1\HOYW|UWpQHWLDGDWRN PXQNiVViJiWpUWpNHOWH6]&FV7LERUD3pFVL7XGRPiQ\HJ\HWHPGRFHQVHSiO\DNpSHWDGRWWDWXGyV UyO.pWHODGiVIRJODONR]RWWDPHJMHOHQWPRQRJUiILiYDO3HVWL-iQRVQ\XJDOPD]RWWHJ\HWHPLGR FHQVDN|Q\YNLDGiViQDNHONpV]tWpVpYHONDSFVRODWRVPXQNiODWRNUyOV]iPROWEH6]pNHO\*iERUHJ\H WHPLDGMXQNWXVSHGLJDP&V]HUNH]HWpWWDUWDOPiWLVPHUWHWWH$WXGRPiQ\RVUHQGH]YpQ\W7HPHVLQp 7RPDQyF]\-ROiQpV'H]VQp=HPSOpQ\L9HURQLNDQ\XJDOPD]RWWHJ\HWHPLDGMXQNWXVEHV]pOJHWpVH ]iUWDDUUyOKRJ\DQ]DMORWWDNUpJHQD]RUPiQViJLQpSQ\HOYLJ\&MWpVHNW|EEHNN|]|WW+HJHG&V/D MRVHOVKDQJIHOYpWHOHL
$]HODGiVRNEyOPHJWXGKDWWXNKRJ\7HPHVL0LKiO\VRNROGDO~PXQNiVViJiEDQPLO\HQMH OHQWVKHO\HWIRJODOWHODGLDOHNWROyJLD0iUSiO\iMDHOHMpQQDJ\OHQGOHWWHOpVOHONHVHGpVVHOOiWRWW KR]]iD]HJ\LNOHJV]tQHVHEEQ\HOYMiUiV~pVNXOW~UiM~NLVWiMXQNQDND]2UPiQViJQDN D NXWDWiVi KR] (KKH] VRN VHJtWVpJHW NDSRWW IHOHVpJpWO D .OHPP $QWDOQiO Q\HOYMiUiVWDQEyO GRNWRUiOy 7RPDQyF]\-ROiQWyOY|+LULFVRUPiQViJLN|]VpJQ\HOYMiUiViQDNKDQJWDQD3pFVpVDQQDN KLULFVLFVDOiGMiWyO$J\&MWpVQHKp]LGNEHQpVN|]|WW]DMORWW$V]HU]WPiVIRQWRVIHODGD WRNDQ\HOYpV]HWpVDWXGRPiQ\RVN|]pOHWHJ\pEWHUOHWHLUHV]yOtWRWWiNGHYLVV]DYLVV]DWpUWDV]i PiUDNHGYHVNXWDWiVLWHUOHWKH]$PRQRJUiILDNp]LUDWiW²D]HOV]yGiWXPR]iVDV]HULQW²KDOiOD HOWWNpWpYYHOEDQ]iUWDOH
$EEDQ KRJ\ H] D JD]GDJ WDUWDOP~ N|Q\Y ² DPHO\ HJ\ MHOOHJ]HWHV QDJ\ KDJ\RPiQ\~
Q\HOYMiUiVFVRSRUWDODSUpWHJpQHNNRPSOH[DKDQJWDQWyODPRQGDWWDQLJWHUMHGOHtUiViWWDUWDOPD]]D
²PHJMHOHQKHWHWWNLHPHONHGV]HUHSHWMiWV]RWWD]HJ\NRULPXQNDWiUV3HVWL-iQRVDNLD3pFVL7X GRPiQ\HJ\HWHP W|EEL NXWDWyMiYDO 6]&FV 7LERUUDO 'H]VQp =HPSOpQ\L 9HURQLNiYDO pV 6]pNHO\
*iERUUDO|VV]HIRJYDUHQGH]WHVDMWyDOiDWHUMHGHOPHVDGDWJD]GDJNp]LUDWRWQ\RPWDWYDODS$
N|]|VPXQNDD]RQEDQDN|Q\YNLDGiViYDOQHPpUWYpJHW$WXGRPiQ\RVWDQiFVNR]iVWHWDOiKR ]iViQNtYOVLNHUOWPR]JyVtWDQLD]2UPiQViJDKHO\LKDJ\RPiQ\RNLUiQWHON|WHOH]HWWHPEHUHNHWLV 6HOO\H YiURV |QNRUPiQ\]DWiQDN YH]HWLW D P&YHOGpVL Ki] pV LVNROD V]DNHPEHUHLW WDQiUDLW $]
HPOpNQQHSVpJJpWHUHEpO\HVHGUHQGH]YpQ\HQRUPiQViJLGLiNRNDGWDNV]tQYRQDODVP&VRUWQpSGDOR NDWpQHNHOWHNQpSPRQGiNDWDGWDNHOKHO\LQ\HOYMiUiVEDQ$]LVNRODHUUHD]DONDORPUDLG]tWHWWHD KDJ\RPiQ\U]YHUVHQ\HLQHNGtMiWDGyQQHSVpJpWLV
7HPHVL 0LKiO\ GLDOHNWROyJLDL PXQNiMD YpJUH PpOWy HOLVPHUpVEHQ UpV]HVOW D WXGRPiQ\ pV DKHO\LP&YHOGpVV]tQWHUpQHJ\DUiQW²N|V]|QHWpUWHPLQGHQN|]UHP&N|GQHN-yOHQQHDKDD3pFVL (J\HWHPPXQNDN|]|VVpJHHVLNHUHVYiOODONR]iVXWiQVRUWNHUtWHQHD7HPHVLKDJ\DWpNPiVLNNLQ FVHWpUNp]LUDWiQDND]Ä2UPiQViJLQ\HOYDWODV]´QDNDNLDGiViUDLV.tYiQXQNHKKH]LVDPRVWD QLKR]KDVRQOyHON|WHOH]HWWVpJHWpVNLWDUWiVW
-8+È6='(=6
1 < ( / 9 7 g 5 7 e 1 ( 7 , $ ' $ 7 2 . :LWWQ\pG\,VWYiQOHYHOHVN|Q\YpEO
$01\V]iPiEDQ²N|]|OW:LWWQ\pG\OHYpOKH]KDVRQOyDQD]DOiEELOHYHOHW LV:LWWQ\pG\,VWYiQ;9,,V]i]DGLVRSURQLJ\YpGOHYHOHVN|Q\YpEON|]|OMN07$.W.p]LUDWWi UD.,IRO²$QH]VLGHULHYDQJpOLNXVJ\OHNH]HWpUGHNpEHQNpULNDWROLNXVVyJRUDN|]
EHQMiUiViWPLYHOD1H]VLGHUWEpUO/LSSD\*iVSiUQHPHQJHGpO\H]LDSURWHVWiQVWHPSORPpVLVNR ODKDV]QiODWiW
$.|YHVG\3iOKR]V]yOyOHYHOHWNLDGWD)$%Ï$1'5È6EHQ0DJ\DU3URWHVWiQV(J\
Ki]LpV,VNRODL)LJ\HOPH]²GH;,;V]i]DGLKHO\HVtUiVVDOHOtUiVRNNDO
1\HOYW|UWpQHWLDGDWRN .HUHNHV0HQ\KpUWQHN
6RSURQRNWyEHU
0HOFKLRULNHUHNHV9LFH&RPLWL&RPLWDWLV
_
0RVRQLHQVLV_
*HQHURVH'RPLQHDIILQLVPLKLREVHUYDQGLVVLPH
_
6HUXLWRULXPPHRUXPDGGLFWLVVLPDPFRP PHQGDWLRQHP_
.HGXHVLR(JHVVHJHODOGJ\DPHJK,QNHJGHWV]HUHOPHVLYHOVRNLRHV]WHQGNQ
_
0LQWP!UHVROYDOWDOHJ\HQNHJG!H[DPLQDOWDHV
_
UHVROYDOWDOHJ\HQNHJGPDJDWD]V]H JHQ\_
1HVLGHULHNQHND]KHO\N\PXWDWDVDGROJDEDaHVPLQWFRQYLQFDOWDLVNHJGD]WEELUDFNDO_
NHWLJD]DQPHJKYDOORPF]RGDVVDQHUWHWWHP
_
NHYDQWDaYROQDWXGQ\D]WD¶WHUPLQXVWD]PHO\UHRGDPHQYHQWHWWHPYROQDLQIRUPDWLRWDNDU
_
PLLWHOHWEHQOHWYROQDIHOOHPNHJWHND]]DO_
QHP JRQGROWDP YROQD PHJK PXWDWWDP YROQD_
> IRO@ DG RFXORV KRJ\ PLQGHQ NHJWHN F]HOHNHGHWH W|UY>«@_
WHOHQVHJK HV HOOHQH YDJ\RQ D] '\SORPDQDN H>@_
D] FRQVWLWXWLyNQDN 0HUW PHJK ERF]DVVDNHJGLV6RJRU8UDPLQFRQILGHQWLDH[DPRUHLP_
KROYDJ\RQNHJGUHGHOHJDOYDD]D¶$XWKRULWD>V@
_
LQ$UWLFX!ORGHFLPRKRJ\D]WLQYHVWLJDOOLDKDD>G@_
DQQRaOHWD]RFFXSDWLR WHPSOL HV KD D>]@_
HOW QHP YROW GHQHJDOOLD D] DVVLJQDWLRW D_
7HPSORPQDN 3DURFKLDQDN HV 6FKRODQDN>@_
DIIHOHVHPP\QLQF]PHUWHOHJJHGLVSXWDOWX>N@_
3RVRQEDQHO|WW|YROW/LSSD\8UN|1DJD
_
PLHUWRWWQHPPRYHDOWDKDWHKHWHWHOOHQ>H@_
PLYHOD]$UWLFXOXVPDUFRQGLWLR]DOW>@HV NHUG>@_
NHWQHPDGPLWWDO,VWHQHUWNHUHPNHJGHW_
PLQWLRDNDUR6RJRU8UDPDWKDHUHWLFXV$>WW\D@_
ILDKRJ\PHUD]LDYDOODVDWYHJ\HHVQRQ>@_
SULRULSURQXQFLDWLRQLVXDLHOHQF]HPHJ_
/LSSD\8UN | 1DJQDN KRJ\ D] DVVLJQDWLR>«@
_
PHJK NHOO OHQQ\ HV NHJG N\ PHJ\HQ PHUW >«@_
]RQ\LPSLQJDO NHJG HV | 1DJD PHJK QH>P@
_
PHQWKHW\ NHJGHW D] HQ YHNRQ\ WHF]HVHPUH_
NHJG FRPPLVVLRWVHDGJ\RQDGSHUDJHQ>«@_
H[HFXWLRQHPODWDHVHQWHQWLDHVKDDGRWWLV>«@_
SHWDOOLD PRVWH]HUWLVPHJKEXVXONHJG_
HVE\]RQLHEEHQQHPPDUDGPHJKODWW>«@_
(]WNHJNPHJKDNDU WDP LUQRP PDU DND>@_
PLW F]HOHNHV]LN V]DEDG YHOH ODVVD KRJ\ LR_
DNDURLD OHYHQ V]HUHWHP EHF]OHWLWHVNHYDQ>@_
NHJNNDUDHOWDYR]WDWDVDW1HPLVEDQRPKDPHJKPXWDWWLD_
/LSSD\8UN|1DJDN PHUW H]HQ GRORJUXO LUWDa 3DODWLQXV 8UN
_
| 1DJDNLV ,Qa HOWHVVH_
NJGHW NHGYHV LR HJHVVHJEHQ6RSURQÙ_
EULV%È1.,-8',7
)2/<Ï,5$781.1$.(=7$6=È0È77È02*$77$
:LWWQ\pG\VyJRUD0RVRQPHJ\HLDOLVSiQ
$MHO]LNLDGiVXQNEDQDVRUYpJpQKDV]QiOWHOYiODV]WyMHOHWDNp]LUDWQDNDV]DYDNI|O|WWL U|YLGtWpVMHOHLWSHGLJDWLOGHaD1DJ\ViJD1JDpV.HJ\HOPHG.HJGU|YLGtWpVHLWNLYpYH
$)HUWWyPHOOHWWLWHOHSOpVPD$XV]WULiKR]WDUWR]LN1HXVLHGO
'UDVNRYLFK-iQRV
$]HJpV]PRQGDWDEDOPDUJyUDtUWMHO|OWEHWROGiV