!!!!!!!!!!!!!!!!!!!"#$%!&'('!)*!+!,-+./0+-1!'2!"#34%5!&&%6
7899!:!;'<)<1=)>1/!?@)=)A*!B=/C,-'<)C*!D6E6
9åHFKQDSUiYDY\KUD]HQD7HFKQLFNpSDUDPHWU\VHPRKRX]PĖQLW
EH]SŏHGFKR]tKRXSR]RUQĖQt2FKUDQQp]QiPN\MVRXPDMHWNHP
VSROHĈQRVWL.RQLQNOLMNH3KLOLSV(OHFWURQLFV19QHERSŏtVOXåQîFK
YODVWQtNţ6SROHĈQRVW3KLOLSVVLY\KUD]XMHSUiYRNG\NROLYîUREN\PĖQLW
DQLçE\Y]QLNODSRYLQQRVWRGSRYtGDMtFtP]SţVREHPXSUDYLWGŏtYH
GRGDQp]ERçt
-VPHSŏHVYĖGĈHQLRSŏLPĖŏHQRVWLPDWHULiOXYWpWRSŏtUXĈFHVRKOHGHP
QD]DP\åOHQpSRXçLWtV\VWpPX3RNXGGRMGHNSRXçLWtYîURENXQHER
MHKRMHGQRWOLYîFKPRGXOţĈLSURFHVţNMLQîPQHç]GHXYHGHQîP
~ĈHOţPMHWŏHED]tVNDWSRWYU]HQtRMHMLFKSODWQRVWLDYKRGQRVWL
6SROHĈQRVW3KLOLSVVH]DUXĈXMHçHVDPRWQîPDWHULiOQHSRUXåXMHçiGQp
SDWHQW\UHJLVWURYDQpY86$æiGQiMLQi]iUXNDQHQtSRVN\WRYiQDDQL
>)!</=F/!GHG'F'G+,6
6SROHĈQRVW3KLOLSVQHRGSRYtGi]DçiGQpFK\E\YREVDKXWRKRWR
GRNXPHQWXDQL]DSUREOpP\Y]QLNOpYGţVOHGNXREVDKXYWRPWR
GRNXPHQWX&K\E\RKOiåHQpVSROHĈQRVWL3KLOLSVEXGRXFRQHMGŏtYH
RSUDYHQ\DSXEOLNRYiQ\QDMHMtFKZHERYîFKVWUiQNiFKSRGSRU\
=iUXĈQtSRGPtQN\
1HEH]SHĈt]UDQĖQtSRåNR]HQtWHOHYL]RUXQHER]QHSODWQĖQt]iUXN\
D)1.H!*/!</A'1'IJ/>,/!'A-+G),!,/=/G)F'-!*+0)6
7HOHYL]RUDSŏtVOXåHQVWYtSRXçtYHMWHMHQYVRXODGXVSRN\Q\YîUREFH
9DURYQîV\PEROQD]DGQtVWUDQĖWHOHYL]RUXXSR]RUŀXMHQDUL]LNR
~UD]XHOHNWULFNîPSURXGHP1LNG\QHVXQGiYHMWHNU\WWHOHYL]RUX
9SŏtSDGĖSRWŏHE\VHUYLVXQHERRSUDYYçG\NRQWDNWXMWHSRGSRUX
]iND]QtNţVSROHĈQRVWL3KLOLSV
-DNiNROLRSHUDFHYîVORYQĖ]DNi]DQiYWpWRSŏtUXĈFHDMDNpNROL~SUDY\
DPRQWiçQtSRVWXS\QHGRSRUXĈHQpQHERQHVFKYiOHQpYWpWRSŏtUXĈFH
UXåtSODWQRVW]iUXN\
3L[HORYiFKDUDNWHULVWLND
7HQWR/&'YîUREHNREVDKXMHY\VRNîSRĈHWEDUHYQîFKSL[HOţ$ĈNROL
PtUDIXQJXMtFtFKSL[HOţGRVDKXMHKRGQRW\QHERYtFHPRKRX
VHQDREUD]RYFHQHXVWiOHREMHYRYDWĈHUQpWHĈN\QHERMDVQpVYĖWHOQp
ERG\ĈHUYHQp]HOHQpQHERPRGUp-HGQiVHRNRQVWUXNĈQtYODVWQRVW
GLVSOHMHYUiPFLEĖçQîFKSUţP\VORYîFKVWDQGDUGţDQLNROLR]iYDGX
6RIWZDUHVRWHYŏHQîP]GURMRYîPNyGHPRSHQVRXUFHVRIWZDUH
7HQWRWHOHYL]RUREVDKXMHVRIWZDUHVRWHYŏHQîP]GURMRYîPNyGHP
6SROHĈQRVW3KLOLSVWtPWRQDEt]tçHQDY\çiGiQtSRVN\WQH~SOQRXNRSLL
RGSRYtGDMtFtKR]GURMRYpKRNyGXSURDXWRUVNîPLSUiY\FKUiQĖQp
EDOtĈN\VRIWZDUXVRWHYŏHQîP]GURMRYîPNyGHPNWHUpMVRXSRXçLW\
YWRPWRYîURENXDXNWHUîFKWDNRYRXQDEtGNXY\çDGXMtSŏtVOXåQp
OLFHQFH7DWRQDEtGNDSODWtDçWŏLURN\SRQiNXSXYîURENXDY]WDKXMH
VHQDNRKRNROLNGRREGUçtWRWRVGĖOHQt&KFHWHOL]tVNDW]GURMRYîNyG
NRQWDNWXMWHQiVSURVtPQDDGUHVHRSHQVRXUFH#SKLOLSVFRP
3RNXGQHFKFHWHSRXçtWHPDLOQHERSRNXGGRWîGQHSRRGHVOiQt
SRçDGDYNXQDXYHGHQRXHPDLORYRXDGUHVXQHREGUçtWHSRWYU]HQtR
MHKRSŏLMHWtQDSLåWHQiPSURVtPYDQJOLĈWLQĖQDDGUHVX
2SHQ6RXUFH7HDP3KLOLSV
,QWHOOHFWXDO3URSHUW\6WDQGDUGV32%R[
KB!B)<.@'G/<5!L@/!D/,@/-=+<.*
-HVWOLçHYSŏLPĖŏHQpGREĖQHREGUçtWHSRWYU]HQtRSŏLMHWtYDåHKR
GRSLVXRGHåOHWHSURVtPHPDLOQDYîåHXYHGHQRXHPDLORYRXDGUHVX
7H[W\OLFHQFtDR]QiPHQtWîNDMtFtVHVRIWZDUXVRWHYŏHQîP]GURMRYîP
NyGHPNWHUîMHSRXçLWYWRPWRYîURENXMVRXNGLVSR]LFLQDVDPR3
*,+,<M0!=)*,I6
6RXODGVHVWDQGDUG\(03
6SROHĈQRVW.RQLQNOLMNH3KLOLSV(OHFWURQLFV19Y\UiEtDSURGiYi
PQRKRSURGXNWţXUĈHQîFKSURVSRWŏHELWHOH2EHFQRXYODVWQRVWt
WĖFKWRYîURENţ²VWHMQĖMDNRMDNîFKNROLMLQîFKHOHNWURQLFNîFK]Dŏt]HQt
²MHçHY\VtODMtDSŏLMtPDMtHOHNWURPDJQHWLFNpVLJQiO\-HGQtP]KODYQtFK
REFKRGQtFKSULQFLSţVSROHĈQRVWL3KLOLSVMHSŏLMtPDWXVYîFKYîURENţ
YHåNHUiQH]E\WQiRSDWŏHQtQDRFKUDQX]GUDYtDEH]SHĈQRVWLYVRXODGX
VHYåHPLSŏtVOXåQîPLSUiYQtPLSRçDGDYN\DVWDQGDUG\SURHOHNWUR3
PDJQLWLFNiSROH(03SODWQîPLYGREĖYîURE\YîURENX6SROHĈQRVW
3KLOLSVVH]DYi]DODY\YtMHWY\UiEĖWDSURGiYDWYîUREN\NWHUpQHPDMt
QHSŏt]QLYp~ĈLQN\QD]GUDYRWQtVWDY6SROHĈQRVW3KLOLSVSRWYU]XMH
çHSRNXGMVRXMHMtYîUREN\ŏiGQĖSRXçtYiQ\N~ĈHOXNMDNpPXE\O\
Y\UREHQ\MHMHMLFKSRXçtYiQtSRGOHQHMQRYĖMåtFKYĖGHFNîFKSR]QDWNţ
EH]SHĈQp6SROHĈQRVW3KLOLSVVHDNWLYQĖSRGtOtQDYîYRMLPH]LQiURGQtFK
VWDQGDUGţ(03DEH]SHĈQRVWQtFKQRUHP7DWRĈLQQRVWVSROHĈQRVWL
3KLOLSVXPRçŀXMHSŏHGYtGDWGDOåtYîYRMYREODVWLVWDQGDUGL]DFHNWHUî
WDNGRNiçHU\FKOH]DSUDFRYDWGRVYîFKYîURENţ
,QIRUPDFHRVKRGĖVHVWDQGDUG\(0&
9]iMPX]DFKRYiQtVRXODGXVHVPĖUQLFt(6SRMHGQiYDMtFt
RVWDQGDUGHFK(0&(OHFWUR0DJQHWLF&RPSDWLELOLW\QHVPtEîW
]iVWUĈNDWRKRWRYîURENXRGGĖOHQDRGQDSiMHFtKRNDEHOX
9SŏtSDGĖçH]Dŏt]HQtYUHçLPX'/1$1HW79QHREQRYtĈLQQRVWMH
QXWQî]iVDKXçLYDWHOH
&RS\ULJKW
:LQGRZV0HGLDMHUHJLVWURYDQiRFKUDQQi]QiPNDQHERRFKUDQQi
]QiPNDVSROHĈQRVWL0LFURVRIW&RUSRUDWLRQY86$DQHERGDOåtFK
]HPtFK
9\UREHQRQD]iNODGĖOLFHQFHRGVSROHĈQRVWL'ROE\/DERUDWRULHV
'ROE\DV\PEROGYRMLWpKR'MVRXRFKUDQQp]QiPN\VSROHĈQRVWL
#'=NH!&+N'-+,'-)/*6
'/1$ORJR'/1$D'/1$&HUWLÀHGMVRXRFKUDQQp]QiPN\
]QDĈN\VOXçHEQHERFHUWLÀNDĈQt]QDĈN\VSROHĈQRVWL'LJLWDO/LYLQJ
1HWZRUN$OOLDQFH
+'0,ORJR+'0,D+LJK'HÀQLWLRQ0XOWLPHGLD,QWHUIDFHMVRX
REFKRGQt]QiPN\QHERUHJLVWURYDQpREFKRGQt]QiPN\VSROHĈQRVWL
+'0,OLFHQVLQJ//&Y86$DMLQîFK]HPtFK
9åHFKQ\GDOåtUHJLVWURYDQpDQHUHJLVWURYDQpRFKUDQQp]QiPN\MVRX
YODVWQLFWYtPQiOHçLWîFKYODVWQtNţ