Sa Pobla

You might also like

Download as pdf or txt
Download as pdf or txt
You are on page 1of 12

.

JÈSDPMFT EFNBS[PEF

5SBEJDJÍO
BHSBSJB
&MDVMUJWPEFMBQBUBUBFTFMTÌNCPMPEFMBFDPOPNÌBEFTB1PCMB VOBBDUJWJEBERVFIBNBSDBEPFMDBSÁDUFSFNQSFOEFEPSZMVDIBEPSEFMQVFCMP'PUP.*26&-§/(&-$"³&--"4

4 
UDcV`UYgY`g…aVc`cXY`UhfUX]! )"#*5"/5&4 FYgdYWhcUgigjYW]bcg YghzYbibhf! hU`mWcacZ][ifUbYbY`7Uh{`Y[X¼9ghUV`]!
W]Šb U[fUf]U aU``cfei]bU m XY `U %FBDVFSEPDPO a]bcaYX]cYbhfY`UYWcbca…UXY`cgai! aYbhgHif…gh]WgXY`;cjYfb"5XYazg Yghz
]bbcjUW]ŠbYbY`gYWhcfdf]aUf]c" MPTEBUPTEFM b]W]d]cgXYWcghU!5`WX]UWcb(-+ (a]``c! dfYj]ghU`UUdYfhifUXYXcgU[fchif]gacgm
@UdUhUhUYgY`Wi`h]jcaUmcf]hUf]c" QBESÑO TB1PCMBUJFOFIBCJUBOUFT bYg AifcWcbWUg]&$,a]``cbYg!m`cgXY ibhif]gacXY]bhYf]cf"
Azg U``z XY `U U[f]Wi`hifU  gY \U &OMPT×MUJNPTBÐPTMBQPCMBDJÑOTFIB ]bhYf]cf!7UadUbYh[YbYfU'% 'a]``cbYgm @UfYghUifUW]ŠbhUaV]bcWidUib`i[Uf
UV]Yfhc U `U YldcfhUW]Šb Wcb ib gY``c XY JODSFNFOUBEPFOQFSTPOBT VO 6‰i[Yf %% '!" ]adcfhUbhY"<Um%+fYghUifUbhYg &*VUfYg 
WU`]XUXm\UUdcghUXcdcf`UhfUbgZcfaU!   7iYbhU Wcb '+$ YadfYgUg  '"((& UZ]`]U! g]YhYVUf!WUZYhYf…U %(WUZYhYf…UgmibVUf
W]ŠbWcbY`dfcXiWhcWcb[Y`UXcmXYWiUf! Xcg U `U GY[if]XUX GcW]U` m )($ XYgYa! XYWcdUg"


hU[UaU YgXYW]f `]ad]c WcfhUXcmYbjUgU!  d`YUXcg XYaYX]UUbiU` hU`mWcaccZfYWY
.*--0/&4ä7"# 9gY`ibXW]acaib]W]d]cXYAU``cfWU
XcdUfUgiWcbgiac" &MNVOJDJQJPHFOFSBVOB Y`=VYghUh"@UhUgUXYdUfcfY[]ghfUXcYgXY` azg[fUbXYYbdcV`UW]Šb"@cg\UV]hUbhYg
9gY`hYfWYfaib]W]d]cazgYgdYW]U`]nU! BDUJWJEBEEF %' *( VUghUbhYazgU`hUeiYYbhcXU`U]g! YlhfUb^Yfcg g]YadfYgY[bY`dUXfŠb fY!
Xc Yb WcaYfW]c !Wcb ib &% , XY` jU`cf FVSPT TFH×OMB'VOEBDJÑO*NQVMTB `U XcbXYYgXY`, ,'" dfYgYbhUbY`%, )( ibUW]ZfU`][YfUaYbhY
U‰UX]Xc eiYYbhcXUAU``cfWUYgY`%& *! @UfYbhUX]gdcb]V`YdYfWzd]hU gY[b`cg gidYf]cfeiYYbhcXUAU``cfWU!%+ &(!"@Ug
mY`ei]bhcYbU[f]Wi`hifU!fYdfYgYbhUib XUhcgXY`7cbgY``9Wcb‹a]W]GcW]U` YgXY bUW]cbU`]XUXYg YlhfUb^YfUg Wcb aUmcf
* )XY`jU`cfU‰UX]Xc WiUbXcYbhcXU`U @UYWcbca…U%** -a]``cbYgYgg]a]`Uf  %("')( &-Yifcg ib+ ,]bZYf]cfU`UaYX]U dfYgYbW]Ugcb`UaUffcei… `UgYbY[U`YgUm
]g`Ugc`cYgY`$ +!"9`ach]jcYgeiY[fUb YbjU`cfU[fY[UXc UAifc&$,m7Uadcg XYAU``cfWU!%)")*, *)Yifcg!"9gY`gdh]! `UVf]hzb]WU"
dUfhY XY `U UWh]j]XUX fY`UW]cbUXU Wcb Y` %*' + gY[bUbU`]nU`U:ibXUW]Šb=adi`! acdiYV`cXYAU``cfWUWcb`UfYbhUazg 9ghYaib]W]d]cYghUaV]bY`cWhUjcWcb
gYWhcfdf]aUf]cZ][ifUWcacWcaYfW]cU` gU"9bWUaV]c `cgaib]W]d]cgeiYazggY VU^U"A]YbhfUgeiYY`dfYgidiYghcaib]W]! aYbcfYXUXaYX]U ($ '&U‰cg WiUbXcYb
dcfaUmcf"HUaV]bYghzaimYgdYW]U`]nU! UgYaY^UbdcfdcV`UW]ŠbgcbGŠ``Yf%'"+$) dU`YgXY%& +a]``cbYgXYYifcg" hcXUAU``cfWUYgXY(% '%U‰cg"
XcYbWcbghfiWW]Šb!%- (XY`J56 + (Yb \UV]hUbhYgmGUbhUAUf[U`]XU%&"(,) Wcb 9`hif]gaccWidUib`i[UfWUXUjYnazg GYffUYgY`df]aYfUdY``]XcazgZfYWiYb!
AU``cfWU!mYb]bXighf]UaUbiZUWhifYfU! ibU YWcbca…U XY &+, % a]``cbYg m &++ )  ]adcfhUbhY"GUDcV`Uh]YbYmU%"+%,d`UnUg hYYbgUDcV`Um`cgbcaVfYgazgWcaibYg
* %YbgUDcV`U & ,YbhcXU`U]g`U!" fYgdYWh]jUaYbhY" XY U`ei]`Yf jUWUW]cbU` Yb &)$ j]j]YbXUg  gcb5bhcb]cm7UhU`]bU"
6MUJNB)PSB
*4"10#-" %,89A5FNC89&$&$

1SJODJQBMFTNBHOJUVEFTFDPOÑNJDBTQPSTFDUPSFTZTVCTFDUPSFT ¯OEJDF 


EF
'VFOUF'VOEBDJÑO*NQVMTB FTQFDJBMJ[BDJÑO
'VFOUF'VOEBDJÑO*NQVMTB
7"# 7"# 0DVQBEPT 1FTPEFMTFDUPS /×NFSPEF EFFNQSFTBT ¯OEJDFFTQFD 7"#
FOMBPDVQBDJÑO FNQSFTBT TPCSFFMUPUBM SFTQFDUPB#BMFBST .BMMPSDB 4FSWJDJPT  
$POTUSVDDJÑO  
4FSWJDJPT ä             *OEVTUSJB  
$PNFSDJPZSFQBSBDJPOFT              4FDUPSQSJNBSJP  
5SBOTQPSUFZBMNBDFOBKF             
"MPKBNJFOUPZSFTUBVSBDJÑO              7BMPSNFEJP ä
EFMPT
*OGPSNBDJÑOZDPNVOJDBDJPOFT              JONVFCMFT
"DUGJOBODJFSBTZEFTFHVSPT              SFTJEFODJBMFT
'VFOUF*CFTUBU
"DUJONPCJMJBSJBT              #BMFBST  
"DUQSPG DJFOUÌGJDBTZUÈDOJDBT              4B1PCMB  
"DUBENJOJTUSBUJWBTZBVYJMJBSFT             
"ENQ×CMJDB EFGFOTBZ4FH4PDJBM       OE OE    
&EVDBDJÑO             
4BOJEBEZTFSWJDJPTTPDJBMFT             
"DUBSUÌTUJDBTZEFFOUSFUFOJNJFOUP             
0USPTTFSWJDJPT             
"DUJWJEBEFTEFMPTIPHBSFT             
$POTUSVDDJÑO ä            
*OEVTUSJB ä            
*OEVTUSJBFYUSBDUJWB             
*OEVTUSJBNBOVGBDUVSFSB             
4VNJOJTUSPFOFSHÈUJDP             
"HVB TBOFBNJFOUPZSFDJDMBKF             
"HSJDVMUVSB HBOBEFSÌBZQFTDB ä            

7BMPS"HSFHBEP#SVUP

4B1PCMB
7"#NVOJDJQBM

ä
1FTPTPCSF#BMFBST 1FTPTPCSF.BMMPSDB

    'VFOUF'VOEBDJÑO*NQVMTB

"MD×EJB $BNQBOFU

ä ä
       

#×HFS .VSP

ä ä
       
-BTFNQSFTBTNÁTJNQPSUBOUFT ä

'VFOUF4"#*

&NQSFTB *OHSFTPT 5SBCBK 3FTVMUBEPT

 6$04B1PCMB4"-   


 7EBEF"OUPOJP4FSSB4"   
5SBCBKBEPSFTBGJMJBEPT &NQSFTBTBGJMJBEBT $POUSBUPTSFHJTUSBEPT 7JWJFOEBTWJTBEBT  'SVJUFTJ7FSE4PO.BSDI4-   
QPSTFDUPSFT QPSTFDUPSFT 'VFOUF*CFTUBU 'VFOUF*CFTUBU /×NFSP  .BUFV6DP4"   
'VFOUF*CFTUBU 'VFOUF*CFTUBU
/×NFSP
    .FT#MBODB4-   
4FSWJDJPT    4FSWJDJPT    
    +VLBNBS4"   
$POTUSVDDJÑO    $POTUSVDDJÑO    
    #FO[JOFSFT(FMBCFSU4-   
*OEVTUSJB    *OEVTUSJB    
    (PFUIF**4-   
4FDUPSQSJNBSJP    4FDUPSQSJNBSJP    
    &ODPGSBEPTZ&TUS/PWP4-   

    "OUPOJP(PTU4PDJBT4-   

3FOUBEJTQPOJCMFCSVUBQFSDÁQJUB  "VUPT4B1PCMB4"   
   
'VFOUF$&4  (SÄGJRVFT(FMBCFSU4-   

      
*MMFT#BMFBST             $SJTUBMFSÌBZ"MV'VMMBOB4-   

.BMMPSDB             $PN"HSPRVÌN#BMFBS4"   

4B1PCMB             )JESPTZTUFNT.BMMPSDB4-   

6MUJNB)PSB
%,89A5FNC89&$&$ 4"10#-"*
1SFTJÑOGJTDBMQPSIBCJUBOUF 'VFOUF$&4

4B1PCMB
$PDJFOUFFOUSFDBSHBGJTDBMZ1*#QFSDÁQJUB

   

"MD×EJB $BNQBOFU

   
#×HFS .VSP

    &NJHSBDJPOFT


"#BMFBST 
$BSHBZQSFTJÑOGJTDBMQPSUJQPEFJNQVFTUP "PUSBT$$"" 
'VFOUF$&4 "MFYUSBOKFSP 
4B1PCMB .BMMPSDB
*NQVFTUPTEJSFDUPT  ä  ä *ONJHSBDJPOFT
*NQVFTUPTJOEJSFDUPT  ä  ä %F#BMFBST 
5BTBTZPUSPTJOHSFTPT  ä  ä %FPUSBT$$"" 
$BSHBGJTDBMUPUBM  ä  ä %FMFYUSBOKFSP 
1SFTJÑOGJTDBM    
4BMEPNJHSBUPSJP
/×NFSPEFUVSJTNPT
NBUSJDVMBEPT
'VFOUF*CFTUBU
/×NFSPWFIÌDVMPT
NBUSJDVMBEPT
'VFOUF*CFTUBU
 'VFOUF*CFTUBU
5VSJTNPT 
  .PUPDJDMFUBT  1PCMBDJÑOQPSHSVQPTEFFEBE -PTOPNCSFTNÁTGSFDVFOUFT
'VFOUF*CFTUBU
  $JDMPNPUPSFT  'VFOUF*CFTUBU
)PNCSFT .VKFSFT "NCPTTFYPT )PNCSFT .VKFSFT
  'VSHPOFUBT      "OUPOJP  $BUBMJOB 
  $BNJPOFTLH      +VBO  .BSHBSJUB 
  $BNJPOFTLH      .JHVFM  "OUPOJB 
  5SBDUPSFTJOEVTUSJBMFT      (BCSJFM  'SBODJTDB 
  3FNPMRVFT      .PIBNFE  .BSÌB 
  4FNJSSFNPMRVFT      +BJNF  +VBOB 
  0USPTWFIÌDVMPT      1FESP  *TBCFM 
  /PDPOTUB      +PTÈ  .BHEBMFOB 
  505"-     
    -PTBQFMMJEPTNÁTGSFDVFOUFT
1BSRVFEFWFIÌDVMPT     4FSSB 
'VFOUF*CFTUBU     $SFTQÌ 
 
    $MBEFSB  'VFOUF*CFTUBU
5VSJTNPT  
   
.PUPDJDMFUBT   -PTOPNCSFTEFMPTSFDJÈOOBDJEPT
   
"VUPCVTFT   )PNCSFT 'VFOUF*CFTUBU
.VKFSFT
    /JM  .BMBL4BSB 
$BNJPOFTZGVSHPOFUBT  
    "EBN#JMBM+BO+BVNF  ,BXUBS 
5SBDUPSFTJOEVTUSJBMFT  
PNÁT    +PBO.BSD.PIBNFE "ZB$BSMB&NNB.BSJOB 
3FNPMRVFTZTFNJSSFNPMRVFT  
5PUBMFEBE    0NBS3FEB .BSUB.BSXB.JSFJB/VSJB
0USPT  
505"-   &EBENFEJBEFMB 1PCMBDJÑOFYUSBOKFSB
1PCMFYUSBOKFSB .BUSJNPOJPTEF
'VFOUF*CFTUBU QPCMBDJÑO EJTUJOUPTFYP 
5VSJTNPTQPSDBEB 7FIÌDVMPTQPSDBEB
   
.BSSVFDPT  $BUÑMJDPT 
NJMIBCJUBOUFT NJMIBCJUBOUFT 4FOFHBM  $JWJMFTZPUSPT 
    3FJOP6OJEP 
'VFOUF*CFTUBU 'VFOUF*CFTUBU 'VFOUF*CFTUBU 'VFOUF*CFTUBU 'VFOUF*CFTUBU
6MUJNB)PSB
*4"10#-" %,89A5FNC89&$&$

5SBEJDJÑOBHSÌDPMB
FOVOBFDPOPNÌB
EJWFSTJGJDBEB
-BNFTBSFEPOEB DFMFCSBEBFMEFNBS[P QVTPEF
NBOJGJFTUPMBEJGJDVMUBE QFSPUBNCJÈOFMÈYJUP EFMB
QSPEVDDJÑOZDPNFSDJBMJ[BDJÑOEFQBUBUBEFTB1PCMB

4
U DcV`U \U j]j]Xc aim g]cbU`Yg"9ghzbaimV]YbdfYdU!
V]Yb [fUW]Ug U `U dUhUhU" fUXcgmY`WUadcYghzaimV]Yb
9`gYbh]a]YbhcXYUffU][c Wi]XUXc"7fYceiYgY[UbUbV]Yb
U` WUadc m XY hfUX]W]Šb `Uj]XU"A]fU Y`gYWhcfXY`UdUhU!
U[fUf]UbcgYd]YfXY"G]b hU`c\U\YW\caimV]Yb"<Ub\Y!
YaVUf[c Wcb`cgU‰cg`UYWcbc! W\cibYgZiYfncVfihU`Yb]bjYf!
a…U gY \U X]jYfg]Z]WUXc m \cm g]cbYgmaUei]bUf]U"@UdUhUhUXY
UVfUnU Y` hif]gac" Ib bihf]Xc AU``cfWU UXYazgXYU`]aYbhUfY`
[fidcXYYadfYgUf]cggYfYib]Š aYfWUXc`cWU` Yb`UgYldcfhUW]c!
Y``ibYgX…U&XYaUfncYbY`Ai! bYgh]YbYibdiYghcazgeiYVf]!
gYi7UbD`UbYgUWcadU‰UbXcU` ``UbhYYbhfY`UdfcXiWW]ŠbYgdU!
U`WU`XY@`cfYb€;Y`UVYfh"9ghij]Y! ‰c`Uº gY‰U`Š>cUbAUhYi mU‰U!
fcbdfYgYbhYg>cUbAUhYi dfYg]! X]Š.  ¹BiYghfc gYWhcf \U \YW\c


XYbhY XY AUhYi 9ldcfh/ >cUb WcgUgaim]bhYfYgUbhYg"Df]aYfc
7UbhU``cdg XY=``UWUad/AUf]`b YldcfhUVUgc`cUibdU…g!FY]bc
GcW]Ug  XY :fi]hYg Gcb AUfW\/ Ib]Xc!  dYfc \U X]jYfg]Z]WUXc `U bYWYg]XUX" 7UXU jYn \Um aY!
>cUb7cadUbm XY9gd`Yh/AUf[U! i&TUBNPTNVZPSHVMMPTPT aYfWUXcgYifcdYcgm`UgcfdfYgU bcgdUmYgYgUibeiY`UgidYfZ]W]Y
`]XUGYffU XYJXU"X¼5bhcb]GYffU/ EFOVFTUSBUSBEJDJÑO YgeiYhcXcgbcg\Ub``UaUXcm gYaUbh]YbY"Bcgchfcg Wcac=``U!
GYVUgh]{7fYgd… XY:ihifei]a]U/ QBZFTB:BMGJOIFNPT bcg d]XYb biYghfc dfcXiWhc" @U WUad hfUVU^Uacg Yb WcaYfW]c 
GUbh]U[c Bcjc  XY 7cbghfiWW]c! dUhUhUXYgUDcV`UYgXYibUWU`]! dYfc `c eiY acjYacg Yg WcbgY!
bYgBcjc/>cUbHUi`Yf XY5`ia]! FOUSBEPFOFMUVSJTNPw WiYbW]UX]fYWhUXY`UU[f]Wi`hifU"
b]gHUi`Yf/Hcb]:YffU[ih XY@U! -MPSFOÇ(FMBCFSU -"$0/4536$$*´/  @UU[f]Wi`hifUYg`Udf]aYfUd]Y!
jUbXYf…UAg6`UbWU/Hcb]<ifhU! XfU  UibeiY gYU dcf hfUX]W]Šb 
Xc XY`fYghUifUbhYGU:cfhU`gU m
"-$"-%&
-"*/%6453*" &- dYfc `cg VYbYZ]W]cg gY \Ub fY]b!
AUhYi Dcbg  XY `¼5ggcW]UW]Š XY dcV`YfUº gY‰U`Š" $0.&3$*0:&- jYfh]Xcm`UUWh]j]XUXgY\UX]jYf!
7caYfW]Ubhg ] 9adfYgUf]g XY gU @UYWcbca…UXYGUDcV`UYghz g]Z]WUXcYb`cg`h]acg)$U‰cgº 
DcV`U" HUaV]b dUfh]W]dŠ >cUb dfcZibXUaYbhY `][UXU U `U U[f]! 563*4.0 Yld`]WŠ"
DfYn  fY[]Xcf XY <UW]YbXU  Yb Wi`hifUm YbWcbWfYhc U`Wi`h]jc %*7&34*'*$"/ G]b YaVUf[c  Y` Yad`Yc Yb Y`


ibU aYgU fYXcbXU acXYfUXU XY`UdUhUhU"9l]ghYbXcgU[YbhYg gYWhcf U[f…Wc`U fYhfcWYXY  hUa!
dcf Y` X]fYWhcf XY9` 9WcbŠa]Wc aim X]ZYfYbW]UXcg eiY dUfh]W]! XUXYlWY`YbhYmh]YbYib[fUbfY! V]b Yb gU DcV`U" ¹7UXU jYn \Um
DYd JYf[Yf m eiY WcbhŠ Wcb `U dUb XY` bY[cW]c. dcf ibU dUfhY  WcbcW]a]YbhcmXYaUbXUº"HUa! aYbcg U[f]Wi`hcfYg" @U [YbhY
dfYgYbW]UXY`UhUaV]bdcV`YfU `cgU[f]Wi`hcfYgm dcfchfU `cgWc! V]bgYfYZ]f]ŠU`ZihifcWcb]bWYf! i&M$POTJTUPSJPDVFOUBDPO ei]YfYibhfUVU^cYghUV`Y"@UU[f]!
7UhU`]bU7`UXYfU dfYg]XYbhUXY` aYfW]U`]nUXcfYg" 8Y \YW\c  `U h]XiaVfY.¹9gjYfXUXeiYgY\UWY FNQMFBEPTZUJFOFVO Wi`hifUYgaimgUWf]Z]WUXUm`U[U!
7cbgY``XYAU``cfWU" df]bW]dU`UWh]j]XUXYWcbŠa]WUYb `ceiYgYdiYXYmjYfYacg\UW]U bUbW]UbcjUYbWcbgcbUbW]UWcb
9`U`WU`XYYghz¹aimcf[i``cgcº  Y` aib]W]d]c Yg Y` WcaYfW]c U` XŠbXY ]fz Y` Zihifc" @Ug YadfY!
QSFTVQVFTUPEF  Y`hfUVU^cº Yld`]WUVUAUf]`bGc!
mUg…`cYldfYgU XY`U]X]cg]bWfU! dcfaUmcf dcf`UgYadfYgUgYl! gUg XYVYfzb]bWcfdcfUfhWb]Wcg NJMMPOFTEFFVSPTw W]Ug ei]YbUVc[ŠdcfX]jYfg]Z]WUf
g]U dcV`YfU m XY gig YadfYgUg  dcfhUXcfUgmXY]bhYfaYX]UW]Šb dYfcYgaim]adcfhUbhYY`_bck! `cgWi`h]jcg.¹5ei…dfzWh]WUaYbhY
+PBO1ÈSF[
hUbhcYb`UU[f]Wi`hifUWcacYb eiYX]ghf]VimYb`UaYfWUbW…U" \ckdcV`Yf"9bY`Zihifc Y`gYW! 3&(*%03%)*4&/%" gc`c gY \UWYb dUhUhUg" «Dcf ei
`U]bXighf]U `UWcbghfiWW]Šbm`cg >cUbAUhYiYld`]WŠ`Ucf[Ub]nU! hcfgYhYbXfzeiYhfUbgZcfaUf"@U bcgY\UWYbchfUgWcgUg3º X]^c"
gYfj]W]cg  YbhfY Y``cg WUXU jYn W]ŠbXY`g]ghYaU.¹9bY`gYWhcfXY hfUbgZcfaUW]Šb Yg ]bYj]hUV`Y m Yb`Ua]gaU`…bYU.¹GUDcV`UYgXY AUf[U`]XU GYffU Yld`]WŠ eiY
azgY`hif]gac"¹9ghUacgaimcf! `UdUhUhU dcfibUdUfhYYghzb`cg ei]Ybbc`cjYU dcg]V`YaYbhYbc hfUX]W]ŠbU[f…Wc`U"<U\UV]XcibU hUaV]bgYWi`h]jUbWYVc``UgmU`!
[i``cgcgXYbiYghfUhfUX]W]ŠbdU! dUmYgYg m dcf chfU `cg dcfhU`Yg" WcbcWY Wiz` Yg `U dcg]W]Šbº  WcbWYbhfUW]Šb m U\cfU \Um aY! WUW\cZUg UibeiYUdYeiY‰UYg!
mYgU eiY\UXUXcf]eiYnUU`diY! @cgdUmYgYgXYgUDcV`UdiYXYb UdibhU`Š" bcgU[f]Wi`hcfYgeiYWcbfYUbYl! WU`U"¹5`Z]bU`bcgcghfcgWcaYfW]U!
V`c mhUaV]bXY`U[Ughfcbca…U dfYgia]f XY gYf [fUbXYg dfcZY! >cUb 7UbhU``cdg X]c gi j]g]Šb hYbg]cbYgazg[fUbXYg ZfihcXY `]nUacg`ceiYbcghfUYb dYfc`U
6MUJNB)PSB
%,89A5FNC89&$&$ 4"10#-"*

.BSHBMJEB4FSSB EF7EBE"OUPOJ4FSSB.BUFV1POT  7FSHFS EJSFDUPSEF&M&DPOÑNJDP-MPSFOÇ(FMBCFSU BMDBMEF 5BVMFS EF"MVNJOJT5BVMFSZ+PBO$PNQBOZ EFT&TQMFU 


QSFTJEFOUFEFMB"TTPDJBDJÑEF$PNFSDJBOUT+PBO.BUFV EF EF4B1PCMB5POJ'FSSBHVU EF-BWBOEFSÌB.ÈT#MBODB QBSUJDJQBSPOFOMBNFTBSFEPOEBQBSBIBCMBSEFMBFDPOPNÌB
.BUFV&YQPSU4FCBTUJÄ$SFTQÌ EF'VUVSRVJNJB4BOUJBHP .BSJMÈO4PDÌBT EF'SVJUFT4PO.BSDI5POJ)VSUBEP EFM ZMBTFNQSFTBTEFMNVOJDJQJPRVFUVWPMVHBSFMEFNBS[PFO
/PWP EF$POTUSVDDJPOFT/PWP+PBO1ÈSF[ SFHJEPS1FQ SFTUBVSBOU4B'PSUBMFTB+PBO$BOUBMMPQT EF*MMB$BNQ+PBO FM.VTFVEF$BO1MBOFT'PUPT5&3&4"":6("

dfcXiWW]Šb gY \U WcbWYbhfUXc ffY`"DYfc`UU[f]Wi`hifUYjc`iW]c! ^UXcfYgXY`gYWhcfXY`UU[f]Wi`hi! MXYYghcg hfYgWiUfhUgdUfhYgh]Y! WcbXiW]Xcg Wcb ;DG m XfcbYg"
YbaYbcgU[f]Wi`hcfYg"5bhYggY bUUei…XY`Ua]gaUaUbYfUeiY fU Yb gUDcV`U" G]b YaVUf[c  bYb azg XY )$ U‰cgº  WcaYbhŠ HYbXfYacgeiYhYbYfYbWiYbhU
\UW…Ub Xcg WcgYW\Ug XY dUhUhU `c \UWY Yb hcXU 9ifcdU  eiY Yg 7cadUbm `c X]gWih]Š. ¹Bc WfYc Wcb`UUbiYbW]UXY>cUbAUhYi" `U \iY``U \…Xf]WU m `U \iY``U XY
eiY hcXUj…U Yghzb  ibU XY WUWU! ibaYbcfdYgcXY`UU[f]Wi`hifU eiY \UmU %'*" 9ghUX…gh]WUaYbhY 7cadUbm hUaV]b gY‰U`Š `cg WUfVcbc"9b%$U‰cg`UU[f]Wi`hi!
\iYhYg m ibU XY ^iX…Ug" <cm `Ug Yb`UYWcbca…UmWcbWYbhfUfazg g… g]gYWiYbhUUhcXU`UZUa]`]U" WUaV]cgeiYgY\UbXUXcU`c`Uf! fU XY gU DcV`U hYbXfz eiY WUa!
^iX…Ug\UbXYgUdUfYW]Xc `cgWU! dfcXiWW]ŠbU`UjYneiYX]ga]bi! DYfc YghfiWhifUg eiY diYXYb [cXY`cgU‰cgYbY`Wi`h]jcXY`U V]UfaiW\c UibeiY\cmdUfYnWU
WU\iYhYgdfzWh]WUaYbhYhUaV]b mYY`baYfcXYU[f]Wi`hcfYgdcf U[iUbhUf`UXYaUbXUXY`cgdcf! dUhUhU m`cgeiYYghzbdcfjYb]f. W]YbW]UZ]WW]Šb"M\UVfzeiYhYbYf
m\UmdcWU[YbhYeiY\U[UdUhUhU ZU`hUXYfYbhUV]`]XUX"@UgYadfY! hU`Yg bc\Umb]g]ei]YfU`Ua]hUX" ¹@U gidYfZ]W]Y dfcXiWh]jU gY Yb WiYbhU `Ug WcbX]W]cbYg aY!
XY]bj]Yfbcº Yld`]WŠ" gUggY\UWYb[fUbXYgdcfeiYYg`U aUbh]YbY dYfc\cmibdUmgWi`! X]cUaV]YbhU`Yg `cgei…a]WcgmY`
¹IbUWcgUYg`Uj]g]ŠbgcW]U`m b]WU aUbYfU XY gYf WcadYh]h]! 1"3"4&33&/5"#-&  h]jU%)$c&$$Wcfhcbg"@UU[f]Wi`! U[iU dcfeiY`UbcfaUh]jUYifc!
chfUYg`Uj]g]ŠbYWcbŠa]WUº gY! jUg"<UmaYbcgU[f]Wi`hcfYgeiY &-$".10/&$&4*5" hifUXYgUDcV`Uh]YbYeiYa]fUf dYUYl][YeiYYb&$'$X]ga]bi!
‰U`Š>cUb7cadUbm.¹9bgUDcV`U WcbWYbhfUbazgf]Yg[c mYghzdcf \UW]U`UgcghYb]V]`]XUXm\UW]U`U mUbib)$`cgdfcXiWhcgei…a]!
Yl]ghY ib hU`UbhY dUmg eiY Yg jYf`UfYbhUV]`]XUXUaYX]cc`Uf! ."26*/"3*".6: hYWbc`c[…U"GYbYWYg]hUb[fUbXYg Wcg" GYfz ibU biYjU aUbYfU XY
ibUWUfUWhYf…gh]WUWi`hifU` mYb [cd`Uncº ]bX]WŠ" $"3":"6.&/5"3 YlhYbg]cbYg"Mcgcmcdh]a]ghUdU! \UWYfU[f]Wi`hifUº U‰UX]Š"
gUDcV`UhcXUj…U`Ug[YbYfUW]cbYg >cUbDfYn fY[]XcfXY<]gYbXU  fU`cgeiYgYei]YfUbYgdYW]U`]nUf" >cUb7UbhU``cdgfYZ`Yl]cbŠ.¹9`
WcYhzbYUg gcb dUmYgYg XY gcWU! Yld`]WŠeiY`YWcbghUb%'*hfUVU! 70-6.&/ 9b Y` aibXc mU \Um hfUWhcfYg dUmg hU`mWcac`cWcbWYV]acg
6MUJNB)PSB
 *4"10#-" %,89A5FNC89&$&$


i$POMBQBUBUB KVHBNPTB
VOSJFTHPJNQPSUBOUFDPO
VOCFOFGJDJPCBTUBOUF

i&MQBZÈTEFGJOBMFTEF
TJHMP99IBEFTBQBSFDJEP
QBSBDPOWFSUJSOPTFO

i-BBHSJDVMUVSBFTNVZ
TBDSJGJDBEBZMBHBOBODJB
OPWBFODPOTPOBODJBDPO

i1BSBIBCSÁRVF
UFOFSFODVFOUBMPT
RVÌNJDPT MBIVFMMBEF

i&OTB1PCMBUBNCJÈOTF
IBDFOBMDBDIPGBTZ
DFCPMMBTQFSPBQFOBTZB
JNQPSUBOUFw JOEVTUSJBTBHSBSJBTw FMUSBCBKPw DBSCPOPZMBIÌESJDBw TFDVMUJWBFMDBDBIVFUFw
+PBO.BUFV +PBO$BOUBMMPQT .BSJMÈO4PDJBT +PBO$PNQBOZ .BSHBMJEB4FSSB
."5&6&91035 *--"$".1 '36*5&440/."3$) &41-&5 7%""/50/*4&33"

UZ]bU`YgXY`g][`cLL \UXYgUdU! BcVUghUb*$$"$$$YifcgXY]b! hUaV]bYbWcaYfW]c WcbghfiW!


fYW]Xc dUfU WcbjYfh]fbcg Yb ]b! jYfg]Šb]b]W]U`"9gdcfY``ceiYg] W]ŠbY]bXighf]U"
Xighf]UgU[fUf]UgmdcXYfgYffYb! \UV`Uacg XY Zihifc  gY hfUhU XY >cUbHUi`YfgYXYX]WUU`gYWhcf
hUV`Yg" GY bYWYg]hU XYaUbXU  m YbWcbhfUfWYbhfcgcd`UhUZcfaUg XY`U`iab]b]cmY`Wf]ghU`"9ld`]WU
`cg dcfhU`Yg gcacg `cg eiY bcg eiYgYUbWUdUWYgXY]bWcfdcfUfU eiYgihfUVU^cgYfYdUfhYib)$
YbWUf[UacgXY[Ygh]cbUf`U"M`cg [YbhY^cjYbeiYbcdYfhYbYWYU` U`hif]gacmib)$dUfh]Wi`UfYg"
dUmYgYg h]YbYb eiY UWhiU`]nUfgY gYWhcfWcbgigdfcd]cgZcbXcg"G] ¹Bcei]YfchfUVU^Ufgc`cdUfUY`
YbaUei]bUf]U"5bhYgWcb&$Wcf! bc gU`Yb YghUg d`UhUZcfaUg  gY hif]gac UibeiYYgW]YfhceiY`Ug
hcbgj]j…UV]YbhcXUibUZUa]`]U" dfcXiW]fzibWUcg"<UmeiYdYb! WcadU‰…Ug \chY`YfUg bcg XUb
5\cfU bYWYg]hUb hYbYf [fUbXYg gUfeiYbcgchfcgbcgcacgdUmY! aiW\chfUVU^cº ]bX]WŠ"
YlhYbg]cbYg dUfU gYf fYbhUV`Yg  gYgXYhf][c">i[UacgUchfUWcgU" GYVUgh]{ 7fYgd… Yghz U` ZfYbhY
ibcg&$$Wcfhcbg m`cgh]YbYeiY JYbXYacgAYfWYXYg">i[UacgU XY :ihifei]a]U  Wimcg cf…[YbYg
Wi`h]jUfXYibUXYhYfa]bUXUaU! ibf]Yg[c]adcfhUbhYWcbibVY! gY fYacbhUb ,$ U‰cg Uhfzg" ¹GU
bYfU Wcb ibU aUei]bUf]U aim bYZ]W]c dcg]V`Y VUghUbhY ]adcf! DcV`U g]YadfY \U g]Xc ib `i[Uf
WcghcgU"MYghYYgY`dfcV`YaUXY hUbhYº dfcbibW]Š" aim YadfYbXYXcf" A] UViY`c
`UgbiYjUg[YbYfUW]cbYg.`cg\]^cg  hfUVU^UVUYbibUd`UbhUWcacWc!
XYdUmYgYgdcg]V`YaYbhYdcXfzb 053044&$503&4 aYfW]U`mWiUbXcZiYaU` Yb`cg
@UYWcbca…UXYgUDcV`UXYghUWU -BNFTBSFEPOEB DFMFCSBEBFO.VTFV$BO1MBOFT GVFNVZQBSUJDJQBUJWB ($ XYW]X]ŠWc[Yf`Ugf]YbXUgXY
-04$045&4 `U YadfYgU gia]b]ghfUbXc `Y^…U"
A] dUXfY Wcbh]biŠ Y` bY[cW]c m
*/*$*"-&4%&-" UVf]ŠibU`…bYUXYdfcXiWhcgYg!
."26*/"3*" dYW…Z]Wcg dUfU \cghY`Yf…U" 9b ib
acaYbhc XYhYa]bUXc XYW]X]Š
16&%&/--&("3" dUgUfXYX]ghf]Vi]XcfUZUVf]WUbhY
&6304 WcbhfUhUbXcib]b[Yb]Yfcei…a]!
Wc" <cm hYbYacg biYghfUg dfc!
Wcbh]biUf Wcb `U aUei]bUf]U XY d]Ug ZŠfai`Ug  Yb dfcd]YXUX  m
`cgdUXfYg dYfcg]ibdUmgYa! \UWYacgXYhYf[YbhYgdUfU`UjUb!
dYnUfUXYWYfc Yg]adcg]V`Y"Ib XYf…Ug dfcXiWhcgdUfUd]gW]bUg"""
hfUWhcf jU`Y W]Yb a]` Yifcg m bc gcb dfcXiWhcg aim YgdYW]U`]nU!
g]fjY dUfU bUXU  gc`c g]fjY dUfU XcgWcb`cgeiYWcadYh]acgWcb
XUf jiY`hUg dcf `U d`UnU g] bc `Y ai`h]bUW]cbU`Yg"7fYceiYhYbY!
dcbYgfYac`eiY UfUXUcibUWc! acg Zihifc dcfeiY Wcbh]biU!
gYW\UXcfU"9ghYYgY`\zbX]WUdXY aYbhY UVf]acg biYjUg `…bYUg"
`cg^ŠjYbYgdUfUdcXYfUffUbWUf" BiYghfUZiYfnUYgeiYWcaYfW]U`]!
G]bc gc`c`cdiYXYb\UWYfWcac nUacgbiYghfcgdfcd]cgdfcXiW!
gcVfYgiY`Xcº aYbW]cbŠ" hcgº gY‰U`Š"H]YbYbibUh]YbXUU`
>cUbAUhYiei]gcdcbYfXYaU! dcfaYbcfYbgUDcV`U"
b]Z]Yghc`UWcad`Y^]XUXm`UaU[! 7cbghfiWW]cbYg Bcjc WiYbhU
b]hiX XY` bY[cW]c eiY aUbY^Ub Wcb -$ Yad`YUXcg" HfUVU^Ub Yb
`cg dfcXiWhcfYg XY dUhUhU Yb gU hcXU `U ]g`U" 9b Yghcg acaYbhcg
DcV`U"¹=bWcfdcfUfU[YbhY^cjYb  Wc`UVcfUbWcb:fi]hYgGcbAUfW\
Wcb Yghcg WcghYg  Yg ]bUgia]V`Y" $BUBMJOB$MBEFSB AQPCMFSB FTUVWPQSFTFOUFKVOUPB.BUFV"ESPWFS EJSFDUPSDPNFSDJBMEF$PNBSDBTEFM(SVQ4FSSB WcbghfimYbXc ibU biYjU bUjY"
6MUJNB)PSB
%,89A5FNC89&$&$ 4"10#-"*
¹HfUVU^Uacg dUfU Y` gYWhcf ]b! Hcb] <ifhUXc  XY` FYghUifUbh
Xighf]U` `ceiYgcbbUjYg mfYg]! GU :cfhU`YgU  ZiY XYZ]b]Xc Wcac
XYbW]U`" <UWYacg XY hcXc  dYfc ib¹WfYUXcfºdcf`cgdfYgYbhYgYb
bcg\YacgUWUVUXcYgdYW]U`]nUb! `UaYgUfYXcbXU"¹HYbYacgibU
XcYbYghfiWhifUg g]ghYaUgmYb! [Ughfcbca…U aim X]ZYfYbW]UXU
WcZfUXcgº  gY‰U`Š" 8YgXY &$$, eiY hfUhUacg XY dfcacW]cbUfº 
hUaV]b \UWYacg UWUVUXcg XY aYbW]cbŠ"
U`VU‰]`Yf…U" ¹Hij]acg eiY fY]b! 
jYfhUfbcg WiUhfc c W]bWc jYWYg 563*4.0
Wcb`UWf]g]g ZiYdUfUbcgchfcgib ¹IbU XY `Ug [fUbXYg giYfhYg Yg
azghYf  ZiY aim Wcad`]WUXc" 5` eiYgUDcV`Uh]YbYibUYWcbca…U
Z]bU`XY`UWf]g]gZiYazgXifchc! aimX]jYfg]Z]WUXUmX]f][]XUU`hi!
XUj…U  dcfeiY YadfYgUg eiY `c f]gacº  Yld`]WŠ Y` U`WU`XY  Uib!

❝ ❝ ❝
\UW…UbV]YbWUmYfcbdcf`cg]a! eiY gY‰U`Š eiY U jYWYg h]YbY `U
dU[cg"DYfcdcfbiYghfUdUfhY`c gYbgUW]ŠbXYeiYgYd]YfXY`UWi`!
gidYfUacg  U\cfU \Um hfUVU^cº  hifU UgcW]UXU U `U ZUa]`]U" 5XY!
U‰UX]Š" i/VFTUSBMBWBOEFSÌBTF i*OUFSOFUIBDFRVFFM i5FOFNPTVOB azg gY‰U`Š;Y`UVYfh `UgYadfY!
>cUbDfYn fY[]XcfXY<]gYbXU  EFEJDBBMBSPQBEFIPUFMZ QFRVFÐPDPNFSDJPMP HBTUSPOPNÌBNVZ gUgXYWcaYfW]chUaV]bgYXYX]!
Yld`]WŠ eiY Y` UmibhUa]Ybhc EFIPTQJUBM&ODBNCJP MBT QBTFNBM5FOFNPTMPT EJGFSFODJBEBRVFUSBUBNPT WUb U `U hfUbgZcfaUW]Šb dUfU
WiYbhU Wcb %*) Yad`YUXcg m ib
UJOUPSFSÌBTOPGVODJPOBOw EÌBTDPOUBEPTw EFQSPNPDJPOBSw
WcbgY[i]fY`dfcXiWhcXYWiUfhU
[UaU!dfcWYgUXcXY\cfhU`]nUgm
.6$)"4&.13&4"4 5POJ'FSSBHVU .BUFV1POT 5POJ)VSUBEP ZfihUgZfYgWUg`]ad]Ug hfcWYUXUg
m YbjUgUXUg dUfU gi Wcbgiac!
%&*/%6453*": -"7"/%&3¯".«4#-"/$" "440$$0.&3$*"/54*&.13&4"3*4 3&45"63"/54"'035"-&4"
dUfU`UfYghUifUW]Šbm`U\chY`Y!
$0/4536$$*´/ f…U!"9`U`ei]`YfjUWUW]cbU` ]bX]!
WŠ  \U [UbUXc ib [fUb dYgc Yb
53"#"+"/1"3"-" `cg`h]acgU‰cgmWcad`YaYbhU
)045&-&3¯" `U fYghUifUW]Šb" ¹5XYazg  Yghzb
Yb WcbghfiWW]Šb hfYg \chY`Yg" 5`
dfYgidiYghcXY%& +a]``cbYgXY
Yifcg"7cbg]XYfUeiYY`58BdU! $-"%&3"&41&3"26&
mgYghzdfYgYbhY dYfceiY\cm
`UYWcbca…UjUazgU``z"¹@UU[f]! "6/26&4&"16&45&
Wi`hifU\Ug]XcY`achcf [YbYfU 103&-563*4.0 /0
ibcgX]Yna]`cbYgXYYifcg m`cg
dcfhU`YgXYWcaYfW]U`]nUW]Šb[Y! 4&1*&3%"/6/$"-"
bYfUb&+a]``cbYgXYYifcg"Bcg "(3*$6-563"
WcbghUb%'*dUmYgYgXYU`hUYbX]!
W]YaVfYXY&$%-mYgibagWi`c
VUghUbhY]adcfhUbhY"G]bYaVUf!
[c `cgdcV`YfgWiUbXcWUYbgY`Y!
jUbhUb  gY \Ub fY]bjYbhUXc ``Y!
[UbXcUhcXUg`UgjYfh]YbhYgXY`U

i/PTUVWJNPTRVF
SFJOWFOUBSWBSJBTWFDFT
/PTIFNPTFTQFDJBMJ[BEP

i/PTEFEJDBNPTBM
BMVNJOJPZFMDSJTUBM&M
TFDUPSEFMBIPUFMFSÌBOPT

i/VFTUSBGVFS[BFTRVF
DPNFSDJBMJ[BNPTOVFTUSPT
QSPQJPTQSPEVDUPTEF
Z]bgUDcV`U\UYbhfUXcYbY`hi!
f]gacº gYWcb[fUhi`Š"
5`hfa]bcXY`XYVUhY]bhYfj]!
bc 7UhU`]bU 7`UXYfU  dfYg]XYbhU
XY` 7cbgY`` XY AU``cfWU. ¹AY
YWcbca…Uº  gY‰U`Š" ¹Dcf `c V]Yb FOFTUSVDUVSBTw EBNVDIPUSBCBKPw EFUFSHFOUFZQJTDJOBTw ]XYbh]Z]WcWcbhcXc`ceiYgY\U
Wcaib]WUXcg eiY YghUacg  \Um X]W\c" @U YgYbW]U dcV`YfU h]YbY
ib[fUbacj]a]YbhcYb`cgdc`…! 4BOUJBHP/PWP +PBO5BVMFS 4FCBTUJÄ$SFTQÌ fU…WYgdUmYgUg eiYbcg\UbXUXc
[cbcg  eiY mU Yghzb XYgUffc``U! $0/4536$$*0/&4/070 "-6.*/*45"6-&3 '656326*.*" biYghfcWUfzWhYfm`UZiYfnUeiY
Xcg  Wcb YadfYgUg XY gYfj]W]cg  \Yacg\YfYXUXc"<cmY`diYV`c
XY hfUbgZcfaUW]Šb U[f…Wc`U  XY aU m @`iV…  dYfc `Ug WYffUacg" dcf ]bhYfbYh bcg `c \UWY dUgUf WcaYfW]cg h]YbYb ViYbcg dfc! gYYbZcWU\UW]UY`hif]gac dYfc
U`ia]b]c WUfd]bhYf…Ug WcbghfiW! 7cb`UYbhfUXUXYNUfUU`aYfWU! aU`U`cgdYeiY‰cg"HUaV]bgi! XiWhcg dYfceiY`UgbiYjUg[YbY! YgdYfceiYbcdYfXUacgbibWU
hcfYg"""º U‰UX]Š" XcXY`UacXU `UfcdUYghUbVU! dcb[ceiY`UYjc`iW]Šb\U``YjU! fUW]cbYgbcYbhfUbYb`cg`cWU`Yg" `U U[f]Wi`hifU  dcfeiY dYfXYf…U!
Hcb] :YffU[ih fYdfYgYbhU `U fUhUeiYbUX]Y`U``YjUU`Uh]bhc! XcUeiY`U[YbhYWcadfYXYchfU ¹9ghUWcghiaVfYXY]fU`WcaYf! acg `U ]X]cg]bWfUg]U" 9g jYfXUX
YadfYgU@UjUbXYf…UAg6`UbWU  fYf…Uº WcaYbhŠ" aUbYfU"@UgYadfYgUgXYhfUbg! W]cUfYW]V]fUgYgcfUa]YbhcgY\U eiYhcXc\UWUaV]UXc a]UViY`c
eiYgY\UYgdYW]U`]nUXcYb`U\cg! AUhYi Dcbg  dfYg]XYbhY XY `U dcfhY hfUYb U WUgU `c eiY ibc dYfX]Xc"@cg^ŠjYbYg`c\UWYbhc! Wi`h]jUVUW]bWcWcfhcbgm\cma]
hY`Yf…U"¹9gibU`UjUbXYf…U]bXig! 5ggcW]UW]Š XY 7caYfW]Ubhg  Yg ei]YfYmbcgchfcgYghUacgXYgU! Xc gc`cg" @Ug h]YbXUg dYeiY‰Ug \YfaUbcWi`h]jU%)$"7fYceiY`U
hf]U`XYX]WUXUU`UfcdUXY\chY`m dYg]a]ghU"¹9`WcaYfW]cXYGUDc! dUfYW]Xcg `U[YbhYbcbcgjY"9g W]YffUbmUVfYb Yg[YbhYeiY`c UXUdhUW]Šb aYX]cUaV]YbhU` Yg
XY\cgd]hU`"9bjYfUbchYbYacg V`U eiYYgY`eiYmcWcbcnWc gi! Wcad`]WUXc" DUfYWY eiY WcaYf! ]bhYbhUdYfceiYbc`YjUV]Yb"M W`UjY mhUaV]bcf]YbhUfbcg\U!
ibcg%)$Yad`YUXcg"5bhYghUa! dcb[c eiY Yghz Wcac Y` XY dcf W]cgWcacY`a…ch]YbYb`cgX…Ug mcbcei]YfceiYa]\]^UgYXYX]! W]U `U WcghU m \UW]U `U VUX]U
V]bhYb…Uacgh]bhcfYf…UgYbDU`! hcXc \Yf]Xc dcfeiYY`WcaYfW]c WcbhUXcgº gY‰U`Š"5‰UX]ŠeiY`cg eiYU`Uh]YbXUº `UaYbhŠ" X¼5`WX]Uº WcbW`imŠ"
6MUJNB)PSB
*4"10#-" %,89A5FNC89&$&$

&MBHSPUVSJTNPEF4PO4BCBUFS RVFDVFOUBDPONÁTEFNFUSPTDVBESBEPT B×OOPFTUÁBCJFSUP &MEFOPNJOBEP$BTBMEFTB1PCMBTFSÁSFGPSNBEPQPSDPNQMFUP

4 &MBMRVJMFSUVSÌTUJDP  


UDcV`U\U[]fUXcgia]! 7JWJFOEBTUVSÌTUJDBT
fUXU U` hif]gac" 8Y \Y! /ŽWJWJFOEBT /ŽQMB[BT
W\c  Y` U`ei]`Yf jUWUW]c!
bU` hf]ibZU Yb gU DcV`U"
9l]ghYb \cm &)$ j]j]Yb!

USJVOGBFOTB1PCMB
XUgeiYhchU`]nUb%"+%,d`UnUg eiY 'VFOUF$BUÄMFH$"*#
gY ``YbUb XifUbhY `cg aYgYg XY 1MB[BT
jYfUbc"9`U`ei]`Yfhif…gh]Wcbc\U 
&57 
[YbYfUXc \UghU U\cfU b]b[b &57 
dfcV`YaU XY Wcbj]jYbW]U  Uib! &571- 
eiY`cghif]ghUggYXY^UbbchUfYb 7JWUVSEFWBDBDJPOFT 
Y` diYV`c" GY \U WcbjYfh]Xc Yb
ibUZiYbhYUX]W]cbU`XY]b[fYgcg
dUfU ib ViYb baYfc XY ZUa]! )BZWJWJFOEBTWBDBDJPOBMFTEFBMUB DPO WiYbhUb mU Wcb `cg dfYWYdh]jcg
`]Ug UXYaUgXYX]bUa]nUf`UYWc!
bca…UXY`diYV`c"6UfYg fYghUi! QMB[BT CBSFTZVOUPUBMEFSFTUBVSBOUFT dYfa]gcg"
5XYazg  gY[b `cg XUhcg XY`
fUbhYg gidYfaYfWUXcgmWcaYf! 7Uh{`Y[XY`;cjYfb Y`aib]W]d]c
W]cgXYhcXch]dcgYVYbYZ]W]UbXY WiYbhUWcb(,VUfYgYbgigX]ZY!
`UdfYgYbW]UXYhif]ghUg"5XYazg  aUXcYbgihchU`]XUX h]YbYdfY! fYbhYg h]dc`c[…Ug VUf XY WcdUg 
U`fYXYXcfXY`U`ei]`YfjUWUW]cbU` j]ghc UVf]f XifUbhY Y` U‰c eiY VUf!WUZYhYf…U VUfmWUZYhYf…Ugm
\Ubgif[]XcX]jYfgUgWcaYfW]U`]! j]YbY"5XYazg `UZ]bWUXY;UmYhU %+fYghUifUbhYg"
nUXcfUgWcacWUg¼5a]h[Yfm:cfU ;fUb eiYh]YbYazgXYiba]``Šb 
J]`U FYbhU`g  eiY [Ygh]cbUb ib "'*-*"%04
ViYbbaYfcXYj]j]YbXUg" -"4'*/$"4%&40/ 8Y`UgdYfgcbUgeiYhfUVU^UbYb
9`U`ei]`Yfhif…gh]WcYghzfYdUf! gUDcV`U ibhchU`XY('+`c\UWYb
h]XcdcfhcXcY`aib]W]d]c Uib! 4"#"5&3:(":&5" YbUWh]j]XUXYgeiYgYWcbg]XYfUb
eiY`UncbUXY7fYghUhlYg`UeiY (3"/"-#&3("3¤/ XY`gYWhcfhif…gh]Wc"
WiYbhUWcbibaUmcfbaYfcXY G]bYaVUf[c gc`c'(YghzbYa!
j]j]YbXUg" %04 d`YUXUgYbUWh]j]XUXYgXYU`c^U!
GU DcV`U  Yb WUaV]c  bc h]YbY "(30563*4.04 a]Ybhc"9bgYfj]W]cgXYWca]XUg
U\cfUb]b[bYghUV`YW]a]Ybhchi! mVYV]XUghfUVU^Ub&''dYfgcbUg/
f…gh]Wc  g] V]Yb Yghz dfYj]ghU `U XY aYhfcg WiUXfcg  UWc[Yfz ib YbhfUbgdcfhYXYdUgU^Yfcg %)/m
UdYfhifU XY jUf]cg Yb ib Wcfhc U[fchif]gac"8Y][iU`aUbYfU Yb YbchfUgUWh]j]XUXYg %)+UZ]`]UXcg 
YgdUW]cXYh]Yadc"9bYghYgYbh]! GcbGUVUhYf eiYWiYbhUWcbazg eiY WcadfYbXYb Yad`Ycg Yb
Xc  Y` XYbca]bUXc 7UgU` XY gU XY &'$"$$$ aYhfcg WiUXfUXcg  U[YbW]Ug XY j]U^Y  U`ei]`Yf XY
DcV`U eiYdYfhYbYWYU`UWUXYbU YghzdfYj]ghceiYgYUVfUibU[fc! jY\…Wi`cgmchfUgUWh]j]XUXYgWi`!
AmFcca<chY`g eiYgYfzfYZcf! hif]gac" 5aVcg U[fchif]gacg hifU`YgcXYdcfh]jUg"
6MUJNB)PSB
%,89A5FNC89&$&$ 4"10#-"*
UWhiUW]cbYgaib]W]dU`Yg YbaU!
hYf]UXYcVfUg gYfj]W]cgmUWW]c!
bYgaYX]UaV]YbhU`aYbhYgcghY!
b]V`Yg"@UaUmcfWUbh]XUX ibhc!
hU` XY WiUhfc a]``cbYg XY Yifcg
UdcfhUXcg U Z]bU`Yg XY &$%,  gY
XYgh]bŠ U dU[Uf Yldfcd]UW]cbYg
eiYgY``YjUfcbUWUVcdUfUWcbg!
hfi]f`UWUffYhYfUXYfcbXUXY`U
dcV`UW]Šb"
9b&$%,m&$%- Y`7cbgY``hUa!
V]bgiVjYbW]cbŠU`%$$`UfY!
ZcfaU XY` YX]Z]W]c XY` Ubh][ic
D57WcbibhchU`XY)-"%$'Yifcg"
@U]bgh]hiW]Šb]bgi`UfUXYazggi!
ZfU[Š…bhY[fUaYbhY`UaY^cfUXY
`UYZ]WUW]UXY`U`iaVfUXcdV`]Wc
-B3FTJEËODJB)VJBMGÄTGVFJOBVHVSBEBBQSJODJQJPTEF"DUVBMNFOUFEJTQPOFEFQMB[BT UPEBTFMMBTPDVQBEBT XY `U ifVUb]nUW]Šb XY 7fYghUhl 
eiY WcghŠ )'"--* Yifcg" 9b YgY

-B3FTJEËODJB)VJBMGÄT
a]gac Y^YfW]W]c  Y` 5^ibhUaYbh
XY gU DcV`U X]gdigc XY &'")$$
Yifcg dfcjYb]YbhYg XY` D`U XY
6Uh`Yg]6Uh`YggYgXY`AU``cfWU"
8YbhfcXY`d`UbYgdYW]U`XY]b!

DFMFCSBTVBOJWFSTBSJP
jYfg]cbYgZ]bUbW]YfUaYbhYgcghY!

$*6%"%"/04%&
4"10#-"
1"35*$*1"/&/
4B1PCMBGVFVOPEFMPTQSJNFSPTQVFCMPTEF.BMMPSDBFOPGSFDFS 5"--&3&4%&
FTUFTFSWJDJP&TUFBÐPUJFOFVOQSFTVQVFTUPEFNÁTEF NJMMPOFT .&.03*"
b]V`Yg Y^YWihUXcYb&$%*!&$%+ gU

-
fYg]XYbW]U<i]U`Z{gXYgU &45¤(&45*0/"%" fU fYg]XYbhYg Ug]gh]Xcg  UdfcjY! gYVYbYZ]W]UbXYYghcghU``YfYg ib DcV`U fYW]V]Š Xcg giVjYbW]cbYg
DcV`UZiY]bUi[ifUXUY` W\UbXc`Udfcl]a]XUXXY`UgXY! YgdUW]cXYUdfYbX]nU^YeiYdfY! XY` 7cbgY``. `U df]aYfU  XY
&, XY YbYfc XY %-+, Yb 103&-*."4:5*&/& dYbXYbW]UgXYYbZYfaYf…U"HUa! hYbXYUa]bcfUf`cgWUaV]cgWc[! '$*"**+Yifcg ZiYdUfUaY^cfUf
ibcg hYffYbcg XY Gcb 1-";"41"3" V]bWiYbhUWcbibUncbUXYcZ]! b]h]jcgeiYgYUgcW]UbU`UYXUXm `UYZ]W]YbW]UYbYf[h]WUmXYigc
5aYh`YfWcadfUXcgdcf W]bUg  ib WcaYXcf  Xcg ncbUg U`a]gach]YadcdfcdcfW]cbUYg! XY`U[iUYbY`Wcad`Y^cXYdcfh]!
Y`7cbg]ghcf]c/Wiad`YdcfhUbhc %&1&/%*&/5&4: WcaibYg  ibU gU`U ai`h]ZibW]c! hfUhY[]Ug eiY dYfa]hYb aY^cfUf jc aib]W]dU`/ m `U gY[ibXU ZiY!
YghY U‰c gi (& Ub]jYfgUf]c" 5W! "65´/0.04 bYg WcW]bUm`UjUbXYf…U" `UWUdUW]XUXaYacf…gh]WU" fcb%(-"-*'YifcgdUfU`Uacb]hc!
hiU`aYbhY YghY WYbhfc Yghz [Yg! @UFYg]X‚bW]U<i]U`Z{gYg\cm FYgdYWhc U `Ug UdcfhUW]cbYg f]nUW]ŠbXY`UfYXXYU[iUdchU!
h]cbUXcdcfY`=bgh]hihAU``cfei… WYgWc`]bXUVUWcbY`bW`YcifVU! ibWYbhfcfYg]XYbW]U`dV`]WcXY! YWcbŠa]WUgdUfUUdcmcdg]Wcgc! V`Y Wcb WcbhUXcfYg XY gYWhcfYg
X¼5ZYfg GcW]U`g =A5G  X]gdcbY bcXY`UdcV`UW]Šb UibeiY\cm dYbX]YbhY XY` =A5G XY` 7cbgY`` W]U`mUmiXUgdUfUg]hiUW]cbYgXY Wcb hY`Y`YWhifU  dUfU Y` Wcbhfc`
XYibdfYgidiYghcXY&",$)"%,* YbX…UmUgYYbWiYbhfUXYbhfcXY` XY AU``cfWU" 9` WYbhfc X]f][]Xc if[YbhY m [fUjY bYWYg]XUX  `Ug XY`UgZi[Ugm`UaY^cfUXY`U[Yg!
Yifcg dUfU YghY &$&$ m WiYbhU diYV`c  dYfc Yb ibU ncbU hfUb! dcf 5dc`Ç`‹b]U AUf]U 6]b]aY`]g" I;B `UUdcfhUW]ŠbXY`=A5GYb h]Šb"9bhchU``U]bgh]hiW]Šb]bgi!
Wcb(+d`UnUgdUfUaUmcfYg hUb! ei]`Um^ibhcUibU[fUbd`UnU"9` <UmibhchU`XY($hfUVU^UXcfYgm gUDcV`UdUfU&$&$YgXY%-"*,-m `UfUdcfhŠ())"*'%Yifcg"
hc XYdYbX]YbhYg Wcac UihŠbc! YX]Z]W]c XYYgh]`caU``cfei…b h]Y! hfYgZ]^cgYbaUbhYb]a]Ybhc" &&"(%&Yifcg fYgdYWh]jUaYbhY"5 Mdcf`h]ac gUDcV`UdUfh]W]!
acg"<cmYbX…U hcXUg`Ugd`UnUg bY%"',$aYhfcgWiUXfUXcg"  YghUgUmiXUg\UmeiYU‰UX]f`cg dŠ XY` d`Ub XY UWW]Šb dUfU `U
Yghzb cWidUXUg" 7UVY fYWcfXUf 9b %--(  `U fYg]XYbW]U ZiY 053"4":6%"4%&-*."4 GYfjY]g GcW]U`g 7caib]hUf]g YbYf[…UgcghYb]V`YmY`W`]aU]a!
eiYgUDcV`UZiYibcXY`cgdiY! hfUbgZYf]XUU`7cbgY``XYAU``cf! 5`aUf[YbXYYghUfYg]XYbW]U Y` 6{g]Wg eiYj]YbYbXY`;cjYfbm di`gUXcY`U‰cdUgUXc fYW]V]Yb!
V`cgd]cbYfcgYbcZfYWYf`cggYf! WU Ybh]XUXeiYdfcacj]ŠgifY! =A5GUh]YbXYU',dYfgcbUgXYgU eiY Y` =A5G fYdUfhY YbhfY `cg Xc%+"*+$YifcgXYgh]bUXcgUib
j]W]cg XY ibU fYg]XYbW]U m W`iV acXY`UW]ŠbZ…g]WUmXYgYfj]W]cg" DcV`UeiYdUfh]W]dUbYbib[fi! aib]W]d]cgU‰UX]YbXchUaV]b YghiX]cdUfU`UaY^cfUXY`UYZ]!
XYUbW]UbcgWcaUfWU`" 9` WYbhfc jc`j]Š U fYacXY`UfgY dc XY 9gh]ai`UW]Šb 7c[b]h]jU ibUdUfhYdUfUUhYbW]Šbdf]aU! W]YbW]U YbYf[h]WU XY` U`iaVfU!
9` X]bYfc ``Y[Š [fUW]Ug U ibU U‰cg XYgdig m UWhiU`aYbhY `cgWcbcW]XcgWcachU``YfYgXY f]U"9bY`WUgcXYgUDcV`U`UWUb! XcdV`]Wc/'"*'$dUfUY`gYfj]W]c
giVjYbW]ŠbXY`A]b]ghYf]cXY;c! WiYbhUWcb&*\UV]hUW]cbYgX]g! aYacf]U" ChfUg '' dYfgcbUg h]XUXUgW]YbXYU&)'"(%-Yifcg" XY[Ygh]ŠbmWcbhUV]`]XUXYbYf[!
VYfbUW]Šbm`UfYg]XYbW]UW`iVXY hf]Vi]XUgYb`UghfYgd`UbhUgWcb azgdUfh]W]dUbYbhU``YfYgg]a]`U! Dcf chfU dUfhY  Y` 7cbgY`` XY h]WU m%$"*)$dUfU`UaY^cfUXY`
UbW]UbcgXYgUDcV`UeiYXŠiV]! ibUWUdUW]XUXdUfU(+d`UnUg"@U fYgcf[Ub]nUXcgdcfY`=A5GmY` AU``cfWU \U giVjYbW]cbUXc Yb U`iaVfUXcXY`Ud]gW]bUW`]aUh]!
WUXUYbibUncbUeiYdcfYbhcb! d`UbhU]bZYf]cfYghzfYgYfjUXUdU! 5^ibhUaYbh"9bhchU`+%dYfgcbUg `cg`h]acghfYgU‰cgbiaYfcgUg nUXU"
6MUJNB)PSB
*4"10#-" %,89A5FNC89&$&$

13&4616&450103¤3&"4
%&6%"1º#-*$"
 
4&(63*%"%:.07*-*%"%
 
7*7*&/%":63#"/*4.0
 
#*&/&45"3$0.6/*5"3*0
 
.&%*0".#*&/5&

13&45"$*0/&4&$0/´.*$"4

4&37*$*0440$*"-&4
 
'0.&/50%&-"0$61"$*´/
 
4"/*%"%

&%6$"$*´/
 
$6-563"
*NBHFOEFMBGBDIBEBEFMB$BTB$POTJTUPSJBMEFM"KVOUBNFOUEFTB1PCMB TFEFEFMBDPSQPSBDJÑONVOJDJQBM 

1SVEFODJBZSFBMJTNP
%&1035&4
 
$0.&3$*0 563*4.0:1:.&4


QSFTVQVFTUBSJP
*/'3"&4536$563"4

"$56"$*0/&4&$0/´.*$"4

´3("/04%&(0#*&3/0
&M"KVOUBNFOUEFTB1PCMBBDBCBEFBQSPCBSVOBTDVFOUBTRVFBWBO[BO  
FOFMBDIJRVFEFMBEFVEBZBCSFOFMIPSJ[POUFBOVFWBTJOWFSTJPOFT 4&37*$*04(&/&3"-&4
 

&
` 5^ibhUaYbh XY gU Dc! DfYn"9`($dcfW]YbhcXY`dfYgi! "%.´/'*/"/$*&3":53*#65"3*"
V`UWcbhUfzdUfUY`Y^Yf! diYghcUXYgd`Y[UfXifUbhY&$&$ eiY gY [YbYfUfzb Yb ib Zihifc
W]W]c&$&$WcbibdfYgi! gYXYgh]bUUWiVf]f`cg[UghcgXY` XYf]jUXcgXY`WcbhfUhcXY`]ad]Y! 
diYghc dV`]Wc XY dYfgcbU`aib]W]dU`m U‰UXY>cUb nUj]Uf]U WimUhfUa]hUW]ŠbgYYb! 53"/4'&3&/$*"4%&$"1*5"-
%&"+&+"(+- Yifcg  XYg!
digXYeiY\UWYibUggYaUbUg
DfYn  ¹gY ]bW`imY Y` fYWcbcW]!
a]Ybhc XY `U WUffYfU dfcZYg]c!
WiYbhfUYb`UUWhiU`]XUXgigdYb!
X]Xc UibeiYWcbW`Ufcgj]gcgXY
 
Y`d`YbcXY`U7cfdcfUW]ŠbUdfc! bU`º  eiY UiaYbhU \UghU ib &) fYgc`jYfgY" 505"-
VUfU`UgWiYbhUgWcb`cgjchcgU
ZUjcfXY`dUWhcXY[cV]YfbcWcb!
dcfW]Ybhc"@cggU`Uf]cghUaV]b
YldYf]aYbhUbib]bWfYaYbhc Yb

.&/04%&6%"
 ä
ZcfaUXc dcf D=  =lGD  Ag m YghYWUgcXY`XcgdcfW]Ybhc" 9`fY[]XcfXY<UW]YbXU>cUbD!
DGC9/mWcb`UUVghYbW]ŠbXY`cg  fYn dfcZibX]nU Yb Y` \YW\c XY
fY[]XcfYgXY`DD" ("4504 eiY  XYgXY Y` U‰c &$%) \UghU Y` biYjUg]bjYfg]cbYg"DfYnfYWU`WU
9` fY[]Xcf XY <UW]YbXU  >cUb ChfcUdUfhUXceiYgY``YjUViYbU
-"4$6&/5"4%& dfYgYbhY&$&$gY\UfYXiW]Xc`U eiY`UgWiYbhUggY\UbY`UVcfUXc
DfYnD= Yld`]WUeiY`cgdfYgi! dUfhYXY`UgWiYbhUgXYYghYU‰c  */$-6:&/&- XYiXU dV`]WU XY` 7cbg]ghcf]c VU^c`cgWf]hYf]cgXYdfiXYbW]Um
diYghcg dfYj]ghcg dUfU YghY U‰c Y`(+dcfW]YbhcXY`hchU`XY%& + dcV`Yf XY , , U hfYg a]``cbYg XY hYb]YbXc Yb WiYbhU `U fYU`]XUX
gYVUgUbYb¹Wf]hYf]cgXYdfiXYb! a]``cbYg YgY`XYgh]bUXcUgiZfU!
3&$0/0$*.*&/50 Yifcg"IbfYXiWW]ŠbeiYXYgdY^U YWcbŠa]WU XY` UmibhUa]Ybhc"
W]UmfYU`]gac hYb]YbXcYbWiYb! [Uf`cggYfj]W]cgeiYX]gdYbgUY` %&-"$"33&3" Y` WUa]bc dUfU eiY Yb &$&& Y` ¹GY[i]acg Wcb Y` cV^Yh]jc XY
hU`Ug]hiUW]ŠbYWcbŠa]WUmZ]bUb! 5^ibhUaYbhXYgUDcV`U"9ghYWU! 5^ibhUaYbhXYgUDcV`UYghYb UW\]WUf`UXYiXUZ]bUbW]YfUdUfU
W]YfU XY` Wcbg]ghcf]cº  gcgh]YbY d…hi`ch]YbYYbWiYbhU`cg[Ughcg
130'&4*0/"- WcbX]W]cbYg XY dcXYf UZfcbhUf dcXYfUZfcbhUf]bjYfg]cbYgYb]b!
6MUJNB)PSB
%,89A5FNC89&$&$ 4"10#-"*
ZfUYghfiWhifUg aim bYWYgUf]Ug &/$*/$0"³04-"
dUfU biYghfc diYV`c" 8Y \YW\c 
Yb`cg`h]acgW]bWcU‰cg\Yacg %&6%"'*/"/$*&3"
WcbgY[i]Xc fYXiW]f`U Yb ib ** 4&)"$0/4&(6*%0
dcfW]Ybhcº ]bW]XYY`YX]`"
Dcf chfU dUfhY  WUVY XYghUWUf 3&%6$*3&/6/
eiYY`dfYgidiYghcfYWc[YibUi! 103$*&/50
aYbhcXY`cg[UghcgXYdYfgcbU`"
;fUW]Ug  Yb ViYbU aYX]XU  U `U
Wcbgc`]XUW]ŠbXY`UWUffYfUdfc! &-103$*&/50%&
ZYg]cbU`¹dUfUX][b]Z]WUfY`hfUVU!
^cXYbiYghfcZibW]cbUf]cgº UgY!
-"4$6&/5"41"3"
[ifUDfYn" &45&&+&3$*$*04&

4&37*$*04
%&45*/"/"-04
HUaV]bXYghUWUY`UiaYbhcXY` 4&37*$*04
[Ughc Yb gYfj]W]cg  WUd…hi`c eiY
WcbhYad`U`U`]W]hUW]ŠbXY`aYb! XY`% )(dcfW]YbhcWcbfYgdYWhc
W]cbUXc biYjc gYfj]W]c XY `]a! U`U‰cUbhYf]cf"
d]YnU j]Uf]U  ¹ibU ]adcfhUbhY 9gYdfYgidiYghchUaV]bdfY!
UdiYghUXYYghYYei]dcXY[cV]Yf! gYbhUVU YbhfYgigUgdYWhcgazg
bcdUfUaY^cfUf`U]aU[YbXYgU XYghUWUXcg  `U fYXiWW]Šb XY `U 'PUPEFHSVQPEFMBDPSQPSBDJÑOEFFTUBMFHJTMBUVSBFOFM"KVOUBNFOUEFTB1PCMB
DcV`Um`UWU`]XUXXYj]XUXYgig XYiXU aib]W]dU`  XUXU `U g]hiU!
jYW]bcgº U‰UXYY`WcbWY^U`XY`Y! W]ŠbXY`UeiYgYgU`…UU`]b]W]cXY VUbiba]``ŠbXYYifcgXYgh]bU! &$%, \YW\ceiYdYfa]h]ŠaY^c! aUbhYb]a]Ybhc m aY^cfU XY `cg
[UXc XY` XYdUfhUaYbhc XY <U! `U `Y[]g`UhifU UbhYf]cf Yb Y` U‰c XUgU`UUacfh]nUW]ŠbXYdfghU! fUf`UgWcbX]W]cbYg`UVcfU`YgXY V]YbYgmgYfj]W]cg Wcbg][i]YbXc
W]YbXU" &$%) Y^YfW]W]cYbY`eiYY`-'dcf acg eiY  WcbW`i]Xc Y` Y^YfW]W]c `cghfUVU^UXcfYg" [YbYfUf ]bjYfg]cbYg Wcb ZcbXcg
@U WiYbhUg fYW]b UdfcVUXUg W]YbhcXY`dfYgidiYghchchU`Wc! XY&$%- eiYXŠfYXiW]XcU' (a]!  dfcd]cgmchfUg]bjYfg]cbYgY^YWi!
``Y[UbXYgdigXY`UgXYibY^Yf! ffYgdcbX…U U` dUg]jc Z]bUbW]Yfc ``cbYgXYYifcg"5XYazgXYfYXi! */7&34*0/&4 hUXUg Wcb Y` fYaUbYbhY `…ei]Xc
W]W]c Yb eiY UgWYbX]Yfcb U `cg Wcb ibU XYiXU UWiai`UXU Wcb W]f `U XYiXU Wcb `cg VUbWcg  gY 9bhcbWYghUaV]bgYUiaYbhŠYb XYhYgcfYf…UeiYWcbgYfjUVUb`Ug
%& * a]``cbYg XY Yifcg ib acb! `cgVUbWcgXYbiYjYa]``cbYgXY UiaYbhŠY`WUd…hi`cXYdYfgcbU` ib- )dcfW]YbhcY`WUd…hi`cWc! UfWUg XY` 5^ibhUaYbh XY gU Dc!
hUbhYeiYfYWc[…Uib]bWfYaYbhc Yifcg" 9gUg WiYbhUg WcbhYad`U! ib+ 'dcfW]Ybhc fYgdYWhcU`U‰c ffYgdcbX]YbhY U `U dUfh]XUg XY V`U"

-BDPSQPSBDJÑONVOJDJQBM

4FCBTUJÄ'SBODI 1FESPOB4FHVÌ +PBO1ÈSF[ #JFM'FSSBHVU "OUPOJ4JNÑ $BUBMJOB.VOBS (VJMMFN$SFTQÌ


4FHVSJEBE$JV $PNVOJDBDJÑO  )BDJFOEB 1FSTP .BOUFOJNJFOUP  6SCBOJTNPZ1B .FEJP"NCJFOUF %FQBSUBNFOUP
EBEBOBZ"HSJ $PNFSDJPF*O OBMZ0CSBT1× 5VSJTNPZ1SPUP USJNPOJP Z4BOJEBE EF%FQPSUFT
-MPSFOÇ(FMBCFSU EVTUSJB 1*
 CMJDBT 1*
DPMP *Y41
.ÈT
.ÈT
*Y41

"MDBMEF 1*
DVMUVSB 1*

.BSJB.BHEBMF #JFM1BZFSBT 'SBODFTDB.JS +PBO"OUPOJP 7JPMFUB -MPSFOÇ .BSJB*TBCFM #BSUPNFV "OESFV


OBEFMB'VFOUF 1BSUJDJQBDJÑO #*FOFTUBS4PDJBM 1FSÈ 3PESÌHVF[ #JTRVFSSB .PZÁ $SFTQÌ 1PM
'FSJBTZ'JFTUBT $JVEBEBOBF*O +VWFOUVEZ&T &EVDBDJÑO 3FHJEPSB 3FHJEPS 3FHJEPSB 3FHJEPS 3FHJEPS
*Y41
OPWBDJÑO .ÈT
DPMFUB 140&
140&
11
11
11
11
11

6MUJNB)PSB
*4"10#-" %,89A5FNC89&$&$

-BDSÑOJDB
1FQ7FSHFS
@UU[f]Wi`hifU azg]adcfhUbhY Especial elaborado por
&RRUGLQDFLµQ3HS9HUJHU

XY`ceiYaiYghfUb`UgYghUX…gh]WUg
5HGDFFLµQ$LQD*LQDUG3LODU/LOOR
%UPS&M&DPOÑNJDP \3HGUR$JXLOµ0RUD
&RPHUFLDO'HOHJDFLµQ,QFD\0D
QDFRU 'HOHJDGR FRPHUFLDO 0D

4
UDcV`UYgibaib]W]d]c WHX$GURYHU
XY hfUX]W]Šb U[f…Wc`U" 'LVH³R,³DNL2WHL]D
<cm  Yg Yj]XYbhY eiY `U \'DQLHOD3DJOLDUXOR
U[f]Wi`hifU \U dYfX]Xc 'LVH³RSRUWDGDƒQJHO2URVD
dYgcYb`UYWcbca…UXY`
diYV`c UibeiYh]YbYaiW\cazg
XY`eiYdcXYacg]aU[]bUfbcgg] Próximo número
a]fUacg`UgZf…UgYghUX…gh]WUg"
9` J56 XY gU DcV`U Yg XY
%**",+)"**+YifcgXY`cgeiYazg
XY %%$ a]``cbYg gcb UdcfhUXcg
dcfY`gYWhcfgYfj]W]cg dYgYUeiY
YbY`aib]W]d]ch]YbYaYbcgdY!
gceiYYbY`Wcb^ibhcXYAU``cf!
WU"9bWUaV]c `UWcbghfiWW]Šb `U
]bXighf]Um`UU[f]Wi`hifUh]YbYb
azgdYgceiYYbY`Wcb^ibhcXY
`U]g`U"9bYghYgYbh]Xc `UU[f]Wi`!
hifUUdcfhUU`J56XY`aib]W]d]c
ib * ) XY` hchU`  a]YbhfUg eiY
YbAU``cfWUgc`cY`$ +"5XYazg 
\UmeiYWcbg]XYfUfeiYibViYb
baYfcXYYadfYgUgXYWUfzWhYf
U[f…Wc`U!`cgXYbca]bUXcgdcfhU!
`Yg!h]YbYbibU7`Ug]Z]WUW]ŠbBU!
W]cbU`XY5Wh]j]XUXYg9WcbŠa]WUg-BTQBUBUBTTJHVFOTJFOEPEFHSBOJNQPSUBODJBQBSBMBFDPOPNÌBEFTB1PCMB
7B59eiY`UgWUhU`c[UWcacWc! -VOFTEFNBS[P
aYfW]U`Yg diYghceiYgYXYX]WUbU`WcaYfW]c gYWhcfYgaimjUf]UXcg"9bgUDcV`U dcfY^Ya! bU`]nUXcm`UYgdYW]U`]nUW]Šbgcb`UUdiYghU .BSJBEFMB4BMVU
U`dcfaUmcfXYZfihUgmjYfXifUg"@UU[f]Wi`! d`c gYYbWiYbhfU:ihifei]a]U ibUYadfYgU XYibgYWhcfeiYgcVfYj]jYUXifUgdYbUgYb
hifUg][iYg]YbXcj]hU`dUfU`UYWcbca…UXY` dibhYfU Yb `U ZUVf]WUW]Šb XY dfcXiWhcg XY Y`aib]W]d]c" .BSJBUJFOFIBCJUBOUFTZ
aib]W]d]c  UibeiY Yb Y` gYWhcf \Um Wc]bW]! `]ad]YnU Wcac XYhYf[YbhY  eiY WiYbhU Wcb 9`gdcV`Yfgh]YbYbZUaUXYhfUVU^UXcfYg XY HFOFSB VO WBMPS BÐBEJEP EF
XYbW]UYbgY‰U`UfeiYYgbYWYgUf]cacXYfb]! YbcfaYdfYgh][]cYbhfY`Ug`UjUbXYf…Ugm`cg jU`]YbhYgmfiXcg"MXYWUdUffihg"GUbh5bhcb]  NJMMMPOFT&TUÁNVZFTQF
nUfgYdUfUWcbh]biUfg]YbXcWcadYh]h]jcg" \chY`YfcgXY`U]g`U"9`WcaYfW]cXYgUDcV`U Yg `U [fUb Z]YghU m Y` DcV`YbgY gi chfc [fUb DJBMJ[BEP FO DPOTUSVDDJÑO Z
<cm gUDcV`UmUYgaiW\cazgeiYdUhUhUg" giZfY WcacYbhcXcgg]h]cg `UXifUWcadY! Uacf"DcfW]Yfhc bc\UWYhUbhcgU‰cgY`Bci BHSJDVMUVSB&MUVSJTNPFTDB
9`aib]W]d]cWiYbhUWcbibWcad`YhchY^]Xc hYbW]UXY`Ug[fUbXYggidYfZ]W]Ygm`UgWca! 7UaddcX…UU`VYf[UfazgYgdYWhUXcfYgeiY EBWF[NÁTJNQPSUBOUF
YadfYgUf]U`  Wcb ]adcfhUbhYg YadfYgUg XY dfUgcb`]bY"@UUdiYghUdcfY`gYfj]W]cdYfgc! \UV]hUbhYghYb…UY`diYV`c"

You might also like