Issuu on Google+

$6-563"%&13&7&/ˆ„0 /"("-1&/&3(*" 130(3"."%&4&(63"/ˆ" 5&.&'&*50104*5*70

%"5"#00,4 %"43&'*/"3*"4 .&-)03".&/504&/07*%"%&4 /"&%*ˆ„0%&%&45&3&-"5”3*0

4&(63"/ˆ"&".#*&/5& "DUJWPTDPNEJNFOT¤PFDPO´NJDBQBSBBTFNQSFTBT .BS¨P /{

.*-.*-)–&4%&#"33*4

IUUQ NZHBMQ

130$63"%&40-6ˆ–&41"3"(3"/%&4$*%"%&4

3&$63404$0/5*/(&/5&4%"("-1&/&3(*"40#&.&. .*/*.*;"ˆ„0%&$"64"4&&'&*504%"4"-5&3"ˆ–&4$-*.‚5*$"4


WJT¤PEP$&0

'PDVTOBTFHVSBO¨BFOPSFTQFJUP QFMPBNCJFOUF 6NEPTWBMPSFTRVFWJWFNPTFQSPNPWFNPTOB(BMQ&OFSHJBDPOTJTUFOP GPDVTOBTFHVSBO¨BFOPSFTQFJUPQFMPBNCJFOUF/VNTFDUPSDPNPPOPTTP  O¤PQPEJBTFSPVUSBBOPTTBBUJUVEFªRVF UPEPTPTEJBT USBCBMIBNPTDPN QSPEVUPTQFSJHPTPTFQPUFODJBMNFOUFDPOUBNJOBOUFT %FTEFNVJUPDFEPOBTVBIJTU´SJB BJOE»TUSJBEPQFUS´MFPFH¢TBTTVNJVB TFHVSBO¨BFPSFTQFJUPQFMPNFJPBNCJFOUFDPNPVNBSFTQPOTBCJMJEBEF BTTPDJBEBBPTFVEJSFJUPEFPQFSBSOFTUFTFDUPS"TFNQSFTBTRVF BPMPOHP EFNBJTEFTFUFEªDBEBT GPSBNDPOTPMJEBOEPPRVFIPKFªB(BMQ&OFSHJB TFNQSFBEPQUBSBNFTUFWBMPSFTUBNPT BTTJN QFSBOUFVNBUSJCVUPFOSBJ[BEP OBOPTTBDVMUVSB ŠUBNCªNVNGBDUPRVFBTPDJFEBEF ¡RVBMPGFSFDFNPTPTOPTTPTQSPEVUPTF TFSWJ¨PT ªDBEBWF[NBJTFYJHFOUFFNUFSNPTEFTFHVSBO¨BFBNCJFOUFªQPS JTTPRVFOPTªFYJHJEB BUPEPTFBDBEBVNEFO´T VNBQBSUJDJQB¨¤PBDUJWB OBNFMIPSJBDPOU®OVBEPTO®WFJTEFTFHVSBO¨BEBTOPTTBTPQFSB¨¶FTFOB BQMJDB¨¤PEBTNFMIPSFTUªDOJDBTEJTQPO®WFJTQBSBNJOJNJ[BSPJNQBDUPTPCSFP BNCJFOUFEFUVEPPRVFQSPEV[JNPTFGB[FNPT

."/6&-'&33&*3"%&0-*7&*3" 1SFTJEFOUF&YFDVUJWPEB(BMQ&OFSHJB

$PNPUPEPTPTBCFN BOPTTB&NQSFTBDPOTPMJEBBTTVBTQS¢UJDBTPQFSBDJPOBJT FPTTFVTQSPDFTTPTFNEPDVNFOUPTGPSNBJT RVFDPOTUJUVFNJOTUSVNFOUPT JOEJTQFOT¢WFJT¡EJWVMHB¨¤PFBQMJDB¨¤PEBTOPTTBTNFMIPSFTQS¢UJDBT SFçSPNFBQPM®UJDBT OPSNBTFSFHVMBNFOUPTBQSPWBEPTQFMPT´SH¤PTEF HPWFSOPEBOPTTB&NQSFTB /PRVFTFSFGFSFBPUFNBEFTUBOPUB O¤PQPTTPEFJYBSEFNFSFGFSJSBPT TFHVJOUFTEPDVNFOUPT BNQMBNFOUFEJWVMHBEPTOB&NQSFTB Ô1PM®UJDBEF4FHVSBO¨B 4B»EFF"NCJFOUF Ô4JTUFNBEF(FTU¤PEF4FHVSBO¨B 4B»EFF"NCJFOUF Ô3FHVMBNFOUP(FSBMEF4FHVSBO¨B )JHJFOFF4B»EFOP5SBCBMIP /VNTFDUPSDPNP BPTRVBJTBDSFTDFOUPBTOPSNBTFQSPDFEJNFOUPTEFTFHVSBO¨B  POPTTP O¤PQPEJBTFS TB»EFFBNCJFOUFBEPQUBEPTOBJNFOTBWBSJFEBEFEFDPOUFYUPT PQFSBDJPOBJTBTTPDJBEPT¡TOPTTBTBDUJWJEBEFT PVUSBBOPTTBBUJUVEF "PTOPTTPTDPMBCPSBEPSFT RVFM«FNFTUBDPMVOB RVFSPQFEJSMIFT RVF NBJTVNBWF[ MFJBNQFMPNFOPTPTUS«TEPDVNFOUPTBDJNBSFGFSJEPT GB[FOEPP EJWVMHBOEPPTFBQMJDBOEPPTDPNSJHPSDPOUSJCVJSFNPTQBSB BQSPGVOEBSBOPTTBDVMUVSBEFTFHVSBO¨B TB»EFFBNCJFOUF "DBC¢NPTEFQVCMJDBSPOPTTP3FMBU´SJPEF4VTUFOUBCJMJEBEF6NEPT TFVTQSJODJQBJTDBQ®UVMPTªPEFEJDBEPBPBNCJFOUF TB»EF TFHVSBO¨BF RVBMJEBEFNBJTVNBWF[BRVJçDBPNFVBQFMP¡TVBMFJUVSB1BSBBMªNEF JOGPSNB¨¤PRVBMJçDBEBTPCSFFTUFTUFNBT OFMFT¤PBQSFTFOUBEPTFMFNFOUPT BVEJUBEPTRVFRVBOUJçDBNPOPTTPEFTFNQFOIPBNCJFOUBMFPO®WFMEF TJOJTUSBMJEBEFBTTPDJBEP¡TOPTTBTPQFSB¨¶FTT¤PO»NFSPTRVFNPTUSBN POPTTPFTGPS¨PQBSBTFSNPTDBEBWF[NFMIPSFTOFTUFEPN®OJPEBOPTTB BDUJWJEBEF 5FSNJOPFOGBUJ[BOEPBSFTQPOTBCJMJEBEFEFUPEPTO´TOBWJW«ODJB EJWVMHB¨¤P FBQMJDB¨¤PEBTOPTTBTQPM®UJDBTEFTFHVSBO¨BFBNCJFOUFBMªNEFVNEFWFS QSPçTTJPOBM ªVNBDPOUSJCVJ¨¤PSFMFWBOUFQBSBPTVDFTTPTVTUFOU¢WFMRVF UPEPTEFTFKBNPTQBSBB&NQSFTBRVFTFSWJNPT

."3ˆ0

NZHBMQ




FEJUPSJBM

DPOUF»EP 1FTTPBT $PMBCPSBEPSFTEB(BMQ&OFSHJB FNNVEBO¨B

&EVBSEP (VFEFT EF0MJWFJSB %JSFDUPS NZHBMQNBHB[JOF

4&(63"/ˆ"&1305&$ˆ„0".#*&/5"-Ô 5"3&'"4&3&410/4"#*-*%"%&%&50%04/”4 "QBSUJSEBQSFTFOUFFEJ¨¤P BNZHBMQNBHB[JOFBTTVNFVNOPWPçHVSJOP  DPNNFOPTQ¢HJOBTEPRVFUFWFBUªBRVJ'BDFBDPOEJDJPOBMJTNPTEF PSEFNPS¨BNFOUBM PQU¢NPTQPSO¤PEFTWJSUVBSOFNBRVBMJEBEFHFSBMEB OPTTBQVCMJDB¨¤POFNBTVBQFSJPEJDJEBEF &TUFOPWPçHVSJOPPCSJHBBVNBM´HJDBEFSFQPTJDJPOBNFOUPEBTSVCSJDBT FWBJQSJWJMFHJBSVNBOPWBGPSNBEFBCPSEBSPTUFNBTFOPU®DJBTEFGPSNB NBJTTJOUªUJDB NBT TJNVMUBOFBNFOUF NBJTBQFMBUJWB&TUBSFBMJEBEFJS¢ JNQMJDBSRVFTFUFOIBNVJUBTWF[FTQPSPQUBSQPSVNBSUJHPFNEFUSJNFOUP EFPVUSP BMHPRVFJS¢FYJHJSVNFOPSNFFTGPS¨PQPSQBSUFEFUPEBTBT QFTTPBTFOWPMWJEBTOFTUFQSPKFDUP FNQBSUJDVMBSEPTGPDBMQPJOUTEFDBEB VNBEBT¢SFBTFVOJEBEFTEFOFH´DJPRVFDPMBCPSBNFNDBEBFEJ¨¤P /PFOUBOUPBSFWJTUBNZHBMQNBHB[JOFJS¢DPOUJOVBSBTFSTJO´OJNP EFFDMFDUJTNPFBCFSUVSB QSPNPWFOEPBDPOKVHB¨¤PEFJOUFSFTTFTOB EJWVMHB¨¤PEFOPU®DJBTSFMFWBOUFT EBTQFTTPBTFQBSBBTQFTTPBTEB(BMQ &OFSHJB7BNPTDPOUJOVBSBBQPTUBSOFTUFFTGPS¨Pé /FTUBFEJ¨¤PUFNPTDPNPUFNBDPOEVUPSPCJO´NJPTFHVSBO¨BBNCJFOUF  RVFOPTQSPQVTFNPTEFTFOWPMWFSOBTTFHVJOUFTWFSUFOUFTHMPCBMF JOUFSOBDJPOBMFNQSFTBSJBM DPSQPSBUJWBFJOEVTUSJBM0UFNBEBTFHVSBO¨B  JOEJTTPDJ¢WFMEBQSPUFD¨¤PBNCJFOUBM DPNPDPOEJ¨¤PQBSBVNBPQFSB¨¤P TVTUFOU¢WFM DPNPMJDFO¨BQBSBPQFSBSNPTDPODFEJEBDPOEJDJPOBMNFOUF QPSVNBTPDJFEBEFDBEBWF[NBJTFYJHFOUF0UFNBEPBNCJFOUF RVBTF TFNQSFMJEPOVNBQFSTQFDUJWBEFTVTUFOUBCJMJEBEFFSFTQPOTBCJMJEBEF TPDJBM NBTTFNQSF FDBEBWF[NBJT USBOTGPSNBEPOVNBFYJH«ODJBF QSFNJTTBEFCBTF¡BDUJWJEBEFEBTFNQSFTBT /PDBTPEB(BMQ&OFSHJB OVNBFYJH«ODJBO¤PT´EFDPOUSPMPEPTQPMVFOUFT DPNJNQBDUPOBTB»EFFOPBNCJFOUFFNHFSBM NBTOVNBWFSEBEFJSB DPOEJ¨¤PEFTPCSFWJW«ODJBFDPO´NJDB QFSTQFDUJWBOEPTFJNQMJDJUBNFOUF VNBUSBOTGPSNB¨¤PBQSB[PEBTPDJFEBEFQPSWJBEBBMUFSB¨¤PEPTFV QBSBEJHNBFOFSHªUJDP&OçN QBTTPVTFEBQS´BDUJWJEBEFFEBBQMJDB¨¤P WPMVOU¢SJBEFCPBTQS¢UJDBT DPNPSFTVMUBEPEFVNBDPOTDJ«ODJBTPDJBM QBSB VNBFYJH«ODJBQPM®UJDBF DPOTFRVFOUFNFOUF MFHJTMBUJWBFUSBOTGPSNBDJPOBM EBTPDJFEBEF MJEFSBEBQFMB&VSPQBOPNVOEPDPNPPCKFDUJWPEFHBSBOUJSB TVBTPCSFWJW«ODJB .VJUPNBJTQPEFSJBTFSFTDSJUPFNVJUBTNBJTGPOUFTEFJOGPSNB¨¤P QPEFSJBNUFSTJEPDPOTVMUBEBT NBT EBEBTBTMJNJUB¨¶FTEFTUBOPTTB QVCMJDB¨¤P DPOTJEFSBNPTRVFGPJGFJUBVNBFYDFMFOUFBCPSEBHFNB UPEBFTUBQSPCMFN¢UJDBÔQPEFOEPWJSBTFSDPNQMFNFOUBEBFNFEJ¨¶FT TFHVJOUFT TFNQSFRVFPQPSUVOPFSFMFWBOUF EBEPRVFVNEFUFSNJOBEP BTTVOUPPVUFNBOVODBTFFTHPUBOVNBFEJ¨¤P NFTNPRVFBFMFTFKB FTQFDJçDBNFOUFEFEJDBEB /PUB4FHVSBO¨B TFDVSJUZ TBGFUZT¤PQBMBWSBTRVFUPEPTO´TK¢PVWJNPTGBMBSOBFNQSFTB FRVFTFNQSFRVFTVSHFNDBVTBNBMHVNBDPOGVT¤POBNFOUFEPTOPTTPTMFJUPSFT"TTJN  GB[FNPTBRVJVNBOPUBQBSBDMBSJçDBSPTFHVJOUFÔBQBMBWSBÙTFHVSBO¨BÚªUSBEV[JEB  FNJOHM«T QBSBTBGFUZNBTUBNCªNTFQPEFUSBEV[JSQBSBTFDVSJUZ3FQSFTFOUBNEPJT DPODFJUPTUPUBMNFOUFEJTUJOUPT QFMPRVFBQBMBWSBNBJTBEFRVBEB FNQPSUVHV«T  QBSBUSBEV[JSTFDVSJUZTFS¢ÙQSPUFD¨¤PÚ SPVCPT BTTBMUPT BUFOUBEPT GSBVEFT FUD  FORVBOUPTBGFUZUFNRVFWFSDPNBHFTU¤PEBTNFEJEBTEFQSFWFO¨¤PEPTBDJEFOUFT FNHFSBM BDJEFOUFTQFTTPBJT FYQMPT¶FT GPHPT EFSSBNFT FUD /FTUBFEJ¨¤PUSBUBNPT FTTFODJBMNFOUFPUFNBEBÙTFHVSBO¨BÚDPNPTBGFUZ



NZHBMQ

."3ˆ0

'MBTIFT /PU®DJBTEPVOJWFSTP(BMQ&OFSHJB %FTUBRVF /PWBFEJ¨¤PEPTEBUBCPPLT EBT3FçOBSJBT "OPEJG®DJMDPOUSJCVJQBSBCBJYB EFMVDSPT $VMUVSBEFQSFWFO¨¤POB(BMQ &OFSHJBFWPMVJQPTJUJWBNFOUF $BQB 4FHVSBO¨BF"NCJFOUF .VOEP "MUFSB¨¶FTDMJN¢UJDBTTPMV¨¶FT QBSBBTHSBOEFTDJEBEFT &OUSFWJTUB 'JMJQF%VBSUF4BOUPT QSPGFTTPS OB'BDVMEBEFEF$J«ODJBT EF-JTCPB BQPTUBOVNNVOEP DPNNFOPSSJTDPQBSBPGVUVSP &NQSFTBT 5SBOTQPSUFQ»CMJDP ªBMUFSOBUJWBDPNQFUJUJWB -JEFSBO¨BSFGPS¨BEBEB(BMQ (VJOª#JTTBV /FH´DJPT 6OJEBEFEF/FH´DJPT EF-VCSJçDBOUFTDSFTDF BEBQUBOEPTFBPTNFSDBEPT

'*$)"5Š$/*$" %JSFDUPS&EVBSEP(VFEFT EF0MJWFJSB (FTU¤PJOUFHSBEBEFDPOUF»EPT +PTª$POEF#BSSPTP &EJUPSGPUPHSBçB .BOVFM"HVJBS $PMBCPSBSBNOFTUBFEJ¨¤P "OB"OUVOFT "OU´OJP'POTFDB  $BSMP"NBEP $ªMJB1FSFJSB %FPMJOEB 1JSFT &MTB#FCJBOP 'FSOBOEP$BWBDP  'JMJQF1FSFJSB FTUBHJ¢SJP 'JMPNFOB "TTJT 'SFEFSJDP$POEF (PO¨BMP&TUFW¤P  *M®EP3JDBSUF +PBOB3PESJHVFT +PSHF (PO¨BMWFT +PTª.PUUB .BGBMEB 4FSSBTRVFJSP FTUBHJ¢SJB .BOVFM*[JEPSP  .k$MBSB1BSBEB .BSUB.JSBOEB /JLPMBPT #SPV[PT 1BVMB(PNFT 1BVMP3VB  1FESP.1FSFJSB 3JUBEF4PVTB 3VCFO&JSBT  3VJ$PTUB 3VJ-FJUF 4BOESB1BDIFDP 4BNVFM %JBT 4PçB.BUPT$IBWFT  4V[BOB#BSSFUP 5FSFTB-FJU¤P  5JBHP4JMWB FTUBHJ¢SJP 7®UPS1JUFJSB  ;VMNJSB3BNPT

4FHVSBO¨B F"NCJFOUF "DUJWPTDPNEJNFOT¤P FDPO´NJDB 3FTQPOTBCJMJEBEF$PSQPSBUJWB 3FçOBSJBEF4JOFTDFSUJçDBEB FNBNCJFOUFFTFHVSBO¨B 0QJOJ¤P +»MJB4FJYBT *OTJEF "24$PSQPSBUJWP &ODPOUSPT /PWPTEFTBçPTOBDPOTUSV¨¤P EPGVUVSP 3BJP9 6NBIJTU´SJBEFTVDFTTP "TTPDJB¨¤P4BMWBEPS ;POBEP”DJP & IJ TU´SJBT $MVCF(BMQ&OFSHJB $VMUVSB 3FTUBVSBOUF 7JBHFOT "HFOEB

5BNCªNDPMBCPSBSBN OFTUBFEJ¨¤P +PTª.JHVFM%FOUJOIP FEJ¨¤P -BSB-PVSFJSP DPPSEFOB¨¤P *TBCFM3JCFJSP -V®T*O¢DJP F1FESP(VJMIFSNF-PQFT UFYUP  3VJ(BSDJB BSUF "OZGPSNTF3VJ1JUB JOGPHSBçB &TU»EJP+P¤P$VQFSUJOP  #SVOP#BSCPTBFBH«ODJBT GPUPHSBçB

5JSBHFNFYFNQMBSFT %FQ´TJUPMFHBM &E®çDJP(BMQ 3VB5PN¢TEB'POTFDB -JTCPBÔ1PSUVHBM 5FM   FYU  'BY   &NBJMDPNVOJDBDBPJOUFSOB!HBMQFOFSHJBDPN 6NBFEJ¨¤PEB%JWJT¤P $VTUPNFS1VCMJTIJOH EB*NQSFTB1VCMJTIJOH


FNNVEBO¨BQFTTPBT $0/4536*30'65630

&OGSFOUBSDPNEFUFSNJOB¨¤P PTEFTBçPT ĦĞĔĠğĤĖĝęĠRVFSFDFCJRVBO EPDPNFDFJBUSBCBMIBSGPJUSB UBSUPEPTEFGPSNBJHVBMOPRVF TFSFGFSFBSFTQFJUPFEJHOJEBEF 0VUSPGPJFOGSFOUBSDPNEFUFS NJOBÎÍPPTEFTBmPT /PNFVQSJNFJSPEJBOB 1FUSPHBM FOUSFJOVNBTBMBUP UBMNFOUFWB[JBTFNNFUFSFN QBTTBEPPUFTUFNVOIP&TTB TBMBWB[JB FBWPOUBEFEFNV EBOÎBRVFTVSHJBOBBMUVSBOB FNQSFTB DPOTUJUVJSBNVNB FYQFSJÐODJBFVNBPQPSUVOJ EBEFÞOJDBT 0SFTQPOTÈWFMEF1MBOFB NFOUP$POUSPMPEBFOUÍP %JSFDÎÍP(FSBM$PNFSDJBM  DPN B NJOIB DIFGJB  QSP DFEFVBSFVOJÜFTFYBVTUJWBT DPN UPEBT BT QSJNFJSBT MJ OIBT BTEPJOÓDJPEPQMBOPF BTEPmOBM QPJTGPJVNBGBTF RVFDPSSFTQPOEFVBVNBGPSUF SFFTUSVUVSBÎÍP'PJWFSEBEFJ

SBNFOUFVNQMBOPCBTF[FSP  JNQPSUBOUFQBSBTFDPNFÎBS EFOPWP ²BIJTUØSJBDPOIFDJEBEP FMFGBOUF0TDJSDPTQSFOEFN PT NBJT KPWFOT B VN QPTUF DPNVNBDPSSFOUFOBQBUB /ÍPÏVNFMPFTQFDJBMNFOUF SFTJTUFOUFRVBOEPPFMFGBOUF DSFTDF.BTDPNPFTUÈIBCJ UVBEPBFTTBMJNJUBÎÍPEFTEF KPWFN OFNTFFTGPSÎBQBSB UFOUBSiBMBSHBSIPSJ[POUFTw ²VNBNFUÈGPSBDMÈTTJDBQBSB BBVUPMJNJUBÎÍP 1BSBBMÏNEBTPCSFWJWÐO DJB PRVFÏRVFMFWBBTQFT TPBTBDPSSFSFNFBUFOUBSFN SFTVMUBEPT EF FYDFMÐODJB  1PEFN BTPSHBOJ[BÎÜFTFB MJEFSBOÎB DSJBSVNFOUPSOP NPCJMJ[BEPSGBWPSÈWFMBFTTB FYDFMÐODJB  1FSEFVTF OPT UFNQPTBBVUPSJBEBGSBTFiP RVFÏNFEJEPÏGFJUPw4VNBO

'3"/$*4$07*"/" Ù5FNPTBNJTT¤P EFOPTSFJOWFOUBS DPOUJOVBNFOUFÚ

USB(IPTBMGBMBWBEPTNFMM PGUIFQMBDFoBDSJBUJWJEBEF FBNCJFOUFEFUSBCBMIPQPT TJCJMJUBEPT QFMPT BSSFEPSFT EBnPSFTUBEF'POUBJOFCMFBV *OTFBE ÏNVJUPEJGFSFOUFEP BNCJFOUFEFSJWBEPEPDBMPS TVGPDBOUFEBTSVBTEB#BJYB EF $BMDVUÈ " EFNBOEB EF NFMIPSJB DPOUÓOVB  EP EF TFOWPMWJNFOUPEFFRVJQBTFEF QFTTPBT BEFmOJÎÍPFSFQBS UJÎÍPEPTHSBOEFTPCKFDUJWPT  B SFTQPOTBCJMJ[BÎÍP JOEJWJ EVBM QFSNJUFNVNFOUPSOP EFNVEBOÎBFVNDMJNBNBJT

QSØYJNPEF'POUBJOFCMFBVEP RVFEF$BMDVUÈoMPOHFEB[P OBEFDPOGPSUP NBTFOUFOEJEP DPNPVNDMJNBQPTJUJWPFTB UJTGBUØSJP 5FNPTBNJTTÍP DPNBT OPTTBTFRVJQBT EFOPTSFJWFO UBSDPOUJOVBNFOUFFEBSVN TFOUJEPQBSUJMIBEPFDPNVOJ DBEPEFTBmBEPSDPOEVDFOUFBP GVUVSPRVFRVFSFNPTDPOTUSVJS i"NBJPSEFmOJÎÍPEFMPVDVSB RVFDPOIFÎPÏQSFUFOEFSUFS SFTVMUBEPTEJTUJOUPTGB[FOEP EBNFTNBGPSNBw EFmOJÎÍP MBQJEBSEF&JOTUFJO 

.VEBO¨BOBFNQSFTB /PWPTEFTBçPTQBSBPTDPMBCPSBEPSFTEB(BMQ&OFSHJB +P¤P$BODFMMBEF"CSFV

"VHVTUP.FOEFT1FSFJSB

*TBCFM.BSJB(SBOBEP

3JDBSEP"MFYBOESF-FJUF

%FQBSUBNFOUP %JSFD¨¤PEF*OPWB¨¤P  %FTFOWPMWJNFOUPF 4VTUFOUBCJMJEBEF $BSHP 3FTQPOT¢WFM QFMB‚SFB EF4VTUFOUBCJMJEBEF F4JTUFNB$JFOU®çDP

%FQBSUBNFOUP 6/%JTUSJCVJ¨¤P0JM $BSHP "O¢MJTF EFNFSDBEPT FUSBUBNFOUP EFJOGPSNB¨¤P

%FQBSUBNFOUP 6/(¢T1PXFS $BSHP (FTU¤PDPOUSBUVBM FQSJDJOHEFTFSWJ¨PT

%FQBSUBNFOUP %JSFD¨¤PEF *OPWB¨¤P  %FTFOWPMWJNFOUPF 4VTUFOUBCJMJEBEF $BSHP (FTUPSEFQSPKFDUP

/07"45&$/0-0(*"4 ŠNVJUPNPUJWBEPSQPEFS OFTUBT OPWBTGVO¨¶FT QBSUJDJQBSOP EFTFOWPMWJNFOUPEFOPWBT UFDOPMPHJBTFTFSWJ¨PTQBSBVTP EB(BMQ&OFSHJBFFNCFOFG®DJP EFUPEPPTFDUPSFOFSHªUJDP DPNP QBSDFJSPEPTJTUFNBDJFOU®çDP FEBTFNQSFTBTOBDJPOBJT

3&150$"5*7"/5& "FYQFSJ«ODJBOP1SJDJOHEP3FUBMIP ªVNSFQUPDBUJWBOUF'BDF¡ EJO£NJDBEPNFSDBEP PTEFTBçPT T¤PDPOTUBOUFT QSPQPSDJPOBOEP VNBS¢QJEBBQSFOEJ[BHFN 1PTTPBQMJDBSPTDPOIFDJNFOUPT BERVJSJEPTOBTFUBQBTBOUFSJPSFT EPNFVQFSDVSTPFDPNQSFFOEFS NFMIPSPDPNQPSUBNFOUPEPT DPOTVNJEPSFT

"13&/%&3  $001&3"3 &&70-6*3 $POTJEFSPWBOUBKPTPIBWFS BQPTTJCJMJEBEFEFNVEBS  QPSRVFTB®NPTNBJT GPSUBMFDJEPT UBOUPQFTTPBM DPNPQSPçTTJPOBMNFOUF 5FNPTBQPTTJCJMJEBEFEFGB[FS QBSUFEFVNBOPWBFRVJQB  UFSVNBWJT¤PEJGFSFOUF EPGVODJPOBNFOUPEBFNQSFTB FFWPMVJSOFTTBBQSFOEJ[BHFN

'"$503%&.05*7"ˆ„0 "NJOIBSFDFOUFNVEBO¨BQBSB B(BMQ4PMV¨¶FTEF&OFSHJBªVN OPWPEFTBçPRVFFODBSPDPN NVJUBTBUJTGB¨¤P"PQPSUVOJEBEF EFJOUFHSBSVNBFRVJQBOPWB FEJO£NJDBFEFDPMBCPSBSOP MBO¨BNFOUPEFVNBOPWB¢SFBEF TFSWJ¨PTFTPMV¨¶FTRVFWJTBNB FçDJ«ODJBFOFSHªUJDBª TFNE»WJEB  VNGBDUPSBDSFTDJEPEFNPUJWB¨¤P ."3ˆ0

NZHBMQ




èBTIFT

BTOPU®DJBTNBJTSFMFWBOUFTOPVOJWFSTPEFOFH´DJPT(BMQ&OFSHJB

64@C4A;478F8AF<5<?<M4t±B

5BYBEFBMDPPMFNJB "4PDJFEBEF"¨PSFBOBEF"SNB[FOBHFN EF(¢TFTU¢BQSPNPWFSVNBDBNQBOIB EFTFOTJCJMJ[B¨¤PEFTBçBOEPUPEPT PTGSFRVFOUBEPSFTEBTTVBTJOTUBMB¨¶FT  OBTEJGFSFOUFTJMIBTB¨PSJBOBT  BBQSFTFOUBSFNEFUBYBEFBMDPPMFNJB

$".1"/)"%&"10*04&-&$ˆ„04*.6-"$30&.4„0.*(6&-%06503".&/50&.&/(&/)"3*"%&3&'*/"ˆ„0 CEB@Bt±B@HA7<4?%#$#

Ù7".04-‚  10356("-Ú $PNBBQSPYJNB¨¤P EP.VOEJBM B(BMQ &OFSHJBMBO¨PVVNB DBNQBOIBEFBQPJP ¡4FMFD¨¤P/BDJPOBM %FTJHOBEBÙ7BNPTM¢  1PSUVHBMÚ EFTUJOBTF BUPEPTPTDMJFOUFT EPTQPTUPT(BMQFN 1PSUVHBMDPOUJOFOUBM FJMIBTRVF BUª EF.BJP PCUFOIBN VNDVQ¤PDPNVN D´EJHPQSPNPDJPOBM TFNQSFRVF FGFDUVFNDPNQSBT JHVBJTPVTVQFSJPSFT BFVSPTFN DPNCVTU®WFM  QSPEVUPTEFMPKBF MBWBHFOT PVMJUSPTEF(1- "VUP0TDVQ¶FTE¤PBDFTTPBNJMIBSFTEFQSªNJPT  EFEFTDPOUPTEFDPNCVTU®WFMBWJBHFOT¡‚GSJDBEP4VM

CE<@8<EB7BHGBE4@8AGB

&.&/(&/)"3*" %"3&'*/"ˆ„0 'PSBNBQSFTFOUBEPTW¢SJPTQSPKFDUPTEFEPVUPSBNFOUP JOTFSJEPTOP1SPHSBNBEF%PVUPSBNFOUPFN&OHFOIBSJB EB3FçOB¨¤P 1FUSPRV®NJDBF2V®NJDB &OH*2 OBTFEF EB(BMQ&OFSHJB FN-JTCPB&TUBJOJDJBUJWB JOªEJUB FN1PSUVHBMFMBO¨BEBOP£NCJUPEB"TTPDJB¨¤P EBT*OE»TUSJBTEB1FUSPRV®NJDBF3FçOB¨¤P "*123  NBUFSJBMJ[BBTJOUFO¨¶FTEBFNQSFTBEFDPOTUSVJSVN W®ODVMPDBEBWF[NBJTGPSUF¡TVOJWFSTJEBEFTEF1PSUVHBM  BPNFTNPUFNQPRVFQSFFODIFVNBMBDVOBFYJTUFOUF DPNBDSJB¨¤PEFDPOIFDJNFOUPFN¢SFBTU¤PFTQFD®çDBT DPNPBSFçOB¨¤P 

NZHBMQ

."3ˆ0

F<@H?46EB ABCBFGB

&.4„0 .*(6&%FDPSSFV SFDFOUFNFOUFVN TJNVMBDSPOP1PTUPEF 3PEPWJBEBT'VSOBT  4.JHVFM "¨PSFT  DPNPBQPJPJOUFSOP EPEFQBSUBNFOUP DPSQPSBUJWPEF44" EB(BMQ&OFSHJB  POEFFTUJWFSBN FOWPMWJEBTEJWFSTBT FOUJEBEFTFYUFSOBT  DPNPB"TTPDJB¨¤P )VNBOJU¢SJBEPT #PNCFJSPT7PMVOU¢SJPT EF1PWPB¨¤P B 1PM®DJBEB4FHVSBO¨B 1»CMJDB 141 PT 4FSWJ¨PT3FHJPOBJTEF 1SPUFD¨¤P$JWJMFPT TFSWJ¨PTEBD£NBSB NVOJDJQBMMPDBM


454FG86<@8AGB78:C?

I<F<G44@Bt4@5<DH8

"IPTQJUBMOPT"¨PSFT

(BMQ&OFSHJBJOUFHSBDPNJUJWB

"(BMQ"¨PSFTHBOIPVSFDFOUFNFOUFPDPODVSTP Q»CMJDPJOUFSOBDJPOBMQBSBPGPSOFDJNFOUPEF (1-BP)PTQJUBMEP%JWJOP&TQ®SJUP4BOUP OVN DPOUSBUPDPNEVSB¨¤PFGFDUJWBEFVNBOP  QSPSSPH¢WFMQPSNBJTEPJT POEFTFQSFW«VN DPOTVNPBOVBMEFUPOFMBEBT

3FQSFTFOUBEBQFMPTFVBENJOJTUSBEPSFYFDVUJWP  'FSOBOEP(PNFT QPS$BSMPT#BZBO'FSSFJSB EB *OUFSOBDJPOBM0JM FQPS)VHP1FSFJSB EBVOJEBEF EFEFTFOWPMWJNFOUPEF#JPDPNCVTU®WFJT  B(BMQ&OFSHJBJOUFHSPVBDPNJUJWBEP(PWFSOP 1PSUVHV«TOBTVBWJTJUBB.P¨BNCJRVF

7*4*5"0'*$*"-".0ˆ".#*26&."*03&91035"%03/"$*0/"-5"9";&30%&"-$00-&.*"

:4?C8A8E:<4

."*03&91035"%03 10356(6‹4

 

"(BMQ&OFSHJBNBOUFWFPFTUBUVUP EFNBJPSFYQPSUBEPSQPSUVHV«TFN  DPNVNWBMPSBQSPYJNBEP EFNJMI¶FTEFFVSPT 0EFTUJOPEPTQSPEVUPTEBFNQSFTB GPJQSJODJQBMNFOUFPT&TUBEPT6OJEPT EB"NªSJDB QBSBPOEFGPSBN FYQPSUBEBTDFSDBEFNJMUPOFMBEBT  OBTVBNBJPSJBHBTPMJOBT TFHVJEP EP.ªYJDP (S¤#SFUBOIBF)PMBOEB  FOUSFPVUSPT

 

&70-6ˆ„0%"$05"ˆ„0%"("40-*/"&%0%*&4&- NFSDBEPTJOUFSOBDJPOBJT

&OUSFEF'FWFSFJSPEFFEF.BS¨PEF

  (BTPMJOB CCM

 

%JFTFM CCM

    



&70-6ˆ„0%"$05"ˆ„0%&#3&/5%"5&% &OUSFEF'FWFSFJSPEFFEF.BS¨PEF





























&70-6ˆ„0%"$05"ˆ„0%0(‚4/"563"-&&-&$53*$*%"%&&41"/)0-" &OUSFEF'FWFSFJSPEFFEF.BS¨PEF





 

1SF¨PEP(¢T/BUVSBM/#1EP3FJOP6OJEP (#QUFSN  3)4





 #SFOUEBUFE CCM

 









 



1SF¨PEBQPPMFTQBOIPMB ä.8I  -)4



 

  

 

























&70-6ˆ„0%"5"9"%&$ƒ.#*0&630%”-"3 &OUSFEF'FWFSFJSPEFFEF.BS¨PEF

     







   

    



   



&70-6ˆ„0%"$05"ˆ„0%"("-1&/&3(*"&%0Ž/%*$&14* &OUSFEF'FWFSFJSPEFFEF.BS¨PEF

   



&6364% (BMQ&OFSHJB ä  -)4



 14* 1POUPT  3)4

 

  

   





























  





















."3ˆ0





NZHBMQ






èBTIFT

BTOPU®DJBTNBJTSFMFWBOUFTOPVOJWFSTPEFOFH´DJPT(BMQ&OFSHJB

?H5E<9<64AG8F:4?C

$PNB#BWJFSB "(BMQ&OFSHJBDPODSFUJ[PVVNOPWPDPOUSBUP DPNP(SVQP4BMWBEPS$BFUBOP QBSBVN QFS®PEPEFEPJTBOPT EFGPSOFDJNFOUPEF MJUSPTEFMVCSJçDBOUFT JODMVJOEP B#BWJFSB SFEFEFDPODFTT¶FT#.8F.*/*  G¢CSJDBT DBNJ¶FTBVUPDBSSPT F&TQBOIB

130(3"."&453&-"&.&41"/)"("-1%‚'03."ˆ„0/"7&/&;6&-"561*$0.1307"130%65*7*%"%& A4I8A8MH8?4

I<F<G474FBA4A:B?

'03."ˆ„040#3&(/-

*/5&3$ƒ.#*0%&$0/)&$*.&/504

"(BMQ&OFSHJBSFBMJ[PVVNBBD¨¤PEFGPSNB¨¤PTPCSF H¢TOBUVSBMMJRVFGFJUP (/- BRVBESPTEBDPNQBOIJB QFUSPM®GFSBWFOF[VFMBOB1%74" OBTFEFEFTUB FNQSFTB FN$BSBDBT"JOJDJBUJWBWJTPVBQSPGVOEBS DPOIFDJNFOUPTEFOBUVSF[BDPNFSDJBMFDPOUPVDPNB QBSUJDJQB¨¤PEFDFSDBEFEVBTEF[FOBTEFQSPçTTJPOBJT  EFEJWFSTBT¢SFBTEFBDUJWJEBEF SFTQPOT¢WFJT QFMBHFTU¤PEPTQSPKFDUPTEF(/-RVFBFNQSFTB WFOF[VFMBOBFTU¢BEFTFOWPMWFSDPNB(BMQ&OFSHJBF PVUSPTQBSDFJSPTJOUFSOBDJPOBJT

6NBEFMFHB¨¤PDPNQPTUBQPSEJSFDUPSFTEB4POBOHPM DIFçBEBQFMP BENJOJTUSBEPSFYFDVUJWPEBFNQSFTB 'FSOBOEP3PCFSUP RVFªUBNCªN QSFTJEFOUFEPDPOTFMIPEFHFS«ODJBEB4POBOHBMQ FNQSFTBNJTUB(BMQ &OFSHJB4POBOHPM FTUFWFOBTFEFEBDPNQBOIJB 0SHBOJ[BEBQFMPTFDUPS*OUFSOBDJPOBM0JMEB(BMQ&OFSHJB BWJTJUBUFWF DBS¢DUFSEFGPSNB¨¤PQBSBPTRVBESPTEBFNQSFTBBOHPMBOBBUSBWªT EFVNJOUFSD£NCJPEFSFDPMIBEFJEFJBTQBSBPQSPDFTTPEFNFMIPSJBT EB4POBOHPM

GHC<A86B@CEBI4

"-5"130%65*7*%"%& 0DPOTØSDJPGPSNBEPQFMB(BMQ&OFSHJB 1FUSPCSBTF #((SPVQQBSBBFYQMPSBÎÍPEPCMPDP#.4 FNÈHVBTVMUSBQSPGVOEBTEB#BDJBEF4BOUPT DPNVOJDPVRVFPTUFTUFTEFGPSNBÎÍPOPRVBSUPQPÎP  JOGPSNBMNFOUFDPOIFDJEPDPNP5VQJ/& GPSBN DPODMVÓEPT DPOTUBUBOEPVNBBMUÓTTJNBQSPEVUJWJEBEF EPTSFTFSWBUØSJPTDBSCPOÈUJDPTEPQSÏTBMOFTUBÈSFB CEB:E4@48FGE8?4

&.&41"/)" 01SPHSBNB&TUSFMBEB(BMQ&OFSHJBFTU¢ FNNBSDIBEFTEFPJO®DJPEPBOPFN &TQBOIB7BJBWBMJBSBRVBMJEBEFEPTFSWJ¨P OBOPWBSFEFJOUFHSBEB DPNPSFCSBOEJOH UFSNJOBEP EBTFTUB¨¶FTEF TFSWJ¨PEBFNQSFTBOP QB®TWJ[JOIP0QSJODJQBM EFTBçPFPCKFDUJWP EPQSPHSBNBªB FTUBOEBSEJ[B¨¤P FVOJçDB¨¤PEF DPODFJUPT QSPDFTTPT  QSPDFEJNFOUPT F  TPCSFUVEP USBOTNJUJSBPT DPMBCPSBEPSFTEBTFTUB¨¶FT EFTFSWJ¨PRVFI¢VNBT´ MJOIBEFBDUVB¨¤PBO®WFM PQFSBDJPOBMFDPNFSDJBM FNUPEBBSFEF 

NZHBMQ

."3ˆ0

:4?C8A8E:<447DH<E8

1"3$&-"%"7&/5*/7&45& 0(SVQP(BMQ&OFSHJBBERVJSJV¡.BSUJGFS3FOFXBCMFT VNB QBSUJDJQBEBEB.BSUJGFS4(14 EPDBQJUBMEBTPDJFEBEF1BSRVF &´MJDPEB1FOIBEB(BSEVOIB -EB RVFEFUªNBDUVBMNFOUF EPDBQJUBMTPDJBMEB7FOUJOWFTUF 4" 7FOUJOWFTUF 0WBMPSEB USBOTBD¨¤PGPJEFDFSDBEFNJMI¶FTEFFVSPT

8A8E:<48?u6GE<64

13*.&*30$-*&/5&*/%6453*"0QSJNFJSPDPOUSBUPEFGPSOFDJNFOUPEFFOFSHJBFMªDUSJDBBVNDMJFOUF JOEVTUSJBMO¤PQFSUFODFOUFBP(SVQP(BMQ&OFSHJBQSFW«PDPOTVNPBOVBM EFDFSDBEF.8IQPSQBSUFEB4PQMBSJM1PSUVHBM FNQSFTBRVFJOUFHSB PHSVQPNVMUJOBDJPOBMEFQSPEV¨¤PEFFNCBMBHFOT"NDPS RVFUFNDPNP DMJFOUFTFNQSFTBTDPNPB.D%POBME×T 1FQTJ$P /FTUMª ,SBGU %BOPOFF)FJO[


$(#CEB98FFBE8FE86858@

9H:478:ÈF

'PSNB¨¤PTPCSFFOFSHJB

4JNVMBDSPFNŠWPSB

$FSDBEFQSPGFTTPSFTQBSUJDJQBSBNOVNB BD¨¤PEFGPSNB¨¤PPSHBOJ[BEBQFMB(BMQ&OFSHJB F"TTPDJB¨¤P#BOEFJSB"[VMEB&VSPQB RVF EFDPSSFVOP$BNQVTEP-VNJBS TPCSFFOFSHJBT SFOPW¢WFJT FEJG®DJPTFçDJFOUFT NPCJMJEBEF TVTUFOU¢WFMFQFHBEBDBSC´OJDB FOUSFPVUSPT

"%JBOBH¢TSFBMJ[PVVNTJNVMBDSPOB 6OJEBEF"VU´OPNBEF(¢T/BUVSBM 6"( EFŠWPSB RVFQSFUFOEJBUFTUBS BDBEFJBEFJOGPSNB¨¤PFPTUFNQPT EFSFTQPTUB EFBDPSEPDPNP1MBOP EF&NFSH«ODJB

40-6ˆ–&4%&&/&3(*"1"3"&.13&4"4$0/53"50%&&1/0636(6"*4*.6-"$30&.Š703" ABIB6BA68<GB

-PKBEFMVCSJçDBOUFT "(BMQ&OFSHJBBQSFTFOUPV BTVBMPKBFTQFDJBMJ[BEB EFMVCSJçDBOUFT VNDPODFJUP JOFYJTUFOUFFN1PSUVHBMFRVF WBJNBJTBMªNEPIBCJUVBM FTQB¨PEFWFOEB DPNVNB BQPTUBOVNBDPOTFMIBNFOUP UªDOJDPEFQSPEVUPTQBSB VUJMJ[B¨¶FTNBJTFTQFD®çDBT  BDUVBMNFOUFJOFYJTUFOUFFN FTQB¨PTRVFDPNFSDJBMJ[BNMVCSJçDBOUFT FOVNBPGFSUBNBJTBMBSHBEB EFMVCSJçDBOUFT(BMQ&OFSHJB DPNRVBOUJEBEFTTVQFSJPSFT¡TFNCBMBHFOT OPSNBMNFOUFEJTQPO®WFJTQBSBPQ»CMJDPFNHFSBM 78?8:4t±BCBEGH:H8F4

/"("-146";*-ƒ/%*" 6NBEFMFHBÎÍPMJEFSBEBQFMPNJOJTUSPEF&TUBEPF EPT/FHØDJPT&TUSBOHFJSPTQPSUVHVÐT -VÓT"NBEP  WJTJUPVPQPTUPEFBCBTUFDJNFOUPEB(BMQ4VB[JMÉOEJB  FN.CBCBOF POEFGPJSFDFCJEPQFMPSFTQPOTÈWFMEB FNQSFTBOPQBÓT +PTÏ$BCSJUB$PNBDPNQSBEB4IFMM  FN B(BMQ4VB[JMÉOEJBÏIPKFVNBEBTNBJPSFT FNQSFTBTBPQFSBSOPQBÓT EFTFNQFOIBOEPVNQBQFM JNQPSUBOUFOBTVBFDPOPNJBFTPDJFEBEF 8KC?BE4t±B8CEB7Ht±B

$0/53"50/0636(6"* "(BMQ&OFSHJB FNDPOT´SDJPDPNB1FUSPCSBTFB:1'  BTTJOPVDPNB"ODBQ FNQSFTBQFUSPM®GFSBFTUBUBMEP 6SVHVBJ VNDPOUSBUPQBSBBFYQMPSB¨¤PFQSPEV¨¤P EFQFUS´MFPFH¢TOBUVSBMOBQMBUBGPSNBDPOUJOFOUBM VSVHVBJB ABI4F8@54?4:8AF

1"3" -6#3*'*$"/5&4 "(BMQ&OFSHJBEFDJEJV FTUBOEBSEJ[BSBJNBHFN EPTCBMEFTEFMVCSJmDBOUFT OPTNFSDBEPTPOEFPQFSB "OPWBFNCBMBHFN  EFTFOWPMWJEBUFOEPFNDPOUB BTOFDFTTJEBEFTEPTDMJFOUFT FBTVBPQFSBDJPOBMJEBEF  BQSFTFOUBWÈSJBTJOPWBÎÜFTRVFBEJGFSFODJBNEF GPSNBQPTJUJWBEBTSFTUBOUFTFYJTUFOUFTOPNFSDBEP

:4?CFB?Ht²8F788A8E:<4

1"3"$-*&/5&4&.13&4"3*"*4 "(BMQ&OFSHJBSFBMJ[PVBBQSFTFOUB¨¤PQ»CMJDBEB TVBOPWBPGFSUBEFTFSWJ¨PTEFFçDJ«ODJBFOFSHªUJDB  QSPQPSDJPOBEBQFMB(BMQ4PMV¨¶FTEF&OFSHJB  RVFFTU¢JOUFHSBEBOB%JSFD¨¤PEF*OPWB¨¤P  %FTFOWPMWJNFOUPF4VTUFOUBCJMJEBEFEBFNQSFTB 0FWFOUPEFDPSSFVOP$FOUSP$VMUVSBMEF#FMªN  FN-JTCPB FDPOUPVDPNBQSFTFO¨BEPTFDSFU¢SJP EF&TUBEPEB&OFSHJBFEB*OPWB¨¤P $BSMPT;PSSJOIP  FEPQSFTJEFOUFFYFDVUJWPEB(BMQ&OFSHJB .BOVFM 'FSSFJSB%F0MJWFJSB"BQSFTFOUB¨¤PEB(BMQ 4PMV¨¶FTEF&OFSHJBGPJFGFDUVBEBQPS+P¤P/VOP .FOEFT EJSFDUPSEF*OPWB¨¤P %FTFOWPMWJNFOUP F4VTUFOUBCJMJEBEFEBFNQSFTB

:9BE684CB<4

/0701034$)& 0MBO¨BNFOUPEPNPEFMP1BOBNFSBEB 1PSDIFFN&TQBOIBUFWFPBQPJPEB(BMQ &OFSHJB RVFDPOUSJCVJVDPNDBSCVSBOUF (GPSDFQBSBPBCBTUFDJNFOUPEPTWF®DVMPT QBSUJDJQBOUFTOBTBD¨¶FTEFQSPNP¨¤PSFBMJ[BEBTQFMBNBSDB BMFN¤FNW¢SJBTDJEBEFTFTQBOIPMBT

."3ˆ0

NZHBMQ




EFTUBRVFEBUBCPPLT

G8E68<E487<t±B

%BUBCPPLTEBT3FçOBSJBT 3FMBU´SJPTU«NTJEPBMWPEFNFMIPSBNFOUPTFOPWJEBEFT CFOFçDJBOEP EBFYQFSJ«ODJBBDVNVMBEBFEBJNQMFNFOUB¨¤PEBTSFDPNFOEB¨¶FT ĠĤĕĒĥĒēĠĠĜĤEF4FHVSBOÎB 4BÞEFF "NCJFOUFEBT3FmOBSJBTUÐNWJOEPB BMDBOÎBSVNFTUBUVUPQSJWJMFHJBEPDPNP GPSNBEFDPNVOJDBÎÍPEPEFTFNQFOIP EFTUBTJOTUBMBÎÜFT TFSWJOEPBTFNBD ÎÜFTJOUFSOBTPVFYUFSOBT BVEJUPSJBTF JOTQFDÎÜFT 4ÍPEPDVNFOUPTEBBVUPSJBDPOKVOUB EP"24$PSQPSBUJWPFEBT3FmOBSJBTEB 

NZHBMQ

."3ˆ0

EBTSFDPNFOEBÎÜFTEB%FMPJUUFFEPTMFJ UPSFT DPNWJTUBBQSFTUBSPNFMIPSTFSWJÎP QPTTÓWFMFBMJOIBOEPFPSJFOUBOEPPTEBUB CPPLTQBSBBTOFDFTTJEBEFTFJOUFSFTTFT RVFFTUJNVMBN&TUFBOPTVSHFNUBN CÏNWFSTÜFTFNJOHMÐTDPNPSFTQPTUBËT .&-)034&37*ˆ0 0TSFMBUØSJPTUÐNTJEPBMWPEFNFMIPSB TPMJDJUBÎÜFTOFTTFTFOUJEP 0 USJÏOJP  GPJ NBSDB NFOUPTFOPWJEBEFT CFOFmDJBOEPEBFY QFSJÐODJBBDVNVMBEBFEBJNQMFNFOUBÎÍP EPQPSJOÞNFSPTQSPHSFTTPT0ÞMUJNP

(BMQ&OFSHJB TFOEPVNBEBTQSJODJQBJT NBJTWBMJBTBDSFEJCJMJEBEFDPOTFHVJEB FNSFTVMUBEPEBBQSFDJBÎÍPFWFSJmDBÎÍP QPSQBSUFEB%FMPJUUFF"TTPDJBEPT 4"


FOÍPDPOGPSNJEBEFTEF44" CFNDP NPPBDPNQBOIBNFOUPEBTBDÎÜFTQBSB NJOJNJ[BSSJTDPTFFWJUBSBTVBSFDPS SÐODJB PDPSSÐODJBTJNJMBSPVEBNFTNB OBUVSF[B DPNPJOUVJUPEFDPOUSPMBSPV FMJNJOBSBTDBVTBTJEFOUJmDBEBT ÏVN QSPDFTTPBTTVNJEPDPNPGVOEBNFOUBM QBSBSFEV[JSBTJOJTUSBMJEBEFOBT3FmOB 6.5&." 6."6/*%"%& SJBT4ÍPFTGPSÎPTUBNCÏNQBUFOUFTOPT AXfgTXW\}bWPMUBTFBEFTUBDBSVNUFNB EBUBCPPLT RVFUSBUBNPTNBJTWBSJBEPT FVNBVOJEBEFQSPDFTTVBMEFDBEBVNBEBT JOEJDBEPSFTFUFNBTSFMBDJPOBEPTDPNB 3FçOBSJBT EBOEPWJTJCJMJEBEFBPTFTGPS¨PT TBÞEFFTFHVSBOÎBEPTDPMBCPSBEPSFTF EBTJOTUBMB¨¶FTFNQSPMEBNFMIPSJBDPOU®OVB QSFTUBEPSFTEFTFSWJÎP FNSFMBÎÍPBPT FEFVNEFTFNQFOIPFNIBSNPOJBDPNP BNCJFOUFFBDPNVOJEBEF RVBJTBT3FmOBSJBTFTUÍPDJFOUFTEBTTVBT SFTQPOTBCJMJEBEFTFJOnVÐODJB 0TEBUBCPPLTEFTÍPQVCMJDBEPT FN.BJPEFF DPNPIBCJUVBMNFOUF  EFTUFTBOPT FNQBSUJDVMBS EFNPOT TFSÍPEJWVMHBEPTJOUFSOBFFYUFSOBNFOUF USPVBTVTUFOUBCJMJEBEFEBUFOEÐODJBEF "TVBMFJUVSBÏBGPSNBEFTFDPOIFDFS NFMIPSJBRVFGB[JBBEJWJOIBSNVEBOÎBT VNQPVDPNFMIPSBT3FmOBSJBTFPTFV DPOTJTUFOUFTOPTNBJTWBSJBEPTWFDUPSFT EFTFNQFOIPFNNBUÏSJBEFTFHVSBOÎB  EFEFTFNQFOIP TBÞEFFBNCJFOUF ²VNBFWPMVÎÍPRVFSFnFDUFPEFTFO WPMWJNFOUPDVMUVSBMEBPSHBOJ[BÎÍPFP DPNQSPNJTTPEBHFTUÍP RVFTFUSBEV[FN @T\f\aYbe`TXffbUeXbf7TgT5bb^fWTfEXßaTe\Tf cbWXe}bfXefb_\V\gTWTfTbffXei\bfWT7\eXV}bWX4DF BPOÓWFMEFJOWFTUJNFOUPT FTUBCFMFDJ 6becbeTg\ibWT:T_c8aXeZ\T!

    









&NJTT¶FT EF 40 QPS O®WFM EF BDUJWJEBEF LHUPO

3FGJOBSJB EF .BUPTJOIPT LH EF 40 QPS UPOFMBEB EF DBSHB USBUBEB

)¢NFMIPSJBTVCTUBODJBM EBNPOJUPSJ[B¨¤PEP EFTFNQFOIPBPO®WFM EBTJOJTUSBMJEBEF

 

              









&NJTT¶FT EF QBSU®DVMBT QPS O®WFM EF BDUJWJEBEF LHUPO

3FGJOBSJB EF 4JOFT  

LH EF QBSU®DVMBT QPS UPOFMBEB EF DBSHB USBUBEB

$PNFGFJUP PFTUBCFMFDJNFOUPEFDSJ UÏSJPTQBSBDMBTTJmDBÎÍP JOWFTUJHBÎÍP  EPDVNFOUBÎÍPFEJWVMHBÎÍPEFBDJEFOUFT  EPFOÎBTQSPmTTJPOBJT RVBTFBDJEFOUFT

 

          









&NJTT¶FT EF QBSU®DVMBT QPS O®WFM EF BDUJWJEBEF LHUPO

3FGJOBSJB EF .BUPTJOIPT     LH EF QBSU®DVMBT QPS UPOFMBEB EF DBSHB USBUBEB

.*/*.*;"33*4$04

LH EF 40 QPS UPOFMBEB EF DBSHB USBUBEB

NFOUPEFQMBOPTEFGPSNBÎÍPEFDPMB .&/04&.*44–&4 CPSBEPSFT EFmOJÎÍPEFPCKFDUJWPTFNF 0DMJNBEFNFMIPSJBªFTQFDJBMNFOUFTFOUJEPBP UBT² OPGVOEP SFTVMUBEPEBJOUFHSBÎÍP O®WFMEBTFNJTT¶FTBUNPTGªSJDBT0TBWVMUBEPT JOWFTUJNFOUPTRVFSOBJNQMFNFOUB¨¤PEFUFDOPMPHJBT IPMÓTUJDBEPEFTFNQFOIPFNTFHVSBOÎB  EFQPOUBQBSBBSFEV¨¤PEBTFNJTT¶FTÔQSFDJQJUBEPSFT TBÞEFFBNCJFOUF 44" OBQFSGPSNBODF FMFDUSPTU¢UJDPT RVFJNBEPSFTEFCBJYP/0YÔRVFSOB BQPTUBFNDPNCVTU®WFJTNBJTMJNQPT  EBTJOTUBMBÎÜFT DPNPPH¢TOBUVSBM U«NSFèFYPEJSFDUPFFWJEFOUFOP &NNBUÏSJBEFTFHVSBOÎB NFSFDF EFTFNQFOIPEBT3FçOBSJBTFNNBUªSJBEFFNJTT¶FT  SFGFSÐODJB B NFMIPSJB TVCTUBODJBM EB DPNPFWJEFODJBNPTHS¢çDPTTFHVJOUFT NPOJUPSJ[BÎÍPEPEFTFNQFOIPBPOÓWFM &NJTT¶FT EF 40 QPS O®WFM EF BDUJWJEBEF LHUPO

EBTJOJTUSBMJEBEF OPTÞMUJNPTBOPT FN 3FGJOBSJB EF 4JOFT NBUÏSJBEFBDJEFOUFTQFTTPBJT BNCJFOUBJT   FNBUFSJBJT JODMVJOEPDPMBCPSBEPSFTQSØ   QSJPTFQSFTUBEPSFTEFTFSWJÎP

              





."3ˆ0





NZHBMQ




EFTUBRVFBQSFTFOUB¨¤PEFSFTVMUBEPT 8@%##,

%FTFNQFOIPEB(BMQ&OFSHJB BGFDUBEPQFMBDPOKVOUVSBFDPO´NJDB "OPEJG®DJMDPOUSJCVJQBSBCBJYBEFMVDSPTEBFNQSFTBOVNQFS®PEP FNRVFPTTFVTSFDVSTPTDPOUJOHFOUFTTPCFNQBSBNJMNJMI¶FTEFCBSSJT ĒĘĒĝġĖğĖģĘĚĒGFDIPVPBOPQBTTBEPDPN VNMVDSPMÓRVJEPBKVTUBEPEFNJMIÜFT EFFVSPT VNBRVFCSBEFGBDFB /PNFTNPQFSÓPEP P&#*5%" 3FTVMUB EPTBOUFTEF+VSPT *NQPTUPT %FQSFDJB ÎÍPF"NPSUJ[BÎÍP EBQFUSPMÓGFSBmYPVTF FNNJMIÜFTEFFVSPT VNBNFMIPSJB EF GBDFBPBOPBOUFSJPS /VNBOPEFDFOÈSJPFDPOØNJDPEÏ CJM PEFTFNQFOIPPQFSBDJPOBMEB(BMQ &OFSHJBGPJBGFDUBEPQFMBEFTDJEBEPQSFÎP EPCSFOU RVFEBEBTNBSHFOTEFSFmOB ÎÍPFNFOPSFTWPMVNFTWFOEJEPTEFHÈT OBUVSBM GBDUPSFTRVFUJWFSBNVNFGFJUP BEWFSTPOPTSFTVMUBEPTEBDPNQBOIJBFN UPEPTPTTFHNFOUPT "QFTBSEJTTP PTFDUPSEF3FmOBÎÍP %JTUSJCVJÎÍPCFOFmDJPVEPDPOUSJCVUP QPTJUJWPEBTBRVJTJÎÜFTEBTmMJBJTJCÏSJDBT EB"HJQFEB&YYPO.PCJM5BNCÏNIPVWF VNBTVCJEBEFEPTSFDVSTPTDPOUJO HFOUFTEBQFUSPMÓGFSB RVFOPÞMUJNPBOP QBTTBSBNEF QBSBNJMNJMIÜFTEF CBSSJTEFQFUSØMFPFHÈTOBUVSBM

&91-03"ˆ„0130%6ˆ„0 &NBSSBODBSBNEPJTQSPKFDUPTJN QPSUBOUFTEFQSPEVÎÍPQFUSPMÓGFSBFNRVF B(BMQ&OFSHJBQBSUJDJQBPUFTUFEFMPO HBEVSBÎÍPOPDBNQP5VQJ OBCBDJBEF 4BOUPT FPDBNQP5ÙNCVB-ÉOEBOB OP CMPDP FN"OHPMB"DPOUSJCVJÎÍPEP QSJNFJSPQBSBBQSPEVÎÍPUPUBMXPSLJOH JOUFSFTU EB (BMQ &OFSHJB BTDFOEFV B NJMCBSSJT FORVBOUPBEPTFHVOEP BUJOHJVNJMCBSSJT/PFOUBOUP FTUFT WPMVNFTOÍPQFSNJUJSBNDPNQFOTBSPT DPSUFTEFQSPEVÎÍPJNQPTUPTQFMB01&1 FNOFNBTQBSBHFOTSFTVMUBOUFT EPTUSBCBMIPTEFNBOVUFOÎÍPOPCMPDP FN"OHPMB 

NZHBMQ

."3ˆ0

OFHBUJWBNFOUFQBSBBQFSGPSNBODFEFTUF TFHNFOUPEFOFHØDJP

3&4&37"4&3&$63404 $0/5*/(&/5&4

&NQSFTBWFOEFV  NJMI¶FTEFUPOFMBEBT  NBJTEFQSPEVUPT QFUSPM®GFSPTFN EPRVFOPBOPBOUFSJPS "TTJN BQSPEVÎÍPXPSLJOHJOUFSFTU EB(BMQ&OFSHJBTJUVPVTFFN NJM CBSSJTQPSEJB  BCBJYPEPSFHJTUBEP FN0DBNQP#FOHVFMB#FMJ[B -PCJUP5PNCPDP ##-5 FN"OHPMB  DPOUJOVPVBSFQSFTFOUBSEPUPUBM  DPN NJMCBSSJT &NUFSNPTOFUFOUJUMFNFOU BQSPEV ÎÍPEB(BMQ&OFSHJBEFTDFVQBSB NJM CBSSJTQPSEJB"RVPUBEPDBNQP##-5 QBSBFTUFWBMPSÏEF FORVBOUPBEP 5ÙNCVB-ÉOEBOBÏEF /PBOPQBT TBEPP5VQJQSPEV[JVNJMCBSSJT 0SFTVMUBEPPQFSBDJPOBMBDVTUPEF TVCTUJUVJÎÍPBKVTUBEPEPTFDUPSEF&Y QMPSBÎÍP1SPEVÎÍPFNGPJEF NJMIÜFTEFFVSPT DPOUSBNJMIÜFTEF FVSPTOPQFSÓPEPIPNØMPHPBOUFSJPS &TUBFWPMVÎÍPEFSJWBQSJODJQBMNFOUFEB EFTDJEBEFEPQSFÎPEPDSVEFGBDF B"EFTDJEBEBQSPEVÎÍPOFUFO UJUMFNFOUFN DPOUSJCVJVUBNCÏN

/PmOBMEF%F[FNCSPEF EFBDPSEP DPNPSFMBUØSJPEB%F(PMZFSBOE.BD /BVHIUPO BTSFTFSWBTQSPWBEBTFQSPWÈ WFJTEB(BMQ&OFSHJBOPCMPDPFSBNEF NJMIÜFTEFCBSSJT0SFMBUØSJPSFGFSF UBNCÏNRVFPTSFDVSTPTDPOUJOHFOUFT EB(BMQ&OFSHJBFSBNEFNJMIÜFT EFCBSSJT EPTRVBJTNJMIÜFTDPSSFT QPOEJBNBSFDVSTPTOPTCMPDPT ,  F FN"OHPMB FPTSFTUBOUFT NJMIÜFTBPPĊTIPSFEBCBDJBEF4BOUPT FBPPOTIPSFEBTCBDJBTEF1PUJHVBSFEF 4FSHJQF"MBHPBT OP#SBTJM

3&'*/"ˆ„0%*453*#6*ˆ„0 %&130%65041&530-Ž'&304 &N BTSFmOBSJBTEB(BMQ&OFSHJB USBUBSBN NJMIÜFTEFUPOFMBEBTEF NBUÏSJBTQSJNBT NFOPTRVFFN 0JODJEFOUFOB3FmOBSJBEF4JOFT  FN+BOFJSP RVFJOUFSSPNQFVPQSPDFTTB NFOUPEFNBUÏSJBQSJNBQPSVNQFSÓPEP BQSPYJNBEPEFTFJTTFNBOBT ÏBSB[ÍP QSJODJQBMEFTUFSFTVMUBEP0HBTØMFPF BHBTPMJOB DPNF SFTQFDUJ WBNFOUF GPSBNPTQSPEVUPTRVFNBJT QFTBSBNOPUPUBMEBQSPEVÎÍP "(BMQ&OFSHJBWFOEFV NJMIÜFT EFUPOFMBEBTEFQSPEVUPTQFUSPMÓGFSPTOP BOPQBTTBEP VNBVNFOUPEFGBDFB  0JODJEFOUFOB3FmOBSJBEF4JOFTFB SFEVÎÍPQSPHSBNBEBEBUBYBEFVUJMJ[B ÎÍPEFDBQBDJEBEF EFWJEBBPDPOUFYUP JOUFSOBDJPOBMBEWFSTPEFNBSHFOTEFSF mOBÎÍP UJWFSBNJNQBDUPOFHBUJWPOBT


SFTQPOEFBEPNFSDBEPJOEVTUSJBM QPSUVHVÐT%PUPUBM (8IEFTUJOB SBNTFËSFEF VNBVNFOUPEFGBDF B1BSBFTUFSFTVMUBEPDPOUSJCVJV BFOUSBEBFNPQFSBÎÍPEBDFOUSBMEF DPHFSBÎÍPEF4JOFTOPRVBSUPUSJNFTUSF EPBOPQBTTBEP &N PSFTVMUBEPPQFSBDJPOBMB DVTUPEFTVCTUJUVJÎÍPBKVTUBEPEPTFD UPSEF(BT1PXFSGPJEFNJMIÜFT EFFVSPT BCBJYPEPWFSJmDBEPOP QFSÓPEPIPNØMPHPBOUFSJPS

*/7&45*.&/50

FYQPSUBÎÜFT RVFDBÓSBNFOUSFF /FTUF BDPCFSUVSBEBBDUJWJEBEFEF SFmOBÎÍPQFMBEFEJTUSJCVJÎÍPEFQSPEV UPTQFUSPMÓGFSPTBVNFOUPVQBSB NBJT EPRVFPQFSÓPEPIPNØMPHPBOUFSJPS /PmOBMEF%F[FNCSPÞMUJNP BSFEFEF FTUBÎÜFTEFTFSWJÎPEB(BMQ&OFSHJBFSB DPNQPTUBQPSQPTJÎÜFT NFOPT EPRVFOPmOBMEF OBTFRVÐODJBEB PQUJNJ[BÎÍPEBSFEFEFEJTUSJCVJÎÍPFN 1PSUVHBMFFN&TQBOIBBQØTBBRVJTJÎÍP EBTmMJBJTJCÏSJDBTEB"HJQFEB&YYPO.P CJM/FTTBBMUVSB BFNQSFTBUJOIBNBJT MPKBTEFDPOWFOJÐODJBEPRVFFN%F [FNCSPEF &N PSFTVMUBEPPQFSBDJPOBMB DVTUPEFTVCTUJUVJÎÍPBKVTUBEPEPTFDUPS 3FmOBÎÍP%JTUSJCVJÎÍPEF1SPEVUPT 1FUSPMÓGFSPTGPJEFNJMIÜFTEFFVSPT  PRVFDPSSFTQPOEFBVNBEFTDJEBEF NJMIÜFTEFFVSPTGBDFBPBOPEF

$0/'&3‹/$*" .BOVFM'FSSFJSB%F0MJWFJSB  QSFTJEFOUFFYFDVUJWPEB(BMQ &OFSHJB EVSBOUFBBQSFTFOUB¨¤P EPTSFTVMUBEPTEF

TFHNFOUPFMÏDUSJDPFËTNFOPSFTWFOEBT OPUSBEJOH "WBSJBÎÍPOFHBUJWBSFHJTUBEBOPTFH NFOUPFMÏDUSJDPEFWFVTFBPBVNFOUP EBHFSBÎÍPFMÏDUSJDBQPSWJBIJESÈVMJDBF QPSWJBUÏSNJDBDPNSFDVSTPBPDBSWÍP "RVFCSBOBTWFOEBTBPUSBEJOHEFWFTFË SFEVÎÍPEBTNBSHFOTEFDPNFSDJBMJ[BÎÍP EPHÈTOBUVSBMFNSFTVMUBEPEBNFOPS QSPDVSBEFTUFTQSPEVUPTBOÓWFMJOUFS OBDJPOBM "TWFOEBTEFHÈTOBUVSBMBPTFDUPS JOEVTUSJBMOPTNFSDBEPTMJCFSBMJ[BEPF SFHVMBEPNBOUJWFSBNTFFTUÈWFJTFN SFMBÎÍPB/PBOPQBTTBEP EFTUB ("4108&3 DPVTFBWFOEBEFNJMIÜFTEFNFUSPT "TWFOEBTEFHÈTOBUVSBMDJGSBSBNTFFN DÞCJDPTOPTFDUPSJOEVTUSJBMFN&TQBOIB  NJMIÜFTEFNFUSPTDÞCJDPTFSFHJT VNBVNFOUPEFFNSFMBÎÍPBPQFSÓP UBSBNVNBEFTDJEBEFFNFN EPIPNØMPHPBOUFSJPS SFMBÎÍPBPQFSÓPEPIPNØMPHPBOUFSJPS "QSPEVÎÍPEFFMFDUSJDJEBEFOBTDFO &TUFSFTVMUBEPEFWFVTFFTTFODJBMNFO USBJTEFDPHFSBÎÍPEB(BMQ&OFSHJBGPJ UFËEJNJOVJÎÍPEFDPOTVNPEFHÈTEP EF(8IFN WBMPSRVFDPS

&N B(BMQ&OFSHJBJOWFTUJVVN UPUBMEFNJMIÜFTEFFVSPT BCTPSWJ EPTQSJODJQBMNFOUFQFMPTTFHNFOUPTEF 3FmOBÎÍP%JTUSJCVJÎÍPF&YQMPSBÎÍP 1SPEVÎÍP/FTUFGPSBNBQMJDBEPT NJMIÜFTEFFVSPT NBJPSJUBSJBNFOUFDB OBMJ[BEPTQBSBBTBDUJWJEBEFTOPPĊTIPSF EP#SBTJM CBDJBEF4BOUPTFCMPDP FN "OHPMB QBÓTPOEFGPSBNJOWFTUJEPT NJMIÜFTEFFVSPT EPTRVBJTNJMIÜFTEF FVSPTTFEFTUJOBSBNBPEFTFOWPMWJNFOUP EPDBNQP5ÙNCVB-ÉOEBOB /P#SBTJM BNBJPSQBSUFEPJOWFT UJNFOUPGPJDBOBMJ[BEPQBSBPPĊTIP SFEBCBDJBEF4BOUPT0WBMPSBQMJDBEP OPPOTIPSFGPJEFNJMIÜFTEFFVSPT  JODMVJOEPPQBHBNFOUPEFCØOVTEFBT TJOBUVSBSFGFSFOUFËEÏDJNBSPEBEBEF MJDJUBÎÍPEFMJDFOÎBTEFFYQMPSBÎÍP /PTFHNFOUPEFOFHØDJPEF3FmOB ÎÍP%JTUSJCVJÎÍP PJOWFTUJNFOUPGPJ EFNJMIÜFTEFFVSPT DBOBMJ[BEP  TPCSFUVEP QBSBPQSPKFDUPEFDPOWFSTÍP EBTSFmOBSJBT /BBDUJWJEBEFEFEJTUSJCVJÎÍPEFQSP EVUPTQFUSPMÓGFSPTOB1FOÓOTVMB*CÏSJDB GPSBNJOWFTUJEPTDFSDBEFNJMIÜFTEF FVSPT EPTRVBJTNJMIÜFTEFFVSPTFN 1PSUVHBMFDFSDBEFNJMIÜFTEFFVSPT FN&TQBOIB BQMJDBEPTQSJODJQBMNFOUF OPQSPHSBNBEFJOUFHSBÎÍPEBTFYmMJBJT JCÏSJDBTEB"HJQFEB&YYPO.PCJM /PTFHNFOUPEFOFHØDJPEF(BT 1PXFS PJOWFTUJNFOUPUPUBMJ[PVNJ MIÜFTEFFVSPT NBJPSJUBSJBNFOUFQBSBB BDUJWJEBEFEFEJTUSJCVJÎÍPEFHÈTOBUVSBM /PTFHNFOUPEP1PXFS PJOWFTUJNFOUP EFTUJOPVTFFTTFODJBMNFOUFBPTQSPKFDUPT EBTDFOUSBJTEFDPHFSBÎÍPEBT3FmOBSJBT EF4JOFTFEP1PSUP ."3ˆ0

NZHBMQ




EFTUBRVFTFHVSBO¨B 6H?GHE478CE8I8At±BA4:4?C8A8E:<4

6NBFWPMV¨¤PQPTJUJWB .VEBO¨BEFWFTF¡TBD¨¶FTQSPNPWJEBTQFMP1SPHSBNBEF4FHVSBO¨BEBFNQSFTB ĒĚğĥĖģĚĠģĚīĒšŝĠEFVNBDVMUVSBEFQSF WFOÎÍPÏFTTFODJBMQBSBHBSBOUJSVNBPQF SBÎÍPTFNBDJEFOUFTPVJODJEFOUFTOBTWÈ SJBTJOTUBMBÎÜFTEB(BMQ&OFSHJB² QPJT  GVOEBNFOUBMBFYJTUÐODJBEFQSPDFTTPT RVFQFSNJUBNBTTFHVSBSFNPOJUPSJ[BS BTVBFWPMVÎÍPBPMPOHPEPUFNQP

%*"(/”45*$0 "TQFDUPEFVNB TFTT¤PEFBVUP BWBMJB¨¤P

3&'&3‹/$*"*/*$*"-



NZHBMQ

."3ˆ0

&TUFTSFTVMUBEPTOÍPDPOTUJUVFNTVSQSFTB QBSBRVFNDPOIFDFBSFBMJEBEFEBFN QSFTB VNBWF[RVFFYJTUFNWBSJBEÓTTJNPT JOEÓDJPTEFRVFBFWPMVÎÍPDVMUVSBMEB (BMQ&OFSHJBÏVNBSFBMJEBEFKVTUJmDÈWFM QFMBTBDÎÜFTQSPNPWJEBTQFMP1SPHSBNB *OT UJO UP OB UVS BM ŽOEJDFEFBDJEFOUFT

1BSBFTUBCFMFDFSBSFGFSÐODJBJOJDJBMEV SBOUFBGBTFEFEJBHOØTUJDPBOUFSJPSBP MBOÎBNFOUPEP1SPHSBNBEF4FHVSBO ÎB B%VQPOU4BGFUZ3FTPVSDFTFGFDUVPV  FN VNBBWBMJBÎÍPEBDVMUVSBEF 44"EB(BMQ&OFSHJBUFOEPQPSCBTFPT FMFNFOUPTEPSFGFSFODJBMJOUFSOPEP 4JTUFNBEF(FTUÍPEF44"0PCKFDUJWP FSBBEFUFSNJOBÎÍPEPFTUÈHJPDVMUVSBM FNRVFBFNQSFTBTFFODPOUSBWBOBBMUVSB QBSBBDPSSFDUBEFmOJÎÍPEPNPEFMPEF JNQMFNFOUBÎÍP /FTUBBWBMJBÎÍPDPODMVJVTFRVFB(BMQ &OFSHJBTFQPTJDJPOBWBOPJOÓDJPEBGBTF i%FQFOEFOUFw BJOEBNVJUPQSØYJNBEB GBTFi3FBDUJWPwOPNPEFMPEFmOJEPQFMB $VSWBEF#SBEMFZ mHVSB  &N KÈDPNBQBSUJDJQBÎÍPEB FRVJQBEP1SPHSBNBEF4FHVSBOÎB SFB MJ[PVTFVNFYFSDÓDJPTFNFMIBOUF RVF NPTUSPVVNBFWPMVÎÍPQPTJUJWBEBFN QSFTB RVFKÈTFQPTJDJPOBWBOBGBTFi*O EFQFOEFOUFw "mNEFGBDJMJUBSBJEFOUJmDBÎÍPFBOÈ MJTFEBTHSBOEFTÈSFBTEFBDUVBÎÍPQBSB BTNFMIPSJBTBJNQMFNFOUBS PTFMFNFO UPTEFHFTUÍPGPSBNBHSVQBEPTFNEPJT HSBOEFTCMPDPToFMFNFOUPTDVMUVSBJTF PQFSBDJPOBJToFGPJDPNQBSBEBBTVBFWP MVÎÍPOPTRVBUSPBOPTFNDBVTB mHVSB  %FTUBBOÈMJTFDPODMVJTFRVFIPVWF VNBFWPMVÎÍPQPTJUJWBEBDVMUVSBEFTF HVSBOÎB WFSJmDBOEPTFVNBJOWFSTÍPOB DMBTTJmDBÎÍPSFMBUJWBEPTEPJTCMPDPT FN PTFMFNFOUPTDVMUVSBJTFTUÍPNBJT EFTFOWPMWJEPTEPRVFPTPQFSBDJPOBJT 

EF4FHVSBOÎBBPMPOHPEBRVFMFQFSÓPEP QVCMJDBÎÍPEBWJTÍPFQPMÓUJDBEF44" GPSNBÎÍPDPNQPSUBNFOUBMBWÈSJPTOÓWFJT JNQMFNFOUBÎÍPEBPSHBOJ[BÎÍPJOUFHSB EBQVCMJDBÎÍPEFQSPDFEJNFOUPTTPCSF UFNBTEJWFSTPT FRVFFTUÍPEJSFDDJPOBEBT

"&70-6ˆ„0%"$6-563"%&13&7&/ˆ„0 "(BMQ&OFSHJBQBTTPV FNRVBUSPBOPT EBGBTF Ù3FBDUJWBÚQBSBPMJNJUFN¢YJNPEBÙ%FQFOEFOUFÚ

*OJDJBM

4VQ FSW JT¤ P 

3FBDUJ WP

*OEJ WJEV BM

%FQFOE FOUF 4FHVSBO¨BDPNP VN*OTUJOUP/BUVSBM

$PNQSPNJTTPEB EJSFD¨¤P

$POGPSNJEBEF DPNPPCKFDUJWP

$POEJ¨¶FTEFUSBCBMIP

%FMFHB¨¤POP$IFGF EF4FHVSBO¨B 'BMUBEFFOWPMWJNFOUP QPSQBSUFEBEJSFD¨¤P

.FEP%JTDJQMJOB 3FHSBTQSPDFEJNFOUPT $POUSPMPEPTVQFSWJTPS 'PSNB¨¤P

*OEFQF OEFOUF $POIFDJNFOUPQFTTPBM  DPNQSPNJTTP *OUFSJPSJ[B¨¤P 7BMPSQFTTPBM $VJEBEPDPOTJHP NFTNP 1S¢UJDB )¢CJUPT 3FDPOIFDJNFOUP JOEJWJEVBM

&RVJ QBT *OUFSEF QFOEFO UF

"KVEBPTPVUSPT

$VJEBEPDPNPTPVUSPT 0SHVMIPPSHBOJ[BDJPOBM


&-&.&/504$6-563"*47&346401&3"$*0/"*4

*/%Ž$*04%".6%"/ˆ"

"FWPMV¨¤PDVMUVSBMOB(BMQ&OFSHJBªVNBSFBMJEBEF

"BWBMJB¨¤PEBDVMUVSBEF44"EB (BMQ&OFSHJBFGFDUVBEBFN JEFOUJçDPVW¢SJPTJOE®DJPTEFRVF BFWPMV¨¤PDVMUVSBMEB(BMQ&OFSHJB ªVNGBDUP%FTUBDBNTF FOUSFFMFT



3&410/4"#*-*%"%&%"-*/)"





 $VMUVSBM











0QFSBDJPOBM

"SFTQPOTBCJMJEBEFEBMJOIBªIPKF BTTVNJEBEFGPSNBOBUVSBMQFMBFTUSVUVSB IJFS¢SRVJDBEBFNQSFTB QPEFOEPTFS DPOTUBUBEBOBTW¢SJBTVOJEBEFTEFOFH´DJP FEFHFTU¤P 6/6( 

.&5"4 0#+&$5*704&*/%*$"%03&4

QBSBPEFTFOWPMWJNFOUPFJNQMFNFOUBÎÍP 0TFMFNFOUPTDVMUVSBJTFTUÍPNBJT EPTFMFNFOUPTDVMUVSBJT EFTFOWPMWJEPTEPRVFPTPQFSBDJPOBJT 0OÓWFMEFJNQMFNFOUBÎÍPEPTWÈSJPT "650"7"-*"ˆ„0 FMFNFOUPTEJGFSFFOUSFBT6/6( &TUÈTVCKBDFOUFBUPEPTPTTJTUFNBTEF "USBWÏTEFVNBBOÈMJTFNBJTEFUB HFTUÍPBOFDFTTJEBEFEFJODPSQPSBSBT MIBEB GPJBJOEBQPTTÓWFMDPODMVJSRVF BQSFOEJ[BHFOTDPNPGPSNBEFHBSBOUJS QPEFNTFSNFMIPSBEPT OPDVSUPQSB BTVBNFMIPSJBDPOUÓOVB [P PTFMFNFOUPTOPTRVBJTBT6/6( "TBWBMJBÎÜFTBOUFSJPSFTGPSBNCB TFDPOTJEFSBNNBJTGSBDBT1BSBVOTKÈ TFBEBTOPDPOIFDJNFOUPEFFMFNFOUPT FYJTUFNEPDVNFOUPTOPSNBUJWPTFT FYUFSJPSFT "24$PSQPSBUJWPFFMFNFOUPT USVUVSBJTRVFFTUBCFMFDFNPTSFRVJTJUPT EB%VQPOU%43 TPCSFBT6/6(BWB QBSBBTVBNFMIPSJB1BSBPTPVUSPT P MJBEBT&SBBHPSBJNQPSUBOUFRVFFTUBT 1SPHSBNBEF4FHVSBOÎBWBJEFTFOWPMWFS JOUFHSBTTFN P QSPDFTTP EF BWBMJBÎÍP USBCBMIPTPCSFFMFTBPMPOHPEFTUFBOP EFGPSNBBQPEFSFNJEFOUJmDBSPTTFVT QPOUPTGPSUFTFGSBDPT EFTFOIBSFNF 13”9*.041"4404 JNQMFNFOUBSFNBTBDÎÜFTDPSSFDUJWBT 0"24$PSQPSBUJWP OPÉNCJUPEPTFVQSP BEFRVBEBTBPTFVDBTPF BTTJN BTTFHV HSBNBEFBQPJPËT6/6(QBSBBNFMIP SBSFNBNFMIPSJBDPOUÓOVBEP4JTUFNB SJBEP4JTUFNBEF(FTUÍPEF44" JSÈDPO EF(FTUÍPEF44" EV[JSVNQSPDFTTPEFBVEJUPSJBTDSV[BEBT $PNFTUFPCKFDUJWP P"24$PSQPSBUJWP QBSBBGFSJSPOÓWFMEFJNQMFNFOUBÎÍPEPT USBEV[JVFBEBQUPVBNBUSJ[EFBWBMJBÎÍP  FMFNFOUPTEFHFTUÍP EFNPEPBUPSOÈMBNBJTPCKFDUJWB FQSP &TUBTBVEJUPSJBTEFTUJOBNTFGVOEB DFEFV DPNBT6/6( BVNBTÏSJFEF NFOUBMNFOUFBHBSBOUJSPFOUFOEJNFOUP TFTTÜFTEFBVUPBWBMJBÎÍP&TUFFYFSDÓDJP DPSSFDUPEPTSFRVJTJUPTEPTWÈSJPTFMF QFSNJUJVËT6/6(JEFOUJmDBSBTTVBT NFOUPTEP4JTUFNBEF(FTUÍPGPNFO MBDVOBTOBJNQMFNFOUBÎÍPEPTWÈSJPT UBSBUSPDBEFFYQFSJÐODJBT NFMIPSFT FMFNFOUPTEFHFTUÍP&TUBTTFTTÜFT DPN QSÈUJDBT FOUSFBT6/6( HBSBOUJOEP BEVSBÎÍPEFVNEJB UJWFSBNBQSFTFOÎB BTJNQMJmDBÎÍPEPTQSPDFTTPTEFHFT EPTSFTQPOTÈWFJTEBT6/6(FEF44"F UÍPEF44" FEFTFOWPMWFS EFNBOFJSB EFVNHSVQPEFRVBESPTJOEJDBEPTQFMP VOJGPSNF P4JTUFNBEF(FTUÍPEF44" SFTQPOTÈWFMEF‹MJOIB FNUPEBBFNQSFTB "BWBMJBÎÍPSFBMJ[BEB DPNBTVCKFDUJ /FTUFTFOUJEP P"24$PSQPSBUJWPJSÈ WJEBEFRVFMIFFTUÈJOFSFOUF OÍPQPTTJCJ JODPSQPSBSOPTFVQSPHSBNBBOVBMEF MJUBGB[FSDPNQBSBÎÜFTFOUSFBT6/6( BVEJUPSJBTPBDPNQBOIBNFOUPEFTUF /PFOUBOUP QFSNJUFDPOmSNBSBMHVOT UFNB%VSBOUFFTUFBOPJSÍPTFSGPS QPOUPTDPNVOT NBEPTBVEJUPSFTRVFJSÍPWFSJmDBS EF 5PEBTBT6/6(BQSFTFOUBNVNB GPSNBJOEFQFOEFOUF PDVNQSJNFOUP FWPMVÎÍPTJHOJmDBUJWBGBDFBPSFHJTUBEP EPTSFRVJTJUPTEP4JTUFNBEF(FTUÍPEF 44" FNFNUFSNPTHMPCBJT

&YJTUFVNRVBESPEFJOEJDBEPSFTF SFTQFDUJWPTPCKFDUJWPTVUJMJ[BEPOB HFOFSBMJEBEFEBT6/6(1FSNJUF NPOJUPSJ[BSPEFTFNQFOIPQBTTBEPFN 44" JOEJDBEPSFTSFBDUJWPT FBTBD¨¶FT QSFWFOUJWBTRVFFTU¤PBTFSJNQMFNFOUBEBT JOEJDBEPSFTQS´BDUJWPT 

*/7&45*("ˆ„0%&*/$*%&/5&4 "DPNQSFFOT¤PEPQPUFODJBMEF BQSFOEJ[BHFNBTTPDJBEP¡DPSSFDUB JEFOUJçDB¨¤PEBDBVTBSBJ[EFVN JODJEFOUFF¡JNQMFNFOUB¨¤PEFBD¨¶FT DPSSFDUJWBTQBSBFWJUBSBTVBSFDPSS«ODJB UFNBVNFOUBEP*TUPUSBEV[TFOPDSFTDFOUF O»NFSPEFSFQPSUFTFJOWFTUJHB¨¶FTEF BDJEFOUFTFJO®DJPEBQS¢UJDBEPSFQPSUFF JOWFTUJHB¨¤PEFRVBTFBDJEFOUFT

03("/*;"ˆ„0*/5&(3"%" /BTW¢SJBT6/F6(GPSBNDSJBEPTG´SVOTEF HFTU¤PEFBTQFDUPTEF44"EFOPNJOBEPT ÙDPNJTT¶FTEF44"Ú0SFDPOIFDJNFOUP EBTVBVUJMJEBEFMFWPV¡DSJB¨¤P FN BMHVNBT6/6( EFTVCDPNJTT¶FTEF44" DPNçOBMJEBEFTFNFMIBOUF QBSBHFSJSPT QSPCMFNBTNBJTFTQFD®çDPTEBTVB¢SFB PVOFH´DJP

0#4&37"ˆ–&413&7&/5*7"4 %&".#*&/5&&4&(63"/ˆ" 01"4

&TU¤PSFHJTUBEPTOP4*"24BMHVOTNJMIBSFT EF01"4$POTUJUVFNÙGFSSBNFOUBTÚEB (BMQ&OFSHJBQBSBJOèVFODJBSQPTJUJWBNFOUF PDPNQPSUBNFOUPEF44"EPTTFVT DPMBCPSBEPSFTFQSFTUBEPSFTEFTFSWJ¨PT 1FSNJUFNBDUVBSOPJNFEJBUPTPCSFPT DPNQPSUBNFOUPTEFSJTDPÙFNDBNQPÚ OPNªEJPQSB[P FGBDFBPTSFTVMUBEPTEP USBUBNFOUPFTUBU®TUJDPEBTPCTFSWB¨¶FT  JNQMFNFOUBOEPBD¨¶FTDPSSFDUJWBTQBSBPT BTQFDUPTNBJTDS®UJDPT

("/)043‚1*%04 ŠVNBQS¢UJDBDPSSFOUFOBT¢SFBT PQFSBDJPOBJTBQBSUJMIBEFTJUVB¨¶FT QBTT®WFJTEFVNBG¢DJMDPSSFD¨¤PDPN HBOIPTTJHOJçDBUJWPTQBSBPTBTQFDUPTEF 44"0"24$PSQPSBUJWPGB[VNBEJWVMHB¨¤P BMBSHBEBEPTHBOIPTNBJTTJHOJçDBUJWPT

."3ˆ0

NZHBMQ




DBQBESJWFSTEBQPM®UJDBFPCKFDUJWPTEBTFNQSFTBT

F8:HE4At484@5<8AG8

"DUJWPTDPNEJNFOT¤P FDPO´NJDB "(BMQ&OFSHJBFTUBCFMFDFVPTFVSJUNPFUFNBWBO¨BEP QBSBTFFMFWBSBQBUBNBSFTTVQFSJPSFTEFEFTFNQFOIP OPTUFNBTEBTFHVSBO¨BFBNCJFOUF ĠĚĞġĒĔĥĖOBHFOFSBMJEBEFEPTTFDUP SFTEBJOEÞTUSJBFVSPQFJBEFDPSSFOUFEP JOTVDFTTPOFHPDJBMEF$PQFOIBHBTFSÈ JOnVFODJBEPQFMBNFUBEB6& RVFTF CBMJ[BSÈFOUSFPTFPT NBTDVKP OÞNFSPFNDPODSFUPOÍPÏBJOEBDPOIF DJEP/ÍPPCTUBOUF PTEFSFEVÎÍP TÍPKÈVNBDFSUF[B FPFTGPSÎPTPMJDJUBEPË JOEÞTUSJBFVSPQFJBOÍPWJVFN$PQFOIBHB PNFTNPFTQÓSJUPEFFNQFOIBNFOUP OPVUSPT QBÓTFT  EFTFOWPMWJEPT PV EF FDPOPNJBTFNFSHFOUFT NBOUFOEPTF QPSUBOUPBQSFPDVQBÎÍPRVBOUPËQFSEB

EFDPNQFUJUJWJEBEFFVSPQFJBFBPSJTDPEF DBSCPOMFBLBHF PVTFKB EFEFTMPDBMJ[BÎÍP EBJOEÞTUSJBFVSPQFJBQBSBSFHJÜFTTFN DPNQSPNJTTPTEFSFEVÎÍPEFFNJTTÜFT EF(&&

%&4"'*04*/5&3/"$*0/"*4 0DVNQSJNFOUPEFNFUBTOBDJPOBJTNP UJWBEBTQFMBBDUVBÎÍPQPMÓUJDBËFTDBMBHMP CBMUFSÈOFDFTTBSJBNFOUFJNQMJDBÎÜFTBP OÓWFMEPTQSJODJQBJTTFDUPSFTSFTQPOTÈWFJT QFMPDPOTVNPEFFOFSHJB"(BMQ&OFS HJB FORVBOUPQMBZFSÞOJDPOBJOEÞTUSJB

+»MJB4FJYBT 1SPGFTTPSBOB6OJWFSTJEBEF/PWBEF-JTCPBFT´DJBEB&7BMVF

".#*&/5&Š"$5*70$0.%*.&/4„0&$0/”.*$" BYbVhfOPQSPDFTTPEFQSPEV¨¤PJOEVTUSJBMGPJVMUSBQBTTBEPQFMBOFDFTTJEBEF EFJOUFSOBMJ[B¨¤PEPDVTUPEBTFNJTT¶FTEF$0BUSBWªTEBPCSJHBUPSJFEBEFEBJODMVT¤P EBTJOTUBMB¨¶FTJOEVTUSJBJT DPNPBTSFçOBSJBT OPDPNªSDJPFVSPQFVEFMJDFO¨BTEFFNJTT¤P $&-&  $POWªNSFGFSJSPOPWPQBUBNBSEFFYJH«ODJBJNQPTUPQFMBTOPWBTSFHSBTBWJHPSBSBQBSUJSEF  BPFTUBCFMFDFSPDSJUªSJPEFCFODINBSL FRVJWBMFOUF¡TNFMIPSFTOPFTQB¨PFVSPQFV  QBSBBBUSJCVJ¨¤PEFMJDFO¨BTEFFNJTT¤PFBEJUBSPMFJM¤PDPNPNFDBOJTNPQBSBBTVBBRVJTJ¨¤P OPNFSDBEP /¤PQPEFEFJYBSEFTFSSFGFSJEBBBJOEBKPWFNSFHVMB¨¤PBTTPDJBEB¡SFTQPOTBCJMJEBEFBNCJFOUBM  RVFBDPNPEBBSFTQPOTBCJMJEBEF çOBODFJSB EBTFNQSFTBTQFSBOUFBFNJO«ODJBEPTSJTDPT FDPM´HJDPTOPTFDPTTJTUFNBTFOWPMWFOUFTFBTNFEJEBTEFQSFWFO¨¤PFPVSFQBSB¨¤PFNDBTP EFBDJEFOUFJOEVTUSJBM "TFNQSFTBTQBTTBNBUFSEFDPOTJEFSBSB¢SFBFOWPMWFOUF¡TJOTUBMB¨¶FTDPNPVNBDUJWP BQSFTFSWBSFBDPOUBCJMJ[BSOBTVBHPWFSOB¨¤P'JOBMNFOUF FUBNCªNNPUJWBEPQPSRVFTU¶FT BNCJFOUBJT JNQPSUBSFGFSJSBFYJH«ODJBBPO®WFMEBRVBMJEBEFEPQSPEVUPçOBM FH EJSFDUJWB EBRVBMJEBEFEPTDPNCVTU®WFJT  0BDUJWPBNCJFOUFFNUPEBBDBEFJBEFWBMPSEBTFNQSFTBT FNDBTPTDPNPPEB(BMQ&OFSHJB  UFNPCSJHBUPSJBNFOUFEFFTUBSBTTVNJEPOBTVBEJNFOT¤PFDPO´NJDB4FBTTJNO¤PGPS çDBS¢ FNDBVTBBDPNQFUJUJWJEBEFEPQSPEVUPçOBMRVFSQPSSB[¶FTEFDPODPSS«ODJBEJSFDUB DPNQSPEVUPTBMUFSOBUJWPTHFSBEPTFNFDPOPNJBTTFNPVDPNGSBDBSFHVMB¨¤P RVFSQPS TVCTUJUVJ¨¤PQPSTPMV¨¶FTBMUFSOBUJWBTQSFGFSJEBTEPTDPOTVNJEPSFT&TUFT EJ[FNUPEPTPTJORVªSJUPT GFJUPTOB&VSPQB FTU¤PDBEBWF[NBJTCFNJOGPSNBEPTFBVNFOUBPO»NFSPEPTRVFFTU¤P EJTQPO®WFJTQBSBQBHBSNBJTQPSQSPEVUPTDPNNFOPSJNQBDUPOPBNCJFOUF



NZHBMQ

."3ˆ0


-*$&/ˆ"".#*&/5"$POEJDJPOBBBDUJWJEBEF EFVNBJOTUBMB¨¤P

."3ˆ0

NZHBMQ




DBQBESJWFSTEBQPM®UJDBFPCKFDUJWPTEBTFNQSFTBT

4&(63"/ˆ"&&'*$‚$*" ŠPRVFBTTFHVSBB(BMQ&OFSHJBKVOUP EPTGPSOFDFEPSFTQBSBPUSBOTQPSUF EFDPNCVTU®WFJT

4ªSHJP7JMBOPWB %JSFDUPSUªDOJDPEB%V1POU4BGFUZ3FTPVSDFT4PVUI&VSPQF

4&(63"/ˆ"Š6.#0./&(”$*0 BXaZXa[X\eb@TahX_9XeeX\eT7XB_\iX\eTDPTUVNBEJ[FSÙ"TFHVSBO¨BªVNBMJDFO¨BQBSB PQFSBSÚ&TUFDPNQSPNJTTPQPEFTFSPCTFSWBEPBUSBWªTEBTNVEBO¨BTFEPTWVMUPTPTJOWFTUJNFOUPT EB(BMQ&OFSHJBOPT»MUJNPTBOPT"FNQSFTBWPMUPVTFQBSBPFYUFSJPS BERVJSJVBDUJWPT FGF[QBSDFSJBTJNQPSUBOUFTOBFYQMPSB¨¤PQSPEV¨¤PEFQFUS´MFP*TUPUVEPTFNDPNQSPNFUFS PDVSTPEPTJOWFTUJNFOUPTFEBTBD¨¶FTOB¢SFBEBTFHVSBO¨BFEPBNCJFOUF $PNPFYFNQMPT QPEFNPTEFTUBDBSPTSFDVSTPTBQMJDBEPTOBNBOVUFO¨¤PEBJOUFHSJEBEFNFD£OJDB EBT3FçOBSJBTEF4JOFTFEF.BUPTJOIPT BNBOVUFO¨¤PFQSPUFD¨¤PEFNVJUBTDFOUFOBTEFUBORVFT TVCUFSS£OFPTEB%JTUSJCVJ¨¤P0JM NJMIBSFTEFDPMBCPSBEPSFTGPSNBEPTOPTNBJTEJWFSTPTUFNBT EFTFHVSBO¨BFBNCJFOUF BPCUFO¨¤PEFDFSUJçDB¨¶FTEFQBES¤PJOUFSOBDJPOBMFNW¢SJBTEFTVBT VOJEBEFTPQFSBDJPOBJT PDPOUSPMPEBTTVBTFNJTT¶FTJOEVTUSJBJTFBJNQMFNFOUB¨¤PEFVN»OJDP 3FGFSFODJBMEF(FTU¤PEF4FHVSBO¨B 4B»EFF"NCJFOUFQBSBUPEBB(BMQ&OFSHJB /PNVOEPUPEP PFTGPS¨PEBTFNQSFTBTFTU¢DBEBWF[NBJTWPMUBEPQBSBPFOWPMWJNFOUP FQBSUJDJQB¨¤PEFUPEPTPTDPMBCPSBEPSFTOBQSFWFO¨¤PEFBDJEFOUFT4FHVSBO¨BªVNCPNOFH´DJP QBSBUPEBHFOUF"OFDFTTJEBEFEFQSPUFD¨¤PEPBNCJFOUFªJORVFTUJPO¢WFM 0DPNQSPNJTTPEFNPOTUSBEPQFMPTM®EFSFTEB(BMQ&OFSHJBDPNFTUFTUFNBTFBEJTDJQMJOB PQFSBDJPOBMEPTTFVTDPMBCPSBEPSFTMFWBS¢BFNQSFTBBO®WFJTEFFYDFM«ODJBOPEFTFNQFOIP FNTFHVSBO¨BFBNCJFOUF



NZHBMQ

."3ˆ0

OBDJPOBMEFSFmOBÎÍP DPNJOFRVÓWPDB JOnVÐODJBOPTFDUPSEPTUSBOTQPSUFT WÐ TFBCSBÎPTDPNJOÞNFSPTEFTBmPT QBS UFIFSEBEPTEBTQPMÓUJDBTJOUFSOBDJPOBJT EBTBMUFSBÎÜFTDMJNÈUJDBT PVUSPTJOWB SJBWFMNFOUFSFTVMUBOUFTEBTFTUSBUÏHJBT OBDJPOBJTDPNRVF1PSUVHBMFOGSFOUBSÈ PTEFTBmPTJOUFSOBDJPOBJT "TFTUSBUÏHJBTOBDJPOBJTQBSBBNJ UJHBÎÍPEFFNJTTÜFTEF(BTFTEF&GFJ UPEF&TUVGB OBQSFTFOÎBPVBVTÐODJB EPBNCJDJPOBEPBDPSEPRVFGBMIPVFN $PQFOIBHB UFOEFNBBDUVBSOPTFDUPS EPTUSBOTQPSUFTRVFSBUSBWÏTEBJOEÞTUSJB BVUPNØWFMRVFSEBJOEÞTUSJBEFSFmOBÎÍP  PVBJOEBBUSBWÏTEBQPMÓUJDBmTDBMSFMBUJWB BBNCPTPTTFDUPSFT"MJÈT UPEPPDJDMPEF WJEBEPOFHØDJPQFUSPMÓGFSPEFWFSÈTFOUJS VNBGPSUFJODJTÍPEBQPMÓUJDBmTDBMDPNP GPSNBEFPTHPWFSOPTJOnVFODJBSFNF NPUJWBSFNPTFDUPSQSJWBEPBDSJBSBMUFS OBUJWBTBPTDPNCVTUÓWFJTGØTTFJT EFTDBS CPOJ[BOEPBFDPOPNJB 1PEFNPTBmSNBSRVFBDPNQPOFO UFBNCJFOUBMÏ PVEFWFSÈTFS BDUV


4&(63"/ˆ"/"%*453*#6*ˆ„0%&$0.#645Ž7&*4 /BEJTUSJCVJ¨¤PEFDPNCVTU®WFJTBPTDMJFOUFTEB(BMQ&OFSHJBUSBCBMIBN BUFNQPJOUFJSP DFSDBEFWF®DVMPTDJTUFSOB 7$ FNBJTEFNPUPSJTUBT1FSDPSSFN BOVBMNFOUF BQSPYJNBEBNFOUFNJMI¶FTEFRVJM´NFUSPTFSFBMJ[BN NBJTEFNJMFOUSFHBTOBTJOTUBMB¨¶FTEPTDMJFOUFT1BSBBDPODSFUJ[B¨¤PEFTUBUBSFGBDPNPTNBJTFMFWBEPT QBES¶FTEFTFHVSBO¨BFFçD¢DJBBO®WFMEFDVTUPT B"3--PH®TUJDBEBFNQSFTBBDPSEPVVNDPOUSBUPDPNTFJTFNQSFTBT EFSFGFS«ODJBOPUSBOTQPSUFEFNBUªSJBTQFSJHPTBT "TEJWFSTBTDM¢VTVMBTEFTUFDPOUSBUPSFèFDUFNBQSFPDVQB¨¤PEB (BMQ&OFSHJBDPNBTRVFTU¶FTEFBNCJFOUFFTFHVSBO¨BFJODMVFN

Þ.FMIPSJBEBHFTU¤PJOUFSOBEBTFNQSFTBTEFUSBOTQPSUF

1BSBPDPOUSPMPEPTSFRVJTJUPTEFçOJEPTGPJEFTFOWPMWJEB VNBNFUPEPMPHJBEFNPOJUPSJ[B¨¤PBTTFOUFOVNTJTUFNB EFJOTQFD¨¤PJOUFSOB QFTTPBMQS´QSJP FFYUFSOB FNQSFTB DPOUSBUBEB &TUBNFUPEPMPHJBJODMVJJOTQFD¨¶FTUªDOJDBTBPT7$ OPTNPMEFTEB"1&530 FBPTQSPDFEJNFOUPTEPTNPUPSJTUBT  BO¢MJTFEPTSFHJTUPT(14F41%$POTJEFSBBJOEB

Þ$SJB¨¤PEFVNTJTUFNBEFBWBMJB¨¤PEFGPSOFDFEPSFTBTTFOUF

Þ*WFTUJHB¨¤PEFBDJEFOUFTRVBMRVFSJODJEFOUF TFKBBDJEFOUF SPEPWJ¢SJP EFSSBNFPVDPOUBNJOB¨¤P ªJOWFTUJHBEP TFOEPFMBCPSBEP VNSFMBU´SJPEFBDPSEPDPNBTOPSNBT(BMQ&OFSHJB /1(  QFSNJUJOEPEFUFDUBSBTDBVTBTFEFçOJSNFEJEBTRVFFWJUFN BTVBSFQFUJ¨¤P

FEBDPNVOJDB¨¤PDPNB(BMQ&OFSHJBBUSBWªTEBPCSJHBUPSJFEBEF EBFYJTU«ODJBEFVNHFTUPSEFUS¢GFHPQBSBBDPNQBOIBSUPEB BBDUJWJEBEFPQFSBDJPOBMFGB[FSBMJHB¨¤PEJSFDUBDPNPSFTQPOT¢WFM EFHFTU¤PEPDPOUSBUPEB(BMQ&OFSHJB FNEJWFSTPTJOEJDBEPSFTDPNPCKFDUJWPTEFçOJEPT OPNFBEBNFOUF O»NFSPEFBDJEFOUFTSPEPWJ¢SJPTO»NFSPEFEFSSBNFTF DPOUBNJOB¨¶FTEFQSPEVUPTO»NFSPEFO¤PDPOGPSNJEBEFTOPRVF TFSFGFSFBPFTUBEPEPWF®DVMPQSPDFEJNFOUPTEFDBSHBFEFTDBSHBF JOUFHSJEBEFEBTRVBOUJEBEFTEFQSPEVUPFYJH«ODJBEFVUJMJ[B¨¤PEF FRVJQBNFOUPTEFQSPUFD¨¤PJOEJWJEVBJT &1* 

Þ%FçOJ¨¤PEPTSFRVJTJUPTEFGPSNB¨¤PN®OJNPTEPTNPUPSJTUBT

JODMVJTFBFYJH«ODJBEFDVSTPTEFSPMMPWFS DPOEV¨¤PEFGFOTJWB FNBOVTFBNFOUPEFQSPEVUPT 

Þ%FçOJ¨¤PEFVNBNBUSJ[EFBOUJHVJEBEFN¢YJNBQBSBPTFRVJQBNFOUPT EFUSBOTQPSUF

Þ*OTUBMB¨¤PEFTJTUFNBTEFMPDBMJ[B¨¤PEFGSPUB (14 FEFTFMBHFN FMFDUS´OJDB 41% 

Þ'PSNB¨¤PBD¨¶FTTJTUFN¢UJDBTEFTFOTJCJMJ[B¨¤PBPTNPUPSJTUBT TPCSFPTUFNBTNBJTDS®UJDPTFNDBEBNPNFOUP

Þ'FFECBDLSFVOJ¶FTUSJNFTUSBJTDPNPTUSBOTQPSUBEPSFT DPNPPCKFDUJWPEFBOBMJTBSPTSFTVMUBEPTPCUJEPTFEFçOJS PQPSUVOJEBEFTEFNFMIPSJB "JOEBOP£NCJUPEBTFHVSBO¨B FTU¢QSFWJTUBQBSBBDSJB¨¤P EFVNTJTUFNBEFTFHVJNFOUPFNFTUSBEBRVFQFSNJUBEFUFDUBS FWFOUVBJTJODVNQSJNFOUPT QPSQBSUFEPTNPUPSJTUBT EPTQSJOD®QJPT EBDPOEV¨¤PEFGFOTJWB0TSFTVMUBEPTTFSWJS¤PDPNPCBTFQBSBBD¨¶FT EFGPSNB¨¤PEF®OEPMFDPNQPSUBNFOUBM

("40%650%&(/ 1SFQBSB¨¤PQBSBUSBWFTTJB EPFTUV¢SJPEP4BEP

BMNFOUF  VN EPT QSJODJQBJT ESJWFST EBQPMÓUJDBFPCKFDUJWPTEBTFNQSFTBT 1BSB+ÞMJB4FJYBT QSPGFTTPSBEB6OJ WFSTJEBEF/PWBEF-JTCPB iEFQPJTEPT UFNQPTJOJDJBJTFNRVFBSFHVMBÎÍPGP DBWBBTQFDUPTFTQFDÓmDPTEPDPOUSPMPEF FNJTTÜFTEFQPMVFOUFTSFTVMUBOUFTEP GVODJPOBNFOUPJOEVTUSJBM PTÞMUJNPT BOPTUSPVYFSBNNVJUBTOPWJEBEFT RVF FYJHFNBBEPQÎÍPEFVNBQFSTQFDUJWB JOUFHSBEPSBEFUPEBBBDUJWJEBEFJOEVT USJBMw²FTUBBNPUJWBÎÍPEB1SFWFOÎÍPF

$POUSPMP*OUFHSBEPTEB1PMVJÎÍP 1$*1  iRVFDPOEJDJPOBBBDUJWJEBEFEFVNB JOTUBMBÎÍPBVNBMJDFOÎBBNCJFOUBMF UFNDPMPDBEPBTFNQSFTBTOBTFOEBEBT NFMIPSFTUFDOPMPHJBTEJTQPOÓWFJTFEB PQUJNJ[BÎÍPEFQSPDFTTPTw

OPMØHJDBT FDPOØNJDBTFTPDJBJTPDPSSJEBT OPTFJPEBTPDJFEBEFHMPCBM"TBDÎÜFT WPMUBEBTQBSBBQSPUFDÎÍPEPBNCJFOUF TÍPNBJTSFDFOUFT FTØEFSBNVNTBMUP TJHOJmDBUJWPRVBOEPPIPNFNQFSDFCFV RVFOÍPQPEFSJBUFSVNBWJEBTBVEÈWFM OVNQMBOFUBEPFOUF */5&(3"ˆ„0%"4&(63"/ˆ" "QSJNFJSBMFHJTMBÎÍPDPOTJEFSBEBFm %FTEFB3FWPMVÎÍP*OEVTUSJBMEPTÏDV DJFOUFOBQSPUFDÎÍPEPTUSBCBMIBEPSFT MP 97***RVFBTFHVSBOÎBOPUSBCBMIPFB TVSHJVFN*OHMBUFSSBFN5SBUBTF TBÞEFPDVQBDJPOBMUÐNFWPMVÓEPDPNP EB-FJEBT'ÈCSJDBT 'BDUPSZ"DU FBQMJDB QBSUFJOUFHSBOUFEBTUSBOTGPSNBÎÜFTUFD WBTFBUPEBTBTFNQSFTBTUÐYUFJTPOEFTF ."3ˆ0

NZHBMQ




DBQBESJWFSTEBQPM®UJDBFPCKFDUJWPTEBTFNQSFTBT

3VJ-FJUF -®EFSEP(SVQPEF&YDFM«ODJB1SFWFO¨¤PEF%BOPTQPS5FSDFJSPTEB(BMQ&OFSHJB FSFTQPOT¢WFMEB%JSFD¨¤P5ªDOJDBEB#FJSBH¢T

"1305&$ˆ„0%"*/5&(3*%"%& %"4*/'3"&4536563"4%&(‚4/"563"-

*/5&(3"ˆ„0 "(BMQ&OFSHJBFTUBCFMFDFV DPNPQSJPSJEBEFFTUSBUªHJDB BJNQMFNFOUB¨¤PEFVN4JTUFNB EF(FTU¤PEB4FHVSBO¨B USBOTWFSTBMBUPEBTBTTVBT ¢SFBTEFOFH´DJP

4:T_c8aXeZ\TTFNQSFEFEJDPVFTQFDJBMBUFO¨¤PBPTQSPCMFNBTEBTFHVSBO¨BFBQBSUJSEF FTUBCFMFDFVDPNPQSJPSJEBEFFTUSBUªHJDBBJNQMFNFOUB¨¤PEFVNTJTUFNBEFHFTU¤PEB TFHVSBO¨BUSBOTWFSTBMBUPEBTBTTVBT¢SFBTEFOFH´DJP /PRVFDPODFSOF FNQBSUJDVMBS BP/FH´DJPEP(¢T/BUVSBM PTEBOPTDBVTBEPTQPSUFSDFJSPTOBT JOGSBFTUSVUVSBTEBTEJTUSJCVJEPSBT RVFBUJOHJBN FNNªEJB BQSFPDVQBOUFGSFRV«ODJBEFRVBTF VNJODJEFOUFEJ¢SJP GPSBNJEFOUJçDBEPTFDPNQSPWBEPTFTUBUJTUJDBNFOUFDPNPQSJODJQBMFNBJT HSBWFGBDUPSEFJOTFHVSBO¨BEFTUBBDUJWJEBEF /FTTFDPOUFYUP GPJDSJBEP OP£NCJUPEP1SPHSBNBEF4FHVSBO¨B VN(SVQPEF&YDFM«ODJB44" EB6/(1DPNPPCKFDUJWPQSJNPSEJBMEFJEFOUJçDBSBDBVTBSBJ[EPQSPCMFNB QBSBFODPOUSBSF JNQMFNFOUBSTPMV¨¶FTEFTUJOBEBTBQSFWFOJSBPDPSS«ODJBEFEBOPTOBTSFEFTEFEJTUSJCVJ¨¤PQPS BD¨¤PEFUFSDFJSPT HFSBMNFOUFSFTVMUBOUFTEBBCFSUVSBEFWBMBT 'PSBNJEFOUJçDBEBTFEFTFOWPMWJEBTBTTFHVJOUFTBD¨¶FTQSJPSJU¢SJBT

Þ$POUBDUPTDPNB"TTPDJB¨¤P/BDJPOBMEF.VOJD®QJPT1PSUVHVFTFT "/.1 FDPNBUPUBMJEBEF

EBTBVUBSRVJBTBCSBOHJEBT EFNPEPBTFOTJCJMJ[¢MBTQBSBFTUFHSBWFQSPCMFNB CFNDPNP HBSBOUJSRVFQBTTBSJBNBFOUSFHBSJOGPSNB¨¤PDBSUPHS¢çDBEBMPDBMJ[B¨¤PEBTJOGSBFTUSVUVSBTB UPEPTPTQSPNPUPSFTEFPCSBTQ»CMJDBTDVKPTQSPKFDUPTWJFTTFNBTFSBQSPWBEPT

Þ1SPNP¨¤PEFBD¨¶FTEFFTDMBSFDJNFOUP FOUSFHBEFJOGPSNB¨¤PRVBOUP¡NFUPEPMPHJBEF

SFBMJ[B¨¤PEFPCSBTOPTMPDBJTPOEFFYJTUBNSFEFTEFH¢TFEJTQPOJCJMJ[B¨¤PEFBTTJTU«ODJB UªDOJDBOPUFSSFOP TFNQSFRVFSFRVFSJEB

Þ$POUBDUPDPNP*OTUJUVUPEB$POTUSV¨¤PF*NPCJMJ¢SJP */$* PSHBOJTNPSFTQPOT¢WFMQFMB

FNJTT¤PEPTBMWBS¢TEFFNQSFTBTEFDPOTUSV¨¤P OPTFOUJEPEFEFçOJSVNBNFUPEPMPHJBEF SFQPSUFEBTPDPSS«ODJBT JEFOUJçDBOEPKVOUPEFTUFPSHBOJTNPPTSFTQPOT¢WFJTQPSQS¢UJDBTEF SJTDP

"USBWªTRVFSEFDPSSFTQPOE«ODJBSFNFUJEBQFMBTEJWFSTBTEJTUSJCVJEPSBTEB(BMQ&OFSHJBB UPEPTPTQSFTJEFOUFTEBTD£NBSBTNVOJDJQBJTFOWPMWJEBT RVFSEFTFTT¶FTFGFDUVBEBTOPT W¢SJPTQPOUPTEP1B®TPOEFB(BMQ&OFSHJBFTU¢QSFTFOUF çDPVQBUFOUFQBSBUPEPTPTBHFOUFT BOFDFTTJEBEFJNQFSJPTBEFVNBDPMBCPSB¨¤PNBJTQS´YJNBFOUSFBTD£NBSBTNVOJDJQBJT PT W¢SJPTPQFSBEPSFTEPTVCTPMP BTFNQSFTBTRVFSFBMJ[BNFTDBWB¨¶FTOPEPN®OJPQ»CMJDPFBT DPODFTTJPO¢SJBTEBEJTUSJCVJ¨¤PEP(¢T/BUVSBMDPNWJTUB¡QSPUFD¨¤PEBJOUFHSJEBEFEBTJOGSB FTUSVUVSBT %FTEFRVFFTUF(SVQPEF&YDFM«ODJBDPNF¨PVBUSBCBMIBS QPEFPCTFSWBSTFVNBO®UJEB UFOE«ODJBEFNFMIPSJBEBTJUVB¨¤P NPSNFOUFBPO®WFMEBSFEV¨¤PEPO»NFSPEFJODJEFOUFT Ô PRVFªUBOUPNBJTEFSFBM¨BSRVBOUPªDFSUPRVFBFYUFOT¤PEBTSFEFTEFEJTUSJCVJ¨¤P UFNDPOUJOVBEPBDSFTDFS OPNFBEBNFOUF T´OPT»MUJNPTEPJTBOPT EFLNQBSB LN QBSBBMªNEPTSBNBJTEFBCBTUFDJNFOUPRVFBVNFOUBSBNNJMVOJEBEFT /¤PPCTUBOUF FTUBUBTLGPSDFUFS¢ DPNBJOFTUJN¢WFMDPMBCPSB¨¤PEBTFRVJQBTEBTEJTUSJCVJEPSBT  EFQSPTTFHVJSDPNPTTFVTFTGPS¨PTQBSBDPOTPMJEBS FTFQPTT®WFMNFMIPSBS PTSFTVMUBEPTK¢ BMDBO¨BEPT1BSBUBOUPªOFDFTT¢SJPNBOUFSVNBÙWJHJM£ODJBÚBUFOUBFBQFSUBEB¡FYFDV¨¤PEBT NFEJEBTK¢UPNBEBTFQSPDVSBSJODFTTBOUFNFOUFJEFOUJçDBSPVUSBTJOJDJBUJWBTEFTUJOBEBT PRVF QPEFS¢QBTTBSQFMPFOWPMWJNFOUPEFPVUSBTFOUJEBEFTFYUFSOBT¡(BMQ&OFSHJB OPNFBEBNFOUF BQS´QSJB%JSFD¨¤P(FSBMEF&OFSHJBF(FPMPHJBFPVUSBTVUJMJUJFTRVFPQFSBNOPTVCTPMP 6NBOPUBçOBMQBSBBDPMBCPSB¨¤PRVFFTUF(SVQPEF&YDFM«ODJBUFNSFDFCJEPEBTEJWFSTBT ¢SFBTEB6OJEBEFEF/FH´DJPFEFPVUSBT¢SFBTEBFNQSFTB NPSNFOUFEP"24$PSQPSBUJWP  CFNDPNPBOFDFTT¢SJBSFOPWB¨¤PEPTQBSUJDJQBOUFTEP(SVQP RVFDPOUSJCVJBDUJWBNFOUFQBSB SFOPWBSBWPOUBEF FNQFOIPFEJWFSTJEBEFEFJOJDJBUJWBT

0TEBOPTDBVTBEPTQPSUFSDFJSPTOBT JOGSBFTUSVUVSBTEBTEJTUSJCVJEPSBTEFH¢TOBUVSBM BUJOHJBNVNBGSFRV«ODJBQSFPDVQBOUF 

NZHBMQ

."3ˆ0

VTBTTFGPSÎBIJESÈVMJDBPVBWBQPS 1SPJCJBPUSBCBMIPOPDUVSOPBPTNFOP SFTEFBOPTFSFTUSJOHJBPTUFNQPTEF USBCBMIPEFTUFTBIPSBTQPSEJBFQPS TFNBOB%J[JBUBNCÏNRVFBTGÈCSJDBT QSFDJTBWBNEFUFSFTDPMBT RVFEFWJBNTFS GSFRVFOUBEBTQPSUPEPTPTUSBCBMIBEPSFT NFOPSFTEFBOPTFRVFBJEBEFNÓOJNB QBSBPUSBCBMIPFSBEFBOPT6NNÏEJDP EFWJBBUFTUBSRVFPEFTFOWPMWJNFOUPGÓ TJDPEBDSJBOÎBDPSSFTQPOEJBËTVBJEBEF DSPOPMØHJDB %FTEFFOUÍP IPVWFVNBFYQBOTÍPEB JOEVTUSJBMJ[BÎÍPF DPOTFRVFOUFNFOUF  EBQSPUFDÎÍPEPTUSBCBMIBEPSFTQBSBUP EPTPTDPOUJOFOUFT FNUPEBTBTSFHJÜFT POEFBNBOVGBDUVSBEFQFOEJBEPVTPEF NÈRVJOBT FRVJQBNFOUPTFQSPDFTTPT UFDOPMØHJDPTDPNQMFYPTEFQSPEVÎÍP

$0/4$*&/$*"-*;"ˆ„0 %"40$*&%"%& "QBSUJSEB‹(VFSSB.VOEJBMPTIP SJ[POUFTBMBSHBSBNTFNVJUÓTTJNP"T FNQSFTBTUJWFSBNVNDSFTDJNFOUPJN


$&35*'*$"ˆ–&4 &26"-*'*$"ˆ–&4 ("-1&/&3(*" ".#*&/5& /1&/*40

$-$ 4FUH¢T #FJSBH¢T -JTCPBH¢T  -VTJUBOJBH¢T $633"RVJTJ¨¤PF$PNFSDJBMJ[B¨¤P EF(¢T/BUVSBM 1BSRVFEF1PSUP#SBOE¤P  3FçOBSJBEF4JOFT 1USPWBM

4&(63"/ˆ" 04)"4/1

4""(" $-$ 4FUH¢T #FJSBH¢T -JTCPBH¢T  -VTJUBOJBH¢T $633"RVJTJ¨¤PF$PNFSDJBMJ[B¨¤P EF(¢T/BUVSBM 1BSRVFEF1PSUP#SBOE¤P  3FçOBSJBEF4JOFT

26"-*%"%& /1&/*40

/FH´DJPEF-VCSJçDBOUFT $PNCVTU®WFJT EF"WJB¨¤P ”MFPT#BTF (BMQ2V®NJDPT  (BMQ(¢T *OTQFD¨¤PEB3FçOBSJBEF4JOFT  /FH´DJPEF#FUVNFT 1SPCJHBMQ 4""("  $-$ 4FUH¢T #FJSBH¢T -JTCPBH¢T -VTJUBOJBH¢T  $633"RVJTJ¨¤PF$PNFSDJBMJ[B¨¤P EF(¢T/BUVSBM 1BSRVFEF1PSUP#SBOE¤P  1USPWBM (BMQHFTUF

-"#03"5”3*0 /1&/*40*&$

-BCPSBU´SJPEB3FçOBSJBEP1PSUP  -BCPSBU´SJPEB3FçOBSJBEF4JOFT  -BCPSBU´SJP(BMQ-VCSJçDBOUFT

QPSUBOUFFBTHSBOEFTDPSQPSBÎÜFTDPO TPMJEBSBNBTTVBTBDUJWJEBEFTEFNBOFJSB HMPCBMJ[BEB4ÏSHJP7JMBOPWB EJSFDUPS UÏDOJDPEB%V1POU4BGFUZ3FTPVSDFT4PVUI &VSPQF SFGFSFRVFTVSHJSBN iOPDBNQP EBTFHVSBOÎBEPUSBCBMIPFEPBNCJFOUF  PTTJTUFNBTEFHFTUÍP PTBDPSEPTFPT QSPUPDPMPTJOUFSOBDJPOBJT BTDFSUJmDB ÎÜFTEFDPOGPSNJEBEF PBQSJNPSBNFOUP FPSJHPSEBMFHJTMBÎÍP BGPSNBÎÍPFB DBQBDJUBÎÍPEPTQSPmTTJPOBJTEBÈSFBFB DPOTDJFODJBMJ[BÎÍPEBTPDJFEBEF QSJODJ QBMNFOUF QBSBPTUFNBTEPBNCJFOUFw "(BMQ&OFSHJBFTUÈJOTFSJEBOFTUF DPOUFYUP&TUBCFMFDFVPTFVSJUNPFUFN BWBOÎBEPFNDPOGPSNJEBEFDPNP14(& 1SPHSBNBEF4FHVSBOÎBEB(BMQ&OFS HJB &TUFQSPHSBNBGPJFTUBCFMFDJEPIÈ BMHVOTBOPTQFMP"24$PSQPSBUJWP DPNP GPSUFBQPJPEBHFTUÍPEFUPQP DPNGPDPOB TFHVSBOÎB TBÞEFFBNCJFOUF QBSBFMFWBS B(BMQ&OFSHJBBQBUBNBSFTTVQFSJPSFT EFEFTFNQFOIP FNJHVBMEBEFDPNBT EFNBJTDPNQBOIJBTRVFBDUVBNOPSBNP FOFSHÏUJDP

4BOESB4BSBJWB 3FTQPOT¢WFMQFMB4FHVSBO¨B 2VBMJEBEFF"NCJFOUFOB5SBOTQPSUFT'SFJUBT

%*7*%&/%04&7"/5"(&/4%&6."1"3$&3*" 4GeTafcbegXf9eX\gTfPSHVMIBTFEFQSFTUBSTFSWJ¨PTVOJDBNFOUFOPUSBOTQPSUF DPNFSDJBMJ[B¨¤PEFDPNCVTU®WFJT5PEPTPTTFVTDPMBCPSBEPSFTFTU¤PFTQFDJBMJ[BEPTOFTUB ¢SFBFTQFD®çDB PRVFMIFTE¢DPNQFU«ODJBTBDSFTDJEBTQBSBBDUVBSDPNQSPOUJE¤PFNDBTPEF PDPSS«ODJBTJOFTQFSBEBT"QBSDFSJBDPNB(BMQ&OFSHJBQFSNJUFOPTSFUJSBSEJWJEFOEPTFWBOUBHFOT EBNBSDB(BMQ&OFSHJBFEFUPEBBFTUSVUVSBRVFBTVQPSUB NBTUBNCªNFMFWBBTOPTTBT SFTQPOTBCJMJEBEFT5FNPTBOP¨¤PEFRVFOBEBQPEFGBMIBS QPJTO¤PªPOPNFEPT5SBOTQPSUFT 'SFJUBTRVFFTU¢FNDBVTB NBTTJNPUJNCSF(BMQ "TQPM®UJDBTFSFRVJTJUPTEFTFHVSBO¨BFSFTQFJUPQFMPBNCJFOUFEPOPTTPQBSDFJSP(BMQ&OFSHJBT¤P SFDFCJEPTDPNFOPSNFBHSBEPFDPMPDBEPTFNQS¢UJDBEFJNFEJBUP QPJTBTFHVSBO¨BFPBNCJFOUF T¤PEVBTDPOEJ¨¶FTNVJUPJNQPSUBOUFTOPQPTJDJPOBNFOUPEFBNCBTBTFNQSFTBTOBTPDJFEBEF "5SBOTQPSUFT'SFJUBTBDUVB FNUFSNPTEFTFHVSBO¨B EJSFDUBNFOUFOBTTVBTVOJEBEFTEF USBOTQPSUFFDPMBCPSBEPSFT EJTQPOJCJMJ[BOEP QPSFYFNQMPQBSBGPSNB¨¤PFTQFD®çDB VNPS¨BNFOUP RVFSPOEBPTNJMFVSPT3FMBUJWBNFOUFBPBNCJFOUF BFNQSFTBUFNWJOEPBBERVJSJSWJBUVSBT &VSP FNNªEJB EF[WF®DVMPTQPSBOP RVFHBSBOUFNBTPMV¨¤PNBJTFçDB[FNUFSNPTEF DPNCVTU®WFMFOUSFBTUFDOPMPHJBTDPODPSSFOUFT PRVFSFQSFTFOUB FNTJNFTNP VNBNBJTWBMJB çOBODFJSBFBNCJFOUBM"TFHVSBO¨BFTB»EFOPUSBCBMIPU«N EFTEFI¢BMHVOTBOPT BTTVNJEP FTQFDJBMSFMFW£ODJBOBFTUSBUªHJBEFMJOFBEBQBSBBQSFTUB¨¤PEPTFSWJ¨PEFUSBOTQPSUF QFMPRVF  FN TFDPODSFUJ[PVDPNBDFSUJçDB¨¤PEPTJTUFNBEFTFHVSBO¨BFTB»EF OPSNB04)"4 &N BFNQSFTBGPJBQSJNFJSBBTFSDFSUJçDBEBQFMBOPSNB&34*Ù5SBOTQPSUF SPEPWJ¢SJPEFNFSDBEPSJBTÚ DPOTUJUVJOEPVNSFGFSFODJBMEFBQPJP¡NFMIPSJBDPOU®OVBEBTBUJTGB¨¤P EPTDMJFOUFT"DSFTDFOUFTFBJOEBRVFB5SBOTQPSUFT'SFJUBTO¤PFGFDUVBTVCDPOUSBUB¨¤P QPJT QSFUFOEFPGFSFDFSVNTFSWJ¨PDPNRVBMJEBEFFTFHVSBO¨B

."3ˆ0

NZHBMQ




NVOEPHSBOEFTDJEBEFT

ÈG<64F @ < ? 6  t²8F 4?G8E4

P ¤ ¨ V M P T  B E  B D T V C  N &  FOUFFN T N M B V U TF BD TEFHB JBMWJWF F E ¶ O T V T  J N  BTFN FTU¤P MB¨¤P T E  J V B Q  D P  P Q M     T EB QPS SOP BT .FUBEF SFTQPOT¢WFM FHPWF  T F FTQPTU E S  B S E B ª J S  D U  F O  T T DJEBEF PEFFTUVGB" BEPTFNFODP I FJU FNQFO FQSPCMFNB  DPNFG T J B N  U [ QBSBFT DBEBWF



NZHBMQ

."3ˆ0


ĒġģĖĠĔĦġĒšŝĠDPNBEJNJOVJÎÍPEB FN DFSDBEFEBTQFTTPBTSFTJ FNJTTÍPEPTHBTFTDPNFGFJUPEFFTUVGB EBNOBTEFTJHOBEBTiNFHBDJEBEFTw DPN (&& UFNWJOEPBHBOIBSEFTUBRVFQSP NBJTEFVNNJMIÍPEFIBCJUBOUFT/VNB HSFTTJWBNFOUF VNBWF[RVFBTFMFWBEBT FDPOPNJBHMPCBM DFOUSBEBOBNPCJMJEBEF DPODFOUSBÎÜFTEFEJØYJEPEFDBSCPOPOB FNUSBOTQPSUFJOEJWJEVBM PTDVTUPTTP BUNPTGFSBFTUÍPSFMBDJPOBEBTDPNBTBM DJBJTFBNCJFOUBJTEFDPSSFOUFTUFOEFSÍP UFSBÎÜFTDMJNÈUJDBT "$ FDPOEV[FNBP BBHSBWBSTF BERVJSJOEPVNQFTPDBEB BRVFDJNFOUPHMPCBM WF[NBJTTJHOJmDBUJWPOBFDPOPNJBEF "TDJEBEFTFHPWFSOPTMPDBJTFTUÍP DBEBQBÓT DBEBWF[NBJTFNQF $PN FGFJUP  OP OIBEPTFNFODPOUSBS DBTPEB&VSPQB FEF 1FSEFNTFUPEPTPT SFTQPTUBT QBSB FTUF BDPSEP DPN P -JWSP BOPTNJMNJMI¶FT QSPCMFNB  VNB WF[ 7FSEFi1PSVNBOPWB RVFBDUVBMNFOUF EFFVSPTEFWJEPBP DVMUVSBEFNPCJMJEBEF EBQPQVMBÎÍPNVOEJBM DPOHFTUJPOBNFOUP VSCBOBwEB$PNJTTÍP WJWFFN[POBTVSCB &VSPQFJB QFSEFNTF OBTDJEBEFT OBT  DPOTPNF  BOVBMNFOUFNJM EB FOFSHJB NVOEJBM NJMIÜFTEFFVSPT PV F¡QPMVJ¨¤P F Ï SFTQPOTÈWFM QPS TFKB EP1*# BQF EBTFNJTTÜFTEFHBTFTDPNFGFJUP OBTEFWJEPBPDPOHFTUJPOBNFOUPOBTDJ EFFTUVGB EBEFTFËQPMVJÎÍP TFOEPBDJSDVMBÎÍPEP USÈGFHPSPEPWJÈSJPSFTQPOTÈWFMQPS EBTFNJTTÜFTEF$0 $64504*3„0"(3"7"34& 4FHVOEP $BSMPT .BUJBT 3BNPT  CBT UPOÈSJPEB0SEFNEPT&OHFOIFJSPTF &.*44–&4$3&4$&. QSFTJEFOUFEP-BCPSBUØSJP/BDJPOBMEF %FBDPSEPDPNPÞMUJNPSFMBUØSJPEB &OHFOIBSJB$JWJM -/&$ FTUJNBTFRVF  "HÐODJB&VSPQFJBEF"NCJFOUF BTFNJT

(3"/%&4$*%"%&4 /BDPOTUSV¨¤PEBTDJEBEFT ªOFDFTT¢SJPBEPQUBSNFEJEBT NJOJNJ[BEPSFTEPTJNQBDUPT BNCJFOUBJTOFHBUJWPT ."3ˆ0

NZHBMQ




NVOEPHSBOEFTDJEBEFT

$BSMPT)VNCFSUP$BSWBMIP 1SFTJEFOUFEB+VOUB.FUSPQPMJUBOBEF-JTCPB

40-6ˆ–&44645&/5‚7&*4&*/07"%03"4 4ÈeXT@Xgebcb_\gTaTWX?\fUbTªBSFHJ¤PRVFUFNBNBJPSDPODFOUSB¨¤PQPQVMBDJPOBM EP1B®T EFBDUJWJEBEFTFJOGSBFTUSVUVSBT"RVJ BTQSFPDVQB¨¶FTBNCJFOUBJTBTTVNFNDBEBWF[ NBJTSFMFWP VNBWF[RVFBDJEBEFFBTBDUJWJEBEFTIVNBOBTFYFSDFNVNBHSBOEFJOèV«ODJB TPCSFBTDPOEJ¨¶FTBNCJFOUBJT DBVTBOEPJNQBDUPTOFHBUJWPT TFOEPJOBEJ¢WFMDPODSFUJ[BS TPMV¨¶FTTVTUFOU¢WFJTFJOPWBEPSBT"TQPM®UJDBTVSCBOBTEFWFNFNQFOIBSTF DBEBWF[NBJT  OBNJOJNJ[B¨¤PEPTEFTFRVJM®CSJPTFDPM´HJDPTFOBSFEV¨¤PTJHOJçDBUJWBEPDPOTVNPFOFSHªUJDP FNBUFSJBMBTTPDJBEP¡THSBOEFTDJEBEFT EFGPSNBRVFFTUBTTFKBNNFOPTQPMVFOUFTF EFTQFSEJ¨BEPSBTFNBJTÙBVUPTVçDJFOUFTÚ 0SFTQFJUPQFMPBNCJFOUFFBTVBQSPUFD¨¤P BUSBWªTEBSFEV¨¤PEBTFNJTT¶FTEFHBTFTDPNFGFJUP EFFTUVGB DPOEV[¡DPOTFRVFOUFNFMIPSJBEBRVBMJEBEFEFWJEBEPTDJEBE¤PT TFOEPJOEJTQFOT¢WFM VNQMBOFBNFOUPVSCBOPTVTUFOU¢WFM BBQPTUBOBTFOFSHJBTSFOPW¢WFJTFOBFçDJ«ODJBFOFSHªUJDB  BNPEJçDB¨¤PEPTQBES¶FTEFNPCJMJEBEFVSCBOB RVFSEFTFODPSBKBOEPPVTPEPBVUPN´WFM  NFMIPSBOEPPTJTUFNBEFUSBOTQPSUFTDPMFDUJWPT RVFSQSPNPWFOEPGPSNBTBMUFSOBUJWBTEF USBOTQPSUFT CJDJDMFUB BQª FFOWPMWFOEPUPEBBDPNVOJEBEF

TÜFTEF(&&HFSBEBTQFMPDSFTDJNFOUP EPTWPMVNFTEFUSÈGFHPSPEPWJÈSJPEF QBTTBHFJSPTFNFSDBEPSJBTOB&VSPQB GPSBNSFTQPOTÈWFJTQPSVNBVNFOUPEF EFTUBTFNJTTÜFTFOUSFF &N1PSUVHBM UBNCÏNBTFNJTTÜFTEF (&&GPSBNTVQFSJPSFTFNËTSFHJT UBEBTFN DBCFOEPBPTTFDUPSFTEPT USBOTQPSUFTFEBFOFSHJBDFSDBEF EPTFVUPUBM 1BSB$BSMPT)VNCFSUPEF$BSWBMIP  QSFTJEFOUFEB+VOUB.FUSPQPMJUBOBEF -JTCPB +.- HSBOEFQBSUFEBTFNJTTÜFT EF(&&QPEFTFSJNQVUBEBBBTQFDUPT EBWJEBVSCBOB DPNPPTUSBOTQPSUFTF BNPCJMJEBEF BJOFmDJÐODJBFOFSHÏUJDB OPTFEJGÓDJPT BJMVNJOBÎÍPQÞCMJDB BBV TÐODJBEFFOFSHJBTSFOPWÈWFJT BFTDBTTB TFOTJCJMJ[BÎÍPQÞCMJDBQBSBBTCPBTQSÈ UJDBTFBPVSCBOJTNPFPSEFOBNFOUPEP UFSSJUØSJP RVFTÍPÈSFBTDIBWFPOEFTF QPEFJOUFSWJSDPNPJOUVJUPEFJNQFEJSF JOWFSUFSBUFOEÐODJBEFDSFTDJNFOUPEBT FNJTTÜFT i"TBMUFSBÎÜFTDMJNÈUJDBTFPUFS SJUØSJPFTUÍP BTTJN NBOJGFTUBNFOUF SFMBDJPOBEPT FYJTUJOEPGBDUPSFT DPNP BJNQFSNFBCJMJ[BÎÍPFBPDVQBÎÍPEF UFSSJUØSJPTWVMOFSÈWFJTFPDPOTVNPFN FYDFTTPEFSFDVSTPTIÓESJDPT FOUSFPV USPT RVFEFUFSNJOBNBWVMOFSBCJMJEBEF EPUFSSJUØSJPFQSPEV[FNFGFJUPTDPNP JOVOEBÎÜFT DBMPSFYUSFNP UFNQFTUBEFT  FUD RVFJSÍPMFTBSEFGPSNBNBJTTJHOJ mDBOUFHSVQPTWVMOFSÈWFJT DPNPDSJBO 

NZHBMQ

."3ˆ0

ÎBT JEPTPTFQFTTPBTEFTGBWPSFDJEBTw EJ[ $BSMPT)VNCFSUP$BSWBMIP /BTFRVÐODJBEFVNFTUVEPSFBMJ[BEP QFMB-JTCPB&/PWB "HÐODJB.VOJDJQBM EF&OFSHJBF"NCJFOUF SFMBUJWPËNB USJ[EFDPOTVNPTQPSUJQPEFVUJMJ[BÎÍP  OPDPODFMIPEF-JTCPB DPOTUBUBTFRVF EPTDPOTVNPTUPUBJTFNFOFSHJB QSJNÈSJBDPSSFTQPOEFNBPTUSBOTQPSUFT %FTUFT  EJ[FNSFTQFJUPBPNPEP SPEPWJÈSJP BPGFSSPWJÈSJPF  BPnVWJBM

(&45„0*/5&(3"%" "TQSJODJQBJTBNFB¨BT ¡TVTUFOUBCJMJEBEFEBTDJEBEFT FYJHFNOPWBTSFTQPTUBTFNFTNP OPWPTQBSBEJHNBTOB¢SFB EPTUSBOTQPSUFT

$BSMPT.BUJBT3BNPT #BTUPO¢SJPEB0SEFNEPT&OHFOIFJSPT

"4645&/5"#*-*%"%&%"4$*%"%&4 4fce\aV\cT\fT`XTTf¡TVTUFOUBCJMJEBEFEBTDJEBEFTFYJHFNOPWBTSFTQPTUBTFNFTNP OPWPTQBSBEJHNBTOB¢SFBEPTUSBOTQPSUFT O¤PT´BPO®WFMEPQMBOFBNFOUPFEBDPOTUSV¨¤P DPNP UBNCªNBPO®WFMEBHFTU¤PJOUFHSBEBEPTW¢SJPTSJTDPT /FTUBQFSTQFDUJWB P-/&$JODMVJVOPTFV1MBOPEF*OWFTUJHB¨¤P1SPHSBNBEBQBSBPRVBESJªOJP PTTFHVJOUFTQSPKFDUPTEFJOWFTUJHB¨¤PÙ"CPSEBHFOTNFUPEPM´HJDBTQBSBBHFTU¤PEP SJTDPFNTJTUFNBTEFUSBOTQPSUFTÚFÙ"WBMJB¨¤PEBTFYUFSOBMJEBEFTEPTTJTUFNBTEFUSBOTQPSUFTF QMBOFBNFOUPEBNPCJMJEBEFTVTUFOU¢WFMÚ&TUF»MUJNPE¢DPOUJOVJEBEFBVNBMJOIBEFJOWFTUJHB¨¤P RVFUFNTJEPEFTFOWPMWJEBFNDPMBCPSB¨¤PDPNJOTUJUVUPTFTUSBOHFJSPT SFMBUJWB¡BQMJDB¨¤PEF NPEFMPTQBSBBBWBMJB¨¤PFTUJNBUJWBEFDVTUPTNBSHJOBJTBNCJFOUBJTEPUSBOTQPSUFSPEPWJ¢SJPF BªSFP1SFUFOEFTF DPNFTUFTFTUVEPT EFTFOWPMWFSNFUPEPMPHJBTNPEFSOBTRVF EFVNBGPSNB JOUFHSBEB DPOUSJCVBNQBSBVNBNBJPSFçDJ«ODJBFOFSHªUJDBOBTDJEBEFT RVFQBTTBQFMBNFMIPS BEFRVB¨¤PEPTTJTUFNBTEFUSBOTQPSUFT RVFSOBTVBBSUJDVMB¨¤PDPNPTVTPTEPTPMP CBTFBEB OBWBMPSJ[B¨¤PEPUFSSJU´SJP OBJOUFSNPEBMJEBEF OBBDFTTJCJMJEBEFFOBNPCJMJEBEFTVTUFOU¢WFM  RVFSOBQSPNP¨¤PEPUSBOTQPSUFDPMFDUJWP DPN«OGBTFOPGFSSPWJ¢SJP EPTNPEPTTVBWFT EF OPWPTDPODFJUPTEFNPCJMJEBEFVSCBOBFEFOPWBTUFDOPMPHJBT EFTJHOBEBNFOUFBTDFOUSBEBTOB NPCJMJEBEFFMªDUSJDB $PNPDPOUSJCVUPEPTJOWFTUJHBEPSFTEP-/&$ "OU´OJP-FNPOEFEF.BDFEP F&MJTBCFUF"STªOJP


+PSHF#POJUP4BOUPT .FNCSPEBDPNJTT¤PJOTUBMBEPSBEP$PMªHJPEF&TQFDJBMJEBEFEF6SCBOJTNP EB0SEFNEPT"SRVJUFDUPT

"$*%"%&$0.1"$5"$0/$&/53"%" ATc_Ta\ßVT}bEFVNBDJEBEFTFS¢GVOEBNFOUBMUFSQSFTFOUFRVFRVBMRVFSBHMPNFSBEP VSCBOPDPOTUJUVJVNTJTUFNBEFN»MUJQMBTWBSJ¢WFJTFEFWFS¤PTFSUJEBTFNDPOTJEFSB¨¤PBT BSUJDVMB¨¶FTFOUSFFTTBTNFTNBTWBSJ¢WFJTÔIBCJUB¨¤P USBCBMIP FOTJOP SFDSFJP MB[FS TB»EF  DPNªSDJP FUD%FWFS¢QFOTBSTFOVNBDJEBEFDPNQBDUBDPODFOUSBEB DPNVNBNJTUVSBEFVTPT EJTUSJCV®EBEFGPSNBFRVJMJCSBEBQFMPTFVUFSSJU´SJP QFOTBEBFEFTFOIBEBQBSBBTQFTTPBT RVF QFSNJUBNJOJNJ[BSBOFDFTTJEBEFEFHSBOEFTEFTMPDB¨¶FTFQPTTJCJMJUFBFYJTU«ODJBEFVNBSFEFEF USBOTQPSUFTQ»CMJDPTBSUJDVMBEBFJOUFHSBEBOVNTJTUFNBHMPCBMFNVMUJNPEBMEFEFTMPDB¨¶FT &TUFUJQPEFDJEBEFQFSNJUFPEFTFOWPMWJNFOUPEFVNBFTUSBUªHJBEFNPCJMJEBEFPOEFPUSBOTQPSUF Q»CMJDPªEPNJOBOUFFQPTTJCJMJUBUBNCªNPJODSFNFOUPEPVTPEPTNPEPTTVBWFTEFMPDPNP¨¤P  DPOUSJCVJOEP BTTJN QBSBVNBNPCJMJEBEFTVTUFOU¢WFMFQBSBBEJNJOVJ¨¤PEFUPEBTBTGPSNBTEF QPMVJ¨¤PÔTPOPSB BUNPTGªSJDB WJTVBMÔRVFFTU¤POPSNBMNFOUFBTTPDJBEBTBPVTPEPTWF®DVMPT BVUPN´WFJT1FSNJUFJHVBMNFOUFBEJNJOVJ¨¤PEPTDVTUPTBTTPDJBEPT¡DPOTUSV¨¤PEBTSFEFTEF JOGSBFTUSVUVSBTF DPOTFRVFOUFNFOUF QPSTFSFNFTTBTNFTNBTSFEFTEFNFOPSEJNFOT¤P SFEV[JS BTRVBOUJEBEFTEFNBUFSJBJTEFDPOTUSV¨¤PVTBEPTQBSBBTVBDPODSFUJ[B¨¤PÔNFOPTNBUFSJBJT  NFOPTQSPEV¨¤P NFOPTQPMVJ¨¤P /BDPOTUSV¨¤PEFVNBDJEBEFTFS¢OFDFTT¢SJPBEPQUBSUPEBTBTNFEJEBTNJOJNJ[BEPSBTRVF QPTTBNDPOUSJCVJSQBSBEJNJOVJSPQFTPEPTJNQBDUPTBNCJFOUBJTOFHBUJWPTEFDPSSFOUFTEBTW¢SJBT GBTFTEBTVBDPOTUSV¨¤P/BHFTU¤PEFVNBDJEBEFEFWFS¢QSPDVSBSTFBEPQUBSUPEBTBTQPM®UJDBTF NFEJEBTEFBD¨¤PDPOEVDFOUFT¡DPODSFUJ[B¨¤PEFVNBDJEBEFRVFTFKBTVTUFOU¢WFMFNUPEPTBT TVBTWFSUFOUFT

1-"/04&453"5Š(*$04 4ÍPWBMPSFTRVFGB[FNSFnFDUJSFTBMJFO UBNBJNQPSUÉODJBEFTFEJTQPSEFVNB FTUSBUÏHJBFOFSHÏUJDBBNCJFOUBMQBSBBT DJEBEFTRVFQPTTJCJMJUFBJNQMFNFOUBÎÍP EFNFEJEBTJOUFHSBEBT DPOEVDFOUFTBVN EFTFNQFOIPFOFSHÏUJDPNBJTTVTUFOUÈWFM "TTJN QBSBGB[FSGBDFBPTFGFJUPTOFHBUJ WPT BJNQMFNFOUBÎÍPEF1MBOPTEF"DÎÍP 3FHJPOBMF-PDBMQBSBBT"MUFSBÎÜFT$MJ NÈUJDBT 1"3-"$ FNDPNQMFNFOUPDPN QSÈUJDBTEFEFTFOWPMWJNFOUPTVTUFOUÈWFM  VNBCPBHPWFSOBÎÍP PFOWPMWJNFOUPEB DPNVOJEBEFFPFTUBCFMFDJNFOUPEFQBS DFSJBTFDPNQSPNJTTPTQFSNJUFNGB[FS VNBBCPSEBHFNRVFQBTTFQPSJOWFO UBSJBSBTFNJTTÜFT FTUBCFMFDFSNFUBTEF SFEVÎÍP EFMJOFBSVNQMBOPEFBDÎÍPFGB [FSBTVBJNQMFNFOUBÎÍP NPOJUPSJ[BÎÍP FSFWJTÍP &TUFTQMBOPTFTUSBUÏHJDPT JOUFHSBEPT DPNPTJOTUSVNFOUPTEFHFTUÍPUFSSJUPSJBM FYJTUFOUFT OPNFBEBNFOUFDPNPTQMBOPT EJSFDUPSFTNVOJDJQBJT OBTÈSFBTEFQSF WFOÎÍPEPTSJTDPTOBUVSBJTFOBBEBQUBÎÍP EPVTPEPTPMPËWVMOFSBCJMJEBEFEPUFS SJUØSJP DPOTUJUVFNVNBNBJTWBMJBQBSB BSFTPMVÎÍPEPTQSPCMFNBTEFDPSSFOUFT EBTBMUFSBÎÜFTDMJNÈUJDBT ."3ˆ0

NZHBMQ




FOUSFWJTUBçMJQFEVBSUFTBOUPT 4CBFG4C4E4B9HGHEB

6NNVOEPDPNNFOPSSJTDP "EFTDBSCPOJ[B¨¤PEBFDPOPNJBªVNEFTBçPHJHBOUFTDP NBTªQPTT®WFMTVQFS¢MP ġĒģĒėĚĝĚġĖĕĦĒģĥĖĤĒğĥĠĤ QSPGFTTPSDB UFESÈUJDPEF'ÓTJDBOB'BDVMEBEFEF$JÐO DJBTEB6OJWFSTJEBEFEF-JTCPB PMBEP NFOPTQPTJUJWPEB$JNFJSBEF$PQFOIBHB GPJBGBMUBEFVNTJOBMDMBSPEFBDPSEP RVF JSJBMFWBSBTFNQSFTBTFNUPEPPNVOEP BBQPTUBSDPNNBJTGPSÎBOBTFOFSHJBT SFOPWÈWFJT.BTFTUÈDPOWFODJEPEFRVF B$IJOBFTUÈDBEBWF[NBJTFNQFOIBEB FNEFTFOWPMWÐMBTFRVFJTTPJSÈBSSBTUBS DPOTJHPBTPVUSBTOBÎÜFT "SFDFOUF$JNFJSBEF$PQFOIBHBDPO TJTUJVNBJTOVNGSBDBTTPPVOVNSF MBUJWPTVDFTTP  1FOTPRVFOÍPTFQPEFGBMBSEFVNGB MIBOÎPEB$POWFOÎÍP2VBESPEBT/BÎÜFT 6OJEBTTPCSF"MUFSBÎÜFT$MJNÈUJDBT FN $PQFOIBHB'PJDPOTFHVJEPBMHPQPTJUJWP 1FMBQSJNFJSBWF[GPJQPTTÓWFMOFHPDJBS DPNBMHVOTEPTQBÓTFTEFFDPOPNJBT FNFSHFOUFTFPT&TUBEPT6OJEPT 0BDPSEPBMDBOÎBEPÏJOTVmDJFOUFQBSB USBWBSBTBMUFSBÎÜFTDMJNÈUJDBT NBTÏVN QBTTPJNQPSUBOUFQBSBMFWBSBTFDPOPNJBT FNFSHFOUFT FNQBSUJDVMBSBTEB$IJOBF EB¶OEJB BBTTVNJSFNVNDPNQSPNJTTP EFSFEVÎÍPEBTFNJTTÜFT 0RVFTFQPEFFTQFSBSQBSBBQS´YJNB $JNFJSBEP.ªYJDP %FQPJTEB$JNFJSBEF#BMJIPVWFVNB USBOTGPSNBÎÍPRVBMJUBUJWBOPRVFSFTQFJUB ËTOFHPDJBÎÜFT QPJTFN$PQFOIBHBSB EJDBMJ[PVTFPEJTDVSTPEFBMHVOTQBÓTFT 1PSJTTPWBJTFSEJGÓDJMRVFOB$JNFJSBEP .ÏYJDPTFDIFHVFBVNBDPSEPWJODVMBUJWP OPÉNCJUPEBT/BÎÜFT6OJEBTRVFBCSBOKB UPEPTPTQBÓTFTFOWPMWJEPT %FRVBMRVFSNPEP ÏNVJUPJNQPSUBO UFDPOUJOVBSFNBTOFHPDJBÎÜFT QPJTIÈ VNBDPOTDJFODJBMJ[BÎÍPDBEBWF[NBJPS EFRVFFTUBÏVNBQSPCMFNÈUJDBRVFWBJ BGFDUBSUPEPT)ÈFTQBÎPQBSBTFBWBOÎBS FMFWBSPTQBÓTFTEFTFOWPMWJEPTFFNEF 

NZHBMQ

."3ˆ0

TFOWPMWJNFOUPBFTUBCFMFDFSFNDPNQSP NJTTPTEFSFEVÎÍPEBTFNJTTÜFT

DPOUSÈSJP WBNPTUFSVNBQFSTQFDUJWBEF DVSUPQSB[PFOÍPWBNPTJOWFTUJSPTVm DJFOUFQBSBSFTPMWFSPQSPCMFNB 7BJTFSOFDFTTÈSJPOÍPTØJOWFTUJSNBJT OBTFOFSHJBTSFOPWÈWFJTNBTUBNCÏNOB FmDJÐODJBFOFSHÏUJDB&FTUBEFQFOEFNVJ UPEBTFOTJCJMJ[BÎÍPEBTQFTTPBTQBSBPVTP EFTJTUFNBTNBJTFmDJFOUFT RVFSFQSF TFOUBNQBSBFMBTVNBFDPOPNJB 5BNCÏN EFWFSÈ TFS VTBEB VNB UFDOPMPHJBRVFBJOEBOÍPFTUÈDPNQMFUB NFOUFPQFSBDJPOBM BEFDBQUVSBFTFRVFT USPEPDBSCPOP $$4 RVFQFSNJUFVUJMJ[BS PDBSWÍPTFNMBOÎBSPVEJNJOVJOEPBT FNJTTÜFTEF$0QBSBBBUNPTGFSB .BTQPEFSÈOÍPTFSQPTTÓWFMVNBNBJT SÈQJEBEFTDBSCPOJ[BÎÍPEBFDPOPNJBTFN RVFBMHVOTQBÓTFTRVFFOWFSFEFNQPSFTTB WJB PQUFNQPSUFSEFGBDUP QSPHSBNBT WJHPSPTPTEFFOFSHJBOVDMFBS

2VFOPWPQBSBEJHNBFOFSHªUJDPQP EFNPTUFOUBSQSFWFSOP£NCJUPEB JOFWJU¢WFMEFTDBSCPOJ[B¨¤PEBTFDP OPNJBTFBPSJUNPRVFPEFTFOWPM WJNFOUPUFDOPM´HJDPFDVMUVSBM IPKF  QFSNJUF 5SBUBTF EF VNB RVFTUÍP DFOUSBM "6OJÍP&VSPQFJBUFNTFCBUJEPQBSB RVFOÍPTFVMUSBQBTTF$EFBVNFOUPEB UFNQFSBUVSBNÏEJBHMPCBMFNSFMBÎÍPBP QFSÓPEPQSÏJOEVTUSJBM VNEFTBmPNVJUP HSBOEF1BSBTFDPOTFHVJSJTTPTFSÈOFDFT TÈSJPSFEV[JSBTFNJTTÜFTEFUPEPPNVOEP FNNBJTEFFNSFMBÎÍPB ²VNEFTBmPHJHBOUFTDP NBTÏQPTTÓ WFMTVQFSÈMP&YJTUFNKÈDFOÈSJPT DPNP PEB"HÐODJB*OUFSOBDJPOBMEF&OFSHJB  RVFOPTBQPOUBNPDBNJOIPBTFHVJS 0DVTUPFOWPMWJEPOBEFTDBSCPOJ[B 2VBMPQBQFMEB6&B ÎÍPEBFDPOPNJBFTUÈDBMDVMBEPFN  "6OJÍP&VSPQFJBUFNTJEPMÓEFSOPQSP

0DVTUPFOWPMWJEPOBEFTDBSCPOJ[B¨¤PEBFDPOPNJB FTU¢DBMDVMBEPFN CJMJ¶FTEFFVSPTFJNQMJDBRVF EBPGFSUBEFFOFSHJBTFKBEFPSJHFNSFOPW¢WFM CJMJÜFTEFEØMBSFT  CJMJÜFTEFFVSPT  1BSBRVFFMFTFKBBMDBOÎBEPÏUBNCÏN OFDFTTÈSJPRVFDFSDBEFEBPGFSUBEF FOFSHJBTFKBNEFPSJHFNSFOPWÈWFM ²VNOÞNFSPHJHBOUFTDP NBTTFP FORVBESBSNPTFNUFSNPTEBTPNBEPT 1*#EFUPEPTPTQBÓTFTEPNVOEPSFQSF TFOUB FGFDUJWBNFOUF VNBSSFGFDJNFOUP EBFDPOPNJBEF FNF  FN "RVFTUÍPRVFFTUÈFNDJNBEBNFTBÏ TFWBMFBQFOBGB[FSFTUFFTGPSÎPFEFJYBS QBSBBTOPWBTHFSBÎÜFTVNNVOEPDPN NFOPSSJTDPOPRVFSFTQFJUBËTBMUFSBÎÜFT DMJNÈUJDBTFTFVTJNQBDUPTTPCSFBTBDUJWJ EBEFTFDPOØNJDBTFBNCJFOUF PVTF QFMP

DFTTPEFSFEVÎÍPEFHBTFTDPNFGFJUPEF FTUVGBQBSBBBUNPTGFSB$PNPPSFTVMUB EPEBTOFHPDJBÎÜFTFN$PQFOIBHBmDPV BRVÏNEBTFYQFDUBUJWBT B6& RVFUJOIB BJOUFOÎÍPEFTFDPNQSPNFUFSFNSFEV[JS BUÏ NBJTQPOUPTQFSDFOUVBJT EPRVFBNFUBQSFWJTUB OÍPPGF[ QPSRVF PTPVUSPTQBÓTFT FNQBSUJDVMBSPT&TUBEPT 6OJEPTFB$IJOB OÍPBWBOÎBSBNDPN QSPQPTUBTTVmDJFOUFNFOUFBNCJDJPTBT "6OJÍP&VSPQFJBGF[CFN&TUFQSP CMFNBUFNRVFTFSSFTPMWJEP NBTEF GPSNBJOUFHSBEBFHMPCBM TFNQSFKVEJ DBSBDPNQFUJUJWJEBEFFDPOØNJDBEPT QBÓTFTFSFHJÜFTFOWPMWJEPT BUÏQPSRVF IÈEJmDVMEBEFTBSFTPMWFSOPTFVTFJP


#*0(3"'*" 9\_\cX7hTegXFTagbfªQSPGFTTPSDBUFES¢UJDP EF'®TJDBOB'BDVMEBEFEF$J«ODJBTEB 6OJWFSTJEBEFEF-JTCPB5FNTFEFEJDBEP TPCSFUVEP¡JOWFTUJHB¨¤POBT$J«ODJBTEP "NCJFOUF FNFTQFDJBMEBT.VEBO¨BT(MPCBJT F"MUFSB¨¶FT$MJN¢UJDBTŠQSPGFTTPSDPOWJEBEP EFW¢SJBTVOJWFSTJEBEFTQSFTUJHJBEBTEPT &6"FEB&VSPQB5FNDFSDBEFBSUJHPT DJFOU®çDPTQVCMJDBEPTFDPPSEFOPVBSFEBD¨¤P EPQSJNFJSPF»OJDP-JWSP#SBODPTPCSFP &TUBEPEP"NCJFOUFFN1PSUVHBM QVCMJDBEP FN*OUFHSBP$POTFMIP/BDJPOBMEP "NCJFOUFFEP%FTFOWPMWJNFOUP4VTUFOU¢WFM FªNFNCSPFGFDUJWPEB"DBEFNJBEBT $J«ODJBTEF-JTCPBŠHFTUPSEB¢SFBEF %FTFOWPMWJNFOUP4VTUFOU¢WFMEP1SPHSBNB *CFSP"NFSJDBOP$:5&%Ô$J«ODJBF5FDOPMPHJB QBSBP%FTFOWPMWJNFOUP

DPNCVTUÓWFJT&TUFÏVNQSPCMFNBPOEF UPEPTFTUBNPTFOWPMWJEPT/ÍPJNQPSUB TFBTFNJTTÜFTUÐNPSJHFNOB$IJOB OB #PMÓWJB OPT&TUBEPT6OJEPTPVFN1PS UVHBM0GBDUPÏRVFPTHBTFTDPNFGFJUP EFFTUVGBQFSNBOFDFNCBTUBOUFUFNQP OBBUNPTGFSB0EJØYJEPEFDBSCPOP FN NÏEJB DFSDBEFBOPT "OPTTBDPOUSJCVJÎÍPÏQFRVFOB OÍP TØQFMBEJNFOTÍPEP1BÓTNBTQPSRVF OÍPFNJUJNPTNVJUPFNDPNQBSBÎÍP DPNPVUSPTQBÓTFTEB6OJÍP&VSPQFJB 0GBDUPÏRVFJSFNPTTPGSFSDPNBT BMUFSBÎÜFT DMJNÈUJDBT  QPJT B SFHJÍP NFEJUFSSÉOJDBEB&VSPQBWBJUFSJNQBD UPTNBJTHSBWPTPT DPNNFOPSQSFDJQJUB ÎÍPFQSPCMFNBTEFFTDBTTF[EFÈHVB

FNSFMBÎÍPBPGVUVSP&NQBSUJDVMBS  QPSFYJTUJSFN&TUBEPTDPNSFTFSWBTEF DBSWÍPJNQPSUBOUFT DPNPB1PMØOJBF B)VOHSJB RVFTFOUFNNFOPTQSFTTÍP QBSBEFTFOWPMWFSFOFSHJBTSFOPWÈWFJT EPRVFPOPTTP1BÓT RVFUFNVNBEF QFOEÐODJBFOFSHÏUJDBGPSUÓTTJNBEPFY UFSJPS$FSDBEFEPOPTTPDPOTVNP EFFOFSHJBWÐNEFJNQPSUBÎÜFT VNB GBDUVSBHJHBOUFTDBQBSBPTQPSUVHVFTFT 1PSJTTP BRVJMPRVFUFNTJEPGFJUPFN 1PSUVHBMOPTFOUJEPEPEFTFOWPMWJNFOUP EBTFOFSHJBTSFOPWÈWFJT FNQBSUJDVMBS EBFØMJDB ÏFYUSFNBNFOUFQPTJUJWP 5SBUBTFEFTJUVBÎÜFTFEFWPOUBEFT EJWFSTBT1PSJTTPWBJTFSOFDFTTÈSJBNVJ

"-5&3"ˆ–&4$-*.‚5*$"4 'JMJQF%VBSUF4BOUPTBDSFEJUB RVFB6&WBJDPOUJOVBSBMJEFSBS FTUFDPNCBUF

UBOFHPDJBÎÍPQBSBQÙSUPEPTEFBDPSEP .BTFTUPVFNDSFSRVFB6&JSÈDPOUJOVBS BMJEFSBSFTUFQSPDFTTPEFDPNCBUFËT BMUFSBÎÜFTDMJNÈUJDBT 2VBMPDPOUSJCVUPEFVNQFRVFOPF QFSJGªSJDPQB®TDPNP1PSUVHBM 0OPTTPDPOUSJCVUPOPDPNCBUFËTBMUF SBÎÜFTDMJNÈUJDBTÏFTFSÈJNQPSUBOUF  EFWJEPBFTUBSNPTBEFTFOWPMWFSBTFOFS HJBTSFOPWÈWFJTEFGPSNBFNQFOIBEB  UBOUPBFØMJDBDPNPBTPMBSPVPTCJP

2VBJT PT QSJODJQBJT JNQBDUPT F DPOTFRV«ODJBT QBSB VNB FNQSFTB DPNPB(BMQ&OFSHJB "FOFSHJBFTUÈOBCBTFEPQBSBEJHNB BDUVBMEPEFTFOWPMWJNFOUP/ÍPUFNPT GPOUFT BMUFSOBUJWBT TVGJDJFOUFNFOUF BCVOEBOUFT1PSJTTPWBNPTDPOUJOVBS BVUJMJ[BSPTDPNCVTUÓWFJTGØTTFJT.BT ÏQSFWJTÓWFMRVFPTFVQSFÎPWÈBVNFO UBS TPCSFUVEPPQFUSØMFP FOÍPUBOUP PDBSWÍP ²NVJUPJNQPSUBOUFRVFBTFNQSF TBTEFTUFTFDUPS DPNPB(BMQ&OFSHJB  FTUFKBNBUFOUBTFBGB[FSJOWFTUJNFOUPT FNFOFSHJBTSFOPWÈWFJT QPJTFMBTWÍP UFSVNBJNQPSUÉODJBDBEBWF[NBJPSOP GVUVSP ."3ˆ0

NZHBMQ




FNQSFTBTTUDQ GE4AFCBEG8CÒ5?<6BHE54AB

6NBBMUFSOBUJWBDPNQFUJUJWB "PGFSUBEFTUBFNQSFTBJODMVJNBJTEFWF®DVMPTFVNBSFEF DPNFYUFOT¤PTVQFSJPSBRVJM´NFUSPT

ĖĞġģĖĤĒEFUSBOTQPSUFQÞCMJDPVSCBOP EFQBTTBHFJSPTOB«SFB.FUSPQPMJUBOBEP 1PSUP ".1 FNBSUJDVMBÎÍPDPODFSUBEB DPNPTEFNBJTPQFSBEPSFTSPEPWJÈSJPT  GFSSPWJÈSJPFEFNFUSPMJHFJSP B4PDJFEBEF EF5SBOTQPSUF$PMFDUJWPTEP1PSUP 45$1  DPOUSJCVJQBSBBFGFDUJWBNPCJMJEBEFEBT QFTTPBT %JTQPOJCJMJ[BOEP VNB BMUFSOBUJWB DPNQFUJUJWBBPUSBOTQPSUFJOEJWJEVBM QSJWBEP HFSB QFMBTVBBDUJWJEBEF CF OFGÓDJPTTPDJBJTFBNCJFOUBJTOVNRVBESP EFSBDJPOBMJEBEFFDPOØNJDB QSPDVSBOEP BNFMIPSJBDPOUÓOVBOPTFVEFTFNQF OIP "TVBPGFSUBJODMVJTFSWJÎPTEFUSBOT QPSUFVSCBOPSPEPWJÈSJPEFQBTTBHFJSPT  FNNPEPBVUPDBSSPFDBSSPFMÏDUSJDP  BUSBWÏTEBFYQMPSBÎÍPEBSFEFEFUSBOT 

NZHBMQ

."3ˆ0

QPSUFQÞCMJDPRVFMIFFTUÈDPODFTTJPOBEB FRVFTFFTUFOEFQPSNBJTEFRVJMØ NFUSPT"45$1FGFDUVBBJOEBBMVHVFSFT EFBVUPDBSSPTBFNQSFTBTPVQBSUJDVMB SFTFHFSFP.VTFVEP$BSSP&MÏDUSJDP  OP1PSUP RVFFGFDUVBWJTJUBTBPFTQBÎP NVTFPMØHJDP BMVHVFSEFFMÏDUSJDPTFEF FTQBÎPFPSHBOJ[BÎÍPEFFWFOUPT

"+645"3"0'&35" "FNQSFTBBDPNQBOIBSFHVMBSNFOUFP DPNQPSUBNFOUPEBQSPDVSB QBSBNFMIPS BKVTUBNFOUPEBTVBPGFSUB&TUFFTUVEP QFSNJUFMIFEBSSFTQPTUBBPTVSHJNFOUP EFQØMPTEFQSPDVSBSFMBDJPOBEPTDPNB DPOTUSVÎÍPEFOPWPTFRVJQBNFOUPTFTDP MBSFT IPTQJUBMBSFTPVEFTQPSUJWPTPVEF TFSWJÎPTQÞCMJDPTEFBUFOEJNFOUP CFN DPNPDPNBTVBSFMPDBMJ[BÎÍP

/›.&304%"&.13&4"



NJMI¶FTEFQBTTBHFJSPT USBOTQPSUBEPT

 LNQFSDPSSJEPT DPMBCPSBEPSFT 7PMVNFEFOFH´DJPT  NJMI¶FTEFFVSPT

3FEFUSBOTQPSUFTEB45$1DPN

 

LNFNTFJTDPODFMIPT FGSFHVFTJBT

BVUPDBSSPT DBSSPTFMªDUSJDPT

'SPUBEF F


6.106$0%&)*45”3*"

"FNQSFTBNBOUªNVNBBUFO¨¤PFTQFDJBM FNSFMB¨¤PBPTDMJFOUFTDPNEJçDVMEBEFT 6NEPTTFVTPCKFDUJWPTÏBTTFHVSBSVN OÓWFMFMFWBEPEFDVNQSJNFOUPEPTFSWJÎP QSPHSBNBEPFDVNQSJSPEFWFSEFJOGPS NBÎÍPBUFNQBEB EFTJHOBEBNFOUFTPCSF BSFEF QFSDVSTPT IPSÈSJPT [POBNFOUP FQBSBHFOT CFNDPNPTPCSFBOPNBMJBT QSFWJTÓWFJT UBJTDPNPEFTWJPTEFUSÉOTJUP  GFTUFKPT HSFWFTPVPVUSBT 1BSBPQUJNJ[BSPTFSWJÎPRVFPGFSFDF  BDPMIFDPNSFDFQUJWJEBEFBTTVHFTUÜFT SFDFCJEBTF BQØTBOÈMJTF EÈSFTQPTUB TPCSFBFYJTUÐODJBPVOÍPEBTVBWJBCJ MJEBEFFJOUFSFTTF EBOEPTFHVJNFOUP  RVBOUPQPTTÓWFM ËTRVFQSFFODIBNFT UFTSFRVJTJUPT0NFTNPBDPOUFDFDPNP USBUBNFOUPFSFTQPTUBFNUFNQPÞUJMËT SFDMBNBÎÜFTSFDFCJEBT QBSBJEFOUJmDBÎÍP EBTDBVTBT USBUBNFOUPFTFHVJNFOUPEBT RVFTFKBNSFTQPOTBCJMJEBEFEFUFSDFJSPT FDPSSFDÎÍPEBTJNQVUÈWFJTË45$1 "FNQSFTBNBOUÏNVNBBUFOÎÍPFT QFDJBMDPNPTDMJFOUFTDPNEJmDVMEBEFT  QPSFYFNQMP BTTFHVSBOEPDPOEJÎÜFTEF BDFTTJCJMJEBEFBDJEBEÍPTDPNNPCJMJEBEF SFEV[JEB QPSUBEPSFTEFEFmDJÐODJBGÓ TJDB JEPTPTFNVMIFSFTHSÈWJEBTPVDPN DBSSJOIPTEFCFCÏ FEJTQPOJCJMJ[BOEP JOGPSNBÎÍPQBSBJOWJTVBJT0TDMJFOUFTKP WFOToFORVBOUPGVUVSPTVUJMJ[BEPSFToF PTDMJFOUFTNFOPSFToFORVBOUPDJEBEÍPT

DPNOFDFTTJEBEFTQSØQSJBTEFBUFOÎÍPF QSPUFDÎÍPoUBNCÏNNFSFDFNFTQFDJBM BUFOÎÍPQPSQBSUFEB45$1 0NFSDBEPPOEFFTUBFNQSFTBBDUVB FTUÈMJNJUBEPË«SFB.FUSPQPMJUBOBEP 1PSUP"TVBPGFSUB DPOTUJUVÓEBQPS MJOIBTEFTFSWJÎPQÞCMJDP ÏEJSJHJEBQBSB BQPQVMBÎÍPSFTJEFOUFFWJTJUBOUFT OVN UPUBMEFDFSDBEFNJMQFTTPBT

G\a[T`cTffTWbBOPTEFTEFP BQBSFDJNFOUPEBQSJNFJSBMJOIBEFDBSSPT BNFSJDBOPTFOUSF/PWB*PSRVFF)BSMFN  OPT&TUBEPT6OJEPT"VUJMJ[B¨¤PFN1PSUVHBM EFTUFUJQPEFWF®DVMPTDPNF¨PVFN  DPNBTVBFYQMPSB¨¤PBDBSHPEB$PNQBOIJB $BSSJM"NFSJDBOPEP1PSUP&NTVSHJV VNBMJOIBVUJMJ[BOEPUSBD¨¤PBWBQPSF FN  BQSJNFJSBMJOIBEB1FO®OTVMB*CªSJDB FYQMPSBEBDPNDBSSPTFMªDUSJDPT"Uª DPFYJTUJSBNPTUS«TNPEPTEFUSBOTQPSUF  EBEPRVFOFTUBEBUBEFTBQBSFDFNPTDBSSPT BNFSJDBOPT4´EF[BOPTNBJTUBSEFEFJYPV EFTFSVUJMJ[BEBBUSBD¨¤PBWBQPSF EVSBOUF BOPT BTQPQVMB¨¶FTEP1PSUPFDPODFMIPT MJN®USPGFTGPSBNUSBOTQPSUBEBTBQFOBT FNDBSSPTFMªDUSJDPT'PJFNRVFPT BVUPDBSSPTDPNF¨BNBQSFTUBSTFSWJ¨POFTUB DJEBEF&NKVOUPVTFPUSPMFJDBSSP RVF QFSNBOFDFVBDUJWPBUª"EFTJHOB¨¤P EP4FSWJ¨PEF5SBOTQPSUFT$PMFDUJWPTEP1PSUP TVSHJVFN0JO®DJPEBBDUJWJEBEFEPT USBOTQPSUFTDPMFDUJWPTSFNPOUBBPBOPFNRVF B$PNQBOIJB$BSSJM"NFSJDBOPEP1PSUPJOJDJPV BTVBFYQMPSB¨¤P6NBOPEFQPJT GPSNPVTF B$PNQBOIJB$BSSJTEF'FSSPEP1PSUP"TEVBT FNQSFTBTDPODPSSFOUFTGVOEJSBNTF FN  OVNBT´ RVFNBOUFWFPOPNFEFTUB»MUJNB "$PNQBOIJB$BSSJTEF'FSSPEP1PSUPEVSPV  DPNFTUBEFTJHOB¨¤P BOPT"JOEBIPKF  RVBTFBOPTEFQPJTEFUFSEFTBQBSFDJEP  I¢NVJUBHFOUFRVF TFHVJOEPPWFMIPI¢CJUP BPSFGFSJSTF¡45$1 DPOUJOVBBDIBNBSMIF Ù$BSSJTÚ&NEFVTFBQBTTBHFNB TPDJFEBEFBO´OJNBEFDBQJUBJTFYDMVTJWBNFOUF Q»CMJDPT QBTTBOEPBEFTJHOBSTF4PDJFEBEFEF 5SBOTQPSUF$PMFDUJWPTEP1PSUP 4"

.&3$"%0$0.'30/5&*3"4 0USBOTQPSUFEFBVUPDBSSPFPVDBSSPFMÏD USJDPBJOEBÏDPOTJEFSBEPEFTDPOGPSUÈWFM  NPSPTPFQPVDPFmDB[QBSBEFTMPDBÎÍP EFOUSPEBTEVBTHSBOEFTÈSFBTNFUSP QPMJUBOBTEP1BÓT"45$1UFNUPNBEP WÈSJBTEFDJTÜFTQBSBNFMIPSBSPTFSWJ ÎPRVFPGFSFDFFNVEBSFTTBJNBHFNOB DPOTDJÐODJBEPTDJEBEÍPT5FNBEPQUBEP UFDOPMPHJBTEFJOGPSNBÎÍPFDPNVOJDBÎÍP RVFHBSBOUFNBmBCJMJEBEFEPQMBOFB NFOUPFBBEFRVBÎÍPFSFHVMBSJEBEFEB PGFSUB CFNDPNPBBRVJTJÎÍPEFWJBUVSBT RVFJOUFHSFNBTNBJTSFDFOUFTJOPWBÎÜFT BEBQUBEBTJOUFSOBDJPOBMNFOUF NFMIP SBOEPBRVBMJEBEFEPTFSWJÎP²UBNCÏN PCKFDUJWPEB45$1NFMIPSBSBTDPOEJ ÎÜFTEFFTQFSBOBTQBSBHFOT EPUBOEP PTQSJODJQBJTJOUFSGBDFTNPOPNPEBJTF NVMUJNPEBJTEFNFMIPSFTDPOEJÎÜFTEF

DPOGPSUPFJOGPSNBÎÍPBPTDMJFOUFT 1BSBB45$1 BSFMBÎÍPDPNB(BMQ &OFSHJBÏiEFQFSGFJUBQBSDFSJBw&TUB FNQSFTBTFOUFUPEPPFNQFOIPFJOUF SFTTFRVFB(BMQ&OFSHJBQÜFOPTFSWJÎPBP DMJFOUFi"MPHÓTUJDBEFBCBTUFDJNFOUPEF DPNCVTUÓWFJTFMVCSJmDBOUFTOÍPÏQSFP DVQBÎÍP1PEFTFSFODBSBEBDPNEFTDBOTP FDPOmBOÎB QPJTTÍPNVJUPSBSPTFEF QFRVFOBEJNFOTÍPPTQSPCMFNBTDPN RVFQPSWF[FTTFEFQBSBw"45$1TBMJFO UBRVFNFTNPFTUFTOVODBUÐNUFNQP QBSBDSFTDFS HSBÎBTiËQSPOUBFFmDB[ JOUFSWFOÎÍPwEPTTFVTJOUFSMPDVUPSFTOB (BMQ&OFSHJB FNQSFTBRVFiOÍPTFMJNJUB BWFOEFSDPNCVTUÓWFJTFMVCSJmDBOUFT  EJTQPOJCJMJ[BOEPUPEBVNBQBOØQMJBEF JOJDJBUJWBTEFBQPJPËHFTUÍPFQSFPDVQB ÎÜFTBNCJFOUBJTw ."3ˆ0

NZHBMQ




FNQSFTBTQFUSPHBMHVJOªCJTTBV

/07"*."(&. 1PTUPEFBCBTUFDJNFOUP JOBVHVSBEPSFDFOUFNFOUF FN4¤P%PNJOHPT

6B@54F88@<AI8FG<@8AGB

1PTJ¨¤PEFMJEFSBO¨BSFGPS¨BEB "QPTUBOBTDPNQFU«ODJBTEFMJEFSBO¨BEPTRVBESPTMPDBJT ªVNEPTQJMBSFTGVOEBNFOUBJTQBSBPTFVTVDFTTP 7&/%"4$3&4$&. ĠĘģĦġĠ(BMQ&OFSHJBÏMÓEFSOPTNFS 0BOPEFGPJQPTJUJWP DBEPTEFJNQPSUBÎÍP BSNB[FOBNFOUP  QBSB BT PQFSBÎÜFT EB (BMQ DPNFSDJBMJ[BÎÍPFEJTUSJCVJÎÍPEFDPN &OFSHJBFN«GSJDBFB1FUSPHBM CVTUÓWFJTMÓRVJEPT MVCSJmDBOUFTFHÈTOB (VJOÏ#JTTBVOÍPGPJFYDFQ (VJOÏ#JTTBV ÎÍP"TWFOEBTEFTUBFNQSF &TUB QPTJÎÍP Ï BTTFHVSBEB BUSBWÏT TBDSFTDFSBNDFSDBEFFN EB1FUSPHBM(VJOÏ#JTTBV RVFÏEFUJEB SFMBÎÍPBPBOPBOUFSJPSFPT BQFMB1FUSPHBM&TUBFNQSFTBÏ TFVTSFTVMUBEPTBVNFOUBSBN SFTQPOTÈWFMQFMBHFTUÍPEBTQBSUJDJQB RVBTFQBSBPEPCSP BUJOHJO ÎÜFTEB1FUSPNBS RVFDPODFOUSBBTVB EPWBMPSFTEF&#*5%"EF  BDUJWJEBEFOBJNQPSUBÎÍP EJTUSJCVJÎÍPF 5BNCÏNQBSUJDJQBOBHFTUÍPEB$-$ NJMIÜFTEFFVSPTFVNSFTVMUBEPMÓRVJEP DPNFSDJBMJ[BÎÍPEFDPNCVTUÓWFJTMÓRVJ EPT (1-FMVCSJmDBOUFT FEB1FUSPHÈT  (# FNQSFTBRVFBSNB[FOBDPNCVTUÓ EF NJMIÜFTEFFVSPT /PBOPQBTTBEP B(BMQ&OFSHJBJOWFT RVFJNQPSUB BSNB[FOB EJTUSJCVJFDP WFJTMÓRVJEPT FEB"4# RVFBTTFHVSBP BCBTUFDJNFOUPEFBFSPOBWFT UJVOB(VJOÏ#JTTBVDFSDBEF NJMIÜFT NFSDJBMJ[B(1- 

NZHBMQ

."3ˆ0


"DPOTPMJEB¨¤P EBFTUSBUªHJBEB(BMQ &OFSHJBUFNTJEPQPTT®WFM BUSBWªTEBBQPTUB OBTDPNQFU«ODJBT EFMJEFSBO¨B EPTTFVTRVBESPTMPDBJT

03("/*;"ˆ„0 &NQSFTBTRVFDPNQ¶FNP(SVQP(BMQ &OFSHJBOB(VJOª#JTTBV FNDJNB  FJNQMBOUB¨¤PEBFNQSFTBOFTUFQB®T BGSJDBOP FNCBJYP

C

;Vg^b 8VX]Zj

<VW

BVch‹V 7V[Vi{

7>HH6J 8Vi^‹ 6gfj^e‚aV\d Ydh7^_V\‹h

/07"'305"

<J>Cw

-JCFSUP#BUJD¤'FSSFJSBDPNNFNCSPTEBFRVJQB EB(BMQ&OFSHJBKVOUPBPTOPWPTWF®DVMPTDJTUFSOB EBFNQSFTB FUBNCªNOBGPUPEFDJNB

"$5*704%"1&530("- /"(6*/Š#*44"6



1PTUPTEFBCBTUFDJNFOUP



1BSRVFEFBSNB[FOBHFN EF(1- #JTTBV



1BSRVFEFBSNB[FOBHFN HBT´MFP #JTTBV



1BSRVFEFBSNB[FOBHFNHBTPMJOB +VHVEVM

Þ"SNB[ªOTEFMVCSJçDBOUFT #JTTBV

Þ&EJG®DJPTFEF #JTTBV

Þ&EJG®DJPEBBOUJHBTFEF #JTTBVBSSFOEBEP

Þ'SPUBEFBCBTUFDJNFOUP Þ*OTUBMB¨¤PEFBCBTUFDJNFOUP EFBFSPOBWFT

EFFVSPT NBJTEPRVFFN "DPOTUSVÎÍPEPQPTUPEFBCBTUFDJNFOUP EF4ÍP%PNJOHPT KVOUPËGSPOUFJSBDPN P4FOFHBM BSFNPEFMBÎÍPFSFCSBOEJOH EPTQPTUPTEF(BCV +VHVEVMF$BODIVO HP BDPODMVTÍPEBSFOPWBÎÍPEBGSPUB EFBCBTUFDJNFOUP BSFPSHBOJ[BÎÍPEP NPEFMPEFWFOEBTFEFMPHÓTUJDBEP(1- RVFQFSNJUJVPJODSFNFOUPEBTWFOEBT FNOFTUFTFHNFOUPGBDFB  PSFGPSÎPEBTBDÎÜFTEFWJHJMÉODJBBPT EFTWJPTFRVFCSBTOPTQBSRVFTMPHÓTUJ DPTFPDPOUSPMPEBHFTUÍPEB$-$ RVF B1FUSPHBM(VJOÏ#JTTBVBTTVNJVFN TVCTUJUVJÎÍPEB1FUSPEJT GPSBNBMHVOT

EPTJOWFTUJNFOUPTNBJTJNQPSUBOUFT SFBMJ[BEPT

&453"5Š(*"$0/40-*%"%" %FTUBGPSNB P(SVQP(BMQ&OFSHJBSF GPSÎPVBTVBQPTJÎÍPEFMJEFSBOÎBOPT NFSDBEPTEFJNQPSUBÎÍP BSNB[FOB HFN DPNFSDJBMJ[BÎÍPFEJTUSJCVJÎÍPEF DPNCVTUÓWFJTMÓRVJEPT MVCSJmDBOUFTF (1-OFTUFNFSDBEP"DPOTPMJEBÎÍPEFTUB FTUSBUÏHJBTØUFNTJEPQPTTÓWFMQFMBBQPTUB FNDPNQFUÐODJBTEFMJEFSBOÎBEPTRVB ESPTMPDBJT RVFTFSFWÐFNOBFTUSBUÏHJB EP(SVQPFTÍPIPKFVNEPTQJMBSFTGVO EBNFOUBJTQBSBPTFVTVDFTTP ."3ˆ0

NZHBMQ




OFH´DJPTMVCSJçDBOUFT

$"1"$*%"%& "G¢CSJDBEFMVCSJçDBOUFT UFNDPOEJ¨¶FTQBSB SFTQPOEFSSBQJEBNFOUF BPBVNFOUPEBQSPDVSB

ABF@8E647BF<AG8EAB88KG8EAB

'PSUBMFDFSMJHB¨¶FT "6OJEBEFEF/FH´DJPTEF-VCSJçDBOUFT EB(BMQ&OFSHJBDSFTDFBEBQUBOEPTF BPTNFSDBEPTPOEFPQFSB ĠĤĝĦēģĚėĚĔĒğĥĖĤDPOTUJUVFNVNBVOJ EBEFEFOFHØDJPWFSUJDBMEB1FUSPHBMDPN DBQBDJEBEFQBSBEFTFOWPMWFS QSPEV [JS DPNFSDJBMJ[BSFEJTUSJCVJSØMFPTF NBTTBTMVCSJmDBOUFTDPNBNBSDB(BMQ &OFSHJB ²VNBPSHBOJ[BÎÍPRVFDPOUBDPN PBQPJPEFJOGSBFTUSVUVSBTUFDOPMØHJ DBTÞOJDBTOP1BÓT DPNQPTUBTQPSVN CMFOEJOHDPNDBQBDJEBEFEFQSPEVÎÍP EFUBOPFVNMBCPSBUØSJPÞOJDP OPTFVHÏOFSPFN1PSUVHBM&TUBTDPOEJ ÎÜFTQFSNJUFNRVFPTFDUPSQPTTVBVN DPOIFDJNFOUPUFDOPMØHJDPBWBOÎBEPF TFSWFNEFCBTFQBSBPFTUVEP EFTFO WPMWJNFOUPFMBCPSBÎÍPEFMVCSJmDBOUFT 

NZHBMQ

."3ˆ0

DPOTUBOUFNFOUFBEBQUBEPTËTFYJHÐODJBT EPTNFSDBEPTPOEFBFNQSFTBPQFSB1BSB RVFJTTPBDPOUFÎBIÈVNBFTUSFJUBDPMBCP SBÎÍPFOUSFBTÈSFBTEF%FTFOWPMWJNFOUP  (FTUÍPEF0GFSUB 1SPEVÎÍP $PNFSDJBM  "TTJTUÐODJB5ÏDOJDBF.BSLFUJOH EFGPS NBBHBSBOUJSUBNCÏNBRVBMJEBEFEPT MVCSJmDBOUFTRVFB(BMQ&OFSHJBDPNFS DJBMJ[B

EPOBDJPOBM&NUFSNPTJOUFSOBDJPOBJT  BSFDFOUFBRVJTJÎÍPEPOFHØDJPJCÏSJDP EB&YYPO.PCJMUSPVYFMIFNBJTWBMJBT  NBTOÍPTØFN&TQBOIB&TUÈUBNCÏNB DPOUSJCVJSQBSBBFOUSBEBEBNBSDBFN NFSDBEPTDPNGPSUFJOnVÐODJBEPQBÓT WJ[JOIP DPNPPTTVMBNFSJDBOPT OP NFBEBNFOUFP6SVHVBJ 0TFDUPSEFMVCSJmDBOUFTFOGSFOUBIPKF EFTBmPTFYDFQDJPOBJT"MÏNEFPQFSBS "1045"/0.&3$"%0&95&3/0 FNNFSDBEPTNBEVSPT DPNBDÏSSJNB "DPOTJTUÐODJBEB6OJEBEFEF-VCSJmDBO DPODPSSÐODJBEFQMBZFSTFTUBCFMFDJEPT UFTOBFYFDVÎÍPEBTQPMÓUJDBTDPNFSDJBJT PVBDBCBEPTEFDIFHBS UBNCÏNFOGSFO FTUBCFMFDJEBTFBTVBBQPTUBDSFTDFOUFOP UBRVFCSBTFNNBSHFOTFWPMVNFTOPT EFTFOWPMWJNFOUPEPNFSDBEPFYUFSOP QSPEVUPTRVFDPNFSDJBMJ[B*TUPPCSJHB DPOEV[JSBNOBËMJEFSBOÎBEPNFSDB BFODPOUSBSOPWBTGPSNBTEFPQFSBSF


0.&3$"%0 %04-6#3*'*$"/5&4 ‚SFBTEFOFH´DJPFQSJODJQBJT TFDUPSFTEFNFSDBEPPOEF B6OJEBEFEF/FH´DJP EF-VCSJçDBOUFTEB(BMQ&OFSHJB FTU¢FOWPMWJEB 6/*%"%&%&-6#3*'*$"/5&4 .BSDBTFPçDJOBT 1SJWBUFMBCFMT 3FWFOEB )JQFSNFSDBEPTFQPTUPT

$0.1&5*ˆ„0 &TUFTFDUPSDPOTUS´J QBSUFEBTVBJNBHFN BUSBWªTEPBQPJPBP EFTQPSUPNPUPSJ[BEP

SFOUBCJMJ[BSPTOFHØDJPTFUBNCÏNEF PMIBSPTNFSDBEPTFPTTFVTBHFOUFT 5FOEPFNDPOUBJTUP FRVF DPNPSFGFSJV PQSFTJEFOUFFYFDVUJWPEB(BMQ&OFSHJB  'FSSFJSB%F0MJWFJSB iOÍPFYJTUFNFN QSFTBTHSBOEFTFQFRVFOBT FYJTUFN TJN  FNQSFTBTJTPMBEBTFFNQSFTBTFNSFEFw  BÈSFBEFMVCSJmDBOUFTFTUÈBSFOPWBSFB FODBSBSOPWBTBQSPYJNBÎÜFTDPNFSDJBJT BPNFSDBEP JOUFSOPFFYUFSOP GPSUBMF DFOEPQBSDFSJBTDPNFSDJBJTEFOUSPPV GPSBEBFNQSFTB

/&(”$*053"/47&34"0OFHØDJPEFMVCSJmDBOUFTÏUSBOTWFSTBM "QPSUBWBMPSBUSBWÏTEFWÈSJBTÈSFBTEB (BMQ&OFSHJB *OEÞTUSJB 5SBOTQPSUFT  &NQSFJUFJSPT .BSJOIBF*MIBT RVFDP NFSDJBMJ[BNMVCSJmDBOUFTFSFQSFTFOUBN NBJTEFNFUBEFEBTWFOEBTFNUFSSJUØSJP OBDJPOBM$BCFPSFTUBOUFËVOJEBEFEF

0TFDUPSFWPMVJ DPOTUBOUFNFOUF FUFNVNDSFTDJNFOUP TVTUFOUBEP

7&/%"4%&-&("%"4

OFHØDJPEF-VCSJmDBOUFT BUSBWÏTEPTTFVT USÐTDBOBJTEFDPNFSDJBMJ[BÎÍP.BTFTUF UJQPEFSFMBDJPOBNFOUPOÍPFYJTUFBQF OBTBOÓWFMOBDJPOBM5BNCÏNÏNBO UJEPDPNBTFNQSFTBTQBSUJDJQBEBTFN &TQBOIBF«GSJDBFPTSFWFOEFEPSFTOP NFSDBEPFYUFSOP FNQBÓTFTDPNP.BM UB (SÏDJB "MFNBOIB 4VÏDJBF6SVHVBJ  FOUSFPVUSPT"HSBOEFBQPTUBEPTFDUPS EF-VCSJmDBOUFTEB(BMQ&OFSHJBÏ IPKF  PDSFTDJNFOUPOPNFSDBEPFYUFSOP RVF TFQSFUFOEFWFOIBBSFQSFTFOUBS BDVSUP QSB[P QFMPNFOPTEBTVBQSPEVÎÍP .BTJTUPOÍPTJHOJmDBBEJNJOVJÎÍPEF WFOEBTOFNBQFSEBEFRVPUBOPNFSDBEP JOUFSOP QPJTBGÈCSJDBEFMVCSJmDBOUFT UFNDPOEJÎÜFTFDBQBDJEBEFQBSBSFTQPO EFSSBQJEBNFOUFBPBVNFOUPEBQSPDVSB EPTTFVTQSPEVUPT"OÓWFMOBDJPOBM FB UÓUVMPEFFYFNQMPEFVNBOPWBGPSNBEF GB[FSOFHØDJPT FWJEFODJBTFPDBTPEPT HSBOEFTHSVQPTBVUPNØWFJT$PNFÎB SBNBUSBCBMIBSDPNPT-VCSJmDBOUFT  DPNQPTJÎÜFTEFBVUPDPOTVNPFOFTUF NPNFOUPFODPOUSBNTFBGB[FSSFWFOEB KVOUBNFOUFDPNQFÎBT

*OE»TUSJB 5SBOTQPSUFT .BSJOIB &NQSFJUFJSPT *MIBT

&.13&4"41"35*$*1"%"4 &TQBOIB "OHPMB .P¨BNCJRVF (VJOª 4VB[JM£OEJB (£NCJB $BCP7FSEF

3&7&/%&%03&4 .BMUB 3FQ»CMJDB%PNJOJDBOB 6SVHVBJ 4VªDJB %JOBNBSDB "MFNBOIB (SªDJB "MC£OJB .BSSPDPT 4V®¨B ‚VTUSJB

BKVEFNOBTTVBTBDÎÜFT0EFTBmPBDUVBMÏ DPOTFHVJSSFTQPOEFSOÍPTØBPTEJGFSFOUFT TFHNFOUPTFOJDIPTEPNFSDBEPJOUFSOP DPNPBOFDFTTJEBEFTEFSFBMJEBEFTTPDJBJT FFDPOØNJDBTUPUBMNFOUFEJGFSFOUFT DPO %&4"'*0"$56"USJCVJOEP FNTJNVMUÉOFP QBSBPDSFTDJ &NRVBMRVFSEBTWFSUFOUFT FYUFSOBPV NFOUPFNWPMVNFFWBMPSBDSFTDFOUBEP JOUFSOB BQPMÓUJDBEFBDÎÍPEB6OJEBEFEF EBTWFOEBTEB(BMQ&OFSHJBFEPTTFVT /FHØDJPEF-VCSJmDBOUFTEB(BMQ&OFS QBSDFJSPTDPNFSDJBJT0QFSmMEPOFHØDJP HJBQBTTBQPSFTUSFJUBSBTSFMBÎÜFTDPN HMPCBMEFMVCSJmDBOUFTEB(BMQ&OFSHJB BTFRVJQBTDPNFSDJBJTRVFUSBCBMIBNPT DBQBDJUBPQBSBTFBEBQUBSBNVEBOÎBT NFSDBEPT TFKBNFMBTEFFNQSFTBTQBS DPOTUBOUFT TFKBNUFDOPMØHJDBT EFNFO UJDJQBEBT PVUSBTÈSFBTEBFNQSFTBRVF UBMJEBEFTPVPVUSBT² QPSJTTP VNTFDUPS WFOEBNMVCSJmDBOUFTPVSFWFOEFEPSFT  RVFFWPMVJDPOTUBOUFNFOUF EFNPOTUSBO GPSOFDFOEPGFSSBNFOUBTEFUSBCBMIP BOÓ EPRVFDPOTFHVFBUJOHJSVNDSFTDJNFOUP WFMUÏDOJDP GPSNBÎÍPFNBSLFUJOH RVFPT TVTUFOUBEPBPMPOHPEPTBOPT ."3ˆ0

NZHBMQ




SFTQPOTBCJMJEBEFDPSQPSBUJWBHFTU¤P

4GE<5HË7BC8?4FB6<uGu:uAuE4?878FHEI8<??4A68

3FçOBSJBEF4JOFTDFSUJçDBEB FNBNCJFOUFFTFHVSBO¨B 04JTUFNBEF(FTU¤PEF"NCJFOUFF4FHVSBO¨BEFTUBVOJEBEF EB(BMQ&OFSHJBQFSNJUFNPOJUPSJ[BSQSPDFTTPTEFTFHVSBO¨BJOUFSOB  EFçOJSJOEJDBEPSFTFRVBOUJçDBSPCKFDUJWPT ĒģĖėĚğĒģĚĒEF4JOFTSFDFCFVPDFSUJmDBEP EFDPOGPSNJEBEFFNBNCJFOUFFTFHV SBOÎBBUSJCVÓEPQFMB4PDJÏUÏ(ÏOÏSBMF EF4VSWFJMMBODF 4(4 EFBDPSEPDPN PTQSJODÓQJPTEBTOPSNBTJOUFSOBDJP OBJT/1&/*40F0)4"4  EFNPOTUSBOEPPDPNQSP NJTTPEB(BMQ&OFSHJBDPNBTFHVSBOÎB EBTTVBTPQFSBÎÜFTFPSFTQFJUPQFMPBN CJFOUFFDPNVOJEBEFFOWPMWFOUF 04JTUFNBEF(FTUÍPEF"NCJFOUFF 4FHVSBOÎB TVCNFUJEPBVNBSJHPSPTB BVEJUPSJB RVFDVMNJOPVDPNBBUSJCVJ ÎÍPEPDFSUJmDBEPEFDPOGPSNJEBEF GPJ JNQMFNFOUBEPFTUFBOPFBCSBOHFUPEPT PTQSPDFTTPTFBDUJWJEBEFTEFTFOWPMWJEPT OPÉNCJUPEB3FmOBSJBEF4JOFTOPRVF SFTQFJUBBTFHVSBOÎBFBNCJFOUF $PNBJNQMFNFOUBÎÍPEFTUFTJTUFNB  B3FmOBSJBEF4JOFTQBTTBBEJTQPSEF VNBGFSSBNFOUBEFHFTUÍPRVFMIFQFS 

NZHBMQ

."3ˆ0

NJUFNPOJUPSJ[BSPTTFVTQSPDFTTPTEF (36104(4 TFHVSBOÎBJOUFSOB EFmOJSJOEJDBEPSFTF RVBOUJmDBSPCKFDUJWPTDPNWJTUBËNFMIP B:ehcbF:FªBNBJPSPSHBOJ[B¨¤P SJBDPOUÓOVBFËDPOTPMJEBÎÍPFQBSUJMIBEP NVOEJBMOPEPN®OJPEBJOTQFD¨¤P WFSJçDB¨¤P  BO¢MJTFFDFSUJçDB¨¤P$PNNBJTEFNJM DPOIFDJNFOUPEFOUSPEBPSHBOJ[BÎÍP

4&/5*%0%&3&410/4"#*-*%"%& 1BSBPBENJOJTUSBEPSFYFDVUJWPEB(BMQ &OFSHJB "OESÏ3JCFJSP iFTUFDFSUJmDBEP ÏPSFDPOIFDJNFOUPEFVNFTGPSÎPRVF WFNTFOEPEFTFOWPMWJEPOPTFOUJEPEF QSPNPWFSVNBDVMUVSBEF[FSPBDJEFO UFT RVFSIVNBOPTRVFSNBUFSJBJT CFN DPNPEBQMFOBFIBSNPOJPTBJOUFHSBÎÍP EB3FmOBSJBEF4JOFTOBDPNVOJEBEFFN RVFTFJOTFSFw +È"OB1JOB5FJYFJSB QSFTJEFOUFEP DPOTFMIPEFBENJOJTUSBÎÍPEP(SVQP4(4 1PSUVHBM DPOTJEFSBRVFiTÍPBTBUJUVEFT EBTHSBOEFTFNQSFTBTRVFJSÍPJOnVFO DJBSBTBUJUVEFTEFDBEBVNEFOØTFQPS

DPMBCPSBEPSFT PQFSBVNBSFEFEFNBJT EFNJMFTDSJU´SJPTFMBCPSBU´SJPTFNUPEP PNVOEP"4(4*$4ªPPSHBOJTNPEF DFSUJçDB¨¤PEP(SVQP4(4 M®EFSOBDFSUJçDB¨¤P EF4JTUFNBTEF(FTU¤PEB2VBMJEBEF  "NCJFOUF 4FHVSBO¨B0DVQBDJPOBM 4FHVSBO¨B "MJNFOUBS 3FTQPOTBCJMJEBEF4PDJBM 4FSWJ¨PT F1SPEVUPT FOUSFPVUSPT

FTUFNPUJWPB(BMQ&OFSHJBEFNPOTUSB VNHSBOEFTFOUJEPEFSFTQPOTBCJMJEB EFQFSBOUFPOPTTP1BÓT"TNBSDBTEF DFSUJmDBÎÍPRVFB(BMQ&OFSHJBNPTUSB BQBSUJSEFIPKFTÍPUBNCÏNVNBGPSNB EFDPNVOJDBSBPTTFVTTUBLFIPMEFSTFTUF TFOUJEPEFSFTQPOTBCJMJEBEFBNCJFOUBM FTPDJBMw


K»MJBTFJYBTPQJOJ¤P

1SPUFD¨¤PBNCJFOUBM "TFNQSFTBTFTUBS¤POPDFOUSPEFVNBFDPOPNJBPOEFIBWFS¢QMFOBJOUFHSB¨¤P EBRVBMJEBEFEPBNCJFOUFOBQSPTQFSJEBEFFDPO´NJDBFTPDJBM ĢĦĒğĕĠ FN 3BDIFM$BSTPOQVCMJ DPV1SJNBWFSB4JMFODJPTB JOJDJBWBTFVN OPWPQBSBEJHNBEBTTPDJFEBEFTEFTFO WPMWJEBTBDPOTDJÐODJBEPTQSPCMFNBTEB QPMVJÎÍPFEBEFHSBEBÎÍPEPBNCJFOUF /PTBOPT PNVOEPBTTJTUJBËTDIVWBT ÈDJEBTFBJOJDJBUJWBTQBSBBTDPOUSPMBS BUSBWÏTEFUFDOPMPHJBTRVFSFEV[JBNBT FNJTTÜFTEF40F/0YQBSBBBUNPTGFSB *NQMFNFOUBWBNTFUBNCÏNUÏDOJDBT EFTBOFBNFOUPCÈTJDPDPNPGPSNBEF DPOUSPMBSBQPMVJÎÍPEBÈHVB%PNJOB WBPDPODFJUPEFQSPUFDÎÍPBNCJFOUBM  RVFBTFNQSFTBTBEPQUBWBNËNFEJEB EBSFHVMBÎÍPFYJTUFOUFFRVFUJOIBDPNP QSFTTVQPTUPRVFBUFDOPMPHJBEFSFEVÎÍP EBTFNJTTÜFTQPMVFOUFTHBSBOUJBBSFMBÎÍP EPIPNFNDPNB/BUVSF[B/PFOUBOUP  BEJNFOTÍPEPTEFTBTUSFTPDPSSJEPTOB EÏDBEBEF DPNPPFOWFOFOBNFOUP EFNJMIBSFTEFQFTTPBTQSPWPDBEPQFMB MJCFSUBÎÍPEFVNRVÓNJDPFN#IPQBM  OB¶OEJB PEFTBTUSFEF$IFSOPCZM OB 6DSÉOJB  F P EFSSBNF EF QFUSØMFP EP &YYPO7BMEF[ SFTQPOTÈWFMQPSVNEPT NBJPSFTEFTBTUSFTFDPMØHJDPTEBIJTUØSJB  NPTUSPVRVFBQSPUFDÎÍPEPBNCJFOUF FTUBWBNVJUPMPOHFEPEFTFKÈWFM0TV DFTTP JODMVTJWFQPMÓUJDP EBBTTJOBUVSB EP1SPUPDPMPEF.POUSFBMFN QBSB DPOUSPMBSBTFNJTTÜFTEF$'$TRVFEFT USVÓBNBDBNBEBEFP[POP WFJPJMVTUSBS BEJNFOTÍPHMPCBMEPFTGPSÎPOFDFTTÈSJP QBSBQSPUFHFSPBNCJFOUF ²OFTUFDPOUFYUPRVFTVSHF FN  PDPODFJUPEFEFTFOWPMWJNFOUPTVTUFO UÈWFM RVFBDSFTDFOUBEVBTJEFJBTOPWBTË

+»MJB4FJYBT 1SPGFTTPSBEB6OJWFSTJEBEF /PWBEF-JTCPB

Ù4PMV¨¤PQBTTB QFMBNVEBO¨B EPQBSBEJHNB EFQSPEV¨¤P FDPOTVNPÚ

QSPUFDÎÍPEPBNCJFOUFBQSJNFJSBUSBEV[ PDPNQSPNJTTPJOUFSHFSBDJPOBM OFDFT TJEBEFEFQSFTFSWBSPTSFDVSTPTOBUVSBJT FBRVBMJEBEFEPTFDPTTJTUFNBTRVFVNB HFSBÎÍPVTBQBSBTBUJTGBÎÍPEBTTVBTOF DFTTJEBEFTQBSBRVFBTHFSBÎÜFTTFHVJOUFT PTQPTTBNVTBSUBNCÏN FBTFHVOEB PDPNQSPNJTTPFOUSFBRVBMJEBEFEP BNCJFOUF BQSPTQFSJEBEFFDPOØNJDBF BFRVJEBEFTPDJBM ²UBNCÏNOPJOÓDJPEBEÏDBEBEF RVFVNQSPGFTTPSEB)BSWBSE#VTJOFTT 4DIPPM FTQFDJBMJTUBFNDPNQFUJUJWJEBEF FFTUSBUÏHJBFNQSFTBSJBM BmSNBRVFVNB SFHVMBÎÍPBNCJFOUBMFYJHFOUFQPEFJO

EV[JSFmDJÐODJBFFODPSBKBSBJOPWBÎÍP  QSPNPWFOEPBDPNQFUJUJWJEBEFDPNFSDJBM EBTFNQSFTBT.JDIBFM1PSUFSMBOÎBWB  BTTJN BCBTFFDPOØNJDBQBSBRVFPBN CJFOUFGPTTFDPOTJEFSBEPQBSUFJOUFHSBOUF EPTSBDJPDÓOJPT NPEFMPTFEFDJTÜFTFDP OØNJDBT FOÍPNBJTDPNPVNBDPNQP OFOUFFYDMVTJWBEFDVTUP &TUBJEFJBFODPOUSBUFSSFOPGÏSUJMOP JOÓDJPEPTÏDVMP 99* DPNBDIBNBEB iFDPOPNJBEPDBSCPOPw RVFWBMPSJ[B FDPOPNJDBNFOUFBSFEVÎÍPEBTFNJT TÜFTEFHBTFTDPNFGFJUPEFFTUVGBDPNP NFEJEBQBSBDPOUSPMBSPBRVFDJNFOUP HMPCBMEP1MBOFUB/FTUFQSPCMFNB UBM DPNP OP EB QSPNPÎÍP EB RVBMJEBEF EPTFDPTTJTUFNBTQBSBTBMWBHVBSEBEB CJPEJWFSTJEBEF BQSPUFDÎÍPBNCJFOUBM  FOUFOEJEBDPNPPVTPEFUFDOPMPHJBT EFSFNPÎÍPEFQPMVFOUFT EFJYBEFmOJ UJWBNFOUFEFGB[FSTFOUJEP"TPMVÎÍP QBTTBPCSJHBUPSJBNFOUFQFMBNVEBOÎB EPQBSBEJHNBEFQSPEVÎÍPFDPOTVNP  TPCSFUVEPFNNBUÏSJBEFFOFSHJB FQFMP QSØQSJPNPEFMPEFEFTFOWPMWJNFOUP .BOUFOEP B QSPUFDÎÍP BNCJFOUBM OFDFTTÈSJBFNNVJUBTEJNFOTÜFT FH  RVBMJEBEFEBÈHVB HBTFTBDJEJmDBOUFT  EFTDPOUBNJOBÎÍPFQSPUFDÎÍPEPTTP MPT PTNFDBOJTNPTFJOTUSVNFOUPTRVF BTTFHVSFNBJOUFHSBÎÍPQMFOBEBRVB MJEBEFEPBNCJFOUFFEPTTFSWJÎPTEPT FDPTTJTUFNBTOBQSPTQFSJEBEFFDPOØNJDB FTPDJBMQBTTBNBTFSSFHSB1PSSB[ÜFT EFSFHVMBÎÍP EFDPNQFUJUJWJEBEFFEF JNBHFN BTFNQSFTBTFTUBSÍPOPDFOUSP EFTUBOPWBFDPOPNJB

#*0(3"'*" Þ+»MJB4FJYBTªT´DJBFDP GVOEBEPSBEB&7BMVF POEF DPPSEFOBBT¢SFBTEFBMUFSB¨¶FT DMJN¢UJDBT NFSDBEPSFHVMBEP EPDBSCPOPFBWBMJB¨¤PEF QPM®UJDBTQ»CMJDBTEFBNCJFOUF ŠQSPGFTTPSBOB'BDVMEBEF

EF$J«ODJBTF5FDOPMPHJBEB 6OJWFSTJEBEF/PWBEF-JTCPB  OBTEJTDJQMJOBTEF&TUBU®TUJDB "NCJFOUBMF5FDOPMPHJBT EF*OGPSNB¨¤P(FPHS¢çDB  .POJUPSJ[B¨¤PEF4JTUFNBT "NCJFOUBJTF*OTUSVNFOUPT

(MPCBJTFN&OFSHJBF"NCJFOUF $PPSEFOBVNHSVQPEF JOWFTUJHB¨¤P5FNNBJTEF QVCMJDB¨¶FTFNSFWJTUBT JOUFSOBDJPOBJTDPNBSCJUSBHFN DJFOU®çDBFUFNDPPSEFOBEPPT USBCBMIPTUªDOJDPTEFTVQPSUF

BP1SPHSBNB/BDJPOBMQBSB BT"MUFSB¨¶FT$MJN¢UJDBTFBP 1SPHSBNBQBSBPT5FDUPTEF &NJTT¤P/BDJPOBJTŠMJDFODJBEB FN&OHFOIBSJBEP"NCJFOUF  POEFUFNVNEPVUPSBNFOUP FN&OHFOIBSJBEP"NCJFOUF ."3ˆ0

NZHBMQ




JOTJEFBRTDPSQPSBUJWP 4@5<8AG8DH4?<74788F8:HE4At4

1JMBSFTEBCPBHFTU¤P "EJSFD¨¤PEF"24BTTFHVSBBJNQMFNFOUB¨¤PEFQPM®UJDBT FTUSBUªHJBT PCKFDUJWPT FNFUPEPMPHJBTEFBNCJFOUF RVBMJEBEFFTFHVSBO¨BOB(BMQ&OFSHJB ĒĕĚģĖĔšŝĠEF"NCJFOUF 2VBMJEBEFF 4FHVSBOÎBEB(BMQ&OFSHJB "24 UFN QPSNJTTÍPFTUBCFMFDFSFBTTFHVSBSB JNQMFNFOUBÎÍPEFQPMÓUJDBT FTUSBUÏHJBT  PCKFDUJWPTFNFUPEPMPHJBTEFBNCJFOUF  RVBMJEBEFFTFHVSBOÎBOB(BMQ&OFSHJB  DPPSEFOBOEPBBQMJDBÎÍPEBTNFMIPSFT QSÈUJDBTDPOIFDJEBTOFTUFEPNÓOJPFN UPEBTBTÈSFBTEBFNQSFTBDPNWJTUBË FMJNJOBÎÍPEFBDJEFOUFTQFTTPBJT NBUF SJBJTPVBNCJFOUBJTFËQSPTTFDVÎÍPEPT NBJTBMUPTQBESÜFTEFRVBMJEBEF 0BDJEFOUFRVFPDPSSFVFNOP 5FSNJOBM1FUSPMÓGFSPEB(BMQ&OFSHJB  FN-FJYÜFT EFTQPMFUPVBOFDFTTJEBEFEF BFNQSFTBSFWFSBTTVBTQSÈUJDBTEFHFT UÍPEBTFHVSBOÎBFQSPUFDÎÍPBNCJFOUBM /BBMUVSB BBENJOJTUSBÎÍPEFMJCFSPV QSPDFEFSËBWBMJBÎÍPEBHFTUÍPEFTUFUF NBOBFNQSFTBQBSBEFDJEJSPTDBNJOIPT BUPNBSQBSBBTVBNFMIPSJB 1BSBFTUFFYFSDÓDJPGPSBNDIBNB EPTFTQFDJBMJTUBTFYUFSOPTEFSFOPNF NVOEJBM FOUSFPTRVBJTB%V1POU4BGFUZ 3FTPVSDFT RVFGPJTFMFDDJPOBEBQBSB BKVEBSB(BMQ&OFSHJBBFWPMVJSFBEPQ UBSPRVFEFNFMIPSTFGB[FNUFSNPT JOUFSOBDJPOBJT 'PJBTTJNJOJDJBEPVNQSPKFDUPEF NÏEJPQSB[P EFOPNJOBEP1SPHSBNBEF 4FHVSBOÎB BENJOJTUSBEPJOUFSOBNFOUF DPNPVNBÈSFBOBEJSFDÎÍPEF"24$PS QPSBUJWPEBFNQSFTB RVFQBTTPVBUSBUBS FTQFDJmDBNFOUFEPEFTFOWPMWJNFOUPEP 4JTUFNBEF(FTUÍPEF4FHVSBOÎBF1SP UFDÎÍP"NCJFOUBM 01SPHSBNBFNTJUFOEFSÈBEFTBQB SFDFSBQØTBJOUFSJPSJ[BÎÍPEFVNBDVM UVSBEFQSFWFOÎÍPFJNQMFNFOUBÎÍPEF UPEBTBTNFMIPSFTQSÈUJDBT DPODFJUPT  QSPDFEJNFOUPT FOmN UPEBTBTGFSSB NFOUBTNÓOJNBTFJOEJTQFOTÈWFJTBVNB QFSGPSNBODFEFFYDFMÐODJBOFTUFUFNB B NFUBmOBMEFTFKBEBQFMBFNQSFTB 

NZHBMQ

."3ˆ0

(6*%0"-#626&326& %JSFDUPSEP"24 $PSQPSBUJWPEB(BMQ &OFSHJB

"*.1035ƒ/$*"%"4&(63"/ˆ"

SFTQFJUPBVNBQFTTPBPVBVNBFRVJQB EFFTQFDJBMJTUBTFNQBSUJDVMBSi&MBTØTF EFTFOWPMWFRVBOEPUPEPTJOUFSJPSJ[BN BTVBSFTQPOTBCJMJEBEFOFTUFÉNCJUPOB BDUJWJEBEFRVFFYFSDFNFBDPMPDBNFN QSJNFJSPMVHBS1PSFYFNQMP OÍPÏQPT TÓWFMHFSJS EFGPSNBTVTUFOUÈWFM VNB VOJEBEFPQFSBDJPOBMRVBOEPPTFVHFTUPS DPOTJEFSBRVFBQSFTFSWBÎÍPEBTFHVSBO ÎB TBÞEFFBNCJFOUF EPTUSBCBMIBEPSFT  EPTBDUJWPT EPNFJPRVFPTSPEFJBFRVF UFNËTVBSFTQPOTBCJMJEBEF OÍPMIFEJ[ EJSFDUBNFOUFSFTQFJUP0TFVMÓEFSEFWF TFOUJSDPNPTVBQSØQSJBFQSJNFJSBSFT QPOTBCJMJEBEF BOUFTEFUPEPTPTPVUSPT PCKFDUJWPT RVFOÍPPDPSSBNEBOPTQFT TPBJT NBUFSJBJTFBNCJFOUBJTw )ÈÈSFBTEB(BMQ&OFSHJBPOEFÏOF DFTTÈSJPRVFPTFOUJEPEFTFHVSBOÎBTFKB NBJTJOUFOTP RVFTÍPBRVFMBTPOEFP SJTDP FNCPSBDPOUSPMBEP FYJTUFUPEPT PTEJBTi0QBQFMEBEJSFDÎÍPEF"24Ï QSFDJTBNFOUFQSPNPWFSBTFHVSBOÎB  TBÞEFFQSPUFDÎÍPBNCJFOUBMOFTUBTFOBT SFTUBOUFTÈSFBTEBFNQSFTB NBTOBEB DPOTFHVJSFNPTTFUBMOÍPGPSBTTVNJEP FQSBUJDBEPQFMPTHFTUPSFTEFDBEBVNB EBTÈSFBTFTVBTFRVJQBT RVFTÍPPTSFT QPOTÈWFJTEJSFDUPTQFMBTVBPQFSBÎÍPw  TBMJFOUB(VJEP"MCVRVFSRVF"BDUJWJEB EFEPTFDUPSEFTFHVSBOÎBEP"24$PS QPSBUJWPBMBSHBTFOÍPTØBPTBDUJWPTEB FNQSFTBNBTUBNCÏNBUPEPPVOJWFSTP EFGPSOFDFEPSFTEFTFSWJÎPTFNBUFSJBJT RVFDPNFMBTFSFMBDJPOBN%FTFOWPMWF DPNPTQBSDFJSPTDBEFSOPTEFFODBSHPT FTQFDÓmDPT DPNFYJHÐODJBTEFTFHVSBO ÎBRVFNVJUBTWF[FTJODMVFNPCSJHBÎÜFT NVJUPQBSBBMÏNEBTMFHBJTFDVKPDVN QSJNFOUPWFSJmDBSFHVMBSNFOUF

"(BMQ&OFSHJBMJEBQFSNBOFOUFNFOUF DPNQSPEVUPTDPNCVTUÓWFJTRVFQPEFN PSJHJOBSJNQBDUPTOFHBUJWPTOPNFJPBN CJFOUFFUÐNFMFWBEPQPUFODJBMEFSJTDPT QFTTPBJTFNBUFSJBJTRVBOEPOÍPDPOUSP MBEPTBEFRVBEBNFOUF.BTBFNQSFTB FTUÈDPOTDJFOUFEFRVFOÍPÏBDFJUÈWFM DPOEV[JSBTVBBDUJWJEBEFBGFDUBOEPOF HBUJWBNFOUF FOBTVBJOUFHSJEBEFGÓTJDB  PTTFVTDPMBCPSBEPSFTEJSFDUPT JOEJSFDUPT FDMJFOUFT CFNDPNPPNFJPBNCJFOUF  FN1PSUVHBMFOPTPVUSPTQBÓTFTPOEF PQFSB 1BSB(VJEP"MCVRVFSRVF EJSFDUPS EP "24 $PSQPSBUJWP  UVEP TF CBTFJB OPDPODFJUPGVOEBNFOUBMEFRVFVNB "5&/50"0".#*&/5& QFSGPSNBODFTVTUFOUÈWFMOPÉNCJUPEB /BTVBÈSFBEPBNCJFOUF BEJSFDÎÍPEF TBÞEF TFHVSBOÎBFBNCJFOUFOÍPEJ[ "24BDPNQBOIBUPEPPEFTFOWPMWJNFOUP


UÍPGPSUFJNQBDUPTFQSFWÐWFOIBBUFSOP TFDUPSPOEFB(BMQ&OFSHJBPQFSB 1BSBMFMBNFOUF FTFNQSFRVFDIBNBEB BJOUFSWJS BBDUJWJEBEFEBÈSFBEFBN CJFOUFFTUFOEFTFBPVUSPTBTTVOUPTOÍP NFOPTJNQPSUBOUFT DPNPÏ QPSFYFN QMP PDBTPEPMJDFODJBNFOUPJOEVTUSJBM BNCJFOUBMQBSBBDPOTUSVÎÍPEFOPWBT VOJEBEFT EFTEFPHÈTOBUVSBMËTSFmOB SJBTFFTUBÎÜFTEFTFSWJÎP

13*/$Ž1*0%"26"-*%"%& "ÈSFBEBRVBMJEBEFEP"24$PSQPSBUJWP QSPNPWFBDPOTPMJEBÎÍPEFVNBDVMUV SBGPDBMJ[BEBOPDMJFOUF EJOBNJ[BOEP BBEPQÎÍPQFMBFNQSFTBEBTNFMIPSFT QSÈUJDBTOFTUFEPNÓOJP&OUFOEBTF  QPJT RVBMJEBEF OÍPBQFOBTDPNPBM HPSFMBUJWPËDPOGPSNJEBEFEPQSPEV UP NBTTPCSFUVEPDPNPVNQSJODÓQJP JOUSÓOTFDP Ë FNQSFTB F Ë TVB HFTUÍP $PPSEFOB QPJT OPTWÈSJPTTFDUPSFTEB (BMQ&OFSHJBPTBTQFDUPTOPSNBUJWPT FMFHJTMBUJWPTSFMBUJWPTËRVBMJEBEFEPT QSPEVUPT BDPNQBOIBOEPFTUBTBDUJWJ EBEFTBOÓWFMOBDJPOBM DPNVOJUÈSJPF JOUFSOBDJPOBMPBMJOIBNFOUPGVODJPOBM EPTHFTUPSFTEBRVBMJEBEFEBTEJWFSTBT VOJEBEFTPSHBOJ[BDJPOBJT QSPNPWFOEP SFHVMBSNFOUFGØSVOTEFUSBCBMIPBHFTUÍP EFBVEJUPSJBT"24EFNPEPBBTTFHVSBS PTSFRVJTJUPTEFFOUJEBEFTPmDJBJT CFN DPNPBTDFSUJmDBÎÜFTFBDSFEJUBÎÜFTEF ‹QBSUFBEJWVMHBÎÍPFJNQMFNFOUBÎÍP EFNFUPEPMPHJBTFGFSSBNFOUBTQBSBB NFMIPSJBDPOUÓOVB FUD

"&26*1" $PPSEFOBBBQMJDB¨¤PEBTNFMIPSFT QS¢UJDBTEFBNCJFOUF RVBMJEBEF FTFHVSBO¨BOBFNQSFTB

FTUSBUÏHJDPFOPSNBUJWPOBDJPOBMFDPNV OJUÈSJP BTTFHVSBOEPPEFTFOWPMWJNFOUP MFHJTMBUJWPFBBQMJDBÎÍPOPSNBUJWBEFTUF ÉNCJUPOBTTVBTPQFSBÎÜFTOBFNQSFTB 6NUFNBSFDFOUF B-FJEB3FTQPO TBCJMJEBEF"NCJFOUBM QPSFYFNQMP RVF FOUSPVFNWJHPSFN BMUFSBDPOTJ EFSBWFMNFOUFBTSFMBÎÜFTEFSFTQPOTBCJ MJEBEFT SFGPSÎBOEPPQSJODÓQJPQPMVJEPS QBHBEPSFDPOEV[JOEPBVNBJOUFSWFO ÎÍPQSØBDUJWBPCSJHBUØSJBFNBOEBUØSJB EFDBEBPQFSBEPSOPTFOUJEPEBQSFWFOÎÍP EPEBOPBNCJFOUBM EFNPOTUSBOEPBOUF

$0.6/*$"ˆ„0."%63"

DJQBEBNFOUFBTVBDBQBDJEBEFmOBODFJSB QBSBJTTP0"24$PSQPSBUJWPBTTJTUJV  EFTEFPJOÓDJP BPTFVEFTFOWPMWJNFOUP FUFNTFEFEJDBEP DPNUPEBBFNQSFTB  ËTVBBQMJDBÎÍP ²PRVFWFNBDPOUFDFOEPUBNCÏNDPN NVJUBTPVUSBTMFJT EFTEFBTVBQSFQBSB ÎÍPKVOUPEB$PNJTTÍP&VSPQFJBËTVB USBOTQPTJÎÍPFBQMJDBÎÍPFN1PSUVHBM  DPNEFTUBRVFQBSBPDIBNBEPi1BDPUF &OFSHJB$MJNBw RVFMFHJTMB OBTEJWFSTBT WFSUFOUFT BTHSBOEFTQPMÓUJDBTFVSPQFJBT EFEFTDBSCPOJ[BÎÍPEBTPDJFEBEFFRVF

"MÏNEPQSPDFTTBNFOUPFDPNVOJDB ÎÍPEFEPDVNFOUBÎÍPGPSNBMoOPSNBT FQSPDFEJNFOUPTo BEJSFDÎÍPEP"24 UFNVNBQSØBDUJWJEBEFNBEVSBFNUFS NPTEFDPNVOJDBÎÍP"TTVBTJOJDJBUJWBT  CFNDPNPBTTVBTSFTQPOTBCJMJEBEFT TÍP DPNVOJDBEBTSFHVMBSNFOUFBPTWÈSJPT TFDUPSFTEB(BMQ&OFSHJBFBDUVBMJ[BEBT EFGPSNBSFDPSSFOUF "JOGPSNBÎÍPEFTUFTFDUPSFOHMPCB EFTEFEJDBTTPCSFQSPUFDÎÍPSPEPWJÈSJB  BDBNQBOIBTEFTFHVSBOÎB TBÞEFFBN CJFOUFFQVCMJDBÎÍPEFOPSNBTo/1(o EF BNCJFOUF  RVBMJEBEF F TFHVSBOÎB WJODVMBUJWBTEFUPEBTBTBDUJWJEBEFTEP (SVQP(BMQ&OFSHJB ."3ˆ0

NZHBMQ




FODPOUSPTVOJ¤PFJOPWB¨¤P DH47EBF4E?%#$#

/PWPTEFTBçPT 0GVUVSPBQ´TBDPOWFST¤PEBT3FçOBSJBTEF.BUPTJOIPTFEF4JOFT ĠñĖğĔĠğĥģĠEF2VBESPTEB"3- "QSP WJTJPOBNFOUP 3FmOBÎÍPF-PHÓTUJDB EB (BMQ&OFSHJBUFWFDPNPGPDPBQBSUJMIBEF WJTÜFTTPCSFPEFTFNQFOIPEFDBEBVNB EBTÈSFBTFNFPTOPWPTEFTBmPTOP IPSJ[POUFEPQMBOP "BCFSUVSBEBTFTTÍPGPJGFJUBQFMP BENJOJTUSBEPSEB(BMQ&OFSHJB "OESÏ 3JCFJSP4FHVJSBNTFBTBQSFTFOUBÎÜFT EBTEJWFSTBTÈSFBTEBVOJEBEF DPNB QBSUJMIBEFFYQFSJÐODJBTFMJÎÜFTBQSFO EJEBTFNFBTQFSTQFDUJWBTQBSBP GVUVSP DFOUSBEBTOPTHSBOEFTEFTBmPT RVFTFBQSFTFOUBNË"3-DPNBDPOWFS TÍPEBT3FmOBSJBTEF.BUPTJOIPTFEF 4JOFTFNDVSTP "(FTUÍP*OUFHSBEBEB.BSHFNBCPS EPVBi(FTUÍPEBJODFSUF[BwDPNPBMJÎÍP BQSFOEJEBFN RVFTFDPODSFUJ[PV OBPQUJNJ[BÎÍPEFQSPDFTTPTOVNDPO UFYUPEFHSBOEFWPMBUJMJEBEFEPNFSDBEP

"«SFBEF"QSPWJTJPOBNFOUP 5SBEJOH F2VÓNJDPTGBMPVEBBEFRVBÎÍPEBQPMÓUJDB DPNFSDJBMBPDFOÈSJPEFDSJTFWJWJEPOP BOPQBTTBEP"JOUFHSBÎÍPEPTVQQMZFB DPMPDBÎÍPEBQSPEVÎÍPOPNFSDBEPTÍP PTTFVTHSBOEFTEFTBmPTQBSBPTQSØYJ NPTBOPT 0CMPDPEFJOUFSWFOÎÜFTEB3FmOBÎÍP JOUFHSPVWJTÜFTTVQPSUBEBTOPEFOPNJ OBEPSDPNVNEBTFHVSBOÎBFFmDJÐODJB FOFSHÏUJDB EPTEFTBmPTUÏDOJDPTFEF44" "/%3Š3*#&*30 ËJOUFHSBÎÍPEP.BTUFS1MBO QBTTBOEP "ENJOJTUSBEPSFYFDVUJWP QFMBMJEFSBOÎBFNDVTUPT DPNFOGPRVF DPNPQFMPVSPEB6/"3OBFmDJÐODJBFOFSHÏUJDB 0TFDUPSEF-PHÓTUJDBBCPSEPVBTVB QFSGPSNBODFmOBODFJSBFPQFSBDJPOBMEF .BOUFSVNBQFSTQFDUJWBEFEFTBmPFJOP FPTEFTBmPTQBSB BTTFOUFT WBÎÍPQFSBOUFVNTJTUFNBSFmOBEPSNBJT OBFmDJÐODJB PQUJNJ[BÎÍPEFBDUJWPT  DPNQMFYPÏVNEPTHSBOEFTEFTBmPTRVF mBCJMJEBEFNFDÉOJDBFQSPKFDUP-PHVT  TFBQSFTFOUBNBFTUBÈSFBQBSBPQMBOP RVFQSFUFOEFTFSJOUFHSBEPSOVNDPO  UFYUPEFMPHÓTUJDBJCÏSJDB

HA<747878A8:Ï6<B:C?

+VOUPTOBDPOTUSV¨¤PEPGVUVSP 6NBFRVJQBEFUFSNJOBEBFVOJEB QSFQBSBEBQBSBVMUSBQBTTBSEFTBçPT ĠĖğĔĠğĥģĠEBVOJEBEFEFOFHØDJPEP (1-EFDPSSFVOP$FOUSPEF$POHSFTTPTEF 7BMMFEF$BOBT FN$PJNCSB TPCPUFNB i+VOUPTOBDPOTUSVÎÍPEPGVUVSPw 0FWFOUPFOHMPCPVVNBSFVOJÍPEF USBCBMIPFVNBBDUJWJEBEFRVFUFWFDPNP PCKFDUJWPQSPNPWFSPUSBCBMIPFNFRVJQB  BDPNVOJDBÎÍPFPGPDPOVNPCKFDUJWP DPNVN "NBOIÍGPJQSFFODIJEBDPNBQSFTFO UBÎÜFTEPTSFTVMUBEPTEFFQSJODJ QBJTEFTBmPTQBSB SFBMJ[BEBTQFMP SFTQPOTÈWFMEBVOJEBEFEFOFHØDJPFQPS DPMBCPSBEPSFTEFDBEBVNBEBTÈSFBT 0BMNPÎPEFDPSSFVOVNBNCJFOUFQSP 

NZHBMQ

."3ˆ0

"3"50&*3" "DPOTUSV¨¤PEFTUB FTUSVUVSB BUSBWªTEF VNKPHPEJWFSUJEP  GPJVNJODFOUJWP ¡TFRVJQBTQBSB USBCBMIBSFNDPNVN PCKFDUJWPDPNVN

QÓDJPBPDPOWÓWJPFËQBSUJMIBEFFYQFSJÐO DJBT"TFHVJSJOJDJPVTFBBDUJWJEBEFEF UFBNCVJMEJOH"3BUPFJSB KPHPEJWFSUJEP RVFJODFOUJWBBTFRVJQBTBUSBCBMIBSQBSB VNPCKFDUJWPDPNVNDPOTUSVJSVNBFT

USVUVSBHJHBOUF iBSBUPFJSBw DPOTUJUVÓEB QPSWÈSJBTJOEJWJEVBJT FODBJYBEBTVNBT OBTPVUSBT QBSBBQBOIBSVNSBUP $BEBFRVJQBDPODFOUSPVTFJOJDJBM NFOUFOBDPOTUSVÎÍPEBTVBQBSUF HB


%FQPJTEFVNBMNPÎPWPMBOUFTFSWJEP OBTBMBQPMJWBMFOUFEB5PSSF"EBTFEFEB FNQSFTB FN-JTCPB PTUSBCBMIPTDPO UJOVBSBNDPNBJOUFSWFOÎÍPEB4BDPS .BSÓUJNB RVF QBSBBMÏNEFVNCSFWF CSJFmOHTPCSFBQFSGPSNBODFmOBODFJSBF PQFSBDJPOBMEBBDUJWJEBEF GBMPVEPDJDMP EBSFOPWBÎÍPEBGSPUBFEPTEFTBmPTEFT UFBOP POEFTFJODMVFNBBEFRVBÎÍPEB FTUSVUVSBEBFNQSFTBËOPWBSFBMJEBEFF PJOÓDJPEFBDUJWJEBEFEP4BDPS** "mOBMJ[BSBTBQSFTFOUBÎÜFT P1MBOFB NFOUPF$POUSPMPGF[VNBSFUSPTQFDUJ WBEBQFSGPSNBODFmOBODFJSBEB"3- FNFFWJEFODJPVPHSBOEFEFTBmP EPTQSØYJNPTBOPTEFDSJBÎÍPEFWBMPS BDSFTDFOUBEP"i(FTUÍPEBQFSGPSNBODF TVQPSUBEBOPT,1* *OEJDBEPSFT$IBWF EF%FTFNQFOIP wGPJBBCPSEBHFNRVF P1MBOFBNFOUPF$POUSPMPFTDPMIFVDPNP FMFNFOUPDPNVNBUPEBTBTÈSFBT DPOTJ EFSBEBVNBBMBWBODBQBSBPEFTFNQFOIP EB"3-0EJBEFUSBCBMIPTUFSNJOPVDPN "OESÏ3JCFJSPBGB[FSPFORVBESBNFOUP BDUVBMEBBDUJWJEBEFOVNDFOÈSJPNB DSPFDPOØNJDPÓNQBSFBUSBOTNJUJSVNB WJTÍPTVNÈSJBEPRVFGPSBNBTEJWFSTBT GPSNBTEFTFOUJSFQBSUJMIBSBTFYQFSJÐO DJBTEBTWÈSJBTÈSFBTEB"3-

OIBOEPQFÎBTBUSBWÏTEBVMUSBQBTTBHFN EFWÈSJPTEFTBmPT RVFQSPNPWFSBNB DPNVOJDBÎÍPFPUSBCBMIPFNFRVJQB/P mOBM BTFRVJQBTSFVOJSBNTFFFODBJYB SBNBTFTUSVUVSBTVNBTOBTPVUSBT BDUJ WBOEPiBSBUPFJSBwFBQBOIBOEPPSBUP "VOJEBEFEFOFHØDJPEF(1-DPOTFHVJV  OVNBNCJFOUFEJWFSUJEPFEFTDPOUSBÓEP  BMDBOÎBSPTPCKFDUJWPTEFTUBBDUJWJEBEF FNUFNQPSFDPSEF NPTUSBOEPTFSVNB FRVJQBEFUFSNJOBEBFVOJEB QSFQBSBEB QBSBVMUSBQBTTBSPTEFTBmPTGVUVSPTF BTBEWFSTJEBEFTRVFQPEFSÍPTVSHJSFN 

(0.&4%"4*-7" "ENJOJTUSBEPSFYFDVUJWP DPNPQFMPVSPEB6/ %JTUSJCVJ¨¤P0JM

8@CE8F4F%##,"%#$#

'B[FSBEJGFSFO¨B %BSBRVFMBDPOUSJCVJ¨¤P»OJDB OPNPNFOUPDFSUP  RVFHFSBPTSFTVMUBEPTFTQFSBEPT ĠģĖĔĖğĥĖ&ODPOUSPEBT&NQSFTBT RVF EFDPSSFV OP BVEJUØSJP EB 5PSSF " EB (BMQ&OFSHJB FN-JTCPB GF[BEJGFSFOÎB 0NPEFMPFTDPMIJEP NBJTBKVTUBEPBP DFOÈSJPBDUVBM RVJTQSPQPSDJPOBSBPTDP MBCPSBEPSFT OVNTØEJB VNNPNFOUP EJTSVQUJWPEJWJEJEPFNEVBTQBSUFT 0FWFOUPJOJDJPVTFDPNVNBTFTTÍP EFUSBCBMIP/FMB PTSFTQPOTÈWFJTEBT ÈSFBTEFOFHØDJPEBT&NQSFTBT 5SBOT QPSUFT *OEÞTUSJBT .FJPTEF1BHBNFOUP  %FTFOWPMWJNFOUPEF.FSDBEPTF$03F  m[FSBNBBQSFTFOUBÎÍPEBTTVBTÈSFBT FEPTSFTVMUBEPTEF JOUFSBHJOEP EJSFDUBNFOUFDPNPQÞCMJDPDPNVNTJT UFNBEFQFSHVOUBTFSFTQPTUBTBUSBWÏT EFUFMFWPUP %BOEPDPOUJOVJEBEFËTBQSFTFOUBÎÜFT  3VJ3FJT EJSFDUPSHFSBMEB6OJEBEFEF /FHØDJPT&NQSFTBT QBSUJMIPVPTPCKFD UJWPTQBSB"QSPWFJUPVQBSBSFGPSÎBS BOFDFTTJEBEFEFJOPWBÎÍPFNUFSNPTEF QSPDFTTPTFEBQSPDVSBEFOPWPTNPEFMPT EFOFHØDJP /FTUFFODPOUSP PTFDUPSEF3FDVSTPT

)VNBOPTEB(BMQ&OFSHJBEJWVMHPVPT SFTVMUBEPTEPRVFTUJPOÈSJPEFTBUJTGBÎÍP FNPCJMJEBEFEPTFDUPSEF&NQSFTBT FN DPNQMFNFOUPEBBQSFTFOUBÎÍPEPQSP KFDUP'B[FSB%JGFSFOÎB 5FSNJOBEBTBTTFTTÜFTOPBVEJUØSJP  UPEPTTFEFTMPDBSBNQBSBPOBWJP-JTCPB 7JTUBEP5FKP OBWJPSFTUBVSBOUFQFSUP EBT%PDBT POEFEFDPSSFVVNKBOUBSDPN BQSFTFOÎBEPBENJOJTUSBEPSEBFNQSF TB (PNFTEB4JMWB'PJBOJNBEPQFMPT DPNFEJBOUFT#SVOP/PHVFJSBF&EVBSEP .BEFJSB FORVBOUPPCBSDPOBWFHPVQFMP SJP5FKPEB5PSSFEF#FMÏNBP1BSRVFEBT /BÎÜFT ."3ˆ0

NZHBMQ




SBJPYMJCFSUPCBUJD¤GFSSFJSB A4:H<Au 5<FF4H

6NBIJTU´SJBEFTVDFTTP /PWFBOPTEFQPJTEFUFSFOUSBEPOP(SVQP(BMQ&OFSHJB -JCFSUP#BUJD¤'FSSFJSBªIPKF BEKVOUPEPEJSFDUPSHFSBMQBSBB¢SFBPQFSBDJPOBMEB1FUSPHBM(VJOª#JTTBV ĒęĚĤĥŭģĚĒEF-JCFSUP#BUJDÍ'FSSFJSBDPN B(BMQ&OFSHJB(VJOÏ#JTTBVUFNDFSDB EFOPWFBOPT$PNFÎPVPTFVQFSDVSTPFN  DPNPBEKVOUPEPSFTQPOTÈWFMEP QBSRVFEFHÈTEB1FUSPHÈT UFOEPBTTVNJ EPBTVBEJSFDÎÍPRVBUSPBOPTEFQPJT

#"-"/ˆ0104*5*70 &YFSDFVFTUBGVOÎÍPBUÏQBTTBSBSFT QPOTÈWFM EF PQFSBÎÜFT EP 1BSRVF EF $PNCVTUÓWFJTEB#PMPMB POEFTVQFSPV PEFTBmPRVFNBJTPNBSDPVOP(SVQP  RVFGPJBDBCBSDPNBTRVFCSBTBWVMUBEBT FYJTUFOUFTOBTJOTUBMBÎÜFT

$PNPSFTVMUBEPEPTFVCPNEFTFN QFOIP QBTTPV FN BBDVNVMBSB SFTQPOTBCJMJEBEFEFUPEPTPTQBSRVFT EFDPNCVTUÓWFJT HÈTFMVCSJmDBOUFTEBT FNQSFTBT1FUSPNBSF1FUSPHÈT &N/PWFNCSPEF DPNBQBTTB HFNEBEJSFDÎÍPEB$PNQBOIJB-PHÓTUJDB EF$PNCVTUÓWFJT(VJOÏ#JTTBVEB1F USPEJTQBSBB1FUSPHBM(VJOÏ#JTTBV GPJ OPNFBEPBEKVOUPEPEJSFDUPSHFSBMQBSB BÈSFBPQFSBDJPOBMEFTUBFNQSFTB GVO ÎÍPRVFBDVNVMBDPNBEFSFTQPOTÈWFM -*#&350#"5*$„'&33&*3" QFMB-PHÓTUJDBEB1FUSPNBSF1FUSPHÈT "EKVOUPEPEJSFDUPSHFSBMQBSBB¢SFBPQFSBDJPOBM -JCFSUP#BUJDÍ'FSSFJSBGB[VNCBMBOÎP EB1FUSPHBM(VJOª#JTTBV

>KZϮϬϭϬ

^ĞůĞĐĕĆŽdžĐůƵƐŝǀĂ ZĞƐĞƌǀĞũĄĂƉƌĞĕŽĞdžĐůƵƐŝǀŽĐŽůĂďŽƌĂĚŽƌ'ĂůƉ ĞǀĞŶŚĂĞdžƉĞƌŝŵĞŶƚĂƌĂƐ͞ŵŽƌŶĂƐ͟ĚŽƚůąŶƟĐŽ͘

WĂƌĂĐůŝĞŶƚĞƐĞƐƉĞĐŝĂŝƐ͕ĐŽŶĚŝĕƁĞƐĞƐƉĞĐŝĂŝƐ͊ŽŶƚĂĐƚĞͲŶŽƐ͗ϳϬϳϮϰϭϰϭϰʹŐĂůƉͲĨĞƌŝĂƐΛŐĞŽƚƵƌ͘ĐŽŵ


QPTJUJWPEPTÞMUJNPTBOPTEP(SVQPOB (VJOÏ#JTTBVi.FTNPDPNBJOTUBCJ MJEBEFQFSNBOFOUFEPQBÓTFBTDSJTFT JOUFSOBDJPOBJT BFNQSFTBUFNWJOEPB PCUFSCPOTSFTVMUBEPT RVFUÐNWJOEP TJTUFNBUJDBNFOUFBBVNFOUBS BOPBQØT BOP EVQMJDBOEPFNPTSFTVMUBEPT EFw 1BSBJTTPUÐNDPOUSJCVÓEPPTQPOUPT GPSUFTEBFNQSFTB RVFÏVNBiSFGFSÐODJB OB(VJOÏ#JTTBVw5FNBNBJPSRVPUB EFNFSDBEP ÏFTUÈWFMFSFDPOIFDJEBQF MPQÞCMJDPFNHFSBMFUFNBTVBQSØQSJB GSPUB SFOPWBEB QBSBEJTUSJCVJÎÍPEPT QSPEVUPTRVFDPNFSDJBMJ[B1BSBBMÏN

.FTNPDPN BJOTUBCJMJEBEF QFSNBOFOUFEPQB®T FBTDSJTFTJOUFSOBDJPOBJT  BFNQSFTBUFNWJOEP BPCUFSCPOTSFTVMUBEPT

EJTTP iFWJUBSVQUVSBTEFTUPDLFBQPTUB 5&.104-*73&4 OBSFOPWBÎÍPDPOTUBOUFQBSBGB[FSGBDFË DPODPSSÐODJBw )0##*&4 1BSBFTUFSFTQPOTÈWFMEB(BMQ&OFSHJB  0VWJSN»TJDBFQSBUJDBSEFTQPSUPT PQPOUPNBJTGSBDPEBFNQSFTBiÏBGSBDB ."*0340/)0 EJWVMHBÎÍPEBTOPSNBTFQSPDFEJNFOUPT 5PSOBSTFNJMJPO¢SJP EP(SVQPFBGBMUBEFGPSNBÎÍPEPTDPMB 7*"(&. CPSBEPSFTw1PSJTTPDPOTJEFSBRVFVNB "PT&TUBEPT6OJEPTEB"NªSJDB BQPTUBTÏSJBOBPSHBOJ[BÎÍPEPT3FDVSTPT -*730'*-.&%&410350'"703*50 )VNBOPTFOBGPSNBÎÍPEPTDPMBCPSB -JWSPTEFDJ«ODJBTFDPOUPTEFBWFOUVSB EPSFTUFSJBVNDPOUSJCVUPQPTJUJWPFTJH çMNFTEFESBNBFEFBWFOUVSBGVUFCPMF OJmDBUJWPQBSBBFNQSFTB CBTRVFUFCPM -JCFSUP#BUJDÍ'FSSFJSBRVFSDPOUJOVBS 26"-05*10%&$0.*%"26&."*4 BUSBCBMIBSOBTFNQSFTBTEP(SVQP(BMQ "13&$*" &OFSHJB POEFQSFUFOEFDPOUSJCVJSQBSB 'FJKPBEB¡USBOTNPOUBOB EF1PSUVHBM PTFVDSFTDJNFOUPTVTUFOUÈWFM EFTFO WPMWFOEP FNTJNVMUÉOFP BJOEBNBJTPT TFVTDPOIFDJNFOUPT OPVUSPTQBÓTFT1BSBFMF FTUFSFQSFTFOUB VNBFTDPMB POEFDPOTFHVFiJOUFSDBN 6."&4$0-" CJBSDPOIFDJNFOUPTDPNPTDPMFHBTw %PQPOUPEFWJTUBQFTTPBM HPTUBSJBEF $POUSJCVJOEPQBSBBTVBSFBMJ[BÎÍPQFT GB[FSVNBQØTHSBEVBÎÍPOBÈSFBEB TPBMFQSPmTTJPOBM BFNQSFTBSFQSFTFOUB  FOFSHJB FNQBSUJDVMBSOPTQFUSØMFPT F FNQBSUF UBNCÏNPMBS QPSRVFÏOFMBRVF USBCBMIBSEFOUSPEP(SVQP(BMQ&OFSHJB QBTTBBNBJPSQBSUFEPEJB

W^^dDWK

'K^dKs/:Z

EŽąŵďŝƚŽĚŽƉĂƐƐĂƚĞŵƉŽĞdžĐůƵƐŝǀŽĐƌŝĂĚŽƉĂƌĂĂƌĞǀŝƐƚĂĐŽƌƉŽƌĂƟǀĂĚĂ'ĂůƉ ŶĞƌŐŝĂ͕ĞŵƉĂƌĐĞƌŝĂĐŽŵĂ'ĞŽ^ƚĂƌ͕ǀŝŵŽƐůĂŶĕĂƌĂϭ͘ǐĞĚŝĕĆŽĚĞϮϬϭϬ͘ WĂƌĂƐĞŚĂďŝůŝƚĂƌ͕ďĂƐƚĂůĞƌĂƌĞǀŝƐƚĂŵLJŐĂůƉŶ͘ǑϬϱĞƌĞƐƉŽŶĚĞƌ ăƐĞŐƵŝŶƚĞƋƵĞƐƚĆŽ͗ ͞YƵĂůŽƐŝƚĞŽŶĚĞƐĞĞŶĐŽŶƚƌĂĚŝƐƉŽŶşǀĞůĂƐĐŽůĂĚĂŶĞƌŐŝĂ ĚĂ'ĂůƉŶĞƌŐŝĂ͍͟ ĞƉŽŝƐ͕ĨĂĕĂƵŵĂĨƌĂƐĞĐƌŝĂƟǀĂĐŽŵĂƐƉĂůĂǀƌĂƐ͞ĂďŽsĞƌĚĞ͟Ğ͞ŵŽƌŶŽ͘͟ ^ĞƌĄƉƌĞŵŝĂĚŽƋƵĞŵĞŶǀŝĂƌĂƌĞƐƉŽƐƚĂĐŽƌƌĞĐƚĂĞĂĨƌĂƐĞŵĂŝƐĐƌŝĂƟǀĂ͕ĂƚĠĂŽĚŝĂϮϮĚĞDĂŝŽĚĞϮϬϭϬ͕ƉĂƌĂĐŽŵƵŶŝĐĂĐĂŽ͘ ŝŶƚĞƌŶĂΛŐĂůƉĞŶĞƌŐŝĂ͘ĐŽŵ͘ƵƌĂŶƚĞƵŵĂŶŽ͕ĞĚĞĚŽŝƐĞŵĚŽŝƐŵĞƐĞƐ͕ǀĂŵŽƐŽĨĞƌĞĐĞƌĂŽƐŶŽƐƐŽƐůĞŝƚŽƌĞƐĐŽůĂďŽƌĂĚŽƌĞƐĚĂ'ĂůƉŶĞƌŐŝĂ ƵŵĮŵͲĚĞͲƐĞŵĂŶĂŶƵŵĚĞƐƟŶŽŶĂĐŝŽŶĂů;ĚƵĂƐŶŽŝƚĞƐĚĞĂůŽũĂŵĞŶƚŽĞŵƋƵĂƌƚŽĚƵƉůŽ͕ĞŵƌĞŐŝŵĞWͿ͘ EŽĮŶĂůĚŽĂŶŽ͕ƋƵĞŵƟǀĞƌƉĂƌƟĐŝƉĂĚŽĞŵƉĂƐƐĂƚĞŵƉŽƐĚĂƐĞĚŝĕƁĞƐĚĞϮϬϭϬĞŐƵĂƌĚĂĚŽŽƐƌĞƐƉĞĐƟǀŽƐĞdžĞŵƉůĂƌĞƐĚĂƌĞǀŝƐƚĂŵLJŐĂůƉ ƉŽĚĞƌĄŚĂďŝůŝƚĂƌͲƐĞĂƵŵĂǀŝĂŐĞŵĚĞŽŝƚŽĚŝĂƐƉĂƌĂĚƵĂƐƉĞƐƐŽĂƐĂƵŵĚĞƐƟŶŽĂĂŶƵŶĐŝĂƌĞŵďƌĞǀĞ͘WĂƌĂŵĂŝƐŝŶĨŽƌŵĂĕƁĞƐ͕ ĞƐƚĞũĂĂƚĞŶƚŽăƌĞǀŝƐƚĂŵLJŐĂůƉĞăŝŶƚƌĂŶĞƚĚĂ'ĂůƉŶĞƌŐŝĂ͘ ƐƚĞƐĐŽŶĐƵƌƐŽƐ;ƚĂŶƚŽŽƐďŝŵĞƐƚƌĂŝƐĐŽŵŽŽĂŶƵĂůͿƐĆŽĞdžĐůƵƐŝǀĂŵĞŶƚĞƉĂƌĂĐŽůĂďŽƌĂĚŽƌĞƐĚŽ'ƌƵƉŽ'ĂůƉŶĞƌŐŝĂ͘ KǀĞŶĐĞĚŽƌĚĂϱ͘ǐĞĚŝĕĆŽĚŽƉĂƐƐĂƚĞŵƉŽ͞'ŽƐƚŽĚĞsŝĂũĂƌ͟ĨŽŝ:ŽƐĠůǀĞƐ͕ĚĂhEͲ'ĄƐΘWŽǁĞƌͲ>ŝƐďŽĂŐĄƐͲŝƌĞĐĕĆŽŽŵĞƌĐŝĂů


SBJPYBTTPDJB¨¤PTBMWBEPS

CE<A6<C4?B5=86G<IB

26"-*%"%&%&7*%"

" "TTPDJBÎÍP 4BMWBEPS QSFUFOEF TFS VNBSFGFSÐODJBOBÈSFBEBNPCJMJEBEF SFEV[JEB FNFTQFDJBMOPDBNQPEBEF mDJÐODJBNPUPSB FVNQJMBSOBEFGFTB EPTJOUFSFTTFTFEJSFJUPTEFTUBTQFTTPBT "DUVBEFGPSNBEJSFDUBFPVJOEJSFDUB FNQSPKFDUPTRVFQSPNPWBNNFMIPSFT BDFTTJCJMJEBEFTFBVNFOUFNBRVBMJEBEF 1BSBBTQFTTPBTDPNNPCJMJEBEFSFEV[JEB EFWJEBEBTQFTTPBT BUSBWÏTEF"DÎÜFT TFJOUFHSBSFNTFNCBSSFJSBTOBWJEBBDUJWB 1SØQSJBT "DFTTJCJMJEBEFT5VSJTNP *O UFHSBÎÍP 1SFWFOÎÍP3PEPWJÈSJB $PP QFSBÎÍP*OUFSOBDJPOBMF*OWFTUJHBÎÍPF ĒĒĤĤĠĔĚĒšŝĠĤĒĝħĒĕĠģQSPNPWFBEFGF TFNBTDPOTUBOUFTCBSSFJSBTRVFTFMIFT 5FDOPMPHJB TBEPTJOUFSFTTFTFEJSFJUPTEBTQFTTPBT FOUSFQÜFN /PDPOKVOUPEFBDUJWJEBEFTRVFEF DPNNPCJMJEBEFSFEV[JEB FNFTQFDJBM /BTDFVBEF/PWFNCSPEF  TFOWPMWF EFTUBDBTFB"DÎÍP2VBMJEBEF EBTRVFTÍPQPSUBEPSBTEFEFmDJÐODJB GSVUPEBWPOUBEFEP4BMWBEPS.FOEFTEF EF7JEB JOJDJBUJWBBUSBWÏTEBRVBMPGFSFDF NPUPSB0TFVQSJODJQBMPCKFDUJWPÏVNB "MNFJEB PQSFTJEFOUFEBJOTUJUVJÎÍP RVF BQPJPTEJSFDUPTBQFTTPBTDPNNPCJMJEBEF TPDJFEBEFNBJTJODMVTJWB QBSBRVFTF mDPVUFUSBQMÏHJDPBPTBOPTFNDPOTF SFEV[JEB&NUFWFBQFOBTTFJTDBO JOUFHSFNOBUVSBMNFOUFOBWJEBBDUJWB RVÐODJBEFVNBDJEFOUFEFWJBÎÍP EJEBUVSBTFBQPJPVEVBTQFTTPBT.BTFN

6NBTPDJFEBEF NBJTJODMVTJWB



NZHBMQ

."3ˆ0


3&'&3‹/$*" ""TTPDJB¨¤P4BMWBEPSQSFUFOEFTFSVNB SFGFS«ODJBOB¢SFBEBNPCJMJEBEFSFEV[JEB  FNFTQFDJBMOPDBNQPEBEFçDJ«ODJBNPUPSB

SFDFCFVKÈDBOEJEBUVSBTFQSF QBSBTFQBSBFOUSFHBS OPmOBMEF"CSJM QSØYJNP BQPJPTBQFTTPBTOPWBMPSEF FVSPT JODMVJOEPDJODPDBEFJSBT EFSPEBT FMÏDUSJDBTFNBOVBJT EPJTDBS SPTBEBQUBEPT EJWFSTPTDPNQVUBEPSFT FNBUFSJBMJOGPSNÈUJDP BEBQUBÎÜFTEF DBTBTEFCBOIP FUD &OUSFBTJOJDJBUJWBTEFTUBJOTUJUVJÎÍP UBNCÏNTFTBMJFOUBNBTBDÎÜFTEF1SF WFOÎÍP3PEPWJÈSJB&N BUSBWÏTEP QSPHSBNB-JDFOÎBQBSB(VJBS 4BMWBEPS .FOEFTEF"MNFJEBEFVPUFTUFNVOIP QFTTPBMBNBJTEFBMVOPTEFFTDPMBT TFDVOEÈSJBT'PSBNBJOEBSFBMJ[BEBTEJ WFSTBTBDÎÜFTEFTFOTJCJMJ[BÎÍPFNFTQB ÎPTEFEJWFSTÍPOPDUVSOB QSPUBHPOJ[BEPT QPSWPMVOUÈSJPTEB"TTPDJBÎÍP4BMWBEPS  HSBOEFQBSUFEPTRVBJTTFEFTMPDBNFN DBEFJSBTEFSPEBT

"#"45&$*.&/50"44*45*%0 "QBSDFSJBFOUSFB"TTPDJBÎÍP4BMWBEPS FB'VOEBÎÍP(BMQ&OFSHJBQBTTBQFMP GPSOFDJNFOUPEFEJTQPTJUJWPTBQFTTP BTDPNNPCJMJEBEFSFEV[JEB NFEJBOUF JOTDSJÎÍPOPTJUFEB'VOEBÎÍP(BMQ&OFS HJB1FSNJUFNPBCBTUFDJNFOUPBTTJTUJEP EFDPNCVTUÓWFMOPTQPTUPTEBFNQSFTB  BVNFOUBOEPPTFVHSBVEFNPCJMJEBEFF JOEFQFOEÐODJBF DPOTFRVFOUFNFOUF B TVBRVBMJEBEFEFWJEB 0TJTUFNBGVODJPOBBDDJPOBOEPPDP NBOEP RVFBWJTBPPQFSBEPSEPQPTUP  QPSNFJPEFVNTJOBMTPOPSPFMVNJOPTP 

10356("-"$&44Ž7&BZh\TXXXQPSUVHBMBDFTTJWFMDPN EJTQPOJCJMJ[BJOGPSNB¨¤PTPCSFFTQB¨PT BDFTT®WFJT¡TQFTTPBTDPNEFçDJ«ODJBNPUPSB PVNPCJMJEBEFSFEV[JEB JODMVJOEPBMHVOT QPTUPT(BMQ&OFSHJB

RVFTFFODPOUSBVNDMJFOUFDPNNPCJMJ EBEFSFEV[JEBQBSBTFSBUFOEJEP"TTJN RVFQPTTÓWFM FMFEFTMPDBTFBPWFÓDVMP FNDBVTB QBSBFGFDUVBSPBCBTUFDJNFO UPEFDPNCVTUÓWFMFEFCFOTEBMPKBRVF TFKBNTPMJDJUBEPT UBMDPNPPSFTQFDUJWP QBHBNFOUP 4BMWBEPS.FOEFTEF"MNFJEBEJ[RVF GVOEPV B "TTPDJBÎÍP 4BMWBEPS DPN B NJTTÍPEFDPOTUSVJSVN1PSUVHBMNBJT BDFTTÓWFMQBSBUPEPTi%FTEFFOUÍPGP SBNEFTFOWPMWJEPTQSPKFDUPTBNCJDJP TPTFDPODSFUPT RVFWJTBNEBSSFTQPTUB BEJGFSFOUFTOFDFTTJEBEFTTFOUJEBTOB ÈSFBEBEFmDJÐODJBNPUPSB RVFKÈUJWF SBNSFTVMUBEPTFJNQBDUPOBNFMIPSJB EBJOUFHSBÎÍPFRVBMJEBEFEFWJEBEF JOÞNFSBTQFTTPBTw BDSFTDFOUB"DSF EJUBUBNCÏNRVFIBWFSÈVNEJBFNRVF RVBMRVFSQFTTPBFN1PSUVHBM RVFUFOIB VNBEFmDJÐODJBNPUPSBPVDJSDVMFOVNB DBEFJSBEFSPEBT UFOIBWJEBBDUJWBJHVBM BRVBMRVFSPVUSPDJEBEÍPTFNMJNJUBÎÜFT GÓTJDBT ."3ˆ0

NZHBMQ




F IJ TU´SJBTTFHVSBO¨BFBNCJFOUF "5*56%&104*5*7"

'PSNBSQBSBFWJUBSSJTDPT ĒĤĔĒģĒĔĥĖģŧĤĥĚĔĒĤEBBDUJWJEBEFQFUSP MÓGFSBPCSJHBNBRVFBTFNQSFTBTRVFTF EFEJDBNBFTTFOFHØDJPEJTQFOTFNVNB BUFOÎÍPQBSUJDVMBSËTRVFTUÜFTSFMBDJP OBEBTDPNBTFHVSBOÎBFPBNCJFOUF 01SPHSBNB7JEBT(BMQEÈOPTBDPOIF DFSBMHVOTFQJTØEJPTRVFUFTUFNVOIBNB EJNFOTÍPRVFFTUFTBTTVOUPTQPEFNBUJO HJSFUBNCÏNDPNPBTBDÎÜFTEFGPSNBÎÍP QPEFNDPOUSJCVJS FNTJUVBÎÜFTEFDSJTF  QBSBBSFTPMVÎÍPEFBMHVOTQSPCMFNBT

4&(63"/ˆ" 7JTJUBEPTUªDOJDPTEB3FHJ¤P*OEVTUSJBM EF-JTCPB¡TBMBEFDPOUSPMPEBQSPEV¨¤P EFIJESPHªOJPFH¢TEPDPNQMFYPJOEVTUSJBM EF$BCP3VJWP OBEªDBEBEF

0(‚426&&3".035Ž'&30ê i/PEJBEF%F[FNCSPEFFOUSFJ QBSBB4114PDJFEBEF1PSUVHVFTBEF1F USPRVÓNJDB FN$BCP3VJWP NBJTDPODSF UBNFOUFQBSBB'ÈCSJDBEF"NPOÓBDP <y>&N$BCP3VJWP OBQPOUFDBJTEB .BUJOIB FYJTUJBVNBJOTUBMBÎÍPPOEFTF EFTDBSSFHBWBPBNPOÓBDP FBTQFTTPBT WJWJBNBQBWPSBEBTQPSDBVTBEJTTP 6NEJBSFCFOUPVVNBWÈMWVMBOFTTB JOTUBMBÎÍPFN$BCP3VJWPFMJCFSUPV TFQSPEVUP4ØDIFJSBWBBBNPOÓBDP0 CBSCFJSPEP1PÎPEP#JTQP RVFFTUBWBB GB[FSBCBSCBBVNJOEJWÓEVP mDPVUÍP BQBWPSBEPBPPVWJSBTQFTTPBTBHSJUBSRVF UJOIBIBWJEPVNBGVHBEFHÈTNPSUÓGFSP RVFEFJYPVPDMJFOUFOBDBEFJSB'PJCVTDBS BNVMIFS NFUFVTFOPDBSSPFTØQBSPV OP&TUPSJM EFPOEFUFMFGPOPVBQFSHVOUBS TFUJOIBIBWJEPBMHVNQSPCMFNBHSBWF &OUSFUBOUP VNEPTUSBCBMIBEPSFTEB FNQSFTB RVFFTUBWBBBSSBODBSQSFHPT EFVNDBJYPUF RVBOEPPVWJVHSJUBSRVF IBWJBGVHBEFBNPOÓBDP DPSSFVQBSBP FMÏDUSJDPRVFFTUBWBBQBTTBSFTØQBSPV OP$BNQPEBT$FCPMBT RVFmDBQSØYJNP EB1SBÎBEP$PNÏSDJP/FTTBBMUVSBÏRVF SFQBSPVRVFMFWBWBPBSSBODBQSFHPTOB NÍPFOÍPDPOTFHVJBFYQMJDBSPRVFUJOIB BDPOUFDJEP /ÍPQBTTPVEFVNTVTUP NBTGPJP TVmDJFOUFQBSBTFHFSBSVNFOPSNFQB WPSOB[POB QSJODJQBMNFOUFQPSRVFBT QFTTPBTOÍPFTUBWBNJOGPSNBEBTBDFSDB EBTDPOEJÎÜFTEFTFHVSBOÎBRVFUÓOIB

NPTF OBBMUVSB BJOEBFYJTUJBNNVJUPT SFDFJPTw &VHÏOJP.BJBEF.BUPT    

04*.6-"$30%&*/$‹/%*0 i0-BCPSBUØSJPEB.BUJOIBFSBVNNVOEP NVJUPFOHSBÎBEP QPSRVFUJOIBQFTTPBT DPNGFJUJPTNVJUPEJGFSFOUFTFPEJBB EJBEFUSBCBMIPOÍPFSBOBEBNPOØUPOP 3FDPSEP QPSFYFNQMP VNTJNVMBDSPEF JODÐOEJPRVFFOWPMWFVUPEBTBTQFUSPMÓ GFSBTRVFFTUBWBNOB[POBEF$BCP3VJWP F.BUJOIB POEFBDUVBMNFOUFÏB&YQP 0RVFFTUBWBFNDBVTBFSBBFYQMPTÍPEP QJQFMJOFRVFQBTTBWBOBRVFMB[POB'J[F SBNPTJNVMBDSPQBSBUFTUBSUPEBTBTNFEJ EBTEFSFTQPTUBBFTUFUJQPEFTJUVBÎÜFT 'PJNVJUPJOUFSFTTBOUF QPSRVFPTJ NVMBDSPFOWPMWFVUPEPPUJQPEFNFJPT FYJTUFOUFTOBDJEBEFEF-JTCPB EFTEF IFMJDØQUFSPT IPTQJUBJTEFDBNQBOIB  CPNCFJSPT FNVJUPNBJT"FRVJQBEP -BCPSBUØSJPEF-VCSJmDBOUFTEB1FUSPHBM  OBBMUVSB GPJDIBNBEBQBSBEFTFNQFOIBS PQBQFMEFWÓUJNB5ÓOIBNPTGFSJEPTQJO

UBEPTQFMPMBCPSBUØSJPUPEPFMFNCSPNF EFVNDPMFHBRVFUJOIBVNPTTPBTBJSEP CSBÎP5PEBBDBSBDUFSJ[BÎÍPGPJMFWBEB NVJUPBTÏSJP'PJVNNPNFOUPNVJUP SFMFWBOUFOB.BUJOIB QPSRVFUJWFNPT PQPSUVOJEBEFEFWJWFSEFQFSUPPRVFQPEF TFS FWFOUVBMNFOUF VNBTJUVBÎÍPEFQF SJHPFBQSFOEFNPTDPNNBJTQSFDJTÍPBT NFEJEBTRVFEFWFNTFSUPNBEBT )FMFOB0MJWFJSB 

4*.6-"$30 &NDBVTBFTUBWBBFYQMPT¤PEFVNQJQFMJOF I\f\gXb@hfXhI\eghT_XiX]TXfgTfXbhgeTf¹Xfg‰e\TfºX`[ggc-""i\WTf!ZT_cXaXeZ\T!Vb`



NZHBMQ

."3ˆ0


UFNQPTMJWSFTDMVCFHBMQFOFSHJB 8@<A6E8@8AGB6BAFG4AG8

"DUJWJEBEFTQBSBDSJBO¨BTFKPWFOT *OJDJBUJWBTRVFQSPNPWFNPTFVEFTFOWPMWJNFOUPJOEJWJEVBM FBTVBJOTFS¨¤POBTPDJFEBEF ĦĞĕĠĤġģĚğĔĚġĒĚĤQSPQØTJUPTEBEJSFDÎÍP EP$MVCF(BMQ&OFSHJBo/ÞDMFP$FOUSP QBTTBQFMPEFTFOWPMWJNFOUPFPSHBOJ[B ÎÍPEFBDUJWJEBEFTSFDSFBUJWBT DVMUVSBJTF EFTQPSUJWBTEJSFDDJPOBEBTQBSBBTDSJBO ÎBTmMIBTEPTTFVT"TTPDJBEPT /PTBOPTNBJTSFDFOUFT FTUFQSPQØTJUP UFNTJEPDPSPBEPDPNVNDPOTUBOUFJO DSFNFOUPOÍPTØEPOÞNFSPEFJOJDJBUJWBT FFWFOUPTQSPQPTUPTNBTUBNCÏN FQSJO DJQBMNFOUF OBBEFTÍPËTNFTNBT *TTPGB[DPNRVFTFKBNDBEBWF[NBJT SFHVMBSFTFSFDPSSFOUFT OP1MBOPEF"D UJWJEBEFT"OVBMEP$MVCF(BMQ&OFSHJB o/ÞDMFP$FOUSP BTJOJDJBUJWBTEJSFD DJPOBEBTQBSBPTNBJTKPWFOT

$3*"/ˆ"4 4ØFNGPSBNRVBTFDSJBOÎBTF KPWFOTRVFQBSUJDJQBSBN EFGPSNBBDUJWB  OBTNBJTEFEVBTEF[FOBTEFJOJDJBUJWBT

"BEFT¤PEFDSJBO¨BT FKPWFOT¡TJOJDJBUJWBT EP$MVCFFTU¢BDSFTDFS EFTUBÓOEPMFMFWBEBTBDBCPQFMP$MVCF  BMHVNBTEFMBTPOEFFTUJWFSBNBDPNQB OIBEBTQFMPTQBJTFPVBWØT %FFOUSFFMBTEFTUBDBTF FNFTQF DJBM B'FTUBEF/BUBMEP6OJWFSTP(BMQ &OFSHJB VNBPSHBOJ[BÎÍPEP$MVCFRVF EFDPSSFUPEPTPTBOPTOP$PMJTFVEPT 3FDSFJPT FN-JTCPB5FNSFVOJEPBP MPOHPEPUFNQPNBJTEFVNNJMIBSEF DSJBOÎBTFNUPSOPEPFTQFDUÈDVMPRVFP DJSDPQSPQPSDJPOBFEBTQSFOEBTBMVTJWBT ËÏQPDBOBUBMÓDJB 1BSBBMÏNEBBMFHSJBQSPQPSDJPOBEBEF GPSNBJNFEJBUB ÏJOUVJUPEP$MVCF(BMQ &OFSHJBRVFBTBDUJWJEBEFTQSPQPSDJPOB EBTQBSBPTNBJTKPWFOTQSPNPWBNPTFV EFTFOWPMWJNFOUPJOEJWJEVBMFBTVBJOTFS ÎÍPOBTPDJFEBEFFNRVFWJWFNPT

$3*"/ˆ"4'&-*;&4

&/70-7*.&/5050%00"/0 0$MVCF(BMQ&OFSHJBEFTFOWPMWFUPEPTPTBOPT BMHVNBTEF[FOBTEFJOJDJBUJWBTQBSBPTNBJTOPWPT  POEFTFTFOUFBBMFHSJBFFOWPMWJNFOUPEFUPEPT %FFOUSFFMBTTBMJFOUBNTF

"BMFHSJBEBTDSJBO¨BT ªVNEPTPCKFDUJWPT EP$MVCF(BMQ &OFSHJB QBSBBMªN EBQSPNP¨¤PEPTFV EFTFOWPMWJNFOUP JOEJWJEVBMFJOTFS¨¤P OBTPDJFEBEF

Þ"TDPM´OJBTEFGªSJBTOPTQFS®PEPTEFGªSJBTFTDPMBSFTÔ/BUBM  1¢TDPBF7FS¤PÔ FNSFHJNFEFJOUFSOBUPPVFYUFSOP

Þ"K¢USBEJDJPOBMRVBSUBGFJSBEF$BSOBWBM6NEJBQBTTBEP

OVNMPDBMEFSFDPOIFDJEPJOUFSFTTFDVMUVSBM EPTRVBJT TFEFTUBDB FTUFBOP BJEBBP,JE[BOJB OP%PMDF7JUB5FKP  FN0EJWFMBT EFNBJTEFTFUFEF[FOBTEFDSJBO¨BT Þ0TFTQFDU¢DVMPTNVTJDBJTFUFBUSBJTQBSBPTNBJTKPWFOT Þ'JMNFTFNFTUSFJBOBDJPOBM

7\fcba„iX_ 6ba[XT`X_[be b6_hUX:T_c8aXeZ\T aT<agXeaXgjjj!V_hUXZT_cXaXeZ\T!Vb`

."3ˆ0

NZHBMQ




DVMUVSBMJWSPT DEFEWE 6B@B78HF@4A74

TabffTfX_XV}b

.BSDBOUF

-JWSP

7FODFEPSEP1SªNJP4USFHB VNMJWSPDSVFJNQMBD¢WFM NPSEB[  QPSWF[FTTJOJTUSP QPSWF[FTFOUFSOFDFEPS DMBSBNFOUFJOFTRVFD®WFM GBMUBEFHSBEBÎÍPNPSBM ĔģĚĤĥĚĒğĠĥĖĞBOPTFVNB ESPHBT TFYPFQPSOPHSBmB  WJEBCFNMPOHFEBQFSGFJÎÍP BEVMUÏSJPT SPVCP 2VBOEPPTFVQBJFEPJT FBTTBTTJOBUP  BNJHPT %BOJMPF2VBUUSP 1BVUBEPQFMBWJPMÐODJB  'PSNBHJ PQSJNFJSPJODBQB[ PIVNPSOFHSPFBUFSOVSB EFTVQFSBSBNPSUFEBmMIB FOBSSBEPBVNSJUNP FPBCBOEPOPEBNVMIFS BMVDJOBOUF $PNP%FVT FPTFHVOEPDPNEFMÓSJPT .BOEBBQSFTFOUB QTJDØUJDPT FOHFOESBN VNBEFTFODBOUBEBWJTÍP VNQMBOPQBSBBTTBMUBSFN EBTPDJFEBEFBDUVBMBUSBWÏT VNCBODP $SJTUJBOPWÐ "VUPS/JDDPM³"NNBOJUJ EBQFDVMJBSSFMBÎÍPFOUSF OJTTPBQPTTJCJMJEBEFEF &EJUPSB#FSUSBOE&EJUPSB VNQBJFVNmMIP VNBWJEBNFMIPS.BTBT 1SF¨Pä  OB'OBD

4FNSPEFJPT TFN DPJTBTOÍPDPSSFNCFNF  TVCUFSGÞHJPT EFTJOJCJEP  OVNBBQPDBMÓQUJDBOPJUFEF /JDDPMØ"NNBOJUJBQSFTFOUBBP UFNQFTUBEF PQBQFMEFTFNQFOIBEP MFJUPSVNFMFODPEFQFSTPOBHFOT QPSDBEBVNBEBTQFSTPOBHFOTJSÈ JOFTRVFDÓWFJT OVNBFODSV[JMIBEB EFTFODBEFBSDPOTFRVÐODJBTUFSSÓWFJT FOUSFBFTQFSBOÎBFPEFTFTQFSPRVF &ORVBOUPJTTP TPMJEBSJFEBEF  UÍPCFNDBSBDUFSJ[BNBEVSBFTDPMB DPNQBJYÍPFMFBMEBEFBMUFSOBNDPN EBWJEB FQJTØEJPTUSÈHJDPDØNJDPT POEFOÍP

"4ªUJNB1PSUB 3JDIBSE;JNMFS

#FSMJNOBEªDBEBEF +VEFVT DBCBMJTNP FGFO´NFOPTEFDJSDP 6NBIJTU´SJBJOUFOTBF WJCSBOUF DBSSFHBEBEFTJNCPMJTNPT FBNPS RVFOPTEFJYBQSFTPT¡MFJUVSB CFNBPKFJUPEF;JNMFS $BUBSJOB"NBSBM$BJBEP 6/Ô"3-4JTUFNBTEF*OGPSNB¨¤PEF1SPEV¨¤P

$%¢VEJP 5IF'BMM/PSBI+POFT

%PJTBOPTBQ´T/PU 5PP-BUF /PSBI+POFT DPOTFHVFOPWBNFOUF GB[FSOPTTVTQJSBSQPS NBJTß/VNSFHJTUP JOPWBEPS 5IF'BMMBQSFTFOUBTFNBJT FOªSHJDPEPRVFPTBOUFSJPSFT¢MCVOT .BJTBSSPKBEPFSFCFMEF UVEPTFDPOKVHB OFMFQBSBVNBTPOPSJEBEFGBOU¢TUJDB 5JBHP(BNB4JMWB 3FMB¨¶FT*OTUJUVDJPOBJTF$PNVOJDB¨¤P*OUFSOB

%7%çMNF 0'JFM+BSEJOFJSP'FSOBOEP .FJSFMFT

'FSOBOEP.FJSFMFTSFBMJ[B EFGPSNBTVCMJNFFTUF SPNBODFBEBQUBEPEB PCSBEF+PIO-F$BSSª /FMF ‚GSJDBTVSHFDPNPDFO¢SJP FNUPEP PTFVFTQMFOEPSFNJTªSJB SFUSBUBEB OBTQBJTBHFOTEFTMVNCSBOUFTEP2VªOJB FOPTCBJSSPTEF/BJSPCJ6NBDPNPWFOUF IJTU´SJBEFBNPSFFOUSFHB POEFBCVTDB QFMBWFSEBEFªVNBDPOTUBOUFFPOEF T¤PFYQPTUBTBMHVNBTGSBHJMJEBEFT EPDPOUJOFOUFBGSJDBOP

iXebhi\eX_Xe

$BSMP"NBEP 6/*OUFSOBDJPOBM0JM

%PJT4FMPT F6N$BSJNCP %F%FPMJOEB &EJUPSB&.*

&TUFªPTFHVOEP ¢MCVNEPT%FPMJOEB  RVFTVDFEFB $BO¨¤PBP-BEP  VNEPTEJTDPTNBJT TVSQSFFOEFOUFTF JOPWBEPSFTEBN»TJDB QPSUVHVFTBEPT »MUJNPTBOPT 1SF¨PBBOVODJBS



NZHBMQ

{"U5IF 3PTF#PXM %FMVYF&EJUJPO 

&TUBEPEF(VFSSB

%F6 &EJUPSB.FSDVSZ 3FDPSET6OJWFSTBM

'JMNBEPFN FTUF ªPNBJPSDPODFSUP EPT6EFTFNQSFOPT &6" POEFBDUVBSBN QBSBNBJTEFNJM QFTTPBT5PUBMNFOUF çMNBEPFN)%

0HSBOEFWFODFEPS EB»MUJNBOPJUF EPT”TDBSFTªVNB JNQSFTTJPOBOUF WJBHFNBPNVOEPEF VNHSVQPEFTPMEBEPT EFFMJUFDVKBGVO¨¤P ªPEFTBSNBNFOUP EFCPNCBTFNQMFOP DPNCBUF

1SF¨Pä  OB'OBD

1SF¨Pä  OB'OBD

."3ˆ0

%F,BUISZO#JHFMPX &EJUPSB;PO-VTPNVOEP

$PSB¨¤P TFN"CSJHP %F+PTª+PSHF-FUSJB &EJUPSB0çDJOBEP-JWSP

6NBIJTU´SJBEF TPMJE¤P NBTUBNCªN EFBNPSQBSUJMIBEP  DPOUBEBOBQSJNFJSB QFTTPBQPSVN TFNBCSJHPRVF EFBNCVMBQFMBTSVBT OBDPNQBOIJBEFVN MBCSBEPSEFQ«MPQSFUP 1SF¨Pä  OB8PPL

%7%N»TJDB 2VFFOÔ3PDL.POUSFBM-JWF"JE2VFFO

"NJOIBTFMFD¨¤P QSFUFOEFIPNFOBHFBS VNBEBTNBJPSFT SFGFS«ODJBTEPNVOEP EBN»TJDBFEP FTQFDU¢DVMP PWPDBMJTUB 'SFEEZ.FSDVSZ.BSDPV TFNE»WJEB  BOPTTBBEPMFTD«ODJB QFSNJUJOEPOPT WJBKBSFWPMUBSBPTBOPTDPNNVJUB OPTUBMHJB +PTª1JOIP (BMQ&OFSHJB&TQBOIB


SFTUBVSBOUFBMNB

z_TVTegX 30#"-0$0. "330;464)* 6NQSBUPDIFJP EFBSPNBT NFEJUFSS£OJDPT

cTeTUXUXe .6304%&.&-("ˆ0 

F45BE8F78@8E647B

$P[JOIBJOTQJSBEB /P"MNB EF)FOSJRVF4¢1FTTPB TFOUFTF VNBDSJBUJWJEBEFRVFE¢QSB[FS ĝĠĘĠŚĖğĥģĒĕĒEBTBMB POEF DPOWJEBUJWPTQBSBUPEPT.BTOÍP QSFEPNJOBPCSBODP VNHJHBOUFTDP TÍPBTTVTUBEPSFT OPWFMPOVWFNTVSQSFFOEFPWJTJUBOUF 1SPWFJVNmMFUFEFDBWBMBNBSJOBEP 0SFTUPEPFTQBÎP NPOPDSPNÈUJDP  DPNUÈSUBSPEFUPNBUFFFTDBCFDIF QBSFDFQSFQBSBSRVFNDIFHBQBSBCPOT EFMFHVNFT QMFOPEFBSPNBT FODPOUSPTDPNBDPNJEB"PGVOEP  NFEJUFSSÉOJDPT FVNMPNCPEFBUVN VNBKBOFMBWJESBEBMJHBDP[JOIBFTBMBF DPNTBMBEBOJÎPJTFFPWPEFDPEPSOJ[ DPNFOTBJTËB[ÈGBNBEBDPOGFDÎÍPEPT FTDBMGBEP.BJTCFNDPOTFHVJEPF QSBUPT TVQSFFOEFOUFPQSJNFJSP FNUFSNPT "MJ BTQFTTPBTRVF EFDPOKVHBÎÍPEFTBCPSFT QSPDVSBNOPWBT FBSPNBT FORVBOUPOP %"%04 FYQFSJÐODJBTEFBSPNBT TFHVOEPTFTBMJFOUPV $BM¨BEB.BSRV«T FTBCPSFTQPEFN QSJODJQBMNFOUFBUFYUVSB EF"CSBOUFT  FODPOUSBSBRVFMBTRVF FPHPTUPEPQFJYF 4BOUPTÔ-JTCPB SFTVMUBNEBJOTQJSBÎÍP 0"MNBBCSFTØBPKBOUBS 5FMT  EF)FOSJRVF4È1FTTPB EVSBOUFBTFNBOB/FMF  &NBJMSFTFSWBT!BMNBDPQU ²VNFTQBÎPPOEFTF )FOSJRVF4È1FTTPB BQPTUBOPB[FJUF BMIPF RVFSPGFSFDFSVNB "CFSUPEFUFS¨BGFJSB BT¢CBEP EBT¡T FSWBT OVNBDP[JOIBRVF DP[JOIBEFRVBMJEBEF UFOUBTFSEFNFSDBEP  FVNTFSWJÎPBUFODJPTP POEFTFVTBNNVJUBTWF[FTPTNFTNPT NBTOÍPJOUJNJEBOUF)PKFÏKÈVNB QSPEVUPTSFDSJBEPTEFGPSNBTEJWFSTBT SFGFSÐODJBFN-JTCPB UFOEPNFTNP ²VNBGPSNBEFSFEV[JSDVTUPT QPSRVF TJEPQSFNJBEPDPNP3FTUBVSBOUFEP BRVJOÍPTFQSFUFOEFRVFPQSFÎPEB "OPQFMB3FWJTUB7JOIPTQPVDPUFNQP SFGFJÎÍPTFFMFWFFNEFNBTJB/ÍP BOUFTEFDPNFNPSBSPQSJNFJSP RVFPTDFSDBEFFVSPTQPSQFTTPB BOJWFSTÈSJP QBHPTFNNÏEJBQPSSFGFJÎÍPTFKBN +PTÏ.JHVFM%FOUJOIP

0TFVBSPNBªJOUFOTP FDPNQMFYP DPNOPUBT èPSBJT DJUSJOBT BUBOHFSJOB FBQ«SBŠVN"MWBSJOIP DPNCPBFTUSVUVSBFBDJEF[ OBCPDB QMFOPEFTBCPSFT  GSVUBEP DPNçOBMMPOHP FFMFHBOUF FHSBOEF DPNQBOIJBQBSBPTUSBT FQFSDFCFTBPOBUVSBM FNçOBMEFUBSEF

1‹3"."/$"#3"/$0  ŠVNWJOIPDPNBSPNBRVF TFWBJBCSJOEPQBSBNPTUSBS HSBOEFDPNQMFYJEBEF  DPNTBMJ«ODJBQBSBBT TVHFTU¶FTEFFTQFDJBSJBT  BN«OEPBFOPUBTNJOFSBJT /BCPDBªDSFNPTP DPN OPUBTMJNPOBEBTFçOBM QFSTPOBMJ[BEPFMPOHP

26*/5"%""-03/" "#"'"%0:&"34 /PBSPNBEFJYBOPUBTEF MBSBOKB çHPT GSVUPTTFDPTF DSJTUBMJ[BEPTF OBCPDB VNB VOUVPTJEBEFNFMBEBFCPB BDJEF[ŠCPNQBSDFJSPQBSB EPDFTEFçOBMEFSFGFJ¨¤P

26*/5"%&1"/$"4 3&4&37" &TUFWJOIPNPTUSBBSPNB DPNQMFYPDPNOPUBT WFHFUBJT FTQFDJBSJBTF GSVUPTWFSNFMIPT/B CPDBBQSFTFOUBDPSQP FDPODFOUSB¨¤P BDJEF[ NBSDBOUFFVNçOBM QFSTJTUFOUF(BOIBS¢NBJT WJSUVEFTDPNPUFNQP.BT QPEFTFSBQSFDJBEPBHPSB DPNDBSOFTBTTBEBT QPS FYFNQMP ."3ˆ0

NZHBMQ




WJBHFOTDBCPWFSEF FB?8@4E8@8A?8<B@BEAB

0ÙDBMPSÚ EBTJMIBT "SRVJQªMBHPEFCPBHFOUFRVFPGFSFDF NVJUPNBJTEPRVFQSBJBTFTPM UFYUPEF+PTÏ.JHVFM%FOUJOIP




3&53"504%&$"#07&3%& 1SBJBTEP4BM"SRVJUFDUVSBVSCBOB .BSUSBOTQBSFOUF1FTDBBSUFTBOBM



)¢OPBSRVJQªMBHPVNBEJWFSTJEBEF EFQBJTBHFOTFOUSFBQMBOVSBEB#PBWJTUB FPBMDBOUJMBEPWVMD£OJDPEBJMIBEP'PHP ĢĦĖĞğĦğĔĒGPJFJNBHJOBBTJMIBTEF$B CP7FSEFFTQFSBFODPOUSBSMPOHBTQSBJBT EFBSFJBCSBODBCBOIBEBTQPSVNPDF BOPEFÈHVBTDÈMJEBTFDSJTUBMJOBT.BT UBNCÏNBOUJHBTDJEBEFTDPMPOJBJT DPNP 1SBJBPV.JOEFMP DIFJBTEFWJEBFCPB HFOUF FVNBEJWFSTJEBEFEBTQBJTBHFOT FOUSFBQMBOVSBEB#PBWJTUBFPBMDBOUJMBEP WVMDÉOJDPEP'PHP POEFTFFODPOUSBP QPOUPNBJTBMUPEPBSRVJQÏMBHP 0VUSBBUSBDUJWJEBEFEFTUBTJMIBTSF TVMUBEBDPNVOJEBEFEFMÓOHVBFBUÏEB DVMUVSBDPNPTQPSUVHVFTFT.BOJGFT UBTFEFJNFEJBUPBUSBWÏTEBFNQBUJB EBTQPQVMBÎÜFT BNÈWFJTFDPNOÓWFJT EFDPOIFDJNFOUPBDJNBEPRVFFTQFSBN

WJTJUBOUFTNFOPTQSFWFOJEPT

1"*4"(&/4&41&$5"$6-"3&4 "$BCP7FSEFWBJTFQFMPGBTDÓOJPEPTPM FEBBSFJB FNJMIBTDPNP4BM #PBWJTUBF .BJP.BTUBNCÏNQFMBPSPHSBmBTVS QSFFOEFOUFEF4BOUP"OUÍP 4/JDPMBV  4BOUJBHPPV'PHP RVFQPEFTFSEFTDP CFSUBEFDBSSPFFNQBTTFJPTQFEFTUSFT

*/'03."ˆ–&4›5&*4 /FTUBTJMIBTI¢CPOTQBTTFJPTF BNCJFOUFBMFHSFFCFNEJTQPTUP $0.0*3 %FBWJ¤P OPTWPPTEB5"1F5"$7

$0/4&-)0413‚5*$04 $POTVNBBQFOBT¢HVBFOHBSSBGBEB5PEPT PTBMJNFOUPTEFWFNTFSCFNDP[JOIBEPT

026&$0.&3 $BDIVQB EKBHBDJEB CPUDIBEB NPMIP DBQBEP EJWFSTPTQSBUPTEFQFJYF TFNQSF GSFTDPFTBCPSPTP FMBHPTUB



"(FP4UBSEJTQ¶FEFDPOEJ¨¶FTFTQFDJBJT QBSBPTDPMBCPSBEPSFT(BMQ&OFSHJB  DPOUBDUFOPT



"JMIBEF4BOUP"OUÍP QPSFYFNQMP Ï QSPDVSBEBTPCSFUVEPQFMBTFYDFMFOUFT PQPSUVOJEBEFTQBSBPTBNBOUFTEFMPOHBT DBNJOIBEBT USFLLJOHFUVSJTNPBWFOUV SB0DMJNBTFDPOPTVM GSFTDPOBSFHJÍP DFOUSBMFIÞNJEPBOPSPFTUF UFNHSBOEF JNQBDUPOBWFHFUBÎÍP RVFWBSJBEFGPSNB ESBNÈUJDB PGFSFDFOEPBTQBJTBHFOTNBJT FTQFDUBDVMBSFTEFUPEPPBSRVJQÏMBHP 5BNCÏNMÈTFWBJBUSBÓEPQFMBTVB GBVOBFGMPSBTVCNBSJOBT GBDJMNFOUF PCTFSWÈWFJTBUSBWÏTEFÈHVBTUSBOTQB SFOUFT RVFQPEFNTFSFODPOUSBEBTDPN SFDVSTPBPTEJWFSTPTDMVCFTEFNFSHVMIP JOTUBMBEPTFNWÈSJBTJMIBT0TBNBOUFT EBTNPEBMJEBEFTEFNFSHVMIPUÐNOB JMIBEP4BMDPOEJÎÜFTFYDFQDJPOBJTQBSB BTVBQSÈUJDB"TVBTJUVBÎÍPHFPHSÈmDB FBJOFYJTUÐODJBEFQFTDBJOEVTUSJBMQFS NJUFNBWJTVBMJ[BÎÍPEFHSBOEFTIBCJUBUT EFFTQÏDJFTPDFÉOJDBT5BNCÏNIÈ[POBT JOFYDFEÓWFJTQBSBBQFTDBEFTQPSUJWBF QSÈUJDBEFXJOETVSG & EFQPJTEFVNQFJYFGSFTRVÓTTJNPPV EFVNBMBHPTUB FYQFSJÐODJBJNQFSEÓWFM OFTUBTJMIBT IÈEBOÎBFNÞTJDBFOMFBO UFFPNOJQSFTFOUFBDPOWJEBSQBSBVOT QBTTPT ."3ˆ0

NZHBMQ




BHFOEB 7JTJUBTUFN¢UJDBT "UªBPçOBMEPBOP P1BM¢DJP/BDJPOBMEB"KVEB QSPNPWFVNDJDMPEFWJTJUBTUFN¢UJDBTRVFUFN MVHBSUPEBTBT»MUJNBTUFS¨BTGFJSBTEFDBEB N«T BQBSUJSEBTI-JNJUBEBBQFTTPBT  FTUBTWJTJUBTU«NPQSF¨PEFFVSPT FYJHJOEP NBSDB¨¤PQSªWJBBUSBWªTEP/P EJBEF.BJPBWJTJUBTFS¢DPOEV[JEBQPS.BSJB EP$BSNP3FCFMMPEF"OESBEF DPOTFSWBEPSBEB DPMFD¨¤PEFNPCJMJ¢SJP FTVCPSEJOBEBBPUFNB Ù"PCSBEF1BVM4PSNBOJOBDPMFD¨¤PEF NPCJMJ¢SJPEP1B¨PEB"KVEBÚ1BSBPEJB EF+VOIPFTU¢BHFOEBEPÙ.BDBDPTOB$PSUF Ô0UFNBEBTTJOHFSJFTOBT"SUFT%FDPSBUJWBT QPSUVHVFTBTÚ DPNVNBQBMFTUSBEF$SJTUJOB /FJWB$PSSFJB SFTQPOT¢WFMQFMBDPMFD¨¤PEF DFS£NJDB "5Š%&%&;&.#30 1BM¢DJP/BDJPOBMEB"KVEB -JTCPB

#FJKP#BOEJEP

j'JMJQF#SBHB

/FZ.BUPHSPTTP SFHSFTTBB 1PSUVHBMDPN US«TFTQFDU¢DVMPT BHFOEBEPTQBSB QSPNPWFSPTFV NBJTSFDFOUF USBCBMIP #FJKP #BOEJEP6NB CPBPQPSUVOJEBEF QBSBWFSDPNP /FZJOUFSQSFUBBP WJWPVNEJTDPRVFNFSHVMIBOVNBBUNPTGFSB EFSFDJUBM RVBTFVNDPOUSBQPOUP¡TPOPSJEBEF SPRVFJSBEPQSPKFDUPBOUFSJPS %*"%&"#3*- $PMJTFVEP1PSUP %*"4&%&."*0 $PMJTFVEF-JTCPB

8PSME1SFTT$BSUPPO

".BUªSJB/FHSBEB-V[EPT.FEJB "'VOEB¨¤P4FSSBMWFTBQSFTFOUBVNBFYQPTJ¨¤P EF%BSB#JSOCBVN BBSUJTUBOPWBJPSRVJOBRVF DPNF¨PVFNNFBEPTEPTBOPTBSFBMJ[BS BSUFEFSFMFW£ODJBQPM®UJDBFDS®UJDBFRVFUFN DBVTBEPTFOTB¨¤PDPNPTTFVTQSPWPDBEPSFT USBCBMIPTFNW®EFP"O¤PQFSEFS "5Š%&+6-)0 'VOEB¨¤P4FSSBMWFT 1PSUP

.JMZ1PTTP[ "'VOEB¨¤P"SQBE4[ªOFTÔ7JFJSBEB4JMWBUFN QBUFOUFVNBNPTUSBDPNJTTBSJBEBQPS&N®MJB 'FSSFJSBRVFQSPQ¶FVNBOPWBBCPSEBHFNF VNBSFBWBMJB¨¤PEBPCSBEF.JMZ1PTTP[ BSUJTUB EFPSJHFNCFMHBOBTDJEBFN1PSUVHBM "FYQPTJ¨¤PSF»OFPCSBTEBDPMFD¨¤PEBGBN®MJB EBBSUJTUB EP$FOUSPEF"SUF.PEFSOBEB (VMCFOLJBOFEP)PUFM5JWPMJ RVFQSFTFSWBB NBJPSDPMFD¨¤PEFPCSBTEBBSUJTUB "5Š%&+6/)0 'VOEB¨¤P"SQBE4[ªOFTÔ7JFJSBEB4JMWB -JTCPB



NZHBMQ

."3ˆ0

04JOUSB .VTFVEF "SUF.PEFSOB SFDFCFBUªBP EJBEF+VMIP P8PSME1SFTT $BSUPPO "JOJDJBUJWBUFN DPNPPCKFDUJWP EJTUJOHVJSF EBSBDPOIFDFS PTNFMIPSFT USBCBMIPT QSPEV[JEPT FQVCMJDBEPT FNKPSOBJTPVSFWJTUBTOBT¢SFBTEFDBSUPPO FEJUPSJBM DBSJDBUVSBFEFTFOIPEFIVNPS EVSBOUFPBOPBOUFSJPS0Q»CMJDPQPEFS¢ BQSFDJBSDFSDBEFUSBCBMIPT EFUFS¨BGFJSB BEPNJOHP FOUSFBTFBTIPSB JODMVJOEP GFSJBEPT FYDFQUPPEFEF.BJP &OUSBEBMJWSF "5Š%&+6-)0 4JOUSB.VTFVEF"SUF .PEFSOB 4JOUSB


6HUYLÃRV NDWXUDO&RPIRUW

808 277 277 24hSRUGLD_GLDVDQR

Aquecimento Central A melhor solução de conforto está mais acessível s2UÃDPHQWRJUDWXLWR s(TXLSDPHQWRVGDPDUFD s,QVWDODÿRSRUWÅFQLFRVTXDOLILFDGRV s&RQGLÃÑHVHVSHFLDLVGHILQDQFLDPHQWR Para mais informações, consulte o catálogo ou vá a www.galpenergia.com



maygalp magazine 06