Page 1

*/7&45*.&/50&.4*/&4 .*-)–&4/6.130+&$50 %&$0/7&34„0&.&-)03*" %"&'*$*‹/$*"&/&3(Š5*$"

'”36.$*&/5Ž'*$0 &5&$/0-”(*$0&1 ."*03"35*$6-"ˆ„0&/53&"‚3&" %&&91-03"ˆ„0130%6ˆ„0&" $0.6/*%"%&$*&/5Ž'*$"/"$*0/"-

0%&4"'*0 %&7&3 ."*4"-Š. FNUFNQPTEFDSJTF

.BS¨P /{

"1045"/"4645&/5"#*-*%"%&

IUUQ NZHBMQ

#*,&5063&.."%3*%

130+&$50%&#*0$0.#645Ž7&*4"7"/ˆ"36.0" */*$*"5*7"10356(6&4""-Š.'30/5&*3"4"'"703%&6."7*%"."*44"6%‚7&-


FEJUPSJBM

0413*.&*3043&46-5"%04 &"-*/)"&%*503*"-

&EVBSEP(VFEFTEF0MJWFJSB %JSFDUPSNZHBMQNBHB[JOF

1VCMJD¢NPTFN%F[FNCSPQBTTBEPBFEJ¨¤PO{EBNZHBMQNBHB[JOF BOPWB SFWJTUBDPSQPSBUJWBEB(BMQ&OFSHJB DPNNJMIBSFTEFFYFNQMBSFTEJTUSJCV®EPT FN1PSUVHBMF&TQBOIB POEFTFFODPOUSBNDPMBCPSBEPSFTEP(SVQP0TBMEP EFTUBFEJ¨¤PQJMPUPGPJDMBSBNFOUFQPTJUJWPF BPçNEFBMHVOTEJBT FTU¢WBNPT BSFDFCFSNBJTQFEJEPTEFFOWJPEBSFWJTUB DPNFTQFDJBMJODJE«ODJBOBTSFHJ¶FT EF-JTCPBF1PSUP +¢OPJO®DJPEFTUFBOP SFMBO¨¢NPTBOFXTMFUUFSTFNBOBM BHPSBEFTJHOBEB NZHBMQFOFSHJBEBTFNBOB FSFOPW¢NPTUPEBBIPNFQBHFEBJOUSBOFU NZHBMQQPSUBMEPDPMBCPSBEPSOP£NCJUPEP1SPKFDUP*OUFHSBEPÙNZHBMQÚFNDVSTP 1PTUPJTUP FDPNBDFSUF[BEFRVFPTOPTTPTMFJUPSFTFTQFSBNRVF BNZHBMQNBHB[JOFPTBKVEF QPSVNMBEP BDPNQSFFOEFSBFNQSFTB  BTVBDVMUVSB WBMPSFTFPTFVWBTUPVOJWFSTPEFBDUVB¨¤PF QPSPVUSP  BQSFFODIFS EFGPSNBBHSBE¢WFM PTTFVTUFNQPTMJWSFT BWBO¨BNPTBHPSB DPNBSFTQFDUJWBMJOIBFEJUPSJBM -*4#0/ 3FWJTUBQBSBUPEBBÙGBN®MJB(BMQÚ BNZHBMQNBHB[JOFO¤PBCPSEBS¢ &/&3(: '036. UFNBTQPM®UJDPTPVSFMJHJPTPT O¤PQVCMJDBS¢JNBHFOTRVFQPTTBNPGFOEFS BTFOTJCJMJEBEFEPTTFVTMFJUPSFT OFNVTBS¢ TFRVFSFNDJUB¨¶FT  UFSNPTFFYQSFTT¶FTEFDBM¤P BJOEBRVFTFKBNEFVTPDPSSFOUF7BNPT  QBSBJTTP QSBUJDBSVNKPSOBMJTNPFYQMJDBUJWPFGPSNBUJWP DPNU®UVMPT BQFMBUJWPT OVNBMJOHVBHFNBDFTT®WFM SJHPSPTB EPQPOUPEFWJTUB JOGPSNBUJWPFJOUFSQSFUBUJWP FBDPNQBOIBEBEFJMVTUSB¨¶FT GPUPT  JOGPHSBçBTFPVUSBTJNBHFOT RVFO¤PTFKBNNFSPTBEPSOPT  NBTWFJDVMFNJOGPSNB¨¶FT»UFJT FNDPOKVOUPTDPFSFOUFT DPNPTSFTQFDUJWPTUFYUPT &TUBTFS¢BCBTFFEJUPSJBMEBOPTTBSFWJTUB DPOTVCTUBODJBEBOVNQSPKFDUP FEJUPSJBMFHS¢çDPPOEFçDBS¢DMBSPRVFOPTJSFNPTSFHFSQFMPQSJOD®QJP EFRVFPTGBDUPTFBTPQJOJ¶FTEFWFNTFSDMBSBNFOUFTFQBSBEPT PTQSJNFJSPTT¤PJOUPD¢WFJTFBTTFHVOEBTT¤PMJWSFT &NGPDP OFTUBFEJ¨¤P VNBFOUSFWJTUBEFGVOEPBP1SFTJEFOUFFYFDVUJWP EB(BMQ&OFSHJB DPNNFOTBHFOTFJEFJBTRVFOPTMFWBNBBDSFEJUBSRVF  O¤PPCTUBOUFBDSJTFDPOKVOUVSBMRVFFTUBNPTBWJWFS PGVUVSPQPEFS¢ TFSNFMIPS FRVFOB(BMQ&OFSHJBUFNPTEFUFSBDBQBDJEBEFEFJOPWBS FDSJBSOPWPTQSPEVUPT TFSWJ¨PTFEFNBJTÖSFGFS«ODJBT×QBSB PTFDUPSEP0JM(BTFQBSBPQB®T /FTUBFEJ¨¤P DIBNBNPTJHVBMNFOUFBBUFO¨¤PQBSBPQSPHSBNB EFJOWFTUJNFOUPTOB3FçOBSJBEF4JOFT QBSBBJNQPSU£ODJB EP'´SVN$JFOU®çDPF5FDOPM´HJDPEF&1FBFTUSBUªHJBEFQBSDFSJBT DPNBDPNVOJEBEFOBDJPOBMEF*% QBSBPQPUFODJBMEPQSPKFDUP EFCJPDPNCVTU®WFJTDPNPQBSUFJOUFHSBOUFEBBQPTUBEB(BMQ&OFSHJB OBTVTUFOUBCJMJEBEF FQBSBBÖNBODIBMBSBOKB×RVFBUSBWFTTPVBDBQJUBM EPQB®TWJ[JOIPOPçOBMEPBOPQBTTBEP FOUSFPVUSPTBTTVOUPTRVFTFS¤P QPSDFSUPEPWPTTPJOUFSFTTF 0HSBOEFEFTBçPQBTTB BUPEPTPTO®WFJT QPSNBSDBSNPTBEJGFSFO¨B FQPSDPOUJOVBSNPTBBDSFEJUBSFBUSBCBMIBSQBSBRVFUVEPNFMIPSF FPVTFBMUFSF HBSBOUJOEPBTVTUFOUBCJMJEBEFEPTOFH´DJPT FPTVDFTTPEBFTUSBUªHJBEBOPTTB&NQSFTB

026&3&"-.&/5&$0/5"/"'03."ˆ„0 %013&ˆ0%04$0.#645Ž7&*4 .*-)–&41"3"3&'*/"3*" %&."504*/)04

%F[ /{

*/53"/&53&/07"%"

IUUQ NZHBMQ

4"-"%&7*46"-*;"ˆ„0&45&3&04$”1*$"

"4$"1"$*%"%&4%0.:("-1&.%&45"26& /07"'&33".&/5"%"6/&91-03"ˆ„0130%6ˆ„01&3.*5&7&3130+&$504&.%

130+&$50 */5&(3"%0

"DPNVOJDB¨¤PEB (BMQ&OFSHJBDPOUBIPKF DPNUS«TNFJPTRVF TFDPNQMFNFOUBN

."3ˆ0

NZHBMQ




DPOUF»EP

13&4&/5&&'65630 0QSFTJEFOUFFYFDVUJWPEB(BMQ&OFSHJB QBTTBFNSFWJTUBPTPCKFDUJWPT EBDPNQBOIJBQBSBPTQS´YJNPT BOPT USB¨BOEPPDBNJOIP QBSBBTVBDPODSFUJ[B¨¤P  1FTTPBT $PMBCPSBEPSFTEB(BMQ&OFSHJB FNNVEBO¨B 'MBTIFT "DUVBMJEBEFEPNVOEP(BMQ&OFSHJB *OTJEF "VOJEBEFEFOFH´DJP 6/  *OUFSOBDJPOBM0JM  FTUBRVF % 0TSFTVMUBEPTEF '´SVN$JFOU®çDPF5FDOPM´HJDP &1 '*$)"5Š$/*$" %JSFDUPS&EVBSEP(VFEFTEF0MJWFJSB (FTU¤PJOUFHSBEBEFDPOUF»EPT +PTª$POEF#BSSPTP &EJUPSGPUPHSBçB.BOVFM"HVJBS $PMBCPSBSBNOFTUBFEJ¨¤P"OB"OUVOFT  ƒOHFMB(BMW¤P #FMªO&TDPCBS $BSMPT'SBO¨B  $ªMJB'ªMJY %FPMJOEB1JSFT &EVBSEP#PJHVFT  'FSOBOEP$BWBDP 'FSOBOEP$PFMIP 'JMJQF 1FSFJSB FTUBHJ¢SJP 'JMPNFOB"TTJT (PO¨BMP &TUFW¤P *TBCFM(BSDJB *TBCFM0MJWFJSB +PSHF "MNFJEB +PTF.BSJB5BQJB .BGBMEB3PN¤P 



NZHBMQ

."3ˆ0

$ BQB .BOVFM'FSSFJSB%F0MJWFJSB FNFOUSFWJTUB 1SPKFDUPEF$POWFST¤P F.FMIPSJBEB&çDJ«ODJB&OFSHªUJDB EB3FçOBSJBEF4JOFT

3FTQPOTBCJMJEBEFDPSQPSBUJWB 0-BO¨BNFOUPEP1SPHSBNB EF.PCJMJEBEF4VTUFOU¢WFM 0EFTBçPEPMJDFODJBNFOUP BNCJFOUBMEBTSFçOBSJBT -FHJTMB¨¤P"24 (BMQHFTUFSFDFCF$FSUJçDBEP

.VOEP 0TOPWPTEFTBçPTBNCJFOUBJT

EF$POGPSNJEBEFEB"1$&3

/FH´DJPT 1SPHSBNB(BMQ&OFSHJB ÔPFYFNQMPEPT545 1SPKFDUPEPTCJPDPNCVTU®WFJT FN.P¨BNCJRVFFOP#SBTJM .BSJB$MBSB1BSBEB /JDPMBVT#SPV[PT /VOP 1JOUP .BOVFM7BTDPODFMPT 1BUS®DJB#PBWJEB  1BVMP3VB 1FESP.BSRVFT1FSFJSB 3JUBEF4PVTB  3VJ$PTUB 4BOESB1BDIFDP 4BNVFM%JBT 4BOESB "QBS®DJP 4ªSHJP0MJWFJSB GPUPHSBçB 4ªSHJP 1JOIFJSP 4V[BOB#BSSFUP 5FSFTB(PO¨BMWFT 5BNCªNDPMBCPSBSBNOFTUBFEJ¨¤P &TU»EJP+P¤P$VQFSUJOPFBH«ODJBT GPUPHSBçB  +PTª.JHVFM%FOUJOIP FEJ¨¤P -BSB-PVSFJSP DPPSEFOB¨¤P -V®T*O¢DJP 1FESP(VJMIFSNF -PQFTF5»MJP(PO¨BMWFT UFYUP "OZGPSNT F3VJ1JUB JOGPHSBçB

'PSNB¨¤P %JTUSJCVJ¨¤P0JMDPNOPWPNPEFMP EFWBMPS &ODPOUSPT &ODPOUSPBOVBMEP3FUBMIP 5JSBHFNFYFNQMBSFT %FQ´TJUPMFHBM &E®çDJP(BMQ35PN¢TEB'POTFDB -JTCPBÔ1PSUVHBM 5FMFG   FYU  'BY   &NBJMDPNVOJDBDBPJOUFSOB!HBMQFOFSHJBDPN 6NBFEJ¨¤PEB%JWJT¤P$VTUPNFS 1VCMJTIJOHEB*NQSFTB1VCMJTIJOH

&TQFDJBMJEBEFTSFVOJEBT OP7JNFJSP *OJDJBUJWBT (¢T1PXFSSFNPEFMBDPM´OJB EFGªSJBT .PWJNFOUP&OFSHJB1PTJUJWB "QPJPBP1FOTF*OE»TUSJB "MVOPTEB6OJWFSTJEBEF EF"WFJSPSFDFCFNQSªNJPT #JLF5PVSOBDBQJUBMFTQBOIPMB 3BJP9 1SJNFJSPDFOUSP"#"FN1PSUVHBM ;POBEP”DJP $MVCF(BMQ&OFSHJB "HFOEB $VMUVSB 3FTUBVSBOUF & IJ TU´SJBT 7JBHFOT 0QJOJ¤P $BNJMP-PVSFO¨P


FNNVEBO¨BQFTTPBT

&91&3*‹/$*"/0&453"/(&*30

'"#3*;*0%"440(/0 "QSJNFJSBFYQFSJ«ODJB EFWJEBGPSBEF*U¢MJB UFNTFSFWFMBEP FOSJRVFDFEPSB

6NBPQPSUVOJEBEFEFDSFTDJNFOUP ĒĔģĖĕĚĥĠĢĦĖPDPOGSPOUPDPN SFBMJEBEFTEJGFSFOUFTQFSNJUF BVNFOUBSFFOSJRVFDFSPLOPX IPXQFTTPBM%BÓBJNQPSUÉODJB EBPQPSUVOJEBEFEFUSBCBMIBS GPSBEBOPTTBUFSSBOBUBM&Ï  OFTUFTFOUJEP RVFBDPOTFMIP BT QFTTPBT B SFBMJ[BSFN VNB FYQFSJÐODJBQSPmTTJPOBMDPNP FTUB²BMHPRVFQPEFDPOTUJUVJS VNBHSBOEFPQPSUVOJEBEFQBSB BVNFOUBSBCBHBHFNDVMUVSBMF PDSFTDJNFOUPJOEJWJEVBM /PNFVDBTPQBSUJDVMBS JOJ DJFJBBDUJWJEBEFQSPmTTJPOBMOP TFDUPSEBQSPEVÎÍPEFFOFSHJB FMÏDUSJDBFN*UÈMJBFNBJTUBSEF QBTTFJQFMPEFTFOWPMWJNFOUPEBT BDUJWJEBEFTEF5SBEJOHEFFOFS HJBFMÏDUSJDBFNEJWFSTPTQBÓTFT FVSPQFVT%VSBOUFFTTFQFSÓPEP  FTUJWFTFNQSFCBTFBEPOBDJEBEF EF.JMÍP POEFEFTFOWPMWJFTUB BDUJWJEBEFRVFNFPCSJHBWBB WJBKBSQFMB&VSPQB BOUFTEBMJ CFSBMJ[BÎÍPEPNFSDBEPFMÏDUSJDP FN*UÈMJB

&N DPNFDFJBUSBCB MIBSQBSBP(SVQP&OJ OVNB BMUVSBFNRVFGPJDSJBEBB&OJ1P XFS RVFUJOIBDPNPPCKFDUJWPT QSJODJQBJTBDPOTUSVÎÍPEFOPWBT DFOUSBJTEFDPHFSBÎÍP DPNVN UPUBMEFDJODPNJMNFHBXBUUTEF QPUÐODJB BQSPEVÎÍPEFFOFSHJB FMÏDUSJDBFBDPNFSDJBMJ[BÎÍPEB FMFDUSJDJEBEFQSPEV[JEB/FTUB FNQSFTB UJOIBBSFTQPOTBCJ MJEBEFQFMBTÈSFBTEF5SBEJOHF (FTUÍPEF3JTDP PRVFJNQMJDPV PEFTFOWPMWJNFOUPEFUPEBTBT BDUJWJEBEFTDPNFSDJBJT UBOUP FN*UÈMJB DPNPOPVUSPTQBÓTFT FVSPQFVT /PBOP DPNFDFJBUSB CBMIBSOPTFDUPSEP(ÈTEP(SVQP &OJ BJOEBFN*UÈMJB DPNBSFT QPOTBCJMJEBEFEBDPNFSDJBMJ[B ÎÍPEFHÈTOPTNFSDBEPTNVO EJBJT%FTFOWPMWJFTUBBDUJWJEBEF EVSBOUFVNBOP BMUVSBFNRVF SFDFCJBQSPQPTUBQBSBEFTFNQF OIBSBGVOÎÍPEFBENJOJTUSBEPS FYFDVUJWPEB(BMQ&OFSHJB DPN

BSFTQPOTBCJMJEBEFQFMB6OJEBEF EF/FHØDJP(ÈT1PXFS&TUB ÏBNJOIBQSJNFJSBFYQFSJÐODJB QSPmTTJPOBMGPSBEF*UÈMJB BQFTBS EFUFSWJBKBEPQFMPTNBJTWBSJBEPT QBÓTFTEB&VSPQB

Abe`TfXeXZh_T`Xagbf[ggc-""`lZT_c"E;RBeZTa\mTVTb"beZTa\VT" Abe`Tf%#EXZh_T`XagTeXf" AE%# %#EXVehgT`Xagb%#4W`\ff}b %#X%#@bU\_\WTWX!WbV

7\fcba„iX_ab`lZT_c

.VEBO¨BOBFNQSFTB /PWPTEFTBçPTQBSBPTDPMBCPSBEPSFTEB(BMQ&OFSHJB *TBCFM(PO¨BMWFT

+P¤P5PSOFJSP

+PTª0MJWFJSB#BSCPTB

-»DJB(PO¨BMWFT

%FQBSUBNFOUP %JSFD¨¤P EF"VEJUPSJB*OUFSOB

%FQBSUBNFOUP 6/Ô%JTUSJCVJ¨¤P0JM $BSHP 3FTQPOT¢WFM QFMB(FTU¤P*MIBT

&NQSFTB 4POBOHBMQ $BSHP 3FTQPOT¢WFMQFMB $POTUSV¨¤PEB&OHkF (FTU¤PEF"DUJWPT0JM

%FQBSUBNFOUP 6/"3- "QSPWJTJP OBNFOUP 3FçOB¨¤P F-PH®TUJDB  $BSHP (FTUPSB EF1SPKFDUPT

$BSHP 4FDSFU¢SJB EF%JSFD¨¤P

&/3*26&$&3 $0/)&$*.&/504 4FNQSFDPOTJEFSFJVNB NVEBO¨BDPNPPQPSUVOJEBEF EFRVFCSBSSPUJOBTFQSPNPWFSP EFTFOWPMWJNFOUP"Q´TBOPTOPT 3) TVSHJVFTUBPQPSUVOJEBEFRVF JS¢EFFODPOUSP¡NJOIBSFBMJ[B¨¤P QSPçTTJPOBM QPJTJSFJFOSJRVFDFS PTNFVTDPOIFDJNFOUPTBO®WFM QSPçTTJPOBMDPNPQFTTPBM

1"*9„0 4FNQSFQFSTFHVJ OPWPTEFTBçPTŠDPNHSBOEF FOUVTJBTNPFNPUJWB¨¤PRVF FODBSPBTSFTQPOTBCJMJEBEFTOB (FTU¤P*MIBT1BSBBMªNEFJOUFHSBS PVUSBFRVJQBFVOJEBEFEFOFH´DJP  JSFJUSBCBMIBSDPNPVUSPTQSPEVUPT FNFSDBEPT4JOUPBQBJY¤PEF DPNF¨BSVNOPWPEFTBçP NBJT VNDBQ®UVMPEBNJOIBDBSSFJSB OB(BMQ&OFSHJB

/070130+&$50 %FDJEJBCSB¨BSVNOPWPQSPKFDUP  SFMBDJPOBEPDPNBFYQBOT¤PEB SFEFEFQPTUPTFN"OHPMB OB 4POBOHBMQ0EFTBçPªBMJDJBOUF FEFTBçBOUF QPJTSFGPS¨BS¢B DBQBDJEBEFEFPGFSUBFFYQBOT¤P MPDBMFQFSNJUJS¢QPTJDJPOBSOPT NVJUPCFNFTUSBUFHJDBNFOUF  BOUFDJQBOEPVNBFWFOUVBM MJCFSBMJ[B¨¤PEPNFSDBEP

0."*03%&4"'*0 &NJOHSFTTFJOP(BCJOFUF EF&OHFOIBSJBF1SPKFDUPT DPN GVO¨¶FTEF(FTUPSBEF1SPKFDUPT &TUFª TFNE»WJEB PNFVNBJPS EFTBçPFVNBPQPSUVOJEBEF»OJDB EFJOUFHSBSBFRVJQBSFTQPOT¢WFM QPSVNEPTNBJPSFTQSPKFDUPT EB(BMQ&OFSHJBOPT»MUJNPTBOPT SFDPOWFST¤PEBT3FçOBSJBT  ."3ˆ0

NZHBMQ




èBTIFT

54A6B68G8?8@

&YUFOT¤PEFBDPSEP

BTOPU®DJBTNBJTSFMFWBOUFTOPVOJWFSTPEFOFH´DJPT(BMQ&OFSHJB

"(BMQ&OFSHJBFTUFOEFVPBDPSEPDPN P#BODP$FUFMFN¡TSFTUBOUFTFNQSFTBT EPHSVQP FNRVFFTU¢JOUFHSBEPUBNCªN P#/11BSJCBT QSFWFOEPGPSOFDFSBOVBMNFOUF  BUSBWªTEPDBSU¤P(BMQ'SPUB NJMMJUSPT EFDPNCVTU®WFJT

"650*/%6453*"-$0/5*/6"$0.("-1(‚4/"563"-/".&5"-0$"3%040$0/53"50$0.(&4$"35„0

$0.#645Ž7&*4 #3"/$04Ô $0/53"50$0. (&4$"35„0

6BA98EÇA6<4FB5E84@L:4?C

'0$"-10*/54%"("-1/"*.13&4" 0TGPDBMQPJOUTEB(BMQ&OFSHJBQBSBBSFWJTUBNZHBMQNBHB[JOF  PTDPMBCPSBEPSFTEBFNQSFTBRVFGB[FNQBSUFEBFRVJQBRVFTFMFDDJPOB  DPPSEFOBFDFOUSBMJ[BPèVYPEFJOGPSNB¨¤PEFUPEPTPTTFDUPSFT EBDPNQBOIJBQBSBBSFWJTUB FTUJWFSBNQSFTFOUFTOVNBDPOGFS«ODJB RVFEFDPSSFVOPBVEJU´SJPEB*NQSFTB1VCMJTIJOH/FMB PTSFQSFTFOUBOUFT EBFEJUPSBBQSFTFOUBSBNUPEBBFRVJQBEBQVCMJDB¨¤PFEJWVMHBSBN PTGBDUPSFTSFMBDJPOBEPTDPNBTVBQSPEV¨¤P

"(BMQ&OFSHJB  BUSBWÏTEB«SFB EF/FHØDJP*OEÞTUSJB o0JMEBT&NQSFTBT 1PSUVHBM BTTJOPV DPOUSBUPWÈMJEP QPSDJODPBOPT DPNB(FTDBSUÍP QBSBGPSOFDJNFOUP EFDPNCVTUÓWFJT CSBODPT&TUF BDPSEP FNSFHJNF EFFYDMVTJWJEBEF  USBEV[TF OPGPSOFDJNFOUP EFNEF HBTØMFPSPEPWJÈSJP EVSBOUFBWJHÐODJB EPDPOUSBUP

"#"45&$*.&/50

(¢TOBUVSBMOB .FUBMPDBSEPTP /P£NCJUPEBTVB QPM®UJDBEFFYQBOT¤P DPNFSDJBMOPT TFHNFOUPTTVQFSJPSFT BN  B%VSJFOTFH¢T GPSOFDFBHPSB B.FUBMPDBSEPTP EF"NBSBOUF "FNQSFTB DPN VNWPMVNF EFGBDUVSB¨¤P EFNJMI¶FT EFFVSPT EFEJDBTF ¡NFUBMPNFD£OJDB NªEJBFQFTBEB  DPNNBJPSQFTP OPTTJTUFNBTEF QSPUFD¨¤PSPEPWJ¢SJB 0H¢TOBUVSBMTFS¢ VUJMJ[BEPQBSB PTQSPDFTTPTEF HBMWBOJ[B¨¤PFQBSB P0YJDPSUF1MBTNB

9BEA86<@8AGB78:4FÏ?8B

$POUSBUPDPN/BCFJSBVUP "(BMQ&OFSHJBBTTJOPVVNDPOUSBUPW¢MJEPQPSDJODP BOPTDPNBFNQSFTBEP(SVQP/BCFJSP /BCFJSBVUP 4"  QBSBGPSOFDJNFOUPEFNEFHBT´MFP

@4<FH@4AB786B@5HFGËI8?

8KC4AF±BA4E878

"650*/%6453*"-$0/5*/6" $0.("-1

130.0ˆ„040/"& &./07"4‚3&"4

"¢SFBEFOFH´DJPEF.FJPTEF1BHBNFOUPEB%JTUSJCVJ¨¤P 0JMÔ&NQSFTBT EB(BMQ&OFSHJB SFGPS¨PVBTVBQBSDFSJB DPNP(SVQP"VUP*OEVTUSJBM GPSOFDFOEPNJMMJUSPT QPSBOPEFDPNCVTU®WFJT BUSBWªTEPDBSU¤P(BMQ'SPUB ""VUP*OEVTUSJBM GVOEBEBFNFN$PJNCSB  GPJQJPOFJSBOBDPNFSDJBMJ[B¨¤PEFBVUPN´WFJTFN1PSUVHBM "QFTBSEFTUBDPOUJOVBSBTFSBTVBBDUJWJEBEFQSJODJQBM  EJWFSTJçDPVPTTFVTOFH´DJPTQBSBPTTFDUPSFTBHS®DPMB  NBS®UJNP JOEVTUSJBMFçOBODFJSP 

NZHBMQ

."3ˆ0

"QBSDFSJBEB(BMQ&OFSHJBDPN B4POBF.PEFMPGPJBMBSHBEB"HPSB  OBT¢SFBTEFTFSWJ¨PEB#PBWJTUB FEF'SBODPT 1PSUP PTDMJFOUFTRVF BCBTUF¨BNNBJTEFFVSPTPCU«N VNWBMFEFEFTDPOUPEFD«OUJNPT QPSMJUSPBCBTUFDJEP SFCBU®WFMOPT IJQFSNFSDBEPT.PEFMPF$POUJOFOUF


6BAI8EF±B74FE89<A4E<4F

78FG<A8B<EF

#&*çOBODJBNJMI¶FT

"QPJFPTPVUSPT

"(BMQ&OFSHJBDPOUSBUPV DPNP#BODP&VSPQFVEF*OWFTUJNFOUP #&* BQSJNFJSBUSBODIF OVNWBMPSEFNJMI¶FTEFFVSPT EFVN FNQSªTUJNPEFNJMI¶FTEFFVSPTEFTUJOBEPBPçOBODJBNFOUP EPQSPKFDUPEFDPOWFST¤PEBTSFçOBSJBTEF4JOFTF.BUPTJOIPT0TFV QSB[PUPUBMªEFBOPT JODMVJOEPUS«TBOPTEFDBS«ODJBEFDBQJUBMF EFSFFNCPMTP

0TDPMBCPSBEPSFTEB(BMQ&OFSHJBQPEFNBKVEBSPTPVUSPT EFTUJOBOEP  EPTFV*34 TFNRVBMRVFSFODBSHP QBSBVNBPSHBOJ[B¨¤PEFBQPJPBPT PVUSPT5S«TFYFNQMPT4FRVJTFSBKVEBSB0JLPT OPRVBESPEPBOFYP)  MJOIB CBTUBDPMPDBSP/»NFSPEF*EFOUJçDB¨¤P$PMFDUJWBEB0JLPT 4FRVJTFSBQPJBSB".* CBTUBFTDSFWFSPO»NFSP 1BSBBKVEBSB-JHB1PSUVHVFTB$POUSBP$BODSPFTDSFWB

130.0ˆ„040/"&&./0704104504("4”-&0("-1/"/"#&*3"650(3‚'*$04%&$0/+6/563"

-&6/"&%*ˆ„0"/5&3*03 %".:("-1."(";*/&



7"3*"ˆ„0%"$05"ˆ„0%"("40-*/"&%0%*&4& NFSDBEPTJOUFSOBDJPOBJT &OUSFEF%F[FNCSPEFFEF'FWFSFJSPEF



$PNQMFYJEBEFEPQSPDFTTPEFGBCSJDPOBTSFçOBSJBT JNQFEFBQVSBNFOUPEFDVTUPTVOJU¢SJPTEFDBEBVN EPTQSPEVUPTPCUJEPTBQBSUJSEPDSVEF

%JFTFM CCM

 

.BUªSJBTQSJNBTFQSPEVUPTBDBCBEPTEBSFçOB¨¤P U«NPTTFVTQSF¨PTçYBEPT IPSBBIPSB QPSDPUB¨¶FT OPTNFSDBEPTJOUFSOBDJPOBJT

(BTPMJOB CCM

 

3FUJSBOEPJNQPTUPT RVFSFQSFTFOUBNDFSDB EFB FDPUB¨¶FTJOUFSOBDJPOBJTEPTQSPEVUPT  B(BMQ&OFSHJBT´QPEFBDUVBSTPCSFBQSPYJNBEBNFOUF EPTQSF¨PTNªEJPTçOBJTDPNFSDJBMJ[BEPT

   %FD %FD



%FD

%FD

%FD

%FD



7"3*"ˆ„0%"$05"ˆ„0%&#3&/5 &OUSFEF%F[FNCSPEFFEF'FWFSFJSPEF

+BO

+BO

+BO

+BO

#SFOU CCM

'FC

'FC

'FC

'FC

'FC



7"3*"ˆ„0%"$05"ˆ„0%0(‚4 &OUSFEF%F[FNCSPEFFEF'FWFSFJSPEF





+BO

+BO



)FOSZ)VC NNCUV  3)4







 

1SF¨PEBQPPM&TQBOIPMB .8I  -)4



 

 





%FD

%FD



 



 %FD







%FD

%FD

%FD

+BO

+BO

+BO

+BO

+BO

+BO

'FC

'FC

'FC

'FC

 

'FC

7"3*"ˆ„0%"3&-"ˆ„0&630%”-"3 &OUSFEF%F[FNCSPEFFEF'FWFSFJSPEF



&6364%



 



























 

7"3*"ˆ„0%"$05"ˆ„0%"("-1&/&3(*"&%0Ž/%*$&14* &OUSFEF%F[FNCSPEF FEF'FWFSFJSPEF

 

14* 1POUPT  3)4

   



  

(BMQ&OFSHJB ä  -)4



  



 





 



  



 



  































 





















."3ˆ0









NZHBMQ




èBTIFT

4A<I8EFÈE<BABF4tBE8F

"$$ZNCSPOUFNBOPT

BTOPU®DJBTNBJTSFMFWBOUFTOPVOJWFSTPEFOFH´DJPT(BMQ&OFSHJB

$PNFNPSPVTF OP)PUFM3PZBM(BSEFO FN1POUB %FMHBEB PTFYBHªTJNPBOJWFST¢SJPEPSFWFOEFEPS EB(BMQ"¨PSFT B"$$ZNCSPO QBSDFJSPEB FNQSFTBEFTEF&TUBQBSUJDJQPVOBGVOEB¨¤P EB4PDJFEBEF"¨PSFBOBEF"SNB[FOBHFNEF(¢T  RVFªEFUJEBNBJPSJUBSJBNFOUFQFMB(BMQ"¨PSFT

"-*"/ˆ"$0.04&$503$&3ƒ.*$05&33"163"$0.("-1'305"*/07"ˆ„0&.#&56.&4 /07"&/53"%"

5&33"163"$0.("-1'305" "5FSSB1VSB RVFEFUÏNBT5FSSB1VSB&DPMPKBT  BEFSJVBPTTFSWJÎPTEB(BMQ&OFSHJBBUSBWÏTEPDBSUÍP (BMQ'SPUB"CFSUBIÈNBJTEFBOPT BFNQSFTB UFNFTUBCFMFDJNFOUPTFN-JTCPB "MNBEB 'BSP F.BUPTJOIPT */07"ˆ„0/"%63*&/4&(‚4

/PWBVOJEBEFBVU´OPNB

C4EG<?;478<AG8E8FF8F

("-1&/&3(*""-*"4& "04&$503$&3ƒ.*$0 "1*$&3"TTPDJB¨¤P1PSUVHVFTBEB*OE»TUSJB$FS£NJDBFB(BMQ &OFSHJBBTTJOBSBNVNQSPUPDPMPEFDPMBCPSB¨¤PFQBSDFSJB"PBCSJHP EFTUF B(BMQ&OFSHJBJS¢QBUSPDJOBSFQBSUJDJQBSOBQSFQBSB¨¤P EPÙ1MBOPFTUSBUªHJDPQBSBPTFDUPSDFS£NJDPFN1PSUVHBMÚQSPNPWJEP QFMB"1*$&3&NDPOUSBQBSUJEB FTUBJS¢QSPNPWFSFEJWVMHBSBD¨¶FT EFDPNVOJDB¨¤P TFNJO¢SJPTFDPM´RVJPTKVOUPEPTTFVTBTTPDJBEPT  QBSBEJWVMHB¨¤PEFQSPEVUPTPVTFSWJ¨PTEJTQPOJCJMJ[BEPTQFMB(BMQ &OFSHJB FJS¢EJTQPOJCJMJ[BSBTVBSFWJTUBCJNFTUSBM Ù$FSBNJDBÚ  QBSBQVCMJDB¨¤PEFUFYUPTEFJOGPSNB¨¤PTFMFDDJPOBEPTQFMBFNQSFTB

6BAFÏE6<BG86AB?Ï:<6B

*/07"ˆ„0&.#&56.&4 "1FUSPHBM P*OTUJUVUP4VQFSJPS5ªDOJDPFB*NQFSBMVN DPOTUJUV®SBNVNDPOT´SDJPQBSBQFTRVJTBSFEFTFOWPMWFS CFUVNFTNPEJçDBEPTEFOPWBHFSB¨¤P BTFSFNBQMJDBEPT FNNFNCSBOBTCFUVNJOPTBTQBSBJNQFSNFBCJMJ[B¨¤P EFFEJG®DJPTFQBWJNFOUB¨¤P 3&1"3"ˆ„0&."/65&/ˆ„0

/0704$&/5304.*%"4 "T‚SFBTEF4FSWJ¨PEF.BUPTJOIPTFEP3FBMJOBVHVSBSBNSFDFOUFNFOUFEPJT $FOUSPT.JEBT RVFHBSBOUFNVNTFSWJ¨PEFSFQBSB¨¤PFNBOVUFO¨¤PS¢QJEP  DPNRVBMJEBEFFHBSBOUJB RVFJODMVJNVEBO¨BTEF´MFP SFWJT¶FT QOFVT  USBW¶FT FTDBQFT BNPSUFDFEPSFT CBUFSJBT USBOTNJTT¤PFBSDPOEJDJPOBEP



NZHBMQ

."3ˆ0

/P£NCJUPEPTJOWFTUJNFOUPTQSPHSBNBEPTQBSB  B%VSJFOTFH¢TMFWPVBDBCPBDPOTUSV¨¤PEFVNB 6"( 6OJEBEF"VU´OPNBEF(¢T RVFTFEFTUJOB BPBCBTUFDJNFOUPEFH¢TOBUVSBM¡TGSFHVFTJBT EF7JEBHP 0VSB -PJWPTF1FESBT4BMHBEBT &NBMUFSOBUJWB¡MJHB¨¤PFMªDUSJDBUSBEJDJPOBM  GPJVUJMJ[BEPVNQSPDFTTPBVU´OPNPGPSNBEP QPSVNTJTUFNBEFCBUFSJBTMJHBEBTBVNDPOKVOUP EFQBJOªJTGPUPWPMUBJDPTFVNNJOJBFSPHFSBEPSF´MJDP  DPNVNHFSBEPSFMªDUSJDPEFBQPJP VUJMJ[BOEPH¢T OBUVSBMDPNPDPNCVTU®WFM"JOTUBMB¨¤PçDB  EFTUFNPEP DPNQMFUBNFOUFJOEFQFOEFOUFEBSFEF FMªDUSJDBOBDJPOBMFQFSNJUFVNBQPVQBO¨BEFDFSDB EFFVSPTBOP 1"3"04."*4/0704

("-1&/&3(*"0'&3&$& %*$*0/‚3*04"&4$0-"4 "(BMQ&OFSHJBPGFSFDFVDFSDBEFEJDJPO¢SJPT BW¢SJBTFTDPMBTEP1B®T FN"MDBJOT (S£OEPMB $BTUSP 7FSEF .BUPTJOIPT 7JMB'SBODBEBT/BWFT 7JMB/PWB EF1PJBSFT "MCFSHBSJBB7FMIB 1BSFEFTF.BGSB "PCSB PÙ%JDJPO¢SJP1S¢UJDPEF-PDV¨¶FTF&YQSFTT¶FT $PSSFOUFTÚ EBBVUPSJBEF&NBOVFMEF.PVSBF1FSTJMJB EF.FMJN5FJYFJSB SFTVMUPVEBSFDPMIBEFFYQSFTT¶FT QFDVMJBSFTFEFTJHOB¨¶FTVTBEBTDPSSFOUFNFOUF RVF PTBVUPSFTGPSBNFGFDUVBOEPBPMPOHPEFW¢SJPTBOPT -6#3*'*$"/5&4

4*7"SFDPNFOEB(BMQ&OFSHJB 0TMVCSJçDBOUFTEB(BMQ&OFSHJBWPMUBSBNBTFSBFTDPMIB EB4*7"QBSBPTTFVTBVUPN´WFJTFN "MªNEBSFDPNFOEB¨¤PFYDMVTJWBEBVUJMJ[B¨¤P EFMVCSJçDBOUFT(BMQ&OFSHJBQBSBBTNBSDBT EFBVUPN´WFJT"VEJ 4LPEB 7PMLTXBHFOF7PMLTXBHFO 7F®DVMPT$PNFSDJBJTQSFWJTUBOPDPOUSBUP PBDPSEP BCSBOHFUBNCªNBDPNFSDJBMJ[B¨¤PEPTMVCSJçDBOUFT BUSBWªTEBTTVBTDPODFTT¶FT


6B@5HFGËI8<F

:4FÏ?8BFF8EI<8KCE8FF

"DPSEPDPNB$*/

/PWPEJTUSJCVJEPSBTVM

"¢SFBEF.FJPTEF1BHBNFOUPEB(BMQ&OFSHJBSFGPS¨PVBQBSDFSJB DPNP(SVQP$*/FYJTUFOUFEFTEF0OPWPBDPSEPUSBEV[TF OBDPOUJOVJEBEFEPGPSOFDJNFOUPEFDPNCVTU®WFJT BUSBWªTEPDBSU¤P (BMQ'SPUB QBSBVNDPOTVNPBOVBMEFN0(SVQP$*/ªVNEPT QSJODJQBJTJOUFSWFOJFOUFTOPNFSDBEPEFUJOUBTFWFSOJ[FT MJEFSBOEP PTFDUPSOBDJPOBMEFTEFFPNFSDBEPJCªSJDPEFTEF

"(BMQ4FSWJFYQSFTTGF[VNBDPSEPDPNB1FUSPGFSSQBSBEJTUSJCVJS HBT´MFPTOPTEJTUSJUPTEF'BSPF#FKB 0OPWPDFOUSPçDBFN4¤P#BSUPMPNFVEF.FTTJOFTFQFSNJUF BPTDMJFOUFTCFOFçDJBSFNEFVNTFSWJ¨PEFEJTUSJCVJ¨¤PFFOUSFHB EFHBT´MFPEFBRVFDJNFOUP SPEPWJ¢SJPFDPMPSJEP DPNNBJTRVBMJEBEF FTFHVSBO¨B

/070$*$-0%"45&3ˆ"45&.‚5*$"43&%&4&.'*04&.4*/&43&'*/"3*""33"/$"."*4$&%0 :ÈFA4GHE4?A8JF

&41"ˆ0*/'03."5*70 1"3"$-*&/5&4 "(BMQ&OFSHJBMBOÎPVSFDFOUFNFOUFBi(ÈT /BUVSBM/FXTw OFXTMFUUFSEFEJDBEBBUPEPTPT DMJFOUFTEPNÏTUJDPTEFHÈTOBUVSBM/FTUFOPWPFTQBÎP JOGPSNBUJWP DPNGSFRVÐODJBUSJNFTUSBM PTDMJFOUFT EFHÈTOBUVSBMQPEFNFODPOUSBSOPUÓDJBTEPVOJWFSTP (BMQ&OFSHJB BQSFTFOUBÎÍPEFQSPEVUPTFTFSWJÎPT  DPOTFMIPTQBSBVNBNBJPSDPNPEJEBEFFTFHVSBOÎB OBVUJMJ[BÎÍPEPHÈTOBUVSBMFBMHVNBTDVSJPTJEBEFTPV EJDBTTPCSFQPVQBOÎBFOFSHÏUJDB (1450.50.

0NFMIPSDBNJOIP &TU¢¡WFOEBOBTMPKBT5BOHFSJOBPQBDLEFTFOWPMWJEP FYDMVTJWBNFOUFQBSBB(BMQ&OFSHJB DPOTUJUV®EP QPSVN(140OF$MBTTJD*CªSJB RVFJODMVJBPGFSUBEF VNBCPMTBEFUSBOTQPSUF BVN171EF FVSPT

"69*-*"3&4 %&03*&/5"ˆ„0

.BQBT.JDIFMJO ¡WFOEBOBTMPKBT (BMQ "TDPOTUBOUFTBMUFSB¨¶FT RVFPDPSSFNOBTFTUSBEBT OBDJPOBJTPCSJHBNB VNBDPNQBOIBNFOUP EBFWPMV¨¤PEBTWJBT SPEPWJ¢SJBT%FTUF NPEP ªTFNQSF»UJM UFSVNJOTUSVNFOUPEF PSJFOUB¨¤PQBSBBVYJMJBS BDPOEV¨¤PFHBSBOUJSP NFMIPSQFSDVSTP/FTTF TFOUJEP BTMPKBT. F5BOHFSJOBFTU¤PB SFDFCFSBBDUVBMJ[B¨¤PEF W¢SJPTNBQBT.JDIFMJO

G8Et4FG8@ÈG<64F

/070$*$-0 "DPOGFSÐODJBi*OUIFFZFPGUIFTUPSNw QSPGFSJEB QPS.BOVFM'FSSFJSB%F0MJWFJSB QSFTJEFOUFFYFDVUJWP EB(BMQ&OFSHJB MBOÎPVFTUFBOPPDJDMPEFDPOGFSÐODJBT i5FSÎBT5FNÈUJDBTw VNBJOJDJBUJWBEFTVDFTTPDSFTDFOUF OBFNQSFTB TPCUFNBTEJWFSTPTEFJOUFSFTTFQBSB BQPQVMBÎÍPEBDPNQBOIJB/PBOPQBTTBEPGPSBN SFBMJ[BEBTDPOGFSÐODJBT DPNBQBSUJDJQBÎÍPEFNBJT EFQFTTPBT NBJTEPRVFFN CEB=86GB<ABI47BE

3&%&4&.'*04&.4*/&4 "SFçOBSJBEF4JOFTEFVNBJTVNQBTTPJOPWBEPSOPEFTFOWPMWJNFOUP EFTPMV¨¶FTUFDOPM´HJDBTEFQPOUB BPJOUFHSBSP1SPKFDUP(*/4&/(  JOJDJBUJWBJOUFSOBDJPOBMEF*%DPçOBODJBEBQFMP{1SPHSBNB2VBESP EB6OJ¤P&VSPQFJB 0PCKFDUJWPªEFTFOWPMWFSVNBTPMV¨¤PUFDOPM´HJDBJOUFHSBEBRVFTVTUFOUF VNBSFEFTFNçPTEFDPOUSPMPFTFHVSBO¨BFNBNCJFOUFTDS®UJDPTRVF BUFS TVDFTTP SFWPMVDJPOBS¢PTTJTUFNBTEFNPOJUPSJ[B¨¤P1BVMP&NBOVFM'FSSFJSB F-V®T1FESP4JMWBT¤PPTDPMBCPSBEPSFTEBSFçOBSJBEF4JOFT EB%JSFD¨¤P EF.BOVUFO¨¤PF&OHFOIBSJB RVFQBSUJDJQBNOFTUBJOJDJBUJWBEF*%

@87<7478CBHC4At4

4&5(‚4"-5&3" 4*45&."%& $-*."5*;"ˆ„0 "4FUH¢TDPODMVJV SFDFOUFNFOUFBTPCSBT EFBMUFSB¨¤PEPTJTUFNB EFDMJNBUJ[B¨¤POBTVBTFEF BENJOJTUSBUJWB FN7BMF'FUBM "PQ¨¤PUPNBEB BNPOUBHFN EFVNB()1Ô(BT)FBU1VNQ  WFJPSFGPS¨BSBFTUSBUªHJB EBFNQSFTBEFEJWVMHB¨¤P EFPVUSBTVUJMJ[B¨¶FT EPH¢TOBUVSBMFQSPNP¨¤P EBNFMIPSJBBNCJFOUBM *OEV[VNBQPVQBO¨B OBGBDUVSBFOFSHªUJDB BOVBMEFDFSDBEF  QBSBVNDPOTVNPFTUJNBEP EFNEFH¢T OBUVSBMQPSBOP 3&'*/"3*"%&/070&.-"#03"ˆ„0

4*/&4"33"/$"."*4$&%0 "SFçOBSJBEF4JOFTEB(BMQ&OFSHJB FOUSPVEFOPWPFNGVODJPOBNFOUPOPJO®DJP EF.BS¨P BQ´TBDPODMVT¤PEBBWBMJB¨¤P GFJUBBPTFTUSBHPTQSPWPDBEPTQFMPJOD«OEJP SFHJTUBEPOBG¢CSJDBEFVUJMJEBEFT 0IZESPTLJNNFS RVFQSPEV[HBT´MFP EFBMUPUFPSEFFOYPGSF (1-F+FU'VFM BUSBWªTEBDIBNBEBEFTUJMB¨¤PBUNPTGªSJDB  FTU¢BHPSBBGVODJPOBSEFGPSNBOPSNBM $PODMV®EBBJOTUBMB¨¤PEPRVBESPFMªDUSJDP RVFTVCTUJUVJPRVFGPJEFTUSV®EP QFMPJOD«OEJP TFHVJSBNTFBTSFTUBOUFT EFBDPSEPDPNPQMBOPEFSFBSSBORVF EBTJOTUBMB¨¶FT ."3ˆ0

NZHBMQ




èBTIFT

@B78?BE898E8A6<4?<AG8EAB

(FTU¤PEFÙ4FHVSBO¨B  4B»EFF"NCJFOUF

BTOPU®DJBTNBJTSFMFWBOUFTOPVOJWFSTPEFOFH´DJPT(BMQ&OFSHJB

'PJEJTUSJCVJEPSFDFOUFNFOUFPNBOVBM EF3FGFSFODJBM*OUFSOPEP4JTUFNBEF(FTU¤P EF4FHVSBO¨B 4B»EFF"NCJFOUF OP£NCJUP EPDPNQSPNJTTPEB(BMQ&OFSHJBJOUFHSBSFTUFT WFDUPSFTOBTVBFTUSBUªHJBFBDUJWJEBEFT

%&4"'*041"3"3&6/*„0%"3&%&&41"/)0-"4&37*ˆ04*/07"%03&4/010350 @<A<:ÈF

/07"("33"'" "(BMQ&OFSHJBMBOÎPVVNBOPWBHBSSBGB NJOJHÈT RVFFTUÈËWFOEBOPTQPTUPT EFBCBTUFDJNFOUP(BMQ&OFSHJBFSFWFOEFEPSFT (BMQ(ÈTEF1PSUVHBM$POUJOFOUBMFÏDPNQBUÓWFM DPNBNBJPSQBSUFEPTBDFTTØSJPTEFHÈT $PNPDPOEJÎÜFTEFMBOÎBNFOUP  B(BMQ&OFSHJBPGFSFDFB‹HBSSBGB OBBQSFTFOUBÎÍPEFVNBEFPVUSBNBSDB  DVKPQFTPFNHÈTFTUFKBDPNQSFFOEJEP FOUSFPT FPTLH"PGFSUBOÍPJODMVJPHÈT FÏWÈMJEBBUÏEF%F[FNCSPEF C4:4@8AGB

4&37*ˆ04*/07"%03&4 /010350 A4$¤E8HA<±B7BE8G4?;B

%&4"'*041"3" /BQSJNFJSB3FVOJ¤P"OVBMEF3FWFOEFEPSFTEP3FUBMIPEF  RVFEFDPSSFVSFDFOUFNFOUFFN"MCVGFJSB GPSBNBQSFTFOUBEPTPTOPWPT GBSEBNFOUPTEPTPQFSBEPSFTEBSFEFEFQPTUPTFPTQSJODJQBJTEFTBçPT EPOFH´DJPQBSBNBOUFSRVPUBEFNFSDBEP TFSM®EFS FNDPOWFOJ«ODJBFTFSWJ¨P 8A6BAGEB

3&6/*„0%"3&%&&41"/)0-" "3FVOJ¤P"OVBMEB3FEFFTQBOIPMB EB(BMQ&OFSHJBEFDPSSFVFTUFBOP OP)PUFM"$EF4BO4FCBTUJ¢OEFMPT 3FZFT FN.BESJE DPNBQSFTFO¨B EFQFTTPBT /PFWFOUPGPSBNBQSFTFOUBEBT BTDMBTTJçDB¨¶FTEPQSPHSBNB EFBUFOEJNFOUPBPDMJFOUFÙ&TUSFMMBÚ P1MBOPEF/FH´DJPT QBSBFPTEFBD¨¶FTQFMPTEJWFSTPTSFTQPOT¢WFJTEFDBEB TFDUPS0EJSFDUPSHFSBM +P¤P'JBEFJSP FODFSSPVBTBQSFTFOUB¨¶FT DPNVNBHSBEFDJNFOUPBPFTGPS¨PSFBMJ[BEPQPSUPEPT OPBOPQBTTBEP 

NZHBMQ

."3ˆ0

"(BMQ&OFSHJBJOBVHVSPV SFDFOUFNFOUFBOPWB‚SFB EF4FSWJ¨PEF'SBODPT OB"W4JE´OJP 1BJT 1PSUP$POTUSV®EBEFBDPSEP DPNPTNBJTFMFWBEPTQBES¶FT EFRVBMJEBEFFTFHVSBO¨B EB(BMQ&OFSHJB PGFSFDF BPTDMJFOUFTTFSWJ¨PTJOPWBEPSFT  UBJTDPNPPQBHBNFOUPBUSBWªT EF7JB7FSEFFTJTUFNB1BZ(P "MªNEPTDPNCVTU®WFJT  POPWPFTQB¨PBDPMIFVNBMPKB 5BOHFSJOB DPNN RVFPGFSFDF VNBBMBSHBEBHBNBEFQSPEVUPT  VNB[POBEFTFSWJ¨PEFMBWBHFN  KFUXBTIFBTQJSB¨¤P "OPWB¢SFBJODPSQPSB UBNCªNVNDFOUSP.JEBT QBSBSFQBSB¨¶FT EFBVUPN´WFJT


"OPUFBRVJPTMJOLT %04"446/50426&7"*26&3&3$0/46-5"3."*45"3%& /"*/53"/&5Ö.:("-1×1035"-%0$0-"#03"%03

"QPOUFBRVJPTDPNFOU¢SJPTFTVHFTU¶FT 26&/047"*26&3&3&/7*"3&.3&-"ˆ„0 3&7*45"Ö.:("-1."(";*/&×26&5&./"446"4.„04 0626&&45‚"(03""-&3


JOTJEFJOUFSOBDJPOBMPJM #":"/'&33&*3" 0EJSFDUPSEB6/ *OUFSOBDJPOBM0JM BOUFDJQBBFYQBOT¤P QBSBUPEPTPTQB®TFT RVFSPEFJBNPT1"-01

@4K<@<M4EI4?BEuBB5=86G<IB

$SFTDJNFOUPFYUFSOP 6OJEBEFRVFPQFSBOPTFDUPSEPXOTUSFBNEB(BMQ&OFSHJBGPSBEB1FO®OTVMB*CªSJDB  BCSBOHFW¢SJPTOFH´DJPT JODMVJEF[FNQSFTBTFUFNNBJTEFTFUFDFOUPTDPMBCPSBEPSFT ĒĚğĥĖģğĒĔĚĠğĒĝĠĚĝÏBVOJEBEFEFOFHØDJP 6/ EB(BMQ&OFSHJBRVFHFSFBTPQFSB ÎÜFTEFEPXOTUSFBNEBDPNQBOIJBGPSB EB1FOÓOTVMB*CÏSJDB5FNDPNPNJTTÍP NBYJNJ[BSPWBMPSEP(SVQP(BMQ&OFSHJB OPTNFSDBEPTJOUFSOBDJPOBJTPOEFBDUVBPV WFOIBBBHJSF1PSUVHBMEJTQPOIBEFWBOUB HFOTDPNQFUJUJWBT "QFTBSEFUPEBBBDUJWJEBEFBCSBOHJ EBQPSFTUBÈSFBEB(BMQ&OFSHJBTFQP EFSBMBSHBSBUPEPPQMBOFUB DFOUSBMJ[BTF BDUVBMNFOUFFN«GSJDB POEFBFNQSFTB EFTFOWPMWFVVNBFTUSBUÏHJBEFFYQBOTÍPFN DMVTUFSTDFOUSBMJ[BEPTOPT1"-01"QBSUJS EF"OHPMB .PÎBNCJRVF (VJOÏ#JTTBVF $BCP7FSEF DSJPVUSÐT[POBTEFFYQBOTÍP  BTEF«GSJDB"VTUSBM"UMÉOUJDP «GSJDB"VTUSBM ¶OEJDPF«GSJDB0DJEFOUBM/FTUFÞMUJNP P 

NZHBMQ

."3ˆ0

QSJNFJSPQBTTPGPJDSFTDFSQBSBB(ÉNCJB  FORVBOUPOBTFHVOEB PNPWJNFOUPEFV TFOBEJSFDÎÍPEB4VB[JMÉOEJBi5FNPTB QFSTQFDUJWBEFFYQBOEJSQBSBUPEPTPTQBÓTFT RVFSPEFJBNPT1"-01w EJ[#BZBO'FSSFJSB  EJSFDUPSEB6/*OUFSOBDJPOBM0JM

"1307&*5"3010356/*%"%&4 "MØHJDBEBFTUSBUÏHJBTFHVJEBUFNDPNPCB TFBQSPDVSBEFiTJOFSHJBT BPOÓWFMUÏDOJDP  MPHÓTUJDP mOBODFJSP PSHBOJ[BUJWP EFNBS LFUJOH GPSOFDJNFOUP SFDVSTPTIVNBOPT  BNCJFOUF RVBMJEBEFFTFHVSBOÎB OFHØDJP  NBOVUFOÎÍPFDPOTUSVÎÍP RVFEFWFSÍPTFS FODPOUSBEPTOPTFTQBÎPTHFPHSÈmDPTEF mOJEPTw2VBOEPPDPSSFNPQPSUVOJEBEFT EFOFHØDJPQPTJUJWBTFSFOUÈWFJTQBSBB(BMQ &OFSHJB B6/UFOUBBQSPWFJUÈMBT

'PJPRVFBDPOUFDFVRVBOEPB4IFMMEF DJEJVWFOEFSPTTFVTBDUJWPTOB(ÉNCJB  4VB[JMÉOEJBFFN.PÎBNCJRVF POEFBFN QSFTBDPODPSSFVDPNWÈSJBTNVMUJOBDJPOBJT JOUFSFTTBEBTOPOFHØDJP "DUVBMNFOUFBVOJEBEFUFNQFTTPBT BUSBCBMIBS²DPOTUJUVÓEBQPSVNBFTUSVUVSB FN-JTCPB PVUSBTJNQMBOUBEBTOPTQBÓTFT POEFB(BMQ&OFSHJBFTUÈBDUJWB QBSBBMÏN EFVNBEF[FOBEFFNQSFTBTFN$BCP7FSEF  (ÉNCJB (VJOÏ#JTTBV "OHPMB .PÎBN CJRVFF4VB[JMÉOEJB

("#*/&5&&41&$*"-*;"%0 0TFDUPSEF-JTCPBEB6/*OUFSOBDJPOBM0JMÏ VNHBCJOFUFQFRVFOP NVJUPFTQFDJBMJ[BEP  DPOTUJUVÓEPQPSOPWFQFTTPBT$PPSEFOBF BQPJBUPEBTBTFNQSFTBTFOFHØDJPTRVFB


13*/$*1"*40#+&$5*704 %"*/5&3/"$*0/"-0*Þ%FçOJSFQSPQPSPQMBOPFTUSBUªHJDP EFEFTFOWPMWJNFOUPBJNQMFNFOUBS OBTFNQSFTBTQBSUJDJQBEBT Þ"QSPWFJUBSPQPSUVOJEBEFTRVFHBSBOUBN BFYQBOT¤PEPOFH´DJPEFDBEBVNB EFMBT EFGPSNBDPOTJTUFOUFDPN PTJOUFSFTTFTFTUSBUªHJDPTEPHSVQP Þ"TTFHVSBSBDPNFSDJBMJ[B¨¤PDPNQFUJUJWB FSFOU¢WFMEPTQSPEVUPTQFMBTFNQSFTBT QBSUJDJQBEBTFUPEBBPQFSB¨¤P EFBQSPWJTJPOBNFOUPFMPH®TUJDBJOFSFOUF Þ*EFOUJçDBSFEFçOJSPQPSUVOJEBEFT EFOFH´DJP BUSBWªTEBBOUFDJQB¨¤P EPEFTFOSPMBSEFQSPDFTTPTGVUVSPT  BDUJWJEBEFTPVJOJDJBUJWBTQJPOFJSBT  PVQBSDFSJBT PVBRVJTJ¨¶FT Þ(BSBOUJSBDSJB¨¤PEFWBMPSEBNBSDB(BMQ Þ$PPSEFOBSFBTTFHVSBSBJOUFSBD¨¤P DPOTUBOUFEB*OUFSOBDJPOBM0JMDPNPVUSBT VOJEBEFTEFOFH´DJPEB(BMQ&OFSHJB QBSB PQUJNJ[BSBQFSGPSNBODFFPSHBOJ[B¨¤P EFUSBCBMIPEBTFNQSFTBTQBSUJDJQBEBT  BUSBWªTEBQBSUJMIBEPDPOIFDJNFOUP Þ3FOUBCJMJ[BSBTJOGSBFTUSVUVSBT EFBSNB[FOBHFN FODIJNFOUP FUSBOTQPSUF QPTUPTEFBCBTUFDJNFOUP  CBODBTNBS®UJNBTFBFSPJOTUBMB¨¶FT Þ(BSBOUJSBFYJTU«ODJBEFVNTJTUFNB EFJOGPSNB¨¤PBEFRVBEPBPTOFH´DJPT OBVOJEBEFFFNQSFTBTQBSUJDJQBEBT Þ$POUSPMBSFBTTFHVSBSBJNQMFNFOUB¨¤P EBQPM®UJDB"24EFçOJEBQFMB(BMQ&OFSHJB  OP£NCJUPEBBDUJWJEBEFEFTFOWPMWJEB QFMBTFNQSFTBTQBSUJDJQBEBT Þ3FQSFTFOUBSB(BMQ&OFSHJBFN PSHBOJTNPTOBDJPOBJTFJOUFSOBDJPOBJT SFMBDJPOBEPTDPNPEFTFOWPMWJNFOUPF NBOVUFO¨¤PEBBDUJWJEBEFEPHSVQPOPT EJWFSTPTQB®TFTPOEFBDUVB DPNPPCKFDUJWP EFHBSBOUJSBEFGFTBEPTTFVTJOUFSFTTFT (BMQ&OFSHJBUFNOPFYUFSJPS*ODMVJVNB ÈSFBEF%FTFOWPMWJNFOUPF/PWPT1SPKFD UPTRVFUFNQPSmOBMJEBEFBEJOBNJ[BÎÍP EPOFHØDJP JEFOUJmDBOEPPQPSUVOJEBEFT FQSPQPOEPJEFJBTTPMVÎÜFTRVFQFSNJUBN BDSFTDFOUBSWBMPSBP(SVQP&TUBÈSFBÏBJO EBSFTQPOTÈWFMQFMP.BSLFUJOHF$PNVOJ DBÎÍP FTUBOEPOFTUFÉNCJUPJODVNCJEBEF USBOTNJUJSFGB[FSnVJSBJOGPSNBÎÍPEB(BMQ &OFSHJBEFFQBSBBTFNQSFTBT iGBDUPSGVO EBNFOUBMQBSBBTQFTTPBTTFOUJSFNRVFQFS UFODFNSFBMNFOUFBP(SVQP(BMQ&OFSHJBw  EJ[#BZBO'FSSFJSB)ÈUBNCÏNVNTFDUPS EF1MBOFBNFOUPF$POUSPMPRVFDPPSEFOBB BDUJWJEBEFBENJOJTUSBUJWB mOBODFJSBFEF

8VWdKZgYZ HZcZ\Va <}bW^V <j^c‚"7^hhVj

Edh^X^dcVbZcid ZbÛ[g^XV

8dc\d

EgdedhiVeVgV Û[g^XV>cY^XV

Fj‚c^V IVco}c^V

EgdedhiVeVgV Û[g^XVDX^YZciVa EgdedhiVeVgV Û[g^XV6ia}ci^XV

J\VcYV

GZeWa^XV 9ZbdXg{i^XV Yd8dc\d

6c\daV

BVaVl^

O}bW^V

BdVbW^fjZ 7dihlVcV

CVb†W^V

BejbVaVc\V HjVo^a}cY^V

‚'3*$".*/)" 0QSFTFOUFFPGVUVSPEBBDUJWJEBEF EB(BMQ&OFSHJBOPDPOUJOFOUFBGSJDBOP

SFQPSUJOHEBT"TTPDJBEBTFPEF&OHFOIBSJB F"24&TUFÏVNTFDUPSQBSUJDVMBSNFO UFBDUJWP QPSRVFB6OJEBEFFTUÈiTFNQSF BQMBOFBSPVBDPOTUSVJSOPWPTQPTUPTEF BCBTUFDJNFOUPPVBSFNPEFMBSPTRVFGP SBNSFDFOUFNFOUFBERVJSJEPT USBCBMIPKÈ mOBMJ[BEPFN.PÎBNCJRVFFBUFSNJOBSFN CSFWFOB(ÉNCJBF4VB[JMÉOEJBw

(&45„0&'*$*&/5& 0VUSBBDUJWJEBEFJODMVÓEBOPHBCJOFUFEF -JTCPBEB6/*OUFSOBDJPOBM0JMÏP"QPJP BP.FSDBEP SFTQPOTÈWFM FNDPOKVHBÎÍP DPNPTFDUPSEF$PNQSBTEB(BMQ&OFSHJB  QFMPGPSOFDJNFOUPEPTNBUFSJBJTFFRVJQB NFOUPTOFDFTTÈSJPTËTFNQSFTBTJOUFHSBEBT OFTUB6OJEBEFRVFOÍPFTUÍPEJTQPOÓWFJT OPTNFSDBEPTMPDBJT

"*OUFSOBDJPOBM0JMJOUFHSB BTTJN BT VOJEBEFTEFQFSGPSNBODFEF"OHPMB .P ÎBNCJRVF (VJOÏ#JTTBV $BCP7FSEF (BN CJBF4VB[JMÉOEJB QBSBBMÏNEBTGVOÎÜFTEF TVQPSUFEF1MBOFBNFOUPF$POUSPMP %FTFO WPMWJNFOUPF/PWPT1SPKFDUPT &OHFOIBSJBF "24(FSJOEPEFGPSNBFmDJFOUFQSPKFDUPT FFNQSFTBTQBSUJDJQBEBT B6OJEBEFDPO USJCVJQBSBBDSJBÎÍPEFWBMPSFDSFTDJNFOUP EPWPMVNFEFOFHØDJPT TBUJTGB[FOEP FN TJNVMUÉOFP DMJFOUFTFBDDJPOJTUBT

7\fcba„iX_ab`lZT_c [ggc-""`lZT_c"6ba[XVT:T_c8aXeZ\T" ha\WTWXfTeXTfaXZbV\b" fXei\VbfVbecbeTg\ibf"Vb`ha\VTVTb" 7bVh`Xagf"8dh\cTf%#HAF6" <agXeaTV\baT_%#B\_!ccg

."3ˆ0

NZHBMQ




EFTUBRVFBQSFTFOUB¨¤PEFSFTVMUBEPT

E8FH?G47BFCBF<G<IBF

-VDSPDSFTDFV ›MUJNPUSJNFTUSFEPBOPQBTTBEPDPOUSJCVJVGPSUFNFOUF QBSBSFTVMUBEPM®RVJEPEFNJMI¶FTEFFVSPT ĠĝĦĔģĠEB(BMQ&OFSHJBOPFYFSDÓDJPEF DSFTDFVQBSBNJMIÜFTEF FVSPT1BSBFTUFWBMPSDPOUSJCVJVNVJUPP SFTVMUBEPEPÞMUJNPUSJNFTUSFEF  QFSÓPEPFNRVFPTSFTVMUBEPTMÓRVJEPTEB DPNQBOIJBBUJOHJSBNPTNJMIÜFTEF FVSPTOFTUFUSJNFTUSF&NUFSNPTPQFSBDJP OBJT FTUFDSFTDJNFOUPTJUVPVTFOPT   DPNBNFMIPSJBEPEFTFNQFOIPEPTFH NFOUPEFOFHØDJP3FmOBÎÍP%JTUSJCVJÎÍP BDPNQFOTBSBFWPMVÎÍPEFTGBWPSÈWFMEPT SFTVMUBEPTEPTTFHNFOUPTEF(ÈT1PXFS F&YQMPSBÎÍP1SPEVÎÍP

&91-03"ˆ„0130%6ˆ„0 "QSPEVÎÍPOVNBCBTFXPSLJOHJOUFSFTU BUJOHJVPT NJMCBSSJTQPSEJBFN  NFOPT EPRVFOPQFSÓPEPIPNØMP HPEFWJEPBEJmDVMEBEFTPQFSBDJPOBJTOP DBNQP#FOHVFMB#FMJ[B-PCJUP5PNCPDP ##-5 FOUSFPmOBMEFFJOÓDJPEF "TVBQSPEVÎÍPEJÈSJBGPJEFNJM CBSSJTFN NBTDPOUJOVBBTFSBRVF NBJTQFTPSFQSFTFOUBOPUPUBM 

NZHBMQ

."3ˆ0

+ÈPDBNQP5PNCVB-ÉOEBOB 5- RVF EFWFSÈDPNFÎBSBUSBCBMIBSFNHSBOEFFT DBMBOPmOBMEF BVNFOUPVBTVBQSP EVÎÍPFN  QBSBPTNJMCBSSJT 0 SFTVMUBEP PQFSBDJPOBM  B DVTUP EF TVCTUJUVJÎÍP BKVTUBEP  EP TFHNFOUP EF &YQMPSBÎÍP1SPEVÎÍP &1 GPJEF NJMIÜFTEFFVSPT VNBEJNJOVJÎÍPEF  GBDFB&TUFTFHNFOUPEFOFHØDJPSF QSFTFOUB EPTSFTVMUBEPTPQFSBDJPOBJT BDVTUPEFTVCTUJUVJÎÍPBKVTUBEPTEB(BMQ &OFSHJB0BVNFOUPEF OPQSFÎPNÏ EJPEFWFOEBGPJOFVUSBMJ[BEPQFMBSFEVÎÍP  OBQSPEVÎÍPOFUFOUJUMFNFOU EF   QFMPDSFTDJNFOUPEPTDVTUPTEFQSPEVÎÍP  BHSBWBEPTQFMPTQSPCMFNBTPQFSBDJPOBJT SFHJTUBEPTOPDBNQP##-5FQFMPBVNFOUP EBTBNPSUJ[BÎÜFT

3&4&37"4&3&$63404 $0/5*/(&/5&4 %FBDPSEPDPNPSFMBUØSJPEB%FHPMZFS.BD OBVHIUPO i%FNBDw BTSFTFSWBTQSPWBEBT FQSPWÈWFJTEB(BMQ&OFSHJBOP#MPDP 

OPmOBMEF%F[FNCSPEF FSBNEF NJMIÜFTEFCBSSJT GBDFBPTNJMIÜFTEF CBSSJTEFEF%F[FNCSPEF "JOEBEFBDPSEPDPNPSFMBUØSJP%FNBD  PTSFDVSTPTDPOUJOHFOUFTEB(BMQ&OFSHJB FSBNEF NJMIÜFTEFCBSSJTGBDFBPT NJMIÜFTEFCBSSJTOPmOBMEF  EPTRVBJTNJMIÜFTDPSSFTQPOEJBNBSF DVSTPTFN"OHPMBF NJMIÜFTEFCBSSJT OP#SBTJM NBJPSJUBSJBNFOUFOPPĊTIPSFEB #BDJBEF4BOUPT

3&'*/"ˆ„0%*453*#6*ˆ„0 %&130%65041&530-Ž'&304 &N BTSFmOBSJBTEB(BMQ&OFSHJB QSPDFTTBSBN NJMIÜFTEFUPOFMBEBT EFNBUÏSJBTQSJNBT PVTFKB NFOPT  RVFFNJHVBMQFSÓPEPEPBOPBOUFSJPS FN SFTVMUBEPEBQBSBHFNQSPHSBNBEBQBSB NBOVUFOÎÍPOBSFmOBSJBEF4JOFT0DSVEF SFQSFTFOUPVEPUPUBMEBTNBUÏSJBT QSJNBTQSPDFTTBEBT BVNFOUBOEP BTTJN P TFVQFTPSFMBUJWPGBDFBPQFSÓPEPIPNØMPHP  RVFFSBEF  "TWFOEBTUPUBMJ[BSBNNJMIÜFTEF UPOFMBEBT VNBVNFOUPEF FNDPN QBSBÎÍPDPN&TUFWBMPSEFWFTFË JODMVTÍPEBTBDUJWJEBEFTEFEJTUSJCVJÎÍPEF QSPEVUPTQFUSPMÓGFSPTEBTmMJBJT*CÏSJDBTEB "HJQOPRVBSUPUSJNFTUSFEF OPUPUBM EBTEFQSPEVUPTSFmOBEPT "TFYQPSUBÎÜFTBVNFOUBSBN GBDFB  DPNPGVFMØMFPBDSFTDFSEFWJEPË SFUSBDÎÍPEBQSPDVSBOPNFSDBEPOBDJPOBMF


$&/‚3*0 0BVEJU´SJPEBTFEF  FN-JTCPB GPJQBMDPEB EJWVMHB¨¤PEPTSFTVMUBEPT EB(BMQ&OFSHJB SFGFSFOUFTB

BPBQSPWFJUBNFOUPEFPQPSUVOJEBEFTEFFY QPSUBÎÍPQBSBPOPSUFEB&VSPQB&N  PGVFMØMFPGPJPQSPEVUPNBJTFYQPSUBEP QFMB(BMQ&OFSHJB TFHVJEPEBTHBTPMJOBTF RVÓNJDPT"TQSJNFJSBTBQSFTFOUBSBNVN EFDSÏTDJNPEF EFWJEPËQBSBHFN EBSFmOBSJBEF4JOFTFBPTFGFJUPTEBDSJTF FDPOØNJDBOBSFUSBDÎÍPEPDPOTVNPOP NFSDBEPOPSUFBNFSJDBOP QSJODJQBMEFT UJOPEFFYQPSUBÎÍPEFTUFQSPEVUP /PmOBMEF B(BMQ&OFSHJBUJ OIBFTUBÎÜFTEFTFSWJÎP NBJT RVFOPEPBOPBOUFSJPSBQØTBDPODMVTÍP EBBRVJTJÎÍPEBTSFEFTJCÏSJDBTEB"HJQF &YYPO.PCJM "(BMQ&OFSHJBJOBVHVSPVUBNCÏN OPWBTMPKBTOPOGVFMOPBOPQBTTBEP EBT RVBJTVNBFN&TQBOIB4PCFN BTTJN QBSB POÞNFSPEFMPKBTEFTUFUJQPEB(BMQ &OFSHJBOB1FOÓOTVMB*CÏSJDB &NUFSNPTBKVTUBEPT PSFTVMUBEPPQF SBDJPOBMEFTUFTFDUPSBVNFOUPVNJMIÜFT EFFVSPTGBDFBPQFSÓPEPIPNØMPHP VN BDSÏTDJNPEF  FNUFSNPTSFMBUJWPT 0WBMPSBDVNVMBEPEPFGFJUPEFUJNFMBHFN GPJEFNJMIÜFTEFFVSPT PRVFQFS NJUJVDPNQFOTBSBEJNJOVJÎÍPOBNBSHFN EFSFmOBÎÍPEB(BMQ&OFSHJB

(‚4108&3 &N BTWFOEBTEFHÈTOBUVSBMBV NFOUBSBN QBSBPT NJMIÜFT EFNFUSPTDÞCJDPT DPNPNFSDBEPMJCF SBMJ[BEPBSFQSFTFOUBS EPUPUBM&TUF

DSFTDJNFOUPUSBEV[PTNBJPSFTWPMVNFT DPNFSDJBMJ[BEPTOPTFDUPSFMÏDUSJDP RVF FWPMVJSBN  "TWFOEBTEFHÈTOBUVSBMBPTFDUPSJO EVTUSJBMFN&TQBOIB JOJDJBEBTFN+BOFJSP EF GPSBNEFNJMIÜFTEFNFUSPT DÞCJDPT"BDUJWJEBEFEFUSBEJOHBQSFTFOUPV VNBRVFCSBEFOPTWPMVNFTUSBOTBD DJPOBEPT EFWJEPBPBVNFOUPEBQSPDVSB EFHÈTOBUVSBMFN1PSUVHBM "TDFOUSBJTEFDPHFSBÎÍPEB(BMQ&OFSHJB VUJMJ[BSBNVNUPUBMEFNJMIÜFTEFNFUSPT DÞCJDPTEFHÈTOBUVSBM"TWFOEBTEFFMFDUSJ DJEBEFËSFEFEJNJOVÓSBN  EFWJEPB QBSBHFOTQBSBNBOVUFOÎÍPOBTDFOUSBJTEF DPHFSBÎÍPEB$BSSJÎPFEB&OFSHJO &N PSFTVMUBEPPQFSBDJPOBMBDVT UPEFTVCTUJUVJÎÍPBKVTUBEPBUJOHJVNJ MIÜFTEFFVSPT  BCBJYPEPWFSJmDBEP FNJHVBMQFSÓPEPEF0BVNFOUPEBT RVBOUJEBEFTWFOEJEBT CFNDPNPPEPQSFÎP EPHÈTOBUVSBMOPNFSDBEPJOUFSOBDJPOBM  OÍPGPSBNTVmDJFOUFTQBSBDPNQFOTBSP

JNQBDUPOFHBUJWPEFNJMIÜFTEFFVSPT EBSFOFHPDJBÎÍPEPTDPOUSBUPTEFBRVJTJÎÍP EFTUFQSPEVUP

*/7&45*.&/50 &N PJOWFTUJNFOUPBVNFOUPVNBJTEF NJMNJMIÜFTEFFVSPTQBSBVNUPUBMEF  NJMIÜFTEFFVSPT$FSDBEFNJMIÜFTEF FVSPTGPSBNDBOBMJ[BEPTQBSBB&YQMPSBÎÍP 1SPEVÎÍP FNQBSUJDVMBSQBSBPTUSBCB MIPTOP#MPDP FN"OHPMB CFNDPNPB BWBMJBÎÍPEBEFTDPCFSUBOP-VDBQB /P#SBTJMGPSBNJOWFTUJEPTNJMIÜFT EFFVSPTOBTBDUJWJEBEFTEFFYQMPSBÎÍPOP PĊTIPSF OBQFSGVSBÎÍPEPTQPÎPT+ÞQJUFS  #FNUFWJF*BSBFQSFQBSBÎÍPEPUFTUFEF MPOHBEVSBÎÍPBSFBMJ[BSOPDBNQP5VQJB QBSUJSEPTFHVOEPUSJNFTUSFEF5BN CÏNGPSBNJOWFTUJEPTNJMIÜFTEFFVSPT OVNBOPWBSPEBEBEFMJDJUBÎÜFTFPVUSPT NJMIÜFTFNBDUJWJEBEFTEFFYQMPSBÎÍPOP POTIPSFOBTCBDJBTEF1PUJHVBSF&TQÓSJUP 4BOUP 1BSBBTBDUJWJEBEFTEFFYQMPSBÎÍPFN .PÎBNCJRVF 5JNPS-FTUFF1PSUVHBM RVF DPOUFNQMBSBNBBRVJTJÎÍPTÓTNJDB%F% QBSBQPTUFSJPSJOUFSQSFUBÎÍP GPJDBOBMJ[BEP VNUPUBMEFNJMIÜFTEFFVSPT 0HSPTTPEPJOWFTUJNFOUPEB(BMQ&OFS HJBEFTUJOPVTFË3FmOBÎÍP%JTUSJCVJÎÍP  POEFGPSBNBQMJDBEPT NJMIÜFTEFFV SPT0NPOUBOUFTFSWJVQBSBBBRVJTJÎÍPEP OFHØDJPJCÏSJDPEFEJTUSJCVJÎÍPEB"HJQF &YYPO.PCJM QPSNJMIÜFTEFFVSPT F QSPKFDUPEFDPOWFSTÍPEBSFmOBSJBEF4JOFT  DPNPJOÓDJPEFBRVJTJÎÍPEPTFRVJQBNFOUPT QSJODJQBJT BQBSBHFNQSPHSBNBEBQBSB NBOVUFOÎÍPFBDPODFTTÍPEPUFSNJOBMEF HSBOFJTMÓRVJEPTEPQPSUP /PTFHNFOUPEFOFHØDJP(ÈT1PXFS  PJOWFTUJNFOUPBTDFOEFVBNJMIÜFTEF FVSPT DBOBMJ[BEPTQBSBPQSPMPOHBNFOUP EBSFEFTFDVOEÈSJBEFEJTUSJCVJÎÍPFMJHBÎÍP EFNJMDMJFOUFTEFHÈTOBUVSBM OPWPTF DPOWFSUJEPT/PTFHNFOUP1PXFSGPSBN SFBMJ[BEPTJOWFTUJNFOUPTmOBJTOBDFOUSBM EFDPHFSBÎÍPEBSFmOBSJBEF4JOFTFDFOUSBM EP1PSUP 7\fcba„iX_abf\gXZT_cXaXeZ\T [ggc-""ceXff!ZT_cXaXeZ\T!Vb`"ZT_c`XW\T" icg"Vb`ha\VTWbf"\afg\ghV\baT_" Vb`ReXfh_gTWbR%##+" Vb`ReXfh_gTWbR%##+![g`

."3ˆ0

NZHBMQ




EFTUBRVFG´SVNUFDOPM´HJDP ABI44CBFG4

*OWFTUJHB¨¤P%FTFOWPMWJNFOUP &NQSFTBEFçOFQMBOPQBSBNBJPSBSUJDVMB¨¤PFOUSFBTVB¢SFBEB&YQMPSB¨¤P 1SPEV¨¤P &1 FBDPNVOJEBEFDJFOU®çDBOBDJPOBM ĠėŭģĦĞĔĚĖğĥŧėĚĔĠF5FDOPMØHJDP&1EB (BMQ&OFSHJBSFVOJVQFSUPEFJOWFTUJ HBEPSFTEVSBOUFUSÐTEJBT OP)PUFM1FT UBOB1BMBDF FN-JTCPB*OBVHVSBEPQFMP NJOJTUSPEB$JÐODJB 5FDOPMPHJBF&OTJOP 4VQFSJPS .BSJBOP(BHP FQFMPQSFTJEFOUF FYFDVUJWPEB(BMQ&OFSHJB .BOVFM'FSSFJSB %F0MJWFJSB TFSWJVQBSBJEFOUJmDBSBTDBQB DJEBEFTOBDJPOBJT FNUFSNPTEFJOWFTUJHB ÎÍPDJFOUÓmDBFEFTFOWPMWJNFOUPUFDOPMØHJ DP OBTÈSFBTEBHFPMPHJBFEBFOHFOIBSJB  RVFQPTTBNTFSBQMJDBEPTOPTTFDUPSFTF MPDBJTPOEFB(BMQ&OFSHJBPQFSB "FNQSFTBWBJQBTTBSBEFmOJSVNQMBOP EFBDÎÍPQMVSJBOVBMEBTTVBTOFDFTTJEBEFT FNUFSNPTEF*OWFTUJHBÎÍP%FTFOWPMWJ NFOUP *% QBSBQSPNPWFSVNBNBJPS BSUJDVMBÎÍPFOUSFBÈSFBEB&YQMPSBÎÍP 1SPEVÎÍP &1 FBDPNVOJEBEFDJFOUÓmDB OBDJPOBM 6NEPTQSJODJQBJTBDUJWPTEB6OJEBEF EF&1TÍPPTSFTFSWBUØSJPTEFQFUSØMFPF HÈTOBUVSBMEFTDPCFSUPTOB#BDJBEF4BOUPT  BPMBSHPEBDPTUBCSBTJMFJSB*SÍPBCTPSWFS JOWFTUJNFOUPTFOUSFNJMNJMIÜFTFPT NJMNJMIÜFTEFEØMBSFT BUÏ QPS QBSUFEBTFNQSFTBTRVFBMJPQFSBN FOUSF BTRVBJTB(BMQ&OFSHJB$POGPSNFTBMJFO UPV'FSSFJSB%F0MJWFJSB DPOTUJUVFNVNB



NZHBMQ

."3ˆ0

3&7&-"ˆ„0 .BOVFM'FSSFJSB%F0MJWFJSB BQSFTFOUPVPQSPKFDUP EB(BMQ&OFSHJBOB BCFSUVSBEPG´SVN

SBSBPQPSUVOJEBEFNPCJMJ[BEPSBQBSBPT FMFNFOUPTEBDPNVOJEBEFDJFOUÓmDBRVFTF FNQFOIFNOPEFTBmP1BSB.BSJBOP(BHP  iPQSPKFDUPRVFB(BMQ&OFSHJBQSFUFOEF

EFTFOWPMWFSÏEFHJHBOUFTDBJNQPSUÉODJB QBSBP1BÓTw 'FSSFJSB%F0MJWFJSBSFGFSJVRVF OPDBTP EP#SBTJM EFWJEPËEJNFOTÍPEPTEFQØTJUPT EFIJESPDBSCPOFUPTEFTDPCFSUPT PEFTFO WPMWJNFOUPEFVNBUFDOPMPHJBRVFQFSNJUB BVNFOUBS FNVNQPSDFOUP PTOÓWFJTEF SFDVQFSBÎÍPEFQFUSØMFPOBRVFMBÈSFBEF ÈHVBTVMUSBQSPGVOEBT UFSÈVNSFUPSOPRVF


0NJOJTUSPEB$J«ODJB 5FDOPMPHJBF&OTJOP4VQFSJPSEFTUBDPVBJNQPSU£ODJB EPQSPKFDUPRVFB(BMQ&OFSHJBQSFUFOEFEFTFOWPMWFS QPEFBUJOHJSPTNJMNJMIÜFTEFEØMBSFT /PGØSVNGPJJHVBMNFOUFBQSFTFOUBEPP NPEFMPEFBSUJDVMBÎÍPEB1FUSPCSBTDPNB DPNVOJEBEFDJFOUÓmDBCSBTJMFJSB"QBSDFJSB EB(BMQ&OFSHJBÏVNBEBTDPNQBOIJBTDPN NFMIPSIJTUØSJDPOBFYQMPSBÎÍPFQSPEVÎÍP EFIJESPDBSCPOFUPTBFMFWBEBTQSPGVOEJEB EFT GBDUPRVFTFEFWF FNMBSHBNFEJEB BP TFVJOWFTUJNFOUPBOVBMFNJOWFTUJHBÎÍP%F

BDPSEPDPNBTSFHSBTEPTFDUPSQFUSPMÓGFSP CSBTJMFJSP BTFNQSFTBTDPODFTTJPOÈSJBTEF CMPDPTEFFYQMPSBÎÍPTÍPPCSJHBEBTBFN QSFHBSQFMPNFOPTVNQPSDFOUPEBTTVBT SFDFJUBTFNJOWFTUJHBÎÍPFEFTFOWPMWJNFOUP %FTTFWBMPS NFUBEFUFNEFTFSBQMJDBEPFN JOTUJUVJÎÜFTCSBTJMFJSBT"SFHSBQFSNJUJV  OPBOPQBTTBEP BMJCFSUBÎÍPEFWFSCBTEF NJMIÜFTEFFVSPT

3&%&*/07"ˆ„0 CTeTT_€`EPEFCBUFFUSPDBTEFJEFJBT TPCSFPTEFTBçPTRVFTFDPMPDBN  EFJHVBMGPSNB ¡JOE»TUSJBF¡DJ«ODJB  P'´SVN$JFOU®çDPF5FDOPM´HJDP (BMQ&OFSHJB&YQMPSB¨¤P1SPEV¨¤P TFSWJVEFSBNQBEFMBO¨BNFOUP QBSBPQPSUBM3FEF(BMQ*OPWB¨¤P  DPODFCJEPTFHVOEPBçMPTPçB EB8FC RVFQSFUFOEFBKVEBSUPEB BDPNVOJEBEFDJFOU®çDBFUFDOPM´HJDB MJHBEB¡¢SFBFOFSHªUJDBBDPOIFDFSTF NFMIPSBTJQS´QSJBFBVOJSFTGPS¨PT OBSFTPMV¨¤PEFQSPCMFNBT

$*‹/$*"&5&$/0-0(*" 01FTUBOB1BMBDFGPJ QBMDPEFVNBJOJDJBUJWB RVFSFVOJVDFSDB EFJOWFTUJHBEPSFT ."3ˆ0

NZHBMQ




DBQBOPPMIPEPGVSBD¤P @4AH8?98EE8<E478B?<I8<E48@8AGE8I<FG4

1FOTBSOPGVUVSP ŠQSFDJTPDPODFOUSB¨¤PFSJHPSQBSBDPODSFUJ[BSPTEFTBçPT EB(BMQ&OFSHJBOPTQS´YJNPTBOPT ĒĘĒĝġĖğĖģĘĚĒUFNDPNPHSBOEFPCKFDUJWP TFSVNBFNQSFTBJOUFHSBEBEFFOFSHJB EF SFGFSÐODJBEB1FOÓOTVMB*CÏSJDB QFMPTWB MPSFTBRVFBEFSF SJHPSEBTVBQPTUVSBOPT OFHØDJPTFRVBMJEBEFEBTTVBTFYQMPSBÎÜFT  POEFUPEBTBTDPNQPOFOUFTEPOFHØDJPTÍP JNQPSUBOUFT 4FHVOEP.BOVFM'FSSFJSB%F0MJWFJSB  QSFTJEFOUFFYFDVUJWPEBDPNQBOIJB OFTUB BMUVSBFNRVFPTNFSDBEPTNVOEJBJTBJO EBTFFODPOUSBNTPCPSFnFYPEBDSJTF Ï QSFDJTPVNBBUJUVEFQBVUBEBQFMPSJHPSF SBDJPOBMJEBEF QPSQBSUFEBFNQSFTBFEPT TFVTDPMBCPSBEPSFT0PCKFDUJWPÏBTTFHVSBS BDPODSFUJ[BÎÍPEPTEFTBmPTRVFDPOEV[JSÍP BFNQSFTBBPGVUVSP "(BMQ&OFSHJBBQSFTFOUPVSFTVMUBEPTNVJ UPSFDFOUFNFOUF$PNPPTBWBMJB &TUFSFTVMUBEPEFJYBNFTBUJTGFJUP QPSRVF GPJPCUJEPOVNDPOUFYUPFYØHFOPBEWFSTPF QPSRVFFTQFMIBPFNQFOIPFQSPmTTJPOB MJTNPEFUPEBBFRVJQBEB(BMQ&OFSHJB RVF EJBSJBNFOUFQÜFBTVBDPNQFUÐODJB EFEJDB ÎÍPFBNCJÎÍPBPTFSWJÎPEBFNQSFTB 0OPTTPJOWFTUJNFOUPBUJOHJVPT NJM NJMIÜFTEFFVSPT NBJTEPRVFUSJQMJDBOEP GBDFB NBJPSJUBSJBNFOUFEFEJDBEPË DPNQSBEBTSFEFTJCÏSJDBTEB"HJQFEB&TTP FBPJOÓDJPEPQSPDFTTPEFDPOWFSTÍPEBT SFmOBSJBTEF4JOFTF.BUPTJOIPT 'FDIBNPTBTTJNPBOPEFDPNVN CBMBOÎPTØMJEP BQFTBSEPBVNFOUPEBEÓWJEB mOBODFJSBRVFSFTVMUBEFTUFTJOWFTUJNFOUPT  PRVFQFSNJUFBMHVNHSBVEFDPOmBOÎBQBSB BTFYJHFOUFTOFDFTTJEBEFTEFmOBODJBNFOUP  EFTUJOBEBTBPDVNQSJNFOUPEPBNCJDJPTP QMBOPFTUSBUÏHJDPBUÏ4FNFTRVFDFS NPTRVFBDPODSFUJ[BÎÍPEPTOPTTPTPCKFDUJ WPTWBJFYJHJSVNHSBOEFSJHPSmOBODFJSP

3*(03&3"$*0/"-*%"%& 0QSFTJEFOUFFYFDVUJWP EB(BMQ&OFSHJBUSB¨B PDBNJOIPQBSBRVF BFNQSFTBDVNQSB PTPCKFDUJWPT

Ù"FNQSFTBUFNEFTFS FYUSFNBNFOUFSJHPSPTB OBTVBFTUSVUVSB EFDVTUPTFSBDJPOBM OPTJOWFTUJNFOUPTÚ

GPJVNBOPEFDPODSFUJ[BÎÍPEFNBSDPT GVOEBNFOUBJTEBOPTTBFTUSBUÏHJBEFMPOHP QSB[P/BÈSFBEF&YQMPSBÎÍP1SPEVÎÍP  P#SBTJMDPOUJOVPVBSFWFMBSTFVNBBQPTUB DFSUFJSB BPBQSFTFOUBSVNBWF[NBJTEFT DPCFSUBTDPNOÓWFJTEFSFTFSWBTTJHOJmDBUJ WPT USJQMJDBOEPPOÓWFMEFSFDVSTPTEBOPTTB FNQSFTBQBSBNJMIÜFTEFCBSSJT'PJ 2VFCBMBO¨PGB[EPBOPRVFQBTTPV OB UBNCÏNPBOPFNRVFBVNFOUÈNPTBOPTTB BDUJWJEBEFEB(BMQ&OFSHJB DBSUFJSBEFQSPKFDUPT DPNPJUPQBSUJDJQBÎÜFT 

NZHBMQ

."3ˆ0

BERVJSJEBTOBEÏDJNBSPEBEBEFMJDJUBÎÜFT OP#SBTJMFPTBDPSEPTEFQBSUJDJQBÎÍPFN QSPKFDUPTEF(ÈT/BUVSBM-JRVFGFJUPOB7F OF[VFMB /BÈSFBEF3FmOBÎÍP%JTUSJCVJÎÍP  JOJDJÈNPTBGBTFEFDPOTUSVÎÍPEPTQSPKFD UPTEFDPOWFSTÍPEBTSFmOBSJBTEF4JOFTF .BUPTJOIPT PTQSJNFJSPTBWFSFNBUSJCVÓEB BDMBTTJmDBÎÍPEF1*/ QFMP&TUBEPQPS UVHVÐTOVNSFDPOIFDJNFOUPDMBSPEBTVB JNQPSUÉODJBFTUSBUÏHJDBQBSBBFDPOPNJB OBDJPOBM$PODSFUJ[ÈNPTBJOEBBTBRVJTJÎÜFT EBTPQFSBÎÜFTJCÏSJDBTEB"HJQFEB&TTP  OBRVFMBRVFGPJBNBJPSBRVJTJÎÍPEB1FOÓO TVMB*CÏSJDBFDPNBRVBMQBTTÈNPTBEFUFS VNBRVPUBJCÏSJDBEF DPN&TQBOIBB SFQSFTFOUBSFOUSFFEPTOPTTPT WPMVNFTEFDPNFSDJBMJ[BÎÍP /BÈSFBEF(ÈT1PXFSIÈBEFTUBDBS  OPOFHØDJPEBHÈTOBUVSBM BBTTJOBUVSB EPTDPOUSBUPTEFDPODFTTÍPDPNP&TUBEP QPSUVHVÐT DPNVNBEVSBÎÍPEFBOPT  RVFWJFSBNEBSVNOPWPFORVBESBNFOUP KVSÓEJDPËTOPTTBTBDUJWJEBEFTBQVCMJDB ÎÍP QPSQBSUFEB&34& EFUBSJGBTFQSFÎPT QFMBQSJNFJSBWF[OPOPWPRVBESPMFHJTMB UJWPEFTUFTFDUPSFN&TQBOIB JOJDJÈNPTB DPNFSDJBMJ[BÎÍPMPHPOPQSJODÓQJPEPBOP  DPNPTQSJNFJSPTGPSOFDJNFOUPTBDMJFOUFT JOEVTUSJBJT/PTFHNFOUPEP1PXFS EFNPT VNQBTTPTJHOJmDBUJWPOBOPTTBBDUVBÎÍPOP NFSDBEPFMÏDUSJDP DPNBQBSUJDJQBÎÍPOPT MFJMÜFTEFDBQBDJEBEFWJSUVBMEFQSPEVÎÍP QSPNPWJEPTQFMP0.*1FBTTFHVSÈNPTB DPOUJOVJEBEFBPTQSPKFDUPTEFDPHFSBÎÍP FN4JOFTF.BUPTJOIPT &TUFT JNQPSUBOUFT QBTTPT EFNPOT USBNRVFPDBNJOIPQBSBPOPTTPQSPDFTTP USBOTGPSNBDJPOBMFTUÈBTFSUSJMIBEP QFMP RVFQBTTÈNPTEFVNBGBTFEFFTUSBUÏHJB  QMBOFBNFOUPFDPOUSBUBÎÍP QBSBBGBTFEF FYFDVÎÍP FJTTPPCSJHBOPT OPDPOUFYUPEF DSJTFFDPOØNJDBRVFPNVOEPBDUVBMNFOUF


."3ˆ0

NZHBMQ




DBQBOPPMIPEPGVSBD¤P

BUSBWFTTB BVNNBJPSSJHPSFBVNBBUFOÎÍP SFEPCSBEBBVNBSFBMJEBEFFNQFSNBOFOUF NVEBOÎB

DPNQSPEVÎÍPQSØQSJBOBÈSFBEFFYQMPSB ÎÍP UFNPTWJOEPBFYQBOEJSFEJWFSTJmDBS BOPTTBDBSUFJSBEFQSPKFDUPTFKÈUFNPTSF DVSTPTQBSBDIFHBSBFTUFPCKFDUJWP 0QSPKFDUPEFPQUJNJ[BÎÍPEBDBQBDJEBEF FEFBVNFOUPEBDPNQMFYJEBEFEBTSFm OBSJBTWBJOPTQFSNJUJSQSPDFTTBSNBJPSFT WPMVNFTEFDSVEFTNBJTQFTBEPT SFEV[JSP QFTPEBQSPEVÎÍPEFGVFMØMFP JODSFNFOUBSB QSPEVÎÍPEFHBTØMFPFNMJOIBDPNBFWPMV ÎÍPEBQSPDVSBEPNFSDBEPFBTTJNNFMIPSBS BTOPTTBTNBSHFOTEFSFmOBÎÍP/BÈSFBEB EJTUSJCVJÎÍP EFNPTVNTBMUPJNQPSUBOUF DPNBTBRVJTJÎÜFTEBTSFEFTEB"HJQFEB &TTP UPSOBOEPBOPTTBSFEFNBJTJCÏSJDBF BVNFOUBOEPBJOUFHSBÎÍPEPTOFHØDJPTEF 3FmOBÎÍP%JTUSJCVJÎÍP 1BSBPOFHØDJPEF(ÈT1PXFS BOPTTB QSJPSJEBEFFTUSBUÏHJDBÏEFTFOWPMWFSVN QPSUFGØMJPEFHFSBÎÍPDPNQFUJUJWP RVFOPT QFSNJUBBNÏEJPMPOHPQSB[PEJTQPOJCJMJ[BS

&NRVFDPOTJTUFPQSPDFTTPUSBOTGPSNB DJPOBMRVFSFGFSF 2VFSFNPTDSFTDFSFNUPEPTPTOFHØDJPTFN RVFFTUBNPTFOWPMWJEPT BUSBWÏTEFVNBJO UFHSBÎÍPDSFTDFOUFEBTEJWFSTBTBDUJWJEBEFT FEBDBQJUBMJ[BÎÍPEBTPQPSUVOJEBEFTRVFB DBSUFJSBEFBDUJWPTFQSPKFDUPTOPTPGFSFDF 1BSBJTTP BTOPTTBTQSJPSJEBEFTFNUPEPT PTOFHØDJPTTÍPNFMIPSBSBFmDJÐODJBFB SFOUBCJMJEBEFEPTBDUJWPT BVNFOUBSBDB QBDJEBEFEFDPODPSSFSOPTNFSDBEPTFN RVFBDUVBNPTFJOUFOTJmDBSPTFTGPSÎPTEF JOPWBÎÍP RVBMJEBEFFTFHVSBOÎB 1BSBBUJOHJSNPTPOÓWFMTVTUFOUBEPEF QSPEVÎÍPEFNCPFQEoWF[FTPWPMV NFEFQSPEVÎÍPFNoFDPCSJSNFUBEF EBOPTTBDBQBDJEBEFEFSFmOBÎÍPGVUVSB 

.BOVFM3BNBMIFUF

%JSFDUPSEF1MBOFBNFOUP&TUSBUªHJDP

("-1&/&3(*"4"#&3‚&/'3&/5"304%&4"'*04 8fgTVe\fX QFMPGBDUPEFUFSDPOUBNJOBEP UPEPPTJTUFNBçOBODFJSPFFDPO´NJDP NVOEJBM FTU¢BUFSDPOTFRV«ODJBTUSFNFOEBT FNUPEPTPTTFDUPSFT QBSUJDVMBSNFOUF OBRVFMFTDVKPTQSPEVUPTFTFSWJ¨PTT¤PEF QSPDVSBNBJTFM¢TUJDBFFNRVFBSPCVTUF[ çOBODFJSBªGVOEBNFOUBMOBEFDJT¤P EFJOWFTUJNFOUP DPNPªPDBTP EPTFDUPSFOFSHªUJDP "(BMQ&OFSHJB FNCPSBGPSBEPFQJDFOUSP EBDSJTF PQFSBOBUVSBMNFOUFTPCPTFGFJUPT EBUFNQFTUBEF PVO¤PFTUJWFTTFOVN EPTTFDUPSFTFDPO´NJDPTNBJTHMPCBJTFN UFSNPTEFDPODPSS«ODJBJOUFSOBDJPOBM 0GBDUPEFBQSFTFOUBSVNBFTUSVUVSBçOBODFJSB SFMBUJWBNFOUFT´MJEB RVBOEPPTO®WFJT HFSBJTEFFOEJWJEBNFOUPOPOPTTPQB®T T¤PNVJUPFMFWBEPT E¢MIFVNBNBSHFN EFNBOPCSBRVFMIFQFSNJUFQFSTFHVJS PTFVEFTJEFSBUPFTUSBUªHJDPTFNTFS JNQFSBUJWBNFOUFDPOEJDJPOBEBQFMPQSJNBEP EPDPNQPSUBNFOUPDPOKVOUVSBM DVSUPQSB[P  &TUBUBNCªNªBBMUVSBEBTPQPSUVOJEBEFT  NBTBQFOBTBPBMDBODFEFBMHVOT PTRVF BQSFTFOUFNSPCVTUF[çOBODFJSB"TQSJODJQBJT PQPSUVOJEBEFTEFNFMIPSJBOPDVSUPQSB[P  NBTDPNBMDBODFFTUSBUªHJDPT¤P 1SPUFD¨¤PEPTGVOEBNFOUPTçOBODFJSPT ÔPQUJNJ[B¨¤PEBE®WJEBFFTUSVUVSBçOBODFJSB



NZHBMQ

."3ˆ0

HFTU¤PEPSJTDPEFNFSDBEPFEFDSªEJUP PQUJNJ[B¨¤PEPGVOEPEFNBOFJP 1SPUFD¨¤PEPDPSFCVTJOFTT QSJODJQBM GPOUFEFHFSB¨¤PEFDBTIèPXFçDJ«ODJB ªBQBMBWSBDIBWFPQUJNJ[B¨¤P FQSJPSJUJ[B¨¤PEFDBQFY FTUBNPT FNQFS®PEPEFEFTJOèB¨¤PBDFOUVBEB FNFTNPEFèB¨¤P GPDBMJ[B¨¤PDPNFSDJBM HFTU¤PEBDBQBDJEBEFEPTGPSOFDFEPSFT HFTU¤PDPPQFSBUJWBDPNQB®TFTQSPEVUPSFT FBT/0$ BSFMB¨¤PEFGPS¨BT/0$Ô *0$BMUFSPVTFDPNBDSJTF BGBWPS EBRVFMBT  (FTU¤PEPMPOHPQSB[PBWBMJB¨¤P EPTJOWFTUJNFOUPTFNDPOUFYUPSFBMJTUB EFMPOHPQSB[PFTUVEBSFEFTFOWPMWFS PQ¨¶FTEFDSFTDJNFOUPJOPSH£OJDPFTUVEBS PQPSUVOJEBEFTEFDPOTPMJEB¨¤PBWBMJBS PQPSUVOJEBEFTEFEFTJOWFTUJNFOUPTGPSB EPDPSFCVTJOFTT QVSJçDB¨¤PEPQPSUFG´MJP  GPDVTOP&1FEFTFOWPMWJNFOUPEFWBOUBHFOT DPNQBSBUJWBTJOPWB¨¤P 0FSSPNBJTGSFRVFOUFOFTUBTBMUVSBTªQFSEFS BWJT¤PFTUSBUªHJDBFNEFUSJNFOUPEFVNB QPTUVSBDFOUSBEBOPDVSUPQSB[P QFOTBOEP RVFPGVUVSPªVNBSFQSPEV¨¤PEPQBTTBEP SFDFOUF PFSSPEFWFSB¢SWPSFFO¤PPMIBS QBSBBèPSFTUB 

$PNVOJDB¨¤PFNPCJMJ[B¨¤PEBPSHBOJ[B¨¤P BD¨¶FTDMBSBTDPNDPOHSV«ODJBFQBSUJMIB EFPCKFDUJWPTGPDBMJ[B¨¤POBFYFDV¨¤P FPCUFO¨¤PEFSFTVMUBEPTFTUSBUªHJB EFDPNVOJDB¨¤PBUPEBBPSHBOJ[B¨¤P  DPNBVNFOUPEBDPNVOJDB¨¤PJOUFSOBSFGPS¨P EPQBQFMEPTSFDVSTPTIVNBOPTOBHFSB¨¤P EFJEFJBTQBSBNFMIPSGB[FSGBDF¡DSJTF "QFTBSEBTEJçDVMEBEFTQPSRVFQBTTBUPEP PNVOEP FTUBNPTDPOçBOUFTRVFB(BMQ &OFSHJBTBCFS¢FOGSFOUBSPTEFTBçPTRVFUFN QFMBGSFOUF DVNQSJOEPDPNSFTQPOTBCJMJEBEF PTFVQBQFMOPEFTFOWPMWJNFOUPFDPO´NJDP FTPDJBMEP1B®TF BQFTBSEPTTPCSFTTBMUPT FBKVTUBNFOUPTOPDVSUPQSB[P QSPTTFHVJS¢ BTVBFTUSBUªHJBEFEFTFOWPMWJNFOUP FDSJB¨¤PEFWBMPS UBMDPNPDPOTUB EBTVBNJTT¤P


BPTOPTTPTDMJFOUFTVNBPGFSUBJOUFHSBEBEF HÈTFFMFDUSJDJEBEF*TTPWBJPCSJHBSOPTB BVNFOUBSBOPTTBDBQBDJEBEFEFBQSPWJTJP OBNFOUP QFMPRVFUFNPTKÈWÈSJPTQSPKFDUPT FNDVSTP OPNFBEBNFOUFFN"OHPMBFOB 7FOF[VFMB 5FOEPFNDPOUBPDPOUFYUPEFDSJTFBDUVBM  DPNPEFWFBFNQSFTBBHJSQBSBVMUSBQBT TBSBTEJçDVMEBEFT .BJTEPRVFUSBWBSOPT PDPOUFYUPBDUVBM ÏVNEFTBmPRVFFYJHFBUPEBBFRVJQBEB (BMQ&OFSHJBVNBSFTQPOTBCJMJEBEFBDSFT DJEB1BSBDPOUJOVBSNPTBFTUBSËBMUVSBEP QBQFMEFFNQSFTBEFSFGFSÐODJBRVFOPTÏ BUSJCVÓEP UFNPTEFBEPQUBSVNBDVMUVSBEF FYJHÐODJBFSJHPSOBOPTTBBDUVBÎÍPEJÈSJB  RVFOPTWBJQFSNJUJSNBOUFSPSVNPFTUSB UÏHJDP FWJUBOEPPEFTQFSEÓDJPEFSFDVSTPT RVFTFQPEFSFWFMBSGBUBMQBSBBDPODSFUJ[BÎÍP EPTOPTTPTQSPKFDUPT

Ù"(BMQ&OFSHJBUFN FYDFMFOUFTQSPKFDUPT FVNBFRVJQBDPFTBEF QSPçTTJPOBJTEFFMFWBEB DPNQFU«ODJBÚ 5FNPTQSPKFDUPTUSBOTGPSNBDJPOBJTQB SBFYFDVUBS BNCJDJPTPT NBTBDSFEJUPRVF TFSFNPTDBQB[FTEFQSPWBS VNBWF[NBJT  FTUBSËBMUVSBEBTDJSDVOTUÉODJBT FODPO USBOEPGPSNBTDPNQFUJUJWBTEFmOBODJBSP OPTTPCBMBOÎPFTFNDPNQSPNFUFSPGVUVSP EBOPTTBFNQSFTB 0OPTTPQSJODJQBMPCKFDUJWPOFTUFNP NFOUPÏMFWBSFTTFTQSPKFDUPTBEJBOUF NBO UFSPTJOWFTUJNFOUPTRVFTÍPGVOEBNFOUBJT  OÍPBQFOBTQBSBBTVTUFOUBCJMJEBEFEPDSFT DJNFOUPEB(BMQ&OFSHJBNBTUBNCÏNQBSB PQBÓT"TFNQSFTBTQSFDJTBN BHPSBNBJT EPRVFOVODB EFQSPKFDUPTEFJOWFTUJNFO UPTØMJEPTRVFDPOUSJCVBNQBSBBDSJBÎÍP EFSJRVF[BFEFFNQSFHP FTTFODJBJTQBSB VMUSBQBTTBSFTUBDSJTF"(BMQ&OFSHJBUFN FYDFMFOUFTQSPKFDUPTFVNBFRVJQBDPFTBEF QSPmTTJPOBJTEFFMFWBEBDPNQFUÐODJB RVF UFNEFNPOTUSBEPQPTTVJSBGPSÎBBOÓNJDB OFDFTTÈSJBQBSBPTMFWBSBCPNUFSNP $PNPªRVFPNFSDBEPPMIBIPKFQBSBB (BMQ&OFSHJB

"OU´OJP(PO¨BMWFT/VOFT

%JSFDUPSEF"QSPWJTJPOBNFOUP 5SBEJOHF2V®NJDPT 6/"3-

(3"/%&%&4"'*0/01”4$3*4& 4TVg\i\WTWXXVba‰`\VTHMPCBMªBJOEB NVJUPGSBDB0T»MUJNPTSFTVMUBEPTEP8PSME &DPOPNJD4VSWFZ 8&4 NPTUSBNRVFPDMJNB FDPO´NJDPDPOUJOVPVBEFUFSJPSBSTF FN+BOFJSPEF /BNBJPSJBEPTQB®TFT BTJUVB¨¤PFDPO´NJDB ªDPOTJEFSBEBN¢$POUVEP VNBTQFDUP QPTJUJWPªRVFBTFYQFDUBUJWBTQBSBBk NFUBEFEFO¤PTFBQSFTFOUBNQJPSFT  QFMPRVFTFQFOTBRVF OPEFDVSTPEF  BTNFEJEBTUPNBEBTQFMPTEJWFSTPTHPWFSOPT QPTTBNJOJDJBSPTFVFGFJUP 5PEBTBTFNQSFTBTFTU¤PBTFSBGFDUBEBTDPN NBJPSPVNFOPSJOUFOTJEBEF"(BMQO¤P ªFYDFQ¨¤P7FOEFIPKF BPTTFVTDMJFOUFT çOBJTFJOEVTUSJBJT NFOPTDPNCVTU®WFJT  NFOPTH¢T NFOPTQSPEVUPTRV®NJDPTF QFUSPRV®NJDPT NFOPT´MFPTFMVCSJçDBOUFT "DUVBMNFOUF BTNBSHFOTEFSFçOB¨¤PFTU¤P TPCGPSUFQSFTT¤PEFWJEP¡RVFEB EBQSPDVSB TPCSFUVEPEPTEFTUJMBEPTNªEJPT NBJTMJHBEPT¡BDUJWJEBEFFDPO´NJDB  FBPFYDFTTPEFPGFSUBEFBMHVOTQSPEVUPT SFçOBEPTFDPOTFRVFOUFRVFEBEPTTFVT QSF¨PTSFMBUJWBNFOUFBPDSVEF"QFSTJTU«ODJB EFTUFTGBDUPSFTWBJMFWBS QSPWBWFMNFOUF  BPBCBJYBNFOUPEFSVOTEBTSFçOBSJBTFK¢ DPOEV[JVBQBSBHFOTUFNQPS¢SJBTEFVOJEBEFT QFUSPRV®NJDBT 0TFDUPSFOFSHªUJDPªVNB¢SFBEFBDUJWJEBEF FDPO´NJDBRVFWBJUFSEFFOGSFOUBSVN HSBOEFEFTBçPOPQ´TDSJTF OPNFBEBNFOUF BPO®WFMEPQBES¤PEFDPOTVNPFEBPGFSUB EFBMUFSOBUJWBT1BSBFTUFTFDUPS PSFHSFTTP BPCVTJOFTTBTVTVBMEFWFS¢TFSQPVDP QSPW¢WFM

%FTEFP*10RVFBOPTTBDPNVOJDBÎÍPDPN PNFSDBEPTFUFNQBVUBEPQPSQSJODÓQJPTEF SJHPSFUSBOTQBSÐODJB"QPMÓUJDBEFDPNV OJDBÎÍPRVFUFNPTTFHVJEP BTTFOUFOFTTFT EPJTQSJODÓQJPT GPJKÈQPSEJWFSTBTWF[FT SFDPOIFDJEB OPNFBEBNFOUFQFMBBUSJCVJ ÎÍPEFWÈSJPTQSÏNJPTSFMBDJPOBEPTDPNB RVBMJEBEFEBJOGPSNBÎÍPRVFQSFTUBNPTBP NFSDBEP.BT NBJTJNQPSUBOUF UFNTJEPP SFDPOIFDJNFOUPQPSQBSUFEPTJOWFTUJEPSFT EFRVFBOPTTBFTUSBUÏHJBEFMPOHPQSB[PÏ TØMJEBFTVTUFOUÈWFM FYQSFTTPOBTSFDPNFO EBÎÜFTFSFTFBSDITEPTBOBMJTUBTRVFOPT BDPNQBOIBN FRVFUFNPGFSFDJEPËOPTTB BDÎÍPHSBOEFWJTJCJMJEBEFFBUSBDUJWJEBEF EFOUSPEPTFDUPS GPJVNBOPEFGPSUFEFTWBMPSJ[B

"TBDUJWJEBEFTEFTFOWPMWJEBTOP "QSPWJTJPOBNFOUP 5SBEJOHF2V®NJDPTT¤P EFDSªEJUPJOUFOTJWP&NSFTVMUBEPEBDSJTF çOBODFJSB PDSªEJUPUPSOPVTFFTDBTTP PVEFJYPVEFFTUBSEJTQPO®WFM çDBOEPBT FNQSFTBTNBJTQFRVFOBTPCSJHBEBTBDPCSJS BTTVBTUSBOTBD¨¶FTDPNDBSUBTEFDSªEJUP P RVFSFEV[JVPTFVO»NFSP EJNFOT¤P FBCSBOH«ODJBEBTTVBTBDUJWJEBEFT MJNJUBOEP BWBOUBHFNFTUSBUªHJDBEFRVFEJTQVOIBN GBDFBPTHSBOEFTQMBZFSTEPNFSDBEPG®TJDP EPTQSPEVUPTQFUSPM®GFSPT &TUBTJUVB¨¤PQBTTPVBGBWPSFDFSBBDUVB¨¤P EPTQMBZFSTNBJTQPEFSPTPTFDPNHSBOEFT SFDVSTPTçOBODFJSPT NBKPSTFHSBOEFT USBEJOHIPVTFT RVFFTU¤PPCWJBNFOUFB HBOIBSNBJPSDPOUSPMPEPNFSDBEP EJUBOEP OPWBTDPOEJ¨¶FTEFUSBEJOHFTUSVUVSBJTPV USBOTJU´SJBTRVFJNQBDUBNBOPTTBBDUJWJEBEF

ÎÍPCPMTJTUB EFGPSNBHFOFSBMJ[BEB FJTTP QFOBMJ[PVBBDÎÍPEB(BMQ&OFSHJB NBJT QPSSB[ÜFTDPOKVOUVSBJTEFNFSDBEPEPRVF QPSEFTDSFOÎBOBOPTTBFTUSBUÏHJB%FTEF P*10 BBDÎÍPEB(BMQ&OFSHJBUFNTJEP USBOTBDDJPOBEBBDJNBEPWBMPSEFTTBQSJ NFJSBPGFSUB UFOEPUFSNJOBEPPBOPDPN VNBWBMPSJ[BÎÍPEF FPGFSFDJEPVN SFUPSOPBOVBMJ[BEPEF "DPOTDJÐODJBEFRVFFTUBNPTQFSNBOFO UFNFOUFTVKFJUPTBFTUFFYJHFOUFFTDSVUÓOJP PCSJHBOPT OPOPTTPEJBBEJB BFYDFEFS BTFMFWBEBTFYQFDUBUJWBTRVFOPTDPMPDBN  QSPDVSBOEPBNFMIPSJBDPOUÓOVBEPOPTTP EFTFNQFOIPOBDFSUF[BEFRVF EFTUBGPSNB  FTUBNPTBDPOUSJCVJSBDUJWBNFOUFQBSBPDSFT DJNFOUPTVTUFOUÈWFMEBOPTTBFNQSFTB ."3ˆ0

NZHBMQ




DBQBOPPMIPEPGVSBD¤P

3FUPSOP BOVBMJ[BEP FOUSF  EF 0VUVCSP EF  F  EF %F[FNCSP EF 

 



  

 







 



 











 #$ 1 (BMQ

&%1

1PSUVHBM 5FMFDPN

&OJ 14*

#1 3FQTPM

5PUBM 4IFMM

#( 1FUSPCSBT

49&1 0.7

$0.1035".&/50&.#0-4" 0SFUPSOPBOVBMJ[BEPEBTBD¨¶FTEB(BMQ&OFSHJBGPJ EF EFTEFP*10BUªçOBMEF

"(BMQ&OFSHJBªK¢VNEPTQSJODJQBJT QMBZFSTEPTFDUPSQFUSPM®GFSPOB1FO®O TVMB2VBJTT¤PPTQS´YJNPTQBTTPTQBSB BUPSOBSNBJTJCªSJDB "(BMQ&OFSHJBÏBDUVBMNFOUFPQMBZFSNBJT FRVJMJCSBEPOB1FOÓOTVMB*CÏSJDBFNUFSNPT EFQFSmMEFOFHØDJPTFEJTUSJCVJÎÍPHFPHSÈ mDB5FNPTVNBBDUJWJEBEFFN&TQBOIB RVFSFQSFTFOUBNFUBEFEPOPTTPWPMVNFEF DPNFSDJBMJ[BÎÍP PRVFOPTDPMPDBKÈRVBTF OBQPTJÎÍPEFFRVJMÓCSJPRVFOPTUÓOIBNPT QSPQPTUPBMDBOÎBS4PNPT BDUVBMNFOUF B ÞOJDBFNQSFTBQPSUVHVFTBDPNVNWPMVNF EFDPNFSDJBMJ[BÎÍPJHVBMEPTEPJTMBEPTEB GSPOUFJSB &TUBQPTJÎÍPQFSNJUFOPTPGFSFDFSBPT OPTTPTDMJFOUFTVNTFSWJÎPBPMPOHPEFUP EBB1FOÓOTVMBFDSJBNTJNVMUBOFBNFOUFB NBTTBDSÓUJDBOFDFTTÈSJBQBSBBTBDUJWJEBEFT RVFPDPSSFNGPSBEFTUFFTQBÎPHFPHSÈmDP TFFTUBNPTBBVNFOUBSBOPTTBDBSUFJSBEF FYQMPSBÎÍPFQSPEVÎÍPÏQBSBBUJOHJSVN OÓWFMEFQSPEVÎÍPRVFOPTQFSNJUBBCBTUFDFS PTOPTTPTDMJFOUFTFN1PSUVHBMF&TQBOIB

/VOP.PSFJSBEB$SV[

%JSFDUPSEF$PNFSDJBMJ[B¨¤P(SBOEFT$MJFOUFT 6/(¢T1PXFS

.0.&/50%&3&'03ˆ"3‹/'"4&/"*/07"ˆ„0 H``haWbDPNBSJRVF[BQSPGVOEBNFOUF NBMEJTUSJCV®EB NJMI¶FTBWJWFSBDJNB EPRVFQPEFNFEFWFN WBMPSFTEFWJEB PCTDFOBNFOUFTVCWFSUJEPT BBTDFOT¤PTPDJBM FQSPçTTJPOBMFNQPVDPDPJODJEFOUFDPN PNªSJUP ´EJPTSFMJHJPTPTFYUSFNBEPT FHVFSSBTRVFDFJGBNNJMIBSFTEFWJEBT/VN DFO¢SJPEFTUFT TFQFSHVOUBTTFNBBMHVªN OBTVBQMFOBDBQBDJEBEFKVMHBEPSB JTFOUBF PCKFDUJWB RVFSFTQPTUBQSFDJTBSJBVNNVOEP BTTJN UFNPNVJUPRVFB»OJDBQPTT®WFMF IPOFTUBTFSJBÔVNBDSJTF FEBTWJPMFOUBT ª PRVFQSFDJTBNPTé1PJTFMBB®FTU¢ BCFO¨PBEB DSJTF1FSNJUBFMBUSB[FSEFWPMUBVNDPOUFYUP EFWFSEBEFFPTFRVJM®CSJPTGVOEBNFOUBJT QBSBPGVODJPOBNFOUPEPTNFSDBEPTFEBWJEB EBTQFTTPBT 1PSRVFBTDSJTFT FRVBOUPNBJTQSPGVOEBT NFMIPS RVBOEPFOUFOEJEBTFQFOTBEBTDPNP PQPSUVOJEBEFTFO¤PQSPCMFNBT T¤PVNB JNFOTBGPS¨BBHMVUJOBEPSBEFWPOUBEFTQBSB QBSUJSQBSBOPWPTEFTBçPT OPWPTQSPDFTTPT  OPWPTQBSBEJHNBT OPWBTMJEFSBO¨BT &TU¢DSJBEPPTFOTFPGVSHFODZ BCTPMVUBNFOUF GVOEBNFOUBMQBSBÙVOJSUSPQBTÚFB TVBDPOEV¨¤PFHBMWBOJ[B¨¤PUPSOBTF  DVSJPTBNFOUF NBJTG¢DJMé"DSFEJUPRVF QBSBP



NZHBMQ

."3ˆ0

HSVQP(BMQ&OFSHJB FQBSBNVJUBT PVUSBTFNQSFTBTRVFUFOIBNBBVE¢DJB EFBQSPWFJUBSBÙPQPSUVOJEBEFÚ FTUFªVN CPNNPNFOUPQBSBTFSFGPS¨BSVNBDVMUVSB RVFQBTTFQPSVNNBJPS«OGBTFOBJOPWB¨¤P  QPSBVNFOUBSPSJHPSOPTJOWFTUJNFOUPT  QPSTFFYJHJSVNNBJPSDPNQSPNJTTPDPN BFOUSFHBEFSFTVMUBEPTFDPNBDSJB¨¤PEF WBMPS QPSUFS DMBSP RVFÙDBEBFVSPDPOUBÚ  QPSTFFOUFOEFSRVFÙGB[FSNBJTEPNFTNP T´DPOEV[BPNFTNPÚ QPSTFSFGPS¨BS BNFOTBHFNEFRVFT´VNBBUJUVEFEF USBCBMIPFNFRVJQBGVODJPOB QFMPSFTQFJUP QPSRVFTU¶FTC¢TJDBTDPNPBQPOUVBMJEBEF  QPSBDBSJOIBSPTQSPDFTTPTUSBOTQBSFOUFTRVF UPSOFNQPTT®WFMRVFPMJNJUFEBBTDFOT¤P QSPçTTJPOBMTFKBBQFOBTPMJNJUFEPUBMFOUP EFDBEBVN4¤PUVEPDPODFJUPTFBUJUVEFTEF HFTU¤PRVFBTNFMIPSFTFNQSFTBT FB(BMQ &OFSHJBO¤PªFYDFQ¨¤P U«NEFTFOWPMWJEP  NBTRVF ¡MV[EFVNBÙBCFO¨PBEBDSJTFÚ  HBOIBNDPOUPSOPTEFVSH«ODJBF BUSFWPNF BEJ[FS TPCSFWJW«ODJB RVFQFSNJUFNQBTTBS BNFOTBHFNFFYFDVUBSPRVFTFQSFUFOEF DPNNVJUPNBJPSFçD¢DJB /B¢SFBFTQFD®çDBEPOFH´DJPEF(¢T /BUVSBM PHSBOEFEFTBçPQBTTBQPSBDFEFS

BOPWBTGPOUFTEFBQSPWJTJPOBNFOUPRVF OPTQFSNJUBNBTQJSBSBVNDSFTDJNFOUP TVTUFOUBEPOPNFSDBEPJCªSJDPFNRVF PQFSBNPT&ODPOUSBSH¢TFWFOE«MP SFOUBWFMNFOUFÔEFTBçPTEFTFNQSF NBT OVNDPOUFYUPEJG®DJMOPWP0RVFDPMPDB TFHVSBNFOUFVNBNBJPS«OGBTFOVNB ÙCVTDBÚBJOEBNBJTDFOUSBEBFNSFMB¨¶FT DPNFSDJBJTFEJQMPN¢UJDBTEFHSBOEF DPOçBO¨BFOVNBWFOEBBJOEBNBJT DPNQFUJUJWB QPSRVFBSFDFTT¤PFBBCFSUVSB EPOPWPQJQFMJOF.FEHB[QSPWPDBS¤PBMHVN FYDFTTPEFH¢TOFTUFNFSDBEP &UFOEP  DMBSP RVF NBJTEPRVFOVODBOPDFO¢SJP RVFOPTBHVBSEB BWFOEBT´BDBCB OBDPCSBO¨BÔDBTIJTLJOH


.BTUBNCªNPTNFSDBEPTEF‚GSJDB0 RVFªQSFDJTPGB[FSBJOEB "OPTTBQSFTFOÎBEJTUSJCVUJWBFN«GSJDB ÏQFRVFOB²DPNQFUJUJWB DPNSFTVMUB EPTRVFBTVTUFOUBN NBTBJOEBOÍPUFN BSFMFWÉODJBRVFHPTUBSÓBNPT.BTUFNPT UJEPSJUNPTEFDSFTDJNFOUPRVFBEFWFSÍP DPOEV[JSBVNBEJNFOTÍPDPNQBUÓWFMDPN PRVFQSFUFOEFNPT PCKFDUJWPRVFBJOEB OÍPGPJBUJOHJEP /ØTm[FNPTUSÐTBRVJTJÎÜFTFN«GSJDB OPBOPQBTTBEP"HSFHBEBTËTPQFSBÎÜFT USBEJDJPOBJTRVFUFNPTOPT1"-01 EFSBN OPTVNBNBTTBDSÓUJDBTVmDJFOUFQBSBBHPSB  BUSBWÏTEFDSFTDJNFOUPPSHÉOJDP DPOTF HVJSNPTNVMUJQMJDBSQFMPNFOPTQPSEPJT

Ù4PNPTBDUVBMNFOUF B»OJDBFNQSFTB QPSUVHVFTBDPNVN WPMVNFEFDPNFSDJBMJ[B¨¤P JHVBMEPTEPJTMBEPT EBGSPOUFJSBÚ

.JHVFM1FSFJSB

%JSFDUPSEF3FUBMIP1PSUVHBM 6/%JTUSJCVJ¨¤P0JM

*.1035"/5&Š"1307&*5"3"4010356/*%"%&4 4TVghT_Ve\fXFDPO´NJDBFçOBODFJSB BQSFTFOUBNBHOJUVEFBWBTTBMBEPSBFQFS®PEP EFSFDVQFSB¨¤PJODFSUPFQSPWBWFMNFOUF TVQFSJPSBEPJTBOPT"POEBHMPCBMRVFWBJ QFSUVSCBOEPPGVODJPOBNFOUPEBFDPOPNJB FBUJOHJOEPPDPOTVNPEBTGBN®MJBT QPSUVHVFTBTBJOEBO¤PBUJOHJVPTFVBVHFOP OPTTP1B®T "NJOIBFYQFDUBUJWBªRVFPNFSDBEP DPOUJOVFBEFDSFTDFSFNSJUNPBDFMFSBEP BUªBPçOBMEFTUFBOPFRVFNBOUFOIB PEFDSªTDJNP NBTBSJUNPNBJTMFOUPOP QS´YJNPBOP&WJEFOUFNFOUFRVFB(BMQ &OFSHJBTPGSFS¢DPOTFRV«ODJBTBW¢SJPTO®WFJT  TFOEPPTQSJODJQBJT 0NFOPSWPMVNFEFWFOEBT DPN DPOTFRVFOUFJNQBDUPBPO®WFMEPT SFTVMUBEPT "WPMBUJMJEBEFEPQSF¨PEPQFUS´MFP RVF EFTFTUBCJMJ[BUPEBBDBEFJBEFWBMPS 0DVTUPEPEJOIFJSP DPNDPOTFRV«ODJBTOB SFOEJCJMJEBEFEPTJOWFTUJNFOUPTQSFWJTUPT 'BDUPTRVFBGFDUBS¤POBUVSBMNFOUFP3FUBMIP 

DPNNBJPSJODJE«ODJBPTEPJTQSJNFJSPT%F RVBMRVFSNPEP DPNPFNUPEBTBTDSJTFT P JNQPSUBOUFªBQSPWFJUBSPNFMIPSQPTT®WFMBT PQPSUVOJEBEFTRVFJOFWJUBWFMNFOUFTVSHJS¤P  UFOEPB(BMQ&OFSHJBBTDBSBDUFS®TUJDBT FDBQBDJEBEFQBSBPGB[FSEBNFMIPSGPSNB

BEJNFOTÍPFDPOØNJDBEBOPTTBQSFTFOÎB FN«GSJDB²VNQMBOPTØMJEPFSFBMJTUBF DMBSBNFOUFSFBMJ[ÈWFMQFMBFRVJQBRVFUFNPT OPUFSSFOP

NFTNPJODSFNFOUÈMPT TFGPSQSFDJTP  QBSBTVQSJSBTOFDFTTJEBEFTFOFSHÏUJDBT NVOEJBJTSFTVMUBOUFTEPDSFTDJNFOUPEPT QBÓTFTFNEFTFOWPMWJNFOUP

2VBJTT¤PBTPQPSUVOJEBEFTFSJTDPTEB FTUSBUªHJBEBDPNQBOIJBOPT1"-01 /BÈSFBEFEJTUSJCVJÎÍPFTUBNPTQSFTFOUFT FN.PÎBNCJRVF $BCP7FSEF (VJOÏ#JTTBV F"OHPMB"Ó BQSPDVSBWBJTFSOBUVSBMNFOUF BGFDUBEBQFMPDPOUFYUPNBDSPFDPOØNJDPFN RVFPNVOEPWJWF.BTFTUPVDPOTDJFOUFEF RVF«GSJDBOÍPWBJTFSUÍPBUJOHJEBDPNPPT QBÓTFTEPIFNJTGÏSJPOPSUF $POUVEP BOPTTBQSFTFOÎBOPTQBÓTFT MVTØGPOPTFTUÈNBJTPSJFOUBEBQBSBBÈSFB EF&YQMPSBÎÍP1SPEVÎÍP&PQSFÎPEP QFUSØMFPBGFDUBNBJTPTFVEFTFOWPMWJNFOUP EPRVFBTJUVBÎÍPFDPOØNJDBMPDBM²VNB WBSJÈWFMEFmOJEBOPTNFSDBEPTNVOEJBJT  JOEFQFOEFOUFEPMPDBMPOEFPQFSBNPT &TUBNPTIPKFDPNQSFÎPTEFDSVEFB SPOEBSPTEØMBSFTQPSCBSSJM RVFTFEF WFSÍPNBOUFSBTTJNBPMPOHPEFTUFBOP B OÍPTFSRVFPDPSSBRVBMRVFSTVSQSFTBOPT NFSDBEPT%FQPJTJSÍPTVCJOEP BUÏDIF HBSFNBVNWBMPSFOUSFPTBEØMBSFT QPSCBSSJM

&NRVFGBTFEFEFTFOWPMWJNFOUPTFFO DPOUSBPQSPKFDUPEFCJPDPNCVTU®WFJTEB FNQSFTB &DPNPFTU¢BEFDPSSFSFNUFS NPTEFTVTUFOUBCJMJEBEF 5FNPTVNQSPKFDUPBNCJDJPTPFNEFTFOWPM WJNFOUPFN.PÎBNCJRVF RVFFTUÈBEFDPSSFS EFBDPSEPDPNPRVFGPJQSPHSBNBEP FPVUSP TFNFMIBOUF FNCPSBDPNVNBFTUSVUVSBFN QSFTBSJBMEJGFSFOUF OP#SBTJM4ÍPSFDFOUFTF  QPSJTTP BJOEBOÍPUFNPTHSBOEFTSFTVMUBEPT FNUFSNPTEFQSPEVÎÍPWFSEF 0OPTTPPCKFDUJWPÏQSPEV[JSFOUSFF NJMUPOFMBEBTQPSBOPEFØMFPWFHFUBM  WBMPSRVFUFSÈBMHVNBSFMFWÉODJBOPQPSUF GØMJPEFBRVJTJÎÜFTEFNBUÏSJBTQSJNBTEB FNQSFTB.BTJTTPWBJMFWBSBMHVNUFNQP  QPJTOÍPDIFHBSFNPTBFTTFOÓWFMBOUFTEF  &NUPEBTBTÈSFBTPOEFPQFSBNPT F FNQBSUJDVMBSOBEPTCJPDPNCVTUÓWFJT B TVTUFOUBCJMJEBEFEPTFDPTTJTUFNBTMPDBJT FFDPOØNJDBEBTSFHJÜFTPOEFPTQSPKFDUPT TFEFTFOWPMWFNÏJNQSFTDJOEÓWFMQBSBRVF

&TUFOÞNFSPÏEFUFSNJOBEPQPSSB[ÜFT HFPQPMÓUJDBTFQFMBSFMBÎÍPFOUSFBPGFSUBF BQSPDVSBHMPCBJT²PWBMPSRVFBJOEÞT USJBQFUSPMÓGFSB DPNPVNUPEP FTQFSBRVF PDPSSBQBSBTFQPEFSEFTFOWPMWFSFNBOUFS PTOÓWFJTEFQSPEVÎÍPEFDSVEFBDUVBJT PV

."3ˆ0

NZHBMQ




DBQBOPPMIPEPGVSBDยคP

QPTTBNFYJTUJS1BSBBMรNEFVNBBTQJSBรŽรP รVNBPCSJHBรŽรPQBSBDPNBTDPNVOJEBEFT POEFPQFSBNPT"UรBHPSB UPEPTPTTJOBJT RVFOPTDIFHBNTรPEFRVFPFTUBNPTBGB [FSCFN "QSPYJNBTFB$JNFJSBEF$PQFOIBHB EB RVBMTBJSยคPOPWBTNFUBTFEFDJTยถFTFN QSPMEPBNCJFOUF$PNPTFDPNQBUJCJMJ[BN DPNPDPSFCVTJOFTTEB(BMQ&OFSHJB /PIPSJ[POUFUFNQPSBMFNRVFQPEFNPT FYFDVUBSPQMBOPFTUSBUรHJDP PTDPNCVT Uร“WFJTGร˜TTFJTTFSรPBQSJODJQBMGPOUFEF BCBTUFDJNFOUPEFFOFSHJBEPNVOEPFOรP FOUSBSรPFNDPODPSSรODJBDPNBTEFFOFSHJB SFOPWรˆWFM "TOFDFTTJEBEFTFOFSHรUJDBTEPQMBOF UBTรPUรPQSPGVOEBTRVFPIPNFNEFWF NBYJNJ[BSPVTPEBTFOFSHJBTSFOPWรˆWFJT QBSBBTTVQSJS.BTFTUBTUFSรPEFTFSDPN QMFNFOUBEBTQFMBTPVUSBTGPOUFT QPJTBT QSFWJTรœFTNBJTPQUJNJTUBTBQPOUBNQBSB RVFOรPDVCSBNNBJTEPRVFEPDPO TVNPNVOEJBM "(BMQ&OFSHJBFTUรˆEPTEPJTMBEPT "DPNQBOIBBFWPMVรŽรPEBTFOFSHJBTSF

1FESP%JBT

%JSFDUPSEF'JOBOยจBT$PSQPSBUJWBT

ยŠ/&$&44ย‚3*0&/$0/53"3'0/5&4"-5&3/"5*7"4 %&'*/"/$*".&/50 4Ve\fXรŸaTaVX\eTEFOยคPGPJBQFOBT VNBDSJTFOPTJTUFNBรงOBODFJSP GPJBDSJTFEP QSยดQSJPTJTUFNB0TTJTUFNBTEFBWBMJBยจยคPF DPOUSPMPGBMIBSBNFPรงOBODFJSPFTUFWFยกCFJSB EPDPMBQTP0VTFKB Bร™NBHOJUVEFรšEFTUB DSJTFTยดUFNQBSBMFMPOB(SBOEF%FQSFTTยคP EBEยชDBEBEF"QยดTBGBMยซODJBEB-FINBO #SPUIFST BTDPOEJยจยถFTOPTNFSDBEPTEF DSยชEJUPEFUFSJPSBSBNTFTJHOJรงDBUJWBNFOUF FBQFSEBEFDPOรงBOยจBHFOFSBMJ[BEBEPT BHFOUFTFDPOยดNJDPTGF[DPNRVFBJOUFSBDยจยคP EBDSJTFรงOBODFJSBDPNBFDPOPNJBSFBMTF BDFOUVBTTFTVCTUBODJBMNFOUF1FMBQSJNFJSB WF[SFHJTUPVTFVNBDSJTFDPOKVOUBEPT NFSDBEPTEFDBQJUBJTFEPNFSDBEPEFEยฎWJEB  SFUJSBOEPBPTJOWFTUJEPSFTFยกTFNQSFTBT BTTVBTUSBEJDJPOBJTGPOUFTEFรงOBODJBNFOUP  PSJHJOBOEPVNBFTQJSBMEFGBMยซODJBTFP DPMBQTPEPTJTUFNBรงOBODFJSP0TFDUPS FNRVFB(BMQ&OFSHJBPQFSB FODPOUSBTFGPSUFNFOUFMJHBEPBPDSFTDJNFOUP EBFDPOPNJB1PSJTTP PBCSBOEBNFOUPEB BDUJWJEBEFFDPOยดNJDBBGFDUBSยขEJSFDUBNFOUF



NZHBMQ

."3ยˆ0

PTOFHยดDJPTEBFNQSFTBFTFSยขEFFTQFSBS RVFBMHVOTEPTOPTTPTDMJFOUFTQPTTBN FOGSFOUBSNBJPSFTEJรงDVMEBEFT/PFOUBOUP  VNBEBTNBJPSFTDPOTFRVยซODJBTยชBNBJPS EJรงDVMEBEFRVFBTFNQSFTBTIPKFUยซNEF BDFEFSBPDSยชEJUPQPSGPSNBBรงOBODJBSBTVB BDUJWJEBEFFPTFVQMBOPEFJOWFTUJNFOUPT "(BMQ&OFSHJBUFNBDUVBMNFOUFVNB FTUSVUVSBEFDBQJUBJTGPSUFFVNBMJRVJEF[ TJHOJรงDBUJWBRVFMIFQFSNJUFGB[FSGBDFยกT TVBTOFDFTTJEBEFTJNFEJBUBT/PFOUBOUP B FNQSFTBGPJร™BQBOIBEBรšOFTUBDSJTFOVNDJDMP EFGPSUFJOWFTUJNFOUP"(BMQ&OFSHJBUFN VNQMBOPBNCJDJPTPEFDSFTDJNFOUPEFDFSDB EF NJMNJMIยถFTEFFVSPTOPTQSยดYJNPT DJODPBOPTFTFSยขOFDFTTยขSJPรงOBODJยขMP /FTUBDPOKVOUVSB BTJOTUJUVJยจยถFTรงOBODFJSBT NPTUSBNQPVDBBQFUยซODJBQBSBBDPODFTTยคP EFDSยชEJUPFPDVTUPEPTรงOBODJBNFOUPTUFN WJOEPBBVNFOUBS0DSยชEJUPยชBHPSBVN SFDVSTPFTDBTTPFNRVFBDPNQFUJยจยคPQPS FTUFยชFMFWBEB TFOEPOFDFTTยขSJPEFNPOTUSBS ยกTJOTUJUVJยจยถFTรงOBODFJSBTRVFBFTUSBUยชHJB

EB(BMQ&OFSHJBDSJBWBMPSQBSBPTTFVT BDDJPOJTUBT BMJDFSยจBEBFNQSPKFDUPTSFOUยขWFJT /FTUFTFOUJEP ยชOFDFTTยขSJPFODPOUSBSGPOUFT BMUFSOBUJWBTEFรงOBODJBNFOUP EFGPSNBBOยคP DPNQSPNFUFSPDSFTDJNFOUPEBFNQSFTB "(BMQ&OFSHJBUFNWJOEPBEFTFOWPMWFS FTGPSยจPTQBSBBTTFHVSBSPรงOBODJBNFOUPEP TFVQMBOPEFJOWFTUJNFOUPT DPNPGPJPDBTP SFDFOUFEPTNJMIยถFTEFFVSPTEP#BODP &VSPQFVEF*OWFTUJNFOUPEFTUJOBEPT BPQSPKFDUPEFSFDPOWFSTยคPEBTSFรงOBSJBT EF4JOFTFEP1PSUP CFNDPNPBDFEFS BPUSBEJDJPOBMNFSDBEPCBODยขSJP FEFQSPKFDUรงOBODF


OPWÈWFJT QBSBFTUBSBQBSEPTFVEFTFO WPMWJNFOUPFFWFOUVBMNFOUFNVEBSPTFV QFSmMEFOFHØDJPBPMPOHPEBTQSØYJNBT HFSBÎÜFT.BTOÍPEFJYBSÈ OPDVSUPQSB[P  EFTBUJTGB[FSBTOFDFTTJEBEFTFOFSHÏUJ DBTEPIPNFN RVFVTBVNBQSPQPSÎÍP NVJUPTVQFSJPSEFFOFSHJBTGØTTFJTEPRVF SFOPWÈWFJT 0RVFFTQFSBEBMJHB¨¤PDBEBWF[NBJT GPSUFEB(BMQ&OFSHJBBPNVOEPBDBEª NJDP 2VBOEPBTFNQSFTBTTFDPOGSPOUBNDPN EFTBmPTEFMPOHPQSB[PBNCJDJPTPT RVF UÐNJNQMÓDJUPTDPOIFDJNFOUPTDJFOUÓmDPT OPWPTFQSPHSFTTPUFDOPMØHJDP OÍPQPEF NPTEFJYBSEFWPMUBSËCBTFEFDPOIFDJNFO UP EFSFDVSTPTIVNBOPTFMBCPSBUPSJBMEB DPNVOJEBEFDJFOUÓmDB 1PSJTTP UFNPTWJOEPBGB[FSVNFTGPSÎP SFMFWBOUFQBSBOPTBQSPYJNBSNPTEFMB& BQSB[NFSFHJTUBSPGBDUPEFRVFUPEPTPT EFTBmPTRVFMIFUFNPTMBOÎBEPUÐNTJEP CFNBDFJUFT &TQFSPRVFBOPTTBFNQSFTBFBTPDJFEB EF DPNPVNUPEP TBJCBNDPMIFSPTGSVUPT EFTUBBQSPYJNBÎÍP BUÏQPSRVFOÍPTFSFNPT DBQB[FTEFNBUFSJBMJ[BSBOPTTBNJTTÍPOP MPOHPQSB[PTFFMBOÍPGPSBODPSBEBOVNB SFMBÎÍPFTUÈWFM RVBMJmDBEBFEFMPOHPUFSNP DPNPTJTUFNBDJFOUÓmDPQPSUVHVÐT 2VBMªBTVBWJT¤PQBSBB(BMQ&OFSHJB EBRVJBBOPT %FOUSPEFBOPTUFSFNPTVNBFNQSF TBDPNVNBQSPEVÎÍPEFDSVEFOBPSEFN EPTCBSSJTEJB PVTFKB NFUBEFEP RVFDPOTVNJNPTIPKFFNEJB7BNPTUFS VNBQBSFMIPSFmOBEPSEPTNBJTBWBOÎB EPTEB1FOÓOTVMB FmDJFOUFFBEBQUBEPBP NFSDBEP DPNQMFNFOUBEPQPSVNBSFEF EFEJTUSJCVJÎÍPDPNVNBDBQJMBSJEBEFF RVBMJEBEFRVFGBSÍPEFOØTVNSFGFSFODJBM OPNFSDBEP 7BNPTTFSPQFSBEPSFTHBTÓGFSPTDPN VNBQSFTFOÎBSFMFWBOUFOPNFSDBEPJCÏSJDP  POEFUFSFNPTJHVBMNFOUFVNBQSFTFOÎB DSFTDFOUFOBHFSBÎÍPFDPNFSDJBMJ[BÎÍPEF FOFSHJBFMÏDUSJDB &NTVNB WBNPTUPSOBSOPTOVNBFN QSFTBRVFWBJEFTEFBTKB[JEBTEFQFUSØMFP FHÈTBUÏBPDMJFOUFmOBM²FTTFPOPTTP QSJODJQBMQSPQØTJUPTFSWJSEBGPSNBNBJT FmDJFOUFPOPTTPDMJFOUF

7BTDP'FSSFJSB

%JSFDUPSEF3FDVSTPT)VNBOPT

4"-7"(6"3%"3047"-03&426&/044„0$0.6/4 6eX\bdhXTVe\fXßaTaVX\eTFFDPO´NJDB ªUBNCªNK¢VNBDSJTFTPDJBMFBTVB NBHOJUVEFªHMPCBM1BSBBMªNEBHSBWJEBEF EPTTFVTFGFJUPTJNFEJBUPT QSFPDVQBNFP RVF FNNJOIBPQJOJ¤P MIFFTU¢TVCKBDFOUF  RVFªNBJTWBTUP NBJTQSPGVOEPF SFDFJP CFN NBJTEJG®DJMEFDPOUSBSJBS'BMPEB DSJTFEFWBMPSFTFEFQSJOD®QJPTTFNPT RVBJTPEFTFOWPMWJNFOUPIBSNPOJPTPEB IVNBOJEBEFFEBWJEBFNTPDJFEBEFFTUBS¢  BQSB[P DPNQSPNFUJEP3FDPOIF¨PRVF ¡ QSJNFJSBWJTUB ªVNBWJT¤PBMHPESBN¢UJDB .BTBDSFEJUPRVFªUBNCªNVNBWJT¤PEF PQPSUVOJEBEFT QPSRVF OFTUFEPN®OJP UPEPT QPEFNEJBSJBNFOUFDPOUSJCVJSQFMBTTVBT BD¨¶FTFUBNCªNQFMBTTVBTPNJTT¶FTQBSB TBMWBHVBSEBSPTWBMPSFTRVFOPTT¤PDPNVOT  TFNGBDJMJUBS TFNDFEFS TFNEFTJTUJS %PQPOUPEFWJTUBEPOFH´DJP BSFUSBD¨¤P EPNFSDBEPQPEFS¢UFSDPOTFRV«ODJBT OBSFEV¨¤PEPTWPMVNFT OBDPOUSBD¨¤P EBTNBSHFOTFOPDPOEJDJPOBNFOUPEPT JOWFTUJNFOUPT QFOBMJ[BOEPPTSFTVMUBEPT FPEFTFOWPMWJNFOUPEBFNQSFTB NBT  QPSOBUVSF[B O¤PTPVQFTTJNJTUB QFMPRVF BDSFEJUPRVFB(BMQ&OFSHJBWBJFTUBSBUFOUB FQSFQBSBEBQBSBUFNQPTRVFQPEFS¤PTFS EJG®DFJTFFNQFOIBSTFFNEPCSBSNBJTFTUF Ù#PKBEPSÚ $PSSFOEPPSJTDPEFQPEFSTFSNBMFOUFOEJEP  EFWPEJ[FSRVFNFQSFPDVQBTFOUJS QPSWF[FT OBFNQSFTB VNBBUJUVEFRVFNFQBSFDF RVFO¤PTFS¢NVJUPEJGFSFOUFEBTRVFUFS¤P UJEPPTQBTTBHFJSPTEPÙ5JUBOJDÚOBIPSBEB

QBSUJEB PVTFKB EFRVFTPNPTU¤PHSBOEFT FU¤PGPSUFTRVFOBEBOPTQPEFS¢BCBMBS 'JDBQPSWF[FTBJEFJBRVFTFQFOTBRVFB DSJTFÙªM¢GPSBÚFRVFBFNQSFTBHP[BEF VNBBCTPMVUBJNVOJEBEFŠNVJUPQPTJUJWP TFOUJSDPOçBO¨BOBTPMJEF[FDBQBDJEBEF EBFNQSFTB NBTBIJTU´SJBFTU¢DIFJB EFFYFNQMPTRVFOPTFOTJOBNRVFO¤P ªSB[P¢WFMFODPTUBSNPOPTBJTUP"(BMQ &OFSHJBDPOUBJOEJTDVUJWFMNFOUFDPNVN HSBOEFO»NFSPEFFYDFMFOUFTQSPçTTJPOBJT 0EFTBçPOB(FTU¤PEF3)ªUPSOBS FTTFO»NFSPNBJPS EFTFOWPMWFOEP BTDPNQFU«ODJBT FTUJNVMBOEPP FNQFOIBNFOUP BQSPEVUJWJEBEF BDPOU®OVB NFMIPSJBEPDPOUSJCVUPEFDBEBVNF  OBUVSBMNFOUF EJTUJOHVJOEPFQSFNJBOEP PNªSJUP

"TFHVOEB ÏBGPDBMJ[BÎÍPOBFYFDVÎÍPEPT QSPKFDUPTRVFMIFFTUÍPDPOmBEPT EFGPSNB BRVFFMFTTFKBNFYFDVUBEPTDPNFmDJÐODJB FGPDPOPTnVYPTmOBODFJSPTRVFPTQSP KFDUPTHFSBN"ÞMUJNB ÏBTTFHVSBSRVF DPOUJOVBNPTBDBNJOIBEBEFUSBOTGPS NBÎÍPRVFBFNQSFTBUFNFNDVSTPFRVF OÍPTBDSJmDBNPT NFTNPRVFQPSWF[FT JTTPTFKBEJGÓDJM BBNCJÎÍPEFGB[FSEB(BMQ 1BSBUFSNJOBS RVFNFOTBHFNHPTUB &OFSHJBBFNQSFTBEFSFGFSÐODJBEB1FOÓO SJBEFEFJYBSBPTQSPçTTJPOBJTEB(BMQ TVMB*CÏSJDB QFMPTFVTWBMPSFT QFMPSJHPS &OFSHJB EBTVBQPTUVSBOPTOFHØDJPTFBRVBMJEBEF /PDPOUFYUPFDPOØNJDPNVOEJBMFNRVF EPTTFVTQSPKFDUPT OPTFODPOUSBNPTBDUVBMNFOUF PTMÓEFSFT "PTNBJTKPWFOTQFÎPBNCJÎÍPDPOT EFTUBFNQSFTBQBSUJMIBNUSÐTHSBOEFTSFT USVBNDBSSFJSBTEFTVDFTTP QPJTFTTFTFSÈ QPOTBCJMJEBEFT RVFVMUSBQBTTBNBHFT PWPTTPNBJPSDPOUSJCVUPQBSBBKVEBSBFN UÍPEJÈSJB"QSJNFJSB ÏBTTFHVSBSRVFBT QSFTBBDSFTDFS&TFKBNIVNJMEFTPTVm FRVJQBTRVFDIFmBNTFNBOUÐNVOJEBTF DJFOUFQBSBBQSFOEFSGB[FOEP DPNRVFN NPUJWBEBT NFTNPFNBNCJFOUFBEWFSTP UFNNBJTFYQFSJÐODJB

Ù7BNPTUPSOBSOPT OVNBFNQSFTB RVFWBJEFTEFBTKB[JEBT EFQFUS´MFPFH¢T BUªBPDMJFOUFçOBMÚ

."3ˆ0

NZHBMQ




DBQBJOWFTUJNFOUP 6BAI8EF±B74E89<A4E<478F<A8F

6NQBTTP SVNPBPGVUVSP 01SPKFDUPEF$POWFST¤PF.FMIPSJBEB&çDJ«ODJB &OFSHªUJDBEB3FçOBSJBEF4JOFTFTU¢FNNBSDIB "Uª TFS¤PJOWFTUJEPTNJMI¶FTEFFVSPTQBSB UPSOBSPDPNQMFYPNBJTQSPEVUJWP FçDB[FFDPM´HJDP

ĤĚğĖĤţĦĞġĠģĥĠEFFOUSBEBEFFOFSHJBFN 1PSUVHBM1FMBSFmOBSJBBMFOUFKBOBQBTTBN iEBFOFSHJBQSJNÈSJBRVFBMJNFOUBF GB[SPEBSPOPTTP1BÓTw"USBWÏTEFMBFO USBNiEBFOFSHJBFNDBSWÍP EB FOFSHJBQFUSPMÓGFSBFEBFOFSHJBTPC BGPSNBEFHÈTw'PJDPNFTUBFYQMBOBÎÍP FMVDJEBUJWBEBEJNFOTÍPFJNQPSUÉODJBEB 3FmOBSJBEF4JOFTRVF'FSSFJSB%F0MJWFJ SB QSFTJEFOUFFYFDVUJWPEB(BMQ&OFSHJB  JOJDJPVBTVBJOUFSWFOÎÍPOBDFSJNØOJBEF BSSBORVFEP1SPKFDUPEF$POWFSTÍPF.F MIPSJBEB&mDJÐODJB&OFSHÏUJDBEPDPNQMFYP JOEVTUSJBM &TUBOPWBFUBQBDPOUPVDPNBQSFTFO ÎBEPQSJNFJSPNJOJTUSP+PTÏ4ØDSBUFT EF .BOVFM1JOIP NJOJTUSPEB&DPOPNJBF *OPWBÎÍP EF.VSUFJSB/BCP QSFTJEFOUFEP DPOTFMIPEFBENJOJTUSBÎÍPEB(BMQ&OFSHJB  EF#BTÓMJP)PSUB QSFTJEFOUFEP"*$&1 F EF.BOVFM$PFMIP$BSWBMIP QSFTJEFOUFEB $ÉNBSBEF4JOFT&TUJWFSBNBJOEBQSFTFOUFT PVUSPTNFNCSPTEP(PWFSOP QSFTJEFOUFT EBTKVOUBTEFGSFHVFTJBEPDPODFMIP SF QSFTFOUBOUFTEFPVUSBTFOUJEBEFTPmDJBJTF JOÞNFSPTDPOWJEBEPTFNVJUPTEPTRVBESPT EJSJHFOUFTFGVODJPOÈSJPTEBDPNQBOIJB QFUSPMÓGFSBQPSUVHVFTB

&'*$‚$*"&130%65*7*%"%& "NPEFSOJ[BÎÍPEFTUFDPNQMFYPJOEVTUSJBM EPEJTUSJUPEF4FUÞCBMDPNQSFFOEFWÈSJBT WFSUFOUFTEFJOWFTUJNFOUP /P1SPKFDUPEF$POWFSTÍPTFSÈSFBMJ[BEP VNFTGPSÎPmOBODFJSPEFNJMIÜFTEF FVSPT FORVBOUPP1SPKFDUPEF&mDJÐODJB &OFSHÏUJDB 'JBCJMJEBEFF"NCJFOUBMFO WPMWFSÈVNNPOUBOUFHMPCBMEFNJMIÜFT EFFVSPT EJTUSJCVÓEPTEVSBOUFDJODPBOPT 3FMBUJWBNFOUFËOPWBDFOUSBMEFDPHFSBÎÍP  VNBVOJEBEFKÈDPNQMFUB BGBUJBTFSÈEF NJMIÜFTEFFVSPT FNCPSBBJODMVTÍPEF PVUSPTJOWFTUJNFOUPTFMFWFFTTFWBMPSQBSB NJMIÜFTEFFVSPT &TUBBQPTUBOPQSJODJQBMDFOUSPFOFSHÏ UJDPEP1BÓTÏJNQPSUBOUF OÍPBQFOBTQBSB B(BMQ&OFSHJBNBTUBNCÏNQBSBPQSPHSB NBFOFSHÏUJDPQPSUVHVÐT DPNPSFBMÎPVP QSFTJEFOUFFYFDVUJWPEB(BMQ&OFSHJB QPJT 4JOFTTFSWFBEJNFOTÍPGØTTJMEPSFGFSJEP QSPHSBNB0TDPNCVTUÓWFJTGØTTFJTDPO UJOVBNBUFSVNQFTPJORVFTUJPOÈWFMOP HMPCP SFQSFTFOUBOEPIPKFiDFSDBEF EFUPEBBFOFSHJBDPOTVNJEBOPNVOEP&N 

NZHBMQ

."3ˆ0


1PSUVHBMUBNCÏNSFQSFTFOUBBQSPYJNBEB NFOUFw EJTTF'FSSFJSB%F0MJWFJSB "QFTBSEFBTFOFSHJBTSFOPWÈWFJTFTUB SFNBDPORVJTUBSPTFVQSØQSJPFTQBÎPOP DPOTVNPFOFSHÏUJDPNVOEJBM BTEFPSJHFN GØTTJMDPOUJOVBSÍPBUFSVNQFTPJOEJTDVUÓWFM OBTQSØYJNBTEÏDBEBT*TTPNFTNPPDPO mSNBNWÈSJBTQSPKFDÎÜFTSFMBUJWBTBPGVUVSP EPDPOUFYUPFOFSHÏUJDPGØTTJMNVOEJBM GFJUBT QFMPTNBJTEJWFSTPTBOBMJTUBT 5BOUPPTFTUVEPTRVFDPOTJEFSBNPGVUV SPDPNPVNBTJNQMFTQSPKFDÎÍPEPQBTTBEP DPNPPTRVFJOUSPEV[FNEFTDPOUJOVJEBEFT SFMFWBOUFTOPQPSUFGØMJPFOFSHÏUJDPEPHMPCP BQPOUBNQBSBWPMVNFTEFDPOTVNPTJNJ MBSFT&NBNCBTBTiWJTÜFT BQBSUJDJQBÎÍP EBFOFSHJBGØTTJMWBSJBFOUSFFEF UPEBBFOFSHJBQSJNÈSJBRVFTFDPOTVNJSÈ OPHMPCP.VJUPQBSFDJEPDPNPRVFTFDPO TVNJSÈOB&VSPQBFOÍPNVJUPEJGFSFOUFEP RVFTFDPOTVNJSÈFN1PSUVHBMw BEJBOUPV PQSFTJEFOUFFYFDVUJWPEB(BMQ&OFSHJB i²QPSJTTPRVFBJOEÞTUSJBFOFSHÏUJDB OÍP PCTUBOUFPTFOPSNFTFOFDFTTÈSJPTFTGPSÎPT RVFUFNEFGB[FSQBSBQSPNPWFSBTGPOUFTEF FOFSHJBSFOPWÈWFJT OÍPQPEFEFJYBSEFT DVJEBSPTJOWFTUJNFOUPTUÍPOFDFTTÈSJPTOP EPNÓOJPEBFOFSHJBGØTTJM RVFÏBRVFMBRVF QBTTBQPSFTUBTJOTUBMBÎÜFT&ÏQPSJTTPRVF BFNQSFTBFTUÈBJOWFTUJSQBSBBVNFOUBSB FmDJÐODJBFOFSHÏUJDBFBQSPEVUJWJEBEFEFTUF HSBOEFFTQBÎPUFDOPMØHJDPw

%&Ù&-&'"/5&#3"/$0Ú ".0503&$0/”.*$0 "DPOTUSVÎÍPEPDPNQMFYPEF4JOFTJOJ DJPVTFFNEF4FUFNCSPEF7JWFOEP QFSÓPEPTDPOUVSCBEPT OPUFTFRVFPÞMUJ NPJOWFTUJNFOUPFN4JOFTGPJSFBMJ[BEPIÈ BOPT FTUFQØMPJOEVTUSJBMDIFHPVBTFS DPOTJEFSBEPVNEPTiFMFGBOUFTCSBODPTw EBFDPOPNJBOBDJPOBM %PSBWBOUF FTVTUFOUBEPQFMBEJNFOTÍP EPJOWFTUJNFOUPEB(BMQ&OFSHJBOBSF mOBSJB 4JOFTBTTVNFTFDPNPNPEFSOP FBWBOÎBEPQØMPUFDOPMØHJDPFJOEVTUSJBM  TFOEPJOEJTDVUÓWFMBTVBJNQPSUÉODJBOB DJPOBM'FSSFJSB%F0MJWFJSBTBMJFOUPVRVFiP TFVUFSNJOBMQFUSPMÓGFSPÏVNEPTEFNFMIPS RVBMJEBEFEB&VSPQBw&MVDJEPVJHVBMNFOUF RVFPQPSUPQPEFSFDFCFSiOBWJPTBUÏ NJMUPOFMBEBT UFNOPWFUFSNJOBJTEFDBS HBFEFTDBSHBFÏBHPSBPQFSBEPQFMB(BMQ &OFSHJB"USBWÏTEFMFNPWJNFOUBNTFFO

"1045"/"$*0/""QSFTFO¨BEFW¢SJPT NFNCSPTEP(PWFSOPOBDJPOBM FMPDBMBUFTUBBJNQPSU£ODJB EPQSPKFDUP4JOFT

04/0704$0-04404 %&4*/&4 "EJNFOT¤PG®TJDBEBT6OJEBEFT EF)ZESPDSBDLFSFEF4UFBN 3FGPSNFSªJNQSFTTJPOBOUF 6/*%"%&%&):%30$3"$,&3 3FBDUPSQSJODJQBM 1FTPUPOFMBEBT "MUVSBNFUSPT %J£NFUSPNFUSPT

6/*%"%&%&45&".3&'03.&3 $PMVOBGSBDDJPOBEPSB 1FTPUPOFMBEBT "MUVSBNFUSPT %J£NFUSPNFUSPT )PSBTEFDPOTUSV¨¤P NJMI¶FT ‚SFBBQJOUBSNJMN &TUSVUVSBTFNB¨PNJMUPOFMBEBT 4PMPBSFNPWFSNJMN $JNFOUPNJMN 5VCBHFOT NJMUPOFMBEBT 4BMJFOUFTFRVFJS¢TFSOFDFTT¢SJPBCSJSOPWBT WJBTQBSBUSBOTQPSUBSBMHVOTEPTDPNQPOFOUFT FFRVJQBNFOUPTEPQPSUPQBSBPMPDBM EBDPOTUSV¨¤P

USFBNJMIÜFTEFUPOFMBEBTEFQSPEVUPT QFUSPMÓGFSPTw"TVBFOUSBEBFPFTDPBNFOUP ÏGFJUPBUSBWÏTEFMJOIBTEFQJQFMJOFTDPN TFUFRVJMØNFUSPTEFDPNQSJNFOUP "DUVBMNFOUF B3FmOBSJBEF4JOFTPDVQB VNBÈSFBEFIFDUBSFT.BTBFYQBOTÍP BHPSBJOJDJBEBGBSÈDPNRVFQBTTFQBSB IFDUBSFT(SBOEFQBSUFEFTTFFTQBÎPFTUBSÈ EFTUJOBEPBPBSNB[FOBNFOUPEFDSVEF  QPJTÏBÓRVFTFFODPOUSBBFTNBHBEPSB NBJPSJBEBTSFTFSWBTFTUSBUÏHJDBTEP1BÓT ‰DPSSFTQPOEFOUFTBEJBTEFDPOTVNP OPTNFSDBEPT

0$*$-0%0$36%& 'FSSFJSB%F0MJWFJSBGF[VNBCSFWFWJTJUB HVJBEBQBSBPTQSFTFOUFTDPNQSFFOEFSFN NFMIPSPDJDMPEJÈSJPEFUSBOTGPSNBÎÍPEP DSVEFFNCFOTEFDPOTVNPOBSFmOBSJB "QØTDIFHBSFTFSBSNB[FOBEPOBTJOT UBMBÎÜFTEF4JOFT PDSVEFÏiQSPDFTTBEPOBT VOJEBEFTEFEFTUJMBÎÍPBUNPTGÏSJDB RVF SFBMJ[BNPTQSPDFTTPTEFTFQBSBÎÍPEBTNP MÏDVMBTEPTIJESPDBSCPOFUPT/BTVOJEBEFT EFTUFDPNQMFYPFTUÍPJODMVÓEBTBTGPSOBMIBT RVFBRVFDFNPDSVEFQBSBEFQPJTTFDPNF ÎBSFNPTQSPDFTTPTEFEFTUJMBÎÍPw "TEVBTGPSOBMIBTRVFQSFDFEFNBVOJ EBEFEFEFTUJMBÎÍP RVFÏVNBEBTNBJPSFT EB&VSPQB TÍPEPUBNBOIPEB$BUFESBMEF 4ÍP1FESP'VODJPOBNDPNPHSBOEFTUVCPT  QPSPOEFQBTTBPDSVEF RVFÏBRVFDJEPJOEJ SFDUBNFOUFQPSHSBOEFTRVFJNBEPSFT QBSB  BQBSUJSEBÓ TFDPNFÎBSBEFTUJMBÎÍP ."3ˆ0

NZHBMQ




DBQBJOWFTUJNFOUP

i&TUBVOJEBEFQSPDFTTBFOUSFB NJMUPOFMBEBTQPSEJB)PKFEFDSVEFEF .FNCB RVFOPTWFNEPPĊTIPSFBOHPMBOP 1SPDFTTBBJOEBPDSVEF$VÓUP QSPEV[JEP QFMB(BMQ&OFSHJBUBNCÏNOPPGGTIPSF BOHPMBOPw%FQPJTEFEFTUJMBEPT BMHVOT EFTUFTQSPEVUPTmDBNRVBTFQSPOUPTQBSB TFSFNDPMPDBEPTOPTJTUFNBEFDPNCJOBÎÍP CSFOEJOH 1PSÏN OÍPFTUÍPBJOEBUFDOJ DBNFOUFMJNQPT1PSJTTPFYJTUFiVNBTÏSJF EFVOJEBEFTRVFDSBRVFJBN‰MJNQBN TF RVJTFSFN FNUFSNPTBNCJFOUBJT‰PTQSP EVUPTEBEFTUJMBÎÍPw FMVDJEPVPQSFTJEFOUF FYFDVUJWPEB(BMQ&OFSHJB&SFGFSJV BUÓ UVMPEFFYFNQMP BTVOJEBEFTRVFSFNPWFN PFOYPGSFFBTEFBMRVJMBÎÍP&TUBTiQFSNJ UFNQSPEV[JSPDPNQPOFOUFEBTHBTPMJOBT RVFMIFTEÈPÓOEJDFEFPDUBOBHFNF QPS UBOUP GBWPSFDFNBDPNCVTUÍP"VOJEBEF EFBMRVJMBÎÍPÏVNBEBTNBJTJNQPSUBOUFT EFTUFDPNQMFYPJOEVTUSJBMw 'JOEPPQSPDFTTP BSFmOBSJBmDBDPN DSVEFTQFTBEPT QSPEVUPTWJTDPTPT NBJT CBSBUPTEPRVFPDSVEF OPTRVBJTÏQSFDJTP JOWFTUJSQBSBSFUJSBSEFMFTWBMPSBDSFTDFOUB EP5BMÏQPTTÓWFMBUSBWÏTEB6OJEBEFEF'$$ 'MVJE$BUBMZUJD$SBDLJOH iRVFADSBRVFJB RVFCSB DBUBMJUJDBNFOUFBTNPMÏDVMBTQF

TBEBT PSJHJOBOEP DPNPTVCQSPEVUP SF TÓEVPTNVJUPWJTDPTPT%BRVJTFQSPEV[FN DPNQPOFOUFTRVF EFQPJTEFQSPDFTTBEPT  SFHSFTTBNBPQPPMEFDPNQPOFOUFTQBSB QSPEV[JSPTNBJTEJWFSTPTDPNCVTUÓWFJTw

130/5041"3"04.&3$"%04 "QØTPQSPDFTTPEFSFmOBÎÍP PTQSPEVUPT TÍPFOWJBEPTQBSBPQBSRVFEFBSNB[FOB NFOUP POEFTFHVBSEBNOÍPTØBTSFTFSWBT FTUSBUÏHJDBTNBTUBNCÏNPTNBJTEJWFSTPT DPNQPOFOUFTQBSBDPMPDBSOPNFSDBEPOB DJPOBMPVFYQPSUBS 0DPNQMFYPEF4JOFTDPOUBDPNUBO RVFT EPTRVBJTDPNVNBWPMVNFUSJBEF NJMNFUSPTDÞCJDPT PVTFKB JHVBMËEP $BNQP1FRVFOP FN-JTCPB 'FSSFJSB%F0MJWFJSBFYQMJDPVRVFNVJUPT EPTQSPEVUPTTÍPDPMPDBEPTOPNFSDBEP BUSBWÏTEFQJQFMJOFi01BSRVFEF"WFJSBT EF$JNBÏQBSUFJOUFHSBOUFEFTUBSFmOB SJB VNBWF[RVFKPHBDPNPTTUPDLTRVF BRVJTFWJWFN0TQSPEVUPTTBFNUBNCÏN QPSDBSSPUBORVF QPVDBRVBOUJEBEF QPS DBNJOIPEFGFSSPFQPSOBWJPw3FMBUJWB NFOUFËFYQPSUBÎÍP BSFmOBSJBBMFOUFKBOB DPNFSDJBMJ[BQBSBBMÏNGSPOUFJSBTDFSDB EFEBTVBQSPEVÎÍP PRVFQFSNJUFË

6."&.13&4"$0.70$"ˆ„0 FbUeXTeXT_W\`Xaf}bEPJOWFTUJNFOUP OFTUB3FçOBSJB 'FSSFJSB%F0MJWFJSBEJ[RVF 4JOFTSFQSFTFOUBEPJTUFS¨PTEBDBQBDJEBEFEF SFçOB¨¤PEB(BMQ&OFSHJB0SFTUBOUFçDBOP DPNQMFYPJOEVTUSJBMEF.BUPTJOIPTÙ1PSUBOUP  FTUFQSPKFDUP RVFFOWPMWFVNJOWFTUJNFOUP QS´YJNPEFNJMI¶FTEFFVSPT SFQSFTFOUB BTVBDPOWFST¤PQSPDFTTVBM ¡TFNFMIBO¨B EPRVFç[FNPTFN.BUPTJOIPT $PNPTEPJTJOWFTUJNFOUPTDPNQMFUPT  O´TUFSFNPTPOPTTPBQBSFMIPSFçOBEPS NPEFSOJ[BEP DPNQFUJUJWPFDBQB[EF BTTFHVSBSQPSNVJUPUFNQPBFçDJ«ODJB EBTOPTTBTPQFSB¨¶FTÚ 3FMBUJWBNFOUFBPSFGPS¨PEBFRVJQBRVF USBCBMIBOPDPNQMFYPEF4JOFT BNZHBMQ NBHB[JOFBQVSPVRVF TFOEPBJOE»TUSJB QFUSPM®GFSBVNBBDUJWJEBEFJOUFOTJWBFDBQJUBM  OBGBTFEFQSPEV¨¤P FN ÙPO»NFSP EFFNQSFHBEPTBEJDJPOBJTBRVJTFS¢FOUSF FQFTTPBT4FS¤PEFWJEBNFOUFGPSNBEPT  USFJOBEPTFFTU¤POFTUFNPNFOUPBTFS SFDSVUBEPT QBSBEFQPJTPQFSBSFN BTVOJEBEFTÚ "çOBMJ[BS PQSFTJEFOUFFYFDVUJWPBHSBEFDFV



NZHBMQ

."3ˆ0

BUPEPTRVBOUPTGB[FNEB(BMQ&OFSHJBVNB FNQSFTBNPEFSOBFDPNQFUJUJWBF FNKFJUP EFNFOTBHFN BçSNPVRVFÙB(BMQ&OFSHJB UFNBWPDB¨¤PEFTFSWJSPTTFVTDMJFOUFTFPT TFVTDPOTVNJEPSFT RVFSFN1PSUVHBMRVFS FN&TQBOIB FJOWFTUFQBSBPTTFSWJSEFVNB GPSNBDPNQFUJUJWB FçDJFOUFFDPNQSPEVUPT EFBMU®TTJNBRVBMJEBEFÚ

$*.&/5"30'65630 1BSB'FSSFJSB%F0MJWFJSB  PJOWFTUJNFOUPJS¢BVNFOUBS BDPNQFUJUJWJEBEFEB3FçOBSJB EF4JOFT

FNQSFTBRVBMJmDBSTFTJTUFNBUJDBNFOUF FOUSFPTNBJPSFT TFOÍPPNBJPS FYQPSUB EPSQPSUVHVÐT%BTTVBTFYQPSUBÎÜFT  EFTUJOBNTFBPT&6"FBQSPYJNBEBNFOUF ËWJ[JOIB&TQBOIB

"50%007"103 /PDFOUSPEBOPWBFUBQBEB3FmOBSJBEF 4JOFTiFTUÈB6OJEBEFEF1SPEVÎÍPEF7B QPS RVFÏBFMFDUSJDJEBEFw EJTTF'FSSFJSB %F0MJWFJSB"$FOUSBMEF$PHFSBÎÍPFTUÈKÈ mTJDBNFOUFDPOTUSVÓEBFFNGBTFEFBSSBO RVF QSPDFEFOEPTFBHPSBiËGPSNBÎÍPEPT PQFSBEPSFT&MBTVCTUJUVJ DPNQMFNFOUBPV BUÏEVQMJDBBVOJEBEFFYJTUFOUF FQSFQBSBB SFmOBSJBQBSBPOPWPEFTBmPRVFPJOWFT UJNFOUPRVFFTUBNPTBEFTFOWPMWFSFYJHF ²VNDPNQMFNFOUPEFVNBBDÎÍPTFNF MIBOUF EFOBUVSF[BQSPDFTTVBMEJGFSFOUF NBTDPNQMFNFOUBSEFTUF OBSFmOBSJBEP 1PSUP RVFDPOTUJUVJPNBJPSJOWFTUJNFO UPJOEVTUSJBMKBNBJTSFBMJ[BEPOPOPTTP 1BÓTw %JSJHJOEPTFBPQSJNFJSPNJOJTUSP BP NJOJTUSPEB&DPOPNJBFEB*OPWBÎÍPFB PVUSPTNFNCSPTEP(PWFSOPQSFTFOUFTOB DFSJNØOJBEF4JOFT 'FSSFJSB%F0MJWFJSBFY QMJDPVRVFiB6OJEBEFEF$JDMP$PNCJOBEP DPOTPNFHÈTOBUVSBMFQSPEV[WBQPSFFMFD USJDJEBEF FDPNFMBBOPTTBFNQSFTBSFEV[ FNNJMUPOFMBEBTBOPBTFNJTTÜFTEF $0RVFFTUFFTQBÎPJOEVTUSJBMDPMPDBOP BNCJFOUF"MÏNEJTTP FTUÈTFBDPNFÎBS BQSPEV[JSBFOFSHJBNBJTFmDJFOUFEP1BÓT


0SFOEJNFOUPFMÏDUSJDPFRVJWBMFOUFÏEF  TJHOJmDBUJWBNFOUFTVQFSJPSBPT BUJOHÓWFJTOBTVOJEBEFTEFDJDMPDPNCJOBEP NBJTFTQFDÓmDBTEPTFDUPSFMÏDUSJDP5FNPT  QPSUBOUP BRVJVNBQFRVFOBVOJEBEFEP TFDUPSFMÏDUSJDP NBTEFFMFWBEÓTTJNBFm DJÐODJBFOFSHÏUJDB UÍPJNQPSUBOUFOVN QSPDFTTPEFDPOWFSTÍPEFTUBOBUVSF[Bw

"$0/7&34„05&$/0-”(*$" &TFÏDFSUPRVFPBVNFOUPEBFGJDJÐODJB FOFSHÏUJDBÏWJUBMQBSBBNPEFSOJ[BÎÍPEP DPNQMFYPQFUSPMÓGFSPEF4JOFT OÍPNFOPT WFSEBEFÏRVFPTFVGVUVSPFPEBFDPOPNJBEP 1BÓTEFQFOEFEBiSFWPMVÎÍPEPTNFJPTEFQSP EVÎÍPwBHPSBJOJDJBEB3FTTBMWFTF BTTJN B JNQPSUÉODJBEBDPOTUSVÎÍPEFiVNBVOJEBEF EFDSBRVFBNFOUPQPSIJESPHÏOJPw QPJTVNB SFmOBSJBÏDBEBWF[NBJTVNBHSBOEFGÈCSJDB EFIJESPHÏOJP RVFÏDBEBWF[NBJTBQPOUBEP QFMPTBOBMJTUBTEPTFDUPSDPNPPDPNCVTUÓWFM JEFBMQBSBPTFDUPSEPTUSBOTQPSUFT "SFTQPOTBCJMJEBEFQFMBQSPEVÎÍPEFUPEP PIJESPHÏOJPOFDFTTÈSJPËGVUVSBMBCPSBÎÍP EF4JOFTTFSÈEBOPWB6OJEBEFEF4UFBN 3FGPSNFS QSPDFTTPRVFQFSNJUFQSPEV[JS IJESPHÏOJPBQBSUJSEPHÈTOBUVSBM i7BNPTQSPEV[JSNIPSBw P

""650/0.*"&/&3(Š5*$" "6OJEBEFEF$PHFSB¨¤PTFS¢ FTTFODJBMBUPEPPQSPDFTTP EFDPOWFST¤PEF4JOFT

.8

1PU«ODJBJOTUBMBEB

NJMI¶FTEFN BOP 

$POTVNPEFH¢TOBUVSBM

 NJMI¶FTEFUPOFMBEBT 1SPEV¨¤PBOVBMEFWBQPS

(8IBOP

1SPEV¨¤PEFFMFDUSJDJEBEF

NJMUPOFMBEBTBOP EF$0BO®WFMOBDJPOBM &NJTT¶FTFWJUBEBT 



3&& EF $PNQBSBEPDPNEFVNB$(51 3FOEJNFOUPFMªDUSJDPFRVJWBMFOUF

EPCSPEBBDUVBMQSPEVÎÍPEFIJESPHÏOJP EFTUB3FmOBSJBi²OFDFTTÈSJPQBSBUPSOBS BTNPMÏDVMBTQFTBEBTNBJTMFWFT NBJTGÈDFJT EFRVFJNBS NBJTBNJHBTEPBNCJFOUFF NFMIPSFTDPNCVTUÓWFJTw 0VUSBTEBTWBOUBHFOTEBDPOWFSTÍPBHPSB EFTQPMFUBEBQSFOEFTFDPNBSBDJPOBMJ [BÎÍPEBQSPEVÎÍPEF4JOFTFPQFTPRVFB OPWBEJOÉNJDBJOEVTUSJBMFQSPEVUJWBUFSÈ OBCBMBOÎBEFQBHBNFOUPTQPSUVHVFTB

026&7"*.6%"3 'FSSFJSB%F0MJWFJSBFYQMJDPVBTSFQFSDVT TÜFTEBDPOWFSTÍPFN4JOFTFFN1PSUVHBM EFGPSNBNVJUPDMBSB i/FTUBSFmOBSJBQSPDFTTBNPTNJ MIÜFTEFUPOFMBEBTEFDSVEFQPSBOP"QBS UJSEBÓUFNPTWÈSJBTDPNQPOFOUFT4PNPT HSBOEFTQSPEVUPSFTEFHBTPMJOB NBT EBQSPEVÎÍPWBMFNFOPTEPRVFPQFUSØMFP  QPJTÏDPNQPTUBQPSGVFMFPVUSPTDPNQP OFOUFTFRVJWBMFOUFT0RVFWBNPTGB[FS  7BNPTQSPEV[JSNVJUPNBJTHBTØMFPFSF EV[JSBQSPEVÎÍPEFGVFM2VBTFB EBQSPEVÎÍPEFTUBSFmOBSJBWÍPTFSHBTP MJOBTFHBTØMFPT"VNFOUBSFNPTEFGPSNB FYUSFNBNFOUFSFMFWBOUFBQSPEVÎÍPEPRVF DIBNBNPTAEFTUJMBEPTNÏEJPTw 2VBOEPPQSPKFDUPFTUJWFSBGVODJPOBS FNQMFOP FN B3FmOBSJBEF4JOFTJSÈ QSPDFTTBSNJMIÜFTEFUPOFMBEBTBOPEF DSVEF DPSSFTQPOEFOEPPTQSPEVUPTJOUFS NÏEJPT DPNPPT7(0F3"5 B FB  NJMIÜFTEFUPOFMBEBTBOP SFTQFDUJWBNFO UF5BMTJHOJmDBSÈVNBVNFOUPEFDFSDBEF EFNBUÏSJBTQSPDFTTBEBT 3FMBUJWBNFOUFBPTQSPEVUPTmOBJT B QSPEVÎÍPEFHBTØMFPJSÈDSFTDFS QBSB  NJMIÜFTEFUPOFMBEBT FBEFGVFMJSÈEJ NJOVJS QBTTBOEPB UPOFMBEBTBOP 0WBMPSEBQSPEVÎÍPEFHBTPMJOBUPUBMJ[BSÈ  NJMIÜFTEFUPOFMBEBTBOP TPNBOEPP KFU NJMIÜFTEFUPOFMBEBTBOVBJT /BDPODMVTÍPEBTVBBMPDVÎÍP 'FSSFJSB %F0MJWFJSBGSJTPVRVFiFTUFTNPNFOUPT NBSDBNBWJEBEP1BÓT EBTFNQSFTBTFEBT QFTTPBT)ÈNVJUPT OBOPTTBFNQSFTB  RVFWJWFNFTUFQSPKFDUPIPSBTQPSEJBy &WJWFNOPOPTNBJTQFRVFOPTEFUBMIFT "FTTFTRVFSPBHSBEFDFSUVEPPRVFm[FSBN  PRVFGB[FNFJSÍPDPOUJOVBSBGB[FSQBSB RVFPQSPKFDUPTFKBVNTVDFTTPw 1BSBBFNQSFTB ÏVNNBSDPJOEJTDVUÓ WFMi$POTPMJEBNPTEFVNBWF[QPSUPEBT

4*/&4Š7*5"- 1"3""#"-"/ˆ" %&1"(".&/504 Bce\`X\eb  `\a\fgeb+PTª 4´DSBUFT EJTTFRVF PJOWFTUJNFOUPFN 4JOFTªGVMDSBMQBSBP FRVJM®CSJPEBCBMBO¨B EFQBHBNFOUPT QPSUVHVFTBÙ" 3FçOBSJBGVODJPOBS¢ DPNNBJTFçDJ«ODJB  QSPEV[JS¢NBJTWBMPS BDSFTDFOUBEPF NBJTSJRVF[BçDBS¢ BRVJFN1PSUVHBM &TUFJOWFTUJNFOUP EBS¢ QPSUBOUP VN DPOUSJCVUPQBSB BNPEFSOJ[B¨¤P EPOPTTPTFDUPS QFUSPRV®NJDP RVF DPNPTFTBCF ªTFNQSF VNEPTQJMBSFTFTUSBUªHJDPTEBTFDPOPNJBT NPEFSOBTÚ 0DIFGFEP&YFDVUJWPSFGFSJVUBNCªNRVF ÙPJOWFTUJNFOUPQ»CMJDPUFNEFTFHVJSP QSJWBEP"RVJFTU¤PMPDBMJ[BEPTBMHVOTEPT JOWFTUJNFOUPTQSJWBEPTNBJTJNQPSUBOUFT FNPEFSOJ[BEPSFTEBOPTTBFDPOPNJBP QSPKFDUPEB(BMQ PQSPKFDUPEB3FQTPM P QSPKFDUPEB"SUFOJVTß5VEPJTTPTPNBDFSDB EFNJMI¶FTEFFVSPTŠ QPJT NVJUP JNQPSUBOUFDSJBSBTDPOEJ¨¶FTEFJOGSB FTUSVUVSBTSPEPWJ¢SJBTQBSBQFSNJUJSBEJO£NJDB EFVNTFDUPSMPH®TUJDPFEFEJTUSJCVJ¨¤PEPT QSPEVUPT RVFªGVOEBNFOUBMBVNBFDPOPNJB NPEFSOBÚ/FTUBTVBEFTMPDB¨¤PB4JOFT  PQSJNFJSPNJOJTUSPBQSPWFJUPVQBSBBOVODJBS BBEKVEJDB¨¤PEBMJHB¨¤P4JOFT#FKBEP*1 يVNBEBTPCSBTQ»CMJDBTEBNBJPS JNQPSU£ODJB O¤PBQFOBTQBSB4JOFTNBTQBSB UPEPP1B®TÚ0TFVJO®DJPEFWFS¢DPNF¨BS OP{USJNFTUSFEF

PTOPWPTQSPDFTTPTFPOPTTPTJTUFNBEF SFmOBÎÍP UPSOBOEPPDPNQFUJUJWPBOÓWFM FVSPQFV1BSBP1BÓT PTCFOFGÓDJPTOBOPTTB CBMBOÎBEFQBHBNFOUPTTÍPJODBMDVMÈWFJT %FJYBSFNPTEFFYQPSUBSGVFMFEFJNQPSUBS HBTØMFP DPNCFOFGÓDJPTOBCBMBOÎBEFQB HBNFOUPTRVFVMUSBQBTTBSÍPNJMIÜFT EFFVSPTQPSBOPw EJTTFBJOEB'FSSFJSB%F 0MJWFJSB&TUÍP BTTJN MBOÎBEPTPTBMJDFSDFT QBSBRVF4JOFTFUPEBBFTUSVUVSBQSPEVUJWB EB(BMQ&OFSHJBBUJOKBNOÓWFJTEFFYDFMÐO DJB EFQSPEVÎÍPFEFDPNQFUJUJWJEBEFEF OÓWFMNVOEJBM ."3ˆ0

NZHBMQ




NVOEPBNCJFOUF 78DH<BGB46BC8A;4:4

$BNJOIBEB FNEFGFTBEB5FSSB &OUSFBFOUSBEBFNWJHPS EP1SPUPDPMPEF2VJPUPFB $POGFS«ODJBEF$PQFOIBHB  RVFWBJEFDPSSFSOPçOBM EFTUFBOP NVJUPTQBTTPT GPSBNEBEPTFNEFGFTB EPBNCJFOUF



NZHBMQ

."3ˆ0


ĢĦĚĠĥĠĞĒģĔĠĦVNBNVEBOÎBQPMÓUJDBHMP CBM"QBSUJSEFTUBDPOGFSÐODJB RVFEFDPSSFV FN OPÉNCJUPEB$POWFOÎÍP2VBESP EBT/BÎÜFT6OJEBTQBSBBT"MUFSBÎÜFT$MJ NÈUJDBT NVJUBTOBÎÜFTDPMPDBSBNPBN CJFOUFOBBHFOEBEPTFVEFTFOWPMWJNFOUP "FWPMVÎÍPEPQSPDFTTP RVFUFNTJEPMJEF SBEPBUÏBHPSBQFMB6OJÍP&VSPQFJB UFWF  OPTQSJNFJSPTBOPT PFOUSBWFEPT&TUBEPT 6OJEPTEF(FPSHF#VTI " FOUSBEB FN WJHPS EP 1SPUPDPMP EF 2VJPUP FN TJHOJmDPVRVFPTFVmN UBNCÏNTFFTUBWBBBQSPYJNBS FN  FRVFFSBOFDFTTÈSJPUPNBSEFDJTÜFTQBSB PQFSÓPEPTFHVJOUF"$POGFSÐODJBEF$P QFOIBHBSFQSFTFOUB BTTJN FBHPSBRVFPT &TUBEPT6OJEPTTÍPHPWFSOBEPTQPSOPWBT WPOUBEFT BQØTBFMFJÎÍPEF#BSBDL0CBNB  VNBOPWBFTQFSBOÎBQBSBPGVUVSPEPOPTTP QMBOFUB "$POGFSÐODJBEF1P[OBO OB1PMØOJB  NBSDPVPNFJPEPDBNJOIPFOUSFB$POGF SÐODJBEF#BMJ *OEPOÏTJB FBEF$PQFOIBHB  OB%JOBNBSDB RVFJSÈPDPSSFSOPmOBMEFTUF BOP1BSBPTFDSFUÈSJPFYFDVUJWPEB$POGF SÐODJB :WPEF#PFS PFODPOUSPDPOUSJCVJV QBSBEBSVNFNQVSSÍPBPQBDPUFEB6OJÍP &VSPQFJBTPCSFFOFSHJBFDMJNBFQBSBPT QBÓTFTUPNBSFNNBJTDPOTDJÐODJBEPRVF FTUÈBBDPOUFDFSOPNVOEPFNUFSNPTEF NVEBOÎBTDMJNÈUJDBT

0*/Ž$*0%053"5"%0 +ÈTFQBTTBSBNNBJTEFBOPTEFTEFB EJTDVTTÍPFOFHPDJBÎÍP FN OP+B QÍP EP1SPUPDPMPEF2VJPUP0USBUBEP JOUFSOBDJPOBM DPNDPNQSPNJTTPTSÓHJEPT QBSBBSFEVÎÍPEBFNJTTÍPEPTHBTFTRVF QSPWPDBNPFGFJUPEFFTUVGB GPJSBUJmDBEP JOJDJBMNFOUFFN.BT QBSBFOUSBSFN WJHPS QSFDJTBWBRVFQPSDFOUPEPTQBÓTFT  RVFQSPEV[FNEBTFNJTTÜFT PSBUJm DBTTFN&JTTPBQFOBTBDPOUFDFVFN  RVBOEPB3ÞTTJBPGF[ 01SPUPDPMPQSPQÙTVNDBMFOEÈSJP QFMP RVBMPTQBÓTFTNFNCSPTUJOIBNBPCSJHBÎÍP EFSFEV[JSQFMPNFOPT EBFNJTTÍPEF HBTFTDPNFGFJUPEFFTUVGBFNSFMBÎÍPBPT OÓWFJTEF OPQFSÓPEPFOUSFF &TUFÏDIBNBEPPQSJNFJSPQFSÓPEP EFDPNQSPNJTTP1BSBNVJUPTQBÓTFT DPNP PTNFNCSPTEB6& ÏQPSDFOUPJOGFSJPS ËTFNJTTÜFTFTQFSBEBTQBSB "TNFUBTEFSFEVÎÍPEF2VJPUPOÍPFSBN

13050$0-0&."$ˆ„0 6NFWFOUPNBSDPV  FN BFOUSBEB FNWJHPSEP1SPUPDPMP EF2VJPUP

IPNPHÏOFBTQBSBUPEPT)BWJBOÓWFJTEJGF SFODJBEPTQBSBPTQBÓTFTRVFNBJTFNJUFN HBTFTDPNFGFJUPEFFTUVGB&SBNPTDBTPT EP#SBTJM .ÏYJDP "SHFOUJOBF¶OEJB RVF FTUBWBNFNGSBODPEFTFOWPMWJNFOUP FOÍP TFDPNQSPNFUFSBN OBBMUVSB DPNNFUBT EFSFEVÎÍP +ÈPT&TUBEPT6OJEPTOÍPSBUJmDBSBNP 1SPUPDPMPEF2VJPUP%FBDPSEPDPNPBSHV NFOUPVUJMJ[BEP OBBMUVSB QPS(FPSHF#VTI  PTDPNQSPNJTTPTRVFBDBSSFUBWBJSJBNJO

0#+&$5*704%&26*050 FXbCebgbVb_bEF2VJPUPGPSJNQMFNFOUBEP DPNTVDFTTP FTUJNBTFRVFBUFNQFSBUVSB HMPCBMTFSFEV[BFOUSF {$F q$FOUSF FŠFWJEFOUFRVFBQPTTJCJMJEBEFEF TFBUJOHJS PVO¤P FTUBTNFUBTEFQFOEFNVJUP EBRVJMPRVFGPSDPOTFHVJEPOPçOBMEFTUFBOP FN$PQFOIBHB PVTFKB QBSBEFQPJTEF  BUªQPSRVFI¢DPNVOJEBEFTDJFOU®çDBTRVF BçSNBNRVFBNFUBEFSFEV¨¤PEFQPSDFOUP FNSFMB¨¤PBPTO®WFJTEFªJOTVçDJFOUF QBSBEJNJOVJSPBRVFDJNFOUPHMPCBM

UFSGFSJS EFGPSNBOFHBUJWB OBFDPOPNJB OPSUFBNFSJDBOB1BSBBMÏNEJTTP UBNCÏN RVFTUJPOPVBUFPSJBEFRVFPTQPMVFOUFTFNJ UJEPTQFMPIPNFNDPOUSJCVÓTTFNQBSBFMFWBS BUFNQFSBUVSBEB5FSSB

03&$60%04&45"%046/*%04 0SFDVPEPT&TUBEPT6OJEPT OB$POGFSÐODJB EF#BMJ FN QFSNJUJVRVFTFDIFHBTTF BPFOUFOEJNFOUP BQØTVNBTFTTÍPQPMÏ NJDBFNRVFP(PWFSOPEF8BTIJOHUPOGPJ WBJBEPQPSTFPQPSËTFYJHÐODJBTEFOBÎÜFT FNWJBTEFEFTFOWPMWJNFOUP QBSBRVFPT QBÓTFTEFTFOWPMWJEPTm[FTTFNNBJTQBSB BKVEBSBDPNCBUFSPBRVFDJNFOUPEBTV QFSGÓDJFEPQMBOFUB "TDPOWFSTBÎÜFTTPCSFPDMJNBFN#BMJ  *OEPOÏTJB QSPNPWFSBNVNBDPSEPQBSB PJOÓDJPEFEPJTBOPTEFOFHPDJBÎÜFTFVN QBDUPBNQMPEFDPNCBUFBPBRVFDJNFOUP HMPCBM 'PJBDPSEBEPJOJDJBSEPJTBOPTEFOFHP DJBÎÜFTQBSBFTUBCFMFDFSPQBDUPRVFEFWFSÈ TFSmSNBEPFN$PQFOIBHBOPmOBMEFTUF BOP FRVFWBJTVDFEFSBP1SPUPDPMPEF2VJP UP0OPWPBDPSEPWBJJODMVJSQBÓTFTDPNP PT&TUBEPT6OJEPT $IJOBF¶OEJB "TOFHPDJBÎÜFTDPNFÎBSBNDPNVN FODPOUSPFN"CSJMEFFEFWFSÍPUFS NJOBSDPNBBEPQÎÍPEFVNOPWPUSBUBEP FN$PQFOIBHBOPmNEF ."3ˆ0

NZHBMQ




NVOEPBNCJFOUF

/ÍPFSBFTQFSBEPRVFPFODPOUSPEF#BMJ EFmOJTTFNFUBTEFFNJTTÍPEFHBTFTEFFGFJ UPFTUVGB.BTBTDPOWFSTBÎÜFTNBSDBSBNB JOUFOÎÍPEFTFSFBMJ[BSFNQSPGVOEPTDPSUFT FNFNJTTÜFTHMPCBJTQBSBFWJUBSNVEBOÎBT DMJNÈUJDBTQFSJHPTBT0UFYUPmOBMGB[EJT UJOÎÍPFOUSFQBÓTFTEFTFOWPMWJEPTFFNWJBT EFEFTFOWPMWJNFOUP QFEJOEPRVFOBÎÜFT EFTFOWPMWJEBTDPOTJEFSFNDPSUFTEFFNJT TÍPiRVBOUJmDBEPTwFQBÓTFTFNEFTFOWPM WJNFOUPiBDÎÜFTEFNJUJHBÎÍPw /PFODPOUSPEF#BMJGPJEFDJEJEPUBNCÏN MBOÎBSVNGVOEPEB0/6QBSBBKVEBSOBÎÜFT QPCSFTBMJEBSDPNPTFGFJUPTEFNVEBOÎBT DMJNÈUJDBT PDBTPEFGFOØNFOPTDPNPTFDBT FYUSFNBTPVDIFJBT0BDPSEPQFSNJUJVRVF PGVOEPFOUSBTTFFNBDUJWJEBEFFN  FMJNJOBOEPFOUSBWFTBENJOJTUSBUJWPTBP EJWJEJSBSFTQPOTBCJMJEBEFFOUSFB(MPCBM &OWJSPONFOU'BDJUJUZ RVFmOBODJBQSPKFD UPTEFFOFSHJBMJNQB FP#BODP.VOEJBM 6NFTRVFNBQBHVFFQSFTFSWF QBSB SFEV[JSPJNQBDUPEBBMUFSBÎÍPEPDJDMPEP DBSCPOPOBBUNPTGFSB SFTVMUBOUFEBEFT NBUBÎÍPFNQBÓTFTFNEFTFOWPMWJNFOUP  GPJDSJBEPQBSBQFSNJUJSBWFOEB QPSOBÎÜFT FNEFTFOWPMWJNFOUP EFDSÏEJUPTEFEJØ YJEPEFDBSCPOPBQBÓTFTEFTFOWPMWJEPTB QBSUJSEF DPNPDPOUSJCVUPQBSBFWJUBS BEFTUSVJÎÍPEBTTVBTnPSFTUBT"TOBÎÜFT SFDPOIFDFSBN BTTJN UBNCÏNBOFDFTTJ EBEFEFTFSFBMJ[BSFNBDÎÜFTQBSBDPNCBUFS BEFTUSVJÎÍPEBTnPSFTUBTUSPQJDBJT 0FTCPÎPmOBMEB$POGFSÐODJBEF#BMJ QFEJBNBJTSFDVSTPTmOBODFJSPTFJOWFTUJ

"(&/%"1"3" BßaT_WX@TebFPJO®DJPEF+VOIP QS´YJNPTFS¤PNBSDBEPTQPSSFVOJ¶FTOB "MFNBOIB POEFPTQB®TFTW¤PDPNF¨BSB FMBCPSBSVNBQSJNFJSBWFST¤PEPEPDVNFOUP RVFJS¢TVCTUJUVJSP1SPUPDPMPEF2VJPUP FN 1SFW«TFRVFBDPODMVT¤PEPVNOPWPUSBUBEP T´JS¢PDPSSFSFN%F[FNCSPEF OB $POGFS«ODJBEF$PQFOIBHB4´OFTUBEBUB  BTTVOUPTDPNPBDBQUVSBFBSNB[FOBNFOUP HFPM´HJDPEFDBSCPOP BEFTUSVJ¨¤PEFHBTFT $'$FBSFèPSFTUB¨¤P DPNPJOTUSVNFOUPT EFPCUFO¨¤PEFDSªEJUPTEFDBSCPOP TFS¤P FGFDUJWBNFOUFEJTDVUJEPT

NFOUPTFNQBÓTFTFNEFTFOWPMWJNFOUP" USBOTGFSÐODJBEFUFDOPMPHJBFSBVNBFYJHÐO DJBDIBWFEFTUBTOBÎÜFT RVFOÍPRVFSJBN TBDSJmDBSPTFVDSFTDJNFOUPQBSBDPNCBUFS PBRVFDJNFOUPHMPCBM&UBNCÏNOÍPDPO TFHVJBN TP[JOIBT BSDBSDPNPTDVTUPTEB JNQMFNFOUBÎÍPEBTUFDOPMPHJBTMJNQBTRVF QFSNJUJSJBNVNBFYQBOTÍPEBFDPOPNJB BTTPDJBEBËSFEVÎÍPEBTFNJTTÜFT

"$".*/)0%&$01&/)"(" 0QBQFMEFMJEFSBOÎBOPDPNCBUFËTBMUF SBÎÜFTDMJNÈUJDBTUFNTJEPBTTFHVSBEPQFMB 6OJÍP&VSPQFJB RVBTFEFTEFRVF(FPSHF #VTIBTTVNJVBQSFTJEÐODJBEPT&TUBEPT 6OJEPT "6&UFNTFEFTUBDBEP BOÓWFMJOUFSOB DJPOBM OBJNQMFNFOUBÎÍPEP1SPUPDPMPEF 2VJPUP GBDUPRVFUFNUJEPSFnFYPTEJSFDUPT 7&Ž$6-04)Ž#3*%04

46.*%06304%&$"3#0/0 8`%##$P1SPUPDPMPEF2VJPUPGPJ SFGFSFOEBEPFN#POB OB"MFNBOIB RVBOEP BCSBOEPVPDVNQSJNFOUPEBTNFUBTQSFWJTUBT  BUSBWªTEBDSJB¨¤PEPTÙTVNJEPVSPTEF DBSCPOPÚ4FHVOEPBQSPQPTUB PTQB®TFTDPN HSBOEFT¢SFBTèPSFTUBEBT RVFBCTPSWFN OBUVSBMNFOUFP$0 QPEFSJBNVTBSFTTBT èPSFTUBTDPNPDSªEJUPFNUSPDBEPDPOUSPMP EFTVBTFNJTT¶FT %FWJEP¡OFDFTTJEBEFEFNBOUFSFNBTVB QSPEV¨¤PJOEVTUSJBM PTQB®TFTEFTFOWPMWJEPT  PTNBJPSFTFNJTTPSFTEF$0FEFPVUSPT QPMVFOUFT QPEFSJBNUSBOTGFSJSQBSUFEFTVBT JOE»TUSJBTNFOPTBNJHBTEPBNCJFOUFQBSB QB®TFTPOEFPO®WFMEFFNJTT¤PªCBJYP PVJOWFTUJSOFTTFTQB®TFT



NZHBMQ

."3ˆ0

"JOE»TUSJBBVUPN´WFM UFNTJEPQSFTTJPOBEB  SFTQPOEFOEPDPNQSPEVUPT ÙBNJHPTEPBNCJFOUFÚ

1305&450 "DUJWJTUBTEB(SFFOQFBDFOVNB BD¨¤PRVFWJTPVTFOTJCJMJ[BSBPQJOJ¤P Q»CMJDBQBSBPEFTNBUBNFOUP EBèPSFTUBBNB[´OJDB


*.1-*$"ˆ–&41"3" "("-1&/&3(*" BcTVbgXXhebcXhFOFSHJBDMJNBUFN SFQFSDVTT¶FTEJSFDUBTOB(BMQ&OFSHJB OB NFEJEBFNRVFBBDUJWJEBEFEBFNQSFTB FTU¢BCSBOHJEBOP$PNªSDJP&VSPQFVEF -JDFO¨BTEF&NJTT¤PRVF QBSBPQ´T JS¢ SFèFDUJSBTNFUBTEFSFEV¨¤PEBTFNJTT¶FT K¢BTTVNJEBTQFMB6OJ¤P1BSBPQFS®PEP  PDPNQSPNJTTPBQPOUB OB BVT«ODJBEFVNBDPSEPJOUFSOBDJPOBM QBSB VNBSFEV¨¤P BPO®WFMFVSPQFV EF EBTFNJTT¶FTEFDPSSFOUFTEBTBDUJWJEBEFT BCSBOHJEBTQFMPDPNªSDJP GBDFB1PS PVUSPMBEP DBTPPVUSPTQB®TFTEFTFOWPMWJEPT BTTVNBNDPNQSPNJTTPTTFNFMIBOUFTOFTUB NBUªSJB PFTRVFNBEFDPNªSDJPUFS¢EFTFS SFWJTUP WJOEPBTSFEV¨¶FTBJOUFOTJçDBSTF "EJDJPOBMNFOUF QSFW«TF QBSBPQ´T  VNFTRVFNBEFDPNªSDJPDPNSFDVSTPBP MFJM¤PQBSBPCUFO¨¤PEBTMJDFO¨BTEFFNJTT¤P  FNDPOTPO£ODJBDPNBçMPTPçBEFRVFP FTRVFNBªPEFNBJPSDVTUPFçD¢DJBOB SFEV¨¤PEBTFNJTT¶FTEF$0

BOÓWFMJOUFSOP"TEFDJTÜFTEP$POTFMIP&V SPQFVEF%F[FNCSP POEFGPJBUJOHJEP VNBDPSEPEFQSJODÓQJPTPCSFPQBDPUFMFHJT MBUJWPi&OFSHJBF$MJNBFNw  TÍPFYFNQMPEJTTP5SBUBTFEFVNDPOKVOUP EFPCKFDUJWPT RVFJODMVFNBSFEVÎÍPEF QPSDFOUPEBTFNJTTÜFTEFHBTFTDPNFGFJUP EFFTUVGBGBDFËTFNJTTÜFTSFHJTUBEBTFN  PBVNFOUPEBTFOFSHJBTSFOPWÈWFJT QBSBQPSDFOUPEPUPUBMFOFSHJBEFQSPEV [JEBFSFEVÎÍPEPDPOTVNPEFFOFSHJBFN QPSDFOUP4FSÍPGVOEBNFOUBJTQBSBHBSBOUJS BSFEVÎÍPEBEFQFOEÐODJBFOFSHÏUJDBFYUFS OBFVSPQFJBFVNBNBJPSiEFTDBSCPOJ[BÎÍPw EBFDPOPNJB1PSPVUSPMBEP DBTPPVUSPT QBÓTFTEFTFOWPMWJEPTTFDPNQSPNFUBNFN PCUFSSFEVÎÜFTEFFNJTTÜFTDPNQBSÈWFJT  FRVFQBÓTFTFNEFTFOWPMWJNFOUP UFDOJ

&TUFBOPTFS¢EFDJTJWP QBSBVNBOPWBBHFOEB EFDPNCBUF¡TBMUFSB¨¶FT DMJN¢UJDBT DBNFOUFNBJTBWBOÎBEPT DPOUSJCVBN EF GPSNBBEFRVBEBFEFBDPSEPDPNBTTVBT SFTQPOTBCJMJEBEFTFDBQBDJEBEFT B6OJÍP &VSPQFJBBQSPWBSÈPPCKFDUJWPEFSFEV[JSBT TVBTFNJTTÜFTEFHBTFTDPNFGFJUPEFFTUVGB FNQPSDFOUP BUÏ GBDFËTFNJTTÜFT SFHJTUBEBTFN

%&$*4–&4%&10;/"/ /B$POGFSÐODJBEF1P[OBO SFBMJ[BEBOB 1PMØOJB UBMDPNPKÈUJOIBTJEPSFGFSJEPOP

SFMBUØSJPEP1BJOFM*OUFSHPWFSOBNFOUBM TPCSF.VEBOÎBT$MJNÈUJDBT FEFGJOJEP FN#BMJ FN GPJTBMJFOUBEPRVFPT QBÓTFTEFTFOWPMWJEPTEFWFNSFEV[JSTVBT FNJTTÜFTEFBQPSDFOUPBUÏ 1BSBPTQBÓTFTFNEFTFOWPMWJNFOUPmDPV FTUBCFMFDJEBVNBNFUBEFSFEVÎÍPFOUSF FQPSDFOUP /PRVFEJ[SFTQFJUPBPDPNCBUFËEFT NBUBÎÍPFEFHSBEBÎÍPnPSFTUBM PÞOJDP BWBOÎPFGFDUJWPBQBSFOUFGPJPBDSÏTDJNPEB DMÈVTVMBRVFDPOUFNQMBBQBSUJDJQBÎÍPEBT DPNVOJEBEFTJOEÓHFOBTOPQSPDFTTP+ÈP HSBOEFQPOUPEFEJWFSHÐODJBFOUSFQBÓTFT EFTFOWPMWJEPTFNWJBTEFEFTFOWPMWJNFOUP GPJPWBMPSEFTUJOBEPBP'VOEPEF"EBQUB ÎÍP RVFmDPVFNNJMIÜFTEFEØMBSFT  QPEFOEPDIFHBSBPTNJMIÜFTEFEØMBSFT FN &NQPEFSÈPDPSSFSBQBTTBHFN EFUFTUFNVOIPPVBQBSUJMIBEPQBQFMEF MJEFSBOÎB DPNPFGFJUP0CBNBBBUJOHJSP DPNCBUFËTBMUFSBÎÜFTDMJNÈUJDBT 0BOPTFSÈSFBMNFOUFEFDJTJWPQBSB VNBOPWBBHFOEBOPDPNCBUFËTBMUFSB ÎÜFTDMJNÈUJDBT1BSBPmOBMEPBOP FN %F[FNCSP FTUÈSFTFSWBEBBEFmOJÎÍPEF VNDPOKVOUPEFDPNQSPNJTTPTNVOEJBJT RVFDPOTBHSBSÍPPTVDFTTPSEP1SPUPDPMP EF2VJPUP ."3ˆ0

NZHBMQ




OFH´DJPTDPPQFSB¨¤P

CEB=86GBF78<AI8FG<:4t±B

7JBTQBSBBTVTUFOUBCJMJEBEF 01SPHSBNB$PPQFSB¨¤P(BMQ&OFSHJBPSHBOJ[BFTUVEPTEFNFJPTEFQSPQVMT¤P BMUFSOBUJWPTQBSBBPQUJNJ[B¨¤PFOFSHªUJDBFBNCJFOUBMEBGSPUBEPT545 ĒśģĖĒEF&NQSFTBTEB(BMQ&OFSHJBFTUÈB SFBMJ[BSVNFTUVEPOPÉNCJUPEP1SPHSBNB $PPQFSBÎÍP(BMQ&OFSHJB FNQBSDFSJB DPNP*OTUJUVUPEF&OHFOIBSJB.FDÉOJDB *%.&$ VNBEBTÈSFBTEP*OTUJUVUP4V QFSJPS5ÏDOJDP *45  "$BSBDUFSJ[BÎÍP&OFSHÏUJDBF"NCJFO UBMEB'SPUBEPT5SBOTQPSUFTEP4VMEP5FKP 545 ÏVNBBDÎÍPRVFJODMVJPFTUVEPEF NFJPTEFQSPQVMTÍPBMUFSOBUJWPTQBSBB PQUJNJ[BÎÍPFOFSHÏUJDBFBNCJFOUBMEB GSPUBEPT545OPTFDUPS.PJUB5SBUBTF EFVNQSPKFDUPRVFVUJMJ[BPTDPNCVTUÓWFJT )J&OFSHZF#JPEJFTFM#FWJTBBWBMJBS 

NZHBMQ

."3ˆ0

PTFVQPUFODJBMQBSBGVUVSBJOUSPEVÎÍP OPNFSDBEP0FTUVEPDPNFÎBQFMBDB SBDUFSJ[BÎÍPEPDPOTVNPEFDPNCVTUÓ WFJTFGFDUVBEPQFMPT545%FQPJTEFGFJUP PJOWFOUÈSJPEBTFNJTTÜFTEFEJØYJEPEF DBSCPOP $0 FPVUSPTQPMVFOUFTEBGSPUB  SFBMJ[BTFBEFUFSNJOBÎÍPEPQPUFODJBM EFSFEVÎÍPEFDPOTVNPEFDPNCVTUÓWFM FFNJTTÜFTEF$0FPVUSPTQPMVFOUFT F SFDPNFOEBNTFNFEJEBTEFSFEVÎÍPEF DPOTVNPTFFNJTTÜFT %FGPSNBHMPCBM UPEBBSFEFEPT545 .PJUBFTUÈBTFSFTUVEBEB OFTUBJOJDJBUJWB  RVFTFSFWFMBSÈVNFYFNQMPBTFHVJSQBSB

6./0701035"8fgXTabTFS¢MBO¨BEPVNQPSUBM EP1SPHSBNB(BMQ&OFSHJB5FS¢DPNP PCKFDUJWPBEJWVMHB¨¤PEPTFTUVEPT EFDBTPTEFTFOWPMWJEPTFBQSPNP¨¤P EFCPBTQS¢UJDBTEFFçDJ«ODJB FOFSHªUJDB%FTUBGPSNB ªDSJBEP VNSFQPTJU´SJPEFDPOIFDJNFOUP TJTUFNBUJ[BEPFEJO£NJDP TPCSF FYQFSJ«ODJBTSFBJTEFQPVQBO¨B EFFOFSHJBFNVOJEBEFTJOEVTUSJBJT FFNQSFTBSJBJTEFEJWFSTPTTFDUPSFT FDPO´NJDPT EFBDFTTPVOJWFSTBM FHSBUVJUP EJTQPOJCJMJ[BEPWJB*OUFSOFU


01ˆ–&4%&.&-)03*" 'PSBNFTUBCFMFDJEBTDJODP NFEJEBTBJOUSPEV[JS DPN EJGFSFOUFTQPUFODJBJTEFFNJTT¶FT FDPOTVNP  3&/07"ˆ„0%"'305" "0-0/(0%&53‹4"/04 1PUFODJBMEFSFEV¨¤PEPDPOTVNP EFDPNCVTU®WFM HBT´MFP CJPEJFTFM  OPçNEFUS«TBOPT EFDFSDBEFNJM MJUSPTEFDPNCVTU®WFM

 015*.*;"ˆ„0%0426*-”.&5304 1&3$033*%04&.7";*0 1PUFODJBMEFSFEV¨¤PEPDPOTVNP  QBSBVNBOP EFDFSDBEFNJMMJUSPT 



*/530%6ˆ„0%&130(3"."4 %&.0/*503*;"ˆ„0&$0$0/%6ˆ„0 1PUFODJBMEFSFEV¨¤PEFDPOTVNP EFDPNCVTU®WFMWBSJ¢WFM RVFTFQPEF TJUVBSOPTNJMMJUSPTBOVBJT

 "#3"/(&/5& 5PEBBSFEFFTU¢BTFSFTUVEBEB OFTUBJOJDJBUJWB RVFTFSFWFMBS¢ VNFYFNQMPBTFHVJSQPSUPEBT BTUSBOTQPSUBEPSBT

015*.*;"ˆ„0&/&3(Š5*$" %FUFSNJOB¨¤PEFQPUFODJBM EFSFEV¨¤PEFDPOTVNPT FFNJTT¶FT

E878 Bcg\`\mT}bWbf dh\_‰`Xgebf cXeVbee\Wbf! Bcg\`\mT}bWTf_\a[Tf 4h`XagbWTiX_bV\WTWX Vb`XeV\T_

9EBG4 IX„Vh_bf`T\f_XiXf `T\fXY\V\XagXf!

@BGBE<FG4

6b`Uhfg„iX\f T_gXeaTg\ibf

@ba\gbe\mT}b9be`T}b 8Vb VbaWh}b

EXWh}bWb6bafh`b WX6b`Uhfg„iX_ X8`\ffXf

UPEBTBTUSBOTQPSUBEPSBT QBSBRVFTFQPTTB DPOUJOVBSBBQPTUBSOPNFJPBNCJFOUFFOPT SFDVSTPTFOFSHÏUJDPT 01SPKFDUP(BMQ&OFSHJBTVSHFOPÉN CJUPEPFTUSFJUBNFOUPEBTSFMBÎÜFTFYJT

UFOUFTFOUSFB(BMQ&OFSHJBFFOUJEBEFTEP 4JTUFNB$JFOUÓmDPF5FDOPMØHJDP 4$5  "DUVBOVNBFTUSBUÏHJBEFDPPQFSBÎÍPDPN EPJTFTUBCFMFDJNFOUPTEFDVSSÓDVMPNFSJ UØSJPOBÈSFBEBFOFSHJB B6OJWFSTJEBEF

"'&$5"ˆ„0%04.0503*45"4 47*"563"4

 "'&$5"ˆ„0%"'305""6." %&5&3.*/"%"-*/)"1&3$033*%"

EF"WFJSP 6" FP*45 BUSBWÏTEP*%.&$ 5FNDPNPPCKFDUJWPPEFTFOWPMWJNFOUPEF QSPKFDUPTEFJOWFTUJHBÎÍPFNTJTUFNBTFOFS HÏUJDPTTVTUFOUÈWFJTOPTNBJPSFTDMJFOUFTEB (BMQ&OFSHJB QBSBPEFTFOWPMWJNFOUPEF TPMVÎÜFTRVFSFTQPOEBNËTOFDFTTJEBEFT FOFSHÏUJDBTFNFSHFOUFTEPNFSDBEP $PN P 1SPHSBNB $PPQFSBÎÍP (BMQ &OFSHJB BFNQSFTBFBT6OJWFSTJEBEFT WJTBNBBQSPYJNBÎÍPFOUSFPNVOEPBDB EÏNJDPFPFNQSFTBSJBM BUSBWÏTEPEFTFO WPMWJNFOUPEFUSBCBMIPTEFJOWFTUJHBÎÍPF EFQSPQPTUBTBEBQUBEBTËTOFDFTTJEBEFT SFBJTEPNFSDBEP OPÉNCJUPEBTFOFSHJBT TVTUFOUÈWFJTFEBFmDJÐODJBFOFSHÏUJDB0 1SPKFDUP(BMQ&OFSHJBBmSNBTF EFTUB GPSNB DPNPVNBJOJDJBUJWBFYFNQMBS B OÓWFMOBDJPOBM OBUSBOTGFSÐODJBEFDPOIF DJNFOUPFOUSFBSFBMJEBEFFNQSFTBSJBMFB SFBMJEBEFBDBEÏNJDB

7\fcba„iX_aT\agXeaXg [ggc-""WgXT!\fg!hg_!cg"

."3ˆ0

NZHBMQ




OFH´DJPTBNCJFOUF

4CBFG4A4FHFG8AG45<?<7478

0QSPKFDUPEPTCJPDPNCVTU®WFJT EB(BMQ&OFSHJB &N.P¨BNCJRVF B(BMQ&OFSHJBK¢UFNJOTUBMBEBTBTQSJNFJSBTQMBOUB¨¶FT EF+BUSPQIBQBSBQSPEV[JS´MFPWFHFUBM)¢BWBO¨PTOP#SBTJMQBSBBMPDBMJ[B¨¤P EPQSPKFDUPBHS®DPMB

ĒĘĒĝġĖğĖģĘĚĒQPTJDJPOPVTF EFTEFBQSJ NFJSBIPSB DPNPQBSDFJSPQSJWJMFHJBEPQBSB PDVNQSJNFOUPEPPCKFDUJWPOBDJPOBMEF JODPSQPSBÎÍPEFQPSDFOUPEFCJPDPN CVTUÓWFJTBQBSUJSEF BOUFDJQBOEPFN BOPTBNFUBEB6OJÍP&VSPQFJBQBSBB SFEVÎÍPEBVUJMJ[BÎÍPEFDPNCVTUÓWFJTEF PSJHFNGØTTJM&TUBGPJmYBEBDPNPDPN QSPNJTTPEPSFTQFJUPQFMBTVTUFOUBCJMJEBEF 

NZHBMQ

."3ˆ0

EBTVBQSPEVÎÍPFJOÓDJPEBDPNFSDJBMJ[BÎÍP EPTCJPDPNCVTUÓWFJTEFTFHVOEBHFSBÎÍP $PNPPTFDUPSEPTCJPDPNCVTUÓWFJTÏ VNBBQPTUBEFGVUVSPQBSBBDPNQBOIJB  GPJJOJDJBEPVNQSPKFDUPEFQSPEVÎÍPEF CJPEJFTFM QBSB JODPSQPSBÎÍP OPT TFVT DPNCVTUÓWFJT1BTTBQFMPDPOUSPMPEFUPEB BDBEFJBEFQSPEVÎÍP EBNBUÏSJBQSJNB ËDPNFSDJBMJ[BÎÍP FÏBGPSNBEFHBSBOUJS

BTVTUFOUBCJMJEBEFBNCJFOUBMFTPDJBMEPT QSPKFDUPTBHSÓDPMBTFOWPMWJEPTFSFEV[JS  BPNÈYJNP BTFNJTTÜFTBPMPOHPEPDJDMP EFWJEBEPQSPEVUP0QSPKFDUPDPOUSJCVJ UBNCÏNQBSBPBVNFOUPEBTFHVSBOÎBEF BCBTUFDJNFOUPQFMBEJWFSTJmDBÎÍPEBTPSJ HFOTEBNBUÏSJBQSJNB 1BSBHBSBOUJSPGPSOFDJNFOUPEFNBUÏSJB QSJNBEFRVBMJEBEF QSPEV[JEBOPSFTQFJUP


"$6-563" "QSPEV¨¤PEF´MFPTWFHFUBJT OB(BMQ&OFSHJBªFTTFODJBMNFOUF CBTFBEBOBDVMUVSBFYUFOTJWB EF+BUSPQIBDVSDBT

EPTQSJODÓQJPTPSJFOUBEPSFTQSFEFmOJEPT QFMB6OJÍP&VSPQFJB B(BMQ&OFSHJBKÈFTUB CFMFDFVQBSDFSJBTQBSBBQSPEVÎÍPEFØMFPT WFHFUBJTFN.PÎBNCJRVFFOP#SBTJM "QSPEVÎÍPEFØMFPTWFHFUBJTÏFTTFO DJBMNFOUFCBTFBEBOBDVMUVSBFYUFOTJWBEF TFRVFJSPEF+BUSPQIBDVSDBT- +$- QBSB OÍPFOUSBSFNDPODPSSÐODJBDPNBDBEFJBBMJ NFOUBS OFNDPOUSJCVJSQBSBPBHSBWBNFOUP EBEJTQVUBQFMPTTPMPTBHSÓDPMBTOB&VSPQBF HBSBOUJS FNTJNVMUÉOFP VNGPSOFDJNFOUP DPNQFUJUJWP4FNQSFRVFBTDPOEJÎÜFTEPT TPMPTFDMJNBPQFSNJUBNPVFYJKBN QPEFSÍP TFSVUJMJ[BEBTPVUSBTDVMUVSBT

1"3$&3*"4-0$"*4 'BDFËHSBOEFEJTQPOJCJMJEBEFEFUFSSBT BHSÓDPMBTFËTDPOEJÎÜFTDMJNÈUJDBTNVJUP

GBWPSÈWFJTEBTSFHJÜFTUSPQJDBJTFTVCUSP QJDBJT PQSPKFDUPJOJDJPVTFFN.PÎBNCJ RVF DPNPFTUBCFMFDJNFOUPEFQBSDFSJBTF DPOUSBUPTEFGPSOFDJNFOUPEFØMFPWFHFUBM 0QSJNFJSPEFMFTSFTVMUPVOBDPOTUJUVJÎÍP EBFNQSFTB(BMQ#V[J QBSBQSPEV[JSØMFP WFHFUBMEF+$-FNNJMIFDUBSFTOBQSP WÓODJBEB#FJSB'PJUBNCÏNDSJBEBPVUSB QBSDFSJB DPNPHSVQP7JTBCFJSB QBSBB DPOTUJUVJÎÍPEB.PÎBN(BMQ RVFWBJQSP EV[JSØMFPWFHFUBMOVNBÈSFBEFDFSDBEF NJMIFDUBSFT &NBNCBTBTQBSDFSJBT FTUÈTFNQSF TVCKBDFOUFPSFTQFJUPQFMBTVTUFOUBCJMJEBEF BNCJFOUBM RVFQBTTBQFMBHFTUÍPFRVJMJCSBEB EPTSFDVSTPTOBUVSBJTFJNQMFNFOUBÎÍPEF CPBTQSÈUJDBTBHSÓDPMBT"EJDJPOBMNFOUF UÐN TJEPSFBMJ[BEBTBDÎÜFTQBSBSFDVQFSBÎÍPEF

1SPKFDUPDPOUSJCVJQBSBPBVNFOUPEBTFHVSBO¨B EFBCBTUFDJNFOUPQFMBEJWFSTJçDB¨¤PEFPSJHFOT EBNBUªSJBQSJNB

0#+&$5*704%"10-Ž5*$" &6301&*" 0QSPKFDUPEB(BMQ&OFSHJB EFTFOWPMWFTFFNDPOTPO£ODJB DPNPTTFUFFJYPTEBQPM®UJDB EB6OJ¤P&VSPQFJB QBSBBVUJMJ[B¨¤P EFCJPDPNCVTU®WFJT  DPNPTTFHVJOUFTPCKFDUJWPT

Þ3FEV[JSBTFNJTT¶FTEFHBTFT

DPNFGFJUPEFFTUVGB  Þ *NQVMTJPOBSBEFTDBSCPOJ[B¨¤P EPTDPNCVTU®WFJTEPTFDUPS EPTUSBOTQPSUFT Þ%JWFSTJçDBSBTGPOUFTEFBCBTUFDJNFOUP EFNBUªSJBTQSJNBT Þ0GFSFDFSOPWBTPQPSUVOJEBEFT EFFNQSFHPFSFOEJNFOUPOBT[POBT SVSBJTFOPTQB®TFTFNEFTFOWPMWJNFOUP Þ1SPNPWFSPEFTFOWPMWJNFOUP UFDOPM´HJDPEFBMUFSOBUJWBT BMPOHPQSB[PQBSBPT DPNCVTU®WFJTG´TTFJT

."3ˆ0

NZHBMQ




OFH´DJPTBNCJFOUF

&26*1"4 &N.P¨BNCJRVF  PQSPKFDUPDPNF¨PV DPNQBSDFSJBQBSB GPSOFDJNFOUP EF´MFPWFHFUBM

JOGSBFTUSVUVSBTEFBQPJPËQPQVMBÎÍPMPDBM  DPNPFTDPMBTFQPTUPTEFTBÞEF'PJBTTJN RVFTFDPNQMFUPVBSFDVQFSBÎÍPEBFTDPMBEP #Þ[J VNDPOUSJCVUPQBSBNFMIPSBSBTDPO EJÎÜFTEFFOTJOPEFNBJTEFDSJBOÎBTOB SFHJÍP$PNPEFTFOWPMWJNFOUPEFTUFUJQPEF QSPKFDUPT QSPNPWFTFBmYBÎÍPEBQPQVMB ÎÍPFPEFTFOWPMWJNFOUPSVSBM DSJBOEPFN QSFHPFSFOEJNFOUPSFHVMBS&TUFTGBDUPTTÍP EFNPOTUSBUJWPTEBWPOUBEFEB(BMQ&OFSHJB FYFDVUBSVNQSPKFDUPRVFGBSÈBEJGFSFOÎB OFTUFTFDUPS USB[FOEPWBOUBHFOT BNÏEJP QSB[P QBSBUPEBTBTQBSUFTFOWPMWJEBT

/ÍPGPJOFNTFSÈSFBMJ[BEBOFOIVNB GPSNBEFEFTnPSFTUBÎÍPQBSBBJOTUBMBÎÍPEB DVMUVSBFTFSÈJNQMFNFOUBEBVNBQPMÓUJDB EFDPNQBSUJNFOUBÎÍPEBQBJTBHFNDPNMJ NJUBÎÍPEBEJNFOTÍPNÈYJNBEBTQBSDFMBT 1SPDVSBTF BTTJN HBSBOUJSBQSFTFSWBÎÍP EBGBVOBFnPSBBVUØDUPOFT EFGFOEFSB CJPEJWFSTJEBEFFSFEV[JSPJNQBDUFEPVTP EBUFSSB4ÍPDPNQSPNJTTPTSFMBDJPOBEPT DPNBSFTQPOTBCJMJEBEFBNCJFOUBMEB(BMQ &OFSHJB 6NBTQFDUPDSVDJBMEBFTUSBUÏHJBEB(BMQ &OFSHJBÏBDSJBÎÍPEFFTUSVUVSBTMPDBJTEF

BQPJPUÏDOJDPËTQPQVMBÎÜFTSFTJEFOUFT QBSB GPSOFDFSTFNFOUFTFBDPOTFMIBNFOUPQBSB BFYQBOTÍPEBDVMUVSBEF+$-1SFUFOEFTF  BTTJN GPNFOUBSPUSBCBMIPEBUFSSBFGB DVMUBSVNSFOEJNFOUPËTQPQVMBÎÜFTMPDBJT  QFOTBOEPOPEFTFOWPMWJNFOUPTPDJBMMPDBM $POTJEFSBOEPPMJNJUFEFJODPSQPSBÎÍPNÈ YJNPEFTFUFQPSDFOUPFNWPMVNFQFSNJUJEP BP#JPEJFTFM'".&QFMB/PSNB&VSPQFJB  BQPTUPVTFOVNBUFDOPMPHJBEFTFHVOEB HFSBÎÍP RVFQFSNJUJTTFBQSPEVÎÍPBQSFÎPT DPNQFUJUJWPTEFVNCJPEJFTFMEFRVBMJEBEF JHVBMPVTVQFSJPSËBMUFSOBUJWBNJOFSBM&TUF

$3*5Š3*04%&4645&/5"#*-*%"%& "%JSFDUJWBEB6OJ¤P&VSPQFJBQBSBPTCJPDPNCVTU®WFJTJODMVJPTTFHVJOUFTDSJUªSJPTEFTVTUFOUBCJMJEBEF $".10%&"$ˆ„0 0TDSJUªSJPTEFTVTUFOUBCJMJEBEF T¤PBQMJDBEPTBUPEPTPTCJPDPNCVTU®WFJT FCJPM®RVJEPT UFOIBNFMFTPSJHFNFNDVMUVSBT SFBMJ[BEBTEFOUSPPVGPSBEPUFSSJU´SJP EB6OJ¤P&VSPQFJB

#*0$0.#645Ž7&*403*6/%04 %&'03"%"4‚3&"4-*.*5"%"4 #*0%*7&34*%"%&

#JPDPNCVTU®WFJTQSPWFOJFOUFTEF¢SFBT EFHSBOEFCJPEJWFSTJEBEF UBJTDPNPèPSFTUBT WJSHFOT QSBEBSJBT [POBTEFOBUVSF[BQSPUFHJEB FBTJODMV®EBTOB-JTUB7FSNFMIBEB*6$/ 6OJ¤P*OUFSOBDJPOBMQBSBB$POTFSWB¨¤P EB/BUVSF[BFEPT3FDVSTPT/BUVSBJT  O¤PTFS¤PDPOUBCJMJ[BEPTOPTD¢MDVMPT



NZHBMQ

."3ˆ0

#*0$0.#645Ž7&*4'03" %"4‚3&"4-*.*5"%"4 $0.(3"/%&$0/$&/53"ˆ„0 %&$"3#0/0

;POBTI»NJEBTFèPSFTUBEBTDPOUJOVBNFOUF  DPNDPCFSUVSBTVQFSJPSBQPSDFOUP  O¤PEFWFNTFSDPOWFSUJEBTQBSBBQSPEV¨¤P EFCJPDPNCVTU®WFJT "T¢SFBTèPSFTUBEBTDVKBDPCFSUVSB WBSJFFOUSFFQPSDFOUP UBNCªN EFWFNTFSJODMV®EBTOPDPODFJUPBOUFSJPS  BO¤PTFSRVFTFKBNGPSOFDJEBTQSPWBT QBSBPDPOUS¢SJP "TTBWBOBTEFHSBOEFCJPEJWFSTJEBEF  FTUFQFTFQSBEBSJBT VTBEBTQBSB BQSPEV¨¤PEFCJPDPNCVTU®WFJT O¤PEFWFN TFSRVBMJçDBEBTQBSBSFDFCFSFNJODFOUJWPT

#*0$0.#645Ž7&*4 &&'&*504*/%*3&$504 "UªBPçOBMEF B$PNJTT¤PBOVODJBS¢  BNFUPEPMPHJBQBSBBWBMJBSPTFGFJUPTJOEJSFDUPT EBBMUFSB¨¤PEPVTPEBUFSSB UFOEPFNDPOUB BT»MUJNBTQSPWBTDJFOU®çDBTFPTDPNQSPNJTTPT JOUFSOBDJPOBJTEB6OJ¤P&VSPQFJB 4FGPSBQSPQSJBEP BJOTUJUVJ¨¤PEFWFQSPQPS NFEJEBTDPSSFDUJWBT

3&-"5”3*04 "$PNJTT¤PUBNCªNEFWFGB[FSVNSFMBU´SJP  EFEPJTFNEPJTBOPT BCSBOHFOEPVNMFRVF WBTUPEFDSJUªSJPTEFTVTUFOUBCJMJEBEF TPDJBMFBNCJFOUBM DPNCBTFFN JOGPSNB¨¤PSFDPMIJEBOPTSFMBU´SJPT EPT&TUBEPTNFNCSPT


&5"1"4%&%0130+&$50 %&#*0$0.#645Ž7&*4%"("-1&/&3(*" %PEFTFOWPMWJNFOUPEFNPEFMPTQBSBBQMJDB¨¤PMPDBMBPJO®DJP EFBDUJWJEBEFQSPEVUJWB DPNBTQSJNFJSBTQMBOUB¨¶FT NVJUPTGPSBN PTQBTTPTEBEPTQFMPTFDUPSOPBOPQBTTBEP {53*.&453&

Þ%FTFOWPMWJNFOUPEPTNPEFMPTBHS®DPMBT

"(3*$6-563" 6NBTQFDUPDSVDJBMEBFTUSBUªHJB EB(BMQªBDSJB¨¤PEFFTUSVUVSBT MPDBJTEFBQPJPUªDOJDP ¡TQPQVMB¨¶FTSFTJEFOUFT

GBDUPJNQMJDBBDPOTUSVÎÍPEFVNBVOJEB EFEFIJESPHFOBÎÍPEFØMFPTWFHFUBJTDPN DBQBDJEBEFQBSBQSPEV[JSDFSDBEFNJM UPOFMBEBTEFCJPEJFTFMEF**HFSBÎÍP"TVB FOUSBEBFNGVODJPOBNFOUPFTUÈQSFWJTUB QBSB%FTUBGPSNB B(BMQ&OFSHJBFT UBSÈ OVNGVUVSPQSØYJNP FNDPOEJÎÜFT EFJODPSQPSBS FNUPEBBTVBSFEF QPS DFOUPEFCJPDPNCVTUÓWFMOPTDPNCVTUÓWFJT SPEPWJÈSJPT DPOUSJCVJOEPEFDJTJWBNFOUF QBSBBDPODSFUJ[BÎÍPEBQPMÓUJDBBNCJFOUBM EB6&QBSBPTFDUPSEPTUSBOTQPSUFT  7\fcba„iX_ab`lZT_c [ggc-""`lZT_c"6ba[XVT:T_c8aXeZ\T" ha\WTWXfTeXTfaXZbV\b"fXei\VbfVbecbeTg\ibf" Vb`ha\VTVTb"7bVh`Xagf"`lZT_c"7bVh`Xagbf" 48F8%# %#5\bYhX_%# %#7Xm#+%# %#8aXeZ\T%#FX`TaT!cWY

FEPT-$" -JGF$ZDMF"TTFTTFNFOU QBSB BTQMBOUB¨¶FTEF+$- Þ%FTFOWPMWJNFOUPEPQSPKFDUPUFDOPM´HJDP QBSBBDPOTUSV¨¤PEFVNBVOJEBEFEF QSPEV¨¤PEFCJPEJFTFMEF**HFSB¨¤P Þ/FHPDJB¨¤PFEFTFOWPMWJNFOUPEBT QBSDFSJBTQBSBBQSPEV¨¤PEFNBUªSJB QSJNBFN.P¨BNCJRVFFFN"OHPMB ´MFPTWFHFUBJT  Þ3FBMJ[B¨¤PEFVNFTUVEPFTUSBUªHJDPQBSB EFçOJ¨¤PEFVNNPEFMPEFOFH´DJPRVF WJTBWBBQSPEV¨¤PDPOKVOUB(BMQ&OFSHJB 1FUSPCSBTEFNBUªSJBQSJNB QBSBB QSPEV¨¤PEFCJPEJFTFMEF**HFSB¨¤P

{53*.&453&

Þ$SJB¨¤PEBTFNQSFTBTBHSPJOEVTUSJBJT

FN.P¨BNCJRVF(BMQ#V[JF.P¨BN(BMQ Þ3FQSFTFOUB¨¤PEF1PSUVHBMOPTUSBCBMIPT EF*OTUJUVUP&VSPQFVEB/PSNBMJ[B¨¤P $&/ QBSBBFMBCPSB¨¤PEBOPSNBTPCSF BQSPEV¨¤PTVTUFOU¢WFMEFCJPNBTTBQBSB çOTFOFSHªUJDPT Þ1SJNFJSBTEJMJH«ODJBTQBSBEPUBSB(BMQ#V[J EFNFJPTUªDOJDPTOPJO®DJPEBBDUJWJEBEF BHS®DPMB

{53*.&453&

Þ%PUBSEFNFJPTUªDOJDPTFIVNBOPTBT

FNQSFTBTBHSPJOEVTUSJBJTEF.P¨BNCJRVF  DPNBBENJTT¤PEFEPJTEJSFDUPSFTHFSBJT QBSBBTFNQSFTBTDSJBEBTFVNBFRVJQB EFPQFSBDJPOBJTQBSBJO®DJPEBBDUJWJEBEF BHS®DPMBOB(BMQ#V[J1SJNFJSBDPNQSB EFGBDUPSFTEFQSPEV¨¤P

Þ3FBMJ[B¨¤PEFFTUVEPTFEJMJH«ODJBTQBSB

MPDBMJ[B¨¤PEPQSJNFJSPMPDBMEFQSPEV¨¤P EBFNQSFTB.P¨BN(BMQ Þ"EKVEJDB¨¤PEPFTUVEPQBSB NJDSPMPDBMJ[B¨¤PEPQSPKFDUPBHS®DPMB EFQSPEV¨¤PEF´MFPWFHFUBMOP#SBTJM Þ$POUJOVB¨¤PEPTFTUVEPTUªDOJDPTFEP '&&%QBSBBDPOTUSV¨¤PEBVOJEBEFEF QSPEV¨¤PEFCJPEJFTFMEF**HFSB¨¤P Þ"QSPWBEBQFMB$&BDSJB¨¤PEB6OJEBEF EF%FTFOWPMWJNFOUPEF#JPDPNCVTU®WFJT  GPSNBMJ[BOEPFNFTUSVUVSBPSH£OJDB PTQSPKFDUPTK¢FNEFTFOWPMWJNFOUP Þ"TTJOBUVSBEFDPOWªOJPEFDPPQFSB¨¤P UªDOJDPDJFOU®çDB QBSBBQPJP¡VOJEBEF  DPNJOTUJUVJ¨¶FTEFFOTJOP QPMJUªDOJDP FVOJWFSTJEBEFT FEFJOWFTUJHB¨¤P

{53*.&453&

Þ*O®DJPEBBDUJWJEBEFBHS®DPMBOB(BMQ#V[J

DPNBTQSJNFJSBTQMBOUB¨¶FTEF+$-F TFNFOUFJSBEFDVMUVSBBMJNFOUBS Þ/FHPDJB¨¤PEBQBSDFSJBFNJDSPMPDBMJ[B¨¤P EP{Q´MPEFQSPEV¨¤PEB.P¨BN(BMQ OP$IJNPJP QSPW®ODJBEF.BOJDB Þ*O®DJPEPTUSBCBMIPTEFJOWFTUJHB¨¤POB 65"%F*#&5 EFBDPSEPDPNPTQSPUPDPMPT BTTJOBEPTFQSFWJTUPTOPTDPOWªOJPT 0CUJEBBQSJNFJSBQMBOUBÙJOWJUSPÚEF+$- Þ"TTJOBUVSBEPBDPSEPEFJOWFTUJNFOUPT QBSBBKPJOUWFOUVSF(BMQ&OFSHJBF 1FUSPCS¢T FDPODMVT¤PEPFTUVEPEF NJDSPMPDBMJ[B¨¤PEPQSPKFDUP#FMªN Þ$PODMVT¤PEPTFTUVEPTUªDOJDPTFEP'&&% QBSBBDPOTUSV¨¤PEBVOJEBEFEFQSPEV¨¤P EFCJPEJFTFMEF**HFSB¨¤P

."3ˆ0

NZHBMQ




SFTQPOTBCJMJEBEFDPSQPSBUJWBBNCJFOUF I4@BFF8ECBF<G<IBF

1BSUJMIBSQBSBHBOIBS (BMQ&OFSHJBMBO¨B1SPHSBNBEF.PCJMJEBEF4VTUFOU¢WFM iħĒĞĠĤĤĖģ1PTJUJWPTBDFSDBEB&OFSHJBw ÏPBQFMPMBOÎBEPBUPEPTPTQPSUVHVFTFT  BUSBWÏTEP1SPHSBNBEF.PCJMJEBEF4VTUFO UÈWFMEB(BMQ&OFSHJB"JOJDJBUJWBQSFUFOEF EFTQFSUBSDPOTDJÐODJBTFPTFOUJEPDÓWJDP EBTQFTTPBT BQSFTFOUBOEPTPMVÎÜFTQBSBB BEPQÎÍPEFDPNQPSUBNFOUPTRVFSFTVMUFN OBVUJMJ[BÎÍPNBJTSBDJPOBMEPTSFDVSTPT FOFSHÏUJDPT OPNFBEBNFOUFBPOÓWFMEB VUJMJ[BÎÍPEBTWJBUVSBTQBSUJDVMBSFT

"$ˆ„01"3"&45*.6-"31"35*-)" 1BSBNBUFSJBMJ[BSPFNQFOIPEB(BMQOB QSPNPÎÍPEBDPOEVÎÍPQBSUJMIBEBFSF GPSÎBSBNFOTBHFNEFTUBJOJDJBUJWB GPJ JNQMFNFOUBEBVNBBDÎÍPEFSVBQBSBSF DPNQFOTBSPTDPOEVUPSFTRVFQBSUJMIFN PBVUPNØWFMDPNVNPVNBJTQBTTBHFJSPT BDPNQBOIBEPT BUSBWÏTEFVNWBMFEFEFT DPOUPEFDÐOUJNPTMJUSP +ÈPTDPOEVUPSFTTPMJUÈSJPTSFDFCFSBN VNGPMIFUPEFTFOTJCJMJ[BÎÍPQBSBRVF EF GVUVSP QPTTBNEFTFNQFOIBSQBQFMBDUJWP FNGBWPSEBNPCJMJEBEFTVTUFOUÈWFM"BDÎÍP EFDPSSFVOPTQSJODJQBJTBDFTTPTEFFOUSBEB FTBÓEBEF-JTCPB 1PSUPF$PJNCSB

6NBJOJDJBUJWBTFNFMIBOUFEFDPSSFSÈ OPTBSRVJQÏMBHPTEB.BEFJSBF"ÎPSFT  OPNFBEBNFOUFOBTDJEBEFTEP'VODIBM  1POUB%FMHBEBF"OHSBEP)FSPÓTNP DPN BPGFSUBEFWBMFTEFQPOUPT'BTU

4”06#&."$0.1"/)"%0 /BTEVBTQSJODJQBJTDJEBEFTEPQBÓTDJSDV MBN UPEPTPTEJBT EPJTNJMIÜFTEFMVHBSFT WB[JPT FIÈVNBUBYBEFPDVQBÎÍPOBPSEFN EPT QBTTBHFJSPTBVUPNØWFM 6N FTUVEP SFDFOUF EB 'BDVMEBEF EF $JÐODJB F 5FDOPMPHJB  EB 6OJWFSTJEBEF

1"35*$*1&$0//04$0 BZehcbWT:T_cEFEJDBTFBPT GVODJPO¢SJPTEBFNQSFTBRVFTFQSFPDVQBN DPNRVFTU¶FTEFFçD¢DJBFOFSHªUJDB FNPCJMJEBEFTVTUFOU¢WFM +¢PSHBOJ[PVTFTT¶FTEFFTDMBSFDJNFOUPOBT JOTUBMB¨¶FT DPNQSPNPUPSBTFNQFOIBEBTFN FYQMJDBSFNPUJWBSPTQSFTFOUFTQBSBBJOTDSJ¨¤P OP(BMQTIBSF'PSBNVNTVDFTTPFK¢NVJUPT BEFSJSBN¡JOJDJBUJWB 1BSUJDJQFFJOTDSFWBTFOPHSVQPEB(BMQ 1"35*-)"%&$"3304

"BNCJDJPTBDBNQBOIBQSFUFOEFQSPNPWFS BQBSUJMIBEFBVUPN´WFJTSFEV[JOEP EFTTBGPSNB  BTFNJTT¶FTEF$0QBSBBBUNPTGFSB 4&0%&45*/0Š0.&4.0  10326&/„0*3.04+6/504  BcbegT_jjj!XaXeZ\Tcbf\g\iT!cg ªVNBDPNVOJEBEFWJSUVBM BCFSUBBUPEPT PTVUJMJ[BEPSFTRVFQSFUFOEBNQBSUJMIBS JOGPSNB¨¶FT PQJOJ¶FTFPVUSPTDPOUF»EPTBDFSDB EFFçDJ«ODJBFOFSHªUJDB*ODMVJ OBTTVBTW¢SJBT GVODJPOBMJEBEFT P(BMQTIBSF RVFQFSNJUF BGPSNB¨¤PEFSFEFTTPDJBJT PVHSVQPT QBSB QBSUJMIBEFNFJPTEFUSBOTQPSUF BVUPN´WFJT FPVUSPT QPSQFTTPBTDVKPTQFSDVSTPTFIPS¢SJPT DPJODJEBNŠBSFTQPTUBQS¢UJDBBPEFTBçP MBO¨BEPBUPEPTPTQPSUVHVFTFTé



NZHBMQ

."3ˆ0

'FSOBOEP1FTTPBSFWFMBOPTRVFDPOTF HVJSFNPTSFEV[JS FN BTFNJTTÜFTEF $0QBSBBBUNPTGFSB TFBVNFOUBSNPTFTUB NÏEJBQBSBEVBTQFTTPBTQPSDBSSP 5PEPTPTEJBTDIFHBNNJMWFÓDVMPT B-JTCPB&OUSFF BQFSDFOUBHFN EFBVUPNØWFJTRVFFOUSPVOBDJEBEFBQFOBT DPNPDPOEVUPSBCPSEPBVNFOUPV /P1PSUPFOUSBNDFSDBEFNJMWFÓDVMPT EJBSJBNFOUF NJMEPTRVBJTTØOBIPSB EFQPOUB FOUSFBTIFBTI 1SPKFDUPEFMPOHPQSB[P P1SPHSBNBEF .PCJMJEBEF4VTUFOUÈWFMEB(BMQ&OFSHJB FOWPMWFEJWFSTBTBDÎÜFTEFEJDBEBTËQSP

'FSSFJSB%F0MJWFJSB BQSFTFOUPVVNBNCJDJPTP QMBOPQBSBNVEBSPT I¢CJUPTEPTQPSUVHVFTFT

NPÎÍPEBFmDJÐODJBFOFSHÏUJDBFUSBEV[ PEFTFKPEBFNQSFTBEFBTTVNJSVNQB QFMJOUFSWFOJFOUFOBQSPDVSBEFTPMVÎÜFT FSFTQPTUBTRVFDPOUSJCVBNQBSBBUFOV BSBTEJmDVMEBEFTTPDJBJT FDPOØNJDBTF BNCJFOUBJTEPQBÓT/ÍPÏ BTTJN BQFOBT EJSJHJEPBPTDPOTVNJEPSFT NBTBUPEPT PTDJEBEÍPT DVKBNVEBOÎBEFBUJUVEFGBDF ËVUJMJ[BÎÍPEBFOFSHJBQPEFCFOFmDJBSP BNCJFOUF FDPOPNJBFPSÎBNFOUPGBNJMJBS EPTQPSUVHVFTFT 7\fcba„iX_ab`lZT_c [ggc-""`lZT_c"5\U_\bgXVT"ZT_cf[TeX!Tfck


"$".1"/)" 6b`bbU]XVg\ibEFBMFSUBSQBSBP QSPCMFNB GPJMBO¨BEBVNBDBNQBOIBRVF SFUSBUBPQSPCMFNBFBQFMBBPFTQ®SJUPEF DJEBEBOJBQBSBBJNQMFNFOUB¨¤PEFVNB OPWBDVMUVSBBQBSUJMIBEFWJBUVSBTDPNPVUSPT VUJMJ[BEPSFTRVF EJBSJBNFOUF PVFNTJUVB¨¶FT FTQFD®çDBT GB¨BNPNFTNPQFSDVSTP "DBNQBOIBDPOTJTUFOVNçMNFEFUFMFWJT¤P DSJBEPQFMBBH«ODJBEFQVCMJDJEBEF##%0RVF TFS¢WFJDVMBEP OVNBQSJNFJSBWBHB BUª¡ TFHVOEBTFNBOBEF"CSJM"NFOTBHFNTFS¢ DPNQMFNFOUBEBBUSBWªTEBVUJMJ[B¨¤P EFPVUEPPST S¢EJPFJOUFSOFU

."3Â&#x2C6;0

NZHBMQ




SFTQPOTBCJMJEBEFDPSQPSBUJWBBNCJFOUF CEBCBFG4787<E86G<I4 E8?4G<I4°F8@<FF²8F<A7HFGE<4<F

-JDFODJBNFOUPBNCJFOUBM EBTSFçOBSJBT 6NHSBOEFEFTBçP FNNBUªSJBEFBNCJFOUF  OFTUFOPWPDJDMPMFHJTMBUJWP

ģĖĔĖğĥĖĞĖğĥĖ FOPÉNCJUPEPTQSPDFTTPT EFMJDFODJBNFOUPEPT1SPKFDUPTEF$POWFSTÍP EBT3FmOBSJBTEB1FUSPHBM GPSBNBUSJCVÓEBT OPWBT-JDFOÎBT"NCJFOUBJTËTSFmOBSJBTEP 1PSUPFEF4JOFT WÈMJEBTBUÏ.BJPF0VUVCSP EF SFTQFDUJWBNFOUF "SFOPWBÎÍPEBT-JDFOÎBT"NCJFOUBJTGPJ BOUFDJQBEBPCSJHBUPSJBNFOUF*TUPQPSRVF  ËMV[EP%FDSFUPMFJO EF EF"HPTUP PTOPWPTQSPKFDUPTJOUSPEV[FN BMUFSBÎÜFTTVCTUBODJBJTËTSFGFSJEBTJOT UBMBÎÜFT"QFTBSEPQFEJEPEFSFOPWBÎÍP EBTMJDFOÎBTQFSNJUJSJOUFHSBSBTBMUFSBÎÜFT JOUSPEV[JEBTQFMPTQSPKFDUPTEF$POWFSTÍP EBT3FmOBSJBT QPTTJCJMJUPVUBNCÏNBDPO DMVTÍPEPQSPDFTTPEFSFWJTÍPEBTDPOEJÎÜFT EFMJDFODJBNFOUPRVFBJOEBTFFODPOUSBWBN FNBWBMJBÎÍP ²BUSBWÏTEBTDPOEJÎÜFTEFMJDFODJBNFO UP RVFUFOEFNBTFSDBEBWF[NBJTSFTUSJ UJWBT RVFTFQSFUFOEFBMDBOÎBSVNFMFWBEP OÓWFMEFQSPUFDÎÍPEPBNCJFOUF EFGPSNB HMPCBMFJOUFHSBEB &GFDUJWBNFOUF BQSPQPTUBEFSFWJTÍPEB %JSFDUJWB*11$ DPOTVCTUBODJBEBOB1SP 

NZHBMQ

."3ˆ0

QPTUBEF%JSFDUJWBSFMBUJWBËT&NJTTÜFT*O EVTUSJBJT RVFTFFODPOUSBQSFTFOUFNFOUF FNEJTDVTTÍP ÏDBSBDUFSJ[BEBQPSJNQPS MJNJUFTNBJTSFTUSJUJWPTFNFOPTnFYÓWFJT EPRVFPTQSFWJTUPTOBTVBHÏOFTF 'BDFËJNQPSUÉODJBEBNBUÏSJBFBPJN QBDUFEBQSPQPTUBEF%JSFDUJWBOBJOEÞTUSJB OBDJPOBM OPNFBEBNFOUFOPTFDUPSEBSF

/*$0-&3*#&*30 &YJTUFBQSFUFOT¤PEFBMDBO¨BSVN FMFWBEPO®WFMEFQSPUFD¨¤PEPBNCJFOUF EFGPSNBHMPCBMFJOUFHSBEB

mOBÎÍP B(BMQ&OFSHJBUFNDPMBCPSBEPF QBSUJDJQBEPFNEJWFSTPTHSVQPTEFUSBCB MIP FNDPPSEFOBÎÍPDPNBTDPNQBOIJBT DPOHÏOFSFTBOÓWFMFVSPQFV BUSBWÏTEBT BTTPDJBÎÜFTSFQSFTFOUBOUFTEPTFDUPS UBJT DPNPB$0/$"8&FB&6301*" DPNP PCKFDUJWPEFJOUFSWFOÎÍPËFTDBMBOBDJPOBM FFVSPQFJBBPOÓWFMEPQMBOFBNFOUPFTUSB UÏHJDPBNCJFOUBM "OÓWFMOBDJPOBMFBmNEFHBSBOUJSVNB BDUVBÎÍPDPODFSUBEBOFTUBNBUÏSJB B(BMQ &OFSHJBUFNUBNCÏNBDUVBEPFNDPPSEF OBÎÍPDPNBTFOUJEBEFTDPNQFUFOUFTOB DJPOBJT+ÈFTUFBOPQBSUJDJQPVBDUJWBNFO UFOPTFNJOÈSJPQSPNPWJEPQFMB"HÐODJB 1PSUVHVFTBEP"NCJFOUFFB"TTPDJBÎÍP *OEVTUSJBM1PSUVHVFTB TVCPSEJOBEPBPUFNB i1SPQPTUBEF%JSFDUJWBSFMBUJWBËT&NJTTÜFT *OEVTUSJBJTw&TUFQSPDFTTPEFSFWJTÍPÏ TFN EÞWJEB VNHSBOEFEFTBmPOFTUFOPWPDJDMP MFHJTMBUJWPFNNBUÏSJBEFBNCJFOUF 7\fcba„iX_aT\agXeaXg [ggc-""XV!XhebcT!Xh"Xai\eba`Xag"T\e"cb__hgTagf" fgTg\baTel"\ccV"\ccVReXi\f\ba![g`


PSHBOJ[B¨¤PSFTQPOTBCJMJEBEFDPSQPSBUJWB F<FG8@478<78AG<9<64t±B4AÈ?<F886B@HA<64t±B<AG8EA4

1SPKFDUPÙ-FHJTMB¨¤P"24Ú 'VOEBNFOUBMQBSBPDPOIFDJNFOUPFDVNQSJNFOUPEBMFHJTMB¨¤P BQMJD¢WFMOBTBDUJWJEBEFTEBFNQSFTB ĕĦģĒğĥĖġĒģĥĖEFFTUFWFBEFDPSSFSP QSPKFDUPi-FHJTMBÎÍP"24w DPNPPCKFDUJWP EFEJTQPOJCJMJ[BSVNTJTUFNBEFJEFOUJm DBÎÍP BOÈMJTFFDPNVOJDBÎÍPJOUFSOBEB BQMJDBCJMJEBEFEFRVBMRVFSOPWBMFHJTMBÎÍP QPSUVHVFTB FTQBOIPMBFDPNVOJUÈSJBOBT EJGFSFOUFTBDUJWJEBEFT QSPEVUPTFTFSWJ ÎPTEBT6OJEBEFTEF(FTUÍP*OTUBMBÎÜFTEB (BMQ&OFSHJBOPÉNCJUP"24 CFNDPNPP TFVFWFOUVBMSFMBDJPOBNFOUPDPNMFHJTMBÎÍP BOUFSJPS %FQPJTEPMFWBOUBNFOUPJOJDJBMEFUPEBB MFHJTMBÎÍPBQMJDÈWFM B(BMQ&OFSHJB BUSBWÏT EFVNTFSWJÎPDPOUSBUBEPFHFSJEPQFMP"24 $PSQPSBUJWP JSÈNBOUFSBTVBBDUVBMJ[BÎÍPF EJWVMHBÎÍPQFSJØEJDBQBSBUPEBBFNQSFTB 1BSBRVBMRVFSPSHBOJ[BÎÍPFTVBHFTUÍP  FTUBJOGPSNBÎÍPÏGVOEBNFOUBMQBSBPDP OIFDJNFOUPFDVNQSJNFOUPEBMFHJTMBÎÍP BQMJDÈWFMOBTTVBTBDUJWJEBEFT"MÏNEJTTP B JEFOUJmDBÎÍPFBOÈMJTFEBMFHJTMBÎÍPBQMJDÈWFM

ÏUBNCÏNPCSJHBUØSJBQBSBPT4JTUFNBTEF (FTUÍPEF"NCJFOUF 2VBMJEBEFF4FHVSBOÎB DFSUJmDBEPT 2VBMRVFSFEJÎÍP SFWPHBÎÍPPVBMUFSBÎÍP EFTUBMFHJTMBÎÍPFTQFDÓmDBEF"24 EFTEF RVFSFMFWBOUFQBSBDBEBVOJEBEFEFHFTUÍP  TFSÈDPNVOJDBEBTFMFDUJWBNFOUF1BSBBMÏN EJTTP BTVBDPOTVMUB CFNDPNPBEFUPEB BMFHJTMBÎÍPFVSPQFJB OBDJPOBMFFTQBOIPMB FNWJHPSRVFQBTTBSÈBTTJNBFTUBSEJTQP OÓWFMOPJ#1.4 OBBQMJDBÎÍP-FHJTMBÎÍP 3FHVMBNFOUBÎÍP $PNQMFUBTF BTTJN VNPCKFDUJWPQFS TFHVJEPQFMP"24$PSQPSBUJWPEFJOUFHSBS  HFSJSFGPSOFDFS BUPEBBFNQSFTB FTUFTFS WJÎPEFJOGPSNBÎÍP JOEJTQFOTÈWFMËHFTUÍP EFBNCJFOUF RVBMJEBEFFTFHVSBOÎBEFUPEBT BTVOJEBEFT '*-0.&/""44*4 "MFHJTMB¨¤P"24FTU¢EJTQPO®WFM OPJ#1.4 QBSBUPEBBFNQSFTB

7\fcba„iX_ [ggc-""XWfTcc#,"\Uc`f"

*/'03."ˆ„0%*410/Ž7&- /0*#1.4 /PN´EVMP-FHJTMB¨¤PF3FHVMBNFOUB¨¤P  BMFHJTMB¨¤PFTU¢PSHBOJ[BEBQPSUFNBT FTVCUFNBTPVQPSEBUBT FTUBOEPBTTPDJBEP  BDBEBEJQMPNB VNBTªSJFEFJOGPSNB¨¶FT  DPNP

Þ%BUBEFFOUSBEBFNWJHPS Þ&TUBEP 7JHFOUF3FWPHBEP  Þ%JQMPNBTRVFBMUFSBSFWPHB Þ$BS¢DUFS JOGPSNBUJWPPCSJHBU´SJP  Þ6OJEBEFTEF(FTU¤PEB(BMQ&OFSHJB

BRVFTFBQMJDB  Þ *EFOUJçDB¨¤PEPTSFRVJTJUPTSFMBUJWPT BDBEBEJQMPNB

0/-*/& 6NBJNBHFNEBQ¢HJOBPOEF BMFHJTMB¨¤PQPEFTFSDPOTVMUBEB

$PNCBTFOBJEFOUJçDB¨¤PEPTSFRVJTJUPTBQMJD¢WFJT BDBEBVOJEBEF PTJTUFNBQFSNJUFPCUFSVNBMJTUB EFDPNQSPWB¨¤PQBSBBWBMJB¨¤PEBDPOGPSNJEBEFMFHBM EBTEJWFSTBT6OJEBEFT*OTUBMB¨¶FT

."3ˆ0

NZHBMQ




SFTQPOTBCJMJEBEFDPSQPSBUJWBHBMQHFTUF 68EG<9<64t±B

6NQBTTPQBSBBFYDFM«ODJB "(BMQHFTUFEFDJEJVEBSNBJTVNQBTTPOBTVBQSPDVSBJODFTTBOUFQFMBFYDFM«ODJB  JNQMFNFOUBOEPVNTJTUFNBEF(FTU¤PEF2VBMJEBEFQPS1SPDFTTPTFBWBO¨BOEP QBSBBTVBDFSUJçDB¨¤P ĒĘĒĝġĘĖĤĥĖBDBCPVEFSFDFCFS EB"1$&3  P$FSUJmDBEPEF$POGPSNJEBEFO $&1 BUFTUBOEPRVFPTFV4JTUFNB EF(FTUÍPEB2VBMJEBEFFTUÈEFBDPSEP DPNPTQSJODÓQJPTEBOPSNB/1&/*40  &TUBDFSUJmDBÎÍPÏPSFDPOIFDJNFOUPEP USBCBMIPEFTFOWPMWJEPOBTÈSFBTEFTFSWJÎP (BMQ&OFSHJBBPMPOHPEPTÞMUJNPTBOPT  POEFBTQSJODJQBJTQSFPDVQBÎÜFTEBFRVJQB EFHFTUÍPFEFUPEPTPTDPMBCPSBEPSFTTF GPDBMJ[BSBNOBPGFSUBEFDPNCVTUÓWFJTF QSPEVUPTEFDPOWFOJÐODJBEFBDPSEPDPN BTFYQFDUBUJWBTEPTDMJFOUFT 04JTUFNBEF(FTUÍPEB2VBMJEBEF BHPSB DFSUJmDBEP BCSBOHFUPEPTPTQSPDFTTPTF BDUJWJEBEFTEFTFOWPMWJEBTOPÉNCJUPEB HFTUÍP SFDFQÎÍP BSNB[FOBHFNFDPNFS DJBMJ[BÎÍPEFQSPEVUPTQFUSPMÓGFSPT CFOT FTFSWJÎPTEFDPOTVNP FÏFYUFOTJWPËT NBJTEFÈSFBTEFTFSWJÎPFTQBMIBEBT QFMP1BÓT 5SBUPVTFEFVNQSPKFDUPBNCJDJPTP  RVFTFJOJDJPVDPNBBOÈMJTFHMPCBMEFUPEB BSFEFEFSFUBMIPFN1PSUVHBM"DPNQMF YJEBEFFBEJNFOTÍPEPTJTUFNBMFWBSBN BFRVJQBUÏDOJDBEPQSPKFDUPBTFHVJSVNB

NJMIÜFTEFDMJFOUFT .VJUPDBNJOIPGPJQFSDPSSJEPBUÏPTJT UFNBDIFHBSËBVEJUPSJBEFDPODFTTÍP" TVBTPMJEF[GPJDPMPDBEBËQSPWBQPSEVBT WF[FT1SJNFJSP BUSBWÏTEFVNBBVEJUPSJB EFQSFQBSBÎÍP FN"HPTUPEF%F QPJT DPNBSFBMJ[BÎÍPEFVNBBVEJUPSJB JOUFSTFDUPSJBM FN0VUVCSPQBTTBEP GFJUB QPSVNBFRVJQBEB#PMTBEF"VEJUPSFTEB (BMQ&OFSHJB

"*.1035ƒ/$*"%0$*$-0%&%&.*/( ("-1(&45&$&35*'*$"%" +PBRVJN-JNBF.JHVFM1FSFJSB SFDFCFSBNP$FSUJçDBEPEF $POGPSNJEBEFEB"1$&3

QMBOJmDBÎÍPSJHPSPTBQBSBBUJOHJSPPCKFD UJWPQSPQPTUPOPQSB[PBDPSEBEP&GPJDPN PUPUBMFOWPMWJNFOUPEBHFTUÍPEFUPQP EPT HFTUPSFTFEFUPEPTPTPQFSBDJPOBJTRVFTF DPOTFHVJVBUJOHJS OPFTQBÎPEFDFSDBEF VNBOP BDFSUJmDBÎÍPEFTUBFNQSFTBEP HSVQP(BMQ&OFSHJB DVKBTÈSFBTEFTFSWJÎP TÍPWJTJUBEBTBOVBMNFOUFQPSDFSDBEF

4*45&."%&(&45„0 %&26"-*%"%& $JDMPEF%FNJOHVUJMJ[BEP OBDPOTPMJEB¨¤PEPTBCFS GB[FSFOBPCUFO¨¤P EFNFMIPSJBDPOU®OVB

DhT_\WTWX

DhT_\WTWX

CTgT`TeXf CTgT`TeXf WXVbafb_\WT}b WXVbafb_\WT}b DhT_\WTWX WX`X_[be\Tf WX`X_[be\Tf



NZHBMQ

."3ˆ0

:4?C:8FG8

$PNBJNQMFNFOUBÎÍPEFTUFTJTUFNB B(BM QHFTUFSFGPSÎBBRVBMJEBEFEBTVBHFTUÍP  QBTTBOEPBEJTQPSEFVNBEBTGFSSBNFOUBT NBJTQPEFSPTBTFDPODFJUVBEBTEBBDUVBMJ EBEF RVFWJTB FNUFSNPTHFOÏSJDPT BDSJB ÎÍPEFWBMPSTVTUFOUBEPOBTBUJTGBÎÍPEPT DMJFOUFT%FFOUSFPTWÈSJPTBTQFDUPTQPTJUJ WPTRVFJODMVJ QPEFNEFTUBDBSTFBHFTUÍP QPSQSPDFTTPT PEPNÓOJPOPUSBUBNFOUP  SBTUSFBCJMJEBEFFUSBOTQBSÐODJBEBJOGPS NBÎÍPJOUFSOBFEPTDMJFOUFT BEFmOJÎÍPEF JOEJDBEPSFTFRVBOUJmDBÎÍPEFPCKFDUJWPT  PVTPEP$JDMPEF%FNJOHOBQSPTTFDVÎÍP EBNFMIPSJBDPOUÓOVBFDPOTPMJEBÎÍPEP TBCFSEBPSHBOJ[BÎÍP EFOUSPEVNRVBESP EFFOWPMWJNFOUPUPUBMEBHFTUÍPEFUPQPFEF UPEPTPTDPMBCPSBEPSFTOPGVODJPOBNFOUP EPTJTUFNBOPEJBBEJB "TVBBGFSJÎÍPSFHVMBS BUSBWÏTEFBVEJ UPSJBTJOUFSOBTFEFUFSDFJSPT DPOTUJUVFN PQPSUVOJEBEFTQBSBPTJTUFNBTFSBGFSJEP QFMBTNFMIPSFTQSÈUJDBTEPNFSDBEP4FS WFNUBNCÏNQBSBBMBWBODBSBTVBNFMIPSJB DPOUÓOVB BQBSUJSEPTSFTVMUBEPTEFDBEB VNBEFMBT 0TVDFTTPEFTUF4JTUFNBEF(FTUÍPEF 2VBMJEBEF JNQMFNFOUBEPOB(BMQHFTUF  SFTJEFBHPSBOPDSFS OBGPSÎBFOBEJOÉNJDB RVFUPEPTPTDPMBCPSBEPSFT EFTEFBHFTUÍP EFUPQPBPTPQFSBDJPOBJT DPMPDBNOBTVB BDUJWJEBEFEPEJBBEJB


HFTU¤PTJNQMJçDBEBOFH´DJPT @B78?B78I4?BE7<FGE<5H<t±BB<?

6NBGFSSBNFOUBQPEFSPTB 4PMV¨¤PJOUFHSBEBQFSNJUFTJNQMJçDBSBQSFQBSB¨¤P FEJTQPOJCJMJ[B¨¤PEFJOGPSNB¨¤P ĔĠĞĒģĖĖĤĥģĦĥĦģĒšŝĠPSHBOJ[BDJPOBMEBT EJGFSFOUFTVOJEBEFTEFOFHØDJP 6/ MF WBEBBDBCPQBSBBDPODSFUJ[BÎÍPEPQMBOP FTUSBUÏHJDPEB(BMQ&OFSHJB OPWPTEFTBmPT TFDPMPDBSBNBP1MBOFBNFOUPF$POUSPMPEF (FTUÍPEB%JTUSJCVJÎÍP0JM "NBJPSFYJHÐODJBFDPNQMFYJEBEFEPT QSPDFTTPTEFDPOUSPMPEFHFTUÍPJNQMJDPV BBEPQÎÍPEFVNBTPMVÎÍPJOUFHSBEBRVF QFSNJUJTTFTJNQMJmDBSBQSFQBSBÎÍPFEJTQP OJCJMJ[BÎÍPEFJOGPSNBÎÍP QBSBSFTQPOEFS BEFRVBEBNFOUFBPVOJWFSTPEB%JTUSJCVJ ÎÍP0JM SFTQPOTÈWFMQPSFNQSFTBTF OFHØDJPTEJTUJOUPT /FTUFDPOUFYUP TVSHJVBQSJNFJSBJOJDJB UJWBEFJNQMFNFOUBÎÍP FN4"1#8OB(BMQ &OFSHJB RVFWJTBBJOUFHSBÎÍPFVOJGPS NJ[BÎÍPEPNPEFMP EFEBEPT01$(EB %JTUSJCVJÎÍP0JMEF mOJVVNNPEFMPEF WBMPSQBSBBVOJEBEF FJNQMFNFOUPVBTP MVÎÍP OPWBNFOUFOP TJTUFNB4"1#8 0NPEFMPBTTFOUB OBQSPNPÎÍPEFVN TJTUFNBEFHFTUÍPRVF PSJFOUBPQSPDFTTPEF QMBOFBNFOUP NPOJ UPSJ[BÎÍPFUPNBEBEF EFDJTÍP DPNÐOGBTF OB SFOUBCJMJEBEF F OBDSJBÎÍPEFWBMPS "TTFOUFOVNBHFTUÍPCBTFBEBOBDSJBÎÍP EFWBMPS PNPEFMPWJTBBNPOJUPSJ[BÎÍPEF JOEJDBEPSFTEFQFSGPSNBODF FTUSVUVSBEPT DPNEJGFSFOUFTEJNFOTÜFTPVQFSTQFDUJWBT EFOFHØDJPOVNBiÈSWPSFEFWBMPSw "QMBUBGPSNB4"1#8UFNDBQBDJEBEF QBSBQSFQBSBSVNHSBOEFWPMVNFEFEB EPT EJTQPOJCJMJ[BOEPGFSSBNFOUBTQBSB GB[FSSFMBUØSJPTRVFQPTTJCJMJUBN FOUSF PVUSBTGVOÎÜFT FGFDUVBSBOÈMJTFTNVMUJEJ

NFOTJPOBJTTPCSFEJGFSFOUFTQFSTQFDUJWBT  FTUSVUVSBSBJOGPSNBÎÍPFNIJFSBSRVJBT  FGFDUVBSSFTUSJÎÜFTFDÈMDVMPTRVFQFSNJ UFN QPSFYFNQMP EFUBMIBSPTEFTWJPTGBDF BPQMBOFBEPFFGFDUVBSBJOUFHSBÎÍPDPN GØSNVMBTFHSÈmDPTEP&YDFM %FGPSNBBFYQBOEJSCFOFGÓDJPTJEFO UJmDBEPTËHFOFSBMJEBEFEPTVUJMJ[BEPSFT EB%JTUSJCVJÎÍP0JM BFNQSFTBSFBMJ[PV VNQSPHSBNBEFGPSNBÎÍPFN RVF BCSBOHFVNBJTEFDPMBCPSBEPSFT &TUFBOPKÈTFJOJDJBSBNBDÎÜFTEFGPSNB ÎÍPBDFSDBEFVUJMJ[BEPSFT BEFDPSSFS FN-JTCPB 1PSUP .BEFJSB "ÎPSFTF.B ESJE0PCKFDUJWPÏ QBSBBMÏNEBBDUVBMJ [BÎÍPEFDPOIFDJNFOUPT EBSBDPOIFDFS BOPWBWFSTÍPEF4"1#8SFDFOUFNFOUF

"

  "

 $ #$" #$"$      

$

 "

$ " %# !"# #  #' "$ ! "  

 

  %   

"



 

"  "$(

         

$  !$ #$ "(



$ $  "

# $$" 

  !!

         

 $  "

$   

 

         

 

%    !"& 

$  "$#

!! $  #

!!  $  # $  "$ #



'$" $ #  $  

 !!   " $"  $ #  # " # $ $   % " 

 

7"/5"(&/4 "JNQMFNFOUB¨¤PEPNPEFMP EFWBMPSQFSNJUJVDPODSFUJ[BS VNDPOKVOUPEFCFOFG®DJPT OBSFBMJ[B¨¤PEBTUBSFGBTEF QMBOFBNFOUPFDPOUSPMP FOUSF PTRVBJTTFEFTUBDBN

Þ"èFYJCJMJEBEFQBSBSFTQPOEFS EFGPSNB DªMFSF ¡EJO£NJDBEPNFSDBEP

Þ"çBCJMJEBEFEBJOGPSNB¨¤P DPNBTVB JOUFHSB¨¤POVNB»OJDBCBTFEFEBEPT

Þ0BMJOIBNFOUPFVOJGPSNJ[B¨¤PEF JOEJDBEPSFT PCKFDUJWPTFDPODFJUPT

Þ"QSPEVUJWJEBEFFNUBSFGBTDPNP "$ˆ–&4%&'03."ˆ„0 4FTT¶FTQBSBBDUVBMJ[B¨¤P EFDPOIFDJNFOUPTFOPWBWFST¤P EF4"1#8K¢BCSBOHFSBN DPMBCPSBEPSFT

JOTUBMBEBOB(BMQ&OFSHJB/PDVSUPQSB[P  FTUBJOJDJBUJWBDPOUSJCVJSÈQBSBWBMPSJ[BSPT OFHØDJPTFPTTJTUFNBTEFTVQPSUFËEFDJ TÍP DPMPDBOEPBFNQSFTBDPNPSFGFSÐODJB OFTUFTEPNÓOJPT

#

"   ## "

DPOTPMJEB¨¤PEFJOGPSNB¨¤P QSPEV¨¤PEF SFMBU´SJPTEFHFTU¤P BDPNQBOIBNFOUP EBTWFOEBTFSFTVMUBEPT Þ0DPOIFDJNFOUPEPOFH´DJP BUSBWªT EBBO¢MJTFEFSFMBU´SJPT JOEJDBEPSFT FEJNFOT¶FTEFBO¢MJTF  Þ "MJCFSUB¨¤PEPTDPMBCPSBEPSFTQBSB UBSFGBTDSJBEPSBTEFWBMPSBO¢MJTFEB JOGPSNB¨¤P BOUFDJQB¨¤PEPTEFTWJPT  QSPQPTUBEFNFEJEBTDPSSFDUJWBTF BDPNQBOIBNFOUP EBTVBJNQMFNFOUB¨¤P

."3ˆ0

NZHBMQ




FODPOUSPTSFUBMIP

,*$,0'' -B[FSFDPOW®WJPFOUSFUPEPTGPSBEPMPDBM EFUSBCBMIPFNBNCJFOUFEFTDPOUSB®EP &TUFFODPOUSPGPJVNBQBVTBEPEJBBEJB  POEFUBNCªNTFGBMPVEFDPJTBTTªSJBT

78F49<BFC4E4%##,

.JTT¤P1PTT®WFM 03FUBMIPNPTUSBTFSVNBFRVJQBGPSUFFVOJEBQBSBWFODFS ģĖĒĝĚīĠĦĤĖ OB&SJDFJSB PFODPOUSPBOVBM EBÈSFBEP3FUBMIP DPNUPEPTPTDPMBCPSB EPSFTEFTUBVOJEBEFEFOFHØDJP&TUFFWFOUP FOHMPCPVVNBSFVOJÍPEFUSBCBMIPFBOJNB ÎÍPEVSBOUFEPJTEJBT JODMVJOEPVNBBDUJ WJEBEFFNHSVQPTQBSBQSPNPWFSPFTQÓSJUP EFFRVJQBFOUSFUPEPTPTQBSUJDJQBOUFTEF  VNBGPSNBBOJNBEBFEJWFSUJEB 'PJBTTJNRVFPEFTBQBSFDJNFOUPTÞCJUP EFVNJNQPSUBOUFDJFOUJTUB RVFFTUBWBB EFTFOWPMWFSFRVBTFUJOIBEFTDPCFSUPBGØS NVMBQBSBBPQUJNJ[BÎÍPQFSGFJUBEPDPN CVTUÓWFMOVNNPUPSEFDPNCVTUÍP TVSHJV DPNPPCKFDUJWPQBSBBTFRVJQBTEBi.JTTÍP 1PTTÓWFMw'PJPNPUFQBSBQSPEV[JSFNF SFBMJ[BSFNQFRVFOPTmMNFT $POUSJCVJOEP DPN BT NFMIPSFT QFSGPSNBODFTJOEJWJEVBJT PTFMFNFOUPT EFDBEBVNEPTHSVQPTGPSNBEPTEFTEP CSBSBNTFFNEJGFSFOUFTQBQÏJT'J[F SBNEFBDUPSFT SFBMJ[BEPSFT QSPEVUPSFT  HVJPOJTUBT FODFOBEPSFT UÏDOJDPTEFTPN FPQFSBEPSFTEFDÉNBSB$BEBFRVJQBSF DFCFVVNBNBMBDPNBEFSFÎPTFDSJPVVN QFRVFOPmMNFTPCPGPSNBUPEFDPNÏEJB  ESBNB NVTJDBMFUISJMMFS



NZHBMQ

."3ˆ0

'*-.& "QSPEV¨¤PEFçMNFT FOWPMWFVBFRVJQB EF3FUBMIPOVNEJB RVFBDBCPVDPNVNB DFSJN´OJBBQPUF´UJDB EFÙ´TDBSFTÚ DPN NVJUBHFOUFQSFNJBEB QFMPTFVCPNUSBCBMIP

/BDFSJNØOJBEFFOUSFHBEFiØTDBSFTw  RVFEFDPSSFVEVSBOUFPKBOUBS GPSBNBUSJ CVÓEPTQSÏNJPTOBTDBUFHPSJBTEFNFMIPS mMNF NFMIPSTPN NFMIPSFTSFQSFTFO UBÎÜFT NFMIPSHVJÍP NFMIPSFTDFOÈSJPT  NFMIPSUSBCBMIPFNFRVJQBFNFMIPSCBOEB TPOPSB FOUSFPVUSPT 0TFHVOEPEJBEPFWFOUPGPJEFEJDBEPB VNBSFVOJÍPEFUSBCBMIP POEFGPSBNBCPS EBEPTEJWFSTPTUFNBTEFJOUFSFTTF DPNPP 1SPHSBNB4FHVSBOÎB 4BÞEFF"NCJFOUF 

1SPKFDUP3FUBMIP 1SJDJOHF3FDVSTPT )VNBOPT FOUSFPVUSPT "DPOKVOUVSBHMPCBMEFDSJTFFSFDFTTÍP FDPOØNJDBOÍPÏGBWPSÈWFM FTFSWJVEFNPUF BPUFNBEFTUFFODPOUSP/FMFGPJTBMJFOUBEP RVFBNJTTÍPEBFRVJQBFTUFBOPÏ DPNP TFNQSF EJGÓDJM.BTUPSOBSTFÈOVNB i.JTTÍP1PTTÓWFMwFJSÈTFSDPODSFUJ[BEBDPN TVDFTTPDPNBBKVEBEFUPEPT03FUBMIP NPTUSBTFSVNBFRVJQBGPSUFFVOJEBFFTUBS QSFQBSBEBQBSBPTEFTBmPTEF


FTQFDJBMJEBEFTFODPOUSPT

6/*%"%& /FH´DJPFMB[FSNBSDBSBN BBDUJWJEBEFEPFODPOUSPEB¢SFB &TQFDJBMJEBEFT DPNPFTQ®SJUP EFFRVJQBTFNQSFQSFTFOUF

@BG<I4E8E8FCBAF45<?<M4E

"TTFHVSBSPGVUVSP 0&ODPOUSPEB¢SFBEF/FH´DJPT&TQFDJBMJEBEFTTBMJFOUPV BJNQPSU£ODJBEBFRVJQBQBSBPGVUVSPEB(BMQ&OFSHJB ĠĖğĔĠğĥģĠEF&TQFDJBMJEBEFTEF DPSSFVSFDFOUFNFOUFOP)PUFM(PMG.BS  OP7JNFJSP TPCPUFNBi0'VUVSPFTUÈOBT OPTTBTNÍPTw 0QSJNFJSPEJBDPNFÎPVDPNVNBMNPÎP DPOWÓWJP TFHVJEPEBBDUJWJEBEFEFUFBN CVJMEJOHi0TTPCSFWJWFOUFTw RVFEFDPSSFV OBnPSFTUBEFVNBMPDBMJEBEFQSØYJNBEP IPUFM "EPT$VOIBEPT 'PSBNDPOTUJUVÓEPTHSVQPTDPNFMF NFOUPTiNBTDBSBEPTwEFTPCSFWJWFOUFT  RVFUJOIBNDPNPPCKFDUJWPSFTJTUJSFFWJ UBSVNBUFOUBEPQMBOFBEPQPSUFSSPSJTUBT "PQFSBÎÍPEFTUJOBWBTFBQSPNPWFSPUSB CBMIPFNFRVJQBFOUSFPTQBSUJDJQBOUFT1BSB DPOTFHVJSFNUFSTVDFTTP DBEBVNBUJOIB EFFODPOUSBSLJUTEFTPCSFWJWÐODJB NF EJDBNFOUPT NBQBTFQBTTXPSET TFNQSF JOUFSBHJOEPFDPNVOJDBOEPJOUSBFJOUFS FRVJQB5BNCÏNQPEJBNDPOUBSDPNBBKVEB EFBDUPSFT RVFGPSOFDJBN FNBMHVOTDB TPT JOGPSNBÎÜFTWBMJPTBTFNUSPDBEFVN RVBMRVFSPCKFDUPJOGPSNBÎÍP "BDUJWJEBEFUFSNJOPVDPNBEFTDPCFSUB EPMPDBMPOEFEFWFSJBEFDPSSFSPQSØYJNP

BUFOUBEPFVNBDFMFCSBÎÍPQBSBEBNJMJUBS BPTPNEB1PSUVHVFTB NBTDPNMÓSJDBTSF MBDJPOBEBTDPNB(BMQ&OFSHJB "BDUJWJEBEFDPOUSJCVJVQBSBSFGPSÎBSB JNQPSUÉODJBEBTPMJEBSJFEBEFFDPPQFSBÎÍP FOUSFDPMBCPSBEPSFTOPJOUFSJPSEBFNQSFTB FEPFTQÓSJUPDPNQFUJUJWPRVFUPEPTUÐN EFNPTUSBSRVBOEPBHFNOPFYUFSJPS OB QSPTTFDVÎÍPEFPCKFDUJWPTDPNVOT "QØTPFTGPSÎPGÓTJDPFPUSBCBMIPÈSEVP OBBDUJWJEBEFEFUFBNCVJMEJOH IPVWFVN DPDLUBJM TFHVJEPEFVNKBOUBS RVFTFSWJV QBSBSFDBSSFHBSFOFSHJBTFQSPNPWFSPDPO WÓWJP1SFTFOÎBFTQFDJBMEVSBOUFBOPJUFGPJ BEPHSVQP$PNNÏEJFË-B$BSUF DPNPTFV

4PMJEBSJFEBEF FDPPQFSB¨¤PFOUSFUPEPT PTDPMBCPSBEPSFTQBSB NBJPSDPNQFUJUJWJEBEF OPNFSDBEPGPJPUFNB DFOUSBMEPFWFOUP

*/07"ˆ„0Š'&33".&/5" &453"5Š(*$" ?h\Z\IT_WXfGPJ PDPOGFSFODJTUB DPOWJEBEPEFTUF FODPOUSP"VUPS EFW¢SJPTMJWSPT EFHFTU¤P  DPOTJEFSBEPVN EPTNFMIPSFT PSBEPSFTEB "NªSJDB-BUJOB FSFDPOIFDJEP QFMBTVBFOPSNF DBQBDJEBEFEF DPNVOJDB¨¤P GF[VNBBQSFTFOUB¨¤PPOEF BCPSEPV FTTFODJBMNFOUF PUFNBEBJOPWB¨¤P DPNPGFSSBNFOUBFTUSBUªHJDBFGBDUPSDS®UJDPEF TVDFTTPOBTFNQSFTBT BEBQUBEP¡SFBMJEBEFEB (BMQ&OFSHJB

OÞNFSPEFJNQSPWJTBÎÍP RVFTFFOWPMWFV FJOUFSBHJVDPNPTQBSUJDJQBOUFT 0EJBTFHVJOUFGPJEFEJDBEPBPCBMBO ÎPEPTPCKFDUJWPTEFFBQSFTFOUBÎÍP EPTOPWPTEFTBmPTQBSBEBTEJWFSTBT ÈSFBTRVFJOUFHSBNBÈSFBEF/FHØDJPEBT &TQFDJBMJEBEFT"OUØOJP4PVTB/VOFT P TFVSFTQPOTÈWFM BCSJVPUFNBFFORVBESPV BTFTTÍPEPTUSBCBMIPT0BENJOJTUSBEPS FYFDVUJWPEB6/%JTUSJCVJÎÍP0JM $BSMPT (PNFTEB4JMWB FODFSSPVPFODPOUSP BQSP WFJUBOEPBPDBTJÍPQBSBBCPSEBSWÈSJPTUFNBT SFMBDJPOBEPTDPNPOFHØDJPFMBOÎBSOPWPT EFTBmPTËFRVJQB ."3ˆ0

NZHBMQ




JOJDJBUJWBT{FODPOUSPVOH¢TQPXFS

8F9BEtB788DH<C4

53"#"-)0$0/+6/50

.JTT¤PDVNQSJEB $PMBCPSBEPSFTEB6OJEBEFEF(¢T1PXFSSFNPEFMBN DPM´OJBEFGªSJBTQBSBDSJBO¨BT´SG¤TFJEPTPT ğĠðĖğĔĠğĥģĠ6/(ÈT1PXFS RVFEF DPSSFVOPIPUFM(PMG.BS OP7JNFJSP DFSDB EFDPMBCPSBEPSFTKVOUBSBNFTGPSÎPTF SFNPEFMBSBNBDBTBFPKBSEJNEB$PMØOJB EF'ÏSJBTEB0CSBEP1BESF(SFHØSJP "(BMQ&OFSHJBUFNWJOEPBQSPNPWFS BOVBMNFOUFBDÎÜFTEFFOWPMWJNFOUPDPNBT DPNVOJEBEFTMPDBJT PSHBOJ[BOEPFRVJQBT EFDPMBCPSBEPSFTQBSBRVF FNDPOKVOUP  DPOUSJCVBNQBSBBNFMIPSJBEBRVBMJEB EFEFWJEBEBTQFTTPBTNBJTDBSFODJBEBT &TUBTBDÎÜFTFTUÍPJOTFSJEBTOBQPMÓUJDB EFSFTQPOTBCJMJEBEFTPDJBMFOPTWBMPSFT EFTPMJEBSJFEBEFRVFSFHFNFPSJFOUBNB (BMQ&OFSHJBFNUPEBTBTTVBTÈSFBTEF BDUJWJEBEF "$PMØOJBEF'ÏSJBTEB0CSBEP1BESF (SFHØSJPUFNBDPMIJEP BPMPOHPEFBOPT  NFOJOBTØSGÍTPVFNTJUVBÎÍPEFSJTDPGB NJMJBSFDSJBOÎBTDBSFODJBEBTEFJOTUJUVJÎÜFT 

NZHBMQ

."3ˆ0

DPNPB$BTBEB'POUF EF$BTDBJT FB*OT UJUVJÎÍP-VÓT1FSFJSBEB.PUB FN-PVSFT &TUBDPMØOJBEFGÏSJBTEÈUBNCÏNHVBSJEB BP/ÞDMFPEF&TDVUFJSPTEP0FTUFFEB3F HJÍPEF-JTCPBFBJEPTPTEBQBSØRVJBBRVF FTUÈMJHBEBB0CSBEP1BESF(SFHØSJP QBSB SFUJSPTQFSJØEJDPT 4FHVOEP1BVMB.FOEFT EBPSHBOJ[B ÎÍPEPFWFOUPRVFEFDPSSFVOP7JNFJSP P PCKFDUJWPEFTUFiFSBNFMIPSBSPDPOGPSUPF

"PCSBJODMVJVBNPOUBHFN EFVNQBSRVFJOGBOUJM FPQFSB¨¶FTEFKBSEJOBHFN

UFNQPTMJWSFTEFDFSDBEFUSÐTEF[FOBTEF NFOJOBT ØSGÍTPVKVEJDJPOBMNFOUFTFQB SBEBTEBTTVBTGBNÓMJBTw RVFVUJMJ[BNB 0CSBEP1BESF(SFHØSJPiOBTTVBTGÏSJBT FTDPMBSFT MPOHFEPTQSPCMFNBTRVFBWJEB FBTPDJFEBEFMIFTDPMPDBNw0QSPQØTJUP EBFRVJQBPSHBOJ[BEPSBFSBiSFDIFBSFTUB BDÎÍPDPNBQBSUJMIBEFCPOTNPNFOUPT FGPSUBMFDJNFOUPEPTMBÎPTFOUSFDPMFHBT  QSPNPWFOEPPFTQÓSJUPEFFRVJQBDPNP TFOUJNFOUPEFPCSBGFJUBw.BTDPNPBTIP SBTEFUSBCBMIPJODMVÓEBTOVNFWFOUPEFTUF UJQPTÍPFTDBTTBT IÈTFNQSFOFDFTTJEBEFEF GB[FSBOUFDJQBEBNFOUFBMHVNBTPQFSBÎÜFT

يNVJUPHSBUJçDBOUFQFSDFCFSRVF OPçOBM UPEPT TFFOUSFBKVEBNOBTUBSFGBTBFYFDVUBSQBSBVNB DBVTBDPNVN"DJNBEFUVEP PPCKFDUJWPª»OJDP DPNQMFUBSUPEBBPCSBDPNRVBMJEBEFFFNUFNQP  QBSBQPEFSEFTGSVUBSEPTTPSSJTPTEBRVFMBTDSJBO¨BTÚ 1BVMB.FOEFT 6/(¢T1PXFS


40-*%"3*&%"%& 4Xdh\cTPSHBOJ[BEPSB PQUPVQPSBERVJSJSBTSFGFJ¨¶FT UPNBEBTOPEJBEPFWFOUP BVNBJOTUJUVJ¨¤PEFBDPMIJNFOUP FBQPJP¡N¤FTPMUFJSB  B$BTBEF4BOUP"OU´OJP "TTJN QBSBBMªNEB0CSBEP 1BESF(SFH´SJP GPJBJOEBQPTT®WFM BVYJMJBSFTUBTKPWFOT RVFGB[FN SFGFJ¨¶FTQBSBWFOEBF EFTUB GPSNB BOHBSJBNGVOEPTQBSBMFWBS BUFSNPBTVBHSBWJEF[FDVJEBS EPTTFVTçMIPT

5&45&.6/)04 Ù&TUFUJQPEFJOJDJBUJWBT ªNVJUPJNQPSUBOUFFTFSWF QBSBEBSVNTJOBM¡TQFTTPBT QBSBTFVOJSFNFGB[FSFNBMHP RVFªJNQPSUBOUFQBSBUPEPT FQBSBBDPNVOJEBEFÚ 'BCSJ[JP%BTTPHOP BENJOJTUSBEPSEB(BMQ&OFSHJB

Ù&TUBWBQBUFOUFBEFHSBEB¨¤P EFTUBDPM´OJBŠDPNHSBOEF FOUVTJBTNPFSFDPOIFDJNFOUP RVFWBNPTBDFJUBSFTUBQBSUJMIB RVFB(BMQQSPQPSDJPOPVÚ 7JSH®OJB-PVSFO¨P $PM´OJBEFGªSJBTEB0CSBEP1BESF(SFH´SJP

EFNBJPSFOWFSHBEVSB²QSFDJTPHBSBOUJSB FYFDVÎÍPEFUSBCBMIPTEFDPOTUSVÎÍPDJWJM  BRVJTJÎÍPEFNBUFSJBJT UJOUBT GFSSBNFOUBT  QJODÏJT FUD QSFQBSBÎÍPEFUFSSFOPT FUD 4ØBTTJNBPCSBFTUÈFNDPOEJÎÜFTOPEJB EPFWFOUP /PFODPOUSP PSHBOJ[BEPTFNFRVJQBT  PTDPMBCPSBEPSFTNPOUBSBNFRVJQBNFO UPTFFTUSVUVSBT+BOFMBT QPSUÜFTFNVSPT  RVBSUPT DBTBTEFCBOIP GPSBNTFOEPFS HVJEPT"SFNPEFMBÎÍPJODMVJVBDPOTUSVÎÍP EFVNFTQBÎPQBSBBQSÈUJDBEFTQPSUJWB  VNEFEJWFSTÍP PVUSPEFMB[FS5BNCÏN VNBQFRVFOBCJCMJPUFDB RVFGPJSFDIFB EBDPNMJWSPTJOGBOUPKVWFOJTFOUSFHVFTË JOTUJUVJÎÍPQFMPTDPMBCPSBEPSFT5PEBFTUB BDUJWJEBEFFYJHJVBMHVNUSBCBMIPEFQSF QBSBÎÍPHFSJEPQFMBFRVJQBPSHBOJ[BEPSB 1SJNFJSP GPSBNJEFOUJmDBEPTPTQSJODJQBJT

Ù5PEBTBTDBVTBTRVFFOWPMWBNNFMIPSBSFBQPJBS BTDPOEJ¨¶FTEFDSJBO¨BTUPDBNNFQSPGVOEBNFOUF  BJOEBNBJTTFOEPFMBTEFTGBWPSFDJEBT4FUPEPT DPOUSJCVJSNPTDPNVNQFRVFOPSBJPEFTPM PDªV EBTDSJBO¨BTUPSOBTFNBJTSBEJPTPÚ 'SBOLJF#SBODP 6/(¢T1PXFS

HSVQPTEFUBSFGBTBSFBMJ[BS"TFHVJS GPSBN BUSJCVÓEBTBDBEBVNEPTQBSUJDJQBOUFTBT UBSFGBTNBJTEFTBmBOUFTFBEFRVBEBT QBSB UPEPTFYQFSJNFOUBSFNUSBCBMIPTEJGFSFOUFT EPTEFTFNQFOIBEPTFNFWFOUPTBOUFSJPSFT 0TmTDBJTUJWFSBNEFPSJFOUBSBTFRVJQBTF BKVEBSOBHFTUÍPEFSFDVSTPTEJTQPOÓWFJT JOUSBHSVQPT'SBOLJF#SBODPQBSUJDJQPVOB DPOTUSVÎÍPEBCJCMJPUFDB$PNPBUBSFGBGPJ SBQJEBNFOUFDPODMVÓEB UPNPVBJOJDJBUJWB EFBVYJMJBSBFRVJQBEPKBSEJNi#BTJDBNFO UF DBSSFHVFJDBSSPTEFNÍPDPNCSJUBw EJ[ 0mOBMEFTUFEJBEFUSBCBMIPDBOTBUJWP NBT HSBUJmDBOUF GPJDFMFCSBEPDPNVNBGFTUB NVJUPBOJNBEB /PEJBTFHVJOUF PPSBEPSDPOWJEBEP  (BTQBS"SJ×P GF[VNBFYQPTJÎÍPTPCSFB FTUSVUVSBFGVODJPOBNFOUPEP.FSDBEPEF (ÈT*CÏSJDPF&VSPQFV4FHVJVTFBBQSF TFOUBÎÍPEPTEFTBmPTQBSBEBTWÈSJBT ÈSFBTEPOFHØDJP DPNJOUFSWFOÎÜFTEPT TFVTSFTQPOTÈWFJT0FODPOUSPUFSNJOPV DPNVNBMNPÎPOPIPUFMFPTFOUJNFOUP EFNBJTVNBNJTTÍPDVNQSJEB

7\fcba„iX_aT\agXeaXg [ggc-""\`TZXafWX`TeVT!fTcb!cg"Wbff\Xe" WXgT_[Xf!c[c2\W0$%,%

."3ˆ0

NZHBMQ




JOJDJBUJWBTNPWJNFOUPFOFSHJBQPTJUJWB

4CB<B4B58@ 8FG4E

/VUSJDJPOJTUBTFNBD¨¤P $PMBCPSBEPSFTEBFNQSFTBSFDFCFS¤PDPOTFMIPTFJOGPSNB¨¶FT»UFJT QBSBNFMIPSBSBTVBDPOEJ¨¤PG®TJDB ĕĖġĠĚĤĕĖġĖģĔĠģģĖģUPEPPQBÓT P.P WJNFOUP&OFSHJB1PTJUJWBJSÈ EFOUSPFN CSFWF ËTJOTUBMBÎÜFTEB(BMQ&OFSHJB FN -JTCPB 4JOFTF.BUPTJOIPT $PNPBQPJPEPTOVUSJDJPOJTUBTEB1MB UBGPSNB$POUSBB0CFTJEBEF PTDPMBCPSB EPSFTEB(BMQ&OFSHJBWÍPSFDFCFSDPOTF MIPTFJOGPSNBÎÜFTÞUFJTTPCSFOVUSJÎÍPF BDUJWJEBEFGÓTJDB FVTVGSVJSEFDPOTVMUBT QFTTPBJT 0.PWJNFOUP&OFSHJB1PTJUJWB RVFOBT DFVEFVNQSPUPDPMPFOUSFB(BMQ&OFSHJB FB1MBUBGPSNB$POUSBB0CFTJEBEF EB %JSFDÎÍP(FSBMEB4BÞEF FNQFOIPVTF  FN FNGB[FSDIFHBSJOGPSNBÎÍPF 

NZHBMQ

."3ˆ0


*/*$*"5*7"4 0.PWJNFOUP&OFSHJB1PTJUJWB SFBMJ[PVPFTUVEPÙ1FSDFQ¨¶FT F&YQFDUBUJWBTEB1PQVMB¨¤P'BDF ¡"MJNFOUB¨¤P "DUJWJEBEF'®TJDB FBP1FTPÚ DVKBTDPODMVT¶FT PSJHJOBSBNBTTFHVJOUFTJOJDJBUJWBT



.JMJOEJW®EVPT 0QSPHSBNBÙ7JEB1PTJUJWBÚ WFJDVMBEP EJBSJBNFOUFOB351 DPNVNBBVEJ«ODJB NªEJBEJ¢SJBEFJOEJW®EVPT



&TDPMBT 6NSPBETIPXRVFQFSDPSSFVFTDPMBT EP{DJDMPFNUPEPTPTEJTUSJUPTEF 1PSUVHBMDPOUJOFOUBM DPOUBDUBOEPDPN BMVOPT BUSBWªTEFVNBQF¨BEF UFBUSPEBBVUPSJBEF3PTB-PCBUPEF'BSJB FEFNVJUBBDUJWJEBEFG®TJDB



.JMQFTTPBT 6NSPBETIPXRVFQFSDPSSFVBTQSBJBTOP 7FS¤P MFWBOEPBNJMQFTTPBTBVMBT EF#PEZDPNCBUF5BJDIJFPGFSFDFOEPB EFHVTUB¨¤PEFTBMBEBTFTVNPTOBUVSBJT FBWBMJB¨¶FTFYFDVUBEBTQPSOVUSJDJPOJTUBT



.JM'PMIFUPT

$0/46-5&6./653*$*0/*45"

"EJTUSJCVJ¨¤PEFNJMGPMIFUPTFN -JTCPBFOP1PSUPQPSCSJHBEBT&OFSHJB 1PTJUJWB DPNQPTUBTQPSBOJNBEPSFT FEBO¨BSJOPTEFIJQIPQ

GbWbfbfYhaV\baye\bfFGBNJMJBSFT QPEFNUFSBDFTTPBDPOTVMUBTEFOVUSJ¨¤P  OBTJOTUBMB¨¶FTEBFNQSFTB FN-JTCPB  .BUPTJOIPTF4JOFT QBHBOEPNVJUPBCBJYP EPWBMPSEFSFGFS«ODJB

0TJUF XXXQMBUBGPSNBDPOUSBBPCFTJEBEFEHTQU

)PS¢SJPEBTDPOTVMUBT 5PSSFT TFYUBI %S+P¤P#SFEB "MFDSJN TFHVOEBI %SB"OB3JUP OVUSJ¨¤PJOGBOUJM F%S+P¤P#SFEB 4JOFT4UP"OESª 4FHVOEBI  %SB+PBOB$PTUB .BUPTJOIPT 2VBSUBI %S.JHVFM3FHP .BSDB¨¤PEFDPOTVMUB "NBSDB¨¤PEFWFS¢TFSFGFDUVBEBQPSUFMFGPOF  QBSBPTO»NFSPTEPTDFOUSPTNªEJDPT EBNFEJDJOBDVSBUJWB 7BMPSEBDPOTVMUB $BEBDPOTVMUBUFS¢PWBMPSEFFVSPT 4FOFDFTTJUBEFBQPJPFTQFDJBMJ[BEPFNOVUSJ¨¤P  O¤PEFJYFEFVUJMJ[BSFTUFTFSWJ¨P QBSBCFN EBTVBTB»EFé

7*5"-*%"%& "MVUBDPOUSBBPCFTJEBEF EFWFDPNF¨BSDPNBTDSJBO¨BT "BDUJWJEBEFG®TJDBMJHBEB ¡EJWFST¤PBQSPWFJUBBWJUBMJEBEF EPTNBJTOPWPTFªVNBGPSNB EFUPSOBSUPEPTNBJTTBVE¢WFJT

NPUJWBÎÍPBUPEBBQPQVMBÎÍP FTUJNVMBOEP BBEPQÎÍPEFFTUJMPTEFWJEBNBJTTBVEÈ WFJT &NUFSNPTHMPCBJT PNPWJNFOUPDPNV OJDPVDPNDFSDBEFNJMQFTTPBT5BN CÏNGPSBNEJTUSJCVÓEBT UPOFMBEBTEF GSVUBFPGFSFDJEPTNJMMJWSPTBDSJBOÎBT  BTTJNDPNPNJMGPMIFUPTDPNDPOTF MIPTFEJDBT 0.PWJNFOUP&OFSHJB1PTJUJWBFB1MB UBGPSNB$POUSBB0CFTJEBEFPSJHJOBSBN DFSDBEFBSUJHPTFNKPSOBJT SÈEJPT  JOUFSOFUFUFMFWJTÍP RVFBKVEBSBNBEJGVO EJSBTNFOTBHFOTEFQSFWFOÎÍP 7\fcba„iX_aT\agXeaXg jjj!c_TgTYbe`TVbageTTbUXf\WTWX!WZf!cg

."3ˆ0

NZHBMQ




JOJDJBUJWBTJOE»TUSJB 6B@B4CB<B74:4?C8A8E:<4

&RVJQBQPSUVHVFTB QSFTFOUFOP'JOTDIPPMT .JOJBUVSBEF'´SNVMBDPOTUSV®EBQPSBMVOPT QPSUVHVFTFTªRVBSUBNBJTS¢QJEBFN-POESFT &26*1"&91&3*.&/5"-

ĦĞĒĖĢĦĚġĒFYQFSJNFOUBMEP1FOTF*OEÞT USJBEFTMPDPVTFB-POESFT DPNPBQPJPEB (BMQ&OFSHJB QBSBQBSUJDJQBSOPDBNQFP OBUPSFHJPOBMJOHMÐTEP'JOTDIPPMT XXX GJOTDIPPMTDPVL EFTBmPRVFDPOTJTUFFN DSJBSVNDBSSPEF'ØSNVMBFNNJOJBUVSB  QSPQVMTJPOBEPQPSVNBDÈQTVMBEF$0 0TKPWFOTUÐNEFVTBSTPGUXBSFEFEF TFOIPUSJEJNFOTJPOBM $"% FNBRVJOBÎÍP DPOUSPMBEBQPSDPNQVUBEPS $/$ QBSBB DPOTUSVÎÍPEPTTFVTQSPUØUJQPT 0 USBCBMIP Ï BWBMJBEP FN EJWFSTPT

QBSÉNFUSPT DPNPBFSPEJOÉNJDB EFTJHO  QSPUPUJQBHFN USBCBMIPEFFRVJQB UFNQP QFSDPSSJEPQFMPDBSSPFNNFUSPTFEFSF BDÎÍPEPQJMPUP QMBOFBNFOUP BQSFTFOUBÎÍP PSBMFDPOUSPMPEJNFOTJPOBM FOUSFPVUSPT "QFTBSEFFTUFHSVQPUFSQBSUJDJQBEPDPNP DPOWJEBEP GPJMIFBUSJCVÓEPPQSÏNJP'JSTU 5FBN*EFOUJUZFDPOTFHVJVUBNCÏNP MVHBSFNUFSNPTEFWFMPDJEBEF "FRVJQBRVFTFEFTMPDPVBP3FJOP6OJEP FSBDPOTUJUVÓEBQPS%BOJFM-FBM %BOJFMB $SV[ &NBOVFM3PDIB $SJTUJOB$SV[F3VJ

EsϮϬϬϵ

^>Ky>h^/s

"MVOPTEB&# 4EF1JOIFM GPSNBSBNPHSVQPQPSUVHV«T QSFTFOUFFN-POESFT

0MJWFJSB HSVQPEFBMVOPTEB&TDPMB&# 4 EF1JOIFJSP EPDPODFMIPEF1FOBmFM 0 QSPKFDUP 1FOTF *OEÞTUSJB DPOUB JNQMFNFOUBS P EFTBGJP 'JOTDIPPMT FN 1PSUVHBMBUSBWÏTEPTDFOUSPTUFDOPMØHJDPT 3&$&5 DPNPBQPJPEP.JOJTUÏSJPEB&DP OPNJBF*OPWBÎÍP QBSBRVFHSVQPTEFKPWFOT QPTTBNFMBCPSBSPTTFVTQSPKFDUPTFDPODPSSFS OVNFWFOUPBSFBMJ[BSQBSBPFGFJUP

ZĞƐĞƌǀĞũĄĂƉƌĞĕŽĞdžĐůƵƐŝǀŽ ĐŽůĂďŽƌĂĚŽƌ'>WĞǀĞŶŚĂĚĞƐĐŽďƌŝƌĂƐ ŵĞůŚŽƌĞƐƉŝƐƚĂƐĚĞŶĞǀĞĞƐƉĂŶŚŽůĂƐ͊

WĂƌĂůŝĞŶƚĞƐĞƐƉĞĐŝĂŝƐ͕ĐŽŶĚŝĕƁĞƐĞƐƉĞĐŝĂŝƐ͊ŽŶƚĂĐƚĞͲŶŽƐ͗ϳϬϳϮϰϭϰϭϰͲŐĂůƉͲĨĞƌŝĂƐΛŐĞŽƚƵƌ͘ĐŽŵ


JOWFTUJHB¨¤PJOJDJBUJWBT A4ÈE84746<ÇA6<48A8E:uG<64

.FMIPSFTUSBCBMIPTQSFNJBEPT 5S«TBMVOPTEB6OJWFSTJEBEFEF"WFJSPSFDFCFNQSªNJPT EPQSPHSBNBEFDPPQFSB¨¤PVOJWFSTJU¢SJB(BMQ&OFSHJB ĠġģĖĤĚĕĖğĥĖFYFDVUJWPEB(BMQ&OFSHJB  .BOVFM'FSSFJSB%F0MJWFJSB FOUSFHPVSF DFOUFNFOUFPTQSÏNJPTEPQSPHSBNBEF DPPQFSBÎÍPVOJWFSTJUÈSJB(BMQ&OFSHJBBUSÐT BMVOPTEB6OJWFSTJEBEFEF"WFJSP %JTUJOHVFNPTNFMIPSFTUSBCBMIPTEFJO WFTUJHBÎÍPOPÉNCJUPEBTFOFSHJBTTVTUFOUÈ WFJTFEBFmDJÐODJBFOFSHÏUJDB OBTFRVÐODJB EFVNQSPUPDPMPEFDPPQFSBÎÍPBTTJOBEP FOUSFB(BMQ&OFSHJBFB6OJWFSTJEBEFEF "WFJSP/PÉNCJUPEFTUF TFSÍPBUSJCVÓEBT  BUÏ EF[CPMTBTBFTUVEBOUFTRVFEF TFOWPMWFNPTTFVTQSPKFDUPTFNFNQSFTBT QBSDFJSBTEB(BMQ&OFSHJB DPNPTUSÐT

Ɛ

NFMIPSFTUSBCBMIPTBTFSFNEJTUJOHVJEPT DPNQSÏNJPTOVNWBMPSUPUBMBOVBMEF NJMFVSPT 0TQSPKFDUPTRVFGPSBNEFTFOWPMWJEPT iCBTFJBNTFFTTFODJBMNFOUFFNBVEJUPSJBT FOFSHÏUJDBT DPNPPCKFDUJWPEFPQUJNJ[BS PNPEPEFGVODJPOBNFOUPEPTWÈSJPTTJT UFNBT SBDJPOBMJ[BSPTFVNJYFOFSHÏUJDPF JEFOUJmDBSFSFDPNFOEBSPQPSUVOJEBEFT EFNFMIPSJBw &TUFBOPGPSBN DPOUFNQMBEPTPTFTUV EBOUFT¬OHFMB#FSOBSEFT DPNVNQSÏNJP EFTFJTNJMFVSPT -VÓT4PVTB DPNUSÐTNJM  F$BUBSJOB.BUPT DPNNJMFVSPT /P ÉNCJUP EB QBSDFSJB FOUSF B (BMQ &OFSHJBFB6OJWFSTJEBEFEF"WFJSP GPJ BQSFTFOUBEPVNOPWPQPSUBMJOGPSNÈUJDP JOUFSBDUJWPEFTUJOBEPBBQPJBSBTBDUJWJ EBEFTEFTFOWPMWJEBT OPÉNCJUPEPQSP /07*%"%& HSBNBEFCPMTBTF 'PJMBO¨BEP QPSUBMJOGPSN¢UJDP FTUÈHJPT EBT EVBT JOUFSBDUJWPQBSB JOTUJUVJÎÜFTFOWPM BQPJBSBTBDUJWJEBEFT EPQSPHSBNB WJEBT

W^^dDWK

'K^dKs/:Z

'ĂůƉŶĞƌŐŝĂĞĂ'ĞŽƚƵƌƵŶŝƌĂŵͲƐĞŶŽůĂŶĕĂŵĞŶƚŽĚŽƉĂƐƐĂƚĞŵƉŽ 'ŽƐƚŽĚĞsŝĂũĂƌ͘hŵĂŝŶŝĐŝĂƟǀĂĞdžĐůƵƐŝǀĂĚĂŶŽǀĂƌĞǀŝƐƚĂĐŽƌƉŽƌĂƟǀĂͲ ŵLJŐĂůƉŵĂŐĂnjŝŶĞ͘WĂƌĂƐĞŚĂďŝůŝƚĂƌďĂƐƚĂůĞƌĂƌĞǀŝƐƚĂŵLJŐĂůƉŶǑϬϬ ĞƌĞƐƉŽŶĚĞƌăƐĞŐƵŝŶƚĞƋƵĞƐƚĆŽ͗͞EĂĨŽƌŵĂĕĆŽĚŽƐƉƌĞĕŽƐ ĚŽƐĐŽŵďƵƐơǀĞŝƐ͕ƋƵĂůĂĐŽŵƉŽŶĞŶƚĞŐĞƌşǀĞůƉĞůĂƐĚŝƐƚƌŝďƵŝĚŽƌĂƐ͍͟ ŵƋƵĞƉĄŐŝŶĂĚĂƌĞǀŝƐƚĂƐĞĞŶĐŽŶƚƌĂĂƌĞƐƉŽƐƚĂ͍ ĞƉŽŝƐ͕ĨĂĕĂƵŵĂĨƌĂƐĞĐƌŝĂƟǀĂĐŽŵĂƐƉĂůĂǀƌĂƐ͞ƐƉĂŶŚĂ͟Ğ͞EĞǀĞ͘͟ ^ĞƌĄ ƉƌĞŵŝĂĚŽ ƋƵĞŵ ĞŶǀŝĂƌ Ă ƌĞƐƉŽƐƚĂ ĐŽƌƌĞĐƚĂ Ğ Ă ĨƌĂƐĞ ŵĂŝƐ ĐƌŝĂƟǀĂ ĂƚĠ ĂŽ ĚŝĂ ϭϱ ĚĞ DĂŝŽ ĚĞ ϮϬϬϵ͕ ƉĂƌĂ ĐŽŵƵŶŝĐĂĐĂŽ͘ŝŶƚĞƌŶĂΛŐĂůƉĞŶĞƌŐŝĂ͘ĐŽŵ͘ ƵƌĂŶƚĞ Ƶŵ ĂŶŽ͕ Ğ ĚĞ ĚŽŝƐ Ğŵ ĚŽŝƐ ŵĞƐĞƐ͕ ǀĂŵŽƐ ŽĨĞƌĞĐĞƌ ĂŽƐ ŶŽƐƐŽƐ ůĞŝƚŽƌĞƐ͕ ĐŽůĂͲ ďŽƌĂĚŽƌĞƐĚĂ'ĂůƉŶĞƌŐŝĂ͕ƵŵĮŵͲĚĞͲƐĞŵĂŶĂŶƵŵĚĞƐƟŶŽŶĂĐŝŽŶĂů;ĚƵĂƐŶŽŝƚĞƐĚĞĂůŽũĂŵĞŶƚŽĞŵƋƵĂƌƚŽĚƵƉůŽ͕ĞŵƌĞŐŝŵĞWͿ͘ EŽ ĮŶĂů ĚŽ ĂŶŽ͕ ƋƵĞŵ ƟǀĞƌ ƉĂƌƟĐŝƉĂĚŽ Ğŵ ƚŽĚŽƐ ŽƐ ƉĂƐƐĂƚĞŵƉŽƐ ĚĂƐ ĞĚŝĕƁĞƐ ĚĞ ϮϬϬϵ Ğ ŐƵĂƌĚĂĚŽ ŽƐ ƌĞƐƉĞĐƟǀŽƐ ĞdžĞŵƉůĂƌĞƐ ĚĂ ƌĞǀŝƐƚĂ ŵLJŐĂůƉ ƉŽĚĞƌĄ ŚĂďŝůŝƚĂƌͲƐĞ Ă ƵŵĂ ǀŝĂŐĞŵ ĚĞ ŽŝƚŽ ĚŝĂƐ ƉĂƌĂ ĚƵĂƐ ƉĞƐƐŽĂƐ ŶƵŵ ĚĞƐƟŶŽ ĂĂŶƵŶĐŝĂƌĞŵďƌĞǀĞ͘WĂƌĂŵĂŝƐŝŶĨŽƌŵĂĕƁĞƐĞƐƚĞũĂĂƚĞŶƚŽăƌĞǀŝƐƚĂŵLJŐĂůƉĞăŝŶƚƌĂŶĞƚĚĂ'ĂůƉŶĞƌŐŝĂ͘ ƐƚĞƐŽŶĐƵƌƐŽƐ;ƚĂŶƚŽŽƐďŝŵĞƐƚƌĂŝƐĐŽŵŽŽĂŶƵĂůͿƐĆŽĞdžĐůƵƐŝǀĂŵĞŶƚĞƉĂƌĂĐŽůĂďŽƌĂĚŽƌĞƐĚŽ'ƌƵƉŽ'ĂůƉŶĞƌŐŝĂ͘


EFTUBRVFEFTQPSUP

6BEE<746BAGE447EB:4

#JLF5PVSFN.BESJE 7FTUJEBTDPNBTDPSFT(BMQ&OFSHJB NBJTEFDJODPNJMQFTTPBT QBSUJDJQBSBNOFTUFFWFOUPRVFEFDPSSFVOBDBQJUBMFTQBOIPMB

ĦĞĞĚğĚĤĥģĠ VNEFQVUBEPFWÈSJBTPVUSBT JOEJWJEVBMJEBEFTKVOUBSBNTFBDJODPNJM BOØOJNPTRVFQBSUJDJQBSBNOP.BESJE#JLF 5PVS VNBJOJDJBUJWBQPSUVHVFTBRVF QSFUFOEFDPNCBUFSPDPOTVNPEFESPHBF GPNFOUBSPFYFSDÓDJP 0FWFOUP RVFUFNDPNPMFNBBGSBTF i%FTGSVUBFEFTMPDBUFBQFOBTDPNBUVB FOFSHJBw GPJPSHBOJ[BEPQFMP.JOJTUÏSJPEB 4BÞEFF$POTVNPFTQBOIPMFQFMB$ÉNBSB EF.BESJE DPNPPCKFDUJWPEFNPCJMJ[BS UPEBTBTQFTTPBTRVFIBCJUVBMNFOUFOÍP QSBUJDBNFYFSDÓDJPBPMPOHPEPBOP 

NZHBMQ

."3ˆ0

0QBTTFJPUFWFBQSFTFOÎBEPNJOJTUSP EB4BÞEFFTQBOIPM #FSOBSU4PSJB EPCBS SFJSJTUBFYDBNQFÍPFVSPQFVFNSFDJOUP DPCFSUP +BWJFS.PSBDIP FEPEFQVUBEP TPDJBMJTUB3BNØO+BÞSFHVJ FOUSFPVUSBT QFSTPOBMJEBEFTEPQBÓTWJ[JOIP 0TQBSUJDJQBOUFTOBQSPWBQFSDPSSFSBN VNJUJOFSÈSJPEFRVJMØNFUSPT RVFQBTTPV QFMBTSVBTNBJTFNCMFNÈUJDBTEF.BESJE  QBSUJOEPEP1BTTFJPEPT$PDIFTEP1BS RVFEP3FUJSPFUFSNJOBOEPOP1BTTFJPEF $BNÜFT "PSHBOJ[BÎÍPEPFWFOUP POEFFTUJWFSBN

FOWPMWJEBTWÈSJBTPVUSBTFNQSFTBTFFOUJ EBEFTQBSBBMÏNEB(BMQ&OFSHJB PGFSFDFV BUPEPTPTQBSUJDJQBOUFTPFRVJQBNFOUPEF QSPWBCJDJDMFUB EPSTBMDBNJTPMB NFEBMIB FEJQMPNB

*/*$*"5*7"*/5&3/"$*0/"0#JLF5PVSÏVNBJOJDJBUJWBJOUFSOBDJP OBMRVFDPNFÎPVIÈNBJTEFUSÐTBOPTFN -JTCPB FRVFKÈNPCJMJ[PVNBJTEFNJM QFTTPBTOBDPSSJEBDPOUSBBESPHBFUPYJ DPEFQFOEÐODJB%FQPJTEBDBQJUBMFTQB OIPMB GPJBWF[EF4ÍP1BVMPSFBMJ[BSPTFV


1&%"-"3$0. 6."$"64" "JOJDJBUJWB#JLF5PVS OBDBQJUBMFTQBOIPMB DPOUPVDPN BQSFTFO¨BEFDJODP NJMQBSUJDJQBOUFT  FOUSFFMFTW¢SJPT QPSUVHVFTFT RVF  DPNBTDPSFTEB(BMQ &OFSHJB QFEBMBSBN OBTBWFOJEBTNBJT DPOIFDJEBTEF.BESJE 0PCKFDUJWPFSB NPCJMJ[BSPTDJEBE¤PT RVFHFSBMNFOUFO¤P GB[FNRVBMRVFSUJQP EFFYFSD®DJPG®TJDP

026&Š0#*,&5063 B5\^XGbheªVNBQSPWBO¤P DPNQFUJUJWB RVFQSFUFOEFBKVEBS BDSJBSI¢CJUPTEFWJEBTBVE¢WFM FEFDPNCBUF¡PCFTJEBEF  QSJODJQBMNFOUFFOUSFPTNBJT KPWFOT5BNCªNWJTBFMJNJOBS WFMIPTNJUPTRVFMJHBNBESPHB ¡EJWFST¤PFMJHBSPEFTQPSUP BVNDPODFJUPEFVTVGSVUPEP´DJP EFGPSNBTBVE¢WFM

QSJNFJSP#JLF5PVS RVFEFDPSSFVKÈOP JOÓDJPEFTUFBOP.BTKÈIÈPVUSPTQBÓTFT EB&VSPQB DPNPB'SBOÎBPV)VOHSJB B NPTUSBSJOUFSFTTFFNPSHBOJ[BSFTUFFWFOUP EFTQPSUJWP 0 QSJNFJSP #JLF 5PVS EFDPSSFV QFMB QSJNFJSBWF[FN-JTCPB FN QPS JOJDJBUJWBEP*OTUJUVUPEB%SPHBF5PYJDP EFQFOEÐODJB/FTTBBMUVSB BQBSUJDJQBÎÍP EBTQFTTPBTGPJUÍPHSBOEFRVFPTPSHBOJ[B EPSFTEFDJEJSBNSFQFUJSBNBSDIBOP1PSUP  QPVDPTNFTFTEFQPJT"UÏIPKF PFWFOUP KÈDPOTFHVJVNPCJMJ[BSWÈSJBTEF[FOBTEF

NJMIBSFTEFQFTTPBTTØFN1PSUVHBM &N.BESJE QPSBMUVSBEP#JLF5PVS  GPJFSHVJEBVNBFTDVMUVSBHJHBOUFOBFT QMBOBEBEP.JOJTUÏSJPEB4BÞEFF$POTV NPFTQBOIPM"TVBFYQPTJÎÍPSFDPSEBWB  BPTDJEBEÍPTFWJTJUBOUFTEPQBÓTWJ[JOIP B JNQPSUÉODJBEPFYFSDÓDJPGÓTJDPDPNPNP NFOUPEFEJWFSTÍPMJWSFEFESPHBT 7\fcba„iX_ab`lZT_c [ggc-""`lZT_c"6ba[XVT:T_c8aXeZ\T" ha\WTWXfTeXTfaXZbV\b"fXei\VbfVbecbeTg\ibf" Vb`ha\VTVTb"5\^X%#Gbhe"9be`f"4__<gX`f!Tfck

1"3"1&%"-"3&45&"/0 "QSPYJNBNTFBTQS´YJNBT FEJ¨¶FTEP#JLF5PVS FN1PSUVHBM DVKBTJOTDSJ¨¶FT FTU¤PK¢BCFSUBT -JTCPB#JLF5PVS EF+VOIP 1PSUP#JLF5PVS EF+VMIP ."3ˆ0

NZHBMQ




JOJDJBUJWBTTB»EF

"13&/%*;"(&. "CPSEBHFNVUJMJ[BEB I¢EªDBEBTOPT&TUBEPT 6OJEPT BBQMJDB¨¤P EPNªUPEP"#" ªJOUFJSBNFOUFDFOUSBEB OPJOEJW®EVP *OUSPEV[DPNQPSUBNFOUPT DPSSFDUPT QBSBRVF BNVEBO¨BQSPNPWB BNFMIPSJBEBTVB RVBMJEBEFEFWJEB

4AÈ?<F86B@CBEG4@8AG4?4C?<6474

6NNªUPEPQBSBBBVUPOPNJB 0QSJNFJSP$FOUSP"#"FN1PSUVHBMBKVEBDSJBO¨BTFKPWFOTBVUJTUBT ĠġģĚĞĖĚģĠDFOUSPFEVDBUJWPQBSBDSJBOÎBT BVUJTUBT RVFVTBPNÏUPEP"#" "QQMJFE #FIBWJPS"OBMZTJT PV"OÈMJTF$PNQPS UBNFOUBM"QMJDBEB FNQPSUVHVÐT BCSJV SFDFOUFNFOUFFN1PSUVHBM FN"MNBEB %JSJHJEPBDSJBOÎBTFOUSFPTEPJTFPTEF[ BOPT PNÏUPEPEP$PMÏHJP$BNQPEF'MP SFTÏGSVUPEBWJBHFNEF"MCFSUJOB.BSÎBM F$BSMPT'SBOÎB QBJTEFVNNFOJOPDPN TÓOESPNFEF"TQFSHFSFNFNCSPTGVOEBEP SFTEB"TTPDJBÎÍP1PSUVHVFTBEF4ÓOESPNF EF"TQFSHFS "14" FEB"11%"4FUÞCBM Ë TFEFEB"#$3FBM OP&TUBEPEB$BMJGØSOJB  OPT&TUBEPT6OJEPT 0TSFTQPOTÈWFJTQPSFTUBJOJDJBUJWBSF DPOIFDFSBNBRVBMJEBEFEBNFUPEPMPHJB VUJMJ[BEBFPTSFTVMUBEPTBQSFTFOUBEPT F FNQFOIBSBNTFOPFTUBCFMFDJNFOUPEF VNBQBSDFSJBQBSBJNQMFNFOUBSVNQSP KFDUPTFNFMIBOUFOPOPTTP1BÓT 0USBCBMIPEFTFOWPMWJEPEFGPSNBÎÍPFN "#"FPJOUFSFTTFEFNPOTUSBEPQFMPTQBJTF UÏDOJDPTQPSUVHVFTFTGPSBNFTQFDJBMNFOUF 

NZHBMQ

."3ˆ0

SFDPOIFDJEPTQFMBFTDPMBBNFSJDBOB RVF EFDJEJVBQPJBSBDSJBÎÍP FN1PSUVHBM EB mMJBMQPSUVHVFTB BQSJNFJSBBGVODJPOBS GPSBEPT&TUBEPT6OJEPT

.*-"65*45"4&.10356("0NÏUPEP"#"ÏVNBBCPSEBHFNVUJMJ[BEB IÈEÏDBEBTOPT&6"&N"MNBEB GVODJP OBDPNPDFOUSPEFUFSBQJBTBUÏBTDSJBOÎBT BUJOHJSFNBJEBEFFTDPMBSPVDPNPVN"5- FTQFDJBM&TUJNBTFRVFFYJTUBNFN1PS UVHBMNJMBVUJTUBT.BTPEJBHOØTUJDPEF QFSUVSCBÎÜFTOFTUFFTQFDUSPUFNWJOEPB BVNFOUBS$PNFTUFNÏUPEP RVFUFN EFTVDFTTPOPT&6" RVBOEPBJOUFSWFOÎÍP UFNJOÓDJPBUÏBPTRVBUSPBOPT BTDSJBOÎBT HBOIBNBQPTTJCJMJEBEFEF NBJTUBSEF TF SFNJOUFHSBEBTOPFOTJOPSFHVMBS FNQÏEF JHVBMEBEFDPNPTTFVTiQBSFTw

DFSUF[BEBTTVBTDPOTFRVÐODJBTQPTJUJWBT 2VBMRVFSVNQSFDJTBEFBKVEBFEFTFSFOTJ OBEP.BTBBKVEBUFNEFTFSHSBEVBMNFOUF SFEV[JEB QBSBQFSNJUJSBTVBJOEFQFOEÐO DJBOBSFBMJ[BÎÍPEBTUBSFGBT"USBWÏTEFTUF NÏUPEP QSFUFOEFTFUBNCÏNBQFSGFJÎPBS BTDPNQFUÐODJBT DPNWJTUBBVNBNBJPS BVUPOPNJBFRVBMJEBEFEFWJEB"BQMJDBÎÍP EPNÏUPEP"#"DFOUSBTFOBQFTTPB$BEB VNBUFNVNQSPHSBNBEFJOUFSWFOÎÍPF PCKFDUJWPTDPODSFUPT EFmOJEPTFNGVOÎÍP EPOÓWFMEFTFOWPMWJEPFEPTFVQPUFODJBMEF BQSFOEJ[BHFN &NTÓOUFTF BBOÈMJTFDPNQPSUBNFOUBM BQMJDBEBQSFUFOEFFMJNJOBSDPNQPSUBNFO UPTEFTBKVTUBEPTFJOUSPEV[JSPTDPSSFDUPT  QBSBRVFBNVEBOÎBQSPNPWB EFGPSNB FWJEFOUF BNFMIPSJBEBRVBMJEBEFEFWJEB EFTUBTQFTTPBT

26"-*%"%&%&7*%" 2VBMRVFSTFSIVNBOPSFBMJ[BSÈNBJTWF [FTEFUFSNJOBEBBDÎÍPRVBOUPNBJTUJWFS

7\fcba„iX_aT\agXeaXg jjj!TUVeXT_cbeghZT_!beZ


OPU®DJBTDMVCFHBMQFOFSHJB

DH<AG47B?4:B45E4AG8F

"MNP¨PBOVBM SF»OFHFSB¨¶FT $PNVOI¤PEFFYQFSJ«ODJBTFOUSFPQBTTBEP FPQSFTFOUFEPVOJWFSTP(BMQ&OFSHJBBEF"CSJM

7FOIBKPHBSGVUFCPM 7FUFSBOPTEP$MVCF(BMQ&OFSHJBÔ/»DMFP$FOUSP DPNNBJT EFBOPT QSFQBSBNRVBESBOHVMBSBSFBMJ[BSFN.BJP

ĠĔĝĦēĖĘĒĝġĖğĖģĘĚĒBTTVNJVTF EFT EFTFNQSF DPNPWFÓDVMPFNQFOIBEPFN QSPNPWFSPDPOWÓWJPFBUSPDBEFFYQFSJ ÐODJBTFOUSFPTIPNFOTFNVMIFSFTRVF BP MPOHPEFEÏDBEBT EFSBNPTFVDPOUSJCVUP OBTNBJTEJWFSTBTÈSFBTEFBDUJWJEBEFEBT WÈSJBTFNQSFTBTRVFDPOTUJUVFNP(SVQP (BMQ&OFSHJB4ÍPFMFTRVFDPOUSJCVFNQBSB RVFFTUFTFKB IPKF MÓEFSOPTTFDUPSFTFN RVFPQFSB ²OFTUFDPOUFYUPRVFPBMNPÎPBOVBMEF BOJWFSTÈSJP QSPNPWJEPQFMPTUSÐTOÞDMFPT EP$MVCF(BMQ&OFSHJB TFEFTUBDB RVFS QFMBRVBOUJEBEFEFDPMFHBTOPBDUJWPFFN TJUVBÎÍPEFSFGPSNBFOWPMWJEPTRVFSQFMB TVBBCSBOHÐODJBOBDJPOBM &TUFBOP PQPOUPEFFODPOUSP FOUSF DPMFHBTEB4BDPS 4POBQ 1FUSPHBMFUBOUBT PVUSBTPSJHFOT FEBTNBJTEJWFSTBTSFHJÜFT EPQBÓTPOEFP(SVQP(BMQ&OFSHJBTFFO DPOUSBJNQMBOUBEP TFSÈOBBQSB[ÓWFM2VJOUB EP-BHP OBTJNFEJBÎÜFTEF"CSBOUFT $POWJEBNPT DBEBVNEFWØT BFTUBS QSFTFOUFOFTUFEJBEFDPOWÓWJPFDPOGSBUFS OJ[BÎÍPEF"CSJMQSØYJNP#BTUBSFBMJ[BSB JOTDSJÎÍPKVOUPEFDBEBVNBEBTTFDSFUBSJBT SFHJPOBJTEP$MVCF(BMQ&OFSHJB

888$-6#&("-1&/&3(*"$0. "Q´TVNQFS®PEPEFSFDPOTUSV¨¤P  BTJOJDJBUJWBTRVFB%JSFD¨¤PEP $MVCF(BMQ&OFSHJBÔ/»DMFP$FOUSPMIFQSPQ¶F QPEFNTFSDPOTVMUBEBTEFOPWPOPTJUF XXXDMVCFHBMQFOFSHJBDPN

ĠęĚĤĥĠģĚĒĝ OP$MVCF(BMQ&OFSHJB EF SFBMJ[BÎÍPEFFODPOUSPTEFGVUFCPMEF QBSBPFTDBMÍPFUÈSJPEFWFUFSBOPT SFNPOUB ËEÏDBEBEF&OUSFFMFT KÈTÍPNVJUBT BTBHVFSSJEBTDPOUFOEBTDPNBFRVJQBEP NFTNPFTDBMÍPEB'SFJSJB /PQSØYJNPNÐTEF.BJP P$MVCFQBS UJDJQBOVNRVBESBOHVMBSPSHBOJ[BEPQFMP 'SFJSJB RVFJSÈJODMVJSQFMPNFOPTVNB FRVJQBEFOPNFBEBFQSPKFDÎÍPOBDJPOBM 4FUFNQFMPNFOPTBOPTFQSFUFOEF JOUFHSBSBOPTTBFRVJQB POEFTFBMJBBCPB EJTQPTJÎÍPËQSÈUJDBEFTQPSUJWB EFWFDPO UBDUBSBTFDSFUBSJBEP$MVCF(BMQ&OFSHJB o/ÞDMFP$FOUSP BUSBWÏTEPUFMFGPOF  FYUFOTÍPJOUFSOB QBSB QBSUJDJQBSOPTUSFJOPTEFQSFQBSBÎÍPQBSB PUPSOFJP ."3ˆ0

NZHBMQ




BHFOEB #BUBMIBEF4PNCSBT "FYQPTJ¨¤P#BUBMIBEF4PNCSBTÔ$PMFD¨¤P EF'PUPHSBçB1PSUVHVFTBEPT"OPT EP .VTFV/BDJPOBMEF"SUF$POUFNQPS£OFB Ô.VTFVEP$IJBEP FTUBS¢BHPSBQBUFOUFFN 7JMB'SBODBEF9JSB NPTUSBOEPDPNPBGPUPHSBçB QPSUVHVFTBEBRVFMFQFS®PEPSFèFDUJBNVJUBTEBT EJTTPO£ODJBTFDPOèJUPTFTUªUJDPTFOU¤PWJWJEPT "5Š%&+6/)0 .VTFVEP/FP3FBMJTNP 7JMB'SBODBEF9JSB

'FTUJWBM %FMUB5FKP 0SJTIBT 4LBOL F%FPMJOEBT¤P BTUS«TQSJNFJSBT QSFTFO¨BT DPOçSNBEBTOP GFTUJWBMTVTUFOU¢WFM RVFBQPTUBFN CBOEBTFBSUJTUBT EFQB®TFTDPN PSJHFOTEFDBGª  VNUFNB»OJDPOVNB¢SFBFNRVF BTCBOEBTBOHMPTBY´OJDBTDPOUJOVBN BMJEFSBS %*"4 &%&+6-)0 "MUPEB"KVEB -JTCPB

"UFMJFSEF.»TJDB F.PWJNFOUPQBSB#FCªT

7BSFLBJ 0$JSRVFEV4PMFJMFTU¢EFSFHSFTTPDPNVN FTQFDU¢DVMPRVFOBTDFEBFYQMPTJWBGVT¤PEP UFBUSPDPNBBDSPCBDJB0JNQPTT®WFMUPSOBTF QPTT®WFMFNFTQBOUPTBTEFNPOTUSB¨¶FTEF QFS®DJBFQPEFS DPNCBOEBTPOPSBPSJHJOBM FDFO¢SJPTEPÙPVUSPNVOEPÚ QFSGFJUBNFOUF IBSNPOJ[BEPTDPNBTGBOU¢TUJDBTDPSFPHSBçBT RVFÙGBMBNÚBMJOHVBHFNEPNPWJNFOUP

/VNDPOUFYUPJOGPSNBMEFBQSFOEJ[BHFN NVTJDBM QSPDVSBTFDSJBSVNBNCJFOUF SJDPFEJWFSTJçDBEP BUSBWªTEBVUJMJ[B¨¤P EFDBO¨¶FTFDBOUPTS®UNJDPT  FNUPOBMJEBEFTFNªUSJDBTWBSJBEBT  BDPNQBOIBEBTEFNPWJNFOUP 1SFUFOEFTF BTTJN FTUJNVMBSNVTJDBMNFOUF BDSJBO¨BEFTEFPOBTDJNFOUP  QSPQPSDJPOBOEPMIFFYQFSJ«ODJBTEFFTDVUB  EFBRVJTJ¨¤PFEFFYQMPSB¨¤PEPWPDBCVM¢SJP NVTJDBM OVNQSPDFTTPRVFTFBTTFNFMIB BPEBBQSFOEJ[BHFNEBM®OHVBNBUFSOB %*"%&"#3*- $PNQBOIJBEF%BO¨BEF"MNBEB

1BTJ´OEF#VFOB 7JTUB

/¤PQFSDB#MVF.BO(SPVQFN)PX5P#F ".FHBTUBS VNWFSEBEFJSPDPODFSUPSPDL DPOEV[JEPQPSUS«TFOJHN¢UJDBTQFSTPOBHFOT B[VJT GBNPTBTQFMPTTFVTFTQFDU¢DVMPT JOUFSBDUJWPT POEFBN»TJDB BDPNªEJBFB NVMUJNªEJBTFBMJBNFNQBMDP UPSOBOEPDBEB NPNFOUPOVNJOTUBOUF»OJDPFJOFTRVFD®WFM

6NHSBOEF FTQFDU¢DVMP RVFWBJDPOEV[J MPQBSBBTSVBT EF$VCB0UPQP EBTFTUSFMBTEFTUF QB®T OBFTDPMIB EPTDBOUPSFT FCBJMBSJOPT  BTNFMIPSFTDPSFPHSBçBT DFO¢SJPTFCFM®TTJNBT QSPKFD¨¶FTJS¤PDPORVJTU¢MPQFMPIVNPS FQFSTPOBMJEBEFEPQPWPDVCBOP

&453&*"%*"%&."3ˆ0  "VEJU´SJPEPT0DFBOPT -JTCPB

%*"%&."*0 $PMJTFVEP1PSUP %*"%&."*0 $PMJTFVEF-JTCPB

&453&*"%*"%&."*0 1BSRVF5FKP -JTCPB

#MVF.BO(SPVQ



NZHBMQ

."3ˆ0


MJWSPT DEFEWEDVMUVSB ·6E<F8¸

)¢WJEBEFQPJTEBDSJTF çHVSBTQPSUVHVFTBTSFèFDUFNTPCSFPFTUBEPBDUVBM EBFDPOPNJB BQPOUBOEPDBNJOIPTQBSBPGVUVSP ĒġģĚĞĖĚģĒĘģĒğĕĖSFnFYÍP SFGFSÐODJBTEPBDUVBMFTUBEPEB TPCSFBTDBVTBTEFVNBDSJTF FDPOPNJB JOUFSQSFUBEP OFTUB DPNPSJHFNOPT&TUBEPT FEJÎÍP QPSEFTUBDBEBTmHVSBT 6OJEPT OPBOPQBTTBEP  QPSUVHVFTBTEBVOJWFSTJEBEF FRVFSBQJEBNFOUFTF FEBWJEBFDPOØNJDB QSPQBHPVBPOÓWFMNVOEJBM FFNQSFTBSJBM %FQPJTEBHSBOEFEFQSFTTÍP  /PNFTDPNP%BOJFM EPDIPRVFQFUSPMÓGFSP EBDSJTF #FTTB %JPHP7B[(VFEFT  QFUSPMÓGFSBEBHVFSSB 'SBODJTDP.VSUFJSB/BCP  *SÍP*SBRVF EBDSJTFBTJÈUJDB +PÍP&SNJEB "OUØOJP "VUPS7¢SJPT FEPSFCFOUBSEBCPMIBDPN  $ÉNBSB +PBRVJN#PSHFT &EJUPSB#OPNJDT 1SF¨PTPCDPOTVMUB PNVOEPWPMUBBUFS (PVWFJBBTTJOBNFTUBPCSB EFFOGSFOUBSVNBDSJTF MBOÎBEBFN+BOFJSPDPN FDPOØNJDBFmOBODFJSB BDIBODFMBEB#OPNJDT&TTFODJBMQBSB ËFTDBMBHMPCBM DPNQSFFOEFSPFTUBEPEBFDPOPNJB "GBMÐODJBEFJNQPSUBOUFTHJHBOUFT HMPCBM BQPOUBUBNCÏNPTDBNJOIPT mOBODFJSPTFFNQSFTBSJBJTEFJYPV QBSBVNGVUVSPRVFÏ QBSBKÈ VN BEFTDPCFSUPQSÈUJDBTEFHFTUÍP FOJHNB BQFTBSEBIJTUØSJBFDPOØNJDB SFWFMBEPSBTEPQJPSEBOBUVSF[BIVNBOB KÈOPTUFSFOTJOBEPRVFIBWFSÈ 0TVCQSJNF BFTQFDVMBÎÍP PTGVUVSPTF NBJTFNFMIPSNVOEPQBSBMÈ BTPĊTIPSFTTÍP FOUSFPVUSBT BTHSBOEFT EBDSJTF 

TabffTfX_XV}b $% /P-JOFPOUIF)PSJ[PO6

%FTUBDPPSFDFOUF/P-JOF POUIF)PSJ[PO0T6 TFNQSFEFNPOTUSBSBN VNBJNQSFTTJPOBOUF DBQBDJEBEFEFJOPWB¨¤P BDBEB¢MCVN"TVBRVBMJEBEFNVTJDBM  BFMFDUSJ[BOUFSPNBODFSPBPWJWPFP TFVQBQFMBDUJWPOBEFGFTBEPTEJSFJUPT IVNBOPTç[FSBNEFMFTVNBCBOEB EFDVMUP"O¤PQFSEFSé #SVOP.BSRVFT 6/*OUFSOBDJPOBM0JM

%7% 8BMMF%JTOFZ1JYBS

6NEPTNFMIPSFTçMNFT EFBOJNB¨¤PEF  NBJTQBSBBEVMUPTEP RVFQBSBDSJBO¨BT DPN VNBJNBHJOB¨¤PWJTVBM USBOTCPSEBOUFFVNBIJTU´SJBNVJUPCFN EFTFOWPMWJEBFPSJHJOBM DPNVNUPRVF FDPM´HJDPFNPDJPOBOUF6NçMNFQBSB UPEPT NVJUPBSSPKBEPOBDPODFQ¨¤P WJTVBMFOPEFTFOWPMWJNFOUPEBUSBNB 0TDBS3PESJHVF[ (BMQ&OFSHJB&TQBOIB

%7% 4IJOFB-JHIU3PMMJOH4UPOFT

iXebhi\eX_Xe

6NDPODFSUPEPT3PMMJOH 4UPOFTçMNBEPQPS.BSUJO 4DPSTFTF RVFª FN QBSUF VNEPDVNFOU¢SJP TPCSFTPOIPTBOUJHPT B NPTUSBS QPSFYFNQMP  $IBSMJF8BUUTJODMJOBEPBTFHVJSDBSSFJSB DPNPQJOUPS"DFSDBEPDPODFSUPQPVDP I¢BEJ[FS$PSSFTQPOEFFYBDUBNFOUF ¡TFYQFDUBUJWBTªSPDLO×SPMMé 7®UPS1JUFJSB 6/"3- -PH®TUJDBF%JTUSJCVJ¨¤P

4FOTJCJMJEBEF F#PN4FOTP

/P-JOFPO5IF )PSJ[PO

,SPOPT

%F"OH-FF (ªOFSP3PNBODF

%F6 &EJUPSB6OJWFSTBM

"EBQUB¨¤PBPDJOFNB EFVNBEBTHSBOEFT PCSBTEF+BOF"VTUFO BHPSBEJTQPO®WFMOVNB FEJ¨¤PFTQFDJBMEF EPJTEJTDPTDPNW¢SJPT EPDVNFOU¢SJPT DFOBT BEJDJPOBJTFEJWFSTPT DPNFOU¢SJPT

1SJNFJSPEJTDPEPT 6FNDJODPBOPT  EFQPJTEPNVJUPCFN TVDFEJEP)PX5P %JTNBOUMFBO"UPNJD #PNC OVNSFHJTP RVFO¤PEFDFQDJPOBS¢ BWBTU®TTJNBMFHJ¤P EFG¤T

0VUSBOPWJEBEF EJTDPHS¢çDBEF.BS¨P 0OPWP¢MCVNEF $SJTUJOB#SBODPUFN PUFNQPDPNPUFNB QSJODJQBMFBQSFTFOUB DBO¨¶FTDPNQPTUBTQPS EJWFSTPTOPNFT DPNP +PTª.¢SJP#SBODP F$BSMPT#JDB

1SF¨PTPCDPOTVMUB

1SF¨Pä  OB8PSUFO

1SF¨PTPCDPOTVMUB

%F$SJTUJOB#SBODP &EJUPSB6OJWFSTBM

03BQB[EP1JKBNB ¡T3JTDBT

-JWSP

1PS+PIO#PZOF &EJUPSB"TB

"4PNCSBEP7FOUP $BSMPT3VJ[;BG´O

6NBFYUSBPSEJO¢SJB IJTU´SJBEFBNJ[BEF FOUSFEVBTDSJBO¨BT TFQBSBEBTQFMPT IPSSPSFTEBHVFSSB  OVNBPCSBEP JSMBOE«T+PIO#PZOF SFDFOUFNFOUF BEBQUBEBBPDJOFNB

)¢MJWSPTRVFOPT NBSDBN TFKBQFMB TVBIJTU´SJB QFMPT TFOUJNFOUPTRVFOPT JOTQJSBNPVQFMBGPSNB TVCMJNFDPNPFTU¤PFTDSJUPTŠÙVNB IJTU´SJBJOFTRVFD®WFMTPCSFPTTFHSFEPTEP DPSB¨¤PFPGFJUJ¨PEPTMJWSPTÚ*NQFSE®WFM

1SF¨Pä  OB'OBD

"OB1BUS®DJB4FRVFJSB 1MBOFBNFOUPF$POUSPMP$PSQPSBUJWP

."3ˆ0

NZHBMQ




SFTUBVSBOUFRVJOUBEFDBCSJ[

z_TVTegX $"#3*50 .0%" %&$"#3*; 5FOUB¨¤PQBSBPT TFOUJEPT EPPMIBS BPHPTUP

cTeTUXUXe 26*/5"%0$"4"- #3"/$05*/50 

F45BE8F78@8F4

$P[JOIBEFJOTQJSB¨¤PCFJS¤ /FTUFSFTUBVSBOUFEF$BSSFHBMEP4BMI¢NVJUPTEVFUPTEFDPNJEB FWJOIPTQBSBPQSB[FSEPTTFOUJEPT ĥĖĞĕĖTFRVFSFSMÈJS"mOBM P VNBTÏSJFEFQSBUPTEFJOTQJSBÎÍPCFJSÍ  SFTUBVSBOUFEB2VJOUBEF$BCSJ[mDB FOUSFPTRVBJTTFTBMJFOUBNPDBCSJUPË MPOHFEPTQSJODJQBJTDFOUSPTVSCBOPT NPEBEF$BCSJ[ BWJUFMBBTTBEBË-BGÜFT  EP1BÓT OP1MBOBMUP#FJSÍP NBJT PDPFMIPOBDBUBQMBOB BQFSOBEFCPSSFHP DPODSFUBNFOUFFN$BSSFHBMEP4BM BTTBEB&OUSFBPGFSUBEFQSBUPTEFQFJYF  "QSPYJNJEBEFEBTFSSBEB&TUSFMB VN PCBDBMIBVDPNCSPBË$BCSJ[ PQPMWP DIBNBSJ[OFTUBBMUVSBEPBOPRVBOEP ËMBHBSFJSPFPQPMWPQBOBEPTÍPCPOT TFFODPOUSBDPCFSUBEFOFWF ÏCPN QSFUFYUPTQBSBBEFTMPDBÎÍP QSFUFYUPQBSBBEFTMPDBÎÍP.BTB 0SFTUBVSBOUF RVFQFSUFODFË(MPCBM 3FHJÍPEP%ÍPUFNNVJUP 8JOFT UFNVNBDBSUB NBJTQBSBPGFSFDFSPT EFWJOIPTCBTUBOUF %"%04 TFVTSJPT P$BSBNVMP  EJWFSTJmDBEB DPNNBJT "OUJHBFTUSBEB/ BFYDFMÐODJBEPTTFVT EFVNBDFOUFOBEF 4VEPFTUF ,N WJOIPTFDPNFSFT-PHP SFGFSÐODJBTEFEJGFSFOUFT $BSSFHBMEP4BM OBFOUSBEBEFTUBDBTB  SFHJÜFT %ÍP #BJSSBEB  "CFSUPEBT¡TIPSBT VNQFRVFOPCBSQPEFTFS "MFOUFKP &TUSFNBEVSB  /¤PFODFSSB QSFUFYUPQBSBBQSFDJBSB %PVSPF#SBTJM 'JDBBRVJ 5FM GSFTDVSBEPFTQVNBOUF BTVHFTUÍPEP2VJOUBEP 1SF¨PNªEJP CSBODPEBDBTB GSFTDP  &ODPOUSP1SFUPF#SBODP FVSPT GSVUBEP DPNCPBBDJEF[  UJOUPGFJUPEFVWBT /¤PGVNBEPSFT FBSPNBTBNBÎÍFQÐSB UJOUBTFCSBODBTDPNVNB 1BSBRVFNHPTUBEBTVB SFMBÎÍPQSFÎPRVBMJEBEF DPNQBOIJB ÏCPNQBSDFJSPEFBMHVNBT BHSBEÈWFM FYDFMFOUFDPNQBOIJBEFNFTB EBTFOUSBEBT DBTPEBTQBUBOJTDBT  QBSBPTQSBUPTTVHFSJEPT"OUFTPVEFQPJT TBMBEBTEFQPMWPFPSFMIBEFQPSDPPV EPSFQBTUP mDBBJOEBBTVHFTUÍPEF NFTNPBNPSDFMBEB#FJSBHSFMIBEB" VNBWJTJUBËBEFHBQBSBDPOIFDFSBTVB QBSUJSEBRVJ PDIFGF%JPHP3PDIBQSPQÜF IJTUØSJB PTTFVTWJOIPTFBTVBmMPTPmB 

NZHBMQ

."3ˆ0

$PSSVCJCSJMIBOUF  BSPNBTDPNQMFYPT EFGSVUPTWFSNFMIPT NBEVSPTFOPUBT EFDIPDPMBUF /BCPDB SFWFMB FTUSVUVSBFMFHBOUF  UBOJOPTNVJUPTVBWFT FOPUBTEPDFT EFDPNQPUB0çOBM ªMPOHPFGSVUBEP

(6"3%"3*04 #3"/$0  %FBTQFDUPM®NQJEP FDPSDJUSJOB FTUFCSBODP SJCBUFKBOPBQSFTFOUBBSPNBT USPQJDBJTDPNOPUBT EFNBSBDVK¢ NBOHB FBOBO¢T/BCPDB  ªHPSEPFGSFTDP EFMJDBEP  DPNBDJEF[NVJUPWJWB FçOBMDIFJPFWJCSBOUF

26*/5"%"$"#"ˆ"%0$ "-&/5&+05*/50  .PTUSBBSPNBTVBWF BGSVUPTWFSNFMIPTNBEVSPT  FTQFDJBEP DPNQMFYBEP QFMPFTU¢HJPFNCBSSJDB /PQBMBEBS TBMJFOUBNTF BTOPUBTEFUPSSFGBD¨¤P  RVFFWPMVFNQBSBBSPNBT GSVUBEPT OVNDPOKVOUP CFNFRVJMJCSBEP

26*/5"%01035"- 5*/503&4&37"  &WJEFODJBBSPNBTEFGSVUB NBEVSBFèPSBJTFNQFSGFJUB IBSNPOJBDPNBTOPUBT EFDBSWBMIP ŠFTUSVUVSBEPOBCPDB  DPNUBOJOPTTVBWFT NBTFYQSFTTJWPT  FNFRVJM®CSJPDPNBGSVUB  FBMHVNDIPDPMBUF


CBJSSPTBDPSF IJ TU´SJBT 3&410/4"#*-*%"%&40$*"-

$PODFJUPSFDFOUFDPNQS¢UJDBTBOUJHBT ĒĘĒĝġĖğĖģĘĚĒUFNEFTEFBTTVBTPSJHFOT VNQBQFMBDUJWPKVOUPEBTDPNVOJEBEFT POEFFYFSDFBTVBBDUJWJEBEF FOWPMWFO EPTFOBTRVFTUÜFTRVFTFQSFOEFNDPN BNFMIPSJBEBTTVBTDPOEJÎÜFTEFWJEB "NFTNBQSFPDVQBÎÍPTFWFSJmDBFNSFMBÎÍP BPTDPMBCPSBEPSFT RVFBJOEBIPKFVTVGSVFN EFBMHVOTCFOFGÓDJPTRVFMIFTFTUÍPDPO TBHSBEPTDPNPIFSBOÎBEPQBTTBEP&TUB QPTUVSBFNQSFTBSJBM RVFBDUVBMNFOUFTF FORVBESBOPÉNCJUPEBSFTQPOTBCJMJEBEF TPDJBM GPSUBMFDFBSFEFEFSFMBÎÜFTRVFTF

FTUBCFMFDFOBFNQSFTBFOBDPNVOJEBEFF NBSDBVNBGPSUFJEFOUJEBEFDVMUVSBM "SFTQPOTBCJMJEBEFTPDJBM FOUFOEJEB DPNPVNDPODFJUPTFHVOEPPRVBMBTPSHB OJ[BÎÜFTEFDJEFN OVNBCBTFWPMVOUÈSJB  DPOUSJCVJSQBSBVNBTPDJFEBEFNBJTKVTUB FFRVJMJCSBEB GPJBMHPRVFTFNQSFFYJTUJV OBFNQSFTB&NCPSB QPSWF[FT DPNPVUSBT SPVQBHFOT BQSFPDVQBÎÍPTPDJBMPDVQPV EFTEFTFNQSFMVHBSEFEFTUBRVFOBFTUSB UÏHJBEBTFNQSFTBTRVFEFSBNPSJHFNË (BMQ&OFSHJB

3&7*7""4.&.”3*"4ê $PNVNB¢SFBEFIFDUBSFT MPDBMJ[BEPT OB#PCBEFMB 4BDBWªNÔ-PVSFT P#BJSSPEB 4BDPS NBJTUBSEF#BJSSPEB1FUSPHBM FNCPSB DPNBEFOPNJOB¨¤PPçDJBMEF#BJSSP%S 0MJWFJSB4BMB[BS GPJNBOEBEPDPOTUSVJSQFMB 4BDPSQBSBQSPQPSDJPOBSBMPKBNFOUPBPT TFVTDPMBCPSBEPSFT"TTPDJBEPT¡DPOTUSV¨¤P EPCBJSSP GPSBNEJTQPOJCJMJ[BEPTWBSJBEPT TFSWJ¨PT RVFFNNVJUPDPOUSJCV®SBNQBSB BNFMIPSJBTJHOJçDBUJWBEBTDPOEJ¨¶FT EFWJEBEPTDPMBCPSBEPSFTFEPTTFVT GBNJMJBSFT"QSJNFJSBGBTFEFDPOTUSV¨¤P  DPODMV®EBBEF+VMIPEF UFWFDPNP QBUSPOPFJOTQJSBEPSPFOHFOIFJSP%VBSUF

EP"NBSBM WJDFQSFTJEFOUFEPDPOTFMIPEF BENJOJTUSB¨¤PEB4BDPS4FOEPVNBFTQªDJF EFDPOEPN®OJPGFDIBEP JODMV®B BMªNEBT IBCJUB¨¶FT EBTRVBJTNPSBEJBT  W¢SJBTJOGSBFTUSVUVSBTBPEJTQPSEPT NPSBEPSFT DPNPQPTUPNªEJDP DPPQFSBUJWB EFDPOTVNPQBSBPQFTTPBM DFOUSPTPDJBM  DPNVNBDSFDIF TBMBEFEJWFST¤P CBS  CJCMJPUFDBFHJO¢TJP0CBJSSPEJTQVOIBBJOEB EFVNBQFBEFJSPEFDPNCPJP QBSBGBDJMJUBS BTEFTMPDB¨¶FTEPTDPMBCPSBEPSFTQBSBB 3FçOBSJBEF$BCP3VJWP VNQPTUPEFDPSSFJP  VNBJHSFKBFEVBTFTDPMBTQSJN¢SJBT2VBOUP ¡TSFOEBT UJOIBNVNWBMPSRVBTFTJNC´MJDP

"-*$&$6/)"  4&37*ˆ04+63Ž%*$04%"("-1&/&3(*"

·BUT\eebXeTVNBDPJTBGBOU¢TUJDBé4´RVFN PDPOIFDFVªRVFDPOTFHVFQFSDFCFSBTVB EJNFOT¤P&SBVNBDJEBEF QPSRVFUJOIBUVEP JHSFKB FTDPMBQBSBSBQB[FTFFTDPMBQBSBSBQBSJHBT  DSFDIF QPTUPNªEJDP DPPQFSBUJWB VNDBGªDPN VNBTBMBQBSBKPHBS¡TEBNBTF¡TDBSUBTFP FEJG®DJPEFBTTJTU«ODJBTPDJBM RVFFSBVNDBTUFMP BOUJHP UPEPEFQFESB DPNVNBUPSSF POEFFSBP HJO¢TJP5PEBTBTQFTTPBTRVFM¢USBCBMIBWBNFSBN GVODJPO¢SJPTEB4BDPS2VBTFUPEBTBTQFTTPBT TFDPOIFDJBN QPSRVFUSBCBMIBWBNOBSFçOBSJB 0TNJ»EPTJBNUPEPTQBSBBNFTNBDSFDIF  EFQPJTQBSBBNFTNBFTDPMBQSJN¢SJBß /BBMUVSB VT¢WBNPTCJCFTJHVBJT BPT RVBESBEJOIPTB[VJTFDPSEFSPTB FFTUJWFNPT QSFTFOUFTOBJOBVHVSB¨¤PPçDJBMEPCBJSSP QFMP 1SFTJEFOUFEB3FQ»CMJDBEBBMUVSB P4S$POUSB "MNJSBOUF"NªSJDP5IPNB['PJFOHSB¨BEPé2VFN GB[JBBQPOUFEBTOFDFTTJEBEFTFEFUVEPPRVFTF QBTTBWBOPCBJSSPFSBVNDPSPOFMRVFNBOEBWB BMJ2VBOEPRVFS®BNPTDPOWJEBSBMHVªNQBSBJSM¢ BDBTB U®OIBNPTEFJOGPSNBSP4S$PSPOFM QPSRVF ¡TIPSBTPTQPSU¶FTEPCBJSSPGFDIBWBN/¤P QSFDJT¢WBNPTEFTBJSEPCBJSSPQBSBOBEB5JOIB JNFOTPTKBSEJOT UPEPTNVJUPCFNDVJEBEPT"MJ¢T  BRVFMB[POBªPQVMN¤PEF-PVSFT QPSRVFO¤P I¢PVUSB[POBWFSEFJHVBMOPDPODFMIPŠSBNPT QSJWJMFHJBEPTéÚ

$0/%0.Ž/*0'&$)"%0

)"#*5"ˆ„0

0CBJSSPDPOUSJCVJVQBSBBNFMIPSJBEBTDPOEJ¨¶FTEFWJEBEPTUSBCBMIBEPSFT

)BWJBIBCJUB¨¶FT EBTRVBJTFSBNNPSBEJBT

7XfVhUeT`T\f`X`‰e\TffbUeXT:T_c8aXeZ\TI\f\gXb@hfXhI\WTf:T_cX`[ggc-""i\WTf!ZT_cXaXeZ\T!Vb`

."3ˆ0

NZHBMQ




OFWFBOEPSSB

&OUSFOFWFFèPSFTUB .FDBEPTBNBOUFTEBOFWF "OEPSSBPGFSFDFW¢SJBTPQ¨¶FTQBSBRVFNHPTUB EFFTRVJ&UFNCBTUBOUFNBJTQBSBPGFSFDFS UFYUPEF+PTÏ.JHVFM%FOUJOIP



NZHBMQ

'&7&3&*30


'&7&3&*30

NZHBMQ




OFWFBOEPSSB

ĠġģĚğĔĚġĒĕĠEF"OEPSSBQPEFTFSDPO TJEFSBEPVNBQFRVFOBDBJYBEFTFEVÎÍP &ODMBVTVSBEPOPT1JSFOÏVT BDPSEJMIFJ SBBMUBOFJSBRVFTFQBSB RVBMHJHBOUFTDB NVSBMIB 'SBOÎBEF&TQBOIB ÏDPOIFDJEP FTTFODJBMNFOUFDPNPMPDBMPOEFTFQPEF DPNQSBSEFUVEPBQSFÎPTUFOUBEPSFT.BT FTUFQFRVFOPQBÓT EFLN SFTFSWBBPT RVFPWJTJUBNPVUSBTTVSQSFTBT "DP[JOIBBOEPSSBOBUFNNVJUPTQPOUPT FNDPNVNDPNBEB$BUBMVOIB&OUSFPSF QPSUØSJPEBTFTQFDJBMJEBEFTHBTUSPOØNJDBT EPQSJODJQBEP UFNPTSPTUFTBMNFM QFEB ÎPTEFQSFTVOUPDP[JOIBEPTDPNNFMFVN UPRVFEFWJOBHSFUSVJUFT USVUBTDPNBMIPF QJNFOUBUSVUBTDPNBNÐOEPBTQSBUPTEF DBÎB DPNPBQFSEJ[ PDPFMIPPVBMFCSF  PVDPTUFMMFTBMBMMPTB DPTUFMFUBTBTTBEBT OBQFESB 0 BMMJPMJ EF DPEPOZ  GFJUP Ë CBTF EF NBSNFMPDP[JOIBEPDPNBMIPFB[FJUF Ï VUJMJ[BEPQBSBBDPNQBOIBSDFSUPTQSBUPT $PNPBQFSJUJWP QPEFTFDPNFSPUSJYBU  VNBNJTUVSBEFMJDJPTBEFDPVWFWFSEF CB UBUBTFQFEBÎPTEFCBDPO 0TRVFJKPTEFBMUBNPOUBOIBUBNCÏN NFSFDFNVNSFQBSPFTQFDJBM EFTUBDBOEP TFP5VQJ RVFÏGFSNFOUBEPFNSFDJQJFOUFT EFCBSSP"DP[JOIBUÓQJDBBOEPSSBOBQPEF TFSEFHVTUBEBOVNEPTSFTUBVSBOUFTSF HJPOBJT BTCPSEBT4ÍPBTDBTBTEFQFESBF NBEFJSBPOEFFSBNSFDPMIJEPTPTBOJNBJT  BHPSBSFDPOWFSUJEBTFNFTUBCFMFDJNFOUPT EFSFTUBVSBÎÍP



1"35*3%&4$0#&35" %FTQFSUBS BJOEBBOUFTEFP4PMTFNPTUSBS OPDÏV FPMIBSQBSBPTFMFWBEPTDPOUSBGPSUFT RVFFODMBVTVSBN"OEPSSBMB7FMMBQSPWPDB VNBFMFWBEBTFOTBÎÍPEFQB[/P*OWFSOP  RVBTFUVEPTFDPCSFEFCSBODPBQBSUJSEF NFJBFODPTUB/P0VUPOP BPMPOHPEBTFO DPTUBTIÈVNBNFTDMBBHSBEÈWFM EPWFSEF BPDBTUBOIP1FSNJUFEJTUJOHVJSBTÈSWPSFT EFGPMIBQFSFOFEBTEFGPMIBDBEVDB -ÈOPBMUP ËNFEJEBRVFPBTUSPSFJUJO HFEFB[VMPDÏV PSFDPSUFEBTNPOUBOIBT DPNFÎBBWJTMVNCSBSTF²IPSBEFQBSUJSË EFTDPCFSUB1BSBRVFNUFNPQSJWJMÏHJPEF

TPCSFWPBSEFIFMJDØQUFSPPNBJPSEPTNBJT QFRVFOPT&TUBEPTEPNVOEP "OEPSSBÏ WFSEFFTDVSPOPGVOEPEPTWBMFT0UPN NJTUVSBTFDPNPCSBODPEBÏQPDBËNFEJEB RVFTFTPCFBNPOUBOIB QPOUVBEBQFMP WFSEFEBTÈSWPSFTFQFMPTJOÞNFSPTBNBOUFT EPFTRVJRVFBTTBMUBN"OEPSSBOFTUBÏQPDB EPBOP/P*OWFSOP PQSJODJQBEPDPCSFTF EFVNNBOUPEFOFWF

0&426* 6NQPVDPQPSUPEPPMBEPWÐFNTFQJTUBT EFFTRVJFFMFWBEPSFT²PDBTPEPDPNQMFYP EBFTUBÎÍPEFFTRVJEF1BM VNEPTNVJUPT

*/'03."ˆ–&4›5&*4 "OEPSSBªVNQB®TEFPQPSUVOJEBEFT EFUVSJTNPEFNPOUBOIB 26"/%0*3 1BSBPFTRVJ BNFMIPSBMUVSBTFS¢TFNQSF PQFS®PEPEF*OWFSOP%VSBOUFPUFNQP RVFOUF QPEFTFGB[FSQBTTFJPTBQªPVEF CJDJDMFUB RVFUBNCªNQPEFTFSBQSPWFJUBEB QBSBGB[FSEFTDJEBTWFSUJHJOPTBT

$0.0*3 2VFNQSFGFSJSEFTDPMBSTFEFDBSSP UFS¢EF QFSDPSSFSDFSDBEFLNBUªFOUSBSOP QSJODJQBEP"QBSUJSEF-JTCPB EFWFJSWJB .BESJE 4BSBHP¨B -ªSJEB 1POUTBUª"OEPSSB

"/„01&3%&3 "PQPSUVOJEBEFEFGB[FSCPBTDPNQSBT PVVTVGSVJSEPDPNQMFYPUFSNBMEF$BMEFB

 

NZHBMQ

."3ˆ0


MPDBJTPOEFTFQPEFQSBUJDBSEFTQPSUPTOB OFWFOFTUFQBÓT/FMFFYJTUFNNBJTEFVNB DFOUFOBEFQJTUBT DPCSJOEPBMHVOTNJMIBSFT EFIFDUBSFTEFUFSSFOP$FOUSPTEFDBOIÜFT EFOFWFHBSBOUFNBQSÈUJDBEFFTRVJEVSBOUF UPEBBÏQPDB OVNB[POBPOEFP*OWFSOP OÍPÏNVJUPSJHPSPTP %PQBSRVFEFFTUBDJPOBNFOUPEBQJTUB EF1BMQPEFPCTFSWBSTFP$PNB1FESPTB  PQJDPNBJTFMFWBEPEPQSJODJQBEP DPN NEFBMUJUVEF1FSUPEBMJmDBBFTUBÎÍP EF"SJOTBM DPNPTTFVTLNEFQJTUBT EFFTRVJBMQJOP.BJTBPMPOHF QFSUPEB GSPOUFJSBDPNPQBÓTEPTHBVMFTFT TJUVB TFPDPNQMFYPEFQJTUBTEF0SEJOP"SDBMJT  BRVFMFRVFPGFSFDFOP7FSÍPNBJPSEJWFSTJ EBEFEFQPTTJCJMJEBEFTEFQSBUJDBSEFTQPSUP BWFOUVSB.BTUBNCÏNFYJTUFPDPNQMFYP (SBOE7BMJSB DPNBTTVBTTFJTFTUBÎÜFTEF

FTRVJFEF[FOBTEFBMUFSOBUJWBTEFQJTUBT ²EJGÓDJMOÍPBTFODPOUSBS QPJTEJTQÜFNTF BPMPOHPEBFTUSBEBRVFBUSBWFTTBUPEPP QBÓT MJHBOEP&TQBOIBB'SBOÎB 1BSBPTBNBOUFTEB/BUVSF[B IÈWÈSJBT IJQØUFTFTEFQFSDPSSFSPQBÓTBQÏ"TJO GPSNBÎÜFTEFWFNTFSPCUJEBTOPUVSJTNP FPJUJOFSÈSJPUFNEFTFSQSFQBSBEPDPN QSFDJTÍP1BSBBMÏNEJTTP OÍPEFWFNTFS 3&53"504%&"/%033" 0DPNQMFYPEFTFJTFTUB¨¶FTEFFTRVJ JODMV®EBTOB[POBEF(SBOE7BMJSB PGFSFDFPQ¨¶FTQBSBUPEBTBTJEBEFT /BTFTUB¨¶FTEFFTRVJEF(SBO7BMJSB BTQBVTBTSFUFNQFSBNGPS¨BT OVNBQBJTBHFNEFTMVNCSBOUF 1JTUBTEFOFWFFN1BTEFMB$BTB BFTUB¨¤P NBJTQS´YJNBEF'SBO¨B POEFGBDJMNFOUFQPEF FODPOUSBSQPSUVHVFTFTBUSBCBMIBSOBTMPKBTMPDBJT

FTRVFDJEBTBTOPSNBTCÈTJDBTBTFHVJSOFTUF UJQPEFEFTQPSUPBWFOUVSB "OEPSSBQPEFTFSWJWJEBDPNJOUFOTJEB EF OVNCVMÓDJPEFDPNQSBT POEFQFSGV NBSJBTUSPQFÎBNFNMPKBTEFFRVJQBNFOUPT EFTPNFJNBHFNPVFNHSBOEFTDFOUSPT DPNFSDJBJT1PEFTFSUBNCÏNVNFODPOUSP DPNBNPOUBOIB OBQB[EPUFNQPRVFOUF & ÏDMBSP PFTRVJFPTPVUSPTEFTQPSUPT EFOFWF UVEPBDUJWJEBEFTGBUJHBOUFT.BT PQSJODJQBEPBJOEBPGFSFDFVNBPVUSBSJ RVF[BOBUVSBMUFSNBT$BMEFBÏDPNPVN QBMÈDJPEFÈHVB FNRVFFTUBÏVUJMJ[BEB QBSBPCFNFTUBS7ÈSJBTBDUJWJEBEFT QBT TÓWFJTEFDPODSFUJ[BSTFNFTGPSÎP EFTEFB IJESPNBTTBHFNBPCBOIPUVSDPPVTBVOB  USBOTGPSNBNPOPTTPDPSQPOVNCPNTÓUJP QBSBNPSBS/PmOBMEPEJB ÏTØQBSUJSQBSB VNBCPBOPJUFEFTPOP

/P*OWFSOP PTFMFWBEPSFT EBTDFOUFOBTEFQJTUBT EFFTRVJEF"OEPSSB FODIFNTFEFBNBOUFT EPFTRVJFEFPVUSPT EFTQPSUPTEFOFWF



."3ˆ0

NZHBMQ




PQJOJ¤PDBNJMPMPVSFO¨P

0TEFTBçPTEB(BMQ&OFSHJB *OUFSOBDJPOBMJ[B¨¤P RVFCSBEPQSF¨PEPQFUS´MFPFJNBHFNT¤P QBSBPKPSOBMJTUB  US«THSBOEFTEFTBçPTEBFNQSFTB ĤŝĠģĒģĠĤPTDBTPTEFiSFWPMVÎÜFTwFN FNQSFTBTRVFTÍPRVBTFJOTUJUVJÎÜFT1FMB IJTUØSJBRVFUÐNFQFMPQFTPRVFFTTBIJT UØSJBMIFTDPOGFSF"(BMQ&OFSHJBÏVN EFTTFTFYFNQMPT%FGBDUP QBTTBSEFQMBZFS RVBTFFYDMVTJWBNFOUFEFEJDBEPËSFmOBÎÍP FEJTUSJCVJÎÍPBiBTQJSBOUFwDPNBNCJÎÜFT OPTFDUPSEBFYQMPSBÎÍPQFUSPMÓGFSB FN QPVDPTBOPT ÏPCSB $PNPRVBMRVFSBOBMJTUBQPEFBUFTUBS B iSFWPMVÎÍPwQPSRVFQBTTBB(BMQ&OFSHJB OÍPFTUÈDPNQMFUB1PSRVFUSBOTGPSNBÎÜFT DPNPBRVFMBQPSRVFQBTTBBFNQSFTBMFWBN UFNQPFDBQJUBM QPSRVFPVQTUSFBNÏVN TVHBEPVSPEFDBQJUBM &DBQJUBMÏDPJTBRVF OÍPFYJTUFOFTUFNPNFOUPFNBCVOEÉODJB OPNVOEP QPSRVFBDSJTFmOBODFJSBFTUÈ BUFSQSPGVOEPJNQBDUPOPTNFSDBEPTEF DBQJUBJTFOBCBODB&PQJPSÏRVFOJOHVÏN TBCFRVBOEPÏRVFBTJUVBÎÍPWBJFTUBSSF HVMBSJ[BEB/FTTFTFOUJEP BNBOVUFOÎÍP EPQMBOPEFJOWFTUJNFOUPT BOVODJBEPSF DFOUFNFOUFQFMP$IJFG&YFDVUJWF0ċDFSEB (BMQ&OFSHJB ÏVNBCPBOPUÓDJB1PSRVF OÍPÏGÈDJMJSCVTDBSDBQJUBMQBSBmOBODJBS JOWFTUJNFOUPTRVFUPUBMJ[BNNJMNJMIÜFT EFFVSPT EFRVFBFNQSFTBQSFDJTBQBSB HBOIBSQFTPFNNFSDBEPTDPNPB"NÏSJDB -BUJOBF«GSJDB ²DMBSPRVFDBQJUBMOÍPÏUVEP EJSNF ÍP²WFSEBEF/FTTFBTQFDUP WBMFBQFOB PMIBSQBSBBFTUSBUÏHJBEFDSFTDJNFOUPRVF BFNQSFTBUFNWJOEPBTFHVJS OPTFOUJEP EBJOUFSOBDJPOBMJ[BÎÍP FDPNQBSÈMBDPN BQFSGPSNBODFEFBMHVNBTEBTTVBTDPO HÏOFSFT JODMVTJWFBTEFEJNFOTÍPNBJPS FDPNNBJTBSDBCPJÎPmOBODFJSP QBSB QFSDFCFSRVFVNQMBOPCFNQFOTBEPQPEF QSPEV[JSNJMBHSFT0FYFNQMPRVFNFMIPS JMVTUSBFTUBUFTFÏPRVFTFFTUÈBQBTTBS DPNBBQPTUBOP#SBTJM EFQBSDFSJBDPNPT CSBTJMFJSPTEB1FUSPCSBT POEFBTTVDFTTJWBT EFTDPCFSUBTEFKB[JEBTQFUSPMÓGFSBTBVHV SBNVNCPNGVUVSPËFNQSFTB  .BTFTUFOÍPÏPÞOJDPEFTBmPEB(BMQ &OFSHJB"FNQSFTBDPOGSPOUBTFDPNEPJT PVUSPTQSPCMFNBTBRVFCSBEPQSFÎPEP 

NZHBMQ

."3ˆ0

$BNJMP-PVSFO¨P +PSOBMJTUB

Ù/¤PªG¢DJM JSCVTDBSDBQJUBM QBSBçOBODJBS JOWFTUJNFOUPTÚ

#*0(3"'*" Þ$BNJMP-PVSFO¨Pª KPSOBMJTUBFDPO´NJDP FEPDFOUFVOJWFSTJU¢SJP $PNF¨PVO×0+PSOBM  GPJGVOEBEPSEP%J¢SJP &DPO´NJDPFEJSFDUPSEB SFWJTUB7BMPS EFPOEFTBJV QBSBBTTVNJSBEJSFD¨¤P EB&YBNF'PJFEJUPS EFFDPOPNJBEBS¢EJP $.3F3¢EJP$PNFSDJBM FDPNFOUBSJTUBEB4*$ /PU®DJBTŠDPMVOJTUBEP +PSOBMEF/FH´DJPT 3FDPSE FDPNFOUBSJTUBEB351  3¢EJP$MVCF1PSUVHV«T F5W/FU

QFUSØMFPFBJNBHFN0QSJNFJSPUFNBWFS DPNBSFOUBCJMJEBEFEFBMHVOTJOWFTUJNFO UPT OPNFBEBNFOUFOP#SBTJM EFWJEPË RVFEBWJPMFOUBEPQSFÎPEPDSVEFOPTÞM UJNPTTFUFNFTFTPQFTBEPJOWFTUJNFOUPB SFBMJ[BSOBRVFMBTKB[JEBT POEFBDBQUBÎÍP EFQFUSØMFPTFSÈGFJUBBNBJTEFRVBUSPNJM NFUSPTEFQSPGVOEJEBEF ÏSFOUÈWFMTFP QFUSØMFPTFNBOUJWFSBCBJYPEPTEØMBSFT QPSCBSSJM "RVFTUÍPÏQFSUJOFOUF NBTP QSPCMFNBUFNEFTFSBOBMJTBEPDPNCBTF OPQSFÎPNÏEJPEPCBSSJMBMPOHPQSB[PF OÍPBQFOBTPMIBOEPQBSBPQSFÎPNÏEJPEF USÐTPVRVBUSPNFTFT1PSRVFÏBMUBNFOUF JNQSPWÈWFMRVFPQSFÎPEPCBSSJMEFQFUSØ MFPmRVFBCBJYPEPTEØMBSFTRVBOEPB FDPOPNJBNVOEJBMEFSTJOBJTEFJOWFSTÍP BMHVSFT TFOÍPIPVWFSNBJTEFTBTUSFTm OBODFJSPT BQBSUJSEF  0TFHVOEPÏVNQSPCMFNBEFJNBHFN  RVFUFNEFTFSMFWBEPNVJUPBTÏSJPQFMB FNQSFTB"JNBHFNEB(BMQ&OFSHJBGPJ NVJUPBGFDUBEBEVSBOUFPTNFTFTFNRVFTF WFSJmDBSBNBVNFOUPTRVBTFTFNBOBJTOPT QSFÎPTEBHBTPMJOBFEPHBTØMFP RVBOEP PQFUSØMFPBUJOHJVPiQJDPw FN+VMIPEF  2VBMRVFSFNQSFTBRVFOÍPRVFJSB FNVMBSB4BOUB$BTBEB.JTFSJDØSEJBGB[  OBUVSBMNFOUF SFQFSDVUJSPTQSFÎPTEBNB UÏSJBQSJNBOPQSFÎPmOBMEPQSPEVUP/P DBTPEB(BMQ&OFSHJB QFMPQFTPEBFNQSFTB OPNFSDBEP QFMBEFNPSBFNFYQMJDBSP GFOØNFOPBPTDPOTVNJEPSFTFQFMBTTV CJEBTGSFRVFOUFTBNFOTBHFNOÍPQBTTPV ²TFHVSBNFOUFVNBÈSFBBNFMIPSBSOP GVUVSP4PCSFUVEP QPSRVFÏQSFDJTPUFS FNDPOUBRVFPTQSFÎPTOÍPTFWÍPNBOUFS FUFSOBNFOUFOPTBDUVBJTOÓWFJT &OFNQBSFDFVNBFTUSBUÏHJBEJGÓDJMEF DPODSFUJ[BS1PSRVÐ 1PSRVFTFPVUSBTSB [ÜFTOÍPIPVWFTTF CBTUBBEFRVFTFUSBUB EFVNBFNQSFTBRVFDPOUBDPNVNEPT $&0NBJTEJEÈDUJDPTEF1PSUVHBM OÍPÏ FMPHJPGBCSJDBEPQBSBFTUBSFWJTUB QPS RVBOUPUFOIPGSFRVFOUFNFOUFDIBNBEPB BUFOÎÍPQBSBFTUFGBDUPOPTKPSOBJT SÈEJP FUFMFWJTÍP 


mygalp magazine 01  

mygalp magazine 01

Read more
Read more
Similar to
Popular now
Just for you