2CTC%CUGVG&GNICFQFG8KC 2%075/#0 #EEGUQTKQU 8GTKHKSWGNCUUKIWKGPVGURCTVGUCPVGUFGKPUVCNCTGNRTQFWEVQ 6QTPKNNQ /:
24'%#7%+¦0
/CPWCNFG KPUVCNCEKQPGU
6QTPKNNQ
/
6QTUKÎPFGCLWUVG
` MIH•EO
` 0•O
&GURWÃUFGNCKPUVCNCEKÎPGNKPUVCNCFQTFGDGGZRNKECTCNQU WUWCTKQUEÎOQWUCTGNRTQFWEVQ
+PUVCNCEKÎPFGNRTQFWEVQ 24'%#7%+¦0
/CPKRWNGGNRCPGNEQPEWKFCFQ ¡0QKPENKPGGNRCPGNEQPVTCNCRCTGF[PQNQEQNQSWGGPWPQDLGVQUCNKGPVG &GNQEQPVTCTKQNCUWRGTHKEKGFGNRCPGNUGRWGFGTC[CT
¡6GPICEWKFCFQEWCPFQUWLGVGGNRCPGNFGGPVTCFCFGCKTGRCTCNC KPUVCNCEKÎP
(KLGICPEJQUFGNRCPGNGPCODQUNCFQUFGNCWPKFCFKPVGTKQT
#LWUVGNQUVQTPKNNQUFGHKLCEKÎPFGNRCPGN #LWUVGNQUVQTPKNNQUFGHKLCEKÎPVGORQTCNOGPVG %KGTTGGNGURCEKQGPVTGGNRCPGN[GNVGEJQCLWUVCPFQNCRQUKEKÎPFGN RCPGNCLWUVGNQUVQTPKNNQURQTEQORNGVQ
#DTCGNHKNVTQRTGUKQPCPFQNCUFQURTGUKNNCU=275*?GPGNHKNVTQ
)CPEJQ
VQTPKNNQUFGHKLCEKÎP
5
uhzhwhulsptlzWZ]_ZhOXPUGGGY
YWXZTWXTX[GGG㝘䟸G`aXWaY\
%QPGEVGNQUECDNGUGPVTGNCWPKFCFKPVGTKQT[GNRCPGN 3WKVGNQUVQTPKNNQUFGNCECLCFGEQORQPGPVGUGNÃEVTKEQU[UCSWG NCEWDKGTVCFGNCECLCFGEQORQPGPVGUGNÃEVTKEQU %QPGEVGGNEQPGEVQTFGNRCPGNCNEQPGEVQTFGN2%$FGNCWPKFCF KPVGTKQT ¡%QPGEVGGNOQVQTKORWNUQTFGNRCPGNQNQUEQPGEVQTGUFGNEQPVTQN TGOQVQCECFCEQPGEVQTFGNCWPKFCFKPVGTKQT ¡#UGIÕTGUGFGSWGNQUEQNQTGUFGNEQPGEVQTUGCPNQUOKUOQU 8WGNXCCOQPVCTNCECLCFGEQORQPGPVGUGNÃEVTKEQU %KGTTGGNHKNVTQ 016#
'52#¤1.
%QPGEVQTFGN OQVQTRCTC OCPGLCTNC RCTTKNNC
5KGNEQPGEVQTGUV¶FGUEQPGEVCFQQGNEQNQTFGNQUECDNGUGUV¶P OG\ENCFQUGNCKTGCEQPFKEKQPCFQ[GNEQPVTQNTGOQVQPQ HWPEKQPCT¶P
8GTKHKSWGSWGGNRCPGNGUVÃHKLCFQHKTOGOGPVGCNCWPKFCFKPVGTKQT %WCPFQCLWUVGNQUVQTPKNNQUCUGIÕTGUGFGSWGPQJC[CPKPIÕP GURCEKQGPVTGGNRCPGN[GNVGEJQ[GNRCPGNFGDGGUVCTRCTCNGNQEQP GNVGEJQQNCWPKÎPFGNVGEJQ ¡5KUGKPUVCNCFGOCPGTCKPEQTTGEVCGNRCPGNRWGFGJCDGTHWICUFG CKTG ¡%WCPFQJC[WPGURCEKQGPVTGGNRCPGN[GNVGEJQCLWUVGNCCNVWTC FGNCWPKFCFKPVGTKQT 8GTKHKSWGPWGXCOGPVGNCKPUVCNCEKÎP[CSWGWPCKPUVCNCEKÎP KPEQORNGVCRWGFGECWUCTNQURTQDNGOCUSWGUGFGVCNNCPC EQPVKPWCEKÎP ¡5KGNGURCEKQGPVTGGNRCPGN[NCWPKFCFKPVGTKQTGUFGO¶UFG OORWGFGJCDGTHWICUFGCKTGQRWGFGUCNKTCIWC EQPFGPUCFC2QTNQVCPVQNQUOOFGFKUVCPEKCGPVTGGNRCPGN[ NCWPKFCFKPVGTKQTUGFGDGPOCPVGPGTWVKNK\CPFQWPOGFKFQT XGTVKECN JQLCFGFKUGÌQ
#UGIÕTGUGFGSWGCSWÈPQJC[C GURCEKQU
#UGIÕTGUGFGSWGCSWÈPQJC[C GURCEKQU
'UECRGU FGCKTG
4QEKQ
2QNXQ
%QPGEVGNCRCTTKNNC %QPGEVGNCURKG\CUFGUWLGEKÎPFGUGIWTKFCFFGNRCPGNCECFCNCFQ FGNCRCTTKNNC (KLGNCRCTTKNNCRTGUKQPCPFQGNDQVÎPRWNUCFQT=2WUJ? 016#
#PVGUFGKPUVCNCTNCRCTTKNNCFGDGEQPGEVCTNCURKG\CUFGUWLGEKÎPFG UGIWTKFCFCECFCNCFQFGNCRCTTKNNCRCTCGXKVCTSWGNCRCTTKNNCUG ECKIC
uhzhwhulsptlzWZ]_ZhOXPUGGGZ
YWXZTWXTX[GGG㝘䟸G`aXWaY]
2CTC%CUGVG&GNICFQFG8KC 2%072/#0 #EEGUQTKQU 8GTKHKSWGNCUUKIWKGPVGURCTVGUCPVGUFGKPUVCNCTGNRTQFWEVQ 6QTPKNNQ /:
24'%#7%+¦0
OO
5QRQTVGEQNICPVG
6QTPKNNQ
/
6QTUKÎPFGCLWUVG
` MIH•EO
` 0•O
&GURWÃUFGNCKPUVCNCEKÎPGNKPUVCNCFQTFGDGGZRNKECTCNQU WUWCTKQUEÎOQWUCTGNRTQFWEVQ
+PUVCNCEKÎPFGNRTQFWEVQ
/CPIWKVQFGNVGEJQ 2GTPQFGNC DCUG
/CPWCNFG KPUVCNCEKQPGU
24'%#7%+¦0
/CPKRWNGGNRCPGNEQPEWKFCFQ ¡0QKPENKPGGNRCPGNEQPVTCNCRCTGF[PQNQEQNQSWGGPWPQDLGVQUCNKGPVG &GNQEQPVTCTKQNCUWRGTHKEKGFGNRCPGNUGRWGFGTC[CT
¡6GPICEWKFCFQEWCPFQUWLGVGGNRCPGNFGGPVTCFCFGCKTGRCTCNC KPUVCNCEKÎP
6GEJQ
(KLGICPEJQUFGNRCPGNGPCODQUNCFQUFGNCWPKFCFKPVGTKQT
016#
)CPEJQ
VQTPKNNQUFGHKLCEKÎP
¡5KNQUICPEJQUFGNRCPGNPQRWGFGPCUGIWTCTUGGPNCWPKFCF KPVGTKQTEQORTWGDGUKNCUVCRCUFGNOQVQTRCUQCRCUQSWGUG GPEWGPVTCPCNCK\SWKGTFCQCNCFGTGEJCFGNKPVGTKQTFGNRCPGN RQUKEKQPGUGUV¶PVQECPFQGNRGTPQFGNCDCUG ¡5KNCNQPIKVWFFGNRGTPQFGNCDCUGGUFGOORCTCGNQTKHKEKQ FGUWURGPUKÎPNCVCRCFGNOQVQTRCUQCRCUQPQVQECT¶GNRGTPQ FGNCDCUG
#LWUVGNQUVQTPKNNQUFGHKLCEKÎPFGNRCPGN #LWUVGNQUVQTPKNNQUFGHKLCEKÎPVGORQTCNOGPVG %KGTTGGNGURCEKQGPVTGGNRCPGN[GNVGEJQCLWUVCPFQNCRQUKEKÎPFGN RCPGNCLWUVGNQUVQTPKNNQURQTEQORNGVQ
#DTCGNHKNVTQRTGUKQPCPFQNCUFQURTGUKNNCU=275*?GPGNHKNVTQ
uhzhwhulsptlzWZ]_ZhOXPUGGG[
YWXZTWXTX[GGG㝘䟸G`aXWaY]
%QPGEVGNQUECDNGUGPVTGNCWPKFCFKPVGTKQT[GNRCPGN 3WKVGNQUVQTPKNNQUFGNCECLCFGEQORQPGPVGUGNÃEVTKEQU[UCSWG NCEWDKGTVCFGNCECLCFGEQORQPGPVGUGNÃEVTKEQU %QPGEVGGNEQPGEVQTFGNRCPGNCNEQPGEVQTFGN2%$FGNCWPKFCF KPVGTKQT ¡%QPGEVGGNOQVQTKORWNUQTFGNRCPGNQNQUEQPGEVQTGUFGNEQPVTQN TGOQVQCECFCEQPGEVQTFGNCWPKFCFKPVGTKQT ¡#UGIÕTGUGFGSWGNQUEQNQTGUFGNEQPGEVQTUGCPNQUOKUOQU 8WGNXCCOQPVCTNCECLCFGEQORQPGPVGUGNÃEVTKEQU %KGTTGGNHKNVTQ 016#
'52#¤1.
%QPGEVQTFGN OQVQTRCTC OCPGLCTNC RCTTKNNC
5KGNEQPGEVQTGUV¶FGUEQPGEVCFQQGNEQNQTFGNQUECDNGUGUV¶P OG\ENCFQUGNCKTGCEQPFKEKQPCFQ[GNEQPVTQNTGOQVQPQ HWPEKQPCT¶P
8GTKHKSWGSWGGNRCPGNGUVÃHKLCFQHKTOGOGPVGCNCWPKFCFKPVGTKQT %WCPFQCLWUVGNQUVQTPKNNQUCUGIÕTGUGFGSWGPQJC[CPKPIÕP GURCEKQGPVTGGNRCPGN[GNVGEJQ[GNRCPGNFGDGGUVCTRCTCNGNQEQP GNVGEJQQNCWPKÎPFGNVGEJQ ¡5KUGKPUVCNCFGOCPGTCKPEQTTGEVCGNRCPGNRWGFGJCDGTHWICUFG CKTG ¡%WCPFQJC[WPGURCEKQGPVTGGNRCPGN[GNVGEJQCLWUVGNCCNVWTC FGNCWPKFCFKPVGTKQT 8GTKHKSWGPWGXCOGPVGNCKPUVCNCEKÎP[CSWGWPCKPUVCNCEKÎP KPEQORNGVCRWGFGECWUCTNQURTQDNGOCUSWGUGFGVCNNCPC EQPVKPWCEKÎP ¡5KGNGURCEKQGPVTGGNRCPGN[NCWPKFCFKPVGTKQTGUFGO¶UFG OORWGFGJCDGTHWICUFGCKTGQRWGFGUCNKTCIWC EQPFGPUCFC2QTNQVCPVQNQUOOFGFKUVCPEKCGPVTGGNRCPGN[ NCWPKFCFKPVGTKQTUGFGDGPOCPVGPGTWVKNK\CPFQWPOGFKFQT XGTVKECN JQLCFGFKUGÌQ
#UGIÕTGUGFGSWGCSWÈPQJC[C GURCEKQU
#UGIÕTGUGFGSWGCSWÈPQJC[C GURCEKQU 'UECRGU FGCKTG
4QEKQ
2QNXQ
%QPGEVGNCRCTTKNNC 'PICPEJGNCTGLKNNCRCTCGNNQEQNQSWGNCDKUCITCGPNCTCPWTC OQPVGNCURKG\CUFGCTVKEWNCEKÎPVCNEQOQOWGUVTCNCHKIWTC[ CEQPVKPWCEKÎPVKTGFGGNNCUJCEKCCDCLQRCTCTGCNK\CTNCEQPGZKÎP 016#
#PVGUFGKPUVCNCTNCRCTTKNNCFGDGEQPGEVCTNCURKG\CUFGUWLGEKÎPFG UGIWTKFCFCECFCNCFQFGNCRCTTKNNCRCTCGXKVCTSWGNCRCTTKNNCUG ECKIC
※2TGECWEKÎPCNUGRCTCTGNRCPGN ¡#NUGRCTCTGNRCPGNUWLGVGNCRKG\CFGCTVKEWNCEKÎPFQPFGUG EQPGEVCPGNRCPGN[GNRCPGNFGVQOC ❶[GORWLGJCEKCCTTKDCNC CTVKEWNCEKÎPGPNCRKG\CFGNRCPGN ❷RCTCFGUEQPGEVCTVCNEQOQ OWGUVTCNCHKIWTC ¡5KNCCNKOGPVCEKÎPGNÃEVTKECHCNNCWVKNKEGWPCNNCXGRCTCUGRCTCTGN RCPGNGPGNRWPVQOCTECFQ [UKICGNOKUOQRTQEGFKOKGPVQSWG UGKPFKECGPNCHKIWTC RCTCUGRCTCTGNRCPGN[CEQPVKPWCEKÎP EQORTWGDGGNGUVCFQFGNCCNKOGPVCEKÎPGNÃEVTKEC
❶ ❷
uhzhwhulsptlzWZ]_ZhOXPUGGG\
YWXZTWXTX[GGG㝘䟸G`aXWaY^
2CTC%CUGVGFG8KC 2%075/'0 #EEGUUQTKGU 6QTPKNNQ /Z
6QTPKNNQ /Z
/CPWCNFG KPUVCNCEKQPGU
/CPWCNFG WUWCTKQ
#DTCNCTGLKNNCFGNCPVGTCGORWLCPFQGPVCPVQNQUNCFQUEQOQGNEGPVTQ
4GOQXGTNCTGLKNNCHTQPVCN 4GOQXGTGNICPEJQFGUGIWTKFCF #DTKTNCTGLKNNCHTQPVCNUGTECFGu[LCNCTJCEKCCFGNCPVG
(KLGICPEJQUFGNRCPGNGPCODQUNCFQUFGNCWPKFCFKPVGTKQT
/QPVGRGTPQUCNRCPGN[NCUWPKFCFGUKPVGTKQTGUVGORQTCNOGPVG GPVQPEGUNQUCLWUVGRCTCPQFGLCTWPDQSWGVGGPVTGGNVGEJQ[GNRCPGN
uhzhwhulsptlzWZ]_ZhOXPUGGG]
YWXZTWXTX[GGG㝘䟸G`aXWaZW
+PUVCNGNCJQLCFGNHNWLQFGCKTG (KLGNCRCTVGFGTGEJCFGNCJQLCCNCWPKFCFKPVGTKQT
24'%#7%+¦0
5KNCFKTGEEKÎPGUKPEQTTGEVCNCJQLCPQUGKPUGTVCT¶UWCXGOGPVG 4GXKUGSWGNCRTQVWDGTCPEKCFGNNCFQFGTGEJQVGPICWPCTCPWPC TGEVCPIWNCTRGSWGÌC
'52#¤1.
(KLGGNQVTQNCFQFGNCJQLC (KLGNCRCTVGOGFKCFGNCJQLCGORWLCPFQUWCXGOGPVGNCNGPI×GVC OGFKCGPNCWPKFCFKPVGTKQT
%QPGEVGNQUECDNGUGPVTGNCECLCFGNEQORQPGPVGGNÃEVTKEQ[GNRCPGN 5GRCTGVQTPKNNQUFGNCECLCFGNEQORQPGPVGGNÃEVTKEQ %QPGEVGGNEQPGEVCFQTFGNRCPGNEQPNCECLCFGNEQORQPGPVGGNÃEVTKEQ 8WGNXCCOQPVCTNCECLCFGNEQORQPGPVGGNÃEVTKEQ 24'%#7%+¦0
6GPICEWKFCFQEQPNQUEQNQTGUFGNQUECDNGU[CSWGUKPQUG OG\ENCT¶P
%QORTWGDGSWGGNRCPGNGUV¶HKLCFQCNCWPKFCFKPVGTKQT (KLGNQUVQTPKNNQUHKTOGOGPVGGPVTGGNRCPGN[NCUWRGTHKEKGFGNVGEJQ 24'%#7%+¦0
5KGNRCPGNUGKPUVCNCKPEQTTGEVCOGPVGGNCKTGRWGFGGUECRCTUG
.QXGTKHKSWGRCTCPQECWUCTNQUGUECRGUFGCKTG
7PKFCF+PVGTKQT
#KUNCEKÎP
2CPGN &GDGSWGFCTUGGUVTGEJCOGPVG EQPVTCGNVGEJQUKPGURCEKQCNIWPQ
'UECRGUFGCKTG
&GDGSWGFCTUGGUVTGEJCOGPVGEQPVTC GNVGEJQUKPGURCEKQCNIWPQ
2QNXQ 4QEKQ
24'%#7%+¦0
5KJC[WPGURCEKQGPVTGGNRCPGN[GNVGEJQCLWUVGNCCNVWTCFGNCWPKFCF KPVGTKQT#NOGPQUSWGCLWGUVGNCCNVWTCRWGFGSWGHQTOGTQEKÎ[ECGT FGNGURCEKQ
4GKPUVCNGNCRCTTKNNCFGNCOCPGTCKPXGTUC 0QEKGTTGPKPIWPC¶TGCFGFGUECTICFGNRCPGN 24'%#7%+¦0
uhzhwhulsptlzWZ]_ZhOXPUGGG^
YWXZTWXTX[GGG㝘䟸G`aXWaZX
%CUGVGFGXÈCU
2%075-#02%075-'02%0$5-#0 #EEGUQTKQU 2GTPQ /37+0#/:.
24'%#7%+¦0
/CPWCNFGKPUVCNCEKÎP
5KUGRKGTFGGNRGTPQRTQXKUVQRWGFGEQORTCTGNRGTPQFGNCO¶SWK PC/ EQPWPNCTIQFGTQUECFGO¶UFGOOFGNQPIKVWF[WPC CTCPFGNCEKTEWNCTGPEWCNSWKGTHGTTGVGTÈCRCTCTGGORNC\CTGNRGTPQ RGTFKFQ
#DTCNCECLCFGEQORQPGPVGUGNÃEVTKEQU Ŗ.WGIQFGCHNQLCTNQUVQTPKNNQUFGUNKEGNCECLCFGEQORQPGPVGUGNÃEVTKEQU GPNCFKTGEEKÎPFGNCHNGEJCEQOQUGOWGUVTCGPNCHKIWTC[VKTGJCEKC CDCLQ
'ORWLGNCUOCPKLCUFGNKPVGTTWRVQTJCEKCCFGPVTQ[VKTGFGNCRCTTKNNC RCTCCDTKT Ŗ.CUOCPKLCUGUV¶PWDKECFCUGPNQUNCFQUK\SWKGTFQ[FGTGEJQFGN NQIQVKRQFG5COUWPIGPNCRCTTKNNC Ŗ2WGFGSWGVGPICSWGCDTKTNCURCNCUFGHNWLQFGCKTGRTKOGTQRCTC GPEQPVTCTNCUOCPKLCU
0QPGEGUKVCGZVTCGTNCRCTTKNNCRCTCNCKPUVCNCEKÎPFGNRCPGN 5KPGODCTIQUKFGUGCGZVTCGTNCRCTTKNNCUKICNCUKPUVTWEEKQPGUCEQPVKPWCEKÎP 3WKVGNCRCTTKNNCFGNCPVGTC 2TKOGTQSWKVGNCURKG\CUFGUWLGEKÎPFG UGIWTKFCF 6KTGFGNKPVGTTWRVQTXGTFGGPNCRCTVGFGNC DKUCITCJCEKCGNECTVGN [RTGUKQPG[VKTG FGNCDKUCITCRCTCGZVTCGTNCRCTTKNNC 'PNC RCTTKNNCJC[FQUDKUCITCU[FGDGCRNKECT GUVGRCUQGPCODCURCTCGZVTCGTNC 2CTCGPICPEJCTNCRCTTKNNCFGNCPVGTC TGXKGTVCGNRTQEGFKOKGPVQKPFKECFQ CPVGTKQTOGPVG
5
uhzhwhulsptlzWZ]_ZhOXPUGGG_
YWXZTWXTX[GGG㝘䟸G`aXWaZY
2CTCKPUVCNCTGNRCPGNWVKNKEGFQUICPEJQUSWGUGGPEWGPVTCPC CODQUNCFQUFGNCWPKFCFKPVGTKQT
4GVKTGNCUGUSWKPCUFGNRCPGN7VKNKEGNCUFQUTCPWTCUGPCODCU GUSWKPCUFGNQURCPGNGUEWCPFQNCUVKTGJCEKCCHWGTC Ŗ/CPKRWNGUWCXGOGPVGNCGUSWKPCEQPGNKPFKECFQTFKIKVCN[CSWGJC[ ECDNGUGNÃEVTKEQUEQPGEVCFQUCGNNC
(KLGGNRGTPQCNRCPGN (KLGVGORQTCNOGPVGNQURGTPQUCNRCPGN (ÈLGNQUHKTOGOGPVGRCTCPQFGLCTGURCEKQGPVTGGNRCPGN[GNVGEJQ
%QPGEVGNQUECDNGUGPVTGNCWPKFCFKPVGTKQT[GNRCPGN Ŗ#UGIÕTGUGFGXGTKHKECTGNPÕOGTQFGENCXKLCUGPNCUFQUVGTOKPCNGU DNCPECUCPVGUFGEQPGEVCTNQUECDNGU
)CPEJQ
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4CPWTC
$NCPEC %.#8+,# #\WN $NCPEC %.#8+,#
2CPGN
5
uhzhwhulsptlzWZ]_ZhOXPUGGG`
YWXZTWXTX[GGG㝘䟸G`aXWaZY
%CUGVGFGXÈCU %106+07#&1
%KGTTGNCVCRCFGNCECLCFGEQORQPGPVGUGNÃEVTKEQU[CLWUVGNQU VQTPKNNQU
#LWUVG[EKGTTGNCRCTTKNNCFGNCPVGTC Ŗ#UGIÕTGUGFGSWGNQUICPEJQUFGNCRCTVGNCVGTCNVTCUGTCFGNCRCTTKNNC GPECLGPEQTTGEVCOGPVGGPNCUTCPWTCUFGNRCPGN X[NWGIQRTGUKQPG GNRCPGNRCTCEGTTCTNQ Y
X
)CPEJQ 2CTTKNNC
Y
8GTKHKSWGSWGGNRCPGNGUVÃHKLCFQCNCWPKFCFKPVGTKQT Ŗ(KLGNQUVQTPKNNQUHKTOGOGPVGGPVTGGNRCPGN[NCUWRGTHKEKGFGNEKGNQTTCUQ 5KUGKPUVCNCFGOCPGTCKPEQTTGEVCGNRCPGNRWGFGJCDGTHWICUFGCKTG Ŗ0QDNQSWGGPKPIÕPEQPFWEVQFGXGPVKNCEKÎPFGFGUECTICGPGNRCPGN
NOTA
¡5KGNWUWCTKQJCOQFKHKECFQGN¶PIWNQFGNCURCNCUFGHNWLQFG CKTGCNCDTKTNCRCTTKNNCFGNCPVGTCFWTCPVGNCKPUVCNCEKÎPQ OCPVGPKOKGPVQUGFGDGCRCICTGNFKU[WPVQT[XQNXGTC GPEGPFGTNQCPVGUFGWUCTGNCKTGCEQPFKEKQPCFQ&GNQ EQPVTCTKQNQU¶PIWNQUFGECFCRCNCRWGFGPUGTFKHGTGPVGU QCNIWPCURCNCUPQRQFT¶PEGTTCTUGEWCPFQGNRTQFWEVQGUVÃ
5 ' '
uhzhwhulsptlzWZ]_ZhOXPUGGGXW
YWXZTWXTX[GGG㝘䟸G`aXWaZZ
'52#¤1.
MEMO
uhzhwhulsptlzWZ]_ZhOXPUGGGXX
YWXZTWXTX[GGG㝘䟸G`aXWaZZ