y4307s

Vista previa del material en texto

Todos los derechos reservados. Se autoriza la reproducción y difusión de
material contenido en este producto informativo para fines educativos u otros
fines no comerciales sin previa autorización escrita de los titulares de los
derechos de autor, siempre que se especifique claramente la fuente. Se
prohíbe la reproducción del material contenido en este producto informativo
para reventa u otros fines comerciales sin previa autorización escrita de los
titulares de los derechos de autor. Las peticiones para obtener tal
autorización deberán dirigirse al Jefe del Servicio de Gestión de las
Publicaciones de la Dirección de Información de la FAO, Viale delle Terme
di Caracalla, 00100 Roma, Italia, o por correo electrónico a
copyright@fao.org
! !"#$%&&'
Las denominaciones empleadas en esta publicación y la forma en
que aparecen presentados los datos que contiene no implican,
de parte de la Organización de las Naciones Unidas para la
Agricultura y la Alimentación, juicio alguno sobre la condición
jurídica de países, territorios, ciudades o zonas, o de sus
autoridades, ni respecto de la delimitación de sus fronteras o
límites.
ISBN 92-5-304846-8
()*+,-./
"#$%&'(')*'$+,#-.')$/,&.0$%0&*'$1'$#0$('&2'$3456$"(*-12,(
(,7&'$8')')920$1'$#0$82'&&0:$%&'%0&010$%,&$'#$;'&+292,$1'
8')')920$1'$#0$82'&&0:$1'$#0$<2&'992=)$1'$<'(0&&,##,$>-&0#?
@0$*')')920$1'$#0$*2'&&0$1'('.%'A0$-)$%0%'#$/-)10.')*0#
%0&0$'#$#,B&,$1'#$1'(0&&,##,$&-&0#$(,(*')27#'?$@0$2)*')(2/290C
92=)$1'#$90.72,$*'9),#=B29,$D$1'$#0$2)*'B&092=)$'9,)=.290
'(*E$,7#2B0)1,$0$0-*,&2101'($%F7#290(:$&'(%,)(07#'($1'$#0
%#0)2/29092=):$'G%'&*,($')$1'(0&&,##,$D$%&,1-9*,&'($&-&0#'($0
&'+2(0&$#,($.'90)2(.,($2)(*2*-92,)0#'($-*2#2H01,($%0&0$1'92C
12&$I-2J)$*2')'$#,($1'&'9K,($D$(,7&'$I-J$&'9-&(,(:$9,)$I-J
/2)'($#,($%-'1'$-*2#2H0&$D$1-&0)*'$9-E)*,$*2'.%,?
"(*0($%EB2)0($*2')')$9,.,$/2)0#2101$0D-10&$0$I-2')'($%0&C
*292%0)$')$#0$'L'9-92=)$1'$%&,D'9*,($D$%&,B&0.0($1'$1'(0&&,C
##,$&-&0#:$.E($I-'$0$I-2')'($('$1'1290)$'G%&'(0.')*'$0$#0
&'/,&.0$0B&0&20$,$0$09*2+2101'($1'$01.2)2(*&092=)$1'$*2'&&0(?
M-9K0($+'9'($#,$I-'$,9-&&'$'($I-'$#0($9-'(*2,)'($&'#092,)0C
10($9,)$#0$*')')920$1'$#0$*2'&&0$('$1'L0)$1'$#01,$,$),$('$')*2')C
1')$1'7210.')*'$')$#0($2)*'&+')92,)'($1'$1'(0&&,##,$&-&0#:$#,
I-'$%&,1-9'$9,)$/&'9-')920$'/'9*,($1-&01'&,($D$.-D$)'B0*2C
+,(?$N,&$'##,:$K'.,($%&'%0&01,$'(*0$B-O0$%&E9*290$%0&0$0D-C
10&$ 0$ 9,.%&')1'&$ 1=)1'$ D$ %,&$ I-J$ '($ %&,707#'$ I-'$ #0
*')')920$1'$#0$*2'&&0$9,)(*2*-D0$-)$*'.0$2.%,&*0)*'$')$#,(
%&,D'9*,($D$%&,B&0.0($1'$1'(0&&,##,$&-&0#?$
"(*0$B-O0$2)*'B&0$#0($')('A0)H0($0%&')1210($.'120)*'$'#
'G0.')$1'$)-.'&,(0($%-7#29092,)'(:$.E($#0$'G%'&2')920
,7*')210$1-&0)*'$#0&B,($0A,($1'$*&070L,$')$%&,D'9*,($1'$1'(C
0&&,##,$&-&0#?$
3,&.0$%0&*'$1'#$%&,B&0.0$1'#$;'&+292,$1'$8')')920$1'$#0
82'&&0$')$&'(%-'(*0$0$#0$%&',9-%092=)$B#,70#$1'$#0$345$%,&$#0
('B-&2101$0#2.')*0&20$D$#0$&'1-992=)$1'$#0$%,7&'H0?$"#$1'(C
0&&,##,$0B&O9,#0$D$&-&0#$(,(*')27#'$'($-)0$'(/'&0$1'$09*2+2101
.0
/-)10.')*0#:$D0$I-'$'#$.0D,&$099'(,$0$#0$*2'&&0$%,&$%0&*'$1'
#,($%,7&'($P')$%0&*29-#0&:$#0($.-L'&'(:$#0($.2),&O0($D$,*&,(
B&-%,($1'(/0+,&'921,(Q$I-'$1'('0)$'.%&')1'&$09*2+2101'(
0B&O9,#0($'($-)$0(%'9*,$9#0+'$I-'$.-9K0($+'9'($('$&'#'B0$0
('B-)1,$%#0),$,$),$('$9,.%&')1'$1'7210.')*'?$"(*'$#27&,:
9,.,$,*&,($1'$#0$('&2':$),$*&0*0$1'$('&$'GK0-(*2+,:$(2),$.E(
72')$%&'(')*0&$-)0$&'/#'G2=)$(,7&'$#,$I-'$#0$345$D$(-($)-.'C
&,(,($9,#07,&01,&'($2)*'&)092,)0#'($K0)$1'(9-72'&*,$9,.,
R7-')0($%&E9*290(S$%0&0$'#$1'(0&&,##,$0B&O9,#0$D$&-&0#$(,(*'C
)27#'?$T,)$'##,$('$2)*')*0$0D-10&$0$#,($,/2920#'($*J9)29,($1'
#,($%0O('($.2'.7&,($D$0$,*&0($0-*,&2101'($(-%'&2,&'($')90&C
B010($1'#$1'(0&&,##,$&-&0#$D$0$#,($,/2920#'($1'$90.%,$1'$#0
345?$@0$<2&'992=)$1'$<'(0&&,##,$>-&0#$1'$#0$345$'(%'&0
9,)$2)*'&J($.0)*')'&$#0$9,#07,&092=)$9,)$(-($)-.'&,(,(
1'(*2)0*0&2,(?$
!"#$%$&$"'()*(#)
<2&'9*,&$$
1'$<'(0&&,##,$>-&0#
123.-*
N&'/092, 222
4B&01'92.2')*,( +2
45$6789#:;<<6=7 4
%5$(#9$>;?$@A$6B(#98"78@$C"8@7@7<6":@$C"86@99" D
'5$>;?$@A$C"8@7@7<6":@$C"86@99" E
8*2*2-.,$3*$F,$G.*)), E
"3H.2.IG),-.J2$3*$G.*)),I 4D
"--*I/$,$F,$G.*)), 4E
A*KL).3,3$3*$F,$G*2*2-., %%
M5$(#9$>;?$:@N@$8@7@9A@$@7$<;@78"C"8@7@7<6"
:@$C"86@99"@7$@C:6A@O#$:@$C#A$(9#P@<8#A %Q
<L*IG./2*I$,HR.*2G,F*I$ %Q
<L*IG./2*I$)*F,-./2,3,I$-/2$*F$KS2*)/ %E
</2+F.-G/T$H.K),-.J2$U$V)/-*I/I$3*$)*I/FL-.J2 '%
62G*))*F,-.J2$*2G)*$F,I$3.IG.2G,I$-L*IG./2*I$$ 'D
D5$<=B#$67<C;69$C"8@7@7<6":@$C"86@99"@7$@C:6A@O#$
:@$C#A$(9#P@<8#A$ 'E
"2WF.I.I$3*$F,$G*2*2-.,$3*$F,$G.*)), 'E
<)/2/F/KX,$3*$F,I$,V/)G,-./2*I$)*F,G.0,I$,$F,$G*2*2-.,$3*$F,$G.*)), M4
</2/-.H.*2G/I$GS-2.-/I$U$*YV*).*2-.,$)*ZL*).3/I M%
[)*,I$3*$.2+/)H,-.J2$*2$*F$3.I*\/$U$I*KL.H.*2G/$3*$F/I$V)/U*-G/I$ M'
(/I.RF*I$,I/-.,3/I$F/-,F*I$ MD
]5$#NA@9^"<6#7@A$!67"C@A MQ
_C#A"96# ME
(;NC6<"<6#7@A$:@$678@9?A DQ
0.
"K),3*-.H.*2G/I
!"#$%&'(#)%$*+,"$,'"'-'*+,)"+.'/0+1/%")23'/"$4
.')0)+5"),,)4+6-"#'%'+7$""$"'4+8)%'&9'%+:#%-*';4
.'/0+1'&9#$/4+<'=#-+.'0>$"?
5"/,)+ -$+ $@'>$%A+ B>>'%/$0+ C9$%D/4+ .'>$0'
.)E'"%;4+8/0#'%+F/'%4+1'"#'+5"'E#'+F/#$&#4+3"#&E
G$>H)0-4+8)0;%$+I'%J'K4+C'>#00'+L)/0>#%4+G#(9'"-
L"$%(9'"-?
45$62G)/3L--.J2
@0$%&'(')*'$B-O0$&'/#'L0$'#$9&'92')*'$&'9,),92.2')*,$I-'$'G2(*'$1'$I-'$'#
099'(,$0$#0$*2'&&0$'($9,)$/&'9-')920$1'92(2+,$%0&0$I-'$#,($K,B0&'($+-#)'&0C
7#'($%-'10)$12(/&-*0&$1'$.'12,($1'$(-7(2(*')920$&-&0#'($(,(*')27#'(?$@0
('B-&2101$')$'#$099'(,$0$#0$*2'&&0:$('0$.'120)*'$%&,9'12.2')*,($/,&.0#'(:
2)/,&.0#'(:$9,)(-'*-12)0&2,($,$1'$,*&,$*2%,:$'($9,)1292=)$)'9'(0&20$%0&0
I-'$#,($K,B0&'($&-&0#'($B,9')$1'$'(,($.'12,($D$'($-)$9,.%,)')*'$2.%,&C
*0)*'$1'#$1'(0&&,##,$(,(*')27#'?$T,.,$('$2#-(*&0$')$'(*0$B-O0:$#0$('B-&2101$1'
099'(,$'($-)$9,)9'%*,$&'#0*2+,$D$#,($0*&27-*,($1'$'(*0$('B-&2101$90.720)$1'
-)$9,)*'G*,$0$,*&,?$@,($%&,7#'.0($1'$*')')920$1'$#0$*2'&&0$9,)*&27-D')$9,)
/&'9-')920$1'$.0)'&0$1'92(2+0$0$#0$2)('B-&2101$0#2.')*0&20:$0$#0$#2.2*092=)
1'$,%,&*-)2101'($1'$(-7(2(*')920$D$%,&$#,$*0)*,:$0$#0$%,7&'H0?$N,&$'##,:$'#
099'(,$('B-&,$0$#0$*2'&&0$1'7'$*')'&('$%&'(')*'$0#$/,&.-#0&$(,#-92,)'($%0&0
(2*-092,)'($'(%'9O/290($1'$1'(0&&,##,$&-&0#$,$1'$2)('B-&2101$0#2.')*0&20?
"##,$&'I-2'&'$'#$&'9,),92.2')*,$D$&'(,#-92=)$1'$#,($%&,7#'.0($&'#092,)01,(
9,)$#0$*')')920$1'$#0$*2'&&0:$D0$1'(1'$#0($%&2.'&0($/0('($1'$#,($%&,D'9*,($1'
1'(0&&,##,$&-&0#?$
")$'(*0$B-O0:$0#$K09'&$&'/'&')920$0$#0$*')')920$1'$#0$*2'&&0$),$('$*2')'$(,#0C
.')*'$')$9-')*0$'#$099'(,$0$#0$*2'&&0:$(2),$I-'$('$2)9#-D'$*0.72J)$'#$099'(,$0
,*&,($&'9-&(,($)0*-&0#'(:$9,.,$'#$0B-0$D$#,($E&7,#'(:$I-'$%-'1')$('&$/-)10C
.')*0#'($%0&0$#0$(-7(2(*')920$1'$#0($%'&(,)0(?$N0&0$.0D,&$9,.,12101:$('
-*2#2H0$'#$*J&.2),$R099'(,$0$#0$*2'&&0S$%0&0$K09'&$&'/'&')920$*0.72J)$0$,*&,(
&'9-&(,($)0*-&0#'(?
"#$,7L'*2+,$1'$#0$%&'(')*'$B-O0$'($,/&'9'&$0D-10$0$I-2')'($'(*E)$'+0#-0)1,$D
12('A0)1,$&'(%-'(*0($01'9-010($%0&0$(2*-092,)'($1'$2)('B-&2101$0#2.')*0C
&20$D$1'(0&&,##,$&-&0#?$;'$&'9,),9'$I-'$'(*,($1'(*2)0*0&2,($%&,9'1')$1'$-)0
B&0)$12+'&(2101$1'$0.72')*'($0901J.29,($D$%&,/'(2,)0#'(:$%'&,$I-'$%,9,(
*2')')$90%092*092=)$')$9-'(*2,)'($&'#092,)010($9,)$#0$*')')920$1'$#0$*2'&&0:
('0$1'$.0)'&0$/,&.0#$,$2)/,&.0#?$4-)I-'$#0$B-O0$'(*E$1'(*2)010$/-)10.')C
*0#.')*'$0$#,($&'(%,)(07#'($1'$/,&.-#0&$#,($%&,D'9*,($1'$1'(0&&,##,$&-&0#:$(-
4L$%$%(#'+-$+0'+&#$""'+;+-$*'"")00)+"/"'0
U?U
U?V
U?W
9,)*')21,$1'7'$('&$*0.72J)$1'$2)*'&J($%0&0$I-2')'($*&070L0)$')$%&,B&0.0(
1'$1'(0&&,##,$.E($0.%#2,(?
@,$I-'$('$%&'*')1'$9,)$'(*0$B-O0$'($2)1290&$1=)1'$D$%,&$I-J$#0$*')')920$1'$#0
*2'&&0$'($-)0$9-'(*2=)$2.%,&*0)*'$%0&0$#0$('B-&2101$0#2.')*0&20$D$#0$(,(*')2C
72#2101$1'$#,($.'12,($1'$+210$&-&0#'(?$;'$1'/2)'$'#$9,)9'%*,$1'$*')')920$1'
#0$*2'&&0$D$#0$/,&.0$')$I-'$('$01.2)2(*&0$')$12/'&')*'($(2*-092,)'(?$"#$0)E#2C
(2($1'$9=.,$/-)92,)0$')$#0$%&E9*290$#0$*')')920$1'$#0$*2'&&0$X9,.,$1'.-'(C
*&0$'#$%&,7#'.0$%&E9*29,$1'$1'*'&.2)0&$I-2J)$*2')'$099'(,$0$#0$*2'&&0:$')$I-J
9,)1292,)'($D$%,&$9-E)*,$*2'.%,X$'($/-)10.')*0#$D$1'/2)'$#0($9-'(*2,)'(
9#0+'($1'#$099'(,$D$1'$#0$('B-&2101$1'#$.2(.,?$41'.E(:$%,)'$1'$.0)2/2'(*,
#0($12(*2)*0($%0&*'($2)*'&'(010($')$#0$*2'&&06$I-2J)'($#0$9,)*&,#0):$I-2J)'($#0
-*2#2H0)$D$I-2J)'($X')$.-9K,($90(,(:$.-L'&'(:$%,7#092,)'($2)1OB')0($D,*&,($B&-%,($1'(/0+,&'921,(X$),$*2')')$*2'&&0($,$),$%-'1')$%&'(')*0&$*O*-C
#,($/'K092')*'($1'$%&,%2'101$1'$#0$.2(.0?$
")$#0$B-O0$('$0)0#2H0)$9,)*'G*,($2.%,&*0)*'($')$I-'$#0$*')')920$1'$#0$*2'&&0
9,)(*2*-D'$09*-0#.')*'$B&0+'$.,*2+,$1'$%&',9-%092=)?$T07&O0$92*0&$')$%0&C
*29-#0&$#0($(2*-092,)'($')$I-'$'#$0-.')*,$2)(,(*')27#'$1'$#0$%&'(2=)$(,7&'$#,(
&'9-&(,($1'$*2'&&0(:$,$#0$2)('B-&2101$1'$(-$*')')920:$10$#-B0&$0$#0$1'B&010C
92=)$0.72')*0#$D$#,($90(,($')$I-'$#0$12(9&2.2)092=)$1'$099'(,$0$#0$*2'&&0$%,&
&0H,)'($1'$BJ)'&,$.0&B2)0$0$1'*'&.2)01,($2)12+21-,(:$K,B0&'($D$9,.-)2C
101'(?$")$,*&0($(2*-092,)'(:$#,($9,)/#29*,($(,)$%&,+,901,($%,&$')/&')*0C
.2')*,($(,7&'$'#$099'(,$,$%-'1')$12/29-#*0&$*,10+O0$.E($#0$&'(,#-92=)$1'
'(*,($%&,7#'.0($1'$099'(,?$<29K,($9,)/#29*,(:$9,)$(-($9,&&'(%,)12')*'(
%'&*-&7092,)'(:$.2B&092,)'($D$1'(%#0H0.2')*,(:$%&'(')*0)$B&0)1'($1'(0/OC
,($1'(1'$#0$%'&(%'9*2+0$1'$#0$*')')920$1'$*2'&&0(?$
@0$2)/,&.092=)$%&'(')*010$')$'(*0$B-O0$%-'1'$('&$+0#2,(0$%0&0$I-2')'($*&0C
70L0)$')$%&,D'9*,($1'$1'(0&&,##,$&-&0#$')$*,1,$'#$.-)1,?$;2$72')$('$K0$%&'C
%0&01,$9,)$#0$/2)0#2101$1'$/0.2#20&2H0&$0$#,($#'9*,&'($9,)$'#$9,)*'G*,$D
9-'(*2,)'($9#0+'$1'$#0$*')')920$1'$#0$*2'&&0:$9,)+2')'$('A0#0&$I-'$'(*,($%&,C
7#'.0($+0&O0)$'),&.'.')*'$1'$-)$%0O($0$,*&,:$'$2)9#-(,$1')*&,$1'$-)$.2(.,
%0O(?$41'.E(:$('$*&0*0$1'$%&,7#'.0($.-9K,$.E($9,.%#'L,($D$1'%')1')$1'
% M?+N%&")-/((#O%
U?Y
U?Z
U?[
#0($92&9-)(*0)920($9,)9&'*0($.-9K,$.E($1'$#,$I-'$0I-O$('$1'(9&27':$*0)*,$')
#,$I-'$&'(%'9*0$0$#0($/,&.0($'(%'9O/290($1'$*')')920$9,.,$0$#0($2)*'&&'#092,C
)'($I-'$%-'1'$K07'&$')*&'$#,($12/'&')*'($1'&'9K,($')$#,$I-'$&'(%'9*0$0#$*2'.C
%,:$'(%092,$D$&'9-&(,(?$4(O$%-'(:$'#$,7L'*2+,$1'$#0$B-O0$),$'($,/&'9'&$0#$#'9*,&
2)/,&.092=)$1'*0##010$(,7&'$#0$*')')920$1'$#0$*2'&&0:$(2),$.E($72')$%&'(')*0&
-)0$.'*,1,#,BO0$PT0%O*-#,$ZQ$I-'$%-'1'$-*2#2H0&('$%0&0$#,90#2H0&$0$I-2')'(
%-'1')$0%,&*0&$9,),92.2')*,($'(%'920#2H01,($(,7&'$#0$*')')920$1'$#0$*2'&&0
%0&0$#,($%&,D'9*,($,$%&,B&0.0($1'$1'(0&&,##,?$
'L$%$%(#'+-$+0'+&#$""'+;+-$*'"")00)+"/"'0
%5$(/)$ZLS$*I$.HV/)G,2G*$F,$
G*2*2-.,$3*$F,$G.*)),
")$&'(%-'(*0$0$#0($%&',9-%092,)'($(,7&'$#0$('B-&2101$0#2.')*0&20$D$#0$.2*2C
B092=)$1'$#0$%,7&'H0:$#,($,&B0)2(.,($D$,&B0)2H092,)'($1'$1'(0&&,##,$'(*E)
2)*&,1-92')1,$'(*&0*'B20($I-'$0D-10)$0$09-.-#0&$09*2+,($D$%&,.,+'&$#0
0-*,(-/292')920$1'$#0$%,7#092=)$D$1'$#0($9,.-)2101'($%,7&'(?$")*&'$#0(
2)*'&+')92,)'($907'$92*0&$#0$0D-10$0$#0($%'&(,)0($)'9'(2*010($%0&0$%&,*'B'&
D$0-.')*0&$(-$70('$1'$&'9-&(,($)0*-&0#'(:$.'L,&0&$'#$099'(,$0$#0$*2'&&0$1'
9-#*2+,$.'120)*'$%#0)'($1'$&'0(')*0.2')*,$D$B0&0)*2H0&$#0$('B-&2101$0#2C
.')*0&20$1'$#0($%'&(,)0($+-#)'&07#'(:$')$%0&*29-#0&$#0($.-L'&'(:$#0($.2),&OC
0($D$#,($B&-%,($2)1OB')0(?$
")$.-9K,($90(,(:$#0($&'(%-'(*0($0$#0($%&',9-%092,)'($&'#092,)010($9,)$#0
(,(*')272#2101$0.72')*0#:$#,($9,)/#29*,($(,920#'($D$#0$('B-&2101$0#2.')*0&20
1'$#0($%'&(,)0($+-#)'&07#'($('$+')$9,)1292,)010($%,&$'#$(2(*'.0$1'$*')')920
1'$#0$*2'&&0$D$0#$.2(.,$*2'.%,$2)/#-D')$')$J(*'?$;2$),$('$*2')')$')$9-')*0
'(*0($&'%'&9-(2,)'($1'(1'$'#$9,.2')H,$1'$-)0$2)*'&+')92=)$'($%&,707#'$I-'
('$%&,1-H90)$&'(-#*01,($),$%&'+2(*,($D$I-'$),$('$9,)(2B0$#0$.'L,&0$1'('010?
")$0#B-),($90(,(:$#0$(2*-092=)$%-'1'$2)9#-(,$1'*'&2,&0&(':$%,&$'L'.%#,:
9-0)1,$%,&$2)01+'&*')920$('$1'(%,L0$0$#0$%,7#092=)$1'$(-$1'&'9K,$0$#0$*')')C
920$1'$#0$*2'&&0?$;2*-092,)'($1'$'(*'$*2%,$('$K0)$%&,1-921,:$%,&$'L'.%#,:
9-0)1,$#,($%&,D'9*,($K0)$&'0(')*01,$0$#0$%,7#092=)$1'(%#0H010$')$*2'&&0(
I-':$%,&$'&&,&:$('$K07O0)$90#2/2901,$9,.,$+090)*'(?
@0$'&&0129092=)$1'#$K0.7&'$(-%,)'$0-.')*0&$'#$099'(,$1'$-)0$%'&(,)0$,
/0.2#20$0$#,($0#2.')*,(?$"#$B&01,$1'$('B-&2101$0#2.')*0&20$1'$#,($2)12+21-,(
D$/0.2#20($1'%')1'$')$B&0)$%0&*'$1'$#0($,%,&*-)2101'($I-'$*2')')$%0&0$.'L,C
&0&$(-$099'(,$0$09*2+,($9,.,$#0$*2'&&0:$01'.E($1'#$099'(,$0$#,($.'&901,($D
,*&0($,%,&*-)2101'($'9,)=.290(?$@0($%'&(,)0($9,)$0.%#2,($1'&'9K,($(,7&'
#0$*2'&&0$(,)$')$B')'&0#$.E($90%09'($1'$12(/&-*0&$1'$.'12,($1'$+210$(,(*')2C
7#'($I-'$I-2')'($9-')*0)$(=#,$9,)$1'&'9K,($#2.2*01,($0$'('$09*2+,\$0$(-$+'H:
DL$%$%(#'+-$+0'+&#$""'+;+-$*'"")00)+"/"'0
V?U
V?V
V?W
J(*,($('$')9-')*&0)$')$(2*-092=)$.E($1'(0K,B010$I-'$I-2')'($('$+')$9,.C
%#'*0.')*'$1'(%&,+2(*,($1'$*2'&&0?
@0$*')')920$1'$#0$*2'&&0$'($2.%,&*0)*'$')$#0($2)*'&+')92,)'($1'$1'(0&&,##,
&-&0#$I-'$*&0*0)$1'$.'L,&0&$#0$1,*092=)$1'$09*2+,($1'$#0$%,7#092=)$%0&0$I-'
%-'10)$12(/&-*0&$1'$.'12,($1'$+210$(,(*')27#'(?$;'$%-'1'$9,)(21'&0&$I-'$-)
.'12,$1'$(-7(2(*')920$'($(,(*')27#'$9-0)1,$%-'1'$&'(2(*2&$#0($%&'(2,)'($D$9&2C
(2($D$&'9-%'&0&('$1'(%-J($1'$'##0($D$.0)*')'&$,$0-.')*0&$(-($90%092101'($D
09*2+,($*0)*,$')$'#$%&'(')*'$9,.,$')$'#$/-*-&,$(2)$%,)'&$')$%'#2B&,$#0$70('$1'
&'9-&(,($)0*-&0#'(?$")$'(*'$9,)*'G*,:$#,($.'12,($1'$(-7(2(*')920$9,.%&')C
1')$#0($90%092101'(:$09*2+,($P2)9#-21,($#,($&'9-&(,($*0)*,$.0*'&20#'($9,.,
(,920#'(Q$D$#0($09*2+2101'($9,&&'(%,)12')*'(?$@,($1'&'9K,($1'$%&,%2'101
(,7&'$#0$*2'&&0:$L-)*,$9,)$#0$.0),$1'$,7&0:$/,&.0)$'#$09*2+,$.E($9,.F)$-*2#2C
H01,$%0&0$%&,1-92&$0#2.')*,($1'(*2)01,($0#$9,)(-.,$/0.2#20&:$0(O$9,.,$9-#C
*2+,($9,.'&920#'($I-'$%'&.2*')$0$#0$/0.2#20$,$0$#,($2)12+21-,($(-/&0B0&$,*&0(
)'9'(2101'(:$%,&$'L'.%#,:$#0($&'#092,)010($9,)$#0$(0#-1$D$#0$'1-9092=)?$N,&
'##,:$'(*,($1'&'9K,($9,)(*2*-D')$-),$1'$#,($&'9-&(,($.E($%,1'&,(,($9,)$I-'
9-')*0)$#0($%'&(,)0($%0&0$0-.')*0&$D$0.%#20&$(-$1,*092=)$1'$09*2+,(:$),$(=#,
#0$*2'&&0$D$#0$.0),$1'$,7&0$(2),$*,1,$'#$09'&+,$)'9'(0&2,$%0&0$12(%,)'&$1'
.'12,($1'$+210$(,(*')27#'(:$0$(07'&:$#,($&'9-&(,($)0*-&0#'(:$'#$90%2*0#$(,920#:
K-.0),$D$/2)0)92'&,$D$#,($09*2+,($/O(29,($P32B-&0$UQ?$
] P?+.)"+Q/R+$*+#>,)"&'%&$+0'+&$%$%(#'+-$+0'+&#$""'
V?Y
Activos naturales (tierra y otros)
HumanosSociales
FinancierosFísicos
!6_;9" 4
"-G.0/I$2*-*I,)./I$V,),$-/2G,)$-/2$H*3./I$3*$0.3,$I/IG*2.RF*I
@0$*')')920$1'$#0$*2'&&0$'($2.%,&*0)*'$')$#0($2)*'&+')92,)'($1'$1'(0&&,##,
&-&0#$I-'$-*2#2H0)$-)$%#0)*'0.2')*,$1'$#0$%&,B&0.092=)$70(01,$')$#,($1'&'C
9K,(?$"(*0$%&,B&0.092=)$1'7'&O0$9,)('B-2&$#0$'#2.2)092=)$,$&'1-992=)$1'
#0($90-(0($I-'$2.%21')$0$#0($%'&(,)0($12(/&-*0&$1'$(-($1'&'9K,(?$N,&$'L'.C
%#,:$#0$T,.2(2=)$1'$#0($]092,)'($̂ )210($1'$#0$T,)1292=)$_-&O1290$D$;,920#
1'$#0$M-L'&$,7('&+=$')$U``a$I-'$#0$12(9&2.2)092=)$')$'#$1'&'9K,$0$#0$*2'&&0
9,)*&0$#0$.-L'&$'($-)0$+2,#092=)$1'$#,($1'&'9K,($K-.0),(?$̂ )0$%'&(%'9*2+0
70(010$')$#,($1'&'9K,($1'7'&O0$*&0*0&$1'$9,)('B-2&$I-'$#,($%&,B&0.0($1'
0%,D,$),$(=#,$),$&'/-'&9')$#0$12(9&2.2)092=)$9,)*&0$#0($.-L'&'(:$#0($.2),C
&O0($D$,*&,($B&-%,($+-#)'&07#'(:$(2),$I-'$9,)*&27-D0)$.E($72')$0$&'1-92&#0?
")$'#$9,)*'G*,$1'$#0$0D-10$D$1'#$1'(0&&,##,$')$#0($H,)0($&-&0#'(:$-)$%#0)*'0C
.2')*,$1'$#0$%&,B&0.092=)$70(01,$')$#,($1'&'9K,($1'7'&O0$*')'&$')$9-')*0
#,($1'&'9K,($0$#0$*2'&&0$I-'$%-'10)$*')'&$#,($B&-%,($7')'/2920&2,($1'#$%&,C
D'9*,$,$%&,B&0.0?$N0&0$'##,:$K07&E$I-'$9,.%&,70&$I-J$1'&'9K,($('$&'9,),C
9')$D$9=.,$('$,&B0)2H0)$J(*,($1')*&,$1'$#0$H,)0$1'#$%&,D'9*,$D$1'*'&.2)0&
(2$'G2(*')$.'90)2(.,($2)(*2*-92,)0#'($01'9-01,($%0&0$'(*07#'9'&$I-2J)
*2')'$1'&'9K,$0$#0$*2'&&0:$1-&0)*'$9-E)*,$*2'.%,:$9,)$I-J$/2)'($D$')$I-J$9,)C
1292,)'(?
@,($1'&'9K,($(,7&'$#0$*2'&&0$(,)$9,)$/&'9-')920$-)$'#'.')*,$+2*0#$9-0)1,
#,($K,B0&'($&-&0#'($*&0*0)$1'$'I-2#27&0&$(-($90%092101'($D$09*2+,($D$1'*'&.2C
)0&$#0($'(*&0*'B20($&'(-#*0)*'($%0&0$K09'&$/&')*'$0$(-($)'9'(2101'($120&20($1'
%&,1-992=)$D$('B-&2101$0#2.')*0&20?$],$,7(*0)*':$'(,($1'&'9K,($),$(,)$(=#,
-)0$/-')*'$1'$%&,1-992=)$'9,)=.290$(2),$*0.72J)$#0$70('$1'$&'#092,)'(
(,920#'($D$+0#,&'($9-#*-&0#'(:$01'.E($1'$-)$/09*,&$1'$%&'(*2B2,$D$9,)$/&'C
9-')920:$1'$%,1'&?$@0($&'(-#*0)*'($&'1'($(,920#'($9,)(*&-210($1')*&,$1'$-)
B&-%,$(,920#$D$9-#*-&0#$'(%'9O/29,$(,)$-)$09*2+,$.-D$2.%,&*0)*'$%0&0$B0&0)C
*2H0&$#0$(,(*')272#2101$1'$#,($.'12,($1'$(-7(2(*')920$1'$#,($K,B0&'($&-&0#'(?$
@0($')('A0)H0($.E($B')'&0#'($'G*&0O10($1'$#0($2)+'(*2B092,)'($&'92')*'(
(,7&'$#0$*')')920$1'$#0$*2'&&0$(,)$#0($(2B-2')*'(6$
b@,($%0O('($I-'$K0)$2)+'&*21,$')$#0$2)/&0'(*&-9*-&0$*J9)290$'$2)(*2*-92,)0#
)'9'(0&20$%0&0$-)0$01.2)2(*&092=)$'/292')*'$D$'I-2*0*2+0$1'$#0$*')')920
1'$#0$*2'&&0$D$I-'$K0)$*,.01,$#0$2)2920*2+0$%0&0$B0&0)*2H0&$#,($1'&'9K,(QL$%$%(#'+-$+0'+&#$""'+;+-$*'"")00)+"/"'0
V?Z
V?[
V?c
1'$%&,%2'101$0$K,.7&'($D$.-L'&'($('$K0)$1'(0&&,##01,$.E($&E%210.')*'$
D$9,)$-)$)2+'#$1'$('B-&2101$0#2.')*0&20:$(0#-1$D$72')'(*0&$.-9K,$.E(
'#'+01,?$"(*'$1'(0&&,##,$K0$(21,$.-9K,$.E($(,(*')27#'$')$#,($#-B0&'(
1,)1'$#0($0-*,&2101'(:$0#$.2(.,$*2'.%,$I-'$&'9,),9')$#0$)'9'(2101$1'
&'/,&.0&$#,($(2(*'.0($1'$*')')920$1'$#0$*2'&&0:$K0)$&'(%0#101,$#0$%&,*'9C
92=)$1'$#,($1'&'9K,($0&&02B01,($1'$#0$.-L'&$D$,*&,($B&-%,($1'(/0+,&'92C
1,($0$#,($&'9-&(,($I-'$K07O0)$*')21,$*&01292,)0#.')*'?$
b$@0$%&,1-992=)$0B&O9,#0$0#2.')*0&20$9,)*2)-0&E$(2')1,$-)$('9*,&$1,.2C
)01,$%,&$-)2101'($/0.2#20&'($D$K,B0&'(?$T,)$/&'9-')920:$-)0$1'$#0(
&0H,)'($1'#$1'(092'&*,$1'$#0($%,#O*290($&'#0*2+0($0$#0$*')')920$1'$#0$*2'&&0
'($#0$2)90%092101$1'$9,.%&')1'&$'#$90&E9*'&$9,.%#'L,$1'$#0($&'#092,)'(
(,920#'($I-'$90&09*'&2H0)$0#$RK,B0&S$')$9-0#I-2'&$(,92'101$&-&0#?$@0(
2)*'&+')92,)'($),&.0*2+0($(,7&'$#0$*')')920$1'$#0$*2'&&0$%-'1')$B')'&0&
&'(-#*01,($*0)*,$%,(2*2+,($9,.,$)'B0*2+,(?$@0($%,#O*290($70(010($')
2)/,&.092=)$%&'92(0$D$')$#0$+0#,&092=)$1'$-),($9,)*'G*,($90.720)*'($D
12)E.29,($*2')')$.-9K0($.E($%&,7072#2101'($1'$9,)('B-2&$#,($&'(-#*0C
1,($1'('01,(?$
b$"#$)'B0&$0$B&0)1'($('B.')*,($1'$#0$(,92'101$-)$099'(,$.E($'I-2*0*2+,$0
#0$*2'&&0$D$0$#,($7')'/292,($1'$-)0$*')')920$('B-&0$1'$#0$.2(.0$2.%,)'
9,(*,($ 2.%&'+2(*,(?$"##,$%-'1'$9,)*&27-2&$1'$.0)'&0$1'92(2+0$0$ #0
%,7&'H0$'G*&'.0:$#0$1'%')1')920:$#0$2)'(*072#2101$(,920#:$2)9#-21,($#,(
9,)/#29*,($D$12(*-&72,(:$#0$.2B&092=)$&-&0#:$'#$070)1,),$1'$#0($*2'&&0($D
.-9K0($,*&0($9,)('9-')920($)'B0*2+0(?$N,&$'#$9,)*&0&2,:$-)$099'(,$.E(
'I-2*0*2+,$0$#0$*2'&&0$D$0$,*&,($09*2+,($%-'1'$9,)*&27-2&$0$'(*2.-#0&$-)
9&'92.2')*,$'9,)=.29,$.E($&E%21,$D$1'$70('$.E($0.%#20?$
` P?+.)"+Q/R+$*+#>,)"&'%&$+0'+&$%$%(#'+-$+0'+&#$""'
'5$>LS$*I$F,$G*2*2-.,$3*$F,$G.*)),
8@7@7<6" :@$C" 86@99"
8')')920$1'$#0$*2'&&0$'($#0$&'#092=):$1'/2)210$')$/,&.0$L-&O1290$,$9,)(-'*-12C
)0&20:$')*&'$%'&(,)0(:$')$9-0)*,$2)12+21-,($,$B&-%,(:$9,)$&'(%'9*,$0$#0$*2'&&0
P%,&$&0H,)'($1'$9,.,12101:$R*2'&&0S$('$-*2#2H0$0I-O$%0&0$')B#,70&$,*&,($&'9-&C
(,($)0*-&0#'(:$9,.,$'#$0B-0$D$#,($E&7,#'(Q?$@0$*')')920$1'$#0$*2'&&0$'($-)0$2)(C
*2*-92=):$'($1'92&:$-)$9,)L-)*,$1'$),&.0($2)+')*010($%,&$#0($(,92'101'($%0&0
&'B-#0&$'#$9,.%,&*0.2')*,?$@0($&'B#0($(,7&'$#0$*')')920$1'/2)')$1'$I-J
.0)'&0$%-'1')$0(2B)0&('$1')*&,$1'$#0($(,92'101'($#,($1'&'9K,($1'$%&,%2'101
1'$#0$*2'&&0?$<'/2)')$9=.,$('$,*,&B0$'#$099'(,$0$#,($1'&'9K,($1'$-*2#2H0&:$9,)C
*&,#0&$D$*&0)(/'&2&$#0$*2'&&0:$0(O$9,.,$#0($%'&*2)')*'($&'(%,)(072#2101'($D$#2.2C
*092,)'(?$")$,*&0($%0#07&0(:$#,($(2(*'.0($1'$*')')920$1'$#0$*2'&&0$1'*'&.2)0)
I-2J)$%-'1'$-*2#2H0&$I-J$&'9-&(,(:$1-&0)*'$9-E)*,$*2'.%,$D$70L,$I-J$92&9-)(C
*0)920(?$
@0$*')')920$1'$#0$*2'&&0$'($-)0$%0&*'$2.%,&*0)*'$1'$#0($'(*&-9*-&0($(,920#'(:
%,#O*290($D$'9,)=.290(?$"($1'$90&E9*'&$.-#*212.')(2,)0#:$D0$I-'$K09'$')*&0&
')$L-'B,$0(%'9*,($(,920#'(:$*J9)29,(:$'9,)=.29,(:$2)(*2*-92,)0#'(:$L-&O129,(
D$%,#O*29,($I-'$.-9K0($+'9'($(,)$%0(01,($%,&$0#*,$%'&,$I-'$1'7')$*')'&('
')$9-')*0?$@0($&'#092,)'($1'$*')')920$1'$#0$*2'&&0$%-'1')$'(*0&$72')$1'/2)2C
10($D$('&$'G2B27#'($0)*'$-)$*&27-)0#$L-12920#$,/2920#$,$.'120)*'$'(*&-9*-&0(
9,)(-'*-12)0&20($1')*&,$1'$-)0$9,.-)2101?$")$,*&,($90(,(:$%-'1')$'(*0&
&'#0*2+0.')*'$.0#$1'/2)210(:$9,)$0.72Bd'101'($I-'$('$%&'(*0)$0$07-(,(?$
4(O$%-'(:$#0$*')')920$1'$#0$*2'&&0$9,)(*2*-D'$-)0$&'1$1'$2)*'&'('($2)*'&&'#092,C
)01,(?$")*&'$'##,($/2B-&0)$#,($(2B-2')*'(6$
b e)*'&'('($1,.2)0)*'(6$9-0)1,$-)$%,1'&$(,7'&0),:$%,&$'L'.%#,:$-)0
)092=)$,$-)0$9,.-)2101:$*2')'$/09-#*01'($%0&0$0(2B)0&$,$&'12(*&27-2&$#0
*2'&&0$.'120)*'$'G%&,%2092=):$'*9?
b e)*'&'('($(-%'&%-'(*,(6$9-0)1,$+0&20($%0&*'($K0)$&'92721,$1'&'9K,(
12/'&')*'($(,7&'$#0$.2(.0$%0&9'#0$1'$*2'&&0:$%,&$'L'.%#,:$-)0$%0&*'
%-'1'$*')'&$1'&'9K,$1'$0&&')10.2')*,$D$,*&0$1'&'9K,$1'$%0(,:$'*9?
EL$%$%(#'+-$+0'+&#$""'+;+-$*'"")00)+"/"'0
W?U
W?V
W?W
b e)*'&'('($9,.%#'.')*0&2,(6$9-0)1,$12/'&')*'($%0&*'($*2')')$'#$.2(.,
2)*'&J($')$#0$.2(.0$%0&9'#0$1'$*2'&&0:$%,&$'L'.%#,:$9-0)1,$#,($.2'.7&,(
1'$-)0$9,.-)2101$9,.%0&*')$#,($1'&'9K,($9,.-)'($0$#0$*2'&&0$1'$%0(*,C
&',:$'*9?
b$e)*'&'('($')/&')*01,(6$9-0)1,$12/'&')*'($%0&*'($&'9#0.0)$#,($.2(.,(
2)*'&'('($')$#0$.2(.0$%0&9'#0$1'$*2'&&0:$%,&$'L'.%#,:$9-0)1,$1,($%0&*'(
&'9#0.0)$2)1'%')12')*'.')*'$'#$1'&'9K,$0$#0$-*2#2H092=)$'G9#-(2+0$1'
-)0$%0&9'#0$1'$*2'&&0$1'$9-#*2+,?$@,($9,)/#29*,($%,&$#0$*')')920$1'$#0$*2'&&0
(-'#')$('&$9,)('9-')920$1'$#0$'G2(*')920$1'$&'2+2)129092,)'($,%-'(*0(?
@0$*')')920$1'$#0$*2'&&0$('$12+21'$/&'9-')*'.')*'$')$#0($(2B-2')*'($90*'B,C
&O0(6
b$N&2+0106$0(2B)092=)$1'$1'&'9K,($0$-)0$%0&*'$%&2+010:$I-'$%-'1'$('&$-)
2)12+21-,:$-)0$%0&'L0$90(010:$-)$B&-%,$1'$%'&(,)0($,$-)0$%'&(,)0$L-&OC
1290:$9,.,$-)0$')*2101$9,.'&920#$,$-)0$,&B0)2H092=)$(2)$/2)'($1'$#-9&,?
N,&$'L'.%#,:$1')*&,$1'$-)0$9,.-)2101:$#0($/0.2#20($2)12+21-0#'($%-'C
1')$*')'&$1'&'9K,($'G9#-(2+,($0$%0&9'#0($&'(21')920#'(:$%0&9'#0($0B&O9,C
#0($D$0#B-),($E&7,#'(?$5*&,($.2'.7&,($1'$#0$9,.-)2101$%-'1')$I-'10&
'G9#-21,($1'$#0$-*2#2H092=)$1'$'(*,($&'9-&(,($(2)$'#$9,)(')*2.2')*,$1'
I-2J)'($,(*')*0)$#,($1'&'9K,(?$
b T,.-)0#6$%-'1'$'G2(*2&$-)$1'&'9K,$9,#'9*2+,$1')*&,$1'$-)0$9,.-)2101
')$I-'$9010$.2'.7&,$*2')'$1'&'9K,$0$-*2#2H0&$2)1'%')12')*'.')*'$#0(
%&,%2'101'($1'$#0$9,.-)2101?$N,&$'L'.%#,:$#,($.2'.7&,($1'$J(*0$%-'C
1')$*')'&$1'&'9K,$0$##'+0&$(-$B0)01,$0$-)$%0(*2H0#$9,.F)?$
b$<'$#27&'$099'(,6$),$('$0(2B)0)$1'&'9K,($'(%'9O/29,($0$)012':$)2$('$%-'1'
'G9#-2&$0$)012'?$")$'(*'$9,)*'G*,$('$(-'#')$2)9#-2&$#0($09*2+2101'($.0&2C
)0(:$')$I-'$'#$099'(,$0$0#*0$.0&$'(*E$B')'&0#.')*'$072'&*,$0$*,1,(\$%-'1')
2)9#-2&('$*0.72J)$#,($%0(*2H0#'(:$7,(I-'(:$'*9?:$9-0)1,$*,1,($B,H0)$1'
#27&'$099'(,$0$#,($&'9-&(,($P-)0$12/'&')920$2.%,&*0)*'$')*&'$#27&'$099'(,$D
(2(*'.0$9,.-)0#$'($I-'$')$+2&*-1$1'$'(*'$F#*2.,$I-2')'($),$(,)$.2'.C
7&,($1'$#0$9,.-)2101$'(*E)$'G9#-21,($1'$#0$-*2#2H092=)$1'$#0($E&'0($9,.-C
)'(Q?
4& S?+F/R+$*+0'+&$%$%(#'+-$+0'+&#$""'
W?Y
b$"(*0*0#6$('$0(2B)0)$1'&'9K,($1'$%&,%2'101$0$-)0$0-*,&2101$1'#$('9*,&
%F7#29,?$N,&$'L'.%#,:$')$0#B-),($%0O('($#0($*2'&&0($/,&'(*0#'($%-'1')
I-'10&$70L,$.0)10*,$'(*0*0#:$('0$'#$%,1'&$9')*&0#$,$-)$B,72'&),$1'(9')C
*&0#2H01,?$
")$#0$%&E9*290:$1')*&,$1'$-)0$(,92'101$%-'1')$')9,)*&0&('$#0$.0D,&$%0&*'$1'
#0($/,&.0($1'$%&,%2'101:$%,&$'L'.%#,:$1'&'9K,($9,.-)'($1'$%0(*,&',:$%&,C
%2'101'($%&2+010($&'(21')920#'($D$0B&O9,#0($D$%&,%2'101$'(*0*0#$1'$#,($7,(C
I-'(?$ @0$ *')')920$ 9,)(-'*-12)0&20$ 2.%#290$ ),&.0#.')*'$ 1'&'9K,(
9,.-)0#'($0$$#,($%0(*2H0#'($D$1'&'9K,($%&2+01,($'G9#-(2+,($0$#0($%0&9'#0(
0B&O9,#0($D$&'(21')920#'(?$")$0#B-),($%0O('(:$#,($1'&'9K,($/,&.0#.')*'
&'9,),921,($0$'(*0($*2'&&0($9,)(-'*-12)0&20($&'90')$(,7&'$'#$"(*01,$,$'#
N&'(21')*':$')$90#2101$1'$R1'%,(2*0&2,(S$1'$#,($92-1010),(?$
"#$1'&'9K,$I-'$*2')'$-)0$%'&(,)0$(,7&'$-)$,7L'*,$9,.,$#0$*2'&&0$%-'1'$9,)C
(21'&0&('$9,.,$-)0$/,&.0$1'$%&,%2'101?$"#$9,)9'%*,$1'$%&,%2'101$'(
0.%#2,$'$2)9#-D':$%,&$'L'.%#,:$#0$%&,%2'101$2)*'#'9*-0#?$")$'#$90(,$1'$#0
*')')920$1'$#0$*2'&&0:$0#B-)0($+'9'($('$1'(9&27'$9,)$.0D,&$%&'92(2=)$9,.,$'#
1'&'9K,$1'$%&,%2'101$0$#0$*2'&&0?$M-9K0($+'9'($('$'(*07#'9'$-)0$12(*2)92=)
')*&'$R72')'($&0O9'(S$,$R72')'($2).-'7#'(S:$%,&$-)$#01,$D$R%&,%2'101$%'&C
(,)0#S$,$R72')'($.-'7#'(S:$%,&$'#$,*&,?$")$'#$%&2.'&$90(,:$#0$%&,%2'101
2)9#-2&O0$#0$*2'&&0$D$(-($'#'.')*,($/2L,($P'12/292,(:$E&7,#'(:$'*9?Q$I-'$('$9,)(2C
1'&0&O0)$9,.,$72')'($2).-'7#'(?$")$'#$('B-)1,:$('$2)9#-2&O0)$72')'($),
+2)9-#01,($0$#0$*2'&&0:$%,&$'L'.%#,:$'#$B0)01,:$'*9?$
")$#0$%&E9*290:$%-'1'$K07'&$)-.'&,(,($1'&'9K,($,(*')*01,($%,&$12/'&')*'(
%'&(,)0($,$B&-%,(?$"##,$%-'1'$10&$#-B0&$0#$9,)9'%*,$1'$RK0H$1'$1'&'9K,(S?
@,($12/'&')*'($1'&'9K,($0$#0$.2(.0$%0&9'#0$1'$*2'&&0:$9,.,$'#$1'&'9K,$0
+')1'&$#0$*2'&&0:$'#$1'&'9K,$0$-*2#2H0&#0$.'120)*'$0&&')10.2')*,$,$0$0*&0+'C
(0&#0:$%,1&O0)$1'(9&272&('$9,.,$R0(*2##0($1'#$.2(.,$K0HS?$"#$*2*-#0&$1'$9010
1'&'9K,$%-'1'$('&$-)0$%'&(,)0$12/'&')*'?$"(*'$9,)L-)*,$1'$1'&'9K,($%-'1'
9,.%0&*2&(':$%,&$'L'.%#,:$')*&'$'#$%&,%2'*0&2,$D$-)$0&&')10*0&2,$%0&0$9&'0&
-)$.'90)2(.,$1'$0&&')10.2')*,$,$1'$0%0&9'&O0$I-'$&'9,),H90$0#$0&&')10*0C
&2,$,$0%0&9'&,$'#$1'&'9K,$0$-*2#2H0&$#0$*2'&&0$')$9,)1292,)'($%&'+20.')*'44L$%$%(#'+-$+0'+&#$""'+;+-$*'"")00)+"/"'0
W?Z
W?[
W?c
'(%'92/29010(?$@0$*')')920$%-'1'$01,%*0&$)-.'&,(0($/,&.0(:$1'(1'$0&&')C
10.2')*,($/,&.0#'($1'$̀ ``$0A,($K0(*0$09-'&1,($'(*092,)0#'($2)/,&.0#'(?$;2
#0$'G%#,*092=)$0B&O9,#0$'(*E$K2%,*'9010:$'#$09&''1,&$%-'1'$*')'&$-),$1'$#,(
1'&'9K,($1'$'('$RK0HS$I-'$#'$%'&.2*2&O0$&'9-%'&0&$'#$%&J(*0.,$%')12')*'
.'120)*'$#0$+')*0$1'$#0$%&,%2'101$K2%,*'9010$')$90(,$1'$2.%0B,?$̂ )$0B&2C
9-#*,&$+'92),$%-'1'$*')'&$,*&,$1'$#,($1'&'9K,($2)*'B&0)*'($1'$'('$RK0HS:
9,.,$%-'1'$('&$#0$/09-#*01$1'$K09'&$%0(0&$'#$B0)01,$0$*&0+J($1'$#0$*2'&&0$%0&0
##'B0&$K0(*0$'#$&O,?$")$'#$>'9-01&,$U$('$%&'(')*0)$0#B-),($'L'.%#,($1'$1'&'C
9K,(?$$
")$0#B-)0($,90(2,)'($%-'1'$('&$F*2#$(2.%#2/290&$#0$&'%&'(')*092=)$1'$#,(
1'&'9K,($1'$%&,%2'101$21')*2/290)1,$#,($(2B-2')*'($9,.%,)')*'(6$
b$!"#"$%&'(!"()'&*(1'&'9K,($0$-*2#2H0&$#0$*2'&&0$%0&0$'#$%0(*,&',:$%&,1-9C
92=)$1'$9-#*2+,($1'$(-7(2(*')920:$&'9,#'992=)$1'$%'I-'A,($%&,1-9*,(
/,&'(*0#'(:$'*9?
b !"#"$%&'(!"($&+,#&-* 1'&'9K,($0$*,.0&$1'92(2,)'($(,7&'$#0$/,&.0$1'$-*2C
#2H0&$#0$*2'&&0:$')$%0&*29-#0&$0$1'9212&$I-J$9-#*2+,($1'7')$%#0)*0&('$D$0
7')'/2920&('$/2)0)92'&0.')*'$1'$#0$+')*0$1'$#,($9-#*2+,(:$'*9?$
b !"#"$%&'(!"(,#.+'/"#"+$0.* 1'&'9K,$0$+')1'&$,$0$K2%,*'90&$#0$*2'&&0:$0
9'1'&#0$0$,*&,($.'120)*'$&'0(2B)092,)'($2)*&09,.-)2*0&20(:$0$*&0)(.2C
*2&#0$0$#,($(-9'(,&'($.'120)*'$K'&')920$D$0$&'0(2B)0&$#,($1'&'9K,($1'$-(,
D$9,)*&,#?
")$.-9K0($,90(2,)'(:$#,($.2'.7&,($%,7&'($1'$-)0$9,.-)2101$*2')')
(=#,$1'&'9K,($1'$-(,?$N-'1'$,9-&&2&:$%,&$'L'.%#,:$I-'$-)0$.-L'&$*')B0$1'&'C
9K,$0$-*2#2H0&$%0&*'$1'$#0$*2'&&0$%0&0$%&,1-92&$9-#*2+,($I-'$#'$%'&.2*0)$0#2C
.')*0&$0$#0$/0.2#20:$.2')*&0($I-'$(-$'(%,(,$%-'1'$,7*')'&$#,($7')'/292,(
1'&2+01,($1'$#0$+')*0$1'$#,($9-#*2+,($')$'#$.'&901,?$;2$72')$'(*0($(2.%#2/290C
92,)'($%-'1')$('&$F*2#'(:$9,)+2')'$('A0#0&$I-'$#0$/,&.0$'G09*0$')$I-'$('$12(C
*&27-D')$D$12(/&-*0)$&'0#.')*'$ #,($1'&'9K,($0$ #0$ *2'&&0$%-'1'$('&$.-D
9,.%#'L0?$$
")$*J&.2),($B')'&0#'(:$#,($1'&'9K,($1'$*')')920$1'$#0$*2'&&0$('$9#0(2/290)
.-9K0($+'9'($*')2')1,$')$9-')*0$(2$(,)$R/,&.0#'(S$,$R2)/,&.0#'(S?$N-'1'
4% S?+F/R+$*+0'+&$%$%(#'+-$+0'+&#$""'
W?a
W?`
K07'&$%&,7#'.0($1'$%'&9'%92=)$9,)$'(*'$%#0)*'0.2')*,$D0$I-':$%,&$'L'.C
%#,:$0#B-),($1'$#,($##0.01,($1'&'9K,($2)/,&.0#'($%-'1')$('&:$')$#0$%&E9*290:
.-D$/,&.0#'($D$('B-&,($')$(-$%&,%2,$9,)*'G*,?$4%'(0&$1'$'(*,($%&,7#'.0(
1'$%'&9'%92=):$#0$12+2(2=)$1'$#0$*')')920$')$/,&.0#$'$2)/,&.0#$%-'1'$('&+2&
4'L$%$%(#'+-$+0'+&#$""'+;+-$*'"")00)+"/"'0
RECUADRO 1
@a@B(C#A$:@$:@9@<b#A
• Derecho a utilizar la tierra. 
• Derecho a impedir que las personas no autorizadas utilicen la tierra.
• Derecho a controlar cómo se va a utilizar la tierra.
• Derecho a obtener ingresos de la tierra. 
• Derecho a la protección frente a la expropiación ilegal de la tierra.
• Derecho a transmitir a los sucesores los derechos sobre la tierra (es decir, el dere-
cho de los sucesores a heredar la tierra).
•Derecho a enajenar todos los derechos sobre la totalidad de la propiedad (por ejem-
plo, mediante venta) o sobre una parte de la misma (por ejemplo, introduciendo
subdivisiones).
• Derecho a enajenar únicamente una parte de los derechos (por ejemplo, mediante
arrendamiento).
• Derecho residual a la tierra, es decir, cuando vencen los derechos parcialmente
enajenados (por ejemplo, termina el plazo de un arrendamiento), esos derechos
vuelven a la persona que los enajenó.
• Derecho a disfrutar de los derechos de propiedad durante un período de tiempo
indeterminado (es decir, es posible que los derechos no terminen en una fecha
específica sino que duren perpetuamente).
• Deber de no utilizar la tierra en forma que sea perjudicial para otros miembros de la
sociedad (es decir, se trata de un derecho de quienes no tienen derecho a utilizar la
tierra).
• Deber de renunciar a los derechos a la tierra cuando éstos son anulados mediante
un procedimiento jurídico (por ejemplo, cuando los acreedores se hacen con el
derecho en caso de insolvencia, o cuando el Estado se convierte en titular del dere-
cho en caso de impago de los impuestos). 
')$0#B-),($90(,($1'$70('$%0&0$0)E#2(2($F*2#'(?$
N,1&O0)$9,)(21'&0&('$9,.,$1'&'9K,($1'$%&,%2'101$/,&.0#'($#,($I-'$(,)
&'9,),921,($'G%&'(0.')*'$%,&$'#$"(*01,$D$I-'$%-'1')$('&$%&,*'B21,($0$*&0C
+J($1'$.'12,($#'B0#'(?$
<'&'9K,($1'$%&,%2'101$2)/,&.0#'($(,)$#,($I-'$90&'9')$1'$&'9,),92.2')*,$D
%&,*'992=)$,/2920#?$")$0#B-),($90(,(:$#,($1'&'9K,($1'$%&,%2'101$2)/,&.0#'(
(,)$2#'B0#'(:$'($1'92&:$&'%&'(')*0)$-)0$2)/&0992=)$0$#0$#'D?$̂ )$90(,$'G*&'.,
'($'#$1'$#,($2)+0(,&'($I-'$,9-%0)$-)$#-B0&$')$9,)*&0+')92=)$1'$-)$0+2(,$1'
1'(0K-92,?$")$.-9K,($%0O('(:$#,($90(,($1'$*')')920$2#'B0#$('$%&,1-9')$%,&
1'/292')920($1'#$(2(*'.0$#'B2(#0*2+,?$N,&$'L'.%#,:$#0$#'B2(#092=)$1'/2)'$0#B-C
)0($+'9'($'#$*0.0A,$.O)2.,$1'$-)0$'G%#,*092=):$.2')*&0($I-'$')$#0$%&E9*290
J(*0($(,)$0$+'9'($.-9K,$.E($%'I-'A0($1'721,$0$(-712+2(2,)'($2)/,&.0#'(
&'0#2H010($')*&'$#,($K'&'1'&,(?$@,($1'&'9K,($1'$%&,%2'101$%-'1')$('&$*0.C
72J)$2#'B0#'($1'721,$0$(-$-*2#2H092=):$%,&$'L'.%#,:$#0$9,)+'&(2=)$2#O92*0$1'
*2'&&0($0B&O9,#0($%0&0$09*2+2101'($-&70)0(?$
")$,*&,($90(,(:$#0$%&,%2'101$%-'1'$('&$R'G*&0#'B0#S:$'($1'92&:$),$9,)*&0$#0
#'D$%'&,$*0.%,9,$&'9,),9210$%,&$'##0?$")$0#B-),($%0O('(:$#0$%&,%2'101$9,)C
(-'*-12)0&20$1'$#0($9,.-)2101'($2)1OB')0($&-&0#'($%'&*')'9'$0$'(*0$90*'B,C
&O0?$ M-9K0($ +'9'($ ('$ '(*07#'9'$ -)0$ 12(*2)92=)$ ')*&'$ -$"$(9)*
"$D0'>$%&'"#)* ,$R1'&'9K,($/,&.0#.')*'$&'9,),921,(S:$%,&$-)$#01,$D
-$"$(9)*+()%*/$&/-#%'"#)* ,$R1'&'9K,($*&01292,)0#'(S:$%,&$'#$,*&,?$"(*0
12(*2)92=)$'(*E$+,#+2J)1,('$9010$+'H$.E($9,)/-(0$')$0#B-),($%0O('(:$(,7&'
*,1,$1'$f/&290:$1,)1'$#,($1'&'9K,($9,)(-'*-12)0&2,($B,H0)$1'$&'9,),92C
.2')*,$L-&O129,$/,&.0#?$$
@,($1'&'9K,($/,&.0#'($'$2)/,&.0#'($%-'1')$9,'G2(*2&$')$-)0$.2(.0$%&,%2'C
101?$N,&$'L'.%#,:$')$-)$%0O($I-'$%&,KO7'$'#$0&&')10.2')*,$,$#0$0%0&9'&O0:
-)0$%'&(,)0$I-'$*2')'$1'&'9K,($1'$%&,%2'101$#'B0#.')*'$&'9,),921,($(,7&'
-)0$%0&9'#0$%-'1'$0&&')10&#0$2#'B0#.')*'$0$-)$90.%'(2),$(2)$*2'&&0(?$
"(*0($12(*2)*0($/,&.0($1'$*')')920$%-'1')$9&'0&$-)0$%0-*0$9,.%#'L0$1'
1'&'9K,($D$1'$2)*'&'('($12+'&(,(?$@0$(2*-092=)$&'(-#*0$'(%'920#.')*'$9,.C
4M S?+F/R+$*+0'+&$%$%(#'+-$+0'+&#$""'
W?Ug
W?UU
W?UV
W?UW
W?UY
%#'L0$9-0)1,$('$,*,&B0)$1'&'9K,($&'B#0.')*0&2,($1'$*0#$.0)'&0$I-'$),$('
*')B0)$')$9-')*0$#,($1'&'9K,($9,)(-'*-12)0&2,($'G2(*')*'($P%,&$'L'.%#,:$')
#,$&'#0*2+,$0$#0$0B&29-#*-&0$D$'#$%0(*,&',Q?$"(*'$')/&')*0.2')*,$')*&'$#,(
1'&'9K,($-$+J/"$ PI-'$'G2(*')$')$+2&*-1$1'$-)0$#'B2(#092=)$,/2920#Q$D$#,(
1'&'9K,($-$+T'(&) P'G2(*')*'($')$#0$&'0#2101Q$('$%&,1-9'$9,)$/&'9-')920$')
#0($*2'&&0($1'$%0(*,&',$D$1'$0B&29-#*-&0$1'$('90),$I-'$(,)$D0$.0&B2)0#'($D
'(*E)$(,.'*210($0$/-'&*'($%&'(2,)'(?$<'$#0$.2(.0$.0)'&0:$')$#0($H,)0(
1,)1'$('$&'B2(*&0)$9,)/#29*,($,$K0)$*'&.2)01,$&'92')*'.')*':$#,($')/&')*0C
.2')*,($')*&'$#0($%,7#092,)'($0(')*010($D$1'(%#0H010($%&,+,90)$B&0)1'(
2)9'&*21-.7&'($(,7&'$I-2J)$*2')'$,$1'7'&O0$*')'&:$'#$9,)*&,#$1'$#,($1'&'9K,(
D$9-E#'($(,)$J(*,(?$
"($%&,707#'$I-'$#,($)2+'#'($1'$9,.%#'L2101$D$9,)/#29*2+2101$('$0B&0+')$%0&C
*29-#0&.')*'$9-0)1,:$%,&$'L'.%#,:$('$K0$1'9#0&01,$,/2920#.')*'$#0$%&,%2'C
101$'(*0*0#$D$('$K0)$,*,&B01,$1,)092,)'($,$0&&')10.2')*,($'(*0*0#'($(2)
9,)(-#*0&$0$#,($%&,%2'*0&2,($9,)(-'*-12)0&2,($P0$I-2')'($),$('$9,)(21'&0)
9,.,$2#'B0#'(Q$D$9-0)1,$#,($2)+0(,&'($('$0%&,%20)$1'$#0$*2'&&0$P+J0('$#0
32B-&0$VQ?$
":B676A89"<6=7$:@$86@99"A
41.2)2(*&092=)$1'$*2'&&0($'($#0$/,&.0$')$I-'$('$0%#290)$D$%,)')$')$%&E9*290
#0($),&.0($&'#0*2+0($0$#0$*')')920$1'$#0$*2'&&0?$"(*0$01.2)2(*&092=):$('0$/,&C
.0#$,$2)/,&.0#:$9,.%&')1'$-)0$B&0)$+0&2'101$1'$(2(*'.0($D$%&,9'(,(6
b$!"#"$%&'('&1#"(-.(,0"##.* 0(2B)092=)$1'$1'&'9K,($2).,72#20&2,(\$1'#2.2C
*092=)$1'$#,($#O.2*'($1'$#0($%0&9'#0($(,7&'$#0($I-'$('$&'9,),9')$1'*'&.2C
)01,($1'&'9K,(\$ *&0)(/'&')920$1'$-)0$%0&*'$0$,*&0$.'120)*'$+')*0:
0&&')10.2')*,:$%&J(*0.,:$1,)092=)$,$K'&')920\$01L-129092=)$1'$90(,(
1-1,(,($D$9,)/#29*,($&'/'&')*'($0$#,($1'&'9K,($D$#O.2*'($1'$#0($%0&9'#0(\$
b #"2-.3"+,.$04+(!"-()'&(!"(-.(,0"##.* %#0)2/29092=)$1'#$-(,$1'$#0$*2'&&0:,7('&+0)920$1'$#0($),&.0($D$&'(,#-92=)$1'$#,($9,)/#29*,($(,7&'$-*2#2H0C
92=)$1'$#0$*2'&&0\$$
b 5.-&#.$04+(!"(-.(,0"##.("(036)"',&'* &'90-1092=)$1'$2)B&'(,($.'120)*'
/,&.0($1'$+0#,&092=)$1'$#0$*2'&&0$D$1'$*&27-*092=)$D$&'(,#-92=)$1'$#,(
4DL$%$%(#'+-$+0'+&#$""'+;+-$*'"")00)+"/"'0
W?UZ
W?U[
9,)/#29*,($&'#0*2+,($0$#0$+0#,&092=)$1'$#0$*2'&&0$D$0$#,($2.%-'(*,(?
@0$0+/&#3.$04+ (,7&'$#0$*2'&&0:$#0($%'&(,)0($D$(-($1'&'9K,($'($/-)10.')*0#
%0&0$-)0$01.2)2(*&092=)$'/290H:$D0$I-'$#,($1'&'9K,($0$#0$*2'&&0$),$'G2(*')$1'
/,&.0$/O(290$D$1'7')$&'%&'(')*0&('$1'$0#B-)0$.0)'&0?$")$-)$9,)*'G*,$#'B0#
/,&.0#:$#0$2)/,&.092=)$(,7&'$#,($1'&'9K,(:$('0)$1'$2)12+21-,(:$/0.2#20(:
9,.-)2101'(:$'#$"(*01,$-$,&B0)2H092,)'($9,.'&920#'($D$1'$,*&0$O)1,#':$('
.0)*2')'$.'120)*'$(2(*'.0($1'$&'B2(*&,$1'$*2'&&0($D$90*0(*&,(:$I-'$%-'1')
01,%*0&$12+'&(0($/,&.0(?$")$-)$')*,&),$1'$*')')920$9,)(-'*-12)0&20:$#0
2)/,&.092=)$%-'1'$('&$9,)('&+010$')$/,&.0$),$'(9&2*0$1')*&,$1'$-)0$9,.-C
)2101$.'120)*'$#0$.'.,&20$9,#'9*2+0$D$'#$-(,$1'$*'(*2B,(?$")$0#B-)0($9,.-C
)2101'(:$0I-'##,($I-'$%,('')$'(*,($1'&'9K,($2)/,&.0#'($%-'1')$9,)*0&$9,)
R%&-'70($2)/,&.0#'(S:$'($1'92&:$1,9-.')*,($09'%*01,($%,&$#0$9,.-)2101
%'&,$),$%,&$#0$01.2)2(*&092=)$%F7#290$,/2920#?$
@0$&1'"#5.+$0.(!"(-.'(+&#3.'(&(')(6#&,"$$04+ '($/-)10.')*0#$%0&0$-)0
4] S?+F/R+$*+0'+&$%$%(#'+-$+0'+&#$""'
W?Uc
W?Ua
Invasores
(ilegales) Nivel A: 
Pastoreo
consuetudinario
(extralegal)
Nivel B:
Agricultura
consuetudinaria
(extralegal)
Nivel C:
Donación o 
arrendamiento
estatal
(legal)
Nivel D:
Bienes de 
dominio nacional
(legal)
!6_;9" %
</HVF*c.3,3*I$U$-/2+F.-G/I$)*ILFG,2G*I$3*$3.+*)*2G*I$G.V/I$3*$G*2*2-.,$
01.2)2(*&092=)$'/290H:$D0$I-'$#,($1'&'9K,($0$#0$*2'&&0$*2')')$+0#,&$9-0)1,$('
%-'1'$'G2B2&$(-$9-.%#2.2')*,?$"(*'$9,.%,)')*'$%'&.2*'$%&,*'B'&$#,($1'&'C
9K,($&'9,),921,($1'$-)0$%'&(,)0$/&')*'$0$#0($09*-092,)'($1'$#,($1'.E(?$"(*0
%&,*'992=)$%-'1'$+')2&$1'#$"(*01,$,$1'$#0$9,.-)2101$.'120)*'$'#$9,)(')(,
(,920#:$9,.,$('$1'(9&27'$.E($01'#0)*'$')$#0$('992=)$(,7&'$R('B-&2101$1'$#0
*')')920S?$̂ )$&JB2.')$'(*07#'$1'$*')')920$1'$#0$*2'&&0$'($0I-'#$')$I-'$#,(
&'(-#*01,($1'$#0($.'1210($%&,*'9*2+0($(,)$&'#0*2+0.')*'$/E92#'($1'$%&'+'&?
")$-)$9,)*'G*,$#'B0#$/,&.0#:$#,($1'&'9K,($%-'1')$2.%,)'&('$.'120)*'$'#
(2(*'.0$1'$*&27-)0#'($D$,*&,($.'90)2(.,($('.'L0)*'(?$")$#,($90(,($1'
*')')920$9,)(-'*-12)0&20:$#,($1'&'9K,($%-'1')$2.%,)'&('$0$*&0+J($1'$#,(
#O1'&'($*&01292,)0#'(?$")$0.7,($90(,(:$('$%-'1'$2)1-92&$0$#0($%'&(,)0($0
&'9,),9'&$#,($1'&'9K,($1'$#,($1'.E($.'120)*'$.'90)2(.,($2)/,&.0#'(:
9,.,$#0$%&'(2=)$9,.-)2*0&20?$h-2')'($9,),9')$(-($1'&'9K,($D$(07')$#,$I-'
1'7')$K09'&$9-0)1,$J(*,($('$2)/&2)B')$('$')9-')*&0)$')$.'L,&'($9,)1292,C
)'($%0&0$%&,*'B'&$(-($1'&'9K,($1'$I-2')'($),$12(%,)')$1'$'(0$2)/,&.092=)?$
@0$01.2)2(*&092=)$1'$*2'&&0($('$##'+0$0$907,$.'120)*'$!0',0+,&'(6#&$"!07
30"+,&' %0&0$B'(*2,)0&$#0$2)/,&.092=)$(,7&'$#,($1'&'9K,($D$(-$%&,*'992=):
')*&'$'##,($#,($(2B-2')*'(6$
b @,($%&,9'12.2')*,($&'#0*2+,($0$#,($1'&'9K,($(,7&'$#0$*2'&&0$2)9#-D')$#0
1'*'&.2)092=)$1'$9=.,$('$%-'1')$*&0)(/'&2&$1'$-)0$%0&*'$0$,*&0$.'120)C
*'$+')*0:$0&&')10.2')*,:$%&J(*0.,:$1,)092=)$D$K'&')920?$
b @,($%&,9'12.2')*,($&'#0*2+,($0$#0$&'B#0.')*092=)$1'#$-(,$1'$#0$*2'&&0
2)9#-D')$#0$1'*'&.2)092=)$1'$#0$/,&.0$')$I-'$1'7')$%#0)2/290&('$'
2.%,)'&('$#,($9,)*&,#'($(,7&'$#0$-*2#2H092=)$1'$#0$*2'&&0?
b @,($%&,9'12.2')*,($&'#0*2+,($0$#0$+0#,&092=)$1'$#0$*2'&&0$D$#0($90&B0($*&2C
7-*0&20($2)9#-D')$#0$1'*'&.2)092=)$1'$.'*,1,#,BO0($%0&0$+0#,&0&$D$B&0C
+0&$#0$*2'&&0?$
@,($%&,9'12.2')*,($'/292')*'($K09')$%,(27#'$I-'$#0($*&0)(0992,)'($('$##'C
+')$0$907,$1'$/,&.0$&E%210:$'9,)=.290$D$*&0)(%0&')*'?$],$,7(*0)*':$')
.-9K0($%0&*'($1'#$.-)1,:$#,($%&,9'12.2')*,($/,&.0#'($1'$01.2)2(*&092=)
1'$*2'&&0($(,)$.-D$#')*,(:$')B,&&,(,($D$9,(*,(,($D$')$.-9K,($90(,($(,)
2)099'(27#'($D$%,9,$*&0)(%0&')*'($%0&0$B&0)$%0&*'$1'$#0$%,7#092=)$&-&0#$D$('
4QL$%$%(#'+-$+0'+&#$""'+;+-$*'"")00)+"/"'0
W?U`
##'+0)$0$907,$')$212,.0($D$/,&.0($I-'$&'(-#*0)$2)9,.%&')(27#'($%0&0
.-9K,(?$")$*0#'($90(,(:$#,($0#*,($9,(*,($1'$*&0)(0992=)$%-'1')$10&$#-B0&$0
I-'$#0($*&0)(/'&')920($D$,*&,($09-'&1,($),$('$&'B2(*&')$,$('$##'+')$0$907,$1'
.0)'&0$2)/,&.0#?$
32)0#.')*':$#0$01.2)2(*&092=)$1'$*2'&&0($&'I-2'&'$1'$.$,&#"' %0&0$0%#290&$#,(
%&,9'12.2')*,(?$")$#,($&'BO.')'($1'$*')')920$9,)(-'*-12)0&2,(:$#,($#O1'&'(
*&01292,)0#'($%-'1')$1'('.%'A0&$'#$%0%'#$%&2)92%0#$')$#0$01.2)2(*&092=)$1'
#0($*2'&&0(:$%,&$'L'.%#,:$')$#,$I-'$&'(%'9*0$0$#0$0(2B)092=)$1'$1'&'9K,($D$#0
&'(,#-92=)$1'$9,)/#29*,(?$")$9,)*'G*,($.E($/,&.0#'(:$#,($,&B0)2(.,($1'
01.2)2(*&092=)$%-'1')$2)9#-2&$#0($,/292)0($1'$&'B2(*&,:$0B&2.')(-&0:$#,($(2(C
*'.0($1'$,&1')0.2')*,$*'&&2*,&20#$&-&0#$D$-&70),$D$#,($1'$+0#,&092=)$'$2.%,C
(292=)$*'&&2*,&20#:$0(O$9,.,$#,($(2(*'.0($L-12920#'(?$T-0)1,$'#$"(*01,$K0
&'9,),921,$#0$*')')920$9,)(-'*-12)0&20:$('$'(*07#'9')$+O)9-#,($/-)92,)0#'(
')*&'$#,($,&B0)2(.,($%F7#29,($D$9,)(-'*-12)0&2,($1'$01.2)2(*&092=)$1'$*2'C
&&0(?$
@0$/,&.0#2H092=)$1'$#0$01.2)2(*&092=)$1'$#,($1'&'9K,($(,7&'$#0$*2'&&0$('$K0
%&,.,+21,$9,.,$-)$%&'&&'I-2(2*,$)'9'(0&2,$%0&0$'#$1'(0&&,##,$'9,)=.29,?
")*&'$#,($7')'/292,($0(,9201,($907'$('A0#0&$#0$.0D,&$('B-&2101$')$#0$*')')C
920$1'$#0$*2'&&0$D$#0$.0D,&$/092#2101$1'$099'(,$0#$9&J12*,:$#,$I-'$,/&'9'$0$#,(
0B&29-#*,&'($'#$2)9')*2+,$D$#0$90%092101$1'$2)+'&*2&$')$.'L,&0($0$#0$*2'&&0?$@0
01.2)2(*&092=)$/,&.0#$('$%&,%,)'$*0.72J)$9,.,$.'12,$%0&0$2.%-#(0&$'#
.'&901,$2).,72#20&2,:$I-'$%'&.2*'$-*2#2H0&$#0$*2'&&0$')$#0$R/,&.0$.E($2)12C
9010S?$
N,&$'#$9,)*&0&2,:$,*&,($,%2)0)$I-':$9,)$1'.0(2010$/&'9-')920:$#,($%&,7#'C
.0($1'$12('A,$D$'L'9-92=)$1'$#,($%&,D'9*,($'.%&')121,($%0&0$/,&.0#2H0&
#,($1'&'9K,($1'$%&,%2'101$K0)$9,)('B-21,$1'$K'9K,$&'1-92&$#0$('B-&2101:$D0
I-'$K0)$9,)9')*&01,$#,($1'&'9K,($(,7&'$-)0$%0&9'#0$')$.0),($1'$-)$2)12+2C
1-,:$')$%'&L-292,$1'$#,($1'.E(:$')$%0&*29-#0&$#0($.-L'&'($D$,*&,($B&-%,($+-#C
)'&07#'(:$I-'$*2')')$1'&'9K,($%0&920#'($,$9,.-)'(?$<'$#0$.2(.0$.0)'&0:
0#B-),($(,(*2')')$I-'$#0$/,&.0#2H092=)$1'$#,($1'&'9K,($I-2HE$),$.'L,&'$'#
099'(,$0#$9&J12*,:$D0$I-'$),$'($%&,707#'$I-'$.-9K,($70)9,($09'%*')$#0$*2'C
4` S?+F/R+$*+0'+&$%$%(#'+-$+0'+&#$""'
W?Vg
W?VU
W?VV
&&0$1'$9-#*2+,$9,.,$B0&0)*O0$%0&0$#,($%&J(*0.,(?$
")$9,)('9-')920:$('$K0$('A0#01,$I-'$'#$&'B2(*&,$/,&.0#$1'$#,($1'&'9K,($1'
%&,%2'101$2)12+21-0#$1'7'$9,)(21'&0&('$F)290.')*'$')$#0($H,)0($1'$0#*0
1')(2101$1'.,B&E/290:$')$I-'$#,($(2(*'.0($9,)(-'*-12)0&2,($1'$*')')920$D
1'$&'(,#-92=)$1'$9,)/#29*,($(,)$1J72#'($,$2)'G2(*')*'(:$,$1,)1'$('$K0)$%&,1-C
921,$B&0+'($*&0(*,&),($')$#0($%&,%2'101'($9,)(-'*-12)0&20(?$],$,7(*0)*':
0-)$9-0)1,$),$('$1')$'(0($9,)1292,)'(:$+0&2,($%0O('($'(*E)$.,(*&0)1,$9&'C
92')*'$2)*'&J($%,&$/,&.0#2H0&$#,($1'&'9K,($1'$#0($9,.-)2101'($%0&0$%&,*'C
B'&#0($/&')*'$0$#0$2)+0(2=)$1'$2)*'&'('($'G*'&),($P%,&$'L'.%#,:$#0($'.%&'(0(
0B&O9,#0($9,.'&920#'($'$2)9#-(,$'#$"(*01,Q?$")$*0#'($90(,(:$('$1'/2)')$#,(
#O.2*'($9,.-)2*0&2,($D$('$&'B2(*&0:$')$),.7&'$1'$#0$9,.-)2101:$'#$*O*-#,$1'
%&,%2'101?$@-'B,:$('$9,)/O0$0$#0$9,.-)2101$#0$01.2)2(*&092=)$1'$#0($%&,%20(
*2'&&0(:$2)9#-210$#0$0(2B)092=)$1'$1'&'9K,($0$#0$*2'&&0$1')*&,$1'$(-($#O.2*'(?$
")$.-9K,($%0O('(:$#0$01.2)2(*&092=)$/,&.0#$'$2)/,&.0#$1'$*2'&&0($9,'G2(*'):
9-0)1,$#,($&'B2(*&,($#'B0#'($),$(-(*2*-D')$0$#,($1'&'9K,($9,)(-'*-12)0&2,($,
9-0)1,$')*&0)$')$+2B,&$1'&'9K,($2)/,&.0#'($1'$&'92')*'$9&'092=)?$N-'1')
%&,+,90&('$*')(2,)'($')*&'$#,($1'&'9K,($-$+J/"$ D$-$+T'(&) (,7&'$#0$*2'&&0?
@0($12(9&'%0)920($')*&'$#0($+'&(2,)'($/,&.0#$'$2)/,&.0#$,$9,)(-'*-12)0&20
1'$#,($1'&'9K,($1'$*')')920$%&,+,90)$0.72Bd'101'($I-'$0#B-),($%-'1')
*&0*0&$1'$0%&,+'9K0&?$")$0#B-),($%0O('(:$1,)1'$#,($(2(*'.0($/,&.0#'($1'
01.2)2(*&092=)$1'$*2'&&0($),$/-)92,)0)$1'7210.')*':$'#$"(*01,$%-'1'$,*,&C
B0&$12/'&')*'($*O*-#,($1'$%&,%2'101$%0&0$#0$.2(.0$%0&9'#0$1'$*2'&&0?$"##,
9,.%#290$#0$9,)1292=)$L-&O1290$1'$#0$*2'&&0:$D0$I-'$10$#-B0&$0$&'2+2)129092,C
)'($,%-'(*0(?$"#$.'&,$K'9K,$1'$'(*07#'9'&$D$1,9-.')*0&$#,($#O.2*'($1'$#0
*2'&&0$D$#,($*O*-#,($1'$%&,%2'101$),$'($(-/292')*'\$1'7'$K09'&('$1'$*0#$.0)'&0
I-'$),$0B&0+'$#0$(2*-092=)$*,10+O0$.E(?$@0$/-)92=)$1'$#0($9,.-)2101'(
#,90#'($')$#0$2)+'(*2B092=)$1'$#0($&'2+2)129092,)'($'($/-)10.')*0#:$D0$I-'*2')')$2)/,&.092=)$(,7&'$#,($.'90)2(.,($#,90#'($1'$*')')920$1'$*2'&&0(?$
"<<@A#$" C" 86@99"
")$'#$90(,$1'$#0$%,7#092=)$&-&0#$%,7&':$'#$099'(,$0$#0$*2'&&0$'(*E$70(01,
.-9K0($+'9'($')$#0$9,(*-.7&'?$N,&$'L'.%#,:$')$#0($(,92'101'($2)1OB')0($#,(
1'&'9K,($9,)(-'*-12)0&2,($0$#0$*2'&&0$('$9&'0)$),&.0#.')*'$(2B-2')1,$(-(
4EL$%$%(#'+-$+0'+&#$""'+;+-$*'"")00)+"/"'0
W?VW
W?VY
W?VZ
*&01292,)'($D$.'120)*'$%&,9'12.2')*,($')$I-'$#,($#O1'&'($*&01292,)0#'(
0(2B)0)$1'&'9K,($1'$-(,$0$#0$*2'&&0$0$#,($.2'.7&,($1'$#0$9,.-)2101?$"(*,(
1'&'9K,($1'$099'(,$%-'1')$*')'&$,&2B')$')$'#$-(,$1'$#0$*2'&&0$1-&0)*'$-)
#0&B,$%'&O,1,$1'$*2'.%,?$M-9K0($+'9'($(,)$1'&'9K,($01I-2&21,($.'120)*'
,9-%092=)$0)9'(*&0#$D$-*2#2H092=)$1'$#0$*2'&&0$%,&$(,92'101'($*&01292,)0#'(?
")$*0#'($90(,(:$#,$I-'$10$099'(,$0#$1'&'9K,$'($'#$1'(7&,9'$,&2B2)0#$1'$#0$*2'C
&&0$D$#0$9,#,)2H092=)$%,&$%0&*'$1'$#,($0)*'%0(01,(?$
N-'1')$-*2#2H0&('$*0.72J)$'(*&0*'B20($.-D$12+'&(0($%0&0$9,)('B-2&$099'(,$0
#0$*2'&&0?$")*&'$'##0($/2B-&0)$#0($(2B-2')*'(6$
b$ T,.%&0:$ .-9K0($ +'9'($ 9,)$ 90%2*0#$ 09-.-#01,$ *&070L0)1,$ 9,.,
.2B&0)*'$')$H,)0($-&70)0(\$
bN&'(9&2%92=)i^(-90%2=)$P01I-2(292=)$1'$1'&'9K,($.'120)*'$#0$%,('(2=)
1-&0)*'$-)$%'&O,1,$1'$*2'.%,$1'*'&.2)01,Q?$")$0#B-),($%0O('(:$J(*'
%-'1'$('&$'#$F)29,$.J*,1,$I-'$%'&.2*'$0$#,($%'I-'A,($0B&29-#*,&'(
,7*')'&$099'(,$/,&.0#$0$*2'&&0($+090)*'($,$070)1,)010($D$1'1290&#0$0
-(,($%&,1-9*2+,(?
b$4&&')10.2')*,:$'($1'92&:$9,)('B-2&$099'(,$0$#0$*2'&&0$%0B0)1,$-)$0#I-2C
#'&$0#$%&,%2'*0&2,?
b$4%0&9'&O0:$'($1'92&:$,7*')'&$099'(,$0$#0$*2'&&0$0$90.72,$1'#$%0B,$1'$-)
%,&9')*0L'$1'$#0$%&,1-992=)$0#$%&,%2'*0&2,?$
b$j'&')920:$'($1'92&:$,7*')'&$099'(,$0$#0$*2'&&0$')$90#2101$1'$K'&'1'&,?$
b$e)+0(2=)$2#'B0#$1'$#0$*2'&&0?
41'.E($1'$'(*0($'(*&0*'B20($2)12+21-0#'(:$'#$099'(,$0$#0$*2'&&0$('$%-'1'
B0&0)*2H0&$1'$/,&.0$(2(*'.E*290$.'120)*'$2)*'&+')92,)'($1'$&'/,&.0$0B&0C
&20$%,&$2)2920*2+0$B-7'&)0.')*0#:$.-9K0($+'9'($9,.,$9,)('9-')920$1'
%,#O*290($01,%*010($%0&0$9,&&'B2&$2)L-(*2920($K2(*=&290($D$12(*&27-2&$#0$*2'&&0
1'$/,&.0$.E($'I-2*0*2+0?$"(*0($&'/,&.0($0B&0&20($('$%&,1-9')$),&.0#.')*'
')$(2*-092,)'($')$I-'$B&0)$%0&*'$1'$#0$%&,%2'101$('$9,)9')*&0$')$-)$)F.'&,
&'#0*2+0.')*'$%'I-'A,$1'$%&,%2'*0&2,($D$#0$*2'&&0$'(*E$2.%&,1-9*2+0$,$2)(-C
/292')*'.')*'$0%&,+'9K010$P0-)I-'$9,)+2')'$('A0#0&$I-'$#0$1'*'&.2)092=)
%& S?+F/R+$*+0'+&$%$%(#'+-$+0'+&#$""'
W?V[
W?Vc
1'$(2$#0$*2'&&0$'(*E$2)(-/292')*'.')*'$0%&,+'9K010$1'%')1'$1'$#,($9&2*'&2,(
('#'992,)01,($%0&0$#0$'+0#-092=)Q?$")$0#B-),($%0O('(:$-)$*2%,$2.%,&*0)*'$1'
&'/,&.0$0B&0&20$K0$(21,$#0$&'(*2*-92=)$1'$#0$*2'&&0?$5*&0($2)*'&+')92,)'($%-'C
1')$('&$#,($%&,B&0.0($1'$&'12(*&27-92=)$1'$*2'&&0:$I-'$*&0*0)$1'$,/&'9'&$0$#0
%,7#092=)$&-&0#$%,7&'$099'(,$0$#0$*2'&&0$D$%&,.,+'&$#0$'/292')920$D$#0$2)+'&C
(2=)$')$#0$0B&29-#*-&0?$"(*,($%&,B&0.0($('$09,.%0A0)$.-9K0($+'9'(:$%'&,
),$(2'.%&':$9,)$('&+292,($0B&O9,#0($(-7+')92,)01,(:$%,&$'L'.%#,:$1'$'G*')C
(2=)$D$9&J12*,?$")$0#B-),($90(,(:$'#$"(*01,$K0$,/&'921,$099'(,$0$*2'&&0(
%F7#290($ 2.%&,1-9*2+0($,$ 2)(-/292')*'.')*'$ 0%&,+'9K010(:$ %'&,$ ')$ #0
.0D,&O0$1'$#0($(2*-092,)'($#0$*2'&&0$-*2#2H010$%0&0$09*2+2101'($1'$&'0(')*0C
.2')*,$%&,9'1'$1'#$('9*,&$%&2+01,?$
")$#0($&'/,&.0($0B&0&20($&'12(*&27-*2+0($2.%-'(*0(:$'#$"(*01,$(-'#'$*,.0&$#0
*2'&&0$1'$#,($B&0)1'($*'&&0*')2')*'($D$*&0)(/'&2&#0($0$90.%'(2),($(2)$*2'&&0($,
9,)$'(90(0($%,('(2,)'(?$@,($%&,%2'*0&2,($,&2B2)0#'($K0)$&'92721,$2)1'.)2C
H092=)$')$0#B-),($90(,(:$%'&,$),$(2'.%&'?$4#B-)0($+'9'(:$#0($&'/,&.0($K0)
7')'/29201,$0$#,($0&&')10*0&2,($I-'$*&070L070)$#0$*2'&&0?$"(*0($&'/,&.0(
90.720)$#0$'(*&-9*-&0$1'$#0$%&,%2'101$1'$#0$*2'&&0$*&0)(/,&.0)1,$0$#,($0&&')C
10*0&2,($')$%&,%2'*0&2,(:$%'&,$),$.,12/290)$#0$'(*&-9*-&0$1'$#0($'G%#,*092,C
)'(?$")$,*&0($92&9-)(*0)920(:$#0($&'/,&.0($K0)$(-%-'(*,$'#$&'0(')*0.2')*,
1'$#,($7')'/2920&2,($$')$#0($*2'&&0($'G%&,%2010($D$#0$9&'092=)$1'$)-'+0($,%'C
&092,)'($1'$'G%#,*092=)$0B&O9,#0?$
")$0#B-)0($2)2920*2+0($&'92')*'($1'$&'/,&.0$0B&0&20:$#,($7')'/2920&2,($)'B,C
920)$9,)$#,($%&,%2'*0&2,($#0$9,.%&0$1'$#0$*2'&&0$-*2#2H0)1,$/,)1,($0%,&*01,(
%,&$'#$"(*01,$')$/,&.0$1'$1,)092,)'($Di,$%&J(*0.,(?$],&.0#.')*':$#,(
7')'/2920&2,($1'7')$9,)(*2*-2&$-)$B&-%,$I-'$21')*2/2I-'$#0$*2'&&0$21=)'0:
)'B,92'$#0$9,.%&0$9,)$'#$+')1'1,&:$/,&.-#'$-)$%&,D'9*,$I-'$&'F)0$#0($9,)C
1292,)'($)'9'(0&20($%0&0$&'9272&$1,)092,)'($'(*0*0#'($Di,$9&J12*,$D$1'*'&.2C
)'$9=.,$('$+0$0$0(2B)0&$#0$*2'&&0$')*&'$#,($.2'.7&,($1'#$B&-%,$D$9-E#'($('&E)
#0($9,&&'(%,)12')*'($,7#2B092,)'($1'$%0B,?$
;2$72')$K0D$0.%#2,$9,)(')(,$')$I-'$#0$&'/,&.0$0B&0&20$1'('.%'A0$-)$%0%'#
2.%,&*0)*'$')$'#$1'(0&&,##,$&-&0#$9-0)1,$#0$9,)9')*&092=)$1'$#0$%&,%2'101$'(
%4L$%$%(#'+-$+0'+&#$""'+;+-$*'"")00)+"/"'0
W?Va
W?V`
W?Wg
'#'+010:$K0D$B&0)$9,)*&,+'&(20$(,7&'$9-E#'($(,)$#,($.'90)2(.,($.E($2)12C
901,($%0&0$*&0)(/'&2&$#0$*2'&&0$1'$#,($B&0)1'($*'&&0*')2')*'($0$#,($%'I-'A,(
%&,%2'*0&2,($,$90.%'(2),($(2)$*2'&&0?$],$,7(*0)*':$'(*'$1'70*'$1'(7,&10$'#
E.72*,$1'$#0$%&'(')*'$B-O0?$
A@_;96:":$:@$C" 8@7@7<6"
@0$('B-&2101$1'$#0$*')')920$'($#0$9'&*'H0$1'$I-'$#,($1'&'9K,($1'$-)0$%'&(,)0
0$#0$*2'&&0$('&E)$&'9,),921,($%,&$#,($1'.E($D$&'9272&E)$%&,*'992=)$/&')*'$0
2.%-B)092,)'($'(%'9O/290(?$h-2')'($),$*2')')$('B-&2101$')$#0$*')')920
9,&&')$'#$&2'(B,$1'$I-'$(-($1'&'9K,($0$#0$*2'&&0$('$+'0)$0.')0H01,($%,&$&'2C
+2)129092,)'($,%-'(*0(:$'$2)9#-(,$('$%2'&10)$9,.,$9,)('9-')920$1'$-)0
,&1')$1'$1'(0K-92,?$;2)$('B-&2101$1'$#0$*')')920:$#,($K,B0&'($('$+')$/-'&*'C
.')*'$#2.2*01,($')$(-$90%092101$1'$B0&0)*2H0&$0#2.')*,($(-/292')*'($D$1'
12(/&-*0&$1'$.'12,($1'$+210$(,(*')27#'(?$
@0$('B-&2101$1'$#0$*')')920$),$%-'1'$.'12&('$12&'9*0.')*'$D$')$7-')0
%0&*':$1'%')1'$1'$#0$%'&9'%92=)$1'$#,($%&,%2,($2)*'&'(01,(?$@,($0*&27-*,($1'
#0$('B-&2101$1'$#0$*')')920$%-'1')$90.720&$1'$-)$9,)*'G*,$0$,*&,?$N,&$'L'.C
%#,:$-)0$%'&(,)0$%-'1'$*')'&$1'&'9K,$0$-*2#2H0&$-)0$%0&9'#0$1'$*2'&&0$1-&0)*'
-)$%'&O,1,$1'$9-#*2+,$1'$('2($.'('($D$(2$'(0$%'&(,)0$'(*E$%&,*'B210$/&')*'$0#
&2'(B,$1'$1'(0K-92,$1-&0)*'$'('$*2'.%,:$#0$*')')920$'($('B-&0?$N,&$'G*')C
(2=):$#0$('B-&2101$1'$#0$*')')920$%-'1'$&'/'&2&('$0$#0$1-&092=)$1'$#0$.2(.0:
')$'#$9,)*'G*,$1'#$*2'.%,$)'9'(0&2,$%0&0$&'9-%'&0&$'#$B0(*,$1'$2)+'&(2=)?
4(O:$-)0$%'&(,)0$9,)$1'&'9K,($1'$-(,$1'$('2($.'('($),$%#0)*0&E$E&7,#'(:
2)+'&*2&E$')$,7&0($1'$&2'B,$)2$01,%*0&E$.'1210($%0&0$'+2*0&$#0$'&,(2=)$1'$#,(
(-'#,(:$D0$I-'$'#$*2'.%,$'($1'.0(201,$7&'+'$%0&0$I-'$%-'10$7')'/2920&('$1'
#0$2)+'&(2=)?$"(0$/,&.0$1'$*')')920$&'(-#*0$2)('B-&0$%0&0$2)+'&(2,)'($0$#0&B,
%#0H,:$0-)$9-0)1,$('0$('B-&0$%0&0$#0($1'$9,&*,$%#0H,?$
@0$2.%,&*0)920$1'$#0$('B-&2101$0$#0&B,$%#0H,$K0$##'+01,$0$0#B-),($0$0&B-C
.')*0&$I-'$#0$%#')0$('B-&2101$(=#,$%-'1'$10&('$9-0)1,$K0D$%#')0$%&,%2'C
101$%&2+010$P%,&$'L'.%#,:$#0$%&,%2'101$07(,#-*0Q$D0$I-':$')$*0#$90(,:$'#
*2'.%,$1-&0)*'$'#$I-'$('$%-'1')$.0)*')'&$#,($1'&'9K,($),$'(*E$#2.2*01,$0
-)$%'&O,1,$/2L,?$;'$9,)(21'&0$I-'$(=#,$'#$%&,%2'*0&2,$12(/&-*0$1'$1'&'9K,(
%% S?+F/R+$*+0'+&$%$%(#'+-$+0'+&#$""'
W?WU
W?WV
W?WW
('B-&,($D$#,($*2*-#0&'($1'$1'&'9K,($1'$.'),&$&0)B,:$9,.,$#,($0&&')10*0&2,(:
(=#,$1'*')*0)$-)0$*')')920$2)('B-&0:$D0$I-'$1'%')1')$1'$#0$+,#-)*01$1'#
%&,%2'*0&2,?$<'$0KO$%,1&O0$1'1-92&('$I-'$#0$('B-&2101$1'$#0$*')')920$('$9,)C
(2B-'$F)290.')*'$9,)$#0$%,('(2=)$1'$#,($1'&'9K,($1'$*&0)(/'&')920:$9,.,
#,($1'&'9K,($1'$+')*0$'$K2%,*'90?$@0$'I-2%0&092=)$1'$#0$('B-&2101$9,)$#,(
1'&'9K,($1'$*&0)(/'&')920$%0&0$+')1'&$'$K2%,*'90&$%-'1'$'(*0&$L-(*2/29010$')
0#B-),($#-B0&'($1'#$.-)1,:$%'&,$),$')$.-9K,($,*&,(?$")$#0($H,)0($9,)$(=#2C
1,($&'BO.')'($1'$*')')920$1'$70('$9,.-)2*0&20:$0#B-2')$%-'1'$B,H0&$1'
('B-&2101$1'$#0$*')')920$(2)$I-'$'##,$(2B)2/2I-'$I-'$I-2'&0$,$%-'10$+')1'&$#0
*2'&&0:$,$I-2HE$12(/&-*'$1'$1'&'9K,($1'$*&0)(/'&')920$'(*&29*0.')*'$#2.2*01,(
P%,&$'L'.%#,:$#0($*&0)(/'&')920($%,1&O0)$'(*0&$#2.2*010($0$#,($(-9'(,&'(:
.'120)*'$K'&')920:$,$#0($+')*0($%,1&O0)$'(*0&$&'(*&2)B210($0$#,($.2'.7&,($1'
#0$9,.-)2101Q?$
@0($/-')*'($1'$('B-&2101$%-'1')$+0&20&$*0.72J)$1'$-)$9,)*'G*,$0$,*&,6$
b$ ^)0$/-')*'$2.%,&*0)*'$'($#0$9,.-)2101$D$(-($B&-%,($'(%'9O/29,(:$9,.,
#0($,&B0)2H092,)'($#,90#'($1'$90.%'(2),($D$#0($0(,92092,)'($1'$-(-0&2,(
1'#$0B-0?$T-0)1,$#,($+'92),($&'9,),9')$#,($1'&'9K,($1'$-)0$%'&(,)0$D'G2B')$ (-$ ,7('&+0)920:$ #0$ ('B-&2101$ 1'$ '(0$ %'&(,)0$ 0-.')*0?$ ")
.-9K,($(2(*'.0($1'$*')')920$9,)(-'*-12)0&20:$#0($%'&(,)0($,7*2')')
1'&'9K,($1'$%&,%2'101$.'120)*'$#0$2)('&92=)$')$#0($9,.-)2101'($(,920C
#'(?$"#$.0)*')2.2')*,$1'$#,($1'&'9K,($1'$%&,%2'101$9,)/2&.0$#0$%'&*'C
)')920$0#$B&-%,:$1'$#0$.2(.0$.0)'&0$I-'$J(*0$/092#2*0$#0$01I-2(292=)$D
(0#+0B-0&120$1'$#,($1'&'9K,($1'$%&,%2'101?$$
b @,($B,72'&),($&'%&'(')*0)$,*&0$/-')*'$1'$('B-&2101:$D0$I-'$%-'1')$,/&'C
9'&$'#$&'9,),92.2')*,$%,#O*29,$1'$0#B-),($1'&'9K,(?$N,&$'L'.%#,:$-)
B,72'&),$%-'1'$09'%*0&$#0$'G%0)(2=)$D$0(')*0.2')*,$2#'B0#$1'$-)0
9,.-)2101$')$*2'&&0($1'$7,(I-'($)092,)0#'($D$9,.%&,.'*'&('$0$),
*,.0&$.'1210($1'$1'(0K-92,?$],$,7(*0)*':$9,)$'##,:$'#$B,72'&),$),&C
.0#.')*'$&'9,),9'$'#$1'&'9K,$1'$#0$9,.-)2101$0$,9-%0&$#0$*2'&&0:$%'&,
),$##'B0$K0(*0$'#$%-)*,$1'$&'9,),9'&$#,($1'&'9K,($1'$9010$-),$1'$#,(
2)12+21-,($1'$#0$9,.-)2101?$
b 5*&0$/-')*'$%-'1'$('&$#0$(2*-092=)$01.2)2(*&0*2+0$D$'#$(2(*'.0$L-&O129,
%'L$%$%(#'+-$+0'+&#$""'+;+-$*'"")00)+"/"'0
W?WY
/,&.0#?$"#$"(*01,$%-'1'$,/&'9'&$('B-&2101$')$B')'&0#$0/2&.0)1,$#,(
1'&'9K,($1'$#0($%'&(,)0($D$*0.72J)$9,)$.'1210($'(%'9O/290(:$9,.,$#0
%&,*'992=)$/&')*'$0#$%'#2B&,$1'$,9-%092=)$2#O92*0?$M-9K0($+'9'($('$9,)C
(21'&0$I-'$#0$('B-&2101$'(*E$70(010$')$#0$%&,*'992=)$,/&'9210$.'120)*'
(2(*'.0($90*0(*&0#'($D$1'$&'B2(*&,$1'$#0$%&,%2'101:$.2')*&0($I-'$#0$&'(,C
#-92=)$1'$#,($9,)/#29*,($*')1&O0$#-B0&$')$'#$(2(*'.0$L-12920#$/,&.0#?$
b ")$0#B-),($%0O('(:$#0$('B-&2101$('$%-'1'$,/&'9'&$.'120)*'$'(*&-9*-&0(
9,'&92*2+0(:$9,.,$#,($R('A,&'($1'$#0$B-'&&0S$I-'$0%0&'9')$')$0-(')920
1'$ -)$ "(*01,$ '/290H$ 1-&0)*'$ #,($ %'&O,1,($ 1'$ 12(*-&72,($ 92+2#'(?
]0*-&0#.')*':$J(*0$),$'($#0$/-')*'$.E($1'('07#'$1'$('B-&2101:$D0$I-'
'(*0($'(*&-9*-&0($%-'1')$0$(-$+'H$2.%'12&$'#$1'(0&&,##,$1'$9,.-)2101'(
D$(2(*'.0($L-&O129,($(=#21,(:$)'9'(0&2,($%0&0$-)0$7-')0$B,7'&)0)920?$
@0$('B-&2101$*,*0#$1'$-)0$%'&(,)0$'($#0$(-.0$*,*0#$1'$#0$('B-&2101$,/&'9210
%,&$12+'&(,($/09*,&'(?$")$.-9K,($90(,(:$#0$.0D,&$('B-&2101$1'$-)0$,$+0&20(
%&,9'1')920($10&E$#-B0&$0$-)$0-.')*,$1'$#0$('B-&2101$*,*0#?$")$.-9K,($%&,C
D'9*,($1'$1'(0&&,##,:$('$9,)(21'&0$I-'$#0$/,&.0$.E($+0#2,(0$1'$0-.')*0&$#0
('B-&2101$1'$#0$*')')920$'($9&'0&$,$&'/,&H0&$#0($B0&0)*O0($L-&O1290(?$")*&'$#,(
'L'.%#,($1'$&'/,&.0$1'$*')')920$1'$#0$*2'&&0$907'$('A0#0&$#0$*&0)(/,&.092=)
1'$#,($1'&'9K,($2)/,&.0#'($')$1'&'9K,($L-&O1290.')*'$'G2B27#'(\$#0$*&0)(C
/,&.092=)$1'$#,($%'&.2(,($'G%'121,($%,&$'#$"(*01,$')$0&&')10.2')*,($I-'
,/&'H90)$.0D,&$%&,D'992=)$%0&0$#,($-(-0&2,($1'$#0$*2'&&0\$#0$2)*&,1-992=)$1'
12(%,(292,)'($%0&0$I-'$#0($9,.-)2101'($('$9,)+2'&*0)$')$%&,%2'*0&20($#'B0C
#'($1'$(-($%&,%2'101'($2).-'7#'(:$')$+'H$1'$I-'$'#$*2*-#0&$1'$#,($1'&'9K,(
('0$'#$"(*01,$D$#0$.'L,&$1'/2)292=)$1'$#,($1'&'9K,($1'$%&,%2'101$.'120)*'
#0($.'L,&0($')$#,($(2(*'.0($/,&.0#'($1'$01.2)2(*&092=)$1'$*2'&&0(?$
@0$('B-&2101$1'$*')')920$1'$-)0$%'&(,)0$%-'1'$'(*0&$0.')0H010$1'$.-9K0(
.0)'&0(?$T-&2,(0.')*':$#,($2)*')*,($1'$0-.')*0&$#0$('B-&2101$L-&O1290$1'
0#B-),($%-'1')$10&$#-B0&$0$I-'$,*&,($%2'&10)$(-($1'&'9K,(?$N,&$'L'.%#,:$#,(
%&,D'9*,($1'$&'9,),92.2')*,$D$&'B2(*&,$1'$#,($*O*-#,($1'$%&,%2'101:$(2$'(*E)
.0#$')/,901,(:$%-'1')$&'1-92&$#0$('B-&2101$1'$.-9K,($&'(21')*'($&-&0#'(
%,&I-'$),$##'B0)$0$&'9,),9'&$1'*'&.2)01,($1'&'9K,(:$(,7&'$*,1,$1'$#0(
.-L'&'($D$#,($%,7&'($D$1'L0)$I-'$('$/-(2,)')$')$1'&'9K,($1'$R%&,%2'101S
%M S?+F/R+$*+0'+&$%$%(#'+-$+0'+&#$""'
W?WZ
W?W[
9,)9'121,($1'$/,&.0$(2.%#2(*0?$@,($1'&'9K,($0$0#B-),($-(,($2.%,&*0)*'($1'
#0$*2'&&0:$%,&$'L'.%#,:$%0&0$&'9,B'&$%'I-'A,($%&,1-9*,($/,&'(*0#'($-$,7*')'&
0B-0:$I-2HE$),$'(*J)$&'9,),921,($%,&$'#$(2(*'.0$L-&O129,$D$%,1&O0)$I-'10&
'#2.2)01,($')$#0$%&E9*290?$]0*-&0#.')*':$,*&,($*2%,($1'$%&,D'9*,($1'$1'(C
0&&,##,$%-'1')$10&$#-B0&$0$#0$%J&1210$1'$1'&'9K,($0$#0$*2'&&0?$
@,($1'&'9K,($%-'1')$&'1-92&('$*0.72J)$,$'#2.2)0&('$(2$'#$"(*01,$9,.2')H0
0$2.%,)'&$),&.0($+2B')*'($I-'$2.%21')$'#$099'(,$0$#,($&'9-&(,(?$N,&$'L'.C
%#,:$#0$,7('&+0)920$.E($'(*&29*0$1'$#0$%,#O*290$'(*0*0#$(,7&'$#0$9,)('&+092=)
/,&'(*0#$%-'1'$10&$#-B0&$0$I-'$#,($90.%'(2),($*')B0)$I-'$070)1,)0&$#0$*2'C
&&0$I-'$+2')')$-*2#2H0)1,$%0&0$09*2+2101'($0B&O9,#0($D$1'$%0(*,&',?$
@0$2)('B-&2101$1'$*')')920$%-'1'$'(*0&$%&,+,9010$%,&$90.72,($(,920#'(?
N,&$'L'.%#,:$'#$keji;e<4'(*E$&'%'&9-*2')1,$')$#0$('B-&2101$1'$#0($.-L'C
&'($')$0#B-),($#-B0&'($1'$f/&290?$@0($+2-10($%-'1')$%'&1'&$099'(,$0$#0$*2'&&0
')$(')*21,$L-&O129,$(2$),$%-'1')$K'&'10&$#,($1'&'9K,($1'$(-($.0&21,($D$')
(')*21,$%&E9*29,$(2$('$+')$,7#2B010($0$070)1,)0&$#0($'G%#,*092,)'($%,&$#,(
/0.2#20&'($+0&,)'(?$
@0($%'&(,)0($%-'1')$%'&1'&$#,($1'&'9K,($9-0)1,$,*&,($K09')$90(,$,.2(,$1'
#0($),&.0($(,7&'$*')')920$1'$#0$*2'&&0?$@0$'G%#,*092=)$1'$#0($&'#092,)'($1'(C
2B-0#'($1'$%,1'&$1')*&,$1'$#0($9,.-)2101'(:$%,&$'L'.%#,:$%-'1'$K09'&$I-'
0#B-),($.2'.7&,($('$&'('&+')$%0&*'($1'$#0($*2'&&0($9,.-)0#'($%0&0$(-$%&,C
%2,$-(,$'G9#-(2+,:$9,)$#,$I-'$)'B0&O0)$0$,*&,($.2'.7&,($1'$#0$9,.-)2101$'#
099'(,$0$#0($*2'&&0($1'$%0(*,&',$9,.-)'(?$
@0$'G2(*')920$1'$90.%'(2),($(2)$*2'&&0$%-'1'$1'7'&(':$)0*-&0#.')*':$0$&0H,C
)'($12(*2)*0($1'$#0$2)('B-&2101$1'$#0$*')')920?$j0D$I-2')'($+')1')$(-$*2'&&0
R0$%&'92,($1'$(0#1,S$9,)$'#$/2)$1'$(,7&'+2+2&$')$.,.')*,($1'$9&2(2(:$%,&
'L'.%#,:$1-&0)*'$%'&O,1,($1'$K0.7&'$,$')/'&.'101$-$,*&0($90#0.2101'(?
5*&0$&0H=)$%0&0$#0$+')*0$1'$#0$*2'&&0$%-'1')$('&$#0($%&'(2,)'($(,920#'(:$%,&
%DL$%$%(#'+-$+0'+&#$""'+;+-$*'"")00)+"/"'0
W?Wc
W?Wa
W?W`
W?Yg
'L'.%#,$#0$1'$,/&'9'&$-)0$1,*'$0$#0($K2L0($I-'$('$90(0)?$
M5$(/)$ZLS$3*R*$G*2*)I*$*2$-L*2G,$
F,$G*2*2-.,$3*$F,$G.*)),$*2$
*F$3.I*\/$3*$F/I$V)/U*-G/I
@,($%&,D'9*,($%0&0$%&,.,+'&$'#$1'(0&&,##,$&-&0#$.-9K0($+'9'($*2')')$&'%'&C
9-(2,)'($')$#0$*')')920$1'$#0$*2'&&0?$")$0#B-),($90(,(:$'#$12('A,$1'$-)$%&,C
D'9*,$%-'1'$2)9#-2&$.'L,&0($')$#,($.'90)2(.,($1'$*')')920:$9,)$'#$/2)$1'
&'(%0#10&$(-($,7L'*2+,($1'$1'(0&&,##,?$")$,*&,($90(,(:$#0($09*2+2101'($1'$-)
%&,D'9*,$%-'1')$2)/#-2&$')$#,($12(%,(2*2+,($I-'$&2B')$#0$*')')920$1'$#0$*2'&&0?
"(*,($'/'9*,($%,*')920#'($I-2HE$),$('0)$(2'.%&'$+2(27#'($')$#0$/0('$1'$12('C
A,?$],$,7(*0)*':$(2$),$('$*2')')$')$9-')*0$'(0($&'%'&9-(2,)'($1'(1'$'#
9,.2')H,:$%-'1')$%&,+,90&('$9,)('9-')920($),$1'('010(?$"(0$,.2(2=)
%,1&O0$2.%'12&$I-'$('$%&,1-L'&0)$.'L,&0($(2$#,($'/'9*,($')$#0$*')')920$1'$#0
*2'&&0$9,)*&0&&'(*0)$#,($7')'/292,($,7*')21,($%,&$'#$%&,D'9*,$')$,*&0($12.')C
(2,)'(:$,$%,1&O0$K09'&$I-'$#0$(2*-092=)$##'B0&0$2)9#-(,$0$1'*'&2,&0&('?$
")$'(*'$90%O*-#,$('$2#-(*&0$#0$2.%,&*0)920$1'$9,)(21'&0&$#0$*')')920$1'$#0$*2'C
&&0$')$#0$/0('$1'$12('A,$1'$#,($%&,D'9*,(:$%0&0$#,$9-0#$('$%,)')$1'$.0)2/2'(*,
#0($&'%'&9-(2,)'($I-'$%,1&O0)$*')'&$')$#0$*')')920$1'$#0$*2'&&0$#,($%&,D'9*,(
&'#092,)01,($9,)$#0$(,(*')272#2101$0.72')*0#:$#0$%&,.,92=)$(2(*'.E*290$1'
#0$.-L'&$D$#0$&'(,#-92=)$1'$#,($9,)/#29*,($D$#,($1'(%#0H0.2')*,(?
<;@A86#7@A$"BN6@78"C@A$
@0$*')')920$1'$#0$*2'&&0$D$#0($9,)1292,)'($0.72')*0#'($'(*E)$'(*&'9K0.')*'
&'#092,)010(6$#0$%&2.'&0$%-'1'$%&,.,+'&$%&E9*290($1'$0%&,+'9K0.2')*,$1'
#0$*2'&&0$9,)$'/'9*,($)'B0*2+,($,$%,(2*2+,($')$'#$.'12,$0.72')*'?
@0($),&.0($1'(09'&*010($P('0)$/,&.0#'($,$2)/,&.0#'(Q$(,7&'$'#$099'(,$0$#0
*2'&&0$%-'1')$10&$#-B0&$0$#0$1'B&01092=)$0.72')*0#?$")$.-9K,($#-B0&'($1'#
.-)1,:$'#$1'(7&,9'$1'$#0($*2'&&0($K0$&'%&'(')*01,$-)0$.0)'&0$'/290H$1'$&'2C
+2)1290&$#0$%&,%2'101$1'$#0$.2(.0?$N,&$'L'.%#,:$#,($7,(I-'($K0)$(21,$-*2#2C
%QL$%$%(#'+-$+0'+&#$""'+;+-$*'"")00)+"/"'0
Y?U
Y?V
Y?W
Y?Y
H01,($*&01292,)0#.')*'$%0&0$#0$0B&29-#*-&0$1'$9,&*0$D$I-'.0$%,&$#0$%,7#0C
92=)$#,90#$I-'$*')O0$1'&'9K,($9,)(-'*-12)0&2,($(,7&'$'(,($&'9-&(,(?$4#
%,1'&$01I-2&2&$*2'&&0($#0($%'&(,)0($0L')0($0$#0$9,.-)2101$.'120)*'$#0$*0#0$1'
E&7,#'($I-'$#0$9-7&'):$('$K0$$/0+,&'921,$#0$1'/,&'(*092=)$')$B&0)$'(90#0:$%&,C
+,90)1,:$%,&$'L'.%#,:$2)9')12,($D$K-.,$I-'$K0)$9-72'&*,$%0&*'($1'$4(20$D
1'$4.J&290$1'#$;-&$')$#,($F#*2.,($0A,(?$
@0$2)('B-&2101$')$#0$*')')920$1'$#0$*2'&&0$'(*E$+2)9-#010$0$-)0$-*2#2H092=)
2)01'9-010$1'$#0$.2(.0:$I-'$0$(-$+'H$%&,+,90$1'B&01092=)$0.72')*0#?$@0
/0#*0$1'$1'&'9K,($9#0&,($%-'1'$&'1-92&$'#$2)9')*2+,$%0&0$0%#290&$.'1210($1'
%&,*'992=)$1'$#,($&'9-&(,($0$#0&B,$%#0H,?$")$'#$90(,$1'$#0$*2'&&0$1'$%&,%2'101%&2+010:$%,&$'L'.%#,:$#,($90.%'(2),($0&&')10*0&2,($9,)$9,)*&0*,($0$9,&*,
%#0H,$I-2HE$),$01,%*')$#0($.'1210($)'9'(0&20($1'$%&,*'992=)$1'#$(-'#,:$)2
%#0)*')$E&7,#'($,$.'L,&')$#,($%0(*,($(2$),$*2')')$#0$*2'&&0$'#$*2'.%,$(-/292')C
*'$%0&0$0%&,+'9K0&$#,($7')'/292,($1'$(-($2)+'&(2,)'(?
@,($(2(*'.0($2)01'9-01,($1'$*')')920$')$#0($*2'&&0($1'$1,.2)2,$%F7#29,$%-'C
1')$10&$#-B0&$*0.72J)$0$#0$1'B&01092=)$0.72')*0#?$")$'#$90(,$1'$#,($(2(*'.0(
1'$%0(*,&',$')$H,)0($E&210($,$('.2E&210(:$0#B-),($%0(*2H0#'($9,)(21'&01,(
,/2920#.')*'$9,.,$%&,%2'101$'(*0*0#$('$K0)$*&0)(/,&.01,$(-(*2*-D')1,$#0
%&,1-992=)$%0(*,&2#$*&01292,)0#$%,&$'#$9-#*2+,$D$#0$B0)01'&O0$9,.'&920#?$"(*0(
%,#O*290($),$K0)$##'B01,$0$&'9,),9'&$I-'$#0$+0&2072#2101$1'$#0($%&'92%2*092,C
)'($&'I-2'&'$%0(*,($.-D$'G*')(,($%0&0$#0($09*2+2101'($1'$%0(*,&',?$@0$&'*2&0C
10$1'$0#B-)0($1'$'(*0($*2'&&0($%0&0$1'1290&#0($0$B0)01'&O0$9,.'&920#$#2.2*0$#0
.,+2#2101$1'$I-2')'($%&09*290)$'#$%0(*,&',?$")$9,)('9-')920:$K0D$-)$'G9'(,
1'$9,)9')*&092=)$1'$'(*0($09*2+2101'($')$#,($%0(*2H0#'($*,10+O0$099'(27#'($0
#,($%0(*,&'(?$
"#$9,)9'%*,$1'$-*2#2H092=)$2)(,(*')27#'$1'$#,($&'9-&(,($9,.-)'($K0$9,)('C
B-21,$9,)(21'&07#'$),*,&2'101$*&0($#0$12+-#B092=)$1'$#0$R9&2(2($1'$#,$9,.-C
)0#S$')$#0$,7&0$1'$j0&12)?$"(*'$0)E#2(2($1'$#0$(,7&''G%#,*092=)$%&'(')*070
0#B-)0($1'/292')920(:$D0$I-'$'(*070$70(01,$')$#0$90%092101$2#2.2*010$1'$-*2C
#2H0&$#,($(2(*'.0($1'$%&,%2'101$1'$#27&'$099'(,$D$),$')$'#$099'(,$0$#,($&'9-&C
(,($1'$%&,%2'101$9,.-)0#$70L,$'#$9,)*&,#$1'$#0$9,.-)2101?$],$,7(*0)*':$')
%`
Y?Z
Y?[
Y?c
U?+.)"+Q/R+-$H$+&$%$"*$+$%+(/$%&'+0'+&$%$%(#'+-$+0'+&#$""'+$%+$0+-#*$V)+-$+0)*+,");$(&)*
0#B-)0($,90(2,)'($#,($(2(*'.0($1'$*')')920$1'$%&,%2'101$9,.F)$('$K0)
*&0)(/,&.01,$')$(2(*'.0($1'$#27&'$099'(,:$%,&$'L'.%#,:$9-0)1,$-)$(2(*'.0
9,.-)0#$'($1'.0(201,$1J72#$%0&0$'+2*0&$I-'$#0($*2'&&0($1'$%0(*,&',$9,.-)0C
#'($('0)$-*2#2H010($%,&$%'&(,)0($0L')0($0$#0$9,.-)2101?$
N,&$'#$9,)*&0&2,:$#0($),&.0($72')$,&2')*010($(,7&'$#0$*')')920$1'$*2'&&0($%-'C
1')$%&,.,+'&$(-$-*2#2H092=)$(,(*')27#'?$@,($%&,D'9*,($1'7')$*&0*0&$),$1'
0.')0H0&$(2),$1'$&'/,&H0&$#,($(2(*'.0($1'$*')')920$1'$#0$*2'&&0$'G2(*')*'(:
9-0)1,$('0)$'/2909'(?$N,&$'L'.%#,:$'#$&'9,),92.2')*,$1'$#0($+')*0L0($D
9,.%#'L2101'($1'$#,($(2(*'.0($1'$*')')920$1'#$%0(*,&',$*&01292,)0#$%-'1')
9,)('B-2&$-)0$-*2#2H092=)$1'$#,($&'9-&(,($#,$70(*0)*'$/#'G27#'$%0&0$'+2*0&$#0
1'B&01092=)$1'$#,($&'9-&(,($)0*-&0#'(?$@,($')90&B01,($1'$#0$%#0)2/29092=)
%-'1')$.'L,&0&$*0.72J)$#,($(2(*'.0($1'$*')')920$9,)$'#$/2)$1'$&'/,&H0&$#,(
%&,D'9*,($&'#0*2+,($0$#,($&'9-&(,($)0*-&0#'(?$̂ )$%&,D'9*,$%-'1'$.'L,&0&$#0
('B-&2101$1'$#0$*')')920$1'$#,($0&&')10*0&2,(:$%,&$'L'.%#,:$K092')1,$I-'$#0(
9,)1292,)'($1'$(-($0&&')10.2')*,($#'($0#2')*')$0$01,%*0&$%&E9*290($(,(*')2C
7#'($1'$0%&,+'9K0.2')*,$1'$#0$*2'&&0?$̂ )$09-'&1,$1'$0&&')10.2')*,$%,1&O0
0#')*0&$#0$2)+'&(2=)$,/&'92')1,$2)1'.)2H092=)$%,&$#,($7')'/292,($*,10+O0
12(%,)27#'($0#$/2)0#$1'#$%'&O,1,$1'$0&&')10.2')*,:$,$2)9&'.')*0)1,$#0$1-&0C
92=)$1'#$.2(.,$D$K092J)1,#,$*&0)(/'&27#'$0$#,($K'&'1'&,(:$%0&0$I-'$1'$'(0
.0)'&0$'#$1'(2)9')*2+,$&'(-#*'$2)(2B)2/290)*'?$
T,)$'#$/2)$1'$.'L,&0&$'#$0%&,+'9K0.2')*,$(,(*')27#'$1'$#,($&'9-&(,($)0*-&0C
#'(:$#0($'(*&0*'B20($1'$*')')920$1'$#0$*2'&&0$1'7'&O0)$'(*0&$+2)9-#010($0$2)(*&-C
.')*,($1'$,&1')092=)$01'9-01,(:$9,.,$#0$H,)2/29092=)$0B&,'9,#=B290:
%0&0$B0&0)*2H0&$I-'$#0$*2'&&0$('$1'(*2)'$0$-(,($09,&1'($9,)$'#$*2%,$1'$(-'#,:$#0
/,&.0$1'$#0$*2'&&0$D$#0($90&09*'&O(*290($9#2.E*290(?$@0$.0D,&$%0&*292%092=)$D
#0$%,*')92092=)$1'$#0($'(*&-9*-&0($9,.-)2*0&20($(,)$*0.72J)$9,)1292=)
)'9'(0&20$%0&0$B0&0)*2H0&$#0$0-*,B'(*2=)$'/290H$1'$#0$70('$1'$&'9-&(,($)0*-C
&0#'(?$
<;@A86#7@A$9@C"<6#7":"A$<#7$@C _?7@9#
")$#0$.0D,&$%0&*'$1'$#0($(,92'101'(:$#0($.-L'&'($),$*2')')$2B-0#101$1'$099'C
(,$0$#0$*2'&&0$&-&0#$)2$0$#,($9,&&'(%,)12')*'($&'9-&(,($)0*-&0#'(?$")$.-9K,(
%EL$%$%(#'+-$+0'+&#$""'+;+-$*'"")00)+"/"'0
Y?a
Y?`
Y?Ug
90(,(:$#0($(,92'101'($K0)$%&,*'B21,$I-2HE$')$'#$%0(01,$#,($2)*'&'('($1'$#0
.-L'&$.'120)*'$12(%,(292,)'($9,)(-'*-12)0&20(:$#'D'($1'$2)(%2&092=)$&'#2C
B2,(0$D$#0$#'B2(#092=)$B')'&0#:$%'&,$'#$90.72,$1'$#0$(2*-092=)$(,92,'9,)=.2C
90$.-9K0($+'9'($K09'$I-'$#0($0)*2B-0($),&.0($),$%-'10)$B0&0)*2H0&$I-'$#0
.-L'&$*')B0$099'(,$0$#,($&'9-&(,($)'9'(0&2,($%0&0$9&20&$D$0*')1'&$0$(-($/0.2C
#20(?$@0($9,.-)2101'($I-'$'G%'&2.')*0)$0K,&0$(2*-092,)'($1'$'(90('H$1'
*2'&&0($,$1'$&E%21,$0-.')*,$1'$(-$+0#,&$0$+'9'($),$%-'1')$,$),$I-2'&')
2.%'12&$I-'$#,($/0.2#20&'($+0&,)'($&'9#0.')$*2'&&0($(,7&'$#0($I-'$*2')')
1'&'9K,($#0($.-L'&'(:$')$%0&*29-#0&$#0($+2-10($,$(,#*'&0(?$$
@0$.2B&092=)$0$#,($9')*&,($-&70),($K0$101,$#-B0&$0$-)$&E%21,$0-.')*,$1'#
)F.'&,$1'$/0.2#20($&-&0#'($9-D,$L'/'$1'$K,B0&$'($1'$/09*,$,$1'$L-&'$-)0
.-L'&?$M-9K0($1'$'(*0($.-L'&'($(,)$*0.72J)$#0($I-'$B,H0)$1'$.'),&$%,1'&
(,920#:$'($1'92&:$.01&'($(,#*'&0(:$+2-10(:$12+,&92010(:$'(%,(0($1'$*&070L01,C
&'($.2B&0)*'(:$0)920)0($D$')/'&.0(?$")$B')'&0#$90&'9')$1'$%,1'&'($%0&0
*,.0&$1'92(2,)'(:$.-9K0($+'9'($),$*2')')$&'%&'(')*092=)$')$'#$B,72'&),$1'
#0$9,.-)2101$D$9010$+'H$*2')')$.'),($('B-&2101$2)12+21-0#$')$'#$.0&9,$1'
#0$#'B2(#092=)$*&01292,)0#?$@,($2)*')*,($1'$&'0/2&.0&$(-($1'&'9K,($%-'1')
%&,+,90&$9,)/#29*,($')$#0$9,.-)2101$,$2)9#-(,$')$'#$%#0),$)092,)0#?$T,)
1'.0(2010$/&'9-')920:$#,($1'&'9K,($I-'$%-'10$*')'&$#0$.-L'&$I-'10)$0$.'&C
9'1$1'$#0$+,#-)*01$1'$#,($/0.2#20&'($+0&,)'(?$@0($.-L'&'($(,#*'&0(:$12+,&920C
10($,$+2-10($%-'1')$09070&$1'%')12')1,$1'$#0$7-')0$+,#-)*01$1'$%0&2')*'(
#'L0),(?$")$-)$)F.'&,$9&'92')*'$1'$%0O('(:$#0$%0)1'.20$1'#$keji;e<4'(*E
9,)*&27-D')1,$),*07#'.')*'$0$0-.')*0&$'#$)F.'&,$1'$K,B0&'($%&'(2121,(
%,&$-)0$.-L'&?$
N,&$,*&,$#01,:$'(*,($K,B0&'($90&B0)$9,)$#0$&'(%,)(072#2101$1'$%&,1-92&$#,(
0#2.')*,($ )'9'(0&2,($ %0&0$ 0#2.')*0&$ 0$ -)0$ %,7#092=)$ ')$ 9&'92.2')*,?
e)9#-(,$9-0)1,$'#$L'/'$1'$K,B0&$'($-)$+0&=):$#0($.-L'&'($.-9K0($+'9'($*2'C
)')$#0$&'(%,)(072#2101$%&2.0&20$1'$%&,1-92&$0#2.')*,(:$.2')*&0($I-'$#,(
K,.7&'($('$(-'#')$9,)9')*&0&$.E($')$#,($9-#*2+,($9,.'&920#'(?$@0($.-L'&'(
90.%'(2)0(:$')$%0&*29-#0&:$(,)$#0($&'(%,)(07#'($1'$#0$.2*01$1'$#0$%&,1-992=)
0#2.')*0&20$.-)120#$D$%&,1-9')$')*&'$'#$[g$D$'#$ag$%,&$92')*,$1'$#,($0#2.')C
*,($')$#0$.0D,&$%0&*'$1'$#,($%0O('($')$1'(0&&,##,?$")$'#$f/&290$(-7(0K0&20)0
'& U?+.)"+Q/R+-$H$+&$%$"*$+$%+(/$%&'+0'+&$%$%(#'+-$+0'+&#$""'+$%+$0+-#*$V)+-$+0)*+,");$(&)*
Y?UU
Y?UV
D$')$'#$T0&27':$%&,1-9')$K0(*0$'#$ag$%,&$92')*,$1'$#,($0#2.')*,($7E(29,(?$")
4(20:$')*&'$'#$Zg$D$'#$̀ g$%,&$92')*,$1'#$*&070L,$')$#,($0&&,H0#'($'($&'0#2H01,
%,&$.-L'&'(?$<'(%-J($1'$#0($9,('9K0(:$#0($90.%'(2)0($1'$#,($%0O('($')$1'(C
0&&,##,$(,)$90(2$#0($F)290($')90&B010($1'$#0($09*2+2101'($1'$0#.09')0.2')C
*,:$.0)2%-#092=):$9,.'&920#2H092=)$D$'#07,&092=)?$
@0$2)*&,1-992=)$1'$),&.0($L-&O1290($/,&.0#'(:$.'120)*'$#0$&'/,&.0$0B&0&20
D$#,($%&,D'9*,($1'$*2*-#092=)$D$&'B2(*&,:$.-9K0($+'9'($),$K0$##'B01,$0$&'9,C
),9'&$#,($1'&'9K,($1'$#0$.-L'&?$")$'(*,($%&,D'9*,($('$9,)(21'&070$(-/292')C
*'$#0$2)*'&+')92=)$1'$#,($+0&,)'(:$I-'$(,#O0)$&'9272&$#,($*O*-#,($1'$%&,%2'101:
1E)1,('$%,&$(-%-'(*,$I-'$#0($.-L'&'($D$#,($)2A,($('$7')'/2920&O0)$0#$('&
9,)(21'&01,($1'%')12')*'($1'$0I-'##,(?$@,($70L,($)2+'#'($1'$0#/07'*2H092=)
1'$#0$.-L'&$')$0#B-),($%0O('($K09')$*,10+O0$.E($12/O92#$I-'$%-'10)$9-.%#2&
#,($&'I-2(2*,($7-&,9&E*29,($%0&0$0#90)H0&$#0$%&,%2'101$#'B0#$/,&.0#?$
")$.-9K0($(,92'101'(:$%0&0$9,)('B-2&$-)$.0D,&$099'(,$D$('B-&2101$1'$#0
.-L'&$('$)'9'(2*0&E)$90.72,($')$#0($%,#O*290($D$')$#0$#'B2(#092=):$%,&$'L'.C
%#,:$%0&0$&'9,),9'&$'G%&'(0.')*'$#,($1'&'9K,($1'$#0$.-L'&$0$*')'&$*2'&&0($D
%'&.2*2&$#0$9,)9'(2=)$1'$*O*-#,($L-&O129,($')$(-$),.7&':$('0$')$/,&.0$2)12+2C
1-0#$,$9,)L-)*0.')*'$9,)$(-$9=)D-B'?$41'.E($D$(,7&'$*,1,:$I-2HE$('
&'I-2'&0)$90.72,($')$#0($),&.0($D$%&E9*290($9-#*-&0#'(?$@0($#'D'($1'$-)$%0O(
%-'1')$1'9#0&0&$I-'$'#$K,.7&'$D$#0$.-L'&$*2')')$2B-0#101$1'$1'&'9K,($%0&0
*')'&$%&,%2'101'($D$K'&'10&#0(:$%'&,:$(2$#0($),&.0($D$%&E9*290($9-#*-&0#'(
'(*E)$')$9,)*&012992=)$9,)$129K0($#'D'(:$'($%&,707#'$I-'$),$('$*')B0)$')
9-')*0$#,($1'&'9K,($1'$#0$.-L'&?$
@0$T,.2(2=)$1'$#0($]092,)'($̂ )210($1'$#0$T,)1292=)$_-&O1290$D$;,920#$1'$#0
M-L'&$,7('&+=$')$U``a$I-'$#0$12(9&2.2)092=)$9,)*&0$#0$.-L'&$')$#,$I-'$&'(C%'9*0$0$#,($1'&'9K,($1'$%&,%2'101$1'$#0$*2'&&0$'($-)0$+2,#092=)$1'$#,($1'&'C
9K,($K-.0),(?$;'$2)(*=$0$#,($"(*01,($0$I-'$12('A')$D$&'+2(')$#0($#'D'($%0&0
B0&0)*2H0&$I-'$('$&'9,),H90)$0$#0$.-L'&$1'&'9K,($%#'),($'$2B-0#'($%0&0$#0
%,('(2=)$1'$#0$*2'&&0$D$,*&,($72')'(:$%0&*29-#0&.')*'$.'120)*'$'#$1'&'9K,$0
#0$*&0)(.2(2=)$K'&'12*0&20?$@0($#'D'($I-'$&'%'&9-*')$')$'#$(2(*'.0$1'$*')')C
920$D$'#$BJ)'&,$(,)$.-D$12+'&(0($D$')*&'$'##0($('$2)9#-D')$#0($9,)(*2*-92,)'(
'4L$%$%(#'+-$+0'+&#$""'+;+-$*'"")00)+"/"'0
Y?UW
Y?UY
Y?UZ
)092,)0#'($D$#0$#'B2(#092=)$&'#0*2+0$0$#0$/0.2#20:$#0$K'&')920:$#0$%&2+0*2H092=):
#0$&'/,&.0$0B&0&20:$'#$&'9,),92.2')*,$D$&'B2(*&,$1'$#,($*O*-#,($1'$%&,%2'101$D
#0$01.2)2(*&092=)$1'$#,($&'9-&(,(?$;2$72')$'#$*'G*,$D$#0($/=&.-#0($1'$#0($#'D'(
&'B#0.')*0&20($(-'#')$('&$2.%0&920#'($')$.0*'&20$1'$BJ)'&,:$#0($.2(.0(
#'D'($0$+'9'($),$(,)$*0)$)'-*&0#'(:$%,&$'L'.%#,:$9-0)1,$,&2')*0)$#,($%&,B&0C
.0($D$&'B#0.')*,($(,7&'$#0$%&,%2'101$K0920$#,($L'/'($1'$K,B0&$+0&,)'(?
;'$)'9'(2*0)$%&,B&0.0($1'$12+-#B092=)$9,.,$9,.%#'.')*,$1'$#0($&'/,&.0(
L-&O1290(?$<29K,($%&,B&0.0($%-'1')$('&$.-D$12+'&(,(:$1'(1'$2)2920*2+0($1'
'1-9092=)$'$2)/,&.092=)$I-'$%'&.2*0)$0$#0($.-L'&'($9,),9'&$9-E#'($(,)$(-(
1'&'9K,($0$#0$*2'&&0$D$,*&,($&'9-&(,(:$K0(*0$%&,B&0.0($I-'$0D-1')$0$B&-%,(
1'$.-L'&'($0$%&,*'B'&$(-($1'&'9K,($1'$*')')920:$,$I-'$(')(272#29')$0$#0
9,.-)2101$09'&90$1'$'(*,($1'&'9K,($1'$#0$.-L'&?$"#$"(*01,$*2')'$#0$&'(%,)C
(072#2101$1'$B0&0)*2H0&$-)0$9,.-)29092=)$'/290H$9,)$#,($92-1010),($')
'(*0($.0*'&20(?$4#$.2(.,$*2'.%,:$#0($,&B0)2H092,)'($1'$#0$(,92'101$92+2#
1'('.%'A0)$.-9K0($+'9'($-)$%0%'#$.-D$+0#2,(,$0$#0$K,&0$1'$2)/,&.0&$0$#0
%,7#092=)$09'&90$1'$(-($1'&'9K,(?$
<')*&,$1'$#,($%&,D'9*,($1'$1'(0&&,##,:$'#$12('A,$1'$#,($9,.%,)')*'($1'
*')')920$1'$#0$*2'&&0$1'7'&O0)$2)9,&%,&0&$'#$0)E#2(2($1'$BJ)'&,$1'(1'$#,($%&2C
.'&,($.,.')*,($%0&0$'+2*0&$I-'$('$%0(')$%,&$0#*,$0#B-),($,7(*E9-#,($'(%'C
9O/29,($1'$#0$.-L'&?$T-0)1,$('$2)*')*0$2)9,&%,&0&$'(*0($9,)(21'&092,)'($')
#,($,7L'*2+,($D$12('A,$1'$#,($%&,D'9*,($-)0$+'H$I-'$D0$'(*E)$%-'(*,($')$.0&C
9K0:$#,$I-'$('$9,)(2B-'$1'$K'9K,$'($2)*&,1-92&$129K0($9,)(21'&092,)'($')$-)
.0&9,$2)01'9-01,?$
<#7!C6<8#T$B6_9"<6=7$P (9#<@A#A$:@$9@A#C;<6=7
],&.0#.')*'$K0D$-)0$'(*&'9K0$+2)9-#092=)$')*&'$*')')920$D$9,)/#29*,($')
&'#092=)$9,)$#0$*2'&&0?$<')*&,$1'$-)0$(,92'101:$#0($&'2+2)129092,)'($,%-'(*0(
(,7&'$'#$9,)*&,#$D$-*2#2H092=)$1'$#0$*2'&&0$%-'1')$%&,+,90&$9,)/#29*,(?$"#$9&'C
92.2')*,$1'.,B&E/29,$D$#0$*&0)(/,&.092=)$1'$#,($/09*,&'($'9,)=.29,($%-'C
1')$ 0$ (-$+'H$ 0-.')*0&$ #0$ 9,.%'*')920$%,&$ '#$ 099'(,$ 0$ #0$ *2'&&0?$"(*0
9,.%'*')920$),&.0#.')*'$'(*E$&'B-#010$')$#0($),&.0($01,%*010($%,&$#0
(,92'101:$I-'$('$'#07,&0)$')$&'(%-'(*0$0$&'#092,)'($(,920#'(:$'9,)=.290($D
'% U?+.)"+Q/R+-$H$+&$%$"*$+$%+(/$%&'+0'+&$%$%(#'+-$+0'+&#$""'+$%+$0+-#*$V)+-$+0)*+,");$(&)*
Y?U[
Y?Uc
Y?Ua
%,#O*290($12)E.290(?$T-0)1,$'(*0($),&.0($),$%-'1')$010%*0&('$9,)$#0$&0%2C
1'H$)'9'(0&20$0$#0($)-'+0($92&9-)(*0)920(:$0-.')*0$#0$%,(272#2101$1'$I-'$('
%&,1-H90)$9,)/#29*,(?$N,&$'L'.%#,:$#,($(2(*'.0($1'$*')')920$9,)(-'*-12)0C
&2,($),&.0#.')*'$(-&B2'&,)$')$#0($H,)0($1,)1'$#,($&'9-&(,($'&0)$.-D$9,)C
(21'&07#'($')$9,.%0&092=)$9,)$#0$%,7#092=)$D$#,$I-'$*0.72J)$'($2.%,&*0)*':
1,)1'$K07O0$-)$9,)(')(,$(,920#$9,.%0&*21,$')*&'$#,($12(*2)*,($*2*-#0&'($1'
#,($1'&'9K,(?$T-0)1,$'(*'$9,)(')(,$(,920#$('$1'(9,.%,)':$('$07&'$#0$%-'&*0
0$#,($9,)/#29*,(?$
@0($&'%'&9-(2,)'($1'$#,($90.72,($'$2)9'&*21-.7&'($0-.')*0)$9-0)1,$K0D
9,)/-(2=)$D$9,)/#29*,($')*&'$),&.0($9,)(-'*-12)0&20($D$#'D'($.,1'&)0(?
@0($12(9&'%0)920($9&'0)$0.72Bd'101'(:$I-'$0#B-2')$%-'1'$*&0*0&$1'$'G%#,C
*0&?$@0($%0&*'($')$-)0$R+')*0S$1'$*2'&&0$9,)(-'*-12)0&20$%-'1')$*')'&$12/'C
&')*'($,%2)2,)'($(,7&'$(2$#0$*&0)(/'&')920$'($%'&.0)')*'$,$*'.%,&0#:$,$(,7&'
(2$'#$R9,.%&01,&S$*2')'$1'&'9K,$0$+')1'&$#0$*2'&&0$0$,*&0$%'&(,)0?$"(*0(
(2*-092,)'($%-'1')$9,.%#290&('$9-0)1,$#,($2)*'&'('($%'&(,)0#'(:$1'&2+01,(
%,&$'L'.%#,$1'$#0$R%'&(,)0#2H092=)S$1'#$%,1'&$')$-)0$(,92'101:$('$2)*'&&'#0C
92,)0)$9,)$B&-%,($9,#'9*2+,($')/&')*01,(?$@,($9,)/#29*,($%-'1')$(-&B2&$%,&
#0$%,(272#2101$1'$I-'$-)$%&,%2'*0&2,$R+')10S$#0$.2(.0$%0&9'#0$1'$*2'&&0$0
.E($1'$-)$9,.%&01,&?$N-'1'$K07'&$9,)/#29*,($')*&'$#,($.2'.7&,($1'$-)0
/0.2#20$(2$'#$L'/'$+')1'$%0&*'$1'#$%0*&2.,)2,$/0.2#20&$(2)$'#$9,)(')*2.2')*,
1'$#,($1'.E($.2'.7&,(?$@0($2)*'&+')92,)'($'(*0*0#'($%-'1')$0-.')*0&
*0.72J)$#0$2)('B-&2101$D$B')'&0&$9,)/#29*,($')$0#B-)0($92&9-)(*0)920(?$@,(
%&,9'12.2')*,($1'$&'B2(*&,$2)01'9-01,(:$,$#0($'G%&,%2092,)'($07-(2+0(
%-'1')$0-.')*0&:$%,&$'L'.%#,:$'#$&2'(B,$1'$I-'$-)$%&,%2'*0&2,$('$+'0$1'(%,C
L01,$1'$(-($1'&'9K,(?$
")$,*&,($90(,(:$#,($9,)/#29*,($I-'$('$&'B2(*&0)$')$-)0$(,92'101$%-'1')
2.%#290&$0$0B')*'($'G*'&),(?$T,)$.-9K0$/&'9-')920:$#0($(,92'101'($09'%*0)
.2B&0)*'($I-'$#-'B,$12(/&-*0)$1'$('B-&2101:$(2'.%&'$I-'$&'(%'*')$#0($9,)C
1292,)'($1'$#,($09-'&1,($1'$*')')920$D$,*&,($9,)*&0*,($(,920#'(?$;-$099'(,$0
#0$*2'&&0$I-2HE$),$*')B0$-)$#O.2*'$*'.%,&0#$1'*'&.2)01,:$0-)$9-0)1,$%-'C
10)$('&$9,)(21'&01,($9,.,$&'(21')*'($*'.%,&0#'(?$@-'B,:$%-'1')$%&,1-C
92&('$9,)/#29*,($9-0)1,$('$.,12/290)$#0($92&9-)(*0)920(?$N,&$'L'.%#,:$')
''L$%$%(#'+-$+0'+&#$""'+;+-$*'"")00)+"/"'0
Y?U`
Y?Vg
%'&O,1,($1'$1'*'&2,&,$'9,)=.29,$,$1'$'(90('H$1'$*2'&&0:$%-'1'$1'(0%0&'9'&
#0$09'%*092=)$1'.,(*&010$%,&$#0($(,92'101'($#,90#'($K0920$#,($.2B&0)*'(?
N-'1')$%&,1-92&('$*0.72J)$9,)/#29*,($9-0)1,$R#,($1'$/-'&0S$,7*2')')
099'(,$0$#0$*2'&&0$1'$#0$9,.-)2101$')$/,&.0($I-'$),$9,&&'(%,)1')$0$#0($),&C
.0($*&01292,)0#'(?$@,($9,)/#29*,($.E($+2,#')*,($D$.E($B&0+'($%&,9'1')$1'
-)0$9,.72)092=)$'G%#,(2+0$1'$.0)2%-#092=)$%,#O*290$1'$#0$9,.%'*')920
%,&$#0$*2'&&0$D$1'$')/&')*0.2')*,($%,&$'#$,&2B')$)092,)0#:$')$-)$9,)*'G*,$1'
12+2(2,)'($J*)290(?$T,.,$'#$099'(,$0$#0$*2'&&0$.-9K0($+'9'($'(*E$&'#092,)0C
1,$9,)$#0$21')*2101$(,920#:$#,($1'&'9K,($0$#0$*2'&&0$1'$1'*'&.2)01,($B&-%,(
(,920#'($%-'1')$2.%-B)0&('$')$&'#092=)$9,)$#0$21')*2101$)092,)0#$D$J*)290:
#,$I-'$,/&'9'$-)$90#1,$1'$9-#*2+,$%0&0$#0$'G%#,*092=)$%,#O*290$1'$'(0($*')(2,C
)'(?$@,($%&,7#'.0($1'$*')')920$),&.0#.')*'$(,)$1'$90&E9*'&$%,#O*29,$D
(-'#')$,9-%0&$#-B0&$2.%,&*0)*'$')$#,($12(9-&(,($D$1'70*'(?$4#$.2(.,$*2'.C
%,:$#0($&'#092,)'($(,7&'$#0$*')')920$'(*E)$2)('&*0($')$#0($&'#092,)'($2)*'&J*C
)290(:$0#$.2(.,$*2'.%,$I-'$('$+')$0/'9*010($%,&$'##0(?$")$,*&0($%0#07&0(:
%,1&O0$1'92&('$I-'$#,($%&,7#'.0($1'$*')')920$1'$#0$*2'&&0$%-'1')$*')'&$9,)C
),*092,)'($%,#O*290($D$#0($9-'(*2,)'($%,#O*290($%-'1')$*')'&$&'(,)0)920(
J*)290(?
N-'1')$%&,1-92&('$*0.72J)$9,)/#29*,($9-0)1,$#,($%&,D'9*,($1'$1'(0&&,##,:
#'L,($1'$&'(,#+'&$#,($%&,7#'.0(:$#,($0B&0+0)?$@0($2)*'&+')92,)'($'G*'&)0(
%-'1')$90.720&$#0($&'#092,)'($D$'I-2#27&2,($'G2(*')*'(?$N,&$'L'.%#,:$%-'C
1')$%&,+,90&$90.72,($&'#0*2+,($1'#$+0#,&$1'$#0$*2'&&0?$")$*0#'($90(,(:$#0$&'+2C
(2=)$1'#$'I-2#27&2,$1'#$%,1'&$%,#O*29,$#,90#$%-'1'$9&'0&$2)9'&*21-.7&'$(,7&'
#0($R&'B#0($1'#$L-'B,S$I-'$1'/2)')$'#$-(,$D$'#$9,)*&,#$1'$#,($&'9-&(,(:$#,$I-'
('$%&'(*0&O0$0$9,)/#29*,(?$e&=)290.')*':$0#B-),($%&,D'9*,($,&2')*01,($0$0D-C
10&$0$#0($%'&(,)0($1'(%#0H010($9,.,$9,)('9-')920$1'$#0$B-'&&0$K0)$9,#,90C
1,$0$'(0($+O9*2.0($')$.'12,$1'$)-'+,($9,)/#29*,($&'0(')*E)1,#,($')$*2'&&0(
I-'$'(*070)$'&&=)'0.')*'$1'/2)210($9,.,$+090)*'($(,#0.')*'$%,&I-'
%0&'9O0$I-'$)012'$#0($-*2#2H070$')$'#$.,.')*,$1'$#0$2)(%'992=)?$@0$/0#*0$1'
)'B,92092,)'($9,)$#,($09*-0#'($*2*-#0&'($1'$#,($1'&'9K,($9,#,90$0$#0($+O9*2C
.0($1'#$9,)/#29*,$')$-)0$(2*-092=)$1'$2)('B-&2101?$"(*0$(2*-092=)$%-'1'
&'(-#*0&$*,10+O0$.E($%&,7#'.E*290$9-0)1,$#,($*2*-#0&'($1'$#,($1'&'9K,($('
+')$*0.72J)$1'(%#0H01,($D$&'B&'(0)$-)0$+'H$I-'$('$K0)$%&'(')*01,$#,($)-'C
'M U?+.)"+Q/R+-$H$+&$%$"*$+$%+(/$%&'+0'+&$%$%(#'+-$+0'+&#$""'+$%+$0+-#*$V)+-$+0)*+,");$(&)*
Y?VU
+,($9,#,),(?
^)$%&,7#'.0$9,.F)$0$.-9K,($%0O('($'($I-'$#,($.'90)2(.,($/,&.0#'($1'
&'(,#-92=)$1'$9,)/#29*,($(,)$1J72#'($,$%&E9*290.')*'$2)'G2(*')*'(?$M-9K,(
(2(*'.0($L-12920#'($/,&.0#'($'(*E)$B&0+'.')*'$(,7&'90&B01,(:$9,)$2)(-/2C
92')*'$1,*092=)$1'$%'&(,)0#$D$1'$'(%'920#2(*0($%0&0$,9-%0&('$1'#$'),&.'
)F.'&,$1'$90(,($I-'$('$%&'(')*0)$0)*'$'##,(?$")$0#B-),($%0O('(:$#,($9,)/#29C
*,($&'#092,)01,($9,)$#0$*2'&&0$&'%&'(')*0)$#0$.0D,&O0$1'$#,($90(,($(,.'*21,(0$#,($*&27-)0#'($D$/&'9-')*'.')*'$#,($.E($12/O92#'($1'$&'(,#+'&$9,)$&0%21'H:
K0(*0$'#$%-)*,$1'$I-'$%-'1')$%&,#,)B0&('$1-&0)*'$.-9K,($0A,(?$l&0)$%0&*'
1'$#0$$,%2)2=)$%F7#290$9,)(21'&0$I-'$#,($*&27-)0#'($(,)$9,(*,(,(:$#')*,(:
2.%&'+2(27#'($D$')$0#B-),($90(,(:$9,&&-%*,(?$"#$#')B-0L'$1'$#,($07,B01,($D
L-'9'($#'($%0&'9'$0L'),$D$9,.%#'L,?$
@0$9&'092=)$1'$*&27-)0#'($'(%'920#2H01,(:$9,)$9,),92.2')*,($'(%'920#'($')
#,($0(-)*,($&'#092,)01,($9,)$#0$*2'&&0$D$')$#0$0%#29092=)$1'$*J9)290($0#*'&)0C
*2+0($1'$&'(,#-92=)$1'$9,)/#29*,(:$'($-)0$%,(272#2101$0$#0$I-'$('$%&'(*0$9010
+'H$.0D,&$0*')92=)?$j0D$-)$&'9,),92.2')*,$9&'92')*'$1'$#0$2.%,&*0)920$1'
&'9,),9'&$D$/,&*0#'9'&$#,($.'90)2(.,($),$'(*0*0#'($1'$&'(,#-92=)$1'$9,)C
/#29*,(?$"##,$%-'1'$(-%,)'&$'#$0%&,+'9K0.2')*,$1'$#,($09*-0#'($.,1'#,($1'
70('$9,.-)2*0&20:$0#B-),($1'$9-0#'($I-2HE$'(*J)$')$+2B,&$1'(1'$K09'$*2'.C
%,:$')$%0&0#'#,$9,)$#,($(2(*'.0($L-12920#'($%F7#29,(:$0#B-),($1'$#,($9-0#'(
(,)$I-2HE$1'$,&2B')$.E($&'92')*'?$@0$'G%#,&092=)$D$'#$0%&,+'9K0.2')*,$9&'C
0*2+,$1'$'(*0($0#*'&)0*2+0($1'$#0$(,92'101$92+2#$%-'1')$&'(-#*0&$'#$90.2),
.E($2)12901,$%0&0$&'1-92&$#0$90&B0$(,7&'$#,($(2(*'.0($L-12920#'($D$%0&0
B0&0)*2H0&$.'90)2(.,($099'(27#'($1'$&'(,#-92=)$1'$9,)/#29*,(:$')$(2)9&,)O0
9,)$#0($),&.0(:$9,(*-.7&'($D$#')B-0L'$1'$#,($#2*2B0)*'(?$
678@99@C"<6=7$@789@$C"A$:6A8678"A$<;@A86#7@A$
@0($9-'(*2,)'($1'$#0$*')')920$1'$#0$*2'&&0$&'#092,)010($9,)$'#$.'12,$0.72')C
*'$),$'(*E)$02(#010($1'$#,($%&,7#'.0($1'$*')')920$0(,9201,($9,)$'#$BJ)'&,$,
#,($9,)/#29*,(?$ME($72'):$9,'G2(*')$')$#0($(,92'101'(?$N,&$'L'.%#,:$'#$12('C
A,$1'$-)$%&,D'9*,$%0&0$%&,.,+'&$#0$/,&'(*'&O0$9,.-)2*0&20$,$%0&0$.'L,&0&
#,($.'12,($1'$(-7(2(*')920$1'$#0($%'&(,)0($1'129010($0#$%0(*,&',$(-(92*0$#0
)'9'(2101$1'$2)9,&%,&0&$%&E9*290($1'$*')')920$1'$#0$*2'&&0$I-'$%&,.-'+0)
'DL$%$%(#'+-$+0'+&#$""'+;+-$*'"")00)+"/"'0
Y?VV
Y?VW
Y?VY
-(,($1'$J(*0$I-'$('0)$'9,#=B290.')*'$(,(*')27#'(:$B0&0)*29')$0$#,($B&-%,(
1'(/0+,&'921,($'#$099'(,$0$#,($&'9-&(,($D$%-'10)$&'(,#+'&$#,($9,)/#29*,($%,&
#,($1'&'9K,($(,7&'$#0$-*2#2H092=)$1'$#0$*2'&&0?$
@0$%&,.,92=)$1'$90.72,(:$9,.,$#0$2B-0#101$')*&'$BJ)'&,$')$9-0)*,$0$#0
%&,%2'101$1'$#0$*2'&&0:$%,1&O0$&'I-'&2&$),$(=#,$90.72,($')$#0$%,#O*290$D$')$#0
#'B2(#092=)$(,7&'$#0($*2'&&0(:$(2),$*0.72J)$')$#0($09*2*-1'($1'$B&0)$%0&*'$1'$#0
%,7#092=)?$T,.,$#0$*')')920$1'$#0$*2'&&0$'($-)0$&'#092=)$')*&'$%'&(,)0(:$#0(
),&.0($I-'$1'/2)')$#,($1'&'9K,($1'$099'(,$0$#0$*2'&&0$&'%&,1-9'):$')$7-')0
.'1210:$'#$'I-2#27&2,$,$1'('I-2#27&2,$1'$%,1'&?$"#$90.72,$1'$#0($),&.0($),
9,)(2(*'$(2.%#'.')*'$')$/092#2*0&$'#$099'(,$0$0#B-),(\$%-'1'$10&$#-B0&$0$-)
1'(%#0H0.2')*,$/-)10.')*0#$')$#0($'(*&-9*-&0($1'$%,1'&$'G2(*')*'(?$"#
.0D,&$2)*'&J($%,&$#0$(2*-092=)$1'$#0$.-L'&$K0$101,$#-B0&$')$+0&2,($%0O('($0$#0
%&,.-#B092=)$1'$.'1210($#'B2(#0*2+0($I-'$%'&.2*')$0$J(*0$12(/&-*0&$1'
1'&'9K,($#'B0#'($0$#0$*2'&&0?$],$,7(*0)*':$')$0-(')920$1'$.'90)2(.,($'/290C
9'($1'$B,7'&)0)920$D$01.2)2(*&092=)$%0&0$9,)('B-2&$#0$,7('&+0)920$1'
129K0$#'B2(#092=):$'($%&,707#'$I-'$9,)*2)F')$#0($%&E9*290($*&01292,)0#'(?
@0($90.%0A0($1'$%&,.,92=)$(,)$2.%,&*0)*'(:$%'&,$1'7'$*')'&('$')$9-')*0
I-'$.-9K,($1'$#,($90.72,($I-'$('$%&,%,)')$I-2HE$),$('$##'+')$0$907,$0
9,&*,$%#0H,?$
;2$72')$'#$/,&*0#'92.2')*,$,$010%*092=)$1'$#,($.'90)2(.,($1'$*')')920$1'$#0
*2'&&0$%-'1')$9,)*&27-2&$')$/,&.0$2.%,&*0)*'$0#$&'(-#*01,$1'$#,($%&,D'9*,(
1'$1'(0&&,##,:$#,($'/'9*,($1'%')1')$*0.72J):$)0*-&0#.')*':$1'$,*&,($/09*,C
&'(?$M-9K0($+'9'(:$-)$099'(,$.E($'I-2*0*2+,$0$#0$*2'&&0$D$#0$.0D,&$('B-&2101
1'$#0$*')')920$&'%&'(')*0)$-)0$%0&*'$2.%,&*0)*'$1'#$1'(0&&,##,$&-&0#:$%'&,$#0
('B-&2101$1'#$099'(,$0$#0$*2'&&0$),$'($%,&$(O$(,#0$(-/292')*'?$@0($%'&(,)0(
)'9'(2*0)$*0.72J)$099'(,$0$&'9-&(,($2)(*2*-92,)0#'($D$%&,1-9*2+,($9,.%#'C
.')*0&2,(:$')$%0&*29-#0&$/2)0)920.2')*,:$90%092*092=):$.'&901,($072'&*,($D
'/2909'(:$*'9),#,BO0$'$2)/&0'(*&-9*-&0$&-&0#:$%0&0$I-'$('$K0B0)$&'0#2101$#,(
%,(27#'($7')'/292,($1'#$.0D,&$099'(,$0$#0$*2'&&0?$m 9-0)1,$#0($9&'92')*'(
%&'(2,)'($1'.,B&E/290($K09')$12(.2)-2&$'#$*0.0A,$1'$#0($'G%#,*092,)'(
/0.2#20&'($9,)$'#$%0(,$1'$#0($B')'&092,)'(:$#0$9&'092=)$1'$,%,&*-)2101'($1'
B')'&092=)$1'$2)B&'(,($),$0B&O9,#0($01I-2'&'$9010$+'H$.E($2.%,&*0)920
'] U?+.)"+Q/R+-$H$+&$%$"*$+$%+(/$%&'+0'+&$%$%(#'+-$+0'+&#$""'+$%+$0+-#*$V)+-$+0)*+,");$(&)*
Y?VZ
Y?V[
9,.,$.'12,$1'$&'1-92&$#0($%&'(2,)'($(,7&'$#0$*2'&&0?$
^)0$1'$#0($/,&.0($.E($2)129010($1'$07,&10&$'(*0($9-'(*2,)'($'($'#$'(*07#'92C
.2')*,$ 1'$ -)0$ '(*&0*'B20$ 2)*'B&010$ 1'$ 1'(0&&,##,$ &-&0#$ 9')*&010$ ')$ #0
2)/&0'(*&-9*-&0$&-&0#:$#0$9&'092=)$1'$,%,&*-)2101'($1'$'.%#',$&-&0#$),$0B&OC
9,#0:$#0$&'1-992=)$1'$#,($9,(*,($1'$.,+2#2101$1'$#0$.0),$1'$,7&0$D$#0$.'L,&
2)(*&-992=)$D$90%092*092=)$L-)*,$9,)$.'1210($%0&0$.'L,&0&$#,($(2(*'.0($1'
*')')920$D$,&1')092=)$1'$#0$*2'&&0?$"(*'$%#0)*'0.2')*,$2)*'&('9*,&20#$*2')'
.E($%&,7072#2101'($1'$9,)*&27-2&$%&,+'9K,(0.')*'$0#$1'(0&&,##,$0B&O9,#0$D
0#$72')'(*0&$1'$#,($K,B0&'($&-&0#'(?$$
'QL$%$%(#'+-$+0'+&#$""'+;+-$*'"")00)+"/"'0
Y?Vc
D5$<JH/$.2-FL.)$F,$G*2*2-.,$
3*$F,$G.*)),$*2$*F$
3.I*\/$3*$F/I$V)/U*-G/I
"#$0)E#2(2($1'$#0$*')')920$1'$#0$*2'&&0$1'7'$%&,B&0.0&('$1'(1'$#0($%&2.'C
&0($'*0%0($1'#$12('A,$1'$ #,($%&,D'9*,($D$%&,B&0.0($1'$1'(0&&,##,$&-&0#?
"##,$9,)*&27-2&E$0$#0$.0D,&$('B-&2101$1'$#,($1'&'9K,($+2B')*'($D$0$'+2*0&
#,($9,)/#29*,(?$;2$('$%&'(*0$#0$1'7210$9,)(21'&092=)$0$#0$&'#092=)$')*&'$#0
*')')920$D$'#$1'(0&&,##,$&-&0#$D$#0$('B-&2101$0#2.')*0&20$('$9,)*&27-2&E$0
#0$(,(*')272#2101$1'$#,($%&,D'9*,(?$@0$21')*2/29092=)$1'$#0($12(*2)*0($(2*-0C
92,)'($')$I-'$#0$*')')920$1'$#0$*2'&&0$%-'1'$&'%&'(')*0&$-)$*'.0$1'$2)*'C
&J($D$1,)1'$#0($%,(272#2101'($1'$9,)/#29*,$(,)$9,)(21'&07#'($9,)(*2*-D'$-)
'#'.')*,$1'92(2+,$1'$#0$21')*2/29092=)$1'$#,($%&,D'9*,(?$4(O$,9-&&'$(,7&'
*,1,$')$#,($90(,($')$I-'$('$%&,1-9')$90.72,($12)E.29,(:$')$%0&*29-#0&
.,+2.2')*,($1'$#0$%,7#092=):$I-'$&'%'&9-*')$')$#,($1'&'9K,($+2B')*'($1'
#0($%,7#092,)'($0(')*010(:$2)1'%')12')*'.')*'$1'$I-'$'(*'$0(')*0.2')*,
('0$%'&.0)')*'$,$2)*'&.2*')*'?$@,($9,)/#29*,($(,7&'$#,($1'&'9K,($0$#0$*2'C
&&0$ K0)$ /2B-&01,$ ),&.0#.')*'$ ')*&'$ #,($ %&,7#'.0($ .E($ 2)(,#-7#'($ ')
*,10($#0($J%,90($D$')$*,1,($#,($9,)*2)')*'(?
N,&$'##,:$')$'#$%&'(')*'$90%O*-#,$('$9,)(21'&0$#0$.0)'&0$1'$2)*&,1-92&$%'&C
(,)0#$'(%'920#2H01,$9,.%'*')*'$')$'#$12('A,$D$'L'9-92=)$1'$#,($%&,D'9*,(
D$9-E#'($(,)$#,($9,),92.2')*,($%&E9*29,($D$'G%'&2')920($I-'$('$)'9'(2*0)
%0&0$K09'&$/&')*'$0$'(*,($%&,7#'.0(?$
"7[C6A6A$:@$C" 8@7@7<6" :@$C" 86@99"
"#$ %#0)*'0.2')*,$.E($ 01'9-01,$ %0&0$ 1'*'&.2)0&$ (2$ '($ %&,707#'$ I-'$ ('
%&,1-H90$-)$%&,7#'.0$1'$*')')920$1'$*2'&&0($D$')$%0&*29-#0&:$(2$'($%&,70C
7#'$I-'$1J$#-B0&$0$9,)/#29*,($'($*&0*0&$1'$&'(%,)1'&$0$'(*0($1,($%&'B-)*0(6
RnT-E#$'($'#$09*-0#$(2(*'.0$1'$*')')920oS$D$RnT-E#'($('&O0)$#,($%&,707#'(
'/'9*,($,$&'%'&9-(2,)'($1'#$%&,D'9*,oS$4 9,)*2)-092=)$('$'G0.2)0)$'(*0(
1,($%&'B-)*0(?$
'EL$%$%(#'+-$+0'+&#$""'+;+-$*'"")00)+"/"'0
Z?U
Z?V
Z?W
+*,-&)./).&)"01,"&)/$/1.%")2.)1.'.'0$"3 N0&0$&'(%,)1'&$0$'(*0$%&'B-)*0
K0D$I-'$1'*'&.2)0&$#,($09*-0#'($(2(*'.0($1'$*')')920$R0)*'($1'#$%&,D'9*,S$,
R0)*'($1'#$90.72,S?$N0&0$'##,:$%&,707#'.')*':$K07&E$I-'$'(*07#'9'&$9-E#$'(
#0$(2*-092=)$+2B')*'6$
b$^)$.0&9,$/,&.0#$L-&O1290.')*'$1'/2)21,:$),&.0#.')*'$'(*07#'921,
.'120)*'$#'D$&'B#0.')*0&20$D$'(%'92/29092=)$1'$#,($2)*'&'('($L-&O129,(
/,&.0#'($&'0#.')*'$'G2(*')*'(?$
b "(*&-9*-&0($9,.-)0#'($,$1'/2)210($')$/,&.0$9,)(-'*-12)0&20:$),&.0#C
.')*'$01.2)2(*&010($%,&$#0$0-*,&2101$9,)(-'*-12)0&20$%'&*2)')*'$D
'(%'92/29092=)$1'$#,($2)*'&'('($2)/,&.0#'($,$9,)(-'*-12)0&2,($&'0#.')C
*'$'G2(*')*'($')$#0$H,)0?
"($.-D$/E92#$90'&$')$#0$*&0.%0$1'$%')(0&$I-'$%,&$'#$(2.%#'$K'9K,$1'$I-'$),
('$+'0$0$)012'$I-'$,9-%'$')$'#$.,.')*,$/O(290.')*'$-)0$'G*')(2=)$1'$*2'&&0
),$'G2(*0)$1'&'9K,($')$&'#092=)$9,)$'##0?$"($),&.0#:$%,&$'L'.%#,:$I-'$0#B-C
),($1'&'9K,($('$12(/&-*')$%'&2=1290.')*':$('0$0$2)*'&+0#,($&'B-#0&'($,$2&&'C
B-#0&'(?$ N,&$ 'L'.%#,:$ 0#B-)0($ H,)0($ %-'1')$ '(*0&$ (-L'*0($ 0$ 1'&'9K,(
'(*092,)0#'($1'$%0(*,&',:$I-'$),&.0#.')*'$('$-*2#2H0)$-)0$+'H$0#$0A,?$")
,*&0($(2*-092,)'(:$('$&'9,),9')$#,($1'&'9K,($(,7&'$-)0$*2'&&0$I-'$('$,9-%0
(=#,$1'$/,&.0$2&&'B-#0&$0$#,$#0&B,$1'$+0&2,($0A,(?$T07&O0$92*0&$9,.,$'L'.C