0% found this document useful (0 votes)
107 views70 pages

Catalogue Yves Roche

Uploaded by

Flavia Barabas
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
0% found this document useful (0 votes)
107 views70 pages

Catalogue Yves Roche

Uploaded by

Flavia Barabas
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 70

( ) * % 6 -  ' 3 6 . 6 4 & Ă * *  .

& - &  & % * Ă * "   

%&"/*
%&$04. 5*26&7 ( 5"-&‡
:7&430$)&3

4è.è4*.5#*/&
4è.è4*.5'36.0"4è

4è4&%6$
4è&.0Ă*0/&;
4è4"763&;
‡.BSDĎÅOSFHJTUSBUĎEF:WFT3PDIFS
&45&4&$3&56-1-è$&3**
XXXZWFTSPDIFSDPN
4FÅNQMJOFTDEFBOJEFD¹OEBNDSFBU$PTNÀUJRVF
7ÀHÀUBMF‡EJOESBHPTUFQFOUSVGFNFJğJQFOUSV/BUVSĎ
0DPTNFUJDĎVOJDĎ EFTUJOBUĎTĎWĎPGFSFFOFSHJBWJUBMĎ
BMVNJJWFHFUBMFğJQMĎDFSFBVOJDĎQFDBSFOVNBJOBUVSB
%PNOVM:WFT3PDIFS PQPBUFEĎSVJ
ÅOMBCPSBUPSVMTĎV
ÅO
$IJBSEFMBÅODFQVUNJBNQSPQVTTĎDPPSEPOF[ğJTĎDPOUSPMF[
UPBUFFUBQFMFEFFMBCPSBSFBQSPEVTFMPSOPBTUSF EFMBQMBOUĎ
Q¹OĎMBBDĥJVOFBBTVQSBQJFMJJ QFOUSVBQVUFBHBSBOUBDBMJUBUFB
ğJBPGFSJGSVNVTFĥFBBDDFTJCJMĎUVUVSPSGFNFJMPS

%BDĎ MVNFB WFHFUBMĎ FTUF QFOUSV OPJ P TVSTĎ EF DSFBĥJF DF
TF SFÅOOPJFğUF QFSNBOFOU  FB OF TVTĥJOF ÅO BDFMBğJ UJNQ ğJ
DFMF NBJ QVUFSOJDF DPOWJOHFSJ SFTQFDUVM WJFĥJJ QF 1ĎN¹OU  B
ÅOUSFHJJQMBOFUF BW¹OEDBNJTJVOFQSPUFKBSFBÅONPEEVSBCJMB
CJPEJWFSTJUĎĥJJWFHFUBMF

7Ď JOWJU TĎ EFTDPQFSJĥJ  TĎ WFEFĥJ  TĎ TJNĥJĥJ UPBUF CPHĎĥJJMF QF
DBSFOJMFPGFSĎ$PTNÀUJRVF7ÀHÀUBMF‡ DFMFNBJJOUFOTFFGFDUF
CJOFGĎDĎUPBSFBTVQSBTUĎSJJEFCJOFğJGSVNVTFĥJJ%VNOFBWPBTUSĎ
QSFDVN ğJ JOUFSFTVM EFPTFCJU NBOJGFTUBU QFOUSV HFOFSBĥJJMF
WJJUPBSF

:WFT3PDIFS
SA RESPECTAM (

(
®

COSMÉTIQUE VÉGÉTALE
$PTNÀUJRVF7ÀHÀUBMF‡QSPQVOFQSPEVTFEFGSVNVTFĥFğJEFÅOHSJKJSFFTUFUJDĎCB[BUFQFGPSĥBWFHFUBMVMVJ
0FYQFSJFOĥĎEFGSVNVTĥFVOJDĎ OVOVNBJEJGFSJUĎ EBSğJTVQFSJPBSĎEFPBSFDFPGFSĎ
1-64%&7*5"-*5"5& 1-64%&4&/;"Ă*& 1-64%&3&41&$5

$&-&13*/$*1**"$5*7&"-&4"-&
7FHFUBMVMDBVOJDĎSFHVMĎEFDPOEVJUĎ
$PODFQFSFBUVUVSPSQSPEVTFMPSQPSOJOEEFMBWFHFUBM
*NQPSUBOU¥OMPDVMDPMBHFOVMVJ OPJQSFGFSĎNQPMJP[JEFMFFYUSBTFEJOTBMD¹N DVQSPQSJFUĎĥJMFTBMFDFBTJHVSĎGFSNJUBUFBUFOVMVJ
/JDJVOJOHSFEJFOUEFPSJHJOFBOJNBMĎOVJOUSĎÅODPNQPOFOĥBQSPEVTFMPSOPBTUSF DVFYDFQĥJBNJFSJJ"NFYDMVTÅO
TQFDJBMEJOGPSNVMFMFQSPEVTFMPSEFNBDIJBKDBSNJOVMEFDPğFOJMĎ VOQJHNFOUEFDVMPBSFSPğJFQSPWFOJUEFMBP
JOTFDUĎ GSFDWFOUVUJMJ[BUQFOUSVGBSEVSJMFEFQMFPBQFğJSVKVSJMFEFCV[F

7FHFUBMVMDBVOJDĎTVSTĎEFJOTQJSBĥJF
&YQMPSBSFBUVUVSPSCPHĎĥJJMPSWFHFUBMVMVJ
*NQPSUBOU(SĎEJOB#PUBOJDĎEJO-B(BDJMMZDSFBUĎEF:WFT3PDIFSÅO ÅNCPHĎĥJUĎDVQFTUFEF
TQFDJJEFQMBOUFFTUFMPDVMDVOPBğUFSJJQMBOUFMPS PSF[FSWĎWFHFUBMĎDBSFJOTQJSĎDSFBSFBQSPEVTFMPSOPBTUSF
(ĎMCFOFMFMFğJDĎMĥVOBğVMDVMUJWBUFÅOD¹NQVSJMFOPBTUSFCJPEJO-B(BDJMMZ QSF[FOUFÅOGPSNVMFMFQSPEVTFMPS
EJOHBNB$VMUVSF#JPBVGPTUTUVEJBUFBJDJÅOQSFBMBCJM
-BOJWFMNPOEJBM FYQFSĥJJOPğUSJCPUBOJDJFYQMPSFB[ĎMVNFBWFHFUBMĎQFOUSVBQVOFÅOWBMPBSFOPJQSPQSJFUĎĥJ
DPTNFUJDF¥O.BEBHBTDBSBGPTUEFTDPQFSJUĎBQIMPÆB DBSFBGPTUJOUFHSBUĎÅOQSPEVTFMFOPBTUSFTPMBSFHSBĥJF
QSPQSJFUĎĥJMPSTBMFQSPUFDUPBSF

7FHFUBMVMDPOUSPMBU
(BSBOUBSFBDBMJUĎĥJJğJTFDVSJUĎĥJJGĎSĎDPODFTJF
*NQPSUBOU4VOUQFTUFEFBOJEFD¹OE:WFT3PDIFSBDSFBU$&3$0 $FOUSVMEF4UVEJJğJ$FSDFUBSFÅO$PTNFUPMPHJF 
BDSFEJUBUEF.JOJTUFSVM4ĎOĎUĎĥJJEJO'SBOĥB EFEJDBUFWBMVĎSJJQSPEVTFMPSMBOJWFMğUJJOĥJGJDGJFDBSFEJOUSFGPSNVMFMFOPBTUSF
FTUFUFTUBUĎBJDJTVCDPOUSPMEFSNBUPMPHJDQFOUSVBJHBSBOUBFGJDBDJUBUFBğJJOPDVJUBUFBÅOBJOUFEFBGJTDPBTĎQFQJBĥĎ

7FHFUBMVMQSPUFKBU
"QĎSBSFBBDUJWĎBNFEJVMVJÅODPOKVSĎUPS
‚4PQIJF;ÀOPO

*NQPSUBOU 0 $BSUĎ B 1MBOUFMPS FYUSFN EF SJHVSPBTĎ FTUF HIJEVM UVUVSPS NBUFSJJMPS QSJNF DV DBSF OPJ OF
BQSPWJ[JPOĎN TQVOFN oOVo VUJMJ[ĎSJJ QMBOUFMPS QF DBMF EF EJTQBSJĥJF ğJ JOHSFEJFOUFMPS WFHFUBMF UJQ 0(.  oEBo
QMBOUFMPSFYUSBTFEJODVMUVSJMFCJPMPHJDF EJOUSFQMBOUFMFDBSFJOUSĎÅODPNQPOFOĥBQSPEVTFMPSOPBTUSFTVOU
DVMUJWBUFÅOD¹NQVSJMFCJPEJO-B(BDJMMZ
oEBoQĎSĥJMPSSFÅOOPJCJMFBMFQMBOUFMPS GSVO[F GMPSJ TFNJOĥF


7FHFUBMVMQFOUSVUPBUFGFNFJMF
1PTJCJMJUBUFBEFBGBDFGSVNVTFĥFBBDDFTJCJMĎUVUVSPSGFNFJMPS
*NQPSUBOU 1SPEVTFMF OPBTUSF TVOU GBCSJDBUF ÅO V[JOFMF QSPQSJJ EJO #SFUBOJB 'SBOĥB
 /PJ TVOUFN $VMUJWBUPSJ 
1SPEVDĎUPSJ %JTUSJCVJUPSJEJOUPUEFBVOBJBUĎEFDFQVUFNHBSBOUBDBMJUBUFBQSPEVTFMPSğJBDDFTJCJMJUBUFBQSFĥVSJMPS

‡.BSDĎÅOSFHJTUSBUĎEF:WFT3PDIFS
."3*-&1-è$&3*


163&$"-.*--&

-BQUF%FNBDIJBOU'MPSBM
'MBDPONMq$PE
 30/

(FM%FNBDIJBOUQFOUSV
$VSĎĥBSFB5FOVMVJ
'MBDPONMq$PE
 30/

$SFNĎ)JESBUBOUĎ
EF;JğJ/PBQUF
$VUJFNMq$PE
 30/

$SFNĎEF;J%FMJDBUĎ
QFOUSV5FOğJ$PSQ
$VUJFNMq$PE
 30/



 

+"3%*/4%6.0/%&

%FPEPSBOU3PMMPO /065èĂ*
"OUJQFSTQJSBOU ()*%
-ĎN¹JF7FSEFEJO.FYJD
'MBDPOCJMĎNMq$PE
 30/

(FMEF%Vğ-ĎN¹JF
7FSEFEJO.FYJD
'MBDPONMq$PE
 30/

%FPEPSBOU3PMMPO
"OUJQFSTQJSBOU
'MPBSFEF-PUVTEJO-BPT
'MBDPOCJMĎNMq$PE
 30/

(FMEF%Vğ
'MPBSFEF-PUVTEJO-BPT  
'MBDPONMq$PE
 30/  

'3"¥$)&637 ( 5"-&$&"*7&3%&

%FPEPSBOU3PMMPO"OUJQFSTQJSBOU
'MBDPOCJMĎNMq$PE
 30/

(FMĵBNQPO3FWJUBMJ[BOU
QFOUSV$PSQğJ1ĎS
'MBDPONMq$PE
 30/

"QĎEF$PMPOJF$FBJ7FSEF
7BQPSJ[BUPSNMq$PE
 30/







-BCPSBUPBSFMFEF#JPMPHJF7FHFUBMĎ:WFT3PDIFS3$47BOOFT.$4BBUDIJ(BE 5IF$3.$PNQBOZ'PUPHSBGJ""EKPV -#PUUFO '#PVRVFU +#


%FHVF[ +(JBVNF '(PMECSPOO 5,FMMZ 4-BODSFOPO ,.VDLF $1PSDIF[ +$3FDIU 43FHOJFS (4BMJPV 54BOEFS &4BVWBHF &4JDPU )4UFM[FOCFSHFS '
5FZUBVE #5PVJMMPO 18BMMFU "8FJOCFSHFS 4;ÀOPO3FUVğVSJ#FQPOH $BÆNBO &TQBDF*NBHFT )POEP'PUPHSBWVSĎ)FMJP(SBQIJD4ZTUFN*NQSJNBSF-JUPQBU 
3PUP"MCB

)¹SUJFGBCSJDBUĎEJOBSCPSJTQFDJBMQMBOUBĥJ
()*%6-'36.64&Ă**.&-&

4è.è4*.5#*/& TĎNĎTJNUGSVNPBTĎ4ĎNĎSĎTGĎĥ
4ĎÅNJBDPSEUJNQ BUFOĥJFğJÅOHSJKJSF"W¹OEÅOUPUEFBVOBVOBMJBU$PTNÀ
UJRVF7ÀHÀUBMF‡:WFT3PDIFS%FMBDBQĎUVMMVNJJQ¹OĎÅOD¹NQVSJMFğJ
HSĎEJOJMFEJO-B(BDJMMZ:WFT3PDIFSDVOPBğUFQSPQSJFUĎĥJMFGJFDĎSFJQMBOUF
ÅOGVODĥJFEFTQFDJB PSJHJOFB WBSJFUBUFBTB4ĎNĎTJNUCJOF TĎNĎSĎTGĎĥ
USVQğJTVGMFUDVQSPQSJFUĎĥJMFCJOFGĎDĎUPBSFBMFWFHFUBMVMVJğJDVQPUFOĥJBMVM
TĎVJOGJOJU%JODBQQ¹OĎÅOQJDJPBSF
‡.BSDĎÅOSFHJTUSBUĎEF:WFT3PDIFS

4è453è-6$&4$ OVÅOTFBNOĎTĎMVQUÅNQPUSJWBW¹STUFJ
¥OTFBNOĎTĎFYUSBHEJOMVNFBWFHFUBMĎQVUFSFBTBEFWJBĥĎJOEFTUSVDUJCJMĎ
DBSFPGBDFTĎTFOBTDĎ TĎSF[JTUF TĎTFBEBQUF[FğJTĎSFOBTDĎ ÅOUSVODJDMV
DFTFSFÅOOPJFğUFQFSNBOFOU"EFWĎSBĥJFYQFSĥJÅOEPNFOJVMWFHFUBMğJÅOHSJ
KJSFBUFOVMVJ CJPMPHJğUJJ:WFT3PDIFSğUJVTĎNPCJMJ[F[FBDFBTUĎFOFSHJFSFHF
OFSBUPBSFDIJBSÅOQSPGVO[JNFBQJFMJJQFOUSVBSFMBOTBNFDBOJTNFMFWJFĥJJDF
TFSFÅOOPJFğUFÅONPEDPOUJOVV4ĎTUSĎMVDFTDÅOTFBNOĎTĎÅNJPGFSGPSĥBMVNJJ
WFHFUBMFQFOUSVBGJGSVNPBTĎğJQMJOĎEFTFOJOĎUBUFMBPSJDFW¹STUĎ

4è4&%6$ TĎGJFFVÅOTĎNJ TĎGJVVOJDĎ4ĎMBTPBNQSFOUĎ 


PBNJOUJSFUBOESĎğJPSJHJOBMĎ4ĎFNPĥJPOF[$JOFQPBUFDSFBFNPĥJJNBJ
JOUFOTFğJNBJGSVNPBTFEFD¹UOBUVSB 1MJOĎEFWJBĥĎ TFO[VBMĎ DBQSJDJPBTĎ 
DPNQMFYĎ VOJDĎ FBPGFSĎDBTVSTĎEFJOTQJSBĥJFQFOUSV$PTNÀUJRVF
7ÀHÀUBMF‡DFBNBJCPHBUĎQBMFUĎEFFNPĥJJQBSGVNBUF DPMPSBUFğJTFO
[PSJBMF1FOUSVBPGFSJGJFDĎSFJGFNFJQVUFSFBTFEVDĥJFJĵJ ÅOGJFDBSF[J 
TFOUJNFOUVMDĎFTUFGSVNPBTĎÅOQSJWJSJMFUVUVSPS

4è4"763&; FTUFTFDSFUVMQMĎDFSJJ4ĎTJNUÅOGJFDBSF[JUPU
DFFBDFÅNJEPSFTD4ĎNĎMBTQVSUBUĎÅOUSPMVNFQMJOĎEFDVMPSJWJCSBOUF 
EFQBSGVNVSJEFMJDJPBTF EFBSPNFÅOWĎMVJUPBSFDBSFUSF[FTDTJNĥVSJMFğJ
DFMFCSFB[ĎWJBĥB$PTNÀUJRVF7ÀHÀUBMF‡ğUJFTĎPGFSF JOUBDUF UPBUFDBMJUĎĥJMF
TFO[PSJBMFBMFMVNJJWFHFUBMFHFOFSPBTF BMFOBUVSJJBVUFOUJDF6OQSPEVT
DPTNFUJDFTUFQMĎDFSFBGJFDĎSFJGFNFJ&TUFQSFĥJPTğJJSF[JTUJCJM&MPGFSĎ
CVDVSJFğJGSVNVTFĥF'JFDĎSFJGFNFJ ÅOGJFDBSF[J BSPNBEFMJDJPBTĎDĎSFJB
OVJQPĥJSF[JTUB

 %FTDPQFSJĥJUPBUFOPVUĎĥJMFOPBTUSFQFXXXZWFTSPDIFSDPN
$613*/4

 4è.è4*.5#*/&
#JP
$VMUVSF#JP Q
$PSQVM
/PVUĎĥJQU¥OHSJKJSFB$PSQVMVJ
.JODFVS$BGÀ7FSU
Q
Q
5FOVM "SOJDB&TTFOUJFM Q
/VUSJ4QFDJGJD Q -BWBOEF&TTFOUJFMMF Q
)ZESB4QFDJGJD Q )BNBNÀMJT Q
4FCP4QFDJGJD Q ĵBNQPO4USĎMVDJUPS
"DUJWF4FOTJUJWF Q $FSUJGJDBU DPMBCFM Q

4è453è-6$&4$
*OPTJUPM7ÀHÀUBM Q 3JDIF$S¿NF0NÀHB

4ÀSVN7ÀHÀUBM 4USĎMVDJSF Q EJO6MFJEF4PJB       Q
4ÀSVN7ÀHÀUBM'FSNJUBUF Q 3JDIF$S¿NF
DVEF6MFJVSJ1SFĥJPBTF Q
4ÀSVN7ÀHÀUBM
(BMBDUP[JEFEJO5BSB Q
1SPEVTF&YQFSU
$VSF4PMVUJPOT Q

 4è4&%6$
.BDIJBKVM
$PVMFVST/BUVSF
EF0SJHJOF/BUVSBMĎ Q
1BSGVNVM
4P&MJYJS
4FDSFUTEm&TTFODFT
Q
Q
$PVMFVST/BUVSFQFOUSV0DIJ Q $PNNFVOF WJEFODF Q
$PVMFVST/BUVSFQFOUSV#V[F Q /BUVSFMMF Q
$PVMFVST/BUVSF 'MPXFSQBSUZ:WFT3PDIFS Q
.BOJDIJVSĎ&YQFSU Q
$PVMFVST/BUVSFQFOUSV5FO Q

4è4"763&;
"SPNFQBSGVNBUF
-FT1MBJTJST/BUVSF Q


()*%6-  '36.64&Ă**.&-& 
4è.è4*.5#*/&
TĎNĎTJNUGSVNPBTĎ

$FSDFUBSFB$PTNÀUJRVF7ÀHÀUBMF‡:WFT3PDIFS
BTFMFDĥJPOBUÅONPETQFDJGJDGSVO[BDFOUFMMFJBTJBUJDF
EJO.BEBHBTDBS BMDĎSFJFYUSBDUTUJNVMFB[ĎQSPEVDĥJB
EFDPMBHFOğJPGFSĎGFSNJUBUFQJFMJJ
‡.BSDĎÅOSFHJTUSBUĎEF:WFT3PDIFS

p%*/ 130%64&-&/0"453&'*/*5&
/6."*46/55&45"5&1&"/*."-&

p/*$*6/$0.10/&/5%&03*(*/&"/*."-è¥/
'03.6-&-&/0"453&

 XXXZWFTSPDIFSDPN
/SÅO'SBOĥB
¥/(3*+*3&"
5&/6-6*
¥/(3*+*3&"5&/6-6*
¥ODJGSĎEFBGBDFSJğJ
WPMVN
4VSTB5/48PSME1BOFM
#FBVUZDVNVMBOVBM
Q¹OĎÅOTFQUFNCSJF


$FSUJGJDBUĎ&DPDFSU
453è-6$*3&OBUVSBMĎ $VMUVSF#JP
DVEFQMBOUF#JP 3JUVBMVSJEF%JNJOFBĥĎğJ4FBSĎ Q

)*%3"5"3& 5FOEFTIJESBUBU $"-."3& 5FOTFOTJCJM


HFOFSPBTĎ )ZESB4QFDJGJD Q WJ[JCJMĎDV "DUJWF4FOTJUJWF Q
DVTFWBEFBSĥBS CPCVMEFBOUB

)3è/*3& 5FOVTDBU
163*'*$"3& 5FONJYUğJHSBT
EVSBCJMĎDV QSPGVOEĎDV
T¹NCVSFMFEF /VUSJ4QFDJGJD Q SĎEĎDJOB 4FCP4QFDJGJD Q
NJHEBMĎ EFHVSBMVQVMVJ

-"("$*--: QĎN¹OUVMGSVNVTFĥJJ
7FOFSBU TĎMCBUJD NJSBDVMPT
¥O D¹NQVSJMF OPBTUSF EJO SFHJVOFB
-B(BDJMMZ OBUVSBUSĎJFğUFEJOQMJO'ĎSĎOJDJP
PQSFMJğUF ÅONPEOBUVSBM FBPGFSĎGSVNVTFĥJJ
EWTDFMFNBJQSFĥJPBTFğJNBJSBSFDBMJUĎĥJ
BMFTBMF1SPWFOJUFEJOBHSJDVMUVSBCJPMPHJDĎ 
QMBOUFMFOPBTUSFTVOUğJNBJQVSF"JDJ 
GSVNVTFĥFBOVTFDPOUFTUĎ DJTFOBğUF
‚4PQIJF;ÀOPO

1ĎN¹OUEJOSFHJVOFB-B(BDJMMZ 'SBOĥB
$VMFHFSFBGMPSJMPSEFNVğFĥFMCJPÅOD¹NQVSJMF:WFT3PDIFS
$6-563&#*0

0/06è453è-6$*3&"5&/6-6*%74
1MJOFEFGPSĥĎ DPODFOUSBUF CJOFGĎDĎUPBSF GPSNVMFMFHBNFJ$VMUVSF#JPDPOĥJOQ¹OĎMB
FYUSBDUFEJOQMBOUFCJPQFOUSVBQVSUBGSVNVTFĥFBEVNOFBWPBTUSĎÅOSJUNVSJMFOBUVSJJ
%JNJOFBĥBğJTFBSB DVMFHFĥJPSB[ĎEJOTUSĎMVDJSFBTBğJBENJSBĥJJFGFDUVM

 1FOUSVPMVNFNBJWFSEF BMĎUVSBĥJWĎOPVĎQFXXXZWFTSPDIFSDPN


$&"."*#6/è

$0/$&/53"Ă*&
"%&1-"/5&#*0

  

'MPBSFBQBTJVOJJp(ĎMCFOFMFp4VTBOp.ĎTMJOp4JSPQEFBHBWFp(S¹VğPSp$ĎMĥVOBğp.FOUĎTĎMCBUJDĎp:MBOHZMBOHp)BNBNÀMJT

"/("+".&/5&-&$04. 5*26&7 ( 5"-&‡#*0:7&430$)&3
3&41&$5 &$03&410/4"#*-*5"5&
'PSNVMFOBUVSBMFÅOUSVOQSPDFOUEFQFTUF 0BDUJWJUBUFDPNQMFUĎEFFDPDPODFQĥJFSFEVDFSFBEJSFDUMBTVSTĎB
1¹OĎMBFYUSBDUFWFHFUBMFCJPÅOGPSNVMFMFOPBTUSF BNCBMBKFMPS GĎSĎQSPTQFDU
DVUJJGBCSJDBUFQSJOSFDJDMBSFBEFğFVSJMPSEJO
MFNO JNQSJNBUFDVDFSOFBMĎWFHFUBMĎ
0HBNĎQFOUSVDBSFTFDPNQFOTFB[ĎFMJNJOBSFBEFDBSCPO(SBĥJFQSPEVTFMPS
&'*$"$*5"5&ĵ*1-è$&3& EJOHBNB$VMUVSF#JPDPOUSJCVJĥJMBMVQUBÅNQPUSJWBÅODĎM[JSJJDMJNBUJDF
'PSNVMFFGJDJFOUF UFTUBUFTVCDPOUSPMEFSNBUPMPHJD
1BSGVNVSJOBUVSBMF FYDMVTJWQFCB[ĎEFVMFJVSJFTFOĥJBMF 130%64&$0/'03.&4*45&.6-6*%&3&'&3*/Ăè&$0$&35
$BMJUBUFDPTNFUJDĎJSFQSPğBCJMĎQSJOUFYUVSJEFTFO[PSJBMJUBUFSJEJDBUĎ 'ĎSĎVUJMJ[BSFBFYUSBDUFMPSQSPWFOJUFEJOQFUSPDIJNJF BTJMJDPOVMVJ B
QBSBCFOVMVJ BDPMPSBOUVMVJEFTJOUF[Ď

‡.BSDĎÅOSFHJTUSBUĎEF:WFT3PDIFS

130%64&$&35*'*$"5&&$0$&35ĵ*("3"/5"5&13*/3&'&3*/Ă"$04.&#*0
&UJDIFUĎEFSFGFSJOĥĎÅO'SBOĥBBDPTNFUJDJJCJP
%*.*/&"Ă" 
0/06è453è-6$*3&"5&/6-6*

/065"5&
()*% 
/065"5&
()*%

130%64&$0/'03.&4*45&.6-6*%&3&'&3*/Ăè&$0$&35'è3è65*-*;"3&"&953"$5&-03
130%64& 5&45"5& 46# $0/530- %&3."50-0(*$ 1307&/*5&%*/1&530$)*.*& "4*-*$0/6-6* "1"3"#&/6-6* "$0-03"/56-6*%&4*/5&;è

50/64*/45"/5 13*7*3& 3&7*5"-*;"3& 0/06è $03146#-*.


0BTPDJFSFQMJOĎEF 4$-*1*50"3& */5&/4*7è 453è-6$*3& )JESBUBĥJWĎDPSQVMQFOUSV
UPOJDJUBUFBBQFJEJOQMBOUF &TUPNQBĥJTFNOFMFEF 6OTFSVMUSBDPODFOUSBU 4UJNVMBU IJESBUBU  ÅOUSFBHB[JDVPUFYUVSĎ
DBSFQVSJGJDĎ IJESBUFB[ĎğJ PCPTFBMĎQFOUSVPQSJWJSF QFOUSVTUSĎMVDJSFEJO UFOVMSBEJB[Ď PODUVPBTĎ EFMJDBUĎ
TUJNVMFB[ĎEJOUSVOTJOHVS MVNJOPBTĎ SFÅOUJOFSJUĎ D¹UFWBQJDĎUVSJ $SFNĎ&OFSHJ[BOUĎ -BQUFEF$PSQ
HFTU $SFNĎ&OFSHJ[BOUĎ 4FS&OFSHJ[BOUEF EF;J#JP QFOUSV;J
-PĥJVOF%FNBDIJBOUĎ QU$POUVSVM0DIJMPS#JP ;J#JP 'MBDPOQPNQĎNM 5VCNMq$PE
EF;J#JP 5VCNMq$PE 'MBDPODVQJQFUĎNM $PE  30/
'MBDPOTQSBZNM  30/ $PE  30/
$PE &GJDBDJUBUFÅNQPUSJWBTFN  30/ 5FOVMÅğJSFHĎTFğUF
 30/ OFMPSEFPCPTFBMĎ  5FOSFWJUBMJ[BU TUSĎMVDJSFB
'MBDPOTQSBZNM 5FTUBUTVCDPOUSPMPGUBMNPMPHJD 1SPDFOUEFTBUJTGBDĥJF&GJDBDJUBUF 1SPDFOUEFTBUJTGBDĥJF&GJDBDJUBUF
&GJDBDJUBUFDPOTUBUBUĎEFGFNFJ DPOTUBUBUĎEFEFGFNFJEVQĎ DPOTUBUBUĎEFEFGFNFJEVQĎ
$PE
EVQĎTĎQUĎN¹OJEFVUJMJ[BSFB TĎQUĎN¹OJEFVUJMJ[BSFBQSPEVTVMVJ TĎQUĎN¹OJEFVUJMJ[BSFBQSPEVTVMVJ
 30/ QSPEVTVMVJ5FTUğUJJOĥJGJD

%FTDPQFSJĥJUSBUBNFOUFMF$VMUVSF#JPEJOJOTUJUVUFMFOPBTUSF
#6$63*"4*.Ă63*-03 &'&$56-.*3"$6-041&/5365&/

 %FTDPQFSJĥJOPVUĎĥJMFOPBTUSFQFXXXZWFTSPDIFSDPN
$6-563&#*0
4&"3" 13&(è5*Ă*7è'36.64&Ă&"
1&/536;*6"%&.™*/&
 
/065"5&
 ()*%

/065"5&
 ()*%


1SFNJVEFDFSOBUEFDJUJUPBSFMF
SFWJTUFJ"WBOUBKFEJO'SBOĥB

130%64& 5&45"5& 46# $0/530- %&3."50-0(*$

4'™3ĵ*56-;*-&* 163ĵ*4*.1-6 $™5&7"1*$è563* $031)3è/*5ĵ*


0EFNBDIJFSFQFSGFDUĎ FYUSFNEF "QĎEJOQMBOUFSFVOJUĎQUQVSJGJDBSFB %&'&3*$*3& %&5&/4*0/"5
EFMJDBUĎQFOUSVVOTPNOMJOJğUJUğJVO ğJDBMNBSFBUFOVMVJEVQĎEFNBDIJFSF 6OTFSVMUSBDPODFOUSBUDFSFMBYFB[ĎUSĎ 6OVMFJNĎUĎTPTQFOUSVDPSQDBSF
UFOSFHFOFSBU -PĥJVOF%FNBDIJBOUĎ TĎUVSJMFDIJQVMVJğJÅOMĎUVSĎQFSGFDUPCPTFBMB TFBCTPBSCFJOTUBOUBOFVQFOUSVP
-BQUF%FNBDIJBOU#JP EF/PBQUF#JP 4FS&OFSHJ[BOUEF/PBQUF#JP OPBQUFÅOUSFBHĎEFIJESBUBSF
'MBDPONMq$PE 'MBDPOTQSBZNMq$PE 'MBDPODVQJQFUĎNMq$PE 6MFJEF/PBQUF#JPQFOUSVDPSQ
 30/  30/  30/ 'MBDPOTQSBZNMq$PE
5FOQFSGFDUDVSBU 'MBDPOTQSBZNMq$PE 5SĎTĎUVSJSFMBYBUF  30/
1SPDFOUEFTBUJTGBDĥJF&GJDBDJUBUFDPOTUBUBUĎ  30/ JOTUBOUBOFV
EFEFGFNFJEVQĎTĎQUĎN¹OJEFVUJMJ[BSFB 1SPDFOUEFTBUJTGBDĥJF&GJDBDJUBUFDPOTUBUBUĎEF
QSPEVTVMVJ EFGFNFJEVQĎTĎQUĎN¹OJEFVUJMJ[BSFBQSPEVTVMVJ

40./130'6/%
0$)*$"-."Ă* 0DSFNĎEFMJDBUĎğJISĎOJUPBSFQUP /653*Ă*&ĵ*"41&$54"5*/"5
.PMFDVMFDFBUSBHJNQVSJUĎĥJMF DVSĎEFSFHFOFSBSFÅOUJNQVMOPQĥJJ 6OVMFJVMUSBGJO OBUVSBM DV
BTFNFOJVOVJNBHOFU $SFNĎ&OFSHJ[BOUĎ QVUFSJOVUSJUJWFJOUFOTFDBSFPGFSĎ
QFOUSVPEFNBDIJFSFEFMJDBUĎB EF/PBQUF#JP UFOVMVJDBUJGFMBSFğJFGFDUTBUJOBUEJWJO
PDIJMPS 'MBDPOQPNQĎNMq$PE 6MFJ)SĎOJUPSEF/PBQUF#JP
"QĎ%FNBDIJBOUĎ#JP  30/ 'MBDPODVQJQFUĎNMq$PE
'MBDPONMq$PE "NFMJPSBSFBSFÅOOPJSJJ  30/
 30/ DFMVMBSF  &GFDUOVUSJUJW 
1SPDFOUEFTBUJTGBDĥJF&GJDBDJUBUFDPOTUBUBUĎEF &WBMVBSFCJPNFUSPMPHJDĎBBQPSUVMVJMJQJEJD
GFNFJEVQĎTĎQUĎN¹OJEFVUJMJ[BSFBQSPEVTVMVJ JNFEJBUEFGFNFJ

()*%6-  '36.64&Ă**.&-& 
 1FOUSVTGBUVSJQFSTPOBMJ[BUFSFHĎTJĥJBESFTFMFNBHB[JOFMPS:WFT3PDIFSQFXXXZWFTSPDIFSDPN
¥/(3*+*3&"5&/6-6*

7FHFUBMVMEFDBSFBWFĥJOFWPJF
1FOUSVBSĎTQVOEFÅONPEJOUFMJHFOUOFWPJMPSTQFDJGJDFBMFUFOVMVJHSBT VTDBU 
TFOTJCJMTBVEFTIJESBUBU :WFT3PDIFSBSFÅODSFEFSFÅOQPUFOĥJBMVMğJGPSĥBWFHFUBMVMVJ
1MVTEFDPOGPSU EFIJESBUBSF EFTUSĎMVDJSF EFQVSJUBUF EFTFDVSJUBUFTBVEF
QSPUFDĥJF1MBOUFMFDBSFTUBVMBCB[BGPSNVMFMPSOPBTUSFWĎWPSTVSQSJOEFDV
QFSGPSNBOĥBğJFGJDBDJUBUFBMPS

4&7"%&"3Ă"3 4™.#63&-&%&.*(%"-è #3&7&5


%&164
3&(*/")*%3"5è3** (&/*6-/653*Ă*&* ÅO'SBOĥB
1&/5365&/6-%&4)*%3"5"5 1&/5365&/6-64$"5

7 %
Ď EPSJĥJ VO PSJĥJDBUFOVMEWTTĎÅğJ
UFO TĎOĎUPT  SFHĎTFBTDĎ TFO[BĥJB
QFSGFDUIJESB EFDPOGPSU TVQMFĥF
UBU  ¥O JOJNB BSĥB ğJ DBUJGFMBSF  4¹NCV
SVMVJ  SFDVOPTDVU SFMF EF NJHEBMĎ 
QFOUSV DBQBDJUBUFB HSBĥJF BDUJWVMVJ EJO
TB EF SF[JTUFOĥĎ JOUFSJPSVM T Ď V 
MB GSJH  DFSDFUBSFB SFMBOTFB[ĎNFDBOJT
$PTNÀUJRVF7ÀHÀUBMF‡:WFT NFMF OBUVSBMF EF
3PDIFS B EFTDPQFSJU P TVSTĎ ISĎOJSFBQJFMJJ
WFHFUBMĎISĎOJUPBSF CPHBUĎğJDPODFOUSBUĎ 4JOHVS ÅO NFEJVM TĎV OBUV
TFWBEFBSĥBS&BDPOĥJOFNPMFDVMFBDUJWFDF SBM TVSQSJOEFQSJODBQBDJUBUFB
SFHMFB[ĎGMVYVMBQFJÅOJOUFSJPSVMQMBOUFJ"DFTUF EF TVQSBWJFĥVJSF ÅO DPOEJĥJJ EF
NPMFDVMFBVDBQBDJUBUFBEFBTUJNVMBIJESBUBSFB TFDFUĎ :WFT 3PDIFS B DSFBU BTUGFM
QJFMJJ:WFT3PDIFSBDSFBU):%3"41&$*'*$ P /653* 41&$*'*$  P HBNĎ EF QSPEVTF QF
HBNĎEFQSPEVTFQFCB[ĎEFTFWĎEFBSĥBSDBSFWB CB[ĎEFFYUSBDUEJOT¹NCVSFEFNJHEBMĎDBSFTFBEBQUFB[ĎFYUSB
SĎTQVOEFQFSGFDUOFWPJMPSUFOVMVJEFTIJESBUBU PSEJOBSEFCJOFDBSBDUFSJTUJDJMPSUFOVMVJMJQTJUEFOVUSJĥJF
¥OGJFDBSFEJNJOFBĥĎ QFOUSVBBWFBVOUFOSFWJHPSBU BMFHFĥJ ¥OGJFDBSFEJNJOFBĥĎVUJMJ[BĥJ-BQUFMF%FNBDIJBOU/VUSJUJW 
BQPJ-PĥJVOFB
4QVNB%FNBDIJBOUĎ 
 VSNBUĎ EF -PĥJVOFB5POJGJBOUĎ 
 "QMJDBĥJ %FNBDIJBOUĎ/VUSJUJWĎ 
)JESBUBĥJWĎUFOVMBQMJD¹OE$SFNB/VUSJUJWĎEF;J
VMUFSJPS)ZESB4¿WF;J(FMDSFNĎIJESBUBOU 

4FBSB EVQĎEFNBDIJFSF  6MUSB$POGPSU 
 ÅNCPHĎĥJUĎ DV NJDSPQBSUJDVMF EF DFBSĎ WFHFUBMĎ 4FBSB 
VUJMJ[BĥJ)ZESB4¿WF/PBQUF$SFNĎIJESBUBSFJOUFOTĎ 
 BDĥJPOBĥJ ÅNQPUSJWB DBSFOĥFMPS UFOVMVJ VTDBU HSBĥJF $SFNFJ/VUSJUJWFEF
1SPEVTFMFTVOUQSF[FOUBUFMBQBHJOB /PBQUF6MUSB$POGPSU 

1SPEVTFMFTVOUQSF[FOUBUFMBQBHJOB

‡.BSDĎÅOSFHJTUSBUĎEF:WFT3PDIFS

()*%6-'36.64&Ă**.&-& 
¥/(3*+*3&"5&/6-6*

3è%è$*/"%&(63"-616-6* #0#6-%&"/5" 
(0."+6-*.1&3'&$Ă*6/*-03 4634"$"-.è3**
1&/5365&/6-.*95ĵ*(3"4 1&/5365&/6-4&/4*#*-

$ %
FQPBUFGJNBJTUSĎMVDJUPSEFD¹UVOUFODVSBUğJSFWJHPSBU (SBĥJFSĎEĎDJOJJ PSJĥJTĎJPGFSJĥJUFOVMVJDBMNBSFğJNBJ
EFHVSBMVQVMVJ DFSF[JTUĎGPBSUFCJOFBHSFTJVOJMPSFYUFSJPBSF QSPEV NVMUĎSF[JTUFOĥĎÅNQPUSJWBBHSFTJV
TFMFDBSFDPOĥJOBDFTUFYUSBDUBDĥJPOFB[ĎFGJDJFOUBTJHVS¹OEFDIJMJCSVM OJMPS[JMOJDF &YUSBTĎEJOUSVOBSCVTU
UFOVMVJNJYUğJHSBT"TUGFM :WFT3PDIFSBFMBCPSBUPHBNĎEFQSPEVTFQFOUSV EJO#SB[JMJBDVOPTDVUTVCOVNFMFEF'¿WF
BSFEVDFÅONPEFGJDJFOUBQBSJĥJBJNQFSGFDĥJVOJMPS4&#041&$*'*$ Em"OUB TPGPSJOBWFHFUBMĎKPBDĎVOSPM
1FOUSVDBMNBSFBğJSFEVDFSFBQSPEVDĥJFJEFTFCVN BQMJDBĥJEFMJDBU FTFOĥJBMÅOTJTUFNVMEFBQĎSBSFÅNQPUSJWB
HPNBKVM$FBNBJCVOĎGSFDWFOĥĎEFVUJMJ[BSFPEBUĎQFTĎQUĎN¹OĎ BHSFTJVOJMPSFYUFSJPBSF1SF[FOUĎÅOGPSNV
VUJMJ[BĥJ$SFNB&YGPMJBOUĎ4QVNBOUĎ6MUSB1VSFUÀ 
 MFMFQSPEVTFMPSHBNFJ"$5*7&4&/4*5*7& 
1FOUSVÅOEFQĎSUBSFBNBDIJBKVMVJğJJNQVSJUĎĥJMPS BDFBTUBQFSNJUF EFBTFNFOFB DBMNBSFB
GPMPTJĥJ %FNBDIJBOUVMğJ-PĥJVOFB"OUJ SFBDĥJJMPSFYDFTJWFEFMBOJWFMVMQJFMJJ
*NQFSGFDĥJVOJÅO 

)JESBUBĥJWĎ 1FOUSVQMVTEFTFDVSJUBUF BMFHFĥJEPBSQSPEV
UFOVMVUJMJ[¹OE$SFNB6MUSB.BUĎEF TFMFUFTUBUFQFUFOVMTFOTJCJMğJTVCDPOUSPMBMFS
;J 
/PBQUFB ÅODIJEFĥJQPSJJEJMBUBĥJ HPMPHJD QSFDVNDFMFEJOHBNB"$5*7&4&/
GPMPTJOE$SFNB"OUJ*NQFSGFDĥJVOJ 4*5*7&1FOUSVDVSĎĥBSF DBMNBSFğJEFNBDIJFSF
QFOUSV¥ODIJEFSFB1PSJMPS 
 EFMJDBUĎQFSGFDUĎBMFHFĥJ-BQUFMF%FNBDIJBOU
%FSNP$BMNBOU 
VSNBUEF-PĥJVOFB%FSNP
$BMNBOUĎ 

$SFNBEF;J%FSNP$BMNBOUĎ


FTUFJEFBMĎQFOUSVIJESBUBSFB[JMOJDĎBUFOVMVJ
TFOTJCJMğJQSFWFOJSFBBQBSJĥJFJTFO[BĥJFJEFJODPO
GPSU1FOUSVUFOVMTFOTJCJMDBSFQSF[JOUĎSJEVSJGJOF 
BMFHFĥJ$SFNBQFOUSV$PSFDUBSFB3JEVSJMPS 


6 3* 5 "

p4&$
$&35*'*$"5%&4&$63*5"5&

5&p
(BSBOUBUĎ
¥/"-5è50-&3"/Ăè


-
5&

#*
/4&/4*


"$5*7&4&/4*5*7&
p'PSNVMFEF[WPMUBUFÅODPMBCPSBSFDVNFEJDJEFSNBUPMPHJğJ
UFTUBUFDMJOJDQFUFOVMTFOTJCJM
p'ĎSĎDPMPSBOĥJ GĎSĎJOHSFEJFOUFTVTDFQUJCJMFBJSJUBQJFMFB
p'PSNVMFSFBMJ[BUFÅONFEJVDPOUSPMBU
p1SPEVTFDPOUSPMBUFNJDSPCJPMPHJDÅOGJFDBSFFUBQĎB
GBCSJDBĥJFJ
p5FTUFEFUPMFSBOĥĎFGFDUVBUFBTVQSBBEFGFNFJTVC
DPOUSPMEFSNBUPMPHJDğJBMFSHPMPHJD

 XXXZWFTSPDIFSDPN
130%64& 5&45"5& 46# $0/530- %&3."50-0(*$

7&(&5"-6- (".""%"15"5è
5&/%&4)*%3"5"5 p$63èĂ"3& p)*%3"5"3& p53"5"3& ):%3"41&$*'*$
4FWBEFBSĥBS 4QVNĎ%FNBDIJBOUĎ
'MBDPOQPNQĎNMq$PEq 30/
/065"5& )ZESB4¿WF;Jq(FM$SFNĎ)JESBUBOU
()*%
$VUJFNMq$PEq 30/
5VCNMq$PEq 30/
)ZESB4¿WF/PBQUFq$SFNĎ)JESBUBSF*OUFOTĎ
$VUJFNMq$PEq 30/
-PĥJVOF5POJGJBOUĎ
   'MBDPONMq$PEq 30/

5&/64$"5 p$63èĂ"3& p/653*Ă*& p53"5"3& /653*41&$*'*$


4¹NCVSFMFEFNJHEBMĎ -BQUF%FNBDIJBOU/VUSJUJW
'MBDPONMq$PEq 30/
$SFNĎ/VUSJUJWĎEF;J6MUSB$POGPSU
$VUJFNMq$PEq 30/
5VCNMq$PEq 30/
$SFNĎ/VUSJUJWĎEF/PBQUF6MUSB$POGPSU
$VUJFNMq$PEq 30/
-PĥJVOF%FNBDIJBOUĎ/VUSJUJWĎ
'MBDPONMq$PEq 30/
$SFNĎEF$PSQ/VUSJUJWĎÅO
5VCNMq$PEq 30/
  

5&/.*95ĵ*(3"4 p$63èĂ"3& p3&(6-"3*;"3& p53"5"3& 4&#041&$*'*$


3ĎEĎDJOBEFHVSBMVQVMVJ %FNBDIJBOUğJ-PĥJVOF"OUJ*NQFSGFDĥJVOJÅO
'MBDPONMq$PEq 30/
$SFNĎ6MUSB.BUĎEF;J
$VUJFNMq$PEq 30/
5VCNMq$PEq 30/
$SFNĎ"OUJ*NQFSGFDĥJVOJQU¥ODIJEFSFB1PSJMPS
$VUJFNMq$PEq 30/
$PSFDUPS&YQFSU
'MBDPOEVCMVYNMq$PEq 30/
-PĥJVOF1VSJGJDBUPBSFÅO
'MBDPONMq$PEq 30/
$SFNĎ&YGPMJBOUĎ4QVNBOUĎ6MUSB1VSFUÀ
5VCNMq$PEq 30/
(FMHPNBOUQFOUSVUFOHSBTğJNJYU
'MBDPONMq$PEq 30/
$PSFDUPS4UPQJNQFSGFDĥJVOJ
   #BUPO Hq$PEq 30/

5&/4&/4*#*- "$5*7&4&/4*5*7&
#PCVMEFBOUB -BQUF%FNBDIJBOU%FSNP$BMNBOU
'MBDPONMq$PEq 30/
-PĥJVOF%FSNP$BMNBOUĎ
'MBDPONMq$PEq 30/
$SFNĎEF;J%FSNP$BMNBOUĎ
$VUJFNMq$PEq 30/
$SFNĎQFOUSV$PSFDUBSFB3JEVSJMPS
/065"5& 5VCNMq$PEq 30/
  ()*%
$PSFDUPS3JEVSJQFOUSV0DIJJ4FOTJCJMJ
5VCNMq$PEq 30/
  $SFNĎ%FSNP$BMNBOUĎ¥NQPUSJWB1FUFMPS3PğJJ
$VUJFNMq$PEq 30/
(FM%FNBDIJBOUQFOUSV0DIJJ4FOTJCJMJ
  'MBDPONMq$PEq 30/
$SFNĎ%FSNP$BMNBOUĎQU$POUVSVM0DIJMPS 
5VCNMq$PEq 30/
.BTDĎQFOUSV$POGPSU&YUSFN
5VCNMq$PEq 30/

1SPEVTFGĎSĎJNBHJOF
()*%6-  '36.64&Ă**.&-& 
/SÅO'SBOĥB
¥/(3*+*3&"
$0316-6*
¥/(3*+*3&"$0316-6*
¥ODJGSĎEFBGBDFSJğJ
WPMVNÅO
4VSTB5/48PSME1BOFM
#FBVUZq

¥/(3*+*3&" 6ODPSQIJESBUBU GFSN  )*%3"5"3&"


'SVNVTFĥFBN¹JOJMPS
DPSQVMVJDV ğJBQJDJPBSFMPS
QJDJPBSFSFMBYBUF N¹JOJMPSğJ
GPSĥBOVUSJUJWĎ "SOJDB&TTFOUJFM Q
/PVUĎĥJQU QJDJPBSFMPS -BWBOEF&TTFOUJFMMF Q
BWFHFUBMVMVJ ¥OHSJKJSFB$PSQVMVJ Q

4UBSFBEFCJOF[JMOJDĎ
461-&Ă& ¥/(3*+*3&" BÅOUSFHJJGBNJMJJ
WJ[JCJMĎHSBĥJF 4JMVFUBQFDBSF
NJPEPSFTD
%&-*$"5è )BNBNÀMJT
CPCVMVJEFDBGFB [JMOJDĎBDPSQVMVJ ĵBNQPOQFOUSV
WFSEF .JODFVS$BGÀ7FSU Q DVFYUSBDUVM 4USĎMVDJSF
 EFIBNBNÀMJT $FSUJGJDBU DPMBCFM Q

p%*/ 130%64&-&/0"453&'*/*5&
/6."*46/55&45"5&1&"/*."-&

p/*$*6/$0.10/&/5%&03*(*/&"/*."-è¥/
'03.6-&-&/0"453&

¥OSFHJVOFB-B(BDJMMZ MFBHĎOVMJTUPSJD
$PTNÀUJRVF7ÀHÀUBMF‡ (SĎEJOB#PUBOJDĎ
:WFT3PDIFSDVMUJWĎ TUVEJB[ĎğJQSPUFKFB[Ď
QFTUFEFWBSJFUĎĥJEFQMBOUFEJO
%JOBDFMNPNFOU MBCPSBUPSVM:WFT3PDIFS 
DFOUSVEFDFSDFUBSFğJEFPCTFSWBSF OB
ÅODFUBUTĎFYQMPSF[FNJTUFSFMFGPSĥFJWFHF
UBMVMVJQFOUSVBPGFSJUVUVSPSGFNFJMPSUPU
DFJNBJCVOEJOOBUVSĎ
‚4PQIJF;ÀOPO

(SĎEJOB#PUBOJDĎ:WFT3PDIFSEJOSFHJVOFB-B(BDJMMZ
‡.BSDĎÅOSFHJTUSBUĎEF:WFT3PDIFS
/065èĂ*1&/536¥/(3*+*3&"$0316-6*

'03Ă"/653*5*7è"7&(&5"-6-6*1&/536
6/&'&$5%&1*&-&$"5*'&-"5è
4™.#63&%&$"*4è #30/;%&-*$"5 $&/5&--""4*"5*$"
QSPQSJFUĎĥJEFHPNBK QSPQSJFUĎĥJDFPGFSĎ
(PNBK

'FSNJUBUF
)JESBUBSFğJÅOQMVT 5*"3 
QSPQSJFUĎĥJEFÅOGSVNVTFĥBSF GFSNJUBUFBQJFMJJ
1"3'6.
7*7*'*"/5 1"3'6.
4&/;"Ă*&%&
&7"%"3& %&-*$*04

$PBKBT¹NCVSFMVJEFDBJTĎ
EJO#B[JOVMNFEJUFSBOFBO 'MPBSFEFUJBSÀEJO1PMJOF[JB

#"-4".
&91&35
"/5*$3&ĵ5&3&"1è36-6* '&3.*5"5&
(63"-616-6*
QSPQSJFUĎĥJBOUJDSFğUFSFBQĎSVMVJ
)*%3"5"3& OFEPSJU
)JESBUBSF[JMOJDĎ

"("7&
QSPQSJFUĎĥJIJESBUBOUF &'&$5
.è5è404
"5*/(&3&
$"5*'&-"5è 'SVO[ĎEFDFOUFMMBBTJBUJDĎ
*3&;*45*#*-è EJO.BEBHBTDBS
"41&$5
4"5*/"5 
.è5è404
3ĎEĎDJOĎEFHVSBMVQVMVJEJO$IJOB
4FWĎEFBHBWFEJO.FYJD
QSPWFOJUĎEJOBHSJDVMUVSBCJPMPHJDĎ

/653*Ă*&
.*(%"-" 1*$*036-$0$0ĵ6-6*
QSPQSJFUĎĥJEFDPOHFTUJPOBOUF
$BMNBSF

QSPQSJFUĎĥJOVUSJUJWF "/("+".&/5&-&:7&430$)&3
'JFDBSFQMBOUĎBSFDBSUFBTBEFJEFOUJUBUF
"30." &'&$5
3è$03*503 /PJTFMFDĥJPOĎNQMBOUFMFDVNBSFBUFOĥJFEVQĎ
4™.#63&-6*
%&.*(%"-è PSJHJOFB NPEVMEFDVMUVSĎTBVEFSFDPMUĎTBV
DIJBSEVQĎNFUPEBEFFYUSBDĥJF
1¹OĎMBNBUFSJBMQMBTUJDSFDJDMBUEJO
BNCBMBKFMFOPBTUSF
4¹NCVSFMFEFNJHEBMĎEVMDF  3ĎEĎDJOĎEJOQMBOUB $VBDFFBğJQMĎDFSFğJBDFFBğJFGJDBDJUBUF
QSPWFOJUEJOBHSJDVMUVSBCJPMPHJDĎ QJDJPSVMDPDPğVMVJEJO'SBOĥB

()*%6-  '36.64&Ă**.&-& 
/065èĂ*
()*%

(PNBK
7è%03*Ă*01*&-&$"5*'&-"5è $"*4"7è0'&3è
$"-*5èĂ*-&4"-&
0EBUĎTBVEFEPVĎPSJQFTĎQUĎN¹OĎTFBQMJDĎQSJONBTBKTVCEVğ QFOUSV
PQJFMFEFCFCFMVğ
(PNBK7FHFUBM
5VCNMq$PEq 30/
$0.10/&/Ă*%&03*(*/&7&(&5"-èQVESĎEJOT¹NCVSJEFDBJTĎ TFWĎEFBHBWF QVESĎ
EJOT¹NCVSJEFNJHEBMFğJVMFJEFTVTBOQSPWFOJUFEJOBHSJDVMUVSBCJPMPHJDĎ 
VMFJFTFOĥJBMEFTBSP NBOHJGFSJOĎEJO.BEBHBTDBS

)JESBUBSF
[JMOJDĎ
"7&Ă*1*&-&"%&4)*%3"5"5è %&4$01&3*Ă*4&7"%&"("7&
4FBQMJDĎEJNJOFBĥBTBVTFBSBQFOUSVPQJFMFDBUJGFMBUĎ
)JESBUBOU$BUJGFMBU1JFMFOPSNBMĎTBVVTDBUĎ
'MBDPONMq$PEq 30/
$0.10/&/Ă*%&03*(*/&7&(&5"-èTFWĎEFBHBWFğJVMFJEFTVTBOQSPWFOJUFEJOBHSJDVMUVSB
CJPMPHJDĎ HVNĎEFLPOKBD NBOHJGFSJOĎEJO.BEBHBTDBS

1*&-&"%6./&"70"453è
"3&4&/;"Ă*&%&
¥/5*/%&3& "-&(&Ă*
6-&*6-%&.*(%"-è
4FBQMJDĎEJNJOFBĥBTBVTFBSB
QFOUSVTFO[BĥJBDPOGPSUBCJMĎ
BQJFMJJ
)JESBUBOU/VUSJUJWq1JFMF
VTDBUĎğJGPBSUFVTDBUĎ
'MBDPONMq$PE
 30/
$0.10/&/Ă*%&03*(*/&7&(&5"-è

VMFJEFNJHEBMĎ TFWĎEFBHBWF
ğJVMFJEFTVTBOQSPWFOJUFEJO
BHSJDVMUVSBCJPMPHJDĎ 
NBOHJGFSJOĎEJO.BEBHBTDBS

 
/065èĂ*1&/536¥/(3*+*3&"$0316-6*
130%64& 5&45"5& 46# $0/530- %&3."50-0(*$

1&/536"-615"¥.1053*7"
'FSNJUBUF 


1*&3%&3**'&3.*5èĂ**1*&-** "7&Ă*
6/"-*"5$&/5&--""4*"5*$è
¥OHSJKJSFTQFDJGJDĎQFOUSVGJFDBSF[POĎ
1&/536'&3.*5"5&" -JGUJOHVMQFOUSV#VTUTFBQMJDĎEJNJOFBĥBğJ
1*&-**.6-Ă6.*. TFBSBNJOJNMVOĎEF[JMF QSJONBTBK
$&/5&--&*"4*"5*$& EJOTQSFEFDPMUFVTQSFH¹U&GJDBDJUBUF
4FBQMJDĎNJOVĥJPTEJNJOFBĥB DPOTUBUBUĎBTVQSBB EJOUSFGFNFJMFDBSF
TBVTFBSBQSPEVTVMÅO BVUFTUBUQSPEVTVM
;JMOJD SFEFGJOJĥJDPOUVSVM
)JESBUBOU'FSNJUBUF DPSQVMVJQSJONBTBKDV#BMTBNVM&YQFSU
ÅO)JESBUBOU  'FSNJUBUF  EJOUSFGFNFJBVDPOTUBUBU
'FSNJUBUF GFSNJUBUFBDPSQVMVJ

'MBDPONMq$PE -JGUJOHQFOUSV#VTU
 30/ 'MBDPOQPNQĎNMq$PEq 30/
$0.10/&/Ă*%&03*(*/&7&(&5"-è $0.10/&/Ă*%&03*(*/&7&(&5"-èDFOUFMMBBTJBUJDĎ
DFOUFMMBBTJBUJDĎEJO.BEBHBTDBS  EJO.BEBHBTDBS VMFJEFDPQSBI VOUEFLBSJUÀ 
TFWĎEFBHBWFğJVMFJEFTVTBO VMFJEFTVTBOQSPWFOJUEJOBHSJDVMUVSBCJPMPHJDĎ 
NBOHJGFSJOĎEJO.BEBHBTDBS
QSPWFOJUFEJOBHSJDVMUVSB
CJPMPHJDĎ NBOHJGFSJOĎEJO
#BMTBN&YQFSU'FSNJUBUF
.BEBHBTDBS
1PUNMq$PEq 30/
$0.10/&/Ă*%&03*(*/&7&(&5"-èDFOUFMMBBTJBUJDĎEJO
.BEBHBTDBS VMFJEFTVTBOQSPWFOJUEJOBHSJDVMUVSB
CJPMPHJDĎ DFBSĎEFDBOEFMJMMB VOUEFLBSJUÀ FYUSBDU
EJOTPJB NBOHJGFSJOĎEJO.BEBHBTDBS

&WBMVBSFBFGFDUFMPSDPOTUBUBUFBTVQSBBEFGFNFJ
EVQĎTĎQUĎN¹OJEFVUJMJ[BSFBQSPEVTVMVJ

)JESBUBSFğJ
  ÅOQMVT 

3&%6$&Ă*&1*-è3*-&'3&$7&/5&
$63è%è$*/"%&(63"-616-6*
"QMJDBĥJEJNJOFBĥBTBVTFBSBğJDPOTUBUBĥJFGJDBDJUBUFB
QSPEVTVMVJ
$BMNBSF
ÅO)JESBUBOU"OUJ$SFğUFSFB1ĎSVMVJ/FEPSJU 3&-"9"3&ĵ*
'MBDPONMq$PEq 30/ $"5*'&-"3& "$&"45"
$0.10/&/Ă*%&03*(*/&7&(&5"-èSĎEĎDJOĎEFHVSBMVQVMVJ TFWĎ &45&130.*4*6/&"
EFBHBWFğJVMFJEFTVTBOQSPWFOJUFEJOBHSJDVMUVSBCJPMPHJDĎ  1-"/5&*1*$*036-
NBOHJGFSJOĎEJO.BEBHBTDBS $0$0ĵ6-6*d
4FBQMJDĎQFOUSVQSFWFOJSFBTBV
01*&-&%&7*4$6 EFMBBQBSJĥJBQSJNFMPSTFNOFEF
'-0"3&"%&5*"3  PCPTFBMĎ
6OQSPEVTÅODFPGFSĎIJESBUBSF GFSNJUBUFğJ (FM3ĎDPSJUPS404QFOUSV
CSPO[OBUVSBMEJTDSFU QSPHSFTJW 1JDJPBSF0CPTJUF
ÅO)JESBUBOU#SPO[BOU'FSNJUBUF 'MBDPONMq$PE
'MBDPONMq$PEq 30/  30/
$0.10/&/Ă*%&03*(*/&7&(&5"-èFYUSBDUEJOGMPBSFEF $0.10/&/Ă*%&03*(*/&7&(&5"-è
UJBSÀ DFOUFMMBBTJBUJDĎEJO.BEBHBTDBS TFWĎEFBHBWF
QMBOUBQJDJPSVMDPDPğVMVJ DBTUBO
ğJVMFJEFTVTBOQSPWFOJUFEJOBHSJDVMUVSBCJPMPHJDĎ 
NBOHJGFSJOĎEJO.BEBHBTDBS EJO*OEJBğJVMFJEFTVTBOQSPWFOJUF
EJOBHSJDVMUVSBCJPMPHJDĎ DBNGPS 
NFOUPM NBOHJGFSJOĎEJO.BEBHBTDBS

()*%6-  '36.64&Ă**.&-& 
#3&7&5
%&164

ÅO'SBOĥB
#0#6-%&$"'&"7&3%& 
%&03*1-64%&
&'*$"$*5"5&15461-&Ă&
&GJDJFOĥBDBGFJOFJ Q¹OĎOVEFNVMUVO
1&3'03."/Ăè


3F[VMUBUNFEJVBTVQSBBGFNFJ7BSJBĥJFNFEJFEF DNBTVQSBBEFGFNFJ5FTUğUJJOĥJGJDSFBMJ[BUQFVOFğBOUJPOEFEFGFNFJQSJOBQMJDBSFBQSPEVTVMVJEFEPVĎPSJQF[JQF[POFMFDVQSPCMFNF UJNQEFPMVOĎ

3F[VMUBUNFEJVBTVQSBBGFNFJ7BSJBĥJFNFEJFEF DNBTVQSBBEFGFNFJ5FTUğUJJOĥJGJDSFBMJ[BUQFVOFğBOUJPOEFEFGFNFJQSJOBQMJDBSFBQSPEVTVMVJEFEPVĎPSJQF[JQF[POFMFDVQSPCMFNF UJNQEFPMVOĎ
JOHSFEJFOUCJOFDVOPTDVUBMQSPEVTFMPSQFOUSV
TMĎCJU BGPTUEFQĎğJUĎ
$FSDFUBSFB$PTNÀUJRVF7ÀHÀUBMF‡
:WFT3PDIFSBTFMFDĥJPOBUWBSJFUBUFBEFDBGFB
WFSEFDFBNBJCPHBUDPODFOUSBUĎÅOTVCTUBOĥF
BDUJWF$PGGFB$BOFQIPSB3PCVTUB0BDĥJVOF
TQFDUBDVMBSĎÅNQPUSJWBTUPDĎSJJDFMVMFMPSHSBTF 
/S
461-&Ă&
VOBDUJWQFOUSVTVQMFĥFFYUSFNEFQVUFSOJD
'&3.*5"5&
ÅO'SBOĥB
0TJMVFUĎWJ[JCJMNBJTVQMĎ¥OTG¹SğJU
$JGSĎEFBGBDFSJğJ ‡.BSDĎÅOSFHJTUSBUĎEF:WFT3PDIFS


5FTUğUJJOĥJGJDSFBMJ[BUQFVOFğBOUJPOEFEFGFNFJQSJOBQMJDBSFBQSPEVTVMVJEFEPVĎPSJQF[JQF[POFMFDVQSPCMFNF UJNQEFPMVOĎ
WPMVNÅO
4VSTB5/48PSME
1¹OĎMB


1JFSEFSFÅODNEPWFEJUĎğUJJOĥJGJDÅOOVNBJ[JMF5FTUğUJJOĥJGJDSFBMJ[BUQFVOFğBOUJPOEFEFGFNFJQSJOBQMJDBSFBQSPEVTVMVJEFEPVĎPSJQF[J
1BOFM#FBVUZq QJFSEFSFÅODN

 DN
MBOJWFMVM


¥/
ğPMEVSJMPS ;*-& 

*/07"Ă*&
13*.è7"3"

1¹OĎMB

 DN
MBOJWFMVM


UBMJFJ


EJOUSFGFNFJBV


DPOTUBUBUFGJDBDJUBUFB
QSPEVTVMVJÅNQPUSJWB
DFMVMJUFJ

   

 %FTDPQFSJĥJUSBUBNFOUFMFDPTNFUJDFğJDPSQPSBMFEJO*OTUJUVUVM:WFT3PDIFSXXXZWFTSPDIFSDPN
130%64&5&45"5&46#$0/530-.&%*$"- .*/$&63$"' 7&35
-PĥJVOFQFOUSV3FEVDFSFB /065èĂ*
$FMVMJUFJ ()*%
#PCVMEFDBGFBWFSEFDFBDĥJPOFB[Ď
ÅNQPUSJWBTUPDĎSJJDFMVMFMPSHSBTFFTUF
BTPDJBUFYUSBDUVMVJEJOQMBOUB1JDJPSVMDPDPğV
MVJQFOUSVSFMBOTBSFBNJDSPDJSDVMBĥJFJDVUBOBUF
ğJVMFJVMVJEF"OEJSPCBQFOUSVMJNJUBSFBBDV
NVMĎSJJHSĎTJNJMPS UFTUJOWJUSP
;JEVQĎ[J 
BTQFDUVMQJFMJJFTUFOFUF[JUÅONPEWJ[JCJM
'MBDPONMq$PEq 30/
$0.10/&/Ă*%&03*(*/&7&(&5"-èCPCEFDBGFBWFSEF 

FYUSBDUEJOQMBOUB1JDJPSVMDPDPğVMVJ VMFJEF
BOEJSPCB NFOUPM FYUSBDUEFDBTUBOEJO*OEJB 
FYUSBDUEFLPMB FYUSBDUEFHJOTFOH VMFJFTFOĥJBMEF
NFOUĎTĎMCBUJDĎ VMFJFTFOĥJBMEFDPQBÆCB

-PĥJVOFQFOUSV;POF3FCFMF
#PCVMEFDBGFBWFSEFDFBDĥJPOFB[ĎÅNQPUSJWB
TUPDĎSJJDFMVMFMPSHSBTFFTUFBTPDJBUFYUSBDUVMVJ
EFLPMBQFOUSVESFOBSFBğJGBWPSJ[BSFB
FMJCFSĎSJJHSĎTJNJMPS UFTUJOWJUSP
ğJVMFJVMVJ
FTFOĥJBMEFDPQBÆCBSFDVOPTDVUÅONPE
USBEJĥJPOBMQFOUSVQVUFSFBTBEFDBMNBSF¥O
[JMF SPUVOKJNJMFJOFTUFUJDFBDVNVMBUFTF
EJNJOVFB[ĎÅONPEWJ[JCJM¥OUSPMVOĎEF[JMF 
[POFMFDFMFNBJSF[JTUFOUFTVOUOFUF[JUF
'MBDPOQPNQĎNMq$PE
 30/
$0.10/&/Ă*%&03*(*/&7&(&5"-èCPCEFDBGFBWFSEF 

FYUSBDUEFLPMB VMFJFTFOĥJBMEFDPQBÆCB FYUSBDU


EFDBTUBOEJO*OEJB VMFJEFDBSUIBNF BQĎEF
IBNBNÀMJTCJP

$SFNĎQFOUSV"CEPNFO1MBU
#PCVMEFDBGFBWFSEFDFBDĥJPOFB[Ď
ÅNQPUSJWBDFMVMFMPSHSBTFFTUFBTPDJBU
DPODFOUSBUVMVJEFDBTUBOTĎMCBUJDEJO*OEJB 
SFDVOPTDVUÅONPEUSBEJĥJPOBMQFOUSV
GBWPSJ[BSFBFMJCFSĎSJJHSĎTJNJMPS
$VUJFNMq$PEq 30/
$0.10/&/Ă* %& 03*(*/& 7&(&5"-èFYUSBDUEJO
CPCEFDBGFBWFSEF FYUSBDUEFDBTUBOEJO
*OEJB BQĎEFIBNBNÀMJTCJP

-JGUJOHQFOUSV4JMVFUĎ;JMF
$FOUFMMBBTJBUJDĎ ÅOBTPDJFSFDVCPCVMEF
DBGFBWFSEF FTUFVOBDUJWDPODFOUSBUQVUFSOJD
DFSFEĎGFSNJUBUFBQJFMJJ DBSFğJBEFNPOTUSBU
FGJDBDJUBUFBFYUSBPSEJOBSĎEFTUJNVMBSFBTJOUF[FJ
DPMBHFOVMVJ 
QUBPGFSJGFSNJUBUFĥFTVUVSJMPS
   TUBSUQFOUSVVOEVCMVFGFDUTVQMFĥF
ğJGFSNJUBUFÅOEPBS[JMF
'MBDPOQPNQĎNMq$PE
 30/
$0.10/&/Ă*%&03*(*/&7&(&5"-èFYUSBDUEJOCPC

EFDBGFBWFSEF FYUSBDUEFDFOUFMMBBTJBUJDĎ 
FYUSBDUEFHJOTFOH FYUSBDUEFDBTUBOEJO
*OEJB VMFJEFTVTBOCJP FYUSBDUQVSJGJDBUPS
EFBQIMPÆB


5FTUFJOWJUSPBTVQSBDFMVMFMPSEFMBOJWFMVMEFSNFJ
"3/*$"&44&/5*&-

"3/*$" '36.0"4è
ĵ*%&-*$"5è1™/è¥/
7™3'6-6/()**-03
1FOUSVDĎBSOJDBNPOUBOBFTUFPQMBOUĎEJODFÅODFNBJ
SBSĎ :WFT3PDIFSTFBOHBKFB[ĎTĎDVMUJWFÅO-B(BDJMMZ
BSOJDBDIBNJTTPOJTQSPWFOJUĎEJOBHSJDVMUVSBCJPMPHJDĎ
&OBUVSBMğJGJSFTDTĎQSPUFKĎNQMBOUFMFBğBDVNğJFMF
QSPUFKFB[ĎGSVNVTFĥFBQJFMJJOPBTUSFd

13&Ă
"53"$5*7

    

1305&+&";è 3&(&/&3&";è ¥/'36.64&Ă&";è $63èĂè'è3è"1è

"SOJDB
130%64& 5&45"5& 46# $0/530- %&3."50-0(*$ QSPWFOJUĎEJO"HSJDVMUVSB
#JPMPHJDĎ

$SFNĎ;JMOJDĎ)JESBUBOUĎQFOUSV.¹JOJ 6MFJ1SFĥJPTQFOUSV.BTBKVM.¹JOJMPSğJ6OHIJJMPS
1FOUSVQSPUFDĥJBğJIJESBUBSFB[JMOJDĎBN¹JOJMPSEVNOFBWPBTUSĎ 0DVSĎEFGSVNVTFĥFQFOUSVOVUSJĥJB DBUJGFMBSFBğJSFHFOFSBSFBN¹JOJMPS
5VCNMq$PEq 30/ 'MBDPONMq$PEq 30/
$0.10/&/Ă*%&03*(*/&7&(&5"-èFYUSBDUEFBSOJDBCJP VMFJEFDPM[B $0.10/&/Ă*%&03*(*/&7&(&5"-èFYUSBDUEFBSOJDBCJP VMFJEFDPM[B VMFJEF
TUSVHVSF VMFJEFUSBOEBGJSUĎN¹JPT
$SFNĎÅOQFOUSV¥OGSVNVTFĥBSFB
.¹JOJMPSğJ6OHIJJMPS (FM"OUJ#BDUFSJBO404.¹JOJ$VSBUF
.¹JOJGSVNPBTFğJVOHIJJÅOHSJKJUFHSBĥJFWJUBNJOFJ# 1FOUSVTQĎMBSFBN¹JOJMPSGĎSĎBQĎğJTĎQVO
5VCNMq$PEq 30/ 5VCNMq$PEq 30/
$0.10/&/Ă*%&03*(*/&7&(&5"-èFYUSBDUEFBSOJDBCJP VMFJEFTUSVHVSF 
FYUSBDUEFNBOHP $SFNĎ)SĎOJUPBSFQFOUSV.¹JOJ¥NQPUSJWB'SJHVMVJ
5VCNMq$PEq 30/
#BMTBN3FQBSBUPSQFOUSV.¹JOJ
)JESBUBSFB OVUSJĥJBğJÅOHSJKJSFBN¹JOJMPSÅOUJNQVMOPQĥJJ
5VCNMq$PEq 30/
$0.10/&/Ă*%&03*(*/&7&(&5"-èFYUSBDUEFBSOJDBCJP VMFJEFTUSVHVSF  1SPEVTFGĎSĎJNBHJOF
VMFJEFTPJB

 1FOUSVPMVNFNBJWFSEF BMĎUVSBĥJWĎOPVĎQFXXXZWFTSPDIFSDPN
-"7"/%&&44&/5*&--&

-"7"/%" 3&-"9"5è
1™/è¥/7™3'6-
1*$*0"3&-03
1FOUSVDĎBDFBTUĎQMBOUĎBSFVOFGFDUDBMNBOUğJ
SFMBYBOU :WFT3PDIFSDVMUJWĎğJSFDPMUFB[ĎÅO%SËNF
-BWBOEB"OHVTUJGPMJBQSJOBHSJDVMUVSBCJPMPHJDĎ
3FMBYBUĎ TVOUFĥJğJNBJGSVNPBTĎ

13&Ă
"53"$5*7

    

3&-"9&";è 3è$03&ĵ5& ¥/'36.64&Ă&";è

-BWBOEB
130%64& 5&45"5& 46# $0/530- %&3."50-0(*$ QSPWFOJUĎEJO"HSJDVMUVSB
#JPMPHJDĎ

$SFNĎ$POGPSU.BYJNQU1JDJPBSF6TDBUF $SFNĎ%FPEPSBOUQFOUSV1JDJPBSF .BTDĎQFOUSV¥OHSJKJSFB1JDJPBSFMPS


0GFSJĥJQJDJPBSFMPSEWTVTDBUFVONBTBKSFMBYBOU DV&GFDU1VESBUPSF .JOVUF
DVBDFBTUĎDSFNĎDSFBUĎTQFDJBMQFOUSVOVUSJĥJB "TJHVSĎQFUPBUĎEVSBUB[JMFJQSPTQFĥJNFB ¥OOVNBJNJOVUF BDFBTUĎNBTDĎWBBDĥJPOB
ğJDPOGPSUVMMPS QJDJPBSFMPSVTDBUF BTVQSBBTQFSJUĎĥJMPSğJTFO[BĥJFJEFPCPTFBMĎB
5VCNMq$PEq 30/ 5VCNMq$PEq 30/ QJDJPBSFMPS
$0.10/&/Ă*%&03*(*/&7&(&5"-èVMFJFTFOĥJBMEFMBWBOEĎğJ $0.10/&/Ă*%&03*(*/&7&(&5"-èVMFJFTFOĥJBMEFMBWBOEĎğJBQĎ 5VCFNMq$PEq 30/
BQĎEFMBWBOEĎCJP VOUEFLBSJUÀ VMFJEFNBDBEBNJB  EFMBWBOEĎCJP VMFJFTFOĥJBMEFNFOUĎTĎMCBUJDĎ NFOUPM $0.10/&/Ă*%&03*(*/&7&(&5"-èVMFJFTFOĥJBMEFMBWBOEĎ
VMFJEFBWPDBEP VMFJEFDPQSBI VOUEFJMMJQF ğJBQĎEFMBWBOEĎCJP VOUEFLBSJUÀ VMFJEF
(PNBKQFOUSV1JDJPBSF3FMBYBUFDV1JBUSĎ NBDBEBNJB VMFJEFKPKPCB VMFJEFDPQSBI 
DFBSĎEFDBSOBVCB DFBSĎEFDBOEFMJMMB
(FM3ĎDPSJUPS"OUJ0CPTFBMĎ 1PODF/BUVSBMĎ
QFOUSV.BTBKVM1JDJPBSFMPS $VSBEFÅOGSVNVTFĥBSFDBSFÅOEFQĎSUFB[ĎUPBUF
$BMNFB[ĎTFO[BĥJBEFQJDJPBSFÅOGJFSC¹OUBUFğJHBNCFMF BTQFSJUĎĥJMFOFQMĎDVUF
PCPTJUFDBSFğJSFDBQĎUĎMFKFSJUBUFBğJDPOGPSUVM 5VCNMq$PEq 30/
'MBDPONMq$PEq 30/ $0.10/&/Ă*%&03*(*/&7&(&5"-èVMFJFTFOĥJBMEFMBWBOEĎ
5VCFNMq$PEq 30/ ğJBQĎEFMBWBOEĎCJP QVESĎEJOT¹NCVSJEFDBJTĎ

()*%6-  '36.64&Ă**.&-& 
)".". -*4

)".". -*4 
¥/(3*+*Ă*7è$0316-
$"-."/5 $6%&-*$"5&Ă&
1SPWFOJUEJOBHSJDVMUVSBCJPMPHJDĎ 
IBNBNÀMJTVMDBMNFB[Ď
ğJÅOHSJKFğUFDVEFMJDBUFĥFQJFMFBÅOUSFHJJGBNJMJJ
)BNBNÀMJT
QSPWFOJUEJO"HSJDVMUVSB
$SFOHVĥĎEFIBNBNÀMJT  #JPMPHJDĎ
TQFDJBMDVMUJWBUĎ
ÅO-BOEFT 'SBOĥB
 "/("+".&/5&-&:7&430$)&3
p&YUSBDUVMEFIBNBNÀMJTQSPWFOJUEJOBHSJDVMUVSBCJPMPHJDĎ
p1SPEVTFUFTUBUFTVCDPOUSPMEFSNBUPMPHJD
pQ)OFVUSVQFOUSVQJFMF
p1BSGVNGĎSĎBMFSHFO
p#B[ĎEFDVSĎĥBSFEFPSJHJOFWFHFUBMĎ
p'ĎSĎDPMPSBOU
p'PSNVMFEFDVSĎĥBSFOFUPYJDFQFOUSVNFEJVMÅODPOKVSĎUPS
'03."5
'".*-*"-

13&Ă
"53"$5*7  /065èĂ*
()*%
  

3F[FSWBVUJMJ[FB[ĎDVNBJ
QVĥJONBUFSJBMQMBTUJDEFD¹U
GMBDPOVMPSJHJOBM

 %FTDPQFSJĥJUPBUFOPVUĎĥJMFOPBTUSFQFXXXZWFTSPDIFSDPN
130%64& 5&45"5& 46# $0/530- %&3."50-0(*$
1& 1*&-&" 4&/4*#*-è

(FMEF%Vğ%FMJDBU
6OHFMEFEVğEFMJDBUDFSFTQFDUĎQJFMFB
1SPQSJFUĎĥJMFDBMNBOUFBMFIBNBNÀMJTVMVJCJPÅOUSPCB[ĎEF
DVSĎĥBSFEFMJDBUĎQFOUSVQJFMFBTFOTJCJMĎBÅOUSFHJJGBNJMJJ
'MBDPONMq$PEq 30/
3F[FSWĎNMq$PEq 30/

(FMEF%Vğ%FMJDBU.BYJ
'MBDPONMq$PEq 30/

(FMEF%Vğ%FMJDBUÅO 
'MBDPONMq$PEq 30/

4ĎQVO(FM%FMJDBUQFOUSV.¹JOJ
.¹JOJDVSBUFğJDBUJGFMBUFQFOUSVÅOUSFBHBGBNJMJF
'MBDPOQPNQĎNMq$PEq 30/
3F[FSWĎNMq$PEq 30/

ĵBNQPO)BNBNFMJTÅO
"DFTUğBNQPOVMUSBQSBDUJDEFTDVSDĎ ÅOHSJKFğUFğJPGFSĎ
TUSĎMVDJSFQĎSVMVJÅOUSFHJJGBNJMJJ
'MBDPONMq$PEq 30/

ĵBNQPO%FMJDBU
'MBDPONMq$PEq 30/
3F[FSWĎNMq$PEq 30/
'MBDPONMq$PEq 30/

-BQUF%FMJDBUQFOUSV$PSQ 
'MBDPONMq$PEq 30/
'MBDPONMq$PEq 30/

%FPEPSBOU3PMMPO%FMJDBU 
'MBDPOCJMĎNMq$PEq 30/

1SPEVTFGĎSĎJNBHJOF

ĵ".10/453è-6$*503
/065"5&
()*%

453è-6$*3&1&/5361è36-.&6
3&41&$51&/5361-"/&5è
ĵ".10/6-1&/536453è-6$*3&FTUFDFSUJGJDBUEJOQVODUEFWFEFSFFDPMPHJDGSVNVTFĥFğJTUSĎMVDJSFQFOUSVQĎS 
SFTQFDUQFOUSVQMBOFUĎ
6OğBNQPODFSFTQFDUĎUPBUFUJQVSJMFEFQĎS EBSÅOBDFMBğJUJNQğJNFEJVMÅODPOKVSĎUPS :WFT3PDIFS DPSFTQVO[ĎUPS
WBMPSJMPSğJFYJHFOĥFMPSEVNOFBWPBTUSĎ
ĵBNQPO4USĎMVDJUPS$FSUJGJDBU&DPMBCFM
'MBDPONMq$PEq 30/

&5*$)&5"&$0-0(*$è&6301&"/è
TFBDPSEĎQSPEVTFMPSDBSFÅOEFQMJOFTDBOVNJUFDSJUFSJJÅODFFBDFQSJWFğUFSFTQFDUVM
ğJQSPUFKBSFBNFEJVMVJÅODPOKVSĎUPS
p0GPSNVMĎVğPSCJPEFHSBEBCJMĎDFDPOUSJCVJFMBSFEVDFSFBQPMVĎSJJBQFMPSV[BUF
p6OBNCBMBKDPNQMFUSFDJDMBCJM
p6ONPEEFGBCSJDBĥJFDFSFTQFDUĎNFEJVMÅODPOKVSĎUPS DPOUSPMBUÅOGJFDBSFFUBQĎEFQSPEVDĥJF
p6OQSPEVTMBGFMEFFGJDJFOUQSFDVNVOQSPEVTDPNQBSBCJMOFDFSUJGJDBUFDPMPHJD 
4è453è-6$&4$
TĎGJVGSVNPBTĎMBPSJDFW¹STUĎ

 #3&7&5&"/5*3*%
$04. 5*26&7 ( 5"-&‡
PMJHP[JEFEJONĎS

p%*/ 130%64&-&/0"453&'*/*5&
/6."*46/55&45"5&1&"/*."-&

p/*$*6/$0.10/&/5%&03*(*/&"/*."-è¥/
'03.6-&-&/0"453&

 XXXZWFTSPDIFSDPN
/3ÅO'SBOĥB
¥/(3*+*3&"
¥/(3*+*3&"/5*3*%
5&/6-6*
¥ODJGSĎEFBGBDFSJğJ
WPMVN
4VSTB5/48PSME1BOFM
#FBVUZDVNVMBOVBM
Q¹OĎÅOTFQUFNCSJF

13*.&-&3*%63* '&3.*5"5&
3FMBOTBĥJ *OPTJUPM7ÀHÀUBM 6OUFOSFEFGJOJU 4ÀSVN7ÀHÀUBM
SFTQJSBĥJBDFMVMBSĎ FYUSBTEJOPSF[WFSEF DVHBMBDUP[JEFEJOUBSB
Q Q

3*%63*453è-6$*3& 3&4536$563"3&

4ÀSVN7ÀHÀUBM  3JDIF$S¿NF
DVPMJHP[JEFEJONĎS Q DVPNFHBEJOVMFJ
0GFSJĥJUFOVMVJ 3FHFOFSBĥJWĎ EFTPJB     Q
TUSĎMVDJSFğJGFSNJUBUF 3*%63*'&3.*5"5& GSVNVTFĥFB
4ÀSVN7ÀHÀUBM 3&(&/&3"3&
DVPMJHP[JEFEJONĎS 3JDIF$S¿NF
HVNĎEFTBMD¹N Q DVEFVMFJVSJQSFĥJPBTF Q

-"03*$&7™345è  130%64&&91&35
BDĥJPOBĥJÅNQPUSJWBGBDUPSJMPSFYUFSJPSJ $VSF4PMVUJPOT Q
DBSFBDDFMFSFB[ĎÅNCĎUSÅOJSFBUFOVMVJ

1FOUSVDĎEJOUPUEFBVOBDFSDFUĎUPSJJ
OPğUSJÅOEPNFOJVM$04. 5*26&
7 ( 5"-&‡BVğUJVUTĎWĎBTDVMUF 
FJğUJVTĎSĎTQVOEĎOFWPJMPSğJ
EPSJOĥFMPSTQFDJGJDFUFOVMVJ
EVNOFBWPBTUSĎ MBPSJDFW¹STUĎ
‡.BSDĎÅOSFHJTUSBUĎEF:WFT3PDIFS
3&-"/4"Ă*3&41*3"Ă*"$&-6-"3è

03&;6-7&3%& 
09*(&/
1&/5365&/
$PTNÀUJRVF7ÀHÀUBMF‡
:WFT3PDIFSBFYUSBTJOPTJUPMVM
WFHFUBMEJOPSF[VMWFSEFFM
SFTQJSĎ DIJBSEBDĎTFEF[WPMUĎTVC
BQĎ
$IJBSÅOJOJNBQJFMJJ FMBSF
DBQBDJUBUFBEFBSFMBOTBSFTQJSBĥJB
DFMVMBSĎQFOUSVBSFEVDFGPSNBSFB
SJEVSJMPS BSFBDUJWBIJESBUBSFBğJ
QSPUFDĥJBOBUVSBMĎBQJFMJJ
5FOVMSFTQJSĎEJOQMJO TUSĎMVDJOE
EFGSVNVTFĥF JBSTFOJOĎUBUFB
UJOFSFĥJJFTUFPDSPUJUĎ
‡.BSDĎÅOSFHJTUSBUĎEF:WFT3PDIFS

03&;7&3%& "-&(&Ă*7è'36.64&Ă&"
-BEFBOJ UJOFSFĥFBFTUFFWJEFOUĎ/JDJP
JNQFSGFDĥJVOFOVUSFCVJFTĎBQBSĎQFDIJQVM
EVNOFBWPBTUSĎ"DFBTUBFTUFW¹STUBBMFHFSJMPS
4ĎBMFHJBTUĎ[JDVNWFJBSĎUBN¹JOF4ĎGBDJ[JMOJD
HFTUVSJDBSFWPSBWFBJNQPSUBOĥĎNVMUUJNQEFBDVN
ÅOBJOUF1FOUSVDIJQVMUĎV1FOUSVQMBOFUĎ(FTUVSJ
TJNQMF QSPEVTFBEFWĎSBUFQFOUSVVOWJJUPSEFUPBUĎ
GSVNVTFĥFB

#3&7&5
%&164

ÅO'SBOĥB
*/04*50-7 ( 5"-

&$0$0/$&1Ă*"¥/7*;*6/&"-6*:7&430$)&3
p:WFT3PDIFSBDĥJPOFB[ĎQFOUSVTBMWBSFBQMBOFUFJ DBğJEVNOFBWPBTUSĎ
'BDFĥJPEPOBĥJFQFOUSVQMBOUBSFBBSCPSJMPS
SF[FSWĎEF*OPTJUPM7ÀHÀUBMDVNQĎSBUĎBSCPSFQMBOUBU
QFOUSVNBJNVMUFEFUBMJJWJ[JUBĥJTJUFVMXXXZWFTSPDIFSDPN

p(¹OEJĥJWĎTĎÅODIJEFĥJBQBEFMBSPCJOFUÅOUJNQVMEFNBDIJFSJJÅONJOVUF
TFDPOTVNĎMJUSJEFBQĎ
p6UJMJ[BĥJVOTJOHVSEJTDEJOCVNCBDQFOUSVPEP[ĎEFQSPEVTEFNBDIJBOU

 5FTUJOWJUSP
3&41*3"Ă*&$&-6-"3è
3&"$5*7"5è

    

130(3".13*.&-&3*%63* 130%64& 5&45"5& 46# $0/530- %&3."50-0(*$

$3&.&-&%&;* $3&."%& $3&."41&$*'*$è $3&."1&/536


$SFNBEF[JOFUF[FğUFğJ 0DSFNĎIJESBUBOUĎEF[J /0"15& 1&/5360$)* 453è-6$*3&
PGFSĎTUSĎMVDJSFUFOVMVJ DFDPOĥJOFBVUPCSPO[BOUÅO $SFNBEFOPBQUF*OPTJUPM 0DSFNĎQFOUSVDPOUVSVM 3FEBĥJTUSĎMVDJSFBUFOVMVJ
$SFNĎEF;J DBOUJUBUFSFEVTĎQFOUSVB 7ÀHÀUBMNVMUJQMJDĎQVUFSJMF PDIJMPSDBSFTFBEBQUFB[Ď BDĥJPO¹OEEJSFDUMBTVSTĎ
1SJNFMF3JEVSJ PGFSJDIJQVMVJMVNJOP[JUBUF  SFHFOFSBUPBSFğJEF QFSGFDUBDFTUFJ[POFGSBHJMF HSBĥJFBMGBIJESPYJBDJ[JMPS
$VUJFNMq$PE BTQFDUCSPO[BUOBUVSBM  SFDVQFSBSFEJOUJNQVMOPQĥJJ &BBTDVOEFPGPSNVMĎ EJOMĎN¹JFğJQFDUJOFJEJO
 30/ QFSGFDUVOJGPSN GĎSĎVSNF -BUSF[JSF UFOVMFTUFNBJ FYUSFNEFBDUJWĎÅNQPUSJWB NĎS7FĥJBWFBVOUFONBJ
3F[FSWĎNMq$PE $SFNĎ"VUPCSPO[BOUĎ PEJIOJUğJNBJMVNJOPT QSJNFMPSSJEVSJEJOKVSVM TUSĎMVDJUPSDBOJDJPEBUĎ
 30/ 5FO4VCMJN $SFNĎEF/PBQUF PDIJMPSEFOVNJUFQPQVMBS $SFNĎEF;J
5VCNMq$PE 5VCNMq$PE 1SJNFMF3JEVSJ oUBMQBH¹ğUFJo BDFBSDĎOFMPS 1SJNFMF3JEVSJ&GFDUEF
 30/  30/ $VUJFNMq$PE ğJBDFMPSMBMUFTFNOFEF -VNJOP[JUBUF5.
$0.10/&/Ă*%&03*(*/&7&(&5"-è $0.10/&/Ă*%&03*(*/&7&(&5"-è  30/ PCPTFBMĎ $VUJFNMq$PE
FYUSBDUEFPSF[ FYUSBDUEF FYUSBDUEFPSF[ BQĎEF 3F[FSWĎNMq$PE $SFNĎQFOUSV¥OHSJKJSFB  30/
QPSVNC BMCĎTUSFB VMFJEFTUSVHVSF   30/ 1SJNFMPS3JEVSJEJOKVSVM 3F[FSWĎNMq$PE
1SJNFMFSJEVSJWJ[JCJMF VMFJEFDPQSBI $0.10/&/Ă*%&03*(*/&7&(&5"-è 0DIJMPS  30/
FYUSBDUEFPSF[ DFSBNJEFEJO 5VCNMq$PE
ğJSJEVSJMFGJOF ;JVBFGFDUCSPO[BOU 5FOMVNJOPT
PSF[ VMFJEFTUSVHVSF VOUEF  30/
TVOUOFUF[JUF TVCMJNHBSBOUBU LBSJUÀ 1SPDFOUEFTBUJTGBDĥJF
5FTUğUJJOĥJGJDq/FUF[JSFBSJEVSJMPS 5FTUQFCB[ĎJOTUSVNFOUBMĎq5FO &GFDUEFOFUF[JSF &GJDBDJUBUFDPOTUBUBUĎBTVQSBB
NĎTVSBUĎQFEJOUSVOFğBOUJPO DVBTQFDUCSPO[BUOBUVSBMÅO[POB 5FOOFUFEğJ 5FTUQFCB[ĎJOTUSVNFOUBMĎq
EFGFNFJÅOVSNBUFTUVMVJEFPMVOĎ
EFVUJMJ[BSF
EFGFNFJEVQĎ[JMFEFVUJMJ[BSF QPNFĥJMPSPCSBKJMPSPCTFSWBUEVQĎ EFUFOTJPOBU 3FEVDFSFBQSPGVO[JNJJSJEVSJMPSÅO
[JMFEFVUJMJ[BSFQF EJOUSVO NFEJFDV NĎTVSBUĎQF
1SPDFOUEFTBUJTGBDĥJF
FğBOUJPOEFEFGFNFJ EJOUSVOFğBOUJPOEFGFNFJEVQĎ
&GJDBDJUBUFDPOTUBUBUĎEFEFGFNFJ
 [JMFEFVUJMJ[BSF
EVQĎMVOĎEFVUJMJ[BSF

()*%6-  '36.64&Ă**.&-& 
453è-6$*3&"ĵ*'&3.*5"5&"5&/6-6*

0-*(0;*%&%*/.è3

 #3&7&5&"/5*3*%
$04. 5*26&7 ( 5"-&‡

("3"/Ă*&1&3'03."/Ăè4 36.7 ( 5"-
0MJHP[JEFMFEJONĎS CSFWFUFBOUJSJEFYDMVTJWF$PTNÀUJRVF
7ÀHÀUBMF‡ÅO'SBOĥBğJMBOJWFMJOUFSOBĥJPOBM BOJEFDFSDFUBSF
1SPEVTFUFTUBUFQFBQSPYJNBUJWEFGFNFJ
1FTUFEFUFTUFEFFGJDBDJUBUFSFBMJ[BUFTVCDPOUSPMDMJOJD
5FTUFEFFGJDBDJUBUFBOUJSJE TUSĎMVDJSFğJGFSNJUBUFJOJĥJBUFEF$&3$0 
DFOUSVMEFFYQFSUJ[ĎDMJOJDĎBDSFEJUBUEF.JOJTUFSVM4ĎOĎUĎĥJJEJO'SBOĥB
6OOPVQBSGVNUFTUBUğJDPOTVMUBUÅOQSFBMBCJMEFQFTUFEFGFNFJ
*OPDVJUBUFUFTUBUĎTVCDPOUSPMEFSNBUPMPHJD

$FOUSVEFTUVEJJğJDFSDFUBSFÅODPTNFUPMPHJF
‡.BSDĎÅOSFHJTUSBUĎEF:WFT3PDIFS
4 36.7 ( 5"-

0-*(0;*%&-&%*/.è3 "$Ă*6/&
15$03&$5"3&"3*%63*-03
¥OJOJNBGSVDUVMVJEFNĎS BU¹UEFCPHBUÅOOVUSJFMFNFOUFBDUJWF 
DFSDFUBSFB$PTNÀUJRVF7ÀHÀUBMF‡:WFT3PDIFSBDSFBUVOFYUSBDUBOUJSJE /065èĂ*
()*%
DPODFOUSBUğJFYUSFNEFQVUFSOJDPMJHP[JEFMFEJONĎS"DFTUBDUJWFYDMVTJW
BDĥJPOFB[ĎÅNQPUSJWBSJEVSJMPSğJQJFSEFSJJTUSĎMVDJSJJUFOVMVJ5FOVM
EVNOFBWPBTUSĎFTUFSFTUSVDUVSBU SJEVSJMFTVOUFTUPNQBUF OFUF[JUF JBS
DIJQVMÅğJSFHĎTFğUFGSVNVTFĥFBğJTUSĎMVDJSFB

 5FTUFJOWJUSP
"40$*&3&
$&-6-"3è

  

130(3".3*%63*453è-6$*3& 130%64& 5&45"5& 46# $0/530- %&3."50-0(*$

$3&."%&;* $3&."%&/0"15& $3&."41&$*'*$è


%FMBQSJNBBQMJDBSFHSBĥJFQBSUJDVMFMPSTBMF "DFBTUĎDSFNĎTFBEBQUFB[ĎQFSGFDUSJUNVMVJ "DFBTUĎDSFNĎTQFDJBMĎQFOUSV[POFMFGSBHJMF ÅOUSP
TJEFGBUFOFUF[FğUFSJEVSJMFğJSFEFGJOFğUF OPDUVSOEFÅOHSJKJSFBUFOVMVJQFOUSVNFOĥJOFSFB UFYUVSĎEFMJDBUĎğJQVUFSOJDDPODFOUSBUĎUSBUFB[ĎÅO
TUSĎMVDJSFBUFOVMVJ%VQĎMVOĎEFVUJMJ[BSF UJOFSFĥJJQJFMJJğJSFHFOFSBSFBĥFTVUVSJMPS QSPGVO[JNFDPOUVSVMPDIJMPS BU¹UEJNJOFBĥBD¹UğJ
SFEVDFÅONPEFGJDJFOUSJEVSJMFQSPGVOEFğJ "DĥJPOFB[ĎÅONPEFGJDJFOUÅNQPUSJWBSJEVSJMPSğJ TFBSB3FEVDFSJEVSJMFDVBTQFDUEFoUBMQBH¹ğUFJo 
SFBDUJWFB[ĎTUSĎMVDJSFBJOUFOTĎBUFOVMVJ SFEĎTUSĎMVDJSFBQSPGVOEĎBUFOVMVJ ÅOEFQĎSUFB[ĎDFBSDĎOFMF EFDPOHFTUJPOFB[Ď
$SFNĎEF;JDV&GFDU4USĎMVDJUPS $SFNĎEF/PBQUFDV&GFDU4USĎMVDJUPS TFNOFMFEFPCPTFBMĎğJPGFSĎMVNJOP[JUBUFQSJWJSJJ
$VUJFNMq$PE $VUJFNMq$PE HSBĥJFQBSUJDVMFMPSTBMFTVCUJMTJEFGBUF
 30/  30/ $SFNĎQFOUSV4USĎMVDJSFB1SJWJSJJ
5FOOFUFEğJDBUJGFMBUDIJBSEFMBQSJNB 3FEVDFSFBÅOQSPGVO[JNFBSJEVSJMPS 5VCNMq$PE
5FTUğUJJOĥJGJDq3FEVDFSFBÅOQSPGVO[JNFBSJEVSJMPSÅONFEJF
BQMJDBSF  30/
1SPDFOUEFTBUJTGBDĥJF&GJDBDJUBUFDPOTUBUBUĎEFEFGFNFJ DV NĎTVSBUĎQFEJOUSVOFğBOUJPOEFEFGFNFJ
JNFEJBUEVQĎBQMJDBSF 3FEVDFSFBSJEVSJMPSDVBTQFDUEFoUBMQB
EVQĎMVOĎEFVUJMJ[BSF
H¹ğUFJo
5FTUğUJJOĥJGJDq3FEVDFSFBÅOQSPGVO[JNFBSJEVSJMPSEFFYQSFTJF
ğJBDFMPSDVBTQFDUEF„UBMQBH¹ğUFJ’ÅONFEJFDV NĎTVSBUĎ
QFEJOUSVOFğBOUJPOEFEFGFNFJEVQĎMVOĎEFVUJMJ[BSF

130%64&-&%&."$)*"/5& ĵFSWFĥFMF%FNBDIJBOUFDV&GFDU
-BQUF%FNBDIJBOUDV&GFDUEF/FUF[JSF -PĥJVOFQFOUSV4USĎMVDJSFB5FOVMVJ %FUFOTJPOBOU
'MBDPONMq$PEq 30/ 'MBDPONMq$PEq 30/ EFğFSWFĥFMFq$PEq 30/

1SPEVTFGĎSĎJNBHJOF
()*%6-  '36.64&Ă**.&-& 
/065èĂ*
()*%

0#*&$5*7'&3.*5"5&
0-*(0;*%&-&%*/.è3
ĵ*(6."%&4"-$™.
153&4536$563"3&"
5&/6-6*
$FSDFUBSFB$PTNÀUJRVF7ÀHÀUBMF‡:WFT3PDIFSB
BTPDJBUFGJDBDJUĎĥJJJODSFEJCJMFB0MJHP[JEFMPSEJO.ĎS
QVUFSFBSFTUSVDUVSBOUĎB(VNFJEF4BMD¹NEJO
4FOFHBM4VCTUBOĥBBDUJWĎFYUSBTĎEJOBDFBTUĎHVNĎ
DSFFB[ĎNBUFSJBQJFMJJğJÅJDPOGFSĎGFSNJUBUF

 5FTUJOWJUSP
$0-"(&/ĵ*
"$*%)*"-630/*$

  

130%64& 5&45"5& 46#


130(3".3*%63*'&3.*5"5& $0/530- %&3."50-0(*$

$3&."%&;* $3&."%& $3&."41&$*'*$è


"DFBTUĎDSFNĎBDĥJPOFB[ĎÅO /0"15& (SBĥJFQFOTVMFJTBMFTQFDJBMF 
QSPGVO[JNF FTUPNQFB[Ď ¥OUJNQVMTPNOVMVJ BUVODJ BDFTUDPSFDUPSBDPQFSĎDV
SJEVSJMFGJOFğJQSPGVOEF  D¹OEQJFMFBÅğJBDUJWFB[Ď QSFDJ[JFSJEVSJMFQSPGVOEFEJO
SFEFGJOFğUFDPOUVSVMDIJQVMVJ QSPDFTVMEFSFHFOFSBSF  [POBGSVOĥJJ BPDIJMPSğJQMJVSJMF
'PSDF $SFNĎ BDFBTUĎDSFNĎQVUFSOJD OBTPHFOJFOF
3FTUSVDUVSBOUĎEF;J DPODFOUSBUĎDPOUSJCVJFMB $PSFDUPS"OUJ3JE
$VUJFNMq$PE FTUPNQBSFBÅOQSPGVO[JNFB DV1FOTVMĎ
 30/ SJEVSJMPSWJ[JCJMF SFEFOTJGJDBSFB 1FOTVMĎ NMq$PE
3FEVDFSFBSJEVSJMPS ğJSFEBSFBGFSNJUĎĥJJQJFMJJ  30/
QSPGVOEF 'PSDF $SFNĎ &GJDBDJUBUFDPOTUBUBUĎMB
5FTUğUJJOĥJGJDq3FEVDFSFBÅO 3FTUSVDUVSBOUĎEF/PBQUF OJWFMVMDFMPSNBJQSPGVOEF
QSPGVO[JNFBSJEVSJMPSÅONFEJFDV
$VUJFNMq$PE SJEVSJ
 NĎTVSBUĎQFEJOUSVO 5FTUğUJJOĥJGJDq3FEVDFSFBWPMVNVMVJ
FğBOUJPOEFEFGFNFJJNFEJBUEVQĎ  30/ EFSJEVSJNĎTVSBUĎğJDPOTUBUBUĎBTVQSB
BQMJDBSF 5FOSFTUSVDUVSBU BQFTUFEJOUSVOFğBOUJPOEFEF
1SPDFOUEFTBUJTGBDĥJFqFGJDBDJUBUF GFNFJJNFEJBUEVQĎVUJMJ[BSF
DPOTUBUBUĎEFEFGFNFJEVQĎ
MVOĎEFVUJMJ[BSF

 XXXZWFTSPDIFSDPN
6/5&/3&%&'*/*5
4 36.7 ( 5"-("-"$50;*%&%*/5"3"

#3&7&5

"3#03&-&5"3"$6
%&164

ÅO'SBOĥB

&'&$5%&5&/4*0/"/5
$FSDFUBSFB$PTNÀUJRVF7ÀHÀUBMF‡:WFT3PDIFS
BTFMFDĥJPOBUBSCPSFMFUBSB BMFDĎSVJTFNJOĥFDPOĥJO
NPMFDVMFWFHFUBMFDBQBCJMFTĎPGFSFPBDĥJVOFJOFEJUĎ
PWBMVMVJDIJQVMVJğJTĎSFJOJĥJF[FMFHĎUVSBFQJEFSNJDĎ
5FOVMFTUFSFMBYBU JBSPWBMVMGFĥFJFTUFSFEFGJOJUÅO
NPEQSPHSFTJW
‡.BSDĎÅOSFHJTUSBUĎEF:WFT3PDIFS

 5FTUJOWJUSP
464Ă*/&3&"-&(è563**
%&3.è&1*%&3.è

4&.*/Ă&%&5"3"

 

130(3".1&/536'&3.*5"5& 130%64& 5&45"5& 46# $0/530- %&3."50-0(*$

$3&."%&;*ĵ*%&/0"15& $3&."41&$*'*$è
1FOUSVSFDPOUVSBSFBUSĎTĎUVSJMPSğJSFEFGJOJSFBPWBMVMVJGFĥFJ%FMBQSJNB &GFDUMJGUJOHMBOJWFMVMQMFPBQFMPSHSBĥJFBDFTUFJDSFNFTQFDJBMF%VQĎP
BQMJDBSF UFYUVSBTBVMUSBDPOGPSUÅOWFMFğUFQJFMFBDVPUFYUVSĎJOWJ[JCJMĎDV MVOĎEFVUJMJ[BSFDPOUVSVMPDIJVMVJFTUFSFEFGJOJU JBSQSJWJSFBÅğJSFHĎTFğUF
SPMEFÅOUJOEFSF5FOVMÅğJSFDBQĎUĎUPOJDJUBUFB JBSUSĎTĎUVSJMFDIJQVMVJTVOU ÅOUSFBHBTUSĎMVDJSFğJEFWJOFNVMUNBJMVNJOPBTĎ
SFHFOFSBUFÅONPEWJ[JCJM0WBMVMVJGFĥFJFTUFSFDPOUVSBU $SFNĎ4VQSB-JGUQFOUSV1MFPBQF0WBMFTTFODF
$SFNĎ"OUJ3JEQFOUSV¥OHSJKJSFB'FĥFJğJB(¹UVMVJ0WBMFTTFODF 'MBDPOQPNQĎNMq$PEq 30/
$VUJFNMq$PEq 30/ $0.10/&/Ă* %& 03*(*/& 7&(&5"-èHVNĎEFUBSB FYUSBDUEFDBTUBOEJO*OEJB 

$0.10/&/Ă* %& 03*(*/& 7&(&5"-èHVNĎEFUBSB FYUSBDUEFTPJB FYUSBDUEF FYUSBDUEFTPJB FYUSBDUEFDBGFB


QPSVNC VMFJEJOT¹NCVSJEFTUSVHVSF VOUEFLBSJUÀ $POUVSVMPDIJVMVJWJ[JCJMSFEFGJOJU
0WBMVMDIJQVMVJSFDPOUVSBU 1SPDFOUEFTBUJGBDĥJFq&GJDBDJUBUFDPOTUBUBUĎEFEFGFNFJ
EVQĎMVOĎEFVUJMJ[BSF
5FTUğUJJOĥJGJD&WBMVBSFBPWBMVMVJDIJQVMVJq&GJDBDJUBUFDPOTUBUBUĎÅONFEJFEFEJOUSVO
FğBOUJPOEFEFGFNFJEVQĎMVOJEFVUJMJ[BSF
3&(&/&3"Ă*7è'36.64&Ă&"
6-&*6-%&40*"
3&4536$563"/5
6MFJVMEFTPJBBGPTUTFMFDĥJPOBUEFDFSDFUBSFB
$PTNÀUJRVF7ÀHÀUBMF‡:WFT3PDIFSQFOUSV
DPOĥJOVUVMTĎVCPHBUÅO0NFHB7FHFUBMF      
1SPQSJFUĎĥJMFOVUSJSFHFOFSBUPBSFBMFBDFTUPSBPGFSĎ
UFOVMVJNBUVSTUSĎMVDJSF DPOGPSUğJFDIJMJCSV

/065"5&
()*%

  

130%64& 5&45"5& 46#


130(3".%&3&4536$563"3& $0/530- %&3."50-0(*$

$3&."%&;* $3&."%&;* $3&.è1&/536


"DFBTUĎDSFNĎDFTFBQMJDĎ ĵ*/0"15& $031
6-&*63*13&Ă*0"4& EJNJOFBĥBğJTFBSBFDIJMJCSFB[Ď
DPODFOUSBĥJBMJQJEFMPSOVUSJ
SFHFOFSBUPBSFEJOQJFMFQFOUSV
0DSFNĎJOUFOTJWĎDFTF
VUJMJ[FB[ĎDBUSBUBNFOU BDP
QFSĎFGJDJFOUDBSFOĥFMFQJFMJJ
"DFTUMBQUFEFDPSQPGFSĎ
QJFMJJVTDBUFOVUSJFMFNFOUFMF
QSFĥJPBTF ÅJPGFSĎTFO[BĥJFEF
BPSFTUSVDUVSBÅONPEWJ[JCJM ğJDPOUSJCVJFMBSFDPOTUJUVJSFB DPOGPSUğJPQSPUFKFB[ĎUJNQEF
#BMTBN"OUJ3JE SF[FSWFMPSTBMF.BJOFUFE  EFPSF
;JğJ/PBQUF"DĥJVOF NBJTUSĎMVDJUPSğJDBUJGFMBU  -BQUFEF$PSQ"DĥJVOF
3FDPOTUSVDUJWĎ0NFHB UFOVMSBEJB[ĎEFGSVNVTFĥF 6MUSB3FDPOTUSVDUJWĎ
5VCNMq$PE $SFNĎ$PODFOUSBUĎ 'MBDPONMq$PE
 30/ $PNQFOTBUPBSF  30/
5FOSFTUSVDUVSBUÅONPE 'MBDPOQPNQĎNMq$PE 1JFMFBDPSQVMVJFTUF
WJ[JCJM   30/ NĎUĎTPBTĎ DVTFO[BĥJF
1SPDFOUEFTBUJTGBDĥJFq&GJDBDJUBUF 5FONBJTUSĎMVDJUPSÅO EFDPOGPSU 
DPOTUBUBUĎEFEFGFNFJUJNQEF 1SPDFOUEFTBUJTGBDĥJFq&GJDBDJUBUF
MVOĎ5FTUEFVUJMJ[BSF NPEWJ[JCJM 
1SPDFOUEFTBUJTGBDĥJFq DPOTUBUBUĎEFEFGFNFJEVQĎMVOĎ
&GJDBDJUBUFDPOTUBUBUĎEFEFGFNFJ EFVUJMJ[BSF
UJNQEFMVOĎ5FTUEFVUJMJ[BSF


3*$)&$3Ÿ.&

%&6-&*63*13&Ă*0"4&
3&(&/&3"50"3&
$FMFEFVMFJVSJQSFĥJPBTFSFHFOFSBUPBSFTFMFDĥJPOBUFEFDFSDFUBSFB$PTNÀUJRVF
7ÀHÀUBMF‡:WFT3PDIFSTVOUVMFJVSJWFHFUBMFBDUJWFCPHBUFÅOJOHSFEJFOUFBOUJSJEDF
SĎTQVOEOFWPJMPSUFOVMVJNBUVSISĎOJSFÅOQSPGVO[JNF MVQUBÅNQPUSJWBÅNCĎUS¹OJSJJDFMVMFMPS 
SFEBSFBDBUJGFMĎSJJğJGSVNVTFĥJJUFOVMVJ1SPGJUBĥJDIJBSBDVN
‡.BSDĎÅOSFHJTUSBUĎEF:WFT3PDIFS

   

130(3".%&3&(&/&3"3& 130%64& 5&45"5& 46# $0/530- %&3."50-0(*$

$3&."%&#";è $3&."41&$*'*$è
$¹UFWBQJDĎUVSJEJOBDFTUVMFJQSFĥJPTBQMJDBUFDBCB[ĎEFÅOHSJKJSFÅOBJOUFB #PHBUğJQSFDJTDPODFOUSBUĎQFOUSVBISĎOJğJGPSUJGJBBDFBTUĎ[POĎGPBSUF
DSFNFJEF[JQSJONBTBKEFMJDBUQSFHĎUFTDğJJOUFOTJGJDĎFGFDUFMFMPS GJOĎğJFYUSFNEFTPMJDJUBUĎEJOKVSVMPDIJMPS BDFBTUĎDSFNĎOFUF[FğUF
CJOFGĎDĎUPBSFQMVTEFOVUSJĥJF QMVTEFOFUF[JSF QMVTEFTUSĎMVDJSF EFMJDBUSJEVSJMFGJOFğJBDDFOUVBUF EBSğJQFDFMFEFOVNJUFQPQVMBSoUBMQB
&MJYJSEF'SVNVTFĥFDVEF6MFJVSJ1SFĥJPBTF H¹ğUFJo
'MBDPONMq$PEq 30/ $SFNĎ"OUJSJEQFOUSV0DIJEF6MFJVSJ1SFĥJPBTF
$VUJFNMq$PEq 30/
$3&.&-&%&;* 5FONBJOFUFE
"DFBTUĎDSFNĎDVUFYUVSĎDBUJGFMBUĎPGFSĎOVUSJĥJFğJSFHFOFSBSFUFOVMVJ&B 1SPDFOUEFTBUJTGBDĥJFq&GJDBDJUBUFDPOTUBUBUĎEFEFGFNFJEVQĎMVOĎEFVUJMJ[BSF
OFUF[FğUFSJEVSJMFDVEFMJDBUFĥFğJBTJHVSĎQSPUFDĥJFPQUJNĎQFUPBUĎEVSBUB[JMFJ
$SFNĎ"OUJ3JEQFOUSV;JEF6MFJVSJ1SFĥJPBTF $3&."$0/$&/53"5è
$VUJFNMq$PEq 30/ 6MUSBCPHBUĎ BDFBTUĎDSFNĎGPBSUFDPODFOUSBUĎSFDPOTUJUVJFEJNJOFBĥBğJ
5FOOFUFEğJISĎOJUQFUPBUĎEVSBUB[JMFJ TFBSBSF[FSWFMFOVUSJUJWFEJNJOVBUFPEBUĎDVUSFDFSFBUJNQVMVJ5FOVMFTUF
1SPDFOUEFTBUJTGBDĥJFq&GJDBDJUBUFDPOTUBUBUĎEFEFGFNFJEVQĎMVOĎEFVUJMJ[BSF SFHFOFSBU ISĎOJUÅOQSPGVO[JNF SJEVSJMFGJOFğJBDDFOUVBUFTVOUFTUPNQBUF
"DUJWF+PVS$SFNĎ"OUJSJEQFOUSV;J 'MVJEEFMJDBU 0DSFNĎJEFBMĎQFOUSVUFOVMGPBSUFVTDBU
'MBDPONMq$PEq 30/ $SFNĎ3FHFOFSBUPBSFDVEF6MFJVSJ1SFĥJPBTF
$VUJFNMq$PEq 30/
$3&."%&/0"15& 3JEVSJMFQSPGVOEFTVOUFTUPNQBUF
"DFBTUĎDSFNĎGPOEBOUĎISĎOFğUFUFOVMÅOUJNQVMOPQĥJJ3JEVSJMFTVOUEJNJOVBUF  5FTUğUJJOĥJGJD3FEVDFSFBÅOQSPGVO[JNFBSJEVSJMPSÅONFEJFDV NĎTVSBUĎQFEJOUSVO
FğBOUJPOEFGFNFJEVQĎMVOĎEFVUJMJ[BSFQSJOBQMJDBSFBEFPSJQF[JBQSPEVTVMVJ
JBSEJNJOFBĥBUFOVMFTUFNBJOFUFEğJSFTUSVDUVSBU
$SFNĎ"OUJ3JEQFOUSV/PBQUFEF6MFJVSJ1SFĥJPBTF
$VUJFNMq$PEq 30/
5FOWJ[JCJMSFHFOFSBUEJNJOFBĥB
1SPDFOUEFTBUJTGBDĥJFq&GJDBDJUBUFDPOTUBUBUĎEFEFGFNFJEVQĎMVOĎEFVUJMJ[BSF 1SPEVTFGĎSĎJNBHJOF
130%64&&91&35
7*Ă"%&7*&30ĵ*&
¥.1053*7"0#04&-**
5&/6-6*
1FOUSVDĎPCPTFBMBFTUFDBV[B/S
BÅNCĎUS¹OJSJJUFOVMVJ DFSDFUBSFB$PTNÀUJRVF
7ÀHÀUBMF‡:WFT3PDIFSBTFMFDĥJPOBUVOFYUSBDU
EJOGSVO[FMFEFWJĥĎEFWJFSPğJFÅNCPHĎĥJUÅONPE
OBUVSBMDVQPMJGFOPMJ'JJOEVOTUJNVMFOU
FYUSBPSEJOBSBMNJDSPDJSDVMBĥJFJDVUBOBUF BDFTU
FYUSBDUBTJHVSĎQJFMJJOVUSJNFOĥJJSFWJUBMJ[BOĥJ
OFDFTBSJ

/065"5&
()*%

45*.6-"3&"
.*$30$*3$6-"Ă*&* 

5&/453è-6$*503 

53è4è563*/&5&;*5& 

130%64 5&45"5 46# $0/530- %&3."50-0(*$

$3&."%&;*ĵ*/0"15&
7*Ă"%&7*&30ĵ*& 0DSFNĎÅNCPHĎĥJUĎDVQPMJGFOPMJEJOWJĥĎEFWJFSPğJFDBSFBDĥJPOFB[Ď
ÅNQPUSJWBPCPTFMJJUFOVMVJ4FVUJMJ[FB[ĎÅODVSĎEFMVOĎEF[JMFDIJBSEF
MBBQBSJĥJBQSJNFMPSTFNOFEFPCPTFBMĎ
3F[VMUBUFMFTVOUWJ[JCJMFDFBSDĎOFMFTVOUBUFOVBUF UFOVMFTUFSFWJUBMJ[BU 
SJEVSJMFGJOFğJBDDFOUVBUFTVOUOFUF[JUF DIJQVMFTUFTUSĎMVDJUPS
5JOFSFĥFBğJWJUBMJUBUFBUFOVMVJTVOUNFOĥJOVUFğJQSPUFKBUF
$SFNĎ7JUBMJUBUFEF0SF
$VUJFNMq$PE
 30/


4UJNVMFB[ĎNJDSPDJSDVMBĥJBBNFMJPSFB[ĎDBMJUBUFBğJDPOUSJCVJFMBDSFğUFSFBSF[JTUFOĥFJTVQSBGFĥFJ
WFSUJDBMFDFQSPUFKFB[ĎWBTFMFTBOHVJOFMVQU¹OEÅNQPUSJWBPCPTFMJJDFDPOEVDFMBÅNCĎUS¹OJSFBUFOVMVJ

5FTUEFFGJDBDJUBUFNĎTVSBUMBOJWFMVMSFĥFMFJEFWBTFTBOHVJOFEFTVQSBGBĥĎQFEJOUSVO
FğBOUJPOEFGFNFJJNFEJBUEVQĎBQMJDBSF

1SPDFOUEFTBUJTGBDĥJF FGJDBDJUBUFDPOTUBUBUĎEFEFGFNFJEVQĎMVOĎEFVUJMJ[BSF
130%64&&91&35$63&40-65*0/4

.03*/(" 
"/5*"(3&4*6/*
1PMVBSF SBEJDBMJMJCFSJ TDIJNCBSFEF
UFNQFSBUVSĎ"U¹UEFNVMĥJGBDUPSJDBSF
BDDFMFSFB[ĎGFOPNFOVMEFÅNCĎUS¹OJSFB
UFOVMVJ$FSDFUBSFB$PTNÀUJRVF7ÀHÀUBMF‡
:WFT3PDIFSBJ[PMBUQFQUJEFMFEJOTFNJOĥFMF
EF.PSJOHBWFSJUBCJMJQSPUFDUPSJBDUJWJ


.ĎTVSĎJOTUSVNFOUBMĎBQFSPYJEVMVJEFTRVBM¿OF3FEVDFSFBPYJEĎSJJTRVBM¿OFVMVJÅONFEJFDVDPOTUBUBUĎEFEJOUSFGFNFJMFQBSUJDJQBOUF JNFEJBUEVQĎBQMJDBSF
QFOUSVUFO
‡.BSDĎÅOSFHJTUSBUĎEF:WFT3PDIFS

/065èĂ*
()*%

&'*$"$*5"5&
"/5*09*%"/5è 

5&/3&7*5"-*;"5ĵ*
53è4è563*/&5&;*5& 


1SPDFOUEFTBUJTGBDĥJF&GJDBDJUBUFDPOTUBUBUĎEFEFGFNFJEVQĎPMVOĎEFVUJMJ[BSFBQSPEVTVMVJ

 

130%64& 5&45"5& 46# $0/530- %&3."50-0(*$

4&31305&$503"/5*09*%"/5
"DFTUTFSÅNCPHĎĥJUDVQFQUJEFEFNPSJOHBBTJHVSĎEFPSFEFBQĎSBSF
BDUJWĎBUFOVMVJğJEFSFQBSBSFBDFMVMFMPSEFUFSJPSBUF¥OUSPMVOĎEF[JMF
SJEVSJMFGJOFğJBDDFOUVBUFTVOUOFUF[JUF JBSUFOVMFTUFWJ[JCJMNBJGFSN4F .03*/("
VUJMJ[FB[ĎEJNJOFBĥBğJTFBSBÅOGPSNVMĎTJNQMĎTBVDBCB[ĎQUDSFNBEF[J
4FS1SPUFDUPS"OUJ0YJEBOU
'MBDPOQPNQĎNMq$PEq 30/

."4$è'-"4)"/5*09*%"/5è
¥OOVNBJNJOVUFBDFBTUĎNBTDĎEFUPYJGJB[ĎğJFMJCFSFB[ĎUFOVMEF
JNQVSJUĎĥJğJQBSUJDVMFQPMVBOUF5SĎTĎUVSJMFDIJQVMVJTVOUOFUF[JUFğJ
SFMBYBUF JBSUFOVMÅğJSFHĎTFğUFWJUBMJUBUFBğJBTQFDUVMTBUJOBU
.BTDĎ'MBTI"OUJ0YJEBOUĎ
5VCNMq$PEq 30/
4&%6$Ă*" 
ÅOTFBNOĎFNPĥJF

p %*/ 130%64&-&/0"453&'*/*5&
/6."*46/55&45"5&1&"/*."-&

p/*$*6/$0.10/&/5%&03*(*/&"/*."-è¥/
'03.6-&-&/0"453&

 XXXZWFTSPDIFSDPN
3BSJUBUFBNBUFSJJMPSQSJNF TVCUJMJUBUFBFGFDUFMPS EFMJDBUFĥFBUFYUVSJMPS TFO[VBMJUBUFB
BDPSEVSJMPSQBSGVNBUF1FOUSVOPJ WFHFUBMVMFTUFTVSTĎFUFSOĎEFJOTQJSBĥJF QFOUSV
%VNOFBWPBTUSĎFTUFTVSTBGFNJOJUĎĥJJSFJOWFOUBUFEFØFDBSFEBUĎ

."$)*"+6- ¥OWPMVN
4VSTB5/48PSME
1BOFM#FBVUZ
/3
."$)*"+
JVOJFqJVOJF ÅO'SBOĥB
$06-&634/"563&
13*."1"-&5è%&/6"/Ă&7&(&5"-& %&$6-03**/41*3"5&%*//"563è
‡.BSDĎÅOSFHJTUSBUĎEF:WFT3PDIFS

*/07"Ă*&."$)*"+ #6;&-&6/()**-&
$PVMFVST/BUVSF $PVMFVST/BUVSFQFOUSV#V[F Q
EF0SJHJOF/BUVSBMĎ Q $PVMFVST/BUVSF.BOJDIJVSĎ&YQFSU Q

0$)**  5&/6- 
$PVMFVST/BUVSFQFOUSV0DIJ Q $PVMFVST/BUVSFQFOUSV5FO Q

1"3'6.6- 4VSTB5/4
&5$%MVOJ
."3$"/3
1"3'6.63*
TG¹SğJUVMMVOJJ 15'&.&*
03*(*/&"&.0Ă**-03 JVOJF ÅO'SBOĥB

4P&MJYJSQ /BUVSFMMF Q



4FDSFUTEm&TTFODFT Q 'MPXFSQBSUZ:WFT3PDIFS Q
$PNNFVOF WJEFODF Q
%&03*(*/&/"563"-è
"-*"/Ă"%*/53&7&(&5"-
ĵ*.*/&3"- */07"Ă*&."$)*"+
.BDIJBKVMTFSFJOWFOUFB[ĎğJ
NFSHFNVMUNBJEFQBSUF
$PVMFVST/BUVSFEF
0SJHJOF/BUVSBMĎOVDPOĥJOF
OJDJVOJOHSFEJFOUEFOBUVSĎ
TJOUFUJDĎ
1FCB[ĎEFVMFJEFNJHEBMĎEVMDF
DVQSPQSJFUĎĥJDBMNBOUF QSPWFOJU
EJOBHSJDVMUVSBCJPMPHJDĎ 
QBSUJDVMFTJEFGBUF QJHNFOĥJğJ
QVESFNJOFSBMF BDFBTUĎHBNĎEF
NBDIJBKPGFSĎPBDPQFSJSFJOUFOTĎ
ğJPQBMFUĎDPMPSJBMĎJOFEJUĎ
1VSğJTJNQMV TVCMJNĎ

/ 065èĂ*
()*%


$06-&634/"563&%&03*(*/&/"563"-è
130%64&5&45"5&46#$0/530-%&3."50-0(*$ĵ*0'5"-.0-0(*$

/&(36*/5&/4
1SJWJSFBEVNOFBWPBTUSĎ
FTUFÅNCPHĎĥJUĎDVP
JOUFOTJUBUFTVSQSJO[ĎUPBSF
'PSNVMĎQFCB[ĎEF
JOHSFEJFOUFEF
PSJHJOFOBUVSBMĎ UFYUVSBTB
GPOEBOUĎÅODVMPBSFBOFHSV
JOUFOTQFSNJUFUSBTBSFB
 VOFJMJOJJQSFDJTFğJPGFSĎ
EFOTJUBUFQSPGVOEĎ
$SFJPO,IËM'POEBOU
 /FHSVQSPGVOEğJBDPQFSJSF
165&3&"%&"$01&3*3& JOUFOTĎ$VVMFJEFNJHEBMĎ
"6/6*'0/%%&5&/  EVMDFDVQSPQSJFUĎĥJ
%&-*$"5&Ă&"6/&*16%3& DBMNBOUF QSPWFOJUEJO
0GPSNVMĎDFDPOĥJOFJOHSFEJFOUF BHSJDVMUVSBCJPMPHJDĎ
EFPSJHJOFOBUVSBMĎ UFYUVSJEFMJDBUFDBSFTF #BUPO Hq 30/
ÅNCJOĎQFSGFDUDVUFYUVSBQJFMJJ
¥NCJOBSFBNJOFSBMFMPSğJBVOVJBDUJW
WFHFUBMTFMFDĥJPOBUFÅONPETQFDJGJDQFOUSV
QSPQSJFUĎĥJMFMPSSFGMFDUBSFBMVNJOJJ QVUFSFB UFOOBUVSBM
BDPQFSJUPBSF"MFHFĥJOVBOĥBQSFGFSBUĎ
FGFDUOVEF TBVCSPO[BOU
'POEEFUFOQVESĎDVFGFDUOBUVSBM
$BUJGFMBSF BDPQFSJSFğJMVNJOP[JUBUF #FKEFTDIJT #FKMVNJOPT
$PE $PE
$VVMFJEFNJHEBMĎEVMDF DVQSPQSJFUĎĥJ
DBMNBOUF QSPWFOJUEJOBHSJDVMUVSB
CJPMPHJDĎ #FKNFEJV #FKNBU
$VUJFHq 30/ $PE $PE

'POEEFUFOQVESĎDVFGFDUCSPO[BOU /FHSV
5FOCSPO[BU VOJGPSNJ[BUğJMVNJOPT$VVMFJ $PE
EFNJHEBMĎEVMDF DVQSPQSJFUĎĥJDBMNBOUF  #SPO[OBUVSBM #SPO[JOUFOT
$PE $PE
QSPWFOJUEJOBHSJDVMUVSBCJPMPHJDĎ
$VUJFHq 30/

$6.4&"1-*$è'0/%6-%&5&/ ĵ* %&"4&.&/&"d
"DFTUGPOEEFUFOTFBQMJDĎÅONPEJEFBMDVPQFOTVMĎLBCVLJ'PSNB 'BSETJEFGBUQFOUSVQMFPBQF
TQFDJGJDĎQSFDVNğJDBMJUBUFB EFOTJUBUFBğJEFMJDBUFĥFBQFSJMPSBDFTUFJB &GFDUMVNJOPTJOUFOT
PGFSĎVOJGPSNJ[BSFQFSGFDUĎDVQJFMFB QVO¹OEVJÅOWBMPBSFTUSĎMVDJSFB $VVMFJEFNJHEBMĎEVMDF DVQSPQSJFUĎĥJDBMNBOUF QSPWFOJUEJO
BHSJDVMUVSBCJPMPHJDĎ
'MBDPOHq 30/
3P[$PE (SJNBSPOJV$PE
"VSJV$PE "SĎNJV$PE
$SJTUBM$PE

#BMTBNDSFNPTQFOUSVCV[F
6/5&/$"5*'&-"5 4USĎMVDJSFOBUVSBMĎğJIJESBUBSF
0QFOTVMĎQSPGFTJPOBMĎ VğPSEFVUJMJ[BU $VVMFJEFNJHEBMĎEVMDF DVQSPQSJFUĎĥJDBMNBOUF QSPWFOJUEJO
QFOUSVVOUFOQFSGFDUVOJGPSNJ[BU BHSJDVMUVSBCJPMPHJDĎ
$VUJFHq 30/
1FOTVMĎQFOUSVNBDIJBK,BCVLJ
1FUBMĎEFUSBOEBGJS$PE 1FUBMĎBSĎNJF$PE
$PEq 30/
 QSPEVTGĎSĎJNBHJOF
()*%6-  '36.64&Ă**.&-& 
5FTUEFTBUJTGBDĥJFSFBMJ[BUQFVOFğBOUJPOEFEFGFNFJ
5&)/0-0(*&&9$-64*7è
1&3*&1570-6.41&$5"$6-04
5FYUVSĎDSFNĎSF[JTUFOĥĎPSF

&GJDBDJUBUFDPOTUBUBUĎ
pQMVTEFWPMVN
pHFOFNBJEFTF
pQFSJFQFSGPSNBOUĎ

%*/5304*.1-è$-*1*3&"(&/&-03
4ĎHĎTFğUJSJNFMVMDBSFĥJTFQPUSJWFğUFQFOUSVBOVNBJSFOVOĥBMBFMOJDJPEBUĎ4BV
EPBSQFOUSVBMFPGFSJHFOFMPSNBJNVMUĎBMVOHJSF[JVB QMVTEFWPMVNTFBSBğJ
JOUFOTJUBUFEFDVMPBSFOPBQUFB
3JNFMWPMVNTQFDUBDVMPT - 0 (* &
0
 &
5&)/

0UFYUVSĎDSFNĎGJOĎ
'03.è$*-*/%3*$è
9$-

¥NCSBDĎHFOFMFDVEFMJDBUFĥF QFOUSVHFTUVSJTJNQMF
¥NCPHĎĥJUDVFYUSBDUEJODFBSĎEFPSF[DF *7è
64
PGFSĎEFOTJUBUFğJSFHFOFSBSF
'MBDPONMq 30/
/FHSV$PE
#SVO$PE
"MCBTUSV$PE
1&3*&$6'*#3&#0("5&
QFOUSVHFOFDVWPMVN
TQFDUBDVMPTDIJBSEFMBQSJNB
&'&$570-6.*/04
BQMJDBSF

/065"5&
()*%

'*#3&0#-*$&
(FOFCPHBUF DVWPMVNTQFDUBDVMPT QFOUSVQMVTEFJOUFOTJUBUFğJ
QSPGVO[JNFQSJOBQMJDBSFBGPSNVMFJ
DIJBSEFMBCB[BHFOFMPS

 XXXZWFTSPDIFSDPN
$06-&634/"563&1&/5360$)*
130%64& 5&45"5& 46# $0/530- 0'5"-.0-0(*$

 

3JNFMFYUSBWPMVN 3JNFMDVFGFDU
5FYUVSĎDSFNĎCPHBUĎ &'&$51&3*"5 EFBMVOHJSFBHFOFMPS &'&$54&1"3"503
¥NCSBDĎHFOFSPTHFOFMF 5FYUVSĎGMVJEĎ EFMJDBUĎ
¥NCPHĎĥJUDVDFMVMP[ĎDFPGFSĎ "MVOHFğUFğJTFQBSĎHFOFMF
WPMVNHFOFMPS ¥NCPHĎĥJUDVTFWĎEFBHBWF
'MBDPONM DVFGFDUEFDVSCBSF
 30/ 'MBDPONM
/FHSV$PE  30/
#SVO$PE (FOFEFTF QFSGFDU /FHSV$PE (FOFBMVOHJUF ÅOUJOTF
"MCBTUSV$PE TFQBSBUF #SVO$PE
"MCBTUSV$PE

0-*/*&%&$3&*0/."(*$è
0NJOĎDFBMVOFDĎQFSGFDUQFOUSVPUSBTBSFÅOMJOJFESFBQUĎ QSFDJTĎ PUFYUVSĎDBSFTFFTUPNQFB[ĎQFSGFDU
QFOUSVBDSFBFGFDUFEFVNCSĎ DVMPSJJOUFOTF NBUFTBVTUSĎMVDJUPBSF QFOUSVPQSJWJSFJSF[JTUJCJMĎ
$SFJPOQFOUSVPDIJÅO
,IËM UVğ GBSE
¥NCPHĎĥJUDVVMFJEFSJDJODFPGFSĎTFO[BĥJFEFDPOGPSU 1FOUSVOVBOĥFMFTJEFGBUF   

$SFJPO Hq 30/ $SFJPO Hq 30/

#SVO 7JPMFU "SĎNJV #SPO[ 7FSEF "MCBTUSV /FHSVDĎSCVOF "MC /FHSV 3P[EJBNBOU "VSJV "SHJOUJV
$PE $PE $PE $PE $PE $PE $PE $PE $PE $PE $PE $PE


.6-5*&'&$5
0UFYUVSĎGMVJEĎğJSĎDPSPBTĎ DVVTDBSFSBQJEĎ ÅODVMPSJJOUFOTFğJWJCSBOUF DV
SF[JTUFOĥĎEFPSF QFOUSVVONBDIJBKTDMJQJUPS DFQPBUFGJNPEFMBUEVQĎEPSJOĥĎ
'BSE UVğEFQMFPBQF
ÅOGBSEEFQMFPBQF UVğ
¥NCPHĎĥJUDVQBSUJDVMFTJEFGBUFNJOFSBMF
QFOUSVVOFGFDUTUSĎMVDJUPS
'MBDPONMq 30/


0$)*%&$è13*0"3è
$SJTUBMGVNÀ 7JPMFUBNFUJTU 5VSDPB[
0UFYUVSĎGMVJEĎğJBDPQFSJUPBSF VOW¹SGGJOğJGMFYJCJM QFOUSVUSBTBSFBVOFJ
$PE $PE $PE MJOJJPNPHFOFğJQSFDJTF
5VğQFOUSVPDIJ
/FHSVJOUFOT BQMJDBSFQFSGFDUĎ
'MBDPO NMq 30/
/FHSV$PE

+BE 1JBUSBMVOJJ "MCBTUSVB[VS


$PE $PE $PE
()*%6-  '36.64&Ă**.&-& 
$06-&634/"563&1&/5360$)*
130%64& 5&45"5& 46# $0/530- 0'5"-.0-0(*$

+0$63*%&$6-03*1513*7*3&"%74

+6$"Ă*7è$6
&'&$5&-&%&$6-0"3& / 065"5&
0UFYUVSĎQVESĎEFMJDBUĎ  ()*%
VğPSEFBQMJDBU QFOUSVPBDPQFSJSFJNFEJBUĎ
ğJVOSF[VMUBUDBUJGFMBU
'BSEEFQMFPBQFUSJP
/VBOĥFMVNJOPBTF QSJWJSFCJOFEFGJOJUĎ
¥NCPHĎĥJUDVFYUSBDUEJOQVESĎ
EFPSF[DVFGFDUEFOFUF[JSF
$VUJFHq 30/

/6"/Ă&%&30; /6"/Ă&%&#36/

¥.*%03&4$
TĎBNPQSJWJSFEFTDIJTĎğJTĎÅNJNĎSFTD
EJTUBOĥBEJOUSFPDIJ*MVNJOF[BSDBEB
TQS¹ODFOFJğJDPMĥVMJOUFSOBMQMFPBQFJ 
BQMJDPOVBOĥĎÅODIJTĎ QFDBSFPQSFMVOHFTD
ÅODPMĥVMFYUFSOBMPDIJVMVJ QFOUSVBBWFB
PQSJWJSFEFTDIJTĎ

TĎBNPQSJWJSFQĎUSVO[ĎUPBSF
 ğJVOFGFDUPDIJNBSJ*MVNJOF[
BSDBEBTQS¹ODFOFJğJBQMJDPOVBOĥĎ
ÅODIJTĎÅODPMĥVMFYUFSOBMPDIJVMVJ
QFOUSVBPCĥJOFVOFGFDU
5SBOEBGJS #FKMVNJOPT NĎSJUBMQSJWJSJJ
$PE $PE
TĎBNPQSJWJSFDPODFOUSBUĎğJ
TĎÅOWĎĥTĎNJNBDIJF[PDIJJNBSJ
*/5&/4*5"5&

*MVNJOF[BSDBEBTQS¹ODFOFJ BQPJDPOUJOVVDV
OVBOĥFEJODFÅODFNBJJOUFOTF
QFÅOUSFBHBTVQSBGBĥĎBQMFPBQFJJOGFSJPBSF
.PWDFOVğJV #SVOBNCSĎ ğJMBCB[BQMFPBQFJJOGFSJPBSF
$PE $PE QFOUSVBNJDğPSBQSJWJSFB

TĎBNPQSJWJSFFYQSFTJWĎğJ
TĎEBVVOBTQFDUNJHEBMBUPDIJMPS
*MVNJOF[BSDBEBTQS¹ODFOFJ BQMJDPOVBOĥĎ
ÅODIJTĎÅODPMĥVMFYUFSOBMPDIJVMVJğJDPOUJOVV
3P[QSVOĎ $BTUBOJV TQSFQBSUFBTVQFSJPBSĎQFOUSVBPGFSJ
$PE $PE QMVTEFFYQSFTJWJUBUFQSJWJSJJ

 %FTDPQFSJĥJUPBUFOPVUĎĥJMFOPBTUSFQFXXXZWFTSPDIFSDPN
        

/6"/Ă&%60/"563"-& /6"/Ă&%60¥/%3è;/&Ă& /6"/Ă&%60$0/53"45"/5&


'MPBSFBTPBSFMVJğJTDPSĥJğPBSĎ$PE 'JTUJDğJQSVOĎ$PE "MCĎTUSFBğJ[BNCJMĎ$PE
1JFSTJDĎğJBMVOĎ$PE 7FSEFNFOUĎğJCSVOÅODIJT$PE %BMJFğJWJPMFUĎ$PE
-JMJBDğJUSBOEBGJS$PE 7JPMFUğJWFSEFLBLJ$PE $SJOğJMBMFBOFBHSĎ$PE

%60$6-0"3&
0UFYUVSĎVMUSBEFMJDBUĎğJNĎUĎTPBTĎ PBDPQFSJSFJNFEJBUĎ
6OGBSEEFQMFPBQFÅOEPVĎDVMPSJQFSGFDUDPNQMFNFOUBSFQFOUSV
VOFGFDUDBUJGFMBUğJMVNJOPT TVCUJMTJEFGBUğJPQSJWJSFBSNPOJPT
DPMPSBUĎ
'BSEEFQMFPBQFEVP
$VMPSJSF[JTUFOUF QVSF DFQPUGJÅNCJOBUFEVQĎCVOVMQMBD
¥NCPHĎĥJUDVFYUSBDUEFTJMJDJVEFCBNCVTDVFGFDUNĎUĎTPT
 $VUJFHq 30/

.0/0$6-0"3&
0UFYUVSĎQVESĎVMUSBGJOĎğJNĎUĎTPBTĎ PBDPQFSJSFJNFEJBUĎ PDVMPBSF
MVNJOPBTĎDFSF[JTUĎUJNQEFPSF QFOUSVVOFGFDUDBUJGFMBU MVNJOPT TVCUJMTJEFGBU
'BSEEFQMFPBQFNPOP
$VMPBSFQVSĎ NPEVMBCJMĎğJSF[JTUFOUĎ
¥NCPHĎĥJUDVFYUSBDUEFTJMJDJVEFCBNCVTDVFGFDUNĎUĎTPT
$VUJFHq 30/


'MPBSFEFQPSUPDBM #SVONJHEBMĎ 'SVDUFEFQĎEVSF 7JPMFUQFUBMĎ 7FSEFBCTJOU "MCBTUSVDMFNBUJUĎ (SJNBSPOJV 0SIJEFFBSHJOUJF "MCOBSDJTĎ


$PE $PE $PE $PE $PE $PE $PE $PE $PE

#SVONJDTBOESĎ #SVODBTUBOĎ 3P[B[BMFF 7JPMFUĎ 5VSDPB[ "MCBTUSVMBWBOEĎ 4USVHVSFOFHSV 7FSEFCSPO[ 3P[USBOEBGJS


$PE $PE $PE $PE $PE $PE $PE $PE $PE

(BMCFOBSĎNJV #SVODBGFB 3P[DBNFMJF 7JPMFUTU¹OKFOFM 7FSEFGFSJHĎ "MCBTUSVQVSQVSJV 4NPDIJOĎOFBHSĎ /FHSVBCBOPT #PCPDBVSJV


$PE $PE $PE $PE $PE $PE $PE $PE $PE
6/;™.#&5
."*.6-5&;™.#&5&
'JĥJÅODSF[ĎUPBSFğJ[¹NCJUPBSFÅOGJFDBSF
NPNFOUHSBĥJFHBNFJCPHBUFÅOUFYUVSJ
ğJDVMPSJJOTQJSBUFEJOOBUVSĎ
'JĥJÅOUPUEFBVOBDFBDBSFEĎUPOVM

¥/(3*+*Ă*7è#6;&-&0'&3*/%6-&5050%"5è
ĵ*$6-0"3&
3VKDSFNPTIJESBUBOU
/VBOĥFQVSFğJTBUJOBUF
¥NCPHĎĥJUDVVMFJEFTVTBOOVUSJUJW FYUSBTEJOBHSJDVMUVSBCJPMPHJDĎ
#BUPO Hq 30/

30; 7*0-&5 30ĵ6 10350$"-*6 #&+-6.*/04 30;-6.*/04 30;53"/%"'*3

3P[BMCB 1VSQVSJVOBMCĎ 3PğVHSFOBEJOF 1PSUPDBMJVUSPQJDBM #FKWBOJMJF 3P[HBMJDB 5SBOEBGJSTĎMCBUJD


$PE $PE $PE $PE $PE $PE $PE

3P[JTBQIBO 7JPMFUEFMJDBU 3PğVJOUFOT 1PSUPDBMJVDĎMĥVOBğ #FKUSPQJDBM 3P[EBNBTD 3P[USBOTQBSFOU


$PE $PE $PE $PE $PE $PE $PE

3P[GVDITJB .PWQBOTFMVĥĎ 3PğVNBD 1PSUPDBMJVUĎN¹JPT #FKTVTBO 3P[DFOUJGPMJB 3P[TDPSĥJğPBSĎ


$PE $PE $PE $PE $PE $PE $PE

0-*/*&453è-6$*50"3&
1FOTVMBJEFBMĎQFOUSVBQMJDBSFBSVKVMVJDFQPBUFGJQVSUBUĎPSJVOEFğJPSJD¹OEQFOUSVSFUVğVSJMFEJOUJNQVM[JMFJ
1FOTVMĎQFOUSVCV[Fq$PEq 30/
$06-&634/"563&1&/536#6;&
130%64& 5&45"5& 46# $0/530- %&3."50-0(*$


1&3'&$Ă*6/&ĵ*13&$*;*&
0UFYUVSĎGPOEBOUĎDFBMVOFDĎVğPS ÅODVMPSJBTPSUBUFğJQFSGFDUĎBSNPOJFDVOVBOĥFMF
SVKVSJMPSEFCV[FQFOUSVVOBTQFDUTVCMJNCV[FDPOUVSBUFğJBUSĎHĎUPBSF
/ 065"5&
$SFJPOQFOUSVCV[F 3P[USBOEBGJS$PE #FKQVS$PE ()*%
$POGPSUğJDPOUVSBSFQSFDJTĎ 7JPMFU$PE 3P[QVS$PE
$VFYUSBDUEFVOUEFLBSJUÀ 3PğV$PE 5SBOEBGJS$PE
DFPGFSĎTFO[BĥJFEFDPOGPSU 1PSUPDBMJV$PE #SVO$PE
$SFJPOHq 30/

3&;*45&/Ăè7*#3"/5è
/VBOĥFEFMJDBUF QVSFğJWJCSBOUFDVSF[JTUFOĥĎHBSBOUBUĎEFPSF BTQFDUDBUJGFMBUğJMVNJOPT
0UFYUVSĎGJOĎDBSFOVVTVDĎCV[FMF ÅOUSPDVMPBSFQVSĎ JOUFOTĎ
3VK[FSPEFGFDUF 3P[QJTUJM$PE 1PSUPDBMJVQJTUJM$PE
0DVMPBSFQVSĎğJJOUFOTĎEF 3P[GVDITJBQJTUJM$PE #SVOQJTUJM$PE
SF[JTUFOĥĎÅOEFMVOHBUĎ 3PğVQJTUJM$PE #FKQJTUJM$PE
¥NCPHĎĥJUDVVMFJEFMJNOBOUIFT #PSEFBVYQJTUJM$PE .BSPOQJTUJM$PE
DFPGFSĎJOUFOTJUBUFDVMPSJJ 
#BUPOHq 30/

30; 30ĵ6 10350$"-*6#36/ 30;ĵ*#&+-6.*/04

   

   

       

0(-*/%*3&453è-6$*50"3& 3P[DSJTUBMJO$PE
0UFYUVSĎGMVJEĎ EFMJDBUĎ PDVMPBSFJOUFOTĎğJMVNJOPBTĎ 7JPMFUQVSQVSJVDSJTUBMJO$PE
QFOUSVCV[FDPMPSBUF TDMJQJUPBSF DVFGFDUTUSĎMVDJUPS 3PğVWVMDBOJD$PE
-BDEFCV[F .BSPOTJFOOF$PE
"DPQFSJSFJOUFOTĎ VMUSBTUSĎMVDJSF .BSPOJOUFOT$PE
¥NCPHĎĥJUDVSĎğJOĎEFFMFNJDFBDDFOUVFB[ĎDVMPBSFBğJ 1PSUPDBMĎUSPQJDBMĎ$PE
TUSĎMVDJSFB 0DSVEFTDIJT$PE
'MBDPONMq 30/ 3P[BVSJV$PE

()*%6-  '36.64&Ă**.&-& 
453è-6$*3&%&-*$"5è
0UFYUVSĎDFPGFSĎPTFO[BĥJFQMĎDVUĎBTFNFOJVOVJCBMTBN  3PğVDPBDĎ[Ď$PE
DVMPSJBEFNFOJUPBSFTFNJUSBOTQBSFOUF QFOUSVTUSĎMVDJSF $PBDĎ[ĎOFBHSĎ$PE
JOUFOTĎğJEFMJDBUFĥFJOGJOJUĎ $JSFBğĎ$PE
3VKEFCV[FTUSĎMVDJUPS .BOEBSJOĎ$PE
"TQFDUMVDJPT TFNJUSBOTQBSFOU -JUDIJ$PE
¥NCPHĎĥJUDVVMFJEFBSHBOCJPIJESBUBOU  $JPDPMBUJV$PE
FYUSBTEJOBHSJDVMUVSBCJPMPHJDĎ "NCSĎ$PE
#BUPOHq 30/  $BSBNFM$PE

30; 30ĵ610350$"-*6 30;-6.*/04 "63*6

       

       

453è-6$*3&ĵ*70-6. ;NFVSĎ$PE
0UFYUVSĎHFMDFPGFSĎPTFO[BĥJFDPOGPSUBCJMĎ VMUSB .VSĎ$PE
SFWJHPSBOUĎ ÅODVMPSJDSJTUBMJOF VONBDIJBKDVFGFDU .BOHP$PE
TUSĎMVDJUPSQFOUSVCV[FBUSĎHĎUPBSF QFSGFDUDPOUVSBUFğJ /FDUBSJOĎ$PE
TFO[VBMF $PDPT$PE
(MPTTDVFGFDUEFNĎSJSFBCV[FMPS $ĎQğVOĎ$PE
$VMPSJDSJTUBMJOF FGFDUTUSĎMVDJUPS "MVOĎ$PE
¥NCPHĎĥJUDVQBSUJDVMFWFHFUBMFDFPGFSĎWPMVN .JFSF$PE
'MBDPONMq 30/


 XXXZWFTSPDIFSDPN
/ 065"5&
()*%
$06-&634/"563&."/*$)*63è&91&35
130%64& 5&45"5& 46# $0/530- %&3."50-0(*$

%&7&/*Ă*&91&35"¥/(3*+*3**6/()**-03%74
¥/(3*+*3&"6/()**-03 40'3&/$):
$03&$5"3& ."*"-#%&$™5"-#6-*."$6-"5
6OQSPEVTDVTQBUVMĎJOUFHSBUĎDBSF 0USBTBSFQFSGFDUĎDVFGFDUMJOJBSHSBĥJFGPSNFJ
BDĥJPOFB[ĎDBVOHPNBKÅNQPUSJWB PCMJDFBQFOTVMFJ
JNQVSJUĎĥJMPSğJBDVUJDVMFMPSQFOUSV 0KĎBMCĎGSFODINBOVDVSF
BGJÅOEFQĎSUBUFNVMUNBJVğPS 5SBTBSFQSFDJTĎ
&YGPMJBOUQFOUSVVOHIJJğJDVUJDVMF ¥NCPHĎĥJUĎDVQSPWJUBNJOFWFHFUBMF
¥NCPHĎĥJUDVMBQUFEFNJHEBMĎEVMDFIJESBUBOUĎ 'MBDPO NMq$PE
'MBDPO NMq$PE   30/
  30/

1-64%&&'&$5 1-64%&3&;*45&/Ăè
3&;*45&/Ăè ¥OTG¹SğJUPPKĎÅOOVBOĥFQBTUFMVğPSEFBQMJDBU
0DSFNĎDVUFYUVSĎCPHBUĎğJGPOEBOUĎ EBUPSJUĎQFOTVMFJEVCMFDVFGFDUQBOPSBNJD
DFBDĥJPOFB[ĎDBVOCBMTBN  DBSFBSFHSJKĎEFVOHIJJMF%WT
QFOUSVBPGFSJSF[JTUFOĥĎğJGPSUJGJFSF 3F[JTUFOĥĎ QSPUFDĥJFğJFMFHBOĥĎQ¹OĎMB[JMF
VOHIJJMPSDBTBOUFğJGSBHJMF 0KĎTUSĎMVDJUPBSFSP[QBTUFM
$SFNĎQFOUSVVOHIJJSF[JTUFOUF 3F[JTUFOĥĎğJÅOGSVNVTFĥBSF
¥NCPHĎĥJUĎDVVOUEFDBDBPISĎOJUPS ¥NCPHĎĥJUĎDVGJCSFEJOCVNCBD
5VCHq$PE  'MBDPO NMq$PE

 30/  30/


(-0441&/5366/()**
0GFSJĥJQMVTEFTUSĎMVDJSFVOHIJJMPS QSPUFDĥJF
ğJSF[JTUFOĥĎÅOEFMVOHBUĎ
"QMJDBSFSBQJEĎHSBĥJFQFOTVMFJEVCMF
0KĎTUSĎMVDJSF
1MVTEFJOUFOTJUBUFğJTUSĎMVDJSF
"#6/%&/Ăè%&$6-03* ¥NCPHĎĥJUĎDVWJUBNJOFWFHFUBMF
'MBDPO NMq$PE
&'&$5453è-6$*503   30/
0UFYUVSĎDBSFOFUF[FğUFğJBDPQFSĎQFSGFDUDIJBSEFMBBQMJDBSFB
QSJNVMVJTUSBU DVMPSJJOUFOTFğJTUSĎMVDJUPBSF DVFGFDUEFPHMJOEĎ 
FMFHBOU
0KĎ
$VMPBSFğJTUSĎMVDJSFJOUFOTĎ
¥NCPHĎĥJUĎDVSĎğJOĎEFFMFNJDFPGFSĎTUSĎMVDJSF
'MBDPO NMq 30/


30; 7*0-&5 30ĵ6 10350$"-*6 1"45&- #36/
13&$*;*&
6MUSBQSBDUJDQFOUSVNJDJMFSFUVğVSJ BDFTUTUJMPV
EJ[PMWBOUDPSFDUFB[ĎÅOUSPDMJQJUĎNJDJMFFSPSJ
3P[JOUFOT 7JPMFUEFMJDBU 3PğVHSFOBEJOF $PSBMJOUFOT $PSBMQBTUFM #SVOOBUVSBM EFBQMJDBSFBMBDVMVJEFVOHIJJ
$PE $PE $PE $PE $PE $PE
'PSNVMĎGĎSĎBDFUPOĎ
%J[PMWBOUTUJMPV
1SFDJ[JFğJEFMJDBUFĥF
3P[GVDITJB 7JPMFUQVSQVSJV #PSEFBVY .BSPOQPSUPDBMJV 3P[QBTUFM #SVOÅODIJT ¥NCPHĎĥJUDVVMFJEFNJHEBMĎEVMDFDVQSPQSJFUĎĥJ
$PE $PE $PE $PE $PE $PE DBMNBOUF FYUSBTĎEJOBHSJDVMUVSBCJPMPHJDĎ
4UJMPVNMq$PEq 30/
6/5&/
%&7*4
*OEJGFSFOUEFUJQVMğJQJHNFOUVM
QJFMJJ EFFGFDUVMğJBDPQFSJSFB
EPSJUF $PVMFVST/BUVSFPGFSĎ
GJFDĎSFJGFNFJUFOVMMBDBSF
WJTFB[Ď

'POEEFUFODSFNĎ 'POEEFUFO[FSPEFGFDUF

3&;6-5"51&3'&$5
"MFHFĥJPQFOTVMĎQSPGFTJPOBMĎQFOUSVBQMJDBSFBGPOEVMVJEFUFO%BUPSJUĎ
GJCSFMPSTBMFSF[JTUFOUF BDFBTUĎQFOTVMĎBQMJDĎğJOFUF[FğUFEFMJDBUUFYUVSB
GPOEVMVJEFUFOQFOUSVVOSF[VMUBUVMUSBOBUVSBM¥ODĎM[JĥJGPOEVMEFUFOQF
EPTVMQBMNFJDVBKVUPSVMDBQĎUVMVJQFOTVMFJ BQPJBQMJDBĥJUFYUVSBQSJOBUJOHFSJ
EFMJDBUFQFOBT GSVOUF CĎSCJFğJPCSBKJ¥OUJOEFĥJQSJONJğDĎSJBMUFSOBOUFQF
ÅOUSFBHBTVQSBGBĥĎBDIJQVMVJQFOUSVBFWJUBPCTFSWBSFBMJOJJMPSEFEFNBSDBĥJF
1FOTVMĎQFOUSVGPOEVMEFUFO
$PEq 30/ 'POEEFUFOGMVJEFGFDUNBU 'POEEFUFOGMVJEFGFDUOBUVSBM

 1SPGJUBĥJEFTGBUVSJMFOPBTUSFQFSTPOBMJ[BUFXXXZWFTSPDIFSDPN
$06-&634/"563&1&/5365&/
130%64& 5&45"5& 46# $0/530- %&3."50-0(*$

/&70*-&%74 6OGPOEEFUFODSFNPT  6OGPOEEFUFODPSFDUPS 6OGPOEEFUFONBU  6OGPOEEFUFOUSBOTQBSFOU


ISĎOJUPSğJIJESBUBOU SF[JTUFOU DBUJGFMBU ğJOBUVSBM

5&9563" $SFNPBTĎ VMUSBGPOEBOUĎ DBSF 'MVJEĎ EFMJDBUĎ DBSFOV 'JOĎ SĎDPSPBTĎğJEJTDSFUĎ %JTDSFUĎğJ
OVVTVDĎQJFMFB NBSDIFB[ĎUSĎTĎUVSJMFDIJQVMVJ DBUJGFMBUĎ

3&;6-5"56- 6OBTQFDUMVNJOPTQFOUSV 6OBTQFDUNĎUĎTPT TFNJ 6OBTQFDUNBU MVNJOPT  6OBTQFDUVMUSBOBUVSBM


VOUFODBUJGFMBU TVCMJN NBU QFOUSVVOUFOGĎSĎ QFOUSVVOUFODBUJGFMBUğJ ğJMVNJOPT VOFGFDU
EFGFDUF EFEJNJOFBĥB TUSĎMVDJSFOBUVSBMĎ EJTDSFU TVCMJN
Q¹OĎTFBSB

130%646- 'POEEFUFODSFNĎ 'POEEFUFO[FSP 'POEEFUFOGMVJE 'POEEFUFOGMVJE


5FOMVNJOPT OFUFE  EFGFDUF FGFDUNBU FGFDUOBUVSBM
VOJGPSNJ[BU 5FOQFSGFDU SF[JTUFOĥĎ 5FOVOJGPSNJ[BU EFMJDBU  5FOTVCMJN VOJGPSNJ[BU
¥NCPHĎĥJUDVVMFJEF PSF DBUJGFMBU¥NCPHĎĥJUDV ÅONPEOBUVSBM
DBSUIBNFOVUSJUJW ¥NCPHĎĥJUDVGJUPQJHNFOĥJ FYUSBDUEFSĎEĎDJOĎEFHVSB ¥NCPHĎĥJUDVMBQUF
$VUJFNM DFBTJHVSĎSF[JTUFOĥB MVQVMVJ DVFGFDUBOUJMVDJV IJESBUBOUFYUSBTEJO
 30/ 'MBDPOQPNQĎNM QSJOUSVOFGFDUNBUJGJBOU CVNCBD
 30/ 'MBDPONMq 30/ 'MBDPONMq 30/

/6"/Ă&-&
#FKEFTDIJT  FKEFTDIJT
#  FKEFTDIJT
# #FKEFTDIJT
$PE $PE $PE $PE

#FKMVNJOPT #FKMVNJOPT #FKMVNJOPT #FKMVNJOPT


$PE $PE $PE $PE

 FKNFEJV
#  FKNFEJV
#  FKNFEJV
#  FKNFEJV
#
$PE $PE $PE $PE

#FKNBU #FKNBU #FKNBU #FKNBU


$PE $PE $PE $PE

3P[EFTDIJT 3P[EFTDIJT 3P[EFTDIJT 3P[EFTDIJT


$PE $PE $PE $PE

3P[MVNJOPT 3P[MVNJOPT 3P[MVNJOPT 3P[MVNJOPT


$PE $PE $PE $PE

3P[OVBOĥĎ 3P[OVBOĥĎ 3P[OVBOĥĎ 3P[OVBOĥĎ


NFEJF NFEJF NFEJF NFEJF
$PE $PE $PE $PE

3P[NBU 3P[NBU 3P[NBU 3P[NBU


$PE $PE $PE $PE
$03&$5"3& ."5*'*&3&

   

6OTUJMPVDPSFDUPSDVQFOTVMĎJOUFHSBUĎ PUFYUVSĎVMUSBEFMJDBUĎDBSF 0UFYUVSĎQVESĎDPNQBDUĎ GJOĎğJNĎUĎTPBTĎ DBSFVOJGPSNJ[FB[ĎğJPGFSĎ


PGFSĎUFOVMVJMVNJOP[JUBUF QFOUSVBFTUPNQBDVVOHFTUVğPSğJSBQJE UFOVMVJVOBTQFDUNBUğJDBUJGFMBSFEFQJFSTJDĎ
TFNOFMFEFPCPTFBMĎ BTQFDUVMUFSOğJSJEVSJMFGJOF 1VESĎDPNQBDUĎ
4UJMPVDPSFDUPSQFOUSVUFO 5FOOFUFE MVNJOPT DBUJGFMBU
&TUPNQFB[ĎJNQFSGFDĥJVOJMFğJBTQFDUVMUFSOBMUFOVMVJ ¥NCPHĎĥJUĎDVFYUSBDUEFUĎS¹ĥFEJOPSF[ 
¥NCPHĎĥJUDVFYUSBDUEJOTDPBSĥĎEFDBTUBO DVFGFDUJMVNJOBUPS DFPGFSĎTUSĎMVDJSF
4UJMPV NMq 30/ $VUJFHq 30/

4DMJQJSFSP[$PE 4DMJQJSFCFK$PE #FKMVNJOPT #FKEFTDIJT #FKNFEJV #FKNBU


$PE $PE $PE $PE

0QBMFUĎEFDVMPSJJOTQJSBUĎEFQSPGFTJPOJğUJEVPDSFNĎQFOUSV
FTUPNQBSFBJNQFSGFDĥJVOJMPSQFDBSFTĎMFDPNCJOBĥJÅOGVODĥJFEF 0UFYUVSĎGPBSUFEFMJDBUĎ DBSFPGFSĎUFOVMVJVOBTQFDUNBU ÅJJOUFOTJGJDĎ
QJHNFOUVMQJFMJJğJQVESĎDPNQBDUĎJMVNJOBUPBSF MVNJOP[JUBUFBğJÅMVOJGPSNJ[FB[Ď"EBQUBUĎUVUVSPSUJQVSJMPSEFUFO
5SVTĎQFOUSV 1VESĎQVMCFSF
DPSFDUBSFBUFOVMVJ 5SBOTQBSFOĥĎ BTQFDUNBU MVNJOP[JUBUF
%VPDSFNĎQFOUSVFTUPNQBSF ¥NCPHĎĥJUĎDVFYUSBDUEFTJMJDJVEJOCBNCVTDVFGFDUNBUJGJBOU
ğJQVESĎDPNQBDUĎJMVNJOBUPBSF $VUJFH CVSFUFBQMJDBUPSq 30/
¥NCPHĎĥJUĎDVDFBSĎEFDBSOBVCB 
DVFGFDUEFOFUF[JSF
5SVTĎY HğJ H
 30/

/VBOĥĎVOJWFSTBMĎ$PE
3P[USBOTQBSFOU #FKUSBOTQBSFOU
$PE $PE

;&30%&'&$5&
6UJMJ[BĥJPQFOTVMĎQSPGFTJPOBMĎQFOUSVBOUJDFBSDĎOTBVDPSFDUPS¥OUSPGPSNĎ
TQFDJBMDSFBUĎ TUVEJBUĎEFFYQFSĥJ BDFBTUĎQFOTVMĎBTJHVSĎQSFDJ[JFGJFDĎSVJHFTU
"QMJDBĥJUFYUVSBQSJOUBQPUĎSJEFMJDBUFQFOUSVBFTUPNQBFGJDJFOUJNQFSGFDĥJVOJMFğJ
BPCĥJOFVOFGFDUOBUVSBM
1FOTVMĎQFOUSVBOUJDFBSDĎO
$PEq 30/


$06-&634/"563&1&/5365&/
130%64& 5&45"5& 46# $0/530- %&3."50-0(*$

*-6.*/"3& 3&.0%&-"3&

   

0UFYUVSĎUSBOTQBSFOUĎDBSFTFBQMJDĎEJSFDUDVBKVUPSVMQFOTVMFJ $PNQMFNFOUBSJUBUFBVOFJQVESFMVNJOPBTFNBUF OBUVSBMFğJBVOFJ


QFOUSVVOUFOQFSGFDUOBUVSBMğJPÅOGĎĥJğBSFQMĎDVUĎ QVESFTJEFGBUF TUSĎMVDJUPBSF QFOUSVVOFGFDUCSPO[BOUTVCMJN
'POEEFUFODPSFDUPSDVQFOTVMĎ 1VESĎEVPFGFDUCSPO[BSFOBUVSBMĎ
5FOTUSĎMVDJUPS MVNJOPT QMJOEFWJUBMJUBUF &GFDUCSPO[BOU MVNJOPT
¥NCPHĎĥJUDVFYUSBDUFEFQSPUFJOĎEJONJHEBMĎ DVFGFDUEFOFUF[JSF ¥NCPHĎĥJUĎDVFYUSBDUEJOUĎS¹ĥFEFPSF[ DFPGFSĎTUSĎMVDJSF
'MBDPOQFOTVMĎNMq 30/ $VUJFHğJ Hq 30/

4USĎMVDJSF 4USĎMVDJSF 4USĎMVDJSF 4USĎMVDJSF %FMJDBUĎ .BUĎ


JOUFOTĎ MVNJOPBTĎ NFEJF NBUĎ $PE $PE
$PE $PE $PE $PE

"TPDJFSFBVOFJQVESFMVNJOPBTF ÅOUSPOVBOĥĎVOJWFSTBMĎDVPQVESĎ 0UFYUVSĎQVESĎEFMJDBUĎğJUSBOTQBSFOUĎ DVMPSJÅOQFSGFDUĎBSNPOJF


TJEFGBUĎQSFĥJPBTĎQFOUSVPÅOGĎĥJğBSFTUSĎMVDJUPBSFÅOPSJDFNPNFOU DFQPUGJVğPSBTPSUBUFQFOUSVBPGFSJMVNJOP[JUBUFğJBDPOUVSB
ğJÅOPSJDFÅNQSFKVSBSF USĎTĎUVSJMFDIJQVMVJÅONPEOBUVSBM
1VESĎEVPFGFDUJMVNJOBSFTJEFGBUĎ 'BSEEFPCSB[
¥OGĎĥJğBSFQMĎDVUĎ MVNJOPBTĎ 6OQMVTEFDVMPBSFQFOUSV
¥NCPHĎĥJUĎDVFYUSBDUEFUĎS¹ĥFEJOPSF[ DFPGFSĎTUSĎMVDJSF PÅOGĎĥJğBSFQMĎDVUĎ
$VUJFHğJ Hq 30/ ¥NCPHĎĥJUDVFYUSBDU   
EFUĎS¹ĥFEJOPSF[ DF
PGFSĎTUSĎMVDJSF
$VUJFHq 30/
  
3P[MVNJOPT$PE 1JFSTJDĎMVNJOPBTĎ$PE
4USĎMVDJSFJOUFOTĎ$PE 3P[OVBOĥĎNFEJF$PE 1JFSTJDĎOVBOĥĎNFEJF$PE
3P[NBU$PE 1JFSTJDĎNBUĎ$PE

4536$563"3&/"563"-è
'PSNBUVMPCMJDBMQFOTVMFJQFOUSVGBSEVMEFPCSB[PGFSĎPBQMJDBSFVğPBSĎğJVOSF[VMUBUVMUSBOBUVSBM
;¹NCJĥJÅOBJOUFEFBQMJDBSFBQVESFJEFPCSB[1PNFĥJJPCSBKJMPSWPSGJNBJCJOFDPOUVSBĥJQFOUSVP
BQMJDBSFVMUSBQSFDJTĎBQVESFJ%BDĎGPSNBDIJQVMVJFTUFPWBMĎÅOUJOEFĥJUFYUVSBGBSEVMVJEFPCSB[
TQSFQBSUFBTVQFSJPBSĎBQPNFĥJMPSQFOUSVVOQMVTEFWPMVN%BDĎGPSNBDIJQVMVJFTUFSPUVOEĎTBV
QĎUSBUĎBQMJDBĥJUFYUVSBTQSFQBSUFBJOGFSJPBSĎBQPNFĥJMPSQFOUSVBPGFSJVOFGFDUNBJTVQMV
1FOTVMĎQFOUSVGBSEVMEFPCSB[
$PEq 30/


40&-*9*3  40&-*9*3

6/&-*9*3%&'&.*/*5"5&
/ 065"5&
()*%
1FOUSVGFNFJMFDBSFEPSFTDTĎBUSBHĎQSJWJSJMF 
TĎTFTJNUĎTUSĎMVDJUPBSFğJBU¹UEFGFNJOJOFd

6OQBSGVNMVNJOPTğJJOUFOTDBSFWĎÅOWĎMVJFDVP
NJSFBTNĎEFOFVJUBU
"QĎEF1BSGVN4P&MJYJS
7BQPSJ[BUPSNM$PE
 30/
7BQPSJ[BUPSNM$PE
 30/

%JOBDFFBğJHBNĎ(FMEF%Vğ1BSGVNBU -BQUFEF$PSQ
1BSGVNBUğJ%FPEPSBOU1BSGVN

&TFOĥĎEF#FSHBNPUĎ *BTPNJF"CTPMVUĎ4BNCBD &TFOĥĎEF5SBOEBGJS%BNBTDFOB &YUSBDUEF5ĎN¹JF &TFOĥĎEF1BUDIPVMJ #PCEF5POLB

/ 065"5&
0EBUĎDVTPTJSFBQSJNFMPS[JMFGSVNPBTF ()*%

EFQSJNĎWĎSĎEFTDPQFSJĥJPWFSTJVOFÅO
BDPSEVSJNBJEJTDSFUF4P&MJYJS
¥OU¹NQJOBSFBSFWJHPSBOUĎ ÅOESĎ[OFBĥĎBOPUFMPS
GMPSBMFEFCFSHBNPUĎğJUSBOEBGJS
/PUFMFEFNJKMPDEPNJOBUFEFMVNJOBGMPSBMĎEFMJDBUĎd
"DPSEVSJMFGJOBMFTVTĥJOVUFEFBMJBOĥBEJOUSFQBUDIPVMJğJCPCVMEF
UPOLBÅOUSVOFDIJMJCSVNBJMVNJOPTğJOPUFEJTDSFUFJSF[JTUJCJMF
"QĎEF5PBMFUĎ4P&MJYJS
7BQPSJ[BUPSNM$PE
 30/
7BQPSJ[BUPSNMq$PE
 30/

/05&-&./0"4& '-03"-& %6-$*#&3(".05è 53"/%"'*3 *"40.*& 1"5$)06-* #0#%&50/,"


&'&$5&%&$0-&$Ă*&
3BSJUBUFBNBUFSJJMPSQSJNFOBUVSBMF DFMFNBJGSVNPBTFFTFOĥF
ğJDFJNBJSFOVNJĥJDSFBUPSJQFOUSVBMFEBWJBĥĎ 4FDSFUTEm&TTFODFT
WĎÅOWĎMVJFDVQBSGVNVSJMFTBMFTFO[VBMF

5FOESF+BTNJOFTUFQBSGVNVM 6OQBSGVNGFSNFDĎUPS
GMPSBM QSJNĎWĎSBUJD MVNJOPT  ğJJOUSJHBOU DSFBUÅOKVSVM
DSFBUÅOKVSVMGMPSJJEFJBTPNJF 5SBOEBGJSVMVJ TJNCPMVMGFNJOJUĎĥJJ
¥OUSFJOPDFOĥĎğJTFYBQQFBM BCTPMVUF6OQBSGVNWPMVQUVPT
BDFTUQBSGVNFYUSFNEF DBSFÅğJEF[WĎMVJF QBTDV
GFNJOJO TUSĎMVDJUPS TVBWğJ QBT OPUFMF QFOUSVBTVCMJOJB
WPMVQUVPTWĎQVOFÅOWBMPBSF TFOUJNFOUVMEFEĎSVJSFUPUBMĎ
TFO[VBMJUBUFBd "QĎEF1BSGVN3PTF"CTPMVF
"QĎEF1BSGVN5FOESF+BTNJO 7BQPSJ[BUPSNMq$PE
7BQPSJ[BUPSNMq$PE  30/
 30/
"QĎEF5PBMFUĎ3PTF"CTPMVF 
%JOBDFFBğJHBNĎ-BQUF1BSGVNBU 7BQPSJ[BUPSNMq$PE
QFOUSV$PSQğJ%FPEPSBOU1BSGVN
 30/

%JOBDFFBğJHBNĎ1BSGVN -BQUF
1BSGVNBUQFOUSV$PSQ (FMEF%Vğ
1BSGVNBUğJ%FPEPSBOU1BSGVN

QSPEVTFGĎSĎJNBHJOF

/05&%&*"40.*& 3&7*(03"/5& -6.*/0"4&*"40.*& .*.0;è  /05&%&53"/%"'*3 03*&/5"-& 70-61560"4&53"/%"'*3 #&3(".05è 1"5$)06-* 


'-0"3&%&10350$"- -è.™*& ."/%"3*/è 10350$"-è #0#%&50/," -&./%&$&%36 4$03Ă*ĵ0"3è
4&$3&54%m&44&/$&4

6OQBSGVNNJTUFSJPTğJ 6ODPODFOUSBUQMJOEF
BUFNQPSBM DSFBUÅOKVSVM NJTUFS PBVSĎGBTDJOBOUĎ
NBHJFJ"NCSFJBMDIJNJFEF 6OQBSGVNEPNJOBU
CBMTBNVSJ FTFOĥFMFNOPBTF EFDPOUSBTUF EFP
QSFĥJPBTFğJUĎN¹JF BEFWĎSBUF UVMCVSĎUPBSFGFNJOJUBUF 
DPNPSJBTDVOTFBMFOBUVSJJ EFPFMFHBOĥĎVOJDĎ
"QĎEF1BSGVN7PJMFEm"NCSF "QĎEF1BSGVN*SJT/PJS
7BQPSJ[BUPSNMq$PE 7BQPSJ[BUPSNMq$PE
 30/  30/

"QĎEF5PBMFUĎ7PJMFEm"NCSF "QĎEF5PBMFUĎ*SJT/PJS
7BQPSJ[BUPSNMq$PE 7BQPSJ[BUPSNMq$PE
 30/  30/

%JOBDFFBğJHBNĎ1BSGVN -BQUF %JOBDFFBğJHBNĎ-BQUF1BSGVNBU


1BSGVNBUQFOUSV$PSQ (FMEF%Vğ QFOUSV$PSQ (FMEF%Vğ1BSGVNBUğJ
1BSGVNBUğJ%FPEPSBOU1BSGVN %FPEPSBOU1BSGVN

/05&%&".#3è $"-%& ¥.#è5è50"3&."/%"3*/è 5è.™*& 3èĵ*/0"4&01010/"9  /05&%&*3*4 -&./0"4& .*45&3*0"4&#&3(".05è ".#3è $03*"/%36 
.*3 1"5$)06-* -&./%&4"/5"- #0#%&50/," 1*1&3/&(36 *3*4 1"5$)06-* #0#%&50/,"
"SNPOJF EFMJDBUFĥF FMFHBOĥĎd 3BGJOBNFOUFYUSFN JOUFOTJUBUFd
"QĎEF1BSGVN 1BSGVN$PNNFVOF WJEFODF
$PNNFVOF WJEFODF 7BQPSJ[BUPSNM$PE
7BQPSJ[BUPSNM$PE  30/
 30/
7BQPSJ[BUPSNM$PE
 30/

"3.0/*"/05&-03'-03"-& %&53"/%"'*3ĵ*"/05&-037&3;*#&3(".05è 53"/%"'*3 *"40.*& 1"5$)06-*

 %FTDPQFSJĥJJEFJDBEPVXXXZWFTSPDIFSDPN
$0..&6/& 7*%&/$&
&YJTUĎNPNFOUFÅODBSFUPUVMFTUFDMBS TJNQMV ÅODBSFUPU
DFWĎÅODPOKPBSĎSFTQJSĎBSNPOJBğJQMFOJUVEJOFBd
$PNNFVOF WJEFODFd

&DIJMJCSV DMBSJUBUF FMFHBOĥĎd


"QĎEF5PBMFUĎ
$PNNFVOF WJEFODFQFOUSVCĎSCBĥJ
7BQPSJ[BUPSNM$PE
 30/

(FMEF%Vğ1BSGVNBU
5VCNM$PE
 30/

%FPEPSBOU1BSGVN
"FSPTPMNM$PE
 30/

&$)*-*#36-/05&-03-&./0"4&ĵ**/5&/4&#&3(".05è ."/%"3*/è $)*1"304 1*1&3/&(36 /6$ĵ0"3è $"3%".0.& -&./%&("*"$ $&%36

QSPEVTFGĎSĎJNBHJOF
()*%6-  '36.64&Ă**.&-& 
/"563&--&
1BSGVNVMTFOJOĎUĎĥJJğJSFMBYĎSJJDVOPUFWFS[J GMPSBMFğJGSVDUBUF
SFHĎTJUÅOUSPBQĎEFUPBMFUĎDFWĎEVDFDVH¹OEVMÅOGJFDBSF
DMJQĎMBQSPTQFĥJNFBğJTUSĎMVDJSFBQSJNĎWFSJJd
"QĎEF5PBMFUĎ/BUVSFMMF
7BQPSJ[BUPSNMq$PE
 30/

%JOBDFFBğJHBNĎ(FMEF%Vğ1BSGVNBUğJ
-BQUF1BSGVNBUQFOUSV$PSQ

/05&3&7*(03"/5&-è.™*& .è37&3%& $&%36"-#

 XXXZWFTSPDIFSDPN
/ 065"5&
()*%

'-08&31"35::7&430$)&3
1SPTQFĥJNFÅOWĎMVJUPBSF DVOPUFBDJEVMBUF ÅOESĎ[OFĥF
&NPĥJFğJQBTJVOFQSJOOPUFMFEFNJKMPDGMPSBMF 
GSVDUBUF BEFNFOJUPBSF
6OQBSGVNDBQUJWBOU PNJSFBTNĎQFDBSFPSFDVOPğUJÅOPSJDF
DMJQĎğJDBSFÅĥJSĎN¹OFÅOUJQĎSJUĎÅONJOUF
1VSğJTJNQMV JSF[JTUJCJM
"QĎEF5PBMFUĎ'MPXFSQBSUZ:WFT3PDIFS
7BQPSJ[BUPSNMq$PEq 30/
7BQPSJ[BUPSNMq$PEq 30/

%JOBDFFBğJHBNĎ(FMEF%Vğ1BSGVNBU

/05&'-03"-& '36$5"5& "$*%6-"5&."/%"3*/è ;.&63è -*5$)* 53"/%"'*3

()*%6-'36.64&Ă**.&-& 
4è4"763&;
FTUFTFDSFUVMQMĎDFSJJ

%&-&$5"3& p %*/ 130%64&-&/0"453&'*/*5&/6


."*46/55&45"5&1&"/*."-&
"SPNFEFMJDJPBTFğJQBSGVNVSJGSVDUBUF
p/*$*6/$0.10/&/5%&03*(*/&"/*."-è¥/
QFOUSVBWĎSĎTGĎĥBÅOUSFHVMDPSQ '03.6-&-&/0"453&

-FT1MBJTJST/BUVSF Qq

 XXXZWFTSPDIFSDPN
-&41-"*4*34/"563&

%&-*$"5&Ă&"07è;6-6* 


6OQBSGVNDBSFWĎQPBSUĎEFQBSUF BNJOUJOEEF
NPNFOUFMFQMĎDVUFEJODPQJMĎSJF
#VDVSJF KPDVSJ WBDBOĥĎd
&YUSBTEJOBHSJDVMUVSBCJPMPHJDĎ PWĎ[VM
TFMFDĥJPOBUEF:WFT3PDIFSPGFSĎJOUBDUF /065èĂ*
UPBUFFGFDUFMFTBMFCJOFGĎDĎUPBSFÅO ()*%

BDFBTUĎHBNĎTFMFDUĎEFQSPEVTF


-BQUF$BUJGFMBUQU$PSQ0WĎ[#JP
6ONPNFOUJOUFOTEFQMĎDFSFDV
BDFTUMBQUFEFDPSQÅNCPHĎĥJUDVPWĎ[
FYUSBTEJOBHSJDVMUVSBCJPMPHJDĎQFOUSV
BPGFSJIJESBUBSFğJDBUJGFMBSFQJFMJJ
5FTUBUTVCDPOUSPMEFSNBUPMPHJD
'MBDPONMq$PE
 30/

$SFNĎQFOUSV.¹JOJ
¥OGJFDBSFNPNFOUBM[JMFJBDFBTUĎ
DSFNĎISĎOJUPBSF ÅOUSPUFYUVSĎ
GPOEBOUĎ OPOHSBTĎ PGFSĎEFMJDBUFĥF
ğJQBSGVNEJTDSFUN¹JOJMPS
5FTUBUĎTVCDPOUSPMEFSNBUPMPHJD
'MBDPOQPNQĎqNM$PE
 30/

4ĎQVO1BSGVNBU
0TQVNĎDSFNPBTĎğJPODUVPBTĎ
DVQBSGVNEJTDSFUEFPWĎ[QFOUSV
PDVSĎĥBSFEFMJDBUĎ
4ĎQVOHq$PE
 30/
 
$SFNĎ%FMJDBUĎQFOUSV$PSQ
0GFSJĥJOVUSJĥJF EFMJDBUFĥFğJTVQMFĥFDPS
QVMVJDVBDFBTUĎDSFNĎBMDĎSFJQBSGVN 0WĎ[QSPWFOJUEJOBHSJDVMUVSBCJPMPHJDĎ
TVCUJMWĎDPOGFSĎTFO[BĥJFDPOGPSUBCJMĎ
5FTUBUĎTVCDPOUSPMEFSNBUPMPHJD
$VUJFNMq$PE
 30/

(FMEF%Vğ/FDUBS
0TQVNĎEFMJDBUĎğJPODUVPBTĎ
DFPGFSĎVONPNFOUEFSFMBYBSF
QSPGVOEĎMBGJFDBSFEVğ
'PSNVMĎCJPEFHSBEBCJMĎ
'MBDPONMq$PE
 30/
 
$0/46."Ă*-&'è3è.0%&3"Ă*&
1FOUSVDĎOBUVSBOFPGFSĎNJJEFBSPNFEFMJDJPBTFğJOF
JOWJUĎTĎMFEFTDPQFSJNÅOGJFDBSFDĎMĎUPSJF7BOJMJF [NFVSĎ 
QJFSTJDĎ'JFDBSFQBSGVNFWPDĎPBNJOUJSF PJTUPSJF VO
[¹NCFU"MFHFĥJÅOGJFDBSF[JPOPVĎQMĎDFSFDBSFWĎÅOD¹OUĎğJ
USĎJĥJÅOQFSGFDUĎBSNPOJFDVOBUVSB

%&-*$**
1BSGVNVSJOBUVSBMFQFOUSVUPBUFHVTUVSJMFOVDĎEFDPDPT 
[NFVSĎ WBOJMJF QJFSTJDĎ NVSĎ NĎTMJOĎ /065èĂ*
3FHĎTJĥJÅOGJFDBSFHBNĎ ÅOGVODĥJFEFJOHSFEJFOUF  ()*%
VSNĎUPBSFMFQSPEVTF(FMEF%Vğ/FDUBS 4ĎQVO(FMQFOUSV
.¹JOJ $SFNĎQFOUSV.¹JOJ 4ĎQVO1BSGVNBU "QĎEF5PBMFUĎ 
#BMTBN)SĎOJUPSQFOUSV#V[F &YGPMJBOUQFOUSV$PSQ $VC
4USĎMVDJUPS&GFSWFTDFOUQFOUSV#BJF 1FSMĎ1BSGVNBUĎQFOUSV
#BJF

;NFVSĎQSPWFOJUĎEJO 7BOJMJFQSPWFOJUĎEJO 1JFSTJDĎHBMCFOĎ


BHSJDVMUVSBCJPMPHJDĎ BHSJDVMUVSBCJPMPHJDĎ
-&41-"*4*34/"563&

/"563"*6#&ĵ5&
-&41-"*4*34/"563&
'PSNVMFMF(FMVMVJEF%Vğ/FDUBSğJ
BMF4ĎQVOVMVJ(FMQFOUSV.¹JOJ
TVOUCJPEFHSBEBCJMF

.VSĎ /VDĎEFDPDPTEJO.BMBF[JB 6MFJEFNĎTMJOF1SPWFODF


*3&;*45*#*-&


-6.*/&--&

'BSEEF1MFPBQF
1ÀDIÀ.JHOPO 
$VUJF H
 30/
.FOUĎ  -JMJBD  3P[  1FQFOF  1SVOĎ
 UPQPSBğ MBDUÀ HBMCFO WJğJOĎ
3VKEF#V[F%SBHÀF $PE $PE $PE $PE $PE
#BUPO H
 30/

$SFJPO,IËM
$SFJPO H  'JTUJD  .JHEBMĎ  'MPBSF  3P[  "SHJOUJV
TJEFGBU WBOJMJF EFDBTUBO  
 30/ $PE $PE $PE $PE $PE
#SVO$PE
/FHSV$PE
"MCBTUSV$PE

3JNFM6MUSB7PMVN
'MBDPONM
 30/

3VKEF#V[F(MPTTZ
#BUPO H /FHSV
 30/ $PE
 SVO
#
$PE


;NFVSĎğFSCFU $PSBMTJEFGBU .BSPOHMBDÀ


$PE $PE $PE

"MVOĎDSPDBOUĎ 3P[NJFSF 3P[JOPDFOU


$PE $PE $PE 

.PWGPOEBOU 3PğVJOUFOT 1FQFOFHBMCFO


$PE $PE $PE
3P[HBMBDUJD$PE
;NFVSĎ$PE
3PğVTUSĎMVDJUPS$PE
 1JFSTJDĎBVSJF$PE
5PQPSBğTDMJQJUPS$PE

    
"5&-*&3%&-"
$04. 5*26&
7 ( 5"-& ‡

$6$&3&ĵ5&-6.&"
1"3*4 'SBOĥB

.0/53 "- 2VÀCFD
‡.BSDĎÅOSFHJTUSBUĎEF:WFT3PDIFS

4 06- $PSFFBEF4VE

."%3*% 4QBOJB

.FEBMJBEF"VSQFOUSV.PEFSOJ[BSFB
NBHB[JOFMPS
307"%
(
PENTRU CEI 50 DE ANI AI SAI,
(
YVES ROCHER OFERA PLANETEI
50 DE MILIOANE DE ARBORI
:WFT3PDIFSTFBOHBKFB[ĎGBĥĎEF/BĥJVOJMF6OJUFQSJOPQFSBĥJVOFBJOJĥJBUĎ 
(

Sa PLANTaM PENTRU PLANETa¥O ÅNQSFVOĎDV


DMJFOĥJJğJQBSUFOFSJJOPğUSJ NJMJPBOFEFBSCPSJBVGPTUEFKBQMBOUBĥJÅO4FOFHBM 
*OEJB #SB[JMJB &UJPQJB
"MĎUVSBĥJWĎğJ%VNOFBWPBTUSĎXXXZWFTSPDIFSDPN

‚18BMMFU&4BNQFST

You might also like