Negociaciones colectivas para trabajadores de la economía

Anuncio
5LNVJPHJPVULZ*VSLJ[P]HZ
WHYHSVZ;YHIHQHKVYLZKLSH
,JVUVTxH0UMVYTHS
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!
3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ
5‚TLYV
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
-[\I[MZQMLMTQJZW[LMZMNMZMVKQI[WJZMTI7ZOIVQbIKQ~VMVTI-KWVWUyI1VNWZUITN]MZWVM[KZQ\W[
MVZM[X]M[\IITI[[WTQKQ\]LM[LM[QVLQKI\W[aI[WKQIKQWVM[XWZQLMI[XZnK\QKI[LMK~UWWZOIVQbIZ
ITW[\ZIJIRILWZM[MVTIMKWVWUyIQVNWZUIT-[]VQV\MV\WXIZIKWUXIZ\QZUn[IUXTQIUMV\MTI[
M`XMZQMVKQI[LMIY]MTTW[Y]M[MMVK]MV\ZIVIK\]ITUMV\MWZOIVQbIVLWI\ZIJIRILWZM[QVNWZUITM[
-TXZWaMK\WM[QVQKQI\Q^ILMT+WUQ\u1V\MZVIKQWVITLM+WWZLQVIKQ~VMVUI\MZQILM7ZOIVQbIKQ~VMVTI
-KWVWUyI1VNWZUIT+1+QV\MOZILWXWZZMXZM[MV\IV\M[LMTI)[WKQIKQ~VLM5]RMZM[)]\WMUXTMILI[
;-?)XWZ[][QOTIMVQVOTu[MV1VLQI;\ZMM\6M\1V\MZVIKQWVITMT+WVOZM[WLM;QVLQKI\W[LM
/PIVI/<=+MT+WVOZM[WLM<ZIJIRILWZM[LM6QOMZQI64+0WUM6M\[]LM[\MLM)[QITI
+WVNMLMZIKQ~V:M^WT]KQWVIZQILM7JZMZW[a+IUXM[QVW[LM5u`QKW+:7+aTI.MLMZIKQ~V/MVMZIT
LM;QVLQKI\W[LM6MXIT/-.76<
-[KZQ\WXWZ"+PZQ[\QVM*WVVMZ,QZMK\WZILMT8ZWOZIUILM
7ZOIVQbIKQ~Va:MXZM[MV\IKQ~VLM?1-/7
.W\WOZINyIMVTIXWZ\ILI")[WKQIKQ~V3PI\IVO<MUI*IQ\[]S]TQ
8ZM[MV\IKQ~VaLQ[M}W"2]TQIV4]KSPIU4]KSPIU+ZMI\Q^M
8]JTQKILWXWZ";\ZMM\6M\1V\MZVI\QWVITa?1-/7
___[\ZMM\VM\WZObI
____QMOWWZO
!
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
*VU[LUPKV
=PZP}U.LULYHS!
7ZOIVQbIVLWMVTI-KWVWUyI1VNWZUIT"
4QJZW[LM:MNMZMVKQIXIZI7ZOIVQbILWZM[ QQQ
,MUIVLI[8ZQWZQ\IZQI[a,M[INyW["
<ZIJIRILWZM[1VNWZUITM[MV,QNMZMV\M[;MK\WZM[^
0U[YVK\JJP}U
-VM[\MTQJZW 6MOWKQIKQWVM[KWTMK\Q^I[·]VIM[\ZI\MOQIKTI^M +LTVJYHJPH`5LNVJPHJPVULZ*VSLJ[P]HZ
8ZQVKQXQW[ -TVMOWKQILWZLMUWKZn\QKW ,M[INyW[MVTIVMOWKQIKQ~V 7YLWHYHYLSJHTPUVWHYH5LNVJPHJPVULZ*VSLJ[P]HZ
8I[W"1LMV\QÅY]MaXZQWZQKMTW[I[]V\W[LMVMOWKQIKQ~V
8I[W"+WV^QMZ\ITW[XZWJTMUI[MVXM\QKQWVM[WMVLMUIVLI[
8I[W",MKQLIKWVY]QuVVMOWKQIZaK~UWVMOWKQIZ !
8I[W"1LMV\QÅY]MMTVQ^MTaNWZWLMVMOWKQIKQ~V §+~UWZMITQbIZTW'8WVOIMVXZnK\QKITW[XI[W[ 8I[W"+WV\IK\IZITIKWV\ZIXIZ\MMVTI[VMOWKQIKQWVM[ 7YLWHYHJP}UKL,Z[YH[LNPHZ`;mJ[PJHZWHYHSH5LNVJPHJP}U !
8I[W"8TIVQÅKIZTW[LM\ITTM[ *VUK\JPY5LNVJPHJPVULZ 8I[W"-VTIUM[ILMVMOWKQIKQWVM[ 8I[W "4TMOIZI]VIK]MZLW 8I[W!";QVWPIaIK]MZLW P
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
0TWSLTLU[HJP}UKL\U(J\LYKV =\QTQbIZMT)K]MZLW 0IKMZN]VKQWVIZMT)K]MZLW ;]XMZ^Q[IZaPIKMZK]UXTQZMT)K]MZLW =VZM[]UMVÅVIT·6MOWKQIVLWY]uPIKMZaVWPIKMZ )K\Q^QLILM[LM)XZMVLQbIRM :MK]Z[W[a:MNMZMVKQI[ )OZILMKQUQMV\W[
/ZIKQI[I\WLW[TW[\ZIJIRILWZM[WZOIVQbILWZM[a[][WZOIVQbIKQWVM[Y]MKWV\ZQJ]aMZWVLQZMK\I
WQVLQZMK\IUMV\MITIXZWL]KKQ~VLMM[\I[MZQMLMTQJZW[=VIOZILMKQUQMV\WM[XMKQITI8I\0WZV
+WWZLQVILWZI1V\MZVIKQWVITLM;\ZMM\6M\XWZ[][^ITQW[W[KWV[MRW[aKWUMV\IZQW[L]ZIV\MMTXZWKM[W
aI+Za[\IT,QKS[M`UQMUJZWLMTI.MLMZIKQ~V1V\MZVIKQWVITLM)[WKQIKQWVM[XIZITI-L]KIKQ~V
LM<ZIJIRILWZM[1.?-)XWZ[][QOTIMVQVOTu[Y]MKWTIJWZ~MVTIXTIVQÅKIKQ~VLMTW[TQJZW[
6]M[\ZWIOZILMKQUQMV\W\IUJQuV^IXIZITW[UQMUJZW[LMTXMZ[WVITLM;\ZMM\6M\1V\MZVIKQWVITMT
1V[\Q\]\WLM,M[IZZWTTWXIZI+IXIKQ\IKQ~V-L]KIKQ~Va)XWaW4IJWZIT,1<;-4)a5]RMZM[MV
-UXTMW1VNWZUIT"/TWJITQbIVLWa7ZOIVQbIVLW?1-/78WZƒT\QUWM[\IUW[U]aIOZILMKQLW[ITI
.]VLIKQ~V.WZLXWZXZWXWZKQWVIZTW[NWVLW[I;\ZMM\6M\1V\MZVIKQWVITXIZIXZWL]KQZTW[TQJZW[
+ZuLQ\W[LMNW\WOZINyI
.W\WMVXWZ\ILI"4M[TQM<]\\TM"<ZIJIRILWZM[QVNWZUITM[TI[VMOWKQIKQWVM[LM+IZ\I5IOVI.QTQXQVI[
1VNWZUIKQ~VOMVMZIT"+PZQ[*WVVMZ"+WVOZMOIKQ~VLM\ZIJIRILWZM[LMTPWOIZMV<IQTIVLQI
)B1-))TQIVbILM)[WKQIKQWVM[LMTI-KWVWUyI1VNWZUITLMBIUJQI"
4W[^MVLMLWZM[[MZMƒVMVKWVN]VKQWVIZQW[LMTOWJQMZVWMVBIUJQI
6);>1)[WKQIKQ~V6IKQWVITLM>MVLMLWZM[)UJ]TIV\M[LM1VLQI"
:M]VQ~VKWTMK\Q^IMV1VLQI
4-):6<ITTMZXIZI\I`Q[\I[.QTQXQVI[
33838;QVLQKI\WLM:MKQKTILWZM[")JWZLIVLWITI[I]\WZQLILM[1VLQI
;),;)?=;QVLQKI\WLM<ZIJIRILWZM[LMT0WOIZ;MZ^QKQWa)ÅVM[
LM;]LnNZQKI"5IZKPIPIKQITI[WÅKQVI[LM/WJQMZVW;]LnNZQKI
PP
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
=PZP}U.LULYHS
7ZOIVQbIVLWMVTI-KWVWUyI1VNWZUIT"
4QJZW[LM:MNMZMVKQIXIZI7ZOIVQbILWZM[
4W[4QJZW[
0Ia[MQ[TQJZW[MVTI[MZQM"
)ÅTQIVLW<ZIJIRILWZM[LMTI-KWVWUyI1VNWZUITI7ZOIVQbIKQWVM[,MUWKZn\QKI[
LM<ZIJIRILWZM[
+WV[\Z]aMVLWa5IV\MVQMVLW]VI7ZOIVQbIKQ~V,MUWKZn\QKILM<ZIJIRILWZM[
LMTI-KWVWUyI1VNWZUIT
5IVMRWLMTW[8ZWJTMUI[+W\QLQIVW[LMTW[<ZIJIRILWZM[LMTI-KWVWUyI1VNWZUIT
6MOWKQIKQWVM[+WTMK\Q^I[XIZITW[<ZIJIRILWZM[LMTI-KWVWUyI1VNWZUIT
5IVMRWLM+WVÆQK\W[MV\ZM<ZIJIRILWZM[LMTI-KWVWUyI1VNWZUITa)Y]MTTW[
MV8W[QKQ~VLM8WLMZ
)KKQ~V+WTMK\Q^IXIZI<ZIJIRILWZM[LMTI-KWVWUyI1VNWZUIT
PPP
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
4W[7JRM\Q^W[
-TWJRM\Q^WLMM[\I[MZQMLMTQJZW[LMZMNMZMVKQIM[Ia]LIZIK]ITY]QMZXMZ[WVIKWVTI
\IZMILMWZOIVQbIZITW[\ZIJIRILWZM[LMTIMKWVWUyIQVNWZUIT;MM[XMZILIZITW[
WZOIVQbILWZM[QLMI[XZnK\QKI[[WJZMTWY]M[MLMJMPIKMZaK~UWPIKMZTW
=[IVLWTW[TQJZW[
4W[TQJZW[LMZMK]Z[WXZWXWZKQWVIVQLMI[LQZMK\ZQKM[aMRMUXTW[ITW[Y]MX]MLM
ZMK]ZZQZK]IVLWWZOIVQKMI\ZIJIRILWZM[QVNWZUITM[
=[MTW[TQJZW["
%
%
%
%
+WUWO]yILMWZOIVQbIKQ~V"MVJI[MITI[QLMI[TQ[\I[aM`XMZQMVKQI[
+WUWQVNWZUIKQ~V"TMIaKWUXIZ\I[][KWVWKQUQMV\W[KWVTW[LMUn[
8IZIOMVMZIZQLMI["KZMMV]M^I[NWZUI[LMPIKMZTI[KW[I[
+WUWPMZZIUQMV\ILMXTIVQÅKIKQ~V"[QOITW[XI[W[aM[\ZI\MOQI[Y]MTW
Ia]LIZnVIXTIVMIZ
% 8IZIML]KIZaMUXWLMZIZ"MVLQ[K][QWVM[QVNWZUITM[\ITTMZM[W[M[QWVM[
LMKIXIKQ\IKQ~V
<ZM[XZQVKQXQW[KTI^M[XIZIWZOIVQbIZ
% 4WOZIZUMRWZI[QVUMLQI\I[KWVKZM\I[aZMITM[MVTI^QLILMTW[\ZIJIRILWZM[
% ,IZITW[\ZIJIRILWZM[]V[MV\QLWLM[]XZWXQWXWLMZ
% 0IKMZKIUJQW[MVTI[ZMTIKQWVM[LMXWLMZ
¸:LYHWHZPVUHKVJVTWYVTL[PKVPUUV]HKVY`JYLH[P]VLUZ\ZLZM\LYaVZOHJPHSHVYNHUPaHJP}U`
TV]PSPaHJP}UKLSVZ[YHIHQHKVYLZKLSHLJVUVTxHPUMVYTHS¹
3_I[Q)L])UIVS_IP;MKZM\IZQW/MVMZITLMT+WVOZM[WLM;QVLQKI\W[LM/PIVI;MX\QMUJZM
IV\MTI+WVNMZMVKQILMT+1+[WJZMTIWZOIVQbIKQ~VMVTI-KWVWUyI1VNWZUIT
P]
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
,MUIVLI[8ZQWZQ\IZQI[a,M[INyW["
<ZIJIRILWZM[1VNWZUITM[MV,QNMZMV\M[;MK\WZM[
:LJ[VY
NY\WV
+LTHUKHZWYPVYP[HYPHZ
+LZHMxVZHSVYNHUPaHY
>MVLMLWZM[
IUJ]TIV\M[MV
TI[KITTM[aMVTW[
UMZKILW[
,MZMKPWI^MVLMZaI\MVMZ]VT]OIZ
LWVLM^MVLMZ
1V[\ITIKQWVM[¸ITUIKMVIUQMV\W
ZMN]OQWJI}W[IO]I
8ZW\MKKQ~VKWV\ZIMTIKW[WXWTQKQIT
;MO]ZQLILaXZW\MKKQ~V
+WUXM\MVKQI¸XZW\MKKQ~VKWV\ZITW[
MNMK\W[VMOI\Q^W[
)KKM[WIKZuLQ\W
6W[WVKWV[QLMZILW[KWUW\ZIJIRILWZM[
XWZMTTW[UQ[UW[VQXWZW\ZI[XMZ[WVI[
+WV\ZWTILW[XWZXWTy\QKW[¹UIÅIº
5QMLWLM[MZIKW[ILW[XWZTI[I]\WZQLILM[
XWTQKyI
4IKWUXM\MVKQIMV\ZM[yaMT[MK\WZNWZUIT
<QMUXWLMLQKILWIWZOIVQbIZ[M[QOVQÅKI
]VIXuZLQLILMOIVIVKQI[
6WPIaNWZW[LMVMOWKQIKQ~V
<ZIJIRILWZM[I
LWUQKQTQW
1VOZM[W[aJMVMÅKQW[QO]ITM[ITW[LMTW[
\ZIJIRILWZM[MVTI[NnJZQKI[
1LMV\QÅKIKQ~VLMTMUXTMILWZ
-TQUQVIZTIM`XTW\IKQ~VXWZTW[
QV\MZUMLQIZQW[
)KKM[WI\ZIJIRWZMO]TIZ
)KKM[WIUMZKILW[K]MV\IXZWXQI
)KKM[WIKZuLQ\WK]MV\IXZWXQI
)Q[TILW[MV[][PWOIZM[QV^Q[QJTM[
,WJTMKIZOILM\ZIJIRWaK]QLILWLMT
PWOIZ
<MUWZIXMZLMZMT\ZIJIRW
:M[\ZQKKQWVM[QUX]M[\I[XWZTIZMTQOQ~VW
K]T\]ZI
0QRW[Y]M\ZIJIRIV
6WM[\nVXZW\MOQLW[XWZTITMaTIJWZITW
KWVM[\I\][TIJWZITQVKQMZ\W
<ZIJIRILWZM[LM
TIKWVNMKKQ~V
;ITIZQWXIZI^Q^QZ
,MZMKPWIWZOIVQbIZ[M
,MUI[QILI[PWZI[M`\ZILM\ZIJIRW
;MO]ZQLILLMTMUXTMW
4I[U]RMZM[\ZIJIRILWZI[[WVKWV[QLMZILI[
KWUWOMVMZILWZI[LMQVOZM[W[»\MUXWZITM[¼
»[]XTMUMV\IZQI[¼
)KW[W[QVLQKIT
+WVNZMK]MVKQI\ITTMZM[XMY]M}W[
:MKQKTILWZM[
)KKM[WLMZMKPWITW[ZM[QL]W[
ZMKQKTIJTM[
1V\MOZIKQ~VITW[[Q[\MUI[U]VQKQXITM[
<ZIJIRIZPIKQIVQ^MTM[Un[IT\W[MVTI
KILMVILMZMKQKTIRM
8ZMKQW[R][\W[XWZTW[ZMKQKTIJTM[
:MKWVWKQUQMV\WaM[\I\][UMRWZILW
;IT]La[MO]ZQLIL
-TQUQVIZTIM`XTW\IKQ~VXWZTW[
QV\MZUMLQIZQW[
*IRIKWVLQKQ~V[WKQITaI]\WM[\QUI
<MUWZIXMZLMZMT\ZIJIRW
<MUWZLMXMVLMVKQIMVQV\MZUMLQIZQW[
4IKWUXM\MVKQIMV\ZM[y
<QMUXWXIZIZM]VQZ[M[QOVQÅKIXuZLQLILM
QVOZM[W
<ZIJIRWQVNIV\QT
6WM[\nVXZW\MOQLW[XWZTITMaTIJWZIT
]
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
<ZIJIRILWZM[
IOZyKWTI[
NWZM[\ITM[aLM
TIXM[KI
,MZMKPWI\QMZZI[aIT][WLM\QMZZI[
,MZMKPWITW[ZMK]Z[W[VI\]ZITM[
<ZIJIRWZMO]TIZ
)KKM[WIZMK]Z[W[aMY]QXWTIJWZIT
)KKM[WITKZuLQ\WaITW[UMZKILW[
4WKITQLILM[LQ[XMZ[I[
)Q[TIUQMV\WaOZIVLM[LQ[\IVKQI[
<ZIJIRW1VNIV\QT
6WM[\nVXZW\MOQLW[XWZTITMaTIJWZIT
<ZIJIRW\MUXWZITWQV\MZUQ\MV\M
<ZIJIRILWZM[
LMTPWOIZ
:MKWVWKQUQMV\WKWUW\ZIJIRILWZM[
8ZW\MKKQ~VIV\MLM[XQLW[IJ][W
4QJMZ\ILLMUW^QUQMV\W
4QJMZ\ILXIZIKIUJQIZ\ZIJIRW[
UQOZIV\M[
5MVW[PWZI[Un[LM[KIV[W
5MRWZM[KWVLQKQWVM[LM^QLI
)Q[TILW[MQV^Q[QJTM[MVTW[PWOIZM[
<MUWZITW[MUXTMILWZM[aITIXuZLQLILMT
\ZIJIRW
,MXMVLMVKQIMVMTMUXTMILWZXIZI
ITWRIUQMV\WM\K
;QVXZW\MKKQ~VTIJWZIT
;QV\QMUXW"RWZVILI[TIZOI[
<MUWZITI[I]\WZQLILM[UQOZIV\M[
<ZIJIRILWZM[
LMT\ZIV[XWZ\M
XI[IRMZW[
]ZJIVW[
)KKM[WIZ]\I[aIXI[IRMZW[
8ZW\MKKQ~VKWV\ZIMTIKW[W
;IT]La[MO]ZQLILXZW\MKKQ~VKWV\ZI
IKKQLMV\M[
-[\IKQWVIUQMV\WaNIKQTQLILM[
8ZMKQWLMTIOI[WTQVIaXI[IRM[
+WUXM\MVKQI¸XZW\MKKQ~VKWV\ZI[][
MNMK\W[VMOI\Q^W[
5W^QTQLIL
+WUXM\MVKQIMV\ZM[yaKWVMT[MK\WZ
NWZUIT
+WV\ZWTXWTy\QKW¹UIÅIº
)UMVIbI[XWZMUXTMILWZM[
5QMLWITIKW[WXWZTIXWTQKyII]\WZQLILM[
<QMUXWXIZIWZOIVQbIZ[M[QOVQÅKIXuLQLI
LMOIVIVKQI[
5]RMZM[
\ZIJIRILWZI[
\WLW[TW[[MK\WZM[
/]IZLMZyI[[MO]ZI[aI[MY]QJTM[
8ZW\MKKQ~VLMQVOZM[W[L]ZIV\Ma
LM[X]u[LMTMUJIZIbW
;MO]ZQLILNy[QKI
8ZW\MKKQ~VKWV\ZIMTIKW[W[M`]IT
1O]ITLILLMZMU]VMZIKQ~VXIZI\ZIJIRW[
LMQO]IT^ITWZ
)KKM[WI\ZIJIRW[LMUIaWZQVOZM[W
5QMLWaNIT\ILMKWVÅIVbI
*IZZMZI[K]T\]ZITM[aZMTQOQW[I[
)UMV]LWMVT]OIZM[LQ[XMZ[W[
;MK\WZLWUQVILWXWZMTPWUJZM
.IT\ILM\QMUXW
+]QLILWLMTW[PQRW[aLMTPWOIZ
<WLW[TW[
[MK\WZM[
1VOZM[W[UMRWZM[aUn[[MO]ZW[
+WVLQKQWVM[TIJWZITM[UMRWZILI[
8ZW\MKKQ~V[WKQIT
]P
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
0U[YVK\JJP}U
-VM[\MTQJZW
-VKWV\ZIZnQVNWZUIKQ~V[WJZMK~UWTW[\ZIJIRILWZM[QVNWZUITM[X]MLMVI\ZI^u[
LM[][WZOIVQbIKQWVM[PIKMZaVMOWKQIZLMUIVLI[KWTMK\Q^IUMV\MKWVIY]MTTI[
XMZ[WVI[Y]M\QMVMVI]\WZQLIL;QZ^QuVLW[MLMTI[M`XMZQMVKQI[LMTW[[QVLQKI\W[a
LMTI[WZOIVQbIKQWVM[LM\ZIJIRILWZM[QVNWZUITM[[MXZM[MV\IVTI[NI[M[aXI[W[MVMT
XZWKM[WLMVMOWKQIKQ~V-[\MTQJZWXZWXWZKQWVIQLMI[VWZUI[OMVMZITM[MRMUXTW[
aKWV[MRW[Y]M][\MLX]MLMILIX\IZLMIK]MZLWI[][XZWXQI[KQZK]V[\IVKQI[)T
ÅVITLMTTQJZW[MQVKT]aMVIK\Q^QLILM[Y]MX]MLM]\QTQbIZXIZITIXZMXIZIKQ~VLM
VMOWKQIKQWVM[WXIZIML]KIZITyLMZM[aUQMUJZW[[WJZMVMOWKQIKQWVM[
6MOWKQIKQWVM[KWTMK\Q^I[·]VIM[\ZI\MOQIKTI^M
+]IVLWTW[\ZIJIRILWZM[LMTIMKWVWUyIQVNWZUIT[MMVK]MV\ZIVWZOIVQbILW[
X]MLMVTWOZIZLMZMKPW[aUMRWZIZ[]KWVLQKQ~V[WKQITaLM\ZIJIRWI\ZI^u[LM
VMOWKQIKQWVM[KWTMK\Q^I[)LQNMZMVKQILMTW[\ZIJIRILWZM[NWZUITM[[QVLQKITQbILW[
TW[\ZIJIRILWZM[QVNWZUITM[XWZTWOMVMZITVW\QMVMVNWZW[LMVMOWKQIKQ~V
XMZUIVMV\M[aZMKWVWKQLW[;QVMUJIZOWM[\WVWM[]VWJ[\nK]TWXIZIJ][KIZ
UIVMZI[LM[WJZMXWVMZ[MI\ITM[LM[INyW[aVMOWKQIZ[][LMUIVLI[KWVTI[
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
I]\WZQLILM[]W\ZW[WZOIVQ[UW[ZM[XWV[IJTM[
MVTI\WUILMLMKQ[QWVM[LMKQMZ\W[I[]V\W[
4I[VMOWKQIKQWVM[KWTMK\Q^I[KWVWKQLI[
\IUJQuVKWUW\ZI\WKWTMK\Q^W[WVXIZITI[
WZOIVQbIKQWVM[]VIM[\ZI\MOQIKTI^MXIZI
XZWOZM[IZaLMNMVLMZTW[LMZMKPW[aXW[QKQ~V
LMTW[\ZIJIRILWZM[QVNWZUITM[8]MLMVIa]LIZ
MVMTMUXWLMZIUQMV\WLMTW[\ZIJIRILWZM[
8]MLMVKWUMVbIZ]VKIUJQWMVTI[ZMTIKQWVM[
LMXWLMZ-TXWLMZLMTW[\ZIJIRILWZM[a[][
WZOIVQbIKQWVM[[MZnLM[IZZWTTILWaNWZ\ITMKQLW
XWZTI[T]KPI[MV\WZVWITI[VMOWKQIKQWVM[
KWTMK\Q^I[aIVMOWKQIKQWVM[KWVu`Q\W
,MÅVQKQ~V
6MOWKQIKQ~V
6MOWKQIKQ~VM[MTXZWKM[WMVMT
K]ITLW[WUn[XIZ\M[[MZMƒVMV
XIZITWOZIZ]VIK]MZLW[WJZM
MT][WWLQ[\ZQJ]KQ~VLM]V
ZMK]Z[WM[XMKyÅKWTIKWVKM[Q~V
LM]VLMZMKPWM\K-V]VI
VMOWKQIKQ~VKILIXIZ\MXZWK]ZI
PIKMZ[][XZWXQW[QV\MZM[M[
4I[VMOWKQIKQWVM[X]MLMV[MZ
ZMITQbILI[MV\ZMQVLQ^QL]W[
WIVWUJZMLM]VOZ]XW-V
WZOIVQbIKQWVM[LM\ZIJIRILWZM[
[MPIJTILMVMOWKQIKQ~V
KWTMK\Q^IW\ZI\WKWTMK\Q^W
TWY]M[QOVQÅKIY]MVMOWKQIUW[
QV\MZM[M[KWTMK\Q^W[MVT]OIZ
LMQVLQ^QL]ITM[
-V[]KWVLQKQ~VLMWZOIVQbILWZM[U]a
XZWJIJTMY]M[MMVKWV\ZIZnQV^WT]KZILWMV
VMOWKQIKQWVM[KWTMK\Q^I[-[\WX]MLMWK]ZZQZ
MV]VVQ^MTU]aM[XMKyÅKWKWUW\MVMZY]M
VMOWKQIZMTXZMKQWLMPWZ\ITQbI[KWVITO]QMVY]M[]UQVQ[\ZIu[\I[I]VOZ]XWTWKITLM
^MVLMLWZM[7XWLZyINWZUIZXIZ\MLM]VOZ]XWY]M[MMVK]MV\ZIMVVMOWKQIKQWVM[
KWVTIU]VQKQXITQLILWKWVKMRITM[[WJZMTW[LMZMKPW[I^MVLMZ-VITOƒVUWUMV\W
L]ZIV\MTIM`Q[\MVKQILM[]WZOIVQbIKQ~VXWLZyIMVKWV\ZIZ[MMVVMOWKQIKQWVM[KWV
MTOWJQMZVWVIKQWVIT[WJZMKIUJQWLMXWTy\QKI[Y]MXMZUQ\IVITW[\ZIJIRILWZM[
QVNWZUITM[\MVMZIKKM[WIT[MO]ZW[WKQITWI[MZ^QKQW[ÅVIVKQMZW[
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
+LTVJYHJPH`5LNVJPHJPVULZ*VSLJ[P]HZ
6MOWKQIZKWTMK\Q^IUMV\M[QOVQÅKIVMOWKQIZLMUWKZn\QKIUMV\M
8ZQVKQXQW[
6]M[\ZI[VMOWKQIKQWVM[M[\nVJI[ILI[MVTW[
[QO]QMV\M[XZQVKQXQW["
%
%
%
%
%
%
%
5IVLI\W[LMTW[\ZIJIRILWZM[
1VNWZUM[LMZMXWZ\MPWVM[\W[
<W\ITXIZ\QKQXIKQ~V
1O]ITLILLMOuVMZW
1V\MZM[M[KWTMK\Q^W[
4QLMZIbOWKWTMK\Q^W
,MKQ[QWVM[XWZUIaWZyI
,MÅVQKQ~V
,MUWKZIKQI
/WJQMZVWXWZMTX]MJTW
UQMUJZW[I\ZI^u[LM]V[Q[\MUI
LMZMXZM[MV\IV\M[MTMOQLW[
5IVLI\W
=VILMKQ[Q~VLMUWKZn\QKI
\WUILIXWZTW[\ZIJIRILWZM[TI
K]ITWJTQOIITW[ZMXZM[MV\IV\M[I
\WUIZUMLQLI[
-TVMOWKQILWZLMUWKZn\QKW
8IZIVMOWKQIKQWVM[LMUWKZn\QKI[[MZMY]QMZM\MVMZIK\Q\]LM[MVNWY]M[aPIJQTQLILM[
KWPMZMV\M[KWVTW[XZQVKQXQW[UMVKQWVILW[IV\MZQWZUMV\M4I[QO]QMV\MTQ[\ITM
Ia]LIZnIM^IT]IZ[MI[yUQ[UWXIZILM[\IKIZ[][NWZ\ITMbI[aTI[nZMI[MVTI[Y]M
VMKM[Q\IUMRWZIZ
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
4Q[\I"
-^IT]IKQ~VXMZ[WVIT"-TJ]MVVMOWKQILWZ
¦¸@V¹&
D
-[K]KPWTWY]MLQKMVTW[UQMUJZW[
<MVOWUIVLI\W[KTIZW[LMTW[\ZIJIRILWZM[aXMZUIVMbKWÅMTITW[UQ[UW[
6]VKIXWVOWUQ[QV\MZM[M[XWZMVKQUILMTW[LMTW[UQMUJZW[
<ZIJIRWJQMVMVMY]QXW;QMUXZMKWV[]T\Wa\ZIJIRWKWTMK\Q^IUMV\M
6]VKIUMZMƒVWI[WTI[KWVUQKWV\ZIXIZ\MMUXTMILWZN]VKQWVIZQWTWKIT
8ZWK]ZWMUXWLMZIZIVMOWKQILWZM[QVNWZUITM[M[XMKQITUMV\MITI[U]RMZM[
)[MO]ZWTI\W\ITXIZ\QKQXIKQ~VLMTW[VMOWKQILWZM[LMTW[\ZIJIRILWZM[QVNWZUITM[
,MRWY]MTW[\ZIJIRILWZM[QVNWZUITM[[MM`XZM[MVXWZ[yUQ[UW[MVT]OIZLMPIJTIZ[QMUXZMMV
VWUJZMLMMTTW[
5MI[MO]ZWY]MTI[\ZIJIRILWZI[U]RMZM[M[\uV\W\ITUMV\MZMXZM[MV\ILI[aLQOIVTWY]MXQMV[IV
MVTI[VMOWKQIKQWVM[
5MI[MO]ZWY]MTW[I[]V\W[Y]MXZMWK]XIVITI[U]RMZM[VW[MIVQOVWZILW[L]ZIV\MTI[
VMOWKQIKQWVM[
;WaÅZUMXMZWÆM`QJTMLMV\ZWLMUQUIVLI\W
;QMUXZMJ][KWXW[QJQTQLILM[aWXKQWVM[
-`XZM[WTW[X]V\W[KTIZIa[QUXTMUMV\MXMZWLMNWZUIKWV^QVKMV\M
0IOWXZMO]V\I[XIZIMV\MVLMZUMRWZaI^MZQO]IZUn[
;uKWUWZMKIXQ\]TIZaTTMOIZI]VIK]MZLW
1VNWZUWITW[UQMUJZW[[QUXTMKTIZIaPWVM[\IUMV\M
6W\MVOW\MUWZLMLIZUITI[VW\QKQI[
6W\MVOW\MUWZLMLMUW[\ZIZTQLMZIbOWaLIZKWV[MRWITW[UQMUJZW[
6WLWUQVIZuITW[\ZIJIRILWZM[W\WUIZuTI[LMKQ[QWVM[XWZMTTW[
;Wa[QMUXZMPWVM[\WaVWUMLMRIZu[WJWZVIZ
,M[INyW[MVTIVMOWKQIKQ~V
+]IVLW[M\ZI\MLM]VI[]V\WV]M^WaMV[Q\]IKQWVM[LWVLMVWK]MV\MKWV]VNWZW
LMVMOWKQIKQWVM[M[\IJTMKQLWW]VIKWV\ZIXIZ\MXIZIVMOWKQIZKWUW]VMUXTMILWZ
][\ML\MVLZnY]MINZWV\IZLM[INyW[K]IVLW[MXZWXWVOIMV\ZIZMVVMOWKQIKQWVM[;Q
][\MLa[]WZOIVQbIKQ~V\QMVMVXWKIM`XMZQMVKQIMVVMOWKQIKQWVM[XWLZyI\WXIZ[M
KWVLM[INyW[[]ZOQLW[LMV\ZWLM[]XZWXQIWZOIVQbIKQ~V
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
¸<UHKLSHZKPÄJ\S[HKLZLUULNVJPHJPVULZ[HU[VHUP]LSSVJHSJVTVJLU[YHSLZ[HTIPtUSH
PUMVYTHSPKHKKLSHZULNVJPHJPVULZT\JOHZKLLZ[HZZLZPVULZKLULNVJPHJP}UUVZVUYLNPZ[YHKHZ
KLIPKVHX\LLSMVYVUVLZJVUZPKLYHKVJVTVMVYTHS¹4IUMKS3I[PQ_I)B1-);MVMOIT
¸:LYLHSPaHYVUSHZULNVJPHJPVULZWLYVUVO\IPLYVUKLJPZPVULZMVYTHSLZUPKVJ\TLU[VZ
MVYTHSLZKLHJ\LYKV5VZLOPaVUPUN\UHPTWSLTLU[HJP}U,UJHTIPVSHT\UPJPWHSPKHK
KLJSHY}\UPSH[LYHSTLU[LX\LWYVJLKLYmHSHKLTVSPJP}UKLSTLYJHKV`LZ[HISLJLYm\UWHYX\L
`JVTWSLQVJVTLYJPHS¹+PWQ1V/Q37;+;MVMOIT
¸0ULZWLYHKHTLU[LSVZOVTIYLZZL]\LS]LUT\`HJ[P]VZJ\HUKV[PLULUSHVWVY[\UPKHKKL
YL\UPYZLJVUSVZSxKLYLZKLSNVIPLYUV/HJLUSVX\LZLHULJLZHYPVWHYHWLY[LULJLYHSJVTP[tKL
ULNVJPHJPVULZ`UVUVZ[VTHULUJ\LU[HHSHZT\QLYLZ¹=VIU]RMZTyLMZ
-`XMZQMVKQI["
6MOWKQIVLWXIZITW[\ZIJIRILWZM[QVNWZUITM["
4W[LM[INyW[LMTWZOIVQbILWZ
-`\MZVW[
% .IT\ILMT^yVK]TWMUXTMILWZMUXTMILW
% .IT\ILMZMKWVWKQUQMV\WTMOITXZW\MKKQ~VaLMZMKPW[LMVMOWKQIKQ~V[MOƒVTITMa
% ,QÅK]T\ILMVWJ\MVMZIKKM[WITI[I]\WZQLILM[MUXTMILWZM[
% 4I[I]\WZQLILM[XƒJTQKI[[WKI^IVITI[WZOIVQbIKQWVM[LM\ZIJIRILWZM[QVNWZUITM[
% )K\Q\]LM[[WKQITM[VMOI\Q^I[PIKQITI[U]RMZM[a\ZIJIRILWZM[MVTIMKWVWUyIQVNWZUIT
% 4W[[QVLQKI\W[LMT[MK\WZNWZUITXIZMKMVVW\MVMZQV\MZu[MVTW[\ZIJIRILWZM[QVNWZUITM[aVWTM[XZM[\IV
IXWaW[Q[\MUn\QKIUMV\M
% +WZZ]XKQ~VaUIVQX]TIKQ~VXWTy\QKILM\ZIJIRILWZM[QVNWZUITM[
% .IT\ILMKWV\QV]QLILMVMTOWJQMZVWTWKITK]IVLWWK]ZZMVKIUJQW[XWTy\QKW[WM[\Z]K\]ZITM[
1V\MZVW[
% ,QÅK]T\ILMV[W[\MVMZITI[WZOIVQbIKQWVM[aTI[K]W\I[LMUMUJZM[yI
% 4W[\ZIJIRILWZM[LM[KWVWKMV[][LMZMKPW[aZM[XWV[IJQTQLILM[
% -TIVITNIJM\Q[UWM[U]aLQN]VLQLWaTW[\ZIJIRILWZM[KIZMKMVLMQVNWZUIKQ~V
% .IT\ILM]VQLILMV\ZMTW[\ZIJIRILWZM[
% -[\Z]K\]ZI[WZOIVQbI\Q^I[LuJQTM[
% .IT\ILMXZnK\QKILMUWKZn\QKIMVTI[WZOIVQbIKQWVM[
% .IT\ILMKWU]VQKIKQ~VMV\ZMTyLMZM[aUQMUJZW[LMTI[WZOIVQbIKQWVM[
% ,QÅK]T\ILM[MVTIKWU]VQKIKQ~VK]IVLWTW[\ZIJIRILWZM[[MMVK]MV\ZIVIQ[TILW[
% ,QÅK]T\ILM[MVZMITQbIZZM]VQWVM[
% .IT\ILM\ZIV[XIZMVKQIaZM[XWV[IJQTQLILIV\MTW[UQMUJZW[XWZXIZ\MLMTW[TyLMZM[
% 1V\MZM[M[XZWXQW[aNIT\ILMKWUXZWUQ[WLMTW[TyLMZM[
% 4I[WZOIVQbIKQWVM[\QMVMVM[\ZI\MOQI[IKWZ\WXTIbW
:M]VQ~VLM;\ZMM\6M\1V\MZVIKQWVIT[WJZM\ZI\WKWTMK\Q^WMVTIMKWVWUyIQVNWZUITaTMaM[aM[\ZI\MOQI[LMTQ\QOQW[MVMT[MK\WZ
IUJ]TI\WZQW;MVMOITUIZbWLM
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
7YLWHYHYLSJHTPUVWHYH5LNVJPHJPVULZ*VSLJ[P]HZ
=VI0WRILM:]\IXIZI6MOWKQIKQWVM[+WTMK\Q^I[
MVTI-KWVWUyI1VNWZUIT
8ZMXIZMMTKIUQVWXIZIVMOWKQIKQWVM[
7J\MVOI[]UIVLI\W
1LMV\QÅY]MTW[I[]V\W[IVMOWKQIZ
+WV^QMZ\ITW[I[]V\W[MVLMUIVLI[
1LMV\QÅY]MTIKWV\ZIXIZ\MXIZIVMOWKQIZa[]VQ^MT
0IOIQV^M[\QOIKQ~V
)ZUMMTMY]QXWVMOWKQILWZ
8ZMXIZMTI[LMUIVLI[XZWX]M[\I[XWZM[KZQ\W
-V^yMTI[I[]KWV\ZIXIZ\MMVTI[VMOWKQIKQWVM[
-[\nLMIK]MZLWMVVMOWKQIZ
;MVQMOIIVMOWKQIZ
8TIVMIZM[\ZI\MOQI[a\nK\QKI[LMVMOWKQIKQ~V
1LMIZ]VIM[\ZI\MOQI
8ZMXIZIZIZO]UMV\W[
8ZMXIZIZ\nK\QKI[
+ZMIZITQIVbI[
8ZMXIZIZITXƒJTQKW
8TIVMIZM[\ZI\MOQI[LMT]KPI
+ZMIZITQIVbI[
8ZMXIZIZITXƒJTQKW
4TM^IZIKIJWTI[VMOWKQIKQWVM[
-`XTQKIZ[]XW[QKQ~VaUW\Q^W[
-[K]KPIZTIXW[QKQ~VLMTIW\ZIXIZ\M
-`XTWZIZXW[QKQWVM[LQ[K][Q~V
-VKWV\ZIZ\MZZMVWMVKWUƒV
1LMV\QÅKIZTI[LQNMZMVKQI[
4WOZIZ]VUIVLI\WV]M^W'
5W^QUQMV\W'
1VNWZUIZITW[\ZIJIRILWZM[UIVLI\W
-[\nLMIK]MZLW
MVVMOWKQIZ
)TKIVbIZ]VIK]MZLW
)K]MZLWXWZM[KZQ\W
8TIbW[
8TIVM[LMQUXTMUMV\IKQ~V
;MVQMOI
IVMOWKQIZ
6WPIaIK]MZLW
,Q[X]\I
,M[X]u[LMTI[VMOWKQIKQWVM[
-L]KIZUW^QTQbIZWZOIVQbIZMV\WZVWITI^QK\WZQI
)[MO]ZIZTIQUXTMUMV\IKQ~V
5WVQ\WZMIZa^MTIZXWZMTK]UXTQUQMV\WLMTIQUXTMUMV\IKQ~V
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
8I[W"1LMV\QÅY]MaXZQWZQKMTW[I[]V\W[LMVMOWKQIKQ~V
-TXZQUMZXI[WXIZIK]ITY]QMZVMOWKQIKQ~VM[QLMV\QÅKIZTW[I[]V\W[[WJZMTW[
K]ITM[Y]QMZMVWVMKM[Q\IVVMOWKQIZTW[UQMUJZW[-[\WVWM[U]aLQNyKQTLMJQLWI
Y]MM`Q[\MVU]KPI[KW[I[Y]MTW[\ZIJIRILWZM[Y]QMZMVKIUJQIZ4WUn[LQNyKQTM[
[MTMKKQWVIZTW[I[]V\W[ILQ[K]\QZ[MaK]nVLWPIKMZTW4W[\ZIJIRILWZM[IUMV]LW
\QMVMVITOƒVI[]V\W]ZOMV\MY]MLMJM[MZ\ZI\ILWQVUMLQI\IUMV\M-[\WM[\IJTMKM
I]\WUn\QKIUMV\M[]XZQWZQLILXIZIMTXZWOZIUILMVMOWKQIKQ~V)TO]VI[^MKM[TW[
\ZIJIRILWZM[\QMVM^IZQW[I[]V\W[Y]MY]QMZMVLQ[K]\QZITUQ[UW\QMUXW=[\ML\QMVM
Y]MXZQWZQbIZKWTMK\Q^IUMV\Ma[MTMKKQWVIZMTI[]V\W[KWVMTY]MY]QMZMKWUMVbIZ
j[\MX]MLM[MZMTXZWJTMUIUn[OZIVLMMTUn[QUXWZ\IV\MXIZITW[\ZIJIRILWZM[
WXWLZyI[MZXZMNMZQJTMMTMOQZ]VI[]V\WKWVMTY]M\MVOI]VIJ]MVIXZWJIJQTQLIL
LMOIVIZ=VI^QK\WZQIZnXQLILIZnKWVÅIVbIaUW\Q^IKQ~VITW[\ZIJIRILWZM[XIZI
IK\]IZ[WJZMUn[I[]V\W[-V[]KITQLILLMWZOIVQbILWZ¨LMJMZnIKWV[MRIZITW[
\ZIJIRILWZM[[WJZMXZQWZQbIZLMUWLWM[\ZI\uOQKW
8I[W"+WV^QMZ\ITW[XZWJTMUI[MVXM\QKQWVM[WLMUIVLI[
4W[XZWJTMUI[[WVNnKQTM[LMQLMV\QÅKIZXMZW§XWLZyIVM[\W[KWV^MZ\QZ[MMV
XZWX]M[\I[LMVMOWKQIKQ~VaXM\QKQWVM[WLMUIVLI['6MOWKQIZVWM[Y]MRIZ[M[QVW
\MVMZ]VIQLMIKTIZILMTWY]M[MY]QMZMTWOZIZaNWZU]TIZTWKWUW]VILMUIVLIY]M
X]MLI\MVMZu`Q\W
-`XMZQMVKQI["
+~UWTW[XZWJTMUI[[MKWV^QMZ\MVMVLMUIVLI[
9]MRIXZWJTMUI
¹6W\MVOWY]QuVK]QLMIUQ[PQRW[K]IVLWM[\WaZMKWTMK\IVLWUI\MZQITM[ZMKQKTIJTM[LMTIJI[]ZI<MVOWY]M
TTM^IZTW[KWVUQOWº
,MUIVLI
8ZWXWZKQWVIZO]IZLMZyI[XIZITW[PQRW[XMY]M}W[LMTI[ZMKQKTILWZI[MVTW[LQ[\ZQ\W[LWVLM^Q^MV+ILI
O]IZLMZyILMJMZyI\MVMZXMZ[WVITKITQÅKILW,MJMZyIXZWXWZKQWVIZIK\Q^QLILM[ML]KI\Q^I[]VILQM\I[IT]LIJTM
aUIV\MVMZTI[QV[\ITIKQWVM[TQUXQI[aJQMVK]QLILI[
9]MRIXZWJTMUI
¹4IXWTQKyIU]VQKQXIT^QMVMaVW[LM[ITWRILMTI[KITTM[+WVÅ[KIVV]M[\ZI[UMZKIVKyI[1OVWZIV\W\ITUMV\MTI
XWTy\QKIIKWZLILIVIKQWVIT[WJZM^MV\I[IUJ]TI\WZQI[º
,MUIVLI
+]UXTQZKWVTIXWTy\QKIIKWZLILIVIKQWVITY]MM[\QX]TIY]MTW[^MVLMLWZM[\QMVMVLMZMKPWI^MVLMZ[][
UMZKIVKyI[MVTIKITTMIKWVLQKQ~VLMVWJTWY]MIZTI[^yI[XƒJTQKI[
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
9]MRIXZWJTMUI
¹4IXMZ[WVIY]MVW[XZWXWZKQWVITW[UI\MZQITM[XIZIKWVNMKKQWVIZTI[XZMVLI[LM^M[\QZMVV]M[\ZW[PWOIZM[
[MVQMOIIXZWXWZKQWVIZVW[MTPQTWXIZIKW[MZº
,MUIVLI
8ZW^MMZITW[KWVNMKKQWVQ[\I[LMXZMVLI[ILWUQKQTQW\WLW[TW[UI\MZQITM[VMKM[IZQW[XIZIXZWL]KQZ[][
XZWL]K\W[-[\WQVKT]aM\MTI[JW\WVM[KQMZZM[MPQTW
8I[W",MKQLIKWVY]QuVVMOWKQIZaK~UWVMOWKQIZ
,MKQLQZ[WJZMTW[I[]V\W[aNWZU]TIZTI[LMUIVLI[M[QUXWZ\IV\MXMZW§IY]QuV
XZM[MV\IZn[][LMUIVLI[aK~UWTWPIZn')V\M[LMÅVITQbIZ[][LMUIVLI[a
UIVLI\W[LMJMZnM[\IZLMIK]MZLW[WJZMTW[UQ[UW[;]XZQUMZIT]KPI[MZn
KWV[MO]QZY]MTIW\ZIXIZ\MM[\uLMIK]MZLWMVQVQKQIZVMOWKQIKQWVM[KWV][\ML4I
[QO]QMV\MT]KPI[MZnNWZUITQbIZ]VNWZWLMVMOWKQIKQWVM[
)UMV]LWTIKWV\ZIXIZ\MXIZIVMOWKQIZ]VI[]V\WMVXIZ\QK]TIZM[WJ^QI)TO]VI[
^MKM[\MVLZnY]MJ][KIZITIXMZ[WVI]WZOIVQ[UWY]M\MVLZnTII]\WZQLILXIZI
\WUIZLMKQ[QWVM[[WJZMMTI[]V\W¨)TO]VI[^MKM[][\ML\MVLZnY]M\WUIZXIZ\MIK\Q^I
MVTIKZMIKQ~VLMLQKPWWZOIVQ[UW
0IOITI[[QO]QMV\M[XZMO]V\I[KWV[][UQMUJZW["
% §9]uXMZ[WVI]WZOIVQ[UWM[LQZMK\IUMV\MZM[XWV[IJTMXWZM[\MI[]V\W'
% §9]QuV\QMVMTII]\WZQLILXIZIIKWZLIZKIUJQW['
% §)Y]uVQ^MT[M\WUIVTI[LMKQ[QWVM['§4I[\WUI]VQVLQ^QL]WTWKIT'§=V
N]VKQWVIZQWLMTOWJQMZVWTWKITW]VLQZMK\WZLMLMXIZ\IUMV\W'§4W[UQMUJZW[
MTMOQLW[LMT+WV[MRW'§.]VKQWVIZQW[LMTOWJQMZVWXZW^QVKQITWM[\I\ITWTW[
LQZMK\WZM[LMTW[LMXIZ\IUMV\W['§7MTOWJQMZVWVIKQWVIT'
% §9]QuV\QMVMTILQ[XW[QKQ~VaMTXWLMZXWTy\QKWXIZII[MO]ZIZY]MTW[KIUJQW[
[MIVQUXTMUMV\ILW['
% §-`Q[\MUn[LM]VIXW[QJTMKWV\ZIXIZ\MXIZITI[VMOWKQIKQWVM[',M[MZI[y§KWV
K]nT[MX]MLM\ZI\IZUn[NnKQTUMV\M'
% §<MVMUW[IUQOW[QVÆ]aMV\M[a[QUXI\QbIV\M[MVTIQV[\Q\]KQ~V'
% §<MVMUW[ITOƒVITQILWWXW[QJTM[ITQILW[Y]M[MMVK]MV\ZMVaIMV]VIZMTIKQ~V
LMVMOWKQIKQ~VKWV]VIXW[QJTMKWV\ZIXIZ\MV]M[\ZI'
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
-`XMZQMVKQI["
-VKWV\ZIVLWITIKWV\ZIXIZ\MKWZZMK\IXIZIVMOWKQIZ
>MVLMLWZM[)UJ]TIV\M[MVBIUJQI"5ƒT\QXTM[KWV\ZIXIZ\M[LMVMOWKQIKQ~V
º6MOWKQIUW[KWVKWVKMRITM[[MKZM\IZQW[LMTU]VQKQXQWKWUIVLIV\M[LMTIXWTQKyIM[\I\ITTI)LUQVQ[\ZIKQ~V
.Q[KITLMBIUJQI]VIIOMVKQILMTOWJQMZVWK]aIZM[XWV[IJQTQLILM[TIZMKI]LIKQ~VÅ[KITLMTW[MUXTMILW[
QVKT]aMVLW\ZIJIRILWZM[QVNWZUITM[M\K4W[I[]V\W[LM\ZI\WKWTMK\Q^WIVQ^MTTWKIT[WVOZI^nUMVM[[MZ^QKQW[
\ITM[KWUWZMKWTMKKQ~VLMJI[]ZI[MO]ZQLILaIKW[Wº
4IUMKS3I[PQ_I;MKZM\IZQW/MVMZIT-[\ZI\MOQILM<ZI\W+WTMK\Q^WLM)B1-)
XZM[MV\ILIMVTIZM]VQ~VLM;\ZMM\6M\;MVMOIT
<I`Q[\I[MV+IUJWaIVMOWKQIVKWVI]\WZQLILM[U]VQKQXITM[
-V8PVWU8MVP+IUJWaITIU]VQKQXITQLILXZWPQJQ~ITW[\I`Q[\ZQUW\WZTIMV\ZILIITIKQ]LIL+]IVLW
WXMZILWZM[LM\I`Q[\ZQUW\WZXQLQMZWVI[][QVLQKI\WQV\MZ^MVQZu[\MKWV[QO]Q~QVQKQIZVMOWKQIKQWVM[KWV
TIU]VQKQXITQLILaZM^WKIZTILMKQ[Q~V-V]VIVMOWKQIKQ~V[QUQTIZTIU]VQKQXITQLILZM^WK~[]LMKQ[Q~VLM
XZWPQJQZIW\ZW[\ZIV[XWZ\Q[\I[TTM^IZXI[IRMZW[ITIMZWX]MZ\WLM8PVWU8MVP
.MLMZIKQ~V1V\MZVIKQWVITLM<ZIV[XWZ\Q[\I[1<.7ZOIVQbIKQ~VLM<ZIJIRILWZM[<ZIV[XWZ\Q[\I[8ZWaMK\W/TWJITLM
1V^M[\QOIKQ~V1VNWZUM[WJZMTI>Q[Q~V/MVMZIT
4W[IZ\M[IVW[Z]ZITM[MV;]LnNZQKIVMOWKQIVKWVMT2MNMLMTX]MJTW
=VII[WKQIKQ~VLMU]RMZM[Y]MXZWL]KMVIZ\M[IVyI[MV]VnZMIZ]ZITLM;]LnNZQKILMKQLQMZWVM[\IJTMKMZ
[]XZWXQIITLMI\]Zy[\QKILWVLMXWLZyIV^MVLMZLQZMK\IUMV\M[][IZ\yK]TW[-T2MNMLMTIITLMIKWV\ZWTIJITI
I[QOVIKQ~VLM\QMZZI[-TTI[TMKWV\IK\IZWVKWV]VIXZWX]M[\IXIZIY]MuTI[QOVI[MTI[\QMZZI[XIZIMTXZWaMK\W
,M[X]u[LMTIZOI[VMOWKQIKQWVM[KWVMTRMNMu[\MTM[I[QOV~]VTW\MLM\QMZZI
1.?-)JWZZILWZLMUIV]ITVWX]JTQKILW
8MY]M}W[IOZQK]T\WZM[MV.QRQVMOWKQIVKWVTW[L]M}W[LMTINnJZQKI
4W[XMY]M}W[IOZQK]T\WZM[LMKI}ILMIbƒKIZLM.QRQ\ZIJIRIVMV]VQLILM[NIUQTQIZM[LM]VWWLW[
\ZIJIRILWZM[KWUWUn`QUW-TTW[^MVLyIVTIKI}ILMIbƒKIZI]VINnJZQKIY]MKWV\ZWTIJIMTXZMKQWMTKW[\W
LMTNMZ\QTQbIV\MaMTXMZyWLWXIZIMTXIOW+WVTIIa]LILM]V[QVLQKI\WTW[XMY]M}W[IOZQK]T\WZM[[M]VQMZWV
aNWZUIZWV]VII[WKQIKQ~V4II[WKQIKQ~VX]LWMV\WVKM[VMOWKQIZKWVTW[L]M}W[LMTINnJZQKIXIZIY]MTM[
XIO]MV]VUMRWZXZMKQWXWZ[]KI}IaKWUXZIZNMZ\QTQbIV\MKWTMK\Q^IUMV\MIXZMKQWZMJIRILW
1.?-)
5]RMZM[^MVLMLWZI[MV1VLQIVMOWKQIVKWVTIXWTQKyILM\ZnV[Q\W
-VMTnZMILM2IUITX]ZUn[LM^MVLMLWZM[IUJ]TIV\M[[M[QMV\IVI^MVLMZMV]V\ZIUWLMKITTM
KWVK]ZZQLWY]M^IITIM[\IKQ~VLMI]\WJƒ[4IXWTQKyILM\ZnV[Q\WTW[\MVLMZW[aTW[VMOWKQW[M[\IJIVMV
KWV\ZILMTW[^MVLMLWZM[=VLyIN]MZWVLM[ITWRILW[\WLW[4I[TyLMZM[LM;-?))[WKQIKQ~VLM5]RMZM[
)]\WMUXTMILI[QVQKQIZWVTI[VMOWKQIKQWVM[KWVTIXWTQKyILM\ZnV[Q\WTW[L]M}W[LMTW[VMOWKQW[aTW[
\MVLMZW[XIZIY]M[MTM[XMZUQ\IITW[^MVLMLWZM[OIVIZMT[][\MV\W,M[X]u[LM^IZQI[VMOWKQIKQWVM[MT
1V[XMK\WZ5]VQKQXITIKWZL~M[K]KPIZTWY]M\MVyIVY]MLMKQZTI[^MVLMLWZI[IUJ]TIV\M[jTXQLQ~I;-?)
Ia]LIZIJ][KIZ]VI[WT]KQ~VXIZITIKWM`Q[\MVKQILMTW[^MVLMLWZM[aMT\ZnÅKWaXWLMZUIVMRIZTI[Q\]IKQ~V
LM]VIUIVMZIILMK]ILI
:M]VQ~VLM;\ZMM\6M\;MVMOIT
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
+76;-27";QMUXZMM[\uITMZ\IITI[WXWZ\]VQLILM[XIZIVMOWKQIKQ~V
)XIZMKMVMVT]OIZM[aUIVMZI[[WZXZMVLMV\M[6W[QMUXZMPIa\QMUXWLM
ZMIKKQWVIZ;MIXZWIK\Q^W4IVMOWKQIKQ~VM[]VOZIVQV[\Z]UMV\W
LMUW^QTQbIKQ~V
8I[W"1LMV\QÅY]MMTVQ^MTaNWZWLM
,MÅVQKQWVM[
*QTI\MZIT
VMOWKQIKQ~V
+WV[\ILMLW[XIZ\M[
;][VMOWKQIKQWVM[LMJMZyIVZMITQbIZ[MITVQ^MTUn[
5]T\QTI\MZIT
IXZWXQILWLMOWJQMZVWXIZIMTI[]V\WMVLQ[K][Q~V
+WV[\ILM^IZQI[XIZ\M[
M[\WM[TWKITLMKQ]LILXZW^QVKQITM[\ILWVIKQWVIT
-[\WIXTQKI\IUJQuVITIQLMV\QÅKIKQ~VLMTIKWV\ZIXIZ\MXIZIVMOWKQIZaLMTNWZW
LWVLM[MX]MLMVZMITQbIZTI[VMOWKQIKQWVM[4IUIaWZyILMTI[^MKM[[MMVNZMV\IZn
I[Q\]IKQWVM[LWVLMVWM`Q[\M]VNWZWM[\IJTMKQLWaKWV\WLIKMZ\MbIVWM`Q[\MV
LMZMKPW[LMVMOWKQIKQ~VWNWZW[MVTWY]M[MZMÅMZMITITMa¨=[\MLa[][UQMUJZW[
\MVLZnVY]MT]KPIZXIZIKZMIZTW[)TO]VI[^MKM[MVKWV\ZIZn]VNWZWM`Q[\MV\MLMTK]IT
XWLZyIVNWZUIZXIZ\M[][UQMUJZW[\ZIJIRILWZM[QVNWZUITM[;Q[]WZOIVQbIKQ~VM[]V
[QVLQKI\WKWVLMZMKPW[LMVMOWKQIKQ~VMV\WVKM[][\MLXWLZyIQV^M[\QOIZTIUIVMZILM
QVKWZXWZIZITW[\ZIJIRILWZM[QVNWZUITM[ITI[M[\Z]K\]ZI[LMVMOWKQIKQ~V7XWLZyI
KZMIZ]VIITQIVbIKWV]V[QVLQKI\WNWZUITaTWOZIZIKKM[WITI[I]\WZQLILM[I\ZI^u[
LM]VNWZWM`Q[\MV\M
4I[QO]QMV\M\IJTILIMRMUXTW[LMITO]VW[XZWJTMUI[aKWV\ZIXIZ\M[IXZWXQILI[XIZI
TI[VMOWKQIKQWVM[NWZWaVQ^MTM[\WUILI[LMM`XMZQMVKQI[LMWZOIVQbIKQWVM[LM
^MVLMLWZM[IUJ]TIV\M[
-`XMZQMVKQI["
+WV\ZIXIZ\M[6Q^MTM[a.WZW[LM6MOWKQIKQ~V
(Z\U[V
WYVISLTH
*VU[YHWHY[LKL
ULNVJPHJPVULZ
-VYVUP]LSKLULNVJPHJP}U
:MKWVWKQUQMV\WXWZ
XIZ\MLMTOWJQMZVWaLM
TW[[QVLQKI\W[NWZUITM[
/WJQMZVWVIKQWVITa
+MV\ZITM[[QVLQKITM[
.WZW[KWVTIXIZ\QKQXIKQ~VLMTOWJQMZVW
a[QVLQKI\W[
:MOQ[\ZW
/WJQMZVWTWKIT
.WZW[TWKITM[
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
4]OIZXIZI^MV\I[MVMT
KMV\ZWLMTIKQ]LIL
,MXIZ\IUMV\WLMLM[IZZWTTW
]ZJIVW
)]\WZQLILXTIVQÅKILWZI
8WTQKyIU]VQKQXIT\ZnÅKW
.WZW[TWKITM[M[\I\ITM[VIKQWVITM[Y]M
QV^WT]KZMVILQNMZMV\M[XIZ\M[QV\MZM[ILI[
)KKM[WIUMZKILW[
,]M}W[LMUMZKILW[a
U]VQKQXITM[
.WZW[U]T\QTI\MZITM[Y]MQV^WT]KZMV
N]VKQWVIZQW[LMTKWV[MRWU]VQKQXIT
L]M}W[LMUMZKILW[a^MVLMLWZM[
1UX]M[\W[
/WJQMZVWTWKIT
*QTI\MZITKWVN]VKQWVIZQW[LMTOWJQMZVW
TWKITY]MMTIJWZIVXWTy\QKI[aKWVKMRITM[
/WJQMZVWVIKQWVIT
6MOWKQIKQWVM[JQTI\MZITM[KWVMTOWJQMZVW
VIKQWVIT
/WJQMZVWTWKITaVIKQWVIT
.WZW[QV^WT]KZIVLWN]VKQWVIZQW[LMT
OWJQMZVWVIKQWVITTWKITaITIXWTQKyI
)]\WZQLILM[TWKITM[aTIXWTQKyI
.WZW[TWKITM[KWVTIXIZ\QKQXIKQ~VLMTI
XWTQKyIIOMV\M[TWKITM[aRMNM[LMTIXWTQKyI
aIOMV\M[U]VQKQXITM[
;WJWZVW
;][UQ[UW[UQMUJZW[
VMOWKQIKQWVM[QV\MZVI[
:M]VQWVM[KWVUQMUJZW[XIZI
XMZ[]ILQZTW[Y]MLMUIVLMV[][LMZMKPW[
MVT]OIZLMXIOIZ[WJWZVW[
5]T\I[aXM\QKQ~VLM
ZMKQJW[
8WTQKyI
6MOWKQIKQ~VJQTI\MZITKWVTIXWTQKyITWKIT
;MO]ZQLIL[WKQITa
XZW\MKKQ~V[WKQIT
5QVQ[\MZQW[KWZZM[XWVLQMV\M[
\ITM[KWUWMT,MXIZ\IUMV\WLM
)[Q[\MVKQI;WKQIT
:M]VQWVM[KWVLMXIZ\IUMV\W[
5QVQ[\MZQW[VIKQWVITM[WM[\I\ITM[
LMXMVLQMVLWLMTXIy[
.WZUIKQ~V[WJZM
OMVMZIKQ~VLMQVOZM[W[
/WJQMZVWa76/[
.WZW[U]T\QTI\MZITM[KWVTIXIZ\QKQXIKQ~V
LMTOWJQMZVWML]KILWZM[LM[QVLQKI\W[a
76/[QV^WT]KZILI[MVNWZUIKQ~V
-UXWLMZIUQMV\W
MKWV~UQKW
/WJQMZVWJIVKW[QV[\Q\]KQWVM[
UQKZWÅVIVKQMZI[
5QVQ[\MZQWO]JMZVIUMV\IT
KWZZM[XWVLQMV\MOWJQMZVW
4QUXQMbIa[MO]ZQLIL
+WV[MRWaOWJQMZVWVIKQWVIT
;MO]ZQLILXWTQKyIa[MZ^QKQW[LMTQUXQMbI
LMTKWV[MRWW/WJQMZVW
,IZÅVITIKW[W
)LIX\ILWLMTIZM]VQ~VLM;\ZMM\6M\;MVMOIT
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
§+~UWZMITQbIZTW'8WVOIMVXZnK\QKITW[XI[W[
-TUWLWUn[KWUƒVXIZIQLMV\QÅKIZI[]V\W[NWZU]TIZLMUIVLI[aLMKQLQZL~VLM
XZM[MV\IZTI[M[MV]VII[IUJTMIOMVMZITLMUQMUJZW[4W[\ZIJIRILWZM[XWLZnVLIZ
]VUIVLI\WLQZMK\WK]IVLW[M\ZI\ILM]VI[]V\WTWKIT+WV[MO]QZ]VUIVLI\WMV
]VIWZOIVQbIKQ~VVIKQWVITM[Un[KWUXTQKILW-[\WZMY]MZQZn]VI[MZQMLMZM]VQWVM[
MVLQNMZMV\M[T]OIZM[a]VXZWKM[WXIZITWOZIZKWV[MO]QZ]VUIVLI\WVIKQWVIT
4II[IUJTMIOMVMZITTWKIT
)V\M[LMTIZM]VQ~V
% :MKWXQTIZTW[I[]V\W[QVNWZUITUMV\M+WU]VQKIZ[MKWVTW[\ZIJIRILWZM[a
TyLMZM[-[K]KPIZaLQ[K]\QZ[][I[]V\W[aXZMWK]XIKQWVM[
% :MITQbIZ]VIQV^M[\QOIKQ~VJn[QKI)^MZQO]IZTWY]MM[\QX]TITITMaaTWY]MPIV
TWOZILWW\ZW[\ZIJIRILWZM[*][KIZW\ZI[XW[QJQTQLILM[
% 8ZMXIZIZKWTMK\Q^IUMV\MXIZITIZM]VQ~V4TMOIZI]VIK]MZLWKWVTW[TyLMZM[
[WJZMTW[X]V\W[ILQ[K]\QZ[MaXZMXIZMMTWZLMVLMTLyI
% ,MKQLQZY]QuVLQZQOQZnTI[LQ[K][QWVM[[WJZMKILIX]V\WY]QuVXZM[QLQZnY]QuV
\WUIZnVW\I[;MZXZWIK\Q^WaXZMXIZIZ[]OMZMVKQI[WXKQWVM[aXW[QJTM[
M[\ZI\MOQI[8ZMXIZIZLWK]UMV\W[
% 1VNWZUIZITW[\ZIJIRILWZM[KWV\QMUXW[WJZMTIZM]VQ~V-TMOQZ]VIPWZIaT]OIZ
ILMK]ILW[ZMK]MZLM\WUIZMVK]MV\ITI[VMKM[QLILM[LM[][UQMUJZW[U]RMZM[
,]ZIV\MTIZM]VQ~V
% ,QZQOQZXMZW\IUJQuVM[K]KPIZ<MVMZQLMI[XMZWM[\IZXZMXIZILW
XIZIKIUJQIZTI[
% .WUMV\IZTIXIZ\QKQXIKQ~VLMU]KPW[aVW[~TWLMXWKW[
% .WUMV\IZITI[U]RMZM[XIZIY]MLQOIVTWY]MXQMV[IV
% ;MZÅZUMMV[MO]QZMTWZLMVLMTLyIaTIPWZIWIa]LIZITTIXZM[QLMV\MDI
IPIKMZTW
% ;MZÅZUMKWVTW[\ZIJIRILWZM[Y]QMVM[\QMVLMVIPIJTIZXWZTIZOW\QMUXWW
ZMXM\QZTWY]MITO]QMVaIUIVQNM[\~
% :M[]UQZaI[MO]ZIZ[MY]MTI[LMKQ[QWVM[aIK]MZLW[M[\uVKTIZW[6WI[]UQZY]M
TILMKQ[Q~VM[TWY]MN]MLQKPWXWZTIƒT\QUIXMZ[WVI
% )KWZLIZ]VXTIVLMIKKQ~VKWVXTIbW[
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
+76;-27"<MVOIK]QLILWMVTI[ZM]VQWVM[LMVWM[K]KPIZ
ƒVQKIUMV\MIIY]MTTW[Y]MPIJTIVXWZTIZOW\QMUXWaMV^WbIT\I<ZI\M
LMNWUMV\IZY]MTI[XMZ[WVI[KITTILI[M`XZM[MV[]WXQVQ~VLMW\ZIUIVMZI][\ML
XWLZyIR]bOIZMZZ~VMIUMV\MMT^MZLILMZWUIVLI\WLMTW[\ZIJIRILWZM[
+]IVLWVW[WVXW[QJTMTI[ZM]VQWVM[
+]IVLWVWX]MLMTWOZIZ]VUIVLI\WLQZMK\WLMTW[\ZIJIRILWZM[MV\WVKM[TW[
WZOIVQbILWZM[aTyLMZM[LMJMVLM[MUXM}IZ]VXIXMTUn[XZWIK\Q^W+WUWTyLMZM[
LMJMV\WUIZTIZM[XWV[IJQTQLIL/]yM[MXWZTW[XZQVKQXQW[aMVNWY]M[LMUWKZn\QKW[
IV\MZQWZUMV\MLQ[K]\QLW[
% <ZIJIRIZKWV]VOZ]XWLMTyLMZM[Y]M[MITWUn[ZMXZM[MV\I\Q^WXW[QJTM
% 8MLQZITOZ]XWY]M\ZIJIRMLM[LMTI[JI[M[0IJTIZKWVTW[\ZIJIRILWZM[M[K]KPIZ
[][QVY]QM\]LM[aI^MZQO]IZ[][XZQWZQLILM[
% +WUXIZ\QZaM`IUQVIZK]QLILW[IUMV\MTIQVNWZUIKQ~V
% ,MKQLQZKWTMK\Q^IUMV\M[WJZMTW[I[]V\W[LMXZQWZQLILaNWZU]TIZTI[LMUIVLI[
% 8ZWXIOIZTIXITIJZII\ZI^u[LMTOZ]XWaI\ZI^u[LMKIVITM[QVNWZUITM[;MZKZMI\Q^W
% ,IZITW[\ZIJIRILWZM[]VINMKPI\WXMXIZIZM[XWVLMZITI[
LMUIVLI[XZWX]M[\I[
% :M^Q[IZTI[LMUIVLI[[QN]M[MVMKM[IZQW
-L]Y]MaUW^QTQKMITW[\ZIJIRILWZM[
-L]KIKQ~VaUW^QTQbIKQ~V^IVR]V\I[KWV\WLI[TI[IK\Q^QLILM[LMVMOWKQIKQ~V
-TUQ[UWXZWKM[WLMXZMXIZIKQ~VXIZIVMOWKQIKQWVM[LMUWKZn\QKI[MQVQKQIKQ~V
LMTI[UQ[UI[[WVMV[y]VQV[\Z]UMV\WLMML]KIKQ~VaUW^QTQbIKQ~V;QMUXZM
M[\uKWVKQMV\MLMTXW\MVKQITLMML]KIZaI\ZQJ]QZXWLMZM[QVNWZUITUMV\MITW[
\ZIJIRILWZM[¨-L]KIKQ~VI\ZI^u[LMIKKQ~VMVT]OIZLMMVMTI]TIM[OMVMZITUMV\M
TIUn[XWLMZW[IML]KIKQ~VaXWLZyI[MZTIUn[ILMK]ILIXIZITW[\ZIJIRILWZM[
QVNWZUITM[AVW[MVMKM[Q\IVZMK]Z[W[ILQKQWVITM[
8]MLMILMUn[ML]KIZaUW^QTQbIZUQMUJZW[ITZMLMLWZLMVMOWKQIKQWVM[I\ZI^u[LM
Uu\WLW[Un[NWZUITM[\ITM[KWUW[M[QWVM[ML]KI\Q^I[MVTI[ZM]VQWVM[WZOIVQbIVLW
\ITTMZM[XZMXIZIKQ~VaLQ[\ZQJ]KQ~VLMJWTM\QVM[aNWTTM\W[4W[OZ]XW[LMVMOWKQIKQ~V
XWZMRMUXTWXWLZyIVVMKM[Q\IZ[M[QWVM[M[XMKQITM[XIZILM[IZZWTTIZ[][PIJQTQLILM[a
KWVÅIVbIMV[yUQ[UW[
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
-[\IJTMbKIaMUXWLMZMITMY]QXWLMVMOWKQIKQ~V
-[ƒ\QTM[\IJTMKMZMTMY]QXWLMVMOWKQILWZM[MV]VKWUQMVbW-[\WTM[LIZn
]VIWXWZ\]VQLILLMIXZMVLMZUQMV\ZI[XIZ\QKQXIVMVTI[IK\Q^QLILM[[WJZMTI[
VMOWKQIKQWVM[XTIVQÅKILI[-[\IJTMbKI]VMY]QXWVMOWKQILWZN]MZ\MaZMXZM[MV\I\Q^W
>MZQÅY]MY]MTI[U]RMZM[M[\uV\W\ITUMV\MZMXZM[MV\ILI[aY]M][\ML\MVOI]VI
OIUILMPIJQTQLILM[a¹M`XMZ\W[ºMVMTMY]QXW)[MOƒZM[MLMY]MTW[UQMUJZW[
KWVNyMVa\MVOIVKWVÅIVbIMVMTMY]QXW-^Q\MMVTWXW[QJTM\MVMZMV[]MY]QXW
UQMUJZW[KWVWKQLW[XWZ[]KWZZ]XKQ~VW\MVLMVKQIIXZWUW^MZ[MI[yUQ[UW[W[][
XZWXQW[QV\MZM[M[
8I[W"+WV\IK\IZITIKWV\ZIXIZ\MMVTI[VMOWKQIKQWVM[
)PWZI[MMVK]MV\ZITQ[\WXIZIKWV\IK\IZITIKWV\ZIXIZ\MXIZITI[VMOWKQIKQWVM[a
[IJMZ[QuTMTTIM[\IZnLMIK]MZLWMVVMOWKQIZKWV][\ML;Qu[\IM[]VI[Q\]IKQ~V
V]M^IaVWM`Q[\MMUXTMILWZWNWZWLMVMOWKQIKQWVM[ZMOTIUMV\IZQWMV\WVKM[[]
XZQUMZIT]KPI[MZnTWOZIZ]VIK]MZLWLMTIW\ZIXIZ\MXIZIZM]VQZ[MaVMOWKQIZ
KWV][\ML8WLZyI[MZUn[NnKQTW\IT^MbVW[Q[MPIVZM]VQLWIV\MZQWZUMV\M-V
[Q\]IKQWVM[LWVLM\QMVMMTLMZMKPWIVMOWKQIZ[MOƒVTITMaWXWZIK]MZLWMTKIUQVW
\MVLZnUMVW[XZWJTMUI[
-V\WLI[M[\I[KQZK]V[\IVKQI[PIOITW[QO]QMV\MKWV[]OZ]XW"
% 8WVOI[][LMUIVLI[XWZM[KZQ\W
% -[KZQJI[][LMUIVLI[IUIVMZILMXZWX]M[\I0nOITWKTIZI
KWZ\u[aNWZUITUMV\M
% -[KZQJIaMV^yM]VIKIZ\IILR]V\I[WTQKQ\IVLW]VIZM]VQ~VXIZIVMOWKQIZ[][
LMUIVLI[8ZWXWVOITW[X]V\W[I\ZI\IZ[MNMKPIaPWZIa]VINMKPI\WXM
XIZITIZM[X]M[\I
% 5IV\MVOIQVNWZUILW[ITW[UQMUJZW[
;QTIW\ZIXIZ\MQOVWZI[]XZWX]M[\IW[MVQMOIIZM]VQZ[MKWV][\MLMV\WVKM[
¨XZMXnZM[MXIZIT]KPIZ8MZW[QIKMX\IVZM]VQZ[M\WUMMT[QO]QMV\MXI[W8ZMXIZM[]
M[\ZI\MOQIa\nK\QKI[LM\ITTILIUMV\M
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
-`XMZQMVKQI["
4]KPIXWZMTLMZMKPWIVMOWKQIZ
4W[^MVLMLWZM[IUJ]TIV\M[LM6QKIZIO]IN]MZbIVITIU]VQKQXITQLILIVMOWKQIZ
4W[^MVLMLWZM[MV6QKIZIO]IM[\IJIV[QMVLWLM[ITWRILW[LMTnZMILMTIXIZILI5M\ZW+MV\ZIT
^MVLMLWZM[UIZKPIZWVMVXZW\M[\IKWV\ZITW[LM[ITWRW[aXIZILMUIVLIZ]VIZM]VQ~VKWVTI[I]\WZQLILM[
U]VQKQXITM[4I[I]\WZQLILM[[MVMOIZWVIVMOWKQIZ]VI[WT]KQ~V-TTQLMZIbOW[QVLQKITQ[\IPQbW][WLMTI
XZMV[IXIZILMV]VKQIZM[\I^QWTIKQ~VLMTW[LMZMKPW[LMTW[^MVLMLWZM[-[\WNWZb~ITITKITLMIZM]VQZ[M
KWVTW[TyLMZM[LMTW[\ZIJIRILWZM[,M[X]u[LMTI[VMOWKQIKQWVM[ÅZUIZWV]VIK]MZLWY]MMV\Z~MV^QOWZMT
UQ[UWLyI
6W\QKQI[LM;\ZMM\6M\VW^QMUJZM
4I[\ZIJIRILWZI[LMTPWOIZMVTI1VLQIMVK]MV\ZIVUIVMZI[LMXZM[MV\IZ[][LMUIVLI[
4I[\ZIJIRILWZI[LMTPWOIZNWZUIZWVTI7ZOIVQbIKQ~VLM-UXTMILI[,WUu[\QKI[MVTI+Q]LILLM8]VM-V
1VLQITI4MaTIJWZITVWM[IXTQKIJTMITI[MUXTMILI[LMTPWOIZ-TTI[VW\QMVMV]VIKWV\ZIXIZ\MXIZIVMOWKQIZ
8ZMXIZIZWVLMUIVLI[KWTMK\Q^I[[WJZM[ITIZQW[XIZITW[LQNMZMV\M[\QXW[LMMUXTMWPWZI[TQJZM[^IKIKQWVM[
JWVQÅKIKQWVM[M\K8ZM[MV\IZWVM[\I[LMUIVLI[I\ZI^u[LMP]MTOI[X]JTQKQLILMVTIXZMV[IUIZKPI[a
XZWX]M[\I[IMUXTMILWZM[QVLQ^QL]ITM[aITIU]VQKQXITQLILTIK]ITLMKZM\ITI[TMaM[U]VQKQXITM[-VTW[
ƒT\QUW[I}W[PIVTWOZILWKWV[MO]QZY]MU]KPW[MUXTMILWZM[QUXTMUMV\MV[][LMUIVLI[
;]RI\I/W\PW[SIZ1VQKQI\Q^I[V]M^I[MVTIM[\ZI\MOQILMWZOIVQbIKQ~VMVTIMKWVWUyIQVNWZUIT-[\]LQWLMKI[WXZnK\QKWLM
WZOIVQbIKQ~VLM\ZIJIRILWZI[LMTPWOIZ
+76;-27";QMUXZM\WUMMT\QMUXWVMKM[IZQWXIZITIXZMXIZIKQ~V
aXTIVQÅKIKQ~V·I]VY]MTW[I[]V\W[[MIV]ZOMV\M[LM\uVOI[MXQMV[Ma
XTIVQÅY]M¨=VXZQVKQXQWU]aKWVWKQLWMTXZQVKQXQWLM8):-<7QVLQKIY]M
LMT\QMUXW]\QTQbILWMVTIXZMXIZIKQ~VTWOZIZn]V LMTZM[]T\ILW
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
-`XMZQMVKQI["
-RMUXTWLM]VIXZWX]M[\ILMVMOWKQIKQWVM[LMUIVLI[
84)<).7:5),-,-5)6,);,-47;>-6,-,7:-;)5*=4)6<-;
8M\QKQWVM[XZQVKQXITM[IT5]VQKQXQWLM,]ZJIV
-[\IJTMKMZ]VI+WUQ[Q~V1V^M[\QOILWZIQVLMXMVLQMV\MXIZI\WLW[TW[)[XMK\W[LM+WZZ]XKQ~V
ZMTIKQWVILW[KWVTW[XMZUQ[W[XIZI^MV\I[IUJ]TI\WZQI[·8]V\W[LM+WV[]T\II[MZIXZWJILW[XWZTW[
^MVLMLWZM[IUJ]TIV\M[a[][ZMXZM[MV\IV\M[MTMOQLW[LMUWKZn\QKIUMV\M
-TIJWZIZ]VIJI[MLMLI\W[LM\WLW[TW[^MVLMLWZM[IUJ]TIV\M[KWVa[QVXMZUQ[W[Y]MWXMZIVMV
LQNMZMV\M[nZMI[LM,]ZJIVMVKWTIJWZIKQ~VKWVTW[^MVLMLWZM[IUJ]TIV\M[a[][ZMXZM[MV\IV\M[
MTMOQLW[LMUWKZn\QKIUMV\MY]MKWV\MVOITI[QO]QMV\MQVNWZUIKQ~V"
Q
QQ
QQQ
Q^
^
VWUJZMaOuVMZWLMT^MVLMLWZ#
LM[KZQXKQ~VLMT\QXWLM\ZIJIRW#
nZMILMWXMZIKQ~V#
[QMT^MVLMLWZXW[MM]VXMZUQ[W^nTQLWaPI[\IY]uNMKPI#
ITO]VIKWV[QLMZIKQ~VM[XMKQITY]MN]M[MIXTQKIJTM
1V\MOZIZV]M[\ZI[WZOIVQbIKQWVM[MVMT.WZWLMTI-KWVWUyI1VNWZUITLM-\PMS_QVQ-51-."
Q -V^QIZVW[TI[IK\I[LM\WLI[TI[ZM]VQWVM[XZM^QI[#
QQ -V^QIZVW[]VPWZIZQWLMTI[NMKPI[LMTI[ZM]VQWVM[XIZIMT#
QQQ 1V^Q\IZVW[I\WLI[TI[ZM]VQWVM[LMT.WZW
0IKMZXIZ\QKQXIZITW[^MVLMLWZM[IUJ]TIV\M[a[][ZMXZM[MV\IV\M[MTMOQLW[LMUWKZn\QKIUMV\MMV
TI[VMOWKQIKQWVM[ZMTIKQWVILI[ITQVKZMUMV\WLM\WLI[TI[KWV\ZQJ]KQWVM[QVKT]yLI[TI[KWV\ZQJ]KQWVM[
XWZXMZUQ[W[Y]M[WVXIOILMZI[XWZTW[^MVLMLWZM[IUJ]TIV\M[·K]ITY]QMZILWXKQ~VLMQVKZMUMV\W
ZMITQbILI]VQTI\MZITUMV\MLMJMZn[MZ[][XMVLQLIPI[\ITIKWVKT][Q~VLMTI[VMOWKQIKQWVM[
1UXTMUMV\IKQ~V]ZOMV\MKWVTIXIZ\QKQXIKQ~V\W\ITLMTW[^MVLMLWZM[IUJ]TIV\M[aLM[][
ZMXZM[MV\IV\M[MTMOQLW[LMUWKZn\QKIUMV\MLMTI¹;MKKQ~V·-[\Z]K\]ZILMQUXTMUMV\IKQ~VºLMTI
:M^Q[Q~VLMTI8WTy\QKILMTI-KWVWUyI1VNWZUITLM[IZZWTTILIXWZ8TIVQÅKIKQWVM[M1V^MZ[QWVM[/IJPQ[I
a=ZJIV-KWV"-KWVWUQ[\I[LM,M[IZZWTTWMV
)LWX\IZaKWUXZWUM\MZ[MITI[LMUIVLI[LMTI+IUXI}I?++)LM;\ZMM\6M\1V\MZVIKQWVIT
8ZM[MV\ILWI,]ZJIV5M\ZWMTLMR]VQWXWZTI)[WKQIKQ~VLM+WUMZKQIV\M[)UJ]TIV\M[LM8TIbI8PWMVQ`TI)[WKQIKQ~V
;QaIO]VLIaTI)[WKQIKQ~V-aM<ZILMZ[
+76;-27"4IZMOTILMWZWMVTIWZOIVQbIKQ~VLM\ZIJIRILWZM[
QVNWZUITM[[MKIX\IMVMTM[TWOIVLMTI+nUIZILM)[WKQIKQWVM[LMTI
-KWVWUyI1VNWZUITLMBQUJIJ]MB+1-)¹6ILIXIZIVW[W\ZW[[QVVW[W\ZW[º
)XTQY]MTIZMOTIMV\WLI[TI[M\IXI[LMTXZWKM[WLMVMOWKQIKQWVM[
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
7YLWHYHJP}UKL,Z[YH[LNPHZ`;mJ[PJHZWHYHSH5LNVJPHJP}U
=[\MLPIXI[ILW\QMUXWZMITQbIVLWMT\ZIJIRWJn[QKWKWV[][UQMUJZW[0ITTM^ILWI
KIJWTIQV^M[\QOIKQ~VQVQKQITLMTW[I[]V\W[LMVMOWKQIKQ~VLMTI[TMaM[aZMOTIUMV\W[
XMZ\QVMV\M[M\K0IXZM[MV\ILW[][LMUIVLI[a[]IL^MZ[IZQWPIIKMX\ILWVMOWKQIZ
KWV][\ML
)V\M[LMKWUMVbIZKWVMTLM\ITTMLMTIXTIVQÅKIKQ~VLMTI[VMOWKQIKQWVM[
ZMK]MZLMQVNWZUIZ[WJZMMTXZWOZM[WITW[UQMUJZW[6MKM[Q\IZnILMUn[PIKMZ]VI
QV^M[\QOIKQ~VUn[LM\ITTILIY]MZM[XITLM[]KI[WMVTI[VMOWKQIKQWVM[aTMIa]LMI
XTIVQÅKIZ[][M[\ZI\MOQI[a\nK\QKI[
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
4Q[\I"
8ZMO]V\I[XIZITIQV^M[\QOIKQ~V
%
%
%
%
%
%
%
%
%
§9]uPMKPW[aKQNZI[TMX]MLMV[MZ^QZLMUW\Q^IKQ~VXIZI[][LMUIVLI['
§9]uM`XMZQMVKQI[X]MLMUMVKQWVIZY]MZM[XITLIZyIV[]KI[W'
§-`Q[\MVTMaM[ZMOTIUMV\W[IK]MZLW[XZMKMLMV\M[Y]MXWLZyIVIa]LIZ'
§9]uW\ZW[NIK\WZM[MVMTUMLQWIUJQMV\MXWLZyIVINMK\IZ[]KI[W'
§+]nTM[[MZyIVTI[XW[QJTM[ZMIKKQWVM[LM[]PWU~TWOWLMVMOWKQIKQWVM['
§-VY]uKIUXWM[[]IL^MZ[IZQWLuJQTaMVY]MKIUXWM[N]MZ\M'
§-VY]uKIUXWM[][\MLLuJQTaMVY]MKIUXWM[N]MZ\M'
§-VL~VLM[M\WUIVTI[LMKQ[QWVM[LM[]IL^MZ[IZQW'
§9]QuVM[[WV[][ITQILW[aXIZ\QLIZQW[XW\MVKQITM['
8I[W"8TIVQÅKIZTW[LM\ITTM[
:M]VII[]MY]QXWVMOWKQILWZaXTIVQÅY]MVKWVR]V\IUMV\M;QM[VMKM[IZQWXQLI
I[Q[\MVKQIIW\ZW[TyLMZM[aI[M[WZM[)[MO]ZIZ[MLM\MVMZ\WLI[]QV^M[\QOIKQ~VTQ[\Ia
\WLW[TW[LWK]UMV\W[VMKM[IZQW[
:M^Q[IZV]M^IUMV\M
% §;WV[][LMUIVLI[KTIZI['
% §<QMVMKTIZW[TW[WJRM\Q^W[XIZITIVMOWKQIKQ~V'
% §0I[\IY]uX]V\WX]MLMKIUJQIZWKWUXZWUM\MZ[MMVTI[LMUIVLI[IV\M[LM
VMKM[Q\IZ]VV]M^WUIVLI\W'
% §;QM[Un[LM]VILMUIVLIK]nTM[TIXZQWZQLIL'
% §9]u\IVLMKQLQLW[M[\nVTW[UQMUJZW[aM[\IZnVXZMXIZILW[ITÅVITI
\WUIZIKKQ~V'
% §)Y]QuVX]MLMKWV\IK\IZXIZILQNMZMV\M[\QXW[LMIXWaWMRQVNWZUIKQ~VIXWaW
\uKVQKWPIKMZKITK]TIKQWVM[KWV\IK\W[MVTIXZMV[IIXWaWXIZIUW^QTQbIKQ~V'
% §6MKM[Q\IUn[QVNWZUIKQ~V'
8ZMXIZMITMY]QXW
% ,M[IZZWTTIZMTKWVWKQUQMV\WaTIKWVÅIVbILMTMY]QXWVMOWKQILWZ
% )[QOVIZZWTM[ITW[UQMUJZW[LMTMY]QXW9]QuVPIJTIZn[WJZMY]u\MUI
Y]QuV\WUIZnVW\I[Y]QuV[MZnÅZUMaY]QuVLuJQT)[MO]ZIZ[MY]MTI[U]RMZM[
VMOWKQILWZI[M[\uV\W\ITUMV\MQVKT]yLI[MVTW[XTIVM[
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
%
%
%
%
8ZMXIZIZ[][IZO]UMV\W[aK~UWTW[XZM[MV\IZn
)[MO]ZIZ[MY]M\WLW[\MVOIV\WLITIQVNWZUIKQ~VaLWK]UMV\W[VMKM[IZQW[
<MVMZ]VI[M[Q~VLMXZnK\QKI
-[\IZLMIK]MZLW[WJZMTI[[M}ITM[I[MZ][ILI[MV\ZM][\MLM[XWZMRMUXTWXIZI
QVLQKIZY]MLM[MIZyIV]VIXTIbIUQMV\WW]VIZM]VQ~VLM[]MY]QXW
% ;QM[\nVMOWKQIVLWKWVR]V\IUMV\MKWVW\ZI[WZOIVQbIKQWVM[KZMIZ]VQLILKWV
TI[UQ[UI[8ZMXIZIZ]VMVNWY]MKWUƒV
8ZMXIZIZITW[UQMUJZW[ITQILW[aITXƒJTQKW
% )[MO]ZIZ[MLMY]MTW[UQMUJZW[[MXIVK]nVLW[MZMITQbIZnVTI[VMOWKQIKQWVM[
aK]nVLWaK~UWZMKQJQZnV]VQVNWZUM5IV\MVMZITW[UQMUJZW[QV\MZM[ILW[a
MV\][QI[\I[8IZ\MLM[]M[\ZI\MOQIXWLZyIQVKT]QZ]VILMUW[\ZIKQ~VLMZM[XITLW
XWZXIZ\MLMTW[UQMUJZW[aWJWTM\QVM[LMVMOWKQIKQ~VMUQ\QLW[
KWVZMO]TIZQLIL
% 1VNWZUIZIW\ZI[WZOIVQbIKQWVM[LM\ZIJIRILWZM[WITQILW[XW\MVKQITM[[WJZMTI[
VMOWKQIKQWVM[8ZMXIZIZKIVITM[LMIXWaW\uKVQKW
% -VNI\QbIZTW[I[]V\W[LMV\ZWLMTIKWU]VQLILa[QM[IXZWXQILWITXƒJTQKW
MVOMVMZIT
+76;-27"8TIVQÅY]M[]M[\ZI\MOQIXIZIQVKT]QZ87,-:a
8-:;=)+1Õ6
4I[VMOWKQIKQWVM[[WV[WJZM87,-:8TIVQÅY]MK~UWaK]nVLW][IZMTXWLMZLM
[][UQMUJZW[aITQILW[-^ITƒMMTXWLMZLM[]IL^MZ[IZQW4I[VMOWKQIKQWVM[[WV
[WJZM8-:;=)+1Õ68TIVQÅY]MIZO]UMV\W[XIZIKWV^MVKMZI[]IL^MZ[IZQWI
IKMX\IZ[][LMUIVLI[
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
*VUK\JPYULNVJPHJPVULZ
8I[W"-VTIUM[ILMVMOWKQIKQWVM[
-VVMOWKQIKQWVM[KWVaXWZTW[\ZIJIRILWZM[LMTIMKWVWUyIQVNWZUITX]MLMIXTQKIZ
TI[[QO]QMV\M[VWZUI[Jn[QKI[LMVMOWKQIKQ~VIXTQKIJTM[XIZITIUIaWZyILMTI[
VMOWKQIKQWVM[)LnX\MTI[LMIK]MZLWI[][KQZK]V[\IVKQI[
8ZWKM[WLMVMOWKQIKQWVM[
8ZMXIZIZMTM[KMVIZQW
1LMV\QÅKIZ
IK]MZLW[a
LQNMZMVKQI[
-`XTQKIZTW[UW\Q^W[
LMTI[LMUIVLI[
-[K]KPIZTIXW[QKQ~V
LMTIL^MZ[IZQW
-`XTWZIZTI[
XW[QKQWVM[
5W^MZXW[QKQWVM[
4TMOIZI]VIK]MZLW
1UXTMUMV\IZ
aPIKMZ
[MO]QUQMV\W[
+WV[]T\IZITW[\ZIJIRILWZM[
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
-VTIUM[ILMVMOWKQIKQWVM["=VIO]yIOMVMZITLMTVMOWKQILWZ
% 8ZM[MV\IZ]VIJ]MVIQUIOMV
8ZM[MV\IZ[M[MO]ZWLM[yUQ[UWaWZOIVQbILWaTTMOIZI\QMUXW
% <WUIZKWV\ZWT
-^Q\MY]M[]KWV\ZIXIZ\M\WUMKWV\ZWTLMTW[I[]V\W[I\ZI\IZMTZQ\UWaNMKPILM
TI[VMOWKQIKQWVM[
% ;MZ+TIZW
-`XTQKIZTW[UW\Q^W[aXZM[MV\IZIZO]UMV\W[[QUXTMKTIZIaJZM^MUMV\M
% -[K]KPIZ
-[K]KPIZTWY]MTIW\ZIXIZ\MLQKM7yZTWY]MZM^MTIV
% 0IKMZXZMO]V\I[
+TIZQÅKIZaKWUXZMVLMZ\WLW[TW[X]V\W[Y]M[M\WKIZWV
% <ZIL]KQZ
-[\IZ[MO]ZWLMY]M\WLW[X]MLIVMV\MVLMZaPIJTIZ
% 8MV[IZ
¨0IaY]MXMV[IZIV\M[LMPIJTIZ
% +M}QZ[MITI[]V\W"
6W[MLQ[\ZIQOILMTI[]V\W
% +WV\ZWTIZTIQZI
<MVMZK]QLILWLMVWPIKMZIUMVIbI[Y]MVWX]MLMK]UXTQZWXMZLMZTW[
M[\ZQJW[
% ;MZÅZUMaMVuZOQKW
;MZÅZUMaKWV^QVKMV\MMVTWY]MLQKM6W[MZIOZM[Q^W
% 5IV\MVMZTI]VQLIL
6WLQ[K]\QZLMTIV\MLMTIXIZ\MKWV\ZIZQI;QM[\WMUXQMbII[]KMLMZ[WTQKQ\IZ]V
ZMKM[WXIZIZM]VQZI[]OZ]XW
% ;MZ[MV[QJTMIKMZKILMTOuVMZW
6WXMZUQ\IY]M[MPIOIKI[WWUQ[WLMTW[I[]V\W[[WJZMMTOuVMZWaLMTI[
UQMUJZW[U]RMZM[LMTOZ]XW
% 4WOZIZITOWMVZM\WZVW
6WUIVQNM[\IZU]KPWLMUI[QILWXZWV\W
% ;MZÆM`QJTM
*][KIZWXKQWVM[aIT\MZVI\Q^I[#[IJMZK]nVLWKIUJQIZLM\nK\QKI[
% <WUIZVW\I[K]QLILW[IUMV\M
6WLMXMVLMZLMW\ZIXMZ[WVIXIZIY]M\WUMTI[IK\I[
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
% +WVÅZUIZTW[IK]MZLW[
-[\IZ[MO]ZWLMY]M\WLW[\MVOIV]VMV\MVLQUQMV\WKWUƒVLMTW[IK]MZLW[aLM
TW[XI[W[I\WUIZ[M
% +WVWKMZTW[TyUQ\M[LMTW[UIVLI\W[
;IJMZK]nVLWVMKM[Q\I^WT^MZLWVLM[][UQMUJZW[XIZI]VV]M^WUIVLI\W
+]IVLW[MMVK]MV\ZMI\I[KILW
% ;IJMZK]nVLW\WUIZ]VZMKM[WXIZIZM]VQZI[]OZ]XW
% :M[]UQZTIXW[QKQ~VLMTI[LW[XIZ\M[
% 4WOZIZ]VIK]MZLW¹MVXZQVKQXQWº
% ;]OMZQZ]VXZWKM[WXIZITWOZIZIK]MZLW[MR]VOZ]XWLM\ZIJIRW
% ,Q[K]\QZTW[XW[QJTM[ZM[]T\ILW[Y]MTWTTM^MVLMMUXIV\IVIZ[MMV]V\MUI
% ,Q[K]\QZTW[JMVMÅKQW[U]\]W[LM]VIK]MZLW
% <ZI\IZXZMO]V\I[¹aY]uXI[IZyI[QºWXKQWVM[
;Qu[\I[NZIKI[IVWVW[WVIXZWXQILI[[WTQKQ\IZ]VZMKM[WMVTI[VMOWKQIKQWVM[XIZI
KWV[]T\IZKWV[][UQMUJZW[
8I[W "4TMOIZI]VIK]MZLW
+WVMTIL^MZ[IZQW
-[\MX]MLM[MZ]VXI[WLQNyKQT-V[]KITQLILLMVMOWKQILWZM[[M^MZnVMVTI[Q\]IKQ~V
LM\WUIZLMKQ[QWVM[aXW[QJTM[KWUXZWUQ[W[XIZITTMOIZITIK]MZLWÅVIT)UMV]LW
M`Q[\MVXMY]M}W[LM\ITTM[Y]MVMKM[Q\IV[MZÅVITQbILW[8WLZyI[MV\QZ[MVWU]a[MO]ZW
LM\MVMZ]VUIVLI\WKTIZWXIZIITO]VW[LMM[\W[
;]IL^MZ[IZQW[XWLZyIV\ZI\IZ^IZQW[¹\Z]KW[ºXIZIPIKMZY]M][\MLM[\uLMIK]MZLW
8WLZyIVIUMVIbIZWUIVQX]TIZ]WNZMKMZ]V[WJWZVW8WZW\ZWTILWXWLZyIVVW
Y]MZMZTTMOIZI]VIK]MZLWaMVKWV\ZIZnVUIVMZI[XIZILMUWZIZ\ITM[KWUWTI
ZMNMZMVKQIW]VWZOIVQ[UW[]XMZQWZWI[MO]ZIZ[MLMTII][MVKQILM]VIXMZ[WVI
QUXWZ\IV\MMVTI\WUILMLMKQ[QWVM[8WLZyIVQV[Q[\QZMV]VIK]MZLW^MZJITMVT]OIZ
LM]VWXWZM[KZQ\W8WLZyIV\ZI\IZLMPIJTIZKWV][\MLW]VWLMTW[TyLMZM[I[WTI[W
XWZ\MTuNWVW
% -[\IZ[MO]ZWY]MTWY]M[MIKWZL~M[\uIJ[WT]\IUMV\MKTIZWaY]M\WLW[TW[
XIZ\QKQXIV\M[MVTI[VMOWKQIKQWVM[\MVOIVMTUQ[UWMV\MVLQUQMV\W
% 1V[Q[\QZMV]VIK]MZLWXWZM[KZQ\WY]MQVKT]aI\WLW[TW[LM\ITTM[KTIZIUMV\M-V
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
MTUQ[UWY]M[MQVKT]QZnMTI[]V\WIKWZLILWK~UW[MZnQUXTMUMV\ILWY]QuVM[
ZM[XWV[IJTMLMY]u
% 8IZ\QKQXIZMVTIZMLIKKQ~VLMTIK]MZLW4W[ZMLIK\WZM[\QMVMVXWLMZ-TTMVO]IRM
X]MLM[MZUIVQX]TILW
% ;QVW[MMVK]MV\ZIMVTIXW[QKQ~VLMTTMOIZI]VIK]MZLWÅVITZMLIK\M]VI
ZMKWUMVLIKQ~VLMTI[VMOWKQIKQWVM[j[\IXWLZyIKWV[QLMZIZ[MTIJI[MLM]V
IK]MZLWLM[X]u[LMPIJMZKWV[]T\ILWKWV[][UQMUJZW[
+WVTW[UQMUJZW[
4WOZIZ]VIK]MZLWKWVTW[UQMUJZW[X]MLM[MZ\IUJQuV]VXI[WLQNyKQT
M[XMKQITUMV\M[Q][\MLVWPITWOZILWKWV[MO]QZ\WLWTWY]MLMUIVLIJIV
% 8TIVQÅKIZKWVK]QLILWMTQVNWZUMY]MLIZnITW[\ZIJIRILWZM[
% 8TIVQÅKIZKWTMK\Q^IUMV\M-[\IZ[MO]ZWY]MKILIUQMUJZWLMTOZ]XWLM
VMOWKQIKQWVM[\QMVMMTUQ[UWMV\MVLQUQMV\WaM[\nLMIK]MZLWMVMTMVNWY]MLMT
QVNWZUMY]M[MLIZn
% 8ZMXIZIZUI\MZQITLMIXWaWKWUW[WVNWTTM\W[aOZnÅKW[XIZIIa]LIZ[MKWVTI
M`XTQKIKQ~VLMTWY]MN]MIKWZLILWZMKWUMVLILW-[\WM[LM^Q\ITQUXWZ\IVKQI
[Q][\MLVWKWV[QO]MZM]VQZI\WLW[TW[\ZIJIRILWZM[
% -`XTQKIZITW[\ZIJIRILWZM[TWY]M[]KMLQ~aTI[ZIbWVM[8WVMZ^QLIaMV\][QI[UW
MVTIM`XTQKIKQ~V
% ;MZPWVM[\WMV[]M`XTQKIKQ~V
% ;MZKITUILW,MU]M[\ZMMUWKQ~VaMVNILWLM]VIUIVMZIKWV\ZWTILI
% 8ZM[MV\IZWXKQWVM[XIZI[MZKWV[QLMZILI[XWZTW[\ZIJIRILWZM[
% -[K]KPIZ\WLW[TW[X]V\W[LM^Q[\IQVKT]QLW[TW[LMTI[U]RMZM[aXZWK]ZIZVW
XMZUQ\QZY]M]VIXMZ[WVIWXW[QKQ~V[MIVLWUQVIV\M[
% ;QTW[\ZIJIRILWZM[M[\nVLQ^QLQLW[\WUIZ\QMUXWXIZIM`XTQKIZTW[I[]V\W[a
WXKQWVM[;MZXW[Q\Q^W[WJZMTW[TWOZW[ITKIVbILW[
% <ZI\IZLMTWOZIZKWV[MV[WMV\ZMTW[\ZIJIRILWZM[·WXWZTWUMVW[KWV[MV[WMV\ZM
TIUIaWZyI;QVWTWTWOZI¨\MVLZyIY]MLMKQLQZXWZ^W\IKQ~V
8I[W!";QVWPIaIK]MZLW
-[\MM[]VXMZyWLWLQNyKQTXIZITW[WZOIVQbILWZM[MTMY]QXWVMOWKQILWZaTW[TyLMZM[
MVK]ITY]QMZVMOWKQIKQ~V6MKM[Q\IZnLM[IZZWTTIZWXKQWVM[XIZIIa]LIZIO]QIZ
ITW[\ZIJIRILWZM[I\WUIZ]VILMKQ[Q~V6MKM[Q\IZnUQZIZWJRM\Q^IUMV\MITI
[Q\]IKQ~V<MVLZnY]M[MZJI[\IV\MÅZUMKWVTW[UQMUJZW[aIKWV[MRIZTW[LMUIVMZI
KWV^QVKMV\M[WJZMTIUMLQLII\WUIZ[M8W[QJTMUMV\M\MVLZnKZQ\QKQ[UWVMOI\Q^WXWZ
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
XIZ\MLMTW[UQMUJZW[)KWV\QV]IKQ~VLIUW[ITO]VI[WXKQWVM[NIK\QJTM[
=[IZXWLMZ
<WUMIKKQ~VKWTMK\Q^IXIZINWZbIZKWVKM[QWVM[
=[IZUn[XMZ[]I[Q~V
>]MT^IITIUM[ILMVMOWKQIKQWVM[KWVV]M^W[PMKPW[WXKQWVM[NIK\QJTM[aUIVLI\W[
ZM^Q[ILW[
=[IZXMZ[]I[Q~VM`\MZQWZ
8ZM[QWVIZXWZMTIXWaWLMW\ZI[XMZ[WVI[LMI]\WZQLILLM\ZIJIRILWZM[ITQILW[
aKWV[QOIMTIXWaWXƒJTQKWI\ZI^u[LMTW[UMLQW[LMKWU]VQKIKQ~VaM[\ZI\MOQI[
X]JTQKQ\IZQI[
=[IZXZWKMLQUQMV\W[WM[\ZI\MOQI[TMOITM[
+]IVLWM[\uVLQ[XWVQJTM[XWLZyI][IZXZWKMLQUQMV\W[LMKWVÆQK\WWM[\ZI\MOQI[
TMOITM[
-KPIZ[MI\Zn[
)KMX\IZMTUMRWZIK]MZLWY]MX]MLITWOZIZaXZMXIZIZ[MXIZITIXZ~`QUI^Mb
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
-`XMZQMVKQI["
)K]MZLW[Y]MPIVZM[]T\ILWLMVMOWKQIKQWVM[
5-57:)6,7,-)+=-:,7
MV\ZM
-4+76;-275=61+18)4,-,=:*)6
a
-4;16,1+)<7,-5=2-:-;9=-<:)*)2)687:+=-6<)8:781);-?=
-[\MUMUWZIVLWZMOQ[\ZIMTIK]MZLWY]MPI[QLWITKIVbILWMV\ZMTI[XIZ\M[MTLMVW^QMUJZMLM!![WJZMK~UW
XZWOZM[IZMVI[]V\W[[QOVQÅKI\Q^W[TW[K]ITM[PIV[QLWMTWJRM\WLMVMOWKQIKQWVM[MV\ZMTI[UQ[UI[LM[LM[MX\QMUJZM!!
5MZKILWLM5]\Q^MV\ILMUMLQKQVI[\ZILQKQWVITM[
-T+WUXTMRW;\IJTM<PMI\MZPI[QLWLM[\QVILWXIZIMTXZWX]M[\WUMZKILWLMU]\Q-[\IQV[\ITIKQ~VM[\IZn\MZUQVILI
XIZIÅVM[LMMVMZW!!VWM[[MO]ZW[QM[\IQV[\ITIKQ~V[MZnLQ[XWVQJTMƒVQKIUMV\MXIZIMT5MZKILWLM5]\QW[Q[MZn
KWUXIZ\QLIKWV6)8)+-T+WV[MRW5]VQKQXITVW\QÅKIZnIÅVM[LMMVMZWI;-?=[WJZMTIXW[QJTMNMKPILMK]TUQVIKQ~V
LMT5MZKILWLM5]\Q
8]M[\W[LM^MV\IMVTIXTIaI
4IKWV[\Z]KKQ~VLMTW[X]M[\W[LM^MV\I[MQVQKQIZnKMZKILM?M[\;\ZMM\5ITTIÅVM[LMMVMZWWIXZQVKQXQW[LMNMJZMZW
!!LMIK]MZLWITW[XTIVM[XZM[MV\ILW[IT+WV[MRWMT!-T+WV[MRWM[\nMVVMOWKQIKQWVM[XIZIZMKWJZIZMTnZMI
Y]M0M[\MZ;\MaVIZZMVLIJIXZM^QIUMV\MXIZITIKWV[\Z]KKQ~VLMUn[KI[M\I[4I[VMOWKQIKQWVM[[MZnVÅVITQbILI[XIZI
ÅVM[LMNMJZMZW!!
8ZWX]M[\IIT+WV[MRW5M\ZWXWTQ\IVW
;-?=XZMXIZIZn]VIKWU]VQKIKQ~VXIZIMT+WV[MRW5M\ZWXWTQ\IVW[WTQKQ\IVLWNWVLW[XIZITIKWV[\Z]KKQ~VLMUn[
X]M[\W[LM^MV\I[MQV[\ITIKQWVM[XIZIITUIKMVIRMaO]IZLMZyIXIZITW[KWUMZKQIV\M[Y]MWXMZIVKMZKILMTIXTIaI-[\I
IXTQKIKQ~V[MZnZM[XITLILIXWZTI=VQLILLM6MOWKQW[1VNWZUITM[
/]IZLMZyI
4I[XZMXIZIKQWVM[XIZIMTM[\IJTMKQUQMV\WLM]VIQV[\ITIKQ~VXIZIMTK]QLILWLMTW[VQ}W[LMTW[KWUMZKQIV\M[IUJ]TIV\M[
MVMT?IZ_QKS<ZQIVOTMTI[UQ[UI[Y]MM[\]^QMZWV[][XMVLQLI[PIV[QLWZMIV]LILI[V]M^IUMV\M[MO]QLWMTXMLQLW
PMKPWIT+WVKMRIT.W]ZQM;QVW[M\QMVMZM[]T\ILW[XIZIÅVM[LMMVMZWMTXZWKM[W[MZnQVQKQILWV]M^IUMV\MXWZTI[XIZ\M[
QV\MZM[ILI[)LMUn[[MPIVXTIVQÅKILWQV[\ITIKQWVM[ILQKQWVITM[XIZIMTK]QLILWLMVQ}W[MVTIQV[\ITIKQ~VIK\]ITUMV\MMV
KWV[\Z]KKQ~VMVTI+ITTM5IV[MTT
+ITTM5IV[MTT
;MQVQKQIZnTIKWV[\Z]KKQ~VLM]VQLILM[LM^Q^QMVLIaMTKWUXTMRWLMIJT]KQ~VMT!a[MZn\MZUQVILWMVR]VQW!!
;MQVQKQIZnVVMOWKQIKQWVM[KWVTW[KWUMZKQIV\M[;]VSQ[\[WJZM[]ZM]JQKIKQ~VITI+ITTM5IV[MTT
=VI[WTIQV[\ITIKQ~VY]MQVKT]aIITWRIUQMV\WITUIKMVIRMaK]QLILWLMVQ}W[
6W[MPITTMOILWIVQVOƒVIK]MZLW[WJZMMTXZWOZM[WLMM[\IQV[\ITIKQ~V
+WV[]T\IaVMOWKQIKQ~VLMUWKZn\QKI
;MIKWZL~XZMXIZIZ]V)K]MZLWLM8ZWKMLQUQMV\W[MTK]ITZMOQZnTIZMTIKQ~VMV\ZMTI[XIZ\M[5QMV\ZI[\IV\WMT+WV[MRW
KWV[]T\IZnI;-?=[WJZMK]ITY]QMZV]M^WLM[IZZWTTWMTUQ[UWY]MXWLZyIINMK\IZITI[UQMUJZW[LM;-?=MV
K]ITM[Y]QMZnZMIY]MMT+WV[MRWP]JQM[M[QLWVW\QÅKILWY]M;-?=\QMVMUQMUJZW[
.QZUILWMV,=:*)6MTLyILM-6-:7LM!!
°°°°°°°°°°
8WZMT+WV[MRW5]VQKQXIT
<-;<1/7;
°°°°°°°°°
8WZ;-?=
<-;<1/7;
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
-`XMZQMVKQI["
/IVIVLWTIT]KPI·ITO]VI[VMOWKQIKQWVM[M`Q\W[I[
5MRWZIUQMV\WLMTI[QV[\ITIKQWVM[XIZIKWUMZKQIV\M[IUJ]TIV\M[
4I)[WKQIKQ~VLM7XMZILWZM[a<ZIJIRILWZM[LMT;MK\WZ1VNWZUIT);;7<;1MV5WbIUJQY]MIÅTQILIIT
KMV\ZW[QVLQKITQ[\IVIKQWVITPIVMOWKQILW[WJZM^IZQW[I[]V\W[KWVMTOWJQMZVWTWKITaKMV\ZIT+WV[QO]QMZWV
MTUMRWZIUQMV\WLMTW[[MZ^QKQW[LMIO]IMQV[\ITIKQWVM[[IVQ\IZQI[MVUMZKILW[aTIKWV[\Z]KKQ~VLM[MZ^QKQW[
PQOQuVQKW[
?IZWV?IV\)B1-)?-)B.]MZbI[XIZIMTKIUJQW7ZOIVQbIKQWVM[LMTI-KWVWUyI1VNWZUITMVÎNZQKI
+WUXZILM\MZZMVWXIZIUMZKILWLMKWUMZKQIV\M[\ZIV[NZWV\MZQbW[
=VWLMTW[XZQUMZW[u`Q\W[LMTI)[WKQIKQ~VLM+WUMZKQIV\M[<ZIV[NZWV\MZQbW[N]MMTM[\IJTMKQUQMV\W
LM]VUMZKILWMV4][ISIXIZITW[KWUMZKQIV\M[\ZIV[NZWV\MZQbW[Y]M^MVyIVLMBIUJQIaLMTW[XIy[M[
KQZK]VLIV\M[4II[WKQIKQ~VTWOZ~VMOWKQIZTIKWUXZILM\MZZMVWLMT+WV[MRW-TUMZKILW[MKWV^QZ\Q~MV]VI
ZMITQLILaZM]VQ~JIRWMTUQ[UW\MKPWITIUIaWZyILMTW[KWUMZKQIV\M[\ZIV[NZWV\MZQbW[?IZWV?IV\
-TUQKZWKZuLQ\W\ZIMLMZMKPW[aZM[XWV[IJQTQLILM[
4I)[WKQIKQ~VLM>MVLMLWZM[)UJ]TIV\M[)NZQKIVW[JI[ILIMV-I[\MZV+IXM;]LnNZQKIPIKWV[MO]QLW]VI
[]J^MVKQ~VLM:LMTOWJQMZVWTWKITLMTI5]VQKQXITQLILLM3QVO;IJI\I,ITQVLaMJWXIZI]V[Q[\MUI
LMUQKZWKZuLQ\WXIZI^MVLMLWZM[IUJ]TIV\M[LMTIKQ]LIL;MIKWZL~MV]VIZM]VQ~VKWVTIU]VQKQXITQLIL
Y]MMTKZQ\MZQWXIZIY]M^MVLMLWZM[IUJ]TIV\M[KWV[QOIV]VI[]J^MVKQ~VN]M[MY]MMTXIOWLMK]W\I[XWZ[][
TQKMVKQI[M[\uVITLyIY]MMZIVKQ]LILIVW[LQ[X]M[\W[IXIOIZMTXZu[\IUWMVKWVLQKQWVM[LMMNMK\]IZMTXIOW
aUMUJZM[yILMTI)[WKQIKQ~VLM>MVLMLWZM[)UJ]TIV\M[)NZQKIVW[6W\QKQI[LM;\ZMM\6M\IJZQT
8MZ[WVI[Y]M\ZIJIRIVILWUQKQTQWVMOWKQIVKWVMUXTMILWZM[MQV\MZUMLQIZQW[
4I[U]RMZM[Y]M\ZIJIRIVLM[LM[]PWOIZVMOWKQIVKWVIY]MTTW[Y]MTM[LIV¹MUXTMWº6MOWKQIVKWV
TW[QV\MZUMLQIZQW[aTW[MUXTMILWZM[aIUMV]LWJ][KIVMTIXWaWLMTUQVQ[\MZQWLM\ZIJIRWMV[]T]KPI
6MOWKQIVXWZ[][LMZMKPW[MKWV~UQKW[\ITM[KWUWUMRWZM[[ITIZQW[UMRWZM[XZMKQW[MVMTUMZKILW
QVKZMUMV\W[MVTW[[ITIZQW[UyVQUW[JWVQÅKIKQ~VXWZTI[6I^QLILM[aMTXIOWKWUXTM\WaI\QMUXWLM[]
[ITIZQWaXIZI[MZZMKWVWKQLI[KWUW\ZIJIRILWZI[,MJQLWITW[M[N]MZbW[LM;-?)58TW[[ITIZQW[UyVQUW[
PIV[QLWQVKZMUMV\ILW[XIZITI[\ZIJIRILWZI[LMJQLQ
;PITQVQ;QVPIJWZZILWZLMTQVNWZUM=6,8+ZMIVLW>Q[QJQTQLILa>Wb
.WZWZMOTIUMV\IZQWLMVMOWKQIKQWVM[XIZI^MVLMLWZM[IUJ]TIV\M[MV5u`QKW
;MPIQV\ZWL]KQLW]VITMaXIZITIZMO]TIKQ~VLMTI[^MV\I[IUJ]TI\WZQI[MVMTM[\ILWLM6]M^W4M~V
MV5u`QKW-[\ITMaK]JZMTI[^MV\I[IUJ]TI\WZQI[M[\IKQWVIZQI[aVWM[\IKQWVIZQI[LMÅVM[][LMZMKPW[
aWJTQOIKQWVM[aZMKWVWKMTI[I[WKQIKQWVM[ITI[K]ITM[XMZ\MVMKMV4ITMaPIM[\IJTMKQLW]VNWZWLM
VMOWKQIKQWVM[Y]MKWV[Q[\MLMTI[I[WKQIKQWVM[LM^MVLMLWZM[I[yKWUW\IUJQuVLMW\ZI[XIZ\M[QV\MZM[ILI[·
aMT+WV[MRWM[\nWJTQOILWIZMO]TIZMTKWUMZKQWQVNWZUIT\ZI[KWV[]T\IKWVM[\MNWZWZMOTIUMV\IZQW
:M]VQ~VLM;\ZMM\6M\1V\MZVIKQWVIT;MVMOIT
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
0TWSLTLU[HJP}UKL\U(J\LYKV
=\QTQbIZMT)K]MZLW
=[\MLPIOIVILW]VI^QK\WZQIXIZITW[\ZIJIRILWZM[4IUWZITLMTW[\ZIJIRILWZM[
M[\nIT\IaM[\nV[MO]ZW[[WJZMTWY]MTIWZOIVQbIKQ~VX]MLMPIKMZ¨)XZW^MKPMM[\W
% =\QTyKMTWKWUW]VQV[\Z]UMV\WML]KI\Q^W§9]uTMKKQWVM[PMUW[IXZMVLQLW'
% =\QTyKMTWXIZIQVKZMUMV\IZMTKWVWKQUQMV\WLMTW[I[]V\W[[WJZMVMOWKQIKQWVM[a
[WJZMTIWZOIVQbIKQ~V
% 1VKMV\Q^MITW[\ZIJIRILWZM[I[ITQZaLQN]VLQZTI[VW\QKQI[aKWV[MO]QZV]M^W[
UQMUJZW[
% 8ZWXWZKQWVMX]JTQKQLIL[WJZMMTIK]MZLW
% ¨+MTMJZMTI^QK\WZQI
0IKMZN]VKQWVIZMT)K]MZLW
/MVMZITUMV\M[]KWV\ZIXIZ\MMVTIVMOWKQIKQ~VM[ZM[XWV[IJTMXWZTI
QUXTMUMV\IKQ~VLMTIK]MZLW4W[UQMUJZW[aTIWZOIVQbIKQ~VXWLZyIV\IUJQuV
\MVMZZM[XWV[IJQTQLILM[)TO]VI[^MKM[TW[IK]MZLW[VW[WVQUXTMUMV\ILW[W[M
QUXTMUMV\IV[~TWXIZKQITUMV\M)TO]VI[^MKM[TW[IK]MZLW[[WVUIVQX]TILW[W
LMTQJMZILIUMV\MUITQV\MZXZM\ILW[5]KPW[LMTW[IK]MZLW[MVTIMKWVWUyIQVNWZUIT
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
[WVKWVOWJQMZVW[aI]\WZQLILM[XƒJTQKI[-[\WKZMI]VI[Q\]IKQ~VQVM[\IJTMLMJQLW
IY]M[WVQOVWZILW[WKIUJQIVK]IVLW[]ZOMVV]M^W[XIZ\QLW[XWTy\QKW[XMZ[WVI[a
XWTy\QKI[V]M^I[§9]u[MX]MLMPIKMZ'
% -TIK]MZLWLMJM[MZJQMVZMLIK\ILWaÅZUILWXWZTII]\WZQLIL[]XMZQWZI[y
KWUW\IUJQuVXWZTW[ZM[XWV[IJTM[LM[]QUXTMUMV\IKQ~V
% )[MO]ZIZ[MY]MMTIK]MZLWWJTQO]MIN]\]ZW[XIZ\QLW[XWTy\QKW[TMOQ[TILWZM[a
J]Z~KZI\I[
% 1V[Q[\QZY]MMTIK]MZLW[MILMKWVWKQUQMV\WOMVMZITXWZTII]\WZQLILXƒJTQKI
8MLQZXZ]MJILMY]MM[\WPI[QLWZMITQbILW
% <ZIJIRIZPIKQITINWZUITQbIKQ~VLMTNWZWLMVMOWKQIKQWVM[LM\ITUIVMZIY]M[MI
ZMKWVWKQLWaZM[XM\ILW
% ¨+]UXTQZKWV[]XIZ\MLMT\ZI\W¨6WLMTIWXWZ\]VQLILITIW\ZIXIZ\MILMKQZ
Y]M][\MLVWPIK]UXTQLWKWVMTIK]MZLW
% 8MZUIVMKMZITMZ\I
1VKT][WK]IVLWM[\uVMOWKQIVLWMV]VI[Q\]IKQ~VQVNWZUITKWUWXWZMRMUXTW
KWV]VQV\MZUMLQIZQWW]VIXMZ[WVILM]VVMOWKQWXMY]M}WLMJMZyIIXTQKIZTW[
XZQVKQXQW[Jn[QKW[UMVKQWVILW[IV\MZQWZUMV\M
;]XMZ^Q[IZaPIKMZK]UXTQZMT)K]MZLW
<WLW[TW[UQMUJZW[WZOIVQbILWZM[aTyLMZM[LMJMZyIV\WUIZXIZ\MMVTI^QOQTIVKQI
MQVNWZUIKQ~V[WJZMTWY]MM[\n[]KMLQMVLW,MJMZnVM[\IZTQ[\W[XIZIK]M[\QWVIZ
[QVW[MK]UXTMMTIK]MZLW-[\WLMJMZyI[MZ]VXZWKM[WKWV\QV]WaVWLMJMZyI
WK]ZZQZƒVQKIUMV\MMVTINI[MQVQKQITLMQUXTMUMV\IKQ~V:M[]MT^IKWV[][TyLMZM[a
UQMUJZW[TIUIVMZILMUIV\MVMZTIXZM[Q~V:M[]MT^IY]MUMLQLIX]MLMV\WUIZ
XIZIPIKMZK]UXTQZMTIK]MZLW)[MOƒZM[MY]MTIW\ZIXIZ\MM[\nKWV[KQMV\MLM[]
^QOQTIVKQIaXW\MVKQITXIZIIK\]IZ
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
-`XMZQMVKQI["
0IKMZK]UXTQZTW[)K]MZLW[
+WVNMLMZIKQ~VLM>MVLMLWZM[)UJ]TIV\M[+WZMIVW[37;+-[\ZI\MOQILM<ZI\W+WTMK\Q^W
4I+WVNMLMZIKQ~VLM>MVLMLWZM[)UJ]TIV\M[+WZMIVW[37;+PILM[IZZWTTILW]VIM[\ZI\MOQILMVMOWKQIKQ~VY]MQVKT]aMMTPIKMZ
K]UXTQZTW[IK]MZLW[
8ZQUMZW"VMOWKQIZTILMUIVLI[WTQKQ\IVLWITI[U]VQKQXITQLILM[XWVMZÅVIT][WLMOZ]XW[Y]MIXTQKIV
UMLQLI[[M^MZI[WIOnV[\MZ[XIZIQV\QUQLIZITW[^MVLMLWZM[IUJ]TIV\M[aTIIJWTQKQ~VLMUITI[TMaM[[WJZM
LM[ITWRW[
;MO]VLW"[Q[\MUI[XIZITI\WUILMLMKQ[QWVM[aXZWKMLQUQMV\W[LMUWKZn\QKW[[WVVMKM[IZQW[;QMTKWUQ\uLM
VMOWKQIKQWVM[M[\nIK\]IVLWMVKWV\ZILMV]M[\ZI^WT]V\ILVW[W\ZW[LMJMZyIUW[LMKQLQZ[QXIZ\QKQXIUW[WVW
<MZKMZW"MTKWUQ\uVWLMJMZyI[MZXIZKQITPIKQITW[OWJQMZVW[WU]VQKQXITQLILM[,MJMZyIOIZIV\QbIZMT
M[K]KPIZTI[WXQVQWVM[LMTW[UQ[UW[^MVLMLWZM[IUJ]TIV\M[ALMJMZyI\MVMZMTXWLMZLM\WUIZ]VILMKQ[Q~V
aLMIK\]IZ
+]IZ\W"[QTTMOIUW[I]VIK]MZLWTI[U]VQKQXITQLILM[WTW[^MVLMLWZM[IUJ]TIV\M[LMJMZyIVK]UXTQZTW
.QVITUMV\M"KILI^MbY]MTIU]VQKQXITQLIL\ZI\ILMM^Q\IZK]UXTQZKWVTW[IK]MZLW[LMJMZyIUW[WZOIVQbIZ
T]KPI[a\WUIZTIWNMV[Q^IXIZITWOZIZV]M[\ZI[LMUIVLI[
8ZM[MV\ILWXWZ37;+:M]VQ~VLM;\ZMM\6M\;MVMOITMLQ\ILW
+76;-27"4I[\ZM[ZMOTI[LMWZWXIZIK]ITY]QMZVMOWKQIKQ~V[WV"
% 6]VKIPIOIVMOWKQIKQWVM[[WTW
% 6]VKIPIOI]V\ZI\W[QVMTIK]MZLWLMTW[UQMUJZW[
% 5IV\MVOITI]VQLILL]ZIV\MTI[VMOWKQIKQWVM[
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
=VZM[]UMVÅVIT·6MOWKQIVLWY]uPIKMZaVWPIKMZ
-`XMZQMVKQI["
>MVLMLWZM[KWUXIZ\MV[][TMKKQWVM[[WJZMVMOWKQIKQWVM[
/(*,9
!
!
:M]VQ~VLMVMOWKQILWZM[LMIV\MUIVW
8ZMXIZIZTWY]M^IILMKQZ
8ZMNMZQZMTLQnTWOW
8MZUIVMKMZÅMTITUIVLI\W
=[IZUu\WLW[XIKyÅKW[
4WOZIZIK]MZLW[XWZM[KZQ\W
:M]VQZ[MLMIV\MUIVWKWVTW[UQMUJZW[XIZI
KWV[MO]QZMTUIVLI\W
:M[XM\IZTW[XZWKMLQUQMV\W[LMTIZM]VQ~V
;MZÅZUM
1VNWZUIZITW[UQMUJZW[
)[MO]ZIZ[MY]MTW[UQMUJZW[\WUMV
ZM[XWV[IJQTQLILXIZINWZUIZXIZ\MLMTI\WUI
LMLMKQ[QWVM[
)[MO]ZIZ[MY]MTW[UQMUJZW[\MVOIVIKKM[WI
TIQVNWZUIKQ~V
-^Q\IZTIKWZZ]XKQ~V
7ZOIVQbIZZM]VQWVM[NZMK]MV\M[XIZIQVNWZUM[
LMTXZWOZM[W
1V^WT]KZIZITW[UQMUJZW[MVIKKQWVM[
UI[Q^I[LMIXWaW
7ZOIVQbIZITW[UQMUJZW[MVIK\Q^QLILM[
[]XTMUMV\IZQI[\ITM[KWUWXZM[QWVIZITW[
KWVKMRITM[
;MZ\ZIV[XIZMV\MMVK]ITY]QMZZMKI]LIKQ~VLM
NWVLW[
)XZW^MKPIZTI[LMJQTQLILM[LMTI[XMZ[WVI[
KWVTI[Y]M[MM[\nVMOWKQIVLW
-[K]KPIZJQMV
)R][\IZ[MIT\QMUXWLQ[XWVQJTM
:M^Q[IZMTUIVLI\WMVKI[WLMQVKMZ\QL]UJZM
56/(*,9
!
!
,M[^QIZ[MLMTUIVLI\WLMTW[UQMUJZW[
,IZUMV[IRM[NIT[W[
.IT\IZITZM[XM\WITI[I]\WZQLILM[
)LWX\IZ]VIIK\Q\]LQVÆM`QJTM
1Z[WTWITI[VMOWKQIKQWVM[
:M[MZ^IZQVNWZUIKQ~V
5QVQUQbIZXZWX]M[\I[I]\WZQbILI[
;MZLuJQT
=[IZUu\WLW[^QWTMV\W[
-TMOQZKWVY]QMV\ZIJIRIZ
1UXWVMZWXQVQWVM[QVLQ^QL]ITM[
1ZIVMOWKQIKQWVM[[QV]VIM[\ZI\MOQI
1ZIVMOWKQIKQWVM[[QVMTIK]MZLWLM\WLW[TW[
UQMUJZW[
>MVLMZMTUIVLI\WWPIKMZ\ZI\W[
)KMX\IZXZnK\QKI[KWZZ]X\I[
0IKMZXZWUM[I[NIT[I[
6MOWKQIZXWZQV\MZM[M[XZWXQW[
8MZUQ\QZY]MTIW\ZIXIZ\MTM[LQ^QLI
+IUJQIZTI[LMUIVLI[[QVUIVLI\W
)UMVIbIZITIW\ZIXIZ\M
6MOWKQIZJIRWTIQVÆ]MVKQILMJMJQLI[
ITKWP~TQKI[
)KMX\IZIK]MZLW[^MZJITM[
:M]VQ~VLM;\ZMM\6M\;MVMOIT
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
)K\Q^QLILM[
LM)XZMVLQbIRM
)K\Q^QLIL".WZU]TIZLMUIVLI[
7JRM\Q^W
)a]LIZTWINWZU]TIZLMUIVLI[LMVMOWKQIKQWVM[XZQWZQ\IZQI[
<IZMI
4MIMVOZ]XW[XMY]M}W[8I[WIIV\MZQWZUMV\MUMVKQWVILW[
0IOI]VITQ[\ILMTW[I[]V\W[[WJZMTW[Y]MVMKM[Q\IVVMOWKQIZ[][UQMUJZW[
KWV[][MUXTMILWZM[WI]\WZQLILM[
-TQRI\ZM[I[]V\W[XZQWZQ\IZQW[
6WUJZMITIKWV\ZIXIZ\MLMVMOWKQIKQ~VaMTVQ^MTLMVMOWKQIKQ~V
.WZU]TM]VILMUIVLIZM[]UQLIXIZIKILI]VWLMTW[\ZM[I[]V\W[
8ZMXnZM[MXIZIKWUXIZ\QZ[][LMUIVLI[KWVTW[W\ZW[OZ]XW[
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
)K\Q^QLILM[
LM)XZMVLQbIRM
)K\Q^QLIL"8ZMXIZIKQ~VXIZIVMOWKQIZ
7JRM\Q^W
)a]LIZTWIXZMXIZIZIZO]UMV\W[LMVMOWKQIKQ~V
<IZMI
-VXMY]M}W[OZ]XW["
-TQRI]VILMTI[[Q\]IKQWVM[IKWV\QV]IKQ~VW][M]VI[Q\]IKQ~VLM[]
XZWXQIM`XMZQMVKQI
;Q\]IKQ~V"
=VII[WKQIKQ~VLM^MVLMLWZM[IUJ]TIV\M[[MZMƒVMKWVTI[I]\WZQLILM[LMTI
U]VQKQXITQLILXIZIVMOWKQIZTIXM\QKQ~V"¹+]UXTQZKWVTIXWTy\QKIVIKQWVIT
IKWZLILIY]MM[\QX]TIY]MTW[^MVLMLWZM[\QMVMVMTLMZMKPWI^MVLMZ[][
UMZKIVKyI[MVTIKITTMIKWVLQKQ~VLMY]MVWJTWY]MMVTI[^yI[XƒJTQKI[º
;Q\]IKQ~V"
=VIKWWXMZI\Q^ILMZMKQKTILWZM[[MZMƒVMKWVTI[I]\WZQLILM[U]VQKQXITM[
XIZIVMOWKQIZTIXM\QKQ~V"¹8ZWXWZKQWVIZNIKQTQLILM[LMO]IZLMZyIXIZITW[
PQRW[XMY]M}W[LMTW[ZMKQKTILWZM[MVTW[LQ[\ZQ\W[LWVLM^Q^MVº
8ZMXIZMTW[IZO]UMV\W[Y]MXZM[MV\IZnXIZIOIVIZTIXM\QKQ~V
0IOI]VITQ[\ILMTIQVNWZUIKQ~VaLWK]UMV\W[Y]MVMKM[Q\IZnXIZIZM[XITLIZ
[][IZO]UMV\W[
1LMV\QÅY]MTWY]M][\MLXQMV[IY]MLQZn[]KWV\ZIXIZ\MIL^MZ[IZQWMVKWV\ZI
LM[][IZO]UMV\W[
8ZMXnZM[MIKWUXIZ\QZ[][IZO]UMV\W[KWVTW[W\ZW[OZ]XW[
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
9LJ\YZVZ`9LMLYLUJPHZ
+PQSIZUIVM8WWZVQUIa6IZIaIV4I`UQ7ZOIVQ[QVO\PM=VWZOIVQ[ML")+I[M;\]LaWN \PM3IOIL3IKP8I\ZI3I[P\ISIZQ8IVKPIaI\;QVLQKI\WLM:MKQKTILWZM[
P\\X"____QMOWWZOXZWOZIUGIZMI[WZOGZMXKI[MSSXSXXLN ,1<;-4)7ZOIVQbIVLWZM]VQWVM[KWVu`Q\W
.6>.ZWU5IZOQVIT?WZS\W+WZM*][QVM[["-]ZWXMIV\ZILM]VQWV[WZOIVQbQVOQV\PM
QVNWZUITMKWVWUa1VNWZUMLMTI+WVNMZMVKQI1V\MZVIKQWVIT8Iy[M[*IRW[UIaWLM
___M\]KWZO15/XLN.6>GJZWKP]ZMXLN
.MLMZIKQ~V1V\MZVIKQWVITLM)[WKQIKQWVM[XIZITI-L]KIKQ~VLM<ZIJIRILWZM[
1.?-)*]QTLQVO,MUWKZI\QK?WZSMZ[¼WZOIVQ[I\QWVIVL:MXZM[MV\I\QWVQV\PM1VNWZUIT
-KWVWUa=VUIV]ITMVLW[XIZ\M[
.MLMZIKQ~V1V\MZVIKQWVITLMTW[<ZIJIRILWZM[LMT<ZIV[XWZ\M1<.7ZOIVQ[QVO
1VNWZUIT<ZIV[XWZ\?WZSMZ["/TWJIT:M[MIZKP8ZWRMK\>Q[Q~VOMVMZITLMT1VNWZUM
___Q\NOTWJITWZOML]KI\QWV-L]:M[MIZKPKNU
+WVNMLMZIKQ~V;QVLQKIT1V\MZVIKQWVIT+;1*WTM\QVM[aMV\ZM^Q[\I[KMV\ZITM[MV
TyVMILQ^MZ[I[___Q\]KK[QWZO
4]VL.ZIVKQMa2QTTQIV6QKPWT[WV1V[\Z]UMV\W[XIZI)JWOIZXWZTW[,MZMKPW["
8ZW\MKKQ~V;WKQITXIZI\ZIJIRILWZM[QVNWZUITM[+IUJZQLOM"?1-/7a0WUMVM\
<IQTIVLQI____QMOWWZOX]JTQKI\QWV[<WWT[G.WZG)L^WKIKaXLN ;PITQVQ;QVPIJWZZILWZLMTZMXWZ\MLM=6,8*]QTLQVO>Q[QJQTQ\aIVL>WQKM
;UQ\P;\QZTQVO4M\¼[7ZOIVQbM);A6,1+778PIVLJWWSNWZ\ZILM]VQWV[IVL
KWWXMZI\Q^M[IJW]\WZOIVQbQVO_WZSMZ[QV\PMQVNWZUITMKWVWUaº=VIX]JTQKIKQ~VKWVR]V\ILM
1471+)a1.+<=
___QTWWZOLaVMUXMV\LWK[. 5IV]IT[aVLQKWWXGZMXWZ\XLN
6W\QKQI[LM;\ZMM\6M\^IZQI[___[\ZMM\VM\WZObIMVOTQ[PXIOMP\U
;\ZMM\6M\1V\MZVI\QWVIT:MXWZ\WV\PM;\ZMM\6M\UMM\QVOWVKWTTMK\Q^MJIZOIQVQVOQV\PMQVNWZUIT
MKWVWUaIVLTI_[IVLTQ\QOI\QWV[\ZI\MOQM[QV[\ZMM\^MVLQVO[MK\WZ;MVMOITUIZbW
___[\ZMM\VM\WZObIMVOTQ[PKWTTMK\Q^MJIZOIQVQVOP\U
6YNHUPaHUKVLUSH,JVUVTxH0UMVYTHS!3PIYVZKL9LMLYLUJPHWHYH6YNHUPaHKVYLZ5‚TLYV
;]RI\I/W\PW[SIZ6M_QVQ\QI\Q^M[QVWZOIVQbQVO[\ZI\MOaQV\PMQVNWZUITMKWVWUa
+I[M[\]LaWN LWUM[\QK_WZSMZ[¼WZOIVQbQVOP\\X"____QMOWWZOX]JTQKI\QWV[
/W\PW[SIZ6M_QVQ\QI\Q^M[QVWZOIVQbQVO[\ZI\MOaQV
\PMQVNWZUITMKWVWUa16,1)XLN
?IZWV?IV\)TQIVbILM)[WKQIKQWVM[LMTI-KWVWUyI1VNWZUITMVBIUJQI)B1-)
aTI)[WKQIKQ~VXIZITI-L]KIKQ~VLMTW[<ZIJIRILWZM[LMBIUJQI?-)B
.WZKM[NWZ+PIVOM"1VNWZUITMKWVWUaWZOIVQ[I\QWV[QV)NZQKI____IZWV_IV\WZO
I\\IKPUMV\[.WZKM[NWZ+PIVOM1VNWZUITMKWVWUa
WZOIVQ[I\QWV[QV)NZQKIXLN
;Q\QW[?MJ
____QMOWWZO
___Q\]KK[QWZO
___[M_IWZO
___[M_IIKILMUaWZO
___[\ZMM\VM\WZObI
___PWUMVM\[W]\PI[QIWZO
___PWUMVM\[MI[QIWZO
___QTWWZO
___QN_MIWZO
___KI_QVNWWZO
___OTWJITTIJW]ZWZO
___LQ\[MTIWZObI
___LWUM[\QK_WZSMZ[ZQOP\[WZO
____IZWV_IV\WZO
5LNVJPHJPVULZ*VSLJ[P]HZWHYHSVZ;YHIHQHKVYLZKLSH,JVUVTxH0UMVYTHS
+MV\ZWLMZMK]Z[W[
-T1V[\Q\]\WLM,M[IZZWTTWXIZI+IXIKQ\IKQ~V-L]KIKQ~Va)XWaW4IJWZIT
,1<;-4)MV;]LnNZQKI\QMVM]VI^I[\IKWTMKKQ~VLMUI\MZQITM[ML]KI\Q^W[LM
[QVLQKI\W[TWKITM[MQV\MZVIKQWVITM[-[\W[N]MZWV][ILW[M`\MV[IUMV\MMVTI
XZMXIZIKQ~VLMM[\W[TQJZW[
8IZIMTIKKM[WIM[\W[ZMK]Z[W[KWV\IK\MQVNW(LQ\[MTIWZObI
Descargar