!"#$%&'&"()$*
FE
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¿UVW WLPH WKHLU :*'1/)*,B"1*/%,/%:":1*''*,"1*'")4"%0:)531*1.6'"6'0@/+,7"C%44'*'0/" WLPH VSDQV FURVV RYHU WR JHQHUDWH LQ¿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Ã&#x20AC;\ GDEEOLQJ LQ DUW LQIRUPHO OHIW LW EHKLQG WR WDNH D YHU\ 3'*,)016"*)$/'="$3)0";+%:+"/+'"3'*:'3/%8'"'-3'*%'0:'".$/"'8'0" 5)*'",)"/+'":1',$*1".'/;''0",$.Q':/%8'"4''6%0@"10&"'-3*',,%8'" 4)*5$61/%)0";1,"&':%&'&")0:'"10&"4)*"1667"R)8'*'%@0"51,/'*9")4" 4)*516".1610:'7"#$1*0'*%"%,",/%66"6)916"/)"/+%,"%&'1")4"8%,%)0"1*/"/)" &1/'=",)5'/%5',",/*',,%0@"10&",)5'/%5',"3$,+%0@"/+'"8%,%.%6%/9" )4"/+'"/+%0@J;)*2".'9)0&"/+'"51*@%0,=".$/";%/+)$/"'8'*"6),%0@" /+'",)8'*'%@0"51,/'*9")4".1610:'7"!0&"#166'*%1">6"S)0/'"16*'1&9" YHUL¿HG DQG FRQ¿UPHG WKLV VWUHQJWK RI SRHWLF WHQVLRQ DW WKH HQG )4"/+'"FGTE,";+'0"%/"3*)3),'&"1",'6':/%)0")4"#$1*0'*%B,";)*2," 4*)5"/+'"FGHE,7
0345365(20478036(9(:036780(:7(85!73;5(9(20!85()<0640 !6220!:5()<0!37!6(9(-0585(=0>6(9(-0585(-0!6>6 !"#$%&$'('$)%#*+%,-.('/.#.#0%*,.('/. 1":$*1"&%
W1$*)"S10Y'*1
FT"51@@%)"?"DE"6$@6%)"DEFD
F7"!0/)0%)"K1/'610% 9))#(T#="DEFF ROLR H VHULJUD¿D VX OLQR [ FP
FE7"]%::1*&)"#$1*0'*% 4#.%&$!+&%5,-&,+3$&N"DEFF /':0%:1"5%,/1",$"/'61="GV-FDE":5
D7"!0/)0%)"K1/'610% 9))#(T#="DEFF ROLR H VHULJUD¿D VX OLQR [ FP
FF7"]%::1*&)"#$1*0'*% 9+%#.(&,$'(,+&(##,:,+3$#N"DEFD /':0%:1"5%,/1",$"/'61="GV-GV":5"
M7"!0/)0%)"K1/'610% 3LFFROL LQIRUWXQL JUDI¿DWR EXFDWR %!0+&!%',#,L#-&$!%'8="DEFD &%,%04'//10/'",3*19"3'*"4'*%/'":)0"1@@%$0/1"&% %0:+%),/*)"&%":+%01=",$",'%":1*/'"[[-VH":5":1&7
FD7"]%::1*&)"#$1*0'*% 9.&')',$'(,$#+#)%#N,DEFD /':0%:1"5%,/1",$"/'61="FIE-FEE":5
I7"C10%'61"C'"X)*'0Y) 4!.&!R&+#="DEFF *%:15)",$"&$'"/'6'="ME-IE":5":1&7 V7"C10%'61"C'"X)*'0Y) H'(%.'L&)3.!="DEFD 4'6/*)="TE-GE":5" H7"C10%'61"C'"X)*'0Y) 4&R.!%'="DEFF= *%:15)",$"&$'"/'6'="TE-VV":5":1&7
IRWRJUD¿H ()*a$1/)"S'*%,,% /*1&$Y%)0'"%0"%0@6',' g1*'0"Z+%//6' XI¿FLR VWDPSD R$,1001"U1.%10% LPSDJLQD]LRQH JUD¿FD U*10:',:)"h*,%0)
[7"K1*6)"#$1%/1 <#(T!,%&%'+',67!)%.#8N"DEFE :1*/1"'"%0:+%),/*%",$"166$5%0%) &$'"'6'5'0/%="HM-MD":5":1&7 T7"K1*6)"#$1%/1 <#(T!,%&%'+',6S'(-#N,-#)$.&*%&'(,0P(P.!+#8N"DEFE :1*/)0'=":1*/1"@)551/1"'"6%.*'//% &$'"'6'5'0/%="FIE-FM-FI":5":1&7= G7"K1*6)"#$1%/1 <#(T!,%&%'+',6U')&%&J&8N,DEFE %0:+%),/*%"'"3%@5'0/%",$"1:'/1/%"%0 /*'":)*0%:%"%0"6'@0)"D[-DF":5":1&7
FM7"S1)6)"W1,% <#(T!,%&%'+'N,DEFD /':0%:1"5%,/1"'",516/%",%0/'/%:%",$ :1*/)0'"6%0'1*%YY1/)"'"%0:%,)="FIE-FEE":5 FI7"S1)6)"W1,% <#(T!,%&%'+'N,DEFD /':0%:1"5%,/1"'",516/%",%0/'/%:%",$ :1*/)0'"6%0'1*%YY1/)"'"%0:%,)="FIE-FEE":5 FV7"S1)6)"W1,% <#(T!,%&%'+'N,DEFD /':0%:1"5%,/1"'",516/%",%0/'/%:%",$ :1*/)0'"6%0'1*%YY1/)"'"%0:%,)="FIE-FEE":5 FH7"S1)6)"W1,% <#(T!,%&%'+'N,DEFD /':0%:1"5%,/1"'",516/%",%0/'/%:%",$ :1*/)0'"6%0'1*%YY1/)"'"%0:%,)="FIE-FEE":5 F[7"S1)6)"S1*%,% O])]!]&])]']N, :1*/)0'"'"@',,)="DM-DM=V-ME":5 FT7"S16)"S1*%,% O(&%^,-Q2!R&%!%&'(N,DEFD )6%)",$"/18)61="GM-FEE":5" FG7"S1)6)"S1*%,% O(&%^,-Q2!R&%!%&'(N,DEFD )6%)",$"/18)61="GM-FEE":5"
*$//(5,$ (',725,$ 67$03(5,$ '¶$57( ¿UHQ]H YLD GL PH]]R E WHO ID[
VLWR ZHE ZZZ JDOOHULDLOSRQWH FRP H PDLO LQIR#JDOOHULDLOSRQWH FRP RUDULR OXQHGu YHQHUGu VDEDWR VX DSSXQWDPHQWR IHVWLYL FKLXVR
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¿UPHG LQ WKH ZRUN RI 3DULVL LQ WKH SODFH ;+'*'" /+'" ,31:'" .'@%0," 10&" %," ',/1.6%,+'&=" .)**);'&" 4*)5" @')@*13+%:16"513,="3+%6)6)@%:1669",3'12%0@"/+'".%*/+")4"5)&'*0" ,31:'7 &RUUHODWLQJ D VKDSH DQG LWV SRVVLEOH OLQJXLVWLF GH¿QLWLRQ /+%," '-'*:%,'=" *'3'1/'&" ;%/+" &%44'*'0/" 51/'*%16,=" %01$@$*1/'&" 0+1'+"'( 2$1,.$+"B," 1*/%,/%:" :1*''*7" Z'" 1*'" /162%0@" /+'" 5%&" V D GDWH WKDW ZRXOG EH VLJQL¿FDQW IRU WKH ZKROH \RXQJHU @'0'*1/%)0"3*','0/"%0"/+'"'-+%.%/%)07" L$/" /+'" ,+13'" 3*)3),'&" .9" /+'" 1*/%,/" &)'," 0)/" 51*2" *'/$*0," FD
0345365(20478036(9(:036780(:7(85!73;5(9(20!85()<0640 !6220!:5()<0!37!6(9(-0585(=0>6(9(-0585(-0!6>6 O(,.&%.'J'.)&,!L&$2#J'+#,#,*&!$#J'+# # ! X X \ ] > !" > X" S ^ _ ( \ " U > ] \ _ ` \
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a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¿UVW MRLQW RXWLQJ RI WKUHH DUWLVWV ZKR ZRXOG WKHQ EH SLFNHG XS E\ 7RPPDVR 7ULQL DQG ¿QDOO\ LQYLWHG WR WKH 9*#.%', QVV,6W*#(,QVV8,",':/%)0")4"/+'"IM*&"b'0%:'"L%'00%167"(+'"1*/%,/," %0"a$',/%)0"K1/'610%="#$1%/1"10&"C'"X)*'0Y)7" :$+",.$( :,( 8'%,+?'" ,/$&%'&" ,:$63/$*'" 1/" /+'" U6)*'0:'" >0,/%/$/'")4"!*/=".$/"%/";1,"%55'&%1/'69":6'1*"/+1/"+'*",:$63/$*'" ;1," 5'/13+)*%:16=" 3$//%0@" ,%@0," %0" ,31:'<" 10&" ,31:'" ;)$6&" %0:*'1,%0@69" .':)5'" /+'" /)3%:" )4" +'*" *','1*:+7"!" ,)4/" ,31:'=" GH¿QHG PRUH DQG PRUH E\ WKH ERG\ DQDWRPLFDO LQYHVWLJDWLRQV WKH XVH ¿UVW RI DOO RI VSHFLDO PDWHULDO IHOW ZLWK DQ DQWL %HX\V 4$0:/%)0<" /+'0" 3+)/)@*13+9" 10&" 61,/69" 8%&')" *':)*&%0@," )4" 1" .166'*%01B,"&10:',"10&"5)8'5'0/,7 (+'";)*2,"/+1/",+'".*%0@,"/)")$*"1//'0/%)0"0);"1*'"/+'"/',/%5)09" )4" +'*" 3*1:/%:'" )4" ,:$63/$*16" 610@$1@'=" 3*)4)$0&69" 5'&%/1/'&" HYHU VLQFH KHU YHU\ ¿UVW DUWLVWLF H[SUHVVLRQV (PEURLGHU\ DV 1" ,3':%16" &*1;%0@<" /+'" .)&9" %0" %/," @'0/6'" :)0:*'/'0',,<" 10&" WKH IHOW WKDW UHGLVFRYHUV D WUDGLWLRQ RI EDV UHOLHI VFXOSWXUH ± RI ;+%:+"0)")0'";1,"1"51',/*)"5)*'"/+10"C)01/'66)"%0"U6)*'0:'7" 7KH URXQGQHVV RI 'H /RUHQ]R¶V VFXOSWXUHV DQG WKH EDV *'6%'4,=" 16;19," 3*)&$:'&" 4*)5" 4'6/=" 51%0/1%0" /+'" ,15'" 01/$*'" RI VRIWQHVV LQ DQG WKHUHIRUH RI VSDFH ± WKH VFXOSWXUH TXDOL¿HV WKH VSDFH WKDW KRXVHV LW 7KLV ZDV UHFHQWO\ YHUL¿HG WR PH LQ D ;)*2" /+1/" C'" X)*'0Y)" &%,3619'&" %0" U6)*'0:'" %0" /+'" <3)*#($#" '-+%.%/%)0"1/"\cMA"+'*"4'6/";)*2,".$%6&"10"%51@'"/+1/",/10&,"4)*" %/,'64=",$33)*/,"%/,'64=";+'/+'*"*',/%0@")0"1",$*41:'")*"+10@%0@7">/" ,+%*2,"/+'"0)/%)0")4"5)0$5'0/16%/9";+%6'"51%0/1%0%0@"1"6%02";%/+" /+'":61,,%:"%&'1")4",:$63/$*'7 *HRORJ\ LV RUGHU DQG GLVRUGHU VWUDWLJUDSK\ D VFLHQWL¿F URRW @$%&',"/+'"1*/%,/%:"*','1*:+")4(2$%.'()*$"1$7">/"%,"1",)$*:'"/+1/" 3*)Q':/,"/);1*&,"/+'"1:/")4"&%44'*'0/"*'3'/%/%)0A"*'@1*&6',,")4"/+'" 01/$*'" )4" /+'" 51//'*=" ;+1/" :)$0/," %," 1:/%)0" %0" %/," 3$*%/9=" %0" %/," 816$'")4"'0/%*'/97"Z+1/"1/"/+'",/1*/";1,"@*1551/%:16"*','1*:+" ?" 7#J#N, U3(%', -Q!**'00&'N, 9**+&$!T&'(#" 67#J#.)N, X3+$.3LN, 9**+&$!%&'(8, 1*'" /+'" /%/6'," )4" ;)*2," 4*)5" FGT[" ?" +1," .':)5'" D ULWXDO PDQLSXODWLRQ DFFRUGLQJ WR SUHYLRXVO\ ¿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d">/",''5," 1"4)*5$61="%0"/*$/+"%/"%,"/+'"01/$*'")4"+%,"*','1*:+"/+1/"1.10&)0,"
/+'" 0)/%)0" )4" 4)*5" 4)*" /+'" '-3'*%'0:'" )4" '0&6',," 4)*51/%)07" (+)$@+/" 10&" %51@'" :)0,/*$:/%)0A" 1," :61,,%:16" +%," 133*)1:+" WR WKH SKLORVRSKLFDO DQG VFLHQWL¿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e0.!*2&$f",'0,%/%8%/9")0"/+'",:16'")4"@*'9,7"L$/"1.)8'"166"/+'9" &%,/10:'" /+'5,'68'," &*1,/%:1669" 4*)5" /+'" /)3%:" )4" e:)6)$*f=" FHQWUDO WR WKH DUWLVW¶V ¿UVW LQIRUPHO SKDVH WR UHJDLQ D PHWULFV RI ¿JXUDO VSDFH WKDW SURSRVHV D ORJLFDO DQG DHVWKHWLFDO DQDORJ\ ;%/+"/+'",31:'")4"+$510",):%'/9="/12'0"'/+%:16697"(+%,"1016)@9" DQG FORVLQJ EHWZHHQ ¿HOGV OHG 0DVL LQ WKH KHDUW RI WKH V WR :+1,'"*'16%/9="%0",'1*:+")4",%@0,"/+*)$@+"5)&'*0"/':+0)6)@%',=" 4)*" '-1536'" /+'" S)61*)%&" :15'*17" !0&" 1/" /+'" ,15'" /%5'" +'" ;1,")0'")4"/+'"4)$0&'*,"?"16)0@";%/+"W1$*%Y%)"_100$::%"?")4" /+'"[W\9"'-3'*%'0:'"?"/+'0"['(!,!.$2&J#) D QR SUR¿W VSDFH 5101@'&".9"/+'"1*/%,/,"/+'5,'68',"/+1/";)$6&".':)5'"1"361:'" ;+'*'"%0/'*01/%)016"1*/%,/,":)$6&"5''/"10&"3*','0/"/+'%*";)*2," ?">"/+%02"/+'")069"/*$69"%0/'*01/%)016"5)5'0/"%0"1*/"%0"U6)*'0:'7" W1,%B," 6)0@" 10&" :)536'-" '-3'*%5'0/16" 8)91@'" /+'0" *'&%,:)8'*'&" ?" 1/" /+'" '0&" )4" /+'" FG[E," ?" /+'" /)3%:" )4" :)6)$*=" .$/" 41*" 4*)5" 3%:/)*%16%/9" 10&" 41*" 4*)5" /+'" 3%:/)*%16" 51//'*=" )%6<" +'"*'&%,:)8'*'&"%/"1,"1"e:+*)51/%:".)&9f="51//'*J,$.,/10:'")4" H[SUHVVLYLW\ 2Q WKH RWKHU KDQG *XDUQHUL UHVLVWHG WKH Ã&#x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¿HG DW /+'".'@%00%0@=";1,"/+'*'"%0"/+'"$0%8'*,'")4"%0/'0/%)0,7"P'0:'" /+'" /+*''" ,:$63/)*,=" 3*','0/'&" 165),/" 1," 1" 0';" U6)*'0/%0'" ,:+))6=" /)&19" 1*'" %0:)531*1.6'=" ;+'*'1," 1/" /+'" )$/,'/" /+'9" 4'6/" /+'5,'68'," /)" .'" :6),'" 10&" ,)6%&1*%,/%:" ;%/+" /+'%*" 81@$'" ³PLQLPDOLVP´ DQG ZRUNV HQWLWOHG LQ D SKLORVRSKLFDO OLWHUDU\ 610@$1@'7" L$/" /+'" ).,'*81/%)0" %," 166" /+'" 5)*'" /*$'" 4)*" S1)6)" S1*%,%"10&"/+'"'53);'*5'0/")4"/+'"3%:/)*%16"'-3'*%'0:'<"10&"4)*" WKH OR\DOW\ VKRZQ DW WKH H[DFW PRPHQW RI WKH SRVW LQIRUPHO WXUQ .9"]%::1*&)"#$1*0'*%"10&"S1)6)"W1,%7 ()" 5'" /+'" :)0:6$,%)0" ,''5," ,%536'A" %0" U6)*'0:'" /+'*'" 1*'" :)0/'53)*1*9"1*/%,/,="%0"U6)*'0:'"/+'*'"%,":)0/'53)*1*9"1*/"?"%4" /+'"!0/%a$'";'*'"0)/",)"%081,%8'="%/";)$6&"166".'"8%,%.6'"10&"/+'" :%/9";)$6&".'"5)*'"5)&'*07" !3*%6"DEFD"
"
"
W1$*)"S10Y'*1
FF
W
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¶HTXLOLEULR ( XQD YHUL¿FD H *"#$6/"3-24#$+&$D*-'(#$(-"*(#$+&$(-"'&/"-$./-(&6#$5#$ *DOOHULD ,O 3RQWH O¶DYHYD JLj YHUL¿FDWD DOOD ¿QH GHJOL #""&$>UF$.2/./"-"+/$.2/.2&/$*"#$'-5-0&/"-$+&$/.-2-$+&$ 8*#2"-2&$+-)5&$#""&$>JF7
K
I
-$'.'( -$%"/"$ '&$ &'62&%-$ #55>N66#+-4&#$ +&$ O-55-$N2(&$ +&$ V&2-"0-$"-5$GIUW:$+-55/$'(-''/$#""/$$A$5>#0&/"-$E(&F', E&*#(%$ #$ H&5#"/<$ *">-'./'&0&/"-$ +3%, 2#'#(%+<$ 61-$ '-)"#$5#$.2-'#$+&$+&'(#"0#$+-55#$)&/%#"-$)-"-2#0&/"-$ #2(&'(&6#$&(#5&#"#$2&'.-((/$#55#$6-"(2#5&(C$+-5$5&")*#))&/$ GI
!"#$%&'&(#$)*&+#(# ,*-'(#$ -'./'&0&/"-$ 1#$ .2-'/$ 3/24#$ #$ .#2(&2-$ +#$ 4/5(-.5&6&$ !""#$%&'%$ -$ +#$ *"$ +-'&+-2&/$ 6/"+&%&'/$ +&$ (%)(&*!(+%, -%!.#*&/#, #, !0%.1#*&/#7$ 85&$ #2(&'(&$ 1#""/$ 5&9-2#4-"(-$'-5-0&/"#(/$5-$/.-2-$+#$-'./22-:$6/4.&(/$ +-55/$ '62&%-"(-$ 62-+/$ '&#$ +&$ )*&+#2-$ ;$ 4#$ +-5$ (*((/$ 5&9-2#4-"(-<$ "/"$ '/"/$ '.-6&#5&'(#$ +&$ "-''*"/$ +-)5&$ #2(&'(&$.2-'-"(&$;$*"$.*995&6/$%&2(*#5-$-+$-%-"(*#5-$&"$ *"#$*%+%)!,23%4!)!7
=/66/22-$+#$'*9&(/$*">#%%-2(-"0#?$5-$/.-2-$61-$'(&#4/$ 5-))-"+/$'/"/$(*((-$4/5(/$2-6-"(&$/$#++&2&((*2#$&"-+&(-:$ 5#$ '(/2&#$ #2(&'(&6#$ +-&$ 5/2/$ #*(/2&$ 1#$ 5*")1-00-$ "/"$ 6/"32/"(#9&5&7$@>&"62/6&#2'&$+&$6#4.#(-$(-4./2#5&$+&%-2'-$ q FLz FKH JHQHUD LQ¿QLWH GHFOLQD]LRQL OLQJXLVWLFKH GLVWLQWH -$&"$6/"65*'&/"-$A$6&B$61-$6/'(2*&'6-$5#$.-2'/"#5&(C$-$5/$ '(&5-$+&$6&#'6*"$#2(&'(#7
*"$.&#"/$D*#"(/$'-$#..-'#7$=&$'/((2#-$#55#$"/0&/"-$+&$ 4/"*4-"(#5-$.*2$4#"(-"-"+/$*"$5-)#4-$6/"$5>&+-#$ 65#''&6#$+&$'6*5(*2#7
Q
/D JHRORJLD q RUGLQH H GLVRUGLQH VWUDWLJUD¿D 4$%.'( )*$"5$ KD XQD UDGLFH VFLHQWL¿FD D JXLGD GHOOD ULFHUFD #2(&'(&6#7$]>$*"#$3/"(-$61-$.2/&-((#$%-2'/$5>#((/$+-5$2&.-(-2-$ +&33-2-"(-?$"/"$&4./2(#$5#$"#(*2#$+-55#$4#(-2&#<$6/"(#$ 5>#)&2-$"-55#$'*#$.*2-00#<$"-5$'*/$%#5/2-$+&$&"(-)2#5&(C7$ M&B$ 61-$ #55>&"&0&/$ -2#$ 2&6-26#$ )2#44#(&6#5-$ ;$ O#*#C, P3')&,4L!--&22%&C,7--/%.!$%&'#$'/"/$(&(/5&$+&$/.-2-$+-5$ GIU\$;$+&%-"(#$4#"&./5#0&/"-$2&(*#5-$'-6/"+/$2-)/5-$ ¿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a$=-492#$*"#$3/24*5#<$&"$%-2&(C$ A$5#$"#(*2#$+-55#$'*#$2&6-26#$61-$#99#"+/"#$5#$"/0&/"-$ +&$ 3/24#$ .-2$ 5>-'.-2&-"0#$ +-55>&"6-''#"(-$ 3/24#2-7$ b-"'&-2/$-$6/'(2*0&/"-$+&$&44#)&"-?$(#"(/$A$65#''&6/$ O¶DSSURFFLR DOO¶XQLYHUVR ¿ORVR¿FR H VFLHQWL¿FR TXDQWR A$+2#44#(&6/$-$(-'/$#5$5&4&(-$5>#((/$+-55#$6/'(&(*0&/"-$ +>&44#)&"-7$ 8*#&(#$ '-"(-$ 61-$ 5>*"&%-2'/$ 3/24#5-$ 6*&$ '(#$ +#"+/$ 3/24#$ A$ '/'(#"0&#54-"(-$ *"/<$ 4#$ '#$ 61-$ &5$5&")*#))&/$&"$*'/$+-%-$-''-2-$&5$.&T$5&9-2/$./''&9&5-7$ ]66/$#55/2#$61-$5>&")/492/$'.#0&#5-$+&$+*-$6/5/""-$;$
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c&)5#'<$)5&$#62&5&6&$ +#55#$ )#44#$ 62/4#(&6#$ "*/%#<$ #"(&"#(*2#5&'(&6#7$ ]$ '/.2#((*((/$ 6/"6-.&'6-$ '-4.2-$ .&T$ 5>/.-2#$ 6/4-$ -'.-2&-"0#$&"'(#55#(&%#<$"/"$.&T$(#95-#*$'*$(-5#7 8*&+#"+/$ 4-$ '(-''/$ &"$ D*-'(#$ %&'&(#$ (2#$ 2-#5-$ -$ 4-4/2&#5-<$ 4&$ #%%-+/$ 61-$ 5>/.-2#$ +&$ D*-'(&$ #2(&'(&$ 1#$ #5$ .2/.2&/$ &"(-2"/$ *"$ "/66&/5/$ 6/"'&'(-"(-<$ 61-$ QRQ VHPSUH HUD LGHQWL¿FDELOH DOO¶LQL]LR PD F¶HUD "-55>*"&%-2'/$ +-55-$ &"(-"0&/"&7$ b-26&B$ &$ (2-$ '6*5(/2&<$ SUHVHQWDWL TXDVL FRPH QXRYD VFXROD ¿RUHQWLQD RJJL '/"/$&"6/"32/"(#9&5&<$5#++/%-$#&$.2&4/2+&$'&$'-"(&%#"/$ 5/2/$'(-''&$2-6&.2/6#4-"(-$%&6&"&$-$'/5&+#5&$&"$*"$%#)/$ ³PLQLPDOLVPR´ H RSHUH WLWRODWH LQ OLQJXD ¿ORVR¿FR 5-((-2#2&#7$H#$5>/''-2%#0&/"-$%#5-$#$4#))&/2$2#)&/"-$ .-2$ b#/5/$ b#2&'&$ -$ &5$ ./(-"0&#4-"(/$ +-55>-'.-2&-"0#$ SLWWRULFD H SHU OD IHGHOWj DOOD VYROWD SRVW LQIRUPDOH 6/4.&*(#$ #5$ 4/4-"(/$ -'#((/$ +#$ d&66#2+/$ 8*#2"-2&$ -$b#/5/$H#'&7 @#$ 6/"65*'&/"-$ 4&$ .#2-$ '-4.5&6-?$ #$ V&2-"0-$ 6&$ '/"/$ #2(&'(&$ 6/"(-4./2#"-&<$ #$ V&2-"0-$ 6>A$ 5>#2(-$ 6/"(-4./2#"-#$ ;$ '-$ 5>N"(&D*#2&#$ "/"$ 3/''-$ 6/'e$ &"%#+-"(-<$ (*((/$ '#2-99-$ %&'&9&5-$ -$ 5#$ 6&((C$ '#2-99-$ .&T$4/+-2"#7
J
N.2&5-$EFGE$ 4#$ 2-((#")/5#2&<$ D*&"+&$ #261&(-((*2#$ 4/+-2"#$ ;$ 2&"%&#$ DO PRQGR HG HQWUD QHOOD ORJLFD GHO SHQVLHUR ¿ORVR¿FR '&"(-(&6/?$G&'4#C,B#+.(%-)%&',2H'H(!/#7$H#$&"$4/'(2#$ .2/./"-$ #"61-$ *">/.-2#$ 61-$ '&$ 2-.5&6#$ +#$ 'X$ )2#0&-$ #55#$4#(2&6-$-$#55#$'(#4.#7
!"##$%&'( )*$%+,%"$ .2/./"-$ D*-'(-$ (2-$ /.-2-<$ (-6"&61-$ 4&'(-$ '*$ (-5#<$ 5#()%.!/%)6, 4%, /3.%<$ EFGG<$ 7/)#('%, .&', /%'##, 8, /3.#<$ EFGE$ -$ 7(%&+&, .&', .#/#+)#<$
.&((/2&6/7$b#2&'&$+&$6/"(2/$#9&(#$6/"'#.-%/54-"(-$D*-5$ 5&")*#))&/$ -$ &5$ '*/$ .-26/2'/$ '#2C$ &"+&2&00#(/$ #5$ '*/$ ./(-"0&#4-"(/7$ P"$ 4/'(2#$ .2/./"-$ +*-$ 2-6-"(&''&4-$ /.-2-<$+*-$Q'%)H,4L1!R%)!)%&'$+&$-%&+-"(-$.2/%-"&-"0#$ #261&(-((/"&6#$-$+&$'/'(#"0#$*(/.&6#$;$&5$2&3-2&4-"(/$%#$ "#(*2#54-"(-$ #55>/.-2#$ +&$ @-$ M/*29*'&-2$ 6/'(2*&(#$ #$ H#2'&)5&#$RGIKJLWES$6/"$5>#..5&6#0&/"-$+-5$G&43/&(<$&5$ '&'(-4#$.2/./20&/"#5-$ 9#'#(/$'*55-$4&'*2-$+-5$6/2./$ XPDQR 6L WUDWWD GL HVHUFL]L GL VWUDWL¿FD]LRQH TXL +&$ 6/5/2-<$ #5(2/%-$ +&$ 6#2(/"-$ /"+*5#(/:$ &"$ *"$ 6#'/$ 5#$ VXSHU¿FLH YLHQH D PRVWUDUVL QHOO¶DOWUR VL JHQHUDQR 5*/)1&L6/"(-"&(/2&<$+#&$D*#5&$&5$.*995&6/$.*B$'(#0&/"#2-$ -$ 5-))-2-$ 5>-'(-2"/7$ P"$ D*-'(/$ 6#'/$ 5>#2(&'(#$ )*&+#$ 5#$ +&2-0&/"-$ +-55/$ ')*#2+/$ $ -$ D*&"+&$ 5/$ 6#2&6#$ +&$ '-"'/7$ Y-55>/66#'&/"-$ -'./'&(&%#$ #5$ b-66&<$ .-2$ -'-4.&/<$ 5/$ ')*#2+/$./(-%#$5#%/2#2-$'*55>-'(-2"/<$-$&"6/"(2#%#$*"$ 4/"+/$2/''/:$/..*2-$*"/$&"(-2"/$#5$4*'-/$'(-''/<$&"$ ELDQFR H QHUR /D VXSHU¿FLH SLWWRULFD ± LO FRORUH ± VL #2(&6/5#%#$ #261&(-((/"&6#4-"(-$ &"$ &"(-2"/L-'(-2"/7$ @#$ SLWWXUD QRQ q XQD VHPSOLFH VXSHU¿FLH ELGLPHQVLRQDOH 4#$ '/'(#"0&#54-"(-$ *"/$ ')*#2+/<$ *"#$ %&'&/"-$ +-5$ 4/"+/7$]$*"#$6/"3-24#$"-5$5#%/2/$+&$b#2&'&$'&$2&"(2#66&#$ "-5$5*/)/$+&$.#2(-"0#$-$+&$+-(-24&"#0&/"-$+-55/$'.#0&/<$ PXWXDWR GDOOH FDUWH JHRJUD¿FKH ¿ORORJLFDPHQWH OD "#'6&(#$+-55/$'.#0&/$4/+-2"/7 H-((-2-$ &"$ 2-5#0&/"-$ *"#$ 3/24#$ -$ 5#$ '*#$ ./''&9&5-$ GH¿QL]LRQH OLQJXLVWLFD TXHVWR HVHUFL]LR ULSHWXWR FRQ 4#(-2&#5&$ +&%-2'&<$ #.2-$ &5$ .-26/2'/$ +>#2(-$ +&$ 6+5'+"'( 4$5,.$+"<$-$'&#4/$#55#$4-(C$+-)5&$#""&$>UF<$*"#$+#(#$ FKH WRUQHUj VLJQL¿FDWLYDPHQWH SHU WXWWD OD JHQHUD]LRQH .&T$)&/%#"-$.2-'-"(-$&"$4/'(2#7$ H#$ 5#$ 3/24#$ .2/./'(#$ +#55>#2(&'(#$ "/"$ '-)"#$ 2&(/2"&$ /$ "/'(#5)&-$ 4&"&4#5&'(-:$ #"0&$ '/"/$ 3/24-$ 6/4.5-''-<$ &"$ 6*&$ 6/4.#2-$ #"61-$ 5>#((&%&(C$ +&'-)"#(/2&#$ -$ &5$ 61&#2/$ 2&3-2&4-"(/$ #55>#261&(-((*2#7$ V*$ D*-'(/$ 5#%/2/$ TXDOL¿FDWR FRPH VFXOWRUHR PD RJJL DYDQ]HUHL GXEEL DO .2/./'&(/7$M#(-5#"&$"/"$4*/%-$+#$*"#$+&'6&.5&"#<$4#$ +#55#$"-6-''&(C$+&$6/'(2*0&/"-$+&$*"#$%&'&/"-$.2/.2&#<$ #$.#2(&2-$+#55#$6/"%&"0&/"-$61-$5>#2(-$A$*"$'&'(-4#$+&$ 3/24-$ 61-$ %&%/"/$ #5$ 4#2)&"-$ +-5$ 2-#5-<$ &"+&.-"+-"(&<$ 4#$ 6#.#6&$ +&$ -%/6#25/7$ P5$ %-2+-$ +-5$ .#-'#))&/$ -$ 5#$ 5*6-$ .*5&(#$ +-55-$ %-(2#(-<$ -%/6#(-$ +#$ .#""-55&$ 6/5/2#(&$
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¿RUHQWLQR GDWDWR IHEEUDLR 8#55-2&#$M#2&"&?$A$5#$.2&4#$*'6&(#$6/4*"-$+&$(2-$#2(&'(&<$ FKH SRL YHUUDQQR VHJQDODWL GD 7RPPDVR 7ULQL H LQ¿QH &"%&(#(&$ "-55#$ '-0&/"-$ 7-#()&, LMM$ #55#$ ^@PPP$ O&-""#5-$ +>N2(-$+&$_-"-0&#?$M#(-5#"&<$8*#&(#$-$`-$@/2-"0/7$ 1$+",.$(1,(2'%,+3'$#%-%#$'(*+&#(/$'6*5(*2#$#55>P'(&(*(/$ G¶$UWH ¿RUHQWLQR PD q FKLDUR GD VXELWR FKH OD VXD q XQD '6*5(*2#$ .-2$ 4-(#3/2#<$ ./"-$ '-)"&$ "-55/$ '.#0&/:$ -$ 5/$ '.#0&/$+&%-"(-2C$'-4.2-$.&T$&5$(-4#$+-55#$'*#$2&6-26#7$ 8QR VSD]LR PRUELGR FKH VL GH¿QLVFH VHPSUH SL D .#2(&2-$+#5$6/2./<$+#55>&"+#)&"-$#"#(/4&6#<$"-55>*(&5&00/$ GDSSULPD GL PDWHULD VSHFLDOH LO IHOWUR LQ IXQ]LRQH DQWL %HX\V SRL OD IRWRJUD¿D H LQ¿QH OH YLGHRUHJLVWUD]LRQL GL +#"0-$-$4/%&4-"(&$+&$*"#$9#55-2&"#7 @-$/.-2-$61-$.2/./"-$/2#$#55#$"/'(2#$#((-"0&/"-$'/"/$ 5#$(-'(&4/"&#"0#$+&$*"#$.2#(&6#$+-55#$5&")*#$'6*5(/2-#$ SURIRQGDPHQWH PHGLWDWD ¿Q GDOOH SULPH SURQXQFH +>#2(-7$ P5$ 2&6#4/$ 6/4-$ +&'-)"/$ '.-6&#5-:$ &5$ 6/2./$ "-55#$'*#$)-"(&5-$6/"62-(-00#:$-$&5$3-5(2/$61-$2-6*.-2#$ *"#$ (2#+&0&/"-$ +&$ '6*5(*2#$ #$ 9#''/2&5&-%/$ ;$ 61&$ .&T$ +&$ `/"#(-55/$ 3*$ 4#-'(2/$ &"$ V&2-"0-7$ P5$ (*((/$ (/"+/$ +-55-$ '6*5(*2-$+&$`-$@/2-"0/$-$&$9#''/2&5&-%&<$.2/+/((&$'-4.2-$ 5#%/2#"+/$ &5$ 3-5(2/<$ 4#"(-")/"/$ 5#$ '(-''#$ "#(*2#$ +&$ 4/29&+-00#$ "-55/$ '.#0&/$ -$ D*&"+&$ +-55/$ '.#0&/$ ;$ 5#$ VFXOWXUD TXDOL¿FD OR VSD]LR FKH OD DFFRJOLH 1H KR DYXWR UHFHQWH YHUL¿FD FRQ XQ¶RSHUD FKH 'H /RUHQ]R 1#$ -'./'(/$ #$ V&2-"0-<$ #55#$ 4/'(2#$ N3+-#'.#$ .2-''/$ ]^Q?$ &$ '*/&$ 3-5(2&$ 6/'(2*&'6/"/$ *">&44#)&"-$ 61-$ '(#$ .-2$'-$'(-''#<$'&$#*(/'/'(&-"-<$(#"(/$'-$./))&#(#$'*$
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¿FD´<$ '*55#$ '6#5#$ +-&$ )2&)&7$ H#$ '/.2#((*((/$ '&$ #55/"(#"#"/$ +2#'(&6#4-"(-$ +#5$ (-4#$ Z6/5/2-[<$ 6-"(2#5-$ "-55#$ .2&4#$ 3#'-$ &"3/24#5-$ +-55>#2(&'(#<$ .-2$ 2-6*.-2#2-$ *"#$ 4-(2&6#$ +-55/$ '.#0&/$ ¿JXUDOH FKH SURSRQH XQD DQDORJLD ORJLFR HVWHWLFD FRQ 5/$ '.#0&/$ +-55#$ '/6&-(C$ *4#"#<$ -(&6#4-"(-$ #66/5(#7$ ,*-'(#$ #"#5/)&#$ -$ #%%&6&"#4-"(/$ +-&$ 6#4.&$ 6/"+*6-$ H#'&$ "-5$ 6*/2-$ +-)5&$ #""&$ >\F$ #+$ &"'-)*&2-$ 5#$ 2-#5(C<$ #55#$ 2&6-26#$ +&$ '-)"&$ (2#4&(-$ (-6"/5/)&-$ 4/+-2"-<$ .-2$ -'-4.&/$5#$./5#2/&+7$]$#+$-''-2-$6/"(-4./2#"-#4-"(-$ (2#$&$3/"+#(/2&$;$6/"$H#*2&0&/$Y#""*66&$;$+-55>-'.-2&-"0#$ IJK7$;$./&$I&'!,!(.1%*#+ OXRJR QR±SUR¿W DXWRJHVWLWR +#)5&$#2(&'(&<$61-$+&%-22C$5*/)/$+&$&"6/"(2/$-$.2-'-"(#0&/"-$ +&$#2(&'(&$#$5&%-55/$&"(-2"#0&/"#5-$;$62-+/$5>*"&6/$4/4-"(/$ %-2#4-"(-$ &"(-2"#0&/"#5-$ +-55#$ %&6-"+#$ +-55>#2(-$ #$ V&2-"0-7 \
$
$
H#*2/$b#"0-2#
U
W
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¶HTXLOLEULR ( XQD YHUL¿FD H *"#$6/"3-24#$+&$D*-'(#$(-"*(#$+&$(-"'&/"-$./-(&6#$5#$ *DOOHULD ,O 3RQWH O¶DYHYD JLj YHUL¿FDWD DOOD ¿QH GHJOL #""&$>UF$.2/./"-"+/$.2/.2&/$*"#$'-5-0&/"-$+&$/.-2-$+&$ 8*#2"-2&$+-)5&$#""&$>JF7
K
I
-$'.'( -$%"/"$ '&$ &'62&%-$ #55>N66#+-4&#$ +&$ O-55-$N2(&$ +&$ V&2-"0-$"-5$GIUW:$+-55/$'(-''/$#""/$$A$5>#0&/"-$E(&F', E&*#(%$ #$ H&5#"/<$ *">-'./'&0&/"-$ +3%, 2#'#(%+<$ 61-$ '-)"#$5#$.2-'#$+&$+&'(#"0#$+-55#$)&/%#"-$)-"-2#0&/"-$ #2(&'(&6#$&(#5&#"#$2&'.-((/$#55#$6-"(2#5&(C$+-5$5&")*#))&/$ GI
!"#$%&'&(#$)*&+#(# ,*-'(#$ -'./'&0&/"-$ 1#$ .2-'/$ 3/24#$ #$ .#2(&2-$ +#$ 4/5(-.5&6&$ !""#$%&'%$ -$ +#$ *"$ +-'&+-2&/$ 6/"+&%&'/$ +&$ (%)(&*!(+%, -%!.#*&/#, #, !0%.1#*&/#7$ 85&$ #2(&'(&$ 1#""/$ 5&9-2#4-"(-$'-5-0&/"#(/$5-$/.-2-$+#$-'./22-:$6/4.&(/$ +-55/$ '62&%-"(-$ 62-+/$ '&#$ +&$ )*&+#2-$ ;$ 4#$ +-5$ (*((/$ 5&9-2#4-"(-<$ "/"$ '/"/$ '.-6&#5&'(#$ +&$ "-''*"/$ +-)5&$ #2(&'(&$.2-'-"(&$;$*"$.*995&6/$%&2(*#5-$-+$-%-"(*#5-$&"$ *"#$*%+%)!,23%4!)!7
=/66/22-$+#$'*9&(/$*">#%%-2(-"0#?$5-$/.-2-$61-$'(&#4/$ 5-))-"+/$'/"/$(*((-$4/5(/$2-6-"(&$/$#++&2&((*2#$&"-+&(-:$ 5#$ '(/2&#$ #2(&'(&6#$ +-&$ 5/2/$ #*(/2&$ 1#$ 5*")1-00-$ "/"$ 6/"32/"(#9&5&7$@>&"62/6&#2'&$+&$6#4.#(-$(-4./2#5&$+&%-2'-$ q FLz FKH JHQHUD LQ¿QLWH GHFOLQD]LRQL OLQJXLVWLFKH GLVWLQWH -$&"$6/"65*'&/"-$A$6&B$61-$6/'(2*&'6-$5#$.-2'/"#5&(C$-$5/$ '(&5-$+&$6&#'6*"$#2(&'(#7
*"$.&#"/$D*#"(/$'-$#..-'#7$=&$'/((2#-$#55#$"/0&/"-$+&$ 4/"*4-"(#5-$.*2$4#"(-"-"+/$*"$5-)#4-$6/"$5>&+-#$ 65#''&6#$+&$'6*5(*2#7
Q
/D JHRORJLD q RUGLQH H GLVRUGLQH VWUDWLJUD¿D 4$%.'( )*$"5$ KD XQD UDGLFH VFLHQWL¿FD D JXLGD GHOOD ULFHUFD #2(&'(&6#7$]>$*"#$3/"(-$61-$.2/&-((#$%-2'/$5>#((/$+-5$2&.-(-2-$ +&33-2-"(-?$"/"$&4./2(#$5#$"#(*2#$+-55#$4#(-2&#<$6/"(#$ 5>#)&2-$"-55#$'*#$.*2-00#<$"-5$'*/$%#5/2-$+&$&"(-)2#5&(C7$ M&B$ 61-$ #55>&"&0&/$ -2#$ 2&6-26#$ )2#44#(&6#5-$ ;$ O#*#C, P3')&,4L!--&22%&C,7--/%.!$%&'#$'/"/$(&(/5&$+&$/.-2-$+-5$ GIU\$;$+&%-"(#$4#"&./5#0&/"-$2&(*#5-$'-6/"+/$2-)/5-$ ¿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a$=-492#$*"#$3/24*5#<$&"$%-2&(C$ A$5#$"#(*2#$+-55#$'*#$2&6-26#$61-$#99#"+/"#$5#$"/0&/"-$ +&$ 3/24#$ .-2$ 5>-'.-2&-"0#$ +-55>&"6-''#"(-$ 3/24#2-7$ b-"'&-2/$-$6/'(2*0&/"-$+&$&44#)&"-?$(#"(/$A$65#''&6/$ O¶DSSURFFLR DOO¶XQLYHUVR ¿ORVR¿FR H VFLHQWL¿FR TXDQWR A$+2#44#(&6/$-$(-'/$#5$5&4&(-$5>#((/$+-55#$6/'(&(*0&/"-$ +>&44#)&"-7$ 8*#&(#$ '-"(-$ 61-$ 5>*"&%-2'/$ 3/24#5-$ 6*&$ '(#$ +#"+/$ 3/24#$ A$ '/'(#"0&#54-"(-$ *"/<$ 4#$ '#$ 61-$ &5$5&")*#))&/$&"$*'/$+-%-$-''-2-$&5$.&T$5&9-2/$./''&9&5-7$ ]66/$#55/2#$61-$5>&")/492/$'.#0&#5-$+&$+*-$6/5/""-$;$
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c&)5#'<$)5&$#62&5&6&$ +#55#$ )#44#$ 62/4#(&6#$ "*/%#<$ #"(&"#(*2#5&'(&6#7$ ]$ '/.2#((*((/$ 6/"6-.&'6-$ '-4.2-$ .&T$ 5>/.-2#$ 6/4-$ -'.-2&-"0#$&"'(#55#(&%#<$"/"$.&T$(#95-#*$'*$(-5#7 8*&+#"+/$ 4-$ '(-''/$ &"$ D*-'(#$ %&'&(#$ (2#$ 2-#5-$ -$ 4-4/2&#5-<$ 4&$ #%%-+/$ 61-$ 5>/.-2#$ +&$ D*-'(&$ #2(&'(&$ 1#$ #5$ .2/.2&/$ &"(-2"/$ *"$ "/66&/5/$ 6/"'&'(-"(-<$ 61-$ QRQ VHPSUH HUD LGHQWL¿FDELOH DOO¶LQL]LR PD F¶HUD "-55>*"&%-2'/$ +-55-$ &"(-"0&/"&7$ b-26&B$ &$ (2-$ '6*5(/2&<$ SUHVHQWDWL TXDVL FRPH QXRYD VFXROD ¿RUHQWLQD RJJL '/"/$&"6/"32/"(#9&5&<$5#++/%-$#&$.2&4/2+&$'&$'-"(&%#"/$ 5/2/$'(-''&$2-6&.2/6#4-"(-$%&6&"&$-$'/5&+#5&$&"$*"$%#)/$ ³PLQLPDOLVPR´ H RSHUH WLWRODWH LQ OLQJXD ¿ORVR¿FR 5-((-2#2&#7$H#$5>/''-2%#0&/"-$%#5-$#$4#))&/2$2#)&/"-$ .-2$ b#/5/$ b#2&'&$ -$ &5$ ./(-"0&#4-"(/$ +-55>-'.-2&-"0#$ SLWWRULFD H SHU OD IHGHOWj DOOD VYROWD SRVW LQIRUPDOH 6/4.&*(#$ #5$ 4/4-"(/$ -'#((/$ +#$ d&66#2+/$ 8*#2"-2&$ -$b#/5/$H#'&7 @#$ 6/"65*'&/"-$ 4&$ .#2-$ '-4.5&6-?$ #$ V&2-"0-$ 6&$ '/"/$ #2(&'(&$ 6/"(-4./2#"-&<$ #$ V&2-"0-$ 6>A$ 5>#2(-$ 6/"(-4./2#"-#$ ;$ '-$ 5>N"(&D*#2&#$ "/"$ 3/''-$ 6/'e$ &"%#+-"(-<$ (*((/$ '#2-99-$ %&'&9&5-$ -$ 5#$ 6&((C$ '#2-99-$ .&T$4/+-2"#7
J
N.2&5-$EFGE$ 4#$ 2-((#")/5#2&<$ D*&"+&$ #261&(-((*2#$ 4/+-2"#$ ;$ 2&"%&#$ DO PRQGR HG HQWUD QHOOD ORJLFD GHO SHQVLHUR ¿ORVR¿FR '&"(-(&6/?$G&'4#C,B#+.(%-)%&',2H'H(!/#7$H#$&"$4/'(2#$ .2/./"-$ #"61-$ *">/.-2#$ 61-$ '&$ 2-.5&6#$ +#$ 'X$ )2#0&-$ #55#$4#(2&6-$-$#55#$'(#4.#7
!"##$%&'( )*$%+,%"$ .2/./"-$ D*-'(-$ (2-$ /.-2-<$ (-6"&61-$ 4&'(-$ '*$ (-5#<$ 5#()%.!/%)6, 4%, /3.%<$ EFGG<$ 7/)#('%, .&', /%'##, 8, /3.#<$ EFGE$ -$ 7(%&+&, .&', .#/#+)#<$
.&((/2&6/7$b#2&'&$+&$6/"(2/$#9&(#$6/"'#.-%/54-"(-$D*-5$ 5&")*#))&/$ -$ &5$ '*/$ .-26/2'/$ '#2C$ &"+&2&00#(/$ #5$ '*/$ ./(-"0&#4-"(/7$ P"$ 4/'(2#$ .2/./"-$ +*-$ 2-6-"(&''&4-$ /.-2-<$+*-$Q'%)H,4L1!R%)!)%&'$+&$-%&+-"(-$.2/%-"&-"0#$ #261&(-((/"&6#$-$+&$'/'(#"0#$*(/.&6#$;$&5$2&3-2&4-"(/$%#$ "#(*2#54-"(-$ #55>/.-2#$ +&$ @-$ M/*29*'&-2$ 6/'(2*&(#$ #$ H#2'&)5&#$RGIKJLWES$6/"$5>#..5&6#0&/"-$+-5$G&43/&(<$&5$ '&'(-4#$.2/./20&/"#5-$ 9#'#(/$'*55-$4&'*2-$+-5$6/2./$ XPDQR 6L WUDWWD GL HVHUFL]L GL VWUDWL¿FD]LRQH TXL +&$ 6/5/2-<$ #5(2/%-$ +&$ 6#2(/"-$ /"+*5#(/:$ &"$ *"$ 6#'/$ 5#$ VXSHU¿FLH YLHQH D PRVWUDUVL QHOO¶DOWUR VL JHQHUDQR 5*/)1&L6/"(-"&(/2&<$+#&$D*#5&$&5$.*995&6/$.*B$'(#0&/"#2-$ -$ 5-))-2-$ 5>-'(-2"/7$ P"$ D*-'(/$ 6#'/$ 5>#2(&'(#$ )*&+#$ 5#$ +&2-0&/"-$ +-55/$ ')*#2+/$ $ -$ D*&"+&$ 5/$ 6#2&6#$ +&$ '-"'/7$ Y-55>/66#'&/"-$ -'./'&(&%#$ #5$ b-66&<$ .-2$ -'-4.&/<$ 5/$ ')*#2+/$./(-%#$5#%/2#2-$'*55>-'(-2"/<$-$&"6/"(2#%#$*"$ 4/"+/$2/''/:$/..*2-$*"/$&"(-2"/$#5$4*'-/$'(-''/<$&"$ ELDQFR H QHUR /D VXSHU¿FLH SLWWRULFD ± LO FRORUH ± VL #2(&6/5#%#$ #261&(-((/"&6#4-"(-$ &"$ &"(-2"/L-'(-2"/7$ @#$ SLWWXUD QRQ q XQD VHPSOLFH VXSHU¿FLH ELGLPHQVLRQDOH 4#$ '/'(#"0&#54-"(-$ *"/$ ')*#2+/<$ *"#$ %&'&/"-$ +-5$ 4/"+/7$]$*"#$6/"3-24#$"-5$5#%/2/$+&$b#2&'&$'&$2&"(2#66&#$ "-5$5*/)/$+&$.#2(-"0#$-$+&$+-(-24&"#0&/"-$+-55/$'.#0&/<$ PXWXDWR GDOOH FDUWH JHRJUD¿FKH ¿ORORJLFDPHQWH OD "#'6&(#$+-55/$'.#0&/$4/+-2"/7 H-((-2-$ &"$ 2-5#0&/"-$ *"#$ 3/24#$ -$ 5#$ '*#$ ./''&9&5-$ GH¿QL]LRQH OLQJXLVWLFD TXHVWR HVHUFL]LR ULSHWXWR FRQ 4#(-2&#5&$ +&%-2'&<$ #.2-$ &5$ .-26/2'/$ +>#2(-$ +&$ 6+5'+"'( 4$5,.$+"<$-$'&#4/$#55#$4-(C$+-)5&$#""&$>UF<$*"#$+#(#$ FKH WRUQHUj VLJQL¿FDWLYDPHQWH SHU WXWWD OD JHQHUD]LRQH .&T$)&/%#"-$.2-'-"(-$&"$4/'(2#7$ H#$ 5#$ 3/24#$ .2/./'(#$ +#55>#2(&'(#$ "/"$ '-)"#$ 2&(/2"&$ /$ "/'(#5)&-$ 4&"&4#5&'(-:$ #"0&$ '/"/$ 3/24-$ 6/4.5-''-<$ &"$ 6*&$ 6/4.#2-$ #"61-$ 5>#((&%&(C$ +&'-)"#(/2&#$ -$ &5$ 61&#2/$ 2&3-2&4-"(/$ #55>#261&(-((*2#7$ V*$ D*-'(/$ 5#%/2/$ TXDOL¿FDWR FRPH VFXOWRUHR PD RJJL DYDQ]HUHL GXEEL DO .2/./'&(/7$M#(-5#"&$"/"$4*/%-$+#$*"#$+&'6&.5&"#<$4#$ +#55#$"-6-''&(C$+&$6/'(2*0&/"-$+&$*"#$%&'&/"-$.2/.2&#<$ #$.#2(&2-$+#55#$6/"%&"0&/"-$61-$5>#2(-$A$*"$'&'(-4#$+&$ 3/24-$ 61-$ %&%/"/$ #5$ 4#2)&"-$ +-5$ 2-#5-<$ &"+&.-"+-"(&<$ 4#$ 6#.#6&$ +&$ -%/6#25/7$ P5$ %-2+-$ +-5$ .#-'#))&/$ -$ 5#$ 5*6-$ .*5&(#$ +-55-$ %-(2#(-<$ -%/6#(-$ +#$ .#""-55&$ 6/5/2#(&$
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¿RUHQWLQR GDWDWR IHEEUDLR 8#55-2&#$M#2&"&?$A$5#$.2&4#$*'6&(#$6/4*"-$+&$(2-$#2(&'(&<$ FKH SRL YHUUDQQR VHJQDODWL GD 7RPPDVR 7ULQL H LQ¿QH &"%&(#(&$ "-55#$ '-0&/"-$ 7-#()&, LMM$ #55#$ ^@PPP$ O&-""#5-$ +>N2(-$+&$_-"-0&#?$M#(-5#"&<$8*#&(#$-$`-$@/2-"0/7$ 1$+",.$(1,(2'%,+3'$#%-%#$'(*+&#(/$'6*5(*2#$#55>P'(&(*(/$ G¶$UWH ¿RUHQWLQR PD q FKLDUR GD VXELWR FKH OD VXD q XQD '6*5(*2#$ .-2$ 4-(#3/2#<$ ./"-$ '-)"&$ "-55/$ '.#0&/:$ -$ 5/$ '.#0&/$+&%-"(-2C$'-4.2-$.&T$&5$(-4#$+-55#$'*#$2&6-26#7$ 8QR VSD]LR PRUELGR FKH VL GH¿QLVFH VHPSUH SL D .#2(&2-$+#5$6/2./<$+#55>&"+#)&"-$#"#(/4&6#<$"-55>*(&5&00/$ GDSSULPD GL PDWHULD VSHFLDOH LO IHOWUR LQ IXQ]LRQH DQWL %HX\V SRL OD IRWRJUD¿D H LQ¿QH OH YLGHRUHJLVWUD]LRQL GL +#"0-$-$4/%&4-"(&$+&$*"#$9#55-2&"#7 @-$/.-2-$61-$.2/./"-$/2#$#55#$"/'(2#$#((-"0&/"-$'/"/$ 5#$(-'(&4/"&#"0#$+&$*"#$.2#(&6#$+-55#$5&")*#$'6*5(/2-#$ SURIRQGDPHQWH PHGLWDWD ¿Q GDOOH SULPH SURQXQFH +>#2(-7$ P5$ 2&6#4/$ 6/4-$ +&'-)"/$ '.-6&#5-:$ &5$ 6/2./$ "-55#$'*#$)-"(&5-$6/"62-(-00#:$-$&5$3-5(2/$61-$2-6*.-2#$ *"#$ (2#+&0&/"-$ +&$ '6*5(*2#$ #$ 9#''/2&5&-%/$ ;$ 61&$ .&T$ +&$ `/"#(-55/$ 3*$ 4#-'(2/$ &"$ V&2-"0-7$ P5$ (*((/$ (/"+/$ +-55-$ '6*5(*2-$+&$`-$@/2-"0/$-$&$9#''/2&5&-%&<$.2/+/((&$'-4.2-$ 5#%/2#"+/$ &5$ 3-5(2/<$ 4#"(-")/"/$ 5#$ '(-''#$ "#(*2#$ +&$ 4/29&+-00#$ "-55/$ '.#0&/$ -$ D*&"+&$ +-55/$ '.#0&/$ ;$ 5#$ VFXOWXUD TXDOL¿FD OR VSD]LR FKH OD DFFRJOLH 1H KR DYXWR UHFHQWH YHUL¿FD FRQ XQ¶RSHUD FKH 'H /RUHQ]R 1#$ -'./'(/$ #$ V&2-"0-<$ #55#$ 4/'(2#$ N3+-#'.#$ .2-''/$ ]^Q?$ &$ '*/&$ 3-5(2&$ 6/'(2*&'6/"/$ *">&44#)&"-$ 61-$ '(#$ .-2$'-$'(-''#<$'&$#*(/'/'(&-"-<$(#"(/$'-$./))&#(#$'*$
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¿FD´<$ '*55#$ '6#5#$ +-&$ )2&)&7$ H#$ '/.2#((*((/$ '&$ #55/"(#"#"/$ +2#'(&6#4-"(-$ +#5$ (-4#$ Z6/5/2-[<$ 6-"(2#5-$ "-55#$ .2&4#$ 3#'-$ &"3/24#5-$ +-55>#2(&'(#<$ .-2$ 2-6*.-2#2-$ *"#$ 4-(2&6#$ +-55/$ '.#0&/$ ¿JXUDOH FKH SURSRQH XQD DQDORJLD ORJLFR HVWHWLFD FRQ 5/$ '.#0&/$ +-55#$ '/6&-(C$ *4#"#<$ -(&6#4-"(-$ #66/5(#7$ ,*-'(#$ #"#5/)&#$ -$ #%%&6&"#4-"(/$ +-&$ 6#4.&$ 6/"+*6-$ H#'&$ "-5$ 6*/2-$ +-)5&$ #""&$ >\F$ #+$ &"'-)*&2-$ 5#$ 2-#5(C<$ #55#$ 2&6-26#$ +&$ '-)"&$ (2#4&(-$ (-6"/5/)&-$ 4/+-2"-<$ .-2$ -'-4.&/$5#$./5#2/&+7$]$#+$-''-2-$6/"(-4./2#"-#4-"(-$ (2#$&$3/"+#(/2&$;$6/"$H#*2&0&/$Y#""*66&$;$+-55>-'.-2&-"0#$ IJK7$;$./&$I&'!,!(.1%*#+ OXRJR QR±SUR¿W DXWRJHVWLWR +#)5&$#2(&'(&<$61-$+&%-22C$5*/)/$+&$&"6/"(2/$-$.2-'-"(#0&/"-$ +&$#2(&'(&$#$5&%-55/$&"(-2"#0&/"#5-$;$62-+/$5>*"&6/$4/4-"(/$ %-2#4-"(-$ &"(-2"#0&/"#5-$ +-55#$ %&6-"+#$ +-55>#2(-$ #$ V&2-"0-7 \
$
$
H#*2/$b#"0-2#
U
W
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¶HTXLOLEULR ( XQD YHUL¿FD H *"#$6/"3-24#$+&$D*-'(#$(-"*(#$+&$(-"'&/"-$./-(&6#$5#$ *DOOHULD ,O 3RQWH O¶DYHYD JLj YHUL¿FDWD DOOD ¿QH GHJOL #""&$>UF$.2/./"-"+/$.2/.2&/$*"#$'-5-0&/"-$+&$/.-2-$+&$ 8*#2"-2&$+-)5&$#""&$>JF7
K
I
-$'.'( -$%"/"$ '&$ &'62&%-$ #55>N66#+-4&#$ +&$ O-55-$N2(&$ +&$ V&2-"0-$"-5$GIUW:$+-55/$'(-''/$#""/$$A$5>#0&/"-$E(&F', E&*#(%$ #$ H&5#"/<$ *">-'./'&0&/"-$ +3%, 2#'#(%+<$ 61-$ '-)"#$5#$.2-'#$+&$+&'(#"0#$+-55#$)&/%#"-$)-"-2#0&/"-$ #2(&'(&6#$&(#5&#"#$2&'.-((/$#55#$6-"(2#5&(C$+-5$5&")*#))&/$ GI
!"#$%&'&(#$)*&+#(# ,*-'(#$ -'./'&0&/"-$ 1#$ .2-'/$ 3/24#$ #$ .#2(&2-$ +#$ 4/5(-.5&6&$ !""#$%&'%$ -$ +#$ *"$ +-'&+-2&/$ 6/"+&%&'/$ +&$ (%)(&*!(+%, -%!.#*&/#, #, !0%.1#*&/#7$ 85&$ #2(&'(&$ 1#""/$ 5&9-2#4-"(-$'-5-0&/"#(/$5-$/.-2-$+#$-'./22-:$6/4.&(/$ +-55/$ '62&%-"(-$ 62-+/$ '&#$ +&$ )*&+#2-$ ;$ 4#$ +-5$ (*((/$ 5&9-2#4-"(-<$ "/"$ '/"/$ '.-6&#5&'(#$ +&$ "-''*"/$ +-)5&$ #2(&'(&$.2-'-"(&$;$*"$.*995&6/$%&2(*#5-$-+$-%-"(*#5-$&"$ *"#$*%+%)!,23%4!)!7
=/66/22-$+#$'*9&(/$*">#%%-2(-"0#?$5-$/.-2-$61-$'(&#4/$ 5-))-"+/$'/"/$(*((-$4/5(/$2-6-"(&$/$#++&2&((*2#$&"-+&(-:$ 5#$ '(/2&#$ #2(&'(&6#$ +-&$ 5/2/$ #*(/2&$ 1#$ 5*")1-00-$ "/"$ 6/"32/"(#9&5&7$@>&"62/6&#2'&$+&$6#4.#(-$(-4./2#5&$+&%-2'-$ q FLz FKH JHQHUD LQ¿QLWH GHFOLQD]LRQL OLQJXLVWLFKH GLVWLQWH -$&"$6/"65*'&/"-$A$6&B$61-$6/'(2*&'6-$5#$.-2'/"#5&(C$-$5/$ '(&5-$+&$6&#'6*"$#2(&'(#7
*"$.&#"/$D*#"(/$'-$#..-'#7$=&$'/((2#-$#55#$"/0&/"-$+&$ 4/"*4-"(#5-$.*2$4#"(-"-"+/$*"$5-)#4-$6/"$5>&+-#$ 65#''&6#$+&$'6*5(*2#7
Q
/D JHRORJLD q RUGLQH H GLVRUGLQH VWUDWLJUD¿D 4$%.'( )*$"5$ KD XQD UDGLFH VFLHQWL¿FD D JXLGD GHOOD ULFHUFD #2(&'(&6#7$]>$*"#$3/"(-$61-$.2/&-((#$%-2'/$5>#((/$+-5$2&.-(-2-$ +&33-2-"(-?$"/"$&4./2(#$5#$"#(*2#$+-55#$4#(-2&#<$6/"(#$ 5>#)&2-$"-55#$'*#$.*2-00#<$"-5$'*/$%#5/2-$+&$&"(-)2#5&(C7$ M&B$ 61-$ #55>&"&0&/$ -2#$ 2&6-26#$ )2#44#(&6#5-$ ;$ O#*#C, P3')&,4L!--&22%&C,7--/%.!$%&'#$'/"/$(&(/5&$+&$/.-2-$+-5$ GIU\$;$+&%-"(#$4#"&./5#0&/"-$2&(*#5-$'-6/"+/$2-)/5-$ ¿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a$=-492#$*"#$3/24*5#<$&"$%-2&(C$ A$5#$"#(*2#$+-55#$'*#$2&6-26#$61-$#99#"+/"#$5#$"/0&/"-$ +&$ 3/24#$ .-2$ 5>-'.-2&-"0#$ +-55>&"6-''#"(-$ 3/24#2-7$ b-"'&-2/$-$6/'(2*0&/"-$+&$&44#)&"-?$(#"(/$A$65#''&6/$ O¶DSSURFFLR DOO¶XQLYHUVR ¿ORVR¿FR H VFLHQWL¿FR TXDQWR A$+2#44#(&6/$-$(-'/$#5$5&4&(-$5>#((/$+-55#$6/'(&(*0&/"-$ +>&44#)&"-7$ 8*#&(#$ '-"(-$ 61-$ 5>*"&%-2'/$ 3/24#5-$ 6*&$ '(#$ +#"+/$ 3/24#$ A$ '/'(#"0&#54-"(-$ *"/<$ 4#$ '#$ 61-$ &5$5&")*#))&/$&"$*'/$+-%-$-''-2-$&5$.&T$5&9-2/$./''&9&5-7$ ]66/$#55/2#$61-$5>&")/492/$'.#0&#5-$+&$+*-$6/5/""-$;$
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c&)5#'<$)5&$#62&5&6&$ +#55#$ )#44#$ 62/4#(&6#$ "*/%#<$ #"(&"#(*2#5&'(&6#7$ ]$ '/.2#((*((/$ 6/"6-.&'6-$ '-4.2-$ .&T$ 5>/.-2#$ 6/4-$ -'.-2&-"0#$&"'(#55#(&%#<$"/"$.&T$(#95-#*$'*$(-5#7 8*&+#"+/$ 4-$ '(-''/$ &"$ D*-'(#$ %&'&(#$ (2#$ 2-#5-$ -$ 4-4/2&#5-<$ 4&$ #%%-+/$ 61-$ 5>/.-2#$ +&$ D*-'(&$ #2(&'(&$ 1#$ #5$ .2/.2&/$ &"(-2"/$ *"$ "/66&/5/$ 6/"'&'(-"(-<$ 61-$ QRQ VHPSUH HUD LGHQWL¿FDELOH DOO¶LQL]LR PD F¶HUD "-55>*"&%-2'/$ +-55-$ &"(-"0&/"&7$ b-26&B$ &$ (2-$ '6*5(/2&<$ SUHVHQWDWL TXDVL FRPH QXRYD VFXROD ¿RUHQWLQD RJJL '/"/$&"6/"32/"(#9&5&<$5#++/%-$#&$.2&4/2+&$'&$'-"(&%#"/$ 5/2/$'(-''&$2-6&.2/6#4-"(-$%&6&"&$-$'/5&+#5&$&"$*"$%#)/$ ³PLQLPDOLVPR´ H RSHUH WLWRODWH LQ OLQJXD ¿ORVR¿FR 5-((-2#2&#7$H#$5>/''-2%#0&/"-$%#5-$#$4#))&/2$2#)&/"-$ .-2$ b#/5/$ b#2&'&$ -$ &5$ ./(-"0&#4-"(/$ +-55>-'.-2&-"0#$ SLWWRULFD H SHU OD IHGHOWj DOOD VYROWD SRVW LQIRUPDOH 6/4.&*(#$ #5$ 4/4-"(/$ -'#((/$ +#$ d&66#2+/$ 8*#2"-2&$ -$b#/5/$H#'&7 @#$ 6/"65*'&/"-$ 4&$ .#2-$ '-4.5&6-?$ #$ V&2-"0-$ 6&$ '/"/$ #2(&'(&$ 6/"(-4./2#"-&<$ #$ V&2-"0-$ 6>A$ 5>#2(-$ 6/"(-4./2#"-#$ ;$ '-$ 5>N"(&D*#2&#$ "/"$ 3/''-$ 6/'e$ &"%#+-"(-<$ (*((/$ '#2-99-$ %&'&9&5-$ -$ 5#$ 6&((C$ '#2-99-$ .&T$4/+-2"#7
J
N.2&5-$EFGE$ 4#$ 2-((#")/5#2&<$ D*&"+&$ #261&(-((*2#$ 4/+-2"#$ ;$ 2&"%&#$ DO PRQGR HG HQWUD QHOOD ORJLFD GHO SHQVLHUR ¿ORVR¿FR '&"(-(&6/?$G&'4#C,B#+.(%-)%&',2H'H(!/#7$H#$&"$4/'(2#$ .2/./"-$ #"61-$ *">/.-2#$ 61-$ '&$ 2-.5&6#$ +#$ 'X$ )2#0&-$ #55#$4#(2&6-$-$#55#$'(#4.#7
!"##$%&'( )*$%+,%"$ .2/./"-$ D*-'(-$ (2-$ /.-2-<$ (-6"&61-$ 4&'(-$ '*$ (-5#<$ 5#()%.!/%)6, 4%, /3.%<$ EFGG<$ 7/)#('%, .&', /%'##, 8, /3.#<$ EFGE$ -$ 7(%&+&, .&', .#/#+)#<$
.&((/2&6/7$b#2&'&$+&$6/"(2/$#9&(#$6/"'#.-%/54-"(-$D*-5$ 5&")*#))&/$ -$ &5$ '*/$ .-26/2'/$ '#2C$ &"+&2&00#(/$ #5$ '*/$ ./(-"0&#4-"(/7$ P"$ 4/'(2#$ .2/./"-$ +*-$ 2-6-"(&''&4-$ /.-2-<$+*-$Q'%)H,4L1!R%)!)%&'$+&$-%&+-"(-$.2/%-"&-"0#$ #261&(-((/"&6#$-$+&$'/'(#"0#$*(/.&6#$;$&5$2&3-2&4-"(/$%#$ "#(*2#54-"(-$ #55>/.-2#$ +&$ @-$ M/*29*'&-2$ 6/'(2*&(#$ #$ H#2'&)5&#$RGIKJLWES$6/"$5>#..5&6#0&/"-$+-5$G&43/&(<$&5$ '&'(-4#$.2/./20&/"#5-$ 9#'#(/$'*55-$4&'*2-$+-5$6/2./$ XPDQR 6L WUDWWD GL HVHUFL]L GL VWUDWL¿FD]LRQH TXL +&$ 6/5/2-<$ #5(2/%-$ +&$ 6#2(/"-$ /"+*5#(/:$ &"$ *"$ 6#'/$ 5#$ VXSHU¿FLH YLHQH D PRVWUDUVL QHOO¶DOWUR VL JHQHUDQR 5*/)1&L6/"(-"&(/2&<$+#&$D*#5&$&5$.*995&6/$.*B$'(#0&/"#2-$ -$ 5-))-2-$ 5>-'(-2"/7$ P"$ D*-'(/$ 6#'/$ 5>#2(&'(#$ )*&+#$ 5#$ +&2-0&/"-$ +-55/$ ')*#2+/$ $ -$ D*&"+&$ 5/$ 6#2&6#$ +&$ '-"'/7$ Y-55>/66#'&/"-$ -'./'&(&%#$ #5$ b-66&<$ .-2$ -'-4.&/<$ 5/$ ')*#2+/$./(-%#$5#%/2#2-$'*55>-'(-2"/<$-$&"6/"(2#%#$*"$ 4/"+/$2/''/:$/..*2-$*"/$&"(-2"/$#5$4*'-/$'(-''/<$&"$ ELDQFR H QHUR /D VXSHU¿FLH SLWWRULFD ± LO FRORUH ± VL #2(&6/5#%#$ #261&(-((/"&6#4-"(-$ &"$ &"(-2"/L-'(-2"/7$ @#$ SLWWXUD QRQ q XQD VHPSOLFH VXSHU¿FLH ELGLPHQVLRQDOH 4#$ '/'(#"0&#54-"(-$ *"/$ ')*#2+/<$ *"#$ %&'&/"-$ +-5$ 4/"+/7$]$*"#$6/"3-24#$"-5$5#%/2/$+&$b#2&'&$'&$2&"(2#66&#$ "-5$5*/)/$+&$.#2(-"0#$-$+&$+-(-24&"#0&/"-$+-55/$'.#0&/<$ PXWXDWR GDOOH FDUWH JHRJUD¿FKH ¿ORORJLFDPHQWH OD "#'6&(#$+-55/$'.#0&/$4/+-2"/7 H-((-2-$ &"$ 2-5#0&/"-$ *"#$ 3/24#$ -$ 5#$ '*#$ ./''&9&5-$ GH¿QL]LRQH OLQJXLVWLFD TXHVWR HVHUFL]LR ULSHWXWR FRQ 4#(-2&#5&$ +&%-2'&<$ #.2-$ &5$ .-26/2'/$ +>#2(-$ +&$ 6+5'+"'( 4$5,.$+"<$-$'&#4/$#55#$4-(C$+-)5&$#""&$>UF<$*"#$+#(#$ FKH WRUQHUj VLJQL¿FDWLYDPHQWH SHU WXWWD OD JHQHUD]LRQH .&T$)&/%#"-$.2-'-"(-$&"$4/'(2#7$ H#$ 5#$ 3/24#$ .2/./'(#$ +#55>#2(&'(#$ "/"$ '-)"#$ 2&(/2"&$ /$ "/'(#5)&-$ 4&"&4#5&'(-:$ #"0&$ '/"/$ 3/24-$ 6/4.5-''-<$ &"$ 6*&$ 6/4.#2-$ #"61-$ 5>#((&%&(C$ +&'-)"#(/2&#$ -$ &5$ 61&#2/$ 2&3-2&4-"(/$ #55>#261&(-((*2#7$ V*$ D*-'(/$ 5#%/2/$ TXDOL¿FDWR FRPH VFXOWRUHR PD RJJL DYDQ]HUHL GXEEL DO .2/./'&(/7$M#(-5#"&$"/"$4*/%-$+#$*"#$+&'6&.5&"#<$4#$ +#55#$"-6-''&(C$+&$6/'(2*0&/"-$+&$*"#$%&'&/"-$.2/.2&#<$ #$.#2(&2-$+#55#$6/"%&"0&/"-$61-$5>#2(-$A$*"$'&'(-4#$+&$ 3/24-$ 61-$ %&%/"/$ #5$ 4#2)&"-$ +-5$ 2-#5-<$ &"+&.-"+-"(&<$ 4#$ 6#.#6&$ +&$ -%/6#25/7$ P5$ %-2+-$ +-5$ .#-'#))&/$ -$ 5#$ 5*6-$ .*5&(#$ +-55-$ %-(2#(-<$ -%/6#(-$ +#$ .#""-55&$ 6/5/2#(&$
(-"*(&$&"'&-4-$+#$4/55-$4-(#55&61-<$61-$'/((/5&"-#"/$5#$ .2-6#2&-(C$+-55>&4.&#"(/<$5#$'*#$2&4-''#$&"$D*-'(&/"-?$ -66/$ 5>#((-))&#4-"(/$ +-55>#2(&'(#<$ 61-$ /.-2#$ +-"(2/$ *"#$&./(-'&$+&$.-26/2'/<$4#$&"(-2"/$#55-$'&")/5-$/.-2-<$ 61-$"/"$'&$#99#"+/"#$#+$*"/$'(&5-$61-$'-)"&$5#$'*#$ 2&6/"/'6&9&5&(C<$"-55#$'&6*2#$2&.-(&0&/"-7$M/-2-"(-4-"(-$ 5>/.-2#$ "*/%#$ 61-$ .2/./"-$ /))&$ '&$ .2-'-"(#$ 6/4-$ *">&44#)&"-$ 61-$ "/"$ 1#$ *"/$ '(&5-$ 6/4./'&(&%/<$ 4#$ 2&'*5(#$+#$*"#$'&(*#0&/"-<$6#2#$#55>#2(-$+-5$^^$'-6/5/<$ 61-$ 1#$ 4-''/$ 5>#2(-$ -$ 5#$ 9-55-00#$ &"$ 2-5#0&/"-$ #55#$ 4#5#((&#7$ @>&44#)&"-$ A$ &5$ 2&'*5(#(/$ +&$ *">/.-2#0&/"-:$ -'#((#4-"(-$ 6/4-$ .-2$ 5-$ 6#2(-$ '-2&)2#3#(-<$ +/%-$ &5$ )-'(/$+-5$2&.-(-2-$"-$A$5>#"&4#$-$"-$'-)"#$5#$'/'(#"0#7 5LDSUR XQ FDWDORJR ¿RUHQWLQR GDWDWR IHEEUDLR 8#55-2&#$M#2&"&?$A$5#$.2&4#$*'6&(#$6/4*"-$+&$(2-$#2(&'(&<$ FKH SRL YHUUDQQR VHJQDODWL GD 7RPPDVR 7ULQL H LQ¿QH &"%&(#(&$ "-55#$ '-0&/"-$ 7-#()&, LMM$ #55#$ ^@PPP$ O&-""#5-$ +>N2(-$+&$_-"-0&#?$M#(-5#"&<$8*#&(#$-$`-$@/2-"0/7$ 1$+",.$(1,(2'%,+3'$#%-%#$'(*+&#(/$'6*5(*2#$#55>P'(&(*(/$ G¶$UWH ¿RUHQWLQR PD q FKLDUR GD VXELWR FKH OD VXD q XQD '6*5(*2#$ .-2$ 4-(#3/2#<$ ./"-$ '-)"&$ "-55/$ '.#0&/:$ -$ 5/$ '.#0&/$+&%-"(-2C$'-4.2-$.&T$&5$(-4#$+-55#$'*#$2&6-26#7$ 8QR VSD]LR PRUELGR FKH VL GH¿QLVFH VHPSUH SL D .#2(&2-$+#5$6/2./<$+#55>&"+#)&"-$#"#(/4&6#<$"-55>*(&5&00/$ GDSSULPD GL PDWHULD VSHFLDOH LO IHOWUR LQ IXQ]LRQH DQWL %HX\V SRL OD IRWRJUD¿D H LQ¿QH OH YLGHRUHJLVWUD]LRQL GL +#"0-$-$4/%&4-"(&$+&$*"#$9#55-2&"#7 @-$/.-2-$61-$.2/./"-$/2#$#55#$"/'(2#$#((-"0&/"-$'/"/$ 5#$(-'(&4/"&#"0#$+&$*"#$.2#(&6#$+-55#$5&")*#$'6*5(/2-#$ SURIRQGDPHQWH PHGLWDWD ¿Q GDOOH SULPH SURQXQFH +>#2(-7$ P5$ 2&6#4/$ 6/4-$ +&'-)"/$ '.-6&#5-:$ &5$ 6/2./$ "-55#$'*#$)-"(&5-$6/"62-(-00#:$-$&5$3-5(2/$61-$2-6*.-2#$ *"#$ (2#+&0&/"-$ +&$ '6*5(*2#$ #$ 9#''/2&5&-%/$ ;$ 61&$ .&T$ +&$ `/"#(-55/$ 3*$ 4#-'(2/$ &"$ V&2-"0-7$ P5$ (*((/$ (/"+/$ +-55-$ '6*5(*2-$+&$`-$@/2-"0/$-$&$9#''/2&5&-%&<$.2/+/((&$'-4.2-$ 5#%/2#"+/$ &5$ 3-5(2/<$ 4#"(-")/"/$ 5#$ '(-''#$ "#(*2#$ +&$ 4/29&+-00#$ "-55/$ '.#0&/$ -$ D*&"+&$ +-55/$ '.#0&/$ ;$ 5#$ VFXOWXUD TXDOL¿FD OR VSD]LR FKH OD DFFRJOLH 1H KR DYXWR UHFHQWH YHUL¿FD FRQ XQ¶RSHUD FKH 'H /RUHQ]R 1#$ -'./'(/$ #$ V&2-"0-<$ #55#$ 4/'(2#$ N3+-#'.#$ .2-''/$ ]^Q?$ &$ '*/&$ 3-5(2&$ 6/'(2*&'6/"/$ *">&44#)&"-$ 61-$ '(#$ .-2$'-$'(-''#<$'&$#*(/'/'(&-"-<$(#"(/$'-$./))&#(#$'*$
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¿FD´<$ '*55#$ '6#5#$ +-&$ )2&)&7$ H#$ '/.2#((*((/$ '&$ #55/"(#"#"/$ +2#'(&6#4-"(-$ +#5$ (-4#$ Z6/5/2-[<$ 6-"(2#5-$ "-55#$ .2&4#$ 3#'-$ &"3/24#5-$ +-55>#2(&'(#<$ .-2$ 2-6*.-2#2-$ *"#$ 4-(2&6#$ +-55/$ '.#0&/$ ¿JXUDOH FKH SURSRQH XQD DQDORJLD ORJLFR HVWHWLFD FRQ 5/$ '.#0&/$ +-55#$ '/6&-(C$ *4#"#<$ -(&6#4-"(-$ #66/5(#7$ ,*-'(#$ #"#5/)&#$ -$ #%%&6&"#4-"(/$ +-&$ 6#4.&$ 6/"+*6-$ H#'&$ "-5$ 6*/2-$ +-)5&$ #""&$ >\F$ #+$ &"'-)*&2-$ 5#$ 2-#5(C<$ #55#$ 2&6-26#$ +&$ '-)"&$ (2#4&(-$ (-6"/5/)&-$ 4/+-2"-<$ .-2$ -'-4.&/$5#$./5#2/&+7$]$#+$-''-2-$6/"(-4./2#"-#4-"(-$ (2#$&$3/"+#(/2&$;$6/"$H#*2&0&/$Y#""*66&$;$+-55>-'.-2&-"0#$ IJK7$;$./&$I&'!,!(.1%*#+ OXRJR QR±SUR¿W DXWRJHVWLWR +#)5&$#2(&'(&<$61-$+&%-22C$5*/)/$+&$&"6/"(2/$-$.2-'-"(#0&/"-$ +&$#2(&'(&$#$5&%-55/$&"(-2"#0&/"#5-$;$62-+/$5>*"&6/$4/4-"(/$ %-2#4-"(-$ &"(-2"#0&/"#5-$ +-55#$ %&6-"+#$ +-55>#2(-$ #$ V&2-"0-7 \
$
$
H#*2/$b#"0-2#
U
!"#$%&'&"()$*
FE
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¿UVW WLPH WKHLU :*'1/)*,B"1*/%,/%:":1*''*,"1*'")4"%0:)531*1.6'"6'0@/+,7"C%44'*'0/" WLPH VSDQV FURVV RYHU WR JHQHUDWH LQ¿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Ã&#x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¿HG DQG FRQ¿UPHG WKLV VWUHQJWK RI SRHWLF WHQVLRQ DW WKH HQG )4"/+'"FGTE,";+'0"%/"3*)3),'&"1",'6':/%)0")4"#$1*0'*%B,";)*2," 4*)5"/+'"FGHE,7
0345365(20478036(9(:036780(:7(85!73;5(9(20!85()<0640 !6220!:5()<0!37!6(9(-0585(=0>6(9(-0585(-0!6>6 !"#$%&$'('$)%#*+%,-.('/.#.#0%*,.('/. 1":$*1"&%
W1$*)"S10Y'*1
FT"51@@%)"?"DE"6$@6%)"DEFD
F7"!0/)0%)"K1/'610% 9))#(T#="DEFF ROLR H VHULJUD¿D VX OLQR [ FP
FE7"]%::1*&)"#$1*0'*% 4#.%&$!+&%5,-&,+3$&N"DEFF /':0%:1"5%,/1",$"/'61="GV-FDE":5
D7"!0/)0%)"K1/'610% 9))#(T#="DEFF ROLR H VHULJUD¿D VX OLQR [ FP
FF7"]%::1*&)"#$1*0'*% 9+%#.(&,$'(,+&(##,:,+3$#N"DEFD /':0%:1"5%,/1",$"/'61="GV-GV":5"
M7"!0/)0%)"K1/'610% 3LFFROL LQIRUWXQL JUDI¿DWR EXFDWR %!0+&!%',#,L#-&$!%'8="DEFD &%,%04'//10/'",3*19"3'*"4'*%/'":)0"1@@%$0/1"&% %0:+%),/*)"&%":+%01=",$",'%":1*/'"[[-VH":5":1&7
FD7"]%::1*&)"#$1*0'*% 9.&')',$'(,$#+#)%#N,DEFD /':0%:1"5%,/1",$"/'61="FIE-FEE":5
I7"C10%'61"C'"X)*'0Y) 4!.&!R&+#="DEFF *%:15)",$"&$'"/'6'="ME-IE":5":1&7 V7"C10%'61"C'"X)*'0Y) H'(%.'L&)3.!="DEFD 4'6/*)="TE-GE":5" H7"C10%'61"C'"X)*'0Y) 4&R.!%'="DEFF= *%:15)",$"&$'"/'6'="TE-VV":5":1&7
IRWRJUD¿H ()*a$1/)"S'*%,,% /*1&$Y%)0'"%0"%0@6',' g1*'0"Z+%//6' XI¿FLR VWDPSD R$,1001"U1.%10% LPSDJLQD]LRQH JUD¿FD U*10:',:)"h*,%0)
[7"K1*6)"#$1%/1 <#(T!,%&%'+',67!)%.#8N"DEFE :1*/1"'"%0:+%),/*%",$"166$5%0%) &$'"'6'5'0/%="HM-MD":5":1&7 T7"K1*6)"#$1%/1 <#(T!,%&%'+',6S'(-#N,-#)$.&*%&'(,0P(P.!+#8N"DEFE :1*/)0'=":1*/1"@)551/1"'"6%.*'//% &$'"'6'5'0/%="FIE-FM-FI":5":1&7= G7"K1*6)"#$1%/1 <#(T!,%&%'+',6U')&%&J&8N,DEFE %0:+%),/*%"'"3%@5'0/%",$"1:'/1/%"%0 /*'":)*0%:%"%0"6'@0)"D[-DF":5":1&7
FM7"S1)6)"W1,% <#(T!,%&%'+'N,DEFD /':0%:1"5%,/1"'",516/%",%0/'/%:%",$ :1*/)0'"6%0'1*%YY1/)"'"%0:%,)="FIE-FEE":5 FI7"S1)6)"W1,% <#(T!,%&%'+'N,DEFD /':0%:1"5%,/1"'",516/%",%0/'/%:%",$ :1*/)0'"6%0'1*%YY1/)"'"%0:%,)="FIE-FEE":5 FV7"S1)6)"W1,% <#(T!,%&%'+'N,DEFD /':0%:1"5%,/1"'",516/%",%0/'/%:%",$ :1*/)0'"6%0'1*%YY1/)"'"%0:%,)="FIE-FEE":5 FH7"S1)6)"W1,% <#(T!,%&%'+'N,DEFD /':0%:1"5%,/1"'",516/%",%0/'/%:%",$ :1*/)0'"6%0'1*%YY1/)"'"%0:%,)="FIE-FEE":5 F[7"S1)6)"S1*%,% O])]!]&])]']N, :1*/)0'"'"@',,)="DM-DM=V-ME":5 FT7"S16)"S1*%,% O(&%^,-Q2!R&%!%&'(N,DEFD )6%)",$"/18)61="GM-FEE":5" FG7"S1)6)"S1*%,% O(&%^,-Q2!R&%!%&'(N,DEFD )6%)",$"/18)61="GM-FEE":5"
*$//(5,$ (',725,$ 67$03(5,$ '¶$57( ¿UHQ]H YLD GL PH]]R E WHO ID[
VLWR ZHE ZZZ JDOOHULDLOSRQWH FRP H PDLO LQIR#JDOOHULDLOSRQWH FRP RUDULR OXQHGu YHQHUGu VDEDWR VX DSSXQWDPHQWR IHVWLYL FKLXVR
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¿UPHG LQ WKH ZRUN RI 3DULVL LQ WKH SODFH ;+'*'" /+'" ,31:'" .'@%0," 10&" %," ',/1.6%,+'&=" .)**);'&" 4*)5" @')@*13+%:16"513,="3+%6)6)@%:1669",3'12%0@"/+'".%*/+")4"5)&'*0" ,31:'7 &RUUHODWLQJ D VKDSH DQG LWV SRVVLEOH OLQJXLVWLF GH¿QLWLRQ /+%," '-'*:%,'=" *'3'1/'&" ;%/+" &%44'*'0/" 51/'*%16,=" %01$@$*1/'&" 0+1'+"'( 2$1,.$+"B," 1*/%,/%:" :1*''*7" Z'" 1*'" /162%0@" /+'" 5%&" V D GDWH WKDW ZRXOG EH VLJQL¿FDQW IRU WKH ZKROH \RXQJHU @'0'*1/%)0"3*','0/"%0"/+'"'-+%.%/%)07" L$/" /+'" ,+13'" 3*)3),'&" .9" /+'" 1*/%,/" &)'," 0)/" 51*2" *'/$*0," FD
0345365(20478036(9(:036780(:7(85!73;5(9(20!85()<0640 !6220!:5()<0!37!6(9(-0585(=0>6(9(-0585(-0!6>6 O(,.&%.'J'.)&,!L&$2#J'+#,#,*&!$#J'+# # ! X X \ ] > !" > X" S ^ _ ( \ " U > ] \ _ ` \
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a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¿UVW MRLQW RXWLQJ RI WKUHH DUWLVWV ZKR ZRXOG WKHQ EH SLFNHG XS E\ 7RPPDVR 7ULQL DQG ¿QDOO\ LQYLWHG WR WKH 9*#.%', QVV,6W*#(,QVV8,",':/%)0")4"/+'"IM*&"b'0%:'"L%'00%167"(+'"1*/%,/," %0"a$',/%)0"K1/'610%="#$1%/1"10&"C'"X)*'0Y)7" :$+",.$( :,( 8'%,+?'" ,/$&%'&" ,:$63/$*'" 1/" /+'" U6)*'0:'" >0,/%/$/'")4"!*/=".$/"%/";1,"%55'&%1/'69":6'1*"/+1/"+'*",:$63/$*'" ;1," 5'/13+)*%:16=" 3$//%0@" ,%@0," %0" ,31:'<" 10&" ,31:'" ;)$6&" %0:*'1,%0@69" .':)5'" /+'" /)3%:" )4" +'*" *','1*:+7"!" ,)4/" ,31:'=" GH¿QHG PRUH DQG PRUH E\ WKH ERG\ DQDWRPLFDO LQYHVWLJDWLRQV WKH XVH ¿UVW RI DOO RI VSHFLDO PDWHULDO IHOW ZLWK DQ DQWL %HX\V 4$0:/%)0<" /+'0" 3+)/)@*13+9" 10&" 61,/69" 8%&')" *':)*&%0@," )4" 1" .166'*%01B,"&10:',"10&"5)8'5'0/,7 (+'";)*2,"/+1/",+'".*%0@,"/)")$*"1//'0/%)0"0);"1*'"/+'"/',/%5)09" )4" +'*" 3*1:/%:'" )4" ,:$63/$*16" 610@$1@'=" 3*)4)$0&69" 5'&%/1/'&" HYHU VLQFH KHU YHU\ ¿UVW DUWLVWLF H[SUHVVLRQV (PEURLGHU\ DV 1" ,3':%16" &*1;%0@<" /+'" .)&9" %0" %/," @'0/6'" :)0:*'/'0',,<" 10&" WKH IHOW WKDW UHGLVFRYHUV D WUDGLWLRQ RI EDV UHOLHI VFXOSWXUH ± RI ;+%:+"0)")0'";1,"1"51',/*)"5)*'"/+10"C)01/'66)"%0"U6)*'0:'7" 7KH URXQGQHVV RI 'H /RUHQ]R¶V VFXOSWXUHV DQG WKH EDV *'6%'4,=" 16;19," 3*)&$:'&" 4*)5" 4'6/=" 51%0/1%0" /+'" ,15'" 01/$*'" RI VRIWQHVV LQ DQG WKHUHIRUH RI VSDFH ± WKH VFXOSWXUH TXDOL¿HV WKH VSDFH WKDW KRXVHV LW 7KLV ZDV UHFHQWO\ YHUL¿HG WR PH LQ D ;)*2" /+1/" C'" X)*'0Y)" &%,3619'&" %0" U6)*'0:'" %0" /+'" <3)*#($#" '-+%.%/%)0"1/"\cMA"+'*"4'6/";)*2,".$%6&"10"%51@'"/+1/",/10&,"4)*" %/,'64=",$33)*/,"%/,'64=";+'/+'*"*',/%0@")0"1",$*41:'")*"+10@%0@7">/" ,+%*2,"/+'"0)/%)0")4"5)0$5'0/16%/9";+%6'"51%0/1%0%0@"1"6%02";%/+" /+'":61,,%:"%&'1")4",:$63/$*'7 *HRORJ\ LV RUGHU DQG GLVRUGHU VWUDWLJUDSK\ D VFLHQWL¿F URRW @$%&',"/+'"1*/%,/%:"*','1*:+")4(2$%.'()*$"1$7">/"%,"1",)$*:'"/+1/" 3*)Q':/,"/);1*&,"/+'"1:/")4"&%44'*'0/"*'3'/%/%)0A"*'@1*&6',,")4"/+'" 01/$*'" )4" /+'" 51//'*=" ;+1/" :)$0/," %," 1:/%)0" %0" %/," 3$*%/9=" %0" %/," 816$'")4"'0/%*'/97"Z+1/"1/"/+'",/1*/";1,"@*1551/%:16"*','1*:+" ?" 7#J#N, U3(%', -Q!**'00&'N, 9**+&$!T&'(#" 67#J#.)N, X3+$.3LN, 9**+&$!%&'(8, 1*'" /+'" /%/6'," )4" ;)*2," 4*)5" FGT[" ?" +1," .':)5'" D ULWXDO PDQLSXODWLRQ DFFRUGLQJ WR SUHYLRXVO\ ¿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d">/",''5," 1"4)*5$61="%0"/*$/+"%/"%,"/+'"01/$*'")4"+%,"*','1*:+"/+1/"1.10&)0,"
/+'" 0)/%)0" )4" 4)*5" 4)*" /+'" '-3'*%'0:'" )4" '0&6',," 4)*51/%)07" (+)$@+/" 10&" %51@'" :)0,/*$:/%)0A" 1," :61,,%:16" +%," 133*)1:+" WR WKH SKLORVRSKLFDO DQG VFLHQWL¿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e0.!*2&$f",'0,%/%8%/9")0"/+'",:16'")4"@*'9,7"L$/"1.)8'"166"/+'9" &%,/10:'" /+'5,'68'," &*1,/%:1669" 4*)5" /+'" /)3%:" )4" e:)6)$*f=" FHQWUDO WR WKH DUWLVW¶V ¿UVW LQIRUPHO SKDVH WR UHJDLQ D PHWULFV RI ¿JXUDO VSDFH WKDW SURSRVHV D ORJLFDO DQG DHVWKHWLFDO DQDORJ\ ;%/+"/+'",31:'")4"+$510",):%'/9="/12'0"'/+%:16697"(+%,"1016)@9" DQG FORVLQJ EHWZHHQ ¿HOGV OHG 0DVL LQ WKH KHDUW RI WKH V WR :+1,'"*'16%/9="%0",'1*:+")4",%@0,"/+*)$@+"5)&'*0"/':+0)6)@%',=" 4)*" '-1536'" /+'" S)61*)%&" :15'*17" !0&" 1/" /+'" ,15'" /%5'" +'" ;1,")0'")4"/+'"4)$0&'*,"?"16)0@";%/+"W1$*%Y%)"_100$::%"?")4" /+'"[W\9"'-3'*%'0:'"?"/+'0"['(!,!.$2&J#) D QR SUR¿W VSDFH 5101@'&".9"/+'"1*/%,/,"/+'5,'68',"/+1/";)$6&".':)5'"1"361:'" ;+'*'"%0/'*01/%)016"1*/%,/,":)$6&"5''/"10&"3*','0/"/+'%*";)*2," ?">"/+%02"/+'")069"/*$69"%0/'*01/%)016"5)5'0/"%0"1*/"%0"U6)*'0:'7" W1,%B," 6)0@" 10&" :)536'-" '-3'*%5'0/16" 8)91@'" /+'0" *'&%,:)8'*'&" ?" 1/" /+'" '0&" )4" /+'" FG[E," ?" /+'" /)3%:" )4" :)6)$*=" .$/" 41*" 4*)5" 3%:/)*%16%/9" 10&" 41*" 4*)5" /+'" 3%:/)*%16" 51//'*=" )%6<" +'"*'&%,:)8'*'&"%/"1,"1"e:+*)51/%:".)&9f="51//'*J,$.,/10:'")4" H[SUHVVLYLW\ 2Q WKH RWKHU KDQG *XDUQHUL UHVLVWHG WKH Ã&#x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¿HG DW /+'".'@%00%0@=";1,"/+'*'"%0"/+'"$0%8'*,'")4"%0/'0/%)0,7"P'0:'" /+'" /+*''" ,:$63/)*,=" 3*','0/'&" 165),/" 1," 1" 0';" U6)*'0/%0'" ,:+))6=" /)&19" 1*'" %0:)531*1.6'=" ;+'*'1," 1/" /+'" )$/,'/" /+'9" 4'6/" /+'5,'68'," /)" .'" :6),'" 10&" ,)6%&1*%,/%:" ;%/+" /+'%*" 81@$'" ³PLQLPDOLVP´ DQG ZRUNV HQWLWOHG LQ D SKLORVRSKLFDO OLWHUDU\ 610@$1@'7" L$/" /+'" ).,'*81/%)0" %," 166" /+'" 5)*'" /*$'" 4)*" S1)6)" S1*%,%"10&"/+'"'53);'*5'0/")4"/+'"3%:/)*%16"'-3'*%'0:'<"10&"4)*" WKH OR\DOW\ VKRZQ DW WKH H[DFW PRPHQW RI WKH SRVW LQIRUPHO WXUQ .9"]%::1*&)"#$1*0'*%"10&"S1)6)"W1,%7 ()" 5'" /+'" :)0:6$,%)0" ,''5," ,%536'A" %0" U6)*'0:'" /+'*'" 1*'" :)0/'53)*1*9"1*/%,/,="%0"U6)*'0:'"/+'*'"%,":)0/'53)*1*9"1*/"?"%4" /+'"!0/%a$'";'*'"0)/",)"%081,%8'="%/";)$6&"166".'"8%,%.6'"10&"/+'" :%/9";)$6&".'"5)*'"5)&'*07" !3*%6"DEFD"
"
"
W1$*)"S10Y'*1
FF
!"#$%&'&"()$*
FE
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¿UVW WLPH WKHLU :*'1/)*,B"1*/%,/%:":1*''*,"1*'")4"%0:)531*1.6'"6'0@/+,7"C%44'*'0/" WLPH VSDQV FURVV RYHU WR JHQHUDWH LQ¿QLWH GLVWLQFW OLQJXLVWLF &':6'0,%)0,"10&"%0"/+'"'0&".$%6&"'1:+"1*/%,/B,"3'*,)016%/9"10&" ,/96'7" !"##$%&'( )*$%+,%"" 3*)3),'," /+','" /+*''" ;)*2," )4" 5%-'&" 5'&%1")0":1081,="4#.%&$!+&%5,-&,+3$&,64#.%&$!+&%/,'",7&02%)8="DEFF=" 9+%#.(&,$'(,+&(##,:,+3$#,69+%#.(!%#),;&%2,7&(#),1,7&02%8="DEFD"10&" 9.&')',$'(,$#+#)%#,69&./,;&%2,<=/,>+3#8="DEFD7">";)$6&"6%2'"/+'" ,3':/1/)*" /)" %51@%0'" /+'" ;)*2," /+1/" #$1*0'*%" *'6'1,'&" %0" /+'" 9'1*,"FGHIJHH"?"4)*"'-1536'"/+'";)*2,"&%,3619'&")0")::1,%)0" )4" /+'" '-+%.%/%)0" K'(%&(3&%5?" !.%#, &(, @')$!(!, ABCDEABFG, 6H'(%&(3&%/?, 9.%, &(, @3)$!(/, ABCDEABFG8=" +'6&" 3*':%,'69" /'0" 9'1*," 1@)=" :$*1/'&" .9" !6.'*/)" L)1//)7" >0" 31*/%:$61*=" /+'" /;)" ;)*2," *'3*)&$:'&" )0" 31@'," FME" 10&" FMF" )4" /+'" :1/16)@$'" NI3#, J#.%&$!+&, 6@;', 4#.%&$!+)8" FGHI" 10&" K3!-.!%&, )&L3+%!(#&, 6<&L3+%!(#'3), <M3!.#)8N, FGHHO7" P%," :165" &'/'*5%01/%)0" %0" .$%6&%0@" /+'" %51@'" %," ,/*%2%0@=" 10&" %/" %," :6'1*" /+1/" /+'" 1*/%,/=" DIWHU EULHÃ&#x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¿HG DQG FRQ¿UPHG WKLV VWUHQJWK RI SRHWLF WHQVLRQ DW WKH HQG )4"/+'"FGTE,";+'0"%/"3*)3),'&"1",'6':/%)0")4"#$1*0'*%B,";)*2," 4*)5"/+'"FGHE,7
0345365(20478036(9(:036780(:7(85!73;5(9(20!85()<0640 !6220!:5()<0!37!6(9(-0585(=0>6(9(-0585(-0!6>6 !"#$%&$'('$)%#*+%,-.('/.#.#0%*,.('/. 1":$*1"&%
W1$*)"S10Y'*1
FT"51@@%)"?"DE"6$@6%)"DEFD
F7"!0/)0%)"K1/'610% 9))#(T#="DEFF ROLR H VHULJUD¿D VX OLQR [ FP
FE7"]%::1*&)"#$1*0'*% 4#.%&$!+&%5,-&,+3$&N"DEFF /':0%:1"5%,/1",$"/'61="GV-FDE":5
D7"!0/)0%)"K1/'610% 9))#(T#="DEFF ROLR H VHULJUD¿D VX OLQR [ FP
FF7"]%::1*&)"#$1*0'*% 9+%#.(&,$'(,+&(##,:,+3$#N"DEFD /':0%:1"5%,/1",$"/'61="GV-GV":5"
M7"!0/)0%)"K1/'610% 3LFFROL LQIRUWXQL JUDI¿DWR EXFDWR %!0+&!%',#,L#-&$!%'8="DEFD &%,%04'//10/'",3*19"3'*"4'*%/'":)0"1@@%$0/1"&% %0:+%),/*)"&%":+%01=",$",'%":1*/'"[[-VH":5":1&7
FD7"]%::1*&)"#$1*0'*% 9.&')',$'(,$#+#)%#N,DEFD /':0%:1"5%,/1",$"/'61="FIE-FEE":5
I7"C10%'61"C'"X)*'0Y) 4!.&!R&+#="DEFF *%:15)",$"&$'"/'6'="ME-IE":5":1&7 V7"C10%'61"C'"X)*'0Y) H'(%.'L&)3.!="DEFD 4'6/*)="TE-GE":5" H7"C10%'61"C'"X)*'0Y) 4&R.!%'="DEFF= *%:15)",$"&$'"/'6'="TE-VV":5":1&7
IRWRJUD¿H ()*a$1/)"S'*%,,% /*1&$Y%)0'"%0"%0@6',' g1*'0"Z+%//6' XI¿FLR VWDPSD R$,1001"U1.%10% LPSDJLQD]LRQH JUD¿FD U*10:',:)"h*,%0)
[7"K1*6)"#$1%/1 <#(T!,%&%'+',67!)%.#8N"DEFE :1*/1"'"%0:+%),/*%",$"166$5%0%) &$'"'6'5'0/%="HM-MD":5":1&7 T7"K1*6)"#$1%/1 <#(T!,%&%'+',6S'(-#N,-#)$.&*%&'(,0P(P.!+#8N"DEFE :1*/)0'=":1*/1"@)551/1"'"6%.*'//% &$'"'6'5'0/%="FIE-FM-FI":5":1&7= G7"K1*6)"#$1%/1 <#(T!,%&%'+',6U')&%&J&8N,DEFE %0:+%),/*%"'"3%@5'0/%",$"1:'/1/%"%0 /*'":)*0%:%"%0"6'@0)"D[-DF":5":1&7
FM7"S1)6)"W1,% <#(T!,%&%'+'N,DEFD /':0%:1"5%,/1"'",516/%",%0/'/%:%",$ :1*/)0'"6%0'1*%YY1/)"'"%0:%,)="FIE-FEE":5 FI7"S1)6)"W1,% <#(T!,%&%'+'N,DEFD /':0%:1"5%,/1"'",516/%",%0/'/%:%",$ :1*/)0'"6%0'1*%YY1/)"'"%0:%,)="FIE-FEE":5 FV7"S1)6)"W1,% <#(T!,%&%'+'N,DEFD /':0%:1"5%,/1"'",516/%",%0/'/%:%",$ :1*/)0'"6%0'1*%YY1/)"'"%0:%,)="FIE-FEE":5 FH7"S1)6)"W1,% <#(T!,%&%'+'N,DEFD /':0%:1"5%,/1"'",516/%",%0/'/%:%",$ :1*/)0'"6%0'1*%YY1/)"'"%0:%,)="FIE-FEE":5 F[7"S1)6)"S1*%,% O])]!]&])]']N, :1*/)0'"'"@',,)="DM-DM=V-ME":5 FT7"S16)"S1*%,% O(&%^,-Q2!R&%!%&'(N,DEFD )6%)",$"/18)61="GM-FEE":5" FG7"S1)6)"S1*%,% O(&%^,-Q2!R&%!%&'(N,DEFD )6%)",$"/18)61="GM-FEE":5"
*$//(5,$ (',725,$ 67$03(5,$ '¶$57( ¿UHQ]H YLD GL PH]]R E WHO ID[
VLWR ZHE ZZZ JDOOHULDLOSRQWH FRP H PDLO LQIR#JDOOHULDLOSRQWH FRP RUDULR OXQHGu YHQHUGu VDEDWR VX DSSXQWDPHQWR IHVWLYL FKLXVR
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¿UPHG LQ WKH ZRUN RI 3DULVL LQ WKH SODFH ;+'*'" /+'" ,31:'" .'@%0," 10&" %," ',/1.6%,+'&=" .)**);'&" 4*)5" @')@*13+%:16"513,="3+%6)6)@%:1669",3'12%0@"/+'".%*/+")4"5)&'*0" ,31:'7 &RUUHODWLQJ D VKDSH DQG LWV SRVVLEOH OLQJXLVWLF GH¿QLWLRQ /+%," '-'*:%,'=" *'3'1/'&" ;%/+" &%44'*'0/" 51/'*%16,=" %01$@$*1/'&" 0+1'+"'( 2$1,.$+"B," 1*/%,/%:" :1*''*7" Z'" 1*'" /162%0@" /+'" 5%&" V D GDWH WKDW ZRXOG EH VLJQL¿FDQW IRU WKH ZKROH \RXQJHU @'0'*1/%)0"3*','0/"%0"/+'"'-+%.%/%)07" L$/" /+'" ,+13'" 3*)3),'&" .9" /+'" 1*/%,/" &)'," 0)/" 51*2" *'/$*0," FD
0345365(20478036(9(:036780(:7(85!73;5(9(20!85()<0640 !6220!:5()<0!37!6(9(-0585(=0>6(9(-0585(-0!6>6 O(,.&%.'J'.)&,!L&$2#J'+#,#,*&!$#J'+# # ! X X \ ] > !" > X" S ^ _ ( \ " U > ] \ _ ` \
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a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¿UVW MRLQW RXWLQJ RI WKUHH DUWLVWV ZKR ZRXOG WKHQ EH SLFNHG XS E\ 7RPPDVR 7ULQL DQG ¿QDOO\ LQYLWHG WR WKH 9*#.%', QVV,6W*#(,QVV8,",':/%)0")4"/+'"IM*&"b'0%:'"L%'00%167"(+'"1*/%,/," %0"a$',/%)0"K1/'610%="#$1%/1"10&"C'"X)*'0Y)7" :$+",.$( :,( 8'%,+?'" ,/$&%'&" ,:$63/$*'" 1/" /+'" U6)*'0:'" >0,/%/$/'")4"!*/=".$/"%/";1,"%55'&%1/'69":6'1*"/+1/"+'*",:$63/$*'" ;1," 5'/13+)*%:16=" 3$//%0@" ,%@0," %0" ,31:'<" 10&" ,31:'" ;)$6&" %0:*'1,%0@69" .':)5'" /+'" /)3%:" )4" +'*" *','1*:+7"!" ,)4/" ,31:'=" GH¿QHG PRUH DQG PRUH E\ WKH ERG\ DQDWRPLFDO LQYHVWLJDWLRQV WKH XVH ¿UVW RI DOO RI VSHFLDO PDWHULDO IHOW ZLWK DQ DQWL %HX\V 4$0:/%)0<" /+'0" 3+)/)@*13+9" 10&" 61,/69" 8%&')" *':)*&%0@," )4" 1" .166'*%01B,"&10:',"10&"5)8'5'0/,7 (+'";)*2,"/+1/",+'".*%0@,"/)")$*"1//'0/%)0"0);"1*'"/+'"/',/%5)09" )4" +'*" 3*1:/%:'" )4" ,:$63/$*16" 610@$1@'=" 3*)4)$0&69" 5'&%/1/'&" HYHU VLQFH KHU YHU\ ¿UVW DUWLVWLF H[SUHVVLRQV (PEURLGHU\ DV 1" ,3':%16" &*1;%0@<" /+'" .)&9" %0" %/," @'0/6'" :)0:*'/'0',,<" 10&" WKH IHOW WKDW UHGLVFRYHUV D WUDGLWLRQ RI EDV UHOLHI VFXOSWXUH ± RI ;+%:+"0)")0'";1,"1"51',/*)"5)*'"/+10"C)01/'66)"%0"U6)*'0:'7" 7KH URXQGQHVV RI 'H /RUHQ]R¶V VFXOSWXUHV DQG WKH EDV *'6%'4,=" 16;19," 3*)&$:'&" 4*)5" 4'6/=" 51%0/1%0" /+'" ,15'" 01/$*'" RI VRIWQHVV LQ DQG WKHUHIRUH RI VSDFH ± WKH VFXOSWXUH TXDOL¿HV WKH VSDFH WKDW KRXVHV LW 7KLV ZDV UHFHQWO\ YHUL¿HG WR PH LQ D ;)*2" /+1/" C'" X)*'0Y)" &%,3619'&" %0" U6)*'0:'" %0" /+'" <3)*#($#" '-+%.%/%)0"1/"\cMA"+'*"4'6/";)*2,".$%6&"10"%51@'"/+1/",/10&,"4)*" %/,'64=",$33)*/,"%/,'64=";+'/+'*"*',/%0@")0"1",$*41:'")*"+10@%0@7">/" ,+%*2,"/+'"0)/%)0")4"5)0$5'0/16%/9";+%6'"51%0/1%0%0@"1"6%02";%/+" /+'":61,,%:"%&'1")4",:$63/$*'7 *HRORJ\ LV RUGHU DQG GLVRUGHU VWUDWLJUDSK\ D VFLHQWL¿F URRW @$%&',"/+'"1*/%,/%:"*','1*:+")4(2$%.'()*$"1$7">/"%,"1",)$*:'"/+1/" 3*)Q':/,"/);1*&,"/+'"1:/")4"&%44'*'0/"*'3'/%/%)0A"*'@1*&6',,")4"/+'" 01/$*'" )4" /+'" 51//'*=" ;+1/" :)$0/," %," 1:/%)0" %0" %/," 3$*%/9=" %0" %/," 816$'")4"'0/%*'/97"Z+1/"1/"/+'",/1*/";1,"@*1551/%:16"*','1*:+" ?" 7#J#N, U3(%', -Q!**'00&'N, 9**+&$!T&'(#" 67#J#.)N, X3+$.3LN, 9**+&$!%&'(8, 1*'" /+'" /%/6'," )4" ;)*2," 4*)5" FGT[" ?" +1," .':)5'" D ULWXDO PDQLSXODWLRQ DFFRUGLQJ WR SUHYLRXVO\ ¿[HG UXOHV &%33%0@=" ,$,3'0&%0@=" .'0&%0@=" 6'//%0@" /+'" ;)*2" 512'" %/,'647" #$1%/1B," ,:$63/$*16" ,3%*%/" ',,'0/%1669" :)0,%,/," )4" +%," :)0/%0$16" ;)*2" )4" *'5)816" ?" Q$,/" 6%2'" W%:+'610@'6)B," ,:$63/$*'7" !0&" ,%0:'" %/" %," %0'8%/1.6'" /)" '0:)$0/'*" /+'" 01/$*'" )4" ,31:'" 16)0@" /+%," 31/+=" ,)" )0" )0'" +10&" #$1%/1" 133*)1:+'&" 1*:+%/':/$*'<" 10&" )0" /+'" )/+'*" +10&" /+'" 2%0@&)5" )4" /+'" 01/$*16" ,:%'0:'," )4"\06%@+/'05'0/"?"10&",)"+'"3*)&$:'&".))2,="/+'"W*3)$3+!, 0#'0.!*2&$!,6Y#'0.!*2&$!+,@.!$%)87"C)',"'8'*9/+%0@"'0&6',,69" :+10@'"%0"/+'",31:'"/+1/"%,"16;19,"%&'0/%:16"/)"%/,'64d">/",''5," 1"4)*5$61="%0"/*$/+"%/"%,"/+'"01/$*'")4"+%,"*','1*:+"/+1/"1.10&)0,"
/+'" 0)/%)0" )4" 4)*5" 4)*" /+'" '-3'*%'0:'" )4" '0&6',," 4)*51/%)07" (+)$@+/" 10&" %51@'" :)0,/*$:/%)0A" 1," :61,,%:16" +%," 133*)1:+" WR WKH SKLORVRSKLFDO DQG VFLHQWL¿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e0.!*2&$f",'0,%/%8%/9")0"/+'",:16'")4"@*'9,7"L$/"1.)8'"166"/+'9" &%,/10:'" /+'5,'68'," &*1,/%:1669" 4*)5" /+'" /)3%:" )4" e:)6)$*f=" FHQWUDO WR WKH DUWLVW¶V ¿UVW LQIRUPHO SKDVH WR UHJDLQ D PHWULFV RI ¿JXUDO VSDFH WKDW SURSRVHV D ORJLFDO DQG DHVWKHWLFDO DQDORJ\ ;%/+"/+'",31:'")4"+$510",):%'/9="/12'0"'/+%:16697"(+%,"1016)@9" DQG FORVLQJ EHWZHHQ ¿HOGV OHG 0DVL LQ WKH KHDUW RI WKH V WR :+1,'"*'16%/9="%0",'1*:+")4",%@0,"/+*)$@+"5)&'*0"/':+0)6)@%',=" 4)*" '-1536'" /+'" S)61*)%&" :15'*17" !0&" 1/" /+'" ,15'" /%5'" +'" ;1,")0'")4"/+'"4)$0&'*,"?"16)0@";%/+"W1$*%Y%)"_100$::%"?")4" /+'"[W\9"'-3'*%'0:'"?"/+'0"['(!,!.$2&J#) D QR SUR¿W VSDFH 5101@'&".9"/+'"1*/%,/,"/+'5,'68',"/+1/";)$6&".':)5'"1"361:'" ;+'*'"%0/'*01/%)016"1*/%,/,":)$6&"5''/"10&"3*','0/"/+'%*";)*2," ?">"/+%02"/+'")069"/*$69"%0/'*01/%)016"5)5'0/"%0"1*/"%0"U6)*'0:'7" W1,%B," 6)0@" 10&" :)536'-" '-3'*%5'0/16" 8)91@'" /+'0" *'&%,:)8'*'&" ?" 1/" /+'" '0&" )4" /+'" FG[E," ?" /+'" /)3%:" )4" :)6)$*=" .$/" 41*" 4*)5" 3%:/)*%16%/9" 10&" 41*" 4*)5" /+'" 3%:/)*%16" 51//'*=" )%6<" +'"*'&%,:)8'*'&"%/"1,"1"e:+*)51/%:".)&9f="51//'*J,$.,/10:'")4" H[SUHVVLYLW\ 2Q WKH RWKHU KDQG *XDUQHUL UHVLVWHG WKH Ã&#x20AC;DWWHU\ RI 610@$1@'="+'";%/++'6&"/+'"&',%*'"10&"%53$6,',")4"'-3*',,%)0=" /)" .$%6&" 1" ;)*6&" )4" %51@'," %0" :)0:'0/*%:" :%*:6',=" 1" :)0/%0$16" @*);/+" 4*)5" /+'" %0,%&'=" 1" :)0/%0$16" 81*%1/%)0" ?" ;+%:+" 512'," 5'"/+%02")4"/+'"5$,%:16"@*1551*")4"/+'",':)0&"+164")4"/+'"DE/+" :'0/$*97"Z+1/"W1,%"3*)3),',"%,"/':+0)6)@%:16"5'&%1="S6'-%@61,=" WKH DFU\OLFV RI WKH QHZ DQWL QDWXUDOLVWLF FRORXU UDQJH $QG 1.)8'"166"+'"%0:*'1,%0@69":)0:'%8',"+%,";)*2"1,"10"%0,/1661/%)0" '-3'*%'0:'="0)"6)0@'*"1,"1"/1.6'1$")0":1081,7 Z+%6'"/12%0@"59,'64")0"/+%,"/)$*".'/;''0"/+'"*'16"10&"5'5)*9=" >" +18'" :)5'" /)" *'16%,'" /+1/" /+'" ;)*2" )4" /+','" 1*/%,/," +1," 1" VROLG FRUH ZKLFK DOWKRXJK LW FRXOG QRW DOZD\V EH LGHQWL¿HG DW /+'".'@%00%0@=";1,"/+'*'"%0"/+'"$0%8'*,'")4"%0/'0/%)0,7"P'0:'" /+'" /+*''" ,:$63/)*,=" 3*','0/'&" 165),/" 1," 1" 0';" U6)*'0/%0'" ,:+))6=" /)&19" 1*'" %0:)531*1.6'=" ;+'*'1," 1/" /+'" )$/,'/" /+'9" 4'6/" /+'5,'68'," /)" .'" :6),'" 10&" ,)6%&1*%,/%:" ;%/+" /+'%*" 81@$'" ³PLQLPDOLVP´ DQG ZRUNV HQWLWOHG LQ D SKLORVRSKLFDO OLWHUDU\ 610@$1@'7" L$/" /+'" ).,'*81/%)0" %," 166" /+'" 5)*'" /*$'" 4)*" S1)6)" S1*%,%"10&"/+'"'53);'*5'0/")4"/+'"3%:/)*%16"'-3'*%'0:'<"10&"4)*" WKH OR\DOW\ VKRZQ DW WKH H[DFW PRPHQW RI WKH SRVW LQIRUPHO WXUQ .9"]%::1*&)"#$1*0'*%"10&"S1)6)"W1,%7 ()" 5'" /+'" :)0:6$,%)0" ,''5," ,%536'A" %0" U6)*'0:'" /+'*'" 1*'" :)0/'53)*1*9"1*/%,/,="%0"U6)*'0:'"/+'*'"%,":)0/'53)*1*9"1*/"?"%4" /+'"!0/%a$'";'*'"0)/",)"%081,%8'="%/";)$6&"166".'"8%,%.6'"10&"/+'" :%/9";)$6&".'"5)*'"5)&'*07" !3*%6"DEFD"
"
"
W1$*)"S10Y'*1
FF