Issuu on Google+

/ÞNFSP %FMBMEFGFCSFSA

3FQPSUBUHF

"DUVBMJUBU

BOZTEBRVFMM %PTEFUJOHVUTEF IJTUÛSJDEF #BEBMPOBQFSJOUFOUBS HFOFS FTUBGBSNJMJPOT GFOUTFQBTTBSQFS EJSFDUJVTE"EJG

&TQBJ$

4*9&"35VOEFMT BSUJTUFTEFMB(BMFSJB .BZPSBMBMFYQPTJDJØ i%F$IJMMJEBB 4JYFBSUw

1PMÓUJDB

&MDPPSEJOBEPSEFM EJTUSJDUFSFQ BNFOBDFTEFNPSU JMJDSFNFOFMDPUYF 

5PDBUTQFMWFOU

"NCWFVQSÛQJB +PBO4PMFSJ"NJHØJ 0EJMF"SRVÏ  (SVQEBNJDT BOZP  'PUP3PTB#FSUPNFV

1PSUBEBJOEE

1FSTPOFT

2VJN.PSBMFT MPDVUPSEF3"$ JHVJPOJTUBEF57 i-B.BJUF"SRVÏTFSJBNPMU JNJUBCMFQFSBM1PMÛOJBw 




EUFFOMB EFTFOWPMVQBNFOU &MTNJMMPSTUSBDUBNFOUTOPRVJSÞSHJDTQFSBMUFVDPT

&TQF $PTNÒU #BSDFMPOB.VOUBOFS #BSDFMPOB(SBOEF(SËDJB  7JD3CMBEFM1BTTFJH 4BCBEFMM"WEB#BSCFSË #YT .BOSFTB1BTTFJH1FSF** 4UB$PMPNB(SBNFOFU4BOU3BNØO  #BSDFMPOB(SBOEF4BOU"OESFV 

#BEBMPOB"WEB.BSUÓ1VKPM  .BUBSØ4BOU+PTFQ #BSDFMPOB#BMNFT QSÛYJNBPCFSUVSB

4UZMBTFS1JOEE




BQSJNFSBTFTTJØ MJGUJOHGBDJBMrSFBGJSNBDJØEFQJUrSFEVDDJØEhBCEPNFO NFOUNVTDVMBSrGPUPSFKPWFOJNFOUrDFMrMVMJUJTrGPUPEFQJMBDJØrFUD

&TQFDJBMJTUFTFO'PUPEFQJMBDJØ USBDUBNFOUTDPSQPSBMTJGBDJBMT TNÒUJDBBWBOÎBEB4UZMBTFS-BNJMMPSUFDOPMPHJBBMUFVBCBTU

XXXTUZMBTFSDPN

4UZMBTFS1JOEE




VXPDUL %FOUSBEB "DUVBMJUBU 1PMÓUJDB &TQPSUT 3FQPSUBUHF 1FSTPOFT 4FUNBOBFO*NBUHFT &TQBJ$ "HFOEB

        

$JOFNFT   /PWFUBUT  -B-MBS  .FEJDJOBJ4BMVU  /FDSPMÛHJRVFT  $POTVMUPSJ-FHBM  "OJNËMJB  /JOT $BSUFTEFMT-FDUPST 

'PUP%FOÞODJB *NNPCJMJËSJB (BTUSPOPNJB (VJBEF4FSWFJT  5PU.PUPS 1BTTBUFNQT)PSÛTDPQT

$MBTTJmDBUT 5FOEÒODJFT 5FDOPMPHJB

        

)RWRDQWLJD

(SVQEBNJDT BOZP EFTRVFSSBBESFUB‹mMB+PBRVJN"MTJOB "VSPSBJ3PTB#FSUP NFV 3PTFS#SPTTB /FVT"MB×B /ÞSJB#SPTTB ‹mMB+PBO3PWJSB +BVNF'POU +PBRVJN$PTUB  +PBRVJN#FSUSBO +PSEJ4V×PM 'PUP$FEJEB3PTB#FSUPNFV 5PUIPNRVFEFTJUHJWFVSFQVCMJDBEBEFGPSNBHSBUVÕUBBMHVOBGPUPHSBmBTFWBBOUJHBEF#BEBMPOB .POUHBU J5JBOB QPUGFSMFTBSSJCBSBMBOPTUSBSFEBDDJØVCJDBEBB$-MFØ OB#BEBMPOB

r XXXFMUPUEJHJUBMDPN CBEBMPOB!FMUPUEJHJUBMDPN &%*5"4VCJSBUT4VCJSBUT&EJUPST4-/*'# %*44&/: (3®'*$ * ."26&5"$*» . 4VCJSBUT  - $BUBMÈO .-ØQF[ 47JMMÏO3&%"$$*».4VCJSBUT  $ $BSWBKBM  $ 5PSOFSP  (JOB EF 5FSB  + (BSDÓB  / 3JCØ "%.*/*453"$*» 9 4VCJSBUT  " 4PSJBOP  / 'FSSFS*.13*.&*9-JUPHSBmB3PTÏT%*1¾4*5-&("- # 0'*$*/&4$-MFØ   O B  #BEBMPOB r CBEBMPOB!FMUPUEJHJUBMDPNrXXXFMUPUEJHJUBMDPN %JTUSJCVDJØHSBUVÕUBB#BEBMPOB .POUHBUJ5JBOB 'BTBCFSRVFFEJUBMBSFWJTUBBNCQBQFSFDPMÛHJD TFHVJOU MFTOPSNBUJWFTFVSPQFFTWJHFOUT





QBHJOEE









-BSFEBDDJØEF3FWJTUFTFM505OPFTGBOFDFTTËSJBNFOU SFTQPOTBCMFEFMDPOUJOHVUEFMTBSUJDMFT PQJOJPOT JNJTT BUHFTDPNFSDJBMTDPNQSFTPTFOFMTFUNBOBSJ %hBDPSEBNCMBMFHJTMBDJØWJHFOUFONBUÒSJBEFQSPUFDDJØ EFMBDPNQFUÒODJB BRVFTUBFEJUPSJBMDPNVOJDBRVFRVFEB UFSNJOBOUNFOUQSPIJCJEBMBSFQSPEVDDJØUPUBMPQBSDJBM EFMTBOVODJT BSUJDMFT JNBUHFTPDPMrMBCPSBDJPOTRVF BQBSFJYFOFOBRVFTUBQVCMJDBDJØ mOTJUPUDJUBOUMBTFWB QSPDFEÒODJB-hFNQSFTBFEJUPSBOPBDUVBDPNBNJUKBO DFSBFOMFTUSBOTBDDJPOTRVFQVHVJOEFSJWBSTFEhBRVFTUB QVCMJDBDJØ OJFTSFTQPOTBCJMJU[BEFMBWFSJDJUBUEFMBQSP DFEÒODJBEFMFTEBEFTGBDJMJUBEFTQFMTBOVODJBOUT





727%DGDORQD








1MBOUJMMB#BTFJOEE













727%DGDORQD




DFWXDOLWDW

G HQWUDGD

&MWFOEBWBMEFWFOUEFJYBFMTFVSBTUSFB #BEBMPOB #BEBMPOBt$BUBMVOZBIBWJTDVU VOUFNQPSBMRVFIBUJOHVUFM WFOUDPNBQSPUBHPOJTUBJBNC FMCBMBOÎUSËHJDEFTFUQFSTP OFTNPSUFT FOUSFFMMFTRVBUSF OFOTB4BOU#PJEF-MPCSFHBU "#BEBMPOBFMWFOEBWBMUBNCÏ WBEFJYBSFMTTFVTFGFDUFTOFHB UJVT USFTQFSTPOFTGFSJEFTMMFVT  EFTFOFTEBSCSFTUPNCBUT WF IJDMFTBGFDUBUT EFTUSPTTBEF NPCJMJBSJVSCËJUBNCÏEFQSJWBU -"KVOUBNFOUEF#BEBMPOBWB UBODBSEJTTBCUF EVSBOUHSBO QBSUEFMEJB MFTJOTUBMtMBDJPOT FTQPSUJWFTNVOJDJQBMT&M1BSD EF$BM"SOÞTUBNCÏWBFTUBS UBODBUEJTTBCUFJUBNCÏEJMMVOT BMBUBSEBQFSFWJUBSRVBMTFWPM JODJEÒODJB &MWFOUEFJYBUSFTGFSJUTMMFVT B#BEBMPOB 5SFTQFSTPOFTWBOSFTVMUBSGF SJEFTMMFVTBMBDJVUBU"QSJNF SBIPSBEFMNBUJ EFEJTTBCUF  VOBQFSTPOBWBQBUJSGFSJEFT FOTFSDPMQFKBEBQFSVOBUBODB EPCSB BMB[POBEFMBQMBÎB EF1FQ7FOUVSB"M)PTQJUBM 



%&OUSBEBJOEE





EF $BO 3VUJ  VO USFCBMMBEPS WBSFTVMUBSGFSJUQFSMBDBJHVEB EVOPCKFDUF JBMBCBOEBEFMB DBGFUFSJB EFMNBUFJYIPTQJUBM  VOBEPOBWBSFTVMUBSGFSJEBMMFV RVBOMJWBDBVSFQBSUEVOTPTUSF EVSBMJUB

&MUFNQPSBMEFJYBNPMUT EFTQFSGFDUFTB#BEBMPOB "QBSUEFMFTEFTFOFTEBSCSFT UPNCBUTQFMWFOU BMHVOEFGPSÎB HSBO UBNCÏWBODBVSFUBORVFT QVCMJDJUËSJFT NVST DBCMFTFMÒD USJDTJUFMFGÛOJDT PDPOUFOJEPST 5BNCÏOPNCSPTPTWFIJDMFTWBO SFTVMUBSBGFDUBUTQFSMBDBJHVEB EBSCSFTJQBSUTEFEJGJDJT"M $BNQEF'VUCPMEF4BOU3PD WBDBVSFVONVS TFOTFRVF TIBHVÏTEFMBNFOUBSDBQEBOZ QFSTPOBM"MB[POBEFM3FTUBV SBOU$BO%FWFTB BMB7BMMFO TBOB FMGPSUWFOUWBGFSUPNCBS  EFTPDBSFM NÏTEFRVBSBOUB QJOT"CBOEBEFMTBSCSFTBGFD UBUTEJOTFMOVDMJVSCË M®SFB EF.FEJ"NCJFOUJ.PCJMJUBUEF M"KVOUBNFOUWBDPNQUBCJMJU[BS VODFOUFOBSEBSCSFTBGFDUBUTB MBTFSSBMBEBEF.BSJOB BMHVOT EFMTRVBMTWBOEJmDVMUBSFMQBT QFSQJTUFTGPSFTUBMT%VSBOUMB UBSEBJMBOJUEFEJMMVOTFMT#PN CFSTUBNCÏWBSFBMJU[BSEJWFSTFT TPSUJEFTQFSBSCSFT BGFDUBUT QFMWFOU VOEBRVFTUTBMDBSSFS 'SBODFTD-BZSFU

&MT#PNCFSTJMB(VËSEJB 6SCBOBEFTCPSEBUTQFMHSBO OPNCSFEFUSVDBEFT &MT#PNCFSTJMB(VËSEJB6S CBOBWBOSFCSFVOHSBOOPN CSFEFUSVDBEFTSFMBDJPOBEFT BNCFMWFOU4FHPOTMBMDBMEF EF#BEBMPOB +PSEJ4FSSB FMT UFMÒGPOTEFMB(VËSEJB6SCBOB WBOSFCSFBMWPMUBOUEVOFT USVDBEFTSFMBDJPOBEFTBNCFM WFOU4FSSBIBEFTUBDBURVF FMEJTQPTJUJVFTQFDJBM IBCJMJUBU QFSM"KVOUBNFOU WBGVODJPOBS  JFMTEJGFSFOUTEFQBSUBNFOUT NVOJDJQBMTWBOUSFCBMMBSDPO KVOUBNFOUEBWBOUFMUFNQPSBM &MDPOTJTUPSJWBSFGPSÎBSFMTTFS WFJTEFOFUFKB FTWBOSFGPSÎBS BNCFRVJQTEFQFSTPOFT FMEJTTBCUFJEFQFSTPOFTFM EJVNFOHF 







727%DGDORQD




-FTYJGSFTEFMWFOEBWBM B#BEBMPOB

DFWXDOLWDW

$BSMFT$BSWBKBM

RVJMPNFUSFTQFSIPSBEFSBUYFTEFWFOUFOBMHVOTCBSSJT CBEBMPOJOT

RVJMPNFUSFTQFSIPSBB4BOU"OUPOJEF-MFmË

RVJMPNFUSFTQFSIPSBBM$FOUSFEF#BEBMPOB

TPSUJEFTWBOSFBMJU[BSFMTCPNCFST FOUSFEJWFOESFTBMFT IJEJMMVOTBMFTI SFMBDJPOBEFTBNCFMWFOEBWBM

USVDBEFTSFMBDJPOBEFTBNCFMWFOUBMB(VËSEJB6SCBOB EF#BEBMPOB

BDUVBDJPOTSFMBDJPOBEFTBNCDBJHVEBEBSCSFT

'PUPHSBmFTt&MTCPNCFSTOPWBO QBSBSEFUSFCBMMBSEVSBOUUPUBMB KPSOBEBEFEJTTBCUF"MBGPUP  #PNCFSTEF#BEBMPOBUSFCBMMBOUBM MBUFSBMEFMB# B$BOZFUt6O HSBOQJWBDBVSFBM"WJOHVEB.BSUÓ 1VKPM EBWBOUFM1BSDEF$BO#BSSJHB t%JWFSTPTBSCSFTUPNCBUTBMB[POB EFMCBSSJEF4BOU3PDt"SCSFUPNCBU BM"WJOHVEBEF4BOU*HOBTJEF-PJPMB t$BEJSFTJUBVMFT EVOBUFSSBTTB  UPNCBEFTBMCBSSJEF.POUJHBMË $$BSWBKBMr(JOBEF5FSB

727%DGDORQD

%&OUSBEBJOEE





BDUVBDJPOTQFSDBJHVEBPSJTDEFDBJHVEBEFMFNFOUTEFEJmDJT

BDUVBDJPOTQFSSFUJSBSNPCJMJBSJVSCËPUBORVFTQVCMJDJUËSJFT














DFWXDOLWDW

DFWXDOLWDW

$BSMFT$BSWBKBM

%PTEFUJOHVUTEF#BEBMPOBQFSJOUFOUBS FTUBGBSNJMJPOTGFOUTFQBTTBSQFSEJSFDUJVT E"EJG WBOPGFSJSBVOBFNQSFTBEF TFHVSFUBUJBVOBBMUSBEFOFUFKB MBQPTTJCJMJUBUEFGPSNBMJU[BSDPO USBDUFTEFTFSWFJTQFSBEJWFSTFT FTUBDJPOTEF3PEBMJFTQFSWBMPS EFUSFTNJMJPOTEFVSPT "NÏT UBNCÏWBOQSPQPTBSB BRVFTUFTJBBMUSFTFNQSFTFT QSPQJFUBUTJNNPCJMJËSJFTRVF FOSFBMJUBUFSFOEFQBSUJDVMBST RVFOPUFOJFOSFTBWFVSFBNC FMDBTBVOQSFVQFSTPUBEFM EFNFSDBU QFSMFTRVBMTBMHVOT WBOQBHBSJNQPSUBOUTQBHVFTJ TFOZBMTPMBUPUBMJUBUEFMJNQPSU  mOTBVOTFVSPT    

t&MT.PTTPTE&TRVBESBWBOEFUFOJSMBQBSFMMB B#BEBMPOB.PTTPTE&TRVBESB    

# B E B M P O B  t  & M T  . P T T P T E&TRVBESBWBOEFUFOJS MBTFU NBOBQBTTBEB B#BEBMPOB VOBQBSFMMB 'SBODJTDP-$J EFBOZTJ.JSFJB#* EF BOZT RVFQSFTVNQUBNFOUWBO BEKVEJDBS  QJTPT RVF OP MJ QFSUBOZJFO JDPOUSBDUFTEFTF HVSFUBUJOFUFKB GFOUTFQBTTBS QFSEJSFDUJVTEFM"ENJOJTUSBEPS E*OGSBFTUSVDUVSFT'FSSPWJËSJFT "EJG VOBFTUBGBRVFTJTIBHVÏT DPOTVNBUIBVSJBTVQFSBUFMT NJMJPOTEFVSPT4FHPOTIBJO GPSNBUMBQPMJDJBDBUBMBOB FMM

EFJBRVFFSBFMEJSFDUPSHFOF   SBMEPQFSBDJPOTE"EJGDËSSFD JOFYJTUFOUJFMMBMBTFWBBEKVOUB "NCVOBNPMUCPOBQPTBEBFO FTDFOB TFHPOTFMT.PTTPT J VOJNQPSUBOUHSVJYEFEPDVNFO UBDJØGBMTJmDBEB BDPOTFHVJFO HVBOZBSTFMBDPOmBOÎBEFMFT TFWFTWÓDUJNFT&MTBSSFTUBUTOP UFOJFODBQSFMBDJØBNCFMHFTUPS GFSSPWJBSJ JTFHPOTMBQPMJDJB  "EJGÏTVOQFSKVEJDBUNÏTEVOB MMBSHBMMJTUBEBGFDUBUT RVFTØO NÏTEFQFSTPOFT BMHVOFT EF#BEBMPOB&MTFTUBGBEPST

$BNQBOZBEFQVCMJDJUBU -BQBSFMMBWBEFNBOBSBVOBEF MFTTFWFTWÓDUJNFT BRVJIBWJFO iWFOVUwVOQJT RVFBENJOJT USBWBVOBBHÒODJBEFQVCMJDJ UBU RVFFMTGFTVOBDBNQBOZB QVCMJDJUËSJB FOHBOZBOUMBQFS EPOBSNÏTDSFEJCJMJUBUBJYÓBMB TFWBFTUBGB&MSFTVMUBUWBTFS VOBDBNQBOZBUFMFWJTJWBBOPN E"EJGQFSWBMPSEF FVSPT FVSPTQFSESFUT EFMFTQPU JFVSPT QFSMFTEFTQFTFTEFDSFBDJØB NÏT FTWBOSFTFSWBSFTQBJTFO FMTNJUKBOTEFDPNVOJDBDJØQFS USFTNJMJPOTEFVSPT RVFOPFT WBOQBHBS

5PUTFMTUSFOTQBSBSBOB .POUHBUJ.POUHBU/PSEB QBSUJSEFEJTTBCUF

3FOGFDBOWJBFMTIPSBSJT  JFMTWJBUHFTBNCPSJHFOJ EFTUJOBDJØB#BSDFMPOB

3FOGF3PEBMJFTIBDPNVOJDBUB M"KVOUBNFOUEF.POUHBURVFB QBSUJSEBRVFTUEJTTBCUFEF HFOFSUPUTFMTUSFOTEFMTFSWFJ TBUVSBSBOFOUPUTFMTIPSBSJTB MFTEVFTFTUBDJPOTEFUSFOEFM NVOJDJQJ .POUHBU J .POUHBU /PSE-"KVOUBNFOU IBDPOWP DBUBMTDJVUBEBOTBVOBQFSJUJV QPQVMBS BRVFTU EJVNFOHF B MFTI BMB1MBÎBEFMFT.B MMPSRVJOFT

-FTPCSFTEFM5(7B#BSDF MPOBBGFDUBSBOEFNBOFSBEJ SFDUBFMT3PEBMJFTRVFDJSDVMFO QFS #BEBMPOB J .POUHBU " QBSUJSEBRVFTUEJTTBCUF 3FOGF DBOWJBSËFMTIPSBSJTJMBUJQPMP HJBEFMTUSFOTQFSBEBQUBSTF BMFTOFDFTTJUBUTEFMPCSB" NÏT MBDPNQBOZJBKBIBBOVO DJBURVFFMUFNQTEFMTWJBUHFT TBMMBSHBSËVOBNJUKBOBEFOUSF TJTJPO[FNJOVUT

7DPEÉÉVQRWÍFLD -B(VËSEJB$JWJMJOUFSWÏB #BEBMPOBSPCBGBMTJmDBEB QFSVOWBMPSEF FVSPT -B (VËSEJB $JWJM WB JOTQFD DJPOBS MBTFUNBOBQBTTBEB  EJWFSTPTMPDBMTDPNFSDJBMTEF #BEBMPOBPOFTWBOJOUFSWFOJS EJWFSTFT QFDFT EF SPCB EF EJGFSFOUTNBSRVFT QSFTVNQUB NFOUGBMTJmDBEFT QFSVOWBMPS EFFVSPT-B(VËSEJB $JWJMWBJOUFSWFOJSEJWFSTFTQF DFT EF SPCB EF DPOFHVEFT NBSRVFT 

"DUVBMJUBUJOEE















727%DGDORQD




727%DGDORQD

1MBOUJMMB#BTFJOEE













                




DFWXDOLWDW

$BSMFT$BSWBKBM

$BO3VUJFOWJB4.4BQBDJFOUTBNCIFQBUJUJT$QFSRVÒ OPBCBOEPOJOFMUSBDUBNFOU $BOZFUt-)PTQJUBMEF$BO3VUJ IBQPTBUFONBSYBVOBJOJDJBUJ WBQFSRVÒFMTNBMBMUTEIFQBUJUJT $ QSFOHVJO CÏ MB NFEJDBDJØ BNCMFOWJBNFOUEFNJTTBUHFT EFUFYUQFSNÛCJMQFSFWJUBSRVF BCBOEPOJOFMUSBDUBNFOU&MT 4.4FTEJSJHFJYFOBVOHSVQ EFQBDJFOUTTFMFDDJPOBUT EJ SJHJUTBQSFWFOJSJTPMVDJPOBS QSPCMFNFT SFMBDJPOBUT BNC

FMUSBDUBNFOUEFMBNBMBMUJB -BJOJDJBUJWBFTUËDPPSEJOBEB EFTEFM4FSWFJEF'BSNËDJBEF $BO3VUJ FODPMtMBCPSBDJØBNC FM 4FSWFJ E"QBSFMM %JHFTUJV "DUVBMNFOU IJIBQBDJFOUT JODMPTPT EJOT EFM QSPHSBNB  RVFFTUBONPMUTBUJTGFUTBNC MBJOJDJBUJWB&MTNJTTBUHFTRVF TFOWJFOBMTNBMBMUTTØOEJGF SFOUTFODBEBFUBQBEFMUSBD

UBNFOUJJODJEFJYFO TPCSFUPU B QSFWFOJSFMTFGFDUFTBEWFSTPT RVFFTQSFTFOUFOBNCNBKPS GSFRàÒODJB-IFQBUJUJT$ÏTVOB NBMBMUJBDSÛOJDBRVFSFRVFSFJY VOUSBDUBNFOUMMBSHJBDPNQBO ZBUTPWJOUEFGFDUFTBEWFSTPT  DPTBRVFQSPWPDBRVFNPMUT NBMBMUTBDBCJOBCBOEPOBOUMB NFEJDBDJØPQSFOFOUMBEFNB OFSBJODPSSFDUB

&TQSFTFOUFOQSPKFDUFTQFSEFmOJSMBVSCBOJU[BDJØ EFM*MMB$FOUSBM DPOTJEFSBURVFFMHSBOOPNCSF EFQSPQPTUFTQSFTFOUBEFTBM DPODVSTEFNPTUSFOMBJNQPSUËO DJBJMBUSBDUJWJUBUEBRVFTUQSP KFDUF%FMUPUBMEFQSPKFDUFT QSFTFOUBUTTFTFMFDDJPOBSBOFO VOBQSJNFSBGBTFQSPQPTUFT 1PTUFSJPSNFOU  FMT  FRVJQT TFMFDDJPOBUTIBVSBOEFQSFTFO UBSVOBQSPQPTUBUÒDOJDBJVOB NBRVFUB+PSEJ4FSSBIBBTTF HVSBURVFMBEFDJTJØEFTDPMMJS VOQSPKFDUFOPWJOESËNBSDBEB QFMDBMFOEBSJTJOØQFSMFMFDDJØ EVOQSPKFDUFEFRVBMJUBURVF DPNQUJBNCFMWJTUJQMBVEVOKV SBURVFJOUFHSJSFQSFTFOUBOUTEF EJWFSTPTËNCJUT&MHVBOZBEPS SFCSËVOBEPUBDJØEF FVSPTJMFODËSSFDEFMQSPKFDUF -BSFTUBEFTFMFDDJPOBUTSFCSË FVSPT

t&TUBUBDUVBMEFMFTPCSFTEFM*MMB$FOUSBM

$PMMJ1VKPMt-"KVOUBNFOUEF #BEBMPOBIBSFCVUVOUPUBMEF QSPKFDUFTQFSBMDPODVSTDPO WPDBUQFSEFmOJSMBVSCBOJU[BDJØ JMBWPMVNFUSJBEVOFEJmDJEPUB DJPOBMBM*MMB$FOUSBM%FOUSFUP UFTMFTQSPQPTUFT TJTIBOFTUBU

QSFTFOUBEFTQFSBSRVJUFDUFTEF #BEBMPOB USFTIBOBSSJCBUEFT EFTUVEJTEBSRVJUFDUFTFVSP QFVTJMBSFTUBIBOFTUBUEJTTFO ZBEFTQFSBSRVJUFDUFTDBUBMBOTJ EFMBSFTUBEFM&TUBU-BMDBMEF EF#BEBMPOB +PSEJ4FSSB IB

7DPEÉÉVQRWÍFLD /PWBPSEFOBOÎB SFHVMBEPSBEPCSFT NFOPSTB#BEBMPOB

"DPNJBEBNFOUTB MFNQSFTBCBEBMPOJOB -BCPS4"

1SFTFOUFOFMQSPKFDUF QFSSFNPEFMBSFMT DBSSFST#BMNFT 4BOUJBHP J3BGBFM$BTBOPWB

-"KVOUBNFOUEF#BEBMPOBIB DPOTUJUVÕU VOB DPNJTTJØ QFS SFEBDUBSMBWBOUQSPKFDUFEVOB OPWB PSEFOBOÎB SFHVMBEPSB EPCSFTNFOPST&MDPOTJTUPSJ UÏ MB WPMVOUBU EF NJMMPSBS M FGJDJÒODJB J EJTNJOVDJØ EFMT UFSNJOJT EF DPODFTTJØ  RVF FO BMHVOT DBTPT FSFO GPSÎB MMBSHT

-FNQSFTB-BCPS4"IBBDP NJBEBU B DJOD USFCBMMBEPST  NÏTEFMBNFJUBUEFMBQMBOUJMMB QSPEVDUJWB BMHVOTEFMTRVBMT QPSUBWFO NÏT EF  BOZT B MFNQSFTB 4FHPOTIBOFYQMJDBUFMTUSFCB MMBEPSTMFNQSFTBOPIBQSF TFOUBUDBQFYQFEJFOUEFSFHV MBDJØ EPDVQBDJØ -FNQSFTB OPQFOTBUBODBS

-FTBTTPDJBDJPOTJFOUJUBUTEFMT CBSSJTEF4BOU3PD "SUJHVFTJFM 3FNFJIBOSFCVUMBQSFTFOUB DJØEBRVFTUBSFNPEFMBDJØ&M QSPKFDUFUÏFODPNQUFBMHVOFT EFMFTBQPSUBDJPOTGFUFTQFS MFTFOUJUBUTFOVOBTFTTJØEF USFCBMMSFBMJU[BEBFMQBTTBUNFT EFTFUFNCSF"RVFTUBBDUVBDJØ TFNNBSDBFOFM1MBEFCBSSJT EF#BEBMPOB4VE



"DUVBMJUBUJOEE















727%DGDORQD




/PWBGBTFEFSFNPEFMBDJØEFMT &MTDJOFNFT DBSSFSTEFMDBTDBOUJDEF5JBOB 1JDBSPMDFEFJYFO

DFWXDOLWDW

$POTVMUBUPUBMhBDUVBMJUBUBXXXFMUPUEJHJUBMDPN

EVFTQBOUBMMFTBM $ÓSDPM$BUÛMJD

t&MQBWJNFOUEFMB1MBÎBEFMT1FJYPTTFSËSFNPEFMBU

5JBOB t 1BSU EFM DBTD BOUJD EF 5JBOB DBOWJBSË EF DBSB -"KVOUBNFOUEF5JBOBIBFMB CPSBUFMQSPKFDUFEFMBTFHPOB GBTFEFSFNPEFMBDJØEFMTDB SSFST EFM DBTD BOUJD "RVFTU QSPKFDUF RVFUÏVOQSFTTVQPTU FOUPSOFMT NJMJPOTEFVSPT  FTUBSËmOBOÎBUQFM'POT&T UBUBME*OWFSTJØ-PDBM%VSBOU FM TFHPO USJNFTUSF EBRVFTU BOZ TJOJDJBSË MFYFDVDJØ EF MFTPCSFTEFSFNPEFMBDJØEFMT DBSSFST &MTDBSSFSTRVFFTSFNPEFMB SBOTFSBOFMDBSSFS4BOU7B MFOUÓ FMTTFVTDBSSFSTUSBOT

t&M$ÓSDPM$BUÛMJDIBSFCVUEVFT QBOUBMMFTEFMT1JDBSPM/3JCØ

WFSTBMTRVFWBOmOTMB3JFSB EF5JBOB 4BOUB.BSJB 4BOU 'SBODFTD  -B 1BV  5FMÒGPO  FM DBSSFS +BVNF "NBU EF 'SBODJB7JMFTB MB1MBÎBEFMT 1FJYPT FMDBSSFS#BJYBEBEF MFT &TDBMFT  MFT FTDBMFT EFM DBSSFS 4BOU 'SBODFTD FOUSF .BSRVÒT EF .POJTUSPM J .F EJUFSSBOJ JMFTFTDBMFTEFMB 1MBÎB EF M&THMÏTJB %BMUSB CBOEB M"KVOUBNFOUIBDPO WPDBUBMTUJBOFODTEBRVFTUT DBSSFSTBVOBSFVOJØJOGPSNB UJWB RVF UJOESË MMPD FM EJB  EFGFCSFSBMFTIBMB4BMB "MCÒOJ[

#BEBMPOBt-BEJSFDDJØEFMT D J O F N F T 1J D BS P M I B D F E J U EVFT  EF MFT DJOD QBOUBMMFT  RVFIJIBWJBBMTDJOFNFTEF MB1MBÎBEFMB7JMBQFSMFOUJUBU CBEBMPOJOBEFM$ÓSDPM$BUÛMJD -B EPOBDJØ EF MFT QBOUBMMFT J EF NBUFSJBM WB UFOJS MMPD MB TFUNBOB QBTTBEB J TFS WJSË QFSRVÒMFOUJUBUQVHVJSFBMJU[BS TFTTJPOTEFDJOFNB3FDPS EFNRVFFMTDJOFNFTEFM$FO USFEF#BEBMPOBWBOUBODBSFM QBTTBUEFEFTFNCSF

1SFJOTDSJQDJPOTQFSBMB OPWB3FTJEÒODJBQFSB (FOU(SBOEF5JBOB

5JBOBPSHBOJU[BVOB QMBOUBEBQPQVMBSB MFOUPSOEFMB'POUEF M"MCB

4JOJDJBFMDJDMFEF DPOGFSÒODJFT3FUBMMTEF .BSBNCi&MNJTUFSJEFMB HBNCBSPTBEBw

-FTQFSTPOFTJOUFSFTTBEFTKB FTQPEFOQSFJOTDSJVSFBMBOP WB3FTJEÒODJB4BOU$FCSJËEF 5JBOB UBOUDPNQFSBJOHSFTTBS DPNQFMDFOUSFEFEJB5BN CÏMFTQFSTPOFTRVFWVMHVJO USFCBMMBSIJQPEFODPOOFDUBS EJSFDUBNFOUBUSBWÏTEFMBQË HJOBXFC5PUBMBJOGPSNBDJØMB USPCBSFVBMBQËHJOBXFC < >XXXTBOUDFCSJBOFU

1FS Ò BOZ  MB 3FHJEPSJB E6SCBOJTNF IBCJUBUHFJ.FEJ "NCJFOUEFM"KVOUBNFOUEF5JB OBPSHBOJU[BMB1MBOUBEBQPQVMBS  RVFUJOESËMMPDBMFOUPSOEFMB 'POUEFM"MCB BRVFTUEJVNFOHF EFGFCSFSEFMFTPO[FEFMNBUÓ BMFTEVFTEFMNJHEJB-FOUPSO EFMB'POUEFM"MCBÏTMBVOBEF MFTQPSUFTQSJODJQBMTEFOUSBEBBM 1BSDEFMB4FSSBMBEBEF.BSJOB

-&TDPMB EFM .BS EF #BEB MPOB TFSË MFTDFOBSJ BRVFTU EJKPVT BMFTI EFMDJDMFEF $POGFSÒODJFT3FUBMMTEF.BS  BNCMBQSJNFSBDPOGFSÒODJB YFSSBEBEBRVFTUBOZUJUVMBEB i&MNJTUFSJEFMBHBNCBSPTB EBw-BDUFBOJSËBDËSSFDEFM EPDUPSFODJÒODJFTEFMNBSJ DJFOUÓGJD 1FSF1VJH"MFOZË

7DPEÉÉVQRWÍFLD

727%DGDORQD

"DUVBMJUBUJOEE













                




RSLQLÓ

DPEYHXSUÒSLD -FTNBUFJYFTQSFHVOUFT RVFGBBOZT

/JCÏOJNBMBNFOU TJOØUPUFMDPOUSBSJ 0EJMÏ"SRVÏ

+PBO4PMFSJ"NJHØ

-BOZFTWBJOBVHVSBSFMUFBUSF;PSSJMMB&M&DP EF#BEBMPOBFMEFTDSJWJBDPNiVOMJOEPDPMJTFP EFMVKPPSJFOUBMZHVTUPBSUÓTUJDPRVFSJWBMJ[BDPO NVDIPTEFSFOPNCSBEBTDJVEBEFTw4IJWBGFS UFBUSF*ÛQÒSB*TPOBUTCBMMTEF$BSOBWBM)JWBO BDUVBSFMTBDUPSTCBEBMPOJOT&OSJD#PSSËTJ.BSHB SJEB9JSHV'JOTRVF DPOWFSUJUFODJOFEFQBUBDBEB  FMWBUBODBS*MBOZ FMOPV"KVOUBNFOU EFNPDSËUJDWBJOJDJBSMFTHFTUJPOTQFSBERVJSJSMB TBMBJJNQVMTBSVOBEJOËNJDBUFBUSBMBMBDJVUBU*FM FM;PSSJMMBWBUPSOBSBBJYFDBSFMUFMØ 1FSÛ BMDPTUBUEFMBIJTUÛSJBPmDJBM DBMFTNFOUBS M"TTPDJBDJØEFMT"NJDTEFM;PSSJMMB(VBSEPFMEP TTJFSEFMFT+PSOBEFTEF%FCBUEFNBJHEF IJWBOQBSUJDJQBS%PNÒOFDI3FJYBDI EJSFDUPSEFM $FOUSF%SBNËUJDEFMB(FOFSBMJUBU+PBO"OHVFSB  EFM$FOUSF%SBNËUJDEFM7BMMÒT'FSSBO.BTDBSFMM  HFSFOUEFM*$6#+PBO'SBODFTD.BSDP BDUVBM HFSFOUEFM-JDFV%BOJFM.BSUÓOF[ EF'0$64 FMQSFTUJHJØTEJSFDUPS+PBO0MMÏ1BDP$BOEFM FMQFSJPEJTUB1FQF3PESÓHVF["OESFV4PMTPOB  HFSFOUUFBUSBM"SNPOÓB3PESÓHVF[$BSMFT4BOT EFM5SJDJDMF 5BNCÏDPOTFSWPFMUFYUMMFHJUBM1MF.VOJDJQBMEF EFHFOFSEF SFDMBNBOUQFSFOÒTJNBWFHBEB MJOJDJEFMFTPCSFTJGPSNVMBOUQSFHVOUFTDPN i2VÒTFOGBSË EFM;PSSJMMB 2VJFMHFTUJPOBSË  $PNFTHFTUJPOBSË 5FOJNVO$POTFSWBUPSJEFMT NÏTCFODPOTJEFSBUTEFMQBÓTVOnPSFUEBDUPST EFMBNÏTBMUBRVBMJUBUSFDMBNBUTQFMTUFBUSFTNÏT QSFTUJHJPTPTEBOTBJSFTRVFOPNÏTTØODPOFHVUT  QFSBWFSHPOZBOPTUSB GPSBEF#BEBMPOB*KPWFT SFQBSUJUTQFS*OTUJUVUTEF5FBUSF $POTFSWBUPSJT  &TDPMFTEF#BMMFU RVFNBMEFOQFSTFSVOTCPOT QSPGFTTJPOBMT#BEBMPOBUÏVOBUSBEJDJØUFBUSBM JNVTJDBMEFHSBODBMBU5PUBJYÛDBMRVFCVMMJBM ;PSSJMMBw %FMTNFVTBQVOUTEFMFT+PSOBEFTEF%FCBUFN RVFEPBNCBRVFTUBSFnFYJØEF+PBO0MMÏi&MUFB USFÏTVOTFSWFJQÞCMJD DPNMBJHVB MBMMVNPFMHBT 1FSÛFMTFSWFJQÞCMJDIBBHBGBUFMWJDJTEFMQSJWBU JFM QSJWBUMFTQFSTQFDUJWFTEFMQÞCMJD"SBOPFTQSFUÏO NJMMPSUFBUSFTJOØNJMMPSUBRVJMMB)FNEFDSFBSBNC BMUSFT GFSDPQSPEVDDJPOT2VFFMTUSBOTBUMËOUJDT OPJNQFEFJYJOEFOBWFHBSMFTCBSRVFUFTw $FMFCSBSFMTBOZTEFMBDUVBM;PSSJMMBWPMEJS DPNNFNPSBS UPSOBSBQSFHVOUBSOPTFMRVFGB NÏTEFEFVBOZTFOTQSFHVOUËWFNJRVFFODBSB OPIBOUSPCBUVOBSFTQPTUBWËMJEB

"WVJOPSPOEJOBSÏ UPUJRVFEFNPUJVTQFSSPO EJOBSOPFOTFOGBMUFO OJBWPTUÒTOJBNJ/P FNOFHBSBORVFIJIBEJFTRVFOPTBQTDBQ POHJSBSUFQFSRVÒ NJSJTPONJSJT TFNQSFIJIB BMHÞEJTQPTBUBFTHVFSSBSUFFMEJB QFSOPEJSMB TFUNBOBPUBOUEFUFNQTDPNDBMHVJ/PFOT GBMUFOTPOBUTDPOWFOÎVUTEFTUBSFOQPTTFTTJØ EFMBWFSJUBUOJQPMÓUJDTTBMWBEPSTEFQËUSJFTRVF EFTHBWFMMFOUBOCPOQVOUMFTUFOFOBMFTNBOT /PFOTGBMUFOEFTBTUSFTOBUVSBMTOJEFTDFSFCSBUT RVFSFQBSUFJYFONBMBUPSUJBESFU/PFOTGBMUFO TJNQMFTBOUJQËUJDTOJNBMDBSBUTDPNQVMTJVT%F UPUBJYÛ FOTFOTPCSBJ QFSUBOU BWVJOPIJEF EJDBSFNOJVONJOVU"GFSQVOZFUFT 4BCFORVÒNBHSBEB &OBRVFTUBDBTBOPTUSB RVFQSFTVNFJYEFiDJVUBUwJRVFKPFTUJNPQSF DJTBNFOUQFSRVÒÏTiQPCMFwNBHSBEBUSPCBSIJ QFSTPOFTEBRVFMMFTRVF BUSBGFHBUTDPNBOFN JBNCQPRVFTHBOFTEFOUSFUFOJSOPT KBOP FTQFSBSÓFNUSPCBS(FOURVFGBUSBORVJMtMBNFOU FMTFVPmDJQFMCBSSJBNCBRVFMMBOBUVSBMJUBU  EVSBOUBOZT RVFTBCFOBNCRVJOBQBSSÛRVJB FTUSPCFOJUFOFOMBDVSJPTJUBUKVTUBQFSTBCFS RVÒOFDFTTJUFNTFOTFmDBSIJNBTTBFMOBT* QFSFYFNQMFFMTQBSMPEFMDBSUFSEFMNFVCBSSJ %FMNFVDBSUFS'BNÏTEFEFVBOZT EFTRVF WBJHBOBSBQBSBSB#BJYB.BS RVFFO1TBQPO WJTD TBQTJIFNVEBUEFDBTB TBQTJVOBDBSUB ÏTQFSNJPOPFODBSBRVFQPSUJMBNFWBBESFÎB  TBQRVBOFNUSPCBSËQFSOPIBWFSEFEFJYBS NFBRVFMMTBWJTPTEFDPSSFVUBOBOUJQËUJDT TJ FOTWFJFNQFMDBSSFSFOTTBMVEFNJFNEJVRVÒ NIBEFJYBUBMBCÞTUJB4FO[JMMBNFOU FO1TBQ GFSFMTFVPmDJ* TFO[JMMBNFOU BRVFTUPmDJEFV TFSNPMUNÏTHSBURVBOFMQPUTGFSFOVOMMPDEF EJNFOTJPOTIVNBOFTJFOWPMUBUEVOBWJEBEF EJNFOTJPOTIVNBOFT "JYÛFNSFDPSEBRVBO BMDPNFOÎBNFOUEF MÒYPEFDBQBMFTVSCBOJU[BDJPOTNFUSPQPMJUBOFT  BMHÞWPMJBDPOWÒODFSMB.BSJB"VSÒMJB$BQNBOZ EFMFTCPOEBUTEFMBTPMJUVEEFMTBGPSFTEFMB DJVUBUi'VJH GVJHw EFJBFMMB iRVFUBOUBDBMNBFN GBSJBQPS"NJNBHSBEBWJVSFFOWPMUBEBEFHFOU  DPOÒJYFSFMCBSSJ UFOJSFMGPSOJFMRVJPTDBRVBUSF QBTTFT TBCFSDPNTFEJVFOFMDBSUFSJMBQFJYB UFSB-BWJEBBOÛOJNBRVFEBNPMUCÏ QFSÛTJFU NPSTFOVOBDBOUPOBEBOJOHÞTFOBEPOBw *ÏTFO1RVJNIJIBGFUQFOTBS FMNFVDBSUFS  RVFUÏMBDVSJPTJUBUKVTUBQFSGFSFMTFVPmDJDPN BNJNBHSBEB *BNCWPTUÒT FOTUPSOBSFNBUSPCBSEBWVJFO RVJO[F &NÒTFMEFHFOFSEFMB3$#



0QJOJPJOEE















727%DGDORQD




025(5$

3LVRKDEGREOHVEDxR\ FRFLQDDUUHJODGRVVXHORGHJUHV FDUSLQWHULDH[WHULRUGHDOXPLQLR /,6723$5$(175$5$9,9,5 ¼376

6$172&5,672

3LVRFRQKDE727$/ 0(17(5()250$'2VDOyQ FRQVDOLGDDEDOFyQDLUHIUtRFDORU ,'($/3$5(-$6 ¼376

//(),¬%$-$

6$172&5,672

3(39(1785$

6,675(//6

&(175( $SDUWDPHQWRHVWXGLR P&35,0KDEFRFLQD HTXLSDGD¿QFDSRFRVYHFLQRV FRQDVFHQVRU683(5=21$ ¼376

3LVRKDE727$/ 0(17(5()250$'2GXFKD FRQKLGURPDVDMHFDOHIDF\DD SDUNHWžDOWXUDUHDO ¼376

2)(57$3LVR$5()25 0$5$68*8672KDELWDFLRQHV \PSRFRVYHFLQRV %,(1&2081,&$'2 ¼376

3LVR727$/05()250$'2 KDEVDOyQPHQDPELHQWHV \VDOLGDDEDOFyQSDUNHWSKD\D WHUUD]DFRPXQDVF /,6723$5$(175$5 ¼376

3$6(2'(/$6$/8'

&$1<$'Ï

3LVRKDE GREOHV EDxR \FRFLQDFRQVHUYDGRVVDOyQFRQ VDOLGDDEDOFyQ08<%,(1',675, %8,'2,'($/3$5(-$6 ¼376

-81723/$<$ 3LVRP\KDE),1&$ &21$6&(1625EDxR\FRFLQDUHIRU PDGRVVDOyQFVDOLGDDEDOFyQSDUNHW /,6723$5$(175$5$9,9,5 ¼376

3LVRHQ%$55,0$1 5(6¬FRQKDE/,6723$5$ 9,9,5DPXHEODGRLGHDOSDUHMDV ¼376

%8)$/¬ 3LVRHQ'552%(57FRQ KDE,'($/3$5(-$6WHUUD]D DLUHIUtRFDORU5()250$'2]RQD UHFUHDWLYDFRPXQLWDULD ¼376

&$1<$'Ï

%8)$/¬ È7,&2P7(55$=$ PKDEFRFLQDRI¿FHDLUHIULR FDORU08<62/($'2DVFHQVRU 'LVSRQLEOH-XOLR ¼376

3(39(1785$

3LVRKDEGREOHVH[W FRFLQD\EDxRUHIRUPVDOyQFRQ EDOFyQ%,(1&2081,&$'2 FDOHI\DD,'($/3$5(-$6 ¼376

6$17$'5,¬

È7,&2FRQ7(55$=$ GHPKDE GREOHV  JUHV\SDUNHWFDOHIDFDDFRQG $6&(1625 ¼376

3LVRGHP\KDE 72'2(;7(5,25EDxR\FRFLQD UHIRUPDGRVFDOHIDFVDOyQP HQDPELHQWHVEDOFyQDVFHQVRU ¼376

6$17$'5,¬

%8)$/¬

%8)$/¬

0217,*$/¬

È7,&2PPHQ WHUUD]DV72'2(;7(5,25KDE WRWDOPHQWHUHIRUPDGR/,6723$5$ 9,9,5YLVWDVDPDU\PRQWDxD ¼376

'Ò3/(;PWHUUD]D PKDE GREOHV 5()25 0$'2DLUHDFRQGLF IUtRFDORU  ,'($/3$5$)$0,/,$6 ¼376

/$&215(5Ë$

&(175(

3LVRHQ),1&$6(0, 18(9$PKDEVDOyQP EDOFRQHVVXHORJUHVFDOHIDFFLyQ DVFHQVRU%,(1',675,%8,'2 ¼376

&DVDDYLHQWRVFRQSDUFHOD PYLYLHQGDFRQKDEGREOHV 5()250$'$SRVLEOHKDFHUSLVFLQD \DPSOLDUHGL¿FDFLyQ2&$6,Ï1 ¼376

3(39(1785$

&(175( 3LVRHQ&35,0FRQP\ KDE¿QFDFRQDVFHQVRUFDOHIDF PXFKDVSRVLELOLGDGHV Ò1,&2(1/$=21$ ¼376

%8)$/¬ 3LVRPKDE727$/0 5()250$'2VDOyQPFVDOLGD DEDOFyQSDUNHWFDOHIDFDDDVF ,03(&$%/(/,6723$5$(175$5 ¼376

/$025(5$

727%DGDORQD

'03."5/06JOEE



3(39(1785$

&$6$GHP-$5',1 GHP7(55$=$PKDE EDxRDVHRV72'$(;7(5,25 08<&216(59$'$ ¼376





3LVRPKDEEDxR \FRFLQDUHIVDOyQPFRQ VDOLGDDEDOFyQFDOHIDFDDFRQG DVF=21$&203$5$1,f26 ¼376

&$1<$'Ï 3LVR72'2(;7(5,25 KDEFRFLQD\EDxRVDOyQFRQ VDOLGDDEDOFyQ08<62/($'2 DOWR\FRQDVFHQVRU ¼376

3LVR$08(%/$'2P KDEEDxR\FRFLQDUHIRUPVDOyQ FVDOLGDDEDOFyQVXHORQXHYRJUHV FDOHIDF\DDDVFHQVRU &(5&$$<817$0,(172 ¼376

'Ò3/(;GHP 7(55$=$6KDELWDFLRQHV EDxRVJUDQVDOyQFDOHIDFFLyQ DVFHQVRU62/($'2 ¼376

320$5 3LVRP\KDE72'2 (;7(5,25EDxRFRPSOHWRFRFLQD UHIFRQDUPUREOHVDOyQPDDF ERPEDFDORUSUREOH5()250$'2 ¼376

%DMRVP-$5'Ë1 PKDE VXLWWH FDOHIDF EDUEDFRD¿QFD32&26$f26 WRGRH[WHULRU ¼376







3LVR72'2(;7P\ KDEEDxR\DVHRJUDQFRFLQDRI¿FH GHPVDOyQGHPFDOHIDVF /,6723$5$(175$5$9,9,5 ¼376

                




DFWXDOLWDW

3ROÍWLFD &MDPPSEJOBEPSEFMEJTUSJDUFSFQBNFOBDFT EFNPSUJMJDSFNFOFMDPUYF EBMPOBJIPSFMBDJPOBWBBNC MB GFJOB RVF GB +VTUJDJB QFS FSBEJDBSFMOFHPDJEFMBESPHB BM CBSSJ  iFO FM DFSDMF EF MB ESPHBoEFJB-BSBoDPSSFRVF DBMESJBBQBMMJTTBS%JFHP+VTUJ DJBw &MNBUFJY+VTUJDJB QFSÛ  OPUÏJOUFODJPOTEBCBOEPOBS i&TUJD GFOU VOB CPOB GFJOB J JOUFOUBSÏ TFHVJS GFOU FM NB UFJYw  J FYQMJDBWB B MB SËEJP RVFKBUÏEJWFSTFTEFOÞODJFT GFUFT B MB 1PMJDJB /BDJPOBM QFSBNFOBDFTBMTTFVTmMMT 'BMDØ RVFUBNCÏFYFSDFJYEF 1SJNFS 5JOFOU E"MDBMEF  WB JOUFSWFOJSBMBSËEJPQFSDPO EFNOBS MBHSFTTJØ J EPOBWB QMFTVQPSUBMBUBTDBEFMTFV DPPSEJOBEPSiDPOUJOVBSËGFOU MBTFWBGFJOBJUJOESËMB(VËS EJB6SCBOBBMEBSSFSFw 5BNCÏ MFYBMDBMEF +PBO#MBODI WB NPTUSBSFMTFVTVQPSUB+VT UJDJB BRVJDPNQUBFOUSFFMT TFVTBNJDT JWBRVBMJmDBSFM GFUEwBUFNQUBUwJWBJOTUBS'BM DØBQPSUBSFMTDVMQBCMFTEB WBOUMBKVTUÓDJB-"TTPDJBDJØ EF 7FÕOT EF 4BOU 3PD IB FNÒTVODPNVOJDBUQFSTPMJ EBSJU[BSTFBNCFMTFVQSFTJ EFOUJEFNBOBRVFUPUFTMFT GPSDFT QPMÓUJRVFT FYQSFTTJO QÞCMJDBNFOUMBTFWBSFQVMTB BMFTBNFOBDFTTPGFSUFTQFS +VTUJDJB

t"JYÓWBRVFEBSFMDPUYFEF%JFHP+VTUJDJB

&MDPPSEJOBEPSEFM%JTUSJDUF RVFJODMPV4BOU3PD "SUJHBT  $POHSÏTJ&M3FNFJ JUBNCÏ QSFTJEFOUEFM"TTPDJBDJØEF 7FÕOT EF 4BOU 3PD  %JFHP +VTUJDJB  WB BJYFDBSTF EJ WFOESFTBNCMBTPSQSFTBEF WFVSF FM TFV DPUYF QBSUJDV MBS DBMDJOBU +VTUJDJB  QFSÛ  DPNFOÎB B BDPTUVNBSTF B BRVFTUBTJUVBDJØEFTQSÏTRVF GBVOTEJFTMBTFWBNPUPDJDMF UB BQBSFHVÏT EFTUSPTTBEB %FGFU EFTEFRVFEFTFOWP

MVQBMBUBTDBEFDPPSEJOBEPS EFMEJTUSJDUF IBSFCVUBDBTB DFOUFOBST EBNFOBDFT EF NPSU)JIBPCFSUBVOBJOWFT UJHBDJØQPMJDJBMJ EFNPNFOU  TBQVOUB DPN B TPTQJUPTPT iVO HSVQ EJODÓWJDTw  TFHPOT WB FYQMJDBS FM QSPQJ +VTUJDJB J FM SFHJEPS EFM EJTUSJDUF  FM DPOWFSHFOU'FSSBO'BMDØ&M NFNCSF EF MBTTPDJBDJØ EF WFÕOT EF 4BOU 3PD &OSJRVF -BSB IPGFJBQÞCMJDBMBUFS UÞMJBEF3ËEJP$JVUBUEF#B

&M11SFDSJNJOBB*$7&6J"RVFBSBiTBQVOUJBM DBSSPwEFMBCBJYBEBEJNQPTUPT &M11EF#BEBMPOB BMPQPTJDJØ  IBBDVTBU*$7&6J" UBNCÏB MPQPTJDJØ EBDUVBSEF iGPSNB HSPUFTDBwQFS iBQVOUBSTFBM DBSSPwEFMBCBJYBEBEJNQPTUPT EFTQSÏTEFWPUBSOFBGBWPSFOFM QMFNVOJDJQBM&MDPOnJDUFTPSHFJY EFTQSÏTRVFFMTFDPTPDJBMJTUFT IBHJOEPOBUTVQPSUBMBNPDJØ RVFQSFTFOUBSËMB1MBUBGPSNB i-B$SJTJRVFMBQBHVJOFMMTwFO RVÒFTSFDMBNBMBSFWJTJØEFMFT UBYFTJJNQPTUPTNVOJDJQBMTQFS BEBQUBSMPTBM*1$3FDPSEFN 

1PMÓUJDBJOEE







WPUBSFODPOUSBBMJODSFNFOU EFMFTPSEFOBODFTmTDBMTQFS BBRVFTU4FHPOT(BSDÓB "MCJPM  iMBDUJUVEE*$7 WPUBOU QSJNFSBGBWPSEFMBQSPQPTUBEFM HPWFSOEF14$J$J6JQPTJDJP OBOUTFBSBFODBOWJBGBWPSEF MFTQSPQPTUFTEFMBQMBUBGPSNB EFOUJUBUTRVFTPQPTBBBRVFTUB QVKBEB EFNPTUSBRVFB*$7EF #BEBMPOBMJGBMUBNBEVSFTBJ RVFBRVFTUBGPSNBDJØOPFTUË QSFQBSBEBQFSBTTVNJSSFTQPO TBCJMJUBUTw

RVFMFTUBYFTBQSPWBEFTQFM1MF EFM"KVOUBNFOUEF#BEBMPOBFT WBOGFSFOSFMBDJØBVO*1$EFM  JEFTEBMFTIPSFTIBCBJYBU mOTBM &OBRVFTUTFOUJU  FMQSFTJEFOUEFMHSVQNVOJDJQBM E*$7&6J" $BSMFT4BHVÏT  IBEFDMBSBURVF iIJIBEIBWFS JNQPTUPT QFSÛTJMFTDJSDVNT UËODJFTIBOWBSJBU UBNCÏTIBO EFQPEFSDBOWJBSw%FTEFM11  QFSÛ FMTFVMÓEFS 9BWJFS(BS DÓB"MCJPM IBSFDPSEBURVFFM TFVQBSUJUWBTFSMÞOJDRVFWB 







727%DGDORQD




&3$WPMUPSOBSBJMtMVTJPOBSEFDBSBBMFT FMFDDJPOTEF DPNVOJDBDJØ FOUSF FM HSVQ NVOJDJQBMJMBTFDDJØMPDBM JMB DSFBDJØEVOHSVQRVFUSFCBMMJ iFOVOQSPKFDUFEFSFMMFVEF DBOEJEBUVSB J EF QSPHSBNB QFSBMFT.VOJDJQBMTEFMw  3FDPSEFNRVFOPGBHBJSFWBO FTDMBUBSEJTDSFQËODJFTFOUSF "MCBMBEFKP J 7JWFT  EFTQSÏT RVFFMQSJNFSMJSFDSJNJOÏTBM TFHPO iMBGBMUBEFQSPYJNJUBUw BNC FMT WFÕOT FO RàFTUJP OTDPNFM1.6EFMB%BMUMB 7JMB 1FS BMUSB CBOEB  B MFT FMFDDJPOTEF+BVNF7J WFTWBBERVJSJSFMDPNQSPNÓT EFM QBSUJU QFS TFS FM DBQ EF MMJTUBEVSBOUEPTNBOEBUT FM RVFWPMEJSRVFBM &3$ OPUÏMPCMJHBDJØEFNBOUFOJS 7JWFT DPN B OÞNFSP  %V SBOUM"TTFNCMFB "MCBMBEFKP UBNCÏWBBOJNBSMBNJMJUËODJB B JNQMJDBSTF QFS DSFBS iVO QSPKFDUFJVOEJTDVSTQFSUPS OBSBJMtMVTJPOBSwRVFTIBEF GFSiBNCMBQBSUJDJQBDJØEFEJ GFSFOUTTFDUPSTJTFOTJCJMJUBUT TPDJBMTEFMBDJVUBUw 

tM"TTFNCMFBE&3$FTDPMUBOUMBJOUFSWFODJØEF+PSEJ"MCBMBEFKP

-BTFDDJØMPDBME&3$#BEB MPOBFTWBSFVOJSBmOBMTEF MB TFUNBOB QBTTBEB QFS GFS CBMBOÎEFMBUBTDBEFHPWFSOJ QFSEFmOJSMFTUSBUÒHJBEFMQBS UJUmOTBMFTFMFDDJPOTEF -BTTFNCMFBFTWBJOJDJBSEFTJ UKBOUVOBSËQJEBSFDVQFSBDJØ EFMÞOJDSFHJEPSJOEFQFOEFO UJTUB B M"KVOUBNFOU  +BVNF

DFWXDOLWDW

$BSMFT5PSOFSP

7JWFT RVFFTUËDPOWBMFTDFOU QFSQSPCMFNFTEFTBMVU&MT NJMJUBOUTRVFFTWBOSFVOJSB MBTFVE&3$WBOWBMJEBSBNC VO  MJOGPSNF EF HFTUJØ EFMQSFTJEFOUEFMQBSUJU +PSEJ "MCBMBEFKP  RVJ WB QSPQPTBS FMT SFQUFT QFS BM GVUVS  RVF QBTTFO QFS SFGPSÎBS FM GVO DJPOBNFOUJOUFSO NJMMPSBSMB

*$7&6J"QSFHVOUBQFSMFTQSPQPTUFTEFMB 1MBUBGPSNBi%FJYFNEFTFSJOWJTJCMFTw -B1MBUBGPSNB%FJYFNEF4FS *OWJTJCMFT  RVF BHMVUJOB QFS TPOFTFODBEJSBEFSPEFT WB SFDMBNBSBMTHSVQTNVOJDJQBMT RVFFTUJOHVFTTJOFODPNQUF FOFMTQSFTTVQPTUPTBMHVOFT RàFTUJPOTDPNMBVHNFOUEF MBQBSUJEBEFTUJOBEBBDPCSJS FMTFSWFJEFUBYJQPSUBBQPS UB KBRVFFMTEJOFSTRVFTIJ

BTTJHOFO TFTHPUFO SËQJEB NFOU"RVFTUBFOUJUBUUBNCÏ EFNBOBWB MBEFRVBDJØ EF MFT WPSFSFT J EF MFT QMBUB GPSNFT EF MFT QBSBEFT EFMT BVUPCVTPT JVOBNJMMPSBEFMT BDDFTTPT BM NFUSP J BM USFO %FTQSÏTEBRVFTUFTSFDMBNB DJPOT  FM QSFTJEFOU EFM HSVQ NVOJDJQBME*$7&6J" $BSMFT

4BHVÏT  IB QSFHVOUBU QFS DBSUBBMBMDBMEFEF#BEBMPOB  +PSEJ 4FSSB TJ TIBO QSFWJTU QBSUJEFTQSFTTVQPTUËSJFTQFS QBMtMJBS BRVFTUFT EFGJDJÒO DJFT KBRVF TFHPOT4BHVÏT  iFO FM QSFTTVQPTU  BQSPWBU JOJDJBMNFOUQFMHPWFSONVOJ DJQBM  ÏT EJGÓDJM JEFOUJmDBS TJ TIJIBOSFDPMMJUPOP w

+PSEJ1PSUBCFMMBQMBOUFKB#BEBMPOBDPNBMUFSOBUJWBB MBHPTTFSBNVOJDJQBM &MMÓEFSE&3$BM"KVOUBNFOU EF#BSDFMPOB +PSEJ1PSUBCF MMB IBQMBOUFKBUVOTUFSSFOZT TJUVBUTBMDPTUBUEFMDFNFOUJSJ EF 4BOU 1FSF EF #BEBMPOB  QSPQJFUBUEFM$POTFMM$PNBS DBM DPNBQPTTJCMFBMUFSOBUJWB 727%DGDORQD

1PMÓUJDBJOEE





QFSVCJDBSMBGVUVSBHPTTFSB NVOJDJQBMEF#BSDFMPOB -BMUSF BMUFS OBUJWB RVF IB QSPQPTBU1PSUBCFMMBTØOVOT UFSSFOZTEFIFDUËSFFTB MPFTU EF $PMMTFSPMB  B #BS DFMPOB 





-BMDBMEFEF#BSDFMPOB +PSEJ )FSFV OPEFTDBSUBDBQQPT TJCJMJUBUUPUJRVFMBTÛDJBEF HPWFSO MFDPTPDJBMJTUB*NNB .BZPM  FT NBOUÏ GFSNB FO JOTUBMtMBSMBOPWBHPTTFSBBM QBSDEFM0SFOFUB 








DFWXDOLWDW

SHUVRQHV

$BSMFT5PSOFSP

0OB$BUBMBOBJWBTPSUJSMBOF DFTTJUBUEFCVTDBSVOHVJPOJT UBQFSBMi.JOPSJB"CTPMVUBw &NWBOGFSVOBQSPWBEFHVJØ JFNWBOTFMFDDJPOBS-BWFSJ UBUÏTRVFOPIJIBWBUFOJSSFT BWFVSFFMDPOUBDUFCBEBMPOÓ BNCFO5POJ4PMFS

i-B.BJUF "SRVÏTFSJB NPMUJNJUBCMF QFSBM 1PMÛOJBw

2VJN.PSBMFT MPDVUPSEF 3"$JHVJPOJTUBEF57 -FTSËEJPTJUFMFWJTJPOTEF UPU$BUBMVOZBTØOQMFOFTEF CBEBMPOJOTQFSÛOPUPUTTØO UBOQPMJGBDÒUJDTDPN2VJN .PSBMFT1FSDPNFOÎBS  DBEBEJBQSFTFOUBBNCÒYJU FMQSPHSBNBi-BTFHPOB IPSBwB3"$ EFB IPSFT MBTFHPOBQBSUEFM DÒMFCSFi.JOPSJB"CTPMVUBw RVFMJEFSBVOBMUSFCBEB MPOÓ 5POJ4PMFS"NÏTB NÏT .PSBMFTÏTRVJIJIB BMEBSSFSFEBMHVOFTEFMFT PDVSSÒODJFTEFMTQFSTPOBU HFTEF1PMÛOJBJ$SBDLÛWJB  EPTEFMTQSPHSBNFTEFNÏT BVEJÒODJBEF571PDNÏT FTQPUBGFHJSTPCSFBRVFTU QFSJPEJTUBRVF BNÏT GB CBOEFSB BMMËPOQPU EFMFT TFWFTBSSFMTCBEBMPOJOFT



1FSTPOFTJOEE







"SBQSFTFOUFTFMUFV QSPHSBNB QSPQJ i-B 4FHPOB)PSBw JVTWBNPMU CÏ 4Ó FTUFNNPMUDPOUFOUT%F GFU  ÏT MB TFHPOB IPSB EFM .JOPSJB"CTPMVUBQFSÛÏTVO FRVJQEJGFSFOUEFMBQSJNFSB IPSBRVFQSFTFOUBFO5POJ &OT IP WBO PGFSJS QFS DSFBS FMRVFWPMHVÏTTJNJDBEBEJB JOWFTUJHVFNVOUFNBFODMBV EIVNPS 5BNCÏFUTHVJPOJTUBEFM 1PMÛOJBJFM$SBDLÛWJB 2VÒUBHSBEBNÏT MBSËEJP PMBUFMFWJTJØ +PFNTFOUPNÏTDÛNPEFB MBSËEJPJEBWBOUFMNJDSÛGPO "MBUFMFWJTJØ NBHSBEBNPMU NÏT FTUË BM EBSSFSF DPN B HVJPOJTUB

&UTCBEBMPOÓ PJ * UBOU * QFS NPMUT BOZT %F GFU  DBEB DPQ TPN NÏT BM MPCCZCBEBMPOÓBMTNJUKBOTEF DPNVOJDBDJØ

1FSRVBOVOQPMÓUJDEF #BEBMPOBBM1PMÛOJB 4BCFNRVFJNJUFTCÏB 9BWJFS(BSDÓB"MCJPMEFM 11 -BWFSJUBUÏTRVFMBNFWBJNJ UBDJØÏTGPSÎBNBUVTTFSB

%FGFU TBCFNRVF UBHSBEBMBUSVJUBEFQBUB UFTBNC$PSPNJOFT 4Ó²TNJMMPSRVFQPTBSTFB GSFHJS QBUBUFT &T CBSSFHFO MFT QBUBUFT $PSPNJOFT BNC MBDFCBJÏTCPOÓTTJN

*MB.BJUF"SRVÏPFM+PEJ 4FSSB  -B WFSJUBU ÏT RVF MB .BJUF "SRVÏTFSJBNPMUJNJUBCMFQFS BM1PMÛOJB+PMBWFJHEFGPOT FO BMHVOB FTDFOB EJFOU MB TFWB"MOPVBMDBMEF FM+PSEJ 4FSSB  FM WFJH NÏT EJTDSFU J DPOUJOHVU ²T VOB QFSTPOB RVF FN TFNCMB RVF ÏT EF GFS NFOZT FTDBSBGBMMT "JYÛ TÓ  FMT  TFSJFO GËDJM EF DB SBDUFSJU[BS

"NÏTEFUPUBMBUFWB GBDFUBQSPGFTTJPOBM FUT NPOJUPSB#BEBMPOB 4Ó  KB GB NPMU EF UFNQT /P USPCFNMBNBOFSBEFQMFHBS QFSGBMUBEFSFMMFV-BWFSJUBU ÏTRVFNIPQBTTPNPMUCÏ  UPUJRVFOPNÏTIPGFNVODPQ BMNFT"NCFMTOFOTGFNEF UPU  VOB NJDB EF DBUFRVFTJ  KPDT TPSUJEFT FUD

*VO'FSNÓO$BTRVFUF  QSFTJEFOUEFM#BEBMPOB B $SBDLÛWJB "RVFTUTÓRVFFMWFJHJBNCFM QMBUØQMFEBVUPCVTPT

&MUFVQBTQFS3BDJ 1PMÛOJBFTEFVBMB JOnVÒODJBEF5POJ4PMFS /P CFO CÏ +P USFCBMMBWB B 







727%DGDORQD




HVSRUWV -BEPCMFi3wQPSUBMBWJDUÛSJBBMB 1FOZBEBWBOUFM7JWFNFOPSDB

&M#BEBMPOB SFDVQFSBMBWJDUÛSJB EBWBOUFM#FOJEPSN #BEBMPOBt&M$'#BEBMPOB WB SFDVQFSBS FM DBNÓ EF MB WJDUÛSJB EBWBOUFM#FOJEPSN  HSËDJFTBVOHPMEF-VJT#MBO DP BM NJOVU   FO VO QBSUJU PO FM #BEBMPOB WB EJTQPTBS EFEJWFSTFTPDBTJPOTEFHPM QFS BDPOTFHVJS VOB WJDUÛSJB NFTBNQMJB-BQSJNFSBQBSU WBWFOJSNBSDBEBQFMEPNJOJ BMUFSOBUJVEFUPUTEPTFRVJQT -B QSJNFSB BQSPYJNBDJØ FT DBQVMBEBOPWBBSSJCBSmOTBM NJOVUBNCVOYVUEF%BWJE -ØQF["DPNFOÎBNFOUTEFM TFHPOQFSÓPEF WBBSSJCBSMB TFHPOBHSBOPQPSUVOJUBU BNC VO NË P NË EF %BWJE 1SBUT BNCFMQPSUFSRVFFMEBWBOUFS OPWBQPEFSBQSPmUBS 2VBO QJUKPS TFNCMBWB RVF BOBWBFMQBSUJU #MBODPWBSF DPMMJSVOBQJMPUBBMBMÓOJBEF USFTRVBSUT BQSPmUBOUMBNJUKB TPSUJEBE"ESJËQFSFOWJBSMB QJMPUBMMVOZEFMTFVBCBTUQFS EPOBSUSFTJNQPSUBOUTQVOUTBM #BEBMPOB &MTFTDBQVMBUTKVHBSBOBRVFTU EJVNFOHF  B MFT I  MB ‹ +PSOBEB BM DBNQ EFM 4BOUB &VMBMJB

t*NBUHFEFMQBSUJUFOUSFMB1FOZBJFM7JWFNFOPSDBQFOZBDBU

#BEBMPOBt&M%,7+PWFOUVU WB UPSOBS B HVBOZBS   EJVNFOHF QBTTBU  EBWBOU FM 7JWF .FOPSDB FO VOB OPWB WJDUÛSJB  B M"$# -B 1FOZB TFHVFJYMBTFWBCSJMMBOUDBN QBOZB BNC WJDUÛSJFT TPCSF UPUTFMTQBSUJUTRVFTIBOEF HVBOZBS &MT WFSEJOFHSFT WBO PGFSJS EVFT DBSFT NPMU EJGFSFOUT FOUSF MB QSJNFSB J MBTFHPOBNFJUBU&MTNFOPS RVJOT WBO BHVBOUBS FM QBSUJU GJOT B MB NJUKB QBSU  QFSÛ MB 1FOZB WB NJMMPSBS NPMUÓTTJN EFTQSÏT EFM EFTDBOT 3JDLZ 3VCJP J 1BV 3JCBT WBO TFS KVHBEPST DMBV J WBO SFDVQF SBSBNCFMTFVNJMMPSKPD-B

727%DGDORQD

QBHJOEE





EFGFOTB WFSEJOFHSB WB TFS EF OPV DMBV QFS QSPWPDBS MB QÒSEVBEFNPMUFTQJMPUFTRVF WBOEPOBSDPOmBOÎBBMTCBEB MPOJOTNFOUSFFMTNFOPSRVJOT BOBWFO QFSEFOU FMT QBQFST -B WJDUÛSJB TJUVB BM %, 7 B MB UFSDFSB QMBÎB EF M"$#  TVQFSBOUBNCVOBWJDUÛSJBB M6OJDBKB&M#BSÎBFTNBOUÏ B MB TFHPOB QMBÎB EFTQSÏT EF TVQFSBS DÛNPEBNFOU FM 1BNFTB &M QSPQFS QBSUJU EF MB1FOZBTFSËBRVFTUEJVNFO HF EFGFCSFS BMBQJTUBEFM .BOSFTB&MQBSUJUDPNFOÎBSË BQBSUJSEFEFEFMNJHEJB JTFSËSFUSBOTNÒTFOEJSFDUF QFS3ËEJP$JVUBUJFM









                




DFWXDOLWDW

UHSRUWDWJH

BOZTEBRVFMMIJTUÛSJDEFHFOFS #BEBMPOB t &M  EF HFOFS EF BMFTEFMNBUJ MFT USPQFTGSBORVJTUFT JUBMJBOFTJ NBSSPRVJOFTFOUSBWFOB#B EBMPOB&MEJBBCBOT #BSDF MPOBIBWJBFTUBUPDVQBEBQFS MFYÒSDJUGSBORVJTUB JEVSBOUMB OJUEFMBM B#BEBMPOB  NJMJUBOUTEFESFUFT TPCSFUPU SFRVFUÒT  QFSÛ UBNCÏ GBMBO HVJTUFT EPTHSVQTFOUSFFMT RVBMTIJIBHVÏVODFSUFOGSPO UBNFOU WBOQSFOESFQPTTFT TJØEFMTFEJmDJTQÞCMJDT "RVFMMBOJUUBNCÏWBOQBTTBS QFMTDBSSFSTEF#BEBMPOBFMT TPMEBUTEFMFYÒSDJUSFQVCMJDË RVF GVHJFO DBQ B MB DPTUB  J BMHVOTFTWBORVFEBSBEPSNJS BM DPTUBU EF MFT CBSRVFT EF QFTDBEPST TJUVBEFT EBWBOU 



&M3FQPSUBUHFJOEE





MB 3BNCMB #BEBMPOB IBWJB QBUJUFMTCPNCBSEFKPTJMBHBOB J  RVBO WB BDBCBS MB HVFSSB DJWJM  MFT FNQSFTFT FTUBWFO BUVSBEFTJMBNBKPSJBEFTFS WFJT QÞCMJDT EF MB DJVUBU OP GVODJPOBWFO 1FS BRVFTU NPUJV BRVFMM  EF HFOFS EF  FMT DJVUB EBOTOPWBOPGFSJSDBQNFOB EF SFTJTUÒODJB  J TFHPOT FMT MMJCSFTEIJTUÛSJBOPNÏTFTWB QSPEVÓVOJODJEFOURVBOVOB UBORVFUB WB JOUFOUBS BUVSBS RVBUSF TPMEBUT SFQVCMJDBOT GVHJUJVTRVF FOOPSFTQPOESF  GPSFOBUBDBUTBNCVOBCPNCB EFNË EPTEFMMTSFTVMUBSFO NPSUTJFMTBMUSFTEPT GFSJUT  GPSFOJOHSFTTBUTBM)PTQJUBM .VOJDJQBMEF#BEBMPOB 





-FTUSPQFTGSBORVJTUFT WBOBSSJCBSQFSMBDBSSFUFSB OBDJPOBM -FTUSPQFTOBDJPOBMTRVFBOB WFOBSSJCBOUEFTmMBWFOQFSMB DBSSFUFSB HFOFSBM DPOEVJOU QSFTPOFSTJFYIJCJOUNBUFSJBM EFHVFSSB JNPMUBHFOUTPSUJB BDPOUFNQMBSMFTJDPMtMPDBWB  BMFTmOFTUSFTJCBMDPOT CBO EFSFTFTQBOZPMFT NPMUFTEF MFTRVBMTTIBWJFOGBCSJDBU EF GPSNBDBTPMBOB BNCSFUBMMT EFTFOZFSFT .PMUTCBEBMPOJOTDFMFCSBWFO BRVFMMEJBFMmOBMEVOBMMBSHB FTQFSB  J BMUSFT NBOJGFTUB WFOTFO[JMMBNFOU MBMFHSJBQFM SFUPSOEFMBQBVEFTQSÒTEF UBOUEFUFNQTEFTPGSJNFOUJ NJTÒSJB 

727%DGDORQD




DFWXDOLWDW t&OUSBEBEFMFTUSPQFTOBDJPOBMTB#BEBMPOB FMEFHFOFSEF

&MmEFMBHVFSSB MJOJDJEVOB QPTUHVFSSB 1FSMBDJVUBUEF#BEBMPOBTFSJB  QFSÛ VOBQBVNPMUEVSBQFS VOBDJVUBUPOEPNJOBWFOMFT FTRVFSSFT UBMJDPNIPEFNPTUSB FMGFURVFIBHVFTTJODPOUSPMBU M"KVOUBNFOUEVSBOUFMTBOZTEF MB3FQÞCMJDB-BQBV TFSJBIPTUJM QFSBNPMUTCBEBMPOJOT JNFOUSF BMHVOTPQUBWFOQFSMFYJMJ BMUSFT QBUJSJFOMBSFQSFTTJØGSBORVJTUB  RVFFOBMHVOTDBTPTmOTJUPU FMTDPTUBSJBMBWJEB&OUSFFM EFGFCSFSEFJFMEBHPTU EFGPSFOBGVTFMMBUTCB EBMPOJOT FOUSFFMTRVBMTBMHVOT FYSFHJEPST VOFYKVUHFNVOJDJ QBMJNPMUTPCSFSTWJODVMBUTBM NPWJNFOUTJOEJDBMJTUB6ODBQ FTQFDJBMWBTFSMBGVTFMMBNFOUEF MBMDBMEF'SFEFSJD9JGSÏJ.BTGF SSFS FMEJBEFGFCSFSEF "RVFMMEFHFOFSEFWB TJHOJmDBSMBJNQPTJDJØEFMTWBMPST 727%DGDORQD

&M3FQPSUBUHFJOEE





< >.ÏTJOGPSNBDJØ 1ËHJOFT&TQBJ$

EVOOPVSÒHJNRVFWBBHVBOUBS EVSBOURVBSBOUBBOZT1SFDJTB NFOUFM.VTFV DPJODJEJOUBNC FMÒBOJWFSTBSJEFMFOUSBEBEF MFTUSPQFTGSBORVJTUFTBMBDJVUBU  GBNFNÛSJBEBRVFMMTBOZTBNC VOBFYQPTJDJØ

< >%PDVNFOUBDJØ -MJCSF)JTUÛSJBEF#BEBMPOB $BSMFT$BSWBKBM

t1BSMBNFOUTEFMmOBMEFMBHVFSSBMEBCSJMEF-BMDBEF.JRVFM9JDBSU ÏTRVJQBSMBJ BMFYUSFNESFU .JRVFM4PUFSP QSJNFSUJOFOUEBMDBMEF "MTFVDPTUBU+PTFQ.BSJB1BSÏT DBQEFMB'BMBOHF









             




DFWXDOLWDW

ODVHWPDQDHQLPDWJHV $FMFCSBDJØEFMTBOZTEFSFNPEFMBDJØ EFMUFBUSF;PSSJMMB6ONJMFSEFCBEBMPOJOTWBO DFMFCSBS EVSBOUFMDBQEFTFUNBOB FMTBOZT EFSFDVQFSBDJØEFM;PSSJMMB-BHBMBWBDPNQUBS BNCEJGFSFOUTBDUVBDJPOTEFOUJUBUTCBEBMPOJOFT  DPNFMHSVQEFHPTQFM4FOUJUT JWBTFSQSFTFOUBU QFSMBDUPSCBEBMPOÓ+PSEJ%JB[

$BNQBOZBDPOUSBMBWPSUBNFOUB#BEBMPOB 6OHSVQEFQFSTPOFTWBOPNQMJS EJVNFOHFBM NBUJ EFQBQFST DBSUFMMTJUSÓQUJDTFODPOUSBEF MBWPSUBNFOUFMTDBSSFSTEFMCBSSJEFM$FOUSF-FT QFSTPOFTQBSUJDJQBOUT WBOTFSDPOWPDBEFTB USBWÏTEJOUFSOFU TPUBFMMFNBi2VFEBEBQPSFM EFSFDIPBWJWJSw



-FTDPMB.FSDÒ3PEPSFEBDFMFCSBFMT

TFVTBOZT&MDFOUSFFEVDBUJV TJUVBUBMCBSSJ EF-MPSFEB FTUBDFMFCSBOUEVSBOUBRVFTUBOZ FMTTFVTBOZTEIJTUÛSJB1FSBRVFTUNPUJVFMT BMVNOFTEFMDFOUSFIBOSFBMJU[BUVOHSBmUQFS DFMFCSBSMFGFNÒSJEF

'FMJÎBOZEFM#ÞGBM-BDPNVOJUBUYJOFTBIB DFMFCSBU EVSBOUBRVFTUBTFUNBOB FMTFVOPV BOZ&OHVBOZ DFMFCSFOMBOZEFMCÞGBM RVF TFHPOTFMTBTUSFTTFSËQPTJUJV"#BEBMPOB MFOUJUBUi-B.VTTBSBwIBQSFQBSBUQFSBRVFTU EJVNFOHFVOBDFSDBWJMBQFS4BOU$SJTUBNC MBDPMtMBCPSBDJØEFMTDPNFSDJBOUTEFMCBSSJJ MBTTPDJBDJØDVMUVSBMYJOFTBEF-B1BV





-B1FOZBmYBBMAFTDPSUBOPSEBNFSJDË$PCZ,BSM &M%,7BDBCBEFmUYBSMAFTDPSUB$PCZ,BSM RVFIBWJBKVHBU BMB/#"%JMMVOTWBQBTTBSVOBTÒSJFEFQSPWFTNÒEJRVFT EPOBOUBRVFTUFTVOSFTVMUBUÛQUJN%JMMVOT BMBUBSEB WB BSSJCBSBM1BMBV0MÓNQJD POWBDPOÒJYFSBMTTFVTOPVTDPN QBOZTJUÒDOJDT JUBNCÏWBGFSFMTFVQSJNFSFOUSFOBNFOU BNCMAFRVJQ 



-B4FUNBOB&O*NBUHFTJOEE













727%DGDORQD








727 %DGDORQD

SFKJMMBQMBOBJOEE













727%DGDORQD 




HVSDLF



GURCKE

FXOWXUD‡DJHQGD‡OOLEUHV‡PÙVLFD‡FLQHPHV‡QRWÍFLHV

4*9&"35VOEFMTBSUJTUFTEFMB(BMFSJB.BZPSBM BMFYQPTJDJØi%F$IJMMJEBB4JYFBSUw 1BSJT .BESJE $PQFOIBHVFO J BSB  UFOJN MPQPSUVOJUBU EF WFVSFVOBPCSBTFWBB#BSDF MPOB BMB(BMFSJB.BZPSBM i%F $IJMMJEB B 4JYFBSUw 6OB NPTUSB BNC WJOU PCSFT USJEJ NFOTJPOBMT RVF SFQBTTFO FMT ÞMUJNT DJORVBOUB BOZT EBRVFTUB EJTDJQMJOB FTDVM UÛSJDBRVFIBEPOBUEJSFDUSJVT GPOBNFOUBMTQFSBMBDSFBDJØ QMËTUJDB BDUVBM -FYQPTJDJØ QSFTFOUBPCSFTEFHSBOTBV UPSTEFQSFTUJHJJOUFSOBDJPOBM  FOUSFMFTRVBMTIJEFTUBDBVOB -VSSB GFUB QFS $IJMMJEB MBOZ JMFTFTDVMUVSFTJNQSFT TJPOBOUT EF 1MFOTB  "MGBSP J 7BMEÏT"MIPSBUBNCÏIJUSP CFNVOBFTDVMUVSBEVOEFMT BVUPSTFNFSHFOUTNÏTJNQPS UBOUTEFMQBÓT 4JYFBSU"NÏT  i%F$IJMMJEBB4JYFBSUwFYQPTB PCSFTÞOJRVFTEF.PNQØ 1B MB[VFMP "MGBSP 7FOFU &RVJQP $SØOJDB 5ËQJFT "SSPZP 1B [PT "QQFM "SNBO (VJOPWBSU  $BMWP #BSDFMØJ.BSJTDBM 4FSHJ)JEBMHPÏT4JYFBSU VO BSUJTUB NVMUJEJTDJQMJOBS RVF FYQSFTTB BNC MB TFWB PCSB DPMPSJTUB VO VOJWFST QSPQJ B USBWÏT EF WËSJFT EJTDJQMJOFT

i %F $IJMMJEB B 4JYFBS U w FT QPESËWJTJUBSBMB(BMFSJB.B ZPSBMEFMEJNBSUTEFHFOFS mOTFMEFNBSÎ

DPNBSBFMHSBGmUJ MFTDVMUVSB PMBQJOUVSB"NÏT 4JYFBSUÏT VOEFMTBSUJTUFTFNFSHFOUTEF MFTUBU FYQPTBOUBDJVUBUTDPN -PT «OHFMFT  #SVTTFMtMFT 

(JOBEF5FSB

OOHJXHDVXVFOLHQWHVGHXQDIRUPDUiSLGD\HÀFD] )ROOHWRV $WRGRFRORU [PP JUP

)ROOHWRVSXEOLFLWDULRV '26&$5$6HXURV

81$&$5$HXURV

 VLQJXODUVHV





QBHJOEE













727%DGDORQD




UPHSBmFT  BMHVOFT UPUBMNFOU JOÒEJUFTJFTQFDUBDVMBST DPN JNBUHFTEFCPNCBSEFJHTEF MBWJBDJØ JUBMJBOB QSFTFT EFT EFMBJSFVOQMBUEFMMBVOBEF .JRVFM.JMJBO POWBBOPUBSFM TFVQFSJQMFQFMGSPOUVOBMUSF QMBU EF MFYÒSDJU  FO BRVFTU DBTEFMQPFUBCBEBMPOÓ+PTFQ (VBMJ-MPWFSBT DPNCBUFOUB MBCBUBMMBEFM&CSFVOBDPQB GFUBBM$SJTUBMMRVFFTWBVUJMJ U[BSDPNBDBM[FBMFTNJTTFT RVF TF DFMFCSBWFO DMBOEFT UJOBNFOU EVSBOU MB HVFSSB B DBTBEFO+PTFQ0SJPM(FOÓT PFMSFUSBUEVOBOPJBSFBMJU[BU QFS%JFHP$BNQPZ EJCVJYBOU EFMB-MBVOB QPDTEJFTBCBOT EFNPSJSBDBVTBEFMFYQMPTJØ EVOBCPNCB $PNBBDUJWJUBUTDPNQMFNFO UËSJFTBMFYQPTJDJØ FM.VTFV EF #BEBMPOB IB PSHBOJU[BU QFSBMEJKPVTEFGFCSFSBMFT  MB DPOGFSFODJB i(VF SSBJ1PTUHVFSSBB#BEBMP OBw  B DËSSFD EFM DBUFESËUJD E)JTUÛSJB$POUFNQPSËOJBEF MB 6OJWFSTJUBU EF #BSDFMPOB  +PBO7JMMBSSPZB1FSBMUSBCBO EB  FM EJVNFOHF  FT GBSË VOBWJTJUBBMFTCBUFSJFTEFM 5VSØEFMB3PWJSBJBMSFGVHJ "OUJBFSJ   EF #BSDFMPOB  QFS DPOÒJYFS DPN WB WJVSF MB QPCMBDJØ CBSDFMPOJOB FMT BUBDTBFSJT $BM JOTDSJVSFT QSÒWJBNFOU USVDBOUBM

< >"DUJWJUBUT t.PTUSB#BEBMPOB  MBmEVOBHVFSSB EFMEFHFOFSBM EFNBSÎ t$POGFSFODJB(VFSSBJ 1PTUHVFSSBB#BEBMPOB EJKPVTEFGFCSFSBMFT  t7JTJUBBMFTCBUFSJFT EFM5VSØEFMB3PWJSBJ BMSFGVHJ"OUJBFSJEF #BSDFMPOB%JVNFOHF EFGFCSFS

 &M.VTFVEF#BEBMPOB DPJO DJEJOU BNC FM Ò BOJWFSTBSJ EF MFOUSBEB EF MFT USPQFT GSBORVJTUFTBMBDJVUBU GBNF NÛSJBEBRVFMMTBOZT UBOEJ GÓDJMT EFMDPOnJDUFCÒMtMJDJEFM QSJNFSUFNQTEFQPTUHVFSSB "JYÓ MBNPTUSBFOTQFSNFUSË SFQBTTBSFMTGFUTQSJODJQBMTJ

SFDPSEBSUPUFTBRVFMMFTQFSTP OFTRVF KBGPTTJOEVOPBMUSF CËOEPM  FO WBO TFS WÓDUJNFT JIJWBOQFSESFMBWJEBPWBO RVFEBSNBSDBEFTQFSTFNQSF BDBVTB EBRVFMMT FTEFWFOJ NFOUT #BEBMPOB   MB m EVOB HVFSSB  SFVOFJY QFDFT J GP

HVSDLF

&M.VTFVSFDPSEBMFOUSBEBEFMT OBDJPOBMTBMBDJVUBU

(JOBEF5FSB

$0.13".04-0$"-&4$0.&3$*"-&4 :/"7&4*/%6453*"-&4

"SSFOEBEPTB JORVJMJOPTTPMWFOUFT #VFOBVCJDBDJØO

8QDILUPDGHSUHVWLJL XXXmORVFTCFMMBWJTUBDPN

"WJOHVEB.BSUÓ1VKPM OÞN SB 727%DGDORQD

QBHJOEE













5FM                 




HVSDLF

DJHQGD %DGDORQD

46:"1")0/%63"44"/56"3*0%& 5033&$*6%"%1MB[PNÈYJNPKVFWFT EFFOFSP3FTFSWBEFQMB[BT 1BSBNÈTJOGPSNBDJØO +VBO.BSÓB.PSFOP

%JNFDSFT &YQPTJDJØ .64&6%&#"%"-0/""QBSUJSEFEJNF DSFTEFHFOFSTJOBVHVSBBM.VTFVEF #BEBMPOBM&YQPTJDJØi#BEBMPOB MB GJEVOBHVFSSBw"MFTIPSFT QMBÎB "TTFNCMFBEF$BUBMVOZB 

%JKPVT

%JKPVT

&YDVSTJØ +6#*-"54   &9$634*» %6/ %*" " 4"/5'&-*6%&(6¶90-47JTJUBSFNFM .VTFV E)JTUÛSJB *OTDSJQDJPOT EJMMVOT JEJNFDSFTEFBEFMNBUÓB M0SGFØ #BEBMPOÓ D.BSJOB   5FM  

4BSEBOFT $0#-"."3*/"%"BMFTEFMNJHEJB B-B3BNCMB

%JMMVOT

%VSBOUMBTFUNBOB

9FSSBEB

'FTUJWBM '&45*7"-*/5&3/"$*0/"-.®(*" -B QSFTFOUBDJØ EBRVFTU GFTUJWBM JODMPV MBDUVBDJØ BM UFBUSF ;PSSJMMB EFM i(SBO $BSMJOJw"MFTIPSFT FOUSBEBD4BOU .JRVFM  "MBDUFUBNCÏIJBTTJTUJSË FMGJMMEFMNBHCBEBMPOÓ-J$IBOH +PBO .‹'PSOT

i)"&/%&- * -03"503* -" ."%6 3&4"w"MFTIPSFT"DËSSFDEFM NVTJDÛMFH +PBO 7JWFT  BM $POTFSWBUPSJ .VOJDJQBMEF.ÞTJDBEF#BEBMPOB D1BSF $MBSFU   1SFVTPDJå

"MUSFTBDUJWJUBUT $ 0 0 1 & 3 " 5 * 7 "  - "  . 0 3 " - ‹ 5SPCBEB EJOUFSDBOWJ EF QMBRVFT EF DBWB %JTTBCUF  EF GFCSFS EF  B IPSFT"MDBSSFS(àFMMJ'FSSFS   $PPQFSBUJWB-B.PSBM GJOBM.FUSP -1SFTFOUBDJØOPWBQMBDBDBWFT1&3& ."5" TFSJF i(3&4*5&w UBSPOKB 5BVMFT HSBUVÕUFT DBMGFSSFTFSWFT 1FSSFTFSWFT PJOGPSNBDJØ-MVÓTJ9BWJFS  NJMMPSWFTQSFT 

%JNFDSFT "DUJWJUBUT%JWFSTFT

$POGFSÒODJB 3&5"--4%&."3 "MBTBMBEBDUFTJFYQPTJDJPOTEFM&TDPMB EFM.BS 3BNCMB  EF#BEBMPOB"MFT IPSFT5FM &-.*45&3*%&-"(".#"304"%" " DËSSFD EF 1FSF 1VJH "MFOZË  %PDUPS EF DJÒODJFT EFM NBS J DJFOUÓGJD UJUVMB EF M*OTUJUVUEF$JÒODJFTEFM.BS $4*$%F #BSDFMPOB"MFTEFMBUBSEBBMBTBMB EBDUFTJFYQPTJDJPOTEFM&TDPMBEF.BS o#BEBMPOB

%JWFOESFT .ÞTJDB -6$"50/%&/"26"35&5 +";;

&OUSBEBMMJVSF"MFTIPSFT0SHBOJ U[B$$%BMUMB7JMB DEFM(FSNË#FSOBCÏ   5FM

%JTTBCUF #BMM $"4"-1&17&/563" #BMMJNÞTJDBFOWJV"MBNJUKBQBSUCFSF OBSQFSBUPUIPN"QPSUBDJØEFMTPDJå "MGPOT9** J.BSJB"VYJMJBEPSB   #BEBMPOB

%JVNFOHF 1FSFHSJOBDJØO *71&3&(3*/"$*»/%&-"7*3(&/%&

%&#"540#3&40-"4$JDMFEFDJOFNB QFS B MB HFOU HSBO 1SPKFDUF .FNÛSJB J )JTUÛSJB%FBIPSFT$$-B4BMVU "W%FM.BSRVÒTEF4BOU.PSJoDBOU $EF2VFWFEP 5FM

#BMM $"4"-$"/.&3$"%&3 1&3"+6#* -"54 *OGPSNBBMBTBMB-B#BEBMPOFOTF  DBEBEJNBSUTEFMFTBMFTIPSFT FTGB#BMMBNCNÞTJDBFOWJV BDËSSFDEFM DBOUBVUPSJNÞTJD«OHFMP

%JKPVT $POGFSÒODJB i(6&33" * 1045(6&33" " #"%" -0/"w $POGFSÒODJB B DËSSFD EF +PBO 7JMMBSSPZB DBUFESËUJDE)JTUÛSJB$POUFN QPSËOJBEFMB6OJWFSTJUBUEF#BSDFMPOBJ FYEJSFDUPSEFM.VTFV"MFTIPSFT BM.VTFVEF#BEBMPOB QMBÎB"TTFNCMFB $BUBMVOZB 

"DUJWJUBUTQFSB HFOUHSBO &-4 "7*4 %& -" $0-*/" 7*4*5&/ -" ."4*" %& $"/ .*3"7*5(&4 %BUB B EFUFSNJOBS $$ %BMU -B 7JMB D(FSNË #FSOBCÏ 5FM

%JVNFOHF

(361'*-"5µ-*$#"%"-0/"&OTSFVOJN DBEB EJMMVOT BM MPDBM EF M"TTPDJBDJØ EF WFÕOTEFMDFOUSFBMD.BHBU[FN EFMFT IPSFTBMFTIPSFT4JFTUËTJOUF SFTTBUFOUFNFTEFGJMBUÒMJB UIJFTQFSFN UBNCÏBMUSFTUJQVTEFDPMtMFDDJPOJTNF /VNJOËUJDB  -PUPGJMJB  9BQFT EF DBWB  $SPNPT 

'FTUJWBM '&45*7"- */5&3/"$*0/"- .®(*" -BDUFJOBVHVSBMEBRVFTUGFTUJWBMFTGBSË BMFTIPSFTB-B3BNCMB"NCMB QSFTFOUBDJØ B DËSSFD EF MB DPNQBOZJB $JWJ$JWJBD EF MB 'JSB EFMT *NQPTTJCMFT QBSUJDJQBDJØEFMQÞCMJD 

7BSJT 4BOUB$PMPNB(OFU

("-" */5&3/"$*0/"- %& .®(*" "M UFBUSF;PSSJMMB D4BOU.JRVFM  "NC MFTBDUVBDJPOTEFNBHTEBSSFVEFMNØO 5BNCÏ FT GBSBO UBMMFST J BDUVBDJPOT EF NËHJBBEJGFSFOUTFRVJQBNFOUTDVMUVSBMT EFMBDJVUBUT BNÏTEFMÒDPODVSTJOGBOUJM JKVWFOJMEFNËHJBEFOPVTUBMFOUT

%&(645"$*»/ %& 5& %& -" */%*" (3"5*4  "NBOUFT EF MB *OEJB  DBEB TÈCBEPBMBUBSEFBQBSUJSEFMBTIPSBT &O"[BIBS DPTBTEFDBTB "W*UBMJB  

2VFOPTFUhFTDBQJ %JKPVT -JUFSBUVSB 1SFTFOUBDJØEF2VJFUEF .ËSJVT4FSSB4BMUBNBSUÓ -MJCSFTBMFTI $BOPOHF#BSBOFSB 





(6*"$6-563"-/07"JOEE







%JWFOESFT &YQPTJDJØ 7FOVTEFM&TDPMBE"SU 1BV (BSHBMMP $FOUSF $ÓWJD%BMUMB7JMB$BSSFS (FSNË#FSOBCÏ 



727%DGDORQD




"DUJWJUBUT $0/403$*#"%"-0/"46%DPOTVMUFV MFT BDUJWJUBUT QSPHSBNBEFT BM    $$4"/530$D4BOU+PBO&WBOHFMJTUB  TO5FM

#BMM #"--1&3"-"(&/5(3"/6OEJTTBCUF BMNFT$$.03&3"o"W#BDEF3PEB   UFM

&YQPTJDJPOT &9104*$*» i-*/45*565 %&456%*4 $"5"-"/4w"M&TQBJ#FUÞMJB D&OSJD #PSSËT   5FM      &OUSBEB MMJVSF +PSOBEB DPNQMFUB 'JOTEJTTBCUFEFGFCSFS &9104*$*» i"3#3&4w %& -&0/03 (».&; -FRVJMJCSJ J MB RVJFUVE EF MB OBUVSBMFTB BNCMBSCSFDPNBUFTUJNPOJJ QSPUBHPOJTUB'JOTEJWFOESFTEFHFOFS $$$BO$BOZBEØD1PNQFV'BCSB TO 5FM &9104*$*»w7&/64w *MtMVTUSBEPST EF M&TPDMBE"SUJ4VQFSJPSEF%JTTFOZ1BV (BSHBMMP"NCMBDPMtMBCPSBDJØEFM&TDPMB E"SUJ4VQFSJPSEF%JTTFOZ1BV(BSHBMMP %FM EJWFOESFT  EF HFOFS BM EJTTBCUF  EF GFCSFS $$ %BMU MB 7JMB D(FSNË #FSOBCÏ 5FM

&9104*$*»i.*/*"563&4w%&.*26&- 1"%*--&4'PUPHSBGJFTEFMNØOOBUVSBM $PNQPTJDJPOTDSFBUJWFTFOFMNÏTQFUJU EFUBMM %FM EJNFDSFT  BM EJKPVT  EF GFCSFS$$$BO$BOZBEØD1PNQFV'BCSB  TO5FM &9104*$*» i"3#3&4w EF -FPOPS (ØNF[ -FRVJMJCSJ J MB RVJFUVE EF MB OBUVSBMFTB BNCMBSCSFDPNBUFTUJNPOJ JQSPUBHPOJTUB%FMEJKPVTBMEJWFOESFT EFGFCSFS$$-B.PSFSB "W%F#BD EF3PEB 5FM

9FSSBEB i&-4$&-5&4w&MEJKPVTJEJWFOESFT EFHFOFSBMFTIPSFT)PPSHBOJU[B "TTPD$FOUSFE&TUVEJTEFM"VUPDPOFJYF NFOU$$%BMU-B7JMB D(FSNË#FSOBCÏ  5FM

$BTBMTJFTQMBJT

EFGFCSFSEF"NCEØTFTQBJTBNC TFSWFJ EF XJGJ )PSBSJT BVMB FTUVEJ EF MB#JCMJPUFDBEFEJMMVOTBEJWFOESFTEF  B I o EJTTBCUFT EF  B IEJVNFOHFTEFBI &TQBJ EFTUVEJBM$FOUSF$ÓWJDEFEJMMBEJWEF BI BDUJWJUBUHSBUVÕUB

$"4"- $"/ .&3$"%&3 $BTBM DBO .FSDBEFS " MB TBMB EF MB #BEBMPOFOTF FT GB #"-- %& $"3/&450-5&4  BNC 1SFNJTBMFTNJMMPSTEJTGSFTTFT  NÞTJDB FOWJV CPOBNCJFOU FTGBFM%*."354 '&#3&3EFBIPSFT

WLDQD %JKPVT

$"4"- 1&1 7&/563" &9$634*» 4035*%" %&  %*&4 $"3/&450-5&4 "-"$045"#3"7"4PSUJNFMEJTTBCUF EFGFCSFBMFTEFMNBUÓ1SFVå TVQM*OEJWJEVBMå *OGPSNBDJØ$BTBM 1FQ7FOUVSB "MGPOT9** 5FM  &9$634*»4035*%"%&%*&4 7*&/" o #6%"1&45 o #3"5*4-"7"  4PSUJN FM EJMMVOT  EF .BJH 1BHB J TFOZBM å *OTDSJQDJPOT GJOT EJMMVOT EBCSJM1SFVQFSQFSTPOBå TVQM *OEJWJEVBMå"TTFHVSBOÎBDBODFMBDJØ å *OGPSNBDJØ$BTBM1FQ7FOUVSB "M GPOT9** 5FM 

.FEJ"NCJFOU "+6/5".&/5 5*"/" 03("/*5;" -" 9*** 1-"/5"%" 1016-"3 %"3#3&4 BNCMBDPMtMBCPSBDJØEFEJWFSTFTFOUJUBUT JFM1BSDEFMB4FSSBMBEB.BSJOB&TDPO WPDBBUPUTFMTWFÕOTJWFÕOFTEF5JBOBB DPMtMBCPSBS EFBIPSFT

%VSBOUMBTFUNBOB &YDVSTJPOT

$FOUSFT$ÓWJDT "TTPDJBDJPOT

&426*"%" $BMESË JOTDSJVSFTIJ BNC  EJFT EBOUFMBDJØ  QMBDFT MJNJU .ÏT JOG $BTBM EF KPWFT EF 5JBOB 5FM  

"440$7&¸/4#"33*130(3²4&9 $634*»$"3/"7"-"7*/"30; ."3* /"%03 4PSUJEBEFEPTEJFT TPSUJNFM EJTTBCUFEFGFCSFS1SFV å

5BMMFST 5"--&34#*+65&3*" ."26*--"5(&  5SBOTGPSNBMBUFWBSPCB 1FSDVTTJØi$B KØOw FUD.ÏTJOGPSNBDJØ$BTBMEFKPWFT EF5JBOB5FM

PRQWJDW

%VSBOUMBTFUNBOB

$BTBMTJFTQMBJT

1PFTJB

$*/&'¾36. %JVNFOHFT B MFT  I .ÏT JOG $BTBM EF KPWFT EF 5JBOB 5FM  "6-&4 %&456%* 'JOT   EF HFOFS MMFWBUEFMTDBQTEFTFUNBOB EFB I .ÏT JOGPS $BTBM EF KPWFT EF 5JBOB 5FM

5"(3"%" -" 10&4*"  5PUT FMT 13* .&34 %*7&/%3&4 EF DBEB NFT FOT SFVOJN QFS B SFDJUBS QPFNFT  J UBNCÏ QFSBFTDPMUBSBRVJMJBHSBEJ&TQPEFO SFDJUBS UBOU FO DBUBMË  DPN FO DBTUFMMË #POBNCJFOU USBDUFBHSBEBCMFJGBNJMJBS .0/5("5 $$-&4."--0326*/&4 EF BI0SHBOJU[B(SVQ#305%& 10&4*" .POUHBU *OGPSNBDJØ 

9FSSBEB 26µ.&/(&. 9FSSBEBTPCSFBMJNFOUB DJØBDËSSFDEF9BWJ$PSFMMB *OGFSNFS   ²47&3*5"5 )0)&7*451&3-"5&-&  9FSSBEBTPCSFFMT.BTT.FEJBBDËSSFD EF 9BWJ 3PESÓHVF[ 4PDJÛMFH  .ÏT JOGPSNBDJØ$BTBMEFKPWFTEF5JBOB5FM 

"MUSFTBDUJWJUBUT -"6-" %&456%* %& -" #*#-*05&$" 5*3"/5 -0 #-"/$ * &- $$ -&4 ." --0326*/&4  PCSF EF OPV MFT QPSUFT BMT KPWFT FTUVEJBOUT GJOT EJVNFOHF 

%JTTBCUF 5FBUSF "SHFMJOP TFSWJEPSEF EPTBNPTIPSFT 5FBUSF;PSSJMMB $BOPOHF #BSBOFSB 727%DGDORQD



(6*"$6-563"-/07"JOEE





HVSDLF

#BEBMPOB BM MBEP .FUSP 'POEP o 4UB $PMPNB(OFU 5FM

%JVNFOHF $PODFSU %JWJEF8FODFTMBP IVNPSNVTJDBU  IPSFT&MT(FOJT 3BNCMB 





                




HVSDLF

FLQHPHV

7BMLJSJB

3ÓPDPOHFMBEP

&MiDPNQMPUEFMEFKVMJPwQBSB BDBCBSDPO)JUMFSFTVOPEFMPT FQJTPEJPTNÈTIFSPJDPTZNF OPTDPOPDJEPTEFMB**(VFSSB .VOEJBM)FSJEPFODPNCBUF FM DPSPOFM$MBVT7PO4UBVGGFOCFSH WVFMWFEF«GSJDBQBSBVOJSTFBMB SFTJTUFODJBBMFNBOBZBZVEBB PSHBOJ[BSMB0QFSBDJØO7BMLJSJB  FMQMBOQBSBSFFNQMB[BSBB)JU MFSVOBWF[NVFSUP

3BZ&EEZFTUÈBQVOUPEFDPN QSBSMBDBTBEFTVTTVF×PTQBSB TVQFRVF×BGBNJMJB%FQSPOUP TVNBSJEP HSBOBmDJPOBEPBMBT BQVFTUBT IVZFDPOFMEJOFSP ZEFKBB3BZBSSVJOBEBZTPMB DPOMPTOJ×PT.JFOUSBTUSBUB EFFODPOUSBSBTVNBSJEP DP OPDFB-JMB-JUUMFXPMG VOBDIJDB NPIBXLRVFMFQSPQPOFVOB NBOFSBEFHBOBSEJOFSPGÈDJM

%JS#SZBO4JOHFS64"Z"MF NBOJB%SBNB UISJMMFS *OUFS 5PN $SVJTF  ,FOOFUI #SBOBHI #JMM/JHIZ 5PN8JM LJOTPO $BSJDF7BO)PVUFO

%JS  $PVS UOFZ )VOU 64"

%SBNB * OUF S  .FMJTTB -FP  .JTU Z 6QIBN  $IBSMJF .D%FSNPUU  .BSL#PPOF+VOJPS

%JS$BP#BPQJOH$IJOB %SBNB *OUFS9VO;IPV $IBP%FOH  ) B OZ V ; I B O H   # BP R J B O H 8BOH

.BMFKFNQMP

-BEVEB

$VTDÞT

%BOOZZ8IFFMFSTPOEPTWFO EFEPSFTRVFUJFOFOVOBDDJEFO UFDPOMBDBNJPOFUBEFMBFN QSFTBEVSBOUFVOBKVFSHBDPO NVDIPBMDPIPM"SSFTUBEPT FM KVF[MFTEBBFTDPHFSFOUSFMB DÈSDFMPVOUSBCBKPTPDJBMFOVO QSPHSBNBEJEÈDUJDPQBSBKØWF OFT%FTQVÏTEFVOEÓBDPO MPTDIJDPT MBJEFBEFMBDÈSDFM FNQJF[BBUFOUBSBOVFTUSPT EPTQSPUBHPOJTUBT

&TUBNPTFO FOMBJHMFTJB EF4BO/JDPMÈT FOFM#SPOY &M1BESF'MZOO VOCSJMMBOUFZ DBSJTNÈUJDPTBDFSEPUF JOUFOUB EFTBGÓBSMBTFTUSJDUBTSFHMBTEFM DPMFHJPRVFMB)FSNBOB"MPZ TJVT#FBVWJFSMMFWBDVTUPEJBOEP EFTEF IBDF B×PT DPO NBOP EFIJFSSP&MMBFTMBEJSFDUPSB EFMDPMFHJPZDSFFDJFHBNFO UFFOFMQPEFSEFMNJFEPZMB EJTDJQMJOB

&MTF×PS#FJKJFTVOIPNCSFDB TBEPEFB×PTFNQMFBEPEF MPTBTUJMMFSPT VOUSBCBKPRVFTF IBJEPIBDJFOEPDBEBWF[NÈT JOTPQPSUBCMF1PSPUSPMBEP FT VODBCF[BEFGBNJMJBEJWPSDJB EP RVF JOUFOUB B UPEB DPTUB NBOUFOFSVOJEPTBTVTTFSFT RVFSJEPT UBSFBEJGÓDJMBDBVTB EFMPTEFTFRVJMJCSJPTGBNJMJBSFT  MBTDPOUJOVBTUFOTJPOFTZMPT QSPCMFNBTFDPOØNJDPT

%JS %BWJE8BJO64" $PNFEJB *OUFS 4FBOO8JMMJBN4DPUU 1BVM 3VEE $ISJTUPQIFS.JOU[1MBTTF

%JS  +PIO 1BUSJDL 4IBOMFZ

%JS "CEFM,FDIJDIF'SBODJB %SBNB *OUFS )BCJC#PVGBSFT )BGTJB )FS[J 'BSJEBI#FOLIFUBDIF





QBHJOEE





-BFDVBDJØOEFMBNPS ZEFMBNVFSUF -JNJFTVOBUBYJTUBJONFSTBFO VOBCÞTRVFEBJOUFOUBFODPO USBSBTVQSPNFUJEP 'BOH8FO  RVFEFTBQBSFDJØCSVTDBNFOUF EFTVWJEBDVBOEPTVTQBESFT DBODFMBSPOMBCPEBRVFOVO DBBQSPCBSPO%VSBOUFDVBUSP B×PT -JNJIBSFDJCJEPDBSUBT EF'BOH8FOBTVOPNCSFQFSP OJOHVOBJODMVÓBSFNJUF

64"%SBNB *OUFS.FSZM4USFFQ 1IJMJQ4FZ NPVS)PGGNBO "NZ"EBNT 







727%DGDORQD




&MFYUSBOKFSP

)PZ NBNÈIBNVFSUP+BNÈTTFIB EFTDSJUPFM&YJTUFODJBMJTNPDPNPFO MBQSJNFSBGSBTFEF&MFYUSBOKFSPEF $BNVT )BCJFOEP FTUVEJBEP DPODJFO[VEB NFOUF$BSMPT#BMBHVÏoEJSFDUPSEF&M "SSPQJFSP FMWBHBCVOEPEFMBNVFSUF MBWJEBEF .BOVFM%FMHBEP7JMMFHBT QBSFDFJODSFÓCMFRVFOPTFEÏDVFOUB #BTVSB

4FEFKBWFS

EFMBPDBTJØOQFSEJEB -BQSFHVOUBFTJONFEJBUB {RVÏIBCSÓB IFDIP1BUJOP )FSSBMEFP$IBWBSSJDPO UBOQPEFSPTPNBUFSJBM %FTEFMVFHP OVODBFTUBQFMÓDVMB1PSRVF&M"SSP QJFSPKBNÈTTFBQSPYJNBOJQPSBTPNP BFTBTUSFTPCSBTNBFTUSBTEPDVNFO UBMFTRVFEFCFSÓBOTFSTVTBOUPZTF×B 2VFSJEÓTJNPTWFSEVHPT &MBTFTJOP EF1FESBMCFTZ&MEFTFODBOUPRVF EÈOEPTFNÈTCJFOFOVOJOUFSFTBOUF SFQPSUBKFTPCSFMBWJEBEFVOPEFMPT NÈTHSBOEFTBTFTJOPTQTJDØQBUBTEF MB&TQB×B1SPGVOEB*OTVGJDJFOUFQBSB VOEJSFDUPSEFDJOF NBHOÓGJDPQBSBVO SFBMJ[BEPSUFMFWJTJWP 1FSPFTUPFTDJOFZFMDJOFSFRVJFSF NBZPSFOUVTJBTNP NÈTQSPGVOEJEBEZ NVDIBTNÈTEPTJTEFSJFTHPBVTFOUFT QPSDPNQMFUPFOFTUBPCSB $PO&M"SSPQJFSPQPESÓBIBCFSTFBQPT UBEPQPSFMSFGMFKPEF .FSTBVMUFM QSPUBHPOJTUBEF&MFYUSBOKFSPVOUJQP UPUBMNFOUFEFTFTQFSBO[BEPBOUFMB WJEBQVFTBNCPTQSPUBHPOJTUBTTPO WÓDUJNBTEFMQFTJNJTNPEFVOBÏQPDB NBSDBEBQPSMBHVFSSB EFMBDBSFODJB EFWBMPSFTEFMNVOEPDPOUFNQPSÈOFP 'SÓP$BSMPT#BMBHVÏFTDPOEFMBDBCF[B DVBMBWFTUSV[ZTFMJNJUBBDPOUBSMBWJEB

&RQFXUVR

&, 1([/ $ .

7BMPSBDJØO

0CSB NBFTUSB

/PTF MBQJFSEB

#VFOB

ZNJMBHSPTEFMNPOTUSVP BEFNÈTEF NBOFSBUPSQFVUJMJ[BOEPMBSFEVOEBODJB SFDVSTPUBCÞEFMDJOFoDPOSFQFUJ UJWBTEFDMBSBDJPOFTRVFSBMFOUJ[BOFM BWBODFEFMESBNB {:FMUFSSPSRVFTFMFTVQPOFBVOB IJTUPSJBRVFQPESÓBQPOFSMPTQFMPT EF QVOUB  {: MB FYQMPSBDJØO EF MB QTJDPMPHÓBEFMDSJNJOBM {:MBDSÓUJDB CVSMPOBBMBQBTJWJEBEEFMPTGVODJP OBSJPT .ÈTGSÓP 4JOFNCBSHPFMQFPSEFMPTPMWJEPT EFMEPDVNFOUBMFTFMEFEBSDVFOUB TPCSFMBJNQPUFODJBFOMBEFGJOJDJØOEFM NPOTUSVP TPCSFMBJHOPSBODJBEFMBT DBVTBTEFTVDSFBDJØO RVFWJFOFBTFS TJOEVEBFMGSBDBTPEFMBDJFODJBBOUFMB OBUVSBMF[BEFMB[BSy`&YJTUFODJBMJTNP EFOVFWP$POHFMBEP $PNP MB NVFSUF FO FM QBUÓCVMP EF .FSTBVMU MBTEFDMBSBDJPOFTGJOBMFTEF iFM"SSPQJFSPwZTVQBUÏUJDPEFBNCVMBS QPSFMNBOJDPNJPBOUFTVJONJOFOUF PDBTPoMPNFKPSEFMBQFMÓDVMBoOP UJFOFONÈTTFOUJEPEFMRVFIBUFOJEP TVWJEB *SPOÓBGJMPTØGJDB QVSPFYJTUFODJBMJTNP EFTBQFSDJCJEP

HVSDLF

'SBO.FODIØOGSBO!BTINFEOFU

'SBO.FODIØOGSBO!BTINFEOFU

5$

#BEBMPOB BDJOF.ËHJD H F . T MP O F P MUJNPFTUSFO ","3"FMÞ Y TPSUFPEFFOUSBE S F W F D UF BTEPCMFT {5FBQF *OGPSNBDJØOTPCSFFMDPODVSTP$BEBKVFWFTTPSUFBNPTFOUSBEBTEPCMFTQBSBBDVEJSBWFS DVBMRVJFSQFMÓDVMBFOMPTDJOFT.FHBDJOF.ËHJD#BEBMPOB4JSFTVMUBTTFSVOPEFMPTHBOBEPSFT QPESÈTWFSDVBMRVJFSQFMÓDVMBFODVBMRVJFSTFTJØOEFMVOFTBKVFWFT NFTEFTEFMBGFDIBEF TPSUFP  {$ØNPTBCFSTJIBTSFTVMUBEPHBOBEPS $BEBTFNBOBTBMESÈOMPTHBOBEPSFTEFMBTFOUSBEBT FOFMBQBSUBEPEFDJOFTEFMBTFDDJØO&TQBJ$EPOEFQVCMJDBSFNPTMPTOPNCSFTEFMPTQSFNJBEPT

CBEBMPOB!FMUPUEJHJUBM

{$ØNPQBSUJDJQBS



DPN

 MMBEFNFHBDJOF &ODVFOUSBMBFTUSF TFO VODJPTBQBSFDJEP FOVOPEFMPTBO MOPNCSFEFMB TF OP WÓB &O B JTU FTUBSFW F FM OUFEPOEFBQBSFD FNQSFTBBOVODJB EBUPTEF TZ BUP TE UV UB OÞNFSPEFSFWJT P DPSSFPFMFDUSØOJD DPOUBDUPBOVFTUSP N JHJUBMDP CBEBMPOB!FMUPUE

(BOBEPSFTTPSUFPEFFOUSBEBTEPCMFTEFMBSFWJTUB %BWJE.JSB)FSSBO[ "OUPOJP-FODJOB#FSSVF[PJ"OOB)FSOÈOEF[

727%DGDORQD

QBHJOEE













                




HVSDLF

QRYHWDWV PÙVLFD

1FS(JOBEF5FSB

OOLEUHV

/+.'5&#8+5 -KPF1H$NWG &EJDJØFTQF DJBM EFM Ò B O J W F S T B S J E  V O  E F M T EJTDPTDMBVT EFMTFHMF99 ² T  V O  E J T D FYDFQDJPOBM BNC HSBWBDJPOT BMUFSOBUJWFT TFRàÒODJFTEFTUVEJ JVOEWEBNCNBUFSJBMJOÒEJUJVO EPDVNFOUBM EF DPN FT WB GFS BRVFTUEJTD6OBKPJBJNQSFTDJO EJCMFJBNCUBOUEFNBUFSJBMRVF FTUËTIPSFTJIPSFTFTDPMUBOUMPJ FOUFOFOUQFSRVÒIJIBVOBCBOTJ VOEFTQSÏTEFTEF,JOEPG#MVF





QBHJOEE





"NBJB.POUFSP "NBJB.POUFSP 5IFQSPNJTF *M%JWP B×PTEFTQVÏT 3BQIBFM -BWJEB "JOIPB"SUFUB 1FSTPOBT &MDBOUPEFMMPDP

"RVFTUBÏTMB IJTUÛSJBEVOB USBOTGPSNBDJØ %F MB SFMBDJØ FOUSFEPTHFSNBOTBUSBWÏTEF MBNJSBEBJOOPDFOU JBFTUPOFT NBMÒWPMB EFMQSÓODFQBDBCBU EFEFTUSPOBSBRVJFMTFOUJNFOU EPEJFOWFSTMBTFWBHFSNB OB BDBCBEB EF OÏJYFS FM GB QSFOESFDPOTDJÒODJBEFUPUBMMÛ RVFMFOWPMUBEFMBQSFDBSJFUBU GBNJMJBS EFMFTJOmEFMJUBUTJMFT WFOKBODFT

-MJTUBEFDBOÎPOT $PMHBOEPEFUVTNBOPT $#BVUF.4ÈODIF[ 5FOJBUBOUPRVFEBSUF /FOB%BDPOUF 2VJFSPTFS "NBJB.POUFSP -BIJTUPSJBEF+VBO$BTUJMMP -PT$IJDIPT&TUPQB &MDBOUPEFMMPDP 1FUFS1BO

6&'64#/2# 5WG)TCHVQP '&+%+105 - B  E F U F D U J V QSJWBEB,JOTFZ .JMMIPOFEFDJ EFJYWJHJMBSEF QSPQFMTFVWFMM WFÓ(VT DPOWBMFTDFOUEVOB DBJHVEB 2VBO MB OÏUB EFO (VTMMPHBMBJOGFSNFSB4PMBOB 3PKBTQFSRVÒFMDVJEJ .JMMIPOF DPNFOÎBBTPTQJUBSRVFFMMBOP ÏTFMRVFTFNCMB&MMFDUPSTBQ EFT EFM QSJNFS NPNFOURVF 3PKBTOPÏTFMTFVOPNSFBM  TIBJOWFOUBUVOBJEFOUJUBU

-MJTUFTGBDJMJUBEFTQFS1SPNVTJDBF

OOLEUHV &MTNÏTWFOVUT 1FUPOTEFEJVNFOHF 4ÓMWJB4PMFS &MFHJBQFSVOBNFSJDË 4JSJ)VTUWFEU -BOPJBRVFTPNJBWBVO MMVNJJVOCJEØEFHBTPMJOB 4UFJH-BSTTPO

&+#4+&'. )4')'.41 &4+%-/#0# ,GHH-KPPG[ '/2­4+'5

0#%*18')#5 'N/CPKſGUVQ&GUCUVTG /BDIP7FHBT ÏT EFMT NJ MMPSTBSUJTUFT EF MFTDFOB NVTJDBM FT Q B O Z P M B  QFSMBNÞTJDBJQFSVOFTMMFUSFT FYDFMtMFOUT -FY.BOUB 3BZ ÏT EFMTBSUJTUFTRVFEJTDSFSFEJTD FOTTPSQSÒOQFSRVÒNBJWBFOSFSF TFNQSFFOEBWBOUJBJYÛÏTEJGÓDJM EBDPOTFHVJS  DBOÎPOT RVF DPNQUFO BNC MB QSPEVDDJØ EF 1BDP-PDPJRVFBNJEBRVFMFT WBTFTDPMUBOUOPTBQTBNCRVJOB RVFEBSUF

-MJTUBEhËMCVNT

2165'42'437› '4'/0'05 4KECTF$KGN #4#..+$4'5

/16190 XXCC +BGBBOZT R V F  F M  T P . P U P X O  W B T P S Q S F O E S F B UPU FM NØO J FODBSB IP TFHVFJYGFOU &O FMT EBSSFST NFTPT TIB GFU VOB FORVFTUB QFS JOUFSOFU QFS FTDPMMJSFMTNJMMPSTUFNFTEF MB.PUPXOJBRVÓUFOJNMBSFDPQJ MBDJØBNCBSUJTUBTDPNBSB4UFWJF 8POEFS  %JBOB 3PTT  .BSWJO (BZF .BSUIBBOE5IF7BOEFMMBT  +BDLTPOy

PÙVLFD

1FS4BMUBNBSUÓ-MJCSFT

-MJTUBGBDJMJUBEBQFS4BMUBNBSUÓ-MJCSFT

'BDJT FM RVF GBDJT  OP QSF HVOUJTBM(SFH )FGnFZDPNIBQBTTBUBRVFTU FTUJV  QFSRVÒ TFHVS RVF OP UFYQMJDBSËSFT5BOCPOQVOU DPNFOÎBFMOPVDVST FM(SFH OPNÏTEFTJUKBEFJYBSFOSFSFFMT USFTÞMUJNTNFTPTQFSÛTPCSF UPUVOGFUFOQBSUJDVMBS%FTBGPS UVOBEBNFOUQFSBM(SFH FMTFV HFSNËHSBO FM3PESJDL IPTBQ UPUTPCSFMJODJEFOUWFSHPOZØT EBRVFTUFTUJV 





$BOPOHF#BSBOFSB   #BEBMPOB  XXXTBMUBNBSUÓDPN TBMUBNBSUJ!TBMUBNBSUÓDPN



727%DGDORQD




HOWHXFDUUHU

$BSSFSEFMB *OEFQFOEÒODJB #VGBMËt&MOPNBMrMVEFJYTFOT EVCUFBMBJOEFQFOEÒODJBBTP MJEBEFTQSÏTEFMBJOWBTJØOB QPMFÛOJDB RVFEPOËMMPDBMB (VFSSBEFM'SBODÒTPEFMB

EB DPNFM#SVDP#BJMÒO BJYÓ IPJOEJRVFO

*OEFQFOEÒODJB   -BEBUBEFEFOPNJOBDJØJMB [POBPOFTUSPCBFMDBSSFS FO FMRVBMBMUSFTOPNTSFDPSEFO HFTUFTEFMBHVFSSBFTNFOUB

$BSSFS&VSCBOJU[BDJØ#VGBMË $.1 

"#3"4 .$"33&3"4 ./*&50 % &MTDBSSFSTEF#BEBMPOB.VTFVEF#BEBMPOBJ$POTPSDJQFSBMB/PSNBMJU[BDJØ-JOHàÓTUJDB 

L1<L H< < 6  &c P 7  H " TL1GT&1H L ™¯ĖûØØ邼ØÐgÆû™™āÐ

'JORVFT #MBODI3PJH4-

6gû¼gP™û™āgHؼ¯».Øā™é ÆgЂ¹Hؼ¯

uL āċûØāgÆðĖ¼Æ™ ÐĖ™

P™ÆíÔďď  ďĬ« »Ôďď ÔĬć­ďĉíØÐðĖ™āċg‹áĬ«xg¼ģØā»Ĭ ÔáĔ 1<7

F&L<L71GT&1H 1"3,*/(1&17&/563"  GÈDJMBDDFTP QMB[BBNQMJB åNFT 1"3,*/(;POB.*26&- 4&37&5 QMB[BBNQMJB DPDIFZNPUP

åNFT ;POB1-";"#"%"-0/"… QJTPEFIBCT DPDJOBBNQMJBZ CB×PNPEFSOPT DPNFEPS  TJOBTDåNFT ;POB1&17&/563" QJTP N IBCNVZBNQMJB  DPNDPD C×DPOQEVDIB CBMDØO  TBTD .6:-6.*/040 åNFT ;POB'3"/$&4$."$*® QJTPEFIBCT TVQN  DPDJOB CB×P BTFP 50%0 3&'03."%0åNFT ;POB$&/530 QJTPN  IBCT DPNN DPDZC× BNQMJPT $0.1-3&' ;0/" */.&+03"#-&åNFT

727%DGDORQD

QBHJOEE



;POB.&3$"5503/&3 CBKPT EFN NTØUBOP IBCT  DPN DPD CB×P DBMFG 3&'03 ."4%&"º04åNFT

;POB$%0$50330#&35  DBTBBWJFOUPT N IBCT  DPNFEPSN DPDJOBZCB×PT SFGPSNBEPT QBUJPEFN

UFSSB[BNåNFT

;POB$13*. QJTPEFIBCT  N DPNFEPSDPDJOBUJQP PGGJDF CB×P CBMDØOZUFSSB[B  UPEPFMÏDUSJDP 5*10&456%*0 åNFT

;POB.&530+6"/99*** BNQBSBEB QJTPUJQP MPGUN $0.1-3&' &41&$5"$6-"3åNFT

;POB$&/530 QJTPEFN  IBCT DPDJOB CB×PSFGPSNBEP  DPNFEPSN QBSLFU BB  CBMDØOBDBMMF DPOBTDFOTPS åNFT

;POB$130(3&4 QJTPEF N IBCTNVZBNQMJBT  DPNFEPSN DPDJOB CB×PT DPNQMFUPT BTD[DPNVOJUBSJB DPOQJTDJOB'*/$"%& "º04åNFT ;POB.64&0 QJTPIBCT  DPNFEPSN DPDJOB CB×PT SFG CBMD BTD QMB[BQLJODMVJEP åNFT

;POB$0/26*45" QJTPEF N IBCT DPNFEPS CB×P  DPDJOBNPEFSOB DBMFG  BB BTDFOTPS åNFT

F&L<L7]7P

;POB"-'0/49** QJTPEF IBCT DPNFEPSNVZBNQMJP  DPDJOB CB×PZBTFPQFSGFDUP FTUBEP HBMFSÓBN  50%0&95&3*03  DBMFG BB TJOBTD åNFT





;POB$10/&/5 QJTPEF IBCT DPNFEPSN DPDJOB ZCB×PNPEFSOPT  CBMDØO TJOBTD å  NJMM







1..')+#6

$PMMFHJBUOVN

$PMMFHJBUO

;POB."5"3» QJTPIBCT  DPNFEPS N DPDJOBZCB×PEF PSJHFO BTDFOTPS $0.1-&95& 3*03"‹-*/&"%&."3 å NJMM

;POB-"1-"/" QJTP IBCT CB×PT DPNFEPS N DPDJOBNVZBNQMJB  CBMDØON 5&33";" N"$"#"%04%&-6+0 å NJMM

1<1L7]7P `1GT&1H ;POB$/BWBUB MPDBMN  QVFSUBTBDBMMF BDDWFIÓDVMPT åNFT ;POB$1307*%&/$*" TVQ N EJÈGBOP FOUSBEBWFIÓDVMPT åNFT ;POB$$&37"/5&4  MPDBMN BTFP  NBMUVSB åNFT ;POB-MPSFEB MPDBMN UFSSB[B N  NBMUVSB TBMJEBIVNPT åNFT ;POB"7."35*16+0- 1*40 $0.&3$*"- TVQN 50%0 &95&3*03åNFT

                




ODOODU

NCNNCT



GHFRUDFLÓ‡FRQVHOOV‡PRELOLDUL‡5HIRUPHV‡MDUGLQHULD

1IJMJQT-JWJOH$PMPSTNJOJ B MB MËNQBEB "DBCBEB MB QSPWB QPEFNBTTFHVSBSRVF MFGFDUFÏTSFBMNFOUJNQSFT TJPOBOU  FT QFD JBMNFOU FO VOB QBSFU CMBOD B 1PESËT B D P O T F H V J S V O B BU N P T GF  SB [FO  FO UPOT EF WFSE  P JMtMVNJOBSMIBCJUBDJØEFWFS NFMM SPTB CMBV FUD4JUFOT VOBGFTUBQPESËTBDUJWBS QFS FYFNQMF FMNPEFBVUPNËUJD NVMUJDPMPS J  B DPOUJOVBDJØ  B EPSNJS BNC VOB EF DPMPS CMBV -ÞOJDRVFUSPCFNBGBMUBSB MB -JWJOH$PMPST .JOJ ÏT VO DPOUSPM SFNPU  JHVBM RVF FM QPSUBFMNPEFMTVQFSJPS4J MFTUJMEFEFDPSBDJØRVFNÏT UBHSBEBÏTFMEFMBMUBUFDOP MPHJB BRVFTUBNJOJMËNQBEB EF1IJMJQTÏTJEFBM

-MBS t 5PU FM QFUJU ÏT CPOJD 0BJYÛBGJSNFOFMTFOHJOZFST EFMFNQSFTB1IJMJQTEFTQSÏT EF QSFTFOUBS MB -JWJOH$PMST .JOJ  WFS TJØ EF MB GBNPTB MMVNNVMUJDPMPSEFMFNQSFTB 1IJMJQT $PN MB TFWB HFS

% J N F O T J P O T    Y  Y  NN "NC VO ÞT ÛQUJN B VOB EJTUËODJB EF  DN BNEVONVSPVOBQBSFU NBOB HSBO  MB -JWJOH$PMPST WFSUJDBM .JOJ QPU DBOWJBS FM DPMPS EF 1S F V  - B D BU C M B O D J M B D BU MBTFWBMMBS OFHSF  FVSPT  QMBUB J PS FVSPT

1FS BDPOTFHVJSIP  OPNÏT DBM UPDBS BNC MB QVOUB EFM < >IUUQXXXMJHIUJOHQIJMJQT EJU FM DFSDMF EF DPMPS TJUVBU DPNNJDSPTJUFMJWJOH@DPMPST

"MVNJOJPT ("-*-&0 4-

*/ 504 6& 4 * 40 1 6 4 13 & .130. $0

$BSQJOUFSÓB.FUÈMJDP $BSQJOUFSÓB.FUÈMJDB

$3PHFSEF'MPS O #"%"-0/" 1ÈHJOB8FCXXXCBEBXFCDPNHBMJMFP &NBJMHBMJMFP!CBEEBXFCDPN r4JTUFNBT&VSPQFPTFOWFOUBOBDPSSFEFSB QSBDUJDBCMFZQFSJNFUSBM r.BNQBSBTEFCB×PFOUPEPTMPTDPMPSFT 



QBHJOEE





5FM 'BY

r1FSTJBOBTFO"MVNJOJPUÏSNJDPZQMÈTUJDP r7JESJPEFDÈNBSB$MJNBMJU B×PTHSBOUÓB

r5PEPUJQPEF-BDBEPT DPMPSFT NBEFSBT









`/0.&5*3& QVFEPTFSMFÞUJM 727%DGDORQD




ODOODU

9FNFOFJB1POUPO VOBMMBSEFGPDEFCJPFUBOPM

-MBSt.BMHSBUMBDPOUSPWÒSTJB TPCSF FM QFSJMM EF MFT YFNF OFJFTEFUBOPM OPQVDSFTJTUJS MB UFNQUBDJØ EF QSFTFOUBS BRVFTUPSJHJOBMNPEFMEFYF NFOFJB DJMÓOESJDB EF WJESF EF EJTTFOZ 5SPCBSËT MB YF NFOFJB 1POUPO FO EJGFSFOUT

NJEFT J QPU TFS DPMtMPDBEB FOVOBCBTFSPEPOBEFGVT UB BEBQUBEB QFMT EJGFSFOUT NPEFMT-BUSBOTQBSÒODJBJMB QVSFTBHFPNÒUSJDBEBRVFTUB YFNFOFJB EFUBOPM BKVEB B HBVEJS QMFOBNFOU FM QMBFS EFODJTBSTFNJSBOUFMGPD UBOU

BMJOUFSJPSEFDBTBDPNBGPSB "MKBSEÓ UBNCÏQPUTVUJMJU[BSMB MMBSEFGPD1POUPO 1FSDPNQMFUBSFMTFVEJTTFOZ  QPEFN BGFHJS MB TFWB CBTF EF GVTUB EF EJTTFOZ TFO[JMM JOFU < >IUUQXXXQPOUPOMJWJOHFV

-*.1*&;"4 */%#"%"-0/"

$0#&35&4* '"±"/&4 4-

+0&7564+#.'5;2#46+%7.#4'5

$FSWBOUFT  #"%"-0/"

&'5#6#5%15&' 67$'4 #5 21<15(15#5 5œ26+%#5' +070&#%+10'5

| | | | | |

6SHFODJBTMBTIPSBTJODMVTP'FTUJWPT5FM



Z'BY /05*3&46%*/&30 $0/4Á-5&/04

6GTTC\CU[EWDKGTVCU 4GJCDKNKVCEKÎPFGHCEJCFCU 4GJCDKNKVCEKÎPFGGFKſEKQUCNWOKPQUQU 6CDKSWGURNWXKCNCGU 2CVKQUFGNWEGU $CLCPVGU &GUCI×GU

#NHQPUQ:++|$#&#.10#6GN XFCYYYEQ[HGEQO|FNBJMEQ[HG"EQ[HGEQO

505"&%"5 4&37&*4"5&/$*»"%0.*$*-* 4"%

"MTFVTFSWFJEFTEF /&5&+" 1-"/9" $6*/" /"%0/4*/&/4

"DPNQBOZBNFOUDPMrMFHJ  UËTRVFTFTDPMBST FUD

FHJTUSBEB &NQSFTBS BS4PDJBM B#FOFTU  OÞN4

1&340/"-26"-*'*5$"5J".#&91&3*µ/$*"r7*4*5&4$0/$&35"%&4 "WHEB.BSFTNF PmDJOB‹QMBOUB#BEBMPOB rXXXUPUBFEBUDPNrJOGP!UPUBFEBUDPN 



QBHJOEE













727%DGDORQD




-MBSt/FDFTTJUBVOBPmDJOB  #VTRVFT QSFTUBUHFSJFT QFS FNNBHBU[FNBSUPUTFMTUFVT MMJCSFT  "NCMBOPWBPmDJOBi,8PS L T U BU J P O w E J T T F OZB E B Q F S

MFNQSFTB i %JTTFOZ .JTP  TPVQwBDPOTFHVJSร‹TTPMVDJP OBSFMTEPTQSPCMFNFT 4FOTFNรTQSFร‹NCVMT MBi, 8PSLTUBUJPOw  รT BMIPSB VOB PmDJOBJVOBQSFTUBUHFSJBQFMT

ODOODU

,XPSLTUBUJPO MPmDJOBUPUFOVO

UFVT MMJCSFT  JODMPV VO FTQBJ QFS USFCBMMBS J VOB Tร’SJF EF QSFTUBUHFTQFSBRVร’UPUFTUJ HVJCFOPSEFOBU-BVOJUBUรT UPUBMNFOUDPNQBDUF < >NJTPTPVQEFTJHODPN7

PZ T SFI Q QMB[P T N P E `$P DPNP FMPFO

ZQรˆHV

352<(&726< ',5(&&,ร1'(2%5$

3&'03."4&/(&/&3"#-*/%"%"4r*/5&3*03&4

$/%$f,/(5ร‹$ ย‡&2&,1$<%$f26 ย‡7(&+26'((6&$<2/$ ย‡5()250$6(1*(1(5$/ ย‡)$&+$'$6%$-$17(6 '(6$*h(6

"-5*--04r.63"-&4 $0$*/"4r#"ยบ04 1"326&5r"-6.*/*0

3,1785$ ย‡&8%,(57$6< 7(55$=$6 ย‡3$7,26'(/8= ย‡3,626<(6&$/(5$6

.6&#-&4".&%*%"

"W.BSRVรTEF.POUSPJH  #"%"-0/"

#BMEPNFS4PMร‹ #BEBMPOB 5FM 'BY

7HO)D[0yYLO

"OESรT'FSOรˆOEF[(JNรOF[

VHUYLGHFR#DXQDFRPVHUYLGHFREDGDORQD#KRWPDLOFRP

.VFCMFTBNFEJEB "SNBSJPT EJTFร—PTQSPQJPT 1VFSUBT $PDJOBT 1BSRVFUT FUD

1"35*$6-"3&4*/%6453*"-&4 3&'03."4*/5&(3"-&4%&467*7*&/%"$0.&3$*0

5FMT

727%DGDORQD

QBHJOEE













                




ODOODU

#FEVQ VOMMJU SFUSËDUJMRVF TBNBHBBMTPTUSF

 &GUCVCUEQU  8CEKCFQURQ\QU -MBS t  -B TPMVDJØ EFGJOJUJWB QFSFMTQJTPTQFUJUTÏTFMOPV #FE6Q 6O MMJU SFUSËDUJM RVF CBJYBEFTEFMTPTUSF"RVFTU MMJUFTUBMWJBVOTWBMVPTPTNF USFT B MB UFWB MMBS  HVBOZBOU OP NFOZT EF  NFUSFT RVB ESBUT6UJMJU[BVOTJTUFNBNPMU JOUFMtMJHFOUEFCBOEFTEFUFJYJU SFGPSÎBEFTJDPOUSBQFTPT

 #PWNCEKÎPHQUCU  [OCNQUQNQTGU  4GRCTCEKÎP[  OGLQTCFGCNECPVCTKNNCFQU

63(&/$*"4 'VFSBEFIPSBSJP -BCPSBMZ'FTUJWPT 

$BMJGFNQSFTBSJBMOÞN



$1SPHSFT/BWF*OEVTUSJBM #"%"-0/"

HE EFBEEHK=>E. ´ LE[*F;K: 7&/%"**/45"-r-"$*» %&5055*164%&5&/%"-4 %VSBOU MB OJU FM MMJU FTUË CFO JOTUBMtMBUTPCSFQFVT JO DPSQPSBUT FO MFTUSVDUVSB EF QBSFUJFMTBMUSFTQFVTTØO BMmOBMEFMMMJUQMFHBCMF %V SBOUFMEJB BJYFDBSFMMMJUmOT FMTPTUSFÏTSFBMJU[BBNCVO TJNQMFHFTU&TQPUUSJBSEJWFS TFTPQDJPOTDSFBSVOTPTUSF FODBTUBU ". MMVNT  BNBHBS UPU FM MMJU FO VO GBMT TPTUSF  CBSBOBEFQSPUFDDJØ < >XXXCFEVQGS 



QBHJOEE





r5FOEBMT4UPS r5FOEBMT&YUFOTJCMFT r$BQPUFT%FDPSBUJWFT r5FSSBTTFT1MBOFT r5PUBNFOBEh"VUPNBUJTNFT

13&446104504(3"56¸54 5FMr.PC $#BMEPNFS4PMËr#BEBMPOB XXXUPMEPT[BCBMMPTDPN UPMEPT[BCBMMPT ! IPUNBJMDPN 







727%DGDORQD




3&'03.&4 1*/503:3&'03."4

1*/503130'&4*0/"-&$0/».*$0 1*/503.0-5&$0/¾.*$ &-."/*5"4 )BDFUPEPUJQPEFQJOUVSBT FTUVDBEPT  1SFTTVQPTUEFBå 1BSBMBTQFRVF×BTZHSBOEFTDIBQV[BTDBTFSBT WFOFDJBOPT1SFTVQVFTUPTTJODPNQSPNJTP 4&/4&$0.130.¶43PCFSU 5&-5&-  5&-

3FGPSNBTEFQJTPT MPDBMFT DPDJOBT CB×PT$BNCJBEPEF CBKBOUFT'POUBOFSJB:FTP&OHFOFSBM1SFTVQVFTUP FDPOØNJDP

5&-

1*/503130'&4*0/"-&$0/».*$0 )BDFUPEPUJQPEFQJOUVSBT FTUVDBEPT  WFOFDJBOPT1SFTVQVFTUPTTJODPNQSPNJTP 5&-

1"-&5" $PDJOBT CB×PT UFSSB[BT GBDIBEBT  QPSUFSÓBT CBKBOUFT UFDIPT  IVNFEBEFT FUD 1SFTVQVFTUPTTJODPNQSPNJTP

"/6/$*"h5 &/"26&45%*3&$503*1&3 /0.²4 å

5FM

7HO

-MBSt&MQVOUPEFMV["EVLJOJ FT VO PSJHJOBM DPNQMFNFOUP QBSBTVIPHBS VOBQFRVF×B MÈNQBSBDPOGPSNBEFQJFESB ZBDBCBEPNFUBMJ[BEPRVFBM BQBHBSMB TFNBOUJFOFDPNP VOBHPUBQMBUFBEB

//2&6 ,(63$,6

3$/(7$/$03,67$ 5HDOL]RWRGRWLSRGHUHIRUPDV&RFLQDV %DxRV6XHORV7HFKRVGHSODGXU3LQWXUD 0XHEOHVGHFRFLQD3XHUWDVGHLQWHULRU $UPDULRVHPSRWUDGRV(WF 3UHVXSXHVWRVVLQFRPSURPLVR

"EVLJOJ EF.BUINPT

ODOODU

',5(&725,OODU

   

 Â5HIRUPHVL UHKDELOLWDFLRQVHQJHQHUDO Â&RQVWUXFFLyREUDQRYD Â5HJDOHPFpGXODG KDELWDELOLWDW

7(/ QMH!OQMHFT 5FM 'BY

/$03,67$ (/(&75,&,67$

/07"1-($0/4536$$*0/4 4-

,QVWDODGRU$XWRUL]DGR

3FGPSNFTFOHFOFSBMr$VJOFTJCBOZT 1SPCMFNFTEhIVNJUBUTr*OTUBMrMBDJPOTr1JOUVSB

7(/ 0Ó%,/

$"RVJUFDUF(BVEÓ r#"%"-0/"rXXXOQMHFT

3&1"3"$*0/4

18(9$&216758&&,Ð1 <5()250$,17(*5$/ &RFLQDVEDxRV\HVRVSLQWXUDV HQJHQHUDOFDUSLQWHUtDGHPDGHUD \DOXPLQLRSDUTXHWODPSLVWHUtD 5DPyQL(VFROj

3(56,$1$6-$ "EVLJOJ FT VOB MÈNQBSB SF DBSHBCMFEF.BUINPTDPOVO EJTF×PEJWFSUJEPRVFDBNCJB BVUPNÈUJDBNFOUF EF DPMPS Z RVFTFQVFEFVUJMJ[BSUBNCJÏO FO FYUFSJPSFT TJO OFDFTJEBE EFDBCMFT "EVLJOJUJFOFGPSNBTTVBWFT Z SFEPOEFBEBT RVF TF BDP QMBOBMBNBOPZ BEFNÈT TF QVFEFEFKBSTVTQFOEJEBFOFM BJSF HSBDJBTBVODPSEØORVF TFJODMVZFFOTVDBKB

5HSDUDFLyQ LQVWDODFLyQ\ PRWRUL]DFLyQ QRFREUDPRVGHVSOD]DPLHQWRV

7HO

7HO ."/:&3*"

6(55$//(5

3,1725(6 352)(6,21$/(6

/]PKX\OZK\KMSYX] KNYWSMSVSNO\OSbO] NOPO\\YZY\^O] PY\TKZKXc]O^M

GH&21),$1=$\(&21Ð0,&26 $OWDGHFRUDFLyQ\SLQWXUDHQJHQHUDO 3LVRVHVFDOHUDVORFDOHV

MPFVHUUDOOHU#JPDLOFRP

2)(57$3LQWDPRVVXSLVRSRU½

7(/ L

7(/ 3&'03.".04*/5&(3" .&/5&467*7*&/%":-& '"$*-*5".046/1*40%& "-26*-&3.*&/53"4 %63&/-"40#3"4

('%#4'

.BUFSJBMFTEF‹DBMJEBE #B×PTZDPDJOBTEFEJTF×P %JTF×BNPTWJWJFOEBTUJQP-PGU %JTQPOFNPTEFBMNBDFO(VBSEBNVFCMFT 1SFDJPDFSSBEP

$55(*/26(1 35(1'$6

``1*%"/0413&4616&450 4*/$0.130.*40```

'HYHVWLU QDSD\SLHO

D1SJODJQFEF7FSHBSB O#BEBMPOB $POTVMUFOVFTUSBQÈHJOBXFC XXXPGJDBTBTJTUFODJBDPN

QBHJOEE





.BUFSJBMFT#BTFEF[JODBCSJ MMBOUBEP  MB DBKB FTUB IFDIB EFUFSNPQMÈTUJDPTVBWF CPUP OFTEFTJMJDPOBZ-&%T "ODIVSBNN "MUVSBNN %JÈNFUSPNN 1FTP,H 171 *7"JODM å < >XXXUPEPMJGFTUZMFDPN

%/GTEÂPŖ$#&#.10#

6GNH

7HO 727%DGDORQD

)BZEPTNPEFMPT3PKPB[VM QBTB QPS WJPMFUB Z SPTB  Z "[VMWFSEF QBTB QPS WFSEF BHVB 









                




JXLDVHUYHLV 6'NÇ(105

NCZCTZC r"+6/5#"%"-0/"XXXCBEBMPOBDBU r"+6/5.0/5("5XXXNPOUHBUDBU r"+6/55*"/"XXXUJBOBDBU r3&7*45"&-505XXXFMUPUEJHJUBMDPN r1035"-*..0#*-*"3*XXXIBCJUBMJTOFU r7*-"8&#XXXWJMBXFCDBUCBEBMPOB #%/$0.6/*$"$*»XXXCBEBMPOBDPNDBU '¾36.%&#"5#²56-0XXXCFUVMPDBU 1035"-#"%"8&#XXXCBEBXFCDPN */'-0$"-#"%"#*5XXXCBEBCJUPSH #"%"-0/"01*/"XXXCBEBMPOBPQJOBDPN (6*"%&#"%"-0/"XXXHVJBECODPN */'03."$*».0/5("5XXXNPOUHBUOFU

$#&#.10# r"+6/5".&/5 $FOUSBMFUB  r(6®3%*"63#"/" 6SHÒODJFT  .04404%&426"%3" 6SHÒODJFT  #0.#&34(&/&3"-*5"5 6SHÒODJFT  .04404%&426"%3" (6®3%*"63#"/" 10-*$*"/"$*0/"- )041*5"-.6/*$*1"- )041*5"-$"/365* 5"9*4#²56-0 4&37&*%"5&/$*»$*65"%® "5&/$*»7*0-µ/$*"%0.µ45*$"

TÀFKQU 3ËEJP$JVUBU#BEBMPOB 3$# '. UBNCÏFNFUQFS5%5

3ËEJP5JBOB'. 3ËEJP1PNBS'. 3ËEJP4BOU"ESJË'. (SBNB3ËEJP'. 3ËEJP-B.JOB'. 3ËEJP#ÏUVMP'. 0OB.BS'.

/106)#6 "+6/5".&/5 10-*$*"-0$"-  $"1 .0/5("5                    

6+#0#

#&81%#65

"+6/5".&/5 10-*$*"-0$"- $"15*"/" 3®%*05*"/"

VGNGXKUKÒ r5FMFWJTJØ#BEBMPOB 57#  $BOBMBOBMÛHJD$BOBM5%5

1&3&;"%70$"54 4"44&4403*"+63¶%*$" '*4$"- -"#03"-*$0.15"#-&

#55'55145

t(FTUJØ$PNQUBCMF -BCPSBMJE*NQPTUPTQFS &NQSFTFTJ"VUÛOPNT *31' *7" 4PDJFUBUT  /ÛNJOFT $POUSBDUFT FUD

2'4'<

t"TTFTTPSBNFOU.FSDBOUJME&NQSFTFT t4FSWFJT*OUFHSBMTE"EWPDBUTRVFJOUFHSFOUPUFT MFT®SFFTEFM%SFU .BUSJNPOJBM $JWJM 6SCBOJTNF  3FDMBNBDJPOT FUD

$ 4"/5#36 -0$"-o#"%"-0/" 5FM  'B Y XXXQFSF[BEWPDBUTDPN





QBHJOEE













727%DGDORQD




FRQVXOWRUL‡FRPXQLWDWV‡ODERUDO‡ILVFDO‡DVVHVVRULD

FRQVXOWRUL



EQPUWVQTKNGICN -PTMFHBEPT $VBOEPVOBQFSTPOBGBMMFDF  USBOTNJUFTVTCJFOFTZEFSF DIPT B EFUFSNJOBEPT TVDF TPSFT-PTTVDFTPSFTEFVOB QFSTPOB QVFEFO TFS EF EPT UJQPT VOPT RVF QVFEFO TFS MMBNBEPTBMBIFSFODJBQBSB SFDJCJSMBUPUBMJEBEPVOBQBSUF EFMBUPUBMJEBEEFMBIFSFODJBEFM DBVTBOUF RVFTPOFMIFSFEFSP PMPTIFSFEFSPTZPUSPT RVF TPOMMBNBEPTBMBIFSFODJBQBSB BERVJSJSÞOJDBNFOUFBMHÞOCJFO PEFSFDIPEFUFSNJOBEPRVFTF TFQBSBEFMDPOKVOUPEFMBIF SFODJB&TUPTTPOMPTMFHBUBSJPT &MCJFOPMPTCJFOFTRVFSFDJCFO TFEFOPNJOBOiMFHBEPTw &MMFHBEPFTVOBEJTQPTJDJØO UFTUBNFOUBSJBIFDIBQPSVOB QFSTPOB QPSMBDVBMEJTQPOF EFBMHVOPPEFBMHVOPTEFTVT CJFOFT FO CFOFGJDJP EF VOB QFSTPOBMMBNBEBMFHBUBSJPZB DBSHPEFMBNBTBEFMPTCJFOFT RVFJOUFHSBOMBIFSFODJB1PS FKFNQMP VOBQFSTPOBJOTUJUVZF IFSFEFSPTBTVTIJKPT QFSPIB DFVOMFHBEPEFFVSPTB GBWPSEFMBDSJBEBRVFMFBUFOEJØ MPTÞMUJNPTB×PTEFTVWJEB &MMFHBEPIBEFmHVSBSEFGPS NBFYQSFTBFOFMUFTUBNFOUP  DPEJDJMJPPNFNPSJBUFTUBNFOUB SJBDPOJOEJDBDJØOEFMBQFSTPOB CFOFmDJBSJB EFUBMNPEPRVF TJOPTFSFBMJ[BEFFTUBGPSNB OPQVFEFIBCFSMFHBEPQVFT FOFTUFDBTP FTMBMFZRVJFO EFUFSNJOBFMEFTUJOPEFMBIF SFODJBFOUSFMPTQBSJFOUFTZFO

FMPSEFORVFWJFOFEBEPFOMB QSPQJBMFZ &YJTUFOEJWFSTBTGPSNBTEF MFHBEPT Z WBSJBT GPSNBT EF BUSJCVJSMPT 1PS TV GPSNB EF BUSJCVJSMPQPEFNPTFODPOUSBS MPTMFHBEPTQVSPT TJTVFOUSFHB OPEFQFOEFEFDJSDVOTUBODJB BMHVOB0USPTEFQFOEFOEFM DVNQMJNJFOUPEFVOBDPOEJDJØO PEFMBMMFHBEBEFVOQMB[PP UÏSNJOP1VFEFOIBCFSMFHBEPT RVFJNQPOHBOVOBPCMJHBDJØO PDBSHBBMMFHBUBSJP:QVFEFO IBCFSPUSPTFOMPTRVFTFJEFO UJmRVFMBDPTBRVFTFMFHBQPS BMHVOBDVBMJEBEPDJSDVOTUBODJB RVFTJSWBQBSBJEFOUJmDBSMP

MFHBEPEFBMJNFOUPTQPSFMRVF TFMFBTJHOBBMMFHBUBSJPVOB QFOTJØORVFMFDPODFEFFMEFSF DIPBQFSDJCJSDPNJEB WFTUJEP  IBCJUBDJØOZBTJTUFODJBNÏEJDB IBTUBDJFSUBFEBEPQBSBUPEBMB WJEBEFMMFHBUBSJP 'PSNBMNFOUF MPTMFHBEPTTF QVFEFOPSEFOBS DPNPZBIF NPTEJDIP FOUFTUBNFOUP FO DPEJDJMJP P FO NFNPSJB UFT UBNFOUBSJB&MMFHBUBSJPUJFOF EFSFDIPBBDFQUBSPOPBDFQUBS FMMFHBEP4FSÈOMPTIFSFEFSPT MPTPCMJHBEPTBFOUSFHBSMPT MFHBEPTRVFFMUFTUBEPSIBZB SFBMJ[BEP FO TV UFTUBNFOUP  DPEJDJMMPPNFNPSJBUFTUBNFO UBSJB (BCJOFUF+VSÓEJDP )FSOÈOEF[7JDFOUF

&ODVBOUPBMPTUJQPTEFMFHB EPTFOFM-JCSP2VJOUPEFM$ØEJ HP$JWJMEF$BUBMV×BFODPOUSB NPTEJTUJOUBTDMBTFT)FNPTEF EFTUBDBSFMQSFMFHBEP&TUFFT FMMFHBEPRVFFMUFTUBEPSEFKBB VOPEFMPTIFSFEFSPTDPOFMmO EFBTFHVSBSTFRVFFTFCJFOFO DPODSFUPTFBEKVEJRVFBMIFSF EFSP1PSUBOUPDPOTJTUFFOVO EPCMFMMBNBNJFOUPBMBQFSTPOB VOPBUÓUVMPEFIFSFEFSPZPUSP BUÓUVMPEFMFHBUBSJP&MIFSF EFSPRVFTFBBMNJTNPUJFNQP MFHBUBSJPQPESÈSFOVODJBSBMB IFSFODJBZBDFQUBSFMMFHBEPP BDFQUBSÏTUBZSFOVODJBSBRVÏM 0USPEFMPTMFHBEPTEFTUBDB CMFTFTFMEFEJOFSP QPSFMRVF FMUFTUBEPSEFKBMBPCMJHBDJØOEF RVFMPTIFSFEFSPTQBHVFOVOB DBOUJEBEEFEJOFSPBMMFHBUBSJP 1PEFNPTEFTUBDBSUBNCJÏOFM

DPOTVMUPSJ -BUFSSB[BEFMFEJmDJP  {FTVOFMFNFOUPDPNÞO  -BTUFSSB[BTQVFEFOTFSFMF NFOUPTDPNVOFTPFMFNFO UPTQSJWBUJWPT&MMPEFQFOEF EFMPRVFEJHBFMUÓUVMPDPOT UJUVUJWP  P TFB MB FTDSJUVSB EFEJWJTJØOIPSJ[POUBMZMBT NPEJGJDBDJPOFTRVFEFFMMB TF IBZBO IFDIP B MP MBSHP EFMUJFNQP4ÓFMUÓUVMPOPEJDF OBEB  OPSNBMNFOUF TFSÈO DPOTJEFSBEBTFMFNFOUPTDP NVOFT &OWÓFOPTTVTQSFHVOUBTTPCSF %FSFDIP "ENJOJTUSBDJØOEF $PNVOJEBEFTP"TFTPSÓB IW!HBCJOFUFOFU

$ERJDGRV $FFLGHQWHV7Ui¿FR/DERUDOHV $GPLQLVWUDFLyQ&RPXQLGDGHV $XWyQRPRV/DERUDO)LVFDO $VHVRUHV

%FMFHBDJØO#BEBMPOBrD$PMMJ1VKPM  #BEBMPOB

%FMFHBDJØO1SFNJËr(SBO7JB ‹ 1SFNJË

727%DGDORQD  QBHJOEE













                 727 %DGDORQD 


DFWXDOLWDW

UHSRUWDWJH

$BSMFT$BSWBKBM

&MTJOTUBMtMBEPSTSFDPSEFORVFDBMUFOJSBMEJBFM HBTJMFMFDUSJDJUBUUSFTBOZTEFTQSÏTEFMBUSBHÒEJB EFM'POEP # B E B M P O B  t  & M  H S F N J EJOTUBMtMBEPST EFM #BSDFMP OÒT/PSEJFM#BJY.BSFTNF IBFNÒTVODPNVOJDBUDPJO DJEJOUBNCFMUFSDFSBOJWFSTBSJ EFMFYQMPTJØEFHBTEFMCBSSJ EFM'POEPEF4BOUB$PMPNB EF (SBNFOFU QFS SFDPSEBS RVF TØO FMT WFÕOT FMT RVF IBOEFWFUMMBSQFSNBOUFOJSBM EJB MFT TFWFT JOTUBMtMBDJPOT  FTQFDJBMNFOU EF HBT J FMFD USJDJUBU  QFS FWJUBS USBHÒEJFT DPNBRVFMMB &MTJOTUBMtMBEPSTUBNCÏSFDPS EFO RVF MBDDJEFOU EF (BWË EFmOBMTEFMUBNCÏWB TFSGSVJUEVOBEFmDJÒODJBEF MFT JOTUBMtMBDJPOT 4FHPOT FM HSFNJ  DBM RVF FMT WFÕOT UJOHVJO DMBS RVJOFT TØO MFT TFWFT SFTQPOTBCJMJUBUT DPN B UJUVMBST EVO DPOUSBDUF EF TVCNJOJTUSBNFOU EBRVFTUT TFSWFJT DPNFMEBTTFHVSBS 



QBHJOEE





TF RVF UPUFT MFT SFWJTJPOT FTUBOBMEJB &M HSFNJ JOTJTUFJY FTQF D JBMNFOU FO FM D BT EF MFT JOTUBMtMBDJPOTEFHBTJEFMFT FMÒDUSJRVFT  KB RVF TØO MFT RVFNÏTBDDJEFOUTHFOFSFO &MTJOTUBMtMBEPSTSFDPSEFORVF EBWBOUEFRVBMTFWPMJODJEFOU  UBOUMBDPNQBOZJBTVCNJOJT USBEPSBDPNMFNQSFTBBTTF HVSBEPSBOPNÏTBTTVNFJYMB TFWBSFTQPOTBCJMJUBUTFNQSF RVFMFTSFWJTJPOTFTUJHVJOBM EJB &M EFTDPOFJYFNFOU EF DJSDVNTUËODJFTDPNBRVFTUB GB RVF NPMUFT GBNÓMJFT RVF EJO EFTQSPUFHJEFT E BWBOU EBMHVOFT JODJEÒODJFT %FT EFMTFDUPSBMFSUFORVFFOBM HVOT DBTPT  MBOUJHVJUBU EFMT IBCJUBUHFTPMBTPCSFDËSSFHB EF MFT JOTUBMtMBDJPOT GBDJMJUB RVFIJQVHVJIBWFSBDDJEFOUT TJOPFTUÏVOFTUSJDUFDPOUSPM 





EFMFTUBUEFMFTJOTUBMtMBDJPOT 6OFTUVEJFMBCPSBOUQFSEJGF SFOUTBTTPDJBDJPOTEFMTFDUPS FMÒDUSJD SFWFMB RVF IJ IB  NJMJPOTEIBCJUBUHFTBM&TUBU BNCVOBJOTUBMtMBDJØFMÒDUSJDB EFGJDJFOU  FM RVF TVQPTB VO EFMQBSDSFTJEFODJBMFT QBOZPM&MTBDDJEFOUTFMÒDUSJDT BMBMMBSKBTØOMBTFUFOBDBVTB EIPTQJUBMJU[BDJØ B M&TUBU J BOVBMNFOU IJ IB  GFSJUT J VO BDDJEFOU NPS UBM DBEB RVBUSFEJFT&MHSFNJMBNFOUB RVF MB DPOTDJFODJBDJØ RVF FYJTUFJYFOBRVFTUTFDUPSOP TJHVJDPNQBSBCMFBMBRVFTÓ UFOFOBRVFMMTRVFTØOQSPQJF UBSJT EF WFIJDMFT  RVF FTUBO BMDBTEFMFTTFWFTSFWJTJPOT  EFMBJOTQFDDJØUÒDOJDBJTØO DPOTDJFOUT RVF ÏT DMBV QFS B MB TFWB TFHVSFUBU GFS FMT NBOUFOJNFOUT QFSUJOFOUTEF MBVUPNÛCJM 

727%DGDORQD




&RPHUÇSURSHUHOFRPHUÇGHFDVD

WHQGÈQFLHV

VGPFÇPEKGU  1FMMTBOBQFSEJOTJQFSGPSB 5FOEÒODJFTt-BQFMMFTUËFY QPTBEBBMFTBHSFTTJPOTNF EJBNCJFOUBMT QFSÛMBEFMSPTUSF  FODPODSFU ÏTMBRVFMFTQBUFJY NÏT QFSRVÒFTUËTFNQSFBM EFTDPCFSU1FSBRVFTUNPUJV DBM DVJEBSJQSPUFHJSMBQFMMEFMSPTUSF EFMTDBOWJTNFUFPSPMÛHJDT EFMT SBEJDBMTMMJVSFT FMTSBJHTVMUSB WJPMBUT EFMBDPOUBNJOBDJØ" CBOEBEBJYÛ FMTEFTDPCSJNFOUT DJFOUÓGJDTIBOQPTBUEFNBOJ GFTURVFIJIBBMUSFTGFOÛNFOT RVFJOnVFJYFOFOMBTQFDUFEF MBQFMM DPNMBSFHFOFSBDJØEF MFTDÒMrMVMFT MFTUBUQTÓRVJDP  mOTJUPU MBJOHFTUBEFDBMPSJFT 1FSBRVFTUNPUJV ÏTUBOJNQPS UBOUUFOJSDVSBEFMJOUFSJPSDPN EFMFYUFSJPSEFMBQFMM%FTQSÏT EFGFSNPMUFTJOWFTUJHBDJPOT  FMTMBCPSBUPSJTDPTNÒUJDTIBO EFTFOWPMVQBUUSBDUBNFOUTRVF UFOFODVSBJQSPUFHFJYFOMBUPUB MJUBUEFMBQFMM QFSRVÒFMTFTUVEJT IBOEFNPTUSBURVFQFSMMVJSVOB QFMMSBEJBOU BNÏTEFQSPUFHJS MBJUFOJSOFDVSBEFTEFGPSB ÏT JNQSFTDJOEJCMFUSBDUBSMBJSFQB SBSMBEFTEFEJOT&MTDPTNÒUJDT GBDJBMTEÞMUJNBHFOFSBDJØSFBD UJWFOFMTNFDBOJTNFTJOUFSOT OBUVSBMTEFMBQFMMJFOSFUBSEFO MFOWFMMJNFOUDFMrMVMBS BNÏT EPGFSJSFMTCFOFmDJTRVFMBQFMM OFDFTTJUBFYUFSOBNFOU

',5(&725,

3CMB4BOU+PBO % -MPSFEB

5FM (3*"

WHQGÈQFLHV

"5& */'»3.

-& %&-"" 1&&-*/(

#&--&4"

r.*$301*(.&/5"$*»/ 3FHBMBCFMMF[B ZCJFOFTUBSFO r53"5$03103"-&4 FMEÓBEFMPT  r$IPDPMBUFSBQJB FOBNPSBEPT  r'BOHPUFSBQJB r53"5'"$*"-&4  r"OUJBDOÏ '050%&1*-"$*»/ r%&1*-"$*0/&4 EF-6;16-4"%"*/5&/4" ‹HFOFSBDJØO

4BMVE  #FMMF[B Z#JFOFTUBS

Á-5*."45&/%&/$*"4&/ .&405&3"1*"7*356"-

&/53"

XXXNVKFSOBUVSBMFT

"/6/$*"h5 &/"26&45%*3&$503*1&3 /0.²4 å

%FTDVFOUPTFODPTNÏUJDPT 727%DGDORQD

QBHJOEE













                




%&1*-"4&3 -"5&$/0-0(*".²4"7"/±"%" "13&64*/$3&¸#-&4 1"$,4130.0$*0/"-4 &OHPOBMT BJYFMMFTå .JUHFTDBNFTJOGFSJPST FOHPOBMTå $BNFTTFODFSFT FOHPOBMT BJYFMMFT å .JUHFTDBNFTTVQFSJPST FOHPOBMTå 1JU BCEPNFOå 1JU BJYFMMFT å 1JU FTRVFOB å 1JU BCEPNFO BJYFMMFT å

--6.10-4"%" -®4&3"-&+"/%3*5" "QUFQFSBQFMMTGPTRVFT "CEPNFO BCEPNFO  å "JYFMMFT BYJMBT  å "OVT BOP  å "SÒPMB BSFPMB å #BSCBNBTDVMJOB CBSCBNBTDVMJOB  å #SBÎPTEPOB CSB[PTNVKFS  å #SBÎPTIPNF CSB[PTIPNCSF  å $BNFTTFODFSFT QJFSOBTFOUFSBT å $MBUFMM OVDB  å $PMM DVFMMP  å %JUT EFEPT å &OHPOBMT JOHMFT  å &OUSFDFMMB FOUSFDFKP  å &TQBUMMB IPNCSPT  å &TRVFOBDPNQMFUB FTQBMEBDPNQMFUB  å

*OUFHSBM JOUFHSBM  å -ÓOJBBMCB MÓOFBBMCB å -ÓOJBCJRVJOJ MÓOFBCJLJOJ  å -MBWJJOGFSJPS MBCJPJOGFSJPS  å -MBWJTVQFSJPS MBCJPTVQFSJPS  å .FOUØ NFOUØO  å .JUHFTDBNFTJOG NFEJBTQJFSOBTJOG  å .JUHFTDBNFTTVQFSJPST TFOTFFOHPOBMT å NFEJBTQJFSOBTTVQTJOJOHMFT

/BUHFT HMÞUFPT  å 0SFMMFT PSFKBT å 1BUJMMFT QBUJMMBT  å 1JU QFDIP  å 1ÛNVMT QØNVMPT  å 3FHJØMVNCBS MVNCBSFT  å

1SFVTQFSTFTTJØ UBSJGFT 1307"(3"56¸5"

EFQJMBTFSCBEBMPOBJOEE




4PNFTQFDJBMJTUFTFO5SBDUBNFOUTMËTFS 7JOFJDPNQSPWBIP

‹4&44*»

'0505&3®1*"&45µ5*$" 3FKPWFOJNFOUDVUBOJGBDJBM 3FKVWFOFDJNJFOUPDVUÈOFPGBDJBM

5BTRVFT$FSBUPTJ4PMBST3PTËDJFT .BODIBT2VFSBUPTJT4PMBSFT3PTÈDFBT

-FTJPOTWBTDVMBST$BQJMrMBSTUSFODBUT - F TJP O F T  WB T D V M B SF T  $B QJM B SF T  SP U PT

5FOTBUGBDJBM 5FOTBEPGBDJBM

1PUFTEFHBMM3JDUVT1FSJMBCJBMT'MBDDJEJUBU 1BUBTEFHBMMP3JDUVT1FSJMBCJBMFT'MBDJEF[

^

å

^

å

*/5&(3"3FKPWFOJNFOUDVUBOJGBDJBM 5FOTBUGBDJBM 3FKVWFOFDJNJFOUPDVUÈOFPGBDJBM 5FOTBEPGBDJBM

å

'PUPUFSËQJBBDOF TFTTJPOT

'PUPUFSBJBBDOÏ  TFTJPOFT  å

%&1*-"4&3#"%"-0/" $4BOU+PBRVJN  $BOUPOBEB$.BS

1®326*/((3"56¸5

 XXXEFQJMBTFSFT

)PSBSJ %JMMVOThBhI %JNBSUTB%JWFOESFThBhI %JTTBCUFThBhI

."5"3»(*30/"(3"/0--&34#"%"-0/" 3&64 5"33"(0/" --&*%" $FOUSFT%FQJMBTFSEFQSPQFSBPCFS UVSB

EFQJMBTFSCBEBMPOBJOEE




JDVWURQRPLD



ICUVTQPQOKC

UHFHSWHV‡UHVWDXUDQWV‡SL]]HULHV‡PHQMDUVSUHSDUDWV

3VUBEFMTGPSNBUHFT

(BTUSPOPNJBt"$BUBMVOZB USPCFNVOBNQMJWFOUBMMEFGPS NBUHFT/IJIBFOMBTFWBFY QSFTTJØNÏTGSFTDB FOUSFFMT RVBMTEFTUBDBFMNBUØ DPNÞ BHBJSFCÏUPUFMQBÓT JFMSFDVJU BSSFMBUUSBEJDJPOBMNFOUBMFT DPNBSRVFTFNQPSEBOFTFT "CVOEFOUBNCÏFMTGPSNBUHFT EFDBCSBJFMTEFWBDBJFONFOPS OPNCSFFMTEPWFMMB BMHVOFT FYQSFTTJPOTEFMTRVBMTTØOGPS NBUHFTEFQBTUPS .BOUÏMBUSBEJDJØFMUVQÓJQSPT QFSFO OPWFT FMBCPSBDJPOT DPOTFSWBUTFOPMJ FNCPMDB MMBUTBNCIFSCFT FUD -VOJWFST HBTUSPOÛNJD BNCFMTDVJOFSTBM DBQEBWBOU FMTQSFTUFOFTQFDJBM

1SPEVDUFTEFM&NQPSEË/P TIBEFDPOGPOESFBNCFMNBUØ  FODBSBRVFUBNCÏFTQSFODPNB QPTUSFT"M&NQPSEËTIBEBOBS BWFVSFMB/VSJE6MMBTUSFUFM 3FDVJUEF'POUFUB3FDVJUTEF M&NQPSEË B1FSBMBEB P3F DVJUT-MVÕTB B.POUSBT &M#FSHVFEËJFM#BHFT 5PUJOPUFOJSVOBEFOPNJOBDJØ EPSJHFO FM#FSHVFEËJFM#BHFT UBNCÏTØOJNQPSUBOUT[POFT QSPEVDUPSFTEFGPSNBUHFJJO ESFUTJEFBMTQFSWJTJUBSFNQSFTFT FMBCPSBEPSFT BMHVOFTEFMFT RVBMTUFOFOFMTFHFMM'PSNBUHFT "SUFTBOT&OVOSFDPSSFHVUQFS MB[POBWBMMBQFOBBDPTUBSTFB 'PSNBUHFSJFT"SUFTBOFTEFM#FS HVFEË BMQFUJUQPCMFEF2VBS 3FTFSWBOUQSÒWJBNFOUVOBWJTJ UB FTQPEFOWJTJUBSFMTPCSBEPST JWFVSFFMQSPDÏTEFMBCPSBDJØEFM GPSNBUHFUFOESF EFMDVSBUJEFM NBUØ"#PSSFEËÏTSFDPNBOB CMFWJTJUBS'PSNBUHFTMB#BVNB "JYÓNBUFJY B$BTTFSSFTIJIB MB$BTB.BOVEFMMT RVFGPSNB QBSUEF3BNBEFSTEF$BCSFT -MFUFSFTEFM#FSHVFEË&TUSBDUB EVOBQFUJUBFYQMPUBDJØSBNBEF SBPOFTQPEFOWFVSFMFTDBCSFT JTFHPOTFMEJB MFMBCPSBDJØEFM GPSNBUHF6OBNJDBNÏTBMTVE  KBBMBDPNBSDBEFM#BHFT IJIB FMQPCMFEF.BSHBOFMM FMQPCMF

BUFODJØ -B(BSSPUYBJMh&NQPSEË +BGBUFNQTRVFFMGPSNBUHF USBEJDJPOBMEFMB[POBWPMDË OJDBEFMB(BSSPUYBWBEFJYBS EFMBCPSBSTF QFSÛFMUVSJTNFIB BDPOTFHVJUBJYFDBSVOBQSPEVD DJØGPSÎBJNQPSUBOUEFGPSNBUHFT HBSSPUYJOT DPNFMGPSNBUHFEF QFMMnPSJEB RVFTPCUÏBQBSUJS EFMMFUQBTUFVSJU[BEBEFDBCSB  RVBMMBEBBMNFOZTEVSBOUEVFT IPSFTJEFJYBUNBEVSBSUSFTTFU NBOFTPNÏT1FSUBTUBSMP SFT NJMMPSRVFWJTJUBS.BT$MBQFSPM  B4BOU'FMJVEF1BMMFSPMT&M SFDVJUÏTVOEFSJWBUMËDUJDUÓQJDEF MFTDPNBSRVFTEF(JSPOBJFTUË BDPMMJUEJOTMBNBSDBHBSBOUJEB

&DPEDODFKH

BDFQUBNPT

5*$,&53&45"63"/5&  3&45"63"/5&1"44Z $)&26&4(063.&5

3&45"63"/5&

1*;;&3¶"t1"33*--""3(&/5*/" WBSJFEBEFTEF1J[[BTt$BSOFTBMBCSBTB t1BTUBT*UBMJBOBTBSUFTBOBTt7JOPTZEVMDFT"SHFOUJOPT

3&$035&&45&"/6/$*0:7&/(""$0.&36/"1*;;""/6&45303&45"63"/5& -FSFHBMBNPTPUSBQBSBVTUFEPTVBDPNQB×BOUF 7ÈMJEPUPEPTMPTEÓBT FYDFQUPTÈCBEPTOPDIF $BEVDBFM $$PORVJTUB t#"%"-0/"t5FM 



QBHJOEE













727%DGDORQD




JDVWURQRPLD EFMNBUØQFSFYDFMrMÒODJB VO QSPEVDUFMËDUJDRVFTPCUÏGFOU DPBHVMBSMBMMFU"RVÓJB4BOU $SJTUÛGPM TFDFOUSBMJU[BMBQSP EVDDJØEFMGBNØTNBUØRVFFT WFOBMNFSDBUEFM.POFTUJSEF .POUTFSSBU'JOBMNFOUWBMMB QFOBBDPTUBSTFmOTB(JSPOF MMBQFSDPOÒJYFSFMTGPSNBUHFT #MBODBGPSU FMBCPSBUTBMBDBTB .BOVEFMMT -"MU6SHFMMJMB$FSEBOZB -B[POBEFM$BEÓJMFTDPNBS RVFTEFM"MU6SHFMMJMB$FSEBOZB TØODPOFHVEFTQFSMBTFWBJO EÞTUSJBMMFUFSB MBNÏTJNQPSUBOU EFMT1JSJOFVT-B$PPQFSBUJWB EFM$BEÓ BMB4FVE6SHFMM  ÏTVOBEFMFTFODBSSFHBEFT EFSFDPMMJSDBEBEJBMBMMFUEF WBDBGSJTPOBRVFQSPEVFJYFO FMTSBNBEFSTEFMB[POBQFS DPOWFSUJSMBFOGPSNBUHFTJNBO UFHVFTRVFFTEJTUSJCVFJYFOQFS UPU&VSPQB4FHVJOUFMQSPDÏT EFMBCPSBDJØRVFEFUFSNJOBMB %01 FTGBOFMTGPSNBUHFTJ NBOUFHVFTFNQBSBEFTQFSMB %01M"MU6SHFMMJMB$FSEBOZB  MBNBOUFHB$BEÓJFMGPSNBUHF 6SHÏMJB"NÏTEFMB%01 IJ IBVOBNBSDBEFRVBMJUBURVF SFDPOFJYBMHVOTQSPEVDUPSTBS UFTBOBMT M"SUFTBOJB"MJNFOUËSJB EF'PSNBUHFT"SUFTBOBMT" 1FSBNPMBIJIBMB$BTBEFMB 1FOFMMB POGBOGPSNBUHFDVSBUJ

727%DGDORQD

QBHJOEE





EFUVQÓoBOPNFOBUBJYÓQFSRVÒ TPCUÏNJUKBOÎBOUMBGFSNFOUB DJØEFGPSNBUHFEFDBCSBBNC BJHVBSEFOUEJOTEVOSFDJQJFOU BOPNFOBUUVQJOBo JUBNCÏNBUØ $BTUFMMMMFCSF.ÏTBNVOU BMQP CMFE0TTFSB BMPCSBEPSEF$BM $PEJOB TFMBCPSBFMGPSNBUHF BOPNFOBU4FSSBU(SPT MP1FCSBU E0TTFSBJFM5VQÓE0TTFSB-B TFHàFOUQBSBEBÏTB"ESBMM B MBGPSNBUHFSJB.BTE&SPMFT PO TFYQMJDB BRVJIPWVMHVJFTDPM UBS FMQSPDÏTEFMBCPSBDJØEFM GPSNBUHFDVSBUEFWBDB"#BS TFMBCPSBVOGPSNBUHFBSUFTË EFDBCSBRVFFTDPNFSDJBMJU [BBNCMBNBSDB'PSNBUHFT #BSJEË"MQPCMFÏTCFOGËDJM USPCBSMPCSBEPSJFMSBNBUEF DBCSFTEFRVÒTFYUSFVMBMMFU" .ÞTTFS KBBMB$FSEBOZB IJIB -0SSJ POGBOGPSNBUHFEFDBCSB 5BNCÏFTQPUWJTJUBSFM.PMÓEFO 1POTB1SVMMBOT PMPCSBEPS RVFIJIBB.FSBOHFT POFT QSPEVFJYFMTFSSBUEPWFMMBUÓQJD EFMT1JSJOFVTRVF BOUJHBNFOU  MFTGBNÓMJFTFMBCPSBWFOQFSB MBVUPDPOTVN

'PSNBUHF#MBV "M .PMÓ EF MB -MBWJOB  QSPQ EF$FOUFMMFT BMBDPNBSDB E0TPOB TFMBCPSBEFNBOF SBBSUFTBOBMFMGPSNBUHFCMBV "MDPTUBUEFMPCSBEPSFTQPU WJTJUBSVONPMÓIJESËVMJDRVF FODBSBGVODJPOBJPOTFTFHVFJY FMBCPSBOUFMQBDPNFTGFJBGB TFHMFT 'JSFT "MB'JSBEF'PSNBUHFT"SUFTBOT EFM1JSJOFV RVFTFDFMFCSBEJOT MB'JSBEF4BOU&SNFOHPM B MB4FVE6SHFMM FMQFOÞMUJN DBQEFTFUNBOBEPDUVCSF IJ FTUBOSFQSFTFOUBUTGPSNBUHFST BSUFTBOTEFUPUFMT1JSJOFVT DB UBMË BSBHPOÒT CBTD OBWBSSÒTJ GSBODÒT  &OBRVFTUBNPTUSBFTEPOFO BUBTUBSNÏTEFDFOUWBSJFUBUT EJGFSFOUTEFGPSNBUHFT-BDUF FTUSFMMBEFMBGJSBÏTFMDPO DVST EF GPSNBUHFT BSUFTBOT RVFTPSHBOJU[BQFSGBNÓMJFTEF GPSNBUHFT$BEBGBNÓMJBDPOTUJ UVFJYVOBTFDDJØNBUØ GSFTDPT  EFWBDB EPWFMMB EFDBCSBJ GPSNBUHFEFUVQÓ

BNBOJEFTrCPUJGBSSFTrQBEFDPDBrWJOTrYBUPOBEBrQBUÏT GPSNBUHFTrDBSOTBMBCSBTBrUBQFTrYBNQBOZFUrFNCPUJUTJCÒSJDT

1MBÎBEFMBGPOU r#BEBMPOB5FMr









                




JDVWURQRPLD

3FDFQUFTEFQPMMBTUSF 1PMMBTUSFBNCQSVOFTJQJOZPOT QFSQFSTPOFT

TJVMPBNCPMJ MMBSEJMBCSBODB EFDBOZFMMB "GFH JV MFT D F CFT  MB GVMMB EFMMPSFSJMBDBCFÎBEBMMT J EFJYFVRVFFTWBHJSPTTFKBOU UPUKVOU "GFHJVIJFMCSBOEJ EFJYFVMP SFEVJSJQPTFVIJMBGBSJHPMB 5BQFVMBDBTTPMBJEFJYFVIP DPVSFBGPDMFOU UPUBGFHJOUIJ NJRVFT EBJHVB EF UBOU FO UBOU 6O RVBSU BCBOT EBQBHBS FM GPD BGFHJVIJ MFT QSVOFT SF NVMMBEFTJFMTQJOZPOT

(BTUSPOPNJBt *OHSFEJFOUT t1PMMBTUSFEFQBHÒTBUSPT TPTtH1SVOFTTFRVFT tH1JOZPOTt$FCFT tDBCFÎB"MMTtCSBODB

7BSJBDJPOT &TQPUTVCTUJUVJSFMDPOZBDQFS $BOZFMMBtDPQB#SBOEJt HBSOBUYB WFSNVUPWJCMBOD 'BSJHPMBtGVMMB-MPSFSt0MJ 1 P E F V  Q P T B S  P S F O H B  F O t-MBSEt4BM 1FCSFJ"JHVB DPNQUFTEFGBSJHPMBPBNÏT BNÏT 1SFQBSBDJØ &T QPU GFS BNC BMUSFT GSVJUT 4BMQFCSFVFMQPMMBTUSFJFOSPT TFDT DPNBSBPSFMMBOFT

>Q_`Ma^MZ`

/0$)&.«(*$" %$55(67$85$17(72f, 0(1Ô½ (QVDODGDFDQJUHMR 5DEDV *DPEDV

0(1Ô½ 3LQFKRV +XHYRV %DFRQ

0(1Ô½ 3DWDWDVEUDYDV &KRFRV %XxXHORV

3$1%(%,'$32675(<&$)e

35(*817$7$527*5$7,6

*/"6(63"$*»/%&'&#3&30

$6*/"$"40-"/"

&*(1(5$/:(</(5Qž 5HVHUYDVDOWHOpIRQR

t/PWJMMP"SHFOUJOP  %*--6/4 t9BUØEF4JUHFT 5"/$"5 t4FDSFUP*CÏSJDP t'JMFUEh&TUSVÎBMBCSBTB t$BSOTBMBCSBTBBNCMMFOZBEhBM[JOB t$BSHPMTBMBMMBVOBBMhFTUJMEF-MFJEB

3&45"63"/5&$"'&5&3*" (*./"4*0*/%&1&/%&/$*"

1

%&4%&&-%& /07*&.#3& /6&7""1&3563"

$-*&/54

.&/+"34$6*/"54 1*;;&3*&4 76--"/"3"6/3&45"63"/5  "26*/

.&/Á4%*"3*04 

4JOPFUDPOFJYFOOPFUQPEFOUSVDBS "3"&4&-.0.&/5 3&4&37"&-5&6&41"* 16#-*$*5"3*"-505#"%" -0/"1&3-&953"%&45*6 EFTEF å

$BSOFTBMBCSBTB BMFTUJMPBSHFOUJOP

5FM 

$(JSPOB #BEBMPOBr5FM





QBHJOEE









$$PORVJTUB  #"%"-0/" 5FM





727%DGDORQD




*OHSFEJFOUT t1PMMBTUSFEFQBHÒTBUSPT TPTtH1FSOJMUBMMBUQFUJUt H0MJWFTTFOTFQJOZPMt $FCBt5PNËRVFUTQFMBUT JUSJOYBUTt+VMJWFSU DVMMFSBEB 'BSJOBt0MJ 4BMJ1FCSFtVO HSBQBU"NFUMMFTJBWFMMBOFT UPSSBEFT QFSMBQJDBEB t "MM QFSMBQJDBEB tDPQB 7JSBODJ QFSMBQJDBEB

1SFQBSBDJØ &OSPTTJV FM QPMMBTUSF TBMQF CSBU  JODMPTPT MB DSFTUB J FM GFUHF JQBTTFVMPBVOBDBT TPMB 4PGSFHJVMFTPMJWFTJBGFHJVMFT BMQPMMBTUSF 'SFHJV FM QFSOJM  TPGSFHJV MB DFCB FMUPNËRVFUJFMKVMJWFSU J BGFHJVIPUPUBMQPMMBTUSF "GFHJVIJMBGBSJOBJEFJYFVIP DPVSFBQPDBQPDmOTRVFFM QPMMBTUSFRVFEJCFOUFOESF 6OB NJDB BCBOT E BDBCBS BGFHJVIJMBQJDBEBEFJYBUBEB BNCFMWJSBODJ

3HS9HQWXUD %$'$/21$

7HO

JDVWURQRPLD

1PMMBTUSFBMB NBOSFTBOFUB

*(1(5,)(%5(5 (67(0'(5(%$,;(6 0LJGLDPHQ~GLDULGHGLOOXQVDGLVVDEWH 'HGLOOXQVDGLMRXV½ 'LYHQGUHV 0HQ~GHFULVLV ½ 'LVVDEWHV ½

623$5 63(5$*5836 (WIHPHOPHQ~DODWHYDPLGDO DGDSWHPDOWHXSUHVVXSRVW

6(59(,'(&$57$$0%'('(6&2037(   

&DUQV DODEUDVD 7RUUDGHV

)RUPDWJHV (PERWLWV LEqULFV

$PDQLGHV )XPDWV 3DWqV

62&,6' (17,7$76(63257,9(6,&8/785 $/6 '(%$'$/21$ '('(6&2037( HQHOVWHXVVRSDUVGH'LOOXQVD'LMRXV 2EHUWGHGLOOXQVDGLVVDEWHV7DQFDWGLXPHQJHVLIHVWLXV 3UHXVDPEO ,9$LQFOzV

',5(&725, *$6752120,$

&DPEDODFKH 3&45"63"/5&

"/6/$*"h5

1*;;&3¶"t1"33*--""3(&/5*/"

&/"26&45%*3&$503*1&3 /0.²4 å 3045*44&3*"

)BTUBOVFWPBWJTPDFSSBNPTMPTNBSUFTZNJFSDPMFT UPEP FMEÓB ZMPTEPNJOHPTOPDIF QPSEFTDBOTPEFMQFSTPOBM  &YDFQUPWÓTQFSBTZGFTUJWPT -PTEÓBTEFEFTDBOTP BCSJNPTQBSBHSVQPTEFNÈT EFQFSTPOBT DPONFOÞDPODFSUBEP 1BSBSFTFSWBSMMBNBSB(FOPWFWBP B7JDUPSEFIBIEFMVOFTBWJFSOFT %JTDVMQFOMBTNPMFTUJBT

#,,EØ  "ADALONA

4EL

$$PORVJTUB t#"%"-0/"t5FM

CALAMERCE

TELEFONICANET

$6*/".&%*5&33®/*"

 

Ċ0HQ~'LDUL Ċ0HQMDUV&DVRODQV F(OHFWUzQLFD 3ROtJRQ/HV*XL[HUHV

%$'$/21$ 7HOI)D[ HPDLORFHEULDQ#RVFLYHWHOHIRQLFDQHW

"/6/$*"h5 &/"26&45&41"*1&3

 å

/0.²4 727%DGDORQD

QBHJOEE













                




DFWXDOLWDW

UHSRUWDWJH

$BSMFT$BSWBKBM

t"DUFTEPCFSUVSBEF'JHVFSFTDPNB$BQJUBMEFMB$VMUVSB$BUBMBOB

'JHVFSFTDPNFOÎBFMTBDUFTEFMB$BQJUBMEF $VMUVSB$BUBMBOB 'JHVFSFT t &M UFNQPSBM EF WFOU WB GSVTUSBS GJOBMNFOU MFTQFSBEBTBSEBOBBÒSJBFO DBSSFHBEBEPCSJSPmDJBMNFOU EJTTBCUFQBTTBUMB$BQJUBMEF MB$VMUVSB$BUBMBOB'JHVFSFT 5PUJJOUFOUBSFOVOQSJO DJQJMFOMBJSBNFOUEFMTmHV SBOUTEF%FBNCVMBOUTBNJUKB BMÎBEBQFSGFSMFTQFDUBDMF VO QBSFMMEFSËGFHVFTEFWJPMFOUB USBNVOUBOBWBOGFSSFDPNBOB CMFTVTQFOESFMBGVODJØEBWBOU MBEFTJMtMVTJØEFQÞCMJDBQMFHBU BMB3BNCMBJEFMTQSPQJTBS UJTUFT.JOVUTBCBOT VOBDUF JOTUJUVDJPOBMBMUFBUSFBM+BSEÓ WBTFSWJSQFSEPOBSFMUSBTQËT EFMBDBQJUBMJUBUEF1FSQJOZË B'JHVFSFT RVFWPMBQSPmUBS BRVFTUBDBQJUBMJUBUQFSDSFBS VO FTQBJ EF SFGMFYJØ TPCSF DPNIBEFTFSMBDVMUVSBBMB 



QBHJOEE





7FOUVSBDPNiFMMMJHBNBNCMB USBEJDJØJMBDBUBMBOJUBUNFO USFRVFMJOWFOUPSEFM*DUÓOFV TFSJB iMFTQFSJU JORVJFU  FN QSFOFEPS FMEFTJHEBQSFOESF JEFTBCFSw 4FHPOTMBMDBMEF EF 'JHVFSFT  FM SFQUF QFS MB DBQJUBM EF M"MU &NQPSEË iÏT FTUBS QFSNBOFOUNFOU DPN QSPNFTPTBNCMBDVMUVSBJGFS EFMBOPTUSBDJVUBUVOJOESFU SBEJDBMNFOUDPNQSPNÒTBNC FMEFTJHEBQSFOESF EFTBCFS JEFWJVSFw WBFOVNFSBS7JMB  RVF WB GJOBMJU[BS BNC JSPOJB EJFOU RVF 'JHVFSFT WPM TFS DPN(JSPOBiQFSÛBNCNJMMPST CPUJHVFTJNÏTBGSBODFTBEFT RVF MB DBQJUBMw  3FDPSEFN RVF #BEBMPOB BHBGBSË MBOZ RVFWFFMSFMMFVEF'JHVFSFT DPN B $BQJUBM EF MB $VMUVSB $BUBMBOB

DJVUBUJ QFSFYUFOTJØ BMQBÓT 6OB EFMFHBDJØ EF M®SFB EF $VMUVSB J 1BUSJNPOJ $VMUVSBM EFM"KVOUBNFOUEF#BEBMPOB WBBTTJTUJSEJTTBCUFBMBDUF EPCFSUVSB EF MB $BQJUBM EF MB$VMUVSB$BUBMBOB'JHVFSFT  i+PDSFDRVFMB$BQJUBM EFMB$VMUVSB$BUBMBOBÏTVOB PQPSUVOJUBUÞOJDBQFS'JHVF SFT  VOB DJVUBU RVF PGFSFJY NÞMUJQMFT SFDVSTPT EF UJQVT DVMUVSBM SFDSFBUJVJDPNFSDJBMw  WBDPNFOUBSMBMDBMEFEFMBQP CMBDJØ 4BOUJ7JMBi6OBPQPSUV OJUBUFTQMÒOEJEBQFSQSPKFDUBS UBNCÏUPUFMRVFTØOFMTHSBOT WBMPSTEFMBDJVUBU FOBRVFTU DBTWJODVMBUTTPCSFUPUBMRVF SFQSFTFOUFOEPTmMMTQSÛEJHT DPN1FQ7FOUVSBJ/BSDÓT.PO UVSJPMw WBDPOUJOVBS7JMB RVF EFmOFJYFMNFTUSFTBSEBOJTUB 







727%DGDORQD






FRQVHOOV‡DQLPDOVGHFRPSDQ\LD‡YHWHULQDULV‡RSLQLÓ

DQLPÁOLD

CPKOÀNKC *GTPKCUFKUECNGUECPKPCU 5BNCJÏODPOPDJEBDPNPFOGFS NFEBEEFMEJTDPJOUFSWFSUFCSBM  FTUBQBUPMPHÓBDPOTJTUFFOMB QSPUVTJØO UPUBM P QBSDJBM EFM EJTDPRVFTFTJUÞBFOUSFMBT WÏSUFCSBT  QSPWPDBOEP VOB DPNQSFTJØOEFMBNÏEVMBFT QJOBMFOFTFPFTPTQVOUPT B WFDFT IBZ NÈT EF VO EJTDP BGFDUBEP EBOEPMVHBSBVOB QÏSEJEBEFMFTUÓNVMPOFVSPMØ HJDPFOMB[POBBGFDUBEB )BZEPTUJQPTEFEFHFOFSBDJØO EJTDBM )BOTFO*Z** FOFM QSJNFSPTFQSPEVDFVOBNJOF SBMJ[BDJØOZTBMJEBEFMEJTDPZ FOFMTFHVOEPMBTmCSBTRVF DPOGPSNBO FM BOJMMP FYUFSOP EFMEJTDPBDBCBOSPNQJÏOEPTF ZEBOMVHBSBMBQSPUVTJØOEFM NBUFSJBMJOUFSOPPOÞDMFPEFM EJTDP &OBNCPTDBTPTMPTTÓOUPNBT WBSÓBO FO GVODJØO UBOUP EFM OJWFM EF DPNQSFTJØO NFEV MBSDPNPEFMB[POBNFEVMBS BGFDUBEB"TÓQVFTIBCMBNPT EFEJGFSFOUFTMPDBMJ[BDJPOFT RFHSPTTPNPEPTF QPESÓBO EJWJEJSFOMFTJPOFTDFSWJDBMFT

ZEFMBTQSVFCBTTBOHVÓOFBT RVF FM GBDVMUBUJWP DPOTJEFSF PQPSUVOBT QSPDFEFSÈBDP NFOUBSFMUJQPEFUSBUBNJFOUP NÈTPQPSUVOP

WÏSUFCSBT$B$ UPSÈDJDBT WÏSUFCSBT$B5 UØSBDP MVNCBSFT WÏSUFCSBT5- Z MVNCPTBDSBT EF-B4  &OGVODJØOEFMBMFTJØOWFSF NPTRVFFMOJWFMEFBGFDUBDJØO ZMB[POBBGFDUBEBTPONBZP SFTPNFOPSFT QPSFKFNQMP TJMBMFTJØOFTDFSWJDBMQVFEF QSPEVDJSTFVOBQÏSEJEBQBSDJBM PUPUBMEFNPWJMJEBEFOMBTFY USFNJEBEFT FOFMDBTPMVNCBS BWFDFTTPMPBGFDUBBVOBQBUB QPTUFSJPSPBMBTEPT FUD&O BMHVOPTDBTPTTFQSPEVDFEP MPSEFNÈTPNFOPTJOUFOTJEBE EFMB[POBBGFDUBEBBVORVF FOPUSPTDBTPTIBZBVTFODJB EFEPMPSZTPMPTFBQSFDJBFM EÏmDJUOFVSPMØHJDP

&OHFOFSBMIBZEPTUJQPTEF USBUBNJFOUP-BEFTDPNQSFTJØO RVJSÞSHJDB TVFMFOTFSDBTPT HSBWFTEFEJTGVODJØOZTFSFDP NJFOEBPQFSBSFOMBTQSJNFSBT IPSBT  &M USBUBNJFOUP NÏEJDP  RVF DPNCJOB BOUJJOGMBNBUPSJPT  BOBMHÏTJDPT QSPUFDUPSFTEF NVDPTBHÈTUSJDBZSFQPTP &O BMHVOPT DBTPT IBZ RVF WBDJBSNBOVBMNFOUFMBWFKJHB Z DBNCJBS EF QPTUVSB SFHV MBSNFOUFBMBOJNBMQBSBFWJUBS ÞMDFSBT

&ODVBMRVJFSDBTPTFUSBUBEF VOBFNFSHFODJBNÏEJDBRVF SFRVJFSFBUFODJØOWFUFSJOBSJB JONFEJBUB$VBOEPTVWFUFSJ OBSJPIBZBEJBHOPTUJDBEPFMUJ QPEFMFTJØO HFOFSBMNFOUFTF OFDFTJUBOQSVFCBTFTQFDÓmDBT DPNPSBEJPHSBGÓBTEFMB[POB  NJFMPHSBGÓBT UBDTPSFTPOBO DJBT BQBSUFQPSTVQVFTUP EF VOCVFOFYBNFOOFVSPMØHJDP 

&OSFTVNFOTFUSBUBEFVOBQB UPMPHÓBHSBWFRVFSFRVJFSFVOB BUFODJØOVSHFOUFQPSQBSUFEFM OFVSØMPHPWFUFSJOBSJPBMQSJNFS TÓOUPNBEFMPTBOUFSJPSNFOUF FYQVFTUPT "MGSFEP0SUFHB

',5(&725, $1,0$/,$

DGRSWD P 3*/(0 .BDIP KPWF  NFTUJ[P .ÈTEFVO B×PZNFEJP FOFMDFOUSP  JOKVTUBNFOUF BCBOEPOBEP  FTQFSBOEPVO IPHBSRVFMF CSJOEFDBSJ×P  SFTQFUP DBSJ DJBTZUJFNQP

1305&$503"

/;# XXXBTPBOFU "QU #BEBMPOB

BTPB!BTPBOFU 

4&#"4 .BDIP  KPWFO 6O B×PFOVOBKBVMB WJWJFOEPDPO DPNQB×FSPT RVF IBO JEP FO DPOUSBOEPGBNJMJB ZÏMOP1PDP FTQBDJPQBSBUBOUBWJUBMJEBE

7&5&3*/"3*

)041*5"7&5&3*/"3*-"3$" 



5FM 'BY

"TPDJBDJØO4FHVOEB0QPSUVOJEBE"OJNBM "QBSUBEPQPTUBM 727%DGDORQD

QBHJOEE











$SFV #KT#BEBMPOB





                




PHGLFLQD

OGFKEKPC



IDUPÁFLHVGHWRUQ‡FRQVHOOV‡PHWJHV‡VDOXW

1BUFJYPQBODSFBUJUJTDSÛOJDBJN}BHSBEBSJBTBCFSMFT QBVUFTBMJNFOUBSJFT 4ÛOJB3VÓ[1ÏSF[ %JQMPNBEBFOOVUSJDJØ IVNBOBJEJFUÒUJDB

&OMBQBODSFBUJUJTDSÛOJDBIJ IBVOQSPCMFNBEFNBMBCTPS DJØJOPT}BTTJNJMBFMHSFJY "QBSFJYFO UBNCÏ FTUFB

UPSSFFT EFQPTJDJPOT BNC HSFJY  .PMUFT WFHBEFT FTUË BTTPDJBEB B VOB %JBCFUFT &OBRVFTUBNBMBMUJBFTUËQSP IJCJU UPUBMNFOU M}BMDPIPM -B EJFUBIBEFTFSNPMUCBJYBFO HSFJY OPNÏT  HSBNT EF HSFJY UPUBM BM EJB  QFS B RVF OPBQBSFHVJODPNQMJDBDJPOT

5(6,'Ë1&,$*(5,­75,&$

*$8', $FOUSFDPMMBCPSBEPSEFMB(FOFSBMJUBU

&.*304"

5HVLGHQFLD 7HUFHUD(GDG $+VBO99*** 5FM 4BOU'PTUEF$BNQTFOUFMMFT #BSDFMPOB



QBHJOEE





$PELHQWIDPLOLDULWUDQTXLOHQPLJ GHODQDWXUD &DVDDPEMDUGtLWHUUDVVHV &XLQDSURSLD

&$QWRQL*DXGt SREOH

6$17)267'(&$036(17(//(6

7HO



1FSUBME}BDPOTFHVJSBSSJCBS B BRVFTUB NÓOJNB RVBOUJUBU EFHSFJYVUJMJU[BSFNUÒDOJRVFT DVMJOBSJFTDPNCVMMJU QBQJMMPUJ QMBOYB$PNBDPOTFRàÒODJB  ÏT VOB EJFUB CBJYB FO WJUB NJOFTMJQPTPMVCMFT RVFTØO MFTWJUBNJOFTTPMVCMFTFOMFT QPSDJPOTHSFJYPTFT QFSUBOU



t1&/4*»/$0.1-&5" .&%*"1&/4*»/:)03"4$0/7&/*%"4 t4&37*$*0.²%*$0:."4"+*45" t5&33";":(3"/+"3%¶/ t1-";"4-*.*5"%"4 





727%DGDORQD




QFS UBOU E}BMJNFOUT QSPUFJDT NJMMPS NFOKBS DVFT EF HBN t "VHNFOUBSFN MB WJUBNJOB CFT MMBHPTUJOT QFJYCMBOD " QFS FYFNQMF QSFTFOU FO J E} IJESBUT EF DBSCPOJT  FMQPMtMFO  HSBNTLJMPHSBNEJB EPOBS MPTTPCSFUPUE}BCTPSDJØMFOUB t 4VQMFNFOUBSFN MB WJUBNJ QFSFYFNQMFM}BSSÛT  OB%KBRVFTJOPQPUDBVTBS PTUFPQPSPTJT BNC CFHVEB t &T QPU FWJUBS M}FTUFBUPSSFB EF TPKB TVQMFNFOUBEB BNC NFOKBOU DPEPOZBU EFM RVBM WJUBNJOB % P CFHVEB EF DJ IJ IB BQUF QFS B EJBCÒUJDT  WBEB  RVFÏTVOQSPUFDUPSEFCVEFMM P CÏ TVQMFNFOUBS BNC GJCSB t4VQMFNFOUBSFNBNCWJUBNJ HMVDPNBOBOP  OB & USPCBEB FO FM HÒSNFO EFCMBU  t%}FTQJOBDTJUBSPOKFTNJMMPS OP NFOKBSOF NPMU QFSRVF t -} JEFBM UBNCÏ TFSJB RVF TØO MBYBOUT J BVHNFOUFO MB MB EJFUB GPT IJQFSQSPUFJDB  TFDSFDJØQBODSFËUJDB HSBNTEFQSPUFJOBLJMPHSBN EJB BCBTFEFTVQMFNFOUB "NCBRVFTUFTQBVUFTFTNJ DJØ EPOBOUQSPUFJOBFOQPMTJ MMPSBSËNPMUMBRVBMJUBUEFWJEB MMFWBUEFDFSWFTB B QBDJFOUT BNC  QBODSFUJUJT t-BDBSOOPFTUPMFSBNPUCÏ  DSÛOJDB

JXÁUGLDGLÛUQD

JCJ &KUUCDVGFGIGPGT "(6*-"3 'SBODFTD-BZSFU  #0*9 "W$BUBMVOZB  $0/%0/ 1UHF3JV5FS  '&33&$-"1&4"W.BSUÓ1VKPM  (": "W.BSUJ1VKPM  (0/;"-&;+*.$BOPOHF#BSBOFSB  16$)0-$USB"OUJHBEF7BMÒODJB  4&3&/5*-- .BS  7*":/""W1SFTJEFOU$PNQBOZT  7*7&4+PBO7BMFSB  $BOU®GSJDB

&KWOGPIGFGHGDTGT "(6*-"3 'SBODFTD-BZSFU  #0*9 "W$BUBMVOZB  $0/%0/ 1UHF3JV5FS  '&33&$-"1&4"W.BSUÓ1VKPM  16$)0-$USB"OUJHBEF7BMÒODJB  7*":/""W1SFTJEFOU$PNQBOZT 

&GN&KNNWPUFGHGDTGTCN&KXGPFTGUFGHGDTGT

1PEFVFOWJBSMFTWPTUSFTQSFHVOUFTTPCSF OVUSJDJØJEJFUÒUJDBBMDPSSFVFMFDUSØOJD TPOJBSQOVUSJDJP!HNBJMDPN

',5(&725, 0(',&,1$

"(6*-"3 'SBODFTD-BZSFU  #0*9 "W$BUBMVOZB  $0/%0/ 1UHF3JV5FS  '&33&$-"1&4"W.BSUÓ1VKPM  (": "W.BSUJ1VKPM  (0/;"-&;+*.$BOPOHF#BSBOFSB  16$)0-$USB"OUJHBEF7BMÒODJB  4&3&/5*-- .BS  7*":/""W1SFTJEFOU$PNQBOZT  7*7&4+PBO7BMFSB  $BOU®GSJDB

.‹%0-03&4."4%&-#-"/$)

14*$»-0(" /J×PTZBEPMFTDFOUFT 5SBOTUPSOPTEFMBQSFOEJ[BKFZPDPOEVDUB  5%")5SBOTUPSOPTBGFDUJWPT EFQFSTPOBMJEBE ZBMJNFOUBSJPT

"/6/$*"h5

"EVMUPT 5SBOTUPSOPTEFBOTJFEBE FTUSÏT EFQSFTJØO  GPCJBT -VEPQBUÓBT Z BEJDDJPOFT TPDJBMFT 1TJDPTJT

&/"26&45%*3&$503*1&3 /0.²4 å ."4"5(&4

JXÁUGLDQRFWXUQD

/FVSPQTJDPMPHÓB %FNFODJBT  USBOTUPSOPT EFM TVF×P &WB MVBDJØOOFVSPQTJDPMØHJDB  SFIBCJMJUBDJØO DPHOJUJWB

."4"+ * 45"4 &/.0/("5 .BSJBZ7BOFTB .BTBKFQSPGFTJPOBMEFUPEPUJQPSFMBKBO UF UFSBQÏVUJDP BOUJFTUSÏT TFOTJUJWP  UÈOUSJDP FUD%FMVOFTBTÈCBEP IB I'FTUJWPTUBNCJÏO

5FM

PHGLFLQD

IDUPÁFLHV

IBVSFNEFTVQMFNFOUBSMFT

JCJFGNFKCUGI×GPV

&KUUCDVGFGIGPGT

1TJDPUFSBQJB 'BNJMJBSZQBSFKB

--6$)"W1SBUEFMB3JCB  7*":/""W1SFTJEFOU$PNQBOZT 

)PSBTDPOWFOJEBT FEPMPSTNBT!HNBJMDPN $$PMMJ1VKPM SBr#BEBMPOB

&KWOGPIGFGHGDTGT

5FM

/&#05#FMMBWJTUB UEB 7*":/""W1SFTJEFOU$PNQBOZT 

&KNNWPUFGHGDTGT "-#"-"5$"563-"'SBODFTD-BZSFU  7*":/""W1SFTJEFOU$PNQBOZT 

&KOCTVUFGHGDTGT (".*4"/4.BSJË#FOMMJVSF  7*":/""W1SFTJEFOU$PNQBOZT 

(VXQVHUYHLGLULJLWDSHUVRQHVJUDQVDXWzQRPHV DPEXQWUDFWHDFROOLGRULIDPLOLDU 640'&3*. ‡(VWDGHVSHUPDQHQWV ‡(VWDGHVWHPSRUDOV ‡&DSVGHVHWPDQD ‡'LHVLKRUHVFRQYLQJXGHV 727%DGDORQD

QBHJOEE



&KOGETGUFGHGDTGT 7"-&30(VJGSÏ  7*":/""W1SFTJEFOU$PNQBOZT 

FTTBUT  OJOUFS 4JFTUB B5JBOB TP N

&KLQWUFGHGDTGT #0*9"W$BUBMVOZB  7*":/""W1SFTJEFOU$PNQBOZT 

5FM

&KXGPFTGUFGHGDTGT

QSFHVOUBSQFS/ÞSJB

1&º""W.BSRVÒTEF.POUSPJH  7*":/""W1SFTJEFOU$PNQBOZT 

1MBDFTMJNJUBEFT 









                




/HFWRUV



NGEVQTU

FDUWHV‡IRWRGHQÙQFLD‡SURWDJRQLVWD‡FRO‡ODERUDFLRQV

/HV&DUWHVGHOVOHFWRUV -BJODPOUJOÒODJBEFM4S(BSDÓB "MB#BEBMPOBEFTFNQSFJBWVJ  FODBSBIJIBQFSTPOBUHFTRVF QPEFNRVBMJmDBSTJNÏTOPEF DVSJPTPT DPNFOFMTFVUFNQT FSFOFO3PCJOPFO$BTDBSFT  JBWVJBRVFMMRVFRVBOIJIBWJB FMQBTBOJWFMMEFMmOBMEFDB SSFSEF.BS EJSJHJBFMUSËmDEF QFSTPOFTJUSFOT QSPWFÕUEVOB HPSSBJVOBYBQBRVFFMTEF 3FOGFMJIBWJFOGBDJMJUBUJRVF RVBOTFMJWBBDBCBSMBGFJOB QFSMBDPOTUSVDDJØEFMQBTTP UFSSBU BSBEJSJHFJYNBOJPCSFT EBQBSDBNFOUBEJWFSTPTMMPDT EFMBDJVUBU 6OUSFUDPNÞBUPUTFMMTIBFTUBU TFSQFSTPOFTBNCQPRVFTQSF UFOTJPOT MBTFWBGFMJDJUBUTIB WJTUDPNQFOTBEBBNCVOBQF UJUBQSPQJOBRVFBMHVOBËOJNB DBSJUBUJWBFMTEØOBPMBHSBÕNFOU QFSRVBMTFWPMEFMTQFUJUTTFS WFJTRVFQSFTUFOBMBDPNVOJUBU .BJWBO OJQSFUFOFO QPTBSTF QFSTPCSFEFOJOHÞ BOTBMDPO

BUVSBEBEFMBOPTUSBDJVUBUDSFJY BVOSJUNFEFDJODDFOUFTQFS TPOFTEJËSJFT "MHÞBNCUBOUTPMTFMUÓUPMEF HSBEVBUFTDPMBSTBQ RVFBUF OFOUBMFTYJGSFTPmDJBMTEFMB UBYBEBUVSBUPUFMQBÓT SFTVMUB RVFFM4S(BSDÓBEF$BO1P QVMBS FOTBUSJCVFJYB#BEBMPOB MBUPUBMJUBUEFMTBUVSBUTEFUPU MFTUBU -BDPTBOPWBBSSJCBSBNÏT  RVBO EF NBOFSB GPSÎB FO DFSUBEB FMSFHJEPSEIJTFOEB 'SBODFTD4FSSBOP MJWBQPTBS MFTQFSFTBMRVBSUPJMJWBEP OBSVOBMMJÎØEFNBUFNËUJDB FMFNFOUBM $PNQPUQSFUFOESFBRVFTUTFO ZPSTFSBMDBMEFEFMBOPTUSBDJV UBU 1FOTPRVFTJFMRVFQSFUÏO ÏTDPOWFSUJSTFFOQFSTPOBUHF QPQVMBS MJBOJSJBNÏTCÏBKVEBS BMBOUJDGFSSPWJBSJ SFDPOWFSUJU FOBQBSDBEPS

USBSJBWPMUFTQFOTP RVFFOMB TFWBTFO[JMMFTBUSPCFOBMMÛRVF NPMUTDFSRVFOEFTEFMFTËSFFT EFQPEFS DPNÏTMBGFMJDJUBU QFSTPOBM &OFMEFCBURVFMB5FMFWJTJØ EF#BEBMPOBFOTWBPGFSJSFM QBTTBUEJNFDSFTEJBEFHF OFS WBJHWFVSFVOEBRVFTUT QFSTPOBUHFT BTTFHVUBMCFMM NJHEFMTSFQSFTFOUBOUTEFMT HSVQTNVOJDJQBMTEFMBOPTUSB DJVUBU6OMMPDRVFFWJEFOUNFOU OPTBWÏEFDBQNBOFSBBNCMB TFWBNBOFSBEFQFOTBSJQBSMBS TPCSFMBOPTUSBDJVUBU BMBRVF QFSDFSU mOTJUPUMJGBWFSHPOZB WJVSF EPODT IBUSBTMMBEBUMBTF WBSFTJEÒODJBBM$BQJ$BTBM %JD UPU BJYÛ  QFSRVÒ BNC FM TFVBGBOZEFDSÓUJDBBMBDUVBM HPWFSONVOJDJQBM FM4S(BSDÓB  WBJODPSSFFOnBHSBOUFYBHFSB DJØ RVBOTFOTFDBQNFOBEF QVEPS MMFOÎBBMTRVBUSFWFOUT RVFBRVFTUTEJFTMBQPCMBDJØ

&OSJD'FSSFSBT

#JCMJPUFRVFTEF#BEBMPOB #FOWPMHVUTMFDUPST 4ØDNBSFEVOOFOEFBOZT JFOGBRVFWJWJNBMCBSSJEFM 1VJHGSFEEF#BEBMPOB4ØN BTTJEVTEFMFTQPRVÓTTJNFT BDUJWJUBUTJOGBOUJMTEFMÞOJDB #JCMJPUFDBEFMB[POBRVFÏTMB EF-MPSFEBJEBWBOUEFMTJMFODJ EFM4FSWFJEF#JCMJPUFRVFTEF MB %JQVUBDJØ EF #BSDFMPOB J BDPTUVNBEBBMIBCJUVBMNBODB EFSFTQPTUFTEFMQSPQJ"KVOUB NFOUEF#BEBMPOB BMTRVBMT GBVOBTFUNBOBWBJHBESFÎBS MPTTFOHMFTNBJMTBMFTTFWFT SFTQFDUJWFTXFCT.BESFÎPBMT MFDUPSTEFM5PU#BEBMPOBQFSB FYQPTBSMPT BRVFTU HSFVHF DPNDBEBUSJNFTUSFIFDPOTVMUBU 



QBHJOEE





NËHJBQFMNBUFJYCJNFTUSF1FS FWJUBSTVTQJDËDJFT EJSÏRVF DFMFCSPRVFVOB#JCMJPUFDBBNC BOZTEIJTUÛSJBDPNMBEF $BTBDVCFSUBUJOHVJVOBQSP HSBNBDJØUBOUDPNQMFUBJRVF UBNCÏIPDFMFCSPQFSBMTTFVT VTVBSJT1FSÛEBWBOUMBEJGFSÒO DJBRVBOUJUBUJWBJRVBMJUBUJWBEF MFTBDUJWJUBUTQSPHSBNBEFTFO VOBJBMUSFTCJCMJPUFRVFTQÞCMJ RVFT OPQVDFWJUBSQSFHVOUBS NFTJBMHÞQPESJBBDMBSJSNFMB SBØQFSUBOUBEFTJHVBMUBUJTJ SFBMNFOUFYJTUFJYMBJOUFODJØRVF FMGPNFOUEFMBDVMUVSBBSSJCJB 5054FMTJOGBOUTEF#BEBMPOB

MBQSPHSBNBDJØEFMFTBDUJWJUBUT JOGBOUJMTBMFTCJCMJPUFRVFTEF #BEBMPOB QFS UBM EF QBSUJDJ QBSIJ BNC FM NFV GJMM J WBJH USPCBSNFBNCBRVFTUBIBCJUVBM EJGFSÒODJB #JCMJPUFDB$BO$BTBDVCFSUB IPSFTEFMDPOUF TFTTJPOT EFQBTTFKBEBQFMTDPOUFT  TFTTJPOTEFDPOUFTFOBOHMÒT  UBMMFSTJOGBOUJMT TFTTJØEF UFBUSFJOGBOUJMJFTQFDUBDMF EFNËHJB QSPHSBNBEFTQFS BRVFTUCJNFTUSF&OGSPOUBMFT EFMB#JCMJPUFDBEF-MPSFEB IPSBEFMDPOUF TFTTJPOTEF UBMMFSTJOGBOUJMT TFTTJPOTEF GPNFOUEFMFDUVSBFOWFVBMUB QFSBJOGBOUTJFTQFDUBDMFEF 





.‹*TBCFM0SUJ[



727%DGDORQD




&MPUSPEÓBQBTFBOEPQPSFM MBDBMMFQFBUPOBMi1ÏSF[(BM EØTwEFMCBSSJPEF-MFmË QJTÏ TJO RVFSFS VOB FYDSFNFOUP EF BOJNBM  TVQVFTUBNFOUF TFSÓBEFVOQFSSP -PTEVF×PTTFEFCFOIBDFS SFTQPOTBCMFTEFSFDPHFSMPT

FTUBSMJCSFTEFFTUBTIFDFT  ZBOPTØMPQPSMBTQFSTPOBT BEVMUBTTJOØUBNCJÏOQPSMPT OJ×PTRVFIBCJUVBMNFOUFDSV [BOQPSFTUBTDBMMFTZQFSTP OBTJOWJEFOUFT(SBDJBT

FYDSFNFOUPTEFTVTNBTDP UBT ZBRVFMPTDJVEBEBOPTOP UFOFNPTQPSRVÏUFOFSRVFJS QJTBOEP FTUPT FYDSFNFOUPT TJOOJOHVOBOFDFTJEBEZBRVF FTUPSFTVMUBBMHPJODPNPEPZ EFTBHSBEBCMF %FCJEPBRVFMBTDBMMFTEFCFO

/HFWRUV

{#BEBMPOB/FUB

.JSFJBZ"CFMEFTEFMBTUSFT-MFmËT

*NQPTUPTTÓ BCVTPTOP "  # B E B M P O B  F T U F N EFOIPSBCPOB1FSVOBWFHBEB MBOPTUSBDJVUBUTFSËQJPOFSBFO VOBDBNQBOZBRVFBOJSËNÏT FOMMË.ÏTEVOBRVBSBOUFOB EFOUJUBUT FOUSFFMMFTFMTTÓO EJDUT$$00 6(5J$(5JNÏT EFWJOUBTTPDJBDJPOTEFWFÕOT  FTUFNSFDPMMJOUTJHOBUVSFTQFSB EFNBOBSBMFTBENJOJTUSBDJPOT SFTQPOTBCMFT { VOBSFDUJGJ DBDJØEFMTQSFVTEFMTTFSWFJT CËTJDT %FOVODJFNRVFÏTJNNPSBMJ JOKVTUMBQVKBEBEFMTJNQPTUPT JMFTUBYFTRVF DPNMBJHVB  MhFMFDUSJDJUBU MB5 MBHSVB FMT DFNFOUJSJTTIBOJODSFNFOUBU NPMUQFSTPCSFEFM*1$ EBWBOU MBHSFVTJUVBDJØHFOFSBEBQFS MBDSJTJFDPOÛNJDB mOBODFSB  FOFSHÒUJDB BMJNFOUËSJBRVF

5BNCÏ EFNBOBSBO RVF MFT BENJOJTUSBDJPOTQSJPSJU[JOBD UVBDJPOTJPCPOJmDBDJPOTBNC NBKPSDPOUJOHVUTPDJBMQFSB QBMtMJBSMBQÒSEVBEFSFOEBEF MFTGBNÓMJFTNÏTWVMOFSBCMFTJ FOSJDTEFYDMVTJØ BNCBKVEFT EJSFDUFTJVOBNÏTHSBOQSPWJTJØ EFTFSWFJTQÞCMJDT$POGJFN RVF QFSVOBWFHBEB FMHPWFSO MPDBM 14$ $J6J&3$ EFMOPT USF"KVOUBNFOUFTDPMUJBMBDJVUB EBOJBJSFDUJmRVJMFTTFWFTUBYFT JJNQPTUPT$MBSRVFSFDUJmDBS ÏTEFTBWJTJ UBMWFHBEB BJYÛ TJHVJEFNBOBSNBTTB FODBSB RVFOPTBMUSFTOPSFOVODJBSFN BVUJMJU[BSUPUTFMTNJUKBOTmOTB DBQHJSBSIPUPUJBDPOTFHVJSFM OPTUSFPCKFDUJVRVFMBDSJTJMB QBHVJOFMMT

BGFDUBFTQFDJBMNFOUBMFTGBNÓ MJFTBNCNFOZTQPEFSBERVJTJ UJV2VJOFTHBMUFT "RVFTUTBVHNFOUT NPMUQFS TPCSFEFMBJOnBDJØRVFÏTFMSF GFSFOUEFMTBVHNFOUTTBMBSJBMT  QPTBEFNBOJGFTUMBNBODBEF TFOTJCJMJUBUJMBJODPIFSÒODJBEF MFTBENJOJTUSBDJPOTRVFFOMMPD EFUSFCBMMBSQFSNJMMPSBS QSJNFS EFUPU MBRVBMJUBUEFMTTFSWFJT RVFQBHVFNFOUSFUPUTJUPUFTJ QSJPSJU[BSNFTVSFTTPDJBMTSFBMT QFSBGSPOUBSMBDSJTJ FODBSFJYFO FMTQSFVTEFMTTFSWFJTCËTJDT BNCJODSFNFOUTSFBMNFOUQSP WPDBEPST "RVFTUFTFOUJUBUTIBODPOWPDBU VOBDPODFOUSBDJØFMQSPQFSEJB BMBQMBÎBEFMB7JMBQFSEF NBOBSi$BQBVHNFOUEFQSFVT QFSTPCSFEFMBJOnBDJØw

1FESP+FTÞT'FSOÈOEF[

IRWRGHQÙQFLD

&YUSB×PQFSNJTP &YUSB×PQFSNJTPDPODFEJEP QPSFM"ZVOUBNJFOUPEF#B EBMPOBBVOBPCSBFOMBDVBM VOBDBTBTFNFUFEFOUSPEF PUSBFOMBDBMMF.JRVFM4FSWFU  EF#BEBMPOB "SDBEJ%VSBO

727%DGDORQD

QBHJOEE













                




/HFWRUV

4PSPMMEFQPS 3PTUSFT EFNBDSBUT  SPTUSFT EFQËOJD EPMPSJNPSU/ÞWPMT HSJTPTPCTDVSFJYFOMIPSJU[Ø )PNFT EPOFT KPWFTJJOGBOUT BNC UBRVFT EF TBOH B MFT NBOT BMDPTVMMTFODPOHJUT NJSBOUFOWFSTVOBDJVUBUCPN CBSEFKBEB3FTQJSBDJPOTUSFO DBEFTQFMTPSPMMEFCPNCFT

DSVDJBMRVFIBUSFODBUMBTFWB WJEBJMBTFWBCJPHSBmB (VFSSFT EFTIVNBOJU[BEFT  DSVFOUFT J WJPMFOUFT  RVF UFOZFJYFOEFOFHSF EFQPSJ EFNPSU FMESFUBMBWJEB MB QBVJMBEFNPDSËDJB

QMFOFT EPEJT  GSVTUSBDJPOT J SBODÞOJFT"EBMUEVODPUYF DSFNBUJEFTUSVÕU FOUSFDSJUT JTPSPMMT VOKPWFBNCMBNJ SBEBQFSEVEB CVTDBFMTFV QBSF J FM TFV HFSNË &T EJV +BMFN WJVB(B[B UÏDBUPS[F BOZTJOPTBQRVFQBTTBSËB QBSUJSEBRVFTUFTEFWFOJNFOU

.BSJ$BSNFO-P[BOP

QRWÍFLHVGHOVOHFWRUV 3JDBSE#JFMWFVQVCMJDBEB1PUTFSQFSRVÒFSFNOFOT  OPWFMrMBHVBOZBEPSBEFMQSFNJ+VTU.$BTFSP

"DBCBEBQBSÒJYFSBMFTMMJCSF SJFT 1PUTFSQFSRVÒÏSFNOFOT "NTUFSEBN "SB-MJCSFT MB OPWFMtMBBNCRVÒFMCBEBMPOÓ 3JDBSE#JFM #BEBMPOB  

mOTBMBTFWBEFTUSVDDJØ UBOU NPSBMDPNNBUFSJBM RVFBDBCB EFNPTUSBOURVFMFTQFSTPOFT TØOTPWJOUFMDPOUSBSJEFMRVF TFNCMFO1FSTPCSFWJVSFFNP DJPOBMNFOUEBWBOUMBIJQPDSF TJB MBNFTRVJOFTB MBJOmEFMJUBU JFMSFTTFOUJNFOU BVOBEFMFT QSPUBHPOJTUFT MBQFUJUB#FU MJ RVFEBFMTFVHFSNËHSBOJMB NÞTJDBDPNBUBVMBEFTBMWB DJØw&MMMJCSFWBTFSQSFTFOUBUFO SPEBEFQSFNTBB#BSDFMPOB B MB-MJCSFSJB-B$FOUSBMEFM3BWBM  FMQBTTBUEJWFOESFTEJBB MFTI JB(JSPOBFMNBUFJY EJBBMFTIBMB-MJCSFSJB EBRVFTUBDJVUBU

WBHVBOZBSFMQSFTUJHJØTQSF NJHJSPOÓ+VTU.$BTFSP EPT BOZTEFTQSÏTEFRVFEBSmOB MJTUBEFMNBUFJYHVBSEØBNC-MJU EFTQJOFT &NCPTDBMM  OPWFMtMB RVF MJ WB WBMFS FMP HJPTFTDSÓUJRVFT"RVFTUDPQ #JFMIPGBBNCVOBQSPTBDPO UVOEFOU OBSSBEB FO QSJNFSB QFSTPOBJRVF TFHPOTQBSBVMFT EFMKVSBU iIBTVQPTBUVOBEF MFTFEJDJPOTEFNÏTOJWFMMEF MBIJTUÛSJBEFMQSFNJ-BHSBO USPCBMMBEFMBOPWFMtMBEF#JFM ÏTMBQPUÒODJBJDPIFSÒODJBEF MBWFVOBSSBUJWBBUSBWÏTEVO JOGBOU RVFGBQFOTBSFOFMQFS TPOBUHFEF+%4BMJOHFS $BVM EmFME E&MWJHJMBOUBMDBNQEF TÒHPMw1FSMBVUPS iMPCSBQBSMB EFMBEFTNJUJGJDBDJØGBNJMJBS &OFMMBMBGBNÓMJBFTEFHSBEB

OOHJXHDVXVFOLHQWHV GHXQDIRUPD UiSLGD\HÀFD]

$PNFOWJBSOPTMFTDBSUFTPMBGPUPEFOÞODJB

)ROOHWRV SXEOLFLWDULRV

&OWJBhOTMFTDBSUFTPGPUPTEFOÞODJBBNCFMOPN EBEFTJ %/*

81$&$5$HXURV

t²TPCMJHBUPSJFMOPN EBEFT%/*PQBTTBQPSUEFMBVUPS

'26&$5$6HXURV

t$BQEPDVNFOURVFFOTTJHVJFOWJBUTFSËSFUPSOBU

)ROOHWRV $WRGRFRORU [PP JUP

t&M505FTSFTFSWBFMESFUBSFEVJSJFEJUBSMFTDBSUFTRVFIP SFRVFSFJYJOJQVCMJDBSBRVFMMFTRVFDPOTJEFSJPQPSUÞ t/PFTNBOUJOESËDPSSFTQPOEÒODJBOJTBUFOESBOWJTJUFTP USVDBEFTSFTQFDUFFMTPSJHJOBMTFOWJBUTPQVCMJDBUT $-MFØ OB#BEBMPOBt CBEBMPOB!FMUPUEJHJUBMDPN





QBHJOEE







 VLQJXODUVHV 





727%DGDORQD




1(&52/¶*,48(6 "/%3²4"/%3&6.0-*/" -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

+04²-6*4(0/;«-&;$"#*&-&4 -FTFYÒRVJFTWBOTFSFMEF HFOFS

®/(&-"$6&/$"*."35¶/&; -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

&.*-*"/0$"45*--0&91»4*50 -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

7*$5¾3*"."35¶/&;"3%&3*6 -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

."3*"/01"-"$*04#"33*0/6&70 -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

+6"/."35¶/4*.»/ -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

'&%&3*$036;$6&7"4 -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

1&%30."35¶/&;."35¶/&; -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

7*$&/5"7«;26&;#"33&3" -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

'3"/$*4$"."35¶/&;.03$*--0 -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

."3¶"&41&3"/;"$&-%3«/ ."35¶/&; -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

*4"#&-.&.#3*7&4."35¶/&; -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

1*-"31&3"-5"+*.²/&; -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'# '3"/$*4$03"#"4$00356º0 -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'# /Á3*"3":.0/%/06("3&%&* 1-"/"4 -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

$"3.&/."3*/²:«º&; -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

+04²/"7"33050.«4 -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

+6"/36*;."%6&º0 -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

+04²-6*4."35¶/&;&45&#"/ -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

3".»/26&3"-505»/ -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

"(645¶"/%3²4.*3» -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

%0-03&4.*--"30%3¶(6&; -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

%6-$&/0.#3&#"33*&/5041²3&; -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

"/50/*04«/$)&;%&-"304" -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

"3."/%010$)30%3¶(6&; -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

$3*45*/"$0-&5&4.&3*/0 -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

.*(6&-;"3"(0;"."35¶ -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

"(645*/"+03%®*/0(6&3" -FTFYÒRVJFTWBOTFSFMEF HFOFS

3"*.6/%""(6*-"3.0-*/&3 -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

&.*-*030%3¶(6&;%63«/ -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

+04&'"+*.²/&;-»1&; -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

+6-*«/4"-"7&33¶"1"-"/$" -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

.*(6&---"3*03*26&-.& -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

»4$"363365*".0/5&/&(30 -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

"/50/*036*;."35¶/ -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

%0.*/(0%&-1*/01²3&; -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

(&3"3%07*--"#0-$"#3&3" -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

53*/*%"%10/4$".10 -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

&6(&/*0("-«/$"33"4$0 -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

+&4Á4#04$)13"%"4 -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

"/50/*036*;'6&/5&4 -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

%&.&53*0#":"33*#"33²4 -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'# +04²$035²4--03$" -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'# 7*/$&/5&("3$¶"7"-&/;6&-" -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'# $"3.&/.«326&;%¶&; -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'# +04&'"1&º"-&»/ -FTFYÒRVJFTWBOTFSFMEF HFOFSBMh0SBUPSJ1'#

"HSBÕNFOUTJBOJWFSTBSJTr&TRVFMFTBMBSFWJTUBFM505 4JWPMQVCMJDBSVOBFTRVFMBBMBSFWJTUBFM505 USVRVJhOTPQBTTJQFSMBOPTUSBPmDJOB $-MFØ POFS#BEBMPOBr5FMr 727%DGDORQD

OFDSPTQBHJOEE













                




KRU¶VFRSV , -Ê­Ó£ÉÎÊ>ÊÓäÉ{®

, Ê­ÓÓÉÈÊ>ÊÓ£ÉÇ®

 Ê­Ó{əÊ>ÊÓÎÉ£ä® *, ", Ê­ÓÓÉ£ÓÊ>ÊÓäÉ£®

-JFNQSF UF RVFKBT EF RVF OBEB UF TBMF CJFOQFSP {SFBMNFO UFIBDFTBMHPQBSBBSSFHMBSMP  *OUFOUB OP NJSBSUF UBOUP FM PNCMJHPZFNQJF[BBRVFSFUF VOQPDPNÈT RVFUÞUBNCJÏO UFMPNFSFDFT&OFMUFSSFOP NPOFUBSJP  FO DBNCJP  UPEP UF JSB TPCSF SVFEBT #VFOPT UJFNQPT QBSB UVT JOHSFTPT  IB[MPT DSFDFS  FT VO CVFO NPNFOUP

 MP NFKPS OP DSFFT RVFEFCFTQPOFSNÈT FNQF×PFOHVBSEBSZ NJNBSUVTBNJTUBEFT {FTUÈT UBO TFHVSP EF FMMP  :P EF UJ  NF QSFPDVQBSÓB VO QPDP NÈT  FM UJFNQP WB EFKBOEP IVFDPBMPMWJEP JOUFOUBDPO UBDUBS DPO BRVFMMPT RVF OP WFT IBDF UJFNQP  RVJ[ÈT UF MMFWFTVOBTPSQSFTBHSBUB-B GBNJMJBUBNCJÏOSFRVJFSFEFUV BUFODJØO

TUB TFNBOB DSFP RVFWBTBUFOFSVOPT QSPCMFNJMMBT DPO UV TBMVE OP OPUFQSFPDVQFT OP TPOHSBWFT ZBTBCFTMBQBSUF RVFEFCFTDVJEBSUVHBSHBOUB {1PSRVÏOPUFQMBOUFBTEFKBS EF GVNBS  TJ TBCFT RVF FM UBCBDP OP UF IBDF OJOHÞO CJÏO  QBSB RVF NBDIBDBS UV HBSHBOUB "MHÞO EJB ÏTUB UF QBTBSÈGBDUVSB WJHJMBVOQPDP  FTNFKPS

VFOB ÏQPDB QBSB FODPOUSBS QBSFKB TJ FT RVF BÞO OP MB UJFOFT`FTUÈT FO SBDIB  MP UJFOFTUPEPBUVGBWPS5BN CJÏO UF EJHP RVF UJFOFT RVF QPOFSVOQPRVJUPEFFNQF×P  FMBNPSOPWBBJSBUPDBSBUV QVFSUB {FI 5FOVOQPRVJUP EFDVJEBEPDPOBMHVOBEFUVT OVFWBTBNJTUBEFT EFTDPOGÓB VO QPDP QPSRVF BMHVOB EF FMMBTQVFEFUSBJDJPOBSUF

/1, Ê­Ó£É{Ê>ÊÓäÉx®  $Ê­ÓÎÉÇÊ>ÊÓÎÉn® - ",*Ê­Ó{É£äÊ>ÊÓÓÉ££® +1,ʭӣɣÊ>Ê£™ÉÓ® O FTUPT EÓBT IB BWFSEBEFTRVFEFO - J QJFOTBT FO NP TUBT NVZ UFOTPB WFS UV EJOFSP  JOWFSUJS  DPNQSBS OPMPEVEFT  FTUF FT UV NPNFOUP TPMP UJFOFT RVF EFKBSUF BTFTPSBS VOQPRVJUPQPSBRVFMMPTRVF FOUJFOEFO EF MB NBUFSJB  TJNQMFNFOUFWJTJUBUVCBODP &ODVBOUPBMUSBCBKP QVFEFO IBCFSTPSQSFTBT EFNPNFOUP IBZDBNCJPTQPTJUJWPT

FTUPT EÓBT  MP TBCFT  {WFSEBE  5SBORVJMB  SFMÈKBUF UØNBUFUVUJFNQP ZTJ QVFEFTIBDFSVOBFTDBQBEJUB BVORVFTFBVOmOEFTFNBOB  IB[MB/FDFTJUBTSFDVQFSBSUV FTQBDJPWJUBM MJCFSBSUFVOQPDP EFFTBQSFTJØOOFHBUJWB6O DPOTFKPWFUVTPMBZFMJHFMB NPOUB×B

USPEFMÈNCJUPGBNJMJBS MBDPTBFTUBVOQPDP SFWVFMBEFCFTBUFOEFSNÈTB UVTGBNJMJBSFTNÈTDFSDBOPT  TPCSFUPEP B UV QBSFKB RVF SFDMBNB UV BUFODJØO Z OP UF EBTDVFOUB1SPDVSBBCSJHBSUF VO QPDP NÈT  UV HBSHBOUB WVFMWF B FTUBS EÏCJM 5FOMP FODVFOUB

TJEP UV DVNQMFB×PT  {WFSEBE 5F IBCSÈO DBJEPNVDIPTSFHBMPT ZUFMPT NFSFDFT&ODVBOUPBMUFSSFOP MBCPSBM MBTDPTBTOPQVFEFO JSNFKPS)B[VOBFTDBQBEJUB DPOMBQBSFKB DPNQÈSUFMPDPO FMMB EBMFVOBTPSQSFTJUB TFMP NFSFDFUBNCJÏO BVORVFIB WFDFTOPMPQBSF[DB

--" -Ê­ÓÓÉxÊ>ÊÓ£ÉÈ® 6 , Ê­Ó{ÉnÊ>ÊÓÎə® -/,Ê­ÓÎÉ££Ê>ÊӣɣӮ * 8"-Ê­ÓäÉÓÊ>ÊÓäÉή -JUJFOFTBMHVOBDVFOUB

FCFSÓBT QSFQBSBS MFWBT VOB UFNQPSB SFTVOBQFSTPOBDPO EB RVF OP MFWBOUBT DBCF[B  {WFSEBE  OP UF QSFPDVQFT EFNBTJBEP QFSP UPEBWÓB UFOESBT VOPT EÓBT JOUSBORVJMPT 3FTQFDUP BUVTBIPSSPT TBCFNPTRVF FSFTVOQPDPEFTDVJEBEBFO FTUF BTVOUP *OUFOUB BIPSSBS VO QPDP  FTUBNPT FO DSJTJT  UPEPTUV UBNCJÏO &WJUB HBTUPTJOOFDFTBSJPT

QFOEJFOUF  [ÈOKBMB 5BOUP TJ UJFOF RVF WFS DPO EJOFSP DPNP TJ FT DPO BMHÞO BNJHP P GBNJMJBS 5F MP BDPOTFKP QPSRVF TJOP MB DVFOUB TF DPOWFSUJSÈ FO QSPCMFNB1PSPUSBQBSUF FO UVUSBCBKPMPUJFOFTFTUVQFOEP  UVTSFBMBDJPOFTQSPGFTJPOBMFT EBSÈOTVGSVUPNVZQSPOUPZ TFSÈQBSBCJFO

TVFSUF  UJFOFT VOPT DPNQB×FSPT EF USB CBKP FTUVQFOEPT  DPO VOBT BUFODJPOFT DPOUJHP RVF QSP CMBNFOUFOPUFMBTNFSFDFT JOUFOUB TFS NÈT BNBCMF DPO FMMPT  FMMPT MP TPO DPOUJHP  Z NVDIP.ÓNBMPT EBMFTBMHVOB TPSQSFTB BMHVOEFUBMMJUP1PS PUSB QBSUF WJHJMB UV IÓHBEP Z QVMNPOFT$VJEBUF

BMHÞO WJBKFDJUP DPO MB QBSFKB IBDFB×PTRVF OPIBDÏJTOBEBQPSWPTPUSPT 4JQPEÏJT EFKBEBMPTOJ×PTFO DBTB EF PT BCVFMPT Z EBSPT VOSFTQJSP-POFDFTJUÈJT&O DVBOUP B MB TBMVE GBNJMJBS  USBORVJMPT  OP IBZ OJOHV OB OPWFEBE  UPEP QFSGFDUP %JTGSVUBE EF FTPT EÓBT QBSB BSSFHMBSDPTJMMBT

SDVVDWHPSV



/JWFMMEJGÓDJM

/JWFMMGËDJM

0NQMJVMFTDBTFMMFTCVJEFTEFMSFRVBESFEFYRVBESBUTBNCYJGSFTEFMhBM/PThIBEFSFQFUJSDBQOÞNFSP FOVOBNBUFJYBmMBIPSJU[POUBMPWFSUJDBMOJTVCRVBESJDVMBEFY 1FS4VEPLVT8FCDPN



QBHJOEE













727%DGDORQD




',5(&725, 7DURW

SDVVDWHPSV 

 









    



"/6/$*"h5



&/"26&45%*3&$503*1&3 /0.²4 å

 

C0 A>C8 B C0



BX`dXTaTbbPQTa[^`dT`dXTaTSTcÑ BX`dXTaTbbPQTabXcTP\P BX`dXTaTbbPQTabXT]RdT]caPbcaPQPY^ BXcXT]Tb`dTc^\Pad]PSTRXbX×]

 4PMVDJPOTBMBTFDDFDPOÛNJDT

       

;[P\P<P]dT[P

C 4 ;%  '  "  $  "(

&.#36+"%" 5*&/%" &405²3*$"

1SPEVDUPT&TPUÏSJDPT Z"SUÓDVMPTEF3FHMP

5FBUJFOEPQFSTPOBMNFOUF

1FS1BV7JEBM )03*5;0/5"-42VJOBWFSHPOZB  DPNTJM*HOBTJOPUJOHVÏTOPN/FHB MFODBMÎEFMCBSSFU/PTBRVJCÏ  QFSÛHBJSFCÏ5FNQTBNCHBOFTEF CSFHB"J FMDPSEFO2VJN-MJ HBEBBMEFTHBWFMMEF%VOJB#BMMBOU TBNCB TFNQSF GBO DPNQBOZJB   1MBOTBMDJNEFMFTNVOUBOZFTEFO 4FSHJ.ËYJNBSJWBMJUBUFONPUPQFUJUB   &M TFOZPS EF 4ÓSJB 1SFHB BNC QPTBUmOBMNFOUJOUFSSPHBUJV(FOUJM J HSBDJPTB DPN VOB PSRVFTUSJOB .BMBMUÓTDPNSFNFOBSMBTJOB5PJB NBMNFTBQFSVODVMEFHBJBUP"DPS EBUTBMBNJTTJØPWËSJDB$PNQPTU EFMDMPSRVBOCBJYBBMBNJOB&OUSF WJFT   1FSMB QFUJUB J HJSBEB  OP  mMBNFOUTJOUÒUJDJOWFSUJU$BQHJSJOFM DBNÓ EF MFT DPTFT  QFSÛ DBQHJSJO   1SFTFOUB MB SFOÞODJB *OTJTUFOU  SFQFUJUJV"SBQSFTFOUBMBOVODJ &OYBNQPQFSMFTRVFOB4BTTFNCMB B VO UJUÓ QFSÛ UÏ BTQFDUF EF MPUVT  4VPSTFOTFWBMPS5ÏVOBPSFMMB FOHBOYBEBBMBSËEJP&MWFÓ NBSFKBU FO QMF BOJWFSTBSJ   $PQ EF NË JOEPMPS0DFMMEFMBDPMMBEFMTCPIÓ HVJETJFMTJ[RVJÒSEJDT

$63404%&

5BSPU /VNFSPMPHÓBZWFMBT 4FNJOBSJPEF3FJLJ

7&35*$"-4  *OEJT EFM 1FSÞ B NJRVFT 4J FT USBDUB EJDPS OP TIJ QPTB QFS QPD   2VJO YJWBSSJ  FM GPSBTUFSJFMTFVDBQØ.JUKBQVKBEB "MGPOTEFMBDVJOB9FSSBNFDB BNCQFEJHSÓ&O-MVMMBCBOEPOBUQFMT EPTDFOUT$FMUÓCFSFOmMBOUTFQFM SJV+BMØO&TQJSBMEFGVNMÛHJDBNFOU DBQ BNVOU   +B IB EF TFS GFNJ OJTUB QFSUSFCBMMBSEBJYÛ7JOHVÏEF HVTU JOPQBTBQBUJS4JTTFOTF TFHVSFUBUTPDJBM/PFTEJVJHVBM OP  MBTFNCMBOÎBÏTMFHBM(BTRVFFT EFTQSÒO EF MFNQFSBEPS   &TUBO FODPOTPOËODJBBNCMBOFCPEB1FS WPMBSNBSFOMMËMJIBOEFDBOUBS&M NÏTWBMVØTEFMNPSU&NQJQBEB QFS MB DPODMVTJØ EF MB SFUJSBEB %F MBDUFUBMDPNFMTBHSBEBBMTQPMÓUJDT 7JOHB EFDBQBMBVHF"MDPIPMJ U[BDJØQFMNÒUPEFDJFOUÓmD'BEFMOV VOBOPWFUBU#MBUUSJOYBU JTJOP  HBMFUB1FJYEBJHVBEPMÎBEBTQFDUF GPSÎBSVUJMBOU$SFNBEBDPNVO BVUPCÞT RVF QPTFTTJT BM GPD 7JV NBMBNFOUBMQJUKPSJOESFUEFMIPTQJUBM &O#MBJEJTGSFTTBUEFCMBOD4IB TFOUJUBCBOEPOBEBFOMFTDBMBEB

5FM $(àFMMJ'FSSFS  +UP.FUSP1FQ7FOUVSB

7$527 

0$5,1$+

/$65(638(67$648( %86&$6/$6(1&2175$5É6

££//É0$0(

 9,6$(&21Ð0,&$

 606HQYLDPDU \WXSUHJXQWDDO 3UHFLR)LMR½3UHFLRPyELO½0D\RUHVDxRV

WDURW

BOVODJBUFO BRVFTUBTFDDJØ

  XXXFMUPUEJHJUBMDPN CBEBMPOB!FMUPUEJHJUBMDPN 727%DGDORQD

QBHJOEE













                




727PRWRU

616OQVQT



YHK,FOHV‡FLUFXODFLÓ‡QRYHWDWV‡FRQFHVVLRQDULV

46;6,*(SBOE7JUBSB

5BMMFST 3FDBOWJT  7FOEFTJ&YQPTJDJØ 1SFTJEFOU$PNQBOZT  #"%"-0/"

5FM 'BY NPUPTCBEBMPOB!UFSSBFT 



QBHJOEE





QPSUFT " MJOUFSJPS JODMPV  B NÏT B NÏT NÞMUJQMFT FTQBJT QPSUBPCKFDUFTSFQBSUJUTQFSUPU MIBCJUBDMF1FMRVFGBBMNBMF UFS MFTEJNFOTJPOTUBNCÏTØO QSPVËNQMJFT BNCDBQBDJUBU EF GJOT BMT  MJUSFT  J TIJ BDDFEFJYNJUKBOÎBOUMBQPSUB QPTUFSJPS EPCFSUVSB MBUFSBM $BM BQVOUBS RVF FM NBMFUFS UÏ VO EPCMF GPOT EF QFUJUB DBQBDJUBU %FOUSFFMTDPNQPOFOUTSFMB

FOFMTSFUSPWJTPSTFYUFSJPST "MJOUFSJPS FMWFIJDMFUBNCÏ FTUSFOB OPWB JNBUHF  FTQF DJBMNFOUQFSMBVUJMJU[BDJØEF OPVT NBUFSJBMT J UFJYJUT &M QMBGØEJOTUSVNFOUTUBNCÏJO DPSQPSBOPVTDPNBOEBNFOUT EBDDJPOBNFOU &M 4V[VLJ (SBOE 7JUBSB ÏT VO WFIJDMF BNQMJ FO FM TFV JOUFSJPS FTQFDJBMNFOUFMNP EFMBNCDBSSPTTFSJBEFDJOD

XXX7&/5"%&/&6."5*$04DPN

.PUPSt $BSBDUFSÓTUJRVFT &M(SBOE7JUBSBQSFTFOUBQF UJUFT NPEJGJDBDJPOT J DBOWJT FTUÒUJDTSFTQFDUFEFMBOUFSJPS NPEFM 6O EFMT DBOWJT ÏT MBVHNFOUEFMPOHJUVEEFGFU  FMOPV(SBOE7JUBSBDSFJYUSFT DFOUÓNFUSFTBDBVTBEFMOPV EJTTFOZEFMQBSBYPDT 5BNCÏDBMNFODJPOBSFMOPV BTQFDUFEFMTJOUFSNJUFOUTMBUF SBMT RVFBSBFTUBOFODBTUBUT

%0/&.-"70-5" "-4 13&64

$&/530%& 3&$&1$*»/ 7'6 3&5*3".0450%" $-"4&%&7&)¶$6-04 53".*5".04 #"+"53«'*$0 5FMÏGPOPT 

 







727%DGDORQD




727PRWRU DJPOBUTBNCFMDPOGPSUQPEFN FTNFOUBSOF FMT TFHàFOUT BJSF DPOEJDJPOBU  PCFSUVSB B EJTUËODJBEFMEJQÛTJUEFDPN CVTUJCMF TFJFOUEFMDPOEVDUPS BKVTUBCMF FO BMUVSB  TFJFOUT QPTUFSJPSTSFDMJOBCMFT UBODB NFOU DFOUSBMJU[BU  PSEJOBEPS EFWJBUHF DMJNBUJU[BEPS WJESFT UJOUBUT  BMÎBWJESFT FMÒDUSJDT  DPNBOEBNFOU EPCFSUVSB B EJTUËODJB FOUSFEBMUSFT 4FHVSFUBU 1FM RVF GB B MB TFHVSFUBU  VOB EF MFT JOOPWBDJPOT ÏT MB TVCTUJUVDJØ EFMT GSFOT EF UBNCPSQFMTGSFOTEFEJTDFO MFTSPEFTQPTUFSJPST "MUSFTFMFNFOUTEFMBTFHVSF UBUEFMWFIJDMFTØODJOUVSPOT QPTUFSJPSTEFTFHVSFUBUEF QVOUT DPJYJOTEFTFHVSFUBU EFTÒSJF BODPSBUHFEFTFHV

WFMPDJUBUNËYJNBEFLN I  BNC VOB BDDFMFSBDJØ EF  B  FO  TFHPOT J NJH JVODPOTVNNJUKËEFMJUSFT JNJH -BMUSBPQDJØBCFO[JOBÏTFM NPUPSEFDBWBMMT BNC VOBWFMPDJUBUNËYJNBEF LNI VOBBDDFMFSBDJØEFB FOTFHPOT JVO DPOTVNNJHEFMJUSFTBMT RVJMÛNFUSFT &MNPUPSBCFO[JOBNÏTQPUFOU ÏTFMEFDBWBMMT BNC VOBWFMPDJUBUNËYJNBEF LNI VOBBDDFMFSBDJØEFB FO TFHPOTJVODPO TVNNJUKËEF MJUSFT &OSFMBDJØBNCFMNPUPSJEJÒ TFM MEFDBWBMMT BTTP MFJYVOBWFMPDJUBUQVOUBEF LNI BDDFMFSBEFBFO NFOZT EF  TFHPOT J UÏ VO DPOTVNNJUKËEFMJUSFT

SFUBU *40'*9  BTTJTUFOU B MB GSFOBEB CMPRVFKBNFOUJOGBOUJM EF MFT QPSUFT QPTUFSJPST  EJ SFDDJØBTTJTUJEBJEJTUSJCVDJØ FMFDUSÛOJDBEFGSFOBEB&#% .PUPS &M4V[VLJ(SBOE7JUBSBDPNQUB BNCmOTBDJODNPUPSJU[BDJP OT  EJTQPOJCMFT TFHPOT MB DBSSPTTFSJB &O CFO[JOB  IJ IBMEFDBWBMMT FM EF DBWBMMT J FM  BNC DBWBMMTEFQPUÒODJBNËYJ NB J FM  EF  DBWBMMT -PQDJØEJÒTFMÏTMEF DBWBMMT - BTTPMFJY VOB WFMPDJUBU QVOUBEFLNI BNCVOB BDDFMFSBDJØEFBFO TFHPOTJNJHJVOQSPNJHEF DPOTVNEF MJUSFT &M  ÏT VO QSPQVMTPS BNC DBWBMMTRVFBDSFEJUBVOB

&45"$*»%&4&37&*

'JUØ

'JUPHBT

r$BSCVSBOUT r-VCSJDBOUT r4VCNJOJTUSBNFOUEFDBMFGBDDJØ r1FUSPMJ

"W"MGPOT9*** 5FM 727%DGDORQD

QBHJOEE













                




727%DGDORQD

1MBOUJMMB#BTFJOEE













                




=ÁSLQJ %JKPVT EFHFOFS

%JWFOESFT EFHFOFS

I 4ÒSJF

I

%JTTBCUF EFHFOFS

%JVNFOHF EFGFCSFS

I 1FMrMJDVMB

3FQPSUBUHFT )VGG

6ODSJN QFSGFDFUF 4UFWFO5BZMPSIB BDPOTFHVJUGFSTF NPMUSJDKVHBOUBMB CPSTBQFSÛFMTFV USFTPSNÏTQSFVBU ÏTMBTFWBEPOB

EÓBT

%JMMVOT EFGFCSFS

I )VNPS  1PMÛOJB

I )JTUÛSJB 4FHMF99

3FQFUJDJØEF MFTQBJFNÒTFMT EJKPVTBMWFTQSF 1SFTFOUBJEJSJHFJY 5POJ4PMFS

&TQBJRVFSFDVMM FMTGFUTNÏTEFT UBDBUTEFMQBTTBU TFHMF

I 1FMrMJDVMB

4ÒSJFRVFUÏDPN BQSPUBHPOJTUB BMQTJRVJBUSF )VGGTUPEUJMBTFWB SFMBDJØBNCFMT TFVTQBDJFOUT

727%DGDORQD

QBHJOEE

)BTUBRVFMB MFZOPTTFQBSF &MTQSFTUJHJPTPT BEWPDBUTNBUSJNP OJBMJTUFTEF/PWB :PSL %BOJFM3BGGFS UZJ"VESFZ8PPET  IBOWJTUDPNMBNPS TPSUJBNBMQBSBU

$BEBNFT  $VBUSP PGFSFJY SFQPSUBUHFTEF DBSSFSTFOTF MÓNJUT













                




LPPRELOLÁULD



KOOQDKNKÀTKC

/DPLOORUVHOHFFLÓLPPRELOLÁULDGHO%DUFHORQÈV1RUG

&MDPOUSBDUFEFMMPHVFS *NNPCJMJBSJBt6ODPOUSBD UF EF MMPHVFS ÏT BRVFMM QFM RVBM MBSSFOEBEPS EVO IBCJ UBUHF KBTJHVJFMQSPQJFUBSJP MBENJOJTUSBEPS JMBSSFOEBUBSJP MMPHBUFS GPSNBMJU[FOQFSFTDSJU MFTDPOEJDJPOTEFDFTTJØEÞT EBRVFTUIBCJUBUHFBVOBQFS TPOBPGBNÓMJB BDBOWJEFMQB HBNFOUEVOBRVBOUJUBU%FTEF MBTFWBTJHOBUVSBUÏQMFOBWBMJ EFTBFOUSFMFTQBSUT"RVFTUB DFTTJØDPNQPSUBVOFTPCMJHB DJPOTQFSBNCEVFTQBSUT4ØO MFTBOPNFOBEFTDMËVTVMFTP DPOEJDJPOTEFMDPOUSBDUF &OFMDBTEJODPNQMJNFOUQFS RVBMTFWPMEFMFTEVFTQBSUT  MBMUSBQPESËFYJHJSFMDPNQMJ NFOUEFMDPOUSBDUFPMBSFTP MVDJØ  BNC MB DPSSFTQPOFOU

JOEFNOJU[BDJØ TJTFTDBV RVF BDPTUVNBBmYBSTFFOFMDPO USBDUFNBUFJY

MBSSFOEBEPS  PCMJHBDJPOT EF MBSSFOEBUBSJ DBVTFTEFSFTP MVDJØEFMDPOUSBDUF JEBUB MMPD JTJHOBUVSB

$POUJOHVUNÓOJNRVFFM DPOUSBDUFIBVSËEFSFDPMMJS tOPNJEBEFTEFMBSSFOEBEPS  OPNJEBEFTEFMBSSFOEBUBSJ  JEFOUJGJDBDJØ EF MIBCJUBUHF  EFTDSJQDJØEFMIBCJUBUHFBNC MBTVQFSGÓDJFÞUJM FMFNFOUTP BDDFTTPSJTRVFGPSNFOQBSUEFM MMPHVFS DPNBSBBQBSDBNFOUT  USBTUFST FUD QSFVUPUBM QFSJP EJDJUBU J GPSNB EF QBHBNFOU EFMBSFOEB QSFVUPUBM QFSJP EJDJUBU J GPSNB EF QBHBNFOU EFMTTFSWFJTJEFM*#* JNQPSU EF MB GJBOÎB  EBUB EJOJDJ EFM DPOUSBDUF EBUBEFmOBMJU[BDJØ EFMDPOUSBDUF PCMJHBDJPOTEF

$BMESË BNÏT RVF MBSSFOEBEPSBQPSUJMB EPDVNFOUBDJØTFHàFOU tMBDÒEVMBEIBCJUBCJMJUBU PMB DÒEVMBEFRVBMJmDBDJØEFmOJUJWB FODBTEFQSPUFDDJØPmDJBM FMT FTUBUVUTEFMBDPNVOJUBUEFQSP QJFUBSJT TJOIJIB JOTUSVDDJPOT TPCSFMÞTJMBDPOTFSWBDJØEF MFTJOTUBMrMBDJPOTRVFFYJHFJYJO BMHVO UJQVT EF DPOFJYFNFOU FTQFDJBM  MFT BESFDFT EF MB QSPQJFUBUPMBENJOJTUSBEPS J MBESFÎBEFMBENJOJTUSBEPSEF MBDPNVOJUBUEFQSPQJFUBSJT TJ OIJIB

+BVNF.POUTFSSBUJ7JWFT (FTUPS"ENJOJTUSBUJV$PMMFHJBU "TTFTTPS'JTDBM "HFOUEFMB1SPQJFUBU*NNPCJMJËSJB "ENJOJTUSBEPSEF'JORVFT

 

"44&4403&.-&401&3"$*0/4*..0#*-*®3*&4 &/5054&-4"41&$5&4 '*4$"-  -&("'*/"/$&3  "%.*/*453"5*6

)$0.13" )7&/%" )--0(6&3 )53"41"4404

)"%.*/*453"$*0/4 )"44&4403".&/5 )J(&45*«*..0#*-*®3*"

-0$"-4&/--0(6&3

1*404*$"4&4&/--0(6&3

$4"-7"%03&413*6  -MPSFEB NF $*/%&1&/%&/$*" N QBUJEFN F ;0/"-"1-"/" NTFNJTÛUBO WFOUBMhFYUFSJPS"DDÏTGVSHPOFUFT F -0$"---0(6&3N "WEB#VGBMB QMBOUB‹ PGJDJOBPTJNJMBS FOQFSGFDUFFTUBU F $'3"/$&4$%&1"6-" KUP$.BS ‹QMBOUB N N N .PMUBMMVNJOPTJUBU -0$"---0(6&3$"3/Á440-&%"%FOUSFTPMDPNFSDJBM N NPMUBMMVNJOPTJUBU FO QFSGFDUFFTUBUF -0$"---0(6&3$1307*%µ/$*"N QMBOUBCBJYB NTÛUBO F 1"3,*/(--0(6&3"WEB.PSFSB $PUYF.JUKË F -0$"---0(6&3;0/".&3$"5503/&3NFOQMBOUBCBJYB NEFTÛUBOF -0$"---0(6&3$1"61*'&33&31#"+"N QMBOUB‹N NEF UFSSBTTB&OQFSGFDUFPFTUBU;POBNPMUDPNFSDJBM F 0'*$*/"--0(6&3N ‹QMBOUB BTDFOTPS BMDPTUBUBVUPQJTUB"NJOEFM DFOUSFFOQFSGFDUFFTUBU 1SFDJPUPUBMF -0$"---0(6&3$®/(&-(6*.&3®N FOUSFTPMF -0$"---0(6&3N BMDPTUBUBKVOUBNFOU ‹QMBOUBBNCBTDFOTPS FEJGJDJEhPGJDJOFT .PMUBMMVNJOPTJUBUF -0$"---0(6&33".#-"4"/5+0"/CBJYPTN EFQBUJ QJTN *EFBMBCBJYNBHBU[FNPUBMMFSJBEBMUPGJDJOFT'JODBTFOTFWFÕOT F -0$"---0(6&3$1037&/*3 N QBUJ HVBM F -0$"---0(6&33#-"45+0"/(6*9&3&4N [POBEFQBTF -0$"- --0(6&3  Y Y   N $$BTUJMMFKPT 4FOTF WFÕOT .BHBU[FNUBMMFS'ËDJM$BSHB%FTDBSHBF

1*4--0(6&3$'&-*1**1JTEFIBCJUBDJPOT EPCMFT TFNJNPCMBU FOQFSGFDUF FTUBUF UPUJODMÛT

5*"/" UPSSFBÕMMBEBFOMMPHVFS IBCEPCMFT CBOZT YFNFOFJB UFSSBTTFT KBSEÓ  HBSBUHF BNPCMBEB FOQFSGFDUFFTUBU BEPTNJOVUTEhBVUPQJTUB F «5*$0&/"-26*-&3$"/(&-(6*.&3® N IBCJUBDJPOT DVJOBHSBO  CBOZ USBTUFS TBGBSFJH UFSSBTTBEFNBNCWJTUFTBNBS DBMFGBDDJØ DPOUBEPST  NPCMFTJFMFDUSPEPNÏTUJDT F &456%*--0(6&3$503504"N OPV NPCMBUF 1*4--0(6&3$"-'0/409**$$0/26&45"FSTFOTFBTDFOTPS IBCJ UBDJPOT CBOZ CBMDØ UFSSBTTB F 1"3,*/(4:53"45&34&/--0(6&3 1-"±"-"1-"/"

/"64&/--0(6&3 /"64&/--0(6&3*/%6453*"-4$0.&3$*"-4 10-¶(»/#0/"7*45" B QBSUJSEFNFOEVFTQMBOUFTF

7&/%" 5033& &/7&/%" 0#3" /07" $0." '04$" "-&--" "MUTUBOEJOH 1BSDFMrMBN $POTUSVJUN QJTDJOBFYUFSJPS QJTDJOBJOUFSJPSDMJNBUJU[BEB  TBMØN WBSJTCBOZT TBVOB FUDWFOUBOBMTFOPSNFT WJTUFTBMNBS NBUFSJBMT EhBMUBRVBMJUBU*/'03."h5 -0$"-7*7&/%"$*/%Á453*" O N TBMJEBEFIVNPT3FGPSNBT  F

*14#4+1C*14#5C*14#52NCÁC$CTÎFG/CNF´P6GNU|#RCTVCV $#&#.10# $CTEGNQPC (#:|IGUVQTKC"IGUVQTKCOQPVUGTTCVEQO





QBHJOEE













727%DGDORQD




$MËVTVMFTPDPOEJDJPOTEFM DPOUSBDUF -IBCJUBUHF t -BSSFOEBEPS IB EF MMJVSBS MIBCJUBUHFBMBSSFOEBUBSJFO QFSGFDUFFTUBUEIBCJUBCJMJUBU t-IBCJUBUHFIBEFTFSFMEP NJDJMJIBCJUVBMJQFSNBOFOUEF MBSSFOEBUBSJ PFMEFMTFVDÛOKV HFOPTFQBSBUMFHBMNFOUPEFGFU  PFMEFMTTFVTmMMTEFQFOEFOUT t-BSSFOEBUBSJOPQPUDFEJSFM DPOUSBDUFTFOTFFMQFSNÓTQFS FTDSJUEFMBSSFOEBEPS t-IBCJUBUHFOPNÏTFTQPUTVC BSSFOEBSQBSDJBMNFOU BNCDPO TFOUJNFOUQSFWJQFSFTDSJUEF MBSSFOEBEPS -BmBOÎB t-BSSFOEBUBSJIBEBCPOBSVOB mBOÎBFONFUËMrMJD PCMJHBUÛSJB  FRVJWBMFOUBVOBNFOTVBMJUBU

EFSFOEB BMBTJHOBUVSBEFMDPO USBDUF t &O GJOBMJU[BS FM DPOUSBDUF  MBSSFOEBEPS IB EF SFTUJUVJS BRVFTUBRVBOUJUBUBMBSSFOEBUBSJ  USFU RVF BRVFTU IBHJ DBVTBU EBOZTBMIBCJUBUHF t-BSSFOEBEPSIBVSËEFRVBO UJGJDBSFMTEBOZT OPUJGJDBSIP B MBSSFOEBUBSJ J EFTDPNQUBS MJNQPSU DPSSFTQPOFOU EF MB RVBOUJUBUMMJVSBEBDPNBmBOÎB t4JMBSSFOEBEPSOPSFUPSOBMB GJBOÎBEFTQSÏTEVONFTEFM MMJVSBNFOUEFMFTDMBVT MBRVBO UJUBUDPSSFTQPOFOUTBVHNFOUBSË EBDPSEBNCMJOUFSÒTMFHBMEFM EJOFS &ODBSBRVFMIBCJUBUHFFTMMPHVJ NPCMBU MBRVBOUJUBUPCMJHBUÛSJB BBCPOBSDPNBmBOÎBUBNCÏ IBEFTFSMFRVJWBMFOUBVOB NFOTVBMJUBUEFSFOEB

t6ODPQUSBOTDPSSFHVUTFMTDJOD BOZT FMDPOUSBDUFFTQSPSSPHBSË BOVBMNFOUEFNBOFSBBVUPNËUJ DBmOTBVONËYJNEFUSFTBOZT TJDBQEFMFTEVFTQBSUTNBOJGFT UBMBWPMVOUBUEFSFOPWBSMP t4JMBSSFOEBUBSJOPEFTJUKBQSP SSPHBSFMDPOUSBDUF IPIBVSËEF OPUJmDBSBMBSSFOEBEPSDPNBNÓ OJNBNCUSFOUBEJFTEBOUFMBDJØ BMBEBUBEBDBCBNFOUEFRVBM TFWPMEFMFTQSÛSSPHVFT t4JMBSSFOEBUBSJOPWPMQSPSSPHBS FMDPOUSBDUFPWPMEFTJTUJSOF FM DÛOKVHFPRVBMTFWPMQFSTPOB EBOËMPHBSFMBDJØBGFDUJWBRVF IJIBHJDPOWJTDVUDPNBNÓOJN EVSBOUEPTBOZTQPESËDPOUJ OVBSFMDPOUSBDUFmOTBMBEBUB QBDUBEB t4JMIBCJUBUHFDBOWJBEFQSP QJFUBU MBOPWBQSPQJFUBUIBVSË EFSFTQFDUBSFMDPOUSBDUFEVSBOU FMTDJODQSJNFSTBOZT t&ODBTEFEJWPSDJ TFQBSB DJØPOVMrMJUBUEFMNBUSJNPOJ FM DÛOKVHFOPBSSFOEBUBSJQPESË DPOUJOVBSFMDPOUSBDUFDPNVOJ DBOUIPBMBSSFOEBEPSBNCVO UFSNJOJEFEPTNFTPTBQBSUJS EFMBSFTPMVDJØKVEJDJBM

-BEVSBEBEFMDPOUSBDUF t-BEVSBEBTFSËMMJVSFNFOUQBD UBEBQFSMFTQBSUT t4JFTQBDUBVOBEVSBEBJOGFSJPS BDJODBOZT MBSSFOEBUBSJTFNQSF FMQPESËQSPSSPHBSBOVBMNFOU  mOTBVOUPUBMEFDJODBOZT

LPPRELOLÁULD

"UFOJSFODPNQUF 4JMIBCJUBUHFFTMMPHBNPCMBU  DBMESËRVFKVOUBNFOUBNCFM DPOUSBDUFTFTJHOJVOJOWFOUBSJ EFUPUTFMTNPCMFT FTUSJTJDPN QMFNFOUTRVFDPOUÏ

#&--"7*45"

4&37&*4*..0#*-*"3*4 1*404%&--0(6&3 $53""/5*("%&7"-&/$*" IBC CBOZ BTDFOTPSå .03&3" %Á1-&9EFN IBC CBOZT UFSSBTTBå 1&17&/563" ®5*$%Á1-&9 N IBC CBOZT UFSSBTTFT å $4"/5"."%30/" %Á1-&9/06"&453&/"3 IBC CBOZT UFSSBTTFT å

-0$"-&/--0(6&3 $&/53&$4"/53"'"&- N TFOTFDPMVNOFT"QUFNBHBU[FN HBSBUHFå

0'*$*/"&/7&/%" $045"5"+6/5".&/5#"%"-0/" N CBOZ QFSGFDUFFTUBU JEFBMDPOTVMUPSJ FTUVEJ 0QPSUVOJUBUå

t4PNFTQFDJBMJTUFTFOMMPHVFS"TTFTTPSFNTPCSFDPOUSBDUFTEhBSSFOEBNFOU

t4S1SPQJFUBSJ OFDFTTJUFNQJTPTJDBTFTEFMMPHVFSQFSBMTOPTUSFTDMJFOUT

$4BOU"OBTUBTJ O5FM 727%DGDORQD

QBHJOEE













                




LPPRELOLÁULD



#(

87:7=;IJ?;CI9F =;IJ?ãD?DCE8?B?7H?7

XXXCBEBHFTUJFNDPNJOGP!CBEBHFTUJFNDPN &%*'*$*0%&0'*$*/"40#3"/6&7"&/&-$&/530#"%"-0/"".*/ %&-":6/5".*&/50%&41"$)04"1"35*3%&å

8KFTGTGUŌQVTCURQDNCEKQPGU

+POQDKNCTKC &QP2KUQ

/¶U+PHQ 

8GPVC 8KFTGTGU 63#5&33"'0356/" 1SFDJPTBDBTBDPO BDBCBEPTEFEJTF×P  SFDJFOFTUSFOBEB  IBC CB×PT HKF  DBMFG BBDPOE QBSDFMB MMBOB JNQFDBCMF FVSPT QUT

3FGDBT

$CFCNQPC%/QPVUGTTCV 8GPVC $CFCNQPC

+POQDKNCTKC )GTO´,WNK

/¶U+PHQ 

5;"4%&.: .$"4"EFIBC  EPCMFT 50%"3&'03.  DPDPGGJDFDPOTBMJEBBU[B  TVFMPEFHSFTZQBSLFUFO [POBTOPCMFT QVFSUBTEF IBZB DBSQFYUBMVN NVZ MVNJOPTB$FSDBEF+6/50 "77%"16*('3&% FVSPT QUT

3FGDBT

#NGNNCŌ1VTCURQDNCEKQPGU

+POQDKNCTKC

KPHQ"IFQUEQO /¶U+PHQ 

8GPVC #NGNNC 5PSSFBWJFOUPTEFN FOVOBTPMBQMBOUB IBC TVJUF CB×PT BTFP  TBMØODPNFEPSEFN DPODIJNFOFB DPDJOB PGGJDFEFN QPSDIF  USBTUFSP CPEFHB QJTDJOB 1BSDFMBEFN $FSDBEF."4$0-FVSPT QUT

3FGDBT

$CFCNQPCŌ$WHCN¶

+POQDKNCTKC )TWRCUUC

/¶U+PHQ 

8GPVC $CFCNQPC #6'"-"."35*16+0$&/530."35*16+0- $"4""%04"%"%& 0#3"7*45" )"#  #6)"3%*--" #"º04 :"4&0("3"+&1"3" $0$)&4$FSDBEF 30/%"%&%"-5 FVSPT QUT

3FGDBT#%

4JFSFTVORCTVKEWNCT RWDNKECUVBOVODJPGP YYYJCDKVCNKUPGV /PSNBMŝOGU %FTUBDBEPJNÈHFOFT

ŝOGU

YYYJCDKVCNKUPGV 



QBHJOEE





#"%"-0/"

1*404:$"4"4&/"-26*-&3 --03&%".VZDFSDBEFM$$.ËHJD#BEBMPOBN IBC CB×PT#BMDØOFYUå $&/530N#BMDØO HSBOTBMØON QBSLFU GJODBDBTD#VFOFTUBEP QBSBFOUSBSBWJWJSå $&/530$1SJNNJOQMBZBN IBC CB×PT(BTUPTDPNVOJEBEJODMVJEPTå $&/5300CSBOVFWBN IBC CBMDØO#B×PDIJESPNBTBKF#JFODPNVOJDBEPUSBOTQVCMJDPå å$0/1"3,*/(

$&/530N IBC CB×P$PNFEPSN$FSDBDEFM.BSå $&/530$EFM.BS«UJDPN IBC UFSSB[BNå ;0/"16&350‹MJOFBNBS«UJDPEVQMFYN UFSSB[BN$BMFG(SBOEFTWJTUBTBMNBSå 1&17&/563""NVFCMBEP N IBC CBMDØO$POBTDFOTPSå 1&17&/563"N IBC UFSSB[B3FGPSNBEPBFTUSFOBS4PMFBEP"NJONFUSPå $"4"(&.&4N UFSSB[B$PNFEPSN(SBOEFTWJTUBTBMNBSIBC$BMFGBDDJØOå #0/"7*45"$"/:&50CSBOVFWBN IBC4VFMPQBSRVFU"FTUSFOBSå 5*"/"0CSBOVFWBEJTF×P%ÞQMFYIBC CB×PT CVIBSEJMMB UFSSB[B1MB[BQBSLJOHPQDJPOBMå $"/:"%»-PGUBNVFCMBEP-VNJOPTPå "-26*-&30'*$*/"4 -0$"-&4 53"41"404:1"3,*/(4 $&/530$PMMJ1VKPM0GJDJOBFOFEJGJDJPEFEFTQBDIPTNå 1&17&/563"N QBUJPN*EFBMUPEPUJQPJOEVTUSJB#JFODPNVOJDBEPDFSDBEFMNFUSPå $&/5300GJDJOBN BNJO"ZVOUEFTQBDIPT TBMBTEFFTQFSB1FSGFDUPFTUBEPå $&/530#"%"-0/"-PDBMFTRVJOFSP&OUSF$EFM.BSZ.BSUÓ1VKPM(SBOEFTDSJTUBMFSBT*EFBMEFTQBDIPT .VZDPNFSDJBMå 450$3*450.0/5*("-®NDPOTBMJEBEFIVNPTå 1"3,*/("NJOVUPTEFMNFUSP1FQ7FOUVSB$PDIFHSBOEFå 1"3,*/($FOUSP#BEBMPOB"MMBEPBNCVMBUPSJPå / "7&4o"-26*-&3(3"/%&40103 56/*%"%&4 1&17&/563"QPMÓHPOP.POUJHBMË/BWFFTRVJOFSBNFOQMBOUBDPNFSDJBMå $&/530#"%"-0/"-PDBMFTRVJOFSP&OUSF$.BSZ.BSUÓ1VKPM(SBOEFTDSJTUBMFSBTå $&/530#"%"-0/""NJOFTUBDJPO.VDIPQBTPEFHFOUFN&OUSF$.BSZ.BSUÓ1VKPMå 1*404:1"3,*/(4&/7 &/5" --03&%"NIBC CB×PT CBMDØO4FNJOVFWP4VJUUF&YUFSJPSå 5*"/"$FSDBBZVOUBNJFOUP%ÞQMFYPCSBOVFWBN IBC CB×PT5FSSB[B CVIBSEJMMBZQMB[BQBSLJOHZ USBTUFSPPQDJPOBMå 1"3,*/(;POBDFOUSP(SBOPQPSUVOJEBE*OWFSTJØOå

$$PMMJ1VKPM ‹ #EODFOUSP 5FM

(VJGSÏ  #"%"-0/"

XXXQSPNPDBUFT

5F M                Ø              1*4"-$&/53& 50$"/5"-$"-%& 9*'3²3FG# 1JTBNCIBCBCBOT  USBTUFS CBOZ DPOTFSWBU DVJOBPGmDF DPOTFSWBEB NFOKBEPS FYUBCBMDØ BD  DBMFGBDDJØ BTDFOTPS QUFT å

i0'&35"i1&1 7&/563"3FG #1JTEFN¤ BNCIBCJUBDJPOT  DVJOBSFGPSNBEB  DBMFGBDDJØJBD JEFBM QFSQBSFMMFT QUFT å

®5*$%Á1-&90#3" /07"#6'"-®%S 30#&353FG# ®UJDN¤ IBC  CBOZT DVJOBFYUB CBMDØ NFOKBEPSFYU BCBMDØUJQVTUSTB  UFSSBTTBN¤ QBSRVFU  BMVNJOJ SPVSF BTDFOTPS  UPUOPVBFTUSFOBS QUFT å





®5*$ "1&17&/563" 130(3²43FG #®UJDEF IBC DVJOBPGmDFHSBO  DPOTFWBU DBMFGBDDJØ  NFOKBEPSFYUBUFSSBT TBEFN¤ USBTUFS  BTD JEFBMQBSFMMFT QUFT å 

0'&35""/07" --03&%"3FG #.BHOÓmDQJT N¤ IBC EP CMFT DVJOBPGmDFHSBO  CBOZDPNQMFSU NFO KBEPSFYUBHSBOCBMDØ  UPUDPNQMFUBNFOU SFGPSNBUJBNCTPMUPU FMEJB"TDFOTPS QUFT å

$"4"1&17&/563" "1301.&5303FG #$BTBEFN FO1# 1BUJN  HBSBUHF1PTTJCJMJUBUGFS EVFTWJWFOEFT JOEFQFOEFOUT QUT å

0#3"4&.*/07"" #6'"-®3FG# 'JODBBOZT N¤ IBC NFOKBEPSFYUB CBMDØUFSSBTTBEF N¤ DVJOBPGmDF  CBOZTDPNQMFUT  DBMFGBDDJØ UPUOPVJ FYU BTDFOTPS QUFT å



010356/*5"5$"4" "1&17&/563"3FG #$BTBBNCUF SSFOZEFN¤JGBÎBOB EF N QBUJN¤J UTTBN¤ PSJFOUBDJØ NBSJNVOUBOZB UÏTPM UPUFMEJB&TQPUFEJm DBS1#  (0-'&4 .1UFT å 



727%DGDORQD




LPPRELOLÁULD

.C%QPTGTKCŌQVTCURQDNCEKQPGU

+POQDKNCTKC )GTO´,WNK

/¶U+PHQ 

+//1$+.+À4+#

$CFCNQPCŌ2GR8GPVWTC 8GPVC $CFCNQPC

5SPCBFM UFVJNNPCMF

6U3URSLHWDULR 3UHFLVDPRVSLVRVGH DOTXLOHUSDUDGDUVDOLGD DODJUDQGHPDQGDGH FOLHQWHVTXHWHQHPRVHQ FDUWHUDVHOHFFLRQDGRV \VROYHQWHV

+POQDKNCTKC %TGFKVJQOG

/¶U+PHQ 

 *..0#*-*®3*" $'SBODFTD-BZSFU O#"%"-0/"

+POQDKNCTKC &QP2KUQ

5

/¶U+PHQ 

1*404*$"4&4&/7&/%"

$"SOÞT N IBC CBOZ UPUBMNFOUSFGPSNBU  å $4BOU+BVNF N IBC CBOZ SFGPSNBU  å $(VJGSÏN IBC CBOZT.JMMPSRVFOPV  å $*SJTN IBC CBOZ4FNJOPV*NQFDBCMF  å $4BOU+PBRVJNN IBC CBOZ7JTUFTBMNBS%FMVYF  å 1JTPT$BO.FSDBEFSN NUSTB IBC CBOZT5PUBMNSFG(SBOTWJTUFT å $.BSN IBC CBOZ  å $*HOBTJ*HMÏTJBTN IBC CBOZ1FSSFGPSNBS  å $4BOU3BGBFMN NUFSSBTTBIBC CBOZ  å $4BOU3BGBFMN IBC CBOZ1FSFOUSBSBWJVSF  å $'SBODFTD-BZSFUN IBC CBOZT  å $.FTUSF/JDPMBVN QLIBC CBOZT0DBTJØÁOJDB  å $%PTEF.BJHN NUFSSBTTBIBC CBOZTÁOJD;-B1MBOB  å $7JMBOPWBJMB(FMUSÞN IBC CBOZ1FSSFGPSNBS  å $.JRVFM4FSWFUN NEFQBUJ IBC CBOZT$BTBEF-VYF CPEFHB å -B3BNCMBN NEFCBEJV IBC CBOZT QMBOUBCYOPWBBFTUSFOBS  å %ÞQMFY$4BOU1FSF$.BSN NEFUFSSBTTB NEFUFSSBUBNCQJTDJOBQSJWBEB ÁOJD IBCJUBDJPOT  å

1*404*$"4&4&/--0(6&3

$'MVWJËN IBC CBOZ $-MBEØN IBCJUBDJPOT CBOZT $4BOUB.BSJB ®UJD N NUFSSBTTB IBC CBOZT $4BOU3BNPON IBCJUBDJPOT CBOZ $1FSF***N NUFSSBTTB IBCJUBDJPOT CBOZT $.BSN IBCJUBDJPOT CBOZ $#BOZPMFT DBTBSFGPSNBEB IBC CBOZT

-0$"-4

$*OEÞTUJB$PORVFTUBN BD DBMFGBDDJØ*NQFDBCMF $.BSHBSJUB9JSHVN NFUSFTEFGBÎBOB $1BV1J'FSSFSN*NQFDBCMF-BNJMMPS[POBEFMB4BMVU

QBHJOEE







+POQDKNCTKC -UC

/¶U+PHQ 

8GPVC $CFCNQPC 505"-.&/5&3&'03."%0 1JTPN¤ IBCEPCMFT  CB×P DPDPGGJDF DPNFEPS N TVFMPTQBSRVFUIBZB DBMFG QVFSUBCMJOEBEB QPSUFSPBVU  WJESJPTEPCMFT DBSQFYUSBMVN  DBSQJOUFSJPSNBEFSB UPU FYUFSJPSZCJFOPSJFOUBEP NVZ TPMFBEP1"3"&/53"3" 7*7*3$FSDBEF7*""6(645" FVSPT QUT

3FGQJT

4JFSFTVORCTVKEWNCT RWDNKECUVBOVODJPGP YYYJCDKVCNKUPGV

åNFT åNFT åNFT åNFT åNFT åNFT åNFT

/PSNBMŝOGU %FTUBDBEPJNÈHFOFT

 å  å  å



8GPVC $CFCNQPC $&/5301JTP IBCJUBDJPOFT CB×PT TVJUUF GJODBB×PT  DBMFG QPDPTWFDJOPT  `OPEVEFFOWJTJUBSMP FVSPT QUT

3FGQJT

$CFCNQPC%GPVTQ

ŝOGU

505&-26&#6426&4)0530#"3®4" 8881"3&--"%"$"5 

1*4050%03&' )"# %0#-&4&/1&17&/563" ;0/"1&17&/563" 1JTPUPEPSFG IBCEPCMFT  DPDJOBN QBSRVFU  BMVNJOJP QVFSUBTTBQFMZ FYU  KVOUPNFUSP $FSDBEF.&530: 53"/41035&4 FVSPT QUT

3FGQJT

2CNCHQNNUŌQVTCURQDNCEKQPGU

7HO

727%DGDORQD

8GPVC .#%QPTGTKC 50%"&95&3*03 $"4"FOQBSDFMBEF NDPOIBCJUBDJPOFTEPCMFT  CB×PDCB×FSBIJESPNBTBKF  DPDJOBDPOFMFDUSPEPNFT UJDPT 5&33";"4EF NZN QPSDFMBOBUUP SÞTUJDP QBSLFU CBSCBDPB  -*45"1"3"&/53"3 FVSPT QUT

3FGDBT

YYYJCDKVCNKUPGV 

                




LPPRELOLÁULD

' */26&43 0+"4 "44&4403".&/5J(&45*»*..0#*-*®3*"

%#NHQPUQ:++DCLQU$#&#.10# (CZ

$CFCNQPC%QTTGQU

.1%#.'5'0#.37+.'4;8'06#

8GPVC $CFCNQPC

1JTPSFGPSNBEP QBSBFOUSBSBWJWJS  IBCJUBDJPOFT MBWBEFSP  CBMDØO WFOUBOBT EFBMVNJOJPXXX NFUSPTDVBESBEPTOFU +POQDKNCTKC /GVTQU%WCFTCFQU $FSDBEF$PSSFPT FVSPT /¶U+PHQ QUT

  3FGQJT

5VC%QNQOC)TCOGPGV

+POQDKNCTKC &QP2KUQ

/¶U+PHQ 

8GPVC 5VC%QNQOC)TV $$JSDVOWBMMBDJØ 1JTPDPOBTDFOTPS  DBMFG BBDPOE TVFMP EFQBSRVFU QVFSUBT EFSPCMF WFOUBOBTEF BMVNJOJP FVSPT QUT

3FGQJT

$CFCNQPC$WHCN´

/¶U+PHQ 

#VGBMBÈUJDP #VGBMB%S3PCFSUÈUJDP EFIBC CB×PDPNQM  UPUBMNSFGPSN UFSSB[B EFN TPMUPEPFM EÓBDFSDBEF.BSUÓ1V KPM*OEFQFOEFDJB FVSPT QUT

SFGQJTCE

5VC%QNQOC)TPGV(QPFQ 8GPVC 5VC%QNQOC)T

+POQDKNCTKC %TGFKVJQOG

/¶U+PHQ 

8'06#&'2+515;%#5#5 5+564'..52GTG/CTVGNNJCDEQOGFQTDCNEÎPEQEDCÌQVQFQTGEKÃPTGHITGUTQDNGCNWOŝ %'0641  #X 2TGUKFGPV %QORCP[U O  JCDKVCEKQPGU EQOGFQT DCNEÎP EQEKPC DCÌQ ECNGHCEEKÎP CUEGPUQT DWGP GUVCFQ0')1%+#$.' /#437'5 &' /10641+)5+/#0%#5  O  JCDKVCEKQPGU EQOGFQT DCNEÎP EQEKPC DCÌQ CUEGPUQT TGHQTOCFQ VQFQ GZVGTKQTŝ ..'(+#,VQ/GTECFQOJCDEQOEQEDCÌQCUERCTMGVCNWOOW[DKGP0')1%+#$.' ,61%+76#6$537'6JCDEQODCNEÎPEQEKPCDCÌQCUEECNGHCCDWGPGUVCFQŝ %&15&'/#+)2#4-+0)&1$.' +FGCNKPXGTUQTU  %1057.6#424'%+1 %#5# 2'2 8'0674# 07'8#   O  RNCPVCU EQOGFQT EQEKPC RCVKQ  JCDKVCEKQPGU  DCÌQU DWJCTFKNNC VGTTC\C &+)0#&'8'4 %1057.6#4 2'28'0674#OJCDEQOGFQTEQEKPCDCÌQECNGHRCTMGV4GEKÃPTGHQTOCFQ&+)01&'8'4 561%4+561OJCDEQOGFQTEQEKPCDCÌQTGHQTOCFQ1('46¦0 %%1037+56#  O   JCDKVCEKQPGU EQOGFQT EQEKPC DCÌQ DCÌGTC TGFQPFC  RCTMGV CNWOP CKTG CEQPFKEKQPCFQ ECNGHCEEKÎP2'4('%61'56#&1ŝ

#.37+.'4 /106)#6 .#5%156'4#5 JCDEQOEQEDCÌQDWGPGUVCFQ ŝ /106)#6/ 6'44#<#/JCDEQOEQEDCÌQCUGQſPECKPFGRGPFKGPVG ŝ %'0641/JCDFQDNGUEQOEQEDCÌQCUGQO¶TOQNECNGH28%CUE2'4('56#&1ŝ %&15&'/#+)5'/+#/7'$.#&1JCDEQODCNEEQEDCÌQCUERQEQUXGEKPQUŝ /14'4#  &­2.':  JCD EQO EQE  DCÌQU CUGQ VGTTC\C FG O O¶U VGTTCFQ 2'4('%61 '56#&1 UKP XGEKPQU ŝ )#5615+0%.7+&15 2'28'0674#.#64+..#8KXKGPFCPWGXCJCDDCÌQUEQOEQEDCNE2'4('%61'56#&1 ŝ )#5615 (4#0%'5%/#%+JCDEQOEQEDCÌQTGEKGPRKPVCFQDWGPGUVCFQŝ )#5615+0%.7+&15 $#.&1/'4151.‘#/7'$.#&1JCDFQDNGUEQODCNEEQEDCÌQUCUE2'4('%61'56#&1ŝ .#$#.5#/JCDEQOEQEDCÌQ#/7'$.#&1ŝ /106)#6%#56'4#5/5'/+#/7'$.#&1JCDEQOVGTTC\COOW[DWGPGUVCFQŝ

53".*5"$*»/)*105&$"45&33&/04"#0("%05"4"$*0/&41-";"4 %&1"3,*/("%.*/*453"$*0/&4$0/4Á-5&/04

8GPVC $CFCNQPC

+POQDKNCTKC )TWRCUUC

..'(+%.C2CWLVQ0VTC5TCFG.QWTFGUNQECNO CRVQCNOCEÃPRGSWGÌQVCNNGTGVE 0')1%+#$.' %%#.&'4¦0&'.#$#4%#OCUGQKFGCNVCNNNGTEQPHGEEKÎPIKOPCUKQEQPUWNVC ŝ %'0641%.NGÎOQſEKPCCUGQOW[DWGPGUVCFQ ŝ )#5615 %'0641FGURCEJQFGOCUGQ KFGCNCTSWKVGEVQCDQICFQGVE  ŝ /14'4##824#6&'.#4+$#OCUGQ +FGCNQſEKPCRCRGNGTKCLVQIWCTFGTKCGVE  ŝ )14)O#UGQ KFGCNEQOGTEKQQſEKPCGVE 8'06##.37+.'4ŝŝ ..14'&#O QRECNVKNNQ UCNKFCFGJWOQ+FGCNRCPCFGTKCFGIWUVCEKÎPQſEKPCCNOCEÃPGVEŝ

PGIQEKCDNGQDTCUſPCNGU 

1*40)"#50%0 ".6&#-"%0 +6/50.&530'0/%0 1JTPEFIBCEPCMF  DPNFEPS MBWBEFSP  DPDJOBWJUSP QVFSUBTIBZB  BMVNCMBODP HSFT ".6&#-"%013&$*0 15"4 $FSDBEF.&530'0/%0 FVSPT QUT

3FGQJT7%

4JFSFTVORCTVKEWNCT RWDNKECUVBOVODJPGP YYYJCDKVCNKUPGV /PSNBMŝOGU %FTUBDBEPJNÈHFOFT

ŝOGU

"ENJOJTUSBEPST"TTPDJBUT "HFOUEFMB1SPQJFUBU*NNPCJMJËSJB"1* 6OLLLOGARELSEUPISFACI HOSENSEPOR,IGARANTIMELCOBRAMENTDELLLOGUERCADAMES-ÌXIMA ElCACIAISERIETAT4ENIMUNAAMPLIABORSADELLOGATERS0ROFESSIONALSDESDE 7*7&/%&4*("3"5(&4

40-®

--0(6&3 1*404

-".03&3" N¤ IBC EPCMFT CBOZT DBMFG UTTBN¤JCBMDPOT1JTDDPN1PTTJCJMJUBUQLBMFEJGJDJ EFTQ/*ODM   å $&/53&$1SJN N IBCJUBDJPOT UPUDPNQMFU DVJOBBNFSJDBOB OPVBFTUSFOBSå EFTQFTFTFTDBMBå -".03&3" 1JT.PCMBU N¤ IBC EPCMFT CBOZT DBMFGBDDJØ   å %"-5%&-"7*-" %Á1-&9 1*4N IBCJUBDJPOT NEFUFSSBTTB BB DBMFGBDDJØ UPUFRVJQBU EFTQJODM   å $&/53& $4#36%VQMFYN¤ IBC .FOKBEPSN¤ 1BUJN   å &%*'*$*0'*$*/&4 #BEBMPOBDFOUSF QMBOUFT  $POTVMUBS

-0$"$&/53&%&41"59 N  $&/53& MPDBMUSBTQËT1MBOUBN¤ TPUFSSBOJN¤*EFBMPGJDJOB -0$"-4 EFNDV$ÒOUSJDT JEFBMPGJDJOFT DFOUSFNÒEJD -0$"- ;POB(PSH N¤ GBÎBOBBEPTDBSSFST  -0$"- "SUJHVFTD#BMNFT N¤3&'03."%0QVFSUBT 



QBHJOEE



 å  å  åDV  å  å

1"326*/( 1-"±"("3"5(& $3JFSB.BUBNPSPT  1-"±"("3"5(& $*HOBTJ*HMFTJBT  1-"±"("3"5(& $4UB#ÈSCBSB.BSBHBMM$PUYFHSBO 1-"±"("3"5(& -".03&3"$7BMFODJB QMBÎBBNCUSBTUFS 1-"±"("3"5(& 'SBODFTD-BZSFU PO4PUBOP QMBDFTHSBOT 1-"±"("3"5(& $3JFSB.BUBNPSPT 1-"±"("3"5(&$3JFSB.BUBNPSPT

      

 å  å  å  å  å  å  å

7JB"VHVTUB -MFUSB#S (BMFSJFT7JDUÛSJB 5FM 'BYt#BEBMPOB

YYYJCDKVCNKUPGV 

7&/%"

."4/06$&/53&1JTBSFGPSNBSN¤   å -".03&3" $"4"*EFBMGBNJMJFT TPMBSEFN¤1PTTJCJMJUBUEFEJGJDBSVOQJT;0/".0-553"/26*-"  å -".03&3" 1*4 N¤ NFOKBEPSN¤ IBCFYU CBOZT DVJOB HBMFSJBJSFCFEPS1PTQLBMNBUFJYFEJGJDJ  å 13*. %ÞQMFY NFOKBEPSN¤ BTFP IBC CBOZDPNQMFU UFSSBTTB   å %61-&9;POB1SJN N ‹QMNFOKBEPSN DVJOBN USBTUFS CBOZ UFSSBTTBN BDDÏTBQBUJN‹QMTVJUF N IBCEPCMF IBCJOE5PUFTFYUFSJPST(PMGFTN TPSUJEBTPMBSJVNN1PTJCJMJUBUEFQBSLJOH  å 1-"/5"#"*9" N D5PSUPTB QPTJCJMJUBEEBJYFDBSVOQJT   å %61-&9%"-57*-" N UFSSBTTBNIBCJUBDJPOT TVJUF CBOZT QBSRVFU BJSFDPOEJDJPOBU DBMFGBDDJØ NFOKBEPSTBMB  DVJOBFRVJQBEB1BSRVJOH1FSFOUSBSBWJVSF   å $"4"$&/53&1# 1*4 . SFCFEPS NFOKTBMB DVJOBSFG QBUJQFUJU MBWBCP IBC #BOZDPNQMOPV UTTB CBMDPJBMUFMM å 5&33&/:1&3&%*'*$"37"3*4o63#."43".N   å 1*4$&/53& N IBCCBOZT DVJOBJNFOKBEPSHSBOT UFSSBTTBN   å ."43".o."(/*'*$"5033& 7*45&4&9$&-t-&/541#NFOKBEPSBEPTOJWFMMTBNCTBMBEFTUBS DVJOBN EFTQBUY MBWBCP  HSBOUFSSBTTB1JTIBC CBOZTDPNQMFUT UFSSBTTB(BSBUHFJCPEFHB   å 1-"±"("3"5(& $"33&34"(6/51BSLJOHFO7FOEB   å 1-"±"("3"5(&$"33&34"(6/51BSLJOHFO7FOEB   å











727%DGDORQD




LPPRELOLรULD

$0/46-5*/(Z(&45*ยป/*/5&(3"- 4- 1SFTJEFOU$PNQBOZT  ยย‹#BEBMPOB'BY +PSHF'JMFMMB.BT

 $CFCNQPC/QTGTC

"5&/$*ยป/1301*&5"3*04 $0.13".04461*40%&)"45" &6304 1"(0"-$0/5"%0

8GPVC $CFCNQPC

-PGU QJTPย GBDJMJEBEFT EFQBHPTPMP IBTUBFTDSJUVSB QBSLJOH ZUSBTUFSPPQDJPOBM TPMJDJUFWFSQJTPEF NVFTUSBXXXNFUSPT +POQDKNCTKC /GVTQU%WCFTCFQU DVBESBEPTOFU FVSPT /ยถU+PHQ QUT

 3FGQJT 

-0$"-&4:/"7&4&/7&/5":"-26*-&3 /"7&&/7&/5"-"4'3"/26&4"4%&-7"--ยฒ4.&/%041-"/5"4 %&.$"%"6/0 1"5*0%&.&6304 /"7& &/ 7&/5" #"%"-0/" $$03%&34 . 1-"/5" #"+"  "-5*--050%04-0446.*/*45304&6304

$CFCNQPC.C5CNWF

&/7&/5"-0$"-&/4"%3*"/. &/53"%"%&$0$)&4รฅ &/7&/5"#"%"-0/" 3*&3"."5".0304 -0$"-07*7*&/%" 16&35".54  "-."$ยฒ/.54:-"7"#0.&4 &/"-26*-&3/"7&*/%6453*"--&4'3"/26&4&4%&-7"--ยฒ4.&/1-"/ 5"#"+".&/1-"/5"461&3*03(3"/1"5*0%&.&.&4 &/"-26*-&3-0$"-&/#"%"-0/"$4"/4"-7"%03 %&45*/"%0"0'*$*/"4  $0/46-503*0.ยฒ%*$0 %&41"$)04 %&&--04.รฅ.&4

+POQDKNCTKC &QP2KUQ

&/"-26*-&3-0$"-&/#"%"-0/"$4"/4"-7"%03 %&45*/"%0"0'*$*/"4  $0/46-503*0.ยฒ%*$0 %&41"$)04.รฅ.&4

/ยถU+PHQ 

8GPVC $CFCNQPC '-03*%"#-"/$" 4"-6%'-03*%" #-"/$"1JTPFYUFSJPS BDBMMF )BC #BMDร˜O  $PNFEPSN (BMFSร“B  #JFODPOTFSWBEPQBSB FOUSBSBWJWJS FVSPT QUT

3FGQJT

$CFCNQPC%GPVTG

&/ "-26*-&3 -0$"- $.03"5*/  ;0/" )035"  %&45*/"%0 1"3" "-."$ยฒ/  .&6304

'*-&--"

1*404&/7&/5":"-26*-&3 &/ "-26*-&3  5*"/"   )"#   #"ยบ04  505"-.&/5& 3&'03."%0 1"3" &/ 53"3"7*7*3"-26*-&3&6304"-.&4 &/"-26*-&3 -"4"-65 )"#*5"$*0/&4 #"ยบ0 1"3"&/53"3"7*7*3"- 26*-&3&6304"-.&4

+POQDKNCTKC -UC

&/ "-26*-&3  45" $0-0."   )"#*5"$*0/&4  6/ #"ยบ0  $0$*/"  &6304 "-.&4

/ยถU+PHQ 

&/"-26*-&31*40 1&17&/563" )"# #"ยบ0 $0$*/"&6304"-.&4

8GPVC $CFCNQPC 1"3"&/53"3"7*7*3 1JTPNยค IBC EPCMFT  HSBOCBร—P DPDBNFSJDBOB  MBWBEFSP DPNFEPSN  TVFMPTQBSRVFU BTDFOTPS DBMFG Z"" DBSQFYUBMVNJOJP DBSQ JOUFSJPSSPCMF FYUFSJPS CVFOB PSJFOUBDJร˜O TPMFBEP CBMDร˜O $FSDBEF13&4*%&/5 $0.1"/:4 FVSPT QUT

3FGQJT

$CFCNQPC$WHCNยด

&/"-26*-&31*40 45"$0-0." )"# #"ยบ0 $0$*/"&6304"-.&4 &/7&/5"1*40&/$4"/#36#"%"-0/" )"# #"ยบ04 50%03&' $"-&'  1"3,&5 5&33";"%&.54 7&/5"/"4%&"-6.*/*0 -"7"%&30 ;0/"$0 .6/"+"3%*/"%" 53"45&304 1-";"%&1"3,*/(01$&6304 &/7&/5"1*40&/#"%"-0/"$4"/5"."3*")"#*5"$*0/&4./05*& /&"4$&/403 ย1*40 &6304

+OQDKNKยดTKC )GTOยด,WNK

&/7&/5"%ร1-&9$$"3*5"5 .)"# #"ยบ0 $0$*/" 5&33";"%&.  13*.&31*404*/"4$&/403&6304

/ยถU+PHQ 

&/ 7&/5" 1*40 #6'"-"   )"#*5"$*0/&4   #"ยบ0  $0$*/" /6&7"   . &6304 &/7&/5"1*404"/50$3*450 )"# #"ยบ0 .&6304

8GPVC $CFCNQPC 50%0&95&3*03 1JTP*%&"-1"3&+"4EF N IBC TBMร˜OEFN DTBMJEBBCBMDร˜O "4$&/ 403 TVFMPUFSSB[P DBSQFYU BMVNCMBODP 5&33";"EF N-*4501"3"&/53"3 "7*7*3$FSDBEF$&3$" %&# FVSPT QUT

3FGQJT

&/ 7&/5" 1&1 7&/563"   )"#*5"$*0/&4   #"ยบ0  $"-&'"$$*ยป/  . &6304

4JFSFTVORCTVKEWNCT RWDNKECUVBOVODJPGP YYYJCDKVCNKUPGV

&/7&/5"1*40&/#"3$&-0/"$#"-.&4 )"#*5"$*0/&4 #"ยบ0 $0$*/"  ("-&3*"$6#*&35" .&6304

/PSNBMลOGU

&/7&/5"4"-6% )"#*5"$*0/&4 #"ยบ0 .&6304

&/ 7&/5" $"4" $.63*--0 #"%"-0/"   1-"/5"4   #"ยบ0 $0.1-&504  4" -ยป/  $0.&%03  $0$*/"   )"#  4ยป5"/0  $0/ 1"5*0 +"10/ยฒ4 : %*ยซ'"/0  5&33";"1&/%*&/5&5&3.*/"3&6304

%FTUBDBEPJNรˆHFOFT

$0/46-5"313&$*04

YYYJCDKVCNKUPGV

727%DGDORQD

QBHJOEE











ลOGU



                




LPPRELOLÁULD

4&37&*4*..0#*-*®3*4 '*/"/$*"$*»

0#3"/07"3&'03.&4*/5&(3"-4 13&4461045044&/4&$0.130.¶4

5FM

7&/%&4

1MEFM4PM #EO5FM'BY /PWB0GJDJOB $*OEÞTUSJB #EO5FM'BY

1JTPTFO-MPHVFSBNCPQDJØEFDPNQSB

1*404%0#3"/07"

#BEBMPOB$FOUSF *OEÞTU'.BSÓUJN 1JTËUJDBNCTPUBDPCFSUBJUTTBEFN C )BC&4PMBS 1BSRVFU QPSUFTFOGBJY $MJNBMJU "TD å #BEBMPOB$FOUSF *OEÞTU'.BSÓUJN 1JTQMUB#YB%VQMFY 4VQFSGN %PSN #BOZT 5TTFT &4PMBS 1BSR 1PSUFT'BJY $MJNBU NFYUFS å #BEBMPOB$FOUSF *OEÞTU'.BSÓUJN 1JTB1MUBBNCUTTBEF N C )BC&4PMBS 1BSRVFU QPSUFTFOGBJY $MJNBMJU å #BEBMPOB$FOUSF *OEÞTU'.BSÓUJN 1JTËUJDBNCTPUBDPCFSUBJUTTBEF N C )BC&4PMBS 1BSRVFU QPSUFTFOGBJY $MJNBMJU "TD å #BEBMPOB$FOUSF *OEÞTU'.BSÓUJN 1JTO%FNBNCUTTBJCBMDØ C )BC&4PMBS 1BSRVFU QPSUFTFOGBJY $MJNBMJU "TD å #BEBMPOB%S3PCFSU #VGBMË 1JTPTEFN QBUJUFSSBUEF)BCJUBDJPOT 4VJUF CBOZT "TDFOTPS 1BSRVFU 1PSUFTEFSPVSF &4PMBS $VJOB FRVJQBEB $MJNBMJU EFTEFå #BEBMPOB$FOUSF *OEÞTU'.BSÓUJN 1JTPT"DBCBUTBRVBMJUBU J)BC TVJUFT HSBOTUFSSBTTFT QBSRVFU+BUPCB DVJOB4BOUPTFRVJQUPUBM BCBOZTBNCNPCMFT JNBNQBSFT $MJNBMJU 4BGBSFJHBNC3FOUBEPSB"TTFDBEPSB "MBSNB "MMVNJOJ"VUP "TD ;POB$PNVO 1JTD  PQDQMBDFTEBQBSDBNFOUJUSBTUFST EFTEFå

%*/06

1*4044&.*/064  #BEBMPOB$FOUSF4U+BVNF3BNCMB1JTTVQFSGNQFSFOUSBSBWJVSFUPUBMNFOUSFG IBC TBGBSFJH DVJOBFRVJQ CBOZ QPSUFTSPVSF DFMGHBT BB å #BEBMPOB4BHVOU 1JTUPUBMSFGEFN )BC TVJUF CBOZT CBMDPOTUFSSBTTB $BMFGBDDJØ BTDFOTPSGJOTMJOUFSJPSQJT QPSUFTGVTUB å #BEBMPOB&MT7FOUT #VGBMË 1JTEFBOZTQFSGFDUBNFOUEFDPSBU N )BCJUBDJPOT 4VJUF CBOZT ;POB$PNVOVOJUBSJBBNC1JTDJOB 0QDJPOBM 5SBTUFSJHBSBUHF å 5JBOB.BUBT1JT5SJQMFYBNCUFSSBTTFTEFN )BCJU CBOZT TBMBTPUBDPCFSUB 1PSUFTFODJSFSÏ ""D $BMFG%F(BT 1BSRVFU å 5JBOB7.FSDÒ1JTB1MUBEFNBNCUFSSBTTB HBSBUHF )BCJU CBOZT $BMFG "TDFOTPS ;POBDPNVOJUËSJBBNCQJTDJOB å

1-"$&4%"1"3$".&/5  #BEBMPOB.‹"VYJMJBEPSB1POFOU1MBDFTOÞNJ #BEBMPOB.‹"VYJMJBEPSB1POFOU1MBÎBOÞN J #BEBMPOB(VJGSÏ1MBÎBOÞN

å å å

%JOP V0 C S F TJ$ P O T U S VD DJP O T 4- rX X XEJOP VD TMD PNrF  NBJM EJOP V @ D P O T U S VD ! U FS S BF T

+//1$+.À4+# BOVODJBUFOBRVFTUBTFDDJØ rCBEBMPOB!FMUPUEJHJUBMDPN

$)"-&54%&$"5"-6/:"4- 5MG ZZZFKDOHWVGHFDWDOXQ\DFRP 

££&$6$62%5$18(9$ D.P&DPSR*ROI 6DQW(VWHYHGH6HVURYLUHV

&$6$6$9,(1726 2%5$9,67$P3$5&(/$ +$% VXLWWH %$f26 3$5.,1*35,9$'2)5(17( ))&&$0,1%&1 ,QIyUPHVHVLQFRPSURPLVR





QBHJOEE







3,6$=2(1 %$'$/21$

2%5$18(9$ $PLQ3(39(1785$

),1&$(648,1(5$ 2%5$9,67$ &21$6&(1625 72'2(;7(5,250 %$/&Ï1 +$% '2%/(6  3$5.,1*,1&/8,'2

'Ò3/(;(;7(5,25(6 2%5$9,67$ +$%%$f26 3$5.,1*35,9$'2 3$7,20ð7=$6 25,(170$5 62/29(&,126

``*%&"-10313&$*0 35(*817( 6,1&203520,62

Ò1,&2(1/$=21$

7 * 7 * & / %" 4  % &  0 # 3 "  / 6 & 7"  % &   ‹  $ " - * %" % "  1 3 & $ * 0  % &  $ 0 4 5 &  $ 0 / 4 Á -5 & / 0 4   &O#BEBMPOBZPUSBTQPCMBDJPOFT









727%DGDORQD




1..')+#6

$*(17('(/$3523,('$',102%,/,$5,$

&2/(*1ž

) , 1 4 8 ( 6 

%$ '$ /2 1$

9(1'(6 3,6&'26'(0$,*PGRUPGREOHVEDQ\VFRPSOHWVLDVHRVDODPHQMDGRUFXLQDPROWH[WHULRUDPESDUNLQJ  ½ 3,6&-$80(62/$ FHQWUH PKDEJUDQVPHQMDGRUFXLQDLEDQ\SHUIHFWHHVWDWSRFVYHwQV  ½ $9'%8)$/­PKDELWDFLRQVPHQMDGRUJUDQFXLQDQRYDEDQ\FRPSOHWFDOHIDFFLy  ½ 3,6&02/Ì'(/$7255(SLVPKDELWDFLRQVEDQ\VPHQMDGRUJUDQFXLQDHTXLSDGDFDOHIDFFLy7RWH[WHULRU  ½ 3,6558%,$/ &(175( REUDQRYDPKDEVDODPHQMDGRUFXLQDEDQ\DLUHFRQGLFLRQDWFDOHIWHUUDVVDP  ½ 3,6&352*5e6HVSHFWDFXODUSLVGHPKDEEDQ\VPHQMDGRUGHPFXLQDGHP7RWH[WHULRUWHUUHVGHSDUTXHWSHUIHFWHHVWDW3NSHU DFRW[HV=RQDFRPXQLWjULDDPESLVFLQD  ½ 3,6 &(175( &$UEUHV/D3ODQDPEDOFRQVKDEEDQ\VFRPSOVDODPHQMDGRUFXLQDJUDQSDUTXHWFDOHIDLUHFRQGERQHVWDWSDUNLQJ RSFLRQDODOPDWHL[HGLILFL  ½ 3,6$/$3/$1$PpVEDOFyJUDQVDODPHQMDGRUFXLQDJUDQUHIRUPDGDKDEWRWHVGREOHVEDQ\VFRPSOHWVLDVHRWRWH[WHULRUSODoDGHJDUDWJHL WUDVWHU  ½ &&$0(/,(6PKDE VXLWHDPEYHVWLGRU EDQ\FRPSOHWFXLQDHTXLSDGDQRXDQ\WRWH[WHULRUVRODULXPGHPFDOHI$$  ½ 3,67,$1$&(175(9GHOD0HUFHQRXDQ\VPKDEEDQ\VVDORPHQMDGRULFXLQDJUDQVJDUDWJHV]RQDFRPDPESLVFLQD  ½ 3,6$9'$025(5$PKDEEDQ\FVDODPHQMDGRUFXLQDEDOFRQVWRWH[WHULRUPROWGHVROYLVWDDOPDU  ½ 3,6&,1'(3(1'(1&,$PKDEPHQMDGRUJUDQFXLQDEDQ\ERQHVWDW  ½ 3,63&203$1<6 &(175( PKDEEFRPSOHWFXLQDRIILFHVDIDUHLJUHIRUPDWH[WHULRU ½ &&(59$17(6EDL[RVLVRWHUUDQLKDEPHQMDGRUFXLQDEDQ\SDWLSHUDUHIRUPDU  ½ 'Ó3/(; 0$15(6­ &085,//2PKDEJUDQVVDODPHMDGRUFXLQDEDQ\FRPSOHWLWHUUDVVDSODQWDJROIHVPGLDIDQVLVRODULXPGHPILQFDGH YHwQV  ½ 'Ó3/(;038-2/ &(175( PPWHUUDVVDKDE VXLWHDPEYHVWLGRULEDQ\VDPEMDFX]]L FXLQDRIILFHVDOyGHPJROIHVDPE[HPHQHLD EDQ\VFRPSOHWV]RQDFRPDPESLVFLQDSDUTXLQJ  ½ ­7,&&/$,(7­1,$PKDEGREOHVEDQ\VLODYDERFXLQDJUDQDPEUHERVWVDODPHQMDGRUGHPWRWH[WHULRU  ½ ­7,&0217*$7FHQWUHGRUPLWRULVJUDQVDOyPHQMDGRUEDQ\VHVWXGLWHUUDVVHVGHPFDOHIDFFLy$$TXDOLWDWHQHOVDFDEDWV  ½ 7255(0$65$0PWVFRQVWUXwWVSDUFHOODPWVQRYDGRUPLWRULV VXLWWHV VDOyPHQMDGRUFXLQDJUDQVDODJDUDWJHMRFVERGHJDIDQWjVWLTXHV YLVWHV  ½ 7255( 0$65$0 PYLYHQGDPSODQWHVVDOyPHQMDPE[HPHQHLDEDQ\KDEKDEDPEVXLWWHJROIHVGHP  ½ 7255(0$65$0VXSSDUFHOODPPHGLILFDWVWHYLYHQGHVLQGHSDPSOLHVJDUDWJHERGHJDHQSHUIHVWDWFDOHIERQHVYLVWHV  ½ &$6$&085,//2 0$15(6$ FDVDKDEDPEEDQ\FRPSOVyWDQGHPLJROIHVGHPJDUDWJHLMDUGt  ½ &$6$$7,$1$PROWQRYDGHGLVVHQ\JDUDWJHSODFHVVDIDUHLJVDODPHQMDGRUFXLQDJUDQKDELWDFLRQV VXLWWH EDQ\VFRPSOHWVDVHRHVWXGL VRODULXPMDUGtFDOHIDFFLyLDLUHFRQGLFLRQDW  ½ &$6$5&$0Ì' $/(//$PSDWLGRUPLWRULVVDORQVEDQ\VDDFDOHIDFFLyJROIHVYLVWHVDOPDUHVSHFWDFXODURSRUWXQLWDW  ½ &$6$&-+21/(121 %8)$/$ PSDWLPVXLWHDPEEDQ\KDEEDQ\FDVHRHVWXGLRERGHJDLJDUDWJH ½ 3$5.,1*&&2//,38-2/SODoDDPSOLD  ½ 3$5.,1*01,&2/$8SDUNLQJHQYHQGD  ½ 3$5.,1*038-2/&$10217$/DPEWUDVWHUSODoDJUDQ  ½

/ /2 * 8 ( 5 6 3,63&203$1<6PKDEVDODPHQMDGRUEDQ\VFXLQDFDOHIDFFLySDUTXHWSHUIHFWHHVWDWERQHVYLVWHVWUDVWHU  ½0(6 3,67,$1$128GRUPLWRULVEDQ\VFFXLQDLVDODPHQMDGRUDDFDOHIPREODWGHGLVVHQ\DPESNLWUDVWHU]RQDFRPDPESVLFLQD ½0(6 3,6&02176(55$7UHIRUPDWGHGLVVHQ\KDEPHQMDGRUEDQ\FRPSOHWFDOHIDFFLy3HUIHFWH½0(6 3,63&203$1<6PKDEPHQMDGRUFXLQDEDOFyFDOHIDFFLyDPREODWHOHFWURGRPqVWLFV  ½0(6 3,6&39(1785$=$5$*2=$VDOyQFRPHGRUPVXLWHDPEYHVWLGRULEDQ\KDEGREOHLLQGLYLGXDOEDQ\FRPFXLQDRIILFHVDIDUHLJPDUEUHWHUUD FDIHDD]RQDFRPGXHVSLVFLQHVFOLPDWLW]DGDSN ½0(6 3,6038-2/*,521$QRXSHUHVWUHQDUPWHUUDVVDKDEEDQ\VFPHQMDGRULFXLQDFDOHIDDDPESDUNLQJ ½0(6 3,6$9'038-2/KDEVDOyPHQMDGRUFXLQDDPREODWLHOHFWURGRPpVWLFV ½0(6 7255($&$1<(7%HQVLWXDWFDVDDPEKDEEDQ\PHQMDGRUFXLQDLEDQ\MDUGLGHPJDUDWJH  ½0(6 7255(0$65$0PROWEpVLWXDGDKDEGREOHV VXLWWHV HVWXGLERGHJDVDODPHQMDGRUQLYHOOVPFXLQDRIILFHJDUDWJHFRW[HVHQXQDSDUFHOOD GHPSLVFLQD  ½0(6 2),&,1(67255(*8,;(5(6PSHUHVWUHQDUIDQWiVWLTXHVYLVWHVGHPDQHXLQIRUP 326,%,/,7$7 '( ',9,6,216 2),&,1(6)/$<5(7 &(175( PDPEGLYLVLRQVERPEDFDORUIUHGDPEWRWVHOVVHUYHLV  ½0(6 2),&,1(6$/)21;2;,,, 39(1785$ PDPEGLYLVLRQV½0(6 /2&$/&6$10$5&26PFRPHUFLDO  ½0(6 /2&$/&/$75,//$FRPHUFLDOPTXDOVHYRODFWLYLWDW  ½0(6 /2&$/)0$&,$ 72&$17,//$)5$'(5$ 6XSSODQWDPPDOWHOOLPSDWLDFFHVYHKLFOHV]RQDPROWFRPHUFLDO  ½0(6 /2&$/0(675(1,&2/$8PSHURILFLQHVRFRPHUo  ½0(6 /2&$/3%$,;$&0&5,67,1$GLiIDQPFRPHUFLDO½0(6 /2&$/&20(5&,$/&%$5$1(5$P ½0(675$63­6 /2&$/&20(5&,$/3&203$1<6)/89,­P ½0(6

7HOqIRQ CBEBMPOB/PVEFGJOJUJVJOEE

&/DLHWDQLD%$'$/21$




FODVVLILFDWV

&ODVVLILFDWV

$PNJOTFSUBSVOBOVODJDMBTTJmDBU r"MFTOPTUSFTPmDJOFT$-MFØ FSB#BEBMPOBr5FMr

&47&/1-"/5"#"*9"BNC QBUJ N [POB1FQ7FOUVSB 1SFV å 9BWJFS 5&- 

+OOQDKNKCTKU %QORTC8GPFC

0#3" /6&7" CBKP QMBOPT  [P O B  4 J T U S F M M T  F T U V E J P å  %Á1-&9 VOP CBKP Z FM PUSP ÈUJDP  B QBSUJS EFå4ØMPWFDJOPT  QMBDBT TPMBSFT  UFSSB[BT ÁOJDPT5&-4 

1"3,*/( &/ 7&/5" &/ $ 4"(6/501BSBDPDIFHSBOEF å5&- ``("/(" 1*40 &/7&/5" &/$#0/"7*45"QJTPQBSB SFGPSNBS N CBMDØO IBC NJMM5&-

5*"/"®UJDEÞQMFYN  NUFSSBTTFTå5&- 

1*40 &/ 7&/5" 3".#-" 4"/5+0"/OVFWP N  IBC UPEPFYUFSJPS``NJMM `Á/*$0 &/ ;0/" 5&-  

7&/%0 1*40 &/ 10."3  N IBCJUBDJPOFT EPCMFT  WJTUBTBQBSRVFJOGBOUJM CPNCB EF DBMPS  QSFDJP å OFHPDJBCMFT5&-

010356/*5"5 $"4" " 1&1 7&/563"3&'#$BTB BNCUFSSFOZEFN¤JGBÎBOB EF  N  QBUJ EF N¤ J UFSSBTTTBEFN¤ PSJFOUBDJØ NBSJNVOUBOZB TPMUPUFMEJB &TQPUFEJGJDBS1#  (0-'&4  1UFT  å  5&-        

4&7&/%&1-";"%&1"3,*/(  NFEJEB 'PSE .POEFP &O NFSDBEP EF 'POEP 4UB $PMPNB (OFU  5&-    ``63(& 7&/%0 -0$"- BDUVBMNFOUF QFMVRVFSÓB  Z WJWJFOEB FO QMBOUB CBKB  NFOUPUBM IBC DPDJOB  DPNFEPS   BTFP   CB×P DPNQMFUP  DBMFGBDDJØO  BB  QBUJP  UFSSB[B  å 5&- 

010356/*5"5 " /07" --03&%" 1JT N¤   IBC  NFOKBEPSFYUBHSBOCBMDØ UPU SFGPSNBU DBMFGBDDJØ QBSRVFU  BMVNJOJ QJTQFSFOUSBSBWJVSF  1UFT  å  5&-        

& 4  7 & /  0 # 3 "  / 07" & /  $ 0 / 45 3 6 $ $ * »  $  4"/5*"(0364*º0- N  FO QMBOUB CBJYB  B QMBOUB  B QMBOUB J HPMGFT (BSBUHF  NFOKBEPS DVJOB BTFP CBOZ   IBCJUBDJPOT  QBSLFU  BJSF DPOEJDJPOBU UFSSBTTB å QUFT 5&- 

&4 7&/&/ %6&4 1-"±&4 %& 1"3,*/( BMJOFBEFT B 1SFTJEFOU$PNQBOZT5&- 

&4 7&/ -0'5 %& %*44&/: "- $&/53& %& #"%"-0/"  N  CBOZ J DVJOB  QBSLFU  BJSFDPOEJDJPOBU å  QUFT  5&-   &47&/7*7&/%""-$&/53& %&#"%"-0/" N QMBOUB CBJYBNÏTQMBOUFTJUFSSBTTB BNC WJTUFT BM NBS"TDFOTPS QSJWBU *OUFSFTTBUT USVDBS BM 5&- 



&$0/0.*$4/PVTJOEE













727%DGDORQD




5SFCBMM

.PUPS

7BSJT

"NJTUBUT

$MBTTFT

FODVVLILFDWV

*NNPCJMJBSJT

$PNJOTFSUBSVOBOVODJDMBTTJmDBU r"USBWÏTE*OUFSOFU*OTFSFJYJFMTFVTBOVODJTBUSBWÏTEFMBOPTUSBXFCXXXFMUPUEJHJUBMDPN

0#3"/07"$*/%Á453*"  "- $045"5 %& -*/45*565 i-"--"6/"w CBJYPTN  UFSSBTTBN IBC USBTUFS  BD DBMPS QBSRVFU BMVNJOJ 1SFV  å 5&-    7&/5"1*40%&1"35*$6-"3 &/;0/"4"/50$3*450  JOUFS I DPD C×ZHBMFSÓB "QSPY N å 5&-  ;0/"$&/5301"3,*/(&/ 7&/5"1SFDJPå5&-  4&7&/%&1-";"%&$0$)& &/ 1"3,*/( -B 1MBOB 5&-  Á -5 * . " 4  50 3 3 & 4  & / 7&/5"&/10/50/4 EFTEF   å  */'0 XXX DBVSGJMGFSSPDPN 5&-   ."4/06 $&/53& $"4" 0CSBOPWB TPSUJEBBM$4UB 3PTBJ$&TQFSBOÎB EBSSFSB $BTJOP  +BSEÓ N BNC QËSLJOH J KBSEÓ N 4ÛUBO N1MBOUBCBJYBBNCTBMØ NFOKBEPSN CBOZJDVJOB ‹ QMBOUB  IBCJUBDJPOT   CBOZ CBOZTVJUUF‹QMBOUB TBMB NËRVJOFT J TPMËSJVN N %FDPSBDJØ J EJTTFOZT FYFDVUBUTBNCNBUFSJBMCPOT JBDBCBUTEFQSJNFSBRVBMJUBU )JQPUFDB TVCSPHBCMF 1SFV å5&- 4&7&/%&0"-26*-"-0$"- $0.&3$*"-N NEF BMNBDÏO*EFBMQBSBPGJDJOBTP UJFOEBBSUJDVMPTSFHBMP */'0  4&7&/%&DBTBEFNFO (JSPOFMMB *EFBM JOWFSTPSFT  å  */'0    --&'*®+6/501&3&;("-%»4 1JTPIBC N CBMDØO UPEP SFGPSNBEP  OVFWP  T HSÏT  Q IBZB  BB DPO DBMPS 13&$*0 å  $605" %& å.&4 3&' -' 5&- 727%DGDORQD

&$0/0.*$4/PVTJOEE





7&/%0 1*40 &/ $ .0/54&33"5 #"%"-0/"     N   D P N F E P S   EPSNJUPSJPT  BTFP  DPDJOB  HBMFSÓBDPOQJDB BSFGPSNBS  CVFOQSFDJP5&- 

4"/50 $3*450 1JTP  IBCJUBDJPOFT UPUBMNFOUF OVFWP B FTUSFOBS  DPNFEPS EF N  FYUFSJPS B DBMMF  PSJFOUBEP B NBS 13&$*0 å  $605" %& .&4 3&' 4$ 5&- -" .03&3" *ONFKPSBCMF [P O B   1 J T P  U P U B M N F O U F SFGPSNBEPZFYUFSJPSBDBMMF  T QBSRVFU  Q IBZB  WFOU BMVNJOJP DPNFEPSEFN  DBMFGBDDJØO ``0$"4*0/ 6/*$" 13&$*0 å   $605" %& å.&43&'.35&-  --03&%"+VOUPBMNFSDBEP 1JTPUPUBMNFOUFSFGPSNBEPEF IBCJUBDJPOFT UPEPFYUFSJPS BDBMMF CBMDØO TQBSRVFU Q SPCMF  DBMFG Z BB  GJODB DPO BTDFOTPS 13&$*0 å      $605" %& å.&43&'-05&-  --&'*®#"+"1JTPFOCVFOB [POBEFIBCJUBDJPOFT N

 CBMDØO FYUFSJPS B DBMMF  QBSRVFU  BMVNJOJP  GJODB DPO BTDFOTPS 13&$*0 å   $605" %& å.&43&'-'5&-  0 ' & 35"  0 # 3 "  / 6 & 7" 130(3&43&'+VOUPB1FQ 7FOUVSB IBCJUBDJPOFT CB×P Z BTFP  CBMDØO  DBMFGBDDJØO  BB QBSLJOH NVDIBMV[1SFDJP  QUBT  å  XXXNFUSPTDVBESBEPT OFUUFM  % Á 1 - & 9  0 # 3 "  / 6 & 7" 3&' 1&1 7&/563"   IBCJUBDJPOFT   CB×PT  DPNFEPS DPDJOB UFSSB[BT ZN DBMFGBDDJØO BB1SFDJP DPOQBSLJOHQUBT 4JOQLQUBTXXX NFUSPTDVBESBEPTOFU UFM   







                




#"33*0 %& 4*453&--4 "-26*-&3 N BTDFOTPS   IBCJUBDJPOFT   MBWBCPT  DBMFGBDDJØO   CBMDPOFT  UFSSB[B  FYUFSJPS  TVFMP HSFT  BNVFCMBEP  åNFT 5&- 

FODVVLILFDWV

+OOQDKNKCTKU .NQIWGT " 1" 35" . & / 50  3 0 4 & 4 "-26*-&3  N  CBMDØO N  BDDFTP FNCBSDBEFSP  [POB USBORVJMB  TPMFBEP  TVFMP HSFT  DPDJOB NVFCMFT SPCMF CB×PDPNQMFUP DBSQJOU BMVNO BTDFOTPS åNFT 5&-

%Á1-&9 &/ "-26*-&3  #6'"-«  N  UFSSB[B Z QSFDJPTP QJTP EF EJTF×P  BNVFCMBEP   IBC  å 5&- %Á1-&9 &/ "-26*-&3  .0/5*("-«OVFWP IBC   CB×PT  KBSEÓO  UFSSB[B EF N  QBSLJOH  å 5&- 

13&.*®%&."3"-26*-&3  N QJTDJOBDPODÏTQFE  QJTUB UFOJT   CBMDPOFT  DPNFEPS  BNCJFOUFT   IBCJUBDJPOFT   MBWBCPT DPNQMFUPT TFNJBNVFCMBEP  DBMFGBDDJØO  WJTUBT BM NBS  B N NBS  åNFT 5&- 

1 * 4 0  & /  " - 2 6 * - & 3  SFGPSNBEP  BNVFCMBEP   IBC å NFTEFGJBO[B  5&- 1*40 "-26*-&3  --03&%" IBC N BNVFCMBEPZ DPOFMFDUSPEPNÏTUJDPT UPEP JOMDVJEP  å 5&-   

$26&7&%0 "-26*-&3   N    IBC  TVFMP HSFT  DBSQJOUBMVNO BNVFCMBEP  FMFDUSPEPNÏTUJDPT BTDFOTPS  åNFT5&-

"-26*-&3 $"4" &/ &- $&/530IBCEPCMFT  N  QBSLJOH  PCSB OVFWB å5&-

"7 % "   " - ' 0 / 4 0  9 * * * "-26*-&3   N  QBUJP N   IBC   MBWBCPT  TPMFBEP  BB Z DBMFGBDDJØO  TVFMP UFSSB[P  BNVFCMBEP  BTDFOTPS åNFT5&- 

1&17&/563"QJTN¤  IBC DVJOBJCBOZSFGPSNBUT  BD BNC CPNCB EF DBMPS  NFKBEPSFYUJNPCMBUå NFT UPUJODMÛT 5&- 

1-"/5"#"+"&/"-26*-&3  1&17&/563"IBC OVFWP BFTUSFOBS Nå5&- 

"7%" '3"/$&4$ ."$*® $&/53&0#3"4&.*/07" QJTN¤ IBC NFOKBEPS FYUBHSBOCBMDØ DVJOBPGGJDF  CBOZT BTDFOTPSåNFT UPUJODMÛT 5&-  1&1 7&/563"(&/&3"- 8&:-&3QJT N¤   IBC  CBOZTDPNQMFUT NFOKBEPS  N¤  FYU B CBMDØ  DVJOB SFGPSNBEB  BTDFOTPS å NFT UPUJODMÛT 5&-  1&17&/563"QJTEFN¤  IBC CBOZ DVJOBPGGJDF HSBO NFOKBEPS BD QJTTFNJNPCMBU åNFT UPUJODMÛT 5&-  #6'"-® QJT  IBC  CBOZ  DVJOB NFOKBEPSFYUBCBMDØ  BD BNC CPNCB DBMPS å NFT UPUJODMÛT 5&- 





&$0/0.*$4/PVTJOEE













727%DGDORQD




1&17&/563"3&'1JTP EFIBCJUBDJPOFT N PCSB OVFWB   CB×PT  QBUJP  UPEP FYUFSJPS  KUP NFUSP å NFT5&-

4*453&--4 MPGU SFGPSNBU  UPU FO VO BNCJFOU  FOUSBEB JOEFQFOEFOU *EFBM QBSFMMFT PQFSVOBQFSTPOBåNFT UPUJODMÛT 5&- 

--&'*" 3&'  1JTP EF  IBCJUBDJPOFT   N  SFGPSNBEP CBMDØO BTDFOTPS  UPEP FYUFSJPS  BNQMJP TBMØO  QBSLJOHPQDJPOBMåNFT 5&-

1 & 1  7 & / 5 6 3 "   Q J T N¤ N¤   IBC  CBOZ DPNQMFU NFOKBEPSN¤BNC DVJOBBNFSJDBOB DBMFGBDDJØJ BD åNFT UPU JODMÛT  5&-        

;0/" 3".#-"  "-26*-0 &456%*0EFTPMPBNCJFOUF å5&-

&4--0("-0$"-$"/50/&3 "-";0/"%&1&17&/563"  N QMBOUBCBJYB TÛUBO

BMUFMM*OUFSFTTBUTUSVDBSBM 5&-

4&"-26*-" -0$"- .  4*56"%0 &/ #"%"-0/" $ $BNQSPEØO   NVZ CJFO VCJDBEP  DPO UPEPT MPT TFSWJDJPT5&-

&4 --0(" 6/" 1-"±" %& 1"3,*/(EFNPUPBMDFOUSF EF#BEBMPOB5SVDBBM 

1 & 1  7 & / 5 6 3 "  0 # 3 " 4&.*/07"IBC CBOZT  DVJOB PGGJDF  NFOKBEPS FYU B UFSSBTTB  N¤  DBMFGBDDJØ  [P O B  D P N V O J U Ë S J B  B N C QJTDJOB åNFT  QJT J QL UPUJODMÛT 5&-  #6'"-® 3&'  &TUVEJP  N   IBCJUBDJØO  DPDJOB BNFSJDBOB SFGPSNBEPå 5&- 4*453&--43&'0'1JTP EFIBCJUBDJPOFT SFGPSNBEP  CBMDØO  FYUFSJPS  BNVFCMBEP DPOFMFDUSPEPNÏTUJDPTå 5&-

4&"-26*-" )"#*5"$*»/ B DIJDPB FO #VGBMË QPS å  UPEP JODMVJEP  DPO EFSFDIP B UPEP FM QJTP 5&-   

.03&3" 3&' 0' 1JTP  IBCJUBDJPOFT    N  SFGPSNBEP DBMFGBDDJØOZBB  CBMDØO(BTUPTJODMVJEPT NFT5&-

-0$"- &/ --0(6&3  N TVQFSGÓDJF TFSWFJMMVNJBJHVB ;POB$PMMJ1VKPM5&- 

--03&%" 3&'  1JTP  IBCJUBDJPOFT SFGPSNBBDUVBM  CBMDØO BTDFOTPS DBMFGBDDJØO HBT OBUVSBM  BB  BNVFCMBEP DPOFMFDUSPEPNÏTUJDPTå NFT5&- 727%DGDORQD

&$0/0.*$4/PVTJOEE





& /  " - 2 6 * - & 3  ; 0 / " .0/5("5«UJDPBNVFCMBEP  N  UFSSB[B N  DVBSUP USBTUFSP  DBMFG  SFGPSNBEP (SBOPQPSUVOJEBEåNFT 5&-

&4--0("$"4""#6'"-®  IBC CBOZ DBMFGBDDJØJQBUJ åNFT5SVDBSEFIBI 4S+PTFQ5&- -0$"-  1-"/5"4 N

 N  $ 4U "HVTUÓ KUP FTUVEJPT 57 #BEBMPOB  $PO WBEP  å 5&-4          1"35*$6-"3

450 $3*450 3&'  $BTBN IBCJUBDJPOFT  DBMFGBDDJØO  SFGPSNBEP  UFSSB[B  N  FYUFSJPS  DPO FMFDUSPEPNÏTUJDPTåNFT 5&-

"-26*-01-"/5"#"+"%F PCSB OVFWB B FTUSFOBS  FO DBTP BOUJHVP EF 4U #PJ   IBCJUBDJPOFT QBUJPEFN  CB×P Z DPDJOB FRVJQBEPT  åNFTZåEFGJBO[B 5&-

4& "-26*-" )"#*5"$*»/ DPO EFSFDIP B UPEP FM QJTP  FO#BEBMPOBåNFT5&- 

#6'"-® 3&'  1JTP FO BMRVJMFS  UPUBMN SFGPSNBEP  N   IBC  BTDFOTPS (BTUPTJODMVJEPTåNFT 5&-

."4/06 3&' 1JTP  IBCJUBDJPOFT  SFGPSNBEP  CB×P Z BTFP  QBUJP  UFSSB[B QMBOUBCBKBåNFT5&- 

&4 --0(" 1*4 "- $ 13*. %& #"%"-0/"  N  NFOKBEPS  DVJOB  HBMFSJB   CBOZT IBCJUBDJPOT CBOZT  CBMDØ  FYUFSJPS  BTD å NFT5&-

+6/50 "- $ $ ."(*$ : 1309*.0 "- . %& (03(1JTPEFIBCJUBDJPOFT UPUBMNFOUF FYUFSJPS B DBMMF  DPDJOB Z CB×P JNQFDBCMFT  C B M D Ø O  F Y U F S J P S  D B M M F  BTDFOTPS "MRVJMFS å NFT 3FG 4M 5&-   $ $0-- * 16+0- 1JTP EF  IBCJUBDJPOFT UPUBMNFOUF BNVFCMBEP Z FRVJQBEP  FYUFSJPSBDBMMF DBMMFQSJODJQBM ZCJFODPNVOJDBEB"MRVJMFS åNFT3FG4D5&- 

/"7&&/"-26*-&307&/5"  EF  N  $ "OUPOJP #PSJ [POB (PSH  #BEBMPOB 5&- 

$&3$" %&- $&/530 «UJDP EFIBCJUBDJPOFTDPOUFSSB[B EFNFONVZCVFOFTUBEP  FYUFSJPSZDFSDBEFUPEPTMPT TFSWJDJPT"MRVJMFSåNFT 3FG $F 5&-   

-0 $ " -  $   $ " / 0 / ( & 3 #"3"/&3"  N  [POB DFOUSF .PMU DPNFSDJBM åNFT  5&-     & 4  - -0 ( "  $ " 4 "  1 & 3 &453&/"3 "- $&/53& %& #"%"-0/" N HBSBUHF  BTFP USBTUFS NFOKBEPS DVJOB   IBCJUBDJPOT  CBOZ  HPMGFT  UFSSBTTB  BJSF DPOEJDJPOBU  QBSLFUåNFT5&-  





FODVVLILFDWV

1*40 &/ "-26*-&3  1&1 7&/563"IBC BNVFCMBEP  UFSSBDJUBEFNå5&- 

--&'*®QJTEFN¤ IBC  DBMFGBDDJØ  CBMDØ  FYUFSJPS  QFS FOUSBS B WJVSF BTDFOTPS åNFT UPUJODMÛT 5&- 

450$3*4501JTPEFN DPOIBCJUBDJPOFT'JODBDPO BTDFOTPS  TFNJBNVFCMBEP $BMFGBDDJØOZBB$PNVOJEBE JODMVJEBFOFMQSFDJP"MRVJMFS åNFT3FG4D5&-  

                




FODVVLILFDWV

-".03&3"1JTPFOGJODB B×PT .   IBCJUBDJPOFT  QBUJP  CB×P Z BTFP  DPDJOB OVFWB  DPNVOJEBE JODMVJEB FO FM QSFDJP "MRVJMFS å NFT 3FG .S 5&-   "-26*-&3$"4"(&.&43&' 1JTPBMUPDPOBTDFOTPS  FYUFSJPS IBCJUBDJPOFT CB×P  BTFP  UFSSB[B  DBMFGBDDJØO 1SFDJP  å  NFT  DPO HBTUPT JODMVJEPT XXX NFUSPTDVBESBEPTOFU 5&-  " - 2 6 * - & 3  1 * 4 0  0 # 3 " /6&7" 3&' 1FQ 7FOUVSB   IBCJUBDJPOFT  CB×P  DPDJOB  DPNFEPS  BB  DBMFGBDDJØO  UFSSB[B  N DPOQBSLJOHåNFT4JO QBSLJOH  å  NFT XXX NFUSPTDVBESBEPTOFU5&-  "-26*-&3 130(3²4 3&' "NVFCMBEP TFNJOVFWP   IBCJUBDJPOFT   CB×PT  UFSSB[BT EF  Z  NFUSPT  DBMFGBDDJØO  BB åNFT XXXNFUSPTDVBESBEPTOFU 5&-         "-26*-&3 .0/5*("-« 3&' 1JTP TFNJOVFWP   IBCJUBDJPOFT   CB×PT  D B M F G B D D J Ø O  B T D F O T P S  UFSSB[B  N åNFT 1BSLJOH PQDJPOBM XXX NFUSPTDVBESBEPTOFU5&-  "-26*-&3 *%&"- 1"3" $0.1"35*3&456%*"/5&4 3&'    IBCJUBDJPOFT  CB×P  DPDJOB  MBWBEFSP  DPNFEPS  BTDFOTPS  EJTQPOF EF UPEPT MPT NVFCMFT Z FOTFSFT QBSB FOUSBS B WJWJS BM JOTUBOUF  FYUFSJPS  FO DPOEJDJPOFT &9$&-&/5&4 13&$*0 åNFT XXX NFUSPTDVBESBEPTOFU5&- 

5"--&3%h"354FDPNQBSUF UBMMFSFOFMDFOUSPEF#BEBMPOB 5&- "-26*-0$"4"$30(&3%& '-03 #"%"-0/" N  DPNFEPSTBMØO EPSNJUPSJPT  CB×P  BTFP  DPDJOB  QBUJP QFRVF×P  DBMFGBDDJØO  QPTJCJMJEBE QMB[B QBSLJOH 5&-        

+OOQDKNKCTKU 6TCURCUUQU 1-"±" 1&1 7&/563"  '3"/$&4$ ."$*® 3&' #  1JT JEFBM QBSFMMFT EF N¤ IBC NFOKBEPSFYU  BD BTDFOTPSQUFT å 5&-  5 3 "4 1"4 4 0  , * 0 4 $ Q F S KVCJMBDJØ /P EFJYJ FTDBQBS BRVFTUBPQPSUVOJUBU5&-  4&53"41"4"".1-*"5*&/%" &405²3*$"  SFHBMPT  QPS FOGFSNFEBE5BNCJÏOUFSBQJBT "MNBDÏO Z DPNQBSUJNFOUPT 1SFDJP B DPOWFOJS 5&-   #0%&(" &/ 53"41"40 63(&/5&  FO #BEBMPOB $*OEFQFOEFODJB   1PS DBNCJP EF EPNJDJMJP 7FOUB WJOPTBHSBOFM FNCPUFMMBEPZ QSPEVDUPT#VFOQSFDJP5&- 

6TGDCNN

4& 53"41"4" $&/530 %& #&--&;": 1&-626&3¶" FO #BEBMPOB DFOUSP N   DBCJOBTFTUÏUJDB UPDBEPSFT   67"  EVDIB   UPDBEPS NBRVJMMBKF   MBWBDBCF[BT  BMNBDÏO WFTUVBSJP MBCPSBUPSJP 5&-

4&º03" 3&410/4"#-& $ 0 /  & 9 1 & 3 * & / $ * "  4 & 0'3&$&QBSBDVJEBSQFSTPOBT NBZPSFT5&-

51.7%+105 2#55#6'/25



&$0/0.*$4/PVTJOEE



$)*$" 4& 0'3&$& QBSB MJNQJF[BUPEPFMEÓB5&- 

/165 '0%4'7#65

57&1-75 

$)*$"3&410/4"#-&#64$" 53"#"+0 EF MJNQJF[B QPS IPSBT MJNQJF[BEFFTDBMFSBT 5&-

FKHÌEKN

HÀEKN

4&"-26*-"-0$"-N  FO[POB-MPSFEB5&- 

4 &  " - 2 6 * - "  1 *4 0 D P O BTDFOTPS  DBMFGBDDJØO Z BNVFCMBEP  [POB (FOFSBM 8FZMFS  DFSDB NFUSP  CVFO QSFDJP5&-











727%DGDORQD




$)*$"#64$"5 3"#"+0EF MJNQJF[B  DVJEBS QFSTPOBT NBZPSFT DBOHVSP5&- 

"&3016&3504 /6&7" 5 & 3 . * / " -  1 3 & $ * 4 " 1&340/"-$0/*/(-ยฒ4QBSB TVQFSWJTPSFTEFWVFMP BHFOUFT EF QBTBKFSPT Z B[BGBUBT EF UJFSSB 4VFMEP IBTUB รฅ 1SFQรˆSBUF QBSB BDDFEFS 5&- 

$0/5"#-& $0/ ".1-*" &91&3*&/$*" &/ 1:.& 4& 0'3&$&  QPS IPSBT UBSEFT P EFTEF EPNJDJMJP  MJRVJEBDJร˜O JNQVFTUPT  D P O D J M J B D J ร˜ O  C B O D B S J B  EJBSJP  DJFSSF BOVBM 5&- 

"4&403*" &/ #"%"-0/" 1 3 & $ * 4 "   B Q S F O E J [ B BENJOJTUSBUJ WB +PSOBEB DPNQMFUB  FEBE  B  Bร—PT  JNQSFTDJOEJCMF CVFOB QSFTFODJB  DBUBMรˆO IBCMBEP DPSSFDUBNFOUF  GPSNBDJร˜O B DBSHP EF MB FNQSFTB &OWJBS DVSSร“DVMVN WJUBF DPO GPUP B $ -MFร˜   -PDBM #BEBMPOB  #BSDFMPOB P B JOGP!JOUFSRVBUSFDPN

FODVVLILFDWV

{ 5 * & / & 4  $ " 3 / & 5  % & $ 0 / % 6 $ * 3  6 S H F O Q S P G F T J P O B M F T  E F BVUPFTDVFMBQBSBQSรˆDUJDBT $ P N Q B U J C M F  D P O  P U S B B D U J W J E B E   ( B O B  I B T U B รฅNFT1SFQรˆSBUFQBSB JODPSQPSBSUF 5&-   

4&ยบ03" &41"ยบ0-"   "ยบ04  $0/ $"3/&5 %& $0/%6$*3 TFPGSFDFQBSB DVJEBS QFSTPOBT NBZPSFT  MJNQJF[B SFDBEPT FUD5&- 

4 & ยบ 0 3 "  $ 0 /  . 6 $ ) " &91&3*&/$*" Z CVFOBT SFGFSFODJBT TF PGSFDF QBSB DVJEBS QFSTPOBT NBZPSFT  DBOHVSP QMBODIB MJNQJF[B QPSIPSBT GJOFTEFTFNBOB ZOPDIFT5&-  4&ยบ03" 4& 0'3&$& QBSB DVJEBS QFSTPOBT NBZPSFT P $)*$0 #64$" 53"#"+0 OJร—PT $PO FYQFSJFOODJB Z D P N P  F M F D U S J D J T U B  SFGFSFODJBT QPSMBOPDIF5&- MJNQJF[B  DPO FYQFSJFODJB  Z SFGFSFODJBT  UPEPT MPT QBQFMFT FO SFHMB 5&-  $)*$" 4& 0'3&$& DPNP  JOUFSJOB  EF MVOFT B WJFSOFT &4 /&$&44*5" 1&340/" $PO QBQFMFT FO SFHMB 5&- QFSDVJEBSVOTDJSFSFST  

TJUVBUTBMUFSNFEh"SFOZTEF 4& 0'3&$& 4&ยบ03" 1"3" .VOU BMB[POBi&M1PMMBTUSFw 53"#"+"3QPSIPSBT KPSOBEB *OUFSFTTBUTUSVDBSBM5&- DPNQMFUB5&-  4 &  0 ' 3 & $ &  $ ) * $ " $)*$" #64$" 53"#"+0 3&410/4"#-&QBSBUSBCBKBS EF DBOHVSP  DVJEBEP EF FO MJNQJF[B  QPS IPSBT  GJKB  QFSTPOBTNBZPSFT MJNQJF[B  JOUFSJOB  DVJEBS QFSTPOBT GJKB  JOUFSJOB P QPS IPSBT NBZPSFT $PO FYQFSJFODJB Z %JTQPOJCJMJEBE JONFEJBUB SFGFSFODJBT5&- 1FSTPOBTJOUFSFTBEBTMMBNBS '"-5"."26*/*45"QBSBUBMMFS BM5&- EF DPOGFDDJร˜O EF 0XFSMPDL  6 3 ( & /  ( 6 " 3 % " 4 SFDVCSJEPSB Z QMBODIB 5&- '03&45"-&4: #0.#&304  1"3"#"3$&-0/" TVFMEP B Q S P Y        รฅ   4 ร˜ M P 4 &  0 ' 3 & $ &  4 & ยบ 0 3 " O B D J P O B M J E B E  F T Q B ร— P M B  &41"ยบ0-"QBSBMJNQJF[BEF * OG ร˜ S N B U F   5 & -        DBTBT FTDBMFSBT5&-  

727%DGDORQD

&$0/0.*$4/PVTJOEE













                




FODVVLILFDWV

4&ยบ03" 4& 0'3&$& QBSB DVJEBS QFSTPOBT NBZPSFT  NBร—BOBTPOPDIFT GJOFTEF TFNBOB5&- 4&ยบ03" +07&/ #64$" 53"#"+0 QPS IPSBT  EF MJNQJF[B  DVJEBS QFSTPOBT N B Z P S F T  R V F I B D F S F T EPNรTUJDPT$POFYQFSJFODJB Z SFGFSFODJBT 5&-    '"-5" %&1&/%*&/5" 1"3" . & / " + &  ' & 3 3 & 5 & 3 * "  OP JNQPSUB FEBE  DBUBMรˆO IBCMBEP  JOUFSFTBEBT FOWJBS $7PQSFTFOUBSTFFO$PGBD  $ 'SBODFTD -BZSFU   KVOUP "ZVOUBNJFOUP '"-5"/ 1-"/$)"%03"4 $ 0 /  & 9 1 & 3 * & / $ * "  JNQSFTDJOEJCMFRVFOPUFOHBO NรˆTEFBร—PT*OUFSFTBEBT MMBNBSBMEFB IPSBT '"-5"/ "13&/%*;"4 %&  "ยบ04 QBSB QMBODIBEP E F  Q S F O E B T  E F  W F T U J S *NQSFTDJOEJCMF UFOFS MPT FTUVEJPT UFSNJOBEPT &40  *OUFSFTBEBTMMBNBSBM EFBIPSBT 4&/&$&4*5"/$"."3&304 QBSB GJOFT EF TFNBOB 5&-  4&13&$*4"/$)*$"41"3" 5"--&3 %& $0/'&$$*ยป/ %&16/50$POFYQFSJFODJB FO NรˆRVJOBT PXFSMPDL Z QMBOBT$PCSPTFNBOBM;POB -B 4BMVE 5&-     MMBNBS EF  B  Z EF  B IPSBT  3 & $ & 1 $ * 0 / * 4 5 " 4 :  " 6 9 * - * " 3 & 4 " % . * / * 4 5 3 " 5 * 7 0 4 QSFDJTBO BZVOUBNJFOUPT Z VOJWFSTJEBEFT1SFQรˆSBUFQBSB BDDFEFS5&- $)*$" #64$" 53"#"+0 DVJEBOEPQFSTPOBTNBZPSFT  OJร—PT JOUFSOB FYUFSOBPQPS IPSBT *OUFSFTBEPT MMBNBS BM 5&-

4&ยบ03" #64$" 53"#"+0 QPS IPSBT  NFEJB KPSOBEB  GJOFTEFTFNBOB EFMJNQJF[B  QFSTPOBTNBZPSFTPDBOHVSP -MBNBS BM 5&-     

&$0/0.*$4/PVTJOEE





4&ยบ03" +07&/ #64$" 5 3 " # " + 0  % 0 . ยฒ 45 * $ 0 1PS IPSBT P JOUFSJOB  DPO SFGFSFODJBT 5&-    

&4 #64$" -0(01&%" 0 14*$ยพ-0("1&3$0.1"35*3 %&41"59 BNC QTJDร›MPHVFT EPSJFOUBDJร˜EJOร‹NJDBTJUVBUB #BEBMPOBDFOUSF5&- 1SFHVOUBS QFS"OOB.BSJB

$)*$" 3&410/4"#-& 4& 0'3&$& 1"3" 53"#"+"3 QPSIPSBT DVJEBOEPQFSTPOBT NBZPSFT  NFEJB KPSOBEB  KPSOBEB DPNQMFUB 5&-  

4& 0'3&$& $)*$" 1"3" 53"#"+"3 EF MJNQJF[B  DBOHVSP  DVJEBS QFSTPOBT NBZPSFT  QPS MBT NBร—BOBT  QBQFMFT FO SFHMB 5&-  

$)*$" 3&410/4"#-& : 53"#"+"%03" TF PGSFDF DPNP DBOHVSP  MJNQJF[B  D V J E B E P  E F  B O D J B O P T  FNQMFBEB EFM IPHBS 5&- 

4}0'&3&*9 4&/:03" &-4 % * 6 . & / ( & 4  I P S B S J  B DPOWFOJS QFSDVJEBSQFSTPOFT HSBOT P EF DBOHVS  BNC SFGFSร’ODJFT;POB #BEBMPOB 5&-

"(505" &%"5 /&$&44*5" '*9&4*/5&3*/&4QFSIPSFT  QFSTPOFT EF DPNQBOZJB QFS OFOT J  BWJT 5&-    

4&ยบ03" +07&/ #64$" 53"#"+0 QPS IPSBT EF MJNQJF[B  DVJEBS QFSTPOBT NBZPSFT  DBOHVSP  GJOFT EF TFNBOB  DPO FYQFSJFODJB 5&-

"(505" &%"5 /&$&44*5" */'&3.&3&4 QVFSJDVMUPSFT  GJTJPUFSBQFVUBT BVYEFDMร“OJDB BEPNJDJMJJIPTQJUBMI FUD 5&-

$ ) * $ 0  3 & 4 1 0 / 4 " # - & #64$"53"#"+0EFDBKFSP  BVYJMJBS EF QJ[[FSJB  DVJEBS QFSTPOBTNBZPSFT MJNQJF[B  KPSOBEBDPNQMFUBPQPSIPSBT 5&- $)*$" #64$" 53"#"+0 TFSJPQPSMBTOPDIFTZGJOFTEF TFNBOB5&-

.&/4"+&304'63(0/&5" QBSB SFQBSUPT Z QFRVFร—B QBRVFUFSร“B FO #BSDFMPOB Z DJOUVSร˜O 1SFTFOUBSTF MVOFT Z NBSUFT UBSEFT EF  B  FO $10/*&/5&   #+4#"%"-0/"

$)*$" 3&410/4"#-&  DPO FYQFSJFODJB FO HFSJBUSร“B  TF PGSFDFQBSBDVJEBSQFSTPOBT NBZPSFTZMJNQJF[BQPSIPSBT  EFMVOFTBWJFSOFT5&- 

. & / 4 " + & 3 0 4  . 0 5 0  F M F W B E P T  J O H S F T P T  1SFTFOUBSTF MVOFT Z NBSUFT UBSEFT EF   B   FO $10/*&/5&   #+4 #"%"-0/"

/&$&4*50 $0$*/&3" QBSB CBSSFTUBVSBOUF5&- 

4& 0'3&$& $)*$0 1"3" 53"#"+"3FODVBMRVJFSUJQP EFUSBCBKP5&-

&QOKPIQ VHULH 

5รDCFQ 8KGTPGU VHULH 

,WGXGU /KรˆTEQNGU /CTVGU .WPGU 

/ร.&304 13&.*"%04 

$)*$"$0/7&)ยถ$6-0#64$" 53"#"+0EFMJNQJF[B DBTBT QBSUJDVMBSFT MPDBMFTPDVJEBS QFSTPOBTNBZPSFT5&- 

4&ยบ03" #64$" 53"#"+0 DVJEBEPEFBODJBOPT MJNQJF[B )PSBSJP EF  FO BEFMBOUF 5&-

.FT&OFSPh



4&ยบ03" &41"ยบ0-" EF DPOGJBO[B Z USBCBKBEPSB TF PGSFDFQBSBUBSFBTEFMIPHBS QPSIPSBT1SFHVOUBSQPS-JEJB 5&-









727%DGDORQD




4&ยบ03" 4& 0'3&$& QBSB DVJEBS QFSTPOBT NBZPSFT  DPNPGJKBPGJOFTEFTFNBOBP CJFOJOUFSJOB DPOFYQFSJFODJB 5&-

4 & 37 * $ * 0  5 ยฒ $ / * $ 0  & / # " % " - 0 / "  1 3 & $ * 4 " 5ยฒ$/*$0 %& )"3%8"3& QBSB UBMMFS JOGPSNรˆUJDP 4F PGSFDF DPOUSBUP  IPSBT TFNBOBMFT  BMUB FO 44  JODPSQPSBDJร˜O JONFEJBUB &OWJBS $7 B JOGP!MFLLFSOFU FT

( 3 " / % & 4  * / ( 3 & 4 0 4  &.13&4""-&."/"#64$" 4&ยบ03"4 QBSB EJTUSJCVJS OVFTUSPTQSPEVDUPT-MBNBSEF BI5&-

$-"44&4 1"35*$6-"34 * %&3&'03ยฑ Gร“TJDB RVร“NJDBJ NBUFT RVร“NJDBVOJWFSTJUร‹SJB 5&- 130'&403"5*56-"%" %" $-"4&41"35*$6-"3&4ZFO HSVQP QSJNBSJB TFDVOEBSJB  CBDIJMMFSBUP   Nร˜EVMPT  G S B O D ร T  T F M F D U J W J E B E  GPSNBDJร˜O EF IBCJUร˜T EF FTUVEJP 5&-     

/QVQT

4& /&$&4*5" ":6%"/5" %& 1&-626&3ยถ" Z PGJDJBMB DPOFYQFSJFODJB JOUFSFTBEBT FOWJBS DVSSJDVMVN P EFKBS E B U P T  Q F S T P O B M F T  F O  YUVQFMP!IPUNBJMDPN

4 &  7 & / % &  3 & . 0 - 2 6 & $&33"%0 EF  Y Y  N DPOFKFEF,H DPOGSFOP ZSBNQBรฅ */'0 

4& /&$&4*5" &45&5*$*ยฒ/  FTQFDJBMJEBE FO Vร—BT EF HFM Z QFEJDVSBT ;POB .POUHBU 5&- MMBNBSEF BIPSBT 

4&7&/%& .050 */'"/5*- EFBBร—PTEFUZDD TFNJBVUPNBUJDB FO QFSGFDUP FTUBEP รฅ  */'0  

4&ยบ03" 4& 0'3&$& QBSB DVJEBS QFSTPOBT NBZPSFT  DBOHVSP MJNQJF[B*OUFSJOBP QPS IPSBT $PO SFGFSFODJBT 5&-

4& 7&/%& #.8 . GVMM FRVJQFEFOQFSGFDUPFTUBEP รฅ */'0

/0*"6/*7&34*5ยฎ3*"Eร˜OB DMBTTFTQFSMFTUBSEFTBOFOT 5&- $-"44&4 %h*/'03.ยฎ5*$" "  % 0 . * $ * - *  J O U F S O F U  8JOEPXT  0GGJDF  $PSSFV  'BDFCPPL  .FTTFOHFS  รฅ  IPSB 5&-     +03%*

',5(&725, FODVVHV "$"%ยต.*&4

"$"%ยต.*&4 $VSTPTEFJOGPSNร‹UJDB$POUBCJMJEBE GBDUVSBDJร˜O Z Oร˜NJOBT QPS PSEFOBEPS $VSTPT FTQFDJBMFT QBSB FNQSFTBT 0GJNรˆUJDB 1SPHSBNBDJร˜O Z .VMUJNFEJB

4& 0'3&$& $)*$" QBSB MJNQJF[B P DVJEBS BODJBOPT EFEร“BPEFOPDIF5&- 

 */45*5654

*/.0#*-*"3*" 13&$*4" DBQUBEPS  WFOEFEPS DPO FYQFSJFODJB 5&-    

,167,787&$7$/ยญ '(&20(5d &XUVRVLQJOpVWRGRVORVQLYHOHV*UXSRVHVSHFLDOHVSDUDQLxRV DSDUWLUGHDxRV/DVDXODVFXHQWDQFRQ79FRQHFWDGRYtD VDWpOLWHSDUDKDFHUPiVGLYHUWLGRV\HIHFWLYRVORVHMHUFLFLRVGH DGLHVWUDPLHQWRGHORtGRDODGLFFLyQGHOLGLRPD

4&ยบ03" #64$" 53"#"+0 DVJEBOEPQFSTPOBTNBZPSFT  MJNQJF[B DBOHVSP EJTQPOJCMF EFMVOFTBEPNJOHP5&-  4& 0'3&$& $)*$" $0/ &91&3*&/$*" QBSB MJNQJF[B FO DBTB  QPS IPSBT  NFEJB KPSOBEB5&- 4&ยบ03"+07&/4&0'3&$& QBSBDVJEBSQFSTPOBTNBZPSFT PQBSBMJNQJF[B GJKB JOUFSJOB PQPSIPSBT$POSFGFSFODJBT 5&- 4& 0'3&$& 4&ยบ03" QBSB DVJEBS QFSTPOB NBZPS P DBOHVSP  DPO FYQFSJFODJB  Z SFGFSFODJBT  IPSBSJP B DPOWFOJS5&-

7HO 

"/6/$*"h5 &/"26&45

%NCUUGU

%*3&$503* 1&3/0.ยฒ4

 รฅ

"/(-ยต4 DMBTTFTQBSUJDVMBST JOEJWJEVBMT  QFUJUT HSVQT  IPSBSJ GMFYJCMF  DPOWFSTB  C V T J O F T T   . ร’ U P E F T QFSTPOBMJU[BUT 5&-  

#OKUVCVU $)*$" %&  "ยบ04  MF HVTUBSJB DPOPDFS B DIJDP TPMUFSP P TFร—PS WJVEP DPO IJKPT NBZPSFT  QBSB GPSNBS QBSFKB FTUBCMF $PO GJOFT TFSJPT-MBNBSBQBSUJSEFMBT EFMBOPDIF QSFHVOUBSQPS 1JMBS5&-

- - * $ & / $ * " 5  % ยป / " $-"44&4Eh&40 #BUYJMMFSBU  4FMFDUJWJUBU  Nร›EVMT  FUD NBUFT  Gร“TJDB  RVร“NJDB  $0$*/&3"  "ยบ04 4& 3BNPO $*OEรžTUSJB   0'3&$&QBSBNFOรžT UBQBT  5&-4 FUD5&- "/"   727%DGDORQD

&$0/0.*$4/PVTJOEE





FODVVLILFDWV

'"-5" %&1&/%&/5" 1&3 '03/%&1" OPFTOFDFTBSJB FYQFSJFODJB GPSNBDJร˜BDรˆSSFD EF MFNQSFTB 1PSUBS D W B $$0/26*45" 









                




FODVVLILFDWV

$0.&3$*"-4"5&.141"3$*"&M505#"%"-0/"OFDFTTJUB$0.&3$*"-4BVUÛOPNT B5&.141"3$*"4JKBUSFCBMMFTJWPMTHVBOZBSVOTPCSFTPV CVTRVFNQFSTPOFTDPNUÞ RVFWVMHVJOUSFCBMMBS BIPSFTMMJVSFTEFDPNFSDJBMTEFQVCMJDJUBUQFSMBSFWJTUB&M505#BEBMPOB  3&26&3*. t#POBQSFTFODJB t(BOFTEFUSFCBMMBS 0'&3*. t$PNJTTJØEFMBWFOEBEFQVCMJDJUBU t-MJTUBUTEFDMJFOUTJDBSUFSB

1FSBNÏTJOGPSNBDJØ5FMP PFOWJBSDVSSÓDVMVNBNCGPUPBYFTDB!FMUPUEJHJUBMDPN ` "5 3 ² 7 & 5 &   " N J T U B E F T HVBQBT  GJOFT EF TFNBOB "OJNBPT NVDIBTBDUJWJEBEFT -MÈNBOPT%JWJÏSUFUF5&- (3"$*"4 "- &41¶3*56  4"/50103-04'"703&4 ` ` 0 $ " 4 * » /    7 & / % 0 3&$*#*%04.17 $&/53"-*5"%*(*5"-/&3*4 7&/%0 -"7"$"#&;"4   OVFWBTPMPNFTFTEFVTP  TJMMPOFT TFDBEPSFT DBNJMMB å5&- NBTBKF SBZPTVWB NVFCMFT ZCBORVFUBTEFQFMVRVFSJB 4& "-26*-" )"#*5"$*»/ (3"/%&  DPO EFSFDIP B 5&- UPEPFMQJTP UPEPTMPTHBTUPT 4& "-26*-" )"#*5"$*»/ JODMVJEPT1SFDJPåNFT &/ #"%"-0/" DFOUSP B 5&-/"5"-*" TF×PSTFSJPZSFTQPOTBCMF  7&/%0 DBTB EF NV×FDBT R V F  U S B C B K F  B N C J F O U F SÞTUJDBDPOMJCSPTQPSå  USBORVJMP  å  HBTUPT NJOJMBWBEPSB +BUB QPS å  JODMVJEPT 5&-    DFOUSJGVHBEPSB EF SPQB QPS  å  BMGPNCSB QVSB MBOB 4& "-26*-" )"#*5"$*»/ WJSHFOYDNQPSå  QBSB VOB QFSTPOB P EPT BDVBSJPDPOCPNCBZMV[QPS Q F S T P O B T   . V Z  D F S D B å DBQBDJEBE EF  MJUSPT  EF NFUSP 1FQ 7FOUVSB LJUQFDFSB QBSB BDVBSJP EF *OUFSFTBEPT MMBNBS BM 5&-  MJUSPT QPS å  CJDJDMFUB         FTUBUJDB QPS å  DØNPEB NFTJUB Z FTQFKP DPMPS SPCMF  QPS å 5&-     4&"-26*-")"#*5"$*»/  /63*" $033&0MPTBNJHVF $)*$"5&- UFTEFMQBSRVF!IPUNBJMDPN

8CTKU





&$0/0.*$4/PVTJOEE











%QPPGEVC~VCN~GFKEKÒ FKIKVCNFGN6Q6

YYYGNVQVFKIKVCNEQO

GNRQTVCNFGNCVGXCTGXKUVC

'N6QV&KIKVCNÈU+PHQTOCEKÒRTQRGTC /PUÓDJFTMPDBMTBDUVBMJU[BEFT 3FQPSUBUHFT -&TQBJ$VMUVSBM &MT&TQPSUT

'N6QV&KIKVCNGNHCUVW 4VHHFSJSOPUÓDJFT *ODMPVSFBDUFTDVMUVSBMTJTPDJBMT &TDSJVSFMFTUFWFTDBSUFT&OWJBSMFTUFWFT GPUPHSBGJFTEFOÞODJFT

'N6QV&KIKVCNV~JQRQUCHÀEKN &TDSJVSFDMBTTJGJDBUT %FTDBSSFHBSMBSFWJTUB "OVODJBMBUFWBFNQSFTB *OGPSNBDJØEFUBSJGFTJQSFVT



727%DGDORQD




Rvjfsft!dpmbcpsbs@ Wpmt!dpm¸mbcpsbs@ BON!qpof!b!uv!ejtqptjdjôo!fm!nâyjnp!ef!gbdjmjebeft!b!mb!ipsb!ef!ibdfsuf tpdjp!z!gpsnbs!qbsuf!ef!ftuf!hsbo!qspzfdup!ef!bzveb!joufhsbm!qbsb!mbt!ojòbt z!ojòpt!ivêsgbopt!ef!Xvlsp/ Dpo!ftuf!gjo-!BON!uf!pgsfdf!usft!dbnjopt!qptjcmft!qbsb!ibdfsuf!tpdjp; .!B!usbwêt!ef!ovftusb!qâhjob!xfc!bgsjdboptnjsb/dpn/ .!B!usbwêt!ef!ovftuspt!gpmmfupt!rvf!fodpousbsât!fo!mbt!pgjdjobt!z!ujfoebt!ef ovftuspt!dpmbcpsbepsft/ .!Z!gjobmnfouf-!vob!ufsdfsb!wÎb!qptjcmf!ft!dpoubduboep!ejsfdubnfouf!dpo optpuspt!nfejbouf!ovftusp!oÝnfsp!ef!ufmêgpop/

*OGĂ&#x2DC;SNBUFBRVĂ&#x201C;PFO*OGPSNBhUBRVĂ&#x201C;PB

XXXBGSJDBOPTNJSBDPN

 BGSJLBOPTNJSBJOEE




WHFQRORJLD

VGEPQNQIKC



QRYHWDWV‡JDGJHWV‡WHOHIRQLD‡VRIWZDUH‡LQWHUQHW

-B'"$6"EFOVODJBFMTDPSSFVTEF(PPHMF .JDSPTPGU J:BIPPQFSGBMUBEFTFHVSFUBU

-PSHBOJU[BDJØEFDPOTVNJEPST '"$6" QPTB FMT TFSWFJT EF DPSSFVEF(PPHMF .JDSPTPGUJ :BIPPTPUBTPTQJUB"TTFHV SBRVFQSFTFOUFOEFmDJÒODJFT HSFVTEFTFHVSFUBUJmOTJUPUFMT IBEFOVODJBUEBWBOUM"HÒODJB EF1SPUFDDJØEF%BEFT &MQSPCMFNB TFHPOTMB'"$6"  ÏTRVFRVBMTFWPMQPUBDDFEJSBM DPSSFVEBMHÞBMUSFTJTBQPOWJV MVTVBSJJÏTDBQBÎEFSFTQPOESF BVOBTFO[JMMBQSFHVOUBEFTF HVSFUBU-PSHBOJU[BDJØDJUBFMDBT EFMDBOUBOU%BWJE#JTCBM BRVJ RVBUSFQFSTPOFT KBEFUJOHVEFT  WBOJOUFOUBSFYUPSTJPOBSBDBOWJ EFOPSFWFMBSEBEFTFYUSFUFTEFM TFVDPSSFVQFSTPOBM6OVTVBSJ EFTQJTUBUQPUPCMJEBSGËDJMNFOU MBDMBVQFSBDDFEJSBMTFVDPSSFV FMFDUSÛOJD1FSBJYÛ MBNBKPSJB

EVODPNQUFOPNÏTDBMJOEJDBS RVFTFOTIBPCMJEBUMBDPOUSB TFOZB6ODPQEJOTEBRVFTUB PQDJØFTQSFTFOUBVOGPSNVMBSJ POTIBEFTQFDJmDBSFMMMPDPO WJVFMQSPQJFUBSJEFMDPSSFVJDPO UFTUBSDPSSFDUBNFOUMBQSFHVOUB &OFMDBTEF(NBJMÏTVOBNJDB NÏTDPNQMJDBU-BNBKPSJBEF DPNQUFTEF(PPHMFUFOFOVO DPSSFVBMUFSOBUJVBTTPDJBU4J MVTVBSJTPCMJEBMBDPOUSBTFOZB  FMHFTUPSEF(PPHMFFOWJBMFT JOTUSVDDJPOTQFSSFDVQFSBSFM DPSSFV QFSÛDPNRVFÏTQPT TJCMFRVFOPFTEJTQPTJEFDP SSFVBTTPDJBUPTFOIBHJQFSEVU MBDDÏT IJIBUBNCÏMPQDJØEF SFTQPOESFBVOBQSFHVOUBEF TFHVSFUBU&OFMDBTEF(NBJM  QFSÛ MVTVBSJIBEFTQFSBSDJOD EJFTQFSQPEFSGFSMBQFUJDJØEF SFDPSEBSMBDPOUSBTFOZB"NC VOTJTUFNBPBMUSF MB'"$6" DSFVRVFMBSFDVQFSBDJØEVOB DPOUSBTFOZBÏTNBTTBBTTFRVJ CMFQFSBUPUBRVFMMRVFWVMHVJSP CBSVODPSSFV-PSHBOJU[BDJØEF DPOTVNJEPSTDJUBDPNBFYFN QMFFMDBTEFMDBOUBOU%BWJE #JTCBM BRVJRVBUSFQFSTPOFT WBOSPCBSFMDPSSFV&MNÞTJD WBTFSWÓDUJNBEVOBFYUPSTJØB DBOWJEFOPSFWFMBSMBJOGPSNBDJØ QSJWBEBRVFIBWJFOUSFUEFMT TFVTFNBJMT

EFTFSWFJTQFSNFUFOSFDVQFSBS MFTDPOUSBTFOZFT&OFMDBTEF MFTHSBOTHFTUPSFTEFDPSSFV OIJIBQSPVBNCNBSDBSPO WJVTJSFTQPOESFBVOBQSFHVOUB BOPNFOBEBEFTFHVSFUBU1FSÛ TFHPOTMB'"$6" FMTJTUFNB RVFGBOTFSWJSQPUSFQSFTFOUBS VOGPSBUHSFVEFTFHVSFUBU-B QSFHVOUB QFSFYFNQMF QPUTFS FMOPNEFMDPMtMFHJPOWBFTUV EJBSMVTVBSJ FMOPNEFQJMBEF MËWJBNBUFSOBPFMOPNEVOB NBTDPUBPFRVJQ 4ØOEBEFTCJPHSËGJRVFTRVF ÏTNPMUGËDJMRVFBMHÞQVHVJ TBCFS JRVFQFSNFUFOBDDFEJSB DPNQUFTEFDPSSFVEBMUSFTQFS TPOFTTFOTFHBJSFTQSPCMFNFT &OFMDBTEF)PUNBJM FMHFTUPS EF.JDSPTPGU JEFMDPSSFVEF :BIPP QFSQPEFSBQPEFSBSTF

YGDTGEQOCPCFC

',5(&725,LQIRUPÁWLFD */'03.®5*$"

7e&1,&2,1)250É7,&2/$6 +25$66,$'

"%0.*$*-*0103 40-0å

5HSDUDFLRQHVSXQWXDOHV\WRWDOHVDGRPLFLOLR 7DPELpQSURJUDPDGRU:HEHOHFWUyQLFR DQDOLVWD'HVSOD]DPLHQWRV\SUHVXSXHVWRVJUDWLV SDUDVLHPSUH5DIDHO0DUWtQH]

5ÏDOJDPEF3FQBSBDJØOBEPNJDJMJP  TØMPTFDPCSBå QPSBWFSÓB  EVSFMPRVFEVSFMBSFQBSBDJØO

7HO

--«.&/04

(PPHMF&BSUIJFM.VTFVEFM 1SBEPIBOBDUJWBUMBDBQB% EFM.VTFVPOQPESFNBENJSBS BNCVOEFUBMMNBJWJTUQBSUEF MFTPCSFTNFTUSFTEFM.VTFV

"/6/$*"h5

&/"26&45%*3&$503*1&3/0.²4 å 



QBHJOEE













727%DGDORQD




i/FTUJDNPMU TBUJTGFUEFUPU MFRVJQRVF WBJHUFOJSQFS SPEBSi&M $BSSFSEFM.BSw

2VBOEFDJEFJYFTEJSJHJS MBQSJNFSBTÒSJFMPDBMEF #BEBMPOB -B JEFB EVOB UFMFTÒSJF BN CJFOUBEB QSÛ QJBNFOU B MB DJVUBUEF#BEBMPOB FSBVOB JEFBRVFGFJBVOTUSFTPRVB USFBOZTRVFFNSPOEBWBQFM DBQBNJJBVOTRVBOUTBNJDT NÏT 7 B N  E F D J E J S  O P T  S P E B S MFQJTPEJ QJMPU RVF QSFTFO UËSFN BMT EJSFDUJVT EF 5FMF WJTJØ #BEBMPOB RVF FM WBO WFVSFBNCCPOTVMMT-MBWPST EFDJEFJYPGFSNFDËSSFDEFMB EJSFDDJØ EF MB TÒSJF  QFSRVÒ MB UFOJB NPMU DMBSB EFT EVO CPO QSJODJQJ J  TJODFSBNFOU  OPDPOmBWBFODBQQFSTPOB NJMMPSQFSBEJSJHJSMB

4FSHJ#BEBMPOB  EJSFDUPSEFMBTÒSJF &M$BSSFSEFM.BS "RVFTUKPWFBDUPS EJSFDUPS JESBNBUVSHCBEBMPOÓEF BOZTFOQPSUBHBJSFCÏ EFVEFEJDBOUTFBMNØOEF MFTQFDUBDMF4FSHJ#BEBMPOB ÏTMMJDFODJBUFO#FMMFT"SUTJ B NÏT IBFTUVEJBUESBNBUÞSHJB BMB4BMB#FDLFUUJBM*OTUJUVU EFM5FBUSF%PTBOZTEFTQSÏT EFMMJDFODJBSTF QSFODMBTTFT EJOUFSQSFUBDJØBMSFDPOFHVU FTUVEJEBDUPSTEF/BODZ 5V×ØO"MNVOUBMBTFWB QSÛQJBDPNQBOZJBEFUFBUSF MB $JB5FBUSBM4FSHJ#%/ BNC MBRVFWBNVOUBS-"QBSBEPS  UFYUPSJHJOBMEF7JDUÛSJB 4QVO[CFSH JRVFWBFTUSFOBS TFBM5FBUSF1SJODJQBMEFMB OPTUSBDJVUBU"MWFVMB MMVN VOUFYUFTDSJUJEJSJHJU QFMNBUFJY4FSHJ#BEBMPOB  FTUSFOBUBM5FBUSF;PSSJMMBEJOT EFMNBSDi#BEBMPOB&TDFOBw EBRVFMMNBUFJYBOZ < >TFSHJCEOCMPHTQPUDPN 727%DGDORQD

QBHJOEE





FOTGFJFOGBMUB VOTEPU[FTJ GBPOPGB $PNWBSFOUSBOTDPSSFMFT HSBWBDJPOT &N WBJH TPSQSFOESF EF MB SBQJEFTB J EF DPN WBO BOBS MFTHSBWBDJPOTEFMBTÒSJFFO MFT EJGFSFOUT MPDBMJU[BDJPOT EFMBDJVUBU ¾CWJBNFOU  WBO TPSHJSOPT D P N Q M J D B D J P O T  E V S B O U  F M SPEBUHF  QFSÛ RVF MFRVJQ EBDUPSTJEFUÒDOJDTWBOTB CFS TPMVDJPOBS BM NPNFOU /FTUJD NPMU TBUJTGFU EF UPU MFRVJQRVFWBJHUFOJSQFSSP EBS&M$BSSFSEFM.BS 2VJOBÏTMBJNBUHFPFTUÒ UJDB RVF IBT WPMHVU EPOBS BMBTÒSJF )F WPMHVU EPOBSMJ VO iMPPLw KPWFJNPEFSO RVFFYQMJRVÏT FMT QSPCMFNFT EF MB OPTUSB HFOFSBDJØ  DPN BM TFV NP NFOUMJWBOEPOBSBMBTÒSJF 4JUHFT  QFS NJ MB NJMMPS UF MFTÒSJFQSPEVÕEBQFS577P MJBSFDVQFSBSBRVFMMBGSFTDPS FO FMT QFSTPOBUHFT J FO MFT IJTUÛSJFT RVF FMT SPEFHFO 1PSDB.JTÒSJBUBNCÏUÏVOB FTUÒUJDBGPSÎBBQSPYJNBEBBM RVFKPWPMJBGFS

&UTFMEJSFDUPSEFMBTÒSJF  JUBNCÏFMDBQEFHVJPOJT UFT 4Ó$PNKBIFEJUBCBOT UF OJB NPMU DMBS FM DBJSF RVF MJ WPMJB EPOBS B MB TÒSJF  BJYÓ DPNUBNCÏMBSHVNFOUEFMFT IJTUÛSJFTRVFTIJFYQMJRVFO 7BJHEPOBSGPSNBBVOBCÓCMJB BNC RVBUSF P DJOD IJTUÛSJFT QSJODJQBMT "QBSUJSEBRVÓ EFDJEFJYPQP TBS MFTDSJQUVSB EFMT HVJPOT B USFT BNJDT EF DPOGJBOÎB *TBBD#BSEBWJE &SJD3PNFSPJ %BWJE4FSSB&MDFSUÏTRVFOP FOTWBTFSHFOTGËDJMQPTBS OPTEBDPSE QFSÛVODPQWBN SFFTDSJVSFMBUSBNBQSJODJQBM  UPUWBBOBSTPCSFSPEFT

6ODPQBNCFMQSPKFDUF mOBMJU[BU RVJOBWBMPSBDJØ FOGBT -BWBMPSBDJØRVFOFYUSFDÏT RVF QSJODJQBMNFOU ÏTVOQBT FOEBWBOU QFS B MB DJVUBU  KB RVF EFJYBOUBMNBSHF&M$PS EFMBDJVUBU RVFTBNCJFOUB BMCBSSJEF4BOU"OESFV DBQ DJVUBU QPU HBVEJS EVOB UF MFTÒSJFQSÛQJB "SB#BEBMPOBTÓRVFQPUEJS RVF FO UÏ VOB /PNÏT EF QÒOEFMTCBEBMPOJOTJEFMFT JOTUJUVDJPOTRVFUFOJNB#B EBMPOB RVFBRVFTUQSPKFDUF TBDBCJ DPOTPMJEBOU DPN VO SFGFSFOU*BOJWFMMQFSTPOBM  IBFTUBUVOBTBUJTGBDDJØNPMU HSBO &TQFSP RVF UPUIPN MB QVHVJHBVEJS

$PNWBBOBSMBTFMFDDJØ EFMTQFSTPOBUHFTJEFMT BDUPST 5BNCÏWBTFSVOBGFJOBEVSB  FMDËTUJOH%FTEVOCPOQSJO DJQJ WPMJBDPOmBSMJBM+BVNF /BKBSSPFMQBQFSQSJODJQBMEF MB TÒSJF  QFSRVÒ TBCJB RVF QPEJB FTUBSOF B MBMÎBEB %FTQSÏT WBO TPSHJSOF QFS TPOBUHFT RVF OFDFTTJUBWFO TFSTFMFDDJPOBUTQFSDËTUJOH &MDËTUJOHEFMBTÒSJFWBTFS JODSFÕCMF 7BNWFVSFQFSTPOFTFO EPT EJFT J WBJH USJBSOF B MB SFTUB EBDUPST J BDUSJVT RVF 





DFWXDOLWDW

(OFDUUHUGHOPDU

%BWJE3BNPO

< >XXXFMDBSSFSEFMNBSDPN 

             




5hPGFSJNMBNJMMPS UFDOPMPHJBFO #30/;&+"5 3 0 * "-.  13& 6 

$'SBODFTD-BZSFU 5FM '0503&+07&/*.&/5 '"$*"-

å

'050%&1*-"$*»

'*/"/$&. 

MBEFQJMBDJØ BMUFVBCBTU

"JYFMMFTå $BNFTTFODFSFTå "JYFMMFT #SBTJMFSFTå &OHPOBMTCSBTJMFSFTå

13&645"/$"54 5SBDUBNFOUTDPNQMFUT MFTTFTTJPOTRVFOFDFTTJUJT 6UJMJU[FNMB4ZODISP)1EF%FLBBNCUSFTGPOUTMËTFSEF/FPEJOJ:BH JQJTUPMFTEFMMVNQPMTBEBEFONJONEFDN

.ÏTJOGPSNBDJØEFMBNËRVJOBXXXEFLBMBTFSFT

QSPWFTJOEE




TOT Badalona 1359