Ç3&"4%&."/&+0%& 3&4Ê%604%"$0/4536b¬0$*7*- &3&4Ê%60470-6.0404
PSJFOUBm{FTQBSBPTFVMJDFODJBNFOUP FBQMJDBmkPEBSFTPMVmkPDPOBNB
Ç3&"4%&."/&+0%& 3&4Ê%604%"$0/4536b¬0$*7*- &3&4Ê%60470-6.0404
PSJFOUBm{FTQBSBPTFVMJDFODJBNFOUP FBQMJDBmkPEBSFTPMVmkPDPOBNB
TFNJOgSJPEFMJDFODJBNFOUPBNCJFOUBM EFEFTUJOBmkPGJOBMEFSFTrEVPTTwMJEPT ¼ ½
GJDIBUnDOJDB SFQ|CMJDBGFEFSBUJWBEPCSBTJM MVJ[JOgDJPMVMBEBTJMWB°1SFTJEFOUF
NJOJTUnSJPEPNFJPBNCJFOUF NBSJOBTJMWB°.JOJTUSBEF&TUBEP WJDUPS[VMBS[WFJCJM°4FDSFUgSJP/BDJPOBMEF2VBMJEBEF"NCJFOUBM SVEPMGEFOPSPOIB°%JSFUPSEP1SPHSBNB/BDJPOBMEF3FTrEVPT 4wMJEPT6SCBOPT SVZHwFTMFJUFEFCBSSPT°%JSFUPSEP1SPHSBNBEF1SPUFmkP F.FMIPSJBEB2VBMJEBEF"NCJFOUBM
NJOJTUnSJPEBTDJEBEFT NBSDJPGPSUFTEFBMNFJEB°.JOJTUSPEF&TUBEP BCFMBSEPEFPMJWFJSB¾MIP°4FDSFUgSJP/BDJPOBMEF4BOFBNFOUP"NCJFOUBM NBSDPTIFMBOPGFSOBOEFTNPOUFOFHSP°%JSFUPSEP%FQBSUBNFOUP EF%FTFOWPMWJNFOUPF$PPQFSBmkP5nDOJDB
FRVJQFUnDOJDB NJOJTUnSJPEPNFJPBNCJFOUF BOBFMJ[BCFUINFEFJSPTGFSOBOEFT NPFNBEFTg SJUBMJNBEFBMNFJEB TrMWJBHPOmBMWFT TJMWJBNBSUBSFMMPBTUPMQIP
NJOJTUnSJPEBTDJEBEFT EBONPDIFTDIOFJEFS NBSJBTUFMMBNBHBMIkFTHPNFT OBEKBMJNFJSBBSB|KP UBSDrTJPEFQBVMBQJOUP
¼ ½
Ç3&"4%&."/&+0%& 3&4Ê%604%"$0/4536b¬0$*7*- &3&4Ê%60470-6.0404
¼
PSJFOUBm{FTQBSBPTFVMJDFODJBNFOUP FBQMJDBmkPEBSFTPMVmkPDPOBNB
½
4VHFSFTFRVFPTwSHkPTBNCJFOUBJTDPNQFUFOUFTOPSNBUJ[FNPTQSP DFEJNFOUPT QBSB P MJDFODJBNFOUP EF gSFBT EF NBOFKP F SFTrEVPT EF DPOTUSVmkPDJWJM°gSFBTEFUSBOTCPSEPFUSJBHFN JODMVrEPTPTQPOUPT EFFOUSFHBEFQFRVFOPTWPMVNFT gSFBTEFSFDJDMBHFNFBUFSSPT°OB GPSNBEF3FTPMVm{FT *OTUSVm{FT/PSNBUJWBT *OTUSVm{FT5nDOJDBTPV PVUSPTJOTUSVNFOUPT
¼ ½
BQSFTFOUBmkP "4FDSFUBSJBEF2VBMJEBEF"NCJFOUBMEP.JOJTUnSJPEP.FJP "NCJFOUF DPPSEFOB EF GPSNB BSUJDVMBEB EPJT HSBOEFT QSPHSB NBT GFEFSBJT GPDBEPT OB NFMIPSJB EB RVBMJEBEF BNCJFOUBM OP DPOUSPMFEBQPMVJmkPFOPBQFSGFJmPBNFOUPEPTBOFBNFOUPFEP PSEFOBNFOUPBNCJFOUBMP1SPHSBNBEF1SPUFmkPF.FMIPSJBEB 2VBMJEBEF"NCJFOUBM POEFFTUgJOTFSJEPP1SPKFUPEF*OTUSVNFO UPTEF(FTUkP"NCJFOUBM130(&45¬0FP1SPHSBNB/BDJPOBM EF3FTrEVPT4wMJEPT6SCBOPT RVFFOWPMWF BJOEB P.JOJTUnSJP EBT$JEBEFTP.JOJTUnSJPEB4B|EF QPSJOUFSNnEJPEB'VOEBmkP /BDJPOBMEF4B|EF P.JOJTUnSJPEP%FTFOWPMWJNFOUP4PDJBMFP .JOJTUnSJP EP %FTFOWPMWJNFOUP *OE|TUSJB F $PNnSDJP &YUFSJPS QPSNFJPEP#BODPEF%FTFOWPMWJNFOUP&DPOyNJDPF4PDJBM 7gSJBTJOJDJBUJWBTWpNTFOEPEFTFOWPMWJEBTQBSBJNQMFNFOUB mkPEFTUFTQSPHSBNBTFQSPKFUPT FOUSFFMBT BQSPNPmkPEFTF NJOgSJPTUnDOJDPTQBSBBQSPGVOEBNFOUPEFUFNBTDBSPThHFTUkP EPTSFTrEVPTTwMJEPTVSCBOPT /FTUBQFSTQFDUJWBTFJOTDSFWFVP4FNJOgSJPEF-JDFODJBNFOUP "NCJFOUBMEF%FTUJOBmkP'JOBMEF3FTrEVPT4wMJEPT SFBMJ[BEPFO USFEFOPWFNCSPFEFEF[FNCSPEF04FNJOgSJPSFVOJV wSHkPTEFNFJPBNCJFOUFFTUBEVBJT EJTUSJUBMFGFEFSBM BMnNEFPV USPTBUPSFTFOWPMWJEPTOPQSPDFTTP CVTDBOEPQSPNPWFSBIBSNP OJ[BmkPEFQSPDFEJNFOUPTBQMJDBEPTBPMJDFODJBNFOUPBNCJFOUBM /P4FNJOgSJP P.JOJTUnSJPEBT$JEBEFTBQSFTFOUPVPEPDV NFOUP²ÇSFBTEFNBOFKPEFSFTrEVPTEBDPOTUSVmkPDJWJM³ PSB DPOTVCTUBODJBEP OFTUB QVCMJDBmkP ²ÇSFBT EF NBOFKP EF SFTr EVPT EB DPOTUSVmkP DJWJM F SFTrEVPT WPMVNPTPT PSJFOUBm{FT
QBSBPTFVMJDFODJBNFOUPFBQMJDBmkPEB3FTPMVmkP$0/"." ³&TUBQVCMJDBmkP BQwTP4FNJOgSJP DPOUPVDPNB DPOUSJCVJmkPEFBMHVOTwSHkPTFTUBEVBJTEFNFJPBNCJFOUF EP .JOJTUnSJPEP.FJP"NCJFOUFFEP.JOJTUnSJPEBT$JEBEFT %VSBOUF P 4FNJOgSJP P EPDVNFOUP GPJ BQSFTFOUBEP BPT QBSUJDJQBOUFTRVBOUPBPTTFVTPCKFUJWPT|MUJNPT RVBJTTFKBN TVHFSJSEJSFUSJ[FTPSJFOUBUJWBTBPMJDFODJBNFOUPBNCJFOUBMEF gSFBTEFNBOFKPEFSFTrEVPTEBDPOTUSVmkPDJWJMFSFTrEVPTWP MVNPTPT RVFEFWFDPOTJEFSBS BMnNEB3FTPMVmkP BT OPSNBTUnDOJDBTEB"TTPDJBmkP#SBTJMFJSBEF/PSNBT5nDOJDBT °"#/5FBMFHJTMBmkPBNCJFOUBMEPTFTUBEPTPVNVOJDrQJPT $PN B BQSPWBmkP EB 3FTPMVmkP F EF OPWBT OPS NBTCSBTJMFJSBT PQBrTFTUgNVEBOEPPNPEPEFMJEBSDPNFT UFTSFTrEVPT/FTUFTFOUJEP FTQFSBNPTRVFEPEFCBUFGPNFO UBEP QFMP .JOJTUnSJP EP .FJP "NCJFOUF SFTVMUFN OPSNBT F EJSFUSJ[FTFNBOBEBTEPTwSHkPTBNCJFOUBJTDPNQFUFOUFTQBSB PMJDFODJBNFOUPEBTgSFBTEFNBOFKPEFTUFTSFTrEVPT OBGPSNB EF3FTPMVm{FT *OTUSVm{FT/PSNBUJWBT *OTUSVm{FT5nDOJDBTPV PVUSPT JOTUSVNFOUPT DPOEJ[FOUFT DPN BT NFMIPSFT TPMVm{FT UnDOJDBTFBNCJFOUBJT DPNBTEJGFSFODJBEBTSFBMJEBEFTSFHJP OBJTCSBTJMFJSBTFDPNBTQPMrUJDBTBNCJFOUBJTEPT.VOJDrQJPT EPT&TUBEPT EP%JTUSJUP'FEFSBMFEP(PWFSOP'FEFSBM WJDUPS[VMBS[WFJCJM 4FDSFUgSJP/BDJPOBMEF2VBMJEBEF"NCJFOUBM
¼ ½
TVNgSJPEPDPOUF|EP
DPOTJEFSBm{FTHFSBJT 0T SFTrEVPT EB DPOTUSVmkP DJWJM FN HSBOEF QBSUF OkP SFQSF TFOUBN HSBOEFT SJTDPT BNCJFOUBJT /P FOUBOUP NVJUBT DJEBEFT CSBTJMFJSBT TPGSFN HSBWFT JNQBDUPT BNCJFOUBJT QSPWPDBEPT QFMB JOUFOTB EFQPTJmkP JSSFHVMBS EF SFTrEVPT EB DPOTUSVmkP F EFNP MJmkP 3$% " QBSUJS EF EFTUBDBTF OP #SBTJM P JOrDJP EP FTUBCFMFDJNFOUPEFQPMrUJDBTQ|CMJDBTWPMUBEBTQBSBBJOEVmkPEB JNQMBOUBmkPEFgSFBTQBSBPNBOFKPTVTUFOUgWFMEFTTFTSFTrEVPT &TTBTgSFBTGPSBNOPSNBUJ[BEBTBQFOBTSFDFOUFNFOUFFPTwSHkPT BNCJFOUBJTEFWFNTFQSFQBSBSQBSBPTFVMJDFODJBNFOUPF¾TDBMJ [BmkP FTUBCFMFDFOEPQSPDFEJNFOUPTDMBSPTQBSBBUFOEJNFOUPEB EFNBOEBDSFTDFOUFQPSFNQSFFOEJNFOUPTEFTUFUJQP
QSPDFEJNFOUPTQSPQPTUPTQBSBMJDFODJBNFOUP 0T QSPDFEJNFOUPT QBSB P MJDFODJBNFOUP QPEFSkP TFS TJNQMJ¾DB EPT EFWJEPhBMUBJOFSUJDJEBEFEFCPBQBSUFEPT3$% RVBOEPTVC NFUJEPThUSJBHFN0MJDFODJBNFOUPBNCJFOUBMQPEFSgTFSDPOEV [JEPOPiNCJUPFTUBEVBMPVNVOJDJQBM FNDPOGPSNJEBEFDPNB 3FTPMVmkP$0/"."
MJDFODJBNFOUPEFgSFBTEFUSBOTCPSEPFUSJBHFNQBSB SFTrEVPTEBDPOTUSVmkPDJWJMFSFTrEVPTWPMVNPTPT BUUT
&RVJQBNFOUPTEFQFRVFOPQPSUF QPEFNTFSFORVBESBEPTDPNP OkPQBTTrWFJTEFMJDFODJBNFOUPBNCJFOUBM BDSJUnSJPEPwSHkPBN CJFOUBM DPNQFUFOUF %FWFSkP OP FOUBOUP PCUFS BVUPSJ[BmkP EF GVODJPOBNFOUPFNiNCJUPNVOJDJQBMPVFTUBEVBM DPNPPVUSBT
¼ ½
BUJWJEBEFTVSCBOBT/PDBTPEFMJDFODJBNFOUPDPOKVOUPEF"55T DPNBUFSSPTPVgSFBTEFSFDJDMBHFN PMJDFODJBNFOUPBNCJFOUBM QPEFSgSFTUSJOHJSTFBPEBBUJWJEBEFQSJODJQBM$POTJEFSBTFRVF PT1POUPTEF&OUSFHBQBSBQFRVFOPTWPMVNFTQPEFSkPOkPFTUBS TVKFJUPTBPMJDFODJBNFOUPBNCJFOUBM/PMJDFODJBNFOUPPVBVUP SJ[BmkPEFGVODJPOBNFOUP BT"55TEFWFSkPBUFOEFSBTDPOEJm{FT PQFSBDJPOBJTBOVODJBEBTOB/#3 FOUSFPVUSBT BTSFMBDJP OBEBTOP²1MBOPEF$POUSPMFEF3FDFCJNFOUPEF3FTrEVPT³
MJDFODJBNFOUPEFBUFSSPTEFSFTrEVPTTwMJEPT EBDPOTUSVmkPDJWJMFSFTrEVPTJOFSUFT 0TBUFSSPTEFSFTrEVPTEBDPOTUSVmkPDJWJMFSFTrEVPTJOFSUFT EFT UJOBEPThEJTQPTJmkPFYDMVTJWBEFSFTrEVPTDMBTTF"USJBEPT ¾DBN TVKFJUPTBPMJDFODJBNFOUPBNCJFOUBMOPiNCJUPEPwSHkPBNCJFO UBMDPNQFUFOUF0TQSPDFEJNFOUPTQBSBMJDFODJBNFOUPQSFDJTBN TFS BQMJDBEPT UBOUP B BUFSSPT WJTBOEP B SFTFSWBmkP EF NBUFSJBJT QBSB VTP GVUVSP RVBOUP B BUFSSPT WJTBOEP P VTP GVUVSP EB gSFB SFTVMUBOUF FQPEFSkPTFSEJGFSFODJBEPTDPOGPSNFPQPSUFEPTFN QSFFOEJNFOUPTBMJDFODJBS"UFSSPTEFQFRVFOPQPSUF RVFUFOIBN ¾OBMJEBEFJNFEJBUBEFSFHVMBSJ[BmkPEFUFSSFOPTQBSBFEJ¾DBmkP QPEFNTFSDBSBDUFSJ[BEPTDPNPOkPQBTTrWFJTEFMJDFODJBNFOUP 0MJDFODJBNFOUPBNCJFOUBMQBSBBUFSSPTEFWFSgDPOTJEFSBS FOUSF PVUSBTDPOEJm{FT BTFTUBCFMFDJEBTOB/#3QBSBJNQMBOUB mkP QSPKFUPFPQFSBmkP FOGBUJ[BOEPTFBOFDFTTJEBEFEP²1MBOP EF $POUSPMF F .POJUPSBNFOUP³ ²1MBOP EF *OTQFmkP F .BOVUFO mkP³F²1MBOPEF.BOVUFOmkPEBÇSFBEF3FTFSWBmkPPVEF&ODFS SBNFOUPEP"UFSSPF6TP'VUVSPEBÇSFB³
¼ ½
MJDFODJBNFOUPEFgSFBTEFSFDJDMBHFNEFSFTrEVPT TwMJEPTEBDPOTUSVmkPDJWJM 0TFNQSFFOEJNFOUPTEFSFDJDMBHFNEFSFTrEVPTEBDPOTUSVmkPUSJB EPTEFWFSkPTVCNFUFSTFBPMJDFODJBNFOUPBNCJFOUBMOPiNCJUPEP wSHkP BNCJFOUBM DPNQFUFOUF TFOEP TVKFJUPT B QSPDFEJNFOUPT TJ NJMBSFTBPTFTUBCFMFDJEPTQBSBPVUSBTBUJWJEBEFTJOEVTUSJBJT&TTFT FNQSFFOEJNFOUPT QSPDFTTBSkP SFTrEVPT DMBTTF " Kg USJBEPT PV PT PSJVOEPTEFgSFBTEFUSJBHFNFTUBCFMFDJEBTOPQSwQSJPFNQSFFOEJ NFOUPRVF OFTUFDBTP QPEFSkPTFSMJDFODJBEBTFNDPOKVOUPDPNB BUJWJEBEFQSJODJQBM"TgSFBTEFSFDJDMBHFNEFWFSkPBUFOEFS FOUSF PVUSBTDPOEJm{FT BTFTUBCFMFDJEBTOB/#3QBSBJNQMBO UBmkP QSPKFUPFPQFSBmkP SFTTBMUBOEPTFBJNQPSUiODJBEP²1MBOP EF*OTQFmkPF.BOVUFOmkP³FEP²1MBOPEF0QFSBmkP³
QSPDFEJNFOUPTQBSBDBTPTFTQFDr¾DPT 4kP BQSFTFOUBEBT TVHFTU{FT QBSB TPMVmkP EF DBTPT FTQFDr¾DPT DPNPSFDJDMBHFNEFSFTrEVPTDMBTTF#°NBEFJSB JNQMBOUBmkPEF BUFSSPTFNDBWBTFYBVSJEBTEFNJOFSBmkP NPWJNFOUBmkPEFTPMP FNPCSBTEFUFSSBQMFOBHFN SFDFQmkPEFTPMPQBSBSFHVMBSJ[BmkP EFUFSSFOP EJTQPTJmkPEFSFTrEVPTQSPWFOJFOUFTEFPCSBTMJOFBSFT FVTPEFSFTrEVPTUSJBEPTPVSFDJDMBEPTFNTFSWJmPTEFJOGSBFTUSV UVSBFNBUFSSPTTBOJUgSJPT
QSPDFEJNFOUPTQSPQPTUPTQBSBGJTDBMJ[BmkP &OUSFPTBTQFDUPTBTFSFN¾TDBMJ[BEPTSFTTBMUBTFPDVNQSJNFOUP EPT DPNQSPNJTTPT FTUBCFMFDJEPT OP QSPKFUP F OP MJDFODJBNFOUP
¼ ½
BNCJFOUBM F B WFSJ¾DBmkP EP DVNQSJNFOUP EPT 1MBOPT FTUBCFMF DJEPT &OGBUJ[BTF B OFDFTTJEBEF EF WFSJ¾DBmkP EB QSFTFOmB EPT $POUSPMFTEF5SBOTQPSUFEF3FTrEVPT$53TEPTNBUFSJBJTSFDFCJ EPT EPTQSPEVUPTEPTQSPDFTTPTFEPTSFKFJUPTFYQVSHBEPT QPJT FNOFOIVNBEBTUSpTBUJWJEBEFTBTFSFNMJDFODJBEBTIgBQPTTJCJ MJEBEFEFJOFYJTUpODJBEFFYQVSHPEFNBUFSJBJT
gSFBTEFUSBOTCPSEPFUSJBHFNQBSB
SFTrEVPTEBDPOTUSVmkPDJWJMFSFTrEVPTWPMVNPTPT 4kPTJHOJ¾DBUJWPTPTBTQFDUPTDPOUSPMFRVBMJUBUJWPFRVBOUJUBUJWP EFSFTrEVPTSFDFCJEPTFUSBOTGFSJEPT TFNQSFQPSNFJPEF$53 SFDFQmkPBQFOBTEFSFTrEVPTEBDPOTUSVmkPDJWJMFSFTrEVPTWP MVNPTPTUSJBHFNJOUFHSBMEPTSFTrEVPTBDFJUPTEFTUJOBmkPBEF RVBEBEPTSFTrEVPTFSFKFJUPTSFTVMUBOUFTPCTFSWBmkPEP²1MBOP EF$POUSPMFEF3FDFCJNFOUPEF3FTrEVPT³
BUFSSPTEFSFTrEVPTTwMJEPTEBDPOTUSVmkP
DJWJMFSFTrEVPTJOFSUFT 4kPTJHOJ¾DBUJWPTPTBTQFDUPTTPNFOUFEFWFNTFSSFDFCJEPTOP BUFSSP PT SFTrEVPT EB DPOTUSVmkP DJWJM F PT SFTrEVPT JOFSUFT PT SFTrEVPTEFWFNTFSUSJBEPTTPNFOUFQPEFNTFSEJTQPTUPTPTSF TrEVPTEFDPOTUSVmkPDJWJMDMBTTF"PVSFTrEVPTJOFSUFTFNgSFBT EF SFTFSWBmkP B EJTQPTJmkP EF SFTrEVPT EFWF TFS GFJUB EF GPSNB TFHSFHBEB DPOGPSNF PT UJQPT HFSBEPT OB USJBHFN EFWFN TFS NBOUJEPTOBJOTUBMBmkP NFTNPDPNBMUFSBmkPEBUJUVMBSJEBEFF BUnP¾NEBWJEB|UJM PT$53TFPVUSPTSFHJTUSPTPCTFSWBmkPEP ²1MBOPEF$POUSPMFF.POJUPSBNFOUP³ ²1MBOPEF*OTQFmkPF.B OVUFOmkP³F²1MBOPEF.BOVUFOmkPEBÇSFBEF3FTFSWBmkPPVEF &ODFSSBNFOUPEP"UFSSPF6TP'VUVSPEBÇSFB³
¼ ½
gSFBTEFSFDJDMBHFNEFSFTrEVPTTwMJEPT
EBDPOTUSVmkPDJWJM 4kP TJHOJ¾DBUJWPT PT BTQFDUPT TPNFOUF QPEFN TFS BDFJUPT SFTr EVPTEBDPOTUSVmkPDJWJMPTSFTrEVPTEFWFNTFSUSJBEPTEFWFNTFS SFDJDMBEPTBQFOBTPTSFTrEVPTDMBTTF" JODMVTPPTPMPBgSFBEFWF TFSEPUBEBEFTJTUFNBTEFDPOUSPMFEFWJCSBm{FT SVrEPTFQPMVFO UFTBUNPTGnSJDPTEFWFTFSFYJHJEPPDPOUSPMFEFFOUSBEBFTBrEBEPT SFTrEVPT°$53PCTFSWBmkPEP²1MBOPEF*OTQFmkPF.BOVUFOmkP³ FEP²1MBOPEF0QFSBmkP³
TrOUFTFEBTOPSNBTUnDOJDBT &TUkPBQSFTFOUBEBTEFGPSNBTJOUnUJDBBTOPSNBT/#3 /#3 F/#3 UPEBTEF
HMPTTgSJP &TUkPBQSFTFOUBEBTBTQSJODJQBJTEF¾OJm{FTBEPUBEBTOBT/PSNBT #SBTJMFJSBT
BOFYPT
¼ ½
Ç3&"4%&."/&+0%& 3&4Ê%604%"$0/4536b¬0$*7*- &3&4Ê%60470-6.0404
¼
PSJFOUBm{FTQBSBPTFVMJDFODJBNFOUP FBQMJDBmkPEBSFTPMVmkPDPOBNB
¼ ½
½
DPOTJEFSBm{FTHFSBJT .VJUBTDJEBEFTCSBTJMFJSBT TPCSFUVEPBRVFMBTRVFBQSFTFO UBN QSPDFTTPT BDFMFSBEPT EF VSCBOJ[BmkP TPGSFN HSBWFT JN QBDUPTBNCJFOUBJTQSPWPDBEPTQFMBJOUFOTBEFQPTJmkPJSSFHVMBS EFSFTrEVPTEBDPOTUSVmkPDJWJM&TTBHSBOEFNBTTBEFSFTrEVPT RVFOP#SBTJMWBSJBEFBEBNBTTBEFSFTrEVPTTwMJEPT VSCBOPT TPCSFDBSSFHB PT TFSWJmPT NVOJDJQBJT EF MJNQF[B Q| CMJDBFESFOB DPOUJOVBNFOUF FTDBTTPTSFDVSTPTQ|CMJDPTEFT UJOBEPT B QBHBS B DPOUB EB DPMFUB USBOTQPSUF F EJTQPTJmkP EF SFTrEVPTEFQPTJUBEPTJSSFHVMBSNFOUFFNgSFBTQ|CMJDBT DPOUB FTTBRVF OBSFBMJEBEF nEFSFTQPOTBCJMJEBEFEPTHFSBEPSFT " QBSUJS EF EFTUBDBTF OP #SBTJM P JOrDJP EP FTUBCF MFDJNFOUP EF QPMrUJDBT Q|CMJDBT OPSNBT FTQFDJ¾DBm{FT UnDOJ DBT F JOTUSVNFOUPT FDPOyNJDPT WPMUBEPT BP FRVBDJPOBNFOUP EPTQSPCMFNBTSFTVMUBOUFTEPNBOFKPJOBEFRVBEPEPTSFTrEVPT &TUFDPOKVOUPEFQPMrUJDBT OPSNBTFJOTUSVNFOUPTFDPOyNJDPT DPMPDBPQBrTFNEFTUBRVFFOUSFPTTJUVBEPTOP)FNJTGnSJP4VM & QPSPVUSPMBEP UPSOBQPTTrWFMRVFPTBHFOUFTFOWPMWJEPTOB DBEFJBEPTSFTrEVPTEFTFOWPMWBNJOJDJBUJWBTOPSVNPEBTVTUFOUB CJMJEBEFEPTQSPDFTTPTEFHFTUkP&YJTUFIPKFVNHSBOEFO|NFSP EFDPOTUSVUPSBTRVF DBQJUBOFBEBTQPSTVBTJOTUJUVJm{FTTFUPSJBJT FN EJWFSTBT VOJEBEFT EB 'FEFSBmkP JOUSPEV[FN TJTUFNBT EF HFSFODJBNFOUPFNTFVTDBOUFJSPTEFPCSB RVFEFNBOEBNVNB EFTUJOBmkPDPNQSPNJTTBEB1PSTVBWF[ FTTFQSPDFTTPJOEV[FN
¼ ½
QSFFOEFEPSFTQSJWBEPTBJOWFTUJSFNOBBCFSUVSBEFOPWPTFSFOUgWFJT OFHwDJPTOBTBUJWJEBEFTEFUSJBHFN SFDJDMBHFNFEJTQPTJmkPDPSSFUB " 3FTPMVmkP $0/"." EF DPNQMFNFOUBEB QFMB3FTPMVmkP$0/"."EF FTUBCFMFDFEJSFUSJ[FT DSJUnSJPT F QSPDFEJNFOUPT QBSB B HFTUkP EPT SFTrEVPT EB DPOTUSV mkPDJWJM%FBDPSEPDPNBNFODJPOBEBSFTPMVmkP PTSFTrEVPTEB DPOTUSVmkPDJWJMOkPQPEFSkPTFSEJTQPTUPTFNBUFSSPTEFSFTrEVPT EPNJDJMJBSFT FNgSFBTEF²CPUBGPSB³ FNFODPTUBT DPSQPTEµgHVB MPUFTWBHPTFFNgSFBTQSPUFHJEBTQPS-FJ EFWFOEPBUFOEFSPBSUJHP EB3FTPMVmkP$0/"."&TUFBSUJHPEFUFSNJOBRVFPT SFTrEVPTEBDPOTUSVmkPDJWJMEFWFSkPTFSSFVUJMJ[BEPT SFDJDMBEPTPV FODBNJOIBEPTBgSFBTFTQFDr¾DBT6NDPOKVOUPEF/PSNBT5nDOJ DBT #SBTJMFJSBT /#3T F BQSF TFOUBEJSFUSJ[FTQBSBQSPKFUP JNQMBOUBmkPFPQFSBmkPEFTUBTgSFBT EFOPNJOBOEPBT DPNP gSFBT EF USBOTCPSEP F USJBHFN JODMVrEPT PT QPOUPT EF FOUSFHB EF QFRVFOPT WPMVNFT
gSFBT EF SFDJDMBHFN FBUFSSPTEFSFTrEVPTEBDPOTUSVmkPDJWJM&TTBTgSFBTEFWFNPCUFS MJDFODJBNFOUPBNCJFOUBMPVTFSFNDBSBDUFSJ[BEBTDPNPOkPQBTTr WFJTEFMJDFODJBNFOUP BDSJUnSJPEPwSHkPBNCJFOUBMDPNQFUFOUF 0TSFTrEVPTEBDPOTUSVmkPDJWJMCSBTJMFJSPT FNHSBOEFQBSUF OkPSFQSFTFOUBNHSBOEFTSJTDPTBNCJFOUBJTFNSB[kPEFTVBTDB SBDUFSrTUJDBTRVrNJDBTFNJOFSBJTTFSFNTFNFMIBOUFTBPTBHSFHB EPTOBUVSBJTFTPMPT FNFTQFDJBMPTSFTrEVPTEBDMBTTF" &OUSFUBOUP QPEFN BQSFTFOUBS PVUSPT UJQPT EF SFTrEVPT DPNP wMFPTEFNBRVJOgSJPTVUJMJ[BEPTOBDPOTUSVmkP QJOUVSBTFBTCFTUPT EFUFMIBTEFDJNFOUPBNJBOUP/PT&TUBEPT6OJEPT QPSFYFNQMP B RVBOUJEBEFEFSFTrEVPTQFSJHPTPTQSFTFOUFTOBNBTTBEFSFTrEVPTEB DPOTUSVmkPnEF QFSDFOUVBMRVF OBDPOTUSVmkPCSBTJMFJSB QPEF TFSNFOPSBJOEBFGBDJMNFOUFFRVBDJPOBEPOBTPQFSBm{FTEFUSJBHFN
¼ ½
0 HFSFODJBNFOUP EF SFTrEVPT FN DBOUFJSPT EF PCSBT F P DPNQSPNJTTP EPT HFSBEPSFT DPN B TVB EFTUJOBmkP FN gSFBT FTQFDr¾DBT TkP Bm{FT RVF ¾OBMNFOUF DPNFmBN B EBS SFTVMUB EPT /B NFEJEB FN RVF Ig EFNBOEB QBSB B JNQMBOUBmkP EF gSFBT DVKP NBOFKP GPJ OPSNBUJ[BEP BQFOBT SFDFOUFNFOUF PT wSHkPTBNCJFOUBJTEFWFNTFQSFQBSBSQBSBPTFVMJDFODJBNFOUP F¾TDBMJ[BmkP FTUBCFMFDFOEPQSPDFEJNFOUPTDMBSPT *TTP DPOUSJCVJSg EF GPSNB EFDJTJWB QBSB B JNQMBOUBmkP EFgSFBTHFSJEBTEFGPSNBTVTUFOUgWFM FMJNJOBOEPPVTPEPT ²CPUBGPSBT³°POPNFTJOUFUJ[BUPEBVNBGPSNBJSSFTQPOTgWFM EFEFTUJOBmkPEPTSFTrEVPT
PSJFOUBm{FTQBSBPMJDFODJBNFOUP 0TQSPDFEJNFOUPTBTFSFNFTUBCFMFDJEPTQBSBPMJDFODJB NFOUP EBT gSFBT QSFWJTUBT OB 3FTPMVmkP F OPSNBUJ [BEBTQFMBT/#3T FQP EFNTFSTJNQMJ¾DBEPT EBEBTBTDBSBDUFSrTUJDBTEPTSFTrEVPT EBDPOTUSVmkPDJWJM TFBTTJNFOUFOEJEPQFMPwSHkPBNCJFO UBMDPNQFUFOUF DPOGPSNFFTUBCFMFDJEPQFMB3FTPMVmkP$0 /"." 0T SFTrEVPT EB DPOTUSVmkP FN FTQFDJBM PT SFTrEVPT EB DMBTTF " UpN BMUB JOFSUJDJEBEF F DPOTUJUVFN CBTJDBNFOUF P NFTNPNBUFSJBMQSFTFOUFOBTGVOEBm{FTEPTFEJGrDJPTEFOPT
¼ ½
TBTDJEBEFT TFOEPQPTTrWFMEF¾OJSQSPDFEJNFOUPTF¾DB[FTFOkP DPNQMFYPTQBSBPFTUBCFMFDJNFOUPEBTgSFBTOFDFTTgSJBTBPNB OFKPDPSSFUPEFTUFTSFTrEVPT " ¾N EF JMVTUSBS FTTB QPTTJCJMJEBEF TkP BQSFTFOUBEPT B TFHVJS QSPDFEJNFOUPT TJNQMJ¾DBEPT BEPUBEPT OPT wSHkPT BN CJFOUBJT FTUBEVBMFNVOJDJQBJT EP&TUBEPEF4kP1BVMP
MJDFODJBNFOUPEFgSFBTEFUSBOTCPSEP FUSJBHFN BUUT QBSBSFTrEVPTEBDPOTUSVmkP DJWJMFSFTrEVPTWPMVNPTPT "TgSFBTEFUSBOTCPSEPFUSJBHFN°"55TTkPFNQSFFOEJNFO UPT FN HFSBM EF QFRVFOP QPSUF EFTUJOBEPT FYDMVTJWBNFOUF h USJBHFNFUSBOTCPSEPEFSFTrEVPTEBDPOTUSVmkPDJWJMFSFTrEVPT WPMVNPTPT DPOGPSNF EFTDSJUP OB /#3 F UFSkP P MJDFODJBNFOUP BNCJFOUBM SFHJEP QFMP wSHkP BNCJFOUBM DPNQF UFOUF+gFYJTUFNDBTPTFNRVFPMJDFODJBNFOUPOkPGPJFYJHJEP QPS OkP UFS TJEP DPOTJEFSBEB BUJWJEBEF QPUFODJBMNFOUF QPMVJ EPSB B FYFNQMP EP DSJUnSJP BEPUBEP OP &TUBEP EF 4kP 1BVMP POEF BQFOBT PT NVOJDrQJPT FYJHFN B MJDFOmB MPDBM PV VNB BV UPSJ[BmkPTJNQMFTEFGVODJPOBNFOUP DPNPBTGPSOFDJEBTQBSB PVUSBTBUJWJEBEFTVSCBOBTEFCBJYPJNQBDUP "55T RVF PQFSFN DPOKVOUBNFOUF DPN ÇSFBT EF 3FDJDMBHFN /#3 F"UFSSPTEF3FTrEVPTEB$POTUSVmkP$JWJMF3F TrEVPT*OFSUFT /#3 EFWFSkPTFSMJDFODJBEBT OPiN CJUPEPMJDFODJBNFOUPFYJHJEPQBSBBTEVBTBUJWJEBEFTQSJODJQBJT 5BOUPOPDBTPEFMJDFODJBNFOUPDPOKVOUPEF"55TDPNBUFS SPTPVgSFBTEFSFDJDMBHFN DPNPOPDBTPEFBVUPSJ[BmkPBQFOBT OPiNCJUPNVOJDJQBM BBOgMJTFEFMJDFOmBBNCJFOUBMPVBVUPSJ
¼ ½
[BmkPEFGVODJPOBNFOUPEFWFSgDPOTJEFSBS FOUSFPVUSBTDPO EJm{FT BBQSFTFOUBmkPEP²1MBOPEF$POUSPMFEF3FDFCJNFOUP EF3FTrEVPT³EFTDSJUPOB/#3 %FGPSNBBJOEBNBJTKVTUJ¾DBEBRVFOPDBTPEBT"55TQBSB HSBOEFT WPMVNFT PT 1POUPT EF &OUSFHB QBSB QFRVFOPT WPMV NFT B TFSFN JNQMFNFOUBEPT QFMBT BENJOJTUSBm{FT NVOJDJ QBJT DPNP QBSUF EBT EJSFUSJ[FT EB 3FTPMVmkP $0/"." QPEFSkP OkP FTUBS TVKFJUPT BP MJDFODJBNFOUP BNCJFOUBM TF B BUJWJEBEFOkPGPSDPOTJEFSBEBQPUFODJBMNFOUFQPMVJEPSBQFMP wSHkP BNCJFOUBM DPNQFUFOUF FTUFT FRVJQBNFOUPT Q|CMJDPT WpNTFOEPDPOTJEFSBEPTDPNPFYQSFTTkPEBBmkPEBBENJOJT USBmkPQBSBBJOUFSSVQmkPEBBHSFTTkPBPNFJPBNCJFOUFFRVF QPSUBOUP OkPSFRVFSFNMJDFODJBNFOUPBNCJFOUBMFTQFDr¾DP
MJDFODJBNFOUPEFBUFSSPTEFSFTJEVPTTwMJEPT EBDPOTUSVmkPDJWJMFSFTJEVPTJOFSUFT 0TBUFSSPTEFSFTrEVPTTwMJEPTEBDPOTUSVmkPDJWJMFSFTr EVPTJOFSUFT EFTUJOBEPThEJTQPTJmkPFYDMVTJWBEFSFTrEVPT DMBTTF " USJBEPT EFWFSkP TVCNFUFSTF BP MJDFODJBNFOUP BNCJFOUBM OPiNCJUPEPwSHkPBNCJFOUBMDPNQFUFOUF0T QSPDFEJNFOUPT QBSB MJDFODJBNFOUP QSFDJTBN TFS BQMJDBEPT UBOUP B BUFSSPT WJTBOEP B SFTFSWBmkP EF NBUFSJBJT QBSB VTP GVUVSP RVBOUPBBUFSSPTWJTBOEPPVTPGVUVSPEBgSFB1BSBP MJDFODJBNFOUPEBBUJWJEBEFEFWFNTFSPVWJEPT RVBOEPDPV CFS PTwSHkPTSFTQPOTgWFJTQFMBHFTUkP¿PSFTUBM EFSFDVS TPTIrESJDPTFPVUSPT 0MJDFODJBNFOUPEFTTBBUJWJEBEFQPEFSgTFSGFJUPEFGPSNB EFTDFOUSBMJ[BEBFEJGFSFODJBEB EFBDPSEPDPNPQPSUFEPFN
¼ ½
QSFFOEJNFOUP B FYFNQMP EPT QSPDFEJNFOUPT BEPUBEPT OP &T UBEPEF4kP1BVMP B BUFSSPTDVKBDBQBDJEBEFUPUBMOkPFYDFEBNFRVFSF DFCBNVNBRVBOUJEBEFEFSFTrEVPTJHVBMPVJOGFSJPSBN QPSEJB QPEFSkPTFSMJDFODJBEPTOBTBHpODJBTSFHJPOBJTEPT wSHkPTBNCJFOUBJT RVBOEPFYJTUJSFN C BUFSSPTDVKBDBQBDJEBEFUPUBMTFKBTVQFSJPSBNFRVF SFDFCBNVNBRVBOUJEBEFEFSFTrEVPTTVQFSJPSBNQPS EJBFJOGFSJPSPVJHVBMBNQPSEJB QPEFSkPTFSMJDFODJB EPTOBTBHpODJBTSFHJPOBJTEPTwSHkPTBNCJFOUBJT PVWJEPT PTwSHkPTDFOUSBJTEFMJDFODJBNFOUPFTUBEVBM D BUFSSPTDVKBDBQBDJEBEFUPUBMTFKBTVQFSJPSBNFRVF SFDFCBNVNBRVBOUJEBEFEFSFTrEVPTTVQFSJPSBNQPS EJB EFWFSkPTFSMJDFODJBEPTOPTwSHkPTDFOUSBJTEFMJDFODJB NFOUPFTUBEVBM FN4kP1BVMPWFNTFOEPFYJHJEBBQFOBTB BQSFTFOUBmkPEF3FMBUwSJP"NCJFOUBM1SFMJNJOBS°3"1 0TBUFSSPTRVFTJNVMUBOFBNFOUFPDVQFNgSFBJHVBMPVJOGFSJPS BN WPMVNFUPUBMPVJOGFSJPSBNFUFOIBNDPNP¾OB MJEBEFJNFEJBUBBSFHVMBSJ[BmkPEFUFSSFOPTQBSB¾OTEFFEJ¾DBmkP QPEFN TFS DBSBDUFSJ[BEPT DPNP OkP QBTTrWFJT EF MJDFODJBNFOUP BNCJFOUBM¾DBOEPTVKFJUPT QPSnN hNBOJGFTUBmkPEPTwSHkPTEF QSPUFmkP¿PSFTUBM SFDVSTPTIrESJDPTFOUSFPVUSPT FTVKFJUPThTBV UPSJ[Bm{FTQBSBNPWJNFOUBmkPEFTPMP EFDVOIPNVOJDJQBM &N4kP1BVMP WFNTFOEPPCKFUPEFBOBMJTFEPTwSHkPTDFO USBJTEFMJDFODJBNFOUPFTUBEVBMPTBUFSSPTDVKBMPDBMJ[BmkPTFFO RVBESFFN B 6OJEBEFT EF $POTFSWBmkP EF¾OJEBT QFMB -FJ 'FEFSBM
¼ ½
$BQrUVMP***FBTgSFBTMJNrUSPGFThTNFTNBT C ÇSFBTFNPOVNFOUPTUPNCBEPTQFMPTwSHkPTEFEFGFTBEP QBUSJNyOJPIJTUwSJDP PVFRVJWBMFOUFT D ÇSFBTDPNDPCFSUVSBWFHFUBMQSJNgSJBPVTFDVOEgSJBFNFT UgHJPNnEJPPVBWBOmBEPEFSFHFOFSBmkP 0MJDFODJBNFOUPBNCJFOUBMQBSBBUFSSPTEFSFTrEVPTTwMJEPT EBDPOTUSVmkPDJWJMFSFTrEVPTJOFSUFTEFWFSgDPOTJEFSBS FOUSF PVUSBT DPOEJm{FT BT FTUBCFMFDJEBT OB /#3 QBSB JNQMBOUBmkP QSPKFUPFPQFSBmkP DPNpOGBTFOBOFDFTTJEBEF EF²1MBOPEF$POUSPMFF.POJUPSBNFOUP³ ²1MBOPEF*OTQFmkP F.BOVUFOmkP³F²1MBOPEF.BOVUFOmkPEBÇSFBEF3FTFSWBmkP PVEF&ODFSSBNFOUPEP"UFSSPF6TP'VUVSPEBÇSFB³
MJDFODJBNFOUPEFgSFBTEFSFDJDMBHFN EFSFTrEVPTTwMJEPTEBDPOTUSVmkPDJWJM 0TFNQSFFOEJNFOUPTEFTUJOBEPThSFDJDMBHFNEFSFTrEVPTEB DPOTUSVmkP USJBEPT UFSkP P MJDFODJBNFOUP BNCJFOUBM SFHJEP QFMP wSHkPBNCJFOUBMDPNQFUFOUF0TQSPDFEJNFOUPTQPEFSkPTFSTJNJ MBSFTBPTFTUBCFMFDJEPTQBSBPVUSBTBUJWJEBEFTEFDVOIPJOEVTUSJBM "TÇSFBTEF3FDJDMBHFNQSPDFTTBSkPSFTrEVPTDMBTTF"KgUSJB EPTOBGPOUFHFSBEPSB FN"55TGPSOFDFEPSBTPVFNgSFBTEFUSJB HFN FTUBCFMFDJEBT OP QSwQSJP FNQSFFOEJNFOUP RVF OFTUF DBTP EFWFSkPTFSMJDFODJBEBTFNDPOKVOUPDPNBÇSFBEF3FDJDMBHFN ÇSFBTEF3FDJDMBHFNRVFPQFSFNDPOKVOUBNFOUFDPN"UFS SPTEFSFTrEVPTEBDPOTUSVmkPDJWJMQPEFSkPUFSQSPDFEJNFOUP EFMJDFODJBNFOUPTJNJMBSBPFYJHJEPQBSBPTBUFSSPT FNGVOmkP EFTFVQPSUF
¼ ½
0MJDFODJBNFOUPBNCJFOUBMQBSBÇSFBTEF3FDJDMBHFNEFWFSg DPOTJEFSBS BMnNEBMFHJTMBmkPBNCJFOUBMQFSUJOFOUF FOUSFPV USBT DPOEJm{FT BT FTUBCFMFDJEBT OB /#3 QBSB JN QMBOUBmkP QSPKFUP F PQFSBmkP DPN pOGBTF OB OFDFTTJEBEF EF ²1MBOP EF $POUSPMF F .POJUPSBNFOUP³ ²1MBOP EF *OTQFmkP F .BOVUFOmkP³F²1MBOPEF.BOVUFOmkPEBÇSFBEF3FTFSWBmkP PVEF&ODFSSBNFOUPEP"UFSSPF6TP'VUVSPEBÇSFB³
QSPDFEJNFOUPTQBSBDBTPTFTQFDr¾DPT "FWPMVmkPEBTJOJDJBUJWBTFBOFDFTTJEBEFEFDPOTUSVJSTPMVm{FT QBSBTJUVBm{FTSFBJT QPTTJCJMJUBNQSPDFEJNFOUPTFTQFDr¾DPT
B SFDJDMBHFNEFSFTrEVPTDMBTTFC°NBEFJSB 0 MJDFODJBNFOUP EB BUJWJEBEF EF SFDJDMBHFN EF NBEFJSB PSJVOEBEPTSFTrEVPTEBDPOTUSVmkPPVEFSFTrEVPTWPMVNPTPT RVBOEPFNRVBOUJEBEFTOkPTJHOJ¾DBUJWBT FJOTFSJEBTFNVNB "55 TVHFSFTFPMJNJUFEFBUnNEJgSJPT QPEFSgTFSGFJUP FNDPOKVOUPDPNPMJDFODJBNFOUPEBgSFBEFUSBOTCPSEPFUSJB HFN FORVBOUP ²FWFOUVBM USBOTGPSNBmkP³ 0 MJDFODJBNFOUP EFTTB BUJWJEBEF RVBOEP FN NBJPS QPSUF PV RVBOEP QSFWJTUB FNgSFBTEFSFDJDMBHFNPVBUFSSPT QPEFSgTFHVJSPTNFTNPT QSPDFEJNFOUPT EF¾OJEPT QBSB P MJDFODJBNFOUP EFTTBT gSFBT DPOTJEFSBEBTBTBUJWJEBEFTQSJODJQBJT
¼ ½
C JNQMBOUBmkPEFBUFSSPTFNDBWBTFYBVSJEBTEFNJOFSBmkP 0MJDFODJBNFOUPEFBUFSSPTEFSFTrEVPTEFDPOTUSVmkPDJWJM FSFTrEVPTJOFSUFTBTFSFNJNQMBOUBEPTFNDBWBTFYBVSJEBTEF NJOFSBmkPEBSTFgEFBDPSEPDPNPTFTUVEPTFQSPDFEJNFO UPTEF¾OJEPTQFMPwSHkPBNCJFOUBMDPNQFUFOUF
D NPWJNFOUBmkPEFTPMPFNPCSBTEFUFSSBQMFOBHFN 0TBUFSSPTQSPWFOJFOUFTEBNPWJNFOUBmkPJOUFSOBEFTPMP FNPCSBTEFUFSSBQMFOBHFN EFOUSPEFVNNFTNPUFSSFOPPV FNQSFFOEJNFOUPKgBVUPSJ[BEPPVMJDFODJBEPBNCJFOUBMNFOUF QPEFSkP TFS DBSBDUFSJ[BEPT DPNP OkP QBTTrWFJT EF MJDFODJB NFOUP BNCJFOUBM FTQFDr¾DP B DSJUnSJP EP wSHkP BNCJFOUBM DPNQFUFOUF
E SFDFQmkPEFTPMPQBSBSFHVMBSJ[BmkPEFUFSSFOP "SFDFQmkPEFTPMPDPNB¾OBMJEBEFEFSFHVMBSJ[BmkPEF UFSSFOP QBSB B JNFEJBUB PDVQBmkP QPS FEJ¾DBmkP PV PVUSP VTPVSCBOP QSFWJTUBOPiNCJUPEPQSPKFUPBQSPWBEPEFTTB PDVQBmkP QPEFSgTFSDBSBDUFSJ[BEBDPNPOkPQBTTrWFMEFMJ DFODJBNFOUPBNCJFOUBMFTQFDr¾DP PVTFSGFJUBOPiNCJUPEP MJDFODJBNFOUPBNCJFOUBMEBPDVQBmkP TFBNFTNBGPSPCKFUP EFMJDFODJBNFOUPBNCJFOUBM
¼ ½
F EJTQPTJmkPEFSFTrEVPTQSPWFOJFOUFTEFPCSBTMJOFBSFT " EJTQPTJmkP EF SFTrEVPT JODMVTP SPDIBT TPMPT F WFHFUB mkPSFNPWJEPT QSPWFOJFOUFTEFPCSBTMJOFBSFTDPNPSPEPWJBT GFSSPWJBT HBTPEVUPT F PVUSBT EFWFSg TFS TVCNFUJEB BP wSHkP BNCJFOUBMDPNQFUFOUF RVFEF¾OJSgTFBBUJWJEBEFOkPnQPUFO DJBMNFOUFQPMVJEPSB PVTFBNFTNBEFWFSgTFSTVCNFUJEBBPMJ DFODJBNFOUPBNCJFOUBM
G VTPEFSFTrEVPTUSJBEPTPVSFDJDMBEPTFNTFSWJmPTEFJOGSB FTUSVUVSBFNBUFSSPTTBOJUgSJPT "3FTPMVmkP$0/"."QSPJCJVBEJTQPTJmkPEFSFTrEVPT EBDPOTUSVmkPDJWJMFNBUFSSPTTBOJUgSJPT%F¾OJV OPFOUBOUP P BHSFHBEPSFDJDMBEPDPNPTFOEPPSFTrEVPCFOF¾DJBEP USJBEPPV SFDJDMBEP
DPNDBSBDUFSrTUJDBTUnDOJDBTQBSBBQMJDBmkPFNPCSBT EFBUFSSPTTBOJUgSJPTFOUSFPVUSBT &TUB EJSFUSJ[ QFSNJUF B¾SNBS DPNP DPSSFUB F SFQSPEVUrWFM B QSgUJDBEFEJWFSTPTNVOJDrQJPTFNVUJMJ[BSFNPTSFTrEVPTDMBTTF " USJBEPTPVSFDJDMBEPT FNTFSWJmPTEJWFSTPTOPTBUFSSPT UBJT DPNPPQSFQBSPEFWJBTJOUFSOBT QSFQBSPEBDPCFSUVSBEFDnMV MBT QSFQBSPEFESFOPTFPVUSBTBQMJDBm{FT
¼ ½
QSPDFEJNFOUPTQSPQPTUPT QBSBBGJTDBMJ[BmkP $PNQFUJOEPBGJTDBMJ[BmkPBPwSHkPSFTQPOTgWFMQFMP MJDFODJBNFOUPFBPTwSHkPTBFMFJOUFSMJHBEPT DPOTJEFSB TF JNQPSUBOUF B WFSJGJDBmkP EP DVNQSJNFOUP EPT DPN QSPNJTTPTFTUBCFMFDJEPTOPQSPKFUPEPFNQSFFOEJNFOUP FOPQSPDFTTPEFMJDFODJBNFOUPFBWFSJGJDBmkPEBTDPOEJ m{FTPQFSBDJPOBJTEBgSFB &OUSF BT DPOEJm{FT PQFSBDJPOBJT UPSOBTF JNQPSUBOUF B WFSJ¾DBmkPEBQSFTFOmBEPT$POUSPMFTEF5SBOTQPSUFEF3F TrEVPT DUST UBOUPEPTNBUFSJBJTSFDFCJEPT DPNPEPTQSP EVUPTEPTQSPDFTTPTFEPTSFKFJUPTFYQVSHBEPT&NOFOIVNB EBTUSpTBUJWJEBEFTBTFSFNMJDFODJBEBTIgBQPTTJCJMJEBEFEF JOFYJTUpODJBEFFYQVSHPEFNBUFSJBJT5PEBTBTDMBTTFTEFSF TrEVPTEBDPOTUSVmkPQPEFSkPTFSSFDFCJEBT QPSnN BQwTB USJBHFN QPEFSkPTFSBDFJUBTFJOUSPEV[JEBTOBgSFBEFPQFSB mkPBQFOBTBTDMBTTFTEFSFTrEVPTQSFWJTUBTOBT/PSNBT#SB TJMFJSBT0TSFKFJUPTBTFSFNFYQVSHBEPTFTUBSkPDPOTUJUVrEPT QSJODJQBMNFOUFEFSFTrEVPTEPNJDJMJBSFT DPOUBNJOBOUFTEP SDE RVFEFWFSkPTFSEJTQPTUPTFNBUFSSPTTBOJUgSJPT 1PEFOEPBTgSFBTEFNBOFKPEFSFTrEVPTEBDPOTUSVmkPTFS MJDFODJBEBTQPSJOTUiODJBTEFHPWFSOPEJWFSTBT DPOTJEFSBTFJN QPSUBOUFRVF OBPDPSSpODJBEFEFO|ODJBEFJODPNPEJEBEF PwS HkP¾TDBMJ[BEPSBDJPOBEP NFTNPOkPTFOEPEBNFTNBFTGFSB
¼ ½
EFHPWFSOPSFTQPOTgWFMQFMPMJDFODJBNFOUP BUFOEBBEFNBOEBF BUnNFTNPQBSBFWJUBSTFDPOPUBmkPEFQSFWBSJDBmkP P¾DJFhJOT UiODJBEFHPWFSOPSFTQPOTgWFM DPNBTPMJDJUBmkPEFQSPWJEpODJBT 4kPPTTFHVJOUFTPTBTQFDUPTPQFSBDJPOBJTNBJTTJHOJ¾DBUJ WPTh¾TDBMJ[BmkP
gSFBTEFUSBOTCPSEPFUSJBHFNQBSBSFTrEVPTEB DPOTUSVmkPDJWJMFSFTrEVPTWPMVNPTPT B DPOUSPMFRVBMJUBUJWPFRVBOUJUBUJWPEFSFTrEVPTSFDFCJEPTF USBOTGFSJEPTQPSNFJPEFDUS C SFDFQmkPBQFOBTEFSFTrEVPTEBDPOTUSVmkPDJWJMFSFTrEVPT WPMVNPTPT D USJBHFNJOUFHSBMEPTSFTrEVPTBDFJUPT E FWJUBSPBD|NVMPEFNBUFSJBMOkPUSJBEP F EFTUJOBmkPBEFRVBEBEPTSFTrEVPTFSFKFJUPTSFTVMUBOUFTEB USJBHFN G TJTUFNBEFDPOUSPMFEFQPFJSBTFSVrEPT
gSFBTEFSFDJDMBHFNEFSFTrEVPTTwMJEPT EBDPOTUSVmkPDJWJM B TPNFOUF QPEFN TFS BDFJUPT OB gSFB EF SFDJDMBHFN PT SFTr EVPTEBDPOTUSVmkPDJWJMDMBTTF" C PTSFTrEVPTSFDFCJEPTEFWFNTFSQSFWJBNFOUFUSJBEPT OB GPOUF HFSBEPSB FN gSFBT EF USBOTCPSEP F USJBHFN PV OB QSwQSJBgSFBEFSFDJDMBHFN EFNPEPRVFOFMBTFKBNSFDJDMB EPTBQFOBTPTSFTrEVPTEFDPOTUSVmkPDJWJMDMBTTF" JODMVTP PTPMP
¼ ½
D B gSFB EF USJBHFN TF FTUBCFMFDJEB OB QSwQSJB JOTUBMBmkP EFWFFTUBSFNDPOGPSNJEBEFDPNBOCS E PTFRVJQBNFOUPTFBJOTUBMBmkPEFWFNTFSEPUBEPTEFTJTUFNBT EFDPOUSPMFEFWJCSBm{FT SVrEPTFQPMVFOUFTBUNPTGnSJDPT F EFWFTFSFYJHJEPPDPOUSPMFEFFOUSBEBEPTSFTrEVPTSFDFCJ EPTBEFTDSJmkPEPTSFTrEVPTSFKFJUBEPTFTVBEFTUJOBmkP BEFTDSJmkPFEFTUJOBmkPEPTSFTrEVPTSFVUJMJ[BEPTBEFT DSJmkPFEFTUJOBmkPEPTSFTrEVPTSFDJDMBEPTFPDPOUSPMFEB RVBMJEBEFEPTQSPEVUPTHFSBEPT G PTPQFSBEPSFTEFWFNNBOUFSPTDUSSFDFCJEPTFFNJUJEPT QBSBFWFOUVBMBQSFTFOUBmkPEFSFMBUwSJP
BUFSSPTEFSFTrEVPTTwMJEPTEBDPOTUSVmkP DJWJMFSFTrEVPTJOFSUFT B TPNFOUF EFWFN TFS SFDFCJEPT OP BUFSSP PT SFTrEVPT EB DPOTUSVmkPDJWJMFPTSFTrEVPTJOFSUFT C PT SFTrEVPT BDFJUPT EFWFN TFS QSFWJBNFOUF USJBEPT OB GPOUFHFSBEPSB FNgSFBTEFUSBOTCPSEPFUSJBHFNPVFN gSFBEFUSJBHFNFTUBCFMFDJEBOPQSwQSJPBUFSSP EFNPEP RVFOFMFTFKBNEJTQPTUPTBQFOBTPTSFTrEVPTEFDPOTUSVmkP DJWJMDMBTTF"PVSFTrEVPTJOFSUFT D PT SFTrEVPT EFWFN TFS EJTQPTUPT FN DBNBEBT TPCSFQPT UBTFOkPTFSgQFSNJUJEPPEFTQFKPQFMBMJOIBEFUPQP&N gSFBTEFSFTFSWBmkPBEJTQPTJmkPEFSFTrEVPTEFWFTFSGFJUB EFGPSNBTFHSFHBEB EFNPEPBWJBCJMJ[BSBSFVUJMJ[BmkPPV SFDJDMBHFNGVUVSBEFWFNTFSTFHSFHBEPTPTTPMPT PTSFTr EVPTEFDPODSFUPFBMWFOBSJB PTSFTrEVPTEFQBWJNFOUPT WJgSJPTBTGgMUJDPTFPTSFTrEVPTJOFSUFT
¼ ½
E EFWFTFSNBOUJEPOBJOTUBMBmkP BUnP¾NEBWJEB|UJMFOPQF SrPEPEFQwTGFDIBNFOUP VNSFHJTUSPEBEFTDSJmkPFRVBOUJ EBEFEFDBEBSFTrEVPSFDFCJEPFBEBUBEFEJTQPTJmkP JODMV rEPTPTDUSOPDBTPEFSFTFSWBmkPEFSFTrEVPT JOEJDBmkP EPTFUPSPOEFPSFTrEVPGPJEJTQPTUPEFTDSJmkP RVBOUJEBEF FEFTUJOBmkPEPTSFTrEVPTSFKFJUBEPTEFTDSJmkP RVBOUJEBEF FEFTUJOBmkPEPTSFTrEVPTSFBQSPWFJUBEPTSFHJTUSPEBTBOg MJTFT FGFUVBEBT OPT SFTrEVPT SFHJTUSP EBT JOTQFm{FT SFBMJ [BEBTFEPTJODJEFOUFTPDPSSJEPTFSFTQFDUJWBTEBUBTEBEPT SFGFSFOUFTBPNPOJUPSBNFOUPEBTgHVBTTVQFS¾DJBJTFTVC UFSSiOFBT0SFHJTUSPEFWFTFSNBOUJEPFNDBTPEFBMUFSBmkP EBUJUVMBSJEBEFEBgSFBPVFNQSFFOEJNFOUPFQBSBFWFOUVBM BQSFTFOUBmkPEFSFMBUwSJPT
TrOUFTFEBTOPSNBTUnDOJDBT OCS°SFTrEVPTEBDPOTUSVmkPDJWJM FSFTrEVPTWPMVNPTPT°gSFBTEFUSBOTCPSEPF USJBHFN°EJSFUSJ[FTQBSBQSPKFUP JNQMBOUBmkPFPQFSBmkP 4kP BT TFHVJOUFT BT EFUFSNJOBm{FT EB OCS QBSB BTDPOEJm{FTEFJNQMBOUBmkP EFQSPKFUPFEFPQFSBmkP DPN pOGBTFOBOFDFTTJEBEFEFVN²1MBOPEF$POUSPMFEF3FDFCJ NFOUPEF3FTrEVPT³
¼ ½
B DPOEJm{FTEFJNQMBOUBmkP 4kP JNQPSUBOUFT PT BTQFDUPT SFGFSFOUFT BP JTPMBNFOUP QPSU{FT DFSDBNFOUP BOUFQBSPQBSBQSPUFmkPEBWJ[JOIBOmB
hJEFOUJ¾DBmkP BPTFRVJQBNFOUPTEFTFHVSBOmBFBPTTJTUFNBT EFQSPUFmkPBNCJFOUBM DPOUSPMFTEFQPFJSB SVrEP ESFOBHFNF SFWFTUJNFOUPQSJNgSJPEBgSFB
C DPOEJm{FTQBSBQSPKFUP 4kPJNQPSUBOUFTPTBTQFDUPTSFMBUJWPThTJOGPSNBm{FTDBEBT USBJT NFNPSJBMEFTDSJUJWP DSPRVJEPFNQSFFOEJNFOUPFSFMBUwSJP GPUPHSg¾DPEBgSFB SFTQPOTBCJMJEBEFQFMPQSPKFUPF FTQFDJBMNFOUF PTSFMBUJWPTBP²1MBOPEF$POUSPMFEF3FDFCJNFOUPEF3FTrEVPT³
D DPOEJm{FTEFPQFSBmkP *NQPSUBNBTRVFTU{FTSFMBUJWBTBPDPOUSPMFEPSFDFCJNFOUP F FYQFEJmkP EF SFTrEVPT F BT EJSFUSJ[FT FTUBCFMFDJEBT QBSB B PQFSBmkP QSJODJQBMNFOUFFNSFMBmkPB
EJTQPOJCJMJ[BmkPEFSFMBUwSJPTNFOTBJTDPNDPOUSPMFRVBMJ UBUJWPFRVBOUJUBUJWPEPTSFTrEVPTSFDFCJEPTFUSBOTGFSJEPT
QSFTFOmBEPTDUSEFUPEBTBTDBSHBTSFDFCJEBTFFYQVSHBEBT
SFDFQmkPBQFOBTEFSFTrEVPTEBDPOTUSVmkPDJWJMFSFTrEVPT WPMVNPTPT
USJBHFNJOUFHSBMEPTSFTrEVPTBDFJUPT
FWJUBSPBD|NVMPEFNBUFSJBMOkPUSJBEP
EFTUJOBmkPBEFRVBEBEPTSFTrEVPTFSFKFJUPTSFTVMUBOUFTEB USJBHFN
¼ ½
FYJTUpODJBEFgSFBEFFTQFSBFTQFDr¾DBQBSBPTSFTrEVPTEF DMBTTJ¾DBmkPRVFTUJPOBEB
OCS°SFTrEVPTTwMJEPTEBDPOTUSVmkP DJWJMFSFTrEVPTJOFSUFT°BUFSSPT°EJSFUSJ[FTQBSB QSPKFUP JNQMBOUBmkPFPQFSBmkP 4kPBTTFHVJOUFTBTEFUFSNJOBm{FTEBOCSQBSBBTDPO EJm{FTEFJNQMBOUBmkP EFQSPKFUPFEFPQFSBmkP UBOUPQBSBBSFTFS WBmkPEFNBUFSJBJTEFGPSNBTFHSFHBEBDPNPQBSBBTVBEJTQPTJmkP DPNWJTUBThGVUVSBVUJMJ[BmkPEBgSFBSFTVMUBOUF DPNpOGBTFOB OFDFTTJEBEFEF²1MBOPEF$POUSPMFF.POJUPSBNFOUP³ ²1MBOPEF *OTQFmkPF.BOVUFOmkP³F²1MBOPEF.BOVUFOmkPEBÇSFBEF3FTFS WBmkPPVEF&ODFSSBNFOUPEP"UFSSPF6TP'VUVSPEBÇSFB³
B DPOEJm{FTEFJNQMBOUBmkP 4kPJNQPSUBOUFTPTBTQFDUPTSFGFSFOUFThNJOJNJ[BmkPEFJN QBDUPTBNCJFOUBJTFBBDFJUBmkPEBJOTUBMBmkPQFMBQPQVMBmkP h BEFRVBmkPhMFHJTMBmkPEFVTPEPTPMPFBJOEBhHFPMPHJBFUJQPT EF TPMPT FYJTUFOUFT IJESPMPHJB QBTTJWP BNCJFOUBM WFHFUBmkP WJBTEFBDFTTP gSFBFWPMVNFEJTQPOrWFJTFEJTUiODJBEFO|DMFPT QPQVMBDJPOBJT*NQPSUBNUBNCnNPTBTQFDUPTSFGFSFOUFTB
BDFTTPT JTPMBNFOUPFTJOBMJ[BmkP°BDFTTPTJOUFSOPTFFYUFS OPT GFDIBNFOUPEFUPEPPQFSrNFUSP QPSU{FTDPNDPOUSPMF BOUFQBSPQBSBQSPUFmkPEBWJ[JOIBOmBFGBJYBEFQSPUFmkPJO UFSOBBPQFSrNFUSP
DPOEJm{FTEFJMVNJOBmkP GPSOFDJNFOUPEFFOFSHJBFDPNV OJDBmkP
¼ ½
QSPUFmkPEBTgHVBTTVCUFSSiOFBT°QSFWJTkPEFTJTUFNBEF NPOJUPSBNFOUP EP BRrGFSP NBJT QSwYJNP h TVQFSGrDJF RVFQPEFSgTFSEJTQFOTBEPBDSJUnSJPEPwSHkPBNCJFOUBM FNGVOmkPEBDPOEJmkPIJESPHFPMwHJDBMPDBMFQBSBBUFSSPT EFQFRVFOPQPSUF DPNgSFBJOGFSJPShNFWPMVNF EFEJTQPTJmkPJOGFSJPShN QSPUFmkP EBT gHVBT TVQFS¾DJBJT ° QSFWJTkP EF NFEJEBT QBSBQSPUFmkPEBTgHVBTTVQFS¾DJBJTFEFTJTUFNBTEFESF OBHFNRVFJNQFmBNPBDFTTPEFgHVBTQSFDJQJUBEBTOP FOUPSOPFPDBSSFBNFOUPEFNBUFSJBMTwMJEPQBSBGPSBEB gSFBEPBUFSSP
C DPOEJm{FTQBSBQSPKFUP 4kPJNQPSUBOUFTBTJOGPSNBm{FTBTFSFNQSFTUBEBTOPNF NPSJBMEFTDSJUJWP NFNPSJBMUnDOJDP DSPOPHSBNBTFEFTFOIPT EPFNQSFFOEJNFOUP QSJODJQBMNFOUFFNSFMBmkPB
NFNPSJBMEFTDSJUJWP°BTQFDUPTDPNPDBSBDUFSJ[BmkPUPQP HSg¾DB HFPMwHJDBFHFPUnDOJDB FEBDJSDVOWJ[JOIBOmB VTP EPTPMP VTPEBTDPMFm{FTIrESJDBTFQSFTFOmBEFWFHFUBmkP
DPODFQmkPEPQSPKFUP BO|ODJPEBBMUFSOBUJWBEFSFTFSWBmkP EFNBUFSJBJTTFHSFHBEPTQBSBVTPGVUVSPPVVTPGVUVSPEB gSFBSFTVMUBOUF
QSFQBSPEPMPDBMEFEJTQPTJmkP DPNSF NPmkPUPUBMEBDPCFSUVSBWFHFUBMFTJNQMFTSFHVMBSJ[BmkP EPUFSSFOP
MPDBMJ[BmkPEPTJTUFNBEFESFOBHFNFEPTQP mPTEFNPOJUPSBNFOUP OPNrOJNPVNBNPOUBOUFFUSpTB KVTBOUF
EFTDSFWFOEPTFBJOEB ²1MBOP EF $POUSPMF F .POJUPSBNFOUP³ ° DPOUSPMFT EF PSJHFNFRVBOUJEBEFEPTSFTrEVPTSFDFCJEPTFNPOJUPSB
¼ ½
NFOUPEBRVBMJEBEFEPTSFTrEVPTEJTQPTUPT RVFQFSNJUBNB SFDPOTUJUVJmkPEBDBEFJBEFSFTQPOTBCJMJEBEFTDPOUSPMFTEB RVBMJEBEFEBTgHVBTTVCUFSSiOFBTFTVQFS¾DJBJT ²1MBOP EF *OTQFmkP F .BOVUFOmkP³ ° DPOUSPMFT EP TJT UFNBEFESFOBHFN EBFTUBCJMJEBEFEPBUFSSP EBEJTQFSTkP EF NBUFSJBM QBSUJDVMBEP EB FNJTTkP EF SVrEPT F EB TFHV SBOmBPDVQBDJPOBM ²1MBOPEF.BOVUFOmkPEBÇSFBEF3FTFSWBmkP³°EFTDSJmkP EPTQSPDFEJNFOUPTBTFSFNNBOUJEPTQBSBHBSBOUJBEBTDPO EJm{FTEFESFOBHFN JTPMBNFOUPFFTUBCJMJEBEFHFPUnDOJDB ²1MBOP EF &ODFSSBNFOUP EP "UFSSP F 6TP 'VUVSP EB ÇSFB³ °EFTDSJmkPEPVTPGVUVSPEBgSFB EPTQSPDFEJNFOUPTQBSBNBOV UFOmkPEBFTUBCJMJEBEFFQSPDFEJNFOUPTQBSBNPOJUPSBNFOUPEBT gHVBTTVCUFSSiOFBTFTVQFS¾DJBJTBQwTPUnSNJOPEBPQFSBmkP
NFNPSJBMUnDOJDP°DPNDgMDVMPEPTFMFNFOUPTBEPUBEPTOP QSPKFUPFDgMDVMPEBDBQBDJEBEFEFSFTFSWBmkPPVEBWJEB|UJM EPBUFSSP
EFTFOIPT F QMBOUBT ° DPN DPO¾HVSBmkP PSJHJOBM F ¾OBM EB gSFB TFRpODJBDPOTUSVUJWB TJTUFNBTEFQSPUFmkPBNCJFOUBM FEF¾OJmkPEBgSFBEFUSJBHFNFTUBCFMFDJEBOPQSwQSJPBUFSSP FNDPOGPSNJEBEFDPNBOCS
D DPOEJm{FTEFPQFSBmkP *NQPSUBN BT RVFTU{FT SFMBUJWBT BP SFDFCJNFOUP EF SFTr EVPTOPBUFSSP TVBUSJBHFNFEJTQPTJmkPFPTQSPDFEJNFOUPT FTUBCFMFDJEPTQBSBSFHJTUSPEBPQFSBmkP QSJODJQBMNFOUFFN SFMBmkPB
¼ ½
SFDFCJNFOUPEFSFTrEVPT°TPNFOUFQPEFNTFSSFDFCJEPT PTSFTrEVPTEBDPOTUSVmkPDJWJMFSFTrEVPTJOFSUFT BDPNQB OIBEPTTFNQSFEPTDUS
USJBHFNEPTSFTrEVPT°UPEPTPTSFTrEVPTSFDFCJEPTEFWFN TFSUSJBEPTOBGPOUF FN"55T PVFNgSFBTEFUSJBHFNFT UBCFMFDJEBTOPBUFSSPPTSFTrEVPTEFDMBTTF# $F%FPT DPOTJEFSBEPTSFKFJUPTEFWFNTFSFYQVSHBEPTEPBUFSSP
EJTQPTJmkPTFHSFHBEBEFSFTrEVPT°FNBUFSSPTEFSFTFSWB mkPEFWFNTFSTFHSFHBEPTPTTPMPT DPODSFUPFBMWFOBSJB QBWJNFOUPTBTGgMUJDPTFSFTrEVPTJOFSUFT
QSPDFEJNFOUPT QBSB SFHJTUSP EB PQFSBmkP ° EFTDSJmkP F RVBOUJEBEFEFDBEBSFTrEVP EBUBFMPDBMEFEJTQPTJmkPOP BUFSSP EFTUJOBmkPEPTSFTrEVPTSFKFJUBEPT EFTUJOBmkPEPT SFTrEVPT SFBQSPWFJUBEPT BOgMJTF SFBMJ[BEB OPT SFTrEVPT EBEPTEBTJOTQFm{FTFNPOJUPSBNFOUPT 0TSFHJTUSPTSFBMJ[BEPTEFWFNTFSNBOUJEPTFNDBTPEF BMUFSBmkPEBUJUVMBSJEBEFEPFNQSFFOEJNFOUPPVEBQPTTF EBgSFB
OCS°SFTrEVPTTwMJEPTEBDPOTUSVmkP DJWJM°gSFBTEFSFDJDMBHFN°EJSFUSJ[FT QBSBQSPKFUP JNQMBOUBmkPFPQFSBmkP 4kPBTTFHVJOUFTBTEFUFSNJOBm{FTEBOCSQBSBBT DPOEJm{FTEFJNQMBOUBmkP EFQSPKFUPFEFPQFSBmkPEBTgSFBT EFSFDJDMBHFN SFTTBMUBOEPTFBJNQPSUiODJBEP²1MBOPEF*OT QFmkPF.BOVUFOmkP³FEP²1MBOPEF0QFSBmkP³
¼ ½
B DPOEJm{FTEFJNQMBOUBmkP 4kP JNQPSUBOUFT PT BTQFDUPT SFGFSFOUFT h NJOJNJ[BmkP EF JNQBDUPTBNCJFOUBJTFBBDFJUBmkPEBJOTUBMBmkPQFMBQPQVMBmkP hBEFRVBmkPhMFHJTMBmkPEFVTPEPTPMPFBJOEBhIJESPMPHJB WF HFUBmkPFYJTUFOUFFWJBTEFBDFTTPEJTQPOrWFJT*NQPSUBNUBN CnNPTBTQFDUPTSFGFSFOUFTB
JTPMBNFOUP TJOBMJ[BmkPFBDFTTPT°GFDIBNFOUPEFUPEPP QFSrNFUSP QPSU{FTDPNDPOUSPMF QSFQBSPEFBDFTTPT TJ OBMJ[BmkPQBSBJEFOUJ¾DBmkPFBOUFQBSPQBSBQSPUFmkPEB WJ[JOIBOmB
DPOEJm{FTEFJMVNJOBmkPFGPSOFDJNFOUPEFFOFSHJB
QSPUFmkP EBT gHVBT TVQFS¾DJBJT ° QSFWJTkP EF NFEJEBT QBSB QSPUFmkPEBTgHVBTTVQFS¾DJBJTFEFTJTUFNBTEFESFOBHFN RVFJNQFmBNPBDFTTPEFgHVBTQSFDJQJUBEBTOPFOUPSOPFP DBSSFBNFOUPEFNBUFSJBMTwMJEPQBSBGPSBEBgSFBEFPQFSBmkP
C DPOEJm{FTQBSBQSPKFUP 4kPJNQPSUBOUFTBTJOGPSNBm{FTBTFSFNQSFTUBEBTOPNF NPSJBMEFTDSJUJWPFOPQSPKFUPCgTJDP
NFNPSJBMEFTDSJUJWP°BTQFDUPTDPNPDBSBDUFSJ[BmkPEPMPDBM EFJNQMBOUBmkP EFTDSJmkPEBTPQFSBm{FT EPTFRVJQBNFOUPT BTFSFNVUJMJ[BEPTFTVBTDBQBDJEBEFT FRVJQBNFOUPTEFTF HVSBOmB EFUBMIFTEP²1MBOPEF0QFSBmkP³FEP²1MBOPEF *OTQFmkPF.BOVUFOmkP³
QSPKFUPCgTJDP°JOEJDBmkPEFDPOGSPOUBOUFT EJTQPTJUJWPT EF BDFTTP F ESFOBHFN FEJ¾DBm{FT B DPOTUSVJS EP MPDBM EFSFDFCJNFOUPFUSJBHFNFNDPOGPSNJEBEFDPNBOCS
¼ ½
MPDBMEFBSNB[FOBNFOUPUFNQPSgSJPEFSFTrEVPT OkPSFDJDMgWFJT MPDBMEFQSPDFTTBNFOUPFEFBSNB[FOB NFOUPEPTQSPEVUPT
D DPOEJm{FTEFPQFSBmkP *NQPSUBNBTRVFTU{FTSFMBUJWBTBPSFDFCJNFOUP USJBHFNFQSP DFTTBNFOUPEFSFTrEVPT DPOUSPMFTEBQPMVJmkPBNCJFOUBM PUSFJ OBNFOUPEFGVODJPOgSJPTFPTFRVJQBNFOUPTEFTFHVSBOmBQSFWJT UPTFPTQSPDFEJNFOUPTFTUBCFMFDJEPTQBSBJOTQFmkPFNBOVUFOmkP FQBSBSFHJTUSPEBPQFSBmkP QSJODJQBMNFOUFFNSFMBmkPB
SFDFCJNFOUPEFSFTrEVPT°TPNFOUFQPEFNTFSBDFJUPTOB gSFBEFSFDJDMBHFNPTSFTrEVPTEBDPOTUSVmkPDJWJMDMBTTF" JODMVTPPTPMP
USJBHFNEPTSFTrEVPT°UPEPTPTSFTrEVPTSFDFCJEPT BDPN QBOIBEPTTFNQSFEPTDUS EFWFNTFSUSJBEPTOBGPOUF FN "55T PVFNgSFBEFUSJBHFNFTUBCFMFDJEBOPFNQSFFOEJ NFOUPPTSFTrEVPTEFDMBTTF# $F%FPTDPOTJEFSBEPT SFKFJUPTEFWFNTFSFYQVSHBEPTEBgSFBEFSFDJDMBHFN
DPOUSPMFT EB QPMVJmkP BNCJFOUBM ° FRVJQBNFOUPT F JOTUB MBm{FTEFWFSkPTFSEPUBEPTEFEJTQPTJUJWPTEFDPOUSPMFEF WJCSBm{FT SVrEPTFFNJTTkPEFQPMVFOUFTBUNPTGnSJDPT
USFJOBNFOUPFFRVJQBNFOUPTEFTFHVSBOmB°PSJFOUBmkPQBSB BTBUJWJEBEFTFTQFDr¾DBTFQSPDFEJNFOUPTEFTFHVSBOmB QSF TFOmBEFFRVJQBNFOUPTEFTFHVSBOmBJOEJWJEVBM EFQSPUFmkP DPOUSBEFTDBSHBTBUNPTGnSJDBTFEFDPNCBUFBJODpOEJP
²1MBOPEF*OTQFmkPF.BOVUFOmkP³°DPOUSPMFTEPTJTUFNB EF ESFOBHFN EB EJTQFSTkP EF NBUFSJBM QBSUJDVMBEP EB FNJTTkPEFSVrEPTFWJCSBm{FT
¼ ½
²1MBOPEF0QFSBmkP³°DPOUSPMFTEFPSJHFNFRVBOUJEBEFEPT SFTrEVPT SFDFCJEPT EJTDSJNJOBmkP EPT QSPDFEJNFOUPT EF USJBHFN SFDJDMBHFNFBSNB[FOBNFOUP EFTUJOBmkPEPTSFTr EVPTBTFSFNSFKFJUBEPT SFVUJMJ[BEPT SFDJDMBEPT DPOUSPMFEB RVBMJEBEFEPTQSPEVUPTHFSBEPT 0TSFHJTUSPTSFBMJ[BEPTFPTDUSSFDFCJEPTEFWFNTFSNBOUJ EPTQBSBBPDBTJkPEB¾TDBMJ[BmkP
HMPTTgSJP 4kPEF¾OJEPTQFMB3FTPMVmkPDPOBNBFQFMBT/PSNBT #SBTJMFJSBT
gSFBEFSFDJDMBHFNEFSFTrEVPTEBDPOTUSVmkPDJWJMDPNP gSFBEFTUJOBEBBPSFDFCJNFOUPFUSBOTGPSNBmkPEFSFTrEVPT EB DPOTUSVmkP DJWJM DMBTTF " Kg USJBEPT QBSB QSPEVmkP EF BHSFHBEPTSFDJDMBEPT gSFBEFUSBOTCPSEPFUSJBHFNEFSFTrEVPTEBDPOTUSV mkPDJWJMFSFTrEVPTWPMVNPTPT BUU DPNPgSFBEFTUJOBEB BPSFDFCJNFOUPEFSFTrEVPTEBDPOTUSVmkPDJWJMFSFTrEVPT WPMVNPTPT QBSBUSJBHFN BSNB[FOBNFOUPUFNQPSgSJPEPT NBUFSJBJTTFHSFHBEPT FWFOUVBMUSBOTGPSNBmkPFQPTUFSJPSSF NPmkPQBSBEFTUJOBmkPBEFRVBEB TFNDBVTBSEBOPThTB|EF Q|CMJDBFBPNFJPBNCJFOUF BUFSSPEFSFTrEVPTEBDPOTUSVmkPDJWJMDPNPgSFBPOEF
¼ ½
TkP FNQSFHBEBT UnDOJDBT EF EJTQPTJmkP EF SFTrEVPT EB DPOTUSVmkPDJWJMDMBTTF"FSFTrEVPTJOFSUFTOPTPMP WJTBOEP BSFTFSWBmkPEFNBUFSJBJTTFHSFHBEPT EFGPSNBBQPTTJCJMJ UBSPVTPGVUVSPEFNBUFSJBJTFPVGVUVSBVUJMJ[BmkPEBgSFB DPOGPSNF QSJODrQJPT EF FOHFOIBSJB QBSB DPO¾OgMPT BP NFOPSWPMVNFQPTTrWFM TFNDBVTBSEBOPThTB|EFQ|CMJDB FBPNFJPBNCJFOUF DPOUSPMFEFUSBOTQPSUFEFSFTrEVPT DUS DPNPEPDV NFOUPFNJUJEPQFMPUSBOTQPSUBEPSEFSFTrEVPTRVFGPSOFDF JOGPSNBm{FTTPCSFHFSBEPS PSJHFN RVBOUJEBEFFEFTDSJ mkPEPTSFTrEVPTFTFVEFTUJOP HFSBEPSFTDPNPQFTTPBTGrTJDBTPVKVSrEJDBT SFTQPOTgWFJT QPSBUJWJEBEFTPVFNQSFFOEJNFOUPTRVFHFSBNSFTrEVPTEB DPOTUSVmkPDJWJM WPMVNPTPTPVJOFSUFT QPOUP EF FOUSFHB EF QFRVFOPT WPMVNFT DPNP gSFB EF USBOTCPSEP F USJBHFN EF QFRVFOP QPSUF EFTUJOBEB B FO USFHBWPMVOUgSJBEFQFRVFOBTRVBOUJEBEFTEFSFTrEVPTEB DPOTUSVmkPDJWJMFSFTrEVPTWPMVNPTPT JOUFHSBOUFEPTJT UFNBQ|CMJDPEFMJNQF[BVSCBOB SFTFSWBmkP EF SFTrEVPT DPNP QSPDFTTP EF EJTQPTJmkP TFHSFHBEBEFSFTrEVPTUSJBEPTQBSBSFVUJMJ[BmkPPVSFDJ DMBHFNGVUVSB SFTrEVPTEBDPOTUSVmkPDJWJMDPNPPTQSPWFOJFOUFTEF DPOTUSVm{FT SFGPSNBT SFQBSPTFEFNPMJm{FTEFPCSBT EFDPOTUSVmkPDJWJM FPTSFTVMUBOUFTEBQSFQBSBmkPFFT DBWBmkPEFUFSSFOPTUBJTDPNPUJKPMPT CMPDPTDFSiNJDPT DPODSFUP FN HFSBM TPMPT SPDIBT NFUBJT SFTJOBT DP MBT UJOUBT NBEFJSBTFDPNQFOTBEPT GPSSP BSHBNBTTB HFTTP UFMIBT QBWJNFOUPBTGgMUJDP WJESPT QMgTUJDPT UV
¼ ½
CVMBmkP ¾BmkPFMnUSJDBFUD DPNVNFOUFDIBNBEPTEFFO UVMIPTEFPCSBT DBMJmBPVNFUSBMIB SFTrEVPTEBDPOTUSVmkPDJWJMDMBTTFB FNDPOGPSNJEBEF DPNB3FTPMVmkPDPOBNB DPNPSFTrEVPTSFVUJMJ[gWFJT PVSFDJDMgWFJTDPNPBHSFHBEPT UBJTDPNP
EF DPOTUSVmkP EFNPMJmkP SFGPSNBT F SFQBSPT EF QBWJ NFOUBmkPFEFPVUSBTPCSBTEFJOGSBFTUSVUVSB JODMVTJWF TPMPTQSPWFOJFOUFTEFUFSSBQMFOBHFN
EF DPOTUSVmkP EFNPMJmkP SFGPSNBT F SFQBSPT EF FEJGr DJPT DPNQPOFOUFT DFSiNJDPT UJKPMPT CMPDPT UFMIBT QMBDBTEFSFWFTUJNFOUPFUD
BSHBNBTTBFDPODSFUP
EFQSPDFTTPEFGBCSJDBmkPFPVEFNPMJmkPEFQFmBTQSn NPMEBEBT FN DPODSFUP CMPDPT UVCPT NFJP¾PT FUD QSPEV[JEBTOPTDBOUFJSPTEFPCSBT SFTrEVPTEFDPOTUSVmkPDJWJMDMBTTFC FNDPOGPSNJEBEF DPNB3FTPMVmkPDPOBNB DPNPSFTrEVPTSFDJDMgWFJT QBSBPVUSBTEFTUJOBm{FT UBJTDPNPQMgTUJDPT QBQFM QBQFMkP NFUBJT WJESPT NBEFJSBTFPVUSPT SFTrEVPTEFDPOTUSVmkPDJWJMDMBTTFD FNDPOGPSNJEBEF DPNB3FTPMVmkPDPOBNB DPNPSFTrEVPTQBSBPTRVBJT OkPGPSBNEFTFOWPMWJEBTUFDOPMPHJBTPVBQMJDBm{FTFDPOP NJDBNFOUFWJgWFJTRVFQFSNJUBNBTVBSFDJDMBHFNFSFDVQF SBmkPUBJTDPNPPTQSPEVUPTPSJVOEPTEPHFTTP SFTrEVPTEBDPOTUSVmkPDJWJMDMBTTFE FNDPOGPSNJEBEF DPNBT3FTPMVm{FTDPOBNBF DPNPSFTrEVPTQFSJ HPTPTPSJVOEPTEPQSPDFTTPEFDPOTUSVmkPUBJTDPNPUJOUBT TPMWFOUFT wMFPT BNJBOUPFPVUSPT PVBRVFMFTDPOUBNJOB EPTPSJVOEPTEFEFNPMJm{FT SFGPSNBTFSFQBSPTEFDMrOJDBT SBEJPMwHJDBT JOTUBMBm{FTJOEVTUSJBJTFPVUSPT
¼ ½
SFTrEVPT WPMVNPTPT DPNP SFTrEVPT DPOTUJUVrEPT CBTJDB NFOUFQPSNBUFSJBMWPMVNPTPOkPSFNPWJEPQFMBDPMFUBQ| CMJDBNVOJDJQBMDPNPNwWFJTFFRVJQBNFOUPTEPNnTUJDPT JOVUJMJ[BEPT HSBOEFTFNCBMBHFOTFQFmBTEFNBEFJSB QP EBTFPVUSPTBTTFNFMIBEPT OkPQSPWFOJFOUFTEFQSPDFTTPT JOEVTUSJBJT SFTrEVPTDMBTTFJJC°JOFSUFT OCS DPNPSFTrEVPT RVF RVBOEPBNPTUSBEPTEFVNBGPSNBSFQSFTFOUBUJWB TF HVOEP B BCOU OCS F TVCNFUJEPT B VN DPOUBUP EJOiNJDPFFTUgUJDPDPNgHVBEFTUJMBEBPVEFTJPOJ[BEB h UFNQFSBUVSBBNCJFOUF DPOGPSNFBCOUOCS OkP UJWFSFNOFOIVNEFTFVTDPOTUJUVJOUFTTPMVCJMJ[BEPTBDPO DFOUSBm{FTTVQFSJPSFTBPTQBES{FTEFQPUBCJMJEBEFEFgHVB FYDFUVBOEPTFBTQFDUP DPS UVSCJEF[ EVSF[BFTBCPS USBOTQPSUBEPSFTDPNPQFTTPBTGrTJDBTPVKVSrEJDBT SFT QPOTgWFJT QFMB DPMFUB F QFMP USBOTQPSUF EPT SFTrEVPT EB DPOTUSVmkPDJWJMFWPMVNPTPTFOUSFBTGPOUFTHFSBEPSBTFBT gSFBTEFEFTUJOBmkP
¼ ½
BOFYPT
¼ ½