Política Nacional de Habitação

Ministério
das Cidades
CADERNOS MCIDADES HABITAÇÃO
4

Ministério
das Cidades
4
Política
habitação
nacional de
$"%&3/04 .$*%"%&4 )"#*5"±°0
1PMÓUJDBOBDJPOBMEFIBCJUBÎÍP

3FJNQSFTTÍP
.BJPEF
-INISTÏRIO
DAS#IDADES
$"%&3/04 .$*%"%&4 )"#*5"±°0
"13&4&/5"±°0
"BUVBÎÍPEP.JOJTUÏSJPEBT$JEBEFT EFTEFTVBDSJBÎÍPFN GPJPSJFOUBEB

QFMPDPNQSPNJTTPDPNPQBDUPGFEFSBUJWP UFOEPFNWJTUBBSFMFWÉODJB
EPTHPWFSOPTMPDBJTFEPTBHFOUFTTPDJBJTQBSBSFBMJ[BSEJBHOØTUJDPT EFmOJS
FJNQMFNFOUBSPTQSPHSBNBTIBCJUBDJPOBJT1BSBFOGSFOUBSPTEFTBmPTEPT
QSPCMFNBTVSCBOPT P.JOJTUÏSJPEBT$JEBEFTBNQMJPVPTJOWFTUJNFOUPTOP
TFUPSEBIBCJUBÎÍP EJSFDJPOBOEPPTQSPHSBNBTFYJTUFOUFTËTDBSBDUFSÓTUJDBT
EPEÏmDJUIBCJUBDJPOBMFEFJOGSBFTUSVUVSBVSCBOB
5BNCÏNTPCFTUBQFSTQFDUJWB FN P.JOJTUÏSJPEBT$JEBEFT
JNQMBOUPVP$POTFMIPEBT$JEBEFTFBQSPWPVB1PMÓUJDB/BDJPOBMEF
)BCJUBÎÍP FN0VUSPBWBOÎPJNQPSUBOUFGPJBBQSPWBÎÍPEB-FJ'FEFSBM
RVFDSJBP4JTUFNBFP'VOEP/BDJPOBMEF)BCJUBÎÍPEF*OUFSFTTF
4PDJBM4/)*4'/)*4 DPNPPCKFUJWPEFJOUFHSBSBBUVBÎÍPEPTUSÐTOÓWFJT
HPWFSOBNFOUBJT EFTDFOUSBMJ[BOEP NBTEFGPSNBBSUJDVMBEB BÎÜFTQMBOFKBEBT
FGPOUFTEFmOBODJBNFOUPRVFCVTDBNPUJNJ[BSJOWFTUJNFOUPTWPMUBEPTQBSB
IBCJUBÎÍPEFJOUFSFTTFTPDJBM
0.JOJTUÏSJPEBT$JEBEFTUBNCÏNDPODSFUJ[BVNHSBOEFQBDUPEF
DPOTUSVÎÍPEB1PMÓUJDB/BDJPOBMEF%FTFOWPMWJNFOUP6SCBOPo1/%6
CBTFBEPOBBÎÍPEFNPDSÈUJDB EFTDFOUSBMJ[BEBFDPNQBSUJDJQBÎÍPQPQVMBS
UFOEPDPNPPCKFUJWPDPPSEFOBSFJOUFHSBSJOWFTUJNFOUPTFBÎÜFT
$PNPTVCTÓEJPQBSBPEFCBUFTPCSFB1PMÓUJDB/BDJPOBMEF
%FTFOWPMWJNFOUP6SCBOP BQSFTFOUBNPTVNBTÏSJFEFQVCMJDBÎÜFT
EFOPNJOBEB$BEFSOPT.$JEBEFT"MÏNEPQSFTFOUF$BEFSOPTPCSFPUFNB
EB)BCJUBÎÍP GPSBNFEJUBEPTPTUÓUVMPT1PMÓUJDB/BDJPOBMEF%FTFOWPMWJNFOUP
6SCBOP1BSUJDJQBÎÍPF$POUSPMF4PDJBM1SPHSBNBT6SCBOPT4BOFBNFOUP
5SBOTQPSUFF.PCJMJEBEF6SCBOB5SÉOTJUP$BQBDJUBÎÍPF*OGPSNBÎÍPF
&mDJÐODJB&OFSHÏUJDB
"QBSUJSEFTTBTQVCMJDBÎÜFTQSFUFOEFNPTQSPQJDJBSVNBSFnFYÍP
EFNPDSÈUJDBFQBSUJDJQBUJWBTPCSFPTSVNPTEB1PMÓUJDB6SCBOBOPQBÓT
WJTBOEPËFRàJEBEFFËKVTUJÎBTPDJBMDPNPQMFOPFYFSDÓDJPEBDJEBEBOJB
.BSDJP'PSUFTEF"MNFJEB
.JOJTUSPEF&TUBEPEBT$JEBEFT
$"%&3/04.$*%"%&4)"#*5"±°0
1"$501"3"1"(".&/50%"%¶7*%"40$*"-
#3&7&3&-"50%"53"+&5»3*"%"10-¶5*$")"#*5"$*0/"-
4¶/5&4&%0%*"(/»45*$040#3&"26&45°0)"#*5"$*0/"-
"10-¶5*$"/"$*0/"-%&)"#*5"±°0
04*45&."/"$*0/"-%&)"#*5"±°0
&453"5²(*"4%&*.1-"/5"±°0%"10-¶5*$"&%04*45&."
/"$*0/"-%&)"#*5"±°0
$"%&3/04.$*%"%&4)"#*5"±°0
1"$501"3"1"(".&/50%"%¶7*%"40$*"-
"EÓWJEBTPDJBMBDVNVMBEBOP#SBTJMFNSFMBÎÍPËDBSÐODJBIBCJUBDJPOBMJNQSFTTJPOB4ÍP
NBJTEFTFUFNJMIÜFTEFGBNÓMJBTRVFQSFDJTBNEFNPSBEJBTOPWBT BMÏNEFNJMIÜFT
EFEPNJDÓMJPTDPNQSPCMFNBTEFJOGSBFTUSVUVSBCÈTJDB
"TEFTJHVBMEBEFTTPDJBJTFBDPODFOUSBÎÍPEFSFOEB DBSBDUFSÓTUJDBTEBTPDJFEBEFCSB
TJMFJSB TFNBOJGFTUBNmTJDBNFOUFOPTFTQBÎPTTFHSFHBEPTEBTOPTTBTDJEBEFT/FMBT BT
DBSÐODJBTIBCJUBDJPOBJTDPOTUJUVFN UBMWF[ PNBJPSQSPCMFNBBGBMUBEFNPSBEJBEJHOB
QBSBQPQVMBÎÍPNBJTDBSFOUF RVFSFTQPOEFQPSEPEÏmDJUIBCJUBDJPOBMCSBTJMFJSP
1BSBFOGSFOUBSFTTFRVBESP ÏQSFDJTPNBJTEPRVFSFDVSTPTmOBODFJSPToJNQPSUBOUÓT
TJNPToPVTJNQMFTNFOUFWPOUBEFQPMÓUJDB²OFDFTTÈSJPQMBOFKBS FOGSFOUBSPQSPCMFNB
OPUFNQP FTUBCFMFDFSQBDUPTQBSBBCVTDBEFTPMVÎÜFT
²FYBUBNFOUFOFTTBEJSFUSJ[RVFFTUBNPTBUVBOEP3FUPNBSPQSPDFTTPEFQMBOFKB
NFOUPEPTFUPSIBCJUBDJPOBMFHBSBOUJSOPWBTDPOEJÎÜFTJOTUJUVDJPOBJTQBSBPFOGSFOUB
NFOUPEPQSPCMFNB1BSBFGFUJWBSFTTFDFOÈSJP UFNPTSFBMJ[BEPBÎÜFTQBSBBVNFOUBSPT
SFDVSTPTEJTQPOÓWFJT DPNGPDPOBQPQVMBÎÍPEFNFOPSSFOEB
/PTQSJNFJSPTNFTFTEPBUVBMHPWFSOP BMÏNEFEBSTFRàÐODJBBPQSPDFTTPEF
QSPEVÎÍPIBCJUBDJPOBMFQSPNPWFSBFTUSVUVSBÎÍPEP.JOJTUÏSJP GPJGFJUPVNFTGPSÎPEF
NPCJMJ[BÎÍPQBSBBEJTDVTTÍPEBRVFTUÍPVSCBOBOP#SBTJM3FBMJ[BNPT FNQBSDFSJBDPN
BTPDJFEBEFDJWJMPSHBOJ[BEB BTDPOGFSÐODJBTEBTDJEBEFT DPNBQBSUJDJQBÎÍPEFNBJTEF
NVOJDÓQJPT FNFTUBEPTFP%JTUSJUP'FEFSBM&NPVUVCSPEF GPJSFBMJ[BEB
B$POGFSÐODJB/BDJPOBMEBT$JEBEFT RVFBMÏNEFEFmOJSBTEJSFUSJ[FTQBSBB1PMÓUJDB/B
DJPOBMEF%FTFOWPMWJNFOUP6SCBOPFTFVTDPNQPOFOUFTTFUPSJBJT FMFHFVP$POTFMIP
EBT$JEBEFT IPKFBQSJODJQBMJOTUÉODJBEFEJTDVTTÍPEBTRVFTUÜFTSFMBUJWBTËTDJEBEFT
CSBTJMFJSBT
"1PMÓUJDB/BDJPOBMEF)BCJUBÎÍP BRVJBQSFTFOUBEBQBSBEJTDVTTÍP GPJFMBCPSBEB
EVSBOUFPBOPFNDVSTPFDPOUPVDPNBDPOUSJCVJÎÍPEFEJWFSTPTBUPSFTRVFQBSUJDJQB
SBNEFWÈSJPTTFNJOÈSJPT²QSFDJTPEFTUBDBSPQSPUBHPOJTNPEP$POTFMIPEBT$JEBEFT
FNFTQFDJBMTFV$PNJUÐ5ÏDOJDPEF)BCJUBÎÍP RVFEJTDVUJVBQSPQPTUBFBFOWJPVQBSB
BQSFDJBÎÍPEP$POTFMIP RVFPDPSSFSÈFNEF[FNCSP QBSB FNTFHVJEB TFSFODBNJOIB
EBOBGPSNBEFQSPKFUPEFMFJQBSBP-FHJTMBUJWP
5PNBNPTUBNCÏNDPNPSFGFSÐODJBBMHVNBTQSPQPTUBTRVFUSBUBSBNEPUFNBOPT
ÞMUJNPTBOPT FNQBSUJDVMBS P1SPKFUP.PSBEJB FMBCPSBEPQFMP*OTUJUVUPEB$JEBEBOJB
RVFTFSWJVEFCBTF JODMVTJWF QBSBPQSPHSBNBEFHPWFSOPEP1SFTJEFOUF-VJ[*OÈDJP
-VMBEB4JMWB
/ÍPTFUSBUBEFBQBHBSPQBTTBEP NBTBQSFOEFSNPTDPNFMF TFKBDPNPMFHBEPEF
FYQFSJÐODJBTFYJUPTBT TFKBDPNPTFGFJUPTOFHBUJWPTQBSBBTPDJFEBEFCSBTJMFJSBEFDPS
SFOUFTEBGBMUBEFQSJPSJEBEFQBSBBRVFTUÍPIBCJUBDJPOBM
$"%&3/04.$*%"%&4)"#*5"±°0 "1PMÓUJDB/BDJPOBMEF)BCJUBÎÍPQSFWÐVNBJNQMBOUBÎÍPHSBEVBM"WJBCJMJ[BÎÍPEPT
TFVTJOTUSVNFOUPT SFDVSTPTFQSPHSBNBTEFNBOEBSÍPDFSUPUFNQP QPSJTTP BQSFTFOUB
NPTUBNCÏN OFTUBQVCMJDBÎÍP BMHVOTBTQFDUPTEBFTUSBUÏHJBEFJNQMFNFOUBÎÍPRVF
FNOPTTBBWBMJBÎÍP WÍPHBSBOUJSBTJODSPOJBFOUSFBDPODMVTÍPEPQMBOFKBNFOUPQBSBP
FOGSFOUBNFOUPEPEÏmDJUEPTFUPSFBTBÎÜFTDPODSFUBT
&OUSFUBOUP KÈUFNPTBTDPOEJÎÜFTRVFQFSNJUFNVNBUSBOTJÎÍPSFMBUJWBNFOUFDVSUB
/BWFSUFOUFEBIBCJUBÎÍPEFJOUFSFTTFTPDJBM GPJBQSPWBEP QFMB$ÉNBSBEPT%FQVUBEPT
P4JTUFNBFP'VOEP/BDJPOBMEF)BCJUBÎÍPEF*OUFSFTTF4PDJBMRVFFODPOUSBTF BHPSB
OP4FOBEPQBSBBQSFDJBÎÍP$BTPPQSPKFUPEFMFJTFKBBQSPWBEP TFSÈQPTTÓWFMDPNFÎBS
BUSBCBMIBSOBMØHJDBEPOPWPTJTUFNBFN2VBOUPËIBCJUBÎÍPEFNFSDBEP B-FJ
FB3FTPMVÎÍP$./O EFEFNBSÎPEF SFTVMUBEPEFEJTDVTTÜFT
FOUSFPHPWFSOPFPTWÈSJPTTFUPSFTFOWPMWJEPT DSJBSBNVNBNCJFOUFGBWPSÈWFMQBSBQSP
EVÎÍPIBCJUBDJPOBMBQBSUJSEPQSØYJNPBOP
&NQBSBMFMP BMHVNBTNFEJEBTFTUÍPTFOEPUPNBEBTOBEJSFÎÍPBQPOUBEBQFMBOPWB
1PMÓUJDB/BDJPOBMEF)BCJUBÎÍP0TSFDVSTPTQBSBPTFUPSGPSBNBNQMJBEPTFN
BOPFNRVFP'VOEPEF(BSBOUJBQPS5FNQPEF4FSWJÎP '(54
UFWFVNEPTNBJPSFT
PSÎBNFOUPTEBTVBIJTUØSJB PRVFEFWFSÈPDPSSFSUBNCÏNFN0'VOEPEF%FTFO
WPMWJNFOUP4PDJBM '%4
OÍPJOWFTUJBFNIBCJUBÎÍPEFTEFF BUVBMNFOUF ÏBGPOUF
EFSFDVSTPTQBSBP$SÏEJUP4PMJEÈSJP QSPHSBNBRVFQSFUFOEFSFTHBUBSBQBSUJDJQBÎÍPEF
BTTPDJBÎÜFTFDPPQFSBUJWBTQPQVMBSFTOBQSPEVÎÍPEFIBCJUBÎÍPTPDJBM
0TQSJODJQBJTQSPHSBNBTFYJTUFOUFTGPSBNSFWJTUPTQBSBBQSPYJNÈMPTEBEFNBOEB
QSJPSJUÈSJBFEPQPEFSQÞCMJDPDPNPQBSDFJSPOBTBÎÜFT"MÏNEJTTP CVTDPVTFBNQMJBS
TVBBCSBOHÐODJBEPTQSPKFUPTQBSBB[POBSVSBMBUFOEFOEP JODMVTJWF QPQVMBÎÜFTRVJ
MPNCPMBTFJOEÓHFOBT BMWPTEFBÎÜFTBTFSFNJOUFOTJmDBEBTOPTQSØYJNPTBOPT
1PSPVUSPMBEP UFNPTBHPSBPEFTBmP NBTUBNCÏNBPQPSUVOJEBEF EFFTUBCFMFDFS
VNQBDUPQBSBNFMIPSBSBFmDÈDJBEBTBÎÜFTIBCJUBDJPOBJTFNOPTTP1BÓT²QSFDJTP
TVQFSBSBTJOUFSWFOÎÜFTQPOUVBJT EJTQFSTBTFJTPMBEBTFQBTTBSBBHJSEFGPSNBJOUFHSB
EB GPDBOEPFPUJNJ[BOEPPTJOWFTUJNFOUPTOVNBBÎÍPDPOKVOUBFOUSFPTUSÐTOÓWFJTEF
HPWFSOP BJOJDJBUJWBQSJWBEBFBTPDJFEBEFDJWJM.BTSFTUBBJOEBPVUSPEFTBmP PEFDPO
TFHVJSNPTSFDVSTPTQFSFOFTRVFWJBCJMJ[FNPTJOWFTUJNFOUPTOFDFTTÈSJPTOPBNCJFOUF
NBDSPFDPOÙNJDPRVFWJWFNPT
"KPSOBEBÏMPOHBFQSFDJTBNPT BDVSUPQSB[P FODBSÈMB"QSFTFOUBNPTBRVJBMHVOT
JOTUSVNFOUPTGVOEBNFOUBJTQBSBFYFDVUBSNPTFTTBFNQSFJUBEB

$"%&3/04.$*%"%&4)"#*5"±°0
#3&7&3&-"50%"53"+&5»3*"
%"10-¶5*$")"#*5"$*0/"-
"USBKFUØSJBEBQPMÓUJDBIBCJUBDJPOBMOP1BÓTUFNTJEPNBSDBEBQPSNVEBOÎBTOBDPODFQ
ÎÍPFOPNPEFMPEFJOUFSWFOÎÍPEPQPEFSQÞCMJDPOPTFUPSRVFBJOEBOÍPMPHSPVÐYJUP
FTQFDJBMNFOUFOPRVFTFSFGFSFBPFRVBDJPOBNFOUPEPQSPCMFNBEBNPSBEJBQBSBB
QPQVMBÎÍPEFCBJYBSFOEB
"'VOEBÎÍPEB$BTB1PQVMBS QSJNFJSBQPMÓUJDBOBDJPOBMEFIBCJUBÎÍP DSJBEBFN
SFWFMPVTFJOFmDB[EFWJEPËGBMUBEFSFDVSTPTFËTSFHSBTEFmOBODJBNFOUPFTUBCFMFDJEBT
PRVFDPNQSPNFUFVPTFVEFTFNQFOIPOPBUFOEJNFOUPEBEFNBOEB RVFmDPVSFTUSJUP
BBMHVOT&TUBEPTEBGFEFSBÎÍPFDPNVNBQSPEVÎÍPQPVDPTJHOJmDBUJWBEFVOJEBEFT
0NPEFMPEFQPMÓUJDBIBCJUBDJPOBMJNQMFNFOUBEPBQBSUJSEF QFMP#BODP/B
DJPOBMEF)BCJUBÎÍP #/)
CBTFBWBTFFNVNDPOKVOUPEFDBSBDUFSÓTUJDBTRVFEFJYBSBN
NBSDBTJNQPSUBOUFTOBFTUSVUVSBJOTUJUVDJPOBMFOBDPODFQÎÍPEPNJOBOUFEFQPMÓUJDBIB
CJUBDJPOBMOPTBOPTRVFTFTFHVJSBN&TTBTDBSBDUFSÓTUJDBTQPEFNTFSJEFOUJmDBEBTBQBS
UJSEPTTFHVJOUFTFMFNFOUPTGVOEBNFOUBJTQSJNFJSP BDSJBÎÍPEFVNTJTUFNBEFmOBO
DJBNFOUPRVFQFSNJUJVBDBQUBÎÍPEFSFDVSTPTFTQFDÓmDPTFTVCTJEJBEPT P'VOEPEF
(BSBOUJBEF5FNQPEF4FSWJÎP '(54
FP4JTUFNB#SBTJMFJSPEF1PVQBOÎBF&NQSÏTUJNP
4#1&
RVFDIFHBSBNBBUJOHJSVNNPOUBOUFCBTUBOUFTJHOJmDBUJWPQBSBPJOWFTUJNFOUP
IBCJUBDJPOBM0TFHVOEPFMFNFOUPGPJBDSJBÎÍPFPQFSBDJPOBMJ[BÎÍPEFVNDPOKVOUPEF
QSPHSBNBTRVFFTUBCFMFDFSBN FNOÓWFMDFOUSBM BTEJSFUSJ[FTHFSBJTBTFSFNTFHVJEBT EF
GPSNBEFTDFOUSBMJ[BEB QFMPTØSHÍPTFYFDVUJWPT5FSDFJSP BDSJBÎÍPEFVNBBHFOEBEF
SFEJTUSJCVJÎÍPEPTSFDVSTPT RVFGVODJPOPVQSJODJQBMNFOUFFNOÓWFMSFHJPOBM BQBSUJSEF
DSJUÏSJPTEFmOJEPTDFOUSBMNFOUF& QPSÞMUJNP BDSJBÎÍPEFVNBSFEFEFBHÐODJBT OPT
FTUBEPTEBGFEFSBÎÍP SFTQPOTÈWFJTQFMBPQFSBÎÍPEJSFUBEBTQPMÓUJDBTFGPSUFNFOUFEF
QFOEFOUFTEBTEJSFUSJ[FTFEPTSFDVSTPTFTUBCFMFDJEPTQFMPØSHÍPDFOUSBM
%FTEFPJOÓDJPEBBUVBÎÍPEP#/) WFSJmDPVTFBFYJTUÐODJBEFQSPCMFNBTOPNPEFMP
QSPQPTUP UFOEPP#BODP BPMPOHPEFTVBFYJTUÐODJB FGFUVBEPNVEBOÎBTWJTBOEPDPSSJ
HJSPQFSDVSTPEFTVBTBÎÜFTOPRVF FOUSFUBOUP OÍPGPJCFNTVDFEJEP F QPSOÍPDPO
TFHVJSTVQFSBSBDSJTFEP4JTUFNB'JOBODFJSPEB)BCJUBÎÍP 4')
BDBCPVFYUJOUP
%FOUSFBTDSÓUJDBTGFJUBTBPNPEFMPBQSJNFJSB FDFOUSBMRVBOUPËBUVBÎÍPEP#/)
GPJBJODBQBDJEBEFFNBUFOEFSËQPQVMBÎÍPEFNBJTCBJYBSFOEB PCKFUJWPQSJODJQBMRVF
IBWJBKVTUJmDBEPBTVBDSJBÎÍP0VUSPQPOUPJNQPSUBOUFFSBPNPEFMPJOTUJUVDJPOBMBEP
UBEP DPNGPSUFHSBVEFDFOUSBMJ[BÎÍPFVOJGPSNJ[BÎÍPEBTTPMVÎÜFTOPUFSSJUØSJPOBDJP
OBM"EFTBSUJDVMBÎÍPFOUSFBTBÎÜFTEPTØSHÍPTSFTQPOTÈWFJTQFMBDPOTUSVÎÍPEBTDBTBT
QPQVMBSFTFPTFODBSSFHBEPTEPTTFSWJÎPTVSCBOPTUBNCÏNFSBBQPOUBEB CFNDPNPB
DPOTUSVÎÍPEFHSBOEFTDPOKVOUPTDPNPGPSNBEFCBSBUFBSPDVTUPEBTNPSBEJBT HFSBM
NFOUFGFJUPTFNMPDBJTEJTUBOUFTFTFNJOGSBFTUSVUVSBF QPSÞMUJNP PTFVNPEFMPmOBO
DFJSPRVFTFSFWFMPVJOBEFRVBEPFNVNBFDPOPNJBDPNQSPDFTTPJOnBDJPOÈSJP
$"%&3/04.$*%"%&4)"#*5"±°0 "DSJTFEP4JTUFNB'JOBODFJSPEF)BCJUBÎÍPFBFYUJOÎÍPEP#/)DSJBSBNVNIJBUP
FNSFMBÎÍPËQPMÓUJDBIBCJUBDJPOBMOP1BÓT DPNBEFTBSUJDVMBÎÍPQSPHSFTTJWBEBJOTUÉODJB
GFEFSBM BGSBHNFOUBÎÍPJOTUJUVDJPOBM BQFSEBEFDBQBDJEBEFEFDJTØSJBFBSFEVÎÍPTJHOJ
mDBUJWBEPTSFDVSTPTEJTQPOJCJMJ[BEPTQBSBJOWFTUJNFOUPOBÈSFB
&YUJOUPFNBHPTUPEF BTBUSJCVJÎÜFTEP#/)GPSBNUSBOTGFSJEBTQBSBB$BJYB
&DPOÙNJDB'FEFSBM QFSNBOFDFOEPBÈSFBEFIBCJUBÎÍP OPFOUBOUP WJODVMBEBBP.JOJT
UÏSJPEP%FTFOWPMWJNFOUP6SCBOPF.FJP"NCJFOUF .%6
DVKBDPNQFUÐODJBBCSBOHJB
BTQPMÓUJDBTIBCJUBDJPOBM EFTBOFBNFOUPCÈTJDP EFEFTFOWPMWJNFOUPVSCBOPFEPNFJP
BNCJFOUF FORVBOUPRVFB$BJYBFTUBWBWJODVMBEBBP.JOJTUÏSJPEB'B[FOEB
&NNBSÎPEF P.%6ÏUSBOTGPSNBEPFN.JOJTUÏSJPEB)BCJUBÎÍP 6SCBOJTNPF
.FJP"NCJFOUF .)6
RVFBDVNVMB BMÏNEBTDPNQFUÐODJBTEPBOUJHP.%6 BHFTUÍP
EBTQPMÓUJDBTEFUSBOTQPSUFTVSCBOPTFBJODPSQPSBÎÍPEB$BJYB&DPOÙNJDB'FEFSBM&N
TFUFNCSPEF PDPSSFNOPWBTBMUFSBÎÜFTDSJBTFP.JOJTUÏSJPEB)BCJUBÎÍPFEP
#FN&TUBS4PDJBM .#&4
FNDVKBQBTUBQFSNBOFDFBHFTUÍPEBQPMÓUJDBIBCJUBDJPOBM
$PNB$POTUJUVJÎÍPEFFBSFGPSNBEP&TUBEP PQSPDFTTPEFEFTDFOUSBMJ[BÎÍP
VNEPTQPOUPTQSJODJQBJTEPNPEFMPQSPQPTUP HBOIBCBTFQBSBTFFGFUJWBS%FOUSPEP
QSPDFTTPEFEFTDFOUSBMJ[BÎÍPTFFTUBCFMFDFVNBSFEFmOJÎÍPEFDPNQFUÐODJBT QBTTBO
EPBTFSBUSJCVJÎÍPEPT&TUBEPTF.VOJDÓQJPTBHFTUÍPEPTQSPHSBNBTTPDJBJT FEFOUSF
FMFTPEFIBCJUBÎÍP TFKBQPSJOJDJBUJWBQSØQSJB TFKBQPSBEFTÍPBBMHVNQSPHSBNBQSP
QPTUPQPSPVUSPOÓWFMEFHPWFSOP TFKBQPSJNQPTJÎÍP$POTUJUVDJPOBM
&NNBSÎPEF ÏFYUJOUPP.#&4FDSJBTFB4FDSFUBSJB&TQFDJBMEF)BCJUBÎÍPF
"ÎÍP$PNVOJUÈSJB 4&"$
TPCDPNQFUÐODJBEP.JOJTUÏSJPEP*OUFSJPS"TBUJWJEBEFTm
OBODFJSBTEP4JTUFNB'JOBODFJSPEB)BCJUBÎÍP 4')
FB$BJYB&DPOÙNJDB'FEFSBM $&'

QBTTBNBTFSWJODVMBEBTBP.JOJTUÏSJPEB'B[FOEB
0NPEFMPJOTUJUVDJPOBMBEPUBEPQFMB4&"$QSJWJMFHJBWBBJOJDJBUJWBEF&TUBEPTF.VOJ
DÓQJPT EFJYBOEPEFFTUBCFMFDFSQSJPSJEBEFTBMPDBUJWBT PRVFQFSNJUJVNBJPSBVUPOPNJB
EPTHPWFSOPTFTUBEVBJTFNVOJDJQBJT RVFEFJYBNEFTFSBQFOBTFYFDVUPSFTEBQPMÓUJDB
/PFOUBOUP BVUJMJ[BÎÍPEPTSFDVSTPTEP'(54FNRVBOUJEBEFRVFTVQFSBWBTVBTSFBJT
EJTQPOJCJMJEBEFTmOBODFJSBTBGFUPVBTQPTTJCJMJEBEFTEFFYQBOTÍPEPmOBODJBNFOUPIB
CJUBDJPOBM MFWBOEPBTVBTVTQFOTÍPUFNQPSÈSJB mDBOEPPTQSPHSBNBTOBEFQFOEÐODJB
EFEJTQPOJCJMJEBEFTmOBODFJSBTBGVOEPQFSEJEPEFSFDVSTPTEB6OJÍP
/BFTUFJSBEBPTDJMBÎÍPQPMÓUJDBRVFNBSDPVPQFSÓPEP PTHPWFSOPTFTUBEVBJTFNV
OJDJQBJTUPNBSBNJOJDJBUJWBTOPEFTFOWPMWJNFOUPEFBÎÜFTMPDBJT DPNFMFWBEPHSBVEF
BVUPmOBODJBNFOUP FCBTFBEBTFNNPEFMPTBMUFSOBUJWPT EFTUBDBOEPTFFOUSFFMFTPT
QSPHSBNBTEFVSCBOJ[BÎÍPFSFHVMBSJ[BÎÍPEFGBWFMBTFEFMPUFBNFOUPTQFSJGÏSJDPT
&N PHPWFSOP'FEFSBMDPMPDPVDPNPQSJPSJEBEFBDPODMVTÍPEBTPCSBTJOJDJBEBTOB
HFTUÍPBOUFSJPSFMBOÎBPTQSPHSBNBT)BCJUBS#SBTJMF.PSBS.VOJDÓQJP DPNSFDVSTPTPSJVO
EPTEP0SÎBNFOUP(FSBMEB6OJÍPFEP*NQPTUP1SPWJTØSJPTPCSF.PWJNFOUBÎÜFT'JOBODFJ
SBT *1.'
/PFOUBOUP PNPOUBOUFEFJOWFTUJNFOUPTSFBMJ[BEPTmDPVBRVÏNEBTFYQFDUBUJ
WBT DPNPDPOTFRàÐODJBEPDPOUJOHFODJBNFOUPEFSFDVSTPTJNQPTUPQFMP1MBOP3FBM
&NÏSFBMJ[BEBVNBSFGPSNBOPTFUPSEBQPMÓUJDBIBCJUBDJPOBM DPNBFYUJOÎÍPEP
.JOJTUÏSJPEP#FN&TUBS4PDJBMFBDSJBÎÍPEB4FDSFUBSJBEF1PMÓUJDB6SCBOB 4&163#
OP
ÉNCJUPEP.JOJTUÏSJPEP1MBOFKBNFOUPF0SÎBNFOUP .10
FTGFSBRVFmDBSJBSFTQPOTÈ

$"%&3/04.$*%"%&4)"#*5"±°0
WFMQFMBGPSNVMBÎÍPFJNQMFNFOUBÎÍPEB1PMÓUJDB/BDJPOBMEF)BCJUBÎÍP&NCPSBUFOIB
NPTUSBEP EFJOÓDJP JOUFOÎÜFTSFGPSNBEPSBT BBÎÍPEB4&163#DBSBDUFSJ[PVTFQPSVNB
SFUSBÎÍPEPTFUPSJOTUJUVDJPOBM
7FSJmDBTF FOUÍP VNBDPOUÓOVBSFEVÎÍPEPTRVBESPTUÏDOJDPTFVNBQFSEBEFDBQB
DJEBEFEFGPSNVMBÎÍP RVFWBJTFBQSPGVOEBOEPBPMPOHPEPUFNQP"USBOTGPSNBÎÍP
EB4&163#FN4FDSFUBSJB&TQFDJBMEF%FTFOWPMWJNFOUP6SCBOP 4&%6
OÍPUSPVYFNV
EBOÎBTTJHOJmDBUJWBTOFTTFQSPDFTTP QFSTJTUJOEPBEFTBSUJDVMBÎÍPJOTUJUVDJPOBMFBQFSEB
EFQSPHSFTTJWBEFDBQBDJEBEFEFJOUFSWFOÎÍP"TÈSFBTEBIBCJUBÎÍPFEPEFTFOWPMWJ
NFOUPVSCBOPQFSNBOFDFNTFNDPOUBSDPNSFDVSTPTmOBODFJSPTFYQSFTTJWPTFTFN
DBQBDJEBEFJOTUJUVDJPOBMEFHFTUÍP OPQMBOPGFEFSBM
/FTTFQFSÓPEP GPSBNDSJBEBTOPWBTMJOIBTEFmOBODJBNFOUP UPNBOEPDPNPCBTF
QSPKFUPTEFJOJDJBUJWBEPTHPWFSOPTFTUBEVBJTFNVOJDJQBJT DPNTVBDPODFTTÍPFTUBCFMF
DJEBBQBSUJSEFVNDPOKVOUPEFDSJUÏSJPTUÏDOJDPTEFQSPKFUPF BJOEB BQBSUJSEBTVBDB
QBDJEBEFEFQBHBNFOUP/PFOUBOUP GPJJNQPTUBTJHOJmDBUJWBSFTUSJÎÍPBPmOBODJBNFO
UPEPTFUPSQÞCMJDPQBSBBSFBMJ[BÎÍPEFFNQSÏTUJNPTIBCJUBDJPOBJT TFKBQFMBSFTUSJÎÍP
EPTBQPSUFTEFSFDVSTPTEP0SÎBNFOUP(FSBMEB6OJÍP 0(6
TFKBQFMPJNQFEJNFOUPEB
VUJMJ[BÎÍPEPTSFDVSTPT'(54QBSBFTTFmN*TTPSFTUSJOHJVQSJODJQBMNFOUFBTQPTTJCJMJEB
EFTEFmOBODJBNFOUPGFEFSBMËSFHVMBSJ[BÎÍPFVSCBOJ[BÎÍPEFBTTFOUBNFOUPTQSFDÈSJPT
KÈRVFPTQSPHSBNBTEFPGFSUBEFOPWBTVOJEBEFTIBCJUBDJPOBJTQVEFSBNTFSWJBCJMJ[B
EPTQPSNFJPEFmOBODJBNFOUPEPTFUPSQSJWBEP DPNPPDPSSFOPÉNCJUPEP1SPHSBNB
EF"SSFOEBNFOUP3FTJEFODJBM 1"3
PVQPSNFJPEFFNQSÏTUJNPTJOEJWJEVBJT DPNPP
1SPHSBNB$BSUBEF$SÏEJUP
1PSVNMBEP BNQMJBSBNTFBTDPOEJÎÜFTEFBVUPOPNJBFEFJOJDJBUJWBMPDBJT FTUBEV
BJTPVNVOJDJQBJT
OBEFmOJÎÍPEFBHFOEBTFJNQMFNFOUBÎÍPEFQPMÓUJDBTF QPSPVUSP
SFTUSJOHJVTFPBDFTTPBSFDVSTPT&NCPSBQSFNJEBTQFMBFTDBTTF[EFSFDVSTPT BTJOJDJBUJ
WBTFNQSPHSBNBTIBCJUBDJPOBJTQPSQBSUFEFBENJOJTUSBÎÜFTNVOJDJQBJTEJTTFNJOBSBN
TFBQBSUJSEPmOBMEPTBOPT FHBOIBSBNNBJPSMFHJUJNJEBEFOBNFEJEBFNRVFGP
SBNUBNCÏNBQPJBEBTQFMBTOPWBTQPMÓUJDBTEFmOBODJBNFOUPBEPUBEBTQPSPSHBOJTNPT
JOUFSOBDJPOBJTEFGPNFOUP
4FKBQFMBSFEFmOJÎÍPJOTUJUVDJPOBMBDFOUVBEBNFOUFNVOJDJQBMJTUBQSPNPWJEBQFMB
OPWB$POTUJUVJÎÍPEF TFKBQFMBJOJDJBUJWBEPTOPWPTHPWFSOPTNVOJDJQBJTFMFJUPTOB
EÏDBEBEF PV BJOEB DPNPSFnFYPEBEFTBSUJDVMBÎÍPJOTUJUVDJPOBMEPTTJTUFNBTFT
UBEVBJTEFIBCJUBÎÍPFEBSFUSBÎÍPFGSBHJMJEBEFEBTQPMÓUJDBTGFEFSBJT IPVWFVNFGFUJWP
QSPDFTTPEFEFTDFOUSBMJ[BÎÍPFNVOJDJQBMJ[BÎÍPEBTQPMÓUJDBTIBCJUBDJPOBJT BQBSUJSEF
NFBEPTEPTBOPT
&TTFQSPDFTTPSFTTBMUBBQPUFODJBMJEBEFEBHFTUÍPNVOJDJQBMFNBNQMJBSBFmDÈDJB B
FmDJÐODJBFBEFNPDSBUJ[BÎÍPEBTQPMÓUJDBT"HFTUÍPNVOJDJQBMUFSJB BJOEB BWJSUVEFEF
TFSPOÓWFMEFHPWFSOPRVFQFSNJUJSJBVNBNBJPSJOUFHSBÎÍPFOUSFBTQPMÓUJDBTEFQSPWJ
TÍPEFNPSBEJBTFBTQPMÓUJDBTGVOEJÈSJBFEFDPOUSPMFEPVTPFPDVQBÎÍPEPTPMP PRVF
BNQMJBSJBNBJTTVBTQPTTJCJMJEBEFTEFFmDÈDJBFmDJÐODJB/PFOUBOUP BJEFPMPHJBNVOJDJ
QBMJTUBRVFQBTTBBEPNJOBSJNQPSUBOUFTTFUPSFTJOUFMFDUVBJTFQPMÓUJDPT EFDFSUBGPSNB
BKVEPVBEFTWJBSPGPDPEPQSPDFTTPEFEFTBSUJDVMBÎÍPJOTUJUVDJPOBMRVFDBSBDUFSJ[PVP
TFUPSIBCJUBDJPOBMOFTTFQFSÓPEP
$"%&3/04.$*%"%&4)"#*5"±°0 %FGBUP PRVFPDPSSFVOPTFUPSIBCJUBDJPOBMGPJNBJTGSVUPEFVNBEFTDFOUSBMJ[BÎÍP
QPSBVTÐODJB TFNVNBSFQBSUJÎÍPDMBSBFJOTUJUVDJPOBMJ[BEBEFDPNQFUÐODJBTFSFTQPO
TBCJMJEBEFT TFNRVFPHPWFSOPGFEFSBMEFmOJTTFJODFOUJWPTFBMPDBTTFSFDVSTPTTJHOJm
DBUJWPTQBSBRVFPTHPWFSOPTEPTFTUBEPTFNVOJDÓQJPTQVEFTTFNPGFSFDFSQSPHSBNBT
IBCJUBDJPOBJTEFGÙMFHPQBSBFOGSFOUBSPQSPCMFNB
0HPWFSOPGFEFSBMNBOUFWFVNTJTUFNBDFOUSBMJ[BEP DPNMJOIBTEFDSÏEJUPTPCTFV
DPOUSPMF TFNVNBQPMÓUJDBEFmOJEBQBSBJODFOUJWBSFBSUJDVMBSBTBÎÜFTEPT&TUBEPTF
.VOJDÓQJPTOPTFUPSEFIBCJUBÎÍP0RVFTFPCTFSWBOFTTFQFSÓPEPÏBEFTBSUJDVMBÎÍP
JOTUJUVDJPOBMPVBUÏNFTNPBFYUJOÎÍPEFWÈSJBT$PNQBOIJBTEF)BCJUBÎÍP $0)"#

FTUBEVBJTFBEFQFOEÐODJBRVBTFDPNQMFUBEPTSFDVSTPTGFEFSBJTQFMPTHPWFSOPTQBSBP
FOGSFOUBNFOUPEPTQSPCMFNBTIBCJUBDJPOBJT WFSJmDBOEPTF JODMVTJWF RVBTFPVOFOIV
NBQSJPSJ[BÎÍPQPSQBSUFEFNVJUPT&TUBEPTËRVFTUÍPIBCJUBDJPOBM
0HPWFSOPEPQSFTJEFOUF-VJ[*OÈDJP-VMBEB4JMWB FN DPNFÎBBJNQMFNFOUBS
NVEBOÎBTOFTTFRVBESPDPNBDSJBÎÍPEP.JOJTUÏSJPEBT$JEBEFT RVFQBTTBBTFSPØS
HÍPSFTQPOTÈWFMQFMB1PMÓUJDBEF%FTFOWPMWJNFOUP6SCBOPF EFOUSPEFMB QFMB1PMÓUJDB
4FUPSJBMEF)BCJUBÎÍP*OUFHSBNP.JOJTUÏSJPEBT$JEBEFTB4FDSFUBSJB/BDJPOBMEF)BCJ
UBÎÍP B4FDSFUBSJB/BDJPOBMEF1SPHSBNBT6SCBOPT B4FDSFUBSJB/BDJPOBMEF4BOFBNFO
UP"NCJFOUBMFB4FDSFUBSJB/BDJPOBMEF5SBOTQPSUFF.PCJMJEBEF6SCBOB
"1PMÓUJDBEF)BCJUBÎÍPTFJOTDSFWFEFOUSPEBDPODFQÎÍPEFEFTFOWPMWJNFOUPVSCBOP
JOUFHSBEP OPRVBMBIBCJUBÎÍPOÍPTFSFTUSJOHFBDBTB JODPSQPSBPEJSFJUPËJOGSBFTUSV
UVSB TBOFBNFOUPBNCJFOUBM NPCJMJEBEFFUSBOTQPSUFDPMFUJWP FRVJQBNFOUPTFTFSWJÎPT
VSCBOPTFTPDJBJT CVTDBOEPHBSBOUJSEJSFJUPËDJEBEF
%FOUSPEFVNNPEFMPQBSUJDJQBUJWPFEFNPDSÈUJDPRVFSFDPOIFDFBQBSUJDJQBÎÍPOBT
QPMÓUJDBTQÞCMJDBTDPNPEJSFJUPEPTDJEBEÍPT P.JOJTUÏSJP FN BSUJDVMPVBSFBMJ[B
ÎÍPEBT$POGFSÐODJBTNVOJDJQBJT SFHJPOBJTFFTUBEVBJTEBTDJEBEFT RVFDPOUPVDPNB
QBSUJDJQBÎÍPEFBNQMPTTFHNFOUPTEBQPQVMBÎÍP FNDFSDBEFNVOJDÓQJPT/FT
TBT$POGFSÐODJBTGPSBNEFCBUJEPTPTQSPCMFNBTEBTDJEBEFTFBQSFTFOUBEBTTVHFTUÜFT
WJTBOEPBFMBCPSBÎÍPEBTQPMÓUJDBTBTFSFNBEPUBEBTQFMP.JOJTUÏSJPEBT$JEBEFT&N
PVUVCSPEFGPJSFBMJ[BEBB$POGFSÐODJB/BDJPOBMEBT$JEBEFT EBRVBMSFTVMUPVB
DSJBÎÍPEP$POTFMIPEBT$JEBEFTFBBQSPWBÎÍPEBTEJSFUSJ[FTQBSBOPWB1PMÓUJDB/BDJP
OBMEF%FTFOWPMWJNFOUP6SCBOP
0$POTFMIPEBT$JEBEFT DPNNFNCSPTUJUVMBSFT SFQSFTFOUBOEPPTEJWFSTPTTFH
NFOUPTEBTPDJFEBEFFEPQPEFSQÞCMJDP UFNDPNPmOBMJEBEFBTTFTTPSBS FTUVEBSFQSP
QPSEJSFUSJ[FTQBSBBFYFDVÎÍPEBQPMÓUJDBVSCBOBOBDJPOBM5PEBTBTBÎÜFTRVFTFQSFUFOEF
JNQMFNFOUBSOP.JOJTUÏSJPTÍPBQSFTFOUBEBTQBSBEJTDVTTÍPFEFMJCFSBÎÍPBRVBUSP$PNJ
UÐT5ÏDOJDPTRVFDPNQÜFNP$POTFMIPEBT$JEBEFT)BCJUBÎÍP 1MBOFKBNFOUP5FSSJUPSJBM
6SCBOP 4BOFBNFOUP"NCJFOUBM F5SBOTQPSUFF.PCJMJEBEF6SCBOBPOEFTÍPBQSFTFOUB
EBTQBSBEJTDVTTÍPFEFMJCFSBÎÍPBÎÜFTRVFTFQSFUFOEFJNQMFNFOUBSOP.JOJTUÏSJP
$PNPGSVUPEFTTFQSPDFTTPÏBRVJBQSFTFOUBEBBQSPQPTUBEBOPWB1PMÓUJDB/BDJPOBM
EF)BCJUBÎÍP JODPSQPSBOEPPDPOKVOUPEFSFDPNFOEBÎÜFTDPOTFOTVBEBTFNTVBTMJ
OIBTHFSBJT OP$POTFMIPEBT$JEBEFT FNFTQFDJBMOP$PNJUÐ5ÏDOJDPEF)BCJUBÎÍP0
$POTFMIPEBT$JEBEFTGBSÈTVBBQSFDJBÎÍPmOBMFNEF[FNCSPQSØYJNP
0EPDVNFOUPTFJOJDJBDPNVNBTÓOUFTFEPEJBHOØTUJDPEBRVFTUÍPIBCJUBDJPOBMOP

$"%&3/04.$*%"%&4)"#*5"±°0
1BÓT OPRVBMTÍPBQPOUBEPTPTQSJODJQBJTQSPCMFNBTFYJTUFOUFTFBTEJTUPSÎÜFTEPNP
EFMPJOTUJUVDJPOBMFmOBODFJSPFNWJHPS DVKBBOÈMJTFTFSWJVEFTVQPSUFËFMBCPSBÎÍPEB
1PMÓUJDB/BDJPOBMEF)BCJUBÎÍP 1/)
RVFWFNBTFHVJS/FMBTÍPFYQPTUPTPTQSJODÓQJPT
PTPCKFUJWPTHFSBJTFBTEJSFUSJ[FTRVFBPSJFOUBN CFNDPNPBEFTDSJÎÍPEFTFVTDPN
QPOFOUFTFJOTUSVNFOUPT BMÏNEFFTUSBUÏHJBTQBSBWJBCJMJ[BSBNFUBQSJODJQBMEBQPMÓUJDB
RVFÏQSPNPWFSBTDPOEJÎÜFTEFBDFTTPËNPSBEJBEJHOB VSCBOJ[BEBFJOUFHSBEBËDJEB
EF BUPEPTPTTFHNFOUPTEBQPQVMBÎÍPF FNFTQFDJBM QBSBBQPQVMBÎÍPEFCBJYBSFOEB
&NTFHVJEBÏEFUBMIBEPP4JTUFNB/BDJPOBMEF)BCJUBÎÍP 4/)
RVFTFDPOTUJUVJOP
EFTFOIPJOTUJUVDJPOBMEB1PMÓUJDB0OPWPTJTUFNBUFSÈRVFTFSJNQMBOUBEPQSPHSFTTJWB
NFOUFVNBWF[RVFEFQFOEFEBBEFTÍPEF&TUBEPT %JTUSJUP'FEFSBMF.VOJDÓQJPTFEB
BQSPWBÎÍPEPNBSDPSFHVMBUØSJPRVFPTVTUFOUB"PNFTNPUFNQPÏOFDFTTÈSJPRVFTF
SFBMJ[FNBÎÜFTDPODSFUBTRVFSFTVMUFNOBNVEBOÎBEPRVBESPBUVBMOBEJSFÎÍPEPRVF
QSPQÜFBOPWB1PMÓUJDB4ÍPBÎÜFTRVFQPEFNTFWJBCJMJ[BSDPNBTNVEBOÎBTQPOUVBJTKÈ
FNDVSTP FRVFKÈJOUFSGFSFNOBSFBMJEBEF/FTTFTFOUJEP PÞMUJNPDBQÓUVMPEFTUFEPDV
NFOUPBQSFTFOUBVNBFTUSBUÏHJBEFUSBOTJÎÍPQBSBPOPWP4JTUFNB
$"%&3/04.$*%"%&4)"#*5"±°0
4ÓOUFTFEPEJBHOØTUJDP
TPCSFBRVFTUÍPIBCJUBDJPOBM
$"%&3/04.$*%"%&4)"#*5"±°0
/FTUFDBQÓUVMPQSFUFOEFTF BJOEBRVFEFGPS NJMIÜFTOBTÈSFBTVSCBOBTF NJMIÜFTOBT
NBTVDJOUB MFWBOUBSPTQSJODJQBJTBTQFDUPTEB ÈSFBTSVSBJT"NBJPSQBSDFMBEBOFDFTTJEBEF
RVFTUÍPIBCJUBDJPOBM4ÍPBTQFDUPTRVFBQPO IBCJUBDJPOBMDPODFOUSBTFOPTFTUBEPTEP
UBNPTEFTBmPTBTFSFNFOGSFOUBEPTQFMB1PMÓ 4VEFTUF
FEP/PSEFTUF
SF
UJDB/BDJPOBMEB)BCJUBÎÍP HJÜFTRVFBHSFHBNBNBJPSJBEBQPQVMBÎÍP
%JBHOØTUJDPTSFBMJ[BEPTTPCSFBTJUVBÎÍP VSCBOBEPQBÓT
IBCJUBDJPOBMEP#SBTJM BQBSUJSEFEBEPTEP "TOFDFTTJEBEFTIBCJUBDJPOBJT RVBOUJUB
$FOTP%FNPHSÈmDPEFFEB1FTRVJTBEF UJWBTFRVBMJUBUJWBT DPODFOUSBNTFDBEB
*OGPSNBÎÜFT.VOJDJQBJTEF EP*OTUJUVUP WF[NBJTOBTÈSFBTVSCBOBTFOBTGBJYBT
#SBTJMFJSPEF&TUBUÓTUJDBF(FPHSBmB *#(&
NBJTCBJYBTEFSFOEBEBQPQVMBÎÍPFFTUÍP
DPOTUJUVÓSBNVNBEBTGPOUFTEFJEFOUJmDBÎÍP MPDBMJ[BEBT QSJODJQBMNFOUF OBT3FHJÜFT
EPTQSPCMFNBT SFGFSJOEPTFBNBJPSJBEBTJO .FUSPQPMJUBOBT&N EPEÏmDJU
GPSNBÎÜFTËTJUVBÎÍPFYJTUFOUFOPQBÓTOPBOP IBCJUBDJPOBMVSCBOPEP1BÓTDPSSFTQPOEJBN
EF BGBNÓMJBTDPNSFOEBEFBUÏDJODPTBMÈSJPT
/FTUBTÓOUFTFPTQSPCMFNBTTÍPBQSFTFO NÓOJNPT
UBEPTDPOTJEFSBOEPBRVFMFTSFMBDJPOBEPTBP 0EÏmDJURVBOUJUBUJWPUFNTFBNQMJBEPOBT
EÏmDJURVBOUJUBUJWPFRVBMJUBUJWPoRVFEFm GBJYBTEFSFOEBEFBUÏTBMÈSJPTNÓOJNPT
OFNBTOFDFTTJEBEFTIBCJUBDJPOBJToFPTEF GFOÙNFOPRVFTFWFSJmDBFNUPEBTBTSFHJ
DPSSFOUFTEPNPEFMPJOTUJUVDJPOBMFmOBODFJSP ÜFTEP1BÓT QSJODJQBMNFOUFOBTNFUSPQPMJ
FNWJHPS QPSNFJPEPRVBMWFNTFEBOEPB UBOBT FSFQSFTFOUBDFSDBEF NJMIÜFTEF
JNQMFNFOUBÎÍPEPTQSPHSBNBTIBCJUBDJPOBJT NPSBEJBT"PNFTNPUFNQPPCTFSWBTF
OP1BÓT VNBDFSUBSFUSBÎÍPOBTGBJYBTBDJNBEF
TBMÈSJPTNÓOJNPT DVKPEÏmDJUDPSSFTQPOEJB
B EPUPUBMFNFFNQBTTB
"26&45°0%")"#*5"±°0
QBSB
"RVBMJEBEFEPFTUPRVFFYJTUFOUFÏPVUSP
%ÏGJDJUIBCJUBDJPOBMRVBOUJUBUJWP
QSPCMFNBBTFSFOGSFOUBEP²FYQSFTTJWPP
FRVBMJUBUJWP
OÞNFSPEFVOJEBEFTIBCJUBDJPOBJTVSCBOBT
/P#SBTJM NJMIÜFTEFGBNÓMJBTFTUÍPFY DPNBMHVNUJQPEFDBSÐODJBEFQBESÍP
DMVÓEBTEPBDFTTPËNPSBEJBEJHOB"OF DPOTUSVUJWP TJUVBÎÍPGVOEJÈSJB BDFTTPBPT
DFTTJEBEFRVBOUJUBUJWBDPSSFTQPOEFB TFSWJÎPTFFRVJQBNFOUPTVSCBOPT FOUSF
NJMIÜFTEFOPWBTNPSBEJBT EBTRVBJT PVUSPT PRVFSFWFMBBFTDBTTBBSUJDVMBÎÍP
EPTQSPHSBNBTIBCJUBDJPOBJTDPNBQPMÓUJDB
.JOJTUÏSJPEBT$JEBEFT%JBHOØTUJDPEBTDPOEJ EFEFTFOWPMWJNFOUPVSCBOP DPNPBQPMÓ
ÎÜFTIBCJUBDJPOBJT EBQPMÓUJDBIBCJUBDJPOBMFEBT UJDBGVOEJÈSJB BEFJOGSBFTUSVUVSBVSCBOBF
BÎÜFTJOTUJUVDJPOBJTEBQPMÓUJDBIBCJUBDJPOBMSFBMJ TBOFBNFOUPBNCJFOUBM
[BEBOP#SBTJM1PMÓUJDB/BDJPOBMEF)BCJUBÎÍP1SP
"BVTÐODJBEFJOGSBFTUSVUVSBVSCBOBF
HSBNB)BCJUBS#SBTJMo#*% 1SPKFUP#3"

#SBTÓMJB *#(&1FTRVJTBEF*OGPSNBÎÜFT.VOJ TBOFBNFOUPBNCJFOUBMÏPNBJPSQSPCMFNB
DJQBJT3JPEF+BOFJSP 4FDSFUBSJB&TQFDJBMEF FFOWPMWF NJMIÜFTEFNPSBEJBT PV
%FTFOWPMWJNFOUP6SCBOP'+1%ÏmDJU)BCJUBDJPOBM TFKB EPUPUBMEFEPNJDÓMJPTVSCBOPT
#SBTJM#FMP)PSJ[POUF'+1 .JOJTUÏSJP
EBT$JEBEFT%ÏmDJU)BCJUBDJPOBMOP#SBTJM.VOJ
'POUF1FTRVJTB/BDJPOBMQPS"NPTUSBHFNEF
DÓQJPTTFMFDJPOBEPTFNJDSPSSFHJÜFTHFPHSÈmDBT
#FMP)PSJ[POUF'+1 OPWFNCSP %PNJDÓMJPT 1/"%

$"%&3/04.$*%"%&4)"#*5"±°0 EVSÈWFJTEP1BÓTUÐNQFMPNFOPTVNB FNWJSUVEFEBEFQSFDJBÎÍP5SBUBTFEF
DBSÐODJBEFJOGSBFTUSVUVSB ÈHVB FTHPUP VNQSPCMFNBIBCJUBDJPOBMFVSCBOPSFDFO
DPMFUBEFMJYPFFOFSHJBFMÏUSJDB
TFOEP UFFRVFEFWFSÈTFBHSBWBSOPTQSØYJNPT
OBTGBJYBTEFSFOEBEFBUÏTBMÈSJPT BOPT QPJTHSBOEFQBSUFEPFTUPRVFEF
NÓOJNPT/BSFHJÍP/PSEFTUFFYJTUFNBJT EPNJDÓMJPTVSCBOPTGPJDPOTUSVÓEBBQBSUJS
EF NJMIÜFTEFNPSBEJBTDPNFTTFUJQP EBEÏDBEBEF"TSFHJÜFT4VEFTUFF/PS
EFEFmDJÐODJB PRVFSFQSFTFOUBDFSDBEF EFTUFDPODFOUSBNBNBJPSJBEPTEPNJDÓMJPT
EPUPUBMEP#SBTJM EFQSFDJBEPT SFTQFDUJWBNFOUFF
/P#SBTJMRVBTFBNFUBEFEBQPQVMBÎÍP VOJEBEFT PVTFKB EPUPUBM
NJMIÜFTEFQFTTPBT
OÍPÏBUFOEJEBQPSTJT "TOFDFTTJEBEFTRVBMJUBUJWBTTFEJGFSFODJBN
UFNBTEFFTHPUPTNJMIÜFTEFDJEBEÍPT FOUSFBTSFHJÜFTEP1BÓT/P/PSUF /PSEFT

DBSFDFNEFTFSWJÎPTEFÈHVBQPUÈWFM/BT UFF$FOUSP0FTUF NBJTEFEPTEP
ÈSFBTSVSBJT NBJTEFEBTNPSBEJBTOÍP NJDÓMJPTVSCBOPTQFSNBOFOUFTUÐNBMHVN
TÍPTFSWJEBTQPSSFEFTHFSBJTEFBCBTUFDJ UJQPEFDBSÐODJBEFJOGSBFTUSVUVSBVSCBOB
NFOUPEFÈHVBFRVBTFEPTFTHPUPT FTBOFBNFOUPBNCJFOUBM QPSDFOUBHFN
EFUPEPPQBÓTTÍPMBOÎBEPT TFNUSBUBNFO RVFEJNJOVJQBSBOP4VEFTUF POEFP
UP EJSFUBNFOUFOPTNBOBODJBJTEFÈHVB BEFOTBNFOUPFYDFTTJWPFBEFQSFDJBÎÍP
&TTFDPOKVOUPEFEFmDJÐODJBTFTUÈQSFTFOUF TÍPFYQSFTTJWPT
OPTCPMTÜFTEFQPCSF[BEBTHSBOEFT
DJEBEFT FTQFDJBMNFOUFOBTSFHJÜFT/PSUFF
"RVFTUÍPGVOEJÈSJB
/PSEFTUF
0TFSWJÎPEFDPMFUBEFMJYPOÍPBUFOEFB "RVFTUÍPGVOEJÈSJBDBVTBJNQBDUPUBOUP
NJMIÜFTEFCSBTJMFJSPT/PTNVOJDÓQJPT OPQSPDFTTPEFFYQBOTÍPEFBTTFOUBNFO
EFHSBOEFFNÏEJPQPSUF PTJTUFNBDPO UPTQSFDÈSJPTDPNPOBQSPEVÎÍPIBCJUBDJP
WFODJPOBMEFDPMFUBQPEFSJBBUJOHJSUPEB OBM FTFSFMBDJPOBEFGPSNBEJSFUBËQPMÓUJDB
BQSPEVÎÍPEJÈSJBEFSFTÓEVPTTØMJEPT EFQMBOFKBNFOUPUFSSJUPSJBMFHFTUÍPEP
DPOUVEPOÍPBUFOEFBEFRVBEBNFOUFBPT TPMPVSCBOP
NPSBEPSFTEBTGBWFMBT EBTPDVQBÎÜFTF "TTJUVBÎÜFTEFJSSFHVMBSJEBEFGVOEJÈSJBTÍP
EPTMPUFBNFOUPTQPQVMBSFT EFWJEPËQSF EJWFSTBTFFOWPMWFNPDVQBÎÜFTEFUFSSFOPT

DBSJFEBEFEBJOGSBFTUSVUVSBWJÈSJBOBRVFMBT QÞCMJDPTPVQSJWBEPT MPUFBNFOUPTRVFOÍP
MPDBMJEBEFT QBTTBSBNQPSQSPDFTTPTEFBQSPWBÎÍPQPS
0BEFOTBNFOUPFYDFTTJWP NBJTEFUSÐT QBSUFEPTØSHÍPTQÞCMJDPT FUBNCÏNFTUÍP
QFTTPBTQPSDÙNPEP
FTUÈQSFTFOUFFN QSFTFOUFTFNCPBQBSUFEPTBTTFOUBNFOUPT
NBJTEF NJMIÜFTEFEPNJDÓMJPTVS OP1BÓT
CBOPT FÏGPSUFNFOUFDPODFOUSBEPOB %FBDPSEPDPNB1FTRVJTBEF*OGPSNBÎÜFT
3FHJÍP4VEFTUF RVFBHSFHB EPT .VOJDJQBJTEP*#(& FN UPEBTBT
EPNJDÓMJPTDPNFTTFUJQPEFJOBEFRVB DJEBEFTDPNNBJTEFIBCJUBOUFT
ÎÍP HSBOEFQBSUFEFMFOPFTUBEPEF4ÍP BQSFTFOUBWBNÈSFBTJSSFHVMBSFT&NCPSBB
1BVMP DPN
EPUPUBMFDPN QSPCBCJMJEBEFEBFYJTUÐODJBEFTTBTJSSFHVMB

FNTVBTUSÐT3FHJÜFT.F
USPQPMJUBOBT %PNJDÓMJPTEFQSFDJBEPToNPSBEJBTFEJmDBEBTIÈ
&TUJNBTFRVFVOJEBEFTBQSFTFO NBJTEFBOPTFRVFOFDFTTJUBNTFSSFGPSNBEBT
UBNDPOEJÎÜFTJOBEFRVBEBTEFNPSBEJB PVSFBCJMJUBEBT

$"%&3/04.$*%"%&4)"#*5"±°0
SJEBEFTBVNFOUFDPNBFTDBMBEBTDJEBEFT 04&37*±0%&$0-&5"%&-*90/°0"5&/%&"
QFMPNFOPTEBTDJEBEFTDPNNFOPT .*-)¿&4%&#3"4*-&*304/04.6/*$¶1*04%&
EFIBCJUBOUFTUJOIBNGBWFMBT MPUFB (3"/%&&.²%*01035& 04*45&."$0/7&/$*0/"-
NFOUPTJSSFHVMBSFTPVDMBOEFTUJOPT %&$0-&5"10%&3*""5*/(*350%""130%6±°0
&TUJNBTFRVFDFSDBEF NJMIÜFTEBT %*«3*"%&3&4¶%6044»-*%04 $0/56%0/°0
DBTBTFDÙNPEPTVSCBOPT OP#SBTJM FO "5&/%&"%&26"%".&/5&"04.03"%03&4%"4
DPOUSBNTFFNTJUVBÎÍPEFJOBEFRVBÎÍP '"7&-"4 %"40$61"±¿&4&%04-05&".&/504
GVOEJÈSJB PRVFSFQSFTFOUB EPUPUBM
1016-"3&4 %&7*%0®13&$"3*&%"%&%"*/'3"ʰ
QFSDFOUVBMRVFTFFMFWBQBSB OPUPUBM
&4536563"7*«3*"/"26&-"4-0$"-*%"%&4
EBT3FHJÜFT.FUSPQPMJUBOBT²JNQPSUBOUF
SFTTBMUBSRVFBGPSNBEFDPMFUBEFTTBJOGPS NJUFWÈSJBTGPSNBTEFBDFTTPËQSPQSJFEBEF
NBÎÍPOP$FOTPTVCFTUJNBBSFBMJEBEFF FTQFDJBMNFOUFBQØTB$POTUJUVJÎÍPEF
RVFPTEBEPTBRVJFYQSFTTBN BQFOBT VNB FP&TUBUVUPEB$JEBEF RVFJOTDSFWFSBNP
QBSUFEFTTFVOJWFSTP EJSFJUPËNPSBEJB FTQFDJBMNFOUFQBSBPT
"BVTÐODJBEFVNBQPMÓUJDBGVOEJÈSJBBEF TFUPSFTEFCBJYBSFOEB DPNPVNEPTGVO
RVBEBGPJUBNCÏNSFTQPOTÈWFMQFMBNÈ EBNFOUPTEBGVOÎÍPTPDJBMEBDJEBEFFEB
MPDBMJ[BÎÍPEFDPOKVOUPTIBCJUBDJPOBJTQP QSPQSJFEBEF
OÍPGPSBNUPUBMNFOUFJODPS
QVMBSFT QFMPBVNFOUPFTQFDVMBUJWPEPQSF QPSBEPTËTQSÈUJDBTBENJOJTUSBUJWBTEPT.V
ÎPEPTUFSSFOPTVSCBOPTTJUVBEPTFNÈSFBT OJDÓQJPT &TUBEPT %JTUSJUP'FEFSBMF6OJÍP F
EFFYQBOTÍP DPOUSJCVJOEPQBSBBHSBWBS OPQPTJDJPOBNFOUPEPQPEFSKVEJDJÈSJPFN
BTDPOEJÎÜFTIBCJUBDJPOBJTEBTGBNÓMJBTEF QSPDFTTPTEFSFHVMBSJ[BÎÍP
CBJYBSFOEBFQBSBFTUJNVMBSPTMPUFBNFO "SFHVMBSJ[BÎÍPGVOEJÈSJBEPTBTTFOUBNFO
UPTDMBOEFTUJOPTFBGPSNBÎÍPEFGBWFMBT UPT NFTNPBRVFMFTRVFQSFFODIFNBT

0QMBOFKBNFOUPVSCBOP BHFTUÍPEPTPMP DPOEJÎÜFTFYJHJEBTQFMBMFJ UFNTJEPNP
FBSFHVMBÎÍPVSCBOÓTUJDB OBNBJPSQBSUF SPTB EJGÓDJMFSBSBNFOUFDIFHBBPSFHJTUSP
EBTHSBOEFTDJEBEFTCSBTJMFJSBT IJTUPSJDB mOBMEPTUÓUVMPTFNDBSUØSJPFJOTDSJÎÍPOPT
NFOUFFTUJWFSBNNVJUPNBJTWPMUBEPTQBSB DBEBTUSPTEBDJEBEF*TTPTFEFWFBPGBUP
PNFSDBEPEBTDMBTTFTNÏEJBTFJOUFSFTTFT EFRVFPTQSPDFEJNFOUPTTÍPDPNQMFYPT
EPTNÏEJPTFHSBOEFTFNQSFFOEFEPSFT EP FOWPMWFOEPEJWFSTBTJOTUJUVJÎÜFT DBSUØSJPT
RVFQBSBPNFSDBEPEFCBJYBSFOEB PRVF QPEFSKVEJDJÈSJP FOUFTGFEFSBUJWPT
FBJO
DPOUSJCVJVQBSBPQSPDFTTPEFTFHSFHBÎÍP UFSWFOÎÍPEFWÈSJPTBUPSFTRVFEFWFSJBN
VSCBOBFBFYDMVTÍPUFSSJUPSJBMEBQPQVMB DPOKVHBSTFVTSFTQFDUJWPTJOUFSFTTFTQBSB
ÎÍPEFCBJYBSFOEB DPOWFSHJSBPNFTNPPCKFUJWP
*OTUSVNFOUPTVSCBOPTDPNP1MBOPT%JSF
UPSFT-PDBJT BTTJNDPNPHSBOEFTNBSDPT
%PNJDÓMJPTWBHPT
MFHBJT -FJO
OÍPGPSBNDBQB[FT
EFBVNFOUBSBPGFSUBEFTPMPVSCBOJ[BEP "PMPOHPEPTBOPT BEJOÉNJDBEPQSPDFTTP
QBSBPTNFSDBEPTEFCBJYBSFOEB PRVF EFPDVQBÎÍPEPTPMPVSCBOP FNNVJUBT
UFNDPOUSJCVÓEPQBSBPDSFTDJNFOUPEPT DJEBEFTEP1BÓT MFWPVËDPOTUJUVJÎÍPEFOP
BTTFOUBNFOUPTQSFDÈSJPTFMPUFBNFOUPT WPTCBJSSPTFDFOUSBMJEBEFTHFSBOEP BMÏNEB
DMBOEFTUJOPT FYQBOTÍPIPSJ[POUBMFEBGSPOUFJSBVSCBOB BP
0EJSFJUPËNPSBEJBFËQSPQSJFEBEFHBSBO QBVMBUJOPFTWB[JBNFOUPEPTDFOUSPTUSBEJDJP
UJEPTQFMBPSEFNKVSÓEJDBEP1BÓT RVFBE OBJTRVFQFSEFSBNQPQVMBÎÍPFBUJWJEBEFT
$"%&3/04.$*%"%&4)"#*5"±°0 0OÞNFSPEFEPNJDÓMJPTVSCBOPTWBHPT BDFTTPËNPSBEJBoUFNEJmDVMUBEPPDP
OP1BÓTWFNDSFTDFOEP&OUSFF OIFDJNFOUPEFTTBSFBMJEBEF
IPVWFVNBVNFOUPEF&N 0DSFTDJNFOUPEFBMVHVFMEFDÙNPEPTFN

IBWJB NJMIÜFTEFEPNJDÓMJPTVSCBOPT GBWFMBTNBJTDPOTPMJEBEBTFFNÈSFBTQFSJGÏSJ

WBHPT EPTRVBJTNJMIÜFTFNJMTJUV DBTÏPVUSPGFOÙNFOPRVFUFNTFJOUFOTJmDB
BEPTFNBHMPNFSBEPTNFUSPQPMJUBOPT EP DPOUSJCVJOEPQBSBPBEFOTBNFOUPEFTTFT
FTQFDJBMNFOUFOBTÈSFBTDFOUSBJT F BTTFOUBNFOUPT"QFTBSEFTTFGFOÙNFOPEF
NJMIÜFTOB[POBSVSBM/BT3FHJÜFT.FUSP NPOTUSBS QPSVNMBEP BMHVNBDBQBDJEBEF
QPMJUBOBTEP4VEFTUFPTJNØWFJTWBHPTTÍP EFQBHBNFOUPEFVNBQBSDFMBEBQPQVMBÎÍP
FNOÞNFSPTTVQFSJPSFTËTOFDFTTJEBEFT EFCBJYBSFOEB QPSPVUSPFMFFYQÜFVNB
IBCJUBDJPOBJT DFSUBJSSBDJPOBMJEBEFEPNFSDBEPEFMPDBÎÍP
"JOEBRVFOÍPTFUFOIBJOGPSNBÎÜFTRVB RVFOÍPTFEFNPOTUSPVFmDB[FNFRVJMJCSBS
MJmDBEBT ÏFWJEFOUFRVFFTTFTJNØWFJTOÍP BPGFSUB SFQSFTFOUBEBQFMPTJNØWFJTWBHPT

FTUÍP OFDFTTBSJBNFOUF BKVTUBEPTËEF DPNBEFNBOEBNBJTOFDFTTJUBEB
NBOEBIBCJUBDJPOBMUBOUPOPRVFTFSFGFSF
ËTVBBEFRVBÎÍPQBSBNPSBEJB DPNPQBSB
1MBOFKBNFOUPUFSSJUPSJBM NPCJMJEBEF
BUFOEJNFOUPBPTHSVQPTTPDJBJTNBJTDBSFO
FUSBOTQPSUFVSCBOP
UFT DPNCBJYPTSFOEJNFOUPT OPTRVBJTTF
DPODFOUSBPNBJPSEÏmDJUIBCJUBDJPOBM "GSBHNFOUBÎÍPEPFTQBÎPVSCBOP PDPO
UÓOVPDSFTDJNFOUPFBEFOTBNFOUPEBQFSJ
GFSJBFPBQSPGVOEBNFOUPEBTFHSFHBÎÍPF
-PDBÎÍPEFJNØWFJT
FYDMVTÍPTØDJPUFSSJUPSJBMTÍPBTQSJODJQBJT
/P#SBTJM OBTÈSFBTVSCBOBT BQSPYJNBEB DBSBDUFSÓTUJDBTEPQSPDFTTPEFVSCBOJ[B
NFOUFNJMIÜFTEFQFTTPBTNPSBNFN ÎÍPCSBTJMFJSP&TTFQSPDFTTPQPTTVJÓOUJNB
JNØWFJTBMVHBEPT PRVFSFQSFTFOUBEP SFMBÎÍPDPNPNFSDBEPJNPCJMJÈSJPGPSNBM
UPUBMEFEPNJDÓMJPTFYJTUFOUFT FJOGPSNBM DVKBEJOÉNJDBQSJWBUJ[BBSFOEB
0ÙOVTFYDFTTJWPDPNPBMVHVFM RVF GVOEJÈSJBHFSBEBDPMFUJWBNFOUFFPDBTJPOB
DPNQSPNFUFPVNBJTEPSFOEJNFOUP BGPSNBÎÍPEFOÞDMFPTRVFOÍPTFBSUJDV
EBTGBNÓMJBTVSCBOBT ÏVNEPTQSJODJQBJT MBNDPNBNBMIBVSCBOBFYJTUFOUF QSPEV
QSPCMFNBTEBMPDBÎÍPQBSBmOTEFNPSBEJB [JOEPFOPSNFTÈSFBTWB[JBTOPJOUFSJPSEP
&N IBWJB NJMIÜFTEFGBNÓMJBTDPN FTQBÎPVSCBOP&NDFSUPTDBTPT BQSPEV
SFOEJNFOUPTEFBUÏUSÐTTBMÈSJPTNÓOJNPT ÎÍPIBCJUBDJPOBMQFMPQPEFSQÞCMJDPSFQSP
OFTTBTJUVBÎÍP EV[FTTFQBESÍPTFHSFHBUJWPFFYDMVEFOUF
"BVTÐODJBEFJOGPSNBÎÜFTBCSBOHFOUFTF EFVSCBOJ[BÎÍPQFSJGÏSJDB BQSPGVOEBOEPBT
TJTUFNBUJ[BEBT EFÉNCJUPOBDJPOBM TPCSF EFTJHVBMEBEFTTØDJPUFSSJUPSJBJT
BTDBSBDUFSÓTUJDBTEPTEPNJDÓMJPTFEBQP &TTFNPEFMPEFQSPEVÎÍPFSFQSPEVÎÍPEBT

QVMBÎÍPSFTJEFOUFFNDPSUJÎPToIBCJUBÎÍP DJEBEFTCSBTJMFJSBTQSPWPDBJOÞNFSBTEJTGVO
DPMFUJWBEFBMVHVFMVUJMJ[BEBFTQFDJBMNFOUF ÎÜFTFEFTFDPOPNJBT/BTHSBOEFTDJEBEFT
QFMBQPQVMBÎÍPEFCBJYBSFOEBQBSBUFS VNBEBTQSJODJQBJTEJTGVOÎÜFTSFWFMBTFOP
DBNQPEBNPCJMJEBEFVSCBOB"GPSNBVS
4ÍPDPOTJEFSBEBTBT3FHJÜFT.FUSPQPMJUBOBT CBOBSFTVMUBOUFEFTTFNPEFMPÏSFTQPOTÈWFM
MFHBMNFOUFDPOTUJUVÓEBTFN FB3FHJÍP*OUF QPSFOPSNFTQSFTTÜFTTPCSFPTJTUFNBEF
HSBEBEF%FTFOWPMWJNFOUPEP%JTUSJUP'FEFSBM DJSDVMBÎÍPVSCBOB/PDBTPEPUSBOTQPSUF

$"%&3/04.$*%"%&4)"#*5"±°0
DPMFUJWPIÈVNNBJPSDVTUPEBTWJBHFOT
DPNPNBJPSHBTUPEFUFNQPFNFOPTBDFT
TPBPTJTUFNB EFWJEPBPFTQBMIBNFOUPF
EFTBHSFHBÎÍPEBÈSFBVSCBOJ[BEB/PDBTP
EPUSBOTQPSUFJOEJWJEVBMIÈNBJPSQSFTTÍP
TPCSFPQPEFSQÞCMJDPQBSBRVFSFGPSDF
DPOUJOVBNFOUFPTJOWFTUJNFOUPTOPTJTUFNB
SPEPWJÈSJPFNEFUSJNFOUPEBTGPSNBTNBJT
JODMVEFOUFTEFQSPEVÎÍPEPFTQBÎPVSCBOP
$PNPSFTVMUBEPIÈQJPSBOBTDPOEJÎÜFTEF
NPCJMJEBEFVSCBOBDPNQSPNFUFOEPBRVB
0TMJNJUFTEBSFHVMBÎÍPVSCBOÓTUJDBOÍP
MJEBEFEFWJEBEPTIBCJUBOUFT
BMDBOÎBNBTEFNBOEBTQPSUFSSBVSCBOJ[BEB
%FVNBNBOFJSBHFSBM BTQSÈUJDBTEFSFHV
MBÎÍPVSCBOÓTUJDBOÍPUÐNQSPNPWJEPBSUJ "DPOTFRàÐODJBNBJTHSBWFEFTTBEJTTPDJB
DVMBÎÜFTJOUFSTFUPSJBTDBQB[FTEFFOGSFOUBS ÎÍPBQBSFDFOBEJTUÉODJBFOUSFBSFHVMBÎÍP
PTEFTBmPTEBJODMVTÍPTØDJPUFSSJUPSJBMF VSCBOÓTUJDBFBVSCBOJ[BÎÍPSFBM0TMJNJUFT
PTQSPCMFNBTJOUSBVSCBOPTBQPOUBEPTBO EBSFHVMBÎÍPVSCBOÓTUJDBOÍPBMDBOÎBNBT
UFSJPSNFOUF"GBMUBEFUSBOTQBSÐODJBFBV EFNBOEBTQPSUFSSBGPSNBMNFOUFVSCBOJ[B
TÐODJBEFDPOUSPMFTPDJBMOBFMBCPSBÎÍPEF EB QSJODJQBMNFOUFEBQPQVMBÎÍPEFCBJYB
QMBOPTFOBBQMJDBÎÍPEBMFHJTMBÎÍPEFVTP SFOEB QSPEV[JOEPBTFYUFOTBTDJEBEFTJO
PDVQBÎÍPFQBSDFMBNFOUPEPTPMPUPSOBN GPSNBJTRVFTFDPMPDBNDPNPBMUFSOBUJWBT
FTTBTQSÈUJDBTBJOEBNBJTGSÈHFJT5BJTGSBHJ EFQSPWJTÍPIBCJUBDJPOBMQBSBBQPQVMBÎÍP
MJEBEFTSFTUSJOHFNBQBSUJDJQBÎÍPEFWÈSJPT RVFWJWFEFTUJUVÓEBEFTFVTEJSFJUPTTPDJBJT
TFHNFOUPTEBTPDJFEBEF QSJODJQBMNFOUF CÈTJDPT FTQFDJBMNFOUFEFTFVEJSFJUPË
EPTTFUPSFTQPQVMBSFT OPTBTTVOUPTSFMBDJP DJEBEF
OBEPTDPNBQSPEVÎÍPFBQSPQSJBÎÍPEPT
UFSSJUØSJPTVSCBOPT
"TTFOUBNFOUPTQSFDÈSJPT
0VUSPQSPCMFNBHFOFSBMJ[BEPOBTQSÈUJDBT
DPSSFOUFTEFSFHVMBÎÍPVSCBOÓTUJDBÏB 0TMJNJUFTFTUSVUVSBJTEPNFSDBEPEFNPSB
EJTTPDJBÎÍPFOUSFPTQSPDFTTPTEFQMBOFKB EJBTQBSBPGFSUBEFIBCJUBÎÜFTFNOÞNFSP
NFOUPFHFTUÍPUFSSJUPSJBJT&TTBEJTTPDJB TVmDJFOUF DPNRVBMJEBEFFMPDBMJ[BÎÍP
ÎÍPTFQBSBBTQSPQPTUBTEFJOUFSWFOÎÜFT BEFRVBEBTTPCPTBTQFDUPTBNCJFOUBMF
UFSSJUPSJBJTEPTQSPDFTTPTDPUJEJBOPTEF TPDJBM DPNCJOBEPTDPNBBVTÐODJBEFQP
OFHPDJBÎÍP BOÈMJTFFFODBNJOIBNFOUPEF MÓUJDBTQÞCMJDBTRVFUFOIBNDPNPPCKFUJWP
EFDJTÜFTRVFJOUFSGFSFNEJSFUBNFOUFOPT BNQMJBSPBDFTTPËUFSSBVSCBOJ[BEB UÐN
TFOUJEPTEBVSCBOJ[BÎÍPCSBTJMFJSB0SF MFWBEPVNDPOUJOHFOUFFYQSFTTJWPEBQP
TVMUBEPBNQMBNFOUFDPOIFDJEPEFTTBEJT QVMBÎÍPCSBTJMFJSBBWJWFSFNBTTFOUBNFO
TPDJBÎÍP DPNCJOBEBDPNBUSBEJÎÍPBOUJ UPTQSFDÈSJPTNBSDBEPTQFMBJOBEFRVBÎÍP
EFNPDSÈUJDBNFODJPOBEBBOUFSJPSNFOUF EFTVBTIBCJUBÎÜFTFQFMBJSSFHVMBSJEBEFOP
ÏBFMBCPSBÎÍPEFQMBOPTVSCBOÓTUJDPTRVF BDFTTPËUFSSB DPNQSPNFUFOEPBRVBMJEB
OVODBTÍPJNQMFNFOUBEPTPV RVBOEPTÍP EFEFWJEBEBQPQVMBÎÍPFQSPWPDBOEPB
DPMPDBEPTFNQSÈUJDB TPGSFNBCSFWJBÎÜFTF EFHSBEBÎÍPBNCJFOUBMFUFSSJUPSJBMEFQBSUF
HSBWFTEJTUPSÎÜFT TVCTUBOUJWBEBTDJEBEFT
$"%&3/04.$*%"%&4)"#*5"±°0 "ÞOJDBFTUBUÓTUJDBFYJTUFOUFTPCSFGBWFMBT EFOPWBTPQPSUVOJEBEFTIBCJUBDJPOBJTOÍP
DPNBCSBOHÐODJBOBDJPOBM ÏBEFTFOWPMWJ BQFOBTUPSOBNJOFmDB[FTBTQPMÓUJDBTEF
EBQFMP*#(&QBSBPTDIBNBEPTBHMPNFSB SFHVMBSJ[BÎÍPFVSCBOJ[BÎÍP DPNPFTUJNV
EPTTVCOPSNBJT EFOPNJOBÎÍPFNQSFTUBEB MBNBPDVQBÎÍPEFUFSSBTFBPGFSUBEFMPUFT
ËTGBWFMBTFTJNJMBSFTDVKBNFUPEPMPHJBEF JSSFHVMBSFT QPJTBQSFDBSJFEBEFFBJSSFHV
DPMFUBEPTEBEPTHFSBEJTUPSÎÜFT"PNFT MBSJEBEFDPOUJOVBSÍPBDSFTDFS DPOUBOEP
NPUFNQP MPUFBNFOUPT DPSUJÎPTFDPOKVO DPNBGVUVSBSFHVMBSJ[BÎÍPVSCBOJ[BÎÍP
UPTJSSFHVMBSFTFEFUFSJPSBEPT RVFUBNCÏN QPSQBSUFEPQPEFSQÞCMJDP0TDVTUPTEFT
SFQSFTFOUBNGPSNBTEFQSFDBSJ[BÎÍP OÍP TBTTPMVÎÜFTUFOEFNBTFSDSFTDFOUFT DPN
TÍPDPOTJEFSBEPTOBQFTRVJTBEP$FOTP TPMVÎÜFTEFCBJYBRVBMJEBEFBNCJFOUBMF
PRVFJNQFEFPDPOIFDJNFOUPFNEBEPT IBCJUBDJPOBM HFSBOEP JODMVTJWF iPOEBTwEF
QSFDJTPTEFTTBSFBMJEBEF VSCBOJ[BÎÍPRVFTFBQMJDBNTPCSFPTNFT
"TUBYBTEFDSFTDJNFOUPEPTEPNJDÓMJPT NPTBTTFOUBNFOUPT
GBWFMBEPTTVQFSBN FNVJUP BTUBYBTEF
DSFTDJNFOUPEPTEPNJDÓMJPTUPUBJTOP1BÓT
0.0%&-0*/45*56$*0/"-
&OUSFF FORVBOUPBUBYBEFDSFT
'*/"/$&*30&0.&3$"%0
DJNFOUPEPNJDJMJBSGPJEF BEFEPNJ
*.0#*-*«3*0
DÓMJPTFNGBWFMBTGPJEF BPBOP&OUSF
FIPVWFVNBVNFOUPEF 0TEFTFOIPTJOTUJUVDJPOBJTBUÏFOUÍPBEPUB
NJM
EPOÞNFSPEFEPNJDÓMJPTFNGB EPTOÍPGPSBNDBQB[FTEFQSPNPWFSQPMÓUJ
WFMBTFOUSFFPBVNFOUPGPJEF DBTIBCJUBDJPOBJTFmDB[FTOP#SBTJM
NJM
%FBDPSEPDPNP*#(& FN "JNQMFNFOUBÎÍPÏDPOGVTB EJTQFSTBF
IBWJBOP#SBTJMGBWFMBTDPNVN BSFBMJ[BÎÍPEFQSPHSBNBTIBCJUBDJPOBJT
UPUBMEFEPNJDÓMJPT UFNTFEBEPNVJUPNBJTQFMBJOJDJBUJWBEF
0DSFTDJNFOUPEBTGBWFMBTFMPUFBNFOUPT BMHVOTBHFOUFTQSPNPUPSFTEPRVFQFMP
JSSFHVMBSFTEFNPOTUSBDMBSBNFOUFRVFB JODFOUJWPEFVNBQPMÓUJDBOBDJPOBMEFIB
QSPEVÎÍPJOGPSNBMEFNPSBEJBTQSFDÈSJBT CJUBÎÍP
FNBTTFOUBNFOUPTJMFHBJTUFNTJEPBGPSNB ²DPNVNBEJWJTÍPEFDPNQFUÐODJBTEF
IFHFNÙOJDBEFiTPMVÎÍPwBEPUBEBQFMB RVFNMJEBDPNBRVFTUÍPIBCJUBDJPOBMF
QSØQSJBQPQVMBÎÍPOBTGBJYBTEFNBJTCBJYB EFRVFNDVJEBEPQMBOFKBNFOUPUFSSJUPSJBM
SFOEB FSFWFMBPCBJYPBMDBODFEBTQPMÓUJDBT FDPOUSPMFEPVTPEPTPMP OPÉNCJUPEPT
QÞCMJDBTJNQMFNFOUBEBTBPMPOHPEFEÏDB NVOJDÓQJPTEFHSBOEFQPSUF HFSBOEPHSB
EBTFNRVFPEÏmDJUWFNTFBWPMVNBOEP WFTQSPCMFNBTEFEFTBSUJDVMBÎÍPFEFTWJO
"EFHSBEBÎÍPQSPWPDBEBQFMBGBMUBEFNB DVMBÎÍPFOUSFEFDJTÜFTEFQPMÓUJDBTTFUPSJBJT
OVUFOÎÍPEFDPOKVOUPTIBCJUBDJPOBJTDPOT FEBUFSSJUPSJBM
USVÓEPTBQBSUJSEBEÏDBEBEFÏGFOÙNF "T3FHJÜFT.FUSPQPMJUBOBT BQFTBSEFDPO
OPRVFBTTVNFQSPQPSÎÜFTTJHOJmDBUJWBT DFOUSBSFNHSBOEFQBSUFEBQPCSF[B EBT

FNBMHVNBTDJEBEFT DBSÐODJBTIBCJUBDJPOBJTFEFQSPCMFNBT
"BVTÐODJBEFQPMÓUJDBTFDPOEJÎÜFTmOBO SFMBUJWPTBPEFTFOWPMWJNFOUPVSCBOPOP
DFJSBTFJOTUJUVDJPOBJTRVFBNQMJFNBPGFSUB 1BÓT OÍPQPTTVFNJOTUÉODJBJOTUJUVDJPOBM
RVFBSUJDVMFEFDJTÜFTEPHPWFSOPEPT&TUB
'POUF*OTUJUVUP#SBTJMFJSPEF(FPHSBmBF&TUBUÓTUJ EPTFEPT.VOJDÓQJPT PRVFSFTVMUBSJBFN
DB *#(&
$FOTP%FNPHSÈmDP QPMÓUJDBTDPOKVOUBT FNNFUBTFPCKFUJWPT

$"%&3/04.$*%"%&4)"#*5"±°0
DPNVOTEFEFTFOWPMWJNFOUPFFOGSFOUB ÐODJBEFOPSNBUJ[BÎÍPSFMBUJWBBNBUFSJBJT
NFOUPEBTRVFTUÜFTEFTTBTÈSFBT EFDPOTUSVÎÍP PCBJYPOÓWFMEFJOEVTUSJBMJ
0BSSBOKPJOTUJUVDJPOBM DPOmHVSBEPBQØTB [BÎÍPEPTQSPDFTTPTDPOTUSVUJWPTFPEFT
FYUJOÎÍPEP#BODP/BDJPOBMEB)BCJUBÎÍP DPOIFDJNFOUP QFMPDPOTVNJEPSmOBM EPT
#/)
EFDSFUPMFJO QBTTPVB SFRVJTJUPTOFDFTTÈSJPTQBSBVNBIBCJUBÎÍP
BUSJCVJSBP$POTFMIP.POFUÈSJP/BDJPOBM BEFRVBEBTÍPBMHVOTEPTQSPCMFNBTRVF
$./
BGVOÎÍPEFPSJFOUBS EJTDJQMJOBS EJmDVMUBNVNBNBJPSRVBMJEBEFOBQSPEV
FDPOUSPMBSP4JTUFNB'JOBODFJSPEB)B ÎÍPIBCJUBDJPOBMCSBTJMFJSB
CJUBÎÍP 4')
PRVFWFNQSPWPDBOEPB "TBQMJDBÎÜFTEPTSFDVSTPTEP'VOEPEF
BQMJDBÎÍPJOBEFRVBEBEPTSFDVSTPTEP4JT (BSBOUJBQPS5FNQPEF4FSWJÎP UÐNTJEP
UFNB#SBTJMFJSPEF1PVQBOÎBF&NQSÏTUJNP EFUFSNJOBEBTQFMBEFNBOEBFOÍPQFMB
4#1&
JTUPÏ PTSFDVSTPTEBT$BEFSOFUBTEF EJTUSJCVJÎÍPPSÎBNFOUÈSJBEFBDPSEPDPN
1PVQBOÎBFEPT'VOEPT)BCJUBDJPOBJTEF PQFSmMEPEÏmDJU BQMJDBOEPEPTSF
"QPJP CFNDPNPEPTBHFOUFTmOBODFJSPT DVSTPTOPBUFOEJNFOUPËQPQVMBÎÍPDPN
FEP4') TÍPBQMMJDBEPTEFGPSNBEJWPSDJB SFOEBBDJNBEPTTBMÈSJPTNÓOJNPT
EBEPØSHÍPEFUFOUPSEBDPNQFUÐODJBEF 0QSJODJQBMQSPHSBNBJNQMFNFOUBEPDPN
EFmOJSFJNQMFNFOUBSB1PMÓUJDB/BDJPOBMEF SFDVSTPTEP'(54ÏPEB$BSUBEF$SÏEJUP
)BCJUBÎÍP *OEJWJEVBM DPNGPSUFDPODFOUSBÎÍPOB
"P#BODP$FOUSBMEP#SBTJM #"$&/
GPJBUSJ BRVJTJÎÍPEFJNØWFMVTBEP FNWBMPSHMPCBM
CVÓEBBDPNQFUÐODJBEFmTDBMJ[BSPGVODJP DPOUSBUBEP
FOPmOBODJBNFOUPEFNBUFSJBM
OBNFOUPFPTBHFOUFTJOUFHSBOUFTEP4') EFDPOTUSVÎÍP FNOÞNFSPEFDPOUSBUPT

PRVFBCSBOHFBTFOUJEBEFTmOBODFJSBTF &NBNCPTVNUSBÎPDPNVNBFYDFTTJWB
OÍPmOBODFJSBT&OUSFUBOUP BmTDBMJ[BÎÍP QVMWFSJ[BÎÍPEBTBQMJDBÎÜFT
OÍPWFNPDPSSFOEPEFGPSNBTBUJTGBUØSJB 0QPEFSQÞCMJDPUFNUJEPVNBCBJYBDBQB
QPJTUFNTJEPSFTUSJUBËTFOUJEBEFTmOBODFJ DJEBEFEFJOWFTUJNFOUP SFDVSTPTTVCTJEJB
SBT DBQUBEPSBTEFSFDVSTPT EPT
FNIBCJUBÎÍPQPQVMBS PRVFEJmDVMUB
0NFSDBEPJNPCJMJÈSJPCSBTJMFJSPOÍPUFN PBDFTTPEBQPQVMBÎÍPEFCBJYBSFOEBBP
TJEPDBQB[EFBNQMJBSBPGFSUBEFNPSBEJB DSÏEJUPIBCJUBDJPOBM
NFTNPQBSBPTTFHNFOUPTEFSFOEBNÏ "SJHJEF[OBDPODFTTÍPEPDSÏEJUP BVUJMJ
EJB%PUPUBMEF NJMIÜFTEFVOJEBEFT [BÎÍPEFDSJUÏSJPTDPOTFSWBEPSFTOBBOÈMJTF
FNQSFFOEJEBT OPQFSÓPEPEFB EFSJTDP BBVTÐODJBEFVNBQPMÓUJDBEF
BQFOBTNJMGPSBNQSPNPWJEBTQFMB
JOJDJBUJWBQÞCMJDBPVQSJWBEBOP#SBTJM"T 0'VOEPEF(BSBOUJBQPS5FNQPEF4FSWJÎP
PVUSBTNJMIÜFTFNJMVOJEBEFTGPSBN '(54
DSJBEPFN ÏDPNQPTUPQPSDPOUBT
DPOTUSVÓEBTQPSJOJDJBUJWBEBQSØQSJBQPQV WJODVMBEBTFNOPNFEPTUSBCBMIBEPSFT OBTRVBJT
MBÎÍP PVTFKB DFSDBEFEBQSPEVÎÍP BTFNQSFTBTEFQPTJUBNNFOTBMNFOUFWBMPSFRVJ
WBMFOUFB EBTSFNVOFSBÎÜFTRVFMIFTTÍP
EFNPSBEJBOPQBÓTFTUÈGPSBEPNFSDBEP
QBHBTPVEFWJEBT0'VOEPDPOTUJUVJTFFNVN
GPSNBM QFDÞMJPRVFÏEJTQPOJCJMJ[BEPRVBOEPEBBQPTFO
"QSFTFOÎBNBDJÎBEFNÍPEFPCSBDPN UBEPSJB NPSUFEPUSBCBMIBEPSPVPVUSBTTJUVBÎÜFT
CBJYBRVBMJmDBÎÍPFEFHSBOEFSPUBUJWJEBEF FTUBCFMFDJEBTOB-FJFSFQSFTFOUBVNBHBSBOUJB
QBSBBJOEFOJ[BÎÍPQPSUFNQPEFTFSWJÎP OPTDB
UPSOBOEPJOFmDJFOUFRVBMRVFSQSPHSBNBEF
TPTEFEFNJTTÍPJNPUJWBEB
USFJOBNFOUP BCBJYBRVBMJEBEFEFNBUFSJBJT %BEPSFGFSFOUFBPQFSÓPEPEFBTFUFNCSP
VUJMJ[BEPT EFWJEPQSJODJQBMNFOUFËJOTVmDJ EF
$"%&3/04.$*%"%&4)"#*5"±°0 TVCTÓEJPTQBSBDPNQBUJCJMJ[BSPDVTUPEP 043&$63404%0'6/%0%&".1"30"0
JNØWFMËDBQBDJEBEFEFSFOEBEBQPQV 53"#"-)"%03 26&5".#².4&40.".
MBÎÍPNBJTQPCSFDPOEV[ËBQMJDBÎÍPEPT ®4%*410/*#*-*%"%&41"3""1-*$"±°0/0
JOWFTUJNFOUPTIBCJUBDJPOBJTFNGBJYBTEF 4&503)"#*5"$*0/"- &.7*356%&%"46"
SFOEBNÏEJB $"3"$5&3¶45*$"0/&304" /°0$0/53*#6&.1"3"
"TSFTUSJÎÜFTRVFTFHVFNQSFWBMFDFOEPOP
".&/*;"3"%*'*$6-%"%&%&"5&/%*.&/50%0
ÉNCJUPEPTmOBODJBNFOUPTBPTFUPSQÞCMJ 4&(.&/501016-"$*0/"-%&.&/033&/%"26&
DPJOWJBCJMJ[BNQSPHSBNBTEFVSCBOJ[BÎÍP
/°0"$&44"0$3²%*50)"#*5"$*0/"-
FEFDPNCBUFBPEÏmDJURVBMJUBUJWP FN
QBSUJDVMBSPTEFTUJOBEPTËDPNQMFNFOUB
ÎÍPOBPGFSUBEFDSÏEJUPQBSBBTGBNÓMJBTEF
ÎÍPEBJOGSBFTUSVUVSB*OWJBCJMJ[BN BJOEB P
DMBTTFNÏEJBEFJYPVVNBQBSDFMBEPNFS
BUFOEJNFOUPEBQPQVMBÎÍPEFNFOPSSFO
DBEPQPUFODJBMTFNBUFOEJNFOUPFDSJPV
EBFBTPCSBTFNBTTFOUBNFOUPTQSFDÈSJPT
VNBQSFTTÍPTPCSFPTSFDVSTPTEP'(54
oGBWFMBT DPSUJÎPT QBMBmUBT
04JTUFNBEF'JOBODJBNFOUP*NPCJMJÈSJP
0TSFDVSTPTEP'VOEPEF"NQBSPBP5SB
4'*
DSJBEPFN OÍPDPOTFHVJVQSP
CBMIBEPS '"5
RVFUBNCÏNTFTPNBNËT
QPSDJPOBSBVNFOUPEFJOWFTUJNFOUPTOP
EJTQPOJCJMJEBEFTQBSBBQMJDBÎÍPOPTFUPS
TFUPSIBCJUBDJPOBM EFWJEPËEJmDVMEBEF
IBCJUBDJPOBM FNWJSUVEFEBTVBDBSBDUFSÓTUJ
FNDBQUBSSFDVSTPTFNWJSUVEFEBGBMUBEF
DBPOFSPTB OÍPDPOUSJCVFNQBSBBNFOJ[BS
DPNQFUJUJWJEBEFEPTUÓUVMPTEFDSÏEJUPEF
BEJmDVMEBEFEFBUFOEJNFOUPEPTFHNFOUP
IBCJUBÎÍPoPT$FSUJmDBEPTEF3FDFCÓWFJT
QPQVMBDJPOBMEFNFOPSSFOEBRVFOÍP
*NPCJMJÈSJPT $3*
o QSPWPDBEBQFMBGBMUB
BDFTTBPDSÏEJUPIBCJUBDJPOBM
EFTFHVSBOÎBKVSÓEJDBOPTDPOUSBUPTFJOF
0TmOBODJBNFOUPTIBCJUBDJPOBJTEP4#1&
YJTUÐODJBEFVNNFSDBEPTFDVOEÈSJPRVF
OPQFSÓPEPDPNQSFFOEJEPFOUSFF
HBSBOUJTTFMJRVJEF[QBSBPTUÓUVMPTMBTUSFB
BQSFTFOUBSBNVNSJUNPJOGFSJPSËNF
EPTFNSFDFCÓWFJTJNPCJMJÈSJPT
UBEFEPQBUBNBSIJTUØSJDPEFTVBTBQMJDB
ÎÜFT/PQFSÓPEPEFB BNÏEJB #BDFO/BQSÈUJDB VNBHBNBTJHOJmDBUJWBEFPQF
BOVBMEFmOBODJBNFOUPTGPJEBPSEFNEF SBÎÜFTÏEJTQPOJCJMJ[BEBËTJOTUJUVJÎÜFTmOBODFJSBT
QBSBDPNQPTJÎÍPEFTVBTDBSUFJSBTIBCJUBDJPOBJT
PQFSBÎÜFT DBJOEPQBSBDFSDBEF
nFYJCJMJ[BOEPBPCSJHBUPSJFEBEFEBTJOTUJUVJÎÜFT
mOBODJBNFOUPTBOVBJTFOUSFB EFJOWFTUJSFNFNIBCJUBÎÍPOPNPNFOUPFNRVF
&TTBRVFEBSFnFUFBQPVDBBUSBUJWJEB QPSFYFNQMP TFBDFJUBUÓUVMPTEFFNJTTÍPEP'VO
EFEB$BEFSOFUBEF1PVQBOÎBFBFYBHF EPEF$PNQFOTBÎÍPEB7BSJBÎÍP4BMBSJBM '$74

DPNPDPNQSPWBOUFTEFBQMJDBÎÍPIBCJUBDJPOBM
SBEBnFYJCJMJEBEFBTTFHVSBEBBPTBHFOUFT "DSJBÎÍPEP4JTUFNBEF'JOBODJBNFOUP*NPCJMJ
DBQUBEPSFTOPUPDBOUFBPDVNQSJNFOUP ÈSJP 4'*
GPJPQSJNFJSPQBTTPDPODSFUPOBEJSFÎÍP
EBTFYJHJCJMJEBEFTEFBQMJDBÎÍP&TTBSFEV EPBQFSGFJÎPBNFOUPEPNPEFMPEFmOBODJBNFOUP
JNPCJMJÈSJP"TTJNDPNPNPTUSBBFYQFSJÐODJB
JOUFSOBDJPOBM BTPMVÎÍPQBSBBJOTVmDJÐODJBEF
%PTSFDVSTPTDBQUBEPTFNEFQØTJUPTEFQPV
DSÏEJUPEFMPOHPQSB[PQBSBPNFSDBEPJNPCJMJÈSJP
QBOÎBQFMBTFOUJEBEFTJOUFHSBOUFTEP4JTUFNB FTUBSJBOBTVBNBJPSJOUFHSBÎÍPDPNPTNFSDBEPT
#SBTJMFJSPEF1PVQBOÎBF&NQSÏTUJNP 4#1&
mOBODFJSPTFEFDBQJUBJT0JOTUSVNFOUPCÈTJDP
EPTFVTBMEP OPNÓOJNP EFWFSJBNTFSBQMJDBEPT QBSBPGVODJPOBNFOUPEP4'*ÏP$FSUJmDBEPEF
FNPQFSBÎÜFTEFmOBODJBNFOUPJNPCJMJÈSJP TFOEP 3FDFCÓWFJT*NPCJMJÈSJPT $3*
PVTFKB UÓUVMPTMBT
RVFEFTTFT EFWFSJBNDPOUFNQMBSPQFSBÎÜFT USFBEPTOPTnVYPTSFDFCÓWFJTHFSBEPTQFMPTmOBO
EFmOBODJBNFOUPIBCJUBDJPOBM OBTDPOEJÎÜFTEP DJBNFOUPTJNPCJMJÈSJPT FNJUJEPTQPS$PNQBOIJBT
4') FTÍPSFDPMIJEPTDPNQVMTPSJBNFOUFBP 4FDVSJUJ[BEPSBT

$"%&3/04.$*%"%&4)"#*5"±°0
0EFTFNQFOIPEP4'*UFOEFBQFSNBOFDFS PTEFNBJTFNDBSUFJSBEPTBHFOUFTmOBODFJ
BCBJYPEPEFTFKBEPEFWJEPBPBNCJFOUF SPTQSJWBEPTF$PNQBOIJBTEF)BCJUBÎÍP
mOBODFJSPJOTUÈWFMQSPWPDBEPQFMPFOEJWJ $PIBC

EBNFOUPFYUFSOPEP1BÓT ËNBOVUFOÎÍP 0BKVTUFmTDBM JNQPTUPOPTBOPTBUPEPT
EFUBYBTEFKVSPTBMUPTFJODFSUF[BRVBOUP PTFOUFTGFEFSBUJWPT JNQFEJVBT$0)"# OB

ËTUBYBTGVUVSBT PRVFBHSBWBPSJTDPEF DPOEJÎÍPEFNVUVÈSJBT EFBDFTTBSDSÏEJUP
JOBEJNQMÐODJBFJOWJBCJMJ[BPMBOÎBNFOUP KVOUPBP'(54*TTP BMJBEPBQSPCMFNBTEF
EFQBQÏJTEFQSB[PMPOHP FTQFDJBMNFOUF HFTUÍPEBTQSØQSJBTDPNQBOIJBTMFWPVNVJ
TFMBTUSFBEPTFNSFDFCÓWFJTSFTJEFODJBJT UBTEFMBTBTFSFNFYUJOUBTPVSFFTUSVUVSBEBT
PRVFFYQMJDBBCBJYBBUSBUJWJEBEFEPT$3* FNTFDSFUBSJBTPVEFQBSUBNFOUPT
DPNPJOWFTUJNFOUP "GSBHNFOUBÎÍP EFTDPOUJOVJEBEFFEFTBS
²TJHOJmDBUJWPPOÞNFSPEFDPOUSBUPTRVF UJDVMBÎÍPEBTQPMÓUJDBTIBCJUBDJPOBJTOPT
BQSFTFOUBNEFTFRVJMÓCSJPmOBODFJSP OP USÐTÉNCJUPTEFHPWFSOP DPNFWJEFOUF
ÉNCJUPEP4') PDBTJPOBEPQFMPQSPHSFT QVMWFSJ[BÎÍPEFSFDVSTPTFOUSFEJWFSTPT
TJWPBVNFOUPEPTBMEPEFWFEPS VNBWF[ QSPHSBNBT TÍPQSPCMFNBTIJTUØSJDPTEB
RVFBQSFTUBÎÍPÏSFBKVTUBEBQFMPTBMÈSJP RVFTUÍPIBCJUBDJPOBM
CBTFEFDBEBDBUFHPSJBQSPmTTJPOBMFP
TBMEPEFWFEPSQFMBQPVQBOÎB"MÏNEJTTP
FNGVOÎÍPEFEJWFSTPTQMBOPTFDPOÙNJDPT
PHPWFSOP'FEFSBMDPODFEFVTVCTÓEJPTËT
QSFTUBÎÜFTEPTNVUVÈSJPTFORVBOUPPT
TBMEPTEFWFEPSFTSFDFCJBNSFBKVTUFTEF
BDPSEPDPNÓOEJDFTFDPOÙNJDPTSFBJT QSP
WPDBOEPEFTDBTBNFOUPFOUSFPQFSBÎÜFT
BUJWBTFQBTTJWBTEP4JTUFNB
&NWJSUVEFEFTTBEJTUPSÎÍP FTTFTDPOUSBUPT
FODPOUSBNTFPSBJOBEJNQMFOUFT FQPS
DPOTFRàÐODJBTVKFJUPTBBÎÜFTEFEFTQFKPT
FPSBPJNØWFMFTUÈTVQFSWBMPSJ[BEPGSFOUF
BPNFSDBEPJNPCJMJÈSJP GB[FOEPDPNRVFP
NVUVÈSJPEFWB BMÏNEPRVFKÈQBHPV WBMPS "&.(&"GPJDSJBEBFNEFDPSSÐODJBEP1SPHSBNB
TVQFSJPSBPQSØQSJPJNØWFM"NBJPSJBEPT EF'PSUBMFDJNFOUPEBT*OTUJUVJÎÜFT'JOBODFJSBT
'FEFSBJT DPNPQSPQØTJUPEFBERVJSJSCFOTF
DPOUSBUPT DPNPVTFN'VOEPEF$PNQFO
EJSFJUPTEB6OJÍPFEBTEFNBJTFOUJEBEFTEBBENJ
TBÎÍPEB7BSJBÎÍP4BMBSJBM '$74
FODPO OJTUSBÎÍPQÞCMJDBGFEFSBM/PQSPDFTTPEFTFHSFHB
USBTFDFEJEBË&NQSFTB(FTUPSBEF"UJWPT ÎÍPEFBUJWPTFQBTTJWPTEB$&' QBSBBDSJBÎÍPEB
&NHFB
VNBFNQSFTBQÞCMJDBGFEFSBM F &.(&" GPSBNUSBOTGFSJEPTDSÏEJUPTOPWBMPSEF3
CJMIÜFTSFQSFTFOUBEPTQPSDPOUSBUPT
JNPCJMJÈSJPToTFOEPEFSFTQPOTBCJMJEBEF
"&NQSFTB(FTUPSBEF"UJWPT &.(&"
ÏVNB
EFQFTTPBGÓTJDBFEFQFTTPBKVSÓEJDB&N
FNQSFTBQÞCMJDBGFEFSBM EFOBUVSF[BOÍPmOBODFJ DPOUSBQBSUJEB B&.(&"BTTVNJVPCSJHBÎÜFTEF
SB WJODVMBEBBP.JOJTUÏSJPEB'B[FOEB JOTUJUVÓEB SFTQPOTBCJMJEBEFEB$&'KVOUPBPTGVOEPTo'(54
QFMPEFDSFUPO EFEFKVOIPEF '%4oFBDSFEPSFTEP'VOEPEF"QPJPË1SPEVÎÍP
DPNCBTFOBBVUPSJ[BÎÍPDPOUJEBOBNFEJEBQSP EF)BCJUBÎÜFTQBSB1PQVMBÎÍPEF#BJYB3FOEB
WJTØSJBO EFEFKVOIPEFoBUVBM.1 '")#3&
FNNPOUBOUFDPSSFTQPOEFOUFBPWBMPS
O EFEFBHPTUPEF EPTDSÏEJUPTSFDFCJEPT
$"%&3/04.$*%"%&4)"#*5"±°0
"QPMÓUJDBOBDJPOBM
EFIBCJUBÎÍP
'0508"(/&3(&3."/0
$"%&3/04.$*%"%&4)"#*5"±°0
$PFSFOUFDPNB$POTUJUVJÎÍP'FEFSBM RVF "1PMÓUJDB/BDJPOBMEF)BCJUBÎÍPDPOUBDPN
DPOTJEFSBBIBCJUBÎÍPVNEJSFJUPEPDJEBEÍP VNDPOKVOUPEFJOTUSVNFOUPTBTFSFNDSJBEPT
DPNP&TUBUVUPEB$JEBEF RVFFTUBCFMFDF QFMPTRVBJTTFWJBCJMJ[BSÈBTVBJNQMFNFOUB
BGVOÎÍPTPDJBMEBQSPQSJFEBEFFDPNBT ÎÍP4ÍPFMFTP4JTUFNB/BDJPOBMEF)BCJUB
EJSFUSJ[FTEPBUVBMHPWFSOP RVFQSFDPOJ[BB ÎÍP 4/)
P%FTFOWPMWJNFOUP*OTUJUVDJPOBM P
JODMVTÍPTPDJBM BHFTUÍPQBSUJDJQBUJWBFEFNP 4JTUFNBEF*OGPSNBÎÍP "WBMJBÎÍPF.POJUP
DSÈUJDB B1PMÓUJDB/BDJPOBMEF)BCJUBÎÍPWJTB SBNFOUPEB)BCJUBÎÍP FP1MBOP/BDJPOBMEF
QSPNPWFSBTDPOEJÎÜFTEFBDFTTPËNPSBEJB )BCJUBÎÍP
EJHOBBUPEPTPTTFHNFOUPTEBQPQVMBÎÍP 04JTUFNB/BDJPOBMEF)BCJUBÎÍP QSJODJQBM
FTQFDJBMNFOUFPEFCBJYBSFOEB DPOUSJCVJOEP JOTUSVNFOUPEB1/) FTUBCFMFDFBTCBTFTEP
BTTJN QBSBBJODMVTÍPTPDJBM EFTFOIPJOTUJUVDJPOBMRVFTFQSPQÜFQBSUJDJ
/FTTBQFSTQFDUJWB B1PMÓUJDB/BDJPOBMEB QBUJWPFEFNPDSÈUJDPQSFWÐBJOUFHSBÎÍPFOUSF
)BCJUBÎÍPUFNDPNPDPNQPOFOUFTQSJODJQBJT PTUSÐTOÓWFJTEFHPWFSOPFDPNPTBHFOUFT
*OUFHSBÎÍP6SCBOBEF"TTFOUBNFOUPT1SFDÈ QÞCMJDPTFQSJWBEPTFOWPMWJEPTDPNBRVFTUÍP
SJPT BVSCBOJ[BÎÍP SFHVMBSJ[BÎÍPGVOEJÈSJBF FEFmOFBTSFHSBTRVFBTTFHVSBNBBSUJDVMBÎÍP
JOTFSÎÍPEFBTTFOUBNFOUPTQSFDÈSJPT BQSP mOBODFJSB EFSFDVSTPTPOFSPTPTFOÍPPOFSP
WJTÍPEBIBCJUBÎÍPFBJOUFHSBÎÍPEBQPMÓUJDB TPT OFDFTTÈSJBËJNQMFNFOUBÎÍPEB1PMÓUJDB
EFIBCJUBÎÍPËQPMÓUJDBEFEFTFOWPMWJNFOUP /BDJPOBMEF)BCJUBÎÍP*ODMVJBJOEBBDSJBÎÍP
VSCBOP RVFEFmOFNBTMJOIBTNFTUSBTEFTVB EFEPJTTVCTJTUFNBTPEF)BCJUBÎÍPEF*OUF
BUVBÎÍP SFTTF4PDJBMFPEF)BCJUBÎÍPEF.FSDBEP
"FMBCPSBÎÍPFJNQMFNFOUBÎÍPEB1PMÓUJDB 0%FTFOWPMWJNFOUP*OTUJUVDJPOBM QPSNFJP
/BDJPOBMEB)BCJUBÎÍPPCFEFDFNBQSJODÓQJPT EP1MBOPEF$BQBDJUBÎÍPF%FTFOWPMWJNFOUP
FEJSFUSJ[FTRVFUÐNDPNPQSJODJQBMNFUBHB *OTUJUVDJPOBM ÏJOTUSVNFOUPFTTFODJBMEB1/)
SBOUJSËQPQVMBÎÍP FTQFDJBMNFOUFBEFCBJYB QBSBWJBCJMJ[BSBTVBJNQMFNFOUBÎÍPEFGPSNB
SFOEB PBDFTTPËIBCJUBÎÍPEJHOB FDPOTJEFSB EFTDFOUSBMJ[BEB PRVFSFRVFSBFTUSVUVSBÎÍP
GVOEBNFOUBMQBSBBUJOHJSTFVTPCKFUJWPTBJOUF JOTUJUVDJPOBMEF&TUBEPT %JTUSJUP'FEFSBMF.V
HSBÎÍPFOUSFBQPMÓUJDBIBCJUBDJPOBMFBQPMÓUJ OJDÓQJPT CFNDPNPBDBQBDJUBÎÍPEFBHFOUFT
DBOBDJPOBMEFEFTFOWPMWJNFOUPVSCBOP QÞCMJDPT TPDJBJT UÏDOJDPTFQSJWBEPT
"1PMÓUJDB'VOEJÈSJBUFNVNQBQFMFTUSBUÏ 04JTUFNBEF*OGPSNBÎÍP "WBMJBÎÍPF.P
HJDPOBJNQMBOUBÎÍPEB1PMÓUJDB/BDJPOBMEF OJUPSBNFOUPEB)BCJUBÎÍP 4*.")"#
ÏJOTUSV
)BCJUBÎÍP DBCFOEPBFMBFTUBCFMFDFSBTCBTFT NFOUPFTUSBUÏHJDPQBSBHBSBOUJSVNQSPDFTTP
EBTQPMÓUJDBTVSCBOBTOPÉNCJUPEPT.VOJ QFSNBOFOUFEFSFWJTÍPFSFEJSFDJPOBNFOUP
DÓQJPTDBQB[FTEFWJBCJMJ[BSBSFBMJ[BÎÍPEF EBQPMÓUJDBIBCJUBDJPOBMFEFTFVTQSPHSBNBT
QSPHSBNBTIBCJUBDJPOBJT²FMFNFOUPCÈTJDP 1SFWÐPEFTFOWPMWJNFOUPEFVNBCBTFEF
EFTTBQPMÓUJDBBJNQMFNFOUBÎÍPEFJOTUSVNFO JOGPSNBÎÜFT PNPOJUPSBNFOUPFBBWBMJBÎÍP
UPTDPNPPT1MBOPT%JSFUPSFT.VOJDJQBJToRVF QFSNBOFOUFEPTQSPKFUPTFQSPHSBNBTEB
HBSBOUBNBGVOÎÍPTPDJBMEBQSPQSJFEBEF 1PMÓUJDB/BDJPOBMEF)BCJUBÎÍP EFGPSNBBS
VSCBOBo PTEFSFHVMBSJ[BÎÍPGVOEJÈSJBoRVF UJDVMBEBBPTEFNBJTBTQFDUPTEB1PMÓUJDBEF
BNQMJFNPBDFTTPEBQPQVMBÎÍPEFNFOPS %FTFOWPMWJNFOUP6SCBOP
SFOEBBUFSSBVSCBOJ[BEBo CFNDPNPBSFWJ 01MBOP/BDJPOBMEF)BCJUBÎÍP BTFSEF
TÍPEBMFHJTMBÎÍPVSCBOÓTUJDBFFEJMÓDJB UFOEP TFOWPMWJEPQFMB4FDSFUBSJB/BDJPOBMEF)BCJ
FNWJTUBBBNQMJBÎÍPEPNFSDBEPGPSNBMEF UBÎÍP EFWFSÈFTUBCFMFDFSNFUBTEFNÏEJPF
QSPWJTÍPIBCJUBDJPOBM MPOHPQSB[PBTMJOIBTEFmOBODJBNFOUPFPT
$"%&3/04.$*%"%&4)"#*5"±°0
NPSBEJBEJHOBDPNPEJSFJUPFWFUPS
EFJODMVTÍPTPDJBMHBSBOUJOEPQBESÍPNÓOJNP
EFIBCJUBCJMJEBEF
NPSBEJBEJHOBDPNPEJSFJUPFWFUPSEFJO
DMVTÍPTPDJBMHBSBOUJOEPQBESÍPNÓOJNPEF
IBCJUBCJMJEBEF JOGSBFTUSVUVSB TBOFBNFOUP
QSPHSBNBTEFQSPWJTÍP VSCBOJ[BÎÍPFNPEFS BNCJFOUBM NPCJMJEBEF USBOTQPSUFDPMFUJWP
OJ[BÎÍPEBQSPEVÎÍPIBCJUBDJPOBMBTFSFNJN FRVJQBNFOUPT TFSWJÎPTVSCBOPTFTPDJBJT
QMFNFOUBEPTBQBSUJSEBTQSJPSJEBEFTSFHJPOBJT GVOÎÍPTPDJBMEBQSPQSJFEBEFVSCBOBCVT
EFJOUFSWFOÎÍPFDSJUÏSJPTQBSBBEJTUSJCVJÎÍP DBOEPJNQMFNFOUBSJOTUSVNFOUPTEFSF
SFHJPOBMEFSFDVSTPT EFBDPSEPDPNQFSmMEP GPSNBVSCBOBBGJNEFQPTTJCJMJUBSNFMIPS
EÏmDJUIBCJUBDJPOBMOPÉNCJUPOBDJPOBM PSEFOBNFOUPFNBJPSDPOUSPMFEPVTP
EPTPMP EFGPSNBBDPNCBUFSBSFUFOÎÍP
FTQFDVMBUJWBFHBSBOUJSBDFTTPËUFSSBVS
13*/$¶1*04
CBOJ[BEB
"1PMÓUJDB/BDJPOBMEF)BCJUBÎÍPTFSÈSFHJEB RVFTUÍPIBCJUBDJPOBMDPNPVNBQPMÓUJDB
QFMPTTFHVJOUFTQSJODÓQJPT EF&TUBEPVNBWF[RVFPQPEFSQÞCMJDPÏ
EJSFJUPËNPSBEJB FORVBOUPVNEJSFJUPIV BHFOUFJOEJTQFOTÈWFMOBSFHVMBÎÍPVSCBOB
NBOP JOEJWJEVBMFDPMFUJWP QSFWJTUPOB%F FEPNFSDBEPJNPCJMJÈSJP OBQSPWJTÍPEB
DMBSBÎÍP6OJWFSTBMEPT%JSFJUPT)VNBOPTF NPSBEJBFOBSFHVMBSJ[BÎÍPEFBTTFOUB
OB$POTUJUVJÎÍP#SBTJMFJSBEF0EJSFJUP NFOUPTQSFDÈSJPT EFWFOEPTFS BJOEB VNB
ËNPSBEJBEFWFUFSEFTUBRVFOBFMBCPSBÎÍP QPMÓUJDBQBDUVBEBDPNBTPDJFEBEFFRVF
EPTQMBOPT QSPHSBNBTFBÎÜFT DPMPDBOEP FYUSBQPMFVNTØHPWFSOP
PTEJSFJUPTIVNBOPTNBJTQSØYJNPTEPDFO HFTUÍPEFNPDSÈUJDBDPNQBSUJDJQBÎÍPEPT
USPEBTQSFPDVQBÎÜFTEFOPTTBTDJEBEFT EJGFSFOUFTTFHNFOUPTEBTPDJFEBEF QPT

$"%&3/04.$*%"%&4)"#*5"±°0
TJCJMJUBOEPDPOUSPMFTPDJBMFUSBOTQBSÐODJB %*3&53*;&4
OBTEFDJTÜFTFQSPDFEJNFOUPTF
4ÍPEJSFUSJ[FTEB1PMÓUJDB/BDJPOBMEF)BCJUBÎÍP
BSUJDVMBÎÍPEBTBÎÜFTEFIBCJUBÎÍPËQP
MÓUJDBVSCBOBEFNPEPJOUFHSBEPDPNBT
EFNBJTQPMÓUJDBTTPDJBJTFBNCJFOUBJT %FTFOWPMWJNFOUPJOTUJUVDJPOBM
FTUÓNVMPËQBSUJDJQBÎÍPEFUPEPTPTBHFO
0#+&5*704(&3"*4 UFTQÞCMJDPTFQSJWBEPT EBTPDJFEBEFPSHB
OJ[BEB EPTTFUPSFTUÏDOJDPTFBDBEÐNJDPT
"1PMÓUJDB/BDJPOBMEF)BCJUBÎÍPEFWFQFSTF
OBGPSNVMBÎÍPFJNQMFNFOUBÎÍPEB1PMÓUJDB
HVJSPTTFHVJOUFTPCKFUJWPT
/BDJPOBMEF)BCJUBÎÍP DPNWJTUBTËTVQF
VOJWFSTBMJ[BSPBDFTTPËNPSBEJBEJHOBFN
SBÎÍPEPEÏmDJUIBCJUBDJPOBMCSBTJMFJSP
VNQSB[PBTFSEFmOJEPOP1MBOP/BDJP QSPNPÎÍPFBQPJPËDSJBÎÍPEFGVOEPTF
OBMEF)BCJUBÎÍP MFWBOEPTFFNDPOUBB
QMBOPTIBCJUBDJPOBJTOPT&TUBEPT %JTUSJUP
EJTQPOJCJMJEBEFEFSFDVSTPTFYJTUFOUFTOP
'FEFSBMF.VOJDÓQJPTEFGPSNBBWJBCJMJ[BSB
TJTUFNB BDBQBDJEBEFPQFSBDJPOBMEPTFUPS
JNQMFNFOUBÎÍPFBSUJDVMBÎÍPEFSFDVSTPTF
QSPEVUJWPFEBDPOTUSVÎÍP FEPTBHFOUFT
QSPHSBNBTOPÉNCJUPEP1/)
FOWPMWJEPTOBJNQMFNFOUBÎÍPEB1/) QSPNPÎÍPFBQPJPËTBÎÜFTEFEFTFOWPMWJ
QSPNPWFSBVSCBOJ[BÎÍP SFHVMBSJ[BÎÍPF
NFOUPJOTUJUVDJPOBMWJTBOEPËDSJBÎÍPFBP
JOTFSÎÍPEPTBTTFOUBNFOUPTQSFDÈSJPTË
BQSJNPSBNFOUPEFNFDBOJTNPTFQSÈUJDBT
DJEBEF
EFQMBOFKBNFOUPFHFTUÍP EBNPEFSOJ[B
GPSUBMFDFSPQBQFMEP&TUBEPOBHFTUÍPEB
ÎÍPPSHBOJ[BDJPOBM EBDBQBDJUBÎÍPUÏDOJDB
1PMÓUJDBFOBSFHVMBÎÍPEPTBHFOUFTQSJWBEPT
EFBHFOUFTQÞCMJDPTFQSJWBEPTFEBBUVBMJ
UPSOBSBRVFTUÍPIBCJUBDJPOBMVNBQSJPSJEB
[BÎÍPEPRVBESPMFHBMOPSNBUJWP
EFOBDJPOBM JOUFHSBOEP BSUJDVMBOEPFNP
CJMJ[BOEPPTEJGFSFOUFTOÓWFJTEFHPWFSOPF
GPOUFT PCKFUJWBOEPQPUFODJBMJ[BSBDBQBDJEB
.PCJMJ[BÎÍPEFSFDVSTPT JEFOUJGJDBÎÍP
EFEFJOWFTUJNFOUPTDPNWJTUBTBWJBCJMJ[BS
EBEFNBOEBFHFTUÍPEFTVCTÓEJP
SFDVSTPTQBSBTVTUFOUBCJMJEBEFEB1/)
EFNPDSBUJ[BSPBDFTTPËUFSSBVSCBOJ[BEBF B
.PCJMJ[BÎÍPEFSFDVSTPT
BPNFSDBEPTFDVOEÈSJPEFJNØWFJT FTUSVUVSBÎÍPEP4JTUFNB/BDJPOBMEF)B
BNQMJBSBQSPEVUJWJEBEFFNFMIPSBSBRVBMJ CJUBÎÍPEFGPSNBBWJBCJMJ[BSBDPPQFSBÎÍP
EBEFOBQSPEVÎÍPIBCJUBDJPOBMF FOUSF6OJÍP &TUBEPT %JTUSJUP'FEFSBMF
JODFOUJWBSBHFSBÎÍPEFFNQSFHPTFSFOEB .VOJDÓQJPTQBSBPFOGSFOUBNFOUPEPEÏmDJU
EJOBNJ[BOEPBFDPOPNJB BQPJBOEPTFOB IBCJUBDJPOBMCSBTJMFJSP RVBOUJUBUJWPFRVBMJ
DBQBDJEBEFRVFBJOEÞTUSJBEBDPOTUSVÎÍP UBUJWP QPSNFJPEBBSUJDVMBÎÍPEFSFDVSTPT
BQSFTFOUBFNNPCJMJ[BSNÍPEFPCSB VUJ EPTGVOEPT
QMBOPT QSPHSBNBTFBÎÜFT
MJ[BSJOTVNPTOBDJPOBJTTFNBOFDFTTJEBEF BNQMJBÎÍPEBEFTUJOBÎÍPEFSFDVSTPTOÍP
EFJNQPSUBÎÍPEFNBUFSJBJTFFRVJQBNFO POFSPTPTFQFSFOFTQPSQBSUFEB6OJÍP
UPTFDPOUSJCVJSDPNQBSDFMBTJHOJmDBUJWBEP &TUBEPT %JTUSJUP'FEFSBMF.VOJDÓQJPTB
1SPEVUP*OUFSOP#SVUP 1*#
TFSFNDBOBMJ[BEPTQBSBP'VOEP/BDJPOBM
EF)BCJUBÎÍPEF*OUFSFTTF4PDJBM '/)*4

FSFTQFDUJWPTGVOEPTIBCJUBDJPOBJTEPT
EFNBJTOÓWFJTEFHPWFSOP EFGPSNBB
$"%&3/04.$*%"%&4)"#*5"±°0 WJBCJMJ[BSTVCTÓEJPTQBSBBIBCJUBÎÍPEF QSPHSBNBTBTFSFNQBUSPDJOBEPTQFMBQPMÓ
JOUFSFTTFTPDJBM UJDBQÞCMJDB
BNQMJBÎÍPEBVUJMJ[BÎÍPEPTSFDVSTPTEP DPOTUSVÎÍPEFJOEJDBEPSFTNVMUJEJNFOTJP
'VOEPEF(BSBOUJBQPS5FNQPEF4FSWJÎP OBJT DBQB[FTEFDPNCJOBSPTNÞMUJQMPTEF

'(54
QBSBPmOBODJBNFOUPIBCJUBDJPOBM UFSNJOBOUFTEBTDPOEJÎÜFTEFOFDFTTJEBEFT
GPDBOEPTVBBQMJDBÎÍPOBQPQVMBÎÍPEF IBCJUBDJPOBJT QPSFYFNQMPSFOEBGBNJMJBS
CBJYBSFOEBOBRVBMFTUÈDPODFOUSBEPP SFOEBGBNJMJBSQFSDBQJUB BTDPOEJÎÜFTEF
EÏmDJUIBCJUBDJPOBM PCUFOÎÍPEFTTBSFOEB PDVTUPEFNPSBEJB
QSPNPÎÍPFBQPJPBNFEJEBTEFFTUÓNVMP OBSFHJÍPPOEFWJWFBGBNÓMJBFPQPSUFEP
ËQPVQBOÎBWPMUBEBQBSBBIBCJUBÎÍPF NVOJDÓQJP
JNQMBOUBÎÍPEFOPWPTNFDBOJTNPTEFDBQ
UBÎÍPEFSFDVSTPTOPNFSDBEPEFDBQJUBJT D
(FTUÍPEFTVCTÓEJPT
SFEV[JOEPBQBSUJDJQBÎÍPEPQPEFSQÞCMJDP QSPNPÎÍPFBQPJPBNFDBOJTNPTEFUSBOT
OPBUFOEJNFOUPËDMBTTFNÏEJBFHBSBOUJO GFSÐODJBTEFSFDVSTPTOÍPPOFSPTPT OBGPS

EPTFHVSBOÎBKVSÓEJDBBPJOWFTUJEPS NBEFUSBOTGFSÐODJBEFSFOEB
QBSBBUFOEFS
QSPNPÎÍPFBQPJPBNFEJEBTEFFTUÓNVMP BQBSDFMBEFQPQVMBÎÍPTFNDBQBDJEBEFEF
ËQPVQBOÎBWPMUBEBQBSBBIBCJUBÎÍPF QBHBNFOUPEFNPSBEJB JEFOUJmDBEBDPNP
JNQMBOUBÎÍPEFOPWPTNFDBOJTNPTEFDBQ QFSUFODFOUFËGBJYBEFQPQVMBÎÍPBCBJYP
UBÎÍPEFSFDVSTPTOPNFSDBEPEFDBQJUBJTF EBMJOIBEFQPCSF[B
HBSBOUJOEPTFHVSBOÎBKVSÓEJDBBPJOWFTUJEPS DPODFTTÍPEFTVCTÓEJPËGBNÓMJBFOÍPBP
JNØWFM EFGPSNBiQFTTPBM UFNQPSÈSJBFJO

C
*EFOUJmDBÎÍPEBEFNBOEB USBOTGFSÓWFMw0TVCTÓEJPTFSÈEBEPVNBÞOJ
BEPÎÍPEBQSFNJTTBEFRVFPTDPSUFTEF DBWF[FNUPEPPUFSSJUØSJPOBDJPOBM QBSB
MJOIBTEFQPCSF[BFNJTÏSJBCBTFBEPTFY GBNÓMJBTRVFOÍPQPTTVBNPVUSPJNØWFM P
DMVTJWBNFOUFOPTDSJUÏSJPTEFSFOEBTÍP RVFJNQMJDBBOFDFTTJEBEFEFVNTJTUFNB
JOTVmDJFOUFTQBSBEFUFSNJOBS DPNCPB EFJOGPSNBÎÜFT
QSFDJTÍP PTMJNJUFTFDPOmHVSBÎÜFTEPT FTUSVUVSBÎÍPEFVNBQPMÓUJDBEFTVCTÓEJPT
QSPHSBNBTEFBUFOEJNFOUP RVFEFWFSÈFTUBSWJODVMBEBËDPOEJÎÍP
EFmOJÎÍPEFOPWPTDSJUÏSJPTRVFBQPOUFN TØDJPFDPOÙNJDBEPCFOFmDJÈSJP FOÍPBP
BTEJGFSFOÎBTSFHJPOBJTFBTEFTJHVBMEBEFT WBMPSEPJNØWFMPVEPmOBODJBNFOUP QPT
TØDJPFTQBDJBJTJOUSBVSCBOBTEBQPQVMBÎÍP TJCJMJUBOEPTVBSFWJTÍPQFSJØEJDB
CFOFmDJÈSJBQBSBNFMIPSFMFHJCJMJEBEFF BPMPOHPEPQSB[PEFmOBODJBNFOUP SFDV
BUFOEJNFOUPEFBDPSEPDPNPQFSmMFFT QFSBÎÍPBPNFOPTEFQBSUFEPTTVCTÓEJPT
QFDJmDJEBEFTEBEFNBOEB DPODFEJEPT DPOTJEFSBEBBFWPMVÎÍPTØDJP
EFTFOWPMWJNFOUPEFFTUVEPTFQFTRVJTBT FDPOÙNJDBEBTGBNÓMJBT
EFTUJOBEPTBFTUBCFMFDFSDSJUÏSJPTRVF SFDVQFSBÎÍPUPUBMEPTVCTÓEJPDPODFEJEP
NFMIPSUSBEV[BNBEJGFSFODJBEBSFBMJEBEF OPTDBTPTEFSFWFOEBPVBMUFSBÎÍPEPTCF
TØDJPFDPOÙNJDBEBTGBNÓMJBTPCKFUPEPT OFmDJÈSJPTEVSBOUFBWJHÐODJBEPDPOUSBUP
EFmOBODJBNFOUP
3FTQFJUBOEPBTSFHSBTEFQSVEÐODJBEFFRVJMÓ
CSJPmOBODFJSPEP'(54FBTEFMJCFSBÎÜFTEP$PO
TFMIP$VSBEPSEP'VOEPEF(BSBOUJBQPS5FNQP
EF4FSWJÎP $$'(54

$"%&3/04.$*%"%&4)"#*5"±°0
2VBMJEBEFFQSPEVUJWJEBEF
EBQSPEVÎÍPIBCJUBDJPOBM
NFMIPSJBEBRVBMJEBEFOBTEJWFSTBTNPEBMJ
EBEFTEBDBEFJBQSPEVUJWBEBDPOTUSVÎÍP WJ
TBOEPBNBJPSEVSBCJMJEBEFFDPOmBCJMJEBEF
EBTFEJmDBÎÜFT SFEV[JOEPBTTJNPTSJTDPT
EPJOWFTUJNFOUPOBDPOTUSVÎÍPIBCJUBDJPOBM
BQPJPFWJBCJMJ[BÎÍPEFBTTFTTPSJBTUÏDOJDBT
QBSBQPTTJCJMJUBSPBDFTTPEBQPQVMBÎÍP
FTQFDJBMNFOUFEBTGBNÓMJBTEFCBJYBSFOEB
BPTTFSWJÎPTQSFTUBEPTQPSQSPmTTJPOBJT
RVBMJmDBEPTOBQSPEVÎÍPFHFTUÍPEPFT
QBÎPDPOTUSVÓEP DPNPGPSNBEFFGFUJWBSB
NFMIPSJBEBTDPOEJÎÜFTEFIBCJUBCJMJEBEFF
PEJSFJUPËNPSBEJBBEFRVBEB
BQPJPBNFDBOJTNPTRVFQSJWJMFHJFNBÎÜFT
RVFJOEV[BNËDPOGPSNJEBEFEBQSPEVÎÍP
FËNFMIPSJBEBRVBMJEBEFEPTTJTUFNBT
EFHFTUÍPEPTFUPSEBDPOTUSVÎÍPDJWJMQPS
NFJPEPFYFSDÓDJPEPQPEFSEFDPNQSBEP 1SJWJMFHJBSBÎÜFTRVFJOEV[BNËDPOGPSNJEBEF
EBQSPEVÎÍPFËNFMIPSJBEBRVBMJEBEFEPTFUPS
TFUPSQÞCMJDPFTVBDBQBDJEBEFEFDPODFT
EBDPOTUSVÎÍPDJWJM
TÍPEFDSÏEJUP
FTUÓNVMPËNPEFSOJ[BÎÍPFËDSJBÎÍPEF DBQBDJUBÎÍPQSPmTTJPOBMQBSBBFYFDVÎÍPF
VNBNCJFOUFUFDOPMØHJDPFEFHFTUÍPRVF HFTUÍPEFPCSBT
PSJFOUFBTBÎÜFTEPTBHFOUFTEBDBEFJBQSP JODFOUJWPËGPSNBÎÍPFDBQBDJUBÎÍPEF
EVUJWBEPTFUPSIBCJUBDJPOBM BTTFTTPSJBTUÏDOJDBT ËTBTTPDJBÎÜFTFDPPQF
FMFWBÎÍPEBRVBMJmDBÎÍPEBNÍPEFPCSB SBUJWBTIBCJUBDJPOBJT FBPJOUFSDÉNCJPFO
EPTFUPSGPSNBMEBDPOTUSVÎÍPDJWJM EBBV USFBTFYQFSJÐODJBT
UPDPOTUSVÎÍPFEBJOEÞTUSJBGPSOFDFEPSBEF JODFOUJWPËPSHBOJ[BÎÍPFEJTTFNJOBÎÍPEB
JOTVNPT QPSNFJPEBFEVDBÎÍPCÈTJDBF BUVBÎÍPEFVNBSFEFEFBHFOUFTNVMUJEJT
USFJOBNFOUP DJQMJOBSFTDBQBDJUBEPTBQSFTUBSBTTJTUÐODJB
JNQMFNFOUBÎÍPEFBÎÜFTWPMUBEBTËTVTUFO UÏDOJDBBDPNVOJEBEFTEFCBJYBSFOEB
UBCJMJEBEFEPBNCJFOUFDPOTUSVÓEP FOHMP JODFOUJWPËDSJBÎÍPEFSFEFOBDJPOBMEFDB
CBOEPBTGBTFTEFFMBCPSBÎÍPEFQSPKFUPF QBDJUBEPSFT GBDVMEBEFT FOUJEBEFTEFDMBT
FYFDVÎÍPEBPCSB PCKFUJWBOEPBSFEVÎÍP TF 0/(
WJTBOEPBBUVBÎÍPFPEFTFOWPMWJ
EPEFTQFSEÓDJP BVNFOUPEBWJEBÞUJMEBT NFOUPEFQFTRVJTBTTPCSFIBCJUBÎÍPQBSB
DPOTUSVÎÜFTFBQSPWFJUBNFOUPEPTSFTÓEVPT QPQVMBÎÍPEFCBJYBSFOEB UBOUPOPRVF
HFSBEPT TFSFGFSFËNFMIPSJBIBCJUBDJPOBM RVBOUPË
BQPJPËBVUPHFTUÍPOBQSPEVÎÍPEFNP QSPEVÎÍPEFOPWBTVOJEBEFT
SBEJBT BSUJDVMBOEPFTGPSÎPTOBEJSFÎÍPEB
BQPJPBJOJDJBUJWBTFBDPOTUJUVJÎÍPEFVNQSP
BQMJDBÎÍPEFQBESÜFTNÓOJNPTEFDPOGPSUP HSBNBOBDJPOBMEFVOJWFSTBMJ[BÎÍPEPBDFTTP
BNCJFOUBM EBSFEVÎÍPEPEFTQFSEÓDJPFEB BBSRVJUFUVSBFRVBMJEBEFEBDPOTUSVÎÍP
$"%&3/04.$*%"%&4)"#*5"±°0 04JTUFNBEF*OGPSNBÎÍP "WBMJBÎÍP QSPCJEBEFOBEJTUSJCVJÎÍPEFSFDVSTPTF
F.POJUPSBNFOUPEB)BCJUBÎÍP NFMIPSEJTUSJCVJÎÍPEPTHBOIPTTPDJBJTF
FDPOÙNJDPT
NPOJUPSBNFOUPFBWBMJBÎÍPEPTQSPHSBNBT
JODFOUJWPËDPOTUJUVJÎÍPEFVNBSFEFEF
FBÎÜFTEB1/) EFGPSNBTJTUFNÈUJDBFQBS
JOTUJUVJÎÜFTQBSDFJSBTDBQB[FTEFHFSJSF
UJDJQBUJWB QPSNFJPEBJNQMFNFOUBÎÍPEF
EJTTFNJOBSJOGPSNBÎÜFTRVBMJmDBEBTBGFUBT
VNTJTUFNBRVFEFNPDSBUJ[FJOGPSNBÎÜFT
BPTFUPSIBCJUBDJPOBM
EFTEFBTVBDPODFQÎÍP JNQMFNFOUBÎÍPF
SFTVMUBEPT HBSBOUJOEPNBJPSBQSFOEJ[BEP
TPDJBMFJOTUJUVDJPOBM QSPCJEBEFOBEJTUSJ 6SCBOJ[BÎÍPEFBTTFOUBNFOUPT
CVJÎÍPEFSFDVSTPTFNFMIPSEJTUSJCVJÎÍP QSFDÈSJPTFQSPEVÎÍPEBIBCJUBÎÍP
EPTHBOIPTTPDJBJTFFDPOÙNJDPT
HBSBOUJBEPQSJODÓQJPEBGVOÎÍPTPDJBMEB
DPOTUSVÎÍPFDPOTPMJEBÎÍPEFVN4JTUFNB
QSPQSJFEBEFFTUBCFMFDJEPOB$POTUJUVJÎÍP
EF*OGPSNBÎÍP "WBMJBÎÍPF.POJUPSBNFOUP
FOP&TUBUVUPEB$JEBEF SFTQFJUBOEPTF
EB)BCJUBÎÍP 4*.")"#
DPNPQBSUF
PEJSFJUPEBQPQVMBÎÍPEFQFSNBOFDFS
JOUFHSBOUFEB1PMÓUJDBEF*OGPSNBÎÍPEBT
OBTÈSFBTPDVQBEBTQPSBTTFOUBNFOUPT
$JEBEFT 1*$
OPÉNCJUPHFSBMEP.JOJT
QSFDÈSJPTPVFNÈSFBTQSØYJNBT RVFFTUF
UÏSJPEBT$JEBEFT RVFTVCTJEJFPQSPDFTTP
KBNBEFRVBEBTBNCJFOUBMFTPDJBMNFOUF
EFDJTØSJP DPOTUJUVBVNDBOBMQBSBPDPO
QSFTFSWBOEPTFVTWÓODVMPTTPDJBJTDPNP
KVOUPEFBHFOUFTTPDJBJTBGFUPTBPTFUPSF
UFSSJUØSJP PFOUPSOPFTVBJOTFSÎÍPOBFT
SFTQPOEBËTOFDFTTJEBEFTEPDPOKVOUPEB
USVUVSBVSCBOB DPOTJEFSBOEPBWJBCJMJEBEF
TPDJFEBEF HBSBOUJOEPPDPOUSPMFTPDJBMEBT
FDPOÙNJDPmOBODFJSBEBTJOUFSWFOÎÜFT
BÎÜFTEPHPWFSOP
HBSBOUJBEFRVFBQSPWJTÍPIBCJUBDJPOBM
QSPNPÎÍPFBQPJPBNFDBOJTNPTRVFWJB
FTQFDJBMNFOUFQBSBBTGBJYBTEFNFOPS
CJMJ[FNBUSBOTQBSÐODJBFPNPOJUPSBNFOUP
SFOEB PDPSSBFNÈSFBTVSCBOJ[BEBT MPDBMJ
QFSNBOFOUFEPTDVTUPTEFPQFSBÎÍPEB
[BEBTOPJOUFSJPSEBTQPSÎÜFTDPOTPMJEBEBT
QPMÓUJDBIBCJUBDJPOBMQPSQBSUFEPTBHFOUFT
EBDJEBEF
FOWPMWJEPT WJTBOEPEJTTFNJOBSFEFNP
QSPNPÎÍPEPBUFOEJNFOUPËQPQVMBÎÍP
DSBUJ[BSEFGPSNBBNQMBPBDFTTPBJOGPS
EFCBJYBSFOEB BQSPYJNBOEPPBPQFSmM
NBÎÜFTDPOmÈWFJT QSFGFSFODJBMNFOUFFN
EPEÏmDJURVBMJUBUJWPFRVBOUJUBUJWPFDPN
GPSNBUPTJOUFSBUJWPTFEFGÈDJMDPOTVMUB
QSJPSJEBEFQBSBBQPQVMBÎÍPDPNSFOEBEF
NPOJUPSBNFOUPFBWBMJBÎÍPEPTQSPHSBNBT
BUÏTBMÈSJPTNÓOJNPT
FBÎÜFTEB1/) EFGPSNBTJTUFNÈUJDBF
QSPNPÎÍPFBQPJPËTJOUFSWFOÎÜFTVSCBOBT
QBSUJDJQBUJWB QPSNFJPEBJNQMFNFOUBÎÍP
BSUJDVMBEBTUFSSJUPSJBMNFOUF FTQFDJBMNFOUF
EFVNTJTUFNBRVFEFNPDSBUJ[FJOGPSNB
QSPHSBNBTIBCJUBDJPOBJT EFJOGSBFTUSVUVSB
ÎÜFTTPCSFPUFNB EFTEFBTVBDPODFQÎÍP
VSCBOBFTBOFBNFOUPBNCJFOUBM EFNPCJ
JNQMFNFOUBÎÍPFSFTVMUBEPT HBSBOUJOEP
MJEBEFFEFUSBOTQPSUF JOUFHSBOEPQSPHSB
NBJPSBQSFOEJ[BEPTPDJBMFJOTUJUVDJPOBM
NBTFBÎÜFTEBTEJGFSFOUFTQPMÓUJDBTWJTBO
EPHBSBOUJSPBDFTTPËNPSBEJBBEFRVBEBF
4JTUFNBRVFFTUÈTFOEPEFTFOWPMWJEPQFMP
PEJSFJUPËDJEBEF
.JOJTUÏSJPEBT$JEBEFT RVFDPOUFSÈPQFSmMEB
HBSBOUJBEPFOGPRVFEFHÐOFSPOBFMBCPSB
TJUVBÎÍPVSCBOBBUVBMEPT.VOJDÓQJPT 3FHJÜFT
.FUSPQPMJUBOBT NJDSPSSFHJÜFTFBHMPNFSBÎÜFT ÎÍPEPTQSPHSBNBTIBCJUBDJPOBJT
VSCBOBTCSBTJMFJSBT HBSBOUJBEPSFDPOIFDJNFOUPEBTFTQFDJmDJ

$"%&3/04.$*%"%&4)"#*5"±°0
EBEFTDVMUVSBJTOBFMBCPSBÎÍPEPTQSPHSB ("3"/5*"%&26&"1307*4°0)"#*5"$*0/"-
NBTEFTUJOBEPTBHSVQPTÏUOJDPTFTQFDÓmDPT &41&$*"-.&/5&1"3""4'"*9"4%&.&/033&/%"

FTUÓNVMPBPTQSPDFTTPTQBSUJDJQBUJWPTMPDBJT 0$033"&.«3&"463#"/*;"%"4 -0$"-*;"%"4/0
RVFFOWPMWBNBQPQVMBÎÍPCFOFmDJÈSJB */5&3*03%"4103±¿&4$0/40-*%"%"4%"$*%"%&
FTQFDJBMNFOUFOBTJOUFSWFOÎÜFTEFJOUFHSB
ÎÍPVSCBOBFSFHVMBSJ[BÎÍPGVOEJÈSJB

BUVBÎÍPDPPSEFOBEBFBSUJDVMBEBEPTFO NFOUBJTBGFUPTËRVFTUÍPVSCBOB EFNFEJ
UFTGFEFSBUJWPTQPSNFJPEFQPMÓUJDBTRVF EBTDBCÓWFJT FTQFDJBMNFOUFSFMBDJPOBEBTËT
BQSFTFOUFNUBOUPDBSÈUFSDPSSFUJWP CBTF UBSJGBTQÞCMJDBT QBSBRVFPTDVTUPTSFMBUJWPT
BEBTFNBÎÜFTEFSFHVMBSJ[BÎÍPGVOEJÈSJB BPTTFSWJÎPTVSCBOPTOÍPTFUPSOFNVN
VSCBOJ[BÎÍPFJOTFSÎÍPTPDJBMEPTBTTFOUB ÙOVTJOTVTUFOUÈWFMQBSBBTGBNÓMJBTCFOFmDJ
NFOUPTQSFDÈSJPT RVBOUPQSFWFOUJWP DPN ÈSJBTEPTQSPHSBNBTHPWFSOBNFOUBJT
BÎÜFTWPMUBEBTQBSBBBNQMJBÎÍPFVOJWFS EFmOJÎÍPEFQBSÉNFUSPTUÏDOJDPTFPQFSB
TBMJ[BÎÍPEPBDFTTPBUFSSBVSCBOJ[BEBFB DJPOBJTNÓOJNPTEFJOUFSWFOÎÍPVSCBOBEF
OPWBTVOJEBEFTIBCJUBDJPOBJTBEFRVBEBT GPSNBBPSJFOUBSPTQSPHSBNBTFQPMÓUJDBT

FTUBCFMFDJNFOUPEFMJOIBTEFBUVBÎÍP GFEFSBJT FTUBEVBJTFNVOJDJQBJT MFWBOEPTF
DPNQPTUBTQPSSFDVSTPTPSJVOEPTEBTGPO FNDPOUBBTEJNFOTÜFTGVOEJÈSJB VSCBOÓT
UFTQSFTFOUFTOP4JTUFNB/BDJPOBMEF)BCJ UJDBFFEJMÓDJB BEJNFOTÍPEBQSFDBSJFEBEF
UBÎÍP EJSFDJPOBEBTBQPTTJCJMJUBSEJGFSFOUFT GÓTJDB SJTDP BDFTTJCJMJEBEF JOGSBFTUSVUVSB
GPSNBTEFBDFTTPËNPSBEJBFRVFDPO FOÓWFMEFIBCJUBCJMJEBEF
FBEJNFOTÍPEB
UFNQMFNTVCTÓEJPTFNOÓWFJTDPNQBUÓWFJT WVMOFSBCJMJEBEFTPDJBM DPNQBUÓWFJTDPNB
DPNBTDBSBDUFSÓTUJDBTEBEFNBOEBFDPNP TBMVCSJEBEF BTFHVSBOÎBFPCFNFTUBSEB
DVTUPEBTGPOUFTEFSFDVSTPT QPQVMBÎÍP SFTQFJUBOEPTFBTEJGFSFOÎBT

BNQMJBÎÍPEPFTUPRVFEFNPSBEJBTDPOTJ SFHJPOBJTFBWJBCJMJEBEFFDPOÙNJDPmOBO
EFSBOEP OBTMJOIBTEFBUVBÎÍP BTJHOJmDB DFJSBEBTJOUFSWFOÎÜFT
UJWBEJWFSTJEBEFSFHJPOBMFYJTUFOUFOP1BÓT FTUÓNVMPBPEFTFOWPMWJNFOUPEFBMUFSOB
OPRVFTFSFGFSFBDVTUPTEFQSPEVÎÍPF UJWBTSFHJPOBJT MFWBOEPFNDPOTJEFSBÎÍP
DPOEJÎÜFTTØDJPFDPOÙNJDBTEBQPQVMBÎÍP BTDBSBDUFSÓTUJDBTEBQPQVMBÎÍPMPDBM TVBT
EFNBOEBOUF NBOJGFTUBÎÜFTDVMUVSBJT TVBTGPSNBTEF

BQPJPFFTUÓNVMPBPTEJGFSFOUFTOÓWFJTEF PSHBOJ[BÎÍPFTVBTDPOEJÎÜFTFDPOÙNJDBT
QPEFSEPTFOUFTGFEFSBUJWPTBRVFNDBCF FVSCBOBT FWJUBOEPTFTPMVÎÜFTQBESPOJ[B
SÈJNQMFNFOUBÎÍPEPTmOBODJBNFOUPTF EBTFnFYJCJMJ[BOEPBTOPSNBT EFNBOFJSB
QSPHSBNBTIBCJUBDJPOBJT JOTDSJUPTFDPO BBUFOEFSËTEJGFSFOUFTSFBMJEBEFTEP1BÓT
TPMJEBEPTFN1MBOPT&TUBEVBJT EP%JTUSJUP WJBCJMJ[BÎÍPEFDPOEJÎÜFTEFmOBODJBNFO
'FEFSBMF.VOJDJQBJTEF)BCJUBÎÍP UPTQBSBRVFBQPQVMBÎÍPEFCBJYBSFOEB

BUVBÎÍPJOUFHSBEBDPNBTEFNBJTQPMÓUJDBT UFOIBPNFOPSDVTUPQPTTÓWFM
QÞCMJDBTBNCJFOUBJTFTPDJBJTQBSBHBSBOUJS BNQMJBÎÍPEBDBQBDJEBEFPQFSBDJPOBMEP
BBEFRVBÎÍPVSCBOÓTUJDBFTØDJPBNCJFOUBM TJTUFNB FTUJNVMBOEPËQBSUJDJQBÎÍPEF
EBTJOUFSWFOÎÜFTOPFOGSFOUBNFOUPEBQSF OPWPTBHFOUFTmOBODFJSPT QSPNPUPSFTF
DBSJFEBEFVSCBOBFEBTFHSFHBÎÍPFTQBDJBM PVUSPTOPÉNCJUPEP4JTUFNB/BDJPOBMEF
RVFDBSBDUFSJ[BNFTTFTBTTFOUBNFOUPT )BCJUBÎÍP
QSPNPÎÍP FNDPOKVOUPDPNPVUSPTØSHÍPT

GFEFSBJTFDPNPTEFNBJTOÓWFJTHPWFSOB
$"%&3/04.$*%"%&4)"#*5"±°0 *OUFHSBÎÍPEBQPMÓUJDBIBCJUBDJPOBMË UJNFOUPTVSCBOPTQÞCMJDPT JODMVTJWFOB
QPMÓUJDBEFEFTFOWPMWJNFOUPVSCBOP VSCBOJ[BÎÍPEPTBTTFOUBNFOUPT
QSPNPÎÍPFBQPJPBQMBOPT QSPKFUPT QSP
t BSUJDVMBÎÍPEBQPMÓUJDBIBCJUBDJPOBMDPN
HSBNBTFBÎÜFTRVFFTUJNVMFNBDPFTÍPF
BTQPMÓUJDBTGVOEJÈSJB EFJOGSBFTUSVUVSBF
JOUFHSBÎÍPTPDJBMFUFSSJUPSJBM BFRàJEBEFEF
TBOFBNFOUPBNCJFOUBMFEFNPCJMJEBEFF
FRVJQBNFOUPTFTFSWJÎPTTPDJBJTFVSCBOPT
USBOTQPSUFFNDPOTPOÉODJBDPNBTEJSFUSJ[FT
EFQPMÓUJDBVSCBOBFEFNBJTQPMÓUJDBTTPDJBJT $POUSBUPTEFGJOBODJBNFOUP
EFGPSNBBHBSBOUJSBJODMVTÍPDJEBEÍ IBCJUBDJPOBMDPNEFTFRVJMÓCSJP
BSUJDVMBÎÍPEBQPMÓUJDBIBCJUBDJPOBMDPN GJOBODFJSPOPÉNCJUPEP4JTUFNB
BTEJSFUSJ[FTFTUBCFMFDJEBTOPTQMBOPTEF 'JOBODFJSPEF)BCJUBÎÍP
EFTFOWPMWJNFOUPVSCBOP FNFTQFDJBMOP
WJBCJMJ[BÎÍPEFNFDBOJTNPTRVFQFSNJUBN
&TUBUVUPEB$JEBEF OPT1MBOPT%JSFUPSFTF
BSFOFHPDJBÎÍPEPTTBMEPTEFWFEPSFTEPT
OBMFHJTMBÎÍPVSCBOÓTUJDBEFMFTEFDPSSFOUF
DPOUSBUPTEFmOBODJBNFOUPEFGPSNBB
QSPNPÎÍPFBQPJPËJOUFHSBÎÍPEB1PMÓUJDB
BEFRVBSPWBMPSEBTQSFTUBÎÜFTËDBQBDJEB
'VOEJÈSJBF)BCJUBDJPOBMEFGPSNBBWJBCJ
EFEFQBHBNFOUPEPTNVUVÈSJPT
MJ[BSBQSPEVÎÍPEFTPMPVSCBOJ[BEPDPN
EFmOJÎÍPEFJOTUSVNFOUPTFNFDBOJTNPT
RVBMJEBEFQBSBBJNQMBOUBÎÍPEFQSPHSB
DBQB[FTEFWJBCJMJ[BSTPMVÎÜFTQBSBPTJN
NBTIBCJUBDJPOBJT BSFHVMBSJ[BÎÍPGVOEJÈSJB
QBTTFTEFOBUVSF[BmOBODFJSB FYJTUFOUFT
QBSBQSPHSBNBTEFJOUFHSBÎÍPVSCBOBEF
OBT$PNQBOIJBTEF)BCJUBÎÍP KVOUPË
BTTFOUBNFOUPTQSFDÈSJPTFEFSFBCJMJUBÎÍP
6OJÍP &TUBEPTFBHFOUFTmOBODFJSPT
EFJNØWFJTQBSBmOTEFJOUFSFTTFTPDJBM
QSPNPÎÍPFBQPJPËEFmOJÎÍPEFNFDBOJT
NPTRVFWJBCJMJ[FNBPCUFOÎÍPEFJNØWFJT
FNÈSFBTVSCBOJ[BEBTFCFNMPDBMJ[BEBTQBSB $0.10/&/5&4%"10-¶5*$"
QSPEVÎÍPEFIBCJUBÎÍPEFJOUFSFTTFTPDJBM /"$*0/"-%&)"#*5"±°0
QFMPTTFUPSFTQÞCMJDP QSJWBEPFBTTPDJBUJWP
DPOTPMJEBÎÍPEB1PMÓUJDB'VOEJÈSJBQPSNFJP *OUFHSBÎÍPVSCBOBEFBTTFOUBNFOUPT
EPTJOTUSVNFOUPTVSCBOÓTUJDPTQSFWJTUPT QSFDÈSJPT
OP&TUBUVUPEB$JEBEF CFNDPNPEBT-FJT
"OFDFTTJEBEFEFDPOTUSVÎÍPEFVNBQPMÓUJDB
EF1BSDFMBNFOUPEP4PMP EF)BCJUBÎÍPEF
IBCJUBDJPOBMDPNGPDPOBJOUFHSBÎÍPVSCBOB
*OUFSFTTF4PDJBMFEFNBSDBÎÍPEF;POBT
EFBTTFOUBNFOUPTQSFDÈSJPT FTQFDJBMNFOUF
&TQFDJBJTEF*OUFSFTTF4PDJBM
OBHBSBOUJBEPBDFTTPBPTBOFBNFOUPCÈTJDP
SFWJTÍPEBMFJEFQBSDFMBNFOUPEPTPMP
ËSFHVMBSJ[BÎÍPGVOEJÈSJBFËNPSBEJBBEF
DPNWJTUBTBPBVNFOUPEBPGFSUBEFMPUFT
RVBEB BSUJDVMBEBBPVUSBTQPMÓUJDBTTPDJBJTF
FNPSBEJBTQPQVMBSFTFNDPOEJÎÜFTFMP
EFEFTFOWPMWJNFOUPFDPOÙNJDP ÏFTTFODJBM
DBMJ[BÎÍPBEFRVBEBTQBSBPTNFSDBEPTEF
OBJNQMFNFOUBÎÍPEFRVBMRVFSFTUSBUÏHJBEF
CBJYBSFOEB
DPNCBUFËQPCSF[BFQFSTQFDUJWBEFTVTUFOUB
QSPNPÎÍPFBQPJPËSFHVMBSJ[BÎÍPEFBT
CJMJEBEFVSCBOB$JEBEFTDPNWBTUBTQPSÎÜFT
TFOUBNFOUPTJOGPSNBJT SFDPOIFDJNFOUPEB
QPTTF
FNJNØWFJTQÞCMJDPTFQSJWBEPT 1BSBVNNBJPSEFUBMIBNFOUPEFTUFJUFNDPOTVM
DPOUSPMFEPTQSPDFTTPTEFWBMPSJ[BÎÍPF UBSP$BEFSOPRVFUSBUBFTQFDJmDBNFOUFEPDPN
QPOFOUFEB*OUFHSBÎÍP6SCBOBEF"TTFOUBNFOUPT
TVCTUJUVJÎÍPEFVTPTSFTVMUBOUFTEFJOWFT
1SFDÈSJPT

$"%&3/04.$*%"%&4)"#*5"±°0
)*4503*$".&/5&"4&91&3*³/$*"4%& NBJTBQSPQSJBEBTËSFBMJEBEFSFHJPOBMFTPDJBM
*/5&37&/±°0&."44&/5".&/50413&$«3*04 EFTTFTBTTFOUBNFOUPT&TTFRVBESPMFWB QPS
1"35*".%&6."%*'&3&/$*"±°0&/53&53³4 UBOUP BTFQSPQPSVNBNFMIPSNFOTVSBÎÍPF
5*104#«4*$04-05&".&/504ʤ$-"/%&45*/0406 DBSBDUFSJ[BÎÍPEPTBTTFOUBNFOUPTQSFDÈSJPT
*33&(6-"3&4ʥ '"7&-"4&$035*±04%0453³4 QBSBRVFQPTTBNTFSFTUBCFMFDJEPTPTDSJUÏSJPT
5*104 "4'"7&-"44&3*".0."*413&$«3*0 QBSBQSJPSJ[BÎÍPEBTJOUFSWFOÎÜFTFEJTUSJCVJ
1&-"*/4&(63"/±"%"1044&%"5&33" 1&-"
ÎÍPEPTSFDVSTPT
0TBTTFOUBNFOUPTJSSFHVMBSFTFQSFDÈSJPT
13&7"-³/$*"%&1"%3¿&463#"/¶45*$04%&1*03
UÐNDSFTDJEPOBBVTÐODJBEFVNBQPMÓUJDBBN
26"-*%"%&
QMBRVFWJBCJMJ[FPBDFTTPËUFSSBFËNPSBEJB
QBSBBTDBNBEBTEFNBJTCBJYBSFOEB"GBMUB
EFTFVUFSSJUØSJPPDVQBEBTQPSBTTFOUBNFOUPT EFmOBODJBNFOUPDPNQBUÓWFMDPNBTDPOEJ
QSFDÈSJPTEJmDJMNFOUFQPEFNTFSTVTUFOUÈWFJT ÎÜFTEFSFOEBEBQPQVMBÎÍPUFNMFWBEPBT
EPQPOUPEFWJTUBTØDJPBNCJFOUBM TFOÍP GBNÓMJBTEFCBJYBSFOEBQBSBBTTJUVBÎÜFTEF
FGFUJWBSFNJOUFSWFOÎÜFTRVFWJTFNËJODMVTÍP QSFDBSJFEBEFEFEJWFSTBTOBUVSF[BT"PDVQB
TØDJPFTQBDJBMEPFYQSFTTJWPDPOUJOHFOUFQP ÎÍPEFDPOKVOUPTIBCJUBDJPOBJTQFMBQPQVMB
QVMBDJPOBMRVFSFTJEFOFTTFTBTTFOUBNFOUPT ÎÍPRVFOÍPUFNDPOEJÎÜFTEFBDFTTPËQSP
)JTUPSJDBNFOUFBTFYQFSJÐODJBTEFJOUFSWFO EVÎÍPQÞCMJDBFPQSPDFTTPEFEFHSBEBÎÍP
ÎÍPFNBTTFOUBNFOUPTQSFDÈSJPTQBSUJBNEF BRVFTÍPTVCNFUJEPTPTDPOKVOUPTIBCJUB
VNBEJGFSFODJBÎÍPFOUSFUSÐTUJQPTCÈTJDPTMP DJPOBJT DPOTUSVÓEPTBQBSUJSEBEÏDBEBEF
UFBNFOUPT DMBOEFTUJOPTPVJSSFHVMBSFT
GBWF TÍPGFOÙNFOPTUBNCÏNJNQPSUBOUFTBTFSFN
MBTFDPSUJÎPT%PTUSÐTUJQPT BTGBWFMBTTFSJBN DPOTJEFSBEPTOFTUFDFOÈSJPEFDSFTDJNFOUPEB
PNBJTQSFDÈSJP QFMBJOTFHVSBOÎBEBQPTTFEB QSFDBSJFEBEFEPTBTTFOUBNFOUPTVSCBOPT
UFSSB QFMBQSFWBMÐODJBEFQBESÜFTVSCBOÓTUJ "RVFTUÍPEBOFDFTTJEBEFEFQPMÓUJDBTEF
DPTEFQJPSRVBMJEBEF iMPUFTwNFOPSFT NBJPS PGFSUBEFOPWBTPQPSUVOJEBEFTIBCJUBDJPOBJT
EFOTJEBEF TJTUFNBWJÈSJPJOBEFRVBEP QSP QBSBBTDBNBEBTEFNBJTCBJYBSFOEBEFNBO
CMFNBTEFBDFTTJCJMJEBEF
QFMBBVTÐODJBEF EBBDSJBÎÍPFBDPOTPMJEBÎÍPEFNFDBOJTNPT
JOGSBFTUSVUVSBFQFMBJOBEFRVBÎÍPEPTTÓUJPT JOTUJUVDJPOBJTFmOBODFJSPTQBSBBBNQMJBÎÍP
PDVQBEPT DPNHSBWFTQSPCMFNBTEFSJTDP EBPGFSUBQÞCMJDBFQSJWBEB1PSÏN ÏOFDFTTÈ
"VTVBMEJTUJOÎÍPFOUSFGBWFMBFMPUFBNFOUP SJPBJOEBRVF OPQMBOPMPDBM PTQSPHSBNBTEF
QPQVMBSQBSFDFOÍPTFSNBJTTVmDJFOUF TFOEP SFHVMBSJ[BÎÍPVSCBOJ[BÎÍPJOTFSÎÍPTFKBNBS
OFDFTTÈSJBBEFMJNJUBÎÍPEFDBUFHPSJBTNBJT UJDVMBEPTBQSPHSBNBTEFBNQMJBÎÍPEBPGFSUB
SFQSFTFOUBUJWBTEPGFOÙNFOPEBQSFDBSJ[B EFNPSBEJBT PVTFKB ÏOFDFTTÈSJPUBNCÏNOP
ÎÍPOPÉNCJUPEBQPMÓUJDBIBCJUBDJPOBM QBSB QMBOPMPDBMBTTFHVSBSBBSUJDVMBÎÍPFOUSFQSP
NFMIPSEFmOJÎÍPEBTFTUSBUÏHJBTFBÎÜFT HSBNBTQSFWFOUJWPTFDVSBUJWPT
OFDFTTÈSJBTEFJOUFSWFOÎÍPVSCBOB&TTBTOP %JBOUFEFTTBDPNQMFYBSFBMJEBEFVSCBOB
WBTDBUFHPSJBTEFWFNDPOTJEFSBSFMFNFOUPT EBTDJEBEFTCSBTJMFJSBT FOUFOEFTFRVFPFO
RVFQFSNJUBNPEFTFOWPMWJNFOUPEFVNB GSFOUBNFOUPEBRVFTUÍPEPTBTTFOUBNFOUPT
UJQPMPHJBEFBTTFOUBNFOUPTQSFDÈSJPTRVF QSFDÈSJPTSFRVFSVNBBUVBÎÍPBSUJDVMBEBEP
DPOUFNQMFBTGBWFMBTFBTTFNFMIBEPT PTMPUF QPEFSQÞCMJDPFOWPMWFOEPPTUSÐTOÓWFJTEF
BNFOUPTJSSFHVMBSFT PTDPSUJÎPTFPTDPOKVO HPWFSOPFEFNBJTBHFOUFTTPDJBJTBGFUPTBP
UPTIBCJUBDJPOBJTEFUFSJPSBEPT QPTTJCJMJUBOEP TFUPSIBCJUBDJPOBM QPSNFJPEBGPSNVMBÎÍPF
BDPOTUSVÎÍPEFBMUFSOBUJWBTEFJOUFSWFOÎÍP JNQMFNFOUBÎÍPEFQMBOPTFTUBEVBJT EP%JTUSJ
$"%&3/04.$*%"%&4)"#*5"±°0 UP'FEFSBMFNVOJDJQBJTFNDPOTPOÉODJBDPN EBNFMIPSJBEBTTVBTDPOEJÎÜFTEFIBCJ
P1MBOP/BDJPOBMEF)BCJUBÎÍP"TTJN TFSÍP UBCJMJEBEF FSSBEJDBOEPSJTDPTFBNQMJBOEP
NPCJMJ[BEPTQSPHSBNBTFBÎÜFTEFQSPEVÎÍP BNPCJMJEBEFVSCBOBWJTBOEPËJODMVTÍP
IBCJUBDJPOBM EFJOUFHSBÎÍPVSCBOBEFBTTFO TØDJPFTQBDJBMFËJOUFHSBÎÍPEPTBTTFO
UBNFOUPTQSFDÈSJPT EFJOGSBFTUSVUVSBVSCBOB UBNFOUPTBPUFDJEPVSCBOPEBDJEBEF EF
FTQFDJBMNFOUFTBOFBNFOUPBNCJFOUBM QFS GPSNBBFGFUJWBSPBDFTTPFPEJSFJUPBDJEB
NJUJOEPBQSPEVÎÍPEFUFSSBVSCBOJ[BEBFEF EFTTVTUFOUÈWFJTFËNPSBEJBBEFRVBEB
NPSBEJBTBEFRVBEBT FUFOEPDPNPJOTUÉODJBT BÎÜFTEFEFTFOWPMWJNFOUPJOTUJUVDJPOBM
EFSFGFSÐODJBP$POTFMIPEBT$JEBEFTFTFVT WJTBOEPEPUBSPTØSHÍPTIBCJUBDJPOBJTF
TJNJMBSFTOPÉNCJUPEPT&TUBEPT %JTUSJUP'F PTBUPSFTOÍPHPWFSOBNFOUBJT FOWPMWJEPT
EFSBMFEPT.VOJDÓQJPT DPNBTJOUFSWFOÎÜFTFNBTTFOUBNFOUPT
/FTUFTFOUJEP PDPNQPOFOUFEF*OUFHSB QSFDÈSJPT EFDBQBDJEBEFUÏDOJDBFQPMÓUJDB
ÎÍP6SCBOBEF"TTFOUBNFOUPT1SFDÈSJPTEFWF EFGPSNVMBÎÍP JNQMFNFOUBÎÍPFBWBMJBÎÍP
SÈDPOUFNQMBSPTTFHVJOUFTBTQFDUPTHFSBJT EPTQSPHSBNBT QMBOPTFQSPKFUPT
BUFOEJNFOUPËTOFDFTTJEBEFTCÈTJDBTEB EFmOJÎÍP BQBSUJSEBTBUSJCVJÎÜFTQSFWJTUBT
QPQVMBÎÍPEFCBJYBSFOEBRVFWJWFFN OP4JTUFNB/BDJPOBMEF)BCJUBÎÍP EBT

BTTFOUBNFOUPTQSFDÈSJPTDBSBDUFSJ[BEPT DPNQFUÐODJBTFSFTQPOTBCJMJEBEFTEPTFO
QPSJSSFHVMBSJEBEFGVOEJÈSJBFVSCBOÓTUJDB UFTGFEFSBEPTFEPTEFNBJTBHFOUFTTPDJBJT
QSFDBSJFEBEFGÓTJDB JOTBMVCSJEBEF JOTFHV FOWPMWJEPTDPNBGPSNVMBÎÍPFJNQMFNFO
SBOÎBFWVMOFSBCJMJEBEFTPDJBM QPSNFJP UBÎÍPEFQSPHSBNBTFBÎÜFTEFJOUFHSBÎÍP
VSCBOB CVTDBOEPFMJNJOBSBUVBÎÜFTDPO
DPSSFOUFTFGBWPSFDFOEPTJOFSHJBTFDPN
BUFOEJNFOUPËTOFDFTTJEBEFTCÈTJDBT
QMFNFOUBSJEBEFT
EBQPQVMBÎÍPEFCBJYBSFOEBRVFWJWFFN
BTTFOUBNFOUPTQSFDÈSJPT

$"%&3/04.$*%"%&4)"#*5"±°0
NFDBOJTNPTEFQBSUJDJQBÎÍPFEFDPOUSPMF "±¿&4%&%&4&/70-7*.&/50*/45*56$*0/"-
OBTEJWFSTBTFUBQBTEFQMBOFKBNFOUPFEF 7*4"/%0%05"304»3(°04)"#*5"$*0/"*4&
JNQMFNFOUBÎÍPEBTJOUFSWFOÎÜFT CVTDBO 04"503&4/°0(07&3/".&/5"*4 &/70-7*%04
EPBNQMJBSBQBSUJDJQBÎÍPQPMÓUJDBFDJEBEÍ $0."4*/5&37&/±¿&4&."44&/5".&/504
DPOUSJCVJOEP BJOEB QBSBNFMIPSBSBFmDÈ 13&$«3*04 %&$"1"$*%"%&5²$/*$"&10-¶5*$"%&
DJBFBFmDJÐODJBEPTQSPHSBNBTFBÎÜFT '03.6-"±°0 *.1-&.&/5"±°0&"7"-*"±°0%04
NFDBOJTNPTRVFFGFUJWFNBQSPNPÎÍPEB
130(3"."4 1-"/04&130+&504
JHVBMEBEFEFPQPSUVOJEBEFT QSJWJMFHJBOEP
BTEJNFOTÜFTÏUOJDB SBDJBMFEFHÐOFSP F
BQSPUFÎÍPFTQFDJBMEFHSVQPTWVMOFSÈWFJT 0DPNQPOFOUFEF*OUFHSBÎÍP6SCBOBEF"T
DPNPPTQPSUBEPSFTEFOFDFTTJEBEFTFT TFOUBNFOUPT1SFDÈSJPTUFNDPNPPCKFUJWPT
QFDJBJT JEPTPTFDSJBOÎBTOPTQSPHSBNBTF FTQFDÓmDPT
BÎÜFT HBSBOUJSMJOIBTEFmOBODJBNFOUP OPÉNCJUP
DPNQMFNFOUBSJFEBEFFOUSFBTBÎÜFTEFSF EP'VOEP/BDJPOBMEF)BCJUBÎÍPEF*OUFSFT
HVMBSJ[BÎÍPGVOEJÈSJB VSCBOJ[BÎÍP QSPWJTÍP TF4PDJBM '/)*4
QBSBBQSPNPÎÍPFBQPJP
EFOPWBTPQPSUVOJEBEFTIBCJUBDJPOBJTDPN EFJOUFSWFOÎÜFTFNBTTFOUBNFOUPTQSFDÈ
BTQPMÓUJDBTEFJOGSBFTUSVUVSBVSCBOBFTB SJPTBTFSFNEFTFOWPMWJEBTQFMBTBENJOJTUSB
OFBNFOUPBNCJFOUBMFNPCJMJEBEFVSCBOB ÎÜFTQÞCMJDBTEPTUSÐTOÓWFJTEFHPWFSOPPV
DPNQMFNFOUBSJFEBEFDPNBÎÜFTFNPVUSBT QPSPSHBOJ[BÎÜFTEFJOUFSFTTFQÞCMJDPOÍP
ÈSFBTEFJOUFSWFOÎÍPQÞCMJDB DPNPPNFJP HPWFSOBNFOUBJT RVBOEPDPVCFS
BNCJFOUF BTQPMÓUJDBTTPDJBJT PTQSPHSBNBT BQPJBSFJODFOUJWBSPT&TUBEPT %JTUSJUP
EFHFSBÎÍPEFFNQSFHPFSFOEBFEFDPN 'FEFSBMF.VOJDÓQJPTOBFMBCPSBÎÍPEFQSP
CBUFËWJPMÐODJB HSBNBT QMBOPTFOPEFTFOIPEBTJOUFSWFO
JNQMBOUBÎÍPEFVNNØEVMPFTQFDÓmDPEF ÎÜFTFNBTTFOUBNFOUPTQSFDÈSJPT
JOGPSNBÎÜFTTPCSFBTTFOUBNFOUPTQSFDÈSJPT QSPNPWFSFBQPJBSBÎÜFTEFEFTFOWPMWJ
OPÉNCJUPEP4JTUFNB/BDJPOBMEF*OGPS NFOUPJOTUJUVDJPOBMWJTBOEPFTUSVUVSBSF
NBÎÜFTEBT$JEBEFT 4/*$
FEP4JTUFNBEF RVBMJmDBSBBUVBÎÍPEB4FDSFUBSJB/BDJPOBM
*OGPSNBÎÍP "WBMJBÎÍPF.POJUPSBNFOUPEB EF)BCJUBÎÍP EFBDPSEPDPNTVBTOPWBT
)BCJUBÎÍP 4JNBIBC
WJTBOEPEJTTFNJOBS BUSJCVJÎÜFTEFmOJEBTQFMP4JTUFNB/BDJPOBM
FEFNPDSBUJ[BSEFGPSNBBNQMBPBDFTTPB EF)BCJUBÎÍP FTQFDJBMNFOUFOBBSUJDVMBÎÍP
JOGPSNBÎÜFTDPOmÈWFJT GBDJMJUBOEPBPTJOUF FOBSFHVMBÎÍPEPTBHFOUFTFOWPMWJEPTOB
SFTTBEPTPDPOIFDJNFOUPFTUSVUVSBEPTPCSF HFTUÍPFJNQMFNFOUBÎÍPEPTQSPHSBNBT
PUFNB EJTQPOJCJMJ[BOEPJOEJDBEPSFTFEBEPT FBÎÜFTEFJOUFHSBÎÍPVSCBOBEFBTTFOUB
EPTJTUFNBFTUBUÓTUJDPOBDJPOBMFEFQSPHSB NFOUPTQSFDÈSJPT
NBTEFJOUFSFTTFSFBMJ[BEPT QSFGFSFODJBMNFO QSPNPWFSFBQPJBSBDSJBÎÍPEFNFDBOJTNPT
UFFNGPSNBUPTJOUFSBUJWPTFEFGÈDJMDPOTVMUB OPSNBUJWPT KVSÓEJDPTFJOTUJUVDJPOBJTEFJO

EFTFOWPMWJNFOUPEFTJTUFNBTFNFDBOJT UFHSBÎÍPFDPPQFSBÎÍPFOUSFPTØSHÍPTEPT
NPTEFNPOJUPSBNFOUPFBWBMJBÎÍPEPT HPWFSOPTNVOJDJQBJT EFGPSNBBJODFOUJWBS
QSPHSBNBTFBÎÜFTEFQMBOFKBNFOUPFJO BBUVBÎÍPJOUFHSBEBEFQSPHSBNBTFBÎÜFT
UFSWFOÎÍPFNBTTFOUBNFOUPTQSFDÈSJPTOPT TFUPSJBJTFNBTTFOUBNFOUPTQSFDÈSJPT
USÐTOÓWFJTEFHPWFSOPEFGPSNBBHBSBOUJSB FTUBCFMFDFSDSJUÏSJPTFQBSÉNFUSPTUÏDOJDPT
BSUJDVMBÎÍP BTJTUFNBUJ[BÎÍPFBWBMJEBÎÍP EFPSJFOUBÎÍPQBSBBTJOUFSWFOÎÜFTVSCBOBT

EFJOGPSNBÎÜFTSFMBUJWBTBPUFNB EFGPSNBBHBSBOUJSNBJPSBEFRVBÎÍPEPT
$"%&3/04.$*%"%&4)"#*5"±°0 QSPKFUPTFBÎÜFT DPOTJEFSBOEPBFTDBMBEBT GBWFMBTFBTTFNFMIBEPTQSPKFUPTEFQMB
JOUFSWFOÎÜFT PTSFDVSTPTGVOEJÈSJPTFmOBO OFKBNFOUPFJNQMBOUBÎÍPEFJOUFSWFOÎÜFT
DFJSPT SFTQFJUBOEPTFPEJSFJUPËNPSBEJB JOUFHSBJTPVQSPHSFTTJWBTEFJOGSBFTUSVUVSB
FNBTTFOUBNFOUPTFYJTUFOUFTFDPOTPMJ VSCBOBFTBOFBNFOUPBNCJFOUBM SFHVMBSJ
EBEPT EFBDPSEPDPNBTVBEJWFSTJEBEFF [BÎÍPGVOEJÈSJB SFDVQFSBÎÍPFPVSFBMPDB
DPNBTFTQFDJmDJEBEFTMPDBJTFSFHJPOBJT ÎÍPEFVOJEBEFTIBCJUBDJPOBJT NFUPEPMP
HJBTQBSUJDJQBUJWBT USBCBMIPFFRVJQBNFOUP
0TQSPHSBNBTFBTBÎÜFTRVFDPNQPSÍP TPDJBM SFHVMBÎÍPVSCBOBQØTPDVQBÎÍP
P1MBOP/BDJPOBMEF)BCJUBÎÍPEFWFSÍPDPO QSFWFOÎÍPFJOUFSWFOÎÍPFNÈSFBTEFSJTDP
UFNQMBS OPÉNCJUPEB*OUFHSBÎÍP6SCBOBEF QMBOPEFHFTUÍPEFSJTDPFJOUFSWFOÎÜFT

"TTFOUBNFOUPT1SFDÈSJPT BTTFHVJOUFTMJOIBT QPOUVBJT QSPUFÎÍP DPOUFOÎÍPFFTUBCJMJ[B
QSPHSBNÈUJDBTEFBUVBÎÍP EFBDPSEPDPN ÎÍPEPTPMP

OFDFTTJEBEFTFDBSÐODJBTFTQFDÓmDBTEBTUJQP MPUFBNFOUPTJSSFHVMBSFTSFHVMBSJ[BÎÍP
MPHJBTEFBTTFOUBNFOUPTQSFDÈSJPT GVOEJÈSJBSFDVQFSBÎÍPPVNFMIPSJBTEF
VOJEBEFTIBCJUBDJPOBJT JOTUBMBÎÜFTIJESÈV
B
%FTFOWPMWJNFOUPJOTUJUVDJPOBM MJDPTBOJUÈSJBTEPNJDJMJBSFT BCBTUFDJNFOUP
"ÎÍPEFBQPJPËNPEFSOJ[BÎÍPJOTUJUVDJPOBM EFÈHVB FTHPUBNFOUPTBOJUÈSJP ESFOBHFN
EPT&TUBEPT %JTUSJUP'FEFSBMF.VOJDÓQJPT QMVWJBM QBWJNFOUBÎÍPFPCSBTWJÈSJBT MJHB
PCKFUJWBOEPPGPSUBMFDJNFOUPEBDBQBDJEBEF ÎÜFTEPNJDJMJBSFTEFFOFSHJBFMÏUSJDBJMVNJ
JOTUJUVDJPOBM UÏDOJDBFBENJOJTUSBUJWBQBSB OBÎÍPQÞCMJDBFSFDVQFSBÎÍPBNCJFOUBM

RVFQPTTBNBUVBSOBTPMVÎÍPEPTQSPCMFNBT
IBCJUBDJPOBJTVSCBOPTEFGBNÓMJBTSFTJEFOUFT D
*OUFSWFOÎÍPFNDPSUJÎPT
FNBTTFOUBNFOUPTQSFDÈSJPTFOBQSFWFOÎÍP "EJWFSTJEBEFEBTÈSFBTEFDPSUJÎPFBT
EPTVSHJNFOUPEFOPWPTBTTFOUBNFOUPTJOB FTQFDJmDJEBEFTEBTGBNÓMJBTNPSBEPSBT
EFRVBEPTËNPSBEJB EFNBOEBNVNDPOKVOUPEFQSPHSBNBTF
BÎÜFTEFBUFOEJNFOUPIBCJUBDJPOBM UBJT
C
6SCBOJ[BÎÍPJOUFHSBEB DPNPNFMIPSJBIBCJUBDJPOBM SFHVMBSJ[BÎÍP
1SPHSBNBFBÎÜFTEFNFMIPSJBEBTDPO FSFBCJMJUBÎÍPVSCBOB FTQFDJBMNFOUFEBT
EJÎÜFTEFIBCJUBCJMJEBEFEFQPQVMBÎÜFT [POBTFODPSUJÎBEBTDFOUSBJTEBTDJEBEFT
SFTJEFOUFTFNBTTFOUBNFOUPTQSFDÈSJPT SF 1PSUBOUP FTTBBÎÍPEFWFTFSJOUFHSBEBBPT
EV[JOEPPTSJTDPTTØDJPBNCJFOUBJTNFEJBO QSPHSBNBTRVFBUFOEFNBSFBCJMJUBÎÍPEF
UFBVSCBOJ[BÎÍPFSFHVMBSJ[BÎÍPGVOEJÈSJB ÈSFBTVSCBOBTDFOUSBJT
EFTTFTBTTFOUBNFOUPT JOUFHSBOEPPTBP E
.FMIPSJBIBCJUBDJPOBM
UFDJEPVSCBOPEBDJEBEF1PEFSÈDPOUFNQMBS "SUJDVMBÎÍPFOUSFPmOBODJBNFOUPBQFT
JOUFSWFOÎÜFTOFDFTTÈSJBTËTFHVSBOÎB Ë TPBTGÓTJDBTQBSBBRVJTJÎÍPEFNBUFSJBMEF

TBMVCSJEBEFFIBCJUBCJMJEBEFEBQPQVMBÎÍP DPOTUSVÎÍPFBTJOUFSWFOÎÜFTEFVSCBOJ[B
MPDBMJ[BEBFNÈSFBJOBEFRVBEBËNPSBEJB ÎÍPEFÈSFBTPVEFJNQMBOUBÎÍPEFMPUFT
WJTBOEPBTVBQFSNBOÐODJBPVSFBMPDBÎÍP VSCBOJ[BEPTSFBMJ[BEBTQFMPQPEFSQÞCMJDP
QPSJOUFSNÏEJPEBJNQMFNFOUBÎÍPJOUFHSBEB NVOJDJQBM BDPNQBOIBEBTEFBTTJTUÐODJB
EFUPEBTNPEBMJEBEFTEFJOUFSWFOÎÍPFPV UÏDOJDBFDBQBDJUBÎÍP
EFGPSNBQSPHSFTTJWB DPOTJEFSBOEPBTDB
SBDUFSÓTUJDBTUJQPMØHJDBTEFBTTFOUBNFOUPT F
3FHVMBSJ[BÎÍPGVOEJÈSJB
QSFDÈSJPT 1SPHSBNBEFBQPJP DPNQMFNFOUBÎÍPF

$"%&3/04.$*%"%&4)"#*5"±°0
TVQMFNFOUBÎÍPEBBÎÍPEPTHPWFSOPT
NVOJDJQBJTËSFHVMBSJ[BÎÍPGVOEJÈSJBTVTUFO
UÈWFMFNÈSFBTVSCBOBTPDVQBEBTQPSBT
TFOUBNFOUPTQSFDÈSJPTFJOUFSWFOÎÍPNBJT
EJSFUBOPTDBTPTFNRVFPTBTTFOUBNFOUPT
BTFSFNSFHVMBSJ[BEPTFTUFKBNTJUVBEPTFN
UFSSBTEFQSPQSJFEBEFEB6OJÍP
G
'POUFTEF3FDVSTPT
1BSBBTVBFGFUJWBÎÍPOBFTDBMBOFDFTTÈSJB
BPFOGSFOUBNFOUPEBVSCBOJ[BÎÍPEFBTTFO
UBNFOUPTQSFDÈSJPT PTQSPHSBNBTFBÎÜFTEF "NQMJBSPFTUPRVFEFNPSBEJBTFHFSBSVNBSFEVÎÍP
QSPHSFTTJWBEPEÏmDJU BUFOEFOEPBPTFHNFOUPEF
WFSÍPDPOUBSDPNGPOUFTFTUÈWFJTEFTVCTÓEJPT
NBJTCBJYBSFOEB
FMJOIBTFTQFDJBJTEFmOBODJBNFOUPT DBQB[FT
EFWJBCJMJ[BSBJNQMFNFOUBÎÍPEFVNBQPMÓUJDB $JEBEFTFEFNBJTTFUPSFTSFTQPOTÈWFJTEPHP
VSCBOBRVFVOJWFSTBMJ[FPBDFTTPËJOGSBFT WFSOP'FEFSBM OPÉNCJUPEBTEJTDVTTÜFTQBSB
USVUVSBVSCBOB FTQFDJBMNFOUFTBOFBNFOUP BBNQMJBÎÍPFDPOTFDVÎÍPEBTNFUBTEFVSCB
BNCJFOUBM SFEFWJÈSJBFFOFSHJBFMÏUSJDBFBPT OJ[BÎÍPEFBTTFOUBNFOUPTQSFDÈSJPTEFmOJEBT
FRVJQBNFOUPTFTFSWJÎPTVSCBOPTFTPDJBJT OP11"
%BEBBOBUVSF[BEPTQSPHSBNBTFBÎÜFTEF
VSCBOJ[BÎÍPFSFHVMBSJ[BÎÍPGVOEJÈSJBBTFSFN
1SPEVÎÍPEBIBCJUBÎÍP
mOBODJBEPTFPQFSmMEFSFOEBEBQPQVMBÎÍPB
TFSCFOFmDJBEB BBÎÍPEPQPEFSQÞCMJDPDPO "TBÎÜFTWPMUBEBTQBSBPQSPWJNFOUPEFIBCJ
mHVSBTFDPNPGVOEBNFOUBMUBOUPOBFTUSVUV UBÎÜFT CBTFBEBTOPEJBHOØTUJDPEBTJUVBÎÍP
SBÎÍPEBTJOUFSWFOÎÜFT RVBOUP QSPQSJBNFOUF IBCJUBDJPOBMOP1BÓT TJOBMJ[BNRVFQBSBP
OBTVBFYFDVÎÍP0TSFDVSTPTOFDFTTÈSJPTQBSB FOGSFOUBNFOUPFTVQFSBÎÍPEPTPCTUÈDVMPT
BDPCFSUVSBEPTHBTUPTEFWFNTFS NBKPSJUBSJB BGFUPTËRVFTUÍPEBQSPEVÎÍPÏOFDFTTÈSJP
NFOUF EFOBUVSF[BOÍPPOFSPTB DPNQPTUPT NPCJMJ[BSVNFYQSFTTJWPWPMVNFEFSFDVSTPT
QFMBQBSDFSJBDPNPTEFNBJTFOUFTGFEFSBUJWPT POFSPTPT DPNDVTUPDPNQBUÓWFMDPNBDBQB
DPOGPSNFQSFWJTUPOP1SPKFUPEF-FJRVFJOTUJ DJEBEFEFQBHBNFOUPEBQPQVMBÎÍPEFCBJYB
UVJP'VOEP/BDJPOBMEF)BCJUBÎÍPEF*OUFSFT SFOEB FSFDVSTPTOÍPPOFSPTPTFNRVBOUJ
TF4PDJBM '/)*4
EBEFTVQFSJPSBPRVFUFNTJEPBMPDBEPOPT
5PEBWJB BSFUPNBEBEBDPODFTTÍPEF BUVBJTQSPHSBNBTDPNPSJHFNOP0SÎBNFOUP
mOBODJBNFOUPTDPNSFDVSTPTEP'VOEPEF (FSBMEB6OJÍP
(BSBOUJBEP5FNQPEF4FSWJÎP '(54
BPTFUPS 1BSBBNQMJBSPFTUPRVFEFNPSBEJBT HF
QÞCMJDP DPNDBQBDJEBEFEFBTTVNJSEÓWJEB SBOEPVNBSFEVÎÍPQSPHSFTTJWBEPEÏmDJU
TFSÈGVOEBNFOUBMQBSBEBSNBJPSFTDBMBËT FBUFOEJNFOUPEBEFNBOEBEFNPHSÈmDB P
JOUFSWFOÎÜFTOFDFTTÈSJBT&TTBSFUPNBEB FO BUFOEJNFOUPBPTFHNFOUPEFNBJTCBJYBSFOEB
USFUBOUP EJ[SFTQFJUPBBTQFDUPTNBJTHFSBJTEB PDPSSFSÈQPSNFJPEP'/)*4 JOUFHSBOEPBT
QPMÓUJDBNBDSPFDPOÙNJDBEPHPWFSOP'FEFSBM BÎÜFTEPTUSÐTOÓWFJTEFHPWFSOPFBHFOUFTOÍP
OPUBEBNFOUFPTEFDBSÈUFSmTDBM"TDPOEJ HPWFSOBNFOUBJTBGFUPTBPTFUPSIBCJUBDJPOBM
ÎÜFTEFTVBQPTTÓWFMWJBCJMJ[BÎÍPWÐNTFOEP %FJHVBMGPSNB SFTTBMUBTFBJNQPSUÉODJB
PCKFUPEFQBDUVBÎÍPFOUSFP.JOJTUÏSJPEBT EBQBSUJDJQBÎÍPEPTFUPSQSJWBEPOBQSPEV
$"%&3/04.$*%"%&4)"#*5"±°0 ÎÍPIBCJUBDJPOBMEFTUJOBEBËQPQVMBÎÍPDPN QFTTPBTKVSÓEJDBTQSPEV[JSFNMPUFTVSCBOJ
SFOEBTVQFSJPSBTBMÈSJPTNÓOJNPT FTQFDJBM [BEPTFVOJEBEFTIBCJUBDJPOBJT DPOTJEF
NFOUFOFTUFNPNFOUPFNRVFNFEJEBTQBSB SBOEPBEFNBOEBPSHBOJ[BEBMPDBM
BNQMJBÎÍPEPNFSDBEPGPSBNBEPUBEBT FRVF FTUJNVMBSBQSPEVÎÍPFNQSFTBSJBMQBSBTF
SFTVMUBSBNOPBRVFDJNFOUPEBTPQFSBÎÜFTEF UPSFTEFSFOEBNÏEJB CVTDBOEPEJOBNJ[BS

DSÏEJUPJNPCJMJÈSJP PNFSDBEPJNPCJMJÈSJP DPNNBJPSEFTUJ
"BUVBÎÍPEPTFUPSQSJWBEP EFGPSNBDPN OBÎÍPEFSFDVSTPTEP4#1&FPVUSBTGPOUFT
QBSUJMIBEBDPNPTFUPSQÞCMJDP QFSNJUJSÈB QBSBPGBWPSFDJNFOUPEPDSÏEJUPFBNQMJB
PUJNJ[BÎÍPFDPOÙNJDBEPTSFDVSTPTQÞCMJDPT ÎÍPEBTGBJYBTEFSFOEB
FQSJWBEPTJOWFTUJEPTOPTFUPSIBCJUBDJPOBM EFTFOWPMWFSQSPHSBNBFMJOIBEFmOBODJB
FTQFDJBMNFOUFPTSFDVSTPTPSJVOEPTEP'(54 NFOUPEFTUJOBEPËQSPEVÎÍPEFVOJEBEFT
RVFQBTTBSJBNBGPDBMJ[BS QSFGFSFODJBMNFOUF B IBCJUBDJPOBJTEJSJHJEBTËMPDBÎÍPTPDJBMF
GBJYBEFSFOEBBUÏTBMÈSJPTNÓOJNPT WJBCJMJ[BSBQSPEVÎÍPIBCJUBDJPOBMEFOUSP
"TTJN PDPNQPOFOUFQSPWJTÍPIBCJUBDJPOBM EPQFSÓNFUSPVSCBOP FWJUBOEPBQSPMJGFSB

QBTTBBDPNQSFFOEFSVNDPOKVOUPEFNFEJEBT ÎÍPEFMPUFBNFOUPTGPSBEBNBMIBVSCBOB
BTFSFNBEPUBEBTOPTQSPHSBNBTFMJOIBTEF QPSNFJPEBQSPNPÎÍPEFMJOIBTEFmOBO
BUVBÎÍPWJHFOUFTPVBTFSFNDSJBEPT SFTVMUBOUF DJBNFOUPQBSBBQPJBSBSFBCJMJUBÎÍPVSCBOB
EBTEFMJCFSBÎÜFTPDPSSJEBTOB$POGFSÐODJBEBT FPBEFOTBNFOUPEFÈSFBTDFOUSBJTEFTPDV
$JEBEFT DPOGPSNFTFEFTDSFWFBTFHVJS QBEBT DPNIBCJUBÎÍPEFJOUFSFTTFTPDJBM
EJTQPOJCJMJ[BSQSPHSBNBTDPNDSÏEJUPTPOF EFGPSNBBPUJNJ[BSBJOGSBFTUSVUVSBJOTUB
SPTPTFTVCTJEJBEPTQBSBBNQMJBSPBDFTTP MBEB SFDVQFSBOEPPFTUPRVFIBCJUBDJPOBMF
EBQPQVMBÎÍPEFCBJYBSFOEBBVOJEBEFT BEJOÉNJDBFDPOÙNJDB FNQBSDFSJBDPNPT
IBCJUBDJPOBJTQPSNFJPEBDPOTUSVÎÍPEF USÐTOÓWFJTEFHPWFSOP
OPWBTVOJEBEFT QSPEVÎÍPEFMPUFTVSCB
OJ[BEPT QSPNPÎÍPEFNFMIPSJBTFBNQMJB B
"UFOEJNFOUPEBEFNBOEB
ÎÜFTEFEPNJDÓMJPTFYJTUFOUFTFBPDVQBÎÍP 1BSBRVFTFQPTTBBUFOEFSBEFRVBEBNFOUF
EFVOJEBEFTIBCJUBDJPOBJTWB[JBT UBOUPBEFNBOEBEPTFHNFOUPEF)BCJUBÎÍP
JNQMFNFOUBSMJOIBTEFmOBODJBNFOUPB EF*OUFSFTTF4PDJBMDPNPBEF)BCJUBÎÍPEF
QFTTPBTGÓTJDBTEFTUJOBEBTB .FSDBEP UFOEPFNWJTUBBTGPOUFTEFSFDVSTPT
tBBRVJTJÎÍPEFJNØWFMOPWPPVVTBEP EJTQPOÓWFJT IÈRVFTFEFmOJSPBUFOEJNFOUP
DPOTUSVÎÍPFNUFSSFOPQSØQSJPFDPOT QBSBPTEJWFSTPTTFHNFOUPT
USVÎÍPQPSHFTUÍPBTTPDJBUJWB JODMVJOEP "TTJN QSFMJNJOBSNFOUF DPOTJEFSBOEPRVF
UFSSFOP NBUFSJBMFQSPKFUPF FTTBRVFTUÍPTFSÈPCKFUPEFFTUVEPTNBJT
tBRVJTJÎÍPEFNBUFSJBJTEFDPOTUSVÎÍP BQSPGVOEBEPT GPSBNJEFOUJmDBEPTRVBUSP
DPNBTTFTTPSJBUÏDOJDBQBSBQSPNPÎÍPEF HSVQPTEFCFOFmDJÈSJPTEJTUJOUPT FTUBCFMF
NFMIPSJBTIBCJUBDJPOBJTFBNQMJBÎÍPEF DJEPTEFBDPSEPDPNBTVBDBQBDJEBEFEF
VOJEBEFTFYJTUFOUFT QBHBNFOUPFNSFMBÎÍPBPTDVTUPTEPTmOBO
JNQMFNFOUBSMJOIBEFmOBODJBNFOUPQBSB DJBNFOUPTEBTEJGFSFOUFTGPOUFT DPOGPSNFTF
DPPQFSBUJWBT BTTPDJBÎÜFTBVUPHFTUJPOÈSJBT EFTDSFWFBTFHVJS
NVUJSÜFT TJOEJDBUPT PSHBOJ[BÎÜFTOÍPHP (SVQP*o'BNÓMJBTFNTJUVBÎÍPEFNJTÏSJB
WFSOBNFOUBJTFPVUSPTBHFOUFTQPQVMBSFT BCTPMVUB JODBQB[EFBSDBSDPNRVBJTRVFS
DPNSFDVSTPTPOFSPTPTFOÍPPOFSPTPT ÙOVTEFDPSSFOUFEFmOBODJBNFOUPTPOFSPTPT
JNQMFNFOUBSMJOIBEFmOBODJBNFOUPQBSB DPNQPOEPCFOFmDJÈSJPTEFQSPHSBNBTEF

$"%&3/04.$*%"%&4)"#*5"±°0
%*410/*#*-*;"3130(3"."4$0.$3²%*504 UBÎÍPEF*OUFSFTTF4PDJBM RVBOUPQPSJOUFSNÏ
0/&30404&46#4*%*"%041"3"".1-*"30"$&440 EJPEFJOJDJBUJWBTBTTPDJBUJWBTFPVJOEJWJEVBJT
%"1016-"±°0%&#"*9"3&/%""6/*%"%&4 EPTQSØQSJPTCFOFmDJÈSJPT
)"#*5"$*0/"*4103.&*0%"$0/4536±°0 (SVQP*7o'BNÓMJBTDPNDBQBDJEBEFBRVJ
%&/07"46/*%"%&4 130%6±°0%&-05&4 TJUJWBFQBESÜFTEFEJTQÐOEJPPSÎBNFOUÈSJP
63#"/*;"%04 130.0±°0%&.&-)03*"4& DPNQBUÓWFJTDPNBRVFMFTFYJHJEPTQFMP
".1-*"±¿&4%&%0.*$¶-*04&9*45&/5&4&"
NFSDBEP"UFOEÐODJBÏBNQMJBSBPGFSUBEF
NPSBEJBVNBWF[RVFTFSFEV[BNBOÓWFJT
0$61"±°0%&6/*%"%&4)"#*5"$*0/"*47";*"4
NBJTBEFRVBEPTPTSJTDPTKVSÓEJDPT mEVDJÈSJPT
FQBUSJNPOJBJTFOWPMWJEPTOBTPQFSBÎÜFTEF
USBOTGFSÐODJBEFSFOEBoSFTJEFOUFTFNÈSF mOBODJBNFOUPJNPCJMJÈSJP OPUBEBNFOUFOP
BTEFHSBEBEBT SFTVMUBOUFTEFQSPDFTTPTEF UPDBOUFËTDPOEJÎÜFTEFFYFDVÎÍPFGFUJWBEBT
PDVQBÎÍPFTQPOUÉOFPT WVMOFSÈWFJTQPSRVF HBSBOUJBT BPNFTNPUFNQPFNRVFTFDPOTUJ
FTUÍPTVKFJUPTËEFTPDVQBÎÍP PVNPSBEPSBT UVBNPTNFDBOJTNPTEFQSPUFÎÍPRVFQFSNJ
FNJNØWFJTDFEJEPT USBUBOEPTF QPSUBOUP EF UBNBPTCFOFmDJÈSJPTTFQSFWFOJSFNBEFRVB
GBNÓMJBTRVFEFWFSÍPTFSJODMVÓEBTFNQSPHSB EBNFOUFEBTTJUVBÎÜFTEFEFTDPOUJOVJEBEF
NBTJOUFHSBMNFOUFTVCTJEJBEPT UFNQPSÈSJB QPSÏNQPSWF[FTNBJTEVSBEPVSBT
(SVQP**o'BNÓMJBTRVFNBOUÐNVNEJT EFPCUFOÎÍPEBSFOEB
QÐOEJPSFHVMBSDPNPJUFNNPSBEJB BJOEB
RVFJOTVmDJFOUFQBSBMIFTBTTFHVSBSBDFTTP C
'PSNBTEFBDFTTPËNPSBEJB
BVNBTPMVÎÍPBEFRVBEBFRVF FNGBDFEB 0BUFOEJNFOUPËEFNBOEBEFWFSÈDPOUFN
CBJYÓTTJNBDBQBDJEBEFBRVJTJUJWBRVFBTDB QMBSPBNQMPDPOKVOUPEPTTFHNFOUPTTPDJBJT
SBDUFSJ[B TPNFOUFDPOTFHVJSÍPPCUFSVNB FWJUBOEPTFBFYJTUÐODJBEFGBJYBTEFSFOEB
NPSBEJBEJHOBQSPEV[JEBEFGPSNBDPOWFO OÍPBUFOEJEBT QPSNFJPEBPGFSUBEFJNØWFJT
DJPOBMTFPBUFOEJNFOUPEBQPMÓUJDBQÞCMJDB RVFDPNQSFFOEBBDPOTUSVÎÍPEFOPWBTNPSB
QVEFSMIFTQSPQPSDJPOBSTVCTÓEJPmOBODFJSP EJBT BRVJTJÎÍPEFJNØWFJTVTBEPT NFMIPSJBTF
QFSNJUJOEPRVFBQFOBTVNBQBSDFMBEPDVTUP SFDVQFSBÎÍPEPFTUPRVFEFJNØWFJTFYJTUFOUFT
EFBRVJTJÎÍPWFOIBBPOFSBSPTTFVTMJNJUBEPT "TMJOIBTEFBUVBÎÍPTFSÍPDPNQPTUBTQPS
PSÎBNFOUPTEFTVCTJTUÐODJB PV BJOEB RVF SFDVSTPTPSJVOEPTEPUPEBTBTGPOUFTQSFTFO
FTUFTTFHNFOUPTQPTTBNDPOUBSDPNTPMVÎÜFT UFTOP4JTUFNB/BDJPOBMEF)BCJUBÎÍPFTFSÍP
BMUFSOBUJWBTEFQSPEVÎÍPEBNPSBEJB DPNP EJSFDJPOBEBTBEJGFSFOUFTGPSNBTEFBDFTTPË
BBVUPDPOTUSVÎÍP BVUPFNQSFFOEJNFOUPF NPSBEJB QPSNFJPEFmOBODJBNFOUPTPVSF
BVUPHFTUÍP
RVFMIFTQFSNJUBNBEJDJPOBSFN QBTTFEFSFDVSTPT DPOGPSNFEFTDSJUPBTFHVJS
USBCBMIPFHFTUÍPPTNPOUBOUFTRVFOÍPDPO
TFHVFNBQPSUBSNPOFUBSJBNFOUF
(SVQP***o'BNÓMJBTDVKBTDBQBDJEBEFTBRVJ
*o"RVJTJÎÍPEFJNØWFJTOPWPTPVVTBEPT
TJUJWBTFDBSÐODJBTIBCJUBDJPOBJTQPTTBNTFS B
'JOBODJBNFOUPBPCFOFmDJÈSJPmOBM TFUPS
QMFOBNFOUFFRVBDJPOBEBTQPSNFJPEFQSP QÞCMJDPPVTFUPSQSJWBEP
HSBNBTFQSPKFUPTmOBODJBEPTDPNSFDVSTPT "BQMJDBÎÍPEFSFDVSTPTQPSNFJPEFmOBO
POFSPTPTEFCBJYPDVTUP QSPWJEPTQPSNFJP DJBNFOUPTIBCJUBDJPOBJTEFWFSÈDPOUFNQMBS
EPTNFDBOJTNPTUSBEJDJPOBJTEFBUFOEJNFOUP BBRVJTJÎÍPEFUFSSFOPFQSPEVÎÍPEFOPWBT
UBOUPFNFNQSFFOEJNFOUPTEFTFOWPMWJEPT VOJEBEFT BNFMIPSJBFBSFDVQFSBÎÍPEPT
QPSBHFOUFTQSPNPUPSFTEP4JTUFNBEF)BCJ JNØWFJTFYJTUFOUFT
$"%&3/04.$*%"%&4)"#*5"±°0 "TMJOIBTEFmOBODJBNFOUPBPTFUPSQSJWB NÓMJBTJODBQB[FTEFBSDBSDPNRVBMRVFSQBSDFMB
EPFBPTUPNBEPSFTmOBJTTFSÍPHFSJEBTDPN EPTDVTUPTJOFSFOUFTBPBDFTTPËIBCJUBÎÍP
SFDVSTPTNPWJNFOUBEPTOPÉNCJUPEP4VCTJT "JOEBQPEFSÍPTFSBUFOEJEBTBRVFMBTGBNÓMJBT
UFNBEF)BCJUBÎÍPEF*OUFSFTTF4PDJBM '/)*4 RVFBQSFTFOUBNCBJYÓTTJNBDBQBDJEBEFEF
NJY'/)*4F'(54 FPVUSPT
FEP4VCTJTUFNB BSDBSDPNEFTQFTBTEFTUBOBUVSF[BFRVF QPS
EF)BCJUBÎÍPEF.FSDBEP '"5 4#1&FPVUSPT UBOUP FYJHFNFMFWBEPTWPMVNFTEFTVCTÓEJP
SFDVSTPTEFNFSDBEP
0BUFOEJNFOUPBFTTBTGBJYBTEBQPQVMBÎÍP
1BSBBTMJOIBTEFBUVBÎÍPDPNGPOUFEF EBSTFÈDPNGPOUFTEFSFDVSTPTEP4VCTJTUF
SFDVSTPTEP4)*4 BQPQVMBÎÍPBMWPFTUBSÈSFT NBEF)BCJUBÎÍPEF*OUFSFTTF4PDJBM '/)*4

USJUBËRVFMBTGBNÓMJBTRVFUÐNDBQBDJEBEFQBSB CFNDPNPEPT'VOEPT&TUBEVBJT EP%JTUSJUP
BSDBSDPNBQFOBTQBSUFEBQSFTUBÎÍPIBCJUB 'FEFSBMF.VOJDJQBJTEF)BCJUBÎÍP FTUFTÞMUJ
DJPOBM OFDFTTJUBOEP QPSUBOUP EFTVCTÓEJP NPTOBGPSNBFTUBCFMFDJEBOFTUFEPDVNFOUP
/PDBTPEBTPQFSBÎÜFTOPÉNCJUPEP4VC 0SFQBTTFEFSFDVSTPTQBSBPBUFOEJNFOUP
TJTUFNBEF)BCJUBÎÍPEF.FSDBEP 4).
BT EBTGBNÓMJBTRVFBQSFTFOUBNOFOIVNBDB
MJOIBTEFmOBODJBNFOUPTFSÍPFTUSVUVSBEBT QBDJEBEFEFQBHBNFOUP MJOIBEFNJTÏSJB

QBSBBQBSDFMBEBQPQVMBÎÍPRVFUFNDBQB EFTUJOBEPËBRVJTJÎÍPEFNBUFSJBJTEFDPOT
DJEBEFEFBSDBSDPNPTQBHBNFOUPTNFOTBJT USVÎÍPBTFSBQMJDBEPOBNFMIPSJBEBVOJEBEF
JOFSFOUFTBPmOBODJBNFOUPIBCJUBDJPOBMB IBCJUBDJPOBM FNQSPKFUPTEFNVUJSÍPPV
QSFÎPEFNFSDBEP OÍPSFRVFSFOEP QPSUBOUP BVUPDPOTUSVÎÍP EFWFSÈTFSBDPNQBOIBEP
RVBMRVFSQBSDFMBEFTVCTÓEJP QPSBTTJTUÐODJBUÏDOJDBPGFSFDJEBQFMPQPEFS
QÞCMJDPMPDBM
C
3FQBTTFEFSFDVSTPTBPTFUPSQÞCMJDP
0SFQBTTFEFSFDVSTPTBPTFUPSQÞCMJDP QBSBB D
"SSFOEBNFOUPSFTJEFODJBM
DPOTUSVÎÍP NFMIPSJBPVSFDVQFSBÎÍPEFVOJ 0BSSFOEBNFOUPSFTJEFODJBM BMÏNEFSFQSF
EBEFTIBCJUBDJPOBJT TFSÈEFTUJOBEPBPBUFOEJ TFOUBSVNBJOPWBÎÍPOPNFSDBEPJNPCJMJÈSJP
NFOUPEBTOFDFTTJEBEFTIBCJUBDJPOBJTEFGB mSNPVTFBQBSUJSEBJNQMFNFOUBÎÍPEP1SP
HSBNBEF"SSFOEBNFOUP3FTJEFODJBM 1"3

DPNPVNBQSPQPTUBBMUFSOBUJWBEFTPMVÎÍP
.FMIPSJBEBVOJEBEFIBCJUBDJPOBM FNQSPKFUPT
EFNVUJSÍPPVBVUPDPOTUSVÎÍP EFWFSÈTFS FNJOJNJ[BÎÍPEPTQSPCMFNBTRVFDFSDBNB
BDPNQBOIBEPQPSBTTJTUÐODJBUÏDOJDBPGFSFDJEB
QFMPQPEFSQÞCMJDPMPDBM

$"%&3/04.$*%"%&4)"#*5"±°0
RVFTUÍPIBCJUBDJPOBMEP1BÓT OPUBEBNFOUF &TTBNPEBMJEBEFSFRVFSBJOEBVNBBWBMJB
QBSBBTGBNÓMJBTDPNSFOEBJOGFSJPSBTB ÎÍPEBTRVFTUÜFTRVFFOWPMWFNBBENJOJTUSB
MÈSJPTNÓOJNPTNFOTBJTFRVFQSFDJTBNEF ÎÍPEPTJNØWFJTBSSFOEBEPT FTQFDJBMNFOUF
VNBQBSDFMBSFEV[JEBEFTVCTÓEJPQBSBDPN OPRVFUBOHFËNBOVUFOÎÍPFDPOTFSWBÎÍPBP
QMFNFOUBSBTVBDBQBDJEBEFEFQBHBNFOUP MPOHPEPUFNQPEFEVSBÎÍPEPTDPOUSBUPTEF
NFOTBMEPJNØWFM BSSFOEBNFOUP QFSÓPEPFNRVFFTUFTJNØWFJT
%JGFSFOUFNFOUFEPTmOBODJBNFOUPTIBCJ QFSNBOFDFNTPCBSFTQPOTBCJMJEBEFEB6OJÍP
UBDJPOBJTUSBEJDJPOBJT BNPEBMJEBEFEPBSSFO $POTJEFSBOEPRVFPTSFDVSTPTBMPDBEPT
EBNFOUPSFTJEFODJBMBQSFTFOUBDPNPDBSBD OPBUVBM'VOEPEF"SSFOEBNFOUP3FTJEFODJBM
UFSÓTUJDB FOUSFPVUSBT BJOFYJTUÐODJBEFTBMEP '"3
TFSÍPBQMJDBEPTBUÏPmOBMEPBOPFN
EFWFEPSFBQPTTJCJMJEBEFEFUSBOTGFSÐODJBEP DVSTP EFWFSÈTFCVTDBSOPWBTBMPDBÎÜFTEF
JNØWFMTFNBMFOUBUSBNJUBÎÍPRVFDBSBDUFSJ[B SFDVSTPTPOFSPTPT KVOUPBP'(54 FEFSFDVS
BTWFOEBTJNPCJMJÈSJBT TPTOÍPPOFSPTPT QPSNFJPEBSFBWBMJBÎÍPEBT
"JOEB FOÍPNFOPTSFMFWBOUF EFTUBDBTF EJTQPOJCJMJEBEFTmOBODFJSBTEP'"3 PVBJOEB
RVFPNPEFMPFDPOÙNJDPmOBODFJSPRVFTFSÈ EFSFDVSTPTPSJVOEPTEP0(6PVEFTBMEPTEF
FTUBCFMFDJEPQBSBBGPOUFEFSFDVSTPTEFTTB PVUSPTGVOEPT
NPEBMJEBEF DPNQPOEPSFDVSTPTPOFSPTPT "JOEB BDPOUJOVJEBEFEFUBMNPEBMJEBEF
FOÍPPOFSPTPT WJBCJMJ[BSÈPTVCTÓEJPOBT QPEFSÈTFSWJBCJMJ[BEBQPSNFJPEBDPNQPTJ
DPOUSBQSFTUBÎÜFTEPTDPOUSBUPTEFBSSFOEB ÎÍPEFSFDVSTPTEP'/)*4DPNFNQSÏTUJNPT
NFOUPSFTJEFODJBM QFSNJUJOEPRVFBTGBNÓMJBT POFSPTPTKVOUPBP'(54 EFNPEPBDPOUJOVBS
CFOFmDJBEBTQBHVFNVNWBMPSEFiQSFTUBÎÍPw BUFOEFOEPËQPQVMBÎÍPRVFEFNBOEBQPS
BEFRVBEPËTVBSFOEBNFOTBM BTTJNDPNP TVCTJEJP
FNQBUBNBSFTJOGFSJPSFTBPTBUVBMNFOUF
QSBUJDBEPTOPTmOBODJBNFOUPTIBCJUBDJPOBJT **o-PDBÎÍPTPDJBMQÞCMJDBPVQSJWBEB
USBEJDJPOBJT "UVBMNFOUF BMPDBÎÍPTPDJBMUFNTJEPEFmOJEB
"QSPQPTUBEFSFPSEFOBÎÍPEFTTBNPEBMJ QBSBJNØWFJTMPDBMJ[BEPTFNDFOUSPTVSCBOPT
EBEF OPÉNCJUPEB1/) RVFUFSÈDPNPQSFT QSPEV[JEPT SFDVQFSBEPTPVmOBODJBEPTQFMP
TVQPTUPQSJNPSEJBMPBUFOEJNFOUPFTQFDÓmDP TFUPSQÞCMJDPPVQSJWBEP QSPQSJFUÈSJPMPDB
EPTFHNFOUPEBQPQVMBÎÍPRVFEFNBOEB EPS
FEFTUJOBEBËQPQVMBÎÍPEFCBJYBSFOEB
VNBQBSDFMBEFTVCTÓEJPFNTFVDPNQSPNF /BTTJUVBÎÜFTFNRVFPJNØWFMÏEFQSP
UJNFOUPNFOTBMEFQBHBNFOUP FYJHJSÈFN QSJFEBEFEPTFUPSQSJWBEP BMPDBÎÍPTPDJBMTF
NÏEJPQSB[PBTTFHVJOUFTNFEJEBT SFBMJ[BOPTDBTPTFNRVFPQSPQSJFUÈSJPMPDB
QSPNPÎÍPEBQBSUJDJQBÎÍPEFFOUJEBEFT EPSSFDFCFJODFOUJWPQBSBBQSPEVÎÍPSFDVQF
QPQVMBSFTMFHBMNFOUFFTUSVUVSBEBTOP SBÎÍPEPCFN OBDPOEJÎÍPEFNBOUFS DPNP
BDPNQBOIBNFOUPEBJNQMBOUBÎÍPEPTQSP MPDBUÈSJPEPTJNØWFJT PTFHNFOUPEBQPQVMB
KFUPT ÎÍPRVFEFNBOEBTVCTÓEJPQBSBQBHBNFOUP
JNQMFNFOUBÎÍP OPTDPOUSBUPTEFBSSFO EBTUBYBTEFMPDBÎÍP
EBNFOUPSFTJEFODJBM EFNFDBOJTNPT "SFBCJMJUBÎÍPEFJNØWFJTSFTJEFODJBJTQBSB
RVFQPTTJCJMJUFNPFYFSDÓDJPEBPQÎÍPEF BMPDBÎÍPTPDJBMoQÞCMJDBFQSJWBEBo FTQF
DPNQSBEPJNØWFM QSPQSJFEBEF
BOUFTEP DJBMNFOUFPTMPDBMJ[BEPTOBTÈSFBTDFOUSBJTEBT
UÏSNJOPEPQSB[PDPOUSBUVBMEFBSSFOEB DJEBEFTCSBTJMFJSBT ÏFOUFOEJEB OPÉNCJUPEB
NFOUP 1/) DPNPVNBEBTMJOIBTEFBÎÍPBEFRVBEB
ËSFDVQFSBÎÍPEPFTUPRVFEFJNØWFJTFYJTUFOUF
$"%&3/04.$*%"%&4)"#*5"±°0 /PFOUBOUP ÏOPUØSJPRVFPQSPDFTTPEF "3&"#*-*5"±°0²6.130$&440%&(&45°0
SFDVQFSBÎÍPVSCBOB DPNWJTUBTËMPDBÎÍPTP %&"±¿&4*/5&(3"%"4 1Á#-*$"4&13*7"%"4
DJBM JNQMJDBOPFRVBDJPOBNFOUPEFRVFTUÜFT %&3&$61&3"±°0&3&65*-*;"±°0%0"$&370
RVFFOWPMWFNPDVTUPFMFWBEPEFSFDVQF &%*'*$"%0&.«3&"4+«$0/40-*%"%"4%"$*%"%&
SBÎÍPEFJNØWFJTWFSTVTBCBJYBDBQBDJEBEF $0.13&&/%&/%004&41"±04&"4&%*'*$"±¿&4
EFQBHBNFOUPEPQÞCMJDPBMWP HFSBOEPB 0$*04"4 7";*"4 "#"/%0/"%"4 46#65*-*;"%"4
OFDFTTJEBEFEFFMFWBEPTTVCTÓEJPTRVFWJBCJ &*/4"-6#3&4 ".&-)03*"%04&41"±04&
MJ[FN JODMVTJWF BDPOTFSWBÎÍPEFTTFTJNØWFJT
4&37*±041Á#-*$04 %""$&44*#*-*%"%&&%04
POFDFTTÈSJPFOWPMWJNFOUPEPTFUPSQSJWBEP
&26*1".&/504$0.6/*5«3*04/"%*3&±°0%0
EBDPOTUSVÎÍPDJWJM UFOEPFNWJTUBPFMFWBEP
3&1070".&/50%&44"4«3&"4
WPMVNFEFJOWFTUJNFOUP PRVBM OFNTFNQSF
FODPOUSBTFEJTQPOÓWFMOPTFUPSQÞCMJDP FOUSF
PVUSBT BUVBÎÍPQSPQPTUBTOPÉNCJUPEBQSPWJTÍP
$BCFSFTTBMUBSRVFPQSPHSBNBEFMPDBÎÍP IBCJUBDJPOBM OPRVFDPVCFS EFWFSÍPBEF
TPDJBM BMJBEPBNFEJEBTEFJODFOUJWPBVUJMJ RVBSTFËTQFDVMJBSJEBEFTJOFSFOUFTËNPEB
[BÎÍPEFJNØWFJTEPNFSDBEPTFDVOEÈSJPEF MJEBEFEFSFBCJMJUBÎÍPIBCJUBDJPOBMFNÈSFBT
JNØWFJTQBSBmOTSFTJEFODJBJT QPEFSJBDPOUSJ DFOUSBJT FEFWFSÍPBUFOEFSBUPEPTPTTFH
CVJSQBSBDSJBSDPOEJÎÜFTEFFRVJMÓCSJPEPNFS NFOUPTEBQPQVMBÎÍP
DBEPF DPOTFRàFOUFNFOUF SFEV[JSPEÏmDJU ²JNQPSUBOUFDPOTJEFSBS BJOEB BFYJTUÐODJB
IBCJUBDJPOBM EFJNØWFJTPDJPTPTFTVCVUJMJ[BEPTQFSUFODFO
UFTBPHPWFSOP'FEFSBMoQBUSJNÙOJPEB6OJÍP
***o3FBCJMJUBÎÍPFNÈSFBTVSCBOBT FEFBVUBSRVJBTDPNP*/44 3''4" *CBNB FOUSF
DFOUSBJT PVUSPTo TFOEPBHSBOEFNBJPSJBMPDBMJ[BEBOBT
"SFBCJMJUBÎÍPVSCBOBDPOTJTUFOPQSPDFTTPEF ÈSFBTDFOUSBJTVSCBOBT QBSBPTRVBJTEFWFSÈTFS
SFDVQFSBÎÍPFSFBQSPQSJBÎÍP QFMPTDJEBEÍPT QSPNPWJEPPBEFRVBEPBQSPWFJUBNFOUPIBCJ
EFÈSFBTKÈDPOTPMJEBEBTEBDJEBEF BQBSUJSEF UBDJPOBM FTQFDJBMNFOUFQPSNFJPEFQSPHSB
JOJDJBUJWBTRVFQSPNPWBNBVUJMJ[BÎÍPTVTUFO NBTEFBSSFOEBNFOUPFMPDBÎÍPTPDJBM
UÈWFMEFTTBTÈSFBT
"TTJN BSFBCJMJUBÎÍPÏVNQSPDFTTPEF *7o.FMIPSJBTIBCJUBDJPOBJT
HFTUÍPEFBÎÜFTJOUFHSBEBT QÞCMJDBTFQSJWB "TBÎÜFTWPMUBEBTBNFMIPSJBTIBCJUBDJPOBJT
EBT EFSFDVQFSBÎÍPFSFVUJMJ[BÎÍPEPBDFSWP TFSÍPFYFDVUBEBTQPSNFJPEFmOBODJBNFOUP
FEJmDBEPFNÈSFBTKÈDPOTPMJEBEBTEBDJEBEF PVSFQBTTFEFSFDVSTPTBCSBOHFOEPUPEPTPT
DPNQSFFOEFOEPPTFTQBÎPTFBTFEJmDBÎÜFT HSVQPTEFBUFOEJNFOUPËEFNBOEB"TMJOIBT
PDJPTBT WB[JBT BCBOEPOBEBT TVCVUJMJ[BEBTF EFBUVBÎÍPQBSBBRVJTJÎÍPEFNBUFSJBMEF
JOTBMVCSFT BNFMIPSJBEPTFTQBÎPTFTFSWJÎPT DPOTUSVÎÍP RVFBQSFTFOUBFYUSFNBBEFSÐODJB
QÞCMJDPT EBBDFTTJCJMJEBEFFEPTFRVJQBNFO ËTRVFTUÜFTEFDPNCBUFBPEÏmDJUIBCJUBDJP
UPTDPNVOJUÈSJPTOBEJSFÎÍPEPSFQPWPBNFOUP OBM EFWFSÍPTFSBDPNQBOIBEBT OBTVBJNQMF
EFTTBTÈSFBT NFOUBÎÍP EFBTTJTUÐODJBUÏDOJDBFBDPNQB
$POTJEFSBOEP QPSUBOUP RVFPDPNQPOFO OIBNFOUPFDPOUSPMFEBTPCSBT HBSBOUJOEP
UFIBCJUBDJPOBMÏVNFMFNFOUPJNQSFTDJOEÓWFM RVBMJEBEFBPQSPEVUPmOBM
OPQSPDFTTPEFSFDVQFSBÎÍPEFTTBTÈSFBT /FTTFTFOUJEP BTJOUFSWFOÎÜFTEFVSCBOJ[B
DPOUSJCVJOEPQBSBPEFTFOWPMWJNFOUPTVT ÎÍPPVEFJNQMBOUBÎÍPEFMPUFTVSCBOJ[BEPT
UFOUÈWFMEFTTFTDFOUSPTVSCBOPT BTMJOIBTEF POEFFTTBMJOIBEFBUVBÎÍPBQSFTFOUBNBJPS

$"%&3/04.$*%"%&4)"#*5"±°0
BEFSÐODJB EFWFSÍPDPOUBSDPNPQPEFSQÞ EFWJBCJMJ[BSPBDFTTPBPTPMPVSCBOPJOGSB
CMJDPMPDBM TFKBDPNPQSPNPUPSEPFNQSFFO FTUSVUVSBEPQBSBQSPWJTÍPEFIBCJUBÎÜFTEF
EJNFOUP TFKBDPNWJTUBTËNPCJMJ[BÎÍPFBP JOUFSFTTFTPDJBM"JNQMFNFOUBÎÍPEFTTFTNF
GPSOFDJNFOUPEFSFDVSTPTEFTUJOBEPTËBTTJT DBOJTNPTEFWFTFSDBQB[EFBUVBSOPTFOUJEP
UÐODJBUÏDOJDB EFSPNQFSPDJDMPEFSFQSPEVÎÍPEFBTTFOUB
NFOUPTJSSFHVMBSFTFJOGPSNBJT
1BSBBDPOTFDVÎÍPEFTTFPCKFUJWP P&TUB
*OUFHSBÎÍPEBQPMÓUJDBIBCJUBDJPOBMË
UVUPEB$JEBEFEJTQPOJCJMJ[PVJOTUSVNFOUPT
QPMÓUJDBEFEFTFOWPMWJNFOUPVSCBOP
UBJTDPNPPQBSDFMBNFOUPFFEJmDBÎÍPDPN
0EJSFJUPËNPSBEJBÏVNEPTEJSFJUPTGVOEB QVMTØSJPTFP*1561SPHSFTTJWP P4PMP$SJBEP
NFOUBJTHBSBOUJEPTQFMB$POTUJUVJÎÍP'FEFSBM P%JSFJUPEF4VQFSGÓDJFFPFTUBCFMFDJNFOUP
EF BNQMJBOEPPDPODFJUPQBSBBMÏNEB EF;POB&TQFDJBJTEF*OUFSFTTF4PDJBM ;&*4

FEJmDBÎÍPFJODPSQPSBOEPPEJSFJUPËJOGSB RVFQPEFNJOEV[JSGPSNBTEFVTPFPDVQBÎÍP
FTUSVUVSBFTFSWJÎPTVSCBOPT HBSBOUJOEPP EPTPMPJOUFSGFSJOEPOBMØHJDBEFGPSNBÎÍPEF
EJSFJUPQMFOPËDJEBEF0TPMPVSCBOPJOGSBFT QSFÎPTOPNFSDBEPJNPCJMJÈSJP
USVUVSBEPÏPJOTVNPCÈTJDPQBSBBQSPEVÎÍP /FTTBQFSTQFDUJWB PTNVOJDÓQJPTEFWFSÍP
EFNPSBEJBTF QPSUBOUP PQMBOFKBNFOUPFB TFSFTUJNVMBEPTFBQPJBEPTQBSBEFTFOWPMWF
MFHJTMBÎÍPEFQBSDFMBNFOUPEPTPMPQPEFF SFNBÎÜFTDPOGPSNFBTTFHVJOUFTEJSFUSJ[FTEF
EFWFDPOUSJCVJSQBSBWJBCJMJ[BSPBDFTTPBPTPMP SFMBUJWBTBPQMBOFKBNFOUPVSCBOPFËSFHVMB
VSCBOJ[BEPQBSBBQPQVMBÎÍPEFCBJYBSFOEB NFOUBÎÍPEPVTPEPTPMP
EFmOJÎÍPEF1MBOP%JSFUPSJOEJDBOEPBTÈSF
*o"QPMÓUJDBGVOEJÈSJBFJNPCJMJÈSJBQBSB BTEFJOUFSFTTFQBSBQSPEVÎÍP NBOVUFOÎÍP
IBCJUBÎÍP FSFHVMBSJ[BÎÍPEFIBCJUBÎÍP BTTJNDPNP
"1PMÓUJDB'VOEJÈSJBQBSBBIBCJUBÎÍPQSP QBSBSFTUSJÎÍPEFTTFTVTPT FNGVOÎÍPEF
QPTUBQFMPHPWFSOPGFEFSBMWJTBHBSBOUJSP DPOEJDJPOBOUFTBNCJFOUBJTPVEFPGFSUBEF
BDFTTPËNPSBEJBFËDJEBEF EFWFOEP QPS JOGSBFTUSVUVSBFUSBOTQPSUF
UBOUP FOWPMWFSBBEFRVBÎÍPEPTNFDBOJT NPCJMJ[BÎÍPEPTJOTUSVNFOUPTEFJOEVÎÍP
NPTMFHBJTEFÉNCJUPGFEFSBM BEFmOJÎÍPEF EPVTPFPDVQBÎÍPEPTPMPVSCBOPBUSFMB

EJSFUSJ[FT DSJUÏSJPTFDPOEJDJPOBMJEBEFTQBSB EPTBPTPCKFUJWPTBDJNBFYQPTUPT
BUSJCVJÎÍPEFSFDVSTPTQBSBIBCJUBÎÍPFJOGSB BWBMJBÎÍPEPTJNQBDUPTBNCJFOUBJTFTPDJBJT
FTUSVUVSBBPTNVOJDÓQJPT EPTJOTUSVNFOUPTUFOEFOUFTBHFSBSWBMP
%FBDPSEPDPNPTQSJODÓQJPTFTUBCFMFDJEPT SJ[BÎÍPFSFDVSTPTQBSBPNVOJDÓQJP PQF
OP&TUBUVUPEB$JEBEF ÏOP1MBOP%JSFUPSF SBÎÜFTVSCBOBT USBOTGFSÐODJBEFQPUFODJBM
QPSNFJPEPTJOTUSVNFOUPTOFMFDPOUJEPTRVF DPOTUSVUJWP FUD
OBGPSNBEFDPCSBOÎBEP
B1PMÓUJDB.VOJDJQBMEF)BCJUBÎÍPTFBSUJDVMB QPUFODJBMDPOTUSVUJWP EFNPEPBOÍPHFSBS
ËTQPMÓUJDBTEFEFTFOWPMWJNFOUPVSCBOP DPN NBJTFYDMVTÍP
PVUSBTQPMÓUJDBTTPDJBJTFEFEFTFOWPMWJNFOUP DPOUSPMFTPCSFPTJNQBDUPTEBMFHJTMBÎÍP
MPDBMFSFHJPOBMOPTFOUJEPEFDSJBSDPOEJÎÜFT EFQBSDFMBNFOUP VTPFPDVQBÎÍPEPTPMP

GBWPSÈWFJTBPEFTFOWPMWJNFOUPIVNBOP JODMVJOEPBQSPUFÎÍPBNCJFOUBM OBWBMPSJ
0TQMBOPTEFPSHBOJ[BÎÍPUFSSJUPSJBM FT [BÎÍPEPTJNØWFJT WBMPSFTQBSBDPNQSBF
QFDJBMNFOUFPT1MBOPT%JSFUPSFTNVOJDJQBJT BMVHVFM
FOPEFTMPDBNFOUPEBTGBNÓMJBTEF
JOUFSNVOJDJQBJTFSFHJPOBJTEFWFNCVTDBS NFOPSSFOEB PRVFHFSBSJBOPWBTQSFDBSJF
BJNQMFNFOUBÎÍPEFNFDBOJTNPTDBQB[FT EBEFTFEFNBOEBT
$"%&3/04.$*%"%&4)"#*5"±°0 BWBMJBÎÍPEPTJNQBDUPTEPTJOWFTUJNFO BSUJDVMBOEPBTBÎÜFTFQSPKFUPTEFVSCBOJ
UPTFNUSBOTQPSUF NFMIPSJBTOPFTQBÎP [BÎÍPSFBMJ[BEPTOPÉNCJUPEB1/) 4VCTJT
QÞCMJDP JNQMBOUBÎÍPEFFRVJQBNFOUPT UFNBEF)BCJUBÎÍPEF*OUFSFTTF4PDJBM
DPN
FUD TPCSFPRVBESPIBCJUBDJPOBMFYJTUFOUF PTDPNQPOFOUFTEFQMBOFKBNFOUPUFSSJUP
QSPQPOEPNFEJEBTEJWFSTBTQBSBTVBNJUJ SJBMFQPMÓUJDBGVOEJÈSJB EFGPSNBBHBSBOUJS
HBÎÍP CFNDPNPQBSBPQMFOPBQSPWFJUB TVBJOTFSÎÍPVSCBOBQMFOBFTVTUFOUBCJMJ
NFOUPEFTFVQPUFODJBM EBEFOPUFNQP
EFmOJÎÍPEFNFDBOJTNPTEFDPOUSPMFTPDJBM
FHFTUÍPQBSUJDJQBUJWBEBQPMÓUJDBGVOEJÈSJB /PDBTPEBSFHVMBSJ[BÎÍPEFBTTFOUBNFO
BBEPÎÍP FNQSB[PFBQBSUJSEFDPOEJÎÜFT UPTJOGPSNBJT FOUFOEFTFRVFPT1SPHSBNBT
BTFSFNEFmOJEBTQFMP1MBOP/BDJPOBMEF EF3FHVMBSJ[BÎÍP'VOEJÈSJBEFWFNDPOUFNQMBS
)BCJUBÎÍP EPDSJUÏSJPiJOTFSÎÍPVSCBOBw BÎÜFTEF3FHVMBSJ[BÎÍP+VSÓEJDBSFGFSFOUFTË
DPNPEJSFUSJ[QBSBBBQSPWBÎÍPEFQSPKF UJUVMBÎÍPEPTUFSSFOPT EFGPSNBBSUJDVMBEBBP
UPTIBCJUBDJPOBJTEFTUJOBEPTËQPQVMBÎÍP 1MBOPEF6SCBOJ[BÎÍP OPRVBMTFEFmOFN
SFTJEFOUFFN[POBTVSCBOBT FWJUBOEPB QPSFYFNQMP PTQBSÉNFUSPTBSRVJUFUÙOJDPTF
JNQMFNFOUBÎÍPEFDPOKVOUPTGPSBEPQF EFVTPFPDVQBÎÍPEPTPMPDPNQBUÓWFJTDPN
SÓNFUSPVSCBOP FN[POBTSVSBJTPV[POBT BTEJNFOTÜFTTØDJPFDPOÙNJDBTFGÓTJDPBN
EFFYQBOTÍPVSCBOBBJOEBOÍPEPUBEBTEF CJFOUBJTEBTÈSFBTTPCJOUFSWFOÎÍP0HSBOEF
JOGSBFTUSVUVSB EFTBmPÏDPNQBUJCJMJ[BSBFTDBMBEBTJOUFSWFO
ÎÜFTDPNPTQBESÜFTUÏDOJDPTVSCBOÓTUJDPT
**o3FHVMBSJ[BÎÍPGVOEJÈSJB FBNCJFOUBJTEPTBTTFOUBNFOUPTFDPNPT
"1PMÓUJDB/BDJPOBMEF)BCJUBÎÍPEFWFSFT EJSFJUPTBTFSFNSFDPOIFDJEPT&TTFTGBUPSFT
QPOEFSBPTPCKFUJWPTEFVSCBOJ[BSFSFDPOIF UÐNRVFTFSQFOTBEPTDPOKVOUBNFOUFQBSBB
DFSPTEJSFJUPTEFQPTTFEPTNPSBEPSFTFN TVTUFOUBCJMJEBEFEPTQSPHSBNBT QBSBRVFUF
BTTFOUBNFOUPTQPQVMBSFTKÈFYJTUFOUFT OPT OIBNJNQBDUPTTJHOJmDBUJWPTOBSFBMJEBEF
UFSNPTFTUBCFMFDJEPTQFMP&TUBUVUPEB$JEBEF
.1FMFHJTMBÎÍPFYJTUFOUF
RVFBQSFTFO ***o6TPEFUFSSFOPTFJNØWFJTQÞCMJDPT
UFNDPOEJÎÜFTBNCJFOUBJT HFPUÏDOJDBTFEF QBSBIBCJUBÎÍP
TFHVSBOÎB QPSNFJPEBJNQMFNFOUBÎÍPEF "1PMÓUJDB'VOEJÈSJBEFWFDPOTJEFSBSBTUFSSBT
NFMIPSJBTIBCJUBDJPOBJTFVSCBOÓTUJDBT FJNØWFJTQÞCMJDPTWB[JPTPVTVCVUJMJ[BEPTEF
HBSBOUJOEPPTJOWFTUJNFOUPTOFDFTTÈSJPT EPNÓOJPEB6OJÍP &TUBEPTF.VOJDÓQJPTQBSB
QBSBVSCBOJ[BÎÍP FMJNJOBÎÍPEFSJTDPF QSPEVÎÍPEFIBCJUBÎÍP"1PMÓUJDB'VOEJÈSJB
FSSBEJDBÎÍPEFEFmDJÐODJBTTBOJUÈSJBTFEF QBSBBIBCJUBÎÍPEFWFBQPJBSNVOJDÓQJPTQBSB
JOGSBFTUSVUVSBVSCBOBFNBTTFOUBNFOUPT DSJBÎÍPEFTJTUFNBEFJOGPSNBÎÜFTFHFTUÍP
QSFDÈSJPTFMPUFBNFOUPTJSSFHVMBSFT EPTJNØWFJTQÞCMJDPT BSUJDVMBOEPUPEPTPT
JOUFHSBOEPBSFHVMBSJ[BÎÍPVSCBOÓTUJDB BN ØSHÍPTNVOJDJQBJTFOWPMWJEPT
CJFOUBMFKVSÓEJDBEPBTTFOUBNFOUPFNVN BEFRVBÎÍPEFJOTUSVNFOUPTMFHBJTQBSB
QSPDFTTPÞOJDPFJOUFHSBEP WJBCJMJ[BSBBRVJTJÎÍPEFUFSSFOPTFJNØWFJT
FTUJNVMBOEPFBQPJBOEPPT.VOJDÓQJPTOP FNDPOEJÎÜFTEFQSFÎPFQSB[PDPNQBUÓ
EFTFOWPMWJNFOUPFBQMJDBÎÍPEFQSPHSBNBT WFJTDPNPTQSPHSBNBTQÞCMJDPT
EFSFHVMBSJ[BÎÍPGVOEJÈSJBDPNPDPNQP NPOUBHFNEFØSHÍPTEFHFTUÍPDBQB[FT
OFOUFTEFTVBTQPMÓUJDBTIBCJUBDJPOBJTFEF EFBHJMJ[BSPTQSPDFTTPTEFPCUFOÎÍP BUSJ

QMBOFKBNFOUPUFSSJUPSJBM CVJÎÍPFSFHVMBSJ[BÎÍPEFQPTTFT EFUFSSF

$"%&3/04.$*%"%&4)"#*5"±°0
OPTFJNØWFJTQÞCMJDPTFQBSUJDVMBSFT VUJMJ EJSFJUPËNPSBEJBFGVOÎÍPTPDJBMEBQSP
[BOEPUPEPTPTSFDVSTPTMFHBJTEJTQPOÓWFJT QSJFEBEFFEBDJEBEF JNQMFNFOUBÎÍPEPT
FFTUSBUÏHJBTDPNQBUÓWFJTDPNPTNFSDBEPT QSJODÓQJPTFJOTUSVNFOUPTEP&TUBUVUPEB
MPDBJT $JEBEF EFTUBDBOEPPEJSFJUPËNPSBEJB
DSJBÎÍPEFQSPHSBNBTEFDBQBDJUBÎÍPQBSB QBSBBQPQVMBÎÍPEFCBJYBSFOEB

BHFTUÍPGVOEJÈSJB JODMVJOEPBDPPQFSBÎÍP OPSNBTHFSBJTQBSBUPEBBDJEBEFQPSNFJP
UÏDOJDBJOUFSOBDJPOBM EFBEPÎÍPEFQBESÜFTCÈTJDPT ÞOJDPTQBSB

EJTQPOJCJMJ[BÎÍPEFSFDVSTPTFTQFDÓmDPT UPEPT RVFHBSBOUBNEJHOJEBEFFVSCBOJEB
QBSBGPSNBÎÍPEFFTUPRVFTDPNPGPSNBEF EFQBSBPTDJEBEÍPT
QSPUFÎÍPDPOUSBBWBMPSJ[BÎÍPJNPCJMJÈSJB JOEVÎÍPEBQSPEVÎÍPIBCJUBDJPOBMFNÈSF
FNTJUVBÎÜFTFTQFDÓmDBT BTVSCBOBTDPOTPMJEBEBT
DSJBÎÍPEFQPMÓUJDBTFTQFDÓmDBTQBSBSFEV
ÎÍPEPTEPNJDÓMJPTWB[JPT NFEJBOUFNF "QBSUJSEBQSFNJTTBEB(FTUÍP%FNPDSÈ
DBOJTNPTEFFTUÓNVMP mOBODJBNFOUPQBSB UJDBEB$JEBEFFUFOEPP1MBOP%JSFUPSDPNP
SFGPSNBT QPSFYFNQMP
BQPJPBPBVNFOUP FMFNFOUPFTUSVUVSBEPSQBSBBEFmOJÎÍPEF
EBEFNBOEB PGFSUBEFBWBMPVEFiCPMTBT OPWPTQBSDFMBNFOUPT BOPWBMFHJTMBÎÍPEFWF
BMVHVFMw QPSFYFNQMP
FQFOBMJ[BÎÍPOPT SÈUSBUBSEFRVFTUÜFTDPNP
DBTPTEFSFUFOÎÍPFTQFDVMBUJWB BSFHVMBSJ[BÎÍPGVOEJÈSJB
FYJHÐODJBEFQMBOPQBSBVUJMJ[BÎÍPEFUFSSF BVUJMJ[BÎÍPEPTJNØWFJTWB[JPTPVTVCVUJMJ
OPTFJNØWFJTMPDBMJ[BEPTOP.VOJDÓQJP [BEPTOBTÈSFBTVSCBOBTDPOTPMJEBEBT
PFRVJMÓCSJPEFÈSFBTQÞCMJDBTFQSJWBEBT
*7o3FWJTÍPEBMFHJTMBÎÍPGFEFSBMEF oSFDVQFSBÎÍPQFMPQPEFSQÞCMJDPEBT
QBSDFMBNFOUPEPTPMPQBSBIBCJUBÎÍP NBJTWBMJBTVSCBOÓTUJDBTQPSNFJPEFDPO
"QSPQPTUBEBOPWB-FJ'FEFSBMEF1BSDFMB USBQBSUJEBTFDPNQFOTBÎÜFT
NFOUPEP4PMPQBSB'JOT6SCBOPTF3FHVMB
SJ[BÎÍP'VOEJÈSJBEF«SFBT6SCBOBT$POTPMJ "JODMVTÍPEB3FHVMBSJ[BÎÍP'VOEJÈSJBOFT
EBEBTUFNDPNPQSJODJQBMEFTBmPQSPQJDJBS TBMFJWJTB
BTOPTTBTDJEBEFTDPOEJÎÜFTEFVSCBOJEBEF PBUFOEJNFOUPËQPQVMBÎÍPEFCBJYBSFOEB
DPNÐOGBTFOBRVBMJEBEFEPFTQBÎPQÞCMJDP BUÏTBMÈSJPTNÓOJNPT DPNQSJPSJEBEFEF

"OPWBMFJDPODFCJEBDPNPB-FJEF3FTQPO BTBMÈSJPTNÓOJNPT

TBCJMJEBEF5FSSJUPSJBMJSÈDPOUSJCVJSQBSBBDPO PQMFOPSFDPOIFDJNFOUPEPTEJSFJUPTSFBJT
TPMJEBÎÍPEBTEJSFUSJ[FTEB1PMÓUJDB/BDJPOBM JOTUSVNFOUPT$PODFTTÍP%JSFJUP3FBMEF
EF)BCJUBÎÍP JODPSQPSBOEPBEJNFOTÍPEF 6TP $PODFTTÍP&TQFDJBM $FTTÍPEF"GP
SFHVMBSJ[BÎÍPEPTBTTFOUBNFOUPT CFNDPNP SBNFOUP FUD
JODMVTJWFDPNPHBSBOUJBOB
BBNQMJBÎÍPEBPGFSUBEFMPUFTQPQVMBSFT DPODFTTÍPEFmOBODJBNFOUPT
QFMPTFUPSQSJWBEP BTTPDJBÎÜFT DPPQFSBUJWBT BMFHJUJNBÎÍPEPTJOTUSVNFOUPTDPNPHB
QBSDFSJBTQÞCMJDPQÞCMJDPPVQÞCMJDPQSJWB SBOUJBQBSBmOBODJBNFOUPTFQPTTJCJMJEBEF
EP1BSBUBOUPFMBFOHMPCBRVBUSPPCKFUJWPT EFSFQBTTFEFSFDVSTPTEP0(6
CÈTJDPT BMFHJUJNBÎÍPEF1PMÓUJDBEF3FHVMBSJ[BÎÍP
DPOTPMJEBÎÍPEB0SEFN6SCBOÓTUJDBBQBSUJS 'VOEJÈSJBBTTPDJBEBBQPMÓUJDBTBUJWBTEF
EB$POTUJUVJÎÍPEFFEP&TUBUVUPEB EJTQPOJCJMJ[BÎÍPEFUFSSBVSCBOJ[BEBQBSB
$JEBEFoMFJ CBJYBSFOEB
$"%&3/04.$*%"%&4)"#*5"±°0 7o*NQBDUPEBQPMÓUJDBEFGJOBODJBNFOUP QBSBBmYBÎÍPEBTGBNÓMJBTOBTNPSBEJBTFOPT
IBCJUBDJPOBMTPCSFPWBMPSEPTPMPVSCBOP CBJSSPTCFOFmDJBEPT
$POTJEFSBOEPRVFBQPMÓUJDBEFmOBODJBNFOUP
7*o.PCJMJEBEFFUSBOTQPSUFVSCBOP
IBCJUBDJPOBMJNQBDUBTPCSFPWBMPSEPTPMP
.PSBSFTFEFTMPDBSOBDJEBEFTÍPPTEPJT
VSCBOP B1/)EFWFDPOTJEFSBSPJNQBDUPEP
QSJODJQBJTBTQFDUPTEBWJEBVSCBOB JOUJNB
EFTFOIPFEJTQPOJCJMJEBEFEFSFDVSTPTTPCSF
NFOUFSFMBDJPOBEPTFNVUVBNFOUFEFUFSNJ
BGPSNBÎÍPEFQSFÎPEPTPMPVSCBOPOPNFS
OBOUFT1FMPTJTUFNBEFDJSDVMBÎÍP PMPDBMEF
DBEP
NPSBEJBTFDPOFDUBBUPEPTPTEFNBJTMPDBJT
4ÍPPTTFHVJOUFTPTDSJUÏSJPTEFQPMÓUJDB
POEFTFFYFSDFNBTEJWFSTBTBUJWJEBEFTVSCB
GVOEJÈSJBQBSBEFmOJÎÍPFEJTQPOJCJMJ[BÎÍPEF
OBT²FTTBFRVBÎÍP DVKPSFTVMUBEPQPEFTFS
mOBODJBNFOUPTIBCJUBDJPOBJTFTVCTÓEJPT
DIBNBEPEFNPCJMJEBEF RVFEFWFTFSMFWBEB
1PMÓUJDBEF4VCTÓEJPT9DVTUPEBUFSSBoÏ
FNDPOTJEFSBÎÍPOBFYFDVÎÍPEBQPMÓUJDBIB
TBCJEPRVFPWBMPSEPTJNØWFJTBTFSFN
CJUBDJPOBM"TDPOEJÎÜFTEPMVHBSEFNPSBEJB
QSPEV[JEPTOVNUFSSFOPEFUFSNJOBPQSFÎP
QSFTFOÎBEFJOGSBFTUSVUVSBVSCBOBFTBOF
RVFPQSPQSJFUÈSJPQPEFQFEJSQFMPTFV
BNFOUPBNCJFOUBM BTEJTUÉODJBTSFMBUJWBT P
JNØWFM%FTTFNPEPÏQSFDJTPQSFTUBSBUFO
BDFTTPBPTFRVJQBNFOUPTVSCBOPTFTFSWJÎPT
ÎÍPQBSBRVFPTTVCTÓEJPTDPMPDBEPTFN
TÍPEFUFSNJOBOUFTEBTDPOEJÎÜFTEFNPCJMJ
FNQSFFOEJNFOUPTOÍPDPOUSJCVBNQBSB
EBEFEPTJOEJWÓEVPT
WJBCJMJ[BSHBOIPTFTQFDVMBUJWPTEPQSPQSJF
%FTTBNBOFJSB BQPMÓUJDBIBCJUBDJPOBMEFWF
UÈSJPFiWBMPSJ[BSwPTJNØWFJTWJ[JOIPT/FTTF
QSFWFSOÍPBQFOBTBMPDBMJ[BÎÍPEFOPWBTVOJ
TFOUJEP PTTVCTÓEJPTEBEPTBPTDPNQSB
EBEFTFNÈSFBTEFFYQBOTÍP NBT UBNCÏN
EPSFTUFOEFNBTFSNBJTKVTUPTFDBVTBS
NFDBOJTNPTEFSFBCJMJUBÎÍPEFÈSFBTDFOUSBJT
NFOPTJNQBDUPTOPTWBMPSFTGVOEJÈSJPT
EFPDVQBÎÍPEPTWB[JPTVSCBOPTFGPSNBTEF
7BMPSEPmOBODJBNFOUP9DVTUPEBUFSSBoB
SFHVMBSJ[BÎÍPGVOEJÈSJB OPTFOUJEPEFNJOJ
FYQBOTÍPEBPGFSUBEFmOBODJBNFOUPUFO
NJ[BSPFGFJUPEFUSBOTJUPSJFEBEFRVFNBSDBB
EFBBVNFOUBSBFYQFDUBUJWBEPTQSPQSJFUÈ
WJEBEBRVFMFTRVFNPSBNEFNBOFJSBJSSFHV
SJPTEFPCUFSFNQSFÎPTNBJTBMUPT
MBS%FWFSÈUBNCÏNQSFWFSNPEFMPTEFVSCB
*OTUSVNFOUPTEFJODFOUJWPËQSPEVÎÍP
OJ[BÎÍPEFBTTFOUBNFOUPTQSFDÈSJPTRVFHB
IBCJUBDJPOBMoBPCSJHBUPSJFEBEFEFQSP
SBOUBN FOUSFPVUSBT BTDPOEJÎÜFTCÈTJDBTEF
EV[JSIBCJUBÎÍPEFJOUFSFTTFTPDJBMEFWFTFS
BDFTTJCJMJEBEFFEFNFMIPSJBTOPUSBOTQPSUF
BDPNQBOIBEBQFMBPGFSUBEFmOBODJBNFO
QÞCMJDPDPNPDPOEJÎÍPEFBDFTTPËTGVOÎÜFT
UPDPNQBUÓWFM BPQSPQSJFUÈSJPPVBPVUSP
VSCBOBTF BJOEB NFMIPSJBTOBVSCBOJEBEFEP
QSPNPUPS QÞCMJDP QSJWBEPPVBTTPDJBUJWP

MPDBMDPNPGPSNBEFJODFOUJWBSBOÍPHFSBÎÍP
TFNPRVFBÈSFBmDBSÈDPOHFMBEBPVUFO
EFWJBHFOT
EFSÈBTFEFHSBEBS
0QSJODÓQJPNBJPSRVFVOFFTTBTEVBTQP
MÓUJDBTÏBWJBCJMJ[BÎÍPEPBDFTTPËNPSBEJB
/FTTFTFOUJEP B1PMÓUJDB/BDJPOBMEF)BCJ
FNÈSFBTOBTRVBJTBJOGSBFTUSVUVSBVSCBOB
UBÎÍPEFWFQSJPSJ[BSJOWFTUJNFOUPTFNÈSFBT
KÈFTUÈJOTUBMBEBF NVJUBTWF[FT FODPOUSBTF
POEFFYJTUBNJOTUSVNFOUPTEFDPOUSPMFEPT
TVCVUJMJ[BEB&TTFNPWJNFOUPWBJOPTFOUJEP
QSFÎPTFEBWBMPSJ[BÎÍP ;&*4 QPSFYFNQMP
F
EFDPOUFSBFYQBOTÍPVSCBOBFBVNFOUBSTVB
QPMÓUJDBTBCSBOHFOUFTEFJODMVTÍPTPDJBM FTQF
EFOTJEBEF QSPNPWFSBEJWFSTJEBEFEFVTP
DJBMNFOUFHFSBÎÍPEFSFOEB RVFDPOUSJCVJSÍP
QFSNJUJSPGVODJPOBNFOUPEJGFSFODJBEPEPT

$"%&3/04.$*%"%&4)"#*5"±°0
FRVJQBNFOUPTFJOGSBFTUSVUVSBTBPMPOHPEF ²4"#*%026&07"-03%04*.»7&*4"4&3&.
UPEBBKPSOBEB IPSBT
FSBDJPOBMJ[BSPTEFT 130%6;*%04/6.5&33&/0%&5&3.*/"0
MPDBNFOUPTDPUJEJBOPT 13&±026&013013*&5«3*010%&1&%*31&-0
6NBQBVUBDPNVNEFUSBCBMIP FOUSFBT 4&6*.»7&-%&44&.0%0²13&$*4013&45"3
QPMÓUJDBTEFEFTFOWPMWJNFOUPVSCBOP EFIBCJ "5&/±°01"3"26&0446#4¶%*04$0-0$"%04
UBÎÍPFEFNPCJMJEBEFEFWFDPOTJEFSBS FOUSF &.&.13&&/%*.&/504/°0$0/53*#6".
PVUSPTQPOUPT PTTFHVJOUFT 1"3"7*"#*-*;"3("/)04&41&$6-"5*704
QSPNPÎÍPEFVNBQPMÓUJDBIBCJUBDJPOBM
%013013*&5«3*0&i7"-03*;"3w04*.»7&*4
WPMUBEBËDPOTPMJEBÎÍPEBTÈSFBTKÈPDVQB
7*;*/)04
EBT TPCSFUVEPEBRVFMBTKÈQSPWJEBTEFJO
GSBFTUSVUVSBEFUSBOTQPSUFFQSØYJNBTBPT
MPDBJTEFBUSBÎÍPEFWJBHFOT 7**o*OGSBFTUSVUVSBVSCBOBFTBOFBNFOUP
QSPNPÎÍPEFVNBQPMÓUJDBIBCJUBDJPOBMRVF
BNCJFOUBM
JODFOUJWFBPDVQBÎÍPEPTWB[JPTVSCBOPT 2VBOEPTFDPOGSPOUBPPCKFUJWPEFVOJWFS
FMBCPSBÎÍPEFQSPKFUPTEFVOJEBEFTIB TBMJ[BÎÍPEPTBOFBNFOUPDPNBTJUVBÎÍPEP
CJUBDJPOBJTFDPOKVOUPEFNPSBEJBTRVF EÏmDJURVBMJUBUJWPIBCJUBDJPOBMOBTDJEBEFT
DPOTJEFSFNBTOFDFTTJEBEFTFTQFDJBJTEF CSBTJMFJSBT mDBFWJEFOUFBNBHOJUVEFEPEF
MPDPNPÎÍPEPTQPSUBEPSFTEFEFmDJÐODJBT TBmPEFHBSBOUJSPBUFOEJNFOUPEBQPQVMBÎÍP
1BSBUBOUP FTUÍPTFOEPSFHVMBSJ[BEBTBT EFCBJYBSFOEBDPODFOUSBEBFNÈSFBTEFBT
MFJTOFEFORVF TFOUBNFOUPTQSFDÈSJPT
EFmOFNPTQSJODÓQJPT DSJUÏSJPTFQBESÜFTB "TEFmDJÐODJBTEFJOGSBFTUSVUVSBVSCBOB
TFSFNVUJMJ[BEPTQBSBBUFOEFSBFTTBQBSDF FTBOFBNFOUPBNCJFOUBMTÍPJEFOUJmDBEBT
MBFYQSFTTJWBEBTPDJFEBEF DPNPEFDPSSFOUFT FOUSFPVUSBTDBVTBT EFVN
FMBCPSBÎÍPFJNQMBOUBÎÍPEFQSPKFUPTEF NPEFMPJOBEFRVBEPEFEFTFOWPMWJNFOUPF
OPWBTVOJEBEFTIBCJUBDJPOBJTRVFQSF EFVSCBOJ[BÎÍP EFJOFmDJÐODJBTOBQSFTUBÎÍP
WFKBNPBDFTTPEPTNPSBEPSFTBCFOT EPTTFSWJÎPT EBDPOUFOÎÍPEPTJOWFTUJNFOUPT
TFSWJÎPTFFRVJQBNFOUPTOBQSPYJNJEBEF QÞCMJDPTOBTÞMUJNBTEÏDBEBTF FTQFDJBMNFO
EJNJOVJOEPBOFDFTTJEBEFEFWJBHFOTNP UF EBBVTÐODJBEFVNBQPMÓUJDBEFEFTFOWPMWJ
UPSJ[BEBT NFOUPVSCBOPJOUFHSBEB"FGFUJWBJOUFHSBÎÍP
FMBCPSBÎÍPFJNQMBOUBÎÍPEFQSPKFUPTIB EFJOWFTUJNFOUPTFNTBOFBNFOUPBNCJFOUBM
CJUBDJPOBJTRVFUFOIBNDPNPQSJPSJEBEF FNÈSFBTJOGPSNBJTFEFBTTFOUBNFOUPTQSFDÈ
PUSBOTQPSUFQÞCMJDPFDPMFUJWPDPNPNF SJPT DPNPTQSPHSBNBTEFVSCBOJ[BÎÍPFEF
DBOJTNPQBSBBTTFHVSBSPTEFTMPDBNFOUPT QSPWJTÍPIBCJUBDJPOBM ÏFTUSBUÏHJBGVOEBNFO
RVFTFSÍPHFSBEPTQSJODÓQJPRVFUBNCÏN UBMQBSBBQPQVMBÎÍPEFCBJYBSFOEBUFSBDFTTP
TFSWFQBSBBTQPMÓUJDBTEFSFBCJMJUBÎÍPEF ËUFSSBVSCBOJ[BEBFËNPSBEJBBEFRVBEB
ÈSFBTDFOUSBJT 0QSPDFTTPEFFYQBOTÍPVSCBOBGPSUFNFO
FMBCPSBÎÍPFJNQMBOUBÎÍPEFQSPKFUPTIBCJ UFNBSDBEPQFMBFYDMVTÍPTPDJBM RVFWFN
UBDJPOBJTRVFDPOTJEFSFNPEFTMPDBNFOUP PDPSSFOEPOBTDJEBEFTCSBTJMFJSBT UFNMFWBEP
QFEFTUSF JODFOUJWBOEPTVBQSÈUJDBOPTFO HSBOEFQBSUFEBQPQVMBÎÍPEFCBJYBSFOEBB
UJEPEFSFUPNBEBFWBMPSJ[BÎÍPEPFTQBÎP PDVQBSÈSFBTVSCBOBTEFBMUPWBMPSBNCJFOUBM
QÞCMJDP FEFSJTDP&TTFQSPDFTTPEFTPSEFOBEPFFY
DMVEFOUFEFVSCBOJ[BÎÍPDBVTBHSBOEFJOUFS
GFSÐODJBOPTTJTUFNBTEFÈHVB FTHPUBNFOUP
$"%&3/04.$*%"%&4)"#*5"±°0 TBOJUÈSJP DPMFUBEFMJYPFESFOBHFNEBT FNJOGSBFTUSVUVSBFEPTTFSWJÎPTEFTB
DJEBEFT DPNQSPNFUFOEP FNNVJUPTDBTPT OFBNFOUPBNCJFOUBMDPNBQPMÓUJDBFBT
BRVBMJEBEFEFÈHVBEFNBOBODJBJTEFBCBTUF JOUFSWFOÎÜFTEFIBCJUBÎÍPEFJOUFSFTTFTP
DJNFOUPVSCBOPFDPMPDBOEPFNSJTDPHSBOEF DJBM FTQFDJBMNFOUFVSCBOJ[BÎÍPEFBTTFOUB
QBSUFEBQPQVMBÎÍPRVFSFTJEFBPMPOHPEF NFOUPTQSFDÈSJPTEFmOJEBTQFMPTHPWFSOPT
SJPTFDØSSFHPT FYQPTUBËDPOUBNJOBÎÍPIÓESJ MPDBJT SFTQPOTÈWFJT FNÞMUJNBJOTUÉODJB
DBFBFODIFOUFTFJOVOEBÎÜFT FTQFDJBMNFOUF QFMBHFTUÍPEPTQSPHSBNBTFBÎÜFTEFVS
OBTÈSFBTNFUSPQPMJUBOBT CBOJ[BÎÍPOPTNVOJDÓQJPT
"TDBSÐODJBTEFJOGSBFTUSVUVSB EFTFSWJÎPT BUFOEJNFOUPEBQPQVMBÎÍPSVSBMEJTQFSTB
VSCBOPTFBEFUFSJPSJ[BÎÍPEBRVBMJEBEFBN EBTQPQVMBÎÜFTJOEÓHFOBT EFQPWPTEB

CJFOUBMEBTDJEBEFTJOEJDBBOFDFTTJEBEFEF nPSFTUB EFRVJMPNCPMBTFEFNBJTNJOPSJBT
TFCVTDBSVNBBUVBÎÍPBSUJDVMBEBFOWPMWFOEP DPNTPMVÎÜFTDPNQBUÓWFJTDPNTVBTDB
BTUSÐTFTGFSBTEFHPWFSOP QSJPSJ[BOEPJOWFT SBDUFSÓTUJDBTSFHJPOBJT TØDJPBNCJFOUBJTF
UJNFOUPTQÞCMJDPTWPMUBEPTQBSBBHBSBOUJBF DVMUVSBJT
BFGFUJWBÎÍPEBNPSBEJBEJHOBFNÈSFBTBN JOTUJUVJÎÍPEFUBSJGBTPVUBYBTTVCTJEJBEBT
CJFOUBMNFOUFBEFRVBEBT PVEFTVCTÓEJPTEJSFUPTQBSBBQPQVMBÎÍP
1BSBUBOUPÏGVOEBNFOUBMHBSBOUJSRVFPT VTVÈSJBRVFOÍPUFOIBDPOEJÎÜFTFDPOÙNJ
HFTUPSFTQÞCMJDPTEBQPMÓUJDBEFTBOFBNFOUP DBTEFQBHBSJOUFHSBMNFOUFPTDVTUPTEPT
BNCJFOUBMFBTFNQSFTBTDPODFTTJPOÈSJBTSFT TFSWJÎPTEFTBOFBNFOUPCÈTJDP
QPOTÈWFJTQFMBJOGSBFTUSVUVSBFQFMPTTFSWJÎPT
EFÈHVB FTHPUBNFOUPTBOJUÈSJP DPMFUBEFMJYP
*/4536.&/504%"10-¶5*$"
FESFOBHFNBUVFNEFGPSNBBSUJDVMBEBDPN
/"$*0/"-%&)"#*5"±°0
BTJOUFSWFOÎÜFTEFVSCBOJ[BÎÍPEFmOJEBTQFMP
OÓWFMMPDBM HBSBOUJOEPRVBMJEBEFBPTQSPDF
04JTUFNB/BDJPOBMEF)BCJUBÎÍP
EJNFOUPTEFJOUFSWFOÎÍPFNFDBOJTNPTUBSJ
GÈSJPTEJGFSFODJBEPTTVTUFOUÈWFJT DPNQBUÓWFJT 04JTUFNB/BDJPOBMEF)BCJUBÎÍP 4/)
Ï
DPNBTDBSBDUFSÓTUJDBTSFHJPOBJTFTØDJPBN DPNQPTUPQPSVNBJOTUÉODJBEFHFTUÍPF
CJFOUBJTEFTTBTÈSFBTFEBQPQVMBÎÍPSFTJEFO DPOUSPMF BSUJDVMBEBFJOUFHSBEBQFMP.JOJTUÏ
UFEFCBJYBSFOEB SJPEBT$JEBEFT QFMP$POTFMIPEBT$JEBEFT
/FTTFDPOUFYUP DBCFEFTUBDBSOPÉNCJUP QFMP$POTFMIP(FTUPSEP'VOEP/BDJPOBMEF
EB1PMÓUJDB/BDJPOBMEF)BCJUBÎÍP BTQSJODJ )BCJUBÎÍPEF*OUFSFTTF4PDJBM QFMPT$POTFMIPT
QBJTEJSFUSJ[FTRVFEFWFSÍPPSJFOUBSPTQSP &TUBEVBJT EP%JTUSJUP'FEFSBMF.VOJDJQBJT
HSBNBTFBTBÎÜFTOBÈSFBEFIBCJUBÎÍPEF QFMP'VOEP/BDJPOBMEF)BCJUBÎÍPEF*OUFSFT
JOUFSFTTFTPDJBMFEFTBOFBNFOUPBNCJFOUBM TF4PDJBM '/)*4
FQFMPT'VOEPT&TUBEVBJTF
RVBJTTFKBN .VOJDJQBJTEF)BCJUBÎÍPEF*OUFSFTTF4PDJBM
QSJPSJ[BSOPTQMBOPTFQSPHSBNBT TPCB '&)*4F'.)*4
*OUFHSBN BJOEB P4JTUFNB
SFTQPOTBCJMJEBEFEPTHFTUPSFTQÞCMJDPTEB /BDJPOBMEF)BCJUBÎÍPVNBSFEFEFBHFOUFT
QPMÓUJDBEFTBOFBNFOUPBNCJFOUBMFEBT mOBODFJSPT QSPNPUPSFTFUÏDOJDPTFOWPMWJEPT
FNQSFTBTDPODFTTJPOÈSJBT BBNQMJBÎÍPEPT OBJNQMFNFOUBÎÍPEB1PMÓUJDB/BDJPOBMEF
TFSWJÎPTFBTBÎÜFTEFTBOFBNFOUPOBTÈSF )BCJUBÎÍP 1/)

BTEFBTTFOUBNFOUPTQSFDÈSJPTFJOGPSNBJT "MÏNEBJOTUÉODJBEFHFTUÍPFDPOUSPMF P
PDVQBEBTQPSQPQVMBÎÍPEFCBJYBSFOEB 4JTUFNB/BDJPOBMEF)BCJUBÎÍPQPTTVJEPJT
HBSBOUJBEBBSUJDVMBÎÍPEBTJOUFSWFOÎÜFT TVCTJTUFNBTP4VCTJTUFNBEF)BCJUBÎÍPEF

$"%&3/04.$*%"%&4)"#*5"±°0
*OUFSFTTF4PDJBM 4)*4
FP4VCTJTUFNBEF)B NFSDBEPEFDBQJUBJTEPTUÓUVMPTTFDVSJUJ[BEPT
CJUBÎÍPEF.FSDBEP 4).
RVFPCKFUJWBN MBTUSFBEPTFNSFDFCÓWFJTJNPCJMJÈSJPT FPVUSBT
TFHSFHBSBTGPOUFTEFSFDVSTPTQBSBWJBCJMJ[BSP NPEBMJEBEFT+ÈP4VCTJTUFNBEF)BCJUBÎÍP
BDFTTPËNPSBEJBEJHOB ËTEJGFSFOUFTEFNBO EF*OUFSFTTF4PDJBMTFSÈNPWJNFOUBEPQPS
EBTFQFSmMEPEÏmDJU SFDVSTPTBEWJOEPTEP'VOEPEF(BSBOUJBQPS
04VCTJTUFNBEF)BCJUBÎÍPEF*OUFSFTTF 5FNQPEF4FSWJÎP '(54
FEP'VOEP/BDJPOBM
4PDJBM 4)*4
UFNDPNPQSJODJQBMPCKFUJWP EF)BCJUBÎÍPEF*OUFSFTTF4PDJBM '/)*4
F
HBSBOUJSRVFPTSFDVSTPTQÞCMJDPTTFKBNEFTUJ BJOEB PTQSPWFOJFOUFTEFPVUSPTGVOEPTDPNP
OBEPTFYDMVTJWBNFOUFBTVCTJEJBSBQPQVMBÎÍP P'VOEPEF"SSFOEBNFOUP3FTJEFODJBM '"3

EFNBJTCBJYBSFOEB OBRVBMTFDPODFOUSBB P'VOEPEF"NQBSPBP5SBCBMIBEPS '"5
FP
NBJPSQBSUFEPEÏmDJUIBCJUBDJPOBMCSBTJMFJSP 'VOEPEF%FTFOWPMWJNFOUP4PDJBM '%4

+ÈP4VCTJTUFNBEF)BCJUBÎÍPEF.FSDB 04JTUFNB/BDJPOBMEF)BCJUBÎÍPBUVBSÈEF
EP 4).
UFNDPNPPCKFUJWPSFPSHBOJ[BSP GPSNBEFTDFOUSBMJ[BEB QFMPFOWPMWJNFOUPEP
NFSDBEPQSJWBEPEBIBCJUBÎÍP UBOUPOBBN QPEFSQÞCMJDP OPTUSÐTOÓWFJTEFHPWFSOP F
QMJBÎÍPEBTGPSNBTEFDBQUBÎÍPEFSFDVSTPT BSUJDVMBÎÍPEFTUFDPNBJOJDJBUJWBQSJWBEBFBT
RVBOUPOPFTUÓNVMPËJODMVTÍPEPTOPWPT PSHBOJ[BÎÜFTEBTPDJFEBEF
BHFOUFT GBDJMJUBOEPBQSPNPÎÍPJNPCJMJÈSJB "FYQPTJÎÍPNBJTEFUBMIBEBEP4JTUFNB
EFNPEPRVFFMFQPTTBDPOUSJCVJSQBSBBUFO /BDJPOBMEB)BCJUBÎÍPÏBQSFTFOUBEBOBQBSUF
EFSTJHOJmDBUJWBQBSDFMBEBQPQVMBÎÍPRVF EFTUFEPDVNFOUP
IPKFFTUÈTFOEPBUFOEJEBQPSSFDVSTPTTVCTJ
EJBEPT
0EFTFOWPMWJNFOUPJOTUJUVDJPOBM
0BUFOEJNFOUPEBEFNBOEBIBCJUBDJPOBM
QFMPTEPJTTVCTJTUFNBTMFWBSÈFNDPOUBB 0%FTFOWPMWJNFOUP*OTUJUVDJPOBMDPOTUJUVJ
TJHOJmDBUJWBEJWFSTJEBEFSFHJPOBMCSBTJMFJSB VNEPTJOTUSVNFOUPTFTUSBUÏHJDPTEB1PMÓUJDB
DPOTJEFSBOEPUBOUPPTDVTUPTEFQSPEVÎÍP /BDJPOBMEB)BCJUBÎÍP1PSFMFÏRVFTFEBSÈB
EBNPSBEJBRVBOUPPQPEFSEFQBHBNFOUP JOUFHSBÎÍPFDBQBDJUBÎÍPEPTEJWFSTPTBHFOUFT
EBQPQVMBÎÍPEFNBOEBOUF1BSBUBOUPTFSÍP QÞCMJDPTFQSJWBEPTOP1BÓT FOWPMWJEPTDPN
EFmOJEBTGBJYBTEFBUFOEJNFOUPEFBDPSEP BRVFTUÍPIBCJUBDJPOBM DSJBOEPTF BTTJN BT
DPNBDBQBDJEBEFEFQBHBNFOUPEBTGBNÓMJBT DPOEJÎÜFTOFDFTTÈSJBTËJNQMFNFOUBÎÍPEP
CFOFmDJÈSJBTFPDVTUPEPTmOBODJBNFOUPTEBT NPEFMPEFQPMÓUJDBIBCJUBDJPOBMRVFTFEFTFKB
EJGFSFOUFTGPOUFT BUVBOEPPTEPJTTVCTJTUFNBT EFNPDSÈUJDP EFTDFOUSBMJ[BEPFUSBOTQBSFOUF
EFGPSNBDPNQMFNFOUBS PRVFQPTTJCJMJUBSÈP QPSNFJPEPRVBMTFQSPNPWFSÈPEJSFJUPEF
BUFOEJNFOUPEBTEJGFSFOUFTSFBMJEBEFTF EFTTF BDFTTPËNPSBEJBEJHOBBUPEPTPTDJEBEÍPT
NPEP BMDBOÎBSPPCKFUJWPEFVOJWFSTBMJ[BÎÍP 1BSBRVFTFBMDBODFPTPCKFUJWPTQSPQPTUPT
QSPQPTUPQFMB1PMÓUJDB/BDJPOBMEF)BCJUBÎÍP QFMB1PMÓUJDB/BDJPOBMEF)BCJUBÎÍPÏOFDFTTÈ
4PCPBTQFDUPEBTGPOUFTFEBEFTUJOBÎÍP SJPRVFBTBÎÜFTEFEFTFOWPMWJNFOUPJOTUJUV
EFSFDVSTPT PTEPJTTVCTJTUFNBTNBOUÐN DJPOBMTFPSJFOUFNQFMBTTFHVJOUFTEJSFUSJ[FT
OÓUJEBTFHNFOUBÎÍP"GPOUFEFSFDVSTPTQBSB
P4VCTJTUFNBEF.FSDBEPÏBDBQUBÎÍPWJB *o1MBOFKBNFOUPFHFTUÍP
DBEFSOFUBTEFQPVQBOÎBFEFNBJTJOTUSVNFO #VTDBSBDPPQFSBÎÍPFOUSFPTUSÐTOÓWFJTEF
UPTEFBUSBÎÍPEFJOWFTUJEPSFTJOTUJUVDJPOBJTF HPWFSOP UFOEPP.JOJTUÏSJPEBT$JEBEFT
QFTTPBTGÓTJDBT UBJTDPNPPTSFMBDJPOBEPTBP DPNPØSHÍPHFTUPSFEFQMBOFKBNFOUPEB
GPSUBMFDJNFOUPFBNQMJBÎÍPEBQSFTFOÎBOP 1PMÓUJDBFNOÓWFMGFEFSBM
$"%&3/04.$*%"%&4)"#*5"±°0 1SPNPWFSBBSUJDVMBÎÍPFOUSFPTBHFOUFT JNQMFNFOUBSVNQSPHSBNBQFSNBOFOUF
QÞCMJDPT QSJWBEPTFBUPSFTTPDJBJTOPÉN EFDBQBDJUBÎÍPEFUÏDOJDPTFBQPJBSP
CJUPEB1/)QPSJOUFSNÏEJPEFFTUSVUVSBT EFTFOWPMWJNFOUPJOTUJUVDJPOBMEPTØSHÍPT
FNFDBOJTNPTJOTUJUVDJPOBJTFEFHFTUÍP SFTQPOTÈWFJTQFMBQPMÓUJDBIBCJUBDJPOBMOP
EFNPDSÈUJDBRVFDPNQPSÍPP4JTUFNB/B ÉNCJUPFTUBEVBMFNVOJDJQBM
DJPOBMEF)BCJUBÎÍP
**o.PEFSOJ[BÎÍPPSHBOJ[BDJPOBMFUÏDOJDB
"HFTUÍPEB1/)TFSÈFYFSDJEBEFGPSNB
EFNPDSÈUJDBDPNUSBOTQBSÐODJBFDPOUSPMF &TUJNVMBSFBQPJBS OPTOÓWFJTFTUBEVBJT

TPDJBM QPSNFJPEBJOTUJUVJÎÍPEF$POTF NVOJDJQBJTFNFUSPQPMJUBOPT BDSJBÎÍPFP
MIPTDPNSFQSFTFOUBÎÍPEFBHFOUFTFBUP GPSUBMFDJNFOUPEFFTUSVUVSBTJOTUJUVDJPOBJT
SFTTPDJBJTOPTOÓWFJTGFEFSBM FTUBEVBM EP DPNPPCKFUJWPEFBSUJDVMBSBQPMÓUJDBIBCJ
%JTUSJUP'FEFSBMFNVOJDJQBM UFOEPP$PO UBDJPOBMDPNBTEFNBJTQPMÓUJDBTTFUPSJBJTF
TFMIPEBT$JEBEFTFP$PNJUÐ5ÏDOJDPEF EFEFTFOWPMWJNFOUPVSCBOP MFWBOEPFN
)BCJUBÎÍPDPNPJOTUÉODJBTEFQBDUVBÎÍP DPOUBBTQFDVMJBSJEBEFTSFHJPOBJTFMPDBJT
FOUSFPHPWFSOPFBTPDJFEBEFEBTQSJODJ &TUJNVMBSFBQPJBSBDSJBÎÍPFPGPSUBMFDJ
QBJTEJSFUSJ[FT NFOUPEFØSHÍPTFTQFDÓmDPTEFGPSNVMB
ÎÍP DPPSEFOBÎÍPFJNQMFNFOUBÎÍPEBT
/FTTFTFOUJEPEFWFSÍPTFSEFTFOWPMWJEBTBT QPMÓUJDBTFTUBEVBJT NFUSPQPMJUBOBTFNVOJ
TFHVJOUFTBÎÜFT DJQBJTEFIBCJUBÎÍP
&TUJNVMBSBDSJBÎÍPEF'VOEPTF$POTFMIPT
/PÉNCJUPGFEFSBM FTUBEVBJT SFHJPOBJT NFUSPQPMJUBOPTFNV

GPSUBMFDFSP.JOJTUÏSJPEBT$JEBEFTDPNPØS OJDJQBJTBGFUPTËTRVFTUÜFTVSCBOBTFIBCJ
HÍPHFTUPSEB1PMÓUJDB/BDJPOBMEF)BCJUBÎÍP UBDJPOBJT
FMBCPSBSFJNQMFNFOUBSP1MBOP/BDJPOBM /BFTGFSBNVOJDJQBM JODFOUJWBSBNPEFSOJ
EF)BCJUBÎÍP DPNEFmOJÎÍPEFNFUBT QSP [BÎÍPEPDPOUSPMFVSCBOÓTUJDPFBHJMJ[BÎÍP

HSBNBTFGPOUFTEFSFDVSTPT EFQSPDFEJNFOUPTQBSBBQSPWBÎÍPEFQSP
FMBCPSBSFJNQMFNFOUBSP1MBOP/BDJPOBM KFUPTFFNQSFFOEJNFOUPTIBCJUBDJPOBJTF
EF$BQBDJUBÎÍPEFBHFOUFTQBSBB1/) EFQBSDFMBNFOUPEPTPMP
DPNCBTFFNEJBHOØTUJDPEBTJUVBÎÍPJOTUJ 1SPQJDJBSBTDPOEJÎÜFTQBSBPBDFTTPEPT
UVDJPOBMEPTNVOJDÓQJPT BHFOUFTQÞCMJDPTBPBSDBCPVÎPUÏDOJDPJO
GPSNBDJPOBMOFDFTTÈSJPBPEFTFNQFOIPEP
/PÉNCJUPFTUBEVBM EP%JTUSJUP'FEFSBM NVOJ TFVQBQFM DPNÐOGBTFFNMFWBOUBNFOUPTF
DJQBMFNFUSPQPMJUBOP DPOTUJUVJÎÍPEFCBTFTDBSUPHSÈmDBTFDSJBÎÍP
BQPJBSBGPSNVMBÎÍPFJNQMFNFOUBÎÍPEF FBUVBMJ[BÎÍPEFTJTUFNBTEFJOGPSNBÎÍP
QPMÓUJDBTIBCJUBDJPOBJTBSUJDVMBEBTDPNQPMÓ *ODFOUJWBSBGPSNBÎÍPFBNQMJBÎÍPEFDPS
UJDBTEFEFTFOWPMWJNFOUPVSCBOP QPTUÏDOJDPTFTQFDJBMJ[BEPTFDBQBDJUBEPT
BQPJBSBFMBCPSBÎÍPEF1MBOPT%JSFUPSFT QFSNJUJOEPBPTFOUFTQÞCMJDPTBDFTTPBP
.VOJDJQBJTDPNÐOGBTFOBBQMJDBÎÍPEPT DPOIFDJNFOUPFBOÈMJTFEBQSPCMFNÈUJDB
QSJODÓQJPT EJSFUSJ[FTFJOTUSVNFOUPTEP&T VSCBOBFIBCJUBDJPOBMFNOÓWFMMPDBMFSF
UBUVUPEB$JEBEF HJPOBM EFNPEPBQPUFODJBMJ[BSTVBDBQBDJ
BQPJBSBFMBCPSBÎÍPFJNQMFNFOUBÎÍPEF EBEFEFJOUFSWFOÎÍPFBDFTTPBPTSFDVSTPT
1MBOPT)BCJUBDJPOBJTDPNQBUÓWFJTDPNPT EJTQPOJCJMJ[BEPTQFMPTQSPHSBNBTEB1/)
1MBOPT%JSFUPSFT.VOJDJQBJT *ODFOUJWBSBDPOTUJUVJÎÍPEFBHFOUFTQSP

$"%&3/04.$*%"%&4)"#*5"±°0
NPUPSFTEFOBUVSF[BTPDJBM DPPQFSBUJWBT 1BSBBERVJSJSBBNQMJUVEFFBBCSBOHÐODJB
BTTPDJBÎÜFTEFNPSBEPSFT
DPNBmOBMJ OFDFTTÈSJBT BTBÎÜFTEFDBQBDJUBÎÍPTF
EBEFEFPSHBOJ[BSFNQSFFOEJNFOUPTEF SÍPGFJUBTFNQBSDFSJBDPNBHFOUFTFBUP
DBSÈUFSTPMJEÈSJPFSFVOJSBEFNBOEB SFTJOTUJUVDJPOBJTFNDPOEJÎÜFTEFFYFSDFS
PQBQFMEFDBQBDJUBEPSFT VOJWFSTJEBEFT
***o$BQBDJUBÎÍPEFBHFOUFTQÞCMJDPTF DFOUSPTEFQFTRVJTBFGPSNBÎÍP PSHBOJ
TPDJBJT [BÎÜFTOÍPHPWFSOBNFOUBJT DPOTVMUPSJBT
FTQFDJBMJ[BEBT FUD
RVFGPSNBSÍPVNB
#VTDBSWJODVMBSBTBÎÜFTEFDBQBDJUBÎÍPBPT SFEFOBDJPOBMEFDBQBDJUBEPSFT DVKBBUV
QSPDFTTPTEFQMBOFKBNFOUP JNQMFNFOUB BÎÍPEBSTFÈFNDPOGPSNJEBEFDPNBT
ÎÍPFBWBMJBÎÍPEPTQSPHSBNBTFQSPKFUPT EJSFUSJ[FTEB1/)"BNQMJBÎÍPEBSFEF
EB1/) TFSÈFTUJNVMBEBQFMBJODPSQPSBÎÍPEFOP
$BQBDJUBSPTBHFOUFTQÞCMJDPTFTPDJBJTFN WPTHSVQPTFJOTUJUVJÎÜFT
UPEPTPTOÓWFJTEFHPWFSOPFJOTUÉODJBTEF $PNPGPSNBEFTFDPNCBUFSBEFTJHVBM
QBSUJDJQBÎÍPEB1/)QBSBFYFSDFSFNDPN EBEFOPBDFTTPBPDPOIFDJNFOUPQFMBT
BVUPOPNJBFDBQBDJEBEFUÏDOJDBBTGVOÎÜFT EJGFSFOUFTSFHJÜFTEP1BÓT BQPJBSPGPSUB
EFBHFOUFTEPQMBOFKBNFOUP EBHFTUÍP EB MFDJNFOUPEFOÞDMFPTEFGPSNBÎÍPFDB
BWBMJBÎÍPFEPNPOJUPSBNFOUPEBJNQMF QBDJUBÎÍPWPMUBEPTQBSBBRVFTUÍPIBCJ
NFOUBÎÍPEFQPMÓUJDBTIBCJUBDJPOBJT UBDJPOBMVSCBOB QSJODJQBMNFOUFOBRVFMFT
0TQSPHSBNBTFBUJWJEBEFTEFDBQBDJUBÎÍP MPDBJTNBJTEFTGBWPSFDJEPTEFDBQBDJEBEF
QBSBBQPMÓUJDBIBCJUBDJPOBMEFWFSÍPFTUBS UÏDOJDB
FNDPOTPOÉODJBDPNB1PMÓUJDBFDPNP
1MBOP/BDJPOBMEF)BCJUBÎÍP SFTQFJUBEBT *7o"UVBMJ[BÎÍPEPRVBESPMFHBM
BEJWFSTJEBEFFFTQFDJmDJEBEFTSFHJPOBJTF OPSNBUJWP
MPDBJTFPTEJGFSFOUFTOÓWFJTEFEFTFOWPMWJ /PÉNCJUPGFEFSBM
NFOUPJOTUJUVDJPOBMEPTBHFOUFTQÞCMJDPTF BQSPWBÎÍPEP'VOEP/BDJPOBMEF)BCJUB
TPDJBJT ÎÍPEF*OUFSFTTF4PDJBM '/)*4

/PRVFEJ[SFTQFJUPBGPSNBUPTNFUPEP DPOTUJUVJÎÍPEFVNOPWPNBSDPMFHBMRVF
MØHJDPT CVTDBSTFÈBEJWFSTJEBEF JODPS EÐBNQBSPKVSÓEJDPËOPWB1PMÓUJDB/BDJPOBM

QPSBOEPBTFYQFSJÐODJBTFYJTUFOUFTFWBMP EF)BCJUBÎÍP
SJ[BOEPBTGPSNBTJOUFSBUJWBT TFNJOÈSJPT SFWFSBMFHJTMBÎÍPGFEFSBMEFQBSDFMBNFOUP
EFCBUFT PmDJOBT TJNQØTJPTFUD
EFNPEP EPTPMPEFGPSNBBSFnFUJSBTEJSFUSJ[FTEBQP
BFTUJNVMBSBSFnFYÍPDPMFUJWBFJODPSQPSB MÓUJDB BNQMJBOEPPBDFTTPËUFSSBVSCBOJ[BEB
ÎÍPBUJWBEPTBUPSFTOPQSPDFTTPEFDBQBDJ
UBÎÍP /PÉNCJUPFTUBEVBM EP%JTUSJUP'FEFSBM NVOJ
/BTBÎÜFTEFDBQBDJUBÎÍP CVTDBSBQBS DJQBMFNFUSPQPMJUBOP
UJDJQBÎÍPDPOKVOUBEFBHFOUFTQÞCMJDPT CVTDBSBDPOTPMJEBÎÍPEBTQPMÓUJDBTIBCJUB
EFVNBNFTNBSFHJÍPDPNPGPSNBEF DJPOBJTFVSCBOBT EPTNFDBOJTNPTEFHFT

FTUJNVMBSTVBBQSPYJNBÎÍPFBUSPDBEF UÍPEFNPDSÈUJDBFEPTGVOEPTEFIBCJUBÎÍP
FYQFSJÐODJBT DPOUSJCVJOEPBTTJNQBSBB EFJOUFSFTTFTPDJBMFNJOTUSVNFOUPTMFHBJT
GPSNBÎÍPEFJOTUÉODJBTEFJOUFHSBÎÍPFOUSF FOPSNBUJWPTEJTDVUJEPTFMFHJUJNBEPTQFMB
NVOJDÓQJPT BTTPDJBÎÜFTNJDSPSSFHJPOBJT TPDJFEBEFFBQSPWBEPTQFMBTJOTUÉODJBTMF
DPOTØSDJPT GØSVOTFUD
HJTMBUJWBT
$"%&3/04.$*%"%&4)"#*5"±°0 BQPJBSBBUVBMJ[BÎÍPEBMFHJTMBÎÍPEF HSBOUFEB1PMÓUJDBEF*OGPSNBÎÍPEBT$JEB
QBSDFMBNFOUPFEFDPOUSPMFEPVTPFPDV EFT 1*$

QBÎÍPEPTPMPDPNCBTFOP&TUBUVUPEB 04JNBIBCTFSÈEFTFOWPMWJEPFNTJOUPOJB
$JEBEF FTUBCFMFDFOEPNFDBOJTNPTEF DPNPNPEFMPQSPQPTUPQFMP1SPHSBNBEBT
SFHVMBÎÍPEBBÎÍPEPNFSDBEPOBTDJEB /BÎÜFT6OJEBTQBSBPT"TTFOUBNFOUPT)V
EFT JODMVTJWFQBSBBTÈSFBTFTQFDJBJTEF NBOPT 6/)BCJUBU
RVFRVBMJmDBPVTPEP
JOUFSFTTFTPDJBM JOEJDBEPSIBCJUBDJPOBMDPNPJOTUSVNFOUPFT
TFODJBMOBUPNBEBEFEFDJTÍP OBGPSNVMBÎÍP
EFQPMÓUJDBTVSCBOBTFOPNPOJUPSBNFOUPF
04JTUFNBEF*OGPSNBÎÍP "WBMJBÎÍP
BWBMJBÎÍPEFTFVTQSPHSBNBTFQSPKFUPT
F.POJUPSBNFOUPEB)BCJUBÎÍP
$BSBDUFSJ[BFTUSBUÏHJBGVOEBNFOUBMQBSB
"DPOTUSVÎÍPEFVNTJTUFNBEFJOGPSNBÎÜFT WJBCJMJ[BÎÍPEP4JNBIBCBDPOTUSVÎÍPEFQBS
RVFTVCTJEJFPQSPDFTTPEFDJTØSJPFRVFTFKB DFSJBTJOTUJUVDJPOBJTFBCVTDBEFNFDBOJTNPT
DBQB[EFSFTQPOEFSËTOFDFTTJEBEFTEPDPO EFDPPQFSBÎÍPDPNJOTUJUVJÎÜFTUÏDOJDBTEF
KVOUPEBTPDJFEBEFÏEFGVOEBNFOUBMJNQPS QFTRVJTBRVFUSBUBNEBBQVSBÎÍPFBOÈMJTF
UÉODJBQBSBHBSBOUJSBUSBOTQBSÐODJBFPDPO EFEBEPTSFMBUJWPTBPTFUPSIBCJUBDJPOBM CFN
USPMFTPDJBMEBTBÎÜFTHPWFSOBNFOUBJT OVN DPNPBQPJBSJOJDJBUJWBTTJNJMBSFTOPÉNCJUP
DPOUFYUPFNRVFP&TUBEPCVTDBSFPSJFOUBSBT EPTEFNBJTOÓWFJTEFHPWFSOP04JTUFNB
TVBTBÎÜFTQBSBSFEVÎÍPEBTEFTJHVBMEBEFT EFWFSÈDPOUBSDPNNFDBOJTNPTDBQB[FTEF
TPDJBJTFHBSBOUJBEPEJSFJUPËNPSBEJBEJHOB HBSBOUJSBBSUJDVMBÎÍP BTJTUFNBUJ[BÎÍPFBWB
/FTTFDPOUFYUP B1PMÓUJDB/BDJPOBMEF MJEBÎÍPEFJOGPSNBÎÜFTSFMBUJWBTBPDPOKVOUP
)BCJUBÎÍPUFN DPNPVNEFTFVTFJYPT B EFQPMÓUJDBT QSPHSBNBTFBÎÜFTEJTQFSTBTF
DPOTUSVÎÍPFBDPOTPMJEBÎÍPEFVN4JTUFNB GSBHNFOUBEBTBGFUBTËÈSFBIBCJUBDJPOBMOP
EF*OGPSNBÎÍP "WBMJBÎÍPF.POJUPSBNFOUP ÉNCJUPEB1PMÓUJDBEF%FTFOWPMWJNFOUP6SCB
EB)BCJUBÎÍP 4JNBIBC
DPNPQBSUFJOUF OP QSPEV[JEBTQFMPTEFNBJTBHFOUFTQÞCMJ
DPT QSJWBEPTFEBTPDJFEBEFDJWJMPSHBOJ[BEB
$PNBJNQMFNFOUBÎÍPEFTTF4JTUFNBEF
²QSFDJTPBWBMJBS OPDBTPEPTFUPSIBCJUBDJPOBM
*OGPSNBÎÜFT B4/)UFSÈPDPNQSPNJTTPEF
PEFTFNQFOIPFBFGJDJÐODJBEPTQSPHSBNBT
IBCJUBDJPOBJTFEFVSCBOJ[BÎÍP
EJWVMHBSPTSFTVMUBEPTEBBÎÍPQÞCMJDBOP
TFUPSIBCJUBDJPOBMFHBSBOUJSBTVBVUJMJ[BÎÍP
WBMJEBÎÍPFSFUSPBMJNFOUBÎÍPQFMPDPOKVOUP
EFVTVÈSJPTEBTCBTFTEFEBEPTFJOGPSNBÎÜFT
BTFSFNEJTQPOJCJMJ[BEBT
5BNCÏNÏEFGVOEBNFOUBMJNQPSUÉODJB
RVFP4JTUFNBEF*OGPSNBÎÜFTEP.JOJTUÏSJP
EBT$JEBEFTQPTTJCJMJUFBDPOTPMJEBÎÍPEFEB
EPTSFGFSFOUFTBPTJOWFTUJNFOUPTIBCJUBDJPOBJT
4JTUFNBRVFFTUÈTFOEPEFTFOWPMWJEPQFMP
.JOJTUÏSJPEBT$JEBEFT RVFDPOUFSÈPQFSmMEB
TJUVBÎÍPVSCBOBBUVBMEPT.VOJDÓQJPT 3FHJÜFT
.FUSPQPMJUBOBT NJDSPSSFHJÜFTFBHMPNFSBÎÜFT
VSCBOBTCSBTJMFJSBT

$"%&3/04.$*%"%&4)"#*5"±°0
$0."*.1-&.&/5"±°0%04*45&."%& TJCJMJEBEFEFBMDBODFEPÓOEJDFmOBMQSFWJTUP
*/'03."±¿&4 "4/)5&3«0$0.130.*440%& QBSBDBEBJOEJDBEPS
%*76-("3043&46-5"%04%""±°01Á#-*$" /FTTFTFOUJEP HBSBOUJSBBWBMJBÎÍPFP
/04&503)"#*5"$*0/"-&("3"/5*3"46" BDPNQBOIBNFOUPTJTUFNÈUJDPEBTQPMÓUJDBT
65*-*;"±°0 7"-*%"±°0&3&530"-*.&/5"±°0 IBCJUBDJPOBJT FTQFDJBMNFOUFEBRVFMBTTPCB
1&-0$0/+6/50%&646«3*04%"4#"4&4%&%"%04 SFTQPOTBCJMJEBEFEPTFUPSQÞCMJDP QPTTJCJMJUB
&*/'03."±¿&4"4&3&.%*410/*#*-*;"%"4
BWBMJBSPEFTFNQFOIPEBTNFTNBTFHBSBOUJS
NBJPSFGFUJWJEBEFFUSBOTQBSÐODJBËBÎÍPHP
WFSOBNFOUBM
SFBMJ[BEPTQFMBTEFNBJTFTGFSBTEFHPWFSOP "MHVOTDSJUÏSJPTEFWFSÍPOPSUFBSBGPSNV
QFMPTFUPSQSJWBEP CFNDPNPUPEPTPTBHFO MBÎÍPFBJNQMBOUBÎÍPEP4JNBIBC&OUSFPT
UFTmOBODFJSPTRVFPQFSBNOPÉNCJUPEP4JT NBJTJNQPSUBOUFTEFWFNTFSDPOTJEFSBEPTB
UFNB'JOBODFJSPEB)BCJUBÎÍP EFTJHVBMEBEFSFHJPOBM BTFHSFHBÎÍPUFSSJUP
/BHFTUÍPEP1MBOP1MVSJBOVBM 11"
JOTUSV SJBM BEJWFSTJEBEFTPDJBMFNUFSNPTEFHÐOFSP
NFOUPOPRVBMFTUÍPJOTFSJEBTUPEBTBTBÎÜFT EFFUOJB EFDMBTTFTEFSFOEB EFBDFTTJCJMJ
EPHPWFSOP'FEFSBM BBWBMJBÎÍPPDVQBQPTJÎÍP EBEFBPTTFSWJÎPTFFRVJQBNFOUPTTPDJBJTF
GVOEBNFOUBM OBNFEJEBFNRVFCVTDBPBQFS VSCBOPT
GFJÎPBNFOUPDPOUÓOVPEBDPODFQÎÍPFJNQMF &NCPSBBRVFTUÍPIBCJUBDJPOBMEFWBTFS
NFOUBÎÍPEPTQSPHSBNBTFEP1MBOP DPNP TFNQSFBOBMJTBEBEFGPSNBJOUFHSBEBDPNPT
PCKFUJWPEFBUJOHJSPTSFTVMUBEPTFTQFSBEPT" EFNBJTUØQJDPTEPEFTFOWPMWJNFOUPVSCBOP
QSPQPTUBEFBWBMJBÎÍPBEPUBEBQBSUFEPQSFT OBQFSTQFDUJWBEPEJSFJUPËDJEBEF PTEBEPTF
TVQPTUPEBTVBJOTUJUVDJPOBMJ[BÎÍPOPDJDMPEF JOEJDBEPSFTBGFUPTBPTFUPSIBCJUBDJPOBMNFSF
HFTUÍPEPHBTUP DPNPNBJTVNFWFOUPEFHFT DFNVNSFDPSUFQSØQSJPQFMBTVBDPNQMFYJEB
UÍPJOUFHSBEBBEFNBJTFWFOUPTJNQPSUBOUFT EF EJNFOTÍPFHSBWJEBEFTPDJBM FTQFDJBMNFO
DPNPBFMBCPSBÎÍPEP1SPKFUPEF-FJEF%JSF UFBRVFMFTSFMBDJPOBEPTBPTBTTFOUBNFOUPT
USJ[FT0SÎBNFOUÈSJBT -%0
EP1SPKFUPEF-FJ QSFDÈSJPT
0SÎBNFOUÈSJB"OVBM -0"
PVBJOEBEP#BMBOÎP 0NPEFMPEFEFTFOWPMWJNFOUPVSCBOP
(FSBMEB6OJÍP #(6
FEPDPOUSPMF UPSOBOEPB TVQÜFVNBÐOGBTFOBJOGPSNBÎÍPTPCSFNP
VNBQSÈUJDBÞUJM QFSJØEJDBFTJTUFNÈUJDBEFBGF OJUPSBNFOUPFHFTUÍPEPFTQBÎPVSCBOP B
SJÎÍPFBOÈMJTFEFSFTVMUBEPTEBJNQMFNFOUBÎÍP JOTUSVNFOUBMJ[BÎÍPQBSBBUPNBEBEFEFDJTÜFT
EPTQSPHSBNBTFEP1MBOP TFHVOEPDSJUÏSJPT RVBOUPËTQSJPSJEBEFTEFJOWFTUJNFOUPTFBPT
EFFmDJÐODJB FmDÈDJBFFGFUJWJEBEF NPEFMPTJOTUJUVDJPOBJTBTFSFNBEPUBEPT
"mOBMJEBEFEFTTBBWBMJBÎÍPQPEFTFSUSBEV 1BSBUBOUP ÏQSFDJTPBWBMJBS OPDBTPEPTFUPS
[JEBFNRVBUSPQSJODJQBJTPCKFUJWPTQSFTUBSDPO IBCJUBDJPOBM PEFTFNQFOIPFBFmDJÐODJBEPT
UBTËTPDJFEBEFBVYJMJBSBUPNBEBEFEFDJTÍP QSPHSBNBTIBCJUBDJPOBJTFEFVSCBOJ[BÎÍP
BQSJNPSBSBDPODFQÎÍPFBHFTUÍPEP1MBOPF JOUFHSBEBEFBTTFOUBNFOUPTQSFDÈSJPT FTQF
EPTQSPHSBNBT FQSPNPWFSPBQSFOEJ[BEP DJBMNFOUFNFMIPSJBIBCJUBDJPOBMFPVSFBMPDB
"BWBMJBÎÍPRVBMJUBUJWBEP1MBOPFEPT ÎÍPIBCJUBDJPOBM PTTFSWJÎPTEFJOGSBFTUSVUVSB
QSPHSBNBTÏDPNQMFNFOUBEB QSJODJQBMNFO VSCBOBFTBOFBNFOUPBNCJFOUBMFTPDJBJT
UF QFMPEFNPOTUSBUJWPEBFYFDVÎÍPGÓTJDBF EFSFHVMBSJ[BÎÍPGVOEJÈSJBFEFNPCJMJEBEF
mOBODFJSBQPSQSPHSBNBFQPSBÎÍP QFMPEF VSCBOB"SFEVÎÍPEBSFOEBFPBVNFOUPEPT
NPOTUSBUJWPEBFWPMVÎÍPEPTÓOEJDFTEFDBEB DVTUPTEFNPSBEJB PBDFTTPJOBEFRVBEPBPT
JOEJDBEPSQPSQSPHSBNBFBWBMJBÎÍPEBQPT TFSWJÎPTEFTBOFBNFOUP PBVNFOUPEBTEF
$"%&3/04.$*%"%&4)"#*5"±°0 HSBOEFTEJTQBSJEBEFTTPDJBJTFSFHJPOBJTFYJT
UFOUFTOP1BÓT
01MBOPÏPJOTUSVNFOUPEFBSUJDVMBÎÍPFO
USFPEJBHOØTUJDP QSJPSJEBEFT NFUBTBTFSFN
BUJOHJEBT SFDVSTPTDPNQBUÓWFJT BÎÜFT FVN
TJTUFNBEFNPOJUPSBNFOUPFBWBMJBÎÍP/FMF
TFSÍPBQSFTFOUBEBTBTQSPQPTUBTEFFTUSBUÏ
HJBTEFFOGSFOUBNFOUPEPEÏmDJUIBCJUBDJPOBM
FEBTJUVBÎÍPEFQSFDBSJFEBEFFJSSFHVMBSJEBEF
"JNQMFNFOUBÎÍPEB1PMÓUJDB/BDJPOBMEF EBTNPSBEJBT
)BCJUBÎÍPJNQMJDBFNVNOPWPEFTFOIP
01MBOP/BDJPOBMEF)BCJUBÎÍPEFWFSÈBS
QPMÓUJDPJOTUJUVDJPOBM
UJDVMBSFQPUFODJBMJ[BSPTQSPHSBNBTFBÎÜFT
EPTUSÐTOÓWFJTEFHPWFSOPFBTDBQBDJEBEFT
TJHVBMEBEFTTPDJBJTTÍPGBUPTRVFEFWFNTFS FYJTUFOUFTEPTEFNBJTBHFOUFTTPDJBJTBGFUPT
CFNGVOEBNFOUBEPTQFMPTJOEJDBEPSFT BPTFUPSIBCJUBDJPOBM PVTFKB JODPSQPSBS BMÏN
0TEBEPTDPOUJEPTOP4JNBIBCQPTTJCJMJUB EPTSFDVSTPTmOBODFJSPT SFDVSTPTEFPVUSB
SÍPBDPOTUSVÎÍPEPTJOEJDBEPSFTIBCJUBDJPOBJT OBUVSF[BRVFBVYJMJFNOPTHBOIPTEFFmDJÐO
RVFJSÍPNFEJSBSFBMJEBEFIBCJUBDJPOBM EFmOJ DJBFFGFUJWJEBEFEBJOUFSWFOÎÍP UBJTDPNP
EBFNTVBTEJWFSTBTEJNFOTÜFT TPDJBM FDPOÙ DBQBDJEBEFPSHBOJ[BUJWB BTTFTTPSJBUÏDOJDB
NJDB BENJOJTUSBUJWB KVSÓEJDB mOBODFJSBFGVO RVBMJEBEFEFQSPKFUP FUD
DJPOBM
EFGPSNBBGBDJMJUBSPNPOJUPSBNFOUP /FTTFTFOUJEP PQSPDFTTPEFFMBCPSBÎÍP
EFQPMÓUJDBT RVBMJmDBSPTPCTUÈDVMPTRVFTF EP1MBOPEFWFSÈGPNFOUBSPEFCBUFTPCSF
JOUFSQÜFNBPBMDBODFEFNFUBTQSPHSBNÈUJDBT BTDPOEJÎÜFTEFNPSBEJBFBTQSJPSJEBEFT
FBWBMJBSPTFGFJUPTEBTQPMÓUJDBTQBSBBNFOJ[BS EFJOUFSWFOÎÍPFQSPQPSDJPOBSBQSPEVÎÍP
PVTPMVDJPOBSPTQSPCMFNBTIBCJUBDJPOBJT EFEBEPTDPOTJTUFOUFTTPCSFBTOFDFTTJEB
²GVOEBNFOUBM QPSUBOUP DPOTUJUVJSJOEJ EFTTPDJBJTOPDBNQPEBIBCJUBÎÍP%FWFSÈ
DBEPSFTDPOmÈWFJT DPOTJTUFOUFT QFSUJOFOUFT UBNCÏNJOTFSJSPQMBOFKBNFOUPEPTFUPS
DSJBSTÏSJFTSFHVMBSFTQBSBQFSNJUJSDPNQBSB IBCJUBDJPOBMOBBHFOEBQÞCMJDBNVOJDJQBM
ÎÜFTBPMPOHPEPUFNQPBUVBMJ[BSQFSNBOFO BSUJDVMBOEPBTBÎÜFTEFIBCJUBÎÍPËQPMÓUJDB
UFNFOUFPTEBEPTFTUBUÓTUJDPTQPSNFJPEF VSCBOBMPDBM FDPOTUSVJSQBSDFSJBTFOUSFPS
JOTUSVNFOUPTEFBDFTTPÈHJMFTFHVSPFHBSBO HBOJ[BÎÜFTHPWFSOBNFOUBJTFPSHBOJ[BÎÜFT
UJSnFYJCJMJEBEFQBSBRVBMJmDBS OBFYQSFTTÍP EBTPDJFEBEFDJWJM
FTQBDJBMEFTFKBEB BTEJGFSFOÎBTMPDBJT 01MBOPEFWFSÈ QPSUBOUP QSPQPSBÎÜFT
FQSPHSBNBTRVFBUFOEBNBPQFSGJMEBT
01MBOP/BDJPOBMEF)BCJUBÎÍP OFDFTTJEBEFTIBCJUBDJPOBJT FTUBCFMFDFSDSJ
UÏSJPTQBSBBBMPDBÎÍPSFHJPOBMEFSFDVSTPTF
"JNQMFNFOUBÎÍPEB1PMÓUJDB/BDJPOBMEF)B JOEJDBSÈSFBTQSJPSJUÈSJBTQBSBFYFDVÎÍPEPT
CJUBÎÍPJNQMJDBFNVNOPWPEFTFOIPQPMÓUJDP JOWFTUJNFOUPT
JOTUJUVDJPOBM BQBSUJSEPTQSJODÓQJPTEBEFTDFO 1BSBJNQMFNFOUBÎÍPEPT1MBOPT 6OJÍP
USBMJ[BÎÍP UFSSJUPSJBMJ[BÎÍP JOUFSTFUPSJBMJEBEF &TUBEPT %JTUSJUP'FEFSBMF.VOJDÓQJPTEF
QBSUJDJQBÎÍPFEFTFOWPMWJNFOUPJOTUJUVDJPOBM WFSÍPBMPDBSOPTTFVTPSÎBNFOUPTEPUBÎÍP
FOBFMBCPSBÎÍPFJNQMFNFOUBÎÍPEFVN TVmDJFOUFQBSB FNDPNQPTJÎÍPDPNPVUSBT
1MBOP/BDJPOBMEF)BCJUBÎÍPRVFDPOTJEFSFBT GPOUFT DPNPP'VOEPEF(BSBOUJBQPS5FNQP

$"%&3/04.$*%"%&4)"#*5"±°0
EF4FSWJÎP '(54
P'VOEP/BDJPOBMEF)B BFMBCPSBÎÍPEF1MBOPT&TUBEVBJT EP%JTUSJUP
CJUBÎÍPEF*OUFSFTTF4PDJBM '/)*4
P'VOEP 'FEFSBMF.VOJDJQBJT
EF"NQBSPBP5SBCBMIBEPS '"5
P'VOEPEF "FMBCPSBÎÍPEPT1MBOPTEPT&TUBEPT
"SSFOEBNFOUP3FTJEFODJBM '"3
FP'VOEPEF %JTUSJUP'FEFSBMF.VOJDÓQJPTÏEFSFTQPOTB
%FTFOWPMWJNFOUP4PDJBM '%4
FRVBDJPOBSBT CJMJEBEFEPTHFTUPSFTHPWFSOBNFOUBJT NBT
OFDFTTJEBEFTIBCJUBDJPOBJTCSBTJMFJSBT OPQSB EFWFNTFSGFJUPTFNFTUSFJUBJOUFSMPDVÎÍP
[PFOBTDPOEJÎÜFTFTUBCFMFDJEBT DPNPTTVKFJUPTTPDJBJTSFTQPOTÈWFJTQFMBTVB
0DVNQSJNFOUPEP1MBOPTFSÈEFSFTQPO JNQMFNFOUBÎÍPFDPNBQBSUJDJQBÎÍPEPTNP
TBCJMJEBEFEFUPEPTPTBHFOUFTRVFFTUJWFSBN WJNFOUPTTPDJBJT PSHBOJ[BÎÜFTOÍPHPWFSOB
DPNQSPNFUJEPTDPNBGPSNVMBÎÍPEB1PMÓUJDB NFOUBJT VOJWFSTJEBEFT QPQVMBÎÍPPSHBOJ[BEB
/BDJPOBMEF)BCJUBÎÍPFPVUSPTJOUFSFTTBEPT FBHFOUFTFYFDVUPSFTEBTBÎÜFT2VBOUPNBJT
OPEFTFOWPMWJNFOUPVSCBOPTVTUFOUÈWFM"P EFNPDSÈUJDPFQBSUJDJQBUJWPGPSPQSPDFTTPEF
.JOJTUÏSJPEBT$JEBEFTDBCFSÈDPPSEFOBSBFMB DPOTUSVÎÍPEP1MBOP NBJTGPSÎBFBQPJPTP
CPSBÎÍPEP1MBOP/BDJPOBM FTUJNVMBSFBQPJBS NBSTFÍPËTVBFYFDVÎÍP
$"%&3/04.$*%"%&4)"#*5"±°0
0TJTUFNBOBDJPOBM
EFIBCJUBÎÍP
$"%&3/04.$*%"%&4)"#*5"±°0
04JTUFNB/BDJPOBMEF)BCJUBÎÍPÏPQSJODJQBM PGFSFDFSTVCTÓEJPTUÏDOJDPTQBSBBDSJBÎÍP
JOTUSVNFOUPEB1PMÓUJDB/BDJPOBMEF)BCJUB EF'VOEPTFSFTQFDUJWPT$POTFMIPTFTUB
ÎÍP0EFTFOIPJOTUJUVDJPOBMBEPUBEPOBTVB EVBJT EP%JTUSJUP'FEFSBM SFHJPOBJTFNV
FTUSVUVSBÎÍPWJTBQPTTJCJMJUBSPBMDBODFEPT OJDJQBJTDPNPPCKFUJWPEFJODFOUJWÈMPTB
QSJODÓQJPT PCKFUJWPTFEJSFUSJ[FTEB1PMÓUJDB TV BEFSJSFNBP4/)*4
QSJSPWB[JPJOTUJUVDJPOBMFFTUBCFMFDFSBTDPO mSNBSUFSNPTEFBEFTÍPBP4)*4DPN&TUB
EJÎÜFTQBSBTFFOGSFOUBSPEÏmDJUIBCJUBDJPOBM EPT %JTUSJUP'FEFSBMF.VOJDÓQJPT

QPSNFJPEFBÎÜFTJOUFHSBEBTFBSUJDVMBEBT JOTUJUVJSTJTUFNBEFJOGPSNBÎÜFTQBSBTVC
OPTUSÐTOÓWFJTEFHPWFSOP DPNBQBSUJDJQBÎÍP TJEJBSBGPSNVMBÎÍP JNQMFNFOUBÎÍP BDPN

EPT$POTFMIPTEBT$JEBEFTF$POTFMIPT&TUB QBOIBNFOUPFDPOUSPMFEBTBÎÜFTOPÉN
EVBJT EP%JTUSJUP'FEFSBMF.VOJDJQBJT CJUPEP4/) JODMVJOEPPDBEBTUSPOBDJPOBM
²QBSUFEP4JTUFNB/BDJPOBMEF)BCJUBÎÍP EFCFOFmDJÈSJPTEBTQPMÓUJDBTEFTVCTÓEJPT
VNDPOKVOUPEFØSHÍPTDVKBTBUSJCVJÎÜFTFT HFSJSP'VOEP/BDJPOBMEF)BCJUBÎÍPEF
QFDÓmDBTFDPNQMFNFOUBSFTTFSÍPEFTDSJUBTB *OUFSFTTF4PDJBM PVWJEPP$POTFMIP(FTUPS

TFHVJS EP'VOEP
QSPQPSNFDBOJTNPTRVFQPTTBNEJOBNJ[BS
PNFSDBEPTFDVOEÈSJPEFUÓUVMPTMBTUSFBEPT
0.*/*45²3*0%"4$*%"%&4
FNSFDFCÓWFJTJNPCJMJÈSJPTF QPSDPOTF
0.JOJTUÏSJPEBT$JEBEFT QPSNFJPEB4F HVJOUF P4JTUFNBEF'JOBODJBNFOUP*NPCJ
DSFUBSJB/BDJPOBMEF)BCJUBÎÍP 4/)
ÏP MJÈSJP 4'*

ØSHÍPDFOUSBMSFTQPOTÈWFMQFMBGPSNVMBÎÍPEB
1PMÓUJDB/BDJPOBMEF)BCJUBÎÍP RVFEFWFTFS "MÏNEFTTBTBUSJCVJÎÜFT DBCFSÈBP.JOJTUÏ
BSUJDVMBEBDPNB1PMÓUJDB/BDJPOBMEF%FTFO SJPEBT$JEBEFT
WPMWJNFOUP6SCBOP 1/%6
FDPNBTQPMÓUJDBT QBSUJDJQBSEBTEFMJCFSBÎÜFTEP$POTFMIP
BNCJFOUBJTFEFJODMVTÍPTPDJBM .POFUÈSJP/BDJPOBM TPCSFBSFHVMBÎÍPEP

&NFTQFDÓmDP DBCFSÈBP.JOJTUÏSJP TVCTJ 4JTUFNB'JOBODFJSPEB)BCJUBÎÍP 4')
EF
EJBEPQFMP$POTFMIPEBT$JEBEFT NPEPBWJBCJMJ[BSBFYFDVÎÍPEB1/)
EFmOJSBTEJSFUSJ[FT QSJPSJEBEFT FTUSBUÏHJBT DSJBSFTUSVUVSBQSØQSJBQBSBFYFSDFS FN
FJOTUSVNFOUPTEB1PMÓUJDB/BDJPOBMEF DBSÈUFSDPNQMFNFOUBSBP$POTFMIP.POF
)BCJUBÎÍPEFOUSFFMFT P1MBOP/BDJPOBMEF UÈSJP/BDJPOBMFBP#BODP$FOUSBMEP#SBTJM
)BCJUBÎÍP BTBUSJCVJÎÜFTEFDSFEFODJBNFOUP BVEJUPSJB
FMBCPSBSPNBSDPMFHBMEB1PMÓUJDB/BDJPOBM FmTDBMJ[BÎÍPEFBHFOUFTWPMUBEPTBPEF
EF)BCJUBÎÍPFEP4JTUFNB/BDJPOBMEF)B TFOWPMWJNFOUPVSCBOP RVFFOHMPCBNPT
CJUBÎÍP BHFOUFTEP4')EFOBUVSF[BOÍPmOBODFJSB
EFmOJSDSJUÏSJPTFSFHSBTQBSBBQMJDBÎÍPEPT
SFDVSTPTOP4JTUFNB/BDJPOBMEF)BCJUBÎÍP
04$0/4&-)04
JODMVJOEPBQPMÓUJDBEFTVCTÓEJPT
DPPSEFOBSBJNQMFNFOUBÎÍPEP4JTUFNB 'BSÍPQBSUFEBFTUSVUVSBEP4JTUFNB/BDJPOBM
/BDJPOBMEF)BCJUBÎÍP EF)BCJUBÎÍPEJWFSTPTDPOTFMIPT DVKBTBUSJCVJ
FMBCPSBSPSÎBNFOUPT QMBOPTEFBQMJDBÎÍP ÎÜFTTÍPEFTDSJUBTBTFHVJS
FNFUBTBOVBJTFQMVSJBOVBJTEPTSFDVSTPTB
TFSFNBQMJDBEPTFNIBCJUBÎÍP
$"%&3/04.$*%"%&4)"#*5"±°0 0$POTFMIPEBT$JEBEFT QFMP.JOJTUÏSJPEBT$JEBEFTFEBSBTEJSFUSJ
[FTBPBHFOUFPQFSBEPSQBSBBBEFRVBÎÍP
$PNCBTFOPEFDSFUPO DBCFSÈBP
EPTBUVBJTQSPHSBNBTEP'VOEPËTEJSFUSJ
$POTFMIPEBT$JEBEFT ØSHÍPDPMFHJBEPEFOB
[FTEB1PMÓUJDB/BDJPOBMEF)BCJUBÎÍP
UVSF[BEFMJCFSBUJWBFDPOTVMUJWB JOUFHSBOUFEB
WJBCJMJ[BSGPOUFTFTUÈWFJTEFSFDVSTPTQBSBB
FTUSVUVSBEP.JOJTUÏSJPEBT$JEBEFT BTTFHVJO
SFBMJ[BÎÍPEB1PMÓUJDBEF)BCJUBÎÍPEF*OUF
UFTBUSJCVJÎÜFTFNSFMBÎÍPË1PMÓUJDB/BDJPOBM
SFTTF4PDJBM
EF)BCJUBÎÍP
QSPQPSEJSFUSJ[FT QSJPSJEBEFT FTUSBUÏHJBT
JOTUSVNFOUPTFOPSNBTEB1PMÓUJDB %FNBJT$POTFMIPT
TVCTJEJBSP.JOJTUÏSJPEBT$JEBEFTOBFMB
"JNQMFNFOUBÎÍPEB1PMÓUJDB/BDJPOBMEF)B
CPSBÎÍPEB1PMÓUJDBFEP1MBOP/BDJPOBMEF
CJUBÎÍPFEPTQSPHSBNBTEFmOJEPTQFMP.JOJT
)BCJUBÎÍP
UÏSJPEBT$JEBEFTDPOEV[EFGPSNBNVJUBDMBSB
BDPNQBOIBSFBWBMJBSBJNQMFNFOUBÎÍPEB
BOFDFTTJEBEFEFJOUFSMPDVÎÍPEP.JOJTUÏSJP
1PMÓUJDB/BDJPOBMEF)BCJUBÎÍP
EBT$JEBEFTDPNPVUSPT$POTFMIPT QBSBFT
SFDPNFOEBSBTQSPWJEÐODJBTOFDFTTÈSJBTBP
UBCFMFDFSFSFHVMBSBTJOUFSGBDFTSFMBDJPOBEBT
DVNQSJNFOUPEPTPCKFUJWPTEBQPMÓUJDB
DPNBTQFDUPTmOBODFJSPTFEFHFTUÍPEP4/)
&OUSFPVUSPT EFTUBDBNTFP$POTFMIP$VSBEPS
0$POTFMIP(FTUPSEP'VOEP/BDJPOBM EP'VOEPEF%FTFOWPMWJNFOUP4PDJBM '%4
F
EF)BCJUBÎÍPEF*OUFSFTTF4PDJBM P$POTFMIPEP'VOEPEF"NQBSPBP5SBCBMIB
EPS $PEFGBU

"P$POTFMIP(FTUPSEP'VOEP/BDJPOBMEF)B
CJUBÎÍPEF*OUFSFTTF4PDJBM $(')*4
DPNQFUF
FTUBCFMFDFSEJSFUSJ[FTFDSJUÏSJPTEFBMPDB 04"(&/5&4%04*45&."
ÎÍPEPTSFDVSTPTEP'/)*4 PCTFSWBEPTB
"JNQMFNFOUBÎÍPEB1PMÓUJDB/BDJPOBMEF)B
1PMÓUJDBFP1MBOP/BDJPOBMEF)BCJUBÎÍP
CJUBÎÍPEBSTFÈQPSEFEJWFSTPTBHFOUFTDVKBT
BQSPWBSPSÎBNFOUPTFQMBOPTEFBQMJDBÎÍP
BUSJCVJÎÜFTTÍPEFTDSJUBTBTFHVJS
FNFUBTBOVBJTFQMVSJBOVBJTEPTSFDVSTPT
EP'/)*4
EFMJCFSBSTPCSFBTDPOUBTEP'/)*4 "$BJYB&DPOÙNJDB'FEFSBM
"$BJYB&DPOÙNJDB'FEFSBM $&'
DPOUJOVBSÈ
0$POTFMIP$VSBEPSEP'VOEPEF EFTFNQFOIBOEPPQBQFMEFBHFOUFPQFSBEPS
(BSBOUJBQPS5FNQPEF4FSWJÎP EP'(54"MÏNEJTTP JSÈBTTVNJSPQBQFMEF
BHFOUFPQFSBEPSEP'VOEP/BDJPOBMEF)B
"P$POTFMIP$VSBEPSEP'VOEPEF(BSBOUJB
CJUBÎÍPFBUVBSÈDPNPJOTUJUVJÎÍPEFQPTJUÈSJB
QPS5FNQPEF4FSWJÎP $$'(54
DBCFSÈ
JNQMFNFOUBOEPBBQMJDBÎÍPEPTSFDVSTPTEP
BQSPWBSPTPSÎBNFOUPTBOVBJTQBSBBBQMJ
'/)*4FOBSFBMJ[BÎÍPEBTUSBOTGFSÐODJBTiGVO
DBÎÍPEPTSFDVSTPTEP'(54 JODMVJOEPP
EPBGVOEPw1BSBUBOUP EFmOJSÈPTQSPDFEJ
NPOUBOUFEFTVCTÓEJP EFBDPSEPDPNB
NFOUPTPQFSBDJPOBJTOFDFTTÈSJPTËBQMJDBÎÍP
QPMÓUJDBEFmOJEBQFMP.JOJTUÏSJPFQFMP
EPTSFDVSTPTEP'/)*4 DPNCBTFOBTOPSNBT
$POTFMIPEBT$JEBEFT SFTQFJUBOEPBTVT
FEJSFUSJ[FTEFBQMJDBÎÍPFMBCPSBEBTQFMP$PO
UFOUBCJMJEBEFEPTSFDVSTPTEP'(54
TFMIP(FTUPSFQFMP.JOJTUÏSJPEBT$JEBEFT
BQSFDJBSBTBMUFSBÎÜFTBTFSFNQSPQPTUBT
$PNPVNEPTBHFOUFTmOBODFJSPTEP

$"%&3/04.$*%"%&4)"#*5"±°0
4VCTJTUFNBEF)BCJUBÎÍPEF*OUFSFTTF4PDJBM OBDPODFTTÍPFBENJOJTUSBÎÍPEFDSÏEJUPTF
B$BJYBEFTFNQFOIBSÈPQBQFMEFBOBMJTUB TVCTÓEJPT
EBDBQBDJEBEFBRVJTJUJWBEPTCFOFmDJÈSJPTB "JOTUJUVDJPOBMJ[BÎÍPEFTTBSFEFEFBHFO
TFSFNBUFOEJEPTDPNSFDVSTPTPSJHJOÈSJPTEF UFT BMÏNEFDPOUSJCVJSQBSBBNQMJBSBTPQPS
GPOUFTPOFSPTBT FTQFDJBMNFOUFPTQSPWFOJFO UVOJEBEFTEFUSBCBMIPFNWÈSJBTFNQSFTBTF
UFTEP'(54
/PQSPDFTTPEFDPODFTTÍPEP PSHBOJ[BÎÜFT TFSÈFTTFODJBMQBSBBDSJBÎÍPEF
DSÏEJUP B$&'EFWFSÈSFTQFJUBSPTQSJODÓQJPT VNBTBVEÈWFMDPODPSSÐODJB RVFQPEFSÈHFSBS
EB1PMÓUJDB/BDJPOBMEF)BCJUBÎÍP EFNPEP VNBSFEVÎÍPEPDVTUPEFNPSBEJBDPODPNJ
BHBSBOUJSSFDVSTPTQBSBBTGBJYBTEFSFOEB UBOUFËFMFWBÎÍPEBRVBMJEBEFEPTTFSWJÎPT
QSPHSBNBTFNPEBMJEBEFTEFBUFOEJNFOUPËT QSFTUBEPT
EFNBOEBTQSJPSJUÈSJBT FWJUBOEPTFBTEJTUPS
ÎÜFTIPKFFYJTUFOUFTOPQSPDFTTPEFPQFSBDJP
0#BODP$FOUSBMEP#SBTJM
OBMJ[BÎÍPEPmOBODJBNFOUP
/PRVFUBOHFBP4VCTJTUFNBEF'JOBO $BCFSÈBP#BODP$FOUSBMEP#SBTJMmTDBMJ[BSBT
DJBNFOUPEF)BCJUBÎÍPEF.FSDBEP B$&' FOUJEBEFTEFOBUVSF[BmOBODFJSBJOUFHSBOUFT
DPNPQSJODJQBMCBODPGFEFSBMDBQUBEPSEF EP4JTUFNB'JOBODFJSPEB)BCJUBÎÍP FNDPO
QPVQBOÎBQPQVMBSEFWFSÈUFSQBQFMEFEFT TPOÉODJBDPNBTEJSFUSJ[FTEB1/) BSUJDVMBO
UBRVFOBJNQMFNFOUBÎÍPEFNFEJEBTEP EPDPNP.JOJTUÏSJPEBT$JEBEFT
HPWFSOPWPMUBEBTBPJODFOUJWPEP4#1&4')F
EP4'* DPNP QPSFYFNQMP BTDBEFSOFUBTEF
0$POTFMIP.POFUÈSJP/BDJPOBM
QPVQBOÎBWJODVMBEBTBmOBODJBNFOUPTJNP
CJMJÈSJPTFPTJOTUSVNFOUPTEFJOWFTUJNFOUP 0$POTFMIP.POFUÈSJP/BDJPOBMEFWFSÈFYFS
JNPCJMJÈSJPKÈFYJTUFOUFTDPNPMFUSBTIJQPUFDÈ DFS FNDPOTPOÉODJBDPNBTEJSFUSJ[FTEB1/)
SJBT MFUSBTEFDSÏEJUPJNPCJMJÈSJPFDÏEVMBTEF BTBUSJCVJÎÜFTEFSFHVMBÎÍPFDPOUSPMFEP
DSÏEJUPJNPCJMJÈSJP 4JTUFNB'JOBODFJSPEB)BCJUBÎÍP EP4JTUFNB
'JOBODFJSPEP4BOFBNFOUPFEPTTJTUFNBT
mOBODFJSPTDPOFYPT TVCTJEJÈSJPTPVDPNQMF
"HFOUFTGJOBODFJSPT QSPNPUPSFT
NFOUBSFT
FUÏDOJDPT
1FÎBFTTFODJBMQBSBPTVDFTTPEP4JTUFNB
0VUSPTBHFOUFT
/BDJPOBMEF)BCJUBÎÍPÏVNBSFEFEFTDFOUSB
MJ[BEBFFTQFDJBMJ[BEBEFBHFOUFTmOBODFJSPT "MÏNEFTTFTØSHÍPTFFOUJEBEFT BJOEBGB[FN
QSPNPUPSFTFUÏDOJDPTRVFHBSBOUJSÈBDBQJMB QBSUFEP4JTUFNB/BDJPOBMEF)BCJUBÎÍPPV
SJEBEFEPTJTUFNBFQPTTJCJMJUBSÈVNBBUVBÎÍP USPTBHFOUFTRVFEFWFSÍPBUVBS TFHVOEPTVBT
FNUPEPPUFSSJUØSJPOBDJPOBM DPNQBUÓWFMDPN DBSBDUFSÓTUJDBTFTQFDÓmDBT FNDBEBVNEPT
BTOFDFTTJEBEFTEFIBCJUBÎÍPFJOUFSWFOÎÍP TVCTJTUFNBT
VSCBOBFYJTUFOUFTOP1BÓT /P4VCTJTUFNBEF)BCJUBÎÍPEF*OUFSFTTF
0TBHFOUFTmOBODFJSPT QSPNPUPSFTFUÏDOJ 4PDJBMFTUBSÍPQSFTFOUFT4FDSFUBSJBT&TUBEVBJT
DPTQPEFSÍPTFSFTUBUBJT QÞCMJDPTOÍPFTUBUBJT EP%JTUSJUP'FEFSBMF.VOJDJQBJTEF)BCJUBÎÍP
PVQSJWBEPTFQPEFSÍPBUVBSFNBNCPTPT PVØSHÍPSFTQPOTÈWFMQFMPUFNB $POTFMIPT
TVCTJTUFNBT FNCPSBTFKBQMBVTÓWFMTVBFTQF &TUBEVBJT EP%JTUSJUP'FEFSBMF.VOJDJQBJTEF
DJBMJ[BÎÍPDPOGPSNFBOBUVSF[BFPTPCKFUJWPT )BCJUBÎÍPF'VOEPT&TUBEVBJT EP%JTUSJUP'F
EFDBEBVN
0TBHFOUFTmOBODFJSPTBUVBSÍP EFSBMF.VOJDJQBJTEF)BCJUBÎÍP
$"%&3/04.$*%"%&4)"#*5"±°0 /P4VCTJTUFNBEF)BCJUBÎÍPEF.FSDBEP FYFSDJEPQPSNFJPEF$POTFMIPT GØSVOTFEF
CBODPTNÞMUJQMPT DPNQBOIJBTIJQPUFDÈSJBT NBJTJOTUÉODJBTEFQBSUJDJQBÎÍPOPTQSPDFTTPT
FOUJEBEFTSFQBTTBEPSBT DPNQBOIJBTTFDVSJUJ EFQMBOFKBNFOUPFIPNPMPHBÎÍPEBTJOJDJBUJ
[BEPSBT DPPQFSBUJWBTEFDSÏEJUPIBCJUBDJPOBM WBTBGFUBTË1/)
FDPOTØSDJPTIBCJUBDJPOBJT 0'/)*4 EFOBUVSF[BDPOUÈCJM UFNPPCKF
UJWPEFDFOUSBMJ[BSFHFSFODJBSSFDVSTPTQSPWF
OJFOUFTEP0(6 EFTUJOBEPTBPTVCTÓEJP QBSB
046#4*45&."%&)"#*5"±°0
BSFBMJ[BÎÍPEPTQSPHSBNBTFTUSVUVSBEPTOP
%&*/5&3&44&40$*"-
ÉNCJUPEP4/)*4 WPMUBEPTQBSBBQPQVMBÎÍP
04VCTJTUFNBEF)BCJUBÎÍPEF*OUFSFTTF4PDJBM EFNFOPSSFOEB"MÏNEFTFSFTQPOTBCJMJ[BS
UFNDPNPSFGFSÐODJBPQSJNFJSPQSPKFUPEF QFMBHFTUÍPFJNQMFNFOUBÎÍPEBQPMÓUJDBEF
JOJDJBUJWBQPQVMBSBQSFTFOUBEPBP$POHSFTTP TVCTÓEJPT FNBSUJDVMBÎÍPDPNBTEJSFUSJ[FTF
/BDJPOBMFN GSVUPEBNPCJMJ[BÎÍPOBDJP EFmOJÎÜFTEB1PMÓUJDB/BDJPOBMEF)BCJUBÎÍP P
OBMEPT.PWJNFOUPT1PQVMBSFTEF.PSBEJBEF '/)*4TFSÈPJOTUSVNFOUPEPHPWFSOPGFEFSBM
EJWFSTBTFOUJEBEFTFEP.PWJNFOUP/BDJPOBM QBSBJOEV[JSPT&TUBEPT %JTUSJUP'FEFSBMF.V
EB3FGPSNB6SCBOB0QSPKFUPEFMFJ OJDÓQJPTBDPOTUJUVÓSFNGVOEPTDPNBNFTNB
RVFUSBUBEBDSJBÎÍPEP'VOEP/BDJPOBMEF EFTUJOBÎÍP%FTTBNBOFJSB P'/)*4TFSÈEF
)BCJUBÎÍPEF*OUFSFTTF4PDJBM GPJBQSPWBEPOB TVNBJNQPSUÉODJBQBSBBPSHBOJ[BÎÍPEP4VC
$ÉNBSBEPT%FQVUBEPT QPSNFJPEBTVCF TJTUFNBEF)BCJUBÎÍPEF*OUFSFTTF4PDJBMFQBSB
NFOEBTVCTUJUVUJWBHMPCBMFNEFKVOIPEF DPOWFSHJSBTBÎÜFTOPTUSÐTOÓWFJTEFHPWFSOP
FFODPOUSBTFFNUSBNJUBÎÍPOP4FOBEP /PNPEFMPQSPQPTUPQBSBP4)*4 PTVC
04)*4UFNDPNPPCKFUJWPQSJODJQBMHBSBO TÓEJPEFWFTFSJOWFSTBNFOUFQSPQPSDJPOBMË
UJSBÎÜFTRVFQSPNPWBNPBDFTTPËNPSBEJB DBQBDJEBEFBRVJTJUJWBEFDBEBGBNÓMJB TVCMJ
EJHOBQBSBBQPQVMBÎÍPEFCBJYBSFOEBRVF OIBOEPBJNQPSUÉODJBEPQBQFMBUSJCVÓEPËT
DPNQÜFBRVBTFUPUBMJEBEFEPEÏmDJUIBCJ QPMÓUJDBTQÞCMJDBTWPMUBEBTQBSBPSFTHBUFEB
UBDJPOBMEP1BÓT0TQMBOPT QSPHSBNBTFQSP DJEBEBOJB"BSUJDVMBÎÍPFOUSFBEFTUJOBÎÍPEF
KFUPTBTFSFNFYFDVUBEPTEFWFSÍPQFSTFHVJS SFDVSTPTPOFSPTPTFOÍPPOFSPTPT EFOUSPEF
FTUSBUÏHJBTFTPMVÎÜFTEFBUFOEJNFOUPRVF VNTVCTJTUFNBEFmOBODJBNFOUPPQFSBEPQPS
DPOTJHBNQSPNPWFSQSJPSJUBSJBNFOUFPBDFTTP JOUFSNÏEJPEFGVOEPTQÞCMJDPTJOUFSMJHBEPT
EBTGBNÓMJBTEFCBJYBSFOEB EFBDPSEPDPNBT DPOTUJUVJBCBTFEBiJOTUJUVDJPOBMJEBEFwEB1P
FTQFDJmDJEBEFTSFHJPOBJTFQFSmMEBEFNBOEB MÓUJDB/BDJPOBMEF)BCJUBÎÍP
0.JOJTUÏSJPEBT$JEBEFTEFWFSÈFTUBCFMF 04)*4TFSÈDPOTUJUVÓEPQFMPTSFDVSTPTPOF
DFSMJOIBTEFmOBODJBNFOUPFQSPHSBNBTRVF SPTPTFOÍPPOFSPTPTEPTTFHVJOUFTGVOEPT
TFSÍPEFUBMIBEPTFJNQMFNFOUBEPTBQBSUJSEF 'VOEP/BDJPOBMEF)BCJUBÎÍPEF*OUFSFTTF
QSPDFTTPTEFQMBOFKBNFOUPMPDBJT FTUBEVBJTF 4PDJBM '/)*4

EP%JTUSJUP'FEFSBM JOTDSJUPTFDPOTPMJEBEPTFN 'VOEPEF(BSBOUJBEP5FNQPEF4FSWJÎP
1MBOPT.VOJDJQBJT &TUBEVBJTFEP%JTUSJUP'FEF '(54

OBTDPOEJÎÜFTFTUBCFMFDJEBTQFMP
SBMEF)BCJUBÎÍPEF*OUFSFTTF4PDJBM SFTQFJUBO TFV$POTFMIP$VSBEPS
EPTFBTQFDVMJBSJEBEFTEPTFOUFTGFEFSBUJWPT 'VOEPEF"NQBSPBP5SBCBMIBEPS '"5
OBT
EFGPSNBRVFBFYFDVÎÍPEB1/)TFKBEFTDFO DPOEJÎÜFTFTUBCFMFDJEBTQFMPTFV$POTFMIP
USBMJ[BEB QSPNPWJEBQFMBDPPQFSBÎÍPFOUSF %FMJCFSBUJWP
6OJÍP &TUBEPT .VOJDÓQJPTF%JTUSJUP'FEFSBM 0VUSPTGVOEPTPVQSPHSBNBTRVFWJFSFNB
0DPOUSPMFEBTBÎÜFTEPQPEFSQÞCMJDPTFSÈ TFSJODPSQPSBEPTBP4)*4

$"%&3/04.$*%"%&4)"#*5"±°0
/0.0%&-0130104501"3"04)*4 046#4¶%*0 TFVTQSPHSBNBTIBCJUBDJPOBJTFEBTTVBTQPMÓ
%&7&4&3*/7&34".&/5&130103$*0/"-® UJDBTEFTVCTÓEJPT
$"1"$*%"%&"26*4*5*7"%&$"%"'".¶-*" 1BSBBEFSJSBP4JTUFNB/BDJPOBMEF)BCJUB
46#-*/)"/%0"*.1035¬/$*"%01"1&-"53*#6¶%0 ÎÍPFBUVBSEFNPEPDPSSFTQPOEFOUFËTSFBMJ
®410-¶5*$"41Á#-*$"470-5"%"41"3"03&4("5& EBEFTSFHJPOBJTPVMPDBJT PT&TUBEPT %JTUSJUP
%"$*%"%"/*" 'FEFSBMF.VOJDÓQJPTQSFDJTBSÍPDPOUBSDPN
VNBFTUSVUVSBJOTUJUVDJPOBMCÈTJDBDBQBDJUBEB
BJOUFSWJSOBÈSFBEBIBCJUBÎÍPFEPEFTFOWPM
"MØHJDBEFVNTJTUFNBEFGVOEPT BTTPDJB WJNFOUPVSCBOP DPNQPTUBQPSVNBJOTUÉODJB
EBFWJEFOUFNFOUFBVNBQPMÓUJDBIBCJUBDJPOBM EFBENJOJTUSBÎÍPEJSFUB TFDSFUBSJBPVEJSFUP
DBQB[EFQSPEV[JSBÎÜFTJOUFHSBEBTEPTEJWFS SJB
PVØSHÍPBFMBMJHBEP $0)"#
VN$PO
TPTBHFOUFT FTUÈFNPUJNJ[BSBBQMJDBÎÍPEPT TFMIPFVN'VOEP"BEFTÍPTFSÈGPSNBMJ[BEB
SFDVSTPT HBSBOUJOEPNFMIPSFTSFTVMUBEPTF QPSNFJPEBBTTJOBUVSBEF5FSNPEF"EFTÍP
QPTTJCJMJUBOEP OBBTTPDJBÎÍPEFSFDVSTPTPOF DPNP.JOJTUÏSJPEBT$JEBEFT
SPTPTFOÍPPOFSPTPT BDPOTUSVÎÍPEFVNB &TTBFTUSVUVSBJOTUJUVDJPOBMEFWFSÈFYFSDFS
QPMÓUJDBEFTVCTÓEJPT GVOÎÜFTEFDPPSEFOBÎÍP QMBOFKBNFOUP FMB
CPSBÎÍPEFQSPHSBNBTFQSPKFUPTEFJOUFSWFO
ÎÍP DPOUSPMFFJOGPSNBÎÍP6NBEBTUBSFGBT
&OUJEBEFTJOUFHSBOUFTEP4VCTJTUFNB
NBJTJNQPSUBOUFTTFSÈBGPSNVMBÎÍPEP1MBOP
EF)BCJUBÎÍPEF*OUFSFTTF4PDJBM
&TUBEVBM %JTUSJUBMPV.VOJDJQBMEF)BCJUBÎÍP
"MÏNEBTFOUJEBEFTOBDJPOBJTKÈNFODJPOBEBT BSUJDVMBEPDPNP1MBOP%JSFUPS RVFUSBÎBSÈBT
DPNPP.JOJTUÏSJPEF$JEBEFT P$POTFMIPEBT FTUSBUÏHJBTEFFRVBDJPOBNFOUPEPQSPCMFNB
$JEBEFTFP$POTFMIP(FTUPSEP'/)*4 RVF DPNBEFmOJÎÍPEPTQSPHSBNBTIBCJUBDJP
JOUFHSBNP4JTUFNB/BDJPOBMEF)BCJUBÎÍP OBJTDPNQBUÓWFJTDPNBTOFDFTTJEBEFTMPDBJT
UBNCÏNGB[FNQBSUFEP4VCTJTUFNBEF)BCJ 0VUSPQBQFMJNQPSUBOUFTFSÈBSUJDVMBSPT
UBÎÍPEF*OUFSFTTF4PDJBMFOUJEBEFTFTUBEVBJT TFHNFOUPTFPTBHFOUFTMPDBJTFOWPMWJEPTOB
EP%JTUSJUP'FEFSBMFNVOJDJQBJTFBHFOUFT RVFTUÍPEBIBCJUBÎÍP QBSBBNQMJBSFUPSOBS
QSPNPUPSFT mOBODFJSPTFUÏDOJDPTFTUBUBJT NBJTMFHÓUJNBBDBQBDJEBEFEFJOUFSWFOÎÍPEP
QÞCMJDPTFQSJWBEPT DVKBTDPNQFUÐODJBTFTUÍP QPEFSQÞCMJDP1PSÞMUJNP DBCFBFTTFØSHÍP
BCBJYPFTQFDJmDBEBT BFYFDVÎÍPEPTQSPHSBNBTEFmOJEPTMPDBM
NFOUFDPOGPSNFBTEJSFUSJ[FTFMJOIBTEFBÎÍP
B
(PWFSOPT&TUBEVBJT EP%JTUSJUP'FEFSBMF EFmOJEBTQFMP.JOJTUÏSJPEBT$JEBEFT
.VOJDJQBJT
0T&TUBEPTRVFBEFSJSFNBP4)*4EFWFSÍP C
$POTFMIPT&TUBEVBJT EP%JTUSJUP'FEFSBMF
BUVBSDPNPBSUJDVMBEPSFTEBTBÎÜFTEPTFUPS .VOJDJQBJTEF)BCJUBÎÍP
IBCJUBDJPOBMOPÉNCJUPEPTFVUFSSJUØSJP 0T$POTFMIPTTFSÍPBTQSJODJQBJTGFSSBNFO
QSPNPWFOEPBJOUFHSBÎÍPEPTQMBOPTIBCJUB UBTQBSBTFHBSBOUJSBQBSUJDJQBÎÍPFJOUFHSB
DJPOBJTEPT.VOJDÓQJPTFEP%JTUSJUP'FEFSBM ÎÍPEBTPDJFEBEFOBDPOTUSVÎÍPFOPGVODJP
BPTQMBOPTEFEFTFOWPMWJNFOUPSFHJPOBM OBNFOUPEP4)*4 QPJTFMFTEFWFSÍPEFCBUFSF
DPPSEFOBOEPBUVBÎÜFTJOUFHSBEBTRVFFYJKBN BQSPWBSBTQPMÓUJDBTFTUBEVBJT EP%JTUSJUP'F
JOUFSWFOÎÜFTJOUFSNVOJDJQBJT FNFTQFDJBMOBT EFSBMFNVOJDJQBJT BTTJNDPNPPT1MBOPT)B
ÈSFBTDPNQMFNFOUBSFTËIBCJUBÎÍP FEBOEP CJUBDJPOBJTFBTQSJPSJEBEFTOBBQMJDBÎÍPEPT
BQPJPBPT.VOJDÓQJPTQBSBBJNQMBOUBÎÍPEPT SFDVSTPT0DPOUSPMFQPSFMFTWJBCJMJ[BEPTFSÈ
$"%&3/04.$*%"%&4)"#*5"±°0 FTTFODJBMQBSBBEFNPDSBUJ[BÎÍPEBTEFDJTÜFT KVOUPBP4)*4 PTBHFOUFTQSPNPUPSFTUFSÍPEF
FEFWFSÈSFQSFTFOUBSPQSJODJQBMJOTUSVNFOUP DPNQBUJCJMJ[BSPTQSPKFUPTDPNPT1MBOPTEF
QBSBTFBTTFHVSBSBDPOUJOVJEBEFEBQPMÓUJDB )BCJUBÎÍP
IBCJUBDJPOBM DVKPTQSPHSBNBTFQSPKFUPTTÍP
EFMPOHBNBUVSBÎÍPFFYJHFNDPOUJOVJEBEF F
"HFOUFTUÏDOJDPT
EBTJOUFSWFOÎÜFT 0TBHFOUFTUÏDOJDPT FOUJEBEFTQSJWBEBTF
"QSJODÓQJP UPEPTPTNVOJDÓQJPTJOUFHSBO PSHBOJ[BÎÜFTOÍPHPWFSOBNFOUBJTFYFSDFSÍP
UFTEP4)*4EFWFSÍPUFS$POTFMIPT FNCPSB QBQFMSFMFWBOUFOPBEFRVBEPFRVBDJPOBNFO
EBEBBEJWFSTJEBEFQSFTFOUFOB'FEFSBÎÍP UPEBRVFTUÍPIBCJUBDJPOBM1SFTUBSÍPTFSWJÎPT
FTTBSFHSBQPEFSÈTFSnFYJCJMJ[BEB BDSJUÏSJP OBTEJGFSFOUFTÈSFBTSFMBDJPOBEBTËIBCJUBÎÍP
EP$POTFMIPEBT$JEBEFT/FTTFDBTP PFYFS HBSBOUJOEPBTTFTTPSJBUÏDOJDBBPTBHFOUFT
DÓDJPEBTTVBTBUSJCVJÎÜFTDBCFSÈBP$POTFMIP QSPNPUPSFTPVEJSFUBNFOUFËQPQVMBÎÍP FN
&TUBEVBMPVBJOTUÉODJBTEFDBSÈUFSSFHJPOBM QSPHSBNBTQÞCMJDPT
DPNPDPOTØSDJPTPVPVUSPTJOTUSVNFOUPTEF
BSUJDVMBÎÍPJOUFSNVOJDJQBM
0'VOEP/BDJPOBMEF)BCJUBÎÍP
EF*OUFSFTTF4PDJBM
D
"HFOUFTmOBODFJSPT
"TJOTUJUVJÎÜFTmOBODFJSBTFPTBHFOUFTm 0'VOEP/BDJPOBMEF)BCJUBÎÍPEF*OUFSFTTF
OBODFJSPTEP4')TFSÍPIBCJMJUBEPTOP4VCTJT 4PDJBM '/)*4
SFDFCFSÈUPEPTPTSFDVSTPT
UFNBEF)BCJUBÎÍPEF*OUFSFTTF4PDJBM 4)*4
EFPSJHFNmTDBMEFTUJOBEPTËIBCJUBÎÍPRVF
"BNQMJBÎÍPEBHBNBEFBHFOUFTmOBODFJSPT TFSÍPPCKFUPEFJOTDSJÎÍPOP0(6 JODMVJOEP
HBSBOUJSÈNBJPSDBQJMBSJEBEFFNFOPSDVTUP BTFNFOEBTQBSMBNFOUBSFT"6OJÍP BTFVDSJ
OBTPQFSBÎÜFTEFDPODFTTÍPFBENJOJTUSBÎÍP UÏSJP QPEFSÈSFGPSÎBSFTTFTBQPSUFTNFEJBOUF
EFDSÏEJUPTFTVCTÓEJPT BDPOUSBUBÎÍPEFFNQSÏTUJNPTFYUFSOPTFEF
PVUSBTPQFSBÎÜFTQPSFMBSFBMJ[BEBT0'/)*4
E
"HFOUFTQSPNPUPSFT TFSÈDPNQPTUPUBNCÏNEFSFDVSTPTEP'VOEP
0TBHFOUFTQSPNPUPSFTTFSÍPEFDJTJWPT EF"QPJPBP%FTFOWPMWJNFOUP4PDJBM '"4
EF
QBSBJNQMFNFOUBSVNBWBSJFEBEFEFQSPHSB DPOUSJCVJÎÜFTFEPBÎÜFTEFQFTTPBTGÓTJDBTPV
NBTFQSPKFUPTFNUPEPPUFSSJUØSJPOBDJPOBM KVSÓEJDBT FOUJEBEFTFPSHBOJTNPTEFDPPQF
BUVBOEPFNBNCPTTVCTJTUFNBT"EFTDFOUSB SBÎÍPOBDJPOBJTPVJOUFSOBDJPOBJT EFSFDFJUBT
MJ[BÎÍP QSJODÓQJPCÈTJDPOBFTUSBUÏHJBFTUBCF PQFSBDJPOBJT QBUSJNPOJBJTFmOBODFJSBTEF
MFDJEB FYJHFVNBSFEFGPSNBEBQPSBHFOUFT PQFSBÎÜFTSFBMJ[BEBTDPNSFDVSTPTEP'/)*4
QSPNPUPSFTFTUBUBJT DPNPBT$0)"#T QSJWB 0TSFDVSTPTEP'/)*4FEPT'VOEPTFTUBEV
EPT FNQSFTBT
FQÞCMJDPTOÍPFTUBUBJT DPNP BJT EP%JTUSJUP'FEFSBMFNVOJDJQBJTQPEFSÍP
BTDPPQFSBUJWBT BTTPDJBÎÜFTF0/(T²JNQPS TFSBTTPDJBEPTBSFDVSTPTPOFSPTPT JODMVTJWF
UBOUFRVFBQSPNPÎÍPOÍPTFSFTUSJOKBBQFOBT PTEP'(54 CFNDPNPBMJOIBTEFDSÏEJUPEF
BPTPQFSBEPSFTQÞCMJDPTFJODMVBVNBBNQMB PVUSBTGPOUFT
HBNBEFJOJDJBUJWBTEFPVUSBFTGFSB
&TTFTBHFOUFTUFSÍPTVBTBUJWJEBEFTWPM B
%FTUJOBÎÍPEPTSFDVSTPT
UBEBTQBSBBPSHBOJ[BÎÍPEBEFNBOEB B 0TSFDVSTPTEP'VOEP/BDJPOBMEB)BCJ
JEFOUJmDBÎÍPEFÈSFBTQBSBFNQSFFOEJNFOUP UBÎÍPEF*OUFSFTTF4PDJBMTFSÍPEFTUJOBEPT
EFNPSBEJB BFMBCPSBÎÍPEFQSPKFUPTFBFYF BPTQSPHSBNBTDPNQBUÓWFJTDPNBTEJSFUSJ[FT
DVÎÍPEBTDPOTUSVÎÜFT1BSBDBQUBSSFDVSTPT DPOTUBOUFTEB1/) EFGPSNBEFTDFOUSBMJ[BEB

$"%&3/04.$*%"%&4)"#*5"±°0
QPSJOUFSNÏEJPEPT&TUBEPT %JTUSJUP'FEFSBMF JNQMBOUBÎÍPEFTBOFBNFOUPCÈTJDP JOGSB
.VOJDÓQJPT FTUSVUVSBFFRVJQBNFOUPTVSCBOPT DPN
QPSJOUFSNÏEJPEBSFBMJ[BÎÍPEFUSBOTGFSÐO QMFNFOUBSFTBPTQSPHSBNBTIBCJUBDJPOBJT
DJBEP'/)*4QBSBPT'VOEPT&TUBEVBJTFEP EFJOUFSFTTFTPDJBM
%JTUSJUP'FEFSBMEF)BCJUBÎÍPEF*OUFSFTTF BRVJTJÎÍPEFNBUFSJBJTQBSBDPOTUSVÎÍP
4PDJBM '&)*4
FEFTUFTQBSBPT'VOEPT.V BNQMJBÎÍPFSFGPSNBEFNPSBEJBT
OJDJQBJTPVEJSFUBNFOUFEP'VOEP/BDJPOBM SFDVQFSBÎÍPEFJNØWFJTFODPSUJÎBEPTPV
QBSBPT'VOEPT.VOJDJQBJTEF)BCJUBÎÍP QSPEVÎÍPEFJNØWFJTFNÈSFBTEFUFSJPSB
EF*OUFSFTTF4PDJBM '.)*4
OPTDBTPTEF EBT DFOUSBJTPVQFSJGÏSJDBT QBSBmOTIBCJUB
BVTÐODJBEP'VOEP&TUBEVBM BQØTBJOUF DJPOBJTEFJOUFSFTTFTPDJBM
HSBMJ[BÎÍPEBDPOUSBQBSUJEBMPDBM PVUSPTQSPHSBNBTFJOUFSWFOÎÜFTOBGPSNB
QPSSFQBTTFEJSFUPEP.JOJTUÏSJPEBT$JEB BQSPWBEBQFMP$POTFMIP(FTUPSEP'/)*4
EFT OPTDBTPTFYDFQDJPOBMJ[BEPTQFMP$PO
TFMIP(FTUPS QBSBQSPHSBNBTFQSPKFUPT "SUJDVMBÎÍPEPTSFDVSTPTEPTGVOEPTRVF
DPNQBUÓWFJTDPNBTEJSFUSJ[FTFTUBCFMFDJEBT DPNQÜFNP4VCTJTUFNBEF)BCJUBÎÍPEF*OUF
QFMB1/) SFTTF4PDJBM
FNBTTPDJBÎÍPBSFDVSTPTPOFSPTPT JODMV /P4VCTJTUFNBEF)BCJUBÎÍPEF*OUFSFTTF
TJWFPTEP'(54 QBSBGPNFOUBSQSPHSBNBT 4PDJBMQSFUFOEFTFDPOUBSDPNPQFSBÎÜFT
IBCJUBDJPOBJTEFDBSÈUFSOBDJPOBM QBSBQSPWJTÍPEFmOBODJBNFOUPTFSFQBTTFEF
SFDVSTPTPOFSPTPTFOÍPPOFSPTPTBPQPEFS
C
"QMJDBÎÜFTEPTSFDVSTPT QÞCMJDP DPNPBTFHVJSTFEFTDSFWF
#VTDBOEPSFTQPOEFSBPPCKFUJWPEF
WJBCJMJ[BSPBDFTTPËNPSBEJBFDPOUFNQMBS B
0'VOEPEF(BSBOUJBQPS5FNQPEF4FSWJÎP
DPNEJGFSFOUFTTPMVÎÜFTBPDPOKVOUPEFTFH 'JOBODJBNFOUPTPOFSPTPT BKVSPTRVFBTTF
NFOUPTTPDJBJT PTSFDVSTPTEP'/)*4TFSÍP HVSFNFRVJMÓCSJPBPQBUSJNÙOJPEP'VOEP

BQMJDBEPTFNBÎÜFTWJODVMBEBTBPTQSPHSB CVTDBOEP UPEBWJB PTOÓWFJTEFKVSPTNBJT
NBTEFIBCJUBÎÍPEFJOUFSFTTFTPDJBM BSUJDV CBJYPTQPTTÓWFJT EFNPEPBBUFOEFSTFH
MBEBTËQPMÓUJDBEFEFTFOWPMWJNFOUPVSCBOP NFOUPTEFFYQSFTTJWPJOUFSFTTFTPDJBM
FYQSFTTBOP1MBOP%JSFUPSPV OPDBTPEF 'JOBODJBNFOUPTTVCTJEJBEPT DPOUBOEPDPN
.VOJDÓQJPTFYDMVÓEPTEFTTBPCSJHBÎÍPMFHBM J
PBQPSUFEPTTBMEPTQBUSJNPOJBJTOÍP
FNMFHJTMBÎÍPFRVJWBMFOUF0TSFDVSTPTTFSÍP FYJHÓWFJTEP'(54 PCUJEPTDPNPSFTVMUBEP
BQMJDBEPTQBSB EFBQMJDBÎÜFTDPNFMFWBEBSFOUBCJMJEBEF
BRVJTJÎÍP DPOTUSVÎÍP DPODMVTÍP NFMIPSJB HFSBEPSFTEFiFYDFEFOUFTwJJ
BDPNCJOBÎÍP
SFGPSNB MPDBÎÍPTPDJBMFBSSFOEBNFOUPEF EFSFDVSTPTFYJHÓWFJTEP'(54FNDPNQPTJ
VOJEBEFTIBCJUBDJPOBJTFNÈSFBTVSCBOBTF ÎÍPDPNSFDVSTPTOÍPPOFSPTPTGPSOFDJEPT
SVSBJT QFMP'/)*4 FQPSGVOEPTTJNÏUSJDPTBFTUF
QSPEVÎÍPEFMPUFTVSCBOJ[BEPTQBSBmOTIB RVFWFOIBNBTFSDPOTUJUVÓEPTQPS&TUBEPT
CJUBDJPOBJTFBRVJTJÎÍPEFUFSSFOPTWJODVMB F.VOJDÓQJPTQBSBJEÐOUJDBmOBMJEBEF
JJJ
B
EBËJNQMBOUBÎÍPEFQSPKFUPTIBCJUBDJPOBJT DPNCJOBÎÍPEFSFDVSTPTFYJHÓWFJTEP'(54
VSCBOJ[BÎÍPEFBTTFOUBNFOUPT QSPEVÎÍP FNDPNQPTJÎÍPDPNSFDVSTPTOÍPPOFSPTPT
EFFRVJQBNFOUPTDPNVOJUÈSJPT SFHVMBSJ[B GPSOFDJEPTQPSPVUSBTGPOUFTEJTQPOÓWFJT
ÎÍPGVOEJÈSJBFVSCBOÓTUJDBEFÈSFBTDBSBD BJOEBRVFQPSQFSÓPEPEFUFSNJOBEP DBTPT
UFSJ[BEBTEFJOUFSFTTFTPDJBM EPTSFDVSTPTQSPWFOJFOUFTEP'"3F'%4

$"%&3/04.$*%"%&4)"#*5"±°0 C
0'VOEP/BDJPOBMEF)BCJUBÎÍPEF*OUFSFT 0T'VOEPT.VOJDJQBJTFEP%JTUSJUP'FEFSBM
TF4PDJBM SFDFCFSÍPSFQBTTFTEPGVOEPFTUBEVBMFSFDVS
3FQBTTFEFSFDVSTPTOÍPPOFSPTPTGPSOFDJ TPTEPPSÎBNFOUPEPNVOJDÓQJPFEP%JTUSJUP
EPTQFMP'/)*4 UFOEPDPNPCFOFmDJÈSJPT 'FEFSBM1PSNFJPEFTFV$POTFMIP P'VOEP
mOBJTPTBHFOUFTQSPNPUPSFTQÞCMJDPT .VOJDJQBMFPV%JTUSJUBMEFmOJSÍPBTQSJPSJEB
o&TUBEPT %JTUSJUP'FEFSBM .VOJDÓQJPTFPV EFTFPTQSPHSBNBTBTFSFNBEPUBEPT TFHVJO
FNQSFTBTQÞCMJDBTMPDBJT EPBTEJSFUSJ[FTEP1MBOP.VOJDJQBMPV%JTUSJUBM
EF)BCJUBÎÍP
D
0VUSPT'VOEPT '%4 '"3 '"5
EFTUJOBEPTB &NTÓOUFTFBTGPOUFTEFSFDVSTPTEPT'VO
$PCFSUVSBEFQSPHSBNBTKÈFYJTUFOUFT DBTP EPT&TUBEVBJT EP%JTUSJUP'FEFSBMF.VOJDJQBJT
EP1SPHSBNBEF"SSFOEBNFOUP3FTJEFO TÍPBTTFHVJOUFT
DJBMo1"3
PVBQSPHSBNBTSFDÏNDSJBEPT USBOTGFSÐODJBTSFBMJ[BEBTQFMPTSFTQFDUJWPT
DBTPEP1SPHSBNB$SÏEJUP4PMJEÈSJP
DPN GVOEPTOBDJPOBJTFFTUBEVBJT
PSJHFNOP'"3 QSJNFJSPDBTP
FOP'%4 OP BQPSUFTPCUJEPTKVOUPBPTPSÎBNFOUPT
TFHVOEPDBTP
&WFOUVBMNFOUF PTSFDVSTPT FTUBEVBJTNVOJDJQBJTEJTUSJUBJT SFBMJ[BEPT
BTTJNEFmOJEPTQPEFSÍPTFSBQMJDBEPTFN oTFNQSFRVFQPTTÓWFMoFNDPOUSBQBSUJEB
DPNCJOBÎÍPDPNPTQSPWFOJFOUFTEBTPV ËRVFMFTPCUJEPTKVOUPBPTOÓWFJTTVQFSJPSFT
USBTGPOUFTBDJNBNFODJPOBEBT DPNQPOEP 0TBQPSUFTQPEFSÍPTFSDPOTUJUVÓEPT BJOEB
OPWBTTPMVÎÜFTEFTVCTÓEJPT NPEFMBEBT QPSSFDVSTPTQBUSJNPOJBJTFEFTFSWJÎPT
DPNPJOUVJUPEFBUJOHJSGBJYBTEFSFOEBF PQFSBÎÜFTEFFNQSÏTUJNPQPSQBSUFEPT
EFOFDFTTJEBEFTOÍPBEFRVBEBNFOUFDPO NVOJDÓQJPTFEP%JTUSJUP'FEFSBM
UFNQMBEBTQFMPTTFVTDSJUÏSJPTPSJHJOBJT DSJBÎÍPEFUSJCVUPTFTQFDÓmDPTFEFTUJOBÎÍP
EPTKÈFYJTUFOUFT
BMJFOBÎÍPEFCFOTQFSUFODFOUFTBPQBUSJ
'VOEPT&TUBEVBJT .VOJDJQBJT
NÙOJPNVOJDJQBMFEJTUSJUBMFEFTVBTBVUBS
FEP%JTUSJUP'FEFSBM
RVJBTFFNQSFTBT
0T'VOEPT&TUBEVBJTEF)BCJUBÎÍPDPOTUJUVJS WFOEBEFPVUPSHBTPOFSPTBTEPEJSFJUPEF
TFÍPJOTUSVNFOUPQBSBJNQMFNFOUBÎÍPEB DPOTUSVJSFPVUSBT
FTUSBUÏHJBEFEFTDFOUSBMJ[BÎÍPEPTSFDVSTPTF EPBÎÜFT
EFQMBOFKBNFOUPEBTBÎÜFTEFFOGSFOUBNFOUP
EPEÏmDJUIBCJUBDJPOBM TFOEPTVBJOTUJUVJÎÍP
"EFTÍPJOUFHSBMBP4JTUFNB/BDJPOBM
OFDFTTÈSJBQBSBBBEFTÍPBP4JTUFNB0T'VO
EF)BCJUBÎÍP
EPT&TUBEVBJTTFSÍPDPOTUJUVÓEPTQPSSFDVSTPT
PSJHJOÈSJPTEP'/)*4FQPSSFDVSTPTQSFWJTUPT $POTUJUVJTFOPEJTQPTJUJWPRVFGVOEBNFOUBB
OPPSÎBNFOUPEBTVOJEBEFTEB'FEFSBÎÍP SFMBÎÍPEFQBSDFSJBFJOUFHSBÎÍPFOUSFPFOUF
0TSFDVSTPTDBSSFBEPTBP'VOEP&TUBEVBM GFEFSBEP &TUBEPT %JTUSJUP'FEFSBMF.VOJDÓ
QPEFSÍPTFSUSBOTGFSJEPTBPT'VOEPT.VOJDJ QJPT
FB6OJÍP NFEJBOUFPRVBMPTPCKFUJWPT
QBJTFEP%JTUSJUP'FEFSBM USBOTGFSÐODJBGVOEP EFEFTDFOUSBMJ[BÎÍPEBTBÎÜFT TVCNFUJEBT
BGVOEP
PVmOBODJBSEJSFUBNFOUFQSPHSBNBT QSFWJBNFOUFBEJSFUSJ[FTOBDJPOBJTEBTQPMÓ
FTUBEVBJTPVSFHJPOBJTEFIBCJUBÎÍP FTUB UJDBTEFEFTFOWPMWJNFOUPVSCBOPFIBCJUB
CFMFDJEPTOP1MBOP&TUBEVBMEF)BCJUBÎÍP DJPOBM GBSTFÍPBMDBOÎBS1SFWÐTF BJOEB B
WBMFOEPTFEBSFEFEFBHFOUFTmOBODFJSPT FMBCPSBÎÍPEFJOTUSVNFOUPTEFJHVBMDBSBDUF
QSPNPUPSFTFUÏDOJDPT SÓTUJDB QPSÏNEFTUJOBEPTBBCSJHBSBTBEFTÜFT

$"%&3/04.$*%"%&4)"#*5"±°0
043&$63404$"33&"%04"0'6/%0 WJNFOUPJOTUJUVDJPOBJT RVFDFSUBNFOUFTFSÍP
&45"%6"-10%&3°04&353"/4'&3*%04"04 FYJHJEBTDPNPGPSNBEFNFMIPSQSFQBSBSPT
'6/%04.6/*$*1"*4&%0%*453*50'&%&3"- &TUBEPT %JTUSJUP'FEFSBMF.VOJDÓQJPTQBSBP
ʤ53"/4'&3³/$*"'6/%0"'6/%0ʥ06'*/"/$*"3 DVNQSJNFOUPEPTQBQÏJTNBJTSFMFWBOUFTRVF
%*3&5".&/5&130(3"."4&45"%6"*406 MIFTTFSÍPSFTFSWBEPTQFMB1PMÓUJDB
3&(*0/"*4%&)"#*5"±°0 &45"#&-&$*%04/0
1-"/0&45"%6"-%&)"#*5"±°0 7"-&/%0ʰ4&%" 046#4*45&."%&)"#*5"±°0
3&%&%&"(&/5&4'*/"/$&*304 130.0503&4& %&.&3$"%0
5²$/*$04
"1PMÓUJDB/BDJPOBMEF)BCJUBÎÍPQBSUFEP
QSFTTVQPTUPEFRVFBDPOUSJCVJÎÍPEPTJOWFT
RVFWFOIBNPVQPTTBNTFGB[FSQPSHSVQPT UJNFOUPTQSJWBEPT DBQB[FTEFBTTFHVSBSP
EFNVOJDÓQJPT QPSJOUFSNÏEJPEFPSHBOJTNPT BUFOEJNFOUPEBEFNBOEBTPMWÈWFMFNDPOEJ
SFHJPOBJTF BJOEB PVUSPTDBTPTSFMBDJPOBEPTB ÎÜFTEFNFSDBEP ÏBCTPMVUBNFOUFFTTFODJBM
WÈSJBTFOUJEBEFTEFJOUFSFTTFPVOBUVSF[BQÞ QBSBWJBCJMJ[BSPOPWP4/) QPTTJCJMJUBOEPRVF
CMJDBRVFFTUFKBNNPCJMJ[BEBTQBSBBSFBMJ[B PTSFDVSTPTQÞCMJDPT POFSPTPTFOÍPPOFSP
ÎÍPEFVNEFUFSNJOBEPQSPKFUPPVQSPHSBNB TPT WFOIBNBTFSEFTUJOBEPTËQPQVMBÎÍPEF
/P5FSNPEF"EFTÍPFTUBSÍPBTTJOBMBEPT SFOEBNBJTCBJYB
PTPCKFUJWPTFQSPQØTJUPTDPNVOT PTEFWFSFT /FTTBQFSTQFDUJWB P4VCTJTUFNBEF)BCJUB
SFTQPOTBCJMJEBEFTFQBESÜFTEFSFDJQSPDJEBEF ÎÍPEF.FSDBEPPCKFUJWBBSFPSHBOJ[BÎÍPEP
BUSJCVÓEPTËDBEBQBSUF OPUBEBNFOUFBTEF NFSDBEPQSJWBEPEFIBCJUBÎÍP UBOUPBNQMJBO
mOJÎÜFTSFGFSFOUFTBDPOUSBQBSUJEBTEFDBEB EPBTGPSNBTEFDBQUBÎÍPEFSFDVSTPT DPNP
ÉNCJUP&TTF5FSNPEF"EFTÍP BMÏNEFTF FTUJNVMBOEPBJODMVTÍPEFOPWPTBHFOUFTF
SFGFSJSBPTNFDBOJTNPTEFBDFTTPBPTSFDVSTPT GBDJMJUBOEPBQSPNPÎÍPJNPCJMJÈSJB EFNPEP
BSUJDVMBEPTOPÉNCJUPEP'/)*4 FYQÜFBT RVFFMFQPTTBDPOUSJCVJSQBSBBUFOEFSQBSDFMBT
EJSFUSJ[FTFOPSNBTQBSBPTFOUFTGFEFSBEPTTF TJHOJmDBUJWBTEBQPQVMBÎÍPRVFIPKFFTUÍP
JOUFHSBSFNB1/)FP4)*4 TFOEPBUFOEJEBTQPSSFDVSTPTQÞCMJDPT
&NWJTUBEBTEJTQBSJEBEFTSFHJPOBJTFPS "QSFNJTTBCÈTJDBEPOPWPNPEFMPDPOTJTUF
HBOJ[BDJPOBJTEB'FEFSBÎÍP#SBTJMFJSBFEB FNWJBCJMJ[BSBDPNQMFNFOUBSJFEBEFEPTBUV
JNQMBOUBÎÍPQSPHSFTTJWBEPQSØQSJP4JTUFNB BJT4JTUFNBEF'JOBODJBNFOUP*NPCJMJÈSJP 4'*

FOUFOEFTFRVF JOJDJBMNFOUF BBEFTÍPEPT 4JTUFNB'JOBODFJSPEB)BCJUBÎÍP 4')
FN
FOUFTGFEFSBEPTBP4)*4QPEFSÈTFEBSQPSVN QBSUJDVMBSP4JTUFNB#SBTJMFJSPEF1PVQBOÎB
5FSNPEF"EFTÍP1SPWJTØSJP 5"1
RVBOEP F&NQSÏTUJNP 4#1&
"FYQBOTÍPEPDSÏEJUP
BMHVOTSFRVJTJUPTQPEFSÍPTFSUFNQPSBSJBNFO IBCJUBDJPOBMFTUÈTVCPSEJOBEBËJNQMBOUBÎÍP
UFEJTQFOTBEPTEFDVNQSJNFOUP EBOEPTF EFNPEBMJEBEFTEFDBQUBÎÍPEFSFDVSTPTNBJT
QSB[PTQBSBRVFPTFOUFTTFBKVTUFNËOPWB FmDJFOUFRVFPBUVBMTJTUFNBEFQPVQBOÎB
SFBMJEBEF TFNRVFJTTPQPTTBQSFKVEJDBSBSF 04VCTJTUFNBUFSÈDPNPQSJODJQBMDBQUBEPS
BMJ[BÎÍPEBTBÎÜFTFNFSHFODJBJT OFNBDPOUJ EFSFDVSTPTPTCBODPTNÞMUJQMPT DPNEFTUB
OVJEBEFEFQSPHSBNBTFNFYFDVÎÍP DVKPEF RVFQBSBBDBEFSOFUBEFQPVQBOÎBBUVBMF
TFODBEFBNFOUPUFOIBPDPSSJEPBOUFSJPSNFOUF EFOPWBTNPEBMJEBEFTEFQPVQBOÎBBTFSFN
ËWJHÐODJBEPOPWPNBSDPMFHBM&TTBGBTF DSJBEBT
UBNCÏNTFSÈJNQSFTDJOEÓWFMËSFBMJ[BÎÍPEF $PNPFTUSBUÏHJBEFJNQMFNFOUBÎÍPEP
BÎÜFTWPMUBEBTQBSBBDBQBDJUBÎÍPFEFTFOWPM 4JTUFNB/BDJPOBMEF)BCJUBÎÍPQBSBMFWBOUBS
$"%&3/04.$*%"%&4)"#*5"±°0 SFDVSTPTKVOUPBPNFSDBEPEFDBQJUBJT ÏOF 7BSJBÎÍP4BMBSJBM '$74
OPDÈMDVMPEPEJSFDJP
DFTTÈSJPQSPQPSDJPOBSBDPNQFUJUJWJEBEFBPT OBNFOUPEFSFDVSTPTBPmOBODJBNFOUPIBCJ
$FSUJmDBEPTEF3FDFCÓWFJT*NPCJMJÈSJPT $3*
UBDJPOBMQFMBTFOUJEBEFTEP4#1&
EJBOUFEBTUBYBTPGFSFDJEBTQFMPNFSDBEP FN
FTQFDJBMBPTJOWFTUJEPSFTJOTUJUVDJPOBJT04VC
&OUJEBEFTJOUFHSBOUFTEP4VCTJTUFNB
TJTUFNBDPOUBSÈDPNVN'VOEPEF-JRVJEF[
EF)BCJUBÎÍPEF.FSDBEP
EFTTFT$3* EFTUJOBEPBBTTFHVSBSBSFDPNQSB
EFTTFTQBQÏJTKVOUPBPTJOWFTUJEPSFTQSJWBEPT "TFOUJEBEFTJOUFHSBOUFTEP4VCTJTUFNBEF
0TCBODPTQPEFSÍPmOBODJBSEJSFUBNFOUFB )BCJUBÎÍPEF.FSDBEP DVKBTBUSJCVJÎÜFTF
QSPEVÎÍPQPSNFJPEFJODPSQPSBEPSFTFDPOT DPNQFUÐODJBTFTUÍPBCBJYPEFMJOFBEBT EF
USVUPSBTPVEJSFUBNFOUFËTQFTTPBTGÓTJDBT WFNPCFEFDFSBTTFHVJOUFTQSFNJTTBTOBTVB
$PNPPCKFUJWPEFHFSBSOPWPTDPOUSBUPT BUVBÎÍP
EFmOBODJBNFOUP PTCBODPTQPEFSÍPBJOEB QPTTJCJMJUBSBPNPEFMPFmDJÐODJBOBDBQUB
SFBMJ[BSPQFSBÎÜFTEFDSÏEJUPDPNDPNQB ÎÍPEFSFDVSTPT
OIJBTIJQPUFDÈSJBTFFTTBTPQFSBÎÜFTEFWFSÍP QSPNPWFS OBHFSBÎÍPEFDSÏEJUPT BEJTUSJ
TFSDPOTJEFSBEBTOPDÙNQVUPEPTJOWFTUJNFO CVJÎÍPUFSSJUPSJBMNBJTBEFRVBEBËEFNBOEB
UPTFYJHJEPTFNIBCJUBÎÍP GPNFOUBSBFTUSVUVSBÎÍPEFFNQSFFOEJ
0TCBODPTFBTDPNQBOIJBTIJQPUFDÈSJBT NFOUPTDPNQBUÓWFJTDPNPQFSmMEBEF
QPSTVBWF[ QPEFSÍPOFHPDJBSTFVTDSÏEJUPT NBOEBFEBTNFUBTFTUBCFMFDJEBT
DPNDPNQBOIJBTTFDVSJUJ[BEPSBTBTRVBJT EFNPOTUSBSBHJMJEBEFOBTFDVSJUJ[BÎÍPEPT
DPNMBTUSPOPTDSÏEJUPTBERVJSJEPT FNJUJSÍP DSÏEJUPTFOBTVBDPMPDBÎÍPKVOUPBJOWFTUJ

$3*BTFSFNBERVJSJEPTQFMPTCBODPTFQPS EPSFT
JOWFTUJEPSFTJOTUJUVDJPOBJTFQSJWBEPT
0VUSBRVFTUÍPJNQPSUBOUFÏBSFWJTÍPEB B
#BODPTNÞMUJQMPT
DBSHBUSJCVUÈSJBJODJEFOUFOPNFSDBEPTFDVO 0TCBODPTNÞMUJQMPTEFWFSÍPUFSQPSQSJODJQBM
EÈSJPFOBDBEFJBQSPEVUJWB GVOÎÍPBDBQUBÎÍPEFSFDVSTPT DPNEFTUBRVF
"MÏNEJTTP QBSBBNQMJBSPJOWFTUJNFOUP QBSBBDBEFSOFUBEFQPVQBOÎB BQPVQBOÎB
QSJWBEPFSFEV[JSPDVTUPEPmOBODJBNFOUP IBCJUBDJPOBMFBOPWBQPVQBOÎB EFTDSJUBT
EFNFSDBEP BTNFEJEBTUSBEV[JEBTOBMFJ BEJBOUF
"DPODFTTÍPEFDSÏEJUPTËTQFTTP
JSÍPQFSNJUJSPBQFSGFJÎPBNFOUPEP BTKVSÓEJDBT EJSJHJEBTËQSPEVÎÍPEFOPWPT
JOTUJUVUPEPQBUSJNÙOJPEFBGFUBÎÍPBPCSJHB FNQSFFOEJNFOUPT UBNCÏNTFSÈPCKFUPEF
UPSJFEBEFEPQBHBNFOUPEPJODPOUSPWFSTP QSJPSJ[BÎÍPOBTBUJWJEBEFTEFTTFTBHFOUFTQPS
BJOTFSÎÍPOP$ØEJHP$JWJMEBNPEBMJEBEF DBSBDUFSJ[BSFNPQFSBÎÜFTEFDVSUPQSB[P
EFBMJFOBÎÍPmEVDJÈSJBDPNPHBSBOUJBEF 5FSJBN EFTUBGPSNB PQBQFMEFGPNFOUBEP
PQFSBÎÜFTOPÉNCJUPEP4'*FBBDFMFSBÎÍP SFTEPTJTUFNB EFMFHBOEPBPVUSPTBHFOUFT
OBEFEVÎÍPEP'VOEPEF$PNQFOTBÎÍPEB BHFSBÎÍPFBENJOJTUSBÎÍPEPmOBODJBNFOUP
IBCJUBDJPOBM TFNFTUBSFNJNQFEJEPTEFTUB
GVOÎÍP QPSÏNSFEV[JOEPBBPMJNJUFEFTFV
"DSJBÎÍPEPGVOEP EFOBUVSF[BQSJWBEB TFSÈ
JOUFSFTTFOBmEFMJ[BÎÍPFBUSBÎÍPEFDMJFOUFT
DPOTUJUVÓEPQPSRVPUBTBTFSFNTVCTDSJUBTQPSJOT
UJUVJÎÜFTmOBODFJSBDBQUBEPSBTEFQPVQBOÎBFQPS
FOUJEBEFTEFQSFWJEÐODJBQSJWBEBFQPSTFHVSBEP C
$PNQBOIJBTIJQPUFDÈSJBTFPVUSBTJOTUJUVJ
SBTFNGVOÎÍPEFTVBTSFTFSWBTUÏDOJDBT WPMUBEPT ÎÜFTmOBODFJSBTRVFWFOIBNFYFSDFSPQF
VOJDBNFOUFQBSBBBRVJTJÎÍPEF$3* SBÎÜFTEFSFQBTTF

$"%&3/04.$*%"%&4)"#*5"±°0
"$0/$&44°0%&$3²%*504®41&440"4 0HPWFSOPEFWFSÈQBUSPDJOBSBEFTPOFSBÎÍP
+63¶%*$"4 %*3*(*%"4®130%6±°0%&/0704 EFDVTUPTmTDBJTFUSJCVUÈSJPT DPNPJOTUSV
&.13&&/%*.&/504 5".#².4&3«0#+&50%& NFOUPEFFTUÓNVMPBPGPNFOUPEPNFSDBEP
13*03*;"±°0/"4"5*7*%"%&4%&44&4"(&/5&4103 TFDVOEÈSJP"TSFDFJUBTUSJCVUÈSJBTPSJHJOÈSJBT
$"3"$5&3*;"3&.01&3"±¿&4%&$635013";0 EBQSPEVÎÍPBNQMJBEBTFSÍPTJHOJmDBUJWBNFO
5&3*". %&45"'03." 01"1&-%&'0.&/5"%03&4 UFNBJPSFTRVFBTIPKFPCUJEBTDPNBDBSHB
%04*45&." %&-&("/%0"065304"(&/5&4"
JODJEFOUFTPCSFPTOÓWFJT TBCJEBNFOUFMJNJUB
EPT
EFBUJWJEBEFEPNFSDBEPJNPCJMJÈSJP GB
(&3"±°0&"%.*/*453"±°0%0'*/"/$*".&/50
[FOEPDPNRVFPTBDSÏTDJNPTEFEJOBNJTNP
)"#*5"$*0/"- 4&.&45"3&.*.1&%*%04%&45"
QSPQPSDJPOBEPTQFMBTOPWBTNPEBMJEBEFTEF
'6/±°0 103².3&%6;*/%0ʰ""0-*.*5&%&4&6
DBQUBÎÍPEFSFDVSTPTQBSBPmOBODJBNFOUP
*/5&3&44&/"'*%&-*;"±°0&"53"±°0%&$-*&/5&4
NBJTEPRVFDPNQFOTFNBTEFTPOFSBÎÜFT
USJCVUÈSJBTJOUSPEV[JEBTDPNPFTUÓNVMP
"FTTBTFOUJEBEFTFTUÈSFTFSWBEPPQBQFM
EFQSJODJQBJTBHFOUFTOBHFSBÎÍPEFmOBO E
$PPQFSBUJWBTEFDSÏEJUPIBCJUBDJPOBM
DJBNFOUPTIBCJUBDJPOBJT QSJPSJ[BOEPBDPO "T$PPQFSBUJWBTEF$SÏEJUP)BCJUBDJPOBM $$)

DFTTÍPEFDSÏEJUPËTQFTTPBTGÓTJDBT OPEFT QPEFSÍPSFVOJSDPPQFSBEPT DBQUBSSFDVSTPT
MJHBNFOUPEFFNQSFFOEJNFOUPTmOBODJBEPT QBSBBQSPEVÎÍPEFFNQSFFOEJNFOUPTFDPO
QFMPTCBODPTPVOPGPSOFDJNFOUPEFDSÏEJUP DFEFSmOBODJBNFOUPT1PEFSÍP BJOEB EJTQPS
QBSBBRVJTJÎÍPEFJNØWFJTOPWPTPVVTBEPT EBNPEBMJEBEFEFmOBODJBNFOUPDPMFUJWPF
FQBSBBQSPEVÎÍPJOEJWJEVBM"DBQUBÎÍPEF DPNJTTP FOUSFPVUSPTFNQSFFOEJNFOUPT RVF
SFDVSTPTQBSBPmOBODJBNFOUPQPEFSÈTFEBS TFSJBNWJBCJMJ[BEPTQPSFTTBNPEBMJEBEF FTUB
OPTNPMEFTBUVBMNFOUFBENJUJEPTJ
FNFTQF SJBNPTSFMBDJPOBEPTËBRVJTJÎÍPFSFBCJMJUBÎÍP
DJBMFNJTTÍPEFMFUSBTIJQPUFDÈSJBTJJ
WFOEBEF EFFEJmDBÎÜFTDPMFUJWBTEFUFSJPSBEBTFBNB
DSÏEJUPTDPODFEJEPTBDPNQBOIJBTTFDVSJUJ[B OVUFOÎÍPEFQBSRVFTIBCJUBDJPOBJT
EPSBTJJJ
FNQSÏTUJNPTKVOUPBCBODPToRVF
TFSJBNDPOTJEFSBEPTOPEJSFDJPOBNFOUP PV F
$POTØSDJPTIBCJUBDJPOBJT
NFTNPOBFNJTTÍPEF$FSUJmDBEPTEF'JOBO "GPSNBÎÍPEF$POTØSDJPT)BCJUBDJPOBJTTFSÈ
DJBNFOUP)BCJUBDJPOBM $')
BTFSJOTUJUVÓEP FTUJNVMBEBDPNPGPSNBEFFMFWBSBQPVQBOÎB
0T$')UFSJBNQPSMBTUSPmOBODJBNFOUPTDPO EFTUJOBEBËQSPEVÎÍPIBCJUBDJPOBMFOÍPË
DFEJEPTFQPEFSJBNTFSSFQBTTBEPTBCBODPT DPNFSDJBMJ[BÎÍPEFJNØWFJTOPWPTPVVTBEPT
QBSBBDPNQPTJÎÍPEFTVBTDBSUFJSBT FYJTUFOUFTOPFTUPRVFJNPCJMJÈSJP
D
$PNQBOIJBTTFDVSJUJ[BEPSBT G
"HFOUFTQSPNPUPSFT
"FTTBTDPNQBOIJBTDBCFSÈBBRVJTJÎÍPEF 5ÐNBmOBMJEBEFEFPSHBOJ[BSFNQSFFOEJNFO
DSÏEJUPTIBCJUBDJPOBJT FNJTTÍPEF$3*BFMFT UPTFSFVOJSBEFNBOEB%FWFSÍPTFSBENJUJEBT
MBTUSFBEPTFBENJOJTUSBÎÍPEPTDPOUSBUPT OP4VCTJTUFNBEF)BCJUBÎÍPEF.FSDBEPBT
BERVJSJEPTFBDPMPDBÎÍPEPTDFSUJmDBEPTOP mHVSBTEFBHFOUFTQSPNPUPSFTQÞCMJDPTF
NFSDBEP5FSÍPQBQFMFTUSBUÏHJDPOPOPWP QSJWBEPT
NPEFMP QPJTSFQSFTFOUBSÍPBDBQBDJEBEFEF
JOUFHSBSP4JTUFNB/BDJPOBMEF)BCJUBÎÍPBP
NFSDBEPEFDBQJUBJT BNQMJBOEP EFTTBGPSNB
PTSFDVSTPTEJTQPOÓWFJTQBSBPmOBODJBNFOUP
$"%&3/04.$*%"%&4)"#*5"±°0 .FDBOJTNPTEFDBQUBÎÍPEFSFDVSTPT IBCJUBDJPOBJTTFGBÎBEFOUSPEFVNQBESÍP
OP4VCTJTUFNBEF)BCJUBÎÍPEF DPOUSBUVBMBEFRVBEPBFTTFNFSDBEP QBSB
.FSDBEP RVFFMFTTFKBNFOUÍPTFDVSJUJ[BEPT
"EFTPOFSBÎÍPUSJCVUÈSJB TFJOUSPEV[JEB
"TEFCJMJEBEFTEPBUVBMNPEFMPEFQPVQBOÎB
QFSNJUJSÈBDFMFSBSBFYQBOTÍPEPNFSDBEPTF
OÍPBENJUFNTVQPSRVFP4VCTJTUFNBEF)B
DVOEÈSJP GPSUBMFDFOEPBT$PNQBOIJBT4FDVSJ
CJUBÎÍPEF.FSDBEPDPODFOUSFTVBTBUJWJEBEFT
UJ[BEPSBT SFEV[JOEPPTDVTUPTEBTPQFSBÎÜFT
FYDMVTJWBNFOUFOFTTBGPOUFEFSFDVSTPT4FSÈ
FBTNBSHFOTEFKVSPTOFDFTTÈSJBT
QSFDJTPFTUBCFMFDFSNFDBOJTNPTOPWPTEF
DBQUBÎÍPEFSFDVSTPTRVFQPTTJCJMJUFNPBMPO
HBNFOUPEBTBQMJDBÎÜFTQBSBDPNQBUJCJMJ[BS 4FHVSBOÎBKVSÓEJDBDPNPFMFNFOUP
PQBTTJWPEPTBHFOUFTDBQUBEPSFTBPQFSmMEP JOEJTQFOTÈWFMQBSBBFYQBOTÍPEP
mOBODJBNFOUPIBCJUBDJPOBM UBOUPOPRVFTF NFSDBEP
SFGFSFBVNBiOPWBQPVQBOÎBw DPNPFNSFMB
0FTUÓNVMPBPNFSDBEPQSJWBEPEFIBCJUBÎÍP
ÎÍPBPVUSBTGPOUFTEFSFDVSTPTPCUJEBTQFMP
ÏFMFNFOUPGVOEBNFOUBMQBSBBWJBCJMJ[BÎÍPEP
NFSDBEP
4VCTJTUFNBEF)BCJUBÎÍPEF.FSDBEP"MÏN
EJTTP ÏJNQSFTDJOEÓWFMRVFBTFHVSBOÎBKVSÓEJDB
B
/PWBQPVQBOÎBIBCJUBDJPOBM
EPTDPOUSBUPTFTUFKBBTTFHVSBEBEJBOUFEFVN
"OPWBQPVQBOÎBIBCJUBDJPOBM DPNHBSBOUJB
DPOKVOUPEFSFHSBTMFHBJTRVF QPSVNMBEP
BTTPDJBEBEFmOBODJBNFOUP EFWFSÈQSFNJBS
EFTEFMPHPUVUFMFPTEJSFJUPTEPBERVJSFOUF
PTTFVTBQMJDBEPSFTDPNBSFEVÎÍPEPTKVSPT
OÍPQFSNJUJOEPTJUVBÎÜFTBCVTJWBTQPSQBSUF
JODJEFOUFTTPCSFBTPQFSBÎÜFTEFDSÏEJUPIB
EPmOBODJBEPS NBT QPSPVUSP OÍPTFKBJOJCJEPS
CJUBDJPOBMFDPNBBNQMJBÎÍPEPTQFSDFOUVBJT
EPTJOWFTUJNFOUPTOFDFTTÈSJPTBPTFUPS
FWBMPSFTEPTmOBODJBNFOUPTQSFUFOEJEPT
&NCPSBTFDPOTUJUVBFNUFNBDPOUSPWFSTP
QSPQPSDJPOBMNFOUFBPTQSB[PTFWPMVNFT
RVBOEPBENJUJEBQBSBUPEPPBSDBCPVÎPKVSJT
QPVQBEPT
EJDJPOBM BBEPÎÍPEBTÞNVMBWJODVMBOUFQBSB
"OPWBQPVQBOÎBFTUBSÈEJSJHJEBJ
ËRVFMFT
BTNBOJGFTUBÎÜFTEFNÈYJNBJOTUÉODJBTPCSF
TFUPSFTEBFDPOPNJBJOGPSNBM RVFFYJCFN
PTmOBODJBNFOUPTEFMPOHPQSB[PDPOUSJCVJSJB
NBJPSFTEJmDVMEBEFTFNDPSSFTQPOEFSBPT
QBSBNJUJHBSPTiSJTDPTKVSÓEJDPTwFNCVUJEPT
DSJUÏSJPTEBTBOÈMJTFTEFDSÏEJUPQSPNPWJEBT
OPTDVTUPTEPTmOBODJBNFOUPT
QFMPTBHFOUFTmOBODFJSPTJJ
ËTGBNÓMJBTRVF
"MFHJTMBÎÍPRVFWJFSBJNQMBOUBSP4JTUFNB
QSFUFOEFNBERVJSJSVNTFHVOEPJNØWFMPV
/BDJPOBMEB)BCJUBÎÍPUBNCÏNEFWFSÈWJTJUBS
QMBOFKBSBBRVJTJÎÍPEFVNNBJPSEFBDPSEP
PTEJTQPTJUJWPTEP$ØEJHP$JWJMFEFQSPDFTTP
DPNTFVDSFTDJNFOUPJJJ
PVNFTNPQBSB
DJWJMRVFJOUFSBHFNDPNPmOBODJBNFOUP
GBNÓMJBTRVFQSFUFOEBNBTTFHVSBSBDPNQSB
IBCJUBDJPOBM TFNGFSJSPBDFTTPEPDJEBEÍPË
GVUVSBEFJNØWFM
UVUFMBKVSJTEJDJPOBM EFGPSNBBHBSBOUJSBHJMJEB
EFOBFYFDVÎÍPKVEJDJBMFDFSUF[BRVBOEPEB
C
$FSUJmDBEPTEF3FDFCÓWFJT*NPCJMJÈSJPT
FYFDVÎÍPFYUSBKVEJDJBM
1BSBRVFPT$FSUJmDBEPTEF3FDFCÓWFJT*NPCJ
"BEPÎÍPEFVNTJTUFNBEFWBMJEBÎÍPEF
MJÈSJPTTFDPOWFSUBNOPJOTUSVNFOUPFTUSBUÏHJ
ÓOEJDFTUBNCÏNQPEFSÈDPOUSJCVJSQBSBNJ
DPEPOPWP4JTUFNB FMFWBOUFNSFDVSTPTKVOUP
OJNJ[BSPTDPOnJUPTKVEJDJBJTEFDPSSFOUFTEB
BPNFSDBEPEFDBQJUBJT ÏOFDFTTÈSJPQSJNFJSP
SFMBÎÍPDPOUSBUVBM1PSTFSEFMPOHPQSB[P P
HBSBOUJSRVFBHFSBÎÍPEPTOPWPTDSÏEJUPT
mOBODJBNFOUPIBCJUBDJPOBMTFNQSFFTUFWF

$ " % & 3 / 0 4 . $ * % " % & 4 ) " # * 5" ± ° 0
TVKFJUPBJOÞNFSBTTVCTUJUVJÎÜFTEFJOEJDBEP QSB[PTQBSBBBQSPWBÎÍPEFQSPKFUPT BDPN
SFTFBFYQVSHPT RVFBDBCBSBNQPSQSPWPDBS QBUJCJMJ[BÎÍPEBTMFHJTMBÎÜFTEPTUSÐTOÓWFJT
RVFTUJPOBNFOUPTOBKVTUJÎB EFHPWFSOP FTQFDJBMNFOUFBBNCJFOUBM FB
0VUSBNFEJEBRVFQPEFSÈUFSJNQBDUP TJNQMJmDBÎÍPEFQSPDFTTPTFFTQFDJmDBÎÜFT
TJHOJmDBUJWPOBBNQMJBÎÍPEPNFSDBEPÏB BPMBEPEBSFEVÎÍPEFDVTUPTDBSUPSÈSJPT
SFWJTÍPEBMFHJTMBÎÍPVSCBOBQBSBCBSBUFBSF JHVBMNFOUFQPEFSÍPDPOUSJCVJSQBSBBVNFOUBS
GBDJMJUBSBQSPNPÎÍPJNPCJMJÈSJB"EFmOJÎÍPEF BFmDJÐODJBEPOPWPNPEFMP
'MVYPPQFSBDJPOBMFFTUSVUVSBJOTUJUVDJPOBM
EP4VCTJTUFNBEF)BCJUBÎÍPEF.FSDBEP
4VCTJTUFNBEF)BCJUBÎÍPEF.FSDBEP
#BODPT.ÞMUJQMPT DBQUBDÍPEFQPVQBOÎBJOWFTUJEPSFTQSJWBEPT
'VOEPEF
MJRVJEF[$3*
&NQSÏTUJNP
1SFTUBÎÍP
EFTFSWJÎP
$PNQBOIJBT)JQPUFDÈSJBT3FQBTTBEPSBT &NQSFFOEFEPSFT
HFSBÎÍPEFDPOUSBUPTEF'JOBODJBNFOUP
JODPSQPSBEPSFT
FDPOTUSVUPSFT
$PNQBOIJBT
TFDVSJUJ[BEPSBT
"RVJTJÎÍP
EFDPOUSBUPT
FNJTTÍP$3*
'JOBODJBNFOUP
*OWFTUJNFOUPT #FOFmDJÈSJP
ËQSPEVÎÍP
QSJWBEPT (BSBOUF mOBM
MJRVJEF[
"RVJTJÎÍP
BP$3*
$3*
04VCTJTUFNBEF)BCJUB OBGPSNBBUVBMFOBTOPWBT EFJODPSQPSBEPSFTFDPOT 0TCBODPTFBTDPNQB

ÎÍPEF.FSDBEP 4).
DPO NPEBMJEBEFTQSPQPTUBT USVUPSFTPVEJSFUBNFOUFËT OIJBTIJQPUFDÈSJBT QPS
TJTUJSÈEFBÎÍPDPNQMFNFO 0TVCTJTUFNBDPOUBSÈDPN QFTTPBTGÓTJDBT TVBWF[ QPEFSÍPOFHPDJBS
UBSEPTBUVBJT4JTUFNBEF VN'VOEPEF-JRVJEF[EF 1PEFSÍPBJOEBSFBMJ[BS TFVTDSÏEJUPTDPNDPN
'JOBODJBNFOUP*NPCJMJÈSJP $FSUJmDBEPTEF3FDFCÓWFJT PQFSBÎÜFTEFDSÏEJUPDPN QBOIJBTTFDVSJUJ[BEPSBT
4'*
F4JTUFNB'JOBODFJSPEB *NPCJMJÈSJPT $3*
EFTUJOBEP DPNQBOIJBTIJQPUFDÈSJBTQBSB BTRVBJT DPNMBTUSPOPT
)BCJUBÎÍP 4')
BBTTFHVSBSBSFDPNQSBEFT BHFSBÎÍPEFOPWPTDPOUSBUPT DSÏEJUPTBERVJSJEPT FNJUJ
04).UFSÈDPNPQSJODJ TFTQBQÏJTKVOUPBJOWFTUJEP EFmOBODJBNFOUP5BJTPQFSB SÍP$3*BTFSFNBERVJSJEPT
QBMDBQUBEPSEFSFDVSTPTPT SFTQSJWBEPT0TCBODPTQP ÎÜFTEFWFSÍPTFSDPOTJEFSBEBT QFMPTCBODPTFQPSJOWFT
CBODPTNÞMUJQMPT QPSNFJP EFSÍPmOBODJBSEJSFUBNFOUF OPDÙNQVUPEPTJOWFTUJNFOUPT UJEPSFTJOTUJUVDJPOBJTF
EBDBEFSOFUBEFQPVQBOÎB BQSPEVÎÍPQPSJOUFSNÏEJP FYJHJEPTFNIBCJUBÎÍP QSJWBEPT
$"%&3/04.$*%"%&4)"#*5"±°0
&TUSBUÏHJBEFJNQMBOUBÎÍP
EBQPMÓUJDBFEPTJTUFNB
OBDJPOBMEFIBCJUBÎÍP
$"%&3/04.$*%"%&4)"#*5"±°0
%FmOJEBFBQSPWBEBQFMP$POTFMIPEBT$JEB ²*.1035"/5&3&44"-5"326&7«3*04130(3"."4
EFTFNTVBTMJOIBTNFTUSBT BJNQMFNFOUBÎÍP &130+&504)"#*5"$*0/"*47*"#*-*;"%041&-04
EB1PMÓUJDBFEP4JTUFNB/BDJPOBMEF)BCJUB 130$&%*.&/504"56"*4&45°0&.$6340/0453³4
ÎÍP EFWFSÈPDPSSFSEFGPSNBHSBEBUJWB FYJ /¶7&*4%&(07&3/0 "±¿&426&3&26&3&.-0/("
HJOEPVNQSB[PSFMBUJWBNFOUFMPOHPQBSBRVF ."563"±°0&26&/°010%&.4&3*/5&330.1*%"4
TFEÐBJNQMBOUBÎÍPEFUPEPTPTTFVTDPNQP 06"-5&3"%"43"%*$"-.&/5&4&.$"64"3
OFOUFTFJOTUSVNFOUPT&TUFQSPDFTTPQBSBTF 53"/4503/04&1"3"-*4"±¿&4*/%&4&+"%"4
DPNQMFUBSEFWFSÈJODMVJSBDSJBÎÍPEP'VOEP
/BDJPOBMEF)BCJUBÎÍPEF*OUFSFTTF4PDJBMF
EFGPOUFTFTUÈWFJTFQFSNBOFOUFTEFSFDVSTPT QSFTDJOEÓWFJTËWJBCJMJ[BÎÍPEBOPWB1PMÓUJDBF
OÍPPOFSPTPT BBEFTÍPEPTFOUFTGFEFSBUJWPT 4JTUFNB/BDJPOBMEF)BCJUBÎÍP
PFTUBCFMFDJNFOUPEFHBSBOUJBTKVSÓEJDBTRVF 1BSBRVFFTUBTGSFOUFTQPTTBNTFSBCBS
BNQMJFNBDBQUBÎÍPEFSFDVSTPTOPNFSDBEP DBEBTEFNBOFJSBBCSBOHFOUFFBSUJDVMBEBÏ
BFMBCPSBÎÍPEP1MBOP/BDJPOBMEF)BCJUBÎÍP OFDFTTÈSJPRVFTFFTUBCFMFÎB DPNPFTUSBUÏHJB
FEFNBJTQMBOPTIBCJUBDJPOBJTOPTWÈSJPTOÓ EFJNQMBOUBÎÍP BEFmOJÎÍPEFFUBQBTTVDFTTJ
WFJTEFHPWFSOP FOUSFPVUSBTNFEJEBTJOEJT WBTFDPNQMFNFOUBSFT DPOTJEFSBOEPTF QBSB
QFOTÈWFJTËDPOTPMJEBÎÍPEPOPWP4JTUFNB UBOUP BTNVEBOÎBTSFDÏNFGFUVBEBT PVUSBTKÈ
²JNQPSUBOUFSFTTBMUBSRVFWÈSJPTQSPHSB FNDVSTPFBMHVNBTBJOEBSFRVFSJEBT EJWJEJ
NBTFQSPKFUPTIBCJUBDJPOBJTWJBCJMJ[BEPTQF EBTDPOGPSNFBTFHVJS
MPTQSPDFEJNFOUPTBUVBJTFTUÍPFNDVSTPOPT &UBQBo DVKPTNBSDPTQSJODJQBJT
USÐTOÓWFJTEFHPWFSOP BÎÜFTRVFSFRVFSFN TÍPBJNQMBOUBÎÍPEBOPWBFTUSVUVSBJOTUJUV
MPOHBNBUVSBÎÍPFRVFOÍPQPEFNTFSJOUFS DJPOBM BGPSNVMBÎÍPEB1PMÓUJDBF4JTUFNB/B
SPNQJEBTPVBMUFSBEBTSBEJDBMNFOUFTFNDBV DJPOBMEF)BCJUBÎÍP DPOmHVSBEBOVN1SPKFUP
TBSUSBOTUPSOPTFQBSBMJTBÎÜFTJOEFTFKBEBT EF-FJ BBQSPWBÎÍPQFMP$POHSFTTP/BDJPOBM
0QSJODJQBMPCKFUJWPBTFSQFSTFHVJEP EP'VOEP/BDJPOBMEF)BCJUBÎÍPEF*OUFSFTTF
EVSBOUFPQFSÓPEPEFUSBOTJÎÍPÏBRVFMFEF 4PDJBM BPCUFOÎÍPEFSFDVSTPTBEJDJPOBJTEF
BTTFHVSBSRVF BPTFVUÏSNJOP TFUFOIBFGF FNFSHÐODJBQBSBQPTTJCJMJUBSVNBBQSPYJNBÎÍP
UJWBNFOUFDPOTFHVJEPDPOTVNBSBQMFOBJN EPTQSPHSBNBTIBCJUBDJPOBJTFNWJHPSËTEJSF
QMBOUBÎÍPEB1PMÓUJDB/BDJPOBMEF)BCJUBÎÍP USJ[FTEB1/)"MÏNEJTTP GPJJOJDJBEBFN
TVCPSEJOBOEPUPEBTBTBÎÜFTEFHPWFSOPOP BSFWJTÍPEFNFUBTFQSPHSBNBTFYJTUFOUFT
TFUPSBVNQBESÍPEFJOUFSWFOÎÍPWPMUBEPË &UBQBo EFmOJEBQFMBBQSPWBÎÍPEP
VOJWFSTBMJ[BÎÍPEPBDFTTPËNPSBEJBEJHOB NBSDPMFHBMEB1/)QFMP$POHSFTTP/BDJPOBM
QPSQBSUFEFUPEPTPTRVFFTUFKBNFYDMVÓEPT QFMPJOÓDJPEBJNQMBOUBÎÍPEP4/)DPNBBEF
PVNBSHJOBMJ[BEPTEPBUFOEJNFOUP EFGPSNB TÍPEFFTUBEPT %JTUSJUP'FEFSBMFNVOJDÓQJPT
JSSFWFSTÓWFM EBPQFSBÎÍPEP'/)*4QFMBBEFRVBÎÍPEF
/FTTBQFSTQFDUJWB QBSBPQFSÓPEPEF BÎÜFTFQSPHSBNBTIBCJUBDJPOBJT DPNHB
B BCSFNTFEVBTGSFOUFTTJNVMUÉOFBT SBOUJBEFDPOUJOVJEBEFBNFUBTEFQSPEVÎÍP
QBSBBJNQMBOUBÎÍPEB1/)1PSVNMBEP F OPUBEBNFOUF QFMBFMBCPSBÎÍPEP1MBOP
TFGB[OFDFTTÈSJBBFMBCPSBÎÍPEFSFTQPTUBT /BDJPOBMEF)BCJUBÎÍP POEFFTUBSÍPDPOTP
JNFEJBUBTBPFOGSFOUBNFOUPEBRVFTUÍPIB MJEBEBTBTFTUSBUÏHJBTEFJOTUJUVDJPOBMJ[BÎÍPF
CJUBDJPOBMEFNPEPDPFSFOUFDPNB1/)1PS BTNFUBTEFJNQMFNFOUBÎÍPEB1/)
PVUSP JNQÜFTFPSFRVJTJUPEFTFBEPUBSBT &UBQBo RVBOEPTFUFSÈDPOTPMJEBEPB
NFEJEBTJOTUJUVDJPOBJT MFHBJTFPQFSBUJWBTJN JNQMBOUBÎÍPEP4/) BUSBWÏTEBJNQMFNFOUB
$"%&3/04.$*%"%&4)"#*5"±°0 ÎÍPEPTNBSDPTMFHBJTDPOTUJUVÓEPTQBSBFTTF SFRVFSJEBTQBSBPQMFOPGVODJPOBNFOUPEB
mNFEPBMDBODFEBTNFUBTDPOTJHOBEBTQFMP 1PMÓUJDB/BDJPOBMEF)BCJUBÎÍPFEP4JTUFNB
1MBOP/BDJPOBMEF)BCJUBÎÍPQBSBFTTBFUBQB 'JOBODFJSPQSFDPOJ[BEPT
"&UBQBJOJDJPVTFOPCJÐOJP
DPNBDSJBÎÍPFJNQMBOUBÎÍPEP.JOJTUÏSJP
"±¿&4%&*.1-"/5"±°0%"10-¶5*$"
EBT$JEBEFTFEPTØSHÍPTBFMFEJSFUBNFOUF
&4*45&."/"$*0/"-%&)"#*5"±°0
BGFUPT CFNDPNPBJOTUBMBÎÍPEP$POTFMIP
EBT$JEBEFTFBQSPNPÎÍPEPBDPSEPFN "JNQMBOUBÎÍPEFVNOPWPEFTFOIPJOTUJUV
UPSOPEBTVCFNFOEBTVCTUJUVUJWBHMPCBMRVF DJPOBMWFNTFOEPSFBMJ[BEBEFTEFPJOÓDJPEP
DSJBP4VCTJTUFNBFP'VOEP/BDJPOBMEF)B BUVBMHPWFSOP NBSDBEPQFMBDSJBÎÍPFJOTUBMB
CJUBÎÍPEF*OUFSFTTF4PDJBMFBQSFTFOUBÎÍPEB ÎÍPEP.JOJTUÏSJPEBT$JEBEFTFEP$POTFMIP
QSPQPTUBEBOPWB1PMÓUJDBF4JTUFNB/BDJPOBM EBT$JEBEFT SFBMJ[BEBTOPTBOPTEFF
EF)BCJUBÎÍPËTPDJFEBEFFBP$POTFMIPEBT 1BSBRVFB1PMÓUJDBFP4JTUFNB/BDJPOBM
$JEBEFT)PVWF UBNCÏN VNDPOKVOUPEF EF)BCJUBÎÍPQPTTBNTFSJNQMFNFOUBEPTÏ
JOJDJBUJWBTEFTUJOBEBTBTFPCUFSNFMIPSFTSF OFDFTTÈSJPQSPNPWFSBÎÜFTFNFEJEBTEFOB
TVMUBEPTOBBQMJDBÎÍPEPTSFDVSTPTEP'(54 UVSF[BFDPOÙNJDB JOTUJUVDJPOBMFKVSÓEJDBT
OPmOBODJBNFOUPEFQSPHSBNBTFQSPKFUPTKÈ
FYJTUFOUFT OBEFTUJOBÎÍPFBQMJDBÎÍPEFSFDVS
"ÎÜFTEFPSEFNJOTUJUVDJPOBM
TPTOÍPPOFSPTPTQSPWFOJFOUFTEPPSÎBNFOUP
EB6OJÍPFPVUSPTGVOEPT FFNEJSFÎÍPBQSP B
"QSPWBÎÍPEP'VOEP/BDJPOBMEF)BCJUB
HSBNBTFQSPKFUPTOPWPT FTQFDJBMNFOUFBRVF ÎÍPFBDPOWFSHÐODJBEFSFDVSTPTPSÎBNFO
MFTWPMUBEPTQBSBPBUFOEJNFOUPËQPQVMBÎÍP UÈSJPTEB6OJÍP
EFCBJYBSFOEBFVSCBOJ[BÎÍPEFÈSFBTEFHSB /PRVFTFSFGFSFBPTSFDVSTPTOÍPPOFSPTPT
EBEBTFN3FHJÜFT.FUSPQPMJUBOBTEP1BÓT BTFSFNBQPSUBEPTQFMPHPWFSOP'FEFSBM BT
7ÈSJBTPVUSBTNFEJEBTEFWFSÍPTFSBJOEB EJSFUSJ[FTEB1/)EJSFDJPOBNBTVBBHSFHBÎÍP
UPNBEBTOPEFDVSTPEB&UBQBFTFSÍPFYQMJ BP'/)*4 DVKBJOTUJUVDJPOBMJ[BÎÍPQPSMFJEFWF
DJUBEBTBTFHVJS EFOUSFFMBT BSFWJTÍPEB3F SÈPDPSSFSBUÏPQSJNFJSPTFNFTUSFEF
TPMVÎÍPEP$$'(54EFNPEPBEJSFDJPOBS $PNBDSJBÎÍPFJNQMBOUBÎÍPEP'/)*4 BT
BBQMJDBÎÍPEPTSFDVSTPTEPT'(54EFGPSNB EFTUJOBÎÜFTEFSFDVSTPTOÍPPOFSPTPTRVFBUÏ
DPNQBUÓWFMDPNPTOPWPTNBSDPTEB1PMÓUJDB FOUÍPWJOIBNBDPSSFOEPBEJGFSFOUFTQSPKF
/BDJPOBMEF)BCJUBÎÍP UPT QSPHSBNBTFJOTUÉODJBTGFEFSBUJWBT UFOEP
%VSBOUFPCJÐOJP DBSBDUFSJ[BEP QPSPSJHFNBFYFDVÎÍPEP0(6FQPSGPOUF
DPNP&UBQBF&UBQB DBCFSÈDPODMVJSB SFDFJUBTUSJCVUÈSJBTEB6OJÍP QBTTBSÍPBTF
QSPQPTJÎÍPFBQSPWBÎÍPEPDPOKVOUPEFNFEJ DPODFOUSBSOFTTF'VOEP%FTTBGPSNB PBDFTTP
EBTMFHBJT CFNDPNPJNQMBOUBSPBSDBCPVÎP BPTSFDVSTPTEFTUJOBEPTBTVCTÓEJPTQPSQBSUF
JOTUJUVDJPOBMFYJHJEPTQFMBOPWB1PMÓUJDBFQFMP EPHPWFSOP'FEFSBMQBTTBSÈBTFSQSPNPWJEP
OPWP4JTUFNB DPNEFTUBRVFQBSBBDSJBÎÍP QPSJOUFSNÏEJPEFBMPDBÎÜFTEFMJCFSBEBTOP
FJOÓDJPEBPQFSBÎÍPEP'VOEP/BDJPOBMEF ÉNCJUPEP'/)*4 BUSBWÏTEBQSFTUBÎÍPEF
)BCJUBÎÍPEF*OUFSFTTF4PDJBM/FTUFQFSÓPEP BQPJPBQSPHSBNBTFQSPKFUPT QSFGFSFODJBMF
EFWFSÈHBOIBSÐOGBTFPFTUBCFMFDJNFOUPEF QSFWJBNFOUFBQSPWBEPTOPÉNCJUPEPTFTUB
NFDBOJTNPTEFJNQMBOUBÎÍPQSPHSFTTJWB OP EPT %JTUSJUP'FEFSBMFNVOJDÓQJPT FOTFKBOEP
ÉNCJUPEPTFTUBEPT %JTUSJUP'FEFSBMFNV BSFBMJ[BÎÍPEFUSBOTGFSÐODJBTQSJPSJUBSJBNFOUF
OJDÓQJPT EBTOPWBTDPOEJÎÜFTJOTUJUVDJPOBJT GVOEPBGVOEP

$"%&3/04.$*%"%&4)"#*5"±°0
C
.POUBHFNEBFTUSVUVSBJOTUJUVDJPOBMEP4JT %JTUSJUBMF.VOJDJQBJTEF)BCJUBÎÍPEF
UFNB/BDJPOBMEF)BCJUBÎÍPDPNBBEFTÍP *OUFSFTTF4PDJBM FBJOTUJUVDJPOBMJ[BÎÍPEF
EFFTUBEPT %JTUSJUP'FEFSBMFNVOJDÓQJPT OPWPTNBSDPTEFSFGFSÐODJBQBSBBSFBMJ[B
$PNBCBTFJOTUJUVDJPOBMEP4JTUFNBQSBUJ ÎÍPEBQPMÓUJDBIBCJUBDJPOBMFNTJOUPOJBF
DBNFOUFFTUBCFMFDJEBFNÉNCJUPGFEFSBMo JOUFHSBÎÍPDPNB1/)
.JOJTUÏSJPEBT$JEBEFT 4FDSFUBSJB/BDJPOBMEF BDPOTUJUVJÎÍPEF'VOEPTFBFYJTUÐODJBEF
)BCJUBÎÍP $POTFMIPEBT$JEBEFT P$POTFMIP VNBEPUBÎÍPPSÎBNFOUÈSJBQBSBBNPWJ
(FTUPSEP'VOEP/BDJPOBMEF)BCJUBÎÍPEF NFOUBÎÍPEFSFDVSTPTEFTUJOBEPTËIBCJUB
*OUFSFTTF4PDJBM P'/)*4o USBUBTFBHPSBEF ÎÍP JODMVTJWFPTPSJHJOÈSJPTEFUSBOTGFSÐO
DPODFOUSBSFTGPSÎPTQBSBTFBWBOÎBSFNEJSF DJBTQSPWFOJFOUFTEPGVOEPOBDJPOBM
ÎÍPËJOUFHSBÎÍPEPTFTUBEPT %JTUSJUP'FEFSBM BDSJBÎÍPEF$POTFMIPTDPNBSFTQPOTBCJ
FNVOJDÓQJPTBP4JTUFNB QBSBDPMPDBSFNQSÈ MJEBEFEFSFTQBMEBSBTEFMJCFSBÎÜFTBEPUB
UJDBBBEFTÍPFGPSNBMJ[BÎÍPEFDPNQSPNJTTPT EBT OPÉNCJUPEPTFTUBEPT %JTUSJUP'FEFSBM
SFDÓQSPDPTFOUSFFTTFTFOUFTGFEFSBUJWPTFBT FNVOJDÓQJPT SFMBUJWBTËTSFTQFDUJWBT
JOTUÉODJBTOBDJPOBJTEP4')FEB1/) QPMÓUJDBTEFIBCJUBÎÍP EFNPEPBRVFFMBT
$PNPSFHSB BBEFTÍPJOUFHSBMBP4/)EFWF QPTTBNTFSFBMJ[BSEFGPSNBBSUJDVMBEBËT
QSFWFSPDVNQSJNFOUPEFBMHVNBTDPOEJ EJSFUSJ[FTFTUBCFMFDJEBTQFMB1/)&WFOUVBM
ÎÜFTEFPSEFNJOTUJUVDJPOBM mOBODFJSBFEF NFOUF QPEFSÍPTFSBQSPWFJUBEBTFTUSVUVSBT
QMBOFKBNFOUPHPWFSOBNFOUBM/PFOUBOUP B KÈFYJTUFOUFTOFTTFTFOUFTEBGFEFSBÎÍP UBJT
EJWFSTJEBEFEFTJUVBÎÜFTFODPOUSBEBTOP1BÓTF DPNPPT$POTFMIPTEF%FTFOWPMWJNFOUP
BOFDFTTJEBEFEFEBSBOEBNFOUPËTNFUBTHP 6SCBOPF)BCJUBDJPOBM EP.FJP"NCJFOUF
WFSOBNFOUBJTEFBQMJDBÎÍPEFSFDVSTPTOPTFUPS FPVUSPTBmOT DVKBTOPSNBTEFGVODJPOB
IBCJUBDJPOBMBQPOUBNBDPOWFOJÐODJBEFTFFT NFOUPQPTTBNTFSBEBQUBEBTBPTSFRVJTJUPT
UBCFMFDFS EFTEFKÈ SFHSBTQBSBVNBFUBQBQSPWJ FTUBCFMFDJEPTOPT5FSNPTEF"EFTÍP JODMV
TØSJBEFBEFTÍP RVFTFSÍPEFUBMIBEBTBEJBOUF TJWFOPUPDBOUFBTHBSBOUJBTEFQBSUJDJQBÎÍP
EBTPDJFEBEFFNOÓWFJTEFSFQSFTFOUBUJWJ
D
5FSNPEF"EFTÍP*OUFHSBM EBEFFQMVSBMJEBEFBEFRVBEPTËTDBSBDUF
"BEFTÍPJOUFHSBMBP4/)QSFTTVQÜFPBUFOEJ SÓTUJDBTEBQPMÓUJDBQÞCMJDBFNRVFTUÍP
NFOUPTJNVMUÉOFPEBTTFHVJOUFTDPOEJÎÜFT BDSJBÎÍPEFVNBFTUSVUVSBJOTUJUVDJPOBM
BDFMFCSBÎÍPEF5FSNPEF"EFTÍP*OUFHSBM EPUBEBEFBQBSBUPUÏDOJDP SFTQPOTÈWFM
5"*
Ë1PMÓUJDBF4JTUFNB/BDJPOBMEF)BCJ QFMPQMBOFKBNFOUPFJNQMFNFOUBÎÍPEB
UBÎÍPUFOEP EFVNMBEP PFOUFGFEFSBEP QPMÓUJDBIBCJUBDJPOBM
F EFPVUSP P.JOJTUÏSJPEBT$JEBEFT POEF BGPSNVMBÎÍPEF1MBOPT)BCJUBDJPOBJT BSUJ
PQSJNFJSPTFDPNQSPNFUFBBDPMIFSFTF DVMBEPTDPNP1MBOP%JSFUPS
PSJFOUBSQFMBTEJSFUSJ[FTEB1PMÓUJDB/BDJPOBM
EF%FTFOWPMWJNFOUP6SCBOPFEF)BCJ E
5FSNPEF"EFTÍP1SPWJTØSJP
UBÎÍPFPTFHVOEPBEBSBQPJPOFDFTTÈSJP /P5FSNPEF"EFTÍP1SPWJTØSJP 5"1
oB
QBSBTFHBSBOUJSBTSFTQPTUBTBPTSFRVJTJUPT SJHPSVN"DPSEPFOUSF1BSUFT DPOUFNQMBOEP
FTUBCFMFDJEPTQBSBB"EFTÍP0BQPJPBTFS BmYBÎÍPEFNFUBTEFDVSUPQSB[PoPFOUF
EBEPWJTB FTQFDJBMNFOUF BDPOTUJUVJÎÍP GFEFSBEPTFDPNQSPNFUFSÈBUPNBSBTJOJDJBUJ
OPTÉNCJUPTGFEFSBEPT EPTFTUBEPT %JT WBTMFHBJT JOTUJUVDJPOBJTFUÏDOJDBTOFDFTTÈSJBT
USJUP'FEFSBMFNVOJDÓQJPT
EPTSFTQFDUJWPT BBUFOEFSPTSFRVJTJUPTFTQFDJmDBEPTOPTJUFOT
'VOEPT BFMBCPSBÎÍPEPT1MBOPT&TUBEVBJT BOUFSJPSFT
$"%&3/04.$*%"%&4)"#*5"±°0 UFSVNBEPUBÎÍPPVDPOUBFTQFDÓmDBEJSJHJ DPNBTEJSFUSJ[FTFEFTBmPTDPMPDBEPTQFMB
EBQBSBIBCJUBÎÍP 1/) TFSÈGVOEBNFOUBMQBSBEJTTFNJOBÎÍP OP
UFSEBEPJOÓDJPBQSPDFTTPQBSUJDJQBUJWPWPM UFSSJUØSJP EFVNBQPTUVSBFEFVNFOUFOEJ
UBEPQBSBBDPOTUJUVJÎÍPEP$POTFMIPDPN NFOUPDPNVOTTPCSFBRVFTUÍPVSCBOB
BDPOWPDBÎÍPEBTFOUJEBEFTSFQSFTFOUBUJ $PNPÏJNQPTTÓWFMQBSBP.JOJTUÏSJPFT
WBTEFUPEPTPTTFHNFOUPTEBTPDJFEBEF UBCFMFDFSVNBSFMBÎÍPEJSFUBFJOEVUPSBEF
SFMBDJPOBEPTDPNBÈSFB DBQBDJUBÎÍPDPNPTUPEPTNVOJDÓQJPTEP1BÓT
EFmOJS BJOEBRVFQSPWJTPSJBNFOUF VN TFSÈOFDFTTÈSJPGPSNBMJ[BSQBSDFSJBTDPNBHFO
TFUPSFTQFDÓmDPEBBENJOJTUSBÎÍPFTUBEVBM UFTFBUPSFTJOTUJUVDJPOBJTEPUBEPTEFDPOEJ
EP%JTUSJUP'FEFSBMPVNVOJDJQBMWPMUBEP ÎÜFTQBSBTVQSJSBTEFNBOEBTJEFOUJmDBEBT
QBSBBFMBCPSBÎÍPFJNQMFNFOUBÎÍPEBQP
MÓUJDBEFIBCJUBÎÍP H
"QSPWBÎÍPFJNQMFNFOUBÎÍPEFJOTUSVNFO
UPTEFQMBOFKBNFOUP1MBOP%JSFUPSF1MBOP
F
$POEJÎÜFTFTQFDJBJTQBSBNVOJDÓQJPTTFN EF)BCJUBÎÍP
DBQBDJEBEFJOTUJUVDJPOBM UÏDOJDBFmOBODFJSB "BEFTÍPJOUFHSBMEPTFOUFTGFEFSBUJWPT
0$POTFMIP(FTUPSEP'/)*4QPEFSÈnFYJ OPTÉNCJUPTEPTFTUBEPT EP%JTUSJUP'FEFSBM
CJMJ[BSQBSBPTNVOJDÓQJPTBTDPOEJÎÜFTQBSB EFNVOJDÓQJPTSFHJPOBMNFOUFBHSVQBEPTPV
BBEFTÍPBP4/)²PQPSUVOPBTTJOBMBSRVFP EFNVOJDÓQJPTJTPMBEBNFOUF
SFRVFSBQSÏWJB
1SPKFUPEF-FJ RVFUSBUBEBDSJBÎÍPEP'/)*4 FMBCPSBÎÍPEF1MBOPT)BCJUBDJPOBJT&TUBEVBJT
PSJFOUBRVFTFSÍPBOBMJTBEBTBTDBSBDUFSÓTUJDBT %JTUSJUBJT 3FHJPOBJT *OUFSNVOJDJQBJTF.VOJDJ
UFSSJUPSJBJT FDPOÙNJDBT TPDJBJTPVEFNPHSÈm QBJT EFTFOWPMWJEPTTPCBTQSFNJTTBTFTUBCFMF
DBT*TTPOÍPJNQFEF QPSÏN RVFP$POTFMIP DJEBTQFMBQSFPDVQBÎÍPEFRVFWFOIBNBTFS
EBT$JEBEFTWFOIBBJOTUJUVJSDSJUÏSJPT EFTEF JNQMFNFOUBEPTFNBSUJDVMBÎÍPDPNPTDPO
RVFOÍPPTUPSOFEJTDSJDJPOÈSJPTFJNQFEJUJWPT UFYUPTFNRVFTÍPEFMJOFBEPTPQMBOFKBNFOUP
FRVFTFHBSBOUBRVFPBDFTTPEPTNVOJDÓQJPT FBPSHBOJ[BÎÍPEPUFSSJUØSJP OPUBEBNFOUFOP
BPTSFDVSTPTEP4JTUFNBTFKBVOJWFSTBM VNB UPDBOUFËTEJSFUSJ[FTFTUJQVMBEBTQFMPT1MBOPT
WF[PCTFSWBEBTBTSFHSBTEBQSØQSJBMFJRVF %JSFUPSFT
DSJBP'/)*4FP4)*4 %FTEFMPHP DBCFSÈTFQSFWFSFBENJUJS
UPEBWJB BRVFMBTTJUVBÎÜFTEFNVOJDÓQJPTRVF
G
*OTUJUVDJPOBMJ[BÎÍPEPTFUPSIBCJUBDJPOBM PQUFNDPODPNJUBOUFNFOUFQFMBOÍPFMBCPSB
1BSBBJNQMFNFOUBÎÍPEPTPCKFUJWPTEB ÎÍPEFQMBOPTIBCJUBDJPOBJTFQFMBOÍPBEFTÍP
QPMÓUJDBDPNPBMDBODFRVFTFSFRVFS ÏOFDFT Ë1/)&NUBJTDBTPT TFSÈBTTFHVSBEPRVFoB
TÈSJPPPGFSFDJNFOUPEFFTUÓNVMPT OPUBEB QBSUJSEFEFMJCFSBÎÍPFYUSBPSEJOÈSJBEP$PO
NFOUFUSBOTGFSÐODJBEFSFDVSTPTmOBODFJSPTB TFMIP(FTUPSEP'VOEPoTFWFOIBBBDFJUBS
TFSFNBQMJDBEPTOPDVTUFJPEFQSPHSBNBTEF RVFPSHBOJ[BÎÜFTEBTPDJFEBEFQPTTBNTFS
EFTFOWPMWJNFOUPJOTUJUVDJPOBM
QBSBRVFPT BDPMIJEBTDPNPFOUJEBEFTSFTQPOTÈWFJTQFMB
FOUFTGFEFSBEPTTFDPNQSPNFUBNFMFWFNB FYFDVÎÍPEFQSPKFUPT
UFSNPBFTUSVUVSBÎÍPEFVNTFUPSFTQFDÓmDP
OPÉNCJUPEBBENJOJTUSBÎÍPFTUBEVBM EP%JT I
&MBCPSBÎÍPEP1MBOP/BDJPOBMEF)BCJUBÎÍP
USJUP'FEFSBMPVNVOJDJQBM 0.JOJTUÏSJPEBT$JEBEFTDPOEV[JSÈBFMB
0JOWFTUJNFOUPOBGPSNBÎÍPEFVNDPSQP CPSBÎÍPEP1MBOP/BDJPOBMEF)BCJUBÎÍPFN
FTUÈWFM JOGPSNBEPFDPNDBQBDJEBEFUÏDOJDB EFGPSNBDPNQBSUJMIBEBDPNPTFTUB
EFJOUFSWFOÎÍP RVFQPTTBBUVBSEFBDPSEP EPT %JTUSJUP'FEFSBMFNVOJDÓQJPT01MBOP

$"%&3/04.$*%"%&4)"#*5"±°0
EFWFSÈEFmOJSBTMJOIBTEFBÎÍPFSFTQFDUJWBT UVJÎÜFTFBHFOUFTTPDJBJTBGFUPTBPTFUPSIB
GPOUFTEFSFDVSTPT QSPQPSNFUBTEFBUFOEJ CJUBDJPOBM QBSBEJTDVUJSBTUFOEÐODJBTFEJBH
NFOUPBNÏEJPFMPOHPQSB[P QSPHSBNBTSF OPTUJDBSPTQSJODJQBJTQSPCMFNBTIBCJUBDJPOBJT
HJPOBMJ[BEPTEFJOUFSWFOÎÍP ÈSFBTQSJPSJUÈSJBT CSBTJMFJSPT DPNWJTUBTBGPSOFDFSTVCTÓEJPT
QBSBBMPDBÎÍPEFSFDVSTPTFDFOÈSJPTRVBOUJUB QBSBBGPSNVMBÎÍPEFQPMÓUJDBTFQSPHSBNBT
UJWPTmOBODFJSPTRVFPSJFOUFNPTJOWFTUJNFO IBCJUBDJPOBJTNBJTBEFRVBEPTBPFOGSFOUB
UPT BTBQMJDBÎÜFTFFTUBCFMFÎBNDSJUÏSJPTQBSB NFOUPEPEÏmDJUIBCJUBDJPOBMFËVSCBOJ[BÎÍP
BEJTUSJCVJÎÍPSFHJPOBMEFSFDVSTPT FSFHVMBSJ[BÎÍPEFBTTFOUBNFOUPTQSFDÈSJPT
/PQSPDFTTPEFFMBCPSBÎÍPEP1MBOP/B BHJOEPOPTFOUJEPEFSFEV[JSBTEFTJHVBMEB
DJPOBMEF)BCJUBÎÍPEFWFSÍPTFSFTUSVUVSBEPT EFTTPDJBJTFVSCBOBT
FEFCBUJEPT OP$POTFMIPEBT$JEBEFTFKVOUP 1BSBPBMDBODFEPTPCKFUJWPTQSFUFOEJEPT B
BPTFOUFTGFEFSBEPT PTNFDBOJTNPTQBSBB JNQMFNFOUBÎÍPEP4*.")"#EFWFSFTQFJUBSBT
GPSNVMBÎÍPEPT1MBOPTEF)BCJUBÎÍP&TUBEV TFHVJOUFTFTUSBUÏHJBT
BJT .VOJDJQBJTFEP%JTUSJUP'FEFSBM HBSBOUJSBTVBBSUJDVMBÎÍPDPNBQPMÓUJDB
EFmOJEBQFMPHPWFSOP'FEFSBMQBSBBÈSFB
J
*OTUJUVJÎÍPEP4JTUFNBEF*OGPSNBÎÍP "WB EFJOGPSNBÎÜFT DPNB1PMÓUJDBEF*OGPSNB
MJBÎÍPF.POJUPSBNFOUPEB)BCJUBÎÍP ÎÍPEBT$JEBEFT 1*$
FP4JTUFNB/BDJPOBM
&NCPSBBRVFTUÍPIBCJUBDJPOBMEFWBTFS EF*OGPSNBÎÜFTEBT$JEBEFT 4/*$
FTUBCF
TFNQSFBOBMJTBEBEFGPSNBJOUFHSBEBEFOUSP MFDFOEPDPOWÐOJPTEFDPPQFSBÎÍPDPNPT
EPFTDPQPEFVNB1PMÓUJDBEF%FTFOWPMWJ QSJODJQBJTØSHÍPTFJOTUJUVJÎÜFTFOWPMWJEPT
NFOUP6SCBOPNBJTBNQMB BTJOGPSNBÎÜFT DPNPUFNBIBCJUBDJPOBM VUJMJ[BOEPBDBQB
FJOEJDBEPSFTSFMBUJWPTBPTFUPSIBCJUBDJPOBM DJEBEFJOTUBMBEBFPDPOIFDJNFOUPUÏDOJDP
NFSFDFNVNBBCPSEBHFNQSØQSJBQFMBTVB KÈBDVNVMBEP
DPNQMFYJEBEFFQFMBNBHOJUVEFEBTOFDFT EFCBUFSBQPMÓUJDBEFJOGPSNBÎÜFTOPÉNCJUP
TJEBEFTIBCJUBDJPOBJTBJOEBOÍPTBUJTGFJUBT EP.JOJTUÏSJPEBT$JEBEFT HPWFSOP'FEF

FTQFDJBMNFOUFBRVFMBTSFMBDJPOBEBTDPNB SBM FTUBEPT NVOJDÓQJPTFJOTUJUVJÎÜFTRVF
QPQVMBÎÍPVSCBOBSFTJEFOUFFNBTTFOUBNFO BUVBNDPNJOGPSNBÎÜFTFQSPHSBNBTIBCJ
UPTQSFDÈSJPTFÈSFBTEFNPSBEJBJOGPSNBM UBDJPOBJT QSPNPWFOEPDPOTVMUBTFFWFOUPT
/FTUFTFOUJEP B1PMÓUJDB/BDJPOBMEF)B RVFFTUJNVMFNBBEFTÍPBPTJTUFNB
CJUBÎÍPUFNDPNPVNEFTFVTFJYPTFTUSBUÏ VUJMJ[BSPFTQBÎPEP$POTFMIPEBT$JEBEFT
HJDPTBDPOTUSVÎÍPFBDPOTPMJEBÎÍPEFVN DPNPGØSVNQSJWJMFHJBEPQBSBBBSUJDVMBÎÍP
4JTUFNBEF*OGPSNBÎÍP .POJUPSBNFOUPF DPNPTQBSDFJSPTEBTPDJFEBEFDJWJM
"WBMJBÎÍPEB)BCJUBÎÍP 4*.")"#
RVFTFSÈ EFTFOWPMWFSFTGPSÎPTQBSBDPOTUSVÎÍPEF
QBSUFJOUFHSBOUFEP4JTUFNB/BDJPOBMEF*OGPS DBQBDJEBEFTUÏDOJDBTFBENJOJTUSBUJWBT OP

NBÎÜFTEBT$JEBEFT 4/*$
OPÉNCJUPHFSBM .JOJTUÏSJPEBT$JEBEFTFOPTOÓWFJTMPDBJT
F
EB1PMÓUJDBEF*OGPSNBÎÜFT 1*$
EP.JOJTUÏSJP BQSJWJMFHJBSBNVEBOÎBEFFTDBMBOPUSBUB
EBT$JEBEFT NFOUPFEJTQPOJCJMJ[BÎÍPEFJOGPSNBÎÜFT
"JNQMBOUBÎÍPEP4*.")"#UFNDPNP SFnFUJOEPBOFDFTTJEBEFEPTBENJOJTUSB
QSJODJQBMEFTBmPBQSPEVÎÍP TJTUFNBUJ[BÎÍP EPSFTVSCBOPTEJTQPSFNEFJOGPSNBÎÍPOB
FWBMJEBÎÍPEBTJOGPSNBÎÜFTFJOEJDBEPSFT FTDBMBJOUSBNVOJDJQBM
HFPSFGFSFODJBEPTTPCSFPTFUPSIBCJUBDJPOBM DPOTUSVJSQSPHSFTTJWBNFOUFPTJTUFNB
FNFTDBMBGFEFSBM FTUBEVBMFNVOJDJQBMRVF FTUBCFMFDFOEPNFUBTBOVBJT RVFQPEFN
QPTTBNTFSVUJMJ[BEPTQFMPDPOKVOUPEFJOTUJ TFSSFWJTUBTDPOTPBOUFPBOEBNFOUPEPT
$"%&3/04.$*%"%&4)"#*5"±°0 QSPHSBNBTFBÎÜFT DPOTJEFSBOEPPTSFDVS "±¿&4/&$&44«3*"4
TPTEJTQPOÓWFJT PTQSPKFUPTEFDPPQFSBÎÍP QBSUJDJQBSEBTEFMJCFSBÎÜFTEP$POTFMIP
DPNPSHBOJTNPTJOUFSOBDJPOBJTFPBQPJP .POFUÈSJP/BDJPOBM $./
RVBOEPFTUF
EBSFEFEFQBSDFJSPT WJFSBUSBUBSEFNBUÏSJBSFMBUJWBBPEFTFO
SFBMJ[BSBDBSBDUFSJ[BÎÍPTPDJPFDPOÙNJDBEPT WPMWJNFOUPVSCBOPFËTQPMÓUJDBTTFUPSJBJT
HSVQPTQPQVMBDJPOBJTBTFSFNCFOFmDJÈSJPT EFIBCJUBÎÍP TBOFBNFOUP USBOTQPSUFF
EPBUFOEJNFOUP TFHVOEPJOEJDBEPSFTNVMUJ QMBOFKBNFOUPUFSSJUPSJBM$POTFRàFOUFNFO
EJNFOTJPOBJT DPOTUJUVJOEPTFOBTiMJOIBTEF UF EFWFSÈTFSBTTFHVSBEBBP.JOJTUÏSJPEBT
CBTFwEB1PMÓUJDBFSFTQFDUJWPTQSPHSBNBT $JEBEFTQBSUJDJQBÎÍPOB$PNJTTÍP5ÏDOJDB
BWBMJBSPTSFTVMUBEPTFJNQBDUPTEPTQSP EB.PFEBFEP$SÏEJUP $0.0$
RVFGVO
HSBNBTFQSPKFUPTOPTTFVTBTQFDUPTTPDJP DJPOBDPNPØSHÍPEFBTTFTTPSBNFOUPBP
FDPOÙNJDPT EFEFTFOWPMWJNFOUPVSCBOPF $POTFMIP.POFUÈSJP/BDJPOBM
BNCJFOUBMFPVUSPTBTQFDUPTSFMFWBOUFT QSPNPWFSBMUFSBÎÍPOP%FDSFUP-FJO
BWBMJBSBFGFUJWJEBEFEB1PMÓUJDBUFOEPDPNP EFEFOPWFNCSPEF FOBFTUSVUV

CBTFBSFTQPTUBPCUJEBOPQSPDFTTPEFBEF SBSFHJNFOUBMEP.JOJTUÏSJPEBT$JEBEFT
TÍPBP4JTUFNBFBFTDBMBSFMBUJWBEBTTP EFGPSNBBEPUÈMPEBDPNQFUÐODJBQBSB
MVÎÜFTFNQSFFOEJEBTEJBOUFEPQSPCMFNB EFmOJS mTDBMJ[BSFJNQVUBSQFOBMJEBEFTBPT
FOGSFOUBEP BHFOUFTEP4/)EFOBUVSF[BOÍPmOBODFJSB
BWBMJBSPTSFTVMUBEPTFNUFSNPTRVBMJUBUJWPT DPOUJOVBOEPBDBSHPEP$./FEP#"$&/
SFMBUJWPTBPTQSPKFUPTJNQMFNFOUBEPTFË TPNFOUFBTBUSJCVJÎÜFTJOFSFOUFTBPTBHFO
TBUJTGBÎÍPEBQPQVMBÎÍPBUFOEJEBF UFTmOBODFJSPTJOUFHSBOUFTEP4#1&1BSB
BWBMJBSBTNVEBOÎBTOBRVBMJEBEFEFDPOT UBOUP P.JOJTUÏSJPEBT$JEBEFTEFWFSÈDPO
USVÎÍPFOPDVTUPEBNPSBEJB UBSDPNEFQBSUBNFOUPFTQFDÓmDPFRVBESP
EFGVODJPOÈSJPTQSØQSJPFTQFDJBMJ[BEP
K
3FHVMBÎÍPFmTDBMJ[BÎÍPEPTBHFOUFTEP
4JTUFNB'JOBODFJSPEB)BCJUBÎÍP "±¿&43&-"5*7"4®.0#*-*;"±°0%&3&$63404
$POTJEFSBOEPBFTUSFJUBSFMBÎÍPEBTEFDJ
TÜFTEP$POTFMIP.POFUÈSJP/BDJPOBM $./
B
3FDVSTPTEPÉNCJUPGFEFSBM
TPCSFBFYFDVÎÍPEBQPMÓUJDBVSCBOBFNTFVT 5FOEPFNDPOUBPTPCKFUJWPTEFDVSUÓTTJNP
WÈSJPTBTQFDUPT FRVFBWJBCJMJ[BÎÍPEBTQPMÓ QSB[PEPHPWFSOPGFEFSBM EFJNFEJBUBNFOUF
UJDBTFQMBOPTEP.JOJTUÏSJPEBT$JEBEFTFTUÈ TFQSPNPWFSBÎÜFTWPMUBEBTBPBUFOEJNFOUPB
WJODVMBEBËTTVBTEFDJTÜFTFNSFMBÎÍPBPTm GBNÓMJBTEFNBJTCBJYBSFOEB KÈFN
OBODJBNFOUPT ÏOFDFTTÈSJPRVFTFFTUBCFMFÎB GPSBNBEPUBEBTNFEJEBT OPUPDBOUFBPT
JOUFSBÎÍPFOUSF.JOJTUÏSJPF$POTFMIP.POF JOWFTUJNFOUPTIBCJUBDJPOBJT OPTFOUJEPEF
UÈSJPOBTEJTDVTTÜFTEFUFNBTSFMBDJPOBEPTBP GPDBMJ[BSBBQMJDBÎÍPEPTSFDVSTPTEJTQPOÓWFJT
EFTFOWPMWJNFOUPVSCBOP FNFTQFDJBM P4JT EBTEJWFSTBTGPOUFT FTQFDJBMNFOUFPTHFSJEPT
UFNB'JOBODFJSPEB)BCJUBÎÍP 4')
P4JTUFNB QFMPHPWFSOPGFEFSBM QBSBFTTFTFHNFOUPEB
'JOBODFJSPEF4BOFBNFOUP 4'4
P4JTUFNBEF QPQVMBÎÍP CFNDPNPCVTDPVTFDSJBSOPWPT
'JOBODJBNFOUP*NPCJMJÈSJP 4'*
FPVUSPTFYJT QSPHSBNBTDBQB[FTEFPUJNJ[BSFSFVOJSEJGF
UFOUFTPVRVFWJFSFNBTFSDSJBEPT CVTDBOEP SFOUFTGPOUFTEFSFDVSTPT
UBNCÏN BDPODSFUJ[BÎÍPEBTEFMJCFSBÎÜFTEP "JOEBFN GPJDSJBEPP1SPHSBNB&T
$POTFMIP/BDJPOBMEBT$JEBEFT QFDJBMEF)BCJUBÎÍP1PQVMBS 1&)1
WJTBOEP
PFTUBCFMFDJNFOUPEFQBSDFSJBDPNFTUBEPT

$"%&3/04.$*%"%&4)"#*5"±°0
%JTUSJUP'FEFSBMFNVOJDÓQJPTQBSBBQPJBS QSJODJ RVFQFSNJUJSBN FTQFDJBMNFOUF RVFBUPUB
QBMNFOUF PEFTFOWPMWJNFOUPEFQSPKFUPTFT MJEBEFEFTFVTSFDVSTPTGPTTFEFTUJOBEBBP
QFDJBJT01SPHSBNBEFTUJOBTFBBÎÜFTWPMUBEBT BUFOEJNFOUPEBGBJYBEFSFOEBBUÏ USÐT

QBSBBDPOTUSVÎÍPPVBRVJTJÎÍPEFVOJEBEFT TBMÈSJPTNÓOJNPT'PSBN BJOEB QSPNPWJEBTBT
IBCJUBDJPOBJTFMPUFTVSCBOJ[BEPT BRVJTJÎÍPEF TFHVJOUFTBMUFSBÎÜFT
NBUFSJBJTEFDPOTUSVÎÍP VSCBOJ[BÎÍPEFBTTFO EJTUSJCVJÎÍPEFSFDVSTPTFOUSFBTVOJEBEFT
UBNFOUPTQSFDÈSJPTFSFRVBMJmDBÎÍPVSCBOB5P EB'FEFSBÎÍPEFBDPSEPDPNPEÏmDJUIBCJ
EBWJB OÍPGPJWJBCJMJ[BEBEPUBÎÍPPSÎBNFOUÈSJB UBDJPOBM
FTQFDÓmDBQBSBP1SPHSBNB TFOEPFYFDVUBEP SFWJTÍPEPTMJNJUFTPQFSBDJPOBJT
TPNFOUFWBMPSFTDPOTJHOBEPTBUÓUVMPEFDSÏ QBSUJDJQBÎÍP OPTMFJMÜFTEFSFDVSTPT EF
EJUPTVQMFNFOUBSOP1SPHSBNB.PSBS.FMIPS UPEPTPT"HFOUFT'JOBODFJSPTEP4')
"ÎÍPi"QPJPË)BCJUBÎÍP1PQVMBSw JOUSPEVÎÍPEBNPEFMBHFNEFOPNJOBEB
0VUSBNFEJEBFNQSFFOEJEBGPJBDSJBÎÍP iQBSDFMBNFOUPw BMUFSOBUJWBNFOUFBPm

EP1SPHSBNB$SÏEJUP4PMJEÈSJP FN MBT OBODJBNFOUP5SBUBTFEFVNBPQFSBÎÍP
USFBEPDPNSFDVSTPTEP'VOEPEF%FTFOWPMWJ DBSBDUFSJ[BEB OPNÓOJNP QFMPBQPSUFEF
NFOUP4PDJBM '%4
EFJHVBMGPSNB WPMUBEPBP SFDVSTPTmOBODFJSPT CFOTPVTFSWJÎPTQSP
BUFOEJNFOUPEBTOFDFTTJEBEFTIBCJUBDJPOBJT WFOJFOUFTEFØSHÍPTFFOUJEBEFTSFTQPOTÈ
EFGBNÓMJBTEFCBJYBSFOEBPSHBOJ[BEBTFN WFJTQFMBQSPNPÎÍPEPTFNQSFFOEJNFOUPT
DPPQFSBUJWBTFBTTPDJBÎÜFT DVKBTDPOEJÎÜFT OFDFTTÈSJPTËDPNQPTJÎÍPEPQBHBNFOUP
HBSBOUFNVNmOBODJBNFOUPDPNUBYBEF EPQSFÎPEFJNØWFMSFTJEFODJBM QBTTÓWFJTEF
KVSP[FSP"TEJTQPOJCJMJEBEFTFYJTUFOUFTOFTTF SFUPSOP QBSDJBMPVJOUFHSBM QFMPTCFOFmDJÈ
'VOEP RVFTFSÍPVUJMJ[BEBTQFMP1SPHSBNB SJPTmOBJTEBTPQFSBÎÜFT
FTUBWBNEJTQPOÓWFJTIÈNBJTEFPJUPBOPT
01SPHSBNBEF"SSFOEBNFOUP3FTJEFO C
3FDVSTPTEFDPOUSBQBSUJEBOPÉNCJUPEF
DJBM 1"3
HFSJEPDPNSFDVSTPTEP'VOEPEF FTUBEPT %JTUSJUP'FEFSBMFNVOJDÓQJPT
(BSBOUJBQPS5FNQPEF4FSWJÎP '(54
FEP 0TSFDVSTPTEJSFDJPOBEPTËIBCJUBÎÍPEF
'VOEPEF"SSFOEBNFOUP3FTJEFODJBM '"3
PSJHFNFTUBEVBM EP%JTUSJUP'FEFSBMFNVOJDJ
EFTUJOBEPBPBUFOEJNFOUPIBCJUBDJPOBM QPS QBMQFSNJUJSÍPRVFTFBNQMJFBDBQBDJEBEFEF
NFJPEFBSSFOEBNFOUP EBTGBNÓMJBTDPNSFO JOWFTUJNFOUPTEP4/)$PNPSFHSB FNDBEB
EBBUÏTFJTTBMÈSJPTNÓOJNPT EJTQVOIBEFSF 5FSNPEF"EFTÍP BUSBWÏTEPRVBMB6OJÍPJSÈ
DVSTPTQBSBBQMJDBÎÍPFNOPWPTJOWFTUJNFOUPT USBOTGFSJSSFDVSTPTEP'/)*4QBSBPTEFNBJT
TPNFOUFBUÏPmOBMEPBOPEF1PSNFJP OÓWFJTEFHPWFSOP mDBSÈDPOEJDJPOBEPP
EBFEJÎÍPEB.FEJEB1SPWJTØSJBOP EF PGFSFDJNFOUPEFDPOUSBQBSUJEBEPSFTQFDUJWP
EFEF[FNCSPEF USBOTGPSNBEBOB-FJOP FOUFGFEFSBUJWP OBTDPOEJÎÜFTFTUBCFMFDJEBT
EFEFBCSJMEF GPJHBSBOUJEB QFMP$POTFMIP(FTUPSEP'VOEPFOPTUFSNPT
BTVBDPOUJOVJEBEFF QPSNFJPEP%FDSFUP EB-FJEF3FTQPOTBCJMJEBEF'JTDBM
EFEFEF[FNCSPEF EFmOJEP 0TFOUFTGFEFSBEPTQPEFSÍPBQSFTFOUBS
PMJNJUFEF3CJMIÍPQBSBPTJOWFTUJNFOUPT DPOUSBQBSUJEBTQPSNFJPEFEPUBÎÍPPSÎBNFO
FN UÈSJBQSØQSJB CFOTJNØWFJTVSCBOPTPV
01SPHSBNBEF4VCTÓEJPË)BCJUBÎÍPEF
*OUFSFTTF4PDJBM 14)
HFSJEPDPNSFDVSTPT -FJDPNQMFNFOUBSO EFEFNBJPEF
PSÎBNFOUÈSJPT UBNCÏNQBTTPVQPSVNB RVFFTUBCFMFDFOPSNBTEFmOBOÎBTQÞCMJDBTWPMUB
BNQMBSFWJTÍPEBTTVBTEJSFUSJ[FTEFBQMJDBÎÍP EBTQBSBBSFTQPOTBCJMJEBEFOBHFTUÍPmTDBM
$"%&3/04.$*%"%&4)"#*5"±°0 13*03*;"±°0/0"5&/%*.&/50®1016-"±°0 QPQVMBÎÍPDPNSFOEBTVQFSJPSBTBMÈSJPT
%&#"*9"3&/%" 130(3&44*7"3&%6±°0%0 NÓOJNPT DPNSFEVÎÜFTHSBEVBJTBQBSUJS
"5&/%*.&/50®1016-"±°026&10%&4&3 EFQBSBDPODFOUSBS BUÏ PBUFO
"5&/%*%"103'*/"/$*".&/50%&.&3$"%0 EJNFOUPBQFOBTQBSBGBNÓMJBTDPNSFOEB
3&%6±°0%045&504.«9*.04%&'*/"/$*".&/50 NFOTBMEFBUÏTBMÈSJPTNÓOJNPT
1"3"".1-*"30"5&/%*.&/50 65*-*;"±°0%04 EJTUSJCVJÎÍPEPTSFDVSTPTQPSVOJEBEFEB
&9$&%&/5&4/°0&9*(¶7&*41"3""$0#&3563"
GFEFSBÎÍPMFWBOEPFNDPOUBBEJWFSTJEBEF
SFHJPOBMRVBOUPBPEÏmDJUIBCJUBDJPOBMFUD
%&46#4¶%*04 &/5&/%*%04$0.0i%&4$0/504w
FPTDSJUÏSJPTEFFTUSBUJmDBÎÍPEBQPQVMB
$0/$&%*%04®4'"*9"4%&3&/%"."*4#"*9"4&
ÎÍPEFNBOEBOUF
$0.0&45¶.6-04®130%6±°0&®(&3"±°0%&
HBSBOUJBEFSFDVSTPTQBSBTFGB[FSGBDFBP
&.13&(04
EFTDPOUP PSJVOEPTEPQSØQSJP'(54F
TFSWJÎPT EFTEFRVFWJODVMBEPTBPTSFTQFDUJ FRVJWBMFOUFTBEBTSFDFJUBTDPNBQMJDB
WPTFNQSFFOEJNFOUPTIBCJUBDJPOBJTSFBMJ[B ÎÜFTmOBODFJSBTRVFFYDFEFSFNËSFNVOF
EPTOPÉNCJUPEPTQSPHSBNBTEP4)*4 SBÎÍPEB53BB
SFEJSFDJPOBNFOUPHSBEVBMEPTSFDVSTPT
D
3FWJTÍPEB3FTPMVÎÍPEP$POTFMIP QBSBBGBJYBEFNFOPSDBQBDJEBEFEFQB
$VSBEPSEP'VOEPEF(BSBOUJBQPS5FNQP HBNFOUPRVFTFEBSÈOBNFEJEBFNRVF
EF4FSWJÎP TFBNQMJFNBTPQFSBÎÜFTQBSBPNFSDBEP
"SFWJTÍPEB3FTPMVÎÍPOP RVFEFmOF DPNOPWBTGPOUFTEFSFDVSTPT BFYFNQMP
BTEJSFUSJ[FTQBSBBBQMJDBÎÍPEPTSFDVSTPTEP EBTRVFKÈGPSBNBEPUBEBTOPTÞMUJNPTNF
'(54 ÏJOEJTQFOTÈWFMQBSBWJBCJMJ[BSBJNQMF TFT FEFPVUSBTNBJTBCSBOHFOUFT
NFOUBÎÍPEB1PMÓUJDBF4JTUFNB/BDJPOBMEF DPNPGPSNBEFTFEJNFOTJPOBSPWPMVNF
)BCJUBÎÍP QBSBRVFTFHBSBOUBVNBHSBEVBM EFSFDVSTPTOFDFTTÈSJPTQBSBDPODFTTÍPEF

NVEBOÎBOPQFSmMEBQPQVMBÎÍPBUFOEJEBQF EFTDPOUPTEJSFDJPOBEPTËQPQVMBÎÍPEF
MPTQSPHSBNBTRVFVUJMJ[BNSFDVSTPTEP'(54 NFOPSSFOEB PCTFSWBEPPQFSmMEPEÏmDJU
OBQFSTQFDUJWBEFBKVTUÈMPTBPTQSFTTVQPTUPT EFWFSÍPTFSGFJUBTTJNVMBÎÜFTBQBSUJSEB
EB1/)0VTFKBQSJPSJ[BÎÍPOPBUFOEJNFOUPË VUJMJ[BÎÍPEPTDVTUPTSFHJPOBJTEFQSPEV
QPQVMBÎÍPEFCBJYBSFOEB QSPHSFTTJWBSFEVÎÍP ÎÍPEFVNBIBCJUBÎÍPOPWB BTFSFNMF
EPBUFOEJNFOUPËQPQVMBÎÍPRVFQPEFTFS WBOUBEPTFNDPOKVOUPQFMP.JOJTUÏSJPEBT
BUFOEJEBQPSmOBODJBNFOUPEFNFSDBEP SFEV $JEBEFT $&'F$#*$
ÎÍPEPTUFUPTNÈYJNPTEFmOBODJBNFOUPQBSB
BNQMJBSPBUFOEJNFOUP VUJMJ[BÎÍPEPTFYDFEFO "JNQMFNFOUBÎÍPEFPQFSBÎÜFTMBTUSFBEBT
UFTOÍPFYJHÓWFJTQBSBBDPCFSUVSBEFTVCTÓEJPT FNSFDVSTPTEP'/)*4 DPNBDPOTFRàFOUF
FOUFOEJEPTDPNPiEFTDPOUPTwDPODFEJEPTËT QBSUJDJQBÎÍPEFSFDVSTPTPSÎBNFOUÈSJPTQSPWF
GBJYBTEFSFOEBNBJTCBJYBTFDPNPFTUÓNVMPTË OJFOUFTEBTUSÐTFTGFSBTEFHPWFSOP BTTPDJBEB
QSPEVÎÍPFËHFSBÎÍPEFFNQSFHPT BQSPDFTTPTEFDPOTUSVÎÍPRVFJODPSQPSFNB
4ÍPQSPQPTUBTBTTFHVJOUFTBMUFSBÎÜFTCÈTJ QBSUJDJQBÎÍPEPCFOFmDJÈSJPOBTPCSBTFTFS
DBTOB3FTPMVÎÍP DPNWBMJEBEFBQBSUJSEF WJÎPT NVUJSÍP BVUPDPOTUSVÎÍPFBVUPHFTUÍP

KBOFJSPEF
SFEVÎÍPHSBEVBMEBBNQMJUVEFEPVOJ 3FTQFJUBOEPBTDPOEJÎÜFTEFFRVJMÓCSJPEP'(54
WFSTPBUFOEJEPDPNSFDVSTPTEBÈSFBEF FBTEFMJCFSBÎÜFTEP$POTFMIP$VSBEPSEP'VOEP
IBCJUBÎÍPQPQVMBS RVFIPKFTFFTUFOEFË EF(BSBOUJBQPS5FNQPEF4FSWJÎPo$$'(54

$"%&3/04.$*%"%&4)"#*5"±°0
SFEV[JSÍP QSPHSFTTJWBNFOUF PWPMVNFEFSF FNBOEBNFOUPQSFWJTUPTOP11"
DVSTPTEFTUJOBEPTQFMP'(54QBSBEFTDPOUPT SFMBDJPOBEPTDPNBVSCBOJ[BÎÍPEFBTTFO
UBNFOUPTQSFDÈSJPT 1SØ.PSBEJB .FMIPSJB
EBT$POEJÎÜFTEF)BCJUBCJMJEBEF 1SPHSBNB
3&7*4°0%&130(3"."4&-*/)"4
)BCJUBS#SBTJM#*% )##
1"51SPTBOFBS "QPJP
%&'*/"/$*".&/50
B*NQMBOUBÎÍPEF1SPKFUPT*OUFHSBEPTEF4B
$POUFNQMBBÎÜFTRVFWJTBNDPOTPMJEBSSFWJ OFBNFOUP"NCJFOUBM 3FHVMBSJ[BÎÍP'VOEJÈSJB
TÜFTKÈJOUSPEV[JEBTFNQSPHSBNBTFMJOIBT "QPJPB1SFWFOÎÍPFB&SSBEJDBÎÍPEF«SFBT
EFmOBODJBNFOUP CFNDPNPBQSFTFOUBS EF3JTDP
BPTQSJODÓQJPTFEJSFUSJ[FTEFmOJEBT
TVHFTUÜFTFEJSFUSJ[FTQBSBDSJBÎÍPEFOPWBT OPÉNCJUPEB1/)
MJOIBTEFBÎÍP UFOEPFNWJTUBBNQMJBSPBUFO 0QSPDFTTPEFBEFRVBÎÍPEPTQSPHSBNBT
EJNFOUPBUPEPTPTTFHNFOUPTEBQPQVMBÎÍP KÈGPJJOJDJBEPBFYFNQMPEPQSPHSBNB)BCJ
FNTVBTOFDFTTJEBEFTF FTQFDJBMNFOUF ËQP UBS#SBTJM#*%)##RVFFNUFWF
QVMBÎÍPEFCBJYBSFOEB TVBTNFUBTmOBODFJSBTSFWJTUBTFQBDUVBEBT
KVOUPBP#BODP*OUFSBNFSJDBOPEF%FTFOWPM
WJNFOUP #*%
FTFVQSB[PQSPSSPHBEPQBSB
*OUFHSBÎÍPVSCBOBEFBTTFOUBNFOUPT
NBSÎPEF0)##SFWFMPVTFVNQSP
QSFDÈSJPT
HSBNBDPNGPSUFDBQBDJEBEFEFJOEVÎÍPEPT
&TUFDPNQPOFOUFEB1/)EFWFBCSBOHFSQSP NVOJDÓQJPTËQBSUJDJQBÎÍP BUVBOEPJODMVTJWF
HSBNBTFBÎÜFTEJWFSTPTEFBDPSEPDPNBTJO FNNVOJDÓQJPTDPNQPVDBFYQFSJÐODJBOPT
UFSWFOÎÜFTEFNBOEBEBTQFMPDPOKVOUPEFUJ EPJTDPNQPOFOUFTEFTUFQSPHSBNBP4VC
QPMPHJBTEFBTTFOUBNFOUPTQSFDÈSJPTEFCBJYB QSPHSBNBEF%FTFOWPMWJNFOUP*OTUJUVDJPOBM
SFOEBoGBWFMBTFBTTFNFMIBEPTMPUFBNFOUPT %*
FP4VCQSPHSBNBEF6SCBOJ[BÎÍPEF
JSSFHVMBSFTFDMBOEFTUJOPT DPSUJÎPT FOUSFPV "TTFOUBNFOUPT4VCOPSNBJT 6"4
"BWB
USBTo DPOGPSNFTFVTOÓWFJTEFQSFDBSJFEBEFF MJBÎÍPEBTFYQFSJÐODJBTPCUJEBTOPTQSPKFUPT
UFOEPDPNPSFGFSÐODJBVNQBESÍPNÓOJNPEF FNEFTFOWPMWJNFOUPTFSWJSÈEFCBTFQBSBB
JOUFSWFOÎÍPBTFSEFmOJEP EFBDPSEPDPNBT FMBCPSBÎÍPEFVNQSPHSBNBNBJTBNQMPFEF
FTQFDJmDJEBEFTSFHJPOBJTFMPDBJT*TUPTJHOJmDB DBSÈUFSOBDJPOBM"MÏNEJTTP IÈVNBQSPQPTUB
RVFOPDVSUPQSB[PEFWFSÈTFSEFTFOWPMWJEB EPHPWFSOPGFEFSBMFNEJTDVTTÍPKVOUPBPT
VNBDBSBDUFSJ[BÎÍPNBJTQSFDJTBEFTTFVOJWFS BUPSFTOBDJPOBJTFJOUFSOBDJPOBJTEFFYDMVJSEB
TPRVFPSJFOUFPQMBOFKBNFOUPEBTJOUFSWFO NFUBEPTVQFSÈWJUQSJNÈSJPPTJOWFTUJNFOUPT
ÎÜFTFBNFMIPSEJTUSJCVJÎÍPEFSFDVSTPT FNJOGSBFTUSVUVSB TBOFBNFOUPFIBCJUBÎÍP
0DPNQPOFOUFEF*OUFHSBÎÍP6SCBOBEF EFJOUFSFTTFTPDJBM RVFTFBQSPWBEPEBSÈOPWP
"TTFOUBNFOUPT1SFDÈSJPT QPSFOWPMWFSWÈSJBT GÙMFHPBPEFTFOWPMWJNFOUPEFQSPHSBNBTRVF
EJNFOTÜFToSFHVMBSJ[BÎÍPGVOEJÈSJB VSCBOÓT PCKFUJWFNBJOUFHSBÎÍPVSCBOBEFBTTFOUB
UJDB JOUFSWFOÎÍPGÓTJDBBNCJFOUBM NFMIPSJBT NFOUPTQSFDÈSJPT
IBCJUBDJPOBJT USBCBMIPTPDJBMo FYJHFBJOUF "MÏNEFTTBT BEFRVBÎÜFTQBSBWJBCJMJ[BS
HSBÎÍPEFQSPHSBNBTFBÎÜFTOPTUSÐTOÓWFJT BJOUFHSBÎÍPVSCBOBEPTBTTFOUBNFOUPT
EFHPWFSOP BSUJDVMBOEPSFDVSTPTEBTWÈSJBT
GPOUFTOPQMBOFKBNFOUPEBTJOUFSWFOÎÜFTOP
"TÓOUFTFEBBWBMJBÎÍPEPQSPHSBNB)##FTUB
UFSSJUØSJPFVOJmDBOEPBHFTUÍPOBJNQMFNFO
JOTFSJEBOP$BEFSOPRVFUSBUBFTQFDJmDBNFOUFEP
UBÎÍPEBTBÎÜFT%FTTBGPSNB OÍPTFQPEF DPNQPOFOUFEB*OUFHSBÎÍP6SCBOBEF"TTFOUB
QSFTDJOEJSEFBEFRVBSPTQSPHSBNBTFBÎÜFT NFOUPT1SFDÈSJPT
$"%&3/04.$*%"%&4)"#*5"±°0 QSFDÈSJPTDPNBTÈSFBTKÈDPOTPMJEBEBTEB BNQMJUVEFOBDJPOBM DPNBJOTUJUVDJPOBMJ[BÎÍP
DJEBEF ÏJNQSFTDJOEÓWFMBBSUJDVMBÎÍPFOUSFB EP'/)*4 PTSFDVSTPTEP0(6EFTUJOBEPTB
RVFTUÍPVSCBOBFIBCJUBDJPOBMDPNBRVFMFT FTUFUJQPEFJOUFSWFOÎÍP RVFTØQPEFTFSSF
MJHBEPTËÈSFBTPDJBM OPUBEBNFOUFOPRVFTF BMJ[BEBQFMPTFUPSQÞCMJDP EFWFSÍPFTUBSDPO
SFGFSFBPEFTFOWPMWJNFOUPEFNFMIPSFTDPOEJ DFOUSBEPTOP'VOEPRVF TFHVOEPSFHSBTB
ÎÜFTTPDJPFDPOÙNJDBTEBTGBNÓMJBTFOWPMWJEBT TFSFNFTUBCFMFDJEBT QPEFSÍPTFSSFQBTTBEPT
F EFNPEPFTQFDJBM ËTBÎÜFTBTTPDJBEBTBP FBSUJDVMBEPTBPT'VOEPTNVOJDJQBJT FTUBEV
EFTFOWPMWJNFOUPDPNVOJUÈSJP FTQFDJBMNFOUF BJTFEP%JTUSJUP'FEFSBM5PEBWJB BSFUPNBEB
SFMBDJPOBEBTËTFUBQBTEFQØTPDVQBÎÍPEBT EBDPODFTTÍPEFmOBODJBNFOUPDPNSFDVSTPT
ÈSFBTRVFSFDFCFSBNJOUFSWFOÎÜFTEFVSCB EP'(54BPTFUPSQÞCMJDP DPNDBQBDJEBEF
OJ[BÎÍP%FWFTFSFTTBMUBS UBNCÏN BJNQPS EFBTTVNJSEÓWJEB ÏGBUPSGVOEBNFOUBM QBSB
UÉODJBEPUSBCBMIPEFHFTUÍPKVOUPBPTEFNBJT TFEBSNBJPSFTDBMB QPJTQSPHSBNBTDPNPP
ØSHÍPTEPFYFDVUJWPGFEFSBMFEBTJOTUÉODJBT 1SØ.PSBEJB RVFEFQFOEFNEFTUBFYDFQDJP
EPTEFNBJTOÓWFJTEFHPWFSOPSFTQPOTÈWFJT OBMJ[BÎÍPEBTSFTUSJÎÜFTEFDSÏEJUPBPTFUPS
QFMBSFHVMBÎÍPEBTUBSJGBTQÞCMJDBTEFTFSWJÎPT QÞCMJDP QPEFSJBNBQSFTFOUBSVNBFYFDVÎÍP
CÈTJDPT OPTFOUJEPEFFRVBDJPOBSBBEFRVBEB FNWPMVNFNBJTFYQSFTTJWPDPOEJ[FOUFDPN
TVTUFOUBCJMJEBEFEBTGBNÓMJBTCFOFmDJBEBTQBSB BDSFTDFOUFEFNBOEBJEFOUJmDBEBQBSBFTUB
RVFUFOIBNDPOEJÎÜFTEJHOBTEFBTTVNJSP MJOIBQSPHSBNÈUJDB
QBHBNFOUPEFTUBTUBSJGBTSFGFSFOUFTBPTTFSWJ
ÎPTEFJOGSBFTUSVUVSBJOTUBMBEPTOFTTBTÈSFBT
1SPHSBNBTFMJOIBTEFGJOBODJBNFOUP
0VUSPPCKFUJWPBTFSCVTDBEPÏHBSBOUJS
QBSBQSPWJTÍPIBCJUBDJPOBM
NBJPSBSUJDVMBÎÍPFOUSFPTQSPHSBNBTFBT
BÎÜFTEFJOUFHSBÎÍPVSCBOBEFBTTFOUBNFOUPT $PNCBTFOBTEJSFUSJ[FTEJTDVUJEBTOPÉN
QSFDÈSJPTDPNBTBÎÜFTEFTUJOBEBTBPmOBO CJUPEFTUB1/) PTQSPHSBNBTFQSPEVUPT
DJBNFOUPJOEJWJEVBMQBSBPBVUPFNQSFFOEJ IBCJUBDJPOBJTWJHFOUFT JNQMFNFOUBEPTDPN
NFOUPEBDBTBQSØQSJB RVFKÈDPOUBDPNQSP SFDVSTPTEFEJWFSTBTGPOUFTBQBSUJSEFNFBEPT
HSBNBFTQFDÓmDP MFNCSBOEPRVFQBSBPÐYJUP EPBOPEF WÐNTFOEPPCKFUPEFSFWJTÍP
EFTUBBSUJDVMBÎÍP PNVOJDÓQJPEFWFEFTFNQF OPSNBUJWB
OIBSQBQFMBUJWP%FTTFNPEP PTQSPHSBNBT "TTJNTFOEP FDPOTJEFSBOEPRVFPBUFO
EFSFDVQFSBÎÍPFJOTFSÎÍPEFÈSFBTQSFDÈSJBT EJNFOUPIBCJUBDJPOBMEFWFSÈBCSBOHFSBVN
oUSBEV[JEPTQFMBJOTUBMBÎÍPEPTTFSWJÎPTQÞ BNQMPDPOKVOUPEFTFHNFOUPTTPDJBJT EF
CMJDPTCÈTJDPTEFJOGSBFTUSVUVSB OBNFMIPSJB BDPSEPDPNTVBTOFDFTTJEBEFT DBQBDJEBEF
EBTDPOEJÎÜFTEFDJSDVMBÎÍPFBDFTTP OBESF EFQBHBNFOUPFDVTUPEBTGPOUFTEFSFDVSTPT
OBHFNFQSPUFÎÍPBSJTDPT OBSFHVMBSJ[BÎÍP BQSFTFOUBTFBTFHVJSBDPOTPMJEBÎÍPEFTTBT
GVOEJÈSJBFVSCBOÓTUJDBFOPUSBCBMIPTPDJBM SFWJTÜFT CFNDPNPBTBÎÜFTKÈJEFOUJmDBEBT
EFEFTFOWPMWJNFOUPDPNVOJUÈSJP EVSBOUFB DPNPOFDFTTÈSJBTBTFSFNJNQMFNFOUBEBTOBT
BQØTBPDVQBÎÍPoFODPOUSBSÍPDPOUJOVJEBEF GPSNBTEFBDFTTPËNPSBEJB
OBNFMIPSJBEBTVOJEBEFTIBCJUBDJPOBJTJHVBM
NFOUFQSFDÈSJBTRVFTFFODPOUSBNBTTFOUBEBT
OFTTBTÈSFBT PRVFCFOFmDJBSÈBTGBNÓMJBTRVF *o1SPHSBNBTFMJOIBTEFGJOBODJBNFOUP
FTUÍPOPT(SVQPT*F** EFTUJOBEPTËBRVJTJÎÍPEFJNØWFJTVTBEPT
2VBOUPËRVFTUÍPEBTVTUFOUBÎÍPmOBODFJ FSFGPSNB
SBEFQSPHSBNBTFBÎÜFTEFTTFQPSUFFDPN "DPODFTTÍPEFmOBODJBNFOUPQBSBBRVJTJÎÍP

$"%&3/04.$*%"%&4)"#*5"±°0
EFJNØWFJTVTBEPTFSFGPSNBSFRVFSVNBSF BUPNJ[BEBFGSBHNFOUBEB HBSBOUJOEPSFTVM
WJTÍPEFDBSÈUFSOPSNBUJWP QBSBUPSOÈMBNBJT UBEPTPCKFUJWPTOPFOGSFOUBNFOUPEPEÏmDJU
BEFSFOUFBPTPCKFUJWPTEB1PMÓUJDB/BDJPOBMEF DPNQBUÓWFMDPNPJOWFTUJNFOUPFBBCSBOHÐO
)BCJUBÎÍP TPCSFUVEPDPNPVNJOTUSVNFOUP DJBEFTUFQSPHSBNB
DBQB[EFQSPEV[JSSFTVMUBEPTNBJTFmDB[FTOP "TTJN BUSBOTGPSNBÎÍPEFTUBNPEBMJEBEF
ÉNCJUPEPTQSPHSBNBTRVFBUFOEFNBSFBCJMJ FEFPVUSBTWJODVMBEBTBPmOBODJBNFOUPEF
UBÎÍPEFÈSFBTVSCBOBT NBUFSJBMEFDPOTUSVÎÍPEFWFTFSBDPNQBOIB
"MÏNEJTTP QPEFSÈFYFSDFSVNQBQFMFTUSB EBEFBMUFSBÎÜFTOPTFOUJEPEFJODPSQPSBSB
UÏHJDPQBSBQSPNPWFSVNBNBJPSPDVQBÎÍP BTTJTUÐODJBUÏDOJDBDPNPVNSFRVJTJUPJOEJT
EPFTUPRVFEFEPNJDÓMJPTWBHPTRVFBUJOHF QFOTÈWFMQBSBBDPOUSBUBÎÍP PCKFUJWBOEPBT
OÞNFSPTNVJUPFMFWBEPT OPUBEBNFOUFOBT TFHVSBSRVFPTSFDVSTPTTFKBNCFNBQMJDBEPT
DBQJUBJTEBTSFHJÜFT4VEFTUFF4VMRVFUÐN FHBSBOUJSRVFBRVBMJEBEFBMDBOÎBEB UBOUP
DPODFOUSBEPQPSDFOUBHFOTTFNQSFNVJUP EVSBOUFPQSPDFTTPEFDPOTUSVÎÍPRVBOUPOP
FMFWBEBTEFSFDVSTPT NBTRVF DPOUSBEJUPSJB QSPEVUPmOBMPCUJEP TFKBQMFOBNFOUFTBUJT
NFOUF UÐNTPGSJEPVNBDSÏTDJNPFYBHFSBEP GBUØSJBEJBOUFEBTFTQFDJmDBÎÜFTDPOTUSVUJWBT
OPOÞNFSPEFEPNJDÓMJPTWBHPT QSPKFUP QSPDFTTPDPOTUSVUJWP NBUFSJBJTFUD

/FTUFTFOUJEP BBSUJDVMBÎÍPFOUSFBTJO
UFSWFOÎÜFTEFVSCBOJ[BÎÍPEFÈSFBTPVEF
**o1SPHSBNBTFMJOIBTEFGJOBODJBNFOUP JNQMBOUBÎÍPEFMPUFTVSCBOJ[BEPTSFBMJ[BEBT
BQFTTPBTGÓTJDBT QBSBBRVJTJÎÍPPV QFMPQPEFSQÞCMJDPNVOJDJQBMFBDPODFTTÍP
QSPEVÎÍPEFJNØWFJTOPWPTFMPUFT EFDSÏEJUPBPCFOFmDJÈSJPmOBMQBSBBRVJTJÎÍP
VSCBOJ[BEPT EFNBUFSJBM BDPNQBOIBEBEFBTTJTUÐODJB
B
'JOBODJBNFOUPBQFTTPBTGÓTJDBT UÏDOJDB TFSJBNVJUPBEFRVBEB JOEFQFOEFOUF
0mOBODJBNFOUPQBSBBRVJTJÎÍPPVQSPEV NFOUFEBGPOUFRVFWJFTTFBmOBODJBSBJOUFS
ÎÍPEFVOJEBEFTJTPMBEBT BQFTTPBTGÓTJDBT WFOÎÍP&TUFUJQPEFBÎÍP RVFTFDBSBDUFSJ[B
EFWFSÈFTUBSWPMUBEPBPBUFOEJNFOUPEBEF QFMBDPODFOUSBÎÍPFTQBDJBMOBDPODFTTÍP
NBOEBFORVBESBEBOPT(SVQPT** ***F*7 POEF mOBODJBNFOUP UFNBJOEBBWBOUBHFNEFCB
TFBMPDBSJBNSFDVSTPTEP'(54 EP'"5 EP SBUFBSFGBDJMJUBSPGPSOFDJNFOUPEBBTTJTUÐODJB
4#1&FPVUSPTEPNFSDBEP UÏDOJDBFBDBQBDJUBÎÍPQBSBBQSPEVÎÍP
"NPEBMJEBEF$BSUBEF$SÏEJUP*OEJWJEVBM 5BNCÏNDPOmHVSBTFDPNPPNBJTBEF
.BUFSJBMEF$POTUSVÎÍPDPNSFDVSTPTEP RVBEPQBSBBQPJBSPEFTFOWPMWJNFOUPEF
'(54RVF QPSNFJPEBDPODFTTÍPEFDSÏEJUP QSPKFUPTWPMUBEPTQBSBNFMIPSJBTEBNPSBEJB
QBSBBDPNQSBEFNBUFSJBJTEFDPOTUSVÎÍP SVSBM OFTUFDBTPUBNCÏNBSUJDVMBEPTDPNB
WFNQSPNPWFOEP BMÏNEBSFGPSNBEFJNØ RVBMJmDBÎÍPEPIBCJUBUSVSBM*OJDJBUJWBTEFTTB
WFJT BDPOTUSVÎÍPEFOPWBTVOJEBEFT ÏVN OBUVSF[BEFQFOEFSÍP QBSBPTFVÐYJUP EF
QSPHSBNBRVFBQSFTFOUBFYUSFNBBEFSÐODJB VNBGPSUFQSFTFOÎBEPQPEFSQÞCMJDPMPDBM
BPQFSmMEPEÏmDJUFBPTPCKFUJWPTEB1/) TFKBDPNPQSPNPUPSEPFNQSFFOEJNFOUP
&NRVFQFTFBSFWJTÍPEBTEJSFUSJ[FTEFBQMJ TFKBDPNWJTUBTËNPCJMJ[BÎÍPFGPSOFDJNFOUP
DBÎÍPEFTUBNPEBMJEBEFFTUBCFMFDFSFNP EFSFDVSTPTEFTUJOBEPTËBTTJTUÐODJBUÏDOJDB
EJSFDJPOBNFOUPEFEPTSFDVSTPTQBSB 0QSPHSBNB$BSUBEF$SÏEJUP*OEJWJEVBM QPS
mOBODJBNFOUPBGBNÓMJBTOBGBJYBEFSFOEBBUÏ NFJPEB3FTPMVÎÍPOPEP$$'(54 QBT
TBMÈSJPTNÓOJNPT ÏOFDFTTÈSJPBNQMJBSP TPVBQFSNJUJSBBQMJDBÎÍPEFSFDVSTPTFNPQF
DPOUSPMFEBTBQMJDBÎÜFTRVFPDPSSFNEFGPSNB SBÎÜFTEFQSPEVÎÍPEFJNØWFJTFNÈSFBTSVSBJT
$"%&3/04.$*%"%&4)"#*5"±°0 C
1SPHSBNBTEFTUJOBEPTBPmOBODJBNFOUPEB 010%&31Á#-*$0.6/*$*1"- &45"%6"-06%0
EFNBOEBPSHBOJ[BEB %*453*50'&%&3"-5&.6.1"1&-&44&/$*"-$0.0
01SPHSBNB$SÏEJUP4PMJEÈSJP MJOIBEF 1"3$&*30 0#+&5*7"/%0 %&/53&0653"4 "
mOBODJBNFOUPDSJBEBFNDPNSFDVSTPT 3&%6±°0%&$64504&$0/4&2Ã&/5&'"$*-*5"±°0
PSJVOEPTEP'%4 JODPSQPSB BMÏNEPTNF %0"$&440"1016-"±°0%&#"*9"3&/%"
DBOJTNPTEFTVCTÓEJPTKÈQSBUJDBEPT BDPOUB
HBSBOUJBRVFGPSOFDFPBWBMQBSBQPTTJCJMJUBS EFTUJOBEPBPBUFOEJNFOUPEBEFNBOEBPS
PBDFTTPBPDSÏEJUPEFNBJPSDPOUJOHFOUFEP HBOJ[BEB TPGSFVBMUFSBÎÜFTOPSNBUJWBT OP
TFHNFOUPEFCBJYBSFOEB PSHBOJ[BEPQPS BOPEF WJTBOEPBNQMJBSPBUFOEJNFOUP
NFJPEFDPPQFSBUJWBTIBCJUBDJPOBJTFBTTP EBQPQVMBÎÍPEFCBJYBSFOEB NBJTFTQFDJ
DJBÎÜFTDPNVOJUÈSJBT JODFOUJWBOEPBQBSDFSJB mDBNFOUFBGBNÓMJBTDPNSFOEBNFOTBMBUÏ
DPNPTFUPSQÞCMJDPMPDBM/FTUBQFSTQFDUJWB 3 TBMÈSJPTNÓOJNPT
QPSNFJPEF
FOUFOEFTFRVFPQPEFSQÞCMJDPNVOJDJQBM NFEJEBTRVFJOnVFODJBNEJSFUBNFOUFPTDVT
FTUBEVBMPVEP%JTUSJUP'FEFSBMUFNVNQBQFM UPTmOBODFJSPTBPUPNBEPSEPDSÏEJUP"TTJN
FTTFODJBMDPNPQBSDFJSP PCKFUJWBOEP EFOUSF FTUBOPWBGPSNBUBÎÍPDPOUFNQMBBSFEVÎÍP
PVUSBT BSFEVÎÍPEFDVTUPTFDPOTFRàFOUF EPTFODBSHPTSFGFSFOUFTËSFNVOFSBÎÍPEPT
GBDJMJUBÎÍPEPBDFTTPBQPQVMBÎÍPEFCBJYB "HFOUFT'JOBODFJSPT UBYBEFBENJOJTUSBÎÍPF
SFOEB EJGFSFODJBMEFKVSPTEPmOBODJBNFOUP

0EFTBmPOFTUBFUBQB BMÏNEFTVQFSBSBT "JOEBOPÉNCJUPEP1SPHSBNB$BSUBEF
CBSSFJSBTCVSPDSÈUJDBT ÏCVTDBSBBNQMJBÎÍP $SÏEJUP"TTPDJBUJWP GPJDSJBEBBNPEBMJEBEF
EFTUBMJOIBEFBÎÍPBUSBWÏTEFBMPDBÎÍPEF i3FBCJMJUBÎÍP6SCBOBwRVFPCKFUJWBBBRVJ
OPWPTSFDVSTPTRVFQPTTJCJMJUFNVNTBMUPEF TJÎÍPEFJNØWFJTVTBEPT DPOKVHBEBDPNB
FTDBMBOBQSPEVÎÍPIBCJUBDJPOBM JODPSQPSBO FYFDVÎÍPEFPCSBTFTFSWJÎPTWPMUBEPTËSFDV
EPOPWPTNFDBOJTNPTFBUPSFTBPQSPDFTTP QFSBÎÍPFPDVQBÎÍPQBSBmOTIBCJUBDJPOBJT
PCKFUJWBOEPBSFEVÎÍPEFDVTUPTFBNQMJBÎÍP BENJUJEBTBJOEBPCSBTFTFSWJÎPTOFDFTTÈSJPT
EBQSPEVÎÍP%FOUSFFTTBTNFEJEBTEFTUB ËNPEJmDBÎÍPEFVTP0TQSPKFUPTBQSFTFOUB
DBNTFBSFEVÎÍPEFDVTUPTmOBODFJSPTF EPTOPÉNCJUPEBNPEBMJEBEFi3FBCJMJUBÎÍP
BENJOJTUSBUJWPT BSFOÞODJBmTDBMEFJNQPTUPT 6SCBOBwEFWFSÍPFTUBSDPNQSPWBEBNFOUFJO
PSJVOEPTEPJODSFNFOUPEBQSPEVÎÍP PJO TFSJEPTFNQMBOPTNVOJDJQBJTEFSFBCJMJUBÎÍP
DFOUJWPËQBSUJDJQBÎÍPEPTFUPSQÞCMJDPDPNP EFÈSFBTVSCBOBTEPUBEBTEFJOGSBFTUSVUVSB
BHFOUFQSPNPUPSFQBSDFJSPEFFOUJEBEFTF FRVJQBNFOUPTFTFSWJÎPTQÞCMJDPT
DPPQFSBUJWBT CFNDPNPPFTUÓNVMPËQBSUJDJ "MÏNEJTTP GPJGPSNBUBEPP1SPHSBNB
QBÎÍPEPTFUPSQSJWBEPOPBUFOEJNFOUPBFTUB EF)BCJUBÎÍP3VSBM BSUJDVMBOEPSFDVSTPT
EFNBOEBBEJDJPOBM EFEJWFSTBTGPOUFT CVTDBOEPBUFOEFSBPT
$BCFEFTUBDBSRVFPHBOIPEFFTDBMBOB TFHNFOUPTWJODVMBEPTËBHSJDVMUVSBGBNJMJBS
QSPEVÎÍPQSFUFOEJEPJSÈHFSBSGPSUFJNQBDUP PSHBOJ[BEPTBUSBWÏTEP.PWJNFOUPEPT4FN
OBDBEFJBQSPEVUJWBOPTFHNFOUPIBCJUBDJPOBM 5FSSB .45
EP.PWJNFOUPEPT1FRVFOPT
EBDPOTUSVÎÍPDJWJM QFSNJUJOEPBDFMFSBSPQSP "HSJDVMUPSFT .1"
FPSHBOJ[BÎÜFTTJOEJDBJTEF
DFTTPEFSFDVQFSBÎÍPEPTFUPS DPOUSBQPOEP USBCBMIBEPSFTSVSBJT&TTBTFOUJEBEFTQBTTBSBN
TFBTJHOJmDBUJWBSFEVÎÍPEBQSPEVÎÍPEFTUF BQBSUJDJQBSDPNPQSPQPOFOUFTFHFTUPSBTEF
TFHNFOUPPDPSSJEBOPTÞMUJNPTEPJTBOPT QSPKFUPTOPÉNCJUPEFEJWFSTPTQSPHSBNBT
01SPHSBNB$BSUBEF$SÏEJUP"TTPDJBUJWP BFYFNQMPEP1SPHSBNBEF4VCTÓEJP)BCJUB
HFSJEPDPNSFDVSTPTEP'(54FJHVBMNFOUF DJPOBM 14)
POEFJODMVTJWFBCSJVTFFTQBÎP

$"%&3/04.$*%"%&4)"#*5"±°0
QBSBBT$PPQFSBUJWBTEF$SÏEJUP3VSBMEB"HSJ WJTUBTBNFMIPSSFTQPOEFSËTEVBTRVFTUÜFT
DVMUVSB'BNJMJBSQBSUJDJQBSFNDPNPBHFOUFT DFOUSBJTUSBUBEBTOB1PMÓUJDB/BDJPOBMEF)BCJ
mOBODFJSPTOP1SPHSBNBEF$SÏEJUP4PMJEÈSJP UBÎÍPBQSPWJTÍPIBCJUBDJPOBMFBVSCBOJ[BÎÍP
1$4
POEFBEFNBOEBSVSBMFRVJWBMFËDFSDB EFBTTFOUBNFOUPTQSFDÈSJPT'PSBNFTUSVUV
EFEBEFNBOEBBUFOEJEBQFMPQSPHSBNB SBEBTEVBTQSJODJQBJTBÎÜFTVNBWPMUBEBË
OP'(54BUSBWÏTEBTVQSFTTÍPEPMJNJUFPS NFMIPSJBEBTDPOEJÎÜFTEFIBCJUBCJMJEBEFEF
ÎBNFOUÈSJPEFJOWFTUJNFOUPQBSBBÈSFBSVSBM BTTFOUBNFOUPTQSFDÈSJPTFBPVUSBEJSFDJPOBEB
FEBGPSNBUBÎÍPEFNPEBMJEBEFBQSPQSJBEB ËDPOTUSVÎÍPEFVOJEBEFTIBCJUBDJPOBJT
BFTTFTFHNFOUP WJBCJMJ[BOEPBQBSUJDJQBÎÍP /PDBTPEPQSPHSBNBEFmOBODJBNFOUP
EBTFOUJEBEFTSVSBJTDPNPBHFOUFBTTPDJBUJWP BPTFUPSQÞCMJDP P1SØNPSBEJB FN GPJ
/FTUBFUBQBEFJNQMBOUBÎÍPGPSBNPVFTUÍP BVUPSJ[BEP QFMP$POTFMIP.POFUÈSJP/BDJP
FNQSPDFTTPEFBUFOEJNFOUPDFSDBEF OBM nFYJCJMJ[BÎÍPQBSBBDPOUSBUBÎÍPEF3
GBNÓMJBT NJMIÜFTQBSBBUFOEJNFOUPEFFTUBEPTFNV
$PNPTVCDPNQPOFOUFEP1SPHSBNBEF OJDÓQJPTFNTJUVBÎÍPEFFNFSHÐODJBPVDBMB
)BCJUBÎÍP3VSBMGPJTFHNFOUBEPPBUFOEJNFO NJEBEFQÞCMJDB GPSNBMNFOUFSFDPOIFDJEPT
UPËTFUOJBTÓOEJPTFRVJMPNCPMBT OVNBBÎÍP QFMPHPWFSOP'FEFSBM TFOEPBQSPWBEPQFMP
BSUJDVMBEBDPNPTØSHÍPTGFEFSBJTTFUPSJBJT $POTFMIP$VSBEPSEP'(54SFEVÎÍPEFDPO
BFYFNQMPEB'VOEBÎÍP/BDJPOBMEP¶OEJP USBQBSUJEBFUBYBEFKVSPT QBSBFTUFTDBTPT
'VOBJ
EB4FDSFUBSJB&TQFDJBMEF1PMÓUJDBTEF
1SPNPÎÍPEB*HVBMEBEF3BDJBM 4FQQJS
FEB E
1SPHSBNBTFMJOIBTEFmOBODJBNFOUPBP
'VOEBÎÍP/BDJPOBMEF4BÞEF 'VOBTB
DPN TFUPSQSJWBEP
BQBSDFSJBEFJOTUÉODJBTMPDBJT UFOEPTJEP 0TQSPHSBNBTWPMUBEPTBPmOBODJBNFOUP
BUFOEJEPDFSDBEFGBNÓMJBT BFYFNQMP EPTFUPSQSJWBEPFTUBSÍPEJSFDJPOBEPTBP
EBDPNVOJEBEFRVJMPNCPMBTEPT,BMVOHBT BUFOEJNFOUPEBEFNBOEBFORVBESBEBOPT
FN(PJÈT DPNVOJEBEFTIBCJUBDJPOBJT F (SVQPT***F*7 POEFTFBMPDBNSFDVSTPTEP
EBDPNVOJEBEF(VBSBOJ,BJPXÈEF%PVSBEPT '(54 EP4#1& EP4'*FPVUSPTEPNFSDBEP
o.4DPNVOJEBEFTIBCJUBDJPOBJT QPUFODJBMJ[BEPTQFMBSFDFOUFQSPNVMHBÎÍP
EB-FJOP RVFWJTBBVNFOUBSB
D
1SPHSBNBTFMJOIBTEFmOBODJBNFOUPFEF TFHVSBOÎBKVSÓEJDBEPTDPOUSBUPT BTTPDJBEB
SFQBTTFBPTFUPSQÞCMJDP BPNFDBOJTNPQSPQJDJBEPQFMBSFTPMVÎÍPEP
1PSTFSPQSJODJQBMSFTQPOTÈWFMQFMPBUFOEJ $POTFMIP.POFUÈSJP/BDJPOBM RVFQFSNJUFB
NFOUPËQPQVMBÎÍPEFCBJYBSFOEB (SVQP*
TJHOJmDBUJWBBNQMJBÎÍPEFSFDVSTPTQBSBmOBO
PTFUPSQÞCMJDPNVOJDJQBM EJTUSJUBMPVFTUBEV DJBNFOUP
BM BTTJNDPNPBT$PNQBOIJBTEF)BCJUBÎÍP %JBOUFEBOFDFTTJEBEFEFPUJNJ[BÎÍP
$0)"#
UFSJBNVNQBQFMGVOEBNFOUBMOB EPTSFDVSTPTQÞCMJDPTFBUFOEJNFOUPEBEF
PSHBOJ[BÎÍPEBEFNBOEBFOBDPODFTTÍPEF NBOEBPOEFTFDPODFOUSBPEÏmDJU EFWFSÍP
TVCTÓEJPTBEJDJPOBJTPSJVOEPTEPTSFTQFDUJWPT TFSDPODFCJEBTFGPNFOUBEBTOPWBTGPSNBT
'VOEPT.VOJDJQBJT EP%JTUSJUP'FEFSBMF&TUB EFQBSDFSJBDPNPTFUPSQSJWBEPWJTBOEPBP
EVBJT RVFQPEFSJBNBNQMJBSPBUFOEJNFOUP BUFOEJNFOUPEBQPQVMBÎÍPEFNBJTCBJYB
BPTTFHNFOUPTEFSFOEBNBJTCBJYB SFOEB/FTUFTFHNFOUPEFEFNBOEB POEFÏ
/PWPEFTFOIPGPJFTUBCFMFDJEPQBSBPQF QSFQPOEFSBOUFBQSFTFOÎBEPTFUPSQÞCMJDP
SBÎÍPEPTQSPHSBNBTMBTUSFBEPTDPNSFDVSTPT BTQBSDFSJBTQÞCMJDPQSJWBEBT OBJNQMFNFO
PSÎBNFOUÈSJPTBQBSUJSEP11" DPN UBÎÍPEFQSPKFUPTIBCJUBDJPOBJTFTUSVUVSBEPT
$"%&3/04.$*%"%&4)"#*5"±°0 DPOUSJCVJSÍP BJOEB QBSBPBQSJNPSBNFOUPEB NFOPSWBMPSEFBRVJTJÎÍPEBTVOJEBEFTF
FmDJÐODJBOBBQMJDBÎÍPEFSFDVSTPTQÞCMJDPT JOUFHSBÎÍPBPQSPHSBNBEFSFBCJMJUBÎÍPEF
/PEFDPSSFSEPBOPEF GPSBNQSP DFOUSPTVSCBOPT
NPWJEBTBMUFSBÎÜFTOP1SPHSBNBEF"QPJPB QSFSSPHBUJWBQBSBRVFBTBTTPDJBÎÜFTDPN
1SPEVÎÍP DPNSFDVSTPTEP'(54 QPSNFJP mOTIBCJUBDJPOBJTBQSFTFOUFNË$&' EF
EB3FTPMVÎÍP EP$$'(54 RVFQSPQJ NBOEBEFBSSFOEBUÈSJPTFQSPQPTUBTEF
DJBSBNPmOBODJBNFOUPEFOPWBTVOJEBEFT B FNQSFFOEJNFOUPT
QFTTPBTGÓTJDBT BUÏPMJNJUFEPTBMEPEFWFEPS QBSBQSPKFUPTDPNBFTQFDJmDBÎÍPUÏDOJDB
EBFNQSFTBDPOTUSVUPSBUPNBEPSBEPTSFDVS NÓOJNBFBEFTUJOBÎÍPEBTVOJEBEFTQBSB
TPT FBSFEVÎÍPEFQBSBEBFYJHÐO GBNÓMJBTDPNSFOEBBUÏRVBUSPTBMÈSJPTNÓ
DJBEFDPNFSDJBMJ[BÎÍPQSÏWJBEBTVOJEBEFTB OJNPT BUBYBEFBSSFOEBNFOUPÏmYBEBFN
TFSFNQSPEV[JEBTOPÉNCJUPEP1SPHSBNB EPWBMPSEFBRVJTJÎÍPEBTVOJEBEFT
IBCJUBDJPOBJT TFOEPRVFOPTQSPKFUPTQBSB
GBJYBEFSFOEBBDJNBEFRVBUSPFBUÏTFJT
1SPHSBNBEF"SSFOEBNFOUP
TBMÈSJPTNÓOJNPTBSFGFSJEBUBYBÏDBMDVMBEB
3FTJEFODJBM
QFMPQFSDFOUVBM
%VSBOUFFJOÓDJPEF P1SPHSBNBEF
"SSFOEBNFOUP3FTJEFODJBM 1"3
GPJPCKFUPEF /FTUFTFOUJEP P1"3TFSÈNBOUJEPOPTFV
SFWJTÜFTEFNPEPBRVFNFMIPSSFTQPOEFTTF OPWPGPSNBUP CVTDBOEPTFBQSPGVOEBS OP
ËTEJSFUSJ[FTEB1PMÓUJDB/BDJPOBMEF)BCJUBÎÍP RVFBJOEBFWFOUVBMNFOUFDPVCFS BSFWJTÍPKÈ
FNQBSUJDVMBSPBUFOEJNFOUPËQPQVMBÎÍPEF JOJDJBEB BDJNBDJUBEBT
CFNDPNPEFWFSÍP
SFOEBNBJTCBJYB1BSBUBOUP OPWBTEJSFUSJ TFSQSPNPWJEPTFTUVEPTSFMBUJWPTËTTFHVJOUFT
[FTEFBQMJDBÎÍPEPTSFDVSTPTOPÉNCJUPEP RVFTUÜFT
1SPHSBNBGPSBNJNQMFNFOUBEBT BQBSUJSEB QSPNPWFSJODFOUJWPTËSFDVQFSBÎÍPEF
QVCMJDBÎÍPQPSFTUF.JOJTUÏSJP EB1PSUBSJBOP FEJGÓDJPTBOUJHPT EFTEFRVFMPDBMJ[BEPTFN

EFEFKVOIPEF FOUSFBTRVBJT ÈSFBTDPOTJEFSBEBTBEFRVBEBTQFMPQPEFS
EFTUBDBNPT QÞCMJDPNVOJDJQBM BWBMJBOEPTF JODMVTJWF B
BEPÎÍPEFFTQFDJmDBÎÜFTUÏDOJDBTNÓOJ QPTTJCJMJEBEFEFPQFSBÎÜFTEFDPNQSBEF
NBT SFHJPOBMJ[BEBT JEFOUJmDBOEPBTDBSBD FEJGÓDJPTEFTPDVQBEPTOBTÈSFBTDFOUSBJT
UFSÓTUJDBTMPDBJTOPRVFEJ[SFTQFJUP FOUSF GBWPSFDFSPFOWPMWJNFOUP OPEFMJOFBNFOUP
PVUSBT ËUJQPMPHJBEBTVOJEBEFTIBCJUBDJP FFYFDVÎÍPEPTQSPKFUPT EFFOUJEBEFTPS

OBJT ËEPUBÎÍPEFJOGSBFTUSVUVSBJOUFSOBF HBOJ[BEPSBT BTTPDJBÎÜFTFPVUSPTPSHBOJT
FRVJQBNFOUPTDPNVOJUÈSJPT QSPQJDJBOEP NPTEBTPDJFEBEFDJWJMPSHBOJ[BEB EFTEF
VNBMFJUVSBNBJTBQSPQSJBEBEBTOFDFTTJEB RVFMFHBMNFOUFFTUSVUVSBEPT BTTJNDPNP
EFTSFHJPOBJT BQBSUJDJQBÎÍPEFFTDSJUØSJPTEFBTTFTTPSJB
JOTFSÎÍPEBT$PNQBOIJBEF)BCJUBÎÍP UÏDOJDBRVFBUVFNKVOUPBFTUBTBTTPDJB
1PQVMBSDPNPQSPQPOFOUFTËFYFDVÎÍPEF ÎÜFTOPEFDPSSFSEBJNQMBOUBÎÍPEPTQSP
QSPKFUPTEFFNQSFFOEJNFOUPTOPÉNCJUP HSBNBTF
EP1SPHSBNB FOWPMWFSFJODFOUJWBSBQBSUJDJQBÎÍPEBT
FTUBCFMFDJNFOUPEFDSJUÏSJPTEFTFMFÎÍP FNQSFTBTOPQSPDFTTPEFSFDVQFSBÎÍPEF
EFQSPKFUPT QBSBmOTEFDPOUSBUBÎÍP RVF JNØWFJT BUSBWÏT JODMVTJWF EPPGFSFDJNFOUP
DPOUFNQMFNNBJPSDPOUSBQBSUJEBEPTF EFFTUÓNVMPTËTVBDBQBDJUBÎÍP
UPSQÞCMJDP NFOPSUBYBEFDPOEPNÓOJPT

$"%&3/04.$*%"%&4)"#*5"±°0
2VBMJEBEFFQSPEVUJWJEBEF NÏUPEPTFEFGFSSBNFOUBTEFHFTUÍP DPN
EBQSPEVÎÍPIBCJUBDJPOBM WJTUBTBVNBFMFWBÎÍPEPEFTFNQFOIPTJT
UÐNJDPEBDBEFJBQSPEVUJWB
01SPHSBNB#SBTJMFJSPEB2VBMJEBEFF1SPEVUJWJ
JOEV[JS QPSNFJPEBNFMIPSJBEBRVBMJEBEF
EBEFEP)BCJUBU 1#21)
WJTBDPOUSJCVJSQBSBP
BVNFOUPEBQSPEVUJWJEBEFFEJTTFNJOBÎÍP
BVNFOUPEBQSPEVUJWJEBEFFDPNQFUJUJWJEBEF
EFJOGPSNBÎÜFTKVOUPËDBEFJBQSPEVUJWB
EPTFUPSEBDPOTUSVÎÍPDJWJM BUVBOEPFNQBS
FDPOTVNJEPSmOBM PFTUBCFMFDJNFOUPEF
DFJSBDPNPTFUPSQSJWBEPFFOUJEBEFTEPTFUPS
SFMBÎÜFTEFDPOTVNPNBJTÏUJDBTFFDP
QÞCMJDP0PCKFUJWPmOBMÏBVNFOUBSBTDPOEJ
OPNJDBNFOUFBEFRVBEBT QBVUBEBTQFMB
ÎÜFTEFBDFTTPËNPSBEJB QPSNFJPEBSFEVÎÍP
FYJTUÐODJBEFSFGFSFODJBJTOPSNBUJWPTEB
EPDVTUPmOBMEBTVOJEBEFTTFNQFSEBEFRVB
RVBMJEBEFEBDPOTUSVÎÍPIBCJUBDJPOBM
MJEBEFQSJODJQBMSFTQPOTÈWFMQFMBEFUFSJPSBÎÍP
HBSBOUJSBJNQMFNFOUBÎÍPEP4JTUFNB/B
QSFDPDFEBTNPSBEJBT OP1BÓT
DJPOBMEF"WBMJBÎÜFT5ÏDOJDBT 4*/"5
PCKFUJ
"QØTBOPTEPJOÓDJPEBJNQMFNFOUBÎÍP
WBOEPFTUBCFMFDFSSFGFSFODJBJTQBSBBBWBMJB
GPJDPODMVÓEPVNDJDMPJNQPSUBOUFEPQSPHSB
ÎÍPUÏDOJDBFEFEFTFNQFOIPEFQSPEVUPT
NB DPNBTFOTJCJMJ[BÎÍPFBEFTÍPEPTFTUB
NBUFSJBJTFDPNQPOFOUFTJOPWBEPSFT
EPT BMÏNEBBQSPWBÎÍPFGVODJPOBNFOUPEF
JODFOUJWBSBFMBCPSBÎÍP SFWJTÍPFBEPÎÍP
WJOUFFTFJT
1SPHSBNBT4FUPSJBJTEB2VBMJ
EFOPSNBTUÏDOJDBTDPNPSFGFSFODJBMQBSB
EBEF 142
EFNBUFSJBJTEFDPOTUSVÎÍP
BQSPEVÎÍPEFNBUFSJBJTEFDPOTUSVÎÍPF
"JNQMFNFOUBÎÍPEFBÎÜFTEFNFMIPSJBEF
FYFDVÎÍPEFTFSWJÎPTFNDPOGPSNJEBEF
RVBMJEBEFFQSPEVUJWJEBEFEBQSPEVÎÍPIBCJ
FMFWBSBQSPEVUJWJEBEFTJTUÐNJDBEBDBEFJB
UBDJPOBMFYJHFVNDPNQSPNJTTPQPSQBSUFEF
QSPEVUJWBEBDPOTUSVÎÍPDJWJM DPNPJODSF
UPEPTPTBHFOUFTFOWPMWJEPTOPQSPDFTTPEF
NFOUPEPTJOEJDBEPSFTEFDPOGPSNJEBEF
QSPEVÎÍPIBCJUBDJPOBM DVKPGVODJPOBNFOUP
EPTNBUFSJBJTFBBNQMJBÎÍPEPTBUVBJT1SP
PDPSSFEFGPSNBTJTUÐNJDBDPNBQBSUJDJQBÎÍP
HSBNBT4FUPSJBJTEB2VBMJEBEF 142
BMÏN
EPQPEFSQÞCMJDP TFUPSQSJWBEPFTPDJFEBEF
EBJOTUJUVJÎÍPEF1SPHSBNBT*OUFSTFUPSJBJT
DJWJMPSHBOJ[BEB POEFBTTFHVJOUFTFTUSBUÏHJBT
EB2VBMJEBEFWJTBOEPBJOUFHSBÎÍPEPT
EFWFSÍPTFSFTUBCFMFDJEBT
FYJTUFOUFT
QSPQPSBÎÜFTRVFPCKFUJWFNBDSJBÎÍPF
DPOTPMJEBSFBNQMJBSQBSDFSJBTJOTUJUVDJP
JNQMBOUBÎÍPEFNFDBOJTNPTEFGPNFOUPË
OBJTEP1SPHSBNB#SBTJMFJSPEF2VBMJEBEF
QFTRVJTB NPEFSOJ[BÎÍPUFDOPMØHJDB PSHB
F1SPEVUJWJEBEFEP)BCJUBU 1#21#
PC
OJ[BDJPOBMFHFSFODJBMEPTFUPSEBDPOTUSV
KFUJWBOEPJODMVJSPTHPWFSOPTNVOJDJQBJT
ÎÍPIBCJUBDJPOBMRVFNJOJNJ[FNBTJUVBÎÍP
JOTUJUVUPTEFQFTRVJTB */.&530FPVUSPT
BUVBM
DPNPQBSUFEBFTUSBUÏHJBEFBQSPYJNBSPT
HBSBOUJSRVFBBTTFTTPSJBUÏDOJDBPDPSSBUBO
CFOFGÓDJPTEP1SPHSBNBEPDJEBEÍP
UPFNQSPHSBNBTEFJOUFHSBÎÍPVSCBOBEF
FYFSDFSPQPEFSEFDPNQSBEPQPEFSQÞ
BTTFOUBNFOUPTQSFDÈSJPT RVBOUPOBSFBCJ
CMJDPFTVBDBQBDJEBEFEFDSÏEJUP QBSBGB
MJUBÎÍPEFJNØWFJTFOBQSPEVÎÍPEFOPWBT
WPSFDFSBÎÜFTRVFJOEV[BNËQSPEVÎÍPFN
NPSBEJBT
DPOGPSNJEBEFFËNFMIPSJBEBRVBMJEBEF
FTUJNVMBSNBJPSJOUFHSBÎÍPEBDBEFJBQSP
EPTTJTUFNBTEFHFTUÍPEPTTFHNFOUPTEP
EVUJWB DPOTJEFSBOEPBMØHJDBEFTVCTJTUF
TFUPSEBDPOTUSVÎÍPDJWJM
NBTJOUFHSBEPTFBOFDFTTJEBEFEFBEPÎÍP
GPSUBMFDFSBBSUJDVMBÎÍPJOTUJUVDJPOBMDPNFO
EFOPWBTUFDOPMPHJBTEFPSHBOJ[BÎÍP EF
UJEBEFTEFQSPUFÎÍPEPTEJSFJUPTEP
$"%&3/04.$*%"%&4)"#*5"±°0 DPOTVNJEPS WJTBOEPUPSOBSNBJTFGFUJWPP JOTUSVNFOUPTRVFQPTTJCJMJUBNBQFSNBOÐODJB
FYFSDÓDJPEPQPEFSEFDPNQSBEPDJEBEÍPOB FBSFHVMBSJ[BÎÍPGVOEJÈSJBEBTÈSFBTPDVQBEBT
JOEVÎÍPEBNFMIPSJBEPTQBUBNBSFTEFRVBMJ QPSQPQVMBÎÍPEFCBJYBSFOEB
EBEFEPTFUPS CFNDPNPHBSBOUJSVNNBJPS 0QSJODJQBMJOTUSVNFOUPEFWJODVMBÎÍPEBT
HSBVEFDPOmBCJMJEBEFOBPGFSUBEFIBCJUB EVBTQPMÓUJDBTÏP1MBOP%JSFUPS.VOJDJQBM
ÎÜFTFNBUÏSJBTEFDPOTUSVÎÍPËTPDJFEBEF /FTTFTFOUJEP BQBSUJSEF P.JOJTUÏSJP
EBT$JEBEFTDSJPVVNBBÎÍPQFSNBOFOUFEF
BQPJPBPTNVOJDÓQJPTQBSBJNQMFNFOUBÎÍPEP
.&%*%"43&-"$*0/"%"4®10-¶5*$"
&TUBUVUPEBT$JEBEFTFFMBCPSBÎÍPEPT1MBOPT
%&%&4&/70-7*.&/5063#"/0
%JSFUPSFTQBSUJDJQBUJWPT RVFFOHMPCBBMÏNEF
"JNQMBOUBÎÍPEP4JTUFNB/BDJPOBMEF)BCJUB SFDVSTPTmOBODFJSPTEP0(6 TFOTJCJMJ[BÎÍPF
ÎÍPFEFTFVTQSPHSBNBTFYJHFVNBBSUJDVMB DBQBDJUBÎÍPEFHFTUPSFTQÞCMJDPT UÏDOJDPTF
ÎÍPDPNBQPMÓUJDBVSCBOB QBSUJDVMBSNFOUFB MJEFSBOÎBTTPDJBJT$SJPVP1SPHSBNB/BDJPOBM
QPMÓUJDBGVOEJÈSJB RVFQPEFDSJBSBTDPOEJÎÜFT EF3FHVMBSJ[BÎÍP'VOEJÈSJB4VTUFOUÈWFMF
EFBNQMJBÎÍPEBPGFSUBEFUFSSBVSCBOJ[BEB OVNBBÎÍPKVOUPBP$POHSFTTP/BDJPOBM EJT
CBSBUFBNFOUPEPTJNØWFJTF DPOTFRàFOUF DVUFBSFWJTÍPEB-FJEF1BSDFMBNFOUPEP4PMP
NFOUF GBDJMJUBSBQSPEVÎÍPEFOPWBTNPSB 6SCBOPQBSBRVFDPOUFNQMFBDJEBEFSFBMF
EJBT"QPMÓUJDBVSCBOBEFWFUBNCÏNDPOUFSPT JODMVBBSFHVMBSJ[BÎÍPEBTÈSFBTDPOTPMJEBEBT

$"%&3/04.$*%"%&4)"#*5"±°0
3&'&3³/$*"4#*#-*0(3«'*$"4 -&* EFEFKVMIPEF&TUBUVUPEB
$JEBEF
."326&4 &07FSTÍPDPNFOUBEBTPCSFBQSPQPT
"440$*"±°0#3"4*-&*3"%&$0)"#T%FTFRVJMÓ
UBQSFMJNJOBSEB1PMÓUJDBF4JTUFNB/BDJPOBMEF
CSJPT"UJWPo1BTTJWPEPT"HFOUFT$0)"#TEP
)BCJUBÎÍP 1SPHSBNB)BCJUBS#SBTJM#*% 1SPKFUP
4JTUFNB'JOBODFJSPEF)BCJUBÎÍP.BOBVT
#3"
#SBTÓMJB
$"*9"&$0/¼.*$"'&%&3"-&TUVEPEB5SBOTGF
.*/*45²3*0%"4$*%"%&43FMBUØSJPFMBCPSBEP
SÐODJBEF$PNQFUÐODJBTF"USJCVJÎÜFTEP#BODP
QBSBP#*3%o#BODP.VOEJBM#SBTÓMJB
/BDJPOBMEF)BCJUBÎÍPo#/)#SBTÓMJB
.*/*45²3*0%"4$*%"%&41PMÓUJDBEF*OGPSNBÎÍP
$"3%040 "-7FSTÍPDPNFOUBEBTPCSFBQSPQPT
EBT$JEBEFTo1*$ WFSTÍP#SBTÓMJB
.*/*45²3*0%"4$*%"%&47*"1Á#-*$"%JBHOØT
UJDPEBTDPOEJÎÜFTIBCJUBDJPOBJT EBQPMÓUJDB
#3"
#SBTÓMJB
IBCJUBDJPOBMFEBTBÎÜFTJOTUJUVDJPOBJTEBQPMÓ
$)&3,&;*"/ )7FSTÍPDPNFOUBEBTPCSFBQSPQPT
UJDBIBCJUBDJPOBMSFBMJ[BEBOP#SBTJM1SPHSBNB
)BCJUBS#SBTJM#*% 1SPKFUP#3"
#SBTÓMJB

#3"
#SBTÓMJB
.*/*45²3*0%"4$*%"%&47*"1Á#-*$"4VCTÓEJPT
'*/"5&$#"/$0.6/%*"-$"*9"4&$3&5"3*"
QBSBGPSNVMBÎÍPEPOPWP4JTUFNB/BDJPOBMEF
&41&$*"-EF%&4&/70-7*.&/5063#"/0
)BCJUBÎÍP1SPHSBNB)BCJUBS#SBTJM#*% 1SPKFUP
1SPQPTUBEF1PMÓUJDB/BDJPOBMEF)BCJUBÎÍP
#3"
#SBTÓMJB
#SBTÓMJB
.*/*45²3*0%"4$*%"%&47*"1Á#-*$"&TUSBUÏHJB
'*&41$*&41F.*/*45&3*0%0%&4&/70-7*.&/50
EFJNQMBOUBÎÍPEB1PMÓUJDBF4JTUFNB/BDJPOBM
*/%Á453*"&$0.²3$*0&95&3*03"HFOEBEF
EF)BCJUBÎÍP1SPHSBNB)BCJUBS#SBTJM#*% 1SP
QPMÓUJDBQBSBBDBEFJBQSPEVUJWBEBDPOTUSVÎÍP
KFUP#3"
#SBTÓMJB
DJWJM4ÍP1BVMP
.*/*45²3*0%"4$*%"%&4'6/%"±°0+0°0
'»36./"$*0/"-%&3&'03."63#"/"7FSTÍP
1*/)&*30%ÏmDJU)BCJUBDJPOBMOP#SBTJM.VOJ
DPNFOUBEBTPCSFBQSPQPTUBQSFMJNJOBSEB1P
DÓQJPTTFMFDJPOBEPTFNJDSPSSFHJÜFTEFNPHSÈm
MÓUJDBF4JTUFNB/BDJPOBMEF)BCJUBÎÍP3JPEF
DBT'+1#FMP)PSJ[POUF OPWFNCSP
+BOFJSP
.*/*45²3*0%"4$*%"%&4$0/'&"1MBOP%JSFUPS
*#(& 3+
1FTRVJTB/BDJPOBMQPS"NPTUSBHFNEF
1BSUJDJQBUJWPoHVJBQBSBFMBCPSBÎÍPQFMPTNV
%PNJDÓMJPTo1/"% NJDSPEBEPT3JPEF
OJDÓQJPTFDJEBEÍPT#SBTÓMJB
+BOFJSP $%30.
.*/*45²3*0%"4$*%"%&4%JSFUSJ[FTEPBOUFQSP
*/45*5650$*%"%"/*"1SPKFUP.PSBEJB4ÍP1BVMP
KFUPEFMFJEB1PMÓUJDB/BDJPOBMEF4BOFBNFOUP

"NCJFOUBM#SBTÓMJB
*/45*5650#3"4*-&*30EF(&0(3"'*"F&45"5¶4
.*/*45²3*0%"4$*%"%&4%JSFUSJ[FTEB1PMÓUJDB
5*$"$FOTPEFNPHSÈmDP*#(&3JPEF+BOFJSP
/BDJPOBMEF.PCJMJEBEF6SCBOB#SBTÓMJB

1"3,*/40/ ".FDPMBCPSBEPSFT1MBOP/BDJPOBM
*/45*5650#3"4*-&*30EF(&0(3"'*"F&45"5¶45*
EF)BCJUBÎÍP)BCJUBÎÍPEF.FSDBEPVNB
$"1FTRVJTBEF*OGPSNBÎÜFT.VOJDJQBJT*#(&
OPWBQFSTQFDUJWB4ÍP1BVMP
3JPEF+BOFJSP
1&44*/"-7FSTÍPDPNFOUBEBTPCSFBQSPQPTUB
*.1"3"50 *$PNFOUÈSJPTEBFRVJQFEP#BODP
QSFMJNJOBSEB1PMÓUJDBF4JTUFNB/BDJPOBMEF
.VOEJBMTPCSFBQSPQPTUBQSFMJNJOBSEB1PMÓUJDBF
4JTUFNB/BDJPOBMEF)BCJUBÎÍP4ÍP1BVMP
#3"
#SBTÓMJB
$"%&3/04.$*%"%&4)"#*5"±°0 1&536$$* $,3")&/#6)- -"-7&4 .)"' 4*(-"465*-*;"%"4
4*-7&*3" .5$035&;17FSTÍPDPNFOUBEB
#"$&/o#BODP$FOUSBMEP#SBTJM
TPCSFBQSPQPTUBQSFMJNJOBSEB1PMÓUJDBF4JTUF
#%*o#FOFGÓDJPTF%FTQFTBT*OEJSFUBT
NB/BDJPOBMEF)BCJUBÎÍP#SBTÓMJB
#(6o#BMBOÎP(FSBMEB6OJÍP
1SPQPTUBEFSFWJTÍPEBMFJEF1BSDFMBNFOUPEP4PMP
#*%o#BODP*OUFSBNFSJDBOPEF%FTFOWPMWJNFOUP
QBSB'JOT6SCBOPTF3FHVMBSJ[BÎÍP'VOEJÈSJBEF
#*3%o#BODP.VOEJBM
«SFBT6SCBOBT #SBTÓMJB
#/)o#BODP/BDJPOBMEB)BCJUBÎÍP
3&40-6±¿&4*F**EB$POGFSÐODJBEBT$JEBEFT
$$'(54o$POTFMIP$VSBEPSEP'VOEPEF(BSBOUJB
4&$3&5"3*"&41&$*"-EF%&4&/70-7*.&/50
QPS5FNQPEF4FSWJÎP
63#"/0'6/%"±°0+0°01*/)&*30%ÏmDJU
$$)o$PPQFSBUJWBEF$SÏEJUP)BCJUBDJPOBM
)BCJUBDJPOBMOP#SBTJM'+1#FMP)PSJ[POUF
$#*$o$ÉNBSB#SBTJMFJSBEB*OEÞTUSJBEB

$POTUSVÎÍP
4*.°0 14$POTUSVÎÍP)BCJUBDJPOBMDPNPBMBWBO
$&'o$BJYB&DPOÙNJDB'FEFSBM
DBEP%FTFOWPMWJNFOUP4PDJPFDPOÙNJDP4ÍP
$')o$FSUJmDBEPEF'JOBODJBNFOUP)BCJUBDJPOBM
1BVMP
$./o$POTFMIP.POFUÈSJP/BDJPOBM
4JOEVT$PO41$POUSJCVJÎÜFTBPEPDVNFOUPQSFMJ
$/)o$POTFMIP/BDJPOBMEB)BCJUBÎÍP
NJOBSEB1PMÓUJDBF4JTUFNB/BDJPOBMEF)BCJUB
$0%&'"5o$POTFMIP%FMJCFSBUJWPEP'VOEPEF
ÎÍP4ÍP1BVMP
"NQBSPBP5SBCBMIBEPS
8)*5",&3 +$POUSJCVJÎÜFTBPEPDVNFOUPQSFMJNJ
$0)"#o$PNQBOIJBEF)BCJUBÎÍP1PQVMBS
OBSEB1PMÓUJDBF4JTUFNB/BDJPOBMEF)BCJUBÎÍP
$0.0$o$PNJTTÍP5ÏDOJDBEF.PFEBF$SÏEJUP
4ÍP1BVMP
$PO$JEBEFTo$POTFMIPEBT$JEBEFT
,3")&/#6)- -$POUSJCVJÎÜFTQBSBBGPSNVMBÎÍP
$3*o$FSUJmDBEPEF3FDFCÓWFJT*NPCJMJÈSJPT
EFVNBOPWB1PMÓUJDB)BCJUBDJPOBMQBSBP#SBTJM
$5)o$PNJUÐ5ÏDOJDPEF)BCJUBÎÍP
)BCJUBÎÍPEF*OUFSFTTF4PDJBM'PSNBTEF"DFTTP
%'o%JTUSJUP'FEFSBM
Ë.PSBEJB4ÍP1BVMP
&.(&"o&NQSFTB(FTUPSBEF"UJWPT
'")#3&o'VOEPEF"QPJPË1SPEVÎÍPEF
)BCJUBÎÜFTQBSB1PQVMBÎÍPEF#BJYB3FOEB
4*5&4 '"3o'VOEPEF"SSFOEBNFOUP3FTJEFODJBM
'"4o'VOEPEF"QPJPBP%FTFOWPMWJNFOUP4PDJBM
#BODPEP#SBTJMoXXXCCDPNCS
'"5o'VOEPEF"NQBSPEP5SBCBMIBEPS
#BODP$FOUSBMEP#SBTJMoXXXCDCHPWCS
'$74o'VOEPEF$PNQFOTBÎÍPEF7BSJBÎÜFT
$BJYB&DPOÙNJDB'FEFSBMoXXXDBJYBHPWCS
4BMBSJBJT
'+1oXXXʵQHPWCS
'%4o'VOEPEF%FTFOWPMWJNFOUP4PDJBM
*#(&oXXXJCHFHPWCS
'&)*4o'VOEP&TUBEVBMEF)BCJUBÎÍPEF*OUFSFTTF
*/$3"oXXJODSBHPWCS
4PDJBM
*1163oXXXJQQVSVGSKCSPCTFSWBUØSJP
'(54o'VOEPEF(BSBOUJBQPS5FNQPEF4FSWJÎP
.JOJTUÏSJPEBGB[FOEBoXXXGB[FOEBHPWCS
'+1o'VOEBÎÍP+PÍP1JOIFJSP
.JOJTUÏSJPEBT$JEBEFToXXXDJEBEFTHPWCS
'.)*4o'VOEP.VOJDJQBMEF)BCJUBÎÍPEF
1/6%oXXXQOVEPSHCS
*OUFSFTTF4PDJBM
6/)"#*5"5oXXXVOIBCJUBUPSH
'/)*4o'VOEP/BDJPOBMEF)BCJUBÎÍPEF*OUFSFTTF
7JB1ÞCMJDBoXXWJBQVCMJDBPSHCS
4PDJBM
'6/"*o'VOEBÎÍP/BDJPOBMEP¶OEJP

$"%&3/04.$*%"%&4)"#*5"±°0
'6/"4"o'VOEBÎÍP/BDJPOBMEB4BÞEF 1*#o1SPEVUP*OUFSOP#SVUP
)##o1SPHSBNB)BCJUBS#SBTJM#*% 1*$o1SPHSBNBEF*OGPSNBÎÜFTEBT$JEBEFT
)*4o)BCJUBÎÍPEF*OUFSFTTF4PDJBM 1/"%o1FTRVJTB/BDJPOBMEF"NPTUSB%PNJDJMJBS
*#"."o*OTUJUVUP#SBTJMFJSPEF.FJP"NCJFOUFF 1/%6o1PMÓUJDB/BDJPOBMEF%FTFOWPMWJNFOUP
EPT3FDVSTPT3FOPWÈWFJT 6SCBOP
*#(&o*OTUJUVUP#SBTJMFJSPEF(FPHSBmBF&TUBUÓTUJDB 1/)o1PMÓUJDB/BDJPOBMEF)BCJUBÎÍP
*$.4o*NQPTUPTPCSF$JSDVMBÎÍPEF.FSDBEPSJBTF 1/63#*o1PMÓUJDB/BDJPOBMEF6SCBOJ[BÎÍP
1SFTUBÎÍPEF4FSWJÎPT *OUFHSBEBFEF3FHVMBSJ[BÎÍP'VOEJÈSJBEF
*/.&530o*OTUJUVUP/BDJPOBMEF.FUSPMPHJB "TTFOUBNFOUPT1SFDÈSJPT
/PSNBMJ[BÎÍPF2VBMJEBEF*OEVTUSJBM 11"o1MBOP1MVSJBOVBM
*/44o*OTUJUVUP/BDJPOBMEP4FHVSP4PDJBM 14)o1SPHSBNBEF4VCTÓEJPË)BCJUBÎÍPEF
*1.'o*NQPTUP1SPWJTØSJPTPCSF.PWJNFOUBÎÜFT *OUFSFTTF4PDJBM
'JOBODFJSBT 142o1SPHSBNBT4FUPSJBJTEF2VBMJEBEF
*156o*NQPTUP1SFEJBMF5FSSJUPSJBM6SCBOP 3''4"o3FEF'FSSPWJÈSJB'FEFSBM4PDJFEBEF
-%0o-FJEBT%JSFUSJ[FT0SÎBNFOUÈSJBT "OÙOJNB
-0"o-FJ0SÎBNFOUÈSJB"OVBM 4#1&o4JTUFNB#SBTJMFJSPEF1PVQBOÎBF&NQSÏTUJNP
-3'o-FJEF3FTQPOTBCJMJEBEF'JTDBM 4&"$o4FDSFUBSJB&TQFDJBMEF)BCJUBÎÍPF"ÎÍP
.#&4o.JOJTUÏSJPEB)BCJUBÎÍPFEP#FN&TUBS $PNVOJUÈSJB
4PDJBM 4&%6o4FDSFUBSJB&TQFDJBMEF%FTFOWPMWJNFOUP
.%6o.JOJTUÏSJPEP%FTFOWPMWJNFOUP6SCBOPF 6SCBOP
.FJP"NCJFOUF 4&163#o4FDSFUBSJBEB1PMÓUJDB6SCBOB
.)6o.JOJTUÏSJPEB)BCJUBÎÍP 6SCBOJTNPF.FJP 4&11*3o4FDSFUBSJB&TQFDJBMEF1PMÓUJDBTEF
"NCJFOUF 1SPNPÎÍPEB*HVBMEBEF3BDJBM
.1o.FEJEB1SPWJTØSJB 4')o4JTUFNB'JOBODFJSPEB)BCJUBÎÍP
.1"o.PWJNFOUPEPT1FRVFOPT"HSJDVMUPSFT 4'*o4JTUFNB'JOBODFJSP*NPCJMJÈSJP
.10o.JOJTUÏSJPEP1MBOFKBNFOUPF0SÎBNFOUP 4)*4o4VCTJTUFNBEF)BCJUBÎÍPEF*OUFSFTTF4PDJBM
.45o.PWJNFOUPEPT4FN5FSSB 4).o4VCTJTUFNBEF)BCJUBÎÍPEF.FSDBEP
0(6o0SÎBNFOUP(FSBMEB6OJÍP 4*.")"#o4JTUFNBEF*OGPSNBÎÍP .POJUPSBNFOUP
0.4o0SHBOJ[BÎÍP.VOEJBMEF4BÞEF F"WBMJBÎÍPEP4FUPS)BCJUBDJPOBM
0/(o0SHBOJ[BÎÜFT/ÍP(PWFSOBNFOUBJT 4*/"5o4JTUFNB/BDJPOBMEF"WBMJBÎÜFT5ÏDOJDBT
0/6o0SHBOJ[BÎÍPEBT/BÎÜFT6OJEBT 4.o4BMÈSJP.ÓOJNP
1"3o1SPHSBNBEF"SSFOEBNFOUP3FTJEFODJBM 4/)o4FDSFUBSJB/BDJPOBMEF)BCJUBÎÍPEP
1"51SPTBOFBSo1SPKFUPEF"TTJTUÐODJB5ÏDOJDBBP .JOJTUÏSJPEBT$JEBEFT
1SPTBOFBSo1SPHSBNBEF4BOFBNFOUP#ÈTJDP 4/)o4JTUFNB/BDJPOBMEB)BCJUBÎÍP
1#21)o1SPHSBNB#SBTJMFJSPEF2VBMJEBEFF 4/*$o4JTUFNB/BDJPOBMEF*OGPSNBÎÜFTEBT$JEBEFT
1SPEVÎÍPEP)BCJUBU 4/16o4FDSFUBSJB/BDJPOBMEF1SPHSBNBT6SCBOPT
1$%*o1MBOPEF$BQBDJUBÎÍPF%FTFOWPMWJNFOUP EP.JOJTUÏSJPEBT$JEBEFT
*OTUJUVDJPOBM 5"*o5FSNPEF"EFTÍP*OUFHSBM
1$4o1SPHSBNBEF$SÏEJUP4PMJEÈSJP 5"1o5FSNPEF"EFTÍP1SPWJTØSJP
1&"o1PQVMBÎÍP&DPOPNJDBNFOUF"UJWB 53o5BYBEF3FGFSÐODJB
1&)1o1SPHSBNB&TQFDJBMEF)BCJUBÎÍP1PQVMBS 6.)"#*5"5o1SPHSBNBEBT/BÎÜFT6OJEBTQBSB
1&4$1o1MBOPEF&RVJWBMÐODJB4BMBSJBMQPS PT"TTFOUBNFOUPT)VNBOPT
$BUFHPSJB1SPmTTJPOBM ;&*4o;POBT&TQFDJBJTEF*OUFSFTTF4PDJBM
$PPSEFOBÎÍPHFSBMEPT$BEFSOPT.$JEBEFT
&3.¶/*"."3*$"50 4&$3&5"3*"/"$*0/"-%&130(3"."463#"/04
.JOJTUSB"EKVOUBF4FDSFUÈSJB&YFDVUJWB "OEFSTPO,B[VP/BLBOP
&WBOJ[B3PESJHVFT
,&-40/7*&*3"4&/3" .BSHBSFUI.BUJLP6FNVSB
%JSFUPSEF%FTFOWPMWJNFOUP*OTUJUVDJPOBM 0UJMJF.BDFEP1JOIFJSP
3BRVFM3PMOJL
'"#3¶$*0-&"-%&0-*7&*3"
5BJHVBSB3BJPM"MFODBS
(FSFOUFEF$BQBDJUBÎÍP
30#&3504".1"*01&%3&*3" 4&$3&5"3*"/"$*0/"-%&53"/41035&
"TTFTTPS5ÏDOJDP &.0#*-*%"%&63#"/"
"VHVTUP7BMJFOHP7BMFSJ
3FOBUP#PBSFUP
&RVJQFUÏDOJDB
1BSUJDJQBSBNUBNCÏNEBTEJTDVTTÜFTEB1/)
$003%&/"±°0 SFQSFTFOUBOUFTEPTTFHVJOUFTØSHÍPTFJOTUJUVJÎÜFT
+PSHF'POUFT)FSFEB
-BJMB/B[FN.PVSBE #"/$0$&/53"-
%JSFUPSJBEF/PSNBT
&MBCPSBÎÍPEFUFYUPT $"*9"&$0/¼.*$"'&%&3"-
7JDFQSFTJEÐODJBEF%FTFOWPMWJNFOUP6SCBOP
4&$3&5"3*"/"$*0/"-%&)"#*5"±°0
F7JDFQSFTJEÐODJBEF5SBOTGFSÐODJBEFCFOFGÓDJPT
"OUÙOJP$ÏTBS3BNPT
$MFCFS-BHPEP7BMMF.FMMP'JMIP $"4"$*7*-
%BOJFMEF'SFJUBT 4VCDIFmBEF"OÈMJTFF"DPNQBOIBNFOUPEF
%BOJFM7JUBM/PMBTDP 1PMÓUJDBT(PWFSOBNFOUBJT 4VCDIFmBEF"SUJDVMBÎÍPF
)FMJBOF'VSUBEP-JNB .POJUPSBNFOUP
&NJMJB$PSSFJBMJNB
)FOSJRVF0UUP$PFMIP .*/*45²3*0%"'";&/%"
*OÐTEB4JMWB.BHBMIÍFT 4FDSFUBSJBFYFDVUJWB 4FDSFUBSJBEF1PMÓUJDB&DPOÙNJDBF
*SFOFP$FDJMJBOP+PöMZ#F[FSSB 4FDSFUBSJBEP5FTPVSP/BDJPOBM
+ÞOJB.BSJB#BSSPTPT4BOUB3PTB
.*/*45²3*0%053"#"-)0&&.13&(0
,MFZE+VORVFJSB5BCPBEB
4FDSFUBSJB&YFDVUJWB
-VJ["VHVTUPEPT4BOUPT
.BSJB"MJDF#VFOP"DDPSTJ
.BSJB¬OHFMB$BWBMDBOUJ0MJWFJSB
$0/4&-)0%"4$*%"%&4
.BSB4PVUP.ÈSRVF[
.BSJB4BMFUUFEF$BSWBMIP8FCFS $0-"#03"%03&4
.JSOB2VJOEFSÏ#FMNJSP$IBWFT #FSFOJDF.BSUJOT(VJNBSÍFT
.BSUB(BSTLF )FMFOB.FOOB#BSSFUP4JMWB
.P[BSU.PSBJT'JMIP /FMTPO#BMUSVTJT
/FMTPO5FJYFJSBEB4JMWB 3FOBUP#BMCJN
4BOESB/FWFTEF"OESBEF
4POJB3PESJHVFT)BEEBE $0/46-503&4
4FMFOB;BNQSPOIB.PSBFT "EBVUP$BSEPTP
"OESÏ-VJ[EF4PV[B
4&$3&5"3*"&9&$65*7" /BCJM(FPSHFT#POEVLJ
&SNÓOJB5FSF[JOIB.FOPO.BSJDBUP 1FESP1BVMP.BSUPOJ#SBODP
,FMTPO7JFJSB4FOSB 3PTTFMMB3PTTFUUP
5PNÈT"OUÙOJP.PSFJSB
4&$3&5"3*"/"$*0/"-%&4"/&".&/50".#*&/5"-
4FSHJP"OUPOJP(POÎBMWF[
3FQSFTFOUBOUFTEP$PNJUÐ5ÏDOJDPEF)BCJUBÎÍP
EP$POTFMIPEBT$JEBEFT
"#3")°030#&350,"6''."// '-«7*0+04²)&-."//%"4*-7"
$ÉNBSB#SBTJMFJSBEB*OEÞTUSJBEB$POTUSVÎÍP 'SFOUF/BDJPOBMEF1SFGFJUPTo.FUSPQPMJUBOPT
"-&9,&/:""#*,0 '3"/$*4$01*/)&*30%&"44*4
"TTPDJBÎÍP/BDJPOBM5FDOPMPHJBEP"NCJFOUF $FOUSPEF%JSFJUPT)VNBOPTF&EVDBÎÍP1PQVMBSo"DSF
$POTUSVÓEP
(²340/#3*50%"4*-7"
"/%3²%&406;" $POGFEFSBÎÍP/BDJPOBMEF"TTPDJBÎÜFTEF.PSBEPSFT
$FOUSBMÁOJDBEPT5SBCBMIBEPSFT
(*-40/4*-7"
#&/&%*5030#&350#"3#04" 'PSÎB4JOEJDBM
$FOUSBMEF.PWJNFOUPT1PQVMBSFT
+0°0#*5&/$635%"4*-7"
$"3-04&%6"3%0"'0/4&$"&4*-7" (PWFSOPEP&TUBEPEP"NBQÈ
"TTPDJBÎÍP#SBTJMFJSBEF$0)"#T
+0"26*.-*."%&0-*7&*3"
$-"6%*"8*3;-&*5&4« $BJYB&DPOÙNJDB'FEFSBM
.JOJTUÏSJPEB$JÐODJBF5FDOPMPHJB
+0$*-%"/6/&4'305"
$-«6%*0&-*"4$0/; 'FEFSBÎÍP/BDJPOBMEBT"TTPDJBÎÜFTEF1FTTPBMEB$BJYB
"TTPDJBÎÍP/BDJPOBMEPT$PNFSDJBOUFTEF.BUFSJBMEF &DPOÙNJDB'FEFSBM
$POTUSVÎÍP
+04²"'0/40%&0-*7&*3"
$3&64"."3%&1*/)0 .PWJNFOUP/BDJPOBMEF-VUBQFMB.PSBEJB
6OJÍP/BDJPOBMQPS.PSBEJB1PQVMBS
+04²"6(64507*"/"/&50
%&.&53&"/"45"44",*4 $POTFMIP'FEFSBMEF$PSSFUPSFTEF*NØWFJT
*OTUJUVUPEF"SRVJUFUPTEP#SBTJM
+04²'3"/4*4$0%*/*;
%0/*;&5&'&3/"/%&4%&0-*7&*3" .PWJNFOUP/BDJPOBMEF-VUBQFMB.PSBEJB
+04²1&3&*3"(0/±"-7&4
&%6"3%0/6/&47*&*3" "TTPDJBÎÍP#SBTJMFJSBEBT&OUJEBEFTEF$SÏEJUP*NPCJMJÈSJP
(PWFSOPEP&TUBEPEP"DSF F1PVQBOÎB
&%6"3%053"/* +644"3"304"$0/:
(PWFSOPEP&TUBEPEF4ÍP1BVMP (PWFSOPEP&TUBEPEP3JP(SBOEFEP4VM
&%:."3'&3/"/%&4$*/53" -&0/"3%01&44*/"
.PWJNFOUP/BDJPOBMEF-VUBQFMB.PSBEJB 'ØSVN/BDJPOBMEF3FGPSNB6SCBOB
&-*/&+0/"4 -*/%&.#&3(%&-*."#&;&33"
6OJÍP#SBTJMFJSBEF.VMIFSFT .JOJTUÏSJPEB'B[FOEB
³/*0/0/"50%&0-*7&*3" -06*4&)&/3*26&43*5;&-
$POGFEFSBÎÍP/BDJPOBMEF"TTPDJBÎÜFTEF.PSBEPSFT .JOJTUÏSJPEP1MBOFKBNFOUP 0SÎBNFOUPF(FTUÍP
'&3/"/%0"7&-*/0#7*&*3" -6*;$-«6%*030."/&-*
'ØSVN/BDJPOBMEF4FDSFUÈSJPTEF)BCJUBÎÍP (PWFSOPEP&TUBEPEP1BSBOÈ
-6*;(0/;"("6-)0"5&/»3*0 1BSUJDJQBOUFTEPFODPOUSPDPNFTQFDJBMJTUBT
'FEFSBÎÍP/BDJPOBMEPT6SCBOJUÈSJPT EFNBJPEF
."3$04"6(6450/&550 "%"650-Á$*0$"3%040
$POGFEFSBÎÍP/BDJPOBMEP$PNÏSDJP "-&9"#*,0
"/%3²-6*;%&406;"
."3$0405«7*0#&;&33"13"5&4 "35)631"3,*/40/
.JOJTUÏSJPEP%FTFOWPMWJNFOUP *OEÞTUSJBF$PNÏSDJP %&"/$*3"
&YUFSJPS &%40.035&("
'&3/"/%0$"."3(0
."3$0426&*30("#"33&50 )&/3:$)&3,&;*"/
'SFOUF/BDJPOBMEF1SFGFJUPTo.FUSPQPMJUBOPT */³4%"4*-7"."("-)°&4
*70*.1"3"50
.«3*08*--*".&41&3 +0"26*.-*."0-*7&*3"
"TTPDJBÎÍP#SBTJMFJSBEF$JNFOUP1PSUMBOE +0°04&55&8)*5",&3
+03(&'0/5&4)&3&%"
/"#*-#0/%6,* +04²1&3&*3"(0/±"-7&4
'SFOUF/BDJPOBMEF7FSFBEPSFTQFMB3FGPSNB6SCBOB -"*3,3)&/#Ã)-
-"*-"/";&..063"%
/:-50/7&--040'*-)0 -&0/"3%01&44*/"
"TTPDJBÎÍP#SBTJMFJSBEBT&OUJEBEFTEF$SÏEJUP*NPCJMJÈSJP ."3*")&/3*26&5""33"/5&4'&33&*3"
F1PVQBOÎB ."3$047*/*$*64'&33&307"-1"4404
/"#*-(&03(&4#0/%6,*
1"6-0&%6"3%0$"#3"-'635"%0 /&-40/#"-5364*4
.JOJTUÏSJPEP5SBCBMIPF&NQSFHP /:-50/7&--040'*-)0
03&45&4."33"$*/*(0/±"-7&4
1&%30$033³"-*." 1&%301"6-0."350/*#3"/$0
.JOJTUÏSJPEP%FTFOWPMWJNFOUP"HSÈSJP 304"/"%&/"-%*
3044&--"3044&550
1&%30-*/%0-'0-6$&/" 5&050/*03&;&/%&
"TTPDJBÎÍP#SBTJMFJSBEF$0)"#T 50.«4"/5¼/*0.03&*3"
3"'"&-#"3304#3"/$0-&44"
(PWFSOPEP&TUBEPEF"MBHPBT
4"6-0."/0&-%"4*-7&*3"
7"-%&-&/&7&3¼/*$"-*."
$FOUSBMEF.PWJNFOUPT1PQVMBSFT
7&3"-Á$*"1&3&*3""3"Á+0
(PWFSOPEP&TUBEPEF.BUP(SPTTP
8&-*/(50/(0.&41*.&/5"
$BTB$ÓWJMEB1SFTJEÐODJBEB3FQÞCMJDB
3FTQPOTÈWFJTFDPOUBUPTEFQSPHSBNBTFBÎÜFT
SFGFSFOUFTBPUFNB
1SPHSBNB)BCJUBS#SBTJM#*%)##
%FTFOWPMWJNFOUP*OTUJUVDJPOBM
$-&#&3-"(0%07"--&.&--0'*-)0
5FM
$MFCFSmMIP!DJEBEFTHPWCS
1SPHSBNB)BCJUBS#SBTJM#*%)##
6SCBOJ[BÎÍPEF"TTFOUBNFOUPT4VCOPSNBJT
".#304*/0%&4&31"$065*/)0
5FM
BTFSQB!DJEBEFTHPWCS
1SPHSBNBEF$SÏEJUP4PMJEÈSJP
"/50/*0$²4"33".04%044"/504
5FM
BOUPOJPTBOUPT!DJEBEFTHPWCS
$PPSEFOBEPSB(FSBMEP1#21)
."3*"4"-&55&%&$"37"-)08&#&3
5FM
TBMFUUFX!DJEBEFTHPWCS
1SPHSBNBTEP0(6
.*3/"26*/%&3²#&-.*30$)"7&4
5FM
NJSOBRCD!DJEBEFTHPWCS
1SPHSBNBEF"SSFOEBNFOUP3FTJEFODJBM1"3
."35"("34,&
5FM
NBSUBHBSTLF!DJEBEFTHPWCS
1SPHSBNBEF4VCTÓEJPË)BCJUBÎÍPEF*OUFSFTTF4PDJBM
o14)
.0;"35.03"*4'*-)0
5FM
NP[BSUmMIP!DJEBEFTHPWCS
1SPHSBNBTEP'(54
/&-40/5&*9&*3"%"4*-7"
5FM
OFMTPOUT!DJEBEFTHPWCS
$"%&3/04 .$*%"%&4 )"#*5"±°0 .JOJTUSPEF&TUBEP
."3$*0'035&4%&"-.&*%"
-INISTÏRIO DJEBEFT!DJEBEFTHPWCS
DAS#IDADES
$IFGFEF(BCJOFUF
5&3&4"$3*45*/"-6450;"%"/5"4
DJEBEFT!DJEBEFTHPWCS
$POTVMUPSB+VSÓEJDB
"/"-6*4"'*(6&*3&%0%&$"37"-)0
DPOKVS!DJEBEFTHPWCS
"TTFTTPSBEF$PNVOJDBÎÍP4PDJBM
3&(*/"1*3&4
BTDPN!DJEBEFTHPWCS
"TTFTTPSB&TQFDJBMEF3FMBÎÜFTDPNB$PNVOJEBEF
(3";*"%&(3";*"
DPOTFMIP!DJEBEFTHPWCS
$IFGFEB"TTFTTPSJB1BSMBNFOUBS
&%6"3%0&3*$."35*/4%&50-&%0
BTQBS!DJEBEFTHPWCS
$POTFMIP/BDJPOBMEF5SÉOTJUP
1SFTJEFOUF
"-'3&%01&3&4%"4*-7"
HBCEFOBUSBO!NKHPWCS
$POTFMIPEBT$JEBEFT
$PPSEFOBEPSEB4FDSFUBSJB&YFDVUJWBEP$PO$JEBEFT
&6$*0/&%*/*;."$&%0
DPOTFMIP!DJEBEFTHPWCS
4FDSFUÈSJP&YFDVUJWP
30%3*(0+04²1&3&*3"-&*5&'*(6&*3&%0
HBCTFDSFUBSJBFYFDVUJWB!DJEBEFTHPWCS
4VCTFDSFUÈSJBEF1MBOFKBNFOUP 0SÎBNFOUP
F"ENJOJTUSBÎÍP
."(%"0-*7&*3"%&.:30/$"3%040
%JSFUPSEF%FTFOWPMWJNFOUP*OTUJUVDJPOBM
&6$*0/&%*/*;."$&%0
FMDJPOFNBDFEP!DJEBEFTHPWCS
%JSFUPSEF*OUFHSBÎÍP "NQMJBÎÍPF$POUSPMF5ÏDOJDP
.«3$*0("-7°0'0/4&$"
NBSDJPHBMWBP!DJEBEFTHPWCS

Assessoria de Relações Internacionais Departamento de Água e Esgotos
LUIZ CARLOS FABBRI Diretor
luiz.fabbri@cidades.gov.br CÉZAR EDUARDO SCHERER
cezar.scherer@cidades.gov.br
Departamento Nacional de Trânsito (Denatran)
Diretor Departamento de Desenvolvimento e Cooperação Técnica
ALFREDO PERES DA SILVA Diretor
gab.denatran@mj.gov.br MARCOS MONTENEGRO
marcos.montenegro@cidades.gov.br
Secretária Nacional de Habitação
INÊS DA SILVA MAGALHÃES Departamento de Articulação Institucional
snh@cidades.gov.br Diretor
SERGIO ANTONIO GONÇALVES
Departamento de Desenvolvimento Institucional sergioag@cidades.gov.br
e Cooperação Técnica
Diretora Secretário Nacional de Transporte e da Mobilidade Urbana
JÚNIA SANTA ROSA JOSÉ CARLOS XAVIER
snh-dict@cidades.gov.br josecx@cidades.gov.br
Departamento de Produção Habitacional Departamento de Cidadania e Inclusão Social

Diretor Diretor
DANIEL VITAL NOLASCO LUIZ CARLOS BERTOTTO
snh-dph@cidades.gov.br luiz.bertotto@cidades.gov.br
Departamento de Urbanização e Assentamentos Precários Departamento de Mobilidade Urbana

Diretora Diretor
MIRNA QUINDERÉ BELMINO CHAVES RENATO BOARETO
snh-duap@cidades.gov.br renato.boareto@cidades.gov.br
Secretária Nacional de Programas Urbanos Departamento de Regulação e Gestão

RAQUEL ROLNIK Diretor
programasurbanos@cidades.gov.br ALEXANDRE DE AVILA GOMIDE
alexandre.gomide@cidades.gov.br
Departamento de Planejamento Urbano
Diretor Companhia Brasileira de Trens Urbanos (CBTU )
BENNY SCHASBERG Diretor-presidente
planodiretor@cidades.gov.br JOÃO LUIZ DA SILVA DIAS
dir.p@cbtu.gov.br
Departamento de Apoio à Gestão Municipal Territorial
Diretora Empresa de Trens Urbanos de Porto Alegre S.A. (Trensurb)
OTILIE PINHEIRO Diretor-presidente
otiliemp@cidades.gov.br MARCO ARILDO PRATES DA CUNHA
trensurb@trensurb.com.br
Departamento de Assuntos Fundiários Urbanos e
Prevenção de Riscos
Diretor
CELSO CARVALHO
regularizacao@cidades.gov.br
Secretário Nacional de Saneamento Ambiental

ABELARDO DE OLIVEIRA FILHO
sanearcidades@cidades.gov.br
Política nacional de habitação 103

$"%&3/04 .$*%"%&4 )"#*5"±°0
&%*±°0&130%6±°0
&TQBMIBGBUP$PNVOJDBÎÍP
130+&50(3«'*$0
"OJUB4MBEF
4POJB(PVMBSU
'0504
"SRVJWP.$JEBEFT
%*"(3"."±°0&"35&'*/"-
4POJB(PVMBSU
3&7*4°0
$BSMB-BQFOEB

Política Nacional de Habitação

Enviado por

Dados do documento

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Política Nacional de Habitação

Enviado por

Direitos autorais:

Formatos disponíveis

Ministério

CADERNOS MCIDADES HABITAÇÃO

CADERNOS MCIDADES HABITAÇÃO

"BUVBÎÍPEP.JOJTUÏSJPEBT$JEBEFT EFTEFTVBDSJBÎÍPFN GPJPSJFOUBEB

UFNBTEFFTHPUPTNJMIÜFTEFDJEBEÍPT FOUSFBTSFHJÜFTEP1BÓT/P/PSUF /PSEFT

EPTMPUFBNFOUPTQPQVMBSFT EFWJEPËQSF EJWFSTBTFFOWPMWFNPDVQBÎÜFTEFUFSSFOPT

UPTDMBOEFTUJOPTFBGPSNBÎÍPEFGBWFMBT UPT NFTNPBRVFMFTRVFQSFFODIFNBT

IBWJB NJMIÜFTEFEPNJDÓMJPTVSCBOPT GBWFMBTNBJTDPOTPMJEBEBTFFNÈSFBTQFSJGÏSJ

OPRVFBTTVNFQSPQPSÎÜFTTJHOJmDBUJWBT DFOUSBSFNHSBOEFQBSUFEBQPCSF[B EBT

VUJMJ[BEPT EFWJEPQSJODJQBMNFOUFËJOTVmDJ EF

EFUBYBTEFKVSPTBMUPTFJODFSUF[BRVBOUP PTFOUFTGFEFSBUJWPT JNQFEJVBT$0)"# OB

USPEBTQSFPDVQBÎÜFTEFOPTTBTDJEBEFT EJGFSFOUFTTFHNFOUPTEBTPDJFEBEF QPT

'VOEPEF(BSBOUJBQPS5FNQPEF4FSWJÎP OBJT DBQB[FTEFDPNCJOBSPTNÞMUJQMPTEF

OPBUFOEJNFOUPËDMBTTFNÏEJBFHBSBOUJO GFSÐODJBTEFSFDVSTPTOÍPPOFSPTPT OBGPS

JNØWFM EFGPSNBiQFTTPBM UFNQPSÈSJBFJO

QPQVMBÎÍPEFCBJYBSFOEBRVFWJWFFN OP4JTUFNB/BDJPOBMEF)BCJUBÎÍP EBT

UFFNGPSNBUPTJOUFSBUJWPTFEFGÈDJMDPOTVMUB OPSNBUJWPT KVSÓEJDPTFJOTUJUVDJPOBJTEFJO

BSUJDVMBÎÍP BTJTUFNBUJ[BÎÍPFBWBMJEBÎÍP EFPSJFOUBÎÍPQBSBBTJOUFSWFOÎÜFTVSCBOBT

UFNQMBS OPÉNCJUPEB*OUFHSBÎÍP6SCBOBEF QMBOPEFHFTUÍPEFSJTDPFJOUFSWFOÎÜFT

JOUFSWFOÎÜFTOFDFTTÈSJBTËTFHVSBOÎB Ë TPBTGÓTJDBTQBSBBRVJTJÎÍPEFNBUFSJBMEF

SFTVMUBSBNOPBRVFDJNFOUPEBTPQFSBÎÜFTEF UPSFTEFSFOEBNÏEJB CVTDBOEPEJOBNJ[BS

"TTJN PDPNQPOFOUFQSPWJTÍPIBCJUBDJPOBM EPQFSÓNFUSPVSCBOP FWJUBOEPBQSPMJGFSB

NPTMFHBJTEFÉNCJUPGFEFSBM BEFmOJÎÍPEF EPVTPFPDVQBÎÍPEPTPMPVSCBOPBUSFMB

MPDBMFSFHJPOBMOPTFOUJEPEFDSJBSDPOEJÎÜFT EFQBSDFMBNFOUP VTPFPDVQBÎÍPEPTPMP

OFOUFTEFTVBTQPMÓUJDBTIBCJUBDJPOBJTFEF EFBHJMJ[BSPTQSPDFTTPTEFPCUFOÎÍP BUSJ

UÏDOJDBJOUFSOBDJPOBM EFBEPÎÍPEFQBESÜFTCÈTJDPT ÞOJDPTQBSB

DPNÐOGBTFOBRVBMJEBEFEPFTQBÎPQÞCMJDP BUÏTBMÈSJPTNÓOJNPT DPNQSJPSJEBEFEF

VSCBOPTFBEFUFSJPSJ[BÎÍPEBRVBMJEBEFBN EBTQPQVMBÎÜFTJOEÓHFOBT EFQPWPTEB

EFNPDSÈUJDBDPNUSBOTQBSÐODJBFDPOUSPMF  &TUJNVMBSFBQPJBS OPTOÓWFJTFTUBEVBJT

/PÉNCJUPGFEFSBM FTUBEVBJT SFHJPOBJT NFUSPQPMJUBOPTFNV

EF)BCJUBÎÍP DPNEFmOJÎÍPEFNFUBT QSP [BÎÍPEPDPOUSPMFVSCBOÓTUJDPFBHJMJ[BÎÍP

TPDJBJT ÎÍPEF*OUFSFTTF4PDJBM '/)*4

MØHJDPT CVTDBSTFÈBEJWFSTJEBEF JODPS EÐBNQBSPKVSÓEJDPËOPWB1PMÓUJDB/BDJPOBM

EFVNBNFTNBSFHJÍPDPNPGPSNBEF DJPOBJTFVSCBOBT EPTNFDBOJTNPTEFHFT

EJÎÜFTQBSBTFFOGSFOUBSPEÏmDJUIBCJUBDJPOBM EPT %JTUSJUP'FEFSBMF.VOJDÓQJPT

OPTUSÐTOÓWFJTEFHPWFSOP DPNBQBSUJDJQBÎÍP TJEJBSBGPSNVMBÎÍP JNQMFNFOUBÎÍP BDPN

QFDÓmDBTFDPNQMFNFOUBSFTTFSÍPEFTDSJUBTB *OUFSFTTF4PDJBM PVWJEPP$POTFMIP(FTUPS

BNCJFOUBJTFEFJODMVTÍPTPDJBM .POFUÈSJP/BDJPOBM TPCSFBSFHVMBÎÍPEP

QSPDFTTPTEFQMBOFKBNFOUPMPDBJT FTUBEVBJTF 4PDJBM '/)*4

1MBOPT.VOJDJQBJT &TUBEVBJTFEP%JTUSJUP'FEF '(54

NFOUPTTPDJBJT PTSFDVSTPTEP'/)*4TFSÍP HVSFNFRVJMÓCSJPBPQBUSJNÙOJPEP'VOEP

DPNMBTUSPOPTDSÏEJUPTBERVJSJEPT FNJUJSÍP DSÏEJUPTFOBTVBDPMPDBÎÍPKVOUPBJOWFTUJ

04VCTJTUFNBEF)BCJUB OBGPSNBBUVBMFOBTOPWBT EFJODPSQPSBEPSFTFDPOT 0TCBODPTFBTDPNQB

TJEBEFTIBCJUBDJPOBJTBJOEBOÍPTBUJTGFJUBT EP.JOJTUÏSJPEBT$JEBEFT HPWFSOP'FEF

QBSUFJOUFHSBOUFEP4JTUFNB/BDJPOBMEF*OGPS DBQBDJEBEFTUÏDOJDBTFBENJOJTUSBUJWBT OP

 BWBMJBSBFGFUJWJEBEFEB1PMÓUJDBUFOEPDPNP EFEFOPWFNCSPEF FOBFTUSVUV

TPNFOUFWBMPSFTDPOTJHOBEPTBUÓUVMPEFDSÏ  QBSUJDJQBÎÍP OPTMFJMÜFTEFSFDVSTPT EF

0VUSBNFEJEBFNQSFFOEJEBGPJBDSJBÎÍP iQBSDFMBNFOUPw BMUFSOBUJWBNFOUFBPm

)BCJUBÎÍP QBSBRVFTFHBSBOUBVNBHSBEVBM EFSFDVSTPTOFDFTTÈSJPTQBSBDPODFTTÍPEF

QVCMJDBÎÍPQPSFTUF.JOJTUÏSJP EB1PSUBSJBOP FEJGÓDJPTBOUJHPT EFTEFRVFMPDBMJ[BEPTFN

PVUSBT ËUJQPMPHJBEBTVOJEBEFTIBCJUBDJP FFYFDVÎÍPEPTQSPKFUPT EFFOUJEBEFTPS

Departamento de Produção Habitacional Departamento de Cidadania e Inclusão Social

Departamento de Urbanização e Assentamentos Precários Departamento de Mobilidade Urbana

Secretária Nacional de Programas Urbanos Departamento de Regulação e Gestão

Secretário Nacional de Saneamento Ambiental

Política nacional de habitação 103

Você também pode gostar

"BUVBÎÍPEP.JOJTUÏSJPEBT$JEBEFT EFTEFTVBDSJBÎÍPFN GPJPSJFOUBEB

UFNBTEFFTHPUPTNJMIÜFTEFDJEBEÍPT FOUSFBTSFHJÜFTEP1BÓT/P/PSUF /PSEFT

EPTMPUFBNFOUPTQPQVMBSFT EFWJEPËQSF EJWFSTBTFFOWPMWFNPDVQBÎÜFTEFUFSSFOPT

UPTDMBOEFTUJOPTFBGPSNBÎÍPEFGBWFMBT UPT NFTNPBRVFMFTRVFQSFFODIFNBT

IBWJB NJMIÜFTEFEPNJDÓMJPTVSCBOPT GBWFMBTNBJTDPOTPMJEBEBTFFNÈSFBTQFSJGÏSJ

VUJMJ[BEPT EFWJEPQSJODJQBMNFOUFËJOTVmDJ EF

USPEBTQSFPDVQBÎÜFTEFOPTTBTDJEBEFT EJGFSFOUFTTFHNFOUPTEBTPDJFEBEF QPT

'VOEPEF(BSBOUJBQPS5FNQPEF4FSWJÎP OBJT DBQB[FTEFDPNCJOBSPTNÞMUJQMPTEF

OPBUFOEJNFOUPËDMBTTFNÏEJBFHBSBOUJO GFSÐODJBTEFSFDVSTPTOÍPPOFSPTPT OBGPS

JNØWFM EFGPSNBiQFTTPBM UFNQPSÈSJBFJO

UFFNGPSNBUPTJOUFSBUJWPTFEFGÈDJMDPOTVMUB OPSNBUJWPT KVSÓEJDPTFJOTUJUVDJPOBJTEFJO

"TTJN PDPNQPOFOUFQSPWJTÍPIBCJUBDJPOBM EPQFSÓNFUSPVSCBOP FWJUBOEPBQSPMJGFSB

NPTMFHBJTEFÉNCJUPGFEFSBM BEFmOJÎÍPEF EPVTPFPDVQBÎÍPEPTPMPVSCBOPBUSFMB

OFOUFTEFTVBTQPMÓUJDBTIBCJUBDJPOBJTFEF EFBHJMJ[BSPTQSPDFTTPTEFPCUFOÎÍP BUSJ

UÏDOJDBJOUFSOBDJPOBM EFBEPÎÍPEFQBESÜFTCÈTJDPT ÞOJDPTQBSB

DPNÐOGBTFOBRVBMJEBEFEPFTQBÎPQÞCMJDP BUÏTBMÈSJPTNÓOJNPT DPNQSJPSJEBEFEF

VSCBOPTFBEFUFSJPSJ[BÎÍPEBRVBMJEBEFBN EBTQPQVMBÎÜFTJOEÓHFOBT EFQPWPTEB

EFNPDSÈUJDBDPNUSBOTQBSÐODJBFDPOUSPMF &TUJNVMBSFBQPJBS OPTOÓWFJTFTUBEVBJT

/PÉNCJUPGFEFSBM FTUBEVBJT SFHJPOBJT NFUSPQPMJUBOPTFNV

EF)BCJUBÎÍP DPNEFmOJÎÍPEFNFUBT QSP [BÎÍPEPDPOUSPMFVSCBOÓTUJDPFBHJMJ[BÎÍP

TPDJBJT ÎÍPEFOUFSFTTF4PDJBM '/)4

MØHJDPT CVTDBSTFÈBEJWFSTJEBEF JODPS EÐBNQBSPKVSÓEJDPËOPWB1PMÓUJDB/BDJPOBM

EFVNBNFTNBSFHJÍPDPNPGPSNBEF DJPOBJTFVSCBOBT EPTNFDBOJTNPTEFHFT

EJÎÜFTQBSBTFFOGSFOUBSPEÏmDJUIBCJUBDJPOBM EPT %JTUSJUP'FEFSBMF.VOJDÓQJPT

OPTUSÐTOÓWFJTEFHPWFSOP DPNBQBSUJDJQBÎÍP TJEJBSBGPSNVMBÎÍP JNQMFNFOUBÎÍP BDPN

BNCJFOUBJTFEFJODMVTÍPTPDJBM .POFUÈSJP/BDJPOBM TPCSFBSFHVMBÎÍPEP

1MBOPT.VOJDJQBJT &TUBEVBJTFEP%JTUSJUP'FEF '(54

DPNMBTUSPOPTDSÏEJUPTBERVJSJEPT FNJUJSÍP DSÏEJUPTFOBTVBDPMPDBÎÍPKVOUPBJOWFTUJ

04VCTJTUFNBEF)BCJUB OBGPSNBBUVBMFOBTOPWBT EFJODPSQPSBEPSFTFDPOT 0TCBODPTFBTDPNQB

TJEBEFTIBCJUBDJPOBJTBJOEBOÍPTBUJTGFJUBT EP.JOJTUÏSJPEBT$JEBEFT HPWFSOP'FEF

QBSUFJOUFHSBOUFEP4JTUFNB/BDJPOBMEF*OGPS DBQBDJEBEFTUÏDOJDBTFBENJOJTUSBUJWBT OP

BWBMJBSBFGFUJWJEBEFEB1PMÓUJDBUFOEPDPNP EFEFOPWFNCSPEF FOBFTUSVUV

TPNFOUFWBMPSFTDPOTJHOBEPTBUÓUVMPEFDSÏ QBSUJDJQBÎÍP OPTMFJMÜFTEFSFDVSTPT EF

0VUSBNFEJEBFNQSFFOEJEBGPJBDSJBÎÍP iQBSDFMBNFOUPw BMUFSOBUJWBNFOUFBPm

PVUSBT ËUJQPMPHJBEBTVOJEBEFTIBCJUBDJP FFYFDVÎÍPEPTQSPKFUPT EFFOUJEBEFTPS