SPA

Belgium
19th and 20th May, 2009

Conferences and Workshops:

Record of Proceedings
SUMMARY

Introduction
0caW\Saab`O\aTS`W\3c`]^S(OUZ]POZWaacSOZ]QOZO^^`]OQV "

First plenary session

0caW\Saab`O\aTS`(WaWbOZZOP]cbOeO`S\Saa- $

European Cafe
Ac[[O`g]TRWaQcaaW]\a 

Second plenary session

BVS`]ZS]Tac^^]`baS`dWQSaW\bVSPcaW\Saab`O\aTS`^`]QSaa "

Workshop 1 - Ab`ObSUWSaT]``OWaW\UbVSaSZZS`¸aOeO`S\Saa &

Workshop 2 - B]eO`RaOag\S`UgPSbeSS\^`WdObSO\R^cPZWQ]`UO\WhObW]\a

Workshop 3 - ;ObQVW\U^ZObT]`[a(bVSPSabWagSbb]Q][S $

Closing ceremony !

Lessons learned and conclusions !"

Appendix  
>`]U`O[[S  !$
:Wab]T^O`bWQW^O\ba !&

!
 +PVTQFWEVKQP $WUKPGUUVTCPUHGTKP'WTQRG
CINQDCNKUUWGCNQECNCRRTQCEJ
3c`]^S¸a^]^cZObW]\WaOUW\UO\RbVS^]bS\bWOZT]`
PcaW\Saa b`O\aTS`a Wa W\Q`SOaW\U =TbS\ Q][^ZSf W\
\Obc`SPcaW\Saab`O\aTS`aQO\PSR]][SRb]TOWZc`S
\]b PSQOcaS bVS Q][^O\g WbaSZT Wa \]b dWOPZS Pcb
PSQOcaS]T^`]PZS[abVOb]QQc`Rc`W\UbVSb`O\aTS`
^VOaSEVObQO\eSR]b]`SdS`aSbVWab`S\R-
6]abW\UbVSbe]ROgQ]\TS`S\QS8SO\1ZOcRS;O`
Q]c`bO\\]c\QSRbVObVSeOadS`g^ZSOaSRb]]^S\
O aS`WSa ]T aS[W\O`a RSRWQObSR b] bVS b`O\aTS` ]T
PcaW\SaaSaO\RA;3aW\^O`bWQcZO`OQ`]aa3c`]^S
0ST]`SUSbbW\Ub]bVSVSO`b]TbVS^`]QSSRW\UabVS
EOZZ]]\;W\WabS`T]`bVS3Q]\][g`S[W\RSRbV]aSW\
ObbS\RO\QSbVObbVSb]e\]TA^OeVWQVeSZQ][SR
3c`]^S¸a `]gOZbg W\ bVS 'bV QS\bc`g VOa UWdS\ Wba
\O[Sb]OQ][[]\SdS`gROgbS`[BVSbS`[ªa^O«
RSaQ`WPSa O [W\S`OZ a^`W\U O\R []`S US\S`OZZg
bVS`[OZb`SOb[S\ba/\WQSacQQSaaab]`gW\bS`[a]T
b`O\aTS``W\UQ]\QS^ba
6CMGQXGTUJCXGCJGCNVJ[UWTXKXCNTCVG
=\O[]`SaS`W]ca\]bSbVS;W\WabS``S[W\RSRbV]aS
^`SaS\b ]T bVS OQcbS\Saa ]T bVS ^`]PZS[ ]T b`O\a
TS``W\UPcaW\SaaSaW\3c`]^S/3c`]^SO\abcRgVOa
aV]e\bVOb!]TQ][^O\WSaO`SW\RO\US`]TTOZ
"
ZW\UPgbVSeOgaWRS]dS`bVS\SfbbS\gSO`aWTbVSg
R]\]b¿\ROPcgS`/\]bVS`YSg^]W\bS[^VOaWhSR
Pg8SO\1ZOcRS;O`Q]c`bRc`W\UbVWaW\b`]RcQbW]\Wa
bVSTOQbbVObbOYS]dS`aVOdSOZ]eS`TOWZc`S`ObSbVO\
abO`bc^a
EVOb OQbW]\a QO\ PS bOYS\ b] W[^`]dS A;3 b`O\a
TS`a- 8SO\1ZOcRS ;O`Q]c`b `STS``SR b] bVS W[^]`
bO\be]`Yb]PSQO``WSR]cbW\bS`[a]TbVS^agQV]Z]
UWQOZOa^SQba]TPcaW\Saab`O\aTS`aabWZZaV`]cRSRW\
Sfb`S[SaSQ`SQgO\ROZa]W\`SZObW]\b][ObQVW\UW\
]`RS`b]RSbS`[W\SbVSaV]`bSabO\R[]abST¿QWS\b
^ObVPSbeSS\aSZZS`aO\RPcgS`a Q]\bOW\SRW\RObOPOaSaWa]TVWUV_cOZWbgO\Rc^RO
7\ `SZObW]\ b] bVS W\WbWObWdSa bOYS\ W\ bVS EOZZ]]\
`SUW]\bVS;W\WabS`a^]YSOP]cbbVSSabOPZWaV[S\b
]T A]eOQQSaa W\ $ eVWQV VOa acQQSSRSR W\
ZW\YW\U c^ []`S bVO\ # PcaW\SaaSa W\ bVS a^OQS
]TbV`SSgSO`aBVWaVOa`SacZbSRW\#acQQSaaTcZaOZS
b`O\aOQbW]\aO\RbVSQ`SObW]\]TORObOPOaSQ][^`W
aW\U"aSZZS`aO\R#PcgS`a
ªA]eOQQSaaVOaZ]\UabO\RW\UbWSaeWbVWbaQ]c\bS`
^O`baW\bVS<SbVS`ZO\Ra;90OaSO\R4`O\QS1@/
4`S\QV\ObW]\OZOaa]QWObW]\T]`Q][^O\gaOZSaO\R
OQ_cWaWbW]\a7O[Q]\dW\QSRbVObbVWabg^S]T^O`b
\S`aVW^WadWbOZb]S\ac`W\UacQQSaaESQO\SfbS\R
bVWaW\WbWObWdSb]]bVS`3c`]^SO\Q]c\b`WSaVS\QSbVS
`SOa]\T]`bVWa[SSbW\UW\A^OeVWQV7¸[V]^W\UeWZZ
PST`cWbTcZ«Q]\QZcRSR8SO\1ZOcRS;O`Q]c`b
$WUKPGUUVTCPUHGTUUJQWNFTGEGKXGVJGUCOG
CVVGPVKQPCUUVCTVWRU
/ \WQS ZSOR W\ T]` ;O`Y] 1c`OdWQ bVS ªd]WQS ]T
3c`]^S« W\ bVWa W\b`]RcQb]`g aSaaW]\ EVOb Wa bVS
3c`]^SO\ 1][[WaaW]\¸a dWSe ]\ PcaW\Saa b`O\a
TS`a-/\ReVObR]SaWbOQbcOZZgR]W\bVWaO`SO-BVS
a^SOYS` PSUO\ Pg Q]\¿`[W\U bVOb ]\S bVW`R ]T OZZ
Q][^O\WSaeWZZVOdSb]b`O\aTS`]e\S`aVW^]dS`bVS
\SfbbS\gSO`aO¿Uc`SbVObb`O\aZObSaW\b]$'
PcaW\SaaSa^S`gSO`]` &[WZZW]\X]Pa^S`gSO`
BVS^`]PZS[Wa\]b\SeO\RbVS3c`]^SO\1][[Wa
aW]\ VOa PSS\ OQbWdSZg W\d]ZdSR W\ bVWa WaacS aW\QS
''"eVS\WbWaacSROaS`WSa]T`SQ][[S\RObW]\ab]
bVS ;S[PS` abObSa BVW\Ua VOdS ^`]U`SaaSR aW\QS
bVS\ eWbV bVS 1][[WaaW]\ SabW[ObW\U bVOb $# ]T
Wba`SQ][[S\RObW]\aVOdS\]ePSS\OR]^bSR\]bO
PZgW\bVSO`SO]TbOfObW]\ZSUOZ[ObbS`aOR[W\Wab`O
bWdS aW[^ZW¿QObW]\ SbQ 6]eSdS` bVS`S Wa abWZZ []`S
^`]U`Saa b] PS [ORS bVS PWUUSab WaacS PSW\U bVOb
^S]^ZS O`S Q]\bW\cW\U b] TOd]c` PcaW\Saa abO`bc^a
]dS`PcaW\Saab`O\aTS`a
BVWaWaeVgbVS1][[WaaW]\Wa`SQ][[S\RW\UbVOb
PcaW\Saa b`O\aTS`a `SQSWdS bVS aO[S ObbS\bW]\ Oa
abO`bc^aSa^SQWOZZgaW\QSbVSacQQSaa`ObS]TPcaW
\Saa b`O\aTS`a Wa U`SObS` bVO\ bVOb ]T abO`bc^a
/[]\Uab ]bVS` Q]\QZcaW]\a VS ^]W\bSR b] bVS
W[^]`bO\QS ]T bW[SZg ^`S^O`ObW]\ W\ bVS <SbVS`
ZO\Ra O\R /cab`WO PcaW\Saa ]e\S`a O^^`]OQVW\U
`SbW`S[S\b OUS agabS[ObWQOZZg `SQSWdS \]bW¿QObW]\
ZSbbS`a O\R OZa] dWaWPWZWbg ;O`Y] 1c`OdWQ ^]W\bSR
]cb bVOb ]\Zg  ]T PcgS`a O`S Qc``S\bZg ZWabSR W\
SZSQb`]\WQRObOPOaSa7bWaeWRSZg`SUO`RSROaOb]c
QVg O`SO aV`]cRSR W\ aSQ`SQg V]eSdS` abO\RO`Ra
[cabPSSabOPZWaVSRW\]`RS`b]S\ac`SbVObbVSRObO
bSR`SUcZO`Zg/\]bVS`O`SO`S_cW`W\UObbS\bW]\(bVS
bOfObW]\agabS[eVWQVQ]cZRPS[ORS[]`Sªb`O\a
TS`T`WS\RZg«
ª;]ab^S]^ZS]\Zgb`O\aTS`]\SPcaW\SaaW\bVSW`ZWTS
bW[SeVWQVR]Sa\]bOZZ]ebVS[bVS]^^]`bc\Wbgb]
PcWZRc^Sf^S`WS\QSW\bVWaO`SO7\7bOZgbVSgO`SQc`
`S\bZg`c\\W\UO^WZ]b^`]XSQbT]QcaSR]\[S\b]`W\U
O\RQ]OQVW\UA;3aESeWZZ\]bY\]ebVS`SacZbac\bWZ
bVSS\R]T 'PcbeSO`SQ]\¿RS\bbVObbVS`SeWZZ
PSdOZcOPZSZSaa]\aT]`bVS]bVS`Q]c\b`WSa«Q]\QZc
RSRbVS`S^`SaS\bObWdS]TbVS1][[WaaW]\
A>3/93@A
, 8SO\1ZOcRS;/@1=C@B
,
 EOZZ]]\;W\WabS`]T3Q]\][g
3[^Z]g[S\b4]`SWU\B`ORSO\R
6S`WbOUS0SZUWc[
, ;O`Y]1C@/D71
,
 /RdWa]`2W`SQb]`ObS
3>`][]bW]\]TA;3
Q][^SbWbWdS\Saa3c`]^SO\
1][[WaaW]\1`]ObWO
, ;]RS`Ob]`(3`WQE7<<3<
 5S\S`OZ;O\OUS`RWOZSQbW_a^`Z
0SZUWc[
#
 (KTUVRNGPCT[ $WUKPGUUVTCPUHGTKUKVCNNCDQWV
CYCTGPGUU!
UGUUKQP Be] YSg\]bS a^SOYS`a T`][ 1O\ORO O\R 0SZUWc[
P]bV T`][ O\ OQORS[WQ POQYU`]c\R ^`SaS\bSR
O \c[PS` ]T YSg WaacSa `SZObW\U b] bVS b`O\aTS` ]T
PcaW\SaaSa BVWa UOdS `WaS b] O ^`]Z]\USR RWaQca
aW]\ eWbV ]bVS` W\bS`\ObW]\OZ Sf^S`ba BVS ¿`ab
^ZS\O`gaSaaW]\OZa]W\QZcRSROQOaSabcRgT`][O
aSZZS` ;WQVSZ 3\USZa eV] QO[S b] aVO`S VWa ]e\
Sf^S`WS\QS eWZZ\SdS`ZSOdSbVSQ][^O\g`S[OW\W\UbVS`Sc\bWZ
BVWa^ZS\O`gaSaaW]\abO`bSReWbVO1O\ORWO\Sf^S`b
W\ PcaW\Saa b`O\aTS`( :]cWaS 1ORWScf >`]TSaa]` Ob
C\WdS`aWbg]T?c{PSQB`]Wa@WdW|`SaQV]aSb]a^SOY
b] bVS OcRWS\QS OP]cb bVS PSVOdW]c` ]T PcaW\Saa
]e\S`aW\bVSQ]\bSfb]TQVO\UW\U`]ZSaEVS\PcaW
\Saa ]e\S`a ZSOdS bVSW` Q][^O\g bVSg O`S STTSQbW
dSZgabS^^W\UR]e\T`][OeSZZRS¿\SR`]ZSbVOb]T
ª;2«b]TOQSW\b]bVSc\Y\]e\EVWQVSf^ZOW\abVS
RSU`SS ]T `SaWabO\QS ]PaS`dSR W\ PcaW\Saa ]e\S`a
aSZZW\UbVSW`Q][^O\WSa(TSO`]TZ]]aW\UbVSW`abObca
]T ªVS`]« ^`]PZS[a `SZObW\U b] bVS RWab`WPcbW]\ ]T
OaaSbab]QVWZR`S\O\R[cZbW^ZSbg^Sa]T]bVS`_cSa
bW]\aOZZQ]\abWbcbSOa]c`QS]Tc\QS`bOW\bgO\RO`S
dWSeSROaOabS^POQYeO`Ra`ObVS`bVO\T]`eO`Ra
7\aV]`bSdS\bV]cUVbVS]e\S`VOa[ORSbVSRSQW
aW]\b]b`O\aTS`bVSPcaW\SaaOaO`SacZb]TdO`W]ca
bg^Sa]Tb`WUUS`a7¸[bW`SR7\]Z]\US`TSSZQVOZZS\
USR [g ^O`b\S` VOa VSOZbV WaacSa SbQ bVSg VOdS
ObS\RS\Qgb]^]ab^]\SbVSOQbcOZªS\OQb[S\b«]T
bVWa RSQWaW]\ BVS b`O\aTS` WbaSZT Wa O dS`g RWT¿QcZb
^S`W]RO`SOZaV]QYb]bVSagabS[bVObQO\]TbS\ZSOR
b]OPOR^ObQVT]`bVSPcaW\Saa]e\S`7b¸aUS\S`OZZg
Ob bVWa abOUS bVOb bV]aS eV] VOR ^`SdW]caZg PSS\
ac^^]`bW\UbVSPcaW\Saa]e\S`OQQ]c\bO\ba\]bO
`WSaQ]\acZbO\baSbQ\]e`S[]dSbVS[aSZdSaT`][
bVSaWbcObW]\:]cWaS1ORWScfa^]YS]^S\ZgOP]cbO
ªU`WSdW\U^`]QSaaQ]c^ZSReWbVbVSZ]aa]TOa]QWOZ
\Sbe]`Y O\R bVS \SSR b] S\UOUS W\ O ^`]QSaa ]T
ORO^bObW]\ OZ]\U eWbV ^O`b\S`a T`WS\Ra O\R ]bVS`
a]QWOZ\Sbe]`Ya« WQSQ`SO[O\RQ]\TSQbW]\O`gaSQb]`7bSdS\acQQSS
7\ ac[[O`g :]cWaS 1ORWScf S[^VOaWhSR bVS
Q]\QS^b]TbW[S(b`O\aTS``W\UOPcaW\SaaWaOZS\UbVg
^`]QSaabVOb[cab`Sa^SQbbVS^OQSaSbPgbVSPcaW
\Saa]e\S`0caW\Saab`O\aTS`^`]TSaaW]\OZaQ]cZRPS
PSbbS`W\bSU`ObSR`WUVbOQ`]aabVWabW[SZW\SPST]`S
Rc`W\UOTbS` SZW[W\ObW\UOQ][^SbWb]`7\SdS``SOZZgc\RS`ab]]R
$
#TG[QWC/QPCTEJQTCP#ODCUUCFQT!
AbOgW\U eWbV bVS WaacS ]T bW[S 8]VO\ :O[P`SQVb
T`][ 0SZUWc[ OU`SSR bVOb O PcaW\Saa b`O\aTS` Wa
\]bOaW\UZSSdS\bPcbO^`]QSaa]\SbVObUS\S`OZZg
abO`baOaa]]\OaQVWZR`S\O`SP]`\O\RQO\ZOabc^b]
!#gSO`a2W`SQb]`]TbVS@SaSO`QV1S\b`ST]`3\b`S
^`S\Sc`aVW^ 8]VO\ :O[P`SQVb YS^b bVS OcRWS\QS
O[caSRPgRSdSZ]^W\UObg^]Z]Ug]TaSZZS`a`O\UW\U
T`][ bVS ª;]\O`QV« bg^S ]\ ]\S S\R ]T bVS aQOZS
RSObVb]bVSª5S\S`OZ«bg^SacQQSSRaW\[OYW\U
bVS b`O\aWbW]\ Pcb eWbV RWT¿QcZbg b] bVS ª/[POa
aOR]`« bg^S `S[OW\a ]\ W\ O `SRcQSR QO^OQWbg b]
^`]dWRSORdWQSb]bVSª5]dS`\]`«bg^S]\bVS]bVS`
S\R]TbVSaQOZSeV]RS¿\WbWdSZgbc`\abVS^OUS
BVS 0SZUWO\ >`]TSaa]` ]^S\Zg QVOZZS\USR O \c[
PS` ]T Q][[]\ WRSOa W\ QW`QcZObW]\ ]\ bVS acPXSQb
]T b`O\aTS`a BVS TOQb T]` SfO[^ZS bVOb bVS aSZZS`
;CABZSbU]ª7b¸a^S`TSQbZgS\dWaSOUOPZST]`VW[b]
1/A3ABC2G0G;7163:3<53:A
'PVTGRTGPGWTKCNURKTKVCHCOKN[XCNWG
6OdW\Ua^S\b[]`SbVO\!gSO`aObbVSVSZ[]TO
B]^  Q][^O\g W\ bVS T]]R W\U`SRWS\ba W\Rcab`g
bVS3\USZaTO[WZgaSbc^Ag\O^aWaW\]`RS`b]ZOc\QV
]bVS` >;3a BVS WRSO Wa b] ^`]dWRS A;3a eWbV bVS
bW[S S\S`Ug Sf^S`bWaS O\R ¿\O\QWOZ `Sa]c`QSa b]
U`]ebVSW`PcaW\SaaSa
 3c`]^SO\Q][^O\g\]bOUZ]POZQ][^O\gBVWaeOa
;W\S Wa \]b g]c` bg^WQOZ POQYU`]c\R 7 abO`bSR ]cb
e]`YW\U eWbV [g TObVS` 7\ '%" eS P]bV ZSTb ]c`
S[^Z]gS` b] aSb c^ >S`ZO`][ O Q][^O\g ]^S`O
bW\U W\ bVS T]]R W\U`SRWS\ba aSQb]` Ac^^]`bSR Pg
]cbabO\RW\U W\RWdWRcOZa ]c` Q][^O\g eS\b ]\ b]
PSQ][SO\c\RWa^cbSR^ZOgS`W\bVSR`W\Yg]UVc`b
RSRW\PSW\UZWabSRO[]\UbVSB]^ÀOd]c`[O\c
TOQbc`S`a e]`ZReWRS 2c`W\U bVWa ^S`W]R eS eS`S
O^^`]OQVSR]\OT`S_cS\bPOaWa\]bc\ZWYS^`Sbbg
UW`Za  Pg PWU \O[Sa W\ bVS ^`]TSaaW]\ eO\bW\U b]
a^SOY b] ca OP]cb ]c` ^ZO\a T]` aSZZW\U ]` acQQSa
aW]\7ZWabS\SRb]eVObbVSgVORb]aOg/^O`bT`][
eVOb bVSW` W\bS\bW]\a eS`S T]` ]c` Q][^O\g BVS`S
eOa\]PcaW\Saa^ZO\A]bVS`Sa^]\aST`][]c`aWRS
eOaOZeOga\SUObWdS W\#b]A;3a
OR]^bO\]bVS`ZSaaRS[O\RW\U`]ZS4]`SfO[^ZSVS
QO\ PSQ][S O\ ORdWa]` eVWQV P`W\Ua Q]\aWRS`OPZS
ORRSRdOZcSP]bVb]bVSQ][^O\gO\Rb]bVSacQ
QSaa]` ]` S[^Z]gSSa 6]eSdS` ab`ObSUWQ RSQWaW]\a
aV]cZR OZeOga PS aVO`SR eWbV bVS PcgS` ]bVS`eWaS
g]c QO\\]b aOg bVOb bVS PcaW\Saa VOa `SOZZg PSS\
b`O\aTS``SR¶
8]VO\ :O[P`SQVb OZa] `SPSZZSR OUOW\ab bVS bVS]`g
a][SbW[Sa Q]\dSgSR W\ bVS ^]ZWbWQOZ R][OW\ eVS
`SPg TO[WZg acQQSaaW]\a O`S acQQSaaTcZ O\R aOZSa
b] bVW`R ^O`bWSa O`S TOWZc`Sa ª/ZbV]cUV bVS WaacS Wa
OP]cb bVS Q]\bW\cWbg ]T PcaW\SaaSa Q]\bW\cWbg VOa
\c[S`]caRW[S\aW]\a\]bOPZgbVSQ]\bW\cWbg]TbVS
TO[WZgSabObS«
B]¿\WaVVWa^`SaS\bObW]\8]VO\:O[P`SQVbW\dWbSR
PcaW\Saa]e\S`ab]`SÀSQb]\be]_cSabW]\a(
,EVObWaWbSfOQbZgbVOb7eO\bb]Q]\bW\cS-
,EVObWabVSPSabeOg]TS\ac`W\UbVWaQ]\bW\cWbg-
BVSb`WUUS`T]`ca]QQc``SReVS\OaWU\W¿QO\bUO^
S[S`USR PSbeSS\ bVS [cZbW\ObW]\OZa O\R ]bVS`
Q][^O\WSa W\ bVS B]^  2Sa^WbS ]c` aWhS  #
S[^Z]gSSaacPaWRWO`WSaOP`]ORbc`\]dS`]T`#
[WZZW]\eSeS`SabWZZOdS`ga[OZZQ][^O\gB]aObWaTg
QS`bOW\PWUQcab][S`aeSe]cZRVOdSVORb]aSbc^
TOQb]`WSa SdS`geVS`S 7\ bS`[a ]T aQOZS eS eS`S O
ORWT¿QcZbO`SOT]`ca
EVS\eSeS`S¿\OZZgO^^`]OQVSRPgO^ZOgS`]TTS
`W\U a][SbVW\U ]bVS` bVO\ []\Sg eS PSUO\ b]
Q]\aWRS`]c`]^bW]\aQO`STcZZgESSTTSQbWdSZgVORO
[]`OZ`Sa^]\aWPWZWbgb]eO`Ra\SO`Zg!TO[WZWSa
B]S\ac`SQ]\bW\cWbgP]bVW\bS`[a]TbVSPcaW\Saa
O\R]c`abOTTeSbVS`ST]`SRSQWRSRb]OZWU\>SZO`][
eWbV O ZO`US U`]c^ W\   =c` ]e\ ^ZO\ eOa b]
Q]\bW\cSe]`YW\UW\OTO[WZgPcaW\SaaBV`SST]`[S`
S[^Z]gSSaX]W\SRcaW\bVWaS\b`S^`S\Sc`WOZdS\bc`S
BVSWRSOWab]S\OPZSS\b`S^`S\Sc`ab]PS\S¿bT`][
]c`!gSO`a]TSf^S`WS\QSW\bVST]]RaSQb]`Ag\O^
aWabVS\O[S]TbVS\Seab`cQbc`S³eOaZOc\QVSR
W\ !eWbVbVS]PXSQbWdS]TbOYW\UaVO`SV]ZRW\Ua
%
 9JCVVJGKPVGTPCVKQPCNGZRGTVUJCFVQUC[
DO`W]caW\bS`\ObW]\OZSf^S`ba]\bVS^O\SZeS`SW\dW
bSRb]`Sa^]\Rb]bVSWRSOa^cbT]`eO`RPgbVS¿`ab
bV`SSa^SOYS`a
, @]aO\O;W`Y]dWQT`][bVSC9ac^^]`bSRbVS
WRSO bVOb TO[WZg Q]\bW\cWbg Wa \]b bVS ]\Zg
^]aaWPZS `]cbS =\ O P`]ORS` ZSdSZ OQbW]\a
OW[SR Ob `OWaW\U OeO`S\Saa OP]cb PcaW\Saa
b`O\aTS`a O`S SaaS\bWOZ Pcb Wa bVWa bVS `]ZS
]T bVS AbObS- BVS AbObS VOa O\ S\]`[]ca
\c[PS`]TbOaYab]Q][^ZSbS]\O¿aQOZO\R
¿\O\QWOZZSdSZW\]`RS`b]^cbPcaW\Saab`O\a
TS`a ]\ bVS aO[S T]]bW\U Oa PcaW\Saa abO`b
c^a A>3/93@A
, @S^`SaS\bW\U4`O\QS6cUcSa/`\OcR;OgS`
^`]^]aSR O []`S []RS`\ eOg ]T dWSeW\U
PcaW\Saa b`O\aTS`a eVWQV [cab PS ab`W^^SR
]T bVSW` aOQ`SR Oc`O 3\b`S^`S\Sc`a VOdS O
\c[PS`]TRWTTS`S\bZWdSaO\RPcaW\Saab`O\a
TS`a[cab\]Z]\US`PSdWSeSROabVSQ`]e
\W\U]`S\R-]TOQO`SS`Pcb`ObVS`OabS^
W\ O dOZcS Q`SObW]\ ^`]QSaa EVOb eS ZSO`\
Rc`W\U]c`¿`abS\b`S^`S\Sc`WOZZWTSbW[SO\R
]c` ¿`ab ^`]TSaaW]\ [OYSa ca []`S [Obc`S
O\R []`S OPZS b] bOYS ]\ \Se `WaYa W\ O
aSQ]\R^`]TSaaW]\eVS`SeSeWZZOZa]PS\S¿b
T`][VOdW\UOPSbbS`¿\O\QWOZPOaSBVWa\Se
eOg ]T dWSeW\U PcaW\Saa b`O\aTS`a TOd]c`a
`]bObW]\O\R`SÀSQbabVS\]PZS`]]ba]TbVS
bS`[ ª`WaY« 7b¸a O\ O^^`]OQV bVOb VOa PSS\
ORd]QObSRPgbVS;3234eV]`SQ][[S\R
]^S\W\Uc^aVO`SQO^WbOZb]abOTTOZa]eWbV
bVSOW[]TQ`SObW\UOª\Sea]QWOZQ]\b`OQb«
O`]c\R`WaYaVO`W\U
, @S^`SaS\bW\U bVS <SbVS`ZO\Ra ;OO`bS\
HS[O\\ S[^VOaWhSR bVS ZOQY ]T PcgS`a W\
bVS Qc``S\b SQ]\][WQ Q]\bSfb 6S PSZWSdSa
bVOb Wb Wa O []`S aWU\W¿QO\b ^`]PZS[ b]ROg
bVO\ bVOb ]T `OWaW\U OeO`S\Saa BVS`S Wa O
[cZbWbcRS ]T ^`]TSaaW]\OZa ]^S`ObW\U W\ bVS
[O`YSb Pcb bVS _cSabW]\ T]` ^]bS\bWOZ aSZ
ZS`aWab]Y\]eeV]bVSgQO\bc`\b]7\bVWa
`SUO`ROQQSaab]]PXSQbWdS`SZWOPZSW\T]`[O
bW]\WaOQ`cQWOZabS^W\^`][]bW\UPcaW\Saa
b`O\aTS`a
&
B] Q]\QZcRS bVWa ^ZS\O`g aSaaW]\ bVS []RS`Ob]`
3`WQEW\\S\OaYSR^O`bWQW^O\baT]`OQ]\QZcRW\U]`
ac[[O`WhW\U abObS[S\b 6S`S Wa O ZWab ]T bVSaS abO , :]cWaS1/273CF
, , ;WQVSZ3<53:A
,
bS[S\ba(  >`]TSaa]`C\WdS`aWbg]T?c{PSQ³  1VOW`^S`a]\]TbVS0]O`R1
B`]Wa@WdW|`Sa1O\ORO 7\dSab[S\ba0SZUWc[
, 7b Wa SaaS\bWOZ T]` O PcaW\Saa]e\W\U TO[WZg
b] PS ]^S\ b] SfbS`\OZ aVO`SV]ZRS`a BVWa
T]`QSa b] QO``g ]cb O Z]\UbS`[ `SÀSQbW]\
OaYW\U]\SaSZTbVS`WUVb_cSabW]\a
, 8]VO\:/;0@316B
, , ;OO`bS\H3;/<<
,
, BVS`S O`S [O\g RWTTS`S\b b`O\aTS` ^]aaWPWZW
 2W`SQb]`]TbVS1S\b`SR¸3bcRSa  2W`SQb]`]T/RdWSa;90
bWSa(OTO[WZg[OgeSZZ`S[OW\bVS]e\S`eWbV
^]c`Z¸3\b`S^`S\Sc`WOb@SaSO`QV /RdWaSc`a570=5`]S^
]cbaWRS[O\OUS[S\b QS\b`ST]`S\b`S^`S\Sc`aVW^ BVS<SbVS`ZO\Ra
36A/:9C0`caaSZa0SZUWc[
, EVS`S^]aaWPZSb`gb]^ZO\T]`c\Sf^SQbSR
SdS\ba(RSObVOQQWRS\baWZZ\SaaSbQ
, 7bbOYSaU`SObQ]c`OUSb]OR[WbbVObg]c`a]\ , @]aO\O;7@9=D71
, , 3`WQE7<<3<
,
]`ROcUVbS`Wa\]bQO^OPZS]T]`W\bS`SabSRW\  AS\W]`>]ZWQg/RdWaS`A;3C\Wb  5S\S`OZ;O\OUS`RWOZSQbW_a^`Z
bOYW\U]dS`bVSQ][^O\g /aa]QWObW]\]T1VO`bS`SR1S`bW¿SR 0SZUWc[
/QQ]c\bO\baC9
, BVS W[^]`bO\QS ]T DS`g A[OZZ 3\bS`^`WaSa
DA3a eVWQV `SQSWdS dS`g ZWbbZS ac^^]`b
O\RQ]\abWbcbSbVSªU`SObT]`U]bbS\«eVS\Wb
Q][Sab]PcaW\Saab`O\aTS`a
,
, 6cUcSa/`\OcR;/G3@
 1VOW`^S`a]\]T;3234/cdS`U\S
[S[PS`]TbVSSfSQcbWdSP]O`R]T
;32344`O\QS
'
 'WTQRGCP%CHo 5WOOCT[QHFKUEWUUKQPU
=\ 'bV ;Og ZOab T`][   b] !# O\ ]`WUW\OZ
\Sbe]`YW\U aSaaW]\ T]`[SR bVS OUS\RO T]` bVS
B`O\aS] Q]\TS`S\QS BOYW\U bVS T]`[ ]T O `]c\R
bOPZSRWaQcaaW]\WbOZZ]eSRbVS^O`bWQW^O\bab]RWa
QcaaO\RTO[WZWO`WhSbVS[aSZdSaeWbVbe]POaWQPcb
Tc\RO[S\bOZ_cSabW]\a(eVgbVSgQO[Sb]bVSB`O\
aS] Q]\TS`S\QS O\R eVOb bVSW` Sf^SQbObW]\a eS`S
^`W]`b]bVWa¿`abaSaaW]\]\bVS]\SVO\RO\RbVS
W[^OQb]TbVSSQ]\][WQQ`WaWa]\bVSW`PcaW\Saa]\
bVS]bVS`VO\R ^O`bWSa«^`SaS\bQ]\acZbO\ba^cPZWQ]T¿QWOZaSbQ¬
>`W]`b]bVSaSaaW]\SOQV^O`bWQW^O\beOaOZZ]QObSR
O\ªO^^]W\b[S\b«Ob]\SbOPZST]`bVS¿`ab^O`b]T
bVS RWaQcaaW]\ O\R O\]bVS` bOPZS T]` bVS aSQ]\R
^O`b ]T bVS RWaQcaaW]\ BVWa 3c`]^SO\ 1OT{ eOa O
U`SObacQQSaaO\R[O\g^O`bWQW^O\baSdS\OR[WbbSR
bVObbVSge]cZRVOdSZWYSRWbb]VOdSU]\S]\Z]\US`
OabVSRWaQcaaW]\aO\R[SSbW\UaeS`Sa]W\bS`SabW\U
BVS ^`W\QW^ZS ]T bVS 1OT{ eOa aW[^ZS( & bOPZSa ]T
 ^S]^ZS eWbV SOQV bOPZS PSO`W\U bVS \O[S ]T O
3c`]^SO\QO^WbOZQWbgO\RO^^`]fW[ObSZg]\SV]c`
b]RWaQcaabe]_cSabW]\a3OQVbOPZSeOaQVOW`SRPg
]\S []RS`Ob]` eV]aS bOaY eOa b] []RS`ObS O\R
bOYS \]bS ]T bVS [OW\ bV`SORa ]T bVS ^O`bWQW^O\ba¸
RWaQcaaW]\aESe]cZROZa]ZWYSb]bVO\YbVS[]RS
`Ob]`a ]\QS OUOW\ T]` bVSW` Q]\b`WPcbW]\ O\R T]`
S\OPZW\U ca b] UObVS` bVS W[^`SaaW]\a bV]cUVba
O\R]cbQ][S]TbVSQ]\dS`aObW]\aeVWQVeSVOdS
ac[[O`WhSRT]`g]cPSZ]e
 
0GVYQTMKPI %TQUUDQTFGTRQVGPVKCNHQTUGNNGTUCPF
DW[GTU
BVS [OX]`Wbg ]T bVS ^O`bWQW^O\ba QO[S b] bVWa ¿`ab
aSaaW]\ ]T bVS 3c`]^SO\ Q]\TS`S\QS ]\ bVS b`O\a 4W\OZZg O\]bVS` W[^]`bO\b Sf^SQbObW]\ ]\ bVS ^O`b
TS` ]T A;3a W\ ]`RS` b] SfbS\R bVSW` \Sbe]`Y O\R ]T bVS ^O`bWQW^O\ba eOa b] PS OPZS b] PS\S¿b T`][
SabOPZWaV \Se Q]\bOQba eWbV ]bVS` Sf^S`ba T`][ Q`]aaP]`RS`[ObQVW\UPSbeSS\aSZZS`aO\RPcgS`a
3c`]^SO\ Q]c\b`WSa Pcb OZa] eWbV O dWSe b] PSW\U O\Rb]X]W\bZgQ]\aWRS`bVS^]aaWPWZWbg]TQ]ZZOP]`O
OPZSb]UcWRSbVSW`Qcab][S`ab]eO`RaU]]R]^^]` bW]\ObO3c`]^SO\ZSdSZ7\TOQba][S^O`bWQW^O\ba
bc\WbWSaPSg]\R\ObW]\OZP]`RS`aA][S^S]^ZSRWR abObSRbVObbVS`SWaSdS`g\SSRb]`S[]dSbVS^ag
Sf^`Saa `SU`Sb Ob \]b [SSbW\U PcgS`a ]` aSZZS`a ]T QV]Z]UWQOZ PO``WS` Oaa]QWObSR eWbV ªbVS \SeZg O``W
A;3a `S[O`YW\U bVOb bVS`S eS`S b]] [O\g ªbVW`R dSR T]`SWU\S`« O\R b] PS OPZS b] ]TTS` Q][^O\WSa
Oa SfbS\aWdS O\R RWdS`aS O `O\US ]T ]^^]`bc\WbWSa
6]eSdS` bVS W\bS\bW]\ ]T bVS ]`UO\WhS`a ]T bVS T]` aOZSa O\R OQ_cWaWbW]\a Oa ^]aaWPZS /\]bVS`
B`O\aS]Q]\TS`S\QSeOab]Q`SObSOT]`c[OW[SROb O^^`]OQVbVObeOa[S\bW]\SRe]cZRPSb]W\Q`SOaS
^`]TSaaW]\OZaW\d]ZdSRW\bVSb`O\aTS`]TA;3a`ObVS` bVS\c[PS`]TQS`bW¿SR^O`b\S`aOQ`]aa3c`]^SO\R
bVO\Q][^O\WSa b] Q`SObS Q`]aaP]`RS` RObOPOaSa PSO`W\U W\ [W\R
bVS \SQSaaO`g ZSdSZ ]T `WU]c` O\R Q][^ZSfWbg bVOb
5JCTKPIDGUVRTCEVKEG bVWae]cZRW\d]ZdS/\]bVS``SZObSRO^^`]OQVe]cZR
PS b] W[^`]dS bVS b`O\a^O`S\Qg ]T W\T]`[ObW]\ W\
BVS ]bVS` `SOa]\ [S\bW]\SR Pg bVS [OX]`Wbg ]T ]`RS`b]S\OPZSbVSS[S`US\QS]TOUS\cW\S[O`YSb
^O`bWQW^O\ba eOa bVS RSaW`S b] aVO`S PSab ^`OQbWQS T]`A;3b`O\aTS`a]\O3c`]^SO\aQOZS
O\RZSO`\OP]cbbVSSf^S`WS\QSa]T]bVS`Q]c\b`WSa
W\ ORdO\QW\U bVS WaacSa OTTSQbW\U A;3 b`O\aTS`a
;]`S]dS`bVST]c`WaacSaWRS\bW¿SROaVWUV^`W]`Wbg
Pg bVS ]`UO\WhS`a ]T bVS B`O\aS] Q]\TS`S\QS O\R
Pg bVS 3c`]^SO\ 1][[WaaW]\ eVWQV Pg [SO\a ]T
Wba`S^`SaS\bObWdSaObbVST]`c[;`1c`OdWQO\R;`
8OSUS`a `SQ]U\WhSR bVOb bVSaS T]c` YSg _cSabW]\a
eS`S Tc\RO[S\bOZ O\R Q][[]\ b] OZZ Q]c\b`WSa ]T
bVS 3c`]^SO\ C\W]\ eS`S bVS T]QOZ ^]W\b T]` bVS
^O`bWQW^O\baBVSgeO\bSRb]PSOPZSb]ZSO`\OP]cb
^`OQbWQSa O\R Sf^S`WS\QSa PSg]\R bVSW` \ObW]\OZ
P]`RS`a Sa^SQWOZZg eWbV `SUO`R b] Q`SObW\U O\R
]^S`ObW\U [ObQVW\U ^ZObT]`[a PSbeSS\ aSZZS`a O\R
PcgS`a WRS\bWTgW\U O\R `OWaW\U bVS OeO`S\Saa ]T
^]bS\bWOZaSZZS`aO\RPcgS`aO\ROZa]eWbV`SUO`Rb]
ac^^]`bW\UbVSaSaSZZS`aO\RPcgS`a
#UUGUUOGPVQHMPQYNGFIGCPFGZRGTVKUG
BVS ^O`bWQW^O\ba¸ bVW`R Sf^SQbObW]\ eOa b] bOYS
ab]QY]Ta^SQW¿QY\]eZSRUS`SZObW\Ub]bVSb`O\aTS`
]T A;3a eVSbVS` W\ bS`[a ]T `SaSO`QV Sa^SQWOZZg
c\WdS`aWbg `SaSO`QV \ObW]\OZ `SUcZObW]\a ]` bVS
[SQVO\Wa[a O\R ab`cQbc`W\U ]T O PcaW\Saa b`O\aTS`
W\ SOQV Q]c\b`g BVWa OZa] W\QZcRSR O\ O^^`OWaOZ ]T
bVS W\abWbcbW]\OZ O\R ^`WdObS aSQb]` ZO\RaQO^S W\
bS`[a ]T bVS aS`dWQSa OW[SR Ob `OWaW\U OeO`S\Saa
^`]dWRW\U ac^^]`b O\R TOQWZWbObW\U [ObQVW\U W\ bVS
PcaW\Saab`O\aTS`aSQb]`
 2c`W\U bVS aSQ]\R ^O`b ]T bVS 3c`]^SO\ 1OT{ bVS
^O`bWQW^O\ba eS`S W\dWbSR b] RWaQcaa bVS W[^OQb ]T
bVS SQ]\][WQ Q`WaWa ]\ bVSW` PcaW\Saa BVS RWaQca
aW]\a aV]e bVOb bVS SQ]\][WQ Q`WaWa VOa eSZZ O\R
b`cZgOTTSQbSRbVSPcaW\Saab`O\aTS`aSQb]`
BVS ^O`bWQW^O\ba VOdS ]PaS`dSR O Q]\aWRS`OPZS
aZ]eW\U R]e\ ]T bVS [O`YSb ^O`bWQcZO`Zg RcS b] O
RWaQ`S^O\QgPSbeSS\bVS^`WQSSf^SQbSRPgaSZZS`a
eV]aS`STS`S\QSabO\RO`RaabWZZRObSPOQYb]PST]`S
bVS Q`WaWa O\R PcgS`a eV] O`S \] Z]\US` `SORg b]
^OgO¿Uc`SPOaSR]\bVWabg^S]TdOZcObW]\
BVS \c[PS` ]T b`O\aTS` b`O\aOQbW]\a OZa] O^^SO`a
b] PS RSQZW\W\U 7\ 4`O\QS T]` SfO[^ZS aW\QS bVS
PSUW\\W\U ]T ' bVS \c[PS` ]T PcaW\Saa b`O\a
TS`aVOaR`]^^SRPgO`]c\R#b] RSa^WbSbVS
ZO`USac^^Zg]TPcaW\SaaSaOdOWZOPZST]`aOZS
/a `SUO`Ra ^`WQW\U bVSg VOdS ]PaS`dSR ^`Saac`S
b]`SRcQS^`WQSaSdS\bV]cUVbVS^`WQSWabVS¿\OZ
abOUS]TbVS^`]QSaa7bWabVS`ST]`S^]aaWPZSb]Pcg
a[OZZ Q][^O\WSa bVOb O`S abWZZ ¿\O\QWOZZg VSOZbVg
Ob `SRcQSR ^`WQSa /\]bVS` ]PaS`dObW]\ eOa bVOb
^`WQSa O`S []`S ]TbS\ aSb W\ bS`[a ]T [cZbW^ZSa ]T
^`SdW]cagSO`¿Uc`Sa
4]` `SOa]\a ]T bW[S Wb Wa QZSO` bVOb a][S b`O\aOQ
bW]\aO`SPSW\U^cb]\V]ZR4c`bVS`[]`SbVSb`O\a
TS` ^`]QSaa Wa bOYW\U []`S bW[S   b] & []\bVa
BVS^`]QSaaWaZ]\US`PSQOcaSPcgS`aO`S`SÀSQbW\U
[]`S ]\ bVS _cOZWbg ]T bVS ]TTS` O\R ]TbS\ VOdS O
`SOZ ^`]XSQb W\ [W\R BVS`S VOa STTSQbWdSZg PSS\ O
`Sbc`\b]POaWQa6OdW\UOdWaW]\O\Rab`ObSUgQ]c\ba
\]e[]`SbVO\SdS`4W\OZZgYSS^W\UeWbVbVSWaacS
]T bW[S a][S Q]\acZbW\U ^`OQbWQSa O`S `SQ][[S\
RW\Ub]bVSW`Qcab][S`abVObbVSgaV]cZRRSTS`aOZSa
b`O\aOQbW]\a
  !
7\ bS`[a ]T bVS dOZcS ]T Q][^O\WSa a][S ^O`bWQW
^O\baabObSRbVObOZ]b]TS\b`S^`S\Sc`aO`SW\bS`Sa
bSRW\RSbS`[W\W\UbVSdOZcS]TbVSW`Q][^O\gPcb
R]\]b`SOZZgVOdSO\gW\bS\bW]\]TaSZZW\UWb4c`bVS`
[]`SbVSdOZcS]TQ][^O\WSaaV]cZRPSRSQ`SOaW\U
PcbbVWaabWZZR]Sa\]bO^^SO`b]PSbVSQOaSPSQOcaS
Q][^O\WSaO`S]TbS\dOZcSRPOaSR]\O[cZbW^ZS]T
bVS`SacZbOQVWSdSRW\^`SdW]cagSO`a
BVSQ`WaWaVOaVORO\STTSQb]\bVSdO`W]ca^ZOgS`a
W\d]ZdSRW\bVSb`O\aTS`^`]QSaa7\bS`[a]TaSZZS`a
a][S abObSR bVOb aSZZS`a eV] VOdS OZ`SORg PSUc\
OQbWdSZgaSO`QVW\UT]`OPcgS`O`S\]b`SOZZgRWaQ]c
`OUSRPgbVSQ`WaWaO\RO`SQ]\bW\cW\UbVSW`b`O\aTS`
^ZO\aeVWZS]bVS`aSZZS`aO`S`Sab`WQbSRT`][aSZZW\U
PSQOcaS]TbVSW`¿\O\QWOZRWT¿QcZbWSaO\RbVSW`\SSR
T]`ZW_cWRWbgW\]`RS`b]UcO`O\bSSbVSQ]\bW\cWbg]T
bVSW`PcaW\Saa4W\OZZga][SaSZZS`aO`SeOWbW\UT]`O
[]`S Rg\O[WQ SQ]\][WQ S\dW`]\[S\b PST]`S ^cb
bW\U bVSW` Q][^O\g c^ T]` aOZS /a T]` PcgS`a Wb Wa
QZSO`bVObbVSQ`WaWaWa[OYW\UbVS[[]`Sc\QS`bOW\
O\RVSaWbO\b
BVSg R] \]b Y\]e WT bVWa Wa bVS `WUVb bW[S b] Pcg 7\bVSaSbW[Sa]T¿\O\QWOZW\abOPWZWbgbVS^O`bWQW^O\ba
O\R a][S O`S eOWbW\U T]` []`S W\T]`[ObW]\ OP]cb VOdS \]bSR bVOb Q]\acZbO\ba O`S QOZZSR c^]\ []`S
T]`SQOabSR`SacZbaT]` 'OabVSgO`SeSZZOeO`S ]TbS\ bVO\ PST]`S A][S VOdS \]bSR O\ W\Q`SOaS
bVOb]^^]`bc\WbWSaO`WaSRc`W\UO`SQSaaW]\ W\ bVS \c[PS` ]T OcRWb `S_cSaba Oa PO\Ya O`S ]\Zg
`SbOW\W\U PcaW\Saa ^ZO\a bVOb O`S a]c\R O\R eSZZ
EWbV`SUO`Rb]bVSTc\RW\U]TbOYS]dS`abVS^O`bW bV]cUVb]cb
QW^O\ba`S[O`YSRbVObOQQSaaW\UQ`SRWbVOaPSQ][S
[]`S Q][^ZWQObSR O\R bVOb W\bS`Sab `ObSa `S[OW\
VWUV T]` bVS PcgS` 7\ ORRWbW]\ PcgS`a eV] VOR
^ZOQSR bVSW` aVO`S QO^WbOZ ]\ bVS Ab]QY 3fQVO\US
VOdS aSS\ O R`]^ W\ bVSW` ^]bS\bWOZ Q]\b`WPcbW]\
A][SPcgS`aO`SbVS`ST]`S^cbbW\UbVSW`^`]XSQba]\
bVS POQY Pc`\S` T]` \]e 5WdS\ bVS []`S `WU]`]ca
aSZSQbW]\ Q`WbS`WO O^^ZWSR eVS\ ]PbOW\W\U Tc\RW\U
T]`Ob`O\aTS`PcgS`aO`S\]eab`cQbc`W\UbVSW`]TTS`
PSbbS`(OU]]R]TTS`[SO\aU]]R¿\O\QW\U:WYSeWaS
acQQSaaTcZ^]`bT]ZW]aO`S[]`Sa]ZWR]\OdS`OUSO\R
aV]cZRVOdSOPSbbS`RSPb`ObW]
BVSQ`WaWaVOaOZa]OTTSQbSRW\dSab]`a7\dSab]`aO\R
dS\bc`S QO^WbOZ Q][^O\WSa O`S OZa] []`S VSaWbO\b
A][SW\dSab]`aVOdS]PaS`dSRbVObbVS`SO`S[]`S
O\R []`S PcaW\Saa O\USZa eV] QO\ a][SbW[Sa PS
ZSaa^`]TSaaW]\OZbVO\ZO`US`Tc\R[O\OUS`a=\bVS
eV]ZSbVSTSSZW\UWabVObbVS`SWaO`SRcQbW]\W\bVS
ZSdSZ]T`WaYbOYW\UPgW\dSab]`a
7\bS`[a]TPO\YabVSgO`SOZa]aSS\OaPSW\UZSaa
]^S\ O\R []`S QOcbW]ca BVS PO\Ya aSS[ []`S
`SZcQbO\b b] ^`]dWRS OQQSaa b] Tc\RW\U ]` O`S ^cb
bW\U`S_cSaba]\V]ZR`ObVS`bVO\[OYW\UORSQWaW]\
7\ US\S`OZ Wb O^^SO`a bVOb []`S bW[S Wa `S_cW`SR
b] ]PbOW\ Tc\RW\U >S`a]\OZ Q]\b`WPcbW]\a ^ZOg O
U`SObS` `]ZS bVO\ PST]`S O\R PO\Ya O`S `S_cSabW\U
VWUVS` UcO`O\bSSa 4W\OZZg bVS Oaac[^bW]\a [ORS
Pg bVS PO\Ya eVS\ Wb Q][Sa b] PcaW\Saa ^ZO\a O`S
[]`SQ]\aS`dObWdS/QQSaaW\UTc\RW\UVOaPSQ][S
[]`SQ][^ZSfO\RbVSQ`WbS`WOT]`OQQS^bO\QS[]`S
RS[O\RW\UPcbOaSf^ZOW\SROP]dSbVWaOZZ]eabVS
[]`SQ]VSaWdSab`cQbc`W\U]T^`]XSQba
 5GEQPFRNGPCT[ 6JGTQNGQHUWRRQTVUGTXKEGUKPVJG
DWUKPGUUVTCPUHGTRTQEGUU
UGUUKQP
 , 4]` 4`S\QV [O\ GO\\WQY 6]QVS T`][ bVS
EVOb `]ZS aV]cZR bVS ^cPZWQ aSQb]` ^ZOg W\ bVS
b`O\aTS` ^`]QSaa- EVOb O`S bVS `]ZSa O\R Q][
^SbS\QWSa ]T ^`WdObS ORdWa]`a e]`YW\U W\ bVWa
¿SZR- EVOb bg^Sa ]T ag\S`UWSa QO\ ]` aV]cZR PS
RSdSZ]^SRPSbeSS\bVS^`WdObSO\R^cPZWQaSQb]`-
BVSaS _cSabW]\a T]`[ bVS T]Qca ]T bVWa aSQ]\R
^ZS\O`gaSaaW]\
"
1V`Wab]^VS` 9c[[S` >`SaWRS\b ]T bVS 7\abWbcbS ]T
;S`US`a /Q_cWaWbW]\a O\R /ZZWO\QSa O bVW\Y bO\Y
^cPZWQOcbV]`WbWSaSZWQWbSRdO`W]caRWTTS`S\b`Sa^]\
aSaT`][bVSa^SOYS`a
POaSRW\Hc`WQVeOaQOZZSR]\b]aSbbVSaQS\S
/ abcRg ]\   b`O\aOQbW]\a QO``WSR ]cb
PSbeSS\''#O\R &VWUVZWUVbSRbVObbVS\c[
PS` O\R bg^S ]T ORdWa]`a W\d]ZdSR W\ O PcaW\Saa
b`O\aTS` ZO`USZg RS^S\R ]\ Wba Q][^ZSfWbg /Z]\U
aWRS b`ORWbW]\OZ `]ZSa acQV Oa ¿\O\QWOZ Q]\acZ
bO\ba ^`]XSQb [O\OUS`a OQQ]c\bO\ba bOf Sf^S`ba
ZSUOZ Sf^S`ba ]bVS` Q][^SbS\QWSa Q][S W\b] ^ZOg
acQVOa7BQ]\acZbO\baS\dW`]\[S\ba^SQWOZWaba6@
a^SQWOZWaba ^cPZWQ `SZObW]\a a^SQWOZWaba W\ac`O\QS
a^SQWOZWaba SbQ ª>`WdObS Q]\acZbO\ba SaaS\bWOZZg«
Q][[S\ba1V`Wab]^VS`9c[[S`eV]OR[WbbSRbVOb
VSWa\]bObOZZQZSO`OP]cbbVS`]ZSb]PS^ZOgSRPg
^cPZWQOcbV]`WbWSaW\bVSO`SO]TPcaW\Saab`O\aTS`a eVWQV `SQSWdSa " [WZZW]\ dWaWba SOQV gSO`
BVSaSZZS`¸aT]Qca]TObbS\bW]\SfQSSRabVOb]TaW[^Zg
QOZQcZObW\UbVSdOZcS]TbVSW`Q][^O\gBVS_cSabW]\
Wa []`S SfWabS\bWOZ( eVOb O`S g]c U]W\U b] R] eWbV
[gªPOPg«-EVObO`Sg]c`^ZO\aT]`[gA;3-BVWa
WaeVS`SbVSVSO`b]TbVSQVOZZS\USZWSaPSQOcaSbVS
^`]QSaaU]SaeSZZPSg]\RbVOb]TaW[^ZgOaaS[PZW\U
bVSdO`W]ca^WSQSa]TO^chhZS
:Sf DO\ BSSTTSZS\ >`]TSaa]` Ob Cb`SQVb eOa bVS\
QOZZSR ]\ b] Q][^ZSbS bVWa ]dS`OZZ `SdWSe ]T bVS
aWbcObW]\ BVS 2cbQV Sf^S`b PSUO\ Pg \]bW\U bVOb
^`]U`SaaaSS[ab]VOdSPSS\[ORS]\bVSWaacS]T
`OWaW\U OeO`S\Saa( ªeVS\SdS` 7 bOYS ^O`b W\ aS[W
\O`a ]\ bVS acPXSQb ]T PcaW\Saa b`O\aTS`a bVS`S Wa
US\S`OZZg O [OfW[c[ ]T  ^O`bWQW^O\ba BVS TOQb
bVOb7\]e¿\R[gaSZTObO\W\bS`\ObW]\OZQ]\TS`S\QS
ObbS\RSRPg]dS` ^S]^ZS^`]dSabVObbVSQO[
^OWU\b]`OWaSOeO`S\SaaWae]`YW\UeSZZ«
BVSSf^S`b`S^]`bSR]\be]abcRWSaQc``S\bZgOdOWZO
PZS/ZZWaa]\ %2SEOO`R  eVWQVW\RWQObS
bVOb PcaW\Saa b`O\aTS` ORdWa]`a O`S US\S`OZZg \]b
W\bS`SabSRW\RSOZW\UeWbVA;3abVSgO`Sb]]Q]abZg
T]`bVS[BVWaWaQZSO`ZgOaVO[SaW\QS']Tb`O\a
TS`abOYS^ZOQSeWbVW\[WQ`]PcaW\SaaSa]TZSaabVO\
 S[^Z]gSSa :WYS VWa Q]ZZSOUcS T`][ Hc`WQV :Sf
DO\ BSSTTSZS\ ^]W\bSR b] bVS Sfb`S[S RWdS`aWbg ]T
ORdWa]`a eWbV bVS [O`YSR ^`SR][W\O\QS ]T QVO`
bS`SR OQQ]c\bO\ba OVSOR ]T PO\YS`a QVO[PS`a ]T
Q][[S`QSSbQBVS^`]PZS[VS`SPSW\UbVObbVSaS
a^SQWOZWaba O`S ]\Zg a^SQWOZWaba W\ ]\S a[OZZ O`SO
eVWQV STTSQbWdSZg [SO\a bVOb bVS`S Wa \] Q][[]\
bV`SOR b] ^`]dWRS O RSU`SS ]T Q]VSaWdS\Saa bV`]c
UV]cbbVSS\bW`S^`]QSaa ^O`S\b Q][^O\g ]T A]eOQQSaa ^`]dWRSa
AV]cZR bVWa Q][[]\ bV`SOR PS ^`]dWRSR Pg bVS
^cPZWQaSQb]`-BVSaQ]^S]TbVS`]ZS^ZOgSRPgbVS

/>13bVS4`S\QVPcaW\SaaabO`bc^OUS\Qg
bVS O`QVWbSQbc`S PSbeSS\ bVS ^`WdObS O\R
^cPZWQ aSQb]` [cab PS POaSR ]\ be] ^`W\
QW^ZSa( bVOb ]T Q]]^S`ObW]\ ªY\]eW\U eVS\
b] ^Oaa ]\ bVS POb]\« O\R bVOb ]T Q][^S
bWbW]\eVWQVZSORab]PSab^`OQbWQS7\aV]`b
bVS`]ZS^ZOgSRPgbVS^cPZWQaSQb]`aV]cZR
T]Qca]\^`]dWRW\UW\T]`[ObW]\O\Rb`OW\W\U
O\R ]\ S\ac`W\U bVOb ^S]^ZS ¿\R bVS PSab
^ZOgS` ]\ bVS [O`YSb 0g eOg ]T SfO[^ZS
VS `STS``SR b] bVS eSPaWbS ]T bVS 4`S\QV
PcaW\SaaabO`bc^OUS\Qg/>13O^QSQ][
^`]dWRW\UO\aeS`ab]_cSabW]\aOP]cbªeV]
R]SaeVOb«ªeWbVW\eVOb^O`O[SbS`a«SbQ
ªEVWQV[SO\abVObbVS^`WdObSaSQb]`Wa\]e
PSW\U O^^`]OQVSR Pg Qcab][S`a eV] O`S
eSZZ ^`S^O`SR« /\R SdS\ WT a][S ]dS`ZO^
^W\U SfWaba PSbeSS\ bVS ^cPZWQ O\R ^`WdObS
aSQb]`SdS`g]\SeW\a]cbW\bVSS\RPSQOcaS
bVSQcab][S`aO`S[]`SQ][^SbS\b«
, 7\bVSEOZZ]\`SUW]\bVS^cPZWQaSQb]`SabO
PZWaVSR A=E/113AA eVWQV VOa Oaac[SR
bVSRcOZ`]ZS]T`OWaW\UOeO`S\SaaO\R^`]
dWRW\UOPcaW\Saa[ObQVW\U^ZObT]`[RObO
POaS]TPcgS`aO\RaSZZS`aeWbVOQQ`SRWbObW]\
]Tac^^]`b^`]TSaaW]\OZa4]`8SO\>WS``S2W
0O`b]Z][S] 1VOW`^S`a]\ ]T bVS 0]O`R bVS
`]ZS ]T bVS ^cPZWQ aSQb]` Wa \]b b] ^Wb WbaSZT
ªOUOW\ab« bVS ^`WdObS aSQb]` Pcb []`S b]
W\bS`dS\SW\OQ][^ZS[S\bO`g`]ZSW\bV]aS
O`SOaeVS`SbVS^`WdObSaSQb]`Wa\]bW\d]Z
dSR ªBVO\Ya b] ]c` ^O`b\S`a W\ 4`O\QS O\R
bVS <SbVS`ZO\Ra eS O`S OPZS b] eWRS\ bVS
aQ]^S T]` PcaW\Saa [ObQVW\U ]^^]`bc\WbWSa
=\OP`]ORZSdSZ]c`OQbWdWbWSabS\Rb]T]Qca
]\ W\Q`SOaW\U b`O\a^O`S\Qg O\R bVS À]e ]T
b`O\aOQbW]\a«7b¸aOZa]e]`bV\]bW\UbVSª¿Z
bS`W\U« `]ZS ^ZOgSR Pg A]eOQQSaa PSQOcaS
bVS _cOZWbg ]T bV]aS ^`]TSaaW]\OZa OT¿ZWObSR
eWbV bVS [ObQVW\U ^ZObT]`[ Wa dOZWRObSR Pg
O\ /QQ`SRWbObW]\ Q][[WbbSS O\R O\ 3bVWQa
Q][[WbbSS ª7b¸a O _cSabW]\ ]T Q`SRWPWZWbg«
Q][[S\bSR 8SO\>WS``S 2W 0O`b]Z][S]
a^SOYW\U OP]cb bVS ¿\O\QWOZ `]ZS ^ZOgSR
PgbVS^cPZWQaSQb]`4]`SfO[^ZSA]eOZ¿\
Tc\RW\U b] PSbeSS\ $ O\R & Q][^O\WSa
^S` gSO` W\ bVS Q]\bSfb ]T PcaW\Saa b`O\a
TS`a
#
 , /[S[PS`]TbVS3bVWQaQ][[WbbSS[S\bW]
\SR Pg 8SO\>WS``S 2W 0O`b]Z][S] :Oc`S\b
ESS`ba 0SZUWO\ W\abWbcbS T]` TO[WZg S\bS`
^`WaSPSZWSdSabVObbVSOQbW]\bOYS\PgbVS
^cPZWQ OcbV]`WbWSa W\ EOZZ]\WO VOa ^`]dWRSR
O `SOZ abW[cZca T]` PcaW\Saa b`O\aTS`a ªBVS
^cPZWQ aSQb]` TcZZg c\RS`ab]]R bVS W[^]`
bO\QS]TVOdW\USbVWQOZ^ZOgS`aO\RbV`]cUV
Wba ¿ZbS`W\U `]ZS Wb VOa UWdS\ O\ W[^]`bO\b
aWU\OZ( bVS A]eOQQSaa ^ZObT]`[ Wa \]b ªO\
]ZR P]ga QZcP« Wb Wa S\bW`SZg ^`]TSaaW]\OZ«
7\ bS`[a ]T PSab ^`OQbWQS bVS Q]\acZbO\b
OZa] ^]W\bSR b] bVS aSZTOaaSaa[S\b b]]Z
RSdSZ]^SR Pg A]eOQQSaa bVOb OZZ]ea OZZ
^]bS\bWOZaSZZS`ab]OaYbVS[aSZdSabVS`WUVb
_cSabW]\a PST]`S USbbW\U W\ Q]\bOQb eWbV
O\g ^`]TSaaW]\OZa AbOgW\U eWbV bVS `]ZS
]T bVS ^cPZWQ aSQb]` :Oc`S\b ESS`ba
RS\]c\QSR bVS UO^ b] PS ¿ZZSR W\ bS`[a ]T
A;3b`O\aOQbW]\aaW\QS']Tb`O\aOQbW]\a
W\d]ZdW\U'S[^Z]gSSaVOdS\]ORdWa]`a
ASSQ]\b`WPcbW]\T`][:SfDO\BSSTTSZS\
$
, ª1]]`RW\ObW]\ O\R ^`]dWRW\U W\T]`[ObW]\
O`SQ`cQWOZ«W\RWQObSR8SO\;O`WS1ObOPSZZS
1VOW`^S`a]\ ]T bVS 11@ bVS 4`S\QV \]\
^`]¿b [OYW\U U`]c^ T]` PcaW\Saa PcgS`a
O\RaSZZS`aeVWQV^ZOgabVWaQ`]aaTc\QbW]\OZ
`]ZS W\ 4`O\QS eVWZS OZa] ^`]dWRW\U Sf^S
`WS\QS O\R ab`ObSUWQ ORdWQS ªBVS PcaW\Saa
b`O\aTS`S\dW`]\[S\bWa`WTSeWbVORdWa]`a]T
SdS`g RSaQ`W^bW]\ 7b¸a bVS`ST]`S W[^]`bO\b
b]QZSO`ZgRS¿\SbVS`]ZS]TSOQV^ZOgS`O\R
[]`SW[^]`bO\bZgb]Q][[c\WQObSbVWa`]ZS
^`]^S`Zg« VS aOga BVS 4`S\QV Sf^S`b aOWR
bVOb VS R]Sa \]b `SOZZg ac^^]`b acPaWRWSa)
bVS`]ZS]TbVS^cPZWQaSQb]`Wa[]`Sb][OYS
bVSS\dW`]\[S\bTOd]c`OPZSb]PcaW\SaaO\R
b]`OWaS^cPZWQOeO`S\SaaOP]cbbVSW[^]`
bO\QS]TPcaW\Saab`O\aTS`a
A>3/93@A
, 8SO\;O`WS1/B/03::3
, , GO\\WQY6=163
,
 >`SaWRS\b1@/4`O\QS  ;O\OUS`eWbV`Sa^]\aWPWZWbgT]`
PcaW\SaabOYS]dS`ab`O\aTS`a
/>134`S\QVPcaW\SaaabO`bc^
OUS\Qg4`O\QS
, 1V`Wab]^VS`9C;;3@
, , :SfDO\B33443:3<
,
 >`SaWRS\bBVS7\abWbcbS]T;S`US`a  1]\acZbO\Qg^`]U`O[[S
/Q_cWaWbW]\aO\R/ZZWO\QSa7;// [O\OUS`0caW\Saab`O\aTS`
AeWbhS`ZO\R/cb`WQVS `SaSO`QVZSORS`6]USaQV]]Z
Cb`SQVb9\]eZSRUS1S\b`ST]`
7\\]dObW]\W\0caW\Saa4OQcZbg
]T3Q]\][WQaO\R;O\OUS[S\b
BVS<SbVS`ZO\Ra
, 8SO\>WS``S2W0/@B=:=;3=
,
 1VOW`^S`a]\]TbVSP]O`R
A]eOQQSaa0SZUWc[
, :Oc`S\bE33@BA
, , ;]RS`Ob]`(3`WQE7<<3<
,
 ;O\OUW\U2W`SQb]`bVS7\abWbcbRS  5S\S`OZ;O\OUS`
Z¸3\b`S^`WaS4O[WZWOZS7\abWbcbS RWOZSQbW_a^`Z03:57C;
T]`TO[WZgS\bS`^`WaS2SZ]WbbS
>O`b\S`0SZUWc[
%
 9QTMUJQR 5VTCVGIKGUHQTTCKUKPIVJGUGNNGT¶U
CYCTGPGUU
B] aSZZ ]` \]b b] aSZZ- 0caW\Saa ]e\S`a O`S ]TbS\
\]b dS`g eSZZ W\T]`[SR OP]cb bVS ]^^]`bc\WbWSa
OdOWZOPZSb]bVS[;WaQ]\QS^bW]\aO`S`WTSeVS\Wb
Q][Sab]PcaW\Saab`O\aTS`a6]eR]g]cW[^`]dS
bVWaaWbcObW]\O\RbOYSbVSR`O[O]cb]TaSZZW\U-/
aO[^ZS]Ta][S]TbVS_cSabW]\aORR`SaaSRW\bVWa
E]`YaV]^
B]ORRa][S^S`a^SQbWdSb]bVWaE]`YaV]^bVS^O`
bWQW^O\ba ZWabS\SR b] be] _cWbS bSZZW\U QOaS abcRWSa
SOQVdS`gRWTTS`S\b
BVS ¿`ab QOaS abcRg QO[S T`][ bVS <SbVS`ZO\Ra
;OO`bS\DO\RS9W[[S\ORSeOa gSO`a]ZReVS\
VWa TObVS` RWSR T]`QW\U VW[ eWbV]cb O\g ^`S^O`O
bW]\b]bOYS]dS`bVSTO[WZg`]]¿\UPcaW\SaaeVWQV
VWaU`O\RTObVS`VORT]c\RSRW\'#ªBVS¿`abTSe
gSO`aeS`SdS`gRWT¿QcZb«VS`SQOZZSRªPcb]dS`bW[S
7ZSO`\SRb][OabS`bVSbSQV\WQOZO\R¿\O\QWOZaWRSa
]TbVW\UaBVSPcaW\SaaPSQO[S^`]¿bOPZS #gSO`a
]\7RSQWRSRb]aSZZWbb]O\3\UZWaVQ][^O\gZWabSR
]\bVSAb]QY3fQVO\USBVObeOaW\'&%O\ReSVOR
"S[^Z]gSSa«
&
@S[OW\W\U]\Oa;O\OUW\U2W`SQb]`T]`bV`SSgSO`a
T]ZZ]eW\U bVS aOZS ;OO`bS\ DO\ RS 9W[[S\ORS
OR[WbbSRb]VOdW\UVOROZ]b]TRWT¿QcZbgQVO\UW\U
`]ZSaO\RVO\RW\U]dS`^]eS`6]eSdS`bVWa^VOaS
OZa] OZZ]eSR VW[ b] `SUOW\ VWa T`SSR][ eVWQV VS
^cb b] U]]R caS Pg ^c`acW\U O Q]c`aS W\ ^agQV]Z
]Ug6WabVSaWaT]`VWaR]Qb]`ObSeVWQVVS]PbOW\SR
W\ ! T`][ bVS C\WdS`aWbg ]T BWZPc`U eOa ^`S
QWaSZgPOaSR]\bVS^agQV]Z]UWQOZOa^SQba]TaSZZW\U
OTO[WZgPcaW\Saa6Wa^S`a]\OZSf^S`WS\QSO\ROQO
RS[WQQO`SS`^ObVOZa]ZSRVW[b]T]c\Rª2S4O[W
ZWSPSR`WXdS\ /RdWSaU`]S^« 4O[WZg PcaW\Saa ORdWQS
U`]c^W\]`RS`b]VSZ^S\b`S^`S\Sc`a¿\RbVS`WUVb
POZO\QSPSbeSS\bVSS[]bW]\OZO\R`ObW]\OZOa^SQba
]TbVSW`PcaW\SaaRSQWaW]\a
7\ # bVS 2cbQV \ObWdS OUOW\ Sf^S`W[S\bSR
eWbV`SaSZZW\UVWaªPcaW\Saa«PgaSZZW\UVWaQ]\acZb
W\U ^`OQbWQS OZbV]cUV VS abWZZ `SbOW\SR bVS `]ZS ]T
ªAc^S`dWaW\U 2W`SQb]`« B]ROg VWa W\d]ZdS[S\b Wa
[]`S W\ bVS QO^OQWbg ]T Q]OQV `ObVS` bVO\ ]\ O\
]^S`ObW]\OZZSdSZ
BVSaSQ]\RQOaSabcRgeOa^`]dWRSRPg@Og[]\R
/`\]cZR ;O\OUW\U 2W`SQb]` ]T @ST]`[S O 0SZUWO\
Q][^O\g ]^S`ObW\U W\ bVS Q]\ab`cQbW]\ W\Rcab`g
EWbV O POQYU`]c\R W\ QWdWZ S\UW\SS`W\U @Og[]\R
/`\]cZR Wa \SWbVS` O aSZZS` \]` O PcgS` 6]eSdS`
VS eOa dWSeSR Oa O ªabOPZS Zg\QV ^W\« Rc`W\U bVS
^`]QSaa]T7[[]PSZaSZZW\UWbaaVO`SaW\@ST]`[Sb]
4`O\YWBVWaWaOZa]bVS`SOa]\eVgVSeOa`SQ`cWbSR
W\ "b]^`S^O`SbVSaOZS]TbVSQ][^O\geVWQV
S[^Z]gSR   ^S]^ZS Ob bVS bW[S US\S`ObW\U O
bc`\]dS`]T`!#[WZZW]\BVWaeV]ZS^`]QSaaabO`bSR
eWbVO\SSRT]`U`SObS`Ocb]\][gT`][bVS^O`S\b
Q][^O\geVWQVPgbVObbW[SUS\S`ObSRbVSPcZY]T
bVSbc`\]dS`BVWa[SO\bbVObWbeOa\]b]\Zg\SQSa
aO`g b] ªQcb bVS c[PWZWQOZ Q]`R« Pcb OZa] b] `ORW
QOZZgQVO\USbVS]`UO\WhObW]\OZab`cQbc`SPgQZSO`Zg
`SRS¿\W\UbVSTc\QbW]\aO\R`Sa^]\aWPWZWbWSa]TSOQV
S[^Z]gSS O\R W\dSabW\U W\ []RS`\ S_cW^[S\b
eVWZSS\ac`W\UbVS^`]¿bOPWZWbg]TbVSQ][^O\gO\R
S\VO\QW\UWbaQ]`^]`ObSW[OUS ]\'_cSabW]\abVObOZZ]ePcaW\Saa]e\S`a
BVS aOZS WbaSZT R`OUUSR ]cb T`][ ;O`QV & b]
;O`QV ' ª/\ SfVOcabW\U ^S`W]R« OQQ]`RW\U
b] @Og[]\R /`\]cZR ªPSQOcaS eS VOR b] Q]\
bW\cS`c\\W\UbVSQ][^O\geVWZSabWZZ[O\OUW\UbVS
aOZS«6SPSZWSdSabVOb]PXSQbWdWbgO\Rb`O\a^O`S\Qg
aV]cZR PS bVS Q]`\S`ab]\Sa b] Q`SObW\U Q]\RWbW]\a
]T b`cab PSbeSS\ T]`[S` O\R Tcbc`S aVO`SV]ZRS`a
B`O\a^O`S\Qg[cabOZa]O^^Zgb]abOTTeV]eWZZ]PdW
]caZgPSOaYW\UbVS[aSZdSaOZ]b]T_cSabW]\aRc`W\U
bVWa eV]ZS ^`]QSaa( Wb¸a W[^]`bO\b b] YSS^ bVS[ W\
bVSZ]]^eWbV`SUO`Rb]bVS^`]U`Saa]TbVS^`]XSQb
eVWZS `Sa^SQbW\U bVS Q]\¿RS\bWOZWbg ]T ]\U]W\U
b`O\aOQbW]\a
BVS OTbS`aOZSa ^VOaS PSUO\ ]\ $bV ;O`QV '
eVS\ bVS ^O^S`a eS`S aWU\SR ªBVS [S`US` eWbV
4`O\YWeWZZQ][SW\b]STTSQbW\ PcbSdS`gP]Rg
Y\]ea bVS Tcbc`S ]`UO\WhObW]\OZ ab`cQbc`S OZ`SORg
BVSabOTTeWZZQ]\bW\cSb]PSW\T]`[SR@ST]`[S[cab
OZa][OYSO^]W\b]TZSOdW\UWbaª[O`Y«O\RWba`STS`
S\QSdOZcSa]\bVS\Seab`cQbc`S«BV`]cUV]cbbVWa
eV]ZSdS\bc`SeVOb@Og[]\R/`\]cZRQ]\aWRS`SR
]T []ab W[^]`bO\QS eOa bVS ac^^]`b ^`]dWRSR Pg
SfbS`\OZORdWa]`aeV]^ZOgOab`ObSUWQ`]ZS\]b]\Zg
W\ bVS SdOZcObW]\ abOUS Pcb OZa] W\ ¿\RW\U PcgS`a
aSbbW\U aQVSRcZSa O\R ]`UO\WhW\U Q][[c\WQObW]\
PSbeSS\aSZZS`O\RPcgS`^O`bWQcZO`ZgPg[SO\a]T
bVSaOZSaQ]\b`OQb
4]ZZ]eW\U bVSaS be] QOaS abcRWSa bVS À]]` eOa
]^S\SR c^ b] ac^^]`b OUS\ba P]bV ^cPZWQ O\R ^`W
dObS
, @]US` 1ZS[S\b T`][ bVS 0`WbWaV ^`OQbWQS
;]]`S AbS^VS\a eWbV ! ]T¿QSa W\ ""
Q]c\b`WSa PSUO\ Pg SfO[W\W\U bVS dO`W]ca
[]bWdObW]\a bVOb QO\ ZSOR O\ S\b`S^`S\Sc`
b] aSZZ bVSW` PcaW\Saa /^O`b T`][ ^c`SZg
¿\O\QWOZ[]bWdSabVS`SO`S]TbS\]bVS``SO
a]\a T]` aSZZW\U O PcaW\Saa( TO[WZg `SOa]\a
`S_cSabT`][]bVS`aVO`SV]ZRS`a`SbW`S[S\b
VSOZbVWaacSaRWa^cbSaRWd]`QSRSObVSbQ
, =\S ]T bVS [OX]` RWT¿QcZbWSa Wa bVOb ORdW
a]`a O`S ]TbS\ ]\Zg W\bS`SabSR W\ bVS aOZS
b`O\aOQbW]\BVSgR]\]bOaY_cSabW]\aZWYS(
EVg O`S g]c aSZZW\U- EVOb R] g]c eO\b-
EVObeWZZg]cR]OTbS`eO`Ra-7bWa^`SQWaSZg
b] VSZ^ W\a^W`S bVWa bg^S ]T `SÀSQbW]\ bVOb
A]eOQQSaa POaSR W\ bVS EOZZ]]\ `SUW]\ ]T
0SZUWc[aSbc^OT`SSO\RO\]\g[]caaSZT
OaaSaa[S\b _cSabW]\\OW`S /a Sf^ZOW\SR Pg
8cZWS :SP|_cS bVWa _cSabW]\\OW`S Wa POaSR
b]Q]dS`O`O\US]TRWTTS`S\bb]^WQaacQVOa(
W\dSab[S\b Vc[O\ `Sa]c`QSa bO\UWPZS O\R
W\bO\UWPZS OaaSba [O\OUS[S\b abgZS SbQ
;]`S bVO\ " _cSabW]\\OW`Sa eS`S TcZZg
Q][^ZSbSR O ^`S`S_cWaWbS T]` bVS be] ROga
]T Q]\acZbO\Qg ^`]dWRSR Pg ]\S ]T bVS &"
QS`bW¿SR ^`]TSaaW]\OZa ^O`bZg ¿\O\QSR Pg
A]eOQQSaa 7\ bVS O`SO ]T `OWaW\U OeO`S
\Saa A]eOQQSaa OZa] RSdSZ]^SR O\]bVS`
b]]ZW\bVST]`[]TO^`OQbWQOZUcWRS]TTS`SR
b]&EOZZ]]\A;3aO\R$ORdWa]`a
'
 , AbObW\UbVObVSWaªO[OhSR]\OROWZgPOaWa
ObbVS^]]`ZSdSZ]T^`S^O`ObW]\]\bVS^O`b
]T aSZZS`a« :W]\SZ 1O\Wa T`][ bVS 4`S\QV
^`OQbWQS 1SaOQ_ O a^SQWOZWab W\ ac^^]`bW\U
A;3a]Tb]$S[^Z]gSSaeWbVObc`\]dS`
PSbeSS\`[WZZW]\O\R` [WZZW]\eS\b]\
b]ORRbVOb[WaQ]\QS^bW]\aO`S`WTSeVS\Wb
Q][Sab]b`O\aTS`a/QQ]`RW\Ub]bVWaSf^S`b
T`][4`O\QSDA3aO`S\]bObOZZW\QZW\SRb]
S\ZWab bVS aS`dWQSa ]T O\ ORdWa]` PSQOcaS
ªbVSgR]\]beO\bb]^`]abWbcbSbVS[aSZdSa«
;WaQ]\QS^bW]\ \c[PS` ]\S Wa bVS`ST]`S
ª7O[\]bOaSZZS`7¸[U]W\Ub]eOWbT]`a][S
]\Sb]Q]\bOQb[S«eVS`SOaO^`]TSaaW]\OZ
Q]cZR ^`]dWRS c^ ! ^]bS\bWOZ QO\RWRObSa
;WaQ]\QS^bW]\\c[PS`be](ª7VOdSO^]bS\
bWOZ PcgS` 7¸ZZ QVSQY eWbV VW[ QOZZ [S POQY
ZObS`« /\ c\^`]TSaaW]\OZ O\R [O\W^cZObWdS
O^^`]OQV eVWQV OQQ]`RW\U b] :W]\SZ 1O\Wa
ab`]\UZgW\Q`SOaSabVS`WaYaO\RRc`ObW]\]T
Ob`O\aOQbW]\ W[^]`bO\bb]RS¿\SbVS^`]¿ZS]TbVSPcgS`
/\c[PS`]TQ]\aWRS`ObW]\aS[S`USRT`][bVSRWa
QcaaW]\abVObT]ZZ]eSR(
, @OWaW\U OeO`S\Saa aV]cZR abW[cZObS O Q]\
aWRS`SR`SÀSQbW]\^`]QSaaO\RZSORbVSaSZZS`
b]eO`RabVS`WUVb^ZOgS`a
, 7baV]cZROZa]S\Q]c`OUSbVSaSZZS`b]OQQS^b
O\SfbS`\OZO\R^`]TSaaW]\OZ^]W\b]TdWSe
, 7\TOQbbVSPcgS`aO`S]TbS\PSbbS`^`S^O`SR
bVO\bVSaSZZS`a
, 0SbeSS\ O\R"]TPcaW\Saa]e\S`a
eWZZSf^S`WS\QSVSOZbV^`]PZS[a]\SROgO\R A>3/93@A
VOdS\]bVW\U^`S^O`SRT]`bVSW`acQQSaaW]\
, EVS\bVS[O\OUS`ZSOdSaORWTTS`S\b^`]¿ZS
, ;OO`bS\DO\RS97;;3</23
, ,
, 8cZWS:303?C3
]TW\RWdWRcOZWa`S_cW`SRO\R\]bXcabOQZ]\S
]TbVS]`WUW\OZ[O\OUS`BVWaWaeVgWbWaa]  13=2S4O[WZWSPSR`WXdS\  >ZObT]`[;O\OUS`
/RdWSaU`]S^4O[WZgPcaW\Saa A=E/113AA0SZUWc[
ORdWQSU`]c^BVS<SbVS`ZO\Ra
ObbVS]cbaSb

, :W]\SZ1/<7A
,
 ;O\OUW\U>O`b\S`
:3AA=<A4@=;B67AE=@9A6=> 5`]c^S1SaOQ_4`O\QS ;]RS`Ob]`aO\R`S^]`bS`a(
7<B3@;A=4=0A3@D/B7=<A(
, BVSOQb]Tb`O\aTS``W\UOPcaW\SaaWaO^`]QSaaBVS`SWa\]`SOZb`WUUS`W\USdS\b , 7ZXO<=B6</53:
,
, 7b¸aO_cSabW]\bVOb[cabOZa]Q]\QS`\bVSPcgS`O\R\]bXcabbVSaSZZS`  6SOR]TacQQSaaW]\O\RPcaW\Saa
, @Og[]\R/@<=C:2
, Q]\bW\cWbgc\WbRWdWaW]\T]`
, BVSb]]ZaUcWRSaSbQOZZ]ebVSS\b`S^`S\Sc`b]aSSbVSPWUUS`^WQbc`S 3Q]\][WQ>]ZWQgA;3aO\R
 13=@ST]`[SaO0SZUWc[ 7\\]dObW]\ObbVS2ScbaQVS`
7\Rcab`WSc\R6O\RSZaYO[[S`bOU
7<B3@;A=4/D3<C3AB=033F>:=@32( SD2769/aa]QWObW]\]T
, >cPZWQOcbV]`WbWSaO\RbVS[SRWOVOdSO`]ZSb]^ZOgW\bOYW\UbVSR`O[O]cb]T 5S`[O\1VO[PS`a]T7\Rcab`gO\R
1][[S`QS5S`[O\g
PcaW\Saab`O\aTS`aOabVSgVOdSR]\ST]`abO`bc^a
, /RdWQSWaW[^]`bO\bPcb\]bXcabRc`W\UbVS^`S^O`ObW]\abOUSBVSaSZZS`[cab
, @]US`1:3;3<B
, , 1{ZW\S0/@@32G
,
¿\RO`]ZSOTbS`bVSW\Y]\bVSaWU\Obc`SaVOaR`WSR
 ;O\OUW\U2W`SQb]`;/  C\WdS`aWbgZSQbc`S`W\
, ES[S\bW]\bVSaSZZS`OZ]bPcbOQ][^O\gWa[ORSc^]T[]`SbVO\Xcab]\S :]\R]\;]]`SAbS^VS\a ;O\OUS[S\bAQWS\QSC\WdS`aWbg
^S`a]\3[^Z]gSSaO`S]TbS\^caVSRb]]\SaWRSRc`W\UbVSb`O\aTS`^`]QSaa( 1]`^]`ObS4W\O\QSC9 ]T;]\bSa_cWSc0]`RSOcf7D
bVSgaV]cZRPSYS^bW\bVSZ]]^O\R[]bWdObSR 4`O\QS

 
 9QTMUJQR 6QYCTFUCU[PGTI[DGVYGGPRTKXCVG
CPFRWDNKEQTICPK\CVKQPU
BVS]^OQWbg]TbVS[O`YSbT]`PcaW\Saab`O\aTS`a
O\RaV]`bQ][W\UaW\bS`[a]TPcgS`ac^^]`b³Ob
P]bVbVSPSUW\\W\UO\RS\R]TbVS^`]QSaa³eS`S
be]]TbVS[OW\¿\RW\Ua]TbVS^O\SZ]TSf^S`ba
T`][aSdS`OZ3c`]^SO\Q]c\b`WSaeV]a^]YS
Rc`W\UbVWaE]`YaV]^
ª0ST]`SO\gQ][[S`QWOZb`O\aOQbW]\S\bS`aW\b]bVS
S_cObW]\aSZZW\U]`PcgW\UOPcaW\SaaWaOP]cbVOd
W\UOU]]R`SZObW]\aVW^PSbeSS\be]^S]^ZS«aOWR
>WS``S1]_cO`RT`][4`O\QS;O\OUS`]T7\Rcab`WO
:]cg]bOQ][^O\ga^SQWOZWhW\UW\^`W\bQ][[c\WQO
bW]\ /ZbV]cUV VWa bOYS]dS` ³ eW\\S` ]T bVS ª>O`Wa
3\b`S^`S\R`S«OeO`RW\ $³eOaOacQQSaaO\R
VWaPcaW\SaaWaR]W\UeSZZbVWaWa\]b\SQSaaO`WZgbVS
QOaST]`SdS`g]\S7\4`O\QSOQQ]`RW\Ub]abObWabWQa
]\S W\ SdS`g bV`SS Q][^O\WSa bVOb Wa a]ZR ¿ZSa T]`
PO\Y`c^bQg eWbVW\ ¿dS gSO`a ]T OQbWdWbg /QQ]`RW\U
b] 0{`O\U|`S 2SaQVO[^a 2]Qb]` W\ ;O\OUS[S\b
AQWS\QS O\R OcbV]` ]T O bVSaWa ]\ bVS ^`]QSaa ]T
PcaW\SaabOYS]dS`aPgW\RWdWRcOZaª<]b[cQVWaaOWR
]T eVOb VO^^S\a PST]`S O\R OTbS` bVS Q]\b`OQb Wa
aWU\SR6]eSdS`ac^^]`bW\UbVSPcgS`P]bVPST]`S
O\ROTbS`bVSaOZSWbaSZTWaOYSgTOQb]`T]`acQQSaa«
7\5S`[O\gbVSb`O\aTS`]TPcaW\SaaSaWaPSQ][W\U
^`]PZS[ObWQ PSQOcaS bVS aWbcObW]\ VOa QVO\USR W\
bVSZOabTSegSO`aBe]bVW`Ra]TA;3aO`S]e\SRPg
TO[WZWSa C\bWZ bVS bc`\ ]T bVS [WZZS\\Wc[ ]\Zg %
eS`S T]`QSR b] ¿\R O acQQSaa]` ]cbaWRS bVS TO[WZg
T]ZRª/a]TbVSZOab\c[PS`]TgSO`a«Sf^ZOW\a/`\Rb
C^T]ZRT`][7TSfO\W\WbWObWdST]`abO`bc^aO\RPcaW
\Saa b`O\aTS`a O RS^O`b[S\b eWbVW\ bVS 5S`[O\
;W\Wab`g]T3Q]\][WQ/TTOW`a0ORS\EŒ`bbS[PS`U
ª"#]TA;3a\]eVOdSb]Z]]Y]cbaWRSbVSTO[WZg
EWbVW\]c`·]\Sab]^aV]^¸eSO`SW\bVS^`]QSaa]T
aSbbW\Uc^ORS^O`b[S\b[ORSc^]T[SRWOb]`aa^S
QWOZWabaeV]aSO`QVT]`^]bS\bWOZPcgS`aO\Rac^^]`b
aSZZS`abV`]cUV]cbbVSS\bW`Sb`O\aTS`^`]QSaa«
 !
4]` ]c` 4`S\QV \SWUVP]c`a ªbVS ¿`ab OUS\Qg b]
a^]\a]`bVSPcgS`Wa/aaSRWQO\]`UO\WhObW]\[O\
OUW\U c\S[^Z]g[S\b Q]\b`WPcbW]\a O\R ^Og[S\ba
bVS 4`S\QV S_cWdOZS\b ]T bVS 0SZUWO\ ]`UO\WhObW]\
=\S[«OQQ]`RW\Ub]>WS``S1]_cO`Rª7b¸a^]aaWPZS
b]Q]\bW\cS`SQSWdW\Uc\S[^Z]g[S\bPS\S¿bac^b]
bVSabO`b]TbVSbOYS]dS`^`]QSaa«0cbbVS`SWaOZa]O
eWRS`O\US]T]`UO\WhObW]\aP]bV^`WdObSO\R^cP
ZWQ bVOb ac^^]`b S\b`S^`S\Sc`a acQV Oa( 1VO[PS`a
]T 1][[S`QS O\R 7\Rcab`g OUS\ba PcaW\Saa \Sb
e]`Ya Oaa]QWObW]\a ]T PcaW\Saa ]e\S`a eV] ]TTS`
bVSW`VSZ^T]`abO`bc^a]`PcaW\SaabOYS]dS`a=aS]
OZa] Y\]e\ Oa O ª^cPZWQ PO\Y T]` A;3a« PO\Ya
SbQªBVS]\ZgbVW\UeS[WUVbPSaV]`b]\WaS\bVc
aWOa[O\R^]aWbWdSS\S`Ug«ab`SaaSR6cUcSa4`O\Q
2W`SQb]`]TbVS>O`WaPcaW\Saa\Sbe]`Yª=bVS`eWaS7
O[Q]\¿RS\bOP]cbbVSTcbc`S«
%QPUWNVCPE[
7\ 0SZUWc[ OUS\b ^`OQbWQSa O`S \]b acPXSQb b] bVS
aO[S `Sab`WQbW]\a Oa W\ 4`O\QS `S[O`YSR 4`O\Y
B]caaOW\b Oaa]QWObS Ob 7\b`OQ] 1]\acZbW\U O Q][
^O\g a^SQWOZWhW\U W\ Q]\acZbO\Qg T]` bVS b`O\a^]`b
O\RZ]UWabWQaW\Rcab`gªEVWQVQO\a][SbW[Sac\RS`
[W\SbVSQ]\¿RS\QS]Ta][SPcgS`aeV]VOdSVOR
b]RSOZeWbVQVO`ZObO\aW\bVS^Oab¬«
7\ 5S`[O\g Q]\acZbO\Qg Wa acPaWRWaSR Pg bVS
AbObS ª7b Wa \]b SOag b] [O\OUS« _cW^^SR /`\Rb
C^T]ZR ª0SQOcaS \]e eS acRRS\Zg VOdS O ZO`US
Q]\acZbO\Qg [O`YSb ^S`VO^a SdS\ PWUUS` bVO\ bVS
PcaW\Saa b`O\aTS` [O`YSb WbaSZT BVS ^`]PZS[ T]` ca
Wa ¿\RW\U PcgS`a A] eS VOdS aSb c^ O [SRWObW]\
^`]U`O[[S( OUS\ba [OYS RW`SQb Q]\bOQb eWbV
bVS aSZZS`a OaaSaa bVSW` \SSRa W\ bS`[a ]T ORdWQS
ac^^]`b SbQ A] Wb OZZ abO`ba ]TT eWbV ]\Sb]]\S
Q]\bOQbPSbeSS\W\RWdWRcOZa7b¸aOagabS[bVObe]`Ya
eSZZ«
7\ 4W\ZO\R PcaW\Saa bOYS]dS`a O`S bVS `Sa^]\aWPWZ
Wbg ]T bVS ;W\Wab`g ]T 3[^Z]g[S\b O\R bVS 3Q]\
][g ª@SUW]\OZ RSdSZ]^[S\b OUS\QWSa OZa] USb W\
RW`SQb Q]\bOQb eWbV ]e\S`a eV] O`S Z]]YW\U T]` O
PcgS`«Sf^ZOW\SR<W\SbbO1VO\W]b]c2SdSZ]^[S\b
;O\OUS` T]` bVS `SUW]\OZ RSdSZ]^[S\b Q][^O\g
9OW\cc\ 3bc =g ªBVS ^`]QSaa QO\ ]TbS\ PS dS`g
R`Oe\]cbSdS\Q]\dW\QW\UbVSaSZZS`b]RS¿\WbWdSZg
QcbbWSaeWbVVWaPcaW\SaaQO\bOYSOZ]\UbW[S«
/GPVQTKPI
BVS 3c`]^SO\ /aa]QWObW]\ ]T 1VO[PS`a ]T 1][
[S`QS O\R 7\Rcab`g Z]]YSR W\b] bVS WaacS ]T ^]ab
bOYS]dS`T]ZZ]ec^ª/ª[S\b]`W\U«^`]XSQb %
'eOaZOc\QVSRW\bVW`bSS\Q]c\b`WSa«W\RWQObSR
0{`O\U|`S 2SaQVO[^a 7\ ^O`bWQcZO` Wb ]TTS`a T`SS
ac^^]`b T]` O ^S`W]R ]T PSbeSS\ bS\ ROga O\R O
[OfW[c[ ]T ]\S gSO` T`][ bVS bW[S bVS bOYS]dS`
Q]\b`OQb Wa aWU\SR« BVS 1VO[PS`a ]T 1][[S`QS
O\R7\Rcab`gQO``g]cbO\O\OZgaWa]TbVSaWbcObW]\
>`WdObS Sf^S`ba bVS\ PSQ][S W\d]ZdSR Oa `S_cW`SR
ª7\ US\S`OZ eS ]PaS`dSR bVOb bVS PcgS` VOR O
U`SObS`\SSRT]`[]`S^S`a]\OZac^^]`bbVO\bSQV
\WQOZOaaWabO\QS/abVSPcgS`\SSRab]PSQ]\dW\QSR
dS`g _cWQYZg bVSg \SSR O \Scb`OZ bVW`R ^O`bg O
a^SQWOZWabeV]c\RS`abO\RabVS[O\ReV]bVSgQO\
Q]\¿RSW\eWbV]cbO\gTSO`«
 1RCSWGOCTMGV
/QQ]`RW\Ub]6cUcSa4`O\QaSZZS`aO`SbVW\]\bVS
U`]c\RW\bVS>O`Wa`SUW]\4c\RaO`SSOaWS`b]b`OQY
R]e\ ª7\ 5S`[O\g« W\RWQObSR /`\Rb C^T]ZR ª]c`
]\ZW\S^]`bOZOZZ]ea^]bS\bWOZS\b`S^`S\Sc`aOQQSaa
b]OZWab]TQ][^O\WSabVObO`SOdOWZOPZST]`bOYS]dS`
6]eSdS`bVWaagabS[Wa\]bdS`gST¿QWS\b7bO^^SO`a
bVObOZ]b]Ta[OZZA;3aO`S\]bdS`gObb`OQbWdS3dS\
a]WabVSW\T]`[ObW]\]\bVSaSA;3abVOb¸aS\Q`g^bSR
]\bVSTSRS`OZaWbSObb`OQbWdSS\]cUV-B]ROgeSO`S
b`gW\Ub]W[^`]dS\]ba][cQVbVS_cOZWbg]TbVSaS
Q][^O\WSa Pcb Ob ZSOab bVS _cOZWbg ]T Q][[c\WQO
bW]\«7\0SZUWc[^]bS\bWOZPcgS`aQO\OZa]OdOWZ]T
OaW[WZO`7Bb]]ZBVSTcbc`S^ZO\Wab]RSdSZ]^bVSaS
caSTcZRObOPOaSa¬
4]`>WS``S1]_cO`RbVSYSgb]OacQQSaaTcZbOYS]dS`
ZWSaW\bVS[]`S]`ZSaaZ]\UbS`[ac^^]`bbVObWa^`]
dWRSRPgbVSaSZZS`b]bVSPcgS`ª0ST]`SO\g_cSa
bW]\]TTc\RW\UbVSb`O\aTS`]TOPcaW\SaaWa¿`abO\R
T]`S[]abO\SfQVO\USPSbeSS\be]^S]^ZS/\R7¸[
Q]\dW\QSR]TbVWa(Wb¸a\]bbVSPcgS`eV]QV]]aSabVS
PcaW\SaaWb¸abVSaSZZS`eV]QV]]aSabVSPcgS`«
A>3/93@A
, <W\SbbO16/<7=B=C
, , 4`O\YB=CAA/7<B
,
 2SdSZ]^[S\b;O\OUS`  >O`b\S`7\b`OQ]1]\acZbW\U
9OW\cc\3bc=g4W\ZO\R 0SZUWc[

, >WS``S1=?C/@2
, , /`\RbC>4=:2
,
 ;O\OUS`7\Rcab`WO:]cg]b  AS\W]`U]dS`\[S\b]T¿QWOZ
4`O\QS EW`baQVOTba[W\WabS`Wc[0ORS\
EŒ`bbS[PS`U;W\Wab`g]T
3Q]\][WQ/TTOW`a0ORS\
:3AA=<A4@=;B67AE=@9A6=> EŒ`bbS[PS`U5S`[O\g

7<B3@;A=4=0A3@D/B7=<A(
, 0{`O\U|`S23A16/;>A
,
, BVS[O`YSbWa]^O_cSRcSb]Q]\¿RS\bWOZWbg`SOa]\aO\RQZ]aSR`SacZbW\UW\O
ZOQY]TdWaWPWZWbgO\R`SZWOPZSW\T]`[ObW]\O\RW\acT¿QWS\bZSdSZa]T^`S^O`ObW]\T]`  :SQbc`S`7\abWbcbR¸/R[W\Wab`ObW]\
PcaW\Saab`O\aTS`a RSaS\b`S^`WaSaRS5`S\]PZS
5`S\]PZSc\WdS`aWbgU`ORcObS
, 2WdS`aWbg]TbVS^ZOgS`a(OQQ]c\bO\QgSf^S`baOcRWb]`aOaa]QWObW]\aZOegS`a PcaW\SaaW\abWbcbS4`O\QS ;]RS`Ob]`aO\R`S^]`bS`a(
PO\YS`a[S`US`OQ_cWaWbW]\Sf^S`ba]bVS`^]aaWPZgªc\aQ`c^cZ]ca«OUS\ba
, 6]eR]g]c¿\RbVSª`WUVb«ORdWQS-EV]QO\g]cb`cab-6]e[cQVR]SaWb
Q]ab-^cPZWQPSW\UQVSO^S`bVO\^`WdObS- , A]\WO0=CAA/5C3B
,
, 6cUcSa4@/<1
,
 /aa]QWObSRW`SQb]`7;/@B
, BVS\SSRa]TbVSaSZZS`(`OWaSOeO`S\SaaVSZ^eWbV^`S^O`ObW]\OTbS`bVSb`O\aTS`  2W`SQb]`@{aSOc3\b`S^`S\R`S ;O\OUS[S\bW\abWbcbST]`
OZa] >O`Wa>O`WaPcaW\Saa\Sbe]`Y PcaW\SaabOYS]dS`aO\Rb`O\aTS`a
4`O\QS >S`[O\S\bZSQbc`S`W\Ab`ObSUg
, BVS\SSRa]TbVSPcgS`(W\T]`[ObW]\bSQV\WQOZac^^]`bOQQ]c\bO\ba
3\b`S^`S\Sc`aVW^@SW[a
Q]\acZbO\baSbQO\R[]`OZac^^]`bSa^SQWOZZgOTbS`bVSQ]\b`OQbVOaPSS\
;O\OUS[S\bAQV]]Z/aa]QWObS
aWU\SR 1]\acZbO\bOb7\¿\SB`O\aOQbW]\a
 4`O\QS
7<B3@;A=4/D3<C3AB=033F>:=@32(
, @ObVS`bVO\bOZYW\UOP]cb^`WdObS^cPZWQag\S`UgbVST]QcaaV]cZRPS]\bVS , 3`WQ4@=;3<BG
,
RWab`WPcbW]\]T`]ZSa(^cPZWQaSQb]`T]`DA3aO\R^`WdObSaSQb]`T]`A;3a  2W`SQb]`7\¿\SB`O\aOQbW]\a
, BVSS[]bW]\OZOa^SQbaV]cZRPSbOYS\W\b]OQQ]c\b[]`SSa^SQWOZZgT]`abOTT 4`O\QS
]TbS\T]`U]bbS\O\Rb`SObSROa[S`Sa^SQbOb]`aO\RbVSPcgS`SfO[^ZS]T
ª;S\b]`W\U«agabS[³^]abbOYS]dS`ac^^]`b³Qc``S\bZgPSW\UbSabSR
W\!Q]c\b`WSa

" #
 9QTMUJQR /CVEJKPIRNCVHQTOU
VJGDGUVKU[GVVQEQOG
1]\bOQbWaSabOPZWaVSRPSbeSS\aSZZS`aO\RPcgS`a
bV`]cUVQ][^O\WSaO\R]`UO\WhObW]\aY\]e\Oa
ª[ObQVW\U^ZObT]`[a«BVSOW[]TbVWaE]`YaV]^
eOab]Q][^O`SaW[WZO`Sf^S`WS\QSaOQ`]aaaSdS`OZ
3c`]^SO\Q]c\b`WSa
 TS`aSOQVgSO`/bbVS1@/eSVOdSOZZVOR^S`a]
ªBVS[OX]`Wbg]T]e\S`aO`S`SZcQbO\bb]bOZYOP]cb
b`O\aTS``W\UbVSW`PcaW\SaaPSQOcaSbVSgaSSWbOaO
abS^b]eO`Ra^`S^O`W\UbVSW`]e\Tc\S`OZ0cbbVSg
eWZZ VOdS b] bVW\Y OP]cb Wb a][S ROg« EWbV bVWa
a][SeVOb W`]\WQ `S[O`Y B]\W 0`c\SZZ] 3c`]^SO\
Sf^S`b]\bVSacPXSQb13=]TAbcRW]1S\b`]DS\Sb]
O\R []RS`Ob]` ]T bVS E]`YaV]^ W[[SRWObSZg ^cb
VWa ¿\US` ]\ bVS Q`cQWOZ `]ZS bVOb bVSaS ^ZObT]`[a
QO\^ZOg ]T PcgS`a BVWa S_cObSa b] " X]Pa Z]ab« aVS
@]aOZWS DO\ @WXY T]c\RS` ]T ;90OaS O\ /[a
bS`RO[POaSR ^ZObT]`[ ]^S`ObW\U W\ bVS 0S\SZcf
`SUW]\ RWR \]b Q]\b`ORWQb VW[ ªEVS\ eS abO`bSR
]TTW\ OabcRg`SdSOZSRbVOb'^S]^ZSW\
]c`W\Rcab`geS`SOP]cbb]aSZZbVSW`PcaW\Saa«aVS
Sf^ZOW\SRª3WUVbgSO`a]\O\RbVWaW[^`SaaWdS¿Uc`S
VOa\¸bQVO\USR«
$
4]` @]aOZWS bVS`S O`S Ob ZSOab be] `SOa]\a T]` bVWa
ªeWRSa^`SOR«^VS\][S\]\([O\g]e\S`aT`][bVS
ª0OPg 0]][« US\S`ObW]\ O`S Q][W\U b] bVS S\R
]TbVSW`QO`SS`aO\R[O\geO\bb]bOYSORdO\bOUS
]T eSZZRSaS`dSR `SbW`S[S\b T`][ bVS OUS ]T $#
ªBVS^`]PZS[«aVSQ]\bW\cSaªWabVObOZ]b]TPcaW
\Saa ]e\S`a ]\Zg bVW\Y OP]cb acQQSaaW]\ bVS gSO`
PST]`SbVSg^ZO\b]ZSOdS0gbVS\Wb¸a]TbS\b]]ZObS
b]S\ac`SbVObSdS`gbVW\UeWZZ`c\Oaa[]]bVZgOaWb
aV]cZR¬«
5WEEGUUHWNKPKVKCVKXGU
7\4`O\QSbVS1@/4`S\QV\ObW]\OZOaa]QWObW]\T]`
Q][^O\gaOZSaO\ROQ_cWaWbW]\aWa[ORSc^]TT]`
[S` ]e\S`a eV] aVO`S bVSW` Sf^S`WS\QSa W\ ]`RS`
b] TOQWZWbObS PcaW\Saa b`O\aTS`a =\S ]T bVS a^SQW¿Q
TSObc`Sa]TbVWaOaa]QWObW]\WabVObWb]TTS`aUS\cW\S
b`OW\W\Ub]aSZZS`aO\RPcgS`aªESVOdSQ]\bW\c]ca
Q]\bOQbeWbV"PcgS`a«Sf^ZOW\SR8SO\>SQV]c
DWQS^`SaWRS\bª/\ReS[O\OUS"b]#b`O\a
\OZSf^S`WS\QS]TOPcaW\Saab`O\aTS`ESORdWaS]c`
[S[PS`aO\ROZZ]ebVS[b]PS\S¿bT`][]c`Sf^S
`WS\QSa]bVSgQO\Od]WR[OYW\U[WabOYSa«
@S^`SaS\bW\UbVS5S`[O\PO\Y9TE7aOPSZZS1O\c
^`SaS\bSR ª<Sffb1VO\US« O\ ]\ZW\S ^ZObT]`[
OdOWZOPZS W\ 5S`[O\g 7\ 5S`[O\g $ Q][^O
\WSa TOZZ Pg bVS eOgaWRS SOQV gSO` RcS b] bVS ZOQY
RS^Z]`SR ªB] Q]c\bS` bVWa ^VS\][S\]\ bVWa b]]Z
eOaRSdSZ]^SRW\ $OaO`SacZb]TOQ][^`SVS\
aWdSOU`SS[S\bbVObP`]cUVbb]USbVS`^cPZWQOcbV]
`WbWSa QVO[PS`a ]T Q][[S`QS PO\Ya O\R SdS\ bVS
PO`Oaa]QWObW]\«
ª<Sffb1VO\US«]TTS`aT`SS^cPZWQObW]\O\RO\]\g
[]caORdS`bWaS[S\baT]`bVSb`O\aTS`]TPcaW\SaaSa
3dS`g[]\bV"b]&]TTS`aO`SWRS\bW¿SRQ][
^O`SRb]#b]"#`S_cSabaAW\QSWbeOa]^S\SR
bV`SS gSO`a OU] bVS aWbS VOa P`]cUVb OP]cb bVS
Q]\QZcaW]\]T"%b`O\aOQbW]\a bVS^ZObT]`[[ORSbVW\UaOZ]bSOaWS`«
7\4W\ZO\RAOYO`W=WYO`W\S\[O\OUSa1]\¿RS\bc[
:bR7\  bVSgVORbVSWRSO]T^]]ZW\UbVSRObO
T`][O[cZbWbcRS]T^`]dW\QWOZ^ZObT]`[aW\OQ]c\b`g
RWdWRSRW\b]OP]cb¿TbSS\`SUW]\aB]ROg1]\¿RS\
bc[ P`W\Ua b]USbVS` !# b] " Q][^O\WSa
bVO\Yab]Wba\Sbe]`Yª/\RO`SQS\babcRg^`SRWQba
bVOb$[]`SaSZZS`aeWZZQ][S]\b]bVS[O`YSb
W\bVS\SfbbS\gSO`abVS[OX]`Wbg]TbVS[[WQ`]Pc
aW\SaaSa«AOYO`W=WYO`W\S\aOWR
7\2S\[O`Y>SbS`2OZYWOS`b]]Y]dS`bVS[O\OUS
[S\b]Tª;ObQV=\ZW\SRY«T]c`gSO`aOU]O\]\ZW\S
[ObQVW\UaS`dWQST]`aSZZS`aO\RPcgS`aªES[ORS
]c`aSZdSaY\]e\b]bVS^cPZWQaS`dWQSaO\Rb]ROgeS
O`SbVSPS\QV[O`Y7\bS`\Sb^ZObT]`[W\]c`Q]c\b`g
eWbV ^OUSdWSea^S`[]\bVO\R"c\W
_cSdWaWb]`a«
2QUKVKXGVGUVKOQPKCNU
B]WZZcab`ObSbVSST¿QWS\Qg]TbVS^ZObT]`[abVS]`UO
\WhS`a]TbVSE]`YaV]^W\dWbSRO\c[PS`]TPcaW\Saa
]e\S`a eV] VOdS `SQS\bZg Sf^S`WS\QSR O b`O\aTS`
4]`SfO[^ZS3[[O\cSZ4W]`O\]T`][4`O\QSb]]Y
]dS`bVSZO\RaQO^SUO`RS\W\UQ][^O\gAO^W\DS`b
EWbV O POQYU`]c\R W\ OU`WQcZbc`OZ S\UW\SS`W\U VS
VOa O Z]\U QO`SS` Oa O Q][^O\g [O\OUS` c\RS`
VWaPSZb0cbW\ #VSTSZbbVS\SSRb]ZSOdSbVS
[O\OUS[S\b bSO[ ]T bVS ]`UO\WhObW]\ VS e]`YSR
T]`W\]`RS`b]OQ_cW`SVWa]e\PcaW\Saa
ª7 bVS\ [Sb eWbV a][S ^S]^ZS T`][ bVS 1@/ eV]
Q]\dW\QSR[SbVObPcgW\UOQ][^O\geOa\¸bOaaW[
^ZS Oa bVOb« VS Sf^ZOW\a ª7 b]]Y O b`OW\W\U Q]c`aS
bVOb ORR`SaaSR \c[S`]ca Oa^SQba OP]cb PcaW\Saa
b`O\aTS`a BVS b`O\aOQbW]\ eVWQV Q]cZR VOdS PSS\
QO``WSR]cbW\T]c`ROgab]]YT]c`[]\bVa0cbbVS
PSab bVW\U OP]cb bVS 1@/¸a ac^^]`b Wa bVOb SdS`g
bVW\U eOa QO``WSR ]cb OQQ]`RW\U b] bVS `cZSa O\R
eWbV]cb c\RcS VOabS BVWa OZZ]eSR [S b] ZW[Wb bVS
`WaYa Oaa]QWObSR eWbV [g W\dSab[S\b O\R PSQ][S
[]`S OeO`S ]T OZZ bVS QVOZZS\USa W\d]ZdSR 7\ TOQb
%
 :Oab 8O\cO`g/W[S`g RS @]QVSQV]cO`b a]ZR >ZObS
T]`[VWaOUS\QgbVOba^SQWOZWhSaW\^`]dWRW\Ua^SO
YS`a T]` ^cPZWQ SdS\ba ª7 eOa ZObS RWaQ]dS`W\U bVS
PS\S¿ba]TO\]`UO\WhObW]\ZWYSbVS1@/«VSOR[Wb
bSR ª0SQOcaS Wb QO\ aOdS g]c bW[S 0g OQbW\U Oa O
[ObQV[OYS`bVS1@/QO``WSa]cbO\W\WbWOZaQ`SS\W\U
]T^]bS\bWOZPcgS`a=\ZgUS\cW\SZg[]bWdObSR^S]
^ZS eV] VOdS OZ`SORg bOYS\ O b`OW\W\U Q]c`aS O`S
W\b`]RcQSRb]ca6]eSdS`eVS\aSZZS`ab`gb]¿\R
PcgS`a]\bVSW`]e\7QO\Oaac`SbVSg¸ZZ[SSbOZ]b
]T^S]^ZSeV]VOdSbVSW`VSORaW\bVSQZ]cRa]`eV]
aW[^ZgR]\¸bVOdSS\]cUV[]\Sg¬«
0`c\] 2cdWZZWS` eV] P]cUVb /W[S`g RS @]QVS
QV]cO`b¸aQ][^O\gWaOZa]dS`gVO^^geWbVbVSaS`
dWQSa^`]dWRSRPgbVS1@/ª7eOaac^^]`bSRT`][
PSUW\\W\U b] S\R« VS Q]\¿`[SR ª7 b]]Y b`OW\W\U
Q]c`aSa UWdS\ Pg ZOegS`a O\R bOf a^SQWOZWaba BVSg
^`]dSRdS`gcaSTcZW\RSSR«
#'WTQRGCPRNCVHQTO!
B] Q]\QZcRS bVS E]`YaV]^ bVS be] []RS`Ob]`a
OaYSR bVS a^SOYS`a O\R bVS OaaS[PZg OP]cb bVS
^]aaWPWZWbg ]T aSbbW\U c^ O 3c`]^SO\ ^ZObT]`[ 0cb
bVS[OX]`WbgeS`SaQS^bWQOZOP]cbbVWaWRSOª7bVW\Y
Wbe]cZRPSRWT¿QcZbb]^]]Z]c`ab`S\UbVaPSQOcaS
]c` dO`W]ca ^ZObT]`[a O`S OW[SR Ob RWTTS`S\b W\bS
`SabaRS^S\RW\U]\bVSQ]c\b`g«7aOPSZZS1O\caOWR
ª/\Ra][SRS^S\R]\bVS^`WdObSaSQb]`O\R]bVS`a
]\bVS^cPZWQaSQb]`« A>3/93@A
6S\QSbVWa_cSabW]\W\bVST]`[]TOac[[O`gT`][
[]RS`Ob]` <WQ]ZOa >W`]bbS Ab`ObSUWQ /RdWaS` Ob
, 7aOPSZZS1/<C
, , AOYO`W=79/@7<3<
,
A]eOZ¿\(ªAV]cZReS\]bVOdSZ]QOZ^ZObT]`[abVOb
 9TE0O\YS\U`c^^S  ;O\OUW\U2W`SQb]`]T
[SSbZ]QOZ\SSRaPcbOZa]aSbc^Q][[]\[SbV]
5S`[O\g 1]\¿RS\bc[:bR4W\ZO\R
R]Z]UWSabVObb`O\aQS\R\ObW]\OZP]`RS`a-«

, >SbS`2/:97/3@
, , 8SO\>316=C
,
 ;O\OUW\U2W`SQb]`]T;ObQV=\ZW\S  DWQS^`SaWRS\b]T1@/
2S\[O`Y 4`O\QS

:3AA=<A4@=;B67AE=@9A6=>
7<B3@;A=4=0A3@D/B7=<A(
, BVS`SWaOeWRSdO`WSbg]TO^^`]OQVSa(bVS^ZObT]`[a`c\PgbVS2cbQV0SZUWO\a , @]aOZWSD/<@789
,
, /W[S`gRS@=16316=C/@B
,
5S`[O\aO\R2O\WaVO`S`Sab`WQbSRb]ª[ObQVW\U«aS`dWQSabVS4`S\QV^`]dWRS  ;O\OUS`]T;90OaS
ORRWbW]\OZb`OW\W\UO\RQ]OQVW\UbVS4W\\WaVP`W\Ub]USbVS`O[cZbWbcRS]Ta[OZZ  ASZZS`]Tª>ZObST]`[S«
4`O\QS BVS<SbVS`ZO\Ra
Z]QOZ^ZObT]`[a¬
, /Q][[]\dWaW]\(OZZ]TbVS^O`bWQW^O\ba]TbVSE]`YaV]^O`SQ]\dW\QSR]TbVS
\SSRb][OYSbVSaSQb]`[]`S^`]TSaaW]\OZO\R]TbVSW[^]`bO\QS]TVOdW\U
_cOZWbgORdWa]`a^`WdObS^O`b\S`aQ]\¿RS\bWOZWbgO\RO\]\g[Wbg
, /U`]eW\U[O`YSb(W\gSO`abVS`SeWZZPSOaVO`^`WaSW\bVS\c[PS`]T , 0`c\]2CD7::73@
,
ORdWa]`aabcRWSa^ZObT]`[aSbQ ;]RS`Ob]`aO\R@S^]`bS`a(
 0cgS`]Tª>ZObST]`[S«
, >`]PZS[aOaa]QWObSReWbVdS`ga[OZZS\bS`^`WaSaDA3a(bVSaSaS`dWQSaO`S\]b 4`O\QS
]TTS`SRb][WQ`]PcaW\SaaSaWb¸aabWZZ[cQVSOaWS`b]aSZZOZO`USQ][^O\gbVO\O , B]\W0@C<3::=
,
a[OZZ]\S  13=]TAbcRW]QS\b`]dS\Sb]
7bOZg
, EVObbVSS\b`S^`S\Sc`abVW\Y(bVS^ZObT]`[aOZZ]eg]cb]aOdSbW[SPcbbVSg
O`S\¸bbVS]\ZgeOgb]¿\RPcgS`a<Sbe]`YaO\RbVSaVO`W\U]T^S`a]\OZ
Sf^S`WS\QSO`SOZa]dS`gW[^]`bO\b , 3[[O\cSZ47=@/<=
,
 0cgS`]TAO^W\DS`b
7<B3@;A=4/D3<C3AB=033F>:=@32(
4`O\QS
, 4]`dS`ga[OZZS\bS`^`WaSaDA3a(bVS\SSRb]aW[^ZWTgbVSPcaW\Saab`O\aTS` , <WQ]ZOa>7@=BB3
,
^`]QSaaO\RU`O\baW\]`RS`b]OZZ]eOQQSaab]ORdWa]`gaS`dWQSa
 Ab`ObSUWQ/RdWa]`b]A]eOZ¿\
, 3c`]^SO\ZSdSZ(ªa][SbVW\U«[cabPSR]\SOb3c`]^SO\ZSdSZW\bS`[a]T 0SZUWc[
[SbV]R]Z]UWSaO\RPSab^`OQbWQSeVWZSabWZZ[OW\bOW\W\UOZ]QOZ]``SUW]\OZ
O^^`]OQV0cbeVObOP]cbbVSWaacSa`SZObW\Ub]Tc\RW\UZW\UcWabWQaSbQ-

& '
 %NQUKPI =\S ]T B`O\aS]¸a ]PXSQbWdSa Wa b] Q`SObS O 3c`]
^SO\\Sbe]`YT]`A;3b`O\aTS`aW\bVS\SO`Tcbc`S
BVS`]ZS]TbVWa\Sbe]`YWab]^`][]bS^`]TSaaW]\OZ

EGTGOQP[ ac^^]`b aS`dWQSa T]` PcaW\Saa b`O\aTS` ^`]QSaaSa

7a bVS`S dOZcS W\ Q`SObW\U acQV O \Sbe]`Y- /\R WT
a] eVOb aV]cZR PS bVS ]PXSQbWdSa OQbW]\a ab`cQ
@]aOZWSDO\@WXY;O\OUS`]T;90OaSbVS\`S^]`bSR
POQY ]\ bVS ]cbQ][S ]T bVSaS RWaQcaaW]\a O\R
bc`SO\RTc\RW\U[SbV]R-/aO[^ZS]Ta][S]TbVS W\QZcRSR dO`W]ca acUUSabW]\a ^cb T]`eO`R Pg bVS
_cSabW]\a]\bVSOUS\ROT]`bVWaaSQ]\RROg e]`YU`]c^

EWbV]cb _cSabW]\ Wb O^^SO`a bVOb ^O`bWQW^O\ba ]T

bVSB`O\aS]Q]\TS`S\QSR]\]beO\bb]XcabªZSOdSWb
ObbVOb«/ZZ]TbVSTSSRPOQYbVObeSUObVS`SRW\RW
QObSabVObbVSge]cZRZWYSOT]ZZ]ec^b]bVWaW\WbWOZ
[SSbW\U

7\]`RS`b]RS¿\SbVSaSTcbc`SabOUSaSdS`g]\SeOa
W\dWbSRb]bOYS^O`bW\]\S]TbVSbV`SSe]`YU`]c^a
W\eVWQVbVSaSa^SQW¿QWaacSaeS`SRWaQcaaSR
EVOb Wa bVS 3c`]^SO\ 1][[WaaW]\¸a dWSe ]T
B`O\aS] - /b bVS S\R ]T bVWa be]ROg aS[W\O` Wb
eOaW\bS`SabW\Ub]W\dWbS]\S]TbVS3c`]^SO\1][
[WaaW]\¸a`S^`SaS\bObWdSab]Sf^`SaabVSW`]^W\W]\]\
bVS acPXSQb <]b ZSOab PSQOcaS bVS ^O`bWQW^O\ba ]T
bVSe]`YU`]c^a[ORSO^]W\b]TVWUVZWUVbW\UbVSW`
Sf^SQbObW]\a]TbVS1][[WaaW]\^O`bWQcZO`ZgW\bVS
O`SO]TTc\RW\UT]`bVSTcbc`S\Sbe]`Y

ª7eO\bb]Q]\U`ObcZObSg]cPSQOcaSbVS_cSabW]\a
bVOb eS`S ORR`SaaSR ^O`bWQcZO`Zg bVS _cSabW]\a ]\
`OWaW\U OeO`S\Saa eS`S RS¿\WbSZg bVS `WUVb ]\Sa«
abObSR BV][Oa 8OSUS`a >]ZWQg =T¿QS` eWbV bVS
2W`SQb]`ObS5S\S`OZ T]` 3\bS`^`WaS O\R 7\Rcab`g
/R[WbbSRZg W\ bVS ^Oab bVS 1][[WaaW]\ eOa O Z]b
[]`SQ]\QS`\SReWbVbVSacPXSQb]TbVSZSUOZT`O[S
e]`Y O\R bVS`S VOa PSS\ W[^`]dS[S\b W\ O Z]b ]T
O`SOaªSfQS^bW\bVSO`SO]TbOfObW]\eVS`SbVS`SWa
abWZZ_cWbSOPWbgSbb]PSR]\S«

/QQ]`RW\Ub]BV][Oa8OSUS`a]\S]TbVS]cbQ][Sa
]TbVSB`O\aS]Q]\TS`S\QSeOabVOb\SSRaU]PSg]\R
SZSQb`]\WQRObOPOaSaª7bVW\YWb¸aO\SfQSZZS\bWRSOb]
RSdSZ]^ O \Sbe]`Y PST]`S W[^ZS[S\bW\U SZSQb`]\WQ
b]]Za BVS acPXSQb ]T PcaW\Saa b`O\aTS`a W\d]ZdSa
[]`SbVO\XcabSZSQb`]\WQRObOPOaSaO\Rg]cc\RS`
ab]]RbVOb^S`TSQbZg7b¸aaW[WZO`b]bVSe]`YQO``WSR
]cb Pg bVS 1][[WaaW]\ 7 eWaV g]c Z]ba ]T acQQSaa
eWbVg]c`Tcbc`SW\WbWObWdSa«

! !
 /<2;71@=0CA7<3AA3A-
#¿PCNYQTFHTQOVJGQTICPK\GTU
@37<=3F>3@73<13
8SO\;O`WS1ObOPSZZST]`1@/O\R@]aOZWSDO\@WXY
BVS\SSRb]RSdSZ]^Oa^SQW¿Qab`ObSUgT]`dS`ga[OZZS\bS`^`WaSaDA3aeOaO`SQc` T]` ;90OaS bVO\YSR A]eOQQSaa bVS R`WdW\U T]`QS
`W\UbVS[SbV`]cUV]cbbVSbe]ROga]TbVSB`O\aS]Q]\TS`S\QSBVSaS[WQ`]PcaW\SaaSa PSVW\R ]`UO\WhW\U bVWa VWUVZg ^`]TSaaW]\OZ Q]\TS`
eS`SbVSacPXSQb]TbVS@37<=^`]XSQbbVObeOaQO``WSR]cbW\ %O\R &@S\SeOZ S\QSbVSgOZa][S\bW]\SRbVSZO`US\c[PS`]T^O`
O\R7\\]dObW]\b]0caW\SaaB`O\aTS`a]T;WQ`]1][^O\WSa:Oc\QVSRPg4W\ZO\R¿dS bWQW^O\baSa^SQWOZZgQ]\aWRS`W\UbVSacPXSQbeOa\¸b
]bVS`Q]c\b`WSaX]W\SRW\bVWaW\WbWObWdS(2S\[O`Y5`SSQS7bOZgAZ]dS\WOO\R6c\UO`g ]T[cQVW\bS`Sabb][O\g^S]^ZSOTSegSO`aOU]
BVS`SeOaOPcRUSb]T`'$[WZZW]\%]TeVWQVeOa^`]dWRSRPgbVS1][[WaaW]\
4W\OZZg DW\QS\b 0]dg 2W`SQb]` ]T bVS /US\QS RS
ªESe]`YSR]\bVSOaac[^bW]\bVObb`O\aTS`]^S`ObW]\aQO\PS^`]¿bOPZSSdS\eWbVW\ AbW[cZObW]\ 3Q]\][W_cS 3Q]\][WQ abW[cZObW]\
[WQ`]PcaW\SaaSa« Sf^ZOW\SR <W\SbbO 1VO\W]b]c eV] []\Wb]`SR bVS ^`]XSQb T]` bVS OUS\Qg 0SZUWc[ ]\S ]T bVS ]`UO\WhS`a ]T bVS
5`SSY^O`b\S`a0cWZbO`]c\RO^]]Z]TSf^S`baO\RbVSaVO`W\U]Tb]]Za@37<=P`]cUVb B`O\aS]Q]\TS`S\QSVWUVZWUVbSRbVSbV`SS[OW\]cb
a^SQW¿Q3c`]^SO\QVO`OQbS`WabWQab]ZWUVb[OW\ZgW\`SZObW]\b]bVS[W\RaSb]TPcaW\Saa Q][Sa]TbVS^`SdW]cabe]ROga(
]e\S`a ª7\ 3c`]^S bVS R][W\O\b S[]bW]\ eVS\ Wb Q][Sa b] aSZZW\U Wa bVOb ]T UcWZb
eVWQVWa\]bObOZZbVSQOaSW\bVSC\WbSRAbObSaeVS`SaSZZW\UWa^O`b]TbVSª\]`[OZ«ZWTS , ES VOdS acQQSSRSR W\ bOYW\U bVS WaacS ]T
]TSdS`gS\b`S^`S\Sc`« PcaW\Saab`O\aTS`a]cb]TbVSUVSbb]eVS`SWb
VORPSS\Q]\¿\SRc^b]\]e
@37<=OZa]WRS\bW¿SRbVSTOQbbVObacQQSaa]`aQ]cZROZa]OdOWZ]TVSZ^O\RORdWQSªES
[cabVSZ^bVS[YSS^bVSPcaW\Saa`c\\W\UPcbOZa]b]Sf^O\RWb«S[^VOaWhSR<W\SbbO , /P]dS OZZ PcaW\Saa b`O\aTS`a O`S dWSeSR
1VO\W]b]ceV]Sf^ZOW\SRbVSW[^]`bO\bRWTTS`S\QSaPSbeSS\bVSPcaW\Saa^`OQbWQSa]T T`][O\S\b`S^`S\Sc`WOZ^S`a^SQbWdS
bVSQ]c\b`WSabVObb]]Y^O`bW\bVS@37<=^`]XSQbª7\5`SSQST]`SfO[^ZSbVS1VO[
PS`a]T1][[S`QSVOdSdS`gZWbbZSQ]\bOQbeWbVS\b`S^`S\Sc`a=\bVS]bVS`VO\RSabObS , BVWa ^S`a^SQbWdS aV]cZR OZZ]e ]c` A;3a b]
OUS\baVOdSOZ]b]TQ]\bOQbeWbVbVS[BVS^S]^ZSb`cabbVS[7\]bVS`Q]c\b`WSabVWa PSQ][S[]`S]^S\O\R[]`SÀSfWPZS
e]cZRPSQ][^ZSbSZgRWTTS`S\b7b¸aW[^]`bO\bb]Y\]ebVWa«

!  !!
 .GUUQPUNGCTPGF 4]`A=E/113AAO\RWba^O`b\S`a/A3;90OaSW\
bVS<SbVS`ZO\RaO\R1@/W\4`O\QSbVS]PXSQbWdS
CPFEQPENWUKQPU W\]`UO\WhW\UB`O\aS]eOabe]T]ZR(
,B]]`UO\WhSbVS¿`ab`SOZW\bS`\ObW]\OZQ]\TS`S\QS
]\ bVS acPXSQb ]T bVS b`O\aTS` ]T A;3a OW[SR
Ob OZZ  3c`]^SO\ ^`]TSaaW]\OZa O\R `SaSO`QVS`a
a^SQWOZWhW\UW\bVWaaSQb]`
,B] Q]\¿`[ O[]\U 3c`]^SO\ b`O\aTS` ^`]TSa
aW]\OZa bVS `SZSdO\QS ]T aSbbW\U c^ O 3c`]^SO\
B`O\aTS`<Sbe]`Y
BVS]PXSQbWdSeOaZO`USZgOQVWSdSRBVSQ]\TS`S\QS
eOa Oa acQQSaaTcZ Oa eS V]^SR eWbV []`S bVO\
^O`bWQW^O\baT`][O\c[PS`]TRWTTS`S\bQ]c\
b`WSa  AbW[cZObW\UbVSSQ]\][gW\Q`SOaS\c[PS`
7\ORRWbW]\bVS`SWaOQZSO`RSaW`SO^^O`S\bO[]\U
bVS 3c`]^SO\ b`O\aTS` ^`]TSaaW]\OZa eV] ObbS\RSR
bVS Q]\TS`S\QS b] Q]\bW\cS bVSaS STT]`ba b] Q`SObS
O \Sbe]`Y O\R b] T]ZZ]e c^ bVWa W\WbWObWdS ;]`S
bVO\'#]TbVS^O`bWQW^O\baaOgbVSgO`SeWZZW\Ub]
ObbS\ROaSQ]\RQ]\TS`S\QS]TbVWabg^SO\R#]T
bVS[ O`S Q]\aWRS`W\U PSQ][W\U T]c\RS` [S[PS`a
]TOTcbc`S3c`]^SO\\Sbe]`Y
!"
4`][ bVS ^S`a^SQbWdS ]T ^`WdObS ^ZOgS`a bVS`S
Wa QZSO` dOZcS W\ W[^ZS[S\bW\U bVS \Sbe]`Y
 3abOPZWaV O ZWab ]T OZZ ]T bVS SfWabW\U ^ZOb
T]`[aW\3c`]^SO\RaSbc^7\bS`\SbZW\Ya
_cWQYZgeVWQVaV]cZRPSPOaSR[]`S]\\Sbe]`
YW\U `ObVS` bVO\ ]\ ab`cQbc`S ]` U]dS`\O\QS
ª:Sb¸a Q]\bW\cS b] [SSb c^ abO`b eWbV O TSe
" 5]dS`\O\QS
 /ÀSfWPZSab`cQbc`SeWbV]cbSfQSaaWdSZSdSZa
a^SQW¿Q ^`]XSQba O\R bVS ab`cQbc`S eWZZ bVS\ ]TT]`[OZWbg
T]ZZ]e«ac[[O`WaSRbVS^`WdObS^ZOgS`aOZ`SORg  /bg^S]T^`]TSaaW]\OZTSRS`ObW]\
dS`g aObWa¿SR eWbV bVS _cOZWbg ]T bVS \Sbe]`Y 7\bS`[a]TTc\RW\U(
Q`SObSRObbVSS\R]TbVSaSbe]ROgaW\A^O  A][S Tc\RW\U Q]cZR Q][S T`][ bVS 3c`]
^SO\ C\W]\ eVS`S PcaW\Saa b`O\aTS`a O`S
4`][bVS^S`a^SQbWdS]T^cPZWQ^ZOgS`aª]`UO dWSeSROaOdS`gW[^]`bO\bWaacS
\WhObW]\OZ« Q]\QS`\a eS`S []`S O^^O`S\b VS`S  BVSWRSOZ(Q][PW\SRTc\RW\UT`][P]bVbVS
[OW\ZgbVSTc\RW\U]TbVSTcbc`S\Sbe]`YPcb ^`WdObSO\R^cPZWQa^VS`S
bVS`S eOa abWZZ S\bVcaWOa[ OP]cb OR]^bW\U O  AcPaQ`W^bW]\aPcb\]bW\bVSQOaS]TOªaZSS
3c`]^SO\O^^`]OQVª:Sb¸aRS¿\SabOUSaT]`bVS ^W\U\Sbe]`Y«
aV]`b bS`[ [SRWc[ bS`[ O\R Z]\U bS`[« acU
USabSR]\S]TbVS^O`bWQW^O\ba # <SfbabS^a
 =`UO\WhSB`O\aS] 
 <SSRa WRS\bW¿SR O\R V]e bVSaS Q]cZR PS  3abOPZWaVO\ST¿QWS\b;O\OUS[S\b1][[Wb
[Sb Pg bVS W[^ZS[S\bObW]\ ]T O 3c`]^SO\ bSS bVOb eWZZ `S^`SaS\b bVS RWTTS`S\b Q]c\
\Sbe]`Y b`WSaO\RaS\aWbWdWbWSa
 0`W\Ub]USbVS`PSab^`OQbWQS  ?cWQYZgR`Oec^Oe`WbbS\`S^]`b]\bVS]cb
 <SSR T]` aSU[S\bObW]\ \SSR b] bOYS dS`g Q][S]TbVSaS^Oabbe]ROga
a[OZZS\bS`^`WaSaDA3W\b]OQQ]c\bW\^O`  AS\RbVWa`S^]`bb]bVS3c`]^SO\1][[Wa
bWQcZO` aW]\
 AVO`SRT]`c[T]`c\WdS`aWbg`SaSO`QV  EWbV bVS `S^]`b aS\R O `S_cSab OW[SR Ob
 ?cOZWbg abO\RO`Ra T]` Q]\acZbO\ba []`S SabOPZWaVW\UªeV]eWZZQ]\b`WPcbSb]eVOb«
ª¿ZbS`W\U«  ;OYS ac`S bVOb bVS \Sbe]`Y Wa c^RObSR
 AVO`W\U ]T W\T]`[ObW]\ SfO[^ZS( P`]OR `SUcZO`Zg\]]Pa]ZSbS\O[Sa
]dS`dWSe]TbOfObW]\O\RZSUOZ^`OQbWQSaW\  =PbOW\SdS`g]\S¸aS[OWZORR`SaaSa
dO`W]ca3c`]^SO\Q]c\b`WSa

 =PXSQbWdSa]TbVSTcbc`S\Sbe]`Y =`UO\WhS`a W\bS\R b] ^c`acS bVSW` OQbW]\a W\
 :]PPgW\Ub]bVS3c`]^SO\1][[WaaW]\ ]`RS`b]TOQWZWbObSPcaW\Saab`O\aTS`W\bVSW``Sa
 @OWaW\U OeO`S\Saa O[]\Uab aSZZS`a O\R ^SQbWdSPcaW\SaaO`SOaB]bVWaS\RaVO`W\UO\R
PcgS`aO\ROZa]eWbVW\bVS[SRWO RWaaS[W\ObW\U U]]R ^`OQbWQSa O[]\U ^cPZWQ
 ;OYW\UbVSaSQb]`[]`S^`]TSaaW]\OZ O\R^`WdObS^`]TSaaW]\OZaOQbWdSW\bVSPcaW\Saa
b`O\aTS` aSQb]` Wa SaaS\bWOZ BVWa Wa O RSbS`[W
]Tb`O\aOQbW]\a \W\UTOQb]`b]Tc`bVS`ab`S\UbVS\O\RVSZ^^`]
 0`W\UW\Uc\WdS`aWbg`SaSO`QVS`ab]USbVS`b] TSaaW]\OZWhSbVSaSQb]`5]]R^`OQbWQSaQO\]\Zg
U]PSg]\RbVSZ]QOZZSdSZ PSRWaaS[W\ObSRbV`]cUVQ]\bOQbaObbVS`SUW]
 >`]dWRW\Uac^^]`baS`dWQSab]ZSaaORdO\QSR \OZO\R\ObW]\OZZSdSZaO\RSdS\[]`Sa]ObbVS
Q]c\b`WSaW\bS`[a]TPcaW\Saab`O\aTS`a W\bS`\ObW]\OZZSdSZ
! >]aaWPZSOQbW]\a BVS ^S`^SbcObW]\ ]T bVWa YW\R ]T W\WbWObWdS Wa
 >ZO\B`O\aS]  VS`S Ob abOYS O\R bVWa bV`]cUV bVS Q`SObW]\
 3abOPZWaV O _cOZWbg QS`bW¿QObW]\ Pcb eV] ]T O 3c`]^SO\ \Sbe]`Y P`W\UW\U ^`]TSaaW]\OZa
eWZZU`O\bbVWaQS`bW¿QObW]\- b]USbVS`bVObWaWTbVS^`]XSQbWaOPZSb]TSRS`ObS
 7<D75=@/B3bVS\Sbe]`YcaW\Ub]]ZaacQV O [OfW[c[ ]T ^`]TSaaW]\OZ `S^`SaS\bObWdSa ]T
OaQVOb`]][aO\R7\bS`\SbT]`c[aT]`RWa PcaW\Saab`O\aTS`W\3c`]^S
QcaaW\URWTTS`S\bWaacSa
 ;OYSQS`bOW\SfWabW\Ub]]ZaOdOWZOPZSb]SdS
`g]\SSfO[^ZS]TbVSaSZTOaaSaa[S\bb]]Z
RSdSZ]^SRPgA]eOQQSaa
!#
 #RRGPFKZ
2TQITCOOG

19 May 20 May
09.00 Welcome 08.15 > 09.30 Working breakfast

Introduction 09.30 > 10.45 Lessons learnt from the workshops and comments
“Business transfer in Europe: a global issue, a local approach”
10.00 > 12.00
Plenary Session Coffee break
10.45 > 11.00
“Business transfer issue: is it all about awareness?”

11.00 > 12.00 Working groups on the setting up of the European SME Transfer Network
12.00 > 13.15 European Cafe - Roundtable discussion

13.15 > 14.15 Lunch Conclusions & Closing Ceremony

12.00 > 13.00 European Business Transfer network project
(Presentation, debate, next steps)
Plenary session
14.15 > 15.30 “The role of support services in the business transfer process”
13.00 > 14.00 Lunch

Workshop 1 Workshop 2 Workshop 3

15.30 > 17.30 “Strategies for “Towards a synergy between “The matching
heightening the private and public organizations, platforms: the best
seller’s awareness” to optimize and professionalize the is yet to come”
support services provided to sellers
and buyers”

19.30 Social Event

!$ !%
 .KUVQHRCTVKEKRCPVU
/ZW{0{Ob`WQS C1; 0SZUWc[ 2SZÀgaEWZZg ;ScaW\dSab 0SZUWc[
/\R`{1g`WZ @S^`S\Sc` 4`O\QS 2SZZ]gS1VO`ZSa /ZSbVS/ 0SZUWc[
/\R`WScf8SO\:]cWa 1]bO`USb 0SZUWc[ 2S[P]c`;ORSZSW\S 9OZO[]a 0SZUWc[
/\b]W\S>WS``S3[[O\cSZ 4WRSQS[ 4`O\QS 2S[S\W\b4`Wba/ /Rb`OQbc[0D BVS<SbVS`ZO\Ra
/\b]\OQQVW]1ObVS`W\S 1OPW\SbR¸Od]QOba@O[_cSb>`WQYS\ 0SZUWc[ 2S^SZaaS[OYS`;O`WS RWOZSQbW_ 0SZUWc[
/`\]cZR@Og[]\R @ST]`[S 0SZUWc[ 2S^ZO\_cS1V`Wab]^VS >;31]\acZb 0SZUWc[
/`\]cZRA]^VWS 631 0SZUWc[ 2S`]]dS`/ZOW\ EOZZ]\WSR{dSZ]^^S[S\b 0SZUWc[
0O`P]b;O`WS1V`WabW\S C\WdS`aWb{Rc;OW\C4@2`]Wb 4`O\QS 2SaQVO[^a;O`Q 3fSU] 0SZUWc[
0O``SRg1{ZW\S C\WdS`aWb{;]\bSa_cWSc0]`RSOcf7D 4`O\QS 2SaQVO[^a0{`O\U|`S 7\abWbcbR¸/R[W\Wab`ObW]\RSa3\b`S^`WaSaRS5`S\]PZS7/3 4`O\QS
0O`dOcf>Ob`WQY 5WQ]\acZb 0SZUWc[ 2SdWZZS>VWZW^^S A@7E 0SZUWc[
0SSZS3[[O\cSZ /Qb]`WO1]\aSWZ 0SZUWc[ 2¸6cZabS`S2SZ^VW\S 4SPSQ]]^OUS\QSQ]\aSWZEOZZ]\WSOaPZ 0SZUWc[
0S\]b0]cQVO`R1{QWZS 1VO[P`SRS;{bWS`aSbRSZ¸/`bWaO\ObRSZO;]aSZZS 4`O\QS 2W0O`b]Z][S]8SO\>WS``S A]eOQQSaa 0SZUWc[
0SaaS[O\aGdSa 1327>;O\OUS[S\b 0SZUWc[ 2]V]U\S:Oc`O 1OPW\SbRc;W\Wab`S;O`Q]c`b 0SZUWc[
0]PPS@]\OZR =`O\USab]\S1]`^]`ObS4W\O\QS0D BVS<SbVS`ZO\Ra 2]\S[2O[WS\ :]gS\a:]STT/Rd]QObS\ 0SZUWc[
0]VSh>VWZW^^S /ZbS`¿\O\QSa 0SZUWc[ 2]`bS6SSUO`R8]VO\aS\ 2O\WaV3\bS`^`WaSO\R1]\ab`cQbW]\/cbV]`Wbg 2S\[O`Y
0]\\W\1ZOcRS 4WRSQS[ 4`O\QS 2`O[O`R1O`]ZS /75D73/:71= 4`O\QS
0]]U[O\a 2W`Y 0SZUWc[ 2cT]c`8]aSbbS 1]\T{`S\QS`{UW]\OZSRSa{ZcaRSZO1VOcRW|`S/^^OZOQVSa 1O\ORO
0]]\S\8SO\4`O\z]Wa A7/57 4`O\QS 2cV;]XQO 4OQcZbg]T3Q]\][WQaO\R0caW\Saa AZ]dS\WO
0]caaOUcSbA]\WO @SW[a;O\OUS[S\bAQV]]Z 4`O\QS 2c[]\b/fSZ ;]]`SAbS^VS\a@A> 0SZUWc[
0]dgDW\QS\b /US\QSRSAbW[cZObW]\3Q]\][W_cS 0SZUWc[ 2c[]\bDW\QS\b 5`]c^SAO[P`W\dSab 0SZUWc[
0`]\\S`4`O\z]WaS /cf2O[SaRc4OcP]c`U 4`O\QS 2c[]`bWS`DW\QS\b 317AS`dWQSa 0SZUWc[
0`cZ{5Oa^O`R 0;A/d]QOba 4`O\QS 2caaO`b=ZWdWS` C1; 0SZUWc[
0`c\SZZ]B]\W AbcRW]QS\b`]dS\Sb] 7bOZg 2cdWZZWS`0`c\] >ZObST]`[S 4`O\QS
0`cg\W\QYf6cU] 7;/>O`b\S`aPdPO 0SZUWc[ 3ZO`PW@WRVO =cdS`bc`S7\bS`\ObW]\OZS 4`O\QS
1ORWScf:]cWaS C\WdS`aWb{Rc?c{PSQB`]Wa@WdW|`Sa 1O\ORO 3\USZa;OUOZW Ag\O^aWa 0SZUWc[
1O\Wa:W]\SZ 5`]c^S13A/1? 4`O\QS 3\USZa;WQVSZ 17\dSab[S\ba 0SZUWc[
1O\Š7aOPSZZS 94E0O\YS\U`Œ^^S 5S`[O\g 4OP`WQS:]PSb 3`\abG]c\U 0SZUWc[
1O``{<ObVOZWS /aaS[PZ{S4`O\zOWaSRSa1VO[P`SaRS1][[S`QSSb 4`O\QS 4SZRPcaQV8SO\>OcZ <O[c`7\dSab 0SZUWc[
R¸7\Rcab`WS
4W]`O\]3[[O\cSZ >25AO^W\dS`b 4`O\QS
1ObOPSZZS8SO\;O`WS 1{RO\baSb@S^`S\Sc`aR¸/TTOW`Sa 4`O\QS
4]WRO`b;O`Q 1WRSA]Q`O\ 0SZUWc[
1Ob`WQS/[Oc`g 4`O\QS
4]\h{/ZOW\ >`]^OUSaOaPZ 0SZUWc[
1SdW`US\ASdYO\ 9O[S`dO\9]]^VO\RSZ<SRS`ZO\R BVS<SbVS`ZO\Ra
4`O\Q6cUcSa @{aSOc3\b`S^`S\R`S>O`Wa 4`O\QS
1VO\W]b]c<W\SbbO 9OW\cc\3bc=G 4W\ZO\R
4`][S\bg3`WQ 7\¿\SB`O\aOQbW]\a 4`O\QS
1ZS[S\b@]US` ;]]`SAbS^VS\a C\WbSR9W\UR][
5OPOg0S`\O`R /447F1]`^]`ObS4W\O\QSa^`Z 0SZUWc[
1]ZZW\SbAb{^VO\WS A]eOZ¿\ 0SZUWc[
5Oa^O`/\b]\W] A>5;A]QWSRORSRS7\dSabW[S\b]aA/ >]`bcUOZ
1]_cO`R>WS``S 7\Rcab`WO 4`O\QS
5Od`]gBO\Ucg 101 0SZUWc[
1`OVOgAb{^VO\WS ;ScaW\dSab 0SZUWc[
5VShO2O\WSZ 4WSZR3c`S¿ :cfS[P]c`U
1c`OdWQ;O`Y] 3c`]^SO\1][[WaaW]\ 1`]ObWO
5W`]cf>WS``S 2SaXO`RW\a 1O\ORO
2OZYWOS`>SbS` ;ObQV=\ZW\SRY 2S\[O`Y
5]c`[Sb8SO\>]Z 6S`[Sa@Saa]c`QSaSbAg\S`UWSa 0SZUWc[
RS@]QVSQV]cO`b/W[S`g >ZObST]`[S 4`O\QS
5cabW\>WS``S 7<5 0SZUWc[
RSEOVO>WS``S <WdSZW\dSab 0SZUWc[
5cg]b8SO\:cQ 7E3>A 0SZUWc[
2SUWdS>VWZW^^S A@7E 0SZUWc[
6OZPO`RWS`2O\WSZ 2SfWO0O\_cS 0SZUWc[
2SZP`]cQY0`WUWbbS C1; 0SZUWc[
6OZZ/\\WYO 8‡\Y‡^W\U7\bS`\ObW]\OZ0caW\SaaAQV]]Z AeSRS\
2SZQ]c`b1V`WabWO\ 1]\aSWZZS`3Q]Z] 0SZUWc[
!& 6O[S\RSDOZ{`WS A]eOZ¿\ 0SZUWc[ !'
 6ObS`b8]VO\ 101 0SZUWc[ ;ObaS`7ZaS 1S\b`c[dO\VSb4O[WZWSPSR`WXT BVS<SbVS`ZO\Ra
6S``S`O/\b]\WO >;31=<AC:B 0SZUWc[ ;OgS`6cUcSa/`\OcR ;3234 4`O\QS
6S`dS:cQ aQ`^Z:6S`dS 0SZUWc[ ;S`QWS`AO\R`W\S =13C1;:W|US 0SZUWc[
6]QVSGO\\WQY />13 4`O\QS ;Sc`a4`SRRg ;ScaW\dSab 0SZUWc[
6]cPO3RWbV 631 0SZUWc[ ;WQVSZ>VWZW^^S 4]`bWa0O\_cS 0SZUWc[
6]cPS\BVWS``g ;O\OUS[S\bAQWS\QS1]\acZbW\U 0SZUWc[ ;W`Y]dWQ@]aO\O /aa]QWObW]\]T1VO`bS`SR1S`bW¿SR/QQ]c\bO\ba C\WbSR9W\UR][
6cPZSb3bWS\\S /447F1]`^]`ObS4W\O\QSa^`Z 0SZUWc[ ;]\O[W2][W\W_cS ;S\bOZZg4Wb7\abWbcbS 0SZUWc[
8OSUS`aBV][Oa 3c`]^SO\1][[WaaW]\ 0SZUWc[ ;c`^Vg8O\S :gRWO\ 0SZUWc[
8O\8OO^2WXY[O\ 3\bS`^`WaS7`SZO\R BVS<SbVS`ZO\Ra <OUSZV]cb;WQVSZ 1]\aS\b]1]`^]`ObS4W\O\QS0D BVS<SbVS`ZO\Ra
8O`]aW\aYW2SZ^VW\S /US\QSRSAbW[cZObW]\3Q]\][W_cS 0SZUWc[ <Sc^`Sh4Z]`S\QS 1WPZS 0SZUWc[
8OcVS`\WY3`\ab XW[ /cab`WO <]bV\OUSZ7ZXO  aa]QWObW]\]T5S`[O\1VO[PS`a]T7\Rcab`g
/ 5S`[O\g
8SVW\0S`\O`R A]eOZ¿\ 0SZUWc[ O\R1][[S`QS2769SD
8Sc`WaaS\5SS`b 1]T]`QS 0SZUWc[ =PS`ZW\U8{`†[S /Qb]`WO1]\aSWZ 4`O\QS
8]QVS[dO\RS`DSS\ :SS[O\DS`VSWXRS\6c\bXS\a/Rd]QObS\ BVS<SbVS`ZO\Ra =WYO`W\S\AOYO`W 1]\¿RS\bc[:bR 4W\ZO\R
8]`RO\2O\WSZ6 /E3F=T¿QST]`4]`SWU\7\dSab]`a 0SZUWc[ >O\aOS`aFOdWS` /Qb]`WO1]\aSWZ 0SZUWc[
8]aZSbDOZ{`WS A]eOZ¿\ 0SZUWc[ >O_cSb8SO\ 014>O_cSb 0SZUWc[
8cVOBOZZ 4W\ZO\R >OcZWa<ORWO 1WPZS 0SZUWc[
9SUSZa@WbO ;90OaS BVS<SbVS`ZO\Ra >SQV]c8SO\ 1@/ 4`O\QS
9WSYS\BVWS``g /US\QSRSAbW[cZObW]\3Q]\][W_cS 0SZUWc[ >S`SW`O@]US` 1OPW\SbRc;W\Wab`S;WQVSZ2OS`RS\ 0SZUWc[
9WZSaaS/\R`{ 02=/b`W]@{dWaSc`aR¸S\b`S^`WaSa 0SZUWc[ >S`bbW:W\Y]ZO ;W\Wab`g]T3[^Z]g[S\bO\RbVS3Q]\][g 4W\ZO\R
9ZW\YS\PS`U<ObVOZWS E45=AB03:573<D]5 0SZUWc[ >SbS`0W`Z]cSb 2SZbO;Oa 0SZUWc[
9]S\S`:Oc`S\b 1VO[P`SRSQ][[S`QSRc:cfS[P]c`U :cfS[P]c`U >SbS`a;O`bWX\ BVS<SbVS`ZO\Ra
9`W\Ua6S\`g /ZbVSOaa^`Z 0SZUWc[ >VWZW^^S@]]SZSS` 4WPWh>O`b\S`a 0SZUWc[
9`]\S\PWbbS`7`Wa EW`baQVOTba[W\WabS`Wc[0ORS\EŒ`bbS[PS`U 5S`[O\g >WSYAO\R`O 1]\aS\b]1]`^]`ObS4W\O\QS0D BVS<SbVS`ZO\Ra
9`hSeW\aYW1V`Wab]^VS /eSf 0SZUWc[ >W`]bbS<WQ]ZOa A]eOZ¿\ 0SZUWc[
9c[[S`1V`Wab]^VS` BVS7\abWbcbS]T;S`US`a/Q_cWaWbW]\aO\R/ZZWO\QSa7;// AcWaaS >W`]bbS7aOPSZZS 3;>=@3A 0SZUWc[
9gSZS[1ZO`WaaS ;OWa]\RSZ¸S\b`S^`WaSRc0c`YW\O4Oa] 0c`YW\O4Oa] >WdSbbO4`SRS`WQ ;Q9W\aSg1=[^O\g 0SZUWc[
:O[P`SQVb8]VO\ 36A/:9C0`cfSZZSa 5S`[O\g >`WU\]\/\\S 5`]c^SAO[P`W\dSab 0SZUWc[
:OhO`R>VWZW^^S 9>;5/RdWa]`g 0SZUWc[ >`cd]ab0S\]b  VO[P`S@{UW]\OZSRS1][[S`QSSb
1 4`O\QS
:SAb`Ob;O`g /cf2O[SaRc4OcP]c`U 4`O\QS R¸7\Rcab`WS<]`R>OaRS1OZOWa
:SP|_cS8cZWS A]eOQQSaa 0SZUWc[ ?cS`W\XSO\1V`Wab]^VS A]eOZ¿\ 0SZUWc[
:SXOS`1V`WabWO\S 0SZUWc[ @O[OYS`a1ZO`WaaS C1; 0SZUWc[
:S`Ob/\\S;O`WS A7/57 4`O\QS @O[O\1V`Wa DS\bc`Sa"5`]ebV 0SZUWc[
:S`\]cf4`{R{`WQ 1S¿^OaPZ 0SZUWc[ @Oa_c{B][ :cfS[P]c`U0O\YS`¸a/aa]QWObW]\ :cfS[P]c`U
:SaQ`S\WS`0S\]b 117:0 0SZUWc[ @S[Wb8OQ_cSZW\S >;39;= 0SZUWc[
:Sa\SD{`]\W_cS /US\QSRSAbW[cZObW]\3Q]\][W_cS 0SZUWc[ @Whh]AgZdOW\ 1]^WZ]b 0SZUWc[
:]dS`Wca4`{R{`WQ 1]^WZ]b 0SZUWc[ @]g;O`QSZ /31; 0SZUWc[
;O`PSVO\b/ZOW\ 7<5 0SZUWc[ @cbbS\0S\]b 1WPZS 0SZUWc[
;O`QSZZS8SO\>WS``S /eSf 0SZUWc[ AO\Q`Wab]dOZ1`WabW\O 6WUV1]c\QWZ]TA^O\WaV1VO[PS`a]T1][[S`QS 3a^OU\S
;O`Q]c`b0S`\ORSbbS A^W 0SZUWc[ AQVSba:cQ 4WPWh>O`b\S`a0D0/ 0SZUWc[
;O`Q]c`b8SO\1ZOcRS EOZZ]]\;W\WabS`]T3Q]\][g3[^Z]g[S\b4]`SWU\B`ORS 0SZUWc[ AS`dOWa5O~bO\ ;ScaW\dSab 0SZUWc[
O\R6S`WbOUS AWS[Sa6cPS`b /eSf 0SZUWc[
;O`Q_4OPWO\ ;ScaW\dSab 0SZUWc[ A[OZ5S\SdW|dS AWB`]cWZZS 0SZUWc[
"
;O`Zg<ObVOZWS ;O`Zg>`]RcQbW]\ 0SZUWc[ A]`PSb;O`WO 1O[O`O<OdO``O A^OW\ "
 AbSc`3bWS\\S ;90OaS BVS<SbVS`ZO\Ra
AbcQYW1V`WabWO\ /Qb]`WO1]\aSWZ AeWbhS`ZO\R
BOaaWOcf<WQ]ZS 5`{:W|US 0SZUWc[
BSS^S\@]PS`b :g\fPSR`WXdS\[OYSZOO`a BVS<SbVS`ZO\Ra
B]caaOW\b4`O\Y 7\b`OQ]1]\acZbW\U 0SZUWc[
B`SdWaO\;O`W] 7bOZg
B`W\]\BVWS``g B`W\]\Sb/aa]QW{a 0SZUWc[
C^T]ZR/`\Rb EW`baQVOTba[W\WabS`Wc[0ORS\EŒ`bbS[PS`U 5S`[O\g
DOSaS\6S\`W ;]]`SAbS^VS\a@A> 0SZUWc[
DO\RS9W[[S\ORS 2S4O[WZWSPSR`WXdS\/RdWSaU`]S^ BVS<SbVS`ZO\Ra
;OO`bS\
dO\RS`0WXZ4OPWS\\S ;90OaS BVS<SbVS`ZO\Ra
dO\RS`DS\>Ob`WQY ;90<SRS`ZO\R BVS<SbVS`ZO\Ra
dO\@WXY@]aOZWS ;90OaS BVS<SbVS`ZO\Ra
DO\BSSTTSZS\:Sf 6]USAQV]]ZCb`SQVb BVS<SbVS`ZO\Ra
DO\RS`[SS`aQV3`WQ /Qb]`WO0SZUWc[ 0SZUWc[
DO\RS`dSYS\DW\QS\b 1][OaS 0SZUWc[
DO\RSdS\\S8cZWS\ 0SZUWc[
DO\UgaSUS[DW`UW\WS A]eOZ¿\ 0SZUWc[
DO\^O`ga1ZOcRS B`ORSQ]`^a^`Z 0SZUWc[
DS`SSQYS=ZWdWS` >O`b\S`a>;3 0SZUWc[
D]\0cfV]SdSRS\ 0SZUWc[
/ZSfO\RS`
D`gS\a8SO\4`O\z]Wa 7\Rc¿\ 0SZUWc[
EObbSZWS`4`O\Y =cdS`bc`S7\bS`\ObW]\OZS 4`O\QS
ESS`ba:Oc`S\b 2SZ]WbbS 0SZUWc[
ESabS`ZOYS\;O`bWX\ ;90OaS BVS<SbVS`ZO\Ra
EWZZ]QYf=ZWdWS` 0317 0SZUWc[
EW\\S\3`WQ RWOZSQbW_ 0SZUWc[
EWbV\OQY0`gO\ Ag\O^aWa 0SZUWc[
EcWRO`R8SO\:cQ 1OPW\SbR¸Od]QOba@O[_cSb>`WQYS\ 0SZUWc[
HS[O\\;OO`bS\ ;90<SRS`ZO\R BVS<SbVS`ZO\Ra

" 
 Avec le soutien de

Organisé par

www.transeo-conference.eu