ 1HZ <RUN ODFULPLOHFXUJQGXOHSHREUDMLVDXDJDWGHJWXOPHX9RLWUDJHQVFRUWLQDSHVWHRVFHQFDUHSRDWH
7LPHV SXEOLFDW OD R ]L VDX GRX GXS SURFHV $YRFDWXO DSUULL QWRFPLVH QDLQWH FD DFX]DWXO V ILH ILPDLXRULPDJLQDWGHFWGHVFULV
DFKLWDW R GHFODUDLH VHPQDW GH %XUFK L XQ PDQGDW PSRWULYD EUEDWXOXL GH FXORDUH SHQWUX 'XS FH LQWHQVLWDWHD HPRLLORU QRDVWUH VD GRPROLW OVQG ORFXO XQHL IHULFLUL VDFUH FQG IDPLOLD VD
FRPSOLFLWDWHFXFHLGRLDOELPDLVXVDPLQWLLSHQWUXDOGHIUDXGDSH%XUFKGHDVHVXWHGRX]HFLLFLQFL VWUQV Q MXUXO YHWUHL DOH FUHL IOFUL L WULPLWHDX WLKQD FDOG SULQ RGDLH DP GLVFXWDW GHVSUH PLLOH GH
GH GRODUL 0DQGDWXO D IRVW DSOLFDW LDU EUEDWXO GH FXORDUH D IRVW DUHVWDW L DGXV Q IDD MXGHFWRUXOXL HYHQLPHQWH FDUH VH SHWUHFXVHU GHVSUH VSHUDQHOH L WHPHULOH IHULFLULOH L WULVWHLOH QFHUFULOH L
*RGGDUG%XUFKLPDUWRULLOXLDXDSUXWODWULEXQDOLDU+%1RUWKXSQFDOLWDWHGHIRVWDYRFDWSHQWUX QHFD]XULOHSHFDUHOHWULVHPQGHFXUVXOOXQJLLQRDVWUHGHVSULUL$ORQ]ROLSVHDDIOQGXVHQSDUWHDGH
EUEDWXO GH FXORDUH D GHFODUDW F HUD JDWD VO DSHUH SH LQFXOSDW L D FHUXW QFHSHUHD LPHGLDW D YHVW D VWDWXOXL &X SXLQ WLPS QDLQWH L VFULVHVH PDPHL VDOH GHVSUH SRVLELOLWDWHD GH D RELQH VXILFLHQL
SURFHVXOXL 'XS FH VD FRQVXOWDW Q SDUWLFXODU FX 6KHNHOV SHQWUX VFXUW WLPS %XUFK OD DQXQDW SH EDQL FD VPL UVFXPSHUH OLEHUWDWHD 'LQ FRSLOULH DFHOD IXVHVH SULQFLSDOXO HO DO SUHRFXSULORU L
PDJLVWUDW F GRUHD VL UHWUDJ SOQJHUHD $YRFDWXO LQFXOSDWXOXL LD GHFODUDW MXGHFWRUXOXL F GDF DPELLLORUVDOH(LWLDXFHUDPQVFODYLH$IODVHUDVWDGLQVFULVRDUHDSHFDUHRQWRFPLVHPSHEULFL
SOQJHUHDHUDUHWUDVDFHDVWDWUHEXLDVILHIUFHUHUHDVDXDFFHSWXOLQFXOSDWXOXL%XUFKLDFHUXWGXS GH OD &OHP 5D\ QVXL 1X SXWHDX QV GHFW V VSHFXOH]H XQGH DQXPH P DIODP SQ FQG VRVLVH
DFHHD PDJLVWUDWXOXL VL GHD SOQJHUHD L PDQGDWXO L OHD OXDW $YRFDWXO LQFXOSDWXOXL D SURWHVWDW VFULVRDUHDOXL%DVV2GDW(OL]DEHWKL0DUJDUHWVHQWRUVHVHUGHODFRDODDPLDSRYHVWLW$QQH
VSXQQG F DFHVWHD WUHEXLDX V UPQ FD SDUWH GLQ GRYH]LOH SUH]HQWDWH WULEXQDOXOXL LDU WULEXQDOXO SOQJQGDPDUQWUHEQGXOHDVXSUDPRWLYXOXLHDDIODVHFODRUDGHJHRJUDILHDWHQLDOHIXVHVHDWUDV
WUHEXLD V VXEVFULH OD SURFHGXULOH FDUH QFHSXVHU V VH GHUXOH]H %XUFK OHD SUHGDW LDU WULEXQDOXO D GHXQWDEORXFXVFODYLFDUHPXQFHDXSHSODQWDLLGHEXPEDFXUPULLFXELFLXOGHXQVXSUDYHJKHWRUL
DQXQDWYHUGLFWXOGHQFHWDUHODFHUHUHDDFX]ULLLDFODVDWFD]XO VH JQGLVHU OD VXIHULQHOH SH FDUH WDWO ORU OH SXWHD QGXUD L FKLDU OH QGXUD Q 6XG 0LDX SRYHVWLW
QXPHURDVHDVHPHQHDHSLVRDGHFDUHDXDUWDWFPLQXVHUPHUHXQJQGXULOHORUQVSRDWHFHOHQX
3RW IL XQLL FDUH YRU FUHGH GHFODUDLD QHJXVWRUXOXL GH VFODYL  Q PLQWHD ORU DILUPDLLOH DFHVWXLD YRU SUH]LQWLQWHUHVVXILFLHQWSHQWUXFLWLWRULFDVOHPDLUHSURGXF
FQWUL PDL JUHX GHFW DOH PHOH (X QX VXQW GHFW XQ VUPDQ RP GH FXORDUH GLQWUR UDV DVXSULW L
QMRVLWDFUXLYRFHXPLOSRDWHVQXILHEJDWQVHDPGHRSUHVRUGDUWLLQGDGHYUXOLFXQRVFQG 3RYHVWHD PHD D DMXQV OD VIULW 1X DP FRPHQWDULL GH IFXW DVXSUD VXELHFWXOXL 6FODYLHL $FHLD FDUH
SUHDELQHUHVSRQVDELOLWDWHDFDUHPLLQFXPEGHFODUVROHPQQIDDRDPHQLORULDOXL'XPQH]HXFRULFH FLWHVFFDUWHDGHIDLSRWIRUPDSURSULLOHORUSUHULGHVSUHDFHDVWLQVWLWXLHDSDUWH1XVXVLQFWLX
FH SRDWH IL Q DOWH VWDWH VLWXDLD GLQ LQXWXO 5XOXL 5RX HVWH GHVFULV UHDO L FLQVWLW Q DFHVWH SDJLQL
$FHDVWDQXHVWHRILFLXQHLQXH[LVWH[DJHUUL'DFDPJUHLWFHYDDWXQFLDPIFXWRDFRUGQGXQ
$QH[D$
VSDLX SUHD PDUH SULL OXPLQRDVH D WDEORXOXL 1X P QGRLHVF F VXWH GH RDPHQL DX IRVW OD IHO GH
QHQRURFRLFDPLQHFVXWHGHFHWHQLOLEHULDXIRVWUSLLLYQGXLQVFODYLHLFKLDUQFOLSDGHID &$3

LGXFYLHLOHSHSODQWDLLGLQ7H[DVL/RXLVLDQD0DELQQV&XVSLULWXOWHPSHUDWLQJHQXQFKHDWGH
VXIHULQHOH OD FDUH DP IRVW VXSXV L UHFXQRVFWRU )LLQHL EXQH SULQ D FUHL PLORVWHQLH PL VDX UHGDW 2OHJHPDLHILFLHQWQYHGHUHDDSUULLFHWHQLORUOLEHULDLDFHVWXL6WDWSHQWUXDQXILUSLLVDXGXL
IHULFLUHD L OLEHUWDWHD VSHU FD GH DLFL QDLQWH V GXF R YLD FLQVWLW FKLDU GDF PRGHVW L V P ODVFODYLH
RGLKQHVFQFHOHGLQXUPQFXUWHDELVHULFLLXQGHGRDUPHWDWOPHX >3URPXOJDWPDL@

&HWHQLL6WDWXOXL1HZ<RUNUHSUH]HQWDLQ6HQDWL$GXQDUHDGRSWXUPWRDUHOH
h'DF*XYHUQDWRUXODFHVWXL6WDWYDSULPLLQIRUPDLLPXOXPLWRDUHSRWULYLWFURUDRULFDUHFHWHDQ
OLEHU VDX ORFXLWRU DO DFHVWXL 6WDW D IRVW USLW VDX WUDQVSRUWDW DIDU GLQ DFHVW 6WDW Q RULFH DOW 6WDW VDX
7HULWRULXDO6WDWHORU8QLWHQVFRSXOGHDILLQXWDFRORQVFODYLHVDXFXQDVHPHQHDFHWHDQOLEHUVDX
ORFXLWRU HVWH SH QHGUHSW UHLQXW QFKLV VDX LQXW Q VFODYLH Q RULFDUH GLQ 6WDWHOH VDX 7HULWRULLOH GLQ
6WDWHOH8QLWHVXEDOHJDLDVDXSUHWH[WXOFHVWHVFODYILHGLQFDX]DFXORULLSLHOLLVDOHILHQFRQIRUPLWDWH
FXDOWHX]DQHVDXSUHYHGHULOHJLVODWLYHQYLJRDUHQDFHO6WDWVDX7HULWRULXHVWHFRQVLGHUDWVDXOXDWQ
YHGHUHDVFODYLHLVDXQXDUHGUHSWXOODOLEHUWDWHDSHUVRQDODFHWHDQXOXLYDILGHGDWRULD*XYHUQDWRUXOXL
DPLQWLW V LD PVXULOH SH FDUH OH FRQVLGHU QHFHVDUH SHQWUX D DVLJXUD UHVWLWXLUHD OLEHUWLL SHUVRDQHL
UHVSHFWLYHLUHDGXFHUHDVDQDFHVW6WDW*XYHUQDWRUXOHVWHDXWRUL]DWVGHVHPQH]HLVDQJDMH]HXQXO
VDX PDL PXOL DJHQL UHSUH]HQWDQL GXS FXP YD FRQVLGHUD QHFHVDU SHQWUX UHVWLWXLUHD L UHDGXFHUHD
SHUVRDQHL UHVSHFWLYH LL YD DVLJXUD QXPLWXOXL DJHQW DFUHGLWULOH L LQVWUXFLXQLOH QHFHVDUH SHQWUX DL
UHDOL]DVDUFLQDSHQWUXFDUHDIRVWPSXWHUQLFLW*XYHUQDWRUXOSRDWHGHWHUPLQDFRPSHQVDLDFXFDUHVILH
UHWULEXLWDJHQWXOSHQWUXVHUYLFLLOHVDOHQDIDUGHFKHOWXLHOLOHVDOHQHFHVDUH

h  8Q DVHPHQHD DJHQW YD FXOHJH GXS DFHHD GRYH]LOH FRUHVSXQ]WRDUH SHQWUX D VWDELOL GUHSWXO
SHUVRDQHLUHVSHFWLYHODOLEHUWDWHYDQWUHSULQGHWRDWHFOWRULLOHQHFHVDUHYDOXDPVXULOHQHFHVDUHYD
LQVWLWXL SURFHGXULOH OHJDOH VXE FRQGXFHUHD *XYHUQDWRUXOXL DD FXP HVWH QHFHVDU SHQWUX FD SHUVRDQHL
UHVSHFWLYHVLILHUHVWLWXLWOLEHUWDWHDLVILHUHDGXVQ6WDWXODFHVWD

h  'HFRQWXULOH SHQWUX WRDWH VHUYLFLLOH L FKHOWXLHOLOH RFD]LRQDWH GH DSOLFDUHD DFHVWHL OHJL YRU IL
DXGLWDWHGHFWUH5HYL]RULSOWLWHGHFWUH7UH]RULHUSULQPDQGDWXOVXGLQRULFHVXPHGHEDQLDIODWHQ
WUH]RUHULDDFHVWXL6WDWFDUHQXDXIRVWDOWIHODORFDWH7UH]RULHUXOSRDWHDYDQVDFXDFFHSWXO5HYL]RUXOXL
XQXL DVHPHQHD DJHQW VXPD VDX VXPHOH SH FDUH *XYHUQDWRUXO OH YD FHUWLILFD GUHSW DYDQVXUL UH]RQDELOH
SHQWUXDLSHUPLWHVLUHDOL]H]HVFRSXULOHPLVLXQLLDYDQVSHQWUXFDUHDJHQWXOYDSUH]HQWDGRFXPHQWH
GRYHGLWRDUHODDXGLWXOILQDODOPLVLXQLLVDOH

h$FHDVWOHJHYDLQWUDQYLJRDUHLPHGLDW
'DWDWQRLHPEULH
$QH[D% 67$78/1(:<25.
&RPLWDWXO:DVKLQJWRQVV
0(025,8/$11(, 
 $QQH1RUWKXSGLQVDWXO*OHQV)DOOVFRPLWDWXO:DUUHQGLQ6WDWXODPLQWLWVXESUHVWDUHGHMXUPQWD
([FHOHQHL6DOH*XYHUQDWRUXO6WDWXOXL1HZ<RUN GHFODUDWFHDDVHPQDWPHPRULXOGHPDLVXVLFDILUPDLLOHFRQLQXWHQDFHVWDVXQWDGHYUDWH
 
0HPRULXO$QQHL1RUWKXSGLQVDWXO*OHQV)DOOVFRPLWDWXO:DUUHQ6WDWXOPDLVXVPHQLRQDWGHFODU 6HPQDW $11(1257+83
FXUHVSHFWXUPWRDUHOH 
6HPQDWDUDDFHVWXLPHPRULXDOFUHLQXPHGHIDWDIRVW$QQH+DPSWRQDPSOLQLWSDWUX]HFLLSDWUX 6XEVFULVLMXUDWQDLQWHDPHDD]L
GHDQLQ]LXDGHPDUWLHDDQXOXLWUHFXWLDIRVWFVWRULWFX6RORPRQ1RUWKXSSHDWXQFLGLQ)RUW QRLHPEULH
(GZDUGQFRPLWHWXO:DVKLQJWRQL6WDWXOPDLVXVPHQLRQDWQ]LXDGHGHFHPEULHG+UGH &+$5/(6+8*+(6-XGHFWRUGH3DFH

FWUH7LPRWK\(GG\SHDWXQFL-XGHFWRUGH3DFH'XSFVWRULHQXPLWXO6RORPRQDWULWVXEDFHODL
DFRSHUL FX VHPQDWDUD DFHVWXL PHPRULX Q RUDXO DPLQWLW SQ Q  FQG VD PXWDW PSUHXQ FX 5HFRPDQGPFD*XYHUQDWRUXOVOGHVHPQH]HSH+HQU\%1RUWKXSGLQVDWXO6DQG\+LOOFRPLWDWXO
IDPLOLDOXLQRUDXO.LQJVEXU\GLQFRPLWDWXODPLQWLW L DUPDVDFRORDSUR[LPDWLYWUHLDQLSHQWUXFD :DVKLQJWRQ 6WDWXO 1HZ <RUN FD XQXO GLQWUH DJHQLL FDUH V VH RFXSH GH UHVWLWXLUHD OLEHUWLL L
GXS DFHHD V VH PXWH OD 6DUDWRJD 6SULQJV Q 6WDWXO PDL VXVPHQLRQDW L D FRQWLQXDW V ORFXLDVF Q UHDGXFHUHDOXL6RORPRQ1RUWKXSDPLQWLWQPHPRULXOGHPDLVXVDO$QQHL1RUWKXS

DPLQWLWXO6DUDWRJD6SULQJVLQRUDXOQYHFLQDWSQQMXUXODQXOXLSHFWPLSRWDPLQWLFQG 'DWDWOD6DQG\+LOOFRPLWDWXO:DVKLQJWRQ1<
6RORPRQ D SOHFDW Q RUDXO :DVKLQJWRQ 'LVWULFWXO &ROXPELD PRPHQW GLQ FDUH VHPQDWDUD DFHVWXL QRLHPEULH
PHPRULXQXLDPDLY]XWQXPLWXOVR 
6HPQDWDUD DFHVWXL PHPRULX PDL GHFODU F Q DQXO  D SULPLW LQIRUPDLL SULQWUR VFULVRDUH 6HPQDW
DGUHVDWOXL+HQU\%1RUWKXS(VTGLQ6DQG\+LOOFRPLWDWXO:DVKLQJWRQ6WDWXO1HZ<RUNLSXUWQG 3(7(5+2/%522.
WDPSLOD RILFLXOXL SRWDO GLQ 1HZ 2UOHDQV F QXPLWXO 6RORPRQ IXVHVH USLW Q :DVKLQJWRQ VXLW OD '$1,(/6:((7
ERUGXO XQHL DPEDUFDLXQL L F DWXQFL VH DIOD SH DPEDUFDLXQHD UHVSHFWLY Q 1HZ 2UOHDQV GDU QX D %)+2$*
SXWXWVSXQHFXPDDMXQVQVLWXDLDUHVSHFWLYLQLFLFDUHLHUDGHVWLQDLD $/021&/$5.
'H OD XOWLPD SHULRDG PHQLRQDW VHPQDWDUHL DFHVWXL PHPRULX LD IRVW FX WRWXO LPSRVLELO V RELQ &+$5/(6+8*+(6
RULFH LQIRUPDLH GHVSUH ORFXO XQGH VDU IL DIODW QXPLWXO 6RORPRQ SQ Q OXQD VHSWHPEULH D DQXOXL %(1-$0,1)(55,6
WUHFXWFQGRDOWVFULVRDUHDIRVWSULPLWGHODQXPLWXO6RORPRQSXUWQGWDPSLODRILFLXOXLSRWDOGLQ ('%$.(5
0DUNVYLOOH SDURKLD $YR\HOOHV 6WDWXO /RXLVLDQD FDUH GHFODUD F HUD LQXW DFROR FD VFODY GHFODUDLH -26,$++%52:1
GHVSUHFDUHVHPQDWDUDDFHVWXLPHPRULXFUHGHFHVWHDGHYUDW 259,//(&/$5.
1XPLWXO6RORPRQHVWHQYUVWGHSDWUX]HFLLFLQFLGHDQLLQXDORFXLWQLFLRGDWQDIDUD6WDWXOXL 
1HZ <RUN Q FDUH VD QVFXW SQ FQG D SOHFDW Q RUDXO :DVKLQJWRQ DD FXP DP DPLQWLW DQWHULRU 67$78/1(:<25.
1XPLWXO6RORPRQ1RUWKXS HVWHFHWHDQ OLEHUDO6WDWXOXL 1HZ <RUNLDUDFXPHVWHLQXWSH QHGUHSW Q &RPLWDWXO:DVKLQJWRQVV

VFODYLH Q 0DUNVYLOOH VDX Q DSURSLHUH GH DFHVWD Q SDURKLD $YR\HOOHV 6WDWXO /RXLVLDQD XQXO GLQWUH
6WDWHOH8QLWHDOH$PHULFLLVXEDOHJDLDVDXSUHWH[WXOFQXPLWXO6RORPRQHVWHVFODY -RVLDK+DQGGLQVDWXO6DQG\+LOOFRPLWDWXODPLQWLWVXESUHVWDUHGHMXUPQWDGHFODUDWFHVWHQ
YUVW GH FLQFL]HFL L DSWH GH DQL L VD QVFXW Q VDWXO DPLQWLW L D ORFXLW QWRWGHDXQD DFROR F LD
6HPQDWDUDDFHVWXLPHPRULXPDLGHFODUF0LQWXV1RUWKXSDIRVWWDWOQXPLWXOXL6RORPRQFDIRVW
QHJUX L D PXULW OD )RUW (GZDUG Q ]LXD GH  QRLHPEULH  F PDPD QXPLWXOXL 6RORPRQ D IRVW FXQRVFXWSH0LQWXV1RUWKXSLSHILXOVX6RORPRQQXPLLQPHPRULXODQH[DWDO$QQHL1RUWKXSQF
GLQDLQWHDDQXOXLF0LQWXV1RUWKXSDWXQFLLSQQPRPHQWXOGHFHVXOXLVXDOXFUDWODRIHUP
PXODWUVDXSHWUHLVIHUWXULDOELDPXULWQFRPLWDWXO2VZHJR1HZ<RUNQXUPFXFLQFLDVHDQL
DDFXPDIRVWLQIRUPDWVHPQDWDUDDFHVWXLPHPRULXLFQXDIRVWQLFLRGDWVFODY QRUDHOH.LQJVEXU\L)RUW(GZDUGGLQSULPXOPRPHQWQFDUHODFXQRVFXWPDUWRUXOLSQODGHFHVXO
6HPQDWDUDDFHVWXLPHPRULXLIDPLOLDHLVXQWVUDFLLLQFDSDELOLVSOWHDVFVDXVDFKLWHRULFHSDUWH VXFGHVSUHQXPLWXO0LQWXVLVRLDOXLPDPDQXPLWXOXL6RORPRQ1RUWKXSVHWLDFHUDXFHWHQL
OLEHUL GLQ 1HZ <RUN LDU PDUWRUXO FUHGH F HL HUDX OLEHUL F QXPLWXO 6RORPRQ 1RUWKXS VD QVFXW Q
GLQFKHOWXLHOLOHGHUHVWDELOLUHDOLEHUWLLQXPLWXOXL6RORPRQ
([FHOHQD9RDVWUHVWHUXJDWVDQJDMH]HDJHQWXOVDXDJHQLLFDUHYRUILFRQVLGHUDLQHFHVDULSHQWUXD DPLQWLWXO FRPLWDW :DVKLQJWRQ DD FXP FUHGH PDUWRUXO L VD FVWRULW SH  GHFHPEULH  Q )RUW
UHDOL]D UHVWLWXLUHD OLEHUWLL L UHDGXFHUHD QXPLWXOXL 6RORPRQ 1RUWKXS Q ED]D XQXL DFW DO /HJLVODWXULL (GZDUGPHQLRQDWPDLVXVLQXPLWDOXLVRLHLWUHLFRSLLGRXILLFHLXQILXWULHVFDFXPQ*OHQV
)DOOV &RPLWDWXO :DUUHQ 1HZ <RUN L F QXPLWXO 6RORPRQ 1RUWKXS D ORFXLW QWRWGHDXQD Q QXPLWXO
6WDWXOXL 1HZ <RUN SURPXOJDW SH  PDL  L LQWLWXODW 2 OHJH PDL HILFLHQW Q YHGHUHD DSUULL
FHWHQLORUOLEHULDLDFHVWXL6WDWSHQWUXDQXILUSLLVDXGXLODVFODYLH6HPQDWDUDDFHVWXLPHPRULXVH FRPLWDW:DVKLQJWRQLQLPHGLDWDVDYHFLQWDWHSQQMXUXODQXOXLPRPHQWGLQFDUHPDUWRUXO
QX OD PDL Y]XW GDU PDUWRUXO D IRVW LQIRUPDW Q PRG FUHGLELO L FUHGH F QXPLWXO 6RORPRQ HVWH Q
YDUXJDPHUHXSHQWUXGY
 SUH]HQWLQXWSHQHGUHSWFDVFODYQ6WDWXO/RXLVLDQD0DUWRUXOGHFODUQFRQWLQXDUHFLVHSRDWHDFRUGD
6HPQDW $11(1257+83 FUHGLW$QQHL1RUWKXSQXPLWQDPLQWLWXOPHPRULXLFRQVLGHUFDILUPDLLOHFXSULQVHQPHPRULXOHL
 VXQWDGHYUDWH
 ERUGXO XQHL DPEDUFDLXQL Q ODQXUL L HUD FRQVLGHUDW VFODY L F QXL FXQRWHD GHVWLQDLD FHHD FH
6HPQDW -26,$++$1' PDUWRUXO FRQVLGHU D IL DGHYUDW L OD UXJDW SH PDUWRU VO DMXWH VL UHGREQGHDVF OLEHUWDWHD F

PDUWRUXOSLHUGXVHVDXUWFLVHDPLQWLWDVFULVRDUHLQRSXWHDJVLFPDUWRUXOVHVWUGXLVHGXSDFHHDV
6XEVFULVLMXUDWQDLQWHDPHDD]L
DIOHXQGHVHJVHDQXPLWXO6RORPRQGDUQXLGGXVHGHXUPSQQOXQDVHSWHPEULHDDQXOXLWUHFXW
QRLHPEULH
FQGPDUWRUXODVWDELOLWSHED]DXQHLVFULVRULFDUHDILUPDFDUILIRVWQWRFPLWODQGUXPDUHDQXPLWXOXL
&+$5/(6+8*+(6-XGHFWRUGH3DFH
 6RORPRQFQXPLWXO6RORPRQHUDLQXWFDVFODYQRUDXO0DUNVYLOOHVDXQPSUHMXULPLOHDFHVWXLDQ
67$78/1(:<25. SDURKLD $YR\HOOHV 6WDWXO /RXLVLDQD L F PDUWRUXO FRQVLGHU F LQIRUPDLD DFHHD HVWH DGHYUDW L F
&RPLWDWXO:DVKLQJWRQVV QXPLWXO6RORPRQHVWHDFXPLQXWSHQHGUHSWQVFODYLHQDPLQWLWXO0DUNVYLOOH
 
7LPRWK\(GG\ GLQ )RUW(GZDUGQDPLQWLWXO FRPLWDWVXE SUHVWDUH GHMXUPQWD GHFODUDW F DFXP 6HPQDW +(15<%1257+83

HVWHQYUVWGHDQLLFDORFXLWQQXPLWXORUDPDLELQHGHDQLLFODFXQRVFXWELQHSH6RORPRQ
6XEVFULVLMXUDWQIDDPHDD]L
1RUWKXSQXPLWQPHPRULXODQH[DWGH$QQH1RUWKXSLSHWDWOVX0LQWXV1RUWKXSFDUHDIRVWQHJUX
QRLHPEULH
6RLD QXPLWXOXL 0LQWXV D IRVW PXODWU QXPLWXO 0LQWXV 1RUWKXS L QXPLWD OXL VRLH L IDPLOLD GRL ILL
&+$5/(6+8*+(6-3
-RVHSKL6RORPRQDXORFXLWQDPLQWLWXORUD)RUW(GZDUGFLYDDQLQDLQWHGHDQXOLDUQXPLWXO 
0LQWXV D GHFHGDW Q RUD Q DQXO  G+U GXS LQIRUPDLLOH PDUWRUXOXL Q FRQWLQXDUH PDUWRUXO D 67$78/1(:<25.
GHFODUDWFDIRVW-XGHFWRUGH3DFHQDPLQWLWXORUDQDQXOLGLQIXQFLDUHVSHFWLYLDXQLWQ &RPLWDWXO:DVKLQJWRQVV
FVWRULH SH GDWD GH  GHFHPEULH  SH 6RORPRQ 1RUWKXS L $QQH +DPSWRQ FDUH HVWH DFHHDL 
SHUVRDQ FDUH D GHSXV PHPRULXO DQH[DW 0DUWRUXO D VXEOLQLDW F QXPLWXO 6RORPRQ D IRVW XQ FHWHDQ 1LFKRODV & 1RUWKXS GLQ VDWXO 6DQG\ +LOO Q DPLQWLWXO FRPLWDW VXE SUHVWDUH GH MXUPQW D GHSXV
OLEHU DO 6WDWXOXL 1HZ <RUN L F D WULW QWRWGHDXQD Q 6WDWXO DPLQWLW SQ Q MXUXO DQXOXL  G+U PUWXULH F DUH YUVWD GH FLQFL]HFL GH DQL L OD FXQRVFXW QF GH OD QDWHUH SH 6RORPRQ 1RUWKXS
PRPHQW GLQ FDUH PDUWRUXO QX OD PDL Y]XW GDU D IRVW UHFHQW LQIRUPDW L FUHGH F HVWH DGHYUDW F PHQLRQDWQPHPRULXODQH[DWDO$QQHL1RUWKXS0DUWRUXODGHFODUDWFQXPLWXO6RORPRQHVWHDFXPQ
QXPLWXO 6RORPRQ 1RUWKXS HVWH SH QHGUHSW LQXW Q VFODYLH Q 0DUNVYLOOH VDX Q DSURSLHUH Q SDURKLD YUVWGHSDWUX]HFLLFLQFLGHDQLLVDQVFXWQFRPLWDWXO:DVKLQJWRQDPLQWLWVDXQFRPLWDWXO(VVH[
$YR\HOOHV6WDWXO/RXLVLDQD0DUWRUXODPDLGHFODUDWF0LQWXV1RUWKXSDYHDDSURDSHDL]HFLGHDQLQ Q6WDWXODPLQWLWLFDORFXLWQWRWGHDXQDQ6WDWXO1HZ<RUNSQQMXUXODQXOXLPRPHQWGLQ
PRPHQWXO GHFHVXOXL L F IXVHVH Q XOWLPLL WUHL]HFL GH DQL DL YLHLL VDOH FHWHDQ OLEHU DO 6WDWXOXL 1HZ FDUH PDUWRUXO QX OD PDL Y]XW L QLFL QD WLXW XQGH HVWH SQ FX FWHYD VSWPQL Q XUP FQG
<RUN PDUWRUXO D IRVW LQIRUPDW L FRQVLGHU DGHYUDW F QXPLWXO 6RORPRQ HUD LQXW Q VFODYLH Q 6WDWXO
0DUWRUXO PDL GHFODU F $QQH 1RUWKXS VRLD QXPLWXOXL 6RORPRQ 1RUWKXS DUH FDUDFWHU L UHSXWDLH /RXLVLDQD0DUWRUXODPDLGHFODUDWFQXPLWXO6RORPRQVHQVXUDVHQRUDXO)RUW(GZDUGGLQFRPLWDWXO
EXQLDUGHFODUDLLOHHLFRQLQXWHQPHPRULXODQH[DWSRWILSHGHSOLQGDWHFUH]ULL DPLQWLW DFXP GRX]HFL L SDWUX GH DQL L F VRLD L FHOH GRX ILLFH L XQ ILX ORFXLHVF DFXP Q VDWXO
 *OHQV )DOOV FRPLWDWXO :DUUHQ Q DPLQWLWXO 6WDW 1HZ <RUN 0DUWRUXO MXU GH DVHPHQHD F QXPLWXO
6HPQDW 7,027+<(''< 6RORPRQ 1RUWKXS HVWH XQ FHWHDQ DO DPLQWLWXOXL 6WDW 1HZ <RUN L VD QVFXW OLEHU L GLQ SUXQFLH D

ORFXLW Q FRPLWDWHOH :DVKLQJWRQ (VVH[ :DUUHQ L 6DUDWRJD Q 6WDWXO 1HZ <RUN L F QXPLWD VRLH L
6XEVFULVLMXUDWQIDDPHDD]L
FRSLLLQDXORFXLWQLFLRGDWQDIDUDDPLQWLWHORUFRPLWDWHGXSFVWRULDQXPLWXOXL6RORPRQFPDUWRUXO
QRLHPEULH
OD FXQRVFXW SH WDWO QXPLWXOXL 6RORPRQ 1RUWKXS F QXPLWXO WDW HUD QHJUX FX QXPHOH GH 0LQWXV
7,0<6728*+721-XGHFWRU
 1RUWKXS FDUH D GHFHGDW Q RUDXO )RUW (GZDUG Q FRPLWDWXO :DVKLQJWRQ 6WDWXO 1HZ <RUN SH 
67$78/1(:<25. QRLHPEULHG+ULDIRVWQJURSDWQFLPLWLUXOGLQDPLQWLWXO6DQG\+LOOFWLPSGHSHVWHWUHL]HFLGH
&RPLWDWXO:DVKLQJWRQVV DQLQDLQWHDGHFHVXOXLDORFXLWQFRPLWDWHOH(VVH[:DVKLQJWRQL5HQVVHODHUL6WDWXO1HZ<RUNLD
 OVDWQXUPRVRLHLGRLILL-RVHSKLQXPLWXO6RORPRQFPDPDQXPLWXOXL6RORPRQDIRVWPXODWU
+HQU\%1RUWKXSGLQVDWXO6DQG\+LOOGLQDPLQWLWXOFRPLWDWVXESUHVWDUHGHMXUPQWDGHFODUDWF LDFXPHVWHGHFHGDWLDPXULWGXSLQIRUPDLLOHPDUWRUXOXLQFRPLWDWXO2VZHJR1HZ<RUNDFXP
HVWHQYUVWGHSDWUX]HFLLDSWHGHDQLLFDORFXLWQWRWGHDXQDQDPLQWLWXOFRPLWDWFODFXQRVFXW FLQFL VDX DVH DQL 0DUWRUXO PDL GHFODU F PDPD QXPLWXOXL 6RORPRQ 1RUWKXS QD IRVW VFODY Q
SH0LQWXV1RUWKXSQXPLWQPHPRULXODQH[DWGHODSULPHOHVDOHDPLQWLULLSQODPRPHQWXOGHFHVXOXL PRPHQWXOQDWHULLQXPLWXOXL6RORPRQ1RUWKXSLQXIXVHVHVFODYQXOWLPLLFLQFL]HFLGHDQL
VX FDUH VD SHWUHFXW Q )RUW (GZDUG Q QXPLWXO FRPLWDW Q DQXO  F LD FXQRVFXW SH FRSLLL 
QXPLWXOXL0LQWXV6RORPRQUHVSHFWLY-RVHSKFDFHWLDVDXQVFXWDPQGRLQFRPLWDWXO:DVKLQJWRQ 6HPQDW 1&1257+83

DPLQWLW PDL VXV GXS LQIRUPDLLOH PDUWRUXOXL F PDUWRUXO OD FXQRVFXW ELQH QF GLQ FRSLOULH SH
6XEVFULVLMXUDWQIDDPHDD]LQRLHPEULH
QXPLWXO 6RORPRQ FDUH HVWH DFHHDL SHUVRDQ QXPLW Q PHPRULXO DQH[DW DO $QQHL 1RUWKXS L F
&+$5/(6+8*+(6-XGHFWRUGH3DFH
QXPLWXO 6RORPRQ D ORFXLW SHUPDQHQW Q QXPLWXO FRPLWDW :DVKLQJWRQ L Q FRPLWDWHOH YHFLQH SQ Q 
MXUXODQXOXLFQXPLWXO6RORPRQWLDVVFULHLVFLWHDVFFQXPLWXO6RORPRQLPDPDLWDWO 67$78/1(:<25.
VXHUDXFHWHQLOLEHULDL6WDWXOXL1HZ<RUNFQMXUXODQXOXLPDUWRUXODSULPLWRVFULVRDUHGHOD &RPLWDWXO:DVKLQJWRQVV
QXPLWXO6RORPRQSXUWQGWDPSLODRILFLXOXLSRWDOGLQ1HZ2UOHDQVQFDUHGHFODUDFSHFQGVHDIOD 
QLQWHUHVGHDIDFHULQRUDXO:DVKLQJWRQIXVHVHUSLWLLIXVHVHUOXDWHDFWHOHGHRPOLEHUFVHDIODOD 2UYLOOH&ODUNGLQVDWXO6DQG\+LOOFRPLWDWXO:DVKLQJWRQ6WDWXO1HZ<RUNVXESUHVWDUHGHMXUPQW
DGHSXVPUWXULHLDVSXVFHOPDUWRUXODUHYUVWDGHSHVWHFLQFL]HFLGHDQLFQDQLLL &DPHUD([HFXWLY$OEDQ\QRLHPEULH
VDX Q PDMRULWDWHD WLPSXOXL GLQ DQLL DFHLD D ORFXLW Q DPLQWLWXO 6DQG\ +LOO L Q *OHQV )DOOV F OD 
FXQRVFXW DWXQFL SH 0LQWXV 1RUWKXS XQ QHJUX VDX RP GH FXORDUH F HUD SH DWXQFL RP OLEHU DD FXP 3ULQ SUH]HQWD FHUWLILF F XUPWRDUHD HVWH FRSLD FRQIRUP FX RULJLQDOXO D GRYH]LORU GHSXVH OD
FUHGHLDQHOHVGLQWRWGHDXQDPDUWRUXOFVRLDQXPLWXOXL0LQWXV1RUWKXSLPDPDOXL6RORPRQHUD 'HSDUWDPHQWXO([HFXWLYSHED]DFURUDODPGHVHPQDWSH+HQU\%1RUWKXSFD$JHQWUHSUH]HQWDQWDO
IHPHLH OLEHU F GLQ DQXO  SQ OD GHFHVXO QXPLWXOXL 0LQWXV 1RUWKXS Q MXUXO DQXOXL  DFHVWXL6WDWFDUHVQWUHSULQGDFLXQLOHQHFHVDUHQQXPHOHOXL6RORPRQ1RUWKXSPHQLRQDWQHOH

PDUWRUXO OD FXQRVFXW IRDUWH ELQH SH QXPLWXO 0LQWXV 1RUWKXS F QXPLWXO 0LQWXV 1RUWKXS D IRVW XQ
6HPQDW :$6+,1*721+817
EUEDWUHVSHFWDELOQFRPXQLWDWHDQFDUHDORFXLWLDIRVWRPOLEHUFRQVLGHUDWFDDWDUHLVWLPDWGHWRDWH 
FXQRWLQHOHVDOHFPDUWRUXOODFXQRVFXWGHDVHPHQHDSHILXOVX6RORPRQ1RUWKXSGLQDPLQWLWXODQ 'HFWUH*XYHUQDWRU
SQFQGHODSUVLWDFHDVWSDUWHGLQDUQMXUXODQXOXLVDXFQXPLWXO6RORPRQ -)56HFUHWDU3DUWLFXODU
1RUWKXSVDQVXUDWFX$QQH+DPSWRQILLFDOXL:LOOLDP+DPSWRQXQYHFLQDSURSLDWDOPDUWRUXOXLF 
QXPLWD $QQH VRLD QXPLWXOXL 6RORPRQ WULHWH DFXP Q DSURSLHUH F QXPLWXO 0LQWXV 1RUWKXS L 67$78/1(:<25.
:LOOLDP +DPSWRQ HUDX DPQGRL RDPHQL FX UHSXWDLH L VWLPDL Q DFHDVW FRPXQLWDWH FD EUEDL 'HSDUWDPHQWXO([HFXWLY$OEDQ\
UHVSHFWDELOL 0DUWRUXO PDL GHFODU F GLQ FHOH PDL YHFKL DPLQWLUL L LQIRUPDLL DOH VDOH QF GLQ DQXO :$6+,1*721+817*XYHUQDWRUDO6WDWXOXL1HZ<RUNSHQWUXWRLFHLLQWHUHVDLVDOXWUL
  WLH F QXPLWXO 0LQWXV 1RUWKXS L IDPLOLD VD QXPLWXO :LOOLDP +DPSWRQ L IDPLOLD VD DX IRVW 
QWRWGHDXQDRQRUDELOLVWLPDLLFRQVLGHUDLFHWHQLOLEHULDL6WDWXOXL1HZ<RUNDDFXPPDUWRUXOFUHGH QWUXFW DP SULPLW LQIRUPDLL VXE SUHVWDUH GH MXUPQW FDUH VXQW VDWLVIFWRDUH SHQWUX PLQH F
FHVWHDGHYUDW0DUWRUXOWLHFQXPLWXO:LOOLDP+DPSWRQSRWULYLWOHJLORUDFHVWXL6WDWDDYXWGUHSWXO 6RORPRQ1RUWKXSFDUHHVWHXQFHWHDQOLEHUDODFHVWXL6WDWHVWHSHQHGUHSWLQXWQVFODYLHQ6WDWXO
V YRWH]H OD DOHJHULOH QRDVWUH L FUHGH F QXPLWXO 0LQWXV 1RUWKXS D IRVW GH DVHPHQHD QGULWXLW FD /RXLVLDQD
FHWHDQ OLEHU FX GUHSWXULOH FRUHVSXQ]WRDUH 0DUWRUXO PDL GHFODU F QXPLWXO 6RORPRQ 1RUWKXS ILXO L QWUXFW HVWH GDWRULD PHD SRWULYLW OHJLORU DFHVWXL 6WDW GH D OXD PVXULOH SH FDUH OH YRL FRQVLGHUD
QXPLWXOXL 0LQWXV L VRXO QXPLWHL $QQH +DPSWRQ HUD OD PRPHQWXO FQG D SUVLW DFHVW 6WDW FHWHDQ QHFHVDUH SHQWUX D DVLJXUD RULFUXL FHWHDQ LQXW DVWIHO SH QHGUHSW Q VFODYLH UHVWLWXLUHD OLEHUWLL L
OLEHUDO6WDWXOXL1HZ<RUN0DUWRUXOPDLGHFODUFQXPLWD$QQH+DPSWRQVRLDOXL6RORPRQ1RUWKXS UHDGXFHUHDOXLQDFHVW6WDW
HVWHRIHPHLHUHVSHFWDELOFXFDUDFWHUEXQLFUHGHGHFODUDLLOHHLDDFXPFUHGHFIDSWHOHH[SXVHQ 6ILHFXQRVFXWFQFRQIRUPLWDWHFXFDSLWROXODOOHJLORUDFHVWXL6WDWSURPXOJDWHQDP
PHPRULXOHLFWUHH[FHOHQDVD*XYHUQDWRUXOUHIHULWRUODQXPLWXOHLVRVXQWDGHYUDWH GHVHPQDWLDQJDMDWSH+HQU\%1RUWKXS(VTXLUHGLQFRPLWDWXO:DVKLQJWRQGLQDFHVW6WDWFD$JHQW
 UHSUH]HQWDQW FX SXWHUL GHSOLQH SHQWUX D H[HFXWD UHVWLWXLUHD OLEHUWLL L UHDGXFHUHD QXPLWXOXL 6RORPRQ
6HPQDW 259,//(&/$5. 1RUWKXS LDU QXPLWXO $JHQW HVWH DXWRUL]DW L PSXWHUQLFLW SHQWUX D LQVWLWXL RULFH SURFHGXUL OHJDOH L
 FXYHQLWH GH D FXOHJH GRYH]LOH QHFHVDUH GH D VH VIWXL L Q FHOH GLQ XUP GH D OXD PVXULOH FHOH PDL
-XUDWQIDDPHD SUREDELOHSHQWUXDWLQJHUHDRELHFWLYXOXLPLVLXQLLVDOH
QRLHPEULH (ODIRVWGHDVHPHQHDLQVWUXLWVSOHFHQ6WDWXO/RXLVLDQDFWPDLUHSHGHFRQYHQDELOSHQWUXDH[HFXWD
8*3$5,6-XGHFWRUGH3DFH PLVLXQHDSULPLWSULQSUH]HQWD

'UHSWSHQWUXFDUHDPVHPQDWSUH]HQWXODFWLDPDSOLFDWVLJLOLXOSULYDWDO6WDWXOXLOD$OEDQ\D]L
67$78/1(:<25.
QRLHPEULHDQXO'RPQXOXLQRVWUX
&RPLWDWXO:DVKLQJWRQVV 

6HPQDW :$6+,1*721+817
%HQMDPLQ)HUULVGLQVDWXO6DQG\+LOOQFRPLWDWXODPLQWLWVXESUHVWDUHGHMXUPQWDGHSXVPUWXULH 
LDGHFODUDWFHVWHQYUVWGHFLQFL]HFLLDSWHGHDQLLDORFXLWQVDWXODPLQWLWWLPSGHSDWUX]HFLL -$0(6)58**/(66HFUHWDU3DUWLFXODU
FLQFLGHDQLFODFXQRVFXWELQHSH0LQWXV1RUWKXSDPLQWLWQPHPRULXODQH[DWDO$QQHL1RUWKXSGLQ
DQXO  L SQ OD GHFHVXO VX FDUH VD SHWUHFXW Q )RUW (GZDUG Q WRDPQD DQXOXL  F LD
FXQRVFXW SH FRSLLL QXPLWXOXL 0LQWXV -RVHSK 1RUWKXS UHVSHFWLY 6RORPRQ 1RUWKXS L F QXPLWXO
6RORPRQ HVWH DFHHDL SHUVRDQ DPLQWLW Q QXPLWXO PHPRULX F QXPLWXO 0LQWXV D ORFXLW Q FRPLWDWXO
:DVKLQJWRQDPLQWLWSQODPRPHQWXOGHFHVXOXLVXLQWRWDFHOWLPSDIRVWFHWHDQOLEHUDODPLQWLWXOXL
6WDW1HZ<RUNDDFXPFUHGHFXDGHYUDWPDUWRUXOFQXPLWD$QQH1RUWKXSVHPQDWDUDPHPRULXOXL
HVWHRIHPHLHFXFDUDFWHUEXQLFGHFODUDLDFRQLQXWQPHPRULXOHLSRDWHILGDWFUH]ULL

6HPQDW %(1-$0,1)(55,6

-XUDWQIDDPHD
QRLHPEULH
8*3$5,6-XGHFWRUGH3DFH

67$78/1(:<25.
$QH[D&
67$78//28,6,$1$
3DURKLD$YR\HOOHV

QDLQWHD PHD $ULVWLGH %DUELQ $UKLYDU DO SDURKLHL $YR\HOOHV VD SUH]HQWDW SHUVRQDO +HQU\ %
1RUWKXSGLQFRPLWDWXO:DVKLQJWRQ6WDWXO1HZ<RUNFDUHDGHFODUDWFQWHPHLXOPLVLXQLLOXLFDDJHQW
DO6WDWXOXL1HZ<RUNQFUHGLQDWGHFWUH([FHOHQD6D:DVKLQJWRQ+XQW*XYHUQDWRUDODPLQWLWXOXL
6WDW 1HZ <RUN SXUWQG GDWD GH  QRLHPEULH  SULQ FDUH QXPLWXO 1RUWKXS HUD DXWRUL]DW L
PSXWHUQLFLW SHQWUX D XUPUL L D UHFXSHUD GLQ VFODYLH XQ RP OLEHU GH FXORDUH SH QXPH 6RORPRQ
1RUWKXSFDUHHVWHFHWHDQOLEHUDO6WDWXOXL1HZ<RUNLFDUHDIRVWUSLWLYQGXWQVFODYLHQ6WDWXO
/RXLVLDQD LDU DFXP VH DIO Q SRVHVLD OXL (GZLQ (SSV GLQ 6WDWXO /RXLVLDQD SDURKLD $YR\HOOHV HO
QXPLWXODJHQWFDUHVHPQHD]PDLMRVUHFXQRDWHFQXPLWXO(GZLQLODSUHGDWD]LDJHQWXOXLSHQXPLWXO
6RORPRQ 1RUWKXS RP OLEHU GH FXORDUH DD FXP DD FXP VD DPLQWLW PDL VXV SHQWUX D L VH UHVWLWXL
OLEHUWDWHDLDILUHDGXVQDPLQWLWXO6WDW1HZ<RUNQXUPDDPLQWLWHLQVUFLQULSULPLWHLFQXPLWXO
(GZLQ (SSV VD GHFODUDW PXOXPLW GH GRYH]LOH SUH]HQWDWH GH QXPLWXO DJHQW SRWULYLW FURUD QXPLWXO
6RORPRQ1RUWKXSHVWHQGULWXLWODOLEHUWDWH3ULOHDXFRQVLPLWFDRFRSLHOHJDOL]DWDQXPLWHLSURFXUL
VILHDQH[DWDFHVWXLDFW
QFKHLDW L VHPQDW OD 0DUNVYLOOH SDURKLD $YR\HOOHV D]L  LDQXDULH  Q SUH]HQD PDUWRULORU
VHPQDWDULOHJDOLLFRPSHWHQLFDUHDXLVFOLWGHDVHPHQHD

6HPQDW
+(15<%1257+83
(':,1(336
$'(%$5%,1$UKLYDU

0DUWRUL
+7$</25
-2+13:$'',//

67$78//28,6,$1$
3DURKLD$YR\HOOHV

3ULQSUH]HQWDFHUWLILFFXUPWRDUHDHVWHRFRSLHFRUHFWLQFRQIRUPLWDWHFXRULJLQDOXOFDUHVHDIO
QGRVDULDWLDUKLYDWQELURXOPHX
(PLVVXEVHPQWXUDPHDLWDPSLODELURXOXLGH$UKLYSHQWUXSDURKLD$YR\HOOHVD]LLDQXDULH
G+U

6HPQDW $'(%$5%,1$UKLYDU



6IULW


YLUWXDOSURMHFWHX

1RWHV >@
7UDGXFHUHD PDL FRUHFW DU IL EDUDF GDU Q WRDW FDUWHD VD IRORVLW WHUPHQXO QFHWHQLW Q OLPED URPQ SULQ URPDQXO &ROLED
XQFKLXOXL7RP QWUDG 
>@
'LQ7KH:LQWHU0RUQLQJ:DONGHSRHWXOHQJOH]:LOOLDP&RZSHU   QWUDG 
>@ >@
:LOOLDP6KDNHVSHDUH5RPHRL-XOLHWDDFWXO9VFHQD QWUDG  'LQSRHPXO0DQZDVPDGHWRPRXUQGHSRHWXOHQJOH]5REHUW%XUQV   QWUDG 
>@ >@
'LQ1LJKW,,GHSRHWXOHQJOH](GZDUG<RXQJ   QWUDG  0DWHL QWUDG 
>@ >@
,HLUHD QWUDG  'HXWHURQRPXO QWUDG 
>@ >@
3OQJHULOHOXL,HUHPLD QWUDG  5HJLXQHDGPLQLVWUDWLYQVWDWXO/RXLVLDQDFDUHFRUHVSXQGHFRPLWDWXOXLGLQDOWHVWDWHDPHULFDQH QWUDG 
>@ >@
%UDPRUWGHUX QWUDG  5REHUW )XOWRQ   LQJLQHU L LQYHQWDWRU DPHULFDQ FRQVLGHUDW PXOW WLPS FRQVWUXFWRUXO SULPHL QDYH DFLRQDWH GH IRUD
DEXULORU QWUDG 
>@ >@
,QGLHQFHQRULJLQDO QWUDG  3HUVRQDMGLQVHFROXODO;9,,,OHDDOHFUXLIDSWHDXGHYHQLWOHJHQGDUH QWUDG 
>@ >@
&DUWHDOXL,RY QWUDG  -DJXDU QWUDG 
>@ >@
,VDLD QWUDG  'LQ$'HVWLQ\GHVFULLWRDUHDHQJOH]&DUROLQH(OL]DEHWK6DUDK1RUWRQ   QWUDG 
>@ >@
)DSWHOH6ILQLORU$SRVWROL QWUDG  'LQ'HFODUDLDGHLQGHSHQGHQD68$ QWUDG 
>@ >@
:LOOLDP6KDNHVSHDUH5RPHRL-XOLHWDDFWXO,VFHQD QWUDG  QOLPEDHQJOH]OLYHO\QVHDPQSOLQGHYLDYLRL QWUDG 
>@ >@
3DUDIUD]DUHDWLWOXOXLFULL$XQW3KLOOLVV&DELQRU6RXWKHUQ/LIH$V,W,V&ROLEDPWXLL3KLOOLVVDXYLDDQ6XGDDFXPDIRVWQ :LOOLDP6KDNHVSHDUH2WKHOORDFWXO9VFHQD QWUDG 
UHDOLWDWH  GH0DU\+HQGHUVRQ(DVWPDQ  URPDQXODQWL&ROLEDXQFKLXOXL7RPFHOPDLFLWLWGLQOLWHUDWXUDDPHULFDQ
QWUDG 
>@ >@
3LHUUHO(UPLWH 3HWUH6LKDVWUXO  " SUHRWGLQ$PLHQVLOLGHUUHOLJLRVDOSULPHLFUXFLDGH QWUDG  3LOGHOHOXL6RORPRQ QWUDG 
>@ >@
:LOOLDP6KDNHVSHDUH2WKHOORDFWXO,,,VFHQD QWUDG  3DUDIUD]DUHDXQRUYHUVXULGLQ%\URQV3UD\HU  GH-RKQ0DOFROP QWUDG 
>@ >@
'LQ0\+HDUW/HDSV8S:KHQ,%HKROGGHSRHWXOHQJOH]:LOOLDP:RUGVZRUWK   QWUDG  'LQ7KH0D\4XHHQGH$OIUHG7HQQ\VRQ   QWUDG 
>@ >@
$VHYHGHD$QH[D$SDJ QDXW  $VHYHGHD$QH[D%SDJ QDXW 
>@ >@
)DFLXQLDOHSDUWLGHORU'HPRFUDWUHVSHFWLY:KLJSUHFXUVRUXOSDUWLGXOXL5HSXEOLFDQ QWUDG  $VHYHGHD$QH[D&SDJ QDXW 

You might also like