referente

!$%&!'()!$(*+
,#-%!'.$(/(.+%#
$&--($&'!-
.0&$!$(*+
1.+.-!'2345($!
!"#

!

(/6#-%!+%.

!"#$%&#'(#"()*$+,(#-$(#'.%/0.1.)(#2#0(30&'$4/+#(%-$(1+%#'.%/0.1.)+5&0.&%#()50(#1$,(0(%#2#6&170(%8#(%#$)+#'(#"+%#30(&/$3+/.&)(%#
'("#9.).%5(0.&#'(#!'$/+/.:)#'("#!/$+'&08#%.)#(17+0*&8#)&#6+2#+/$(0'&#()50(#"&%#".)*;.%5+%#+/(0/+#'(#"+#1+)(0+#'(#6+/(0"&#()#
(%3+<&"=
!"#$%&'($#()*+,$-$.(#($%/0'(#$1($&"2#%3(#4($4#563($78%$&8."+9#:($%1$8&"$9%$;"<(=,$;1"&<1(&=$-$"'#(&$>"#?(&$#%1(30"+(9(&$3"+$%1$
4@+%#",$($6+$9%$?(#3(#$1($.#%&%+30($9%$(?2"&$&%A"&,$B%?"&$".'(9"$."#$8&(#$'@#?0+"&$4%+@#03"&,$%+$1($?%909($9%$1(&$."&020109(9%&$
9%1$1%+48(C%,$-$1($>"#?($?(&3810+($%+$&8$'#(9030"+(1$(3%.30*+D

!"#$!%&'!"&()*+*,-.#!%/"&0&/)#-**
"$..&"$%!.*1/*%!*/1$"!"&()*2/)/.!%*345&"!*6787

$%&'()&*+&,)&,-.,/&012-(3.
!"#"$%&'())$"&*$%+",(

4(*('+%.,)&,5)63.3(7*
-%()."&/.,"%&0%%.1+2()34

8(3&9(*('+%:,)&,5)63.3(7*
5"6%(&'$7"%%(8&983")$%%"8

;62'&3%&+.%(.,)&,<.-().),5)63.+(=.
:%6"&;(%$,(&*$%+",(

>(%&3+:%,?.3(:*.-,)&,<6%%@36-:,A5B
<="1&*.$+(&!$>$8

!"#"

Equipo Técnico:
René Cortijo Jacomino
María Cristina Espinosa Salas
Angelina Gajardo Valdés
Martha Alicia Guitarra Santacruz
Luis Hernández Basante
Ivanna López Ampuero
!"#$$%&'#()*#+&,)""#)
Mariana Pérez Flores
Miguel Pérez Teca
Isabel Ramos Castañeda
Juan Diego Reyes Villalva
Nancy Romero Aguilar
Pilar Tamayo Aroca
Alba Toledo Delgado

Coordinación editorial:
Martha Alicia Guitarra Santacruz

Diseño y diagramación:
Susana Zurita Becerra
José Hidalgo Cevallos
Francisco Veintimilla Romo

Corrección de estilo
Ligia Sarmiento De León

Impresión:
Versión Web

© Ministerio de Educación del Ecuador
Derecho de Autor: N° 033293
Septiembre de 2010
Quito – Ecuador

$#+%.+(0#

782 (9:;<=>??@A9222 2 2 2 2 2 2 2 B
C82 !9:D?D=D9:DE2 2 2 2 2 2 2 2 2 F
!"#$"%&#'()(&%"#'(#!'*)%)+,&# # # # # # -
!"#)*../)*"0#'(#1223#4#5*#(6%"*%)+,&# # # # # -
G82 3HEDE2ID=HJAJ@?HE2=DK2=@EDL<2?>;;@?>KH;2 2 2 2 2 M
!"#'(5%..0""0#'(#"%#)0&'+)+,&#7*8%&%#4#"%#9.(9%.%)+,&#
9%.%#"%#)089.(&5+,&# # # # # # # 2
$.0)(50#(9+5:(80",;+)0<#*&#9(&5%8+(&:0#4#80'0#'(#%):*%.#
",;+)0=#)./:+)0#4#).(%:+60# # # # # # # 1>
?&%#6+5+,&#)./:+)%#'(#"%#$('%;0;/%<#*&#%9.(&'+@%A(#9.0'*):+60#
!"#$%&$'()*$+," " " " " " " " --
!"#'(5%..0""0#'(#"%5#'(5:.(@%5#)0&#).+:(.+05#'(#'(5(89(B0# # 11
!"#(89"(0#'(#"%5#:()&0"0;/%#'(#"%#+&C0.8%)+,&#4#)08*&+)%)+,&# # 1D
E%#(6%"*%)+,&#+&:(;.%'0.%#'(#"05#.(5*":%'05#'("#%9.(&'+@%A(# # 1D
!"# $%#&'()%#*'#+,%-*,#*'#%.+#'+/0*-,1/'+#*'#%,#$*02,2-31#4'1'(,%#56+-2,# # 7!
N82 '<E2DODE2:;H9EPD;EHKDE2=D9:;<2=DK2I;<?DE<2D=>?H:@P<2 2 2 2 7Q
!"#F*(&#G+6+.#)080#9.+&)+9+0#.():0.#'(#"%#:.%&56(.5%"+'%'#(&#("#)*../)*"0# 13
# E%#+&:(.)*":*.%"+'%'# # # # # # # 13
# E%#C0.8%)+,&#'(#*&%#)+*'%'%&/%#'(80).H:+)%## # # 1I
# E%#9.0:())+,&#'("#8('+0%8J+(&:(# # # # # 1I
# !"#)*+'%'0#'(#"%#5%"*'#4#"05#7HJ+:05#'(#.().(%)+,&#'(#"05#(5:*'+%&:(5# 1I
# E%#('*)%)+,&##5(K*%"#(&#"05#A,6(&(5## # # # 1I
Q82 'H2DE:;>?:>;H2?>;;@?>KH;R2E@E:DSH2=D2?<9?DI:<E2DSIKDH=<E2 2 2 7F
E%#+890.:%&)+%#'(#(&5(B%.#4#%9.(&'(.# # # # # 1-
LJA(:+605#('*)%:+605#'("#%B0# # # # # # 12
./)&$'()($0&"1,2"3/,456#"(522$(5/)26#" " " " " -7
M(5:.(@%5#)0&#).+:(.+05#'(#'(5(89(B0# # # # # 12
$.()+5+0&(5#9%.%#"%#(&5(B%&@%#4#("#%9.(&'+@%A(# # # # D>
N&'+)%'0.(5#(5(&)+%"(5#'(#(6%"*%)+,&# # # # # D>
O&(K05# # # # # # # # # D>
" 82$6&*)($,&6#"1)2)"/)"1/)&$'()($0&"9$9:(*$()"" " ;<
6-#T.$$(*+2$&--($&'!-20.26-(/.-2!"#
782 'H2(SI<;:H9?@H2=D2.9EDLH;2U2!I;D9=D;2D926;@SD;2!L<2 CG
C82 #VOD:@P<E2D=>?H:@P<E2=DK2HL<2 CQ
8"# 9%,1-)2,2-31#&.(#:%.;0'+#20((-20%,('+# <=
!5:.*):*.%#)*..+)*"%.#'("#$.+8(.#OB0# DI
2 $.04())+,&#'("#(A(#'("#%9.(&'+@%A(<#'(5%..0""0#9(.50&%"#4#50)+%"# # P>
$.04())+,&#'(#"05#(A(5#'("#%9.(&'+@%A(<#)0&0)+8+(&:0#'("#8('+0#&%:*.%"
4#)*":*.%"#4#)08*&+)%)+,&#6(.J%"#4#&0#6(.J%"# # # # # PP
=/,456"(522$(5/)2"->"?$#"&56+,#")@$%,#"!"!," AA
=/,456"(522$(5/)2";>"?$"B)@$/$)"!"!," " AC
=/,456"(522$(5/)2"A>"D)"&)*52)/6E)"!"!," " AF
=/,456"(522$(5/)2"G>"?$"(,@5&$9)9"!"!," G<
=/,456"(522$(5/)2"C>"?$"1)H#"!"!," " GA

W82 6;D?@E@<9DE2IH;H2KH2D9EDLH9XH2U2DK2HI;D9=@XHOD2I<;2?<SI<9D9:D2 WN
I96&*$9)9"!")5*,&,@H)"" GC
J,&+$+6&($)" " GK
L6#(532$@$6&*,"!"(,@126&#$0&"96/"@69$,"&)*52)/"!"(5/*52)/" " GM
N6/)($,&6#"/0%$(,"O"@)*6@:*$()#" GF
J,@126&#$0&"!"6P126#$0&",2)/"!"6#(2$*)" " CG
J,@126&#$0&"!"6P126#$0&")2*H#*$()" " C7
!K9.(5+,&#)0.90.%"# # 31
N82 (9=@?H=<;DE2DED9?@HKDE2=D2DPHK>H?@A92 2 QG
3@VK@<J;HYZH2 QN
!9D[<R
# >(-'1/,2-.1'+#&,(,#%,#&%,1-)2,2-31#*-*62/-2,# # # ?=

7 (9:;<=>??@A9

E%#O):*%"+@%)+,&#4#Q0.:%"()+8+(&:0#R*..+)*"%.#'(#"%#!'*)%)+,&#S(&(.%"#FH5+)%#
5(#.(%"+@,#%#9%.:+.#'(#"%#(6%"*%)+,&#'("#)*../)*"0#'(#1223=#'(#"%#%)*8*"%)+,&#
'(#(K9(.+(&)+%5#'(#%*"%#"0;.%'%5#(&#5*#%9"+)%)+,&=#'("#(5:*'+0#'(#80'("05#
)*..+)*"%.(5#'(#0:.05#9%/5(5#4=#50J.(#:0'0=#'("#).+:(.+0#'(#(59()+%"+5:%5#4#'0T
)(&:(5#()*%:0.+%&05#'(#"%#!'*)%)+,&#S(&(.%"#FH5+)%#(&#"%5#H.(%5#'(#E(&;*%#

>/5$+".4+/.:)#2#?&05+"(/.1.()5&#@$00./$"+0#'(#"+#!'$/+/.:)#A()(0+"#BC%./+#DEFE
4#E+:(.%:*.%=#U%:(8H:+)%=#!5:*'+05#V0)+%"(5#4#R+(&)+%5#W%:*.%"(5X#
Q#*6" 9,(5@6&*," (,&#*$*5!6" 5&" 26B626&*6" (522$(5/)2" R6P$3/6" 456" 6#*)3/6(6"
)126&9$E)S6#"(,@5&6#"@H&$@,#"!"456"15696")9)1*)2#6"96")(5629,")/"(,&T
:(K:0#4#%#"%5#&()(5+'%'(5#'("#8('+0#(5)0"%.X#V*5#0JA(:+605#50&#"05#5+;*+(&:(5<
T" U(*5)/$E)2"6/"(522H(5/,"96"-77K"6&"#5#"12,!6(($,&6#"#,($)/V"($6&*HB$()"!"
9('%;,;+)%X
T" Q#16($B$()2V"W)#*)"5&"&$+6/"@6#,O(522$(5/)2V"/)#"W)3$/$9)96#"!"(,&,($@$6&T
*,#"456"/,#"6#*59$)&*6#"96362:&")126&962V"1,2":26)"!"1,2")X,Y
T" 8B26(62" ,2$6&*)($,&6#" @6*,9,/0%$()#" +$)3/6#" 1)2)" /)" 6&#6X)&E)" !" 6/"
%9.(&'+@%A(=#%#C+&#'(#)0&:.+J*+.#%"#'(5(89(B0#9.0C(5+0&%"#'0)(&:(X
T" Z,2@5/)2"$&9$()9,26#"6#6&($)/6#"96"6+)/5)($0&"456"162@$*)&"(,@12,3)2"
"05#%9.(&'+@%A(5#(5:*'+%&:+"(5#%5/#)080#("#)*89"+8+(&:0#'(#"05#0JA(:+605#
9"%&:(%'05#90.#H.(%#4#90.#%B0X
T" .2,@,+62V"96#96"/)"12,!6(($0&"(522$(5/)2V"5&"12,(6#,"695()*$+,"$&(/5#$T
60=# C0.:%"()(.# "%# C0.8%)+,&# '(# *&%# )+*'%'%&/%# 9%.%# ("# F*(&# G+6+.=# (&# ("#
)0&:(K:0#'(#*&%#50)+('%'#+&:(.)*":*.%"#4#9"*.+&%)+0&%"X#
!5:(#'0)*8(&:0#)*..+)*"%.#'(#!'*)%)+,&#S(&(.%"#FH5+)%#(89(@%.H#%#+89"(T
8(&:%.5(#%#9%.:+.#'(#"%5#5+;*+(&:(5#C()7%5<
T" #61*$6@326" 96" ;<-<" 6&" 6/" 2[%$@6&" 96" $622)" ]96" 12$@62," )" #[1*$@," 96"
!SFY=#
T")32$/"96";<--"6&"6/"2[%$@6&"96"J,#*)"]96"12$@62,")"9[($@,"96"Q^=_V"!"
T"#61*$6@326"96";<--"6&"6/"2[%$@6&"96"$622)"]96",(*)+,")"9[($@,"96"Q^=_Y

B

C !9:D?D=D9:DE

.K26KH920D?D9HK2=D2.=>?H?@A9
!&#&06+(8J.(#'(#D>>3=#5(#%9.0J,#(&#)0&5*":%#909*"%.#("#$"%&#M()(&%"#'(#
Q95()($0&";<<KO;<-CV"6/"(5)/"$&(/5!6V"(,@,"5&)"96"#5#"1,/H*$()#V"6/"@6S,T
.%8+(&:0#'(#"%#)%"+'%'#'(#"%#('*)%)+,&X#!&#)*89"+8+(&:0#'(#(5:%#90"/:+)%=#5(#
>/5$+".4+/.:)#2#?&05+"(/.1.()5&#@$00./$"+0#'(#"+#!'$/+/.:)#A()(0+"#BC%./+#DEFE

7%&#'+5(B%'0#'+6(.5%5#(5:.%:(;+%5#'+.+;+'%5#%"#8(A0.%8+(&:0#'(#"%#)%"+'%'#
('*)%:+6%=#*&%#'(#"%5#)*%"(5#(5#"%#%):*%"+@%)+,&#4#C0.:%"()+8+(&:0#'(#"05#)*T
../)*"05#'(#"%#!'*)%)+,&#S(&(.%"#FH5+)%#4#'("#F%)7+""(.%:0#4#"%#)0&5:.*))+,&#
'("#)*../)*"0#'(#!'*)%)+,&#N&+)+%"X#R080#)089"(8(&:0#'(#(5:%#(5:.%:(;+%=#
4#9%.%#C%)+"+:%.#"%#+89"(8(&:%)+,&#'("#)*../)*"0=#5(#7%&#("%J0.%'0#&*(605#
:(K:05#(5)0"%.(5#4#;*/%5#9%.%#'0)(&:(5X

.K2?>;;Z?>K<2=D27MMQ2U2E>2DPHK>H?@A9
Q&"-77K"#6",'($)/$E0"5&"&56+,"(522H(5/,"1)2)"/)"Q^="B5&9)@6&*)9,"6&"6/"
96#)22,//,"96"96#*26E)#"!"/)")1/$()($0&"96"6S6#"*2)&#+62#)/6#"456"26($3$0"6/"
&08J.(#'(#Z[(C0.8%#R*..+)*"%.#'(#"%#!'*)%)+,&#FH5+)%X
!&#D>>I=#"%#M+.())+,&#W%)+0&%"#'(#R*../)*"0#.(%"+@,#*&#(5:*'+0#%#&+6("#&%)+0T
&)/"456"162@$*$0"96*62@$&)2"6/"%2)9,"96")1/$()($0&"96"/)"N6B,2@)"J522$(5/)2"
96"/)"Q95()($0&"=:#$()"6&"/)#")5/)#V"96*62@$&)&9,"/,#"/,%2,#"!"9$'(5/*)96#V"
:%&:0#:])&+)%5#)080#'+'H):+)%5X#
Q#*)"6+)/5)($0&"162@$*$0"(,@126&962")/%5&)#"96"/)#"2)E,&6#"1,2"/)#"456"/,#"
9,(6&*6#"S5#*$'()&"6/"(5@1/$@$6&*,","$&(5@1/$@$6&*,"96"/,#"(,&*6&$9,#"!"
0JA(:+605#9"%&:(%'05#(&#"%#[(C0.8%<#"%#'(5%.:+)*"%)+,&#(&:.(#"05#&+6("(5=#"%#
$&#5'($6&*6"126($#$0&"96"/,#"*6@)#"456"963H)&"#62"6&#6X)9,#"6&"()9)")X,"
96"6#*59$,V"/)"B)/*)"96"(/)2$9)9"96"/)#"96#*26E)#"456"963H)&"96#)22,//)2#6V"!"
"%#)%.(&)+%#'(#).+:(.+05#(#+&'+)%'0.(5#(5(&)+%"(5#'(#(6%"*%)+,&X

F

G 3HEDE2ID=HJAJ@?HE22
=DK2=@EDL<2?>;;@?>KH;

!"#&*(60#'0)*8(&:0#)*..+)*"%.#'(#"%#!'*)%)+,&#S(&(.%"#FH5+)%#5(#5*5:(&:%#
6&"9$+62#)#"(,&(61($,&6#"*602$()#"!"@6*,9,/0%$()#"96/"456W)(62"695()*$+,`"
(&#(59()+%"=#ED2H92?<9E@=D;H=<2HKJ>9<E2=D2K<E2I;@9?@I@<E2=D2KH26D=HJ<JZH2
$;Z:@?H]2^>D2>V@?H2HK2DE:>=@H9:H=<2?<S<2I;<:HJ<9@E:H2I;@9?@IHK2=DK2HI;D9_

>/5$+".4+/.:)#2#?&05+"(/.1.()5&#@$00./$"+0#'(#"+#!'$/+/.:)#A()(0+"#BC%./+#DEFE
=@XHOD]#'(&:.0#'(#'+C(.(&:(5#(5:.*):*.%5#8(:0'0",;+)%5=#)0&#9.('08+&+0#'(#
"%5#6/%5#)0;&+:+6+5:%5#4#)0&5:.*):+6+5:%5X#!5:05#.(C(.(&:(5#'(#0.'(&#:(,.+)0#5(#
+&:(;.%&#'(#"%#5+;*+(&:(#C0.8%<

.K2=DEH;;<KK<2=D2KH2?<9=@?@A92>SH9H2
U2KH2I;DIH;H?@A92IH;H2KH2?<SI;D9E@A9
!"# 9.0)(50# '(# O):*%"+@%)+,&# 4# Q0.:%"()+8+(&:0# R*..+)*"%.# '(# "%# !'*)%)+,&#
S(&(.%"#FH5+)%#:+(&(#)080#0JA(:+60#'(5%..0""%.#"%#?<9=@?@A92>SH9H#4#9.(T
9%.%.#9%.%#"%#?<SI;D9E@A9]#9%.%#"0#)*%"#("#%))+0&%.#('*)%:+60#5(#0.+(&:%#%#
/)"B,2@)($0&"96"($59)9)&,#"456"12)(*$456&"+)/,26#"456"/6#"162@$*6&"$&*6T
.%):*%.#)0&#"%#50)+('%'#)0&#.(59(:0=#.(590&5%J+"+'%'=#70&(5:+'%'#4#50"+'%T
.+'%'=#%9"+)%&'0#"05#9.+&)+9+05#'("#3>D92`@P@;8
.K2=DEH;;<KK<2=D2KH2?<9=@?@A92>SH9H2
U2KH2D9EDLH9XH2IH;H2KH2?<SI;D9E@A9

aD;H;^>@XH?@A92=D2KH2Y<;SH?@A92>SH9H22
D92H;:@?>KH?@A92?<92KH2I;DIH;H?@A922
2-'1/@)2,#A#20%/0(,%

'H2?<SI;D9E@A92D9:;D2K<E2ED;DE2>SH9<E

-DEID:<]2E<K@=H;@=H=2U2<9DE:@=H=

(9:D;?>K:>;HK@=H= 6K>;@9H?@<9HK@=H= (9?K>E@A9

M

6;<?DE<2DI@E:DS<KAJ@?<R2>92ID9EHS@D9:<22
U2S<=<2=D2H?:>H;2KAJ@?<]2?;Z:@?<2U2?;DH:@P<
!"# 9.0)(50# '(# )0&5:.*))+,&# '("# )0&0)+8+(&:0# (&# ("# '+5(B0# )*..+)*"%.# 5(#
0.+(&:%#%"#'(5%..0""0#'(#*&#9(&5%8+(&:0#",;+)0=#)./:+)0#4#).(%:+60=#%#:.%6]5#
96/"(5@1/$@$6&*,"96"/,#",3S6*$+,#"695()*$+,#"456"#6"6+$96&($)&"6&"6/"1/)&T
:(%8+(&:0#'(#7%J+"+'%'(5#4#)0&0)+8+(&:05X#!"#)*../)*"0#9.090&(#"%#(A()*T
)+,&#'(#%):+6+'%'(5#(K:.%/'%5#'(#5+:*%)+0&(5#4#9.0J"(8%5#'(#"%#6+'%#4#("#(8T
9"(0#'(#8]:0'05#9%.:+)+9%:+605#'(#%9.(&'+@%A(=#9%.%#%4*'%.#%"#(5:*'+%&:%'0#
)")/()&E)2"/,#"/,%2,#"96"96#6@16X,"456"12,1,&6"6/"162'/"96"#)/$9)"96"/)"
!'*)%)+,&#S(&(.%"#FH5+)%X#!5:0#+89"+)%#5(.#)%9%@#'(<
T" 83#62+)2V")&)/$E)2V"(,@1)2)2V",296&)2V"6&*2)@)2"!"%2)B$()2"/)#"$96)#"6#6&T
)+%"(5#4#5()*&'%.+%5#+&:(..("%)+0&%'%5=#J*5)%&'0#%59():05#)08*&(5=#.(T
"%)+0&(5#",;+)%5#4#;(&(.%"+@%)+0&(5#'(#"%5#+'(%5X
T" N6B/6P$,&)2V"+)/,2)2V"(2$*$()2"!")2%5@6&*)2")(62()"96"(,&(61*,#V"W6(W,#"!"
9.0)(505#'(#(5:*'+0X
T" " I&9)%)2" !" 12,95($2" #,/5($,&6#" &,+69,#)#" !" 9$+62#)#" )" /,#" 12,3/6@)#V"
'(5'(#"05#'+C(.(&:(5#&+6("(5#'(#9(&5%8+(&:0X
E%#9.04())+,&#(9+5:(80",;+)%#5(#.(C"(A%#(&#("#;.HC+)0#5+;*+(&:(<
>/5$+".4+/.:)#2#?&05+"(/.1.()5&#@$00./$"+0#'(#"+#!'$/+/.:)#A()(0+"#BC%./+#DEFE

'H2E<?@D=H=2_2KH29H:>;HKDXH2_2KH2?<S>9@?H?@A922
D2@9:D;H??@A92D9:;D2K<E2ED;DE2>SH9<E

'<E2<VOD:@P<E2D=>?H:@P<E

0DE:;DXHE2U2?<9<?@S@D9:<E2H2=DEH;;<KKH;

5@:>H?@<9DE2_2?HE<E22
'D?:>;H2_2?<SI;D9E@A9
_2I;<VKDSHE2H2;DE<KPD;2_2I;<=>??@<9DE

-DE>K:H=<E2=DK2HI;D9=@XHOD2?<92I;<UD??@A922
@9:DJ;H=<;H2D92KH2Y<;SH?@A92>SH9H2U2?<J9@:@PH

7b

&9H2P@E@A92?;Z:@?H2=D2KH26D=HJ<JZHR22
,&('1*-B,C'#&(.*02/-D.#A#+-E1-)2,/-D.
!5:%#9.04())+,&#(9+5:(80",;+)%#:+(&(#5*5:(&:0#:(,.+)0#(&#)+(.:%5#6+5+0&(5#
96"/)".69)%,%H)"J2H*$()V"456"#6"B5&9)@6&*)"6&"/,"6#6&($)/V"6&"6/"$&(26@6&*,"
'("#I;<:HJ<9@ES<2=D2K<E2DE:>=@H9:DE2D92DK2I;<?DE<2D=>?H:@P<]2D92KH2@9:D;_
I;D:H?@A92U2E<K>?@A92=D2I;<VKDSHE]#9%.:+)+9%&'0#%):+6%8(&:(#(&#"%#:.%&5T
C0.8%)+,&#'(#"%#50)+('%'X#!&#(5:%#9(.59():+6%#9('%;,;+)%=#("#%9.(&'+@%A(#
9636"96#)22,//)2#6"6#6&($)/@6&*6"1,2"+H)#"12,95(*$+)#"!"#$%&$'()*$+)#"456"
'+&%8+)(&#"%#8(:0'0"0;/%#'(#(5:*'+0=#9%.%#""(;%.#%#"%#SD:H?<J9@?@A97=#90.#
9.0)(505#:%"(5#)080<

6-#$.5#526-#0&$%(`#522
T25(1+(,($!%(`#5

$<SI;D9=D;2:D[:<E .[ID;@SD9:H;

#;=D9H;2@=DHE $<9?DI:>HK@XH;

>/5$+".4+/.:)#2#?&05+"(/.1.()5&#@$00./$"+0#'(#"+#!'$/+/.:)#A()(0+"#BC%./+#DEFE
$<SIH;H; -DE<KPD;

-DE>S@; !;J>SD9:H;

.KHV<;H;2SHIHE2=D2KH2
0DVH:@;
@9Y<;SH?@A92@9:D;I;D:H=H

(9PDE:@JH;2U2;DE<KPD;2I;<VKDSHE

6;<I<9D;29>DPHE2HK:D;9H:@PHE

.K2=DEH;;<KK<2=D2=DE:;DXHE2?<92?;@:D;@<E2=D2=DEDSIDL<
D)"96#*26E)"6#"/)"6P126#$0&"96/"a#)362"W)(62b"6&"/,#"6#*59$)&*6#V"456"()2)(T
:(.+@%#("#'08+&+0#'(#"%#%))+,&X#!&#(5:(#'0)*8(&:0#)*..+)*"%.#5(#7%#%B%'+'0#
"05#Z).+:(.+05#'(#'(5(89(B0#9%.%#0.+(&:%.#4#9.()+5%.#("#&+6("#'(#)089"(T
S$9)9" 6&" 6/" 456" #6" 9636" 26)/$E)2" /)" )(($0&V" #6%c&" (,&9$($,&)&*6#" 96" 2$%,2"
($6&*H'(,O(5/*52)/V"6#1)($)/6#V"*6@1,2)/6#V"96"@,*2$($9)9V"6&*26",*2,#Y
E%5#'(5:.(@%5#)0&#).+:(.+05#'(#'(5(89(B0#)0&5:+:*4(&#("#.(C(.(&:(#9.+&)+T
1)/"1)2)"456"/,#"9,(6&*6#"6/)3,26&"/)"1/)&$'()($0&"@$(2,(522$(5/)2"96"#5#"
)"%5(5#4#"%5#:%.(%5#'(#%9.(&'+@%A(X#V0J.(#"%#J%5(#'(#5*#'(5%..0""0#4#'(#5*#
5+5:(8%:+@%)+,&=#5(#%9"+)%.H&#'(#C0.8%#9.0;.(5+6%#4#5()*(&)+%'%#"05#)0&0)+T
8+(&:05#)0&)(9:*%"(5#(#+'(%5#:(,.+)%5=#)0&#'+6(.505#&+6("(5#'(#+&:(;.%)+,&#
4#)089"(A+'%'X#

" "".)2)"N,(H,"LH)E"=629$)/6#V"6#"1,#$3/6"96'&$2"/)"SD:H?<J9@?@A9"a(,@,"/)#"6#*2)*6%$)#"456"&,#"162@$*6&")126&T
1

962")/%,V"12,(6#)2"$96)#V"(,&,(62"6"$96&*$'()2"6/"6#*$/,"96")126&9$E)S6"(,&"6/"(5)/"&,#"162@$*$@,#")126&962"
)/%,b"]W**1>ddeeeY1#$(,169)%,%$)Y(,@d96'&$($,&d@6*)(,%&$($,&_Y

77

.K2DSIKD<2=D2KHE2:D?9<K<JZHE22
=D2KH2@9Y<;SH?@A92U2KH2?<S>9@?H?@A9
8*2,"26B626&*6"96")/*)"#$%&$'()($0&"96"/)"12,!6(($0&"(522$(5/)2"6#"6/"6@1/6,"
96"/)#"fIJ"]f6(&,/,%H)#"96"/)"I&B,2@)($0&"!"/)"J,@5&$()($0&_"96&*2,"96/"12,T
)(50#('*)%:+60=#(5#'()+.=#'(#6+'(05=#:("(6+5+,&=#)089*:%'0.%5=#+&:(.&(:=#%*T
"%5#6+.:*%"(5#4#0:.%5#%":(.&%:+6%5=#9%.%#%904%.#"%#(&5(B%&@%#4#("#%9.(&'+@%A(=#
(&#9.0)(505#:%"(5#)080<
T" =c#4569)"96"$&B,2@)($0&"(,&"2)1$96EY
T" g$#5)/$E)($0&"96"/5%)26#V"W6(W,#"!"12,(6#,#"1)2)"9)2/6"@)!,2",3S6*$+$T
'%'#%"#)0&:(&+'0#'(#(5:*'+0X
T" $@5/)($0&"96"12,(6#,#","#$*5)($,&6#"96"/)"26)/$9)9Y
T" .)2*$($1)($0&" 6&" S56%,#" 9$9:(*$(,#" 456" (,&*2$35!6&" 96" B,2@)" /c9$()" )"
9.0C*&'+@%.#(&#("#%9.(&'+@%A(X
T" Q+)/5)($0&"96"/,#"26#5/*)9,#"96/")126&9$E)S6Y
T" .261)2)($0&"6&"6/"@)&6S,"96"W622)@$6&*)#"*6(&,/0%$()#"456"#6"5*$/$E)&"
(&#"%#)0:+'+%&+'%'X#
!&#"%5#9.()+5+0&(5#'(#"%#(&5(B%&@%#4#("#%9.(&'+@%A(#+&)"*+'%5#'(&:.0#'("#'0T
>/5$+".4+/.:)#2#?&05+"(/.1.()5&#@$00./$"+0#'(#"+#!'$/+/.:)#A()(0+"#BC%./+#DEFE

)*8(&:0#)*..+)*"%.=#5(#7%)(&#5*;(.(&)+%5#50J.(#"05#808(&:05#4#"%5#)0&'+T
($,&6#"$96)/6#"1)2)"6/"6@1/6,"96"/)#"fIJV"456"1,92:&"#62")1/$()9)#"6&"/)"@6T
9$9)"6&"456"/,#"(6&*2,#"695()*$+,#"9$#1,&%)&"96"/,#"26(52#,#"1)2)"W)(62/,Y

'H2DPHK>H?@A92@9:DJ;H=<;H22
=D2K<E2;DE>K:H=<E2=DK2HI;D9=@XHOD

E%#(6%"*%)+,&#9(.8+:(#6%"0.%.#("#'(5%..0""0#4#)*89"+8+(&:0#'(#"05#0JA(:+605#
'(#%9.(&'+@%A(#%#:.%6]5#'(#"%#5+5:(8%:+@%)+,&#'(#"%5#'(5:.(@%5#)0&#).+:(.+05#
'(#'(5(89(B0X#5D2;D^>@D;D2=D2>9H2DPHK>H?@A92=@HJ9AE:@?H2U2?<9:@9>H"456"
96*6(*6")"*$6@1,"/)#"$&#5'($6&($)#"!"/$@$*)($,&6#"96"/,#"6#*59$)&*6#V")"'&"
96"$@1/6@6&*)2"#,326"/)"@)2(W)"/)#"@69$9)#"(,226(*$+)#"456"/)"6&#6X)&E)"
!"6/")126&9$E)S6"2645$62)&Y
E05#'0)(&:(5#'(J(&#(6%"*%.#'(#C0.8%#5+5:(8H:+)%#("#'(5(89(B0#c;DE>K:H_
=<E2?<9?;D:<E2=DK2HI;D9=@XHODd#'(#"05#(5:*'+%&:(5#8('+%&:(#'+C(.(&:(5#:])T
&$()#"456"162@$*)&"96*62@$&)2"6&"45["@69$9)"W)!")+)&(6#"6&"6/"9,@$&$,"
'(#"%5#'(5:.(@%5#)0&#).+:(.+05#'(#'(5(89(B0X#$%.%#7%)(."0#(5#8*4#+890.:%&T
*6"$2"1/)&*6)&9,V"96"B,2@)"12,%26#$+)V"#$*5)($,&6#"456"$&(26@6&*6&"6/"&$+6/"
96"(,@1/6S$9)9"96"/)#"W)3$/$9)96#"!"/,#"(,&,($@$6&*,#"456"#6"/,%26&V")#H"
)080#"%#+&:(;.%)+,&#(&:.(#%8J05X#
O"#(6%"*%.#(5#&()(5%.+0#)08J+&%.#6%.+%5#:])&+)%5#%#9%.:+.#'(#"052@9=@?H=<_
;DE2DED9?@HKDE2=D2DPHK>H?@A9#9"%&:(%'05#9%.%#)%'%#%B0#'(#(5:*'+0<#"%#9.0T
'*))+,&#(5).+:%#'(#"05#(5:*'+%&:(5=#"%#%.;*8(&:%)+,&#'(#5*5#09+&+0&(5=#"%#
(K9.(5+,&#0.%"#4#(5).+:%#'(#5*5#+'(%5=#"%#+&:(.9.(:%)+,&#'(#"0#(5:*'+%'0=#"%5#
26/)($,&6#"456"6#*)3/6(6&"(,&"/)"+$9)"(,*$9$)&)"!",*2)#"9$#($1/$&)#V"!"/)"@)T
&(.%#)080#50"*)+0&%&#9.0J"(8%5#.(%"(5#%#9%.:+.#'(#"0#%9.(&'+'0X
R080#9%.:(#(5(&)+%"#'(#"05#).+:(.+05#'(#'(5(89(B0#'(#"%5#'(5:.(@%5#(5:H&#
/)#" 6P126#$,&6#" 96" 96#)22,//," W5@)&," $&*6%2)/V" 456" 9636&" )/()&E)2#6" 6&"

7C

6/" 6#*59$)&*)9,V" !" 456" *$6&6&" 456" #62" 6+)/5)9)#" 6&" #5" 456W)(62" 12:(*$(,"
(,*$9$)&,"]12,(6#,#_"!"6&"#5"(,@1,2*)@$6&*,"(2H*$(,O26R6P$+,")&*6"9$+62#)#"
5+:*%)+0&(5#'("#%9.(&'+@%A(X
$%.%#(6%"*%.#("#'(5%..0""0#+&:(;.%"#'(J(&#)0&5+'(.%.5(#%59():05#)080<#
T" D)#"12:(*$()#"(,*$9$)&)#"96"/,#"6#*59$)&*6#V"456"162@$*6&"+)/,2)2"6/"96T
5%..0""0#'(#"%5#'(5:.(@%5#)0&#).+:(.+05#'(#'(5(89(B0#:%&:0#%"#9.+&)+9+0#
)080#'*.%&:(#4#%"#C+&%"#'("#9.0)(50=#%#:.%6]5#'(#"%#.(%"+@%)+,&#'(#"%5#:%T
26)#" (522$(5/)26#" 96/" )126&9$E)S6`" )#H" (,@," 6&" 6/" 961,2*6V" 6/" )2*6" !" /)#"
%):+6+'%'(5#)08*&+:%.+%5X
T" D)"9$#(5#$0&"96"$96)#"(,&"6/"1/)&*6)@$6&*,"96"+)2$,#"15&*,#"96"+$#*)V"/)"
%.;*8(&:%)+,&=#4#"%#(8+5+,&#'(#A*+)+05#'(#6%"0.X
T" D)"6P126#$0&"96"$96)#"12,1$)#"96"/,#"6#*59$)&*6#")"*2)+[#"96"#5"12,95(T
)+,&#(5).+:%X
T" D)"#,/5($0&"96"12,3/6@)#"96"9$#*$&*,#"&$+6/6#"96"(,@1/6S$9)9V"W)($6&9,"
]&C%5+5#(&#"%#+&:(;.%)+,&#'(#)0&0)+8+(&:05X
6"26(,@$6&9)"456"6&"*,9,"@,@6&*,"#6")1/$456"5&)"DPHK>H?@A92@9:DJ;H=<_
;H2=D2KH2Y<;SH?@A92@9:DKD?:>HK2?<92KH2Y<;SH?@A92=D2PHK<;DE2>SH9<E]"/,"456"
9636"6P126#)2#6"6&"/)#"()/$'()($,&6#","26#5/*)9,#"456"#6"26%$#*2)&",'($)/T
@6&*6"!"456"#6"9636&"9)2")"(,&,(62")"/,#"6#*59$)&*6#"952)&*6"6/"96#)22,//,"

>/5$+".4+/.:)#2#?&05+"(/.1.()5&#@$00./$"+0#'(#"+#!'$/+/.:)#A()(0+"#BC%./+#DEFE
96"/)#")(*$+$9)96#"!")/"'&)/"96/"12,(6#,Y

7G

W $%#&'()%#*'#+,%-*,#*'#%.+#'+/0*-,1/'+#2
*'#%,#$*02,2-31#4'1'(,%#56+-2,
E%# !'*)%)+,&# S(&(.%"# FH5+)%# (&# ("# !)*%'0.# %J%.)%# '+(@# &+6("(5# '(# (5:*T
'+0=#'(5'(#9.+8(.0#'(#JH5+)%#7%5:%#)089"(:%.#("#'])+80#%B0#)0&#A,6(&(5#
9.(9%.%'05#9%.%#)0&:+&*%.#"05#(5:*'+05#'(#J%)7+""(.%:0#4#9.(9%.%'05#9%.%#
>/5$+".4+/.:)#2#?&05+"(/.1.()5&#@$00./$"+0#'(#"+#!'$/+/.:)#A()(0+"#BC%./+#DEFE

9%.:+)+9%.# (&# "%# 6+'%# 90"/:+)%T50)+%"=# )0&5)+(&:(5# '(# 5*# .0"# 7+5:,.+)0# )080#
($59)9)&,#"6(5)*,2$)&,#Y"Q#*6"&$+6/"695()*$+,"162@$*6"456"6/"6#*59$)&*)9,"
'(5%..0""(# )%9%)+'%'(5# 9%.%# )08*&+)%.5(=# 9%.%# +&:(.9.(:%.# 4# .(50"6(.# 9.0T
J"(8%5=#4#9%.%#)089.(&'(.#"%#6+'%#&%:*.%"#4#50)+%"X
D,#"S0+6&6#"456"(,&(/5!6&"/,#"6#*59$,#"96"/)"Q95()($0&"^6&62)/"=:#$()"#6T
.H&#)+*'%'%&05#)%9%)(5#'(<
T" J,&+$+$2"!"1)2*$($1)2")(*$+)@6&*6"6&"5&)"#,($69)9"$&*62(5/*52)/"!"1/52$T
&%)+0&%"X
T" 6&*$2#6",2%5//,#,#"96"#62"6(5)*,2$)&,#V"+)/,2)2"/)"$96&*$9)9"(5/*52)/"&)T
($,&)/V"/,#"#H@3,/,#"!"+)/,26#"456"()2)(*62$E)&")"/)"#,($69)9"6(5)*,2$)&)Y
T" L$#B25*)2"96"/)"/6(*52)"!"/662"96"5&)"@)&62)"(2H*$()"!"(26)*$+)Y
T" L6@,#*2)2"5&"16&#)@$6&*,"/0%$(,V"(2H*$(,"!"(26)*$+,"6&"6/")&:/$#$#"!"26#,T
"*)+,&#(C+)%@#'(#9.0J"(8%5#'(#"%#.(%"+'%'#)0:+'+%&%X#
T" g)/,2)2"!"12,*6%62"/)"#)/59"W5@)&)"6&"#5#")#16(*,#"BH#$(,#V"1#$(,/0%$(,#"
4#5(K*%"(5X
T" .26#62+)2"/)"&)*52)/6E)"!"(,&*2$35$2")"#5"(5$9)9,"!"(,&#62+)($0&Y
T" ,/5($,&)2"12,3/6@)#"96"/)"+$9)"(,*$9$)&)")"1)2*$2"96"/)")1/$()($0&"96"/,"
)089.(&'+'0#(&#"%5#'+5)+9"+&%5#'("#)*../)*"0X
T" .2,95($2"*6P*,#"456"26B/6S6&"#5"(,@126&#$0&"96/"Q(5)9,2"!"6/"@5&9,"(,& T
:(890.H&(0#%#:.%6]5#'(#5*#)0&0)+8+(&:0#'(#"%5#'+5)+9"+&%5#'("#)*../)*"0X#

7W

T" U1/$()2"/)#"*6(&,/,%H)#"6&"/)"(,@5&$()($0&V"6&"/)"#,/5($0&"96"12,3/6@)#"12:( T
:+)05=#(&#"%#+&6(5:+;%)+,&=#(&#("#(A(.)+)+0#'(#%):+6+'%'(5#%)%']8+)%5=#(:)X#
T" I&*62126*)2"!")1/$()2")"5&"&$+6/"3:#$(,"5&"$9$,@)"6P*2)&S62,"6&"#$*5)($,T
&(5#)08*&(5#'(#)08*&+)%)+,&X
T" h)(62" 356&" 5#," 96/" *$6@1," /$326" 6&" )(*$+$9)96#" (5/*52)/6#V" 961,2*$+)#V"
)2*H#*$()#"!"26(26)*$+)#"456"/,#"//6+6&")"26/)($,&)2#6"(,&"/,#"96@:#"!"#5"
(&:0.&0=#)080#5(.(5#7*8%&05#.(590&5%J"(5=#50"+'%.+05#4#9.0%):+605X
T" L6@,#*2)2"#6&#$3$/$9)9"!"(,@126&#$0&"96",32)#")2*H#*$()#"96"9$B626&*6#"
(5:+"05#4#:])&+)%5=#90:(&)+%&'0#("#;*5:0#(5:]:+)0X

>/5$+".4+/.:)#2#?&05+"(/.1.()5&#@$00./$"+0#'(#"+#!'$/+/.:)#A()(0+"#BC%./+#DEFE

7N

N '<E2DODE2:;H9EPD;EHKDE22
=D9:;<2=DK2I;<?DE<2D=>?H:@P<
.K23>D92`@P@;2?<S<2I;@9?@I@<2;D?:<;22
=D2KH2:;H9EPD;EHK@=H=2D92DK2?>;;Z?>K<
>/5$+".4+/.:)#2#?&05+"(/.1.()5&#@$00./$"+0#'(#"+#!'$/+/.:)#A()(0+"#BC%./+#DEFE

!"#F*(&#G+6+.#(5#*&#9.+&)+9+0#)0&5:+:*)+0&%"#J%5%'0#(&#("#V*8%^#_%`5%4=#*&%#
)0&)(9)+,&#%&)(5:.%"#'(#"05#9*(J"05#0.+;+&%.+05#'(#"05#O&'(5X#R080#:%"=#("#
F*(&#G+6+.#(5:H#9.(5(&:(#(&#"%#('*)%)+,&#()*%:0.+%&%#)080#9.+&)+9+0#.():0.#
'("#5+5:(8%#('*)%:+60=#4#:%8J+]&#)080#7+"0#)0&'*):0.#'(#"05#(A(5#:.%&56(.T
#)/6#"456"B,2@)&"1)2*6"96"/)"B,2@)($0&"6&"+)/,26#Y"
Q&",*2)#"1)/)32)#V"6/"=56&"g$+$2"!"/)"695()($0&"$&*62)(*c)&"96"9,#"@,9,#Y"
$0.# *&%# 9%.:(=# ("# '(.()70# %# "%# ('*)%)+,&# (5# *&# )0890&(&:(# (5(&)+%"# '("#
=56&"g$+$2V"6&"/)"@69$9)"6&"456"162@$*6"6/"96#)22,//,"96"/)#"1,*6&($)/$9)T
'(5#7*8%&%5#4#)080#:%"#;%.%&:+@%#"%#+;*%"'%'#'(#090.:*&+'%'(5#9%.%#:0'%5#
"%5#9(.50&%5X#$0.#0:.%#9%.:(=#("#F*(&#G+6+.#(5#*&#(A(#(5(&)+%"#'(#"%#('*)%)+,&=#
6&"/)"@69$9)"6&"456"6/"12,(6#,"695()*$+,"9636"(,&*6@1/)2"/)"1261)2)($0&"
'(#"05#C*:*.05#)+*'%'%&05#9%.%#*&%#50)+('%'#+&59+.%'%#(&#"05#9.+&)+9+05#'("#
=56&"g$+$2V"6#"96($2V"5&)"#,($69)9"96@,(2:*$()V"645$*)*$+)V"$&(/5#$+)V"1)(H'T
)%=#9.080:0.%#'(#"%#+&:(.)*":*.%"+'%'=#:0"(.%&:(#)0&#"%#'+6(.5+'%'=#4#.(59(T
:*05%#'(#"%#&%:*.%"(@%X#
D,#"6S6#"*2)&#+62#)/6#"(,&#*$*5!6&"%2)&96#"*6@:*$()#"456"9636&"#62")*6&T
'+'%5#(&#:0'%#"%#9.04())+,&#)*..+)*"%.=#)0&#%):+6+'%'(5#)0&).(:%5#+&:(;.%'%5#
%"#'(5%..0""0#'(#"%5#'(5:.(@%5#)0&#).+:(.+05#'(#'(5(89(B0#'(#)%'%#H.(%#'(#
(5:*'+0X#
!&#5(&:+'0#;(&(.%"=#"05#(A(5#:.%&56(.5%"(5=#%J%.)%&#:(8H:+)%5#:%"(5#)080<
F# G,#-1/'(20%/0(,%-*,*
# !"#.()0&0)+8+(&:0#%#"%#'+6(.5+'%'#'(#8%&+C(5:%)+0&(5#]:&+)0T)*":*.%"(5#
(&#"%5#(5C(.%5#"0)%"=#.(;+0&%"=#&%)+0&%"#4#9"%&(:%.+%=#'(5'(#*&%#6+5+,&#'(#
.(59(:0#4#6%"0.%)+,&X

7Q

F# G,#H.(I,2-31#*'#01,#2-0*,*,1@,#*'I.2(6/-2,
# !"# '(5%..0""0# '(# 6%"0.(5# 7*8%&05# *&+6(.5%"(5=# ("# )*89"+8+(&:0# '(# "%5#
0J"+;%)+0&(5#)+*'%'%&%5=#"%#:08%#'(#)0&)+(&)+%#'(#"05#'(.()705=#("#'(T
5%..0""0#'(#"%#+'(&:+'%'#()*%:0.+%&%#4#("#.(59(:0#%#"05#5/8J0"05#9%:.+05=#
("#%9.(&'+@%A(#'(#"%#)0&6+6(&)+%#'(&:.0#'(#*&%#50)+('%'#+&:(.)*":*.%"#4#
9"*.+&%)+0&%"=#"%#:0"(.%&)+%#7%)+%#"%5#+'(%5#4#)05:*8J.(5#'(#"05#'(8H5#4#
("#.(59(:0#%#"%5#'()+5+0&(5#'(#"%#8%40./%X
F# G,#&(./'22-31#*'%#I'*-.,I:-'1/'
# E%#+&:(.9.(:%)+,&#'(#"05#9.0J"(8%5#8('+0%8J+(&:%"(5#4#5*5#+89"+)%)+0T
&(5#(&#"%#5*9(.6+6(&)+%#'(#"%5#(59()+(5=#"%#+&:(..("%)+,&#'("#5(.#7*8%&0#
)0&#"%#&%:*.%"(@%#4#"%5#(5:.%:(;+%5#9%.%#5*#)0&5(.6%)+,&#4#9.0:())+,&X
F# $%#20-*,*.#*'#%,#+,%0*#A#%.+#J6:-/.+#*'#('2(',2-31#*'#%.+#'+/0*-,1/'+
# !"#'(5%..0""0#J+0",;+)0#4#95+)0",;+)0#%)0.'(#)0&#"%5#('%'(5#4#("#(&:0.&0#
50)+0T()0",;+)0=#"05#7HJ+:05#%"+8(&:+)+05#4#'(#7+;+(&(=#("#(89"(0#9.0'*)T
:+60#'("#:+(890#"+J.(X#
F# G,#'*02,2-31#+'K0,%#'1#%.+#C3D'1'+#
# !"#)0&0)+8+(&:0#4#.(59(:0#90.#"%#+&:(;.+'%'#'(#5*#9.09+0#)*(.90=#("#'(5%T
..0""0#'(#"%#+'(&:+'%'#5(K*%"#4#5*5#)0&5()*(&)+%5#95+)0",;+)%5#4#50)+%"(5=#
"%#.(590&5%J+"+'%'#'(#"%#9%:(.&+'%'#4#"%#8%:(.&+'%'X

>/5$+".4+/.:)#2#?&05+"(/.1.()5&#@$00./$"+0#'(#"+#!'$/+/.:)#A()(0+"#BC%./+#DEFE
D)")*6&($0&")"6#*)#"*6@:*$()#"#62:"1/)&$'()9)"!"6S6(5*)9)"1,2"/,#"9,(6&*6#"
%"#'(5%..0""%.#5*5#)"%5(5#4#"%5#'+6(.5%5#:%.(%5#'(#%9.(&'+@%A(=#)0&#("#%9040#'(#
%):+6+'%'(5#(K:.%(5)0"%.(5#'(#9.04())+,&#+&5:+:*)+0&%"X

7B

Q 'H2DE:;>?:>;H2?>;;@?>KH;R2E@E:DSH2
=D2?<9?DI:<E2DSIKDH=<E

R%'%#*&%#'(#"%5#H.(%5#'("#&*(60#.(C(.(&:(#)*..+)*"%.#'(#"%#!'*)%)+,&#S(T
&(.%"#FH5+)%#5(#7%#(5:.*):*.%'0#'(#"%#5+;*+(&:(#8%&(.%<#"%#+890.:%&)+%#'(#
6&#6X)2"!")126&962V"/,#",3S6*$+,#"695()*$+,#"96/")X,V"/)"1/)&$'()($0&"1,2"
>/5$+".4+/.:)#2#?&05+"(/.1.()5&#@$00./$"+0#'(#"+#!'$/+/.:)#BC%./+#DEFE

3/,456#"(522$(5/)26#V"/)#"126($#$,&6#"1)2)"/)"6&#6X)&E)"!"6/")126&9$E)S6V"!"
"05#+&'+)%'0.(5#(5(&)+%"(5#'(#(6%"*%)+,&X

'H2@SI<;:H9?@H2=D2D9EDLH;2U2HI;D9=D;
Q#*)"#6(($0&"126#6&*)"5&)"+$#$0&"%6&62)/"96/"6&B,456"96"()9)"5&)"96"/)#"
:26)#V"W)($6&9,"[&B)#$#"6&"/,"456")1,2*)&"1)2)"/)"B,2@)($0&"$&*6%2)/"96/"#62"
W5@)&,Y"U96@:#V")45H"#6"6&5&($)&"6/"6S6"(522$(5/)2"$&*6%2)9,2V"/,#"6S6#"96/"
)126&9$E)S6V"6/"162'/"96"#)/$9)"!"/,#",3S6*$+,#"695()*$+,#"96/":26)Y
T" $C'#20((-20%,(#-1/'E(,*.(#*'%#6(',L#(5#"%#+'(%#'(#8%40.#;.%'0#'(#;(&(T
2)/$E)($0&"96/"(,&*6&$9,"96"6#*59$,"456")2*$(5/)"*,9,"6/"9$#6X,"(522$(5T
"%.# '(# )%'%# H.(%=# )0&# 9.04())+,&# +&:(.'+5)+9"+&%.+%X# O# 9%.:+.# '(# ]5:(# 5(#
%6&62)&" /,#" (,&,($@$6&*,#V" /)#" W)3$/$9)96#" !" /)#" )(*$*596#V" 1,2" /," 456"
)0&5:+:*4(#"%#;*/%#9.+&)+9%"#'("#9.0)(50#('*)%:+60X#E05#(A(5#)*..+)*"%.(5#
+&:(;.%'0.(5#)0..(590&'+(&:(5#%#)%'%#H.(%#50&#"05#5+;*+(&:(5<

T" 'D9J>H2U2'@:D;H:>;HR2(5)*)7%.=#7%J"%.=#"((.#4#(5).+J+.#9%.%#"%#+&:(T
.%))+,&#50)+%"X
T" M,/'I6/-2,L#'(5%..0""%.#("#9(&5%8+(&:0#",;+)0#4#)./:+)0#9%.%#+&:(.T
9.(:%.#4#.(50"6(.#9.0J"(8%5#'(#"%#6+'%#)0:+'+%&%X

7F

T" .E:>=@<E#5<?@HKDER#)089.(&'(.#("#8*&'0#'0&'(#6+60#4#"%#+'(&:+'%'#
()*%:0.+%&%X
T" $@D9?@HE2+H:>;HKDER#)089.(&'(.#"%5#+&:(..("%)+0&(5#'("#8*&'0#
&%:*.%"#4#5*5#)%8J+05X

T" .ODE2 =DK2 HI;D9=@XHODR# 5(# '(.+6%&# '("# (A(# )*..+)*"%.# +&:(;.%'0.# (&# )%'%#
:26)"96"6#*59$,"!"#,&"6/"W$/,"(,&95(*,2"456"#$2+6"1)2)")2*$(5/)2"/)#"96#*26T
E)#"(,&"(2$*62$,#"96"96#6@16X,"1/)&*6)9)#"6&"()9)"3/,456"(522$(5/)2Y
T" 9'(H-%#*'#+,%-*,#*'%#6(',L"6#"/)"96(2$1($0&"96"/,#"96#6@16X,#"456"9636"
'(805:.%.#("#(5:*'+%&:%'0#(&#)%'%#*&%#'(#"%5#H.(%5#%"#)0&)"*+.#("#'])+80#
)X,"96"Q95()($0&"^6&62)/"=:#$()V"/,#"@$#@,#"456"#6"6+$96&($)&"6&"/)#"
'(5:.(@%5#)0&#).+:(.+05#'(#'(5(89(B0X
T" >:C'/-D.+#'*02,/-D.+#*'%#6(',L#0.+(&:%&#("#%")%&)(#'("#'(5(89(B0#+&:(T
%2)/"456"9636&")/()&E)2"/,#"6#*59$)&*6#"6&"()9)":26)"96"6#*59$,"952)&*6"
"05#'+(@#%B05#'(#!'*)%)+,&#S(&(.%"#FH5+)%X#E05#0JA(:+605#.(590&'(&#%#"%5#
+&:(..0;%&:(5#5+;*+(&:(5<#

T" ef&g2!$$(*+#0#!$$(#+.5#'(#%":%#;(&(.%"+@%)+,&#'(J(.H&#.(%"+@%.#

>/5$+".4+/.:)#2#?&05+"(/.1.()5&#@$00./$"+0#'(#"+#!'$/+/.:)#A()(0+"#BC%./+#DEFE
"05#(5:*'+%&:(5a#
T" ef&g20.3.25!3.-h#R0&0)+8+(&:05#%50)+%'05#4#"0;.05#'(#'(5(8T
9(B0#(59(.%'05X
T" e6!-!2f&gh#R0&:(K:*%"+@%)+,&#)0&#"%#6+'%#50)+%"#4#9(.50&%"X

#VOD:@P<E2D=>?H:@P<E2=DK2HL<
QP126#)&"/)#"@:P$@)#")#1$2)($,&6#"456"15696&"#62")/()&E)9)#"6&"6/"12,(6#,"
('*)%:+60#'(&:.0#'(#)%'%#%B0#'(#(5:*'+0X

9%,1-)2,2-31#&.(#:%.;0'+#20((-20%,('+#
D,#"3/,456#"(522$(5/)26#",2%)&$E)&"6"$&*6%2)&"5&"(,&S5&*,"96"96#*26E)#"(,&"
).+:(.+05#'(#'(5(89(B0#%".('('0.#'(#*&#:(8%#;(&(.%'0.X

0DE:;DXHE2?<92?;@:D;@<E2=D2=DEDSIDL<
E%5#'(5:.(@%5#)0&#).+:(.+05#'(#'(5(89(B0#(K9.(5%&#("#5%J(.#7%)(.=#)0&#*&%#0#
@:#")(($,&6#"456"9636&"96#)22,//)2"/,#"6#*59$)&*6#V"6#*)3/6($6&9,"26/)($,&6#"
)0&#*&#'(:(.8+&%'0#)0&0)+8+(&:0#:(,.+)0#4#)0&#'+C(.(&:(5#&+6("(5#'(#)089"( T
A+'%'#'(#"05#).+:(.+05#'(#'(5(89(B0X#E%5#'(5:.(@%5#5(#(K9.(5%&#.(590&'+(&'0#%#
"%5#5+;*+(&:(5#+&:(..0;%&:(5<

7M

T" ef>i2=DVD2EHVD;2H?D;h# #### ####M(5:.(@%
T" ef>i2=DVD2EHVD;h## # # ###R0&0)+8+(&:0
T" e$<92^>i2J;H=<2=D2?<SIKDO@=H=h####$.()+5+0&(5#'(#9.0C*&'+@%)+,&

6;D?@E@<9DE2IH;H2KH2D9EDLH9XH2U2DK2HI;D9=@XHOD
R0&5:+:*4(&#0.+(&:%)+0&(5#8(:0'0",;+)%5#4#'+'H):+)%5#9%.%#%89"+%.#"%#+&C0. T
@)($0&"456"6P126#)&"/)#"96#*26E)#"(,&"(2$*62$,#"96"96#6@16X,"!"/,#"(,&,T
($@$6&*,#")#,($)9,#")"[#*)#`")"/)"+6EV"#6",B26(6&"#5%626&($)#"1)2)"96#)22,T
""%.#'+6(.505#8]:0'05#4#:])&+)%5#9%.%#0.+(&:%.#("#%9.(&'+@%A(#4#"%#(6%"*%)+,&#
'(&:.0#4#C*(.%#'("#%*"%X

(9=@?H=<;DE2DED9?@HKDE2=D2DPHK>H?@A92
V0&#(6+'(&)+%5#)0&).(:%5#'(#"05#.(5*":%'05#'("#%9.(&'+@%A(=#9.()+5%&'0#("#
96#6@16X,"6#6&($)/"456"9636&"96@,#*2)2"/,#"6#*59$)&*6#Y"6"6#*25(*52)&"
%#9%.:+.#'(#"%5#+&:(..0;%&:(5#5+;*+(&:(5<
>/5$+".4+/.:)#2#?&05+"(/.1.()5&#@$00./$"+0#'(#"+#!'$/+/.:)#A()(0+"#BC%./+#DEFE

T" ef&g2!$$(*+#0#!$$(#+.5#V!#!GOEbOWa
T" ef&g2$#+#$(/(.+%#5#VLW#ELV#.5.+$(!'.5#!W#!E#OcLa
T" ef&g2-.5&'%!0#5#RLWR[!dLV#!GNM!WRNO#!E#O$[!WMNeOf!a
.P@=D9?@HE2?<9?;D:HE2=DK2HI;D9=@XHOD2HK2?<9?K>@;2DK2HL<2=D2DE:>=@<

!9D[<E
T" >(-'1/,2-.1'+#&,(,#%,#&%,1-H-2,2-31#*-*62/-2,L"6#"5&)"%5H)"1)2)"456"6/"
'0)(&:(#.(C"(K+0&(#4#0.;%&+)(#5*#:.%J%A0#(&#("#%*"%#'%&'0#.(59*(5:%5#%#
/)#"#$%5$6&*6#"126%5&*)#>"i.,2"45["6#"$@1,2*)&*6"1/)&$B$()2jV"ik5["6/6T
@6&*,#"9636"*6&62"5&)"1/)&$B$()($0&jV"iJ0@,"#6"+62$B$()"456"/)"1/)&$T
C+)%)+,&#5(#(5:H#)*89"+(&'0a#!5:%5#0.+(&:%)+0&(5#)0&5:+:*4(&#*&%#9.0T
9*(5:%#C"(K+J"(#9%.%#"%#9"%&+C+)%)+,&X#

Cb

6-#T.$$(*+2$&--($&'!-22
0.26-(/.-2!"#

7 'H2@SI<;:H9?@H2=D2D9EDLH;22
U2HI;D9=D;2D926;@SD;2!L<
Q&" 6/" 12$@62" )X," 96" Q95()($0&" ^6&62)/" =:#$()" 6#" B5&9)@6&*)/" 456" /,#" 6#T
:*'+%&:(5#%")%&)(&#("#'(5%..0""0#+&:(;.%"#'(#5*5#C*&)+0&(5#JH5+)%51#(&#:0'%5#
/)#":26)#"456"/,#"(,&B,2@)&"(,@,"162#,&)#"]J,&96@)2H&V"JW)9e$(lV"?$/$($(V"
-77C_Y"6"9636"26(,29)2"456")&*6#"96"$&%26#)2")"6#*6")X,V"/,#"695()&9,#"W)&"
*6&$9,"9$B626&*6#"6P162$6&($)#"9)9)#"1,2"/,#")@3$6&*6#"6&"/,#"456"W)&"$&*6 T

>/5$+".4+/.:)#2#?&05+"(/.1.()5&#@$00./$"+0#'(#"+#!'$/+/.:)##A()(0+"#BC%./+#DEFE
2)(*5)9,V"/,"(5)/"W)"$&R5$9,"6&"#5"96#)22,//,"!"@)9526E"6@,($,&)/V"1#$(,/0%$()"
!"#,($)/V")#16(*,#"456"6/"9,(6&*6"9636"*,@)2"6&"(56&*)"1)2)"$&$($)2"#5"/)3,2Y
J,@,"/,#"6#*59$)&*6#"&,"#,&"#626#"B2)%@6&*)9,#"#$&,"456")126&96&"96#T
'(#"0#+&:(;.%"=#90.#8('+0#'(#"%#%50)+%)+,&#'(#5*#8*&'0#)0&#("#8*&'0#'(#
/,#")95/*,#"!"(,&"/)"26)/$9)9V"#6"6#162)"456"6/")5/)"#6)"6/"/5%)2"$96)/"1)2)"
6P162$@6&*)2V"26,296&)2"/)#"$96)#"456"*$6&6&"#,326"/)"+$9)V"6#*25(*52)2" #5"
16&#)@$6&*,V" (,&,(62#6" 5&,#" )" ,*2,#V" $&*62)(*5)2" (,&" /,#" 96@:#V" )945$2$2"
(,&,($@$6&*,#"!"12)(*$()2"+)/,26#"456"/6#"162@$*)&"(,&+$+$2"6&")2@,&H)Y
!5#)0&6(&+(&:(#+&)(&:+6%.#"%#%*:0&08/%#'(#"05#('*)%&'05X#$%.%#(""0=#"05#'0T
(6&*6#"9636&"(26)2"#$*5)($,&6#"6&"/)#"456"/,#"6#*59$)&*6#"#6"#$6&*)&"#6%5T
.05#9%.%#'%.#5*5#09+&+0&(5=#.(50"6(.#9.0J"(8%5=#6%"0.%.#"05#:.%J%A05#9.09+05#
4#"05#'(#5*5#)089%B(.05=#"0;.%.#7HJ+:05=#:.%J%A%.#50"05#4#:08%.#'()+5+0&(5X#
D,#"9,(6&*6#"#,&"%5H)#"162@)&6&*6#"96/"12,(6#,"456"#6"96#)22,//)V"H?<S_
IHLH9=<2U2V;@9=H9=<2KHE2D;;HS@D9:HE29D?DEH;@HE"1)2)"456"/,#"6#(,/)26#"
5(%&#)%9%)(5#'(#%")%&@%.#"%#%*:0&08/%#90.#5/#8+5805X
Q/" *2)3)S," 456" #6" W)(6" 952)&*6" 6#*6" )X,V" 9636" #62" *2)*)9," 96" @)&62)" #$#T
*6@:*$()" (,&" 6/" '&" 96" 456" /,#" &$X,#" 96#)22,//6&" 6/" 16&#)@$6&*," /0%$(," !"
26#56/+)&" #$*5)($,&6#" 456" /6#" 162@$*)&" 2)E,&)2V" 16&#)2" 96#96" ,*2)#" 162#T
9():+6%5=#50"*)+0&%.#9.0J"(8%5=#(5:.*):*.%.#5*#"(&;*%A(#9%.%#)089%.%.=#%&%T
/$E)2"!"6P1/$()2V"6&*26",*2)#")(*$+$9)96#"456"&6(6#$*)2:&"1)2)"96#6&+,/+62#6"
%'()*%'%8(&:(#(&#"%#6+'%X
R0&#.(59():0#%"#)0890&(&:(#'(#(K9.(5+,&#0.%"#4#(5).+:%=#("#'0)(&:(#'(J(#)0&0 T
(62"456"6/"6&B,456"(,&"6/"(5)/"#6"+)")"*2)3)S)2"6&"6#*6")X,"6#"6/"(,@5&$()*$+,"96"
/)"/6&%5)V"456"#6")2*$(5/)"(,&"6/"#6%5&9,")X,"!"/,#")X,#"#53#$%5$6&*6#Y".,2"6#*6"
80:+60=#5(#7%.H#7+&)%9+]#(&#"05#9.0)(505#'(5%..0""%'05#(&:.(#"%5#9(.50&%5#9%.%#
456"#6"12,95E()"/)"(,@5&$()($0&`"6#*,#"#,&>"6#(5(W)2V"W)3/)2V"/662"!"6#(2$3$2Y

1
" 6%c&"J,&96@)2H&"?YV"JW)9e$(l"?Y"!"?$/$($("mYV"6&"6/"/$32,"!"#$%&'()*+,-"%#"%5#C*&)+0&(5#JH5+)%5#%#'(5%..0""%.#(&#
/,#"12$@62,#")X,#"#6"(/)#$'()&"3)S,"/,#"2532,#"96>""1#$(,@,*2$($9)9V"162(61($0&V"/6&%5)S6"!"B5&($,&6#"(,%&$*$+)#Y

CG

U/" #62" 1)2*6" 96" 5&)" #,($69)9" !" 96" 5&)" B)@$/$)V" /,#" 6#*59$)&*6#" )945$626&"
("# "(&;*%A(# 4# "05# )0&0)+8+(&:05# %# :.%6]5# '(# "%# +&:(.%))+,&# )0&# 0:.05X# !5%#
$&*62)(($0&" !" )126&9$E)S6" 26#5/*)&" 1,#$3/6#" 1,2456" 6#(5(W)&" /," 456" ,*2,"
'+)(# 4# 7%J"%&# 9%.%# (K9.(5%.# 5*5# +'(%5=# 09+&+0&(5# 4# 9('+'05=# %'(8H5# 90.T
456"S56%)&Y"Q#,#"#,&"/,#"@,@6&*,#"6&"456"#6"96#)22,//)&Y"f)@3$[&"6#*:&"
(K9*(5:05#%#5+:*%)+0&(5#9(.8%&(&:(5#'(#"():*.%#4#(5).+:*.%X#V+#J+(&#&0#7%&#
+&:(.+0.+@%'0#("#),'+;0#%"C%J]:+)0=#50&#)%9%)(5#'(#(&:(&'(.#"%5#9*J"+)+'%T
96#V"/)#"6*$456*)#"!"/,#"()2*6/6#Y",&"(,&#($6&*6#"96"456"6P$#*6&"/)#"/6*2)#"!"
"%5#9%"%J.%5#(#+&:(&:%&#+8+:%."%5X#
Q#"6&"/)"6#(56/)"9,&96"*,9,#"6#*,#"12,(6#,#"#6"B,2@)/$E)&V"(,&*$&c)&"!"#6"
+56/+6&" 26(52#$+,#Y" .,(," )" 1,(," /,#" &$X,#" (,@$6&E)&" )" 9)2#6" (56&*)" 456"
1)2)"(,@5&$()2#6"*$6&6&"456"W)3/)2"!"12,&5&($)2"3$6&"/,#"#,&$9,#"1)2)"456"
6/",*2,"/,#"6&*$6&9)V"9636&"6#(5(W)2"45["/6#"9$(6&"!"#)362"456"/)#"/6*2)#"#6"
(5).+J(&#9%.%#:.%&58+:+.#+&C0.8%)+,&X
D,#"9,(6&*6#V"6&*,&(6#V"9636&"12,1$($)2")(*$+$9)96#"6&"/)#"456"#5#"6#*5T
'+%&:(5#9*('%&#'(5%..0""%.#)%'%#*&0#'(#(5:05#%59():05#'(#8%&(.%#+&:(;.%T
'%<#(5)*)7%.#*&#)*(&:0=#"((.#5*5#9%.%:(K:05DV",1$&)2"#,326"/,"456"/6#"1)26($0"
(#+&:(&:%.#9.0'*)+.#*&#:(K:0#)0"():+60#)0&#"%5#09+&+0&(5X#
m," W)!" 456" ,/+$9)2" 6/" )#16(*," /c9$(," 96" /)" +$9)Y" Q#" @:#" 1/)(6&*62," 1)2)"
*,9,#"/,#"W5@)&,#")126&962")"*2)+[#"96")(*$+$9)96#"/c9$()#V"456"6&($6226&"
>/5$+".4+/.:)#2#?&05+"(/.1.()5&#@$00./$"+0#'(#"+#!'$/+/.:)#A()(0+"#BC%./+#DEFE

@,@6&*,#" 96" 1/)(62V" %,(6V" (26)*$+$9)9" !" (,&,($@$6&*,Y" D)" /c9$()" 6#" 5&)"
)0&'+)+,&#'("#5(.#C.(&:(#%#"%#6+'%#)0:+'+%&%=#(5#*&%#C0.8%#'(#(5:%.#(&#(""%#4#
.("%)+0&%.5(#)0&#(""%X#!5#%""/#'0&'(#5(#9.0'*)(#("#'+5C.*:(=#;0)(#4#'+5:(&5+,&#
456"12,95(6&"*)26)#"#$@30/$()#"6"$@)%$&)2$)#"(,&"6/"S56%,Y"D)#")(*$+$9)96#"
/c9$()#"1,*6&($)/$E)&"/)#"9$+62#)#"9$@6&#$,&6#"96"/)"162#,&)/$9)9"6&"*,9,"
#62" W5@)&," !)" 456" 162@$*6&" 6/" 96#)22,//," 1#$(,#,($)/V" /)" )945$#$($0&" 96"
#)3626#"!"6/"96#)22,//,"@,2)/"]N,@62,V";<<7_Y"
.,2"/,"*)&*,V"/,"/c9$(,"&,"#6"/$@$*)")"/)"69)9V"6&"/)"6#(,/)2$9)9"6#"$@1,2*)&T
*6"456"6/"9,(6&*6"96"Q95()($0&"^6&62)/"=:#$()"#6)"()1)E"96")9)1*)2/,")"
/)#"&6(6#$9)96#V"$&*626#6#"!"12,10#$*,#"96"()9)")X,V"1,2456")!59)2:&")"/)"
(,&#*25(($0&"96"#$%&$'()9,#"!"96"5&"/6&%5)S6"#$@30/$(,"@69$)&*6"6/"(5)/"#6"
%))('(#%"#9(&5%8+(&:0#",;+)0=#).(%:+60=#)./:+)0#4#%"#8*&'0#50)+%"X
Q&" 6/" 12$@62" )X,V" /)" )(*$+$9)9" /c9$()" 9636" #62" 5&" DOD2 :;H9EPD;EHK2 I;D_
ED9:D2 D92 :<=HE2 KHE2 H?:@P@=H=DE2 H2 ;DHK@XH;ED8" Q#" 5&" 622,2" 16&#)2" 456"
6/" S56%," 6&" /,#" 6#*59$)&*6#" c&$()@6&*6" *$6&6" 5&" #6&*$9," 96" 9$+62#$0&" #
0#9%5%:+(890=#(5#(&#(5:%#%):+6+'%'#'0&'(#.(9.(5(&:%&#.0"(5=#+&6(&:%&#4#(KT
9(.+8(&:%&# 5+:*%)+0&(5# .(%"(5# 0# +8%;+&%.+%5=# (K9"0.%&# ("# (&:0.&0=# '(5)*T
J.(&#"%#(K+5:(&)+%#'(#&0.8%5=#'(8*(5:.%&#5*5#:%"(&:05=#(5#'()+.=#'(5%..0""%&#
6/"16&#)@$6&*,Y".,2"6#*,"6#"6/"9,(6&*6"45$6&"*$6&6"456")12,+6(W)2"6#*)#"
5+:*%)+0&(5# 9%.%# )0&():%."%5# )0&# ("# 9.0)(50# '(# (&5(B%&@%# T# %9.(&'+@%A(=#
W)($6&9,"96"/)")(*$+$9)9"/c9$()"5&)"6#*2)*6%$)"169)%0%$()"456"26#1,&9)")"
"%#C0.8%)+,&#+&:(;.%"#'(#"05#(5)0"%.(5X
!"#9.0)(50#'(#(6%"*%)+,&#'+%;&,5:+)%#4#)0&:/&*%#9(.8+:+.H#%"#'0)(&:(#'(T
*6(*)2")"*$6@1,"/)#"9$'(5/*)96#"96"#5#"695()&9,#")"'&"96")1,2*)2"/)#"@6T
9$9)#" (,226(*$+)#" 456" 2645$62)&" /)" 6&#6X)&E)" !" 6/" )126&9$E)S6Y" " U96@:#V"
6#*)"6+)/5)($0&"9636"#62"*2)*)9)"96"@)&62)"#$#*6@:*$()"1)2)"456"162@$*)"

D
" Q/"1)2)*6P*,"6#*:"(,&B,2@)9,"1,2"6/"(,&S5&*,"96"6/6@6&*,#"456")(,@1)X)&")/"*6P*,"6#(2$*,>"1,2*)9)V"*H*5/,V"
+8H;(&(5=#%*:0.=#)0"0.(5=#(&:.(#0:.05X

CW

'(:(.8+&%.#("#%6%&)(#'(#"05#(5:*'+%&:(5#(&#("#'08+&+0#'(#"%5#'(5:.(@%5#)0&#
).+:(.+05#'(#'(5(89(B0#9"%&:(%'%5=#+&).(8(&:%&'0#5*#&+6("#'(#)089"(A+'%'#
%#:.%6]5#'("#9.0)(50X
Q#"&6(6#)2$,"456"6/"9,(6&*6""#6/6(($,&6")96(5)9)@6&*6"/)#"*[(&$()#"6+)T
"*%:+6%5=#9.+0.+@%&'0#(&#(5:(#&+6("#"%#0J5(.6%)+,&#'("#'(5(89(B0#'(#"05#(5T
:*'+%&:(5# (&# "%5# '+6(.5%5# 5+:*%)+0&(5# )0:+'+%&%5=# :08%&'0# )080# .(C(.(&:(#
/,#"$&9$()9,26#"6#6&($)/6#"96"6+)/5)($0&"456"#,&"6+$96&($)#"(,&(26*)#"96"
/,#")126&9$E)S6#")945$2$9,#"952)&*6"6/")X,"6#(,/)2V"/,#"@$#@,#"456"#6"96*)T
//)&")/"'&)/"96/"9,(5@6&*,Y
R080# 4%# 5(# )08(&:,# (&# *&# 9.+&)+9+0=# ("# )*../)*"0# '(# 9.+8(.# %B0# %'09:%#
(,@,"'&"c/*$@,"B)($/$*)2"6/"96#)22,//,"$&*6%2)/"96/"695()&9,V"/,"456"$@1/$()"
'05#5+:*%)+0&(5#+890.:%&:(5<#
D)"12$@62)"6#"456"*,9)#"/)#")(*$+$9)96#"456"#6"26)/$(6&"(,&"/,#"6#*59$)&*6#V"
.(59(:(&#4#5(%&#%'()*%'%5#%"#9.0)(50#4#.+:80#'(#5*#'(5%..0""0=#;.%'*H&'05(#
96")(5629,"(,&"/)"#6(56&($)"6&"456")1)26(6&"/)#"9$B626&*6#"&6(6#$9)96#V" #
+&:(.(5(5# 4# 7%J+"+'%'(5X# !5:0# '(J(# %9"+)%.5(# .(59(:%&'0# :%8J+]&# "%5# '+C(T
26&($)#"$&9$+$95)/6#"!"6#*$/,#"162#,&)/6#"96")126&9$E)S6"456"@56#*2)&"/,#"
&+B05#'(#*&%#8+58%#('%'X
D)" #6%5&9)" #$*5)($0&" #6" 26'626" )" /)" 6#*25(*52)" 96/" 126#6&*6" (522H(5/,Y" 6"
1/)&*6)" 6/" 96#)22,//," 96" 96#*26E)#" (,&" (2$*62$,#" 96" 96#6@16X,V" 456" #6"

>/5$+".4+/.:)#2#?&05+"(/.1.()5&#@$00./$"+0#'(#"+#!'$/+/.:)##A()(0+"#BC%./+#DEFE
96'&6&"#6%c&"/)"26/)($0&"456"*$6&6&"(,&"/,#"(,@1,&6&*6#"96"/,#"6S6#"96"
%9.(&'+@%A(#4#"05#(A(5#'("#%9.(&'+@%A(PY"Q#"356&,"96#*)()2"456"[#*)"6#"5&)"
*-D-+-31#I'/.*.%3E-2,#&,(,#;0'#'%#/(,:,C.#'1#'%#,0%,#+',#I6+#&'*,E3E-_
?<]"6&"/)"456"/,#"(,@1,&6&*6#"!"/,#"6S6#"96/")126&9$E)S6"#6"+$&(5/6&"6&*26"
5/X# $0.# (""0=# *&%# %):+6+'%'# 9.09*(5:%# 9*('(# C%60.()(.# ("# '(5%..0""0# '(# "%5#
'(5:.(@%5#)0&#).+:(.+05#'(#'(5(89(B0#'("#)0890&(&:(#'(#.("%)+0&(5#",;+T
)0#T#8%:(8H:+)%5#4=#%"#8+580#:+(890=#9(.8+:+."(5#*&%#+&:(&5%#+&:(.%))+,&#'(#
(,&+$+6&($)V")96@:#"96"36&6'($)2"#5"6P126#$0&"(,21,2)/Y"62:"96&*2,"96"/)"
1/)&$'()($0&"9$9:(*$()"9,&96"6/"9,(6&*6"/)",2%)&$(6V"3)#:&9,#6"6&"/)"$&*6T
..("%)+,&#'(#"05#)0890&(&:(5X#!&#(5:(#5(&:+'0=#"%#0.+(&:%)+,&#)*..+)*"%.#9%.%#
6#*6")X,"96"Q95()($0&"^6&62)/"=:#$()")9,1*)"(,@,"'&)/$9)9"6/"B)($/$*)2"6/"
'(5%..0""0#+&:(;.%"#'(#"05#('*)%&'05X
h)!"456"*,@)2"6&"(56&*)"456"/)#"96#*26E)#"(,&"(2$*62$,#"96"96#6@16X,"456"
#6")945$626&"6&"6/"12$@62")X,"#,&"/,#"($@$6&*,#"1)2)"/)")2*$(5/)($0&"(,&"/,#"
5+;*+(&:(5#%B05#'(#!'*)%)+,&#S(&(.%"#FH5+)%X

# G(.#)*%'.0#;(&(.%"#'(#"%#(5:.*):*.%#)*..+)*"%.#'("##9.+8(.#%B0#'(#!'*)%)+,&#S(&(.%"#FH5+)%X
P

CN

C #VOD:@P<E2D=>?H:@P<E2=DK2HL<

M("#(5:*'+%&:(<
T" L6#)22,//)2"#5")5*,&,@H)"@69$)&*6"6/"26(,&,($@$6&*,"96"#5"$96&*$T
'%'#4#("#'(5(89(B0#(&#"%5#%):+6+'%'(5#)0:+'+%&%5#4#)0"():+6%5#9%.%#
>/5$+".4+/.:)#2#?&05+"(/.1.()5&#@$00./$"+0#'(#"+#!'$/+/.:)#A()(0+"#BC%./+#DEFE

C08(&:%.#"%#5(;*.+'%'=#)0&C+%&@%#(&#5/#8+580=#("#.(59(:0=#"%#+&:(;.%T
)+,&#4#"%#50)+%"+@%)+,&#)0&#5*5#)089%B(.05X
T" U(61*)2"!"26#16*)2"/)"9$+62#$9)9"96"()9)"5&,"96"#5#"(,@1)X62,#V"
9%.%#%9.(&'(.#%#6+6+.#4#'(5%..0""%.5(#(&#%.80&/%X#
T" .2,@,+62"!"6#*$@5/)2"6/"(5$9)9,"96"#5"6&*,2&,"@69$)&*6"12,!6(*,#V"
*)//626#"!")(*$+$9)96#"/c9$()#"1)2)"%)2)&*$E)2"#5"12,%26#,"(,@,"#62"W5T
8%&0=#.(590&5%J"(#'("#8('+0%8J+(&:(#4#'(#5*#9%:.+80&+0#)*":*.%"X#
T" L6#)22,//)2"/)#"B5&($,&6#"3:#$()#"1)2)"96#6&+,/+62#6"!"26#,/+62"12,T
J"(8%5#(&#"%#6+'%#)0:+'+%&%X
T" QP126#)2"!"(,@5&$()2"$96)#V"#6&*$@$6&*,#"!"+$+6&($)#")"/,#"96@:#"
'(#C0.8%#)089.(&5+J"(X
T" L$#B25*)2" 96" /)" /6(*52)" 96" $@:%6&6#V" /,#" 26/)*,#" (,&*)9,#V" 6/" )2*6"
#
!"/)"@c#$()V"96@,#*2)&9,"$&*62[#"!"1)2*$($1)&9,"6&"/)#")(*$+$9)96#"
'+%.+%5#9%.%#("#'(5%..0""0#'(#5*#).(%:+6+'%'X
T" 62" ()1)E" 96" (26)2" !" 6P126#)2" #5" 6&*,2&," )" *2)+[#" 96/" /6&%5)S6"
#
)2*H#*$(," 456" /6" 162@$*)" $@)%$&)2V" $&+6&*)2" !" 1/)#@)2" 96#96" #5#"#
5(&:+8+(&:05X
T" QP126#)2"@,+$@$6&*,#"(,&"/6&%5)S6"(,21,2)/")X)9$6&9,"645$/$32$,V"
'+.())+,&=#6("0)+'%'#4#)0&:.0"#9%.%#"0;.%.#5*#)00.'+&%)+,&#80:.+@X

CQ

G 9%,1-)2,2-31#2
I<;2VK<^>DE2?>;;@?>KH;DE
.E:;>?:>;H2?>;;@?>KH;2=DK26;@SD;2!L<

$0.# "%5# )%.%):(./5:+)%5# 95+)0",;+)%5# 4# 9('%;,;+)%5# '("# 9.0)(50# ('*)%:+60# #
%#'(5%..0""%.#)0&#"05#('*)%&'05#(&#(5:%#9.+8(.%#(:%9%#'(#C0.8%)+,&#'(#"%#!'* T

>/5$+".4+/.:)#2#?&05+"(/.1.()5&#@$00./$"+0#'(#"+#!'$/+/.:)##A()(0+"#BC%./+#DEFE
)%)+,&#S(&(.%"#FH5+)%=#"052VK<^>DE2?>;;@?>KH;DE#5(#7%&#)0&C0.8%'0#:(&+(&'0#(&#
)*(&:%#"05#)(&:.05#'(#+&:(.]5G#'(#"05#(5:*'+%&:(5#'(#(5:(#%B0=#9(.0#%.:+)*"%'05#(&#
DODE2=DK2HI;D9=@XHOD#4#?<SI<9D9:DE2=D2K<E2DODE2=DK2HI;D9=@XHOD#(&#C*&)+,&#'(#
%")%&@%.#"%5#=DE:;DXHE2?<92?;@:D;@<E2=D2=DEDSIDL<8#V+#J+(&#(5:(#'+5(B0#)*..+)*"%.#
*,@)"(,@,"26B626&($)"6/")&*62$,2V"*$6&6"#5"12,1$)"162#16(*$+)"61$#*6@,/0%$()"456"
'(5%..0""%#)0&#*&%#8%40.#+&:(;.%)+,&#"%5#=DE:;DXHE2?<92?;@:D;@<E2=D2=DEDSIDL<]#
*)/"(,@,"#6"26R6S)"6#456@:*$()@6&*6"6&"6/"#$%5$6&*6"(5)92,>

.5%-&$%&-!2$&--($&'!-
BJPRS!H#@SLLN@SJ>L!H
@P9KPM!MQ!H##
!G!H#I!J## U+5# U+##
I!#JPH#!G!H## U+## E%##
>KL!MINO>G! &*(605# )08*&+T U+#9%/5##
I!J#>KL!MINO>G! C%8+"+%# &%:*.%"(@%#
#
%8+;05# '%'## 4#40
4#40 4#40
4#40 4#40

M(5%..0""0## N'(&:+'%'##
9(.50&%"## 4#%*:0&08/%
4#50)+%" R0&6+6(&)+%
M(5)*J.+8+(&:0##
R0&0)+8+(&:0## 4#)089.(&5+,&#'("#8('+0#
'("#8('+0## &%:*.%"#4#)*":*.%" M!Vd[!eOV#RLW#R[Nd![NLV##
&%:*.%"#4#)*":*.%" [("%)+0&(5## LQ"LQQ?.Qn8".8N"=D8koQ"#
",;+)0#T#8%:(8H:+)%5 R?[[NR?EO[#g#RLU$LW!Wd!V##
M!#ELV#!f!V#M!E#O$[!WMNeOf!
R089.(&5+,&#4#(K9.(5+,&#
0.%"#4#(5).+:%
R08*&+)%)+,&##
6(.J%"## R089.(&5+,&##
4#&0#6(.J%" 4#(K9.(5+,&#%.:/5:+)%

!K9.(5+,&#)0.90.%"

" 6%c&"8+$96"L6(2,/!V"/,#"(6&*2,#"96"$&*62[#"6#*:&"26/)($,&)9,#"(,&"/)#"&6(6#$9)96#"3:#$()#"!"(,&"6/")@3$6&*6"
G

6&"6/"456"#6"96#)22,//)&"/)#"&$X)#"!"/,#"&$X,#Y

CB

E%5#'(5:.(@%5#)0&#).+:(.+05#'(#'(5(89(B0#5(#)0890&(&#'(#*&#5%J(.#7%)(.=#
5&"#)362"!"5&"&$+6/"96"(,@1/6S$9)9",3#62+)3/6"!"6+)/5)3/6V"456"96362:&"
5(.#'(5%..0""%'%5#'*.%&:(#("#%B0#(5)0"%.#90.#8('+0#'(#'+6(.5%5#(5:.%:(;+%5#
9"%&:(%'%5#90.#"05#'0)(&:(5=#5+;*+(&'0#5+(89.(#*&#9.0)(50#",;+)0=#6%"0.%'0#
)0&:+&*%8(&:(#9%.%#;%.%&:+@%.#5*#)*89"+8+(&:0X#
h)!"456"*6&62"126#6&*6"456"/)"(,&(61($0&"6#*25(*52)/"6#"5&)"9$+$#$0&"@6*,T
9,/0%$()"1)2)"W)(62"@:#"B:($/"6/"*2)3)S,V"162,"6&"&$&%c&"@,@6&*,"126*6&96"
5(;8(&:%.#"05#%9.(&'+@%A(5=#5+&0#'+.())+0&%"+@%."05#9%.%#"%#)0&5()*)+,&#'(#
"%5#'(5:.(@%5#)0&#).+:(.+05#'(#'(5(89(B0=#:(&'+(&'0#5+(89.(#%"#'(5%..0""0#
;"0J%"#'(#"05#(5:*'+%&:(5X

3K<^>DE2?>;;@?>KH;DE
L6&*2,"96/"(522H(5/,"96"12$@62")X,"#6"1/)&*6)&"+)2$,#"3/,456#"(522$(5/)26#"
456"#$2+6&"1)2)"$&*6%2)2"/,#"6S6#"96/")126&9$E)S6"!")2*$(5/)2"6/"96#)22,//,"96"
/)#"96#*26E)#"(,&"(2$*62$,#"96"96#6@16X,V"456"6/"9,(6&*6"1,92:"9$+$9$2/,#"
(&# 5+:*%)+0&(5# '+'H):+)%5C" #6%c&" 6/" *6@)" !" &c@62," 96" 96#*26E)#" )" 96#)T
..0""%.=2@9:DJ;H9=<2:<=<E2K<E2?<SI<9D9:DE2=DK2HI;D9=@XHOD8#!5#+890.:%&:(#
26()/()2"456"/,#"*6@)#"6#(,%$9,#"#,&"#5%626&($)#V"156#*,"456"6/"9,(6&*6"
9*('(#)%8J+%."05#'(9(&'+(&'0#'(#"05#+&:(.(5(5=#&()(5+'%'(5=#(K9(.+(&)+%5#
4#("#(&:0.&0#'(#5*5#(5:*'+%&:(5X#
>/5$+".4+/.:)#2#?&05+"(/.1.()5&#@$00./$"+0#'(#"+#!'$/+/.:)#A()(0+"#BC%./+#DEFE

L6&*2,"96"/,#"3/,456#"(522$(5/)26#"12,156#*,#"#6"1/)&*6)"96#)22,//)2"/,"#$T
;*+(&:(<

782 /@E29>DP<E2HS@J<E2U2U<

T" iJ0@,"#,!j>"()2)(*62H#*$()#"BH#$()#"!"96"()2:(*62
T" ?$"&,@326
T" D,"456"@6"%5#*)V"/,"456"@6"9$#%5#*)
T" D)"6#(56/)
T" D)#"(,@1)X62)#"!"/,#"(,@1)X62,#
T" L616&96&($)#"96"/)"6#(56/)
T" .62#,&)/"96"/)"6#(56/)
T" U/$@6&*,#"#)/59)3/6#"!"&,"#)/59)3/6#
T" m,2@)#"96"(,&+$+6&($)"6&"6/")5/)"!"6&"/)"6#(56/)>"25*$&)#V",296&V"#
:+(890=#:*.&05=#(59%)+05
T" L626(W,#V"26#1,&#)3$/$9)96#"!"(,@12,@$#,#"6&"6/")5/)"#
4#(&#"%#(5)*("%#

C
" 6"6&*$6&96"1,2"#$*5)($0&"9$9:(*$()")/"(,&S5&*,"96")(*$+$9)96#")2*$(5/)9)#"456"$@1/$()&"26/)($,&6#"6&*26"/)#"
&$X)#"!"/,#"&$X,#V"/,#"(,&*6&$9,#"!"6/"9,(6&*6V"(,&"/)"'&)/$9)9"96"(,&#*25$2")126&9$E)S6#Y

CF

referente

Recomendados

Recomendados

Mais conteúdo relacionado

Mais procurados

Mais procurados (18)

Destaque

Destaque (13)

Semelhante a referente

Semelhante a referente (20)

Último

Último (20)

referente