- PAHO/WHO

)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
Quiero hacer un llamado al país y a la comunidad internacional
para que formemos una gran alianza nacional alrededor del tema de
salud. Esta alianza debe ser capaz de propiciar un cambio seguro en
el campo de la salud que beneficie a toda la población, sobre todo a
los más pobres.
Mauricio Funes, 2009
)
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) <)
)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
!"#$%&'
)
)
)
!"#$%&'(()*"+ +
+
+
+
+
+
+
+
+
!.+/$)"()0)%1+213"()4531+&3+54+631#)*"+++
+
+
+
+
+
!!.+8)1)*"+
+
+
+
+
+
+
+
+
+
!!!.+:;3+<'=+13+3">3$?4+@+?'3$3+54+0%A54()*"+145B4&%$3C4D++
+
+
!8.+F(G%+2H31+21#$4#=I)(%1+&3+54+J3>%$?4+&3+K45'&+ +
+
+
+
8.+M%"1#$'(()*"+&3+54+J3&+!"#3I$4&4+&3+K3$B)()%1+&3+K45'&+&35+NK/OK+
+
8!.+J3('$1%1+R'?4"%1+3"+K45'&+(%?%+/)3&$4+O"I'54$+&35+K)1#3?4+ +
+
8!!.+J310'31#4+4+54+;3?4"&4+&3+N3&)(4?3"#%1+@+84('"41+ +
+
+
8!!!.+!"1#4'$4()*"+&35+T%$%+U4()%"45+&3+K45'&++
+
+
+
+
!W.+M%"1#$'(()*"+&3+'"+K)1#3?4+U4()%"45+&3+2?3$I3"()41+N=&)(41+XK2NY+
+
W.+;314$$%55%+&3+'"+K)1#3?4+Z")(%+&3+!">%$?4()*"+21#$4#=I)(4+XK[!KY+
+
W!.+O$#)('54()*"+/$%I$31)B4+(%"+35+!KKK+@+F#$%1+/$31#4&%$31+/\A5)(%1++
&3+K45'&+
+
+
+
+
+
+
+
+
+
W!!.+M$34()*"+&35+!"1#)#'#%+U4()%"45+&3+K45'&+@+T%$#453()?)3"#%++
&3+54+J3&+&3+^4A%$4#%$)%1+ +
+
+
+
+
+
+
W!!!.+/$31'0'31#%+
+
+
+
+
+
+
+
+
W!8.+/$%@3(#%+&3+0$31'0'31#%+04$4+54+J3>%$?4+
+
+
+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) =)
)
)
,+-+
,+7+
,+99+
,+9E+
,+9L+
,+PQ+
,+P7+
,+SS+
,+SV+
,+-Q+
,+--+
,+-]+
,+-L+
,+ES+
,+EE+
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
(")*+#,%%$-"'
25+ N)")1#3$)%+ &3+ K45'&+ @+ O1)1#3"()4+ K%()45+ XNK/OKY+ G4+ )")()4&%+ 35+ (4?)"%+ &3+ 54+
#$4"1>%$?4()*"+ &35+ 1)1#3?4+ &3+ 145'&+ 3_)1#3"#3+ 3"+ 25+ K45B4&%$.+ ;'$4"#3+ 35+ 4C%+
#$4"1('$$)&%+ &31&3+ <'3+ 41'?)*+ 35+ 6%A)3$"%+ 35+ /$31)&3"#3+ N4'$)()%+ T'"31+ 13+ G4"+
0'31#%+541+A4131+&35+"'3B%+1)1#3?4.++
!
K3+ G4+ 3?03`4&%a+ &3+ 31#4+ ?4"3$4a+ 4+ ('?05)$+ (%"+ 35+ (%?0$%?)1%+ 4&<')$)&%+ 0%$+
"'31#$%+6%A)3$"%a+&3+)"(5')$+@+&314$$%554$+54+145'&+(%?%+'"+(%?0%"3"#3+(3"#$45+&3+
54+ 31#$4#3I)4+ &3+ &314$$%55%+ 3(%"*?)(%+ @+ 1%()45+ @+ &3+ 54+ ($34()*"+ &3+ '"+ 1)1#3?4+ &3+
0$%#3(()*"+1%()45+'")B3$145.+2"+35+4C%+#$4"1('$$)&%+35+NK/OK+G4+&4&%+041%1+>)$?31+
3"+35+4B4"(3+G4()4+35+5%I$%+&35+%AH3#)B%+>'"&4?3"#45+&3+1'+0%5b#)(4+&3+145'&a+<'3+31+
35+&3++I4$4"#)`4$+35+&3$3(G%+4+54+145'&+4+#%&4+54+0%A54()*"+145B4&%$3C4+4+#$4B=1+&3+'"+
K)1#3?4+U4()%"45+!"#3I$4&%+&3+K45'&.+
+
/%$+ 355%+ 54+ (%"1#$'(()*"+ &3+ 54+ B)4A)5)&4&+ &35+ (4?A)%+ 31#$'(#'$45+ 13+ G4+ A414&%+ 3"+
53B4"#4$+5%1+()?)3"#%1+&35+>'#'$%+3">$3"#4"&%+5%1+0$%A53?41+&35+0$313"#3.+21+&3()$a+
3"+1%C4$+3+)?4I)"4$+(%"+35+"'3B%+1)1#3?4+45+#)3?0%+<'3+13+$31'35B3"+5%1+0$%A53?41+
@+541+&3>)()3"()41+&35+4(#'45.+++ca+4&3?d1a+G4(3$5%+&3+?4"3$4+&)>3$3"#3a+)""%B4"&%.+
N'(G41+ "3(31)&4&31+ @4+ G4Ab4"+ 1)&%+ 0%1#3$I4&41a+ ?'(G%1+ 4A'1%1+ 13+ G4Ab4"+
(%?3#)&%+ 4"#31+ @+ ?'(G%+ G4Ab4+ 0%$+ G4(3$a+ (%?%+ 04$4+ 03"14$+ 3"+ G4(3$+ ?d1+ &3+ 5%+
?)1?%.+K3+G4+$3<'3$)&%+#4?A)="+&3+?'(G%+3"#'1)41?%+@+(%"1#4"()4.++
+
R4+1)&%+'"+4C%+&)>b()5+03$%+053"%+3"+$345)`4()%"31+4+0314$+&3+541+(%"&)()%"31+<'3+G4"+
&3#3$?)"4&%+ @+ 5)?)#4&%+ + 45+ 6%A)3$"%+ @+ <'3+ #%&4Bb4+ B)3"3"+ 4>3(#4"&%+ 45+ 04b1+ 3"+
I3"3$45+@+3"+04$#)('54$+45+13(#%$+&3+54+145'&.+^%1+4B4"(31+$345)`4&%1+#)3"3"+'"+B45%$+
3103()45+1)+13+#%?4"+3"+('3"#4+#$31+('31#)%"31e+2"+0$)?3$+5'I4$a+54+($)1)1+3(%"*?)(4+
X0$%&'(#%+3"+04$#3+&3+54+($)1)1+>)"4"()3$4+?'"&)45a+?'5#)&)?3"1)%"45+@+13B3$4a+@+3"+
04$#3+0%$+54+&=A)5+1)#'4()*"+>)1(45+31#$'(#'$45+&35+04b1Y.+2"+13I'"&%+5'I4$a+54+1)#'4()*"+
($b#)(4+ 3"+ 54+ <'3+ 3"(%"#$4?%1+ 45+ N)")1#3$)%a+ #4"#%+ 3"+ ('4"#%+ 4+ 5%1+ $3('$1%1+
>)"4"()3$%1+ 3_)1#3"#31+ 04$4+ 1%1#3"3$+ 541+ 4(#)B)&4&31+ (%$$)3"#31+ &35+ 1)1#3?4+ 0\A5)(%+
&3+145'&a+(%?%+3"+('4"#%+4+54+(404()&4&+)"1#454&4a+%$I4")`4()*"+@+(45)&4&+(%"+54+<'3+
>'"()%"4+35+1)1#3?4a+41b+(%?%+54+(%$$'0()*"+3"+&)>3$3"#31+")B3531a+5%+<'3+13+4I$3I4+4+
5%+<'3+@4+14Ab4?%1+(%"+$3103(#%+4+1'1+>45541+31#$'(#'$4531.+2"+#3$(3$+5'I4$a+541+('4#$%+
3?3$I3"()41+ <'3+ 13+ #'B)3$%"+ 3"+ 35+ 4C%+ X54+ )">5'3"`4+ 04"&=?)(4+ R9U9a+ 35+ G'$4(d"+
!;Oa+ 54+ 30)&3?)4+ &3+ &3"I'3+ @+ 54+ #%$?3"#4+ OI4#G4Y+ 541+ + <'3+ f3"+ 35+ ?4$(%+ &3+ '"+
1)1#3?4+ 0\A5)(%+ &3+ 145'&+ 04$()45?3"#3+ &31>)"4"()4&%a+ &=A)5a+ )"3<')#4#)B%+ @+ &3+ A4H4+
(45)&4&g+ 3_)I)3$%"+ '"4+ (%5%145+ (%"(3"#$4()*"+ &3+ 31>'3$`%1+ @+ $3('$1%1+ 04$4+ &4$+ '"4+
%0%$#'"4+$310'31#4.+
+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) >)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
^4+#4$34+"%+31+>d()5a+1)+13+#%?4+3"+('3"#4+54+1)#'4()*"+3"+54+<'3+13+3"(%"#$*+45+NK/OK+
@+5%1+&314>b%1+&35+1)1#3?4+&3+145'&.+
+
25+ 0$)"()045+ 0$%A53?4+ &35+ 13(#%$+ 31+ 54+ ?'@+ A4H4+ )"B3$1)*"+ 0\A5)(4+ 3"+ 145'&+ 3"+ 35+
?4$(%+ &3+ '"4+ ?'@+ A4H4+ )"B3$1)*"+ G)1#*$)(4+ &35+ 04b1+ 3"+ ?4#3$)4+ 1%()45a+ #4"#%+ 3"+
#=$?)"%1+4A1%5'#%1+(%?%+$354#)B%1.+25+0$31'0'31#%+&3+54+13I'$)&4&+1%()45+31+1)?)54$+
45+ 0$31'0'31#%+ <'3+ #)3"3+ 35+ NK/OK+ 04$4+ ('A$)$+ ('4#$%+ B3(31+ ?d1+ I3"#3a+ @+ 04$4+
$345)`4$+ 0$31#4()%"31+ &3+ 145'&+ 0\A5)(4+ @+ &3+ 0$31#4()*"+ &3+ 13$B)()%1+ 03$1%"4531+ <'3+
'#)5)`4"+ 5%1+ 413I'$4&%1+ 1)"+ $3#$)A'()*"+ 45I'"4+ 45+ NK/OK.+ 25+ I41#%+ &35+ NK/OK+ 3"+
$354()*"+45+/!h+13+G4+1)#'4&%+G)1#*$)(4?3"#3+4+?3"%1+&35+&%1+0%$+()3"#%.+2"+PQQLa+@+
I$4()41+4+5%1+31>'3$`%1+&35+"'3B%+6%A)3$"%+0%$+0$%0%$()%"4$+>%"&%1+4&)()%"4531a+54+
04$#)()04()*"+&3+145'&+4'?3"#*+45+P.Pi.+25+I41#%+03$+(d0)#4+&35+NK/OK+31+?'@+A4H%+
X3"+PQQ7+>'3+&3+1%54?3"#3+7]+&*54$31Y+?)3"#$41+<'3+35+&35+!KKK+>'3+&3+PP9+&*54$31+
03$+(d0)#4+@+35+I41#%+&3+h)3"31#4$+N4I)1#3$)45+>'3+&3+S-Q+&*54$31+03$+(d0)#4.9++
+
2"(%"#$4?%1+ '"4+ ?'@+ A4H4+ (%A3$#'$4+ 3>3(#)B4+ &3+ 54+ $3&+ &3+ 13$B)()%1+ 0\A5)(%1+ &3+
145'&a+'"4+&3+541+(%A3$#'$41+?d1+A4H41+&3+54+J3I)*"+&3+541+O?=$)(41.+;35+45$3&3&%$+
&35+ ]Ei+ &3+ 54+ 0%A54()*"+ <'3+ 5%1+ 13$B)()%1+ &35+ NK/OK+ &3A3$b4"+ ('A$)$a+ 54+ (%A3$#'$4+
3>3(#)B4+ >'3+ &3+ 54+ ?)#4&+ &3+ 313+ 0%$(3"#4H3a+ 31+ &3()$+ <'3+ 1*5%+ 54+ ?)#4&+ &3+ 54+
0%A54()*"+ 145B4&%$3C4+ <'3+ "3(31)#*+ 4+ 41)1#)$+ 4+ '"+ 13$B)()%+ 0\A5)(%+ &3+ 145'&+ 0'&%+
G4(3$5%a+3"+$4`*"+#4"#%+&3+541+A4$$3$41+3(%"*?)(41+X04I%+0%$+13$B)()%1+4+#$4B=1+&3+
541+j('%#41+B%5'"#4$)41kY+@+I3%I$d>)(41+04$4+35+4((31%a+@+4+54+&3A)5)&4&+&3+54+%>3$#4+&3+
145'&.P+
+
K3+ 3"(%"#$*+ ?'@+ A4H4+ $3I'54()*"+ &35+ 13(#%$+ 0$)B4&%+ 0%$+ 04$#3+ &35+ NK/OK+ X)"(5'@3+
13$B)()%1+&)$3(#%1+4+54+0%A54()*"a+?3&)(4?3"#%1+3+)"1'?%1+31#$4#=I)(%1Y.++
+
25+1)1#3?4+&3+145'&+31#4A4+45#4?3"#3+13I?3"#4&%+X(%3_)1#3"()4+&3+B4$)%1+1)1#3?41+
&3+ >)"4"()4?)3"#%+ "%+ (%%$&)"4&%1+ 3"+ 35+ 1)1#3?4+ 0\A5)(%+ &3+ 145'&Ya+ + >$4I?3"#4&%+
X(%3_)1#3"()4+ &3+ B4$)%1+ 1'A1)1#3?41+ @+ 0$31#4&%$31+ 1)"+ (%%$&)"4()*"+ >'"()%"45+ 3"+ 54+
0$31#4()*"+ &3+ 13$B)()%1+ &3+ 145'&+ 4+ 54+ 0%A54()*"Ya+ &31(%%$&)"4&%+ 3+ )"3<')#4#)B%a+
)"(5'1%+ &3"#$%+ &3+ 54+ $3&+ &3+ 13$B)()%1+ &3+ 145'&+ &303"&)3"#3+ &35+ NK/OK.+ O1)?)1?%a+
3"(%"#$4?%1+'"4+0$%5)>3$4()*"+&3+0$%I$4?41+B3$#)(4531+3"+145'&+&3"#$%+&35+NK/OK+
<'3+0%133"+1'+0$%0)4++$4()%"45)&4&+>)"4"()3$4+@+3"+54+4(()*"+14")#4$)4a+353?3"#%+<'3+
4'?3"#4+4\"+?d1+54+>$4I?3"#4()*"+&35+1)1#3?4.+
+
25+ 1)1#3?4+ &3+ 145'&+ #3"b4+ '"4+ ?'@+ A4H4+ (404()&4&+ $31%5'#)B4+ &3+ 5%1+ 0$%A53?41+ &3+
145'&+3"+#%&%1+5%1+")B3531+&3+4#3"()*"+&35+1)1#3?4a+03$%+3103()45?3"#3+3"+35+0$)?3$+
")B35.+25+3">%<'3+&3+4#3"()*"+&3+54+145'&+31#4A4+A414&%+3"+'"+?%&35%+('$4#)B%a+(%"+
)))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))
1
Cuentas Nacionales del MSPAS, 2010@)
OPS.OMS: Cobertura en los Países del SICA, WDC, 2008.Preparado para la Agenda de Salud de
Centroamérica y República Dominicana.
2
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) ?)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
?'@+ A4H%+ 031%+ &3+ 54+ 0$%?%()*"+ &3+ 54+ 145'&a+ 54+ 0$3B3"()*"+ &3+ 54+ 3">3$?3&4&+ @+ 54+
$3G4A)5)#4()*"+l$3)"#3I$4()*".+
+
2"(%"#$4?%1+4+'"+03$1%"45+&3+145'&+&31?%#)B4&%a+4(%?%&4&%+@+(%"+0%(4+?b1#)(4+
&3+ #$4A4H%a+ (%"+ 31(414+ )&3"#)>)(4()*"+ (%"+ 54+ "'3B4+ 0%5b#)(4+ &3+ 145'&+ @+ 0%(%+
(%?0$%?)1%+ (%"+ 5%1+ (4?A)%1+ 4A%I4&%1+ 0%$+ 35+ "'3B%+ 6%A)3$"%a+ (%?A)"4&%+ (%"+ 54+
4'13"()4+&3+'"4+0%5b#)(4+&3+&314$$%55%+@+I31#)*"+&3+$3('$1%1+G'?4"%1+3"+145'&+<'3+
)"#3I$3+ >'"()%"45?3"#3+ 5%1+ (4?0%1+ &3+ 3&'(4()*"a+ 145'&a+ #$4A4H%+ @+ ()3"()4+ @+
#3("%5%Ib4m+ )"4&3('4&4+ &)1#$)A'()*"+ &35+ 03$1%"45a+ $3(4$I4"&%+ 5%1+ ")B3531+ &3+
(%"&'(()*"+@+1'03$B)1)*"+@+&3H4"&%+04$()45?3"#3+&314#3"&)&%1+5%1+")B3531+#=(")(%g
%03$4#)B%1.+ 25+ 03$1%"45+ &3+ 145'&+ 31+ )"1'>)()3"#3+ 3"+ #%&4+ 54+ $3&+ 0\A5)(4+ &3+
31#4A53()?)3"#%1+ &3+ 145'&a+ (%?A)"4&%+ (%"+ '"4+ (4$3"()4+ &3+ 054`41+ 04$4+ ('A$)$+
"3(31)&4&31+Ad1)(41.++
+
O+1'+B3`a+13+$3I)1#$*+'"+)"4&3('4&%+13I')?)3"#%+3"+54+3H3('()*"+&3+541+%A$41+&3+5%1+
G%10)#4531+&35+/$%@3(#%+JR2KKO+@+I$4B31+0$%A53?41+3"+1'+4&?)")1#$4()*".+
++
^4+1)#'4()*"+&3+54+054"#4+>b1)(4+&3+5%1+31#4A53()?)3"#%1+&3+145'&+3$4+?'@+"3I4#)B4a+@+
35++3<')04?)3"#%+3"+54+?4@%$+04$#3+&3+5%1+G%10)#4531+@+&3+5%1+31#4A53()?)3"#%1+&3+
0$)?3$+ ")B35+ 3$4+ ($b#)(4.+ O+ 1'+ B3`a+ 13+ 3"(%"#$*+ '"4+ &305%$4A53+ )">$431#$'(#'$4+
B3G)('54$+04$4+35+#$4"10%$#3+&3+04()3"#31+3"+#%&%+35+1)1#3?4+&3+145'&.+
+
n'"#%+4+355%a+G4Ab4+'"+($*")(%+&314A41#3()?)3"#%+&3+?3&)(4?3"#%1+(%?A)"4&%+(%"+
#%"354&41+ &3+ ?3&)(4?3"#%1+ B3"()&%1+ 3"+ 5%1+ 45?4(3"31+ @+ 31#4A53()?)3"#%1+ &35+
N)")1#3$)%a+ 5%+ <'3+ 4&3?d1+ &35+ &310)5>4$$%+ &35+ ?3&)(4?3"#%+ I3"3$4+ '"+ (%1#%+
)?0%$#4"#3+ 04$4+ 54+ &31#$'(()*"+ @+ &)10%1)()*"+ >)"45+ &3+ 5%1+ ?)1?%1m+ )"4&3('4&%+
1)1#3?4+ &3+ 1'?)")1#$%+ @+ 45?4(3"4?)3"#%+ &3+ ?3&)(4?3"#%1+ G4()4+ 5%1+ (3"#$%1+ &3+
&)103"14()*"a+ 4'13"()4+ &3+ '"+ 1)1#3?4+ 3>)()3"#3+ &3+ (%"#$%5+ @+ ?%")#%$3%+ &3+ 5%1+
)"B3"#4$)%1+&3+?3&)(4?3"#%1.+
+
2"+ 5%1+ 13$B)()%1+ 13+ $3I)1#$4A4+ '"+ &3>)()3"#3+ 1)1#3?4+ &3+ $3>3$3"()4+ 3+ )"3_)1#3"#3+
(%"#$4g+$3>3$3"()4+&3+04()3"#31+3"#$3+5%1+&)>3$3"#31+")B3531+&3+4#3"()*"m+&3>)()3"#3+
(45)&4&+ @+ (45)&3`+ 3"+ 54+ 4#3"()*"+ 45+ '1'4$)%.+ O&3?d1+ 13+ %A13$B*+ 54+ >45#4+ &3+
1%()45)`4()*"+@+405)(4()*"+&3+5%1+054"31+&3+4#3"()*"+4+541+3?3$I3"()41+@+&3141#$31.++
+
^4+>45#4+&3+'"+1)1#3?4+&3+)">%$?4()*"+\")(%+<'3+$3>53H4$4+(%"+>)&35)&4&+@+(45)&4&+5%1+
&4#%1+I3"3$4&%1+0%$+35+1)1#3?4+"4()%"45+&3+145'&+@+0%$+35+13(#%$+0$)B4&%+5'($4#)B%+@+
"%+ 5'($4#)B%+ + )"#3$>3$b4+ @+ 4\"+ )"#3$>)3$3+ (%"+ 54+ #%?4+ &3+ &3()1)%"31+ 4&3('4&41+ @+
&)1#%$1)%"4+541+31#4&b1#)(41+3"+145'&+@+5%1+)"&)(4&%$31+&3$)B4&%1+&3+541+?)1?41.+
+
21#%+ 13+ (%"H'I4A4+ (%"+ 54+ &=A)5+ $3(#%$b4+ 0%$+ 04$#3+ &35+ N)")1#3$)%+ &3+ K45'&+ 3"+ 54+
%$)3"#4()*"+ + &3+ 54+ (%%03$4()*"+ )"#3$"4()%"45a+ #4"#%+ #=(")(4+ (%?%+ >)"4"()3$4a+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) A)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
$33?A%514A53+ (%?%+ "%+ $33?A%514A53m+ 45#4+ >$4I?3"#4()*"+ @+ I$4"+ @'_#40%1)()*"+ &3+
)")()4#)B41+ @+ 4(()%"31a+ $3&'()&%+ (%"%()?)3"#%+ 0%$+ 04$#3+ &35+ ")B35+ (3"#$45+ &35+
N)")1#3$)%+ 1%A$3+ 54+ 1)#'4()*"+ &3+ 54+ (%%03$4()*"+ )"#3$"4()%"45+ 3"+ 5%1+ 13$B)()%1+ &3+
145'&+ X)"(5'@3"&%+ 5%1+ G%10)#4531+ @+ '")&4&31+ &3+ 145'&Ya+ 35+ ")B35+ ?'")()045+ @+ 54+
(%%03$4()*"+ 3"+ 145'&+ (%"+ 541+ FU61+ "4()%"4531+ @+ 541+ %$I4")`4()%"31+ 1%()4531a+ 3"#$3+
%#$%1.+
+
25+ 3">$3"4?)3"#%+ &3+ 31#%1+ @+ %#$%1+ I$4B31+ 0$%A53?41+ 13+ G4+ )&%+ &314$$%554"&%+ 45+
(%?0d1+&35+&)13C%a+(%#)`4()*"+3+)")()%+&3+54+)?053?3"#4()*"+&3+54+$3>%$?4+3"+145'&.+
R%@+ 13+ #)3"3+ '"4+ B)1)*"+ 0$3()14+ &3+ ('d531+ 1%"+ 541+ )"#3$B3"()%"31+ 313"()4531+
$3<'3$)&41+ 04$4+ 54+ #$4"1>%$?4()*"+ &35+ 1)1#3?4a+ (*?%+ $345)`4$+ &)(G%1+ (4?A)%1a+
('d"#%+('31#4+$345)`4$5%1+@+<'=+13+I4"4$d+@+03$&3$d+"%+G4()="&%5%1+%+"%+G4()3"&%+
4B4"(31+1'1#4"#)B%1+&'$4"#3+35+<')"<'3")%.+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) B)
)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
(.'/*$"%$0$+1'21&"%$34&1'#&'43'5&1)$-"'
+
+
+
+
25+3<')0%+&3+(%"&'(()*"+&35+NK/OK+13+G4+%$)3"#4&%+3"+1'+03"14$+@+3"+1'+4(#'4$+0%$+
5%1+ 1)I')3"#31+ 0$)"()0)%1a+ <'3+ 1%"+ 54+ A413+ @+ 35+ 1'1#3"#%+ &3+ 1'+ I31#)*"+ &3+ I%A)3$"%e+
o$4"104$3"()4a+1%5)&4$)&4&a+(%?0$%?)1%a+'")B3$145)&4&a++3<')&4&a+)"#3$13(#%$)45)&4&a+
04$#)()04()*"+1%()45.+
+
"#$%&'$#(%)*$+!o%&%+I%A)3$"%+&3?%($d#)(%+&3A3+13$+#$4"104$3"#3+3"+1'1+&3()1)%"31+
@+$3"&)$+('3"#41+4+1'1+()'&4&4"%1.+21#3+I%A)3$"%+31+#$4"104$3"#3.+^4+#$4"104$3"()4+
3"+ 54+ I31#)*"+ &3+ 5%1+ 41'"#%1+ 0\A5)(%1+ 31+ '"4+ 0$3(%"&)()*"+ &3+ A'3"+ I%A)3$"%a+
$3(#)#'&+>)1(45a+1%1#3")A)5)&4&a+G%"31#)&4&+@+$310%"14A)5)&4&.+!?05)(4+#4?A)="a+3"+35+
4(#'45+(%"#3_#%+@+&4&4+54+1)#'4()*"+3"+<'3+13+$3()A)*+35+NK/OKa+54++5'(G4+(%"#$4+54+
(%$$'0()*"+ + 3"+ #%&%1+ 1'1+ ")B3531+ @+ >%$?41.+ 21#3+ N)")1#3$)%+ G4+ ?4"#3")&%+ 3"+ #%&%+
?%?3"#%+@+5'I4$a+1%A$3+#%&41+541+4(()%"31+@+0$%@3(#%1a+'"4+I31#)*"+#$4"104$3"#3.+
^%1+(4?A)%1+&3+03$1%"45+&3+(%">)4"`4+<'3+&3A)3$%"+G4(3$13+04$4+0%&3$+413I'$4$+35+
>'"()%"4?3)"#%+ &35+ 1)1#3?4a+ 3"+ #%&%1+ 5%+ (41%1a+ 13+ G)()3$%"+ &3+ 4('3$&%+ + 4+ 54+ 53@a+
4'"<'3+355%+1)I")>)(4$4+?4@%$31+$3#$41%1+%+&)>)('5#4&31.+
+
,-.*/$#*/$/+! 25+ 0$)"()0)%+ &3+ 1%5)&4$)&4&+ 31+ 313"()45+ 4+ 54+ (%"(30()*"+ &3+ 0%5b#)(4+
0\A5)(4+ <'3+ )?0'514+ "'31#$%+ 6%A)3$"%+ @+ 13+ $3>)3$3+ 4+ 54+ (%"B)(()*"+ 03$?4"3"#3+ &3+
(%54A%$4$+ g&3+ >%$?4+ $3&)1#$)A'#)B4+ @+ 3"+ 35+ ?4$(%+ &35+ &3$3(G%g+ (%"+ 35+ A)3"+ (%?\"+
?3&)4"#3+54+'")*"+&3+)"#3$3131a+0$%0*1)#%1+@+4>)")&4&31+3"#$3+5%1+?)3?A$%1+&3+'"4+
1%()3&4&+04$4+?3H%$4$+541+(%"&)()%"31+&3+B)&4+@+A)3"31#4$+(%53(#)B%1.+^4+1%5)&4$)&4&+
04$#3+ &35+ $3(%"%()?)3"#%+ &3+ 541+ 41)?3#$b41+ @+ %03$4+ 3"+ 13"#)&%+ )"B3$1%+ 04$4+
(%?03"14$541.!
+
0-1'#-1*&-+! 25+ (%?0$%?)1%+ 0$31)&3"()45+ &3+ &4$+ 0$)%$)&4&+ 4+ 54+ 145'&+ &3+ 5%1+
145B4&%$3C%1+31+35+?4$(%+0%5b#)(%+3"+<'3+13+'A)(4"+B4$)41+&3+541+0$)"()04531+0%5b#)(41+
0\A5)(41+ <'3+ G4+ )?0'514&%+ "'31#$%+ N)")1#3$)%.+ 21#%+ 13+ 3B)&3"()*+ 3"+ 35+ 40%@%+ 45+
4A41#3()?)3"#%+&3+?3&)(4?3"#%1a+35+40%@%+45+1)1#3?4+04$4+<'3+('A$)3$4+35+&=>)()#+
0$%B%(4&%+0%$+54+1'0$31)*"+&3+541+('%#41+B%5'"#4$)41a+35+40%@%+04$4+54+(%"#$4#4()*"+
&3+ 03$1%"45+ &3+ (%$#%+ 054`%+ &'$4"#3+ 541+ 30)&3?)41a+ 35+ 40%@%+ 4+ 541+ I31#)%"31+ 04$4+
5%I$4$+>)"45?3"#3+54+0%1)A)5)&4&+&3+(%"1#$')$+35+U'3B%+R%10)#45+&3+N4#3$")&4&a+3"#$3+
%#$41+4(()%"31+&3+$31045&%+G4()4+54+54A%$+3"+145'&.+
!
2%*3(#&$.*/$/+! ^4+ (%"1#$'(()*"+ &3+ '"+ 1)1#3?4+ &3+ 0$%#3(()*"+ 1%()45+ '")B3$145+ 04$4+
#%&%1+ 5%1+ 145B4&%$3C%1a+ <'3+ 31+ '"%+ &3+ 5%1+ 0$)"()04531+ + (%?0$%?)1%1+ &35+ I%A)3$"%a+
#)3"3+ (%?%+ '"%+ &3+ 1'1+ 0$)"()04531+ (%?0%"3"#31+ '"+ 1)1#3?4+ &3+ 145'&+ &3+ 4((31%+
'")B3$145+ <'3+ I4$4"#)(3+ &3+ ?4"3$4+ 3>3(#)B4+ 35+ &)1>$'#3+ &35+ &3$3(G%+ 4+ 54+ 145'&+ 0%$+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) C)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
#%&%1+5%1+()'&4&4"%1.+^4+'")B3$145)&4&+31+'"%+&3+5%1+0$)"()0)%1+Ad1)(%1+&35+1)1#3?4.+
U%+ 13+ 0'3&3+ (%"1#$')$+ '"+ 1)1#3?4+ &3+ 4((31%+ '")B3$145+ 1)"+ $345)`4$+ '"4+ 4(()*"+
1%1#3")&4+ &)$)I)&4+ 4+ 54+ 35)?)"4()*"+ &3+ 541+ A4$$3$41+ 3(%"*?)(41a+ I3%I$d>)(41a+ &3+
I="3$%a+ =#")(41+ @+ 1%()%g('5#'$4531+ <'3+ (%"10)$4"+ (%"#$4+ 54+ (%A3$#'$4+ &35+ 1)1#3?4+
0\A5)(%+ &3+ 145'&.+ ^4+ 35)?)"4()*"+ &3+ 541+ j('%#41+ B%5'"#4$)41k+ @+ 35+ 4'?3"#%+ &3+ 541+
(%"1'5#41+ 3"+ 5%1+ 13$B)()%1+ 0\A5)(%1+ &3+ 145'&+ G4+ ?%1#$4&%+ &'$4"#3+ 31#3+ 4C%+ <'3+
&)(G41+('%#41+(%"1#)#'b4"+'"4+)?0%$#4"#3+A4$$3$4+3(%"*?)(4.+^4+#$4"1>%$?4()*"+&35+
13(#%$+145'&+G4()4+'"+?%&35%+A414&%+3"+541+J3&31+!"#3I$4&41+&3+K3$B)()%1+&3+K45'&+
#)3"3a+3"#$3+?'(G%1+%#$%1+?=$)#%1a+54+('45)&4&+&3+4(3$(4$+5%1+13$B)()%1+&3+145'&+&3+
(45)&4&+4+54+0%A54()*"+3"+#%&%+35+#3$$)#%$)%+"4()%"45a+<'3+31+'"4+&3+541+?4"3$41+?d1+
0$%A4&4?3"#3+3_)#%141+04$4+54+35)?)"4()*"+&3+541+A4$$3$41+I3%I$d>)(41.
+
456*/$/++^4+5'(G4+0%$+35+5%I$%+&3+54+3<')&4&a+3"+35+(4?0%+&3+54+145'&a+13+#$4&'(3+4+
<'3+ #%&41+ 541+ 03$1%"41+ &)1>$'#3"+ &3+ )I'45&4&+ &3+ %0%$#'")&4&31+ 04$4+ &314$$%554$+ @+
?4"#3"3$+1'+145'&a+4+#$4B=1+&35+4((31%+4+#%&%1+5%1+$3('$1%1+&35+1)1#3?4.+2<')&4&+3"+
145'&+"%+&3A3+13$+(%">'"&)&4+(%"+)I'45&4&+3"+35+31#4&%+&3+145'&+&3+541+03$1%"41+")+
#4?0%(%+(%"+'"4+$310'31#4+'")>%$?3+@+\")(4+&35+1)1#3?4.+O'"<'3+541++(%"&)()%"31+
3(%"*?)(41+ #3"&)3$4"+ 4+ 13$+ ?3"%1+ &31)I'4531a+ G4A$d+ &)>3$3"()41+ )"3B)#4A531+ 3"#$3+
541+ 03$1%"41a+ (%?%+ 1%"+ 541+ &)>3$3"()41+ I3"=#)(41+ @+ &3+ I="3$%a+ 541+ ('5#'$4531a+ %+ 541+
?4$(4&41+0%$+54+353(()*"+&3+31#)5%1+&3+B)&4+03$1%"45m+35+1)1#3?4+&3+145'&+&3A3+31#4$+
0$304$4&%+ 04$4+ &4$+ $310'31#4+ &)>3$3"()45+ 4+ 3141+ "3(31)&4&31.+ /%$+ 35+ %#$%+ 54&%a+ 54+
)"3<')&4&+ 3"+ 145'&+ 31+ (%"13('3"()4+ &3+ 541+ &31)I'45&4&31+ 1%()4531+ 3B)#4A531+ <'3+
&3#3$?)"4"+&)>3$3"()45?3"#3+35+31#4&%+&3+145'&+&3+54+0%A54()*"a+54+&31)I'45&4&+3"+
35+4((31%+4+5%1+13$B)()%1+&3+145'&a+54+&31)I'45&4&+4+'"4+45)?3"#4()*"+4&3('4&4a+4+'"4+
B)B)3"&4+ &)I"4.+ + O+ 1'+ B3`a+ 54+ 3<')&4&+ 3"+ 5%1+ 13$B)()%1+ &3+ 145'&+ 13+ &3>)"3+ (%?%+ 54+
j4'13"()4+ &3+ &)>3$3"()41+ 3"+ 4((31%+ 4+ 13$B)()%1+ 04$4+ )I'4531+ "3(31)&4&31+ 3"+ 145'&+
X3<')&4&+G%$)`%"#45Y+@+4'?3"#%+3"+35+4((31%+'+%#$%1+$3('$1%1+04$4+I$'0%1+&3>)")&%1+
&3+ 0%A54()*"+ 3"+ 35+ 4103(#%+ 1%()45a+ 35+ &3?%I$d>)(%+ %+ 35+ I3%I$d>)(%a+ (%"+ ?4@%$31+
"3(31)&4&31+&3+145'&+X3<')&4&+B3$#)(45Yk.+S+
!
7#$86*/$/+!6$4#')&4&+1)I")>)(4+35+&3$3(G%+&3+#%&4+54+0%A54()*"+4+$3()A)$+4#3"()*"+3"+
5%1+ 13$B)()%1+ &3+ 145'&+ &35+ 1)1#3?4+ 0\A5)(%+ 1)"+ #3"3$+ <'3+ 04I4$+ 0%$+ 5%1+ 13$B)()%1+
$3()A)&%1.+ /4$#)?%1+ &35+ 0$)"()0)%+ &3+ <'3+ 54+ 0$%0)4+ 0%A54()*"+ #)3"3+ 313+ &3$3(G%+
0%$<'3+ 54+ 1%()3&4&+ 3"+ 1'+ (%"H'"#%+ 13+ G4+ %$I4")`4&%+ 04$4+ &)10%"3$+ &3+ '"4+ A413+
#$)A'#4$)4+ 1%5)&4$)4+ <'3+ #%&%1+ 5%1+ ()'&4&4"%1+ (%"1#$'@3"+ 3"+ (%"H'"#%.+ /%$+ 313+
?%#)B%a+ &3A3+ #3"3$13+ 3"+ ('3"#4+ <'3a+ 4+ #$4B=1+ &35+ 04I%+ &3+ 1'1+ )?0'31#%1a+ &3+ 1'+
#$4A4H%a+ 54+ 0%A54()*"+ ?)1?4+ G4+ (%"#$)A')&%+ 45+ >)"4"()4?)3"#%+ &35+ 1)1#3?4.+ 2"+ 31#3+
13"#)&%+31#$)(#%a+5%1+13$B)()%1+"%+1%"+I$4#')#%1a+1)"%+<'3+13+G4"+04I4&%+&3+'"4+>%$?4+
1%5)&4$)4+@+$3&)1#$)A'#)B4+0%$+35+(%"H'"#%.++
)))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))
S
+OPS/OMS: Renovación de la Atención Primaria de Salud en las Américas, Documento de
Posición de OPS/OMS. Washington DC, agosto de 2005.
)
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) D)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
!
9%8(#&()8-#*$.*/$/+! ^4+ K45'&+ 31+ &31&3+ 5%+ (%"(30#'45+ '"+ 41'"#%+ )"#3$+ @+
#$4"1&)1()05)"4$)%a+@+&31&3+54+4(()*"a+@+&3+?4"3$4+3103()45+3"+54+4(()*"+&3+I%A)3$"%a+
'"+ 41'"#%+ )"#3$13(#%$)45+ 3+ )"#3$)"1#)#'()%"45.+ ^4+ 4(()*"+ &3+ I%A)3$"%+ &35+ NK/OKa+
&31&3+ '"+ 0$)"()0)%+ G4+ 40%1#4&%+ 0%$+ 54+ )"#3$13(#%$)45)&4&.+ R4+ A'1(4&%+ 35+ #$4A4H%+
(%54A%$4#)B%a+54+(%?'")&4&+&3+B)1)%"31+@+?%&%1+&3+#$4A4H4$+(%"H'"#%1+(%"+#%&41+541+
)"1#)#'()%"31+ &35+ I%A)3$"%+ (%"+ $310%"14A)5)&4&+ &)$3(#4+ 3+ )"&)$3(#4+ 3"+ 145'&+ @+ 1'1+
&3#3$?)"4"#31a+ @+ (%"+ #%&%1+ 5%1+ 4(#%$31+ &3+ 54+ 1%()3&4&+ (%"+ B%(4()*"+ &3+ 13$B)$+ @+
$310%"14A)5)&4&+(bB)(4.+25+NK/OKa+#3")3"&%+3"+('3"#4+<'3+54+)"#3$13(#%$)45)&4&+&3A3+
3"#3"&3$13+ (%?%+ 0%5b#)(41+ 0\A5)(41+ 3"I4$`4&41+ 3"+ #%$"%+ 4+ 3H31+ (%?'"31+ X0%5b#)(41+
)"#3I$4&41+ &3+ 4(()*"+ )"#3$13(#%$)45Y+ @+ <'3+ 54+ 4(()*"+ )"#3$13(#%$)45+ $3<')3$3+ &3+
5)&3$4`I%a+ (404()&4&+ &3+ #%?4+ &3+ &3()1)%"31a+ (404()&4&+ &3+ "3I%()4()*"+ @+ &3+
(%"1#$'(()*"+&3+(%"13"1%1+3"+#%$"%+4+3H31+4I5'#)"4"#31a+G4+$345)`4&%+31>'3$`%1+04$4+
4B4"`4$+3"+35+>%$#453()?)3"#%+&35+4A%$&4H3+(%%$&)"4&%+&3+5%1+0$%A53?41+&3+145'&+@+
4?A)3"#3.+ 21#%+ 13+ $3>53H4+ 3103()45?3"#3+ (%"+ 35+ #$4A4H%+ 3"+ 35+ 13"%+ &3+ 54+ M%?)1)*"+
!"#3$13(#%$)45+&3+K45'&+XM!KO^[;Y-a+31>'3$`%+4+#$4B=1+&35+<'3++
+
:$#8*)*'$)*;%!,-)*$.+!^4+0%5b#)(4+&3+145'&+G4(3+&3+54+04$#)()04()*"+1%()45+'"%+&3+1'1+
B45%$31+ Ad1)(%1a+ 4+ 54+ B3`+ <'3+ 31+ '"4+ &3+ 541+ 0$)%$)&4&31+ &35+ NK/OK+ 04$4+ 35+
<')"<'3")%.+ ^4+ 0%5b#)(4+ &3+ 04$#)()04()*"+ 1%()45+ <'3+ 0$%0%"3+ 31#d+ 45)"34&4+ @+
(%"#3")&4+3"+5%1+^)"34?)3"#%1+21#$4#=I)(%1+&3+54+/%5b#)(4+&3+/4$#)()04()*"+M)'&4&4"4+
&35+ /$%I$4?4+ &3+ 6%A)3$"%+ PQQLgPQ9-e+ j4Y+ /%#3"()4$+ 35+ 0%&3$+ &3+ &3()1)*"+ &3+ 54+
0%A54()*"!(%?%+>'3"#3+&3+54+1%A3$4"b4+@+?4"&4"#3+&35+0%&3$+0%5b#)(%a+$3103#4"&%+
35+&314$$%55%+@+>'"()%"4?)3"#%+4'#*"%?%+&3+1'1+%$I4")`4()%"31+@+1'1+&3$3(G%1...AY+
O03$#'$4+&3+3104()%1+@+?3(4")1?%1+&3+04$#)()04()*"...+^4+04$#)()04()*"+"3(31)#4+<'3+
35+ 21#4&%+ 13+ #$4"1>%$?3+ @+ 31#4A53`(4+ Bb"('5%1+ @+ 0$%(3&)?)3"#%1+ <'3+ >4()5)#3"+ 54+
04$#)()04()*"+&3+54+()'&4&4"b4+@+1'1+%$I4")`4()%"31a+($34"&%+3104()%1+&3+&)d5%I%+@+
(%"1'5#4+ ()'&4&4"4.+ (Y+ O((31%+ ()'&4&4"%+ 4+ 54+ )">%$?4()*"+ 0\A5)(4...&Y+
T%$#453()?)3"#%+&3+'"4+('5#'$4+&3+&35)A3$4()*"+()'&4&4"4+&3+5%1+41'"#%1+0\A5)(%1.+
^4+ 0%5b#)(4+ &3+ 04$#)()04()*"+ ()'&4&4"4+ (%"1#)#'@3+ '"4+ &3+ 541+ ('45)&4&31+
3?A53?d#)(41+&35+U'3B%+6%A)3$"%....@+13$d+'"+(%?\"+&3"%?)"4&%$+&35+(%"H'"#%+&3+
0%5b#)(41+0\A5)(41+@+'"4+04'#4+&3+(%"&'(#4+04$4+541+)"1#)#'()%"31+@+>'"()%"4$)%1+&35+
U'3B%+6%A)3$"%+M3"#$45k.++
+
)))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))
+ Al principio de la gestión se activó la Comisión Nacional de Prevención de la Influenza Aviar
(CONAPREVIAR), cuya función en el pasado había estado limitada a actividades de planificación
para enfrentar una eventual epidemia de gripe aviar y que en el nuevo gobierno abordó las diferencias
emergencias que se presentaron. Dicha Comisión ha sido transformada en Comisión Intersectorial de
Salud (CISALUD) la que ahora ya está abordando los determinantes sociales de la salud de manera
integral.+
)
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) EF)
)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
((.'6$1$-"'
!
!
!
+
"#$%&'!()*%&!+&%,!&%-.%/$'0%,!-$0).%,1!2&$3%&'4!*&%'!5#%!%/$,+%!*'$0*$6%0*$)!%0!
5#%!%.!+%3)!6%!.)!,).#6!0'!%,!#0!+%3)!6%!7)&+$6'4!0'!%,!#0!+%3)!6%!,%*+'&%,4!
,$0'! 5#%! %,! -#06)3%0+).3%0+%! #0! +%3)! 6%! 7)8,9! :! .)! ;0$*)! 3)0%&)! 6%!
%0-&%0+)&!%,+%!+%3)!*'0!,%&$%6)6!%,!6$,%<)06'!%!$37.%3%0+)06'!#0)!7'.8+$*)!
6%! %,+)6'! %0! %.! =&%)! 6%! ,).#69! >,+%! %,! %.! 3%0,)?%! 7&$0*$7).! 5#%! 5#$,$@&)3',!
3)06)&9!A%B#06'4!.',!)C)0*%,!5#%!,%!7#6$%&)!()D%&!+%0$6'!%0!.',!;.+$3',!EF!
)<',!0'!,'0!,#-$*$%0+%,!G!)6'.%*%0!6%!#0)!*)&%,+8)!6%!)7#%,+),!%,+&)+@B$*),9!
>,! 7'&! %,'! 5#%! ,).#6! %,! #0)! 6%! 0#%,+&),! )7#%,+),! %,+&)+@B$*),! G! #0'! 6%! .',!
C).'&%,!)B&%B)6',!6%!#0!B'D$%&0'!6%!H)#&$*$'!I#0%,!G!6%.!IHJK!%0!%,+%!7)8,4!
,%&=!.'B&)&!)C)0*%,!,#,+)0+$C',!%0!.',!7&L/$3',!*$0*'!)<',!%0!%.!=&%)!6%!,).#69!
M%&*%&'4! %,! 0%*%,)&$'! 7&%*$,)&! .'! 5#%! ,%! 7#%6%! G! 0'! ,%! 7#%6%! ()*%&! G! 6%! 5#@!
6%7%06%! 5#%! ,%! 7#%6)! '! 0'! ,%! 7#%6)! ()*%&9992%&'! ).! -$0).! 6%! *#%0+),4! %.!
7&'D.%3)!-#06)3%0+).!0'!%,!,$!()G!*'$0*$6%0*$),!%,7%*8-$*),4!,$0'!,$!%/$,+%!.)!
C'.#0+)6!7'.8+$*)!&%).!7)&)!()*%&!.),!*',),9!A).#6!0'!%,!#0!7&'D.%3)!,'.)3%0+%!
6%!&%*#&,',4!0'!%,!#0!7&'D.%3)!,'.'!+@*0$*'4!%,!#0!7&'D.%3)!5#%!+$%0%!3#*('!
5#%! C%&! *'0! 6%*$,$'0%,! 7'.8+$*),! 5#%! )-%*+)0! $0+%&%,%,! G! )-%*+)0! %.!
%,+)D.%*$3$%0+'! 6%! B&#7',9! N)*%&! 7'.8+$*)! 6%! ,).#6! 0'! %,! #0! %?%&*$*$'! +%L&$*'!
0%#+&).9!2'&!%..'!%,!$37'&+)0+%!()*%&!#0!%,-#%&O'!0)*$'0).!7)&)!*'0,+&#$&!#0)!
7'.8+$*)! 6%! >,+)6'! %0! %.! +%3)! 6%! ,).#69! >,! .)! ;0$*)! 3)0%&)! 6%! %0-&%0+)&! *'0!
,%&$%6)6!G!*'0!@/$+'!%0!%.!*'&+'4!3%6$)0'!G!.)&B'!7.)O'!%,+%!+%3)!+)0!*%0+&).!
%0! .)! C$6)! 6%! .',! ,).C)6'&%<',9! 2'&! ;.+$3'! 0#%,+&'! 3%0,)?%! %,! 5#%! %/$,+%! .)!
C'.#0+)6!7'.8+$*)4!%0!H)#&$*$'!I#0%,4!%0!,#!%5#$7'!6%!+&)D)?'!%0!,).#6!G!%0!%.!
IHJK4!6%!$37.%3%0+)&!?#0+'!*'0!+'6',!.',!,%*+'&%,!$37'&+)0+%,!6%.!7)8,!#0)!
&%-'&3)!%0!,).#6!5#%!.%!7%&3$+)!7'&!-$04!)!.)!B%0+%!3=,!7'D&%!G!0%*%,$+)6)!6%!
%,+%!7)8,4!7'6%&!*'0+)&!*'0!#0)!C$6)!,).#6)D.%!G!6$B0)9!P%$+%&'!5#%!*'0+)3',!
*'0! .)! C'.#0+)6! 7'.8+$*)! 7)&)! )-&'0+)&! %.! 7&'D.%3)4! +%0%3',! .)! *&%6$D$.$6)64!
+%0%3',! .),! $6%),4! +%0%3',! %.! %5#$7'! G! H)#&$*$'! I#0%,! +$%0%! .)! C'.#0+)6!
7'.8+$*)!7)&)!()*%&!.),!*',),!
!
O53_+K3I%B)4a+PQQL+
+
+
25+%AH3#)B%+&35+6%A)3$"%+3"+145'&+31+35+&3+I4$4"#)`4$+35+&3$3(G%+4+54+145'&+4+#%&4+54+
0%A54()*"+ 145B4&%$3C4+ 4+ #$4B=1+ &3+ '"+ K)1#3?4+ U4()%"45+ !"#3I$4&%+ &3+ K45'&+ <'3+
>%$#453`(4+ 1%1#3")&4?3"#3+ 5%+ 0\A5)(%+ X)"(5'@3"&%+ 4+ 54+ 13I'$)&4&+ 1%()45Y+ @+ $3I'53+
3>3(#)B4?3"#3+ 5%+ 0$)B4&%m+ 35+ 4((31%+ 4+ 54+ 0$%?%()*"a+ 0$3B3"()*"a+ 4#3"()*"+ @+
$3G4A)5)#4()*"+ &3+ 54+ 145'&m+ '"+ 4?A)3"#3+ 14"%+ @+ 13I'$%a+ + )"(5'@3"&%+ X03$%+ "%+
5)?)#d"&%13+ 4+ 355%Y+ 54+ ($34()*"+ @+ 35+ ?4"#3")?)3"#%+ &3+ '"+ 1)1#3?4+ &3+ 4#3"()*"+ 4+ 54+
145'&+3>)()3"#3a+&3+45#4+$31%5'#)B)&4&+@+(%"+4((31%+3<')#4#)B%+4+13$B)()%1+&3+(45)&4&+
04$4+#%&41+541+03$1%"41.+
+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) EE)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
21#3+ %AH3#)B%+ &3+ 54$I%+ 054`%+ #3"&$d+ 4B4"(31+ 1'1#4"()4531+ &'$4"#3+ 35+ <')"<'3")%.+
/4$4+ + PQ9-+ G4A$3?%1+ (%"1%5)&4&%+ 54+ 31#$4#3I)4+ &3+ O#3"()*"+ /$)?4$)4+ &3+ K45'&+
!"#3I$45+ (%?%+ 35+ (4?)"%+ ?d1+ 3>3(#)B%+ 04$4+ 3">$3"#4$+ 541+ )"3<')&4&31+ @+ 541+
&3#3$?)"4"#31+ &3+ 54+ 145'&+ &3+ 54+ 0%A54()*"+ 145B4&%$3C4.+ K3+ G4A$d+ (%?053#4&%+ 54+
%$I4")`4()*"+ &3+ 541+ $3&31+ )"#3I$4&41+ &3+ + + 13$B)()%1+ &3+ 145'&+ X3"+ 5%1+ 13$B)()%1+ &35+
NK/OKY+ @+ 54+ #$4"1>%$?4()*"+ 3"+ >4131+ 553I4$d+ 4+ #%&4+ 54+ 0%A54()*"+ 145B4&%$3C4.+ K3+
G4A$d"+ $345)`4&%+ )?0%$#4"#31+ 4B4"(31+ 3"+ 54+ (%%$&)"4()*"+ &3+ 541+ 0$31#4()%"31+ &3+
13$B)()%1+ &3+ 145'&+ (%"+ 35+ !KKK+ @+ 541+ %#$41+ )"1#)#'()%"31+ &3+ 54+ 13I'$)&4&+ 1%()45.+ K3$d+
'"4+ $345)&4&+ 35+ >%$#453()?)3"#%+ &3+ 54+ %>3$#4+ 14")#4$)4a+ 4'"<'3+ #%&4Bb4+ <'3&3+ '"+
54$I%+(4?)"%+04$4+5%I$4$+'"+1)1#3?4+)&345+&3+(%A3$#'$4+'")B3$145+(%"+(45)&4&.+21#%+
#3"&$d+(%"13('3"()41+0%1)#)B41+3"+54+145'&+&3+54+0%A54()*"a+<'3+13+3_0$314$d+3"+'"4+
$3&'(()*"+&3+5%1+0$)"()04531+)"&)(4&%$31+&3+?%$A)5)&4&+@+?%$#45)&4&a+)"(5'@3"&%+'"4+
)"()&3"()4+ 3"+ 54+ $3&'(()*"+ &3+ 541+ )"3<')&4&31+ 1%()4531a+ (%"+ 40%$#31+ &31&3+ '"4+
03$103(#)B4+&3+145'&+0\A5)(4+@+0$%0'31#41+4$?*")(41+(%"+35+4?A)3"#3.+
+
25+0$%(31%+&3+(%"1#$'(()*"+&3+313+K)1#3?4+U4()%"45+!"#3I$4&%+&3+K45'&+1'0%"3+'"4+
0$%>'"&4+ $3>%$?4+ <'3+ 31#d+ 0$313"#4&4+ 3"+ 35+ &%('?3"#%+ jM%"1#$'@3"&%+ 54+
2103$4"`4e+ 21#$4#3I)41+ @+ J3(%?3"&4()%"31+ 3"+ K45'&k+ @+ <'3+ &3>)"3+ 541+ 0$)"()04531+
31#$4#3I)41+@+5b"341+&3+4(()*"+04$4+35+03$b%&%e++
+
9. K)1#3?4+ U4()%"45+ !"#3I$4&%+ &3+ K45'&+ A414&%+ 3"+ 54+ 31#$4#3I)4+ &3+ O#3"()*"+
/$)?4$)4+&3+K45'&+!"#3I$45+
P. T%$#453()?)3"#%+ &3+ 54+ $3(#%$b4+ &35+ NK/OK+ @+ 4'?3"#%+ &3+ 1'+ (404()&4&+ 04$4+ 54+
>%$?'54()*"+&3+0%5b#)(41+@+054"31+&3+145'&+
S. O'?3"#%+1'1#4"()45+&3+54+(404()&4&+$3I'54&%$4+&35+NK/OK+
-. O0%@%+ 45+ >%$#453()?)3"#%+ &3+ 54+ 04$#)()04()*"+ 1%()45+ @+ (%?'")#4$)4+ 04$4+ 54+
)"()&3"()4+ &3+ 54+ 0%A54()*"+ 3"+ 54+ &3>)")()*"+ 3+ )?053?3"#4()*"+ &3+ 54+ 0%5b#)(4+ &3+
145'&+@+54+$3"&)()*"+&3+('3"#41+&3+54+4(()*"+I'A3$"4?3"#45+
E. M$34()*"+ &35+ !"1#)#'#%+ U4()%"45+ &3+ K45'&+ <'3+ 03$?)#4+ I3"3$4$+ "'3B%+
(%"%()?)3"#%+(%"+$354()*"+4+5%1+0$%A53?41+&3+145'&+"4()%"4531+
V. M$34()*"+ &3+ '"+ 1)1#3?4+ \")(%+ &3+ )">%$?4()*"+ 3"+ 145'&+ 04$4+ 54+ B)I)54"()4+
30)&3?)%5*I)(4+'")B3$145+@+54+0$%&'(()*"+&3+5%1+13$B)()%1+&3+145'&+3"+#%&%1+5%1+
(%?0%"3"#31+@+")B3531+&35+1)1#3?4a+(%"+04'#41+31#4"&4$)`4&41+&3+$3(%53(()*"+&3+
54+)">%$?4()*"+04$4+I3"3$4$+&4#%1+&3+(45)&4&+
]. M%%$&)"4()*"+@+(%"(3$#4()*"+(%"+35+13(#%$+0$)B4&%+&3+0$%B)1)*"+&3+13$B)()%1+&3+
145'&+ X"%+ 5'($4#)B%+ @+ 5'($4#)B%Y+ 04$4+ &3>)")$+ 0%5b#)(41+ &)>3$3"()4&41+ &3+
(%"(3$#4()*"a+ &3+ 4('3$&%+ (%"+ ($)#3$)%1+ &3+ 4'?3"#%+ &3+ (%A3$#'$4a+
(%?053?3"#4$)3&4&+@+(%1#%l%03$4#)B)&4&+
7. /$31#4()%"31+ &3+ 54+ $3&+ &3+ 13$B)()%1+ ('@%+ "\?3$%+ @+ (45)&4&+ #3"&3$d+
0$%I$31)B4?3"#3+4+54+)"#3I$45)&4&+
L. J3I'54$+3+)"($3?3"#4$+54+3>)(4()4a+3>)()3"()4+@+(45)&4&+&3+5%1+G%10)#4531+&3+")B35+
13('"&4$)%+ @+ #3$()4$)%+ 3"+ 35+ ?4$(%+ &3+ 54+ $3&+ )"#3I$4&4+ &3+ 13$B)()%1+ &3+ 145'&a+
413I'$4"&%+<'3+&%1+G%10)#4531+$3I)%"4531+0413"+4+13$+G%10)#4531+&3+#3$(3$+")B35+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) E<)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
9Q. O0%@4$+ 54+ $331#$'(#'$4()*"+ &3+ 54+ K3I'$)&4&+ K%()45+ @+ 54+ (%%$&)"4()*"+ 0$%I$31)B4+
(%"+5%1+13$B)()%1+&3+145'&++&35+NK/OK+
99. ;314$$%554$+'"+0$%I$4?4+(%%$&)"4&%+(%"+35+!KKK+@+%#$%1+4(#%$31+04$4+4>$%"#4$+5%1+
$3#%1+$354#)B%1+4+54+145'&+&3+5%1+#$4A4H4&%$31+
9P. 21#4A53(3$+35+0$%I$4?4+&3+13I'$)&4&+45)?3"#4$)4+@+"'#$)()%"45+3"+#%&%+35+()(5%+&3+
54+B)&4+(%?%+'"+(%?0%"3"#3+>'"&4?3"#45+&3+54+0$%?%()*"+&3+54+145'&+
9S. 64$4"#)`4$+ '"4+ 4#3"()*"+ 4&3('4&4+ &3+ 541+ 3?3$I3"()41a+ 30)&3?)41+ @+ &3141#$31+
"4#'$4531+ @+ 4"#$*0)(%1+ (%"+ 3">%<'3+ &3+ I31#)*"+ &3+ $)31I%1a+ (%?3"`4"&%+ 0%$+ 54+
($34()*"+&35+K)1#3?4+&3+2?3$I3"()41+N=&)(41+
9-. ;3>)")$+31#$4#3I)41+%$)3"#4&41+45+?3H%$4?)3"#%+&3+54+4#3"()*"+)"#3I$45+4+54+145'&+
?3"#45a+ 4+ 54+ $3&'(()*"+ &35+ 45(%G%5)1?%+ @+ #%_)(%?4"b41+ @+ 4+ 4<'355%1+ 4103(#%1+
B)"('54&%1+ 4+ 54+ 145'&+ ?3"#45+ <'3+ 13+ )&3"#)>)<'3"+ (%"+ $3103(#%+ 4+ 54+ B)%53"()4+
1%()45+@+54+B)%53"()4+(%"#$4+54+?'H3$+
9E. 2"+ (%%$&)"4()*"+ (%"+ 35+ /$%I$4?4+ M)'&4&+ N'H3$a+ 31#4A53(3$+ 0$%I$4?41+
0$)%$)`4&%1+ &3+ )">%$?4()*"a+ 3&'(4()*"+ 13_'45+ @+ 4#3"()*"+ 3"+ 145'&+ 13_'45+ @+
$30$%&'(#)B4+ %$)3"#4&%1+ 4+ 5%1+ I$'0%1+ &3+ 3&4&+ 31(%54$a+ 0$34&%531(3"#31a+
4&%531(3"#31a+?'H3$31+@+G%?A$31+&'$4"#3+#%&%+35+()(5%+B)#45++
9V. !"#3I$4$+'"+0$%I$4?4+3>3(#)B%+04$4+54+0$%?%()*"+&3+54+145'&+A'(45a+41b+(%?%+54+
0$3B3"()*"+@+4#3"()*"+&3+54+?%$A)5)&4&+31#%?4#%5*I)(4+4+")B35+"4()%"45+
9]. O1'?)$+ 54+ $310%"14A)5)&4&+ &35+ 21#4&%+ 3"+ 54+ 0$3B3"()*"+ &3+ 54+ &)1(404()&4&a+ 41b+
(%?%+3"+54+4#3"()*"a+$3G4A)5)#4()*"+)"#3I$45a+)"13$()*"+@+$3)"13$()*"+1%()45+&3+541+
03$1%"41+(%"+&)1(404()&4&+
97. T%$?'54$+@+3H3('#4$+54+0%5b#)(4+&3+&314$$%55%+@+I31#)*"+&3+$3('$1%1+G'?4"%1+
9L. M$34$+ ?3(4")1?%1+ &3+ (%%03$4()*"+ 3"#$3+ 541+ )"1#)#'()%"31+ 3&'(4#)B41+ @+ &3+
13$B)()%1+ &3+ 145'&+ 4+ >)"+ &3+ 4&40#4$+ 54+ 3&'(4()*"+ &3+ 5%1+ 0$%>31)%"4531+ &3+ 145'&+
04$4+ 54+ 0$31#4()*"+ &3+ 4#3"()*"+ &3+ A'3"4+ (45)&4&+ <'3+ 14#)1>4I4+ 541+ "3(31)&4&31+
&3+145'&+&3+#%&4+54+0%A54()*"a++
PQ. /%#3"()4$+ 54+ >)I'$4+ &3+ 0$%?%#%$+ &3+ 145'&+ (%?%+ 353?3"#%+ Ad1)(%+ &35+ K)1#3?4+
U4()%"45+&3+K45'&+3"+35+0$)?3$+")B35+
P9. 64$4"#)`4$+ 54+ &)10%")A)5)&4&a+ (45)&4&a+ 3>)(4()4a+ )"%(')&4&+ @+ 35+ 4((31%+ 4+ 5%1+
?3&)(4?3"#%1+ 313"()4531+ 04$4+ 54+ 0%A54()*"+ 145B4&%$3C4a+ 41b+ (%?%+ 1'+ '1%+
$4()%"45+#4"#%+0%$+0$%>31)%"4531+&3+54+145'&+(%?%+0%$+541+03$1%"41+'1'4$)41++
PP. M%"+ 54+ 04$#)()04()*"+ @+ (%"13"1%+ &3+ 5%1+ 13(#%$31+ )"B%5'($4&%1+ XNOJUa+ N!U2;a+
OU;Oa+NO6a+?'")()045)&4&31a+1%()3&4&+()B)5a+3"#$3+%#$%1Ya+40%@4$+54+0$%?%()*"+
&3+'"4+0%5b#)(4+3>3(#)B4+&3+4I'4+0%#4A53+@+14"34?)3"#%+Ad1)(%+
PS. !"($3?3"#4$+35+?%"#%+@+'1%+3>)()3"#3+&35+I41#%+0\A5)(%+3"+145'&+
P-. M%%$&)"4$+5%1+?3(4")1?%1+@+>'3"#31+&3+>)"4"()4?)3"#%a+(%"+3103()45+$3>3$3"()4+
45+ 45)"34?)3"#%+ @+ 4$?%")`4()*"+ &3+ 54+ (%%03$4()*"+ )"#3$"4()%"45+ (%"+ 54+ 0%5b#)(4+
&3+145'&+&35+I%A)3$"%++
PE. 21#4A53(3$+?3(4")1?%1+&3+1'03$B)1)*"+#=(")(4+@+(%"#$%5+&3+(45)&4&+3"+#%&%1+5%1+
")B3531+&35+1)1#3?4+X)"(5'@3"&%+35+13(#%$+0$)B4&%+(%"+@+1)"+>)"31+&3+5'($%Ya+(%?%+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) E=)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
)"1#$'?3"#%+ )?0$31()"&)A53+ 04$4+ I4$4"#)`4$+ 35+ ('?05)?)3"#%+ &3+ 54+ 0%5b#)(4+ &3+
145'&.+
+
21#41+ B3)"#)()"(%+ 31#$4#3I)41+ &3>)"3"+ '"+ 4?05)%+ @+ (%?053H%+ (4?0%+ &3+ 4(()*"+ &3+ 54+
0%5b#)(4+&3+145'&.+o%&41+35541+31#d"+1)3"&%+4A%$&4&41+@+45I'"41+0$313"#4"+4B4"(31+
?'@+)?0%$#4"#31+45+4C%+&3+54+I31#)*".+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) E>)
)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
(((.'78&'9,:'1&'&";&*<3''
='<,&*&'43'0+>43%$-"'134?3#+*&@3AE'
!
!
!
!
["%+ &3+ 5%1+ ?4@%$31+ $3#%1+ &35+ 04b1+ 31+ 45(4"`4$+ 541+ ?3#41+ &3+ 5%1+ FAH3#)B%1+ &3+
;314$$%55%+&35+N)53")%+04$4+35+PQ9Ea+3103(b>)(4?3"#3+5%1+$354()%"4&%1+4+54+$3&'(()*"+
&3+54+?%$#45)&4&+)">4"#)5+@+?3H%$4$+54+145'&+?4#3$"4.+^4?3"#4A53?3"#3a+54+1)#'4()*"+
)"4&3('4&4+ &3+ 5%1+ 1)1#3?41+ &3+ )">%$?4()*"+ "%+ 03$?)#3+ (%$$%A%$4$+ 541+ #4141+ &3+
?%$#45)&4&+ )">4"#)5+ ")+ %#$41+ )">%$?4()%"31+ B)#4531a+ 0%$+ 541+ &)>)('5#4&31+ <'3+ 13+
0$313"#4"+ 3"+ 35+ $3I)1#$%+ &3+ 5%1+ >4553()?)3"#%1+ @+ #4?A)="+ 0%$+ 541+ &)>)('5#4&31+ <'3+
0$313"#4"+ 5%1+ &3"%?)"4&%$31+ <'3+ 13+ 31#d"+ '#)5)`4"&%+ %>)()45?3"#3+ X35+ N)")1#3$)%+
31#d+3">$3"#4"&%+31#3+0$%A53?4Y.+K3I\"+54+T2KO^a+04$4+35+4C%+PQQ7a+13+0$313"#4+'"4+
#414+&3+?%$#45)&4&+)">4"#)5+&3++9L+0%$+9QQQ+"4()&%1+B)B%1.+^4+?%$#45)&4&+?4#3$"4+3"+
35+04b1+31+45#4.+2"+35+4C%+PQQL+13+$3I)1#$4$%"+'"+#%#45+&3+7P+?'3$#31+?4#3$"41a+()>$4+
<'3+G4+03$?4"3()&%+31#4A53+3"+5%1+\5#)?%1+('4#$%+4C%1.+25+PSi+&3+&)(G41+?'3$#31+
13+0$%&'H%+3"#$3+?4&$31+4&%531(3"#31.++
+
25+03$>)5+30)&3?)%5*I)(%+&3+25+K45B4&%$+$3B354+'"4+(%?A)"4()*"+&3+3">3$?3&4&31+@+
?'3$#31+ 0$%&'()&41+ 0%$+ 4I3"#31+ )">3(()%1%1+ (%"+ 541+ 3">3$?3&4&31+ ($*")(41+ @+ 541+
(4'141+3_#3$"41+X4(()&3"#31+@+B)%53"()4Y.+N)3"#$41+<'3+541+3">3$?3&4&31+($*")(41+@+
541+ (4'141+ 3_#3$"41+ 1%"+ 541+ 0$)"()04531+ (4'141+ &3+ ?%$#45)&4&a+ 541+ (%"1'5#41+ 3"+ 5%1+
31#4A53()?)3"#%1+ &3+ 145'&+ 13+ 0$%&'(3"+ 3"+ ?4@%$+ ?3&)&4+ 0%$+ 3">3$?3&4&31+
)">3(()%141.+
+
2"+ 35+ 4C%+ PQQLa+ 13)1+ &3+ 541+ 0$)?3$41+ &)3`+ (4'141+ &3+ ?%$#45)&4&+ 3"+ 54+ 0%A54()*"+
I3"3$45+ $30%$#4&41+ >'3$%"+ 0%$+ 3">3$?3&4&31+ "%+ #$4"1?)1)A531+ ($*")(%g
&3I3"3$4#)B41+&35+1)1#3?4+I3")#%'$)"4$)%a+(3$3A$%gB41('54$a+1)1#3?4+(4$&)%B41('54$+@+
&)4A3#31a+ 13I')&41+ 0%$+ 541+ 3">3$?3&4&31+ #$4"1?)1)A531+ (%?%+ 1%"+ 541+ ?'3$#31+ 0%$+
"3'?%"b41a+130#)(3?)41a+@+541+?'3$#31+0%$+#$4'?4#)1?%1.+^%1+(d"(3$31+(%"+?4@%$31+
#4141+ &3+ ?%$#45)&4&+ 3+ )"()&3"()4+ + 1%"a+ 3"+ ?'H3$31a+ 5%1+ &3+ ('355%+ '#3$)"%a+ ?4?4a+
31#*?4I%+@+%B4$)%m+@+(d"(3$31+&3+0'5?*"a++31#*?4I%a+0$*1#4#4+@+(%5%$3(#45+3"+5%1+
G%?A$31.++
+
;3"#$%+ &3+ 31#41a+ 54+ !"1'>)()3"()4+ J3"45+ M$*")(4+ X!JMY+ 3"+ 25+ K45B4&%$+ (%"1#)#'@3+ '"+
I$4B3+ 0$%A53?4+ &3+ 145'&+ @+ 35+ (%"%()?)3"#%+ &35+ 4I3"#3+ 3#)%5*I)(%+ 31+ 04$()45.+
M%"1#)#'@3+31#4+54+<')"#4+(4'14+&3+?'3$#3+4+")B35+"4()%"45+3"+03$1%"41+?4@%$31+&3+
97+4C%1+@+54+13I'"&4+(4'14+&3+?'3$#3+3"+35+13_%+?41('5)"%.+^4+)"1'>)()3"()4+$3"45+
($*")(4+ 13+ 3_0$314+ (%?%+ '"4+ + &%A53+ 30)&3?)4e+ 54+ 0$)?3$4+ $354()%"4&4+ (%"+ 5%1+
)))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))
5
Datos del Sistema de Información del MSPAS, 2010
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) E?)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
>4(#%$31+&3+$)31I%+&3+541+3">3$?3&4&31+($*")(41+"%+#$4"1?)1)A531+@+54+13I'"&4+<'3+
13+3_0$314+3"+G%?A$31+4I$)('5#%$31+3"#$3+541+3&4&31+&3+PQ+X3"+&%"&3+13+0$31'?3+
'"+4I3"#3+$354()%"4&%+(%"+54+3_0%1)()*"+4+4I$%<'b?)(%1+41%()4&%1+4+&31G)&$4#4()*"+
3"+ (%"&)()%"31+ &31>4B%$4A531+ &3+ #$4A4H%a+ (%?A)"4&%a+ 3"+ ?'(G%1+ (41%1a+ (%"+ 35+
4A'1%+&3+&3#3$?)"4&%1+4"45I=1)(%1Y.+
+
2"+ 54+ 0%A54()*"+ ?4@%$+ &3+ VQ+ 4C%1+ 13)1+ &3+ 541+ 0$)?3$41+ 9Q+ (4'141+ &3+ 3I$31%+
G%10)#454$)%+ 1%"+ 0%$+ 3">3$?3&4&31+ ($*")(41+ "%+ #$4"1?)1)A531a+ (%?%+ 1%"e+ ;)4A3#31+
N355)#'1a+ 3">)13?4a+ 3">3$?3&4&31+ 0'5?%"4$31+ %A1#$'(#)B41+ ($*")(41a+ )"1'>)()3"()4+
$3"45a+ G)03$#3"1)*"+ 4$#3$)45+ @+ 3">3$?3&4&31+ (4$&b4(41.+ 21#41+ 3">3$?3&4&31+ 13+
(%"1)&3$4"+#4?A)="+&3"#$%+&3+541+0$)?3$41+9Q+(4'141+&3+&3>'"()*".
+
25+K45B4&%$+31+(%"1)&3$4&%+'"%+&3+5%1+04b131+(%"+?4@%$31+b"&)(31+&3+B)%53"()4+&35+
?'"&%.+ ^4+ B)%53"()4+ 31+ 54+ 0$)?3$4+ (4'14+ &3+ ?'3$#3+ 3"#$3+ 5%1+ H*B3"31.+ o4?A)="+ 31+
'"4+ )?0%$#4"#3+ (4'14+ &3+ 13('354+ 0%1#g#$4'?d#)(4.+ 2"+ PQQ7a+ 0%$+ 3H3?05%a+ 13+
$3I)1#$4$%"+VEL.99E+(%"1'5#41+&3+3?3$I3"()4+&3+0$)?3$4+B3`+0%$+#%&41+541+(4'141+3"+
5%1+ G%10)#4531+ &35+ NK/OKa+ &3+ 541+ <'3+ 35+ PPi+ >'3$%"+ 0%$+ #$4'?4#)1?%1a+
3"B3"3"4?)3"#%1+@+%#$41+531)%"31+&3+(4'14+3_#3$"4.+;35+#%#45+&3+G%10)#45)`4&%1+0%$+
#%&41+541+(4'141+XSS].99PYa+35+Li+>'3$%"+0%$+531)%"31+&3+(4'14+3_#3$"4a++@+&35+#%#45+
&3+ >4553()&%1+ 0%$+ #%&41+ 541+ (4'141+ 3"+ 5%1+ G%10)#4531+ X77ESYa+ 35+ 9Vi+ >'3$%"+ 0%$+
531)%"31+ &3+ (4'14+ 3_#3$"4.+ ^%1+ #$4'?4#)1?%1+ >'3$%"+ 54+ 0$)?3$4+ (4'14+ &3+ ?'3$#3+
G%10)#454$)4+3"+5%1+I$'0%1+&3+E+4+EL+4C%1+&3+3&4&+3"+5%1+G%10)#4531+145B4&%$3C%1.+^4+
B)%53"()4+ (%"#$4+ 54+ ?'H3$+ #)3"3+ )?0%$#4"#31+ (%"13('3"()41+ 04$4+ 1'+ 145'&+ >b1)(4+ @+
?3"#45.+K3I\"+T2KO^+PQQ7a+35+S9i++&3+541+?'H3$31+$3()A)*+45I\"+?45#$4#%+>b1)(%+0%$+
04$#3+ &3+ 45I'"4+ 03$1%"4+ 4"#31+ &3+ ('?05)$+ 5%1+ 97+ 4C%1+ &3+ 3&4&a+ 35+ P-i+ $30%$#*+
B)%53"()4+>b1)(4+@+9Pi+B)%53"()4+13_'45+0%$+04$#3+&3+45I'"4+04$3H4+%+3_+04$3H4.++
+
25+ 03$>)5+ 30)&3?)%5*I)(%+ &3+ 25+ K45B4&%$+ $3B354+ <'3+ 541+ 3">3$?3&4&31+ )">3(()%141+
1)I'3"+1)3"&%+'"4++&3+541+(4'141+&3+(%"1'5#4+?d1+)?0%$#4"#31+3"+35+1)1#3?4.+R4@+'"+
0$3&%?)")%+&3+3">3$?3&4&31+&3+541+Bb41+$310)$4#%$)41+1'03$)%$31a+03$>)5+$354()%"4&%+
>$3('3"#3?3"#3+ (%"+ 35+ 1'A&314$$%55%.+ ^41+ )">3(()%"31+ $310)$4#%$)41+ 4I'&41+ X!JOY+
$30$313"#4"+'"%+&3+5%1+0$%A53?41+0$)"()04531+&3+145'&+3"#$3+5%1+")C%1+?3"%$31+&3+
()"(%+ 4C%1.+ 2"+ 25+ K45B4&%$a+ 541+ )">3(()%"31+ $310)$4#%$)41+ 4I'&41+ @+ "3'?%"b41+
(%"1#)#'@3"+541+0$)?3$41+(4'141+&3+(%"1'5#4+3"+5%1+31#4A53()?)3"#%1+&3+145'&+3"+313+
#$4?%+&3+3&4&a+54+#3$(3$4+(4'14+&3+3I$31%+G%10)#454$)%+@+('4$#4+(4'14+&3+?%$#45)&4&+
)"1#)#'()%"45.+;3+541+"3'?%"b41+<'3+13+4#)3"&3"+3"+54+$3&+&3+13$B)()%1+&35+NK/OKa+35+
]-i+ &3+ 541+ (%"1'5#41+ @+ 35+ ]V+ i+ &3+ 541+ G%10)#45)`4()%"31+ (%$$310%"&3"+ 4+ ")C%1+
?3"%$31+ &3+ ()"(%+ 4C%1.+ ^41+ 3">3$?3&4&31+ &)4$$3)(41+ 4I'&41+ X2;OY+ (%"1#)#'@3"+ 54+
#3$(3$4+(4'14+&3+(%"1'5#4+3"#$3+5%1+")C%1+&3+31#4+3&4&.+;3+#%&41+541+(%"1'5#41+0%$+
2;Oa+35+EVi+&3+541+(%"1'5#41+@+35+]-i+&3+541+G%10)#45)`4()%"31+(%$$310%"&3"+4+")C%1+
3"+31#3+I$'0%+3#4$)%.+
+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) EA)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
25+ K45B4&%$+ $3I)1#$4+ '"4+ 45#4+ ?%$A)5)&4&+ 0%$+ 3">3$?3&4&31+ #$4"1?)#)&41+ 0%$+
B3(#%$31.+25+&3"I'3+G4+553I4&%+4+#3"3$+")B3531+30)&=?)(%1+@+13+G4+0$313"#4&%+3"+1'1+
&)>3$3"#31+ >%$?41+ (5b")(41e+ &3"I'3+ (5d1)(%+ @+ 35+ (G%<'3+ G3?%$$dI)(%+ &35+ &3"I'3a+
(%"13('3"()4+ &3+ 54+ 45#3$"4+ 0$313"()4+ &3+ 5%1+ &)>3$3"#31+ B)$'1+ ()$('54"#31.+ O+ 5%+ 54$I%+
&35+ \5#)?%+ 4C%+ 54+ 1)#'4()*"+ 30)&3?)%5*I)(4+ &35+ 04b1+ G4+ 0$313"#4&%+ '"4+ )"'1'45+
(%"&'(#4+ 45+ 3B)&3"()4$13+ '"+ (%"1)&3$4A53+ )"($3?3"#%+ &3+ (41%1+ &3+ &3"I'3+ X9QaPEP+
(41%1+1%103(G%1%1a+V.E+B3(31+?d1+<'3+5%1+$3I)1#$4&%1+3"+5%1+\5#)?%1+S+4C%1+04$4+35+
?)1?%+ 03$b%&%Y.+ F#$4+ 3">3$?3&4&+ (4'14&4+ 0%$+ '"+ B3(#%$+ 31+ 54+ 3">3$?3&4&+ &3+
MG4I41a+<'3+I3"3$4+'"+0$%A53?4+($*")(%a+(%"+&3#3$)%$%+0$%"'"()4&%+&3+54$I%+054`%.+
K3+ &3#3(#4"+ (41%1+ #4"#%+ 3"+ >%$?4+ #3?0$4"4+ (%?%+ #4$&b4a+ 1)3"&%+ 31#4+ \5#)?4+ 54+
>%$?4+?d1+>$3('3"#3+&3+&3#3(()*"+4+#$4B=1+&3+54+$3&+&3+A4"(%1+&3+14"I$3a+('4"&%+
541+0%1)A)5)&4&31+&3+('$4()*"+1%"+?3"%1+&35+EQi.+
+
M%"+$3103(#%+45+8!RlK!;Oa+3"#$3+9L7-+@+PQQL+13+G4"+$30%$#4&%+?d1+&3+P-+?)5+(41%1+
&3+03$1%"41+(%"+8!Rm+35+S]i+1%"+?'H3$31a+0%$(3"#4H3+<'3+3"+5%1+\5#)?%1+4C%1+G4+)&%+
4'?3"#4"&%a+ 553I4"&%+ 4(#'45?3"#3+ 4+ '"4+ $354()*"+ &3+ 9.]+ G%?A$31+ 0%$+ 9+ ?'H3$.+
M4&4+&b4+13+&3#3(#4"+&3+E+4+V+"'3B%1+(41%1m+7+&3+(4&4+9Q+(41%1+13+(%"(3"#$4"+3"+35+
I$'0%+ &3+ 9E+ 4+ -L+ 4C%1+ &3+ 3&4&a+ <'3+ 31+ 0%A54()*"+ 3(%"*?)(4?3"#3+ 4(#)B4.+
O"'45?3"#3a+ 4+ #$4B=1+ &35+ #4?)`4H3+ <'3+ 13+ $345)`4+ 4+ 541+ ?'H3$31+ <'3+ 41)1#3"+ 4+ 1'1+
(%"#$%531+0$3"4#4531a+13+&3#3(#4"+(3$(4+&3+9QQ+?'H3$31+3?A4$4`4&41+8!R+0%1)#)B41+@+
L.9i+&3+5%1+")C%1+G)H%1+&3+?4&$31+8!R+0%1)#)B%+553I4"+4+&314$$%554$+31#4+3">3$?3&4&.++
+
M%"+ $3103(#%+ 45+ 31#4&%+ "'#$)()%"45a+ 35+ $3#$41%+ &35+ ($3()?)3"#%+ ?3&)&%+ 0%$+ 35+
)"&)(4&%$+&3+#4554+04$4+54+3&4&+3"+")C%1+&3+S+4+EL+?3131+>'3+&3+9-aEi+3"+PQQ7+X'"4+
$3&'(()*"+ &35+ -i+ (%"+ $3103(#%+ 45+ PQQSYa+ @+ 4>3(#*+ (41)+ )I'45?3"#3+ 4+ ")C%1+ @+ ")C41+
X97aSi+@+9La]i+$3103(#)B4?3"#3Ym+1)"+3?A4$I%a+G4@+'"4+?4$(4&4+&)>3$3"()4+3"#$3+54+
`%"4+ $'$45+ @+ 54+ '$A4"4.+ + ;3+ 541+ ?4&$31+ &3+ ?3"%$31+ &3+ E+ 4C%1a+ 13I\"+ 54+ ?)1?4+
3"('31#4a+7a7i+0$313"#4$%"+4"3?)4a+1)"+B4$)4()*"+)?0%$#4"#3+3"#$3+54+`%"4+'$A4"4+
X7aEiY+ @+ 54+ $'$45+ XLa9iY.+ 2"+ PQQEa+ &3+ 9LE.Q9S+ ?3"%$31+ &3+ E+ 4C%1+ 4#3"&)&%1+ 0%$+ 35+
NK/OKa+]aVi+#3"b4"+45I\"+I$4&%+&3+&31"'#$)()*".++
+
K3+3?0)3`4+4+0$313"#4$+'"+0$%A53?4+&3+1%A$3031%+3"+")C%1+?3"%$31+&3+E+4C%1+<'3+
B)B3"+ 3"+ 54+ `%"4+ '$A4"4+ XEa9iY.+ O+ ")B35+ "4()%"45a+ 3"+ 54+ ?)1?4+ 0%A54()*"a+ 54+
0$3B453"()4+ 31+ &3+ SaVi.+ 25+ K45B4&%$+ 31#d+ 3"+ 35+ 0$)"()0)%+ &3+ 5%+ <'3+ 0'3&3+ 13$+ '"4+
30)&3?)4+&3+1%A$3031%+3"+541+"'3B41+I3"3$4()%"31.+^4+0$3B453"()4+&3+1%A$3031%+3"+
54+`%"4+'$A4"4+31+?4@%$+<'3+3"+54+$'$45.+^4+0$3B453"()4+?d1+45#4+&3+1%A$3031%+13+
%A13$B4+ 3"+ 35+ I$'0%+ &3+ SQ+ 4+ S-+ 4C%1a+ + ?)3"#$41+ <'3+ 54+ ?d1+ 45#4+ &3+ %A31)&4&+ 13+
$3I)1#$4+3"+35+I$'0%+&3+-Q+4+--+4C%1.+
+
^4+$3>%$?4+&3+145'&+)"()&)$d+1)I")>)(4#)B4?3"#3+3"+?'(G%1+&3+31#%1+)"&)(4&%$31a+3"+
3103()45+ 5%1+ <'3+ 31#d"+ ?d1+ 41%()4&%1+ 4+ 541+ )"#3$B3"()%"31+ <'3+ 13+ 0'3&3"+ $345)`4$+
&31&3+ 35+ 1)1#3?4a+ @+ <'3+ )"(5'@3"+ &31&3+ 54+ )"()&3"()4+ 3"+ 54+ &3>)")()*"+ &3+ 0%5b#)(41+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) EB)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
0\A5)(41+ )"#3$13(#%$)4531+ 04$4+ 5%I$4$+ <'3+ 145'&+ 134+ '"+ 3H3+ 3"+ #%&41+ 541+ 0%5b#)(41a+
0$%?%()*"+&3+54+145'&+@+0$3B3"()*"+&3+54+3">3$?3&4&+X(4?04C41+(%"#$4+35+4A'1%+&3+
&$%I41+ @+ 45(%G%5a+ (4?04C41+ 4"#)#4Ad<')(41a+ 0$%?%()*"+ &3+ 4?A)3"#31+ @+ 31#)5%1+ &3+
B)&4+ 145'&4A531a+ 145'&+ 13_'45+ @+ $30$%&'(#)B4a+ )"(%$0%$4()*"+ &3+ 54+ 0$%?%()*"+ @+
>%$#453()?)3"#%+&3+54+0$3B3"()*"+3"+#%&%1+5%1+")B3531+&35+1)1#3?4Ya+G41#4+&)4I"*1#)(%+
0$3(%`+@+#$4#4?)3"#%+%0%$#'"%+&3+54+3">3$?3&4&+@+&3+541+531)%"31+&3+(4'14+3_#3$"4a+
41b+ (%?%+ %0%$#'"4+ $3G4A)5)#4()*"+ 04$4+ 3B)#4$+ 13('3541+ 0%1#g#$4'?d#)(41+ (%"+
04$#)()04()*"+&35+1)1#3?4+&3+145'&+@+54+(%?'")&4&.+
+
^4+ ?3#4+ 31+ 5%I$4$+ A4H4$+ 04$4+ 35+ >)"+ &35+ <')"<'3")%+ 54+ ?%$#45)&4&+ )">4"#)5a+ 54+
?%$#45)&4&+ 3"+ ?3"%$31+ &3+ ()"(%+ 4C%1a+ 54+ ?%$#45)&4&+ ?4#3$"4+ @+ 54+ ?%$#45)&4&+ 0%$+
531)%"31+&3+(4'14+3_#3$"4+X3"+3103()45+54+?%$#45)&4&+<'3+13+0$%&'(3+4+$4b`+&3+54+>45#4+
&3+ $310'31#4+ %0%$#'"4+ 4"#3+ '"+ 3B3"#%+ &3+ 3">3$?3&4&a+ &3+ 4(()&3"#3+ %+ B)%53"()4Y.+
O1)?)1?%a+54+?3#4+31+$3&'()$+541+13('3541+<'3+&3H4"+541+531)%"31+&3+(4'14+3_#3$"4a+
$3&'()$+ 54+ )"()&3"()4+ &3+ 541+ 3">3$?3&4&31+ ($*")(41+ "%+ #$4"1?)1)A531+ @+ 541+ ($*")(41+
#$4"1?)1)A531+ ?3&)4"#3+ 54+ #$4"1>%$?4()*"+ &3+ 54+ %>3$#4+ &3+ 145'&+ <'3+ 13+ 31#d+
)")()4"&%.+
+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) EC)
)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
(6.'B%C+'2D&1'21)*3):E$%+1'#&'43'F&;+*<3'#&'G34,#'
+
+
+
+
^4+ 0%5b#)(4+ &3+ 145'&a+ (%"+ 1'1+ B3)"#)()"(%+ 31#$4#3I)41+ @+ d$341+ &3+ 4(()*"+ 13+ G4"+
(%"H'I4&%+ 3"+ 54+ 0$)?3$4+ >413+ &3+ 54+ $3>%$?4+ 3"+ %(G%+ 3H31+ 31#$4#=I)(%1+ <'3+
%$)3"#4$d"+5%1+31>'3$`%1+3"+31#4+3#404.+21%1+%(G%+3H31+1%"e+
+
• M%"1#$'(()*"+&3+54+J3&+!"#3I$4&4+&3+K3$B)()%1+&3+K45'&+&35+NK/OK+
• J3('$1%1+R'?4"%1+3"+145'&+(%?%+0)3&$4+4"I'54$+&35+1)1#3?4++
• J310'31#4+4+54+&3?4"&4+&3+?3&)(4?3"#%1+@+B4('"41+
• !"1#4'$4()*"+&35+T%$%+U4()%"45+&3+K45'&+
• M%"1#$'(()*"+&3+'"+K)1#3?4+U4()%"45+&3+2?3$I3"()41+N=&)(41++
• ;314$$%55%+&3+'"+K)1#3?4+Z")(%+&3+!">%$?4()*"+21#$4#=I)(4++
• O$#)('54()*"+0$%I$31)B4+(%"+35+!KKK+@+%#$%1+0$31#4&%$31+0\A5)(%1+&3+145'&+
• M$34()*"+&35+!"1#)#'#%+U4()%"45+&3+K45'&+@+T%$#453()?)3"#%+&3+54+J3&+&3+
^4A%$4#%$)%1+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) ED)
)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
6.'H+"1)*,%%$-"'#&'43'F&#'(")&E*3#3''
#&'G&*?$%$+1'#&'G34,#'#&4'IG/JG'
+
+
+
+
25+ N)")1#3$)%+ &3+ K45'&+ (%"+ 35+ %AH3#)B%+ &3+ ('?05)$+ 35+ ?4"&4#%+ (%"1#)#'()%"45+ &3+
I4$4"#)`4$+35+4((31%+4+5%1+13$B)()%1+&3+145'&+(%?%+'"+&3$3(G%+G'?4"%+>'"&4?3"#45+
A4H%+ 5%1+ 0$)"()0)%1+ &3+ + 1%5)&4$)&4&a+ 3<')&4&a+ (%A3$#'$4+ '")B3$145+ (%"+ (45)&4&+ @+
%0%$#'")&4&a+)?053?3"#4$d+'"+?%&35%+&3+4#3"()*"+A414&%+3"+54++O#3"()*"+/$)?4$)4+
3"+K45'&+!"#3I$45+XO/Kg!Y+<'3+03$?)#4+4#3"&3$+4+54+0%A54()*"+4+#$4B=1+&3+$3&31++&3+
145'&+)"#3I$4531+3+)"#3I$4&41a+(%"+35+%AH3#)B%+&3+?3H%$4$+541+(%"&)()%"31+&3+B)&4+&3+
54+ 0%A54()*"a+ I4$4"#)`4"&%+ 35+ + 4((31%+ 4+ 5%1+ 13$B)()%1+ &3+ 145'&a+ 4(3$(d"&%5%1+ 4+ 1'+
5'I4$+ &3+ B)B)3"&4a+ 0$)"()045?3"#3+ 4+ 54+ 0%A54()*"+ <'3+ B)B3+ 3"+ (%"&)()%"31+ &3+
3_(5'1)*".+
+
O+ &)>3$3"()4+ &35+ 31<'3?4+ &3+ %$&3"4?)3"#%+ 0)$4?)&45+ <'3+ G4+ (4$4(#3$)`4&%+ 45+
1)1#3?4+ 4(#'45a+ 54+ $3&+ )"#3I$45+ 3+ )"#3I$4&4+ &3+ 13$B)()%1+ 13+ &314$$%554+ 3"+ #%$"%+ 4+ 54+
(%?'")&4&a+ 541+ >4?)5)41+ @+ 541+ 03$1%"41a+ 5%+ <'3+ 13+ (%"B)3$#3+ 3"+ '"4+ "'3B4+ ('5#'$4+
%$I4")`4()%"45+(%"+=">41)1+3"+54+5'(G4+(%"#$4+5%1+&3#3$?)"4"#31+&3+54+145'&m+3">%<'3+
&3?%($d#)(%+ 04$#)()04#)B%+ 04$4+ 54+ I31#)*"a+ 054")>)(4()*"a+ 3H3('()*"a+ ?%")#%$3%+ @+
3B45'4()*"+ &3+ 4(()%"31m+ (%?'")(4()*"+ 3"+ #%&%1+ 5%1+ 13"#)&%1+ 0%1)A531m+ &314$$%55%+ @+
0'31#4+3"+0$d(#)(4+&3+0$%I$4?41+#$4"1B3$14531+)"#3I$4531+(3"#$4&%1+3"+54+03$1%"4+@+
"%+ 3"+ 0$%A53?41+ %+ 04#%5%Ib41.+ O1)?)1?%a+ )?05)(4+ 35+ &314$$%55%+ &3+ 0$%(31%1+
(%"H'"#%1+3"+5%1+<'3+(4&4+3>3(#%$+13+G4(3+(4$I%+$310%"14A53?3"#3+&3+1'1+>'"()%"31+
31#4A53()&41a+ 1)"+ &313"#3"&3$13+ &35+ $31'5#4&%+ I3"3$45a+ 54+ '#)5)`4()*"+ &3+ I'b41+ @+
"%$?4#)B41+<'3+&31($)A3"+5%1+0$%(31%1+&3+0$31#4()*"+&3+13$B)()%1+3"+>%$?4+)"#3I$45+
4+ 5%+ 54$I%+ &3+ #%&41+ 5%1+ ")B3531+ &3+ (%?053H)&4&+ &3+ 54+ $3&a+ 54+ (404()#4()*"+ 3+
)"B31#)I4()*"+%03$4#)B4+)"#3I$4&41+4+541+4(#)B)&4&31+&3+0$31#4()*"+&3+13$B)()%1.+
+
:#*1(#!<*3(.!/(!=8(%)*;%>!
40?,!@$1*.*$#(&!A!40?,!(&'()*$.*B$/-&!
!
2"+ 35+ 0$313"#3a+ 35+ 0$)?3$+ ")B35+ &3+ 4#3"()*"+ &35+ NK/OK+ ('3"#4+ (%"+ '"4+ (404()&4&+
)"1#454&4+ &3+ S]]+ '")&4&31+ &3+ 145'&a+ 9EL+ (4141+ &3+ 54+ 145'&a+ -]+ (3"#$%1+ $'$4531+ &3+
"'#$)()*"a+ 99+ G%I4$31+ &3+ 3103$4+ ?4#3$"4m+ 9-E+ '")&4&31+ &3+ 145'&+ ('3"#4"+ (%"+
54A%$4#%$)%+ (5b")(%.+ K3+ $3I)1#$4+ '"+ >'3$#3+ &3#3$)%$%+ 3"+ )">$431#$'(#'$4+ @+
3<')04?)3"#%+ 3"+ 54+ 3"%$?3+ ?4@%$b4+ &3+ 5%1+ 31#4A53()?)3"#%1a+ (%?A)"4&%+ (%"+
)"1'>)()3"#3+ 03$1%"45+ &3+ 145'&a+ 5%+ <'3+ 5)?)#4+ 3"%$?3?3"#3+ 54+ (404()&4&+ $31%5'#)B4+
<'3+&3A3$b4+#3"3$+31#3+")B35.+
+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) <F)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
/4$4+ 54+ 4#3"()*"+ &)$3(#4+ 3"+ 5%1+ 31#4A53()?)3"#%1+ &35+ 0$)?3$+ ")B35+ &3+ 4#3"()*"+ + 13+
('3"#4+ (%"+ ]a]P-+ $3('$1%1+ G'?4"%1+ &3+ 541+ &)>3$3"#31+ &)1()05)"41+ @+ 9aS9P+
(%"#$4#4&%1+0%$+13$B)()%1+0$%>31)%"4531+04$4+54+3_#3"1)*"+&3+5%1+13$B)()%1+&3+145'&.+
25+ &=>)()#+ + &3+ 03$1%"45+ &3+ 145'&+ 31+ &3+ 7aQQP+ 03$1%"41+ &3+ 541+ &)>3$3"#31+ &)1()05)"41a+
04$4+0%&3$+&4$+$310'31#4+4+54+0$31#4()*"+&3+13$B)()%1+&3+145'&+A4H%+35+"'3B%+?%&35%+
&3+4#3"()*".+
+
K3+$345)`*+'"++4"d5)1)1+&3+5%1+$3('$1%1+G'?4"%1+3_)1#3"#31+3"+35+N)")1#3$)%+&3+K45'&+++
@+5%1+$3('$1%1+"3(314$)%1+04$4+54+)?053?3"#4()*"+&35+"'3B%+?%&35%+&3+4#3"()*"+4+
#$4B=1+&3+5%1+2MF+>4?)5)4$31+@+5%1+2MF+3103()45)`4&%1.+K3+&31('A$)*+'"4+I$4"+A$3(G4+
3"+ 3103()45)&4&31+ Ad1)(41+ 3"+ 35+ 0$)?3$+ ")B35+ &3+ 4#3"()*"a+ 3"+ &%"&3+ 1%54?3"#3+
#3"3?%1+ 9-+ 03&)4#$41+ 4+ ")B35+ "4()%"45a+ &3+ 355%1a+ 9Q+ 31#d"+ 3"+ K4"+ K45B4&%$m+ 97+
I)"3(%g%A1#3#$41+ 4+ ")B35+ "4()%"45a+ &3+ 5%1+ ('4531+ 9E+ 31#d"+ 3"+ K4"+ K45B4&%$+ @+ L+
0$%>31)%"4531+&3+01)(%5%Ib4+4+")B35+"4()%"45a+&3+5%1+('4531+V+31#d"+3"+K4"+K45B4&%$a+9+
3"+K4"+N)I'35+@+P+3"+K4"#4+O"4m+Q+)"#3$")1#41.+21#4+1)#'4()*"+?'31#$4+54+"3(31)&4&+
&3+ $345)`4$+ '"4+ )"B3$1)*"+ )?0%$#4"#3+ 04$4+ 0%&3$+ &4$+ $310'31#4+ 4+ 54+ 0%A54()*"+ @+
(%">%$?4$+'"+0$)?3$+")B35+&3+4#3"()*"+>'3$#3+@+$31%5'#)B%.++
+
T%$#453(3$+35+0$)?3$+")B35+&3+4#3"()*"+31+'"4+0$)%$)&4&.+21#3+>%$#453()?)3"#%+)?05)(4+
#4?A)="+ '"4+ 0$%>'"&4+ #$4"1>%$?4()*"+ &35+ ?%&35%+ &3+ 4#3"()*"a+ &35+ 3">%<'3+ &3+
145'&g3">3$?3&4&+@+&35+$%5+<'3+H'3I4+54+0%A54()*".++
+
2"+35+"'3B%+?%&35%a+35+0$)?3$+")B35+&3+4#3"()*"+3"+54+$3&+31#4$d+(%"1#)#')&%+0%$+5%1+
2<')0%1+ M%?'")#4$)%1+ &3+ K45'&+ T4?)5)4$+ X2MFK+ T4?)5)4$31Y+ @+ 2<')0%1+ M%?'")#4$)%1+
&3+ K45'&+ T4?)5)4$+ (%"+ 2103()45)&4&31+ X2MFK+ 2103()45)`4&%1Y.+ 21#3+ 0$)?3$+ ")B35+ &3+
4#3"()*"+ &3A3+ 31#4$+ 3"+ (%"&)()%"31+ &3+ $31%5B3$+ 35+ LEi+ &3+ 5%1+ 0$%A53?41+ &3+ 145'&+
<'3+13+0$313"#4"+3"+54+(%?'")&4&.+
+
^%1+2(%1+>4?)5)4$31+13$d"+54+0'3$#4+&3+3"#$4&4+45+1)1#3?4+0\A5)(%+&3+145'&+@+31#4$d"+
)"#3I$4&%1+ 0%$e+ '"X4Y+ ?=&)(%X4Ya+ '"X4Y+ 3">3$?3$%X4Ya+ '"X4Y+ 4'_)5)4$+ &3+ 3">3$?3$b4a+
/$%?%#%$31+&3+K45'&+X<'3+B4$b4+3"+&303"&3"()4+&3+54+0%A54()*"+"%?)"45+4+(4$I%Y+@+
'"X4Y+ /%5)B453"#3m+ 3"+ 35+ d$34+ $'$45+ 5%1+ 2(%1+ >4?)5)4$31+ #3"&$d"+ $310%"14A)5)&4&+ &3+
VQQ+ >4?)5)41+ X3"+ 0$%?3&)%+ SQQQ+ G4A)#4"#31Y+ @+ 3"+ 35+ d$34+ '$A4"4+ 97QQ+ >4?)5)41+ X3"+
0$%?3&)%+ LQQQ+ G4A)#4"#31Ym+ 31#3+ 3<')0%+ #3"&$d+ (%?%+ 13&3+ (%?'")#4$)4+ '"+
31#4A53()?)3"#%+&3+145'&+'A)(4&%+5%+?d1+(3$(4"%+&3+&%"&3+B)B3"+541+>4?)5)41+&3+1'+
$310%"14A)5)&4&a+554?4&4+[")&4&+M%?'")#4$)4+&3+K45'&+T4?)5)4$+X[MKTY.+
+
O&3?d1a+ 31#3+ 0$)?3$+ ")B35+ #3"&$d+ (%?%+ 40%@%+ 2(%1+ 3103()45)`4&%1+ <'3+ 31#4$d"+
(%">%$?4&%1+0%$e++'"X4Y+?=&)(%X4Y+03&)4#$4a+'"X4Y+I)"3(%g%A1#3#$4a+'"X4Y+)"#3$")1#4a+
'"X4Y+ >)1)%#3$40)1#4a+ '"X4Y+ 3&'(4&%$X4Y+ 04$4+ 54+ 145'&a+ '"X4Y+ "'#$)()%")1#4a+ '"X4Y+
01)(*5%I%X4Ya+ '"X4Y+ 3">3$?3$%X4Ya+ '"X4Y+ 4'_)5)4$+ &3+ 3">3$?3$b4a+ &%1+ 54A%$4#%$b1#41+
(5b")(%1+@+#$31+%&%"#*5%I%1X41Y+3"+35+d$34+$'$45+@+('4#$%+3"+35+d$34+'$A4"4.+^%1+2(%1+
3103()45)`4&%1+>'"()%"4$d"+04$4+'"+0$%?3&)%+&3+SQ+?)5+G4A)#4"#31+3"+35+d$34+$'$45+@+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) <E)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
-P+ ?)5+ G4A)#4"#31+ 3"+ 35+ d$34+ '$A4"4+ @+ 13+ (%?053?3"#4$d"+ (%"+ 35+ G%10)#45+ &3+
$3>3$3"()4+&3>)")&%+3"+54+$3&+&3+13I'"&%+")B35+&3+4#3"()*".+
+
/4$4+)?053?3"#4$+35+"'3B%+?%&35%+3"+35+0$)?3$+")B35+&3+4#3"()*"++1%"+"3(314$)%1+
9aEL7+2(%1+>4?)5)4$31+@+9-P+2(%1+3103()45)`4&%1.++
+
2"+ 35+ 0$)?3$+ ")B35a+ 5%1+ 2MFK+ &3A3$d"+ )&3"#)>)(4$+ 54+ 0%A54()*"+ 41)I"4&4+ @+ d$34+
I3%I$d>)(4+&3+$310%"14A)5)&4&+X(413$b%1a+(4"#%"31a+?'")()0)%1+13I\"+(%$$310%"&4"Ya+
4&1($)A)$+4+>4?)5)41a+B)1)#4+@+553"4&%+&3+>)(G4+>4?)5)4$a+1)1#3?4#)`4()*"+@+4"d5)1)1+&3+54+
)">%$?4()*"+%A#3")&4+&3+541+>)(G41+>4?)5)4$31.+;3A3$d"+(%"%(3$+1'+0%A54()*"+4+(4$I%+
@++1'1+&3#3$?)"4"#31+1%()4531a+(%"%(3$+35+31#4&%+&3+145'&+0%$+()(5%+&3+B)&4a+$345)`4$+
&)4I"*1#)(%+ 04$#)()04#)B%.+ M%"+ 31#%1+ 353?3"#%1+ 13+ $345)`4$d+ 54+ 054")>)(4()*"+ &3+ 541+
4(()%"31+0%$+()(5%+&3+B)&4a+54+&3+4(()%"31+14")#4$)41+@+&3+0$%?%()*"+&3+54+145'&.+O1ba+
13+31#4$d+3"+(%"&)()%"31+&3+5%I$4$+'"+(%"H'"#%+&3+0$31#4()%"31+)"#3I$4531+&3+145'&a+
<'3+)"(5'@3"+5%1+4103(#%1+&3+0$%?%()*"a+0$3B3"()*"a+('$4()*"+@+$3G4A)5)#4()*".+
+
25+ (%"H'"#%+ &3+ 0$31#4()%"31+ 3"+ 35+ 0$)?3$+ ")B35+ &3+ 4#3"()*"+ 31#4$d+ )"#3I$4&%+ 0%$+
45$3&3&%$+&3+SQQ+4(()%"31+&3+145'&.+O5I'"%1+3H3?05%1+&3+&)(G41+0$31#4()%"31+1%"e!
!
• /$%?%()*"+ @+ 3&'(4()*"+ 04$4+ 54+ 145'&e+ >%?3"#%+ &3+ 31#)5%1+ &3+ B)&4+ 145'&4A531+ 4+
#$4B=1+&3+54+04$#)()04()*"+1%()45a+&3+54+$3%$)3"#4()*"+&3+5%1+13$B)()%1+&3+145'&+@+54+
I3"3$4()*"+&3+(404()&4&31+04$4+35+4'#%g(')&4&%+&3+541+>4?)5)41a+45)?3"#4()*"+@+
"'#$)()*"+13I\"+3&4&a+31#)?'54()*"+#3?0$4"4a+>%?3"#%+&3+54+54(#4"()4+?4#3$"4a+
3&'(4()*"+ 3"+ 145'&+ 13_'45+ @+ $30$%&'(#)B4a+ 8!RlK!;Om+ >%?3"#%+ &3+ 54+ 4(#)B)&4&+
>b1)(4+ @+ 1%()%g$3($34#)B4+ &3+ 5%1+ 4&'5#%1+ ?4@%$31m+ '1%+ &3+ 4I'4+ 13I'$4+ 04$4+
(%"1'?%+G'?4"%a+&)10%1)()*"+4&3('4&4+&3+&313(G%1+1*5)&%1a+3_($3#41+@+4I'41+
$31)&'4531.+
• O#3"()%"31+ 0$3B3"#)B41e+ 0$%I$4?4+ 4?05)4&%+ &3+ B4('"4()*"a+ 4#3"()*"+ 3"+ 145'&+
?3"#45a+ 0$3B3"()*"+ &3e+ ")C%1X41Y+ &3+ A4H%+ 031%+ 45+ "4(3$a+ &31"'#$)()*"+ @+
1%A$3031%a+ (4$)31+ &3"#4531a+ 4(()&3"#31+ XG%I4$31a+ (%?'")&4&+ @+ 31('354Ya+
0$3B3"()*"+ &3+ 3?A4$4`%1+ 3"+ 4&%531(3"#31a+ 4#3"()*"+ 4+ 54+ 145'&+ 13_'45+ @+
$30$%&'(#)B4+ &3+ G%?A$31+ @+ ?'H3$31a+ 0$3B3"()*"+ &3+ 54+ B)%53"()4+ &3+ I="3$%a+
0$3B3"()*"+&3+3">3$?3&4&31+($*")(41m+B4('"4()*"+&3+4")?4531+#$4"1?)1%$31+&3+
$4A)4a+?4")0'54()*"+4&3('4&4+&3+45)?3"#%1.+++
• O#3"()*"+ 4+ 3">3$?3&4&31+ 0$3B453"#31e+ 3">3$?3&4&31+ )">3(()%141a+
3">3$?3&4&31+ ($*")(41+ "%+ #$4"1?)1)A531+ XG)03$#3"1)*"+ 4$#3$)45a+ &)4A3#31a+
3">3$?3&4&+ $3"45+ ($*")(4Y+ 3">3$?3&4&31+ &3+ #$4"1?)1)*"+ 13_'45a+ 4#3"()*"+ 4+
03$1%"41+(%"+&)1(404()&4&a+4#3"()*"+&3+3?3$I3"()41+X")B35+0$3gG%10)#454$)%Y.+
• J3G4A)5)#4()*"+ A414&4+ 3"+ 54+ (%?'")&4&e+ 4>3(()%"31+ "3'$%?'1('54$31a+ %1#3%+
4$#)('54$31a+ $3G4A)5)#4()*"+ 3"+ + 03$1%"41+ (%"+ 3">3$?3&4&+ $310)$4#%$)4+ ($*")(4m+
40%@%+4+03$1%"41+(%"+GdA)#%1+"%()B%1+04$4+54+145'&.+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) <<)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
^4+)?053?3"#4()*"+&35+"'3B%+?%&35%+13+)")()4$d+3"+35+0$)?3$+")B35+&3+4#3"()*"+3"+35+
?31+ &3+ n'5)%+ &35+ 0$313"#3+ 4C%a+ 3"+ >%$?4+ 0$%I$31)B4+ 0$)%$)`4"&%+ 5%1+ ?'")()0)%1+ &3+
?4@%$+ 0%A$3`4+ @+ ?4$I)"45)&4&.+ 2"+ 35+ PQ9Q+ 13+ A3"3>)()4$d"+ + ]-+ ?'")()0)%1+ &3+ 5%1+
('4531+ ES+ 1%"+ &3+ 3_#$3?4+ 0%A$3`4+ 13B3$4+ @+ 45#4+ &35+ /$%I$4?4+ &3+ M%?'")&4&31+
K%5)&4$)41+ J'$4531a+ P+ M%?'")&4&31+ K%5)&4$)41+ [$A4"41+ @+ L+ ?'")()0)%1+ (%"+ 45#4+
0$3B453"()4+ 3"+ ;31"'#$)()*"+ M$*")(4+ &3+ 7+ &304$#4?3"#%1+ &35+ 04b1a+ (%"+ '"4+
0%A54()*"+ &3+ + V-Sa]LE+ G4A)#4"#31+ @+ 9-Va-]P+ >4?)5)41+ 3"+ 35+ d$34+ '$A4"4+ @+ $'$45+
)")()4"&%++3"+35+?31+H'5)%+&35+PQ9Q+3"++VS+?'")()0)%1+&3+54+`%"4+"%$#3+&35+04b1.+++
+
,(C6%/-!A!"(#)(#!<*3(.>!
D-&!E-&'*8$.(&!:FG.*)-&!(%!.$!H(/!9%8(C#$/$!/(!,(#3*)*-&!/(!,$.6/!
+
^%1+ R%10)#4531+ 0\A5)(%1+ &35+ N)")1#3$)%+ &3+ K45'&+ 1%"+ #$3)"#4m+ &3+ 355%1+ 1*5%+ #$31+
%1#3"#4"+ 54+ (4#3I%$b4+ &3+ #3$(3$+ ")B35a+ &%1+ G%10)#4531+ 1%"+ $3I)%"4531a+ &%(3+ 1%"+
G%10)#4531+&304$#4?3"#4531+@+#$3(3+1%"+?'")()04531m+31#%1+\5#)?%1+4$A)#$4$)4?3"#3+
3"+ 5%1+ 4C%1+ LQ+ >'3$%"+ 41(3"&)&%1+ 4+ 54+ (4#3I%$b4+ &3+ G%10)#4531+ XG4Ab4"+ >'"()%"4&%+
4"#3$)%$?3"#3+(%?%++(3"#$%1+&3+145'&Y+1)"+1'>$)$+#$4"1>%$?4()%"31+3"+$354()*"+4+5%1+
$3('$1%1+G'?4"%1+")+54+&%#4()*"+&3+3<')0%+"3(314$)%+04$4+1'+>'"()%"4?)3"#%+(%?%+
#4531.+
+
^%1+ G%10)#4531+ $3I)%"4531+ @+ &304$#4?3"#4531+ 1'>$)3$%"+ '"+ &31?4"#354?)3"#%+
"%#%$)%+ (%">%$?3+ 4B4"`4$%"+ 541+ 0%5b#)(41+ &3+ 0$)B4#)`4()*"+ &3+ 5%1+ "%B3"#4+ @+ &3+
0$)"()0)%1+&3+5%1+4C%1+&%1+?)5.+;3+54+?)1?4+>%$?4+(4@3$%"+&$d1#)(4?3"#3+541+(4?41+
0%$+G4A)#4"#3+3"+35+13(#%$+0\A5)(%+X#4?A)="a+03$%+3"+?3"%$+?3&)&4a+(4@3$%"+3"+35+
!KKKY.+^4+1)#'4()*"+&35+3<')04?)3"#%+31+($b#)(4a+5%+<'3+%('$$3+#4?A)="+3"+35+(41%+&3+
5%1+)"1'?%1.+
!
25+03$1%"45+&3+145'&+31+)"1'>)()3"#3a+?'@+0%$+&3A4H%+&3+5%1+?b")?%1+)"#3$"4()%"4531+
$3(%?3"&4&%1a+ 54+ (%"#$4#4()*"+ &3+ 3103()45)1#41+ (%"+ ?%&45)&4&31+ &3+ &%1+ G%$41+ &3+
#$4A4H%+&)4$)41+03$H'&)(4+54+4#3"()*"+45+0\A5)(%+@+54+I31#)*"+&35+G%10)#45a+41b+(%?%+54+
(45)&4&+ &35+ #$4A4H%.+ 21+ <'3+ 54+ >%$?4+ &3+ (%"#$4#4()*"+ &3+ "'31#$%+ $3('$1%+ ?=&)(%a+
#4"#%+3103()45)1#41+(%?%+?=&)(%1+I3"3$4531+I3"3$4+I$4"&31+0$%A53?41e+o$4A4H4"+3"+
54+ $3&+ 45$3&3&%$+ &3+ 97Q7+ I453"%1a+ 3"+ &%"&3+ 1%54?3"#3+ 35+ 97i+ &3+ 355%1+ 54A%$4"+ 4+
#)3?0%+ (%?053#%+ X7G%$41l&b4Ya+ 3"+ (4?A)%+ 35+ V7i+ 54A%$4"+ ?3&)%+ #)3?0%+ %+ ?3"%1a+
PE.7+i++-G%$41l&b4+@+-P.Ea+1%54?3"#3+P+G%$41+45+&b4.+!
!
O(#'45?3"#3+ 54+ (%"1'5#4+ 3_#3$"4+ 353(#)B4+ @+ 54+ (%"1'5#4+ &3+ 3?3$I3"()41+ &3+ 5%1+
&)>3$3"#31+G%10)#4531+)"(5'@3+'"+45#%+0%$(3"#4H3+&3+04()3"#31+@+4#3"()%"31+&3+0$)?3$+
")B35a+41(3"&)3"&%+3"+45I'"%1+&3+355%1+45$3&3&%$+&35++-Qi+@+3"+%#$%1+G41#4+35+9QQi.+
21#%+0%$+"%+(%"#4$+(%"+'")&4&31+&3+145'&+3"+5%1+?'")()0)%1+(%$$310%"&)3"#31+%+0%$+
54+I$4"+>45#4+&3+$31%5'#)B)&4&+&35+0$)?3$+")B35+&3+4#3"()*".+25+(41%+31+#$41(3"&3"#3+
0%$<'3+4(#'45?3"#3+#%&4Bb4+5%1+G%10)#4531+&3+#3$(3$+")B35+A$)"&4"+4#3"()*"+&3+31#3+
#)0%.+25+%AH3#)B%+&35+"'3B%+?%&35%+31+553B4$+4+<'3+35+0$)?3$+")B35+13+(%"1#)#'@4+3"+54+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) <=)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
0'3$#4+ &3+ 3"#$4&4+ 04$4+ 45$3&3&%$+ &35+ LEi+ &3+ 5%1+ 0$%A53?41+ &3+ 145'&m+ 35+ 0$%@3(#%+
(%?0$3"&3+ <'3+ 35+ 13I'"&%+ ")B35+ 4#)3"&4+ (%?%+ ?b")?%+ 541+ ('4#$%+ 3103()45)&4&31+
Ad1)(41+ &3+ 03&)4#$b4a+ ()$'Ib4a+ ?3&)()"4+ )"#3$"4a+ %A1#3#$)()4+ @+ I)"3(%5%Ib4a+ ?d1+ 541+
3103()45)&4&31+ <'3+ 134"+ 0$3B453"#31+ 3"+ 1'+ d$34+ I3%I$d>)(4a+ &31(%"I31#)%"4"&%+ 54+
4#3"()*"+&3+31#3+#)0%+3"+5%1+G%10)#4531+&3+#3$(3$+")B35.+
+
25+"'3B%+?%&35%+&3+J3&31+!"#3I$4&41+&3+K3$B)()%1+&3+K45'&+(%"#3?054+35+&3>)")$+&3+
4('3$&%+45+03$>)5+30)&3?)%5*I)(%+@+d$34+I3%I$d>)(4a+35+(%"H'"#%+&3+0$31#4()%"31+<'3+
A$)"&4$d"+ (4&4+ '"%+ &3+ 5%1+ G%10)#4531.+ 21#%+ 03$?)#)$d+ 54+ $3&3>)")()*"+ &35+ ('4&$%+
Ad1)(%+ &3+ ?3&)(4?3"#%1+ &3+ (4&4+ )"1#)#'()*"a+ @4+ <'3+ 13+ 354A%$4$d+ &3+ 4('3$&%+ 4+ 54+
%>3$#4+&3+13$B)()%1+<'3++(4&4+)"1#)#'()*"+A$)"&4$d+4+54+0%A54()*"+@+"%+4+$30%1)()%"31+
G)1#*$)(41+<'3+"%+1%"+54+?3H%$+>%$?4+&3+$345)`4$+'"4+4&?)")1#$4()*"+3>)()3"#3+&3+5%1+
$3('$1%1.+
+
2"+A413+4+54+0$%&'(()*"+&3+(4&4+G%10)#45+3"+$354()*"+4+(%"1'5#4+3_#3$"4a+(%"1'5#4+&3+
3?3$I3"()4a+ ()$'Ib41+ ?4@%$31+ @+ ?3"%$31a+ G3?%1+ &3>)")&%+ 54+ (4"#)&4&+ &3+ $3('$1%1+
G'?4"%1+ ?b")?%1+ "3(314$)%1+ 04$4+ <'3+ 31#41+ )"1#)#'()%"31+ >'"()%"3"+ &3+ >%$?4+
3>3(#)B4a+4+54+B3`+<'3+13+)"(5'@3+5%+$3>3$3"#3+4+5%1+3<')0%1+A)%?=&)(%1+3+)"&'1#$)4531+
&3+5%1+G%10)#4531a+<'3+3"+1'+?4@%$b4+13+3"('3"#$4"+3"+31#4&%+%A1%53#%+3"+?d1+&35+
VQia+45I'"%1+@4+B3"()3$%"+1'+B)&4+\#)5+@+%#$%1+>'"()%"4"+(%"+$30'31#%1+<'3+"%+1%"+
5%1+$3(%?3"&4&%1.+
!
M%"(%?)#4"#3?3"#3+ 3?03`4$3?%1+ 4+ &314$$%554$+ '"+ 054"+ &3+ &31(%"(3"#$4()*"+ &3+
(%"1'5#41+ @+ ()$'Ib41+ &3+ 3103()45)&4&31+ &3+ 5%1+ G%10)#4531+ &3+ #3$(3$+ ")B35+ J%14531a+
h5%%?+ @+ N4#3$")&4&a+ &4&%+ <'3+ 3_)1#3"+ B4$)41+ 3103()45)&4&31+ 14#'$4&41+ 3"+ 31#%1+
G%10)#4531a+ @4+ <'3+ 5%1+ 04()3"#31+ B)3"3"+ &35+ )"#3$)%$+ &35+ 04b1+ 1%54?3"#3+ 4+ $3(%I3$+
?3&)(4?3"#%1+<'3+53+1%"+0$%0%$()%"4&%1+3"+31#%1+G%10)#4531.+
+
O&3?d1+ )"(5')$3?%1+ ()$'Ib41+ 4?A'54#%$)41a+ 353(#)B41+ @+ ()$'Ib41+ ?3"%$31+ <'3+
&31(%"(3"#$4$3?%1+ 4+ G%10)#4531+ &3+ 13I'"&%+ ")B35.+ 25+ 054"+ (%"1)1#3+ 3"+
&31(%"(3"#$4$+ 45$3&3&%$+ &3+ "'3B3+ ?)5+ 04()3"#31+ (%"%()&%1+ 0%$+ &)4I"*1#)(%+ &3+
30)5301)4a+(3$(4+&35+--i+&3+5%1+04()3"#31+(%"+G)03$#3"1)*"+4$#3$)45a+45$3&3&%$+&3+-+
?)5+()$'Ib41+I3"3$4531+@+5%1+(41%1+&3+403"&)()#)1+4I'&4+&35+R%10)#45+J%14531+<'3+1%"+
45$3&3&%$+ &3+ ?)5+ 04()3"#31m+ ('4$3"#4+ 0%$+ ()3"#%+ &3+ 54+ ()$'Ib4+ 4?A'54#%$)4+ @+ 5%1+
04()3"#31+ (%"+ 403"&)()#)1+ 4I'&4+ &35+ R%10)#45+ h5%%?.+ O&3?d1+ 13+ &31(%"(3"#$4$d"+
(3$(4+ &35+ 7Qi+ &3+ 5%1+ 04$#%1+ "%$?4531+ %+ &3+ A4H%+ $)31I%+ <'3+ 1%"+ 4#3"&)&%1+ 3"+ 35+
R%10)#45+ &3+ N4#3$")&4&.+ o%&%1+ 31#%1+ 04()3"#31a+ 03$>3(#4?3"#3a+ 0'3&3"+ 13$+
4#3"&)&%1+3"+G%10)#4531+&3+13I'"&%+")B35.++
+
25+%AH3#)B%+31+<'3+5%1+#$31+G%10)#4531+&3+#3$(3$+")B35+0'3&4"+&3&)(4$13+4+(%"1'5#41+@+
()$'Ib41+ ?d1+ (%?053H41+ &3+ 4('3$&%+ (%"+ 1'+ ")B35a+ (54$%+ 31#d+ <'3+ 31#%+ (%"553B4+ 35+
0$%@3(#%+ &3+ >%$#453(3$+ (%"+ 3<')0%+ @+ $3('$1%+ G'?4"%+ "3(314$)%+ @+ 1'>)()3"#3+ 04$4+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) <>)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
0$31#4$+ 54+ 4#3"()*"+ 4&3('4&4+ 4+ 5%1+ 04()3"#31.+ U4&4+ &3+ 31#%+ >'"()%"4$)4+ 1)+ "%+
#$4A4H4?%1+ 3"+ 35+ >%$#453()?)3"#%+ &3+ '"+ 1)1#3?4+ &3+ $3>3$3"()4+ @+ $3#%$"%+ 3"#$3+ 5%1+
G%10)#4531+ @+ (%"+ 35+ 0$)?3$+ ")B35+ &3+ 4#3"()*"+ <'3+ 13+ 31#d+ 31#$'(#'$4"&%.+ 25+
>'"()%"4?)3"#%+ 3_)#%1%+ &3+ 54+ J3&+ !"#3I$4&4+ 31+ (%"&)()*"+ 04$4+ 35+ =_)#%+ &3+ 31#3+
3">%<'3.+
+
2"+('4"#%+45+>'"()%"4?)3"#%+&3+5%1+G%10)#4531+$3(%"1#$')&%1a+&3A3+&31#4(4$13+<'3+
04$4+>)"4531+&3+31#3+4C%+3"#$4$d"+3"+>'"()%"4?)3"#%+(%?053#%+('4#$%+G%10)#4531+&3+
54+$3&+0\A5)(4+"4()%"45+<'3+>'3$%"+$3(%"1#$')&%1a+'"%+04$4+'"+>'#'$%+#3$(3$+")B35+&3+
4#3"()*"+ + XK4"+ N)I'35Y+ @+ #$31+ 04$4+ 13I'"&%+ ")B35+ Xp4(4#3(%5'(4a+ K4"+ 8)(3"#3+ @+
[1'5'#d"Ya+<'3+$3<'3$)$d"+40%@%+(%"+40$%_)?4&4?3"#3+7QQ+$3('$1%1+G'?4"%1+04$4+
>'"()%"4$a+ &4&%+ <'3+ 13+ G4A)5)#4"+ d$341+ "'3B41+ 04$4+ (%"1'5#41+ @+ 0$%(3&)?)3"#%1+
?%&3$"%1+&3+&)4I"*1#)(%+@+#$4#4?)3"#%.+
+
O1ba+ 3"+ 541+ $3&31a+ 35! &3I'"&%+ ")B35+ &3+ 4#3"()*"! 31#4$d+ (%">%$?4&%+ 0%$+ 5%1+ #$3(3+
G%10)#4531+ I3"3$4531+ ?'")()04531+ @+ &%(3+ I3"3$4531+ &304$#4?3"#4531a+
(%?053?3"#d"&%13+ (%"+ 5%1+ 31#4A53()?)3"#%1+ &35+ 0$)?3$+ ")B35a+ (%">%$?4"&%+ 541+
?)($%+$3&31+&3+13I'"&%+")B35.+^4+)"#3I$4()*"+&35+13I'"&%+")B35+&3+4#3"()*"+4+54+$3&+
03$?)#)$d+353B4$+54+$31%5'#)B)&4&+G41#4+40$%_)?4&4?3"#3+35+LLi.+
+
/4$4+ 0%&3$+ 14#)1>4(3$+ 54+ &3?4"&4+ <'3+ 13+ I3"3$4$d+ 3"+ #%&41+ 541+ ?)($%+ $3&31+ &3+
13I'"&%+ ")B35+ 13+ 04$#3+ &3+ '"+ &=>)()#+ &3+ SaQ9S+ $3('$1%1+ G'?4"%1+ G%10)#454$)%1a+ 41b+
(%?%+3<')0%+04$4+$345)`4$+&)(G4+>'"()*".+
+
^41+0$)"()04531+4(#)B)&4&31+(%"#3?054&41+04$4+54+?)($%+$3&+&3+13I'"&%+")B35+1%"e++++
+
• O0%@%+4+4(#)B)&4&31+&3+0$%?%()*"+&3+54+145'&+@+3&'(4()*"+&314$$%554&%1+
0%$+35+0$)?3$+")B35+&3+4#3"()*"+
• O0%@%+4+%>3$#4+&3+0$d(#)(41+0$3B3"#)B41+3"+35+0$)?3$+")B35+&3+4#3"()*"e+
53(#'$4+ &3+ ?'31#$41+ ()#%5*I)(41a+ %>3$#4+ &3+ 0$d(#)(41+ 0$3B3"#)B41+ 4+
04()3"#31+)"#3$"4&%1a+3#(.+
• O#3"()*"+ &3+ 04()3"#31+ $3>3$)&%1+ 0%$+ 35+ 0$)?3$+ ")B35+ &3+ 4#3"()*"+
X3103()45)&4&31+ Ad1)(41Ye+ !"#3$(%"1'5#4+ 3"+ 04()3"#31+ (%"+ 0$%A53?41+
($*")(%1+ (%"+ A4H4+ $310'31#4+ 45+ #$4#4?)3"#%m+ 13I')?)3"#%+ &3+ 04()3"#31+
(%"+ 0$%A53?41+ 4I'&%1+ %+ ($*")(%1+ &3+ ?4"3H%+ 3_(5'1)B%+ 3"+ 35+ 13I'"&%+
")B35+&3+4#3"()*"+X35+13I')?)3"#%+31+3"+(%"H'"#%+(%"+35+0$)?3$+")B35+&3+
4#3"()*"Ym+ 405)(4()*"+ &3+ 0$%(3&)?)3"#%1+ &)4I"*1#)(%1a+ #3$40='#)(%1+
(5b")(%1+ %+ <')$\$I)(%1+ 4+ 04()3"#31+ &3$)B4&%1+ &31&3+ 35+ 0$)?3$+ ")B35+ &3+
4#3"()*".+
• O1)1#3"()4+&35+04$#%+@+(31d$34+@+4#3"()*"+&35+0'3$03$)%+)"?3&)4#%.+
• O#3"()*"+ &3+ '$I3"()41+ @+ 3?3$I3"()41+ (%?%+ 3>3(#%$31+ &35+ K)1#3?4+
U4()%"45+&3+2?3$I3"()41++
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) <?)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
•
•
•
•
M%"#$4$$3>3$3"()4+ &3+ 04()3"#31+ 04$4+ 1'+ 13I')?)3"#%+ (%"#)"'4&%+ 0%$+ + 35+
0$)?3$+")B35+&3+4#3"()*".+
J3>3$3"()4a+ 31#4A)5)`4()*"a+ #$4"10%$#3+ @+ 13I')?)3"#%+ &3+ 04()3"#31+ <'3+
$3<')3$3"+4#3"()*"+3"+%#$%+")B35+&3+(%?053H)&4&+
/$d(#)(41+ &)4I"*1#)(41e+ )?4I3"%5%Ib4+ Ad1)(4+ XJ_a+ 3(%I$4>b4Ya+ 54A%$4#%$)%+
Ad1)(%+@+4B4"`4&%a+3_05%$4()*"+<')$\$I)(4.+
/$%B)1)*"+ &3+ ?3&)(4?3"#%1+ &3+ 1#%(q+ &3+ 13I'"&%+ ")B35+ &3+ 4#3"()*"+ @+
#$4#4?)3"#%1+3"+)"#3$"4()*".+
!
25+ #3$(3$+ ")B35+ &3+ 4#3"()*"+ 31#4$d+ (%">%$?4&%+ 0%$+ &%1+ G%10)#4531+ $3I)%"4531+ XK4"+
n'4"+&3+;)%1+&3+K4"#4+O"4+@+K4"+N)I'35Y+@+5%1+#$31+G%10)#4531+3103()45)`4&%1+&3+K4"+
K45B4&%$+ XR%10)#45+ U4()%"45+ J%14531a+ R%10)#45+ U4()%"45+ &3+ N4#3$")&4&+ @+ R%10)#45+
U4()%"45+&3+U)C%1+h3"H4?b"+h5%%?Y.++
+
["+ (%"H'"#%+ #3$$)#%$)45+ &3+ j?)($%+ $3&31+ &3+ 13I'"&%+ ")B35ka+ (4&4+ '"4+ (%"+ 1'+
$3103(#)B%+G%10)#45+'+G%10)#4531+&3+$3>3$3"()4a+13+)"#3I$4"+45+G%10)#45+&3+#3$(3$+")B35+
(%">%$?4"&%+54+jJ!!KK+&3+U)B35+J3I)%"45k+!!
!
/4$4+ 54+ )?053?3"#4()*"+ &35+ #3$(3$+ ")B35+ &3+ 4#3"()*"+ 13+ 04$#3+ 45+ )I'45+ <'3+ 3"+ 5%1+
")B3531+4"#3$)%$31+&3+'"+)?0%$#4"#3+&=>)()#+&3+$3('$1%1+G'?4"%1a+<'3+3"+31#3+(41%+
41()3"&3+ 4+ 9a9VL+ $3('$1%1+ G%10)#454$)%1a+ 4(%?04C4&%+ &35+ $3>'3$`%+ 3"+ 3<')0%+ 3+
)"1'?%1+?=&)(%1.+
+
^41+0$)"()04531+4(#)B)&4&31+(%"#3?054&41+04$4+54+J!!KK+&3+")B35+$3I)%"45+1%"e+++
++
• O0%@%+4+4(#)B)&4&31+&3+0$%?%()*"+&3+54+145'&+@+3&'(4()*"+&314$$%554&%1+
0%$+35+0$)?3$+")B35+&3+4#3"()*"+
• O0%@%+4+%>3$#4+&3+0$d(#)(41+0$3B3"#)B41+3"+35+0$)?3$+")B35+&3+4#3"()*"e+
53(#'$4+ &3+ ?'31#$41+ ()#%5*I)(41a+ %>3$#4+ &3+ 0$d(#)(41+ 0$3B3"#)B41+ 4+
04()3"#31+)"#3$"4&%1a+3#(.+
• O#3"()*"+ 3103()45)`4&4+ @+ 1'Ag3103()45)`4&4+ &3+ 04()3"#31+ $3>3$)&%1+ 0%$+
%#$%1+ ")B3531+ &3+ 4#3"()*"e+ !"#3$(%"1'5#4+ 3"+ 04()3"#31+ (%"+ 0$%A53?41+
4I'&%1+ %+ ($*")(%1+ &3+ 45#4+ (%?053H)&4&a+ 405)(4()*"+ &3+ 0$%(3&)?)3"#%1+
&)4I"*1#)(%1a+ #3$40='#)(%1+ (5b")(%1+ %+ <')$\$I)(%1+ 4+ 04()3"#31+ &3$)B4&%1+
&31&3+%#$%1+")B3531+&3+4#3"()*".+
• O1)1#3"()4+&35+04$#%+@+(31d$34+3"+3?A4$4`%1+&3+?'@+45#%+$)31I%.+
• O#3"()*"+ &3+ '$I3"()41+ @+ 3?3$I3"()41+ (%?%+ 3>3(#%$31+ &35+ K)1#3?4+ &3+
2?3$I3"()41+N=&)(41.+
• M%"#$4$$3>3$3"()4+ &3+ 04()3"#31+ 04$4+ 1'+ 13I')?)3"#%+ (%"#)"'4&%+ 0%$+ + 35+
0$)?3$+")B35+&3+4#3"()*".+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) <A)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
•
•
/$d(#)(41+ &)4I"*1#)(41+ &3+ 45#4+ (%?053H)&4&e+ )?4I3"%5%Ib4+ Ad1)(4+ XoOMa+
JNUa+ >5'%$%1(%0b4a+ J4@%1+ Wa+ 2(%I$4>b4Ya+ 54A%$4#%$)%+ (5b")(%+ 4B4"`4&%a+
3_05%$4()*"+<')$\$I)(4+&3+?3&)4"4+@+45#4+(%?053H)&4&.+
/$%B)1)*"+&3+?3&)(4?3"#%1+3"+)"#3$"4()*".+
!
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) <B)
)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
6(.'F&%,*1+1'K,<3"+1'&"'G34,#''
%+<+'/$&#*3'J"E,43*'#&4'G$1)&<3'L3%$+"34''
(")&E*3#+'#&'G34,#'
+
+
+
+
O1b+ (%?%+ 5%1+ 0$%(31%1+ &3+ 145'&+ @+ 3">3$?3&4&+ 31#d"+ (%">)I'$4&%1+ 0%$+
&3#3$?)"4"#31+ (%?053H%1+ 1%()4531+ X3"+ 1'+ 13"#)&%+ 4?05)%+ 0%5b#)(%a+ )&3%5*I)(%a+
3(%"*?)(%a+ 4"#$%0%5*I)(%Y+ @+ A)%5*I)(%1a+ 35+ 0$%(31%+ &3+ 4#3"()*"+ 4+ 54+ 145'&+ 0%133+
&3#3$?)"4"#31+<'3+B4"+?d1+455d+<'3+35+?3$%+(%"1'?%+&3+A)3"31+@+13$B)()%1+(%?%+
14#)1>4(#%$31+1%()4531.+^4+4#3"()*"+&3+54+145'&+31+'"+4(%"#3()?)3"#%+1%()45+0%$+35+('45+
03$1%"41+<'3+13+G4"+(45)>)(4&%+#=(")(4+@+1%()45?3"#3+X5%1+#$4A4H4&%$31+&3+54+145'&Ya+
(%"#$)A'@3"+ 4+ <'3+ %#$41+ 03$1%"41+ X5%1+ ()'&4&4"%1Y+ 0'3&4"+ 0$313$B4$a+ $3('03$4$+ %+
?3H%$4$+1'+145'&.+U%+13+0'3&3+&4$+'"+4(#%+%+0$%(31%+&3+4#3"()*"+14")#4$)4+1)"+<'3+
31#%1+ &%1+ I$'0%1+ &3+ 03$1%"41+ )"#3$4(#\3"a+ )"#3$4(()*"+ <'3+ 13+ &4+ 3"+ '"4+ 3(%5%Ib4+
3103(b>)(4+ &4&4+ 0%$+ 35+ 1)1#3?4+ &3+ 145'&a+ 1'1+ )"1#)#'()%"31+ @+ %$I4")`4()%"31.+ 2"+ 313+
4(%"#3()?)3"#%a+ 3"+ 313+ 3"('3"#$%+ 313"()45a+ 13+ &4+ 54+ 0%1)A)5)&4&+ X%+ 54+ "3I4()*"+ &3+
314+0%1)A)5)&4&Y+&35+('?05)?)3"#%+&35+&3$3(G%+4+54+145'&+&3+5%1+()'&4&4"%1.++
+
/%$+31%+13+&)(3+&3+541+#$4A4H4&%$41+@+5%1+#$4A4H4&%$31+&3+145'&+<'3+1%"+03$1%"41+<'3+
1)$B3"+ X('$4"+ @+ (')&4"Y+ 4+ %#$41+ 03$1%"41a+ @+ (%"+ H'1#)()4+ 13+ 531+ ?3"()%"4+ + (%?%+ 5%1+
4I3"#31+313"()4531a+35+>4(#%$+0$)"()045+&35+0$%(31%+14")#4$)%.+/3$%+"%+1)3?0$3+13+531+
$3(%"%(3+ (%?%+ 4I3"#31+ &35+ &3$3(G%+ 4+ 54+ 145'&a+ ('@4+ (%"#$)A'()*"+ 31a+ 41)?)1?%a+
313"()45+3"+'"+3">%<'3+&3+I4$4"#b4+&3+&3$3(G%1.++
+
O1b+(%?%+5%1+0$%A53?41+&3+145'&+g+3">3$?3&4&+$3<')3$3"+<'3+541+0%5b#)(41+0\A5)(41+
<'3+$310%"&3"+4+355%1+134"+"%+1*5%+45)"34&%1+3+)"#3I$4&%1+4+'"4+0%5b#)(4+&3+145'&a+
1)"%+ #4?A)="+ )"#3I$4531+ X31+ &3()$+ <'3+ (%">$%"#3"+ 5%1+ &3#3$?)"4"#31+ 1%()4531+ &3+
3?053%a+ )"I$31%a+ 3&'(4()*"a+ ?3&)%+ 4?A)3"#3a+ B)B)3"&4a+ ('5#'$4a+ 3#(.Ym+ &3+ 54+ ?)1?4+
?4"3$4a+ 13+ $3<')3$3+ <'3+ 541+ 0%5b#)(41+ 04$4+ 3">$3"#4$+ 5%1+ 0$%A53?41+ &3+ 5%1+
#$4A4H4&%$31+ &3+ 145'&+ 3"+ 35+ 1)1#3?4+ "4()%"45+ &3+ 145'&+ 134"+ )"#3I$4531+ 3+
)"#3$13(#%$)4531.++
+
21+<'3a+(%?%+13+&3(b4+4"#31a+5%1+0$%A53?41+&3+5%1+4I3"#31+313"()4531+&3+54+4#3"()*"+
"%+ 1%"+ 1*5%+ 0$%A53?41+ &3+ &%#4()*"+ &3+ ?3&)(4?3"#%1a+ B4('"41a+ )"1#$'?3"#%1+ @+
404$4#%1+04$4+<'3+5%1+#$4A4H4&%$31+0$%&'`(4"+35+13$B)()%.+21+"3(314$)%+413I'$4$+<'3+
35+ #$4A4H4&%$+ &3+ 145'&+ g4&3('4&%+ @+ ?%#)B4&%g+ #$4A4H3+ &3+ ?4"3$4+ 3>3(#)B4+ @+
0$%&'(#)B4+ 3"+ 35+ 5'I4$+ <'3+ 13+ 53+ "3(31)#4+ @+ 3"+ 35+ ?%?3"#%+ <'3+ 13+ 53+ $3<')3$3.+ 2"+
31#%+(%"1)1#3+Ad1)(4?3"#3+'"4+0%5b#)(4+&3+&314$$%55%+&3+$3('$1%1+G'?4"%1+3"+145'&.++
+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) <C)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
/%$+31%a+54+0%1)A)5)&4&+&3+<'3+13+0$%&'`(4+313+13$B)()%+1%()45+0%$+3_(353"()4+<'3+31+
54+ 4#3"()*"+ &3+ 54+ 145'&a+ (%"+ (45)&4&+ @+ &)I")&4&a+ &303"&3+ <'3+ 35+ #$4A4H4&%$+ G4@4+
#3")&%a+#3"I4+3>3(#)B4?3"#3+@+413I'$3+&3+?4"3$4+(%"#)"'4+54+#3"3"()4+%+4((31%+4+
4&3('4&41+ (%"&)()%"31+ &3+ >%$?4()*"a+ &3+ #$4A4H%a+ &3+ 3?053%+ @+ &3+ &314$$%55%+
G'?4"%.+ 2"#$3+ 3141+ (%"&)()%"31a+ 541+ ?d1+ )?0%$#4"#31+ 1%"e+ 541+ $354#)B41+ 4+ 54+
>%$?4()*"+X+#4"#%+54+3&'(4()*"+0$%>31)%"45+@+#=(")(4+4+(4$I%+&3+541+'")B3$1)&4&31+@+
31('3541+ #=(")(41+ (%?%+ 54+ 3&'(4()*"+ 03$?4"3"#3+ '"4+ B3`+ <'3+ 54+ 03$1%"4+ 31#=+
)"#3I$4&4+ 45+ 1)1#3?4+ &3+ 145'&Y+ @+ 54+ 3?0534A)5)&4&+ X<'3+ 31+ 54+ (%"&)()*"+ &3+ '"+
3I$314&%+%+&3+'"+#$4A4H4&%$++3"+4(#)B%+&3+3?0534$13+0%$<'3+#)3"3+541+(%?03#3"()41+
4(#'45)`4&41+ @+ "3(314$)41+ 13I\"+ 35+ ?3$(4&%+ &3+ #$4A4H%+ @+ <'3+ 1%"+ $310%"14A)5)&4&+
?4@%$)#4$)4?3"#3+ &35+ 13(#%$+ 2&'(4()*"Ym+ (%"&)()%"31+ &3+ #$4A4H%+ &3(3"#3a+ 31+ &3()$+
1454$)%+ &)I"%a+ 0$%#3(()*"+ 1%()45+ @+ (%"&)()%"31+ 3(%"*?)(41+ 04$4+ 1'+ &313?03C%+
X13(#%$31+&3+o$4A4H%a+R4()3"&4+@+T)"4"`41Ym+@+#3("%5%Ib41+@+(%?03#3"()41+4&3('4&41+
X13(#%$+&3+M)3"()4+@+o3("%5%Ib4Y.+/4$4+'"4+0%5b#)(4+0\A5)(4+<'3+413I'$3+35+&314$$%55%+
)"#3I$45+ &3+ 5%1+ #$4A4H4&%$31+ &3+ 54+ 145'&+ 04$4+ '"+ 1)1#3?4+ (%?%+ 35+ <'3+ 25+ K45B4&%$+
B)3"3+ (%"1#$'@3"&%a+ 13+ $3<')3$3+ &3+ 1%5B3"#31+ )"1#)#'()%"31+ >%$?4&%$41a+
3?0534&%$41+@+0$31#4&%$41+&3+13$B)()%1a+3"#)&4&31+$3I'54&%$41+X&35+&313?03C%a+&35+
1454$)%a+ &35+ (%"#$4#%a+ &35+ 3H3$()()%+ 0$%>31)%"45Y+ @+ '"+ 1'>)()3"#3+ >)"4"()4?)3"#%.+ K3+
#$4#4+&3+'"4+)"&)103"14A53+)"1#)#'()%"45)&4&+(%?053H4+03$%+45)"34&4a+%$)3"#4&4+0%$+
54+0%5b#)(4+"4()%"45+&3+145'&.++
4.!4&8$%)$1*(%8-!A!H(8#-)(&-!/(.!/(&$##-..-!/(!.-&!H()6#&-&!E61$%-&!(%!,$.6/!(%!
4.!,$.3$/-#!
/4$4+3"#3"&3$+54+1)#'4()*"+4(#'45+($b#)(4+3"+35+(4?0%+&35+&314$$%55%+&3+5%1+$3('$1%1+
G'?4"%1+3"+145'&+3"+25+K45B4&%$a+31+)?0%$#4"#3+&4$+('3"#4+&35+0$%5%"I4&%+0$%(31%+
&3+&3#3$)%$%+&3+5%1+?)1?%1+4+5%+54$I%+&3+541+\5#)?41+&=(4&41.+
+
^%+ 1'(3&)&%+ (%"+ 5%1+ J3('$1%1+ R'?4"%1+ 31+ '"+ 353?3"#%+ &35+ &3#3$)%$%+ I5%A45+ &35+
1)1#3?4+ 3"+ 1'+ (%"H'"#%+ <'3+ &'$4"#3+ 54+ &=(4&4+ &3+ 5%1+ 4C%1+ ]Q+ G4Ab4+ )")()4&%+ '"+
03$b%&%+ &3+ 4'I3+ 3"+ ?'(G%1+ 13"#)&%1e+ 25+ ;314$$%55%+ &35+ 0$%(31%+ >%$?4#)B%+ &3+ 541+
3103()45)&4&31+?=&)(41a+54+$3B)1)*"+)"#3I$45+&35+('$$b('5%+&35+0$3I$4&%a+'"+)"()0)3"#3+
&314$$%55%+ &35+ 0$%(31%+ &3+ )"B31#)I4()*"+ 3"+ #%&%1+ 5%1+ ")B3531+ &35+ 1)1#3?4a+ 35+
>%$#453()?)3"#%+ &3+ 5%1+ 353?3"#%1+ (%?053?3"#4$)%1+ &35+ 0$%(31%+ 4(4&=?)(%+
X54A%$4#%$)%1a+ A)A5)%#3(41a+ )">$431#$'(#'$4a+ 404$4#%+ 4&?)")1#$4#)B%Y+ @+ '"+ ($34#)B%+
)?0'51%+ 4+ 54+ )"#3I$4()*"+ &3+ 4(#%$31+ 04$4+ 0%1)A)5)#4$+ 35+ '1%+ *0#)?%+ &3+ 5%1+ $3('$1%1+
&)10%")A531+@+54+I3"3$4()*"+@+I31#)*"+&3+"'3B%1+0$%(31%1.+
+
2"#$3+ 5%1+ 4(#%$31+ (%"B%(4&%1+ <'3+ 3"#3"&)3$%"+ 35+ 04035+ 31#$4#=I)(%+ @+ (%"B%(4"#3+
<'3+ H'I4A4+ 145'&+ 3"+ 35+ &314$$%55%+ "4()%"45+ @+ <'3+ 04$#)('54$?3"#3+ #'B)3$%"+ '"4+
&31#4(4&4+ 04$#)()04()*"+ 3"+ 35+ 0$%I$31%+ &3+ 5%1+ $3('$1%1+ G'?4"%1+ (%?%+ 35+ 3H3+
31#$4#=I)(%a+ 31#'B)3$%"+ 4&3?d1+ &3+ 145'&a+ 35+ 13(#%$+ 3&'(4#)B%+ @+ 35+ &3+ 541+ >)"4"`41+
31#4#4531+ <'3+ (%"(3$#4$%"+ '"+ (%"B3")%+ &3+ )"#3I$4()*"+ &%(3"#3g41)1#3"()45+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) <D)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
$31045&4&%+ 3(%"*?)(4?3"#3+ 0%$+ 35+ (%"('$1%+ &3+ 054`41+ @+ 3104()%1+ (5b")(%1+ 3"+ 5%1+
13$B)()%1+0\A5)(%1.+
+
;314>%$#'"4&4?3"#3a+ 35+ 0$%(31%+ >'3+ 4A%$#4&%+ 0%$+ 35+ 3"&'$3()?)3"#%+ &3+ 54+ #)$4"b4+
?)5)#4$a+ 54+ (%"B'51)*"+ 1%()45+ <'3+ 4`%#*+ 45+ 04b1+ @+ 54+ I'3$$4+ ()B)5+ <'3+ 13+ &313"(4&3"*+
5'3I%.+ ;'$4"#3+ 35+ (%">5)(#%+ 54+ )"B3$1)*"+ 3"+ 145'&+ @+ 3&'(4()*"+ &31(3"&)*+ 4+ B45%$31+
(3$(4"%1+45+9i+&35+/!h+4+3_03"141+&3+0$)B)53I)4$+35+31>'3$`%+?)5)#4$.+
+
H(&(I$! /(! .-&! :#*%)*'$.(&! :#-G.(1$&! 4%)-%8#$/-&! (%! (.! 0$1'-! /(! .-&! H()6#&-&!
E61$%-&!(%!,$.6/!
^4+>45#4+&3+'"4+0%5b#)(4+&3+&314$$%55%+@+I31#)*"+&3+5%1+$3('$1%1+G'?4"%1+3"+145'&+31+
'"%+&3+5%1+0$)"()04531+0$%A53?41+&35+1)1#3?4+&3+145'&a+3103()45?3"#3+&35+NK/OK.+
+
/4$4+ 54+ I31#)*"+ @+ 0$%B)1)*"+ &3+ 5%1+ 13$B)()%1+ &3+ 145'&a+ 35+ N)")1#3$)%+ ('3"#4+ (%"+ '"4+
>'3$`4+54A%$45+&3++P-aQQ]+$3('$1%1+G'?4"%1.+Ea79V+03$1%"41+(%"1#)#'@3"+35+03$1%"45+
4&?)")1#$4#)B%+ @+ 97a9L9+ 1%"+ 0$%>31)%"4531+ @+ #=(")(%1m+ 5%1+ 0$%>31)%"4531+ ?=&)(%1+
G4(3"+ '"+ #%#45+ &3+ -aS97+ $3('$1%1+ + X9].L]i+ 1%"+ $31)&3"#31a+ SS.P9ia+ N=&)(%1+
63"3$4531a+ S].P9i+ N=&)(%1+ 2103()45)1#41a+ 35+ E.-Vi+ (%"+ >'"()*"+ 4&?)")1#$4#)B4+ @+ 35+
V.9Si+ 3"+ 13$B)()%+ 1%()45a+ 5%+ <'3+ (%$$310%"&3+ 45+ PS.]Si+ &35+ #%#45Ym+ + EaVSL+ $3('$1%1+
G'?4"%1+ &3+ 3">3$?3$b4g+ &3+ 5%1+ ('4531+ 35+ VQi+ 1%"+ 4'_)5)4$31+ @+ '"+ -Qi+ 3">3$?3$41+
I$4&'4&41+ <'3+ (%$$310%"&3"+ 4+ '"+ S9i+ &35+ #%#45+ I3"3$45Ym+ + Pa9E]+ 0$%?%#%$31+ &3+
145'&+ <'3+ $30$313"#4"+ 35+ L.9i+ &35+ #%#45+ &3+ $3('$1%1+ G'?4"%1+ @+ 35+ $31#%+ 31#d+
(%"1#)#')&%+ 0%$+ 0$%>31)%"4531+ @+ #=(")(%1+ 3"+ <'b?)(4+ @+ >4$?4()4a+ >)1)%#3$40)4a+
"'#$)()*"a+4"31#31)4+@+54A%$4#%$)%+(5b")(%a+3"#$3+%#$%1.+
+
O+ 31#41+ 13+ 4I$3I4"+ 054`41+ &3+ 13$B)()%+ 1%()45+ <'3+ ('?053"+ &)>3$3"#31+ #4$341+ &3"#$%+
&35+1)1#3?4a+?'(G41+B3(31+4&+G%"%$3?.+["+0%$(3"#4H3+)?0%$#4"#3+&3+541+'")&4&31+
&3+145'&+#)3"3"+&)$3(#%$31+3"+4C%+&3+13$B)()%+1%()45+X?=&)(%1+#%&4Bb4+"%+I$4&'4&%1+
")+(%"+054"31+&3+13$B)$+4+54+(%?'")&4&+?d1+455d+&35+4C%+&3+13$B)()%+1%()45Y.+
+
K)"+ 3?A4$I%+ '"4+ 04$#3+ &3+ 5%1+ $3('$1%1+ "%+ 0$%>31)%"4531+ X?d1+ &35+ Pi+ &35+ #%#45+ &3+
$3('$1%1+ &35+ 1)1#3?4Y+ (%A$4"+ ?3"%1+ &35+ 1454$)%+ ?b")?%+ 04$4+ '"4+ H%$"4&4+ &3+ %(G%+
G%$41+ &)4$)41+ @+ 45$3&3&%$+ &35+ &)3`+ 0%$+ ()3"#%+ &3+ 5%1+ $3('$1%1+ #)3"3"+ (%"#$4#%1+
0$3(4$)%1a+31+&3()$a+"%+#)3"3"+0$31#4()%"31+")+A3"3>)()%1+1%()4531.+O+31#%+13+1'?4+'"4+
I$4"+ &31%$&3"+ 3"+ 54+ (541)>)(4()*"+ &3+ 541+ 054`41a+ <'3+ 553B4+ 4+ <'3+ 0%$+ 3H3?05%+ '"+
#$4A4H4&%$+<'3+&313?03C4+'"4+>'"()*"+&3++0$%>31)%"45+31#=+%('04"&%+'"4+054`4+&3+
%$&3"4"`4a+%+?=&)(%1+3103()45)1#41+%('04"&%+054`41+&3+$31)&3"#31.+
+
N)3"#$41+ #4"#%a+ '"4+ 04$#3+ 1'1#4"()45+ &35+ 03$1%"45+ ?=&)(%+ #)3"3+ &3&)(4()%"31+ &3+
1%54?3"#3+&%1+G%$41+0%$+&b4+@+1'+41)1#3"()4+4+5%1+13$B)()%1+13+(%"(3"#$4+&'$4"#3+54+
?4C4"4a+?%1#$4"&%+'"+31#)5%+&3+I31#)*"+&35+03$1%"45+%$)3"#4&4+?d1+4+4#3"&3$+541+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) =F)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
"3(31)&4&31+&3+5%1+0$%>31)%"4531+<'3+541+"3(31)&4&31+&3+5%1+13$B)()%1+&3+145'&+@+&3+
54+ 0%A54()*".+ M%?%+ 13+ &)H%a+ + 35+ VQi+ &3+ ?=&)(%1+ 3103()45)1#41+ &3+ 5%1+ G%10)#4531+ &3+
#3$(3$+ ")B35+ 1*5%+ #$4A4H4"+ (%"+ 54+ )"1#)#'()*"+ &%1+ G%$41+ 0%$+ &b4.+ K)+ 13+ #%?4"+ 5%1+ SQ+
G%10)#4531+ &35+ 04b1+ @+ 1)+ 13+ #%?4"+ 3"+ ('3"#4+ #%&%1+ 5%1+ ?=&)(%1a+ 134"+ %+ "%+
3103()45)1#41a+5%+<'3+13+#)3"3+31+<'3+35+-P.Ei+&3+5%1+?=&)(%1+#$4A4H4"+&%1+G%$41+0%$+
&b4a+35+PE.7i+#$4A4H4+('4#$%+G%$41+0%$+&b4+@+1%54?3"#3+35+97.Ei+#$4A4H4+%(G%+G%$41+
0%$+&b4.+O1ba+1)+13+(45('54$4+"%+35+"\?3$%+&3+0$%>31)%"4531+(3"14&%1+3"+35+1)1#3?4a+
1)"%+541+G%$41+#$4A4H4&41+3"+35+?)1?%a+13+$3&'()$b4+B3$#)I)"%14?3"#3+35+"\?3$%+&3+
0$%>31)%"4531+ X31+ &3()$+ <'3+ &3+ ('4#$%+ ?=&)(%1+ &3+ P+ G%$41+ &)4$)41+ &3+ &3&)(4()*"a+
0%&$b4?%1+(%"#4$+1*5%+'"+$3('$1%+&3+&3&)(4()*"+&3+7+G%$41Y.+
21#4+1)#'4()*"+03$#'$A4+@+4I$4B4+'"%+&3+5%1+0$%A53?41+?d1+($b#)(%1+&35+1)1#3?4a+<'3+
31+35+45#%+&=>)()#+&35+03$1%"45+&3+145'&+3"+#%&%1+5%1+")B3531+@+(4#3I%$b41+&35+1)1#3?4a+
54+3"%$?3+A$3(G4+3"#$3+5%+<'3+13+#)3"3+3"+31#3+?%?3"#%+@+5%+<'3+35+1)1#3?4+0\A5)(%+
"3(31)#4+04$4+553B4$+4&354"#3+54+0%5b#)(4+&3+145'&.+25+&=>)()#+31+&3+45+?3"%1+-Qi+X03$%+
541+31#)?4()%"31+3"+45I'"%1+31#4A53()?)3"#%1+@+d$341+1%"+?4@%$31Y.+2>3(#)B4?3"#3a+
25+ K45B4&%$+ 31#d+ 3"#$3+ 5%1+ 04b131+ &3+ 541+ O?=$)(41+ (%"+ '"4+ $354()*"+ ?d1+ A4H4+ 3"#$3+
#$4A4H4&%$31+&3+145'&+@+0%A54()*".+K)"+3?A4$I%a+3"+35+04b1+13+0$313"#4+'"4+1)#'4()*"+
03('5)4$a+@4+<'3+'"4+04$#3+)?0%$#4"#3+&35+03$1%"45+$3<'3$)&%+31#d+&)10%")A53+3"+35+
?3$(4&%+ &3+ #$4A4H%+ X4+ &)>3$3"()4+ &3+ %#$%1+ 04b131+ 3"+ &%"&3+ "%+ G4@+ 03$1%"45+
(45)>)(4&%Y+@+0%133+541+(%?03#3"()41+#=(")(41+"3(314$)41+04$4+)"#3I$4$13+45+1)1#3?4a+
03$%+54+>45#4+&3+$3('$1%1+>)"4"()3$%1+&35+21#4&%+)?0)&3+<'3+5%+G4I4".+
+
O+ 31#%1+ 0$%A53?41+ 13+ 4I$3I4+ 35+ G3(G%+ &3+ 541+ "3(31)&4&31+ &3+ >%$?4()*"+ <'3+
0$313"#4"+ ?'(G%1+ + #$4A4H4&%$31+ 3"+ 35+ 1)1#3?4+ @+ 54+ 5)?)#4()*"+ 3"+ 541+ (%?03#3"()41+
$3<'3$)&41+04$4+)?053?3"#4$+35+?%&35%+&3+4#3"()*"+)"#3I$45+3"+145'&+A414&%+3"+54+
31#$4#3I)4+&3+4#3"()*"+0$)?4$)4+&3+145'&a+<'3+$3>53H4+'"4+A4H4+4$#)('54()*"+3"#$3+35+
13(#%$+3&'(4()*"+X3"+3103()45+'")B3$1)&4&31Y+@+35+13(#%$+145'&.+
+
^4+>45#4+&3+'"4+0%5b#)(4+&3+&314$$%55%+@+I31#)*"+&3+$3('$1%1+G'?4"%1+13+3_0$314+3"+54+
(4$3"()4+&3+54+(4$$3$4+>'"()%"4$)4+3"#$3+35+03$1%"45+&3+145'&a+5%+<'3+&4+5'I4$+4+'"4+
13$)3+ &3+ &)1>'"()%"31+ 3"+ 35+ 1)1#3?4+ <'3+ 13+ #$4&'(3"+ 3"+ I$4"&31+ )"3<')&4&31a+
)"H'1#)()41+ @+ '"4+ I$4"+ >45#4+ &3+ 31#b?'5%+ 04$4+ 35+ 03$1%"45+ &3+ 145'&.+ M%?%+ 3H3?05%a+
A41#4+ &31#4(4$+ <'3+ '"+ 0$%>31)%"45a+ 04$4+ 4(30#4$+ 54+ 054`4+ &3+ ;)$3(#%$+ &3+ R%10)#45a+
&3A3+ $3"'"()4$+ 4+ 1'+ 054`4+ 0$%>31)%"45+ 3"+ 35+ ?)1?%+ G%10)#45a+ (%"&3"4"&%+ 1'+
31#4A)5)&4&+ 54A%$45a+ @4+ <'3+ 54+ >'"()*"+ 0\A5)(4+ 3"+ 0%1)()%"31+ &3+ (%">)4"`4+ 31+ 0%$+
"4#'$453`4+#3?0%$45.++
+
^4+(4$3"()4+&3+&)(G4+0%5b#)(4+#4?A)="+13+3_0$314+3"+'"4+&)1#$)A'()*"+)"3<')#4#)B4+3+
)"4&3('4&4+&35+03$1%"45+&3+145'&+3"+541+&)>3$3"#31+)"1#4"()41+&35+1)1#3?4+@+#4?A)="+
3"+ 54+ >45#4+ &3+ '"+ 1)1#3?4+ &3+ )">%$?4()*"+ 4&3('4&%+ (%?%+ 40%@%+ 4+ 54+ I31#)*"+ &3+
03$1%"45.+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) =E)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
+
/%$+ 5%+ 4"#3&)(G%a+ 3"+ 35+ ?4$(%+ &3+ 54+ 0%5b#)(4+ &3+ &314$$%55%+ @+ I31#)*"+ &3+ $3('$1%1+
G'?4"%1a+ 13+ G4"+ &3>)")&%+ 5b"341+ &3+ #$4A4H%+ 3"+ ('4#$%+ d?A)#%1+ (%?%+ 541+ ?d1+
)?0%$#4"#31+ 04$4+ 4A%$&4$+ 3"+ 31#4+ d$34+ &'$4"#3+ 35+ <')"<'3")%e+ 4Y+ ;%#4()*"+
1'>)()3"#3+ @+ &)1#$)A'()*"+ 4&3('4&4+ &35+ 03$1%"45+ &3+ 145'&+ &3+ 4('3$&%+ 4+ 541+
"3(31)&4&31+ I3%I$d>)(41a+ 0%A54()%"4531a+ &3+ 3<')&4&+ @+ &3+ $31%5'()*"+ &35+ 1)1#3?4+
$3>%$?4&%+ 3"+ '"+ ?4$(%+ &3+ + 054")>)(4()*"+ @+ $3I'54()*"+ 13(#%$)45+ &3+ $3('$1%1+
G'?4"%1+ X&314$$%55%+ &3+ 54+ (404()&4&+ &3+ I31#)*"+ 3+ )"B31#)I4()*"+ 3"+ 145'&a+
>%$#453()?)3"#%+ &3+ 54+ (404()&4&+ &3+ I3"3$4()*"+ &3+ )">%$?4()*"+ 1%A$3+ $3('$1%1+
G'?4"%1a+@+54+$3I'54()*"+4+04$#)$+&35+$3I)1#$%+@+(%"#$%5+&3+0$%>31)%"31+3"+145'&Ym+AY+
)"1#)#'()%"45)`4()*"+ &3+ 54+ (4$$3$4+ >'"()%"4$)4m+ + (Y+ (%"1#$'(()*"+ &3+ (%"&)()%"31+
54A%$4531+4&3('4&41+04$4+35+&313?03C%+0$%>31)%"45+@+&Y+&)13C%+3+)?053?3"#4()*"+
&3+0$%I$4?41+&3+(404()#4()*"+@+3&'(4()*"+03$?4"3"#3+<'3+)"(3"#)B3"+35+&314$$%55%+
()3"#b>)(%g#=(")(%+&35+03$1%"45.+
+
;'$4"#3+ 35+ 0$)?3$+ 4C%+ &3+ I%A)3$"%+ @4+ 13+ G4"+ G3(G%+ 4B4"(31+ 1'1#4"()4531+ 3"+ 54+
?4@%$+ 04$#3+ &3+ &)(G41+ d$341+ 21#%+ )"(5'@3+ 35+ )")()%+ &3+ '"+ 0$%>'"&%+ 0$%(31%+ &3+
3&'(4()*"+03$?4"3"#3+<'3+G4+(%?3"`4&%+(%"+54+>%$?4()*"+&3+5%1+SQ+&)$3(#%$31+&3+
G%10)#4531+3"+'"4+)")()4#)B4+(%"H'"#4+3"#$3+35+NK/OKa+54+21('354+&3+K45'&+/\A5)(4+&3+
O"&45'(b4+@+F/KlFNK.+F#$%1+1%()%1+"4()%"4531+3+)"#3$"4()%"4531+31#d"+(%%03$4"&%+
)"#3"14?3"#3+(%"+35+3">$3"#4?)3"#%+&3+5%1+0$%A53?41+?3"()%"4&%1.+K)"+3?A4$I%a+
03$1)1#3+54+"3(31)&4&+&3+)"($3?3"#4$+54+&%#4()*"+&3+03$1%"45+04$4+G4(3$+>$3"#3+4+5%1+
$3<'3$)?)3"#%1+'$I3"#31+&3+'"4+$3>%$?4+(%"+)"#3"()%"31+&3+(%A3$#'$4+'")B3$145+&3+
54+0%A54()*"+353I)A53+X?d1+&3+54+?)#4&+<'3+13+#)3"3+3"+35+?%?3"#%Y+@+45#4+(45)&4&+
X<'3+)?05)(4+?%&)>)(4()%"31+31#$'(#'$4531+45+?%&35%+&3+4#3"()*"+B)I3"#3+45+)")()%+&35+
03$b%&%+&3+I%A)3$"%Y.+
+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) =<)
)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
6((.'F&10,&1)3'3'43'8&<3"#3''
#&'I&#$%3<&")+1'='63%,"31'
!
!
!
!
,*86$)*;%!4%)-%8#$/$!(%!.$!7(&8*;%!/(!J(/*)$1(%8-&!A!K$)6%$&!
!
^4+ $3(#%$b4+ &35+ 13(#%$+ 145'&+ 13+ 3"(%"#$*+ I$4B3?3"#3+ &3A)5)#4&4+ &3A)&%+ 4+ 54+
&)(%#%?b4+3"#$3+35+3"#3+%>)()45?3"#3+$3(%"%()&%+(%?%+$3(#%$+&35+1)1#3?4+XNK/OKY+
<'3+ #)3"3+ 41)I"4&4+ \")(4?3"#3+ 54+ B)I)54"()4+ 14")#4$)4+ X(%"#$%5+ &3+ (45)&4&+ 0%1#g
$3I)1#$%a+>4$?4(%gB)I)54"()4Ya+0%$+'"4+04$#3a+@+35+M%"13H%+K'03$)%$+&3+K45'&+/\A5)(4+
XMKK/Ya+0%$+54+%#$4a+3"#3+<'3+13+3"(4$I4+&35+$3I)1#$%+&3+?3&)(4?3"#%1+.++
O&)()%"45?3"#3a+ ")"I'"4+ &3+ 541+ &%1+ )"1#)#'()%"31+ #)3"3+ 54+ (404()&4&+ )"1#454&4+
"3(314$)4+04$4+('?05)$+(%"+1'1+$310%"14A)5)&4&31.+25+NK/OKa+0%$<'3+1'+54A%$4#%$)%+
(3"#$45+>'3+&31?4"#354&%+@+1'+(404()&4&+&3+(%"#$%5+&3+(45)&4&+$3&'()&4+45+4"d5)1)1+
04$()45+ &3+ 5%1+ ?3&)(4?3"#%1+ <'3+ 13+ (%"1'?3"+ 3"+ 1'+ $3&+ &3+ 13$B)()%1+ X35+ !KKK+
(%"#$4#4+ 31#%1+ 13$B)()%1+ 3"+ 35+ 13(#%$+ 0$)B4&%Y.+ 25+ MKK/+ 0%$<'3+ #4?A)="+ #)3"3+ '"4+
(404()&4&+ 353?3"#45+ 3+ )I'45?3"#3+ + #4?A)="+ (%"#$4#4+ 3"+ 35+ 13(#%$+ 0$)B4&%+ 5%1+
13$B)()%1+ &3+ (%"#$%5+ &3+ (45)&4&+ <'3+ 3"+ (%"13('3"()4+ (%"+ 31#4+ $310%"14A)5)&4&+
41)I"4&4+&3A3$b4+0$31#4$.+
^4+&)(%#%?b4+&31($)#4+3"+54+4'#%$)&4&+(%?03#3"#3a+#'B%+(%?%+(%$%54$)%+54+4'13"()4+
&3+'"+?4$(%+$3I'54#%$)%+&3+5%1+(%">5)(#%1+&3+)"#3$=1+I31#4&%1+3"+&)>3$3"#31+0$%(31%1+
3+)"1#)#'()%"31a++4+14A3$e+
+
• U%#%$)41+ )$$3I'54$)&4&31+ 3"+ 54+ 4'#%$)`4()*"a+ $3I)1#$%+ @+ (%?3$()45)`4()*"+ &3+
0$%&'(#%1+ >4$?4(='#)(%1+ a+ )"(5'@3"&%+ 35+ 4"d5)1)1+ &3+ 54+ (45)&4&+ &3+ &)(G%1+
0$%&'(#%1a+0$%0)()4"&%+0$d(#)(41+?%"%0*5)(41+&31&3+35+13"%+?)1?%+&35+MKK/+
• J345)`4()*"+0%$+04$#3+&3+54+)"&'1#$)4+>4$?4(='#)(4+&3+0$%04I4"&4+4"#)+=#)(4+@+
0$d(#)(41+(%?3$()4531+4A'1)B41+
• !">5'3"()4+ &3+ 54+ )"&'1#$)4+ >4$?4(='#)(4+ 3"+ 5%1+ 0$%(31%1+ &3+ 4'#%$)`4()*"+ &35+
>'"()%"4?)3"#%+&3+5%1+31#4A53()?)3"#%1+>4$?4(='#)(%1+
• !">5'3"()4+ &3+ 54+ )"&'1#$)4+ >4$?4(='#)(4+ 3"+ 5%1+ 0$%(31%1+ &3+ 5)()#4()*"+ @+
4&H'&)(4()*"+ &3+ ?3&)(4?3"#%1a+ 0$%&'(#%1+ A)%5*I)(%1+ XB4('"41Y+ @+
A)%#3("%5*I)(%1a+(%"#$)A'@3"&%+4&)()%"45?3"#3+4+54+>45#4+&3+(%?03#)#)B)&4&+
@+#$4"104$3"()4+&35+?3$(4&%.+
21#4+ &'45)&4&+ &35)A3$4&4?3"#3+ )"#$%&'()&4+ %+ "%a+ 0%1)A)5)#*+ 54+ $345)`4()*"+ &3+
"3I%()%1+3_#$3?4&4?3"#3+5'($4#)B%1+4+3_03"141+&35+3$4$)%+0\A5)(%+%+&35+A%51)55%+&3+
5%1+G%I4$31a+I3"3$4"&%+54+@4+?3"()%"4&4+4'13"()4+&35+?4$(%+$3I'54#%$)%+<'3a+4+1'+
B3`a+ 0%1)A)5)#*+ &'$4"#3+ &=(4&41a+ 3"#$3+ %#$41+ )$$3I'54$)&4&31a+ 54+ >)H4()*"+ 4$A)#$4$)4+ @+
4A'1)B4+&3+5%1+0$3()%1+&3+5%1+?3&)(4?3"#%1+0%$+54+)"&'1#$)4+>4$?4(='#)(4a+G4()3"&%+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) ==)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
<'3+ 5%1+ 145B4&%$3C%1+ 04I'3"+ 5%1+ 0$3()%1+ ?d1+ 45#%1+ &35+ ?'"&%+ 0%$+ 5%1+
?3&)(4?3"#%1+ <'3+ (%"1'?3".+ ^4+ (%"#$404$#)&4+ 13+ B)%+ $3>53H4&4+ 3"+ '"4+ (4$I4+
)"($3?3"#4&4+ &3+ (%?05)(4()%"31+ @+ ?'3$#3+ 3"+ 54+ 0%A54()*"+ 145B4&%$3C4a+
3103()45?3"#3+ 3"+ 54+ 0%A54()*"+ 0%A$3+ @+ 3_#$3?4&4?3"#3+ 0%A$3+ ($3()3"#3?3"#3+
3_(5')&4+&35+4((31%+4+5%1+?3&)(4?3"#%1+313"()4531.+
+
O+ 5%+ 4"#3$)%$+ B)"%+ 4+ 1'?4$13+ '"4+ 0=1)?4+ I31#)*"+ &3+ 54+ &3#3$?)"4()*"+ &3+ 541+
"3(31)&4&31+ &3+ ?3&)(4?3"#%1+ 3"+ 54+ $3&+ 0\A5)(4a+ (%"&)()%"31+ 04'0=$$)?41+ &3+
&)1#$)A'()*"+ @+ 45?4(3"4?)3"#%a+ (4$3"()4+ &3+ '"+ 1)1#3?4+ 3>)()3"#3+ &3+ )">%$?4()*"+ @+
'"4+A4H4+4&H'&)(4()*"+0$31'0'31#4$)4a+5%+<'3+(%"&)()%"4A4++'"4+A4H4+&)10%")A)5)&4&+
&3+?3&)(4?3"#%1+313"()4531+<'3+"%+1'03$4A4+35+--i+3"+54+$3&+0\A5)(4+&3+13$B)()%1a+
'"+ &310)5>4$$%+ I3"3$45)`4&%+ &3+ ?3&)(4?3"#%1+ &3A)&%+ 4+ 1'+ 4&<')1)()*"+ 3"+ >3(G41+
0$*_)?41+4+1'+B3"()?)3"#%+@+'"4+&)10%1)()*"+>)"45+)"4&3('4&4+&3+?3&)(4?3"#%1+3+
)"1'?%1+?=&)(%1+X3"#)3$$%1+@+%#$%1Y.+
/%$+%#$4+04$#3a+35+0$%I$4?4+&3+)"?'")`4()%"31+X/O!Y+0$%#3Ib4+)"1'>)()3"#3?3"#3+4+54+
0%A54()*"+ )">4"#)5a+ #3$(3$4+ 3&4&+ @+ %#$%1+ I$'0%1+ &3+ $)31I%+ @+ 35+ &31?4"#354?)3"#%+
$354#4&%+&3+54+(404()&4&+&35+NK/OK+I3"3$*+I$4B31+(41%1+&3+$34(()%"31+4&B3$141+3"+
0%A54()*"+ "3(31)#4&4+ &3+ B4('"41+ X(%?%+ 1'(3&)*+ (%"+ 54+ $34(()*"+ 4+ 54+ B4('"4+
4"#)$$dA)(4Y.+
!
:#-'6(&8$&!/(!,-.6)*;%!
+
• ;3>)")$+ 45+ $3(#%$+ &35+ K)1#3?4+ U4()%"45+ &3+ K45'&+ XNK/OKY+ (%?%+ 54+ \")(4+
4'#%$)&4&+ $3I'54&%$4a+ >%$#453()="&%54+ 3"+ 1'1+ (404()&4&31+ #=(")(41+ @+
4&?)")1#$4#)B41++&%#d"&%5%+&3+'"+>)"4"()4?)3"#%+1'>)()3"#3+@+1%1#3")A53a+41b+
(%?%+&3+'"+03$1%"45+b"#3I$%a+(%?03#3"#3+@+1)"+(%">5)(#%1+&3+)"#3$=1++
• o$4154&4$a+ 3"+ (%"13('3"()4a+ 35+ $3I)1#$%+ &3+ ?3&)(4?3"#%1+ 4+ 54+ 4'#%$)&4&+
14")#4$)4+ "4()%"45+ XNK/OKY+ 4+ >)"+ &3+ 413I'$4$+ '"+ 0$%(31%+ &3+ $3I)1#$%+
#$4"104$3"#3+ 3+ )?04$()45+ <'3+ B)I)53+ 54+ 405)(4()*"+ &3+ h'3"41+ /$d(#)(41+ &3+
N4"'>4(#'$4+@+54+(3$#)>)(4()*"+&3+54+(45)&4&+&3+5%1+?3&)(4?3"#%1a+405)(4"&%+
4&3?d1+541+?3&)&41+&3+(%"#$%5+&3+(45)&4&+0%1#g$3I)1#$%++
• 64$4"#)`4$+ 4+ #$4B=1+ &3+ '"4+ $3&+ 54A%$4#%$)45+ 3>3(#)B4+ @+ 3>)()3"#3a+ 54+ (45)&4&a+
13I'$)&4&+ @+ 3>)(4()4+ &3+ 5%1+ ?3&)(4?3"#%1+ #4"#%+ 3"+ 35+ 0$%(31%+ &3+ $3I)1#$%+
(%?%+3"+35+0%1#g$3I)1#$%.++
• M$34$+ 54+ ;)$3(()*"+ U4()%"45+ &3+ N3&)(4?3"#%1+ @+ /$%&'(#%1+ K4")#4$)%1+ 3"+ 35+
NK/OK+ 04$4e+ 0$%?%B3$+ 35+ '1%+ $4()%"45+ &3+ 5%1+ ?3&)(4?3"#%1+ 0%$+ 5%1+
0$%>31)%"4531+ &3+ 54+ 145'&+ @+ 5%1+ '1'4$)%1a+ 35)?)"4"&%+ 541+ 0$d(#)(41+
)"4&3('4&41+&3+4'#%?3&)(4()*"a+(%?3$()45)`4()*"a+&)103"14()*"a+0$%?%()*"+
@+0'A5)()&4&+&)$)I)&4+45+(%"1'?%+&3+5%1+?)1?%1m+($34$+'"+1)1#3?4+"4()%"45+&3+
>4$?4(%gB)I)54"()4+3"+#%&%1+5%1+")B3531+&3+&)1#$)A'()*"+@+&)103"14()*"+&3+5%1+
?3&)(4?3"#%1+@+0$%&'(#%1+A)%5*I)(%1m+4$?%")`4$+54+$3I54?3"#4()*"+(%"+5%1+
04b131+ &3+ 54+ $3I)*"+ (3"#$%4?3$)(4"4a+ #%?4"&%+ (%?%+ $3>3$3"()4+ 5%1+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) =>)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
•
•
31#d"&4$31+ )"#3$"4()%"45?3"#3+ 4(30#4&%1+ 0%$+ 54+ FNKm+ 4131%$4$+ 4+ 5%1+
)"#3I$4"#31+ &3+ 54+ $3&+ &3+ 13$B)()%1+ 04$4+ 54+ 4&3('4&4+ 054")>)(4()*"+ &3+ 1'1+
"3(31)&4&31+&3+?3&)(4?3"#%1+3+)"1'?%1+?=&)(%1+
631#)%"4$+54+40$%A4()*"+&3+54+D(A!/(!J(/*)$1(%8-&!A!:#-/6)8-&!,$%*8$#*-&+
<'3+$3(%I3+541+$3(%?3"&4()%"31+4"#3$)%$31.+
O13I'$4$+54+3>)(4()4+@+54+1%1#3")A)5)&4&+>)"4"()3$4+&35+/$%I$4?4+O?05)4&%+&3+
!"?'")`4()%"31+ 4+ #$4B=1+ &3e+ I4$4"#)`4$+ 54+ (4&3"4+ &3+ >$b%+ 3"+ 54+ $3&+ &3+
13$B)()%1+ &35+ NK/OK+ X&%1+ ('4$#%1+ >$b%1+ (3"#$4531+ @+ 9EQ+ >$)I%$b>)(%1+ 3"+
31#4A53()?)3"#%1+ 03$)>=$)(%1Ya+ )"#$%&'(()*"+ &3+ 54+ B4('"4+ (%"#$4+ 35+
"3'?%(%(%a+ (404()#4()*"+ 03$?4"3"#3+ &35+ 03$1%"45+ )"B%5'($4&%+ 3"+ 35+
0$%I$4?4a+>%$#453(3$+54+B)I)54"()4+&3+5%1+3B3"#%1+1'0'31#4?3"#3+4#$)A')&%1+4+
54+ B4('"4()*"a+ 31#)?'54$+ 35+ #$4A4H%+ (%%$&)"4&%+ 4+ >)"+ &3+ I3"3$4$+ &4#%1+
(%">)4A531+ 04$4+ 31#)?4$+ 54+ (4$I4+ &3+ 54+ 3">3$?3&4&+ @+ $345)`4$+ 5%1+ 31#'&)%1+
3(%"*?)(%1+<'3+1'1#3"#3"+35+(%1#%g3>3(#)B)&4&+&3+54+)"#$%&'(()*"+&3+"'3B41+
B4('"41.+
+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) =?)
)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
6(((.'("1)3,*3%$-"'#&4'M+*+'L3%$+"34'#&'G34,#'
!
!
!
!
!
2"+ 130#)3?A$3+ &3+ PQQLa+ 1)I')3"&%+ 5%1+ 5)"34?)3"#%1+ &35+ /$%I$4?4+ &3+ 6%A)3$"%+ &35+
/$31)&3"#3+ T'"31+ @+ 5%1+ &3+ 54+ 0%5b#)(4+ &3+ 145'&a+ + 54+ N)")1#$4+ &3+ K45'&+ "%?A$*+ 4+ 54+
M%?)1)*"+F$I4")`4&%$4+&35+T%$%+U4()%"45+&3+K45'&a+54+<'3+&31&3+3"#%"(31+@+G41#4+
?4@%+#$4A4H*+04$4+1'+54"`4?)3"#%.+25+P7+&3+?4@%a+;b4+!"#3$"4()%"45+0%$+54+K45'&+&3+
54+ N'H3$a+ 13+ 54"`*+ 35+ T%$%+ U4()%"45+ &3+ K45'&+ 3"+ '"+ 4(#%+ 0\A5)(%+ %$I4")`4&%+ 0%$+ 35+
?%B)?)3"#%+1%()45+@+&%"&3+31#'B)3$%"+0$313"#31+541+4'#%$)&4&31+&35+N)")1#3$)%+&3+
K45'&.+21#3+>'3+'"+0'"#%+&3+)">53_)*"+3"+&%"&3a+0%$+'"4+04$#3a+13+0$313"#4$%"+5%1+
$31'5#4&%1+&3+(%"1'5#41+#3$$)#%$)4531+<'3+13+B)3"3"+$345)`4"&%+3"+31#3+?%?3"#%+3"+
#%&41+541+$3I)%"31+&35+04b1+@a+0%$+%#$4+04$#3a+13+13"#4$%"+541+A4131+04$4+'"+4C%+&3+
)"#3"1%+#$4A4H%+(%"+54+()'&4&4"b4+%$I4")`4&%+#4"#%+3"+#=$?)"%1+#3$$)#%$)4531+(%?%+
13(#%$)4531.++
!
0$#$)8(#L&8*)$&!/(!.$!:$#8*)*'$)*;%!,-)*$.!(%!4.!,$.3$/-#!
+
25+ ?%B)?)3"#%+ 0%0'54$+ G4+ 4&<')$)&%+ '"4+ I$4"+ 3_03$)3"()4+ 3"+ 54+ 5'(G4+ 0%$+ 1'1+
&3$3(G%1+ 1%()4531+ @+ 0%5b#)(%1+ 3"+ 25+ K45B4&%$a+ 4+ 54+ B3`+ <'3+ 145'&+ 31+ '"+ >4(#%$+ &3+
?%B)5)`4()*"+?'@+)?0%$#4"#3.+K)"+3?A4$I%a+G%@+54+1%()3&4&+"%+13+31#d+?%B)5)`4"&%+
(%"+'"+>)"+&3>)")&%.+25+I$4"+&314>b%+31+(*?%+(%"1#$')$+%+$3(%"1#$')$+'"+?%B)?)3"#%+
0%0'54$+ 4?05)%+ 04$4+ 35+ 053"%+ 3H3$()()%+ &35+ &3$3(G%+ 4+ 54+ 145'&.+ O1)?)1?%a+ 31+
"3(314$)%+ 5%I$4$+ '"+ 4?05)%+ ?%B)?)3"#%+ &3+ 40%@%+ 04$4+ 35+ )?0'51%a+ 54+
)?053?3"#4()*"+@+54+&3>3"14++&3+54+#$4"1>%$?4()*"+&35+13(#%$+145'&+(%"+A413+3"+54+
31#$4#3I)4+ &3+ O#3"()*"+ /$)?4$)4+ &3+ K45'&+ !"#3I$45+ @+ 0414$+ &35+ ?%&35%+ &3+
04$#)()04()*"+ )"1#$'?3"#45+ @+ &35+ ?%&35%+ &3+ 04$#)()04()*"+ (%"1'5#)B4+ G4()4+ '"+
?%&35%+&3+04$#)()04()*"+B)"('54"#3+(%"+$3103(#%+4+541+0%5b#)(41+0\A5)(41.+O5+?)1?%+
#)3?0%a+ 13+ &3A3+ 5%I$4$+ (%"#$4$$31#4$+ 54+ I$4"+ >$4I?3"#4()*"+ 13(#%$)45+ @+ &3+
3_03$)3"()41+&3+04$#)()04()*"a+@+3"+3103()45+54+0%54$)`4()*"+0%5b#)(4+3+)&3%5*I)(4a+04$4+
40%@4$+54+%$I4")`4()*"+&35+?%B)?)3"#%+0%0'54$+45$3&3&%$+&35+&3$3(G%+4+54+145'&.+
+
^4+ 1)#'4()*"+ &3+ 54+ %$I4")`4()*"+ (%?'")#4$)4+ #3$$)#%$)45+ #)3"3+ 541+ 1)I')3"#31+
(4$4(#3$b1#)(41e++
2_)1#3+ 3"+ 54+ 4(#'45)&4&+ '"+ #3H)&%+ &3+ %$I4")`4()*"+ (%?'")#4$)4+ 4$#)('54&%+ 3"+
O;2KMFKa+ (%"+ 03$1%"3$b4+ H'$b&)(4+ @+ (%"+ B)"('54()*"+ 4+ 5%1+ I%A)3$"%1+ 5%(4531.+ R4@+
&)>3$3"()4+ 3"+ 5%1+ ")B3531+ &3+ ?%B)5)`4()*"+ @+ $30$313"#4#)B)&4&+ &3+ 5%1+ O;2KMFKa+ 41b+
(%?%+ 3"+ 1'+ 4$#)('54()*"+ (%"+ 5%1+ ?'")()0)%1.+ ^%1+ #3?41+ ?%B)5)`4&%$31+ 3"+ 35+ ")B35+
(%?'")#4$)%+ G4"+ 1)&%+ 0$)"()045?3"#3e+ 4I'4a+ 145'&a+ ?)"3$b4a+ $)31I%1+ 4+ &3141#$31a+ @+
$30$3141.+ ^41+ ?4"(%?'")&4&31+ 13+ 4I5'#)"4"+ 4+ ")B35+ &3+ B4$)41+ + ?'")()045)&4&31+ @+
(%?'")&4&31a+ &3>)"3"+ '"4+ 4I3"&4+ (%?\"+ @+ 54+ I31#)%"4"+ &3+ ?4"3$4+ 04$#)()04#)B4.+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) =A)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
R4@+ ?4"(%?'")&4&31+ <'3+ A'1(4"+ 54+ (%%$&)"4()*"+ (%"+ 541+ FU6r1a+ @+ G4(3"+ + '"4+
I31#)*"+ 3103(b>)(4.+ 2"+ 31#4+ 31#$'(#'$4+ &3+ 13I'"&%+ ")B35+ 13+ 1)I'3+ #$4A4H4"&%+ (%"+
04$#)()04()*"+(%?'")#4$)4.++
+
^4+1)#'4()*"+&3+54+%$I4")`4()*"+13(#%$)45+13+(4$4(#3$)`4+&310'=1+&3+5%1+O('3$&%1+&3+
/4`+13+1'1()#*+'"+&3A)5)#4?)3"#%+&3+54+%$I4")`4()*"+13(#%$)45a+4'"<'3+54+?%B)5)`4()*"+
&3+ 5%1+ #$4A4H4&%$31+ &3+ 54+ 145'&+ (%"#$4+ 54+ 0$)B4#)`4()*"+ &35+ 1)1#3?4+ &3+ 145'&+
(%"1#)#'@*+'"+?%B)?)3"#%+&3+I$4"+#$41(3"&3"()4.+2"+35+0$313"#3+"%+G4@+>%$#453`4+3"+
54+3_0$31)*"+1)"&)(45+<'3+B4@4+?d1+455d+&3+54+5'(G4+0%$+541+0$%0)41+$3)B)"&)(4()%"31+
54A%$4531m+ 54+ 04$#)()04()*"+ 0%0'54$+ 13(#%$)45+ >'"()%"4+ 3"+ #%$"%+ 4+ G3(G%1+
(%@'"#'$4531.+ U%+ G4@+ (%%$&)"4()*"+ 3"#$3+ 5%1+ ?%B)?)3"#%1m+ 5%1+ &)>3$3"#31+ 13(#%$31+
?4"#)3"3"+ + 4I3"&41+ 4)154&41+ $3(%$#4&41+ 0%$+ 3H31+ 0$%A53?d#)(%1+ @+ I3"3$45?3"#3+
>$4I?3"#4&%e+&3>3"14+&3+5%1+&3$3(G%1+&3+541+?'H3$31a+5'(G4+0%$+35+?3&)%+4?A)3"#3a+
0$%&'(()*"+ 4I$b(%54a+ 3#(.+ #%&41+ 31#41+ 5'(G41+ 53Ib#)?41a+ 1)+ 13+ B3$#3A$4$4"+ 45$3&3&%$+
&35+3H3+&3+145'&a+(%"#$)A')$b4"+4+&4$+I$4"+)?0'51%+45+4B4"(3+&3+54+#$4"1>%$?4()*"+&35+
13(#%$a+ #%&41+ 31#41+ 0$%A53?d#)(41+ 1%"+ 04$#3+ &3+ 54+ 145'&+ @+ 1'1+ &3#3$?)"4"#31+
1%()4531.+
+
0-%&8#6))*;%!/(!.$!:$#8*)*'$)*;%!,-)*$.!
!
K45'&l3">3$?3&4&+31+'"+0$%(31%+1%()45+&3#3$?)"4&%+0%$+541+(%"&)()%"31+&3+#$4A4H%+
@+ &3+ B)&4+ @+ 31+ '"+ 3H3+ 4$#)('54&%$+ <'3+ (%"()3$"3+ 4+ #%&%1+ @+ #%&41.+ 25+ 0$%(31%+ &3+
04$#)()04()*"+ ()'&4&4"4+ 3"+ 145'&+ &31&3+ 35+ ")B35+ Ad1)(%+ (%?'")#4$)%+ &3A3+ #3"3$+
(%?%+(%"&)()*"+"3(314$)4+54+$3&)1#$)A'()*"+&35+0%&3$+3"+35+1)1#3?4+04$4+0%1)A)5)#4$+
54+ &3?%($4#)`4()*"+ 3"+ 145'&a+ 35+ &)d5%I%+ @+ 54+ (%"(3$#4()*"+ G%$)`%"#45a+ &31&3+ '"+
3">%<'3+ &3+ &3$3(G%1+ <'3+ ?4$<'3+ '"4+ 03$103(#)B4+ &)>3$3"#3+ &3+ (%"&'()$.+ /%$+
(%"1)I')3"#3a+54+04$#)()04()*"+"%+&3A3+13$+'"+?3(4")1?%+&3+)"1#$'?3"#45)`4()*"+&3+
54+ (%?'")&4&+ ")+ #4?0%(%+ &3A3+ 31#4$+ &)$)I)&4+ 4+ (%%03$4$+ (%"+ '"+ ?%&35%+ ?=&)(%+
&)$)I)&%+3_(5'1)B4?3"#3+4+54++4#3"()*"+&3+54+3">3$?3&4&.+^%1+0$)"()0)%1+<'3+&3A3"+
$3I)$+ 54+ 04$#)()04()*"+ ()'&4&4"4+ 3"+ 145'&+ 1%"a+ 3"#$3+ %#$%1e+ ^4+ 0$%?%()*"+ &3+ 54+
04$#)()04()*"+&3A3+04$#)$+&35+")B35+5%(45+3"+35+#3$$)#%$)%a+4&3?d1+&3+(%"#3?054$+%#$%+
#)0%+&3+04$#)()04()*"+&3+%$&3"+13(#%$)45m+&3A3+G4A3$+>53_)A)5)&4&+04$4+4A%$&4$+#3?41+
%+ (%?04C41+ B)"('54&41+ 4+ 0$%A53?41+ 3103(b>)(%1+ (%?%e+ 4I'4a+ 54+ B)B)3"&4+ @+ %#$%1+
&3#3$?)"4"#31+ 1%()4531+ &3+ 54+ 145'&m+ 13+ &3A3+ $3(%"%(3$+ 54+ &)B3$1)&4&+ &35+ &314$$%55%+
&35+ ?%B)?)3"#%+ 0%0'54$m+ 31#%+ $3<')3$3+ &3+ &)d5%I%+ @+ (%"(3$#4()*"+ 3"+ 35+ ?4$(%+ &3+
)"#3$3131+ &)B3$1%1m+ 541+ %$I4")`4()%"31+ 1%()4531+ 1%"+ )"&303"&)3"#31a+ 1%"+ 45)4&%1a+
1%()%1a+ (%"+ 54+ B)1#4+ 0'31#4+ 3"+ 54+ (%"1#$'(()*"+ 1%()45+ &3+ 54+ 145'&+ @+ 35+ 3H3$()()%+ &35+
&3$3(G%+ 4+ 54+ 145'&+ @+ &3A3"+ ?4"#3"3$+ 1'+ 4'#%"%?b4m+ 35+ N)")1#3$)%+ &3+ K45'&a+ (%?%+
3"#3+$3(#%$+X@+35+21#4&%+3"+I3"3$45Y+&3A3+$3(%"%(3$+@+40%@4$+4+31#41+%$I4")`4()%"31m+
35+N)")1#3$)%+0'3&3+>4()5)#4$+54+(%"1#$'(()*"+&3+54+04$#)()04()*"a+40%@4$+35+&314$$%55%+
&3+541+(404()&4&31+04$4+54+04$#)()04()*"a+0'3&3+1%()45)`4$+(%"+35+?%B)?)3"#%+1%()45+@+
1'1+%$I4")`4()%"31+54+0%5b#)(4+04$4+>4()5)#4$+35+3H3$()()%+&35+&3$3(G%+4+54+145'&m+54+$3&+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) =B)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
)"#3I$4&4+ &3+ 13$B)()%1+ &3+ 145'&+ &3A3+ )"(%$0%$4$+ ?3(4")1?%1+ &3+ (%I31#)*"+ <'3+
&31(4"13"+ 3"+ '"+ ('3$0%+ "%$?4#)B%+ 53I45+ + <'3+ 1'1#3"#3+ 54+ 04$#)()04()*"+ 1%()45m+ 13+
&3A3"+ &314$$%554$+ 0$%(31%1+ &3+ >%$?4()*"+ @+ I31#)*"+ &3+ $3('$1%1+ G'?4"%1+
13"1)A)5)`4&%1+ @+ 3">%(4&%1+ 4+ 54+ &3?%($4#)`4()*"+ &3+ 54+ 145'&m+ 0%&$b4"+ &3>)")$13+
#3$$)#%$)%1+0)%"3$%1+X?%&35%Y+4+#%?4$+3"+('3"#4+&31&3+1'1+&)>3$3"#31+3_03$)3"()41+
&3+04$#)()04()*".+
!
^4+ ?)1)*"+ &35+ T%$%+ U4()%"45+ &3+ K45'&+ 31+ 54+ &3+ (%"#$)A')$+ 4+ 54+ I3"3$4()*"+ &3+
(%"13"1%1+ 04$4+ 54+ #%?4+ &3+ &3()1)%"31+ 31#$4#=I)(41+ <'3+ 03$?)#4"+ #$4"1>%$?4$+ 35+
1)1#3?4+&3+145'&+G4()4+54+'")B3$145)&4&a+54+3<')&4&a+(45)&4&+3+)"(5'1)*"+@+'"+4A%$&4H3+
)"#3$13(#%$)45+A414&%+3"+5%1+&3#3$?)"4"#31+1%()4531a+?3&)4"#3+'"+4?05)%+0$%(31%+&3+
04$#)()04()*"+()'&4&4"4+4(#)B4a+0$%0%1)#)B4a+B)I)54"#3+@+03$?4"3"#3+3"+35+?4$(%+&35+
3H3$()()%+&35+&3$3(G%+4+54+145'&.+25+T%$%+13+(%"()A3+(%?%+'"4+)"1#4"()4+03$?4"3"#3+
&3+(%"1'5#4+@+40%@%+4+541+&3()1)%"31+&3?%($d#)(41+3"+145'&+<'3+#3"&$d+4+1'+(4$I%a+
3"#$3+ %#$41+ ('31#)%"31a+ 54+ %$I4")`4()*"+ ?3&)4"#3+ (%"1'5#41+ 31(45%"4&41+ @+
0$%I$31)B41a+&3+(%">3$3"()41+"4()%"4531+&3+145'&+&3+4?05)4+$30$313"#4#)B)&4&+@+'"+
0$%>'"&%+#$4A4H%+0$3B)%+(%"+54+1%()3&4&+()B)5+@+1'1+%$I4")`4()%"31.++
+
25+ >%$%+ 03$?)#)$d+ >%$#453(3$+ @+ &314$$%554$+ '"4+ 4?05)4+ %$I4")`4()*"+ (%?'")#4$)4+ <'3+
)$d+ #%?4"&%+ (%"#$%5+ &3+ 5%1+ &3#3$?)"4"#31+ 1%()4531+ &3+ 54+ 145'&+ @+ 40%@4$d+ 4+ 5%1+
13$B)()%1+&3+145'&+04$4+35+4'?3"#%+&3+54+(45)&4&+&3+54+4#3"()*"a+54+$31%5'()*"+&3+5%1+
0$%A53?41+&3+145'&a+54+#$4"1>%$?4()*"+&35+3">%<'3+3"+145'&+G4()4+54+0$%?%()*"+&3+
54+145'&a+0%"3$+?d1+45#%+4+145'&+(%?%+0$)%$)&4&+3"+54+4I3"&4+0%5b#)(4+&35+I%A)3$"%+@+
5%I$4$+?d1+$3('$1%1+04$4+145'&.+
+
25+ >%$%+ @+ 1'1+ 4(#)B)&4&31+ X(%">3$3"()41+ $3I)%"4531a+ ?3141+ #3?d#)(41a+ 3"('3"#$%1a+
1)1#3?41+ &3+ (%I31#)*"+ @+ &3+ (%"#$45%$b4a+ 3#(.Y+ &3A3$d"+ 0$)%$)`4$+ 5%1+ 5)&3$4`I%1+
(%?'")#4$)%1.+ 25+ T%$%+ "%+ 31+ '"+ 3104()%+ &3+ )"#3$)"1#)#'()%"45)&4&+ )"#3$13(#%$)45+ &35+
21#4&%+X313+3104()%+31#d+&3>)")&%+3"+%#$41+)"1#4"()41a+(%?%+0%$+3H3?05%+M!KO^[;Y+
1)"%+<'3+31+?d1+'"+3104()%+4A)3$#%+4+54+1%()3&4&+()B)5+%$I4")`4&4.+O1)?)1?%a+31+'"+
3104()%+?d1+&3+%$&3"+(%?'")#4$)%+<'3+'"+3104()%+&3+3"('3"#$%+&3+FU61a+4'"<'3+
541+FU61+&3A3"+13$+1'H3#%1+)?0%$#4"#31+3"+54+(%"1#$'(()*"+@+&314$$%55%+&35+?)1?%.+
21#%+<')3$3+&3()$+<'3++35+3H3+?3#%&%5*I)(%+&3A3+13$+35+?%B)?)3"#%+0%0'54$+@+&3A3+
31#4$+ %$)3"#4&%+ 0$)?%$&)45?3"#3+ 4+ >4()5)#4$+ 54+ 04$#)()04()*"+ (%?'")#4$)4+ @+ 1'1+
3_0$31)%"31+ %$I4")`4&41m+ 541+ FU61a+ 541+ )I531)41a+ @+ %#$41+ 3_0$31)%"31+ &3+ 54+ 1%()3&4&+
()B)5+H'I4$d"+'"+)?0%$#4"#3+04035+03$%+13$d++)?0%$#4"#3+<'3+3"#$3+#%&%1+13+413I'$3+
35+0$%#4I%")1?%+&3+54+(%?'")&4&.+
+
25+T%$%+#)3"3+'"4+31#$'(#'$4+A414&4+3"+'"+M%?)#=+F$I4")`4&%$+&3+(4$d(#3$+"4()%"45+
@+ + '"4+ 31#$'(#'$4+ $3I)%"45+ 03$?4"3"#3+ <'3+ >4()5)#3+ 1'1+ 4(#)B)&4&31+ X(%">3$3"()41+ @+
%#$41Y.++
+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) =C)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
?GM(8*3-&!4&8#$8NC*)-&!/(.!@-#-!<$)*-%$.!/(!,$.6/!!
!
O+P! :$#8*)*'$)*;%! 0*6/$/$%$! "(##*8-#*$.+! T4()5)#4$+ 54+ 04$#)()04()*"+ ()'&4&4"4+
#3$$)#%$)45+ 4+ #$4B=1+ &3+ (%"1'5#41+ $3I)%"4531+ 31(45%"4&41+ (%"+ 4(#%$31+ 5%(4531a+
>'"&4?3"#45?3"#3+ &3+ 54+ 1%()3&4&+ ()B)5a+ <'3+ (%">5'@4"+ 3"+ '"4+ I$4"+ (%">3$3"()4+
"4()%"45+ 04$4+ >%$#453(3$a+ 4(%?04C4$+ @+ I31#)%"4$+ 35+ 0$%(31%+ &3+ #$4"1>%$?4()*"+ + 3+
)"#3I$4()*"+ &35+ 1)1#3?4+ "4()%"45+ &3+ 145'&.+ 2"#$3+ >3A$3$%+ @+ ?4@%+ &3+ PQ9Q+ 13+
&314$$%554$%"+ 541+ (%"1'5#41+ $3I)%"4531+ 3"+ #%&%+ 35+ 04b1.+ ^%1+ $31'5#4&%1+ &3+ 31#41+
(%"1'5#41+ (%">5'@3$%"+ 35+ P7+ &3+ ?4@%+ 3"+ 35+ 6)?"41)%+ U4()%"45+ 3"+ '"+ I$4"+ 4(#%+ &3+
)"1#4'$4()*"+&35+T%$%+U4()%"45+&3+K45'&+3"+35+<'3+13+0$313"#4$%"+5%1+$31'5#4&%1+&3+
541+ (%"1'5#41+ $3I)%"4531+ @+ 13+ (%"13"1'*+ 54+ ;3(54$4()*"+ &35+ T%$%+ U4()%"45+ &3+ K45'&+
X13+#$4"1($)A3+?d1+4A4H%Y.+
++
Q+P! :$#8*)*'$)*;%! 0*6/$/$%$! ,()8-#*$.+! !&3"#)>)(4$+ @+ >4()5)#4$+ 54+ 04$#)()04()*"+ &3+ 541+
&)>3$3"#31+ )"1#)#'()%"31a+ %$I4")`4()%"31+ 3+ )"&)B)&'%1+ B)"('54&%1+ 4+ 5%1+ &)>3$3"#31+
#3?41+ 1353(()%"4&%1+ &3+ 4('3$&%+ 4+ 541+ 31#$4#3I)41+ &3+ 54+ 0%5b#)(4+ &3+ 145'&.+ 21#%1+
13(#%$31+13$d"+(%"1'5#4&%1+0%$+1304$4&%+3"+?3141+#3?d#)(41+<'3+5'3I%+(%">5')$d"+
3"+ '"4+ ?314+ &3+ (%"B3$I3"()4+ <'3+ 553B4$d+ '"4+ 0%1)()*"+ (%"13"1'4&4+ 4+ 54+
(%">3$3"()4+ "4()%"45+ &3+ 145'&.+ ^%1+ #3?41+ 0$%0'31#%1+ 04$4+ 541+ ?3141+ &3+ 31#3+ 4C%+
1%"e+ 9Y+ K45'&+ 13_'45+ @+ $30$%&'(#)B4+ X(%"+ 5%1+ (%"#3")&%1+ &3e+ 3&'(4()*"+ 13_'45a+
&3$3(G%1+ 13_'4531+ @+ &3$3(G%1+ $30$%&'(#)B%1a+ 3?A4$4`%+ 4&%531(3"#3a+ B)%53"()4+
13_'45+ (%"#$4+ 54+ ?'H3$Ya+ PY+ /$31#4()*"+ &3+ 54+ $3&+ &3+ 13$B)()%1a+ SY+ 8)%53"()4+ 1%()45+ @+
B)%53"()4+ (%"#$4+ 541+ ?'H3$31+ XB)%53"()4+ 13_'45+ @+ >3?)")()&)%Ya+ -Y+ /$3B3"()*"+ @+
?)#)I4()*"+&3+&3141#$31a+EY+N3&)()"41+@+145'&a+VY+OI'4+@+14"34?)3"#%+4?A)3"#45.+25+
0$)"()045+ 0$%&'(#%+ 3103$4&%+ &3+ 541+ ?3141+ #3?d#)(41+ 31+ '"+ 054"+ %+ 0$%I$4?4+
31#$4#=I)(%+ #3?d#)(%+ 4+ 13$+ 3H3('#4&%+ 0%$+ #%&%1+ 5%1+ 4(#%$31.+ K3+ 31#4A53(3$d"+
?3(4")1?%1+&3+13I')?)3"#%+@+3B45'4()*"+&3+31#%1+054"31+%+0$%I$4?41+0%$+?314.+
+
R+P! 9%)*/(%)*$+! !&3"#)>)(4$a+ )"#3I$4$+ @+ ?%B)5)`4$+ 4+ 541+ >'3$`41+ 1%()4531+ @+ 0%5b#)(41+ &35+
04b1+04$4+&314$$%554$+(%"&)()%"31+&3+B)4A)5)&4&+<'3+03$?)#4"+54+#$4"1>%$?4()*"+&35+
1)1#3?4+ &3+ 145'&+ 3"+ A3"3>)()%+ &3+ 54+ 0%A54()*"+ 145B4&%$3C4+ + 3+ )"()&)$+ 3"+ #%&41+ 541+
0%5b#)(41+0\A5)(41+<'3+4>3(#3"+54+145'&+@+1'1+&3#3$?)"4"#31.++
+
;310'=1+ &3+ 54+ )"1#4'$4()*"+ &35+ T%$%+ 35+ P7+ &3+ ?4@%a+ 13+ ?4"#3"&$d"+ 541+ (%"1'5#41+
#3$$)#%$)4531a+ 13+ 553B4$d"+ 4+ (4A%+ 541+ ?3141+ 13(#%$)4531+ @+ 13+ (%?3"`4$d+ 35+ #$4A4H%+
$354#)B%+4+)"()&3"()4.+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) =D)
)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
(N.'H+"1)*,%%$-"'#&',"'G$1)&<3'L3%$+"34''
#&'2<&*E&"%$31'I:#$%31'OG2IP'
!
!
!
!
M%?%+13+&)H%a+25+K45B4&%$+31+'"%+&3+5%1+04b131+(%"+?4@%$31+b"&)(31+&3+B)%53"()4+&35+
?'"&%.+21#%+(%"553B4+4+'"4+45#4+&3?4"&4+&3+541+'")&4&31+&3+3?3$I3"()41+?=&)(41+
&3+ 5%1+ G%10)#4531+ &35+ 1)1#3?4+ 0\A5)(%+ @+ '"4+ 04$#3+ ?'@+ )?0%$#4"#3+ &35+ I41#%+
G%10)#454$)%+&3A3+13$+&31#)"4&%+45+#$4#4?)3"#%+&3+541+Bb(#)?41+&3+31#41+3?3$I3"()41.+
+
O+ 0314$+ &3+ 54+ 45#4+ &3?4"&4+ 3"+ 13$B)()%1+ &3+ 3?3$I3"()41+ 3"+ 35+ 04b1a+ 13+ $3I)1#$4"+
I$4"&31+ &3>)()3"()41+ 3"+ 54+ %$I4")`4()*"+ &35+ 1)1#3?4a+ 3"+ 54+ (%%$&)"4()*"+
0$3G%10)#454$)4+ @+ G%10)#454$)4a+ 3"+ 54+ (%%$&)"4()*"+ )"#3$4I3"()45a+ 3"+ 54+ (%%$&)"4()*"+
)"#3$13(#%$)45+ 3+ )"#3$G%10)#454$)4+ @+ #4?A)="+ 3"+ 54+ (%%$&)"4()*"+ 3"#$3+ 35+ 0$)?3$%a+
13I'"&%+@+#3$(3$+")B35+&3"#$%+&3+54+$3&+0\A5)(4+&3+13$B)()%1.+O&3?d1+&3+54+>45#4+&3+
03$1%"45+ (45)>)(4&%+ 1'>)()3"#3a+ 13+ 0$313"#4"+ I$4"&31+ &3>)()3"()41+ 3"+ 54+ 054"#4+ >b1)(4+
&3+5%1+G%10)#4531a+54+054"#4+>b1)(4+&3+541++'")&4&31+&3+3?3$I3"()41a+35+d$34+&3+4((31%+
&3+3?3$I3"()4+45+G%10)#45a+541+4?A'54"()41+@+1'1+3<')0%1a+4&3?d1+&3+54+4'13"()4+&3+
'"+(3"#$%+&3+$3I'54()*"+04$4+541+3?3$I3"()41+?=&)(41+3"+35+04b1.+++
+
25+ %AH3#)B%+ 0$)"()045+ &3+ '"+ 1)1#3?4+ "4()%"45+ &3+ 3?3$I3"()41+ ?=&)(41+ 31+ &)1?)"')$+
1'1#4"()45?3"#3+ 54+ ?%$#45)&4&+ @+ 541+ 13('3541+ 0%1#g#$4'?4+ (4'14&41+ 0%$+
3">3$?3&4&31+1)1#=?)(41++f(%?%+1%"+0%$+3H3?05%+35++)">4$#%+(4$&b4(%a+35+1b"&$%?3+
&3+&)>)('5#4&+$310)$4#%$)4+@+541+(%?05)(4()%"31+&35+3?A4$4`%g+41b+(%?%+0%$+4<'355%1+
3B3"#%1+ <'3+ I3"3$4"+ 531)%"31+ &3+ (4'14+ 3_#3$"4+ f<'3+ 3"+ "'31#$%+ 04b1+ 1%"+
0$%&'()&%1+ 3103()45?3"#3a+ 4'"<'3+ "%+ \")(4?3"#3a+ 0%$+ 4(#%1+ &3+ B)%53"()4+ @+
4(()&3"#31+ &3+ #$d"1)#%g.+ ^%1+ A3"3>)()4$)%1+ &3+ '"+ 1)1#3?4+ 3>)(4`+ &3+ 4#3"()*"+ 4+ 541+
3?3$I3"()41+ ?=&)(41+ 1%"+ #%&%1+ 5%1+ ()'&4&4"%1a+ ?d1+ 455d+ &3+ 1'+ (%"&)()*"+
1%()%3(%"*?)(4a+13_%a+3&4&a+%('04()*"+%+5'I4$+&3+$31)&3"()4.++
+
["4+&3+541+0$)%$)&4&31+3"+145'&+&3+31#3+6%A)3$"%+31+54+(%"1#)#'()*"a+0%$+>)"a+&3+'"+
K)1#3?4+&3+2?3$I3"()41+N=&)(41+&3+(4$d(#3$+)"#3$13(#%$)45+04$4+I4$4"#)`4$+4+#%&4+54+
0%A54()*"+ 145B4&%$3C4+ '"4+ 4#3"()*"+ %0%$#'"4a+ 3>)(4`+ @+ (%"#)"'4+ &'$4"#3+ 541+ P-+
G%$41.+ 21#4+ 4#3"()*"+ 13+ )")()4+ 3"+ 35+ ?%?3"#%+ &3+ 54+ &3#3(()*"+ &3+ 54+ 3?3$I3"()4+
?=&)(4+X&3#3(()*"+0%$+04$#3+&3+54+>4?)5)4a+54+(%?'")&4&+%+541+>'3$`41+&3+13I'$)&4&Ya++
54+ 4(#)B4()*"+ &35+ 1)1#3?4+ 4+ #$4B=1+ &3+ '"+ (3"#$%+ $3I'54&%$+ 04$4+ 54+ 4#3"()*"+ &3+ 541+
3?3$I3"()41+ ?=&)(41+ 04$4+ 0$%0%$()%"4$+ &3+ >%$?4+ $d0)&4+ 54+ 4#3"()*"+ 0$3g
G%10)#454$)4+$3<'3$)&4+X4#3"()*"+)"?3&)4#4+3"+54+31(3"4+@+#$4154&%+&3+54+Bb(#)?4+45+
(3"#$%+ (%$$310%"&)3"#3Ya+ 54+ 41)1#3"()4+ G%10)#454$)4+ 4+ #$4B=1+ &3+ G%10)#4531+
4&3('4&4?3"#3+ &%#4&%1+ &35+ 3<')0%+ "3(314$)%+ @+ 03$1%"45+ (45)>)(4&%+ @a+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) >F)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
0%1#3$)%$?3"#3a+35+13I')?)3"#%+4?A'54#%$)%+04$4+54+$3G4A)5)#4()*"+(%"+04$#)()04()*"+
&3+541+)"1#)#'()%"31+3103()45)`4&41a+541+'")&4&31+&3+145'&+@+54+(%?'")&4&.+
+
["+1)1#3?4+&3+3?3$I3"()41+?=&)(41+13+$3>)3$3+4+'"+?%&35%+I3"3$45+)"#3I$4&%$+&3+
'"+1)1#3?4+&3+13I'$)&4&+0\A5)(4+@+&3+4#3"()*"+&3+145'&+<'3+)"#3I$4+'"+?%&35%+0$3g
G%10)#454$)%a+ '"%+ G%10)#454$)%+ @+ &3+ $3G4A)5)#4()*"+ @+ (%"1#4+ &3+ '"+ ?3(4")1?%+
0$3&3>)")&%+ 04$4+ 4((3&3$+ 45+ 1)1#3?4+ @+ "%#)>)(4$+ '"4+ 3?3$I3"()4a+ 54+ 4#3"()*"+ @+
#$4"10%$#3+ &3+ Bb(#)?41a+ 31#4A53()?)3"#%1+ &3+ 145'&+ 04$4+ 54+ 4#3"()*"+ I3"3$45+ @+ &3+
3103()45)&4&a+ 3&'(4()*"+ 0\A5)(4a+ 04$#)()04()*"+ @+ 0$%(31%1+ &3+ 0$3B3"()*"a+
0$%I$4?4()*"+ 3&'(4()%"45a+ &)$3(()*"+ ?=&)(4+ @+ 4&?)")1#$4#)B4+ )"#3I$4&4a+
%$I4")`4()%"31+ @+ 0$%(31%1+ &3+ B)I)54"()4a+ 41)I"4()*"+ &3+ $3('$1%1+ @+ 31#$'(#'$41+
>)"4"()3$41+ @+ (%%$&)"4()*"+ &3+ 54+ >'"()*"+ &3+ 541+ %$I4")`4()%"31+ (%54A%$4&%$41.+ 25+
K3$B)()%+&3+O#3"()*"+/$3G%10)#454$)4a+4+1'+B3`a++31#d+(%"1#)#')&%+0%$+('4#$%+")B3531+
&3+ $310'31#4a+ >'"&4?3"#4&%1+ 3"+ 5%1+ $3('$1%1+ &)10%")A531e+ 35+ ")B35+ (%?'")#4$)%a+
Ad1)(%a+4B4"`4&%+@+35+&3+$310'31#4+?=&)(4.+
+
^41+0$)"()04531+4(()%"31+4+&314$$%554$+0%$+31#4+I31#)*"+13+(%"(3"#$4"+3"+31#4A53(3$+
'"+?%&35%+&3+$3g)"I3")3$b4+04$4+?3H%$4$+#%&%1+5%1+4103(#%1+&3+54+(%%$&)"4()*"+)"#3$+
3+)"#$413(#%$)45a+(%$$3I)$+541+&3>)()3"()41+(%"+'"+054"+&3+)?053?3"#4()*"+0%$+>4131a+
?3H%$4$+ %+ ?%&)>)(4$+ @+ 4&40#4$+ 5%1+ 0$%A53?41+ &3+ 541+ 054"#41+ >b1)(41a+ ?3H%$4$+ @+
?%&)>)(4$+ 54+ )"#3$g$354()*"+ 3"#$3+ 5%1+ G%10)#4531+ 4+ #%&%+ ")B35+ @+ 35+ ")B35+ 0$)?4$)%a+
31#4A53(3$+ '"+ (3"#$%+ &3+ $3I'54()*"+ 3>3(#)B%+ 3"+ 35+ ?4$(%+ &3+ 54+ (%%03$4()*"+ (%"+ 54+
/%5)(b4+ U4()%"45+ M)B)5a+ )")()4$+ 54+ (404()#4()*"+ 4+ #%&%+ ")B35+ &35+ 1)1#3?4a+ 31#4A53(3$+
4'&)#%$)4+ $%A'1#4a+ 31#4A53(3$+ 0$%I$4?41+ &3+ ?4"#3")?)3"#%+ @+ $33?054`%+ &3+
?4#3$)45a+)")()4$+3"#$3"4?)3"#%++&35+0\A5)(%+3"+35+?4"3H%+3>3(#)B%+&3+3?3$I3"()41.+
+
^%I$4$+(%"1#)#')$+35+K2N+&3+25+K45B4&%$+1'0%"3+35+&)13C%+3+)?053?3"#4()*"+3_)#%14+
&3+ '"+ 1)1#3?4+ )"#3I$4&%+ &3+ 13$B)()%1+ (%"+ 04$#)()04()*"+ &3+ B4$)%1+ 13(#%$31+
I'A3$"4?3"#4531a+ "%+ I'A3$"4?3"#4531+ @+ &3+ 54+ (%?'")&4&.+ K3+ G4+ &3>)")&%+ 35+
1)I')3"#3+ ($%"%I$4?4+ #3"#4#)B%m+ '"4+ 04$#3+ )?0%$#4"#3+ &35+ ?)1?%+ &303"&3+ &3+ 54+
&)10%")A)5)&4&+ &3+ $3('$1%1+ 04$4+ (%?3"`4$+ 54+ )?053?3"#4()*"+ &35+ 1)1#3?4+ X'"+
(%?0%"3"#3+ &35+ 0$=1#4?%+ h!;+ &3"%?)"4&%+ /$%I$4?4+ !"#3I$4&%+ &3+ K45'&+ 31#d+
&31#)"4&%+4+>)"4"()4$+04$()45?3"#3+45+K2NYe+
+
/$*_)?%1+13)1+?3131e+
+
• n'5)%+ %+ OI%1#%+ PQ9Qe+ n'$4?3"#4()*"+ &35+ M%?)#=+ U4()%"45+ &35+ K)1#3?4+ &3+
2?3$I3"()41+N=&)(41+XMFUOK2NY+
• OI%1#%+PQ9Qe+21#4A53()?)3"#%+&35+?4$(%+53I45+&3+(%?0$%?)1%+)"#3$13(#%$)45+
04$4+54+(%"1#)#'()*"+@+1%1#3")A)5)&4&+&35+K2N+X35+NK/OK+#)3"3+'"4+0$%0'31#4+
&3+?4$(%+53I45+04$4+5%1+&)>3$3"#31+")B3531+@+4(#%$31+)"B%5'($4&%1Y+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) >E)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
n'5)%+ @+ OI%1#%+ PQ9Qe+ !"1#454()*"+ &3+ (%?)1)%"31+ #=(")(41+ 3+ )"#3$13(#%$)4531+
3103()45)`4&41e+ M%?)1)*"+ /$3G%10)#454$)4a+ M%?)1)*"+ R%10)#454$)4+ X04$4+
4&'5#%1+ <')$\$I)(%1a+ 4&'5#%1+ ?=&)(%1a+ 03&)4#$b4+ @+ 01)<')4#$b4Ya+ M%?)1)*"+ &3+
J3G4A)5)#4()*"a++M%?)1)*"+&3+M'$$b('5%a+M%?)1)*"+&3+O'&)#%$b4a+2"13C4"`4+@+
T%$?4()*"+X35+NK/OK+H'"#%+4+5%1+%#$%1+13(#%$31+)"#3I$4"#31+&3+54+MFUOK2N+
G4+354A%$4&%+'"4+0$%0'31#4+#3"#4#)B4+&3+(%"1#)#'()*"+&3+541+(%?)1)%"31Y+
• n'5)%gK30#)3?A$3+ PQ9Qe+ 21#4A53()?)3"#%+ &3+ 54+ [")&4&+ F03$4#)B4+ K2N+ 3"+ 35+
d?A)#%+&35+NK/OK++
• OI%1#%g;)()3?A$3+ PQ9Qe+ M$34()*"+ &35+ M3"#$%+ J3I'54&%$+ &3+ 2?3$I3"()41+
N=&)(41+ 3"+ 35+ 3104()%+ %>$3()&%+ 0%$+ 54+ /UM+ 3+ )"#3I$4&%+ 45+ L99+ 04$4+ 35+
&3104(G%+ 4&3('4&%+ &3+ 4?A'54"()41+ @+ 54+ (%%$&)"4()*"+ (%"+ 5%1+ G%10)#4531a+
)"(5'@3"&%+'"+1)1#3?4+&3+$4&)%(%?'")(4()*"+<'3+B)"('53+&3104(G4&%$31+&3+
4?A'54"()41a+ 03$1%"45+ &3+ 541+ 4?A'54"()41+ @+ &3+ 5%1+ (3"#$%1+ G%10)#454$)%1+
X&303"&3+04$()45?3"#3+&35+0$=1#4?%+h!;Y+
• F(#'A$3g;)()3?A$3+ PQ9Qe+ !"#3I$4()*"+ )")()45+ 45+ K)1#3?4+ &35+ 04$<'3+ &3+
4?A'54"()41+ 3_)1#3"#31+ 3"+ 35+ 04b1+ 3"+ 5%1+ &)>3$3"#31+ 13(#%$31+ 04$#)()04"#31+
X4?A'54"()41+?3&)(45)`4&41a+4?A'54"()41+4B4"`4&41+@+4?A'54"()41+Ad1)(41Y+
• n'5)%g;)()3?A$3+PQ9Qe+;)13C%+3+)")()%+&3+54+)?053?3"#4()*"+&3+'"+0$%I$4?4+
&3+ (404()#4()*"+ @+ &3+ 3&'(4()*"+ 03$?4"3"#3+ &)$)I)&%+ 45+ 03$1%"45+ &3+ 541+
'")&4&31+&3+3?3$I3"()4+&3+5%1+G%10)#4531+<'3+13+)$d"+)"#3I$4"&%+45+1)1#3?4a+
35+03$1%"45+&35+M3"#$%+J3I'54&%$a+35+03$1%"45+<'3+(%"&'(3+@+%03$4+35+3<')0%+
&3+541+4?A'54"()41.+;'$4"#3+54+)?053?3"#4()*"+&3+31#3+054"+13+(404()#4$d+4+
5%1+ ?=&)(%1+ &3+ 541+ 4?A'54"()41a+ M3"#$%+ J3I'54&%$+ @+ 14541+ &3+ ?d_)?4+
'$I3"()4+&3+5%1+G%10)#4531+1353(()%"4&%1+
• n'5)%gF(#'A$3+PQ9Qe+M404()#4()*"+&3+5b&3$31+(%?'")#4$)%1+@+%#$%1+4(#%$31++
• K30#)3?A$3g;)()3?A$3+PQ9Qe+/$304$4()*"+&3+5)()#4()%"31+@+4&<')1)()*"+&3+541+
4?A'54"()41+4&)()%"4531+$3<'3$)&41+<'3+&303"&3"+&35+0$=1#4?%+h!;+
+
M$%"%I$4?4+&3"#$%+&35+0$)?3$+4C%+&3+B)I3"()4+&35+K2Ne+
+
! !")()%+&35+K2N+(%"+5%1+0$)?3$%1+-+G%10)#4531+@+9P+4?A'54"()41++
! O$$4"(4+ M3"#$%+ &3+ J3I'54()*"+ (%"+ /UM+ (%"+ 3<')04?)3"#%+ @+ (404()#4()*"+
4&3('4&4+
! T%$?'54()*"+ &3+ 0$%#%(%5%1+ &3+ ?4"3H%+ &3+ #%&41+ 541+ 3?3$I3"()41+ 3"+ 5%1+
&)>3$3"#31+")B3531+@+(4#3I%$b41+
! T%$?'54()*"+@+&%#4()*"+&3+('4&$%+Ad1)(%+&3+?3&)(4?3"#%1+&35+K2N+
! 21#4A53()?)3"#%+&3+1)1#3?4+&3+4'&)#%$b4+
! 21#4A53()?)3"#%+&3+$3&+&3+)">%$?4()*"+@+#3("%5%Ib4+
+
M$%"%I$4?4+&3"#$%+&35+s')"<'3")%e+
+
•
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) ><)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
•
•
O($3&)#4()*"+0$%I$31)B4+&3+G%10)#4531+@+$3I)%"45)`4()*"+&35+K2N.+25+04b1+13$d+
$3I)%"45)`4&%+3"+13(()%"31+K2N.+21#%+)?05)(4+4&3('4$+5%1+G%10)#4531+&3+K4"#4+
O"4+ @+ + K4"+ N)I'35+ (%?%+ G%10)#4531+ &3+ #3$(3$+ ")B35+ XG%@+ 1%"+ G%10)#4531+ &3+
13I'"&%+ ")B35Ya+ (%"+ 3<')0%+ &3+ #%?%I$4>b4+ (%?0'#4&4a+ $31%"4"()41+
?4I"=#)(41+@++'")&4&31+&3+(')&4&%1+)"#3"1)B%1.+o4?A)="+)?05)(4+$345)`4$+'"+
?41)B%+>%$#453()?)3"#%+&35+R%10)#45+J%14531.+
M$%"%I$4?4+&3+)"(%$0%$4()*"+0$%I$31)B4+&3+G%10)#4531+45+K2N+
+
+
+
+
+
PQ9QlPQ99+
PQ99lPQ9P+
PQ9PlPQ9S+
PQ9SlPQ9-+
R%10)#4531+
J%14531+
OG'4(G40d"+
K%"1%"4#3+
N3#4+04"+
R%10)#4531+
K4"#4+o3(54+
MG454#3"4"I%+ K4"+8)(3"#3+
p4(4#3(%5'(4+
R%10)#4531+
K4"#4+O"4+
[1'5'#d"+
M4A4C41+
p4(4?)5+
R%10)#4531+
K4"+N)I'35+
^4+[")*"+
N%$4`d"+
K4"+h4$#%5%+
+
+
• 2<')04?)3"#%+&3+5%1+G%10)#4531a+4&<')1)()*"+&3+4?A'54"()41+@+(%"#$4#4()*"+&3+
03$1%"45++X&303"&3+&35+0$=1#4?%+h!;Y+
! K3+1)3"#4"+541+A4131+04$4+54+)"#3I$4()*"+45+K2N++&35+!KKKa+N)")1#3$)%+&3+;3>3"14+@+
h)3"31#4$+N4I)1#3$)45+
! K3+)")()4+35+#$4A4H%+(%"+5%1+G%10)#4531+0$)B4&%1+(%"+?)$41+4+353B4$+54+%0%$#'")&4&+@+
(45)&4&+&3+54+$310'31#4+4+541+3?3$I3"()41+?=&)(41+
+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) >=)
)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
N.'8&13**+44+'#&',"3'G$1)&<3'Q"$%+''
#&'(";+*<3%$-"'21)*3):E$%3'OGR(GP'
!
!
!
!
25+ N)")1#3$)%+ &3+ K45'&+ #)3"3+ 4+ 1'+ (4$I%a+ 3"+ (%54A%$4()*"+ (%"+ %#$%1+ %$I4")1?%1+
0\A5)(%1a+ 4'#*"%?%1+ %+ ?'")()04531+ 54+ $3(%53(()*"a+ (541)>)(4()*"a+ #4A'54()*"a+
)"#3$0$3#4()*"a+ 4"d5)1)1+ @+ 0'A5)(4()*"+ &3+ &4#%1+ A)%g&3?%I$d>)(%1+ 1%A$3+ 0%A54()*"a+
"4#45)&4&a+?%$A)5)&4&a+?%$#45)&4&+@+%#$%1+<'3+($3@3$3+(%"B3")3"#31m+5%+?)1?%+<'3+
$3103(#%+4+541+&)B3$141+4(#)B)&4&31+&3+5%1+%$I4")1?%1+&3+145'&+0\A5)(%1+@+0$)B4&%1+@+
&3+ #%&4+ )">%$?4()*"+ <'3+ 0'3&4+ #3"3$+ 45I'"4+ $303$('1)*"+ 1%A$3+ 541+ 4(()%"31+ &3+
0$%?%()*"a+ 0$%#3(()*"a+ $3('03$4()*"+ &3+ 54+ 145'&+ @+ $3G4A)5)#4()*".+ ;3+ 3>3(#'4$+
4&3?d1e+^%1+4"d5)1)1+31#4&b1#)(%1+&3+541+54A%$31+&3+5%1+%$I4")1?%1+&3+145'&+0\A5)(4+
04$4+3B45'4$+35+$31'5#4&%+&3+541+#4$341+('?05)&41.+V+
+
!&3"#)>)(4$+ @+ ?3&)$+ 541+ )"3<')&4&31a+ (%"%(3$+ 54+ 1)#'4()*"+ 3103(b>)(4+ &3+ 145'&+ &3+ 54+
0%A54()*"+ @+ 1'1+ #3"&3"()41a+ )&3"#)>)(4$+ 5%1+ I$'0%1+ @+ d$341+ ?d1+ ($b#)(41a+ 13+ B'35B3+
313"()45+ 04$4+ 35+ N)")1#3$)%+ &3+ K45'&+ 3"+ 1'+ (4?)"%+ &3+ (%"1%5)&4()*"+ &35+ 1)1#3?4+
\")(%+ &3+ )">%$?4()*"+ 0%$+ #%&41+ 541+ )"1#)#'()%"31+ &35+ 1)1#3?4a+ 41b+ (%?%+ &35+ 13(#%$+
0$)B4&%a+5%+<'3+03$?)#)$d+#3"3$+'"4+B)1)*"+?d1+(%?053#4++&3+54+1)#'4()*"+&3+145'&a+45+
(%"#4$+ (%"+ )">%$?4()*"+ 4&3('4&4+ @+ 03$#)"3"#3+ 04$4+ 35+ 4"d5)1)1+ 3"+ 54+ #%?4+ &3+
&3()1)%"31a+ &314$$%55%+ &3+ 0%5b#)(41+ 3"+ 145'&a+ 3B45'4()*"+ &3+ $31'5#4&%1+ &3+ 541+
?\5#)0531+ )"#3$B3"()%"31+ $345)`4&41+ 41b+ (%?%+ 4(()%"31+ @+ 31#$4#3I)41+ &31#)"4&41+ 4+
(%"#$%54$+30)&3?)41+@+?)#)I4$+1)#'4()%"31+&3+&3141#$31.+25+(%?0%"3"#3+31#$4#=I)(%+
&35+ 1)1#3?4+ &3+ )">%$?4()*"+ (3"#$4$d+ 1'+ #$4A4H%+ 3"+ 35+ 4"d5)1)1a+ 1b"#31)1+ 3+
)"#3$0$3#4()*"+ &3+ 54+ )">%$?4()*"+ 1%A$3+ 5%1+ 03$>)531+ &3+ 145'&+ @+ 3">3$?3&4&a+ 3"+ 35+
(%"#3_#%+ "%+ 1*5%+ &35+ 4103(#%+ ?=&)(%+ &3+ 5%1+ 0$%A53?41a+ 1)"%+ )"#3I$4"&%+ &)B3$1%1+
#)0%1+ &3+ )">%$?4()*"+ &3?%I$d>)(4a+ 1%()45a+ 3(%"*?)(4a+ &3+ 3">3$?3&4&31a+
(%"&)()%"31+ G)I)=")(%g14")#4$)41+ @+ %#$%1+ $)31I%1a+ 41b+ (%?%+ &35+ 0$%0)%+ 1)1#3?4+ &3+
145'&.+ 21#4?%1+ 0414"&%+ &3+ 54+ B)I)54"()4+ 30)&3?)%5*I)(4+ #$4&)()%"45+ + G4()4+ 54+
B)I)54"()4+3"+K45'&+/\A5)(4+(%"+54+)"(5'1)*"+&3+54+B)I)54"()4+&3?%I$d>)(4a+54+B)I)54"()4+
&3+3B3"#%1+&3+145'&a+54+B)I)54"()4+&35+1)1#3?4+&3+145'&+@+54+B)I)54"()4+&3+54+%0)")*"+&3+
54+0%A54()*"+@+1'+I$4&%+&3+14#)1>4(()*".++
+
25+ NK/OK+ $30%$#4+ 4"'45?3"#3+ 45$3&3&%$+ &3+ 9S+ ?)55%"31+ &3+ (%"1'5#41+ @+ SQQaQQQ+
3I$31%1+ G%10)#454$)%1.+ 25+ ")B35+ 5%(45+ I3"3$4+ 54+ )">%$?4()*"+ 03$%+ "%+ 53+ 31+ 0%1)A53+
G4(3$+'1%+&3+54+?)1?4+0%$+"%+&)10%"3$+&3+54+#3("%5%Ib4+40$%0)4&4.+2"+3B45'4()%"31+
$345)`4&41a+ 35+ 1)1#3?4+ &3+ )">%$?4()*"+ >'3+ (45)>)(4&%+ (%?%+ )"4&3('4&%a+ 13+
)))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))
?@)4'%@G)<A?)*&-)HI*"J()*&)+,-.*)
+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) >>)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
)&3"#)>)(4$%"+ A4131+ &3+ &4#%1+ @+ 054#4>%$?41+ &3+ )">%$?4()*"+ >$4I?3"#4&41+ 0%$+
0$%I$4?41a+ I3"3$4()*"+ &3+ )"&)(4&%$31+ 1*5%+ )"1#)#'()%"4531a+ ?\5#)0531+ 1)1#3?41+ @+
&)B3$1)&4&+&3+>%$?'54$)%1+"%+1*5%+3"+35+N)")1#3$)%+1)"%+3"+541+%#$41+)"1#)#'()%"31+&35+
1)1#3?4a+>45#4+&3+$3I'54()*"+04$4+35+&314$$%55%+&3+1)1#3?41+&3+)">%$?4()*"+3+)"(5'1%+
04$4+54+4(30#4()*"+&3+&%"4()%"31+&3+1%>#t4$3.+J345)`4?%1+41)?)1?%+'"+&)4I"*1#)(%+
&3+(404()&4&+)"1#454&4+@+$3('$1%1+G'?4"%1a+@+3"(%"#$4?%1+<'3+04$4+&4$53+1%0%$#3+
4+ 5%1+ 1)1#3?41+ &3+ )">%$?4()*"+ 3"+ 35+ 0$)?3$+ ")B35+ &3+ 4#3"()*"+ 13+ &)10%"3+ (%?%+
0$%?3&)%+&3+1*5%+'"4++(%?0'#4&%$4+>'"()%"4"&%+0%$+31#4A53()?)3"#%+('@4+B)&4+\#)5+
@4+(4&'(*+3"+54+?4@%$b4+&3+35541a+1*5%+S.Ei+&3+5%1+31#4A53()?)3"#%1+$30%$#4$%"+<'3+
1'+3<')0%+$3()A3+?4"#3")?)3"#%a++1*5%+9]i+#)3"3"+4((31%+4+)"#3$"3#+03$?4"3"#3a+@+
'"4+$4`*"+&3+9.S+$3('$1%1+0%$+'")&4&+&3+145'&a+#3")3"&%+3"+(%"1)&3$4()*"+<'3+'"+
?b")?%+ 0%$(3"#4H3+ &3+ 31#%1+ G4+ $3()A)&%+ (404()#4()*"+ (%"#)"'4+ 04$4+ 35+ &313?03C%+
&3+1'1+>'"()%"31.+
O+ 0314$+ &3+ 541+ &)>)('5#4&31+ @+ 5)?)#4()%"31a+ 31#4?%1+ (%?3"`4"&%+ 4+ )?053?3"#4$+ 35+
1)1#3?4+ &3+ B)I)54"()4+ (3"#)"354+ 04$4+ &)4$$341a+ 0$%A53?41+ $310)$4#%$)%1+ @+ ?3")"I)#)1+
(%"+=">41)1+3"+")C%1+?3"%$31+&3+()"(%+4C%1+&3+3&4&+3"#$3+N)")1#3$)%+&3+K45'&a+!KKK+
@+K4")&4&+N)5)#4$.+o4?A)="+13+31#d+)?054"#4"&%+04'54#)"4?3"#3+35+K)1#3?4+!"#3I$45+
&3+ O#3"()*"+ 45+ /4()3"#3+ 3"+ #%&%1+ 5%1+ 31#4A53()?)3"#%1+ G%10)#454$)%1+ @+ '")&4&31+ &3+
145'&+ (%"+ ?4@%$+ &3?4"&4+ @+ 13+ 31#d"+ )"#3I$4"&%+ 5%1+ &)>3$3"#31+ 1)1#3?41+ 04$4+
(%">%$?4$+0$%I$31)B4?3"#3+'"4+054#4>%$?4+)">%$?d#)(4+G%?%I="34.+
+
K3+ G4+ (%"#3?054&%+ &3"#$%+ &35+ >%$#453()?)3"#%+ &3+ 5%1+ 1)1#3?41+ &3+ )">%$?4()*"+ 54+
A\1<'3&4+ 4(#)B4+ &3+ )">%$?4()*"+ 04$4+ 54+ 4(()*"a+ <'3+ 03$?)#4+ )&3"#)>)(4$+ 0$%A53?41+
0%$+ 35+ 1)1#3?4+ &3+ 145'&+ @+ 4(#'4$+ $d0)&4?3"#3a+ )?053?3"#4$+ 1)#)%1+ (3"#)"3541+ 04$4+
3B45'4$+35+(%?0%$#4?)3"#%+&3+&3#3$?)"4&%1+4I3"#31+41%()4&%1+4+A$%#31+@+#3"3$+54+
3_03$)3"()4+4+")B35+"4()%"45+3"+35+13I')?)3"#%+@+?%")#%$3%+&3+$%#4B)$'1a+)">5'3"`4a+
&3"I'3+ 3"#$3+ %#$41.+ M%"+ B)1#41+ 4+ 355%+ 13$d+ "3(314$)4+ 54+ ($34()*"+ &3+ 541+ A4131+
(4$#%I$d>)(41+4+")B35+&3+54+"4()*"a+0%$+&304$#4?3"#%+@+?'")()0)%1+@a+3"+45I'"41+&3+
35541a+0%$+31#4A53()?)3"#%1+&3+145'&a+541+<'3+03$?)#)$d"+54+)&3"#)>)(4()*"a+&3#3(()*"+@+
13I')?)3"#%+ #3?0$4"%+ &3+ 5%1+ 3B3"#%1+ 3"+ 54+ 0%A54()*"+ (%"+ '"+ 3">%<'3+ &3+ 145'&+
0\A5)(4a+41b+(%?%+54+)?053?3"#4()*"+&3+'"+1)1#3?4+&3+B)I)54"()4+)"#3$"4()%"45.+
+
/4$4+54+)?053?3"#4()*"+&3+54+8)I)54"()4+3"+K45'&+3"+"'31#$%+04b1+13+&3A3"+#%?4$+3"+
('3"#4+()3$#41+0$3?)141e+4Y+B)"('54()*"+31#$3(G4+(%"+541+0%5b#)(41+@+31#$4#3I)41+&3+54+
145'&a+ 5%1+ 0$%I$4?41+ @+ 13$B)()%1+ @+ 35+ 0$%(31%+ &3+ )"B31#)I4()*"a+ &3+ >%$?4()*"+ @+
(404()#4()*"+&3+5%1+$3('$1%1+G'?4"%1m+AY+"%+&'05)(4$a+1)"%+'#)5)`4$+5%1+1'A1)1#3?41+
4(#'4531+ @+ 54+ )">%$?4()*"+ "3(314$)4+ &3+ >'3"#31+ )&3"#)>)(4&41m+ (Y+ 0$%?%B3$+ 35+
03$>3(()%"4?)3"#%+&3+5%1+1'A1)1#3?41+&3+)">%$?4()*"+@+&3+B)I)54"()4+30)&3?)%5*I)(4+
3_)1#3"#31+(%"+?)$41+4+(%">%$?4$+'"+1)1#3?4+\")(%+&3+)">%$?4()*"m+&Y+?%B)5)`4$+5%1+
$3('$1%1+ #=(")(%1+ &)10%")A531+ 3"+ >'"()*"+ &35+ 4"d5)1)1+ @+ 54+ $310'31#4+ %0%$#'"4+ @+
3>)()3"#3m+ 3Y+ $345)`4$+ 35+ 4"d5)1)1+ 03$)*&)(%+ &3+ 54+ )">%$?4()*"+ 0$%(3&3"#3+ &3+ %#$%1+
13(#%$31+ 3"+ 145'&m+ >Y+ 0$%?%B3$+ '"4+ )"#3I$4()*"+ 4&3('4&4+ &3+ 5%1+ 4103(#%1+ &3+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) >?)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
0$%?%()*"+ &3+ 145'&a+ (%"&)()%"31+ @+ 31#)5%1+ &3+ B)&4m+ IY+ 31#4A53(3$+ 35+ )"#3$(4?A)%+
03$?4"3"#3+ &3+ )">%$?4()*"+ 1353(()%"4&4+ (%"+ %#$%1+ 1)1#3?41+ %+ 1'A1)1#3?41+
"4()%"4531+@+5%I$4$+54+)"#3$(%?'")(4()*"+(%"+%#$%1+1)1#3?41+&3+B)I)54"()4+14")#4$)4+%+
30)&3?)%5*I)(4+ 4+ ")B35+ )"#3$"4()%"45m+ )Y+ &%#4$+ &3+ ?=#%&%1+ $d0)&%1+ &3+ 3B45'4()*"+
30)&3?)%5*I)(4+@+?3#%&%5%Ib4+04$4+3">$3"#4$+1)#'4()%"31+4I'&41+4+5%1+0$%>31)%"4531+
$310%"14A531+ &3+ 54+ $310'31#4+ 4+ #%&%1+ 5%1+ ")B3531m+ GY+ '")>)(4()*"+ &35+ 3_03&)3"#3+
(5b")(%+ <'3+ 4@'&4$d+ 4+ 3B)#4$+ 54+ &'05)()&4&+ &3+ 31>'3$`%1+ @+ $3('$1%1+ 0%$+ 541+
)"1#)#'()%"31+ &35+ 1)1#3?4+ &3+ 145'&a+ 03$?)#)$d+ #4?A)="+ &4$53+ 13I')?)3"#%+ ?d1+
(%%$&)"4&%+ @+ %0%$#'"%+ 4+ (4&4+ 04()3"#3a+ ?3H%$4"&%+ 35+ >5'H%+ &3+ )">%$?4()*"a+
0$%(31%1+&3+$3>3$3"()4+@+(%"#$4+$3>3$3"()4.++
O+ 0314$+ &3+ 5%1+ 0$)?3$%1+ 4B4"(31+ 5%I$4&%1a+ 03$1)1#3"+ ?'(G41+ "3(31)&4&31+
03"&)3"#31+&3+$31%5B3$13.+21+"3(314$)%+)"B3$#)$+'"4+)?0%$#4"#3+(4"#)&4&+&3+$3('$1%1+
3"+54+($34()*"+&3+54+)">$431#$'(#'$4+#3("%5*I)(4+4+")B35+5%(45+<'3+4@'&3+4+I31#)%"4$+35+
1)1#3?4+ &3+ )">%$?4()*"a+ 41b+ (%?%+ 4+ ?3H%$4$+ 1'+ 4((31%+ 4+ 54+ #3("%5%Ib4.+ K3+ &3A3$d+
)")()4$+'"+0$%(31%+&3+>%$#453()?)3"#%+&3+5%1+&)B3$1%1+1'A1)1#3?41+3_)1#3"#31+(%"+35+
0$%0*1)#%+ &3+ 45(4"`4$+ '"4+ ?4@%$+ (45)&4&+ @+ %0%$#'")&4&+ 3"+ 541+ ('4#$%+ 0$)"()04531+
d$341e+ 2">3$?3&4&31+ #$4"1?)1)A531a+ 2">3$?3&4&31+ "%+ #$4"1?)1)A531a+ K45'&+
O?A)3"#45+@+K3$B)()%1+&3+K45'&+
+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) >A)
)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
N(.'J*)$%,43%$-"'/*+E*&1$?3'%+"'&4'(GGG''
='B)*+1'/*&1)3#+*&1'/S>4$%+1'#&'G34,#'
+
+
+
+
K3I\"+ &4#%1+ &35+ ;)I31#@(a+ 54+ 0%A54()*"+ 4(#'45+ &3+ 25+ K45B4&%$+ 31+ &3+ V.9EP.EE7+
?)55%"31+ &3+ G4A)#4"#31].+ 25+ ]-.7i+ &3+ 314+ 0%A54()*"a+ 31+ &3()$a+ #$31+ &3+ (4&4+ ('4#$%+
G4A)#4"#31a+(%"1#)#'@3+54+0%A54()*"+&3+$3>3$3"()4+4+13$+('A)3$#4+(%"+5%1+13$B)()%1+&3+
145'&+&35+N)")1#3$)%+&3+K45'&+@+O1)1#3"()4+K%()45.+25+!"1#)#'#%+K45B4&%$3C%+&35+K3I'$%+
K%()45+ &3A3+ ('A$)$+ 45+ PS.7i+ &3+ 54+ 0%A54()*"a+ ?)3"#$41+ <'3+ h)3"31#4$+ N4I)1#3$)45+
&3A3+('A$)$+35+9.-i.+2"+31#3+(d5('5%+"%+31#d+(%"#3?054&4+54+0%A54()*"+<'3+$3('$$3+45+
13(#%$+0$)B4&%+%+<'3+0%133+13I'$%+0$)B4&%.+
+
/3$%+ 54+ &)>3$3"()4+ 3"#$3+ 35+ I41#%+ 03$+ (d0)#4+ &)10%")A53+ 0%$+ (4&4+ '"%+ &3+ 31#%1+
13(#%$31+ 31+ ?'@+ &)>3$3"#3a+ ?4"#3")="&%13+ #%&%1+ 355%1+ &3"#$%+ &3+ 5%+ <'3+ 13+
(%"1)&3$4+'"+?'@+A4H%+I41#%+3"+145'&+03$+(d0)#4+04$4+'"+04b1+&3+&314$$%55%+?3&)%.+
O1ba+ B3?%1+ <'3a+ 3"+ PQQ7a+ 35+ I41#%+ 03$+ (d0)#4+ &35+ N)")1#3$)%+ &3+ K45'&+ >'3+ &3+ 7]+
&*54$31+0%$+4C%a+?)3"#$41+<'3+35+&35+!KKK+>'3+&3+PP9+&*54$31+03$+(d0)#4+@+35+I41#%+&3+
h)3"31#4$+N4I)1#3$)45+>'3+&3+S-Q+&*54$31+03$+(d0)#4.++
+
21#4+1)#'4()*"+&3+)"3<')&4&a+&3"#$%+&3+'"+I41#%+?'@+A4H%+3"+#%&%1+5%1+1'A13(#%$31a+
13+0%"3+3"+?4@%$+3B)&3"()4+1)+13+$3(%"%(3+<'3+35+I41#%+&35+NK/OK+1%A$3+35+<'3+13+
(45('54+35+I41#%+03$+(d0)#4+)"(5'@3+'"4+13$)3+&3+)"#3$B3"()%"31+3"+145'&+0\A5)(4+<'3+
A3"3>)()4"+4+#%&4+54+0%A54()*"+145B4&%$3C4+@+<'3+54+13I'$)&4&+1%()45+"%+$3(%"%(3+")+
$3#$)A'@3.+ 2H3?05%1+ &3+ 31#41+ )"#3$B3"()%"31+ (%1#34&41+ 0%$+ 35+ 0$31'0'31#%+ &35+
NK/OK+<'3+"%+1%"+$3#$)A')&41+0%$+54+13I'$)&4&+1%()45+1%"e+
+
• /$%B)1)*"+&3+541+B4('"41+&3+#%&4+54+0%A54()*"+
• O#3"()*"+4+5%1+G)H%1+&3+413I'$4&%1+?4@%$31+&3+&%(3+4C%1+
• O#3"()*"+4+54+)"#3$"4()*"+03&)d#$)(4+&3+")C%1+413I'$4&%1+4+04$#)$+&35+('4$#%+
&b4+&3+)"#3$"4()*"+
• /$%B)1)*"+&3+1'?)")1#$%1+04$4+54+054")>)(4()*"+>4?)5)4$+
• M%A3$#'$4+0%$+04$#3+&35+NK/OK+&3+54+?4@%$+04$#3+&3+54+0%A54()*"+$'$45a+134"+
%+ "%+ 134"+ 413I'$4&%1a+ 0%$+ 4((31)A)5)&4&+ I3%I$d>)(4+ 45+ 0$)?3$+ ")B35+ &3+
4#3"()*"+&35+NK/OK+
• T)"4"()4()*"+ 0%$+ 04$#3+ &35+ NK/OK+ &3+ 541+ )"#3$B3"()%"31+ &)$)I)&41+ 45+ (%"#$%5+
&3+B3(#%$31+X&3"I'3a+?454$)4a+3#(.Y+
• T)"4"()4()*"+ 0%$+ 04$#3+ &35+ NK/OK+ &3+ 541+ )"#3$B3"()%"31+ &)$)I)&41+ 45+ (%"#$%5+
&3+`%%"%1)1+X$4A)4a+3"#$3+%#$41Y+
)))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))
B)H&#$()*&)/(1-,2"I#)<FFB)3)&$%"8,*()K,',)&-),L()<FFDM)N"J&$%32@)
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) >B)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
•
!"#3$B3"()%"31+ &3+ 145'&+ 0\A5)(4+ 3"+ (4?04C41+ (%"#$4+ 30)&3?)41+ @+
3?3$I3"()41+
O(()%"31+03$?4"3"#31+1%A$3+35+?3&)%+X14"34?)3"#%+4?A)3"#45Y+
•
+
M%?%+(%"#$4(4$4+&3+31#4+1)#'4()*"a+35+N)")1#3$)%+&3+K45'&+&3A3+(%?03"14$+45+!KKK+
0%$+13$B)()%1+'#)5)`4&%1+0%$+04()3"#31+"%+413I'$4&%1.+^%1+0$3()%1+>)H4&%1+1%"+0$3()%1+
&3+ ?3$(4&%+ @+ 3"+ 45I'"%1+ (41%1+ ?d1+ (4$%1+ <'3+ 5%1+ 0$3()%1+ &3+ ?3$(4&%+ X&)d5)1)1a+
#$41054"#31+&3+$)C*"a+$31%"4"()4+?4I"=#)(4+@+%#$41+0$31#4()%"31Y.+
+
K)+'"4+B)1)*"+&3+54$I%+054`%+#)3"&3+G4()4+'"4+)"#3I$4()*"+&35+1)1#3?4+<'3+1'03$3+54+
13I?3"#4()*"+ @+ 54+ >$4I?3"#4()*"a+ 31+ &3()$a+ 13+ A414+ 3"+ 54+ A\1<'3&4+ &3+ '"4+
0$%I$31)B4+ )"#3I$4()*"+ >)"4"()3$4+ @+ 3"+ 54+ 0$31#4()*"+ &3+ 13$B)()%1+ &3+ 145'&a+ 3"+ 31#3+
<')"<'3")%++1*5%+13$d+0%1)A53+0$%03"&3$+G4()4+'"4+(%%$&)"4()*"+3"#$3+35+NK/OK+@+35+
!KKK+ @+ %#$%1+ 0$31#4&%$31+ 0\A5)(%1+ &3+ 13$B)()%1+ (%"+ =">41)1+ 3"e+ 4Y+ 3_03$)3"()41+
0)%"3$41+ &3+ 0$31#4()*"+ (%"H'"#4+ &3+ 13$B)()%1+ 3"+ #%&%1+ 5%1+ ")B3531a+ )"(5'@3"&%+ 35+
")B35+G%10)#454$)%+X(%%$&)"4()*"+3"+54+0$31#4()*"+&3+13$B)()%1+%+0$31#4()*"+(%"H'"#4+
&3+ 13$B)()%1Y+ @+ AY+ '"+ 1)1#3?4+ >'"()%"45+ @+ 3<')#4#)B%+ &3+ (%?03"14()*"+ &3+ (%1#%1+
3"#$3+35+!KKK+@+35+NK/OK+#3"&)3"#3+4+)$+$304$4"&%+04'54#)"4?3"#3+541+)"H'1#)()41+<'3+
G%@+ 13+ 0$313"#4"+ 3"+ $4`*"+ &3+ (*?%+ G4"+ 1)&%+ 31#$'(#'$4&%1+ G)1#*$)(4?3"#3+ 541+
$354()%"31+3"#$3+4?A%1.+
+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) >C)
)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
N((.'H*&3%$-"'#&4'("1)$),)+'L3%$+"34'#&'G34,#''
='M+*)34&%$<$&")+'#&'43'F&#'#&'T3>+*3)+*$+1'
+
+
+
+
^4+($34()*"+&3+'"4+"'3B4+)"1#)#'()%"45)&4&+31#4#45+3"+35+13(#%$+145'&+31+'"%+&3+5%1+
353?3"#%1+31#$4#=I)(%1+04$4+4B4"`4$+3"+35+K)1#3?4+U4()%"45+!"#3I$4&%+&3+K45'&.+25+
!"1#)#'#%+U4()%"45+&3+K45'&+13$d+'"4+%$I4")`4()*"+()3"#b>)(%g#=(")(4+1'A%$&)"4&4+45+
N)")1#3$)%+ &3+ K45'&+ <'3+ 5)&3$4$d+ 54+ A\1<'3&4+ &3+ ?3H%$41+ 1'1#4"#)B41+ 3"+ 145'&.+
21#4$d+ &%#4&%+ &3+ '"4+ 21('354+ &3+ 6%A)3$"%a+ $3('$1%1+ 04$4+ 54+ )"B31#)I4()*"+ @+
54A%$4#%$)%1+ 3103()45)`4&%1+ 3"+ 35+ (%"#$%5+ &3+ (45)&4&+ &3+ ?3&)(4?3"#%1a+ 45)?3"#%1a+
4I'4a+ @+ &3?d1+ <'3+ 53+ &3?4"&3+ 35+ 1)1#3?4.+ 25+ !"1#)#'#%+ U4()%"45+ &3+ K45'&+ 13+
(%">%$?4$d+)")()45?3"#3+4+04$#)$+&3+'"4+$3%$I4")`4()*"+&3+5%1+$3('$1%1+&)10%")A531+
3"+35+NK/OK.)
^4+?)1)*"+&35+!UK+13$d+54+&3+I3"3$4$a+#$4"1?)#)$+@+&)>'"&)$+(%"%()?)3"#%1+()3"#b>)(%1+@+
#3("%5*I)(%1+ @+ 0$%?%B3$+ 1'+ )"(%$0%$4()*"+ 04$4+ 54+ 1%5'()*"+ &3+ 5%1+ 0$%A53?41+ &3+
145'&+ &3+ 54+ 0%A54()*"+ &3+ 25+ K45B4&%$.+ K'+ B)1)*"+ &3+ >'#'$%+ 13$d+ 54+ &3+ (%"B3$#)$13+ 3"++
$3>3$3"()4+3"+54+I3"3$4()*"+@+54+0$%0%1)()*"+&3+1%5'()%"31+#=(")(41+@+()3"#b>)(41+04$4+
54+0$%?%()*"a+0$3B3"()*"a+$3('03$4()*"+@+$3G4A)5)#4()*"+&3+54+145'&+3"+25+K45B4&%$+@+
3"+54+J3I)*"+M3"#$%4?3$)(4"4.+^%1+B45%$31+)"1#)#'()%"4531+&35+!UK+1%"e+2_(353"()4+3"+
#%&41+ 541+ 4(#)B)&4&31+ <'3+ $345)`4m+ #$4"104$3"()4+ (%?%+ (%?0$%?)1%+ (%"+ 54+
03$?4"3"#3+0$31#4()*"+&3+('3"#41+4+54+1%()3&4&+1%A$3+1'+&313?03C%+)"1#)#'()%"45m+
$3&'(()*"+ &3+ )"3<')&4&31+ X31#'&)%1a+ )"B31#)I4()%"31+ @+ 13$B)()%1+ &35+ !UK+ #3"&$d"+
(%?%+B45%$+03$?4"3"#3+54+(%"#$)A'()*"+04$4+$3&'()$+)"3<')&4&31+3"+35+04b1+$354#)B41+
45+ 4((31%+ %+ 4+ 54+ 3_0%1)()*"+ 4+ 5%1+ &3#3$?)"4"#31+ 1%()%g3(%"*?)(%1a+ 4?A)3"#4531+ @+
A)%5*I)(%1+ &3+ 54+ 145'&a+ 0%$+ 04$#3+ &3+ I$'0%1+ %+ )"&)B)&'%1+ 3103(b>)(%1Ym+ =#)(4+ 3"+ 54+
)"B31#)I4()*"+ <'3+ )"B%5'($3a+ &)$3(#4+ %+ )"&)$3(#4?3"#3a+ 13$31+ G'?4"%1a+ I$'0%1+
1%()4531+ %+ 35+ '1%+ &3+ 4")?4531+ &3+ 3_03$)?3"#4()*"a+ 1%5)&4$)&4&+ )"#3$"4+ @+ (%"+ %#$41+
)"1#)#'()%"31+&3+145'&+%+&3+()3"()4+@+#3("%5%Ib4a+04$#)('54$?3"#3+4<'35541+&3+d$341+%+
04b131+ (%"+ ?3"%$+ &314$$%55%+ ()3"#b>)(%a+ 3(%"*?)(%+ %+ 1%()45m+ )"#3I$45)&4&+ @+
>%(45)`4()*"+ &3+ %AH3#)B%1a+ 0$%0'31#41+ @+ 4(()%"31+ 3"#$3+ 541+ &)B3$141+ '")&4&31+ @+
1'A'")&4&31+ &35+ N)")1#3$)%+ @+ &35+ !UKa+ &)$)I)&41+ 45+ (%"%()?)3"#%+ @+ 1%5'()*"+ &3+
0$%A53?41+ @+ 1)#'4()%"31+ 0$)%$)#4$)41+ &3+ 145'&m+ 4'#%3B45'4()*"+ (%"#)"'4&4+ &35+
&313?03C%+ )"&)B)&'45a+ (%53(#)B%+ 3+ )"1#)#'()%"45+ (%?%+ ?3(4")1?%+ &3+ 40$3"&)`4H3a+
4H'1#3+ @+ ?3H%$b4+ 03$?4"3"#3m+ 0$%?%()*"+ &3+ 54+ I31#)*"+ 04$#)()04#)B4+ @+ &3+ 54+
(404()&4&+ &3+ )""%B4()*"m+ $3(%"%()?)3"#%+ 3+ )"(5'1)*"+ 3"+ 35+ <'3G4(3$+ &35+ !UK+ &3+
%#$%1+ 4(#%$31+ ()3"#b>)(%1+ @+ #3("%5*I)(%1+ (%?%+ ?3(4")1?%+ &3+ 0%#3"()45)`4()*"+ @+
4$#)('54()*"+&35+14A3$+3"+35+d$34.++
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) >D)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
^%1+3H31+31#$4#=I)(%1+&35+!UK+1%"e+8)I)54"()4a+?%")#%$3%a+3B45'4()*"+@+4"d5)1)1+&3+5%1+
&3#3$?)"4"#31a+ $)31I%1+ @+ &4C%1+ 3"+ 145'&+ 0\A5)(4m+ )">%$?4()*"+ @+ (%?'")(4()*"+ 3"+
145'&m+
&314$$%55%+ &3+ $3('$1%1+ G'?4"%1+ @+ (404()#4()*"+ 3"+ 145'&a+ (%"#$%5+ &3+ 54+ (45)&4&+ &3+
)"1'?%1+ @+ 0$%&'(#%1+ &3+ 145'&+ @+ &35+ ?3&)%+ 4?A)3"#3a+ )"B31#)I4()*"+ @+ &314$$%55%+
#3("%5*I)(%+3"+145'&a+0$%&'(()*"+&3+)"1'?%1+31#$4#=I)(%1+04$4+54+145'&+@+I31#)*"+@+
&314$$%55%+)"1#)#'()%"45.++
+
2"+'"4+0$)?3$4+>413+541+4(()%"31+&35+!"1#)#'#%+13+(%"(3"#$4$d"+3"+35+>%$#453()?)3"#%+
&3+54+$3&+&3+54A%$4#%$)%1+(%?%+4(()*"+)"35'&)A53+&35+0$%(31%+&3+$3>%$?4+@+13+($34$d+
54+ 21('354+ &3+ 6%A)3$"%+ 3"+ K45'&.+ /4$45354?3"#3+ 13+ 4B4"`4$d+ 3"+ 54+ ?%B)5)`4()*"+ &3+
$3('$1%1+ @+ 3"+ 54+ &3>)")()*"+ &3+ ?4($%0$%@3(#%1+ %$)3"#4&%1+ 4+ 54+ 0$%&'(()*"a+
1)1#3?4#)`4()*"+ @+ &)>'1)*"+ &3+ (%"%()?)3"#%1+ (%"+ 1%()%1+ "4()%"4531+ 3+
)"#3$"4()%"4531.+ K3+ 0$)%$)`4$d"+ 5%1+ ?4($%0$%@3(#%1+ &3+ )"B31#)I4()*"+ 1%A$3+ 5%1+
&3#3$?)"4"#31+ 1%()4531a+ 3?A4$4`%+ 4&%531(3"#3a+ ?%$#45)&4&+ ?4#3$"4a+ (%1#%g
3>3(#)B)&4&+&3+B4('"41+@+?3&)(4?3"#%1a+3">3$?3&4&+$3"45+($*")(4+@+4I$%<'b?)(%1a+
)"()&3"()4+@+0$3B453"()4+&3+(d"(3$+3"+25+K45B4&%$a+3"#$3+%#$%1.+
+
@-#8$.()*1*(%8-!/(!.$!H(/!/(!D$G-#$8-#*-&!(%!(.!J$#)-!/(.!9<,+
^41+#3("%5%Ib41+&3+54+145'&+>%$?4"+54+(%5'?"4+B3$#3A$45+&3+5%1+13$B)()%1+&3+145'&.+K)"+
3?A4$I%+35+4((31%+4+541+#3("%5%Ib41+&3+54+145'&+31+'"4+&3+541+0$)"()04531+&)>3$3"()41+
3"#$3+5%1+04b131+?d1+@+?3"%1+&314$$%554&%1.+K)1#3?41+&3+145'&+3>)()3"#31+@+>'3$#31+
)"B4$)4A53?3"#3+ 13+ 40%@4"+ >'3$#3?3"#3+ 3"+ 35+ 4((31%+ @+ '1%+ $4()%"45+ &3+ 541+
#3("%5%Ib41+ &3+ 54+ 145'&.+ ["4+ $3&+ >'3$#3+ &3+ #3("%5%Ib41+ &3+ 54+ 145'&+ 31+ '"+
0$3$$3<')1)#%+>'"&4?3"#45+04$4+54+1%1#3")A)5)&4&+@+(%">)4"`4.+
^%1+13$B)()%1+&3+54A%$4#%$)%+1%"+04$#3+&3+31#41+#3("%5%Ib41+<'3+"%+1%"+'"+>)"+3"+1b+
?)1?%+ 1)"%+ <'3+ 13+ &314$$%554"+ %+ 1%"+ (%"(3A)&41+ 04$4+ 1%5'()%"4$+ 0$%A53?41+ &3+
145'&.+25+'1%+31#$4#=I)(%+&3+#3("%5%Ib41+(%"+?\5#)0531+405)(4()%"31+13+G4+(%"B3$#)&%+
3"+'"4+&3+541+G3$$4?)3"#41+?d1+(%1#%g3>3(#)B41+3"+54+($34()*"+&3+1)1#3?41+&3+145'&+
>'3$#31.+ 2"+ 25+ K45B4&%$+ 35+ 1)1#3?4+ "4()%"45+ &3+ 54+ $3&+ &3+ 54A%$4#%$)%1+ 4('14+
5)?)#4()%"31+ 3"+ )">$431#$'(#'$4+ >b1)(4a+ 3<')04?)3"#%a+ $3('$1%1+ >)"4"()3$%1a+ 4((31%+ @+
4&<')1)()*"+ &3+ $34(#)B%1a+ $3('$1%1+ G'?4"%1a+ (404()#4()*"+ &3+ $3('$1%1+ G'?4"%1a+
4((31%+4+?=#%&%1+?%&3$"%1+&3+&)4I"*1#)(%a+4?05)4()*"+&3+13$B)()%1+4+")B35+(3"#$45+
@+$3I)%"45+@+4((31%+3"+$3&+4+")B35+(3"#$45+@+$3I)%"45.++
/%$+(%"1)I')3"#3a+35+>%$#453()?)3"#%+@+?%&3$")`4()*"+&3+31#4+$3&+&3+54A%$4#%$)%1+31+
'"4+0$)%$)&4&+04$4+?3H%$4$+54+(45)&4&+&3+5%1+13$B)()%1+0$31#4&%1+0%$+35+NK/OK+4+54+
0%A54()*"+ @+ 4'?3"#4$+ 54+ (%A3$#'$4+ 3>3(#)B4+ &35+ 1)1#3?4.+ ^4+ $3&+ &3+ 54A%$4#%$)%1+ 31+
&3>)()3"#3+ 3"+ 1'+ ")B35+ &3+ 405)(4()*"+ &3+ 54+ "%$?4#)B4+ &3+ A)%13I'$)&4&+ @+ 13I'$)&4&+
4?A)3"#45+@+I3"3$4+$)31I%1+#4"#%+04$4+5%1+#$4A4H4&%$31+&35+13(#%$+145'&+(%?%+04$4+
5%1+'1'4$)%1+&35+1)1#3?4+@+04$4+35+?3&)%+4?A)3"#3.++
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) ?F)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
25+^4A%$4#%$)%+M3"#$45+jN4_+h5%(Gk+('3"#4+(%"+03$1%"45+0$%>31)%"45+@+#=(")(%+A)3"+
3"#$3"4&%+ <'3+ G4+ 1)&%+ (404()#4&%+ 3"+ M4"4&da+ /3$\a+ N=_)(%a+ /'3$#%+ J)(%a+ 21#4&%1+
[")&%1.+O+0314$+&3+541+&)>)('5#4&31a+1'+03$1%"45+31#d+?'@+?%#)B4&%+04$4+('?05)$+541+
#4$341+)"(5'1%+4"#3+54+$3()3"#3+1)#'4()*"+&3+04"&3?)4+&3+54+I$)03+OR9U9.+2"+35+d$34+
&3+M%"#$%5+&3+54+M45)&4&+&3+N3&)(4?3"#%1+3+!"1'?%1+N=&)(%1+#)3"3+03$1%"45+?'@+
A)3"+ (404()#4&%+ 04$4+ '14$+ @+ 0%"3$+ 3"+ ?4$(G4+ 1%>)1#)(4&%1+ 4"d5)1)1+ <'b?)(%1+ @+
>4$?4(%5*I)(%1+ (%?%+ 31#4A53(3$+ 54+ 8)I)54"()4+ &3+ /31#)()&41+ 3"+ O5)?3"#%1a+ OI'4+ @+
K4"I$3a+ 41b+ (%?%+ 04$4+ 31#4A53(3$+ 54+ 8)I)54"()4+ &3+ ?3#4531+ 0314&%1+ 3"+ 4I'4+ @+ &3+
?3$('$)%+3"+45)?3"#%1.++
^%1+ 0$)"()04531+ &314>b%1+ <'3+ G%@+ #)3"3+ 54+ $3&+ &3+ 54A%$4#%$)%1+ &303"&)3"#3+ &35+
NK/OK+ 1%"e+ S*-&(C6#*/$/T+ I$4B31+ >45541+ &3+ A)%13I'$)&4&+ 3"+ 54+ #%?4+ &3+ ?'31#$4+ @+
?4"3H%+&3+4")?4531+)">3(#4&%1+@+3"+54+35)?)"4()*"+&3+?4#3$)45+45#4?3"#3+)">3(()%1%+
3"+35+^4A%$4#%$)%+&3+J4A)4+&35+^4A%$4#%$)%+M3"#$45+X^MYm+>45#41+3"+54+A)%13I'$)&4&+@+
13I'$)&4&+ 4?A)3"#45+ I$4B3+ 3"+ 35+ d$34+ &3+ 4)154?)3"#%+ &3+ O;UlJUO+ B)$4531+ 0'31+ 54+
04$3&+ 31#d+ &4C4&4+ $304$4&4+ (%"+ #4A54+ (%"+ 4I'H3$%1+ B)1)A531+ <'3+ &4"+ G4()4+ 35+
0$)"()045+ G%10)#45+ &3+ #3$(3$+ ")B35+ &35+ 04b1a+ I$4B3+ >45#4+ &3+ A)%13I'$)&4&+ 04$4+ 35+
03$1%"45+ &35+ 54A%$4#%$)%+ &3+ ()#%5%Ib4+ @+ &3+ 54+ $3&+ &3+ 54A%$4#%$)%1+ &3+ ()#%5%Ib4+ 45+
#$4A4H4$+ (%"+ 1'1#4"()41+ <'b?)(41+ B%5d#)531+ (4"(3$bI3"41+ 1)"+ (d?4$4+ 3_#$4(#%$4+ &3+
I4131.+ H()6#&-&! E61$%-&T! "3(31)&4&+ )?03$4#)B4+ &3+ 4'?3"#4$+ 35+ 03$1%"45+ &3+ 5%1+
54A%$4#%$)%1+04$4+1%5'()%"4$+54+(45)&4&+@+35+$3`4I%+&3+54+3"#$3I4+&3+$31'5#4&%1a+0%$+
3H3?05%a+ $3`4I%+ 4"'45+ 3"+ 54+ 3"#$3I4+ &3+ $31'5#4&%1+ &3+ ()#%5%Ib41+ (3$B)(%g'#3$)"4a+
$3`4I%+ &3+ 3"#$3I4+ &3+ 4"d5)1)1+ &3+ ?3&)(4?3"#%1+ 3+ )"1'?%1+ ?=&)(%1+ 0%$+ 5)?)#4()*"+
&3+ 03$1%"45m+ >45#41+ 3"+ 54+ (45)&4&+ &3+ 5%1+ 4"d5)1)1+ &3+ 5%1+ 54A%$4#%$)%1+ (5b")(%1+ &3+
G%10)#4531+&35+13I'"&%+")B35+0%$+4'?3"#%+&35+B%5'?3"+&3+?'31#$41+1)"+4'?3"#%+&3+
03$1%"45+ X0%$+ $4`*"+ &35+ )"($3?3"#%+ &3+ (%"1'5#41+ @+ 35+ 4'?3"#%+ &3+ 54+ (%A3$#'$4+
54A%$4#%$)45+ 3"+ &3"I'3+ @+ %#$41+ 3">3$?3&4&31Y.+ U3(31)&4&+ &3+ $345)`4$+ '"4+
(404()#4()*"+ 3_#3"1)B4+ @+ 03$?4"3"#3+ 3"#$3+ 35+ 03$1%"45+ &3+ 541! 0$)"()04531+ d$341! &3+
5%1+54A%$4#%$)%1+(5b")(%1.+456*'$1*(%8-!/(!H(/!/(!D$G-#$8-#*-&T!541+&3>)()3"()41+&3+
3<')0%1+ &3+ 54+ $3&+ &3+ 54A%$4#%$)%1+ (%"1)1#3"+ 3"+ <'3+ 3"+ 1'+ I$4"+ ?4@%$b4+ 31+ 3<')0%+
B)3H%+@+&3>3(#'%1%m+31+"3(314$)%+?%&3$")`4$+5%1+3<')0%1a+4'#%?4#)`4$+35+3<')0%+&3+
G3?4#%5%Ib4+ @+ 4"d5)1)1+ <'b?)(%1+ &3+ G%10)#4531+ &35+ 13I'"&%+ ")B35.+ ^%1+ \")(%1+
54A%$4#%$)%1+ (%"+ 3<')0%1+ ?%&3$"%1+ 1%"e+ 35+ ^4A%$4#%$)%+ &3+ M%"#$%5+ &3+ M45)&4&+ &3+
O5)?3"#%1+ @+ OI'41+ @+ 35+ ^4A%$4#%$)%+ &3+ M%"#$%5+ &3+ N3&)(4?3"#%1+ 3+ !"1'?%1+
N=&)(%1.+S$%)-&!/(!,$%C#(T!I$4"&31+&3>)()3"()41+3"+35+3<')04?)3"#%+&3+54+J3&+&3+
h4"(%1+ &3+ K4"I$3+ <'3+ %$)I)"4+ $34(()%"31+ #$4"1>'1)%"4531+ 4&B3$141+ 3"+ 04()3"#31+
0%5)#$4"1>'"&)&%1a+>45#4+&3+40%@%+04$4+541+(4?04C41+?*B)531+&3+&%"4()*"+&3+14"I$3+
(%"+54+<'3+13+>%$#453(3"+541+$313$B41+&3+14"I$3+@+G3?%(%?0%"3"#31+&3+5%1+A4"(%1+
&3+ 14"I$3.+ 2"#$3+ %#$41+ ?3&)&41+ <'3+ &3A3"+ #%?4$13+ 31+ 54+ (%?0$4+ &3+ 3<')0%+ @+
$34(#)B%1+ 04$4+ ?3H%$4$+ 54+ (45)&4&+ &3+ 541+ #$4"1>'1)%"31+ &3+ 14"I$3+ @+
G3?%(%?0%"3"#31+ X)$$4&)4&%$+ &3+ 14"I$3a+ $%#4&%$31+ &3+ 054<'3#41a+ (%"I354&%$31+
04$4+0541?4+@+($b%0$304$4&%1a+(3"#$b>'I41a+$34(#)B%1+04$4+&3#3(()*"+&3+4"#)('3$0%1+
)$$3I'54$31a+ $34(#)B%1+ 04$4+ 4>=$31)1+ 04$4+ ?3H%$4$+ 54+ $313$B4+ &3+ 054<'3#41.+ 25+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) ?E)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
>%$#453()?)3"#%+&3+5%1+h4"(%1+&3+K4"I$3+31#d+b"#)?4?3"#3+5)I4&%+4+54+($34()*"+&35+
K)1#3?4+ &3+ 2?3$I3"()41+ N=&)(41.+ 0-%8#-.! /(! 0$.*/$/! 9%8(#%-! A! 4U8(#%-T+ 31+
"3(314$)%+40%@%+0$31'0'31#4$)%+04$4+04I4$+5%1+(%"#$%531+3_#3$"%1+3"+35+^4A%$4#%$)%+
&3+ M%"#$%5+ &3+ M45)&4&+ &3+ N3&)(4?3"#%1+ @+ OI'41+ <'3+ "%+ 13+ G4(3"+ 0%$+ >45#4+ &3+
>%"&%1.!!
!
0#($)*;%!/(!.$!4&)6(.$!/(!7-G*(#%-!(%!,$.6/+
+
^4+21('354+&3+6%A)3$"%+31+'"+(3"#$%+04$4+35+&314$$%55%+&3+(404()&4&31+&3+I%A)3$"%+
@+(%"&'(()*"+<'3+413I'$3"+35+&314$$%55%+&3++0%5b#)(41+0\A5)(41+@+&35+1)1#3?4+&3+145'&+
3"+ A3"3>)()%+ &3+ #%&4+ 54+ 0%A54()*"+ 145B4&%$3C4.+ M%"(3"#$4$d+ 1'1+ 4(#)B)&4&31+ 3"+ 35+
03$1%"45+ &3+ 145'&+ &35+ NK/OK+ X45+ ?3"%1+ 31#4+ 13$d+ 54+ 0$)%$)&4&Y.+ ^4+ 21('354+ &3+
6%A)3$"%+ 31+ 1%0%$#3+ 313"()45+ &3+ 54+ (%"&'(()*"+ 0%5b#)(4+ &35+ 1)1#3?4+ &3+ 145'&+
?3&)4"#3+ 54+ 0$%&'(()*"+ @+ '#)5)`4()*"+ &3+ (%"%()?)3"#%a+ )">%$?4()*"+ @+ #3("%5%Ib4+
04$4+ 541+ &3()1)%"31+ &3+ 0%5b#)(4+ @+ &3+ I31#)*"+ 3"+ 145'&+ @+ 413I'$4+ 54+ &)10%")A)5)&4&+ @+
(%?03#3"()4+ &3+ 5%1+ $3('$1%1+ G'?4"%1+ $310%"14A531+ &3+ 54+ (%"&'(()*"+ &35+ 1)1#3?4+
&3+145'&+3"+#%&%1+1'1+")B3531.+++
21+'"+(%?0%"3"#3+&35+!"1#)#'#%+U4()%"45+&3+K45'&+<'3+#)3"3+(%?%+%AH3#)B%1+0$%0)%1+
5%1+&3+>%$?4$+@+?4"#3"3$+54+(%?03#3"()4+&3+5%1+('4&$%1+&3+(%"&'(()*"+@+&3+I31#)*"+
31#$4#=I)(4+ &35+ 1)1#3?4+ &3+ 145'&+ &3+ 25+ K45B4&%$+ @+ 54+ 0$%&'(()*"+ @+ 405)(4()*"+ &3+
(%"%()?)3"#%a+#3("%5%Ib4+3+)">%$?4()*"+04$4+541+&3()1)%"31+&3+0%5b#)(4+@+&3+I31#)*"+
&35+ 1)1#3?4+ &3+ 145'&.+ o3"&$d+ '"+ ?%&35%+ &3+ %$I4")`4()*"+ >'"()%"45+ <'3+ 03$?)#4+ 54+
)"#3$&)1()05)"4+@+54+4(()*"+)"#3$13(#%$)45++
^4+ 21('354+ &3+ 6%A)3$"%+ 3"+ K45'&+ #3"&$d+ '"4+ 31#$'(#'$4+ 3"+ $3&+ B)"('5d"&%13+ 4+ 541+
)"1#)#'()%"31+ &35+ I%A)3$"%a+ 4(4&=?)(41+ @+ &3+ %#$%1+ 13(#%$31+ &35+ 21#4&%+ @+ &3+ 54+
1%()3&4&a+ 13+ B)"('54$d+ ?3&)4"#3+ + (%"B3")%1+ (%"+ )"1#)#'()%"31+ 1)?)54$31+ (%?%+
T!FMJ[p+&3+h$41)5a+M;M+&3+O#54"#4a+54+21('354+&3+K45'&+/\A5)(4+&3+O"&45'(b4+@+%#$41+
)"1#)#'()%"31+1)?)54$31.+
^%1+ (%?0%"3"#31+ &3+ 54+ 21('354+ &3+ 6%A)3$"%+ 3"+ K45'&+ 31#4$d"+ 3"+ 541+ d$341+ &3+
>%$?4()*"a+ (404()#4()*"+ @+ &314$$%55%+ &3+ 03$1%"45+ &3+ (%"&'(()*"m+ 4"d5)1)1+ @+
3B45'4()*"+ &3+ 0%5b#)(41+ 0\A5)(41+ &3+ 145'&m+ )""%B4()*"+ @+ &314$$%55%+ 04$4+ 54+ I31#)*"+
31#$4#=I)(4+3"+145'&+@+I31#)*"+&35+(%"%()?)3"#%+3+)">%$?4()*".++
+
+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) ?<)
)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
N(((.'/*&1,0,&1)+'
+
+
+
+
21#3+0$31'0'31#%+<'3+13+0$313"#4+4+(%"#)"'4()*"+$30$313"#4+54+0$%0'31#4+>)"4"()3$4+
04$4+)?053?3"#4$+54+$3>%$?4+&3+145'&.+
+
;31&3+ 35+ 9u+ &3+ n'")%+ &3+ PQQL+ G41#4+ 54+ >3(G4a+ 13+ G4+ #$4A4H4&%+ )"#3"14?3"#3+ 3"+ 54+
354A%$4()*"+&3+541+A4131+04$4+54+B)4A)5)&4&+&3+54+$3>%$?4+&35+13(#%$+@+3"+54+0'31#4+3"+
?4$(G4+ &3+ 541+ 0$)?3$41+ 4(()%"31.+ + M%?%+ 0$%&'(#%+ &3+ 31#3+ #$4A4H%+ )"#3"1%+ 3+
)"#3$&)1()05)"4$)%+ 31#4+ M4$#3$4+ G4+ #$4A4H4&%+ '"+ 0$%@3(#%+ &3+ $3>%$?4+ (%1#34&%+ @+
0$313"#4&%+3"+('4#$%+>4131+<'3++(%"1)&3$4+54+1)#'4()*"+>)"4"()3$4+&)>b()5+3"+54+<'3+13+
3"('3"#$4+ 35+ 04b1a+ 4+ 54+ B3`+ <'3+ 13+ #)3"3+ 0$313"#3+ 54+ 3B)&3"()4+ G)1#*$)(4+ <'3+ 13C454+
<'3+"%+G4+G4A)&%+G41#4+G%@+'"4+$3>%$?4+&3+145'&+<'3+5%I$3+'"4+3>3(#)B4+(%A3$#'$4+
'")B3$145+ (%"+ '"4+ )"B3$1)*"+ ?3"%$+ 45+ Vi+ &35+ /!h+ &31#)"4&%+ 4+ 5%1+ ?)")1#3$)%1+ &3+
145'&.+
+
^%1+$3('$1%1+G'?4"%1+1%"+54+0)3&$4+4"I'54$+&3+5%1+1)1#3?41+&3+145'&.+;3A3+#3"3$13+
3"+('3"#4+<'3+54+A$3(G4+3"(%"#$4&4+3"#$3+35+03$1%"45+&3+145'&+(%"+35+<'3+13+('3"#4+
3"+ 35+ 0$313"#3+ @+ 5%1+ 31#d"&4$31+ )"#3$"4()%"4531+ <'3+ $354()%"4"+ 03$1%"45+ &3+ 145'&+
(%"+ 0%A54()*"a+ 1)#\4+ 4+ "'31#$%+ 04b1+ 3"#$3+ 5%1+ 0$)?3$%1+ ()"(%+ 04b131+ &3+ )"I$31%1+
?3&)%1gA4H%1+ (%"+ '"4+ 1)#'4()*"+ ?d1+ ($b#)(4.+ O+ 31#4+ 1)#'4()*"+ &3+ 1'Ag&%#4(b*"+ &3+
03$1%"45+ 13+ 1'?4"+ '"4+ 13$)3+ &3+ (%"#$4#4()%"31+ 0$3(4$)41+ <'3+ &3A3"+ 1%5'()%"4$13+
X(%"#$4#%1+0%$+13$B)()%1+0$%>31)%"4531+@+$3(541)>)(4()*"+&3+054`41+3"#$3+%#$41Y.++
+
^4+ 0$%0'31#4+ &3+ 0$31'0'31#%+ PQ99+ $3>53H4+ '"+ )"($3?3"#%+ &35+ S]i+ (%"+ $3103(#%+ 45+
&35+ PQ9Q.+ 2"+ 5%1+ &3?d1+ 4C%1+ <'3+ &'$4+ 54+ )?053?3"#4()*"+ &3+ 54+ $3>%$?4+ 35+
0$31'0'31#%+ 13+ )"($3?3"#4+ ?'(G%+ ?3"%1+ g3"#$3+ '"+ Ei+ @+ '"+ 9Qig+ (%"+ 35+ 4C%+
)"?3&)4#4?3"#3+4"#3$)%$.+
+
25+ 0$31'0'31#%+ &3+ >'"()%"4?)3"#%+ 13+ B3+ &$d1#)(4?3"#3+ )"($3?3"#4&%+ 3"+ 9EP+
?)55%"31+(%"+$3103(#%+45+0$31'0'31#%+&35+4C%+4"#3$)%$+X<'3+3$4+&3+-9-+?)55%"31+&3+
&*54$31Y+0%$<'3e+
+
• 21#4?%1+ )"#3$B)")3"&%+ 9PE+ &3+ 5%1+ PVP+ ?'")()0)%1+ 3"+ 54+ #$4"1>%$?4()*"+ &35+
0$)?3$+ ")B35+ &3+ 4#3"()*"m+ 35+ 0$31'0'31#%+ (%"#3?054&%+ 31+ 3_(5'1)B4?3"#3+
04$4+ (%"#$4#4()*"+ &3+ "'3B%+ 03$1%"45a+ @4+ <'3+ G3?%1+ 5%I$4&%+ %#$41+ >'3"#31+
04$4+>)"4"()4$+04$#3+&3+54+3"%$?3+A$3(G4+3"+3<')04?)3"#%+@+054"#4+>b1)(4.++
• K3+1'A14"4"+1)#'4()%"31+&3+#$4A4H%+0$3(4$)%+3"#$3+5%1+3?0534&%1+&35+NK/OKa+
#4531+ (%?%+ (%"#$4#4()%"31+ 1)"+ ")"I'"4+ 0$31#4()*"+ &3+ 53@+ %+ 1454$)%1+ 0%$+
&3A4H%+&35+?b")?%.+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) ?=)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
•
;3A3+#%?4$13+3"+('3"#4+<'3+35+21(454>*"+&35+N)")1#3$)%+&3+K45'&+31#3+4C%+
('31#4+ 9].-+ ?)55%"31+ &3+ &*54$31m+ 31#3+ 1)1#3?4+ 31+ #%#45?3"#3+ $3I$31)B%+ @+
>)"4"()3$4?3"#3+ )"1%1#3")A53+ @+ 13+ 31#)?4+ <'3+ 35+ 0$31'0'31#%+ 04$4+
$3?'"3$4()%"31+ '#)5)`4"&%+ 31#4+ >)I'$4+ &3+ 31(454>*"+ 13+ &'05)(4+ (4&4+ &)3`+
4C%1.+
+
21#3+ 0$31'0'31#%+ <')"<'3"45+ G4+ 1)&%+ (%"(3A)&%+ 3"?4$(d"&%13+ 3"+ 541+ 13$)41+
5)?)#4()%"31+>)"4"()3$41+&35+04b1+@+$345)`4"&%+541+?b")?41+)"#3$B3"()%"31+0%1)A531+3"+
31#3+ #)0%+ &3+ $3>%$?41.+ 2"#$3+ %#$%1+ ?'(G%1+ $'A$%1+ <'3+ "%+ 13+ (%#)`4$%"+ 3"+ 35+
0$31'0'31#%+ <'3+ 13+ 3_0%"3+ 31#d"+ 54+ $3?%&354()*"+ @+ (%"1#$'(()*"+ &3+ (4141+ &3+ 54+
145'&+ 04$4+ 5%1+ 2<')0%1+ hd1)(%1+ M%?'")#4$)%1a+ 54+ (%"#$4#4()*"+ &35+ 03$1%"45+ &3+
>4$?4()4+3"+#%&%1+5%1+31#4A53()?)3"#%1+&35+0$)?3$%+@+13I'"&%+")B35a+54+4&<')1)()*"+
&3+<')0%+)">%$?d#)(%+04$4+1%1#3"3$+3"+1'+#%#45)&4&+35+K)1#3?4+Z")(%+&3+!">%$?4()*"+
3"+K45'&a+35+$3(4?A)%+&3+54+>5%#4+B3G)('54$a+35+$3>'3$`%+&3+54+(404()&4&+&3+I31#)*"+&35+
")B35+ (3"#$45+ (%"+ "'3B%+ 03$1%"45a+ 3<')04?)3"#%a+ B3Gb('5%1a+ 54+ "3(314$)4+
(%"1#$'(()*"+&3+'"+"'3B%+3&)>)()%+04$4+35+N)")1#3$)%+<'3+?3H%$4$b4+1'1#4"()45?3"#3+
541+(%"&)()%"31+&35+#$4A4H%+&35+03$1%"45.+
+
^4+ 0$%#3(()*"+ 1%()45a+ ('4"&%+ 13+ &3>)"3+ &31&3+ 145'&a+ 1'0%"3+ B4$)41+ (%"&)()%"31+
313"()4531+<'3+I4$4"#)`4"+&3+?4"3$4+3>3(#)B4+35+&3$3(G%+4+54+145'&.+O13I'$4$+04$4+
#%&%1+5%1+145B4&%$3C%1+31#41+(%"&)()%"31+31+'"%+&3+5%1+0$)"()04531+%AH3#)B%1+&3+31#3+
N)")1#3$)%e+ + '")B3$145)&4&a+ 31+ &3()$+ 413I'$4$+ 4((31%+ 4+ 13$B)()%1+ @+ A)3"31+ &3+ 145'&+
04$4+#%&%1a+1)"+$31#$)(()*"+&3+")"I'"4+(5413m+(45)&4&+@+&)I")&4&+3"+54+4#3"()*"+<'3+35+
1)1#3?4+"4()%"45+&3+145'&+%>$3(3+4+#%&%1+1'1+()'&4&4"%1m+0$%#3(()*"+>)"4"()3$4+&3+
5%1+ G%I4$31+ @+ &3+ 5%1+ )"&)B)&'%1a+ 31+ &3()$a+ <'3+ "4&)3+ &3A3+ (43$+ 3"+ 54+ 0%A$3`4+ 0%$+
#3"3$+<'3+1%5B3"#4$+'"+0$%A53?4+&3+145'&m+1%5)&4$)&4&+3"#$3+541+03$1%"41a+3"#$3+541+
(%?'")&4&31a+3"#$3+541+)"1#)#'()%"31+@+3"#$3+541+I3"3$4()%"31.+
+
+
+
+
+
N)G!5#%!6%,+)*)&!5#%!.)!,).#6!%,!%,%0*$).!7)&)!0#%,+&'!D$%0%,+)&!G!5#%!
.),! .$D%&+)6%,! G! 7',$D$.$6)6%,! 5#%! ,'3',! *)7)*%,! 6%! %?%&*%&! 6%7%06%0!
6%!0#%,+&',!.'B&',!%0!,).#69!2'&5#%!0'!7'6%3',!()*%&!3#*(),!*',),!,$!
%,+)3',! 6$,*)7)*$+)6',! '! $0*%,)0+%3%0+%! )D&#3)6',! 7'&! .)!
%0-%&3%6)6! G! ,'0! 3#G! 7'*),! .),! 5#%! 7'6%3',! ()*%&! ,$! 0'! %,+)3',!
C$C',!
+
O?4$#@4+K3"a+PQQP+
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) ?>)
)
)
!"#"$%&'"()*&)+,-.*)/01-"2,)3)4$"$%&#2",)+(2",-)
)
'
'
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
N(6.'/*+=&%)+'#&'0*&1,0,&1)+'03*3'43'F&;+*<3
5,)6&7('8,)*&)+,-.*)&#)9-)+,-:,*(')));)) ??)
)
1,632,508
NIVELACION SALARIO INFERIOR AL MINIMO (6)
NUEVO MODELO
FUNCIONAMIENTO REGULAR
4. COMBUSTIBLES Y LUBRICANTES
NUEVO MODELO
FUNCIONAMIENTO REGULAR
3. INSUMOS MEDICO QUIRÚRGICOS
NUEVO MODELO
FUNCIONAMIENTO REGULAR
175,038
2,180,913
3,569,203
17,077,930
3,021,222
24,035,037
2,158,146
RECLASIFICACION DE PLAZAS
2. MEDICAMENTOS
7,985,500
130,088
198,037
469,200
1,978,960
10,017,563
9,371,657
21,694,202
17,419,252
414,662,455
MONTO 2011
OTRAS PLAZAS NUEVAS
2.4.1 Fortalecimiento RRHH del MSPAS (UFI, UACI).
2.3.4 Recursos Humanos Red de Laboratorios
2.2.2 Recursos Humanos SUIS
2.1.3 Recursos Humanos para SEM
PLAZAS NUEVAS OTROS HOSPITALES (4)
PLAZAS NUEVO MODELO DE ATENCION 1er NIVEL EN 125
MUNICIPIOS (5)
PLAZAS NUEVAS HOSPITALES RECONSTRUIDOS (3)
ESCALAFON (Recursos humanos Nuevos)
1. REMUNERACIONES
ESCALAFON (Recursos humanos Actuales)
RECURSOS ADICIONALES PARA EL 2011
PRESUPUESTO VOTADO + PLAN ANTICRISIS 2010 (1)
CONCEPTO
337,449
88,924
1,566,428
606,624
2,863,939
1,484,167
149,912
556,388
469,200
1,978,960
5,519,032
11,531,870
2,503,614
18,638,599
567,181,015
MONTO 2012
330,457
90,258
1,849,644
615,723
2,114,117
1,506,430
182,000
490,376
469,200
1,978,960
4,868,463
12,129,445
909,241
19,943,301
621,367,503
MONTO 2013
241,644
91,612
1,263,093
624,959
1,212,765
1,529,026
231,558
565,819
469,200
1,978,960
4,370,220
8,833,741
905,330
21,339,333
675,147,064
MONTO 2014
92,986
634,333
1,551,961
6,442
75,442
469,200
1,978,960
740,227
22,833,086
725,034,377
MONTO 2015
Porcentaje de Variación
% Presupuesto Funcionamiento Vs. PIB
TOTAL PRESUPUESTO DE FUNCIONAMIENTO
2.2.4 Capacitación a usuarios del SUIS
1.4 Capacitaciones, Políticas y Normas RISS-APSS
11. FORMACIÓN DE RECURSOS HUMANOS
Red de Laboratorios
Sistema Único de Información en Salud (SUIS).
Sistema de Emergencias Médicas (SEM)
11. EQUIPAMIENTO E INSUMOS RECURRENTE
Complemento Nutricional
10. Apoyo al Primer Nivel de Atención
9. OTROS
8. SEGUROS DE BIENES INMUEBLES
7. MANTENIMIENTO
NUEVO MODELO
FUNCIONAMIENTO REGULAR
6. SERVICIOS BASICOS
5. ALIMENTOS PARA HUMANOS
CONCEPTO
37%
2.4%
567,181,015
182,124
996,730
309,800
1,358,225
473,800
1,502,123
18,425,594
1,150,000
2,782,208
302,105
786,527
1,134,868
MONTO 2011
10%
2.5%
621,367,503
209,876
1,148,612
309,800
1,358,225
473,800
1,868,758
17,250
67,029
214,029
139,638
84,366
MONTO 2012
9%
2.5%
675,147,064
254,800
1,394,472
309,800
1,358,225
473,800
1,895,371
17,509
68,035
302,569
141,733
85,631
MONTO 2013
7%
2.5%
725,034,377
324,181
1,774,179
309,800
1,358,225
473,800
1,484,926
17,771
69,055
187,343
143,859
86,916
MONTO 2014
4%
2.5%
756,470,502
9,019
49,362
309,800
1,358,225
473,800
530,914
18,038
70,091
146,017
88,219
MONTO 2015
9,029,066
Adquisición de Equipos
Red de
% Presupuesto Funcionamiento + Inversión Vs. PIB
Porcentaje de Variación
TOTAL PRESUPUESTO FUNCIONAMIENTO + INVERSION
Porcentaje de Variación
Rehabilitación de Establecimientos de Salud del Primer Nivel de
Atención.
SUBTOTAL RECURSOS DE INVERSIÓN
Fortalecimiento del Sistema de Información de Redes
Construcción y equipamiento de hospitales
Hospital Maternidad
Fortalecimiento de la Red deHospitales (BM)
Equipamiento Hospitales
Instituto Nacional de Salud
2.3.1 Equipamiento e insumos no recurrentes
Laboratorios
2.3.5 Fortalecimiento de la Red de Laboratorio
2.3.3 Construcción edificio del nuevo Laboratorio Central.
2.2.1 Equipos de informática, servidores y telefonía IP
2.9%
34%
680,458,733
23%
113,277,717
16,320,537
773,000
23,336,213
31,788,130
9,000,000
357,566
1,281,000
334,504
161,301
2,160,000
Adquisición de Vehículos
2.1.1 Equipamiento y obra física en las unidades de máxima
urgencia
2.1.4 Fortalecimiento del Sistema de Emergencias BM)
18,736,400
29,925,466
MONTO 2011
Construcción de Infraestructura
1.2 Adecuación Infraestructura Física para APS
11. CONSTRUCCIÓN Y EQUIPAMIENTO
RECURSOS DE INVERSIÓN
CONCEPTO
2.8%
1%
685,855,742
-43%
64,488,238
15,081,471
1,000,000
9,000,000
2.7%
6%
728,255,144
-18%
53,108,080
1,000,000
9,000,000
2,000,000
5,000,000
5,000,000
2,000,000
442,701
1,586,000
323,512
1,159,000
414,148
7,000,000
7,000,000
302,646
199,706
8,227,326
3,009,000
15,229,200
26,465,526
MONTO 2013
145,939
7,069,470
3,249,000
13,157,200
23,475,670
MONTO 2012
2.7%
6%
768,703,218
-18%
43,668,840
1,000,000
9,000,000
2,000,000
5,000,000
442,701
1,586,000
414,148
7,000,000
199,706
5,396,686
2,202,000
9,427,600
17,026,286
MONTO 2014
2.6%
1%
774,026,495
-60%
17,555,993
1,000,000
2,000,000
5,000,000
136,216
488,000
127,430
7,000,000
61,448
1,742,899
MONTO 2015
TOTAL PRESUPUESTO ANUAL
SUBTOTAL FORTALECIMIENTO MSPAS
Gestión Adminsitrativa del Proyecto BID
Gestión Adminsitrativa del Proyecto BM
Fortalecimiento capacidad de rectoría y regulación del MSPAS
(BM)
Fondo de contingencia para Emergencias (BM)
Fortalecimiento MSPAS y Administración de Proyectos
CONCEPTO
680,884,680
425,947
425,947
MONTO 2011
692,575,795
6,720,053
470,053
735,087,544
6,832,400
582,400
1,250,000
1,500,000
1,500,000
1,250,000
3,500,000
MONTO 2013
3,500,000
MONTO 2012
775,697,883
6,994,665
744,665
1,250,000
1,500,000
3,500,000
MONTO 2014
780,293,430
6,266,935
16,935
1,250,000
1,500,000
3,500,000
MONTO 2015
! ! ! Ministerio de Salud Pública y Asistencia Social
PRIMERA ETAPA DE LA REFORMA (Julio de 2010) 74 municipios:
53 municipios de comunidades solidarias rurales.
9 municipios con alta prevalencia en Desnutrición Crónica.
(intervención parcial)
2 municipios de comunidades solidarias urbanas (Intervención
parcial)
SEGUNDA ETAPA (Enero de 2011) 62 municipios:
47 municipios de comunidades solidarias rurales.
15 municipios de comunidades solidarias urbanas (incluye San
Martin intervenido parcialmente en 2010).
TERCERA ETAPA (Enero de 2012) 45 municipios:
45 municipios de alta prevalencia en desnutrición, uno de ellos
clasificado como Comunidad Solidaria Urbana. (incluye la
complementación de los 10 municipios con intervención parcial del
año 2010.
1
! ! Ministerio de Salud Pública y Asistencia Social
Total: 262 Municipios incorporados.
QUINTA ETAPA (Enero de 2014), 43 municipios restantes.
2 Municipios de Alta Prevalencia en Desnutrición
38 de Pobreza extrema moderada.
3 Comunidades Solidarias Urbana
CUARTA ETAPA (Enero de 2013), 49 municipios:
19 Municipios de Alta Prevalencia en Desnutrición
21 de Pobreza extrema moderada.
9 Comunidades Solidarias Urbana
2
Primer
Nivel
Segundo
Nivel
Tercer
Nivel
Ministerio de Salud Pública y Asistencia Social
Promotor/Casa de Salud.
Unidad Comunitaria de Salud Familiar.
Unidad Comunitaria de Salud Familiar con
especialidades.
Hospital General.(Municipal)
Hospital General (Departamental).
Hospital de especialidades (Regionales y
Nacionales).
200
familias
UCSF
200
familias
1 Ecos familiares
x 600 familias.
(Promedio =
3,000 personas)
1 Promotor de
Salud x 200
familias.
Ministerio de Salud Pública y Asistencia Social
UCSF: Unidad Comunitaria de Salud Familiar
200
familias
Ecos familiares:
1 Medico, 1 Enfermera, 1
Auxiliar de Enfermería, 3
Promotores y 1 polivalente
Equipo Comunitario de Salud Familiar
(Ecos Familiares)
Área rural.
Ministerio
M
inisterio d
de
eS
Salud
alud P
Pública
ú b l i ca y A
Asistencia
siste
tencia S
Social
ocial
6
(en promedio
30.000
personas)
6000 familias
Área rural
Ministerio de Salud Pública y Asistencia Social
Los ECOS especializados tendrán ampliación de horario con FOSALUD.
Cada 2 Ecos
especializados
- 1 Psicólogo.
- 1 Nutricionista.
- 1 Pediatra.
- 1 Gíneco obstetra.
- 1 Internista.
- 3 Odontólogos.
- 1 Fisioterapista.
- 2 Laboratoristas.
- 1 Educador para
la salud.
- 1 Auxiliar
estadístico.
Especialidades:
(en promedio
42,000 personas)
8,400 familias
Área urbana
Ministerio de Salud Pública y Asistencia Social
Los ECOS especializados tendrán ampliación de horario con FOSALUD.
Cada 2 Ecos
especializados
- 1 Psicólogo.
- 1 Nutricionista.
- 1 Pediatra.
- 1 Gíneco obstetra.
- 1 Internista.
- 3 Odontólogos.
- 1 Fisioterapista.
- 2 Laboratoristas.
- 1 Educador para
la salud.
- 1 Auxiliar
estadístico.
Especialidades:
Ministerio de Salud
Extensión de cobertura:
Personal: 2 médicos, 3
enfermeras y 9 promotores.
Establecimientos de salud: 1
Personal de salud: 2 médicos 1 enfermera 4
Auxiliares de enfermería, 5 promotores.
Especialistas: 0
PoblaciónyaAsistencia
cargo: por demanda
Pública
Social
U/S La
Palma
Sistema de salud hasta Junio de 2010
Establecimientos de salud: 4
Personal: 5 médicos, 5 enfermeras, 5 auxiliares de enfermería, 15 promotores,
1 gíneco obstetra, 1 internista y 1 pediatra. 1 psicólogo, 1 nutricionista, 1 fisioterapista.
Población a cargo:Ministerio
12,964 personas,
2,593
familias
de Salud
Pública
y Asistencia Social
2 ECSF
La reforma de salud VA!!!!!!
ANTES
Ecos
familiares
Ecos
Especializado
DESPUES
Población:
Por demanda
Ministerio
de Salud Pública
y AsistenciaPoblación:
Social 81,861
Unidades de Salud
Hospital
Ilobasco
Micro red de Ilobasco, Cabañas.
!"#$%&'(')'*+#(*&#,-*.#/*012*#3454#67"#89:;
!3#$%&'(')'*+#(*&#,-*.#/*012*#)<=<#3455#6>?#89:#@#57#89A;
>7#$%&'(')'*+#01#B2C<#D=1-<21&('<#1&#E1+&%C='('F&#8=F&'(<
>G#$%&'(')'*+#65G#01#B2C<#)=1-<21&('<#1&#01+&%C='('F&H#35#01#D*I=1J<#KLC=1$<#/*01=<0<#M#G#01#89A;
>"#$%&(')'*+#:1+C<&C1+