*<:L8:=@R'-<=>@'T4(;-&%.$=+"-#h(F'(-*BC-(0-3-#(3%(
&%1,( p(
T^"<"BC-D(-#('+[>"A-#(#C-(&-#$+'3-#(3%(A=+"'#(1-+&'#(
,-&-(I"#$'#D(0"."'$>+'#(%(Q%$'/c%#8
+(,+$"#(!'TN!"+(!'0$'*$0$!'0$'
+(%)d#&0(*$!4'",#$*,$#'$'",#*&,$#'
1)*(U*&%&!'0$',&V$U&e_(K'$\%&"-K'
!"#$!34
*<7<:'7<';8DLI=@78><:
V%3%#(3%(;-&*>$'3-+%#(+%1%+%E#%(v(".$%+/"@'BC-(*-+(
&%"-(3%(>&(#"#$%&'(3%(,-&>.",'BC-(<'#%'3-(%&($+'.#E
&"##G%#(%(*+-$-,-/-#(3%(A=+"-#(,-&*>$'3-+%#(,-&(-(-<E
`%$"A-(3%($+-,'+(".1-+&'BG%#D(%.$+%(->$+-#(+%,>+#-#8(T##'(
/"@'BC-(_(,c'&'3'(3%(%#$'BG%#(3%($+'<'/c-(5.a#D(*-.$-#(
->(3"#*-#"$"A-#(3%(+%3%78
Y$>'/&%.$%D( %^"#$%( >&'( ".$%+/"@'BC-( %.$+%( ,-&*>$'E
3-+%#(%#*'/c'3-#(*%/-(&>.3-([>%(*%+&"$%('(,-&>.",'E
BC-(%.$+%(-#(".3"Ad3>-#D([>%+(#%`'([>'.3-(%/%#(.'A%@'&(
*%/'(".$%+.%$(->('##"#$%($%/%A"#C-8(Q"'+"'&%.$%D(_(.%,%##=E
+"-(>$"/"\'+(+%,>+#-#(,-&-("&*+%##-+'#(*'+'("&*+"&"+(3-E
,>&%.$-#D( +%>."G%#( '$+'A_#( 3%( A"3%-,-.1%+f.,"'D( $+-,'+(
%E&'"/#D(',%##'+(v#(+%3%#(#-,"'"#(->(#%(%.$+%$%+(*-+(&%"-(
3%(`-@-#D(%$,8
n-`%D(.C-(_(*+%,"#-(%#$'+(%&(,'#'(*'+'(%.A"'+(%E&'"/#D(
<'#$'($%+(>&($'</%$(->(#&'+$*c-.%(,-&(',%##-(v(".$%+E
.%$(.-#(3"#*-#"$"A-#(&aA%"#8(Y*%#'+(3%($'.$'#(A'.$'@%.#D(
-(,+%#,"&%.$-(3'#(+%3%#(3%(,-&*>$'3-+%#($'&<_&($%&(
#%>( /'3-( .%@'$"A-8( Y( ,'3'( 3"'( #>+@%&( *+-</%&'#( [>%(
*+%`>3",'&('#(+%/'BG%#(%.$+%(-#(".3"Ad3>-#D(,-&-(*"+'$'E
+"'D(%#*"-.'@%&D(.5"'5"#@(E(+-><-#(3%("3%.$"3'3%D('##>.E
WRV SROrPLFRV FRPR UDFLVPR VH[R SRUQRJUDÀD VHQGR
3%#$','3-#(,-&(&'"#(%^'/$'BC-D(%.$+%(->$+-#(*+-</%&'#8
n=( &>"$-( $%&*-D( -( #%+( c>&'.-( #%.$">( '( .%,%##"3'E
3%(3%(,-&*'+$"/c'+(,-.c%,"&%.$-(%(%#$'<%/%,%+(+%/'BG%#(
,-&( *%##-'#( '( 3"#$~.,"'8( F'( 3_,'3'( 3%( :LO9D( 3>+'.$%(
'( Z>%++'( U+"'D( '#( +%3%#( 3%( ,-&*>$'3-+%#(#>+@"+'&( ,-&(
-<`%$"A-#(&"/"$'+%#h(".$%+,-.%,$'+(-#(,%.$+-#(3%(,-&'.3-(
3-#(TjY(*'+'(,-&(-<`%$"A-(3%(*+-$%@%+(%(%.A"'+(3'3-#8
&P?I6:'=5L8:'7<'*<7<:'7<'+8DLI=@78><:
Y.$"@'&%.$%D( -#( ,-&*>$'3-+%#( %+'&( ,-.%,$'3-#(
%&( 3"#$~.,"'#(,>+$'#D(#%.3-(,-.c%,"3'#(,-&-(+%3%#(/-E
,'"#8( 0'#D( ,-&( '( %A-/>BC-( 3'#( +%3%#( 3%( ,-&*>$'3-+%#D(
1-"( .%,%##=+"-( '>&%.$'+( '( 3"#$~.,"'( 3'( $+-,'( 3%( ".1-+E
PDo}HV HQWUH DV SHVVRDV $V UHGHV SRGHP VHU FODVVLÀE
,'3'#( 3%( ',-+3-( ,-&( #>'( '+[>"$%$>+'(5Y+,.%$D(T$c%+.%$D(
V%3%#( 0%$+-*-/"$'.'#( 5E2?1%.%3"?)#/ B2?
E2?1%.%3"?)#/ 912)/ B2?&%1,
0YF7( p( [>'.3-( '( 3"#$~.,"'( 3-#( %[>"*'&%.$-#( ,-.%,E
$'3-#(v(>&'(+%3%('$".@%(=+%'#(&%$+-*-/"$'.'#D(,%+,'(3%(
:9u&8(T^8h(Xm(v(,'<-l
V%3%#( '( I-.@'#( Q"#$~.,"'#( 5!"$2/ B2?&%1,( p(
!"$2/ 912)/ B2?&%1,
2YF7( p( +%3%( [>%( 1'\( '( ,-<%+$>+'( 3%( >&'( @+'.3%( =+%'(
JHRJUiÀFDJHUDOPHQWHXPSDtVFHUFDGHNP
V%3%#(?.$%+/"@'3'#(5?.$%+,-.%^C-(3%(2YF#7(p(#C-(+%E
3%#(%#*'/c'3'#(*%/-(&>.3-(*-3%.3-(#%+(".$%+,-.%,$'E
3'#('(->$+'#(+%3%#D(,'*'\%#(3%('$".@"+%&(3"#$~.,"'#(<%&(
&'"-+%#D(,-&-(>&(,-.$".%.$%(->(-(*/'.%$'8(T^8h(?.$%+.%$l
V%3%(#%&(U"-(->(?.$%+.%$(#%&(U"-(5!"1232''/D%+)3/912)/
B2?&%1,
B2?&%1,(p(2IYF7(p(+%3%(,'*'\(3%(,-.%,$'+(3"#*-#"$"A-#(
%/%$+y.",-#( *+a^"&-#D( #%&( '( >$"/"\'BC-( 3%( ,'<%'&%.$-8(
$OpPGHVVDH[LVWHWDPEpPD:0$1XPDUHGHVHPÀR
SDUD iUHD PHWURSROLWDQD H ::$1 UHGH VHP ÀR SDUD
@+'.3%#(3"#$~.,"'#8
#8L8P8?5@'7<'*<7<:
Y#$-*-/-@"'#(3'#(+%3%#(3%(,-&*>$'3-+%#(#C-('#(%#E
$+>$>+'#( 1d#",'#( 3-#( ,'<-#D( ,-&*>$'3-+%#( %( ,-&*-.%.E
$%#8( T^"#$%&( '#( $-*-/-@"'#( 1d#",'#D( [>%( #C-( &'*'#( [>%(
&-#$+'&('(/-,'/"\'BC-(3%(,'3'(,-&*-.%.$%(3'(+%3%([>%(
#%+C-( $+'$'3'#( '( #%@>"+8( %( '#( /a@",'#D( +%*+%#%.$'3'( *%/-(
&-3-([>%(-#(3'3-#($+'1%@'&(.'(+%3%h
X-*-/-@"'(P-.$-E'E*-.$-(p([>'.3-('#(&=[>".'#(%#E
$C-(".$%+,-.%,$'3'#(*-+(*'+%#('$+'A_#(3%(>&(+-$%'&%.$-(
3%(3'3-#l
X-*-/-@"'(3%(T#$+%/'(p(&-3%/-(%&([>%(%^"#$%(>&(*-.E
$-(,%.$+'/(5,-.,%.$+'3-+7(*'+'('(,-.%^C-D(@%+'/&%.$%(>&(
5-((->('&"?+5l
X-*-/-@"'(3%(Y.%/(p(&-3%/-('$>'/&%.$%(>$"/"\'3-(%&(
'>$-&'BC-( ".3>#$+"'/( %( .'( 3_,'3'( 3%( :Ls9( *%/'#( +%3%#(
X-u%.(V".@(3'(?i08(F%##%(,'#-D($-3-#(-#(,-&*>$'3-+%#(
#C-(%.$+%/"@'3-#(1-+&'.3-(>&('.%/(%(-#(3'3-#(#C-(*+-E
*'@'3-#( 3%( ,-&*>$'3-+( '( ,-&*>$'3-+( '$_( '( &=[>".'(
3%(-+"@%&l
X-*-/-@"'(3%(i'++'&%.$-(p(&-3%/-(>$"/"\'3-(.'#(*+"E
&%"+'#( ,-.%^G%#( 1%"$'#( *%/'#( +%3%#( T$c%+.%$8( V%1%+%E( #%(
'(,-&*>$'3-+%#(,-.%,$'3-#(%&(1-+&'$-(/".%'+D(,>`-(,'E
<%'&%.$-(_(1%"$-(#%[>%.,"'/&%.$%l
F)RST!(QT(?FU)V0WX?;Y(T(PV);T!!)(Q?Z?XYI
V%3%#(3%(Q"1>#C-(5i+-'3,'#$7(p([>'.3-('#(&=[>".'#(
%#$C-(".$%+/"@'3'#(*-+(>&(&%#&-(,'.'/('$+'A_#(3%(*',-E
$%#(%.3%+%B'3-#(5>.",'#$D(<+-'3,'#$(%(&>/$",'#$78
+@O8:
'6/7RNHQULQJHWFDH[WHQVmRJHRJUiÀFD/$13$1
0YFD(2IYFD(%$,87D('($-*-/-@"'(5'.%/D(<'++'&%.$-D(%#$+%/'D( )#(,'<-#(->(,'<%'&%.$-#(1'\%&(*'+$%(3'(%#$+>$>+'(
*-.$-E'E*-.$-D(%$,87(%(-(&%"-(3%($+'.#&"##C-(5+%3%#(*-+( 1d#",'(>$"/"\'3'(*'+'(,-.%,$'+(,-&*>$'3-+%#(%&(+%3%D(%#E
FDERGHÀEUDySWLFDWUDQoDGRYLDUiGLRHWF
m%`'('/@>.#($"*-#(3%(+%3%#h
V%3%#(P%##-'"#(5;21'%#)3/912)/B2?&%1,'(p(PYF7(p(#%(
,-&>.",'&('(:(&%$+-(3%(3"#$~.,"'8(T^8h(V%3%#(i/>%$--$cl
V%3%#(I-,'"#(5D%+)3/912)/B2?&%1,'(p(IYF7(p(+%3%#(%&(
[>%('(3"#$~.,"'(A'+"'(3%(:9&('(:u&8(P-3%(#%+(>&'(#'/'D(
>&(*+_3"-(->(>&(,'&*>#(3%(>."A%+#"3'3%l
$'.3-(+%/',"-.'3-#('(/'+@>+'(3%(<'.3'D('($'^'(3%($+'.#E
&"##C-D(*'3+G%#(".$%+.',"-.'"#D(%$,8(n=(A'.$'@%.#(%(3%#E
A'.$'@%.#(*'+'('(,-.%^C-(1%"$'(*-+(&%"-(3%(,'<%'&%.$-8(
)#(&'"#(>$"/"\'3-#(#C-h
;'<-#(3%(P'+(X+'.B'3-(p(,'<-#(,'+',$%+"\'3-#(*-+(#>'(
A%/-,"3'3%D( *-3%( #%+( 1%"$-( #-<( &%3"3'D( ,-&*+'3-#( %&(
/-`'#(3%(".1-+&=$",'(->(*+-3>\"3-#(*%/-(>#>=+"-l
:6
 ;'<-#(;-'^"'"#(p(,'<-#([>%(*%+&"$%&(>&'(3"#$~.,"'(
PDLRUQDWUDQVPLVVmRGHGDGRVDSHVDUGHVHUHPÁH[tYHLV
#C-(,'+-#(%(1+=@%"#8(T/%#(.%,%##"$'&(3%(<'++'&%.$-(?!YD(
#>*-+$%(.C-(%.,-.$+'3-(%&(,-&*>$'3-+%#(&'"#(.-A-#l
#>*-+$%(.C-(%.,-.$+'3-(%&(,-&*>$'3-+%#(&'"#(.-A-#
;'<-#(3%(U"<+'(†*$",'(p(,'<-#(,-&*/%^-#D(,'+-#(%(3%(
V-$%'3-+%#h(Q"#*-#"$"A-(>$"/"\'3-(*'+'(,-.%,$'+(+%3%#(
%('+[>"$%$>+'#(3"1%+%.$%#(%(3%(@+'.3%(*-+$%8(T/%(1>.,"-.'(
,-&-(>&($"*-(3%(*-.$%(.'(,'&'3'(3%(+%3%(3-(&-3%/-(
)!?( 5F.2#/ GH'?2#'/ I#?21+%##2+?"%#( E( *+-$-,-/-( 3%( ".$%+E
,-.%^C-(3%(#"#$%&'#('<%+$-#(*'+'(,-.%,$'+(&=[>".'#(3%(
3"1d,"/( ".#$'/'BC-8( !C-( A%/-\%#( %( "&>.%#( '( ".$%+1%+f.,"'#(
%/%$+-&'@._$",'#8
!"#$%&#$%
Y*a#( &-.$'+( -( ,'<%'&%.$-( 3%( +%3%(
_( .%,%##=+"-( +%'/"\'+( >&( $%#$%( '$+'A_#(
3-#( $%#$'3-+%#( 3%( ,'<-#D( '3[>"+"3-( %&(
/-`'#( %#*%,"'/"\'3'#8( Y*%#'+( 3%( $%#$'+( -(
1>.,"-.'&%.$-D( %/%( .C-( 3%$%,$'( #%( %^"#$%&(
OLJDo}HVLQFRUUHWDVeSUHFLVRTXHXPWpFQLFR
YHMD VH RV ÀRV GRV FDERV HVWmR QD SRVLomR
,%+$'8
!5:=<D@'7<'+@O<@D<6=8'$:=>I=I>@78
P'+'([>%(%##'(,-.%^C-(.C-(*+%`>3"[>%(-('&<"%.$%(3%(
$+'<'/c-D(%&(>&'(@+'.3%(%&*+%#'D(#C-(.%,%##=+"'#(A=+"'#(
,-.%^G%#(%(&>"$-#(,'<-#D(#%.3-(.%,%##=+"-(-(,'<%'&%.E
$-(%#$+>$>+'3-8
P-+(&%"-(3%/%D(>&($_,.",-("+=(*->*'+($+'<'/c-(%($%&E
*-D($'.$-(*'+'(1'\%+('(".#$'/'BC-D([>'.$-(*'+'('(+%&-BC-(
3'(+%3%8(T/%(_(1%"$-('$+'A_#(3'#($-&'3'#(V}EKr([>%(*-#E
#"<"/"$'&([>%(A=+"-#(,-.%,$-+%#(*-##'&(#%+(".#%+"3-#(%&(
>&(].",-(/-,'/D(#%&('(.%,%##"3'3%(3%(#%+%&(,-.%,$'3-#(
3"+%$'&%.$%(.-(c><8
Y/_&( 3"##-D( -( #"#$%&'( 3%( ,'<%'&%.$-( %#$+>$>+'3-(
*-##>"( >&( *'".%/( 3%( ,-.%^G%#D( -( ;)?+5/ ;)#23D( -.3%( -#(
,'<-#( 3'#( $-&'3'#( V}EKr( #C-( ,-.%,$'3-#D( #%.3-( >&(
,-.,%.$+'3-+( 3%( $-&'3'#D( 1'A-+%,%.3-( '( &'.>$%.BC-(
3'#(+%3%#8(T/%#(#C-('3'*$'3-#(%(,-.#$+>d3-#(*'+'(#%+%&(
".#%+"3-#(%&(>&(+',u8
X-3-(%##%(*/'.%`'&%.$-(3%A%(1'\%+(*'+$%(3-(*+-`%$-(
3-( ,'<%'&%.$-( 3%( +%3%D( %&( [>%( '( ,-.%^C-( 3'( +%3%( _(
*%.#'3'(3%(1-+&'('(+%'/"\'+('(#>'(%^*'.#C-8
V%*%$"3-+%#h(Q"#*-#"$"A-(,'*'\(3%(%^*'.3"+(-(,'<%'E
&%.$-(3%(+%3%8(T/%(*-3%+=($+'.#1-+&'+(-#(#".'"#(+%,%<"E
3-#( %( %.A"=E/-#( *'+'( ->$+-#( *-.$-#( 3'( +%3%8( Y*%#'+( 3%(
#%+%&($+'.#&"##-+%#(3%(".1-+&'BG%#(*'+'(->$+-#(*-.$-#D(
%/%#($'&<_&(3"&".>%&(-(3%#%&*%.c-(3'(+%3%D(*-3%.E
3-(c'A%+(,-/"#G%#(%.$+%(-#(3'3-#(v(&%3"3'([>%(#C-('.%E
^'#( ->$+'#( &=[>".'#8( T##%( %[>"*'&%.$-D( .-+&'/&%.$%D(
!"#$%&'(%')!*"+,-.)/0'%'1+"/%&&"'()2).03
%.,-.$+'E#%(3%.$+-(3-(c><8
n><#h( Q"#*-#"$"A-#( ,'*'\%#( 3%( +%,%<%+( %( ,-.,%.$+'+(
$-3-#(-#(3'3-#(3'(+%3%(%(,-&*'+$"/c=E/-#(%.$+%('#(->$+'#(
%#$'BG%#( 5&=[>".'#78( F%##%( &-&%.$-( .%.c>&'( ->$+'(
&=[>".'(,-.#%@>%(%.A"'+(>&(3%$%+&".'3-(#".'/('$_([>%(
-#(3'3-#(#%`'&(3"#$+"<>d3-#(,-&*/%$'&%.$%8(T/%#(#C-(>$"E
/"\'3-#(%&(+%3%#(3-&_#$",'#(%(*-3%&($%+(sD(:OD(NK(%(HN(
*-+$'#D(A'+"'.3-(3%(',-+3-(,-&(-(1'<+",'.$%8(T^"#$%&(-#(
n><#(P'##"A-#D(Y$"A-#D(?.$%/"@%.$%#(%(T&*"/c=A%"#8
%ULGJHV e XP UHSHWLGRU LQWHOLJHQWH TXH IXQFLRQD
,-&-(>&'(*-.$%8(T/%(/f(%('.'/"#'(-#(3'3-#(3'(+%3%D('/_&(
3%(+%/',"-.'+(3"1%+%.$%#('+[>"$%$>+'#8
!4"$,c%#h( X"*-( 3%( '*'+%/c-( #%&%/c'.$%( '( >&( c><D(
&'#([>%(1>.,"-.'(,-&-(>&'(*-.$%h(%/%(%.A"'(-#(3'3-#(
'*%.'#(*'+'('(&=[>".'([>%(-(#-/","$->8(T/%(*-##>"(&>"$'#(
*-+$'#( 3%( %.$+'3'( %( &%/c-+( *%+1-+&'.,%D( *-3%.3-( #%+(
>$"/"\'3-(*'+'(+%3%#(&'"-+%#8
:s
GLIHUHQWHVIDEULFDQWHVLGHQWLÀFDQGRHGHWHUPLQDQGRXP
?P(*'+'(,'3'(,-&*>$'3-+([>%(#%(,-.%,$'(,-&('(+%3%8
!>'( *+".,"*'/( '$+"<>"BC-( _( -+3%.'+( -( $+=1%@-( 3%( 3'E
3-#(.'(+%3%(%(#%/%,"-.'+(-(&%/c-+(,'&".c-8(T^"#$%&(-#(
+-$%'3-+%#(%#$=$",-#D(,'*'\(3%(%.,-.$+'+(-(&%.-+(,'&"E
.c-(*'+'($+=1%@-(3%(3'3-#D(&%#&-(#%('(+%3%(%#$"A%+(,-.E
@%#$"-.'3'l( %( -#( +-$%'3-+%#( 3".~&",-#( [>%( %.,-.$+'&(
,'&".c-#(&'"#(+=*"3-#(%(&%.-#(,-.@%#$"-.'3-#(*'+'(-(
$+=1%@-8
0-3%&h( Q"#*-#"$"A-( +%#*-.#=A%/( *-+( $+'.#1-+&'+( '(
-.3'( '.'/a@",'( [>%( #%+=( $+'.#&"$"3'( *-+( &%"-( 3'( /".c'(
$%/%1y.",'D($+'.#1-+&'.3-E'(%&(#".'/(3"@"$'/(-+"@".'/8
!%+A"3-+h( !"#$%&'( [>%( -1%+%,%( #%+A"B-( *'+'( '#( +%3%#(
3%(,-&*>$'3-+%#D(,-&-(*-+(%^%&*/-D(%.A"-(3%('+[>"A-#(
->(%E&'"/8()#(,-&*>$'3-+%#([>%(',%##'&(3%$%+&".'3-(
#%+A"3-+(#C-(,-.c%,"3-#(,-&-(,/"%.$%#8
P/','(3%(V%3%h(Q"#*-#"$"A-([>%(@'+'.$%('(,-&>.",'E
BC-(%.$+%(-#(,-&*>$'3-+%#(3'(+%3%8(;'3'('+[>"$%$>+'(3%(
UHGH GHSHQGH GH XP WLSR GH SODFD HVSHFtÀFD $V PDLV
>$"/"\'3'#(#C-('#(3-($"*-(T$c%+.%$(%(X-u%.(V".@(5+%3%(%&(
'.%/78
+86;<5=8:' 7<' =<;68P8?5@:' ><P@;586@7@:' f' "6=<>6<=' <'
"6=>@6<=K' OI:;@' <' L<:HI5:@' 6@' /<OK' D<;@65:D8:' 7<'
OI:;@'6@'/<O4
)(-<`%$"A-(".","'/(3'(?.$%+.%$(%+'('$%.3%+(.%,%##"3'E
3%#(&"/"$'+%#D(1',"/"$'.3-('(,-&>.",'BC-8(Y('@f.,"'(.-+E
$%E'&%+",'.'(YVPY(p(YQmYF;TQ(VT!TYV;n(YFQ(PV)E
}T;X!(YZTF;{(%(-(Q%*'+$'&%.$-(3%(Q%1%#'('&%+",'.-D(
.'(3_,'3'(3%(O9D(,+"'+'&(>&(*+-`%$-([>%(*>3%##%(,-.%,E
$'+(-#(,-&*>$'3-+%#(3%(3%*'+$'&%.$-#(3%(*%#[>"#'#(%(
<'#%#(&"/"$'+%#D(*'+'([>%D(,'#-(>&(3%##%#(*-.$-#(#-1+%#E
#%('/@>&($"*-(3%('$'[>%D('#(".1-+&'BG%#(%(,-&>.",'BC-(
.C-(#%+"'&($-$'/&%.$%(*%+3"3'#D(*-"#(%#$'+"'&(#'/A'#(%&(
->$+-#(*-.$-#(%#$+'$_@",-#8
)(*+-`%$-(".","'/D(,c'&'3-(YVPYFTXD(>#'A'(>&'(,-E
.%^C-('(/-.@'(3"#$~.,"'(%(*-##"<"/"$'A'([>%('#(&%.#'@%.#(
1-##%&(1+'@&%.$'3'#(%(%.3%+%B'3'#('-(#%>(,-&*>$'3-+(
3%(3%#$".-8()(*%+,>+#-(%.$+%(-(%&"##-+(%(-(+%,%*$-+(3'(
".1-+&'BC-(*-3%+"'(#%+(+%'/"\'3-(*-+(A=+"'#(+-$'#D('##"&D(
,'#-( '/@>&( *-.$-( .-( $+'`%$-( 1-##%( 3%#$+>d3-D( -#( 3'3-#(
*-3%+"'&(#%@>"+(*-+(->$+-(,'&".c-(@'+'.$".3-('(%.$+%E
@'(3'(".1-+&'BC-D(_("&*-+$'.$%(&%.,"-.'+([>%('(&'"-+(
3"#$~.,"'(%.$+%(>&( *-.$-(%(->$+-D(%+'(3%(Kr9( [>"/y&%E
$+-#8(F-(,-&%B-(3-#('.-#(s9D(%##'($%,.-/-@"'(+-&*%>('#(
<'++%"+'#(3%(3"#$~.,"'D(*'##'.3-('(".$%+/"@'+(%(1'A-+%,%+(
'( $+-,'( 3%( ".1-+&'BG%#( 3%( ,-&*>$'3-+%#( 3%( >."A%+#"E
3'3%#( 3-#( TjY( %( 3%( ->$+-#( *'d#%#D( ,+"'.3-( '##"&( >&'(
+%3%(5FTX7(".$%+.',"-.'/(5?FXTV7D(,-.#%[>%.$%&%.$%(#%>(
.-&%(*'##'('(#%+D(?FXTVFTX8
Y( %A-/>BC-( .C-( *'+'A'D( '/_&( 3%( '$".@"+( 1+-.$%"+'#(
,-.$".%.$'"#D( -#( ,-&*>$'3-+%#( *%##-'"#( %A-/>d'&( %&(
1-+$%(%#,'/'('/,'.B'.3-(1-+$%(*-$%.,"'/(,-&%+,"'/D('(?.$%+E
.%$(3%"^->(3%(,-.%,$'+('*%.'#(,-&*>$'3-+%#(3%(>."A%+E
#"3'3%#D( *'##->( '( ,-.%,$'+( %&*+%#'#( %D( HQÀP >#>=+"-#(
3-&_#$",-#8( F'( 3_,'3'( 3%( L9D( -( 0"."#$_+"-( 3'#( ;-&>E
.",'BG%#(%(-(0"."#$_+"-(3'(;"f.,"'(%(X%,.-/-@"'(3-(i+'#"/(
$+->^%+'&( '( ?.$%+.%$( *'+'( -#( ,%.$+-#( ','3f&",-#( %( ,-E
&%+,"'"#8(T##'($%,.-/-@"'(+'*"3'&%.$%(1-"($-&'.3-(,-.$'(
3%($-3-#(-#(#%$-+%#(#-,"'"#('$_('$".@"+('('&*/"$>3%(3%(#>'(
3"1>#C-(.-#($%&*-#('$>'"#8
j&(&'+,-([>%(_("&*-+$'.$%(1+"#'+(_(-(#>+@"&%.$-(3-(
222([>%(1-"('(*-##"<"/"3'3%(3'(,+"'BC-(3'(".$%+1',%(@+=E
ÀFDGHL[DQGRDLQWHUQHWDLQGDPDLVLQWHUHVVDQWHHYDQWDE
`-#'D(*-"#('$_(%.$C-D(#a(%+'(*-##dA%/('(%^"#$f.,"'(3%($%^$-#8
P'+'( @'+'.$"+( '( ,-&>.",'BC-( %.$+%( -( +%&%$%.$%( %( -(
3%#$".'$=+"-( -( '&%+",'.-( m".$-.( Z+'w( ;%+1D( ,-.c%,"3-(
,-&-(-(*'"(3'(".$%+.%$(,+"->(-#(*+-$-,-/-#(X;PM?PD([>%(
#C-( *+-$-,-/-#( 3%( ,-&>.",'BC-8( )( X;P( p( XVYF!0?!E
!?)F( ;)FXV)I( PV)X);)I( 5P+-$-,-/-( 3%( ;-.$+-/%( 3%(
X+'.#&"##C-7( %( -( ?P( p( ?FXTVFTX( PV)X);)I( 5P+-$-,-/-(
3%(?.$%+.%$7(#C-(,-.`>.$-#(3%(+%@+'#([>%($-+.'&(*-##dA%/(
$'.$-('(,-.%^C-(%.$+%(-#(,-&*>$'3-+%#D([>'.$-('-(%.E
$%.3"&%.$-(3'(".1-+&'BC-($+-,'3'(%.$+%(%/%#8
Y( ".$%+.%$( 1>.,"-.'( -( $%&*-( $-3-( %.A"'.3-( %( +%,%E
<%.3-(".1-+&'BG%#D(*-+("##-(-(*%+"1_+",-([>%(*%+&"$%('(
,-.%^C-(,-&('(".$%+.%$(,c'&'(0)QT0D(*-+[>%([>%(%/%(
0)3>/'(%(QT0-3>/'(#".'"#D(%(%##'#(".1-+&'BG%#(#a(*-E
3%&(#%+($+-,'3'#(@+'B'#('-#(*+-$-,-/-#(X;PM?P8
')>8=8;8P8:'/<O
}=([>%(%#$'&-#(1'/'.3-(%&(*+-$-,-/-#D(,"$'+%&-#(->E
$+-#([>%(#C-(/'+@'&%.$%(>#'3-#(.'(?.$%+.%$h
E( nXXP( 5nw*%+$%^$( X+'.#1%+( P+-$-,-/7h( P+-$-,-/-( 3%(
$+'.#1%+f.,"'(3%(n"*%+$%^$-D(3%#3%(:LLL(_(>$"/"\'3-(*'+'(
$+-,'+( ".1-+&'BG%#( .'( ?.$%+.%$8( b>'.3-( 3"@"$'&-#( >&(
#"$%D('>$-&'$",'&%.$%(_(,-/-,'3-(v(1+%.$%(3%/%(-(c$$*hMM
T^%&*/-h(c$$*hMM4448.-A',-.,>+#-#8,-&8<+
T.,-.$+'&-#D( '".3'D( A'+"'BG%#( .'( jVI( 3%( >&( #"$%D(
TXHGHPRQVWUDPDÀQDOLGDGHHRUJDQL]DomRTXHRFULRX
,-&-h
8@-A(E()+@'."\'BC-(@-A%+.'&%.$'/
8%3>(E()+@'."\'BC-(%3>,',"-.'/
8-+@(E()+@'."\'BC-
8".3(E()+@'."\'BC-(?.3>#$+"'/
8.%$(E()+@'."\'BC-($%/%,-&>.",'BG%#
8&"/(E()+@'."\'BC-(&"/"$'+
SUR2UJDQL]DomRGHSURÀVV}HV
8%.@(p()+@'."\'BC-(3%(%.@%.c%"+-#
T($'&<_&D(3-(*'d#(3%(-+"@%&h
8"$(p(?$=/"'
8*$(p(P-+$>@'/
8'+(p(Y+@%.$".'
8,/(p(;c"/%
8@+(p(Z+_,"'
b>'.3-(A%&-#('*%.'#('($%+&".'BC-(8,-&D(#'<%&-#(
[>%(#%($+'$'(3%(>&(#"$%(c-#*%3'3-(%&(>&(#%+A"3-+(3-#(
T#$'3-#(j."3-#8
E( ( ( nXXP!( 5nw*%+$%^$( $+'.#1%+( *+-$-,-/( #%,>+%7h( !%E
&%/c'.$%('-(nXXPD(*-+_&(*%+&"$%([>%(-#(3'3-#(#%`'&(
$+'.#&"$"3-#( '$+'A_#( 3%( >&'( ,-.%^C-( ,+"*$-@+'1'3'( %(
TXHVHYHULÀTXHDDXWHQWLFLGDGHGRVHUYLGRUHGRFOLHQWH
DWUDYpVGHFHUWLÀFDGRVGLJLWDLV
E( ( ( UXP( 5U"/%( X+'.#1%+( P+-$-,-/7h( P+-$-,-/-( 3%( $+'.#E
1%+f.,"'( 3%( '+[>"A-D( _( -( *+-$-,-/-( >$"/"\'3-( *'+'(*-3%+(
#><"+(-#('+[>"A-#(*'+'(>&(#%+A"3-+(3%(".$%+.%$D(#%>#(*+-E
@+'&'#(&'"#(,-.c%,"3-#(#C-D(-(;>$%(UXPD(U"/%ƒ"//'(%(I%%E
FK)73DRFULDUXPVLWHRSURÀVVLRQDOXWLOL]DXPGHVVHV
*+-@+'&'#(UXP(->(#"&"/'+%#(%(%^%,>$'('($+'.#1%+f.,"'(3-#(
'+[>"A-#( ,+"'3-#D( -( &'.>#%"-( _( #%&%/c'.$%( v( >$"/"\'BC-(
3%(@%+%.,"'3-+%#(3%('+[>"A-D(,-&-(-(2".3-4#(T^*/-+%+D(
*-+(%^%&*/-8
3233RVW2඼FH3URWRFRO3URWRFRORGH3RVWRGRV
).3%h
;-++%"-#(*%+&"$%D(,-&-(-(#%>(.-&%(-(".3",'D(+%,>*%+'+(
KWWSମ)D]DVROLFLWDomRGHXPDUTXLYRGHKLSHUPtE
3"'(*'+'('(?.$%+.%$D(->(#%`'D(>&('+[>"A-([>%(*-3%(,-.$%+(
$%^$-D(#-&D("&'@%&D(ÀOPHV%(/".u#8
E(jVI(5j."1-+&(V%#->+,%(I-,'$-+7h(I-,'/"\'3-+(P'3+C-(
3%( +%,>+#-#D( #%+A%( *'+'( %.3%+%B'+( >&( +%,>+#-( .'( 4%<D(
_(,-&-(#%(1-##%(>&('*%/"3-D(>&'(&'.%"+'(&'"#(1=,"/(3%(
',%##'+(>&(3%$%+&".'3-(#"$%8
T^%&*/-h(c$$*hMM4448.-A',-.,>+#-#8,-&8<+D(-.3%h
RVHXFRUUHLRQXPVHUYLGRUGLVWDQWHRVHUYLGRU323e
.%,%##=+"-(*'+'('#(*%##-'#(.C-(/"@'3'#(*%+&'.%.$%&%.E
$%(v(?.$%+.%$D(*'+'(*-3%+%&(,-.#>/$'+(-#(&'"/#(+%,%<"3-#(
RලLQH([LVWHPGXDVYHUV}HVSULQFLSDLVGHVWHSURWRFROR
-( P)PN( %( -( P)PHD( '-#( [>'"#( #C-( '$+"<>d3'#( +%#*%,$"A'E
&%.$%('#(*-+$'#(:9L(%(::9D(1>.,"-.'.3-(,-&(-('>^d/"-(3%(
,-&'.3-#($%^$>'"#(+'3",'/&%.$%(3"1%+%.$%#D(.'($+-,'(3%(
%E&'"/#(%/%(_(-(*+-$-,-/-(3%(%.$+'3'8
 ,0$3 ,QWHUQHW 0HVVDJH $FFHVV 3URWRFRO e XP
*+-$-,-/-( '/$%+.'$"A-( '-( *+-$-,-/-( P)PHD( [>%( -1%+%,%(
U'\('(#-/","$'BC-(3%(>&('+[>"A-(3% &>"$'#(&'"#(*-##"<"/"3'3%#D(,-&-D(@%+"+(A=+"-#(',%##-#(#"E
c$$*hMM
F)RST!(QT(?FU)V0WX?;Y(T(PV);T!!)(Q?Z?XYI

c"*%+(&d3"'(*'+'('(?.$%+.%$8 &>/$~.%-#(%(A=+"'#(,'"^'#(3%(,-++%"-D('/_&(3%(*-3%+(,+"'+(
T#$"*>/'( [>%( %##%( +%,>+#-( %#$=( .'( &'"#(,+"$_+"-#(3%($+"'@%&8(
+%3%( &>.3"'/( 3%( ,-&*>$'3-+%#(
444
5A%+%&-#( &'"#( #-<+%( 444( %&( >&(
*+a^"&-($a*",-78
e R HQGHUHoR GH GRPtQLR 8P
%.3%+%B-( 3%( 3-&d."-( +%*+%#%.$'+=(
.-A',-.,>+#-#
#>'( %&*+%#'( ->( #%>( %#*'B-( .'(
?.$%+.%$8
?.3",'([>%(-(#%+A"3-+(-.3%(%##%(#"$%(
%#$=
8,-&
KRVSHGDGR p GH ÀQDOLGDGHV
,-&%+,"'"#8
8<+ ?.3",'([>%-(#%+A"3-+(%#$=(.-(i+'#"/8
60736LPSOH0DLO7UDQVIHU3URWRFROeRSURWRFROR
*'3+C-(*'+'(%.A"-(3%(%E&'"/#('$+'A_#(3'(?.$%+.%$8(U'\('(
A'/"3'BC-( 3%( 3%#$".'$=+"-#( 3%( &%.#'@%.#8( T/%( [>%( A%+"E
ÀFDVHRHQGHUHoRGHHPDLOGRGHVWLQDWiULRHVWiFRUUHE
$'&%.$%(3"@"$'3-D(#%(_(>&(%.3%+%B-(%^"#$%.$%D(#%('(,'"^'(
3%(&%.#'@%.#(3-(3%#$".'$=+"-(%#$=(,c%"'(->(#%(+%,%<%>(
#>'(&%.#'@%&D(.'($+-,'(3%(%E&'"/#(%/%(_(-(*+-$-,-/-(3%(
#'d3'8
E((jQP(5j#%+(Q'$'@+'&(P+-$-,-/7h(P+-$-,-/-([>%('$>'(
.'(,'&'3'(3%($+'.#*-+$%(3-#(*+-$-,-/-#(5X;PM?P78(P%+&"E
$%( [>%( '( '*/",'BC-( %#,+%A'( >&( 3'$'@+'&'( %.,'*#>/'3-(
QXP SDFRWH ,3 H WUDQVSRUWDGR DR GHVWLQR e PXLWR FRE
PXPOHUPRVTXHVHWUDWDGHXPSURWRFRORQmRFRQÀiYHO
"##-(*-+[>%(%/%(.C-(_("&*/%&%.$'3-(,-&(+%@+'#([>%(@'E
+'.$'&($+'$'&%.$-(3%(%++-#(->(%.$+%@'8
:L
 )>8J<78>
)( *+-A%3-+( _( >&'( %&*+%#'( *+%#$'3-+'( 3%( #%+A"B-#(
[>%(-1%+%,%(',%##-(v(?.$%+.%$8(P'+'(',%##'+('(?.$%+.%$D(_(
.%,%##=+"-(,-.%,$'+E#%(,-&(>&(,-&*>$'3-+([>%(`=(%#$%E
`'(.'(?.$%+.%$(5.-(,'#-D(-(*+-A%3-+7(%(%##%(,-&*>$'3-+(
3%A%(*%+&"$"+([>%(#%>#(>#>=+"-#($'&<_&($%.c'&(',%##-(
'(?.$%+.%$8
F-( i+'#"/D( '( &'"-+"'( 3-#( *+-A%3-+%#( %#$=( ,-.%,$'3'(
v(T&<+'$%/D([>%(*-+(#>'(A%\D(%#$=(,-.%,$'3'(,-&(->$+-#(
,-&*>$'3-+%#(1-+'(3-(i+'#"/8(T#$'(,-.%^C-(,c'&'E#%(/".uD(
[>%(_('(,-.%^C-(1d#",'([>%(".$%+/"@'(-(*+-A%3-+(3%(',%#E
#-(,-&('(T&<+'$%/8(F%#$%(,'#-D('(T&<+'$%/(_(,-.c%,"3'(
,-&-(<',u<-.%D(->(#%`'D(_('(e%#*".c'(3-+#'/g(3'(?.$%+.%$(
.-( i+'#"/8( P-3%E#%( "&'@".'+( -( <',u<-.%( ,-&-( #%( 1-##%(
>&'('A%."3'(3%($+f#(*"#$'#(%(-#(/".u#(,-&-(#%(1-##%&('#(
+>'#( [>%( %#$C-( ".$%+/"@'3'#( .%#$'( 'A%."3'8( X'.$-( -( /".u(
,-&-( -( <',u<-.%( *-##>"( >&'( A%/-,"3'3%( 3%( $+'.#&"#E
#C-D(->(#%`'D(,-&([>'/(A%/-,"3'3%(%/%($+'.#&"$%(-#(3'3-#8
E((((W>3"-Mmd3%-(5Y+[>"A-#(2YmD(0?QD(Ym?D(%$,878
E((m"#>'/"\'3-+%#(3%(?&'@%.#(5Y+[>"A-#(}PZD(Z?UD(i0PD(
P;kD(%$,878
E((F%@a,"-#(%(j$"/"$=+"-#8
E((Y*+%#%.$'BG%#8
",#*&,$#
Y(?.$+'.%$(->(?.$%+.%$(;-+*-+'$"A'(_('("&*/'.$'BC-(3%(
>&'(?.$%+.%$(+%#$+"$'('*%.'#('(>$"/"\'BC-(".$%+.'(3%(>&'(
%&*+%#'8( Y#( ".$+'.%$#( ->( 2%<#( ,-+*-+'$"A'#D( #C-( +%3%#(
3%(,-&>.",'BC-(".$%+.'#(<'#%'3'#(.'($%,.-/-@"'(>#'3'(
.'(?.$%+.%$8(;-&-(>&(`-+.'/(%3"$'3-(".$%+.'&%.$%D(%([>%(
*-3%(#%+(',%##'3-('*%.'#(*%/-#(1>.,"-.=+"-#(3'(%&*+%E
#'8
Y(".$+'.%$(,>&*+%(-(*'*%/(3%(,-.%,$'+(%.$+%(#"(ÀOLDLV
%( 3%*'+$'&%.$-#D( &%#,/'.3-( 5,-&( #%@>+'.B'7( '#( #>'#(
".1-+&'BG%#(*'+$",>/'+%#(3%.$+-(3'(%#$+>$>+'(3%(,-&>."E
,'BG%#(3'(%&*+%#'8
)( @+'.3%( #>,%##-( 3'( ?.$%+.%$D( _( *'+$",>/'+&%.$%( 3'(
T#$'( A%/-,"3'3%( _( 3'3'( %&( <*#( 5<"$#( *-+( #%@>.3-78(
Q%A%( #%+( 1%"$-( >&( ,-.$+'$-( ,-&( -( *+-A%3-+( 3%( ',%##-D(
[>%(1-+.%,%+=(>&(.-&%(3%(>#>=+"-D(>&'(#%.c'(3%(',%#E
#-(%(>&(%.3%+%B-(%/%$+y.",-(.'(?.$%+.%$8
:RUOG:LGH:HE:::TXHLQÁXHQFLRXPXLWDFRLVDQD
%A-/>BC-(3'(".1-+&=$",'(.-#(]/$"&-#('.-#8
T&(*+"&%"+-(/>@'+D(-(>#-(3-(c"*%+$%^$-(53-,>&%.$-#(
".$%+/"@'3-#('$+'A_#(3%(Ad.,>/-#D(->(/".u#7(%('(%.-+&%(1'E
,"/"3'3%(3%(#%(,+"'+D(".$%+/"@'+(%(3"#*-."<"/"\'+(3-,>&%.$-#(
Z8D<')@?<
3HODGHÀQLomRWpFQLFDWHPRVTXHXPD+RPH3DJHp
>&('+[>"A-(Y!;??(5.-(1-+&'$-(nX0I7(',%##'3-(3%(,-&E
*>$'3-+%#( +-3'.3-( >&( F'A%@'3-+( 5i+-4#%+7D( [>%( *%+E
PLWH R DFHVVR jV LQIRUPDo}HV HP XP DPELHQWH JUiÀFR
%(&>/$"&d3"'8(X-3-(%&(c"*%+$%^$-D(1',"/"$'.3-('(<>#,'(3%(
".1-+&'BG%#(3%.$+-(3'#(n-&%(P'@%#8
!"#$%&#$%
)(%.3%+%B-(3%(n-&%(P'@%#($%&(-(#%@>".$%(
1-+&'$-h
c$$*hMM4448%.3%+%B-8,-&M*=@".'8c$&/
P-+(%^%&*/-D('(*=@".'(*+".,"*'/(3-(&%>(*+-E
`%$-(3%(&%#$+'3-h
c$$*hMM4448w->$><%8,-&M,'.'/3--A"3"-
!"#$%&'(%')!*"+,-.)/0'%'1+"/%&&"'()2).03
a4')PI?\56:
)#(*/>@E".#(#C-(*+-@+'&'#([>%(%^*'.3%&('(,'*',"E
GDGH GR %URZVHU HP UHFXUVRV HVSHFtÀFRV  SHUPLWLQGR
*-+( %^%&*/-D( [>%( A-,f( $-[>%( '+[>"A-#( 3%( #-&( ->( A%`'(
ÀOPHVHPYtGHRGHQWURGHXPD+RPH3DJH$VHPSUHVDV
3%(#-1$4'+%(Af&(3%#%.A-/A%.3-(*/>@E".#('(>&'(A%/-,"E
3'3%("&*+%##"-.'.$%8(0'"-+%#(".1-+&'BG%#(%(%.3%+%B-#(
#-<+%(*/>@E".#(#C-(%.,-.$+'3'#(.'(*=@".'h
c$$*hMM4448w'c--8,-&M;-&*>$%+#…'.3…?.$%+.%$M
!-1$4'+%M(?.$%+.%$M2-+/3…2"3%…2%<Mi+-4#%+#MP/>@…?.#M
?.3",%#M
Y$>'/&%.$%(%^"#$%&(A=+"-#($"*-#(3%(*/>@E".#8(Y<'"^-(
$%&-#(>&'(+%/'BC-(3%('/@>.#(3%/%#h
E(((HQ(%(Y."&'BC-(5Y+[>"A-#(mV0ID(0PTZD(b>",uX"&%D(
%$,878
N9
PXOWLPtGLD WH[WR JUiÀFRV DQLPDo}HV HWF GHPRFUDWLE
\'+'&(-(',%##-(v(".1-+&'BC-('$+'A_#(3%(+%3%#(3%(,-&E
*>$'3-+%#8( T&( #%@>.3-( />@'+D( ,+"->E#%( >&'( @"@'.$%#,'(
<'#%( 3%( >#>=+"-#D( `=( 1'&"/"'+"\'3-#( ,-&( ,-.c%,"&%.$-#(
<=#",-#( 3%( ".1-+&=$",'( %( 3%( .'A%@'BC-( .'( ?.$%+.%$8( U"E
.'/&%.$%D( #>+@"+'&( &>"$'#( 1%++'&%.$'#( 3%( #-1$4'+%( 3%(
,>#$-(\%+-(->(*%[>%.-D([>%(*%+&"$%&('([>'/[>%+(-+@'E
."\'BC-(->(%&*+%#'D(#%&(&>"$-(%#1-+B-D(e%.$+'+(.'(+%3%g(
%( ,-&%B'+( '( ',%##'+( %( ,-/-,'+( ".1-+&'BC-8( )( +%#>/$'3-(
".%A"$=A%/( 1-"( '( "&*+%##"-.'.$%( %^*/-#C-( .'( ".1-+&'BC-(
3"#*-.dA%/(.'(?.$%+.%$D([>%(#%@>.3-(,-.#$'D(%#$=(3-<+'.E
3-(3%($'&'.c-('(,'3'(&f#8
Y##"&D(.C-(3%&-+->(&>"$-('(#>+@"+(>&(.-A-(,-.,%"E
$-D([>%($%&(".$%+%##'3-(>&(.]&%+-(,'3'(A%\(&'"-+(3%(
%&*+%#'#D( c-#*"$'"#D( 1',>/3'3%#( %( ->$+'#( -+@'."\'BG%#(
".$%+%##'3'#(%&(".$%@+'+(".1-+&'BG%#(%(>#>=+"-#h('(".$+'E
.%$8( !%>( '3A%.$-( %( 3"##%&".'BC-( *+-&%$%( -*%+'+( >&'(
+%A-/>BC-($C-(*+-1>.3'(*'+'('(A"3'(-+@'."\',"-.'/([>'.E
$-(-('*'+%,"&%.$-(3'#(*+"&%"+'#(+%3%#(/-,'"#(3%(,-&*>E
WDGRUHVQRÀQDOGDGpFDGDGH
'('HI<'g'"6=>@6<=h
)($%+&-(e".$+'.%$g(,-&%B->('(#%+(>#'3-(%&(&%'3-#(
3%(:LLr(*-+(1-+.%,%3-+%#(3%(*+-3>$-#(3%(+%3%(*'+'(#%(
+%1%+"+%&('-(>#-(3%.$+-(3'#(%&*+%#'#(*+"A'3'#(3%($%,.-E
/-@"'#( *+-`%$'3'#( *'+'( '( ,-&>.",'BC-( *-+( ,-&*>$'3-+(
%.$+%(%&*+%#'#8(T&(->$+'#(*'/'A+'#D(>&'(".$+'.%$(,-.#"#E
$%(%&(>&'(+%3%(*+"A'$"A'(3%(,-&*>$'3-+%#([>%(#%(<'#%"'(
.-#(*'3+G%#(3%(,-&>.",'BC-(3%(3'3-#(3'(?.$%+.%$(*]E
</",'D(<'#%'3'#(.'($%,.-/-@"'(>#'3'(.'(?.$%+.%$(5*=@".'#(
nX0ID( %E&'"/D( UXPD( %$,87( [>%( Af&D( '$>'/&%.$%( 1'\%.3-(
&>"$-(#>,%##-8(T.$+%('#(+'\G%#(*'+'(%#$%(#>,%##-D(%#$C-(
-(,>#$-(3%("&*/'.$'BC-(+%/'$"A'&%.$%(<'"^-(%('(1',"/"3'E
3%(3%(>#-(*+-*","'3'(*%/-#(*+-@+'&'#(3%(.'A%@'BC-(.'(
2%<D(-#(<+-4#%+#8
 '(Oi<=5J8'7<';86:=>I5>'ID@'"6=>@6<=
)+@'."\'BG%#( ,-.#$+-%&( >&'( ".$+'.%$( *-+[>%( %/'( _(
XPDIHUUDPHQWDiJLOHFRPSHWLWLYD3RGHURVDRVXÀFLHQE
$%(*'+'(%,-.-&"\'+($%&*-D(3"&".>"+('#(3%#A'.$'@%.#(3'(
3"#$~.,"'( %( '/'A'.,'+( #-<+%( -( #%>( &'"-+( *'$+"&y."-( 3%(
,'*"$'/(,-&(,-.c%,"&%.$-#(3'#(-*%+'BG%#(%(*+-3>$-#(3'(
%&*+%#'8
&LP5;@BF<:'7@'"6=>@6<=
-ipSRQWRSDFtÀFRTXHDSRLDUPRVDHVWUXWXUDGHFRE
&>.",'BG%#(,-+*-+'$"A'#(%&(>&'(".$+'.%$(3=(*'+'(#"&E
SOLÀFDU R WUDEDOKR SRLV HVWDPRV YLUWXDOPHQWH WRGRV QD
PHVPDVDOD'HTXDOTXHUPRGRpFHGRSDUDVHDÀUPDU
-.3%('(".$+'.%$(A'"(#%+(&'"#(%1%$"A'(*'+'(>."+(5.-(#%.$"3-(
%<;@65:D8:'7<'TI:;@:
P%#[>"#'+(*-+('/@-(.-(Z--@/%(%(.C-($%+(,-&-(+%$-+.-(
%^'$'&%.$%(-([>%(A-,f([>%+"'(*-3%($+'\%+('/@>&'#(c-E
+'#(3%($+'<'/c-('(&'"#D(.C-(_(&%#&-o(P-+(&'"#([>%(-#(
'/@-+"$&-#(3%(<>#,'(#%`'&(#%&*+%(+%A"#'3-#(%(<>#[>%&(
3%(,%+$'(1-+&'(e'3"A".c'+g(-([>%(#%(*'##'(%&(#>'(,'<%B'D(
/'.B'+(&C-(3%('/@>.#('+$"1d,"-#(*'+'([>%(#>'(<>#,'(#%`'(
-$"&"\'3'(*->*'+=(#%>($%&*-(%(1'+=(,-&([>%(A-,f($%.c'(
',%##-('(+%#>/$'3-#(&'"#(+%/%A'.$%#8
)#( &%,'."#&-#( 3%( <>#,'#( ,-.$'&( ,-&( -*%+'3-+%#(
SDUD ÀOWUR GH FRQWH~GR $ PDLRU SDUWH GHVVH ÀOWURV QR
%.$'.$-D( *-3%( .C-( ".$%+%##'+( '( A-,fD( ,'#-( .C-( #%`'( >&(
*+'$",'.$%(3%(!T)8(;-.$>3-D('/@>.#(#C-(+%'/&%.$%(]$%"#(
RSHUDFLRQDO RV GLYHUVRV SURÀVVLRQDLV GH XPD HPSUHVD
0'#(%&('/@>&'#(=+%'#(`=(#%(A"#/>&<+'&(<%.%1d,"-#D(*-+(
%^%&*/-h
E((0'+u%$".@(%(m%.3'#(E(?.1-+&'BG%#(#-<+%(*+-3>$-#D(
/"#$'#(3%(*+%B-#D(*+-&-BG%#D(*/'.%`'&%.$-(3%(%A%.$-#l
E((Q%#%.A-/A"&%.$-(3%(P+-3>$-#(E()X(5)+"%.$'BC-(3%(
X+'<'/c-7D(*/'.%`'&%.$-#D(/"#$'#(3%(+%#*-.#'<"/"3'3%#(3%(
&%&<+-#(3'#(%[>"*%#D(#"$>'BG%#(3%(*+-`%$-#l
E((Y*-"-('-(U>.,"-.=+"-(E(P%+@>.$'#(%(+%#*-#$'#D(#"#E
$%&'#(3%(&%/c-+"'(,-.$d.>'(5!"#$%&'(3%(!>@%#$G%#7D(&'E
.>'"#(3%([>'/"3'3%l
E((V%,>+#-#(n>&'.-#(E(X+%".'&%.$-#D(,>+#-#D('*-#$"E
/'#D( *-/d$",'#( 3'( ,-&*'.c"'D( -+@'.-@+'&'D( -*-+$>."3'E
3%#(3%($+'<'/c-D(*+-@+'&'#(3%(3%#%.A-/A"&%.$-(*%##-'/D(
<%.%1d,"-#8
P'+'(',%##'+('#(".1-+&'BG%#(3"#*-.dA%"#(.'(2%<(,-+E
*-+'$"A'D(-(1>.,"-.=+"-(*+'$",'&%.$%(.C-(*+%,"#'(#%+($+%"E
QDGR$ÀQDORHVIRUoRGHRSHUDomRGHVVHVSURJUDPDVVH
+%#>&%([>'#%(#-&%.$%(%&(,/",'+(.-#(/".u#([>%(+%&%$%&(
v#(.-A'#(*=@".'#8(F-(%.$'.$-D('(#"&*/","3'3%(3%(>&'(".E
$+'.%$( $%+&".'( 'd8( P+-`%$'+( %( "&*/'.$'+( >&'( +%3%( 3%##%(
$"*-(_(>&'($'+%1'(,-&*/%^'(%(%^"@%('(*+%#%.B'(3%(*+-E
ÀVVLRQDLV HVSHFLDOL]DGRV (VVD GLÀFXOGDGH DXPHQWD FRP
-( $'&'.c-( 3'( ".$+'.%$D( #>'( 3"A%+#"3'3%( 3%( 1>.BG%#( %( '(
[>'.$"3'3%(3%(".1-+&'BG%#(.%/'('+&'\%.'3'#8
&'56=>@6<='g'O@:<@7@'<D'HI@=>8';86;<5=8:R
E((;-.%,$"A"3'3%(E(Y(<'#%(3%(,-.%^C-(3-#(,-&*>$'E
3-+%#(/"@'3-#(*-+(&%"-(3%(>&'(+%3%D(%([>%(*-3%&($+'.#E
1%+"+([>'/[>%+($"*-(3%(".1-+&'BC-(3"@"$'/(%.$+%(#"l
E( ( n%$%+-@%.%"3'3%(E(Q"1%+%.$%#($"*-#(3%(,-&*>$'E
3-+%#(%(#"#$%&'#(-*%+',"-.'"#(*-3%&(#%+(,-.%,$'3-#(3%(
1-+&'($+'.#*'+%.$%l
E(1DYHJDomReSRVVtYHOSDVVDUGHXPGRFXPHQWRD
->$+-(*-+(&%"-(3%(+%1%+f.,"'#(->(Ad.,>/-#(3%(c"*%+$%^$-D(
[>%(1',"/"$'&(-(',%##-(.C-(/".%'+('-#(3-,>&%.$-#l
E( ( ( T^%,>BC-( Q"#$+"<>d3'( E( Q%$%+&".'3'#( $'+%1'#( 3%(
',%##-( ->( &'."*>/'BC-( .'( ".$+'.%$( #a( *-3%&( -,-++%+(
@+'B'#(v(%^%,>BC-(3%(*+-@+'&'#('*/",'$"A-#D([>%(*-3%&(
%#$'+(.-(#%+A"3-+D(->(.-#(&",+-,-&*>$'3-+%#([>%(',%#E
#'&('(+%3%(5$'&<_&(,c'&'3-#(3%(,/"%.$%#D(3'd(#>+@">(v(
%^*+%##C-([>%(,'+',$%+"\'('('+[>"$%$>+'(3'(".$+'.%$h(,/"%.E
$%E#%+A"3-+78
E((Y(A'.$'@%&(3'(".$+'.%$(_([>%(%##%#(*+-@+'&'#(#C-(
DWLYDGRV DWUDYpV GD ::: SHUPLWLQGR JUDQGH ÁH[LELOLE
3'3%8( Q%$%+&".'3'#( /".@>'@%.#D( ,-&-( }'A'D( '##>&"+'&(
@+'.3%( "&*-+$~.,"'( .-( 3%#%.A-/A"&%.$-( 3%( #-1$4'+%#(
'*/",'$"A-#([>%(-<%3%B'&('-#($+f#(,-.,%"$-#('.$%+"-+%#8
%(%#$C-(/"#$'3-#('<'"^-8(V%'/"\%(>&'(<>#,'(#"&*/%#(%(3%E
SRLVDSOLTXHRVÀOWURVSDUDSRGHUYHURTXDQWRRVUHVXOE
$'3-#(*-3%&(#%+(&'"#(%#*%,"'/"\'3-#(%&(+%/'BC-('-([>%(
A-,f(*+-,>+'8
\L@P@J>@j;Q@J<
V%$-+.'(>&'(<>#,'(%^,/>".3-('[>%/'#(%&([>%('(*'E
ODYUDFKDYHDSDUHFH3RUH[HPSORVHHXÀ]HUXPDEXVFD
*-+( ,-&*>$'BC-D( *+-A'A%/&%.$%( %.,-.$+'+%"( .'( +%/'BC-(
3-#( +%#>/$'3-#( ".1-+&'BG%( #-<+%( e;"f.,"'( 3'( ,-&*>$'E
omR´ &RQWXGR VH HX À]HU XPD EXVFD SRU FRPSXWDomR
E,"f.,"'D( -#( +%#>/$'3-#( [>%( $%&( '( *'/'A+'( ,c'A%( ,"f.,"'(
#%+C-(-&"$"3-#8
'kL@P@J>@j;Q@J<
V%$-+.'(>&'(<>#,'(1'\%.3-(>&'(".,/>#C-(1-+B'3'(3%(
>&'( *'/'A+'( ,c'A%( .-#( +%#>/$'3-#8( Q%( &'.%"+'( '.=/-@'(
DRH[HPSORDQWHULRUVHHXÀ]HUXPDEXVFDGRWLSRFRPE
*>$'BC-D($%+%"(,-&-(+%$-+.-(>&'(@'&'(&"#$'(3%(+%#>/E
WDGRV &DVR HX TXHLUD ÀOWUDU VRPHQWH RV FDVRV HP TXH
,"f.,"'#('*'+%,%D(%($'&<_&(.-(%#$'3-(3%(!PD(+%'/"\-(>&'(
<>#,'(3-($"*-(,-&*>$'BC-(t(,"f.,"'(!P8
lE>@:<j;Q@J<m
V%$-+.'( >&'( <>#,'( %&( [>%( %^"#$'&( '#( -,-++f.,"'#(
GRV WHUPRV TXH HVWmR HQWUH DVSDV QD RUGHP H JUDÀD
%^'$'#( '-( [>%( 1-"( ".#%+"3-8( Y##"&D( #%( A-,f( +%'/"\'+( >&'(
<>#,'(3-($"*-(e,-&-(1'#%+g(p(#"&D(,-&('(%#,+"$'(".,-++%$'(
3'(*'/'A+'(UYƒTVD(A%+=(+%#>/$'3-#(%&([>%('(1+'#%("3f.$",'(
1-"(%&*+%@'3'8
SDODYUDVBFKDYHB25SDODYUDBFKDYHB
F)RST!(QT(?FU)V0WX?;Y(T(PV);T!!)(Q?Z?XYI
0-#$+'(+%#>/$'3-(*'+'(*%/-(&%.-#(>&'(3'#(*'/'A+'#(
,c'A%(,"$'3'#8(U'B'(>&'(<>#,'(*-+(1',%<--u()V(&#.D(*-+(
%^%&*/-D( %( $%+=( ,-&-( +%#>/$'3-( 3%( #>'( <>#,'D( *=@".'#(
+%/%A'.$%#(#-<+%(*%/-(&%.-#(>&(3-#(3-"#($%&'#(E(.%#E
#%(,'#-D(,-&-('#(3>'#(*'/'A+'#(,c'A%#(#C-(*-*>/'+%#D(-#(
3-"#(+%#>/$'3-#(#C-('*+%#%.$'3-#(%&(*-#"BC-(3%(3%#$'E
[>%8
ÀOHW\SHWLSR
V%$-+.'('#(<>#,'#(%&([>%(-(+%#>/$'3-($%&(-($"*-(3%(
H[WHQVmR HVSHFLÀFDGD 3RU H[HPSOR HP XPD EXVFD ÀE
/%$w*%h*31(`[>%+w(#%+C-(%^"<"3-#(-#(,-.$%]3-#(3'(*'/'A+'(
,c'A%(`[>%+w([>%($"A%+%&(,-&-(%^$%.#C-(8*318()#($"*-#(
3%( %^$%.#C-( *-3%&( #%+h( PQUD( nX0I( ->( nX0D( kI!D( PPXD(
Q);8
N:
 SDODYUDBFKDYHB
SDODYUDBFKDYHB $%.c'&( '*%.'#( +-#$-#8( Y##"&( A-,f( ,-.#%@>%( A"#>'/"\'+(
V%$-+.'(>&'(e<>#,'(,-&<".'3'gD(->(#%`'D(#%.3-(-(‡(
>&(".3",'3-+(3%(e[>'/[>%+(,-.$%]3-gD(+%$-+.'(+%#>/$'3-#(
HPTXHRVWHUPRVLQLFLDOHÀQDODSDUHFHPLQGHSHQGHQWH
3-([>%(e%#$%`'(%.$+%(%/%#g8(V%'/"\%(>&'(<>#,'(3-($"*-(1'E
,%<--u(‡(&#.(%(A%`'(-(+%#>/$'3-(.'(*+=$",'8
NI758'<'Vn7<8
Y( *-*>/'+"\'BC-( 3'( <'.3'( /'+@'( %( 3-#( #%+A"B-#( 3%(
%E&'"/(,-&(@+'.3%(,'*',"3'3%(3%('+&'\%.'&%.$-(%#$=(
'>&%.$'.3-( '( ,"+,>/'BC-( 3%( Ad3%-#( .'( ?.$%+.%$8( )( *+-E
</%&'(_([>%('(*+-1>#C-(3%(1-+&'$-#(3%('+[>"A-#(*-3%(
$-+.'+('(%^*%+"f.,"'(3%,%*,"-.'.$%8
Y(&'"-+"'(3%/%#(3%*%.3%(3%(>&(].",-(*+-@+'&'(*'+'(
+-3'+8(P-+(%^%&*/-D(#%('(%^$%.#C-(_(0)mD(A-,f(A'"(.%,%#E
#"$'+(3-(b>",uX"&%D(3'(Y**/%8()>$+-#D('/_&(3%(>&(*/'w%+(
3%( Ad3%-D( .%,%##"$'&( 3-( e,-3%,g( '*+-*+"'3-8( Y,+y."&-(
3%( e;)3%+MQT;-3%+gD( ,-3%,( _( >&'( %#*_,"%( 3%( ,-&*/%E
PHQWRTXHGHVFRPSULPHHFRPSULPHRDUTXLYReR
,'#-(3-(0PTZD([>%(+-3'(.-(2".3-4#(0%3"'(P/'w%+D(3%#E
3%([>%(-(,-3%,(%#$%`'('$>'/"\'3-(E(%&(@%+'/D('(".#$'/'BC-(
_('>$-&=$",'8
;-&(-#($+f#(*/'w%+#(3%(&>/$"&d3"'(&'"#(*-*>/'+%#(E(
2".3-4#( 0%3"'( P/'w%+D( V%'/( P/'w%+( %( b>",u$"&%( ED( A-,f(
GLÀFLOPHQWH HQFRQWUDUi SUREOHPDV SDUD URGDU YtGHRV
WDQWR RලLQH FRPR SRU VWUHDPLQJ QHVWH FDVR R GRZQE
/-'3(%('(%^"<"BC-(3-(Ad3%-(#C-(#"&>/$~.%-#D(,-&-(.'(Xm(
X%++'78
Y$>'/&%.$%D( 3%A"3-( v( %A-/>BC-( 3'( ".$%+.%$( ,-&( -#(
&'"#(A'+"'3-#($"*-#(3%(*=@".'#(*%##-'"#(%(+%3%#(#-,"'"#D(
c=(>&'(@+'.3%(3%&'.3'(*-+(*+-@+'&'#(*'+'($+'<'/c'+(
,-&("&'@%.#8(TD(,-&-(#%&*+%(_(%#*%+'3-D(%&(+%#*-#$'('(
"##-D($'&<_&(c=(.-(&%+,'3-(>&'('&*/'(@'&'(3%(1%++'E
&%.$'#(%^"#$%.$%#([>%(1'\%&('/@>&($"*-(3%($+'$'&%.$-(
->(,-.A%+#C-(3%("&'@%.#8
P-+_&D( &>"$-#( 3%#$%#( *+-@+'&'#( .C-( #C-( -( [>%( #%(
*-3%(,c'&'+(3%(#"&*/%#(%(".$>"$"A-#D(,'>#'.3-(,-.1>#C-(
%&(#%>(>#-(->(.'(&'."*>/'BC-(3-#(+%,>+#-#(%^"#$%.$%#8(
;'#-(-([>%(A-,f(*+%,"#%(#%`'('*%.'#(>&(*+-@+'&'(*'+'(
A"#>'/"\'+("&'@%.#(%('*/",'+($+'$'&%.$-#(%(%1%"$-#(#"&*/%#(
->( &-.$'+( '*+%#%.$'BG%#( 3%( #/"3%#D( _( #%&*+%( <-&( 3'+(
>&'(,-.1%+"3'(%&('/@>.#('*/",'$"A-#(&'"#(/%A%#(%(,-&(+%E
,>+#-#(&'"#(%.^>$-#(,-&-(-#(A"#>'/"\'3-+%#(3%("&'@%.#8
Y<'"^-D(#%@>%(>&'(#%/%BC-(3%(A"#>'/"\'3-+%#D(&>"$-#(
3%/%#($+'\%.3-(-#(+%,>+#-#(&'"#(#"&*/%#D(,-&>.#(%(1=,%"#(
'*%.'#('#(1-$-#([>%(,-.$_&(*%##-'#8
Q%*-"#(3%($>3-(-+@'."\'3-(%&(#%>(,-&*>$'3-+D(A-,f(
*-3%(%#,-/c%+(3"A%+#'#(-*BG%#(*'+'(#'/A'+(%M->(,-&*'+E
$"/c'+(#>'#(1-$-#(%("&'@%.#(,-&('&"@-#(%(*'+%.$%#8(?##-(
*-3%( #%+( 1%"$-( @+'A'.3-( >&( ;QMQmQ( ->( %.A"'.3-( A"'(
2%<8()(*+-@+'&'(*-##>"(".$%@+'BC-(,-&(-(P",'#'2%<D(-(
[>'/(*-##"<"/"$'(%.A"'+(>&(=/<>&(".$%"+-(*%/'(".$%+.%$(%&(
*->,-#(#%@>.3-#8
)(?+1'.m"%4(_(>&(A"#>'/"\'3-+(3%("&'@%&(&>"$-(/%A%(
HFRPXPDLQWHUIDFHJUiÀFDVLPSOHVSRUpPRWLPL]DGDH
1=,"/(3%(>$"/"\'+D(&%#&-(*'+'([>%&(.C-($%&(1'&"/"'+"3'3%(
,-&( %#$%( $"*-( 3%( *+-@+'&'8( T/%( $'&<_&( 3"#*G%( 3%( '/E
@>.#(+%,>+#-#(#"&*/%#(3%(%3"$-+8(;-&(%/%(_(*-##dA%/(1'\%+(
-*%+'BG%#( ,-&-( ,-*"'+( %( 3%/%$'+( "&'@%.#( '$_( -( %1%"$-(
3%(+%&-BC-(3%(-/c-#(A%+&%/c-#(%&(1-$-#8()(*+-@+'&'(
-1%+%,%('/$%+.'$"A'#(*'+'('*/",'+(%1%"$-#(,-&-($%^$>+'#(%(
'/$%+'BC-(3%(,-+%#(%&(#>'("&'@%&(*-+(&%"-(3%('*%.'#(
>&(,/"[>%8
Y/_&(3"##-(#%&*+%(_(*-##dA%/('(A"#>'/"\'BC-(3%("&'E
@%.#(*%/-(*+a*+"-(@%+%.,"'3-+(3-(2".3-4#8
#>@6:E<>o6;5@'7<'@>HI5J8:'L<P@'56=<>6<=
UXP(5U"/%(X+'.#1%+(P+-$-,-/(p(P+-$-,-/-(3%(X+'.#1%+f.E
,"'(3%(Y+[>"A-#7(_(>&'(3'#(&'"#('.$"@'#(1-+&'#(3%(".$%E
+'BC-(.'(?.$%+.%$8(;-&(%/%D(A-,f(*-3%(%.A"'+(%(+%,%<%+(
'+[>"A-#(*'+'D(->(3%(,-&*>$'3-+%#([>%(#%(,'+',$%+"\'&(
,-&-( #%+A"3-+%#( +%&-$-#8( m-/$'+%&-#( '[>"( '-( ,-.,%"$-(
3%('+[>"A-($%^$-(5Y!;??(p(,a3"@-(6(<"$#7(%('+[>"A-#(.C-(
$%^$-(5i".=+"-#(p(,a3"@-(s(<"$#78(n=(>&'(3"1%+%.B'(".$%+%#E
#'.$%(%.$+%(%.A"'+(>&'(&%.#'@%&(3%(,-++%"-(%/%$+y.",-(
%( +%'/"\'+( $+'.#1%+f.,"'( 3%( >&( '+[>"A-8( Y( &%.#'@%&( _(
#%&*+%( $+'.#1%+"3'( ,-&-( >&'( ".1-+&'BC-( $%^$>'/D( %.E
[>'.$-('($+'.#1%+f.,"'(3%(>&('+[>"A-(*-3%(#%+(,'+',$%+"E
\'3'(,-&-($%^$>'/(5Y!;??7(->(.C-E$%^$>'/(5<".=+"-78
j&(#%+A"3-+(UXP(_(>&(,-&*>$'3-+([>%(+-3'(>&(*+-E
@+'&'([>%(,c'&'&-#(3%(#%+A"3-+(3%(UXP(%D(*-+$'.$-D(_(
,'*'\(3%(#%(,-&>.",'+(,-&(->$+-(,-&*>$'3-+(.'(V%3%(
[>%(-(%#$%`'(',%##'.3-('$+'A_#(3%(>&(,/"%.$%(UXP8
UXP( '.y."&-( A%+#>#( UXP( ,-&( '>$%.$",'BC-( %^"#$%&(
3-"#( $"*-#( 3%( ,-.%^C-( UXPD( '( *+"&%"+'D( %( &'"#( >$"/"\'3'D(
_('(,-.%^C-('.y."&'D(.'([>'/(.C-(_(*+%,"#-(*-##>"+(>&(
>#%+.'&%(->(*'##4-+3(5#%.c'7(.-(#%+A"3-+(3%(UXPD(<'#E
3%(#%(>$"/"\'+(3-#(%3"$-+%#D(*'+'(A-,f([>%(.C-(*+%,"#'(3%(
!"#$%&'(%')!*"+,-.)/0'%'1+"/%&&"'()2).03
$'.$-#(+%,>+#-#D(&'#('".3'('##"&(@-#$'(3%(3'+(>&($+'$'E
&%.$-(%#*%,"'/(*'+'('#(#>'#(&'"#(A'+"'3'#("&'@%.#8
)(P",'#'(%#$=(,-&(>&'(A%+#C-(,c%"'(3%(".-A'BG%#([>%(
1'\(3%/%(>&('*/",'$"A-(,-&*/%$-(*'+'(A"#>'/"\'BC-(3%(1-E
$-#(%("&'@%.#8(Y/_&(3"##-D(%/%(*-##>"(3"A%+#'#(1%++'&%.E
$'#( ]$%"#( *'+'( %3"$'+D( -+@'."\'+( %( @%+%.,"'+( '+[>"A-#( 3%(
"&'@%&(3-(,-&*>$'3-+8
Y#(1%++'&%.$'#(3%(%3"BC-(*-##>%&(-#(&_$-3-#(&'"#(
'A'.B'3-#(*'+'('>$-&'$"\'+(-(*+-,%##-(3%(,-++%BC-(3%(
"&'@%.#8( F-( ,'#-( 3%( -/c-#( A%+&%/c-#D( *-+( %^%&*/-D( -(
SURJUDPDFRQVHJXHLGHQWLÀFDUHFRUULJLUWRGRVRVROKRV
A%+&%/c-#( 3'( 1-$-( '>$-&'$",'&%.$%( #%&( *+%,"#'+( #%/%E
,"-.'+(>&(*-+(>&8(Y/_&(3"##-D(_(*-##dA%/(,-+$'+D(%.3"+%"E
$'+D('3","-.'+($%^$-#D(".#%+"+(%1%"$-#D(%(&>"$-(&'"#8
j&(3-#(@+'.3%#(3%#$'[>%#(3-(P",'#'(_(#>'(*-3%+-#'(
<"</"-$%,'(3%("&'@%.#8(T/%(*-##>"(>&(#"#$%&'(".$%/"@%.E
WHGHDUPD]HQDPHQWRFDSD]GHÀOWUDULPDJHQVTXHFRQE
NN
WDQGRDSHQDVLGHQWLÀFDUVHFRPRDQRQ\PRXVDQ{QLPR
F%#$%(,'#-D(-([>%(',-.$%,%(_([>%D(%&(@%+'/D('(=+A-+%(3%(
3"+%$a+"-([>%(#%(%.^%+@'(_(>&'(#><E=+A-+%(3'(=+A-+%(3-(
#"#$%&'8( ?#$-( _( &>"$-( "&*-+$'.$%D( *-+[>%( @'+'.$%( >&(
.dA%/( 3%( #%@>+'.B'( '3%[>'3-D( %A"$'.3-( [>%( %#$+'.c-#(
$%.c'&( ',%##-( '( $-3'#( '#( ".1-+&'BG%#( 3'( %&*+%#'8(
b>'.3-(#%(%#$'<%/%,%(>&'(,-.%^C-(3%(eUXP('.y."&-gD(
-([>%(',-.$%,%(%&(@%+'/(_([>%('(,-.%^C-(_(*-#","-.'3'(
.-(3"+%$a+"-(+'"\(3'(=+A-+%(3%(3"+%$a+"-#8(Q%.$+%(-#(&'"#(
,-&>.#(%#$C-h(*><D(%$,D(->$@-".@(%(".,-&".@8()(#%@>.3-(
$"*-(3%(,-.%^C-(%.A-/A%(>&'('>$%.$",'BC-D(%(*-+$'.$-D(_(
".3"#*%.#=A%/([>%(-(>#>=+"-(*-##>'(>&(>#%+.'&%(%(>&'(
*'##4-+3([>%(#%`'&(+%,-.c%,"3'#(*%/-(#"#$%&'D([>%+(3"E
\%+D( $%+( >&'( ,-.$'( .%##%( #%+A"3-+8( F%#$%( ,'#-D( '-( %#$'E
<%/%,%+( >&'( ,-.%^C-D( -( *-#","-.'&%.$-( _( .-( 3"+%$a+"-(
,+"'3-(*'+'('(,-.$'(3-(>#>=+"-(p(3"+%$a+"-(c-&%D(%(3'/"(
%/%( *-3%+=( *%+,-++%+( $-3'( '( =+A-+%( 3-( #"#$%&'D( &'#( #a(
%#,+%A%+(%(/%+('+[>"A-#(.-#([>'"#(%/%(*-##>'8
 Y##"&(,-&-(&>"$'#('*/",'BG%#(/'+@'&%.$%(>$"/"\'3'#(
c-`%(%&(3"'D(-(UXP($'&<_&($%A%('(#>'(-+"@%&(.-(#"#$%&'(
-*%+',"-.'/(jF?kD([>%(1-"(-(@+'.3%(*%+,>+#-+(%(+%#*-.E
#=A%/(*%/-(#>,%##-(%(3%#%.A-/A"&%.$-(3'(?.$%+.%$8
&P?ID@:'75;@:
:8( 0>"$-#( #"$%#( [>%( ',%"$'&( UXP( '.y."&-( /"&"$'&( -(
.]&%+-(3%(,-.%^G%#(#"&>/$~.%'#(*'+'(%A"$'+(>&'(
#-<+%,'+@'(.'(&=[>".'8(j&'(->$+'(/"&"$'BC-(*-#E
#dA%/( _( '( 1'"^'( 3%( c-+=+"-( 3%( ',%##-D( [>%( &>"$'#(
A%\%#( _( ,-.#"3%+'3'( .-<+%( %&( c-+=+"-( ,-&%+,"'/D(
%(*-+$'.$-D(-(UXP('.y."&-(_($%&*-+'+"'&%.$%(3%E
#'$"A'3-8
N8(j&'(#'d3'(*'+'('(#"$>'BC-(',"&'(_(*+-,>+'+(e#"$%#(
%#*%/c-#g([>%($%.c'&(-(&%#&-(,-.$%]3-(3-(#"$%(
#%.3-(',%##'3-8
H8(Y.$%#(3%(+%'/"\'+('($+'.#1%+f.,"'(3%([>'/[>%+('+[>"E
YRYHULÀTXHVHYRFrHVWiXVDQGRRPRGRFRUUHWR
"#$-(_D(.-(,'#-(3%('+[>"A-#E$%^$-D(-(&-3-(_(Y!;??D(%(
.-(,'#-(3%('+[>"A-#(<".=+"-#(58%^%D(8,-&D(8\"*D(84'AD(
%$,87D(-(&-3-(_(<".=+"-8(T#$'(*+%A%.BC-(*-3%(%A"$'+(
*%+3'(3%($%&*-8
K8(j&'(,-"#'(".$%+%##'.$%(*-3%(#%+(-(>#-(3%(>&(#%+A"E
3-+(3%(UXP(%&(#%>(,-&*>$'3-+8(?#$-(*-3%(*%+&"$"+(
[>%(>&('&"@-(#%>(,-.#"@'(',%##'+(-(#%>(,-&*>E
$'3-+(,-&-(>&(#%+A"3-+(+%&-$-(3%(UXPD(<'#$'.3-(
[>%(%/%($%.c'(',%##-('-(.]&%+-(?PD([>%(/c%(_('$+"E
<>d3-(3".'&",'&%.$%8
U>IL8:'7<'05:;I::C8'<'*<7<:'!8;5@5:
!C-(%#*'B-#(3%(,-.A"Af.,"'#(A"+$>'"#(%&([>%(@+>*-#(
3%(*%##-'#(->(%&*+%#'#(#%(+%/',"-.'&(*-+(&%"-(3-(%.E
A"-( 3%( &%.#'@%.#D( 3-( ,-&*'+$"/c'&%.$-( 3%( ,-.$%]3-D(
%.$+%(->$+'#('BG%#8
Y#(+%3%#(#-,"'"#($"A%+'&(@+'.3%('A'.B-(3%A"3-('(%A-E
/>BC-(3'(".$%+.%$D(,>`-(<--&(',-.$%,%>(.-(".d,"-(3-(&"E
/f."-8(m%`'&-#(,-&-(%##%(*%+,>+#-(',-.$%,%>h
T&(:LLK(1-"(/'.B'3-(-(Z%-;"$"%#D('(*+"&%"+'(,-&>."E
3'3%( [>%( #%( '##%&%/c'( '( >&'( +%3%( #-,"'/8( )( Z%-;"$"%#(
[>%D( .-( %.$'.$-D( .C-( %^"#$%( &'"#D( -+"%.$'A'( '#( *%##-'#(
*'+'([>%(%/'#(*+a*+"'#(,+"'##%&(#>'#(*=@".'#(.'(".$%+.%$8
T&(:LLr(#>+@%(-(Xc%(Z/-<%D([>%(3'A'('-#(".$%+.'>$'#(
'(-*-+$>."3'3%(3%(".$%+'@"+(,-&(>&(@+>*-(3%(*%##-'#8
F-(&%#&-('.-D($'&<_&(#>+@%(>&'(*/'$'1-+&'([>%(
*%+&"$%( '( ".$%+'BC-( ,-&( '.$"@-#( ,-/%@'#( 3'( %#,-/'D( -(
;/'##&'$%#8
}=( .-#( '.-#( N999D( #>+@%( -( U-$-/-@D( >&'( */'$'1-+&'(
[>%D( 3%#$'( A%\D( $".c'( ,-&-( 1-,-( '( *></",'BC-( 3%( 1-$-E
JUDÀDV
T&(N99N(#>+@%(-([>%(_(,-.#"3%+'3'('(*+"&%"+'(A%+3'E
3%"+'(+%3%(#-,"'/D(-(U+"%.3#$%+8
F-('.-(#%@>".$%D(_(/'.B'3-(-(I".u%3?.D('(&'"-+(+%3%(
VRFLDOGHFDUiWHUSURÀVVLRQDOGRPXQGR
T( %&( N99KD( `>.$-( ,-&( '( &'"-+( 3%( $-3'#( '#( +%3%#D( -(
U',%<--uD(#>+@%&(-()+u>$(%(-(U/",u+8
n=(A=+"-#($"*-#(3%(+%3%#(#-,"'"#8(Y(@+'.3%(3"1%+%.B'(
%.$+%(%/'#(_(-(#%>(-<`%$"A-D(-#([>'"#(*-3%&(#%+h
ˆ(T#$'<%/%,"&%.$-(3%(,-.$'$-#(*%##-'"#(5+%/'BG%#(3%(
'&"\'3%(->(.'&-+-78
ˆ( F%$4-+u".@h( *'+$"/c'( %( <>#,'( 3%( ,-.c%,"&%.$-#(
SURÀVVLRQDLVHSURFXUDHPSUHJRRXSUHHQFKLPHQE
$-(3%(A'@'#8
ˆ(P'+$"/c'(%(<>#,'(3%("&'@%.#(%(Ad3%-#8
ˆ(P'+$"/c'(%(<>#,'(3%(".1-+&'BG%#(#-<+%($%&'#(A'+"'E
3-#8
ˆ(Q"A>/@'BC-(*'+'(,-&*+'(%(A%.3'(3%(*+-3>$-#(%(#%+E
A"B-#8
ˆ(}-@-#D(%.$+%(->$+-#8
n=(3%\%.'#(3%(+%3%#(#-,"'"#8(Q%.$+%('#(&'"#(,-.c%,"E
3'#D(3%#$','&-#h
ˆ(U',%<--uh(".$%+'BC-(%(%^*'.#C-(3%(,-.$'$-#8
ˆ({->$><%h(*'+$"/c'(3%(Ad3%-#8
ˆ(2c'$#'**h(%.A"-(3%(&%.#'@%.#(".#$'.$~.%'#(%(,c'E
&'3'#(3%(A-\8
ˆ(?.#$'@+'&h(*'+$"/c'(3%(1-$-#(%(Ad3%-#8
ˆ(X4"$$%+h(*'+$"/c'(3%(*%[>%.'#(*></",'BG%#D('#([>'"#(
#C-(,-.c%,"3'#(,-&-(e$4%%$#g8
ˆ(P".$%+%#$h(*'+$"/c'(3%("3%"'#(3%($%&'#(A'+"'3-#8
ˆ(!uw*%h($%/%,c'&'3'8
‡/LQNHG,QLQWHUDomRHH[SDQVmRGHFRQWDWRVSURÀVE
#"-.'"#8
ˆ(i'3--h(+%/',"-.'&%.$-#('&-+-#-#8
ˆ(!.'*,c'$h(%.A"-(3%(&%.#'@%.#(".#$'.$~.%'#8
ˆ(0%##%.@%+h(%.A"-(3%(&%.#'@%.#(".#$'.$~.%'#8
ˆ(U/",u+h(*'+$"/c'(3%("&'@%.#8
ˆ(Z--@/%th(*'+$"/c'(3%(,-.$%]3-#8
ˆ( X>&</+h( *'+$"/c'( 3%( *%[>%.'#( *></",'BG%#D( #%&%E
/c'.$%('-(X4"$$%+8
V@6=@?<6:'<'0<:J@6=@?<6:
T^"#$%&( A=+"'#( A'.$'@%.#( %&( 1'\%+( *'+$%( 3%( +%3%#(
#-,"'"#(%(_(*+".,"*'/&%.$%(*-+("##-([>%(%/'#($"A%+'&(>&(
FUHVFLPHQWRWmRVLJQLÀFDWLYRDRORQJRGRVDQRV
?##-(*-+[>%('#(+%3%#(#-,"'"#(*-3%&('*+-^"&'+('#(*%#E
VRDV$ÀQDOHODVVmRXPDPDQHLUDIiFLOGHPDQWHUDVUHE
/'BG%#(%(-(,-.$'$-(,-&([>%&(%#$=(3"#$'.$%D(*+-*","'.3-D(
'##"&D('(*-##"<"/"3'3%(3%(".$%+'@"+(%&($%&*-(+%'/8
Y#(+%3%#($'&<_&(1',"/"$'&('(+%/'BC-(,-&([>%&(%#$=(
&'"#(*%+$-8(T&(3%,-++f.,"'(3'(+-$".'(,-++"3'(3-(3"'('(3"'D(
.%&( #%&*+%( c=( $%&*-( *'+'( [>%( '#( *%##-'#( #%( %.,-.E
WUHPÀVLFDPHQWH
Y/_&(3"##-D('#(+%3%#(#-,"'"#(-1%+%,%&(>&'(1-+&'(+=E
SLGDHHÀFD]GHFRPXQLFDUDOJRSDUDXPJUDQGHQ~PHUR
3%(*%##-'#('-(&%#&-($%&*-8
P-3%&-#(,"$'+(,-&-(%^%&*/-(-(1'$-(3%(*-3%+('A"#'+(
F)RST!(QT(?FU)V0WX?;Y(T(PV);T!!)(Q?Z?XYI
>&( ',-.$%,"&%.$-D( '( *+%*'+'BC-( 3%( >&'( &'."1%#$'BC-(
->('(&-<"/"\'BC-(3%(>&(@+>*-(*'+'(>&(*+-$%#$-8
F-(%.$'.$-D(%&(3%,-++f.,"'(3%('/@>.#(*%+"@-#D('#(+%E
3%#(#-,"'"#('*+%#%.$'&('#(#>'#(3%#A'.$'@%.#8(j&'(3%/'#(
_('(1'/$'(3%(*+"A',"3'3%8
P-+( %##%( &-$"A-D( -( >#-( 3'#( +%3%#( #-,"'"#( $%&( #"3-(
,'3'(A%\(&'"#(3"#,>$"3-D(".,/>#"A%(*%/'(*-/d,"'D([>%('/%+$'(
*'+'('/@>&'#(*+%,'>BG%#8
!"#$%&#$%
P-+(#%+('/@-(&>"$-('$>'/D($%&(,'d3-(&>"$'#([>%#E
$G%#(3%(+%3%#(#-,"'"#(.-#(,-.,>+#-#('$>'/&%.$%8
NH

$]$*+^+"(!'+(%$,#&0(!
X4' 1$!+*"V_( 0$' )(-^+"&' `' +$!)$' `' 3( !%( >&'(
"&*+%##-+'( %#$"A%+( ,-&*'+$"/c'3'( %&( >&'( ".$+'.%$( *-+(
&%"-(3%(>&(%.3%+%B-(?PD(%.$C-D(*'+'(#%("&*+"&"+(>&('+E
[>"A-(.%##'("&*+%##-+'D(_(.%,%##=+"-D(*-+(>&'([>%#$C-(
3%(*'3+-."\'BC-(3%##'($%,.-/-@"'(3%("&*+%##C-D(".3",'+(
.-( .'A%@'3-+( 4%<( '( #%@>".$%( >+/h(
D( %&(
[>%( (3%A%(%#$'+(',%##dA%/(A"'(+%3%(%(
(3%A%(#%+(3-($"*-(PQU8
5(7(;TVX)(((5(7(TVVYQ)
*<:L8:=@R'$>>@784'3HORFRPDQGRGDTXHVWmRHVWDDÀUE
&'([>%(#-&%.$%('+[>"A-#(.-(1-+&'$-(PQUD(*-3%+"'&(
#%+("&*+%##-#D(-([>%($-+.'(-("$%&(%++'3-D(-(,-&'.3-(
SDUDLPSUHVVmRQmRYHULÀFDRIRUPDWRGRDUTXLYRWmR
#-&%.$%(-(/-,'/(-.3%(%#$=(-('+[>"A-('(#%+("&*+%##-8
 1$!+*"V_(' 0$' )(-^+"&' `' +$!)$' `' 3( !%D( %&(
>&'(".$+'.%$D(1-+(3"#*-."<"/"\'3-(>&(*-+$'/(3%(".1-+&'E
BG%#(',%##dA%/(*-+(&%"-(3%(>&(.'A%@'3-+D(#%+=(*-##dA%/(
',%##'+(%##%(*-+$'/(1'\%.3-E#%(>#-(3-#(*+-$-,-/-#(nXXP(
->( nXXP!D( ->( 3%( '&<-#D( 3%*%.3%.3-( 3%( ,-&-( %#$%`'(
FRQÀJXUDGRRVHUYLGRUGRSRUWDO
!"#$%&'(%')!*"+,-.)/0'%'1+"/%&&"'()2).03
&RPEDVHQDÀJXUDDFLPDTXHLOXVWUDDVFRQÀJXUDo}HV
3'(+%3%(/-,'/(3-(.'A%@'3-+(?.$%+.%$(T^*/-+%+(5?T7D(A%+#C-(
LD(`>/@>%(-#(*+a^"&-#("$%.#8
5(7(;TVX)(((5(7(TVVYQ)
*<:L8:=@R'+<>=84'nXXP(5nw*%+(X%^$(X+'.#1%+(P+-$-,-/7(
_(>&(*+-$-,-/-D(->(#%`'D(>&'(3%$%+&".'3'(+%@+'([>%(
)( *+-</%&'( ,-&( -( nXXP( _( [>%D( %&( +%3%#( 2"EU"( ->(
->$+'#( ,-.%^G%#( *+-*d,"'#( '( *c"#c".@( 51+'>3%( %/%$+yE
.",'7( %( c',u%+#D( *%##-'#( &'/E".$%.,"-.'3'#( *-3%&(
'$+'A%##'+(-(,'&".c-(%(".$%+,%*$'+(-#(3'3-#($+'.#&"$"E
3-#(,-&(+%/'$"A'(1',"/"3'3%8(P-+$'.$-D(>&'(,-.%^C-(%&(
nXXP(_(".#%@>+'8
F%##%(*-.$-(%.$+'(-(nXXP!(5nw*%+(X%^$(X+'.#1%+(P+-E
$-,-/(!%,>+%7D([>%(".#%+%(>&'(,'&'3'(3%(*+-$%BC-(.'(
$+'.#&"##C-(3%(3'3-#(%.$+%(#%>(,-&*>$'3-+(%(-(#%+E
A"3-+8(T&(#"$%#(,-&(%.3%+%B-(nXXP!D('(,-&>.",'BC-(
pFULSWRJUDIDGDDXPHQWDQGRVLJQLÀFDWLYDPHQWHDVHE
pFULSWRJUDIDGDDXPHQWDQGRVLJQLÀFDWLYDPHQWHDVH
JXUDQoDGRVGDGRVeFRPRVHFOLHQWHHVHUYLGRUFRQE
A%+#'##%&( >&'( /d.@>'( [>%( #a( '#( 3>'#( %.$%.3%##%&D(
GLÀFXOWDQGRDLQWHUFHSWDomRGDVLQIRUPDo}HV
P'+'( #'<%+( #%( %#$=( .'A%@'.3-( %&( >&( #"$%( ,-&( ,+"*E
WRJUDÀDEDVWDYHULÀFDUDEDUUDGHHQGHUHoRVQDTXDO
VHUiSRVVtYHOLGHQWLÀFDUDVOHWUDV+7736HJHUDOPHQWH
>&(#d&<-/-(3%(,'3%'3-([>%(3%.-$'(#%@>+'.B'8(Y/_&(
3"##-D(-(>#>=+"-(3%A%+=(A%+(>&'(<'.3%"+'(,-&(-(.-&%(
GRVLWHMiTXHDFRQH[mRVHJXUDWDPEpPLGHQWLÀFDSiE
JLQDVQD,QWHUQHWSRUPHLRGHVHXFHUWLÀFDGR
 1$!+*"V_('0$')(-^+"&'`'+$!)$'`'3(!%(-(#%+E
A"3-+( *+-^w( +%#*-.3%+( .'( *-+$'( s9( %( '( ,-.%^C-( *'##'+(
SRUXPÀUHZDOOGHUHGHHQWmRRÀUHZDOOGHYHUiSHUPLWLU
,-.%^G%#(3%(#'d3'(3'(%#$'BC-(3-(>#>=+"-(,-&('(*-+$'(s9(
3%(3%#$".-(.-(%.3%+%B-(3-(*+-^w8
5(7(;TVX)(((5(7(TVVYQ)
*<:L8:=@R'+<>=84(T(&>"$'#(+%3%#(IYF(-(#%+A"3-+(*+-E
[\HRÀUHZDOOHVWmRQRPHVPRVHUYLGRUItVLFRYLUWXDO
*-+_&("##-(.C-(_(>&'(+%@+'D(->(#%`'D(-#(3-"#(#%+A"B-#(
*-3%&('*'+%,%+(%A%.$>'/&%.$%(%&(#%+A"3-+%#(1d#",-#M
A"+$>'"#( #%*'+'3-#8( P'+'( [>%( >&'( %#$'BC-( 3%( >#>=+"-(
5[>%( >$"/"\'( *+-^w( .'( *-+$'( s97( *-##'( e#'"+g( 3'( +%3%(
IYF(*'+'(-(&>.3-(%^$%+"-+(e2YFg(_(.%,%##=+"-([>%(
RÀUHZDOOSHUPLWDFRQH[}HVGHVDtGDQDPHVPDSRUWD
%&([>%(-(*+-^w(%#$=(+%#*-.3%.3-D(->(#%`'D('(*-+$'(s98
a4' 1$!+*"V_('0$')(-^+"&'`'+$!)$'`'3(Y(-*BC-(
3%(>#'+(>&(#%+A"3-+(*+-^w(*'+'('(+%3%(/-,'/(1'\([>%(-(?T(
#-/","$%( '>$%.$",'BC-( %&( $-3'( ,-.%^C-( 3%( ?.$%+.%$( [>%(
1-+(+%'/"\'3'8
5(7(;TVX)(((5(7(TVVYQ)
*<:L8:=@R'$>>@784' !-&%.$%(_(#-/","$'3-('('>$%.$",'E
omRVH R VHUYLGRUDVVLP HVWLYHUFRQÀJXUDGRGR FRQE
$+=+"-(.%.c>&'(#%.c'(_(#-/","$'3'D('/_&(3%([>%(1-"(3%E
ÀQLGRSDUDDUHGH,QWHUQDHQmRSDUDDFHVVRj,QWHUQHW
b4' 1)$*"#(' +*"%",&-' `' +$!)$' `' 3( ;-.#"3%+%(
[>%(>&(>#>=+"-(.%,%##"$%(>$"/"\'+(3"1%+%.$%#(3"#*-#"$"A-#(
,-&*>$',"-.'"#D( *%+&'.%.$%&%.$%( ,-.%,$'3-#( v( ?.$%+E
.%$D( [>%( >$"/"\%&( 3"1%+%.$%#( ,/"%.$%#( 3%( %E&'"/D( ,-&-( -(
)>$/--u(T^*+%##(%(0-\"//'(Xc>.3%+<"+38(F%##'(#"$>'BC-D(-(
>#>=+"-(3%A%+=(-*$'+(*%/-(>#-(3-(*+-$-,-/-(?0YP(5?.$%+E
.%$( &%##'@%( ',,%##( *+-$-,-/7D( %&( 3%$+"&%.$-( 3-( P)PH(
*%+&"$%( '-( #%>( ,-&*>$'3-+( $+-,'+( ".1-+&'BG%#( ,-&(
XPVHUYLGRUTXHDEULJDXPVLWH,VVRVLJQLÀFDTXHXPD
A%\(,-.%,$'3-#(#-<(%##%(*+-$-,-/-D('#(&=[>".'#(*-E
3%&(+%,%<%+(%(%.A"'+([>'/[>%+(,-.$%]3-($%^$>'/(p(-#(
,a3"@-#([>%(+%#>/$'&(.'(*=@".'(',%##'3'(*%/-(.'A%E
@'3-+8
NK
SRVWR඼FHSURWRFROSRLVLVVRSHUPLWLUiDHOHPDQWHUR
,-.`>.$-(3%(%E&'"/#(.-(#%+A"3-+(+%&-$-(->D('/$%+.'$"A'E
&%.$%D(1'\%+(-(3-4./-'3(3'#(&%.#'@%.#(*'+'(-(,-&*>E
$'3-+(%&(>#-8(
5(7(;TVX)(((5(7(TVVYQ)
 *<:L8:=@R'+<>=84'T&(,/"%.$%#(3%(,-++%"-#(%/%$+y.",-#(-(
*'3+C-(_(>$"/"\'+(-(P+-$-,-/-(P)P(->(P)PH([>%($%&('(
1>.BC-(3%(<'"^'+('#(&%.#'@%.#(3-(#%+A"3-+(3%(%E&'"/(
SDUDRFRPSXWDGRUTXHRSURJUDPDIRLFRQÀJXUDGR
b>'.3-( -( P)P( _( #><#$"$>d3-( *%/-( ?0YPD( %##'#( &%.E
#'@%.#( #C-( <'"^'3'#( *'+'( -( ,-&*>$'3-+( 3-( >#>=+"-(
#a([>%('*%.'#(>&'(,a*"'(3%/'#D(3%"^'.3-(.-(#%+A"3-+(
'#(&%.#'@%.#(-+"@".'"#l([>'.3-(-(',%##-(_(1%"$-(*-+(
->$+-(,-&*>$'3-+(%##'#(&%.#'@%.#([>%(%#$C-(.-(#%+E
A"3-+(#C-(<'"^'3'#(*'+'(%#$%(->$+-(,-&*>$'3-+D(3%"E
^'.3-(#%&*+%('(-+"@".'/(.-(#%+A"3-+8
 1)&)"-(!+()"!#&'`' +$!)$'`'3(X4"$$%+D()+u>$D(
Z--@/%t(%(U',%<--u(#C-(%^%&*/-#(3%(+%3%#(#-,"'"#([>%(
>$"/"\'&( -( +%,>+#-( #,+'*#( *'+'( *+-*","'+( -( ,-&*'+$"/c'E
&%.$-(3%('+[>"A-#(%.$+%(#%>#(>#>=+"-#(
5(7(;TVX)(((5(7(TVVYQ)
*<:L8:=@R' $>>@784( !,+'*( _( >&( +%,'3-( %( #>'( 1>.BC-(
*+".,"*'/( _( %.A"'+( &%.#'@%.#( %( .C-( -( ,-&*'+$"/c'E
&%.$-(3%('+[>"A-#8(Y".3'([>%('/@>&'#(+%3%#(*%+&"E
$'&(-(,-&*'+$"/c'&%.$-(3%(1-$-#(%(@"1#('."&'3-#D(-(
-<`%$"A-(.C-(_(-(,-&*'+$"/c'&%.$-(3%('+[>"A-#(%(.%&(
$-3'#('#(+%3%#(,"$'3'#(.'([>%#$C-(*%+&"$%&8
24' 1&U$,#$'&0%","!#*&#"V('`'+$!)$'`'3(F'#(
A%+#G%#(+%,%.$%#(3-(0-\"//'(U"+%1-^D(c=(>&(+%,>+#-([>%(
&'.$_&( -( c"#$a+",-( 3%( '$>'/"\'BG%#( ".#$'/'3'#D( .-( [>'/(
#C-( &-#$+'3-#( 3%$'/c%#( ,-&-( '( 3'$'( 3'( ".#$'/'BC-( %( -(
>#>=+"-([>%(%^%,>$->('(-*%+'BC-8
5(7(;TVX)(((5(7(TVVYQ)
*<L8:=@R'$>>@784'T##%(+%,>+#-(%^"#$%(.'#(]/$"&'#(A%+E
#G%#( 3-( U"+%1-^D( ,-.$>3-( -( c"#$a+",-( .C-( ,-.$_&( -(
>#>=+"-( [>%( %^%,>$->( '( -*%+'BC-8( T#$%( +%,>+#-( %#$=(
3"#*-.dA%/( .-( &%.>( U"+%1-^( p( )*BG%#( p( YA'.B'3-( p(
Y$>'/"\'BG%#(p(n"#$a+",-(3%('$>'/"\'BG%#8
S4' 1&U$,#$' &0%","!#*&#"V('`' +$!)$'`'3 F-(
?.$%+.%$(T^*/-+%+(:9D(*-+(&%"-(3'(-*BC-(!"$%#(!>@%+"3-#D(
-(>#>=+"-(*-3%(+%@"#$+'+(-#(#d$"-#([>%(,-.#"3%+'(&'"#("&E
*-+$'.$%#(%(+%,-&%.3=E/-#('-#(#%>#('&"@-#8
5(7(;TVX)(((5(7(TVVYQ)
*<:L8:=@R'$>>@784()(+%,>+#-(!"$%#(!>@%+"3-#(_(>&(#%+E
A"B-(-./".%([>%(-(?.$%+.%$(T^*/-+%+(>#'(*'+'(+%,-&%.E
3'+(#d$"-#(3%([>%(-(>#>=+"-(*-##'(@-#$'+D(,-&(<'#%(.-#(
#d$"-#( A"#"$'3-#( ,-&( 1+%[>f.,"'8( P'+'( ',%##=E/-D( <'#$'(
,/",'+(-(&%.>(U%++'&%.$'#EY+[>"A-E(!"$%#(!>@%+"3-#8
;-.#"3%+%([>%(>&(3%/%@'3-(3%(*-/d,"'(1%3%+'/D(%&(>&'(
#%##C-(3%(>#-(3-(?.$%+.%$(T^*/-+%+(O(5?TO7D(-<$%A%('(`'.%/'(
"/>#$+'3'(',"&'D([>%(&-#$+'(>&'(*=@".'(4%<(3-(#d$"-(3-(
QPUD( ,>`-( %.3%+%B-( %/%$+y.",-( %#$=( ".3",'3-( .-( ,'&*-(
8(Y(*'+$"+(3%##'#(".1-+&'BG%#D(`>/@>%(-#("$%.#(3%(
9L('(:N8
c4' 10$-$U&0(' 0$' )(-^+"&'`' +$!)$'`'3 )(,-.E
$%]3-(3'(*=@".'(',%##'3'(*%/-(3%/%@'3-D(*-+(,-.$%+(3'E
3-#("&*-+$'.$%#(v('BC-(3-(QPUD(_(,-.#$'.$%&%.$%('$>'E
/"\'3-( *-+( #%>( 4%<&'#$%+8( Y*a#( -( ',%##-( &%.,"-.'3-(
DFLPD R GHOHJDGR GHVHMRX YHULÀFDU VH KRXYH DOWHUDomR
3%##%(,-.$%]3-8
F%##'( #"$>'BC-D( '-( ,/",'+( .-( <-$C-( D( -( 3%/%@'3-( $%+=(
FRQGLo}HVGHYHULÀFDUVHKRXYHRXQmRDDOWHUDomRPHQE
FLRQDGD LQGHSHQGHQWHPHQWH GD FRQÀJXUDomR GR ,(
&'#(3%#3%([>%(c'`'(+%,>+#-#($_,.",-#(%([>%(-(?TO(%#$%`'(
%&(&-3-(-./".%8(
5(7(;TVX)(((5(7(TVVYQ)
*<:L8:=@R' +<>=84' )( <-$C-( '$>'/"\'+( 5Ur7( %1%$>'( >&'(
.-A'( ,-.#>/$'( '-( #%+A"3-+( 2TiD( +%,'++%@'.3-( 3%#$%(
&-3-(-('+[>"A-(.-A'&%.$%D(#%(c->A%+('/$%+'BG%#D(%#E
$'#(#%+C-(%^"<"3'#D(,'#-(,-.$+=+"-(-('+[>"A-(#%+=(+%%^"E
<"3-(#%&('/$%+'BG%#8
XY4' 10$-$U&0(' 0$' )(-^+"&' `' +$!)$' `' 3( )( '+E
&'\%.'&%.$-( 3%( ".1-+&'BG%#( %&( '+[>"A-#( 3%.-&".'E
3-#(,--u"%#(*-3%(,-.#$"$>"+(>&'(A>/.%+'<"/"3'3%(3%(>&(
#"#$%&'(3%(#%@>+'.B'(".#$'/'3-(%&(>&(,-&*>$'3-+8(P'+'(
+%3>\"+(%##'(A>/.%+'<"/"3'3%D(-(?TO(3"#*-."<"/"\'(+%,>+#-#(
*'+'( "&*%3"+( [>%( ,--u"%#( #%`'&( '+&'\%.'3-#( .-( ,-&E
SXWDGRU&DVRRGHOHJDGRGHVHMHFRQÀJXUDUWUDWDPHQWRV
+%1%+%.$%#('(,--u"%#D(%/%(%.,-.$+'+=(+%,>+#-#('(*'+$"+(3-(
>#-(3-(&%.>( 8
5(7(;TVX)(((5(7(TVVYQ)
*<:L8:=@R'+<>=84'F-(.'A%@'3-+(?.$%+.%$(T^*/-+%+(::D('(
#%@>".$%(#%[>f.,"'(3%('BC-(*-3%(#%+(>#'3'(*'+'(1'\%+(
-( </-[>%"-( 3%( ,--u"%#h( ;/",'+( .-( <-$C-( U%++'&%.$'#D(
3%*-"#(%&()*BG%#(3'(?.$%+.%$D('$"A'+(@>"'(P+"A',"3'3%(
HHP&RQÀJXUDo}HVPRYHURFRQWUROHGHVOL]DQWHDWp
%&(,"&'(*'+'(</-[>%'+($-3-#(-#(,--u"%#(%D(%&(#%@>"E
3'D(,/",'+(%&()„8(
F)RST!(QT(?FU)V0WX?;Y(T(PV);T!!)(Q?Z?XYI
XX4' 10$-$U&0('0$')(-^+"&'`'+$!)$'`'3 ;'#-(-(
',%##-(v(?.$%+.%$(3%#,+"$-($%.c'(#"3-(+%'/"\'3-(&%3"'.$%(
>&(*+-A%3-+(3%(?.$%+.%$(',%##dA%/(*-+(&%"-(3%(>&'(,-E
.%^C-('(>&'(+%3%(IYFD(v([>'/(%#$'A'(,-.%,$'3-(-(,-&E
*>$'3-+(3-(3%/%@'3-D(_(,-++%$-(,-.,/>"+([>%('#(".1-+&'E
BG%#(-<$"3'#(*%/-(3%/%@'3-($+'.#"$'+'&(.'(IYF(3%(&-3-(
,+"*$-@+'1'3-8
5(7(;TVX)(((5(7(TVVYQ)
*<:L8:=@R'$>>@784'3HODEDUUDGHHQGHUHoRVHYHULÀFD
[>%( -( *+-$-,-/-( >$"/"\'3-( _( -( nXXPl( 3%##'( 1-+&'( #%(
FRQFOXLTXHQmRKiXPDFULSWRJUDÀDVHIRVVHRSURWRE
,-/-(nXXP!D(*-3%+"'(#%('1%+"+([>%(c'A%+"'('/@>&($"*-(
GHFULSWRJUDÀDGRWLSR66/
Nr
  10$-$U&0(' 0$' )(-^+"&' `' +$!)$' `' 3( P-+(
&%"-(3-(<-$C-( D(-(3%/%@'3-(*-3%+=(-<$%+D(3%#3%([>%(
3"#*-.dA%"#D( ".1-+&'BG%#( '( +%#*%"$-( 3'#( *=@".'#( *+%A"'E
&%.$%(',%##'3'#(.'(#%##C-(3%(>#-(3-(?TO(3%#,+"$'(%(3%(
->$+'#(#%##G%#(3%(>#-(3%##%('*/",'$"A-D(%&(#%>(,-&*>$'E
3-+8()>$+-(+%,>+#-(3"#*-."<"/"\'3-('-(#%(,/",'+(.%##%(<-E
$C-(*%+&"$%('-(3%/%@'3-(+%'/"\'+(*%#[>"#'(3%(,-.$%]3-(
.'#(*=@".'#(,-.$"3'#(.-(3"+%$a+"-(c"#$a+",-(3-(?TO8( U"@>+'(Nh(!d&<-/-(3-(0-\"//'(U"+%1-^

5(7(;TVX)(((5(7(TVVYQ) (L<>@R' j#'<"/"3'3%( &>"$-( '@+'3=A%/D( *-##>"( @+'.3%(

3%#%&*%.c-D(*-+_&(%#*%,"'/"#$'#(%&(#%@>+'.:B'(-(,-.E
*<:L8:=@R'+<>=84'eSRVVtYHODWUDYpVGRERWmRGHVFULWR #"3%+'(-(.'A%@'3-+(,-&(&%.-#(#%@>+'.B'8
-(<-$C-(3%(c"#$a+",-D([>%(#%(%.,-.$+%(".1-+&'BG%#(3'#(
*=@".'#(',%##'3'#('.$%+"-+&%.$%D(%($'&<_&(*%+&"$%(
[>%(#%(*%#[>"#%('(+%#*%"$-(3%(,-.$%]3-#(.'#(*=@".'#(
,-.$"3'#(.-(3"+%$a+"-(3-(?TO8(

.<>>@D<6=@:'7<'56=<>6<='

j&(<+-4#%+(->(.'A%@'3-+(_(>&('*/",'$"A-([>%(-*%+'( U"@>+'(Hh(!d&<-/-(3-()*%+'
'$+'A_#( 3'( ".$%+.%$D( ".$%+*+%$'.3-( '+[>"A-#( %( #"$%#( 4%<(
3%#%.A-/A"3-#( ,-&( 1+%[>f.,"'( %&( ,a3"@-( nX0I( [>%( !@E@>5R')(!'1'+"(_(-(.'A%@'3-+(3'(Y**/%D(_(>&(a$"&-(
,-.$_&(".1-+&'BC-(%(,-.$%]3-(%&(c"*%+$%^$-(3%($-3'#( .'A%@'3-+(,-.#"3%+'3-(*%/-#(%#*%,"'/"#$'#(%(*-##>"(>&'(
'#(*'+$%#(3-(&>.3-8 ".$%+1',%( <%&( <-."$'D( '*%#'+( 3%( #%+( >&( .'A%@'3-+( 3'(
F'A%@'3-+%#h( F'A%@'3-+%#( 3%( ".$%+.%$( ->( <+-4#%+#( Y**/%(%^"#$%&(A%+#G%#(*'+'(2".3-4#8
#C-( *+-@+'&'#( 3%( ,-&*>$'3-+( %#*%,"'/"\'3-#( %&( A"E
#>'/"\'+(%(3'+(',%##-(v#(".1-+&'BG%#(3"#*-."<"/"\'3'#(.'(
4%<D('$_(*->,-($%&*-('$+=#($d.c'&-#('*%.'#(-(?.$%+.%$(
T^*/-+%+(%(-(F%$#,'*%D(c-`%($%&-#(>&'(#_+"%(3%(.'A%@'E
3-+%#(.-(&%+,'3-D("+%&-#(1'\%+(>&'(<+%A%(3%#,+"BC-(3%(
FDGDXPGHOHVHGHSRLVIDUHPRVWRGDDH[HPSOLÀFDomR
>$"/"\'.3-(-(?.$%+.%$(T^*/-+%+(*-+(#%+(-(&'"#(>$"/"\'3-(%&(
$-3-(-(&>.3-D(*-+_&(-(,-.,%"$-(%(>#'<"/"3'3%(3-#(->E
$+-#(.'A%@'3-+%#(#%@>%&(-#(&%#&-#(*+".,d*"-#(/a@",-#8
;c+-&%h()(;c+-&%(_(-(.'A%@'3-+(3-(Z--@/%(%(,-.E U"@>+'(Kh(!d&<-/-(3-(!'1'+"
#%[>%.$%&%.$%(>&(3-#(&%/c-+%#(.'A%@'3-+%#(%^"#$%.E "6=<>6<='$WLP8><>R()(?.$%+.%$(T^*/-+%+(->(?T(_(-(.'A%E
$%#8()>$+'(A'.$'@%&(3%A"3-(#%+(-(.'A%@'3-+(3'(Z--@/%( @'3-+(*'3+C-(3-(2".3-4#8(;-&-(-(*+a*+"-(.-&%(3"\D(_(
_( -( &'"#( >$"/"\'3-( .-( &%"-D( $%&( >&'( ".$%+1',%( #"&*/%#( >&(*+-@+'&'(*+%*'+'3-(*'+'(%^*/-+'+('(?.$%+.%$(3'.3-(
&>"$-(1=,"/(3%(>$"/"\'+8 ',%##-( '( #>'#( ".1-+&'BG%#8( V%*+%#%.$'3-( *%/-( #d&<-/-(
3-(e%g('\>/D(_(*-##dA%/(',%##=E/-('*%.'#(,-&(>&(3>*/-(
,/"[>%(%&(#%>(#d&<-/-8
!"#$%&'(%')!*"+,-.)/0'%'1+"/%&&"'()2).03

U"@>+'(:h(!d&<-/-(3-(Z--@/%(;c+-&%

U"@>+'(rh(!d&<-/-(3-(?.$%+.%$(T^*/-+%+
!"#$%&#$%
j/$"&'&%.$%( $%&( ,'d3-( *%+@>.$'#(
+%/',"-.'3'#('(@>"'('.y."&'([>%(.C-(3%"^'(
+'#$+-(5#%.c'#D('>$-(,-&*/%$'+D(%.$+%(->$+-#7D(
%(_(',%##'3-(,-&(-('$'/c-(;XVIt!n?UXtF

%8A5P@' .5><E8WR' )( 0-\"/'( U"+%1-^( _( ->$+-( %^,%/%.$%(

.'A%@'3-+(%/%(_(@+'$>"$-(%(1=,"/(3%(>$"/"\'+('*%#'+(3%(.C-(
$%+(>&'(".$%+1',%($C-('&"@=A%/D(*-+_&(_(>&(3-#(.'A%@'E
3-+%#(&'"#(+=*"3'#(%(,-&(&'"-+(#%@>+'.B'(,-.$+'(c',E
u%+#8

NO
 Y-(@'.c'+(*+-*-+BG%#(&>.3"'"#D(%##%($"*-(3%(,-.%E
!"#$%&#$% ^C-( +%,%<%>( -( .-&%( 3%( ".$%+.%$( %( '$_( '( 3_,'3'( 3%( s9(
Z/-##=+"-( ".$%+%##'.$%( [>%( '<-+3'&( ".$%+.%$( ÀFRX DSHQDV HQWUH RV PHLRV DFDGrPLFRV 1R %UDVLO HOD
%(,-++%"-(%/%$+y.",- FKHJRXDSHQDVQDGpFDGDGHeQDLQWHUQHWTXHpH[HE
$QWLVSDP)HUUDPHQWDXWLOL]DGDSDUDÀOWURGH ,>$'3'( ' 2-+/3( 2"3%( 2%<( 54447D( #"#$%&'( [>%( ,-.$_&(
&%.#'@%.#(".3%#%`'3'#8 PLOKDUHV GH LQIRUPDo}HV JUiÀFRV YtGHRV WH[WRV VRQV
i+-4#%+h( P+-@+'&'( >$"/"\'3-( *'+'( .'A%@'+(
.'( 2%<D( $'&<_&( ,c'&'3-( 3%( .'A%@'3-+8(
T^%&*/-h(0-\"//'(U"+%1-^8
;/"%.$%( 3%( %E&'"/h( !-1$4'+%( 3%#$".'3-( '(
@%+%.,"'+( ,-.$'#( 3%( ,-++%"-( %/%$+y.",-D(
*-##"<"/"$'.3-( '( ,-&*-#"BC-D( %.A"-D(
+%,%<"&%.$-D( /%"$>+'( %( '+[>"A'&%.$-(
3%( &%.#'@%.#8( Y( #%@>"+D( >&'( /"#$'( 3%(
@%+%.,"'3-+%#(3%(%E&'"/(5%&(.%@+"$-(-#(&'"#(
,-.c%,"3-#(%(>$"/"\'3-#('$>'/&%.$%7h
0LFURVRIW 2඼FH 2XWORRN 0LFURVRIW 2XWORRN
T^*+%##D(0-\"//'(Xc>.3%+<"+3D(T>3-+'D
P%@'#>#( 0'"/D( Y**/%( 0'"/( 5Y**/%7D( „&'"/(
5I".>^7(%(2".3-4#(0'"/8
)>$+-#(*-.$-#("&*-+$'.$%#(3%(,-.,%"$-#([>%(*-3%&(
#%+('<-+3'3-(.-(#%>(,-.,>+#-(#C-h
0?0T(50>/$"*>+*-#%(?.$%+.%$(0'"/(T^$%.#"-.#(p(T^$%.E
#G%#(&>/$">#-(3-(,-++%"-(3'(?.$%+.%$7h(P+-Af(&%,'."#&-#(
*'+'(-(%.A"-(3%(->$+-#($"*-(#3%(".1-+&'BG%#(*-+(%E&'"/D(
FRPRLPDJHQVVRQVÀOPHVHQWUHRXWURV
HWFTXHWDPEpPÀFRXFRQKHFLGRFRPRUHGHPXQGLDO
X"&(i%+.%+#EI%%(.'(3_,'3'(3%(s9(,-&%B->('(,+"'+(>&(
*+-`%$-([>%(*-3%(#%+(,-.#"3%+'3-(-(*+".,d*"-(3'(2-+/3(
2"3%(2%<8(F-(".d,"-(3'(3_,'3'(3%(L9(%/%(`=(c'A"'(%/'<-E
UDGR XPD QRYD SURSRVWD SDUD R TXH ÀFDULD FRQKHFLGR
,-&-( 2228( X"&( 1'/'A'( #-<+%( -( >#-( 3%( c"*%+$%^$-( %( '(
SDUWLUGLVVRVXUJLXR´KWWSµHPSRUWXJXrVVLJQLÀFD SURE
$-,-/-(3%($+'.#1%+f.,"'(3%(c"*%+$%^$-78(m".$-.(;%+1($'&E
<_&(_(>&(*%+#-.'@%&("&*-+$'.$%(%(".,/>#"A%(_(,-.c%,"E
3-(*-+(&>"$-#(,-&-(-(*'"(3'(".$%+.%$8
!"#$%&#$%
jVIh X>3-([>%(_(3"#*-.dA%/(.'(2%<($%&(#%>(
*+a*+"-(%.3%+%B-D(,c'&'3-(jVID(%/%(1',"/"$'('(
QDYHJDomRHSRVVXLFDUDFWHUtVWLFDVHVSHFtÀFDV
FRPRDIDOWDGH DFHQWXDomRJUiÀFD HSDODYUDV
&'"]#,>/'#8(j&'(>+/(*-##>"(-(c$$*(5*+-$-,-/-7D(
444(52-+/3(2"3%(2%<7D(-(.-&%(3'(%&*+%#'(
[>%(+%*+%#%.$'(-(#"$%D(8,-&(5%^h(#%(1-+(>&(#"$%(
0XY(50'"/(X+'.#1%+(Y@%.$(p(Y@%.$%(3%(X+'.#1%+f.,"'(
3%(;-++%"-7h(X%+&-(>$"/"\'3-(*'+'(3%#"@.'+(-#(#%+A"3-+%#(
3%(;-++%"-(T/%$+y.",-8
0jY(50'"/(j#%+(Y@%.$(p(Y@%.$%(j#>=+"-(3%(;-++%"-7h(
P+-@+'&'#(,/"%.$%#(3%(%E&'"/D(,-&-(-(0-\"//'(Xc>.3%+E
<"+3D(0",+-#-1$()>$/--u(T^*+%##(%$,8
3233RVW2඼FH3URWRFRO9HUVLRQ3URWRFRORGH
Y@f.,"'( 3%( ;-++%"-( em%+#C-( Hg7h( P+-$-,-/-( *'3+C-( *'+'(
+%,%<%+( %E&'"/#8( Y$+'A_#( 3-( P)PD( >&( >#>=+"-( $+'.#1%+%(
*'+'(-(,-&*>$'3-+('#(&%.#'@%.#('+&'\%.'3'(#%&(#>'(
,'"^'(*-#$'/(.-(#%+A"3-+8
!0XP( 5!"&*/%( 0'"/( X+'.#1%+( P+-$-,-/( E( P+-$-,-/-( 3%(
JRYHUQDPHQWDORÀQDOVHUiJRYHDVLJODGR
*'d#(3%(-+"@%&(3'[>%/%(#"$%(5.-(i+'#"/(_(>#'3-(
-(iV78
+(**$"(!'$-$#*p,"+(!
)#( ,-++%"-#( %/%$+y.",-#( #%( 3"A"3%&( %&( 3>'#( 1-+&'#h(
-# '@%.$%#(3%(>#>=+"-#(%(-#('@%.$%#(3%($+'.#1%+f.,"'(3%(
PHQVDJHQV2VDJHQWHVXVXiULRVVmRH[HPSOLÀFDGRVSHOR
0-\"//'( Xc>.3%+<"+3( %( *%/-( )>$/--u8( }=( -#( '@%.$%#( 3%(
7UDQVIHUrQFLD6LPSOHVGH&RUUHLReXPSURWRFRORGHHQE $+'.#1%+f.,"'(+%'/"\'&(>&(*+-,%##-(3%(%.A"-(3-#('@%.$%#(
A"-( 3%( %E&'"/( '*%.'#8( ;-&( %/%D( .C-( _( *-##dA%/( [>%( >&( >#>=+"-#(%(#%+A"3-+%#(3%(%E&'"/8
>#>=+"-( 3%#,'++%@>%( #>'#( &%.#'@%.#( 3%( >&#%+A"3-+8( )#( '@%.$%#( 3%( $+'.#1%+f.,"'( >#'&( $+f#( *+-$-,-E
T##%(*+-$-,-/-(>$"/"\'('(*-+$'(Nr(3-(*+-$-,-/-(X;P8
!*'&h( 0%.#'@%.#( 3%( ,-++%"-( %/%$+y.",-( .C-( '>$-+"E
\'3'#( ->( .C-( #-/","$'3'#( *%/-( 3%#$".'$=+"-D( @%+'/&%.$%(
3%(,-.-$'BC-(*></","$=+"'(->(-<#,%.'D(%.A"'3'#(%&(/'+@'(
%#,'/'( *'+'( >&'( /"#$'( 3%( %E&'"/#D( 1a+>.#( ->( @+>*-#( 3%(
3"#,>##C-8
dD'L8I;8'7<'Q5:=M>5@
Y(".$%+.%$(_(>&'(+%3%(3%(,-&*>$'3-+%#([>%(/"@'(-#(
,-&*>$'3-+%#('(+%3-+(3%($-3-(-(&>.3-D(&'#([>'.3-(%/'(
,-&%B->(.C-(%+'('##"&D($".c'&('*%.'#(K(,-&*>$'3-+%#(
%('(&'"-+(3"#$~.,"'(%.$+%(>&(%(->$+-(%+'(3%(Kr9(„08(F-(
ÀPGDGpFDGDGHR'HSDUWDPHQWRGH'HIHVDQRUWHDE
&%+",'.-(+%#-/A%>(,+"'+(>&(#"#$%&'(".$%+/"@'3-(*'+'($+-E
,'+(".1-+&'BG%#(#-<+%(*%#[>"#'#(%('+&'&%.$-#([>%(.C-(
*>3%##%( ,c%@'+( .'#( &C-#( 3-#( #-A"_$",-#8( !%.3-( '##"&D(
1-"( ,+"'3-( - *+-`%$-( Y+*'.%$ *%/'( Y@f.,"'( *'+'( P+-`%$-(
3%(P%#[>"#'(YA'.B'3-#(3-(Q%*'+$'&%.$-(3%(Q%1%#'(3-#(
TjY8
ORV 6073 6LPSOH 7UDQVIHU 3URWRFRO 323 3RVW 2඼FH
P+-$-,-/7( %( ?0YP( 5?.$%+.%$( 0%##'@%( P+-$-,-/78( )( !0XP(
_( >#'3-( *'+'( $+'.#1%+"+( &%.#'@%.#( %/%$+y.",'#( %.$+%( -#(
F)RST!(QT(?FU)V0WX?;Y(T(PV);T!!)(Q?Z?XYI
FRPSXWDGRUHV2323pPXLWRXVDGRSDUDYHULÀFDUPHQE
#'@%.#(3%(#%+A"3-+%#(3%(%E&'"/([>'.3-(%/%(#%(,-.%,$'('-(
#%+A"3-+(#>'#(&%.#'@%.#(#C-(/%A'3'#(3-(#%+A"3-+(*'+'(-(
,-&*>$'3-+(/-,'/8(P-3%(#%+(>#'3-(*-+([>%&(>#'(,-.%^C-(
3"#,'3'8
}=(-(?0YP($'&<_&(_(>&(*+-$-,-/-(*'3+C-([>%(*%+E
&"$%( ',%##-( '( &%.#'@%.#( .-#( #%+A"3-+%#( 3%( %E&'"/8( T/%(
*-##"<"/"$'('(/%"$>+'(3%('+[>"A-#(3-#(%E&'"/#D(&'#(.C-(*%+E
&"$%([>%(%/%#(#%`'&(<'"^'3-#8()(?0YP(_("3%'/(*'+'([>%&(
',%##'(-(%E&'"/(3%(A=+"-#(/-,'"#(3"1%+%.$%#8
N6
 !"#$%&#$%
j&(%E&'"/(c-`%(_(>&(3-#(*+".,"*'"#(&%"-#(3%(,-&>.",'BC-D(*-+(%^%&*/-h
,'.'/3--A"3"-‰@&'"/8,-&
).3%D(,'.'/3--A"3"-(_(-(>#>=+"-(-('++-<'([>%+(3"\%+(.'D(-(@&'"/(_(-(#%+A"3-+(%(-(8,-&(_('(
$"*'@%&8

P'+'(%3"$'+&-#(%(/%+&-#(.-##'#(&%.#'@%.#(%/%$+y.",'#(%&(>&(].",-(,-&*>$'3-+D(#%&(.%,%##'+"'&%.$%(%#$'+&-#(
,-.%,$'3-#(v(?.$%+.%$(.-(&-&%.$-(3'(,+"'BC-(->(/%"$>+'(3-(%E&'"/D(*-3%&-#(>#'+(>&(*+-@+'&'(3%(,-++%"-(%/%$+y.",-8(
T^"#$%&(A=+"-#(3%/%#8(Y/@>.#(@+'$>"$-#D(,-&-(-(0-\"//'(Xc>.3%+<"+3D(->$+-#(*+-*+"%$=+"-#(,-&-(-()>$/--u(T^*+%##8()#(
GRLVSURJUDPDVDVVLPFRPRYiULRVRXWURVTXHVHUYHPjPHVPDÀQDOLGDGHWrPUHFXUVRVVLPLODUHV$SUHVHQWDUHPRV
-#(+%,>+#-#(3-#(*+-@+'&'#(3%(,-++%"-(%/%$+y.",-('$+'A_#(3-()>$/--u(T^*+%##([>%($'&<_&(%#$C-(*+%#%.$%#(.-(0-\"//'(
Xc>.3%+<"+38
j&(,-.c%,"&%.$-(<=#",-([>%(*-3%($-+.'+(-(3"'('(3"'(,-&(-()>$/--u(&>"$-(&'"#(#"&*/%#(_(#-<+%(-#('$'/c-#(3%(
$%,/'3-(*'+'('(+%'/"\'BC-(3%(3"A%+#'#(1>.BG%#(3%.$+-(3-()>$/--u8(P'+'(A-,f(,-&%B'+(-#(#%>#(%#$>3-#D('.-$%('/@>.#(
'$'/c-#(#"&*/%#8(P'+'(,+"'+(>&(.-A-(%E&'"/D(<'#$'('*%+$'+(;$+/(t(!c"1$(t(0(%(*'+'(%^,/>"+(>&'(3%$%+&".'3'(&%.#'@%&(
'*-#$%(.-('$'/c-(;$+/(t(Q8(I%A'.3-($>3-("##-(%&(,-.#"3%+'BC-(".,/>'(-#('$'/c-#(3%($%,/'3-(.'(#>'(+-$".'(3%(%#$>3-#(%(
A=(*+%*'+'3-(*'+'(-(,-.,>+#-(,-&(-#(*+".,"*'"#(.'(,'<%B'8
8PDGDVIXQFLRQDOLGDGHVPDLV~WHLVGR2XWORRNSDUDSURÀVVLRQDLVTXHFRPSDUWLOKDPXPDPHVPDiUHDpRFRPSDUE
$"/c'&%.$-(3%(,'/%.3=+"-(%.$+%(&%&<+-#(3%(>&'(&%#&'(%[>"*%8
P-+("##-(&%#&-(_("&*-+$'.$%([>%(A-,f($%.c'(-(,-.c%,"&%.$-(3'($_,.",'(.'(c-+'(3%(1'\%+(>&'(*+-A'(3%(,-.,>+#-(
[>%(%^"@%(-#(,-.c%,"&%.$-#(<=#",-#(3%(".1-+&=$",'D(*-"#(*-+(#%+(>&'(1>.BC-(<'#$'.$%(>$"/"\'3'($%&(&'"-+%#(,c'.,%#(
3%('*'+%,%+(%&(>&'(->(&'"#([>%#$G%#8
)(,'/%.3=+"-(_(>&'(1%++'&%.$'(<'#$'.$%(".$%+%##'.$%(3-()>$/--u([>%(*%+&"$%([>%(-(>#>=+"-(-+@'."\%(3%(1-+&'(
,-&*/%$'('(#>'(+-$".'D(,-.#%@>".3-(%.,'"^'+($'+%1'#D(,-&*+-&"##-#(%(+%>."G%#(3%(&'.%"+'(-+@'."\'3'(*-+(3"'D(3%(1-+E
&'('($%+(>&(&'"-+(,-.$+-/%(3'#('$"A"3'3%#([>%(3%A%&(#%+(+%'/"\'3'#(3>+'.$%(-(#%>(3"'('(3"'8
Q%##'(1-+&'D(>&'(1>.,"-.'/"3'3%(3-()>$/--u(*%+&"$%([>%(A-,f(,-&*'+$"/c%(%&(3%$'/c%#(-(#%>(,'/%.3=+"-(->(*'+$%(
3%/%(,-&([>%&(A-,f(3%#%`'+D(3%(1-+&'('(*%+&"$"+([>%(->$+'(*%##-'($'&<_&($%.c'(',%##-('(#>'(+-$".'D(-([>%(*-3%(#%+(
XPDyWLPDSHGLGDSDUDSURÀVVLRQDLVGHQWURGHXPDPHVPDHTXLSHSULQFLSDOPHQWHTXDQGRXPGHWHUPLQDGRPHPEUR
%.$+'(3%(1_+"'#8
P'+'(,-.#%@>"+(>$"/"\'+(%##'(1>.BC-(<'#$'([>%(A-,f(%.$+%(%&(;'/%.3=+"-(.'('<'(".3",'3'(,-&-(P=@".'(?.","'/8(U%"E
$-("##-D(<'#$'([>%(A-,f(,/"[>%(%&(T.A"'+(;'/%.3=+"-(*-+(TE&'"/D([>%(A'"(1'\%+(,-&([>%(>&'(`'.%/'(#%`'('<%+$'(.-(#%>(
)>$/--u8
F%##'(`'.%/'(_([>%(A-,f(A'"(*-3%+(%#,-/c%+($-3'#('#(".1-+&'BG%#([>%(AC-(#%+(,-&*'+$"/c'3'#(,-&([>%&(A-,f(3%E
#%`'D(3%(1-+&'([>%(-()>$/--u(A'"(1-+&>/'+(>&(,'/%.3=+"-(3%(1-+&'(#"&*/%#(%(3%$'/c'3'(3%(1=,"/(A"#>'/"\'BC-(*'+'([>%&(
A-,f(3%#%`'(%.A"'+(>&'(&%.#'@%&8
F-#(3"'#(3%(c-`%D(*+'$",'&%.$%($-3-(&>.3-([>%($+'<'/c'(3%.$+-(3%(>&'(%&*+%#'($%&(>&'('##".'$>+'(*+a*+"'(*'+'(
GHL[DURVFRPXQLFDGRVHQYLDGRVSRUHPDLOFRPXPDDSDUrQFLDPDLVSURÀVVLRQDO
Q%##'(1-+&'D(_(,-.#"3%+'3-(>&(,-.c%,"&%.$-(<=#",-(#'<%+(,-&-(,+"'+('##".'$>+'#(.-()>$/--uD(3%(1-+&'([>%(%#$%(
,-.$%]3-(*-3%(#%+(,-<+'3-(%&('/@>&'([>%#$C-(3%.$+-(3%(>&(,-.,>+#-(*]</",-8
P-+("##-(&%#&-(A'/%('(*%.'(".#%+"+(-($%&'(3%.$+-(3%(#%>#(%#$>3-#(3-(,-.$%]3-(<=#",-(3%(".1-+&=$",'(*'+'('(#>'(
*+%*'+'BC-(*'+'(,-.,>+#-8(Y-(,-.$+=+"-(3-([>%(&>"$'(@%.$%(*%.#'D('(A%+3'3%(_([>%($-3-(-(*+-,%##-(3%(,+"'+(>&'('#E
VLQDWXUDpEDVWDQWHVLPSOHVGHIRUPDTXHSHUGHUSRQWRVSRUFRQWDGHVVDTXHVWmRHPHVSHFtÀFRpSHUGHUSRQWRVjWRD
!"#$%&'(%')!*"+,-.)/0'%'1+"/%&&"'()2).03

P'+'(,-.#%@>"+(,+"'+(>&'('##".'$>+'(.-()>$/--u(<'#$'([>%(A-,f(%.$+%(.-(&%.>(Y+[>"A-(%(<>#[>%(*%/-(<-$C-(3%(
)*BG%#8(I=(A-,f(A'"(%.,-.$+'+(-(<-$C-(*'+'(TE&'"/(%(/-@-(%&(#%@>"3'(-(<-$C-(3%(Y##".'$>+'#D([>%(_(-.3%(A-,f(3%A%(
,/",'+8(U%"$-("##-D(A-,f(A'"(,-.#%@>"+('3","-.'+('#(#>'#('##".'$>+'#(3%(&'.%"+'(+=*"3'(%(*+=$",'(#%&(&'"-+%#(*+-</%&'#8
1R2XWORRN([SUHVVSRGHPRVSUHSDUDUXPDPHQVDJHPDWUDYpVGRtFRQH&ULDUHPDLOGHPRQVWUDGRQDÀJXUDDFLPD
'-(,/",'+(.%##'("&'@%&('*'+%,%+=('($%/'('(#%@>"+h

Ns
 U"@>+'(Oh(X%/'(3%(T.A"-(3%(TE&'"/

!"#$%&#$%
P'+'h( 3%A%( #%+( 3"@"$'3-( -( %.3%+%B-( %/%$+y.",-( ->( -( ,-.$'$-( +%@"#$+'3-( .-( )>$/--u( 3-( 3%#$".'$=+"-( 3'(
&%.#'@%&8(;'&*-(-<+"@'$a+"-8
;,h( 3%A%( #%+( 3"@"$'3-( -( %.3%+%B-( %/%$+y.",-( ->( -( ,-.$'$-( +%@"#$+'3-( .-( )>$/--u( 3-( 3%#$".'$=+"-( [>%(
#%+A"+=(*'+'($%+(,"f.,"'(3%##%(%E&'"/8
&FR,JXDODR&FSRUpPRVGHVWLQDWiULRVÀFDPRFXOWRV

Y##>.$-h(,'&*-(-.3%(#%+=(".#%+"3'(>&'(<+%A%(3%#,+"BC-D(*-3%.3-(+%#%+A'+E#%('(>&'(*'/'A+'(->(>&'(1+'#%(#-<+%(-(
FRQWH~GRGDPHQVDJHPeXPFDPSRRSFLRQDOPDVDFRQVHOKiYHOYLVWRTXHDIDOWDGHVHXSUHHQFKLPHQWRSRGHOHYDUR
3%#$".'$=+"-('(.C-(3'+('(3%A"3'("&*-+$~.,"'(v(&%.#'@%&(->('$_(&%#&-(3%#,-.#"3%+=E/'8
;-+*-(3'(&%.#'@%&h(/-@-('<'"^-(3'(/".c'('##>.$-D(_(%[>"A'/%.$%(v(1-/c'(-.3%(#%+=(3"@"$'3'('(&%.#'@%&8
Y(&%.#'@%&D('*a#(3"@"$'3'D(*-3%(*'##'+(*%/'#(1-+&'$'BG%#(%^"#$%.$%#(.'(<'++'(3%(1-+&'$'BC-(3-()>$/--uh
0-\"//' Xc>.3%+<"+3(_(>&(,/"%.$%(3%(%&'"/(%(.-$d,"'#(-*%.E#->+,%(%(@+'$>"$-(,+"'3-(*%/'(0-\"//'(U->.3'$"-.(5&%#&'(
,+"'3-+'(3-(0-\"//'(U"+%1-^78
2%<&'"/( _( -( .-&%( 3'3-( '( >&( ,/"%.$%( 3%( %E&'"/ [>%( .C-( .%,%##"$'( 3%( ".#$'/'BC-( .-( ,-&*>$'3-+(3-( >#>=+"-D(`=(
[>%(1>.,"-.'(,-&-(>&'(*=@".'(3%(".$%+.%$D(<'#$'.3-(-(>#>=+"-(',%##'+('(*=@".'(3-(#%>(*+-A%3-+(3%(%E&'"/ ,-&(#%>(
/-@".(%(#%.c'8(Q%#$'(1-+&'D(-(>#>=+"-(@'.c'(&-<"/"3'3%(`=([>%(.C-(.%,%##"$'(%#$'+(.'(&=[>".'(%&([>%(>&(,/"%.$%(3%(
%E&'"/ %#$=(".#$'/'3-(*'+'(',%##'+(#%>(%E&'"/8
F)RST!(QT(?FU)V0WX?;Y(T(PV);T!!)(Q?Z?XYI

!"#$%&#$%
!%@&%.$-#(3-()>$/--u(T^*+%##
3DLQHOGH3DVWDV SHUPLWHTXHRXVXiULRVDOYHVHXVHPDLOVHPSDVWDVHVSHFtÀFDVHGiDSRVVLELOLGDGHGH
,+"'+(.-A'#(*'#$'#l
P'".%/(3'#(0%.#'@%.#h -.3%(#%(,-.,%.$+'('(/"#$'(3%(&%.#'@%.#(3%(3%$%+&".'3'(*'#$'(%([>'.3-(#%(,/",'(
%&(>&(3-#(%E&'"/#(-(,-.$%]3-(_(3"#*-."<"/"\'3-(.-(*'".%/(3%(,-.$%]3-8
P'".%/(3%(;-.$%]3-h %##%(*'".%/(_(-.3%("+=('*'+%,%+(-(,-.$%]3-(3'#(&%.#'@%.#(%.A"'3'#8
P'".%/(3%(;-.$'$-#h .%##%(/-,'/(#%(,-.,%.$+'&('#(*%##-'#([>%(1-+'&(,'3'#$+'3'#(%&(#>'(/"#$'(3%(%.3%+%B-8

NL
 <7( ;-&-( '#( 3>'#( &%.#'@%.#( $f&( -( &%#&-( '##>.$-D( '(
$]$*+^+"(!'+(%$,#&0(! #%@>.3'(&%.#'@%&(.C-(1-"($+'.#&"$"3'D(*%+&'.%,%.E
3-(.-(,-&*>$'3-+(3-(3%#$".'$=+"-('*%.'#('(*+"&%"+'(
&%.#'@%&8
7-(6²&%10²1Ì9(/0e',2²&(63(²
d%')*(U*&%&'0$'+(**$"('$-$#*p,"+('V"&'/$T'
1/$T%&"-3(_(>&'(-*BC-(A"=A%/(*'+'(>#>=+"-#([>%(%#$%E
`'&(/-.@%(3%(#%>(,-&*>$'3-+(*%##-'/8(Y(*'+$"+(3%([>'/E
[>%+(->$+-(,-&*>$'3-+(.-(&>.3-D(-(>#>=+"-(*-3%D(A"'(
?.$%+.%$D(',%##'+('(,'"^'(3%(,-++%"-('+&'\%.'3'(.-(*+aE
*+"-( ,-&*>$'3-+( ,/"%.$%( +%&-$-( %( A"#>'/"\'+( %A%.$>'"#(
.-A'#(&%.#'@%.#8
5(7(;TVX)(((5(7(TVVYQ)
*<:L8:=@R'$>>@784')(*+-@+'&'(2%<0'"/("+=(',%##'+(-(
#%+A"3-+(3%(%E&'"/D(%(.C-('(&=[>".'(3->#>=+"-(5,-&E
*>$'3-+(,/"%.$%(+%&-$-78
F$VHJXQGDPHQVDJHPQmRSRGHVHUWUDQVPLWLGDHÀFD
</-[>%'3'(.'(,'"^'(3%(#'d3'(3-(+%&%$%.$%D('$_([>%('(
*+"&%"+'(&%.#'@%&($%.c'(#"3-(/"3-(*%/-(3%#$".'$=+"-8
37()(3%#$".'$=+"-(+%,%<%>(N(&%.#'@%.#D(#%.3-D('(*+"&%"E
+'D(#%&('.%^-D(%('(#%@>.3'D(,-&(-('.%^-8
%7( )( +%&%$%.$%( .C-( +%,%<%>( .%.c>&'( 3'#( &%.#'@%.#D(
*-"#(.C-(_(*-##dA%/($+'.#&"$"+(&'"#(3%(>&'(&%.#'@%&(
,-&(-(&%#&-('##>.$-(%(&%#&-(+%&%$%.$%8
*<:L8:=@R'-<=>@'04
Y/$%+.'$"A'( eYg( %#$=( ".,-++%$'D( *-"#( $-3'#( &%.#'@%.#(
%.A"'3'#( #C-( '+&'\%.'3'#( 3%( 1-+&'( ".3%*%.3%.$%D(
.-A'#(&%.#'@%.#(,-&(&%#&-('##>.$-(->('".3'("3f.E
WLFDV D DQWHULRUHV QmR LQÁXHQFLDP HP PHQVDJHQV Mi
 (1*(1+(,52 &,9,/ ² 981(63 ²  F-( 0!E
2XWORRN  HP VXD FRQÀJXUDomR SDGUmR TXDQGR
>&'(&%.#'@%&(%#$=(#%.3-(*+%*'+'3'D(-(>#>=+"-(*-3%(
".3",'+( '-#( 3%#$".'$=+"-#( [>%( '( &%.#'@%&( *+%,"#'( 3%(
'$%.BC-(>$"/"\'.3-('(&'+,'(3%(……………………………………………8(T##%(+%E
,>+#-( *-3%( #%+( %.,-.$+'3-( .-( @+>*-( 0'+,'#D( 3'( @>"'(
0%.#'@%&8
Y##".'/%('('/$%+.'$"A'([>%('*+%#%.$'('(-*BC-([>%(*+%%.E
,c%(,-++%$'&%.$%('(/',>.'(3-(%.>.,"'3-8
'7(!PY08
<7(Y/$'(P+"-+"3'3%8
,7(i'"^'(P+"-+"3'3%8
37(Y##".'$>+'(P%+#-.'/"\'3'8
%7(Y+[>"A-(Y.%^'3-8
%.A"'3'#8
Y/$%+.'$"A'( eig( %#$=( ".,-++%$'D( *-"#( _( *%+1%"$'&%.$%(
*-##dA%/( %.A"'+( &%.#'@%.#( ,-&( &%#&-( '##>.$-( ->(
'".3'( "3f.$",'#D( #%&( *+%`>d\-( '/@>&( 3%( &%.#'@%.#(
'.$%+"-+%#8
Y/$%+.'$"A'( e;g( %#$=( ".,-++%$'D( *-"#( X-3'#( '#( &%.#'E
@%.#(#%+C-(%.A"'3'#D(".3%*%.3%.$%&%.$%(3-(3%#$".'E
$=+"-(/%+('#('.$%+"-+%#8
Y/$%+.'$"A'(eQg(%#$=(,-++%$'D(*-"#(-(3%#$".'$=+"-(+%,%E
<%>(N(&%.#'@%.#D(#%.3-D('(*+"&%"+'D(#%&('.%^-D(%('(
#%@>.3'D(,-&(-('.%^-8
Y/$%+.'$"A'( eTg( %#$=( ".,-++%$'D( *-"#( _( *-##dA%/( %.A"'+(
&'"#(3%(>&'(&%.#'@%&D(,-&(&%#&-('##>.$-(%(&%#E
&-(3%#$".'$=+"-8
*<:L8:=@R' -<=>@' T4' e SRVVtYHO VLQDOL]DU D PHQVDJHP
,-&-(#%.3-(3%('/$'(*+"-+"3'3%([>'.3-(#%(3%#%`'([>%(
'#(*%##-'#(#'"<'&([>%('(&%.#'@%&(*+%,"#'(3%('$%.E
BC-(>+@%.$%8(!%('(&%.#'@%&(_('*%.'#(>&(".1-+&'$"E
A-(->(#%(%#$=(%.A"'.3-(>&(%E&'"/(#-<+%(>&($%&'([>%(
QmRSUHFLVDVHUSULRUL]DGRGHÀQDRLQGLFDGRUGHEDL[D
*+"-+"3'3%8
Y( &'"-+"'( 3-#( ,/"%.$%#( 3%( %E&'"/D( -#( 3%#$".'$=+"-#(
YHHPXPLQGLFDGRUHVSHFtÀFRQDOLVWDGHPHQVDJHQV
->(.-#(,'<%B'/c-#8
F'(1'"^'(3%(-*BG%#D(_(*-##dA%/(#'<%+([>'.3-('(*+"-+"E
GDGHIRLGHÀQLGDSRLVRERWmRÀFDUHDOoDGR
!"#$%&'(%')!*"+,-.)/0'%'1+"/%&&"'()2).03
62/'$'2²30'(&/$66(²981(63²
}-C-(+%,%<%>(>&'(&%.#'@%&(3%(,-++%"-(%/%$+y.",-(,-&(
'#(#%@>".$%#(,'+',$%+d#$",'#h
Q%h(P%3+-
P'+'h(}-C-l(0'+$'
;,h(V",'+3-l(Y.'
8VDQGRR0LFURVRIW2XWORRNHPVXDFRQÀJXUDomR
*'3+C-D( %/%( >#->( >&( +%,>+#-( *'+'( +%#*-.3%+( '( &%.#'E
@%&([>%(&'.$%A%('*%.'#(P%3+-(.'(/"#$'(3%(3%#$".'$=+"-#8(
,VVRVLJQLÀFDTXH-RmRXVRXDRSomR
'7(V%#*-.3%+8
<7(Y+[>"A'+8
7e&1,&2-8',&,É5,2²981(63²(j&(>#>=E
+"-(*+%*'+->(>&'(&%.#'@%&(3%(,-++%"-(%/%$+y.",-(>#'.E
GRR0LFURVRIW2XWORRNHPVXDFRQÀJXUDomRSDE
3+C-D(%(%.A"->(*'+'(-(3%#$".'$=+"-8(P-+_&D('/@>&($%&*-(
3%*-"#D(*%+,%<%>([>%(%#[>%,%>(3%('.%^'+(>&('+[>"A-8(
T##%( &%#&-( >#>=+"-( *+%*'+->D( %.$C-D( >&'( .-A'( &%.E
#'@%&(,-&(-(&%#&-('##>.$-D(%(%.A"->(*'+'(-(&%#&-(
3%#$".'$=+"-D( '@-+'( ,-&( -( '.%^-8( Y##".'/%( '( '/$%+.'$"A'(
,-++%$'8
'7( Y( &%.#'@%&( -+"@".'/D( #%&( -( '.%^-D( 1-"( '>$-&'$",'E
&%.$%( '*'@'3'( .-( ,-&*>$'3-+( 3-( 3%#$".'$=+"-( %(
#><#$"$>d3'( *%/'( #%@>.3'( &%.#'@%&D( >&'( A%\( [>%(
'&<'#( $f&( -( &%#&-( '##>.$-( %( #C-( 3-( &%#&-( +%E
&%$%.$%8
H9
,7(0'+,'+(,-&-(.C-(/"3'8
37(V%#*-.3%+('($-3-#8
%7(0'+,'+(,-&-(/"3'
*<:L8:=@R' -<=>@' &4' !%( -( }-C-( 3%#%`'( e+%#*-.3%+g( '-(
%E&'"/(+%,%<"3-(3%(P%3+-D(%(3%#%`'(+%#*-.3%+('*%.'#(
'-( +%&%$%.$%( `=( #%( *-3%( %/"&".'+( '#( '/$%+.'$"A'#( eigD(
e;g(%(eTg(*-+(.C-($%+%&(,-++%#*-.3f.,"'(,-&('(1>.BC-(
eV%#*-#$'g8
X%&E#%(%.$C-D('*%.'#(3>'#('/$%+.'$"A'#D(eYg(%(eQgD(&'#(
,-&-(-(}-C-(3%#%`'(+%#*-.3%+('*%.'#(*'+'(P%3+-(%/%(
3%A%(%#,-/c%+('(-*BC-(eV%#*-.3%+gD(*-"#(#%(%#,-/c%#E
#%(eV%#*-.3%+('($-3-#gD(0'+$'D(V",'+3-(%(Y.'($'&<_&(
+%,%<%+"'&('(&%.#'@%&8
$*(17(32/,&,$/²981(63²7)<#%+A%(-('+E '7("&%3"'$'&%.$%(1%,c'3'8
@>&%.$-(3%(<>#,'([>%(-(>#>=+"-(1'+=(>$"/"\'.3-(-(Z--E <7(%.A"'3'(*'+'("&*+%##C-8
@/%D(.'("/>#$+'BC-('*+%#%.$'3'('(#%@>"+8 ,7('$>'/"\'3'8
37(%.A"'3'(*-+(%E&'"/8
%7('<%+$'(%&(>&'(.-A'('<'8

*<:L8:=@R'-<=>@'+4'
'7(?&%3"'$'&%.$%(1%,c'3'8(
ॏ$OW) IHFKDWRGDVDVJXLDV
ॏ&WUO) IHFKDVyJXLDDWXDO
<7(T.A"'3'(*'+'("&*+%##C-8
ॏ&WUO3
,7(Y$>'/"\'3'8
ॏ)
&RPEDVHQDÀJXUDHQRTXHIRLGLJLWDGRDVVLQDOHDDOE
37(T.A"'3'(*-+(%E&'"/8
$%+.'$"A'(,-++%$'8(
'7(!%+=(*%#[>"#'3-(-(,-.`>.$-(%^'$-(3%(*'/'A+'#8(
<7( Y( *%#[>"#'( $+'+=( ,-&-( +%#>/$'3-#( -( [>%( %.,-.$+'+(
,-&-('.$y."&-(3-([>%(1-"(3"@"$'3-8(
,7( )( ,-.`>.$-( 3%( *'/'A+'#( #%+=( %^,/>d3-( 3-#( +%#>/$'3-#(
*%#[>"#'3-#8(
37(Y(*%#[>"#'($+'+=(#-&%.$%('#("&'@%.#(%(Ad3%-#(.C-(+%E
/',"-.'3-#('-('+@>&%.$-(3"@"$'3-8(
%7(Y/_&(3'#(*'/'A+'#(3"@"$'3'#D('(*%#[>"#'($'&<_&($+'+=(
-#(#%>#(#".y."&-#
*<:L8:=@R'-<=>@'&4')(,-&'.3-(e%.$+%('#*'#g((3>+'.E
$%( >&'( <>#,'D( %1%$>'( '( <>#,'( *%/'( -,-++f.,"'( %^'$'(
3%($>3-([>%(%#$=(%.$+%('#('#*'#D('@+>*'3-(3'(&%#&'(
1-+&'D(3%#$'(1-+&'D(*'+'(%#$'([>%#$C-(#%+=(+%$-+.'3-(
-(+%#>/$'3-(3'(-,-++f.,"'(e@'+-$'(3%(?*'.%&'g8
)<#8h(Y#(*%#[>"#'#(,-&('#*'#(*-3%&(%^,/>"+(+%#>/$'E
3-#(+%/%A'.$%#8(P-+(%^%&*/-D(>&'(*%#[>"#'(*-+(eY/%E
^'.3%+(i%//g(%^,/>"+=(*=@".'#([>%(#%(+%1%+%&('(Y/%^'.E
3%+(Z8(i%//8
ॏ&75/(QWHU062XWORRN
%7(Y<%+$'(%&(>&'(.-A'('<'8
ॏ&WUO7 DEUHXPDQRYDDED
ॏ&WUO1 DEUHXPQRYRFRPDQGR
,(eq$!'0$'!$Ud*&,e&'0&'",.(*%&e_(
!<?I>@6B@'7@'56E8>D@BC8R'L>8;<75D<6=8:'7<':<?I\
>@6B@
Y( !%@>+'.B'( 3'( ?.1-+&'BC-( +%1%+%E#%( v#( *+-$%BG%#(
%^"#$%.$%#( %&( +%/'BC-( v#( ".1-+&'BG%#( 3%( >&'( 3%$%+&"E
.'3'(%&*+%#'D(".#$"$>"BC-(@-A%+.'&%.$'/(->(*%##-'8()>(
#%`'D('*/",'E#%($'.$-(v#(".1-+&'BG%#(,-+*-+'$"A'#([>'.$-(
v#(*%##-'"#8
T.$%.3%E#%(*-+(".1-+&'BC-($-3-(%([>'/[>%+(,-.$%]E
3-(->(3'3-([>%($%.c'(A'/-+(*'+'('/@>&'(,-+*-+'BC-(->(
*%##-'8(T/'(*-3%(%#$'+(@>'+3'3'(*'+'(>#-(+%#$+"$-(->(%^E
(1*(1+(,52&,9,/²981(63²;-.#"3%+%('( *-#$'('-(*]</",-(*'+'(,-.#>/$'(->('[>"#"BC-8
"&'@%&('(#%@>"+D(%^$+'d3'(3-(?.$%+.%$(T^*/-+%+(::D(%&(#>'(
FRQÀJXUDomRSDGUmR$SiJLQDH[LELGDQRQDYHJDGRUIRL !"#$%&#$%
,-&*/%$'&%.$%(,'++%@'3'8 Y.$%#(3%(*+-$%@%+D(3%A%&-#(#'<%+h
E()([>%(*+-$%@%+l
E(Q%([>%&(*+-$%@%+l
E(P-.$-#(1+=@%"#l
E(F-+&'#('(#%+%&(#%@>"3'#8 F)RST!(QT(?FU)V0WX?;Y(T(PV);T!!)(Q?Z?XYI

Y( !%@>+'.B'( 3'( ?.1-+&'BC-( #%( +%1%+%( v( *+-$%BC-(

%^"#$%.$%( #-<+%( '#( ".1-+&'BG%#( 3%( >&'( 3%$%+&".'3'(
%&*+%#'( ->( *%##-'D( "#$-( _D( '*/",'E#%( $'.$-( v#( ".1-+&'E
BG%#( ,-+*-+'$"A'#( [>'.$-( '-#( *%##-'"#8( T.$%.3%E#%( *-+(
".1-+&'BC-($-3-(,-.$%]3-(->(3'3-([>%($%.c'(A'/-+(*'+'(
'/@>&'(-+@'."\'BC-(->(*%##-'8(T/'(*-3%(%#$'+(@>'+3'3'(
*'+'(>#-(+%#$+"$-(->(%^"<"3'('-(*]</",-(*'+'(,-.#>/$'(->(
'[>"#"BC-8
P-3%&(#%+(%#$'<%/%,"3'#(&_$+",'#(5,-&(-(>#-(->(.C-(
Y-( *+%##"-.'+( -( <-$C-( Ur( 3-( $%,/'3-D( '( *=@".'( %^"<"3'(
#%+=
GHIHUUDPHQWDVSDUDGHÀQLURQtYHOGHVHJXUDQoDTXHKi
%D(,-&("#$-D(%#$'<%/%,%+('#(<'#%#(*'+'('.=/"#%(3%(&%/c-E
+"'#(->(*"-+'#(3%(#"$>'BG%#(+%'"#(3%(#%@>+'.B'8(Y(#%@>+'.E
oDGHFHUWDLQIRUPDomRSRGHVHULQÁXHQFLDGDSRUIDWRUHV
,-&*-+$'&%.$'"#(%(3%(>#-(3%([>%&(#%(>$"/"\'(3%/'D(*%/-(
'&<"%.$%( ->( ".1+'%#$+>$>+'( [>%( '( ,%+,'( ->( *-+( *%##-'#(
&'/E".$%.,"-.'3'#([>%($f&(-(-<`%$"A-(3%(1>+$'+D(3%#$+>"+(
RXPRGLÀFDUWDOLQIRUPDomR
H: