You are on page 1of 36

6REUH0XOKHU(VWDGRHUHYROX§£R

/LOLDQD6HJQLQL

ĩ$ GLI­FLO UHOD§£R HQWUH YLGD FRWLGLDQD H EHORV LGHDLVĪ © R WHPD GHVWH OLYUR FRQIRUPH HQXQFLD D DXWRUD :HQG\
*ROGPDQ$KLVW³ULDSRO­WLFDHVRFLDOGD5ºVVLDHGD8QL£R6RYL©WLFDFRQVWLWXLVHXFDPSRGHSHVTXLVDHSXEOLFD§µHVHQHVWH
OLYURHODDQDOLVDRSHU­RGRTXHYDLGRWULXQIRGD5HYROX§£RHPDW©TXDQGRRVFRQWUROHVGDEXURFUDFLDVWDOLQLVWD
VHHYLGHQFLDUDPFRPPDLRUIRU§D
&XLGDGRVDHORQJDSHVTXLVDHPDUTXLYRVQDVOHLVUDWLǶFDGDVQDVDWDVGHUHXQLµHVHQWUHEROFKHYLTXHVOKHLQIRUPDUDP
DV UHVSRVWDV SOHQDV GH FRQWUDGL§µHV  V SHUJXQWDV TXH D RULHQWDUDP QD HODERUD§£R GDV KLS³WHVHV (P V­QWHVH *ROGPDQ
LQGDJRX FRP EDVH QDV FRQGL§µHV PDWHULDLV GD 8QL£R 6RYL©WLFD GHSRLV GD 5HYROX§£R ĩTXDLV V£R DV FRQGL§µHV QHFHVV¡ULDV
SDUDVHUHDOL]DULGHDLVUHYROXFLRQ¡ULRV"‰SRVV­YHOTXHVHFULHWRWDOOLEHUGDGHVH[XDOSDUDKRPHQVHPXOKHUHVVREFRQGL§µHV
GH GHVHPSUHJR GLVFULPLQD§£R H SHUVLVWªQFLD GH DWLWXGHV SDWULDUFDLV" 2 TXH SRGHPRV DSUHQGHU GD H[SHULªQFLD GH QRVVRV
FDPDUDGDVHVSHFLDOPHQWHDFODVVHWUDEDOKDGRUDHDVPXOKHUHVFDPSRQHVDVGHSRLVGD5HYROX§£R5XVVD"Ī
$VXSHUD§£RGDRSUHVV£RGDVPXOKHUHVQDVRFLHGDGHHVSHFLDOPHQWHQDIDP­OLDHQRWUDEDOKRHUDSRQWRIXQGDPHQWDO
GRV EROFKHYLTXHV SDUD FRQVWUXLU XPD VRFLHGDGH LJXDOLW¡ULD $ 5HYROX§£R UHFODPDYD SRU QRYDV UHOD§µHV SRO­WLFDV H GH
SURGX§£RDVGHVLJXDOGDGHVGHFODVVHHGHJªQHURVHULDPVXSHUDGDVLQFOXVLYHFRPDSRLROHJDO
2 &³GLJR GR &DVDPHQWR GD )DP­OLD H GD 7XWHOD   HODERUDGR SHOR &RPLWª ([HFXWLYR &HQWUDO GR 6RYLHWH
H[SUHVVRX D SHUVSHFWLYD UHYROXFLRQ¡ULD GDV UHOD§µHV VRFLDLV GH XP QRYR WLSR EDVHDGDV QD LJXDOGDGH GDV PXOKHUHV H
HVWDEHOHFHXDRUJDQL]D§£RIDPLOLDURVGLUHLWRVGDVFULDQ§DVHGRVMRYHQVRDPRUOLYUH)RLFULDGRSDUDVHWRUQDUUDSLGDPHQWH
REVROHWRGHVQHFHVV¡ULRIUHQWHDRDPDGXUHFLPHQWRVRFLDOGRVSULQF­SLRVUHYROXFLRQ¡ULRV
$DXWRUDVDOLHQWDTXHRVEROFKHYLTXHVFRPSUHHQGLDPTXHDUHVROX§£RGDFRQWUDGL§£RHQWUHWUDEDOKRHIDP­OLDHUDXPD
WDUHID VRFLDOLVWD 6RE R VRFLDOLVPR R WUDEDOKR GRP©VWLFR VHULD WUDQVIHULGR SDUD D HVIHUD SºEOLFD DV WDUHIDV UHDOL]DGDV
LQGLYLGXDOPHQWH SRU PLOKµHV GH PXOKHUHV HP VXDV FDVDV VHULDP DVVXPLGDV SRU WUDEDOKDGRUHV DVVDODULDGRV HP UHIHLW³ULRV
ODYDQGHULDVHFUHFKHVFRPXQLW¡ULRV 0XOKHUHVVHYHULDPOLYUHVSDUDLQJUHVVDUQDHVIHUDSºEOLFDHPFRQGL§µHVGHLJXDOGDGH
FRP RV KRPHQV GHVYHQFLOKDGDV GDV WDUHIDV GRP©VWLFDV $V PXOKHUHV VHULDP HGXFDGDV H SDJDV LJXDOLWDULDPHQWH H VHULDP
FDSD]HV GH EXVFDU VHX SU³SULR GHVHQYROYLPHQWR H VHXV REMHWLYRV SHVVRDLV 6RE WDLV FLUFXQVW¢QFLDV R FDVDPHQWR VH WRUQDULD
VXS©UǷXR +RPHQV H PXOKHUHV VH XQLULDP H VH VHSDUDULDP FRPR TXLVHVVHP GHVDVVRFLDGRV GDV SUHVVµHV GHIRUPDGRUDV GD
GHSHQGªQFLD HFRQ´PLFD $ IDP­OLD DUUDQFDGD GH VXDV IXQ§µHV VRFLDLV SU©YLDV GHǶQKDULD JUDGXDOPHQWH GHL[DQGR HP VHX
OXJDULQGLY­GXRVDXW´QRPRVHLJXDLVOLYUHVSDUDHVFROKHUVHXVSDUFHLURVFRPEDVHQRDPRUHQRUHVSHLWRPºWXR
&DVDPHQWRV GLY³UFLRV DERUWRV LQIRUPDP  V HVWDW­VWLFDV QºPHURV TXH H[SUHVVDP DV FRQWUDGL§µHV YLYLGDV QXPD
VRFLHGDGHHPFRQVWUX§£RQDTXDODSREUH]DGHVDǶRXPXLWRVLGHDLVHRFRPSURPLVVROLEHUW¡ULREROFKHYLTXHIRLSRO­WLFDH
VRFLDOPHQWHVXEVWLWX­GRSHORIRUWDOHFLPHQWRUHSUHVVLYRGDXQLGDGHIDPLOLDU
6REUHDDXWRUD

:HQG\*ROGPDQ©SURIHVVRUDGR'HSDUWDPHQWRGH+LVW³ULDGD&DUQHJLH0HOORQ8QLYHUVLW\HHVSHFLDOLVWDHPHVWXGRV
SRO­WLFRV H VRFLDLV VREUH D 5ºVVLD H D 8QL£R 6RYL©WLFD $XWRUD GH GLYHUVRV OLYURV VREUH JªQHUR H FODVVH WUDEDOKDGRUD M¡ IRL
WUDGX]LGD SDUD UXVVR HVSDQKRO LWDOLDQR DOHP£R IUDQFªV WFKHFR H MDSRQªV &RP R OLYUR 0XOKHU (VWDGR H UHYROX§£R
JDQKRXR%HUNVKLUH&RQIHUHQFH%RRN$ZDUGHP‰GLUHWRUDGHXPLQWHUF¢PELRXQLYHUVLW¡ULRHQWUHD&DUQHJLH0HOORQ
HD8QLYHUVLGDGH(VWDGXDOSDUD+XPDQLGDGHVHP0RVFRX
46.¦3*0

13&'¦$*0©&%*¬«0#3"4*-&*3"

13¶-0(0m"NPSFSFWPMVÉÈP %JBOB"TTVOÉÈP

"(3"%&$*.&/504%""6503"

"TPSJHFOTEBWJTÈPCPMDIFWJRVFBNPSTFNFOUSBWFT NVMIFSFTMJWSFT

0QSJNFJSPSFUSPDFTTPCFTQSJ[PSOPTUFBDSJBÉÈPTPDJBMJ[BEBEBDSJBOÉB

"MFJFBWJEBDPMJEFNVOJÈPMJWSFFQPQVMBÉÈPBTTBMBSJBEB

"HJUBOEPPNBSEFFTUBHOBÉÈPDBNQPOFTB

1PEBOEPPiNBUBHBMCVSHVËTuFTCPÉPEFVNOPWPDÓEJHPEBGBNÎMJB

-JCFSEBEFTFYVBMPVDBPTTPDJBMPEFCBUFTPCSFP$ÓEJHPEF

$POUSPMBOEPBSFQSPEVÉÈPNVMIFSFTWFSTVT&TUBEP

3FGPSNVMBOEPBWJTÈPBSFTTVSSFJÉÈPEBGBNÎMJB

$0/$-64«0m0PYÎNPSPEF4UBMJO&TUBEPTPDJBMJTUB EJSFJUPFGBNÎMJB

±/%*$&%&5"#&-"4

*."(&/4
13&'¦$*0©&%*¬«0#3"4*-&*3"

&NBMHVOTQPVDPTBOPT PDFOUFOÃSJPEB3FWPMVÉÈP3VTTBFTUBSÃEJBOUFEFOÓT"3FWPMVÉÈPFTFVTGSVUPT
NPEFMBSBNBQPMÎUJDBFPTFWFOUPTEPTÊDVMP99UÈPQSPGVOEBNFOUFRVFÊDPNPTFFMBUJWFTTFPDPSSJEPIÃQPVDP
UFNQP"UJWJTUBTFSFWPMVDJPOÃSJPTEFUPEPPNVOEPTFCBTFBSBNOPMFHBEPEB3FWPMVÉÈP JOTQJSBEPTQFMPTTPOIPT
SFWPMVDJPOÃSJPT (FSBÉ×FT TVDFTTJWBT  GBTDJOBEBT QFMB 3FWPMVÉÈP  QBSUJDJQBSBN EBT HSBOEFT MVUBT EPT
USBCBMIBEPSFT JOEVTUSJBJT F EBT SFCFMJ×FT DBNQPOFTBT EPT BOPT   EB SFTJTUËODJB BOUJGBTDJTUB EB 4FHVOEB
(VFSSB .VOEJBM  EF NPWJNFOUPT BOUJDPMPOJBMJTUBT F BOUJJNQFSJBMJTUBT  EP HSBOEF BTDFOTP FTUVEBOUJM EPT BOPT
F FEPTNBJTSFDFOUFTQSPUFTUPTEPOPWPNJMËOJP"QFTBSEFPTUBMJOJTNPFBTGPSÉBTBOUJEFNPDSÃUJDBT
EF SFQSFTTÈP UFSFN QSFTUBEP VN USJTUF TFSWJÉP QBSB EFTBDSFEJUBS B 3FWPMVÉÈP F TFV TJHOJGJDBEP  P HSBOEF
FYQFSJNFOUP TPWJÊUJDP UFN NVJUP B FOTJOBS &ORVBOUP P FTQBÉP FOUSF SJDPT F QPCSFT DSFTDF DBEB WF[ NBJT  F PT
USBCBMIBEPSFT SFDFCFN BQFOBT VNB QFRVFOB QPSÉÈP EP WBMPS RVF FMFT QSPEV[FN QBSB BT HSBOEFT FNQSFTBT  B
EFUFSNJOBÉÈP EPT USBCBMIBEPSFT FN DPOUSPMBS BT UFSSBT  BT GÃCSJDBT F PT TFSWJÉPT PGFSFDJEPT BJOEB UFN HSBOEF
SFMFWÄODJBQBSBBNBJPSJBEBQPQVMBÉÈPNVOEJBM&NVNNVOEPOPRVBMUFSSB ÃHVB BOJNBJTFTFSFTIVNBOPT
FTUÈPTFOEPFOWFOFOBEPTFEFTUSVÎEPTQFMPJOTVTUFOUÃWFMEJOBNJTNPEPDBQJUBMJTNP PQSJODÎQJPEPiDSFTDJNFOUP
JODFTTBOUF F MVDSPu FTUÃ TFOEP RVFTUJPOBEP 'JDP NVJUP TBUJTGFJUB QPS.VMIFS  &TUBEP F SFWPMVÉÈP  UFS BHPSB VNB
FEJÉÈP CSBTJMFJSB F  BTTJN  HBOIBS VN IPSJ[POUF NBJT WBTUP EF MFJUPSFT 'BÉP VNB DBMPSPTB TBVEBÉÈP BPT NFVT
MFJUPSFTEFMÎOHVBQPSUVHVFTBFFTQFSPRVFWPDËTFODPOUSFNOFTUBTQÃHJOBTBMHPRVFQPTTBTFSÙUJMUBOUPFNTVBT
WJEBTQFTTPBJTRVBOUPOBTMVUBTDPMFUJWBT
&TUFMJWSPSFUSBUBBTHSBOEFTFYQFSJËODJBTEBMJCFSUBÉÈPEBNVMIFSFEPBNPSMJWSFOB6OJÈP4PWJÊUJDBEFQPJT
EB3FWPMVÉÈP BMÊNEPRVFTVDFEFVEFTTBTFYQFSJËODJBTDPNBEJSFÉÈPTUBMJOJTUB4FVUFNBÊBEJGÎDJMSFMBÉÈPFOUSF
WJEBDPUJEJBOBFCFMPTJEFBJT0MJWSPFYBNJOBBTDPOEJÉ×FTNBUFSJBJTEB6OJÈP4PWJÊUJDBEFQPJTEB3FWPMVÉÈPF
FYQMPSB P RVF FSB SFBMNFOUF QPTTÎWFM TPC B MV[ EFTTBT DPOEJÉ×FT 4FVT RVFTUJPOBNFOUPT TÈP SFMFWBOUFT QBSB
RVBMRVFS3FWPMVÉÈPPVNPWJNFOUPTPDJBMRVBOEPVNOPWPNVOEPQPEFSÃTFSDSJBEP 2VBJTTÈPBTDPOEJÉ×FT
OFDFTTÃSJBTQBSBTFSFBMJ[BSJEFBJTSFWPMVDJPOÃSJPT ­QPTTÎWFMRVFTFDSJFUPUBMMJCFSEBEFTFYVBMQBSBIPNFOTF
NVMIFSFT TPC DPOEJÉ×FT EF EFTFNQSFHP  EJTDSJNJOBÉÈP F QFSTJTUËODJB EF BUJUVEFT QBUSJBSDBJT  0 RVF QPEFNPT
BQSFOEFSEBFYQFSJËODJBEFOPTTPTDBNBSBEBT FTQFDJBMNFOUFBDMBTTFUSBCBMIBEPSBFBTNVMIFSFTDBNQPOFTBT
EFQPJTEB3FWPMVÉÈP3VTTB
&VDPNFDFJBNFJOUFSFTTBSQFMPUFNBEPiBNPSMJWSFuNVJUPTBOPTBUSÃT RVBOEPFSBFTUVEBOUFEFFOTJOP
NÊEJP F BUJWJTUB EF FTRVFSEB OPT BOPT   FN /PWB :PSL /BRVFMB ÊQPDB  NVJUPT HSVQPT SBEJDBJT EFCBUJBN
DPNP EFWFSJBN TFS BT iOPWBT SFMBÉ×FTu FOUSF IPNFOT F NVMIFSFT $PNP EFWFSJBN WJWFS BT QFTTPBT RVF FTUÈP
DPNQSPNFUJEBTDPNNVEBOÉBTTPDJBJT $PNPQPEFSÎBNPTDPMPDBSFNQSÃUJDBWBMPSFTRVFEFTFKBNPTWFSFNVNB
OPWB TPDJFEBEF  5PEPT BEFSJBN GPSNBMNFOUF Æ OPÉÈP EF JHVBMEBEF FOUSF IPNFOT F NVMIFSFT  BQFTBS EF  OB
QSÃUJDB PTIPNFOTOPSNBMNFOUFUPNBSFNQPTJÉ×FTEFMJEFSBOÉB BPQBTTPRVFBTNVMIFSFTGB[JBNVNUSBCBMIP
NBJTPSHBOJ[BDJPOBM0TIPNFOTGB[JBNMPOHPTFJOUFOTPTEJTDVSTPTOPTFODPOUSPTBTNVMIFSFTGBMBWBNNFOPTF
DPNNFOPTDPOGJBOÉB0TIPNFOTQBSFDJBNUFSPEPNÎOJPEFJNQPSUBOUFTUFYUPTUFÓSJDPTBTNVMIFSFTGJDBWBN
NFOPT DPOGPSUÃWFJT DPN B UFPSJB F FN EFNPOTUSBS TVBT IBCJMJEBEFT JOUFMFDUVBJT 3FTVNJOEP  BT SFMBÉ×FT EF
HËOFSP FOUSF KPWFOT SBEJDBJT  FN ÙMUJNB JOTUÄODJB  FSBN VNB SÊQMJDB EP RVF BDPOUFDJB OB TPDJFEBEF DPNP VN
UPEP
6NHSBOEFEFCBUFRVFGBTDJOBWBBUPEPT FNQBSUFQPSRVFOÓTÊSBNPTKPWFOTƢ
FSBTPCSFNPOPHBNJB"
NPOPHBNJB FSB VN SFQSFTTJWP TJTUFNB TPDJBM RVF EFWFSJB TFS iFTNBHBEPu  0V PT KPWFOT BUJWJTUBT EFWFSJBN TF
FTQFMIBSOPTUSBCBMIBEPSFTF BTTJN SFQSPEV[JSBGBNÎMJBFTUÃWFMFNPOPHÄNJDB "MHVOTHSVQPTSFWPMVDJPOÃSJPT
FODPSBKBWBN PT DBTBJT B TFSFN NPOPHÄNJDPT F BUÊ B TF DBTBSFN 0VUSPT USBUBWBN P DBTBNFOUP DPN EFTQSF[P
DPOTJEFSBOEPPVNBGPSNBEFFTDSBWJEÈPQBSBBNCPTPTTFYPT$PNPVNBKPWFNNVMIFSOBRVFMBÊQPDB FVNF
FODBOUBWB DPN FTTFT EFCBUFT 1PS VN MBEP  BT QPTTJCJMJEBEFT EF SFMBDJPOBNFOUPT OÈP NPOPHÄNJDPT QBSFDJBN
FYDJUBOUFT1PSPVUSP FVJEFOUJGJDBWBIPNFOTRVFTFBQSPWFJUBWBNEFTTBTJEFJBTBQFOBTQBSBEPSNJSDPNWÃSJBT
NVMIFSFT F OÈP UFS EF BTTVNJS SFTQPOTBCJMJEBEF BMHVNB 2VBOEP BT NVMIFSFT QSPUFTUBWBN DPOUSB FTTF
USBUBNFOUP  PT IPNFOT BT BDVTBWBN EF iCVSHVFTBTu PV iDJVNFOUBTu m FN PVUSBT QBMBWSBT  OÈP FSBN EJHOBT EF
JEFBJTQSPHSFTTJTUBT
/PTBOPT PTNPWJNFOUPTTPDJBJTEBTEÊDBEBTEFFOPT&TUBEPT6OJEPTGPSBNWBSSJEPTQPS
VNBSFBÉÈPEBEJSFJUB&VEFDJEJNFGPSNBSOBFTDPMBQBSBQPEFSFTUVEBSBIJTUÓSJBEB3ÙTTJB2VFSJBFOUFOEFS
QPSRVFPTJEFBJTEPNPWJNFOUPSFWPMVDJPOÃSJPSVTTPSFTVMUBSBNOBSFQSFTTÈPQPMÎUJDBFTPDJBMEPTUBMJOJTNP6N
EJB  OB CJCMJPUFDB  QFSQBTTFJ VN SFMBUÓSJP FTUFOPHSÃGJDP TPCSF VN FODPOUSP EF IPNFOT F NVMIFSFT  OB 6OJÈP
4PWJÊUJDB OPTQSJNFJSPTBOPTBQÓTB3FWPMVÉÈP&MFTEFCBUJBNTPCSFGBNÎMJBFNPOPHBNJB EJTDVUJOEPBTNFTNBT
RVFTU×FT RVF FV MFNCSBWB EB NJOIB QSÓQSJB FYQFSJËODJB &TTFT DBNBSBEBT TPWJÊUJDPT QBSFDJBN FYUSFNBNFOUF
GBNJMJBSFTF BJOEBBTTJN EJGFSFOUFTEFTFVTDPNQBOIFJSPTEPTEJBTBUVBJT4FVTTPOIPT JEFBJTFFTQFSBOÉBTFSBN
PTNFTNPT"JOEBBTTJN BTDPOEJÉ×FTRVFFMFTFODBSBWBNFSBNEJGFSFOUFT
.VMIFS &TUBEPFSFWPMVÉÈP FYQMPSBQPSRVFPQSJNFJSPFYQFSJNFOUPDPNPBNPSMJWSFFBFNBODJQBÉÈPEB
NVMIFSGBMIPV$PNCJOBOEPIJTUÓSJBQPMÎUJDBFTPDJBM PMJWSPSFDVQFSBOÈPBQFOBTBTMJÉ×FTEJTDVUJEBTQPSKVSJTUBT
FSFWPMVDJPOÃSJPT NBTUBNCÊNBTMVUBTEJÃSJBTFJEFJBTEFNVMIFSFTUSBCBMIBEPSBTFDBNQPOFTBT/PTBOPT
NJMI×FT EF DSJBOÉBT EFTBCSJHBEBT WBHVFBWBN QFMBT FTUBÉ×FT EF USFN F DJEBEFT EB 6OJÈP 4PWJÊUJDB .VMIFSFT
QSPDVSBWBNFNQSFHPFNVNBÃSFBJOEVTUSJBMEFTUSVÎEBQPSBOPTEFHVFSSB"NBJPSJBEBTQFTTPBTBJOEBWJWJBFN
WJMBT SVSBJT BUPMBEBT OB QPCSF[B  DPN BDFTTP SFTUSJUP B IPTQJUBJT  FTDPMBT PV SPEPWJBT $BNQPOFTFT WJWJBN FN
GBNÎMJBTHSBOEFTFNVMUJGBNJMJBSFT RVFEJWJEJBNBUFSSB BOJNBJT GFSSBNFOUBTFVNBFDPOPNJBDBTFJSBDPNVN
"T NVMIFSFT UJOIBN QPVDBT PQPSUVOJEBEFT OFTTBT GBNÎMJBT QBUSJBSDBJT  NBT  BP NFTNP UFNQP  OÈP QPEFSJBN
WJWFSJOEFQFOEFOUFNFOUFEBGBNÎMJBOFNDVJEBSEBUFSSBTP[JOIBT/PDBNQP BTNVMIFSFTEFQFOEJBN FNHFSBM
EBGBNÎMJBQBUSJBSDBMQBSBTPCSFWJWFSFN"TNVMIFSFTEBDMBTTFUSBCBMIBEPSBUBNCÊNEFQFOEJBNEBGBNÎMJBFEP
TBMÃSJP EP NBSJEP 4FN UFSFN BDFTTP B VN TBMÃSJP EFDFOUF F JOEFQFOEFOUF  OÈP DPOTFHVJBN TVTUFOUBS TVBT
DSJBOÉBT PV PT QBJT JEPTPT "QFTBS EF B QSJNFJSB $POTUJUVJÉÈP TPWJÊUJDB UFS GBDJMJUBEP P EJWÓSDJP  DBNQPOFTBT F
NVMIFSFTUSBCBMIBEPSBTOÈPQPEJBNTVTUFOUBSTVBTGBNÎMJBTOFNBTJQSÓQSJBTTFNUFSSBFTBMÃSJPJOEFQFOEFOUFT
5BJTDPOEJÉ×FTMFWBSBNNVJUBTNVMIFSFTBTFQPTJDJPOBSFNDPOUSBPBNPSMJWSFFPEJWÓSDJPGÃDJM"TDPOEJÉ×FT
RVFFMBTFOGSFOUBSBNBJOEBQSFWBMFDFN IPKF FNNVJUBTQBSUFTEPNVOEP POEFNVMIFSFTRVFWJWFNFNÃSFBT
SVSBJTFVSCBOBTQPCSFTUËNEFMVUBSQBSBTPCSFWJWFS
%FTEFPTTFUPSFTDPNVOJTUBTDSJTUÈPTBUÊPTEJBTEFIPKF PTJEFBJTEPBNPSMJWSFTFNQSFJOUSJHPVPTKPWFOT
SBEJDBJT"JOEBBTTJN OÈPQSFDJTBNPTRVFPQBTTBEPTFSFQJUBTFNGJN%FNVJUBTNBOFJSBT BTFYQFSJËODJBTEPT
OPTTPTDBNBSBEBTTPWJÊUJDPT TVBTSFBMJ[BÉ×FTFTVBTEFSSPUBT BQPOUBNTPMVÉ×FTQBSBPGVUVSP5BJTFYQFSJËODJBT
TVHFSFN RVF TF DSJBSNPT QMFOP FNQSFHP F TBMÃSJPT DPN PT RVBJT QPTTBNPT WJWFS EF GBUP  QBSB IPNFOT F
NVMIFSFT  B JOEFQFOEËODJB QBSB BNCPT PT TFYPT WJSÃ DPNP DPOTFRVËODJB 4F BT NVMIFSFT UJWFSFN P DPOUSPMF
TPCSF TFVT QSÓQSJPT DPSQPT  BDFTTP BP BCPSUP MFHBM F TFHVSP  PQÉÈP EF DPOUSPMF EF OBUBMJEBEF TBVEÃWFM F CPOT
DVJEBEPTNÊEJDPT FMBTQPEFSÈPFYFSDFSTVBMJCFSEBEFTFYVBM4FPTIPNFOTBTTVNJSFNSFTQPOTBCJMJEBEFTJHVBJT
QFMPT GJMIPT F QFMBT UBSFGBT EPNÊTUJDBT  BT NVMIFSFT QPEFSÈP TF SFBMJ[BS DPNP TFSFT IVNBOPT JHVBJT $SFDIFT
SFTUBVSBOUFT QÙCMJDPT F MBWBOEFSJBT  UVEP JTTP QBSB RVF BT NVMIFSFT QPTTBN TF MJWSBS EP GBSEP EPT BGB[FSFT
EPNÊTUJDPTFDVJEBEPTDPNPTGJMIPT PTRVBJTOPSNBMNFOUFUËNEFTVQPSUBS
%FEJDPFTUBFEJÉÈPCSBTJMFJSBEF.VMIFS &TUBEPFSFWPMVÉÈP BPTKPWFOTRVFUFOUBNDSJBSVNOPWPNVOEPEF
KVTUJÉBFDPOÔNJDBFQPMÎUJDB"QSFOEBNDPNPQBTTBEPFMVUFNQFMPGVUVSP&MFQFSUFODFBWPDËT

8FOEZ(PMENBO
1JUUTCVSHP EFEF[FNCSPEF
13¶-0(0

".03&3&70-6¬«0

&NPVUVCSPEF BDMBTTFPQFSÃSJBSVTTBUPNPVPDÊVQPSBTTBMUP DIFHBOEPÆEJUBEVSBEPQSPMFUBSJBEP


BOUFT RVF PT QBÎTFT BWBOÉBEPT EB &VSPQB &TUB PCSB RVF WFN BHPSB B QÙCMJDP OP #SBTJM .VMIFS  &TUBEP F
SFWPMVÉÈP  USBUB EB 3FWPMVÉÈP 3VTTB BUSBWÊT EP PMIBS EBT NVMIFSFT 4ÈP BT HSBOEFT FYQFSJËODJBT OB MJCFSUBÉÈP
GFNJOJOBFTPCSFPBNPSMJWSFBQÓTBUPNBEBEPQPEFS0FTUVEPWBJEFTEFBUSJVOGBOUF3FWPMVÉÈPPQFSÃSJBEF
BUÊ RVBOEPPSFHJNFKÃTFFODPOUSBWBTPCPDPOUSPMFEBCVSPDSBDJBTUBMJOJTUB
" FTUSBUÊHJB CPMDIFWJRVF EF MJCFSUBÉÈP EB IVNBOJEBEF BUSBWÊT EF VNB SFWPMVÉÈP PQFSÃSJB JODMVÎB B MVUB
DPOUSB B PQSFTTÈP ÆT NVMIFSFT F B PVUSPT TFUPSFT EB TPDJFEBEF "QÓT B UPNBEB EP QPEFS  QPSÊN  FTTB
QSPCMFNÃUJDBTFDPMPDBWBEFGPSNBNVJUPNBJTDPODSFUB MBOÉBOEPBPTSFWPMVDJPOÃSJPTPEFTBGJPEFMFWBSBEJBOUF
UPEPTPTÄNCJUPTEBDPOTUSVÉÈPEFVNBTPDJFEBEFDPNVOJTUB EFTEFBTRVFTU×FTEPNPEPEFWJEB EBPSHBOJ[BÉÈP
GBNJMJBSFEBTSFMBÉ×FTIVNBOBTFNHFSBM
&TTBUFOUBUJWBBDPNQBOIBPTBWBOÉPTEBDMBTTFUSBCBMIBEPSBOPÄNCJUPJOUFSOBDJPOBM KÃRVFUPEBBMVUBEPT
CPMDIFWJRVFTFTUÃTPCPDSJWPEPTFOPSNFTBUSBTPTOBFDPOPNJBFOBDVMUVSBEB3ÙTTJB"TJUVBÉÈPTPDJBMOVNB
ÊQPDBEFHVFSSBDJWJMFSBEFDFOUFOBTEFNJMIBSFTEFNPSUFTQPSGPNFFGSJP5PEPTPTTPOIPTEPTCPMDIFWJRVFTTF
DIPDBSBN DPN UBM SFBMJEBEF  VNB WFSEBEFJSB PCSB EF DSJBÉÈP DPOUSB BT QSFTT×FT EF UPEPT PT JNQFSJBMJTNPT
BUVBOEPDPOUSBPTBOTFJPTSFWPMVDJPOÃSJPT BPNFTNPUFNQPRVFDPOGJSNBWBBUFPSJBEBSFWPMVÉÈPQFSNBOFOUF
JTUPÊ RVFBMVUBEFDMBTTFTOÈPUFSNJOBBQÓTBUPNBEBEPQPEFS-FPO5SPUTLJ HSBOEFFMBCPSBEPSEFTTBUFPSJB
UBNCÊNSFTTBMUBWBRVF

" 3FWPMVÉÈP EF 0VUVCSP JOTDSFWFV FN TVB CBOEFJSB B FNBODJQBÉÈP EB NVMIFS F QSPEV[JV B MFHJTMBÉÈP NBJT QSPHSFTTJTUB OB IJTUÓSJB TPCSF P
NBUSJNÔOJP F B GBNÎMJB *TTP OÈP RVFS EJ[FS  OP FOUBOUP  RVF JNFEJBUBNFOUF B NVMIFS TPWJÊUJDB DPORVJTUPV VNB iWJEB GFMJ[u " WFSEBEFJSB
FNBODJQBÉÈPEBNVMIFSÊJODPODFCÎWFMTFNVNBVNFOUPHFSBMEBFDPOPNJBFEBDVMUVSB TFNBEFTUSVJÉÈPEBVOJEBEFFDPOÔNJDBGBNJMJBSQFRVFOP
CVSHVFTB TFNBJOUSPEVÉÈPEBFMBCPSBÉÈPTPDJBMJ[BEBEPTBMJNFOUPTFTFNFEVDBÉÈP<>

&TTF RVFTUJPOBNFOUP GSPOUBM Æ GPSNB EF PSHBOJ[BÉÈP EP &TUBEP DBQJUBMJTUB DPMPDPV FN QSJNFJSP QMBOP B
OFDFTTJEBEF EF MJCFSUBS BT NVMIFSFT EP RVF PT CPMDIFWJRVFT DPOTJEFSBWBN DPNP B iFTDSBWJEÈP EP MBSu &  BP
NFTNP UFNQP RVF TVTUFOUBWBN RVF P USBCBMIP EPNÊTUJDP EFWFSJB TFS TFQBSBEP QPS DPNQMFUP EP MBS  UBNCÊN
BQPOUBWBNBOFDFTTJEBEFEFBTNVMIFSFTGB[FSFNQBSUFEBQSPEVÉÈP DPNPUSBCBMIBEPSBT DPORVJTUBOEPBTTJN
VNBJOEFQFOEËODJBFDPOÔNJDBGVOEBNFOUBMFNSFMBÉÈPBPTIPNFOT
/FTUB PCSB  (PMENBO SFUSBUB RVBJT GPSBN BT PSJHFOT EFTTB WJTÈP CPMDIFWJRVF QBSB EFGFOEFS P BNPS TFN
FOUSBWFT F VNB TPDJFEBEF OB RVBM BT NVMIFSFT QVEFTTFN TFS WFSEBEFJSBNFOUF MJWSFT &MB DPNFÉB QPS BQPOUBS
RVF

&NPVUVCSPEF NFOPTEFVNBOPBQÓTBDIFHBEBEPTCPMDIFWJRVFTBPQPEFS P$PNJUË&YFDVUJWP$FOUSBMEP4PWJFUF 75T*,


PNBJTBMUP
ÓSHÈP MFHJTMBUJWP  SBUJGJDPV VN $ÓEJHP DPNQMFUP EP $BTBNFOUP  EB 'BNÎMJB F EB 5VUFMB 0 $ÓEJHP DBQUPV FN MFJ VNB WJTÈP SFWPMVDJPOÃSJB EBT
SFMBÉ×FTTPDJBJT CBTFBEBOBJHVBMEBEFEBTNVMIFSFTFOPiEFGJOIBNFOUPu PUNJSBOJF
EBGBNÎMJB

­JNQPSUBOUFSFTTBMUBSRVFFTTFTEFCBUFTPDPSSJBNFNNFJPBVNBTJUVBÉÈPDPOUVSCBEBQBSBBDPOTPMJEBÉÈP
EB3FWPMVÉÈP"QB[EF#SFTU-JUPWJTLGPJGJSNBEBBQFOBTFNEFNBSÉPEF.FTNPDPNUPEPTFTTFTEFTBGJPT
F B PGFOTJWB TBOHSFOUB EPT JOJNJHPT EB 3FWPMVÉÈP  DPN B HVFSSB DJWJM QFSEVSBOEP BUÊ   OÈP DFTTBSBN PT
EFCBUFTTPCSFBMJCFSUBÉÈPGFNJOJOB
$PNP$ÓEJHPEF BJHVBMEBEFQFSBOUFBMFJQSPQPSDJPOPVÆTNVMIFSFTNVJUPTEJSFJUPTQBSBEFDJEJS
TPCSFTVBTQSÓQSJBTWJEBT$POUVEP PTCPMDIFWJRVFTMVUBWBNUBNCÊNQFMBJHVBMEBEFOÈPTPNFOUFQFSBOUFBMFJ
NBT QFSBOUF B WJEB DPUJEJBOB .VJUPT FTUVEPT GPSBN SFBMJ[BEPT BQÓT B 3FWPMVÉÈP TPCSF P USBCBMIP F P UFNQP
TPCSFBRVBOUJEBEFEFIPSBTRVFNVMIFSFTFIPNFOTEBDMBTTFUSBCBMIBEPSBEFEJDBWBNBPUSBCBMIPEPNÊTUJDP
&SB OÎUJEP RVF PT IPNFOT QPEJBN TF EFTFOWPMWFS DPNP TFSFT IVNBOPT  BP QBTTP RVF BT NVMIFSFT TFSWJBN Æ
GBNÎMJB BQPOUBUBNCÊN(PMENBO0TSFWPMVDJPOÃSJPTSVTTPT QPSUBOUP BWBOÉBSBNOFTTFTFOUJEPTPDJBMJ[BOEPP
USBCBMIP EPNÊTUJDP QPS NFJP EF MBWBOEFSJBT  DSFDIFT F SFTUBVSBOUFT QÙCMJDPT  SFEV[JOEPP BTTJN BP NÎOJNP
QPTTÎWFM4PNFOUFVNBTPDJFEBEFDPNVOJTUBÊDBQB[EFMFWBSBEJBOUFFTTBUBSFGB
5BM DPOEJÉÈP NBUFSJBM  GVOEBNFOUBM QBSB B MJCFSUBÉÈP EBT NVMIFSFT  FSB VN QBTTP FYUSFNBNFOUF MBSHP
QPSÊN BJOEB JOTVGJDJFOUF %BWB BT DPOEJÉ×FT NBUFSJBJT QBSB B MJCFSUBÉÈP GFNJOJOB F QFSNJUJB RVF BT SFMBÉ×FT
DBQJUBMJTUBTOÈPBUSBWFTTBTTFNBTSFMBÉ×FTTPDJBJTFNUPEPTPTTFVTÄNCJUPT.BTBPQSFTTÈPNJMFOBSÆTNVMIFSFT
OÈPQPEFSJBTFSUSBOTGPSNBEBEFVNEJBQBSBPPVUSP FUPEPVNQSPDFTTPEFiSFWPMVÉÈPEFOUSPEBSFWPMVÉÈPu
EFWFSJBBWBOÉBS1PSJTTPSFGMFY×FTBDFSDBEBTGPSNBTEFSFMBÉÈPTPDJBM EBDSJBÉÈPDPMFUJWBEBTDSJBOÉBTFEPBNPS
GPSBNUFNBEFEFCBUFTDBMPSPTPTFOUSFPTQFOTBEPSFTSFWPMVDJPOÃSJPTEB3ÙTTJBQÓT
(PMENBO JOWFTUJHPV BUBT EF SFVOJ×FT FOUSF CPMDIFWJRVFT RVF EFCBUJBN DPNP EFWFSJB TFS B PSHBOJ[BÉÈP
GBNJMJBS  PT EJSFJUPT EBT DSJBOÉBT  P EJSFJUP EB KVWFOUVEF EF TF FNBODJQBS EP QPEFS EF TFVT QBJT F P EJSFJUP BP
BNPSMJWSF TFNFOUSBWFT)JFSBSRVJBTEFUPEPPUJQPGPSBNRVFTUJPOBEBT OÈPTPNFOUFiPNPOBSDBFTFVTIPNFOT
EB MFJ  B QPMÎDJB F PT TBDFSEPUFT PT QSPQSJFUÃSJPT F PT HFSFOUFT  PT PGJDJBJT F PT BNPTu  DPNP UBNCÊN BRVFMBT
EFOUSP EB GBNÎMJB F EF PVUSBT PSEFOT EF PSHBOJ[BÉÈP TPDJBM m DPNP BT FTDPMBT  RVF TF UPSOBSBN NJTUBT  F
QSPGFTTPSFT  FTUVEBOUFT F USBCBMIBEPSFT DSJBSBN TPWJFUFT QBSB HPWFSOÃMBT  DPOGPSNF JMVTUSB B BVUPSB "
QPTTJCJMJEBEFEFRVFBTPDJBMJ[BÉÈPEBTUBSFGBTEPNÊTUJDBTTFFGFUJWBTTFBDPNQBOIBEBEFTTBUFOUBUJWBEFNVEBOÉB
SBEJDBM OB PSHBOJ[BÉÈP TPDJBM QSPQPSDJPOBSJB B QPTTJCJMJEBEF EF TF EFTFOWPMWFSFN SFMBÉ×FT OPWBT  OÈP
PCSJHBUÓSJBTFCBTFBEBTFNTFOUJNFOUPTNÙUVPT
-JCFSUBSBTNVMIFSFTEBTUBSFGBTEPNÊTUJDBT TPDJBMJ[BOEPBT FEBSBTDPOEJÉ×FTNBUFSJBJTFFDPOÔNJDBTQBSB
MJWSBSBTSFMBÉ×FTIVNBOBTEFRVBMRVFSFOUSBWFDBQJUBMJTUBUBNCÊNFTUBWBBDPNQBOIBEPEBOFDFTTJEBEFRVFBT
NVMIFSFTUPNBTTFNFNTVBTNÈPTPEFTUJOPEPQBÎTFEBTPDJFEBEF QBTTBOEPBOÈPTPNFOUFUFSNBJTEJSFJUPTPV
NBJT MJCFSEBEF  NBT UBNCÊN BENJOJTUSBOEP P &TUBEP PQFSÃSJP F EJSJHJOEP PT TPWJFUFT &TTB JEFJB DPOGSPOUBWB
EJSFUBNFOUFPRVFPDBQJUBMJTNPSFMFHBWBÆTNVMIFSFT/ÈPFSBVNBRVFTUÈPEFPQSFTTÈPTPNFOUF NBTBOPÉÈP
EFRVFBQSÓQSJBBMJFOBÉÈPEPUSBCBMIPEPNÊTUJDPJNQFEFBTNVMIFSFTEFRVBMRVFSEFTFOWPMWJNFOUP
5PEP P QFSDVSTP BQSFTFOUBEP QPS (PMENBO FN.VMIFS  &TUBEP F SFWPMVÉÈP  NPTUSB RVF P EFTUJOP EF VNB
SFWPMVÉÈPFBMVUBQPSJSSPNQFSDPOUSBBPQSFTTÈPNJMFOBSÆTNVMIFSFTFDPOUSBPOÙDMFPGBNJMJBSDPNPCBTFEB
TPDJFEBEF DBQJUBMJTUB TÈP QBSUF EF VNB NFTNB FTUSBUÊHJB "P NFTNP UFNQP  B QFTRVJTBEPSB OPSUFBNFSJDBOB
UFOUB SFTQPOEFS VN RVFTUJPOBNFOUP GVOEBNFOUBM B QBSUJS EPT SFUSPDFTTPT OB TJUVBÉÈP GFNJOJOB  TPCSF DPNP P
&TUBEP PQFSÃSJP TF EJTUBODJPV EBT JEFJBT PSJHJOBJT EB 3FWPMVÉÈP  WPMUBOEP B SFQSPEV[JS WFMIPT QBES×FT TPDJBJT
"RVJ Ê GVOEBNFOUBM SFNBSDBS P RVF TJHOJGJDPV B CVSPDSBUJ[BÉÈP TUBMJOJTUB OP &TUBEP PQFSÃSJP  RVF
QBSUJDVMBSNFOUF OP RVF EJ[ SFTQFJUP Æ MJCFSUBÉÈP EBT NVMIFSFT GPJ VN SFUSPDFTTP FN UPEB B MJOIB  DPN 4UBMJO
EFGFOEFOEPBiWPMUBÆGBNÎMJBFBPMBSu
1PSUVEPJTTP FTUBQVCMJDBÉÈPOPTBKVEBBFOUFOEFS KVTUBNFOUFOVNNPNFOUPEFFGFSWFTDËODJBQPMÎUJDBFN
UPEP P NVOEP  RVF SFTHBUBS B QFSTQFDUJWB EF VNB TPDJFEBEF EF QSPEVUPSFT MJWSFNFOUF BTTPDJBEPT  UJSBOEP BT
MJÉ×FTEBTFYQFSJËODJBTNBJTBWBOÉBEBTEBDMBTTFPQFSÃSJBNVOEJBM ÊBSFTQPTUBNBJTBUVBMFJODPOEJDJPOBMQBSB
FNBODJQBS F MJCFSUBS BT NVMIFSFT  QSPQPSDJPOBOEP OÈP TPNFOUF JHVBMEBEF EF EJSFJUPT F MFJT  NBT JSSPNQFOEP
FTTBFTUSVUVSBDBQJUBMJTUBQBSB DPNPEJ[JB,BSM.BSY BQBOIBSBGMPSWJWBEBWJEB

%JBOB"TTVOÉÈP
4ÈP1BVMP NBSÉPEF

<> -FPO 5SPUTLJ  i5XFOUZ :FBST PG 4UBMJOJTUB %FHFOFSBUJPOu  FN 'PVSUI*OUFSOBUJPOBM  W   O   NBS  1VCMJDBEP PSJHJOBMNFOUF FN 5IF #VMMFUJO PG UIF
3VTTJBO0QQPTJUJPO O NBJPKVO
"(3"%&$*.&/504%""6503"

.VJUBTQFTTPBTFJOTUJUVJÉ×FTNFBKVEBSBNDPNFTUFQSPKFUP#PMTBTEFFTUVEPEP$POTFMIP*OUFSOBDJPOBMEF
1FTRVJTB F *OUFSDÄNCJP NF QFSNJUJSBN SFBMJ[BS NJOIBT QFTRVJTBT OPT &TUBEPT 6OJEPT  EF  B   F OB
6OJÈP 4PWJÊUJDB  EF  B  0 $POTFMIP EF 1FTRVJTB FN $JËODJB 4PDJBM QSPWFV EPJT BOPT EF GVOEPT  F P
'VOEP/BDJPOBMQBSB)VNBOJEBEFTHBSBOUJVCPMTBTQBSBPWFSÈPEFFPBOPBDBEËNJDPEFB0
EFQBSUBNFOUPEFIJTUÓSJBEB6OJWFSTJEBEF$BSOFHJF.FMMPONFEJTQFOTPVEBTNJOIBTGVOÉ×FTEPDFOUFTQPSVN
TFNFTUSF 4PV HSBUB B EJWFSTPT FEJUPSFT QFMB QFSNJTTÈP EF SFFEJUBS EFUFSNJOBEP NBUFSJBM 1BSUFT EP DBQÎUVMP 
BQBSFDFSBN OPT BSUJHPT i8PSLJOH$MBTT 8PNFO BOE UIF A8JUIFSJOH "XBZ PG UIF 'BNJMZ 1PQVMBS 3FTQPOTFT UP
'BNJMZ 1PMJDZu  FN 4IFJMB 'JU[QBUSJDL  "MFYBOEFS 3BCJOPXJUDI  3JDIBSE 4UJUFT PSHT
3VTTJB JO UIF &SB PG /&1
&YQMPSBUJPOT JO 4PWJFU 4PDJFUZ BOE $VMUVSF #MPPNJOHUPO  *OEJBOB 6OJWFSTJUZ 1SFTT  
 F i'SFFEPN BOE *UT
$POTFRVFODFT5IF%FCBUFPOUIF4PWJFU'BNJMZ$PEFPGu 3VTTJBO)JTUPS Z W O %PDBQÎUVMP
BQBSFDFSBN QFMB QSJNFJSB WF[ FN i"CPSUJPO  UIF 4UBUF BOE 4PWJFU 8PNFO  u  FN #BSCBSB $MFNFOUT
#BSCBSB&OHFM $ISJTUJOF8PSPCFD PSHT
3VTTJBO8PNFO"DDPNNPEBUJPO 3FTJTUBODF 5SBOTGPSNBUJPO  #FSLFMFZ
-PT"OHFMFT 6OJWFSTJUZPG$BMJGPSOJB1SFTT 
0*$IJTUJBLPW :VSJ%SV[IOJLPW $BSPM-FPOBSE ,BUF-ZODI
3JDIBSE 1JTBOJ  -FTMJF 3PXMBOE  ,FO 4USBVT  3JDIBSE 4JUFT F 3POBME 4VOZ  UPEPT NFSFDFN BHSBEFDJNFOUPT QFMB
TVBBKVEBFDPNFOUÃSJPTFNEJWFSTPTFTUÃHJPTEFTUFUSBCBMIP"NZ4UBOMFZMFVFEJTDVUJVBWJEBNFOUFPQSFTFOUF
USBCBMIP  BKVEBOEPNF FN DBEB FTUBQB F EF UPEBT BT NBOFJSBT  F FTUFWF QSFTFOUF OPT NFMIPSFT F QJPSFT
NPNFOUPT#BSCBSB$MFNFOUTUPNPVNVJUPEFTFVUFNQPQBSBGB[FSEPNBOVTDSJUPVNMJWSPNFMIPS FTPVHSBUB
QFMPTTFVTFTGPSÉPT"TDSÎUJDBTFPTDPOTFMIPTDIFJPTEFQSJODÎQJPTEF#BSCBSB&OHFMT CFNDPNPTVBWPOUBEFEF
EJWJEJSJEFJBTFPQPSUVOJEBEFT NFEFSBNVNNPEFMPEFDPNPNVMIFSFT EFOUSPEFTVBQSPGJTTÈP QPEFNBKVEBS
VNBT ÆT PVUSBT B BWBOÉBS FN VN QSPKFUP DPNVN &N OPTTB QSJNFJSB SFVOJÈP  FN VN EPSNJUÓSJP TPNCSJP EB
6OJWFSTJEBEF&TUBUBMEF.PTDPV DPNFÉBNPTVNBEJTDVTTÈPTPCSFNVMIFSFTRVFDPOUJOVPVBPMPOHPEPTBOPT
FNVNBWBSJFEBEFJNQSPWÃWFMEFDFOÃSJPT&VRVFSPBHSBEFDFSBNFVDPOTFMIFJSP "MGSFE+3JFCFS QPSUPEBTVB
BKVEBFQPSFTUFOEFSNFBNÈPOPTNPNFOUPTDSÎUJDPT"DJNBEFUVEP RVFSPBHSBEFDFSBNFVNBSJEP .BSDVT
3FEJLFS"TJEFJBTEFTUFMJWSPUËNTJEPQBSUFEFVNBMPOHBEJTDVTTÈPQPMÎUJDB FFMF NBJTRVFRVBMRVFSVN NF
BKVEPVBEBSGPSNBBTVBTVCTUÄODJB FTUJMPFEJSFÉÈP&MFUFNTJEPNJOIBNBJPSGPOUFEFJODFOUJWP NFVDSÎUJDP
NBJTBGJBEP FTFNQSFNFViQSJNFJSPMFJUPSu

"-&*&"7*%"$0-*%&.6/*«0-*73&&1016-"¬«0"44"-"3*"%"

0QSPDFTTPEPEJWÓSDJPÊUÈPTJNQMFTRVFOÈPIÃHBTUPEFEJOIFJSPPVUFNQP/BQSFTFOUFMFHJTMBÉÈP PBUPEFEJTTPMWFSVNDBTBNFOUPQPEF
TFSGFJUPFNRVJO[FNJOVUPT
1;BHBSJO FTDSJUPSTPCSFBGBNÎMJB <>

"TBNQMBTNBTTBTOÈPDPOTJEFSBNPSFHJTUSPNBUSJNPOJBMDPNPBCBTFEBTSFMBÉ×FTDPOKVHBJT/BWFSEBEF BTVOJ×FTWPMVOUÃSJBTFTUÈPTF
UPSOBOEPDBEBWF[NBJTEJGVOEJEBT
"4UFMNBLIPWJDI QSFTJEFOUFEPUSJCVOBMQSPWJODJBMEF.PTDPV <>

0T CPMDIFWJRVFT BDSFEJUBWBN RVF B MJCFSEBEF EF TF EJWPSDJBS m EJTTPMWFS VNB VOJÈP RVF OÈP FSB NBJT
CBTFBEB OP BNPS m FSB FTTFODJBM QBSB B MJCFSEBEF EP JOEJWÎEVP 0 EJSFJUP BP EJWÓSDJP FSB QBSUJDVMBSNFOUF
JNQPSUBOUFQBSBBTNVMIFSFT DVKPTWFSEBEFJSPTTFOUJNFOUPTFIBCJMJEBEFTFSBNUÈPGSFRVFOUFNFOUFTVQSJNJEPT
QFMPT MBÉPT JOEJTTPMÙWFJT EP NBUSJNÔOJP &TTB JEFJB FSB BNQMBNFOUF DPNQBSUJMIBEB QFMB NBJPS QBSUF EB
JOUFMMJHFOUTJBQSPHSFTTJTUBEPQSÊHVFSSB+VSJTUBTMJCFSBJTUFOUBSBNJOTJTUFOUFNFOUFSFGPSNBSBTJOUSBOTJHFOUFTMFJT
EP EJWÓSDJP OB 3ÙTTJB 5PMTUÓJ JNPSUBMJ[PV B TJUVBÉÈP EFTFTQFSBEPSB EF VNB KPWFN NÈF FN TVB MVUB QBSB TF
MJCFSUBSEFVNDBTBNFOUPTFNBNPSFNTFVGBNPTPSPNBODF"OOB,BSFOJOB&UBOUP7FSB'JHOFS MÎEFSEPHSVQP
UFSSPSJTUB 7POUBEF EP 1PWP  RVBOUP "MFYBOESB ,PMMPOUBJ  FOUSF JOVNFSÃWFJT PVUSBT  MVUBSBN QBSB FTDBQBS EP
DPOUSPMFEFTFVTNBSJEPTFTVBTGBNÎMJBT <>
/PFOUBOUP BRVFTUÈPEPEJWÓSDJPUJOIBVNBEJNFOTÈPUBOUPEFHËOFSPRVBOUPEFDMBTTF"TKPWFOTSFCFMEFT
RVF MVUBWBN QPS TFVT EJSFJUPT Æ QMFOJUVEF FNPDJPOBM  FEVDBÉÈP F DBSSFJSBT  OP GJOBM EP TÊDVMP 9*9  FSBN
QSPWFOJFOUFT FNTVBNBJPSJB EBTDMBTTFTBMUBFNÊEJB&ORVBOUPFMBTEFTEFOIBWBNPDBTBNFOUPFNTVBCVTDB
QPS JOEFQFOEËODJB  B NBTTB EBT NVMIFSFT USBCBMIBEPSBT TPWJÊUJDBT OB EÊDBEB EF  UJOIB BUJUVEFT
PQPSUVOJEBEFTFQFSTQFDUJWBTNVJUPEJGFSFOUFT.VJUBTEFTTBTNVMIFSFTFSBNNÈFT TFNRVBMJGJDBÉÈPQSPGJTTJPOBM
FBOBMGBCFUBT1BSBFMBT PDBTBNFOUPGSFRVFOUFNFOUFSFQSFTFOUBWBVNBGPSNBEFTFHVSBOÉBFTPCSFWJWËODJB<>
4VBEFQFOEËODJBEPIPNFNBTTBMBSJBEPFSBNBJTEPRVFMFHBMFSBUBNCÊNTPDJBMFFDPOÔNJDB
0$ÓEJHPEB'BNÎMJBEFUPSOPVPEJWÓSDJPGBDJMNFOUFBDFTTÎWFMVNDBTBNFOUPQPEFSJBTFSEJTTPMWJEP
DPN P TJNQMFT QFEJEP EF RVBMRVFS VNB EBT QBSUFT  F OFOIVNB GVOEBNFOUBÉÈP FSB FYJHJEB %JWÓSDJPT OÈP
DPOUFTUBEPTFSBNSFHJTUSBEPTOBT;BHT FTDSJUÓSJPTQBSBPSFHJTUSPEFOBTDJNFOUPT NPSUFT DBTBNFOUPT EJWÓSDJPT
FPVUSBTFTUBUÎTUJDBT
FORVBOUPPTEFTBDPSEPTFNSFMBÉÈPÆTFQBSBÉÈP QFOTÈPBMJNFOUÎDJB DVTUÓEJBFBNQBSPBPT
GJMIPT FSBN FODBNJOIBEPT BPT USJCVOBJT $POUVEP  BT DPOEJÉ×FT EB /&1 UPSOBWBN FYUSFNBNFOUF EJGÎDJM ÆT
NVMIFSFTFYFSDFSFNTFVOPWPEJSFJUPÆiVOJÈPMJWSFu0BMUPÎOEJDFEFEFTFNQSFHP PTCBJYPTTBMÃSJPTFBBVTËODJB
EF DSFDIFT OÈP BQFOBT SFGPSÉBWBN B EFQFOEËODJB EBT NVMIFSFT FN SFMBÉÈP Æ GBNÎMJB  NBT DSJBWBN VNB
DPOUSBEJÉÈPBHVEBFOUSFBEVSBSFBMJEBEFEBWJEBFVNBWJTÈPMFHBMEFMJCFSEBEFIÃNVJUPUFNQPQSPNVMHBEB
QFMPTSFGPSNBEPSFTFTPDJBMJTUBT

6TPQPQVMBSEP$ÓEJHPEB'BNÎMJBEF

6NBEBTNBJTJNQPSUBOUFT BJOEBRVFEJGJDJMNFOUFEBTNBJTSBEJDBJT SFHVMBNFOUBÉ×FTEP$ÓEJHPEF


GPJ P FTUBCFMFDJNFOUP EP DBTBNFOUP DJWJM 1MBOFKBEP QBSB BDBCBS DPN P EPNÎOJP EB *HSFKB  B SFHVMBNFOUBÉÈP
EFDMBSBWBFYQSFTTBNFOUFRVFPDBTBNFOUPDJWJMFSBBÙOJDBGPSNBEFNBUSJNÔOJPMFHBMNFOUFWÃMJEB"QÓTTÊDVMPT
EF DBTBNFOUPT SFMJHJPTPT  PT KVSJTUBT DPOTJEFSBSBN P DBTBNFOUP DJWJM VNB BSNB JOEJTQFOTÃWFM F NPOJUPSBSBN
BUFOUBNFOUF B QPQVMBSJEBEF EP OPWP QSPDFEJNFOUP DJWJM (PJLICBSH  P BVUPS EP $ÓEJHP  PSHVMIPTBNFOUF
SFHJTUSPV PT OÙNFSPT EPT QSJNFJSPT SFHJTUSPT EPT ;BHT  BJOEB RVF FMFT GPTTFN NBJT TJNCÓMJDPT FN SFMBÉÈP BP
OBTDFOUFQPEFSTPWJÊUJDPEPRVFFTUBUJTUJDBNFOUFTJHOJGJDBUJWPTQPSTJNFTNPT&NKBOFJSPEF FN.PTDPV
PDPSSFSBN PJUP DBTBNFOUPT DJWJT FN GFWFSFJSP  OPWF FN NBSÉP   F FN BCSJM   0T OÙNFSPT DSFTDFSBN
DPOUJOVBNFOUFOPEFDPSSFSEPWFSÈPFPVUPOP BMDBOÉBOEPVNQJDPEFDBTBNFOUPTDJWJTFNOPWFNCSPEF
0TDBSUÓSJPTEF.PTDPVDPNQVUBSBNVNUPUBM OPBOPJOUFJSP EFOPWPTDBTBNFOUPT <>
"BNQMJBÉÈPEPTSFHJTUSPTGPJSFUBSEBEBEVSBOUFBHVFSSBDJWJMBQFOBTEFWJEPÆEJGJDVMEBEFEFFTUBCFMFDFSF
BNQMJBSBSFEFEF;BHTNVJUBTDJEBEFT FNBJTEFEPJTUFSÉPTEPTEJTUSJUPT WPMPTUJ
OÈPUJOIBNDBSUÓSJPT"JOEB
BTTJN PDBTBNFOUPDJWJMBWBOÉBWBTJHOJGJDBUJWBNFOUF6NFTUVEPOBQSPWÎODJBEF0EFTTB BPGJOBMEBHVFSSBDJWJM
EFNPOTUSPV RVF FNCPSB NBJT EF VN RVBSUP EB QPQVMBÉÈP BJOEB SFHJTUSBTTF TFVT DBTBNFOUPT  OBTDJNFOUPT F
ÓCJUPTOBTJHSFKBT FPVUSPRVBSUPPTSFHJTUSBTTFUBOUPOBTJHSFKBTDPNPOPT;BHT NFUBEFVUJMJ[BWBBQFOBTPT;BHT
&TUVEPTOBQSPWÎODJBEF4NPMFOTLFFN.PTDPVNPTUSBSBNVNQBESÈPTFNFMIBOUF<>&N P$PNJTTBSJBEP
QBSB "TTVOUPT *OUFSOPT /,7%
 BTTVNJV B BENJOJTUSBÉÈP EPT ;BHT F BUÊ  FTUBCFMFDFV ;BHT FN UPEPT PT
WPMPTUJ  TPNBOEP  DBSUÓSJPT FN UPEB B 3ÙTTJB F 6DSÄOJB $POUVEP  DPNQBSBEPT ÆT  NJM EJGFSFOUFT
QBSÓRVJBTRVFSFHJTUSBWBNDBTBNFOUPT OBTDJNFOUPTFÓCJUPTTPCPWFMIPSFHJNF POÙNFSPEFDBSUÓSJPTBJOEBFSB
CBTUBOUFNPEFTUP<>
&N NFOPTEFVNUFSÉPEPTDBTBNFOUPTDJWJTSFHJTUSBEPTFN.PTDPVFSBNBDPNQBOIBEPTQPSVNB
DFSJNÔOJBSFMJHJPTB& NFTNPRVF.PTDPVEJGJDJMNFOUFGPTTFSFQSFTFOUBUJWBEPQBÎTDPNPVNUPEP PTOÙNFSPT
EFNPOTUSBWBN VNB SBQJEF[  FTQFDJBMNFOUF EB KVWFOUVEF VSCBOB  FN EFTDBSUBS BOUJHBT USBEJÉ×FT SFMJHJPTBT FN
GBWPS EP TJNQMFT QSPDFEJNFOUP TPWJÊUJDP &N NFBEPT EB EÊDBEB EF   PT KVSJTUBT FTUBWBN DPOGJBOUFT OP
TVDFTTP EP DBTBNFOUP DJWJM 0 KVSJTUB %NJUSJ ,VSTLJJ BTTFHVSPV BP $PNJUË &YFDVUJWP $FOUSBM 75T*,
 FN 
RVF iBQFTBS EP DBSÃUFS DBNQPOËT EF OPTTP QBÎT F EP GBUP EF RVF UFNPT DBOUPT SFNPUPT FN RVF B MFJ TPNFOUF
DIFHBSÃBQÓTVNQFSÎPEPDPOTJEFSÃWFMEFUFNQPuBMFJGBNJMJBSTPWJÊUJDBFTUBWBBNQMBNFOUFEJTTFNJOBEBFOUSFB
QPQVMBÉÈP &MF SFMBUPV DPOGJEFODJBMNFOUF RVF P OÙNFSP EF DBTBNFOUPT SFHJTUSBEPT OPT ;BHT IBWJB  FN 
VMUSBQBTTBEPBTFTUBUÎTUJDBTBOVBJTEB*HSFKBOPQSÊHVFSSB<>
"JOEBRVFPTDJEBEÈPTTPWJÊUJDPTGPTTFNWBHBSPTPTQBSBBCBOEPOBSQPSDPNQMFUPPDBTBNFOUPOBTJHSFKBT
FMFTTFWBMFSBNEBTOPWBTMFJTEPEJWÓSDJPDPNVNFOUVTJBTNPJNQSFTTJPOBOUF"BWBMBODIFEFDBTBJTFOUSBOEP
QFMBT QPSUBT EPT ;BHT FN CVTDB EP EJWÓSDJP GBDJMNFOUF VMUSBQBTTBSBN PT QSJNFJSPT F KVCJMBOUFT SFDÊNDBTBEPT
RVF QPS FMBT TBÎBN /PT QSJNFJSPT RVBUSP NFTFT EF  BQFOBT  DBTBJT NPTDPWJUBT SFHJTUSBSBN B QSÓQSJB
VOJÈP FORVBOUPTFEJWPSDJBSBN'PSBNEJWÓSDJPTFNKBOFJSP FNGFWFSFJSP FNNBSÉPFFN
BCSJM0OÙNFSPEFEJWÓSDJPTOFTTFTRVBUSPNFTFTFSBRVBTFEP[FWF[FTNBJPSEPRVFPOÙNFSPEFDBTBNFOUPT
%FQPJTEFBCSJMPOÙNFSPEFEJWÓSDJPTDPNFÉPVBEFDSFTDFS DIFHBOEPBFNEF[FNCSP2VBTFNJMEJWÓSDJPT
GPSBNSFBMJ[BEPTFN.PTDPVFN TVQFSBOEPPTDBTBNFOUPTFNNBJTEFNJM<>
(PJLICBSHOÈPFTUBWBTVQSFTPOFNBMBSNBEPQFMPBMUPÎOEJDFEFEJWÓSDJPT0TBMUPTOÙNFSPT FMFFYQMJDPV
DPNQMBDFOUFNFOUF  SFGMFUJBN P BDÙNVMP EF DBTBJT JOGFMJ[FT RVF OÈP QPEJBN TF EJWPSDJBS TPC BT MFJT D[BSJTUBT
.VJUPTEPTSFRVJTJUBOUFTEPTEJWÓSDJPTWJOIBNEBTDMBTTFTNBJTBMUBT FOÈPFSBNSFQSFTFOUBUJWPTEBQPQVMBÉÈPFN
HFSBMi&OUSFPTRVFFTUÈPTFEJWPSDJBOEPu FMFFTDSFWFV iTFFODPOUSBNNVJUBTQFTTPBTFYUSFNBNFOUFQSÓTQFSBT
BUÊNFTNPBOUJHPTNFNCSPTEBOPCSF[B
u$PNP.BSYF&OHFMT (PJLICBSHFTFVTDPMFHBTKVSJTUBTUJOIBNVNB
PQJOJÈP EFQSFDJBUJWB EPT DBTBNFOUPT FOUSF B DMBTTF BMUB  F BT QSJNFJSBT FTUBUÎTUJDBT EF EJWÓSDJP QBSFDFSBN
DPSSPCPSBS FTTB WJTÈP &TTFT DBTBNFOUPT m MJHBÉ×FT TFN BNPS CBTFBEBT OB QSPQSJFEBEF F QSFTFSWBEBT QFMB
IJQPDSJTJB m NVSDIBSBN FN VNB BUNPTGFSB EF MJCFSEBEF (PJLICBSH  OB WFSEBEF  BQMBVEJV P iUFNQP
UFNQFTUVPTPuEPTEJWÓSDJPTDPNPVNiQSPDFTTPEFQVSJGJDBÉÈPui$PNUPEBDFSUF[Bu FMFFTDSFWFVDPNTPNCSJB
BMFHSJB iPBCTDFTTPDIFJPEFQVTEBTSFMBÉ×FTGBNJMJBSFTBOPSNBJT<>FTUPVSPVu&MFQSFWJVRVFFTTBTiNPTUSBT
BOPSNBJTEBWJEBNBUSJNPOJBMuTFSJBNFNCSFWFTVCTUJUVÎEBTQPSOPWBTSFMBÉ×FTCBTFBEBTOPBNPSFOPSFTQFJUP
HFOVÎOPT <>
&N   P BVNFOUP OPT EJWÓSDJPT IBWJB TF FTUBCJMJ[BEP  QBSFDFOEP DPOGJSNBS B BSHVNFOUBÉÈP EF
(PJLICBSH EF RVF PT BMUPT OÙNFSPT EF  SFQSFTFOUBWBN VN GFOÔNFOP BOPSNBM &N   IPVWF 
QFEJEPTEFEJWÓSDJPOPTUSJCVOBJTQPQVMBSFTEF.PTDPV NBTFNPOÙNFSPDBJVQBSB"JOEBRVFPT
OÙNFSPT EPT ;BHT QBSB EJWÓSDJPT DPN BDPSEP NÙUVP
 OÈP FTUFKBN EJTQPOÎWFJT QBSB FTTFT BOPT  P OÙNFSP EF
EJWÓSDJPT EFBDPSEPDPNBTFTUBUÎTUJDBTEPTUSJCVOBJT QBSFDFSBNFTUÃWFJT$POUVEP BTFTUBUÎTUJDBTEPBOPTFHVJOUF
EFTNFOUJSBN B DPNQMBDËODJB EF (PJLICBSH 0 OÙNFSP EF DBTPT EF EJWÓSDJPT OPT USJCVOBJT EF .PTDPV
DPNFÉBSBNBBVNFOUBSEFGPSNBTVTUFOUBEBEFFNQBSBFN FFN<> &TTFT
OÙNFSPTBQPOUBNBQFOBTPTEJWÓSDJPTDPOUFTUBEPTOPUSJCVOBM"EJDJPOBEPTBPTOÙNFSPTNBJPSFTEPTEJWÓSDJPT
SFHJTUSBEPTOPT;BHT BTFTUBUÎTUJDBTDMBSBNFOUFOÈPSFQSFTFOUBWBNNBJTVNBDÙNVMPEFDBTBNFOUPTJOGFMJ[FTEBT
DMBTTFTBMUBT
"BMUBOPTEJWÓSDJPTFN.PTDPVGPJBDPNQBOIBEBQPSVNBVNFOUPOBDJPOBM5BOUPBTUBYBTEFDBTBNFOUPT
RVBOUPEFEJWÓSDJPTDSFTDFSBNEFGPSNBTVTUFOUBEBOBQBSUFFVSPQFJBEB6344 OPTBOPTEF&N B
UBYBEFDBTBNFOUPTOB6344FVSPQFJBFSBRVBTFNBJPSEPRVFPTOÙNFSPTQSÊHVFSSB0#JSÔ$FOUSBMEF
&TUBUÎTUJDBT 5T46
OPUPViVNDSFTDJNFOUPFYUSBPSEJOÃSJPEPTEJWÓSDJPTu%FBDPSEPDPNP5T46 BBMUBUBYBEF
DBTBNFOUPT FSB VNB DPOTFRVËODJB EJSFUB EP DSFTDJNFOUP EP OÙNFSP EF EJWÓSDJPT F EF SFDBTBNFOUPT <> /B
6344FVSPQFJB IBWJBEJWÓSDJPTQBSBDBEBNJMDBTBNFOUPTFN FNF FN WFS5BCFMB

)BWJBBQSPYJNBEBNFOUFVNEJWÓSDJPQBSBDBEBTFUFDBTBNFOUPTFNPVEJWÓSDJPTQBSB
DBTBNFOUPT <>
"6OJÈP4PWJÊUJDBUJOIBBNBJPSUBYBEFDBTBNFOUPTFEJWÓSDJPTEFUPEPTPTQBÎTFTFVSPQFVTFNNFBEPTEPT
BOPTRVBTFUSËTWF[FTNBJPSEPRVFBEB"MFNBOIB WF[FTBEB'SBOÉBFWF[FTBEB*OHMBUFSSBF(BMFT
WFS 5BCFMB 
 0 ÙOJDP QBÎT PDJEFOUBM DPN VNB UBYB EF DBTBNFOUPT F EJWÓSDJPT DPNQBSÃWFM FSBN PT &TUBEPT
6OJEPT DPN DBTBNFOUPTF EJWÓSDJPTBDBEBNJMQFTTPBT
&ORVBOUPBUBYBEFEJWÓSDJPQBSBB6OJÈP4PWJÊUJDBFSBNBJTBMUBEPRVFBEFRVBMRVFSPVUSPQBÎT BUBYBEF
EJWÓSDJPOBTDJEBEFTFWJMBTVMUSBQBTTBWB EFMPOHF BUÊNFTNPBNÊEJBOBDJPOBM"UBYBEFEJWÓSDJPOBTWJMBTFSB
NBJTEPRVFPEPCSPEBTÃSFBTSVSBJTFNBJTEF WF[FTNBJPSEPRVFBNÊEJBOBDJPOBM WFS5BCFMB


"UBYBEFEJWÓSDJPFTUBWBEJSFUBNFOUFMJHBEBBPHSBVEFVSCBOJ[BÉÈP$JEBEFT QPQVMBÉÈPNBJPSEPRVF
NJM
UJOIBNBTUBYBTNBJTBMUBTEFEJWÓSDJPTFDBTBNFOUPT DBTBNFOUPTQBSBDBEBNJMQFTTPBTF EJWÓSDJPT
PV BQSPYJNBEBNFOUF VN EJWÓSDJP QBSB DBEB   DBTBNFOUPT WFS 5BCFMB 
 0TSBJPOT EJTUSJUPT
 NBJT
VSCBOJ[BEPTUBNCÊNUJOIBNUBYBTEFEJWÓSDJPNBJTBMUBT"3FHJÈP*OEVTUSJBM$FOUSBM RVFJODMVÎBBDJEBEFEF
.PTDPV UJOIBPNBJPSOÙNFSPEFEJWÓSDJPTQBSBDBEBNJMQFTTPBT FORVBOUPB3FHJÈP$FOUSBMEB5FSSB/FHSB
UJOIB P NBJT CBJYP  DPN   F    SFTQFDUJWBNFOUF " UBYB EF .PTDPV FN  FSB B NBJT BMUB EF UPEBT  
EJWÓSDJPT QBSB DBEB NJM QFTTPBT TFHVJEB QPS 5WFS DPN   *BSPTMBWM  F -FOJOHSBEP   .PTDPV UJOIB  
EJWÓSDJPTQBSBDBEBNJMDBTBNFOUPT5WFS*BSPTMBWMF-FOJOHSBEP<>&N.PTDPV IBWJBVNEJWÓSDJP
B DBEB EPJT DBTBNFOUPTƢ "T FTUBUÎTUJDBT NPTUSBWBN RVF B OPWB MFJ EP EJWÓSDJP UFWF VN QSPGVOEP JNQBDUP OBT
QSÃUJDBTQPQVMBSFT FORVBOUPBDFOUFOÃSJBUSBEJÉÈPEPDBTBNFOUPJOEJTTPMÙWFMFOUSPVFNDPMBQTPDPNPHPMQFEF
VNB DBOFUBEB MFHJTMBUJWB "UÊ NFTNP OBT ÃSFBT SVSBJT  FN RVF B GBNÎMJB DPOTUJUVÎB B VOJEBEF QSJNÃSJB EF
QSPEVÉÈP BUBYBEFEJWÓSDJPFYDFEJBBEFRVBMRVFSQBÎTFVSPQFV

"MFJOÈPFSBBÙOJDBSFTQPOTÃWFMQFMPBMUPOÙNFSPEFEJWÓSDJPTFMBTJNQMFTNFOUFTBODJPOBWBVNQSPDFTTP
NBJT QSPGVOEP EF SVQUVSB F USBOTGPSNBÉÈP TPDJBM "OPT EF HVFSSB  HVFSSB DJWJM F GPNF IBWJBN NJOBEP MBÉPT
GBNJMJBSFTFDPNVOJUÃSJPT$BNQPOFTFTRVFNJHSBWBNQBSBBTDJEBEFTBCBOEPOBWBNWFMIPTDPTUVNFTFUSBEJÉ×FT
.VMIFSFTTFKVOUBWBNDPNTPMEBEPT EFTDPOIFDJEPTFFWFOUVBJTQSPWFEPSFTFNVOJ×FTDBTVBJTEFDVSUPQSB[P"T
iFTQPTBTuEFGBDUPJOVOEBWBNPTUSJCVOBJTCVTDBOEPQFOT×FTFBQPJPGJOBODFJSPQBSBBTDSJBOÉBTEPTIPNFOTRVF
BTIBWJBNBCBOEPOBEP& QBSBNVJUPT BOPWBNPSBMJEBEFDPNVOJTUBFODPSBKBWBFKVTUJGJDBWBGPSNBTNBJTTPMUBT
EFDPNQPSUBNFOUP6NPCTFSWBEPSTPDJBMMBNFOUPVPTOPWPTUFNQPT

"TWFMIBTGVOEBÉ×FTBQPESFDJEBTEBGBNÎMJBFEPDBTBNFOUPFOUSBSBNFNDPMBQTPFSVNBNQBSBVNBDPNQMFUBBOJRVJMBÉÈP BDBEBEJBRVFQBTTB
.BTOÈPIÃQSJODÎQJPTRVFHVJFNBDSJBÉÈPEFOPWBT CFMBTFTBVEÃWFJTSFMBÉ×FT)ÃVNCBDBOBMJOJNBHJOÃWFM"MJCFSEBEFEFBNPSÊFOUFOEJEBQFMBT
NFMIPSFTQFTTPBTDPNPMJCFSEBEFEFEFQSBWBÉÈP<>

'BDJMJUBOEP BRVJMP RVF BMHVOT DPOTJEFSBWBN DPNP iBNPS MJWSFu  B MFJ QSPNPWFV BRVJMP RVF PVUSPT
DPOTJEFSBWBN iEFQSBWBÉÈPu  PCTDVSFDFOEP PT MJNJUFT FOUSF MJCFSEBEF F DBPT "T FTUBUÎTUJDBT UFTUFNVOIBWBN B
QPQVMBSJEBEFEPEJWÓSDJP NBTPGFSFDJBNQPVDBTQJTUBTTPCSFTVBTDPOTFRVËODJBTTPDJBJT6NBWF[RVFiBTWFMIBT
GVOEBÉ×FT BQPESFDJEBT EB GBNÎMJB F EP DBTBNFOUPu FOUSBSBN FN DPMBQTP  P RVF BDPOUFDFV DPN B GBNÎMJB  6N
KVSJTUB QSPDMBNPV iB MJCFSEBEF SFWPMVDJPOÃSJB EP EJWÓSDJPu DPNP iP NFMIPS SFHVMBEPS EBT SFMBÉ×FT
NBUSJNPOJBJTu/PFOUBOUP FMFBDSFTDFOUPViEFQPJTEJTTP BMVUBQFMBTPCSFWJWËODJBQFSNBOFDF FBRVJBTDIBODFT
EBTNVMIFSFT QBSUJDVMBSNFOUFDPNGJMIPT TÈPBJOEBNFOPTGBWPSÃWFJTEPRVFQBSBPTIPNFOTu<>"JOEBRVFP
$ÓEJHP EF  BNQMJBTTF P EJSFJUP BP EJWÓSDJP QBSB IPNFOT F NVMIFSFT JHVBMNFOUF  B PQPSUVOJEBEF EF TF
CFOFGJDJBSEFTTFEJSFJUPFSBFNHSBOEFNFEJEBEFUFSNJOBEBQPSDJSDVOTUÄODJBTEFDMBTTFFHËOFSP

"TQSJNFJSBTEFNJUJEBT BTÙMUJNBTDPOUSBUBEBTBEFQFOEËODJBFDPOÔNJDBEBTNVMIFSFT

"UÊ BTNVMIFSFTDPOTUJUVÎBNVNBQPSDFOUBHFNDSFTDFOUFEBGPSÉBEFUSBCBMIPJOEVTUSJBMOB3ÙTTJB
&N EFUPEPTPTUSBCBMIBEPSFTOBQSPEVÉÈPFSBNNVMIFSFTFN FTTFOÙNFSPIBWJBDSFTDJEPQBSB
FN FOPGJNEBHVFSSBDJWJM FN FSB&N  
FOUSFPT
GJMJBEPT B TJOEJDBUPT OP QBÎT FSBN NVMIFSFT "T NVMIFSFT QSFEPNJOBWBN FN NVJUPT SBNPT FDPOÔNJDPT
SFQSFTFOUBWBN  EB GPSÉB EF USBCBMIP OB "MJNFOUBÉÈP EP 1PWP /BSQJU
  OB DPTUVSB   EPT
USBCBMIBEPSFTEBTBÙEFFRVBTFOBJOEÙTUSJBUËYUJM"UÊNFTNPOBTJOEÙTUSJBTUSBEJDJPOBMNFOUFEPNJOBEBT
QPS IPNFOT  BT NVMIFSFT DPOTUJUVÎBN VNB QBSDFMB TJHOJGJDBUJWB EB GPSÉB EF USBCBMIP  DPN VN RVBSUP EPT
FNQSFHPTOBNFUBMVSHJBFVNRVJOUPOBNJOFSBÉÈP<>
"QÓT B HVFSSB DJWJM   NJMI×FT EF IPNFOT  EFTNPCJMJ[BEPT EP &YÊSDJUP 7FSNFMIP  SFUPSOBSBN Æ GPSÉB EF
USBCBMIP FWFUFSBOPTDPNNBJTIBCJMJEBEFTVCTUJUVÎSBNNJMIBSFTEFNVMIFSFTOBTGÃCSJDBT <>3BNPTJOUFJSPTEB
JOEÙTUSJBGFDIBSBNOBNVEBOÉBQBSBBTSÎHJEBTSFTUSJÉ×FTFDPOÔNJDBTEB/&1)PVWFEFNJTT×FTFNNBTTBFN
BHPTUPFTFUFNCSPEF FOPGJNEFPVUVCSPNVMIFSFTKÃOÈPUJOIBNNBJTFNQSFHPT DPSSFTQPOEFOEP
B  EPT EFTFNQSFHBEPT
 0DPSSFSBN DPSUFT BHVEPT OP TFUPS EF TFSWJÉPT TPDJBJT  OP RVBM BT NVMIFSFT
USBCBMIBEPSBT QSFEPNJOBWBN NJMIBSFT EF USBCBMIBEPSBT EB TBÙEF  FNQSFHBEBT FTUBUBJT  USBCBMIBEPSBT EF
DSFDIFT QSPGFTTPSBT CFNDPNPUSBCBMIBEPSBTEB/BSQJU EBTBHËODJBTEFCFOTEFDPOTVNPFEFDPNVOJDBÉ×FT
TVCJUBNFOUFTFFODPOUSBSBNTFNUSBCBMIP<>2VBTFNJMNVMIFSFTEFJYBSBNBGPSÉBEFUSBCBMIP
"TNVMIFSFTDMBSBNFOUFDBSSFHBSBNPGBSEPEPEFTFNQSFHPDSJBEPQFMBUSBOTJÉÈPÆ/&1&NVNBQFTRVJTB
SFBMJ[BEB FN EP[F QSPWÎODJBT  P $PNJTTBSJBEP EP 5SBCBMIP FTUJNPV RVF  BUÊ P GJOBM EF    EPT
EFTFNQSFHBEPTSFHJTUSBEPTOPTDFOUSPTEFFNQSFHP #JS[IB5SVEB
FSBNNVMIFSFT <>0$FOUSPEF&NQSFHPEF
1FUSPHSBEP BOVODJPV  OP JOÎDJP EF   RVF  EPT  NJM EFTFNQSFHBEPT DBEBTUSBEPT OB DJEBEF FSBN
NVMIFSFT <> 6N DSÎUJDP EB /&1 EFTDSFWFV SBJWPTBNFOUF B SFBQBSJÉÈP EB DPNQFUJÉÈP QPS USBCBMIP  VNB
DBSBDUFSÎTUJDBEPDBQJUBMJTNPGSFRVFOUFNFOUFDSJUJDBEBOPTFTDSJUPTEF.BSYF&OHFMTBSFTQFJUPEBTNVMIFSFT&MF
FTDSFWFV

" SFDPOTUSVÉÈP EF FNQSFTBT CBTFBEBT OB DPOUBCJMJEBEF EF DVTUPT F P EFTFOWPMWJNFOUP EF FNQSFTBT QSJWBEBT DSJPV JOFWJUBWFMNFOUF P GFOÔNFOP
SFQVHOBOUFEBFDPOPNJBDBQJUBMJTUB BVNFOUBOEPBDPNQFUJÉÈPFOUSFUSBCBMIPGFNJOJOPFNBTDVMJOP<>

"T QFRVFOBT JOEÙTUSJBT RVF QSPMJGFSBSBN TPC BENJOJTUSBÉÈP QSJWBEB OÈP QPEJBN SFDPOUSBUBS UPEPT PT
USBCBMIBEPSFTRVFIBWJBNQFSEJEPTFVTFNQSFHPT)PNFOTFNVMIFSFTDPNQFUJBNQPSFNQSFHPTFNVNSFTUSJUP
NFSDBEP EF USBCBMIP  F BT NVMIFSFT JOWBSJBWFMNFOUF QFSEJBN &N   PT PSHBOJ[BEPSFT EF VN FODPOUSP EP
4PWJFUF EF 4JOEJDBUPT EF 1FUSPHSBEP 1FUSPHVCQSPGTPWFUB
 OPUBSBN RVF BT NVMIFSFT IBWJBN TJEP BUJOHJEBT
EVSBNFOUF QFMBT EFNJTT×FT NBTTJWBT EF QFTTPBM "T DPOEJÉ×FT QBSB BT NVMIFSFT FSBN iFYUSBPSEJOBSJBNFOUF
EJGÎDFJTu<> &OUSF  F   P OÙNFSP EF NVMIFSFT EFTFNQSFHBEBT TVCJV EF  QBSB 
BVNFOUBOEPFNTFJTWF[FT WFS5BCFMB

&N   P %FQBSUBNFOUP EF .VMIFSFT EP 1BSUJEP ;IFOPUEFM
 PSHBOJ[PV VN HSBOEF DPOHSFTTP EF
NVMIFSFTUSBCBMIBEPSBTFDBNQPOFTBTFN.PTDPV0;IFOPUEFMGPJPSHBOJ[BEPFNBHPTUPEF QBSDJBMNFOUF
FNSFTQPTUBÆQSFTTÈPEBTNJMJUBOUFTQBSUJEÃSJBTFNGPNFOUBSHSVQPTMPDBJTTFQBSBEPTEFNVMIFSFTRVFGPTTFN
TBODJPOBEPT F BQPJBEPT PGJDJBMNFOUF 5SBCBMIBEPSBT GBCSJT  DBNQPOFTBT  EPOBT EF DBTB F FNQSFHBEBT
DPNQVOIBN P HSPTTP EBT GJMFJSBT EP;IFOPUEFM FFSBNFMFJUBTDPNPEFMFHBEBTQBSBUSBCBMIBSDPNPBQSFOEJ[FT
FNEJWFSTPTSBNPTEPHPWFSOP&NCPSBPTIPNFOTEP1BSUJEPGSFRVFOUFNFOUFTFSFGFSJTTFNQFKPSBUJWBNFOUFBP
;IFOPUEFMDPNPiCBCLPNuPViUTFOUSPCBCBu FMFUFWFVNJNQBDUPJNQPSUBOUFTPCSFNJMIBSFTEFNVMIFSFTRVFTF
FOWPMWFSBN FN TVBT BUJWJEBEFT <> "T EFMFHBEBT EP $POHSFTTP EF .VMIFSFT ** $POHSFTTP 1BO3VTTP EF
5SBCBMIBEPSBTF$BNQPOFTBT
WJFSBNEFUPEPTPTDBOUPTEPQBÎT DIFHBOEPEFUSFN DBSSPÉBPVBQÊ QBSBBUFTUBS
BT DPOEJÉ×FT EBT NVMIFSFT FN TVBT DJEBEFT  WJMBT F WJMBSFKPT *OÙNFSBT NVMIFSFT SFDMBNBSBN BNBSHBNFOUF B
SFTQFJUPEPEFTFNQSFHP VNBEBTNBJPSFTQSFPDVQBÉ×FTEP$POHSFTTP;JV[JOB VNBEFMFHBEBEBQSPWÎODJBEF
"LNPMJOTL  OB 3FQÙCMJDB EP $BTBRVJTUÈP  BGJSNPV RVF NVMIFSFT RVF FSBN EFNJUJEBT BQÓT WÃSJPT BOPT EF
USBCBMIPTJNQMFTNFOUFOÈPDPOTFHVJBNBSSVNBSPVUSPTFNQSFHPT <>
"MÊNEJTTP BTUBYBTEFEFTFNQSFHP FNHFSBMTVCFTUJNBEBT FTDPOEJBNVNHSBOEFHSVQPEFNVMIFSFTFN
CVTDBEFUSBCBMIP"UÊ BTFTUBUÎTUJDBTJODMVÎBNBQFOBTPTiPGJDJBMNFOUFuEFTFNQSFHBEPTUSBCBMIBEPSFTRVF
QFSEFSBN TFVT FNQSFHPT F TF DBEBTUSBSBN OPT DFOUSPT EF FNQSFHP $BNQPOFTBT  EPOBT EF DBTB F PVUSBT RVF
QSPDVSBWBN VN FNQSFHP BTTBMBSJBEP QFMB QSJNFJSB WF[ OÈP FTUBWBN BQUBT B TF DBEBTUSBS QBSB PT DFOUSPT EF
FNQSFHP F  BTTJN  OÈP BQBSFDJBN OBT FTUBUÎTUJDBT PGJDJBJT " 7 "SUJVLIJOB  B EJSJHFOUF EP;IFOPUEFM FN 
BGJSNPV FN TFV QSJODJQBM EJTDVSTP BP $POHSFTTP EF .VMIFSFT RVF  EBT NVMIFSFT RVF OFDFTTJUBWBN EF
FNQSFHPT m FTQPTBT EF USBCBMIBEPSFT F JNJHSBOUFT DBNQPOFTFT m OVODB IBWJBN UJEP VN USBCBMIP BTTBMBSJBEP
%JBOUF EP EFTFNQSFHP  PT TJOEJDBUPT QSPUFHJBN DPN [FMP P EJSFJUP EF TFVT BTTPDJBEPT F QPVDP GB[JBN QBSB
EFGFOEFSPTJOUFSFTTFTEFOPWPTHSVQPTFNCVTDBEFUSBCBMIP1FUSPWTLBJB VNBEFMFHBEBEB6DSÄOJB FYQMJDPV
RVF BT NVMIFSFT FSBN QSFTBT FN VN DÎSDVMP WJDJPTP OÈP DPOTFHVJBN FODPOUSBS FNQSFHP QPSRVF OÈP FSBN
NFNCSPTEPTJOEJDBUPFOÈPQPEJBNTFBTTPDJBSBPTJOEJDBUPTFNVNFNQSFHP
0VUSBEFMFHBEBEFTDSFWFVPQSPCMFNBFNNJOÙDJBTi.VMIFSFTRVFFTUÈPTFNUSBCBMIPIÃUSËTPVRVBUSP
BOPTOÈPDPOTFHVFNFODPOUSBSFNQSFHPu EFDMBSPVUFSNJOBOUFNFOUF

1PSRVË 1PSRVFPOEFRVFSRVFTFJOTDSFWBNUPEPTEJ[FNi/ÓTOÈPQPEFNPTBKVEBMÃQPSRVFWPDËOÈPÊGJMJBEBBPTJOEJDBUP WPDËOÈPUFNTFHVSP


TPDJBMu"NVMIFSEFTFNQSFHBEBFTUÃGBNJOUB&MBBOEBQFMBTSVBTDIPSBOEP$IFHBBVNBGÃCSJDBFQFEFi$BNBSBEBTNVMIFSFT NFBKVEFNEF
BMHVNBGPSNB FVOÈPUFOIPUSBCBMIPFFTUPVTFNVNBGBUJBEFQÈPu<>

0OÙNFSPEFNVMIFSFTEFTFNQSFHBEBTTPGSFVHSBOEFGMVUVBÉÈPEVSBOUFPTBOPTEF SFGMFUJOEPQVSHPT
QFSJÓEJDPT EBT MJTUBT EF EFTFNQSFHP  HSBOEFT JOGMVYPT EF JNJHSBOUFT EP DBNQP F FYQBOT×FT F DPOUSBÉ×FT OB
JOEÙTUSJB0BHVEPEFTDFOTPEFNVMIFSFTEFTFNQSFHBEBTFOUSFFGPJ FNQBSUF VNSFTVMUBEPEPQVSHP
OBTMJTUBTEFEFTFNQSFHP1FTRVJTBTOPJOÎDJPEPTBOPTEFSFWFMBSBNRVFNVJUPTUSBCBMIBEPSFTFNQSFHBEPT
UJSBWBNWBOUBHFNEBDPSSVQÉÈPFNMBSHBFTDBMBOPTDFOUSPTEFFNQSFHPQBSBTFDBEBTUSBSDPNPEFTFNQSFHBEPT
FSFDFCFSCFOFGÎDJPTEPTFHVSPEFTFNQSFHP6NWBTUPQVSHPEBTMJTUBTFNKVMIPEF FN.PTDPV SFEV[JV
TJHOJGJDBUJWBNFOUF P OÙNFSP EF EFTFNQSFHBEPT DBEBTUSBEPT <>  F P OÙNFSP EF NVMIFSFT EFTFNQSFHBEBT
EJNJOVJVEFFNBCSJMEFQBSBFNKBOFJSPEF%FQPJTEF PTDFOUSPTEFFNQSFHP
QFSEFSBNTFVEJSFJUPEFDPOUSPMBSBMPDBÉ×FTEFUSBCBMIPFDPOUSBUBÉ×FTFNEFUSJNFOUPEPTBENJOJTUSBEPSFTEBT
FNQSFTBT FNVJUPTEFTFNQSFHBEPTEFJYBSBNEFTFDBEBTUSBSOFMFT
$POGPSNFBFDPOPNJBDPNFÉBWBBTFSFDVQFSBSFNNFBEPTEF PTUSBCBMIBEPSFTFYQFSJNFOUBSBNP
DVSJPTP GFOÔNFOP EP BVNFOUP TJNVMUÄOFP EP FNQSFHP F EP EFTFNQSFHP 6N OÙNFSP DSFTDFOUF EF
EFTFNQSFHBEPTFODPOUSPVOPWBTDPMPDBÉ×FTOBJOEÙTUSJB NBTBFDPOPNJBBJOEBOÈPQPEJBBDPNQBOIBSPSJUNP
EBT UPSSFOUFT EF JNJHSBOUFT RVF BGMVÎBN ÆT DJEBEFT FN CVTDB EF FNQSFHP<> $POUVEP  B SFDVQFSBÉÈP BGFUPV
IPNFOT F NVMIFSFT EF GPSNB EJTUJOUB .FTNP RVF P OÙNFSP EF NVMIFSFT EB QSPEVÉÈP GBCSJM UFOIB RVBTF
EVQMJDBEPFOUSFF BQBSDFMBEFNVMIFSFTOBGPSÉBEFUSBCBMIPJOEVTUSJBMQFSNBOFDFVSFMBUJWBNFOUF
DPOTUBOUFFN WFS5BCFMB
"TTJN BJOEBRVFPOÙNFSPEFFNQSFHPTFTUJWFTTFDSFTDFOEPSBQJEBNFOUFF
VNOÙNFSPDBEBWF[NBJPSEFNVMIFSFTFODPOUSBTTFUSBCBMIP BTNVMIFSFTBJOEBOÈPIBWJBNTJEPCFNTVDFEJEBT
FNFYQBOEJSTVBQPSDFOUBHFNOBGPSÉBEFUSBCBMIP&BTNVMIFSFTOÈPGPSBNUÈPSÃQJEBTQBSBTFSFDVQFSBSEP
EFTFNQSFHP EPT BOPT JOJDJBJT EB /&1 RVBOUP PT IPNFOT "JOEB FN   FMBT SFQSFTFOUBWBN  EPT
EFTFNQSFHBEPT  NBT BQFOBT  EPT FNQSFHBEPT  BQFTBS EBT OPWBT PQPSUVOJEBEFT RVF CSPUBWBN &  NFTNP
DPNVNBNFMIPSBTJHOJGJDBUJWBEBFDPOPNJBFNNFBEPTEBEÊDBEBEF BQBSDFMBEBTNVMIFSFTOPÎOEJDFEF
EFTFNQSFHP EF GBUP DSFTDFV  EF  FN  QBSB  FN  0T IPNFOT FSBN BCTPSWJEPT NVJUP NBJT
SBQJEBNFOUFQFMBFDPOPNJBFNFYQBOTÈP"TNVMIFSFT RVFGPSBNBTQSJNFJSBTBTFSFNEFNJUJEBTOPJOÎDJPEB
/&1 GPSBNBTÙMUJNBTBTFSFNDPOUSBUBEBTOPTFVQFSÎPEPGJOBM
.VJUPTEFGFOTPSFTEB/&1MBNFOUBSBNPDSFTDJNFOUPEPEFTFNQSFHPGFNJOJOP NBTEFGFOEFSBNBQPMÎUJDB
EFDPSUFT BDPOUBCJMJEBEFEFDVTUPTFBSBDJPOBMJ[BÉÈPRVFBFMFEFSBNPSJHFN&NTVBWJTÈP FTTBTNFEJEBTFSBN
OFDFTTÃSJBTQBSBBDFMFSBSBSFDVQFSBÉÈPEBFDPOPNJBFBSFJOUFHSBÉÈPEPTWFUFSBOPTEP&YÊSDJUP7FSNFMIPRVF
SFUPSOBWBN <>/PFOUBOUP RVBOEPBFDPOPNJBDPNFÉPVBTFSFDVQFSBS UPSOPVTFDMBSPRVFBTNVMIFSFTBJOEB
TPGSJBNEFTQSPQPSDJPOBMNFOUFDPNPEFTFNQSFHPNVJUPNFOPTFNEFDPSSËODJBEPTJNQFSBUJWPTFDPOÔNJDPTEB
/&1 EP RVF QFMB QFSTJTUËODJB EPT QBES×FT EF EJTDSJNJOBÉÈP OPT MPDBJT EF USBCBMIP 5FOEP FTDPMIB  NVJUPT
BENJOJTUSBEPSFT DMBSBNFOUF QSFGFSJBN EFNJUJS NVMIFSFT EP RVF IPNFOT *SPOJDBNFOUF  BT DBSBDUFSÎTUJDBT NBJT
QSPHSFTTJTUBT EB MFHJTMBÉÈP USBCBMIJTUB TPWJÊUJDB  UBJT DPNP B MJDFOÉBNBUFSOJEBEF SFNVOFSBEB  B QSPJCJÉÈP EP
USBCBMIP OPUVSOP QBSB BT NVMIFSFT F BT SFTUSJÉ×FT EF USBCBMIP QBSB NVMIFSFT HSÃWJEBT F MBDUBOUFT
GSFRVFOUFNFOUF JODJUBWBN PT BENJOJTUSBEPSFT B EFNJUJS NVMIFSFT F TVCTUJUVÎMBT QPS IPNFOT <> "T NVMIFSFT
FSBNDPOTJEFSBEBTNBJTDVTUPTBTQBSBTFFNQSFHBS6NFTDSJUPSEFDMBSPVJOEJHOBEP

2VFNOÈPTBCFEPTBCVTPTRVFTÈPDPNFUJEPTTPCPOPNFEFSFEVÉÈPEFQFTTPBM FNRVFBTNVMIFSFT OÈPBQFOBTJHVBMNFOUFRVBMJGJDBEBT NBT


BJOEBNBJT TÈPEFNJUJEBTQPSRVFVNBNVMIFSDVTUBNVJUPNBJTBVNBFNQSFTBEPRVFVNIPNFN <>

%FMFHBEBT EP $POHSFTTP EF .VMIFSFT DSJUJDBSBN TFWFSBNFOUF PT BENJOJTUSBEPSFT EBT GÃCSJDBT QPS TVBT
QSÃUJDBT JSSFGMFUJEBT F TFYJTUBT ;JV[JOB BSHVNFOUPV RVF PT BENJOJTUSBEPSFT EFNJUJBN NVMIFSFT TFN OFOIVNB
DPOTJEFSBÉÈPQPSTVBTSFTQPOTBCJMJEBEFTGBNJMJBSFTi'SFRVFOUFNFOUFEFNJUFNBRVFMBTRVFUËNUSËTPVRVBUSP
GJMIPT F OÈP UËN NBSJEPT PV SFMBÉ×FTu  EJTTF FMB 0VUSB EFMFHBEB EFDMBSPV GVSJPTB RVF PT BENJOJTUSBEPSFT EBT
GÃCSJDBTEJTDSJNJOBWBNBTNVMIFSFTDBTBEBTi.FTNPTFFMBRVJTFSUSBCBMIBS FMFTBEFNJUFNEFRVBMRVFSGPSNB
&MFT EJ[FN AWPDË UFN VN NBSJEP m Wà QBSB DBTB QBSB TVB DP[JOIBƢu<> "QFTBS EBT JOTUSVÉ×FT FYQMÎDJUBT EP
$PNJTTBSJBEPEP5SBCBMIPQBSBRVFTFDPOTJEFSBTTFNJHVBMNFOUFIPNFOTFNVMIFSFTFNDBTPTEFEFNJTT×FT PT
BENJOJTUSBEPSFTEFSBNPTJOEVTUSJBJTEPNJOBEPTQPSIPNFOTQSBUJDBWBNVNBQPMÎUJDBBHSFTTJWBDPNPJOUVJUPEF
FMJNJOBSBTNVMIFSFTFTVCTUJUVÎMBTQPSIPNFOT <> &N BMHVOT TJOEJDBUPT  B DSFTDFOUF BNFBÉB EF EFTFNQSFHP
MFWPVBVNBVOJEBEFQSFNFEJUBEBDPOUSBBTBTTPDJBEBTNVMIFSFT <>
%FMFHBEPT EP 9*** $POHSFTTP EP 1BSUJEP  FN   UFOUBSBN GSFBS B FYQVMTÈP DPOUÎOVB EBT NVMIFSFT EB
JOEÙTUSJB3FDPOIFDFOEPBUFSSÎWFMTJUVBÉÈPEBNVMIFSUSBCBMIBEPSB P$POHSFTTPPCTFSWPV

"EFTQFJUPEBNFMIPSBFNHFSBMEBTDPOEJÉ×FTEBDMBTTFUSBCBMIBEPSB BTJUVBÉÈPEBTNVMIFSFTUSBCBMIBEPSBT BNBJPSJBEBTRVBJTTFFODPOUSBOP


TFUPSNBJTNBMSFNVOFSBEPFTFNRVBMJGJDBÉÈPEPQSPMFUBSJBEP BJOEBÊEJGÎDJM

0TEFMFHBEPTWPUBSBNQFMPGJNEBTEFNJTT×FTEFNVMIFSFT QBSBRVFTFBVNFOUBTTFTVBRVBMJGJDBÉÈPFQBSB
RVF TF FOWPMWFTTFN BT NVMIFSFT FN SBNPT QSPEVUJWPT OPT RVBJT FMBT FSBN USBEJDJPOBMNFOUF FYDMVÎEBT PV TVC
SFQSFTFOUBEBT 0CTFSWBOEP RVF P FNQSFHP EBT NVMIFSFT OÈP FSB VNB RVFTUÈP NFSBNFOUF FDPOÔNJDB  P
$POHSFTTP FOGBUJ[PV iRVF B QSFTFSWBÉÈP EBT NVMIFSFT USBCBMIBEPSBT OB QSPEVÉÈP UFN VN TJHOJGJDBEP
QPMÎUJDPu<>01BSUJEP QPSUBOUP SFKFJUPVVNBMJOIBiQSPEVUJWJTUBuPSJFOUBEBQBSBVNBSFDVQFSBÉÈPFDPOÔNJDB
SÃQJEBFBNBYJNJ[BÉÈPEPTMVDSPT FSFBGJSNPVTFVDPNQSPNJTTPDPNPTWBMPSFTIVNBOJTUBTJODPSQPSBEPTFN
TFVQSPHSBNBQFMBFNBODJQBÉÈPEBTNVMIFSFT
"MJOIBEP ÆT SFTPMVÉ×FT EP 1BSUJEP  P $PNJTTBSJBEP EP 5SBCBMIP  4FHVSJEBEF 4PDJBM F 1MBOFKBNFOUP
&DPOÔNJDPFPTTJOEJDBUPTFNJUJSBNVNBTÊSJFEFEFDSFUPTDPNBGJOBMJEBEFEFGSFBSBEJTDSJNJOBÉÈPDPOUSBBT
NVMIFSFT 0T BENJOJTUSBEPSFT EF GÃCSJDBT GPSBN JOTUSVÎEPT QBSB RVF IPNFOT F NVMIFSFT DPN BT NFTNBT
IBCJMJEBEFT GPTTFN EFNJUJEPT FN QSPQPSÉÈP JHVBM OP DBTP EF VNB SFEVÉÈP EF QFTTPBM .VMIFSFT HSÃWJEBT F
MBDUBOUFT FN MJDFOÉB OÈP QPEFSJBN TFS EFNJUJEBT  F NÈFT DPN GJMIPT EF BUÊ VN BOP UFSJBN QSJPSJEBEF FN
QFSNBOFDFS OP FNQSFHP .VMIFSFT RVF QFSEFTTFN TFV FNQSFHP QPEFSJBN DPOUJOVBS VUJMJ[BOEP B DSFDIF EPT
USBCBMIBEPSFT.VMIFSFTTPMUFJSBTOÈPEFWFSJBNTFSEFTQFKBEBTEFTFVTBMPKBNFOUPT <>
$POUVEP BTSFTPMVÉ×FTFEFDSFUPTQBSFDFSBNUFSQPVDPFGFJUPTPCSFBTQSÃUJDBTTFYJTUBTEPTBENJOJTUSBEPSFT
EF GÃCSJDBT F B EJTDSJNJOBÉÈP DPOUÎOVB FN SFMBÉÈP ÆT USBCBMIBEPSBT 0T BENJOJTUSBEPSFT  TPC B QSFTTÈP EF
BVNFOUBSPTMVDSPTFNBYJNJ[BSBFGJDJËODJB EFSBNQPVDBBUFOÉÈPBPTBQFMPTNBJTIVNBOJUÃSJPTEP1BSUJEP4VB
JOUSBOTJHËODJB DPOUÎOVB MPHP GPSÉPV VNB SFUJSBEB FN SFMBÉÈP BPT BMUPT QBES×FT EB QSPUFDJPOJTUB MFHJTMBÉÈP
USBCBMIJTUBFTUBCFMFDJEBFNOPNFEBTNVMIFSFTBQÓTB3FWPMVÉÈP%FQPJTEFVNEFCBUFBDJSSBEP EFMFHBEPTEP
7* $POHSFTTP EPT 4JOEJDBUPT  FN OPWFNCSP EF   WPUBSBN QFMB RVFEB EB SFTUSJÉÈP BP USBCBMIP OPUVSOP EBT
NVMIFSFTFQFSNJUJSBNRVFFOUSBTTFNFNJOEÙTUSJBTBOUFSJPSNFOUFDPOEFOBEBTDPNPQSFKVEJDJBJTÆTBÙEFEFMBT
/BT QBMBWSBT EVSBNFOUF SFBMJTUBT EF VNB EFMFHBEB EF 3PTUPW EP %PO i­ NFMIPS RVF BT PSHBOJ[BÉ×FT
QSPGJTTJPOBJTPGFSFÉBNÆNVMIFSUSBCBMIBEPSBNFOPTQSPUFÉÈPQBSBRVFFMBUFOIBBDIBODFEFDPOTFHVJSQBSBTJ
VNBGBUJBEFQÈPFOÈPTFKBGPSÉBEBBTFWFOEFSOBBWFOJEBu<> .FTNP P;IFOPUEFM PNBJTGJSNFEFGFOTPSEPT
JOUFSFTTFTEBTNVMIFSFT DPODPSEPVDPNBOFDFTTJEBEFEFSFWPHBSPCBOJNFOUPEPUSBCBMIPOPUVSOPQBSBRVFPT
FNQSFHBEPSFTUJWFTTFNNFOPTEFTDVMQBTQBSBEFNJUJSBTUSBCBMIBEPSBT <>
&N   B JOEÙTUSJB IBWJB TF SFDVQFSBEP P TVGJDJFOUF QBSB TPGSFS QFMB BVTËODJB EF USBCBMIBEPSFT
RVBMJGJDBEPT$POUVEP PQSPCMFNBEPEFTFNQSFHPGFNJOJOPOÈPEJNJOVJV"QPSDFOUBHFNEFNVMIFSFTFOUSFPT
EFTFNQSFHBEPT  OB WFSEBEF  DSFTDFV BQÓT   KÃ RVF PT BENJOJTUSBEPSFT EF GÃCSJDB EBWBN QSFGFSËODJB B
IPNFOT EFTFNQSFHBEPT "UÊ NFTNP DBNQPOFTFT NJHSBOUFT IPNFOT FSBN QSFGFSJEPT FN EFUSJNFOUP EBT
USBCBMIBEPSBT
&NÙMUJNBJOTUÄODJB UPEPTPTOÎWFJTEPBQBSBUPFTUBUBMFJOEVTUSJBMUJOIBNBMHVNBSFTQPOTBCJMJEBEFQFMB
EJTDSJNJOBÉÈPDPOUSBBTUSBCBMIBEPSBT/PTOÎWFJTNBJTBMUPT BQSJPSJEBEFJNQMBDÃWFMEBEBBPDPSUFEFDVTUPTFÆ
NBYJNJ[BÉÈP EPT MVDSPT Æ DVTUB EF WBMPSFT QPMÎUJDPT BUBDBSBN HSBWFNFOUF BT PQPSUVOJEBEFT EBT NVMIFSFT 0T
BENJOJTUSBEPSFT EF GÃCSJDBT WJBN QPVDBT BMUFSOBUJWBT Æ EFNJTTÈP EBT NVMIFSFT QBSB NBOUFS PT DVTUPT OP OÎWFM
NÎOJNP $PNP BENJUJV " 7 4INJEU  DPNJTTÃSJP EP 5SBCBMIP  FNQSFHBS NVMIFSFT OÈP FSB iFDPOPNJDBNFOUF
MVDSBUJWPu<>01BSUJEPUFOUPVBQMBDBSBMHVOTEPTQJPSFTBCVTPTBPSFBGJSNBSTFVDPNQSPNJTTPQFMBJHVBMEBEF
OPTMPDBJTEFUSBCBMIP.BT BQFTBSEFTVBTCPBTJOUFOÉ×FT UBOUPBENJOJTUSBEPSFTEFGÃCSJDBTRVBOUPEJSJHFOUFT
TJOEJDBJT DPOUJOVBSBN EJTDSJNJOBOEP BT NVMIFSFT FN TFVT QBES×FT EF DPOUSBUBÉÈP  EFNJTTÈP F QSPNPÉÈP "T
SFTPMVÉ×FT EPT OÎWFJT NBJT BMUPT UJOIBN QPVDP FGFJUP QSÃUJDP OBT FNQSFTBT MPDBJT 0 SFDVP OB MFHJTMBÉÈP
USBCBMIJTUB QSPUFDJPOJTUB EFNPOTUSPV B JODBQBDJEBEF EP 1BSUJEP QBSB BDBCBS DPN B EJTDSJNJOBÉÈP QPS EFDSFUP
"QBSFOUFNFOUF  P ÙOJDP NÊUPEP FGJDB[ EF FMJNJOBS B EJTDSJNJOBÉÈP DPOUSB BT NVMIFSFT GPJ BCPMJS B MFHJTMBÉÈP
USBCBMIJTUBQSPUFDJPOJTUBRVFSFDPOIFDJBTVBTOFDFTTJEBEFTFTQFDJBJTFORVBOUPNÈFT6NBEBTEFMFHBEBTEP7*
$POHSFTTP EF 4JOEJDBUPT  FN   GBMPV GFSP[NFOUF DPOUSB iP QSFKVÎ[Pu EBT iDPORVJTUBT MFHBJTu EBT NVMIFSFT
3BQJEBNFOUF DIFHBOEP BP DFSOF EB RVFTUÈP  FMB PCTFSWPV RVF B QSFTTÈP DPOTUBOUF QBSB BVNFOUBS B
QSPEVUJWJEBEFEPUSBCBMIPFTUBWBOBDPOUSBNÈPEBTOFDFTTJEBEFTEBTUSBCBMIBEPSBT <>
4PC FTTBT DJSDVOTUÄODJBT FDPOÔNJDBT EJGÎDFJT  P EJWÓSDJP JNQMJDBWB DPOTFRVËODJBT QPUFODJBMNFOUF USÃHJDBT
QBSBBEPOBEFDBTBPVBUSBCBMIBEPSBTFNRVBMJGJDBÉÈP1PJT TFPNBSJEPBBCBOEPOBWBPVTFEJWPSDJBWBEFMB
GSFRVFOUFNFOUF FMB TF FODPOUSBWB TFN NFJPT QBSB TVTUFOUBS B TJ PV TFVT GJMIPT %[JVCB  VNB EFMFHBEB EP
$POHSFTTP EF .VMIFSFT QSPWFOJFOUF EB 6DSÄOJB  FOGBUJ[PV BT EJGJDVMEBEFT FTQFDJBJT EB EPOB EF DBTB BQÓT P
EJWÓSDJP&MBEJTTF
$BNBSBEBT USBCBMIBEPSBT F DBNQPOFTBT  FV QFÉP B WPDËT RVF DPOTJEFSFN RVF B FTQPTB EP USBCBMIBEPS  TVB JSNÈ  GPJ OFHMJHFODJBEB 4F VNB
USBCBMIBEPSBEFJYBPTFVNBSJEP FMBBQFOBTQFSEFVNNBSJEP FMBUSBCBMIBJOEFQFOEFOUFNFOUF.BTRVBOEPBFTQPTBEFVNUSBCBMIBEPSEFJYBTFV
NBSJEPFMBÊDPOTJEFSBEBVNFMFNFOUPOÈPUSBCBMIBEPS OFUSVEOZJ
EFJYBEBTFNBCSJHPOBSVB CFTQSJ[PSOPJ
/ÈPIÃQBSBRVFNSFDPSSFS UVEPFTUÃ
GFDIBEPFUPEPTEÈPBTDPTUBTBFMB<>

4FNVNTBMÃSJPJOEFQFOEFOUF BTNVMIFSFTOÈPFTUBWBNFNQPTJÉÈPEFFYFSDFSTFVEJSFJUPÆiVOJÈPMJWSFu
7FSB -FCFEFWB  DIFGF EP %FQBSUBNFOUP QBSB B 1SPUFÉÈP EB .BUFSOJEBEF F *OGÄODJB 0..
 TPNCSJBNFOUF
SFTVNJBPGVUVSPEFNVJUBTNVMIFSFTEJWPSDJBEBT

"GSBHJMJEBEFEPMBÉPNBUSJNPOJBMFPEJWÓSDJPDSJBNNBTTBTEFNVMIFSFTTPMUFJSBTRVFDBSSFHBNPGBSEPEBDSJBÉÈPEPTGJMIPTTP[JOIBT*NBHJOFBTJ
NFTNPDPNPVNBNVMIFSBTTJN TFNBQPJPEFTFVNBSJEP DPNVNBDSJBOÉBFNTVBTNÈPT EFNJUJEBQPSVNDPSUFEFQFTTPBMFKPHBEBQBSBGPSBEF
TFVEPSNJUÓSJP<>TFNQPTTJCJMJEBEFEFTFHVJSTFTVTUFOUBOEP
"POEFWÈPFTUBTDFOUFOBT )ÃVNBTBÎEBmBSVB<>

/BSVB

0DPOUSBTUFFOUSFPJEFBMTPDJBMJTUBEFVOJÈPMJWSFFBTDPOEJÉ×FTEBÊQPDBOÈPFSBEFNPOTUSBEPFNOFOIVN
PVUSP MVHBS UÈP DSVBNFOUF RVBOUP OP FTQFUÃDVMP EBT NVMIFSFT TF WFOEFOEP OBT SVBT .VJUPT PCTFSWBEPSFT
OPUBSBNPBVNFOUPEBQSPTUJUVJÉÈPEVSBOUFB/&1"TNVMIFSFTBCPSEBWBNPTIPNFOTFNFTUBÉ×FTEFUSFN OBT
QSBÉBT F OPT CBOIFJSPT QÙCMJDPT i1PTJDJPOBEBT FN GSFOUF ÆT QPSUBT QSJODJQBJT  FN USFOT EF DBSHB PV EF
QBTTBHFJSPT FNCFDPT FNCBOIFJSPT FNPVUSPTMVHBSFTu<> BTNVMIFSFTWFOEJBNTFYPQPSRVBOUJBTJSSJTÓSJBT
DPNP TFJT DPQFRVFT  DJODP SVCMPT  EF[ SVCMPT QFMB OPJUF (BSPUBT TFN UFUP EPSNJBN FN WBH×FT EF USFOT BT
N VMIFSFTCFTQSJ[PSOJLJ .VMIFSFT BCBOEPOBEBT  DBNQPOFTBT WJÙWBT  NÈFT DPN GJMIPT QFRVFOPT  UPEBT
EFTFTQFSBEBTQBSBDPOTFHVJSEJOIFJSP WPMUBSBNTFQBSBBQSPTUJUVJÉÈP,SVQTLBJBFTDSFWFVi"QPCSF[BJNQFMFBT
NVMIFSFTBTFWFOEFSFN&MBTOÈPTÈPQSPTUJUVUBTRVFGB[FNEJTTPVNOFHÓDJP NBTNÈFTEFGBNÎMJBu"QPCSF[B
MFWPVBTNVMIFSFTBiUSPDBSFNTFYPQPSVNBGBUJBEFQÈPuFSBiPUÙNVMPEBTSFMBÉ×FTIVNBOBTu<>
/VNFSPTPT FTUVEPT DPOUFNQPSÄOFPT KPHBSBN OPWB MV[ TPCSF BT SFMBÉ×FT FOUSF P EFTFNQSFHP F B
QSPTUJUVJÉÈPEVSBOUFB/&1"*SWJOH TPDJÓMPHPRVFQVCMJDPVVNFTUVEPTPCSFBTQSPTUJUVUBTFN PCTFSWPV
RVF  EBT  QSPTUJUVUBT RVF FMF FOUSFWJTUPV FOUSBSBN QBSB B QSPTUJUVJÉÈP EFQPJT EF  $SJUJDBOEP PT
FGFJUPTEB/&1TPCSFBTNVMIFSFT FMFFTDSFWFV

" QPSDFOUBHFN FYUSBPSEJOBSJBNFOUF BMUB EF QSPTUJUVUBT RVF DPNFÉBSBN OP QFSÎPEP EB /&1  FN DPOUSBTUF DPN P JOTJHOJGJDBOUF OÙNFSP EF
QSPTUJUVUBTUSBCBMIBOEPEFTEFPTQSJNFJSPTBOPTEB3FWPMVÉÈP EFNPOTUSBNRVFB/&1OÈPÊWBOUBKPTBEFGPSNBBMHVNB

*SWJOHDPODMVJVRVFiB/&1 TVBTUFOUBÉ×FTFPEFTFNQSFHPEFUSBCBMIBEPSBTTÈPPTQSJODJQBJTGBUPSFTEB
QSPTUJUVJÉÈPu<>0QSPGFTTPS/%VCPTIJOTLJJEFTDPCSJVFNTFVFTUVEPDPNQSPTUJUVUBTEF.PTDPV FN
RVFEBTNVMIFSFTIBWJBNTFUPSOBEPQSPTUJUVUBTQPSOFDFTTJEBEF&OUSFWJTUBOEPNVMIFSFT FMFEFTDPCSJV
RVF  EBT NVMIFSFT IBWJBN UFOUBEP BCBOEPOBS B QSPTUJUVJÉÈP  NBT OÈP DPOTFHVJSBN FODPOUSBS FNQSFHP
%VCPTIJOTLJJDPODMVJVi"GPNFÊPGBUPSNBJTJNQPSUBOUFOBQSPTUJUVJÉÈPu<>0VUSPFTUVEPBQPOUBUBNCÊNRVF
FNCPSBEBTQSPTUJUVUBTUJWFTTFNBMHVNBRVBMJGJDBÉÈPEFUSBCBMIP BQFOBTFSBNRVBMJGJDBEBTPTVGJDJFOUF
QBSB DPOTFHVJSFN USBCBMIBS QPS DPOUB QSÓQSJB " NBJPSJB EFTTBT NVMIFSFT FSBN DPTUVSFJSBT EF WFTUJEPT  VNB
PDVQBÉÈP FN RVF PT TBMÃSJPT FSBN CBJYPT  F P FNQSFHP  JSSFHVMBS F JODFSUP<> 0T SFTUBOUFT  FSBN
EFQFOEFOUFTEPIPTUJMNFSDBEPEFUSBCBMIPQBSBPCUFSFNFNQSFHP& NFTNPRVBOEPFNQSFHBEBT BTNVMIFSFT
FSBNPDBTJPOBMNFOUFGPSÉBEBTÆQSPTUJUVJÉÈPEFWJEPBTVBDPODFOUSBÉÈPOPTUSBCBMIPTNBMSFNVOFSBEPTFTFN
RVBMJGJDBÉÈP 6N FTUVEP EF  NPTUSPV RVF NVJUBT PQFSÃSJBT GBCSJT TF WBMJBN EB QSPTUJUVJÉÈP QBSB
DPNQMFNFOUBSFNTFVTTBMÃSJPT <>
" NBJPSJB EBT QSPTUJUVUBT OPT BOPT  UJOIB PSJHFN OB DMBTTF USBCBMIBEPSB 0 FTUVEP EF %VCPTIJOTLJJ
TPCSFBTQSPTUJUVUBTEF.PTDPVEFNPOTUSPVRVFWJOIBNEFTTBDMBTTF%BTSFTUBOUFT FSBNEBBSJTUPDSBDJB
PVEBCVSHVFTJB EBJOUFMMJHFOUTJBFUSBCBMIBWBNQPSDPOUBQSÓQSJBFNPDVQBÉ×FTBSUFTBOBJT DPOGFDÉÈP
EFWFTUJEPTFDPTUVSB%BTUSBCBMIBEPSBT FSBNFYFNQSFHBEBT IBWJBNUSBCBMIBEPOB/BSQJU FSBN
USBCBMIBEPSBT GBCSJT   FSBN WFOEFEPSBT F  USBCBMIBWBN OPT TFSWJÉPT EF TBÙEF " BOUJHB PDVQBÉÈP EPT
SFTUBOUFT  EP UPUBM FSB EFTDPOIFDJEB "T FTUBUÎTUJDBT FOGBUJ[BWBN P JNQBDUP EB /&1 RVBTF  EBT
USBCBMIBEPSBTIBWJBNFOUSBEPOBQSPTUJUVJÉÈP BEWJOEBTEFTFUPSFTRVFTPGSFSBNESÃTUJDPTDPSUFTEFQFTTPBM DPNP
B/BSQJU BTGÃCSJDBTFPTTFSWJÉPTEFTBÙEF<>
3FMBUPTSFWFMBSBNRVFNVJUBTNVMIFSFTUPSOBSBNTFQSPTUJUVUBTQPSRVFOÈPDPOTFHVJSBNFODPOUSBSPVUSPT
USBCBMIPT ,I  EF  BOPT  GPJ EFTDSJUB DPNP iVNB QFTTPB EPFOUF  FYBVSJEB  RVF QFSBNCVMBWB DPN PT PMIPT
MBDSJNFKBOUFTu$IPSBOEPFORVBOUPGBMBWBEFTVBWJEB FMBFYQMJDPVRVFDPNFÉPVBUSBCBMIBSFNVNBGÃCSJDBEF
UBCBDPDPNPO[FBOPT7FOEFVNFSDBEPSJBTQFMBTSVBT FOUSFF FEFQPJTUSBCBMIPVCSFWFNFOUFDPNP
EJBSJTUB %FTFNQSFHBEB FN TFHVJEB  GPJ QSFTB QPS EFGFOEFS PT MBNFOUÃWFJT SFTRVÎDJPT EF TVB EJHOJEBEF IBWJB
BUJSBEPVNBQFESBFNVNIPNFNOBSVBRVFBDIBNBSBEFWBEJB7 VNBFYQFSJFOUFDPTUVSFJSBEFBOPT DPN
EPJTBOPTEFFTDPMBTFDVOEÃSJB DPOUPVVNBEPMPSPTBIJTUÓSJBTPCSFTVBJOGSVUÎGFSBCVTDBQPSUSBCBMIPFTUÃWFM&MB
USBCBMIPVOVNBGÃCSJDBUËYUJMBUÊB3FWPMVÉÈP RVBOEPGPJEFNJUJEB&N BSSVNPVPVUSPFNQSFHP NBTGPJ
EFTQFEJEB OP NFTNP BOP 0VUSB EFNJTTÈP WFJP EFQPJT EF VNB DVSUB FYQFSJËODJB DPNP FOGFSNFJSB FN VN
IPTQJUBM &MB WFOEFV TFVT CFOT  QFÉB QPS QFÉB  F BDBCPV TFOEP QSFTB QPS GB[FSTBNPHPO VN UJQP EF CFCJEB
DBTFJSB
 2VBOEP EFJYPV B QSJTÈP  DPNFÉPV B USBCBMIBS DPNP QSPTUJUVUB 7 GPJ EFTDSJUB DPNP iVNB NVMIFS
EFWBTUBEB F EFTMFJYBEB  FN USBQPT TVKPT RVF NBM DPCSJBN TFV DPSQP  TFN TBQBUPTu $PN VNB WP[ EFSSPUBEB
FYQMJDPVRVFIBWJBQFSEJEPUPEBBFTQFSBOÉBEFDPOTFHVJSVNFNQSFHP
.VJUBTNVMIFSFTOÈPUJOIBNDBTBFTFQSPTUJUVÎBNQBSBDPNQSBSDPNJEB1 EFBOPT QFSEFVTVBDBTB
RVBOEPTFTFQBSPVEPNBSJEP%PSNJOEPFNWBH×FTEFUSFOTFBOEBOEPQPSBÎDPNCFTQSJ[PSOJLJ FMBTFQSPTUJUVJV
QBSBTPCSFWJWFS4 VNBTFNUFUPEFEF[FTTFUFBOPT WBHBWBNFOEJHBOEPFSPVCBOEPQPSBOPT1SJNFJSP IPNFOT
TFBQSPWFJUBSBNEFMBDPNQSPNFTTBTEFMFWÃMBQBSBDBTBFBMJNFOUÃMB&OUÈPiBQSFOEFVDPNPGB[FSuFTFUPSOPV
VNBQSPTUJUVUB&MBGB[JBTFYPDPNDJODPPVTFJTIPNFOTQPSOPJUF0VUSBKPWFNTFNUFUPEFTDSFWFVTVBWJEBFN
VN WBHÈP EF USFN  EPSNJOEP DPN EPJT PV USËT IPNFOT QPS OPJUF QPS RVBOUJBT EF DJORVFOUB DPQFRVFT B EPJT
SVCMPT.VJUPTEPTIPNFOTFSBNTFNUFUPUBNCÊN©TWF[FTFMBHBOIBWBVNBTVSSBFNWF[EPEJOIFJSP<>
&ORVBOUPPCFTQSJ[PSOJLJGFNJOJOPFSBTFNEÙWJEBSFTQPOTÃWFMQPSNVJUBTQSPTUJUVUBT VNFTUVEPQVCMJDBEP
FN  EFTDPCSJV RVF  EBT QSPTUJUVUBT EF .PTDPV NPSBWBN DPN TFVT QBJT  JSNÈPT PV PVUSPT QBSFOUFT
2VBTF  WJWJBN FN VN RVBSUP F EPSNJBN OB NFTNB DBNB RVF VN NFNCSP EF TVB GBNÎMJB<> &TTBT
NVMIFSFT OÈP UJWFSBN TVBT SFMBÉ×FT DPN B GBNÎMJB DPSUBEBT  NBT  QFMP DPOUSÃSJP  WJWJBN DPN FMBT FN CBJSSPT
QSÓYJNPT F  NVJUP QSPWBWFMNFOUF  DPOUSJCVÎBN DPN TFV EJOIFJSP EPMPSPTBNFOUF HBOIP QBSB P PSÉBNFOUP
EPNÊTUJDP4 VNBQSPTUJUVUBEFEF[PJUPBOPT FSBUÎQJDBOFTTFBTQFDUP&MBNPSBWBDPNTFVTQBJTFDJODPJSNÈPTF
JSNÈTFNVNRVBSUP4FVQBJ VNBODJÈPJOWÃMJEP SFDFCJBVNBQFOTÈPEFUSJOUBSVCMPTQPSNËT&MBDPNFÉPVB
USBCBMIBSDPNPQSPTUJUVUBBPTDBUPS[FBOPT RVBOEPGPJBCBOEPOBEBQPSVNUSBCBMIBEPSRVFIBWJBMIFQSPNFUJEP
DBTBNFOUP0VUSBKPWFNTFUPSOPVQSPTUJUVUBQBSBTVTUFOUBSTFVJSNÈPNBJTOPWPFBNÈFJEPTB/FOIVNBEBT
EVBTGBNÎMJBTKBNBJTTPVCFDPNPBTHBSPUBTHBOIBWBNPQÈPRVFBTBMJNFOUBWB<>
.VJUBT NVMIFSFT USBCBMIBWBN DPNP QSPTUJUVUBT QBSB TVTUFOUBS TFVT GJMIPT EFQFOEFOUFT 6NB NVMIFS
BCBOEPOBEB QPS TFV NBSJEP BQÓT WJOUF BOPT EF DBTBNFOUP  FYQMJDPV i'VJ QBSB B SVB DIPSBOEP 5JOIB EF
TVTUFOUBSNJOIBGJMIBFQSPUFHËMBEPNFTNPEFTUJOPu&MBGB[JBTFYPDPNDFSDBEFRVBUSPIPNFOTQPSTFNBOB
TVQPSUBOEP TFVT iNBVTUSBUPT  FTQBODBNFOUPT F FYJHËODJBT QFSWFSTBTu "  EF  BOPT  FTUBWB TFQBSBEB EF TFV
NBSJEP F TVTUFOUBOEP TVB GJMIB CFCË &MB HBOIBWB DFSDB EF DFN SVCMPT QPS NËT DPNP QSPTUJUVUB  F FTUBWB
FDPOPNJ[BOEP QBSB DPNQSBS VNB NÃRVJOB EF DPTUVSB ,  EF  BOPT  FSB EJWPSDJBEB  DPN VNB GJMIB EF PJUP
NFTFT5T USJOUB UBNCÊNEJWPSDJBEB DPNEPJTGJMIPTQFRVFOPTFVNBNÈFJEPTBQBSBTVTUFOUBS6NBNVMIFS
IBWJBTJEPEPOBEFDBTBBUÊRVFBNPSUFEFTFVNBSJEPBGPSÉPVBQSPDVSBSUSBCBMIP%FNJUJEBBQÓTDJODPNFTFT
FNVNBPGJDJOBEFDPTUVSB FMBUJOIBVNGJMIPQFRVFOP EVBTJSNÈTNBJTOPWBTFVNBTPHSBEFQFOEFOEPEFTFVT
HBOIPT i&V RVFSJB NF DBTBS OPWBNFOUFu  FMB EJTTF DPN USJTUF[B  iNBT OFOIVN IPNFN BDFJUBSJB VNB GBNÎMJB
BTTJNu<>
0TEPJTNBJPSFTHSVQPTEFQSPTUJUVUBTVSCBOBTFSBNBTCFTQSJ[PSOJLJmRVFSBQJEBNFOUFEFTDPCSJSBNRVFB
QSPTUJUVJÉÈP FSB NBJT MVDSBUJWB RVF B NFOEJDÄODJB m F BT NVMIFSFT EFTFNQSFHBEBT RVF OÈP DPOTFHVJBN
FODPOUSBSUSBCBMIPGJYP/BUVSBMNFOUF BTDBUFHPSJBTTFTPCSFQVOIBN QPJTBMJOIBEJWJEJOEPBTEFTFNQSFHBEBT
EBT TFNUFUP FSB UËOVF "T NVMIFSFT SFQFUJBN IJTUÓSJBT EF EJWÓSDJP  TFQBSBÉÈP F BCBOEPOP &MBT FSBN
GSFRVFOUFNFOUFPÙOJDPTVTUFOUPEFDSJBOÉBTQFRVFOBT JSNÈPTPVQBSFOUFTJEPTPT"QSPTUJUVJÉÈPSFQSFTFOUBWBP
EFTUJOPNBJTEPMPSPTP NBTOÈPPNBJTJNQSPWÃWFM EBTNVMIFSFTTFNNBSJEPTPCB/&1&SBVNBSJEJDVMBSJ[BÉÈP
EBJEFJBEFRVFBTNVMIFSFTFSBNJOEJWÎEVPTMJWSFTFJOEFQFOEFOUFT RVFQPEJBNFOUSBSFNVNBVOJÈPCBTFBEB
OBMJWSFFTDPMIB4FNVNTBMÃSJPJOEFQFOEFOUF BTNVMIFSFTFSBNGPSÉBEBTBPNFOPTMJWSFEPTBUPTHBOIBSVN
QPVDPEPTBMÃSJPEPTIPNFOTWFOEFOEPTVBTFYVBMJEBEFBRVFNBRVJTFTTF.VJUBTNVMIFSFTFYQSFTTBWBNVN
EFTFKPEFTFTQFSBEPEFEFJYBSBQSPTUJUVJÉÈP0VUSBTTFTFOUJBNQSPGVOEBNFOUFFOWFSHPOIBEBTQPSTVBTJUVBÉÈP
1BSBBNBJPSJB FSBPÙMUJNPSFDVSTPBOUFTEBGPNF

4BMÃSJPTCBJYPTFQPCSF[B

&ORVBOUPPEFTFNQSFHPQFSNBOFDJBDPNPVNBCBSSFJSBJOFHÃWFMQBSBBJOEFQFOEËODJBEBTNVMIFSFT B
TVB DPODFOUSBÉÈP OPT FNQSFHPT NBJT NBM SFNVOFSBEPT F TFN RVBMJGJDBÉÈP SFGPSÉBWB TVB EFQFOEËODJB EPT
IPNFOT$POUVEP QPSNBJTFTDBTTBRVFGPTTFBTPNBEPTTBMÃSJPTEFVNBGBNÎMJBUSBCBMIBEPSB PTTBMÃSJPTNBJT
BMUPT EPT IPNFOT BTTFHVSBWBN VN QBESÈP EF WJEB NFMIPS QBSB TVB NVMIFS F GJMIPT .FTNP TF VNB NVMIFS
USBCBMIBTTF PEJWÓSDJPTJHOJGJDBWBVNBRVFEBTVCTUBODJBMFNTFVQBESÈPEFWJEB
"T NVMIFSFT SFDFCJBN BQFOBT  EPT HBOIPT EPT IPNFOT FN NFBEPT EPT BOPT EF  &N   B
NÊEJB EP TBMÃSJP EBT USBCBMIBEPSBT EB JOEÙTUSJB FSB EF   SVCMPT QPS NËT " NBJPSJB EBT NVMIFSFT
USBCBMIBEPSBT 
HBOIBWBFOUSFWJOUFFRVBSFOUBSVCMPTDFSDBEFHBOIBWBNNFOPTEFWJOUFSVCMPT NBT
BQFOBTBQSPYJNBEBNFOUFHBOIBWBNNBJTEFTFTTFOUB)BWJBOPUBWFMNFOUFQPVDBTNVMIFSFTOBFYUSFNJEBEF
TVQFSJPS EB FTDBMB TBMBSJBM 0T TBMÃSJPT CBJYPT EBT NVMIFSFT OÈP QPEJBN TFS BUSJCVÎEPT BP GBUP EF RVF
USBCBMIBTTFN NFOPT IPSBT EP RVF PT IPNFOT )PNFOT F NVMIFSFT USBCBMIBWBN BQSPYJNBEBNFOUF P NFTNP
OÙNFSP EF EJBT QPS NËT F IPSBT QPS EJB<> "T NVMIFSFT HBOIBWBN TBMÃSJPT NBJT CBJYPT QPSRVF FTUBWBN
DPODFOUSBEBTOPTUSBCBMIPTCSBÉBJT TFNRVBMJGJDBÉÈP OPGVOEPEBFTDBMBTBMBSJBM
0T DPSUFT RVF PDPSSFSBN EVSBOUF B /&1 UJWFSBN P FGFJUP EF BGBTUBS BT NVMIFSFT EB JOEÙTUSJB QFTBEB F
NBOEÃMBT EF WPMUB QBSB PT USBCBMIPT USBEJDJPOBJT RVF UJOIBN BOUFT EB HVFSSB "T NVMIFSFT  TVCJUBNFOUF
SFNPWJEBT EB NJOFSBÉÈP  NFUBMVSHJB F HSÃGJDB  SFUPSOBSBN Æ JOEÙTUSJB BMJNFOUÎDJB  UËYUJM F EF DPTUVSB  PT
USBEJDJPOBJT F NBM SFNVOFSBEPT CBTUJ×FT EP USBCBMIP GFNJOJOP "T NVMIFSFT TPGSFSBN EFNJTT×FT FN UPEBT BT
JOEÙTUSJBTEFWJEPBTVBGBMUBEFFTQFDJBMJ[BÉÈP NBTPTDPSUFTNBJTBHVEPTGPSBNOBTJOEÙTUSJBTFNRVFIBWJBN
FOUSBEPQFMBQSJNFJSBWF[EVSBOUFPTBOPTEBHVFSSB/BJOEÙTUSJBNFUBMÙSHJDB QPSFYFNQMP BQBSDFMBGFNJOJOB
EB GPSÉB EF USBCBMIP DBJV EF  FN  QBSB  FN   VNB SFEVÉÈP EF  /B NJOFSBÉÈP  B QBSDFMB
GFNJOJOBDBJVEF FNQBSB FNFOBQSPEVÉÈPEFNÃRVJOBTEF FNQBSB 
FN  &ORVBOUP B QBSDFMB EP USBCBMIP GFNJOJOP EFDSFTDJB OB JOEÙTUSJB QFTBEB  FMB BVNFOUBWB OB JOEÙTUSJB
MFWFFTFUPSEFTFSWJÉPT"QPSDFOUBHFNEFNVMIFSFTUSBCBMIBEPSBTOB/BSQJUBVNFOUPVEFFNQBSB
FNEFQBSBOPTTFSWJÉPTEFTBÙEFFEFQBSBOBTGÃCSJDBTUËYUFJT <>4VBQBSDFMBFN
UPEPTPTSBNPTEBJOEÙTUSJBBMJNFOUÎDJBUBNCÊNBVNFOUPV<>&OUSFF NVMIFSFTFOUSBSBNOB
GPSÉBEFUSBCBMIPJOEVTUSJBM BJOEBRVFEFTUBTUFOIBNJOHSFTTBEPOPTTFUPSFTUSBEJDJPOBMNFOUFGFNJOJOPT
 BTTVNJSBN FNQSFHPT FN GÃCSJDBT UËYUFJT F NBJT  NJM OB QSPEVÉÈP EF DPNJEB<> "T NVMIFSFT
QFSEFSBNPRVFIBWJBNHBOIBEPEVSBOUFBHVFSSB$POGPSNFBFDPOPNJBTFSFDVQFSBWBHSBEVBMNFOUF BEJWJTÈP
QSÊHVFSSBEFHËOFSPOPUSBCBMIPTFSFTUBCFMFDJB DPODFOUSBOEPBTNVMIFSFTOPTTFUPSFTNBJTNBMSFNVOFSBEPT
EBFDPOPNJBFOPTFNQSFHPTNBJTNBMSFNVOFSBEPTFTFNRVBMJGJDBÉÈPEFOUSPEFDBEBTFUPS
"T EFMFHBEBT EP $POHSFTTP EF .VMIFSFT PCTFSWBSBN DPNP B GBMUB EF RVBMJGJDBÉÈP EBT NVMIFSFT BQBSFDJB
DPNQBSUJDVMBSSFMFWPOBTEFDJT×FTBSFTQFJUPEFDPOUSBUBÉ×FT EFNJTT×FTFQSPNPÉ×FT0THFSFOUFTEBTGÃCSJDBT
GSFRVFOUFNFOUF KVTUJGJDBWBN B EFNJTTÈP EF NVMIFSFT DPN CBTF OP GBUP EF RVF FMBT OÈP UJOIBN B RVBMJGJDBÉÈP
OFDFTTÃSJBQBSBQSFFODIFSPTDBSHPTEFNFMIPSTBMÃSJP&TVBGBMUBEFRVBMJGJDBÉÈPBTNBOUJOIBOBTGJMFJSBTEPT
EFTFNQSFHBEPT ,PSPULPWB  VNB EFMFHBEB EB $SJNFJB  PCTFSWPV i4F WPDË PMIBS OPT DFOUSPT EF FNQSFHP
FODPOUSBSÃBQFOBTNVMIFSFT/JOHVÊNRVFSDPOUSBUÃMBTQPSRVFOÈPQPTTVFNRVBMJGJDBÉÈPu<>
/P FOUBOUP  PVUSBT NVMIFSFT PCTFSWBSBN RVF B EJTDSJNJOBÉÈP QFSTJTUJB NFTNP RVBOEP FMBT BERVJSJBN
OPWBT IBCJMJEBEFT EF USBCBMIP 1FUSPWTLBJB  VNB EFMFHBEB VDSBOJBOB  FYQMJDPV RVF B GÃCSJDB FN TVB DJEBEF
FNQSFHBWB RVJOIFOUBT NVMIFSFT  IBWJBN BQSFOEJEP OPWBT IBCJMJEBEFT  NBT BQFOBT VNB PV EVBT GPSBN
QSPNPWJEBT B QPTUPT NFMIPSFT i$PN MÃHSJNBT  DPN HSJUPT  WPDË WBJ B UPEB QBSUFu  EJTTF FMB JOEJHOBEB  iBPT
HFSFOUFT EBT GÃCSJDBT  BPT TVQFSWJTPSFT  NBT OPTTB BENJOJTUSBÉÈP BJOEB UFN B WFMIB WJTÈP TPCSF BT NVMIFSFT
USBCBMIBEPSBT " BENJOJTUSBÉÈP BDIB RVF BT NVMIFSFT EFWFSJBN BQFOBT WBSSFS P DIÈPu "T NVMIFSFT GBMBWBN
BNBSHBNFOUFOÈPBQFOBTEFHFSFOUFT NBTEPTUSBCBMIBEPSFTIPNFOTUBNCÊN BDVTBOEPPTEFBUJUVEFTTFYJTUBT
FQSÃUJDBTRVFEFCJMJUBWBNBJHVBMEBEFOPBNCJFOUFEFUSBCBMIP.FTNPRVBOEPTFVTDPMFHBTEPTFYPNBTDVMJOP
OÈP FSBN BUJWBNFOUF IPTUJT  BJOEB BTTJN FSBN DPOEFTDFOEFOUFT DPN BT NVMIFSFT F NFOPTQSF[BWBN TVBT
IBCJMJEBEFT0TIPNFOTOPTQÃUJPTEFUSFOT[PNCBWBNEBTUSBCBMIBEPSBT SJOEPFOUSFTJFQFSHVOUBOEPi0RVF
B TCBCBT <NVMIFSFT> WÈP GB[FS OB PGJDJOB u i&MFT JOUFSGFSFN FN UVEP RVF OPT EJHB SFTQFJUPu  VNB EFMFHBEB
EFDMBSPVGVSJPTBNFOUF iFMFTJOUFSGFSFNOBQSPNPÉÈPEBTNVMIFSFTBQPTUPTNBJTFMFWBEPTFRVBMJGJDBEPTu<>
"T FTUBUÎTUJDBT EFNPOTUSBWBN VNB EJWJTÈP BHVEB FOUSF USBCBMIP NBTDVMJOP F GFNJOJOP FN UPEBT BT
JOEÙTUSJBT FYDFUP B UËYUJM  OB RVBM BT NVMIFSFT TVQFSBWBN MBSHBNFOUF P OÙNFSP EF IPNFOT 2VBTF  EPT
IPNFOTFNQSFHBEPTOBJOEÙTUSJBFNFTUBWBNFNUSBCBMIPTRVBMJGJDBEPTPVUSPTFTUBWBNFNFNQSFHPT
TFNJRVBMJGJDBEPT F NFOPT EF  FTUBWBN FN QPTJÉ×FT TFN RVBMJGJDBÉÈP 1BSB BT NVMIFSFT  P OÙNFSP FSB P
DPOUSÃSJP BQFOBT  USBCBMIBWBN FN FNQSFHPT RVBMJGJDBEPT DFSDB EF  FN TFNJRVBMJGJDBEPT F PT 
SFTUBOUFTFNFNQSFHPTTFNRVBMJGJDBÉÈP"DPODFOUSBÉÈPEFNVMIFSFTFNFNQSFHPTTFNRVBMJGJDBÉÈPTFSFGMFUJB
OB DMBTTJGJDBÉÈP EF TFVT FNQSFHPT &N VNB FTDBMB EF UPEB B JOEÙTUSJB RVF JB EF  B    EBT NVMIFSFT
FTUBWBNDPODFOUSBEBTOPTOÙNFSPTEFB"WBTUBNBJPSJBEPTIPNFOT 
DPOUVEP FTUBWBNOPPVBDJNB
&ORVBOUP NFOPT EF  EPT IPNFOT FTUBWBN OPT QBUBNBSFT EF  B   RVBTF  EBT USBCBMIBEPSBT TF
FODPOUSBWBNOFTTBTDBUFHPSJBT0QBUBNBSNÊEJPQBSBPTUSBCBMIBEPSFTFSB QBSBBTUSBCBMIBEPSBT  <>"UÊ
  QPVDP IBWJB NVEBEP VN RVBSUP EPT IPNFOT PDVQBWB BMUBT DMBTTJGJDBÉ×FT EF FNQSFHP QBUBNBS  PV
BDJNB
NBTBQFOBT EBTNVMIFSFT <>
"MÊNEPNBJT NFTNPIPNFOTFNVMIFSFTRVFPDVQBWBNBTNFTNBTQPTJÉ×FTSFDFCJBNTBMÃSJPTEJGFSFOUFT
6NBEFMFHBEBEP$POHSFTTPEF.VMIFSFTPCTFSWPVGVSJPTBNFOUFi6NBNVMIFSOFNTFNQSFSFDFCFPNFTNP
TBMÃSJP RVF VN IPNFN BJOEB RVF GBÉBN USBCBMIPT JHVBJTu &MB SFDMBNPV RVF PT IPNFOT DPN RVBMJGJDBÉÈP
SFDFCJBNUPEPTPTQSJWJMÊHJPT.FTNPPTNBDBD×FTOÈPFSBNEJTUSJCVÎEPTJHVBMNFOUF<>Ƣ6NBQFTRVJTBTBMBSJBM
EF USBCBMIBEPSFT TFN RVBMJGJDBÉÈP FN EJWFSTBT JOEÙTUSJBT FN  SFWFMPV RVF BT NVMIFSFT HBOIBWBN
DPOTJEFSBWFMNFOUF NFOPT RVF TFVT DPMFHBT IPNFOT OPT NFTNPT FNQSFHPT DFSDB EF  NFOPT OB JOEÙTUSJB
NFUBMÙSHJDB EFBMHPEÈPFCPSSBDIBNFOPTOBEFUBCBDPFNFOPTOBQSPEVÉÈPEFTBQBUPT <>
"T EFMFHBEBT OP $POHSFTTP GPSBN SÃQJEBT FN FTUBCFMFDFS B DPOFYÈP FOUSF B GBMUB EF RVBMJGJDBÉÈP EBT
NVMIFSFT F TFVT CBJYPT TBMÃSJPT B VNB TÊSJF EF PVUSPT QSPCMFNBT FMBT FSBN NBJT TVTDFUÎWFJT ÆT EFNJTT×FT PT
IPNFOTBTUSBUBWBNDPNEFTQSF[POPUSBCBMIPCBJYPTTBMÃSJPTSFGPSÉBWBNTVBEFQFOEËODJBFNSFMBÉÈPÆGBNÎMJB
6NBEFMFHBEBPCTFSWPVRVFBJODBQBDJEBEFEFVNBNVMIFSQBSBTVTUFOUBSTVBGBNÎMJBTFNVNIPNFNFSBVNB
JNQPSUBOUF DBVTB EFCF[QSJ[PSOPTU i*NBHJOF B TJUVBÉÈP EF VNB NVMIFS SFDFCFOEP VN TBMÃSJP OB DBUFHPSJB EF
OÎWFMu FMBEJTTF iRVFUFNRVBUSPGJMIPTFNTVBTNÈPTFOÈPQPTTVJRVBMRVFSFTQFSBOÉBEFTFSDBQB[EFMIFT
QSPWFS TVTUFOUP OP GVUVSPu 0 QSPCMFNB EPCFTQSJ[PSOPTU FMBEJTTF UJOIBEFTFSSFTPMWJEPQFMBSBJ[GPSOFDFOEP
RVBMJGJDBÉÈPÆTNVMIFSFT <>
"T EFMFHBEBT EP $POHSFTTP TF SFQPSUBWBN SFQFUJEBNFOUF Æ JNQPSUÄODJB EF VN TBMÃSJP JOEFQFOEFOUF "
WJTÈP EB MJCFSBÉÈP EBT NVMIFSFT B QBSUJS EB JOEFQFOEËODJB FDPOÔNJDB BOJNBWB UPEBT BT EJTDVTT×FT 6NB
EFMFHBEBGBMPVQPSNVJUBTRVBOEPQSPDMBNPV

0RVFEÃQBSBOÓT NVMIFSFT BCBTFQBSBEJSFJUPTJHVBJT PRVFGPSUBMFDFOPTTBJOEFQFOEËODJB /PTTPTBMÃSJPJOEFQFOEFOUF5PEBTOÓT NVMIFSFT


TBCFNPTRVFVNTBMÃSJPJOEFQFOEFOUFOPTGPSOFDFMJCFSEBEF GPSÉBOEPBRVFMFTBPOPTTPSFEPSBOPTUSBUBSFNDPNPVNNFNCSPJHVBMEBTPDJFEBEF
FEBGBNÎMJB<>

.VMIFSFT EF UPEBT BT QBSUFT EP QBÎT MFWBOUBWBN P QFSTJTUFOUF QSPCMFNB EB GBMUB EF RVBMJGJDBÉÈP EBT
NVMIFSFT&MBTDPNQSFFOEJBNDMBSBNFOUFRVF TFNRVBMJGJDBÉÈPFTBMÃSJPTNBJTBMUPT BJHVBMEBEFTPDJBMFSB OB
NFMIPSEBTIJQÓUFTFT VNBQSPQPTJÉÈPJMVTÓSJB

%FQFOEËODJBSFQSPEVUJWBFBEJWJTÈPEPUSBCBMIPQPSHËOFSPT

"IBCJMJEBEFEBTNVMIFSFTFNBEFOUSBSPBNCJFOUFEFUSBCBMIP NFMIPSBSTVBRVBMJGJDBÉÈP BQSPGVOEBSTVB


FEVDBÉÈPFQBSUJDJQBSEFVNNVOEPQÙCMJDPFQPMÎUJDPNBJTBNQMPTFFODPOUSBWBDPNQSPNFUJEBOÈPBQFOBTQPS
TFVT CBJYPT TBMÃSJPT  NBT UBNCÊN QPS TVBT SFTQPOTBCJMJEBEFT DPN SFMBÉÈP ÆT DSJBOÉBT  RVF OÈP IBWJBN TJEP
BMJWJBEBT7FSB-FCFEFWB DIFGFEP%FQBSUBNFOUPQBSBB1SPUFÉÈPEB.BUFSOJEBEFFEB*OGÄODJB 0..
EJTTFBP
$POHSFTTPEF.VMIFSFT
/ÓTPVWJNPTEFWPDËTBTEJGJDVMEBEFTRVFBTNVMIFSFTFODPOUSBSBNQBSBHBOIBSTFVEJSFJUPBPUSBCBMIP PEJSFJUPFBPQPSUVOJEBEFEFEFNPOTUSBS
TVBJOJDJBUJWB<>&TTBTEJGJDVMEBEFTTÈPDSJBEBT FNVNBNFEJEBTJHOJGJDBUJWB QPSRVFBTNÈPTEBTNVMIFSFTFTUÈPBUBEBTQFMBNBUFSOJEBEF<>

0OÙNFSPEFFTUBCFMFDJNFOUPTEFDVJEBEPTQBSBDSJBOÉBTEJTQPOÎWFJTJNFEJBUBNFOUFBQÓTB3FWPMVÉÈPFSB
MBNFOUBWFMNFOUF QFRVFOP  BJOEB RVF UFOIB DSFTDJEP EF GPSNB JNQSFTTJPOBOUF EVSBOUF PT BOPT EB HVFSSB DJWJM
WFS5BCFMB
0OÙNFSPEFDSFDIFTSFHJPOBJTFFNGÃCSJDBTTVCJVEFNFSBTFNQBSBFNMBSFT
FTQFDJBJTQBSBNVMIFSFTTPMUFJSBTDPNDSJBOÉBTGPSBNFTUBCFMFDJEPTFNUPEPPQBÎT FPOÙNFSPEFMBSFTJOGBOUJT
QBSBÓSGÈPTBVNFOUPVESBTUJDBNFOUF.BTB/&1UFWFVNFGFJUPESBNÃUJDPTPCSFPTFTUBCFMFDJNFOUPTEJTQPOÎWFJT
QBSBNVMIFSFTFDSJBOÉBT&NBQFOBTVNBOP FOUSFF NBJTEBNFUBEFEBTDSFDIFTFMBSFTQBSBNÈFT
TPMUFJSBTGFDIPVTVBTQPSUBTFPTGFDIBNFOUPTQFSTJTUJSBNQPSNBJTEPJTBOPT2VBTFUPEPTPTTFSWJÉPTEFTUJOBEPT
BNVMIFSFTFDSJBOÉBTGPSBNBHVEBNFOUFSFEV[JEPT

.VJUBTEFMFHBEBTEP$POHSFTTPEF.VMIFSFTGBMBSBNTPCSFPTJNQBDUPTEB/&1FBOFDFTTJEBEFEFNBJT
DSFDIFT F MBSFT JOGBOUJT ;JV[JOB  EP $BTBRVJTUÈP  DPNFOUPV RVF UPEPT PT MBSFT JOGBOUJT FN TVB DJEBEF IBWJBN
GFDIBEP6NBNÈFTPMUFJSBOÈPUJOIBOFOIVNMVHBSBPRVBMSFDPSSFSQBSBDPOTFHVJSRVFDVJEBTTFNEFTFVGJMIP
i&MB P EFJYB Æ NFSDË EP EFTUJOP PV P BUJSB FN BMHVN UJQP EF BCJTNPu  DPNFOUPV ;JV[JOB  SFGFSJOEPTF Æ
EFTFTQFSBEBQSÃUJDBEPJOGBOUJDÎEJP"TNVMIFSFTEFTFNQSFHBEBTOÈPFSBNDPCFSUBTQFMPTFHVSPFOÈPSFDFCJBN
BKVEBBMHVNBDPNBHSBWJEF[ PQBSUPPVPDVJEBEPDPNPTGJMIPTi5VEPJTTPSFDBJTPCSFPTNBJTQPCSFTu EJTTF
;JV[JOB i" NÈF EFTFNQSFHBEB OÈP DPOTFHVF FNQSFHP OFN BTTJTUËODJBu 0VUSB EFMFHBEB QFEJV QPS NBJT
BTTJTUËODJB ÆT DSJBOÉBT i&N MVHBS BMHVN IÃ VNB EFTUSVJÉÈP EB GBNÎMJB DPNP FN .VSNBOTLu  FYQMJDPV FMB
6SBJNBHPWB  VNB EFMFHBEB EB 0TTÊUJB EP /PSUF  BGJSNPV i1BSB DSJBS NVMIFSFT MJWSFT  OÓT QSFDJTBNPT DSJBS BT
DPOEJÉ×FT OFDFTTÃSJBT DSFDIFT TÈP JNQPSUBOUFT  <BTTJN DPNP> KBSEJOT EF JOGÄODJB F PVUSBT PSHBOJ[BÉ×FT QBSB
DSJBOÉBTu6NBPVUSBEFMFHBEBNFODJPOPVVNOPWPFTUBCFMFDJNFOUPGBCSJMDPOTUSVÎEPOBQSPWÎODJBEF*WBOPWP
7PTOFTFOTL  VN HSBOEF DFOUSP UËYUJM  RVF FNQSFHBWB NJMIBSFT EF NVMIFSFT i.BT P RVF OÓT GJ[FNPT OFTTF
FTUBCFMFDJNFOUP u FMBJORVJSJVi/ÓTGJ[FNPTBMHPQBSBMJCFSUBSBTNVMIFSFT /ÈPIÃRVBTFOBEBMÃmOFOIVN
SFTUBVSBOUF QÙCMJDP  OFOIVNB DSFDIF  OFOIVN CFSÉÃSJP <> /ÓT EFWFNPT UFS B MJCFSUBÉÈP EBT NVMIFSFT FN
NFOUFRVBOEPSFBMJ[BNPTBDPOTUSVÉÈPEFNPSBEJBu<>
$SFDIFTFPVUSBTJOTUJUVJÉ×FTEFBNQBSPÆNBUFSOJEBEFOÈPGPSBNPTÙOJDPTTFSWJÉPTTPDJBJTBTPGSFSFNTPC
B/&1%VSBOUFBHVFSSBDJWJM VNHSBOEFOÙNFSPEFQFTTPBT JNQFMJEBTQFMBEFTWBMPSJ[BÉÈPEPSVCMP GB[JBTVBT
SFGFJÉ×FT OPT SFTUBVSBOUFT DPNVOJUÃSJPT TUPMPWZF
 2VBOEP B GPNF BNFBÉPV 1FUSPHSBEP FN   P HPWFSOP
SBQJEBNFOUFPSHBOJ[PVTUPMPWZFOBTGÃCSJDBTFMPDBJTEFUSBCBMIP FFNKBOFJSPEFFMFTKÃTFSWJBNRVBTFVN
NJMIÈP EF QFTTPBT "QÓT PT EFDSFUPT EF  BVUPSJ[BOEP DPNJEB HSBUVJUB QBSB DSJBOÉBT   EPT KPWFOT
IBCJUBOUFT EB DJEBEF QBTTBSBN B SFDFCFS SFGFJÉ×FT HSBUVJUBT /B QSPWÎODJB EF 1FUSPHSBEP   QFTTPBT
SFDFCJBN BMJNFOUBÉÈP EP HPWFSOP  EB QPQVMBÉÈP GB[JBN TVBT SFGFJÉ×FT OPTTUPMPWZF &N .PTDPV  PT
SFGFJUÓSJPTDPNVOJUÃSJPTGPSBNPSHBOJ[BEPTVNQPVDPNBJTUBSEF BJOEBRVFFNBDJEBEFPTUFOUBTTFNJM
QPTUPTBMJNFOUBSFT TFSWJOEPNJMQFTTPBT PVEBQPQVMBÉÈP$FOUFOBTEFSFGFJUÓSJPT DP[JOIBTEFTPQB
FTUBÉ×FT BMJNFOUBSFT F FTDPMBT QSPWJBN ÆT DSJBOÉBT TVBT SFGFJÉ×FT EJÃSJBT 0T SFGFJUÓSJPT DPNVOJUÃSJPT GPSBN
PSHBOJ[BEPTNBJTSÃQJEBFFGFUJWBNFOUFFNÃSFBTDPNHSBOEFQPQVMBÉÈPEFPQFSÃSJPTGBCSJT DPNP7JBULB 1FSN
*BSPTMBWMF5VMB NBTNBJTEFVNUFSÉPEBQPQVMBÉÈPFNQSPWÎODJBT NBJTEF NJMI×FTEFQFTTPBT
SFDFCJBN
SFGFJÉ×FTEFEJTQFOTBTDPNVOBJT <>
0TJTUFNBEFBMJNFOUBÉÈPTPDJBM DPNPNVJUPTQSPHSBNBTFNFSHFODJBJTDPOTUSVÎEPTÆTQSFTTBT BQSFTFOUBWB
NVJUPT QSPCMFNBT "T QFTTPBT FTQFSBWBN FN MPOHBT GJMBT QBSB FOUSBS FN SFGFJUÓSJPT TVKPT  OPT RVBJT B DPNJEB
GSFRVFOUFNFOUFFTUBWBFTUSBHBEB BTSFGFJÉ×FTFSBNQBSDBT PTQSBUPTFVUFOTÎMJPTFSBNJOTVGJDJFOUFT.VJUPTJBN
BPTTUPMPWZFBQFOBTQPSRVFBTMPKBTFTUBWBNWB[JBT FFMFTSFDFCJBNSFGFJÉ×FTFNWF[EFTBMÃSJPT$PNPDPMBQTPEF
VNB FDPOPNJB CBTFBEB FN EJOIFJSP  PTUPMPWZFUPNPVPMVHBSEFVNTJTUFNBEFUSPDBTNBJTDPNQMFYP1BSBP
HPWFSOP UPSOPVTFPNBJTFGJDJFOUF FNCPSBQSJNJUJWP NFJPEFBMJNFOUBSBQPQVMBÉÈPVSCBOB
$POUVEP NVJUPTWJBNPEFTFOWPMWJNFOUPEPTTUPMPWZFDPNPNBJTEPRVFVNBNFEJEBFDPOÔNJDB&MFTFSBN
DPOTJEFSBEPTVNQSJNFJSPQBTTPOBDPOTUSVÉÈPEFVNBFDPOPNJBWFSEBEFJSBNFOUFTPDJBMJTUBFOBFNBODJQBÉÈP
EBTNVMIFSFTEPTQFRVFOPTBGB[FSFTEPNÊTUJDPT4FVTEFGFOTPSFTBENJUJBNDPNGBDJMJEBEFRVFPTTUPMPWZFFSBN
JOBEFRVBEPT  NBT FTTB JOBEFRVBÉÈP FSB QSPEVUP EB FTDBTTF[ F EP DPMBQTP FDPOÔNJDP F OÈP EPTTUPMPWZF FN TJ
NFTNPT 0T SFTUBVSBOUFT QÙCMJDPT FSBN VN BWBOÉP TPDJBM  VNB WJUÓSJB TPCSF P DPOTVNP GBNJMJBS QSJWBEP  B
FODBSOBÉÈPEFiVNOPWPNPEPEFWJEBDPNVOJTUBu<>"TTJNDPNPNVJUBTEBTDBSBDUFSÎTUJDBTEP$PNVOJTNPEF
(VFSSBQPTUFSJPSNFOUFEFTDBSUBEBTDPNPJMVTÓSJBTPVQSFNBUVSBT PHSBOEFOÙNFSPEFQFTTPBTQBSUJDJQBOEPEP
OPWP TJTUFNB MFWPV B RVF NVJUPT P WJTTFN DPNP VN FYFNQMP CFNTVDFEJEP EP DPNVOJTNP FN BÉÈP "UJWJTUBT
BQPOUBWBNDPNPSHVMIPPT FTGPSÉPT CFNTVDFEJEPT EP HPWFSOP QBSB BMJNFOUBS NBJT EF  EB QPQVMBÉÈP FN
.PTDPVF1FUSPHSBEP*4UFQBOPW VNEJSJHFOUFQBSUJEÃSJP FTDSFWFVQPTUFSJPSNFOUFDPNOPTUBMHJB

%VSBOUF PT BOPT EP $PNVOJTNP EF (VFSSB OÓT DPOTFHVJNPT BMJNFOUBS BT DSJBOÉBT DPMFUJWBNFOUF 5PEPT OÓT  BEVMUPT  FTUÃWBNPT JOTBOB F
UFSSJWFMNFOUFGBNJOUPT NBTQPEÎBNPTEJ[FSDPNSB[ÈPQBSBUPEPPNVOEPBTDSJBOÉBTTÈPPTQSJNFJSPTDJEBEÈPTQSJWJMFHJBEPTEFOPTTBSFQÙCMJDB
/ÓT QPEÎBNPT EJ[FS RVF FTUÃWBNPT EBOEP QBTTPT BEJBOUF QBSB MJCFSUBS P BNPS EBRVFMFT FMFNFOUPT EFHSBEBOUFT F NPSUBJT  MJCFSUBOEP P BNPS EB
FDPOPNJBFBTNVMIFSFTEBFTDSBWJEÈPEPMBS<>

$PNPGJNEPTJTUFNBEFSBDJPOBNFOUPFN PTSFGFJUÓSJPTDPNVOJUÃSJPTDPNFÉBSBNBGFDIBS"TMPKBT
EFDPNJEBBCSJSBNOPWBNFOUF FPTUSBCBMIBEPSFTQBTTBSBNBSFDFCFSVNTBMÃSJPFNEJOIFJSP"JOEBRVFNVJUPT
FTUJWFTTFNGFMJ[FTFNUSPDBSPTTVKPTTUPMPWZFQPSTVBTSFGFJÉ×FTDBTFJSBT EJWFSTBTNVMIFSFTTFSFTTFOUJSBNBPWPMUBS
QBSB TVBT UBSFGBT OÈP SFNVOFSBEBT EF GB[FS DPNQSBT F DP[JOIBS QBSB B GBNÎMJB /VNFSPTBT USBCBMIBEPSBT
SFDMBNBWBNRVFBTUBSFGBTEPNÊTUJDBTUPNBWBNNVJUPEFTFVUFNQPFBTJNQFEJBNEFQBSUJDJQBSEFBUJWJEBEFT
GPSBEFDBTB6NBPQFSÃSJBGBCSJMEBQSPWÎODJBEF.PTDPVFTDSFWFVi6NBUSBCBMIBEPSBDIFHBFNDBTBBQÓTVN
EJBEFUSBCBMIPEFPJUPIPSBT KBOUBFNPJUPPVEF[NJOVUPTFNBJTVNBWF[FOGSFOUBVNBDBSHBEFFTGPSÉPGÎTJDP
MBWBSBTSPVQBT MJNQBSFUDui/ÈPFYJTUFNMJNJUFTQBSBPUSBCBMIPEPNÊTUJDPu TVTQJSPVPVUSB QPJTVNBNVMIFSÊ
iEJBSJTUB DP[JOIFJSB DPTUVSFJSB MBWBEFJSB FOGFSNFJSB NÈFBGFUVPTBFFTQPTBBUFODJPTB&RVBOUPUFNQPMFWBJSBP
NFSDBEP F BSSBTUBS P KBOUBS QBSB DBTBƢu<> $MBSBNFOUF  B SFUSBÉÈP EP TJTUFNB EF SFGFJUÓSJPT DPNVOJUÃSJPT OÈP
BGFUPV IPNFOT F NVMIFSFT EB NFTNB GPSNB &TUVEPT TPCSF P HBTUP EF UFNQP EFNPOTUSBSBN RVF BT NVMIFSFT
FSBNSFTQPOTÃWFJTQFMBNBJPSQBSUFEBTUBSFGBTEPNÊTUJDBTNFTNPTFUSBCBMIBTTFNGPSBEFDBTB"PQFSÃSJBGBCSJM
USBCBMIBWB PJUP IPSBT QPS EJB EB NFTNB GPSNB RVF TFV QBSDFJSP IPNFN  NBT RVBOEP SFUPSOBWB QBSB DBTB
FOGSFOUBWBNBJTDFSDBEFDJODPIPSBTEFUSBCBMIPEPNÊTUJDPPUSBCBMIBEPS BQFOBTEVBT0TIPNFOTUJOIBNFN
NÊEJBUSËTIPSBTFNFJBQBSBSFMBYBSEVSBOUFPEJBVNBNVMIFS BQFOBTEVBTIPSBTFWJOUFNJOVUPT0TIPNFOT
EPSNJBN VNB NÊEJB EF PJUP IPSBT NVMIFSFT  BQFOBT TFJT IPSBT F RVBSFOUB F DJODP NJOVUPT <> "T NVMIFSFT
HBTUBWBN FNNÊEJB EVBTWF[FTFNFJBNBJTUFNQPEPRVFPTIPNFOTFNUBSFGBTEPNÊTUJDBTF DPNPSFTVMUBEP
EJTTP  NBM UJOIBN NFUBEF EP UFNQP EF MB[FS<> %BEBT BT TVBT SFTQPOTBCJMJEBEFT EPNÊTUJDBT  OÈP FSB
TVSQSFFOEFOUFRVFBTNVMIFSFTUJWFTTFNVNBUBYBNBJTBMUBEFBOBMGBCFUJTNPFNFOPSJOUFSFTTFFNQPMÎUJDBF
BUVBMJEBEFT 6NB NVMIFS EJGJDJMNFOUF QPEFSJB DPNQBSUJMIBS EBT NFTNBT QSFPDVQBÉ×FT F JOUFSFTTFT EF TFV
NBSJEPRVBOEPTFVTIPSJ[POUFTFTUBWBNCMPRVFBEPT EJBBQÓTEJB QPSQJMIBTEFMFOÉÓJTFMPVÉBTVKB
.VJUBT EBT EFMFHBEBT EP $POHSFTTP EF .VMIFSFT  FN   SFJWJOEJDBWBN P SFUPSOP EP TJTUFNB EF
SFGFJUÓSJPT DPNVOJUÃSJPT BEPUBEP EVSBOUF P $PNVOJTNP EF (VFSSB .PJSPWB  VNB EFMFHBEB EB /BSQJU
BSHVNFOUPVRVFBTNVMIFSFTOÈPQPEFSJBNTFSMJWSFTFORVBOUPDP[JOIBS MJNQBSFPVUSBTUBSFGBTEPNÊTUJDBTOÈP
GPTTFNDPNQMFUBNFOUFTPDJBMJ[BEBT%JTTF

/ÓTBJOEBOÈPOPTMJCFSUBNPTEPGBSEPGBNJMJBSNFTNPFOUSFPTUSBCBMIBEPSFT RVFTFSÈPPTQSJNFJSPTBMJRVJEBSUPEPTPTWFTUÎHJPTEPQBTTBEPFN
TVBTGBNÎMJBT FTUÃDMBSPRVFBTNVMIFSFTRVFUSBCBMIBNFNGÃCSJDBTBJOEBTÈPGPSÉBEBTBDVJEBSEBTQBOFMBTFEPGPHÈP

&MB QFEJB NBJT SFTUBVSBOUFT QÙCMJDPT  SFGFJÉ×FT QBSB BT DSJBOÉBT F B EJTUSJCVJÉÈP EF SFGFJÉ×FT QSPOUBT FN
EPNJDÎMJP.PJSPWBFYPSUPVBTNVMIFSFTBFOUSBSFNOBTJOEÙTUSJBTEFTFSWJÉPT4FBTNVMIFSFTGPTTFNSFGSFBEBT
QFMB DSFOÉB EF RVF iBCBCVTILB <WPWÓ> OÈP GPJ VNB UPSOFJSB NFDÄOJDB  QPSUBOUP FV OÈP EFWP TFS VNB UPSOFJSB
NFDÄOJDBu iQPJTCFNu .PJSPWBSFUSVDPV iUPEBTBTOPTTBTCBCVTILJFSBNCPBTDP[JOIFJSBTu"TNVMIFSFTEFWJBN
VTBS BT IBCJMJEBEFT RVF UJOIBN QBSB TVB MJCFSUBÉÈP DPMFUJWB 0VUSB EFMFHBEB TVHFSJV RVF PT QSPCMFNBT EP
USBCBMIP EPNÊTUJDP F EP EFTFNQSFHP QPEFSJBN TFS SFTPMWJEPT TJNVMUBOFBNFOUF  DPMPDBOEP NVMIFSFT
EFTFNQSFHBEBTQBSBUSBCBMIBSFNOPWBTJOEÙTUSJBTEFTFSWJÉPTBPDPOTVNJEPS<>
&ORVBOUPBMFJWJBBTNVMIFSFTDPNPJHVBJTBPTIPNFOT PQBQFMEFMBTOPMBSNJOBWBBTVBJOEFQFOEËODJB
&ORVBOUP P USBCBMIP GPTTF TFHSFHBEP QPS HËOFSP  B EFQFOEËODJB FSB DPOGPSNBEB OB WJEB GBNJMJBS .PJSPWB
BSHVNFOUBWB RVF B TPDJBMJ[BÉÈP EP USBCBMIP EPNÊTUJDP FSB FTTFODJBM QBSB VN DBTBNFOUP JHVBMJUÃSJP F
DPNQBOIFJSP i/ÓT OÈP QPEFNPT DPOTJEFSBS B DPOTUSVÉÈP EP TPDJBMJTNP VN TVDFTTP TF OÈP GJ[FSNPT VNB
SFWPMVÉÈPCBTJMBSFNOPTTBTQSÓQSJBTGBNÎMJBTu EFDMBSPVFMB

&TUBNPTBDPTUVNBEBTBBTTPDJBSGPH×FT DP[JOIBT QBOFMBT CFSÉPTFCFCËTDIPSBOEPÆGBNÎMJB&NVNBTPDJFEBEFTPDJBMJTUB FTTBTQBSUFTEBGBNÎMJB


OÈP EFWFN FYJTUJS " GBNÎMJB EFWF DPOTJTUJS EF BNPS  DBNBSBEBT JHVBJT  DBEB VN EPT RVBJT USBCBMIBOEP OBRVJMP FN RVF QPEF TFS ÙUJM QBSB UPEB B
TPDJFEBEF<>

"TEJGJDVMEBEFTEBTNVMIFSFTJNQFMJSBNNVJUPTEFGFOTPSFTEFTFVTEJSFJUPTBVNBDSÎUJDBWPSB[EB/&10T
DSÎUJDPTDPOTJEFSBWBNPTESÃTUJDPTDPSUFTFNTFSWJÉPTTPDJBJTFFTUBCFMFDJNFOUPTQBSBDVJEBEPTJOGBOUJT PBVNFOUP
OPEFTFNQSFHPGFNJOJOPFBSFBQBSJÉÈPEBQSPTUJUVJÉÈPDPNPTJOBJTUBOHÎWFJTEPJNQBDUPOFHBUJWPEB/&1OBT
QFSTQFDUJWBT EF MJCFSUBÉÈP EBT NVMIFSFT 5SPUTLJ  EPMPSPTBNFOUF DJFOUF EBT DPOTFRVËODJBT TPDJBJT EB /&1
TVHFSJV RVF P WPMVOUBSJTNP F B BKVEB NÙUVB QPEFSJBN DPNQFOTBS P EFDSÊTDJNP OPT HBTUPT FTUBUBJT &MF
FTUJNVMPVBTGBNÎMJBTBTFBHSVQBSFNFNiVOJEBEFTDPMFUJWBTEFNBOVUFOÉÈPEBTDBTBTuFBFYQFSJNFOUBSFNB
TPDJBMJ[BÉÈP EP USBCBMIP EPNÊTUJDP  VNB UBSFGB RVF P &TUBEP iBJOEB OÈP QPEF TVQSJSu<> $POUVEP  PVUSPT
BUJWJTUBT GSFRVFOUFNFOUFBQPJBEPSFTEB/&1 FSBNDSÎUJDPTFNSFMBÉÈPBVNBFTUSBUÊHJBQBSBBMJCFSUBÉÈPCBTFBEB
TPNFOUFOPTFTGPSÉPTJOEJWJEVBJT-FCFEFWBMFNCSPVDPNPFYFNQMPBTNVMIFSFTDBNQPOFTBTRVFJBNEFWJMBFN
WJMBDPMFUBOEPPWPTFGBSJOIBQBSBTVTUFOUBSBTDSFDIFT4VBJOJDJBUJWBFSBMPVWÃWFM NBTPWPMVOUBSJTNPUJOIBTFVT
MJNJUFTQSPHSBNÃUJDPTi*TTPOÈPÊVNTJTUFNBu BGJSNPV-FCFEFWB iFVNBSFEFEFDSFDIFTOÈPQPEFTFSDSJBEB
QFMB DBSJEBEF EB QPQVMBÉÈP <> "T DSFDIFT EFWFN FOUSBS QFSNBOFOUFNFOUF OPT PSÉBNFOUPT EPT DPNJUËT
FYFDVUJWPTEPTEJTUSJUPTu&MBOPUPVRVFPTDFOUSPTOBTDJEBEFTTFSWJBNBQFOBTEBQPQVMBÉÈPUSBCBMIBEPSB F
B SFEF EF DVJEBEPT JOGBOUJT OÈP FTUBWB BDPNQBOIBOEP P DSFTDJNFOUP EP OÙNFSP EF NVMIFSFT USBCBMIBEPSBT
-FCFEFWBDPODMVJVFNUPNQFTTJNJTUBi"TJUVBÉÈPEBTNVMIFSFTOÈPFTUÃNFMIPSBOEP FTUÃQJPSBOEPFNUFSNPT
SFMBUJWPTu<>.VJUPTBUJWJTUBTEFGFOEJBNBQPTJÉÈPEFRVFBSFBOJNBÉÈPEBFDPOPNJBOÈPEFWFSJBTFSDPOTUSVÎEB
Æ DVTUB EBT OFDFTTJEBEFT EBT NVMIFSFT %FMFHBEBT EF VNB SFVOJÈP TPCSF P USBCBMIP GFNJOJOP  FN 
SBJWPTBNFOUF DIBNBSBN B BUFOÉÈP Æ iDBUBTUSÓGJDB TJUVBÉÈP EPT TFSWJÉPT QFOTBEPT QBSB QSPUFHFS NÈFT F GJMIPT
EFWJEP ÆT QSFTT×FT PSÉBNFOUÃSJBT EP &TUBEP EVSBOUF B /&1u "T EFMFHBEBT FYJHJSBN RVF P $PNJUË $FOUSBM
DPNQFMJTTFiP1BSUJEPJOUFJSP P&TUBEPTPWJÊUJDPFPTTJOEJDBUPTuBDPOTJEFSBSFNiPTQSPCMFNBTEBNBUFSOJEBEFF
EB JOGÄODJBu .BJT JNQPSUBOUF  FMBT BEWFSUJBN DPOUSB B TFQBSBÉÈP EPT QSPCMFNBT EBT NVMIFSFT EBRVFMFT EP
&TUBEP F EPT USBCBMIBEPSFT 0T QSPCMFNBT EBT NVMIFSFT FSBN iJOUJNBNFOUF MJHBEPT Æ TJUVBÉÈP EB DMBTTF
USBCBMIBEPSBDPNPVNUPEPFFNDJSDVOTUÄODJBOFOIVNBEFWFSJBNTFSDPOTJEFSBEPTTFQBSBEBNFOUFEP&TUBEP
QSPMFUÃSJPu 0 UPN GJSNF F JOUSBOTJHFOUF EB SFTPMVÉÈP FYQSFTTBWB B JOTBUJTGBÉÈP RVF OVNFSPTPT BUJWJTUBT TPDJBJT
TFOUJBNFNSFMBÉÈPÆPSJFOUBÉÈPiQSPEVUJWJTUBuEB/&1$POUVEP DPNPBQPOUPV4PQIJB4NJEPWJDI GVUVSBMÎEFS
EP;IFOPUEFM iFTTBSFTPMVÉÈPOÈPFSBNBJTEPRVFVNBWP[HSJUBOEPOPEFTFSUPu<>
1FOTÈPBMJNFOUÎDJB

%BEPT PT PCTUÃDVMPT QBSB B JOEFQFOEËODJB GFNJOJOB  NJMIBSFT EF NVMIFSFT EJWPSDJBEBT SFDPSSJBN BPT
USJCVOBJT QBSB QSPDFTTBS TFVT BOUJHPT NBSJEPT FN CVTDB EF QFOT×FT BMJNFOUÎDJBT PV BQPJP GJOBODFJSP QBSB PT
GJMIPT 0 QSÓQSJP DPODFJUP EB QFOTÈP BMJNFOUÎDJB m B FYQSFTTÈP NPOFUÃSJB EB EFQFOEËODJB EBT NVMIFSFT FN
SFMBÉÈP BPT IPNFOT m TJHOJGJDBWB B QFSTJTUËODJB EB GBNÎMJB DPNP GPSNB QSJNÃSJB EF PSHBOJ[BÉÈP TPDJBM F
TFHVSBOÉB " QSÃUJDB EB QFOTÈP  BTTFHVSBOEP RVF P IPNFN BTTBMBSJBEP TF SFTQPOTBCJMJ[BTTF QFMB NVMIFS
OFDFTTJUBEBFQFMBDSJBOÉB FNWF[EFP&TUBEPDVNQSJSFTTFQBQFM SFWFMBWBBFTDBTTF[EPTTFSWJÉPTTPDJBJTFBGBMUB
EFPQÉ×FTGPSBEBGBNÎMJBQBSBBTNVMIFSFT
%F BDPSEP DPN P $ÓEJHP EB 'BNÎMJB EF   UPEBT BT DSJBOÉBT  JOEFQFOEFOUFNFOUF EF TFVT QBJT TFSFN
DBTBEPT  UJOIBN P EJSFJUP BP TVTUFOUP EFTUFT BUÊ PT EF[PJUP BOPT " EJTQPTJÉÈP FSB OPUBWFMNFOUF JODMVTJWB  OÈP
GB[FOEP OFOIVNB EJTUJOÉÈP FOUSF GJMIPT iMFHÎUJNPTu F iJMFHÎUJNPTu 0 EJTQPTJUJWP SFMBUJWP Æ QFOTÈP  FN
DPNQBSBÉÈP FSBCBTUBOUFMJNJUBEP6NFYDÔOKVHFUJOIBEJSFJUPBBQFOBTTFJTNFTFTEFBQPJPBQÓTPEJWÓSDJP F
BQFOBTTFFMBPVFMFFTUJWFTTFJODBQBDJUBEPFQBTTBOEPQPSOFDFTTJEBEFT0EJTQPTJUJWPFYDMVÎB BTTJN BTNVMIFSFT
TBVEÃWFJT  JOEFQFOEFOUFNFOUF EP RVÈP QPCSFT GPTTFN %BEPT PT MJNJUFT EB QFOTÈP  B HSBOEF NBJPSJB EBT
NVMIFSFTRVFJBBPUSJCVOBMFSBPCSJHBEBBQSPDFTTBSBQFOBTQFMPBQPJPBPTGJMIPT BJOEBRVFPTKVSJTUBTTPWJÊUJDPT
VUJMJ[BTTFN P UFSNP iQFOTÈPu QBSB BCBSDBS P BQPJP NPOFUÃSJP EF FYDÔOKVHFT  GJMIPT F NFTNP SFMBÉ×FT EF
EFQFOEËODJB
0 OÙNFSP EF DBTPT EF QFOTÈP DSFTDFV SBQJEBNFOUF BQÓT  /P DPNFÉP  PT QFEJEPT EF QFOTÈP FSBN
iJOTJHOJGJDBOUFTu1FTRVJTBOEPTFUFUSJCVOBJTEF.PTDPVFN (PJLICBSHPCTFSWPVRVFPOÙNFSPEFEJWÓSDJPT
FOWPMWFOEPGJMIPTFSBJOTJHOJGJDBOUFFRVFPTKVÎ[FTBUSJCVÎBNQFOTÈPBNFOPTEFEPTDBTPT <>/PFOUBOUP
DPOGPSNFPEJWÓSDJPTFUPSOPVNBJTQPQVMBS PTOÙNFSPTDPNFÉBSBNBTVCJS&N DFSDBEFEPTDBTPT
EF EJWÓSDJP FN .PTDPV JODMVÎBN QFEJEPT EF QFOTÈP<> $PN P GJN EB HVFSSB DJWJM F P DSFTDJNFOUP EP
EFTFNQSFHP PTQFEJEPTEFQFOTÈPTVCJSBNCSVTDBNFOUF&N DFSDBEFEFUPEPTPTDBTPTEFEJWÓSDJP
FOWPMWJBNQFOT×FT&NPOÙNFSPIBWJBTVCJEPQBSBRVBTF<>
0OÙNFSPEFDBTPTEFQFOTÈPTVCJVESBTUJDBNFOUFDPOGPSNFNBJTFNBJTNVMIFSFTCVTDBWBNBBKVEBEPT
USJCVOBJTQBSBTVTUFOUBSFNTFVT GJMIPT 0 HSBOEF OÙNFSP EF DBTPT EF QFOTÈP UBNCÊN JODMVÎBN NÈFT TPMUFJSBT
RVF QSPDFTTBWBN TFVT QBSDFJSPT FN CVTDB EF BQPJP QBSB PT GJMIPT &N   PT DBTPT EF QFEJEPT EF QFOTÈP
TVQFSBSBN  OPT USJCVOBJT  PT DBTPT EF EJWÓSDJP " 5 4UFMNBLIPWJDI  P QSFTJEFOUF EPT USJCVOBJT QSPWJODJBJT EF
.PTDPV PCTFSWPViVNBVNFOUPJOJOUFSSVQUPEPTDBTPTFOWPMWFOEPQFOTÈPu<>&N PTUSJCVOBJTQPQVMBSFT
EF.PTDPVMJEBSBNDPNDBTPTEFQFOTÈPFN PTOÙNFSPTIBWJBNRVBTFEPCSBEP DIFHBOEPB
TPNFOUFOPQSJNFJSPTFNFTUSF&N PTOÙNFSPTIBWJBNRVBTFEPCSBEPOPWBNFOUF BMDBOÉBOEP<>
0TKVÎ[FTOBDJEBEFEF.PTDPVFUSJCVOBJTQSPWJODJBJTBUFOEFSBNBQSPYJNBEBNFOUFDBTPTEFQFOTÈPQPS
NËT FN<>
" DPOUSPWÊSTJB B SFTQFJUP EB DBQBDJEBEF EPT USJCVOBJT EF MJEBS DPN P JOGMVYP EPT DBTPT EF QFOTÈP TF
BMBTUSBWB"MHVOTKVSJTUBTBMFHBWBNRVFPTUSJCVOBJTFTUBWBNJOVOEBEPT RVFPTPGJDJBJTEFKVTUJÉBOÈPDPOTFHVJBN
QSPDVSBSQPSUPEPTPTNBSJEPTFSSBOUFTFNTVBTMJTUBT FRVFBTNVMIFSFTOÈPDPOTFHVJBNSFDFCFSBTRVBOUJBT
FTUJQVMBEBTOPTUSJCVOBJT <>0VUSPTFTUBWBNNFOPTQFSUVSCBEPTDPNPSÃQJEPBVNFOUPEPTDBTPTEFQFOTÈPF
EFGFOEJBN B DBQBDJEBEF EPT USJCVOBJT FN MJEBS DPN BT DPOTFRVËODJBT EB OPWB MFJ EF EJWÓSDJP /BLIJNTPO
QSFTJEFOUFEPUSJCVOBMQSPWJODJBMEF-FOJOHSBEP SFQVEJPVPTDSÎUJDPTFNVNEJTDVSTPSBJWPTPOP1SFTJEJVNEP
USJCVOBMFNi.VJUBTQFTTPBTGBOUBTJBNTPCSFBTQSÃUJDBTEPTUSJCVOBJTu CVGPVFMFi"MHVOTBMFHBNRVFPT
DBTPT EF QFOTÈP FTUÈP JOVOEBOEP PT USJCVOBJT *TUP OÈP Ê WFSEBEFu<> %JWFSTPT PVUSPT KVÎ[FT BQPJBSBN
/BLIJNTPO  BGJSNBOEP RVF BQFOBT  B  EPT DBTPT DJWJT FN TFVT USJCVOBJT DPSSFTQPOEJBN B QFEJEPT EF
QFOTÈP<>
0BVNFOUPEPTDBTPTEFQFOTÈPFSBUBNCÊN FNQBSUF SFTVMUBEPEPTVDFTTPTPWJÊUJDPEFQPQVMBSJ[BÉÈPEB
OPWB MFJ &ODPSBKBEBT QFMPTLPOTVMUBUTJJBT MFHBJT TFSWJÉP KVSÎEJDP HSBUVJUP
 DSJBEPT QBSB JOGPSNBS BT QFTTPBT EF
TFVTEJSFJUPT QFMBWBTUBEJTUSJCVJÉÈPEFQBOGMFUPTTJNQMFTQBSBDBNQPOFTBTFUSBCBMIBEPSBTTPCSFBMFJGBNJMJBS F
QFMB DPOGJBOÉB FN VN KVMHBNFOUP QPUFODJBMNFOUF GBWPSÃWFM  NVMIFSFT QPCSFT F TFN JOTUSVÉÈP MPUBWBN PT
USJCVOBJTQBSBBTTFHVSBSTFVTEJSFJUPT0TKVÎ[FTFODPSBKBWBNTVBJOJDJBUJWBDPNEFDJT×FTGBWPSÃWFJTOBTRVFTU×FT
EFQBUFSOJEBEFFBNQBSPBPTGJMIPT
&N   4UFMNBLIPWJDI DPOEV[JV VNB QFTRVJTB EFUBMIBEB EF USF[FOUPT DBTPT EF QFOTÈP OB DJEBEF EF
.PTDPVFFNUSJCVOBJTQSPWJODJBJT <>$PNPQSFTJEFOUF FMFUJOIBBDFTTPBDFOBTEFUSJCVOBMRVFESBNBUJ[BWBNB
WJEB NBUSJNPOJBM F BT SFMBÉ×FT TFYVBJT &YBNJOBOEP B DMBTTF TPDJBM  FTUBEP DJWJM F IJTUÓSJBT EF DBTP EBT
EFNBOEBOUFTFEPTSÊVT TFVFTUVEPPGFSFDJBVNPMIBSEFQFSUPTPCSFPVTPQPQVMBSEPTJTUFNBEPTUSJCVOBJTF
TPCSFBSFTQPTUBKVEJDJBM"QFTRVJTBEF4UFMNBLIPWJDINPTUSPVRVFPNBJPSHSVQPEFNVMIFSFT RVBTFEBT
RVF QSPDFTTBWBN FN CVTDB EF QFOTÈP  FSBN TPMUFJSBT "QFTBS EB MPOHB USBEJÉÈP EB MFJ D[BSJTUB QSPJCJOEP BT
NVMIFSFT EF FYJHJS BQPJP QBSB GJMIPT JMFHÎUJNPT  BT NVMIFSFT TPMUFJSBT GPSBN SÃQJEBT QBSB BQSPWFJUBS B MFJ "
NBJPSJB EBT NVMIFSFT FSB QPCSF F OÈP UJOIB JOTUSVÉÈP  FSBN DBNQPOFTBT  USBCBMIBEPSBT EFTFNQSFHBEBT
TFSWJÉBJTPVUSBCBMIBEPSBTFNFNQSFHPTTFNRVBMJGJDBÉÈP$FSDBEFVNUFSÉPIBWJBNPSBEPDPNTFVTQBSDFJSPT
DPNPiNBSJEPFNVMIFSuQPSNBJTEFVNBOP FNVJUBTIBWJBNTJEPBCBOEPOBEBTRVBOEPFOHSBWJEBSBN%FOUSF
FTTF HSVQP  RVBTF VN RVBSUP EBT NVMIFSFT RVF QSFTUBWBN RVFJYBT F EPT IPNFOT SÊVT FSBN DBNQPOFTFT  B
NVMIFS FNHFSBM EFGBNÎMJBNBJTQPCSF"JOEBRVFPTIPNFOTOFHBTTFNBQBUFSOJEBEFFNDFSDBEFVNUFSÉP
EPTDBTPT FSBDPODFEJEBÆTNVMIFSFTBQFOTÈPBMJNFOUÎDJBQBSBTVTUFOUPEPTGJMIPTFNEPTDBTPT6NDBTP
FOWPMWJB VN DBTBM EF DBNQPOFTFT RVF FTUBWBN FOWPMWJEPT FN VNB SFMBÉÈP EF MPOHP QSB[P 2VBOEP B NVMIFS
FOHSBWJEPV QFMB QSJNFJSB WF[  P IPNFN B QFSTVBEJV B GB[FS VN BCPSUP /B TFHVOEB HSBWJEF[  DPOUVEP  FMB TF
SFDVTPVBGB[FSPVUSPBCPSUPFUFWFBDSJBOÉB4FVQBSDFJSPSBQJEBNFOUFBBCBOEPOPV NBTPKVJ[TPWJÊUJDPOÈPFMF
DPODFEFVBFMBBQFOTÈPBMJNFOUÎDJB"QFTBSEPFOPSNFFTUJHNBMJHBEPÆJMFHJUJNJEBEFOBTWJMBTFBTEJGJDVMEBEFT
RVFBTDBNQPOFTBTFOGSFOUBWBNBPCVTDBSTFVTEJSFJUPTMFHBJT NVJUBTJBNBPTUSJCVOBJTFHBOIBWBNTFVTDBTPT
&NDBTPTFOWPMWFOEPSFMBÉ×FTEFMPOHPQSB[P PUSJCVOBMSBSBNFOUFOFHBWBBQFOTÈPÆTNVMIFSFT
%PJT UFSÉPT EBT NVMIFSFT TPMUFJSBT RVF JBN BPT USJCVOBJT FTUBWBN FOWPMWJEBT FN VOJ×FT DVSUBT
GSFRVFOUFNFOUF DBTVBJT  DPN NFOPT EF VN BOP  PV IBWJBN TJEP WÎUJNBT EF FTUVQSP "JOEB OFTTFT DBTPT  BT
NVMIFSFT FSBN OPUBWFMNFOUF CFNTVDFEJEBT FN TVBT SFJWJOEJDBÉ×FT QPS QFOTÈP 0T KVÎ[FT HFSBMNFOUF TF
BCTUJOIBNEFGB[FSRVBMRVFSUJQPEFKVMHBNFOUPTPCSFBDPOEVUBTFYVBMEBTNVMIFSFTFUFOUBWBN FNWF[EJTTP
BUFOEFS TVBT OFDFTTJEBEFT DPNP NÈFT &N VN DBTP  VNB DSJBEB RVF WJWJB FN VN EPSNJUÓSJP DPN USËT
USBCBMIBEPSFT UFNQPSÃSJPT UFWF SFMBÉ×FT DPN UPEPT PT USËT  NBT BQPOUPV BQFOBT VN DPNP P QBJ &MF OFHPV
WJHPSPTBNFOUFFBQPOUPVPTPVUSPTEPJT0KVJ[ JHOPSBOEPPTQSPUFTUPTRVFTFTFHVJSBN DBMNBNFOUFPSEFOPV
RVFDBEBVNEFMFTQBHBTTFÆNVMIFSUSËTSVCMPTQPSNËTBUÊRVFBDSJBOÉBDPNQMFUBTTFEF[PJUPBOPT&NPVUSP
DBTP VNBDSJBEBQSPDFTTPVVNNBSDFOFJSPRVFWJWJBFNTFVBOEBS&MBBMFHBWBRVFFMFFSBPQBJEBDSJBOÉB&MF
DPOUSBBSHVNFOUBWB EJ[FOEP RVF FMB P IBWJB WJTJUBEP BQFOBT QBSB QFHBS MFOIB .FTNP TFN UFTUFNVOIBT  B
NVMIFSEFJYPVPUSJCVOBMDPNVNBQFOTÈPNFOTBM0TKVÎ[FTEBWBNHBOIPEFDBVTBÆTNVMIFSFTNFTNPRVBOEP
VNUFNQPDPOTJEFSÃWFMIBWJBEFDPSSJEPFOUSFPOBTDJNFOUPEBDSJBOÉBFPQSPDFTTP6NBKPWFNFTUVEBOUFRVF
IBWJB NPSBEP DPN TFV OBNPSBEP QPS VN QFSÎPEP DVSUP  FN   FOHSBWJEPV &MFT MPHP UFSNJOBSBN  FMB GPJ
GPSÉBEBBBCBOEPOBSBFTDPMB NBTFMFDPODMVJVTFVTFTUVEPT4FJTBOPTEFQPJT RVBOEPFMBGJDPVEPFOUFFQFSEFV
PFNQSFHP FMBPQSPDFTTPV0KVJ[MIFDPODFEFVEPTHBOIPTEFTFVBOUJHPBNBOUF
&N BMHVOT DBTPT FOWPMWFOEP VOJ×FT DVSUBT  B NVMIFS IBWJB TJEP DPBHJEB B GB[FS TFYP PV FTUVQSBEB "T
DSJBEBT FTMV[IBTIDIJF <GVODJPOÃSJBT BENJOJTUSBUJWBT> FSBN GSFRVFOUFNFOUF PCSJHBEBT B TF TVCNFUFSFN ÆT
JOWFTUJEBT TFYVBJT EF TFVT FNQSFHBEPSFT PV DPMFHBT EF USBCBMIP .VMIFSFT EFTFNQSFHBEBT PDBTJPOBMNFOUF
SFDFCJBN QSPNFTTBT EF FNQSFHP FN USPDB EF GBWPSFT TFYVBJT /FTTFT DBTPT  PT KVÎ[FT DPOGJBWBN FN HSBOEF
NFEJEBOPUFTUFNVOIPEBNVMIFSFOWPMWJEB6NBDSJBEBTVSEBFDPNEFGJDJËODJBNFOUBM RVFFOHSBWJEPVBQÓTP
FTUVQSPDPNFUJEPQPSVNDBNQPOËTTPMUFJSPRVFBFNQSFHPV SFDFCFVVNBQFOTÈPEFSVCMPTQPSNËTQBSBTFV
GJMIP&VNBGBYJOFJSBWJÙWBDPNEPJTGJMIPTSFDFCFVTFJTSVCMPTQPSNËTEFVNDPMFHBRVFBFTUVQSPVFORVBOUP
FMBUSBCBMIBWBMJNQBOEPWBH×FTWB[JPT&MFFSBVNQBJDBTBEPDPNDJODPGJMIPT/PTEPJTDBTPT PUFTUFNVOIPEBT
NVMIFSFTGPJDPSSPCPSBEPQPSUFTUFNVOIBTRVFGPSOFDFSBNBQFOBTFWJEËODJBTDJSDVOTUBODJBJT
.BJT EF  EPT IPNFOT FOWPMWJEPT FN SFMBÉ×FT EF DVSUP QSB[P OFHBWBN B QBUFSOJEBEF /BT WJMBT  P
OÙNFSP DIFHBWB B  4UFMNBLIPWJDI OPUPV RVF NVJUPT IPNFOT UJOIBN iVNB BCPSEBHFN CBTUBOUF DÎOJDBu
DPN BT NVMIFSFT (FSBMNFOUF PT PVUSPT KVÎ[FT FTUBWBN EF BDPSEP  GSFRVFOUFNFOUF EBOEP DSÊEJUP Æ IJTUÓSJB EB
NVMIFS FN EFUSJNFOUP EB EP IPNFN 4F VN IPNFN OÈP QVEFTTF TFS JEFOUJGJDBEP DPNP P QBJ  UPEPT PT RVF
UJWFSBN SFMBÉ×FT TFYVBJT DPN B NVMIFS FSBN DPOTJEFSBEPT SFTQPOTÃWFJT QFMP TVTUFOUP EB DSJBOÉB " FWJEËODJB
GSFRVFOUFNFOUFDPOTJTUJBFNVNBÙOJDBUFTUFNVOIBRVFIBWJBWJTUPPDBTBMQBTTFBOEPKVOUP6NBUSBCBMIBEPSB
TFNRVBMJGJDBÉÈPRVFFOHSBWJEPVBQÓTTVBTGÊSJBTOPDBNQPPCUFWFEF[SVCMPTQPSNËTEFVNDBNQPOËTTPMUFJSP
0 IPNFN OFHPV B SFTQPOTBCJMJEBEF  NBT UFTUFNVOIBT BGJSNBSBN UFS WJTUP P DBTBM KVOUP 6NB NVMIFS
EFTFNQSFHBEB  FN .PTDPV  FOHSBWJEPV BQÓT EPSNJS DPN VN WFUFSBOP EP &YÊSDJUP 7FSNFMIP RVF WJTJUPV B
DJEBEF"JOEBRVFFMFBMFHBTTFOÈPTFMFNCSBSEFMB PKVJ[BUSJCVJVVNUFSÉPEFTFVTHBOIPTNFOTBJTÆNVMIFS"
FTNBHBEPSB NBJPSJB EBT NVMIFSFT HBOIBWB TFVT DBTPT B EFTQFJUP EB GBMUB EF QSPWBT iTVCTUBODJBJTu
4UFMNBLIPWJDIDJUPVBQFOBTVNDBTPFNRVFTFEFTDPCSJVRVFVNBNVMIFSFTUBWBNFOUJOEP6NBDBNQPOFTB
QPCSF CFEOJBDILB
RVFWJWJBDPNVNIPNFNSFJWJOEJDPVQFOTÈPEFPVUSP&MBNBJTUBSEFSFWFMPVRVFPIBWJB
QSPDFTTBEPTJNQMFTNFOUFQPSRVFPSÊViQPTTVÎBEVBTWBDBTu
0T KVÎ[FT FN HFSBM FNQSFHBWBN DSJUÊSJPT CBTUBOUF GMFYÎWFJT QBSB iQSPWBSu B QBUFSOJEBEF /PSNBMNFOUF
GJBWBNTFNBJTOBQSPCBCJMJEBEFEPRVFOPGBUPDPNQSPWBEPEFVNBMJHBÉÈPTFYVBMQBSBJEFOUJGJDBS OBTQBMBWSBT
EF4UFMNBLIPWJDI iPDBOEJEBUPDPNQBSBWFMNFOUFNBJTQSÓYJNPEFTFSPQBJu"MÊNEJTTP PTKVÎ[FTOÈPFTUBWBN
FYDFTTJWBNFOUFQSFPDVQBEPTFNOÈPDPNFUFSFSSPT&TUBCFMFDFSBQPJPGJOBODFJSPQBSBBDSJBOÉBUJOIBQSJPSJEBEF
FN SFMBÉÈP Æ QSFTFSWBÉÈP EPT JOUFSFTTFT GJOBODFJSPT EPT SÊVT IPNFOT 4UFMNBLIPWJDI FTDSFWFV i&N ÙMUJNB
JOTUÄODJB BUBSFGBEPUSJCVOBMÊQSPUFHFSBDSJBOÉBGPSOFDFOEPVNQBJRVFTFSÃNBUFSJBMNFOUFSFTQPOTÃWFM%FTTF
QPOUP EF WJTUB  TF P USJCVOBM FTUÃ FSSBEP F FTDPMIF BMHVÊN DPNP QBJ RVF OÈP Ê P SFTQPOTÃWFM QFMB DPODFQÉÈP
FOUÈPFMFBJOEBOÈPQFDPVDPOUSBPTJOUFSFTTFTEBNÈFFEBDSJBOÉBu<>
0TFHVOEPNBJPSHSVQPEFDBTPT 
FOWPMWJBDBTBJTRVFFSBNDBTBEPT FNJHSFKBTPVFN;BHT
FEFQPJT
EJWPSDJBEPT"RVJ PUBNBOIPEBQFOTÈP NBJTEPRVFBDPNQSPWBÉÈPEBQBUFSOJEBEF FSBBRVFTUÈPDFOUSBM&OUSF
PTDBTBJTEJWPSDJBEPT POÙNFSPEPTDBTBEPTFNJHSFKBT 
FSBCFNNFOPSEPRVFPTDBTBEPTFN;BHT 

(FSBMNFOUF PTDBTBEPTFNJHSFKBTKÃFTUBWBNIÃCBTUBOUFUFNQPWJWFOEPTFQBSBEPT"NBJPSJBFSBNDBTBJTDPN
GJMIPT BEPMFTDFOUFT  RVF IBWJBN DBTBEP OPWBNFOUF F UJOIBN OPWBT GBNÎMJBT $FSDB EF  EBT NVMIFSFT FSBN
EFTFNQSFHBEBT PV EPOBT EF DBTB   HBOIBWBN VN TBMÃSJP JOEFQFOEFOUF F QPVDP NBJT EF VN UFSÉP FSBN
DBNQPOFTBT0TIPNFOTFSBNFNTVBNBJPSJBTMV[IBTIDIJFFPQFSÃSJPT&NDPOUSBTUFDPNBTNVMIFSFT BQFOBT
 EPT IPNFOT FSBN DBNQPOFTFT  TVHFSJOEP RVF NVJUPT EFTTFT DBTBJT IBWJBN TF EJWPSDJBEP BQÓT P IPNFN
EFJYBSTVBFTQPTBQBSBFODPOUSBSUSBCBMIPOBDJEBEF
"DVTUÓEJBFBRVBOUJBEBQFOTÈPFSBNQPOUPTSFDPSSFOUFTEFDPOUFOÉÈPFNDBTPTFNRVFPSÊVUJOIBVNB
OPWBGBNÎMJBQBSBTVTUFOUBS6NDBTPFOWPMWJBVNEJSFUPSEFVNBVTJOBRVFHBOIBWBSVCMPTQPSNËTFTVBFY
FTQPTB VNBUSBCBMIBEPSB HBOIBOEPSVCMPTQPSNËT*OEPBPUSJCVOBMQBSBQFEJSBDVTUÓEJBEFTFVGJMIPEF
TFUF BOPT  FMF FYQMJDPV RVF UJOIB RVBUSP GJMIPT EP TFHVOEP DBTBNFOUP F TJNQMFTNFOUF OÈP QPEJB QBHBS PT
DJORVFOUBSVCMPTQPSNËTFTUJQVMBEPTQFMPUSJCVOBMFN0USJCVOBMPSEFOPVBFMFRVFQBHBTTFEPTFV
TBMÃSJP SFEV[JOEPPQBHBNFOUPBEP[FSVCMPTQPSNËT0VUSBNVMIFSDPNGJMIPIBWJBTJEPDBTBEBQPSBOPT
BOUFT EF TFV EJWÓSDJP 4FV FYNBSJEP  VN HFSFOUF EF GÃCSJDB RVF HBOIBWB  SVCMPT QPS NËT  IBWJB DBTBEP
OPWBNFOUFFUJOIBDJODPGJMIPT%PFOUFFEFTFNQSFHBEB FMBSFRVJTJUPVSVCMPTQPSNËTQBSBTVTUFOUBSBTJFB
TFVGJMIP&MFPGFSFDFVEF[SVCMPTFQFEJVBDVTUÓEJB0USJCVOBMDPODFEFVBFMBWJOUFSVCMPT VNBRVBOUJBRVF
NBM DPCSJSJB TVBT EFTQFTBT NFOTBJT &TTFT DBTPT UJOIBN UPEPT VN UFNB FN DPNVN BT NVMIFSFT FTUBWBN
EFTFNQSFHBEBTFQSFDJTBWBNEFEJOIFJSPPTIPNFOTIBWJBNDBTBEPOPWBNFOUFFUJOIBNPCSJHBÉ×FTGJOBODFJSBT
DPN TVBT OPWBT GBNÎMJBT /ÈP IBWJB VNB TPMVÉÈP DPNQMFUBNFOUF KVTUB QBSB P QSPCMFNB $PMPDBEP EF GPSNB
TJNQMFT NFTNPIPNFOTRVFFTUBWBNSFMBUJWBNFOUFCFNOÈPQPEJBNTVTUFOUBSEVBTGBNÎMJBTDPNTFVTBMÃSJP
0T DBTPT FOWPMWFOEP DBTBNFOUPT FN ;BHT FSBN SFMBUJWBNFOUF EJGFSFOUFT EPT DBTBNFOUPT SFBMJ[BEPT FN
JHSFKBT /BUVSBMNFOUF  PT DBTBJT UFOEJBN B TFS NBJT KPWFOT F DPN NFOPT GJMIPT "QFOBT VNB QFRVFOB
QPSDFOUBHFNIBWJBDBTBEPOPWBNFOUFFBJOEBNFOPTQPTTVÎBVNBTFHVOEBGBNÎMJB/FOIVNBEBTNVMIFSFTFSB
EPOB EF DBTB  NBT DFSDB EF  FSBN EFTFNQSFHBEBT  F NFUBEF FSB EF DBNQPOFTBT 0T IPNFOT FSBN
USBCBMIBEPSFT 
DBNQPOFTFT 
PVTMV[IBTIDIJF 
"RVJ JHVBMNFOUF UBOUPPTDBNQPOFTFTRVBOUP
PTUSBCBMIBEPSFTUJOIBNEJGJDVMEBEFFNQBHBSBTQFOT×FTFTUBCFMFDJEBTKVEJDJBMNFOUF0NBJPSHSVQPEFDBTBJT
DPOTJTUJB EF NVMIFSFT DBNQPOFTBT F IPNFOT USBCBMIBEPSFT  F NVJUPT EFTTFT DBTPT FOWPMWJBN RVFTU×FT
QBSUJDVMBSNFOUFDPNQMJDBEBTEFQFOTÈP
"T EJGJDVMEBEFT QBSB FTUBCFMFDFS VN TJTUFNB EF QBHBNFOUP QBSB DBNQPOFTFT WJWFOEP FN VNB FDPOPNJB
TFNTBMÃSJPT CBTFBEBOBBVUPTTVGJDJËODJB TVSHJBNSFQFUJEBNFOUFFOUSFDBTBJT JOEFQFOEFOUFNFOUFEFUFSFNTF
DBTBEPFNJHSFKBT TFSFNSFHJTUSBEPTFN;BHTPVOVODBUFSFNTFDBTBEP)PNFOTDBNQPOFTFT TFNBDFTTPBVN
TBMÃSJPSFHVMBS GSFRVFOUFNFOUFBMFHBWBNRVFOÈPUJOIBNEJOIFJSP6NFYFNQMPUÎQJDPSFGFSFTFBVNBNVMIFS
USBCBMIBEPSBEFGÃCSJDBRVFFTUBWBEFTFNQSFHBEBFUJOIBVNGJMIPEFUSËTBOPTEFTFVDBTBNFOUPBOUFSJPSDPN
VNDBNQPOËT&MFIBWJBTFDBTBEPEFOPWPFUJEPPVUSPGJMIP7JWFOEPFNVNBDBTBQFRVFOBFQPCSF BMFHBWBOÈP
UFSEJOIFJSPQBSBQBHBSQFOTÈP0USJCVOBMFTUBCFMFDFVFNGBWPSEFTVBFYFTQPTBVNBRVBOUJBEFUSËTSVCMPTQPS
NËT  WBMPS NVJUP CBJYP QBSB FMB F NVJUP BMUP QBSB FMF $BNQPOFTFT GSFRVFOUFNFOUF QBHBWBN B QFOTÈP FN
FTQÊDJF GBSJOIB  MFJUF  GSVUBT FUD
 NBT TF VNB FYNVMIFS F TFV GJMIP TF NVEBWBN QBSB VNB ÃSFB VSCBOB  UBM
RVBOUJBOÈPFSBNBJTTVGJDJFOUF6NBKPWFNDBNQPOFTBSFDFCJBMJCSBTEFGBSJOIBQPSNËTQBSBTVTUFOUBSTFV
GJMIP  NBT RVBOEP GPJ QBSB B DJEBEF QSPDVSBS USBCBMIP FMB QFEJV  SVCMPT OP MVHBS EB GBSJOIB 4FV NBSJEP
FYQMJDPVBPUSJCVOBMRVFOÈPUJOIBDPNPQBHBSFQFEJVBDVTUÓEJBEPGJMIP"EFGJOJÉÈPEFVNBRVBOUJBiKVTUBu
FSB QSBUJDBNFOUF JNQPTTÎWFM RVBOEP BT GBNÎMJBT TF EJWJEJBN FN EPJT TJTUFNBT FDPOÔNJDPT UÈP EJGFSFOUFT %PJT
DBNQPOFTFTDPNVNGJMIPEFPJUPBOPTIBWJBNTFEJWPSDJBEPFN©ÊQPDB PIPNFNEFVBTVBFYFTQPTBF
GJMIPVNUFSÉPEBDBTBFEBUFSSB0TEPJTBDBCBSBNTFDBTBOEPOPWBNFOUF PIPNFNTFNVEPVQBSB.PTDPVF
PCUFWFVNUSBCBMIPRVFQBHBWBSVCMPTQPSNËT*TTPJNQFMJVTVBFYFTQPTBBSFUPSOBSBPUSJCVOBMQBSBQFEJS
QFOTÈP FN EJOIFJSP &MF  JOEJHOBEP  TF EJSJHJV BP KVJ[ TPCSF P BDPSEP BOUFSJPS VNB USBEJDJPOBM EJWJTÈP
DBNQPOFTB WZEFM
 "JOEB RVF VN USJCVOBM FN JOTUÄODJB JOGFSJPS UFOIB JOJDJBMNFOUF SFDVTBEP P QFEJEP EB
NVMIFS BEFDJTÈPGPJSFWFSUJEBFFMBDPOTFHVJVPCUFSSVCMPTQPSNËTEPOPWPTBMÃSJPEFTFVFYNBSJEP5BJT
DBTPT FSBN DPNVOT 0T KVÎ[FT UFOUBWBN EJBSJBNFOUF SFTPMWFS BT DPNQMJDBEBT DPOTFRVËODJBT EP EJWÓSDJP FN
GBNÎMJBTBJOEBFOSBJ[BEBTFNVNBFDPOPNJBOÈPTBMBSJBM PVEJWJEJEBTFOUSFPTNVOEPTEPUSBCBMIPBTTBMBSJBEPF
EBBVUPTTVGJDJËODJBDBNQPOFTB
0TDBTPTSFNBOFTDFOUFTEFQFOTÈPBMJNFOUÎDJB DPOTUJUVJOEPTJHOJGJDBUJWPT TFSFGFSJBNBDBTBJTBJOEB
DBTBEPT &OUSF PT DBTPT NBJT USÃHJDPT OPT USJCVOBJT  FMFT SFWFMBWBN DBTBNFOUPT BSSVJOBEPT QFMP BMDPPMJTNP
QPCSF[B BCBOEPOPFBCVTP.BJTEBNFUBEFEBTNVMIFSFTOFTTFHSVQPFSBNDBNQPOFTBT.VJUBTIBWJBNGJDBEP
OPDBNQPRVBOEPTFVTNBSJEPTQBSUJSBNQBSBUSBCBMIBSOBTWJMBTFMBTCVTDBSBNBBKVEBEPUSJCVOBMRVBOEPPT
NBSJEPTQBSBSBNEFFOWJBSEJOIFJSPQBSBDBTB0TIPNFOTBMFHBWBNHSBOEFTEFTQFTBTFQFRVFOPTTBMÃSJPT"T
NVMIFSFTEJ[JBNBPTKVÎ[FTiFMFCFCFuPViFMFFTUÃWJWFOEPDPNPVUSBNVMIFSu/VNFSPTPTDBNQPOFTFTIBWJBN
EFJYBEP TVBT GBNÎMJBT OPT WJMBSFKPT F FODPOUSBEP VNB OPWB iFTQPTBu VSCBOB &N PVUSPT DBTPT  NVMIFSFT
DBNQPOFTBT EFJYBWBN B DBTB EF TFVT NBSJEPT QPSRVF FSBN FTQBODBEBT PV TPGSJBN BCVTPT "MHVNBT WF[FT PT
DBNQPOFTFTFYQVMTBWBNTVBTNVMIFSFTEFDBTBQPSRVFFTUBWBNEPFOUFTPVJODBQBDJUBEBT6NDBNQPOËTEJTTF
BPKVJ[RVFTVBNVMIFSEPFOUFiDPNFQÈPFNUSPDBEFOBEBu&NPVUSPTDBTPT BTNVMIFSFTUFOUBWBNPCUFSBMHVN
DPOUSPMFTPCSFPTBMÃSJPEFNBSJEPTBMDPÓMBUSBT
0T USJCVOBJT DMBSBNFOUF GBWPSFDJBN BT OFDFTTJEBEFT EBT NVMIFSFT F DSJBOÉBT FN TVB JOUFSQSFUBÉÈP EP
$ÓEJHPEF+VÎ[FTVUJMJ[BWBNDSJUÊSJPTGMFYÎWFJTQBSBEFUFSNJOBSBQBUFSOJEBEF BWBMJBOEPTFPSÊViOPDVSTP
OBUVSBM EPT FWFOUPT QPEJB TFS SFTQPOTÃWFM QFMB HSBWJEF[u<> & FMFT UFOUBWBN GB[FS DPN RVF PT IPNFOT
BTTVNJTTFN VNB SFTQPOTBCJMJEBEF DPOUÎOVB QPS TFVT GJMIPT "JOEB BTTJN  NFTNP BT NFMIPSFT JOUFOÉ×FT OÈP
QPEJBN DPSSJHJS PVUSPT QSPCMFNBT NBJT TÊSJPT "JOEB RVF PT USJCVOBJT OÈP GJ[FTTFN OFOIVN KVMHBNFOUP B
SFTQFJUP EB DPOEVUB TFYVBM EBT NVMIFSFT  HFSBMNFOUF EBOEP DSÊEJUP B TFV UFTUFNVOIP OP EFTÎHOJP EB
QBUFSOJEBEF  BT QFOT×FT FSBN FN HFSBM QFRVFOBT "MÊN EJTTP  B NVMIFS OÈP UJOIB EJSFJUP B BQPJP QFTTPBM
"CBOEPOBEBDPNVNGJMIP DPNQPVDBFTQFSBOÉBEFFNQSFHPPVEFBDFTTPÆDSFDIF FMBUJOIBSFDVSTPTMFHBJT
MJNJUBEPT&OGSFOUBWBVNGVUVSPTPNCSJPEFUFOUBSTVTUFOUBSBTJQSÓQSJBFBVNGJMIPDPNEF[PVWJOUFSVCMPTQPS
NËT ÆTWF[FTNFOPT
"MÊNEJTTP IBWJBTFWFSBTMJNJUBÉ×FTÆEFUFSNJOBÉÈP QPSQBSUFEPTUSJCVOBJT EBRVBOUJBBTFSQBHB QPJTPT
TBMÃSJPTEPTIPNFOTFSBNGSFRVFOUFNFOUFNVJUPCBJYPTQBSBTVTUFOUBSVNBFYNVMIFSFVNGJMIP"JOEBRVFPT
IPNFOTBMFHBTTFNQPCSF[BDPNVNBGSFRVËODJBTVTQFJUB OBNBJPSJBEPTDBTPTFMFTFTUBWBNEJ[FOEPBWFSEBEF
4F VN IPNFN TF DBTBTTF OPWBNFOUF PV TF TVB FYNVMIFS FTUJWFTTF EFTFNQSFHBEB PV UJWFTTF VN GJMIP  UPEPT
TPGSJBN "T NVMIFSFT SBSBNFOUF DPOTFHVJBN WJWFS DPN B RVBOUJB FTUBCFMFDJEB QFMPT USJCVOBJT  F PT IPNFOT
SBSBNFOUFQPEJBNQBHÃMBT"QPCSF[B BMJBEBÆEFQFOEËODJBEBTNVMIFSFT DSJBWBVNBTJUVBÉÈPRVFNFTNPP
3FJ4BMPNÈPOÈPQPEFSJBSFTPMWFS
&N.PTDPV PUSBCBMIBEPSNÊEJPDIFGJBOEPVNBGBNÎMJBFNHBOIBWBDFSDBEFSVCMPTQPSNËT&N
DJSDVOTUÄODJBTJEFBJT VNBTFHVOEBGPOUFEFSFOEB EFVNBFTQPTBUSBCBMIBEPSBPVVNBEPMFTDFOUF FMFWBWBPT
HBOIPTGBNJMJBSFTBSVCMPTNFOTBJT"TEFTQFTBTNFOTBJTQBSBFTTBGBNÎMJBNÊEJBEFUSËTQFTTPBTDIFHBWBNB
 SVCMPT <> 4F P USBCBMIBEPS TF FOWPMWFTTF DPN PVUSB NVMIFS RVF WJFTTF B UFS VN GJMIP EFMF  P USJCVOBM
QSPWBWFMNFOUF PSEFOBSJB RVF FMF QBHBTTF VN UFSÉP EF TFVT HBOIPT QBSB TVTUFOUBS FTTF GJMIP *TTP EFJYBSJB TVB
GBNÎMJBPSJHJOBMFNVNQSPCMFNBGJOBODFJSPTÊSJP DPNDFSDBEFEF[SVCMPTBNFOPTEPRVFPOFDFTTÃSJPQBSB
QBHBS TVBT EFTQFTBT NFOTBJT 4F FTTF NFTNP USBCBMIBEPS EFJYBTTF TVB NVMIFS F GJMIP QBSB GJDBS DPN B PVUSB
NVMIFS  P USJCVOBM PSEFOBSJB RVF FMF QBHBTTF VN UFSÉP EF TFV TBMÃSJP QBSB B FYFTQPTB 4FN P IPNFN
BTTBMBSJBEP  B SFOEB GBNJMJBS BMDBOÉBWB BQFOBT  SVCMPT QPS NËT  DPN B QFOTÈP  QPEFSJB BMDBOÉBS  SVCMPT
$POUVEP BTEFTQFTBTNFOTBJTQBSBVNBNVMIFSDPNVNGJMIPDIFHBWBNBDFSDBEFSVCMPTQPSNËTPTHBOIPT
EFMB F P QBHBNFOUP EFMF OÈP DPOTFHVJBN DPCSJS BEFRVBEBNFOUF BT EFTQFTBT CÃTJDBT EB GBNÎMJB &  TF VNB
NVMIFSOÈPUSBCBMIBTTF USBCBMIBTTFNFJPQFSÎPEPPVUJWFTTFNBJTEFVNGJMIP BQFSTQFDUJWBGJOBODFJSBEBGBNÎMJB
FSBBJOEBNBJTTPNCSJB
0TIPNFOTFSBNWÎUJNBTDPNPBTNVMIFSFT6NOÙNFSPTVSQSFFOEFOUFEFIPNFOTQFEJBBDVTUÓEJBEPT
GJMIPT QPSRVF OÈP DPOTFHVJBN QBHBS BT QFOT×FT PSEFOBEBT QFMPT USJCVOBJT "JOEB RVF FTTFT QFEJEPT GPTTFN
DPNVOTFOUSFPTDBNQPOFTFT FMFTFSBNGFJUPTQPSUSBCBMIBEPSFTBTTBMBSJBEPTUBNCÊN6NBWF[RVFVNIPNFN
TF DBTBTTF OPWBNFOUF F UJWFTTF VNB TFHVOEB GBNÎMJB  FMF GSFRVFOUFNFOUF OÈP DPOTFHVJB HBSBOUJS P FOWJP EP
iUFSÉPuEFTFVTHBOIPTPSEFOBEPQFMPUSJCVOBMQBSBTVBFYNVMIFSFGJMIP
%BEPT PT HSBOEFT PCTUÃDVMPT GJOBODFJSPT QBSB P EJWÓSDJP  IPNFOT F NVMIFSFT UFOEJBN B DVMQBSTF
NVUVBNFOUF QFMBT EJGJDVMEBEFT +VÎ[FT SFDFCJBN iCJMIFUFT SBODPSPTPTu EF IPNFOT  SFDMBNBOEP EBT EFDJT×FT
KVEJDJBJT0TIPNFOTSFTNVOHBWBNEJ[FOEPRVFBTQFOT×FTMFWBWBNBPiDBTBNFOUPTPWJÊUJDPTFNMJCFSEBEFu RVF
FMBT JOUFSGFSJBN FN TVB MJCFSEBEF  RVF BT NVMIFSFT FSBN MJCFSUBT Æ DVTUB EPT IPNFOT &MFT BMFHBWBN RVF PT
USJCVOBJTFSBNJOKVTUPT RVFTFNQSFBNFBÉBWBNiNFUFSBNÈPAOPUFSÉPu"TNVMIFSFTVTBSJBNPTUSJCVOBJTQBSB
FNCPTDBSFDIBOUBHFBSPTIPNFOT"QFOTÈPTFSJBVNBiQVOJÉÈPTFNPDSJNFu<>
.JMIBSFT EF IPNFOT TJNQMFTNFOUF TF SFDVTBWBN B QBHBS BT RVBOUJBT FTUJQVMBEBT QFMPT USJCVOBJT &MFT
EFJYBWBNBDJEBEFPVNVEBWBNEFFNQSFHPT4PGJB4NJEPWJDI MÎEFSEP;IFOPUEFMFN PCTFSWPVRVFIBWJB
iVNB DFOUFOB EF TVCUFSGÙHJPT QBSB FWJUBS P QBHBNFOUP EB QFOTÈPu &MB BSHVNFOUPV RVF PT USJCVOBJT FTUBWBN
iJOVOEBEPT EF DBTPT EF QFOTÈPu i.FTNP OB PDBTJÈP EF VNB EFDJTÈP GBWPSÃWFMu  4NJEPWJDI BGJSNPV JSBEB  iB
NVMIFS FBQSÃUJDBEFNPOTUSPVRVFÊTFNQSFBEFTBGPSUVOBEBNVMIFSRVFFTUÃJNQPSUVOBOEPPTUSJCVOBJTQFMB
QFOTÈP
FNWÈPMVUBQBSBDPOTFHVJMB4FVFYNBSJEPPVTFNVEBQBSBP1PMP/PSUFPVBMFHBFTUBSEFTFNQSFHBEP
ÓSGÈP FUDu<> 0T PGJDJBJT EF KVTUJÉB UJOIBN HSBOEF EJGJDVMEBEF FN SFDFCFS EPT IPNFOT RVF TF SFDVTBWBN B
QBHBSBQFOBTDFSDBEFNFUBEFEPTIPNFOTMJTUBEPTOBTPSEFOTKVEJDJBJTDIFHBSBNBTFSBQSFFOEJEPT <>
0TQSPCMFNBTDSJBEPTDPNBTQFOT×FTDPNCJOBEPTDPNBTEJGJDVMEBEFTFOGSFOUBEBTQFMBTNVMIFSFTTPCB
/&1DSJBSBNHSBOEFTQSFTT×FTQBSBRVFTFSFWJTBTTFBMFJ6NBTPMVÉÈPQPQVMBSFSBRVFTFNVEBTTFBMFJQBSB
QFSNJUJSQFOTÈPBMJNFOUÎDJBBQFOBTQBSBGJMIPTEFDBTBNFOUPTSFHJTUSBEPT&ORVBOUPJTTPGBWPSFDJBBTNVMIFSFT
DBTBEBTFEJNJOVÎBBTPCSFDBSHBEPTPGJDJBJTEFKVTUJÉB GB[JBQPVDPQBSBSFTPMWFSPTQSPCMFNBTEBTiFTQPTBTuEF
GBUP BCBOEPOBEBT 4UFMNBLIPWJDI  RVF EJTTF RVF P EJWÓSDJP FSB iVN EPT HSBOEFT QSFTFOUFT EB SFWPMVÉÈPu
BSHVNFOUPVRVFUBMMJCFSEBEFJNQMJDBWBiVNBBQSPYJNBÉÈPQBSUJDVMBSNFOUFDVJEBEPTBFDBVUFMPTBEPUFNBEP
DBTBNFOUPu7FOEPBNJTÊSJBDSJBEBQFMPEJWÓSDJP 4UFMNBLIPWJDIGF[VNBBEWFSUËODJBBPTIPNFOTi&NOFOIVN
TFOUJEP BMHVÊN QPEF JOUFSQSFUBS FTTB MJCFSEBEF EF FTDPMIB DPNP P EJSFJUP Æ MJCFSUJOBHFN  DPNP P EJSFJUP B
FYQMPSBSBGSBRVF[BGÎTJDBFNBUFSJBMEBTNVMIFSFTu<>
/PFOUBOUP BTDSFTDFOUFTFTUBUÎTUJDBTEFEJWÓSDJPFPTQFEJEPTEFTFTQFSBEPTQPSQFOTÈPEFNPOTUSBSBNRVF
PBWJTPEF4UFMNBLIPWJDIQBTTPVEFTQFSDFCJEP&ORVBOUPPTKVÎ[FTGB[JBNPRVFQPEJBNQBSBQSPUFHFSNVMIFSFT
FDSJBOÉBTmUFOEPVNBWJTÈPMFOJFOUFEBQSPWBEFQBUFSOJEBEFFDPODFEFOEPQFOT×FTTFNQSFRVFQPTTÎWFMm FMFT
OÈP QPEJBN SFTPMWFS PT QSPCMFNBT TPDJBJT NBJT BNQMPT RVF MFWBWBN BT NVMIFSFT BPT USJCVOBJT %FTFNQSFHP
CBJYB RVBMJGJDBÉÈP  GBMUB EF TFSWJÉPT TPDJBJT F QPCSF[B UFSSÎWFM FSBN GBUPSFT RVF NJUJHBWBN B JOEFQFOEËODJB
GFNJOJOB GSFOUF Æ VOJEBEF GBNJMJBS " JEFJB EF iVOJÈP MJWSFu UFSJB DPOTFRVËODJBT USÃHJDBT F JNQSFWJTUBT QBSB BT
NVMIFSFT FORVBOUP FMBT OÈP QVEFTTFN TVTUFOUBS B TJ QSÓQSJBT F B TFVT GJMIPT " MFJ  OBTDJEB EB USBEJÉÈP EP
TPDJBMJTNP MJCFSUÃSJP  FTUBWB EPMPSPTBNFOUF FN DPOUSBEJÉÈP DPN B WJEB /BT QBMBWSBT EF 4UFMNBLIPWJDI i"
MJCFSUBÉÈPEBTNVMIFSFT<>TFNVNBCBTFFDPOÔNJDBRVFHBSBOUBBDPNQMFUBJOEFQFOEËODJBNBUFSJBMEFDBEB
USBCBMIBEPSÊVNNJUPu<>

<>1;BHBSJO 0LUJBCSWTFNFJOPNCZUV 3PTUPWEP%PO 


Q
<>"4UFMNBLIPWJDI %FMBPCBMJNFOUBLI .PTDPV 
Q
<>4PCSFBTNVMIFSFTSFCFMEFTEPTÊDVMP9*9 WFS3JDIBSE4UJUFT 5IF8PNFOT-JCFSBUJPO.PWFNFOUJO3VTTJB'FNJOJTN /JIJMJTN BOE#PMTIFWJTN 
1SJODFUPO  1SJODFUPO 6OJWFSTJUZ 1SFTT  
 Q  #BSCBSB &OHFM .PUIFST BOE %BVHIUFST 8PNFO PG JOUFMMJHFOUTJBJO /JOFUFFOUI $FOUVSZ 3VTTJB
$BNCSJEHF  $BNCSJEHF 6OJWFSTJUZ 1SFTT  
 &EXBSE )BMMFUU $BSS  5IF 3PNBOUJD &YJMFT " /JOFUFFOUI $FOUVSZ 1PSUSBJU (BMMFSZ #PTUPO  #FBDPO  

4PCSF"MFYBOESB,PMMPOUBJ WFS#BSCBSB&WBOT$MFNFOUT #PMTIFWJL'FNJOJTU5IF-JGFPG"MFLTBOESB,PMMPOUBJ #MPPNJOHUPO *OEJBOB6OJWFSTJUZ1SFTT 
F
#FBUSJDF'BSOTXPSUI "MFYBOESB,PMMPOUBJ4PDJBMJTN 'FNJOJTN BOEUIF#PMTIFWJL3FWPMVUJPO 4UBOGPSE 4UBOGPSE6OJWFSTJUZ1SFTT 

<>1BSBVNBEJTDVTTÈPFYDFMFOUFTPCSFBTBUJUVEFTEBTNVMIFSFTUSBCBMIBEPSBTFDBNQPOFTBTFNSFMBÉÈPÆGBNÎMJBOPTBOPTRVFTFHVJSBNÆ3FWPMVÉÈP WFS
#BSCBSB&WBOT$MFNFOUT i8PSLJOH$MBTTBOE1FBTBOU8PNFOJOUIF3VTTJBO3FWPMVUJPO u  4JHOT+PVSOBMPG8PNFOJO$VMUVSFBOE4PDJFUZ W O
 Fi5IF&GGFDUTPGUIF$JWJM8BSPO8PNFOBOE'BNJMZ3FMBUJPOTu FN%JBOF,PFOLFS 8JMMJBN(3PTFOCFSHF3POBME(SJHPS4VOZ PSHT
 1BSUZ 4UBUF
BOE 4PDJFUZ JO UIF 3VTTJBO $JWJM 8BS &YQMPSBUJPOT JO 4PDJBM )JTUPSZ #MPPNJOHUPO  *OEJBOB 6OJWFSTJUZ 1SFTT  
 4PCSF BT NVMIFSFT  WFS UBNCÊN #FBUSJDF
'BSOTXPSUI  i$PNNVOJTU 'FNJOJTN *UT 4ZOUIFTJT BOE %FNJTFu  FN $BSPM #FSLJO F $MBSB .BSJB -PWFUU PSHT
8PNFO  8BS  BOE 3FWPMVUJPO  /PWB :PSL
)PMNFT BOE .FJFS  
 Q  "OOF #PCSPGG  i5IF #PMTIFWJLT BOE 8PSLJOH 8PNFO  u  4PWJFU 4UVEJFT  O     Q  #BSCBSB
$MFNFOUT  i#PMTIFWJL 8PNFO 5IF 'JSTU (FOFSBUJPOu  3PCFSU .D/FBM  i5IF &BSMZ %FDSFFT PG UIF;IFOPUEFMu  F "MJY )PMU  i.BSYJTN BOE 8PNFOT
0QQSFTTJPO UIF CPMTIFWJL UIFPSZ BOE QSBDUJDF JO UIF Tu  FN 5PWB :FEMJO PSH
 8PNFO JO &BTUFSO &VSPQF BOE UIF 4PWJFU 6OJPO /PWB :PSL  1SBFHFS

.%POBME i#PMTIFWJL"DUJWJUZBNPOHTUUIF8PSLJOH8PNFOPG1FUSPHSBEJOu  *OUFSOBUJPOBM3FWJFXPG4PDJBM)JTUPSZ O QBSUF  Q
3JDIBSE4UJUFT i;IFOPUEFM#PMTIFWJTNBOE3VTTJBO8PNFO u 3VTTJBO)JTUPSZ W O  Q
<>"MFYBOEFS(SJHPS&WJDI(PJLICBSH i&TIDIFP#SBLBLIJ3B[WPEBLIu 1SPMFUBSTLBJBSFWPMJVUTJJBJQSBWP O  Q
<>*CJEFN Q
<> .JLIBJMPWTLJJ  i0 3P[IEBFNPTUJ J 4NFSUOPTUJ /BTFMFOJJB 4PJV[B 443u  FN5SVEZ *** 7TFTPJV[OPHP TuF[EB QP PLISBOF NBUFSJOTUWB J NMBEFODIFTUWB .PTDPV

Q EBRVJFNEJBOUFDJUBEPDPNP5SVEZ0..
<>i4UFOPHSBGJDIFTLJJ0UDIFU;BTFEBOJJ4FTTJ7TFSPTTJJTLPHP5TFOUSBMOPHP*TQPMOJUFMOPHP,PNJUFUB9**4P[ZWBJ0LUJBCSJJBHPEBQP1SPFLUV
,PEFLTB;BLPOPWP#SBLF 4FNFJ0QFLFu FN4CPSOJLTUBUFJJNBUFSJBMPWQPCSBDIOPNVJTFNFJOPNVQSBWV .PTDPV 
Q
<>"MFYBOEFS(SJHPS&WJDI(PJLICBSH i&TIDIFP#SBLBLIJ3B[WPEBLIu DJU Q
<>*EFN
<>i%PLMBE1SFETFEBUFMJB.4/45PW4NJSOPWBOB1MFOVNF.PTLPWTLPHP4PWFUB3,J,%PLUJBCSJBHPEBu  1SPMFUBSTLJJTVE O    Q 
i3BCPUB 4VEB .PTLPWTLPJ (VCFSOJJ W  HPEZ %PLMBE 1SFETFEBUFMJB (VCTVEB * " 4NJSOPWB   *VOJB u 1SPMFUBSTLJJ TVE  O     Q  *HPS
"MFLTBOESPWJDI 4NJSOPW  i4PWSFNFOOZF ;BEBDIJ 4VEB W %FSFWOFu 1SPMFUBSTLJJ TVE  O     Q  " 4UFMNBLIPWJDI %FMB PC BMJNFOUBLI  Q  &TTBT
FTUBUÎTUJDBTBOVBJTTÈPQSPKFÉ×FTCBTFBEBTFNOÙNFSPTEPQSJNFJSPUSJNFTUSFEF BQSJNFJSBNFUBEFEF FPTQSJNFJSPTUSËTUSJNFTUSFTEFF
0OÙNFSPEFEJWÓSDJPTFNÊVNBNÊEJBEPTEF4NJSOPWFPTEF4UFMNBLIPWJDI
<>&TUFTUWFOOPFEWJ[IFOJFOBTFMFOJJB34'43[BHPE .PTDPV 
Q 
<>-VCOZJ(FSUTZL i&TUFTUWFOOPF%WJ[IFOJF/BTFMFOJJB4443[Bu 4UBUJTUJDIFTLPFPCP[SFOJF O  Q
<>&TUFTUWFOOPFEWJ[IFOJFOBTFMFOJJB34'43[BHPE DJU Q
<>43BWJDI i#PSCBT1SPTUJUVUTJFJW1FUSPHSBEFu ,PNNVOJTULB O  Q
<>"4UFMNBLIPWJDI %FMBPCBMJNFOUBLI DJU Q
<>"CSBN"OJLTU i#F[SBCPOJUTBJ;IFOTLJJ5SVEW3PTJJu ,PNNVOJTULB O  Q
<>1.$IJSLPW  4PWFUTLJJPQZUSFTIFOJJB[IFOTLPHPWPQSPTBWQFSJPETUSPJUFMTUWBTPUTJBMJ[NB 
 .PTDPV 6OJWFSTJEBEF&TUBUBMEF.PTDPV 
Q
 UFTFEFEPVUPSBNFOUPFNDJËODJBTIJTUÓSJDBT
<>"CSBN"OJLTU i#F[SBCPOJUTBJ;IFOTLJJ5SVEW3PTJJu DJU Q
<>*EFN"TEP[FQSPWÎODJBTTÈP7MBEJNJS 7JBULB ,PTUSPNB .PTDPV /J[IFHPSPE 1FO[B 4BNBSB 4NPMFOTL 6GB PT6SBJTF*BSPTMBWM
<>7- i7MJJBOJF/PWPJ&LPOPNJDIFTLPJ1PMJUJLJOB#ZU5SVEJBTDIJLITJB;IFOTDIJOu ,PNNVOJTULB O  Q
<>"CSBN"OJLTU i#F[SBCPOJUTBJ;IFOTLJJ5SVEW3PTJJu DJU Q
<>("0344-0 GPOE PQ EFMP Q
<>$BSPM)BZEFO i5IF;IFOPUEFMBOEUIF#PMTIFWJL1BSUZu 3VTTJBO)JTUPSZ W O  QF'FNJOJTNBOE#PMTIFWJTN5IF;IFOPUEFMBOEUIF1PMJUJDT
PG8PNFOT&NBODJQBUJPOJO3VTTJB #FSLFMFZ 6OJWFSTJUZPG$BMJGPSOJB 
UFTFEFEPVUPSBNFOUP
<> 7TFTPJV[OZJ TuF[E SBCPUOJUT J LSFTUJBOPL 4UFOPHSBGJDIFTLJJ 0UDIFU  PLUJBCSJB  HPEB .PTDPV  
 Q  %BRVJ FN EJBOUF DJUBEP DPNP4uF[E
SBCPUOJUTJLSFTUJBOPL
<>*CJEFN Q
<>8JMMJBN$IBTF 8PSLFST 4PDJFUZ BOEUIF4PWJFU4UBUF-BCPSBOE-JGFJO.PTDPX   $IJDBHP 6OJWFSTJUZPG*MMJOPJT1SFTT 
Q76TPMUTFW
i;IFOTLJJ5SVEW4443u 7PQSPTZ5SVEB O  Q
<>&EXBSE)BMMFUU$BSS 4PDJBMJTNJO0OF$PVOUSZ  W /PWB:PSL .BDNJMMBO 
Q
<>7FS8JMMJBN$IFTFTPCSFBQPTJÉÈPiQSPEVUJWJTUBu 8PSLFST 4PDJFUZ BOEUIF4PWJFU4UBUF DJU Q(4FSFCSFOOJLPW VNFDPOPNJTUBEBEÊDBEBEF
KVTUJGJDPV B EFNJTTÈP EF NVMIFSFT OPT QSJNFJSPT BOPT EB /&1 DPN CBTF FN TFVT CBJYPT OÎWFJT EF RVBMJGJDBÉÈP  NBT GPJ NBJT DSÎUJDP FN SFMBÉÈP B FTTBT
QSÃUJDBTOPGJNEBEÊDBEBEF7FS(FPSHJJ/JLPMBFWJDI4FSFCSFOOJLPW i;IFOTLJJ5SVEW4443[B-FUu DJU Q
<>1.$IJSLPW i4PWFUTLJJPQZUSFTIFOJJB[IFOTLPHPWPQSPTBWQFSJPETUSPJUFMTUWBTPUTJBMJ[NB 
u DJU Q
<>(1BWMJVDIFOLP i#F[SBCPUJUTB4SFEJ;IFOTIDIJOu ,PNNVOJTULB O  Q
<>4uF[ESBCPUOJUTJLSFTUJBOPL DJU Q
<>8JMMJBN$IBTF 8PSLFST 4PDJFUZ BOEUIF4PWJFU4UBUF DJU Q
<>&EXBSE)BMMFUU$BSS 4PDJBMJTNJO0OF$PVOUSZ  DJU Q
<>5SJOBEUTBUZJTuF[E3,1 C
.BJ4UFOPHSBGJDIFTLJJPUDIFU .PTDPV 
Q 
<>1.$IJSLPW i4PWFUTLJJPZUSFTIFOJJB[IFOTLPHPWPQSPTBWQFSJPETUSPJUFMTUBWBTPUTJBM[NB 
u DJU Q
<>4IFTUPJ7TFTPJV[OZJTuF[EQSPGFTTJPOBMOZLITPJV[PW4UFOPHSBGJDIFTLJJPUDIFU .PTDPV 
Q
<>$BSPM)BZEFO i5IF;IFOPUEFMBOEUIF#PMTIFWJL1BSUZu DJU Q
<>4IFTUPJ7TFTPJV[OZJTuF[EQSPGFTTJPOBMOZLITPJV[PW4UFOPHSBGJDIFTLJJPUDIFU DJU Q
<>*CJEFN Q
<>4uF[ESBCPUOJUTJLSFTUJBOPL DJU Q
<>7- i7MJJBOJF/PWPJ&LPOPNJDIFTLPJ1PMJUJLJOB#ZU5SVEJBTIDIJLITJB;IFOTDIJOu ,PNNVOJTULB DJU Q
<>"6DIFWBUPW i*[#ZUB1SPTUJUVULJ/BTIJLI%OFJu 1SBWPJ[IJ[O O  Q
<>/BEF[IEB,POTUBOUJOPWOB,SVQTLBJB i7PJOBJ%FUPSP[IEFOJFu ,PNNVOJTULB O  Q
<>"*SWJOH i7P[SBTUOPJJ/BUTJPOBMOZJ4PTUBW1SPTUJUVUPLu 3BCPDIJJTVE O  Q
<>/0%VCPTIJOTLJJ i4PUTJBMOZJ4PTUBW1SPTUJUVUTJJu 3BCPDIJJTVE O  Q
<>%13PEJO i*[%BOOZLI4PWSFNFOOPJ1SPTUJUVUTJJu 1SBWPJ[IJ[O O  Q
<>-"7BTJMFWTLJJF-.7BTJMFWTLJJ 1SPTUJUVUTJBJOPWBJB3PTTJB 
Q
<>/0%VCPTIJOTLJJ i4PUTJBMOZJ4PTUBW1SPTUJUVUTJJu Q
<>%13PEJO i*[%BOOZLI4PWSFNFOOPJ1SPTUJUVUTJJu DJU Q"6DIFWBUPW i*[#ZUB1SPTUJUVULJ/BTIJLI%OFJu DJU Q
<>0MFH0MHJOTLJJ i1SPTUJUVUTJJBJ;IJMJTIDIOZJ7PQSPTu 3BCPDIJJTVE O  Q
<>%13PEJO i*[%BOOZLI4PWSFNFOOPJ1SPTUJUVUTJJu DJU Q 
<>"6DIFWBUPW i*[#ZUB1SPTUJUVULJ/BTIJLI%OFJu DJU Q 
<>#.BSLVT i;IFOTLJJ5SVEW4443WHPEZu  ,PNNVOJTULB O  Q"EPMG(SJHPSFWDI3BTIJO ;IFOTLJJUSVEW4443 .PTDPV 
Q
 
<>(FPSHJJ/JLPMBFWJDI4FSFCSFOOJLPW i;IFOTLJJ5SVEW4443[B-FUu 7PQSPTZUSVEB O  Q
<>'7JOOJL i#F[SBCPUJUTB4SFEB;IFOTIDIJOZ1JTIDIFWJLPWu 7PQSPTZUSVEB O  Q
<>#.BSTIFWB i1SPCMFNB;IFOTLPHP5SVEBW4PWSFNFOOZLI6TMPWJJBLIu 7PQSPTZUSVEB O  Q
<>4uF[ESBCPUOJUTJLSFTUJBOPL DJU Q
<>*CJEFN Q   
<>"EPMG(SJHPSFWJDI3BTIJO ;IFOTLJJUSVEW4443 DJU Q
<>(FPSHJJ/JLPMBFWJDI4FSFCSFOOJLPW i;IFOTLJJ5SVEW4443[B-FUu DJU Q
<>4uF[ESBCPUOJUTJLSFTUJBOPL DJU Q
<>/7 i,7PQSPTVP1MBOJSPWBOJJ;BSQMBUZu 7PQSPTZUSVEB O  Q
<>4uF[ESBCPUOJUTJLSFTUJBOPL DJU Q
<>*CJEFN Q
<>*CJEFN Q
<>*CJEFN Q   
<>"4WJEFSTLJJ i3B[WJUJF0CTIDIFTUWFOOPHP1JUBOJJBW3ZLBLI;IFOTIDIJOZu ,PNNVOJTULB O  Q
<>*CJEFN Q  
<>*4UFQBOPW i1SPCMFNB1PMBu FN&*BSPTMBWTLJJ PSH
7PQSPTZ[IJ[OJJCPSCZ .PTDPV 
Q
<>;3BLJUJOB i#ZUQP;BNFULBN3BCPUOJUTu ,PNNVOJTULB O  Q
<>774PLPMPW 1SBWB[IFOTIDIJOVQPTPWFUTLJN[BLPOBN .PTDPV 
Q
<>.JDIBFM1BVM4BDLT 8PNFOT8PSLJO4PWJFU3VTTJB$POUJOVJUZJOUIF.JETUPG$IBOHF /PWB:PSL 1SBFHFS 
Q
<>4uF[ESBCPUOJUTJLSFTUJBOPL DJU Q 
<>*CJEFN Q
<>-FPO5SPUTLJ 8PNFOBOEUIF'BNJMZ /PWB:PSL 1BUIGJOEFS 
Q
<>4uF[ESBCPUOJUTJLSFTUJBOPL DJU Q 
<>44NJEPWJDI i0/PWPN,PEFLTF;BLPOPWP#SBLFJ4FNFu ,PNNVOJTULB O  Q
<>"MFYBOEFS(SJHPS&WJDI(PJLICBSH i0#SBLBLIJ3B[WPEBLIu 1SPMFUBSTLBJBSFWPMJVUTJJBJQSBWP O  Q"TFTUBUÎTUJDBTKVEJDJBJTTPWJÊUJDBTOÈP
EJTUJOHVJBN B QFOTÈP BMJNFOUÎDJB EP TVCTÎEJP EF NFOPSFT  QPSUBOUP Ê JNQPTTÎWFM TFQBSBS PT KVMHBNFOUPT EF NBOVUFOÉÈP EF VN DÔOKVHF EBRVFMFT FN
CFOFGÎDJPEFVNGJMIP"QBMBWSBBMJNFOUJDPCSJBBNCPTPTDBTPT
<>*CJEFN Q
<>i3BCPUB4VEB.PTLPWTLPJ(VCFSOJJWHPEV%PLMBE1SFETFEBUFMJB(VCTVEB*"4NJSOPWBu QF*HPS"MFLTBOESPWJDI4NJSOPW i4PWSFNFOOZF
;BEBDIJ4VEBW%FSFWOFu DJU Q
<>"4UFMNBLIPWJDI %FMBPCBMJNFOUBLI DJU Q"4UFMNBLIPWJDI i"MJNFOUOZF%FMBu 1SPMFUBSTLJJTVE O  Q
<>i3BCPUB4VEB.PTLPWTLPJ(VCFSOJJWHPEVu DJU Q
<>"4UFMNBLIPWJDI %FMBPCBMJNFOUBLI DJU Q
<>44NJEPWJDI i0/PWPN,PEFLTF;BLPOPWP#SBLFJ4FNFu DJU Q-J i01SPFLUF,PEFLTB;BLPOPWP#SBLF 4FNFJ0QFLFu 3BCPDIJJTVE O
 Q/;BLT i;BNFDIBOJJBQP1SBLUJDIFTLPJ3BCPUFu 1SPMFUBSTLJJTVE O  Q
<>i;BTFEBOJF1SF[JEJVNB-FOJOHSBETLPHP(VCTVEBu 3BCPDIJJTVE O  Q
<>7FSJCJEFN Q UFTUFNVOIPEPTKVÎ[FTFi%JTLVTTJJBQP1PWPEV1SPFLUB,PEFLTB;BLPOPWP#SBLF 4FNFJ0QFLFu 3BCPDIJJTVE O  Q

<>0DPOKVOUPEPNBUFSJBMTFHVJOUFGPJFYUSBÎEPEF"4UFMNBLIPWJDI %FMBPCBMJNFOUBLI DJU
<>*CJEFN Q
<>*CJEFN Q
<>&MFOB0TJQPWOB,BCP 0DIFSLJSBCPDIFHPCZUB .PTDPV 
Q
<>"4UFMNBLIPWJDI i"MJNFOUOZF%FMBu DJU Q
<>44NJEPWJDI i0/PWPN,PEFLTF;BLPOPWP#SBLFJ4FNFu DJU Q
<>i%JTLVTTJJBQP1PWPEV1SPFLUB,PEFLTB;BLPOPWP#SBLF 4FNFJ0QFLFu Q
<>"4UFMNBLIPWJDI i"MJNFOUOZF%FMBu DJU Q
<>*CJEFN Q

You might also like