Organización de La Estructura de La Enseñanza Superior en Europa

0SHBOJ[BDJØOEFMB
&TUSVDUVSBEFMB&OTF×BO[B
4VQFSJPSFO&VSPQB

5FOEFODJBTOBDJPOBMFTFOFMNBSDPEFM
1SPDFTPEF#PMPOJB
&63:%*$&
3FE&VSPQFBEF*OGPSNBDJØOFO&EVDBDJØO
-B6OJEBE&VSPQFBEF&VSZEJDFQVCMJDBFTUFEPDVNFOUPDPOFMBQPZPmOBODJFSPEFMB$PNJTJØO&VSPQFB %JSFDDJØO(FOFSBMEF&EVDBDJØOZ
$VMUVSB

%JTQPOJCMFFOJOHMÏT GSBODÏT BMFNÈOZFTQB×PM
%
*4#/2-87116-361-8
DOI: 10.4438/2-87116-361-8
&TUFEPDVNFOUPFTUÈUBNCJÏOEJTQPOJCMFFO*OUFSOFU IUUQXXXFVSZEJDFPSH

5FYUPUFSNJOBEPFO4FQUJFNCSFEF
ª&VSZEJDF
&MDPOUFOJEPEFFTUBQVCMJDBDJØOQVFEFTFSQBSDJBMNFOUFSFQSPEVDJEPFYDFQUPDPOmOFTDPNFSDJBMFT TJFNQSFZDVBOEPFMFYUSBDUPWBZBQSFDFEJEP
EFVOBSFGFSFODJBDPNQMFUBBi&VSZEJDF MBSFEFVSPQFBEFJOGPSNBDJØOFOFEVDBDJØOw TFHVJEBEFMBGFDIBEFQVCMJDBDJØOEFMEPDVNFOUP
-PTQFSNJTPTQBSBMBSFQSPEVDDJØODPNQMFUBEFMEPDVNFOUPIBOEFTPMJDJUBSTFBMB6OJEBE&VSPQFBEF&VSZEJDF
1PSUBEBª'PUP3JDIBSE(BSEFUUF'PUPTUPDL #SVTFMBT #ÏMHJDB
&63:%*$&
6OJEBE&VSPQFB
"WFOVF-PVJTF
##SVTFMBT
5FM
'BY
&NBJMJOGP!FVSZEJDFPSH
*OUFSOFUIUUQXXXFVSZEJDFPSH
*NQSFTPFO&TQB×B
13»-0(0
{$VÈMFTMBmTPOPNÓBBDUVBMEFMBFOTF×BO[BTVQFSJPSFO&VSPQB {&ORVÏNFEJEB "TJNJTNP FTUF FTUVEJP SFQSFTFOUB MB BDUVBMJ[BDJØO EF VOB JOGPSNBDJØO TJNJMBS
TVSFDJFOUFFWPMVDJØOGBDJMJUBMBUSBOTQBSFODJBEFMBGPSNBDJØOZFMSFDPOPDJNJFOUP QVCMJDBEBQPS&VSZEJDFFOCBKPFMUÓUVMPEF0SHBOJ[BUJPOPG)JHIFS&EVDBUJPO
EF MPT UÓUVMPT DPOEJDJPOFT JOEJTQFOTBCMFT QBSB GPNFOUBS MB NPWJMJEBE Z FM QPEFS 4USVDUVSFT JO &VSPQF &M MFDUPS JOUFSFTBEP EFCFSÈ DPOTVMUBS MB QVCMJDBDJØO BOUFSJPS
EF BUSBDDJØO FO FTUF OJWFM &M FTUVEJP MMFWBEP B DBCP QPS &VSZEJDF Z QSFTFOUBEP QBSBDVBMRVJFSDPNQBSBDJØODSPOPMØHJDB
BDPOUJOVBDJØO DFSUJmDBRVFMPTFTGVFS[PTJOWFSUJEPT FOFTQFDJBMFOFMNBSDPEFM
TFHVJNJFOUP EFM 1SPDFTP EF #PMPOJB QFSNJUJFSPO DPODSFUBS FTUBT JOUFODJPOFT &O $POMBQVCMJDBDJØOEFFTUFFTUVEJP MB3FE&VSZEJDFEFTFBDPOUSJCVJSBMJOUFSDBNCJP
MBBDUVBMJEBE MBFTUSVDUVSBFOEPTDJDMPTFTUÈFOWJHPSFOMBNBZPSÓBEFMPTQBÓTFT Z BM BOÈMJTJT HFOFSBEPT QPS MB BQMJDBDJØO EFM 1SPDFTP EF #PMPOJB QPOJFOEP B
Z FO DBTJ UPEPT MPT UJQPT EF FTUVEJPT -B JOUSPEVDDJØO EFM TJTUFNB FVSPQFP EF EJTQPTJDJØO VOB JOGPSNBDJØO EF CBTF DPNQBSBCMF Z GÈDJMNFOUF BDDFTJCMF B UPEBT
USBOTGFSFODJBEFDSÏEJUPTFT PTFSÈQSPOUP VOBSFBMJEBEFOMBNBZPSÓBEFMPTQBÓTFT BRVFMMBTQFSTPOBTRVFUSBCBKBOFOMBDSFBDJØOEFVOi&TQBDJP&VSPQFPEF&OTF×BO[B
BTÓDPNPFM4VQMFNFOUP&VSPQFPBM5ÓUVMP 4VQFSJPSwEFBRVÓBMB×P
&TUBTBDUBTTPOFMGSVUPEFVOFTUVEJPSFBMJ[BEPQPSMB6OJEBE&VSPQFBEF&VSZEJDF
EVSBOUFFMQSJNFSTFNFTUSFEFFOCBTFBMBJOGPSNBDJØOSFDPHJEBZWBMJEBEB 1BUSJDJB8BTUJBV4DIMàUFS
EFTQVÏTEFMQSPDFTBNJFOUPQPSQBSUFEFMBT6OJEBEFT/BDJPOBMFT FODPPQFSBDJØO %JSFDUPSBEFMB6OJEBE&VSPQFBEF
&VSZEJDF
DPO MB NBZPSÓB EF MPT SFTQPOTBCMFT OBDJPOBMFT EF MB 3FE /"3*$ 3FE EF $FOUSPT
4FQUJFNCSF
/BDJPOBMFTEF*OGPSNBDJØOZ3FDPOPDJNJFOUP"DBEÏNJDP
&MBOÈMJTJTTFDFOUSBFO
MBFWPMVDJØOEFMBFTUSVDUVSBEFMBFOTF×BO[BTVQFSJPSFOQBÓTFTRVFQBSUJDJQBO
FOFMQSPHSBNB4ØDSBUFT4FIBQSFTUBEPVOBFTQFDJBMBUFODJØOBMBSFQSFTFOUBDJØO
HSÈmDBEFMPTEBUPT UBOUPQBSBEFTDSJCJSMBTJUVBDJØOFODBEBQBÓTDPNPFOMBTÓOUFTJT
SFDBQJUVMBUJWBEFUPEPFMUFSSJUPSJPFVSPQFPDVCJFSUP
$0/5&/*%04
1SØMPHP 3FJOP6OJEPo*OHMBUFSSB (BMFTF*SMBOEBEFM/PSUF

3FJOP6OJEPo&TDPDJB
$POUFOJEPT
*TMBOEJB
*OUSPEVDDJØO /PSVFHB
#VMHBSJB
%FMB%FDMBSBDJØOEFMB4PSCPOBBMB$POGFSFODJBEF#FSMÓOo 3FQÞCMJDB$IFDB
VOQSPDFTPEJOÈNJDP
&TUPOJB
4ÓOUFTJTDPNQBSBUJWB $IJQSF

-FUPOJB
(VÓBEFMFDUVSBEFMPTEJBHSBNBT -JUVBOJB
)VOHSÓB
%JBHSBNBTZEFTDSJQUPSFTOBDJPOBMFT
.BMUB
#ÏMHJDBo$PNVOJEBEGSBODFTB
1PMPOJB
#ÏMHJDBo$PNVOJEBEHFSNBOPQBSMBOUF
3VNBOJB
#ÏMHJDBo$PNVOJEBEnBNFODB
&TMPWFOJB
%JOBNBSDB
&TMPWBRVJB
"MFNBOJB
(SFDJB (MPTBSJP
&TQB×B
$ØEJHPTQPSQBÓT
'SBODJB
$MBTJmDBDJØOVUJMJ[BEB
*SMBOEB
5FSNJOPMPHÓBZPUSBTEFmOJDJPOFT
*UBMJB
-VYFNCVSHP "CSFWJBUVSBTOBDJPOBMFTZUÏSNJOPTDPSSFTQPOEJFOUFTFOMBMFOHVBEFPSJHFO
1BÓTFTCBKPT "CSFWJBUVSBTJOUFSOBDJPOBMFT

"VTUSJB
3FGFSFODJBT
1PSUVHBM
'JOMBOEJB "HSBEFDJNJFOUPT
4VFDJB
*/530%6$$*»/
&TUB QVCMJDBDJØO QSFTFOUB FM FTUBEP BDUVBM EF MB FTUSVDUVSB EF MB FOTF×BO[B &OFMDBTPEFBMHVOPTQBÓTFTTFIBDFSFGFSFODJBBPUSPUJQPEFSFGPSNBTFTQFDJBMNFOUF
TVQFSJPSFO&VSPQBBUSBWÏTEFEJBHSBNBTEFUBMMBEPT²TUPTQSFTFOUBO QBSBDBEB JNQPSUBOUFTJOUSPEVDJEBTDPOJOEFQFOEFODJBEFMBTNFEJEBTWJODVMBEBTBM1SPDFTP
QBÓT MPTQSPHSBNBTGPSNBDJØOZUÓUVMPTNÈTDPNVOFTPGFSUBEPTQPSMBTVOJWFSTJEBEFT EF#PMPOJB QPSFKFNQMP MPTDBNCJPTFOMPTQSPDFTPTEFTFMFDDJØOPFTUBUVTEFMPT
VPUSPUJQPEFDFOUSPTEFFOTF×BO[BTVQFSJPS-PTOPNCSFTEFMPTDFOUSPT UÓUVMPT DFOUSPT

JOUFSNFEJPTZmOBMFTTFJOEJDBOFOMBMFOHVBEFPSJHFO-BTQSJODJQBMFTSBNBTEF
FTUVEJPT MPTQSPDFTPTEFTFMFDDJØOBQMJDBEPTBMBFOUSBEB FOFMÈNCJUPOBDJPOBM &OFMDBTPEFRVFOPTFBQMJRVFUPEBWÓBOJOHVOBSFGPSNB TFQSFTFOUBMBGFDIBEFMB
SFHJPOBMPEFDFOUSP
ZMBEVSBDJØOEFMBGPSNBDJØOFTUÈOUBNCJÏOSFQSFTFOUBEPT ÞMUJNBSFGPSNBZPFMDPOUFOJEPEFVOQPTJCMFEFCBUFOBDJPOBMFODVSTP
1PSPUSPMBEP ZCBTÈOEPTFFOMBDMBTJmDBDJØO$*/&
OJWFMFT$*/&" #Z

FTUPT EJBHSBNBT JMVTUSBO EF VOB NBOFSB DMBSB MB FYJTUFODJB P OP EF MB FTUSVDUVSB &OMBQSJNFSBQBSUFEFFTUBQVCMJDBDJØOTFTJOUFUJ[BOMBTQSJODJQBMFTUFOEFODJBTRVF
CBTBEBFOEPTDJDMPTQSJODJQBMFTGPNFOUBEBQPSFM1SPDFTPEF#PMPOJB TFEFTQSFOEFOEFFTUPTUFYUPTZEJBHSBNBT&TUFBOÈMJTJTDPNQBSBUJWPWBQSFDFEJEP
EF VOB CSFWF FYQMJDBDJØO TPCSF MPT BOUFDFEFOUFT EFM 1SPDFTP EF #PMPOJB 4F
$BEBEJBHSBNBTFBDPNQB×BEFVOUFYUPTJOUÏUJDPFOFMRVFTFEFTDSJCFFMFTUBEP JODMVZFUBNCJÏOVOHMPTBSJPRVFFOHMPCBMPTDØEJHPTZBCSFWJBUVSBTOBDJPOBMFTBTÓ
BDUVBM EF MBT SFGPSNBT P EJTQPTJUJWPT WJODVMBEPT BM 1SPDFTP EF #PMPOJB RVF TF DPNPMBTEFmOJDJPOFTEFMPTUÏSNJOPTVUJMJ[BEPTDPONBZPSGSFDVFODJB
IBOJOUSPEVDJEPEFTEF5BMFTNFEJEBTTFSFmFSFO TPCSFUPEP BMBFYJTUFODJB
POPEFMNPEFMPCBTBEPFOEPTDJDMPTQSJODJQBMFT BTÓDPNPBMBBEPQDJØOZPMB
HFOFSBMJ[BDJØO EFM TJTUFNB &$54 Z MB JOUSPEVDDJØO EFM 4VQMFNFOUP &VSPQFP BM
5ÓUVMP

7FSMBEFmOJDJØOFOFMHMPTBSJPBMmOBMEFMBQVCMJDBDJØO
%&-"%&$-"3"$*»/%&-"403#0/""-"$0/'&3&/$*"%&#&3-¶/ʰ6/130$&40%*/«.*$0
&M1SPDFTPEF#PMPOJBQVFEFTFSDPOTJEFSBEPDPNPFMQSPEVDUPZMBDPOUJOVJEBEEF -PTTFJTFKFTQSJODJQBMFTEFMB%FDMBSBDJØOEF#PMPOJB
VOBTFSJFEFDPOGFSFODJBTFVSPQFBTZVODPOKVOUPEFEFDJTJPOFTQPMÓUJDBTTPCSFMB
DPOTUSVDDJØOEFVO&TQBDJP&VSPQFPEF&OTF×BO[B4VQFSJPSBOUFTEFMB×P x 'BDJMJUBSMBUSBOTQBSFODJBZMBDPNQBSBDJØOFOUSFMPTUÓUVMPT
-BTDVBUSPHSBOEFTFUBQBTTPCSFMBTRVFTFBTJFOUBFM1SPDFTPEF#PMPOJBTPOMBEF x *OUSPEVDJSVOTJUFNBCBTBEPFOEPTDJDMPTQSJODJQBMFT
1BSÓT-B4PSCPOB EFNBZPEF
#PMPOJB EFKVOJPEF
1SBHB x &TUBCMFDFSVOTJTUFNBEFDSÏEJUPTDPNPFMTJTUFNB&$54
EFNBZPEF
Z#FSMÓO EFTFQUJFNCSFEF

x %FTBSSPMMBSMBTNFEJEBTFOGBWPSEFMBNPWJMJEBEEFMPTFTUVEJBOUFT QSPGFTPSFTFJOWFTUJHBEPSFT
x 1SPNPWFSMBDPPQFSBDJØOFVSPQFBFOFMÈNCJUPEFMBHBSBOUÓBEFMBDBMJEBE
-BTQSFNJTBTEFM1SPDFTPEF#PMPOJBTFFODVFOUSBOFOMB%FDMBSBDJØOEF1BSÓT-B
x 'PNFOUBSMBEJNFOTJØOFVSPQFBFOMBFOTF×BO[BTVQFSJPS FODVBOUPBEFTBSSPMMPEFQSPHSBNBTZMBDPPQFSBDJØO
4PSCPOBTPCSFMB"SNPOJ[BDJØOEFMB"SRVJUFDUVSBEFM4JTUFNBEF&OTF×BO[B4VQFSJPS FOUSFDFOUSPT

&VSPQFPmSNBEBFONBZPEFQPSMPT.JOJTUSPTEF&EVDBDJØOEFDVBUSP&TUBEPT
'SBODJB "MFNBOJB *UBMJBZ3FJOP6OJEP

&ONBZPEFTFDFMFCSØMB$POGFSFODJBEF1SBHBDPOMPTNJTNPTQBSUJDJQBOUFT
-PTFKFTQSJODJQBMFTEF1BSÓT-B4PSCPOB RVFFO#PMPOJBQFSP BQBSUJSEFFTUFNPNFOUP DPO&TUBEPTmSNBOUFT OVFWPT
&TUBEPT -JFDIUFOTUFJO $IJQSF $SPBDJB Z5VSRVÓB
&M PCKFUJWP EF FTUB DPOGFSFODJB
x 'BDJMJUBSMBNPWJMJEBEEFMPTFTUVEJBOUFTFOFMFTQBDJPFVSPQFPZTVJOUFHSBDJØOFOFMNFSDBEPMBCPSBMFVSPQFP BTÓ FSBIBDFSCBMBODFEFMPTQSPHSFTPTBMDBO[BEPT FOQBSUJDVMBS BUSBWÏTEFJOGPSNFT
DPNPMBNPWJMJEBEEFMPTQSPGFTPSFT OBDJPOBMFT
ZEFmOJSMPTFKFTQSJPSJUBSJPTEFMQSPDFTPQBSBMPTQSØYJNPTB×PT
x .FKPSBSMBUSBOTQBSFODJBJOUFSOBDJPOBMEFMBGPSNBDJØOZFMSFDPOPDJNJFOUPEFMPTUÓUVMPTBUSBWÏTEFMBQSPHSFTJWB
-B$POGFSFODJBEF1SBHBDPOmSNØMBOFDFTJEBEEFBMDBO[BSMPTPCKFUJWPTEFmOJEPTFO
DPOWFSHFODJBIBDJBVONBSDPDPNÞOEFUÓUVMPTZDJDMPT
MB%FDMBSBDJØOEF#PMPOJBZTFIJ[PVOFTQFDJBMIJODBQJÏFOUSFTQVOUPTDPODSFUPT
x 'BWPSFDFSMBSFBOVEBDJØOPMBDPOUJOVBDJØOEFMPTFTUVEJPTFOMBNJTNBVOJWFSTJEBEPFOPUSBEJTUJOUB FOVODFOUSP
FTDPMBSPFOFMNBSDPEFMBNPWJMJEBEBOJWFMFVSPQFP
-PTUSFTQVOUPTFTQFDÓmDPTEFMB$POGFSFODJBEF1SBHB
6O B×P EFTQVÏT KVOJP EF
TF mSNBCB MB %FDMBSBDJØO EF #PMPOJB TPCSF FM x &MBQSFOEJ[BKFZMBGPSNBDJØOQFSNBOFOUF
&TQBDJP&VSPQFPEF&OTF×BO[B4VQFSJPS JOTQJSBEBFOMB%FDMBSBDJØOEFMB4PSCPOB x -BJNQMJDBDJØOEFMPTDFOUSPTEFFOTF×BO[BTVQFSJPSZEFMPTFTUVEJBOUFTDPNPTPDJPTBDUJWPT
"EFNÈT EF MBT DPOUSJCVDJPOFT SFTQFDUP BM DPOUFOJEP VOP EF MPT FMFNFOUPT x -BOFDFTJEBEEFBVNFOUBSFMQPEFSEFBUSBDDJØOEFM&TQBDJP&VSPQFPEF&OTF×BO[B4VQFSJPS
JOOPWBEPSFTMPFODPOUSBNPTFOMBBNQMJBDJØOEFMEFCBUF RVFBIPSBDVFOUBDPO
&TUBEPTmSNBOUFT &TUBEPTNJFNCSPTEFMB6& QBÓTFTEFMB"&-$o*TMBOEJB

/PSVFHBZ4VJ[BZQBÓTFTDBOEJEBUPT
EFJOTUJUVDJPOFTDPNPMB$PNJTJØO&VSPQFB &OSFTVNFO MPTQVOUPTQSJODJQBMFTEFTBSSPMMBEPTQPSFM1SPDFTPEF#PMPOJBIBDJBMPT
Z FM $POTFKP EF &VSPQB Z EF BTPDJBDJPOFT VOJWFSTJUBSJBT SFDUPSFT Z FTUVEJBOUFT RVFEFCFOUFOEFSMPT&TUBEPTmSNBOUFTQBSBMBDPOTFDVDJØOEFM&TQBDJP&VSPQFP
FVSPQFPT EF&OTF×BO[B4VQFSJPSTPOMPTTJHVJFOUFT
x "EPQDJØOHFOFSBMJ[BDJØOEFMNPEFMPCBTBEPFOEPTDJDMPTQSJODJQBMFT
x "EPQDJØOHFOFSBMJ[BDJØOEFMTJTUFNB&$54
x 3FGVFS[PEFMPTEJTQPTJUJWPTEFBQPZPBMBNPWJMJEBE FOQBSUJDVMBS NFEJBOUFMBJOUSPEVDDJØOEFM4VQMFNFOUP&VSPQFP
BM5ÓUVMP
x "VNFOUPEFMBTNFEJEBTBGBWPSEFMBFWBMVBDJØOEFMBDBMJEBE
x .FEJBTEFBQPZPBGBWPSEFMBFEVDBDJØOZMBGPSNBDJØOQFSNBOFOUF

7FSMBTSFGFSFODJBTBMmOBMEFMBQVCMJDBDJØO
4¶/5&4*4$0.1"3"5*7"
&4536$563"%&-"&/4&º"/;"461&3*03 (SÈmDP&WPMVDJØOEFMBJNQMBOUBDJØOEFMBFTUSVDUVSBCÈTJDBFOEPT
"/5&$&%&/5&4 DJDMPTQSJODJQBMFT&OTF×BO[B4VQFSJPS"×P
#EF
&OBMHVOPTQBÓTFTFVSPQFPT MBPSHBOJ[BDJØOEFMBFOTF×BO[BTVQFSJPSFOEPTDJDMPT
#OM
'*/
*3-
#GS
%,
6,
/-
&-
%
"
1
4
&
'
-
QSJODJQBMFT QPTFF VOB MBSHB USBEJDJØO &TUB FTUSVDUVSB UJFOF DPNP DBSBDUFSÓTUJDB
*
DPNÞO FM PGSFDFS VO QSJNFS UÓUVMP #BDIFMPS
RVF EB BDDFTP EJSFDUP BM QSPHSBNB R
DPOEVDFOUF BM TFHVOEP UÓUVMP .BTUFS
-B EVSBDJØO EF MPT DJDMPT Z FO PDBTJPOFT "OUFTEF#PMPOJB R R P P O R R O
MB EFOPNJOBDJØO EF MPT UÓUVMPT WBSÓBO EF VO QBÓT B PUSP Z OP TF DPSSFTQPOEFO QPS
"EBQUBDJØOFYUFOTJØO
DPNQMFUPBMBTSFDPNFOEBEBTFOMB%FDMBSBDJØOEF#PMPOJB
EFTQVÏTEF#PMPOJB O O O O
1PS MP UBOUP MB FEVDBDJØO TVQFSJPS TF PSHBOJ[B EFTEF IBDF NVDIP UJFNQP FO *OUSPEVDDJØOEFTQVÏTEF
EPT DJDMPT BM NFOPT FO BMHVOPT FTUVEJPT
FO MPT QBÓTFT BOHMPQBSMBOUFT *SMBOEB #PMPOJB O O O
3FJOP 6OJEP Z .BMUB
(SFDJB 'SBODJB 1PSUVHBM *TMBOEJB Z $IJQSF &O %JOBNBSDB Z -FZBQSPCBEBQFSP
'JOMBOEJB FTUB FTUSVDUVSB TF JOUSPEVKP FO MPT B×PT PDIFOUB BVORVF IBTUB FM B×P UPEBWÓBOPFOWJHPS O O
TF BQMJDBCB TPMBNFOUF FO BMHVOPT UJQPT EF FTUVEJPT &O "MFNBOJB TF "EPQDJØOBEBQUBDJØO
JOUSPEVDF VO OVFWP TJTUFNB EF UÓUVMPT RVF JODMVZF #BDIFMPSZ .BTUFSEFTEF FODVSTP QFSPUPEBWÓB O O O O
FOMBTVOJWFSTJEBEFT MPTDFOUSPTUFPMØHJDPT MPTDFOUSPTTVQFSJPSFTEFQFEBHPHÓB OPIBZOJOHVOB-FZ
MPTDFOUSPTTVQFSJPSFTEFBSUFZNÞTJDBZMBTVOJWFSTJEBEFTEFDJFODJBTBQMJDBEBT&O
&TMPWFOJB FTUBFTUSVDUVSBEFMTJTUFNBEFFOTF×BO[BTVQFSJPSFYJTUFEFTEFMPTB×PT /PIBZNFEJEBT

TFTFOUBTJOTFSUPUBMNFOUFDPNQBSBCMFBMBQSPQVFTUBQPS#PMPOJBFODVBOUPBMB
EVSBDJØOEFMPTQSPHSBNBT&OMPTQSØYJNPTB×PTTFDPOUFNQMBMBBEBQUBDJØOEF
FTUBFTUSVDUVSBBMNPEFMP
/0
.5
)6
30
#(
$:
$;
4,
1-
-7
&&
-5
*4
4*
-*
/VNFSPTPT QBÓTFT EF &VSPQB EFM &TUF #VMHBSJB MB 3FQÞCMJDB $IFDB -FUPOJB
-JUVBOJB 1PMPOJB Z &TMPWBRVJB
BEPQUBSPO FTUB FTUSVDUVSB CBTBEB TPCSF UPEP FO
EPTDJDMPTQSJODJQBMFTFOFMNPNFOUPEFMBTSFGPSNBTQSPGVOEBTEFTVTTJTUFNBT "OUFTEF#PMPOJB O
P O O O R R O R P P
FEVDBUJWPTUSBTMBDBÓEBEFMDPNVOJTNP"MHVOPTEFFMMPTIBOSFGPS[BEPPFYUFOEJEP "EBQUBDJØOFYUFOTJØO
SFDJFOUFNFOUFFTUBPSHBOJ[BDJØO EFTQVÏTEF#PMPOJB

O O O O O
*OUSPEVDDJØOEFTQVÏTEF
#PMPOJB

O
O 1FSÓPEPEFJOUSPEVDDJØOEFMBFTUSVDUVSBFOEPTDJDMPT
-FZBQSPCBEBQFSP
R &TUSVDUVSBJOUSPEVDJEBÞOJDBNFOUFFOBMHVOPTFTUVEJPT UPEBWÓBOPFOWJHPS
P %VSBDJØOEJGFSFOUFEFMBQSPQVFTUBQPS#PMPOJB "EPQDJØOBEBQUBDJØO

%BUPTOPEJTQPOJCMFT FODVSTP QFSPUPEBWÓB
O O O
OPIBZOJOHVOB-FZ
/PIBZNFEJEBT
'VFOUF&VSZEJDF
"%01$*»/%&-"&4536$563"%&%04$*$-04&/ (SÈmDP*OUSPEVDDJØOEFMBFTUSVDUVSBEFEPTDJDMPTFOMPT
13«$5*$".&/5&50%04-04130(3"."4%&&456%*04 QSPHSBNBTEFOJWFM$*/&"Z#"×P
&O MB NBZPSÓB EF QBÓTFT MB FTUSVDUVSB #BDIFMPS.BTUFS TF BQMJDB B UPEPT oP B
QSÈDUJDBNFOUF UPEPT MPT QSPHSBNBT EF FTUVEJPT /P PCTUBOUF OP BGFDUB B MPT
FTUVEJPT EF NFEJDJOB Z ÈSFBT FTUSFDIBNFOUF SFMBDJPOBEBT DPO MB NJTNB FYDFQUP
FOMPTQBÓTFTBOHMPQBSMBOUFT %JOBNBSDBZ'JOMBOEJB FOMPTQSØYJNPTB×PT
ZFOMB
3FQÞCMJDB$IFDB FOVOQSJODJQJP
-PTFTUVEJPTEFFTUBNPEBMJEBETFJNQBSUFOFO
VOÞOJDPDJDMPEFDJODPPTFJTB×PTEFEVSBDJØOZMMFWBOEJSFDUBNFOUFBMUÓUVMPEF &TUSVDUVSBBQMJDBCMFÞOJDBNFOUF
.BTUFS BMOJWFM$*/&"
&4$"4"'3&$6&/$*"%&-"&4536$563"%&%04$*$-04 &TUSVDUVSBBQMJDBCMFBMPT
&/-04130(3"."4%&/*7&-$*/&# OJWFMFT$*/&"Z#
/PTFIBOUPNBEPNFEJEBT
QBSBJOUSPEVDJSMBFTUSVDUVSBEF
6OPEFMPTSBTHPTEJTUJOUJWPTEFMBFEVDBDJØOTVQFSJPSFODBTJUPEPTMPTQBÓTFTFTMB EPTDJDMPT
EJWJTJØOEFMBNJTNBFOQSPHSBNBTBDBEÏNJDPT EFDBSÈDUFSGVOEBNFOUBMNFOUF
UFØSJDP OJWFM $*/& "
RVF QSPQPSDJPOBO BDDFTP EJSFDUP B MPT QSPHSBNBT EF
EPDUPSBEP $*/&
Z FO QSPHSBNBT EF GPSNBDJØO QSPGFTJPOBM EF DBSÈDUFS *OGPSNBDJØOOPEJTQPOJCMF
QSÈDUJDP RVFOPQSPQPSDJPOBOEJDIPBDDFTP
&O HFOFSBM FTUB EJTUJODJØO TF DPSSFTQPOEF DPO FM UJQP EF DFOUSP VOJWFSTJUBSJP P
OP
SFTQPOTBCMF EF PSHBOJ[BS MB FOTF×BO[B P GPSNBDJØO JNQBSUJEB Z DPO FM OJWFM
EFMBUJUVMBDJØOPUPSHBEBBMmOBMJ[BSMPTFTUVEJPT4JOFNCBSHP FTUBDMBSBEJTUJODJØO
iCJOBSJBw TF WVFMWF DBEB WF[ NÈT CPSSPTB EFCJEP B MB UFOEFODJB DSFDJFOUF EF MPT
DFOUSPT VOJWFSTJUBSJPT Z OP VOJWFSTJUBSJPT B DPOWFSHFS IBTUB MÓNJUFT RVF WBSÓBO FO 'VFOUF&VSZEJDF
GVODJØO EFM QBÓT FO DVFTUJØO "TÓ FO DVBUSP QBÓTFT (SFDJB 'JOMBOEJB /PSVFHB Z /PUBTBEJDJPOBMFT
.BMUB
UPEPTMPTQSPHSBNBTDPOTJEFSBEPTEFFEVDBDJØOTVQFSJPSTFJODMVZFOFOFM #ÏMHJDB #EF
Z-VYFNCVSHPOPWBOBUPNBSTFNFEJEBTJONFEJBUBTQBSBMBJOUSPEVDDJØO
OJWFM" JODMVTPTJOPTPOJNQBSUJEPTFOMBTVOJWFSTJEBEFT EFMBFTUSVDUVSBEFEPTDJDMPT QVFTUPRVFBÞOOPTFIBEFTBSSPMMBEPFOTVUPUBMJEBEFMTJTUFNB
EFFEVDBDJØOTVQFSJPS
-B NBZPSÓB EF MPT QBÓTFT RVF IBO JOUSPEVDJEP VOB FTUSVDUVSB CBTBEB #ÏMHJDB #OM
Z&TQB×BTFIBBQSPCBEPVOBOPSNBUJWBRVFBÞOOPIBFOUSBEPFOWJHPS
FTFODJBMNFOUFFOEPTDJDMPTQSJODJQBMFT MPIBOIFDIPÞOJDBNFOUFFOFMOJWFM (SFDJB 'JOMBOEJB /PSVFHBZ.BMUBTØMPFYJTUFFMOJWFM$*/&"
$*/&"-BTEPTUJUVMBDJPOFT #BDIFSMPS.BTUFS
TPOEFOJWFM$*/&"ZTFPGFSUBOFO *UBMJBMB-FZ RVFBÞOOPIBFOUSBEPFOWJHPS FTUBCMFDFRVFMBT"DDBEFNJFEJCFMMF
DFOUSPTVOJWFSTJUBSJPTZOPVOJWFSTJUBSJPT BSUJ "DDBEFNJFOB[JPOBMJEJEBO[B *TUJUVUJTVQFSJPSJQFSMFJOEVTUSJFBSUJTUJDIFZMPT$POTFSWBUPSJEJ
NVTJDB RVFPGSFDFOFTUVEJPTEFOJWFM$*/&# UBNCJÏOEFCFOPSHBOJ[BSMPTQSPHSBNBTEF
4JO FNCBSHP BMHVOPT QBÓTFT TÓ IBO JOUSPEVDJEP FTUB FTUSVDUVSB FO BNCBT FTUVEJPTEFOJWFM$*/&#FOEPTDJDMPT
SBNBT BDBEÏNJDB Z QSPGFTJPOBM DPSSFTQPOEJFOUFT B MPT OJWFMFT $*/& " Z # 1BÓTFT #BKPT FM EJQMPNB WPPSUHF[FUUF PQMFJEJOHFO BÞO OP GPSNB QBSUF EF MB FTUSVDUVSB
SFTQFDUJWBNFOUF
&TUB EJTUJODJØO RVFEB QBUFOUF FO DJODP QBÓTFT 1BÓTFT #BKPT #BDIFMPS.BTUFSZOPDPOEVDFBOJOHVOBPUSBUJUVMBDJØO
$IJQSF &TUPOJB 1PMPOJBZ&TMPWFOJB
EPOEFFMUÓUVMPEF#BDIFMPSZP.BTUFSQVFEF 4VFDJBTFIBOQSFTFOUBEPQSPQVFTUBTQBSBMBJOUSPEVDDJØOEFMBFTUSVDUVSBEFEPTDJDMPTFO
UFOFS VOB PSJFOUBDJØO BDBEÏNJDB $*/& "
P QSPGFTJPOBM $*/& #
&O MPT 1BÓTFT MPTOJWFMFT$*/&"Z#
#BKPT $IJQSF Z &TMPWFOJB MPT FTUVEJBOUFT FO QPTFTJØO EF VO UÓUVMP EF #BDIFMPS
QSPGFTJPOBM QVFEFO BDDFEFS EJSFDUBNFOUF B QSPHSBNBT EF TFHVOEP DJDMP OJWFM
.BTUFS$*/& #
EF DBSÈDUFS FNJOFOUFNFOUF QSPGFTJPOBM &O &TUPOJB Z 1PMPOJB
JODMVTPTJMBQSJNFSBUJUVMBDJØODPSSFTQPOEFBMOJWFM$*/&# MPTUÓUVMPTEF.BTUFSTPO
TJFNQSFEFOJWFM$*/&"
&-5¶56-0%&."45&3 3VNBOJB
EPOEFOPFYJTUÓBVOTJTUFNBOBDJPOBMEFDSÏEJUPT MBQVFTUBFONBSDIBEFM
6/""1035"$*»/"-"&%6$"$*»/%&"%6-504&/ &$54UJFOFMVHBSFOBVTFODJBEFVOBSFGPSNBQSFWJB"FYDFQDJØOEF1PMPOJB MBGFDIB
"-(6/041"¶4&4 FOMBRVFFM&$54FOUSØPWBBFOUSBSFOWJHPSTFFTQFDJmDBFOMBMFHJTMBDJØO
FO'SBODJB FO.BMUBZFOMB$PNVOJEBEGSBODFTBEF#ÏMHJDB
&O3VNBOJB
EPOEFFM&$54DPNFO[ØBJOUSPEVDJSTFQBSDJBMNFOUFFO
TFSFDPNJFOEBTV
&O /PSVFHB Z &TUPOJB MPT QSPHSBNBT DPOEVDFOUFT BM UÓUVMP EF .BTUFS TF IBO FTUBCMFDJNJFOUPEFmOJUJWPQBSBFMQFSÓPEPDPNQSFOEJEPFOUSFZ
EFTBSSPMMBEP DPNP QBSUF EF MB FEVDBDJØO Z GPSNBDJØO EF BEVMUPT Z FO 'JOMBOEJB
TF FTUÈO QPOJFOEP FO NBSDIB B QSVFCB UJUVMBDJPOFT QPMJUÏDOJDBT EF QPTUHSBEP "MHVOPTQBÓTFTEFMTFHVOEPHSVQPIBODPNFO[BEPBBEBQUBSTVTJTUFNBEFDSÏEJUPT
FODPOGPSNJEBEDPOMPTPCKFUJWPTEFMBFEVDBDJØOEFBEVMUPT"FTUBTUJUVMBDJPOFT BM&$54 *SMBOEB 'JOMBOEJB *TMBOEJB #VMHBSJB $IJQSFZ-FUPOJB
&OPUSPT DPNP(SFDJB
QVFEFOBDDFEFSRVJFOFTQSFWJBNFOUFIBZBOPCUFOJEPVOQSJNFSUÓUVMPEF#BDIFMPS &TQB×BZ3FJOP6OJEP TFFTUÈOFTUVEJBOEPMPTQSPDFEJNJFOUPTQBSBTVBEBQUBDJØO
Z BERVJSJEP EF VOP B USFT B×PT EF FYQFSJFODJB QSPGFTJPOBM FM OVNFSP EF B×PT 'JOBMNFOUF FO-JUVBOJBTFFTQFSBRVFFMTJTUFNBOBDJPOBMEFDSÏEJUPTTØMPTFWFB
EFQFOEFEFMQBÓTFODVFTUJØO
BMUFSBEPNÓOJNBNFOUF
%FCF UFOFSTF FO DVFOUB RVF FO &TUPOJB FM TJTUFNB OBDJPOBM Z FM &$54 DPFYJTUFO
&-4*45&."&6301&0%&53"/4'&3&/$*"%&$3²%*504 BVORVFTFFTQFSBRVFFTUFÞMUJNPTFBJOUSPEVDJEPEFGPSNBHFOFSBMJ[BEBBQBSUJS
ʤ&$54ʥ)"4*%0ʱ0&45«4*&/%0ʱ*/530%6$*%0&/-" EFMB×PBDBEÏNJDP
.":03¶"%&-041"¶4&4
(SÈmDP4JUVBDJØOSFMBUJWBBMBJOUSPEVDDJØOEFM&$54FOMBFEVDBDJØO
TVQFSJPS"×P
&M&$54 QVFTUPFONBSDIBJOJDJBMNFOUFFODPNPVOTJTUFNBEFUSBOTGFSFODJB
EF DSÏEJUPT QBSB GPNFOUBS MB NPWJMJEBE EF MPT FTUVEJBOUFT TF IB DPOWFSUJEP DPO
MB %FDMBSBDJØO EF #PMPOJB FO VOP EF MPT FMFNFOUPT DMBWF B MB IPSB EF BVNFOUBS
MB DPNQBUJCJMJEBE FOUSF MPT NPEFMPT PSHBOJ[BUJWPT EF MB FEVDBDJØO TVQFSJPS FO
&VSPQB4VDBNQPEFBQMJDBDJØOTFIBBNQMJBEPDPOTJEFSBCMFNFOUF QVFTUPRVFFO
MBBDUVBMJEBEBCBSDBBMPTFTUVEJBOUFTFTUBCMFT DPOUSJCVZFDBEBWF[NÈTBMBSFGPSNB *OUSPEVDJEP
EFMPTQSPHSBNBTEFFTUVEJPTZPGSFDFVOBNBZPSUSBOTQBSFODJBFOUPEPTMPTOJWFMFT
EFMBFEVDBDJØOTVQFSJPS JODMVJEBMBPSHBOJ[BDJØOEFMBQSFOEJ[BKFBMPMBSHPEFMB *OUSPEVDDJØOFODVSTP
WJEB
ZNFEJPTNÈTBEFDVBEPTQBSBMBDPNQBSBDJØOEFFTUVEJPTZUJUVMBDJPOFT
-B NBZPSÓB EF MPT QBÓTFT ZB VUJMJ[BO FM &$54 P CJFO MP FTUÈO JODPSQPSBOEP B "EBQUBDJØOEFMPTTJTUFNBT
FYDFQDJØOEFMB$PNVOJEBEHFSNBOPQBSMBOUFEF#ÏMHJDB -VYFNCVSHPZ1PSUVHBM OBDJPOBMFTZEFCBUFFODVSTP
&OFMQSJNFSDBTPFTEFCJEPBMBQBSUJDVMBSOBUVSBMF[BEFMBFEVDBDJØOTVQFSJPSFOMB
$PNVOJEBEHFSNBOPQBSMBOUFEF#ÏMHJDB EPOEFFMTJTUFNBRVFMBSFHVMBBÞOOPTF 4JONFEJEBTJOUSPEVDJEBT
IBEFTBSSPMMBEPFOTVUPUBMJEBE&O-VYFNCVSHPFMTJTUFNBEFFEVDBDJØOTVQFSJPS
FTUÈBQVOUPEFTVGSJSVOBSFGPSNBJNQPSUBOUFRVF VOBWF[FOUSFFOWJHPS JODMVJSÈ *OGPSNBDJØOOPEJTQPOJCMF
MBJOUSPEVDDJØOEFM&$54'JOBMNFOUF FO1PSUVHBMMB-FZEFSFGPSNBEFMBFEVDBDJØO
TVQFSJPSEFIBDFSFGFSFODJBBMBOFDFTJEBEEFJODPSQPSBSEJDIPTJTUFNB
&OMBNBZPSÓBEFMPTQBÓTFTFOMPTRVFMBJOUSPEVDDJØOEFM&$54ZBTFIBDPNQMFUBEP
PBÞOFTUÈFONBSDIB MBEFDJTJØOSFMBUJWBBTVBEPQDJØOIBTJEPSFGSFOEBEBQPSMFZ
BFYDFQDJØOEF#VMHBSJB MB3FQÞCMJDB$IFDBZ1PMPOJB
&OMPTQBÓTFTFOMPTRVFFM&$54TFFTUÈQPOJFOEPFONBSDIB EFCFEJTUJOHVJSTFFOUSF
BRVÏMMPTRVFMPFTUÈOJOUSPEVDJFOEPEJSFDUBNFOUFZMPTRVFBDUVBMNFOUFFTUÈO 'VFOUF&VSZEJDF
BEBQUBOEPTVTJTUFNBOBDJPOBMEFDSÏEJUPT
&OFMDBTPEFMQSJNFSHSVQP $PNVOJEBEGSBODFTBEF#ÏMHJDB 'SBODJB .BMUB 1PMPOJBZ
".1-*"&95&/4*»/%&-640%&461-&.&/50&6301&0 (SÈmDP4JUVBDJØOSFMBUJWBBMBFYQFEJDJØOEFM4VQMFNFOUP&VSPQFP
"-5¶56-04&(Á/&-.0%&-0&6301&0 BM5ÓUVMPFOMBFEVDBDJØOTVQFSJPS"×P
&O MB NBZPSÓB EF MPT QBÓTFT MB MFHJTMBDJØO SFDJFOUF IB JOUSPEVDJEP FM 4VQMFNFOUP
&VSPQFP BM 5ÓUVMP DPNP VO BTQFDUP JNQPSUBOUF EF BQPZP B MB NPWJMJEBE Z BM
SFDPOPDJNJFOUP EF MBT UJUVMBDJPOFT &M 4VQMFNFOUP EFTDSJCF FO JOHMÏT DBEB
UJUVMBDJØOPCUFOJEB&OBMHVOPTQBÓTFT DPODSFUBNFOUFFO%JOBNBSDB *UBMJB 4VFDJB 3FDPNFOEBEB
/PSVFHB &TUPOJBZ1PMPOJB BTÓDPNPFO&TMPWBRVJB BQBSUJSEFMDVSTP
FM
4VQMFNFOUP &VSPQFP BM5ÓUVMP FT PCMJHBUPSJP Z TF FYQJEF BVUPNÈUJDBNFOUF KVOUP
DPOMBTUJUVMBDJPOFTEFFEVDBDJØOTVQFSJPS "VUPNÈUJDB
&O PUSPT QBÓTFT FO MPT RVF FM 4VQMFNFOUP &VSPQFP BM 5ÓUVMP OP FT PCMJHBUPSJP .PEFMPTJNJMBS
TF SFDPNJFOEB QPS MFZ P TJNQMFNFOUF TF FYQJEF B QFUJDJØO EF MPT FTUVEJBOUFT
$PNVOJEBEGSBODFTBEF#ÏMHJDB "MFNBOJB 'SBODJB 1BÓTFT#BKPT "VTUSJB 'JOMBOEJB &OFTUVEJP
*TMBOEJB 3FQÞCMJDB$IFDB -FUPOJB -JUVBOJB )VOHSÓB 3VNBOJBZ&TMPWFOJB

&OMB$PNVOJEBEnBNFODBEF#ÏMHJDBZFOFM3FJOP6OJEPFTUÈFOVTPVOEPDVNFOUP 4JONFEJEBTJOUSPEVDJEBT
TJNJMBSBM4VQMFNFOUP&VSPQFPBM5ÓUVMP
&O(SFDJB &TQB×B *SMBOEB 1PSUVHBM #VMHBSJB $IJQSFZ.BMUBTVVUJMJ[BDJØOFTUFNB
BDUVBMEFEFCBUF BVORVFBÞOOPTFIBBQSPCBEPOJOHVOBMFZBMSFTQFDUP *OGPSNBDJØOOPEJTQPOJCMF

'VFOUF&VSZEJDF
/PUBTBEJDJPOBMFT
-FUPOJB FM 4VQMFNFOUP &VSPQFP BM5ÓUVMP FT PCMJHBUPSJP ÞOJDBNFOUF FO MPT QSPHSBNBT EF
GPSNBDJØOQSPGFTJPOBMEFOJWFM$*/&#DPOVOBEVSBDJØOEFBB×PT MPTEFOPNJOBEPT
ADPMMFHFQSPHSBNNFT
1PMPOJBZ&TMPWBRVJBFM4VQMFNFOUP&VSPQFPBM5ÓUVMPTFFYQFEJSÈBVUPNÈUJDBNFOUFBQBSUJS
EF
(6¶"%&-&$563"%&-04%*"(3"."4
-PT EJBHSBNBT JMVTUSBO MPT JUJOFSBSJPT QPTJCMFT NÈT JNQPSUBOUFT EF MB FEVDBDJØO &MQSPDFEJNJFOUPEFTFMFDDJØOQBSBBDDFEFSBVOQSPHSBNBEFFTUVEJPTTFNVFTUSB
TVQFSJPS-BMFDUVSBEFDBEBVOPEFFTUPTJUJOFSBSJPTIBEFSFBMJ[BSTFIPSJ[POUBMNFOUF DPOVOBMÓOFBWFSUJDBMFOOFHSJUBPDPOVOBMÓOFBEFQVOUPT FOGVODJØOEFTJÏTUF
$BEBEJBHSBNBDPOUJFOFVOOÞNFSPEFVOJEBEFTHSÈmDBTRVFWBSÓBFOGVODJØOEFMB FT PSHBOJ[BEP QPS VOB BVUPSJEBE TVQFSJPS OBDJPOBM P SFHJPOBM
P QPS FM DFOUSP
TJUVBDJØOEFMQBÓTDPSSFTQPOEJFOUF DPSSFTQPOEJFOUF-BTMÓOFBTFOOFHSJUBZEFQVOUPTTFDPNCJOBODVBOEPJOUFSWJFOFO
4FVUJMJ[BVOTPNCSFBEPEFEJGFSFOUFDPMPSQBSBEJTUJOHVJSMPTQSPHSBNBTEFFTUVEJPT UBOUPMPTOJWFMFTiTVQFSJPSFTwDPNPJOTUJUVDJPOBMFT
EFMPTOJWFMFT$*/&" #Z
%FOUSPEFVONJTNPOJWFM$*/&TFBHSVQBOMPT &O DBTP EF RVF MBT UJUVMBDJPOFT EF QSJNFS DJDMP OJWFM $*/& " P #
PCUFOJEBT
FTUVEJPTRVFUJFOFOMBTTJHVJFOUFDBSBDUFSÓTUJDBTFODPNÞO BM mOBMJ[BS FTUVEJPT DPO DBSBDUFSÓTUJDBT EJTUJOUBT QPS FKFNQMP FO UÏSNJOPT EF
x QSPDFEJNJFOUPTTJNJMBSFTEFBDDFTP DPOPTJOTFMFDDJØO
EJGFSFODJBTFOMPTQSPDFEJNJFOUPTEFTFMFDDJØOZPEVSBDJØO
EFOBDDFTPBVOPP
NÈTQSPHSBNBTJEÏOUJDPTEFTFHVOEPDJDMP OJWFM$*/&"P#
FTUPTÞMUJNPTTF
x TPOPGFSUBEPTQPSFMNJTNPDFOUSPPDFOUSPT EVQMJDBOFODBEBVOJEBEHSÈmDBDPSSFTQPOEJFOUF
x JEÏOUJDBEVSBDJØO 4JFNQSFRVFTFBQPTJCMF MBDBTJMMBDPSSFTQPOEJFOUFBMTFHVOEPDJDMPTFSFEVDF
x DPOEVDFOBMNJTNPUJQPEFUJUVMBDJØO DPOMBNJTNBEFOPNJOBDJØO
FOBMUVSBBMmOBMJ[BSFMQSJNFSQSPHSBNBRVFEBBDDFTPBVOUÓUVMPRVFQFSNJUF
DPOUJOVBSFTUVEJPTEFTFHVOEPDJDMP $*/&"P#
PJODPSQPSBSTFBMNFSDBEP
&O DBTP EF RVF FM NJTNP DFOUSP P DFOUSPT PGSF[DBO EJGFSFOUFT FTUVEJPT Z MBCPSBM/PPCTUBOUF MBTMÓOFBTIPSJ[POUBMFTRVFQBSUFOEFMBTDBTJMMBTSFMBUJWBTBMPT
TVT DBSBDUFSÓTUJDBT WBSÓFO SFTQFDUP B VOP P NÈT EF MPT DSJUFSJPT NFODJPOBEPT QSPHSBNBTEFQSJNFSPTFHVOEPDJDMP OJWFM$*/&"Z#
JOEJDBORVFUBNCJÏOFT
BOUFSJPSNFOUF FMOPNCSFEFMDFOUSPOPTFSFQJUFQBSBDBEBVOJEBEHSÈmDB QPTJCMFMBDPOUJOVBDJØOEFFTUVEJPTTVQFSJPSFTEFOJWFM$*/&ZP

7ÏBTFMBEFmOJDJØOEFMPTOJWFMFT$*/&" #ZFOFMHMPTBSJPJODMVÓEPBMmOBM
EFMBQVCMJDBDJØO
-&:&/%"

(WGPVG'WT[FKEG
O O O O O
O O O O O O
'(120,1$&,Ï1 '(/ &(1752 (1 /$ /(1*8$ '(/ 3$Ë6

7tWXOR 7tWXOR
'(120,1$&,Ï1 '(/ &(1752 (1

/$ /(1*8$ '(/ 3$Ë6
O O O O O O
7tWXOR 7tWXOR

7tWXOR 7tWXOR
O
O
7tWXOR 7tWXOR
O
O
O
O
'(120,1$&,Ï1 '(/ &(1752
7tWXOR 7tWXOR 7tWXOR

7tWXOR
O O O O O O
'(120,1$&,Ï1 '(/ &(1752 (1
/$ /(1*8$ '(/ 3$Ë6 7tWXOR 7tWXOR
'(120,1$&,Ï1 '(/ &(1752 (1

/$ /(1*8$ '(/ 3$Ë6 7tWXOR

$*/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB %JQMPNB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$*/& GPS
FSØQSPHSBNB
$*/& FOFMÈNCJUPOBDJPOBMSFHJPOBM
5ÓUVMP JOUFSNFEJP
oOo PCMJHBUPSJBEVSBDJØO O
NBDJØODPNQMFNFOUBSJB
Z$*/&
$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

O O O
FSØQSPHSBNB
BEJDJPOBM FOFMDFOUSP
5ÓUVMP 5ÓUVMPmOBM Å ÈNCJUPEFFTQFDJBMJ[BDJØO ɂ

%VSBDJØOWBSJBCMF
#²-(*$"ʱ$0.6/*%"%'3"/$&4"
&O MB $PNVOJEBE GSBODFTB EF #ÏMHJDB MB FTUSVDUVSB EF MB FEVDBDJØO VOJWFSTJUBSJB &M EFDSFUP EF EF OPWJFNCSF EF FTUBCMFDJØ MB DSFBDJØO EF VOB "HFODJB
TFSJHFQPSFMEFDSFUPEFEFTFQUJFNCSFEFZMBFEVDBDJØOTVQFSJPSOP QBSB MB FWBMVBDJØO EF MB DBMJEBE EF MB FEVDBDJØO TVQFSJPS PSHBOJ[BEB P
VOJWFSTJUBSJBQPSFMEFDSFUPEFEFBHPTUPEF TVCWFODJPOBEBQPSMB$PNVOJEBEGSBODFTB%JDIB"HFODJB RVFEFCFSÓBFOUSBSFO
-BFTUSVDUVSBEFEPTDJDMPTFTUÈFOFTUVEJPFOMB$PNVOJEBEGSBODFTBEF#ÏMHJDB GVODJPOBNJFOUPEVSBOUFFMB×PBDBEÏNJDP SFQSFTFOUBSÈBMB$PNVOJEBE
-BFTUSVDUVSBEFMBFEVDBDJØOVOJWFSTJUBSJBUJFOEFIBDJBVONPEFMPØ FO GSBODFTBFOMPTPSHBOJTNPTOBDJPOBMFTFJOUFSOBDJPOBMFTFONBUFSJBEFFWBMVBDJØO
GVODJØOEFMBEJTDJQMJOBDPSSFTQPOEJFOUF&MQSJNFSDJDMPTFSÈCÈTJDBNFOUFVODJDMP EFMBDBMJEBEEFMBFEVDBDJØOTVQFSJPSZ FOQBSUJDVMBS FOMB3FE&VSPQFBQBSBMB
JOUFSNFEJP (BSBOUÓBEFMB$BMJEBEFOMB&OTF×BO[B4VQFSJPS &/2"

3FTQFDUP B MB FEVDBDJØO TVQFSJPS OP VOJWFSTJUBSJB EF DJDMP MBSHP FM QSJNFS DJDMP /PTFIBOJOUSPEVDJEPNFEJEBTFTQFDÓmDBTEFBQPZPBMBQSFOEJ[BKFBMPMBSHPEF
UFOESÈVOBEVSBDJØOEFB×PTZFTUBSÈTFHVJEPEFVODJDMPEFVOB×PEFEVSBDJØO MBWJEBDPNPSFTVMUBEPEFM1SPDFTPEF#PMPOJB/PPCTUBOUF TFPGFSUBODVSTPTEF
EPT B×PT QBSB MB JOHFOJFSÓB DPNFSDJBM BSRVJUFDUVSB Z EFUFSNJOBEPT FTUVEJPT FEVDBDJØO TVQFSJPS FO FM ÈSFB EF QSPNPUJPOTPDJBMF B BRVFMMBT QFSTPOBT RVF IBO
BSUÓTUJDPT
TVQFSBEPMBFEBEMÓNJUFFTUBCMFDJEBQBSBMBFEVDBDJØOPCMJHBUPSJB&TUPTDVSTPTTF
PSHBOJ[BOBÞMUJNBIPSBEFMBUBSEFPEVSBOUFMPTmOFTEFTFNBOBQBSBTBUJTGBDFSMBT
-BFEVDBDJØOTVQFSJPSOPVOJWFSTJUBSJBEFDJDMPDPSUPDPOTJTUJSÈFOVOÞOJDPDJDMPEF OFDFTJEBEFTEFBRVFMMBQFSTPOBTDPOVOBBDUJWJEBEQSPGFTJPOBM5SBTFM$PNVOJDBEP
USFT PFOBMHVOPTDBTPTDVBUSP
B×PTDPOEVDFOUFTEJSFDUBNFOUFBVOBUJUVMBDJØO EFMB$PNJTJØO&VSPQFBTPCSFFMBQSFOEJ[BKFBMPMBSHPEFMBWJEBTFIBJOJDJBEPVO
QSPGFTJPOBM BNQMJPEFCBUF
-BSFGPSNBTFQPOESÈFONBSDIBBQBSUJSEFMB×PBDBEÏNJDP %FTEF MBTVOJWFSTJEBEFTHP[BOEFBVUPOPNÓBQBSBFTUBCMFDFSMPTSFRVJTJUPT
-PT DFOUSPT IBO DPNFO[BEP B PSHBOJ[BS TVT QMBOFT EF FTUVEJPT FO DSÏEJUPT BEJDJPOBMFTEFBDDFTPBMPTQSPHSBNBTEFEPDUPSBEP&OMBQSÈDUJDBTVFMFFYJHJSTFFM
&$54&TUBSFGPSNBTFJSÈJOUSPEVDJFOEPQBVMBUJOBNFOUFQBSBBEPQUBSTFEFGPSNB EJQMÙNFEÏUVEFTBQQSPGPOEJFT
HFOFSBMJ[BEBBQBSUJSEFMB×PBDBEÏNJDPDPNPNVZUBSEF
%FBDVFSEPDPOFMNPEFMPQSPQVFTUPQPSMB6OJØO&VSPQFB MBTVOJWFSTJEBEFTZMPT
DFOUSPTEFFEVDBDJØOTVQFSJPSOPVOJWFSTJUBSJBJSÈODPODFEJFOEP QSPHSFTJWBNFOUF
ZEFNBOFSBWPMVOUBSJB FM4VQMFNFOUP&VSPQFPBM5ÓUVMP4FFTQFSBFYQFEJSMPT
QSJNFSPT4VQMFNFOUPT&VSPQFPTBMPT5ÓUVMPTFOKVOJPEF
&4536$563"%&-"&/4&º"/;"461&3*03 #²-(*$"ʱ$0.6/*%"%'3"/$&4"

#$ !">

)3(7*85 *2 1@)*(.2*
(WGPVG'WT[FKEG
&$ $ )3(7*85 *2 1@)*(.2* 9@7@5.2&.5* 64@(.&0.6&7.32
&26

% "% .2,@2.*85 (.9.0

% ! ,% $* $, ! $ .2,@2.*85 1&A75* ).40B1* )* 4-&51&(.*2
O O O
)3(735&7
$! ! &!!* %!!* !!"
% ', 0.(*2(*
!%!* ' % ! ,%
%
% )%& 0.(*2(*
&26 &26
O O O
!""#" !#> # = ""# !
$#'&&'$
).40B1* )=&5(-.7*(7*
> !#> # ! "!

%+ (% $&*%&% 0.(*2(* 0.(*2(* 237&5.&7
0.(*2(*
& ,5&)8&7
#" >
! ,%

.2,@2.*85 (311*5(.&0
!!
! ,% $', $* $*!%&'!% ) !% %!&$" & 0.(*2(* .2,@2.*85 .2)8675.*0
$ ,5&)8&7

).40B1* )* 64@(.&0.6&7.32
$* $*! ! ,% !* $ & ,5&)8&7

1SPDFEJNJFOUPEFTFMFDDJØOBMB %VSBDJØOEFMQSPHSBNB
$*/&" 1SPHSBNB &YQFSJFODJBQSPGFTJPOBM
FSØQSPHSBNB
$*/&
FOUSBEB FOFMÈNCJUPOBDJPOBM %JQMPNBJOUFSNFEJP oOo PCMJHBUPSJBEVSBDJØO O
$*/& GPSNBDJØODPN
SFHJPOBM
QMFNFOUBSJB
Z$*/&
O O O
$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMB 5JUVMBDJØO

FSØQSPHSBNB
BEJDJPOBM FOUSBEB FOFMDFOUSP
5ÓUVMPmOBM Å ÈNCJUPEFFTQFDJBMJ[BDJØO ɂ
%VSBDJØOWBSJBCMF
%&" %JQMÙNFE²UVEFT"QQSPGPOEJFT %&4 %JQMÙNFE²UVEFT4QÏDJBMJTÏFT
%&$ %JQMÙNFE²UVEFT$PNQMÏNFOUBJSFT %&44 %JQMÙNFE²UVEFT4VQÏSJFVSFT4QÏDJBMJTÏFT
$POFMEFDSFUPEFEFNBZPEFTFJOUSPEVDFQBSBWFUFSJOBSJBVODPODVSTPEFBDDFTPQBSBMPTB×PTBDBEÏNJDPT Z-B)BVUF²DPMFZMB6OJWFSTJUÏ
UBNCJÏOPSHBOJ[BOMBGPSNBDJØODPOEVDFOUFBMUÓUVMPEFBHSÏHÏEFMFOTFJHOFNFOUTFDPOEBJSFTVQÏSJFVS BCJFSUPÞOJDBNFOUFBFTUVEJBOUFTFOQPTFTJØOEFVOBUJUVMBDJØOEFOJWFM
$*/&" FYDMVTJWBNFOUFQBSBMPTFTUVEJPTEFFDPOØNJDBTFOFMDBTPEFMB)BVUF²DPMF
PNBUSJDVMBEPTFOFTUFOJWFM&MDVSTPDPOEVDFOUFBM$FSUJmDBUEBQUJUVEFQÏEBHPHJRVF
BQQSPQSJÏËMFOTFJHOFNFOUTVQÏSJFVS $"1"&4
UBNCJÏOTFJNQBSUFFOMBTVOJWFSTJEBEFTPFOMBT)BVUFT²DPMFTRVFPGFSUBOFTUVEJPTEFFDPOØNJDBT&TUÈBCJFSUPBBRVFMMBTQFSTPOBT
FOQPTFTJØOEFVOBUJUVMBDJØOBDBEÏNJDBRVFMBTDBQBDJUFQBSBQSFTFOUBSTFBMBTFMFDDJØOQBSBMPTQVFTUPTEFNBÔUSFEFGPSNBUJPOQSBUJRVF NBÔUSFBTTJTUBOUPDIBSHÏEFDPVSTEF
VOB)BVUF²DPMF TJFNQSFZDVBOEPOPPDVQFOZBVOPEFFTPTQVFTUPT-BMJDFODFFOOPUBSJBUFTUÈBCJFSUBÞOJDBNFOUFBFTUVEJBOUFTDPOVOBMJDFODJÏFOESPJU
#²-(*$"ʱ$0.6/*%"%(&3."/01"3-"/5&
1VFTUPRVFFOMB$PNVOJEBEHFSNBOPQBSMBOUFEF#ÏMHJDBMBPGFSUBEFFEVDBDJØO 6OBOUFQSPZFDUPEFEFDSFUP QBSB QPOFS FO NBSDIB MBT NFEJEBT NÈT VSHFOUFT
TVQFSJPSBÞOFTUÈQPDPFYUFOEJEB MBNBZPSÓBEFMPTKØWFOFTRVFDVSTBOFTUVEJPT FYJHJEBT FO FM DBNQP EF MB FEVDBDJØO TF JOJDJØ FO FM $POTFKP EF MB $PNVOJEBE
TVQFSJPSFT MP IBDFO FO MB $PNVOJEBE GSBODFTB EF #ÏMHJDB P FO "MFNBOJB 1PS HFSNBOPQBSMBOUF 3%(
FO KVOJP EF mKÈOEPTF TV BEPQDJØO QBSB KVMJP
DPOTJHVJFOUF OPTFIBJOJDJBEPOJOHVOBSFGPSNBDPODSFUBSFMBDJPOBEBDPOMPT &M EFDSFUP QSFUFOEF DPNQMFUBS MB PGFSUB EF MB GPSNBDJØO QBSBNÏEJDB FYJTUFOUF
PCKFUJWPTEFM1SPDFTPEF#PMPOJB FO MB FEVDBDJØO TVQFSJPS NFEJBOUF MB JOUSPEVDDJØO EF VO B×P EF GPSNBDJØO
-BSFGPSNBNÈTSFDJFOUFFOSFMBDJØODPOMBPSHBOJ[BDJØOEFMBFEVDBDJØOTVQFSJPS DPNQMFNFOUBSJBQBSBPCUFOFSMBUJUVMBDJØOEFJOmSNJFSHSBEVÏTQÏDJBMJTÏ FTQFDJBMJTUB
EBUBEFMEFKVMJPEF%JDIBSFGPSNBBNQMJØMBEVSBDJØOEFMPTFTUVEJPTFO MJDFODJBEP FO FOGFSNFSÓB
&M EFDSFUP UBNCJÏO QSPQPOF VO NPEFMP FTQFDJBM EF
MPT *OTUJUVUT TVQÏSJFVST QÏEBHPHJRVFT 1ÊEBHPHJTDIF )PDITDIVMFO
EF EPT B USFT FTUVEJPT #SàDLFOTUVEJVN
DPOEVDFOUFTBMBUJUVMBDJØOEFJOmSNJFSHSBEVÏ MJDFODJBEP
B×PT JOUSPEVKPOVFWPTDVSTPTEFFEVDBDJØOZGPSNBDJØOHFOFSBMZSFPSHBOJ[ØMBT FO FOGFSNFSÓB
QBSB RVJFOFT FTUÏO FO QPTFTJØO EFM CSFWFUEJOmSNJFS EJQMPNB EF
QSÈDUJDBTEFGPSNBDJØOQSPGFTJPOBMEFMPTGVUVSPTQSPGFTPSFT FOGFSNFSÓB
ZDVFOUFODPOBMNFOPTDJODPB×PTEFFYQFSJFODJBQSPGFTJPOBM
"VORVF FO MB $PNVOJEBE HFSNBOPQBSMBOUF OP FYJTUF VO TJTUFNB EF DSÏEJUPT
ÏTUF FTUÈ QSFWJTUP FO MPT QMBOFT EF SFFTUSVDUVSBDJØO EF MB FEVDBDJØO TVQFSJPS
&TUPT QMBOFT TVQPOFO QSJODJQBMNFOUF MB DPOWFSTJØO EF MBT EPT 1ÊEBHPHJTDIF
)PDITDIVMFO DFOUSPTEFGPSNBDJØOEFMQSPGFTPSBEP
FOVOÞOJDP*OTUJUVUTVQÏSJFVS
EF QÏEBHPHJF EPOEF TF PGFSUFO QSPHSBNBT FO DPOTPOBODJB DPO VO TJTUFNB EF
DSÏEJUPT-BTOFHPDJBDJPOFTOFDFTBSJBTFTUÈOFONBSDIBZFM.JOJTUFSJPFTQFSBRVF
EJDIPJOTUJUVUPFTUÏDSFBEPQBSBTFQUJFNCSFEF
&4536$563"%&-"&/4&º"/;"461&3*03 #²-(*$"ʱ$0.6/*%"%(&3."/01"3-"/5&

(WGPVG'WT[FKEG
>! !#

$356(-800*-5*5.2 5.1&56(-800*-5*5.2
!#

5&)8.*57*5 5&2/*24+0*,*5.2
$*/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$*/& GPS

FSØQSPHSBNB
%JQMPNBJOUFSNFEJP oOo PCMJHBUPSJBEVSBDJØO O
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF

#²-(*$"ʱ$0.6/*%"%'-".&/$"
&O MB $PNVOJEBE nBNFODB EF #ÏMHJDB MBT EJTQPTJDJPOFT NÈT SFDJFOUFT MJHBEBT BM %FCJEP BM EFTBSSPMMP EF VO FTUBEP GFEFSBM FO #ÏMHJDB EFTEF TF FYQJEF
1SPDFTPEF#PMPOJBTFFTQFDJmDBOFOMB-FZQBSBMB&EVDBDJØO4VQFSJPSEFEF BVUPNÈUJDBNFOUF VO 4VQMFNFOUP BM 5ÓUVMP PCMJHBUPSJP B OJWFM VOJWFSTJUBSJP Z
BCSJMEF RVFNPEJmDBMBFTUSVDUVSBEFMBFEVDBDJØOTVQFSJPS EFTEFBOJWFMOPVOJWFSTJUBSJP-BOVFWB-FZQBSBMB&EVDBDJØO4VQFSJPSSBUJmDB
-B FTUSVDUVSB EF MPT FTUVEJPT CBTBEB FO EPT DJDMPT QSJODJQBMFT BÞO OP FTUÈ FO FM DPODFQUP EFM 4VQMFNFOUP BM5ÓUVMP nBNFODP Z MBT BVUPSJEBEFT BENJOJTUSBUJWBT
NBSDIB
DPOTUJUVZF FM OÞDMFP EF MB -FZ DVZP PCKFUJWP FT MB JOUSPEVDDJØO EF MB FODBSHBEBT EF MB FEVDBDJØO TVQFSJPS WBO B DPNFO[BS MBT OFHPDJBDJPOFT DPO MPT
OVFWBFTUSVDUVSB QBSBUPEPTMPTFTUVEJPT
BQBSUJSEFMB×PBDBEÏNJDP&M DFOUSPT EF FOTF×BO[B TVQFSJPS QBSB BEBQUBS FM 4VQMFNFOUP BM5ÓUVMP FYJTUFOUF BM
QFSÓPEPEFUSBOTJDJØOFOUSFFMBOUFSJPSTJTUFNBZFMOVFWPEFCFSÓBFTUBSDPODMVJEP JOUFSOBDJPOBM&OFTUFTFOUJEP TØMPTFSFRVFSJSÈODBNCJPTNÓOJNPT
QBSB &ODVBOUPBMBHBSBOUÓBEFMBDBMJEBE MB$PNVOJEBEnBNFODBGPSNBQBSUFEFMB
&M TJTUFNB BDUVBM CBTBEP FO VO NPEFMP Ø
TF USBOTGPSNBSÈ FO VO TJTUFNB 3FE&VSPQFBQBSBMB(BSBOUÓBEFMB$BMJEBEFOMB&OTF×BO[B4VQFSJPS &/2"

CJOBSJP DPNQVFTUP QPS UJUVMBDJPOFT QSPGFTJPOBMFT FO FM DBTP EF MB FEVDBDJØO BUSBWÏTEFEPTBHFODJBTZVOBBVUPSJEBEQÞCMJDB FM$POTFKP*OUFSVOJWFSTJUBSJP
TVQFSJPSOPVOJWFSTJUBSJBZQPSUJUVMBDJPOFTEF#BDIFMPSZ.BTUFSFOMBTVOJWFSTJEBEFT 'MBNFODP Z MB 7MBBNTF )PHFTDIPMFOSBBE Z FM EFQBSUBNFOUP EF FEVDBDJØO
ZFOMPTDFOUSPTOPVOJWFSTJUBSJPTEFFEVDBDJØOTVQFSJPS TVQFSJPS EFM .JOJTUFSJP EF &EVDBDJØO SFTQFDUJWBNFOUF "EFNÈT FM DPODFQUP EF
BDSFEJUBDJØOTFIBJODPSQPSBEPBMB-FZQBSBMB&EVDBDJØO4VQFSJPS%FTEFFMEF
-B -FZ QBSB MB &EVDBDJØO 4VQFSJPS UBNCJÏO JODMVZF FM FTUBCMFDJNJFOUP EF TFQUJFNCSFEFZQPSVOQFSÓPEPEFUJFNQPFYUFOTJCMFIBTUBNÈTBMMÈEF
BTPDJBDJPOFTFOUSFMBTVOJWFSTJEBEFTZMPTDFOUSPTOPVOJWFSTJUBSJPT TFHÞOFMDBMFOEBSJPQSFWJTUP
TFIBJODPSQPSBEP FOFTUSFDIBDPMBCPSBDJØODPOMPT
%FTEF VO TJTUFNB EF DSÏEJUPT nBNFODP CBTBEP ÓOUFHSBNFOUF FO FM 1BÓTFT#BKPT VOØSHBOPFTQFDJBMEFBDSFEJUBDJØO EFOPNJOBEP/FEFSMBOET7MBBNT
&$54TFBQMJDBBMBTUJUVMBDJPOFTVOJWFSTJUBSJBTZEFTEF BMBTUJUVMBDJPOFTOP "DDSFEJUBUJF0SHBBOP/7"0

VOJWFSTJUBSJBT-BOVFWB-FZQBSBMB&EVDBDJØO4VQFSJPSSBUJmDBMBDPNQBUJCJMJEBEEFM /P FYJTUFO NFEJEBT FTQFDÓmDBT SFMBUJWBT BM BQSFOEJ[BKF B MP MBSHP EF MB WJEB
TJTUFNBEFDSÏEJUPTFYJTUFOUFDPOFM&$54 BVORVFBDUVBMNFOUFTFFTUÈFMBCPSBOEPPUSB-FZQBSBMB&EVDBDJØO4VQFSJPSTPCSF
MPTJUJOFSBSJPTEFBQSFOEJ[BKFnFYJCMFT
"QBSUFEFMBTEJTQPTJDJPOFTWJODVMBEBTBM1SPDFTPEF#PMPOJB FTUÈQSFWJTUPRVFMPT
QSPDFEJNJFOUPT EF BENJTJØO EF MPT FTUVEJBOUFT B DJFSUPT FTUVEJPT VOJWFSTJUBSJPT
TFBONÈTBCJFSUPT"QBSUJSEFMB×PBDBEÏNJDPEFTBQBSFDFSÈOMPTFYÈNFOFT
EFBDDFTPQBSBMPTFTUVEJPTEFJOHFOJFSÓBDJWJMZEFJOHFOJFSÓBDJWJMBSRVJUFDUVSBP
OBÞUJDB
&4536$563"%&-"&/4&º"/;"461&3*03 #²-(*$"ʱ$0.6/*%"%'-".&/$"
(WGPVG'WT[FKEG

#$ !""
&687

75*(.&1.7&8.*451*.).3,*3
).*6*3&687

)4(846&&8

O O O
8&3)&687 '96,*61./0 .3,*3.*96 &6(-.8*(8
&548-*0*6 -&3)*17.3,*3.*96 '.4.3,*3.*96 :4468,*<*88* &(&)*2.7(-* 451*.).3,*3
&&3:911*3)* 451*.).3,*3
! 1.(*38.&&8

75*(.&1.7&8.*451*.).3,*3

1.(*38.&&8

O O O
! 348&6.&&8 ,4),*1**6)-*.)

2**78*6 &6(-.8*(8 1.(*38.&&8 -&3)*17.3,*3.*96
:4468,*<*88* -4,*7(-441451*.).3,*3

OO
1.(*38.&&8 .3)9786.**1 .3,*3.*96
! ! ,*,6&)9**6)* 43)*6;./<*6 :4468,*<*88* -4,*7(-441451*.).3,*3

FSØQSPHSBNB
Z$*/&

O O O
5ÓUVMPmOBM Å ɂ
%VSBDJØOWBSJBCMF
FSØQSPHSBNB
ÈNCJUPEFFTQFDJBMJ[BDJØO
%*/"."3$"
&O%JOBNBSDBMBTEJTQPTJDJPOFTNÈTSFDJFOUFTWJODVMBEBTBM1SPDFTPEF#PMPOJBTF &MVTPEFM4VQMFNFOUP&VSPQFPBM5ÓUVMPFTPCMJHBUPSJPEFTEFFMEFTFQUJFNCSF
FTQFDJmDBOFOFMBOUFQSPZFDUPEF-FZEF6OJWFSTJEBEFT -EFEFFOFSPEF EF %FTEF FOUPODFT UPEPT MPT DFOUSPT EF FEVDBDJØO TVQFSJPS TF IBO WJTUP

PCMJHBEPTBFYQFEJSFM4VQMFNFOUPFOJOHMÏTBUPEPTTVTUJUVMBEPT
"mOBMFTEFMPTTFJOUSPEVKPFO%JOBNBSDBVOBFTUSVDUVSBEFFTUVEJPTCBTBEBFO &M*OTUJUVUPEF&WBMVBDJØO%BOÏT &7"
FTVOPEFMPTTPDJPTGVOEBEPSFTEFMB3FE
EPTDJDMPTQSJODJQBMFT-BMFHJTMBDJØONFODJPOBEBBOUFSJPSNFOUFIBFTUBCMFDJEPMB &VSPQFBQBSBMB(BSBOUÓBEFMB$BMJEBEFOMB&OTF×BO[B4VQFSJPS &/2"
ZIB
FTUSVDUVSBØFOUPEBTMBTEJTDJQMJOBT WFOJEPSFBMJ[BOEPFWBMVBDJPOFTFYUFSOBTEFMBFEVDBDJØOTVQFSJPSEFTEF
&M VTP EFM 4JTUFNB &VSPQFP EF 5SBOTGFSFODJB EF $SÏEJUPT &$54
QBSB UPEPT $POMB-FZEF&EVDBDJØO1SPGFTJPOBMEF#BTFZ&EVDBDJØO4VQFSJPSEF"EVMUPT /
MPT QSPHSBNBT EF FTUVEJPT EF FEVDBDJØO TVQFSJPS FT PCMJHBUPSJP EFTEF FM EF EFEFNBZPEF
%JOBNBSDBIBFTUBCMFDJEPVOTJTUFNBJOEFQFOEJFOUF
TFQUJFNCSFEF"TJNJTNP FTUÈQSFWJTUPVUJMJ[BSFTUFTJTUFNBQBSBFMBQSFOEJ[BKF EFFEVDBDJØOTVQFSJPSBMTFSWJDJPEFMBQSFOEJ[BKFBMPMBSHPEFMBWJEB
B MP MBSHP EF MB WJEB JODMVJEP FO FM TJTUFNB EF FEVDBDJØO EF BEVMUPT DPO VOB
PSJFOUBDJØONÈTQSPGFTJPOBM

&4536$563"%&-"&/4&º"/;"461&3*03 %*/"."3$"

(WGPVG'WT[FKEG
O O O O O O
& '#$%%#

,*6-2-*;<: ,*6- 5.-
O O O O O O
'%# A# ! !B$!
,*6-2-*;<: ,*6- 5.- =.;
O O O O O O O O O
#$ #&%$ *6: "
B$! #%%$!#
+*,1.479 $,81*95 *9,1 ,*6-2-*;<: ,*6- 81*95 ,*6- *9,1
O O O O O O
" #$ % $ & '#$%%

!# & '#$%% ,*6-2-*;<: ,*6- 874?; -73;7909*- 9 8124 9 :,2.6;
9 ;1.74 9 8742;
O O O O O O O O O
& '#$%%# $B$!#
'%# A# !
!B$! +*,1.479 ,*6-2-*;<:
O O O O O O O O O
!#!#$!#
$("#$!#
$! B$!# 897/.::276:+*,1.479
O O O O O O
# ! A##$ ##
897/.::276:+*,1.479
O O O O O O O O O
B#B$!#
" #$ % $ & '#$%%
897/.::276:+*,1.479
O O O O O O O O O
% $ $!#
# $$!#
#&$$!#

FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF
#4D #BDIFMPSPG4DJFODF %SQIJM %PLUPSQIJMPTPQIJBF

$BOE"SDI $BOEJEBUVTBSDIJUFDUVSBF %SQPMJU %PDUPSQPMJUJDBSVN
$BOE.FE $BOEJEBUVTNFEJDJOBF %STDJFOU %PDUPSTDJFOUJBSVN
$BOENFE7FU $BOEJEBUVTNFEJDJOBFWFUFSJOBSJBF %SUIFPM %PDUPSUIFPMPHJBF
$BOE1IBSN $BOEJEBUVTQIBSNBDJBF 1I% %PLUPSQIJMPTPQJBF1IJMPTPQIJBF%PLUPS
"-&."/*"
&O "MFNBOJB MB FTUSVDUVSB EF MB FEVDBDJØO TVQFSJPS TF SJHF QPS MB "TJNJTNP FM OVFWP TJTUFNB EF UÓUVMPT FTUÈ SFTQBMEBEP QPS VOBT EJTQPTJDJPOFT
)PDITDIVMSBINFOHFTFU[ )3(
EF EF BHPTUP EF NPEJGJDBEB QPS FTQFDÓmDBT DPNP TPO FM QSPHSBNB .BTUFSQMVT RVF GBDJMJUB FM BDDFTP BM TJTUFNB
ÞMUJNBWF[FMEFBHPTUPEF
BMFNÈO EF FEVDBDJØO TVQFSJPS B MPT BMVNOPT FYUSBOKFSPT FO QPTFTJØO EF VOB
%FTEFZDPOFMmOEFBEBQUBSFMTJTUFNBEFFEVDBDJØOTVQFSJPSBMBFTUSVDUVSB QSJNFSBUJUVMBDJØO ZVOQSPHSBNBEFFTUVEJPTJOUFHSBEPTDPOEVDFOUFBVOBEPCMF
EFFTUVEJPTCBTBEBFOEPTDJDMPTQSJODJQBMFT TFIBQVFTUPFONBSDIBVOOVFWP UJUVMBDJØO-PTDFOUSPTEFFEVDBDJØOTVQFSJPSFTUÈOBVUPSJ[BEPTBPUPSHBSMPTUÓUVMPT
TJTUFNBEFUJUVMBDJPOFT DPOMPTUÓUVMPTEF#BDIFMPSZ.BTUFS TFHÞOFMNPEFMP EF #BDIFMPS P .BTUFS DPO JOEFQFOEFODJB EF DVBMRVJFS DPMBCPSBDJØO DPO PUSPT
Ø
FO MBT VOJWFSTJEBEFT MBT FTDVFMBT TVQFSJPSFT EF UFPMPHÓB 5IFPMPHJTDIF DFOUSPTFYUSBOKFSPTEFFEVDBDJØOTVQFSJPS
)PDITDIVMFO
MBTFTDVFMBTTVQFSJPSFTEFQFEBHPHÓB 1ÊEBHPHJTDIF)PDITDIVMFO
MBT 1PS MP RVF SFTQFDUB B MB HBSBOUÓB EF MB DBMJEBE "MFNBOJB QBSUJDJQB FO MB 3FE
FTDVFMBTTVQFSJPSFTEFBSUFZEFNÞTJDB ,VOTUIPDITDIVMFO.VTJLIPDITDIVMFO
ZMBT &VSPQFB QBSB MB (BSBOUÓB EF MB $BMJEBE FO MB &OTF×BO[B 4VQFSJPS &/2"

VOJWFSTJEBEFTEFDJFODJBTBQMJDBEBT 'BDIIPDITDIVMFO
-BUSBOTJDJØOEFMBOUJHVPBM "EFNÈT MB ,., Z )3, IBO FTUBCMFDJEP QBSB UPEPT MPT -ÊOEFS VO DPOTFKP EF
OVFWPTJTUFNBDPODMVJSÈFO BDSFEJUBDJØO "LLSFEJUJFSVOHTSBU
QBSB BDSFEJUBS MPT OVFWPT QMBOFT EF FTUVEJP
%VSBOUF NVDIPT B×PT MB $POGFSFODJB 1FSNBOFOUF EF MPT .JOJTUSPT EF &EVDBDJØO DPOEVDFOUFT B MPT UÓUVMPT EF #BDIFMPS Z .BTUFS &TUF DPOTFKP TF IB DSFBEP QBSB
Z "TVOUPT $VMUVSBMFT ,.,
Z MB )PDITDIVMSFLUPSFOLPOGFSFO[ )3, P BTPDJBDJØO DPPSEJOBSMPTQSPDFEJNJFOUPTEFFWBMVBDJØOEFMDPOUFOJEPBDBEÏNJDPEFMPTQMBOFT
EF VOJWFSTJEBEFT Z PUSPT DFOUSPT EF FEVDBDJØO TVQFSJPS
IB SFDPNFOEBEP DPO EFFTUVEJPT BDSFEJUBSUFNQPSBMNFOUFBMBTBHFODJBTFODBSHBEBTEFEFTBSSPMMBSFTUB
mSNF[BMBJOUSPEVDDJØOEFM&$54&OTFQUJFNCSFEFMB,.,BEPQUØMPTDSJUFSJPT BDUJWJEBEZDPNQSPCBSRVFMBBDSFEJUBDJØOTFMMFWBBDBCPDPSSFDUBNFOUF
HFOFSBMFT QBSB MB JOUSPEVDDJØO EF MPT TJTUFNBT EF DSÏEJUPT -B ,., KVOUP DPO 4FGPNFOUBONFEJEBTEJSJHJEBTBMBQSFOEJ[BKFBMPMBSHPEFMBWJEBFOMBFEVDBDJØO
MB )3, FTUBCMFDJØ VO TJTUFNB QBSB HBSBOUJ[BS MB DPOWFSTJØO EF MBT DBMJmDBDJPOFT TVQFSJPS UBMFTDPNPMBDVBSUBSFDPNFOEBDJØOTPCSFGPSNBDJØODPOUJOVBBEPQUBEB
PUPSHBEBT NFEJBOUF MPT QSPDFEJNJFOUPT BMFNBOFT EF FWBMVBDJØO BDBEÏNJDB FO QPSMB,.,FOGFCSFSPEF$BEBWF[TFFTUÈEBOEPNBZPSJNQPSUBODJBBMBT
DBMJmDBDJPOFT&$54 OVFWBTUFDOPMPHÓBTEFMBJOGPSNBDJØOZEFMBDPNVOJDBDJØOZBMBDPPQFSBDJØOEF
%FTEFMB,.,Z)3,IBOSFDPNFOEBEPFM4VQMFNFOUP&VSPQFPBM5ÓUVMP-PT UPEPTMPTHSVQPTJOWPMVDSBEPTBDUJWBNFOUFFOMBGPSNBDJØODPOUJOVB
QBTPTQBSBTVJOUSPEVDDJØOFOUPEPTMPTQSPHSBNBTEFFTUVEJPTTFJOJDJBSPOFOFM 4FHÞOMB)PDITDIVMSBINFOHFTFU[EF BEFNÈTEFPSHBOJ[BSMBJOWFTUJHBDJØOZ
B×PZBÞODPOUJOÞBO1BSBBZVEBSBMPTDFOUSPTDPOTVUSBCBKPBENJOJTUSBUJWP PGFSUBSQSPHSBNBTEFQSJNFSDJDMP VOBEFMBTQSJODJQBMFTSFTQPOTBCJMJEBEFTEFMPT
JOJDJBMMB)3,IBQVFTUPBTVEJTQPTJDJØOVOTPGUXBSFUPUBMNFOUFDPNQBUJCMFDPO DFOUSPT EF FEVDBDJØO TVQFSJPS FT MB EF QSPQPSDJPOBS VOB GPSNBDJØO DPOUJOVB EF
FM4VQMFNFOUP&VSPQFPBM5ÓUVMPEFOPNJOBEP%JQMPNB4VQQMFNFOU%FVUTDIMBOE OBUVSBMF[BBDBEÏNJDBZDSFBUJWB
%4%

&4536$563"%&-"&/4&º"/;"461&3*03 "-&."/*"

(WGPVG'WT[FKEG
O O O O O O
" '%"% #"'# #, & '#$%B% % $ & '#$%B%
$;**;:89G/<60
# #, %!

!$%&% & &# #, %#&
O O O O
$;**;:89G/<60 28475 *02:;.9

#".!& '!+'& "& ""%, (!"&
*:;.9
"& # & #%!." $%#&#%# '
O O O O O O
*,1.479 *:;.9
%!!$ !$&
28475 *02:;.9 2@.6;2*; *3<4;D;:"9G/<60 29,142,1. "9G/<60
# #, 73;79
*:;.9
*,1.479 *:;.9
"B!$ !$&
#%!." $%#&#%# $%!% * &("% "%#% $;**;:89G/<60 28475
#%!." $%#&#%# (!"#& #"
#, *:;.9
*,1.479 *:;.9
O O O O O O
& $%!$& &$!$&
$;**;:89G/<60 28475 3G6:;4.92:,1. +:,14<::89G/<60
*:;.9
*,1.479 *:;.9
O O O O O O O O O O
!$&
'#(%& $!$&
$;**;4 *</+*1689G/<60 28475
""%,&
#".!& !"&'%." / %#&#"& # &
*:;.9
%$ "'% #%!." #&
*,1.479 *:;.9
#&$

!$%&% & "# #, %)#& #!(" 28475
$&

!$%&% & "# #, &-# '"." "" * ()"'( *,1:,1<4*+:,14<::
%.,1623.9 .:;*4;.9 .;92.+:>29; 9@2.1.9

FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF
') 'BDIIPDITDIVMF
#" #FSVGTBLBEFNJF
(3&$*"
"FYDFQDJØOEFMBJOUFHSBDJØOFTUSVDUVSBMEFMBFEVDBDJØOTVQFSJPSRVF EFBDVFSEP "DUVBMNFOUF TF BQMJDB VO TJTUFNB OBDJPOBM EF BDVNVMBDJØO EF DSÏEJUPT "VORVF
DPO MB MFZ EF iFTUSVDUVSBT EF MB FEVDBDJØO TVQFSJPS Z EF MB PSHBOJ[BDJØO EFM MBT UJUVMBDJPOFT EF FEVDBDJØO TVQFSJPS BÞO OP TF IBO BEBQUBEP QBSB TBUJTGBDFS
TFDUPSUFDOPMØHJDPwBEPQUBEBFO JODMVZFBMBTVOJWFSTJEBEFTZBMPTDFOUSPT MPT SFRVJTJUPT EFM 4JTUFNB &VSPQFP EF 5SBOTGFSFODJB EF $SÏEJUPT &$54
FM
EFFEVDBDJØOUFDOPMØHJDB 5&*T
OJOHVOBSFGPSNBDPODSFUB SFMBDJPOBEBDPOMPT UFNBTFFODVFOUSBFOGBTFEFFTUVEJP1PSMPUBOUP BDUVBMNFOUF FM&$54TFVUJMJ[B
PCKFUJWPTEFM1SPDFTPEF#PMPOJB TFIBQVFTUPFONBSDIBFOMBFEVDBDJØOTVQFSJPS ÞOJDBNFOUFDPOMPTFTUVEJBOUFTRVFQBSUJDJQBOFOFMQSPHSBNB4ØDSBUFT &SBTNVT

)BTUBRVÏQVOUPFMTJTUFNBEFCFSÓBBEBQUBSTFFTFMDFOUSPEFMBDUVBMEFCBUFBOJWFM "MJHVBMRVFPDVSSFDPOFM&$54 FM4VQMFNFOUP&VSPQFPBM5ÓUVMPBÞOOPTFIB
OBDJPOBM JOUSPEVDJEP QFSPFOMBBDUVBMJEBEFTVOUFNBEFEFCBUFOBDJPOBM
"VORVF MB FTUSVDUVSB EF MPT FTUVEJPT FYJTUFOUFT TF CBTB UFØSJDBNFOUF FO EPT &O DVBOUP B MB HBSBOUÓB EF MB DBMJEBE (SFDJB OP QBSUJDJQB FO MB 3FE &VSPQFB
DJDMPTQSJODJQBMFT VOQSJNFSDJDMPMBSHPEFBB×PTEFEVSBDJØOZVOTFHVOEP QBSBMB(BSBOUÓBEFMB$BMJEBEFOMB&OTF×BO[B4VQFSJPS &/2"
B USBWÏT EFM
DJDMP DPSUP EF Ø B×PT
MB NBZPSÓB EF MPT FTUVEJBOUFT mOBMJ[B TVT FTUVEJPT BM .JOJTUFSJPEF&EVDBDJØO4JOFNCBSHP FMFTUBCMFDJNJFOUPEFVOTJTUFNBOBDJPOBM
DPNQMFUBS FM QSJNFS DJDMP &T OFDFTBSJP BEBQUBS FM TJTUFNB QFSP MB TJUVBDJØO TF QBSBHBSBOUJ[BSMBDBMJEBEZMBFWBMVBDJØOFTUÈJODMVJEPFOFMQSPZFDUPEFSFGPSNB
FODVFOUSB FO QVOUP NVFSUP QVFTUP RVF FM (PCJFSOP MBT VOJWFSTJEBEFT Z MPT MFHJTMBUJWBNFODJPOBEBBOUFSJPSNFOUF
FTUVEJBOUFTFTUÈOFODPOUSBEFMBSFEVDDJØOEFMQSJNFSDJDMPBB×PT/PPCTUBOUF
TFQSFUFOEFBQSPCBSVOBSFGPSNBFOFMQBSMBNFOUPBOUFTEFmOBMFTEF DVZP -B NJTNB SFGPSNB MFHJTMBUJWB QSFWÏ FM EFTBSSPMMP EF BDDJPOFT SFMBDJPOBEBT DPO FM
PCKFUJWP TFSÓB FM FTUBCMFDJNJFOUP EF VOB FTUSVDUVSB RVF QFSNJUJFSB PSHBOJ[BS BQSFOEJ[BKFBMPMBSHPEFMBWJEBFOMBFEVDBDJØOTVQFSJPS BVORVFBÞOOPTFIB
QSPHSBNBTJOUFHSBEPTDPOEVDFOUFTBMPTUÓUVMPTEF.BTUFS QVFTUPFONBSDIBOJOHVOBNFEJEBDPODSFUBBMSFTQFDUP
4FIBOQSPEVDJEPEPTSFGPSNBTSFDJFOUFTFOSFMBDJØODPOMPT5&*T RVFEFTEFTF
IBODMBTJmDBEPDPNPDFOUSPTEFOJWFM$*/&" NJFOUSBTRVFFOFMB×PTF
JOUSPEVKPVOBTFHVOEBUJUVMBDJØOEFOJWFM$*/&" .BTUFSFO$JFODJBT
'JOBMNFOUF
FOTFDSFØMBOVFWB6OJWFSTJEBEEFM1FMPQPOFTP NJFOUSBTRVFVOOVFWP5&*FO
MBT*TMBT+ØOJDBTIBTJEPSFDJFOUFNFOUFBQSPCBEPQPSMFZ
&4536$563"%&-"&/4&º"/;"461&3*03 (3&$*"

!!#$

(WGPVG'WT[FKEG
58=)./4 2+8'58=)./'04 */5142' +/*/0+,7/7

58=)./4 2+8'58=)./'04 */5142' +/*/0+,7/7
*/*'0846/04 */5142'

58=)./4 2+8'58=)./'04 */5142' +/*/0+,7/7
! %$ !!#$

*/5142' 2+8'58=)./'04 */5142' +/*/0+,7/7
$ !$ "%
$ 58=)./4 2+8'58=)./'04 */5142' +/*/0+,7/7


FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF
5&* 5FDIOPMPHJHP&LQBJEFGUJLP*ESZNB
&41"º"
&O&TQB×BMBTQSJODJQBMFTEJTQPTJDJPOFTWJODVMBEBTBMQSPDFTPEF#PMPOJBTFSFDPHFO "OUF MB FYJHFODJB EF NFKPSBS MB USBOTQBSFODJB JOUFSOBDJPOBM EF MPT UÓUVMPT MB
FOMB-FZ0SHÈOJDBEF6OJWFSTJEBEFTZFOMB-FZ0SHÈOJDBEFMBT$VBMJmDBDJPOFT -FZ 0SHÈOJDB EF 6OJWFSTJEBEFT SFDPHF EJWFSTBT GPSNBT EF QPOFS FO NBSDIB FM
ZEFMB'PSNBDJØO1SPGFTJPOBMBQSPCBEBTFOEJDJFNCSFEFZKVOJPEF 4VQMFNFOUP &VSPQFP BM5ÓUVMP -B QSJNFSB GBTF FTUÈ FTUSFDIBNFOUF MJHBEB B MB
SFTQFDUJWBNFOUF JOUSPEVDDJØOEFM&$54 BVORVFEFTEFTFIBOUPNBEPNFEJEBTQBSBBVNFOUBS
"VORVF BÞO OP TF IB QVFTUP FO NBSDIB MB FTUSVDUVSB EF MPT FTUVEJPT CBTBEB MBNPWJMJEBEUBOUPEFMPTFTUVEJBOUFTDPNPEFMPTQSPGFTPSFT%FTEFFMB×PZ
FO EPT DJDMPT QSJODJQBMFT MPT PCKFUJWPT FTUBCMFDJEPT QPS MB -FZ 0SHÈOJDB EF QBSB GBDJMJUBS FM SFDPOPDJNJFOUP BDBEÏNJDP FTUÈ EJTQPOJCMF VO DBUÈMPHP OBDJPOBM
6OJWFSTJEBEFTDPOUJOÞBOTJFOEPPCKFUPEFVOBNQMJPEFCBUFOBDJPOBM&M(PCJFSOP RVFJODMVZFUPEPTMPTUÓUVMPTVOJWFSTJUBSJPTPmDJBMFT
FTQB×PM IB FMBCPSBEP VOB QSPQVFTUB NBSDP QBSB TV QSFTFOUBDJØO BM $POTFKP EF &ODVBOUPBMBHBSBOUÓBEFMBDBMJEBE &TQB×BQBSUJDJQBFOMB3FE&VSPQFBQBSBMB
$PPSEJOBDJØO6OJWFSTJUBSJB
TPCSFMBTNFEJEBTQBSBBQMJDBSVOBOVFWBFTUSVDUVSBEF (BSBOUÓBEFMB$BMJEBEFOMB&OTF×BO[B4VQFSJPS &/2"
BUSBWÏTEFMB"HFODJB
MPTFTUVEJPT RVFMMFWBSÈBMBTVOJWFSTJEBEFTBFMBCPSBSVOBFTUSBUFHJBDPIFSFOUFDPO /BDJPOBMEF&WBMVBDJØOEFMB$BMJEBEZ"DSFEJUBDJØO DSFBEBFOEJDJFNCSFEF
MBNJTNB"VORVFBÞOTFFODVFOUSBFOGBTFFYQFSJNFOUBM FMQSJNFSDJDMPTFQPOESÈ ZEFEPTBHFODJBTSFHJPOBMFTQBSBMBHBSBOUÓBEFMBDBMJEBE MBTEFMPTTJTUFNBT
FONBSDIBFOFMB×PBDBEÏNJDP VOJWFSTJUBSJPT EF $BUBMV×B Z "OEBMVDÓB SFTQFDUJWBNFOUF
-B -FZ 0SHÈOJDB EF
"NFEJBEPTEFMPTFOUSØFOWJHPSVOTJTUFNBOBDJPOBMEFDSÏEJUPTNFODJPOBEP 6OJWFSTJEBEFT GPNFOUB FM JODSFNFOUP EF MB DPMBCPSBDJØO FOUSF MB OVFWB BHFODJB
QPSQSJNFSBWF[FOMB-FZEF3FGPSNB6OJWFSTJUBSJBEF1PSMPRVFSFTQFDUBB OBDJPOBMZMBTPUSBTBHFODJBTOBDJPOBMFT
MBBDUVBMFTUSVDUVSBEFMPTFTUVEJPT RVFEFTBQBSFDFSÈQSPHSFTJWBNFOUF
FMEFCBUF %FTEFEJDJFNCSFEFTFPGFSUBO FOUPEPUJQPEFDFOUSPTEFFEVDBDJØOTVQFSJPS
OBDJPOBMTFIBDFOUSBEPFOMBOFDFTJEBEJONFEJBUBEFBEBQUBSFMTJTUFNBOBDJPOBM QSPHSBNBT SFMBDJPOBEPT FTQFDÓmDBNFOUF DPO FM BQSFOEJ[BKF B MP MBSHP EF MB
BM&$54 ZFM(PCJFSOPFTUÈBQVOUPEFQSFTFOUBSVOBQSPQVFTUBTPCSFMBNJTNBBM WJEB
$POTFKPEF$PPSEJOBDJØO6OJWFSTJUBSJB
&4536$563"%&-"&/4&º"/;"461&3*03 &41"º"

(WGPG'WT[FKEG
81,9(56,'$' )$&8/7$'

/LFHQFLDGR
" # # #
/LFHQFLDGR
! 6XILFLHQFLD
'RFWRU
'LSORPDGR 0DHVWUR /LFHQFLDGR ,QYHVWLJDGRUD
" "

" " 81,9(56,'$' (6&8(/$ 7e&1,&$ 683(5,25 (6&8(/$ 32/,7e&1,&$ 683(5,25
$UTXLWHFWR ,QJHQLHUR
" ! # " " $UTXLWHFWR 7pFQLFR ,QJHQLHUR 7pFQLFR $UTXLWHFWR ,QJHQLHUR
&216(59$725,2 683(5,25 (6&8(/$ 683(5,25
7LWXODGR 6XSHULRU
! (6&8(/$ 683(5,25
7LWXODGR 6XSHULRU
81,9(56,'$' 'LSORPDGR 0DHVWUR
(6&8(/$ 81,9(56,7$5,$
(6&8(/$ 81,9(56,7$5,$ ,QJHQLHUR 7pFQLFR
32/,7e&1,&$ $UTXLWHFWR 7pFQLFR
&(17526 '( )250$&,Ï1 352)(6,21$/ 683(5,25
# ,167,78726 '( ('8&$&,Ï1 6(&81'$5,$ < (6&8(/$6 683(5,25(6 '( $57(
7pFQLFR 6XSHULRU

FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF
&OBMHVOPTFTUVEJPT CJPRVÓNJDB QTJDPMPHÓBEFMBFEVDBDJØO JOHFOJFSÓBBVUPNÈUJDBZFMFDUSØOJDBJOEVTUSJBM FUD

FMBDDFTPBMUÓUVMPEF-JDFODJBEPFTEJSFDUP TJOFYJHJSMFTBMPT
FTUVEJBOUFTMBQPTFTJØOQSFWJBEFVOUÓUVMPEF%JQMPNBEPP.BFTUSP
-BGPSNBDJØOQSPGFTJPOBMEFHSBEPTVQFSJPSDPOTJTUFFODJDMPTGPSNBUJWPTEJWJEJEPTFONØEVMPTEFEVSBDJØOWBSJBCMFFODVBESBEPTFOGBNJMJBTQSPGFTJPOBMFT
'3"/$*"
&O'SBODJB MBTQSJNFSBTNFEJEBTQBSBBEBQUBSFMTJTUFNBEFFEVDBDJØOTVQFSJPSB "USBWÏTEFTV$PNJUÏOBUJPOBMEÏWBMVBUJPO $/&

'SBODJBGPSNBQBSUFEFMB3FE
MPTQSJODJQJPTEFM1SPDFTPEF#PMPOJBDPNFO[BSPOFOZDVMNJOBSPOFOBCSJM &VSPQFBQBSBMB(BSBOUÓBEFMB$BMJEBEFOMB&OTF×BO[B4VQFSJPS &/2"
ZIB
EF DPO MB QVCMJDBDJØO EF VOB TFSJF EF SFHVMBDJPOFT FOUSF MBT RVF EFTUBDB BEPQUBEPFMQSJODJQJPEFRVFTVTDFOUSPTEFFEVDBDJØOTVQFSJPSZMBTEJTQPTJDJPOFT
FM %FDSFUP EF EF BCSJM EF TPCSF MBT JNQMJDBDJPOFT RVF QBSB EJSJHJEBTBMBGPSNBDJØOZDFSUJmDBDJØOEFCFSÓBOTFSFWBMVBEBTSFHVMBSNFOUFFOFM
FM TJTUFNB GSBODÏT EF FEVDBDJØO TVQFSJPS QPESÓB UFOFS FM EFTBSSPMMP EFM &TQBDJP ÈNCJUPOBDJPOBM&M(PCJFSOPDFOUSBMTFCBTBFOFTUBFWBMVBDJØOQBSBEBSFMWJTUP
&VSPQFPEF&EVDBDJØO4VQFSJPS CVFOPQPSVOQFSÓPEPEFUJFNQPMJNJUBEP-BMFHJUJNJEBEZFmDBDJBEFMDPOUSBUP
-BT QSJNFSBT NFEJEBT BEPQUBEBT QBSB BQPZBS MB FTUSVDUVSB EF MPT FTUVEJPT DVBUSJFOBM DSFBEP B QSJODJQJPT EF MPT FTUBCMFDF VO WÓODVMP FOUSF MPT DFOUSPT
PSHBOJ[BEPT ZB QSÈDUJDBNFOUF FO EPT DJDMPT QSJODJQBMFT TF CBTBSPO FO QSJNFS Z FM &TUBEP EFSJWBEP EF MB FWBMVBDJØO FYUFSOB EF UPEBT MBT BDUJWJEBEFT FO DVSTP
MVHBS FO MB DSFBDJØO EF VOB UJUVMBDJØO EFOPNJOBEB NBTUBJSF BHPTUP EF
EFTBSSPMMBEBTQPSMPTDFOUSPTEFFEVDBDJØOTVQFSJPS CJFOTFBOEJSFDUJWBT FEVDBUJWBT
B DBCBMMP FOUSF MB MJDFODF Z FM EPDUPSBEP Z FO MB JODPSQPSBDJØO FO OPWJFNCSF EF TPDJBMFTVPSJFOUBEBTBMBJOWFTUJHBDJØO
EFMBMJDFODFQSPGFTTJPOOFMMF PiUÓUVMPQSPGFTJPOBMw
TJHVJFOEPBTÓFMQSJODJQJP &OFMB×P TFJOUSPEVKPVODPOKVOUPEFNFEJEBTEFBQPZPBMBQSFOEJ[BKFB
oBQPZBEPBOJWFMFVSPQFPEFJOUSPEVDJSVOBEJNFOTJØOQSPGFTJPOBMFOFMQSJNFS MPMBSHPEFMBWJEB JODMVJEBMBDPOWBMJEBDJØOEFMPTFTUVEJPTFOFMFYUSBOKFSPZMB
DJDMP EF FTUVEJPT 1BSB FWJUBS FRVÓWPDPT B OJWFM FVSPQFP MB EFOPNJOBDJØO EF FYQFSJFODJBSFMFWBOUFQBSBMBDPODFTJØOEFVOBUJUVMBDJØOPmDJBM

NBTUBJSFTFDBNCJØQPSMBEFA.BTUFSFOBCSJMEF-PTSFRVJTJUPTFYJHJEPTQBSB 'JOBMNFOUF MBTSFDJFOUFTSFGPSNBTEFMPTFTUVEJPTEFNFEJDJOBZWFUFSJOBSJBIBOTJEP
MBDPODFTJØOEFMUJUVMPEF.BTUFS DVZBDSFBDJØODPNPOVFWBUJUVMBDJØOGVFSBUJmDBEB VOBEFMBTDPOTFDVFODJBTTFDVOEBSJBTEFMPTDBNCJPTSFMBDJPOBEPTEJSFDUBNFOUF
QPSFM%FDSFUPEFEFBCSJMEF TFEFUBMMBOFOMB0SEFOEFEFBCSJM DPOFM1SPDFTPEF#PMPOJB1PSMPRVFSFTQFDUBBMBNFEJDJOB MBSFGPSNBJOJDJBEB
EF FOFMB×P ZRVFDPODMVJSÈBmOBMFTEF NPEJmDBMBTDPOEJDJPOFTEF
&M.BTUFS ANBTUFSQSPGFTJPOBM PANBTUFSEFJOWFTUJHBDJØO
JODPSQPSBEPBMTJTUFNBB BDDFTPBMUFSDFSiDJDMPw BTÓDPNPTVPSHBOJ[BDJØOZEVSBDJØO&MDPODVSTPEFBDDFTP
QBSUJSEFMB×PBDBEÏNJDP FYJHFRVFMPTFTUVEJBOUFTIBZBODPNQMFUBEP BEFUFSNJOBEBTFTQFDJBMJEBEFTNÏEJDBTTFIBTVQSJNJEPDPOFMmOEFEBSQBTPB
DSÏEJUPTUSBTMBMJDFODFPDSÏEJUPTUSBTFMCBDDBMBVSÏBU BDSFEJUBOEPVOA#BD MPTFYÈNFOFTOBDJPOBMFT RVFQFSNJUBOBMPTFTUVEJBOUFTFMFHJSTVFTQFDJBMJEBEFO
DJODPB×PTEFFTUVEJPTQPTUCBDDBMBVSÏBU
TJNJMBSBM%&44 FM%&"ZBMPTUÓUVMPTEF GVODJØOEFMBTDBMJmDBDJPOFTPCUFOJEBTFOMPTNJTNPT%FFTUFNPEP MBNFEJDJOB
ANBTUFSRVFBDUVBMNFOUFPUPSHBOMBT(SBOEFT²DPMFT HFOFSBMTFDPOWJFSUFFOVOBFTQFDJBMJEBEQPSEFSFDIPQSPQJPZMPTQSPHSBNBTEFMBT
&TUBTÞMUJNBTUJUVMBDJPOFTTFSÈOSFEFmOJEBTHSBEVBMNFOUF EFNPEPRVFNBOUFOHBO FTQFDJBMJEBEFTUJFOFOBDUVBMNFOUFVOBEVSBDJØOFOUSFUSFTZDJODPB×PT
TVDBSÈDUFSEJTUJOUJWPDPOSFTQFDUPBMSFDJÏOJOUSPEVDJEP.BTUFS%BEPFMDBMFOEBSJP
EF OFHPDJBDJØO EF MPT DPOUSBUPT DVBUSJFOBMFT FOUSF FM HPCJFSOP DFOUSBM Z MBT "QBSUJSEFMDVSTP FOWFUFSJOBSJB FM$1(&UFOESÈVOBEVSBDJØOEFB×PT
VOJWFSTJEBEFTZPUSPTDFOUSPTEFFEVDBDJØOTVQFSJPS OPTFSÈQPTJCMFRVFMBSFGPSNB FOMVHBSEFVOP
ZMBUJUVMBDJØOOBDJPOBMTFPUPSHBSÈBMmOBMEFDVBUSPB×PT FOWF[
FOUSFFOWJHPSFOUPEB'SBODJBBOUFTEFMB×PBDBEÏNJDP EFDJODP

%FTEFFMDVSTP MPTDFOUSPTIBODPNFO[BEPBSFFTUSVDUVSBSQPSDPNQMFUP
TVPGFSUBEFFTUVEJPTEFBDVFSEPDPOMPTSFRVJTJUPTEFM&$54
-BFYQFEJDJØOEFM4VQMFNFOUP&VSPQFPBM5ÓUVMPQPSQBSUFEFUPEPTMPTDFOUSPTEF
FEVDBDJØOTVQFSJPSTFFTUÈDPOWJSUJFOEP DBEBWF[NÈT FOVOBQSÈDUJDBDPNÞOFO
CVTDBEFVOBNBZPSUSBOTQBSFODJBSFTQFDUPBMPTDPOPDJNJFOUPTZBMBTIBCJMJEBEFT
BERVJSJEBTFOFMDPOUFYUPEFMBNPWJMJEBEJOUFSOBDJPOBM
&4536$563"%&-"&/4&º"/;"461&3*03 '3"/$*"

81,9(56,7e ')&(0
" '( GH GRFWHXU HQ PpGHFLQH '(6
(WGPVG'WT[FKEG

'( GH GRFWHXU HQ FKLUXUJLH GHQWDLUH
e&2/( '( 6$*(6)(00(6 '(

/<&e( &3*( e&2/( 9e7e5,1$,5( '(
'( GH GRFWHXU HQ FKLUXUJLH GHQWDLUH $($
e&2/( '
$5&+,7(&785( DUFKLWHFWH '3/*
'( GH GRFWHXU
O O O O O O O O O
O O O O O O O O O
/<&e( &3*( *5$1'( e&2/( HQ SKDUPDFLH
" e&2/( 683e5,(85( e&2/( 683e5,(85( '( GH GRFWHXU
F\FOH LQWpJUp GLSO{PH $+8 HQ SKDUPDFLH '(6
81,9(56,7e
PDvWULVH
&($$
" PDvWULVH PDVWHU
UHFKHUFKH 0 '
O O O O O O

# " PDvWULVH PDVWHU PDVWHU '($ GRFWRUDW
'(8* OLFHQFH SURIHVVLRQQHO 0 SURIHVVLRQQHO 0
O O O O O O

81,9(56,7e ,83
PDvWULVH '(66
PDvWULVH PDVWHU
O O O O O O
" " UHFKHUFKH 0
'57
PDvWULVH PDVWHU PDVWHU
PDVWHU '
'(8* OLFHQFH SURIHVVLRQQHO 0 SURIHVVLRQQHO 0
O O O O O O

O O O O O O O O O
,87 676 UHFKHUFKH 0 GRFWRUDW
" OLFHQFH
SURIHVVLRQQHOOH PDVWHU PDVWHU
'87 %76 '176 SURIHVVLRQQHO 0 SURIHVVLRQQHO 0
81,9(56,7e
'(867
OLFHQFH
SURIHVVLRQQHOOH PDVWHU PDVWHU
'176 SURIHVVLRQQHO 0 SURIHVVLRQQHO 0

81,9(56,7e
# ! e&2/( 63e&,$/,6e( '( FHUWLILFDW

FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF
"&" "UUFTUBUJPOE²UVEFT"QQSPGPOEJFT %&" %JQMÙNFE²UVEFT"QQSPGPOEJFT %35 %JQMÙNFEF3FDIFSDIF5FDIOPMPHJRVF

")6 "OOÏF)PTQJUBMP6OJWFSTJUBJSF %&4 %JQMÙNFE²UVEFT4QÏDJBMJTÏFT %65 %JQMÙNF6OJWFSTJUBJSFEF5FDIOPMPHJF
"SDIJUFDUF%1-( "SDIJUFDUF%JQMÙNÏ1BS-F(PVWFSOFNFOU %&44 %JQMÙNFE²UVEFT4VQÏSJFVSFT4QÏDJBMJTÏFT *61 *OTUJUVU6OJWFSTJUBJSF1SPGFTTJPOOBMJTÏ
#54 #SFWFUEF5FDIOJDJFO4VQÏSJFVS %&6( %JQMÙNFE²UVEFT6OJWFSTJUBJSFT(ÏOÏSBMFT *65 *OTUJUVU6OJWFSTJUBJSFEF5FDIOPMPHJF
$&"" $FSUJmDBUE²UVEFT"QQSPGPOEJFTFO"SDIJUFDUVSF %&645 %JQMÙNFE²UVEFT6OJWFSTJUBJSFT4DJFOUJmRVFTFU5FDIOJRVFT 454 4FDUJPOEF5FDIOJDJFOT4VQÏSJFVS
$1(& $MBTTFT1SÏQBSBUPJSFTBVY(SBOEFT²DPMFT %'$&. %JQMÙNFEFmOEFEFVYJÒNFDZDMFEFTÏUVEFTNÏEJDBMFT
%& %JQMÙNFE²UBU %/54 %JQMÙNF/BUJPOBMEF5FDIOPMPHJF4QÏDJBMJTÏF
-BT$MBTTFT1SÏQBSBUPJSFTBVY(SBOEFT²DPMFT $1(&
TPOEFOBUVSBMF[BMJUFSBSJB DPNFSDJBMPDJFOUÓmDB4POBMUBNFOUFTFMFDUJWBTZQSFQBSBOBMPTFTUVEJBOUFTQBSBMPTFYÈNFOFTEFBDDFTPBMBT(SBOEFT²DPMFT
"VORVFMPTFTUVEJBOUFTOPMBTTVQFSFO TVFMFOTFSSFDPOPDJEBTQPSMBTVOJWFSTJEBEFT RVFMBTDPOTJEFSBOFRVJWBMFOUFTBM%&6(FOBMHVOBTNBUFSJBT-BT(SBOEFT²DPMFTNÈTOPUBCMFTTPOMBTÏDPMFTOPSNBMFT
TVQÏSJFVSFT &/4
MBTÏDPMFTEFDPNNFSDFFUEFHFTUJPO MBTÏDPMFTEJOHÏOJFVSTZMPTJOTUJUVUTEÏUVEFTQPMJUJRVFT RVFJODMVZFOVOB×PEFQSFQBSBDJØOFOVOQSPHSBNBDPNQMFUBNFOUFJOUFHSBEP
1PSiQSPHSBNB
DPNQMFUBNFOUFJOUFHSBEPwTFFOUJFOEFDVBMRVJFSUJQPEFQSFQBSBDJØOPGSFDJEBQPSMBQSPQJBJOTUJUVDJØO&OFTUFEJBHSBNBOPTFJODMVZFOMPTÏDPMFTFJOTUJUVUTRVFJNQBSUFOGPSNBDJØOQSPGFTJPOBMQSFWJB
TVQFSBDJØOEFVODPODVSTP HFOFSBMNFOUFBCJFSUP BBRVÏMMPTFOQPTFTJØOEFVOBUJUVMBDJØOTVQFSJPSPCUFOJEBUSBTUSFTB×PTEFFTUVEJPTPBMPTUSBCBKBEPSFTPQFSTPOBMFOQSÈDUJDBTEFMTFDUPSQÞCMJDPDVZB
SFNVOFSBDJØOQSPWJFOFEFM&TUBEP-PTDFOUSPTBMVEJEPTNÈTEJSFDUBNFOUFTPOMB²DPMF/BUJPOBMFE"ENJOJTUSBUJPO &/"
MPT*OTUJUVUT3ÏHJPOBVYE"ENJOJTUSBUJPO *3"
MB²DPMF/BUJPOBMFEFMB.BHJTUSBUVSF &/.

MB²DPMF/BUJPOBMFEFMB4BOUÏ1VCMJRVF &/41
ZMPT*OTUJUVUT6OJWFSTJUBJSFTEF'PSNBUJPOEFT.BÔUSFT *6'.

*3-"/%"
&O *SMBOEB MB 6OJWFSTJUJUFT"DU Z MB 2VBMJmDBUJPOT &EVDBUJPOBOE5SBJOJOH

"DU $VBUSPPSHBOJTNPTQBSUJDJQBOFOFMÈNCJUPQBSBMBHBSBOUÓBEFMBDBMJEBE-B)JHIFS
BQSPCBEBT FO Z SFTQFDUJWBNFOUF SFHVMBO MBT EJTQPTJDJPOFT NÈT &EVDBUJPO"VUIPSJUZ DSFBEBFO
FTMBBHFODJBFODBSHBEBEFTVQFSWJTBSRVFMB
SFDJFOUFTWJODVMBEBTBM1SPDFTPEF#PMPOJBFOMPTDFOUSPTEFFEVDBDJØOTVQFSJPS DBMJEBE FTUÈ HBSBOUJ[BEB FO FM TFDUPS VOJWFSTJUBSJP -B -FZ MMBNBEB 2VBMJmDBUJPOT
-BBDUVBMFTUSVDUVSBEFMPTFTUVEJPT CBTBEBFOEPTDJDMPTQSJODJQBMFT MPTUÓUVMPT &EVDBUJPOBOE5SBJOJOH
"DUEFFTUBCMFDJØMB/BUJPOBM2VBMJmDBUJPOT"VUIPSJUZ
EF#BDIFMPSTFDPODFEFOUSBTØB×PTZMPTQSPHSBNBTEFFTUVEJPDPOEVDFOUFTBM PG *SFMBOE MB )&5"$ Z MB '&5"$ -B -FZ JODMVZF QSPDFEJNJFOUPT QBSB HBSBOUJ[BS MB
UÓUVMPEF.BTUFSPBDVBMRVJFSPUSBUJUVMBDJØOEFQPTUHSBEPEVSBOFOUSFZB×PT
DBMJEBE EJSJHJEPT B MPT SFTQPOTBCMFT EF MPT QSPHSBNBT SFDPOPDJEPT QPS VOP EF
FODBKBDPOFMNPEFMPFTUBCMFDJEPFOMB%FDMBSBDJØOEF#PMPOJB MPT EPT DPOTFKPT EF BEKVEJDBDJØO EF UÓUVMPT P B MPT SFTQPOTBCMFT FO RVJFOFT VO
DPOTFKP EF BEKVEJDBDJØO EFMFHB TV BVUPSJEBE QBSB DPODFEFS UÓUVMPT "EFNÈT EF
&M4JTUFNB&VSPQFPEF5SBOTGFSFODJBEF$SÏEJUPT &$54
TFJODPSQPSØBMTJTUFNB FTUPTPSHBOJTNPT FOTFDSFØFM*SJTI6OJWFSTJUJFT2VBMJUZ#PBSE QBSBBQPZBSB
OBDJPOBMEFDSÏEJUPTEFM)JHIFS&EVDBUJPOBOE5SBJOJOH"XBSET$PVODJM )&5"$
MBTVOJWFSTJEBEFTFOSFMBDJØODPOMPTQSPDFEJNJFOUPTFNQMFBEPTQBSBHBSBOUJ[BSMB
FO FM B×P Z TF BQMJDB B NVDIPT QSPHSBNBT EF FTUVEJPT EF MPT JOTUJUVUFT PG DBMJEBE
UFDIOPMPHZZEFM%VCMJO*OTUJUVUFPG5FDIOPMPHZ %*5
$POFMmOEFSFWJTBSMPTTJTUFNBT
FYJTUFOUFTFOMBBDUVBMJEBEZBKVTUBSTFBMFOGPRVFFVSPQFP MB/BUJPOBM2VBMJmDBUJPOT -B)JHIFS&EVDBUJPO"VUIPSJUZZMB)&5"$TPONJFNCSPTEFMB3FE&VSPQFBQBSB
"VUIPSJUZPG*SFMBOE BVUPSJEBESFTQPOTBCMFEFMBTUJUVMBDJPOFT
FTUBCMFDJØFOFMB×P MB (BSBOUÓB EF MB $BMJEBE FO MB &OTF×BO[B 4VQFSJPS &/2"
NJFOUSBT RVF MB
VO 5FDIOJDBM"EWJTPSZ(SPVQPO$SFEJUT (SVQP EF "TFTPSBNJFOUP5ÏDOJDP FO /BUJPOBM2VBMJmDBUJPOT"VUIPSJUZPG*SFMBOEFTNJFNCSPBTPDJBEP&MOVFWP*SJTI
$SÏEJUPT
/PPCTUBOUF MBVUJMJ[BDJØOEFM&$54FOPUSPTDFOUSPTEFFEVDBDJØOTVQFSJPS 6OJWFSTJUJFT2VBMJUZ#PBSEIBTPMJDJUBEPTVFOUSBEB
TFMJNJUBFOTVNBZPSQBSUFBMPTFTUVEJBOUFTEFMQSPHSBNB4ØDSBUFT &SBTNVT
.VDIBTEFMBTNFEJEBTSFMBDJPOBEBTDPOFMBQSFOEJ[BKFBMPMBSHPEFMBWJEBFTUÈO
&M4VQMFNFOUP&VSPQFPBM5ÓUVMPBÞOOPTFIBJOUSPEVDJEP BVORVFFOFM BQVOUPEFQPOFSTFFONBSDIB&O FM(SVQPEF5SBCBKPTPCSFMB"QSFOEJ[BKFB
%FQBSUNFOUPG&EVDBUJPOBOE4DJFODF )JHIFS&EVDBUJPO
DSFØVOHSVQPJOEFQFOEJFOUF MPMBSHPEFMBWJEB 5BTL'PSDFPO-JGFMPOH-FBSOJOH
JOUFHSBEPQPSSFQSFTFOUBOUFTEF
QBSBEJTDVUJSTVGVUVSBJODPSQPSBDJØO&TUFHSVQPFTUÈJOUFHSBEPQPSJOUFSMPDVUPSFT MPTTFDUPSFTEFMBGPSNBDJØODPOUJOVBZEFMBFEVDBDJØOTVQFSJPS EFMBJOEVTUSJB EF
Z DPPSEJOBEPSFT OBDJPOBMFT EFM 4VQMFNFOUP &VSPQFP BM 5ÓUVMP BTÓ DPNP QPS FM MPTDPMFDUJWPTMPDBMFTZEFMBTQSJODJQBMFTBVUPSJEBEFTHVCFSOBNFOUBMFT QSFTFOUØ
'VSUIFS &EVDBUJPO BOE 5SBJOJOH "XBSET $PVODJM '&5"$
"TJNJTNP TF DFOUSB VO JOGPSNF 3FQPSUPGUIF5BTL'PSDFPO-JGFMPOH-FBSOJOH RVF JODMVÓB VOB TFSJF EF
FOQPOFSFONBSDIB EFGPSNBQBSBMFMB MPT4VQMFNFOUPT&VSPQFPTBMPT5ÓUVMPTFO SFDPNFOEBDJPOFT&OFMBDVFSEP4VTUBJOJOH1SPHSFTT4PDJBM1BSUOFSTIJQ"HSFFNFOU
MBGPSNBDJØOZFEVDBDJØODPOUJOVBT&TUPSFnFKBMBOBUVSBMF[BDPNQMFNFOUBSJBEFM o FMHPCJFSOPZTVTTPDJPTMPDBMFTBDPSEBSPOBQMJDBSMBTSFDPNFOEBDJPOFT
1SPDFTPEF#PMPOJBZEFMEF$PQFOIBHVF&MHSVQPEFUSBCBKPUBNCJÏODPMBCPSBDPO EFM(SVQPEF5SBCBKP IBTUBEPOEFMPTSFDVSTPTMPQFSNJUJFTFO
&OUSFMBTJOJDJBUJWBT
MBTVOJWFSTJEBEFT RVFIBOFTUBCMFDJEPTVQSPQJPHSVQPQBSBJODPSQPSBS UBOQSPOUP DPNQMFNFOUBSJBTRVFUBNCJÏODPOUSJCVZFOBMEFTBSSPMMPEFMBQSFOEJ[BKFBMPMBSHP
DPNPTFBQPTJCMF FM4VQMFNFOUP&VSPQFPBM5ÓUVMPFOUPEPFMTJTUFNBVOJWFSTJUBSJP EFMBWJEBFTUÈOMBmOBODJBDJØOEFQSPHSBNBTEJBOBQBSBFMTFDUPSEFMBFEVDBDJØO
TVQFSJPSZMBDSFBDJØOEFVONBSDPOBDJPOBMQBSBMBTUJUVMBDJPOFT
&4536$563"%&-"&/4&º"/;"461&3*03 *3-"/%"

(WGPVG'WT[FKEG
%&"#$'
4)9:-8
-5:19:8?
*)+0-368 ! "$ ! !
" 4)9:-8

*)+0-368 ! "$ ! !
!63?:-+051+9

"
" # 4)9:-8
*)+0-368 ! "$ ! !
,6+:68):-
4)9:-8
*)+0-368 ! "$ ! !
%&"#$'
%$ ! "$ ! ! 4)9:-8
# #$$%$ $ '
!"&$ $"& ! "$
! !
*)+0-368 4)9:-8
#$$%$ $ '

" *)+0-368 4)9:-8
,17364)
+-8:1.1+):-
!"&$ $"&

! 4)9:-8
*)+0-368 ! "$ ! !
,17364) +-8:1.1+):-

FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF
1($&35 1PTUHSBEVBUF$FSUJmDBUF 1(%*1 1PTUHSBEVBUF%JQMPNB

*5"-*"
-B SFGPSNB EFM TJTUFNB EF MB FEVDBDJØO TVQFSJPS FO *UBMJB TF SJHF QPS FM EFDSFUP &M4VQMFNFOUP&VSPQFPBM5ÓUVMPTFJOUSPEVKPUBNCJÏOQPSEFDSFUPZBDUVBMNFOUF
NJOJTUFSJBMEFOPWJFNCSFEFSFMBUJWPBMBBVUPOPNÓBEFMBTVOJWFSTJEBEFTZEF TF FYQJEF DPO UPEPT MPT UÓUVMPT EF BDVFSEP DPO FM OVFWP FTRVFNB -PT EFUBMMFT
PUSPTDFOUSPTSFTQFDUPBMBTDVFTUJPOFTQFEBHØHJDBTZFEVDBUJWBT EFM TJTUFNB EFM 4VQMFNFOUP &VSPQFP BM5ÓUVMP TF BQSPCBSPO FO PUSP EFDSFUP EFM
4FHÞO EJDIP EFDSFUP MB FTUSVDUVSB EF MPT FTUVEJPT TF CBTB FO EPT DJDMPT .JOJTUFSJPEF&EVDBDJØOFONBZPEF
QSJODJQBMFT VO-BVSFBZBDPOUJOVBDJØOVO.BTUFSEJ*MJWFMMP VO-BVSFBTQFDJBMJTUJDB &O DVBOUP B MB HBSBOUÓB EF MB DBMJEBE *UBMJB QBSUJDJQB FO MB 3FE &VSPQFB QBSB
PVO%JQMPNBEJTQFDJBMJ[[B[JPOFEJ*MJWFMMPDPSSFTQPOEJFOUFBVOTJTUFNB Ø MB (BSBOUÓB EF MB $BMJEBE FO MB &OTF×BO[B 4VQFSJPS &/2"
B USBWÏT EFM
SFTQFDUJWBNFOUF
-BSFGPSNBFOUSØFOWJHPSFOFMB×P/PPCTUBOUF $PNJUBUPQFSMB7BMVUB[JPOFEFM4JTUFNB6OJWFSTJUBSJPDSFBEPFO&OUSFMBT
FMBSUÓDVMPEFMB-FZ
FTUJQVMBRVFMBTVOJWFSTJEBEFTEFCFOHBSBOUJ[BSMB QSJODJQBMFTGVODJPOFTEFM$PNJUBUPTFFODVFOUSBOFMFTUBCMFDJNJFOUPEFMPTDSJUFSJPT
mOBMJ[BDJØOEFMPTFTUVEJPTZMBPCUFODJØOEFMBTUJUVMBDJPOFTBBRVFMMPTFTUVEJBOUFT HFOFSBMFTQBSBMBFWBMVBDJØOEFMBTBDUJWJEBEFTVOJWFSTJUBSJBT MBQVFTUBFONBSDIB
NBUSJDVMBEPTBOUFTEFMBQVFTUBFONBSDIBEFMBSFGPSNBFO EFVOQSPHSBNBBOVBMQBSBMBFWBMVBDJØOFYUFSOBEFMBTNJTNBT MBSFBMJ[BDJØOEF
-B SFGPSNB EF JOUSPEVKP UBNCJÏO VO TJTUFNB OBDJPOBM EF DSÏEJUPT BDUJWJEBEFTEFDPOTVMUB ZFMUSBUBNJFOUPEFBTVOUPTSFMBDJPOBEPTDPOMBFWBMVBDJØO
EFOPNJOBEP $SFEJUP 'PSNBUJWP 6OJWFSTJUBSJP $'6
DPSSFTQPOEJFOUF B MBT ZMBEFmOJDJØOEFMBTOPSNBT
BDUJWJEBEFT EF BQSFOEJ[BKF EF MPT FTUVEJBOUFT RVF BQSVFCBO TVT FYÈNFOFT "ÞOOPTFIBOJOUSPEVDJEPNFEJEBTFTQFDÓmDBTEFBQPZPBMBQSFOEJ[BKFBMPMBSHP
DSÏEJUPIPSBTMFDUJWBT
-BOPUBTTFFYQSFTBOTFHÞOVOBFTDBMBEFDBMJmDBDJØO EFMBWJEBFOMBFEVDBDJØOTVQFSJPS
RVFWBEFMBM EPOEFFTMBQVOUVBDJØONÓOJNBFYJHJEBQBSBBQSPCBSZ
MB NÈYJNB
Z FM OÞNFSP EF DSÏEJUPT VO B×P DSÏEJUPT
QBSB B DPOUJOVBDJØO
DPOWFSUJSTFBMTJTUFNB&$54 EPOEFMBFTDBMBEFOPUBTWBEFMB" TPCSFTBMJFOUF
BMB
' JOTVmDJFOUF

&4536$563"%&-"&/4&º"/;"461&3*03 *5"-*"
"OUFSJPSBMBSFGPSNB VOJDBNFOUFQBSBMPTFTUVEJBOUFTNBUSJDVMBEPTBOUFTEFM
(WGPVG'WT[FKEG

81,9(56,7¬ ,67,787, 81,9(56,7$5, 32/,7(&1,&,

GLSORPD GL ODXUHD GRWWRUDWR GL ULFHUFD
GLSORPD GL ODXUHD

GLSORPD GL VSHFLDOL]]D]LRQH ,, OLYHOOR
PDVWHU GL , OLYHOOR
GLSORPD GL VSHFLDOL]]D]LRQH , OLYHOOR
PDVWHU GL ,, OLYHOOR

PDVWHU GL , OLYHOOR
GLSORPD GL
VSHFLDOL]]D]LRQH
GLSORPD GL ODXUHD , OLYHOOR

GLSORPD XQLYHUVLWDULR
O O O O O O O O O
$&&$'(0,( ', %(//( $57,
,67,787, 683(5,25,
3(5 /( ,1'8675,( $57,67,&+( GLSORPD
O O O O O O O O O
$&&$'(0,$ 1$=,21$/( ', '$1=$
$&&$'(0,$ 1$=,21$/(
$57( '5$00$7,&$ GLSORPD

1PTUFSJPSBMBSFGPSNB BQBSUJSEFM

O O O O O O
81,9(56,7¬ ,67,787, 81,9(56,7$5, 32/,7(&1,&,

GLSORPD GL ODXUHD VSHFLDOLVWLFD GRWWRUDOR GL ULFHUFD
O O O

GLSORPD GL ODXUHD VSHFLDOLVWLFD

O O O O O O O O O O O O O O
GLSORPD GL VSHFLDOL]]D]LRQH ,, OLYHOOR

GLSORPD GL ODXUHD VSHFLDOLVWLFD

GLSORPD GL VSHFLDOL]]D]LRQH , OLYHOOR PDVWHU GL ,, OLYHOOR
GLSORPD GL ODXUHD PDVWHU GL , OLYHOOR
O O O O O O O O O
$&&$'(0,( ', %(//( $57,

,67,787, 683(5,25,
3(5 /( ,1'8675,( $57,67,&+( GLSORPD
O O O O O O O O O
$&&$'(0,$ 1$=,21$/( ', '$1=$

$&&$'(0,$ 1$=,21$/(
$57( '5$00$7,&$ GLSORPD

FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF
-69&.#63(0
-B TJUVBDJØO FO -VYFNCVSHP FT VO UBOUP QBSUJDVMBS QVFTUP RVF FO MB BDUVBMJEBE 6OBWF[JOUSPEVDJEPT MPTUSFTUÓUVMPTTFBEBQUBSÈOBMTJTUFNB&$54-PTDFOUSPTEF
TØMPVOOÞNFSPMJNJUBEPEFDFOUSPTPGSFDFBMHVOPTFTUVEJPTEFOJWFMTVQFSJPS-B FEVDBDJØOTVQFSJPSRVFPGFSUBOPUSBTUJUVMBDJPOFTZBIBODPNFO[BEPBBQMJDBSFM
NBZPSÓBEFMPTFTUVEJBOUFTRVFEFTFBOSFDJCJSVOBFEVDBDJØOTVQFSJPSTFNBSDIBO &$54BTVTQSPHSBNBTEFFTUVEJPT%FIFDIP FM$FSUJmDBUEBQUJUVEFQÏEBHPHJRVF
BMFYUSBOKFSP UÓUVMPEFFTQFDJBMJ[BDJØOEJEÈDUJDB
JNQBSUJEPQPSFM*OTUJUVU4VQÏSJFVSE²UVEFTFUEF
/P PCTUBOUF Z EF BDVFSEP DPO FM BOUFQSPZFDUP EF MFZ EF EF EJDJFNCSF EF 3FDIFSDIFT1ÏEBHPHJRVFT *4&31
ZBFTUPUBMNFOUFDPNQBUJCMFDPOFM&$54
RVFFTUBCMFDFMBDSFBDJØOEFMB6OJWFSTJEBEEF-VYFNCVSHP FMTJTUFNB /P TF IB BEPQUBEP OJOHVOB NFEJEB QBSB JOUSPEVDJS FM 4VQMFNFOUP&VSPQFPBM
QPESÓBTVGSJSVODBNCJPTJHOJmDBUJWP4JMBMFZTFBQSVFCBBOUFTEFmOBMFTEF MB 5ÓUVMP
6OJWFSTJEBEQPESÓBDPNFO[BSBGVODJPOBSBQBSUJSEFMB×PBDBEÏNJDP -VYFNCVSHP UBNQPDP GPSNB QBSUF EF MB 3FE &VSPQFB QBSB MB (BSBOUÓB EF MB
"VORVFFMTJTUFNBEFFEVDBDJØOTVQFSJPSIBTVGSJEPVOBTNÓOJNBTNPEJmDBDJPOFT $BMJEBEFOMB&OTF×BO[B4VQFSJPS &/2"
"ÞOOPFYJTUFVOBBHFODJBOBDJPOBMEF
RVF SFnFKBO MPT BWBODFT SFDJFOUFT MB WFSEBEFSB SFGPSNBWJODVMBEBBMPTPCKFUJWPT FWBMVBDJØO BVORVFFMBOUFQSPZFDUPEFMFZRVFSFHVMBMBDSFBDJØOEFMB6OJWFSTJEBE
EFM 1SPDFTP EF #PMPOJB DVZB DPOUSJCVDJØO NÈT JNQPSUBOUF FT MB DSFBDJØO EF MB EF -VYFNCVSHP TÓ QSFWÏ MB FWBMVBDJØO JOUFSOB Z FYUFSOB EF MB FOTF×BO[B MB
6OJWFSTJEBEEF-VYFNCVSHP
BÞOOPTFIBNBUFSJBMJ[BEPZFT FOMBBDUVBMJEBE VOB JOWFTUJHBDJØOZMPTTFSWJDJPTBENJOJTUSBUJWPT
DVFTUJØOEFEFCBUFOBDJPOBM $POMBFYDFQDJØOEFM*OTUJUVU4VQÏSJFVSEF5FDIOPMPHJF *45
RVFPGSFDFMBBENJTJØO
-BSFGPSNBNÈTSFDJFOUFRVFBGFDUBBMBFEVDBDJØOTVQFSJPSEBUBEFMEFBHPTUP B TVT QSPHSBNBT DPNP QBSUF EF MB FEVDBDJØO Z GPSNBDJØO DPOUJOVBT OP TF IB
EF JOUSPEVDJEP OJOHVOB NFEJEB FTQFDJBM EF BQPZP BM BQSFOEJ[BKF B MP MBSHP EF MB
%FTEF FOUPODFT TØMP IB IBCJEP FTDBTBT BMUFSBDJPOFT DPNP QPS FKFNQMP WBSJBT WJEB

EJTQPTJDJPOFTRVFEFTEFIBOWFOJEPBSFHVMBSMPTDSJUFSJPTEFBENJTJØOB
DJFSUPTQSPHSBNBTEFFTUVEJPT
&O DVBOUP B MPT PCKFUJWPT EFM 1SPDFTP EF #PMPOJB BÞO OP TF IB BEPQUBEP MB
FTUSVDUVSBEFMPTFTUVEJPTCBTBEBFOEPTDJDMPTQSJODJQBMFT EFCJEPBMBMJNJUBEB
PGFSUBEFMBFEVDBDJØOTVQFSJPS/PPCTUBOUF EJDIBFTUSVDUVSBFTFMBDUVBMUFNBEF
EFCBUFOBDJPOBMZMBGVUVSB6OJWFSTJEBEPGSFDFSÈMPTUÓUVMPTEF#BDIFMPSZ.BTUFSZ
QSPHSBNBTDPOEVDFOUFTBMEPDUPSBEP
&4536$563"%&-"&/4&º"/;"461&3*03 -69&.#63(0

(WGPVG'WT[FKEG
! "# !

" " '

).40D1* )* 46*1.*6 (=(0* 92.:*67.8&.6*
$! !'
).40D1* 92.:*67.8&.6* )* 8*(-2303,.*
O O O O O O
!' ! "! $@ !"
'6*:*8 )* 8*(-2.(.*2 794C6.*96
O O O O O O

' & "' !!"! ?@!" @"!# !
).40D1* )?C)9(&8*96 ,6&)9C
O O O O O O

' "' !!"! "@" ? @!" ! @"
(*68.+.(&8 )?C89)*7 4C)&,3,.59*7
O O O O O O
& & !!"! "@" !
).40D1* )?.2,C2.*96 .2)9786.*0
!
O O O O O O
! "# !

' "' " # !%
).40D1* )* +361&8.32 4C)&,3,.59*

FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF
&TUVEJPTFOFMFYUSBOKFSP
1"¶4&4#"+04
-B FEVDBDJØO TVQFSJPS FO MPT 1BÓTFT #BKPT DPNQSFOEF MB FEVDBDJØO QSPGFTJPOBM "VORVF FO MPT 1BÓTFT #BKPT FM VTP EFM 4VQMFNFOUP &VSPQFP BM 5ÓUVMP OP FT
VOJWFSTJUBSJB )#0
ZMBFEVDBDJØOVOJWFSTJUBSJB 80
IBTUBBIPSBSFHVMBEBTQPSMB PCMJHBUPSJP TÓ FT DPOTJEFSBEP DPNP VO NFEJP BEFDVBEP QBSB GBWPSFDFS MB
-FZEFMB&EVDBDJØO4VQFSJPSZEFMB*OWFTUJHBDJØO 8FUPQIFUIPHFSPOEFSXJKTFO USBOTQBSFODJB EF MBT UJUVMBDJPOFT Z IBDFSMBT GÈDJMNFOUF DPNQBSBCMFT .VDIPT
XFUFOTDIBQQFMJKLPOEFS[PFLPS8)8
EF DFOUSPT IBO JODPSQPSBEP P FTUÈO JODPSQPSBOEP FM 4VQMFNFOUP &VSPQFP BM5ÓUVMP
-BFTUSVDUVSB#BDIFMPS.BTUFSFOUSØFOWJHPSUSBTMBSFGPSNBBRVFGVFTPNFUJEBFTUB DVZBVUJMJ[BDJØOFTUÈTJFOEPQSPNPWJEBQPSNVDIBTPSHBOJ[BDJPOFTEFFTUVEJBOUFT
MFZFO B×PFORVFTFJOUSPEVKPVOBFTUSVDUVSBEFMPTFTUVEJPTCBTBEBFOVO FM(PCJFSOPZFM/6''*$ FMFRVJWBMFOUFIPMBOEÏTBM&/*$/"3*$

TJTUFNBEFEPTDJDMPTQSJODJQBMFTDPOFMmOEFGPNFOUBSVOBNBZPSNPWJMJEBEEF 1BSBHBSBOUJ[BSMBDBMJEBEEFMPTQSPHSBNBTDPOEVDFOUFTBMPTUÓUVMPTEF#BDIFMPSZ
MPT FTUVEJBOUFT FO FM ÈNCJUP JOUFSOBDJPOBM &O FM DVSTP MBT VOJWFSTJEBEFT .BTUFS MB0SHBOJ[BDJØOEF"DSFEJUBDJØOEFMPT1BÓTFT#BKPT /"0
DSFBEBQPSMFZFO
DPOWJSUJFSPO QSÈDUJDBNFOUF UPEPT TVT QSPHSBNBT EF DJDMP ÞOJDP FO FTUVEJPT TFFODBSHBEFFWBMVBSMPTQSPHSBNBTEFMBTVOJWFSTJEBEFTZEFPUSPTDFOUSPT
DPOEVDFOUFTBMPTUÓUVMPTEF#BDIFMPSZ.BTUFS-BTSFTUBOUFTTFFTUSVDUVSBSÈOBMP EFFEVDBDJØOTVQFSJPS
MBSHP EF MPT QSØYJNPT B×PT -PT FTUVEJPT USBEJDJPOBMFT JNQBSUJEPT FO MPT DFOUSPT -BQSPNPDJØOEFMBQSFOEJ[BKFBMPMBSHPEFMBWJEBFTVOFMFNFOUPGVOEBNFOUBM
EF GPSNBDJØO QSPGFTJPOBM TF IBO DPOWFSUJEP FO QSPHSBNBT DPOEVDFOUFT BM UÓUVMP EFMBQPMÓUJDBIPMBOEFTBQBSBNFKPSBSFMOJWFMFEVDBUJWPEFMBQPCMBDJØOFOBDUJWP
EF#BDIFMPS4FHÞOMBTOFDFTJEBEFTRVFWBZBOTVSHJFOEP FM.JOJTUSPEF&EVDBDJØO &M(PCJFSOPZBIBFTUBCMFDJEPTVBHFOEBTPCSFFMBQSFOEJ[BKFBMPMBSHPEFMBWJEB
QPESÓBBVUPSJ[BSBFTUPTDFOUSPTBJNQBSUJSFTUVEJPTDPOEVDFOUFTBMUÓUVMPEF.BTUFS QBSBMPTQSØYJNPTB×PTFOEPTEPDVNFOUPT GFDIBEPTFOBCSJMEFZNBS[PEF
-B FONJFOEB EF B MB -FZ EF &EVDBDJØO 4VQFSJPS JOUSPEVKP VO TJTUFNB EF SFTQFDUJWBNFOUF
DSÏEJUPTIPMBOEÏTTJNJMBSBM&$54 DPODSÏEJUPTBOVBMFT
ZRVFSFFNQMB[ØBM
BOUJHVPTJTUFNBEFDSÏEJUPT
&4536$563"%&-"&/4&º"/;"461&3*03 1"¶4&4#"+04
17 18 19 20 21 22 23 24
| | | | | | | |
(WGPVG'WT[FKEG
UNIVERSITEIT

arts / apotheker / dierenarts
tandarts
(≥ 4)
doct
bachelor master / meester

bachelor master ingenieur / doctorandus
(1)
bachelor master doctorandus universitaire lerarenopleiding
HOGESCHOOL
bachelor / ingenieur / baccelaurus voortgezette opleidingen


FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF
"6453*"
-BDSFBDJØO PSHBOJ[BDJØOZHFTUJØOEFMBTBDUJWJEBEFTEFTBSSPMMBEBTQPSMPTDFOUSPT %FTEF MBPSHBOJ[BDJØOEFQSPHSBNBTEJSJHJEPTBMBQSFOEJ[BKFBMPMBSHPEF

EFFEVDBDJØOTVQFSJPSEFUJQPVOJWFSTJUBSJPFTUÈOSFHVMBEBTQPSMB-FZ'FEFSBMQBSB MBWJEBFOUPEPTMPTDFOUSPTEFFEVDBDJØOTVQFSJPSIBTJEPSFHVMBEBQPSMFZ-PT
MB0SHBOJ[BDJØOEFMBT6OJWFSTJEBEFTZEFMPT&TUVEJPT6OJWFSTJUBSJPT -FZEF DFOUSPTHP[BOEFBVUPOPNÓBQBSBPGFSUBSEJDIPTQSPHSBNBT
6OJWFSTJEBEFTEF
"QBSUFEFMBTEJTQPTJDJPOFTZSFGPSNBTWJODVMBEBTBM1SPDFTPEF#PMPOJB TFEFCF
-BFTUSVDUVSBEFMPTFTUVEJPTVOJWFSTJUBSJPTFOVOTJTUFNBEFEPTDJDMPTQSJODJQBMFT NFODJPOBSRVFMB"LBEFNJFO4UVEJFOHFTFU[ -FZEF&TUVEJPT"DBEÏNJDPT
EF
FTUÈQSFTFOUFFOMBTVOJWFSTJEBEFTEFTEF-BFONJFOEBBMB-FZEFFTUVEJPT IJ[PTVCJSEFOJWFMBMBT-FISFSJOOFOCJMEFOEF"LBEFNJFO FTDVFMBTVOJWFSTJUBSJBTEF
JNQBSUJEPT FO MBT 'BDIIPDITDIVMFO RVF FOUSØ FO WJHPS FM EF NBZP EF GPSNBDJØOEFMQSPGFTPSBEP
QBTBOEPEFMOJWFM$*/&#BMOJWFM$*/&"
DPOTUJUVZF MB CBTF MFHBM EF MB FTUSVDUVSB DPOEVDFOUF B MPT UÓUVMPT EF #BDIFMPS Z 3FTQFDUPBMBTQSPGFTJPOFTEFMBSBNBTBOJUBSJB MBGPSNBDJØOFOMPTTFSWJDJPTNÏEJDP
.BTUFS %FTEF PDUVCSF EF TF IBO JOUSPEVDJEP QSPHSBNBT DPOEVDFOUFT UÏDOJDPTEFOJWFMTVQFSJPSZFOPCTUFUSJDJBTFJNQBSUFFOMBT"LBEFNJFO-PTTFSWJDJPT
BMUÓUVMPEF#BDIFMPSZTFFTQFSBRVFQBSBFMB×PFTUBFTUSVDUVSBZBTFIBZB NÏEJDPUÏDOJDPT EF OJWFM TVQFSJPS JODMVZFO mTJPUFSBQJB TFSWJDJPT EF MBCPSBUPSJP
FYUFOEJEPBMBNJUBEEFMPTQMBOFTEFFTUVEJPTPGFSUBEPT5PEPTMPTQSPHSBNBTEF NÏEJDPUÏDOJDPT TFSWJDJPTSBEJPMØHJDPUÏDOJDPT TFSWJDJPTEFBTFTPSÓBFOEJFUÏUJDBZ
FTUVEJPTOVFWPTIBCSÈOEFBKVTUBSTFBMBOVFWBFTUSVDUVSB OVUSJDJØO UFSBQJBPDVQBDJPOBM MPHPQFEJBZPQUPNFUSÓB
&O MBT VOJWFSTJEBEFT MB BQMJDBDJØO EFM &$54 B MPT FTUVEJPT DPOEVDFOUFT B MPT
UÓUVMPT EF #BDIFMPS P .BTUFS IB TJEP PCMJHBUPSJB EFTEF Z FO WJSUVE EF MB
"LBEFNJFO4UVEJFOHFTFU[o"TU( -FZEF&TUVEJPT"DBEÏNJDPT
UBNCJÏOMPIBTJEP
QBSB MBT -FISFSJOOFOCJMEFOEF"LBEFNJFO FTDVFMBT VOJWFSTJUBSJBT EF GPSNBDJØO EFM
QSPGFTPSBEP
RVFPGFSUBOFTUVEJPTDPOEVDFOUFTBEJQMPNBUVSBT %JQMPNQÊEBHPHF
JO
EFBDVFSEPDPOFMTJTUFNBBOUJHVP

&M EFOPNJOBEP 6OJWFSTJUÊUT4UVEJFOFWJEFO[WFSPSEOVOH %FDSFUP QBSB FM
3FDPOPDJNJFOUP EF MPT &TUVEJPT 6OJWFSTJUBSJPT
RVF SFHVMB MB JODPSQPSBDJØO EFM
4VQMFNFOUP&VSPQFPBM5ÓUVMP FOUSØFOWJHPSFOBHPTUPEF%FTEFFMWFSBOP
EF MBT-FISFSJOOFOCJMEFOEF"LBEFNJFOFYQJEFO4VQMFNFOUPT&VSPQFPTBMPT
5ÓUVMPT"QBSUJSEFPDUVCSFEFTFFYQFEJSÈOFOBMFNÈOZFOJOHMÏTBUPEPTMPT
UJUVMBEPTRVFMPTPMJDJUFO
%FTEFFMEFFOFSPEFTFIBOUPNBEPNFEJEBTQBSBFTUBCMFDFSVOTJTUFNB
OBDJPOBMVOJmDBEPEFBDSFEJUBDJØOEFDFOUSPTEFFEVDBDJØOTVQFSJPS&M$POTFKP
EF "DSFEJUBDJØO SFTQPOTBCMF EF MB BDSFEJUBDJØO EF MBT VOJWFSTJEBEFT QSJWBEBT TF
DSFØTJHVJFOEPFMNPEFMPFYJTUFOUFEFM$POTFKPQBSBMBT'BDIIPDITDIVMFO&MOVFWP
$POTFKPZBIBDPNFO[BEPBTVQFSWJTBSFMOJWFMFEVDBUJWPEFWBSJPTDFOUSPT%FTEF
EJDJFNCSFEF MB$POGFSFODJBEF3FDUPSFT FM.JOJTUFSJPEF&EVDBDJØO $JFODJB
Z$VMUVSB FMTFDUPSEFMBT'BDIIPDITDIVMFOZFM4JOEJDBUP"VTUSJBDPEF&TUVEJBOUFT
IBO WFOJEP DPMBCPSBOEP QBSB DSFBS VOB "HFODJB BVTUSJBDB QBSB MB HBSBOUÓB
EF MB DBMJEBE 4V JOBVHVSBDJØO FTUÈ QSFWJTUB QBSB PDUVCSF EF Z USBUBSÈ EF
JODPSQPSBSTFBMB3FE&VSPQFBQBSBMB(BSBOUÓBEFMB$BMJEBEFOMB&OTF×BO[B
4VQFSJPS &/2"

&4536$563"%&-"&/4&º"/;"461&3*03 #²-(*$"ʱ$0.6/*%"%'3"/$&4"
"6453*"

$%!"#?#

(WGPVG'WT[FKEG
40846/3 2+* 93/: 40846/3 2+* *+38
'00'1'96+976+' '-/78+686'

'-/78+686'
'00'1'96+976+' '-/78+686' /51423-+3/+96/3

'00'1'96+976+' /51423-+3/+96/3
40846/3 .
'-/78+686'
/51423-+3/+96/3
"$

'00'1'96+976+' '-/78+686' /51423-+3/+96/3
'-/78+686' /51423-+3/+96/3
!!
/51425A*'-4-+/3
&"#"
/5142
$*/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB

%JQMPNBJOUFSNFEJP oOo
&YQFSJFODJBQSPGFTJPOBM
O
%VSBDJØOEFMQSPHSBNB$*/& GPS
FSØQSPHSBNB
PCMJHBUPSJBEVSBDJØO NBDJØODPNQMFNFOUBSJB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF
') 'BDIIPDITDIVMF
"QBSUJSEF MPTDFOUSPTRVFBOUFSJPSNFOUFPGFSUBCBOQSPHSBNBTSFMBDJPOBEPTDPOMBTEFOPNJOBEBTQSPGFTJPOFTTPDJBMFT MBT"LBEFNJFOGàS4P[JBMBSCFJU

TFJODPSQPSBSPOB
MBT'BDIIPDITDIVMFO
10356("-
-B-FZ.BSDPTPCSFFM4JTUFNB&EVDBUJWP -FZEFEFPDUVCSFEF "TJNJTNP ZBDVFSEPDPOFMEFDSFUPMFZEFEFNBS[PEF FYJTUFVO

NPEJmDBEB QPS MB -FZ EF EF TFQUJFNCSF EF
SFDPHF MBT OPSNBT TJTUFNBOBDJPOBMEFDSÏEJUPTDPNQBUJCMFDPOFM &$54ZFNQMFBEPÞOJDBNFOUF
HFOFSBMFT RVF SFHVMBO UPEPT MPT OJWFMFT Z UJQPT EF FEVDBDJØO &O FM DBTP EF MB QPSMBTVOJWFSTJEBEFT
FEVDBDJØO TVQFSJPS MB MFZ FTUBCMFDF TVT PCKFUJWPT Z DBNQP EF BQMJDBDJØO MBT -PTQMBOFTQBSBMBJOUSPEVDDJØOEFM4VQMFNFOUP&VSPQFPBM5ÓUVMPTFFODVFOUSBO
DPOEJDJPOFTEFBENJTJØOZMPTUJQPTEFDFOUSPTJNQMJDBEPT"EFNÈT DPOFMEFDSFUP CBTUBOUFBWBO[BEPT
MFZEFNBS[PEF MPTDFOUSPTEFFOGFSNFSÓBZEFUFDOPMPHÓBTBOJUBSJB
QBTBSPOBTFSSFTQPOTBCJMJEBEEFM.JOJTUFSJPEF$JFODJBZ&EVDBDJØO4VQFSJPS &M$POTFKP/BDJPOBMEF&WBMVBDJØOEFMB&EVDBDJØO4VQFSJPS $/"7&4
GPSNB
QBSUF EF MB 3FE &VSPQFB QBSB MB (BSBOUÓB EF MB $BMJEBE FO MB &OTF×BO[B
&MEFFOFSPEFTFQSPNVMHØVOBOVFWBMFZ -FZ
QBSBFMEFTBSSPMMPZ 4VQFSJPS &/2"
EFTEF "EFNÈT ZB TF FODVFOUSB FO GVODJPOBNJFOUP FM
MBDBMJEBEEFMBFEVDBDJØOTVQFSJPS"VORVFTVKFUBBOVFWBTSFHVMBDJPOFT TVQPOF $POTFKP$POTVMUJWPQBSBMB&EVDBDJØO4VQFSJPS DVZBDSFBDJØOTFSFDPHFFOMB-FZ
VO QBTP NÈT FO MB BEPQDJØO EF MB OVFWB FTUSVDUVSB EF MPT FTUVEJPT MB HBSBOUÓB 1PSPUSPMBEP TFFTUÈFTUVEJBOEPMBQSPQVFTUBEFVOBOVFWBMFZTPCSFMB
EF MB DBMJEBE MB JOUSPEVDDJØO EF VO TJTUFNB EF DSÏEJUPT DPNQBUJCMF DPO FM &$54 mOBODJBDJØOEFMBFEVDBDJØOTVQFSJPS RVFJODMVZFOVFWBTEJTQPTJDJPOFTEJSJHJEBTB
FM BVNFOUP EF MB DBMJEBE Z MB BDSFEJUBDJØO EF MPT DFOUSPT Z MB PSHBOJ[BDJØO EFM MBJOWFSTJØOFODBMJEBEZFYDFMFODJB
BQSFOEJ[BKFBMPMBSHPEFMBWJEB
3FTQFDUPBMBQSFOEJ[BKFBMPMBSHPEFMBWJEB MB1SPQVFTUBEFVOB-FZ.BSDPTPCSF
6OBOVFWBQSPQVFTUBEF-FZ.BSDPTPCSFFM4JTUFNB&EVDBUJWPSFHVMBMBBEPQDJØO &EVDBDJØOIBDFSFGFSFODJBBÏTUFDPNPVONFEJPRVFQFSNJUFBMBQPCMBDJØOFO
EFVOBFTUSVDUVSBEFMPTFTUVEJPTCBTBEBFOEPTDJDMPTQSJODJQBMFT DPOEVDFOUFT BDUJWPBNQMJBSTVTUJUVMBDJPOFTPJODSFNFOUBSTVGPSNBDJØO
BMPTUÓUVMPTEFMJDFODJBEPZNFTUSF-BTVOJWFSTJEBEFTFTUÈOBVUPSJ[BEBTBPUPSHBSFM
UÓUVMPEFEPVUPS EPDUPS
CBKPDJFSUBTDPOEJDJPOFT4FQSFWÏNPEJmDBSMBEVSBDJØOEF 4FQSFUFOEFNFKPSBSMBDBMJEBEEFMBFEVDBDJØOTVQFSJPSBUSBWÏTEFMEFDSFUP
MPTOVFWPTQSPHSBNBT EFGFCSFSPEFRVFNPEJmDBFMEFDSFUPMFZ"EFEFTFQUJFNCSF
EFZDVZPPCKFUJWPFTFMFTUBCMFDJNJFOUPEFMPTSFRVJTJUPTNÓOJNPTFYJHJEPTB
MPTFTUVEJBOUFTQBSBBDDFEFSBMBFEVDBDJØOTVQFSJPS
&4536$563"%&-"&/4&º"/;"461&3*03 10356("-

(WGPVG'WT[FKEG
!
$ +%'/%+#&0
% " +%'/%+#&0 '342' 05402

$ ! ! +%'/%+#&0
<
$ #%*#2'- +%'/%+#&0
9'#23

$ 05402
#%*#2'- +%'/%+#&0
% # ! "
$ +%'/%+#&0
#%*#2'-

FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF

5SBTMBFONJFOEBBMB-FZ.BSDPTPCSFFM4JTUFNB&EVDBUJWPFOTFQUJFNCSFEF UBOUPMBTVOJWFSTJEBEFTDPNPMPTJOTUJUVUPTQPMJUÏDOJDPTQVFEFOPUPSHBSMPTUÓUVMPTEF
#BDIBSFMZ-JDFODJBEP NJFOUSBTRVFMPTUÓUVMPTEFQPTUHSBEP .FTUSFZ%PVUPSTFPCUJFOFOFYDMVTJWBNFOUFFOMBTVOJWFSTJEBEFT
'*/-"/%*"
&O 'JOMBOEJB MBT QSJODJQBMFT EJTQPTJDJPOFT WJODVMBEBT BM 1SPDFTP EF #PMPOJB TF &M (PCJFSOP IB FTUBCMFDJEP VOPT PCKFUJWPT QBSB QSPNPWFS MB NPWJMJEBE EF MPT
SFDPHFOFOFM1MBOEF%FTBSSPMMPi&EVDBDJØOF*OWFTUJHBDJØOwEFM FTUVEJBOUFTUBOUPEFMBTVOJWFSTJEBEFTDPNPEFMPTJOTUJUVUPTQPMJUÏDOJDPTZBNCPT
.JOJTUFSJP EF &EVDBDJØO BEPQUBEP FO " mOBMFT EF TF BEPQUBSÈ VO TFDUPSFTTPOSFDPNQFOTBEPTQPSTVQBSUJDJQBDJØOFOBDUJWJEBEFTJOUFSOBDJPOBMFT
OVFWPQMBOEFEFTBSSPMMPEFDJODPB×PTEFEVSBDJØO "TJNJTNP TFBOJNBBMPTDFOUSPTEFFEVDBDJØOTVQFSJPSBEFTBSSPMMBSQSPHSBNBTEF
"VORVFFMTJTUFNBEFEPTDJDMPTTFJOUSPEVKPBNFEJBEPTEFMPTFODBTJUPEPT FTUVEJPTFOMFOHVBJOHMFTB
MPTQMBOFTEFFTUVEJP FOMBBDUVBMJEBEMPTUÓUVMPTEF#BDIFMPSOPTPOPCMJHBUPSJPTZ 5BOUPMBTVOJWFSTJEBEFTDPNPMPTJOTUJUVUPTQPMJUÏDOJDPTPGSFDFOVOBNQMJPBCBOJDP
MPTFTUVEJBOUFTQVFEFOBDDFEFSEJSFDUBNFOUFBQSPHSBNBTDPOEVDFOUFTBMUÓUVMP EFQSPHSBNBTEJSJHJEPTBMBQSFOEJ[BKFBMPMBSHPEFMBWJEB
EF.BTUFS&MTJTUFNBEFEPTDJDMPTTFSÈPCMJHBUPSJPFOUPEPTMPTQMBOFTEFFTUVEJPT &O FM 1BSMBNFOUP mOMBOEÏT BQSPCØ VOB MFZ SFMBUJWB B MPT QSPHSBNBT EF
BQBSUJSEF DPOWJSUJÏOEPTFFM#BDIFMPSFOVOUÓUVMPPCMJHBUPSJPQBSBUPEPTMPT MPT JOTUJUVUPT QPMJUÏDOJDPT DPOEVDFOUFT B VOB UJUVMBDJØO EF TFHVOEP DJDMP
FTUVEJBOUFT $*/& "
PGSFDJEPT EF NBOFSB FYQFSJNFOUBM &TUB UJUVMBDJØO EF TFHVOEP DJDMP
"QBSUJSEFBHPTUPEFFMTJTUFNBEFDSÏEJUPTVOJWFSTJUBSJPOBDJPOBMTFSÈ $*/& "
PUPSHBEB FO MPT QPMJUÏDOJDPT FT VOB OVFWB UJUVMBDJØO EF OJWFM TVQFSJPS
SFFNQMB[BEP QPS VO TJTUFNB CBTBEP FO FM &$54 -B DPSSFTQPOEJFOUF SFGPSNB RVFTFDPODFEFBBRVFMMPTFOQPTFTJØOEFVOUÓUVMPQPMJUÏDOJDPEFQSJNFSDJDMPP
EF MPT UÓUVMPT FYQFEJEPT QPS MPT JOTUJUVUPT QPMJUÏDOJDPT EFCFSÈ TFHVJS FM NJTNP FRVJWBMFOUFZRVF USBTMBDPODFTJØOEFEJDIPUÓUVMP IBOBERVJSJEPVONÓOJNPEF
DBMFOEBSJP USFTB×PTEFFYQFSJFODJBQSPGFTJPOBMFOFMDBNQPDPSSFTQPOEJFOUF&TUBFYQFSJFODJB
"OUF MB FYJHFODJB EF NFKPSBS MB USBOTQBSFODJB JOUFSOBDJPOBM EF MPT UÓUVMPT FM JOJDJBEBFOFOFSPEF TFFYUFOEFSÈIBTUBmOBMFTEFKVMJPEF
.JOJTUFSJPEF&EVDBDJØOSFDPNFOEØMBJOUSPEVDDJØOEFM4VQMFNFOUP&VSPQFPBM "EFNÈTEFMBTQSPQVFTUBTWJODVMBEBTBM1SPDFTPEF#PMPOJB FM(PCJFSOPQSPZFDUB
5ÓUVMPFOKVOJPEF&OMBQSÈDUJDB DBTJUPEPTMPTDFOUSPTEFFEVDBDJØOTVQFSJPS UPNBSNFEJEBTQBSBGBDJMJUBSMBUSBOTJDJØOEFMBFEVDBDJØOTFDVOEBSJBBMBFEVDBDJØO
FYQJEFOBVUPNÈUJDBNFOUFFM4VQMFNFOUPBUPEPTMPTFTUVEJBOUFT NJFOUSBTRVFMPT TVQFSJPS SFBMJ[BOEPQBSBFMMPMPTDBNCJPTOFDFTBSJPTFOFMTJTUFNBEFTFMFDDJØOEF
EFNÈTDFOUSPTMPIBDFOBQFUJDJØOEFMPTJOUFSFTBEPT MPTFTUVEJBOUFT
&ODVBOUPBMBHBSBOUÓBEFMBDBMJEBE 'JOMBOEJBGPSNBQBSUFEFMB3FE&VSPQFB 6O JNQPSUBOUF BWBODF SFMBDJPOBEP DPO MB NPWJMJEBE EF MPT FTUVEJBOUFT Z MB SFE
QBSB MB (BSBOUÓB EF MB $BMJEBE FO MB &OTF×BO[B 4VQFSJPS &/2"
EFTEF TV VOJWFSTJUBSJB IB TJEP FM QSPHSFTP FYQFSJNFOUBEP FO FM ÈNCJUP DPOPDJEP DPNP
DSFBDJØO Z FM $POTFKP 'JOMBOEÏT EF &WBMVBDJØO EF MB &EVDBDJØO 4VQFSJPS 'JOOJTI EFSFDIPBMPTFTUVEJPTnFYJCMFT&OWJSUVEEFVOBDVFSEPSFDJFOUF MPTFTUVEJBOUFT
)JHIFS&EVDBUJPO&WBMVBUJPO$PVODJMP'*/)&&$
UBNCJÏOBDUÞBDPNPTFDSFUBSJBEPEF EFMBTVOJWFSTJEBEFTmOMBOEFTBTQVFEFOTPMJDJUBSTFSBENJUJEPTUFNQPSBMNFOUFFO
MB3FE&VSPQFBQBSBMB(BSBOUÓBEFMB$BMJEBEFOMB&OTF×BO[B4VQFSJPS1PSMFZ UBOUP PUSBVOJWFSTJEBEEFMQBÓT SFDPOPDJÏOEPTFFTUFQFSÓPEPBMBIPSBEFDPODFEFSMFTTV
MBTVOJWFSTJEBEFTDPNPMPTJOTUJUVUPTQPMJUÏDOJDPTTPOSFTQPOTBCMFTEFMBFWBMVBDJØO UJUVMBDJØO
EFTVTQSPQJBTBDUJWJEBEFT&M'*/)&&$BTFTPSBBMPTDFOUSPTEFFEVDBDJØOTVQFSJPSZ
BM.JOJTUFSJPEF&EVDBDJØOFOMPTBTQFDUPTSFMBDJPOBEPTDPOMBFWBMVBDJØO
&4536$563"%&-"&/4&º"/;"461&3*03 '*/-"/%*"

(WGPVG'WT[FKEG
O O O O O O
O O O O O O
%!" A #$ !""
+7/15/82DD1D7/ A
86+)/'22D1'7+
2/8+48/''99/ A 2/)+49/'9 >+'78

O O O
O O O O O O
2/8+48/''99/ A 2/)+49/'9 +7/15/8+2D/42DD1D7/
95 >+'78 A
86+)/'2;+9+7/4D7
O O O O O O O O O O O O O
O O O O O O
1'4*/*''99/ A 1'4*/*'9 3'/89+7/ A 3'-/89+7 +7/15/8.'33'82DD1D7/
>+'78
A
86+)/'29'4*2D1'7+
1'4*/*''99/ A 1'4*/*'9 3'/89+7/ 3'-/89+7
3'/89+7/ A 3'-/89+7

O O O
*/6253//48/4HH7/ '711/9+.9/ 3'/8+3''711/9+.9/ A */6253/4-+40H7 '71/9+19 2'4*81'68'71/9+19
O O O O O O O O O
O O O O O O

1'4*/*''99/ A 1'4*/*'9 3'/89+7/ A 3'-/89+7 95.957/ A
*51957
3'/89+7/ A 3'-/89+7
O O O O O O O O O O O O O O O
1'4*/*''99/ A 1'4*/*'9 3'/89+7/ A 3'-/89+7

1'4*/*''99/ A 1'4*/*'9 3'/89+7/ A 3'-/89+7
3'/89+7/ A 3'-/89+7
O O O O O O

2/8+48/''99/
95.957/ A
O O O O O O O O O
A 2/)+49/'9 *51957
5/1+:8459''7/ A 7D998459'7/+ 1'4*/*''99/ A 1'4*/*'9
1'4*/*''99/ A 1'4*/*'9
O O O O O O O O O

,'73'8+:99/ A ,'73')+:9 675;//857/ A 675;/857
675;//857/ A 675;/857
O O O O O O
##!"#! ## A C !$ !C!

1'4*/*''99/ A 1'4*/*'9 3'/89+7/ 3'-/89+7
O O O O O O O O O
O O O O O O O O O
"" ## A% !C! '33'99/1571+'15:2:4
0'9159:91/495 A
6F(>--4'*8+='3+4
'33'99/1571+'15:2:9:91/495 A >71+8.H-8152++='3+4 ;/* >71+8.H-8152'

FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF
46&$*"
&O 4VFDJB MB -FZ EF &EVDBDJØO 4VQFSJPS Z FM %FDSFUP EF &EVDBDJØO 4VQFSJPS -PTDFOUSPTTVFDPTEFFEVDBDJØOTVQFSJPSQPTFFOVOBMBSHBUSBEJDJØOFOMBPGFSUB
RVF SFHVMBO EJDIP OJWFM FEVDBUJWP FOUSBSPO FO WJHPS FO &M %FDSFUP TPCSF EFDVSTPTZQSPHSBNBTQBSBBEVMUPT&OTFJOUSPEVKFSPOWBSJBTNFEJEBTOVFWBT
UJUVMBDJPOFT FTUÈ JODMVJEP FO VO BOFYP EFM %FDSFUP EF &EVDBDJØO 4VQFSJPS EJSJHJEBTBMTFSWJDJPEFMBQSFOEJ[BKFBMPMBSHPEFMBWJEB
FTUBCMFDJEPQPSFM(PCJFSOP x &O FOFSP EF TF JODPSQPSØ VO UÓUVMP EF .BTUFS .BHJTUFSFYBNFO
&OBCSJMEFTFOPNCSØVOHSVQPEFUSBCBKPEFOUSPEFM.JOJTUFSJPEF&EVDBDJØO NFE ÊNOFTCSFEE
DPO VOB PSJFOUBDJØO NÈT QSPGFTJPOBM QBSB BRVFMMPT
Z$JFODJBDPOFMmOEFSFWJTBSDJFSUPTQVOUPT DPNP QPSFKFNQMP MBPSHBOJ[BDJØOEF FTUVEJBOUFTEFTFPTPTEFBNQMJBSTVTDPOPDJNJFOUPTBVOOVFWPDBNQP
MPTFTUVEJPTEFTEFVOBQFSTQFDUJWBJOUFSOBDJPOBM&MJOGPSNFEFmOJUJWPTFQSFTFOUBSÈ NÈTRVFEFDPOUJOVBSFTQFDJBMJ[ÈOEPTFFOVOBÞOJDBSBNBEFMTBCFS&TUF
FMEFGFCSFSPEF QSPHSBNB EF FTUVEJPT FRVJWBMF BM NFOPT B DSÏEJUPT Z FTUÈ BCJFSUP B
&MVTPEFMTJTUFNBEFDSÏEJUPTTVFDPFTPCMJHBUPSJPFOUPEBMBFEVDBDJØOTVQFSJPS UPEPTBRVÏMMPTFOQPTFTJØOEFVOUÓUVMPFRVJWBMFOUFBDSÏEJUPTDPNP
6O DSÏEJUP EFM TJTUFNB TVFDP FRVJWBMF B DSÏEJUPT FO FM 4JTUFNB &VSPQFP EF NÓOJNP-BOVFWBUJUVMBDJØODPOTUJUVJSÈVOBBQPSUBDJØOTJHOJmDBUJWBQBSBFM
5SBOTGFSFODJBEF$SÏEJUPT BQSFOEJ[BKFBMPMBSHPEFMBWJEB BMIBDFSMPBUSBDUJWPBBRVFMMPTFOBDUJWP
QBSBRVFBTÓTFSFJODPSQPSFOBMBFEVDBDJØOTVQFSJPS
%FTEFFMEFFOFSPEFTFIBWFOJEPFYQJEJFOEPVO4VQMFNFOUP&VSPQFP
BM5ÓUVMP FOJOHMÏT
KVOUPDPOMBTUJUVMBDJPOFTTVFDBTEFFEVDBDJØOTVQFSJPS DPO x &ONBS[PEFTFDSFØMB4XFEJTI/FU6OJWFSTJUZ i6OJWFSTJEBE7JSUVBM
FM mO EF NFKPSBS MBiUSBOTQBSFODJBw JOUFSOBDJPOBM Z EF GBDJMJUBS FM SFDPOPDJNJFOUP 4VFDBw
QBSBDPPSEJOBSZQSPNPDJPOBSMBFEVDBDJØOBEJTUBODJBBUSBWÏTEF
BDBEÏNJDPZQSPGFTJPOBMEFMBTUJUVMBDJPOFT MBTSFEFTEFVOJWFSTJEBEFTZFTDVFMBTVOJWFSTJUBSJBT
-BFWBMVBDJØOEFMBDBMJEBETFIBEFTBSSPMMBEPEFGPSNBQFSJØEJDBEFTEFFOFSP x /VFWPT DSJUFSJPT EF BENJTJØO RVF DMBSJmDBO MBT SFTQPOTBCJMJEBEFT EF
MBFEVDBDJØOTVQFSJPSBMBIPSBEFFWBMVBSTJMPTTPMJDJUBOUFTRVFDBSFDFO
EFQPSQBSUFEFMB"HFODJB/BDJPOBMQBSBMB&EVDBDJØO4VQFSJPSZDVCSF
UPEBTMBTNBUFSJBTZQSPHSBNBT-B"HFODJBGPSNBQBSUFEFMB3FE&VSPQFBQBSB EF UJUVMBDJPOFT GPSNBMFT GVFSB EFM TJTUFNB EF FEVDBDJØO PSEJOBSJP IBO
MB (BSBOUÓB EF MB $BMJEBE FO MB &OTF×BO[B 4VQFSJPS &/2"
"TJNJTNP WB FO BERVJSJEPMPTDPOPDJNJFOUPTOFDFTBSJPTQBSBTFSBENJUJEPT&TUPTOVFWPT
BVNFOUPMBDPMBCPSBDJØOEFMB3FE/ØSEJDBEF"HFODJBTQBSBMB(BSBOUÓBEFMB DSJUFSJPTEFTFMFDDJØOTFBQMJDBSÈOQPSQSJNFSBWF[BQBSUJSEFMPUP×PEF
$BMJEBEDPOPUSPTBHFOUFTFEVDBUJWPT DFOUSPTZFTUVEJBOUFT
&4536$563"%&-"&/4&º"/;"461&3*03 46&$*"

(WGPVG'WT[FKEG
O O O O O O
3
!

0 . ,$)4, 1( ) '4&, 1( )
!$ $ !
O O O
+*. &, 1( ) .)'4&, 1( ) +-2&*'*" 1( ) ')-&+-,&$. &. 1( )
"!!" $ !
O O O
,&$. &. 1( ) $0$'$)" )%5,- 1( ) ",*)*( 1( ) %/,$-. 1( ) #*,.*)*( 1( )
O O O O O O O O O O O
%
'4,, 1( )
!$ #
&
O O O
'*"*+ 1( ) *,")$-. 1( )

$ !
O O O
,)$)" )%5,- 1( ) -*$*)*( 1( ) '$ )$. *&.*,
O O O O O O

! !!$ $ ! , .-. ,+ /. 1( ) *+.$& , 1( )
*&.*,
-%/&"2()-. 1( ) -%/&-&5. ,-& 1( )
O O O O O O O O O
!" !$ !
&*)-.)4,'$" #5"-&*' 1( )
O O O O O O O O O O O O
#5"-&*' 1( )
&)$. 1( ) ("$-. , 1( )

O O O O O O
("$-. , 1( )
% "

&0'$!$ , 2,& - 1( )
O O O O O O
!" !

$).2" $+'*( " -4'', 0

FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF
-BTUJUVMBDJPOFTQSPGFTJPOBMFTRVFTFNVFTUSBOOPTPONÈTRVFVOFKFNQMPEFMBTDBTJFYJTUFOUFT"MHVOPTQSPHSBNBTBEJDJPOBMFTDPOEVDFOUFTBUJUVMBDJPOFTQSPGFTJPOBMFT
TVQFSJPSFTSFRVJFSFOFTUBSFOQPTFTJØOEFVOBUJUVMBDJØOQSPGFTJPOBMEFQSJNFSDJDMP
-BEFOPNJOBEBLPNQMFUUFSBOEFTLPMPSJODMVZFWBSJPTDFOUSPTQSJWBEPTEFFOTF×BO[BFOGVODJØOEFMQSPHSBNBDPSSFTQPOEJFOUF-PT*OUZHEJQMPNHFTÊMMCSFWTPOMBTEFOPNJOBDJPOFT
EFEJTUJOUBTUJUVMBDJPOFT"QBSUFEFMBTVOJWFSTJUFUIÚHTLPMPSFYJTUFOPUSPTDFOUSPTEPOEFUBNCJÏOTFJNQBSUFGPSNBDJØOQSPGFTJPOBMEFOJWFMTVQFSJPS
3&*/06/*%0
*OHMBUFSSB (BMFTF*SMBOEBEFM/PSUF
&O*OHMBUFSSB (BMFTF*SMBOEBEFM/PSUF MBNBZPSÓBEFMPTDBNCJPTSFDJFOUFTFOMB &M 4VQMFNFOUP &VSPQFP BM 5ÓUVMP OP TF IB JOUSPEVDJEP UPEBWÓB FO FM 3FJOP
FOTF×BO[B TVQFSJPS TF QSPEVKFSPO DPNP SFTQVFTUB B MBT SFDPNFOEBDJPOFT EFM 6OJEPOPPCTUBOUF BQBSUJSEFMB×PBDBEÏNJDP TFFTQFSBRVFMPTDFOUSPT
%FBSJOH3FQPSUQVCMJDBEPFOQPSFM/BUJPOBM$PNNJUUFFPG*ORVJSZJOUP)JHIFS QSPQPSDJPOFOVOFYQFEJFOUFEFTFHVJNJFOUP QSPHSFTTmMF
EPOEFTFJODMVZBVOB
&EVDBUJPO/PPCTUBOUF MPTÞMUJNPTBWBODFTEFFTUBTSFGPSNBTUBNCJÏOUJFOFOFO SFMBDJØO EF MPT PCKFUJWPT BMDBO[BEPT P OP QPS FM FTUVEJBOUF -B 2VBMJUZ"TTVSBODF
DVFOUBMPTPCKFUJWPTEFM1SPDFTPEF#PMPOJB "HFODZ GPS )JHIFS &EVDBUJPO 6OJWFSTJUJFT 6, Z MB 4UBOEJOH $POGFSFODF PG 1SJODJQBMT
KVOUP DPO PUSPT TPDJPT IBO FMBCPSBEP MBT EJSFDUSJDFT
QBSB BZVEBS B MPT
-B FTUSVDUVSB BDUVBM EF MPT FTUVEJPT CBTBEB USBEJDJPOBMNFOUF FO EPT DJDMPT
DFOUSPT B EFTBSSPMMBS F JOUSPEVDJS FTUPT FYQFEJFOUFT EF TFHVJNJFOUP ²TUPT IBO
QSJODJQBMFT DPSSFTQPOEFBMNPEFMPØ4VCTJTUFO OPPCTUBOUF BMHVOBT
TJEPDPODFCJEPTDPNPVONPEPEFSFTQPOEFSBMPTPCKFUJWPTEFMB%FDMBSBDJØOEF
BNCJHàFEBEFT FO QBSUJDVMBS FO MPT QSPHSBNBT JOUFHSBEPT EF QSJNFS DJDMP EF
#PMPOJBFODVBOUPBM4VQMFNFOUP&VSPQFPBM5ÓUVMP
DVBUSPB×PTEFEVSBDJØORVFDPOEVDFOBVO.BTUFS&OFMDBTPEFMPTQSPHSBNBT
RVFDPNFO[BSPOFOFMB×PBDBEÏNJDP MPTDFOUSPTEFCFOPUPSHBSUÓUVMPT -B 2VBMJUZ "TTVSBODF "HFODZ GPS )JHIFS &EVDBUJPO 2""
GVF FTUBCMFDJEB
DPNQBUJCMFTDPOFMOVFWPNBSDPEFMPTUÓUVMPTEFFOTF×BO[BTVQFSJPS&TUFNBSDP FOTVGPSNBBDUVBMFO1BSUJDJQBFOMB3FE&VSPQFBQBSBMB(BSBOUÓBEFMB
UJFOFQPSPCKFUPBVNFOUBSMBIPNPHFOFJEBEFOMBVUJMJ[BDJØOEFMPTUÓUVMPT QVFTUP $BMJEBE FO MB &OTF×BO[B 4VQFSJPS &/2"
Z FTUÈ SFQSFTFOUBEB FO FM $POTFKP
RVFBNFOVEPTVFMFOWBSJBSEFNBOFSBDPOTJEFSBCMFEFVODFOUSPBPUSP*ODMVZF EF "ENJOJTUSBDJØO EFM 2"" &TUB BHFODJB NBOUJFOF SFMBDJPOFT CJMBUFSBMFT DPO
TPCSF UPEP EFTDSJQUPSFT EF MPT UÓUVMPT FTUBCMFDJEPT QBSB BZVEBS B MPT DFOUSPT B OVNFSPTBT BHFODJBT FVSPQFBT Z QVCMJDB VO DØEJHP EF CVFOBT QSÈDUJDBT TPCSF MB
FYQFEJSUÓUVMPTNÈTMFHJCMFTZNÈTGÈDJMNFOUFDPNQBSBCMFT PGFSUB DPNÞO JODMVZFOEP MB PGFSUB USBOTOBDJPOBM JOJDJBEB QPS FM 3FJOP 6OJEP Z
-PTQSPHSBNBTEFBDVNVMBDJØOZUSBOTGFSFODJBEFDSÏEJUPTIBOTJEPBNQMJBNFOUF
DPOUJOVBEBFOFMFYUSBOKFSPBUSBWÏTEFDFOUSPTBTPDJBEPT
VUJMJ[BEPTFOFM3FJOP6OJEPFTUPTÞMUJNPTB×PT BVORVFOPEFNBOFSBHFOFSBMJ[BEB &OFMNBSDPEFMBFEVDBDJØOZMBGPSNBDJØOQFSNBOFOUFFOMBFOTF×BO[BTVQFSJPS
&M TJTUFNB &$54IB TJEP BQMJDBEP UBNCJÏO EFTEF TV JOUSPEVDDJØO FO TPCSF UPEPT MPT DFOUSPT BQMJDBO NFEJEBT FTQFDJBMFT QBSB MB BENJTJØO EF BEVMUPT DPNP
UPEP QPS MPT DFOUSPT RVF QBSUJDJQBO FO FM QSPHSBNB 4ØDSBUFT &SBTNVT
4JO QPSFKFNQMPMBTQBTBSFMBTFTQFDÓmDBT FMSFDPOPDJNJFOUPEFMBGPSNBDJØOQSFWJBPMB
FNCBSHP FM ÈNCJUP EF BQMJDBDJØO EFM TJTUFNB EF DSÏEJUPT EFCF FYUFOEFSTF BÞO FYQFSJFODJBBERVJSJEBDPNPBMUFSOBUJWBBMPTSFRVJTJUPTIBCJUVBMFTEFBENJTJØO
NÈT&M%FQBSUNFOUGPS&EVDBUJPOBOE4LJMMT %G&4
IBDPODMVJEPSFDJFOUFNFOUFVO &M(PCJFSOPDPODFEFVOBHSBOJNQPSUBODJBBMEFTBSSPMMPDPOUJOVPEFMBFOTF×BO[B
QSPZFDUPDPOFMmOEFBOBMJ[BSMPTQSPHSBNBTEFDSÏEJUPTFOFM3FJOP6OJEPZFO TVQFSJPS Z TF mKB DPNP PCKFUJWP FM RVF MB NJUBE EF MB QPCMBDJØO BDDFEB B MB
FMFYUSBOKFSP4FIJDJFSPOBMHVOBTSFDPNFOEBDJPOFTBMPT.JOJTUSPTQBSBEFmOJSMBT FOTF×BO[BTVQFSJPSBOUFTEFMPTB×PT
EJWFSTBTNBOFSBTEFMMFWBSBDBCPVOVTPNÈTDPNÞOZDPIFSFOUFEFMPTDSÏEJUPT -BQBSUFGVOEBNFOUBMEFMBVNFOUPEFMBPGFSUBFOMBFOTF×BO[BTVQFSJPSWFOESÈ
&M )JHIFS &EVDBUJPO 'VOEJOH $PVODJM GPS &OHMBOE )&'$&
IB UFOJEP FO DVFOUB EFUFSNJOBEBQPSFMFTUBCMFDJNJFOUPEFOVFWPTUJQPTEFUÓUVMPT TPCSFUPEPMPT
MBT SFDPNFOEBDJPOFT EFM JOGPSNF %FBSJOH Z IB SFEBDUBEP VO QMBO EF BDDJØO GPVOEBUJPOEFHSFFT&TUPTUÓUVMPT PSJFOUBEPTBMBGPSNBDJØOQSPGFTJPOBMZDPO
RVF UFOESÈ FO DVFOUB EF NBOFSB FYQMÓDJUB FM EFTBSSPMMP EFM 1SPDFTP EF #PMPOJB VOBEVSBDJØOEFEPTB×PT GVFSPOJOUSPEVDJEPTFOTFQUJFNCSFEF%FCFSÓBO
"TJNJTNP EFmOJSÈMBTNFEJEBTBUPNBSDPOFMmOEFBMDBO[BSVOBBMJOFBDJØODPO QFSNJUJSBMPTDFOUSPTBUFOVBSMBFTDBTF[EFDPNQFUFODJBTEFOJWFMJOUFSNFEJP
FM NBSDP FVSPQFP FO DVBOUP B DSÏEJUPT Z UÓUVMPT &TUF QMBO EF BDDJØO TF BQMJDBSÈ BNQMJBSMBQBSUJDJQBDJØOFOMBFOTF×BO[BTVQFSJPSZFTUJNVMBSMBFEVDBDJØOZ
EVSBOUFMPTB×PTBDBEÏNJDPTZ MBGPSNBDJØOQFSNBOFOUF-PTGPVOEBUJPOEFHSFFTQVFEFOTFSPUPSHBEPTQPS
GVSUIFSFEVDBUJPODPMMFHFTTVPCKFUJWPFTFTUBCMFDFSZSFGPS[BSMPTWÓODVMPTFOUSF
MBGPSNBDJØODPOUJOVBZMBFOTF×BO[BTVQFSJPS&TUÈODPODFCJEPT EFNBOFSB
FTQFDÓmDB QBSBPGSFDFSMBQPTJCJMJEBEEFQSPHSFTBSIBDJBPUSPTUÓUVMPTEFUJQP
#BDIFMPS
3&*/06/*%0
&TDPDJB
&O&TDPDJB MBTBEBQUBDJPOFTWJODVMBEBTBM1SPDFTPEF#PMPOJBFTUÈOEFmOJEBTQPS "EFNÈT EF MB 2VBMJUZ"TTVSBODF"HFODZ 2""
RVF QBSUJDJQB EF NBOFSB BDUJWB
FM 4DPUUJTI)JHIFS&EVDBUJPO'SBNFXPSL BEPQUBEP FO FM B×P TF FTQFSB FO MB &VSPQFBO /FUXPSL GPS 2VBMJUZ "TTVSBODF JO )JHIFS &EVDBUJPO &/2"
FM
RVFDPODMVZBFOFM
ZFM4DPUUJTI$SFEJUBOE2VBMJmDBUJPOT'SBNFXPSL 4$2'
4DPUUJTI )JHIFS &EVDBUJPO 'VOEJOH $PVODJM 4)&'$
DSFBEP FO FM B×P FT
UBNCJÏOBEPQUBEPFOFM-PTQSPDFEJNJFOUPTQBSBMBFWBMVBDJØOEFMBDBMJEBE PmDJBMNFOUFSFTQPOTBCMFEFMBFWBMVBDJØOEFMBDBMJEBEEFMBFOTF×BO[BJNQBSUJEBFO
EFMBFOTF×BO[BTVQFSJPSTFSFWJTBSPOUBNCJÏOFOMPTB×PTZ MPTDFOUSPTQÞCMJDPT-PTQSPDFEJNJFOUPTEFHBSBOUÓBEFMBDBMJEBEGVFSPOSFWJTBEPT
FOMPTB×PTZDPOFMmOEFBSNPOJ[BSMBNFUPEPMPHÓBFOFMDPOKVOUPEFM
-BFTUSVDUVSBBDUVBMEFMPTFTUVEJPTTFBSUJDVMBFOUPSOPBEPTDJDMPTQSJODJQBMFT
3FJOP6OJEPZGVOEBNFOUBSFMQSJODJQJPEFFWBMVBDJØOBDBEÏNJDPPSJFOUBEPIBDJB
FTUSVDUVSB EFM UJQP #BDIFMPS.BTUFS
-PT QSPHSBNBT EF FTUVEJP USBEJDJPOBMFT EF
MBQSPNPDJØOEFMBDBMJEBE&OMBBDUVBMJEBETFBQMJDBVONPEFMPEFSFGVFS[PEFMB
B×PT EF EVSBDJØO RVF DPOEVDFO B VO )POPVST EFHSFF P B VO .BTUFS EF B×P
DBMJEBERVFJNQMJDBBÞONÈTBMPTFTUVEJBOUFTFOFMQSPDFTPEFFWBMVBDJØOKVOUPDPO
EF EVSBDJØO DPSSFTQPOEFO BM NPEFMP CBTBEP FO MB FTUSVDUVSB EF EPT DJDMPT
MPTQBSUJDJQBOUFTJOUFSFTBEPT
QSJODJQBMFTQSPQVFTUBFOFMNBSDPEFM1SPDFTPEF#PMPOJB
&M 'SBNFXPSL GPS RVBMJmDBUJPOT PG IJHIFS FEVDBUJPO JOTUJUVUJPOT JO 4DPUMBOE
&TDPDJB TJHVF MB FWPMVDJØO EFM TJTUFNB &$54 Z MBT QSPQVFTUBT EF DSFBDJØO EF VO
QSPQPSDJPOB MB JOGPSNBDJØO OFDFTBSJB SFMBUJWB B MB PGFSUB EF UÓUVMPT EF FOTF×BO[B
NBSDP FVSPQFP EF DSÏEJUPT QBSB MB FEVDBDJØO Z MB GPSNBDJØO QFSNBOFOUF DPNP
TVQFSJPS Z MB GPSNB FO RVF ÏTUPT TF BSUJDVMBO &TUF NBSDP DPOUJFOF VOB TFSJF EF
QBSUFJOUFHSBMEFM1SPDFTPEF#PMPOJB
DPOFMmOEFHBSBOUJ[BSVOEFTBSSPMMPGVUVSP
EFTDSJQUPSFT RVF QFSNJUFO B MPT DFOUSPT FYQFEJS UÓUVMPT GÈDJMNFOUF MFHJCMFT Z
DPNQBUJCMFDPOMBTEFDJTJPOFTFOFTUFÈNCJUP
DPNQBSBCMFT'PSNBQBSUFEFM4DPUUJTI$SFEJUBOE2VBMJmDBUJPOT'SBNFXPSL
&M 4DPUUJTI $SFEJU BOE 2VBMJmDBUJPOT 'SBNFXPSL 4$2'
SFÞOF UPEPT MPT UÓUVMPT
&M'SBNFXPSLGPS)JHIFS&EVDBUJPOJO4DPUMBOE QVCMJDBEPFONBS[PEF QSFTFOUB
QSJODJQBMFT FO VO ÞOJDP NBSDP BSNPOJ[BEP -PT DSÏEJUPT EFCFO TFS BTJHOBEPT B
VOB TÓOUFTJT EF MBT QSJPSJEBEFT FTUSBUÏHJDBT Z EF MPT PCKFUJWPT FO FM ÈNCJUP EF MB
UPEPT MPT UÓUVMPT EF FOTF×BO[B TVQFSJPS Z EFCFO FTUBS DMBTJmDBEPT FO FTUF NBSDP
FOTF×BO[B TVQFSJPS QBSB MPT QSØYJNPT B×PT 4F DFOUSB FO MPT UFNBT DMBWF EFM
IBTUBFMB×P-BQPTJDJØOEFM#BDIFMPSBTÓDPNPFMOÞNFSPZFMOJWFMEF
BQSFOEJ[BKFZMBFOTF×BO[B MBJOWFTUJHBDJØOZMBUSBOTGFSFODJBEFMPTDPOPDJNJFOUPT
DSÏEJUPTQPSBTJHOBSMFTFSÈOEFUFSNJOBEPTEFUBMNPEPRVFDPOTFSWFMBnFYJCJMJEBE
BTÓ DPNP FO MB HPCFSOBCJMJEBE Z MB HFTUJØO -B -JGFMPOH -FBSOJOH 4USBUFHZ QBSB
ZFMBMDBODFIBCJUVBMFTEFMQSPHSBNB6OPEFMPTPCKFUJWPTEFM4$2'FTFTUJNVMBSMB
&TDPDJB QVCMJDBEBFOGFCSFSPEFZFOMBRVFTFJOTDSJCFFM )JHIFS&EVDBUJPO
FEVDBDJØOZMBGPSNBDJØOQFSNBOFOUFBTJHOBOEPDSÏEJUPTBMPTFTUVEJPTQSFWJPT
'SBNFXPSL QSPQPSDJPOB VOB WJTJØO HMPCBM EF MB QPMÓUJDB Z EF MBT QSJPSJEBEFT EFM
&M4VQMFNFOUP&VSPQFPBM5ÓUVMPOPTFBQMJDBUPEBWÓB&TUÈQSFWJTUPJOUSPEVDJSVOB QPEFSFKFDVUJWPFOFTUFÈNCJUP
IFSSBNJFOUBTJNJMBS FOGPSNBEFVOFYQFEJFOUFEFTFHVJNJFOUPEFMFTUVEJBOUF
RVF
SFTQPOEFSÈBMPTPCKFUJWPTEFM1SPDFTPEF#PMPOJB"DUVBMNFOUF MPTQBSUJDJQBOUFT
FTQFSBO FM SFTVMUBEP EF MPT EFCBUFT FO FM 3FJOP 6OJEP FOUSF MB 2VBMJUZ"TTVSBODF
"HFODZ 6OJWFSTJUJFT 6, Z MB 4UBOEJOH $POGFSFODF PG 1SJODJQBMT BOUFT EF EFDJEJS MBT
NPEBMJEBEFTEFJOUSPEVDDJØO
&4536$563"%&-"&/4&º"/;"461&3*03 3&*/06/*%0

(WGPVG'WT[FKEG
O
#$ !"%
O
O O O O O O O O
O
2'78+6>7 *+-6++

O
O
"
O
O
(').+146>7 *+-6++
O
"
O
O O O O O
O
#$ !"%
O
O
O O O O O O O O
2'78+6>7 *+-6++ *4)846'8+
O
O
O
"
O
O

(').+146>7 *+-6++ "
O
O
O
O
O
2'78+6>7 *+-6++
O
O
O
O
O
O
"
O
O
(').+146>7 *+-6++
O
O
"
O
O

O O O
+68

O O O
/5
O O O

O O O

$*/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB

%JQMPNBJOUFSNFEJP oOo
&YQFSJFODJBQSPGFTJPOBM
O
%VSBDJØOEFMQSPHSBNB$*/& GPS
FSØQSPHSBNB
PCMJHBUPSJBEVSBDJØO NBDJØODPNQMFNFOUBSJB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF
$FSU)& $FSUJmDBUFPG)JHIFS&EVDBUJPO (3"%$&35 (SBEVBUF$FSUJmDBUF )/% )JHIFS/BUJPOBM%JQMPNB

%JQ)& %JQMPNBPG)JHIFS&EVDBUJPO (3"%%*1 (SBEVBUF%JQMPNB 1($&35 1PTUHSBEVBUF$FSUJmDBUF
'% 'PVOEBUJPO%FHSFF 6, &8/*
)/$ )JHIFS/BUJPOBM$FSUJmDBUF 1(%*1 1PTUHSBEVBUF%JQMPNB
"MHVOPTDPMMFHFTPGGVSUIFSFEVDBUJPOUBNCJÏOPGSFDFODVSTPTEFFEVDBDJØOTVQFSJPS FOFTQFDJBMBRVFMMPTRVFDPOEVDFOBMPTGPVOEBUJPOEFHSFFT &8/*TPMBNFOUF

BMPT
DFSUJmDBUFTZEJQMPNBT-BEVSBDJØOEFMPTQSPHSBNBTQVFEFTFSNÈTDPSUBPNÈTMBSHBRVFMBTQSFTFOUBEBTFOFMEJBHSBNB&O&TDPDJB MPTDVSTPTRVFDPOEVDFOBMPSEJOBSZ
CBDIFMPSTEFHSFFEVSBOUSFTB×PT NJFOUSBTRVFMPTRVFDPOEVDFOBMCBDIFMPSTEFHSFFXJUIIPOPVSTTVFMFOBCBSDBSDVBUSP&O*OHMBUFSSB (BMFTF*SMBOEBEFM/PSUF MPTDVSTPTRVF
DPOEVDFOBMCBDIFMPSTEFHSFFXJUIIPOPVSTEVSBOOPSNBMNFOUFUSFTB×PT BVORVFIBZWBSJPTDVSTPTEFDVBUSPB×PTEFEVSBDJØO FOQBSUJDVMBS BRVFMMPTRVFJODMVZFOQFSÓPEPTEF
QSÈDUJDBTFOFM3FJOP6OJEPPFOFMFYUSBOKFSP
1PSPUSPMBEP IBZDVSTPTEFDVBUSPB×PT DJODPFO&TDPDJB
FO$JFODJBT *OHFOJFSÓBZ.BUFNÈUJDBTRVFDPOEVDFOEJSFDUBNFOUFB
VONBTUFS-PTQSPHSBNBTRVFDPOEVDFOBVOFTUBUVTQSPGFTJPOBM NÏEJDP EFOUJTUB FUD
EVSBOHFOFSBMNFOUFDJODPB×PT-PTNBTUFSTEFPSJFOUBDJØOQSPGFTJPOBM UBVHIUNBTUFST
EFHSFFT
TFQSFQBSBOOPSNBMNFOUFFOVOB×P NJFOUSBTRVFMPTPSJFOUBEPTBMBJOWFTUJHBDJØO SFTFBSDINBTUFSTEFHSFFT
SFRVJFSFONÈTUJFNQP-PTUÓUVMPTWBSÓBOTFHÞOMPTDFOUSPT
&MDFOUSPFODVFTUJØOFTUBCMFDFFMQSPDFTPEFTFMFDDJØOEFMPTFTUVEJBOUFT-BNBZPSÓBEFMPTUÓUVMPTEFFOTF×BO[BTVQFSJPSTFFOUSFHBOFOMPTDFOUSPT OPBFTDBMBOBDJPOBM
*4-"/%*"
&O *TMBOEJB MB FOTF×BO[B TVQFSJPS FTUÈ SFHVMBEB QPS -FZ EF 6OJWFSTJEBEFT 1PS MP RVF TF SFmFSF B MB HBSBOUÓB EF MB DBMJEBE FM TFSWJDJP EF FWBMVBDJØO Z EF
6OJWFSTJUJFT "DU
BEPQUBEB FO 1VFTUP RVF MBT NFEJEBT BEPQUBEBT BOUFT TVQFSWJTJØOGVFFTUBCMFDJEPFOFM.JOJTUFSJPEF&EVDBDJØOFOFMB×P1PSPUSB
EF ZB JCBO FO FM TFOUJEP EF MPT PCKFUJWPT EFM 1SPDFTP EF #PMPOJB OP DBCF QBSUF *TMBOEJBQBSUJDJQBFOMB3FE&VSPQFBQBSBMB(BSBOUÓBEFMB$BMJEBEFOMB
NFODJPOBSOJOHÞODBNCJPQSJODJQBMFOMBQPMÓUJDBEFFOTF×BO[BTVQFSJPSOJFOMB &OTF×BO[B4VQFSJPS &/2"
BTÓDPNPFOMB3FE/ØSEJDBEF"HFODJBTQBSBMB
PSHBOJ[BDJØOPMBFTUSVDUVSBEFÏTUB (BSBOUÓBEFMB$BMJEBE
&MTJTUFNBEFFOTF×BO[BTVQFSJPSTFCBTB EFTEFIBDFUJFNQP FOVOBFTUSVDUVSB %FTEFTFIBODSFBEPOVFWFDFOUSPTEFBQSFOEJ[BKFBMPMBSHPEFMBWJEB
EVBMRVFDPOTJTUFFOVOÞOJDPDJDMPEFVOBEVSBDJØOEFBB×PTDPOEVDFOUFTBM VOPFODBEBVOBEFMBTQSJODJQBMFTSFHJPOFTEFMQBÓT-PTQSPHSBNBTEFFOTF×BO[B
UÓUVMPEFDBOEJEBUVTZFOVONPEFMPNÈTDPNÞOEFEPTDJDMPT EFUJQP#BDIFMPS B EJTUBODJB FTUÈO DBEB WF[ NÈT FYUFOEJEPT Z BMHVOBT VOJWFSTJEBEFT EJSJHFO Z
.BTUFS
EFVOBEVSBDJØOEF P
P
B×PT HFTUJPOBOJOTUJUVUPTEFGPSNBDJØODPOUJOVB
&MTJTUFNBOBDJPOBMEFDSÏEJUPT FOFMRVFVODSÏEJUPDPSSFTQPOEFBEPTDSÏEJUPT "MNBSHFOEFFTUBFWPMVDJØOQBSBMFMBBMJNQVMTPEFM1SPDFTPEF#PMPOJB VOOÞNFSP
&$54 TF CBTB FO MPT NJTNPT QSJODJQJPT RVF FM &$54 &TUF TJTUFNB TF VUJMJ[B QPS DSFDJFOUFEFDFOUSPTEFFOTF×BO[BTVQFSJPSFTUÈIBCJMJUBEPEFBIPSBFOBEFMBOUF
UPEBTMBTVOJWFSTJEBEFTJTMBOEFTBTFOFMNBSDPEFMPTQSPHSBNBTEFJOUFSDBNCJPEF QBSBDPODFEFSUÓUVMPTEFMUJQP.BTUFS
FTUVEJBOUFT
$POFMmOEFBVNFOUBSMBUSBOTQBSFODJBFOFMÈNCJUPJOUFSOBDJPOBMZFMSFDPOPDJNJFOUP
BDBEÏNJDPZQSPGFTJPOBMEFMPTUÓUVMPT MBNBZPSÓBEFMBTVOJWFSTJEBEFTEFDJEJFSPO
FOUSFHBSFM4VQMFNFOUP&VSPQFPBM5ÓUVMPBQBSUJSEFMBQSJNBWFSBEF

&4536$563"%&-"&/4&º"/;"461&3*03 *4-"/%*"

(WGPVG'WT[FKEG
*+
$
O O O O
!$ ('&,
$ !$ ('&,
!$ ('&,
& !$ ('&,

$ & % "
O O O O

'"
#
!$$'")&-(( $
&

! % )'
O O O
! & & %".#
$
%".#

" %".#

O O O O
%".#

FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF
#" #"HSÈ§B #.VT #.VTHSÈ§B ." .BTUFSPG"SUT.BHJTUFSBSUJVN .1" .BTUFSPG1VCMJD"ENJOJTUSBUJPO .48 .BTUFSPG4PDJBM8PSLT
#&E #BDIFMPSPG&EVDBUJPO #1I*TM #BDDBMBVSFVT1IJMPMPHJBF*TMBOEJDBF .#" .BTUFSPG#VTJOFTT"ENJOJTUSBUJPO .1BFE .BHJTUFS1BFEBHPHJBF
#'" #'"HSÈ§B #4 #4HSÈ§B .FE .BTUFSPG&EVDBUJPO .4 .BTUFSPG4DJFODF.BHJTUFS4DJFOUJBSVN
&MQSPDFTPEFTFMFDDJØOBMBFOUSBEBTFBQMJDBTPMBNFOUFBMBGPSNBDJØOFOMPTTJHVJFOUFTÈNCJUPT.FEJDJOB 'JTJPUFSBQJB TFFTUBCMFDJØVOFYBNFOEFFOUSBEBFOKVOJPEF

Z#FMMBT"SUFT&O0EPOUPMPHÓBZ&OGFSNFSÓBIBZVOOVNFSVTDMBVTVTBMmOBMEFMQSJNFSTFNFTUSF
/036&("
-B SFGPSNB HMPCBM EF MB FOTF×BO[B TVQFSJPS OPSVFHB DPOPDJEB DPO FM OPNCSF &M 4VQMFNFOUP &VSPQFP BM5ÓUVMP TF JOUSPEVKP FO FM B×P Z MPT DFOUSPT EF
EF3FGPSNBEFMB$BMJEBE GVFBEPQUBEBFONBS[PEF&OFTUBSFGPSNBFM FOTF×BO[BTVQFSJPSEFCFOFOUSFHBSMPBUPEPTMPTFTUVEJBOUFTQSFWJBQFUJDJØO
(PCJFSOP QVTP FO NBSDIB MB NBZPSÓB EF MBT EJTQPTJDJPOFT EF MB %FDMBSBDJØO EF &O FM B×P TF DSFØ MB "HFODJB /PSVFHB QBSB MB (BSBOUÓB EF MB $BMJEBE
#PMPOJBZNPEJmDØNVDIPTPUSPTBTQFDUPTEFMBFOTF×BO[BTVQFSJPS EF MB &OTF×BO[B /0,65
$POTJEFSBEB DPNP VO ØSHBOP HVCFSOBNFOUBM
-BFTUSVDUVSBEFMPTFTUVEJPTCBTBEBFOEPTDJDMPTQSJODJQBMFTTFBEPQUØFOFMB×P JOEFQFOEJFOUF DPNFO[Ø TV MBCPS FO FOFSP EF 4V GVODJØO DPOTJTUF FO
ZDPOTJTUFFOVOQSJNFSUÓUVMPEFUJQP#BDIFMPS PCUFOJEPEFTQVÏTEFUSFTB×PT DPOUSPMBSZNFKPSBSMBDBMJEBEEFMBFOTF×BO[BTVQFSJPSFO/PSVFHBBUSBWÏTEFMB
EFFTUVEJPT ZFOVOTFHVOEPUÓUVMPEFUJQP.BTUFSPUPSHBEPEFTQVÏTEFEPTB×PT FWBMVBDJØO MBBDSFEJUBDJØOZFMSFDPOPDJNJFOUPEFMPTDFOUSPTZDVSTPTJNQBSUJEPT
BEJDJPOBMFT-B-FZPCMJHBBMPTDFOUSPTBBQMJDBSFTUBOVFWBFTUSVDUVSBBQBSUJSEFM -B SFGPSNB OBDJPOBM SFMBUJWB B MB BQSFOEJ[BKF B MP MBSHP EF MB WJEB MB 3FGPSNB
B×PBDBEÏNJDP/PPCTUBOUF FMNPEFMPBOUJHVPZFMOVFWPDPFYJTUJSÈO EF MBT $PNQFUFODJBT EFM B×P
QFSNJUJØ B UPEPT MPT DFOUSPT EF FOTF×BO[B
EVSBOUF VO QFSÓPEP EF USBOTJDJØO RVF mOBMJ[BSÈ FO )BZ VO OÞNFSP TVQFSJPS BENJUJS BEFNÈT EF B MPT FTUVEJBOUFT RVF TVQFSBSPO MPT QSPDFEJNJFOUPT
MJNJUBEPEFFTUVEJPT .FEJDJOB 5FPMPHÓB 1TJDPMPHÓBZ7FUFSJOBSJB
RVFOPBQMJDBOFM EFTFMFDDJØOOBDJPOBMOPSNBMFT BMPTFTUVEJBOUFTEFB×PTPNÈTRVFOPFTUBCBO
NPEFMP FO QPTFTJØO EF MPT UÓUVMPT SFRVFSJEPT PmDJBMNFOUF -B SFGPSNB UBNCJÏO QSFWÏ MB
&OFMB×PTFJOUSPEVKPVOOVFWPTJTUFNBEFDSÏEJUPT TFHÞOFMDVBMVOB×P FWBMVBDJØOEFVOBDPNCJOBDJØOEFBQSFOEJ[BKFTGPSNBM JOGPSNBMZOPGPSNBM-BT
BDBEÏNJDP DPNQMFUP DPSSFTQPOEF B DSÏEJUPT 4VTUJUVZF BM TJTUFNB BOUFSJPS FO QFSTPOBTRVFUSBCBKBOBMNFOPTUSFTB×PTUJFOFOEFSFDIPBVOQFSNJTPEFUSFTB×PT
FMRVFDBEBB×PSFQSFTFOUBCBDSÏEJUPT&MOVFWPTJTUFNBTFDPNCJOBDPOVOB DPNPNÈYJNPQBSBQBSUJDJQBSFOMBFOTF×BO[BTVQFSJPSZMBGPSNBDJØOGPSNBMFT
OVFWBFTDBMBEFDBMJmDBDJØOOPSNBMJ[BEBRVFTFFYUJFOEFEF"B&QBSBMBTEJTUJOUBT
OPUBTEFBQSPCBEPZ'QBSBFMTVTQFOTP"NCPTTJTUFNBTTPODPNQBUJCMFTDPOMBT
OPSNBT&$54ZTVVUJMJ[BDJØOEFCFSÓBHFOFSBMJ[BSTFFOFMB×P
&4536$563"%&-"&/4&º"/;"461&3*03 /036&("
3FGPSNBBOUFSJPS IBTUB

"# !! >
(WGPVG'WT[FKEG
" '%1(-(%675
'%1(-(%675 0%+-56)4-- 0%+-56)4 %46-70
% "&

'%1(-(%675 ;)%45
(2'624
!$! # !" '%1(-(%675 0%+-56)4-- '%1(-(%675 5'-)16
!% '%1(-(%675

! (2'624 3,-/2523,-%)

% ,?+5.2/)-1+)1-?4 5-8-/-1+)1-?4
5-8-/-1+)1-?4
&
5-8-/?.2120 ,?;)4) %8()/-1+ '%1(-(%675

& (2'624 2)'2120-%)
):%0-1%675 2)'2120-%) '%1(-(%675 2)'2120-%)
&
" # ! "!% !%

,?+5.2/).%1(-(%6
! %
3FGPSNBQPTUFSJPS EFTEF

$%!"## ?"

)'3*/*'897
.

2'78+6
(').+146 2'78+6

! ?"
*4)846 5./14745./'+
(').+146 / 297/00 :/83+2E1 ,6' '112+331@6+6,'-1@6+698*'33/3- 2'78+6

.A-7041+0'3*/*'8
$%!"## ?"

(').+146 2'78+6

FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF
1I% %PLUPSQIJMPTPQJBF1IJMPTPQIJBF%PLUPS
#6-("3*"
%FTEFFMB×P FO#VMHBSJBTFIBOBQMJDBEPWBSJBTSFGPSNBTWJODVMBEBTBM1SPDFTP 1PS MP RVF TF SFmFSF B MB HBSBOUÓB EF MB DBMJEBE FO TF GVOEØ MB "HFODJB
EF #PMPOJB 4F EFmOFO FTFODJBMNFOUF FO MBT FONJFOEBT B MB -FZ EF &OTF×BO[B /BDJPOBMEF&WBMVBDJØOZ"DSFEJUBDJØO /&""
-B/&""FTNJFNCSPEFMB3FEEF
4VQFSJPSMMFWBEBTBDBCPFTFNJTNPB×P "HFODJBTQBSBMB(BSBOUÓBEFMB$BMJEBEFOMB&OTF×BO[B4VQFSJPSEF&VSPQB$FOUSBM
-BFTUSVDUVSBEFMPTFTUVEJPTCBTBEBFOEPTDJDMPTQSJODJQBMFT RVFZBGVFBQMJDBEB ZEFM&TUF ZNBOUJFOFDPOUBDUPTBDUJWPTDPOMB3FE&VSPQFBQBSBMB(BSBOUÓBEFMB
NFEJBOUF FM NPEFMP FO WJSUVE EF MB -FZ EF TPCSF MB FOTF×BO[B $BMJEBEEFMB&OTF×BO[B4VQFSJPS &/2"
BVORVFOPTFBNJFNCSPUPEBWÓB
TVQFSJPS OPSFRVJSJØTFSEFmOJEBEFOVFWP4JOFNCBSHP DPOFMmOEFBVNFOUBSMB )BTUBBIPSBOPTFIBBEPQUBEPOJOHVOBNFEJEBKVSÓEJDBFOGBWPSEFMBFEVDBDJØO
NPWJMJEBEFOMBFOTF×BO[BTVQFSJPS TFJOUSPEVKPVOBBEBQUBDJØOBEJDJPOBMFONBS[P ZMBGPSNBDJØOQFSNBOFOUF4JOFNCBSHP MBFMBCPSBDJØOEFVO1SPZFDUPEF-FZ
EF-BTQFSTPOBTRVFFTUBCBOFOQPTFTJØOEFUÓUVMPTCBLBMBWVS PUPSHBEPTBM mHVSBCB FOUSF MBT QSJPSJEBEFT EFM .JOJTUFSJP EF &EVDBDJØO Z $JFODJB QBSB FM B×P
UÏSNJOPEFVODJDMPEFDVBUSPB×PT
QVFEFOBIPSB QPSFKFNQMP JOTDSJCJSTFFOMPT 4FQSFQBSØVOQSPZFDUPEFSFTPMVDJØOTPCSFMPTDSJUFSJPTPmDJBMFTEFMBPGFSUB
QSPHSBNBTEFNBHJTUVS EF FOTF×BO[B B EJTUBODJB Z GVF PCKFUP EF VO EFCBUF OBDJPOBM FO MB DPNVOJEBE
"VORVF UPEBWÓB OP IBZ VOB MFHJTMBDJØO GPSNBM RVF SFHVMF MB VUJMJ[BDJØO EFM BDBEÏNJDB -BT BEBQUBDJPOFT JOTUJUVDJPOBMFT OFDFTBSJBT QBSB MB BQMJDBDJØO EF MB
TJTUFNB &$54 ÏTUF IB TJEP JOUSPEVDJEP EF NBOFSB HSBEVBM FO UPEPT MPT DFOUSPT FEVDBDJØOZMBGPSNBDJØOQFSNBOFOUFIBOTJEPFTUBCMFDJEBTFOUPEPTMPTDFOUSPT
EFFOTF×BO[BTVQFSJPSQPSJOJDJBUJWBQSPQJBEFTEFMBQBSUJDJQBDJØOEF#VMHBSJBFO EFFOTF×BO[BTVQFSJPS²TUPTQSFWÏOBDUJWJEBEFTEFOUSPEFVOBSFEDPPSEJOBEBQPS
FM QSPHSBNB 4ØDSBUFT &SBTNVT
FO $PO FM mO EF BEBQUBS MB MFHJTMBDJØO FO FM.JOJTUFSJPEF&EVDBDJØOZ$JFODJB&MDPODFQUPEFBQSFOEJ[BKFBMPMBSHPEFMBWJEB
KVOJPEFTFBQSPCØVOBTFSJFEFNFEJEBTQBSBNPEJmDBSMB-FZEF&OTF×BO[B IBTJEPUBNCJÏOPCKFUPEFVOBDBNQB×BEFQSPNPDJØOOBDJPOBMNÈTFYUFOTB
4VQFSJPSNFEJBOUFVO%FDSFUPEFM$POTFKPEF.JOJTUSPTRVFQSFWÏ TPCSFUPEP MB &YDFQUP MBT BEBQUBDJPOFT WJODVMBEBT BM 1SPDFTP EF #PMPOJB QSPDFEF NFODJPOBS
FMBCPSBDJØOEFVOTJTUFNBEFBDVNVMBDJØOZUSBOTGFSFODJBEFDSÏEJUPT-BSFMBDJØO RVF FOMBBDUVBMJEBE MBTVOJWFSTJEBEFTTFCFOFmDJBOEFNBZPSBVUPOPNÓBZRVF
FOUSFFTUPTDSÏEJUPTZMPTDSÏEJUPTOBDJPOBMFTTFQSFDJTBSÈFOMBMFHJTMBDJØOQPTUFSJPS MPTWÓODVMPTFOUSFMBFOTF×BO[BTFDVOEBSJBZMBTVQFSJPSTFIBOFTUSFDIBEP%FTEF
&M4VQMFNFOUP&VSPQFPBM5ÓUVMPIBTJEPGPNFOUBEPEFEJWFSTBTNBOFSBTEFTEF FMB×PBDBEÏNJDP TFQVFEFOVUJMJ[BSMPTFYÈNFOFTmOBMFTEFFEVDBDJØO
FMB×P NFEJBOUFTFNJOBSJPTFOFMÈNCJUPOBDJPOBMZFOMBTVOJWFSTJEBEFT B TFDVOEBSJBDPNPQSPDFEJNJFOUPEFBDDFTPBMBFOTF×BO[BTVQFSJPS"SBÓ[EFVO
USBWÏTEFGPMMFUPTJOGPSNBUJWPT FUD
QFSPOPTFIBBQMJDBEPUPEBWÓB4FBEPQUBSPO DBNCJPFOMBEVSBDJØOUPUBMEFMBFOTF×BO[BTVQFSJPS MBFEBEUFØSJDBEFFOUSBEBFO
BMHVOBTNFEJEBTFMEFKVOJPEFSFDPHJEBTFOFM%FDSFUPEFM$POTFKPEF MBFOTF×BO[BTVQFSJPSIBQBTBEPEFMPTBMPTB×PT
.JOJTUSPT NFODJPOBEP BOUFSJPSNFOUF QBSB NPEJmDBS MB MFHJTMBDJØO FYJTUFOUF FO
FTUFTFOUJEP
&4536$563"%&-"&/4&º"/;"461&3*03 #6-("3*"

(WGPVG'WT[FKEG
!" !

/$*,4563

/$*,4563
'1&513
!
O O O
%$-$.$763 /$*,4563
!
42(54,$.,45

FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF

3&1Á#-*$"$)&$"
&O MB 3FQÞCMJDB $IFDB MB NBZPSÓB EF MBT BEBQUBDJPOFT WJODVMBEBT BM %FTEF NBZP EF MB $PNJTJØO EF "DSFEJUBDJØO EFM (PCJFSOP EF MB 3FQÞCMJDB
1SPDFTP EF #PMPOJB FTUÈO EFmOJEBT FO MBT FONJFOEBT EFM EF KVMJP $IFDB FT NJFNCSP EF MB 3FE &VSPQFB QBSB MB (BSBOUÓB EF $BMJEBE FO MB
EF -FZ
RVF NPEJmDB MB -FZ EF &OTF×BO[B 4VQFSJPS &OTF×BO[B4VQFSJPS &/2"
-B3FQÞCMJDB$IFDBFTNJFNCSPUBNCJÏOEFMB3FE
-FZ
DVZBFOUSBEBFOWJHPSTFQSPEVKPFMEFKVMJPEF *OUFSOBDJPOBMEF"HFODJBTQBSBMB(BSBOUÓBEFMB$BMJEBEFOMB&OTF×BO[B4VQFSJPS
-B FTUSVDUVSB EF MPT FTUVEJPT CBTBEB FO EPT DJDMPT QSJODJQBMFT o DPOTJTUFOUF *OUFSOBUJPOBM/FUXPSLPG2VBMJUZ"TTVSBODF"HFODJFTJO)JHIFS&EVDBUJPO*/2"")&

FO QSPHSBNBT DPSUPT EF UJQP .BTUFS NBHJTUS
RVF DPNQMFUBO FM QSJNFS UÓUVMP Z NJFNCSP GVOEBEPS EF MB 3FE EF "HFODJBT QBSB MB (BSBOUÓB EF MB $BMJEBE FO MB
VOJWFSTJUBSJP EF UJQP #BDIFMPS CBLBMÈż
o IB TJEP B×BEJEB B MPT QSPHSBNBT &OTF×BO[B4VQFSJPSEF&VSPQB$FOUSBMZEFM&TUF
USBEJDJPOBMFTEFVODJDMPEFTEF-BTFONJFOEBTDJUBEBTBOUFSJPSNFOUF -B-FZEF&OTF×BO[B4VQFSJPSEFQFSNJUFPGSFDFSBMPTDFOUSPTEFFOTF×BO[B

SBUJmDBO VOB NBZPS nFYJCJMJEBE FO MPT QSPHSBNBT EF FTUVEJPT 6O QSJNFS TVQFSJPS QSPHSBNBT EF BQSFOEJ[BKF B MP MBSHP EF MB WJEB FO FM NBSDP EF TV
DJDMP EF FTUVEJPT RVF DPOEVDF B VO UÓUVMP EF UJQP #BDIFMPS B×PT
QVFEF JS BDUJWJEBE FEVDBUJWB DPO DBSÈDUFS HSBUVJUP P NFEJBOUF QBHP -B FEVDBDJØO Z MB
TFHVJEPEFVOQSPHSBNBEFUJQP.BTUFS B×PT
&OBMHVOPTDVSTPT FM.BTUFSOP GPSNBDJØOQFSNBOFOUFQVFEFTFSEFUJQPQSPGFTJPOBMPFTUBSPSJFOUBEBBJOUFSFTFT
TVDFEFOFDFTBSJBNFOUFBM#BDIFMPS&OFTUFDBTP MBEVSBDJØOOPSNBMEFMQSPHSBNB QFSTPOBMFT-BTDPOEJDJPOFTBMBTDVBMFTEFCFOTPNFUFSTFFTUPTQSPHSBNBTmHVSBO
TFSÈEFBB×PT5PEP.BTUFSQVFEFJSTFHVJEPEFVOEPDUPSBEP EFNPEPRVF FO MPT SFHMBNFOUPT JOUFSOPT RVF EFCFO TFS QSFWJBNFOUF QSPQPSDJPOBEPT B DBEB
FMNPEFMPDPNQMFUPFTEFBB×PTEFBB×PTB×PT5BMZDPNPFTUÈ DBOEJEBUPQBSUJDJQBOUF-PTDFOUSPTEFFOTF×BO[BTVQFSJPSFYQJEFODFSUJmDBEPTB
QSFWJTUPQPSMB-FZ UPEPTMPTQSPHSBNBTEFFTUVEJPTIBOTJEPPCKFUPEFVOBOVFWB UPEBTBRVFMMBTQFSTPOBTRVFDPNQMFUBOVOQSPHSBNBEFBQSFOEJ[BKFBMPMBSHPEF
BDSFEJUBDJØOEFTEFFMB×P"QBSUJSEFMB×P TFIBBQMJDBEPFM1SPHSBNB MBWJEB4JOFNCBSHP OPTFUJFOFFODVFOUBBMBTQFSTPOBTRVFTFCFOFmDJBOEFFTUPT
EF5SBOTGPSNBDJØO Z %FTBSSPMMP DPO FM mO EF BQPZBS FM EFTBSSPMMP EF MPT FTUVEJPT QSPHSBNBTDPNPFTUVEJBOUFT UBMZDPNPMPTEFmOFMB-FZEFEF&OTF×BO[B
RVF DPOEVDFO BM #BDIFMPS Z SFFTUSVDUVSBS MPT QSPHSBNBT EF FOTF×BO[B TVQFSJPS 4VQFSJPS MP RVF TJHOJmDB RVF OP TF MFT QVFEF PUPSHBS VOB UJUVMBDJØO BDBEÏNJDB
USBEJDJPOBMFTFOEPTDJDMPT EFMUJQP#BDIFMPSZ.BTUFS
/P PCTUBOUF VOB FONJFOEB B FTUB -FZ -FZ
QSFWÏ RVF MPT QSPHSBNBT
4F SFDPOPDF HFOFSBMNFOUF FM 4JTUFNB &VSPQFP EF 5SBOTGFSFODJB EF $SÏEJUPT EFBQSFOEJ[BKFBMPMBSHPEFMBWJEBTFPGFSUFOFOGPSNBEFQSPHSBNBTEFFTUVEJPT
&$54
"QFTBSEFMWBDÓPKVSÓEJDPFOSFMBDJØODPOFTUFUFNB UPEPTMPTDFOUSPTEF BDSFEJUBEPT -BT QFSTPOBT RVF DPODMVZFO VO QSPHSBNB EF FTUF UJQP Z RVF FTUÈO
FOTF×BO[BTVQFSJPSVUJMJ[BOFM&$54PVOTJTUFNBEFDSÏEJUPTDPNQBUJCMF DPOTJEFSBEBTFTUVEJBOUFTQPSMFZ QVFEFOCFOFmDJBSTFEFMSFDPOPDJNJFOUPEFVOB
QBSUFEFMPTDSÏEJUPT IBTUBVO
PCUFOJEPTFOVODFOUSPEFFOTF×BO[BTVQFSJPS
-B -FZ EF &OTF×BO[B 4VQFSJPS
FTQFDJmDB RVF FM 4VQMFNFOUP &VSPQFP BM %FTEF FM B×P FM .JOJTUFSJP EF &EVDBDJØO +VWFOUVE Z %FQPSUF IB PGFSUBEP
5ÓUVMPTFSÈFOUSFHBEPBDBEBMJDFODJBEPQSFWJBQFUJDJØO 1SPHSBNBTEF5SBOTGPSNBDJØOZ%FTBSSPMMPDPOFMmOEFBQPZBSMBFEVDBDJØOZMB
GPSNBDJØOQFSNBOFOUF
&4536$563"%&-"&/4&º"/;"461&3*03 3&1Á#-*$"$)&$"

(WGPVG'WT[FKEG
O O O O O

!; >
)2 ) /) /)#2%* 2 2 2 *2 2 *#2.2 *+% *2
O O O O O O

O O O O O O O O
* *
O O O O O O

)2 ) /) /)#2%* 2
% % 2 2 *2 2 *#2.2 *+% *2
O O O O O O O O

O O O O O O
)2 ) /) /)#2%* 2
% % 2 2 *2 2 *#2.2 *+% *2
O O O O O
!>>= ; >

+

FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF

#D #BLBMÈż .H" .BHJTUSVNŞOÓ 1I%S %PLUPSmMPTPmF
#D" #BLBMÈżVNŞOÓ .HS .BHJTUS 3/%S %PLUPSQżÓSPEOÓDIWŞE
%J4 %JQMPNPWBOâTQFDJBMJTUB .6%S %PLUPSNFEJDÓOZ 5I% %PLUPSUFPMPHJF
*OH *OäFOâS .7%S %PLUPSWFUFSJOÈSOÓNFEJDÓOZ 5I%S %PLUPSUFPMPHJF
*OHBSDI *OäFOâSBSDIJUFLU 1I% %PLUPS 5I-JD -JDFODJÈUUFPMPHJF
+6%S %PLUPSQSÈW 1IBSN%S %PLUPSGBSNBDJF
-B-FZEF&OTF×BO[B4VQFSJPSOPFTQFDJmDBMPTÈNCJUPTEFMPTFTUVEJPT-B$PNJTJØOEF"DSFEJUBDJØOFTSFTQPOTBCMFEFEFDJEJSTJVOQSPHSBNBFTQFDÓmDPFTDPNQBUJCMFDPO
MBFTUSVDUVSBEFMPTFTUVEJPTFODVFTUJØO&OUBMDBTP FM.JOJTUFSJPEF&EVDBDJØO +VWFOUVEZ%FQPSUFTFPDVQBEFTVBDSFEJUBDJØO
&450/*"
&O&TUPOJB MPTQSJODJQJPTHFOFSBMFTEFMBMFHJTMBDJØOSFMBUJWBBMBFOTF×BO[BTVQFSJPS -BGBTFQSFQBSBUPSJBEFMBBQMJDBDJØOEFM4VQMFNFOUP&VSPQFPBM5ÓUVMPBDBCBEF

TF FYQPOFO FO MBT -FZFT EF FONFOEBEB FO
TPCSF MBT 6OJWFSTJEBEFT DPODMVJSZUPEPTMPTDFOUSPTEFFOTF×BO[BTVQFSJPSEFCFSÈOFOUSFHBSMPBQBSUJSEFM
Z EF FONFOEBEB FO
TPCSF MPT $FOUSPT EF &OTF×BO[B 4VQFSJPS OP EFFOFSPEF
6OJWFSTJUBSJB-B-FZTPCSFMPT$FOUSPTEF'PSNBDJØO1SPGFTJPOBM Z
MBMFZ &O&TUPOJBTFVUJMJ[BOEPTTJTUFNBTEFDSÏEJUPFOQBSBMFMPFMTJTUFNBOBDJPOBM $1

TPCSFMPT$FOUSPTEF&OTF×BO[B1SJWBEB Z
ZMBMFZTPCSFMB&EVDBDJØOEF ZFMTJTUFNBFVSPQFP&$54 RVFTFFNQMFBFOFMNBSDPEFMBNPWJMJEBE DSÏEJUP$1
"EVMUPT Z
SFHVMBOUBNCJÏOBMHVOPTBTQFDUPTEFMBFOTF×BO[BTVQFSJPS DPSSFTQPOEFB DSÏEJUPT&$54

-PTQSPHSBNBTEFFOTF×BO[BTVQFSJPSDPOTJTUÓBOFOVOÞOJDPDJDMPZDPSSFTQPOEÓBO &M TJTUFNB OBDJPOBM FTUPOJP TF CBTB FO MB DBSHB EF USBCBKP EFM FTUVEJBOUF Z
B DSÏEJUPT OBDJPOBMFT %FTEF FM B×P BDBEÏNJDP MPT QSPHSBNBT DPSSFTQPOEFBIPSBTEFUSBCBKPTFNBOBMFT FOUPSOPBMBTTFNBOBTDSÏEJUPT
VOJWFSTJUBSJPT àMJLPPM
TF FTUSVDUVSBO FO EPT DJDMPT QSJODJQBMFT &M .BTUFS QPS B×P BDBEÏNJDP %FTEF MB NBZPSÓB EF MPT DFOUSPT EF FOTF×BO[B RVF
.BHJTUSJLSBBE
SFQSFTFOUBDSÏEJUPTTJFNQSFZDVBOEPTVDFEBBVOUÓUVMPEFUJQP QBSUJDJQBCBOFOFMQSPHSBNB4ØDSBUFT &SBTNVT
IBOVUJMJ[BEPFMTJTUFNBEFDSÏEJUPT
#BDIFMPS EF DSÏEJUPT TJ TVDFEF B VO #BDIFMPSEFDSÏEJUPT&MNPEFMP &$54QPSJOJDJBUJWBQSPQJB-BMFHJTMBDJØOQSFWÏMBJOUSPEVDDJØOEFMTJTUFNB&$54FO
QSPHSBNBEFOJWFM#BDIFMPSEFUSFTB×PTEFEVSBDJØOTFHVJEPEFVOQSPHSBNB UPEPTMPTDFOUSPTEFFOTF×BO[BTVQFSJPSBQBSUJSEFMEFTFQUJFNCSFEF
EFOJWFM.BTUFSEFEPTB×PT
FTUÈNÈTFYUFOEJEPRVFFMNPEFMP
&M$FOUSP&TUPOJPQBSBMB"DSFEJUBDJØOEFMB&OTF×BO[B4VQFSJPSFTNJFNCSP
-BOVFWBFTUSVDUVSBCBTBEBFOEPTDJDMPTTFBQMJDBFOMBNBZPSÓBEFMBTEJTDJQMJOBT B EF MB 3FE &VSPQFB QBSB MB (BSBOUÓB EF MB $BMJEBE FO MB &OTF×BO[B 4VQFSJPS
FYDFQDJØOEF.FEJDJOB 'BSNBDJB 0EPOUPMPHÓB 7FUFSJOBSJB "SRVJUFDUVSB *OHFOJFSÓB &/2"
EFTEFFMB×P-BNBZPSÓBEFMPTQSPHSBNBTVOJWFSTJUBSJPT BTÓDPNPVOB
$JWJMZ'PSNBDJØOEFMQSPGFTPSBEP QSPQPSDJØONÈT QFRVF×BEF MPTQSPHSBNBTJNQBSUJEPTFODFOUSPTEFFOTF×BO[B
-PT QSPHSBNBT BQMJDBEPT EF FOTF×BO[B TVQFSJPS TF PSHBOJ[BO FO VO ÞOJDP DJDMP TVQFSJPSQSPGFTJPOBM FTUÈOBDSFEJUBEPT
-BOVFWB-FZQSFWÏRVFBQBSUJSEFMB×PBDBEÏNJDP MBTVOJWFSTJEBEFTZ &O FM NBSDP EF MB FEVDBDJØO Z MB GPSNBDJØO QFSNBOFOUF MB NBZPSÓB EF MBT
UBNCJÏO MPT DFOUSPT EF FOTF×BO[B TVQFSJPS QSPGFTJPOBM SBLFOEVTLÜHLPPM
QPESÈO VOJWFSTJEBEFTZEFMPTDFOUSPTEFFOTF×BO[BTVQFSJPSQSPGFTJPOBMFTUBUBMFTPGFSUBO
DPODFEFSUÓUVMPTEFUJQP.BTUFSFO5FPMPHÓBZFO%FGFOTBPFOPUSBTEJTDJQMJOBTFO QSPHSBNBTEFFTUVEJPQBSBBEVMUPT-BTVOJWFSTJEBEFTBCJFSUBTPGFSUBOMPTEPTUJQPT
DPPQFSBDJØODPOVOJWFSTJEBEFTZFOGVODJØOEFMBTOFDFTJEBEFT EFFOTF×BO[BBTÓDPNPVOBHSBOWBSJFEBEEFDVSTPTOPGPSNBMFT
%FTEFFMB×P MPTDFOUSPTEFFOTF×BO[BTVQFSJPSPGFSUBOPQDJPOFTEFFTUVEJPB
UJFNQPDPNQMFUPZBUJFNQPQBSDJBM&OMPTFTUVEJPTBUJFNQPQBSDJBM OPSNBMNFOUF
FTQFDÓmDPTEFBRVFMMPTFTUVEJBOUFTDVZBBDUJWJEBEQSJODJQBMOPFTFMBQSFOEJ[BKF MB
DBSHBEFUSBCBKPFTJOGFSJPSBMEFMBDBSHBEFUSBCBKPBOVBM
&4536$563"%&-"&/4&º"/;"461&3*03 &450/*"

(WGPVG'WT[FKEG
@
O O O O O O

%567-D44) (-4031 1%+-675-/5%%( 5)6-()27885- 7822-6786
# ,%1&%%567-D44) (-4031 1%+-675-/5%%(
0331%%567-D44) (-4031 1%+-675-/5%%(
! !
# "
$ %5,-7)/7-D44) 4539--635-D44) ),-786-26)2)5-D44) /0%66-D4)7%.% D4)7%.%/330-786) (-4031 1%+-675-/5%%(
O O O
1%+-675-/5%%(
O O O O O O

(3/735-/5%%(
O O O O O
&%/%0%85)86)/5%%( 1%+-675-/5%%(
#!? #"!?!#"#!
O O O O O O O
@
5%/)2(86/D5+,%5-(86D44) (-4031 1%+-675-/5%%(
O O O O O O O O O
#!? @
#"!?!#"#! @
#!?
5%/)2(86/D5+,%5-(86D44) (-4031 1%+-675-/5%%(

FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF
&MQSPHSBNBNBHJTUSJÜQF PGFSUBEPFOFMSBLFOEVTLÜSHLPPM FOUSBSÈFOWJHPSBQBSUJSEFFOFSPEF6OEFDSFUPHVCFSOBNFOUBMFTUBCMFDFFMEFSFDIPEFMPTDFOUSPTBPGFSUBSFM

NBHJTUSJÜQF
$)*13&
%BEPRVFMBPGFSUBEFFOTF×BO[BTVQFSJPSFO$IJQSFFTNVZMJNJUBEB OVNFSPTPT -B6OJWFSTJEBEEF$IJQSFZBIBDPNFO[BEPBJOUSPEVDJSFM4VQMFNFOUP&VSPQFP

KØWFOFTDIJQSJPUBTFTUVEJBOFOFMFYUSBOKFSP BM5ÓUVMP
-B6OJWFSTJEBEEF$IJQSFGVFGVOEBEBFOFOWJSUVEEFMB-FZWPUBEB 1PS MP RVF TF SFmFSF B MB HBSBOUÓB EF MB DBMJEBE $IJQSF GPSNB QBSUF EF MB 3FE
QPSMB$ÈNBSBEF3FQSFTFOUBOUFT ZBDPHJØBTVTQSJNFSPTFTUVEJBOUFTFO-B &VSPQFBQBSBMB(BSBOUÓBEFMB$BMJEBEFOMB&OTF×BO[B4VQFSJPS &/2"
QPS
NPEJmDBDJØONÈTSFDJFOUFEFFTUB-FZMBDPOTUJUVZFMB-FZ *
NFEJPEFM$POTFKPEF&WBMVBDJØO1FEBHØHJDBZ"DSFEJUBDJØO NJFNCSPEFM&/2"
-PT GVOEBNFOUPT KVSÓEJDPT QBSB MB DSFBDJØO Z PSHBOJ[BDJØO EF MPT DFOUSPT EF EFTEFTVDSFBDJØOFO
FOTF×BO[BTVQFSJPS JODMVJEPTMPTDFOUSPTEFFOTF×BO[BQSJWBEPT
FTUÈOFTUBCMFDJEPT -BTEJTQPTJDJPOFTEFMB-FZ *
EFEJDJFNCSFEFSFHVMBOMB6OJWFSTJEBE
FOMB-FZ *
ZTVTFONJFOEBTMBNÈTSFDJFOUFFTMB-FZ *
BCJFSUBEF$IJQSF RVFGVFDSFBEBDPOFMmOEFBVNFOUBSZQSPNPWFSMBPGFSUBEF
-B 6OJWFSTJEBE EF $IJQSF BTÓ DPNP VOB TFSJF EF DFOUSPT QSJWBEPT QSPQPOFO VOB FOTF×BO[BTVQFSJPSFOGPSNBEFFEVDBDJØOBEJTUBODJBZGBDJMJUBSMBFEVDBDJØOZMB
FTUSVDUVSBEFMPTFTUVEJPTFOEPTDJDMPT-PTQSPHSBNBTEFUJQP.BTUFS B×PTEF GPSNBDJØOQFSNBOFOUF
EVSBDJØO
TVDFEFOBMPTUÓUVMPTPCUFOJEPTOPSNBMNFOUFBMUÏSNJOPEFDVBUSPB×PT "EFNÈTEFMBTNFEJEBTBTPDJBEBTDPOFM1SPDFTPEF#PMPOJB FM(PCJFSOP
EFFTUVEJPT IBBEPQUBEPVOBTFSJFEFNFEJEBTDPOFMmOEFBVNFOUBSFMOÞNFSPEF
VOJWFSTJEBEFTQSJWBEBTZIBGVOEBEPUBNCJÏOMB6OJWFSTJEBE5FDOPMØHJDB
$POFMmOEFQSPNPWFSMBNPWJMJEBEEFMPTFTUVEJBOUFT MBBQMJDBDJØOEFM4JTUFNB
EF$IJQSF1PSPUSPMBEP MBJOUSPEVDDJØOHFOFSBMJ[BEBEFMTJTUFNB&$54ZEFM
&VSPQFPEF5SBOTGFSFODJBEF$SÏEJUPT &$54
TFIBIFDIPPCMJHBUPSJPQBSBUPEBT
4VQMFNFOUP&VSPQFPBM5ÓUVMPFOUPEPTMPTDFOUSPTQÞCMJDPTZQSJWBEPTEF
MBT EJTDJQMJOBT JNQBSUJEBT FO MB 6OJWFSTJEBE EF $IJQSF 6O DSÏEJUP PCUFOJEP FO MB
FOTF×BO[BTVQFSJPSFTFOMBBDUVBMJEBEPCKFUPEFVOEFCBUFOBDJPOBM
6OJWFSTJEBEFRVJWBMFBDSÏEJUPT&$54&MTJTUFNB&$54UBNCJÏOTFIBJOUSPEVDJEPP
FTUÈFOWÓBTEFTFSJOUSPEVDJEPFOMPTPUSPTDFOUSPTEFFOTF×BO[BTVQFSJPS QÞCMJDPT
PQSJWBEPT
&4536$563"%&-"&/4&º"/;"461&3*03 $)*13&

(WGPVG'WT[FKEG

! !!#$

# $ # 58=)./4 2'78+6
*/*'0846/04 */5142'
O O O O O O O O O
# # !
# " !# ## # #
$"$ %$# !## 2'3'-+2+38
# # # $ */5142' '348+64 */5142' */5142'
$# # #

# " !$ $"$ %$# !##
$ $ 5/78454//8/04 7549*43 */5142' '348+64 */5142' (').+146 2'78+6

FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF

-&50/*"
-BTGBTFTJOJDJBMFTEFMBSFGPSNBEFMTJTUFNBEFFOTF×BO[BTVQFSJPSMFUØOTFBQMJDBSPO "DBCBEFmOBMJ[BSMBBDSFEJUBDJØOEFMPTQSPHSBNBTZDFOUSPTEFFOTF×BO[BTVQFSJPS
NVDIPBOUFTEFMB%FDMBSBDJØOEF#PMPOJB-BQSJNFSBHSBOFUBQBEFFTUBFWPMVDJØO DPO MB BZVEB EF FYQFSUPT FYUSBOKFSPT RVF DPNFO[Ø FO FM B×P &M $FOUSP
GVFMB-FZEF&EVDBDJØOEF /BDJPOBMEF$BMJEBEEFMB&OTF×BO[B4VQFSJPSFTNJFNCSPEFMB3FE&VSPQFB
&O WJSUVE EF FTUB -FZ TF JOUSPEVKP VO NPEFMP EF FTUSVDUVSBDJØO EF MPT FTUVEJPT QBSBMB(BSBOUÓBEFMB$BMJEBEFOMB&OTF×BO[B4VQFSJPS &/2"
EFTEFFMB×P
CBTBEP FO EPT DJDMPT QSJODJQBMFT #BDIFMPS.BTUFS
QBSB MB NBZPSÓB EF MBT
EJTDJQMJOBT BVORVFTØMPFOMBFOTF×BO[BTVQFSJPSBDBEÏNJDB-B-FZEFTPCSF &MBSUÓDVMPEFMB-FZEFTPCSFMPT$FOUSPTEF&OTF×BO[B4VQFSJPSFTQFDJmDB
MPT $FOUSPT EF &OTF×BO[B 4VQFSJPS DPOUSJCVZØ B SFGPS[BS FTUB FTUSVDUVSB QFSP RVF VOB EF MBT GVODJPOFT EF MPT DFOUSPT EF FOTF×BO[B TVQFSJPS DPOTJTUF FO
UBNCJÏOBDFOUVØMBEJWJTJØOFOUSFMBFOTF×BO[BTVQFSJPSBDBEÏNJDBZMBFOTF×BO[B DPOUSJCVJSBDUJWBNFOUFBMBPGFSUBFEVDBUJWBNÈTBMMÈEFMBFTDVFMBGPSNBMZMBPGFSUB
TVQFSJPS QSPGFTJPOBM -BT NPEJmDBDJPOFT EFM B×P B MB -FZ EF JODMVZFO EFOJWFMTVQFSJPSZ FODPOTFDVFODJB FOQBSUJDJQBSFOFMEFTBSSPMMPEFMBFEVDBDJØO
MBJOUSPEVDDJØOEFM#BDIFMPSZEFM.BTUFSQSPGFTJPOBMFTDPOFMmOEFTVTUJUVJSBMPT ZMBGPSNBDJØOQFSNBOFOUF&OFTUFDPOUFYUP TFSFRVJFSFVOTJTUFNBHFOFSBMEF
QSPHSBNBTBOUFSJPSFTEFDJODPB×PTEFEVSBDJØO GBDJMJUBOEPBTÓFMQBTPEFVOUJQP FWBMVBDJØO Z SFDPOPDJNJFOUP EFM SFOEJNJFOUP DPO FM mO EF RVF MPT DSÏEJUPT EF
EFFOTF×BO[BBPUSB-BEVSBDJØOUPUBMEFMPTFTUVEJPTRVFDPOEVDFOBM.BTUFSOP FOTF×BO[B TVQFSJPS QVFEBO TFS PCUFOJEPT FO FM NBSDP EF MBT BDUJWJEBEFT EF MB
QVFEFTFSJOGFSJPSBDJODPB×PT FEVDBDJØOZMBGPSNBDJØOQFSNBOFOUF
%FTEF MBNBZPSÓBEFMPTDFOUSPTEFFOTF×BO[BTVQFSJPSJOUSPEVKPVOTJTUFNB &M 1MBO EF %FTBSSPMMP EF MB &EVDBDJØO /BDJPOBM BEPQUBEP FO FM B×P
MFUØO EF VOJEBEFT EF DSÏEJUPT DPNQBUJCMFT DPO FM TJTUFNB &$54 6O DSÏEJUP NFODJPOBRVFiFMTJTUFNBFEVDBUJWPQSPQPSDJPOBBMPTNJFNCSPTEFMBTPDJFEBEMB
MFUØOFRVJWBMFB DSÏEJUPT&$544JOFNCBSHP -FUPOJBOPIBBEPQUBEPUPEBWÓBMB QPTJCJMJEBEEFGPSNBSTFBMPMBSHPEFTVWJEB BVNFOUBSTVTDPNQFUFODJBTPBERVJSJS
FTDBMBEFDBMJmDBDJØO&$54 OVFWBTDPNQFUFODJBTRVFSFTQPOEBOBMBTOFDFTJEBEFTEFMNFSDBEPMBCPSBMw&TUF
)VCP VOB TFSJF EF DFOUSPT EF FOTF×BO[B TVQFSJPS RVFJOUSPEVKPFM 4VQMFNFOUP 1MBOFTUBCMFDFUBNCJÏORVFiFMTJTUFNBEFUÓUVMPTQSPGFTJPOBMFTZBDBEÏNJDPTEFCF
&VSPQFPBM5ÓUVMPBOUFTEFMB%FDMBSBDJØOEF#PMPOJB"QBSUJSEFMB×P FTUF TFSDPIFSFOUFDPOMBTEJTQPTJDJPOFTWJHFOUFTFOFMFTQBDJPFVSPQFPEFBQSFOEJ[BKF
EPDVNFOUPGVFFYQFEJEPBHSBOFTDBMB QFSPQPSJOJDJBUJWBEFMPTQSPQJPTDFOUSPT&M DPO FM mO EF QSPNPWFS MB NPWJMJEBE FVSPQFB EF MPT FTUVEJBOUFT MFUPOFT Z BUSBFS
QSPZFDUPSFGFSFOUFBM4VQMFNFOUPEFMPTUÓUVMPTPCMJHBUPSJPFOUPEPTMPTQSPHSBNBT FTUVEJBOUFTFYUSBOKFSPTB-FUPOJBw
EFFOTF×BO[BTVQFSJPS FOQFSGFDUBBSNPOÓBDPOFMNPEFMPFTUÈOEBSFVSPQFP IB
TJEPQSFTFOUBEPBM$POTFKPEF.JOJTUSPT
&4536$563"%&-"&/4&º"/;"461&3*03 -&50/*"

(WGPVG'WT[FKEG
"# !! " ! !!!

453*)6-320 /9%0-*-/'-.%

453*)6-320 /9%0-*-/'-.% 73 <)%56

&%/%0%856
>
1%+-6756
3/7356
&%/%0%856

>
1%+-6756

453*)6-320 /9%0-*-/'-.%
453*)6-320 /9%0-*-/'-.%

@ "# !! " ! !!!
453*)6-320 /9%0-*-/'-.%

FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF
-*56"/*"
&O-JUVBOJB MBTQSJODJQBMFTSFGPSNBTSFMBDJPOBEBTDPOMPTPCKFUJWPTEFM1SPDFTPEF "MNBSHFOEFMBTBEBQUBDJPOFTWJODVMBEBTBM1SPDFTPEF#PMPOJB FMQSPDFEJNJFOUP

#PMPOJBFTUÈOJODMVÓEBTFOMBOVFWB-FZEF&OTF×BO[B4VQFSJPSBQSPCBEBFOFM EF BDDFTP B MB FOTF×BO[B TVQFSJPS TF TJNQMJmDØ FO FM B×P NFEJBOUF MB
B×P JOUSPEVDDJØOEFFYÈNFOFTOBDJPOBMFTSFDPOPDJEPTQPSUPEPTMPTDFOUSPTMJUVBOPT
&M NPEFMP EF FTUSVDUVSBDJØO EF MPT FTUVEJPT CBTBEP FO EPT DJDMPT QSJODJQBMFT IB EF FOTF×BO[B TVQFSJPS -B BENJTJØO DPOKVOUB FO EJTUJOUPT DVSTPT FO BMHVOPT
FYJTUJEPEFTEF TFHÞOFMNPEFMP
%FTEFMBBQSPCBDJØOEFMBOVFWB-FZ ,PMFHJKBZVOJWFSTJEBEFT
FTUÈTJFOEPFTUVEJBEB&OUBNCJÏO MBTEPTQSJNFSBT
FMNPEFMPFTDBEBWF[NÈTDPNÞO VOJWFSTJEBEFT DPNFO[BSPO B PSHBOJ[BS VOB BENJTJØO DPOKVOUB FO FM QSJNFS DJDMP
EF MB FOTF×BO[B TVQFSJPS &O FM B×P MB NBZPSÓB EF MBT VOJWFSTJEBEFT TF IB
&M TJTUFNB OBDJPOBM EF VOJEBEFT EF DSÏEJUP RVF EBUB EFM B×P TFHÞO FM JODPSQPSBEPBMB"TPDJBDJØOEF$FOUSPTEF&OTF×BO[B4VQFSJPSEF-JUVBOJB RVFIB
DVBM VOB VOJEBE EF DSÏEJUP DPSSFTQPOEF B DSÏEJUPT &$54
TF IB BQMJDBEP Z DPNFO[BEPBFTUBCMFDFSZBDPPSEJOBSMPTQSPDFEJNJFOUPTEFBENJTJØOQBSBUPEPT
DPOTPMJEBEPDPNQMFUBNFOUFFOFMNBSDPEFMBOVFWB-FZ TVTNJFNCSPT
$PO FM mO EF BVNFOUBS MB USBOTQBSFODJB JOUFSOBDJPOBM Z FM SFDPOPDJNJFOUP -B -FZ EFM B×P TPCSF MB &OTF×BO[B 4VQFSJPS NPEJmDØ FM FTUBUVT EF MPT
BDBEÏNJDPZQSPGFTJPOBMEFMPTUÓUVMPT FOFMB×PTFJOUSPEVKPFM4VQMFNFOUP DFOUSPT BM BQMJDBS VO NPEFMP EF FTUSVDUVSBDJØO EF MPT FTUVEJPT FO EPT DJDMPT FO
&VSPQFPBM5ÓUVMP MBT VOJWFSTJEBEFT Z MPT DFOUSPT EF FOTF×BO[B TVQFSJPS OP VOJWFSTJUBSJPT &TUPT
-BTEJTQPTJDJPOFTSFMBUJWBTBMBHBSBOUÓBEFMBDBMJEBEIBOFYJTUJEPEFTEF Z ÞMUJNPTQSPHSFTBOSÈQJEBNFOUFFOFMTJTUFNBFEVDBUJWPMJUVBOP FOQBSUFHSBDJBTB
-JUVBOJBFTNJFNCSPBTPDJBEPEFMB3FE&VSPQFBQBSBMB(BSBOUÓBEFMB$BMJEBE MBSFGPSNBEFMPTBVLÝUFTOJPKJNPLZLMB DFOUSPTEFFOTF×BO[BQSPGFTJPOBM
NVDIPT
FOMB&OTF×BO[B4VQFSJPS &/2"
EFTEFFMB×P EFMPTDVBMFTTFIBODPOWFSUJEPFOMPTQSJNFSPTDFOUSPTEFFOTF×BO[BTVQFSJPSOP
"SBÓ[EFMBOVFWB-FZ NFODJPOBEBBOUFSJPSNFOUF
MBPGFSUBSFMBUJWBBMBGPSNBDJØO VOJWFSTJUBSJPT FM,PMFHJKB

DPOUJOVBRVFDPOEVDÓBBMBPCUFODJØOEFDBMJmDBDJPOFTFOMBFOTF×BO[BTVQFSJPS -B-FZEJPUBNCJÏOVOOVFWPJNQVMTPBMPTDFOUSPTEFFOTF×BO[BTVQFSJPSRVFOP
EJPVOJNQVMTPDPOTJEFSBCMFBMBFEVDBDJØOZBMBGPSNBDJØOQFSNBOFOUF EFQFOEÓBOEFM&TUBEP EFmOJFOEPEFVOBNBOFSBNÈTQSFDJTBMBTDPOEJDJPOFTEF
JNQMBOUBDJØOEFÏTUPT
&4536$563"%&-"&/4&º"/;"461&3*03 -*56"/*"

(WGPVG'WT[FKEG
O O O O O O

+ &'01/ 0 ./-%$0', )3 *'%') "'( /$4'#$,12/
#' !
O O O
./-%$0', )3 *'%') "'(
O O O O O O
(" " $(
O O O
! ) * 2/ 0 + &'01/ 0
O O O O O O O O O O
O O O O O O
!' ',6','$/'20
! ) * 2/ 0 ',6','$/'20 + &'01/ 0 ',6','$/'20
+ &'01/ 0 ',6','$/'20
O O O O O O O O O
!
O O O
! ) * 2/ 0 + &'01/ 0
+ &'01/ 0
O O O O O O O O O O O

O O O O O O
# )1 / 0
#!" !!" ! ) * 2/ 0 ./-%$0', )3 *'%') "'( ./-%$0', )3 *'%') "'(
+ &'01/ 0 .)
O O O O O O O O

"#( & !( !""
O O O O O O
5
! ) * 2/ 0 ./-%$0', )3 *'%') "'( + &'01/ 0

O O O O O O O O
O O O O O O
"#! .)
! ) * 2/ 0 ./-%$0', )3 *'%') "'( + &'01/ 0
O
O
O
O O O O O O
)" " !#" #! !#" $%"$" + &'01/ 0
O

O
! ) * 2/ 0 + &'01/ 0
O
+$,',',) 0
O
O O O O O

#!!
./-%$0', )3 *'%') "'(
O O O O O O O O O
O O O O O O O O
.)
' ! !' #"
! ) * 2/ 0 ./-%$0', )3 *'%') "'( + &'01/ 0
! (" " $( !
O O O O O

./-%$0', )3 *'%') "'(
!!' #

FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF
1L 1SPGFTJOÑLWBMJmLBDJKB
)6/(3¶"
&O)VOHSÓB MBPSHBOJ[BDJØOEFMTFDUPSEFMBFOTF×BO[BTVQFSJPSFTUÈSFHVMBEBQPS &M $PNJUÏ )ÞOHBSP EF "DSFEJUBDJØO FT NJFNCSP EF MB 3FE &VSPQFB QBSB MB
MB-FZEF&OTF×BO[B4VQFSJPS -FZ999EF
NPEJmDBEBQPSMB-FZ-**EF (BSBOUÓB EF MB $BMJEBE FO MB &OTF×BO[B 4VQFSJPS &/2"
EFTEF FM B×P
%FDSFUP

5PEBWÓBOPTFIBBEPQUBEPQMFOBNFOUFMBFTUSVDUVSBEFMPTFTUVEJPTFOEPTDJDMPT -B -FZ EF &EVDBDJØO EF "EVMUPT $*
KVOUP DPO VO %FDSFUP HVCFSOBNFOUBM
QSJODJQBMFT-PTDFOUSPTEFFOTF×BO[BTVQFSJPSOPVOJWFSTJUBSJB GŸJTLPMB
PGSFDFO *7
UJFOFO QPS PCKFUP SFHVMBS MB FEVDBDJØO EF BEVMUPT FO FM NBSDP EF MB
QSPHSBNBT EF UJQP #BDIFMPSDPO VOB EVSBDJØO EF B B×PT Z MBT VOJWFSTJEBEFT FEVDBDJØO Z MB GPSNBDJØO QFSNBOFOUF FTUBCMFDJFOEP MPT QSPDFEJNJFOUPT EF
FHZFUFN
PGSFDFO QSPHSBNBT EF OJWFM .BTUFS FO VO ÞOJDP DJDMP EF B×PT FO BDSFEJUBDJØO EF MPT DFOUSPT RVF JNQBSUFO DVSTPT EF FEVDBDJØO QBSB BEVMUPT BTÓ
.FEJDJOB
.JFOUSBT RVF MB SFFTUSVDUVSBDJØO EF MB FOTF×BO[B TVQFSJPS FO MÓOFB DPNPMPTEFMPTQSPQJPTDVSTPT&MPCKFUJWPDPOTJTUFFODSFBSVONBSDPHMPCBMQBSB
DPOMPTPCKFUJWPTEFM1SPDFTPEF#PMPOJBDPOUJOÞFTJFOEPPCKFUPEFEFCBUF OPTF MPT EJTUJOUPT DVSTPT EF GPSNBDJØO NÈT RVF FO SFHVMBS MBT PGFSUBT EF GPSNBDJØO
JOUSPEVDJSÈOJOHVOBNFEJEBFOFTUFTFOUJEPBOUFTEFMB×PBDBEÏNJDP NFEJBOUF%FDSFUPTTFDUPSJBMFT1PSÞMUJNP TFIBDSFBEPVO$POTFKPEF"DSFEJUBDJØO
-BTSFGPSNBTOPTFIBSÈOFOCMPRVFZTFFYDMVJSÈOBMHVOPTDVSTPTZGBDVMUBEFT DBTP QBSBMB&EVDBDJØOEF"EVMUPTFOWJSUVEEFMB-FZEF&EVDBDJØOEF"EVMUPTBOUFT
EFMBGBDVMUBEEF.FEJDJOB QPSFKFNQMP
DJUBEB
&M 4JTUFNB &VSPQFP EF5SBOTGFSFODJB EF $SÏEJUPT &$54
GVF BEPQUBEP QPS FM
(PCJFSOP %FDSFUP
Z FOUSØ FO WJHPS FO TFQUJFNCSF EF -FZ9$*9

%FTEFFOFSPEF MPTDFOUSPTEFFOTF×BO[BTVQFSJPSDPODFEFOFM4VQMFNFOUP
&VSPQFPBM5ÓUVMPBMPTFTUVEJBOUFTRVFMPTPMJDJUBO&OFTUFDBTP MPTDFOUSPTEFCFO
QSPQPSDJPOBSFM4VQMFNFOUP&VSPQFPBM5ÓUVMPFOIÞOHBSP-PTFTUVEJBOUFTRVFMP
EFTFBOFOJOHMÏTEFCFOQBHBSQBSBPCUFOFSMP
&4536$563"%&-"&/4&º"/;"461&3*03 )6/(3¶"

(WGPVG'WT[FKEG
O O O O O O

$&6$1$+( #(.*-+ -)*$3<* !%!# !!)% $%#2")2$

$&6$1$+( #(.*-+ -)*$3<* (%
O O O O O O

!%!# !!)%
$)#1 (6
! / %!'12")2$ $%#2")2$
5$! "! !'2

O O O O O O

- 5$! $)#1 (6 %!'12")2$
O O O O O O O O
! / 0

.. $5!6 / ..
$)2"$3%2$% )!4 )! (3%'1 ( $&6$1$+( #(.*-+ -)*$3<* 5$! "! !'2

FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF

."-5"
-BTBDUJWJEBEFTZMBPSHBOJ[BDJØOEFMB6OJWFSTJEBEEF.BMUBFTUÈOSFHVMBEBTFOMB 1PSMPRVFTFSFmFSFBMBHBSBOUÓBEFMBDBMJEBE .BMUBQBSUJDJQBFOMB3FE&VSPQFB

BDUVBMJEBEQPSMB-FZEFEF&OTF×BO[B4VQFSJPS QBSBMB(BSBOUÓBEFMB$BMJEBEFOMB&OTF×BO[B4VQFSJPS &/2"
QPSNFEJPEF
&MNPEFMPEFFTUSVDUVSBDJØOEFMPTFTUVEJPTFOCBTFBEPTDJDMPTQSJODJQBMFTTF MB6OJEBEEF(BSBOUÓBEFMB$BMJEBEEFMB6OJWFSTJEBEEF.BMUB DPOTUJUVJEBFO
BQMJDBEFTEFIBDFNVDIPTB×PT TFHÞOFMFTRVFNB
1BSBUPEBTMBTEJTDJQMJOBT
MB 6OJWFSTJEBE EF .BMUB QSPQPOF QSPHSBNBT EF OJWFM .BTUFS EF VO B×P P B×P Z -B PGFSUB EF BQSFOEJ[BKF B MP MBSHP EF MB WJEB RVF QFSNJUF PCUFOFS UÓUVMPT EF
NFEJPEFEVSBDJØO USBTMBPCUFODJØOEFMUÓUVMPEFUJQP#BDIFMPS FOTF×BO[BTVQFSJPS FYJTUFCBKPMBGPSNBEFOVNFSPTPTDVSTPTOPDUVSOPTZDVSTPT
-BVUJMJ[BDJØOEFM4JTUFNB&VSPQFPEF5SBOTGFSFODJBEF$SÏEJUPT &$54
FOUSBSÈ EFEÓBBUJFNQPQBSDJBM4FQSFTUBFTQFDJBMBUFODJØO FOUÏSNJOPTEFSFDPOPDJNJFOUP
FOWJHPSBQBSUJSEFMNFTEFPDUVCSFEF EFMBTDBMJmDBDJPOFTZFYQFSJFODJBT BMPTFTUVEJBOUFTNBZPSFTEFB×PT
"MBFTQFSBEFMBJOUSPEVDDJØOEFM4VQMFNFOUP&VSPQFPBM5ÓUVMP MPTFTUVEJBOUFT
SFDJCFOVOBSFMBDJØOEFTVTOPUBT

&4536$563"%&-"&/4&º"/;"461&3*03 ."-5"

(WGPVG'WT[FKEG
"# !$

'&(-*035 1&67*5

)3(735 1&67*5

'&(-*035 *57 .4 1&67*5 )3(735&7*

'&(-*035

'&(-*035 *57 .4 1&67*5

FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF

1($&35 1PTUHSBEVBUF$FSUJmDBUF 1(%*1 1PTUHSBEVBUF%JQMPNB 1($& 1PTUHSBEVBUF$FSUJmDBUFPG&EVDBUJPO

10-0/*"
&O1PMPOJB MBDSFBDJØO PSHBOJ[BDJØOZMBTBDUJWJEBEFTEFMPTDFOUSPTEFFOTF×BO[B %FTEFFMEFFOFSPEF TFIBOBEPQUBEPBMHVOBTNFEJEBTQBSBFTUBCMFDFS

TVQFSJPS EF UJQP VOJWFSTJUBSJP FTUÈO SFHVMBEBT QPS MB -FZ EF EF TFQUJFNCSF VO TJTUFNB OBDJPOBM EF BDSFEJUBDJØO EF MPT DFOUSPT EF FOTF×BO[B TVQFSJPS
EF TPCSF MPT $FOUSPT EF &OTF×BO[B 4VQFSJPS JODMVZFOEP FONJFOEBT VOJmDBEB4FIBFTUBCMFDJEPVOB$PNJTJØOEF"DSFEJUBDJØO 1BŴTUXPXB,PNJTKB
QPTUFSJPSFT
-B FOTF×BO[B TVQFSJPS QSPGFTJPOBM XZƒT[F T[LPZ [BXPEPXF
"LSFEZUBDZKOB
RVF IB DPNFO[BEP B DPOUSPMBS MB DBMJEBE EF MB FOTF×BO[B FO
FTUÈ SFHVMBEB NFEJBOUF MB -FZ EF EF KVOJP EF TPCSF MPT $FOUSPT EF WBSJPT DFOUSPT &M $POTFKP (FOFSBM EF &OTF×BO[B 4VQFSJPS TF PDVQB EF EFmOJS
&OTF×BO[B4VQFSJPS1SPGFTJPOBM FONFOEBEBQPTUFSJPSNFOUF
MPT ÈNCJUPT EF MPT FTUVEJPT Z EF EFTBSSPMMBS MBT OPSNBT FEVDBUJWBT &TUBT OPSNBT
-BFTUSVDUVSBEFMPTFTUVEJPTCBTBEBFOEPTDJDMPTQSJODJQBMFTFYJTUFEFTEFFMB×P TF BQMJDBO EF BDVFSEP DPO VOB OPSNBUJWB TFQBSBEB EFM .JOJTUFSJP EF &EVDBDJØO
GFDIB FO MB RVF TF BVUPSJ[Ø B MPT DFOUSPT EF UJQP VOJWFSTJUBSJP B PGSFDFS VO /BDJPOBMZ%FQPSUF
DJDMPEFGPSNBDJØOQSPGFTJPOBMEFUSFTB×PTEFEVSBDJØODPOEVDFOUFBVOUÓUVMPEF -B MFHJTMBDJØO RVF EBUB EFM B×P QFSNJUF B UPEPT MPT DFOUSPT EF FOTF×BO[B
UJQP#BDIFMPS MJDFODKBU JOƒZOJFS
QVEJFOEPJSTFHVJEPEFVO.BTUFS&MUÓUVMPEF TVQFSJPS PSHBOJ[BS DPO UPUBM BVUPOPNÓB DVSTPT EF FEVDBDJØO Z GPSNBDJØO
MJDFODKBUGVFJOUSPEVDJEPQPSMBMFHJTMBDJØOFOFMB×P&OMPTDFOUSPTBVUØOPNPT QFSNBOFOUF
FTUPTQSPHSBNBTIBOTJEPJOUSPEVDJEPTEFNBOFSBQSPHSFTJWBEVSBOUFMPTÞMUJNPT &MTJTUFNBFEVDBUJWPQPMBDPJODMVZFLPMFHJBOBVD[ZDJFMTLJFRVFOPHP[BOEFMFTUBUVT
EJF[B×PT&M1SPDFTPEF#PMPOJBMFTEJPVOJNQVMTPBEJDJPOBM&OFMB×P EFDFOUSPEFFOTF×BO[BTVQFSJPS%FTQVÏTEFUSFTB×PTEFFTUVEJPTFOFTUPTDFOUSPT
FTUPTQSPHSBNBTFTUBCBOZBNVZFYUFOEJEPT MPTFTUVEJBOUFTPCUJFOFOVOUÓUVMP EZQMPN
QFSPOPPCUJFOFOFMUÓUVMPEFMJDFODKBU
"VORVFMBBEPQDJØOEFM4JTUFNB&VSPQFPEF5SBOTGFSFODJBEF$SÏEJUPT &$54
-PTMJDFODJBEPTEFMPTDFOUSPTQSPGFTJPOBMFTEFFOTF×BO[BTVQFSJPS XZƒT[FT[LPZ
OP TFB BÞO PCMJHBUPSJB Z OP FTUÏ BQPZBEP IBTUB BIPSB QPS MB MFHJTMBDJØO TF [BXPEPXF
QVFEFODPOUJOVBSTVTFTUVEJPTBUSBWÏTEFVOBGPSNBDJØOBEJDJPOBMEF
FTUÈ JOUSPEVDJFOEP EF NBOFSB HSBEVBM 4V BQMJDBDJØO DPNFO[Ø FO FM NBSDP EFM EPTB×PTEFEVSBDJØODPOEVDFOUFBVOUÓUVMPEFUJQP.BTUFS
QSPHSBNB 5FNQVT 1IBSF
Z DPOUJOÞB B USBWÏT EFM QSPHSBNB 4PDSBUFT &SBTNVT

)BTUBFMNPNFOUP DFOUSPTEFFOTF×BO[BTVQFSJPSIBOJOUSPEVDJEPFMTJTUFNB
&$54FOBMHVOBTEFTVTGBDVMUBEFT
" QBSUJS EFM B×P FM 4VQMFNFOUP &VSPQFP BM 5ÓUVMP TF BEKVOUBSÈ
PCMJHBUPSJBNFOUFBUPEPTMPTUÓUVMPTQPMBDPTEFFOTF×BO[BTVQFSJPS²TUFDPOUFOESÈ
JOGPSNBDJØO EFUBMMBEB TPCSF MPT FTUVEJPT SFBMJ[BEPT Z MPT UÓUVMPT BDBEÏNJDPT Z
QSPGFTJPOBMFTPCUFOJEPT&OFMB×P TFMMFWØBDBCPVOQSPZFDUPQJMPUPZ
MBMFHJTMBDJØOSFGFSFOUFBFTUFUFNBFTUÈFODVSTPEFBEBQUBDJØO)BTUBMBBEPQDJØO
HFOFSBMJ[BEBEFM4VQMFNFOUP&VSPQFPBM5ÓUVMP MPTDFOUSPTEFFOTF×BO[BTVQFSJPS
EFCFSÈOFOUSFHBSMPBUPEPTBRVFMMPTFTUVEJBOUFTRVFMPTPMJDJUFO
&4536$563"%&-"&/4&º"/;"461&3*03 10-0/*"

(WGPVG'WT[FKEG
O O O O O O
%&
"
2+1'7? 2+1'7? 8953'9525-
O O O O O O
"
O O O

O O O O O O
&

2+1'7? <+9+7>4'7//
O O O O O O O O O O O O O O O
" &
O O O

3-7 /4 3-7 /4

! ! ! !
"
O O O

3-7 /4 3-7 /4

*51957
O O O O O O O O O O O O O O
#$ !%""% $%$ &%&
!
# # $%!& !&% & &
" "&
O O O
2/)+4)0'9 3'-/89+7 3'-/89+7 +*:1')0/
3'-/89+7 3'-/89+7 +*:1')0/
O O O O O O O O O
#& "%!"%&

O O O
2/)+4)0'9 3'-/89+7 8?9:1/
3'-/89+7 8?9:1/
O O O O O O O O O O O O O O O O O
$%!& !&% &$$

O O O
2/)+4)0'9 3'-/89+7

" # #
O O O

3'-/89+7

O O O

3'-/89+7


FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF
.HSJOƒ .BHJTUFSJOƒZOJFS .HSQJFMŢH .BHJTUFSQJFMŢHOJBSTUXB

.HSJOƒBSDIJUFLU .BHJTUFSJOƒZOJFSBSDIJUFLU .HSQPPƒOJDUXB .BHJTUFSQPPƒOJDUXB
36."/¶"
%FTEF FO3VNBOJBTFIBOQVFTUPFONBSDIBEJWFSTBTSFGPSNBTWJODVMBEBTB 1PS MP RVF TF SFmFSF B MB HBSBOUÓB EF MB DBMJEBE 3VNBOJB EFTFB DPOWFSUJSTF FO
MPTPCKFUJWPTEFM1SPDFTPEF#PMPOJB&TUBTSFGPSNBTTFQSFDJTBO EFGPSNBQBSDJBM NJFNCSP EF MB 3FE &VSPQFB QBSB MB (BSBOUÓB EF MB $BMJEBE FO MB &OTF×BO[B
FO USFT %FDSFUPT NJOJTUFSJBMFT Z
BEPQUBEPT FO Z 4VQFSJPS &/2"
BVORVF OP QBSUJDJQB UPEBWÓB FO MBT BDUJWJEBEFT EF ÏTUB &M
SFTQFDUJWBNFOUF ZFOVOB%JSFDUJWBHVCFSOBNFOUBM
EFMB×P PSHBOJTNP PmDJBM FODBSHBEP EF MB FWBMVBDJØO FT FM $POTFKP /BDJPOBM 3VNBOP
&M NPEFMP EF FTUSVDUVSBDJØO EF MPT FTUVEJPT FO EPT DJDMPTQSJODJQBMFT OP TF IB QBSB MB &WBMVBDJØO Z MB "DSFEJUBDJØO "DBEÏNJDB GVOEBEP FO &TUF DPOTFKP
BQMJDBEPUPEBWÓB FT NJFNCSP EFM */2"")& 3FE *OUFSOBDJPOBM QBSB MB (BSBOUÓB EF MB $BMJEBE FO MB
&OTF×BO[B4VQFSJPS
ZEFMB3FEEF"HFODJBTQBSBMB(BSBOUÓBEFMB$BMJEBEFOMB
-B &TUSBUFHJB QBSB MB &OTF×BO[B 4VQFSJPS 3VNBOB FO FM QFSÓPEP IBDF &OTF×BO[B 4VQFSJPS EF &VSPQB $FOUSBM Z EFM &TUF &M %FDSFUP NJOJTUFSJBM EF
SFGFSFODJB TPCSFUPEP BMBOFDFTJEBEEFFTUBCMFDFSVOBFTUSVDUVSBDMBSBFOUÏSNJOPT IBEFTBSSPMMBEPVOBNFUPEPMPHÓBQBSBBVNFOUBSMBGSFDVFODJBEFMBFWBMVBDJØO
EFDJDMPTZEFHBSBOUJ[BSMBFRVJWBMFODJBFOSFMBDJØODPOMBTJUVBDJØOFYJTUFOUF VO QFSJØEJDBEFMPTDFOUSPTEFFOTF×BO[BTVQFSJPS
UÓUVMPEFUJQP#BDIFMPSBMUÏSNJOPEFB×PT VO.BTUFSBMUÏSNJOPEFB×PTZVO
%PDUPSBEPEFTQVÏTEFDVBUSPB×PTBEJDJPOBMFTEFFTUVEJPT
"VORVFMBTEJGFSFODJBT %FTEFFMB×P TFIBOQVFTUPFONBSDIBVOBTFSJFEFJOJDJBUJWBTFOGBWPSEF
TFBO NFOPSFT Z MPT FTUVEJPT EF TFHVOEP DJDMP FRVJWBMFOUFT B MPT UÓUVMPT EF UJQP MB FEVDBDJØO Z MB GPSNBDJØO QFSNBOFOUF &TUB FTUSBUFHJB JODMVZF VO DPOKVOUP
.BTUFS
BTÓDPNPMPT%PDUPSBEPTIBZBOTJEPPCKFUPEFVOBSFFTUSVDUVSBDJØOEFTEF EF PQDJPOFT SFMBUJWBT BM EFTBSSPMMP GVUVSP EFM BQSFOEJ[BKF B MP MBSHP EF MB WJEB
FMB×P MBDVFTUJØOQSJODJQBMTFCBTBFOMBQFSUJOFODJBZMBDPNQBSBCJMJEBEEF Z MB FEVDBDJØO B EJTUBODJB &TUBT NFEJEBT TF DPODSFUBSPO B SBÓ[ EF MB EFDJTJØO
FTUPTUÓUVMPTFOSFMBDJØODPOMPTUÓUVMPTFVSPQFPT HVCFSOBNFOUBM O
NFEJBOUF MB PSHBOJ[BDJØO EF QSPHSBNBT EF FOTF×BO[B
BCJFSUPT Z B EJTUBODJB DPOEVDFOUFT B MB PCUFODJØO EF UÓUVMPT VOJWFSTJUBSJPT Z
&M DPODFQUP EF DSÏEJUPT USBOTGFSJCMFT BQBSFDJØ FO FM B×P B SBÓ[ EF MB QPTUVOJWFSTJUBSJPTSFDPOPDJEPT-BEVSBDJØOEFFTUPTQSPHSBNBTOPFYDFEÓBMPTUSFT
QBSUJDJQBDJØOEF3VNBOJBFOFMQSPHSBNB4ØDSBUFT &SBTNVT
&MTJTUFNB&$54TF B×PT QFSPEVSBCBOBMNFOPTVOB×PNÈTRVFMPTQSPHSBNBTBUJFNQPDPNQMFUP
JOUSPEVKP B mOBMFT EF FO WJSUVE EFM %FDSFUP NJOJTUFSJBM BEPQUBEP FO DPSSFTQPOEJFOUFT
PDUVCSF EF QFSP UPEBWÓB OP TF BQMJDB EF GPSNB HFOFSBMJ[BEB -B &TUSBUFHJB
QBSBMB&OTF×BO[B4VQFSJPS3VNBOBFOFMQFSÓPEPSFDPNJFOEBRVFFM "MNBSHFOEFMBTBEBQUBDJPOFTWJODVMBEBTBM1SPDFTPEF#PMPOJB MBTVOJWFSTJEBEFT
.JOJTUFSJPEF&EVDBDJØOF*OWFTUJHBDJØOEFCFBOJNBSBMBTVOJWFSTJEBEFTQSJWBEBT HP[BOEFNBZPSBVUPOPNÓBEFTEF-BEFTDFOUSBMJ[BDJØOZMBBVUPOPNÓBIBO
ZQÞCMJDBTBBQMJDBSFMTJTUFNB&$54FJEFOUJmDBMPTNFDBOJTNPTQBSBHBSBOUJ[BSMB WFOJEPBDPNQB×BEBTQPSMBQSFPDVQBDJØOEFBMDBO[BSVOBDPIFSFODJBUPUBMQBSBFM
DPNQBUJCJMJEBEOBDJPOBM DPOKVOUPEFMTJTUFNBEFFOTF×BO[BTVQFSJPS DPODFCJEPQBSBGVODJPOBSEFNBOFSB
QFSGFDUBNFOUF BSUJDVMBEB &M .JOJTUFSJP EF &EVDBDJØO F *OWFTUJHBDJØO EFEJDB VOB
"SBÓ[EFMBTPMJDJUVEEFNFKPSBEFMBUSBOTQBSFODJBJOUFSOBDJPOBMEFMPTUÓUVMPT FM BUFODJØONVZFTQFDJBMBMDPOUSPMEFMBTVOJWFSTJEBEFTFOUÏSNJOPTEFGVOEBNFOUPT
%FDSFUP NJOJTUFSJBM BEPQUBEP FO BCSJM EF JOUSPEVKP FM 4VQMFNFOUP KVSÓEJDPT QBSB TVT EFDJTJPOFT MB BENJOJTUSBDJØO EF TVT SFDVSTPT Z MB DBMJEBE EF MB
&VSPQFPBM5ÓUVMP1PSFMNPNFOUP ÏTUFTØMPTFFOUSFHBQSFWJBQFUJDJØO FOTF×BO[BRVFJNQBSUFO
&4536$563"%&-"&/4&º"/;"461&3*03 36."/¶"

(WGPVG'WT[FKEG
O O O O O O
O O O O O O
+ )

#" , !*, #" , GRFWRU
O O O O O O
O O O O O O
+ )

#" , $&& #" &
#" ,
VWXGLL DFDGHPLFH SRVWXQLYHUVLWDUH
O O O O O O
O O O O O O
+ + ò

#" , !!$ #" & #" , VWXGLL DSURIXQGDWH
O O O O O O
O O O O O O

#" , !*, #" , PDVWHU
O O O O O O
O O O O O O

#" , %"'$ #" , SRVWXQLYHUVLWDUH GH VSHFLDOL]DUH


FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF

&4-07&/*"
&O &TMPWFOJB MPT GVOEBNFOUPT KVSÓEJDPT EFM TJTUFNB EF FOTF×BO[B TVQFSJPS TF &O TF DSFØ MB $PNJTJØO &TMPWFOB QBSB MB &WBMVBDJØO EF MB $BMJEBE EF MB
JOTDSJCFOFOMB$POTUJUVDJØO RVFSFDPOPDFBMBTVOJWFSTJEBEFTZBPUSPTDFOUSPTEF &OTF×BO[B 4VQFSJPS &TUB $PNJTJØO FMBCPSB Z QVCMJDB JOGPSNFT BOVBMFT 1PS PUSP
FOTF×BO[BTVQFSJPSFMEFSFDIPBBDUVBSEFGPSNBBVUØOPNBEFOUSPEFMPTMÓNJUFT MBEP FT NJFNCSP EF MB 3FEEF"HFODJBTQBSBMB(BSBOUÓBEFMB$BMJEBEFOMB
FTUBCMFDJEPT QPS MB MFZ -FZ EF EF &OTF×BO[B 4VQFSJPS FONFOEBEB FO &OTF×BO[B4VQFSJPSEF&VSPQB$FOUSBMZEFM&TUF 3FE$&&
ZQBSUJDJQBFOMBT
Z
TFTJPOFT EF MB 3FE &VSPQFB QBSB MB (BSBOUÓB EF MB $BMJEBE FO MB &OTF×BO[B
-BFOTF×BO[BTVQFSJPSFTMPWFOBTFCBTBFOVOBFTUSVDUVSBDJØOEFMPTFTUVEJPTFO 4VQFSJPS &/2"
DPNPPCTFSWBEPSB EBEPRVFUPEBWÓBOPFTNJFNCSP
EPT DJDMPT QSJODJQBMFT EFTEF MPT B×PT TFTFOUB -B -FZ IB JOTUBVSBEP QSPHSBNBT &O&TMPWFOJBOPTFIBBEPQUBEPOJOHVOBNFEJEBDPODBSÈDUFSSFDJFOUFBGBWPSEF
NBHJTUFSJKEFEPTB×PTEFEVSBDJØORVFMBTGBDVMUBEFTZBDBEFNJBTPGSFDFOFOUPEBT MBFEVDBDJØOZMBGPSNBDJØOQFSNBOFOUF4JOFNCBSHP BMHVOPTQSPHSBNBTEF
MBTEJTDJQMJOBTIPZFOEÓB4FCBTBOFOUÓUVMPTRVFSFRVJFSFO QPSMPHFOFSBM DVBUSP FEVDBDJØOEFBEVMUPTZEFGPSNBDJØODPOUJOVBIBOTJEPQSPQVFTUPTQPSMPTDFOUSPT
B×PT EF FTUVEJPT P JODMVTP DJODP P TFJT B×PT FO BMHVOPT DBTPT &TUPT QSPHSBNBT EF FOTF×BO[B TVQFSJPS FTMPWFOPT EFTEF TF JODMVZFO DVSTPT BEJDJPOBMFT EF
NBHJTUFSJK TF DPOTJEFSBO UBNCJÏO DPNP VOB QSJNFSB FUBQB Z VO SFRVJTJUP QSFWJP SFDJDMBKFZGPSNBDJØODPOUJOVBQBSBEJTUJOUBTQSPGFTJPOFT
&MBVNFOUPEFMOÞNFSP
QBSBFMBDDFTPBMPTFTUVEJPTRVFDPOEVDFOBM%PDUPSBEP%FIFDIP EFTEFMB-FZ EF JOTDSJQDJPOFT FO MPT QSPHSBNBT EF FTUVEJPT B UJFNQP QBSDJBM JMVTUSB FM JOUFSÏT
EFEF&OTF×BO[B4VQFSJPS FYJTUFOEPTPQDJPOFTEFFTUVEJPTRVFDPOEVDFO DPOTUBOUFEF&TMPWFOJBQPSMBFEVDBDJØOEFBEVMUPT"EFNÈT TFDPOTUBUBVOBNBZPS
BM EPDUPSBEP
BRVÏMMB RVF DPOTJTUF FO VO DJDMP EF DVBUSP B×PT EF FTUVEJPT PGFSUB FO MB GPSNBDJØO QSPGFTJPOBM FTQFDJBMJ[BEB FO FM OJWFM EF QPTUTFDVOEBSJB
BEJDJPOBMFTEFTQVÏTEFMBPCUFODJØOEFVOQSJNFSUÓUVMPZ
BRVÏMMBRVFDPOTJTUF BEBQUBEBBMBTOFDFTJEBEFTEFMPTFTUVEJBOUFTBEVMUPT
FO VO DJDMP EF EPT B×PT EF UJQP NBHJTUFSJK TFHVJEB EF VO DJDMP EF EPT B×PT RVF $PO FM mO EF BNQMJBS FM BDDFTP B MB FOTF×BO[B TVQFSJPS Z MBT DPOEJDJPOFT EF MPT
DPOEVDFBM%PDUPSBEP-PTDFOUSPTEFFOTF×BO[BTVQFSJPSIBOFOUBCMBEPFMEFCBUF FTUVEJPTQBSBMPTDJVEBEBOPTEFMB6&ZMPTDJVEBEBOPTFTMPWFOPT MPTQSPDFTPTEF
TPCSF MB GVUVSB FTUSVDUVSB EF MB FOTF×BO[B TVQFSJPS FTMPWFOB EF BDVFSEP DPO MPT TFMFDDJØO GVFSPO NPEJmDBEPT FO QPS VOB FONJFOEB B MB -FZ EF &OTF×BO[B
NPEFMPT QSPQVFTUPT QPS MB 6& -B FRVJWBMFODJB FOUSF FM NBHJTUFSJK Z FM UÓUVMP EF 4VQFSJPS
UJQP .BTUFS #BDIFMPS.BTUFS TFHÞO MB UFSNJOPMPHÓB FVSPQFB
OP IB TJEP UPEBWÓB
DPOmSNBEBFO&TMPWFOJB &O FM B×P MB "TBNCMFB /BDJPOBM BEPQUØ VO 1MBO .BFTUSP EF &OTF×BO[B
4VQFSJPSEFTUJOBEPBJOUSPEVDJSNFEJEBTRVFQFSNJUJSÈOSFTQPOEFSNÈTGÈDJMNFOUF
&O FM B×P MB BQMJDBDJØO EFM 4JTUFNB &VSPQFP EF 5SBOTGFSFODJB EF B MPT DSJUFSJPT EF MB %FDMBSBDJØO EF #PMPOJB BQMJDBDJØO HFOFSBMJ[BEB EFM TJTUFNB
$SÏEJUPT &$54
TF IJ[P PCMJHBUPSJB QBSB BMHVOPT DVSTPT JNQBSUJEPT FO EJWFSTPT &$54 QPMÓUJDBEFHBSBOUÓBEFMBDBMJEBE FMBCPSBDJØOEFBKVTUFTMFHBMFTRVFQFSNJUBO
DFOUSPTEFFOTF×BO[BTVQFSJPS FOFTQFDJBMDPOFMmOEFQSPNPWFSMBDPNQBSBCJMJEBE PGSFDFS FTUVEJPT NÈT DPSUPT DPOEVDFOUFT B VO QSJNFS UÓUVMP
4F IBO FTUBCMFDJEP
BFTDBMBJOUFSOBDJPOBMZGBDJMJUBSMBNPWJMJEBEFOMPTQSPHSBNBTEFMB6&FOMPTRVF HSVQPTEFUSBCBKPOBDJPOBMFTZTFPSHBOJ[BOTFNJOBSJPTDPOFMmOEFIBDFSBWBO[BS
&TMPWFOJBWJFOFQBSUJDJQBOEPEFTEFFMB×P FMEFCBUFOBDJPOBMTPCSFUPEBTFTUBTDVFTUJPOFT
4FHÞO MPT DSJUFSJPT EFM $POTFKP EF &OTF×BO[B 4VQFSJPS FM TJTUFNB &$54 FOUSØ FO
WJHPSQBSBUPEPTMPTQSPHSBNBTOVFWPTEFFTUVEJPTBQBSUJSEFMB×P
%FTEF FM B×P BDBEÏNJDP FO &TMPWFOJB TF FOUSFHB FM 4VQMFNFOUP
&VSPQFP BM5ÓUVMP DPO FM mO EF NFKPSBS MB USBOTQBSFODJB B OJWFM JOUFSOBDJPOBM Z
GBDJMJUBSFMSFDPOPDJNJFOUPBDBEÏNJDPZQSPGFTJPOBMEFMPTUÓUVMPT
&4536$563"%&-"&/4&º"/;"461&3*03 &4-07&/*"

(WGPVG'WT[FKEG
O O O O O

!
&1-513 /'&+%+0' &1-513 &'05#.0' /'&+%+0'
O O O O O O

O
1-513
O
! !
O
O
&1-513 7'5'3+0#34-' /'&+%+0' 60+7'3:+5'50+ &+2.1/+3#0+ 5'1.1) 42'%+#.+45
O
O
O
O
O O O O O O O
O
!
O
42'%+#.+45
O
O
/#)+45'3 (#3/#%+,' 60+7'3:+5'50+ &+2.1/+3#0+
O
/#)+45'3
O
O

O O O O O O
O

O
O O O O O O O
"
O
42'%+#.+45 1-513
O
60+7'3:+5'50+ &+2.1/+3#0+ +0C'0+3
O
60+7'3:+5'50+ &+2.1/+3#0+ 231('413 #-#&'/4-+ /#)+45'3
O
O
O
! ! =
O

!

O O O O O O
O
O
O
&+2.1/+3#0+ 42'%+#.+45
O
O

O
O

O O O O O O
! ! =
O
O
&+2.1/+3#0+ +0C'0+3 &+2.1/+3#0+ 42'%+#.+45
O
O
O O O O O
" != !
= &+2.1/# 7+A,' A1.'

FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF
&4-07"26*"
&O&TMPWBRVJB MBOVFWB-FZEF&OTF×BO[B4VQFSJPS BQSPCBEBFOBCSJMEF 1PS MP RVF TF SFmFSF B MB HBSBOUÓB EF MB DBMJEBE &TMPWBRVJB QBSUJDJQB FO MB 3FE
SFHVMBMBTBEBQUBDJPOFTWJODVMBEBTBMPTPCKFUJWPTEFM1SPDFTPEF#PMPOJB &VSPQFB QBSB MB (BSBOUÓB EF MB $BMJEBE FO MB &OTF×BO[B 4VQFSJPS &/2"

%FTEF MB FOTF×BO[B TVQFSJPS FTMPWBDB FTUÈ CBTBEB FO VO NPEFMP EF EFTEFQPSNFEJPEFTV$PNJTJØOEF"DSFEJUBDJØO GVOEBEBFO
FTUSVDUVSBDJØO EF MPT FTUVEJPT FO EPT DJDMPT QSJODJQBMFT "EFNÈT MB OVFWB -FZ /PTFIBBEPQUBEPUPEBWÓBOJOHVOBNFEJEBFTQFDÓmDBBGBWPSEFMBFEVDBDJØOZMB
EF&OTF×BO[B4VQFSJPSFTUBCMFDFEFGPSNBDMBSBMBEJTUJODJØOFOUSFMPTQSPHSBNBT GPSNBDJØOQFSNBOFOUF/PPCTUBOUF MBFWPMVDJØOEFMBQPMÓUJDBFOFTUBNBUFSJBIB
EF UJQP #BDIFMPS .BTUFS Z %PDUPSBEP -PT UÓUVMPT EF UJQP #BDIFMPS TF DPODFEFO TJEPPCKFUPEFVOJOUFOTPEFCBUF&OFMB×PTFBEPQUØVO.FNPSÈOEVNTPCSF
OPSNBMNFOUFEFTQVÏTEFVODJDMPEFUSFTBDVBUSPB×PTEFFTUVEJPT NJFOUSBTRVF MBFEVDBDJØOZMBGPSNBDJØOQFSNBOFOUF ZFOFMB×PTFNPEJmDØMB-FZTPCSF
MPTQSPHSBNBTEFUJQP.BTUFSQVFEFOUFOFSVOBEVSBDJØOEFVOPBUSFTB×PT&YJTUFO MB'PSNBDJØO1FSNBOFOUF EFGPSNBRVFMPTQSPHSBNBTJNQBSUJEPTFOWJSUVEEFFTUB
USFTUJQPTEF.BTUFSNBHJTUFS NBHJTUFSVNFOJBFJOäJOJFS-PTBOUJHVPTQSPHSBNBT -FZQVEJFSBOTFSBDSFEJUBEPT&MEFCBUFZMBBQMJDBDJØOEFFTUF.FNPSÈOEVNGVFSPO
EFDJDMPMBSHPCBTBEPTFOVOÞOJDPDJDMPWBOEFTBQBSFDJFOEPQSPHSFTJWBNFOUFZTF PSHBOJ[BEPTFOWJSUVEEFMBSFDPNFOEBDJØOEFMB$PNJTJØO&VSPQFB
JODPSQPSBOBMPTQSPHSBNBTEFUJQP.BTUFS-PTQSPHSBNBTEF5FPMPHÓB .FEJDJOBZ "M NBSHFO EF MBT SFGPSNBT WJODVMBEBT BM 1SPDFTP EF #PMPOJB MPT DFOUSPT EF
7FUFSJOBSJBTPOMPTÞOJDPTRVFTFHVJSÈOFTUSVDUVSBEPTFOGPSNBEFVOÞOJDPDJDMP FOTF×BO[B TVQFSJPS TF EJWJEFO FO BEFMBOUF FO DFOUSPT BVUØOPNPT QÞCMJDPT
EFMBSHBEVSBDJØO FTUBUBMFTZQSJWBEPT
-BT QSJNFSBT NFEJEBT B GBWPS EF MB JOUSPEVDDJØO EFM 4JTUFNB &VSPQFP EF "QBSUJSEFMB×PBDBEÏNJDP MBFEBEUFØSJDBEFBENJTJØOFOMBFOTF×BO[B
5SBOTGFSFODJB EF $SÏEJUPT &$54
GVFSPO BEPQUBEBT B USBWÏT EF MPT QSPZFDUPT TVQFSJPSFTMPWBDBQBTBSÈEFBB×PT
QJMPUP EFM QSPHSBNB 5FNQVT B QSJODJQJPT EF MPT B×PT OPWFOUB 4JO FNCBSHP FM
TJTUFNB&$54FOUSØFOWJHPSFOFMB×PBSBÓ[EFMBOVFWB-FZEF&OTF×BO[B
4VQFSJPSNFODJPOBEBBOUFSJPSNFOUFZEFVO%FDSFUPSFMBUJWPBMTJTUFNBEFDSÏEJUPT
&MTJTUFNB&$54FTPCMJHBUPSJPFOMBBDUVBMJEBEFOUPEPTMPTDFOUSPTEFFOTF×BO[B
TVQFSJPS
%FBDVFSEPDPOMBOVFWB-FZ FM4VQMFNFOUP&VSPQFPBM5ÓUVMPEFCFTFSJOUSPEVDJEP
QPSUPEPTMPTDFOUSPTEFFOTF×BO[BTVQFSJPS"QBSUJSEFMB×PBDBEÏNJDP
TFSÈDPODFEJEPBUPEPTMPTMJDFODJBEPTFOMBFOUSFHBEFTVUÓUVMP
&4536$563"%&-"&/4&º"/;"461&3*03 &4-07"26*"

(WGPVG'WT[FKEG
!"$

(2.624 !4 "4
$ 0%+-56)4
&%.%/@4 -1F-1-)4%4',-6).6

(2.624 (2.624 70)1-%
&%.%/@4 0%+-56)4 -1F-1-)4
0%+-56)4 -1F-1-)4
% !"" & 0%+-56)4
&%.%/@4
!"$ "#= ? >
% &%.%/@4 0%+-56)4 70)1-%
= = ?
% % #
%&52/8)165.E (-3/20

FSØQSPHSBNB
Z$*/&

O O O
FSØQSPHSBNB
%VSBDJØOWBSJBCMF
.6%S %PLUPSNFEJDJOZ .7%S %PLUPSWFUFSJOÈSTLFKNFEJDJOZ

(-04"3*0
$ØEJHPTQPSQBÓT
&6 6OJØO&VSPQFB -PT USFT QBÓTFT EF MB "TPDJBDJØO &VSPQFB EF -JCSF
# #ÏMHJDB "&-$&&& $PNFSDJP RVF TPO NJFNCSPT EFM &TQBDJP &DPOØNJDP
&VSPQFP
#GS #ÏMHJDBo$PNVOJEBEGSBODFTB
*4 *TMBOEJB
#EF #ÏMHJDBo$PNVOJEBEHFSNBOPQBSMBOUF
-* -JFDIUFOTUFJO
#OM #ÏMHJDBo$PNVOJEBEnBNFODB
/0 /PSVFHB
%, %JOBNBSDB
1BÓTFTDBOEJEBUPT
% "MFNBOJB
#( #VMHBSJB
&- (SFDJB
$; 3FQÞCMJDB$IFDB
& &TQB×B
&& &TUPOJB
' 'SBODJB
$: $IJQSF
*3- *SMBOEB
-7 -FUPOJB
* *UBMJB
-5 -JUVBOJB
- -VYFNCVSHP
)6 )VOHSÓB
/- 1BÓTFT#BKPT
.5 .BMUB
" "VTUSJB
1- 1PMPOJB
1 1PSUVHBM
30 3VNBOJB
'*/ 'JOMBOEJB
4* &TMPWFOJB
4 4VFDJB
4, &TMPWBRVJB
6, 3FJOP6OJEP
6, &8
*OHMBUFSSBZ(BMFT
6, /*
*SMBOEBEFM/PSUF
6, 4$
&TDPDJB
$MBTJmDBDJØOVUJMJ[BEB$MBTJmDBDJØO*OUFSOBDJPOBM/PSNBMJ[BEBEFMB 5FSNJOPMPHÓBZPUSBTEFmOJDJPOFT
&EVDBDJØO $*/&
"QSFOEJ[BKFBMPMBSHPEFMBWJEB
-BDMBTJmDBDJØOJOUFSOBDJPOBMOPSNBMJ[BEBEFMBFEVDBDJØO $*/&
FTVOJOTUSVNFOUP
&M DPNVOJDBEP mOBM RVF TJHVJØ B MB SFVOJØO EF #PMPOJB FO 1SBHB FO FM B×P
JEØOFP QBSB SFDPQJMBS FTUBEÓTUJDBT FEVDBUJWBT B OJWFM JOUFSOBDJPOBM *ODMVZF
FOGBUJ[ØMBJNQPSUBODJBEFMi"QSFOEJ[BKFBMPMBSHPEFMBWJEBw -JGFMPOH-FBSOJOH---

EPT WBSJBCMFT DMBTJmDBUPSJBT EF DSVDF MPT OJWFMFT FEVDBUJWPT Z MBT EJNFOTJPOFT
DPNP FMFNFOUP GVOEBNFOUBM EFM &TQBDJP &VSPQFP EF &EVDBDJØO 4VQFSJPS 6OB
DPNQMFNFOUBSJBT EF PSJFOUBDJØO HFOFSBMQSPGFTJPOBMQSFQSPGFTJPOBM Z MB
DPOEJDJØOJNQPSUBOUFQBSBFMEFTBSSPMMPEFMi"QSFOEJ[BKFBMPMBSHPEFMBWJEBwFTMB
USBOTJDJØOFEVDBDJØONFSDBEPMBCPSBM-BWFSTJØOBDUVBM $*/&
EJTUJOHVFTFJT
FYJTUFODJBEFVOTJTUFNBEFDSÏEJUPTUPUBMNFOUFDPIFSFOUFRVFSFHVMFMBFWBMVBDJØO
OJWFMFT FEVDBUJWPT $*/& FEVDBDJØO JOGBOUJM $*/& FEVDBDJØO QSJNBSJB $*/&
ZFMSFDPOPDJNJFOUPEFMPTUÓUVMPTZDFSUJmDBEPTPUPSHBEPTFOMBFTDVFMB VOJWFSTJEBE
FEVDBDJØO TFDVOEBSJB JOGFSJPS $*/& FEVDBDJØO TFDVOEBSJB TVQFSJPS $*/&
PFOFMNBSDPEFMBGPSNBDJØOFOFMÈNCJUPMBCPSBM EFNPEPRVFMBTUJUVMBDJPOFT
FEVDBDJØOQPTUTFDVOEBSJBOPTVQFSJPS$*/& FEVDBDJØOTVQFSJPS QSJNFSOJWFM

QVFEBO USBOTGFSJSTF FOUSF MPT DFOUSPT FEVDBUJWPT VOJWFSTJEBEFT Z FM NVOEP EFM
$*/& FEVDBDJØOTVQFSJPS TFHVOEPOJWFM

USBCBKP
/*7&-&4$*/&*/$-6*%04&/&45"16#-*$"$*»/
1SPDFEJNJFOUPEFTFMFDDJØO
$*/&&EVDBDJØOTVQFSJPS QSJNFSOJWFM
$VBMRVJFS QSPDFEJNJFOUP P SFRVJTJUP FYJHJEP BQBSUF EF MB QPTFTJØO EF VOB
1BSBBDDFEFSBFTUPTQSPHSBNBTTFSFRVJFSF QPSMPHFOFSBM IBCFSDPNQMFUBEP UJUVMBDJØOEFFEVDBDJØOTFDVOEBSJBTVQFSJPS ZRVFFTUÈEJSJHJEPBMJNJUBSFMOÞNFSP
MPTOJWFMFT$*/&Ø&MOJWFM$*/&JODMVZFQSPHSBNBTEFFEVDBDJØOTVQFSJPS EF NBUSÓDVMBT FO MB FEVDBDJØO TVQFSJPS QF VO FYBNFO EF BDDFTP DPODVSTP
DPOVOBPSJFOUBDJØOBDBEÏNJDB UJQP"
ZVOBBNQMJBCBTFUFØSJDBZQSPHSBNBT OVNFSVT DMBVTVT P DVBMRVJFS PUSP NÏUPEP TFMFDUJWP
-PT BTQJSBOUFT QVFEFO TFS
EF GPSNBDJØO TVQFSJPS DPO VOB PSJFOUBDJØO QSÈDUJDB Z UÏDOJDB UJQP #
DPO TFMFDDJPOBEPTBOJWFMOBDJPOBM SFHJPOBMPJOTUJUVDJPOBM
GSFDVFODJBEFNFOPSEVSBDJØORVFMPTEFUJQP"ZEJSJHJEPTBMBDDFTPBMNFSDBEP
MBCPSBM 3FE&VSPQFBQBSBMB(BSBOUÓBEFMB$BMJEBEFOMB&OTF×BO[B4VQFSJPS &/2"

$*/&&EVDBDJØOTVQFSJPS TFHVOEPOJWFM
3FEFVSPQFBDSFBEBFOQBSBMBEJGVTJØOEFJOGPSNBDJØO FYQFSJFODJBT CVFOBT
QSÈDUJDBTZOVFWPTBWBODFTFOFMDBNQPSFMBDJPOBEPDPOMBFWBMVBDJØOZMBHBSBOUÓB
&TUFOJWFMTFSFmFSFFYDMVTJWBNFOUFBMPTFTUVEJPTTVQFSJPSFTDPOEVDFOUFTB EF MB DBMJEBE FO MB FEVDBDJØO TVQFSJPS &OUSF MBT QBSUFT JOUFSFTBEBT FO FTUPT
VOBUJUVMBDJØOTVQFSJPSFOJOWFTUJHBDJØO 1I%PEPDUPSBEP
JOUFSDBNCJPTmHVSBOMBTBVUPSJEBEFTQÞCMJDBT MPTDFOUSPTEFFEVDBDJØOTVQFSJPSZ
MBTBHFODJBTQBSBMBHBSBOUÓBEFMBDBMJEBE
4JTUFNB&VSPQFPEF5SBOTGFSFODJBEF$SÏEJUPT &$54
4JTUFNB EF DSÏEJUPT RVF QFSNJUF NFEJS Z DPNQBSBS MPT MPHSPT EFM BQSFOEJ[BKF Z
USBOTGFSJSMPT EF VO DFOUSP B PUSP 4F DSFØ JOJDJBMNFOUF DPNP QBSUF EFM QSPHSBNB
&SBTNVT
$PO MB JOUSPEVDDJØO FO EFM $POUSBUP *OTUJUVDJPOBM
FO FM QSPHSBNB 4ØDSBUFT &SBTNVT
UPEBT MB VOJWFSTJEBEFT FVSPQFBT IBO QPEJEP
QBSUJDJQBS FO FM &$54 $PNP JOTUSVNFOUP FmDB[ RVF QSPNVFWF MB USBOTQBSFODJB
EF MPT QSPHSBNBT Z GBDJMJUB FM SFDPOPDJNJFOUP BDBEÏNJDP FM &$54 DPOUSJCVZF B
GBWPSFDFSMBNPWJMJEBEQPSUPEB&VSPQB-BUSBOTQBSFODJBTFHBSBOUJ[BTVNJOJTUSBOEP
JOGPSNBDJØOEFUBMMBEBTPCSFMPTQSPHSBNBTEFFTUVEJPTZFYQMJDBOEPFMWBMPSEFMPT
DSÏEJUPTFOSFMBDJØODPOVOBUJUVMBDJØODPODSFUB&MEPTTJFSJOGPSNBUJWP FMBDVFSEP
TPCSFFMBQSFOEJ[BKFZMPTFYQFEJFOUFTTPOMPTQSJODJQBMFTJOTUSVNFOUPTQBSBMPHSBS
RVFFM&$54GVODJPOFZGBDJMJUFFMSFDPOPDJNJFOUPBDBEÏNJDP

IUUQVOFTDPTUBUVOFTDPPSHFOQVCQVCIUN
4VQMFNFOUP&VSPQFPBM5ÓUVMP
-B $PNJTJØO &VSPQFB FM $POTFKP EF &VSPQB Z MB 6/&4$0 EFTBSSPMMBSPO FM BSc Bachelor of Science DK
4VQMFNFOUP&VSPQFPBM5ÓUVMPDPOFMmOEFNFKPSBSMBUSBOTQBSFODJBJOUFSOBDJPOBM
BTS Brevet de Technicien Supérieur F
ZGBDJMJUBSFMSFDPOPDJNJFOUPBDBEÏNJDPZQSPGFTJPOBMEFMBTUJUVMBDJPOFT EJQMPNBT
UÓUVMPT DFSUJmDBEPT FUD
&M 4VQMFNFOUP RVF TF BEKVOUB B MBT UJUVMBDJPOFT EF Cand. Arch. Candidatus architecturae DK
FEVDBDJØO TVQFSJPS EFTDSJCF FO FM DPSSFTQPOEJFOUF JEJPNB OBDJPOBM Z FO JOHMÏT Cand. Med. Candidatus medicinae DK
MB OBUVSBMF[B OJWFM DPOUFYUP DPOUFOJEP Z DBUFHPSÓB EF MPT FTUVEJPT DVSTBEPT &M
4VQMFNFOUP&VSPQFPBM5ÓUVMPBQPSUBJOGPSNBDJØODPNQMFNFOUBSJBTPCSFFMTJTUFNB Cand. med. Vet. Candidatus medicinae veterinariae DK
OBDJPOBMEFFEVDBDJØOTVQFSJPSEFMQBÓTFOFMRVFTFFYQJEF DPOFMmOEFGBDJMJUBSFM Cand. Pharm. Candidatus pharmaciae DK

SFDPOPDJNJFOUPEFMBUJUVMBDJØOFODVBMRVJFSPUSPDPOUFYUPFEVDBUJWP CEAA Certificat d’Études Approfondies en Architecture F
5ÓUVMPmOBM CertHE Certificate of Higher Education UK
5ÓUVMPRVFTFPCUJFOFBMmOBMJ[BSVOQSPHSBNBEFFTUVEJPT DPOPTJOFYBNFOmOBM
Z CPGE Classes Préparatoires aux Grandes Écoles F
EBBDDFTPBMNFSDBEPMBCPSBM DE Diplôme d’État F
5ÓUVMPJOUFSNFEJP DEA Diplôme d’Études Approfondies B fr, F
1SVFCB GPSNBM EF RVF TF IB DPNQMFUBEP FM QSJNFS iDJDMPw EF VO QSPHSBNB EF DEC Diplôme d’Études Complémentaires B fr
FTUVEJPTZRVFFTJOEJTQFOTBCMFQBSBBDDFEFSBMTFHVOEPDJDMPEFEJDIPQSPHSBNB DES Diplôme d’Études Spécialisées B fr, F
/PTFUSBUB QPSUBOUP OJEFVOUÓUVMPmOBMOJEBBDDFTPBMNFSDBEPMBCPSBM
DESS Diplôme d’Études Supérieures Spécialisées B fr, F
"CSFWJBUVSBT OBDJPOBMFT Z UÏSNJOPT DPSSFTQPOEJFOUFT FO DEUG Diplôme d’Études Universitaires Générales F
MBMFOHVBEFPSJHFO DEUST Diplôme d’Études Universitaires Scientifiques et Techniques F
DF2CEM Diplôme de fin de deuxième cycle des études médicales F
DipHE Diploma of Higher Education UK
DiS. Diplomovaný specialista CZ

AEA Attestation d’Études Approfondies F DNTS Diplôme National de Technologie Spécialisée F
AHU Année Hospitalo-Universitaire F Dr. phil. Doktor philosophiae DK
Architecte DPLG Architecte Diplômé Par Le Gouvernement F Dr. polit. Doctor politicarum DK
BA BA-gráða IS Dr. scient. Doctor scientiarum DK
BA Berufsakademie D Dr. théol. Doctor theologiae DK
Bc. Bakalář CZ DRT Diplôme de Recherche Technologique F
BcA. Bakalář umění CZ DUT Diplôme Universitaire de Technologie F
BEd Bachelor of Education IS FD Foundation Degree UK (E/W/NI)
BFA BFA-gráða IS FH Fachhochschule D, A
BMus BMus-gráða IS GRAD. CERT. Graduate Certificate UK
BPh.Isl Baccalaureus Philologiae Islandicae IS GRAD. DIP. Graduate Diploma UK
BS BS-gráða IS HNC Higher National Certificate UK
HND Higher National Diploma UK PGCE Postgraduate Certificate of Education MT
Ing. Inženýr CZ Ph.D Doktor philosopiae/Philosophiae Doktor DK, NO
Ing. arch. Inženýr architect CZ Ph.D. Doktor CZ
IUP Institut Universitaire Professionnalisé F PharmDr. Doktor farmacie CZ
IUT Institut Universitaire de Technologie F PhDr. Doktor filosofie CZ
JUDr. Doktor práv CZ Pk Profesinė kvalifikacija LT
MA Master of Arts/Magister artium IS RNDr. Doktor přírodních věd CZ
MBA Master of Business Administration IS STS Section de Techniciens Supérieurs F
Med Master of Education IS TEI Technologigo Ekpaideftiko Idryma EL
MgA. Magistr umění CZ Th.D. Doktor teologie CZ
Mgr inż. Magister inżynier PL ThDr. Doktor teologie CZ
Mgr inż. architekt Magister inżynier architekt PL ThLic. Licenciát teologie CZ
Mgr pielęg. Magister pielęgniarstwa PL
Mgr położnictwa Magister położnictwa PL "CSFWJBUVSBTJOUFSOBDJPOBMFT

Mgr. Magistr CZ
$*/& $MBTJmDBDJØO*OUFSOBDJPOBM/PSNBMJ[BEBEFMB6/&4$0
MPA Master of Public Administration IS

&$54 4JTUFNB&VSPQFPEF5SBOTGFSFODJBEF$SÏEJUP
MPaed. Magister Paedagogiae IS
&&&4 &TQBDJP&VSPQFPEF&OTF×BO[B4VQFSJPS
MS Master of Science/Magister Scientiarum IS
&/*$/FUXPSL 3FE&VSPQFBEF$VSTPTEF*OGSBDDJØO
MSW Master of Social Works IS 3FE&VSPQFBQBSBMB(BSBOUÓBEFMB$BMJEBEFOMB&OTF×BO[B
&/2"
MUDr Doktor mediciny SK 4VQFSJPS
MUDr. Doktor medicíny CZ &6" "TPDJBDJØO&VSPQFBEF6OJWFSTJEBEFT
$FOUSPT/BDJPOBMFTEF*OGPSNBDJØOTPCSFFMSFDPOPDJNJFOUP
MVDr Doktor veterinárskej mediciny SK /"3*$ "DBEÏNJDP
MVDr. Doktor veterinární medicíny CZ
P.G. CERT. Postgraduate Certificate IRL, UK, MT
P.G. DIP. Postgraduate Diploma IRL, UK, MT

3&'&3&/$*"4
1VCMJDBDJPOFTSFMBUJWBTBM1SPDFTPEF#PMPOJB -PVUSJF 1'PNFOUBSFM1SPDFTPEF#PMPOJB*OGPSNFEJSJHJEPBMPT.JOJTUSPTEF&EVDBDJØO

EFMPTQBÓTFTmSNBOUFT1SBHB .BZP
$PNJTJØO&VSPQFB%JSFDDJØO(FOFSBMEF&EVDBDJØOZ$VMUVSB%F1SBHBB#FSMÓO-B IUUQXXXCPMPHOBCFSMJOEFQEG-PVSUJF@SFQPSUQEG
DPOUSJCVDJØOEFMB6&*OGPSNFTPCSFFMQSPHSFTP#SVTFMBT$PNJTJØO&VSPQFB
.FOTBKFUSBTFM$POWFOJPEF4BMBNBODBEFMBT*OTUJUVDJPOFTFVSPQFBTEF&OTF×BO[B
$PNJTJØO&VSPQFB%JSFDDJØO(FOFSBMEF&EVDBDJØOZ$VMUVSB%F1SBHBB#FSMÓO-B 4VQFSJPS$POTUSVJSFMFTQBDJPFVSPQFPEFFOTF×BO[BTVQFSJPS
DPOUSJCVDJØOEFMB6&4FHVOEPJOGPSNFTPCSFFMQSPHSFTP#SVTFMBT$PNJTJØO&VSPQFB IUUQXXXCPMPHOBCFSMJOEFQEGTBMBNBODB@DPOWFOUJPOQEG
;HBHB 1 &M 1SPDFTP EF #PMPOJB FOUSF 1SBHB Z #FSMÓO *OGPSNF EF MPT .JOJTUSPT EF
$PNJTJØO &VSPQFB %JSFDDJØO (FOFSBM EF &EVDBDJØO Z $VMUVSB "TPDJBDJØO &EVDBDJØOEFMPTQBÓTFTmSNBOUFT#FSMJO TFQUJFNCSFEF
6OJWFSTJUBSJB&VSPQFB &6"
5BVDI $IS3BVIWBSHFST "&TUVEJPTPCSFMPTUÓUVMPTEF
UJQP.BTUFSZMPTUÓUVMPTDPNVOFTFO&VSPQB#SVTFMBT&6"
IUUQXXXVOJHFDIFVB&O1VCMJDBUJPOT4VSWFZ@.BTUFS@+PJOU@EFHSFFTQEG
1VCMJDBDJPOFTTPCSF&OTF×BO[B4VQFSJPS
$PNJTJØO &VSPQFB %JSFDDJØO (FOFSBM EF &EVDBDJØO Z $VMUVSB "TPDJBDJØO "TPDJBDJØO6OJWFSTJUBSJB&VSPQFB &6"
)BVH (5BVDI $IS)BDJBFMFTQBDJPFVSPQFP
6OJWFSTJUBSJB &VSPQFB &6"
3FJDIFSU 45BVDI $IS 5FOEFODJBTFOMBFTUSVDUVSBEFM EFFOTF×BO[BTVQFSJPSFTUVEJPEFMBTQSJODJQBMFTSFGPSNBTEF#PMPOJBB1SBHB3FTVNFO
BQSFOEJ[BKFFOMBFOTF×BO[BTVQFSJPS***&6"$POHSFTPEF(SB[ NBZPEF ZDPODMVTJPOFT
IUUQXXXVOJHFDIFVB&O"DUJWJUJFT#PMPHOB(FOFSBM@"TTFNCMZ5SFOET
IUUQXXXVOJHFDIFVB&O1VCMJDBUJPOT(SB[(SB[EPD5SFOET@(SB[@QSFTFOUBUJPOQQU
FYFDTVNQEG
$POTFKPEF&VSPQB6/&4$0$POWFOJPTPCSFFMSFDPOPDJNJFOUPEFMBTDBMJmDBDJPOFT
$PNJTJØO &VSPQFB %JSFDDJØO (FOFSBM EF &EVDBDJØO Z $VMUVSB &M QBQFM EF MBT
SFMBUJWBTBMBFOTF×BO[BTVQFSJPSFO&VSPQB4FSJFEFMPT5SBUBEPTFVSPQFPT O
VOJWFSTJEBEFTFOMB&VSPQBEFMDPOPDJNJFOUP $0.
mOBM$PNVOJDBDJØOEFMB
&TUSBTCVSHP$POTFKPEF&VSPQB
IUUQDPOWFOUJPOTDPFJOU5SFBUZ&/DBESFQSJODJQBMIUN
$PNJTJØO#SVTFMBT$PNJTJØO&VSPQFB
IUUQFVSPQBFVJOUFVSMFYFODPNDODDPN@FOQEG
%FDMBSBDJØO EF MB 4PSCPOB "SNPOJ[BS MB BSRVJUFDUVSB EFM TJTUFNB FVSPQFP EF $PNJTJØO &VSPQFB %JSFDDJØO (FOFSBM EF &EVDBDJØO Z $VMUVSB &VSZEJDF (MPTBSJP
FOTF×BO[BTVQFSJPS1BSÓT FOMB4PSCPOB BEFNBZPEF FVSPQFP EF &EVDBDJØO WPMVNFO * &YÈNFOFT DFSUJmDBEPT Z UÓUVMPT #SVTFMBT
%FDMBSBDJØO EF MB 4PSCPOB EFM EF KVOJP EF TPCSF FM &TQBDJP &VSPQFP EF &VSZEJDF
&OTF×BO[B4VQFSJPS%FDMBSBDJØODPOKVOUBEFMPT.JOJTUSPTFVSPQFPTEF&EVDBDJØO IUUQXXXFVSZEJDFPSH%PDVNFOUT(MPTTBSZ&/'SBNF4FUIUN
IUUQXXXFVSPQBFVJOUDPNNFEVDBUJPOQSPHSBNNFTTPDSBUFTFSBTNVTHVJEFCPMPHOBQEG
$PNJTJØO&VSPQFB%JSFDDJØO(FOFSBMEF&EVDBDJØOZ$VMUVSB&VSZEJDF&VSPQFBO
$PNJUÏ/BDJPOBMEF&EVDBDJØO)BVH (5BVDI $IS5FOEFODJBTFOMBFTUSVDUVSBEFM (MPTTBSZPO&EVDBUJPO 7PMVNF*OTUJUVDJPOFTFEVDBUJWBT#SVTFMBT&VSZEJDF
BQSFOEJ[BKF FO MB FOTF×BO[B TVQFSJPS **
*OGPSNF EF TFHVJNJFOUP FMBCPSBEP QBSB IUUQXXXFVSZEJDFPSH%PDVNFOUT(MP&O'SBNF4FUIUN
MBT$POGFSFODJBTEF4BMBNBODBZ1SBHBFONBS[PNBZPEF)FMTJOLJ$PNJUÏ $PNJTJØO&VSPQFB%JSFDDJØO(FOFSBMEF&EVDBDJØOZ$VMUVSB&VSZEJDF5XPEFDBEFT
/BDJPOBMEF&EVDBDJØO PG SFGPSN JO IJHIFS FEVDBUJPO JO &VSPQF POXBSET &VSZEJDF 4UVEJFT #SVTFMBT
IUUQXXXPQImQVCMJDBUJPOTUSFOETUSFOETIUNM
&VSZEJDF
IUUQXXXFVSZEJDFPSH%PDVNFOUTSFGFO'SBNF4FUIUN
&VSZEJDF&VSZCBTFCBTFEFEBUPTTPCSFMPTTJTUFNBTFEVDBUJWPTFVSPQFPT $BQÓUVMP
&OTF×BO[B4VQFSJPS

IUUQXXXFVSZEJDFPSH&VSZCBTFGSBNFTFU@FVSZCBTFIUNM
%JSFDDJPOFTEFJOUFSOFU
"TPDJBDJØO6OJWFSTJUBSJB&VSPQFB &6"

IUUQXXXVOJHFDIFVB
$VNCSFEF#FSMÓOTPCSFMB&OTF×BO[B4VQFSJPS$POGFSFODJBEFMPT.JOJTUSPTFVSPQFPT
DFMFCSBEB MPT EÓBT EF TFQUJFNCSF EF DPOUJOVBDJØO EF MB EF #PMPOJB TPCSF
&OTF×BO[B4VQFSJPS
IUUQXXXCPMPHOBCFSMJOEF
&$54o4JTUFNB&VSPQFPEF5SBOTGFSFODJBEF$SÏEJUPT
IUUQFVSPQBFVJOUDPNNFEVDBUJPOQSPHSBNNFTTPDSBUFTFDUT@FOIUNM
3FE &VSPQFB EF $FOUSPT EF *OGPSNBDJØO &/*$

3FE EF $FOUSPT /BDJPOBMFT EF
*OGPSNBDJØOZ3FDPOPDJNJFOUP"DBEÏNJDP /"3*$

IUUQXXXFOJDOBSJDOFU
3FEEF$FOUSPT/BDJPOBMFTEF*OGPSNBDJØOZ3FDPOPDJNJFOUP"DBEÏNJDP /"3*$

FOMPTFTUBEPTNJFNCSPTEFMB6&
IUUQXXXFVSPQBFVJOUDPNNFEVDBUJPOQSPHSBNNFTTPDSBUFTBHFOBS@FOIUNM
6OJØOEF&TUVEJBOUFT&VSPQFPT &4*#

IUUQXXXFTJCPSH

"(3"%&$*.*&/504
6/*%"%&6301&"%&&63:%*$& 6/*%"%&4/"$*0/"-&4%&&63:%*$&
"WFOVF-PVJTF #6-("3*"
##SVTTFMT
&VSZEJDF6OJU
IUUQXXXFVSZEJDFPSH
&RVJWBMFODF*OGPSNBUJPO$FOUSF
*OUFSOBUJPOBM3FMBUJPOT%FQBSUNFOU
$PPSEJOBDJØOEFMFTUVEJP .JOJTUSZPG&EVDBUJPOBOE4DJFODF
"SMFUUF%FMIBYIF " ,OJB[%POEVLPW#ME
4PmB
"VUPSFT $POUSJCVDJØOOBDJPOBMSFTQPOTBCJMJEBEDPMFDUJWB&/*$/"3*$%FQBSUBNFOUPEF1PMÓUJDBEF&OTF×BO[B
4VQFSJPSEFM.JOJTUFSJPEF&EVDBDJØOZ$JFODJB
4UÏQIBOJF0CFSIFJEU 3FOBUB,PTJOTLB
#²-(*$"
1SFTFOUBDJØOZHSÈmDPT - Internet 6OJUÏGSBODPQIPOFE&VSZEJDF
1BUSJDF#SFM - Brigitte Gendebien .JOJTUÒSFEFMB$PNNVOBVUÏGSBOÎBJTF
%JSFDUJPOEFT3FMBUJPOTJOUFSOBUJPOBMFT
5SBEVDDJØOEFMBWFSTJØOFTQB×PMB #PVMFWBSE-ÏPQPME** o#VSFBV"
"OB.BSÓB4ÈODIF[$BSSF×P #SVYFMMFT
/PFMJB.BSUÓOF[.FTPOFT $POUSJCVDJØO OBDJPOBM SFTQPOTBCJMJEBE DPMFDUJWB "OOF4PQIJF $PMTPO 4FSWJDJP HFOFSBM EF GPSNBDJØO
VOJWFSTJUBSJBFJOWFTUJHBDJØO
DJFOUÓmDB
$IBOUBM,BVGNBOO /"3*$
3FWJTJØOEFMBUSBEVDDJØOFTQB×PMB
"VSPSB#MBODP.BSDJMMB 7MBBNTF&VSZEJDF&FOIFJE
.JOJTUFSJFWBOEF7MBBNTF(FNFFOTDIBQ
+BWJFS"MGBZB)VSUBEP %FQBSUFNFOU0OEFSXJKT
"GEFMJOH#FMFJETDPÚSEJOBUJF
$PPSEJOBDJØOUÏDOJDB )FOESJL$POTDJFODFHFCPVX$
(JTÒMF%F-FM ,POJOH"MCFSU**MBBO
#SVTTFM
"QPZPUÏDOJDPZEFTFDSFUBSÓB $POUSJCVDJØOOBDJPOBMSFTQPOTBCJMJEBEDPMFDUJWB/"3*$7MBBOEFSFO
)FMHB4UBNNIFSS "HFOUVS&VSZEJDF
"HFOUVSGàS&VSPQÊJTDIF#JMEVOHTQSPHSBNNF
.JOJTUFSJVNEFS%FVUTDITQSBDIJHFO(FNFJOTDIBGU
(PTQFSUTUSBF
&VQFO
$POUSJCVDJØOOBDJPOBM-FPOIBSE4DIJ÷FST
3&1Á#-*$"$)&$"
&VSZEJDF6OJU
*OTUJUVUFGPS*OGPSNBUJPOPO&EVDBUJPO
4FOPWÈäOÏOÈN
10#PYŘ
1SBIB
$POUSJCVDJØOOBDJPOBM)FMFOB1BWMÓLPWÈ 7ŞSBÀƃBTUOÈÀUŞQÈOLB4LVISPWÈ &/*$/"3*$
$FOUSFGPS)JHIFS
&EVDBUJPO4UVEJFT
%*/"."3$" '3"/$*"
&VSZEJDFT*OGPSNBUJPOTLPOUPSJ%BONBSL 6OJUÏE&VSZEJDF
*OTUJUVUJPOTTUZSFMTFO .JOJTUÒSFEFMB+FVOFTTF EFM²EVDBUJPOOBUJPOBMFFUEFMB3FDIFSDIF
6OEFSWJTOJOHTNJOJTUFSJFU %JSFDUJPOEFTBõBJSFTJOUFSOBUJPOBMFTFUEFMBDPPQÏSBUJPO
'SFEFSJLTIPMNT,BOBM $FOUSFEFSFTTPVSDFTQPVSMJOGPSNBUJPOJOUFSOBUJPOBMFFUMBDDVFJMEFTQFSTPOOBMJUÏTÏUSBOHÒSFT
,CFOIBWO, 3VFEF(SFOFMMF
$POUSJCVDJØOOBDJPOBMSFTQPOTBCJMJEBEDPOKVOUB 1BSJT
$POUSJCVDJØOOBDJPOBM5IJFSSZ%BNPVSFODPMBCPSBDJØODPO)ÏMÒOF-BHJFS .JOJTUFSJPEF&EVDBDJØO
"-&."/*"
*3-"/%"
&VSZEJDF*OGPSNBUJPOTTUFMMFCFJN
#VOEFTNJOJTUFSJVNGàS#JMEVOHVOE'PSTDIVOH &VSZEJDF6OJU
3FGFSBUoÃCFSHSFJGFOEF'SBHFO&6#JMEVOHTQPMJUJTDIF;VTBNNFOBSCFJU %FQBSUNFOUPG&EVDBUJPOBOE4DJFODF
)BOOPWFSTDIF4USBTTF *OUFSOBUJPOBM4FDUJPO
#FSMJO .BSMCPSPVHI4USFFU
%VCMJO
&VSZEJDF*OGPSNBUJPOTTUFMMFEFS-ÊOEFS $POUSJCVDJØOOBDJPOBMSFTQPOTBCJMJEBEDPMFDUJWB
JN4FLSFUBSJBUEFS,VMUVTNJOJTUFSLPOGFSFO[
-FOOÏTUSBTTF
*4-"/%*"
#POO
$POUSJCVDJØOOBDJPOBM(FSEJ+POFO #SJHJUUF-PINBS &VSZEJDF6OJU
.JOJTUSZPG&EVDBUJPO 4DJFODFBOE$VMUVSF
&450/*" %JWJTJPOPG&WBMVBUJPOBOE4VQFSWJTJPO
4ÚMWIPMTHBUB
&VSZEJDF6OJU 3FZLKBWJL
&TUPOJBO.JOJTUSZPG&EVDBUJPOBOE3FTFBSDI $POUSJCVDJØOOBDJPOBMSFTQPOTBCJMJEBEDPMFDUJWB
5BMMJOO0öDF
5ÜOJTNÊHJ4U
*5"-*"
5BMMJOO
$POUSJCVDJØOOBDJPOBM,FSTUJ,BMENB"OOJLB5JOB %FQBSUBNFOUPEF*OWFTUJHBDJØOZ&OTF×BO[B4VQFSJPS 6OJUËEJ&VSZEJDF
EFM.JOJTUFSJPEF&EVDBDJØOF*OWFTUJHBDJØO
.JOJTUFSPEFMM*TUSV[JPOF EFMM6OJWFSTJUËFEFMMB3JDFSDB
DP*/%*3&
(3&$*" 7JB.#VPOBSSPUJ
'JSFO[F
&VSZEJDF6OJU $POUSJCVDJØOOBDJPOBM"MFTTBOESB.PDIJ 4JMWJB7FDDJ
.JOJTUSZPG/BUJPOBM&EVDBUJPOBOE3FMJHJPVT"õBJST
%JSFDUJPO$&&4FDUJPO$
$)*13&
.JUSPQPMFPT
"UIFOT &VSZEJDF6OJU
$POUSJCVDJØOOBDJPOBM"OUJHPOJ'BSBHPVMJUBLJ "OBTUBTJB-JBQJ .JOJTUSZPG&EVDBUJPOBOE$VMUVSF
,JNPOPTBOE5IPVLZEJEPV
&41"º" /JDPTJB
$POUSJCVDJØOOBDJPOBM,PVMB"GSPEJTJ
6OJEBE&TQB×PMBEF&VSZEJDF
.JOJTUFSJPEF&EVDBDJØO $VMUVSBZ%FQPSUF
-&50/*"
$*%&o$FOUSPEF*OWFTUJHBDJØOZ%PDVNFOUBDJØO&EVDBUJWB .&$%
D(FOFSBM0SBÈ &VSZEJDF6OJU
.BESJE .JOJTUSZPG&EVDBUJPOBOE4DJFODF
$POUSJCVDJØOOBDJPOBMSFTQPOTBCJMJEBEDPMFDUJWBDPOFM/"3*$ %FQBSUNFOUPG&VSPQFBO*OUFHSBUJPOBOE$PPSEJOBUJPOPG*OUFSOBUJPOBM"TTJTUBODF1SPHSBNNFT
7BMOV
3JHB$POUSJCVUJPOPGUIF6OJU"JKB-FKBT4BVTB"OESFKT3BVIWBSHFST &/*$/"3*$
-*&$)5&/45&*/ /036&("
&VSZEJDF*OGPSNBUJPOTTUFMMF &VSZEJDF6OJU
4DIVMBNU .JOJTUSZPG&EVDBUJPOBOE3FTFBSDI
"VTUSBTTF %FQBSUNFOUGPS1PMJDZ"OBMZTJTBOE*OUFSOBUJPOBM"õBJST
7BEV[ "LFSTHBUFO
0TMP
-*56"/*" $POUSJCVDJØOOBDJPOBMSFTQPOTBCJMJEBEDPMFDUJWB
&VSZEJDF6OJU
.JOJTUSZPG&EVDBUJPOBOE4DJFODF
"6453*"
"7PMBOP &VSZEJDF*OGPSNBUJPOTTUFMMF
7JMOJVT #VOEFTNJOJTUFSJVNGàS#JMEVOH 8JTTFOTDIBGUVOE,VMUVSo"CU*C
$POUSJCVDJØOOBDJPOBMSFTQPOTBCJMJEBEDPMFDUJWB .JOPSJUFOQMBU[
8JFO
-69&.#63(0 $POUSJCVDJØOOBDJPOBMSFTQPOTBCJMJEBEDPMFDUJWBFOUSFMBT6OJEBEFTEF&VSZEJDFZFM/"3*$
6OJUÏE&VSZEJDF
10-0/*"
.JOJTUÒSFEFMB$VMUVSF EFM&OTFJHOFNFOUTVQÏSJFVSFUEFMB3FDIFSDIF $&%*&4
3PVUFE&TDI &VSZEJDF6OJU
-VYFNCPVSH 'PVOEBUJPOGPSUIF%FWFMPQNFOUPGUIF&EVDBUJPO4ZTUFN
$POUSJCVDJØOOBDJPOBM3BZNPOE)BSTDI 4PDSBUFT"HFODZ
.PLPUPXTLB
)6/(3¶" 8BST[BXB
$POUSJCVDJØOOBDJPOBM"OOB4NPD[ZOTLB FODPMBCPSBDJØODPOMPTFYQFSUPTEFM.JOJTUFSJPEF&EVDBDJØO
&VSZEJDF6OJU
.JOJTUSZPG&EVDBUJPO
Z%FQPSUFT

4[BMBZV
10356("-
#VEBQFTU
$POUSJCVDJØOOBDJPOBM,BUBMJO;PMUÈO 6OJEBEFEF&VSZEJDF
.JOJTUÏSJPEB&EVDBÎÍP
."-5" %FQBSUBNFOUPEF"WBMJBÎÍP 1SPTQFDUJWBF1MBOFBNFOUP %"11
"WEF+VMIP
&VSZEJDF6OJU
-JTCPB
&EVDBUJPO0öDFS 4UBUJTUJDT
$POUSJCVDJØOOBDJPOBM"OB.BDIBEPEF"SBÞKP .BSJB-VJTB.BJB.BOVFMB1BJWB /"3*$

4V[FUF.PVSÍP
%FQBSUNFOUPG1MBOOJOHBOE%FWFMPQNFOU
/"3*$
)BNJMUPO$PTUB /"3*$
%JSFDÎÍP(FSBMEP&OTJOP4VQFSJPS
&EVDBUJPO%JWJTJPO
'MPSJBOB$.3
36."/*"
$POUSJCVDJØOOBDJPOBM3BZNPOE$BNJMMFSJ+#BSUPMP 6OJWFSTJEBEEF.BMUB
&VSZEJDF6OJU
1"¶4&4#"+04 4PDSBUFT/BUJPOBM"HFODZ
4DIJUV.ÍHVSFBOVoOE'MPPS
&VSZEJDF&FOIFJE/FEFSMBOE
#VDIBSFTU
.JOJTUFSJFWBO0OEFSXJKT $VMUVVSFO8FUFOTDIBQQFO
$POUSJCVDJØOOBDJPOBMSFTQPOTBCJMJEBEDPMFDUJWB
'BDJMJUBJS#FESJKG*1$
1PTUCVT
&4-07&/*"
#+%FO)BBH
$POUSJCVDJØOOBDJPOBMSFTQPOTBCJMJEBEDPMFDUJWB &VSZEJDF1SPHSBNNF4VQFSWJTPSZ#PEZ
.JOJTUSZPG&EVDBUJPO 4DJFODFBOE4QPSU
0öDFGPS4DIPPM&EVDBUJPOPGUIF3FQVCMJDPG4MPWFOJB
5SVCBSKFWB
-KVCMKBOB
&4-07"26*" 3&*/06/*%0
&VSZEJDF6OJU &VSZEJDF6OJUGPS&OHMBOE 8BMFTBOE/PSUIFSO*SFMBOE
4MPWBL"DBEFNJD"TTPDJBUJPOGPS*OUFSOBUJPOBM$PPQFSBUJPO /BUJPOBM'PVOEBUJPOGPS&EVDBUJPOBM3FTFBSDI /'&3
4PDSBUFT/BUJPOBM"HFODZ 5IF.FSF 6QUPO1BSL

4UBSÏHSVOUZ 4MPVHI #FSLTIJSF4-%2
#SBUJTMBWB $POUSJCVDJØOOBDJPOBM4JHSJE#PZE
$POUSJCVDJØOOBDJPOBM.BSUB*WBOPWB.BSJB)SBCJOTLB /"3*$
&VSZEJDF6OJU4DPUMBOE
'*/-"/%*" 4DPUUJTI&YFDVUJWF&EVDBUJPO%FQBSUNFOU 4&&%
*OUFSOBUJPOBM3FMBUJPOT6OJU
&VSZEJDF'JOMBOE
*OGPSNBUJPO "OBMZTJT$PNNVOJDBUJPO%JWJTJPO
/BUJPOBM#PBSEPG&EVDBUJPO
"SFBo#4PVUI.BJMQPJOU
)BLBOJFNFOLBUV
7JDUPSJB2VBZ
)FMTJOLJ
&EJOCVSHI&)22
$POUSJCVDJØO OBDJPOBM SFTQPOTBCJMJEBE DPMFDUJWB FOUSF MB 6OJEBE EF &VSZEJDF Z FM .JOJTUFSJP EF
$POUSJCVDJØOOBDJPOBM+Fõ.BHVJSF
&EVDBDJØO
46&$*"
&VSZEJDF6OJU
.JOJTUSZPG&EVDBUJPOBOE4DJFODF
%SPUUOJOHHBUBO
4UPDLIPMN
0SHBOJ[BDJØOEFMB&TUSVDUVSBEFMB&OTF×BO[B4VQFSJPSFO&VSPQBo5FOEFODJBTOBDJPOBMFTFOFMNBSDPEFM
1SPDFTPEF#PMPOJB
&VSZEJDF
#SVTFMBT&VSZEJDF
Q
*4#/2-87116-361-8
%FTDSJQUPSFT&OTF×BO[BTVQFSJPS &TUVEJPTVOJWFSTJUBSJPT 1MBOEFFTUVEJPT 5ÓUVMP 6OJWFSTJEBE $FOUSPEFFOTF×BO[B 3BNB
EFFTUVEJPT %VSBDJØOEFMPTFTUVEJPT &YBNFOEFFOUSBEB $POEJDJPOFTEFBENJTJØO 3FGPSNBEFMBFOTF×BO[B $IJQSF .BMUB
"&-$ &VSPQB$FOUSBMZ0SJFOUBM 6OJØO&VSPQFB

Organización de La Estructura de La Enseñanza Superior en Europa

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Organización de La Estructura de La Enseñanza Superior en Europa

Uploaded by

Copyright:

Available Formats

 

%JTQPOJCMFFOJOHMÏT GSBODÏT BMFNÈOZFTQB×PM

1PSUBEBª'PUP3JDIBSE(BSEFUUF'PUPTUPDL #SVTFMBT #ÏMHJDB

1SØMPHP  3FJOP6OJEPo*OHMBUFSSB (BMFTF*SMBOEBEFM/PSUF  

4ÓOUFTJTDPNQBSBUJWB  $IJQSF  

1BÓTFTCBKPT   "CSFWJBUVSBTJOUFSOBDJPOBMFT  

'SBODJB "MFNBOJB *UBMJBZ3FJOP6OJEP

&TUBEPTmSNBOUFT &TUBEPTNJFNCSPTEFMB6& QBÓTFTEFMB"&-$o*TMBOEJB

'(120,1$&,Ï1 '(/ &(1752 (1

'(120,1$&,Ï1 '(/ &(1752 (1

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

5ÓUVMP 5ÓUVMPmOBM Å ÈNCJUPEFFTQFDJBMJ[BDJØO ɂ

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMB 5JUVMBDJØO

%&" %JQMÙNFE²UVEFT"QQSPGPOEJFT %&4 %JQMÙNFE²UVEFT4QÏDJBMJTÏFT

%&$ %JQMÙNFE²UVEFT$PNQMÏNFOUBJSFT %&44 %JQMÙNFE²UVEFT4VQÏSJFVSFT4QÏDJBMJTÏFT

$*/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$*/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

$*/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$*/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

$*/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$*/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

#4D #BDIFMPSPG4DJFODF %SQIJM %PLUPSQIJMPTPQIJBF

# #, %!

$*/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$*/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

     

       

$*/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$*/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO 

 " "

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

&OBMHVOPTFTUVEJPT CJPRVÓNJDB QTJDPMPHÓBEFMBFEVDBDJØO JOHFOJFSÓBBVUPNÈUJDBZFMFDUSØOJDBJOEVTUSJBM FUD

&O'SBODJB MBTQSJNFSBTNFEJEBTQBSBBEBQUBSFMTJTUFNBEFFEVDBDJØOTVQFSJPSB "USBWÏTEFTV$PNJUÏOBUJPOBMEÏWBMVBUJPO $/&

$*/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$*/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

"&" "UUFTUBUJPOE²UVEFT"QQSPGPOEJFT %&" %JQMÙNFE²UVEFT"QQSPGPOEJFT %35 %JQMÙNFEF3FDIFSDIF5FDIOPMPHJRVF

&O *SMBOEB MB 6OJWFSTJUJUFT"DU Z MB 2VBMJmDBUJPOT &EVDBUJPOBOE5SBJOJOH

    " 4)9:-8

$*/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$*/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

1($&35 1PTUHSBEVBUF$FSUJmDBUF 1(%*1 1PTUHSBEVBUF%JQMPNB

81,9(56,7¬  ,67,787, 81,9(56,7$5,  32/,7(&1,&, 

81,9(56,7¬  ,67,787, 81,9(56,7$5,  32/,7(&1,&, 

GLSORPD GL VSHFLDOL]]D]LRQH ,, OLYHOOR

$&&$'(0,( ', %(//( $57, 

$&&$'(0,$ 1$=,21$/( ', '$1=$ 

$*/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$*/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

$*/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$*/& GPS

   

$*/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$*/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO 

-BDSFBDJØO PSHBOJ[BDJØOZHFTUJØOEFMBTBDUJWJEBEFTEFTBSSPMMBEBTQPSMPTDFOUSPT %FTEF MBPSHBOJ[BDJØOEFQSPHSBNBTEJSJHJEPTBMBQSFOEJ[BKFBMPMBSHPEF

   '00'1'96+976+' '-/78+686'

'00'1'96+976+' '-/78+686'  /51423-+3/+96/3 

$*/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

"QBSUJSEF MPTDFOUSPTRVFBOUFSJPSNFOUFPGFSUBCBOQSPHSBNBTSFMBDJPOBEPTDPOMBTEFOPNJOBEBTQSPGFTJPOFTTPDJBMFT MBT"LBEFNJFOGàS4P[JBMBSCFJU

-B-FZ.BSDPTPCSFFM4JTUFNB&EVDBUJWP -FZEFEFPDUVCSFEF "TJNJTNP ZBDVFSEPDPOFMEFDSFUPMFZEFEFNBS[PEF FYJTUFVO

$*/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$*/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

##!"#! ## A C !$ !C!

$*/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$*/& GPS

%JTQPOJCMFFOJOHMÏT GSBODÏT BMFNÈOZFTQB×PM

1PSUBEBª'PUP3JDIBSE(BSEFUUF'PUPTUPDL #SVTFMBT #ÏMHJDB

1SØMPHP 3FJOP6OJEPoOHMBUFSSB (BMFTFSMBOEBEFM/PSUF

4ÓOUFTJTDPNQBSBUJWB $IJQSF

1BÓTFTCBKPT "CSFWJBUVSBTJOUFSOBDJPOBMFT

'SBODJB "MFNBOJB *UBMJBZ3FJOP6OJEP

&TUBEPTmSNBOUFT &TUBEPTNJFNCSPTEFMB6& QBÓTFTEFMB"&-$o*TMBOEJB

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMB 5JUVMBDJØO

%&" %JQMÙNFE²UVEFT"QQSPGPOEJFT %&4 %JQMÙNFE²UVEFT4QÏDJBMJTÏFT

%&$ %JQMÙNFE²UVEFT$PNQMÏNFOUBJSFT %&44 %JQMÙNFE²UVEFT4VQÏSJFVSFT4QÏDJBMJTÏFT

$/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

$/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

$/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

#4D #BDIFMPSPG4DJFODF %SQIJM %PLUPSQIJMPTPQIJBF

# #, %!

$/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

$/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

" "

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

&OBMHVOPTFTUVEJPT CJPRVÓNJDB QTJDPMPHÓBEFMBFEVDBDJØO JOHFOJFSÓBBVUPNÈUJDBZFMFDUSØOJDBJOEVTUSJBM FUD

&O'SBODJB MBTQSJNFSBTNFEJEBTQBSBBEBQUBSFMTJTUFNBEFFEVDBDJØOTVQFSJPSB "USBWÏTEFTV$PNJUÏOBUJPOBMEÏWBMVBUJPO $/&

$/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

"&" "UUFTUBUJPOE²UVEFT"QQSPGPOEJFT %&" %JQMÙNFE²UVEFT"QQSPGPOEJFT %35 %JQMÙNFEF3FDIFSDIF5FDIOPMPHJRVF

" 4)9:-8

$/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

1($&35 1PTUHSBEVBUF$FSUJmDBUF 1(%*1 1PTUHSBEVBUF%JQMPNB

81,9(56,7¬ ,67,787, 81,9(56,7$5, 32/,7(&1,&,

81,9(56,7¬ ,67,787, 81,9(56,7$5, 32/,7(&1,&,

$&&$'(0,( ', %(//( $57,

$&&$'(0,$ 1$=,21$/( ', '$1=$

$/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

$/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$/& GPS

$/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

-BDSFBDJØO PSHBOJ[BDJØOZHFTUJØOEFMBTBDUJWJEBEFTEFTBSSPMMBEBTQPSMPTDFOUSPT %FTEF MBPSHBOJ[BDJØOEFQSPHSBNBTEJSJHJEPTBMBQSFOEJ[BKFBMPMBSHPEF

'00'1'96+976+' '-/78+686'

'00'1'96+976+' '-/78+686' /51423-+3/+96/3

$*/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

"QBSUJSEF MPTDFOUSPTRVFBOUFSJPSNFOUFPGFSUBCBOQSPHSBNBTSFMBDJPOBEPTDPOMBTEFOPNJOBEBTQSPGFTJPOFTTPDJBMFT MBT"LBEFNJFOGàS4P[JBMBSCFJU

-B-FZ.BSDPTPCSFFM4JTUFNB&EVDBUJWP -FZEFEFPDUVCSFEF "TJNJTNP ZBDVFSEPDPOFMEFDSFUPMFZEFEFNBS[PEF FYJTUFVO

$/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

##!"#! ## A C !$ !C!

$/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

&)$. 1( ) ("$-. , 1( )

% "

!" !

$/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

$*/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

$FSU)& $FSUJmDBUFPG)JHIFS&EVDBUJPO (3"%$&35 (SBEVBUF$FSUJmDBUF )/% )JHIFS/BUJPOBM%JQMPNB

"MHVOPTDPMMFHFTPGGVSUIFSFEVDBUJPOUBNCJÏOPGSFDFODVSTPTEFFEVDBDJØOTVQFSJPS FOFTQFDJBMBRVFMMPTRVFDPOEVDFOBMPTGPVOEBUJPOEFHSFFT &8/*TPMBNFOUF

$ !$ ('&,

!$ ('&,

& !$ ('&,

$/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

&MQSPDFTPEFTFMFDDJØOBMBFOUSBEBTFBQMJDBTPMBNFOUFBMBGPSNBDJØOFOMPTTJHVJFOUFTÈNCJUPT.FEJDJOB 'JTJPUFSBQJB TFFTUBCMFDJØVOFYBNFOEFFOUSBEBFOKVOJPEF

"# !! >

% "&

" # ! "!% !%

(').+146 2'78+6

$/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

$/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO

$/&" 1SPHSBNB 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB &YQFSJFODJBQSPGFTJPOBM %VSBDJØOEFMQSPHSBNB$/& GPS

$*/&# 5ÓUVMP 1SPDFEJNJFOUPEFTFMFDDJØOBMBFOUSBEB 5JUVMBDJØO