9asset.moto.it/pricelist/auto/6d73ba1a62781e3d0f7e083fa077ef11/45… · "--ѳ...
TRANSCRIPT
#.8�9�
XXX�CNX�JUXXX�CNX�DPN 1JBDFSF�EJ�HVJEBSF
#.8�9� �*-�1*"$&3&�'"�.607&3&�$)*���%*/".*$0�
#.8�&GGJDJFOU%ZOBNJDT.FOP�FNJTTJPOJ��1J¹�QJBDFSF�EJ�HVJEBSF�
#.8�&G� �DJFOU%ZOBNJDT.FOP�FNJTTJPOJ��1J¹�QJBDFSF�EJ�HVJEBSF�
#.8�9�
���]���� &TUFSOP
���]���� "CJUBDPMP
5FDOPMPHJB
���]���� #.8�&GGJDJFOU%ZOBNJDT
���]���� .PUPSF
���]���� #.8�"DUJWF)ZCSJE�9�
���]���� %JOBNJDB�EJ�HVJEB
���]���� 4JDVSF[[B�]�)FBE�6Q�%JTQMBZ
���]���� #.8�$POOFDUFE%SJWF
&RVJQBHHJBNFOUP
���]���� $PMPSJ
���]���� %PUB[JPOF�EJ�TFSJF�]�0QUJPOBM
���]���� 7FSTJPOJ
���]���� %PUB[JPOF�EJ�TFSJF�]�0QUJPOBM
���]���� %BUJ�UFDOJDJ
����������� "DDFTTPSJ�0SJHJOBMJ�#.8
���]���� #.8�*OEJWJEVBM
���]���� #.8�4FSWJDF�]�#.8�'JOBODJBM�4FSWJDFT
*OEJDF
-B�TVB�FMFHBO[B�WJ�BGGBTDJOFS ��-B�TVB�BHJMJU �WJ�FOUVTJBTNFS ��-B�TVB�QSFTFO[B�
WJ�MBTDFS �B�CPDDB�BQFSUB��MB�#.8�9��VOJTDF�MB�HSJOUB�BUMFUJDB�EJ�VOB�$PVQ©�
BMMB�NBFTUPTJU �F�WFSTBUJMJU �EJ�VOP�4QPSUT�"DUJWJUZ�7FIJDMF��2VFMMP�DIF�BWFUF�
TFNQSF�EFTJEFSBUP��OFMMB�#.8�9��OPO�DPOPTDFSFUF�MJNJUJ��(PEFUFWJ�MB�MJCFSU �
EJ�EBSF�VO�FMFHBOUF�UBHMJP�BJ�DPNQSPNFTTJ�
&RVJQBHHJBNFOUP�EFM�NPEFMMP�QSFTFOUBUP�
.PUPSF�
1PUFO[B�
$FSDIJ�
$PMPSF�WFSOJDF�
3JWFTUJNFOUJ�
.PEBOBUVSF�JOUFSOF�
0QUJPOBM�
.PUPSF�B���DJMJOESJ�JO�MJOFB�#.8�
5XJO1PXFS�5VSCP
����L8�����$7
JO�MFHB�EB�����TUZMJOH�B�TUFMMB����
7FSNJMJPOSPU�NFUBMMJ[[BUP
JO�QFMMF�/FWBEB�0ZTUFS
JO�MFHOP�QSFHJBUP�
CBNC¹�WFOBUP�
1MBODJB�TUSVNFOUJ�#.8�
*OEJWJEVBM�SJWFTUJUB�JO�QFMMF�
F�TJTUFNB�EJ�OBWJHB[JPOF�
1SPGFTTJPOBM
#.8�9�
"�QBHJOB����]����USPWFSFUF�JOEJDB[JPOJ�TVM�DPOTVNP�EJ�DBSCVSBOUF�F�TVMMF�FNJTTJPOJ�EJ�$0���
#.8�9 �
-B�QSJNB�4QPSUT�"DUJWJUZ�$PVQ©��
$PO�%ZOBNJD�1FSGPSNBODF�$POUSPM�
04 05| Esterno
VIVETE IL FASCINO DI UNA COUPÉ, UNICA SOTTO OGNI PUNTO DI VISTA.
È indifferente se si va in ufficio, a un concerto o si esplora un paese evadendo dalla quotidianità: l’avvincente combinazione di Coupé e Sports Activity Vehicle sarà all’altezza in ogni situazione. Lasciate che la BMW X6 esprima la propria eleganza provando il piacere di guidare senza limiti.
46�41-&/%*%*�7*"-*�"-#&3"5*��&�1&3$034*�46�$6*�/&446/0�1053��4&(6*37*�
6/"�-*/&"�*/$0/'0/%*#*-&�
�� ��]&TUFSOP
'PSNF�VOJDIF �DPNF�MѳFTQFSJFO[B�DIF�MB�#.8�9��TBQS �SFHBMBSWJ��-B�EJTUSJCV[JPOF�EFJ�DBSJDIJ�TVHMJ�BTTJ �OFM�SBQQPSUP�EFM�������� �DSFB�MF�DPOEJ[JPOJ�
PUUJNBMJ�QFS�VOB�EJOBNJDB�EJ�HVJEB�FDDF[JPOBMF�F�VO�QJBDFSF�EJ�HVJEBSF�TFO[B�QBSBHPOJ��*M�TJTUFNB�BUUJWP�EJ�SFHPMB[JPOF�EFMMѳBTTFUUP�"EBQUJWF�%SJWF�
PQUJPOBM�NFEJBOUF�JM�EJTQPTJUJWP�4FSWPUSPOJD�PUUJNJ[[B�MF�GPS[F�BQQMJDBUF�TVM�WPMBOUF�DPO�VOP�TUJMF�EJ�HVJEB�OPSNBMF�P�TQPSUJWP�F�BVNFOUB�MB�TUBCJMJU �
SJEVDFOEP�OPUFWPMNFOUF�J�NPWJNFOUJ�EJ�SPMMJP�F�CFDDIFHHJP �TV�PHOJ�UJQP�EJ�GPOEP��4V�SJDIJFTUB�̈ �EJTQPOJCJMF�MѳBDUJWF�TUFFSJOH �DIF�BEBUUB�MB�EFNPMUJ�
QMJDB[JPOF�EFMMP�TUFS[P�BMMB�WFMPDJU �QFS�VOB�NBHHJPSF�QSFDJTJPOF�F�BHJMJU ��%FTJHO�F�QSFTUB[JPOJ�TDPQSPOP�VOB�OVPWB�EJNFOTJPOF��
"--ѳ�"-5&;;"�%*�0(/*�1&3$0340�
�� ��]&TUFSOP
4V�VOB�TUSBEB�TUFSSBUB �TVM�CBHOBUP�P�DPO�GPHMJBNF�TQBSTP��MF�DPOEJ[JPOJ�EFMMB�TUSBEB�DBNCJBOP�DPOUJOVBNFOUF��(SB[JF�BM�TJTUFNB�
EJ�USB[JPOF�JOUFHSBMF�JOUFMMJHFOUF�Y%SJWF�MB�#.8�9��SFBHJTDF�JO�QPDIF�GSB[JPOJ�EJ�TFDPOEP�B�PHOJ�DBNCJBNFOUP �PUUFOFOEP�JO�PHOJ�
TJUVB[JPOF�FDDF[JPOBMJ�DBSBUUFSJTUJDIF�EJ�NBSDJB��*OGBUUJ�RVFTUP�TJTUFNB�SJDPOPTDF�EPWF�̈ �SJDIJFTUB�MB�GPS[B�NPUSJDF�F�MB�EJTUSJCVJTDF�
JO�NPEP�GMFTTJCJMF�USB�BTTF�BOUFSJPSF�F�QPTUFSJPSF��*O�RVFTUP�NPEP�MB�#.8�9��PGGSF�MB�USB[JPOF�PUUJNBMF�OPO�TPMP�JO�DVSWB��"ODIF�
OFMMF�TJUVB[JPOJ�QFHHJPSJ �DPO�GPOEP�TUSBEBMF�CBHOBUP�P�TDJWPMPTP �MB�USB[JPOF�JOUFMMJHFOUF�Y%SJWF�BVNFOUB�TUBCJMJU �F�TJDVSF[[B����
JNQSFTTJPOBOUF�WFEFSF�DPNF�MB�#.8�9��TJB�B�TVP�BHJP�TV�RVBMVORVF�TUSBEB��
DATE DEL FILO DA TORCERE ALLE CURVE:
DYNAMIC PERFORMANCE CONTROL.
�� ��]&TUFSOP
-B�#.8�9��BGGSPOUB�DPO�USBORVJMMJU �BODIF�MF�DVSWF�QJ¹�JNQFHOBUJWF��1FSDI©�QFS�MB�QSJNB�WPMUB �JOTJFNF�BM�TJTUFNB�JOUFMMJHFOUF�EJ�USB[JPOF�JOUF�
HSBMF�Y%SJWF �WJFOF�VUJMJ[[BUP�JM�%ZOBNJD�1FSGPSNBODF�$POUSPM��VOѳJOOPWB[JPOF�#.8 �DIF�JODSFNFOUB�OPUFWPMNFOUF�MF�DBSBUUFSJTUJDIF�EJ�BHJMJU �F�
QFSNFUUF�EJ�QFSDPSSFSF�DVSWF�B�WFMPDJU �QJ¹�FMFWBUF��2VFTUP�TJTUFNB�EJ�SFHPMB[JPOF�SJQBSUJTDF�JO�DPOUJOVP�MB�QPUFO[B�QSPQVMTJWB�TVMMѳBTTBMF�QPTUF�
SJPSF�USB�MB�SVPUB�TJOJTUSB�F�EFTUSB��1FS�NBTTJNB�EJOBNJDJU �F�TUBCJMJU �PUUJNBMF�MB�DPQQJB�NPUSJDF�BVNFOUB�JO�NPEP�NJSBUP�TVMMB�SVPUB�FTUFSOB�BMMB�
DVSWB��*O�RVFTUP�NPEP�MB�#.8�9��TJ�JOTFSJTDF�BHJMNFOUF�JO�DVSWB �NBOUFOFOEP�QFSGFUUBNFOUF�MB�USBJFUUPSJB��(SB[JF�BM�%ZOBNJD�1FSGPSNBODF�
$POUSPM�MB�#.8�9��SJTQPOEF�JO�NPEP�QJ¹�SBQJEP�F�QSFDJTP�BJ�WPTUSJ�DPNBOEJ��1FS�VO�JOUFOTP�QJBDFSF�EJ�HVJEBSF�TV�PHOJ�QFSDPSTP�F�TV�RVBMTJBTJ�
GPOEP�TUSBEBMF �QFSDI©�OJFOUF�QPUS �JNQFOTJFSJSF�RVFTUB�4QPSUT�"DUJWJUZ�$PVQ©��
�� ��]&TUFSOP
�� ��]"CJUBDPMP
-"�41035*7*5��*/$0.*/$*"�"�� �,.�)�
/FMMB�#.8�9� �FMFHBO[B�F�TQPSUJWJU �GPSNBOP�VOB�DPNCJOB[JPOF�FTDMVTJWB��1SFHJBUJ�NBUFSJBMJ�GJOFNFOUF�MBWPSBUJ�DSFBOP�
VO�BNCJFOUF�JO�DVJ�QPUSFUF�QFSDFQJSF�MѳFDDF[JPOBMF�EJOBNJDJU �DPO�UVUUJ�J�TFOTJ��%BM�WPMBOUF�JO�QFMMF�4QPSU�̈ �FWJEFOUF�
MѳBUUJUVEJOF�BMMF�BMUF�QSFTUB[JPOJ��USBNJUF�J�QBEEMFT�EFM�DBNCJP�BVUPNBUJDP�4UFQUSPOJD�B���SBQQPSUJ �EJ�TFSJF �̈ �QPTTJCJMF�
DBNCJBSF�JO�GSB[JPOJ�EJ�TFDPOEP �DPNF�TV�VOB�WFUUVSB�EB�DPNQFUJ[JPOF��*�4JEF�,OFFQBE �FMFHBOUJ�QSPUF[JPOJ�QFS�MF�HBNCF�
OFM�UVOOFM�DFOUSBMF �PGGSPOP�VO�DPNPEP�TVQQPSUP�BHHJVOUJWP�TPQSBUUVUUP�OFMMF�DVSWF�BE�BMUB�WFMPDJU ��-B�QPTJ[JPOF�SJBM[BUB�
EFJ�TFEJMJ�WJ�GPSOJS �VOB�WJTVBMF�FDDFMMFOUF�EFMMF�DPOEJ[JPOJ�TUSBEBMJ�F�EFM�USBGGJDP��5VUUB�MB�TUSVNFOUB[JPOF�̈ �CFO�WJTJCJMF�F�
GBDJMNFOUF�MFHHJCJMF��& �TV�SJDIJFTUB �MB�QMBODJB�TUSVNFOUJ�#.8�*OEJWJEVBM�SJWFTUJUB�JO�QFMMF�FWJEFO[JFS �JO�NPEP�BODPSB�
QJ¹�NBSDBUP�MP�TUJMF�VOJDP�EFMMB�4QPSUT�"DUJWJUZ�$PVQ©�
���
26"5530�1035&�1&3�6/"�$061��40/0�6/"�$04"�453"03%*/"3*"��$*��$)&�4*�/"4$0/%&�%*&530���6/*$0�
/FMMB�#.8�9��OPO�WJ�BUUFOEF�TPMP�VOѳFTQFSJFO[B�EJ�HVJEB�FDDF[JPOBMF��4BSFUF�JNNFSTJ�JO�VO�BNCJFOUF�FTDMVTJWP�JO�DVJ�
DPNGPSU�F�TQPSUJWJU �TJ�VOJTDPOP�JO�VOѳFMFHBOUF�DPNCJOB[JPOF���VO�QJBDFSF�UPDDBSF�MB�NPSCJEB�QFMMF�PQUJPOBM��'PSNF�EFDJTF�
F�EFUUBHMJ�TFEVDFOUJ�DSFBOP�VOѳBUNPTGFSB�VOJDB��5SBNJUF�JM�DMJNBUJ[[BUPSF�B���[POF �EJTQPOJCJMF�TV�SJDIJFTUB �̈ �QPTTJCJMF�
�SFHPMBSF�JOEJWJEVBMNFOUF�MB�UFNQFSBUVSB�QFS�PHOVOP�EFJ�RVBUUSP�TFEJMJ��"ODIF�OFJ�NJOJNJ�EFUUBHMJ�MB�#.8�9��TJ�EJNPTUSB�
BMMѳBMUF[[B�EFMMF�QJ¹�FTJHFOUJ�BTQFUUBUJWF�
�
�� ��]"CJUBDPMP
1OFVNBUJDJ�DPO�SFTJTUFO[B�SJEPUUB�BM�SPUPMBNFOUP�
%VSBOUF�MB�HVJEB�J�QOFVNBUJDJ�TVCJTDPOP�VOB�DPOUJOVB�EFGPSNB[JPOF��$J²�
TJHOJ� �DB�DPOTVNP�EJ�FOFSHJB�F�RVJOEJ�EJ�DBSCVSBOUF��/FJ�QOFVNBUJDJ�DPO�
SFTJTUFO[B�SJEPUUB�BM�SPUPMBNFOUP �TVM�CBUUJTUSBEB�F�TVJ�� �BODIJ �MB�EFGPSNB[JP�
OF�WJFOF�SJEPUUB�HSB[JF�BE�VO�NJHMJPS�QSPDFTTP�DPTUSVUUJWP�F�BMMѳVUJMJ[[P�EJ�
TQFDJBMJ�NBUFSJBMJ�
#.8�&''*$*&/5�%:/".*$4��."44*.0�1*"$&3&ѿ*M�QJBDFSF�EJ�HVJEBSF�VOB�#.8�¨�JM�SJTVMUBUP�EFMMB�NBTTJNB�FTQSFTTJPOF�EFMMF�DPOPTDFO[F�JOHFHOFSJTUJDIF �EB�TFNQSF�BMMѳBWBOHVBSEJB�F�BM�EJ�M �EFMMF�QVSF�F�TFNQMJDJ�QSFTUB[JPOJ�NPUPSJTUJDIF��*M�
#.8�&G� �DJFOU%ZOBNJDT�OBTDF�OFMMѳBNCJUP�EJ�RVFTUB�USBEJ[JPOF �B�DVJ�BQQBSUFOHPOP�MB�QJPOJFSJTUJDB�QSPQVMTJPOF�B�JESPHFOP �DPO�MB�RVBMF�MF�WFUUVSF�#.8�)ZESPHFO���WJBHHJBOP�HJ �DPNQMFUBNFOUF�TFO[B�
FNJTTJPOJ �F�MB�UFDOPMPHJB�#.8�"DUJWF)ZCSJE �HJ �EJTQPOJCJMF�QFS�9��F�4FSJF�� �DIF�TJ�CBTB�TV�VOB�DPNCJOB[JPOF�JOUFMMJHFOUF�FE�FG� �DBDF�EJ�NPUPSF�B�DPNCVTUJPOF�F�NPUPSF�FMFUUSJDP��(J �PHHJ �PHOJ�
#.8�EJTQPOF�EJ�TFSJF�EFM�QMVSJQSFNJBUP�QBDDIFUUP�UFDOPMPHJDP�#.8�&G� �DJFOU%ZOBNJDT �DIF�NJHMJPSB�MB�EJOBNJDB�F�BM�DPOUFNQP�SJEVDF�OFUUBNFOUF�JM�DPOTVNP�EJ�DBSCVSBOUF�F�MF�FNJTTJPOJ�EJ�$0��
)JHI�1SFDJTJPO�*OKFDUJPO�
*OJF[JPOF�EJSFUUB�EJ�CFO[JOB�EJ�OVPWJTTJNB�HFOFSB[JPOF��(MJ�JOJFUUPSJ�QJF[PFMFUUSJDJ�TJ�USPWBOP�JO�QSPTTJNJU �EFMMF�DBOEFMF �EPWF�JNNFU�
UPOP�JM�DBSCVSBOUF�BE�BMUB�QSFTTJPOF�DPO�FTUSFNB�QSFDJTJPOF����QPTTJCJMF�PUUFOFSF�QJ¹�JOJF[JPOJ�QFS�PHOJ�JOOFTDP��(SB[JF�BM�DPNBOEP�
FMFUUSPOJDP�WFMPDF�F�� �FTTJCJMF�MѳJTUBOUF�F�MB�RVBOUJU �EFMMF�JOJF[JPOJ�QV²�FTTFSF�BEBUUBUP�DPO�QSFDJTJPOF�BM�GBCCJTPHOP�EJ�QPUFO[B �BMMB�
UFNQFSBUVSB�F�BMMB�QSFTTJPOF�OFM�DJMJOESP �QFS�BVNFOUBSF�QPUFO[B�FE�FG� �DJFO[B�
3FHPMB[JPOF�EFMMF�QSFTF�EѳBSJB�
%F� �FUUPSJ�B�DPNBOEP�BVUPNBUJDP�QPTUJ�EBWBOUJ�BM�
SBEJBUPSF�JNNFEJBUBNFOUF�EJFUSP�MB�DBMBOESB�B�
EPQQJP�SFOF�EPTBOP�MB�RVBOUJU �EJ�BSJB�GSFEEB�EB�
DPOWPHMJBSF�BM�NPUPSF �JO�GVO[JPOF�EFMMF�DPOEJ�
[JPOJ�EJ�NBSDJB��2VBOEP�JM�NPUPSF�OPO�SJDIJFEF�
VO�SBGGSFEEBNFOUP�JOUFHSBUJWP�J�EF� �FUUPSJ�TPOP�
DIJVTJ�NJHMJPSBOEP�MѳBFSPEJOBNJDB�F�SJEVDFOEP�
JM�DPOTVNP�EJ�DBSCVSBOUF��2VBOEP�JOWFDF�MB�
UFNQFSBUVSB�EFM�NPUPSF�TVQFSB�VO�DFSUP�MJWFMMP
J�EF� �FUUPSJ�TJ�BQSPOP�QFSNFUUFOEP�VO�NJHMJPS�
SBGGSFEEBNFOUP��*OPMUSF�DPO�RVFTUP�TJTUFNB�TJ�
SJEVDF�JM�UFNQP�JNQJFHBUP�EBM�NPUPSF�QFS�SBHHJ�
VOHFSF�MB�UFNQFSBUVSB�PUUJNBMF�EJ�GVO[JPOBNFOUP�
#SBLF�&OFSHZ�3FHFOFSBUJPO�
'JOP�BE�PHHJ�UPHMJFSF�JM�QJFEF�EBMMѳBDDFMFSBUPSF�TJHOJ� �DBWB�OPO�VUJMJ[[BSF�
FOFSHJB�ѭ�NB�DJ²�OPO�¨�QJ¹�WFSP�DPO�JM�TJTUFNB�#.8�#SBLF�&OFSHZ�
3FHFOFSBUJPO��0HOJ�RVBMWPMUB�MB�WFUUVSB�QSPDFEF�QFS�JOFS[JB�ѭ�DJP¨�RVBOEP�
JM�HVJEBUPSF�UPHMJF�JM�QJFEF�EBMMѳBDDFMFSBUPSF�ѭ�MѳBMUFSOBUPSF��DPOWFSUF�
MѳFOFSHJB�DJOFUJDB�EFM�WFJDPMP�JO�FOFSHJB�FMFUUSJDB �F�MB�VUJMJ[[B�QFS�DBSJ�DBSF�
MB�CBUUFSJB��*O�UBM�NPEP�TJ�SJEVDF�MB�EJQFOEFO[B�EFMMB�CBUUFSJB�EBM�NPUPSF �
OPODI©�JM�DPOTVNP�EJ�DBSCVSBOUF �F�TJ�SFOEF�EJTQPOJCJMF�NBHHJPS�QPUFO�
[B�B�WBOUBHHJP�EFMMF�QSFTUB[JPOJ�EJOBNJDIF�EFM�WFJDPMP�
"MDVOJ�EFJ�QSPWWFEJNFOUJ�SJHVBSEBOUJ�JM�#.8�&GGJDJFOU%ZOBNJDT�EJQFOEPOP�EBMMB�EPUB[JPOF�F�OPO�TPOP�EJTQPOJCJMJ�QFS�UVUUF�MF�WBSJBOUJ�EFMMB�WFUUVSB��*M�WPTUSP�1BSU�OFS�#.8�WJ�DPOTJHMJFS �QFSTPOBMNFOUF�TV�RVFTUJ�BTQFUUJ�
�� ��]#.8�&G� �DJFOU%ZOBNJDT
ѿ.*/*.&�&.*44*0/*�
(SB[JF�BJ�QSPWWFEJNFOUJ�JOOPWBUJWJ�BEPUUBUJ�
OFMMѳBNCJUP�EFMMB�UFDOPMPHJB�&G� �DJFOU%ZOBNJDT �
#.8�IB�QPUVUP�SJEVSSF�OPUFWPMNFOUF�MF�
FNJTTJPOJ�EJ�$0��QFS�OVNFSPTJ�NPEFMMJ��.B�
PWWJBNFOUF�RVFTUP�¨�TPMP�MѳJOJ[JP��"VNFOUBSF�
JM�QJBDFSF�EJ�HVJEBSF�F�SJEVSSF�MF�FNJTTJPOJ�TPOP�
PCJFUUJWJ�DPTUBOUJ�EFMMB�OPTUSB�SJDFSDB�F�TWJMVQQP�
Pwww.bmw.it/ef⇒ cientdynamics
#.8�&G� �DJFOU%ZOBNJDT.FOP�FNJTTJPOJ��1J¹�QJBDFSF�EJ�HVJEBSF�
0GGSF�QPUFO[B�QFS�VOB�NBHOJGJDB�FTQFSJFO[B�EJ�HVJEB�TQPSUJWB��JM�NP�
UPSF�#.8�7��5XJO1PXFS�5VSCP�IB�J�EVF�UVSCPDPNQSFTTPSJ�EJTQPTUJ�
JO�NPEP�DPNQBUUP�USB�MF�CBODBUF�F�JOJF[JPOF�EJSFUUB�EJ�CFO[JOB�
#.8�&G� �DJFOU%ZOBNJDT.FOP�FNJTTJPOJ��1J¹�QJBDFSF�EJ�HVJEBSF�
.0503&�#.8�7� �58*/�108&3�563#0�%05*�%*�163"�41035*7*5���
-F�BTQFUUBUJWF�DSFBUF�EBMMF�GPSNF�EFMMB�#.8�9��TPOP�DPNQMFUBNFOUF�
TPEEJTGBUUF�EBJ�TVPJ�NPEFSOJ�NPUPSJ��JNNFEJBUB�TQJOUB�QSPQVMTJWB�F�NBT�
TJNB�UFDOPMPHJB�QFS�JM�QVSP�QJBDFSF�EJ�HVJEBSF��"DDFMFSB[JPOF�NP[[BGJBUP�
F�SPNCP�FOUVTJBTNBOUF�TPOP�MF�DBSBUUFSJTUJDIF�EFM�OVPWP�NPUPSF�7��DPO�
#.8�5XJO1PXFS�5VSCP�OFMMB�9��Y%SJWF��J��*M�NPUPSF�EB������DN��SJTQPOEF�
JO�NPEP�JNNFEJBUP �BDDFMFSBOEP�EB���B�����LN�I�JO�TPMJ�� ��TFDPOEJ �FSP�
HBOEP�VOB�QPUFO[B�EJ�����$7�����L8�F�TWJMVQQBOEP�VOѳJNQSFTTJPOBOUF�
DPQQJB�EJ�����/N�HJ �B�TPMJ�������HJSJ�NJO��*M�TJTUFNB�)JHI�1SFDJTJPO�*OKFDUJPO�
HBSBOUJTDF�VOB�DPNCVTUJPOF�FGGJDJFOUF�EFM�DBSCVSBOUF��3JTVMUBUP��VO�DPO�
TVNP�NFEJP�EJ��� ��M�����LN�
�� ��].PUPSF
4&*�$*-*/%3*��563#0$0.13&4403&�58*/�108&3��6/"�4&/4";*0/&�6/*$"�
2VFTUP�QPUFOUF�TFJ�DJMJOESJ�JO�MJOFB�GB�TDBUUBSF�MB�9��Y%SJWF��J�EB���B�����LN�I�JO�� ��TFDPOEJ��4QVOUP�JNNFEJBUP �
FTUSFNB�TJMFO[JPTJU �F�VOB�DPQQJB�EJ�����/N�DBSBUUFSJ[[BOP�RVFTUP�NPUPSF�#.8�5XJO1PXFS�5VSCP�EB�����$7�
����L8��*O�BCCJOBNFOUP�BMMѳ)JHI�1SFDJTJPO�*OKFDUJPO�F�BM�DPNBOEP�WBMWPMF�DPNQMFUBNFOUF�WBSJBCJMF�7BMWFUSPOJD�
J�DPOTVNJ�TJ�SJEVDPOP�JO�NFEJB�B��� ��M�����LN��*OGBUUJ �J�NPUPSJ�EFMMB�#.8�9��OPO�TPMUBOUP�TPOP�USB�J�QJ¹�TQPSUJWJ�
BM�NPOEP �NB�BODIF�USB�J�QJ¹�FGGJDJFOUJ�HSB[JF�BE�VOѳBNQJB�HBNNB�EJ�JOOPWB[JPOJ�UFDOPMPHJDIF�DPNF�JM�UVSCPDPN�
QSFTTPSF�5XJO1PXFS�F�MB�#SBLF�&OFSHZ�3FHFOFSBUJPO��$PT¬�TJ�PUUFOHPOP�QJ¹�QPUFO[B�F�NJOPSF�DPOTVNP�
"MMF�QBHJOF����]����USPWFSFUF�JOEJDB[JPOJ�TVM�DPOTVNP�EJ�DBSCVSBOUF�F�TVMMF�FNJTTJPOJ�EJ�$0��
*M�QJBDFSF�EJ�HVJEB�JODPOUSB�MB�QPUFO[B��MP�TDBUUP�JNNFEJBUP�
F�VOB�DPQQJB�NBTTJNB�EJTQPOJCJMF�TVCJUP �DPNF�OFMMB�#.8�
9��Y%SJWF��J �PGGSPOP�QSFTUB[JPOJ�EJ�HVJEB�JNQSFTTJPOBOUJ�
1PUFO[B�L8
$PQQJB�/N
$PQQJB�/N
1PUFO[B�L8
3FHJNF�HJSJ�NJO
� � � �� � � � � �� � � � � �� � � � � �� � � � � �� � � � � �� � � � � �� � � � � �� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� �
�
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� �
� �
� �
�
1PUFO[B�TVQFSJPSF��HJ �B�������HJSJ�NJO�MB�#.8�9��Y%SJWF��E�SBH�
HJVOHF�MB�TVB�DPQQJB�NBTTJNB�EJ�����/N��*M�NPUPSF�PGGSF�VOB�TQJOUB�
FDDF[JPOBMF�TVMMѳJOUFSP�BSDP�EJ�FSPHB[JPOF�
-B�UFDOPMPHJB�7BSJBCMF�5XJO�5VSCP�EFMMB�#.8�9��Y%SJWF��E�TGSVUUB�EVF�
UVSCPDPNQSFTTPSJ�DPMMFHBUJ�JO�TVDDFTTJPOF�F�BWFOUJ�EJNFOTJPOJ�EJWFSTF �
QFS�EJTQPSSF�JNNFEJBUBNFOUF�EFMMB�QPUFO[B�TV�UVUUB�MB�HBNNB�EJ�HJSJ��"�
CBTTJ�SFHJNJ�̈ �JO�GVO[JPOF�TPMP�JM�QJ¹�QJDDPMP�EFJ�EVF �NFOUSF�JM�QJ¹�HSBOEF�
JOUFSWJFOF�QFS�GPSOJSF�MB�NBTTJNB�QPUFO[B�GJOP�BM�SFHJNF�NBTTJNP��
-"�105&/;"�4*�16��&413*.&3&�*/�,8�0�$0/�6/"�-&55&3"��-"�%�
*�NPUPSJ�EJFTFM�#.8�DPOWJODPOP�QFS�MF�MPSP�EPUJ�EJ�QPUFO[B�JOFHVBHMJBCJMJ�F�MB�MPSP�TUSBPSEJOBSJB�FGGJDJFO[B�OFMMѳVUJMJ[[P�
EFM�DBSCVSBOUF��$PNF�MB�9��Y%SJWF��E�DPO�UFDOPMPHJB�#.8�5XJO1PXFS�5VSCP �DIF�̈ �USB�MF�WFUUVSF�EJFTFM�QJ¹�TQPS�
UJWF�FE�FTQSJNF�TVMMB�TUSBEB�VOB�QPUFO[B�EB�SJGFSJNFOUP��3BHHJVOHF�EB�GFSNP�J�����LN�I�JO�TPMJ�� ��TFDPOEJ �����$7�
����L8�F�MB�DPQQJB�NBTTJNB�EJ�����/N�DPOGFSJTDPOP�BM�NPUPSF�JM�TVP�GPSUF�UFNQFSBNFOUP��-ѳJOOPWBUJWB�UFDOPMPHJB�
$PNNPO�SBJM�F�5XJO�5VSCP�WBSJBCJMF �JOUFMMJHFOUFNFOUF�DPNCJOBUF �QFSNFUUPOP�BM�NPUPSF�EJFTFM�EJ�GPSOJSF�VOB�SJTQPTUB�
JNNFEJBUB�TV�VO�BNQJP�BSDP�EJ�HJSJ �NBOUFOFOEP�J�DPOTVNJ�JO�NFEJB�B�� ��M�����LN�
$PNQSFTTPSF�HSBOEF$PNQSFTTPSF�QJDDPMP
� ����� ����� ����� ����� �����
(BNNB�EJ�OVNFSJ�EJ�HJSJ
1PUFO[B�L8
$PQQJB�/N
$PQQJB�/N
1PUFO[B�L8
3FHJNF�HJSJ�NJO
$JMJOESP$JMJOESP$JMJOESP$JMJOESP$JMJOESP$JMJOESP
� � � �� � � � � �� � � � � �� � � � � �� � � � � �� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� � �
� �
� �
� �
� �
� �
� �
� �
'03;"�&%�&26*-*#3*0�
"ODIF�RVFTUP�HSJOUPTP�TFJ�DJMJOESJ�EJFTFM�BCCJOB�QFSGFUUBNFOUF�
FGGJDJFO[B�F�QSFTUB[JPOJ��VOB�DPQQJB�EJ�����/N�EJTQPOJCJMF�B�
������HJSJ�NJO�F�VOB�QPUFO[B�EJ�����$7�����L8�DPOTFOUPOP�EJ�
BDDFMFSBSF�EB���B�����LN�I�JO�� ��TFDPOEJ��-B�UFTUBUB�B�RVBUUSP�
WBMWPMF�QFS�DJMJOESP�F�JM�UVSCPDPNQSFTTPSF�B�HBT�EJ�TDBSJDP�BTTJDV�
SBOP�VO�SJFNQJNFOUP�PUUJNBMF�EFJ�DJMJOESJ�F�RVJOEJ�VOB�DPNCVTUJP�
OF�FGGJDJFOUF�EFM�DBSCVSBOUF �SBHHJVOHFOEP�VO�DPOTVNP�NFEJP�EJ�
� ��MJUSJ�QFS�����LN�DPO�FNJTTJPOJ�EJ�$0��QBSJ�B�����H�LN�
1FS�JOGPSNB[JPOJ�SFMBUJWF�BJ�DPOTVNJ�EJ�DBSCVSBOUF�F�BMMF�FNJTTJ�
POJ�EJ�$0��DPOTVMUBSF�MF�QBHJOF����]����
�� ��].PUPSF
#.8�&G� �DJFOU%ZOBNJDT.FOP�FNJTTJPOJ��1J¹�QJBDFSF�EJ�HVJEBSF�
�� ��]#.8�"DUJWF)ZCSJE�9�
*-�.0%0�1*��%*/".*$0�%*�7*"((*"3&�*#3*%0�
-B�OVPWB�#.8�"DUJWF)ZCSJE�9� �̈ �MB�QSJNB�4QPSUT�"DUJWJUZ�$PVQ©�DPO�B[JPOBNFOUP�JCSJEP �DIF�VOJTDF�MѳFGGJDJFO[B�DPO�MB�EJOB�
NJDJU �F�JM�QJBDFSF�EJ�HVJEBSF�UJQJDJ�EJ�#.8��-B�DPNCJOB[JPOF�EJ�VO�NPUPSF�B�DPNCVTUJPOF�F�VO�HSVQQP�FMFUUSJDP�DPO�BDDVNVMBUPSF�
EJ�DPSSFOUF�QFSNFUUF�EJ�HFTUJSF�MѳFOFSHJB�JO�NPEP�QBSUJDPMBSNFOUF�FGGJDBDF��#.8�"DUJWF)ZCSJE�VOJTDF�RVFTUB�UFDOPMPHJB�BMMF�
DBSBUUFSJTUJDIF�EJ�NBSDJB�UJQJDIF�EJ�#.8��$PT¬�OBTDF�VO�JCSJEP �DIF�DPNCJOB�CBTTJ�DPOTVNJ�DPO�EBUJ�EJ�QPUFO[B�JNQSFTTJPOBOUJ �
EFHOJ�EJ�VOB�WFSB�#.8��*�WBOUBHHJ�EJ�VO�NPUPSF�FMFUUSJDP �DIF�BE�FTFNQJP�FSPHB�MB�QJFOB�DPQQJB�HJ �B�CBTTP�SFHJNF �TJ�JOUFHSBOP�
QFSGFUUBNFOUF�DPO�MB�EJOBNJDJU �F�MѳFGGJDJFO[B�EFM�NPUPSF�B�DPNCVTUJPOF�EJ�#.8��0MUSF�BM�GBCCJTPHOP�SJEPUUP�EJ�DBSCVSBOUF�
VOѳBMUSB�DBSBUUFSJTUJDB�SFOEF�JODPOGPOEJCJMF�MѳJOUFSQSFUB[JPOF�#.8�EFMMB�UFDOPMPHJB�JCSJEB��̈ �MB�QJ¹�EJOBNJDB�USB�HMJ�JCSJEJ��-B�
#.8�"DUJWF)ZCSJE�9� �̈ �EPUBUB�EJ�EVF�HSVQQJ�FMFUUSJDJ �DIF�B[JPOBOP�MB�WFUUVSB�JOTJFNF�BM�NPUPSF�B�DPNCVTUJPOF��'JOP�BMMB�WFMPDJU �
EJ�� �LN�I�MB�OVPWB�#.8�"DUJWF)ZCSJE�9� �̈ �JO�HSBEP�EJ�GVO[JPOBSF�FMFUUSJDBNFOUF�DPO�MѳFOFSHJB�EFMMB�CBUUFSJB�BE�BMUF�QSFTUB[JPOJ��
2VFTUP�PGGSF�JM�QPUFO[JBMF�QFS�MB�NBTTJNB�SJEV[JPOF�EFJ�DPOTVNJ�F�EFMMF�FNJTTJPOJ �TFO[B�MJNJUBSF�NJOJNBNFOUF�JM�QJBDFSF�EJ�HVJEBSF�
Pwww.bmw.it/activehybrid
0UUJNJ[[BUJ�EBM�QVOUP�EJ�WJTUB�BFSPEJOBNJDP��
HMJ�BFSPDFSDIJ�EB�� ��k-.�4USFBNMJOF�� � {�
$BUUVSBOP�MP�THVBSEP��MF�DVDJUVSF�JO�DPMPSF�
CMV�DSFBOP�VO�DPOUSBTUP�WJTJWP�F�TPUUPMJOFB�
OP�JM�DBSBUUFSF�QSFHJBUP�EFMMѳBCJUBDPMP�
"DDPHMJFO[B�QBSUJDPMBSNFOUF�DVSBUB��MJTUFMMP�
CBUUJUBDDP�DPO�MPHP�k#.8�"DUJWF)ZCSJE{�
6O�HSB� �DP�OFM�$POUSPM�%JTQMBZ�JOEJDB�JO�
UFNQP�SFBMF�J�� �VTTJ�EJ�FOFSHJB�QSFTFOUJ�OFM�
WFJDPMP��MѳFOFSHJB�FMFUUSJDB�JO�CMV �RVFMMB�
EFM�NPUPSF�B�DPNCVTUJPOF�JO�SPTTP�
-B�OVPWB�#.8�"DUJWF)ZCSJE�9� �TBS �EJTQPOJCJMF�EBM�TFDPOEP�USJNFTUSF�� � � � �QSFTTP�JM�WPTUSP�1BSUOFS�#.8�
�� ��]#.8�"DUJWF)ZCSJE�9�
-"�1*��#&--"�$&/53"-&�&-&553*$"�1&3�'3&/*��*M�QSJODJQJP�EFMMB�#SBLF�&OFSHZ�3FHFOFSBUJPO�
¨�UBOUP�TFNQMJDF�RVBOUP�JOUFMMJHFOUF��3BMMFOUBOEP �JO�VOB�CBUUFSJB�BE�BMUF�QSFTUB[JPOJ�WJFOF�BDDVNV�
MBUB�FOFSHJB �DIF�OFJ�NPEFMMJ�"DUJWF)ZCSJE�WJFOF�QPJ�SFTB�EJTQPOJCJMF�QFS�MB�GBTF�EJ�BDDFMFSB[JPOF��
2VFTUP�QFSNFUUF�NJOPSJ�DPOTVNJ�F�GB�T¬�DIF�MѳFOFSHJB�SFDVQFSBUB�JO�GSFOBUB�OPO�WBEB�QFSEVUB�F�TJB�
DPTUBOUFNFOUF�EJTQPOJCJMF �BVNFOUBOEP�DPT¬�MB�QPUFO[B�UPUBMF�
#.8�"$5*7&�):#3*%��"$$&-&3"�-ѳ"$$&-&3";*0/&��-B�GVO[JPOF�CPPTU�OFJ�NPEFMMJ�#.8�
"DUJWF)ZCSJE�EJNPTUSB�QFSGFUUBNFOUF�DIF�MѳBVNFOUP�EJ�FGGJDJFO[B�QV²�DPFTJTUFSF�DPO�JM�NBTTJNP�
QJBDFSF�EJ�HVJEBSF��4J�CBTB�TVMMѳJEFB�EJ�BVNFOUBSF�CSFWFNFOUF�MB�QPUFO[B�EFM�NPUPSF�B�DPNCVTUJPOF�
NFEJBOUF�JM�HSVQQP�FMFUUSPHFOP��6O�WBOUBHHJP�EFDJTJWP�EJ�RVFTUB�UFDOPMPHJB�̈ �DIF�MѳFSPHB[JPOF�EJ�
QPUFO[B�̈ �JNNFEJBUB�F�JOUFOTB��2VFTUP�̈ �QBSUJDPMBSNFOUF�VUJMF�OFMMF�QBSUFO[F�F�JO�GBTF�EJ�BDDFMFSB�
[JPOF��-B�QPUFO[B�EFMMB�WFUUVSB�SJTVMUB�OPUFWPMNFOUF�BVNFOUBUB �TFO[B�DPOTVNJ�BHHJVOUJWJ�EJ�DBSCV�
SBOUF����CFMMP�DIF�MѳFGGJDJFO[B�QFSNFUUB�EJ�QSPWBSF�VO�DPT¬�HSBOEF�QJBDFSF�EJ�HVJEBSF��
1307"3&�-"�53"/26*--*5��4&/;"�45"34&/&�53"/26*--*��'JOP�BMMB�WFMPDJU �EJ�� � �LN�I�MB�OVPWB�
#.8�"DUJWF)ZCSJE�9� �QV²�GVO[JPOBSF�QFS�CSFWF�UFNQP�FMFUUSJDBNFOUF �B�� �LN�I�QFS�VOB�EJTUBO[B�EJ�
� �LN��2VFTUP�BWWJFOF�BVUPNBUJDBNFOUF�F�DPOTFOUF�EJ�TQPTUBSTJ�TJMFO[JPTBNFOUF�F�TPQSBUUVUUP�B�
FNJTTJPOJ�[FSP��*�SJTVMUBUJ�EFMMѳJOUFMMJHFOUF�TUSBUFHJB�EJ�GVO[JPOBNFOUP �DIF�SFHPMB�MѳJOUFSB[JPOF�EJ�NPUPSF�B�
DPNCVTUJPOF�F�B[JPOBNFOUP�JCSJEP �TPOP�MB�NBTTJNB�FGGJDJFO[B�QPTTJCJMF�F�MB�QPUFO[B�TFNQSF�EJTQP�
OJCJMF��/PO�TJ�QV²�QSPWBSF�JM�QJBDFSF�EJ�HVJEBSF�DPO�VOѳFTQFSJFO[B�QJ¹�SJDDB�EJ�RVFTUB�
-"�(&45*0/&�*/5&--*(&/5&�%&--ѳ&/&3(*"�*/*;*"�(*��"�7&5563"�'&3."��-B�OVPWB�#.8�
"DUJWF)ZCSJE�9� �̈ �VOB�EFMMF�QSJNF�WFUUVSF�DPO�DBNCJP�BVUPNBUJDP�EJ�#.8�JO�DVJ�WJFOF�JNQJFHBUB�
VOB�GVO[JPOF�EJ�4UBSU�4UPQ��$PO�MB�GVO[JPOF�)ZCSJE�4UBSU�4UPQ�OFMMB�#.8�"DUJWF)ZCSJE�9� �TJ�SJTQBS�
NJB�DBSCVSBOUF�PHOJ�WPMUB�DIF�DJ�TJ�GFSNB �QFSDI©�JM�NPUPSF�WJFOF�BSSFTUBUP��2VFTUP�SJEVDF�J�DPOTVNJ�
EJ�DBSCVSBOUF�F�MF�FNJTTJPOJ �JO�QBSUJDPMBSF�OFM�USBGGJDP�VSCBOP��$PT¬�TJ�QV²�PUUJNJ[[BSF�JM�QSPQSJP�CJ�
MBODJP�EFJ�DPOTVNJ�EJ�DBSCVSBOUF�B�WBOUBHHJP�EFMMѳBNCJFOUF�
4"1&5&�$04ѳ��6/�*#3*%0��03"�%07&5&�1307"3&�$0.&�-0�*/5&313&5"�#.8�
%VF�NPUPSJ�FMFUUSJDJ��TWPMHPOP�MB�GVO[JPOF�EJ�BWWJBNFOUP�EFM�NPUPSF�F�TF�OFDFTTBSJP�TPTUFOHPOP�JM�NPUPSF�B�DPNCVTUJPOF�QFS�BVNFOUBSF�MB�EJOBNJDB�EJ�NBSDJB��/FMMB�#SBLF�&OFSHZ�3FHFOFSBUJPO�J�
NPUPSJ�FMFUUSJDJ�GVO[JPOBOP�DPNF�HFOFSBUPSJ�
#BUUFSJB��RVFTUB�CBUUFSJB�BE�BMUF�QSFTUB[JPOJ�BMMѳJESVSP�NFUBMMJDP�EJ�OJDLFM�¨�QPDP�JOHPNCSBOUF�FE�¨�NPOUBUB�TPUUP�JM�CBHBHMJBJP �¨�JEPOFB�BMMѳJNQJFHP�RVPUJEJBOP�F �DPNF�BWWJFOF�OPSNBMNFOUF�TVMMB�
#.8�9� �MBTDJB�TQB[JP�TVG� �DJFOUF�BM�USBTQPSUP�EJ�RVBUUSP�TBDDIF�EB�HPMG�
$BNCJP�BUUJWP�5XP�.PEF��SFHPMB�MѳJOUFSB[JPOF�EJ�NPUPSJ�FMFUUSJDJ�F�NPUPSF�B�DPNCVTUJPOF��-B�NPEBMJU �� �TFSWF�QFS�QBSUJSF��-B�NPEBMJU � �¨�PUUJNJ[[BUB�QFS�WFMPDJU �QJ¹�FMFWBUF��-B�
QSFTFO[B�EFM�DBNCJP�BVUPNBUJDP�B�� �SBQQPSUJ�QFSNFUUF�EJ�QSPWBSF�MB�TFOTB[JPOF�EJ�HVJEB�
UJQJDB�EJ�#.8��$PO�J�QBEEMFT�TVM�WPMBOUF�¨�QPTTJCJMF�DBNCJBSF�SBQQPSUP�NBOVBMNFOUF�
$PNQSFTTPSF�EFM�DMJNBUJ[[BUPSF�FMFUUSJDP��-ѳB[JPOBNFOUP�FMFUUSJDP�EFM�DMJNBUJ[[BUPSF�BVUPNB�UJDP�¨�JOEJQFOEFOUF�EBM�NPUPSF�B�DPNCVTUJPOF �DPT¬�OFMMѳBCJUBDPMP�TJ�DSFB�TFNQSF�VO�DMJNB�QJBDF�
WPMF �DIF�TJ�NBOUJFOF�BODIF�RVBOEP�MB�WFUUVSB�GVO[JPOB�TPMP�FMFUUSJDBNFOUF�P�¨�GFSNB�DPM�NPUPSF�
TQFOUP�
1J¹�BHJMF �QJ¹�QSFDJTB �QJ¹�TJDVSB��JM�%ZOBNJD�1FSGPSNBODF�$POUSPM��EFGJOJTDF�OVPWJ�DSJUFSJ�EJ�TQPSUJWJU ��
2VFTUP�JOOPWBUJWP�TJTUFNB�EJ�USB[JPOF�GB�JM�TVP�FTPSEJP�B�MJWFMMP�NPOEJBMF�TVMMB�#.8�9� �BVNFO�
UBOEP�JM�QJBDFSF�EJ�HVJEBSF�BE�PHOJ�NFUSP�DIF�QFSDPSSFSFUF��&TUSFNB�UFOVUB�EJ�TUSBEB�F�QFSGFUUB�
NBOFHHFWPMF[[B�TPOP�JM��SJTVMUBUP�EJ�RVFTUB�UFDOPMPHJB��-B�EJGGFSFO[B�TJ�OPUB�TPQSBUUVUUP�JO�DVSWB��MB�
#.8�9��NPTUSB�VOѳBHJMJU �TFOTJCJMNFOUF�NBHHJPSF��*M�%ZOBNJD�1FSGPSNBODF�$POUSPM�JOUFSWJFOF�QFS�
SJQBSUJSF�JO�NPEP�WBSJBCJMF�MB�GPS[B�QSPQVMTJWB�USB�MF�SVPUF�EFMMѳBTTBMF�QPTUFSJPSF�F�QFS�JODSFNFOUBSMB�
JO�DVSWB�TVMMB�SVPUB�QPTUFSJPSF�FTUFSOB��*O�RVFTUP�NPEP�MB�#.8�9��TFHVF�MB�DVSWB�JO�NPEP�BODPSB�
QJ¹�QSFDJTP �DPOTFOUFOEPWJ�VOB�UFOVUB�EJ�TUSBEB�PUUJNBMF��"�TFDPOEB�EFMMB�TJUVB[JPOF�EJ�HVJEB �WJFOF�
USBTNFTTB�JO�NPEP�NJSBUP�VOB�NBHHJPSF�DPQQJB�NPUSJDF�BMMB�SVPUB�DIF�QV²�TDBSJDBSF�TVMMB�TUSBEB�MB�
QPUFO[B�NBHHJPSF��*O�GBTF�EJ�BDDFMFSB[JPOF�JO�VTDJUB�EJ�DVSWB �HMJ�JOUFSWFOUJ�EJ�SFHPMB[JPOF�EFM�DPO�
USPMMP�EJOBNJDP�EFMMB�TUBCJMJU �%4$�WFOHPOP�DPT¬�SJEPUUJ�BM�NJOJNP �QFS�HBSBOUJSF�VOB�TQJOUB�NJHMJPSF��
*OPMUSF�JM�%ZOBNJD�1FSGPSNBODF�$POUSPM�DPOUSBTUB�TJB�JM�TPWSBTUFS[P�TJB�JM�TPUUPTUFS[P�F�JODSFNFOUB�MB�
TUBCJMJU �EFMMB�#.8�9���2VFTUP�TJTUFNB�EJ�SFHPMB[JPOF�̈ �VO�WBMJEP�BTTJTUFOUF�BODIF�TV�EJGGJDJMJ�GPOEJ�
TUSBEBMJ��WJBHHJBOEP�TV�UFSSFOJ�TDPOOFTTJ �MB�SVPUB�QPTUFSJPSF�DPO�MB�NJHMJPSF�BEFSFO[B�BM�TVPMP�TGSVUUB�
VOB�NBHHJPSF�DPQQJB�NPUSJDF��*O�RVFTUP�NPEP�MB�USB[JPOF�NJHMJPSB�F�MB�#.8�9��QV²�TWJMVQQBSF�
VOѳFDDF[JPOBMF�TQJOUB�QSPQVMTJWB��*O�BMUSF�QBSPMF��JM�%ZOBNJD�1FSGPSNBODF�$POUSPM�WJ�GBS �BQQSF[[BSF�
WFSBNFOUF�JO�PHOJ�TJUVB[JPOF�MF�EPUJ�EFMMB�#.8�9��
3*."/&5&�*/�53"*&5503*" �."�/0/�/&--"�/03."��%:/".*$�1&3'03."/$&�$0/530-�
*O�VOB�DVSWB�B�EFTUSB�MB�SVPUB�QPTUFSJPSF�
TJOJTUSB�QV²�USBTNFUUFSF�QJ¹�QPUFO[B�TVMMB�
TUSBEB��*M�%ZOBNJD�1FSGPSNBODF�$POUSPM�
EJTUSJCVJTDF�RVJOEJ�VOB�NBHHJPSF�DPQQJB�
NPUSJDF�TV�RVFTUB�SVPUB�
4VJ�SFUUJMJOFJ�MF�GPS[F�TPOP�EJTUSJCVJUF�FRVB�
NFOUF�TVMMF�SVPUF�QPTUFSJPSJ��QFS�VOB�TQJOUB�
QSPQVMTJWB�PUUJNBMF�
*O�VOB�DVSWB�B�TJOJTUSB �JM�%ZOBNJD�1FSGPS�
NBODF�$POUSPM�USBTNFUUF�VOB�NBHHJPSF�
DPQQJB�NPUSJDF�BMMB�SVPUB�QPTUFSJPSF�EFTUSB �
QFSDI©�RVFTUB�QPTTB�TDBSJDBSF�TVMMB�TUSBEB�
VOB�QPUFO[B�NBHHJPSF��
$PO�JM�%ZOBNJD�1FSGPSNBODF�$POUSPM�TJ�
QPTTPOP�QFSDPSSFSF�MF�DVSWF�DPO�NBHHJPSF�
WFMPDJU ��-B�EJTUSJCV[JPOF�WBSJBCJMF�EFMMB�
QPUFO[B�USB�MF�SVPUF�QPTUFSJPSJ�BTTJDVSB�
NBHHJPSF�DPOUSPMMP�F�QSFDJTJPOF�EJ�TUFS�
[BUB��1FS�VO�TVSQMVT�EJ�BHJMJU �F�TQPSUJWJU �
RVFTUP�TJTUFNB�EJTUSJCVJTDF�MB�QPUFO[B
JO�NPEP�BUUJWP �DPO�JM�SJTVMUBUP�EJ�VOB�EJOB�
NJDB�EJ�NBSDJB�PUUJNBMF�
DPO�%ZOBNJD�1FSGPSNBODF�$POUSPMTFO[B�%ZOBNJD�1FSGPSNBODF�$POUSPM
1BSUFO[B
"SSJWP
�� ��]%JOBNJDB�EJ�HVJEB
(SB[JF�BMMѳBTTFUUP�PUUJNJ[[BUP�DPO�HSBOEF�JNQFHOP�F�BM�TJTUFNB�EJ�USB[JPOF�JOUFHSBMF�JOUFMMJHFOUF�
Y%SJWF�TJ�QV²�HPEFSF�EFMMB�HVJEB�EJOBNJDB�JO�PHOJ�TJUVB[JPOF��-ѳPQUJPOBM�"DUJWF�4UFFSJOH��QFSNFUUF�
EJ�BGGSPOUBSF�DPO�NBHHJPSF�QJBDFSF�MF�DVSWF �QFSDI©�SFOEF�QPTTJCJMF�VOB�SJTQPTUB�BMMP�TUFS[P�BODPSB�
QJ¹�EJSFUUB�F�QSFDJTB �BVNFOUBOEP�MѳBHJMJU �QSPQSJP�OFJ�USBUUJ�DPO�NPMUF�DVSWF��2VFTUP�EJTQPTJUJWP�DPO�
TFOUF�JOPMUSF�EJ�QSPWBSF�VOB�NBHHJPSF�TUBCJMJU �TV�TUSBEB��6O�JOHSBOBHHJP�FQJDJDMPJEBMF�JOUFHSBUP�OFM�
QJBOUPOF�EFMMP�TUFS[P�QSPWPDB�MB�WBSJB[JPOF�EFMMѳBOHPMP�EJ�TUFS[BUB�JO�CBTF�BMMB�WFMPDJU �JTUBOUBOFB��"�
WFMPDJU �CBTTF�F�NFEJF�MѳBOHPMP�EJ�TUFS[BUB�EFMMF�SVPUF�BOUFSJPSJ�WJFOF�BVNFOUBUP �GBDJMJUBOEP�BODIF�
MF�NBOPWSF�EJ�QBSDIFHHJP �NFOUSF�B�WFMPDJU �NBHHJPSJ�MѳBOHPMP�EJ�TUFS[BUB�WJFOF�SJEPUUP�B�QBSJU �EJ�HJSJ�
EFM�WPMBOUF �F�WPJ�NBOUFSSFUF�MB�WPTUSB�#.8�9��FTBUUBNFOUF�TVMMB�USBJFUUPSJB�JNQPTUBUB��-ѳBHJMJU �QV²�
FTTFSF�VMUFSJPSNFOUF�JODSFNFOUBUB�HSB[JF�BMMѳ"EBQUJWF�%SJWF�PQUJPOBM �DIF �NFEJBOUF�JM�EJTQPTJUJWP�
4FSWPUSPOJD �PUUJNJ[[B�MF�GPS[F�BQQMJDBUF�TVM�WPMBOUF�DPO�VOP�TUJMF�EJ�HVJEB�OPSNBMF�P�TQPSUJWP�F�DPN�
CJOB�J�EVF�TJTUFNJ�BUUJWJ�EJ�SFHPMB[JPOF�EFMMѳBTTFUUP�%ZOBNJD�%BNQFS�$POUSPM�F�%ZOBNJD�%SJWF��*�TVPJ�
TUBCJMJ[[BUPSJ�BUUJWJ�TVMMѳBTTF�BOUFSJPSF�F�QPTUFSJPSF�DPO�FMFNFOUJ�JESBVMJDJ�JOUFHSBUJ�SJEVDPOP�BM�NJOJNP�
J�NPWJNFOUJ�EJ�SPMMJP�JO�DVSWB��1FS�RVFTUP�HMJ�BNNPSUJ[[BUPSJ�SJEVDPOP�BVUPNBUJDBNFOUF�JM�CFDDIFH�
HJP�EFMMB�#.8�9� �BE�FTFNQJP�JO�GSFOBUB��MѳFGGFUUP�FOUVTJBTNFS �OPO�TPMP�DIJ�HVJEB�NB�BODIF�J�QBT�
TFHHFSJ�DIF�OFMMB�QBSUF�QPTUFSJPSF�HPESBOOP�EFMMB�TUSBPSEJOBSJB�TUBCJMJU �F�EFMMѳFMFWBUP�DPNGPSU��
/0/�4*�10440/0�$".#*"3&�-&�$637&�."�16�$".#*"3&�*-�1*"$&3&�$0/�$6*�-&�4*�"''30/5"��
"MMF�CBTTF�F�NFEJF�WFMPDJU �Mѳ"DUJWF�4UFFSJOH�
USBTNFUUF�JO�NPEP�EJSFUUP�J�NPWJNFOUJ�EFM�
WPMBOUF��MB�HVJEB�¨�QSFDJTB�F�TJDVSB �MB�
#.8�9��BHJMF�F�EJOBNJDB�
"MMF�BMUF�WFMPDJU �MP�TUFS[P�IB�VOB�EFNPMUJ�
QMJDB[JPOF�QJ¹�JOEJSFUUB��JO�BVUPTUSBEB�MѳBVUP�
SJTVMUB�RVJOEJ�QJ¹�TUBCJMF�F�QSFDJTB �BVNFO�
UBOEP�MB�TJDVSF[[B�
� ��/PO�QFS�"DUJWF)ZCSJE�9� �� ��/PO�EJTQPOJCJMF�QFS�"DUJWF)ZCSJE�9� ��2VFTUP�NPEFMMP�¨�
EPUBUP�EJ�VOP�TUFS[P�FMFUUSPNFDDBOJDP �DIF�PGGSF�JM�TPTUFHOP�
PUUJNBMF�BMMB�GPS[B�BQQMJDBUB�TVM�WPMBOUF�TJB�OFMMB�NBSDJB�DPO�
JM�NPUPSF�FMFUUSJDP�DIF�JO�RVFMMB�DPM�NPUPSF�B�DPNCVTUJPOF�
�� ��] 4JDVSF[[B�]�)FBE�6Q�%JTQMBZ�
-ѳPQUJPOBM�"EBQUJWF�-JHIU�$POUSPM�TJ�BUUJWB�RVBOEP�TJ�FOUSB�JO�VOB�DVSWB�F�OFHMJ�BWWBMMBNFOUJ�
P�OFJ�EPTTJ��*�QSPJFUUPSJ�PSJFOUBCJMJ�PSJ[[POUBMNFOUF�F�WFSUJDBMNFOUF�TFHVPOP�MB�EJSF[JPOF�
EFMMB�TUFS[BUB�F�JMMVNJOBOP�JO�NPEP�PUUJNBMF�JM�USBDDJBUP�FGGFUUJWP�EFMMB�DVSWB�
-B�DFMMVMB�BCJUBDPMP�SFBMJ[[BUB�JO�BDDJBJP�BE�BMUB�SFTJTUFO[B�PGGSF�SJHJEJU �F�QSPUF[JPOF�
PUUJNBMJ�FE�¨�JOPMUSF�VMUFSJPSNFOUF�SJOGPS[BUB�TVJ�QVOUJ�DSVDJBMJ��*O�DBTP�EJ�DPMMJTJPOF�HMJ�
BJSCBH�QFS�MB�UFTUB�QFS�UVUUJ�J�TFEJMJ �HMJ�BJSCBH�BOUFSJPSJ�QFS�DPOEVDFOUF�F�QBTTFHHFSP�F�
EVF�BJSCBH�MBUFSBMJ�BOUFSJPSJ�SJEVDPOP�BM�NJOJNP�JM�SJTDIJP�EJ�MFTJPOJ�
-B�#.8�9��PGGSF�B�WPJ�F�BJ�WPTUSJ�QBTTFHHFSJ�VOB�QSPUF[JPOF�FGGJDBDF�TV�UVUUJ�J�MBUJ��.FOUSF�QSPWBUF�JM�
QJBDFSF�EJ�HVJEBSF �OVNFSPTJ�TJTUFNJ�JOUFMMJHFOUJ�HBSBOUJTDPOP�MB�NBTTJNB�TJDVSF[[B�JO�PHOJ�NPNFOUP��
-ѳ"EBQUJWF�-JHIU�$POUSPM�DPO�DPSOFSJOH�MJHIUT�F�EJTUSJCV[JPOF�WBSJBCJMF�EFMMB�MVDF�BDDSFTDF�MB�TJDVSF[[B�
WJBHHJBOEP�EJ�OPUUF�P�JO�DBUUJWF�DPOEJ[JPOJ�EJ�MVDF���EPUBUP�EJ�QSPJFUUPSJ�PSJFOUBCJMJ�PSJ[[POUBMNFOUF �
DIF�JMMVNJOBOP�JO�NPEP�PUUJNBMF�MF�DVSWF �BQQFOB�JM�HVJEBUPSF�MF�JNCPDDB��/FHMJ�BWWBMMBNFOUJ�P�TVJ�
EPTTJ�WJFOF�BODIF�BUUJWBUP�VO�BEBUUBNFOUP�WFSUJDBMF�BVUPNBUJDP�EFM�DPOP�EJ�MVDF��4QFDJBMJ�TFOTPSJ�
SJMFWBOP�MѳBOHPMP�EJ�TUFS[BUB�F�MB�WFMPDJU ��*�GBSJ�BMMP�YFOP�WFOHPOP�GBUUJ�SVPUBSF�EB�BQQPTJUJ�NPUPSJOJ�
FMFUUSJDJ�JMMVNJOBOEP�NFHMJP�MB�DVSWB��6OB�HVJEB�QJBDFWPMF�F�EJWFSUFOUF�̈ �BTTJDVSBUB�BODIF�EBM�TJTUFNB�
EJ�SFHPMB[JPOF�EFMMѳBTTFUUP�%4$��*M�DPOUSPMMP�EJOBNJDP�EJ�TUBCJMJU �SJDPOPTDF�TVM�OBTDFSF�MF�DPOEJ[JPOJ�
EJ�HVJEB�JOTUBCJMJ�F�MF�DPSSFHHF�DPO�JOUFSWFOUJ�NJSBUJ�TVMMB�HFTUJPOF�EFM�NPUPSF�F�EFJ�GSFOJ��*O�DBTP�
EJ�GSFOBUB�EѳFNFSHFO[B�JOUFSWJFOF�MѳBTTJTUFOUF�EJ�GSFOBUB �DIF�SJDPOPTDF�MB�TJUVB[JPOF�F�QSPWPDB�
MѳJNNFEJBUP�BVNFOUP�EFMMB�QSFTTJPOF�EFMMѳJNQJBOUP�GSFOBOUF �BHFOEP�BODIF�TVMMB�SFHPMB[JPOF�
EFMMѳ"#4��*O�RVFTUP�NPEP�TJ�SJEVDF�OPUFWPMNFOUF�MP�TQB[JP�EJ�BSSFTUP��
4POP�JOPMUSF�QSFTFOUJ�NPMUJ�EJTQPTJUJWJ�EJ�TJDVSF[[B �DIF�JO�DBTP�EJ�DPMMJTJPOF�WJ�QSPUFHHPOP�EB�MFTJPOJ��
$PO�MѳJNQJFHP�EJ�BDDJBJ�NVMUJGBTF�BE�BMUB�SFTJTUFO[B�̈ �TUBUB�SFBMJ[[BUB�VOB�TDPDDB�QBSUJDPMBSNFOUF�
SJHJEB�DIF�JO�DBTP�EJ�JODJEFOUF�BTTJDVSB�BHMJ�PDDVQBOUJ�EFMMB�WFUUVSB�JM�NJHMJPSF�TQB[JP�EJ�TJDVSF[[B�
QPTTJCJMF��*O�DBTP�EJ�DPMMJTJPOJ�GSPOUBMJ �MF�FOFSHJF�EѳVSUP�WFOHPOP�BTTPSCJUF�EB�VOB�[POB�B�EFGPSNB[JPOF�
QSFEFGJOJUB �DPMMPDBUB�EBWBOUJ�BMMѳBCJUBDPMP��-B�DBSSP[[FSJB�SJOGPS[BUB�DPOUSJCVJTDF�BE�PGGSJSF�VOѳPUUJNB�
TJDVSF[[B��MP�DPOGFSNBOP�J�SJTVMUBUJ�EFJ�OVNFSPTJ�DSBTI�UFTU�FGGFUUVBUJ��$PNF�QSPUF[JPOF�JO�DBTP�EJ�
VSUP�MBUFSBMF �UVUUF�F�RVBUUSP�MF�QPSUJFSF�EJTQPOHPOP�EJ�VOB�TUSVUUVSB�EJ�SJOGPS[P�NPMUP�SFTJTUFOUF�DIF�
BJVUB�B�SJEVSSF�OFM�NJHMJPS�NPEP�QPTTJCJMF�MB�QFOFUSB[JPOF�EJ�DPSQJ�FTUSBOFJ�OFMMѳBCJUBDPMP��*�QBTTFHHFSJ�
TPOP�JO�PHOJ�DBTP�QSPUFUUJ�EB�TJTUFNJ�EJ�SJUFO[JPOF�QFSGFUUBNFOUF�TJOFSHJDJ �DPNF�MF�DJOUVSF�EJ�TJDVSF[[B�
F�J�TFJ�BJSCBH �DIF�BVNFOUBOP�MB�TJDVSF[[B��*M�TJTUFNB�EJ�BJSCBH�QFS�MB�UFTUB�QFS�UVUUJ�J�TFEJMJ�OPO�TPMUBOUP�
FWJUB�DIF�PHOJ�TJOHPMB�QFSTPOB�VSUJ�DPOUSP�J�GJOFTUSJOJ�MBUFSBMJ�P�DPOUSP�MѳPTUBDPMP�DIF�IB�QSPWPDBUP�
MѳJODJEFOUF �NB�PGGSF�BODIF�SJQBSP�EBMMF�TDIFHHF�EFJ�DSJTUBMMJ��
*M�TJTUFNB�EJ�DJOUVSF�EJ�TJDVSF[[B�B���QVOUJ�JOTUBMMBUP�JO�UVUUJ�J�TFEJMJ �EPUBUP�JOPMUSF�OFJ�TFEJMJ�BOUFSJPSJ�EJ�
QSFUFOTJPOBUPSJ�QJSPUFDOJDJ�F�MJNJUBUPSJ�EJ�SJUFO[JPOF�JOUFHSBUJ �USBUUJFOF�BMMB�QFSGF[JPOF�J�QBTTFHHFSJ�JO�
PHOJ�UJQP�EJ�JODJEFOUF��*OPMUSF�JM�TFOTPSF�EJ�SJCBMUBNFOUP�VUJMJ[[B�J�EBUJ�EFM�DPOUSPMMP�EJOBNJDP�EJ�TUBCJ�
MJU �%4$�FE�̈ �JO�HSBEP�EJ�BUUJWBSF�J�EJTQPTJUJWJ�EJ�TJDVSF[[B�QBTTJWJ�DPNF�HMJ�BJSCBH�QFS�MB�UFTUB �J�QSF�
UFOTJPOBUPSJ�EFMMF�DJOUVSF�F�J�QPHHJBUFTUB�BUUJWJ�
'"5&�#"55&3&�1*��'035&�*-�704530�$603&�*/�505"-&�4*$63&;;"��
-ѳ)FBE�6Q�%JTQMBZ�EJTQPOJCJMF�B�SJDIJFTUB�JOEJDB�BM�DPOEVDFOUF�MF�JOGPSNB[JPOJ�SJMFWBOUJ�
QFS�MB�TJDVSF[[B �DPNF�MB�WFMPDJU �EJSFUUBNFOUF�OFM�TVP�DBNQP�WJTJWP��*M�EJTQMBZ �SFHPMBCJMF�
JO�BMUF[[B�F�MVNJOPTJU �QFSNFUUF�EJ�OPO�EJTUPHMJFSF�MP�THVBSEP�EBMMB�TUSBEB��
6O�JNQPSUBOUF�DPOUSJCVUP�BMMB�TJDVSF[[B�OFM�USBGGJDP�TUSBEBMF��
Mѳ)FBE�6Q�%JTQMBZ�EJTQPOJCJMF�B�SJDIJFTUB�QFS�MB�#.8�9���
6O�QSPJFUUPSF�JOUFHSBUP�OFM�RVBESP�TUSVNFOUJ�DPOTFOUF�BM�
HVJEBUPSF�EJ�WJTVBMJ[[BSF �USBNJUF�VO�EJTQMBZ�5'5 �JNNBHJOJ�
CFO�SJDPOPTDJCJMJ�F�DPOUSBTUBUF�QSBUJDBNFOUF�JO�RVBMTJBTJ�
DPOEJ[JPOF�EJ�MVDF �SJDBWBOEP�JNQPSUBOUJ�JOGPSNB[JPOJ�TFO[B�
EJTUPHMJFSF�MP�THVBSEP�EBMMB�TUSBEB��*M�EJTQMBZ �SFHPMBCJMF�JO�
BMUF[[B�F�MVNJOPTJU �̈ �DBSBUUFSJ[[BUP�EB�VO�USBOTJTUPS�QJMPUBUP�
TFQBSBUBNFOUF�QFS�PHOJ�QVOUP�EFM�RVBESP���FTUSFNBNFOUF�
MVNJOPTP �WJTVBMJ[[B�MB�WPTUSB�WFMPDJU �JTUBOUBOFB�F�GPSOJTDF�
JOGPSNB[JPOJ�DPNF�JM�MJNJUF�EJ�WFMPDJU �PQUJPOBM�P�JOEJDB�
MѳJUJOFSBSJP�EFMMB�OBWJHB[JPOF�DPO�MF�GSFDDF�EJSF[JPOBMJ��*M�HVJEBUPSF�
QV²�DPT¬�DPOPTDFSF�JNNFEJBUBNFOUF�UVUUF�MF�JOGPSNB[JPOJ�QJ¹�
JNQPSUBOUJ�TFO[B�BMMPOUBOBSF�MP�THVBSEP�EBMMB�HVJEB��
$0-10�%ѳ0$$)*0�505"-& �"/$)&�46--"�453"%"�
#.8�$0//&$5&%�%3*7&�-"�$0//&44*0/&�*/5&--*(&/5&�53"(6*%"503& �7&5563"�&�.0/%0�&45&3/0�
"DUJWF�$SVJTF�$POUSPM�DPO�GVO[JPOF�
TUPQ�HP��4V�SJDIJFTUB�PGGSF�QJ¹�DPNGPSU�F�TJDV�
SF[[B�BUUJWB�OFMMB�NBSDJB�JO�DPMPOOB��"�UBMF�TDP�
QP�NJTVSB�DPTUBOUFNFOUF�MB�EJTUBO[B�SJTQFUUP�
BJ�WFJDPMJ�DIF�QSFDFEPOP�NBOUFOFOEP�TFNQSF�
MB�EJTUBO[B�QSFTFMF[JPOBUB��4F�MB�DPSTJB�TJ�MJCFSB�
EJ�OVPWP�JM�TJTUFNB�BDDFMFSB�SBHHJVOHFOEP�MB�
WFMPDJU �EFTJEFSBUB��
1BSL�%JTUBODF�$POUSPM�DPO�UFMFDBNFSB�
QFS�SFUSPNBSDJB�F�5PQ�7JFX��NFOUSF�JM�1BSL�
%JTUBODF�$POUSPM�1%$�DPOTFOUF�EJ�QBSDIFH�
HJBSF�JO�NPEP�DPOGPSUFWPMF�F�TJDVSP�NFEJBOUF�
JOEJDB[JPOJ�MVNJOPTF�F�BDVTUJDIF �JM�EJTQPTJUJWP�
5PQ�7JFX�PGGSF�BM�HVJEBUPSF�MB�WJTVBMJ[[B[JPOF�
EFMMB�[POB�JNNFEJBUBNFOUF�DJSDPTUBOUF�MB�
WFUUVSB�EVSBOUF�MF�NBOPWSF��*O�RVFTUB�GBTF�MB�
#.8�WJFOF�QSPJFUUBUB�EBMMѳBMUP�TVM�$POUSPM�
%JTQMBZ��-B�UFMFDBNFSB�QFS�SFUSPNBSDJB�QFS�
NFUUF�JOPMUSF�EJ�PSJFOUBSTJ�NFHMJP�OFMMF�NBOP�
WSF�EJ�QBSDIFHHJP�DPO�MB�SFUSPNBSDJB�F�B�
WFMPDJU �JOGFSJPSJ�B�� �LN�I��
$PNGPSU�
� � � �]#.8�$POOFDUFE%SJWF
0HOJ�HJPSOP�DIF�QBTTB�JM�OPTUSP�NPOEP�¨�TFNQSF�QJ¹�DPMMFHBUP�JO�SFUF��1FS�DIJ�HVJEB�VOB�#.8�¨�
PSNBJ�OPSNBMF�DIF�BODIF�MѳBVUP�TJB�DPMMFHBUB�DPO�JM�QSPQSJP�BNCJFOUF�EJ�WJUB�QFS�SJDFWFSF�JOGPSNB�
[JPOJ�NFOUSF�¨�JO�WJBHHJP �DPNVOJDBSF�NFEJBOUF�JM�UFMFGPOP�P�MB�QPTUB�FMFUUSPOJDB�FE�FTTFSF�TFN�
QSF�BHHJPSOBUP�DPO�MF�JOGPSNB[JPOJ�QJ¹�JNQPSUBOUJ��#.8�$POOFDUFE%SJWF�¨�VO�JOTJFNF�EJ�TFSWJ[J�
UFMFNBUJDJ�BWBO[BUJ�CBTBUJ�TV�DFOUSBMJ�PQFSBUJWF �TJTUFNJ�JOGPSNBUJWJ�F�DFOUSJ�EJ�BTTJTUFO[B�DPMMFHBUJ�
DPO�J�EJTQPTJUJWJ�QSFTFOUJ�TVMMB�WPTUSB�#.8��4J�USBUUB�EJ�VO�DPODFUUP�EJ�NPCJMJU �JOUFMMJHFOUF�DIF�PG�
GSF�VOB�OVPWB�TJDVSF[[B�F�VO�OVPWP�kQJBDFSF�EJ�HVJEBSF{�JOTJFNF�BE�VOB�OVPWB�TFOTB[JPOF�EJ�JOEJ�
QFOEFO[B��$PO�#.8�$POOFDUFE%SJWF�WFOHPOP�PGGFSUF�RVBUUSP�GBNJHMJF�EJ�TFSWJ[J��#.8�"TTJTU �
#.8�0OMJOF �#.8�5SBDLJOH�F�#.8�5FMF4FSWJDFT�
�
Pwww.bmw-connecteddrive.it
*OUFSGBDDJB�BVEJP�64#�DPO�GVO[JPOJ�FTUFTF��
$PO�HMJ�PQUJPOBM�JOUFSGBDDJB�BVEJP�64#�F�DBWP�
64#�PSJHJOBMF�QFS�J1PE�TJ�QV²�WJTVBMJ[[BSF�TVM�
$POUSPM�%JTQMBZ�EFMMB�QSPQSJB�#.8�MB�DPWFS�
EFMMѳBMCVN�DIF�TJ�TUB�BTDPMUBOEP�QFS�BCCJOB�
NFOUJ�SBQJEJ�F�DPNPEJ�GVO[JPOF�EJTQPOJCJMF�
BODIF�QFS�BMUSJ�BQQBSFDDIJ��"UUSBWFSTP�MѳJOUFS�
GBDDJB�BVEJP�64#�TJ�QV²�BODIF�BHHJPSOBSF�JO�
NPEP�GBDJMF�VOB�QBSUF�EFM�TPGUXBSF�EFMMB�QSP�
QSJB�#.8��$PT¬�EPQP�MѳVQEBUF�TJ�QPTTPOP�VUJ�
MJ[[BSF�BODIF�OVPWJ�DFMMVMBSJ�F�NVTJD�QMBZFS�
USBNJUF�QFOOB�64#� � �
� ��-F�JOGPSNB[JPOJ�TVMMѳBHHJPSOBNFOUP�EFM�TPGUXBSF�TJ�USPWBOP�
BM�TJUP�XXX�CNX�DPN�VQEBUF
)JHI�CFBN�BTTJTUBOU���1FS�FWJUBSF�GFOPNFOJ�
EJ�BCCBHMJBNFOUP�JOEFTJEFSBUP�MѳPQUJPOBM�)JHI�
CFBN�"TTJTUBOU�SJDPOPTDF�MF�GPOUJ�EJ�MVDF�DJS�
DPTUBOUJ�BM�QSPQSJB�WFUUVSB�BDDFOEFOEP�F�
TQFHOFOEP�HMJ�BCCBHMJBOUJ�JO�CBTF�BMMB�TJUVB�
[JPOF�EFM�USBG� �DP��2VBOEP�RVFTUP�TJTUFNB�¨�
BUUJWP �VO�TFOTPSF�EJ�JNNBHJOJ�QPTJ[JPOBUP�
EJFUSP�BM�SFUSPWJTPSF�JOUFSOP�TPSWFHMJB�JM�USBG� �DP�
F�MF�DPOEJ[JPOJ�EJ�JMMVNJOB[JPOF��*O�CBTF�B�RVF�
TUF�JNNBHJOJ�EFM�TFOTPSF�Mѳ"TTJTUBOU�EFDJEF�
TF�BDDFOEFSF�P�NFOP�HMJ�BCCBHMJBOUJ��2VBOEP�
SJMFWB�MB�QSFTFO[B�EJ�WFJDPMJ�EBWBOUJ�P�SJUJFOF�
DIF�MѳJMMVNJOB[JPOF�BNCJFOUBMF�TJB�TVG� �DJFOUF�
HMJ�BCCBHMJBOUJ�WFOHPOP�TQFOUJ�EJ�OVPWP��
���1PUSFCCF�OPO�FTTFSF�EJTQPOJCJMF�JO�UVUUJ�J�QBFTJ
*OGPUBJONFOU� 4JDVSF[[B�
� �%J�TFSJF� � �0QUJPOBM
*O�RVFTUF�QBHJOF�USPWFSFUF�J�DPMPSJ�F�J�NBUFSJBMJ�QFS�MB�#.8�9���'BUFWJ�HVJEBSF�EBMMB�GBOUBTJB �TDFHMJFUF�JM�WPTUSP�DPMPSF�QSFGFSJUP�F�NFUUFUF�B�DPOGSPOUP�J�EJWFSTJ�BCCJOBNFOUJ��-F�TDIFEF�DPMPSJ�WJ�EBSBOOP�MF�
QSJNF�JNQSFTTJPOJ��1VSUSPQQP�JO�BMDVOJ�DBTJ�HMJ�JODIJPTUSJ�EJ�TUBNQB�OPO�TPOP�JO�HSBEP�EJ�SJQSPEVSSF�GFEFMNFOUF�J�UPOJ�EJ�DPMPSF�EFMMF�WFSOJDJ�F�EFHMJ�JOUFSOJ��7J�DPOTJHMJBNP�RVJOEJ�EJ�DPOTVMUBSWJ�DPO�JM�WPTUSP�
1BSUOFS�#.8 �DIF�WJ�NPTUSFS �J�DBNQJPOJ�EBM�WJWP�F�WJ�BJVUFS �B�SFBMJ[[BSF�TPMV[JPOJ�DSPNBUJDIF�QBSUJDPMBSJ��
� XXX�CNX�JU�DPOGJHVSBUPSF
� �1BTUFMMP�����"MQJOXFJTT� � �1BTUFMMP�����4DIXBS[
� �.FUBMMJ[[BUP�����5JUBOTJMCFS � �.FUBMMJ[[BUP�����4BQIJSTDIXBS[ � �.FUBMMJ[[BUP�����#MVFXBUFS� � �.FUBMMJ[[BUP�"���.JOFSBMTJMCFS
� �.FUBMMJ[[BUP�"���.POBDPCMBV� � �.FUBMMJ[[BUP�"���%FFQ�4FB�#MVF
� �#.8�*OEJWJEVBM�4� � �"[VSJUTDIXBS[�NFUBMMJ[[BUP � � �#.8�*OEJWJEVBM�4� � �"WFOUVSJOF�4JMWFS�NFUBMMJ[[BUP �
� �.FUBMMJ[[BUP�"���5BTNBO
7FSOJDJ�
� �.FUBMMJ[[BUP�"���4QBDFHSFZ
� �#.8�*OEJWJEVBM�9� � �3VCJOTDIXBS[�NFUBMMJ[[BUP �
� �#.8�*OEJWJEVBM�9� � �1FSMTJMCFS�NFUBMMJ[[BUP �
� �.FUBMMJ[[BUP�"���7FSNJMJPOSPU
#.8�*OEJWJEVBM
�� ��]$PMPSJ
� �4UPGGB�5XJMM�"7"5�"OUISB[JU�
4VJ�SJWFTUJNFOUJ�EFJ�TFEJMJ�QPUSFCCFSP�TPSHFSF �OFM�UFNQP �
BMUFSB[JPOJ�OPO�FMJNJOBCJMJ �DBVTBUF�TPQSBUUVUUP�EB�WFTUJUJ�
EBM�DPMPSF�JOTUBCJMF�
$PMPSJ�EFJ�SJWFTUJNFOUJ�
�1FMMF�/FWBEB�-648�4DIXBS[ �1FMMF�/FWBEB�-6#��#FJHF �1FMMF�/FWBEB�-6$)�$IBUFBV� �1FMMF�/FWBEB�-6%��4BUUFMCSBVO�
�1FMMF�/FWBEB �USBGPSBUB�-748�4DIXBS[� �� �1FMMF�/FWBEB �USBGPSBUB�-7#��#FJHF� ��
�$PNCJOB[JPOF�EJ�QFMMF�BMDBOUBSB�()$)�$IBUFBV �$PNCJOB[JPOF�EJ�QFMMF�BMDBOUBSB�()48�4DIXBS[
�1FMMF�/FWBEB�-6$9�0ZTUFS
�1FMMF�&YDMVTJWF�/BQQB �FTUFTB�/"#��#FJHF� ��1FMMF�&YDMVTJWF�/BQQB �FTUFTB�
/"/8�&MGFOCFJOXFJTT� �1FMMF�&YDMVTJWF�/BQQB �FTUFTB�/"48�4DIXBS[�
���%JTQPOJCJMF�TPMP�QFS�"DUJWF)ZCSJE�9�����/PO�EJTQPOJCJMF�QFS�"DUJWF)ZCSJE�9����%J�TFSJF�QFS�"DUJWF)ZCSJE�9����*O�BCCJOBNFOUP�BMMѳPQUJPOBM�WFOUJMB[JPOF�BUUJWB�EFJ�TFEJMJ�BOUFSJPSJ�USBGPSBUJ����4PMP�JO�BCCJOBNFOUP�BM�SJWFTUJNFOUP�JOUFSOP�EFM�QBEJHMJPOF�#.8�*OEJWJEVBM�"OUISB[JU�F�BMMѳPQUJPOBM�SFHPMB[JPOF�FMFUUSJDB�TFEJMJ��
3JWFTUJNFOUP�JO�QFMMF�DPNQMFUP�#.8�*OEJWJEVBM�TPMP�DPO�MѳPQUJPOBM�QBDDIFUUP�MVDJ�
#.8�*OEJWJEVBM � ��#.8�*OEJWJEVBM�-FEFS�.FSJOP�;"1� �;#1� �
$SJPMMPCSBVO ��� �1FMMF�.FSJOP�#.8�*OEJWJEVBM�;#$� �1MBUJO ��
� �1FMMF�.FSJOP�#.8�*OEJWJEVBM�;"'� �4ZSBICMBV �� � �1FMMF�.FSJOP�#.8�*OEJWJEVBM�;"1� �4DIJFGFS ��
� ��1FMMF�.FSJOP�#.8�*OEJWJEVBM�;"$.�;#$.�
$IBNQBHOFS ��
� ��$(�4BUJOTJMCFS �PQBDP� ��"%�"MMVNJOJP�B�MFWJHBUVSB�MPOHJUVEJOBMF�� �OF ��";�-FHOP�QSFHJBUP�EJ�CBNC¹�TDVSP� ��#��"MMVNJOJP�'MZXIFFM�TDIXBS[
��#/�-FHOP�QSFHJBUP�EJ�GSBTTJOP�WFOBUP�
$PMPSJ�EFHMJ�JOUFSOJ�
.PEBOBUVSF�JOUFSOF�
4DIXBS[ #FJHF
� �%J�TFSJF� �0QUJPOBM
��%J�TFSJF�QFS�9��Y%SJWF��J �Y%SJWF��E�F�"DUJWF)ZCSJE�9�����%J�TFSJF�QFS�WFSTJPOF�'VUVSB�
� ��.PEBOBUVSB�JOUFSOB�#.8�*OEJWJEVBM�
9&� �-FHOP�QSFHJBUP�SBEJDB�EJ�OPDF�"NBSPOF
� ��.PEBOBUVSB�JOUFSOB�#.8�*OEJWJEVBM�
9&� �1JBOP�#MBDL
� ��.PEBOBUVSB�JOUFSOB�#.8�*OEJWJEVBM�
9&� �-FHOP�QSFHJBUP�&VLBMZQUVT�3JFHFM�SPTTP�NBSSPOF
#.8�*OEJWJEVBM
�� ��]$PMPSJ
$PMPSJ�EFJ�SJWFTUJNFOUJ�EJ�TFSJF�#.8 $PMPSJ�EFJ�SJWFTUJNFOUJ�#.8�*OEJWJEVBM
.BUFSJBMF�SJWFTUJNFOUJ4UPGGB
5XJMM�$PNCJOB[JPOF�
EJ�QFMMF�BMDBOUBSB1FMMF�/FWBEB�
1FMMF�/FWBEB
USBGPSBUB� ��1FMMF�&YDMVTJWF�/BQQB
FTUFTB1FMMF�.FSJOP�#.8�*OEJWJEVBM
4FEJMJ�EJ�TFSJF� Ѽ � � Ѽ Ѽ � � Ѽ � � � � � Ѽ Ѽ Ѽ Ѽ Ѽ
4FEJMJ�DPNGPSU� � � � Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
4FEJMJ�TQPSUJWJ � Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ � � � � � Ѽ Ѽ Ѽ Ѽ Ѽ
$PMPSF�SJWFTUJNFOUJ
"OUISB[JU
4DIXBS[
$IBUFBV
4DIXBS[
#FJHF
4BUUFMCSBVO
$IBUFBV�
0ZTUFS
4DIXBS[�
#FJHF�
4DIXBS[�
#FJHF�
&MGFOCFJOXFJ��
1MBUJO
$IBNQBHOFS
$SJPMMPCSBVO
4ZSBICMBV
4DIJFGFS
$PMPSF�JOUFSOJ4DIXBS[
4DIXBS[
4DIXBS[
4DIXBS[
#FJHF
4DIXBS[
4DIXBS[
4DIXBS[
4DIXBS[
#FJHF
4DIXBS[
#FJHF
4DIXBS[
4DIXBS[
4DIXBS[
4DIXBS[
4DIXBS[
4DIXBS[
7FSOJDJ�EJ�TFSJF�#.8
"MQJOXFJTT�QBTUFMMP Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
4DIXBS[�QBTUFMMP Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
5JUBOTJMCFS�NFUBMMJ[[BUP Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
4BQIJSTDIXBS[�NFUBMMJ[[BUP Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
#MVFXBUFS�NFUBMMJ[[BUP� Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
.JOFSBMTJMCFS�NFUBMMJ[[BUP Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
.POBDPCMBV�NFUBMMJ[[BUP� Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
4QBDFHSBV�NFUBMMJ[[BUP Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
5JFGTFFCMBV�NFUBMMJ[[BUP Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
5BTNBO�NFUBMMJ[[BUP Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
7FSNJMJPOSPU�NFUBMMJ[[BUP Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
7FSOJDJ�#.8�*OEJWJEVBM�
3VCJOTDIXBS[�NFUBMMJ[[BUP Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
"[VSJUTDIXBS[�NFUBMMJ[[BUP Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
"WFOUVSJOTJMCFS�NFUBMMJ[[BUP Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
1FSMTJMCFS�NFUBMMJ[[BUP Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
.PEBOBUVSF�JOUFSOF�EJ�TFSJF�#.8
4BUJOTJMCFS�PQBDP Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
"MMVNJOJP�B�MFWJHBUVSB�MPOHJUVEJOBMF� �OF Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
-FHOP�QSFHJBUP�EJ�CBNC¹�TDVSP Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
"MMVNJOJP�'MZXIFFM�TDIXBS[ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
-FHOP�QSFHJBUP�EJ�GSBTTJOP�WFOBUP� Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
.PEBOBUVSF�JOUFSOF�#.8�*OEJWJEVBM
-FHOP�QSFHJBUP�SBEJDB�EJ�OPDF�"NBSPOF Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
-FHOP�QSFHJBUP�&VLBMZQUVT�3JFHFM�3PUCSBVO Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
1JBOPMBDL�4DIXBS[ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ
� � � #.8�*OEJWJEVBM� �� � 0QUJPOBM� � � %J�TFSJF� Ѽ� $PNCJOB[JPOF�EJ�DPMPSF�DPOTJHMJBUB� � � /PO�EJTQPOJCJMF���/PO�EJTQPOJCJMF�QFS�"DUJWF)ZCSJE�9������1FMMF�/FWBEB�DPNQSFOEF�J�QJBOJ�EѳBQQPHHJP�EFJ�TFEJMJ �JM�CSBDDJPMP�DPOTPMMF�DFOUSBMF�
F�QPSUF �J�QPHHJBUFTUB�TFEJMJ�BOUFSJPSJ�F�TFEJMJ�QPTUFSJPSJ�FTUFSOJ�����%JTQPOJCJMF�JO�BCCJOBNFOUP�DPO�MѳPQUJPOBM�WFOUJMB[JPOF�BUUJWB�EFJ�TFEJMJ�BOUFSJPSJ�USBGPSBUJ��
��%J�TFSJF�QFS�"DUJWF)ZCSJE�9�����%JTQPOJCJMF�TPMP�QFS�#.8�"DUJWF)ZCSJE�9�����%J�TFSJF�QFS�9��Y%SJWF��J �Y%SJWF��E�F�"DUJWF)ZCSJE�9�����%J�TFSJF�QFS�WFSTJPOF�'VUVSB��
(MJ�BCCJOBNFOUJ�EJ�DPMPSF�
*M�CBHBHMJBJP�IB�VOB�DBQBDJU �EJ�����MJUSJ��4F�
OFDFTTBSJP�JM�WPMVNF�QV²�FTTFSF�BNQMJBUP�
$PO�MP�TDIJFOBMF�QPTUFSJPSF�DPNQMFUBNFOUF�
BCCBUUVUP�TJ�IB�B�EJTQPTJ[JPOF�VO�QJBOP�EJ�
DBSJDP�DPO�VOB�DBQBDJU �EJ�������MJUSJ�
1FS�USBTQPSUBSF�DPNPEBNFOUF�DPMMJ�JOHPN�
CSBOUJ�P�WPMVNJOPTJ�MP�TDIJFOBMF�QPTUFSJPSF�
¨�EJWJTJCJMF�OFM�SBQQPSUP�EJ���������
-"�13*."�$061�$)&�/0/�7*�0##-*("�"�4$&(-*&3&�53"�41035*7*5��&�13"5*$*5��/FMMB�#.8�9��Dѳ¨�TQB[JP�JO�BCCPOEBO[B��2VJ�
OPO�TPOP�CFO�BDDFUUF�TPMP�MF�MJNJUB[JPOJ��*M�CBHB�
HMJBJP�PGGSF�VO�WPMVNF�EJ�����MJUSJ�"DUJWF)ZCSJE�9���
����MJUSJ��(SB[JF�BMMP�TDIJFOBMF�QPTUFSJPSF�EJWJTJ�
CJMF�F�BCCBUUJCJMF�OFM�SBQQPSUP���������MB�DBQBDJU �
QV²�BVNFOUBSF�GJOP�B�������MJUSJ�"DUJWF)ZCSJE�9���
������MJUSJ��$PT¬�MB�#.8�9��̈ �BQFSUB�B�PHOJ�BWWFO�
UVSB�F�QV²�DPOUFOFSF�BODIF�DPMMJ�WPMVNJOPTJ�P�
BUUSF[[J�TQPSUJWJ �BE�FTFNQJP�GJOP�B�RVBUUSP�TBDDIF�
EB�HPMG��-B�QSBUJDB�DPQFSUVSB�EFM�CBHBHMJBJP�QV²�
FTTFSF�BMMPHHJBUB�OFM�GPOEP�EFMMP�TUFTTP��4V�
SJDIJFTUB�̈ �EJTQPOJCJMF�JM�QBDDIFUUP�QPSUBPHHFUUJ �
DIF�DPOTFOUF�EJ�SJQPSSF�J�QSPQSJ�BUUSF[[J�JO�NPEP�
BODPSB�QJ¹�TJDVSP��-F�EJNFOTJPOJ�EJ�RVFTUB�
$PVQ©�TPOP�TUBUF�TUVEJBUF�OFJ�NJOJNJ�QBSUJDPMBSJ�
$IJ�TDFHMJF�VOB�#.8�TDFHMJF�BODIF�MB�TQPSUJWJU �MB�EJOBNJDJU �F�MF�UFDOPMPHJF�BVUPNPCJMJTUJDIF�
JOOPWBUJWF��2VFTUJ�WBMPSJ�OPO�BNNFUUPOP�DPNQSPNFTTJ�F�QPTTPOP�FTQSJNFSTJ�DPO�JOUFOTJU �BODPSB�
NBHHJPSF�HSB[JF�BMMB�MJOFB�EJ�QSPEPUUJ�#.8�1FSGPSNBODF��4J�USBUUB�EJ�VOB�HBNNB�EJ�DPNQPOFOUJ�
UFDOJDJ�FE�FTUFUJDJ�DIF�SJHVBSEBOP�MѳBFSPEJOBNJDB �JM�DPDLQJU�F�JM�NPUPSF�DPO�JM�TPMP�PCJFUUJWP�EJ�QSPWBSF�
QJ¹�JOUFOTBNFOUF�JM�GBTDJOP�EFMMѳFDDF[JPOBMF�EJOBNJDJU ��-B�MJOFB�EJ�QSPEPUUJ�#.8�1FSGPSNBODF�̈ �
TUBUB�TWJMVQQBUB�QFS�DIJ�TJ�FOUVTJBTNB�QFS�MF�BMUF�QSFTUB[JPOJ�F�MP�WVPMF�EJNPTUSBSF��*M�WPTUSP�1BSUOFS�
#.8�TBS �MJFUP�EJ�GPSOJSWJ�NBHHJPSJ�JOGPSNB[JPOJ�FE�IB�QSPOUP�QFS�WPJ�MP�TQFDJBMF�DBUBMPHP�DIF�JMMV�
TUSB�UVUUB�MB�HBNNB�EFHMJ�"DDFTTPSJ�#.8�1FSGPSNBODF�
*-�1*"$&3&���*-�$0.10/&/5&�%&$*4*70�#.8�1&3'03."/$&�
%JGGVTPSF�9� 1JOOB�EPSTBMF�9�$BMBOESB�B�EPQQJP�SFOF�OFSB�9�
� �%J�TFSJF� � �0QUJPOBM
� �$FSDIJ�JO�MFHB�MFHHFSB�EB�����SBHHJ�B�TUFMMB�
Op�����3VOGMBU ���+�Y��� �QOFV���������3����
&-&55"
(SB[JF�BM�TVP�FRVJQBHHJBNFOUP�DPOGPSUFWPMF�F�
UFDOPMPHJDP �MB�#.8�9��OFMMB�WFSTJPOF�&MFUUB �
QSPQPTUB�TVJ�NPEFMMJ�9��Y%SJWF��J �9��Y%SJWF��E�
F�9��Y%SJWF��E �FTQSJNF�UVUUP�JM�UJQJDP�QJBDFSF�
EJ�HVJEBSF�#.8��4POP�JOGBUUJ�EJ�TFSJF�JM�TJTUFNB�
EJ�USB[JPOF�B��RVBUUSP�SVPUF�NPUSJDJ�Y%SJWF �Mѳ"#4
JM�DPOUSPMMP�EJOBNJDP�EJ�TUBCJMJU �%4$ �Mѳ)JMM�
%FTDFOU�$POUSPM�)%$ �JM�DPNQVUFS�EJ�CPSEP �
JM�DMJNBUJ[[BUPSF�BVUPNBUJDP�CJ�[POB �JM�DBNCJP�
BVUPNBUJDP�B���SBQQPSUJ�DPO�4UFQUSPOJD�DPO�MFWF�
BM�WPMBOUF �JM�WPMBOUF�JO�QFMMF�TQPSUJWP�DPO�DPNBOEJ�
NVMUJGVO[JPOF �MB�SBEJP�1SPGFTTJPOBM�DPO�$% �J�
GBSJ�BMMP�YFOP�DPO�JNQJBOUP�MBWBGBSJ �JM�SFUSPWJTPSF�
JOUFSOP�FE�FTUFSOP�BVUPBOBCCBHMJBOUF �JM�SFHP�
MBUPSF�EJ�WFMPDJU �DPO�GVO[JPOF�GSFOP �JM�TFOTPSF�
QJPHHJB�DPO�BDDFOTJPOF�BVUPNBUJDB�EFJ�GBSJ��
/FMMѳFRVJQBHHJBNFOUP�EJ�TFSJF�TPOP�DPNQSFTF�
JOPMUSF�MF�NPEBOBUVSF�JOUFSOF�(SBQIJUBO�PQBDP�
FE�J�DFSDIJ�JO�MFHB�EB�����TUZMJOH�����
� �1BDDIFUUP�MVDJ��DPNQSFOEF�MF�MVDJ�EJ�MFUUVSB�
QPTUFSJPSJ �MF�MVDJ�WBOP�QJFEJ�QPTUFSJPSF �UBTDIF�
EFMMB�QPSUF�F�NBOJHMJF�JOUFSOF�JMMVNJOBUF�JO�
NPEP�JOEJSFUUP �MVDJ�EJ�JOEJWJEVB[JPOF�F�JMMVNJ�
OB[JPOF�EJ�DPSUFTJB�OFMMF�NBOJHMJF�FTUFSOF�EFMMF�
QPSUF��$PT¬�TJ�PUUJFOF�VOѳJMMVNJOB[JPOF�VOJGPSNF�
OFMMB�[POB�EJ�TBMJUB�F�EJTDFTB�SFOEFOEP�RVFTUF�
PQFSB[JPOJ�NBHHJPSNFOUF�TJDVSF�
� �7PMBOUF�TQPSUJWP�JO�QFMMF �B�USF�SB[[F�DPO�
NVMUJGVO[JPOF�F�QBEEMF�QFS�DBNCJP�NBSDJB�
� �"DUJWF�$SVJTF�$POUSPM�DPO�GVO[JPOF�
TUPQ�HP��SFHPMB[JPOF�DPNCJOBUB�EFMMB�WFMPDJU �
F�EFMMB�EJTUBO[B�EJ�TJDVSF[[B�GJOP�BMMѳBSSFTUP�EFMMB�
WFUUVSB �DPO�SJQSFTB�EFMMB�NBSDJB�OFMMF��UJQJDIF�
TJUVB[JPOJ�EJ�TUPQ�HP�
� �3FHPMBUPSF�EJ�WFMPDJU �DPO�GVO[JPOF�GSFOP��
DPOTFOUF�EJ�WJBHHJBSF�DPOGPSUFWPMNFOUF�BE�
VOB�WFMPDJU �QSFTFMF[JPOBUB�B�QBSUJSF�EB�DJSDB�
� � �LN�I�
� �*NQJBOUP�MBWBGBSJ��DPOTFOUF�VOB�EJGGVTJPOF�
PUUJNBMF�EFMMB�MVDF�DPO�RVBMTJBTJ�UFNQP��2VBOEP�
MF�MVDJ�TPOP�BDDFTF �PMUSF�BM�QBSBCSF[[B�WFOHPOP�
QVMJUJ�BVUPNBUJDBNFOUF�BODIF�J�GBSJ�
� �'BSJ�BMMP�YFOP�BOBCCBHMJBOUJ�FE�BCCBHMJBOUJ�DPO�SFHPMB[JPOF�BVUPNBUJDB�EFMMB�QSPGPOEJU �
F�JNQJBOUP�MBWBGBSJ��NJHMJPSBOP�OFUUBNFOUF�MѳJMMVNJOB[JPOF�EFMMB�DBSSFHHJBUB�EJ�OPUUF �JO�DBTP�EJ�
NBMUFNQP�P�DBUUJWB�WJTJCJMJU ��*�RVBUUSP�BOFMMJ�MVNJOPTJ�PGGSPOP�MB�GVO[JPOF�EJ�MVDJ�EJVSOF�F�QPTTPOP�
FTTFSF�VUJMJ[[BUJ�DPNF�MVDJ�EJ�QBSDIFHHJP��
�� ��]7FSTJPOJ
� �4JTUFNB�EJ�OBWJHB[JPOF�#.8�1SPGFTTJPOBM��
DPO�TDIFSNP�B�DPMPSJ�EB�� ��QPMMJDJ��-F�JOEJDB�
[JPOJ�QFS�MB�HVJEB�TPOP�GPSOJUF�USBNJUF�BOOVODJ�
WPDBMJ�F�GSFDDF�EJSF[JPOBMJ�P�NBQQB�DBSUPHSB�
� �DB��$PO�MB�GVO[JPOF�TQMJUTDSFFO�̈ �QPTTJCJMF�
TVEEJWJEFSF�JM�RVBESP�EFMMP�TDIFSNP�QFS�WJTVB�
MJ[[BSF�DPOUFNQPSBOFBNFOUF�BE�FTFNQJP�MB�
SBEJP�F�MB�OBWJHB[JPOF��%J�TFSJF�TV�"UUJWB �'VUVSB�
F�9��Y%SJWF��J�
� �4IBEPX�-JOF�#.8�*OEJWJEVBM�MVDJEB��
DPNQSFOEF�MF�DPQFSUVSF�EFJ�WBOJ�GJOFTUSJOJ�F�MF�
NPEBOBUVSF�TVMMF�DPSOJDJ�EFJ�GJOFTUSJOJ�JO�OFSP�
MVDJEP��%J�TFSJF�TV�"UUJWB�
� �"OUJGVSUP�DPO�BMMBSNF�BDVTUJDP�F�UFMFDP�
NBOEP�B�POEF�SBEJP��SJMFWBOEP�UFOUBUJWJ�EJ�
�FGGSB[JPOF�F�NBOPNJTTJPOF�EFMMB�WFUUVSB �MѳJN�
QJBOUP�FNFUUF�TFHOBMJ�BDVTUJDJ�F�DPOUFNQPSB�
OFBNFOUF�BDDFOEF�JM�MBNQFHHJP�EѳFNFSHFO[B�
� �4FEJMJ�BOUFSJPSJ�TQPSUJWJ��J�GJBODIFUUJ�NPMUP�
QSPOVODJBUJ�PGGSPOP�VO�TPTUFHOP�MBUFSBMF�PUUJ�
NBMF�JO�PHOJ�TJUVB[JPOF�EJ�HVJEB��3FHPMB[JPOF�
FMFUUSJDB�EFJ�TFEJMJ�JO�BMUF[[B�FE�JO�JODMJOB[JPOF�
OPODI©�EFMMѳJODMJOB[JPOF�EFMMP�TDIJFOBMF��SFHP�
MB[JPOF�NBOVBMF�EFMMѳBQQPHHJP�HBNCF��*M�TFEJMF�
EFM�HVJEBUPSF �J�SFUSPWJTPSJ �JM�QJBOUPOF�EFMMP�
TUFS[P�F�MѳBMUF[[B�EFJ�QPHHJBUFTUB�PGGSPOP�VOB�
GVO[JPOF�.FNPSZ�EJTQPOJCJMF�TPMP�JO�BCCJOB�
NFOUP�BHMJ�JOUFSOJ�JO�QFMMF�
"55*7"
-B�WFSTJPOF�"UUJWB �EJTQPOJCJMF�TVJ�NPEFMMJ�
9��Y%SJWF��J �9��Y%SJWF��E�F�9��Y%SJWF��E �¨�
JO�HSBEP�EJ�TPEEJTGBSF�MF�FTJHFO[F�EFJ�DMJFOUJ�QJ¹�
TQPSUJWJ��"HHJVOHF�JOGBUUJ�BHMJ�FRVJQBHHJBNFOUJ�
QSFTFOUJ�TVMMB�WFSTJPOF�&MFUUB��JM�TJTUFNB�EJ�
OBWJHB[JPOF�#.8�1SPGFTTJPOBM �HMJ�JOUFSOJ�JO�
QFMMF�/FWBEB�FE�JM�QBDDIFUUP�TQPSUJWP�DIF�
DPNQSFOEF��BTTFUUP�TQPSUJWP �SFHPMB[JPOF�FMFUUSJDB�
EFJ�TFEJMJ�BOUFSJPSJ �TFEJMJ�TQPSUJWJ �4IBEPX�MJOF�
MVDJEB �SJWFTUJNFOUP�EFM�QBEJHMJPOF�JOUFSOP�
"OUSBDJUF�F�DFSDIJ�JO�MFHB�EB�����TUZMJOH�����
DPO�QOFVNBUJDJ�NJTUJ�
'6563"
-B�WFSTJPOF�'VUVSB �PGGFSUB�TVJ�NPEFMMJ�
9��Y%SJWF��J �9��Y%SJWF��E�F�9��Y%SJWF��E �
SBQQSFTFOUB�VO�QFSGFUUP�DPOOVCJP�USB�
DPNGPSU �UFDOPMPHJB�F�TQPSUJWJU ��*O�BHHJVOUB�
BHMJ�FRVJ�QBH�HJBNFOUJ�EFMMB�WFSTJPOF�&MFUUB �
QSFTFOUB�USB�HMJ�BMUSJ��TJTUFNB�EJ�OBWJHB[JPOF�
#.8�1SPGFTTJPOBM �BOUJGVSUP�DPO�UFMFDPNBOEP �
SFHPMB[JPOF�FMFUUSJDB�EFJ�TFEJMJ�BOUFSJPSJ �TBDDB�
QPSUBTDJ �1BSL�%JTUBODF�$POUSPM �"EBQUJWF�-JHIU�
$POUSPM �DBSJDBUPSF�$%�B�TFJ�BMMPHHJBNFOUJ �
NPEBOBUVSF�JO�MFHOP�QSFHJBUP �JOUFSOJ�JO�QFMMF�
/FWBEB�F�QBDDIFUUP�QPSUBPHHFUUJ�
� �$FSDIJ�JO�MFHB�MFHHFSB�EB�����SBHHJ�B�TUFMMB�
Op�����3VOGMBU �DPO�QOFVNBUJDJ�NJTUJ��BOU����+�
Y��� �QOFV���������3����QPTU�����+�Y��� �QOFV��
�������3����
� �4BDDB�QPSUBTDJ��DPOTFOUF�EJ�USBTQPSUBSF�JO�
NPEP�QVMJUP�F�TJDVSP�GJOP�B�RVBUUSP�QBJB�EJ�TDJ�
BODIF�RVBOEP�OFMMB�WFUUVSB�WJBHHJBOP�RVBUUSP�
QFSTPOF��RVBOEP�OPO�WJFOF�VUJMJ[[BUB�TJ�QV²�SJ�
QPSSF�JO�QPTJ[JPOF�JOWJTJCJMF�F�QPDP�JOHPNCSBOUF�
EJFUSP�JM�CSBDDJPMP�DFOUSBMF�QPTUFSJPSF�
�%J�TFSJF� �0QUJPOBM
�*NQJBOUP�MBWBGBSJ��DPOTFOUF�VOB�EJGGVTJPOF�
PUUJNBMF�EFMMB�MVDF�DPO�RVBMTJBTJ�UFNQP��2VBOEP�
MF�MVDJ�TPOP�BDDFTF �PMUSF�BM�QBSBCSF[[B�WFOHPOP�
QVMJUJ�BVUPNBUJDBNFOUF�BODIF�J�GBSJ�
�'BSJ�BMMP�YFOP�BOBCCBHMJBOUJ�FE�BCCBHMJBOUJ�
DPO�SFHPMB[JPOF�BVUPNBUJDB�EFMMB�QSPGPOEJU �
F�JNQJBOUP�MBWBGBSJ��NJHMJPSBOP�OFUUBNFOUF�MѳJM�
MVNJOB[JPOF�EFMMB�DBSSFHHJBUB�EJ�OPUUF �JO�DBTP�
EJ�NBMUFNQP�P�DBUUJWB�WJTJCJMJU ��*�RVBUUSP�BOFMMJ�
MVNJOPTJ�PGGSPOP�MB�GVO[JPOF�EJ�MVDJ�EJVSOF�F�QPT�
TPOP�FTTFSF�VUJMJ[[BUJ�DPNF�MVDJ�EJ�QBSDIFHHJP��
�"EBQUJWF�-JHIU�$POUSPM�DPO�DPSOFSJOH�
MJHIUT�F�EJTUSJCV[JPOF�WBSJBCJMF�EFMMB�MVDF��NF�
EJBOUF�VO�QJMPUBHHJP�FMFUUSPNFDDBOJDP�J�QSPJFU�
UPSJ�PSJFOUBCJMJ�JMMVNJOBOP�MF�DVSWF�BQQFOB�JM�
HVJEBUPSF�MF�JNCPDDB��4J�BUUJWB�BODIF�MѳBEBUUB�
NFOUP�WFSUJDBMF�EFM�DPOP�EJ�MVDF �BE�FT��TVJ�
EPTTJ�P�OFHMJ�BWWBMMBNFOUJ��-F�DPSOFSJOH�MJHIUT�
JOUFHSBUF�OFJ�GBSJ�GFOEJOFCCJB�TJ�BUUJWBOP�BVUP�
NBUJDBNFOUF�HJ �B�WFUUVSB�GFSNB �RVBOEP�TJ�
B[JPOBOP�HMJ�JOEJDBUPSJ�EJ�EJSF[JPOF�P�TJ�HJSB�JM�
WPMBOUF�EJ�BMNFOP���p�
�)JHI�#FBN�"TTJTUBOU��DPBEJVWB�JM�HVJEBUPSF�
OFJ�WJBHHJ�OPUUVSOJ�BDDFOEFOEP�F�TQFHOFOEP�
BVUPNBUJDBNFOUF�J�GBSJ�BCCBHMJBOUJ�
�'BSJ�GFOEJOFCCJB�DPO�SJGMFUUPSF�B�GPSNB�
MJCFSB�JODPSQPSBUJ�OFMMB�HSFNCJBMBUVSB�BOUFSJPSF��
SFOEPOP�QJ¹�TJDVSB�MB�HVJEB�JO�DPOEJ[JPOJ�EJ�
DBUUJWB�WJTJCJMJU �
�1BDDIFUUP�MVDJ��DPNQSFOEF�MF�MVDJ�EJ�MFUUVSB�
QPTUFSJPSJ �MF�MVDJ�WBOP�QJFEJ�QPTUFSJPSF �UBTDIF�
EFMMF�QPSUF�JMMVNJOBUF�JO�NPEP�JOEJSFUUP �MVDJ�EJ�
JOEJWJEVB[JPOF�F�JMMVNJOB[JPOF�EJ�DPSUFTJB�OFMMF�
NBOJHMJF�FTUFSOF�EFMMF�QPSUF��$PT¬ �BMMP�TCMPD�
DBHHJP�EFMMF�QPSUF �TJ�PUUJFOF�VOѳJMMVNJOB[JPOF�
VOJGPSNF�OFMMB�[POB�EJ�TBMJUB�F�EJTDFTB�SFOEFOEP�
RVFTUF�PQFSB[JPOJ�NBHHJPSNFOUF�TJDVSF�
�-VDJ�TUPQ�EJOBNJDIF��BJVUBOP�J�HVJEBUPSJ�EFJ�
WFJDPMJ�DIF�TFHVPOP�B�WBMVUBSF�NFHMJP�JM�WPTUSP�
DPNQPSUBNFOUP��/FMMF�GSFOBUF�OPSNBMJ�MF�MVDJ�EJ�
TUPQ�TJ�JMMVNJOBOP�DPO�VOѳBNQJB�TVQFSGJDJF�F�
TPMP�OFM�DBTP�EJ�VOB�GSFOBUB�EJ�FNFSHFO[B�JOJ�
[JBOP�B�MBNQFHHJBSF��$PT¬�DIJ�WJBHHJB�EJFUSP�BMMB�
WPTUSB�#.8�QV²�EJTUJOHVFSF�TVCJUP�VOB�GSFOBUB�
MFHHFSB�EB�VOB�GSFOBUB�B�GPOEP �BVNFOUBOEP�
DPT¬�MB�TJDVSF[[B�EJ�HVJEB�
�� ��]%PUB[JPOF�EJ�TFSJF�]�0QUJPOBM��
� �#BSSF�QPSUBUVUUP�OFSP�PQBDP��QFS�BDDFO�
UVBSF�JM�DBSBUUFSF�EFMMB�#.8�9��MF�CBSSF�QPSUB�
UVUUP�TPOP�EJTQPOJCJMJ�BODIF�OFM�DPMPSF�OFSP��
� �3FUSPWJTPSJ�FTUFSOJ�PSJFOUBCJMJ�F�SJTDBM�
EBCJMJ�FMFUUSJDBNFOUF �WFSOJDJBUJ�OFMMP�TUFTTP�
DPMPSF�EFMMB�DBSSP[[FSJB�TVQQPSUP�OFSP �BTGFSJDJ�
� �3FUSPWJTPSJ�FTUFSOJ�BVUPBOBCCBHMJBOUJ �
�SJQJFHBCJMJ�FMFUUSJDBNFOUF�F�DPO�EJTQPTJUJWP�
BVUPNBUJDP�kCPSEP�NBSDJBQJFEF{�EJ�TFSJF�QFS�
"DUJWF)ZCSJE�9��
� �1FEBOF�TPUUPQPSUB�JO�BMMVNJOJP�MBSHIF�
����NN�DPO�JOTFSUJ�JO�HPNNB��DPOGFSJTDPOP�
VO�UPDDP�QJ¹�TQPSUJWP�BMMB�#.8�9���
� �4IBEPX�-JOF�#.8�*OEJWJEVBM�MVDJEB��
DPNQSFOEF�MF�DPQFSUVSF�EFJ�WBOJ�GJOFTUSJOJ�F�
MF�NPEBOBUVSF�TVMMF�DPSOJDJ�EFJ�GJOFTUSJOJ�JO�
OFSP�MVDJEP��%J�TFSJF�TV�"UUJWB�
� �4PGU�$MPTF�"VUPNBUJD�DIJVEF�FMFUUSJDB�
NFOUF�DPO�EPMDF[[B�UVUUF�F�RVBUUSP�MF�QPSUJFSF�
OFHMJ�VMUJNJ�TFJ�NJMMJNFUSJ�
� �4FOTPSF�QJPHHJB�DPO�BDDFOTJPOF�BVUP�
NBUJDB�EFHMJ�BOBCCBHMJBOUJ��RVBOEP�̈ �BUUJWBUP �
B�TFDPOEB�EFMMѳJOUFOTJU �EFMMB�QJPHHJB�JM�TFOTPSF�
JOTFSJTDF�BVUPNBUJDBNFOUF�J�UFSHJDSJTUBMMJ�F�OF�
SFHPMB�PQQPSUVOBNFOUF�MB�DBEFO[B��"E�FTFNQJP�
BM�DSFQVTDPMP�P�BMMѳFOUSBUB�EJ�VOB�HBMMFSJB�JM�EJ�
TQPTJUJWP�EJ�BDDFOTJPOF�BVUPNBUJDB�EFJ�QSPJFUUPSJ�
BOBCCBHMJBOUJ�BDDFOEF�MF�MVDJ�TFO[B�MѳJOUFSWFOUP�
EFM�HVJEBUPSF�
� �#BSSF�QPSUBUVUUP�TJMWFS�PQBDP��DPTUJUVJ�
TDPOP�VO�TJTUFNB�EJ�TVQQPSUP�BSNPOJ[[BUP�DPO�
JM�EFTJHO�EFMMB�WFUUVSB�F�VUJMJ[[BCJMF�DPNF�CBTF�
QFS�JM�TJTUFNB�EJ�USBTQPSUP�NVMUJGVO[JPOBMF�QFS�
UFUUP�#.8 �DIF�QV²�BDDPHMJFSF�JO�NPEP�QSBUJDP�
F�TJDVSP�CBHBHMJ �CJDJDMFUUF �UBWPMF�EB�TVSG�FDD�
� �7FUSJ�BOUJTPMBSJ�QFS�J�DSJTUBMMJ�MBUFSBMJ�QPTUF�
SJPSJ�B�QBSUJSF�EBM�NPOUBOUF�DFOUSBMF�FE�JM�
�MVOPUUP��J�WFUSJ�CSVOJUJ�SJEVDPOP�MѳJSSBHHJBNFOUP�
F�SFOEPOP�QJ¹�HSBEFWPMF�JM�DMJNB�JOUFSOP�OFMMF�
HJPSOBUF�DBMEF��
� ��(BODJP�EJ�USBJOP�DPO�UFTUJOB�TGFSJDB�BNPWJ�
CJMF �MB�NBTTB�SJNPSDIJBUB�QV²�FTTFSF�BM�NBT�
TJNP�� �� � � �LH�
� �%J�TFSJF� � �0QUJPOBM
� �5FSNJOBMJ�EJ�TDBSJDP��J�NPEFMMJ�9��Y%SJWF��J �
9��Y%SJWF��E�FE�9��Y%SJWF��E�TPOP�EPUBUJ�EJ�
EVF�UFSNJOBMJ�TJOHPMJ��-ѳJNQJBOUP�EJ�TDBSJDP�̈ �
SFBMJ[[BUP�JO�QSFHJBUP�BDDJBJP�JOPY��*�UFSNJOBMJ�
JO�WJTUB�TPOP�BWWPMUJ�JO�DPSOJDJ�DPO�MPPL�DSPNBUP�
� �5FSNJOBMJ�EJ�TDBSJDP��MѳJNQJBOUP�DPO�EVF�
UFSNJOBMJ�B�TF[JPOF�SFUUBOHPMBSF�̈ �SFBMJ[[BUP�QFS�
J�NPEFMMJ�9��Y%SJWF��J�F�"DUJWF)ZCSJE�9��JO�
QSFHJBUP�BDDJBJP�JOPY��J�UFSNJOBMJ�TPOP�BWWPMUJ�JO�
DPSOJDJ�DPO�MPPL�DSPNBUP��EJTQPOJCJMF�TPMP�QFS�
9��Y%SJWF��J�
� �$BMBOESB�DPO�MJTUFMMJ�WFSUJDBMJ�WFSOJDJBUJ�JO�
DPMPS�UJUBOJP�F�DPSOJDJ�DSPNBUF�EJ�TFSJF�QFS�
9��Y%SJWF��J �9��Y%SJWF��E�F�"DUJWF)ZCSJE�9��
WJTJCJMF�OFMMB�GPUP�JO�BCCJOBNFOUP�BM�QBDDIFUUP�
TQPSUJWP �DPO�HSJHMJB�TPUUP�MB�DBMBOESB�EJ�DPMPSF�
HSJHJP�
�� ��]%PUB[JPOF�EJ�TFSJF�]�0QUJPOBM��
� �$FSDIJ�JO�MFHB�MFHHFSB�EB�����SBHHJ�B�7�
Op�����3VOGMBU ���+�Y��� �QOFV���������3����
EJ�TFSJF�QFS�9��Y%SJWF��J�EJTQPOJCJMF�BODIF�
DPNF�TFU�DPNQMFUP�EJ�SVPUF�JOWFSOBMJ�OFHMJ�
�"DDFTTPSJ�0SJHJOBMJ�#.8�
� �$FSDIJ�JO�MFHB�MFHHFSB�EB�����SBHHJ�B�
TUFMMB�Op�����3VOGMBU ���+�Y��� �QOFV���������
3����EJ�TFSJF�QFS�9��Y%SJWF��J �9��Y%SJWF��E�
F�9��Y%SJWF��E�
� �$FSDIJ�JO�MFHB�MFHHFSB�EB�����SBHHJ�B�
TUFMMB�Op�����3VOGMBU �DPO�QOFVNBUJDJ�NJTUJ��
BOU����+�Y��� �QOFV���������3����QPTU�����+�Y�
�� �QOFV���������3����EJTQPOJCJMJ�JO�BCCJOB�
NFOUP�BM�QBDDIFUUP�TQPSUJWP�
� �$FSDIJ�JO�MFHB�MFHHFSB�EB�����SBHHJ�B�
TUFMMB�Op�����3VOGMBU �DPO�QOFVNBUJDJ�NJTUJ��
BOU�����+�Y��� �QOFV���������3��� �QPTU�����+�Y�
�� �QOFV���������3����
� �$FSDIJ�JO�MFHB�MFHHFSB�EB�����SBHHJ�B�:�
Op�����3VOGMBU �DPO�QOFVNBUJDJ�NJTUJ��BOU��
���+�Y��� �QOFV���������3��� �QPTU�����+�Y��� �
QOFV���������3����
� �"FSPDFSDIJ�#.8�JO�MFHB�MFHHFSB�EB�����
4USFBNMJOF�����3VOGMBU�DPO�QOFVNBUJDJ�NJTUJ��
BOU�����+�Y��� �QOFVNBUJDJ��������3��� �QPTU��
���+�Y��� �QOFVNBUJDJ��������3����EJ�TFSJF�QFS�
"DUJWF)ZCSJE�9��
� �7PMBOUF�TQPSUJWP�JO�QFMMF �B�USF�SB[[F�DPO�NVMUJGVO[JPOF�F�QBEEMF�QFS�DBNCJP�NBSDJB�
� �"WWJTBUPSF�EJ�DBNCJP�BDDJEFOUBMF�EFMMB�DPSTJB�EJ�NBSDJB��NFEJBOUF�VOB�UFMFDBNFSB�SJDPOP�
TDF�RVBOEP�MB�WFUUVSB�TJ�BWWJDJOB�BDDJEFOUBMNFOUF�BMMF�EFMJNJUB[JPOJ�EFMMB�DPSTJB�F�JM�HVJEBUPSF�WJFOF�
BWWJTBUP�UFNQFTUJWBNFOUF�EB�VOB�MFHHFSB�WJCSB[JPOF�OFM�WPMBOUF�
� �5BTUP�TUBSU�TUPQ��QFS�MѳBWWJBNFOUP�EFM�NP�
UPSF��4J�JOUSPEVDF�MB�DIJBWF �QPJ�TJ�QV²�BWWJBSF�P�
BSSFTUBSF�JM�NPUPSF�QSFNFOEP�JM�UBTUP�
� �7PMBOUF�DPO�DPSPOB�SJTDBMEBCJMF��QSF�
NFOEP�VO�UBTUP�MB�DPSPOB�TJ�SJTDBMEB�JO�CSFWF�
UFNQP�SFOEFOEP�MB�QSFTB�HSBEFWPMF�QBSUJDP�
MBSNFOUF�JO�JOWFSOP�
� �7PJDF�$POUSPM��DPOTFOUF�EJ�HFTUJSF�EVSBOUF�
MB�NBSDJB�BE�FTFNQJP�MF�TUB[JPOJ�SBEJP �MF�EFTUJ�
OB[JPOJ�EFMMB�OBWJHB[JPOF�P�MF�WPDJ�NFNPSJ[[BUF�
OFMMB�SVCSJDB�UFMFGPOJDB �DIF�BQQBJPOP�DPOUFN�
QPSBOFBNFOUF�OFM�$POUSPM�%JTQMBZ�RVFTUB�GVO�
[JPOF�̈ �DPOUFOVUB�OFMMB�HBNNB�EFM�TJTUFNB�EJ�
OBWJHB[JPOF�#.8�1SPGFTTJPOBM�
� �%J�TFSJF� � �0QUJPOBM
��/PO�EJTQPOJCJMF�QFS�"DUJWF)ZCSJE�9���*O�RVFTUP�NPEFMMP�VO�NPUPSF�FMFUUSJDP�TWPMHF�MB�GVO[JPOF�EFMMѳBWWJBNFOUP�QBSUJDPMBSNFOUF�TJMFO[JPTP�EFM�NPUPSF�)ZCSJE�4UBSU�4UPQ���/PO�EJTQPOJCJMF�QFS�"DUJWF)ZCSJE�9���
� �*OEJDBUPSF�EJ�GVO[JPOBNFOUP�%ZOBNJD�
1FSGPSNBODF�$POUSPM���WJTVBMJ[[B�SJTQFUUJWB�
NFOUF�MB�EJTUSJCV[JPOF�EFMMB�DPQQJB�NPUSJDF�
EFMMѳY%SJWF�USB�BTTF�BOUFSJPSF�F�QPTUFSJPSF �OPO�
DI©�MB�EJTUSJCV[JPOF�WBSJBCJMF�EFMMB�QPUFO[B�EFM�
%ZOBNJD�1FSGPSNBODF�$POUSPM�USB�MF�SVPUF�QPTUF�
SJPSJ�
�� ��]%PUB[JPOF�EJ�TFSJF�]�0QUJPOBM��
� �$POUSPMMFS��DPO�RVFTUB�NBOPQPMB�QVM�
TBOUF�TJ�QPTTPOP�BUUJWBSF�EJWFSTF�GVO[JPOJ�
EBM�$POUSPM�%JTQMBZ��2VBUUSP�EJWFSTJ�NFOV�
TPOP�SJDIJBNBCJMJ�BODIF�DPO�J�UBTUJ�EJ�TDFMUB�
SBQJEB��$% �3BEJP �/BWJHB[JPOF�F�5FMFGPOP��
*�DPNBOEJ�TPOP�GBDJMJUBUJ�EB�BMUSJ�USF�UBTUJ��
.FOV �0QUJPO�F�#BDL�
� �5BTUJ�NFNPSJB�QFS�GVO[JPOJ�QSFGFSJUF���TJ�
USBUUB�EJ�PUUP�UBTUJ�EJ�TDFMUB�SBQJEB�DIF�DPOTFO�
UPOP�BM�HVJEBUPSF�F�BM�QBTTFHHFSP�EJ�NFNPSJ[�
[BSF�F�SJDIJBNBSF�WFMPDFNFOUF�MF�QJODJQBMJ�
GVO[JPOBMJU �VTBUF �SJHVBSEBOUJ�BE�FTFNQJP�JM�
TJTUFNB�EJ�OBWJHB[JPOF �MѳJNQJBOUP�BVEJP�BE�
FTFNQJP�EFUFSNJOBUJ�QSPHSBNNJ�SBEJP�P�CSBOJ�
EFM�$%�P�JM�UFMFGPOP��
� �$POUSPM�%JTQMBZ�DPO�TDIFSNP�B�DPMPSJ�5'5�
EB�� ����$POTFOUF�EJ�WJTVBMJ[[BSF�MF�GVO[JPOJ�
HFTUJUF�USBNJUF�JM�$POUSPMMFS �BE�FTFNQJP�JM�
DPNQVUFS�EJ�CPSEP�P�MB�SBEJP��*O�BCCJOBNFOUP�
BM�/BWJHBUPSF�#.8�1SPGFTTJPOBM�P�BMMB�GVO�
[JPOF�57�MP�TDIFSNP�¨�EB�� ���
� �'VO[JPOF�57��DPOTFOUF�EJ�VUJMJ[[BSF�DPNF�
UFMFWJTPSF�JM�$POUSPM�%JTQMBZ�TPMUBOUP�B�WFUUVSB�
GFSNB�
� �4JEF�7JFX��PGGSF�BM�HVJEBUPSF�MB�WJTVBMJ[[B[JPOF�
EFMMB�[POB�JNNFEJBUBNFOUF�DJSDPTUBOUF�EVSBOUF�
MF�NBOPWSF��"�UBMF�TDPQP�OFM�QBSBVSUJ�BOUFSJPSF�
TPOP�JOUFHSBUF�EVF�WJEFPDBNFSF��-B�WJTVBMJ[[B�
[JPOF�BWWJFOF�OFM�$POUSPM�%JTQMBZ�OPO�EJTQPOJ�
CJMF�QFS�"DUJWF)ZCSJE�9��
� �1BSL�%JTUBODF�$POUSPM�1%$�BOUFSJPSF�F�
QPTUFSJPSF�1%$�QPTUFSJPSF�EJ�TFSJF��GBDJMJUB�MF�
NBOPWSF�BJ�QBSDIFHHJ�F�OFHMJ�TQB[J�NPMUP�SJTUSFUUJ��
MB�EJTUBO[B�USB�MB�WFUUVSB�FE�VO�PTUBDPMP�WJFOF�
TFHOBMBUB�BM�HVJEBUPSF�TJB�BDVTUJDBNFOUF�DIF�
WJTJWBNFOUF�TVM�$POUSPM�%JTQMBZ��%J�TFSJF�TV�
"UUJWB �'VUVSB �9��Y%SJWF��J�F�"DUJWF)ZCSJE�9��
� �3JTDBMEBNFOUP�B�WFUUVSB�GFSNB�DPO�UF�
MFDPNBOEP��JEFBMF�QFS�MѳJOWFSOP�F�MF�HJPSOBUF�
GSFEEF��2VBOEP�TBMJUF�JO�WFUUVSB�J�DSJTUBMMJ�TPOP�
HJ �TCSJOBUJ�F�MѳJOUFSOP�EFMMѳBCJUBDPMP�̈ �HSBEF�
WPMNFOUF�QSFSJTDBMEBUP�OPO�EJTQPOJCJMF�QFS�
"DUJWF)ZCSJE�9��
� �4JTUFNB�EJ�OBWJHB[JPOF�#.8�1SPGFTTJPOBM�
DPO�EJTQMBZ�B�DPMPSJ�BE�BMUB�SJTPMV[JPOF�EB�� �� �
NFNPSJB�TV�EJTDP�� �TTP�BODIF�QFS�� �MF�NVTJDBMJ �
DIF�TJ�QPTTPOP�USBTNFUUFSF�BM�EJTDP�� �TTP�EB�
$% �MFUUPSF�.1��P�QFOOB�64#��MF�JOEJDB[JPOJ�
QFS�MB�HVJEB�TPOP�GPSOJUF�USBNJUF�BOOVODJ�WPDBMJ�
P�NBQQB�DBSUPHSB� �DB�USJEJNFOTJPOBMF �GVO�
[JPOF�TQMJUTDSFFO��%J�TFSJF�TV�"UUJWB �'VUVSB �
9��Y%SJWF��J�F�"DUJWF)ZCSJE�9��
� �5FMFDBNFSB�QFS�SFUSPNBSDJB�DPO�5PQ�7JFX� �
WJTVBMJ[[B�DIJBSBNFOUF�TVM�$POUSPM�%JTQMBZ�MB�
[POB�QPTUFSJPSF�F�MBUFSBMF�EFM�WFJDPMP��-JOFF�
USBDDJB�JOUFSBUUJWF�JOEJDBOP �BE�FTFNQJP �TF�JM�
QPTUFHHJP�JOEJWJEVBUP�̈ �BCCBTUBO[B�BNQJP�QFS�
BDDPHMJFSF�JM�WFJDPMP��7JFOF�BODIF�JOHSBOEJUB�
MѳBSFB�EFMMѳJNNBHJOF�EFM�HBODJP�EJ�USBJOP��-B�
UFMFDBNFSB�TJ�BUUJWB�BVUPNBUJDBNFOUF�JOOFTUBOEP�
MB�SFUSPNBSDJB�EJ�TFSJF�QFS�"DUJWF)ZCSJE�9��
� �%J�TFSJF� �0QUJPOBM
� �$BNCJP�BVUPNBUJDP�4UFQUSPOJD�B���SBQ�
QPSUJ��MѳJOOFTUP�FMFUUSJDP�EFJ�SBQQPSUJ�DPOTFOUF�
EJ�DBNCJBSF�JO�NPEP�NPMUP�SBQJEP�F�DPOGPSUF�
WPMF �PUUFOFOEP�JM�NBTTJNP�EFMMB�EJOBNJDJU �EJ�
HVJEB�
� �$BNCJP�BUUJWP�5XP�.PEF��DPO�RVFTUP�
DBNCJP�BVUPNBUJDP�B���SBQQPSUJ�TJ�PUUJFOF�MB�
NBTTJNB�EJOBNJDB�EJ�HVJEB�FE�FG� �DJFO[B�OFMMB�
"DUJWF)ZCSJE�9���
� �7BOP�QPSUBPHHFUUJ��TWBSJBUF�QPTTJCJMJU �EJ�BQ�
QPHHJP�OFMMB�DPOTPMMF�DFOUSBMF�QPTUFSJPSF �OFMMF�
QPSUJFSF�BOUFSJPSJ�F�QPTUFSJPSJ�FE�JO�VO�WBOP�QPSUB�
PHHFUUJ�OFMMB�QBSUF�QPTUFSJPSF�EFTUSB�
� �"UUBDDP�"69�*/�QFS�GPOUF�BVEJP�FTUFSOB �
BE�FTFNQJP�VO�MFUUPSF�.1��
� �1PSUBCFWBOEF �EVF�BOUFSJPSJ�F�EVF�QPTUFSJPSJ �
JODPSQPSBUJ�OFMMB�DPOTPMMF�DFOUSBMF�BOUFSJPSF�
� �#SBDDJPMP�BOUFSJPSF�TVMMB�DPOTPMMF�DFOUSBMF �
SJCBMUBCJMF�TFQBSBUBNFOUF�QFS�HVJEBUPSF�F�QBT�
TFHHFSP �DPO�WBOP�QPSUBPHHFUUJ�
� �$SVJTF�$POUSPM�DPO�GVO[JPOF�GSFOP�
�"DUJWF)ZCSJE�TFO[B�GVO[JPOF�GSFOP��DPOTFOUF�
EJ�WJBHHJBSF�DPOGPSUFWPMNFOUF�BE�VOB�WFMPDJU �
QSFTFMF[JPOBUB��
�3FHPMB[JPOF�BUUJWB�EFMMB�WFMPDJU �DPO�
GVO[JPOF�TUPQ�HP��TJTUFNB�EJ�BTTJTUFO[B�EFM�
HVJEBUPSF�QFS�BVNFOUBSF�JM�DPNGPSU�F�MB�TJDVSF[[B�
OFMMB�NBSDJB�JO�DPMPOOB��3FHPMB[JPOF�DPNCJOBUB�
EFMMB�WFMPDJU �F�EFMMB�EJTUBO[B�EJ�TJDVSF[[B�� �OP�
BMMѳBSSFTUP�EFMMB�WFUUVSB �DPO�SJQSFTB�EFMMB�NBSDJB�
OFMMF�UJQJDIF�TJUVB[JPOJ�EJ�TUPQ�HP�
� �4JEF�LOFFQBE �QSPUF[JPOJ�QFS�MF�HBNCF�
QFS�HVJEBUPSF�F�QBTTFHHFSP�TVMMB�DPOTPMMF�
DFOUSBMF�PGGSPOP�VO�DPNGPSU�F�VO�TPTUFHOP�
NBHHJPSJ �JO�QBSUJDPMBSF�OFMMF�DVSWF�WFMPDJ�
� �'SFOP�EJ�TUB[JPOBNFOUP�DPO�GVO[JPOF�"VUP�)PME��DPOTFOUF�EJ�USBUUFOFSF�P�SJMBTDJBSF�MB�WFU�
UVSB�QSFNFOEP�VO�UBTUP�TVMMB�DPOTPMMF�DFOUSBMF�
�5BTUP�TQPSU�QFS�TFMF[JPOBSF�VOѳJNQPTUB[JPOF�QJ¹�SJHJEB�EFMMѳBTTFUUP �EJTQPOJCJMF�TPMP�PSEJOBOEP�
MѳPQUJPOBM�"EBQUJWF�%SJWF�
�� ��]%PUB[JPOF�EJ�TFSJF�]�0QUJPOBM��
� �$BSJDBUPSF�$%�QFS���$PNQBDU�%JTD�BE�JO�
TFS[JPOF�TJOHPMB�4JOHMF�4MPU��USB�MѳBMUSP�DPO�
GVO[JPOF�4DBO �SBOEPN�QMBZ�F�EFDPEJGJDBUPSF�
.1���JODPSQPSBUP�OFM�DBTTFUUP�QPSUBPHHFUUJ�
OPO�EJTQPOJCJMF�QFS�"DUJWF)ZCSJE�9��
� �$BSJDBUPSF�%7%��DPO�JM�$POUSPM�%JTQMBZ�EJ�
TFSJF�GVO[JPOBNFOUP�DPNF�VO�DBSJDBUPSF�$%��
GVO[JPOF�WJEFP�TVQQMFNFOUBSF�JO�BCCJOBNFOUP�
BM�NPOJUPS�EJ�CPSEP�DPO�57�P�BM�TJTUFNB�EJ�OBWJ�
HB[JPOF�1SPGFTTJPOBM�
� �4JTUFNB�BMUPQBSMBOUJ�)J'J�DPO�BNQMJGJDBUPSF�
EJHJUBMF�EB�����8BUU�F����BMUPQBSMBOUJ��̈ �EPUBUP�EJ�
VO�FRVBMJ[[BUPSF�EJHJUBMF�DIF�BEBUUB�JM�TVPOP�JO�
NPEP�PUUJNBMF�BMMF�EJNFOTJPOJ�F�BMMF�DBSBUUFSJTUJ�
DIF�EFMMѳBCJUBDPMP�
� �4JTUFNB�)J'J�1SPGFTTJPOBM��DPO�QPUFO[B�
EFMMѳBNQMJGJDBUPSF�EJHJUBMF�����8BUU�F����BMUPQBS�
MBOUJ�BTTJDVSB�VOѳFTQFSJFO[B�EJ�TVPOP�TUSBPSEJ�
OBSJBNFOUF�JOUFOTB�JO�UVUUJ�J�QPTUJ�EFMMB�WFUUVSB�
EJ�TFSJF�QFS�"DUJWF)ZCSJE�9���
� �$MJNBUJ[[BUPSF�BVUPNBUJDP�B���[POF��OFMMB�
QBSUF�BOUFSJPSF�EPUB[JPOF�JEFOUJDB�BM�DMJNBUJ[[B�
UPSF�BVUPNBUJDP�B���[POF��JO�QJ¹�̈ �QPTTJCJMF�SF�
HPMBSF�JOEJWJEVBMNFOUF�MB�UFNQFSBUVSB�OFMMB�
[POB�QPTUFSJPSF�NFEJBOUF�EVF�NBOPQPMF�DPO�
EJTQMBZ��-ѳFRVJQBHHJBNFOUP�DPNQSFOEF�VO�
WFOUJMBUPSF�BHHJVOUJWP�F�VO�SJTDBMEBUPSF�QFS�MB�
[POB�QJFEJ�OFMMB�QBSUF�QPTUFSJPSF�EJ�TFSJF�QFS�
"DUJWF)ZCSJE�9��
� �3BEJP�#.8�1SPGFTTJPOBM��BNQMJGJDBUPSF�B�
��DBOBMJ �SJDF[JPOF�DPO���TJOUPOJ[[BUPSJ �BOUFOOB�
%JWFSTJUZ �GVO[JPOF�4DBO �MFUUPSF�$% �EFDPEJGJ�
DBUPSF�.1� ���BMUPQBSMBOUJ�
� �4JOUPOJ[[BUPSF�%"#�QFS�SJDF[JPOF�BODIF�
EFJ�QSPHSBNNJ�BVEJP�EJHJUBMJ�
� �*OHSFTTP�BVEJP�64# �DPMMPDBUP�TPUUP�JM�CSBD�
DJPMP�BOUFSJPSF��DPOTFOUF�JM�DPMMFHBNFOUP�EJ�
VOP�TUJDL�64#�F�EJ�GPOUJ�BVEJP�FTUFSOF �DPNF�BE�
FTFNQJP�VO�J1PE�EJ�TFSJF�QFS�"DUJWF)ZCSJE�9��
� �$MJNBUJ[[BUPSF�BVUPNBUJDP�B���[POF�DPO�
DPOUSPMMP�BVUPNBUJDP�EFM�SJDJSDPMP�EѳBSJB�"6$ �
GJMUSP�EFMMѳBSJB�SJDJSDPMBUB �TFOTPSF�TPMBSF�F�TFO�
TPSF�BQQBOOBNFOUP �SFHPMB[JPOF�BVUPNBUJDB�
EFMMB�UFNQFSBUVSB�TFQBSBUB�QFS�HVJEBUPSF�F�
QBTTFHHFSP�F�SFHPMB[JPOF�EFMMB�RVBOUJU �EѳBSJB��
JOEJDB[JPOJ�F�SFHPMB[JPOJ�USBNJUF�JM�$POUSPM�%JTQMBZ�
EJ�TFSJF�QFS�9��Y%SJWF��J�F�9��Y%SJWF��E�
� �)FBE�6Q�%JTQMBZ��WJTVBMJ[[B�EJSFUUBNFOUF�OFM�
DBNQP�WJTJWP�EFM�HVJEBUPSF�JOGPSNB[JPOJ��JNQPSUBOUJ�
QFS�MB�HVJEB�EJ�TFSJF�QFS�"DUJWF)ZCSJE�9���
� �4QFFE�-JNJU�*OGP��SJMFWB�J�MJNJUJ�EJ�WFMPDJU �F�MJ�
JOEJDB�BM�HVJEBUPSF�OFM�EJTQMBZ�EFMMF�JOGPSNB[JPOJ�
P�OFMMѳ)FBE�6Q�%JTQMBZ�PQUJPOBM�TPMP�JO�BCCJOB�
NFOUP�BM�TJTUFNB�EJ�OBWJHB[JPOF�1SPGFTTJPOBM�
���4JTUFNB�BVEJP�)JHI�&OE�#.8�*OEJWJEVBM�DPO�BNQMJ� �DBUPSF�
EJHJUBMF�B���DBOBMJ�QPUFO[B�����8BUU�F����BMUPQBSMBOUJ�
QBSUJDPMBSNFOUF�QPUFOUJ��HSB[JF�BHMJ�FTDMVTJWJ�B[JPOBNFOUJ�
NBHOFUJDJ�JO�OFPEJNJP�JM�TVPOP�FNFTTP�TJ�QPUSFCCF�QBSBHP�
OBSF�B�RVFMMP�EJ�VO�DPODFSUP�EBM�WJWP��7PMVNF�FE�FRVBMJ[[B�
[JPOF�TJ�BEBUUBOP�BVUPNBUJDBNFOUF�BMMB�WFMPDJU �
�%J�TFSJF� � �0QUJPOBM
�4FEJMJ�EJ�TFSJF�DPO�SFHPMB[JPOF�NBOVBMF�EFMMB�
QPTJ[JPOF�MPOHJUVEJOBMF �EFMMѳJODMJOB[JPOF�EFM�TF�
EJMF�QFS�JM�HVJEBUPSF �EFMMѳBMUF[[B�F�JODMJOB[JPOF�
EFM�QPHHJBUFTUB��SFHPMB[JPOF�FMFUUSJDB�EFM�TFEJMF�
JO�BMUF[[B�FE�JODMJOB[JPOF�OPODI©�EFMMѳJODMJOB[JPOF�
EFMMP�TDIJFOBMF�QFS�9��Y%SJWF��J�SFHPMB[JPOF�
FMFUUSJDB�EFJ�TFEJMJ�EJ�TFSJF�OPO�EJTQPOJCJMF�QFS�
"DUJWF)ZCSJE�9��
� �4FEJMJ�BOUFSJPSJ�kDPNGPSU{�EJ�TFSJF�QFS�
"DUJWF)ZCSJE�9���J�TFEJMJ�TPOP�EPUBUJ�EJ�QPHHJB�
UFTUB�kDPNGPSU{�DPO�SFHPMB[JPOF�FMFUUSJDB�EFMMѳBM�
UF[[B�EFJ�QPHHJBUFTUB�F�EJ�GJBODIFUUJ�SJQJFHBCJMJ�
NFDDBOJDBNFOUF����JOPMUSF�QPTTJCJMF�SFHPMBSF�
FMFUUSJDBNFOUF�MѳBQQPHHJP�HBNCF�F�JM�TFHNFOUP�
TVQFSJPSF�TDIJFOBMF��"ODIF�MB�SFHPMB[JPOF�JO�
BMUF[[B�EFJ�TFEJMJ�BWWJFOF�FMFUUSPOJDBNFOUF�
EJTQPOJCJMF�TPMP�JO�BCCJOBNFOUP�BHMJ�JOUFSOJ�JO�
QFMMF�F�BM�DMJNBUJ[[BUPSF�BVUPNBUJDP�B���P�B���[POF�
� �4FEJMJ�BOUFSJPSJ�TQPSUJWJ �DPO�J�GJBODIFUUJ�
NPMUP�QSPOVODJBUJ�PGGSPOP�VO�TPTUFHOP�MBUFSBMF�
PUUJNBMF�JO�PHOJ�TJUVB[JPOF�EJ�HVJEB��3FHPMB[JPOF�
FMFUUSJDB�EFJ�TFEJMJ�JO�BMUF[[B�FE�JO�JODMJOB[JPOF�
OPODI©�EFMMѳJODMJOB[JPOF�EFMMP�TDIJFOBMF��SFHP�
MB[JPOF�NBOVBMF�EFMMѳBQQPHHJP�HBNCF��*M�TFEJMF�
EFM�HVJEBUPSF �J�SFUSPWJTPSJ �JM�QJBOUPOF�EFMMP�TUFS[P�
F�MѳBMUF[[B�EFJ�QPHHJBUFTUB�PGGSPOP�VOB�GVO[JPOF�
.FNPSZ�EJTQPOJCJMF�TPMP�JO�BCCJOBNFOUP�BHMJ�
JOUFSOJ�JO�QFMMF�
�%VF�TFEJMJ�QPTUFSJPSJ �DPO�TUJMF�TQPSUJWP�
EB�NPOPQPTUP�OPO�SFHPMBCJMJ�F�QPHHJBUFTUB�
JOUFHSBUP��FRVJQBHHJBUJ�DPO�CSBDDJPMP�DFO�
USBMF�SFDMJOBCJMF�F�EVF�QPSUBCFWBOEF�OFMMB�
DPOTPMMF�DFOUSBMF�QPTUFSJPSF�
� �1MBODJB�TUSVNFOUJ�#.8�*OEJWJEVBM�DPO�
SJWFTUJNFOUP�JO�QFMMF�QSFHJBUB��DSFB�VOѳBNCJFOUF�
BODPSB�QJ¹�FTDMVTJWP�OFMMѳBCJUBDPMP�
�� ��]%PUB[JPOF�EJ�TFSJF�]�0QUJPOBM
� �3JTDBMEBNFOUP�EFJ�TFEJMJ�BOUFSJPSJ��MF�TV�
QFSGJDJ�EѳBQQPHHJP�EFM�TFEJMF�F�EFMMP�TDIJFOBMF
TJ�QPTTPOP�SJTDBMEBSF�B�USF�TUBEJ �EJGGPOEFOEP�VO
QJBDFWPMF�UFQPSF�QPDP�UFNQP�EPQP�MB�QBSUFO[B�
EJ�TFSJF�QFS�"DUJWF)ZCSJE�9��
� �7FOUJMB[JPOF�BUUJWB�EFJ�TFEJMJ���BDDSFTDF�
OPUFWPMNFOUF�JM�DPNGPSU��/FMMB�TFEVUB�F�OFMMP
TDIJFOBMF�TPOP�QSFTFOUJ�WFOUJMBUPSJ�DIF�NBO�
EBOP�MѳBSJB�BUUSBWFSTP�J�SJWFTUJNFOUJ�
� �4FEJMF�BUUJWP�QFS�HVJEBUPSF��BTTJDVSB�VOB�
QPTJ[JPOF�SJMBTTBUB�BODIF�OFJ�MVOHIJ�USBHJUUJ��*M�
CBDJOP�F�MF�WFSUFCSF�MPNCBSJ�WFOHPOP�UFOVUJ�JO�
NPWJNFOUP�BE�JOUFSWBMMJ�DJDMJDJ�EBM�TPMMFWBNFOUP�
F�BCCBTTBNFOUP�BMUFSOBUJWP�EFMMB�TFEVUB��%JTQP�
OJCJMF�DPO�TFEJMJ�kDPNGPSU{�F�WFOUJMB[JPOF�BUUJWB�
EFJ�TFEJMJ�
� �5FOEJOB�QBSBTPMF�BWWPMHJCJMF��QFS�QSP�
UFHHFSTJ�EBJ�GPSUJ�SBHHJ�TPMBSJ�J�GJOFTUSJOJ�EFMMF�
QPSUJFSF�QPTUFSJPSJ�TPOP�EPUBUJ�EJ�UFOEJOF�BC�
CBTTBCJMJ�NBOVBMNFOUF�
� �3FUSPWJTPSJ�JOUFSOP�FE�FTUFSOJ�BVUPBOBC�
CBHMJBOUJ��B�QBSUJSF�EB�VOB�EFUFSNJOBUB�JOUFO�
TJU �MVNJOPTB�EFJ�GBSJ�EFJ�WFJDPMJ�DIF�TFHVPOP �MP�
TQFDDIJP�TJ�PTDVSB�BVUPNBUJDBNFOUF��*�SFUSPWJ�
TPSJ�FTUFSOJ�TPOP�SJQJFHBCJMJ�EJ�TFSJF�QFS�"DUJWF�
)ZCSJE�9��
� �"OUJGVSUP�DPO�BMMBSNF�BDVTUJDP�F�UFMF�
DPNBOEP�B�POEF�SBEJP��SJMFWBOEP�UFOUBUJWJ�
EJ�FGGSB[JPOF�F�NBOPNJTTJPOF�EFMMB�WFUUVSB �
MѳJNQJBOUP�FNFUUF�TFHOBMJ�BDVTUJDJ�F�DPOUFN�
QPSBOFBNFOUF�BDDFOEF�JM�MBNQFHHJP�EѳFNFS�
HFO[B��
� �3JWFTUJNFOUP�JOUFSOP�EFM�QBEJHMJPOF�
�"OUISB[JU��J�SJWFTUJNFOUJ�EFJ�NPOUBOUJ�BOUFSJPSJ �
DFOUSBMJ�F�QPTUFSJPSJ �MF�BMFUUF�QBSBTPMF�F�MF�
�NBOJHMJF�EJ�TPTUFHOP�TPQSB�J�GJOFTUSJOJ�TPOP�
OFMMѳFMFHBOUF�DPMPSB[JPOF�4DIXBS[�EJ�TFSJF�DPO�
QBDDIFUUP�TQPSUJWP�
� �5FUUVDDJP�QBOPSBNJDP�JO�WFUSP�BE�B[JP�
OBNFOUP�FMFUUSJDP�DPO�QBOOFMMP�BOUJTPMBSF�
�JOUFHSBUP �BQFSUVSB�F�DIJVTVSB�DPNGPSU�DPO�
DIJBWF�EFMMB�WFUUVSB�F�GVO[JPOF�B�JNQVMTJ�EJ�
TFSJF�QFS�"DUJWF)ZCSJE�9��
� �3FHPMB[JPOF�FMFUUSJDB�EFJ�TFEJMJ�BOUFSJPSJ��
DPO�GVO[JPOF�.FNPSZ�QFS�TFEJMF�EJ�HVJEB �QJBO�
UPOF�TUFS[P�F�SFUSPWJTPSJ�FTUFSOJ �DPNQSFTP�JM�
EJTQPTJUJWP�QFS�GBDJMJUBSF�MѳBDDFTTP�BMMB�WFUUVSB�
EJ�TFSJF�QFS�WFSTJPOJ�"UUJWB�F�'VUVSB�F�QFS�
9��Y%SJWF��J�F�"DUJWF)ZCSJE�9��
� �4VQQPSUP�MPNCBSF�QFS�J�TFEJMJ�BOUFSJPSJ �
B�SFHPMB[JPOF�FMFUUSJDB�JO�BMUF[[B�F�QSPGPOEJU �
QFS�PUUFOFSF�VOB�QPTJ[JPOF�QFSGFUUBNFOUF�
FSHPOPNJDB�TVM�TFEJMF�F�QFS�TPTUFOFSF�MB�NV�
TDPMBUVSB�EPSTBMF�EJ�TFSJF�QFS�"DUJWF)ZCSJE�9��
���%JTQPOJCJMF�TPMP�JO�BCCJOBNFOUP�BMMB�1FMMF�/FWBEB�USBGPSBUB�P�BMMB�
1FMMF�.FSJOP�#.8�*OEJWJEVBM�USBGPSBUB�F�BJ�TFEJMJ�DPNGPSU�P�TFEJMJ�BUUJWJ�
� �%J�TFSJF� � �0QUJPOBM
� �1BDDIFUUP�QPSUBPHHFUUJ��DPNQSFOEF�VO�
WBOP�QPSUBPHHFUUJ�TPUUP�MB�DPOTPMMF�DFOUSBMF�
BOUFSJPSF�OPODI©�OFM�CBHBHMJBJP�EVF�HVJEF�DPO�
RVBUUSP�PDDIJFMMJ�EJ�BODPSBHHJP�F�DJOHIJF�EJ�GJT�
TBHHJP�MBUFSBMJ�EJ�TFSJF�QFS�"DUJWF)ZCSJE�9��
� �$PQFSUVSB�EFM�CBHBHMJBJP�SJQJFHBCJMF��̈ �GBDJMNFOUF�TNPOUBCJMF�F�TJ�QV²�SJQPSSF�DPO�QSBUJDJU �
OFM�GPOEP�EFM�CBHBHMJBJP �USBOOF�DIF�TVMMB�"DUJWF)ZCSJE�9��
� �4JTUFNB�EJ�GJTTBHHJP�BEBUUBUJWP�QFS�GJT�
TBSF�JO�TJDVSF[[B�DPMMJ�EJ�EJWFSTF�EJNFOTJPOJ�
TPMP�JO�BCCJOBNFOUP�BM�QBDDIFUUP�QPSUBPH�
HFUUJ�
� �4DIJFOBMF�EFM�TFEJMF�QPTUFSJPSF�EJWJTP�
F�SJCBMUBCJMF�BTJNNFUSJDBNFOUF���������
�� ��]%PUB[JPOF�EJ�TFSJF�]�0QUJPOBM��
�1SFTF�EJ�DPSSFOUF����7PMU��VOB�OFMMB�WB�
TDIFUUB�QPSUBPHHFUUJ�BOUFSJPSF �VOB�OFMMB�
DPOTPMMF�DFOUSBMF�QPTUFSJPSF�F�VOB�OFM�WBOP�
CBHBHMJ�
� �$IJVTVSB�DFOUSBMJ[[BUB�QFS�QPSUJFSF�F�TQPS�
UFMMP�EFM�TFSCBUPJP �DPO�EJTQPTJUJWP�FMFUUSPOJDP�
BOUJBWWJBNFOUP �UFMFDPNBOEP�B�POEF�SBEJP�F�
DIJBWF�DPO�CBUUFSJB�DIF�TJ�SJDBSJDB�BVUPNBUJDB�
NFOUF�
�$PNGPSU�"DDFTT�EJTQPTJUJWP�EJ�BDDFTTP�
DPNGPSU��DPOTFOUF�EJ�BQSJSF�F�DIJVEFSF�MB�WFU�
UVSB�TFO[B�QSFOEFSF�JO�NBOP�JM�UFMFDPNBOEP�B�
POEF�SBEJP��4J�QV²�JOPMUSF�BWWJBSF�TVCJUP�JM�NP�
UPSF�TFO[B�MB�DIJBWF �TFNQMJDFNFOUF�QSFNFOEP�
JM�UBTUP�TUBSU�TUPQ�EJ�TFSJF�QFS�"DUJWF)ZCSJE�9��
� �#.8�4FSWJDF�*ODMVTJWF��"ODIF�QFS�RVBOUP�
SJHVBSEB�MѳBTTJTUFO[B�#.8�IB�QSFQBSBUP�VOB�TPMV�
[JPOF�JOUFMMJHFOUF��$PO�#.8�4FSWJDF�*ODMVTJWF�
OPO�TJ�EFWPOP�TPTUFOFSF�DPTUJ�BHHJVOUJWJ�QFS�
MBWPSJ�EJ�NBOVUFO[JPOF�SFHPMBSF�FOUSP�JM�QFSJPEP�
P�JM�DIJMPNFUSBHHJP�DPODPSEBUP�
� �1PSUBCFWBOEF�JODPSQPSBUJ�OFMMB�DPOTPMMF�
DFOUSBMF�QPTUFSJPSF��
�4BDDB�QPSUBTDJ��DPOTFOUF�EJ�USBTQPSUBSF�
JO�NPEP�QVMJUP�F�TJDVSP�GJOP�B�RVBUUSP�QBJB�EJ�
TDJ�BODIF�RVBOEP�OFMMB�WFUUVSB�WJBHHJBOP�
RVBUUSP�QFSTPOF��RVBOEP�OPO�WJFOF�VUJMJ[[BUB�
TJ�QV²�SJQPSSF�JO�QPTJ[JPOF�JOWJTJCJMF�F�QPDP�
JOHPNCSBOUF�EJFUSP�JM�CSBDDJPMP�DFOUSBMF�QP�
TUFSJPSF�
�3JTDBMEBNFOUP�EFJ�TFEJMJ�QPTUFSJPSJ��
DPNF�SJTDBMEBNFOUP�EFJ�TFEJMJ�BOUFSJPSJ �NB�DPO�
DPNBOEP�B�EVF�TUBEJ��EJTQPOJCJMF�JO�BCCJOBNFOUP�
BJ�SJWFTUJNFOUJ�JO�QFMMF�
�4JTUFNB�%7%�OFMMB�[POB�QPTUFSJPSF��DPN�
QSFOEF�VO�MFUUPSF�%7%�B[JPOBCJMF�TFQBSBUB�
NFOUF �DPO�TDIFSNP�B�DPMPSJ�SJCBMUBCJMF�EB�� ����
*M�TJTUFNB�̈ �EPUBUP�EJ�UFMFDPNBOEP�DPSEMFTT �
EJ�BUUBDDIJ�QFS�EVF�DVGGJF�BVSJDPMBSJ�FE�VOB�WJEFP�
DBNFSB����JOPMUSF�QSFEJTQPTUP�QFS�DVGGJF�BE�
JOGSBSPTTJ��*O�BCCJOBNFOUP�BMMB�GVO[JPOF�57�̈ �
QPTTJCJMF�TFHVJSF�VO�QSPHSBNNB�UFMFWJTJWP�
DPOUFNQPSBOFBNFOUF�TVMMP�TDIFSNP�BOUFSJPSF�
B�WFUUVSB�GFSNB�F�TV�RVFMMP�OFMMB�[POB�QPTUF�
SJPSF�EFMMB�WFUUVSB�
#.8�8FMU�.POEP�#.8��MB�DPOTFHOB�EFMMB�
WFUUVSB�̈ �VOP�EFJ�NPNFOUJ�QJ¹�CFMMJ�QFS�PHOJ�
BVUPNPCJMJTUB��4J�QV²�SFOEFSF�RVFTUP�NPNFOUP�
JOEJNFOUJDBCJMF�OFM�#.8�8FMU�.POEP�#.8 �
JM�DFOUSP�EJ�DPOTFHOB�EJ�.POBDP�EJ��#BWJFSB��
7JTJUBOEP�JM�NVTFP �MB�GBCCSJDB�P�JM��MBCPSBUPSJP�
UFDOJDP�BTTBQPSFSFUF�JM�GBTDJOP�#.8��
5SPWFSFUF��VMUFSJPSJ�JOGPSNB[JPOJ�OFM�TJUP�8FC�
XXX�CNX�XFMU�DPN
� �%J�TFSJF� � �0QUJPOBM
� �4QJB�GPSBUVSF�QOFVNBUJDJ�31"��JO�CBTF�
BMMB�EJGGFSFO[B�USB�JM�OVNFSP�EJ�HJSJ�EFMMF�SVPUF �JM�
TJTUFNB�JOEJWJEVB�QPTTJCJMJ�WBSJB[JPOJ�EJ�QSFT�
TJPOF�JO�VO�QOFVNBUJDP �BWWJTBOEP�JM�HVJEBUPSF�
DPO�VOB�TQJB�MVNJOPTB�OFM�$IFDL�$POUSPM�
� �$POUSPMMP�QSFTTJPOF�QOFVNBUJDJ�3%$��
B�UVUUF�MF�WFMPDJU �TPSWFHMJB�MB�QSFTTJPOF�EFMMѳBSJB�
OFJ�QOFVNBUJDJ�NFEJBOUF�TFOTPSJ��-B�NJOJNB�
EJNJOV[JPOF�EFMMB�QSFTTJPOF�WJFOF�TFHOBMBUB�
EB�VOB�TQJB �NFOUSF�VO�GPSUF�DBMP�EJ�QSFTTJPOF�
WJFOF�TFHOBMBUP�BODIF�BDVTUJDBNFOUF�TPMP�QFS�
"DUJWF)ZCSJE�9��
� �)JMM�%FTDFOU�$POUSPM�)%$��EJTQPTJUJWP�EJ�
DPOUSPMMP�EFMMB�NBSDJB�JO�EJTDFTB��GB�JO�NPEP�DIF�
MB�WPTUSB�#.8�TVQFSJ�DPO�TJDVSF[[B�BODIF�
J�USBUUJ�QJ¹�SJQJEJ�TFO[B�DIF�JM�HVJEBUPSF�EFCCB�
GSFOBSF��4F�MB�WFUUVSB�̈ �EPUBUB�EFM�SFHPMBUPSF�
EJ�WFMPDJU �DPO�GVO[JPOF�GSFOBOUF�PQUJPOBM �MB�
WFMPDJU �TJ�QV²�NPEJGJDBSF�BODIF�DPO�MB�MFWB�
QSFTFOUF�JO�CBTTP�B�TJOJTUSB�TVM�QJBOUPOF�TUFS[P�
� �1OFVNBUJDJ�3VOGMBU�DPO�DBSBUUFSJTUJDIF�
QFS�NBSDJB�EѳFNFSHFO[B��HSB[JF�BJ�GJBODIJ�
SJOGPS[BUJ �J�QOFVNBUJDJ�OPO�TJ�BQQJBUUJTDPOP�
DPNQMFUBNFOUF�F�OPO�TJ�TUBDDBOP�EBM�DFSDIJP�
OFQQVSF�RVBOEP�TPOP�THPOGJ����DPT¬�QPTTJCJMF�
QSPTFHVJSF�JM�WJBHHJP�QFSDPSSFOEP�GJOP�B�����LN�
BE�VOB�WFMPDJU �NBTTJNB�EJ����LN�I�
� �%JTQPTJUJWP�EJ�BVTJMJP�BMMB�QBSUFO[B��OFMMF�
QBSUFO[F�JO�TBMJUB �EPQP�JM�SJMBTDJP�EFM�QFEBMF�EFM�
GSFOP�JNQFEJTDF�QFS�� ��TFDPOEJ�MѳBSSFUSBNFOUP�
EFMMB�WFUUVSB�
� �$POUSPMMP�EJOBNJDP�EJ�TUBCJMJU �%4$�DPO�
GVO[JPOJ�FTUFTF�F�DPNQSFOTJWP�EJ�%5$ �QFS�
PUUJNJ[[BSF�JM�DPNQPSUBNFOUP�JO�GSFOBUB�F�MB�
TUBCJMJU �EJ�NBSDJB��*M�%4$�JOEJWJEVB�TVM�OBTDFSF�
MѳFWFOUVBMF�UFOEFO[B�BMMB�TCBOEBUB�F�TUBCJMJ[[B�
MѳBVUP�JO�QPDIJ�NJMMFTJNJ�EJ�TFDPOEP��-B�TPUUP�
GVO[JPOF�%5$�DPOTFOUF�VO�NBHHJPSF�TMJUUB�
NFOUP�EFMMF�SVPUF�QFS�PUUJNJ[[BSF�MB�USB[JPOF�
F�GBWPSJSF�MB�HVJEB�TQPSUJWB�JO�PHOJ�TJUVB[JPOF�
� �"TTJTUFOUF�EJ�GSFOBUB��EJTQPTJUJWP�EJ�BVTJMJP�
BMMB�GSFOBUB�DIF �OFMMF�GSFOBUF�EѳFNFSHFO[B �JO�
EVDF�MB�GPSNB[JPOF�EFMMB�NBTTJNB�QSFTTJPOF�
JESBVMJDB�OFMMѳJNQJBOUP�BODIF�TF�JM�QFEBMF�̈ �QSF�
NVUP�DPO�GPS[B�JOTVGGJDJFOUF �BDDPSDJBOEP�DPT¬�
OPUFWPMNFOUF�MP�TQB[JP�EJ�GSFOBUB�
� �1JBOUPOF�TUFS[P�UFMFTDPQJDP�DPO�FMF�
NFOUP�BOUJVSUP�JO�BDDJBJP��JO�DBTP�EJ�JNQBUUP�
PGGSF�VOB�QSPUF[JPOF�NJHMJPSF�BM�HVJEBUPSF��"�
QBSUJSF�EB�VO�MJWFMMP�EJ�TPMMFDJUB[JPOF�QSFEFUFS�
NJOBUP �MB�QBSUF�TVQFSJPSF�EFM�QJBOUPOF�BMCFSP�
TJ�BVUPDPNQSJNF�QFS�VO�USBUUP�EJ����NN�
� �"JSCBH��JO�VOB�#.8�HMJ�BJSCBH�F�UVUUJ�HMJ�BM�
USJ�DPNQPOFOUJ�EJ�TJDVSF[[B�TPOP�BSNPOJ[[BUJ�
JO�NPEP�PUUJNBMF��*O�DBTP�EJ�JNQBUUP �BE�FTFN�
QJP �TJ�BUUJWB�TPMUBOUP�MѳBJSCBH�FGGFUUJWBNFOUF�
OFDFTTBSJP��4FJ�BJSCBH�PGGSPOP�VOB�QSPUF[JPOF�
NJSBUB��HMJ�BJSCBH�BOUFSJPSJ�QFS�HVJEBUPSF�F�
QBTTFHHFSP �HMJ�BJSCBH�QFS�MB�UFTUB�F�HMJ�BJSCBH�
MBUFSBMJ�BOUFSJPSJ��
�� ��]%PUB[JPOF�EJ�TFSJF�]�0QUJPOBM
� �4FOTPSF�EJ�SJCBMUBNFOUP��¨�DPMMFHBUP�BM�
DPOUSPMMP�EJOBNJDP�EJ�TUBCJMJU �%4$�QFS�SJDP�
OPTDFSF�NFHMJP�F�QJ¹�WFMPDFNFOUF�MF�TJUVB[JPOJ�
DSJUJDIF��4F�MB�WFUUVSB�EPWFTTF�FTTFSF�JO�QSP�
DJOUP�EJ�SJCBMUBSTJ �TJ�BUUJWBOP�JNNFEJBUBNFOUF�
HMJ�BJSCBH�F�J�QSFUFOTJPOBUPSJ�EFMMF�DJOUVSF �BD�
DSFTDFOEP�BM�NBTTJNP�MB�TJDVSF[[B�QBTTJWB�
� �3JHJEJU �EFMMB�DBSSP[[FSJB��MѳJNQPTUB[JPOF�
GVO[JPOBMF�EFMMB�DBSSP[[FSJB�ѭ�DPO�MB�TVB�QBSUJ�
DPMBSF�DPMMPDB[JPOF�EFMMF�USBWFSTF�F�MF�TVF�
HJVOUVSF�OPEBMJ�OPODI©�DPO�MѳJNQJFHP�NJSBUP�
EJ�NBUFSJBMJ�BE�BMUB�SFTJTUFO[B�ѭ�PGGSF�VO�MJWFMMP�
PUUJNBMF�EJ�TJDVSF[[B�QBTTJWB�JO�DBTP�EJ�JNQBUUJ�
GSPOUBMJ �MBUFSBMJ�F�QPTUFSJPSJ��-B�TUSVUUVSB�EFMMB�
DBSSP[[FSJB �SJHJEB�DPOUSP�MB�UPSTJPOF �̈ �BODIF�
JM�QSFTVQQPTUP�EFM�DPNQPSUBNFOUP�TV�TUSBEB�
EFDJTBNFOUF�EJOBNJDP�EFMMB�WFUUVSB�
� �1BSBVSUJ��HSB[JF�BMMѳJNQJFHP�EJ�NBUFSJBMF�BE�BMUB�SFTJTUFO[B�OFM�TVQQPSUP�EFM�
QBSBVSUJ �MB�TUSVUUVSB�EFMMB�DBSSP[[FSJB�TPQQPSUB�TFO[B�EBOOJ�JNQBUUJ�GJOP�B����LN�I�
� �$POUSPMMP�EJ�TUBCJMJU �SJNPSDIJP��SJMFWB�BV�
UPNBUJDBNFOUF�TF�VOB�WFUUVSB�DPO�SJNPSDIJP�
DPNJODJB�BE�PTDJMMBSF �TUBCJMJ[[B�JM�HSVQQP�DPO�
JOUFSWFOUJ�NJSBUJ�TVJ�GSFOJ�F�MP�SJQPSUB�BM�EJ�TPUUP�
EFMMB�WFMPDJU �DSJUJDB�BMMB�RVBMF�QPTTPOP�WFSJGJ�
DBSTJ�NPWJNFOUJ�QFOEPMBSJ�JO�BCCJOBNFOUP�BM�
HBODJP�EJ�USBJOP�
� �-ѳ"EBQUJWF�-JHIU�$POUSPM�DPO�EJTUSJCV[JPOF�
WBSJBCJMF�EFMMB�MVDF �BEBUUBNFOUP�WFSUJDBMF�
F�DPSOFSJOH�MJHIUT�JMMVNJOB[JPOF�BEBUUJWB�JO�
DVSWB�̈ �EPUBUP�EJ�GBSJ�PSJFOUBCJMJ�DIF�JMMVNJOBOP�
JO�NPEP�PUUJNBMF�PHOJ�DVSWB�BQQFOB�JM�HVJEBUPSF�
MB�JNCPDDB��BDDSFTDF�RVJOEJ�MB�TJDVSF[[B�WJBH�
HJBOEP�EJ�OPUUF�P�JO�DBUUJWF�DPOEJ[JPOJ�EJ�MVDF��
-F�DPSOFSJOH�MJHIUT�TJ�BUUJWBOP�BVUPNBUJDBNFOUF�
HJ �B�WFUUVSB�GFSNB �F�B�WFMPDJU �GJOP�B����LN�I �
RVBOEP�TJ�B[JPOBOP�HMJ�JOEJDBUPSJ�EJ�EJSF[JPOF�
P�TJ�HJSB�JM�WPMBOUF�EJ�BMNFOP���p�
� �*�QPHHJBUFTUB�BUUJWJ�BOUFSJPSJ�SJEVDPOP�JM�
SJTDIJP�EJ�MFTJPOJ�BMMF�WFSUFCSF�DFSWJDBMJ�JO�DBTP�EJ�
UBNQPOBNFOUP �SVPUBOEP�JO�BWBOUJ�F�BDDPSDJBOEP�
DPT¬�MB�EJTUBO[B�USB�JM�QPHHJBUFTUB�TUFTTP�F�MB�
UFTUB��
4JDVSF[[B 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E
"JSCBH�
ѭ�BJSCBH�MBUFSBMF�QFS�HVJEBUPSF�F�QBTTFHHFSP �JOUFHSBUP�OFM�TFEJMF � � � �
ѭ��BJSCBH�QFS�HVJEBUPSF�F�QBTTFHHFSP�DPO�JOEJWJEVB[JPOF�EJ�TFEJMF�PDDVQBUP�F�EJTBUUJWB[JPOF�BJSCBH�QBTTFHHFSP � � � �
ѭ�BJSCBH�QFS�MB�UFTUB�QFS�QSJNB�F�TFDPOEB�GJMB�EJ�TFEJMJ � � � �
"ODPSBHHJP�*40'*9�EFJ�TFHHJPMJOJ�QFS�CBNCJOJ�OFMMB�QBSUF�QPTUFSJPSF � � � �
"OUJGVSUP�DPO�BMMBSNF�BDVTUJDP � � � �
#.8�4FSWJDF�*ODMVTJWF��DPNQSFOEF�OVNFSPTJ�JOUFSWFOUJ�EJ�BTTJTUFO[B�F�NBOVUFO[JPOF �DIF�TJ�QPTTPOP�SJDIJFEFSF�BMMF�
$PODFTTJPOBSJF�#.8�BEFSFOUJ�BMMѳJOJ[JBUJWB�JO�UVUUP�JM�NPOEP��TJ�QPTTPOP�TDFHMJFSF�QSFTUB[JPOJ�F�UFNQJTUJDIF�QFSTPOBMJ[[BUF� � � �
$BSSP[[FSJB�EJ�TJDVSF[[B�
ѭ��QSPUF[JPOF�BOUJVSUP�MBUFSBMF�JOUFHSBUB�OFMMF�QPSUJFSF � � � �
ѭ��TJTUFNB�EJ�QBSBVSUJ�DPO�TNPS[BUPSJ�BOUFSJPSJ�JO�BMMVNJOJP �QPTUFSJPSJ�JO�BDDJBJP�BE�BTTPSCJNFOUP�EѳVSUP�GJOP�B���LN�I �
FMFNFOUJ�EFGPSNBCJMJ�BOUFSJPSJ�F�QPTUFSJPSJ�QFS�GPS[F�EѳVSUP�GJOP�B����LN�I� � � �
$IJVTVSB�DFOUSBMJ[[BUB�DPO�EJTQPTJUJWP�FMFUUSPOJDP�BOUJBWWJBNFOUP�&84�F�TFOTPSF�EѳVSUP � � � �
$JOUVSF�EJ�TJDVSF[[B�
ѭ��DJOUVSF�JOFS[JBMJ�BOUFSJPSJ�DPO�QSFUFOTJPOBUPSJ�QJSPUFDOJDJ�F�MJNJUBUPSJ�EJ�SJUFO[JPOF � � � �
ѭ��TJTUFNB�EJ�DJOUVSF�FSHPOPNJDP�OFMMB�QBSUF�QPTUFSJPSF�DPO�DJOUVSF�B���QVOUJ�QFS�UVUUJ�J�TFEJMJ� � � � �
$POUSPMMP�EJOBNJDP�EJ�TUBCJMJU �%4$�DPNQSFOTJWP�EJ�"#4 �$#$�F�%5$�DPO�GVO[JPOJ�FTUFTF � � � �
'SFOJ�
ѭ�EJTDIJ�BOUFSJPSJ�BVUPWFOUJMBOUJ � � � �
ѭ�EJTDIJ�QPTUFSJPSJ�BVUPWFOUJMBOUJ � � � �
'SFOP�EJ�TUB[JPOBNFOUP �FMFUUSPNFDDBOJDP �DPO�GVO[JPOF�"VUP�)PME � � � �
)JMM�%FTDFOU�$POUSPM�)%$ � � � �
-VDJ�TUPQ�EJOBNJDIF �DPO�GVO[JPOF�MBNQFHHJP � � � �
1PHHJBUFTUB�BUUJWJ�BOUFSJPSJ � � � �
4FOTPSF�EJ�SJCBMUBNFOUP � � � �
%FTJHO�FTUFSOP 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E
#BSSF�QPSUBUVUUP�TVM�UFUUP�JO�DPMPSF�OFSP�PQBDP � � � �
#BSSF�QPSUBUVUUP�TVM�UFUUP�JO�DPMPSF�TJMWFS�PQBDP � � � �
#.8�*OEJWJEVBM�&YUFSJPS�-JOF�BMMVNJOJP�TBUJOBUP � � � �
$BMBOESB�kB�EPQQJP�SFOF{�DPO�MJTUFMMJ�WFSUJDBMJ�OFSJ�OFMMF�9��Y%SJWF��J�F�9��Y%SJWF��E�JO�DPMPS�UJUBOJP�F�DPSOJDJ�DSPNBUF � � � �
$PSOJDF�FTUFSOB�EFJ�GJOFTUSJOJ�JO�BMMVNJOJP�TBUJOBUP�$ISPNF�-JOF � � � �
(BODJP�EJ�USBJOP�DPO�UFTUJOB�TGFSJDB�BNPWJCJMF�F�DPOUSPMMP�EJ�TUBCJMJ[[B[JPOF�SJNPSDIJP�NBTTB�SJNPSDIJBCJMF�NBY��� ��U � � � �
1FEBOF�TPUUPQPSUB�JO�BMMVNJOJP � � � �
3FUSPWJTPSJ�FTUFSOJ�JO�UJOUB�DBSSP[[FSJB �TFHNFOUP�JOGFSJPSF�JO�DPMPSF�OFSP �PSJFOUBCJMJ�F�SJTDBMEBCJMJ�FMFUUSJDBNFOUF �
BTGFSJDJ �DPO�WFUSP�TQFDVMBSF�CSVOJUP� � � �
4IBEPX�-JOF�#.8�*OEJWJEVBM�MVDJEB � � � �
5JOUB�NFUBMMJ[[BUB � � � �
1BDDIFUUJ�EJ�FRVJQBHHJBNFOUP 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E
1BDDIFUUP�.�1FSGPSNBODF�USB�MѳBMUSP�DPO�TFEJMJ�TQPSUJWJ�BOUFSJPSJ �NPEBOBUVSF�JOUFSOF�JO�BMMVNJOJP�'MZXIFFM�OFSP �DFSDIJ�
JO�MFHB�MFHHFSB�TUZMJOH�B�:�Op�����JO�4DIXBS[�DPO�QOFVNBUJDJ�NJTUJ �QFEBMJ�JO�BDDJBJP�JOPY �MJTUFMMJ�CBUUJUBDDP�DPO�MPHP�. �
DPQFSUVSF�EFHMJ�TQFDDIJFUUJ�F�NBTDIFSJOF�EFJ�UFSNJOBMJ�EJ�TDBSJDP�JO�4DIXBS[ �OPODI©�FMFNFOUJ�#.8�*OEJWJEVBM�4IBEPX�
-JOF�MVDJEB �WFUSJ�BUFSNJDJ�F�QBEJHMJPOF�"OUISB[JU
� � � �
1BDDIFUUP�TQPSUJWP�USB�MѳBMUSP�BTTFUUP�TQPSUJWP�<OPO�EJTQPOJCJMF�QFS�"DUJWF)ZCSJE�9�> �TFEJMJ�TQPSUJWJ�DPO�SFHPMB[JPOF�
FMFUUSJDB �DFSDIJ�JO�MFHB�MFHHFSB�SBHHJ�B�TUFMMB�Op�����DPO�QOFVNBUJDJ�NJTUJ�F�SJWFTUJNFOUP�JOUFSOP�EFM�QBEJHMJPOF�
#.8�*OEJWJEVBM�"OUISB[JU
� � � �
1BDDIFUUP�TQPSUJWP�. � � � �
� �%J�TFSJF�� � �0QUJPOBM� � �/PO�EJTQPOJCJMF
�� ��]%PUB[JPOF�EJ�TFSJF�]�0QUJPOBM�
3VPUF 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E
$FSDIJ�
ѭ��DFSDIJ�JO�MFHB�MFHHFSB�EB�����TUZMJOH�B�TUFMMB�Op���� ���+�Y��� �QOFVNBUJDJ��������3��� �3VOGMBU�OPO�EJTQPOJCJMF�QFS�
QBDDIFUUP�TQPSUJWP� � � �
ѭ��DFSDIJ�JO�MFHB�MFHHFSB�EB�����SBHHJ�B�7�Op���� ���+�Y��� �QOFVNBUJDJ��������3��� �3VOGMBU�OPO�EJTQPOJCJMF�QFS�
QBDDIFUUP�TQPSUJWP� � � �
ѭ��DFSDIJ�JO�MFHB�MFHHFSB�EB�����TUZMJOH�B�TUFMMB�Op�����DPO�QOFVNBUJDJ�NJTUJ��BOU����+�Y��� �QOFVNBUJDJ��������3��� �
QPTU�����+�Y��� �QOFVNBUJDJ��������3��� �3VOGMBU�TPMP�JO�BCCJOBNFOUP�BM�QBDDIFUUP�TQPSUJWP� � � �
ѭ��DFSDIJ�JO�MFHB�MFHHFSB�EB�����SBHHJ�B�:�Op�����DPO�QOFVNBUJDJ�NJTUJ��BOU�����+�Y��� �QOFVNBUJDJ��������3��� �
QPTU�����+�Y��� �QOFVNBUJDJ��������3��� �3VOGMBU� � � �
ѭ��DFSDIJ�JO�MFHB�MFHHFSB�EB�����TUZMJOH�B�TUFMMB�Op�����DPO�QOFVNBUJDJ�NJTUJ��BOU�����+�Y��� �QOFVNBUJDJ��������3���
QPTU�����+�Y��� �QOFVNBUJDJ��������3��� �3VOGMBU� � � �
ѭ��DFSDIJ�JO�MFHB�MFHHFSB�EB�����4USFBNMJOF�����DPO�QOFVNBUJDJ�NJTUJ �BOU�����+�Y��� �QOFVNBUJDJ��������3��� �
QPTU�����+�Y��� �QOFVNBUJDJ��������3��� �3VOGMBU� � � �
1OFVNBUJDJ�3VOGMBU�DPO�TQJB�GPSBUVSF�QOFVNBUJDJ�31" � � � �
%FTJHO�JOUFSOP 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E
.PEBOBUVSF�JOUFSOF�
ѭ�BMMVNJOJP�B�MFWJHBUVSB�MPOHJUVEJOBMF�GJOF � � � �
ѭ�BMMVNJOJP�'MZXIFFM�TDIXBS[ � � � �
ѭ�4BUJOTJMCFS�PQBDP � � � �
ѭ��MFHOP�QSFHJBUP�EJ�CBNC¹�TDVSP� � � � �
ѭ�MFHOP�QSFHJBUP�EJ�GSBTTJOP�WFOBUP � � � �
1MBODJB�TUSVNFOUJ�DPO�UBDIJNFUSP�F�DPOUBHJSJ�SPUPOEJ��JOEJDBUPSJ�MJWFMMP�EFM�DBSCVSBOUF�F�UFNQFSBUVSB�EFMMѳPMJP�
EJFTFM��DPOTVNP�EFM�DBSCVSBOUF� � � �
3JWFTUJNFOUJ�
ѭ�DPNCJOB[JPOF�"MDBOUBSB�QFMMF � � � �
ѭ�JO�QFMMF�&YDMVTJWF�/BQQB�FTUFTB � � � �
ѭ�JO�QFMMF�/FWBEB � � � �
ѭ�JO�QFMMF�/FWBEB�USBGPSBUB�TPMP�JO�BCCJOBNFOUP�BMMB�WFOUJMB[JPOF�BUUJWB�EFJ�TFEJMJ � � � �
ѭ�JO�TUPGGB�5XJMM � � � �
3JWFTUJNFOUP�JOUFSOP�EFM�QBEJHMJPOF�#.8�*OEJWJEVBM�"OUISB[JU � � � �
.PUPSF�F�UFDOJDB 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E
"DUJWF�4UFFSJOH�DPO�4FSWPUSPOJD � � � �
"EBQUJWF�%SJWF�%ZOBNJD�%SJWF�FE�&%$ � � � �
"TTBMF�BOUFSJPSF�B�EPQQJ�CSBDDJ�USBTWFSTBMJ � � � �
"TTBMF�QPTUFSJPSF�B�CSBDDJ�NVMUJQMJ � � � �
#.8�5XJO1PXFS�5VSCP � � � �
#SBLF�&OFSHZ�3FHFOFSBUJPO � � � �
$BNCJP�BVUPNBUJDP�4UFQUSPOJD�B���SBQQPSUJ�F�QBEEMFT�TVM�WPMBOUF�TQPSUJWP � � � �
%PQQJB�7"/04�EPQQJB�SFHPMB[JPOF�WBSJBCJMF�EFHMJ�BMCFSJ�B�DBNNF � � � �
%ZOBNJD�1FSGPSNBODF�$POUSPM�QFS�MB�EJTUSJCV[JPOF�NJSBUB�EFMMB�DPQQJB�TVMMѳBTTF�QPTUFSJPSF � � � �
'JMUSP�BOUJQBSUJDPMBUP�QFS�EJFTFM � � � �
)JHI�1SFDJTJPO�*OKFDUJPO�JOJF[JPOF�EJSFUUB�EJ�CFO[JOB � � � �
1 %J�TFSJF�QFS�WFSTJPOF�'VUVSB�
.PUPSF�F�UFDOJDB 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E
.PUPSF�B�CFO[JOB�B���DJMJOESJ�JO�MJOFB�#.8�5XJO1PXFS�5VSCP ���WBMWPMF�QFS�DJMJOESP � � � �
.PUPSF�B�CFO[JOB�B���DJMJOESJ�B�7�#.8�5XJO1PXFS�5VSCP ���WBMWPMF�QFS�DJMJOESP � � � �
.PUPSF�EJFTFM�B���DJMJOESJ�JO�MJOFB ���WBMWPMF�QFS�DJMJOESP � � � �
.PUPSF�EJFTFM�B���DJMJOESJ�JO�MJOFB�#.8�5XJO1PXFS�5VSCP ���WBMWPMF�QFS�DJMJOESP � � � �
3FHPMB[JPOF�EJ�MJWFMMP�DPO�TPTQFOTJPOJ�QOFVNBUJDIF�BM�SFUSPUSFOP � � � �
5FDOJDB�$PNNPO�3BJM � � � �
5FDOPMPHJB�EFJ�HBT�EJ�TDBSJDP�DPOGPSNF�BMMB�OPSNBUJWB�&6� � � � �
5VSCPDPNQSFTTPSF�DPO�UVSCJOB�B�HFPNFUSJB�WBSJBCJMF � � � �
Y%SJWF�USB[JPOF�JOUFHSBMF�DPO�SJQBSUJ[JPOF�WBSJBCJMF�EFMMB�DPQQJB � � � �
%JTQPTJUJWJ�EJ�BTTJTUFO[B�BMMB�HVJEB 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E
"WWJTBUPSF�EJ�DBNCJP�BDDJEFOUBMF�EFMMB�DPSTJB�EJ�NBSDJB � � � �
)FBE�6Q�%JTQMBZ � � � �
)JHI�#FBN�"TTJTUBOU � � � �
1BSL�%JTUBODF�$POUSPM�1%$�QPTUFSJPSF�QFS�9��Y%SJWF��J�BOUFSJPSF�F�QPTUFSJPSF � � � �
3FHPMBUPSF�EJ�WFMPDJU �DPO�GVO[JPOF�EJ�GSFOBUB�"DUJWF)ZCSJE��TFO[B�GVO[JPOF�GSFOP � � � �
3FHPMB[JPOF�BUUJWB�EFMMB�WFMPDJU �DPO�GVO[JPOF�4UPQ�(P � � � �
4JEF�7JFX�TPMP�JO�BCCJOBNFOUP�B�UFMFDBNFSB�QPTUFSJPSF�DPO�5PQ�7JFX � � � �
4QFFE�-JNJU�*OGP�TPMP�JO�BCCJOBNFOUP�BM�TJTUFNB�EJ�OBWJHB[JPOF�1SPGFTTJPOBM � � � �
5FMFDBNFSB�QFS�SFUSPNBSDJB�DPO�5PQ�7JFX � � � �
-VDJ�F�WJTJCJMJU 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E
"EBQUJWF�-JHIU�$POUSPM�DPO�DPSOFSJOH�MJHIUT�F�EJTUSJCV[JPOF�WBSJBCJMF�EFMMB�MVDF � � � �
'BSJ�BMMP�YFOP�BOBCCBHMJBOUJ�FE�BCCBHMJBOUJ �DPO�SFHPMB[JPOF�BVUPNBUJDB�EFMMB�QSPGPOEJU �F�RVBUUSP�BOFMMJ�MVNJOPTJ�
BOBCCBHMJBOUJ�EJVSOJ�F�MVDJ�EJ�QBSDIFHHJP�OPODI©�JNQJBOUP�MBWBGBSJ� � � �
'BSJ�GFOEJOFCCJB�DPO�SJGMFUUPSF�B�GPSNB�MJCFSB�BCCJOBUJ�B�HFUUJ�MBWBWFUSP�F�SFUSPWJTPSJ�FTUFSOJ�SJTDBMEBUJ � � � �
1BDDIFUUP�MVDJ�USB�MѳBMUSP�MVDJ�OFJ�WBOJ�QPSUJFSF �MVDJ�EJ�MFUUVSB�QPTUFSJPSJ �MVDJ�WBOP�QJFEJ�QPTUFSJPSF � � � �
3FUSPWJTPSF�JOUFSOP�BVUPBOBCCBHMJBOUF � � � �
3FUSPWJTPSJ�FTUFSOJ�BVUPBOBCCBHMJBOUJ �SJQJFHBCJMJ�FMFUUSJDBNFOUF�DPO�EJTQPTJUJWP�BVUPNBUJDP�kCPSEP�NBSDJBQJFEF{� � � � �
4FOTPSF�QJPHHJB�DPO�BDDFOTJPOF�BVUPNBUJDB�BOBCCBHMJBOUJ � � � �
"CJUBDPMP� 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E
$MJNBUJ[[BUPSF�BVUPNBUJDP�DPO�SFHPMB[JPOF�B���[POF�DPNQSFOTJWP�EJ�"6$ �TFOTPSF�EJ�BQQBOOBNFOUP �TFOTPSF�
TPMBSF�F�UBTUP�QFS�DBMPSF�SFTJEVP�DPO�CPDDIFUUF�BGGMVTTP�BSJB�QPTUFSJPSJ� � � �
$MJNBUJ[[BUPSF�BVUPNBUJDP�DPO�SFHPMB[JPOF�B���[POF�SFHPMB[JPOF�TVQQMFNFOUBSF�JOEJWJEVBMF�EFMMB�UFNQFSBUVSB�
OFMMB�[POB�QPTUFSJPSF� � � �
1BSBCSF[[B�DPO�GBTDJB�BOUJSJGMFTTP�HSJHJB � � � �
3FHPMB[JPOF�FMFUUSJDB�QJBOUPOF�TUFS[P�JO�BMUF[[B�F�MVOHIF[[B � � � �
4FEJMJ�DPNGPSU�
ѭ���TFEJMJ �EJ�DVJ���TFEJMJ�QPTUFSJPSJ�DPO�TUJMF�EB�NPOPQPTUP�TQPSUJWB�F�QPHHJBUFTUB�JOUFHSBUJ � � � �
ѭ�SFHPMB[JPOF�FMFUUSJDB� � � � �
ѭ�SJTDBMEBNFOUP�EFJ�TFEJMJ�BOUFSJPSJ � � � �
� �%J�TFSJF� � �0QUJPOBM� � �/PO�EJTQPOJCJMF�
�� ��]%PUB[JPOF�EJ�TFSJF�]�0QUJPOBM�
"CJUBDPMP� 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E
ѭ�SJTDBMEBNFOUP�EFJ�TFEJMJ�QPTUFSJPSJ � � � �
ѭ�TDIJFOBMJ�EFJ�TFEJMJ�QPTUFSJPSJ�BCCBUUJCJMJ�BTJNNFUSJDBNFOUF�������� � � � �
ѭ��TFEJMJ�BOUFSJPSJ�DPNGPSU�B�SFHPMB[JPOF�FMFUUSJDB�DPO�GVO[JPOJ�TVQQMFNFOUBSJ �DPNQSFTP�TVQQPSUP�MPNCBSF� � � � �
ѭ��TFEJMJ�BOUFSJPSJ�TQPSUJWJ�DPO�SFHPMB[JPOF�FMFUUSJDB�EJTQPOJCJMF�TPMP�JO�BCCJOBNFOUP�BHMJ�JOUFSOJ�JO�QFMMF � � � �
ѭ�TFEJMF�BUUJWP�QFS�HVJEBUPSF�EJTQPOJCJMF�JO�BCCJOBNFOUP�BJ�TFEJMJ�DPNGPSU�F�BMMB�WFOUJMB[JPOF�BUUJWB�EFJ�TFEJMJ � � � �
ѭ�SFHPMB[JPOF�TFEJMJ�QBS[JBMNFOUF�FMFUUSJDB � � � �
ѭ�TVQQPSUP�MPNCBSF�QFS�TFEJMJ�BOUFSJPSJ �BE�B[JPOBNFOUP�FMFUUSJDP�JO�BCCJOBNFOUP�BMMB�SFHPMB[JPOF�FMFUUSJDB�EFJ�TFEJMJ � � � �
5FOEJOB�QBSBTPMF�BWWPMHJCJMF�QFS�JM�MVOPUUP�F�J�GJOFTUSJOJ�EFMMF�QPSUJFSF�QPTUFSJPSJ � � � �
7PMBOUF�DPO�DPSPOB�SJTDBMEBCJMF � � � �
7PMBOUJ�
ѭ�WPMBOUF�TQPSUJWP�JO�QFMMF�B�USF�SB[[F�DPO�NVMUJGVO[JPOF�F�QBEEMFT � � � �
$PNGPSU�FE�FRVJQBHHJBNFOUP�JOUFSOP 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E
"M[BDSJTUBMMJ�FMFUUSJDJ�DPO�GVO[JPOF�EJ�BCCBTTBNFOUP�TPMMFWBNFOUP�NFEJBOUF�VO�TFNQMJDF�JNQVMTP �BQFSUVSB�DIJVTVSB�
kDPNGPSU{�F�QSPUF[JPOF�BOUJTDIJBDDJBNFOUP� � � �
"[JPOBNFOUP�BVUPNBUJDP�EFM�DPGBOP�QPTUFSJPSF�� � � � �
$PGBOP�QPTUFSJPSF �JO�VO�TPMP�QF[[P �DPO�GVO[JPOF�EJ�BSSFTUP�JOUFSNFEJP � � � �
$PNGPSU�"DDFTT�QFS�TBMJSF�OFMMB�WFUUVSB�FE�BWWJBSF�JM�NPUPSF�TFO[B�DIJBWF � � � �
1BDDIFUUP�QPSUBPHHFUUJ�USB�MѳBMUSP�EPUBUP�EJ�HVJEF�DPO�PDDIJFMMJ�EJ�BODPSBHHJP�OFM�CBHBHMJBJP � � � �
1PSUBCFWBOEF�OFMMB�QBSUF�BOUFSJPSF�F�QPTUFSJPSF � � � �
4BDDB�QPSUBTDJ � � � �
4JTUFNB�EJ�GJTTBHHJP�BEBUUBUJWP � � � �
5BTUP�TUBSU�TUPQ � � � �
5FUUVDDJP�QBOPSBNJDP�TDPSSFWPMF�JODMJOBCJMF�JO�WFUSP�BE�B[JPOBNFOUP�FMFUUSJDP �DPO�BQFSUVSB�DPNGPSU�USBNJUF�
MB�DIJBWF�EFMMB�WFUUVSB� � � �
7BOJ�QPSUBPHHFUUJ�DPO�UBQQFUJOJ�BOUJTDJWPMP�OFMMF�QPSUJFSF�F�OFMMB�DPOTPMMF�DFOUSBMF��WBOP�SJQPTUJHMJP�DPO�
TFSSBUVSB�OFM�CBHBHMJBJP� � � �
*OUSBUUFOJNFOUP �DPNVOJDB[JPOF�F�JOGPSNB[JPOF� 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E
#.8�$POOFDUFE%SJWF�ѭ�4FSWJ[J�UFMFNBUJDJ�
ѭ�#.8�"TTJTU � � � �
ѭ�#.8�0OMJOF � � � �
ѭ�#.8�5SBDLJOH � � � �
ѭ�#.8�5FMF4FSWJDFT � � � �
$POUSPM�%JTQMBZ �� �� � � � �
$POUSPMMFS�DPO�UBTUJ�EJ�TDFMUB�SBQJEB � � � �
'VO[JPOF�57 � � � �
1SFEJTQPTJ[JPOF�QFS�DFMMVMBSF�#VTJOFTT�DPO�JOUFSGBDDJB�#MVFUPPUI��F�DPMMFHBNFOUP�DPNGPSU�
QFS�.VTJD�1MBZFS�QFS�DFMMVMBSF� � � �
1 %JTQPOJCJMF�TPMP�JO�BCCJOBNFOUP�B�1FMMF�/FWBEB�USBGPSBUB�P�B�1FMMF�.FSJOP�#.8�*OEJWJEVBM�USBGPSBUB�OPODI©�B�TFEJMJ�DPNGPSU�P�BUUJWJ����5SPWFSFUF�JOGPSNB[JPOJ�TVHMJ�BQQBSFDDIJ�DPOTJHMJBUJ�BM�TJUP��XXX�CNX�DPN�CMVFUPPUI
*OUSBUUFOJNFOUP �DPNVOJDB[JPOF�F�JOGPSNB[JPOF 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E
3BEJP�"VEJP�
ѭ�BUUBDDP�"69�*/�OFMMB�DPOTPMMF�DFOUSBMF � � � �
ѭ��DBSJDBUPSF�$PNQBDU�%JTD�QFS���$%�OFM�DBTTFUUP�QPSUBPHHFUUJ � � � �
ѭ��DBSJDBUPSF�%7%�OFM�DBTTFUUP�QPSUBPHHFUUJ�DPO�TJTUFNB�BVEJP�NVMUJDBOBMF � � � �
ѭ�JOUFSGBDDJB�BVEJP�64# �FTUFTB�DPO�JOEJDB[JPOF�ѶDPWFS�BSUѷ � � � �
ѭ�SBEJP�#.8�1SPGFTTJPOBM�DPO�MFUUPSF�$%�DPNQBUJCJMF�DPO�.1� � � � �
ѭ��TJOUPOJ[[BUPSF�%"# �DPO�SJDF[JPOF�BODIF�EJ�QSPHSBNNJ�SBEJP�EJHJUBMJ�F�DPO�DBQBDJU �%"#��%.# � � � �
ѭ�TJTUFNB�#.8�*OEJWJEVBM�)JHI�&OE � � � �
ѭ��TJTUFNB�EJ�BMUPQBSMBOUJ�)J'J � � � �
ѭ��TJTUFNB�%7%�OFMMB�[POB�QPTUFSJPSF � � � �
ѭ��TJTUFNB�)J'J�1SPGFTTJPOBM � � � �
4JTUFNB�EJ�OBWJHB[JPOF�#.8�1SPGFTTJPOBM�DPO�EJTQMBZ�B�DPMPSJ�BE�BMUB�SJTPMV[JPOF�EB�� �� �NFNPSJB�TV�EJTDP�GJTTP�
QFS�EBUJ�EJ�OBWJHB[JPOF�F�GJMF�NVTJDBMJ�NFNPSJB����(JHBCZUF �NBQQB�DBSUPHSBGJDB�USJEJNFOTJPOBMF �GVO[JPOF�TQMJUTDSFFO� � � �
%BUJ�UFDOJDJ 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E
.BTTB
.BTTB�B�WVPUP�$&� LH � � � � � � � � � � � � � � � �
.BTTB�DPNQMFTTJWB�BNNFTTB LH � � � � � � � � � � � � � � � �
$BSJDP�VUJMF LH � � � �<���> � � � � � � �<���> � � � �<���>
$BSJDP�BNNFTTP�TVMMѳBWBOUSFOP�SFUSPUSFOP LH � � � � �� � � � � � � �� � � � � � � � �� � � � � � � �� � � �
$BSJDP�BNNFTTP�TVM�UFUUP LH � � � � � � � � � � � �
.BTTB�SJNPSDIJBCJMF�BNNFTTB�OPO�GSFOBUB LH � � � � � � � � � � � �
.BTTB�SJNPSDIJBCJMF�BNNFTTB�GSFOBUB�DPO�QFOEFO[B�EFM�����NBY� LH � � � � � � � � � � � �
.PUPSF�
$JMJOESJ�WBMWPMF�QFS�DJMJOESP � �� � �� � �� � ��
$JMJOESBUB DN� � � � � � � � � � � � � �
1PUFO[B�SFHJNFL8�$7
H�NJO
� � � � � �
� � � �
� � �� � �
� � � � ��ѭ��� � � �
� � � �� � �
� � � �
� � � � � �
� � � �
$PQQJB�NBY��SFHJNF/N
��NJO
� � �
� � � � ��ѭ��� � � �
� � �
� � � � ��ѭ��� � � �
� � �
� � � � ��ѭ�� � � �
� � �
� � � � ��ѭ��� � � �
5SBTNJTTJPOF
3BQQPSUJ�EFM�DBNCJP�EJ�TFSJF *�**��� � � � � � � �� � � �� � � � � � �� � � � � � � � � �� � � � � � � � � �� � �
***�*7�7��� � � � �� � � �� � � � � �� � � �� � � � � �� � � �� � � � � �� � � �� �
7*�7**�3��� � � � �� � � � � � � � �� � � � � � � � �� � � � � � � � �� � � � �
3BQQPSUP�BM�QPOUF �� � � � � �
1SFTUB[JPOJ
7FMPDJU �NBTTJNB� LN�I � � � � � � � � � � �
"DDFMFSB[JPOF����ѭ����LN�I T � � � � � � � �
$POTVNP�
6SCBOP M�����LN � � � � � � � � �
&YUSBVSCBOP M�����LN � � � � � � �
.JTUP M�����LN � � � � � � � � � �
&NJTTJPOJ�EJ�$0�� H�LN � � � � � � � � � � � �
$BQBDJU �EFM�TFSCBUPJP �DJSDB � � � � � � � �
� �%J�TFSJF� � �0QUJPOBM� � �/PO�EJTQPOJCJMF
�� ��]%PUB[JPOF�EJ�TFSJF�]�0QUJPOBM�]�%BUJ�UFDOJDJ�
%BUJ�UFDOJDJ 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E
3VPUF
%JNFOTJPOJ�EFJ�QOFVNBUJDJ � � � �� � �3�� � �7 � � � �� � �3�� � �8 � � � �� � �3�� � �7 � � � �� � �3�� � �7
%JNFOTJPOF�EFJ�DFSDIJ � �+�Y�� � � �+�Y�� � � �+�Y�� � � �+�Y�� �
.BUFSJBMF -FHB�MFHHFSB -FHB�MFHHFSB -FHB�MFHHFSB -FHB�MFHHFSB
���/FM�WBMPSF�JOEJDBUP�TPOP�DPNQSFTJ�JM�TFSCBUPJP�EJ�DBSCVSBOUF�QJFOP�BM�����������LH�QFS�JM�HVJEBUPSF�����LH�
QFS�JM�CBHBHMJP��
-B�NBTTB�B�WVPUP�WBMF�QFS�MF�WFUUVSF�DPO�MѳFRVJQBHHJBNFOUP�EJ�TFSJF��(MJ�PQUJPOBM�BVNFOUBOP�UBMF�WBMPSF����#.8�SBDDPNBOEB�MѳJNQJFHP�EJ�CFO[JOB�TVQFS�TFO[B�QJPNCP�B����PUUBOJ��*�NPUPSJ�QPTTPOP�BODIF�FTTFSF�
VUJMJ[[BUJ�DPO�DBSCVSBOUF�TFO[B�QJPNCP�B����PUUBOJ�F�QJ¹ �DPO�VOB�QFSDFOUVBMF�NBTTJNB�EJ�FUBOPMP�EFM������
&����*�EBUJ�TVMMF�QSFTUB[JPOJ�F�J�DPOTVNJ�TJ�SJGFSJTDPOP�BMMѳFTFSDJ[JP�DPO�DBSCVSBOUF�B����PUUBOJ����5VUUJ�J�NPUPSJ�SJTQPOEPOP�BMMB�OPSNBUJWB�&6���#BTF�QFS�MB�SJMFWB[JPOF�EFM�DPOTVNP�̈ �JM�DJDMP�EJ�HVJEB�$&& �
DIF�QSFWFEF�VO�UFS[P�DJSDB�EJ�HVJEB�JO�DJUU �F�EVF�UFS[J�TV�TUSBEF�FYUSBVSCBOF�NJTVSBUJ�TVM�USBUUP�EJ�TUSBEB��
0MUSF�BM�DPOTVNP�EJ�DBSCVSBOUF�WJFOF�NJTVSBUB�BODIF�MѳFNJTTJPOF�EJ�$0���*M�DBMDPMP�̈ �TUBUP�FTFHVJUP�DPO�
MѳFRVJQBHHJBNFOUP�EJ�TFSJF�EFM�NFSDBUP�UFEFTDP��(MJ�PQUJPOBM�BE�FTFNQJP�QOFVNBUJDJ�QJ¹�MBSHIJ�QPTTPOP�
JOGMVJSF�OPUFWPMNFOUF�TVM�DPOTVNP�F�TVMMF�QSFTUB[JPOJ���$PO�CBSSF�QPSUBUVUUP�MѳBMUF[[B�̈ �������NN�
7BMPSJ�JO�<�>�QFS�WFUUVSF�DPO�SFHPMB[JPOF�EJ�MJWFMMP�F�BNNPSUJ[[BUPSJ�QOFVNBUJDJ�TVM�SFUSPUSFOP�P�JO�BCCJOBNFOUP�DPO�Mѳ"EBQUJWF�%SJWF�
-B�#.8�9��SBGGJHVSBUB�JO�RVFTUP�DBUBMPHP�IB�MB�DBSSP[[FSJB�DPMPS�7FSNJMJPOSPU�NFUBMMJ[[BUP��*�SJWFTUJNFOUJ�TPOP�JO�QFMMF�/FWBEB�0ZTUFS �
MF�NPEBOBUVSF�JOUFSOF�JO�MFHOP�QSFHJBUP�EJ�CBNC¹�TDVSP�
5VUUF�MF�NJTVSF�EFJ�EJTFHOJ�UFDOJDJ�TPOP�FTQSFTTF�JO�NJMMJNFUSJ��"MUF[[B�DPNQSFOTJWB�EFMMѳBOUFOOB�TVM�UFUUP��$BQBDJU �EFM�WBOP�CBHBHMJ�
�����������MJUSJ�
7BMPSJ�JO���QFS�WFUUVSF�DPO�UFUUVDDJP�TDPSSFWPMF�
*�EFUUBHMJ�TVMMѳFRVJQBHHJBNFOUP�EFMMB�WFSTJPOF�JCSJEB�TBSBOOP�EJTQPOJCJMJ�TVDDFTTJWBNFOUF�
1644
1983
1690
2195
1706
2933
4877
1086858
973
947
1521
1551
1449
1514
� � � �
� � � �
� � � � � � � � � � �
� � � �
� � � �
� � � �
����
����
�������
�������
����
��]
6OB�#.8�PGGSF�TFNQSF�VO�GFFMJOH�EJ�HVJEB�TQFDJBMF��$ѳ¨�QFS²�VO�NPEP�QFS�JOUFOTJ �DBSMP�VMUF�
SJPSNFOUF��FRVJQBHHJBSF�MѳBVUP�DPO�HMJ�"DDFTTPSJ�0SJHJOBMJ�#.8 �QSPEPUUJ�DIF�VOJTDPOP�JEFF�
GVPSJ�EBMMѳPSEJOBSJP �NBTTJNB�GVO[JPOBMJU �F�EFTJHO�BGGBTDJOBOUF��4DPQSJUF�MѳBNQJB�HBNNB�EJ�
QSPQPTUF�TUVEJBUF�QFS�HMJ�BMMFTUJNFOUJ�FTUFSOP�FE�JOUFSOP �MB�DPNVOJDB[JPOF�F�MѳJOGPSNB[JPOF �
OPODI©�QFS�JM�USBTQPSUP�F�MѳFRVJQBHHJBNFOUP�QFS�CBHBHMJBJP��*M�WPTUSP�$PODFTTJPOBSJP�#.8�TBS �
MJFUP�EJ�GPSOJSWJ�NBHHJPSJ�JOGPSNB[JPOJ�FE�IB�QSPOUP�QFS�WPJ�MP�TQFDJBMF�DBUBMPHP�DIF�JMMVTUSB�UVUUB�MB�
HBNNB�EFHMJ�"DDFTTPSJ�0SJHJOBMJ�#.8�
XXX�CNX�JU
-&�*%&&�.*(-*03*�1&3�-"�70453"�"650��(-*�"$$&4403*�03*(*/"-*�#.8�
1PSUBCBHBHMJ�QPTUFSJPSF�DPO�TFSSBUVSB���DFSDIJ�JO�MFHB�DSPNBUJ�EB�� � ��DPO�TUZMJOH�B�TUFMMB�Op�� � �QSFTTPGVTJ�
4JTUFNB�%7%�#.8�"EWBODFE�DPO�TDIFSNP�B�DPMPSJ�EB�� ��
SFHPMBCJMF�JO�JODMJOB[JPOF�
"EBUUBUPSF�4OBQ�*O�DPO�JOUFSGBDDJB�64#�QFS�UFMFGPOBSF�F�TFOUJSF�
MB�NVTJDB�
5BQQFUJOP�SJCBMUBCJMF�QFS�CBHBHMJBJP��TJ�QV²�VUJMJ[[BSF�TVJ�EVF�
MBUJ�FE�̈ �BOUJTDJWPMP�
��*O�BCCJOBNFOUP�BMMѳPQUJPOBM�1SFEJTQPTJ[JPOF�1PSUBCBHBHMJ�QPTUFSJPSF�
�� "DDFTTPSJ�0SJHJOBMJ�#.8�]�#.8�*OEJWJEVBM
-B�WFSB�FTDMVTJWJU �SJTQPOEF�B�SFRVJTJUJ�FMFWBUJTTJNJ��RVFMMJ�DIF�JNQPOJBNP�B�OPJ�TUFTTJ��
#.8�*OEJWJEVBM�WJ�DPOTFOUF�EJ�TPEEJTGBSMJ�UPUBMNFOUF�DPO�VOB�#.8�*OEJWJEVBM�9� �
JO�DVJ�UVUUJ�J�EFUUBHMJ�QFSTPOBMJ[[BUJ�TPOP�BSNPOJ[[BUJ�JO�NPEP�PUUJNBMF��$PT¬�MB�WFSOJDF�
1FBSMTJMCFS�NFUBMMJ[[BUP�#.8�*OEJWJEVBM �RVJ�SBGGJHVSBUB �EFWF�JM�TVP�FMFHBOUF�SJGMFTTP�
JSJEFTDFOUF�B�VO�UJQP�QBSUJDPMBSF�EJ�QJHNFOUB[JPOF��-B�QFMMF�.FSJOP�#.8�*OEJWJEVBM�JO�
DPMPS�4DIJFGFS�DSFB�VO�SJDDP�DPOUSBTUP�DPO�MB�TVB�UPOBMJU �OFSB�EBMMB�OVBODF�NPMUP�GJOF��
3JTQFUUP�B�RVFMMB�PGGFSUB�EJ�TFSJF �MѳBNQJB�HBNNB�EJ�SJWFTUJNFOUJ�JO�QFMMF�*OEJWJEVBM�DPN�
QSFOEF�BMUSJ�FMFNFOUJ �DPNF�BE�FTFNQJP�HMJ�JOTFSUJ�OFMMF�QPSUJFSF�F�MF�NBOJHMJF�DPNQMFUF��4V�SJ�
DIJFTUB�̈ �JOPMUSF�EJTQPOJCJMF�VO�VMUFSJPSF�PQUJPOBM�FTDMVTJWP��MB�QMBODJB�TUSVNFOUJ�#.8�*OEJWJEVBM�
JO�QFMMF�.FSJOP��-F�NPEBOBUVSF�JOUFSOF�JO�OFSP�1JBOPMBDL�TJ�BSNPOJ[[BOP�QFSGFUUBNFOUF�DPO
JM�DPMPSF�EFMMB�QFMMF�F�BMMP�TUFTTP�UFNQP�EBOOP�VO�UPDDP�EJ�FMFHBO[B�DPO�MB�MPSP�TVQFSGJDJF�MVDJEB��
/FMMF�QBHJOF�TFHVFOUJ�GBUFWJ�JTQJSBSF�EBMMѳPGGFSUB�#.8�*OEJWJEVBM��5SPWFSFUF�VO�RVBESP�HFOF�
SBMF�EFJ�DPMPSJ�F�EFJ�NBUFSJBMJ�#.8�*OEJWJEVBM�BMMF�QBHJOF���ѭ���
*-�.0%0�1*��&4$-64*70�%*�7*"((*"3&�*/�#.8��
3JWFTUJNFOUJ�JO�1FMMF�.FSJOP�FTUFTB�4DIJFGFS�DPO�TUSJTDJB�"MDBOUBSB �NPEBOBUVSB�JOUFSOB�1JBOP�#MBDL�F�QMBODJB�TUSVNFOUJ�SJWFTUJUB�JO�QFMMF� 7FSOJDF�#.8�*OEJWJEVBM�1FBSM�4JMWFS�NFUBMMJ[[BUP�
#.8�*/%*7*%6"-��3"3".&/5&�-"�7&34"5*-*5����$04��6/*$"�
$PO�FRVJQBHHJBNFOUJ�FTDMVTJWJ�#.8�*OEJWJEVBM�QFSNFUUF�EJ�SBHHJVOHFSF�VO�QJBDFSF�EJ�HVJEBSF�BE�
BMUJTTJNJ�MJWFMMJ��DPMPSJ�F�NBUFSJBMJ�VOJDJ�TJ�BSNPOJ[[BOP�QFSGFUUBNFOUF�DPO�J�EFTJEFSJ�EFM�HVJEBUPSF��$PT¬�
MF�WFSOJDJ�DPOWJODPOP�QFS�J�MPSP�FGGFUUJ�DBOHJBOUJ�F�CSJMMBOUJ��-ѳBMUB�RVBMJU �EFMMB�QFMMF�F�MF�FMFHBOUJ�WFOBUVSF�
EFJ�MFHOJ�QSFHJBUJ�DPOGFSJTDPOP�BMMѳBCJUBDPMP�VO�DBSBUUFSF�JODPOGPOEJCJMF��5FDOPMPHJF�JOOPWBUJWF�
BVNFOUBOP�JM�DPNGPSU��5VUUJ�J�QBSUJDPMBSJ�DPOGMVJTDPOP�JO�VOѳBVUPNPCJMF�TFO[B�QBSJ�
7FSOJDJ�#.8�*OEJWJEVBM��QFS�UPOBMJU �QJ¹�CSJMMBOUJ��.JHMJBJB�EJ�WPMUF�JO�QJ¹���
-F�WFSOJDJ�#.8�*OEJWJEVBM�TPOP�VOJDIF��4J�EJTUJOHVPOP�EBHMJ�BMUSJ�DPMPSJ�QFS�JM�MPSP�FGGFUUP�DBOHJBOUF�F�
CSJMMBOUF��$PT¬�TPUUP�MB�TVQFSGJDJF�OBTDF�VO�BGGBTDJOBOUF�HJPDP�BMUFSOP�EFJ�DPMPSJ��2VFTUP�BWWJFOF�
HSB[JF�BMMB�QBSUJDPMBSF�QJHNFOUB[JPOF��*O�RVFTUP�NPEP�MF�WFSOJDJ�BTTVNPOP�VOB�TUSBPSEJOBSJB�JOUFO�
TJU �
1FMMF�#.8�*OEJWJEVBM��-B�WFSB�FTDMVTJWJU �̈ �B�QPSUBUB�EJ�NBOP��
-B�1FMMF�.FSJOP�#.8*OEJWJEVBM�OPO�DPORVJTUB�TPMP�QFS�JM�TVP�BTQFUUP�WFMMVUBUP�NB�BODIF�QFS�MB�TVB�JO�
DPOGPOEJCJMF�NPSCJEF[[B��2VFTUP�̈ �SFTP�QPTTJCJMF�EB�VOB�TDFMUB�FTUSFNBNFOUF�BDDVSBUB�EFMMB�QFMMF�
HSF[[B �JO�DVJ�USPWBOP�JNQJFHP�TPMP�TVQFSGJDJ�QFSGFUUF��*O�RVFTUP�NPEP�TJ�FWJUBOP�USBUUBNFOUJ�TVD�
DFTTJWJ�EFMMF�TVQFSGJDJ��(SB[JF�B�RVFTUB�HFOVJOJU �MB�QFMMF�NBOUJFOF�MB�TVB�TUSVUUVSB�B�QPSJ�BQFSUJ�F�USB�
TQJSB�SJNBOFOEP�NPSCJEB�F�WFMMVUBUB��*�DPMPSJ�EFMMB�QFMMF�TPOP�QFSGFUUBNFOUF�BSNPOJ[[BUJ�BMMF�WFSOJDJ�
#.8�*OEJWJEVBM �QFS�DVJ�MѳFTUFSOP�F�MѳBCJUBDPMP�TJ�JOUFHSBOP�PUUJNBNFOUF�
.PEBOBUVSF�JOUFSOF�#.8�*OEJWJEVBM��-B�NBFTUSJB�EFMMB�MBWPSB[JPOF�BSUJHJBOBMF�E �JM�UPDDP�
GJOBMF�BMMѳBCJUBDPMP���
*�MFHOJ�QSFHJBUJ�#.8*OEJWJEVBM�DPOGFSJTDPOP�BMMѳBCJUBDPMP�VO�DBSBUUFSF�JODPOGPOEJCJMF �QFSDI©�MF�MPSP�
WFOBUVSF�F�J�MPSP�DPMPSJ�TPOP�FTDMVTJWJ��-B�RVBMJU �FDDFMMFOUF�̈ �HBSBOUJUB�EB�VOB�TFWFSB�TFMF[JPOF�EFJ�MF�
HOBNJ�F�EBMMB�MPSP�QFSGFUUB�MBWPSB[JPOF��"ODIF�JM�1JBOPMBDL�4DIXBS[�SJDIJFEF�VOѳFDDFMMFOUF�NBFTUSJB�
BSUJHJBOBMF��-B�TVB�TVQFSGJDJF�MVDJEB�SBHHJVOHF�RVFTUB�CSJMMBOUF[[B�TPMP�DPO�MѳPQFSB�EFJ�NJHMJPSJ�QSP�
EVUUPSJ�EJ�QJBOPGPSUJ��
4JTUFNB�BVEJP�)JHI�&OE�#.8�*OEJWJEVBM��VO�TVPOP�QFSGFUUP�QFS�UVUUJ�J�TFOTJ��
*M�TJTUFNB�BVEJP�)JHI�&OE�#.8�*OEJWJEVBM�SFBMJ[[B�VO�FGGFUUP�TPOPSP�QBSBHPOBCJMF�B�RVFMMP�EJ�VOB�
TBMB�DPODFSUJ��2VFTUP�BWWJFOF�HSB[JF�BHMJ�BMUPQBSMBOUJ�QBSUJDPMBSNFOUF�QPUFOUJ�DPO�MF�MPSP�NFNCSBOF�
)FYBDPOF�FTUSFNBNFOUF�SJHJEF��*M�TVPOP�CSJMMBOUF�TJ�PUUJFOF�BODIF�HSB[JF�BM�QPTJ[JPOBNFOUP�PUUJNBMF�
OFMMB�WFUUVSB�EFJ�� �BMUPQBSMBOUJ�)JHI�&OE�F�BMMѳFDDF[JPOBMF�FMBCPSB[JPOF�EFJ�TFHOBMJ�EFMMѳBNQMJGJDBUPSF�
B�� �DBOBMJ�DPO�UFDOPMPHJB�%*3"$�-JWF��&MJNJOB�MF�NBODBO[F�EJ�OJUJEF[[B�EFJ�TVPOJ�F�SJEVDF�BM�NJOJNP�J�
SJGMFTTJ�BDVTUJDJ��6OJUBNFOUF�B�VOѳFRVBMJ[[B[JPOF�BSNPOJ[[BUB�JO�NPEP�QBSUJDPMBSF�DPO�MѳBCJUBDPMP�F�B�
VOB�SFHPMB[JPOF�EFM�WPMVNF�DIF�TJ�BEBUUB�BMMB�WFMPDJU �TJ�PUUJFOF�VO�FGGFUUP�TPOPSP�BJ�NBTTJNJ�MJWFMMJ�
EFMMѳ)J'J�1FMMF�.FSJOP�1MBUJOVN�DPO�NPEBOBUVSB�JOUFSOB�SBEJDB�EJ�OPDF�"NBSPOF�F�QMBODJB�TUSVNFOUJ�
SJWFTUJUB�JO�QFMMF� 1FMMF�.FSJOP�1MBUJOVN�DPO�DVDJUVSB�JO�"MDBOUBSB�
#.8�*OEJWJEVBM
7FSOJDJ�#.8�*OEJWJEVBM �
*OUFSOJ�JO�QFMMF�.FSJOP�FTUFTB�#.8�*OEJWJEVBM� �
&MFNFOUJ�JO�QFMMF�.FSJOP�#.8�*OEJWJEVBM��TFEJMJ�BOUFSJPSJ�F�QPTUFSJPSJ�JODMVTJ�QPHHJBUFTUB �QBOOFMMP�QPTUFSJPSF�EJ�TDIJFOBMF �
JOTFSUJ�OFJ�SJWFTUJNFOUJ�EFMMF�QPSUF �NBOJHMJF�EFMMF�QPSUF �CSBDDJPMJ�SJWFTUJNFOUP�QPSUF�F�DPOTPMMF�DFOUSBMF��*ODMVTB�DVDJUVSB�JO�
"MDBOUBSB�DPO�DPMPSF�JO�DPOUSBTUP��#BSSB�EFMMB�QPSUB�JO�QFMMF�8BMLOBQQB�4DIXBS[�
*OUFSOJ�DPNQMFUJ�JO�QFMMF�.FSJOP�#.8�*OEJWJEVBM� �
&MFNFOUJ�JO�QFMMF�.FSJOP�#.8�*OEJWJEVBM��TFEJMJ�BOUFSJPSJ�F�QPTUFSJPSJ�JODMVTJ�QPHHJBUFTUB �QBOOFMMP�QPTUFSJPSF�EJ�TDIJFOBMF �
JOTFSUJ�JO�SJWFTUJNFOUJ�QPSUF �SJWFTUJNFOUJ�QPSUF�DPNQMFUJ �DPOTPMMF�DFOUSBMF �NBOJHMJF�EFMMF�QPSUF �CSBDDJPMJ�SJWFTUJNFOUP�QPSUB�F�
DPOTPMMF�DFOUSBMF��*ODMVTB�DVDJUVSB�JO�"MDBOUBSB�DPO�DPMPSF�JO�DPOUSBTUP��#BSSB�EFMMB�QPSUB�JO�QFMMF�8BMLOBQQB�4DIXBS[�
.PEBOBUVSF�JOUFSOF�#.8�*OEJWJEVBM
*OUBSTJ�TV�MFHOP � � �#.8�*OEJWJEVBM�QFS�WPMBOUF�JO�QFMMF
4IBEPX�-JOF�MVDJEB�#.8�*OEJWJEVBM
3JWFTUJNFOUP�JOUFSOP�EFM�QBEJHMJPOF�"OUISB[JU�#.8�*OEJWJEVBM
&YUFSJPS�-JOF�#.8�*OEJWJEVBM�JO�BMMVNJOJP�TBUJOBUP
1MBODJB�TUSVNFOUJ�#.8�*OEJWJEVBM�SJWFTUJUB�JO�QFMMF�.FSJOP
4JTUFNB�BVEJP�)JHI�&OE�#.8�*OEJWJEVBM
$FSDIJ�JO�MFHB�MFHHFSB�EB�� � ��*OEJWJEVBM�TUZMJOH�B�7�Op�� � � �* �DPO�QOFVNBUJDJ�NJTUJ�WFSOJDF�DFSDIJ�,BNBDJUHSBV�NFUBMMJ[[BUP
$PNQPTJ[JPOF�#.8�*OEJWJEVBM
*OUFSOJ�JO�QFMMF�.FSJOP�FTUFTB�#.8�*OEJWJEVBM�P�JOUFSOJ�DPNQMFUJ�JO�QFMMF�.FSJOP � �#.8�*OEJWJEVBM
.PEBOBUVSF�JOUFSOF�#.8�*OEJWJEVBM
3JWFTUJNFOUP�JOUFSOP�EFM�QBEJHMJPOF�"OUISB[JU�#.8�*OEJWJEVBM
*OUBSTJ�TV�MFHOP � � �#.8�*OEJWJEVBM�QFS�WPMBOUF�JO�QFMMF
� � �*O�BCCJOBNFOUP�B�WFOUJMB[JPOF�BUUJWB�TFEJMJ �SJWFTUJNFOUJ�JO�QFMMF�USBGPSBUB�TVM�TFEJMF�
*OUFSOJ�DPNQMFUJ�JO�QFMMF�#.8�*OEJWJEVBM�TPMP�DPO�QBDDIFUUP�MVDJ� � 4PMP�JO�BCCJOBNFOUP�B�JOUFSOJ�JO�QFMMF�.FSJOP�FTUFTB�#.8�*OEJWJEVBM�P�JOUFSOJ�DPNQMFUJ�JO�QFMMF�.FSJOP�#.8�*OEJWJEVBM�� � 4PMP�JO�BCCJOBNFOUP�B�SJTDBMEBNFOUP�WPMBOUF� � 4PMP�JO�BCCJOBNFOUP�B�NPEBOBUVSF�JOUFSOF�#.8�*OEJWJEVBM�� � 7FSOJDJ�#.8�*OEJWJEVBM�OPO�EJTQPOJCJMJ�QFS�#.8�9� �)ZCSJE�
*M�WPTUSP�1BSUOFS�#.8�TBS �MJFUP�EJ�QSFTFOUBSWJ�J�NBUFSJBMJ�FE�J�DPMPSJ�PSJHJOBMJ�#.8�*OEJWJEVBM��1FS�VMUFSJPSJ�JOGPSNB[JPOJ�TVMMB�QFSTPOBMJ[[B[JPOF�EFMMB�WPTUSB�#.8�9� �QPUSFUF�DPOTVMUBSF�JM�OPTUSP�TJUP�*OUFSOFU�
� XXX�CNX�JU�DPOGJHVSBUPSF
4JTUFNB�BVEJP�)JHI�&OE�#.8�*OEJWJEVBM�F�1FMMF�.FSJOP�$SJPMMPCSBVO� 1FMMF�.FSJOP�$SJPMMP�#SPXO�DPO�DVDJUVSB�JO�"MDBOUBSB�
*-�1*"$&3&�%��-"�4&/4";*0/&%*�5307"34*�/&--&�."/*�.*(-*03*�#.8�4&37*$&�1&3�-"�70453"�#.8�
.BOVUFO[JPOF�QSPHSBNNBUB�#.8��DPO�MB�.BOVUFO[JPOF�1SPHSBNNBUB�#.8 �OVMMB�WJFOFMBTDJBUP�BM�DBTP��6O�QJBOP�EѳJOUFSWFOUJ�NPEVMBSF�TVEEJWJTP�JO�� �QSPHSBNNJ�4FSWJDF�*ODMVTJWF �4FSWJDF�*ODMVTJWF�1MVT�F�4FSWJDF�*ODMVTJWF�6MUJNBUF �TUVEJBUP�QFS�QSFOEFSTJ�DVSB�EFMMB�WPTUSB�WFUUVSB�NBOUFOFO�EPMB�TFNQSF�JO�QFSGFUUB�FG� �DJFO[B��$JBTDVOP�EFJ�USF�QSPHSBNNJ�HBSBOUJTDF�JOGBUUJ�VO�TFSWJ[JP�EJ�NB�OVUFO[JPOF�QVOUVBMF�F�DPNQMFUP �QFS�MѳJOUFSWBMMP�UFNQPSBMF�DIJMPNFUSJDP�QSFTDFMUP �� �OP�B�� � �BOOJ�F�� � � �� � � �LN��$PO�MB�.BOVUFO[JPOF�1SPHSBNNBUB�#.8 �JOPMUSF �JO�DBTP�EJ�WFOEJUB �MѳBVUP�BDRVJTUB�NBHHJPS�WBMPSF��*M�DPOUSBUUP�JO�FTTFSF�SJNBOF�JOGBUUJ�JO�WJHPSF�B�GBWPSF�EFM�OVPWP�QSPQSJFUBSJP�DIF�QPUS �VTVGSVJSF�EJ�UVUUJ�HMJ�JOUFSWFOUJ�QSFWJTUJ�TJOP�B�TDBEFO[B�EFM�DPOUSBUUP��*OPMUSF�J�TFSWJ[J�DPNQSFTJ�OFJ�USF�QSP�HSBNNJ�QPTTPOP�FTTFSF�FTFHVJUJ�JO�RVBMTJBTJ�$FOUSP�#.8�4FSWJDF �BODIF�BMMѳFTUFSP��#.8�4FSWJDF�*ODMVTJWF�DPNQSFOEF�J�TFHVFOUJ�JOUFSWFOUJ��0JM�4FSWJDF �DPOUSPMMP�WFJDPMP �� �MUSP�BSJB�F�� �MUSP�DBS�CVSBOUF �NJDSP� �MUSP�DMJNB �DBOEFMF�EѳBDDFOTJPOF�F�MJRVJEP�DJSDVJUP�GSFOJ��#.8�4FSWJDF�*ODMVTJWF�1MVT�DPNQSFOEF�UVUUJ�HMJ�JOUFSWFOUJ�QSFWJTUJ�EBM�QSPHSBNNB�#.8�4FSWJDF�*ODMVTJWF�QJ¹��QBTUJHMJF�GSFOP�BOUFSJPSJ�F�QPTUFSJPSJ �EJTDIJ�GSFOP�BOUFSJPSJ�F�QPTUFSJPSJ �GSJ[JPOF �TQB[[PMF�UFSHJDSJTUBMMJ�JO�PDDBTJPOF�EFM�DBNCJP�EFMMѳPMJP��#.8��4FSWJDF�*ODMVTJWF�6MUJNBUF�DPNQSFOEF�UVUUJ�HMJ�JOUFSWFOUJ�QSFWJTUJ�EBM�QSPHSBNNB�#.8�4FSWJDF�*ODMVTJWF�1MVT�QJ¹�UVUUB�MB�NBOVUFO[JPOF�TUSBPSEJOBSJB�DIF�TJ�SFOEFT�TF�OFDFTTBSJB �BE�FDDF[JPOF�EJ��SBCCPDDIJ �JOUFSWFOUJ�TV�QOFVNBUJDJ �DSJTUBMMJ �TFMMFSJB�F�UBQQF[[FSJB�VTVSBUF�
P�DBSSP[[FSJB�F�QBSUJ�OPO�NFDDBOJDIF�EBOOFHHJBUF �MB�WBHHJ�F�DBSCVSBOUF��*M�WPTUSP�$FOUSP�#.8�4FSWJDF�¨�B�EJTQPTJ[JPOF�QFS�EBSWJ�NBHHJPSJ�JOGPSNB[JPOJ�F�GBSWJ�TDPQSJSF�UVUUJ�J�WBOUBHHJ�EFMMB�.BOVUFO[JPOF�1SPHSBN�NBUB�#.8��1FS�VMUFSJPSJ�JOGPSNB[JPOJ�XXX�CNX�JU
#.8�.PCJMF�$BSF����JM�TFSWJ[JP�EJ�BTTJTUFO[B�TUSBEBMF�#.8�WBMJEP�JO�UVUUB�&VSPQB��4VQQPSUP�VUJMF�JO�TJUVB[JPOJ�FDDF[JPOBMJ �¨�BUUJWP�� � �PSF�TV�� � �� � � �HJPSOJ�BMMѳBOOP��"ODIF�OFMMѳJNQSPCBCJMF�FWFO�UVBMJU �EJ�VO�HVBTUP �#.8�.PCJMF�$BSF�JOUFSWFSS �JOWJBOEPWJ�VOѳPG� �DJOB�.PCJMF�4FSWJDF �EBMMF�� � �� � �BMMF�� � �� � �MBEEPWF�QPTTJCJMF�F�RVBMPSB�JM�SJQSJTUJOP�EFMMB�WFUUVSB�TJB�FTFHVJCJMF�TV�TUSBEB �PQQVSF�USBJ�OBOEP�MB�WPTUSB�BVUPNPCJMF�� �OP�BM�$FOUSP�#.8�4FSWJDF�QJ¹�WJDJOP��*OPMUSF �#.8�.PCJMF�$BSF�QSPWWF�EF �RVBOEP�QSFWJTUP�FE�JO�CBTF�BJ�EFUFSNJOBUJ�NBTTJNBMJ �B�GPSOJSWJ�VOB�WFUUVSB�TPTUJUVUJWB�B�HBSBO[JB�EFMMB�WPTUSB�NPCJMJU �B�SJNCPSTBSWJ�MF�TQFTF�EJ�QFSOPUUBNFOUP�JNQSFWJTUP�JO�IPUFM�DPOTFHVFOUF�BM�HVBTUP �BE�BJVUBSWJ�B�SFDVQFSBSF�MѳBVUPNPCJMF�P �BEEJSJUUVSB �B�DPOTFHOBSMB�B�DBTB�WPTUSB��*M�TFSWJ[JP�#.8�.PCJMF�$BSF �BUUJWP�TVMMF�WFUUVSF�JNNBUSJDPMB�UF�EB�HFOOBJP�� � � � �¨�WBMJEP�QFS�� �BOOJ�EBMMB�EBUB�EJ�JNNBUSJDPMB[JPOF�EFMMB�WPTUSB�#.8��XXX�CNX�JU�PQQVSF�XXX�CNX�DPN
#.8�'JOBODJBM�4FSWJDFT��-ѳBVUFOUJDP�QJBDFSF�EJ�HVJEB�F�MB�TFOTB[JPOF�EJ�MJCFSU �DIF�SFHBMB�VOѳBVUP�#.8 �TPOP�PGGFSUJ�BODIF�EBMMF�JOOPWBUJWF�QSPQPTUF�� �OBO�[JBSJF�F�BTTJDVSBUJWF�EJ�#.8��'JOBODJBM�4FSWJDFT��'JOBO[JBNFOUP��'PSNVMB�� �OBO[JBSJB�USBEJ[JPOBMF �TFNQSF�WBOUBHHJPTB�F�QFSTPOBMJ[[BCJMF �QFS�BDRVJTUB�SF�MѳBVUP�EFJ�TPHOJ�TDFHMJFOEP�JM�QJBOP�EJ�EJMB[JPOF�DIF �JO�UFSNJOJ�EJ�EVSBUB�F�JNQPSUJ�NFOTJMJ �NFHMJP�SJTQPOEF�BMMF�QSPQSJF�FTJHFO[F��
.BYJSBUB��4DFHMJFSF�VO�QJBOP�EJ�� �OBO[JBNFOUP�
.BYJSBUB�TJHOJ� �DB�QPUFS�SJNBOEBSF�B�� �OF�DPOUSBUUP�MB�SFTUJUV[JPOF�EJ�CVPOB�QBSUF�EFM�DBQJUBMF�� �OBO[JB�UP �EBM�� � ��BM�� � � �F�QPUFS�EJMB[JPOBSF�MB�RVPUB�SFTUBOUF�DPO�JNQPSUJ�NFOTJMJ�EFDJTBNFOUF�DPOUFOV�UJ��#.8�4FMFDU��6OB�GPSNVMB�FTUSFNBNFOUF�QFS�TPOBMJ[[BCJMF��VO�NJOJNP�BOUJDJQP�F�JNQPSUJ�NFOTJMJ�DPOUFOVUJ�QFSDI©�EFUFSNJOB�EBMMѳJOJ[JP�JM�WBMPSF�NJ�OJNP�DIF�HBSBOUJSFNP�BM�WPTUSP�WFJDPMP�VTBUP��&�DPO�#.8�4FMFDU�BWSFUF�NBTTJNB�MJCFSU �EJ�TDFMUB �TFNQSF��"�� �OF�DPOUSBUUP �QPUSFUF�EFDJEFSF�USB�RVBUUSP�EJWFSTF�BMUFSOBUJWF��BDRVJTUBSF�VOB�OVPWB�BVUP�QFSNVUBOEP�MB�WPTUSB�#.8�VTBUB��SJ� �OBO[JBSF�MѳJNQPSUP�SFTJEVP�DPO�VOB�OVPWB�PQFSB[JPOF��FTUJO�HVFSF�JM�� �OBO[JBNFOUP�PQQVSF�SFTUJUVJSF�JM�WPTUSP�WFJDPMP�VTBUP��7BMVF�-FBTF��6O�QSPEPUUP�� �OBO�[JBSJP�FWPMVUP �JEFBMF�QFS�DIJ�EFTJEFSB�WJWFSF�JM�QJBDFSF�EJ�HVJEB�JO�UVUUB�USBORVJMMJU ��1FSDI©�MѳBOUJDJQP �DIF�QV²�DPSSJTQPOEFSF�BODIF�BMMB�QFSNVUB�EFMMB�#.8�VTBUB �F�DBOPOJ�NFOTJMJ�QBS�UJDPMBSNFOUF�DPOUFOVUJ �QFSNFUUPOP�EJ�TPTUJUVJSF�GSFRVFOUFNFOUF�MѳBVUP�DPO�NJOJNJ�JNQFHOJ�EJ�DBQJUBMF�F�TPEEJTGBOP�MѳFTUSFNP�EFTJEFSJP�EJ�OPWJU �DIF�TPMP�MF�UFDOPMPHJF�#.8�TBOOP�SJTWFHMJBSF��
*M�DPODFUUP�BMMB�CBTF�EFM�#.8�4FSWJDF��NBOUFOFSTJ�TFNQSF�BHHJPSOBUJ��"DRVJTUBOEP�VOB�#.8�TDF�HMJFUF�BODIF�VO�TFSWJ[JP�EѳBTTJTUFO[B�BDDVSBUP�F�DPNQMFUP��-B�3FUF�#.8 �QSFTFOUF�JO�*UBMJB�DPO�PMUSF�� � � �$FO�USJ�#.8�4FSWJDF �HBSBOUJTDF�B�UVUUJ�J�$MJFOUJ�VO�BNQJP�WFOUBHMJP�EJ�WBOUBHHJ�F�TFSWJ[J�FTDMVTJWJ��5SBNJUF�MB�EJBHOPTJ�kPO�CPBSE{�JM�$POEJUJPO�#BTFE�4FSWJDF�$#4�SJMFWB�MF�DPOEJ[JPOJ�EFMMF�QBSUJ�JNQPSUBOUJ�TPHHFUUF�B�VTVSB�F�EFJ�MJRVJEJ�EJ�FTFSDJ[JP�OFJ�NPUPSJ�B�CFO[JOB�F�DPOUSPMMB�HMJ�JOUFSWFOUJ�EFM�4FSWJDF�JO�GVO[JPOF�EFM�DIJMPNFUSBHHJP�P�EFM�UFNQP��5SBNJUF�JM�$POUSPM�%JTQMBZ�TJ�¨�JOGPSNBUJ�TVHMJ�BQQVOUBNFOUJ�FWFOUVBMNFOUF�QSFWJTUJ�DPO�JM�4FSWJDF��
*M�$POUSPM�%JTQMBZ�EFMMѳJ%SJWF�JOEJDB�JO�PHOJ�JTUBOUF�DPO�QSFDJTJPOF�RVBOEP�¨�OFDFTTBSJP�JM�QSPTTJNP�JOUFSWFOUP�EFM�4FSWJDF�QFS�DJBTDVO�DPNQPOFOUF�EFMMB�WFUUVSB��*O�BCCJOBNFOUP�B�#.8�5FMF4FSWJDFT �MѳJOOPWBUJWP�TFSWJ[JP�UFMFNBUJDP�EJ�#.8�4FSWJDF �MF�JOGPSNB[JPOJ�BDRVJTJUF�EB�$#4�WFOHPOP�USBTNFTTF�BVUPNBUJDBNFOUF�BM�$PO�DFTTJPOBSJP�#.8 �DIF�DPT¬�BWS �QJ¹�UFNQP�EB�EFEJDBSWJ�F�QPUS �DPOTJHMJBSWJ�NFHMJP��1FS�UVUUJ�J�MBWPSJ�JM�WPTUSP�$PODFTTJPOBSJP�#.8�IB�B�EJTQPTJ[JPOF�3JDBNCJ�0SJHJOBMJ�#.8��*O�CSFWF��QFS�OPJ�MB�RVBMJU �F�MB�TJDVSF[[B�TPOP�BM�QSJNP�QPTUP�
�� ��] #.8�4FSWJDF�]�#.8�'JOBODJBM�4FSWJDFT
*-�1*"$&3&�)"�.0-5&�4'"$$&55"563&�
-FBTJOH�� �OBO[JBSJP��&MFWBUB�� �FTTJCJMJU �F�JOOP�WB[JPOF��*M�OPTUSP�DPOUSBUUP�EJ�-FBTJOH�¨�MB�TPMV[JPOF�� �OBO[JBSJB�QJ¹�JOEJDBUB�QFS�MB�DMJFOUFMB�CVTJOFTT �QFSDI©�QSFWFEF�NPMUFQMJDJ�EVSBUF�DPOUSBUUVBMJ�F�SJTDBUUJ�TV�NJTVSB��'*5�#.8��6OB�NPEBMJU �EJ�� �OBO[JBNFOUP�JOOPWBUJWB�DIF�TB�SFOEFSF�FTDMVTJWB�MB�QSPQPTUB�� �OBO[JBSJB �BSSJDDIFOEPMB�DPO�QSPHSBNNJ�BTTJDVSBUJWJ �BDDFTTPSJ �NBOVUFO[JPOF�FE�PHHFUUJ�EFMMB�HBNNB�-JGFTUZMF���QPTTJCJMF�BDDFEFSF�B�RVFTUB�TPMV[JPOF�� �OBO[JBSJB�DPOUFTUVBMNFOUF�BMMѳBDRVJTUP�EFM�WFJDPMP�PQQVSF�TVDDFTTJWBNFOUF �SBUFJ[[BOEP�UVUUP�JO�VOѳVOJDB�TPMV��[JPOF��6MUFSJPSJ�JOGPSNB[JPOJ�BM�TJUP�XXX�CNX�JU
-B�NJB�#.8��QFSTPOBMJ[[BUB�DPNF�J�WPTUSJ�
EFTJEFSJ��6UJMJ[[BUF�SBQJEBNFOUF�F�DPNPEBNFOUF�UVUUF�MF�NPEFSOF�QPTTJCJMJU �EJ�DPO� �HVSBSF�MB�WPTUSB�#.8�QFSTPOBMJ[[BUB��DPO�#.8�*OEJWJEVBM�BM�TJUP�XXX�CNX�JU�USPWFSFUF�BODIF�TVCJUP�JM�1BSUOFS�#.8�QJ¹�WJDJOP�B�WPJ �QFS�VO�QSFWFOUJWP�P�MѳBQQVOUBNFOUP�QFS�VO�UFTU�ESJWF��3FHJTUSBOEP�J�QSPQSJ�EBUJ�TJ�QV²�DPO� �HVSBSF �NPEJ� �DBSF�F�NFNPSJ[[BSF�MB�QSPQSJB�kBVUP�EFJ�TPHOJ{�
3JWJTUB�#.8��*OGPSNB[JPOF�F�JOUSBUUFOJNFO�
UP��-B�SJWJTUB�#.8�WJ�JOGPSNB�DPO�DPNQFUFO[B�F�DPNQMFUF[[B�TV�UVUUJ�J�UFNJ�SJHVBSEBOUJ�JM�NPOEP�EJ�#.8��-B�TJ�QV²�SJDFWFSF�EVF�WPMUF�BMMѳBOOP�HSBUVJUB�NFOUF�BDRVJTUBOEP�VOѳBVUPNPCJMF�OVPWB�
#.8�&WFOUT��QSPWBUF�TVMMB�QFMMF�JM�NPOEP�EJ�
#.8��-B�QBSUFDJQB[JPOF�EJ�#.8�BHMJ�FWFOUJ�TQPS�UJWJ�OB[JPOBMJ�F�JOUFSOB[JPOBMJ�IB�VOB�MVOHB�USBEJ[JP�OF��%BM�#.8�*OUFSOBUJPOBM�0QFO�DPO�MB�QBSUFDJQB�[JPOF�EFMMѳFMJUF�EFM�HPMG�� �OP�BM�UPQ�EFMMP�TQPSU�EFMMB�WFMB�OFMMB�TFUUJNBOB�EJ�,JFM��TDPQSJUF�QFSTPOBM�NFOUF�JM�GBTDJOP�EJ�#.8�OFJ�HSBOEJ�FWFOUJ�TQPSUJWJ��&�OPO�TPMP��BHMJ�BNJDJ�EFM�NBSDIJP�#.8�PGGSJBNP�BODIF�MB�QPTTJCJMJU �EJ�QSPWBSF�JM�NPOEP�EJ�#.8�OF�HMJ�FWFOUJ�DVMUVSBMJ�FTDMVTJWJ�QJ¹�BUUSBFOUJ�
$PSTJ�EJ�HVJEB�#.8��MѳFTFSDJ[JP�DSFB�JM�QJBDFSF�
EJ�HVJEBSF��2VBOEP�TJ�HVJEB�VOB�#.8�TJ�EFWF�QSPWBSF�QJBDFSF��&�DPNF�QFS�HMJ�BUUSF[[J�TQPSUJWJ�BODIF�RVJ�WBMF�JM�QSJODJQJP�QFS�DVJ�QJ¹�DJ�TJ�FTFSDJUB�QJ¹�BMUJ�TPOP�J�USBHVBSEJ�DIF�TJ�QPTTPOP�SBHHJVOHFSF��/FJ�DPSTJ�EJ�HVJEB�#.8�TJ�JNQBSB�TV�TUSBEF �QFSDPSTJ�P�BEEJSJUUVSB�USBDDJBUJ�EJ�HBSF�BVUPNPCJMJTUJDIF �DPNF�QPSUBSF�MB�QSPQSJB�#.8�BJ�MJNJUF�EFM�QPTTJCJMF �SJNB�OFOEP�TFNQSF�DPO�QPUFO[B�F�TJDVSF[[B�TVM�QSPQSJP�QFSDPSTP��(MJ�BSHPNFOUJ�WBOOP�EBJ�DPSTJ�TVMMB�TJDVSF[�[B �TVMMB�HVJEB�JOWFSOBMF�F�TVM�SJTQBSNJP�EJ�FOFSHJB�B�RVFMMJ�TV�VOP�EFM�DJSDVJUJ�QJ¹�EVSJ�EFM�NPOEP��JM�/VFS�CVSHSJOH�
#.8�8FMU��*M�NPNFOUP�JO�DVJ�JODPOUSFSFUF�QFS�MB�QSJNB�WPMUB�MB�WPTUSB�#.8 �MB�UPDDIFSFUF �DJ�TBMJSFUF �MB�NFUUFSFUF�JO�NPUP�¨�VOP�EFJ�NPNFOUJ�QJ¹�FDDJUBO�UJ�QFS�PHOJ�BVUPNPCJMJTUB��7JWFUF�RVFTUP�NPNFOUP�JOEJNFOUJDBCJMF�OFM�#.8�8FMU �JM�DFOUSP�EJ�EJTUSJCV[JPOF�EJ�.POBDP�EJ�#BWJFSB��7JTJUBUF�MF�TUPSJDIF�#.8�OFM�NVTFP �BNNJSBUF�MF�JOOPWB[JPOJ�EFJ�OPTUSJ�JOHFHOFSJ�OFMMѳ"UFMJFS�EFMMB�UFDOPMPHJB�F�WJWFUF�JO�QSJNB�QFSTPOB�MB�NPEFSOB�MJOFB�EJ�QSPEV[JPOF�EFMMF�#.8�EVSBOUF�VOB�WJTJUB�EFMMP�TUBCJMJNFOUP��1FS�VMUFSJPSJ�JOGPSNB[JPOJ�QPUFUF�WJTJUBSF�#.8�8FMU�POMJOF�BM�TJUP�XXX�CNX�XFMU�DPN��*M�WPTUSP�1BSUOFS�#.8�TBS �MJFUP�EJ�JOGPSNBSWJ�BM�SJHVBSEP��7J�BTQFUUJBNP�
�����������������������7#��1SJOUFE�JO�(FSNBOZ������
Altre informazioni su BMW ai siti:
www.bmw.itwww.bmw.com Piacere di guidare
4PTUFOJCJMJU �F�SJDJDMBHHJP�OFM�(SVQQP�#.8��
*M�HSVQQP�#.8�̈ �TUBUP�FMFUUP�OFM�%PX�+POFT�4VTUBJOBCJMJUZ�*OEFY�QFS�MB�RVJOUB�WPMUB�EJ�TFHVJUP�MѳJNQSFTB�BVUP�
NPCJMJTUJDB�QJ¹�TPTUFOJCJMF�EFM�NPOEP��-B�TPTUFOJCJMJU �̈ �TBMEBNFOUF�BODPSBUB�BMMB�OPTUSB�DBUFOB�EJ�DSFB[JPOF�
EFM�WBMPSF��EBMMP�TWJMVQQP�EJ�QSPHFUUJ�EѳBVUP�QJ¹�FGGJDJFOUJ�F�BMUFSOBUJWJ�BJ�QSPDFTTJ�EJ�QSPEV[JPOF�DIF�SJTQFUUBOP�
MѳBNCJFOUF�F�BM�SJDJDMBHHJP��-B�OPTUSB�GJMPTPGJB�EJ�TWJMVQQP�#.8�&GGJDJFOU%ZOBNJDT�PGGSF�WBOUBHHJ�UBOHJCJMJ�QFS�J�
DMJFOUJ �JM�DMJNB�F�MѳBNCJFOUF��$PT¬�MF�FNJTTJPOJ�EJ�$0��EFMMB�OPTUSB�GMPUUB�FVSPQFB�EJ�OVPWF�WFUUVSF�TJ�TPOP�SJEPUUF�
RVBTJ�EFM�����USB�JM������F�JM�������&�USB�JM������F�JM������EFTJEFSJBNP�SJEVSSF�EFM�����QFS�PHOJ�WFUUVSB�JM�DPO�
TVNP�EJ�SJTPSTF�OFMMB�QSPEV[JPOF �BE�FT��EJ�BDRVB�FE�FOFSHJB��$PT¬�BM�UFSNJOF�EFMMB�QSPQSJB�GBTF�EJ�VUJMJ[[P�PHOJ�
WFUUVSB�QV²�FTTFSF�SJDJDMBUB�P�SJVUJMJ[[BUB�TFO[B�QSPCMFNJ�FE�FDPOPNJDBNFOUF��3JWPMHFUFWJ�BM�WPTUSP�1BSUOFS�
#.8�QFS�RVBOUP�SJHVBSEB�MB�SJDPOTFHOB�EFMMB�WPTUSB�WFUUVSB�VTBUB��5SPWFSFUF�VMUFSJPSJ�JOGPSNB[JPOJ�TV�RVFTUP�
BSHPNFOUP�TVM�OPTUSP�TJUP�*OUFSOFU��
2VFTUP�DBUBMPHP�QSFTFOUB�WFSTJPOJ �NPEFMMJ �FRVJQBHHJBNFOUJ�F�QPTTJCJMJU �EJ�DPOGJHVSB[JPOF�EJ�TFSJF�PE�PQUJPOBM�EFMMF�WFUUVSF�DPNNFSDJBMJ[[BUF�EBMMB�#.8�*UBMJB�4�Q�"��TVM�NFSDBUP�JUBMJBOP��*O�BMUSJ�1BFTJ�NFNCSJ�EFMMѳ6OJPOF�&VSPQFB�QPT�TPOP�TVTTJTUFSF�EJGGFSFO[F�OFMMF�EPUB[JPOJ�F�OFMMF�PQ[JPOJ�EJ�DPOGJHVSB[JPOF�QSFWJTUF�QFS�J�TJOHPMJ�NPEFMMJ��*M�WPTUSP�1BSUOFS�#.8�WJ�GPSOJS �PHOJ�JOGPSNB[JPOF�TVMMF�WFSTJPOJ�PGGFSUF�JO�*UBMJB��2VFTUP�DBUBMPHP�̈ �EFTUJOBUP�B�GPSOJSF�TPMP�JOGPSNB[JPOJ�EJ�DBSBUUFSF�HFOFSBMF�F�OPO�DPTUJUVJTDF�EPDVNFOUP�WJODPMBOUF�DPOUSBUUVBMNFOUF�TVMMF�JOGPSNB[JPOJ�DIF�DPOUJFOF �JO�RVBOUP�MB�$BTB�QSPEVUUSJDF�QV²�BQQPSUBSF�NPEJGJDIF�DPTUSVUUJWF�F�EJ�FRVJQBHHJBNFOUP�OFM�UFNQP�USB�MB�QVCCMJDB[JPOF�EFM�DBUB�MPHP �MB�QSPEV[JPOF�EFJ�NF[[J�F�MB�QVCCMJDB[JPOF�EJ�VO�DBUBMPHP�QJ¹�BHHJPSOBUP �DIF�TFHVF�TFNQSF�EJ�RVBMDIF�UFNQP�MF�NPEJGJDIF�DPTUSVUUJWF�F�EJ�FRVJQBHHJBNFOUP�
1FS�JOGPSNB[JPOJ�TVM�QSPHSBNNB�*OEJWJEVBM��XXX�CNX�JU�
i�#.8�"( �.POBDP�EJ�#BWJFSB�(FSNBOJB��3JQSPEV[JPOF�BODIF�QBS[JBMF�TPMUBOUP�EJFUSP�BVUPSJ[[B[JPOF�TDSJUUB�EFMMB�#.8�.POBDP�
#.8�SFDPNNFOET