6]HPOH
$GROJR]DWKDUPDGLNQDJ\REEIHMH]HWpEHQD]HOPpOHWSUyEiMiWHJpV]pEHQYpJ]LHO7iWUDL6]L OiUG$PRVWDQiEDQRO\VRNDWHOHP]HWW2WWOLNUHJpQ\EHQYHV]LVRUUDDSHUV]RQiOLVQDUUiFLySUREOp PDHJ\WWHVpW$YL]VJiODWEDEHYRQMDDÄ7RYiEEpON´HWpVDÄ+DMQDOLKi]WHWN´FtP&NLVUHJpQ\W LV(OEELWDQDUUiFLyVPHJROGiVRNNO|QEVpJHXWyEELWSHGLJDKDVRQOyViJRNRNiQ$NRUiEEDQ HOHP]HWW.RV]WROiQ\LP&pVD]2WWOLNUHJpQ\QDUUiFLyVWHFKQLNiLEL]RQ\RVYRQDWNR]iVEDQHJ\PiVUD PXWDWQDNDN|Q\YHJ\HVIHMH]HWHLLO\NpSSHQHJ\PiVWHUVtWLNPLQGNpWDONRWiVEDQKDQJV~O\RVD]
HOEHV]pOWHYpNHQ\VpJ|VV]HWHWWYROWDD]HOEHV]pOpVDNWXViUDXWDOyQ\HOYLMHO]pVHNIHOW&QLNDVDMi WRVDQDONDOPD]RWWNHWWVQp]SRQWÄ$],VNRODHOEHV]pOpVWHFKQLNDL~MV]HU&VpJHQHPHJ\V]HU&HQ DNHWWVEHOVQp]SRQWDONDOPD]iViEDQIRJKDWyPHJKDQHPDEEDQKRJ\PLQGH]HJ\SHUV]RQi OLVQDUUiFLyYDOMHOOHPH]KHWpQHOEHV]pOpVEHQYiOLNOHKHWYp´
Ä$]¶pQ¶D]HOEHV]pOpVEHQ´7iWUDL6]LOiUGHOV|QiOOyN|WHWH2O\DQPXQNDDPHO\DPRGHUQ QDUUDWROyJLiEDQYDOyWiMpNR]yGiVIRQWRVGRNXPHQWXPDPHJNHUOKHWHWOHQD]RNV]iPiUDDNLNWX GRPiQ\RVDODSRVViJJDON|UOWHNLQWpVVHOHWpPiYDONtYiQQDNIRJODONR]QL
&=(77(5,%2/<$
'RPRQNRVLÈJQHV0HJV]yOtWiVRNpVEHV]pGSDUWQHUUHXWDOyHOHPHN Q\HOYKDV]QiODWXQNEDQ
$'HEUHFHQL(J\HWHP0DJ\DU1\HOYWXGRPiQ\L,QWp]HWpQHN.LDGYiQ\DLV]
'HEUHFHQODS
$PHJV]yOtWiVRNYRNDWtYXV]DGGUHVVIRUPYHUEiOLVpULQWpVNXWDWiVDDOHJLQNiEE~QIDWLNXV -8+È6=-Ï=6()V]HULQWDOORNXWtY1<20È5.$<,679È1V]HULQWDGUHVV]DWtYEHV]pGDNWXVIXQNFLyM~
DPRGHUQV]|YHJWDQEDQSUDJPDWLNiEDQV]RFLiOLVGHL[LVNpQWI|OIRJKDWyKLHUDFKLDYDJ\V]ROLGDUL WiVNLIHMH]LOOHWYHXGYDULDVViJLQDNLVQHYH]HWWQ\HOYLWpQ\HNYL]VJiODWDIRQWRVNXWDWiVLWHUOHWHDV]H PLRWLNiQDNJRQGROMXQNFVDN5+,'$6,-8',7HWpPiEDQUHPHN~WW|UPXQNiMiUDDQ\HOYWXGR PiQ\QDND]RQEHOODQ\HOYW|UWpQHWQHNDQ\HOYP&YHOpVQHN~MDEEDQDV]RFLROLQJYLV]WLNiQDN.LYiOy WDQXOPiQ\RNV]OHWWHNHWpPDN|UEHQH]HNN|]OVRNV]HPSRQWRWPDJ\DUDQ\DJRQPpJQHPpUYp Q\HVtWHWWHN$PHJV]yOtWiVRNYLOiJDUiDGiVXOIRO\DPDWRViWDODNXOiVEDQYDQDPDJ\DUPHJV]yOtWiV YHUEiOLVpULQWpV)h/(,6=È17Ï(1'5(NLIHMH]pVHVRNHVHWEHQÄNRQIOLNWXVRV´YDOOMDDNRPPXQL NiFLyNXWDWy %8'$%e/$ DPHO\ WiUVDGDOPL RGDILJ\HOpVW JRQGRVNRGiVW VHJtWVpJHW LJpQ\HO 1D J\RQKLiQ\]RWWHJ\RO\DQPHJEt]KDWyI|OPpUpVDPHO\QDSMDLQNPDJ\DUQ\HOYKDV]QiODWiQDNYDOyV PHJV]yOtWiVLYLOiJiWPXWDWMDPHJKRJ\VHJtWVpJpUHOHJ\HQDWiUVDGDORPQDNSRQWRVDEEDQDV]HU YH]HWWFVHOHNYpVQHN
'2021.26,È*1(6DQ\HOYWXGRPiQ\OHJMREEOHJLQNiEENLSUyEiOWPyGV]HUHLYHOWiUMDHOpQN DWpPiWYDJ\LVDPDJ\DUQ\HOYKDV]QiODWEDQDPHJV]yOtWiVRNDEHV]pGSDUWQHUUHXWDOyHOHPHNYLOi JiW0XQNiMiQDNDODSYHWPyGV]HUHILOROyJLDLD]D]WiUJ\iWDODSRVILOROyJLDLLVPHUHWHNNHOIHOWi UiVVDO pV NULWLNiYDO DGMD N|]UH 0iVLN |QiOOy NXWDWiVL PyGV]HUH V]RFLROLQJYLV]WLNDL NYDQWLWDWtY I|OPpUpVNpUGtYpVHQQHNIHOGROJR]iVD$OHJMREENXWDWiVLHOYHNQHNPHJIHOHOHQQHPHOpJV]LN PHJDPHQQ\LVpJLI|OPpUpVVHOKDQHPD]WNLHJpV]tWLHJ\pED]pUWHOPH]pVWVHJtWVWVRNV]RUPy GRVtWy ÄSXKD´ PyGV]HUHNNHO SDVV]tY WDOOy]y DGDWJ\&MWpV PHJILJ\HOpV LUiQ\tWRWW LQWHUM~ $ J\&MWpVNLWHUMHGDPHJV]yOtWiVRNOHJ~MDEEV]tQWHUHLUHSpOGiXOD]LQWHUQHWUHLV
.|Q\YpQHNIUpV]HDI|OPpUpVHUHGPpQ\HNpQWNLDODNtWRWWNpSDPHJV]yOtWiVRNDN|]YHWOHQ DN|]YHWHWWpVD]iWPHQHWLQHNQHYH]HWWNRPPXQLNiFLyEDQMHOOHP]N|]|VVpJHNKHO\V]tQHNV]|
YHJWtSXVRN V]HULQW (]W N|YHWL NpW IXQNFLRQiOLV IHMH]HW D NDSFVRODWWDUWiVL FVDWRUQiNDW MHOOHP]
PHJV]yOtWiVPyGRNUyOYDODPLQWDPDLPDJ\DUPHJV]yOtWiVLUHQGV]HUIEEMHOOHP]LWEHPXWDWyIH MH]HW9pJODPHJV]yOtWiVNXWDWiVIHOKDV]QiOiVLOHKHWVpJHLUODGYi]ODWRVNpSHWDV]HU]
6]HPOH
$NXWDWiVW|UWpQHWLIHMH]HWEHQSpOGDPXWDWy|VV]HIRJODOiViWROYDVKDWMXNDPHJV]yOtWiVNXWDWiV QDNDUHQGV]HUQ\HOYpV]HWLpVDV]RFLROLQJYLV]WLNDLMHOOHJ&NXWDWiVRNQDN$PDJ\DUQ\HOYWXGRPiQ\
EDQ PHJMHOHQpVLIHMOGpVLVRUUHQGEHQWiUJ\DOMDD]HJ\HVPXQNiNDWDW|UWpQHWLQ\HOYpV]HWWONLLQ GXOYDDPDLSUDJPDWLNDLV]RFLROLQJYLV]WLNDLDQWURSROyJLDLQ\HOYpV]HWLPXQNiNLJ1HPIHOHGNH]LN PHJDQ\HOYP&YHOMHOOHJ&NXWDWiVRNUyOVHP)|OKtYMDDILJ\HOPHWD]~MDEENXWDWiVRND Q\HOY VWUDWpJLD V]iPiUD HOHQJHGKHWHWOHQO V]NVpJHV NYDQWLWDWtY UpWHJ]GpVYL]VJiODWRNUD $ NRUiEEL NXWDWiVRN HJ\ UpV]pWO HOWpUHQ 'RPRQNRVL ÈJQHV QHP KDV]QiO V]pSLURGDOPL NRUSXV]RNDW PLQW tUMDDÄPHJIHOHOV]pSLURGDOPLNRUSXV]KLiQ\DPLDWW´(QQHNPDJ\DUi]DWDOHKHWYpOHPpQ\H V]HULQWD]KRJ\DV]pSLURGDORPEDQD]XWyEELpYWL]HGHNEHQPHJMHOHQQ\HOYLIRUGXODWHOWiYROtWRWWD DQ\HOYKDV]QiODWRWDN|]YHWOHQYDOyViJOHNpSH]PRGHOOHNWODV]pSLURGDORPSHGLJQHPFVDNPLQW Q\HOYLPLQWDKDQHPPLQWYDOyViJUDYRQDWNR]yQ\HOYLWpQ\HNHWV]ROJiOWDWyIRUUiVLVPHJV]&QW
'RPRQNRVLÈJQHVN|Q\YpQHNOHJQDJ\REEpUGHPHKRJ\DI|OPpUpVHNHUHGPpQ\HNpQWPRVW PiUYpJUHQHPFVDNILOROyJLDLKDQHPPHJEt]KDWyEL]RQ\tWRWWDGDWDLQNYDQQDNQDSMDLQNQ\HOYL QRU PDYiOWiViQDNHUUHDV]HOHWpUH9DOyMiEDQPLQGDQQ\LDQWXGWXNKRJ\DFVDOiGRQEHOOLPHJV]yOtWiVRN EDQDODSYHWYiOWR]iVW|UWpQWD]HOP~OWpYEHQDPDJi]yGiVUyOWHJH]GpVUHYiOWRWWDNiWDPD J\DUFVDOiGRNVHMWHWWNHQQHNLUiQ\DLWLVYiURV:YLGpNGHYDOyGLDGDWDLQNQHPYROWDNUi 0RVW RO\DQUpV]OHWHNUHLVIpQ\GHUOWPLQWD]pGHVDQ\iPPHJV]yOtWiVIRUPDVWDWLV]WLNDLYLVV]DV]RUXOiVD D]DQ\XMDYiUD+DGGKtYMDPI|ODILJ\HOPHWHJ\NO|Q|VHQDNO|QE|]NRURV]WiO\RNN|]|WWWHUMH GQ\HOYL]DYDUUD$V]ONPHJV]yOtWiViEyODPDPDSDSDNLV]RUXOpViWPHJ\DQDJ\V]ONPHJ V]yOtWiViUD+DLGVHEEHPEHUNpUGH]LDNLVJ\HUHNHWKRJ\Ä+ROYDQDPDPiG´D]LGVHEEHPEHU D]pGHVDQ\iUDDJ\HUHNDQDJ\PDPiUDJRQGRO3HUV]HHEEHQWRYiEELWiMLHOWpUpVHNLVOHKHWQHN
'RPRQNRVLÈJQHVWHUPLQROyJLDL~MtWiVDD]~QQp]SRQWYiOWyPHJV]yOtWiViWYLWHOÄ$]LQWHU M~NEDQDFVDOiGRVDGDWN|]ONW~OQ\RPyW|EEVpJHDEHV]iPROWDUUyOKRJ\J\HUPHNHV]
OHWpVHXWiQVDMiWV]OHLWDQDJ\V]ONQHNNLMiUyPHJV]yOtWiVVDONH]GWHHOV]yOtWDQLQDJ\LQDJ\PD PDQDJ\DSDWDWDPDPDSDSD$]LQWHUDNFLyEDQJ\DNUDQUpV]WYHYKDUPDGLNV]HPpO\DJ\HUHN Qp]SRQWMiQDNEHHPHOpVHDPHJV]yOtWiVEDW|EEYLV]RQ\ODWWtSXVEDQLViOWDOiQRVMHOHQVpJQHNV]iPtW DJ\HUPHNV]OHWpVHXWiQSpOGiXOJ\DNUDQD]DQ\yVpVD]DSyVPHJV]yOtWiVDLVDQDJ\V]OLV]H UHSQHNPHJIHOHOHQPyGRVXO´
$V]ONÄOHWHJH]pVpQHN´iOWDOiQRVViYiOiVDV]HULQWHPQHPHJ\V]HU&HQFVDNDV]ROLGDULWiV WXGDWQDNDEL]DOPDVDEENDSFVRODWQDNWXODMGRQtWKDWypUGHPHVOHQQHH]WDNpUGpVWWRYiEEERQ FROJDWQL7DOiQYDODPLO\HQDQWURSROyJLDLQ\HOYLXQLYHU]iOpLVIRUPiOyGLNLWWDPHO\iOWDOiEDQDV]OHQ JHVHGpVpVYDJ\DSHMRUDWLYL]iFLyWHUMHGpVpWLVPR]JDWMD'HOHKHWKRJ\QLQFVLJD]DP²'RPRQNRVL ÈJQHVNXWDWiVDLQDNN|V]|QKHWHQEL]RQ\tWRWWPHJiOODStWiVPRVWPiUD]LVKRJ\DQDJ\V]ON WHJH]pVHWHPEHOLNO|QEVpJJHON|YHWLDV]ONWHJH]pVpW+DVRQOyLUiQ\]DWILJ\HOKHWPHJ DQDJ\QpQLNQDJ\EiFVLNWHJH]pVpEHQLV 6]RPRU~ pV HOJRQGRONRGWDWy GHPRJUiILDL WpQ\ LV PHJKDWiUR]]DNRUOiWR]]DDNXWDWiVWDQDJ\PDPiNUDYRQDWNR]yDGDWRNV]iPDQDJ\REEPLQWDQDJ\
SDSiNUDYRQDWNR]yNpDGpGV]ONPHJV]yOtWiViUDFVDNQ\LDGDWM|WWEHPHUWD]DGDWN|]ON DQHPLVPHUWHDGpGV]OHLW²,JHQQDJ\DPHJV]yOtWiVNHUOpVHNV]iPDNO|Q|VHQYiViUOiVL YHQGpJOiWiVLKHO\]HWEHQ(]DEHV]pGHVDGDWLVDV]pOHVN|UEHQKDV]QiOKDWyPHJV]yOtWiVIRU PiNKLiQ\iUDILJ\HOPH]WHW$PHJV]yOtWiVNHUOpVHJ\LNRNDDQNPHJV]yOtWiViQDNDSUREOHPDWL NiMD)RQWRVWpQ\I|OWiUiVD]LVKRJ\DILDWDORNQHPPDJi]QDNpVLQNiEED]|Q|]pVIHOpIRUGXOQDN
&VDNGLFVpUQLWXGRPDV]HU]WKRJ\DPHJV]yOtWiVIRUPiNRO\DQ~MV]tQWHUHLUHLVIHOILJ\HOWPLQW D]LQWHUQHWVDQQDN~MNRPPXQLNiFLyVFVDWRUQiL
'RPRQNRVLÈJQHVI|OWpWOHQOWLV]WHOLDQ\HOYLWpQ\HNHWD]RNDWDOHKHWOHJQDJ\REEWXGDWRV ViJJDOpVWXGRPiQ\RVViJJDOWiUMDHOpQNN|UOWHNLQWD]pUWHOPH]pVVHOpVNULWLNiYDO$WpPDNLHPHOW IRQWRVViJDD]HPEHULNDSFVRODWRNDWÄV]DEiO\R]y´YROWDPLDWWHNXWDWiVRNUDDODSR]YDHOHQJHGKH WHWOHQQHNWDUWRPD PHJIHOHON|YHWNH]WHWpVHNOHYRQiViWpVDQ\HOYVWUDWpJLDLMDYDVODWRNPHJWpWHOpW
%$/È=6*e=$