!"#$%&!"'()')
*)"+,"%$%&-)&!%!!%
+(#5*66/*#0/#34*% * $ / / ( 5 , $ , / 3 2 1 7 ( ) , 5 ( 1 = (
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j FRPH SLWWRUH HQ SOHLQ DLU H FLQHDVWD FRPSRQHQGR YDUL ¿OPV DQFKH FRPH FDUWRQL DQLPDWL LQ IRUPDWR ULGRWWR 1HO VXR WHVWR GHO 7/&'8"# 01"49/%9"# /&# :*%$"&"# ;<=>?# ;<@A 6LOYLD /XFFKHVL LQVHULVFH VHGLFL WLWROL GHO GL &RFFR WUD L ¿OP FRVWLWXWLYL GHOOD VFHQD DUWLVWLFD ¿RUHQWLQD
!"#$%&!"'()') *)"+,"%$%&-)&!%!!%
+(#5*66/*#0/#34*% "#$,4"#0/&
/0&1)"23"%$%&4)&!%55% !"#$"%"#&'(#)*%$* ODWWD FDQGHOD IRWRJUD¿D [ [ FP
O"()$49&M+$9% RWWREUH QRYHPEUH
&DUOR &DQWLQL +#(,*-./#0'((1"))"&0*&*6&/777 WUH VWDPSH IRWRJUD¿FKH VX FDUWD EDULWDWD GD QHJDWLYR FRORUH [ FP FDG
*LDPSDROR GL &RFFR &LQHSODWRQLFD ,,, ODWWD EURQ]R FDQGHOD IRWRJUD¿D [‘ FP
*LDPSDROR GL &RFFR &LQHSODWRQLFD ,9 ODWWD FDQGHOD IRWRJUD¿D [‘ FP
//0&1)"23"%$%&4)&!%55% &LQHSODWRQLFD 9 ODWWD FDQGHOD IRWRJUD¿D [ [ FP
*LDPSDROR GL &RFFR $% ODWWD FDQGHOD IRWRJUD¿D [ [ FP &DUOR &DQWLQL 1DUFLVR WUH VWDPSH IRWRJUD¿FKH VX FDUWD EDULWDWD GD QHJDWLYR ELDQFR QHUR [ FP FDG
IRWRJUD¿H
!"#$%&!"'()')
*LDPSDROR GL &RFFR !"#&"2'#0/#34*% ODWWD FDQGHOD IRWRJUD¿D [ [ FP
WUDGX]LRQH LQ LQJOHVH
.DUHQ :KLWWOH XI¿FLR VWDPSD
*LDPSDROR GL &RFFR ((#(/)4*#0'(('#$"%'#0/#34*%#+ ODWWD VPDOWR FDQGHOD IRWRJUD¿D [ [ FP
*+,"''"&-".)"') LPSDJLQD]LRQH JUD¿FD
)UDQFHVFR 8UVLQR
70&!"#$%&!"'()') 1RVWDOJLD /777 WUH VWDPSH IRWRJUD¿FKH VX FDUWD EDULWDWD GD QHJDWLYR FRORUH [ FP FDG
*LDPSDROR GL &RFFR +(#(/)4*#0'(('#$"%'#0/#34*%#++ ODWWD VPDOWR FDQGHOD IRWRJUD¿D [ [ FP
*LDPSDROR GL &RFFR &LQHSODWRQLFD 9 ODWWD FDQGHOD IRWRJUD¿D [ [ FP &DUOR &DQWLQL /¶LVROD ULWURYDWD WUH VWDPSH FLEDFURPH [ FP FDG &DUOR &DQWLQL )RUP$]LRQH &/777 WUH VWDPSH IRWRJUD¿FKH VX FDUWD EDULWDWD GD QHJDWLYR FRORUH [ FP FDG *LDPSDROR GL &RFFR SDUW /D FDVD QHO ERVFR *LDPSDROR GL &RFFR SDUW &LQHSODWRQLFD ,9 *LDPSDROR GL &RFFR SDUW &LQHSODWRQLFD ,,,
*$//(5,$ (',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
'HL VXRL SDQQHOOL OXPLQRVL GHJOL DQQL ¶ VL RFFXSDQR /DUD 9LQFD 0DVLQL H 0DULVD 9HVFRYR 6L ODXUHD LQ DUFKLWHWWXUD QHO ¶ OD WHVL YLQFH LO SULPR SUHPLR GHOOD )RQGD]LRQH 3RQWHOOR 'L &RFFR LQL]LD D FRPSRUUH LQVWDOOD]LRQL DPELHQWDOL JLj QHO ¶ FRQ XQD FRPSRVL]LRQH WHPDWLFD VXOO¶DOFKLPLD DOOD 6WUR]]LQD GL )LUHQ]H VHPSUH QHO ¶ IRQGD FRQ /XFLDQR &DUXVR OD ULYLVWD $EDFR WXWWRUD LQ DWWLYLWj QHO q OD YROWD 4)& @"+,& 8%'& !)59#%6& )'& +'& "33"#("29'(%& 4)& 8)"& !"8%+#& "& )LUHQ]H VHULH GL LQVWDOOD]LRQL QHO EXLR YLVLELOL SHU OD GXUDWD GL XQD FDQGHOD DFFHVD 1HO IUDWWHPSR q DWWLYR FRPH DUFKLWHWWR LQ WXWWD OD 7RVFDQD LQWHUYHQHQGR QHOOD UHGD]LRQH GL 3LDQL 8UEDQLVWLFL JHQHUDOL H SDUWLFRODUHJJLDWL 'XUDQWH JOL DQQL µ 4)& !%55%& ,)& "33#%3#)"& 49=$)& ,(#+29'()& 3)((%#)5)6& 5>9& 9=$)& +,"& 39#&"$$%="#9&,+$$"&(9$"&)&,+%)&2%49$$)')&4)&	$)(()&9&(#%239&$E%9)$6& LQ XQ JLRFR LQWHQVR WUD OD VHFRQGD H OD WHU]D GLPHQVLRQH *LOOR 'RUÀHV VFULYH D SL ULSUHVH GHO ODYRUR GHO GL &RFFR GL P+9,(%&39#)%4%0 1HO KD LQL]LR OD VHULH GHOOH JUDQGL LQVWDOOD]LRQL DPELHQWDOL 5>9&3%#("'%&'9$$"&(#)4)29',)%'"$)(V&9&'9$$E"#5>)(9((+#"&&$"&89'"& VFHQRJUD¿FD H XUEDQLVWLFD GHO GL &RFFR JLj HVSUHVVD QHOOH ,+9& 3)((+#9H& 5%'& B&/8"(/"DE4"&0/# F",G4"-/# H++6& 3#9,9'("("&& DO 3DOD]]R 'DWLQL GL 3UDWR GD 2PDU &DODEUHVH GL &RFFR (#%8"&+'"&3#)2"&,)'(9,)&(#"&$9&,+9&4)89#,9&"')29&0&D)&!%55%& VFHJOLH OR VFHQDULR DUFKLWHWWRQLFR SULPD GL UHDOL]]DUYL OH VXH PDFFKLQH PRUHQWL H ]RRPRUIH 1HO ¶ WURYD QHOOD VWD]LRQH 49$$ES$:23)"&*("4)%'&4)&I9#$)'%&)$&39#?9((%&,59'"#)%&39#&)$&,+%& N(O86/"DP'66'(/&# +++ 0DUVLJOLD 3LVWRLD *HQRYD .DVVHO !%$%')"&&,%'%&(#"&$9&5)((V&4%89&4)&!%55%&(#%8"&=$)&,59'"#)&"4"(()& SHU OH VXH QXRYH LQVWDOOD]LRQL VFHQRJUD¿FKH D 'XLVEXUJ ODYRUD SHU LO SDUFR GHOOD 'HXWVFKH %DQN D 6NDJHQ '. SHU LO )RUXP /XGZLJ GL $DFKHQ D *LEHOOLQD SHU LO ORFDOH PXVHR D 6HJJLDQR SHU OD )RQGD]LRQH 'DQLHO 6SRHUUL D )LUHQ]H SHU $EB,()(+(%&!+$(+#"$9&-#"'59,9&9550 ,PSRUWDQWL DUWLFROL FRPSDLRQR VXOOD VWDPSD LQWHUQD]LRQDOH 3LHUUH 5HVWDQ\ JOL GHGLFD XQ YDVWR VFULWWR VX 'RPXV $WWLOLR 6WRFFKL VX $ELWDUH q DQFRUD 'RUÀHV D SUHVHQWDUH OD VXD JUDQGH SHUVRQDOH DOOD )RQGD]LRQH 0XGLPD GL 0LODQR QHO 'DO FRVWUXLVFH LQVWDOOD]LRQL SHUPDQHQWL QHJOL VSD]L FLWWDGLQL FRQ OD GH¿QL]LRQH GL SLD]]H H VLWXD]LRQL XUEDQH "& -%$$%')5"6& I"#.9#)'%6& *)='"6& I)9$$"6& !%$%')"6& O"$$%#5"& 9&& "$(#9&5)((V6&=)+'=9'4%&5%,W&"&5%23)9#9&)$&3#%3#)%&)(9#&5#9"()8%& FRQ ODYRUL FKH ULXQLVFRQR WXWWH OH VXH FRPSHWHQ]H 1HO O¶,VWLWXWR ,WDOLDQR GL &XOWXUD GL 1HZ <RUN RVSLWD XQD VXD LPSRUWDQWH SHUVRQDOH H OD *DOOHULD &RPXQDOH G¶$UH]]R XQD ,+"&3#)2"	(#%,39(()8"&3#9,9'("("&4"&O"()$49&M+$9%0 1HO SXEEOLFDWR GD *LDQIUDQFR 0RQWL DSSDUH LO VXR E"("? 9'*# 0'((1"49/%9"# 64/&$/6/"&9'6& 3#9,9'("(%& 4"$$E"2)5%& 1)+,9339& 3RQWLJJLD PHQWUH QXPHURVL DUWLFROL VXOO¶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¶DUWH H G¶DUFKLWHWWXUD QHO YLQFH D 9LER 9DOHQWLD LO SUHPLR /LPHQ $UWH SHU XQ¶RSHUD GL VFXOWXUD 1HO IRQGD D %HUOLQ .XQRZ LO &HQWUR SHU OH DUWL 5%'(923%#"'99&N."5%&*3"590 *./01/232& 4.& !2552 )ORUHQFH KDV GHYHORSHG KLV 8),+"$&"'4&39#593()89	,9"#5>&(>#%+=>&8"#)%+,&4),5)3$)'9,6& ?#%2&"#5>)(95(+#9&(%&(>9&8),+"$&"#(,6&?#%2&A%+#'"$),2&(%&'%'G
¿FWLRQ DQG QDUUDWLYH 7KLV UDQJH RI DFWLYLWLHV KDYH OHG KLP (%& (#"89$6& ,(+4:& "'4& ;%#<& )'& 8"#)%+,& 5%+'(#)9,& "'4& (%& $9"#'& 8"#)%+,&$"'=+"=9,6&=)8)'=&>),&39#,%'"$&8),)%'&;)(>	="#4&(%& (>)'=,&"	$"()89&"'4&5>"'=)'=&",395(6&)'&(>9&<'%;$94=9&%?& (>9& 39#2"'9'(& .%'4& .9(;99'& (>9& ,"29& (>)'=,0& @9& .9="'& >),&;%#<&",&"&3")'(9#&'('/&#"/4 DQG ¿OP PDNHU YHU\ HDUO\ RQ DOVR FRPSRVLQJ YDULRXV ¿OPV DV VKRUW OHQJWK FDUWRRQV ,Q KHU WH[W IURP 7/&'8"#01"49/%9"#/&#:*%$"&"#;<=>?;<@A6& 6LOYLD /XFFKHVL LQFOXGHG VL[WHHQ WLWOHV E\ 'L &RFFR DPRQJ WKH ¿OPV IRUPLQJ WKH )ORUHQWLQH DUWLVWLF VFHQH +LV V OLJKW SDQHOV ZHUH ZULWWHQ DERXW E\ /DUD 9LQFD 0DVLQL DQG 0DULVD 9HVFRYR +H JUDGXDWHG LQ DUFKLWHFWXUH LQ KLV WKHVLV ZLQQLQJ WKH )RQGD]LRQH 3RQWHOOR SUL]H 'L &RFFR DOUHDG\ EHJDQ WR FRPSRVH HQYLURQPHQWDO LQVWDOODWLRQV LQ ZLWK D WKHPHG FRPSRVLWLRQ RQ DOFKHP\ DW WKH 6WUR]]LQD LQ )ORUHQFH DJDLQ LQ KH IRXQGHG WKH A%+#'"$& B)"$*6& ;>)5>& ),& ,()$$& +3& "'4& #+'')'=6& "$%'=& ;)(>& /XFLDQR &DUXVR LQ LW ZDV WKH WXUQ LQ DQ DSDUWPHQW LQ 9LD &DYRXU LQ )ORUHQFH RI C",%#2*/$'4*6&"&,9#)9,&%?& )',("$$"()%',&)'&(>9&4"#<6&%'$:&8),).$9&?%#&(>9&4+#"()%'&%?&"&$)(& 5"'4$90& B'& (>9& 29"'()29& >9& ;",& ;%#<)'=& ",& "'& "#5>)(95(& (>#%+=>%+(& C+,5"':6& ("<)'=& 3"#(& )'& 4#"?()'=& =9'9#"$& "'4& GHWDLOHG WRZQ SODQQLQJ SURMHFWV 'XULQJ WKH V 'L &RFFR (%%<&+3&>),&3")'()'=&(%%$,6&;>)5>&>9&+,94&(%&>%,(&>),&2%49$,& %?& ;#95<,& "'4& 94*86'# (1*'/(& %'& 5"'8",& )'& "'& )'(9',9& 3$":& EHWZHHQ WKH WZR DQG WKUHH GLPHQVLRQDO *LOOR 'RUÀHV ZURWH ".%+(& D)& !%55%E,& ;%#<& %'& ,989#"$& %55",)%',& 4+#)'=& (>),& 39#)%40&
,Q KH EHJDQ WKH VHULHV RI ODUJH HQYLURQPHQWDO )',("$$"()%',& ;>)5>& .#%+=>(& (>9& ,59'%=#"3>)5& "'4& +#."'& 3$"'')'=& 89)'& (>"(& D)& !%55%& >"4& "$#9"4:& 9F3#9,,94& )'& >),& 3")'()'=,& (%& "#5>)(95(+#9& "'4& (>9& (>#99G4)29',)%'"$& ,3>9#9H& ;)(>& B&/8"(/"DE4"&0/# F",G4"-/# H++# IB&/8"(/"DE4'"9# J./6K4'$L%# H++M SUHVHQWHG DW 3DOD]]R 'DWLQL LQ 3UDWR E\ 2PDU &DODEUHVH 'L &RFFR IRXQG D ¿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ÀHV ZKR SUHVHQWHG >),&=#9"(&,%$%&9F>).)()%'&"(&(>9&0XGLPD&-%+'4"()%'&)'&O)$"'& LQ 6LQFH KH KDV EXLOW SHUPDQHQW LQVWDOODWLRQV LQ (%;'& ,3"59,6& 5>"#"5(9#),)'=& ,P+"#9,& "'4& +#."'& ,)(+"()%',& )'& -%$$%')5"6& I"#.9#)'%6& *)='"6& I)9$$"6& !%$%='96& O"$$%#5"& "'4& %(>9#& (%;',6& >9'59& 5%23$9()'=& >),& 5#9"()89& 3"(>& ;)(>& ZRUNV WKDW FRPELQH DOO KLV VNLOOV ,Q WKH ,WDOLDQ ,QVWLWXWH %?&!+$(+#9&)'&Q9;&R%#<&>%,(94&"'&)23%#("'(&,%$%&9F>).)()%'& DQG WKH *DOOHULD &RPXQDOH G¶$UH]]R D ¿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
V
!"#$%&'( )#**+',,'-)"-"( #( )#**+%..%/#)%',%*/#-$#( -'0&"0$"1( 23#0$"( 4( %*( 5"66%"( )%( 7."08( 3-'( )%9%-%$:( ,%;."-$#( &<#( 6"$.#,,#( $".-'.#( '( /'-%;#0$'.0%( "==%>( #6"&'( *3&%)'( #( 0/'*%?%'$'( &<#( 0#/,.#.#,,#( &"-"0&#.-#( "=-%( 0#=.#$"1( ( @-( )%"( &<#( $".-'( &#.$"A( /'(0"*"(%-('00#-?'()%('$$%(6*'$#'*%("()%()%&<%'.'?%"-%( XI¿FLDOL 5LWRUQR YHODWR GXQTXH 5LDSSDUL]LRQH GL XQD GLYLQLWj QDVFRVWD DOOD YLVWD H SULYD GL ULÀHWWRUL 4XHVWD q O¶LQWXL]LRQH GL GXH DUWLVWL ¿RUHQWLQL FKH FRQ OH ORUR IRWRJUD¿H H LQVWDOOD]LRQL SUHVHQWDQR JOL VFULJQL GDL TXDOL KDQQR WUDWWR OR VWUDRUGLQDULR UHSHUWRULR GL #06#.%/#-$%( 03**+%//'=%-#( #( 03**+#9"&'?%"-#( )#**'( VHQVXDOLWj ,O 'RSSLR GL (URV LQ TXHVWR VHQVR GLYHQWD ;.'=%*#( #6%;'-%'( )#**'( ,#**#??'A( 6%#-#??'( #( )"*&#??'( )#**+'/".#(0#-03'*#(#()#*(&".6"(;#//%-%*#1 B"/6"0$'( )'( )3#( $%6"*"=%#( )%( *'9"."( '00'%( )%0$%-$#A( LO WLWROR GL TXHVWD PRVWUD VL ULIHULVFH DOOD GXSOLFH /")'*%$:( )%( "00#.9'?%"-#( )#**+7."0( -#**'( )"66%'( '&&#?%"-#()#**"(60%&"*"="(C'/#0(D%**/'-A(0#&"-)"(%*( TXDOH HVLVWH XQ GHVLGHULR ¿VLFR LPPHGLDWR GD XQ ODWR #(3-()#0%)#.%"(0$.3==#-$#(#(%..'==%3-=%,%*#()'**+'*$."1( B"-&.#$%??'$'( -#*( )"66%"( *%9#**"( )#**'( ='**#.%'A( #-$.'/,#(*#(/")'*%$:($."9'-"(-#%()3#()%9#.0%(6%'-%A( LO OXRJR QHO TXDOH FRQGXUUH GXH ULÀHVVLRQL GLYHUVH )'( 3-( *'$"( 3-+%-$#.6.#$'?%"-#( #-%=/'$%&'A( 9#*'$'( #( SURIRQGDPHQWH VLPEROLFD HVHPSOL¿FDWD GDO EXLR GHO 6%'-"(%-;#.%".#()#**'(='**#.%'A(9"*3$"()'(E%'/6'"*"()%( B"&&"F(#()'**+'*$."A(3-+'--"$'?%"-#(&<%'.'A(%//#)%'$'( #(;"./'*/#-$#(&*'00%&'(G*'(*3&#(6%#-'()#*(6%'-"($#..'( )#**'(='**#.%'A("&&36'$'()'(B'.*"(B'-$%-%F1 'D XQ ODWR GXQTXH QHO SLDQR LQIHULRUH OD SURGX]LRQH GL RJJHWWL SLFFROL WDPEXUL GL IRWRJUD¿H FKH FRPH *'-$#.-#( /'=%&<#( 6.#9#)"-"( %*( /"9%/#-$"( #( 9%0".%( &'*#%)"0&"6%&%(&<#(G&"%(*"."(#06*%&%$%(.%;#.%/#-$%(#."$%&%F(
IDQQR FRQÀDJUDUH RUJDQLFR H PHFFDQLFR FRPH LQ 3-( =%"&"( )%( %,.%)'?%"-#( $.'( )"--'( #( /'&&<%-'1( 7+( LQ TXHVWR VHQVR FKH VL SXz GLUH FKH OH LPPDJLQL GL E%'/6'"*"()%(B"&&"(#(=*%("==#$$%()'(*3%(&.#'$%(0%'-"( 3-'( 6#.;#$$'( ;30%"-#( $.'( *'( )"--'( #( %*( &"-=#=-"A( &'.'$$#.%??'-)"( '-&".'( 3-'( 9"*$'( *+%//'=%-'.%"( )#*( -"0$."( 6.#0#-$#1( !."6.%"( 6#.&<H( 0%( %-&#-$.'-"( 03*( $#/'()#**'(/3$'?%"-#(%-;'$$%A(#00#(0%(;'--"(6".$'9"&#( )#**'( $.'0;"./'?%"-#A( 6."6"-#-)"( %//'=%-%( %,.%)#A( 3/,.'$%*%( #( *'.9'*%1( 23#0$#( /'&&<%-#( &#*%,%A( FRVWLWXLWH GD JHVWL DQQHJDWL ÀXWWXDQWL LPPHUVL LQ 3-'(6.";"-)%$:("&#'-%&'("(3$#.%-'(&<#()%.(0%(9"=*%'A( 6.")3&"-"(=#0$%(#(-3)%$:(;#//%-%*%('&&"*$#(%-(6%&&"*%( $#'$.%-%( '3$"( %**3/%-'$%( &<#( 0%( ;'--"( &'9%$:( )%*'$'$#1( 7*3)#-)"(%*(6.%-&%6%"()#**'(/'.=%-'*%$:()%(3-"(06'?%"( 0"//#00"(#(-'0&"0$"A(#00#(0%('/6*%'-"(9%.$3'*/#-$#( FRPH VH VL WUDWWDVVH GL IUDPHV FLQHPDWRJUD¿FL R GL 6".?%"-%( )%( 3-( /"-)"( )%( &3%( 4( %/6"00%,%*#( ';;#..'.#( $3$$'( *+#0$#-0%"-#1( I'( 6.")3?%"-#( )%( "==#$$%( 0$',%*%A( SUHFLVL H ¿VVL ODVFLD LO SRVWR D FLz FKH SURGXFH XQD SLFFROD ¿DFFROD GDQGR DOO¶DUWLVWD OD SRVVLELOLWj GL 0$',%*%.#( "( /#$';".%??'.#( '*&3-#( %-$#.&"--#00%"-%1( ,Q TXHVWH HVSUHVVLRQL GHOO¶LPPDJLQDULR DWWXDOH VXOOD 0#-03'*%$:(#(03**'(,#**#??'()#*(.'66".$"(3"/"()"--'A( OH ¿JXUH GL TXHVWR ÀXVVR SURGXFRQR OD PDWHULD 0$#00'()#**+%//'=%-#A(&"/#(&".6%(63*0'-$%A()%';'-%(#( %/6'*6',%*%A(&".6%()'(6#.%.#('(*3/#()%(&'-)#*'(&<#( ULGLYHQWDQR ¿VLFL VROR QHOOD SURLH]LRQH PHQWDOH J#%(*'9".%()%(B'.*"(B'-$%-%(#0%0$#(3-('$$"()#**'(9%0%"-#( %/6#&&',%*#( #( 0%-&#."( &<#( 0%( 6"-#( '*( )%( *:( )#**'( SURGX]LRQH IRWRJUD¿FD VWLOO OLIH H GHOOD VXD SRHVLD ,Q WDO VHQVR OD QDWXUD q SHU LO IRWRJUDIR XQ¶LQ¿QLWD .%$.')3?%"-#( )#*( &".6"( #( )#**#( &"0#>( 4( %-%-$#.."$$'( -'0&%$'( #( )%0$.3?%"-#( )#**#( ;"./#A( )'( /"0$.'.#( 6."6.%"( *'))"9#( -"-( ;'( &<#( 9#*'.*'( '**'( 9%0$'1( K( DWWUDYHUVR TXHVWD VRUWD GL ULYHOD]LRQH FRQWLQXD FKH O¶DUWLVWD WUDVIRUPD LQ RJJHWWL VHQVXDOL FLz FKH SULPD HUD VHPSOLFH FRVD QDWXUDOH &Lz FKH SL JOL LPSRUWD DO GL Oj GHOO¶HVWHVR UHJLVWUR GL ULÀHVVLRQL VXOOD IRWRJUD¿D GHO QXGR q OD WUDPD GL UHOD]LRQL WUD %*( /"-)"( )#**#( ;"./#( #( *+%//'=%-'?%"-#A( &<#( -#*( &'0"()#*(B'-$%-%(*#='(%(&".6%('**'(0$".%'()#**+'.$#A('**'( VWRULD GHOOD IRWRJUD¿D H DOOD QDWXUD ,Q IRQGR O¶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¿Q TXL D SDUWLUH GD PLWRORJLFKH PHPRULH B'-$%-%(/"0$.'()%(0'6#.#(&<#(*+'&&".)"(&"-(0#(0$#00%( "(*+'00#-?'()#*()%00%)%"(%-$#.%".#A(-'0&#()'*(6".$'.#( LO SURSULR DVVHQVR D TXDQWR OD QDWXUD VXJJHULVFH GDOO¶DGDWWDUVL D FLz FKH VFRUUH LQFXUDQWL GHO WUDQVLWR 0"*"( '66'.#-$#/#-$#( %-�'-$#( #( 9'.%',%*#( )#*( N#/6"1( ,O 'RSSLR GL (URV HGL¿FD GXQTXH XQ SULVPD PXOWLIRUPH %-(&3%()%/".'(*'(&"/6*#00%$:(06%="*"0'()#**'(5"--'A( 3-"( 0=3'.)"( $.'0&#-)#-$#( &<#( 0&#=*%#( *+#."0( '( 6'.$%.#( )'( 3-+"$$%&'( /'0&<%*#( 6#.( .%&#.&'.#( *'( 03'( LPPDWHULDOLWj QHOOD SURVD GHO TXRWLGLDQR 3HU HQWUDPEL JOL DUWLVWL LO FRUSR GLYHQWD PHWD¿VLFR VH QH VFUXWD OD EHOOH]]D HYLGHQWH R FHODWD VHQ]D YROHU FRQ TXHVWR -H( #&&%$'.#( -H( 06"0$'.#( *+'00#( 03( '06#$$%( ;#$%&%0$%&%1( O*( &"-$.'.%"A( #-$.'/,%( 0+%-$#.#00'-"( '*( /")"( %-( &3%( 3-( =#0$"( .'&&<%3)#( 0$".%#( -'0&"0$#A( )#$$'=*%( )#*( &".6"( )%9#-3$%( 6#??%( /'-&'-$%( )%( 3-( /"-)"( &<#( &%( '99"*=#(/'()%(&3%(06#00"(6#.)%'/"(&"-0'6#9"*#??'1(( 'XH VLWXD]LRQL IRWRJUD¿FKH FKH VFDQGDJOLDQR OH 6.";"-)%$:( %-( /")"( .%06#$$"0"( #( 0#-0%,%*#A( 0#&"-)"( 3-( '/".#( 6.";"-)"( 6#.( *'( 9%$'( %-$#0'( &"/#( *3"="(
*,-(",($/#("$/#09(*(&1#*09(%..#-%*$#(*,-()"0.*112(&1*''%&*1( DQQRWDWLRQ LQ WKH IXOO OLJKW RI WKH JURXQG ÀRRU RI WKH JDOOHU\ "&&;7%#-(+2(F*01"(F*,$%,%M3
-'$3.'*#()#**"(0&'/,%"(0#-03'*#(;.'(&".6%1(@-+3-%&'( ;".?'( '$$.'$$%9'( &<#( 0%( $.'0/#$$#( 03**'( 6#**#( )#%( 0"==#$$%A( $.'$$'$'( &"/#( &"-$#-%$".#( )%( #/"?%"-%A( ULQDVFLWD YLWDOH RFFKLR FDSDFH GL GLVHJQDUH ¿OL LQYLVLELOL H TXLQWH LPSRVVLELOL 'XH SURJHWWL FKH VEXFDQR GDO QHUR GL XQD TXLQWD PLVWHULRVD GD 3-+"0&3.%$:(&<#(-"-(4(,3%"(/'(0"*$'-$"('$$#0'()#**'( SURVVLPD OXFH (URV FRPH GLYLQLWj VL ID FRUSR GXQTXH #( &"/#( $'*#A( 93"*#( 6.#0#-?%'.#A( '-&".'( 3-'( 9"*$'A( '**"(06#$$'&"*"(0$36#;'&#-$#()#*(/"-)"1 P'$%*)#(!3*#" !"#$%&'( ")( *+*,-",.#,$( *,-( ")( $/#( %00#.#-%*+12( /%--#,3( 4/%'(%'(51(6"77%"(-%(80"'9(80"':'(6";+1#<(*($=">)*&#-(-%?%,%$2( $/*$( &";1-( 0#*77#*0( $"-*2( %,( *( 1;&%-( *,-( &0*)$2( #0*( =/%&/( '##.'($"(@,"=(%$'(#?#02('#&0#$3(A(B"-($/*$(-"#'(&".#(+*&@9( EXW RQO\ LI WKHUH DUH QR GUDPDWLF DFWV RU RI¿FLDO GHFODUDWLRQV C"9(*(?#%1#-(0#$;0,3(4/#(0#*77#*0*,&#(")(*(-%?%,%$2(/%--#,( IURP YLHZ ZLWK QR À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¿QG WKH SODFH LQ ZKLFK WR PDNH WZR GLIIHUHQW UHÀHFWLRQV RQ RQH KDQG DQ HQLJPDWLF YHLOHG DQG SURIRXQGO\ '2.+"1%&( %,$#070#$*$%",( K%11;'$0*$#-( %,( $/#( -*0@,#''( ")( $/#( 1"=#0(1#?#1(")($/#(B*11#029(=*,$#-(+2(L%*.7*"1"(-%(F"&&"M(
4/#0#)"0#9( ",( ",#( /*,-9( ( ",( $/#( 1"=#0( 1#?#1( =#( /*?#( $/#( 70"-;&$%",(")("+N#&$'<('.*11(&*0";'#1'(")(7/"$"B0*7/'(=/%&/( &0#*$#( ."?#.#,$9( 1%@#( .*B%&( 1*,$#0,'9( *,-( @*1#%-"'&"7%&( ?%#=#0'( =/%&/( K=%$/( $/#%0( #E71%&%$( #0"$%&( 0#)#0#,&#'M( .*@#( WKH RUJDQLF DQG PHFKDQLF FRQÀDJUDWH OLNH LQ D JDPH ")( /2+0%-%'*$%",( +#$=##,( =".*,( *,-( .*&/%,#3( 5$( %'( %,( $/%'( '#,'#( $/*$( ",#( &*,( '*2( $/#( %.*B#'( ")( L%*.7*"1"( -%( F"&&"(*,-($/#("+N#&$'(/#(/*'(&0#*$#-(*0#(*(7#0)#&$(+1#,-( +#$=##,( =".#,( *,-( -#?%	( ",&#( *B*%,( &/*0*&$#0%'%,B( $/#( %.*B%,*$%",( ")( $/#( 70#'#,$3( !0#&%'#12( +#&*;'#( $/#2( &#,$0#( *0";,-( $/#( $"7%&( ")( .;$*$%",9( $/#( %.*B#'( +#&".#( .";$/7%#&#'(")($0*,')"0.*$%",9(70"7"'%,B(/2+0%-9('/*-"=2( *,-( 1*0?*1( %.*B#'3( 4/#'#( %+*$#( .*&/%,#'9( &",'%'$%,B( RI GURZQHG ÀXFWXDWLQJ JHVWXUHV LPPHUVHG LQ GHSWKV WKDW .*2(+#(#%$/#0("&#*,%&("0(;$#0%,#9(70"-;&#()#.*1#(B#'$;0#'( *,-( ,;-%$%#'( /";'#-( %,( '.*11( '#1)>1%$( $/#*$0#'( $/*$( +#&".#( -%1*$#-( &*?%$%#'3( 81;-%,B( $/#( 70%,&%71#( ")( $/#( .*0B%,*1%$2( ")( *(';+.#0B#-(*,-(/%--#,('7*	($/#2(#E7*,-(?%0$;*112(*'(%)( WKH\ ZHUH ¿OP IUDPHV RU SRUWLRQV RI D ZRUOG ZKRVH ZKROH VL]H LV LPSRVVLEOH WR JUDVS 7KH VWDEOH SUHFLVH DQG ¿[HG REMHFWV SURGXFHG JLYH ZD\ WR WKDW ZKLFK FUHDWHV D VPDOO ÀDPH B%?%,B($/#(*0$%'$($/#(7"''%+%1%$2($"(#'$*+1%'/("0(.#$*."07/"'#( '".#(%,$#0&",,#&$%",'3(5,($/#'#(#E70#''%",'(")($/#(&;00#,$( %.*B%,*$%",(",($/#('#,';*1%$2(*,-(+#*;$2(")($/#(.*,>=".*,( UHODWLRQVKLS WKH ¿JXUHV RI WKLV ÀRZ SURGXFH WKH YHU\ PDWWHU ")( $/#( %.*B#9( 1%@#( 7;1'*$%,B9( -%*7/*,";'( *,-( %.7*17*+1#( +"-%#'9($"(7#0&#%?#(+2(&*,-1#1%B/$9(",12(0#B*%,%,B(7/2'%&*1%$2( %,($/#(.%,-:'(70"N#&$%",3 5,( $/#( ="0@'( ")( F*01"( F*,$%,%( $/#0#( %'( *,( %.7#&&*+1#( *,-( '%,�#(*&$(")(?%'%",(=/%&/(B"#'(+#2",-(7/"$"B0*7/%&('$%11( 1%)#'( *,-( $/#%0( 7"#$023( 5,( $/%'( '#,'#9( )"0( $/#( 7/"$"B0*7/#0(
,*$;0#( %'( *,( #,-1#''( 0#$0*,'1*$%",( ")( $/#( +"-2( *,-( $/%,B'O( %$( %'( $/#( &",$%,;";'( +%0$/( *,-( -#'$0;&$%",( ")( )"0.'9( $"( +#( '/"=,(%,($/#(?#02(71*&#(=/#0#(%$(+;$(/%-#'(,*$;0#()0".(?%#=3( 5$( %'( $/0";B/( $/%'( '"0$( ")( &",$%,;*1( 0#?#1*$%",( $/*$( $/#( *0$%'$( $0*,')"0.'( %,$"( '#,';*1( "+N#&$'( =/*$( +#)"0#( =*'( *( '%.71#( ,*$;0*1( $/%,B3( P/*$( /#( %'( ."0#( %,$#0#'$#-( %,9( +#2",-( $/#( H[WHQVLYH UHJLVWHU RI UHÀHFWLRQV RQ QXGH SKRWRJUDSK\ LV $/#(.#'/(")(0#1*$%",'(+#$=##,($/#(="01-(")()"0.'(*,-($/#( %.*B%,*$%",9( =/%&/( %,( $/#( &*'#( ")( F*,$%,%( 1%,@'( $/#( +"-%#'( $"($/#(/%'$"02(")(*0$9($/#(/%'$"02(")(7/"$"B0*7/2(*,-(,*$;0#3( 5,($/#(#,-($/#(*0$%'$(&/""'#'($"(,*00*$#($/0";B/('#G;#,&#'( ")( %.*B#'( *,-( $/0";B/( '2.+"1'9( B%?%,B( $/#( 7"''%+%1%$2( $"( EXLOG LPDJHV WKDW OHDG WRZDUGV WUDQVIRUPLQJ KRUL]RQV =%$/(,"(%,$#0#'$()"0(=/#0#('".#(")($/#'#('/"$'(*0#(*&$;*112( &"11"&*$#-( %,( $%.#3(A( &",$%,;*1( "'&%11*$%",( ")( 70#'#,&#( *,-( *+'#,&#(Q(*,-(")(7*'$(*,-(70#'#,$(Q(%,(=/%&/(.#1*,&/"12( "0( /*77%,#''( +#&".#( $/#( '@%,( ")( #E%'$#,(A( -%*7/0*B.( +#$=##,( 1%?%,B( *,-( *77#*0%,B9( =/%&/( +#&".#'( #E%'$%,B( %,'%-#( *( '"?#0#%B,( *''%.%1*$%",( +#$=##,( =".#,:'( +"-%#'( *,-($/#(70"-;&$'(")($/#(1*,-("0($/#("+N#&$9('$0#9(+"=("0( *00"=9(=/%&/#?#0(%$(.*2(+#9(=/%&/(/*?#(&".#(-"=,($"(;'( )0".( .2$/"1"B%&*1( .#."023( F*,$%,%( '/"='( $/*$( /#( @,"='( $/*$( +#%,B( %,( /*0.",2( =%$/( ";0'#1?#'9( "0( $/#( 1*&@( ")( %,,#0( -%'7;$#9( &".#'( *+";$( )0".( &",'#,$%,B( $"( =/*$( ,*$;0#( VXJJHVWV DGDSWLQJ WR ZKDW ÀRZV KHHGOHVV RI WKH RQO\ *77*0#,$12(%,&#''*,$(*,-(?*0%*+1#($0*,'%$(")($%.#3( 4/#0#)"0#9( 80"':'( 6";+1#( +;%1-'( *( .;1$%)"0.( 70%'.( =/#0#( :RPDQ¶V DQJXODU FRPSOH[LW\ GZHOOV D WUDQVFHQGHQW JD]H $/*$(&/""'#'(80"'()0".(*(.*1#(?%#=7"%,$(%,("0-#0($"('##@( %$'(%,$*,B%+%1%$2(%,($/#(70"'#(")(#?#02-*2(1%)#3(D"0(+"$/(*0$%'$'9( $/#(+"-2(+#&".#'(.#$*7/2'%&*19($/#2('&0;$%,%'#(%$'(#?%-#,$( "0(/%--#,(+#*;$29(=%$/";$($/#0#+2(=*,$%,B(#%$/#0($"(#E&%$#("0( '/%)$($/#()"&;'($"()#$%'/%'$%&(*'7#&$'3(R,($/#(&",$0*029(+"$/( *0#(%,$#0#'$#-(%,(/"=(*(B#'$;0#(/"1-'(/%--#,('$"0%#'9(-#$*%1'(
W
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
!"#$%&!"'()') ¿Q GDJOL DQQL µ KD ODYRUDWR D VWUHWWR FRQWDWWR &",( B1%( *0$%'$%9( %,-*B*,-"( *$$0*?#0'"( 1:"++%#$$%?"( 1*( B#,#'%( '$#''*(-#11#("7#0#(-%(J;00%9(-%(F#0"1%9(-%(C*1?*-"0%9(-%(J*B,"1%( ¿QR D %XUHQ FRQ ULVXOWDWL GL SRHWLFD LQWURVSH]LRQH H LQVLHPH -%( 0#'7",'*+%1%$T( &0%$%&*( ,#1( 0#B%'$0*0#( 7#0( %..*B%,%( %1( FRQFUHWL]]DUVL GHOO¶DWWR FUHDWLYR $ TXHVWL DQQL DSSDUWHQJRQR 1#( 7#0'",*1%( !"# $%&%# '()!"# *+,# -%./+&&%# 0%112&3( KL*11#0%*( 'H¶ )RVFKHUDUL %RORJQD H 43+&,%#5%#6*+//73%#2&+53+,# 8+552# 9%82 *DOOHULD 3LUDPLGH )LUHQ]H /¶DUWLVWD VL p SRL GHGLFDWR FRQ SHUVRQDOLVVLPD HPR]LRQH DOOH FUHDWXUH -#1( .%$"9( 0%#?"&*,-"( A&/%11#( #( F*''*,-0*( G;*1%( %,$#070#$%( VLPEROL GL YLFHQGH H SDVVLRQL FRQWHPSRUDQHH VHPELDQ]H #?*,#'&#,$%( #( %,G;%#$#( 0%$*B1%*$#( ';%( 0"''%( #( %( B%*11%( #-( ;,( $#.*(&0".*$%&"(&/#9(*11*(."'$0*(-#11*(L*11#0%*(51(!",$#((K:2# &+,12#.2;+ )LUHQ]H VL DPSOLDYD VXJJHVWLYDPHQWH LQ $0*'1*$%( '","0%( *11*( ?%'%+%1#( *11;'%",#( *11*( ,*?#( #( *1( ?%*BB%"3( $IIH]LRQDWR DO GLQDPLVPR FRPH SHUFH]LRQH GLUHWWD GL XQD .#$*."0)"'%( &"%,?"1B#,$#( %,'%#.#( .*$#0%*( #( 7*''%",%9( DSSDUHQ]H H VWDWL HPRWLYL &DQWLQL KD DQFKH FROWR JOL HYHQWL GL XQD JLj PHPRUDELOH VWDJLRQH WHDWUDOH FKH WUD LO µ H JOL µ DELWz SUHIHULELOPHQWH O¶LQFHQHULWRUH O¶DFTXHGRWWR %1( -"0.%$"0%"9( %1( +*B,"( 7;++1%&"9( 1;"B/%( -"?#( 7#0( 1*( 70%.*( YROWD OD FHUWH]]D H OD SUHVXQ]LRQH GHOOD )LUHQ]H DQWLTXDULD '+%*-%?*,"(*1(&"'7#$$"(-:%,G;%#$*,$%('&#,*0%9(?#0%(#('"B,*,$%( DG XQ WHPSR FUXGL PD RIIHUWL VHQ]D PHGLD]LRQH D VHQVLELOLWj FKH YL ULFRQRVFHYDQR OH VWHVVH HPDUJLQD]LRQL PHWURSROLWDQH )0#G;#,$*$#(-*B1%(*.#0%&*,%(-#11*(!"7(A0$3 'L &DQWLQL QHJOL DQQL µ VL DQQRYHUDQR OH SDUWHFLSD]LRQL DOOH %LHQQDOL GL %LOEDR H 3DULJL H XQD VHULH GL FROOHWWLYH LQ ,WDOLD -29+,2#8<=,&+9(*(&;0*(-%(J0;,"( &RUj $FFDGHPLD GHOOH %HOOH $UWL 3HUXJLD >32??39( &RPXQH GL 0ROIHWWD H DOO¶HVWHUR @&3.+,2,3# 83# 2,&+# /%.&+9*%,2.+29( S;'#"( -%( A0$#( F",$#.7"0*,#*( F*1";'$#( *XEHONLDQ /LVERQD A0$%'$*(%,&1%,*$"(*1('%,&0#$%'."(-#11#(*0$%(>()"$"B0*)"(%.7#B,*$"( LQ XQD TXDOL¿FDWD DWWLYLWj QHOO¶DPELWR GHOOD PRGD GHO -#'%B,9(-#11*(7;++1%&%$T(#(-#11:#-%$"0%*(>(*(G;#11:;,%",#(G;*'%( ,*$;0*1#( -%( 0#*1$T( #( .%$"9( 7"#'%*( -%( #'70#''%",#( &"07"0#*9( FRQWLQXLWj GHOOD VWRULD H PHGLWD]LRQH GHO SUHVHQWH FKH KD -*$"( &",,"$*$%( 7#&;1%*0%( *-( ;,:%.7"0$*,$#( '$*B%",#( -#11*(
&%?%1$T( $"'&*,*( -#1( '#&"1"( *77#,*( $0*'&"0'"9( *,&"0*( ,#B1%( *,,%(U"?*,$*(#(6;#.%1*( 70"'#B;#(%,(;,*(&"'$*,$#(*$$%?%$T( HVSRVLWLYD LQ VSD]L SULYDWL *DOOHULD *HQLXV AB3.83/3#,3&,2&&3#3.# C%66%#D3%,+.&3.% 3LVWRLD H SXEEOLFL 9LOOD 5RPDQD 4%**3%6%?.% )LUHQ]H 0XVHR 0DULQR 0DULQL E.# *+,/%,6%# .+5# &+9*%# FGH"I'""" )LUHQ]H *DOOHULD G¶$UWH 0RGHUQD 3DOD]]R 3LWWL J+5# 6+?.%# 83# *%3 )LUHQ]H 9LOOD 3DFFKLDQL K32,83.%# .+552# /2629( C*,$*&0"&#( VXOO¶$UQR .XOWXU%DKQKRI =,&+9%L35+ .DVVHO 3DOD]]R 9HFFKLR 6DOD '¶$UPH =,&+9%L35+ )LUHQ]H /LPRQDLD $UWH 9LOOD 9RJHO 4+55<3./2.&%# 83# 5B%?73# +# ¿JXUH %HUWRFFL H &DQWLQL )LUHQ]H *DOOHULD 8VFKHU )RWRJUD¿D H SLWWXUD /XFFD %LEOLRWHFD &RPXQDOH @# ?32,83.3#8+55<3./2.&% /DVWUD D 6LJQD
!"#$%& !"'()')( /*'( ="0@#-( %,( &1"'#( &",$*&$( =%$/( *0$%'$'( VLQFH WKH V KLV OHQV LQYHVWLJDWLQJ WKH YHU\ JHQHVLV RI ="0@'(+2(J;00%9(F#0"1%9(C*1?*-"0%9(J*B,"1%9(;7($"(J;0#,9(=%$/( 0#';1$'(")(7"#$%&(%,$0"'7#&$%",(*,-9(*$($/#('*.#($%.#9(&0%$%&*1( 0#'7",'%+%1%$2(%,(0#&"0-%,B($/#(0#*1%'*$%",(")($/#(&0#*$%?#(*&$( %,(%.*B#'3J#1",B%,B($"($/#'#(2#*0'(*0#($/#('"1"(#E/%+%$%",'( !"# $%&%# '()!"# *+,# -%./+&&%# 0%112&3( K!"# '()!"# *7%&%6# $%,# -%./+&&%#0%112&3 *DOOHULD 'H¶ )RVFKHUDUL %RORJQD *,-(43+&,%#5%#6*+//73%#2&+53+,#8+552#9%82(K%HKLQG WKH 0LUURU D2673%.#=&+53+, *DOOHULD 3LUDPLGH )ORUHQFH 4/#,9( =%$/( $/#( ."'$( 7#0'",*1( #."$%",9( $/#( *0$%'$( -#?"$#-( /%.'#1)( $"( .2$/"1"B%&*1( &0#*$;0#'9( #?"@%,B( A&/%11#'( *,-( F*''*,-0*( *'( '2.+"1%'%,B( &",$#.7"0*02( #?#,$'( *,-( 7*''%",'O( #?*,#'&#,$( *,-( 0#'$1#''( )#*$;0#'( '$*,-%,B( ";$( *B*%,'$(0#-'(*,-(2#11"='(*,-(*(&"1";0($/#.#(=/%&/9(%,($/#( L*11#0%*(51(!",$#(#E/%+%$%",(K:2#&+,12#.2;+ )ORUHQFH =*'(#?"&*$%?#12(#E$#,-#-(%,(0#'";,-%,B(.#$*7/"0'($"($/#( ?%'%+1#( *11;'%",'( ")( '/%7'( *,-( ?"2*B#3D",-( ")( -2,*.%'.( *'( $/#( -%0#&$( 7#0$%",( ")( *( .#$*."07/"'%'( %,?"1?%,B( +"$/( .*$$#0( *,-( 7*''%",'9( *77#*0*,&#'( *,-( #."$%",*1( VWDWHV &DQWLQL DOVR VHL]HG RQ WKH HYHQWV RI DQ DOUHDG\ .#."0*+1#( $/#*$0#( '#*'",( =/"'#( 70#)#00#-( '#$$%,B'9(
+#$=#HQ WKH V DQG V ZHUH LQFLQHUDWRUV DTXHGXFWV GRUPLWRULHV SXEOLF WRLOHWV SODFHV ZKHUH IRU WKH ¿UVW WLPH WKH �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¿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	( VWWWO( S;'#"( S*0%,"( S*0%,%9( E.# *+,/%,6%# .+5# &+9*%# FGH"I'"""# M02&7# &7,%B?7# Q39+# FGH"I'"""N )ORUHQFH *DOOHULD G¶$UWH 0RGHUQD 3DOD]]R 3LWWL J+5#6+?.%#83#*%3#MR3&7#S3.863?7&N9( )ORUHQFH 9LOOD 3DFFKLDQL K32,83.%#.+552#/262#MS%9+# K2,8+.N 6DQWD &URFH VXOO¶$UQR .XOWXU%DKQKRI $UWHPRELOH 0RELOH$UW .DVVHO 3DOD]]R 9HFFKLR 6DOD 6:A0.#9($UWHPRELOH 0RELOH$UW )ORUHQFH /LPRQDLD $UWH 9LOOD 9RJHO 'HOO¶LQFDQWR GL OXRJKL H ¿JXUH %HUWRFFL H &DQWLQL 2I WKH (QFKDQWPHQW RI 3ODFHV DQG )LJXUHV %HUWRFFL DQG &DQWLQL )ORUHQFH *DOOHULD 8VFKHU )RWRJUD¿D H *3&&B,2#M07%&%?,2*7P#2.8#023.&3.?N /XFFD PXQLFLSDO 1%+0*029(@#?32,83.3#8+55<3./2.&%#MT./72.&+8#K2,8+.6N /DVWUD D 6LJQD
V
!"#$%&'( )#**+',,'-)"-"( #( )#**+%..%/#)%',%*/#-$#( -'0&"0$"1( 23#0$"( 4( %*( 5"66%"( )%( 7."08( 3-'( )%9%-%$:( ,%;."-$#( &<#( 6"$.#,,#( $".-'.#( '( /'-%;#0$'.0%( "==%>( #6"&'( *3&%)'( #( 0/'*%?%'$'( &<#( 0#/,.#.#,,#( &"-"0&#.-#( "=-%( 0#=.#$"1( ( @-( )%"( &<#( $".-'( &#.$"A( /'(0"*"(%-('00#-?'()%('$$%(6*'$#'*%("()%()%&<%'.'?%"-%( XI¿FLDOL 5LWRUQR YHODWR GXQTXH 5LDSSDUL]LRQH GL XQD GLYLQLWj QDVFRVWD DOOD YLVWD H SULYD GL ULÀHWWRUL 4XHVWD q O¶LQWXL]LRQH GL GXH DUWLVWL ¿RUHQWLQL FKH FRQ OH ORUR IRWRJUD¿H H LQVWDOOD]LRQL SUHVHQWDQR JOL VFULJQL GDL TXDOL KDQQR WUDWWR OR VWUDRUGLQDULR UHSHUWRULR GL #06#.%/#-$%( 03**+%//'=%-#( #( 03**+#9"&'?%"-#( )#**'( VHQVXDOLWj ,O 'RSSLR GL (URV LQ TXHVWR VHQVR GLYHQWD ;.'=%*#( #6%;'-%'( )#**'( ,#**#??'A( 6%#-#??'( #( )"*&#??'( )#**+'/".#(0#-03'*#(#()#*(&".6"(;#//%-%*#1 B"/6"0$'( )'( )3#( $%6"*"=%#( )%( *'9"."( '00'%( )%0$%-$#A( LO WLWROR GL TXHVWD PRVWUD VL ULIHULVFH DOOD GXSOLFH /")'*%$:( )%( "00#.9'?%"-#( )#**+7."0( -#**'( )"66%'( '&&#?%"-#()#**"(60%&"*"="(C'/#0(D%**/'-A(0#&"-)"(%*( TXDOH HVLVWH XQ GHVLGHULR ¿VLFR LPPHGLDWR GD XQ ODWR #(3-()#0%)#.%"(0$.3==#-$#(#(%..'==%3-=%,%*#()'**+'*$."1( B"-&.#$%??'$'( -#*( )"66%"( *%9#**"( )#**'( ='**#.%'A( #-$.'/,#(*#(/")'*%$:($."9'-"(-#%()3#()%9#.0%(6%'-%A( LO OXRJR QHO TXDOH FRQGXUUH GXH ULÀHVVLRQL GLYHUVH )'( 3-( *'$"( 3-+%-$#.6.#$'?%"-#( #-%=/'$%&'A( 9#*'$'( #( SURIRQGDPHQWH VLPEROLFD HVHPSOL¿FDWD GDO EXLR GHO 6%'-"(%-;#.%".#()#**'(='**#.%'A(9"*3$"()'(E%'/6'"*"()%( B"&&"F(#()'**+'*$."A(3-+'--"$'?%"-#(&<%'.'A(%//#)%'$'( #(;"./'*/#-$#(&*'00%&'(G*'(*3&#(6%#-'()#*(6%'-"($#..'( )#**'(='**#.%'A("&&36'$'()'(B'.*"(B'-$%-%F1 'D XQ ODWR GXQTXH QHO SLDQR LQIHULRUH OD SURGX]LRQH GL RJJHWWL SLFFROL WDPEXUL GL IRWRJUD¿H FKH FRPH *'-$#.-#( /'=%&<#( 6.#9#)"-"( %*( /"9%/#-$"( #( 9%0".%( &'*#%)"0&"6%&%(&<#(G&"%(*"."(#06*%&%$%(.%;#.%/#-$%(#."$%&%F(
IDQQR FRQÀDJUDUH RUJDQLFR H PHFFDQLFR FRPH LQ 3-( =%"&"( )%( %,.%)'?%"-#( $.'( )"--'( #( /'&&<%-'1( 7+( LQ TXHVWR VHQVR FKH VL SXz GLUH FKH OH LPPDJLQL GL E%'/6'"*"()%(B"&&"(#(=*%("==#$$%()'(*3%(&.#'$%(0%'-"( 3-'( 6#.;#$$'( ;30%"-#( $.'( *'( )"--'( #( %*( &"-=#=-"A( &'.'$$#.%??'-)"( '-&".'( 3-'( 9"*$'( *+%//'=%-'.%"( )#*( -"0$."( 6.#0#-$#1( !."6.%"( 6#.&<H( 0%( %-&#-$.'-"( 03*( $#/'()#**'(/3$'?%"-#(%-;'$$%A(#00#(0%(;'--"(6".$'9"&#( )#**'( $.'0;"./'?%"-#A( 6."6"-#-)"( %//'=%-%( %,.%)#A( 3/,.'$%*%( #( *'.9'*%1( 23#0$#( /'&&<%-#( &#*%,%A( FRVWLWXLWH GD JHVWL DQQHJDWL ÀXWWXDQWL LPPHUVL LQ 3-'(6.";"-)%$:("&#'-%&'("(3$#.%-'(&<#()%.(0%(9"=*%'A( 6.")3&"-"(=#0$%(#(-3)%$:(;#//%-%*%('&&"*$#(%-(6%&&"*%( $#'$.%-%( '3$"( %**3/%-'$%( &<#( 0%( ;'--"( &'9%$:( )%*'$'$#1( 7*3)#-)"(%*(6.%-&%6%"()#**'(/'.=%-'*%$:()%(3-"(06'?%"( 0"//#00"(#(-'0&"0$"A(#00#(0%('/6*%'-"(9%.$3'*/#-$#( FRPH VH VL WUDWWDVVH GL IUDPHV FLQHPDWRJUD¿FL R GL 6".?%"-%( )%( 3-( /"-)"( )%( &3%( 4( %/6"00%,%*#( ';;#..'.#( $3$$'( *+#0$#-0%"-#1( I'( 6.")3?%"-#( )%( "==#$$%( 0$',%*%A( SUHFLVL H ¿VVL ODVFLD LO SRVWR D FLz FKH SURGXFH XQD SLFFROD ¿DFFROD GDQGR DOO¶DUWLVWD OD SRVVLELOLWj GL 0$',%*%.#( "( /#$';".%??'.#( '*&3-#( %-$#.&"--#00%"-%1( ,Q TXHVWH HVSUHVVLRQL GHOO¶LPPDJLQDULR DWWXDOH VXOOD 0#-03'*%$:(#(03**'(,#**#??'()#*(.'66".$"(3"/"()"--'A( OH ¿JXUH GL TXHVWR ÀXVVR SURGXFRQR OD PDWHULD 0$#00'()#**+%//'=%-#A(&"/#(&".6%(63*0'-$%A()%';'-%(#( %/6'*6',%*%A(&".6%()'(6#.%.#('(*3/#()%(&'-)#*'(&<#( ULGLYHQWDQR ¿VLFL VROR QHOOD SURLH]LRQH PHQWDOH J#%(*'9".%()%(B'.*"(B'-$%-%(#0%0$#(3-('$$"()#**'(9%0%"-#( %/6#&&',%*#( #( 0%-&#."( &<#( 0%( 6"-#( '*( )%( *:( )#**'( SURGX]LRQH IRWRJUD¿FD VWLOO OLIH H GHOOD VXD SRHVLD ,Q WDO VHQVR OD QDWXUD q SHU LO IRWRJUDIR XQ¶LQ¿QLWD .%$.')3?%"-#( )#*( &".6"( #( )#**#( &"0#>( 4( %-%-$#.."$$'( -'0&%$'( #( )%0$.3?%"-#( )#**#( ;"./#A( )'( /"0$.'.#( 6."6.%"( *'))"9#( -"-( ;'( &<#( 9#*'.*'( '**'( 9%0$'1( K( DWWUDYHUVR TXHVWD VRUWD GL ULYHOD]LRQH FRQWLQXD FKH O¶DUWLVWD WUDVIRUPD LQ RJJHWWL VHQVXDOL FLz FKH SULPD HUD VHPSOLFH FRVD QDWXUDOH &Lz FKH SL JOL LPSRUWD DO GL Oj GHOO¶HVWHVR UHJLVWUR GL ULÀHVVLRQL VXOOD IRWRJUD¿D GHO QXGR q OD WUDPD GL UHOD]LRQL WUD %*( /"-)"( )#**#( ;"./#( #( *+%//'=%-'?%"-#A( &<#( -#*( &'0"()#*(B'-$%-%(*#='(%(&".6%('**'(0$".%'()#**+'.$#A('**'( VWRULD GHOOD IRWRJUD¿D H DOOD QDWXUD ,Q IRQGR O¶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¿Q TXL D SDUWLUH GD PLWRORJLFKH PHPRULH B'-$%-%(/"0$.'()%(0'6#.#(&<#(*+'&&".)"(&"-(0#(0$#00%( "(*+'00#-?'()#*()%00%)%"(%-$#.%".#A(-'0&#()'*(6".$'.#( LO SURSULR DVVHQVR D TXDQWR OD QDWXUD VXJJHULVFH GDOO¶DGDWWDUVL D FLz FKH VFRUUH LQFXUDQWL GHO WUDQVLWR 0"*"( '66'.#-$#/#-$#( %-�'-$#( #( 9'.%',%*#( )#*( N#/6"1( ,O 'RSSLR GL (URV HGL¿FD GXQTXH XQ SULVPD PXOWLIRUPH %-(&3%()%/".'(*'(&"/6*#00%$:(06%="*"0'()#**'(5"--'A( 3-"( 0=3'.)"( $.'0&#-)#-$#( &<#( 0&#=*%#( *+#."0( '( 6'.$%.#( )'( 3-+"$$%&'( /'0&<%*#( 6#.( .%&#.&'.#( *'( 03'( LPPDWHULDOLWj QHOOD SURVD GHO TXRWLGLDQR 3HU HQWUDPEL JOL DUWLVWL LO FRUSR GLYHQWD PHWD¿VLFR VH QH VFUXWD OD EHOOH]]D HYLGHQWH R FHODWD VHQ]D YROHU FRQ TXHVWR -H( #&&%$'.#( -H( 06"0$'.#( *+'00#( 03( '06#$$%( ;#$%&%0$%&%1( O*( &"-$.'.%"A( #-$.'/,%( 0+%-$#.#00'-"( '*( /")"( %-( &3%( 3-( =#0$"( .'&&<%3)#( 0$".%#( -'0&"0$#A( )#$$'=*%( )#*( &".6"( )%9#-3$%( 6#??%( /'-&'-$%( )%( 3-( /"-)"( &<#( &%( '99"*=#(/'()%(&3%(06#00"(6#.)%'/"(&"-0'6#9"*#??'1(( 'XH VLWXD]LRQL IRWRJUD¿FKH FKH VFDQGDJOLDQR OH 6.";"-)%$:( %-( /")"( .%06#$$"0"( #( 0#-0%,%*#A( 0#&"-)"( 3-( '/".#( 6.";"-)"( 6#.( *'( 9%$'( %-$#0'( &"/#( *3"="(
*,-(",($/#("$/#09(*(&1#*09(%..#-%*$#(*,-()"0.*112(&1*''%&*1( DQQRWDWLRQ LQ WKH IXOO OLJKW RI WKH JURXQG ÀRRU RI WKH JDOOHU\ "&&;7%#-(+2(F*01"(F*,$%,%M3
-'$3.'*#()#**"(0&'/,%"(0#-03'*#(;.'(&".6%1(@-+3-%&'( ;".?'( '$$.'$$%9'( &<#( 0%( $.'0/#$$#( 03**'( 6#**#( )#%( 0"==#$$%A( $.'$$'$'( &"/#( &"-$#-%$".#( )%( #/"?%"-%A( ULQDVFLWD YLWDOH RFFKLR FDSDFH GL GLVHJQDUH ¿OL LQYLVLELOL H TXLQWH LPSRVVLELOL 'XH SURJHWWL FKH VEXFDQR GDO QHUR GL XQD TXLQWD PLVWHULRVD GD 3-+"0&3.%$:(&<#(-"-(4(,3%"(/'(0"*$'-$"('$$#0'()#**'( SURVVLPD OXFH (URV FRPH GLYLQLWj VL ID FRUSR GXQTXH #( &"/#( $'*#A( 93"*#( 6.#0#-?%'.#A( '-&".'( 3-'( 9"*$'A( '**"(06#$$'&"*"(0$36#;'&#-$#()#*(/"-)"1 P'$%*)#(!3*#" !"#$%&'( ")( *+*,-",.#,$( *,-( ")( $/#( %00#.#-%*+12( /%--#,3( 4/%'(%'(51(6"77%"(-%(80"'9(80"':'(6";+1#<(*($=">)*&#-(-%?%,%$2( $/*$( &";1-( 0#*77#*0( $"-*2( %,( *( 1;&%-( *,-( &0*)$2( #0*( =/%&/( '##.'($"(@,"=(%$'(#?#02('#&0#$3(A(B"-($/*$(-"#'(&".#(+*&@9( EXW RQO\ LI WKHUH DUH QR GUDPDWLF DFWV RU RI¿FLDO GHFODUDWLRQV C"9(*(?#%1#-(0#$;0,3(4/#(0#*77#*0*,&#(")(*(-%?%,%$2(/%--#,( IURP YLHZ ZLWK QR ÀRRGOLJKWV 7KLV LV WKH LQWXLWLRQ RI $="( D1"0#,$%,#( *0$%'$'( =/"9( =%$/( $/#%0( 7/"$"B0*7/'( *,-( %,'$*11*$%",'9( 70#'#,$( $/#( $0#*';0#( &/#'$'( )0".( =/%&/( $/#2( /*?#(-0*=,($/#(#E$0*"0-%,*02(0#7#0$"%0#(")(#E7#0%.#,$'(",( $/#(%.*B#(*,-(#?"&*$%",(")('#,';*1%$23(5,($/%'('#,'#(80"':'( 6";+1#( ( +#&".#'( $/#( )0*B%1#( .*,%)#'$*$%",( ")( $/#( +#*;$29( );11,#''( *,-( '=##$,#''( ")( '#,';*1( 1"?#( *,-( $/#( )#.*1#( +"-23( F".70%'%,B( $="( G;%$#( -%'$%,&$( $27#'( ")( ="0@9( $/#( $%$1#( ")( $/%'(#E/%+%$%",(0#)#0'($"($/#($="(=*2'(")(1""@%,B(*$(80"'(%,( $/#( $=")"1-( *&$*$%",( B%?#,( +2( $/#( 7'2&/"1"B%'$( H*.#'( I%11.*,9( *&&"0-%,B( $"( =/".( -#'%0#( %'( %..#-%*$#( *,-( 7/2'%&*1(",(",#(/*,-(*,-(-#'$0;&$%?#(*,-(;,*&/%#?*+1#(",( $/#("$/#03(J0";B/$($"(1%)#("?#0($/#($="(1#?#1'(")($/#(B*11#029( KHUH ERWK W\SHV ¿QG WKH SODFH LQ ZKLFK WR PDNH WZR GLIIHUHQW UHÀHFWLRQV RQ RQH KDQG DQ HQLJPDWLF YHLOHG DQG SURIRXQGO\ '2.+"1%&( %,$#070#$*$%",( K%11;'$0*$#-( %,( $/#( -*0@,#''( ")( $/#( 1"=#0(1#?#1(")($/#(B*11#029(=*,$#-(+2(L%*.7*"1"(-%(F"&&"M(
4/#0#)"0#9( ",( ",#( /*,-9( ( ",( $/#( 1"=#0( 1#?#1( =#( /*?#( $/#( 70"-;&$%",(")("+N#&$'<('.*11(&*0";'#1'(")(7/"$"B0*7/'(=/%&/( &0#*$#( ."?#.#,$9( 1%@#( .*B%&( 1*,$#0,'9( *,-( @*1#%-"'&"7%&( ?%#=#0'( =/%&/( K=%$/( $/#%0( #E71%&%$( #0"$%&( 0#)#0#,&#'M( .*@#( WKH RUJDQLF DQG PHFKDQLF FRQÀDJUDWH OLNH LQ D JDPH ")( /2+0%-%'*$%",( +#$=##,( =".*,( *,-( .*&/%,#3( 5$( %'( %,( $/%'( '#,'#( $/*$( ",#( &*,( '*2( $/#( %.*B#'( ")( L%*.7*"1"( -%( F"&&"(*,-($/#("+N#&$'(/#(/*'(&0#*$#-(*0#(*(7#0)#&$(+1#,-( +#$=##,( =".#,( *,-( -#?%	( ",&#( *B*%,( &/*0*&$#0%'%,B( $/#( %.*B%,*$%",( ")( $/#( 70#'#,$3( !0#&%'#12( +#&*;'#( $/#2( &#,$0#( *0";,-( $/#( $"7%&( ")( .;$*$%",9( $/#( %.*B#'( +#&".#( .";$/7%#&#'(")($0*,')"0.*$%",9(70"7"'%,B(/2+0%-9('/*-"=2( *,-( 1*0?*1( %.*B#'3( 4/#'#( %+*$#( .*&/%,#'9( &",'%'$%,B( RI GURZQHG ÀXFWXDWLQJ JHVWXUHV LPPHUVHG LQ GHSWKV WKDW .*2(+#(#%$/#0("&#*,%&("0(;$#0%,#9(70"-;&#()#.*1#(B#'$;0#'( *,-( ,;-%$%#'( /";'#-( %,( '.*11( '#1)>1%$( $/#*$0#'( $/*$( +#&".#( -%1*$#-( &*?%$%#'3( 81;-%,B( $/#( 70%,&%71#( ")( $/#( .*0B%,*1%$2( ")( *(';+.#0B#-(*,-(/%--#,('7*	($/#2(#E7*,-(?%0$;*112(*'(%)( WKH\ ZHUH ¿OP IUDPHV RU SRUWLRQV RI D ZRUOG ZKRVH ZKROH VL]H LV LPSRVVLEOH WR JUDVS 7KH VWDEOH SUHFLVH DQG ¿[HG REMHFWV SURGXFHG JLYH ZD\ WR WKDW ZKLFK FUHDWHV D VPDOO ÀDPH B%?%,B($/#(*0$%'$($/#(7"''%+%1%$2($"(#'$*+1%'/("0(.#$*."07/"'#( '".#(%,$#0&",,#&$%",'3(5,($/#'#(#E70#''%",'(")($/#(&;00#,$( %.*B%,*$%",(",($/#('#,';*1%$2(*,-(+#*;$2(")($/#(.*,>=".*,( UHODWLRQVKLS WKH ¿JXUHV RI WKLV ÀRZ SURGXFH WKH YHU\ PDWWHU ")( $/#( %.*B#9( 1%@#( 7;1'*$%,B9( -%*7/*,";'( *,-( %.7*17*+1#( +"-%#'9($"(7#0&#%?#(+2(&*,-1#1%B/$9(",12(0#B*%,%,B(7/2'%&*1%$2( %,($/#(.%,-:'(70"N#&$%",3 5,( $/#( ="0@'( ")( F*01"( F*,$%,%( $/#0#( %'( *,( %.7#&&*+1#( *,-( '%,�#(*&$(")(?%'%",(=/%&/(B"#'(+#2",-(7/"$"B0*7/%&('$%11( 1%)#'( *,-( $/#%0( 7"#$023( 5,( $/%'( '#,'#9( )"0( $/#( 7/"$"B0*7/#0(
,*$;0#( %'( *,( #,-1#''( 0#$0*,'1*$%",( ")( $/#( +"-2( *,-( $/%,B'O( %$( %'( $/#( &",$%,;";'( +%0$/( *,-( -#'$0;&$%",( ")( )"0.'9( $"( +#( '/"=,(%,($/#(?#02(71*&#(=/#0#(%$(+;$(/%-#'(,*$;0#()0".(?%#=3( 5$( %'( $/0";B/( $/%'( '"0$( ")( &",$%,;*1( 0#?#1*$%",( $/*$( $/#( *0$%'$( $0*,')"0.'( %,$"( '#,';*1( "+N#&$'( =/*$( +#)"0#( =*'( *( '%.71#( ,*$;0*1( $/%,B3( P/*$( /#( %'( ."0#( %,$#0#'$#-( %,9( +#2",-( $/#( H[WHQVLYH UHJLVWHU RI UHÀ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ÀRZV KHHGOHVV RI WKH RQO\ *77*0#,$12(%,&#''*,$(*,-(?*0%*+1#($0*,'%$(")($%.#3( 4/#0#)"0#9( 80"':'( 6";+1#( +;%1-'( *( .;1$%)"0.( 70%'.( =/#0#( :RPDQ¶V DQJXODU FRPSOH[LW\ GZHOOV D WUDQVFHQGHQW JD]H $/*$(&/""'#'(80"'()0".(*(.*1#(?%#=7"%,$(%,("0-#0($"('##@( %$'(%,$*,B%+%1%$2(%,($/#(70"'#(")(#?#02-*2(1%)#3(D"0(+"$/(*0$%'$'9( $/#(+"-2(+#&".#'(.#$*7/2'%&*19($/#2('&0;$%,%'#(%$'(#?%-#,$( "0(/%--#,(+#*;$29(=%$/";$($/#0#+2(=*,$%,B(#%$/#0($"(#E&%$#("0( '/%)$($/#()"&;'($"()#$%'/%'$%&(*'7#&$'3(R,($/#(&",$0*029(+"$/( *0#(%,$#0#'$#-(%,(/"=(*(B#'$;0#(/"1-'(/%--#,('$"0%#'9(-#$*%1'(
W
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
!"#$%&!"'()') ¿Q GDJOL DQQL µ KD ODYRUDWR D VWUHWWR FRQWDWWR &",( B1%( *0$%'$%9( %,-*B*,-"( *$$0*?#0'"( 1:"++%#$$%?"( 1*( B#,#'%( '$#''*(-#11#("7#0#(-%(J;00%9(-%(F#0"1%9(-%(C*1?*-"0%9(-%(J*B,"1%( ¿QR D %XUHQ FRQ ULVXOWDWL GL SRHWLFD LQWURVSH]LRQH H LQVLHPH -%( 0#'7",'*+%1%$T( &0%$%&*( ,#1( 0#B%'$0*0#( 7#0( %..*B%,%( %1( FRQFUHWL]]DUVL GHOO¶DWWR FUHDWLYR $ TXHVWL DQQL DSSDUWHQJRQR 1#( 7#0'",*1%( !"# $%&%# '()!"# *+,# -%./+&&%# 0%112&3( KL*11#0%*( 'H¶ )RVFKHUDUL %RORJQD H 43+&,%#5%#6*+//73%#2&+53+,# 8+552# 9%82 *DOOHULD 3LUDPLGH )LUHQ]H /¶DUWLVWD VL p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j PHPRUDELOH VWDJLRQH WHDWUDOH FKH WUD LO µ H JOL µ DELWz SUHIHULELOPHQWH O¶LQFHQHULWRUH O¶DFTXHGRWWR %1( -"0.%$"0%"9( %1( +*B,"( 7;++1%&"9( 1;"B/%( -"?#( 7#0( 1*( 70%.*( YROWD OD FHUWH]]D H OD SUHVXQ]LRQH GHOOD )LUHQ]H DQWLTXDULD '+%*-%?*,"(*1(&"'7#$$"(-:%,G;%#$*,$%('&#,*0%9(?#0%(#('"B,*,$%( DG XQ WHPSR FUXGL PD RIIHUWL VHQ]D PHGLD]LRQH D VHQVLELOLWj FKH YL ULFRQRVFHYDQR OH VWHVVH HPDUJLQD]LRQL PHWURSROLWDQH )0#G;#,$*$#(-*B1%(*.#0%&*,%(-#11*(!"7(A0$3 'L &DQWLQL QHJOL DQQL µ VL DQQRYHUDQR OH SDUWHFLSD]LRQL DOOH %LHQQDOL GL %LOEDR H 3DULJL H XQD VHULH GL FROOHWWLYH LQ ,WDOLD -29+,2#8<=,&+9(*(&;0*(-%(J0;,"( &RUj $FFDGHPLD GHOOH %HOOH $UWL 3HUXJLD >32??39( &RPXQH GL 0ROIHWWD H DOO¶HVWHUR @&3.+,2,3# 83# 2,&+# /%.&+9*%,2.+29( S;'#"( -%( A0$#( F",$#.7"0*,#*( F*1";'$#( *XEHONLDQ /LVERQD A0$%'$*(%,&1%,*$"(*1('%,&0#$%'."(-#11#(*0$%(>()"$"B0*)"(%.7#B,*$"( LQ XQD TXDOL¿FDWD DWWLYLWj QHOO¶DPELWR GHOOD PRGD GHO -#'%B,9(-#11*(7;++1%&%$T(#(-#11:#-%$"0%*(>(*(G;#11:;,%",#(G;*'%( ,*$;0*1#( -%( 0#*1$T( #( .%$"9( 7"#'%*( -%( #'70#''%",#( &"07"0#*9( FRQWLQXLWj GHOOD VWRULD H PHGLWD]LRQH GHO SUHVHQWH FKH KD -*$"( &",,"$*$%( 7#&;1%*0%( *-( ;,:%.7"0$*,$#( '$*B%",#( -#11*(
&%?%1$T( $"'&*,*( -#1( '#&"1"( *77#,*( $0*'&"0'"9( *,&"0*( ,#B1%( *,,%(U"?*,$*(#(6;#.%1*( 70"'#B;#(%,(;,*(&"'$*,$#(*$$%?%$T( HVSRVLWLYD LQ VSD]L SULYDWL *DOOHULD *HQLXV AB3.83/3#,3&,2&&3#3.# C%66%#D3%,+.&3.% 3LVWRLD H SXEEOLFL 9LOOD 5RPDQD 4%**3%6%?.% )LUHQ]H 0XVHR 0DULQR 0DULQL E.# *+,/%,6%# .+5# &+9*%# FGH"I'""" )LUHQ]H *DOOHULD G¶$UWH 0RGHUQD 3DOD]]R 3LWWL J+5# 6+?.%# 83# *%3 )LUHQ]H 9LOOD 3DFFKLDQL K32,83.%# .+552# /2629( C*,$*&0"&#( VXOO¶$UQR .XOWXU%DKQKRI =,&+9%L35+ .DVVHO 3DOD]]R 9HFFKLR 6DOD '¶$UPH =,&+9%L35+ )LUHQ]H /LPRQDLD $UWH 9LOOD 9RJHO 4+55<3./2.&%# 83# 5B%?73# +# ¿JXUH %HUWRFFL H &DQWLQL )LUHQ]H *DOOHULD 8VFKHU )RWRJUD¿D H SLWWXUD /XFFD %LEOLRWHFD &RPXQDOH @# ?32,83.3#8+55<3./2.&% /DVWUD D 6LJQD
!"#$%& !"'()')( /*'( ="0@#-( %,( &1"'#( &",$*&$( =%$/( *0$%'$'( VLQFH WKH V KLV OHQV LQYHVWLJDWLQJ WKH YHU\ JHQHVLV RI ="0@'(+2(J;00%9(F#0"1%9(C*1?*-"0%9(J*B,"1%9(;7($"(J;0#,9(=%$/( 0#';1$'(")(7"#$%&(%,$0"'7#&$%",(*,-9(*$($/#('*.#($%.#9(&0%$%&*1( 0#'7",'%+%1%$2(%,(0#&"0-%,B($/#(0#*1%'*$%",(")($/#(&0#*$%?#(*&$( %,(%.*B#'3J#1",B%,B($"($/#'#(2#*0'(*0#($/#('"1"(#E/%+%$%",'( !"# $%&%# '()!"# *+,# -%./+&&%# 0%112&3( K!"# '()!"# *7%&%6# $%,# -%./+&&%#0%112&3 *DOOHULD 'H¶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
+#$=#HQ WKH V DQG V ZHUH LQFLQHUDWRUV DTXHGXFWV GRUPLWRULHV SXEOLF WRLOHWV SODFHV ZKHUH IRU WKH ¿UVW WLPH WKH �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¿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	( VWWWO( S;'#"( S*0%,"( S*0%,%9( E.# *+,/%,6%# .+5# &+9*%# FGH"I'"""# M02&7# &7,%B?7# Q39+# FGH"I'"""N )ORUHQFH *DOOHULD G¶$UWH 0RGHUQD 3DOD]]R 3LWWL J+5#6+?.%#83#*%3#MR3&7#S3.863?7&N9( )ORUHQFH 9LOOD 3DFFKLDQL K32,83.%#.+552#/262#MS%9+# K2,8+.N 6DQWD &URFH VXOO¶$UQR .XOWXU%DKQKRI $UWHPRELOH 0RELOH$UW .DVVHO 3DOD]]R 9HFFKLR 6DOD 6:A0.#9($UWHPRELOH 0RELOH$UW )ORUHQFH /LPRQDLD $UWH 9LOOD 9RJHO 'HOO¶LQFDQWR GL OXRJKL H ¿JXUH %HUWRFFL H &DQWLQL 2I WKH (QFKDQWPHQW RI 3ODFHV DQG )LJXUHV %HUWRFFL DQG &DQWLQL )ORUHQFH *DOOHULD 8VFKHU )RWRJUD¿D H *3&&B,2#M07%&%?,2*7P#2.8#023.&3.?N /XFFD PXQLFLSDO 1%+0*029(@#?32,83.3#8+55<3./2.&%#MT./72.&+8#K2,8+.6N /DVWUD D 6LJQD
!"#$%&!"'()')
*)"+,"%$%&-)&!%!!%
+(#5*66/*#0/#34*% * $ / / ( 5 , $ , / 3 2 1 7 ( ) , 5 ( 1 = (
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j FRPH SLWWRUH HQ SOHLQ DLU H FLQHDVWD FRPSRQHQGR YDUL ¿OPV DQFKH FRPH FDUWRQL DQLPDWL LQ IRUPDWR ULGRWWR 1HO VXR WHVWR GHO 7/&'8"# 01"49/%9"# /&# :*%$"&"# ;<=>?# ;<@A 6LOYLD /XFFKHVL LQVHULVFH VHGLFL WLWROL GHO GL &RFFR WUD L ¿OP FRVWLWXWLYL GHOOD VFHQD DUWLVWLFD ¿RUHQWLQD
!"#$%&!"'()') *)"+,"%$%&-)&!%!!%
+(#5*66/*#0/#34*% "#$,4"#0/&
/0&1)"23"%$%&4)&!%55% !"#$"%"#&'(#)*%$* ODWWD FDQGHOD IRWRJUD¿D [ [ FP
O"()$49&M+$9% RWWREUH QRYHPEUH
&DUOR &DQWLQL +#(,*-./#0'((1"))"&0*&*6&/777 WUH VWDPSH IRWRJUD¿FKH VX FDUWD EDULWDWD GD QHJDWLYR FRORUH [ FP FDG
*LDPSDROR GL &RFFR &LQHSODWRQLFD ,,, ODWWD EURQ]R FDQGHOD IRWRJUD¿D [‘ FP
*LDPSDROR GL &RFFR &LQHSODWRQLFD ,9 ODWWD FDQGHOD IRWRJUD¿D [‘ FP
//0&1)"23"%$%&4)&!%55% &LQHSODWRQLFD 9 ODWWD FDQGHOD IRWRJUD¿D [ [ FP
*LDPSDROR GL &RFFR $% ODWWD FDQGHOD IRWRJUD¿D [ [ FP &DUOR &DQWLQL 1DUFLVR WUH VWDPSH IRWRJUD¿FKH VX FDUWD EDULWDWD GD QHJDWLYR ELDQFR QHUR [ FP FDG
IRWRJUD¿H
!"#$%&!"'()')
*LDPSDROR GL &RFFR !"#&"2'#0/#34*% ODWWD FDQGHOD IRWRJUD¿D [ [ FP
WUDGX]LRQH LQ LQJOHVH
.DUHQ :KLWWOH XI¿FLR VWDPSD
*LDPSDROR GL &RFFR ((#(/)4*#0'(('#$"%'#0/#34*%#+ ODWWD VPDOWR FDQGHOD IRWRJUD¿D [ [ FP
*+,"''"&-".)"') LPSDJLQD]LRQH JUD¿FD
)UDQFHVFR 8UVLQR
70&!"#$%&!"'()') 1RVWDOJLD /777 WUH VWDPSH IRWRJUD¿FKH VX FDUWD EDULWDWD GD QHJDWLYR FRORUH [ FP FDG
*LDPSDROR GL &RFFR +(#(/)4*#0'(('#$"%'#0/#34*%#++ ODWWD VPDOWR FDQGHOD IRWRJUD¿D [ [ FP
*LDPSDROR GL &RFFR &LQHSODWRQLFD 9 ODWWD FDQGHOD IRWRJUD¿D [ [ FP &DUOR &DQWLQL /¶LVROD ULWURYDWD WUH VWDPSH FLEDFURPH [ FP FDG &DUOR &DQWLQL )RUP$]LRQH &/777 WUH VWDPSH IRWRJUD¿FKH VX FDUWD EDULWDWD GD QHJDWLYR FRORUH [ FP FDG *LDPSDROR GL &RFFR SDUW /D FDVD QHO ERVFR *LDPSDROR GL &RFFR SDUW &LQHSODWRQLFD ,9 *LDPSDROR GL &RFFR SDUW &LQHSODWRQLFD ,,,
*$//(5,$ (',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
'HL VXRL SDQQHOOL OXPLQRVL GHJOL DQQL ¶ VL RFFXSDQR /DUD 9LQFD 0DVLQL H 0DULVD 9HVFRYR 6L ODXUHD LQ DUFKLWHWWXUD QHO ¶ OD WHVL YLQFH LO SULPR SUHPLR GHOOD )RQGD]LRQH 3RQWHOOR 'L &RFFR LQL]LD D FRPSRUUH LQVWDOOD]LRQL DPELHQWDOL JLj QHO ¶ FRQ XQD FRPSRVL]LRQH WHPDWLFD VXOO¶DOFKLPLD DOOD 6WUR]]LQD GL )LUHQ]H VHPSUH QHO ¶ IRQGD FRQ /XFLDQR &DUXVR OD ULYLVWD $EDFR WXWWRUD LQ DWWLYLWj QHO q OD YROWD 4)& @"+,& 8%'& !)59#%6& )'& +'& "33"#("29'(%& 4)& 8)"& !"8%+#& "& )LUHQ]H VHULH GL LQVWDOOD]LRQL QHO EXLR YLVLELOL SHU OD GXUDWD GL XQD FDQGHOD DFFHVD 1HO IUDWWHPSR q DWWLYR FRPH DUFKLWHWWR LQ WXWWD OD 7RVFDQD LQWHUYHQHQGR QHOOD UHGD]LRQH GL 3LDQL 8UEDQLVWLFL JHQHUDOL H SDUWLFRODUHJJLDWL 'XUDQWH JOL DQQL µ 4)& !%55%& ,)& "33#%3#)"& 49=$)& ,(#+29'()& 3)((%#)5)6& 5>9& 9=$)& +,"& 39#&"$$%="#9&,+$$"&(9$"&)&,+%)&2%49$$)')&4)&	$)(()&9&(#%239&$E%9)$6& LQ XQ JLRFR LQWHQVR WUD OD VHFRQGD H OD WHU]D GLPHQVLRQH *LOOR 'RUÀHV VFULYH D SL ULSUHVH GHO ODYRUR GHO GL &RFFR GL P+9,(%&39#)%4%0 1HO KD LQL]LR OD VHULH GHOOH JUDQGL LQVWDOOD]LRQL DPELHQWDOL 5>9&3%#("'%&'9$$"&(#)4)29',)%'"$)(V&9&'9$$E"#5>)(9((+#"&&$"&89'"& VFHQRJUD¿FD H XUEDQLVWLFD GHO GL &RFFR JLj HVSUHVVD QHOOH ,+9& 3)((+#9H& 5%'& B&/8"(/"DE4"&0/# F",G4"-/# H++6& 3#9,9'("("&& DO 3DOD]]R 'DWLQL GL 3UDWR GD 2PDU &DODEUHVH GL &RFFR (#%8"&+'"&3#)2"&,)'(9,)&(#"&$9&,+9&4)89#,9&"')29&0&D)&!%55%& VFHJOLH OR VFHQDULR DUFKLWHWWRQLFR SULPD GL UHDOL]]DUYL OH VXH PDFFKLQH PRUHQWL H ]RRPRUIH 1HO ¶ WURYD QHOOD VWD]LRQH 49$$ES$:23)"&*("4)%'&4)&I9#$)'%&)$&39#?9((%&,59'"#)%&39#&)$&,+%& N(O86/"DP'66'(/&# +++ 0DUVLJOLD 3LVWRLD *HQRYD .DVVHO !%$%')"&&,%'%&(#"&$9&5)((V&4%89&4)&!%55%&(#%8"&=$)&,59'"#)&"4"(()& SHU OH VXH QXRYH LQVWDOOD]LRQL VFHQRJUD¿FKH D 'XLVEXUJ ODYRUD SHU LO SDUFR GHOOD 'HXWVFKH %DQN D 6NDJHQ '. SHU LO )RUXP /XGZLJ GL $DFKHQ D *LEHOOLQD SHU LO ORFDOH PXVHR D 6HJJLDQR SHU OD )RQGD]LRQH 'DQLHO 6SRHUUL D )LUHQ]H SHU $EB,()(+(%&!+$(+#"$9&-#"'59,9&9550 ,PSRUWDQWL DUWLFROL FRPSDLRQR VXOOD VWDPSD LQWHUQD]LRQDOH 3LHUUH 5HVWDQ\ JOL GHGLFD XQ YDVWR VFULWWR VX 'RPXV $WWLOLR 6WRFFKL VX $ELWDUH q DQFRUD 'RUÀHV D SUHVHQWDUH OD VXD JUDQGH SHUVRQDOH DOOD )RQGD]LRQH 0XGLPD GL 0LODQR QHO 'DO FRVWUXLVFH LQVWDOOD]LRQL SHUPDQHQWL QHJOL VSD]L FLWWDGLQL FRQ OD GH¿QL]LRQH GL SLD]]H H VLWXD]LRQL XUEDQH "& -%$$%')5"6& I"#.9#)'%6& *)='"6& I)9$$"6& !%$%')"6& O"$$%#5"& 9&& "$(#9&5)((V6&=)+'=9'4%&5%,W&"&5%23)9#9&)$&3#%3#)%&)(9#&5#9"()8%& FRQ ODYRUL FKH ULXQLVFRQR WXWWH OH VXH FRPSHWHQ]H 1HO O¶,VWLWXWR ,WDOLDQR GL &XOWXUD GL 1HZ <RUN RVSLWD XQD VXD LPSRUWDQWH SHUVRQDOH H OD *DOOHULD &RPXQDOH G¶$UH]]R XQD ,+"&3#)2"	(#%,39(()8"&3#9,9'("("&4"&O"()$49&M+$9%0 1HO SXEEOLFDWR GD *LDQIUDQFR 0RQWL DSSDUH LO VXR E"("? 9'*# 0'((1"49/%9"# 64/&$/6/"&9'6& 3#9,9'("(%& 4"$$E"2)5%& 1)+,9339& 3RQWLJJLD PHQWUH QXPHURVL DUWLFROL VXOO¶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¶DUWH H G¶DUFKLWHWWXUD QHO YLQFH D 9LER 9DOHQWLD LO SUHPLR /LPHQ $UWH SHU XQ¶RSHUD GL VFXOWXUD 1HO IRQGD D %HUOLQ .XQRZ LO &HQWUR SHU OH DUWL 5%'(923%#"'99&N."5%&*3"590 *./01/232& 4.& !2552 )ORUHQFH KDV GHYHORSHG KLV 8),+"$&"'4&39#593()89	,9"#5>&(>#%+=>&8"#)%+,&4),5)3$)'9,6& ?#%2&"#5>)(95(+#9&(%&(>9&8),+"$&"#(,6&?#%2&A%+#'"$),2&(%&'%'G
¿FWLRQ DQG QDUUDWLYH 7KLV UDQJH RI DFWLYLWLHV KDYH OHG KLP (%& (#"89$6& ,(+4:& "'4& ;%#<& )'& 8"#)%+,& 5%+'(#)9,& "'4& (%& $9"#'& 8"#)%+,&$"'=+"=9,6&=)8)'=&>),&39#,%'"$&8),)%'&;)(>	="#4&(%& (>)'=,&"	$"()89&"'4&5>"'=)'=&",395(6&)'&(>9&<'%;$94=9&%?& (>9& 39#2"'9'(& .%'4& .9(;99'& (>9& ,"29& (>)'=,0& @9& .9="'& >),&;%#<&",&"&3")'(9#&'('/&#"/4 DQG ¿OP PDNHU YHU\ HDUO\ RQ DOVR FRPSRVLQJ YDULRXV ¿OPV DV VKRUW OHQJWK FDUWRRQV ,Q KHU WH[W IURP 7/&'8"#01"49/%9"#/&#:*%$"&"#;<=>?;<@A6& 6LOYLD /XFFKHVL LQFOXGHG VL[WHHQ WLWOHV E\ 'L &RFFR DPRQJ WKH ¿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ÀHV ZURWH ".%+(& D)& !%55%E,& ;%#<& %'& ,989#"$& %55",)%',& 4+#)'=& (>),& 39#)%40&
,Q KH EHJDQ WKH VHULHV RI ODUJH HQYLURQPHQWDO )',("$$"()%',& ;>)5>& .#%+=>(& (>9& ,59'%=#"3>)5& "'4& +#."'& 3$"'')'=& 89)'& (>"(& D)& !%55%& >"4& "$#9"4:& 9F3#9,,94& )'& >),& 3")'()'=,& (%& "#5>)(95(+#9& "'4& (>9& (>#99G4)29',)%'"$& ,3>9#9H& ;)(>& B&/8"(/"DE4"&0/# F",G4"-/# H++# IB&/8"(/"DE4'"9# J./6K4'$L%# H++M SUHVHQWHG DW 3DOD]]R 'DWLQL LQ 3UDWR E\ 2PDU &DODEUHVH 'L &RFFR IRXQG D ¿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ÀHV ZKR SUHVHQWHG >),&=#9"(&,%$%&9F>).)()%'&"(&(>9&0XGLPD&-%+'4"()%'&)'&O)$"'& LQ 6LQFH KH KDV EXLOW SHUPDQHQW LQVWDOODWLRQV LQ (%;'& ,3"59,6& 5>"#"5(9#),)'=& ,P+"#9,& "'4& +#."'& ,)(+"()%',& )'& -%$$%')5"6& I"#.9#)'%6& *)='"6& I)9$$"6& !%$%='96& O"$$%#5"& "'4& %(>9#& (%;',6& >9'59& 5%23$9()'=& >),& 5#9"()89& 3"(>& ;)(>& ZRUNV WKDW FRPELQH DOO KLV VNLOOV ,Q WKH ,WDOLDQ ,QVWLWXWH %?&!+$(+#9&)'&Q9;&R%#<&>%,(94&"'&)23%#("'(&,%$%&9F>).)()%'& DQG WKH *DOOHULD &RPXQDOH G¶$UH]]R D ¿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
V
!"#$%&'( )#**+',,'-)"-"( #( )#**+%..%/#)%',%*/#-$#( -'0&"0$"1( 23#0$"( 4( %*( 5"66%"( )%( 7."08( 3-'( )%9%-%$:( ,%;."-$#( &<#( 6"$.#,,#( $".-'.#( '( /'-%;#0$'.0%( "==%>( #6"&'( *3&%)'( #( 0/'*%?%'$'( &<#( 0#/,.#.#,,#( &"-"0&#.-#( "=-%( 0#=.#$"1( ( @-( )%"( &<#( $".-'( &#.$"A( /'(0"*"(%-('00#-?'()%('$$%(6*'$#'*%("()%()%&<%'.'?%"-%( XI¿FLDOL 5LWRUQR YHODWR GXQTXH 5LDSSDUL]LRQH GL XQD GLYLQLWj QDVFRVWD DOOD YLVWD H SULYD GL ULÀHWWRUL 4XHVWD q O¶LQWXL]LRQH GL GXH DUWLVWL ¿RUHQWLQL FKH FRQ OH ORUR IRWRJUD¿H H LQVWDOOD]LRQL SUHVHQWDQR JOL VFULJQL GDL TXDOL KDQQR WUDWWR OR VWUDRUGLQDULR UHSHUWRULR GL #06#.%/#-$%( 03**+%//'=%-#( #( 03**+#9"&'?%"-#( )#**'( VHQVXDOLWj ,O 'RSSLR GL (URV LQ TXHVWR VHQVR GLYHQWD ;.'=%*#( #6%;'-%'( )#**'( ,#**#??'A( 6%#-#??'( #( )"*&#??'( )#**+'/".#(0#-03'*#(#()#*(&".6"(;#//%-%*#1 B"/6"0$'( )'( )3#( $%6"*"=%#( )%( *'9"."( '00'%( )%0$%-$#A( LO WLWROR GL TXHVWD PRVWUD VL ULIHULVFH DOOD GXSOLFH /")'*%$:( )%( "00#.9'?%"-#( )#**+7."0( -#**'( )"66%'( '&&#?%"-#()#**"(60%&"*"="(C'/#0(D%**/'-A(0#&"-)"(%*( TXDOH HVLVWH XQ GHVLGHULR ¿VLFR LPPHGLDWR GD XQ ODWR #(3-()#0%)#.%"(0$.3==#-$#(#(%..'==%3-=%,%*#()'**+'*$."1( B"-&.#$%??'$'( -#*( )"66%"( *%9#**"( )#**'( ='**#.%'A( #-$.'/,#(*#(/")'*%$:($."9'-"(-#%()3#()%9#.0%(6%'-%A( LO OXRJR QHO TXDOH FRQGXUUH GXH ULÀHVVLRQL GLYHUVH )'( 3-( *'$"( 3-+%-$#.6.#$'?%"-#( #-%=/'$%&'A( 9#*'$'( #( SURIRQGDPHQWH VLPEROLFD HVHPSOL¿FDWD GDO EXLR GHO 6%'-"(%-;#.%".#()#**'(='**#.%'A(9"*3$"()'(E%'/6'"*"()%( B"&&"F(#()'**+'*$."A(3-+'--"$'?%"-#(&<%'.'A(%//#)%'$'( #(;"./'*/#-$#(&*'00%&'(G*'(*3&#(6%#-'()#*(6%'-"($#..'( )#**'(='**#.%'A("&&36'$'()'(B'.*"(B'-$%-%F1 'D XQ ODWR GXQTXH QHO SLDQR LQIHULRUH OD SURGX]LRQH GL RJJHWWL SLFFROL WDPEXUL GL IRWRJUD¿H FKH FRPH *'-$#.-#( /'=%&<#( 6.#9#)"-"( %*( /"9%/#-$"( #( 9%0".%( &'*#%)"0&"6%&%(&<#(G&"%(*"."(#06*%&%$%(.%;#.%/#-$%(#."$%&%F(
IDQQR FRQÀDJUDUH RUJDQLFR H PHFFDQLFR FRPH LQ 3-( =%"&"( )%( %,.%)'?%"-#( $.'( )"--'( #( /'&&<%-'1( 7+( LQ TXHVWR VHQVR FKH VL SXz GLUH FKH OH LPPDJLQL GL E%'/6'"*"()%(B"&&"(#(=*%("==#$$%()'(*3%(&.#'$%(0%'-"( 3-'( 6#.;#$$'( ;30%"-#( $.'( *'( )"--'( #( %*( &"-=#=-"A( &'.'$$#.%??'-)"( '-&".'( 3-'( 9"*$'( *+%//'=%-'.%"( )#*( -"0$."( 6.#0#-$#1( !."6.%"( 6#.&<H( 0%( %-&#-$.'-"( 03*( $#/'()#**'(/3$'?%"-#(%-;'$$%A(#00#(0%(;'--"(6".$'9"&#( )#**'( $.'0;"./'?%"-#A( 6."6"-#-)"( %//'=%-%( %,.%)#A( 3/,.'$%*%( #( *'.9'*%1( 23#0$#( /'&&<%-#( &#*%,%A( FRVWLWXLWH GD JHVWL DQQHJDWL ÀXWWXDQWL LPPHUVL LQ 3-'(6.";"-)%$:("&#'-%&'("(3$#.%-'(&<#()%.(0%(9"=*%'A( 6.")3&"-"(=#0$%(#(-3)%$:(;#//%-%*%('&&"*$#(%-(6%&&"*%( $#'$.%-%( '3$"( %**3/%-'$%( &<#( 0%( ;'--"( &'9%$:( )%*'$'$#1( 7*3)#-)"(%*(6.%-&%6%"()#**'(/'.=%-'*%$:()%(3-"(06'?%"( 0"//#00"(#(-'0&"0$"A(#00#(0%('/6*%'-"(9%.$3'*/#-$#( FRPH VH VL WUDWWDVVH GL IUDPHV FLQHPDWRJUD¿FL R GL 6".?%"-%( )%( 3-( /"-)"( )%( &3%( 4( %/6"00%,%*#( ';;#..'.#( $3$$'( *+#0$#-0%"-#1( I'( 6.")3?%"-#( )%( "==#$$%( 0$',%*%A( SUHFLVL H ¿VVL ODVFLD LO SRVWR D FLz FKH SURGXFH XQD SLFFROD ¿DFFROD GDQGR DOO¶DUWLVWD OD SRVVLELOLWj GL 0$',%*%.#( "( /#$';".%??'.#( '*&3-#( %-$#.&"--#00%"-%1( ,Q TXHVWH HVSUHVVLRQL GHOO¶LPPDJLQDULR DWWXDOH VXOOD 0#-03'*%$:(#(03**'(,#**#??'()#*(.'66".$"(3"/"()"--'A( OH ¿JXUH GL TXHVWR ÀXVVR SURGXFRQR OD PDWHULD 0$#00'()#**+%//'=%-#A(&"/#(&".6%(63*0'-$%A()%';'-%(#( %/6'*6',%*%A(&".6%()'(6#.%.#('(*3/#()%(&'-)#*'(&<#( ULGLYHQWDQR ¿VLFL VROR QHOOD SURLH]LRQH PHQWDOH J#%(*'9".%()%(B'.*"(B'-$%-%(#0%0$#(3-('$$"()#**'(9%0%"-#( %/6#&&',%*#( #( 0%-&#."( &<#( 0%( 6"-#( '*( )%( *:( )#**'( SURGX]LRQH IRWRJUD¿FD VWLOO OLIH H GHOOD VXD SRHVLD ,Q WDO VHQVR OD QDWXUD q SHU LO IRWRJUDIR XQ¶LQ¿QLWD .%$.')3?%"-#( )#*( &".6"( #( )#**#( &"0#>( 4( %-%-$#.."$$'( -'0&%$'( #( )%0$.3?%"-#( )#**#( ;"./#A( )'( /"0$.'.#( 6."6.%"( *'))"9#( -"-( ;'( &<#( 9#*'.*'( '**'( 9%0$'1( K( DWWUDYHUVR TXHVWD VRUWD GL ULYHOD]LRQH FRQWLQXD FKH O¶DUWLVWD WUDVIRUPD LQ RJJHWWL VHQVXDOL FLz FKH SULPD HUD VHPSOLFH FRVD QDWXUDOH &Lz FKH SL JOL LPSRUWD DO GL Oj GHOO¶HVWHVR UHJLVWUR GL ULÀHVVLRQL VXOOD IRWRJUD¿D GHO QXGR q OD WUDPD GL UHOD]LRQL WUD %*( /"-)"( )#**#( ;"./#( #( *+%//'=%-'?%"-#A( &<#( -#*( &'0"()#*(B'-$%-%(*#='(%(&".6%('**'(0$".%'()#**+'.$#A('**'( VWRULD GHOOD IRWRJUD¿D H DOOD QDWXUD ,Q IRQGR O¶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¿Q TXL D SDUWLUH GD PLWRORJLFKH PHPRULH B'-$%-%(/"0$.'()%(0'6#.#(&<#(*+'&&".)"(&"-(0#(0$#00%( "(*+'00#-?'()#*()%00%)%"(%-$#.%".#A(-'0&#()'*(6".$'.#( LO SURSULR DVVHQVR D TXDQWR OD QDWXUD VXJJHULVFH GDOO¶DGDWWDUVL D FLz FKH VFRUUH LQFXUDQWL GHO WUDQVLWR 0"*"( '66'.#-$#/#-$#( %-�'-$#( #( 9'.%',%*#( )#*( N#/6"1( ,O 'RSSLR GL (URV HGL¿FD GXQTXH XQ SULVPD PXOWLIRUPH %-(&3%()%/".'(*'(&"/6*#00%$:(06%="*"0'()#**'(5"--'A( 3-"( 0=3'.)"( $.'0&#-)#-$#( &<#( 0&#=*%#( *+#."0( '( 6'.$%.#( )'( 3-+"$$%&'( /'0&<%*#( 6#.( .%&#.&'.#( *'( 03'( LPPDWHULDOLWj QHOOD SURVD GHO TXRWLGLDQR 3HU HQWUDPEL JOL DUWLVWL LO FRUSR GLYHQWD PHWD¿VLFR VH QH VFUXWD OD EHOOH]]D HYLGHQWH R FHODWD VHQ]D YROHU FRQ TXHVWR -H( #&&%$'.#( -H( 06"0$'.#( *+'00#( 03( '06#$$%( ;#$%&%0$%&%1( O*( &"-$.'.%"A( #-$.'/,%( 0+%-$#.#00'-"( '*( /")"( %-( &3%( 3-( =#0$"( .'&&<%3)#( 0$".%#( -'0&"0$#A( )#$$'=*%( )#*( &".6"( )%9#-3$%( 6#??%( /'-&'-$%( )%( 3-( /"-)"( &<#( &%( '99"*=#(/'()%(&3%(06#00"(6#.)%'/"(&"-0'6#9"*#??'1(( 'XH VLWXD]LRQL IRWRJUD¿FKH FKH VFDQGDJOLDQR OH 6.";"-)%$:( %-( /")"( .%06#$$"0"( #( 0#-0%,%*#A( 0#&"-)"( 3-( '/".#( 6.";"-)"( 6#.( *'( 9%$'( %-$#0'( &"/#( *3"="(
*,-(",($/#("$/#09(*(&1#*09(%..#-%*$#(*,-()"0.*112(&1*''%&*1( DQQRWDWLRQ LQ WKH IXOO OLJKW RI WKH JURXQG ÀRRU RI WKH JDOOHU\ "&&;7%#-(+2(F*01"(F*,$%,%M3
-'$3.'*#()#**"(0&'/,%"(0#-03'*#(;.'(&".6%1(@-+3-%&'( ;".?'( '$$.'$$%9'( &<#( 0%( $.'0/#$$#( 03**'( 6#**#( )#%( 0"==#$$%A( $.'$$'$'( &"/#( &"-$#-%$".#( )%( #/"?%"-%A( ULQDVFLWD YLWDOH RFFKLR FDSDFH GL GLVHJQDUH ¿OL LQYLVLELOL H TXLQWH LPSRVVLELOL 'XH SURJHWWL FKH VEXFDQR GDO QHUR GL XQD TXLQWD PLVWHULRVD GD 3-+"0&3.%$:(&<#(-"-(4(,3%"(/'(0"*$'-$"('$$#0'()#**'( SURVVLPD OXFH (URV FRPH GLYLQLWj VL ID FRUSR GXQTXH #( &"/#( $'*#A( 93"*#( 6.#0#-?%'.#A( '-&".'( 3-'( 9"*$'A( '**"(06#$$'&"*"(0$36#;'&#-$#()#*(/"-)"1 P'$%*)#(!3*#" !"#$%&'( ")( *+*,-",.#,$( *,-( ")( $/#( %00#.#-%*+12( /%--#,3( 4/%'(%'(51(6"77%"(-%(80"'9(80"':'(6";+1#<(*($=">)*&#-(-%?%,%$2( $/*$( &";1-( 0#*77#*0( $"-*2( %,( *( 1;&%-( *,-( &0*)$2( #0*( =/%&/( '##.'($"(@,"=(%$'(#?#02('#&0#$3(A(B"-($/*$(-"#'(&".#(+*&@9( EXW RQO\ LI WKHUH DUH QR GUDPDWLF DFWV RU RI¿FLDO GHFODUDWLRQV C"9(*(?#%1#-(0#$;0,3(4/#(0#*77#*0*,&#(")(*(-%?%,%$2(/%--#,( IURP YLHZ ZLWK QR ÀRRGOLJKWV 7KLV LV WKH LQWXLWLRQ RI $="( D1"0#,$%,#( *0$%'$'( =/"9( =%$/( $/#%0( 7/"$"B0*7/'( *,-( %,'$*11*$%",'9( 70#'#,$( $/#( $0#*';0#( &/#'$'( )0".( =/%&/( $/#2( /*?#(-0*=,($/#(#E$0*"0-%,*02(0#7#0$"%0#(")(#E7#0%.#,$'(",( $/#(%.*B#(*,-(#?"&*$%",(")('#,';*1%$23(5,($/%'('#,'#(80"':'( 6";+1#( ( +#&".#'( $/#( )0*B%1#( .*,%)#'$*$%",( ")( $/#( +#*;$29( );11,#''( *,-( '=##$,#''( ")( '#,';*1( 1"?#( *,-( $/#( )#.*1#( +"-23( F".70%'%,B( $="( G;%$#( -%'$%,&$( $27#'( ")( ="0@9( $/#( $%$1#( ")( $/%'(#E/%+%$%",(0#)#0'($"($/#($="(=*2'(")(1""@%,B(*$(80"'(%,( $/#( $=")"1-( *&$*$%",( B%?#,( +2( $/#( 7'2&/"1"B%'$( H*.#'( I%11.*,9( *&&"0-%,B( $"( =/".( -#'%0#( %'( %..#-%*$#( *,-( 7/2'%&*1(",(",#(/*,-(*,-(-#'$0;&$%?#(*,-(;,*&/%#?*+1#(",( $/#("$/#03(J0";B/$($"(1%)#("?#0($/#($="(1#?#1'(")($/#(B*11#029( KHUH ERWK W\SHV ¿QG WKH SODFH LQ ZKLFK WR PDNH WZR GLIIHUHQW UHÀHFWLRQV RQ RQH KDQG DQ HQLJPDWLF YHLOHG DQG SURIRXQGO\ '2.+"1%&( %,$#070#$*$%",( K%11;'$0*$#-( %,( $/#( -*0@,#''( ")( $/#( 1"=#0(1#?#1(")($/#(B*11#029(=*,$#-(+2(L%*.7*"1"(-%(F"&&"M(
4/#0#)"0#9( ",( ",#( /*,-9( ( ",( $/#( 1"=#0( 1#?#1( =#( /*?#( $/#( 70"-;&$%",(")("+N#&$'<('.*11(&*0";'#1'(")(7/"$"B0*7/'(=/%&/( &0#*$#( ."?#.#,$9( 1%@#( .*B%&( 1*,$#0,'9( *,-( @*1#%-"'&"7%&( ?%#=#0'( =/%&/( K=%$/( $/#%0( #E71%&%$( #0"$%&( 0#)#0#,&#'M( .*@#( WKH RUJDQLF DQG PHFKDQLF FRQÀDJUDWH OLNH LQ D JDPH ")( /2+0%-%'*$%",( +#$=##,( =".*,( *,-( .*&/%,#3( 5$( %'( %,( $/%'( '#,'#( $/*$( ",#( &*,( '*2( $/#( %.*B#'( ")( L%*.7*"1"( -%( F"&&"(*,-($/#("+N#&$'(/#(/*'(&0#*$#-(*0#(*(7#0)#&$(+1#,-( +#$=##,( =".#,( *,-( -#?%	( ",&#( *B*%,( &/*0*&$#0%'%,B( $/#( %.*B%,*$%",( ")( $/#( 70#'#,$3( !0#&%'#12( +#&*;'#( $/#2( &#,$0#( *0";,-( $/#( $"7%&( ")( .;$*$%",9( $/#( %.*B#'( +#&".#( .";$/7%#&#'(")($0*,')"0.*$%",9(70"7"'%,B(/2+0%-9('/*-"=2( *,-( 1*0?*1( %.*B#'3( 4/#'#( %+*$#( .*&/%,#'9( &",'%'$%,B( RI GURZQHG ÀXFWXDWLQJ JHVWXUHV LPPHUVHG LQ GHSWKV WKDW .*2(+#(#%$/#0("&#*,%&("0(;$#0%,#9(70"-;&#()#.*1#(B#'$;0#'( *,-( ,;-%$%#'( /";'#-( %,( '.*11( '#1)>1%$( $/#*$0#'( $/*$( +#&".#( -%1*$#-( &*?%$%#'3( 81;-%,B( $/#( 70%,&%71#( ")( $/#( .*0B%,*1%$2( ")( *(';+.#0B#-(*,-(/%--#,('7*	($/#2(#E7*,-(?%0$;*112(*'(%)( WKH\ ZHUH ¿OP IUDPHV RU SRUWLRQV RI D ZRUOG ZKRVH ZKROH VL]H LV LPSRVVLEOH WR JUDVS 7KH VWDEOH SUHFLVH DQG ¿[HG REMHFWV SURGXFHG JLYH ZD\ WR WKDW ZKLFK FUHDWHV D VPDOO ÀDPH B%?%,B($/#(*0$%'$($/#(7"''%+%1%$2($"(#'$*+1%'/("0(.#$*."07/"'#( '".#(%,$#0&",,#&$%",'3(5,($/#'#(#E70#''%",'(")($/#(&;00#,$( %.*B%,*$%",(",($/#('#,';*1%$2(*,-(+#*;$2(")($/#(.*,>=".*,( UHODWLRQVKLS WKH ¿JXUHV RI WKLV ÀRZ SURGXFH WKH YHU\ PDWWHU ")( $/#( %.*B#9( 1%@#( 7;1'*$%,B9( -%*7/*,";'( *,-( %.7*17*+1#( +"-%#'9($"(7#0&#%?#(+2(&*,-1#1%B/$9(",12(0#B*%,%,B(7/2'%&*1%$2( %,($/#(.%,-:'(70"N#&$%",3 5,( $/#( ="0@'( ")( F*01"( F*,$%,%( $/#0#( %'( *,( %.7#&&*+1#( *,-( '%,�#(*&$(")(?%'%",(=/%&/(B"#'(+#2",-(7/"$"B0*7/%&('$%11( 1%)#'( *,-( $/#%0( 7"#$023( 5,( $/%'( '#,'#9( )"0( $/#( 7/"$"B0*7/#0(
,*$;0#( %'( *,( #,-1#''( 0#$0*,'1*$%",( ")( $/#( +"-2( *,-( $/%,B'O( %$( %'( $/#( &",$%,;";'( +%0$/( *,-( -#'$0;&$%",( ")( )"0.'9( $"( +#( '/"=,(%,($/#(?#02(71*&#(=/#0#(%$(+;$(/%-#'(,*$;0#()0".(?%#=3( 5$( %'( $/0";B/( $/%'( '"0$( ")( &",$%,;*1( 0#?#1*$%",( $/*$( $/#( *0$%'$( $0*,')"0.'( %,$"( '#,';*1( "+N#&$'( =/*$( +#)"0#( =*'( *( '%.71#( ,*$;0*1( $/%,B3( P/*$( /#( %'( ."0#( %,$#0#'$#-( %,9( +#2",-( $/#( H[WHQVLYH UHJLVWHU RI UHÀ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ÀRZV KHHGOHVV RI WKH RQO\ *77*0#,$12(%,&#''*,$(*,-(?*0%*+1#($0*,'%$(")($%.#3( 4/#0#)"0#9( 80"':'( 6";+1#( +;%1-'( *( .;1$%)"0.( 70%'.( =/#0#( :RPDQ¶V DQJXODU FRPSOH[LW\ GZHOOV D WUDQVFHQGHQW JD]H $/*$(&/""'#'(80"'()0".(*(.*1#(?%#=7"%,$(%,("0-#0($"('##@( %$'(%,$*,B%+%1%$2(%,($/#(70"'#(")(#?#02-*2(1%)#3(D"0(+"$/(*0$%'$'9( $/#(+"-2(+#&".#'(.#$*7/2'%&*19($/#2('&0;$%,%'#(%$'(#?%-#,$( "0(/%--#,(+#*;$29(=%$/";$($/#0#+2(=*,$%,B(#%$/#0($"(#E&%$#("0( '/%)$($/#()"&;'($"()#$%'/%'$%&(*'7#&$'3(R,($/#(&",$0*029(+"$/( *0#(%,$#0#'$#-(%,(/"=(*(B#'$;0#(/"1-'(/%--#,('$"0%#'9(-#$*%1'(
W
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
!"#$%&!"'()') ¿Q GDJOL DQQL µ KD ODYRUDWR D VWUHWWR FRQWDWWR &",( B1%( *0$%'$%9( %,-*B*,-"( *$$0*?#0'"( 1:"++%#$$%?"( 1*( B#,#'%( '$#''*(-#11#("7#0#(-%(J;00%9(-%(F#0"1%9(-%(C*1?*-"0%9(-%(J*B,"1%( ¿QR D %XUHQ FRQ ULVXOWDWL GL SRHWLFD LQWURVSH]LRQH H LQVLHPH -%( 0#'7",'*+%1%$T( &0%$%&*( ,#1( 0#B%'$0*0#( 7#0( %..*B%,%( %1( FRQFUHWL]]DUVL GHOO¶DWWR FUHDWLYR $ TXHVWL DQQL DSSDUWHQJRQR 1#( 7#0'",*1%( !"# $%&%# '()!"# *+,# -%./+&&%# 0%112&3( KL*11#0%*( 'H¶ )RVFKHUDUL %RORJQD H 43+&,%#5%#6*+//73%#2&+53+,# 8+552# 9%82 *DOOHULD 3LUDPLGH )LUHQ]H /¶DUWLVWD VL p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j PHPRUDELOH VWDJLRQH WHDWUDOH FKH WUD LO µ H JOL µ DELWz SUHIHULELOPHQWH O¶LQFHQHULWRUH O¶DFTXHGRWWR %1( -"0.%$"0%"9( %1( +*B,"( 7;++1%&"9( 1;"B/%( -"?#( 7#0( 1*( 70%.*( YROWD OD FHUWH]]D H OD SUHVXQ]LRQH GHOOD )LUHQ]H DQWLTXDULD '+%*-%?*,"(*1(&"'7#$$"(-:%,G;%#$*,$%('&#,*0%9(?#0%(#('"B,*,$%( DG XQ WHPSR FUXGL PD RIIHUWL VHQ]D PHGLD]LRQH D VHQVLELOLWj FKH YL ULFRQRVFHYDQR OH VWHVVH HPDUJLQD]LRQL PHWURSROLWDQH )0#G;#,$*$#(-*B1%(*.#0%&*,%(-#11*(!"7(A0$3 'L &DQWLQL QHJOL DQQL µ VL DQQRYHUDQR OH SDUWHFLSD]LRQL DOOH %LHQQDOL GL %LOEDR H 3DULJL H XQD VHULH GL FROOHWWLYH LQ ,WDOLD -29+,2#8<=,&+9(*(&;0*(-%(J0;,"( &RUj $FFDGHPLD GHOOH %HOOH $UWL 3HUXJLD >32??39( &RPXQH GL 0ROIHWWD H DOO¶HVWHUR @&3.+,2,3# 83# 2,&+# /%.&+9*%,2.+29( S;'#"( -%( A0$#( F",$#.7"0*,#*( F*1";'$#( *XEHONLDQ /LVERQD A0$%'$*(%,&1%,*$"(*1('%,&0#$%'."(-#11#(*0$%(>()"$"B0*)"(%.7#B,*$"( LQ XQD TXDOL¿FDWD DWWLYLWj QHOO¶DPELWR GHOOD PRGD GHO -#'%B,9(-#11*(7;++1%&%$T(#(-#11:#-%$"0%*(>(*(G;#11:;,%",#(G;*'%( ,*$;0*1#( -%( 0#*1$T( #( .%$"9( 7"#'%*( -%( #'70#''%",#( &"07"0#*9( FRQWLQXLWj GHOOD VWRULD H PHGLWD]LRQH GHO SUHVHQWH FKH KD -*$"( &",,"$*$%( 7#&;1%*0%( *-( ;,:%.7"0$*,$#( '$*B%",#( -#11*(
&%?%1$T( $"'&*,*( -#1( '#&"1"( *77#,*( $0*'&"0'"9( *,&"0*( ,#B1%( *,,%(U"?*,$*(#(6;#.%1*( 70"'#B;#(%,(;,*(&"'$*,$#(*$$%?%$T( HVSRVLWLYD LQ VSD]L SULYDWL *DOOHULD *HQLXV AB3.83/3#,3&,2&&3#3.# C%66%#D3%,+.&3.% 3LVWRLD H SXEEOLFL 9LOOD 5RPDQD 4%**3%6%?.% )LUHQ]H 0XVHR 0DULQR 0DULQL E.# *+,/%,6%# .+5# &+9*%# FGH"I'""" )LUHQ]H *DOOHULD G¶$UWH 0RGHUQD 3DOD]]R 3LWWL J+5# 6+?.%# 83# *%3 )LUHQ]H 9LOOD 3DFFKLDQL K32,83.%# .+552# /2629( C*,$*&0"&#( VXOO¶$UQR .XOWXU%DKQKRI =,&+9%L35+ .DVVHO 3DOD]]R 9HFFKLR 6DOD '¶$UPH =,&+9%L35+ )LUHQ]H /LPRQDLD $UWH 9LOOD 9RJHO 4+55<3./2.&%# 83# 5B%?73# +# ¿JXUH %HUWRFFL H &DQWLQL )LUHQ]H *DOOHULD 8VFKHU )RWRJUD¿D H SLWWXUD /XFFD %LEOLRWHFD &RPXQDOH @# ?32,83.3#8+55<3./2.&% /DVWUD D 6LJQD
!"#$%& !"'()')( /*'( ="0@#-( %,( &1"'#( &",$*&$( =%$/( *0$%'$'( VLQFH WKH V KLV OHQV LQYHVWLJDWLQJ WKH YHU\ JHQHVLV RI ="0@'(+2(J;00%9(F#0"1%9(C*1?*-"0%9(J*B,"1%9(;7($"(J;0#,9(=%$/( 0#';1$'(")(7"#$%&(%,$0"'7#&$%",(*,-9(*$($/#('*.#($%.#9(&0%$%&*1( 0#'7",'%+%1%$2(%,(0#&"0-%,B($/#(0#*1%'*$%",(")($/#(&0#*$%?#(*&$( %,(%.*B#'3J#1",B%,B($"($/#'#(2#*0'(*0#($/#('"1"(#E/%+%$%",'( !"# $%&%# '()!"# *+,# -%./+&&%# 0%112&3( K!"# '()!"# *7%&%6# $%,# -%./+&&%#0%112&3 *DOOHULD 'H¶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
+#$=#HQ WKH V DQG V ZHUH LQFLQHUDWRUV DTXHGXFWV GRUPLWRULHV SXEOLF WRLOHWV SODFHV ZKHUH IRU WKH ¿UVW WLPH WKH �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¿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	( VWWWO( S;'#"( S*0%,"( S*0%,%9( E.# *+,/%,6%# .+5# &+9*%# FGH"I'"""# M02&7# &7,%B?7# Q39+# FGH"I'"""N )ORUHQFH *DOOHULD G¶$UWH 0RGHUQD 3DOD]]R 3LWWL J+5#6+?.%#83#*%3#MR3&7#S3.863?7&N9( )ORUHQFH 9LOOD 3DFFKLDQL K32,83.%#.+552#/262#MS%9+# K2,8+.N 6DQWD &URFH VXOO¶$UQR .XOWXU%DKQKRI $UWHPRELOH 0RELOH$UW .DVVHO 3DOD]]R 9HFFKLR 6DOD 6:A0.#9($UWHPRELOH 0RELOH$UW )ORUHQFH /LPRQDLD $UWH 9LOOD 9RJHO 'HOO¶LQFDQWR GL OXRJKL H ¿JXUH %HUWRFFL H &DQWLQL 2I WKH (QFKDQWPHQW RI 3ODFHV DQG )LJXUHV %HUWRFFL DQG &DQWLQL )ORUHQFH *DOOHULD 8VFKHU )RWRJUD¿D H *3&&B,2#M07%&%?,2*7P#2.8#023.&3.?N /XFFD PXQLFLSDO 1%+0*029(@#?32,83.3#8+55<3./2.&%#MT./72.&+8#K2,8+.6N /DVWUD D 6LJQD
!"#$%&!"'()')
*)"+,"%$%&-)&!%!!%
+(#5*66/*#0/#34*% * $ / / ( 5 , $ , / 3 2 1 7 ( ) , 5 ( 1 = (
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j FRPH SLWWRUH HQ SOHLQ DLU H FLQHDVWD FRPSRQHQGR YDUL ¿OPV DQFKH FRPH FDUWRQL DQLPDWL LQ IRUPDWR ULGRWWR 1HO VXR WHVWR GHO 7/&'8"# 01"49/%9"# /&# :*%$"&"# ;<=>?# ;<@A 6LOYLD /XFFKHVL LQVHULVFH VHGLFL WLWROL GHO GL &RFFR WUD L ¿OP FRVWLWXWLYL GHOOD VFHQD DUWLVWLFD ¿RUHQWLQD
!"#$%&!"'()') *)"+,"%$%&-)&!%!!%
+(#5*66/*#0/#34*% "#$,4"#0/&
/0&1)"23"%$%&4)&!%55% !"#$"%"#&'(#)*%$* ODWWD FDQGHOD IRWRJUD¿D [ [ FP
O"()$49&M+$9% RWWREUH QRYHPEUH
&DUOR &DQWLQL +#(,*-./#0'((1"))"&0*&*6&/777 WUH VWDPSH IRWRJUD¿FKH VX FDUWD EDULWDWD GD QHJDWLYR FRORUH [ FP FDG
*LDPSDROR GL &RFFR &LQHSODWRQLFD ,,, ODWWD EURQ]R FDQGHOD IRWRJUD¿D [‘ FP
*LDPSDROR GL &RFFR &LQHSODWRQLFD ,9 ODWWD FDQGHOD IRWRJUD¿D [‘ FP
//0&1)"23"%$%&4)&!%55% &LQHSODWRQLFD 9 ODWWD FDQGHOD IRWRJUD¿D [ [ FP
*LDPSDROR GL &RFFR $% ODWWD FDQGHOD IRWRJUD¿D [ [ FP &DUOR &DQWLQL 1DUFLVR WUH VWDPSH IRWRJUD¿FKH VX FDUWD EDULWDWD GD QHJDWLYR ELDQFR QHUR [ FP FDG
IRWRJUD¿H
!"#$%&!"'()')
*LDPSDROR GL &RFFR !"#&"2'#0/#34*% ODWWD FDQGHOD IRWRJUD¿D [ [ FP
WUDGX]LRQH LQ LQJOHVH
.DUHQ :KLWWOH XI¿FLR VWDPSD
*LDPSDROR GL &RFFR ((#(/)4*#0'(('#$"%'#0/#34*%#+ ODWWD VPDOWR FDQGHOD IRWRJUD¿D [ [ FP
*+,"''"&-".)"') LPSDJLQD]LRQH JUD¿FD
)UDQFHVFR 8UVLQR
70&!"#$%&!"'()') 1RVWDOJLD /777 WUH VWDPSH IRWRJUD¿FKH VX FDUWD EDULWDWD GD QHJDWLYR FRORUH [ FP FDG
*LDPSDROR GL &RFFR +(#(/)4*#0'(('#$"%'#0/#34*%#++ ODWWD VPDOWR FDQGHOD IRWRJUD¿D [ [ FP
*LDPSDROR GL &RFFR &LQHSODWRQLFD 9 ODWWD FDQGHOD IRWRJUD¿D [ [ FP &DUOR &DQWLQL /¶LVROD ULWURYDWD WUH VWDPSH FLEDFURPH [ FP FDG &DUOR &DQWLQL )RUP$]LRQH &/777 WUH VWDPSH IRWRJUD¿FKH VX FDUWD EDULWDWD GD QHJDWLYR FRORUH [ FP FDG *LDPSDROR GL &RFFR SDUW /D FDVD QHO ERVFR *LDPSDROR GL &RFFR SDUW &LQHSODWRQLFD ,9 *LDPSDROR GL &RFFR SDUW &LQHSODWRQLFD ,,,
*$//(5,$ (',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
'HL VXRL SDQQHOOL OXPLQRVL GHJOL DQQL ¶ VL RFFXSDQR /DUD 9LQFD 0DVLQL H 0DULVD 9HVFRYR 6L ODXUHD LQ DUFKLWHWWXUD QHO ¶ OD WHVL YLQFH LO SULPR SUHPLR GHOOD )RQGD]LRQH 3RQWHOOR 'L &RFFR LQL]LD D FRPSRUUH LQVWDOOD]LRQL DPELHQWDOL JLj QHO ¶ FRQ XQD FRPSRVL]LRQH WHPDWLFD VXOO¶DOFKLPLD DOOD 6WUR]]LQD GL )LUHQ]H VHPSUH QHO ¶ IRQGD FRQ /XFLDQR &DUXVR OD ULYLVWD $EDFR WXWWRUD LQ DWWLYLWj QHO q OD YROWD 4)& @"+,& 8%'& !)59#%6& )'& +'& "33"#("29'(%& 4)& 8)"& !"8%+#& "& )LUHQ]H VHULH GL LQVWDOOD]LRQL QHO EXLR YLVLELOL SHU OD GXUDWD GL XQD FDQGHOD DFFHVD 1HO IUDWWHPSR q DWWLYR FRPH DUFKLWHWWR LQ WXWWD OD 7RVFDQD LQWHUYHQHQGR QHOOD UHGD]LRQH GL 3LDQL 8UEDQLVWLFL JHQHUDOL H SDUWLFRODUHJJLDWL 'XUDQWH JOL DQQL µ 4)& !%55%& ,)& "33#%3#)"& 49=$)& ,(#+29'()& 3)((%#)5)6& 5>9& 9=$)& +,"& 39#&"$$%="#9&,+$$"&(9$"&)&,+%)&2%49$$)')&4)&	$)(()&9&(#%239&$E%9)$6& LQ XQ JLRFR LQWHQVR WUD OD VHFRQGD H OD WHU]D GLPHQVLRQH *LOOR 'RUÀHV VFULYH D SL ULSUHVH GHO ODYRUR GHO GL &RFFR GL P+9,(%&39#)%4%0 1HO KD LQL]LR OD VHULH GHOOH JUDQGL LQVWDOOD]LRQL DPELHQWDOL 5>9&3%#("'%&'9$$"&(#)4)29',)%'"$)(V&9&'9$$E"#5>)(9((+#"&&$"&89'"& VFHQRJUD¿FD H XUEDQLVWLFD GHO GL &RFFR JLj HVSUHVVD QHOOH ,+9& 3)((+#9H& 5%'& B&/8"(/"DE4"&0/# F",G4"-/# H++6& 3#9,9'("("&& DO 3DOD]]R 'DWLQL GL 3UDWR GD 2PDU &DODEUHVH GL &RFFR (#%8"&+'"&3#)2"&,)'(9,)&(#"&$9&,+9&4)89#,9&"')29&0&D)&!%55%& VFHJOLH OR VFHQDULR DUFKLWHWWRQLFR SULPD GL UHDOL]]DUYL OH VXH PDFFKLQH PRUHQWL H ]RRPRUIH 1HO ¶ WURYD QHOOD VWD]LRQH 49$$ES$:23)"&*("4)%'&4)&I9#$)'%&)$&39#?9((%&,59'"#)%&39#&)$&,+%& N(O86/"DP'66'(/&# +++ 0DUVLJOLD 3LVWRLD *HQRYD .DVVHO !%$%')"&&,%'%&(#"&$9&5)((V&4%89&4)&!%55%&(#%8"&=$)&,59'"#)&"4"(()& SHU OH VXH QXRYH LQVWDOOD]LRQL VFHQRJUD¿FKH D 'XLVEXUJ ODYRUD SHU LO SDUFR GHOOD 'HXWVFKH %DQN D 6NDJHQ '. SHU LO )RUXP /XGZLJ GL $DFKHQ D *LEHOOLQD SHU LO ORFDOH PXVHR D 6HJJLDQR SHU OD )RQGD]LRQH 'DQLHO 6SRHUUL D )LUHQ]H SHU $EB,()(+(%&!+$(+#"$9&-#"'59,9&9550 ,PSRUWDQWL DUWLFROL FRPSDLRQR VXOOD VWDPSD LQWHUQD]LRQDOH 3LHUUH 5HVWDQ\ JOL GHGLFD XQ YDVWR VFULWWR VX 'RPXV $WWLOLR 6WRFFKL VX $ELWDUH q DQFRUD 'RUÀHV D SUHVHQWDUH OD VXD JUDQGH SHUVRQDOH DOOD )RQGD]LRQH 0XGLPD GL 0LODQR QHO 'DO FRVWUXLVFH LQVWDOOD]LRQL SHUPDQHQWL QHJOL VSD]L FLWWDGLQL FRQ OD GH¿QL]LRQH GL SLD]]H H VLWXD]LRQL XUEDQH "& -%$$%')5"6& I"#.9#)'%6& *)='"6& I)9$$"6& !%$%')"6& O"$$%#5"& 9&& "$(#9&5)((V6&=)+'=9'4%&5%,W&"&5%23)9#9&)$&3#%3#)%&)(9#&5#9"()8%& FRQ ODYRUL FKH ULXQLVFRQR WXWWH OH VXH FRPSHWHQ]H 1HO O¶,VWLWXWR ,WDOLDQR GL &XOWXUD GL 1HZ <RUN RVSLWD XQD VXD LPSRUWDQWH SHUVRQDOH H OD *DOOHULD &RPXQDOH G¶$UH]]R XQD ,+"&3#)2"	(#%,39(()8"&3#9,9'("("&4"&O"()$49&M+$9%0 1HO SXEEOLFDWR GD *LDQIUDQFR 0RQWL DSSDUH LO VXR E"("? 9'*# 0'((1"49/%9"# 64/&$/6/"&9'6& 3#9,9'("(%& 4"$$E"2)5%& 1)+,9339& 3RQWLJJLD PHQWUH QXPHURVL DUWLFROL VXOO¶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¶DUWH H G¶DUFKLWHWWXUD QHO YLQFH D 9LER 9DOHQWLD LO SUHPLR /LPHQ $UWH SHU XQ¶RSHUD GL VFXOWXUD 1HO IRQGD D %HUOLQ .XQRZ LO &HQWUR SHU OH DUWL 5%'(923%#"'99&N."5%&*3"590 *./01/232& 4.& !2552 )ORUHQFH KDV GHYHORSHG KLV 8),+"$&"'4&39#593()89	,9"#5>&(>#%+=>&8"#)%+,&4),5)3$)'9,6& ?#%2&"#5>)(95(+#9&(%&(>9&8),+"$&"#(,6&?#%2&A%+#'"$),2&(%&'%'G
¿FWLRQ DQG QDUUDWLYH 7KLV UDQJH RI DFWLYLWLHV KDYH OHG KLP (%& (#"89$6& ,(+4:& "'4& ;%#<& )'& 8"#)%+,& 5%+'(#)9,& "'4& (%& $9"#'& 8"#)%+,&$"'=+"=9,6&=)8)'=&>),&39#,%'"$&8),)%'&;)(>	="#4&(%& (>)'=,&"	$"()89&"'4&5>"'=)'=&",395(6&)'&(>9&<'%;$94=9&%?& (>9& 39#2"'9'(& .%'4& .9(;99'& (>9& ,"29& (>)'=,0& @9& .9="'& >),&;%#<&",&"&3")'(9#&'('/&#"/4 DQG ¿OP PDNHU YHU\ HDUO\ RQ DOVR FRPSRVLQJ YDULRXV ¿OPV DV VKRUW OHQJWK FDUWRRQV ,Q KHU WH[W IURP 7/&'8"#01"49/%9"#/&#:*%$"&"#;<=>?;<@A6& 6LOYLD /XFFKHVL LQFOXGHG VL[WHHQ WLWOHV E\ 'L &RFFR DPRQJ WKH ¿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ÀHV ZURWH ".%+(& D)& !%55%E,& ;%#<& %'& ,989#"$& %55",)%',& 4+#)'=& (>),& 39#)%40&
,Q KH EHJDQ WKH VHULHV RI ODUJH HQYLURQPHQWDO )',("$$"()%',& ;>)5>& .#%+=>(& (>9& ,59'%=#"3>)5& "'4& +#."'& 3$"'')'=& 89)'& (>"(& D)& !%55%& >"4& "$#9"4:& 9F3#9,,94& )'& >),& 3")'()'=,& (%& "#5>)(95(+#9& "'4& (>9& (>#99G4)29',)%'"$& ,3>9#9H& ;)(>& B&/8"(/"DE4"&0/# F",G4"-/# H++# IB&/8"(/"DE4'"9# J./6K4'$L%# H++M SUHVHQWHG DW 3DOD]]R 'DWLQL LQ 3UDWR E\ 2PDU &DODEUHVH 'L &RFFR IRXQG D ¿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ÀHV ZKR SUHVHQWHG >),&=#9"(&,%$%&9F>).)()%'&"(&(>9&0XGLPD&-%+'4"()%'&)'&O)$"'& LQ 6LQFH KH KDV EXLOW SHUPDQHQW LQVWDOODWLRQV LQ (%;'& ,3"59,6& 5>"#"5(9#),)'=& ,P+"#9,& "'4& +#."'& ,)(+"()%',& )'& -%$$%')5"6& I"#.9#)'%6& *)='"6& I)9$$"6& !%$%='96& O"$$%#5"& "'4& %(>9#& (%;',6& >9'59& 5%23$9()'=& >),& 5#9"()89& 3"(>& ;)(>& ZRUNV WKDW FRPELQH DOO KLV VNLOOV ,Q WKH ,WDOLDQ ,QVWLWXWH %?&!+$(+#9&)'&Q9;&R%#<&>%,(94&"'&)23%#("'(&,%$%&9F>).)()%'& DQG WKH *DOOHULD &RPXQDOH G¶$UH]]R D ¿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