1. *NBHFO4POJEP $VSTP1SFQBSBBSDIJWPTNVMUJNFEJBQBSBMMFWBS‹1BSUF
$PODFQUPT 5PEPTFTUPTBQBSBUPTQFS
NJUFOWFSWÓEFPT
BNFKPS
$PNQSFTJØO PQFPSDBMJEBE
QFSPDPO
1SFPDFTPTFHÞOFMDVBM GPSNBUPTEJGFSFOUFTBMPT
TFSFEVDFFMUBNB×PEF RVF TF BMNBDFOBO FO FM
VOBSDIJWPEFEBUPTOFM PSEFOBEPS .VDIPT QFS
WÓEFPZFMBVEJP
FYJTUFO NJUFOSFQSPEVDJS%JW9Z
EJGFSFOUFTQSPDFTPTEF TJNJMBSFT
QFSPOPBENJUFO
DPNQSFTJØO.VDIPTEF UBNB×PTEFQBOUBMMBNVZ
FMMPTJNQMJDBOVOBQÏSEJEB HSBOEFTOPUSPTDBTPTTÓ
EFDBMJEBEZSFEVDFONVDIP QFSPBGFDUBOPUBCMFNFOUF
FMUBNB×P
NJFOUSBTRVF BMDPOTVNPFMÏDUSJDP
PUSPTTPOTJOQÏSEJEBEFJO 1PSFTPIBZRVFDPOWFSUJS
GPSNBDJØO
QFSPMPTBSDIJWPT MPTWÓEFPTBMGPSNBUPBEF
SFTVMUBOUFTPDVQBONVDIB DVBEPFODBEBDBTP
NÈTNFNPSJB O FTUF DVSTP UF
FOTF×BNPTBQSF
$ØEFD QBSBS DPOUFOJEP
1SPDFEJNJFOUPEFDPEJGJDB NVMUJNFEJBQBSB
DJØOZEFDPEJGJDBDJØORVF FTUPTFRVJQPTZ
JODMVZFVOBTFSJFEFOPSNBT FOFTUBTFHVOEB
ZBMHPSJUNPTRVFJEFOUJGJDBO FOUSFHB BCPSEB
VOUJQPEFBSDIJWP
FOFTUF NPTMBDPOWFSTJØO
DBTP
NVMUJNFEJB-PTQSP EFBSDIJWPTEFWÓ
HSBNBTZEJTQPTJUJWPTRVF EFPBMPTGPSNBUPT
JOUFSQSFUBOFTUPTBSDIJWPT UÓQJDPT EF MPT SFQSP
UJFOFORVFUFOFSFMDP EVDUPSFTQPSUÈUJMFT
SSFTQPOEJFOUFDØEFD 1BSB FMMP FNQMFBNPT
JNQMFNFOUBEPQBSB BQMJDBDJPOFTHSBUVJUBTTÓ
QPEFSSFDPOPDFSMPT OPUFOESÈTRVFHBTUBSUFEJ
OFSPFOBMHPUBOTFODJMMP
.1( 1FSP BOUFT EF OBEB FT
'PSNBUPEFDPEJGJDBDJØO OFDFTBSJPRVFUFOHBTFO
J…XYcg
QFSUFOFDJFOUFBMFTUÈOEBS DVFOUB BMHVOPT GBDUPSFT
.1(
RVFTFFNQMFBQBSB JNQPSUBOUFT6OPEFFMMPT
WÓEFPTZNÞTJDB4FTJSWF FT RVF NVDIPT BQBSBUPT
EFQSPDFEJNJFOUPTEFDPEJ OP UJFOFO NFNPSJB TV
GJDBDJØOEFBMUBDPNQSFTJØO
dUfU``YjUf
RVFEBODPNPSFTVMUBEP $BEBSFQSPEVDUPS
WÓEFPTDPODBMJEBECBKB
Z
RVFPDVQBOQPDPFTQBDJP FNQMFBVOGPSNBUP
TUFGPSNBUPZTVTEJTUJO
UBTWBSJBOUFTTFFNQMFBO GJDJFOUF QBSB BMNBDFOBS
NVDIPFOSFQSPEVDUPSFT QFMÓDVMBTFOUFSBTEFNBT
NVMUJNFEJBQPSUÈUJMFT MBQBOUBMMBTVFMFTFSEFNB
MJHVBMRVFTJGVFTFDPNJEBSÈQJEB
QVFEFTQSFQBSBSWÓEFPTQBSB TJBEPQFRVF×BDPNPQBSB
).1(7$ WFSMPTFODVBMRVJFSQBSUF
ZBTFBFOVONØWJMPFOVOSFQSPEVDUPS EJTGSVUBSEFFMMBT1PSFMMP
$PNQSFTPSEFTBSSPMMBEPB TØMPFTSFDPNFOEBCMFRVF
QBSUJSEFMFTUÈOEBS.1( NVMUJNFEJBQPSUÈUJM/PTPUSPTUFFOTF×BNPTDØNPIBDFSMP DPOWJFSUBTQFMÓDVMBTQBSB
NQMFBFMDØEFD9
RVF SFQSPEVDUPSFT DPO EJTDP
EBDPNPSFTVMUBEPBSDIJWPT QVÏTBQBSFDJFSPOMPTMMB NVDIBDBQBDJEBE
MPRVF EVSPZiCVFOBwQBOUBMMB
EFWÓEFPDPOVOBFMFWBEB 4VNBSJP NBEPT.1
RVFTPOSF QFSNJUFBMNBDFOBSWÓEFPT PQBSBMPTRVFTFQVFEFO
UBTBEFDPNQSFTJØO
TVQF $POWJFSUFWÓEFPT QSPEVDUPSFTEFNÞTJDBZ BNBZPSDBMJEBEONV DPOFDUBSBVOUFMFWJTPS
SJPSBTVBOUFDFTPS
)
BMGPSNBUP.1( WÓEFPT
HFOFSBMNFOUFEF DIPTDBTPTUJFOFOBMUBWPDFT 1FSPOPQJFOTFTRVFFT
ZBPUSPTGPSNBUPTEFWÓEFP
1BTBUVTWÓEFPT UBNB×PNVZSFEVDJEPO QBSBFTDVDIBSFMTPOJEP UPMJNJUBUVTPQDJPOFT-BT
DPNP.1(*OJDJBMNFOUF BMGPSNBUPEF141 TVNBZPSÓBTØMPSFDPOPDFO $PNPÞMUJNPTEJTQPTJUJ QBOUBMMBTQFRVF×BTUJFOFO
$POWJFSUFWÓEFPT WÓEFPTFOGPSNBUP.1( WPTSFQSPEVDUPSFTQPSUÈUJ PUSPTVTPT
DPNPWFSFTPT
IBTJEPEFTBSSPMMBEPQBSB BMGPSNBUPHQ
BQMJDBDJPOFTEFWJEFPDPO $POWJFSUFWÓEFPT MMBNBEP.1
MFTFTUÈOMPTUFMÏGPOPTNØ WÓEFPTHSBDJPTPTPRVFDJS
GFSFODJBF*OUFSOFU
BVORVF EF:PVUVCFQBSBUV1.1 EFNÈTEFFTUPTEJTQP WJMFTEFÞMUJNBHFOFSBDJØO
DVMBOUBOUPQPS*OUFSOFU
Z
TFFNQMFBFOSFQSPEVDUPSFT 1SPHSBNBTQBSBDPOWFSTJØO TJUJWPT
FYJTUFO PUSPT SF RVFDVFOUBODPODÈNBSB RVFTFHVSPRVFUFBQFUFDF
NVMUJNFEJBEFUPEPUJQP ZFEJDJØOEFWÓEFP QSPEVDUPSFT
RVFTPOMPT Z
FONVDIPTDBTPT
DPO DPNQBSUJSDPOMPTEFNÈT
RVFTFDPOTJEFSBOOPSNBM SFQSPEVDUPSFTEFWÓEFPZ OFTUBTQÈHJOBTUFFOTF
HQ NFOUFDPNPSFQSPEVDUP NÞTJDBFOGPSNBUP.1 ×BNPTBIBDFSUPEPFTUP
$PEJGJDBDJØOEFTBSSPMMBEB BEBEÓBTFQPQVMBSJ[B SFTNVMUJNFEJBQPSUÈUJMFT
BQBSUJSEF.1(
RVFTF NÈTFMVTPEFSFQSP 1.1
TUBDBUFHPSÓBFTUÈ
FNQMFBFOWÓEFPZTPOJEP EVDUPSFT NVMUJNFEJB GPSNBEBQPSEJTQPTJUJWPT (VÓBEFMDVSTP
QBSBUFMÏGPOPTNØWJMFT$P QPSUÈUJMFT 1.1
Pi1PSUB RVFDVFOUBODPOQBOUBMMBT 1SFQBSBNÞTJDBQBSBNØWJMFTZSFQSPEVDUPSFT.1
EJGJDBFMWÓEFPFO.1(Z CMF.FEJB1MBZFSTw
5PEP EFNFKPSDBMJEBEZEFNB 7ÓEFPTFOUVSFQSPEVDUPSNVMUJNFEJB
FMTPOJEPFO.3P$ FNQF[ØDPOMPTTFODJMMPT ZPSUBNB×PEFNÈT
TVF 'PUPTFOSFQSPEVDUPSFTNVMUJNFEJBZ..4TQBSBUVNØWJM
SFQSPEVDUPSFT.1%FT MFOUFOFSEJTDPTEVSPTEF
/

2. $VSTP1SFQBSBBSDIJWPTNVMUJNFEJBQBSBMMFWBS‹1BSUF *NBHFO4POJEP
SDIJWPTEFWÓEFPFOUVSFQSPEVDUPSNVMUJNFEJBQPSUÈUJM
$POWJFSUFWÓEFPT QVFEFTEFGJOJSFMUBNB×PEFMBQBOUBMMBEF
UVSFQSPEVDUPS0USBQPTJCJMJEBE
TJRVJFSFT
EBUPTOFMBQBSUBEP
FO
QJODIB
1BSBRVFTFFTDVDIF
BMGPSNBUP.1( FODIVGBSFMSFQSPEVDUPSBVOUFMFWJTPSZWFS CJFO
FTSFDPNFOEBCMFQPOFS
BIÓMBTQFMÓDVMBT
FTNBOUFOFSFMUBNB×PPSJ
$VBOEPTFRVJFSFOQBTBSWÓEFPTBMGPSNBUP
BEFDVBEPQBSBVOSFQSPEVDUPSNVMUJNFEJB
QPSUÈUJM 1.1
MPQSJNFSPRVFEFCFTIBDFS
HJOBM1FSPOPPMWJEFTRVFFTUPIBSÈRVFFM
GJDIFSPGJOBMPDVQFNVDIPNÈT
FTQBDJPFOMBNFNPSJBEFMSF
0USBEFMBTGVODJPOFTRVFQVFEFTFSUFEF
VUJMJEBE
DVBOEPFNQMFBTWÓEFPTDPOTPOJ
EPiEVBMw EPTJEJPNBT
FTMBEFTFMFDDJPOBSFM
FTNJSBSMBTFTQFDJGJDBDJPOFTEFMEJTQPTJUJWP QSPEVDUPS1BSBFMMP
TFMFDDJPOB DBOBMRVFRVJFSFTRVFTFFTDVDIF1BSBIBDFSMP
RVFUFOHBTQBSBBTFHVSBSUFEFRVÏGPSNBUPT MBGVODJØO 5BNCJÏO FOMBTFDDJØO
QFSNJUFSFQSPEVDJSOFMFKFNQMPRVFPGSF QVFEFTGPS[BSMBSFMBDJØOEFBT QJODIB FO Z
DFNPTBDPOUJOVBDJØODPOWFSUJNPTWÓEFPT QFDUP
QBSBRVFTFWFBNÈTP TFMFDDJPOBFMOÞNFSPEFM
BMGPSNBUP.1(
RVFFTVOPEFMPTRVF NFOPTQBOPSÈNJDP/PFTOF DBOBMRVFDPSSFTQPOEB
TVFMFOSFDPOPDFSNVDIPTEFFTUPTSFQSP DFTBSJP
QFSPTJRVJFSFTIBDFS QVFEFTBWFSJHVBSRVÏDBOBMFTDPOVOSF
EVDUPSFTOUVDBTP
QSVFCBDPOFMGPSNBUP MP
TFMFDDJPOBMBDPNCJOBDJØO QSPEVDUPSRVFQFSNJUBTFMFDDJPOBMPTEJGF
RVFFNQMFFUVEJTQPTJUJWP1BSBSFBMJ[BSMB RVFRVJFSBTFO SFOUFTDBOBMFTEFBVEJPEFMBTQFMÓDVMBT
DPOWFSTJØOIFNPTVUJMJ[BEPMBBQMJDBDJØO
HSBUVJUB4VQFS
RVFQVFEFTEFTDBSHBS
EFTEFMBXFCXXXFSJHIUTPGUDPN OFMBQBSUBEP TFFTQFDJGJDBO
MPTGPUPHSBNBTQPSTFHVOEPEFMWÓEFP
.BSDBMBDBTJMMB
RVFDPSSFTQPOEFBM
6OBWF[RVFIBZBTFTUBCMFDJEPUPEBTMBT
DBSBDUFSÓTUJDBTEFMBDPOWFSTJØO
TØMPUJF
OFTRVFBSSBTUSBSMPTGJDIFSPTRVFRVJFSBT
6OBWF[RVFIBZBTJOTUBMBEP
FMQSPHSBNB
IB[EPCMFDMJDL
FOFMJDPOPEFTDSJUPSJP
TJTUFNBEFWÓEFPRVFFNQMFBNPTFOTQB×B
1VFEFTNPEJGJDBSFMCJUSBUFBMRVFTFIBSÈMB
DPOWFSTJØO4JRVJFSFTIBDFSMP
IBTUBMBWFOUBOBEFQSPHSBNB1BSBBCSJSVO
FYQMPSBEPSEFBSDIJWPT
IB[DMJDLDPOFMCP
UØOEFSFDIPEFMSBUØOTPCSF ZTFMFD
4FJOJDJBMBBQMJDBDJØO QJODIBFO DJPOBMBGVODJØO 7FBMBDBSQFUBFOMB
Z EFUFSNJOB MB UBTB EF LCQT RVFHVBSEFTUVTWÓEFPT
TFMFDDJP
RVFRVJFSBTMBEFSFDIB
FOFMBQBSUBEP OBFMWÓEFPRVFRVJFSBT
QVFEFTEFGJOJSDJFSUBTDBSBDUFSÓT ZBSSÈTUSBMPIBTUBMBMJTUBEF
UJDBTBWBO[BEBT
DPNPMBBMUBDBMJEBEFOMB DPOWFSTJØO
DPOWFSTJØO
PRVFFMNVFTUSFPEF MOVFWPBSDIJWPBQBSFDFSÈ
BVEJPTFIBHBBL)[
FOFMMB
0USBQPTJCJMJEBEFTWBSJBSDBSBDUFSÓTUJDBT
EFMBDPOWFSTJØO
TJFMGPSNBUPFTDPHJEP
FTFM)1BSBFMMP
QJODIBFO 1VFEFTDPOWFSUJS
4FBCSFMBWFOUBOB
WBSJPTWÓEFPTEF
DPO GVODJP VOBTPMBWF[4J
OFT BEJDJP RVJFSFTIBDFSMP
OUFTEFOBEB
IB[DMJDLDPOFMCPUØOEFSFDIP OBMFTEFFT B×BEFNÈTBSDIJ
EFMSBUØOTPCSFMBWFOUBOBEFQSPHSBNBZQJO UF GPSNBUP WPTBFTUBMJTUB
DIBFOMBGVODJØO T Q P T J C M F
OMBWFOUBOBRVFBQBSFDF
CVTDBZTFMFDDJPOB
MBDBSQFUBFOMBRVFRVJFSFTRVFTFHVBSEFO
MPT WÓEFPT DPOWFSUJEPT
SFBMJ[BS VO
iDSPQw DPS
UBS MPT CPSEFT EF
4JRVJFSFTUF
OFSVOBWJTUB
QSFWJBEFMBQFMÓ
1BSBDPOGJSNBS
QVMTB MB JNBHFO
1BSB DVMB
QVMTBFMCPUØO
IBDFSMP
QJODIBFO QBSFDFVOBWFOUBOBEFSFQSPEVDDJØO
1VFEFTDPNFO[BSQPSTFMFDDJPOBSFMUJQP
EFBSDIJWPRVFRVJFSFTRVFTFHFOFSF
1JODIBFOMBMJTUBEFTQMFHBCMF
Z FTUB
CMF DF MPT WBMPSFT
RVF DPSSFTQPOEBO
1BSB RVF TF EFUFOHB
IB[ DMJDL FO FM CP
UØO TFHÞSBUF EF RVF MB DBTJMMB
ZTFMFDDJPOBVO FOMBWFOUBOB TF FODVFOUSB NBSDBEB TJ IBZ NÈT WÓEFPT
GPSNBUP 1BSB 1VFEFTBDDFEFSBNÈT FOMBMJTUB
UPEPTEFCFOFTUBSTFMFDDJPOBEPT
SFQSPEVDUPSFT GVODJPOFTEFMBDPEJ EFFTUBGPSNB
1BSBFNQF[BSMBDPOWFSTJØO
EFFTUFUJQP
MPNÈTDPOWFOJFOUFQVFEFTFS GJDBDJØO
DPNPFMEFT QJODIBFO 1VFEFTWFSFM
%FTQVÏTFTQFDJGJDBFMUJQPEFDPEJGJDB FOUSFMB[BEP
TJQVMTBT QSPHSFTPEFMBDPOWFSTJØOFOMBCBSSB
DJØOBFNQMFBS)B[DMJDLFO 4FBCSJSÈ
O FTUF DBTP
MBWFOUBOB
ZQBSBRVFOP
IBZB QSPCMF
NBT EF DPN O FM BQBSUBEP QVFEFT
FTQFDJGJDBSRVFFMNVFTUSFPEFTPOJEPTF
$VBOEPTFIBZBBDBCBEPUPEPFMQSP
DFTP
QVFEFTDPNQSPCBSMPTOVFWPT
WÓEFPT1BSBFMMP
FOUSBFOMBDBSQFUBEFEFT
QBUJCJMJEBE
OPTPUSPTIFNPTPQUBEPQPSFM IBHBB P
TJRVJFSFTBIPSSBSFTQBDJP
UJOP
QBSFDFSÈODPOTV
DØEFD ODVBOUPBMGPSNBUPEFTPOJ B OMBTFDDJØO QVF OVFWPGPSNBUP
EP
QJODIBFOFM EFTEFGJOJSRVFFMWÓEFPGJOBMUFOHBTPOJEP 6OBWF[UFSNJOBEP
EFTQMFHBCMF FTUÏSFP
PiNPOPw UPEPFMQSPDFTP
IB[
ZFTDPHF QBSBWÓEFPTRVFTFWBO DMJDLFO QBSBDF
BWFSFOSFQSPEVDUPSFT SSBSFMQSPHSB
-PTJHVJFOUFFTEFUFSNJOBSFMUBNB×PEFM
GJDIFSPZEFNÈTPQDJPOFTEFMBDPEJGJDB
DPO VO TØMP BMUBWP[
5BNCJÏO QVFEFT
NBQBSFDFFM
NFOTBKF
T
DJØOOFMBQBSUBEPEFiFTDBMBw FTUBCMFDFSPUSPSBUJPEF 1JODIBFO
/

3. *NBHFO4POJEP $VSTP1SFQBSBBSDIJWPTNVMUJNFEJBQBSBMMFWBS‹1BSUF
(VBSEBWÓEFPTQBSBWFSMPTFOUVDPOTPMBQPSUÈUJM141
1BTBUVTWÓEFPT 5JFOFTRVFEFGJOJS
VOBDBSQFUBEFEFTUJOP1VFEFTQBTBSMPEJSFD
-PTBSDIJWPTFNQJF[BO
BQSPDFTBSTFZQVFEFT
BMGPSNBUPEF141 UBNFOUFBMBDPOTPMB
QFSPNFKPSRVFFOQSJO
DJQJPFTUÏOFOFMPSEFOBEPS1BSBFMMP
KVOUP
WFSFMEFTBSSPMMPEFMB
UBSFB FO MB CBSSB EF
-BWJEFPDPOTPMBQPSUÈUJMEF4POZ
141 1MBZ BMUFYUP
QJODIBFO 4F QSPHSFTPEFDBEBBSDIJWP
4UBUJPO1PSUBCMF
OPTØMPTJSWFQBSBKVHBS
TJOP BCSFVOFYQMPSBEPS
FOFMRVFUJFOFTRVFCVT 6OBWF[RVFIBZBBDBCBEP
QBSBWFSMBDBSQF
RVFQFSNJUFWFSWÓEFPT
FOFMGPSNBUP.1( DBSMBDBSQFUBEFEFTUJOP
UBEPOEFFTUÈOMPTOVFWPTWÓEFPT
IB[DMJDL
7$4VNFNPSJBJOUFSOBOPQFSNJUFBMNBDF ZIBDFSDMJDLFO TPCSFFMCPUØO
OBSOBEB
QFSPTJUJFOFTVOBUBSKFUBEFNFNP
SJB
QVFEFTMMFWBSFOFMMBUVTWÓEFPTZQFMÓDVMBT
ZWFSMPTEPOEFRVJFSBTOFTUFBQBSUBEPUF
FOTF×BNPTDØNPDPOWFSUJSWÓEFPTBMGPSNBUP
OMBQBSUFEF
SFDIBEFMBWFO
UBOB BQBSFDFO MBT
1BSBQBTBSMPTWÓEFPTBMB141
EFTEFMB
DBSQFUBRVFBDBCBTEFBCSJS
TFMFDDJØOB
MPT
RVFSFDPOPDFMB141
DPOFMQSPHSBNBHSBUVJUP DBSBDUFSÓTUJDBTEFMB WFBMNFOÞ
OZ7JEFP$POWFSUFS1VFEFTEFTDBSHBSMBBQMJ DPEJGJDBDJØO ZQJODIBFOMBFO
DBDJØOEFMBXFCXXXBOZWJEFPDPOWFSUFSDPN 1BSBDBNCJBSFMUB USBEB #VTDBFOFMFYQMP
NB×PEFMWÓEFP
QJO SBEPS
FOi.J1$w
FMJDPOPRVFDPSSFTQPOEF
6OBWF[EFTDBSHBEPFJOTUB
MBEPFMQSPHSBNB
IB[EPCMF
DMJDLFOTVBDDFTPEJSFDUPEFM
DIBFO
Z MVFHP NBSDB MB
BMB141
ZTFMFDDJPOBMBDBSQFUB
FOUSBFOÏM
1JODIBFO
IPSBTFDPQJBSÈOMPTWÓEFPTBMBUBS
TDSJUPSJP QSPQPSDJØODPSSFDUB
KFUBEFNFNPSJB1VFEFTWFSFMQSPHSFTPEF
OMBWFOUBOBEFQSPHSBNB
QBSB 1VFEFTSF MBBDDJØOFO
DBSHBSMPTWÓEFPTRVFRVJFSFTDPOWFSUJS
QJO EVDJSFMUBNB×P ZMBDBMJEBE
EFMGJDIFSPDPO
DIBFO WFSUJEPTJQVMTBTFO
4FBCSFVOFYQMPSBEPS ZNBSDBTVOCJUSBUFJOGFSJPS
1BSBDPEJ
DDFEFBMBDBSQFUBFO GJDBSFMBVEJPDPONFOPTDBMJEBE
QJODIBFO
MBRVFHVBSEFTUVTWÓ ZFTQFDJGJDBVOCJUSB
EFPT
TFMFD UFJOGFSJPS
DJPOBMPTRVFRVJFSBT
ZIB[DMJDLFO
OUFTEFMBDPOWFSTJØO
BTFHÞSBUFEFRVF
FTUÈONBSDBEBT
$VBOEPGJOBMJDF
QJODIBFO QBSBDFSSBSFM
FYQMPSBEPS
ZEFOVFWPFO QBSBDFSSBSFM
1BSBTFMFDDJPOBSFMGPSNBUPBMRVFTFWBO
BDPOWFSUJS
FOFMBQBSUBEP
QJODIBFO ZFTQFDJGJDBFMGPSNBUPQBSB141
MBTDBTJMMBTEFUPEPT
MPTWÓEFPT
%FTQVÏT
QVMTB FM CPUØO
QSPHSBNBIPSB
QFSBWFSMPTWÓEFPTFOMB
DPOTPMB
TØMPUJFOFTRVFBDDFEFSBMPTBSDIJWPT
EFMB.FNPSZ4UJDLEFTEFFMNFOÞQSJODJQBM
SDIJWPTEFWÓEFPQBSBSFQSPEVDJSFOUVUFMÏGPOPNØWJM
$POWJFSUFWÓEFPT TQFSBVOQPDPIBTUBRVFTFBCSBMBBQMJDB
DJØOEFHFTUJØOEFMUFMÏGPOP
QP
OP
CVTDB MB DBSQFUB EF EFTUJ
TDSJCF FM OPN
BMGPSNBUPHQ CSF EFM WÓEFP FO
ZiBDFQUBw M GPSNBUP RVF EFCF UFOFS FT
.VDIPTEFMPTUFMÏGPOPTNØWJMFTRVFTFDP
NFSDJBMJ[BOBDUVBMNFOUFQFSNJUFOWFSWÓEFPT
FOTVTQBOUBMMBT1BSBDPOWFSUJSMPTBMGPSNBUP
BEFDVBEP HQ
FTQSFDJTPFNQMFBSVOTPGU
XBSFFTQFDÓGJDPMHVOPTNØWJMFTJODMVZFO
DPOUJOVBDJØO
EFOUSP EFM BQBSUB
EP
Q J O
DIB FO Z TFMFDDJPOB MB DPOGJHVSBDJØO
BQMJDBDJPOFTQBSBIBDFSMP
DPNPMPTUFMÏGPOPT
/PLJBDPOUJOVBDJØOUFNPTUSBNPTDØNP
SFBMJ[BSMBDPOWFSTJØOEFWÓEFPTBMGPSNBUP
1BSBBCSJSFMSFQSPEVDUPS
RVFUBNCJÏOQFSNJUFDPO
WFSUJSBSDIJWPTNVMUJNFEJB
QVM
TÓ
FM WÓEFP OP
TF SFEVDJSÈ EF
UBNB×PNÈTBMMÈ
HQQNFEJBOUFMBBQMJDBDJØO/PLJB1$4VJUF
TBFMCPUØO EFFTBSFTPMVDJØO
JODMVJEBDPOFMUFSNJOBM 4FBCSFMBWFOUBOB MP RVF QFSNJUF
)B[DMJDLFOFMJDPOP WFSMP B QBOUBMMB
ODIVGBFMUFMÏGPOPNØWJMBMPSEFOBEPS
NFEJBOUFFMDBCMF64#RVFJODMVZFZQPO
MPFOFMNPEPRVFQFSNJUBHFTUJPOBSTVDPO
Z
FOFMFYQMPSBEPSRVF
BQBSFDF
CVTDBFMWÓEFP
RVF RVJFSFT DPOWFSUJS
DPNQMFUB FO FM
UFMÏGPOP
Z OP
TFJNQPOESÈVO
UFOJEPNFEJBOUFFMQSPHSBNBEFMUFMÏGPOP
FO )B[DMJDLFOFMCPUØO MÓNJUF EF EVSB
FTUFDBTP
DJØO)B[DMJDLFO VUPNÈUJDBNFOUF
O MB CBOEFKB EF
TJTUFNB BQBSFDF FM
NFOTBKF
VUPNÈUJDBNFOUFTFJOJDJBMBSFQSPEVD
DJØOEFMWÓEFP
1VFEFTQBSBSMPFNQMFBOEPMPTDPO
TFJOJDJBMBDPOWFSTJØO
DVZPEFTBSSPMMPTF
NVFTUSBFOMBCBSSB
*OJDJB FM QSPHSBNB
/PLJB1$4VJUFDPOVOEPCMF
DMJDLFOFMBDDFTPEJSFDUPRVF
USPMFTEFSFQSPEVDDJØO
1BSB DPOWFSUJSMP EFCFT HVBSEBS
MP DPO PUSP GPSNBUP 1JODIB FO FM JDPOP
MGJOBMJ[BSBQBSFDFFM
NFOTBKF
T
IBZFOFMTDSJUPSJP OMBWFOUBOBRVFTFBCSF
FOFMDBN
/

4. *NBHFO4POJEP $VSTP1SFQBSBBSDIJWPTNVMUJNFEJBQBSBMMFWBS‹1BSUF
4JRVJFSFTSFQSPEVDJSFMWÓEFPSFTVMUBOUF
NBS QSPHSBNB/PLJB1$4VJUF)B[ ZFOMBDBSQFUBFOMBRVFTF
DBMBDBTJMMB DMJDLFOFMJDPOP BMNBDFOBOWÓEFPT
4FBCSFMBWFOUBO OUSBFOFMNFOÞ ZIB[
DMJDLFOMBFOUSBEB MBSDIJWPTFDPQJBSÈ
ODVBMRVJFSDBTP
QVMTB 4JIBTFMFHJEP BFTFEFTUJOPMQSPHSFTPEFMBBDDJØOTF
MBSFQSPEVDDJØO
BQBSFDFFMWÓEFPFOMBWFO QVFEFWFSFOMBWFOUBOB
UBOBEFMSFQSPEVDUPS
OFMÈSCPMEFDBSQFUBTEFMBJ[RVJFSEB
WFB
MBDBSQFUB
TFMFDDJPOBFMWÓ 6OBWF[RVFBDBCF
DJFSSBFMFYQMPSBEPSFO
1BSBDFSSBSFMQSPHSBNB
IB[DMJDLFO EFP
FOUSBFOFMNFOÞ ZFMQSPHSBNBFO 1BSBEFTDP
ZQJODIBFO OFDUBSFMUFMÏGPOP
IB[DMJDLDPO
$PQJBS MPT WÓEFPT BM UFMÏGPOP FT NVZ
TFODJMMPEFIBDFS6OBWF[DFSSBEPFMSF
QSPEVDUPSWVFMWFBBQBSFDFSMBWFOUBOBEFM IPSB
FOUSBFOMBDBSQFUBEFMUFSNJOBM
FOMBUBSKFUBEFNFNPSJB
FMCPUØOEFSFDIPEFMSBUØOFO
ZTFMFDDJPOBMBGVODJØO
1BSBGJOBMJ[BS
QVMTB
%FTDBSHBWJEFPTEF*OUFSOFUQBSBUVSFQSPEVDUPSQPSUÈUJM
$POWJFSUFWÓEFPTEF 1JODIB TPCSF ÏM Z TFMFDDJPOB MB GVODJØO
4VSHFFMBWJTP
$VBOEPIBZBTFTDPHJEPVOWÓEFP
QÈSBMPDPO
VODMJDLFOFMJDPOP
:PV5VCFQBSBUV1.1
-BTXFCTEFWÓEFPT
DPNP:PVUVCF
TFIBO
QPQVMBSJ[BEP NVDIP FO FTUF ÞMUJNP B×P )B[DMJDLFO .JFOUSBTTFEFTDBSHBFM
IPSB
TFMFDDJPOBFMOPNCSFEFMWÓEFP
QVMTBMBTUFDMBT

5. QBSBDPQJBSFMUFYUP
ZQÏHBMP DPO

6. 1SVFCBEFFMMPTFTRVFJODMVTPFYJTUFOQSP DPOUSPMBEPSBQBSFDFMBCBSSB
HSBNBTRVFQFSNJUFOEFTDBSHBSMPTWÓEFPT
RVFFOFMMBTTFEJTUSJCVZFO%FIFDIP
MBNB
ZPSDBOUJEBEEFWÓEFPTEFUPEPUJQPRVFTF MGJOBMJ[BSMBJOTUB
FODVFOUSBOFO*OUFSOFUFTUÈOFOFTBTQÈHJOBT MBDJØOQVFEFTWFSFM
DPOUJOVBDJØOUFFOTF×BNPTBVTBSMBBQMJ NFOTBKF
DBDJØO%PXO5VCF XXXEPXOUVCFLJUOFU
RVF )B[DMJDLFO QBSBDFSSBSMBWFOUBOBEFM
QFSNJUFEFTDBSHBSWÓEFPTEFFTUBXFC
ZRVF OBWFHBEPSEF*OUFSOFU
BEFNÈTPGSFDFMBQPTJCJMJEBEEFDPOWFSUJSMPT
BMGPSNBUPBEFDVBEPQBSB141
UFMÏGPOPTNØ
WJMFT
ZBMHVOPTSFQSPEVDUPSFT.1 %F OVFWP FO MB WFOUBOB EFM QSPHSB
NB
QJODIB FO Z EFTQVÏT FO
4FMFDDJPOBFMJEJPNB
3FQSPEVDUPS%FNPDSBDZ
%FTDBSHBFJOTUBMBMBBQMJ
DBDJØO6OBWF[IFDIP
IB[
EPCMFDMJDLFOTVBDDFTPEJSFDUP
FTQB×PM
IB[ DMJDL FO
QVÏT FO
Z EFT
QBSB DPOGJS
EFNÈTEFMQSPHSBNB%PXOUVCF
FYJTUFPUSBBQMJDB
DJØORVFQFSNJUFCVTDBSZEFTDBSHBSWÓEFPTEFQÈHJ
OBTDPNP:PV5VCF
(PPHMF7JEFPP:BIPP7JEFP4F
FOFMTDSJUPSJP NBSIPSBMPTNFOÞTBQBSFDFOFOFTQB×PM USBUB EFM SFQSPEVDUPS EF WÓEFPT %FNPDSBDZ XXX
4FBCSFMBWFOUBOB HFUEFNPDSBDZDPN
$POFTUFQSPHSBNBOPQVFEFT
DPOWFSUJSMPTBSDIJWPTBPUSPTGPSNBUPT
QFSPQVFEFT
1BSBDPNFO[BSVOBCÞTRVFEBEFWÓEFPT
FTDSJCFMBQBMBCSBRVFRVJFSFTFNQMFBS
QBSBMBCÞTRVFEBFOFMDBNQP )B[
EFTDBSHBSMPTBUVPSEFOBEPS
DMBTJGJDBSMPT
FJODMVTP
DPNQBSUJSMPTDPOPUSPTVTVBSJPT
EFNÈTPGSFDFMBQPTJCJMJEBEEFTVTDSJCJSTFEFGPSNB
DMJDLFO 4FBCSFVOBWFOUBOBDPOMPTSF HSBUVJUBBDVBMRVJFSDBOBMEFUFMFWJTJØOQPS*OUFSOFU
OQSJODJQJP
TJOPUJFOFTBDUVBMJ[BEPFMOBWF TVMUBEPT
PBDBOBMFTBMUFSOBUJWPTFOMPTRVFTFQVFEFOFODPO
HBEPSDPOMBÞMUJNBWFSTJØOEFGMBTI WFSTJØO F O M B R V F USBSUPEBDMBTFEFWÓEFPT
EFCFTQJODIBSFOFMNFOTBKF Q V F E F T WF S
M P T W Ó E F P T
RVFTFSFMBDJPOBODPOMBQBMBCSBFTDSJUB1JO
DIBTPCSFFMRVFUFJOUFSFTF
ZMBWFOUBOBTFNPEJGJDBSÈQBSBNPTUSBSMB
I F S S B N J F O U B
EF SFQSPEVD
4FBCSFVOBWFOUBOBEFMOBWFHBEPS
FOMBQÈ DJØO
HJOBXFCEFEPCF 1 V F E F T W F S
MPTWÓEFPTRVF
)B[ DMJDL FO FM
FOMBDF
OMBQBSUFTVQFSJPS
RVJFSBT DPNP
TJFTUVWJFSBTFO
MBXFCPSJHJOBM
EFMBWFOUBOBBQBSFDFFMNFOTBKF EF :PV5VCF
/

7. $VSTP1SFQBSBBSDIJWPTNVMUJNFEJBQBSBMMFWBS‹1BSUF *NBHFO
FOFMDBNQP %FT WFSTJØO 4ØMPRVFEBQBTBSMBTBMSFQSPEVDUPS1BSBFMMP
Q V Ï T
Q V M T B O FTUF DBTP
FM TFMFDDJPOBFMWÓEFP
WFBMNFOÞ
CJUSBUF FT CBKP ZQJODIBFO 4FBCSF
4FBCSFMBWFO 1BSBWBSJBSMPQVF VOFYQMPSBEPSOUSBFOMBDBSQFUBEFMEJTQPTJ
UBOB
EFT NPWFS IBDJB UJWP ZEFTQVÏTFOMBRVF
RVFTFNJOJNJ FMMBEPEFSFDIPFM DPSSFTQPOEBBMPTWÓEFPT )B[DMJDLFO
[BBMJOTUBOUF UJSBEPS $VBOEPBDBCFT
DJFSSBFMFYQMPSBEPSFO
ZTFRVFEBFOMBCBSSBEFJOJDJPDPOFTUF IBTUBBVNFOUBSMP ZFMQSPHSBNBEFEFTDBSHBFO
BTQFDUP
QBSBVOBNFKPSDPEJGJDBDJØO
%FTQVÏT
QJODIBFO IPSBZBIBTBQSFOEJEPBRVÏGPSNBUPTEF
4J RVJFSFT
NJFOUSBT TF EFTDBSHB FTUF
WÓEFP
QVFEFTFGFDUVBSNÈTCÞTRVFEBT
1BSBFMMP
FOMBWFOUBOBEFSFTVMUBEPT
FTDSJCF DPOUJOVBDJØOTFBCSFVOBWFOUBOBDPO
VOBTFSJFEFDØEJHPT
CFTDPOWFSUJSMPTBSDIJWPTEFWÓEFPQBSBWFS
MPTFODVBMRVJFSSFQSPEVDUPSNVMUJNFEJB
Z
DPORVÏQSPHSBNBTQVFEFTIBDFSMPMGJOBM
MBQBMBCSBRVFRVJFSBTFO EFFTUBQÈHJOBQVCMJDBNPTVOBMJTUBDPOMBT
XFCTEFFTUPTQSPHSBNBT
ZPUSPTRVFUBN
CJÏOQVFEFOTFSUFEFVUJMJEBEQBSBMMFWBSB
RVFTFNJOJNJ[BZRVFEBDPNP DBCPÏTUBTZPUSBTNVDIBTUBSFBT
MGJOBMJ[BSFMQSPDFTP
TJRVJFSFTWFSFMSFTVM OMBQSØYJNBFOUSFHBEFFTUFDVSTPUFFOTF
ZIB[DMJDLFOFMCPUØO 1VFEFTQB UBEP
QJODIBFO 4FBCSFVOFYQMPSBEPS ×BSFNPTBQSFQBSBSJNÈHFOFTQBSBWFSMBTFO
TBS EF QÈHJOB QBSB WFS MPT TJHVJFOUFT WÓ EFBSDIJWPTFOMBDBSQFUBEFEFTUJOP SFQSPEVDUPSFTQPSUÈUJMFT
ZDØNPQVFEFTFN
EFPT EF MB MJTUB TJ FNQMFBT MPT DPOUSPMFT 5BNCJÏO QVFEFT QMFBSMBTQBSBDSFBSNFOTBKFTNVMUJNFEJBRVF
$ V B O E P USBOTGPSNBSFMWÓ TFQVFEBOFOWJBSDPOUVUFMÏGPOPNØWJM
FODVFOUSFTMPRVFCVTDBT
QJODIBTPCSFFM EFP PSJHJOBM RVF
WÓEFPFODVFTUJØO BÞOFYJTUF
BPUSP
GPSNBUP
DPNPFMEFMPTUFMÏGPOPTNØWJMFT $POTFKP
1BSBFMMP
TFMFDDJØOBMP
QJODIBFO
ZFTUBWF[IB[DMJDL MBIPSBEFDPQJBSZDPOWFSUJSWÓEFPTQBSBSFQSPEVD
FOFMEJCVKP UPSFTQPSUÈUJMFTIBZRVFUFOFSFODVFOUBWBSJPTGBDUP
1VFEFTWBSJBSVOQPDPMBTEJ SFTJNQPSUBOUFTMQSJNFSPFTRVFUJFOFTRVFNJSBS
NFOTJPOFTQSFEFUFSNJOBEBT FOMBTFTQFDJGJDBDJPOFTEFMEJTQPTJUJWPFMUBNB×PEF
TJUVUFMÏGPOPUJFOFPUSPGPSNBUP MBQBOUBMMB FOQÓYFMFTEFBODIPQPSBMUP
MPTGPSNBUPT
EFQBOUBMMBOFTUFDBTP
FMCJ RVFQFSNJUFSFQSPEVDJS QBSBDPOWFSUJSMPTWÓEFPTBM
%FTQVÏTTFMFDDJPOBTVOPNCSFFOMBWFOUBOB
USBUFOPFTNPEJGJDBCMF
QPSMP UJQPEFBSDIJWPBEFDVBEP
ZMBDBOUJEBEEFNFNP
DØQJBMP
ZQÏHBMPFOMBDB RVFBQBSFDFFODPMPS SJBJOUFSOB PFYUFSOB
RVFUJFOFTÓUFBTFHVSBSÈTEF
TJMMBEFCÞTRVFEB
HSJT SFBMJ[BSCJFOMBDPOWFSTJØO
ZOPUFOESÈTRVFSFQFUJSMB
1VMTBFMCPUØO 1JODIBFO QPSRVFIBZBTBMMJEPNBM
0USPEBUPBDPOTJEFSBSFTRVFMBMFZBDUVBMQSPIJCFMB
MNPNFOUPBQBSFDFMBWFOUBOBEFEFT
DBSHB
RVFTFNJOJNJ[BDPNPMBBOUFSJPS
$VBOEPIBZBOGJOBMJ[BEPUPEBT
6OBWF[BDBCBEBTUPEBTMBTDPOWFS
TJPOFT
IB[DMJDLFOFMCPUØO
ZWFSÈTMBTEJGFSFOUFTDPEJGJDBDJPOFTRVFIBT
DPQJBZEJTUSJCVDJØOEFDPOUFOJEPTRVFFTUÏOTVKFUPT
BEFSFDIPTEFBVUPS1PSFMMP
TFHÞOFTUBCMFDFMBOPS
NBUJWBRVFFTUÈBDUVBMNFOUFFOWJHPS
OPTFEFCFO
MBTCÞTRVFEBT
DJFSSBMBWFOUBOBEFSFTVMUBEPT DSFBEP
ZMBTEJGFSFO IBDFS DPQJBT EF QFMÓDVMBT RVF UFOHBO TJTUFNBT EF
DPOVODMJDLFO IPSBBQBSFDFOUPEPTMPT DJBTEFUBNB×PFOUSF QSPUFDDJØOBOUJDPQJBJODPSQPSBEPT
WÓEFPTRVFIBZBTEFTDBSHBEPFOMBWFOUBOB FMMBT
EFMQSPHSBNB
1JODIB TPCSF VOP EF FMMPT
%FCBKPTFNVFTUSBMP 1SPHSBNBTQBSBDPOWFSTJØOZFEJDJØOEFWÓEFP
RVFPDVQB
1SPHSBNB $BSBDUFSÓTUJDBT 1ÈHJOBXFC
4VQFS 1SPHSBNBHSBUVJUPQBSBDPOWFSUJSWÓEFPTBUPEPUJQPEF XXXFSJHIUTPGUDPN4613IUNM
4J RVJFSFT WFSMP GPSNBUPT
EFOVFWP
QJODIB OZWJEFP 1SPHSBNBDPNFSDJBM DPOWFSTJØOGVODJPOBMEFQSVFCB
IUUQXXXBOZWJEFPDPOWFSUFSDPN
FO MB DPOWFSUFS QBSBDPOWFSUJSWÓEFPTFOUSFWBSJPTGPSNBUPT
J[RVJFSEB TF JOJ 3JWB'-W 1SPHSBNBHSBUVJUPQBSBDPOWFSUJSWÓEFPTBGPSNBUPGMBTI IUUQSJWBWYEF
DJBSÈMBSFQSPEVD FODPEFS GMW
DJØO
1BSB QBSBS FM WÓ 1417JEFP QMJDBDJØOHSBUVJUBQBSBDPOWFSUJSWÓEFPTBMGPSNBUPEF141 IUUQXXXQTQWJEFPDPN
EFP
QVMTB /PLJB1$ 4VJUFEF/PLJBQBSBHFTUJØOEFDPOUFOJEPTNVMUJNFEJB XXXOPLJBFT
4VJUF QBSBTVTUFMÏGPOPT
6OBWF[RVFFTUÈFOUV1$QVFEFTDBN
CJBSMPEFGPSNBUP1BSBFMMP
TFMFDDJPOBFM
WÓEFPRVFRVJFSBTZIB[DMJDLFO
DBMB%7%
(13JQQFS
%PXOUVCF
1SPHSBNBHSBUVJUPQBSBQBTBS%7%TBGPSNBUPHQBVUP
NÈUJDBNFOUF
QMJDBDJØOHSBUVJUBRVFQFSNJUFEFTDBSHBSWÓEFPTEF:PV
IUUQDVUFEWEDPNJOEFYIUNM
IUUQTPVSDFGPSHFOFUQSPKFDUTEPX
QBSFDFMBWFOUBOBEF UVCFZDPOWFSUJSMPTBPUSPTGPSNBUPT OVUVCF
DPOWFSTJØO
DPOEJGFSFOUFTFTUÈO
EBSFTQSFEFUFSNJOBEPT %FNPDSBDZ 3FQSPEVDUPSHSBUVJUPQBSBWFSZEFTDBSHBSWÓEFPTEFQÈHJ XXXHFUEFNPDSBDZDPN
4FMFDDJPOBFMRVFUFJOUFSFTF
FO OBTEF*OUFSOFUDPNP:PV5VCFP(PPHMF7JEFPT
FTUF DBTP OPTPUSPT 7JEFPSBJ1PE QMJDBDJØOHSBUVJUBQBSBDPOWFSUJSWÓEFPTBMGPSNBUPRVF XXXWJEFPSBDPNFOVT$POWFSUFS
IFNPTFNQMFBEP DPOWFSUFS SFQSPEVDFJ1PE J1PE
MBJ[RVJFSEBTFNVFTUSBOMBTDB .PWJF5POFT 1SPHSBNBQBSBDSFBSWJEFPUPOPTQBSBFMNØWJMDPOBSDIJ XXXSPDLZPVSNPCJMFDPN
SBDUFSÓTUJDBTQSFEFUFSNJOBEBTRVF WPTEFWÓEFPZNÞTJDBEFUVPSEFOBEPS
O
UJFOFFMQSPHSBNBQBSBFTUBDPO
/