BY ERI KA W I T TEKI ND
COUNTRIES OF THE WORLD
COUNTRIES OF THE WORLD
$5*(17,1$
$5*(17,1$ F])VMOE;MXXIOMRH
'SRXIRX'SRWYPXERX %RHVqW%ZIPPERIHE 4VSJIWWSV)QIVMXYW9RMZIVWMX]SJ*PSVMHE
&5(',76 4YFPMWLIHF]%&(34YFPMWLMRK'SQTER] ;IWX XL7XVIIX)HMRE1MRRIWSXE 'ST]VMKLXF]%FHS'SRWYPXMRK+VSYT-RG-RXIVREXMSREPGST]VMKLXW VIWIVZIHMREPPGSYRXVMIW2STEVXSJXLMWFSSOQE]FIVITVSHYGIHMRER]JSVQ[MXLSYX [VMXXIRTIVQMWWMSRJVSQXLITYFPMWLIV8LI)WWIRXMEP0MFVEV]MWEXVEHIQEVOERHPSKS SJ%&(34YFPMWLMRK'SQTER] 4VMRXIHMRXLI9RMXIH7XEXIWSJ%QIVMGE 2SVXL1EROEXS1MRRIWSXE
)HMXSV 1IPMWWE=SVO 'ST])HMXSV 7YWER1*VIIWI 7IVMIWHIWMKRERHGSZIVTVSHYGXMSR )QMP]0SZI -RXIVMSVTVSHYGXMSR /E^YOS'SPPMRW %FSYXXLI%YXLSV )VMOE;MXXIOMRHMWEJVIIPERGI[VMXIVERHIHMXSVPMZMRKMR;MWGSRWMR 7LILEWEFEGLIPSVSJEVXWHIKVIIMRNSYVREPMWQERHTSPMXMGEPWGMIRGIJVSQ&VEHPI] 9RMZIVWMX]7LILEWGSZIVIHIHYGEXMSRERHKSZIVRQIRXJSVWIZIVEPGSQQYRMX] RI[WTETIVW[MRRMRKERE[EVHJSVFIWXPSGEPRI[WWXSV]JVSQXLI1MRRIWSXE2I[WTETIVW %WWSGMEXMSRJSV7LIJSGYWIHLIVGEVIIVSRGLMPHVIR´WRSRJMGXMSRMR 0MFVEV]SJ'SRKVIWW'EXEPSKMRKMR4YFPMGEXMSR(EXE ;MXXIOMRH)VMOE %VKIRXMREF])VMOE;MXXIOMRH TGQ 'SYRXVMIWSJXLI[SVPH -RGPYHIWFMFPMSKVETLMGEPVIJIVIRGIWERHMRHI\ -7&2 %VKIRXMRE.YZIRMPIPMXIVEXYVI-8MXPI * ; HG
'SZIV 1SYRX*MX^VS]4EXEKSRMER %RHIW %VKIRXMRE
7$%/(2)&217(176 &+$37(5
%:MWMXXS%VKIRXMRE
1ET 4SPMXMGEP&SYRHEVMIWSJ%VKIRXMRE
7RETWLSX
&+$37(5
+ISKVETL] 6EMR*SVIWXWERH+PEGMIVW
1ET +ISKVETL]SJ%VKIRXMRE
1ET 'PMQEXISJ%VKIRXMRE
&+$37(5
%RMQEPWERH2EXYVI *VSQ4IRKYMRWXS4YQEW
&+$37(5
,MWXSV] *VSQ'SPSR]XS6ITYFPMG
&+$37(5
4ISTPI %'LERKMRK2EXMSR
1ET 4STYPEXMSR(IRWMX]SJ%VKIRXMRE
&+$37(5
'YPXYVI 8LI0ERHSJXLI8ERKS
&+$37(5
4SPMXMGW -RGVIEWMRK7XEFMPMX]
&+$37(5
)GSRSQMGW 6IGSZIVMRK4VSWTIVMX]
1ET 6IWSYVGIWSJ%VKIRXMRE
&+$37(5
%VKIRXMRE8SHE]
7,0(/,1(
)$&76$7<285),1*(57,36 */266$5<
$'',7,21$/5(6285&(6
6285&(127(6
,1'(;
3+272&5(',76
'39286-)73*8,);360( %6+)28-2%
&+$37(5
$9,6,772 $5*(17,1$
=SYVTPERIXSYGLIWHS[REXXLI)^IM^E-RXIVREXMSREP%MVTSVXMR&YIRSW %MVIW%VKIRXMRE(VS[W]JVSQXLIXIRLSYVJPMKLXJVSQXLI9RMXIH7XEXIW ]SY[SRHIV[LEX]SY[MPPJMRHMRXLIWSYXLIVRQSWXGSYRXV]MR7SYXL %QIVMGE;MPP]SYLEZIEGLERGIXSPIEVRLS[XSXERKS#;MPP]SYLEZI EVYRMR[MXLEPEVKIGEX°QE]FIENEKYEVSVETYQE#3RGISYXWMHIE [EVQFVII^ILMXW]SYVJEGIERH]SYJMRHMXLEVHXSFIPMIZI]SYEVIMRXLI GSYRXV][LSWIWSYXLIVRXMTTVEGXMGEPP]FVYWLIW%RXEVGXMGE8LIREKEMR ]SYEVIEPWSNYWXEJI[LYRHVIHQMPIWWSYXLSJEWYFXVSTMGEPVEMRJSVIWX =SYVNSYVRI]EVSYRH%VKIRXMREQE]XEOI]SYRSVXLXSXLI&VE^MPMER FSVHIVXSWIIXLI-KYE^*EPPWX[SXLMVHWSJ[LMGLEVI[MXLMR%VKIRXMRE 8LMWQEKRMJMGIRXGSPPIGXMSRSJ[EXIVJEPPWQEOIW2MEKEVE*EPPWPSSO
%IVMEPZMI[SJ&YIRSW %MVIWGETMXEPSJ %VKIRXMRE
):-8% ;LIRQER]TISTPIXLMROSJ%VKIRXMREXLI]XLMROSJ )ZMXEXLI%RHVI[0PS]H;IFFIVQYWMGEPFEWIHSR XLIPMJISJ)ZE4IVzR%JMPQZIVWMSRSJXLIQYWMGEP WXEVVMRK1EHSRREERH%RXSRMS&ERHIVEWGEQISYX MR &SXLHVEQEWJSPPS[XLIPMJISJ)ZE4IVzR JVSQEGLMPHSJXLIPS[IVGPEWWXSERMRJPYIRXMEP TSPMXMGEP[MJIXSLIVIEVP]HIEXLJVSQGERGIV 8LIKSZIVRQIRXSJ%VKIRXMREEPWSQEHIE HSGYQIRXEV]XMXPIH)ZMXE 5YMIR5YMIVE3uV5YI3MKE )ZMXE ;LS;ERXWXS0MWXIR1E],IEV 8LIQSZMI [EWQIERXXSGSYRXIVXLILMWXSVMGEPMREGGYVEGMIW EPPIKIHP]GSRXEMRIHMRXLI0PS]H;IFFIVZIVWMSR
PMOI]SYVOMXGLIRWMRO MRGSQTEVMWSR3RXLI WYFERXEVGXMGIRHSJXLMW ZIV]PSRKGSYRXV]]SY QMKLX[EPOEQSRKTIRKYMRW SVWIIERMGIGLYROXLIWM^I SJEFYWJEPPJVSQEKPEGMIV MRXSXLIWIE-RFIX[IIR ]SY[MPP[ERXXSZMWMXXLI %RHIW]SYVKYMHIFSSOXIPPW ]SYXSKE^IEXXLI;IWXIVR ,IQMWTLIVI´WLMKLIWXTIEO 1SYRX%GSRGEKYE
&YXJMVWX]SYLST EFSEVHEWLYXXPILIEHMRK RSVXLIEWXMRXSXLILIEVX SJ&YIRSW%MVIW[LMGL ETTVS\MQEXIP]SRIXLMVHSJXLIGSYRXV]´WTSTYPEXMSRGEPPWLSQI%X JMVWXMXPSSOWPMOIER]FMKGMX]°:MGXSVMERLSYWIWXEPPWO]WGVETIVW RIMKLFSVLSSHVIWXEYVERXW°ERH]SYJIIPWXVERKIP]EXLSQI&YXEW]SYV NSYVRI]GSRXMRYIW]SYWXEVXXSRSXMGILS[EPMZILS[GSPSVJYPXLMWZMFVERX GMX]MW°JVSQXLIVEMRFS[GSPSVIHTVIWWIHXMRLSYWIWSJXLI0E&SGE RIMKLFSVLSSHXSXLIFVMKLXP]GSPSVIHQYVEPWXLEXEHSVRWXSVIJVSRXW
8LI-KYE^*EPPWEVISRXLIFSVHIVSJ&VE^MPERH %VKIRXMRE
'39286-)73*8,);360( %6+)28-2%
%:-7-883%6+)28-2%
0%2(3* 8%2+3 1MPSRKEWSVXERKSWEPSRWGERFIJSYRHXLVSYKLSYX XLIGETMXEP4IVJSVQERGIWERHHERGIIZIRXWXEOI TPEGIIZIV]RMKLXSJXLI[IIO1SWXRI[GSQIVW IRNS]XEOMRKMRXLIWTIGXEGPIJVSQXLIWMHIPMRIWFYX XSYVMWXW[LS[ERXXSPIEVRXLMWTEWWMSREXIHERGI GEREVVMZIIEVP][LIRQER]SJXLIQMPSRKEWSJJIV PIWWSRW
ERHWYF[E]XYRRIPW%R] RMKLXSJXLI[IIO]SYGER JMRHTISTPIHERGMRKXLI XERKS[LMGLSVMKMREXIHMR %VKIRXMRE
/RS[REWXLI±4EVMW SJXLI7SYXL²ERHXLI ±FMVXLTPEGISJXERKS² &YIRSW%MVIWXLIREXMSR´W GETMXEPMWLIEZMP]WLETIH F]MXW)YVSTIERVSSXW ERHF]MXWQYPXMREXMSREP TSTYPEXMSR -XMWHMZMHIHMRXSERYQFIVSJFEVVMSWSVRIMKLFSVLSSHW IEGL[MXLMXWS[RHMWXMRGXMZIMRXIVREXMSREPJPEZSV&YIRSW%MVIWLEWMXW S[R'LMREXS[REW[IPPEWRIMKLFSVLSSHWWIXXPIHF]MQQMKVERXWJVSQ IPWI[LIVIMR7SYXL%QIVMGE-RXLILMKLP]GYPXYVIH6IGSPIXEORS[RJSV MXWJEWLMSREFPIFSYXMUYIW*VIRGLEVGLMXIGXYVIERHJMRILSXIPWXSYVMWXW ERH[IEPXL]%VKIRXMRIWIRNS]SYXHSSVWXVIIXTIVJSVQERGIWEVXI\LMFMXW ERHGVEJXJEMVW8SI\TIVMIRGISPH[SVPH&YIRSW%MVIW]SY[MPP[ERXXS ZMWMX7ER8IPQS°EFEVVMSWSLMWXSVMGXLEXXLIIRXMVIRIMKLFSVLSSHMW HIWMKREXIHEWE2EXMSREP,MWXSVMG1SRYQIRX8LIVIGSFFPIWXSRIWXVIIXW EVIPMRIH[MXLXEPPXVIIWERHTYFPMGPERXIVRWGEPPIHJEVSPIWXLEXGVIEXIE VSQERXMGEXQSWTLIVIEJXIVHEVO
(ERGIVWXERKSMRXLIWXVIIXWSJ&YIRSW %MVIW
'39286-)73*8,);360( %6+)28-2%
%:-7-883%6+)28-2%
29(5&20,1*7+(3$67 %W]SYHERGIWLSTPSSOEXEVXERHHMRISRJMRIGYXWSJWXIEO]SYQE] GSQIXSXLMROXLEXXLITSVXIySW°EWVIWMHIRXWSJ&YIRSW%MVIWEVI ORS[R°LEZIMXEPP&YXJMVWXMQTVIWWMSRWGERFIQMWPIEHMRK9RHIVRIEXL XLIGSPSVJYPRIMKLFSVLSSHWTEWWMSREXIHERGMRKERH)YVSTIERKPEQSYV %VKIRXMREMWWXMPPVIIPMRKJVSQEHIITP]XVSYFPIHTEWX8LMWMWEGSYRXV] XLEXEGIRXYV]EKS[EWTSMWIHXSFIGSQIERIGSRSQMGTS[IVXLEX[SYPH VMZEP'LMRE*VERGISVXLI9RMXIH/MRKHSQ*VSQEFYRHERXREXYVEP VIWSYVGIWXSERIHYGEXIH ERHGYPXYVIHTISTPI %VKIRXMREWIIQIHXSLEZI EPPXLIIPIQIRXWRIIHIHXS *63146374)6-8=8343:)68= IQIVKIEWETVSWTIVSYW IGSRSQ]-RWXIEHMX -R %VKIRXMRE[EWXLIWIZIRXLVMGLIWX GSYRXV]MRXLI[SVPHFYXF] MXLEHJEPPIRXS TPYQQIXIHXS[EVHXLMVH WIZIRX]WIZIRXLSRXLEXPMWX&]%VKIRXMRE [SVPHWXEXYWERHLEW LEHVIFSYRHIHWSQI[LEXEXXEMRMRKXLIX[IRX] WXVYKKPIHXSEGLMIZIMXW JSYVXLLMKLIWXKVSWWHSQIWXMGTVSHYGX +(4 TSXIRXMEP MRXLI[SVPH4IXIV'EPZIVXETSPMXMGEPWGMIRXMWX WTIGMEPM^MRKMR0EXMR%QIVMGERWXYHMIW[VSXIEFSYX XLIGSYRXV]´WYRVIEPM^IHTVSQMWI ±³%VKIRXMRE´ TISTPIWEMH³MWXLIPERHSJXLIJYXYVIEP[E]WLEW FIIRERHEP[E]W[MPPFI´²
*SVQYGLSJXLI X[IRXMIXLGIRXYV] %VKIRXMRIWWYJJIVIHYRHIV FVYXEPQMPMXEV]HMGXEXSVWLMTW
%JEVSPI[MPPPMKLXXLMWWXVIIXMRXLI0E&SGERIMKLFSVLSSHEJXIVHEVO
'39286-)73*8,);360( %6+)28-2%
%:-7-883%6+)28-2%
;LIRIZIVEHIQSGVEXMGEPP]IPIGXIHPIEHIVXSSOTS[IVER] HIGMWMSRHMWETTVSZIHSJF]XLIQMPMXEV][SYPHVIWYPXMRLMW SVLIVVIQSZEPMREW[MJXQMPMXEV]GSYT4S[IVGLERKIH LERHWJVIUYIRXP]ERHSJXIRF]JSVGI8LSWIHIGEHIW %VKIRXMREGSQIW [IVIQEVOIHF]ZMSPIRGIEWTSPMXMGEPTEVXMIWGPEWLIHERH JVSQXLI0EXMR[SVH HMWWIRX[EWUYEWLIH-R%VKIRXMRIWQEVOIHXLI XLMVXMIXLERRMZIVWEV]SJXLI(MVX];EV°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
32/,7,&$//<&+$5*('$70263+(5( 8LIGSYRXV]´WGLIGOIVIHTEWXMWRIZIVJEVJVSQXLIQMRHWSJ%VKIRXMRIW 8LMWMW[L]MREHHMXMSRXSMXW)YVSTIERWSTLMWXMGEXMSR&YIRSW%MVIWMW 3ZIVXLI]IEVWXLI4PE^EHI1E]SMR&YIRSW %MVIWLEWFIIR XLIWMXISJQER]TSPMXMGEPTVSXIWXW
'39286-)73*8,);360( %6+)28-2%
%:-7-883%6+)28-2%
×
% 2 / , 9, $
-RXIVREXMSREPFSYRHEV] 4VSZMRGMEPFSYRHEV] 2EXMSREPGETMXEP 4VSZMRGMEPGETMXEP 'MX]SVZMPPEKI
3$ 5 $ * 8 $< 7%08%
7EPXE
*SVQSWE
7%28-%+3 6IWMWXIRGME '%8%1%6'% ()0)78)63
'EXEQEVGE 7ERXMEKSHIP)WXIVS 0E6MSNE
/MPSQIXIVW
0%6-3.% 7%2.9%2
×
7ER.YER
'Ì6(3&%
Salad o 1)2(3>%
Co
&+,/(
7%2 09-7
6SWEVMS
'366-)28)7
)286) 6È37
&9)237%-6)7
$5*(17,1$ 0%4%14%
%5$=,/ ×
8 58 * 8$<
%XHQRV$LUHV 0E4PEXE
lor 7ERXE6SWE ado
2)959f2
'SVVMIRXIW
7ERXE*I 4EVERj
1IRHS^E 7ER0YMW
1-7-32)7
4SWEHEW
7%28%*)
'zVHSFE 6DQWLDJR
R
',%'3
8YGYQjR
1MPIW
8VS TMG SJ' ETV MGSV
$VXQFLyQ
*36137%
89'91Å2
á
.YNY]
Para n
.9.9=
×
&ELuE&PERGE
0RQWHYLGHR Río de la Plata
1EVHIP4PEXE
2IYUYqR
Ne 6È32)+63 gr
×
PACIFIC OCEAN
o :MIHQE
7ER'EVPSW HI&EVMPSGLI
×
San Matías Gulf
Chubut
6E[WSR
ATL ANTIC OCEAN
',9&98
San Jorge Gulf
7%28%'69> ×
×
Bahía Grande 6uS+EPPIKSW Strait of Magellan
)$/./$1',6/$1'6 92-8)(/-2+(31
8-)66%()0*9)+3
9WLYEME
×
×
1257+
×
4SPMXMGEP&SYRHEVMIWSJ %VKIRXMRE
'39286-)73*8,);360( %6+)28-2%
×
ORS[RJSVMXWTSPMXMGEPP] GLEVKIHEXQSWTLIVI;LMPI HIQSGVEG]LEWWYGGIIHIH JSVWIZIVEPHIGEHIW GSRGIVRWTIVWMWXEFSYX KSZIVRQIRXGSVVYTXMSRERH LYQERVMKLXWEFYWIW
430-8-'7-28,) %-6 (ERR]4EPQIVPIIEYXLSVSJEKYMHIFSSOSR %VKIRXMRE[VSXIEFSYXXLIGYVVIRXEXQSWTLIVI ±8VEZIPIVW[LSHMKFIRIEXLXLIXSYVMWXSJJMGI ZIVWMSRSJ%VKIRXMRE[MPPJMRHEGYPXYVEPGPMQEXI IPIGXVMJMIHF]HMWGYWWMSREVKYQIRXERHGVIEXMZI JIVZSV%VKIRXMREMWMRXLIXLVSIWSJVIMRZIRXMSR ERHQER]TISTPILEZIEPSXEXWXEOI7TIRH ER]EQSYRXSJXMQILIVIERH]SY´PPJMRH]SYVWIPJ [VETTIHYTMRXLIHMWGYWWMSRXSSLSTIJYPP][MXLE GSYTPISJPSGEPW%VKIRXMRIWEVIEJXIVEPPWSQISJ XLIQSWXEQMGEFPIWIHYGXMZIIRKEKMRKJSPOWSRXLI TPERIX²
7XE]MRXLI%VKIRXMRI GETMXEPPSRKIRSYKLERH]SY QMKLX[MXRIWWETSPMXMGEP HIQSRWXVEXMSRMRJVSRX SJXLITVIWMHIRXMEPTEPEGI MRXLI4PE^EHI1E]SMR HS[RXS[R&YIRSW%MVIW ,MWXSVMGEPP]XLMWFIEYXMJYP FYMPHMRKLEWFIIREJEZSVMXI WMXIJSVTVSXIWXIVWERH TSPMXMGEPHIQSRWXVEXMSRW 8LIXVEHMXMSRHEXIWFEGOXS [LIRWYTTSVXIVWSJ.YER4IVzR GSRZIVKIHSYXWMHIXLITEPEGIXSTVSXIWXLMWMQTVMWSRQIRX8LI1SXLIVW SJXLI4PE^EHI1E]S°ERSVKERM^EXMSRJSVQIHF][SQIRMR XS TVSXIWXXLIEFHYGXMSRSJXLIMVGLMPHVIRHYVMRKXLI(MVX];EV°WXMPP KEXLIVWXLIVIIZIV]8LYVWHE]XSVEMWIE[EVIRIWWSJWSGMEPMWWYIW*MREPP] GSRJMHIRXXLEXKVSWWLYQERVMKLXWEFYWIWEVIWEJIP]MR%VKIRXMRE´WTEWX XLI]RSPSRKIVVIJIVXSXLIWIQIIXMRKWEWTVSXIWXW
%:-7-883%6+)28-2%
;31)2-243;)6 ;SQIRLEZITPE]IHERMQTSVXERXVSPIMR%VKIRXMRE´W XYVFYPIRXLMWXSV];LIR.YER4IVzR[EWMRTS[IV LMW[MJI)ZE4IVzRFIGEQIEVIZIVIHJMKYVI(YVMRK LMWVYPIWLIWIVZIHEWXLIYRSJJMGMEPWIGVIXEV]SJ PEFSVYWMRKLIVMRJPYIRGIXSTVSQSXILMKLIV[EKIW JSVXLI[SVOMRKGPEWWERHXSWYTTSVXSXLIVWSGMEP [IPJEVIMWWYIW)ZE4IVzREPWSWYTIVZMWIH%VKIRXMRE´W 1MRMWXV]SJ,IEPXL[LMGL[EWVIWTSRWMFPIJSV FYMPHMRKRI[LSWTMXEPWERHQEOMRKMQTSVXERXQIHMGEP EHZERGIW,IVMQQIRWITSTYPEVMX]LIPTIHFSSWX TYFPMGSTMRMSRSJLIVLYWFERH .YER4IVzR´WXLMVH[MJI-WEFIPEPWSQEHI LMWXSV][LIRWLIFIGEQIXLIJMVWXJIQEPITVIWMHIRX MRXLI[SVPH%JXIV]IEVWSJI\MPI.YER4IVzR VIXYVRIHXSTS[IVMR ERHVIQEMRIHMRSJJMGI YRXMPLMWHIEXLMR %WLMWZMGITVIWMHIRXXLI [MHS[IH-WEFIP4IVzREWWYQIHXLITVIWMHIRG]YRXMP EQMPMXEV]GSYTVIQSZIHLIVJVSQTS[IVMR -R'VMWXMRE*IVRjRHI^HI/MVGLRIV FIGEQI%VKIRXMRE´WJMVWXIPIGXIHJIQEPITVIWMHIRX &IJSVIXLMW/MVGLRIV[EWEWIREXSVERH*MVWX0EH] 7LIWYGGIIHIHLIVLYWFERH2qWXSV/MVGLRIV (YIXSEQERHEXIHUYSXE%VKIRXMRERS[ LEWSRISJXLI[SVPH´WLMKLIWXPIZIPWSJJIQEPI VITVIWIRXEXMSRMRKSZIVRQIRX-R XLIREXMSR QERHEXIHXLEXSRIXLMVHSJEPPGSRKVIWWMSREP GERHMHEXIWFIJIQEPI
'39286-)73*8,);360( %6+)28-2%
8LVSYKLSYX%VKIRXMRE ]SYJIIPXLMWTSPMXMGEP YRHIVGYVVIRXFYXEPWS XVIQIRHSYWSTXMQMWQJSV XLIJYXYVI(IQSGVEG]LEW XEOIRVSSX8LIQMHHPIGPEWW LEWIQIVKIH%RHLSTI TVIZEMPWJSVXLIJYXYVIXLEX EJXIVEPPXLMWXMQI%VKIRXMRE [MPPJMREPP]EGLMIZIXLI TVSWTIVMX]XLEX[EWSRGI TVSQMWIH
?61$36+27A 3JJMGMEPREQI %VKIRXMRI6ITYFPMG 'ETMXEPGMX] &YIRSW%MVIW *SVQSJKSZIVRQIRX VITYFPMG 8MXPISJPIEHIV TVIWMHIRX 'YVVIRG] %VKIRXMRITIWS 4STYPEXMSR .YP]IWX ;SVPHVERO 7M^I WUYEVIQMPIW WUOQ ;SVPHVERO 0ERKYEKI 7TERMWL 3JJMGMEPVIPMKMSR 6SQER'EXLSPMGMWQLEWWTIGMEPGSRWXMXYXMSREPVIGSKRMXMSR FYXXLIGSYRXV]KYEVERXIIWJVIIHSQSJVIPMKMSR6SQER'EXLSPMGMWQMW TVEGXMGIHF] TIVGIRXSJXLITSTYPEXMSR 4IVGETMXE+(4 97HSPPEVW ;SVPHVERO
%:-7-883%6+)28-2%
&+$37(5
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
8LI4IVMXS1SVIRS+PEGMIVMR7ERXE'VY^MRWSYXLIVR4EXEKSRME
%6+)28-2) %28%6'8-'% %VKIRXMREGPEMQWETTVS\MQEXIP] WUYEVI QMPIW WUOQ SJ%RXEVGXMGEEWMXWREXMSREP XIVVMXSV]EPXLSYKLWIGXMSRWSJXLMWPERHSZIVPET XIVVMXSV]GPEMQIHF]XLI9RMXIH/MRKHSQERH 'LMPI%VKIRXMRII\TPSVIVWJMVWXZMWMXIHXLI GSRXMRIRXMR %VKIRXMRESTIVEXIWJSYVWGMIRXMJMG FEWIWSR%RXEVGXMGE
8LMWQEOIW%VKIRXMREXLI IMKLXLPEVKIWXGSYRXV]MR XLI[SVPHERHXLIWIGSRH PEVKIWXREXMSRMR7SYXL %QIVMGE8SXLIRSVXL ERHRSVXLIEWX%VKIRXMRE WLEVIWFSVHIVW[MXL&SPMZME 4EVEKYE]&VE^MPERH9VYKYE] 8SXLI[IWXMXWLEVIWMXW PSRKIWXFSVHIV[MXLXLI PSRKERHREVVS[GSYRXV] SJ'LMPIERHXSXLIWSYXL ERHWSYXLIEWXMXQIIXWXLI 7SYXL%XPERXMG3GIER
%VKIRXMREMWHMZMHIHMRXSTVSZMRGIWERHSRIJIHIVEPHMWXVMGX &YIRSW%MVIW[LMGLLEWFIIRXLIGETMXEPWMRGI%TTVS\MQEXIP] SRIXLMVHSJXLITSTYPEXMSRPMZIWMR+VER&YIRSW%MVIW[LMGLMRGPYHIW XLIGMX]ERHWYVVSYRHMRKWYFYVFW%WSJ +VER&YIRSW%MVIWLEHE TSTYPEXMSRSJETTVS\MQEXIP]QMPPMSRTISTPI
5(*,2162)$5*(17,1$ %VKIRXMRELEWJSYVQENSVVIKMSRW XLI2SVXLXLI%RHIWXLI4EQTEW ERH4EXEKSRME8LI2SVXLMWQEHIYTSJXLVIIWYFVIKMSRWXLI%RHIER 2SVXL[IWX1IWSTSXEQMEERHXLI'LEGS'LEGSMRXLIRSVXLIEWXMWE VIPEXMZIP]JPEXWYFXVSTMGEPVIKMSR[MXLPYWLJSVIWXWERHPERHXLEXLEWFIIR
'39286-)73*8,);360( %6+)28-2%
×
% 2 / , 9, $
-RXIVREXMSREPFSYRHEV] 2EXMSREPGETMXEP 'MX] 1MPIW
Pi l
Be
7EPXE
Moun tain s
%5$=,/ ×
8 58 * 8$<
%XHQRV$LUHV 0E4PEXE Pa m p a s :MGXSVMGE 7ERXE6SWE o
Andes
R
'SVVMIRXIW
á
do
6SWEVMS
Salad
&+,/(
8VS TMG SJ' ETV MGSV
$VXQFLyQ Iguazú Falls
7ERXE*I 'zVHSFE
1IRHS^E
6DQWLDJR
a yo
8YGYQjR la
Mount Aconcagua
ejo
Sa
×
com
Para n
/MPSQIXIVW
rm
Uruguay
×
3$ 5 $ * 8 $<
$5*(17,1$ Co l
2IYUYqR Negr
ora
&ELuE&PERGE
0RQWHYLGHR Río de la Plata Cape San Antonio 1EVHIP4PEXE
do
o :MIHQE
×
PACIFIC OCEAN
×
San Matías Gulf Valdés Peninsula 6E[WSR Punta Tombo
ATL ANTIC OCEAN
Ch
ico
Chubut
Pa t a g o n
ia
7EVQMIRXS San Jorge Gulf
×
'VSTPERH 4EWXYVI *SVIWX 1SYRXEMRVIKMSR &EVVIRPERH ×
Desea Ch
do
Cape Tres Puntas
ico ×
Bahía Grande 6uS+EPPIKSW Cape Virgenes Strait of Magellan Laguna del Carbon
)$/./$1',6/$1'6 92-8)(/-2+(31
Tierra del Fuego
9WLYEME
1257+
Isla de los Estados ×
Cape Horn
×
×
+ISKVETL]SJ %VKIRXMRE
+)3+6%4,= 6%-2*36)787%2(+0%'-)67
-+9%>Ï*%007 3RISJXLIQSWXTSTYPEVXSYVMWXWMXIWMR%VKIRXMRE MW-KYE^*EPPW[LMGLGSRWMWXWSJQSVIXLER [EXIVJEPPWXLEXGEWGEHIHS[RJVSQLIMKLXWSJYTXS JIIX Q %FSYXX[SXLMVHWSJ-KYE^*EPPW MWMR%VKIRXMREERHSRIXLMVHMWMR&VE^MP8LI[SVH -KYE^XVERWPEXIWXS±KVIEX[EXIVW²MRXLIREXMZI +YEVERuPERKYEKI8LIJEPPWGERFIWIIRZMEEPS[IV TEXLXLEXPIEHWXSXLIFEWISVERYTTIVTEXLXLEX JIEXYVIWEJSSXFVMHKI
GPIEVIHJSVEKVMGYPXYVI 1IWSTSXEQMEMWXLIREQI KMZIRXSXLIJIVXMPIZEPPI] FIX[IIRXLI9VYKYE]ERH 4EVERj6MZIVW-REHHMXMSR XSXLITSTYPEVXSYVMWX HIWXMREXMSRSJ-KYE^*EPPW 1IWSTSXEQMEJIEXYVIW TPEMRWLMPPWERHNYRKPIW[MXL EREFYRHERGISJ[MPHPMJI 8LIHV]QSYRXEMRSYW %RHIER2SVXLMWORS[R JSVMXWQMRMRKERHIRIVK] VIWSYVGIW-XGSRXEMRWPEVKI SMPERHREXYVEPKEWVIWIVZIW
'IRXVEP%VKIRXMRE[LMGLMWORS[REWXLI4EQTEWMWEPEVKII\TERWI SJJPEXERHZIV]JIVXMPIPERH%TTVS\MQEXIP]QMPIW OQ [MHIMX I\XIRHWJVSQ&YIRSW%MVIWXSXLIIEWXIVRJSSXLMPPWSJXLI%RHIW8LI [IEXLIVMWXIQTIVEXI[MXLQSVIVEMRJEPPMRXLIWSYXL4EQTEWXLERMRXLI RSVXL'SRWMHIVIHXSFIXLILIEVXPERHSJ%VKIRXMREXLI4EQTEWGSRXEMRW RSXSRP]XLIREXMSREPGETMXEPFYXEPWSXLIQENSVMX]SJEKVMGYPXYVEPERH MRHYWXVMEPTVSHYGXMSRJSVXLIGSYRXV]
+VEWWPERHMRXLI4EQTEW
'39286-)73*8,);360( %6+)28-2%
+)3+6%4,= 6%-2*36)787%2(+0%'-)67
%:)6%+) 8)14)6%896)7%2(6%-2*%00
6IKMSR 'MX]
%ZIVEKI.ERYEV] 8IQTIVEXYVI1MRMQYQ 1E\MQYQ
%ZIVEKI.YP] 8IQTIVEXYVI 1MRMQYQ1E\MQYQ
%ZIVEKI6EMRJEPP .ERYEV].YP]
)EWX'IRXVEP4EQTEW :MGXSVMGE
* '
* '
MRGLIW GQ
&YIRSW%MVIW &YIRSW%MVIW
* '
* '
MRGLIW GQ
2SVXLIEWXIVR -RXIVMSV 'SVVMIRXIW
* '
* '
MRGLIW GQ
;IWXIVR'Y]S 1IRHS^E
* '
* '
MRGLIW GQ
7SYXLIVR4EXEKSRME 7EVQMIRXS
* '
* ¯'
MRGLIW GQ
)\XVIQI7SYXL 9WLYEME
* '
* ¯'
MRGLIW GQ
'39286-)73*8,);360( %6+)28-2%
8LIWSYXLIVRQSWX VIKMSRSJ%VKIRXMRE 4EXEKSRMEMWEPWSXLIPEVKIWX 8LITPEXIEYMWHV][MRH] ERHGSSP[MXLFMXXIVGSPHMR XLIWSYXLIVRQSWXTSVXMSRW -XMWWTEVWIP]TSTYPEXIH ERHLSQIXSMRHYWXVMIW MRGPYHMRKSMPKEWEPYQMRYQ ERHJMWLIVMIWEW[IPPEW EWMKRMJMGERXIGSXSYVMWQ MRHYWXV]-RXLIWSYXLQSVI XLERKPEGMIVWQEOIYT XLI4EXEKSRMER-GI*MIPH 8LI]MRGPYHIXLI4IVMXS 1SVIRS+PEGMIV[LMGLMW QMPIW OQ [MHIERH JIIX Q XEPPERH GSZIVWWUYEVIQMPIW WUOQ
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´REQ,EYWL=EKLERERH%PEGEPYJTISTPIW [LS[IVILYRXIVWERHKEXLIVIVW8LI][SVIPMXXPI GPSXLMRKFYXWXE]IHGPSWIXSGSRWXERXJMVIWXSWXE] [EVQ°IZIRMRXLIMVGERSIW*SVXLMWVIEWSRXLI 7TERMEVHWKEZIXLIEVIEXLIREQI8MIVVEHIP*YIKS [LMGLQIERW±0ERHSJ*MVI²
8LIGIRXVEP%RHIW VIKMSRIHKIHF]EREVVS[ WXVMTSJHIWIVXPMOIPERHWGETI MWORS[REW'Y]S8LMW VIKMSRMRGPYHIWWSQISJXLILMKLIWXTIEOWMRXLI%RHIWMRGPYHMRK1SYRX
+)3+6%4,= 6%-2*36)787%2(+0%'-)67
%GSRGEKYE8LIVIKMSRMW EPWSJEQSYWJSVMXW[MRI TVSHYGXMSRERHPEVKI VERGLIW
)<86)1)7 %VKIRXMREMWLSQIXSFSXLXLIPS[IWXERHLMKLIWX TSMRXWMRXLI;IWXIVR,IQMWTLIVI1SYRX %GSRGEKYEPSGEXIHMRXLI%VKIRXMRI%RHIWMWXLI ;IWXIVR,IQMWTLIVI´WXEPPIWXQSYRXEMR0SGEXIHMR XLIRSVXL[IWXIVRGSVRIVSJXLI1IRHS^ETVSZMRGI XLMWTIEOVIEGLIW JIIX Q EFSZIWIE PIZIP0EKYREHIP'EVFSRWXEOIWMXWGPEMQEWXLI PS[IWXTSMRXMRXLI;IWXIVRERHXLI7SYXLIVR LIQMWTLIVIWEXJIIX Q FIPS[WIEPIZIP -XMWPSGEXIHMR+VIEX7ER.YPMjR´W(ITVIWWMSR EWEPXPEOIEVIEMRXLI7ERXE'VY^TVSZMRGIMR WSYXLIEWXIVR%VKIRXMRE
&/,0$7( &IGEYWI%VKIRXMREMW PSGEXIHMRXLI7SYXLIVR ,IQMWTLIVIXLIWIEWSRW EVIVIZIVWIHJVSQXLSWIMR 2SVXL%QIVMGE7YQQIV PEWXWJVSQ(IGIQFIVXS *IFVYEV]ERH[MRXIVSGGYVW MR.YRI.YP]ERH%YKYWX 1SWXSJXLIGSYRXV]MW XIQTIVEXIMRGPMQEXI I\GITXMRXLIEVIEWJEVXLIWX RSVXLERHWSYXL
0SGEXIHNYWXWSYXLSJXLI8VSTMGSJ'ETVMGSVRXLIRSVXLIVRTEVXSJ %VKIRXMRELEWEWYFXVSTMGEPGPMQEXI-RXLIWYFXVSTMGEPJSVIWXWERHIEWXIVR 'LEGSLMKLXIQTIVEXYVIWERHVEMRJEPPSGGYVEPP]IEV;IWXIVR'LEGSMW WMQMPEVI\GITXXLEXXLIJMVWXLEPJSJXLI]IEVMWJEMVP]HV]8LIRSVXLIVR
1SYRX %GSRGEKYEMWXLIXEPPIWXQSYRXEMRMRXLI %QIVMGEW
'39286-)73*8,);360( %6+)28-2%
+)3+6%4,= 6%-2*36)787%2(+0%'-)67
%RHIWLEZIEXVSTMGEPLMKLPERHGPMQEXI[MXLXIQTIVEXYVIWXLEX FIGSQIGSSPIVEXLMKLIVIPIZEXMSRW
-RSRISJXLI
&YIRSW%MVIWERHGIRXVEP%VKIRXMRELEZIEQSVI QSHIVEXISVXIQTIVEXIGPMQEXIERHVIGSKRM^EFPI PERKYEKIWSJXLI WIEWSRW8LI[IEXLIVMWGSSPMRXLI[MRXIVERH[EVQ 5YIGLYERTISTPI ERHLYQMHMRXLIWYQQIVFYXMXHSIWRSXVIEGLER TEQTEWQIERW I\XVIQIEXIMXLIVIRH-R&YIRSW%MVIWLEHMXW ±JPEXTPEMR² WIGSRHWRS[JEPPSRVIGSVH°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
'39286-)73*8,);360( %6+)28-2%
7EPXE 8YGYQjR 'SVVMIRXIW 'zVHSFE
PACIFIC OCEAN
7ERXE*I
1IRHS^E
&YIRSW%MVIW :MGXSVMGE
Río de la Plata 1EVHIP4PEXE
2IYUYqR
&ELuE&PERGE :MIHQE
6E[WSR
7EVQMIRXS
6uS+EPPIKSW Strait of Magellan 9WLYEME
AT L A N T I C OCEAN
%VMH(IWIVX,SX %VMH(IWIVX'SPH %VMH7XITTI,SX %VMH7XITTI'SPH 8IQTIVEXI(V],SX7YQQIV 8IQTIVEXI(V];EVQ7YQQIV 8IQTIVEXI2S(V]7IEWSR,SX7YQQIV 8IQTIVEXI2S(V]7IEWSR;EVQ7YQQIV 8IQTIVEXI2S(V]7IEWSR'SPH7YQQIV 8IQTIVEXI(V];MRXIV,SX7YQQIV 8IQTIVEXI(V];MRXIV;EVQ7YQQIV 'SPH(V]ERH;EVQ7YQQIV 4SPEV8YRHVE
'PMQEXISJ %VKIRXMRE
+)3+6%4,= 6%-2*36)787%2(+0%'-)67
'39286-)73*8,);360( %6+)28-2%
&+$37(5
$1,0$/6$1' 1$785( )520 3(1*8,1672380$6 3RXLIVIQSXI4YRXE8SQFSTIRMRWYPESJ4EXEKSRMEIGSXSYVMWXWERH WGMIRXMWXWJPSGOXSWIIXLILYRHVIHWSJXLSYWERHWSJ1EKIPPERMGTIRKYMRW XLEXKEXLIVXLIVIIEGL7ITXIQFIVXSFVIIH%JI[HIGEHIWEKSXLIMV RYQFIVW[IVIIWXMQEXIHEXQMPPMSRSRXLMWREVVS[WXVMTSJPERHNYXXMRK ETTVS\MQEXIP]QMPIW OQ MRXSXLI%XPERXMG3GIER&YXSMPVIPIEWIH JVSQWLMTWGSEXWXLIMVJIEXLIVWERHOMPPWXLIQ-RGVIEWIHJMWLMRKLEWGYX XLIMVJSSHWYTTP]2S[XLIGSPSR]RYQFIVWETTVS\MQEXIP] TIRKYMRWTIV]IEV )VMG;EKRIVENSYVREPMWX[VMXMRKJSV7QMXLWSRMERQEKE^MRISRPMRI VIGSYRXIHXLIWTIGXEGPILI[MXRIWWIH[LMPIWYVVSYRHIHF]XLSYWERHWSJ TIRKYMRWSRI7ITXIQFIVIZIRMRK
1EKIPPERMGTIRKYMRWMR4EXEKSRME
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´QMKVEXMSRTEXLW XS&VE^MPERH9VYKYE]GPSWIP]QEXGLXLIVSYXIW XEOIRF]WLMTW &SIVWQEHMWGSZIVIHXLEXXLISMPPIEOIHSV HMWGEVHIHF]XLIWIWLMTWEGXYEPP]GVIEXIHE[SVWI TSPPYXMSRTVSFPIQMRXLISGIERXLERSGGEWMSREP PEVKISMPWTMPPW;LIRXLITIRKYMRWIRGSYRXIVSMP WPMGOWXLIWYFWXERGIHEQEKIWXLIMVJIEXLIVW´EFMPMX] XSMRWYPEXIXLIMVFSHMIWERHXLI]HMIJVSQXLIGSPH ;MHIWTVIEHTYFPMGTVSXIWXWTYWLIHXLIKSZIVRQIRX XSEPXIVWLMTTMRKVSYXIW%JXIVXLEXXLIRYQFIVSJ TIRKYMRWJEPPMRKZMGXMQXSSMPHIGPMRIHHVEQEXMGEPP]
'39286-)73*8,);360( %6+)28-2%
4IRKYMRWEVIRSXXLI SRP]ERMQEPW[SVXLWIIMRK MR4EXEKSRME8LIHV]4YRXE 8SQFSTIRMRWYPEMWEPWS LSQIXSKYEREGSWEVIPEXMZI SJXLIPPEQEEVQEHMPPSW WOYROWERHWGSVTMSRW7IE PMSRWIPITLERXWIEPW[LEPIW ERHSVGEWGEREPWSFIWIIR SJJXLI%XPERXMGGSEWX
:,/'/,)(2) $5*(17,1$ %WEPEVKIGSYRXV][MXL QER]ZEV]MRKGPMQEXIW ERHKISKVETLMGJIEXYVIW %VKIRXMREMWLSQIXSE[MHI EVVE]SJTPERXERHERMQEPPMJI %WE[LSPIXLIGSYRXV]LEW ETTVS\MQEXIP]QEQQEPW FMVHWTIGMIW HMJJIVIRXJMWLVITXMPIW ERHEQTLMFMERWERH TPERXWTIGMIW8LITYQE EPWSORS[REWEGSYKEVSV QSYRXEMRPMSRMWGSRWMHIVIH F]QER]XSFIXLIYRSJJMGMEP REXMSREPERMQEP4YQEWGER FIJSYRHMR4EXEKSRMEERH RSVXLIVR%VKIRXMRE8LI REXMSREPFMVHMWXLILSVRIVS [LMGLMWWQEPPERHFVS[R [MXLEPSRKFIEO8LIVIH JPS[IVSJXLIGIMFSXVIIMW XLIREXMSREPJPS[IV 8LITYQELEWXLIPEVKIWXVERKISJER]2SVXL %QIVMGERPERHERMQEP°JVSQ %PEWOEXS %VKIRXMRE
%2-1%07%2(2%896) *6314)2+9-2783491%7
'39286-)73*8,);360( %6+)28-2%
%[E]JVSQXLIGSEWX4EXEKSRMEMWGSZIVIHMRWQEPPWLVYFWERHSXLIV TPERXWXLEXGER[MXLWXERHXLIEVMHGPMQEXI'SRMJIVSYWJSVIWXWGSZIVEVIEW MRXLIJEV[IWX4YQEW[MPHLSVWIWQMRMEXYVIHIIVGEPPIHTYH[MPHFSEV EVQEHMPPSWERHEPEVKIVSHIRXGEPPIHEQEVEEPWSVSEQXLIQSYRXEMRSYW VIKMSR 2SVXLIEWX%VKIRXMREJIEXYVIWWSQISJXLIQSWXI\SXMGTPERXERH ERMQEPWTIGMIWJVSQXLIGET]FEVEXLI[SVPH´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´WWEPX PEOIW8LIHV]'Y]SJIEXYVIWXLSVR]WLVYFWERHTPERXWXLEXWYVZMZI[MXL PMXXPI[EXIV8LIPEVKIWXJP]MRKFMVHMRXLI%QIVMGEWXLIGSRHSVWSEVWMR XLI%RHIW
8LILEMVSJXLIKYEREGSGERFIWTYRMRXSWSJX]EVR
%2-1%07%2(2%896) *6314)2+9-2783491%7
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´WQSWXHMWXMRGXMZIXVIIWMWXLI QSROI]TY^^PIXVIIEGSRMJIVREXMZIXSWSYXLIVR %VKIRXMRE8LIXVIIIEVRIHMXWREQIEJXIVEGSPSRMWX VIQEVOIHEFSYXXLIHMJJMGYPX]EQSROI][SYPHLEZI GPMQFMRKMX EPXLSYKLRSQSROI]WPMZIMRMXWLEFMXEX 8LIXVII´WTSMRXIHXVMERKYPEVPIEZIWPEWXYTXS ]IEVWERHGERTMIVGIPMOIERIIHPI8LIXSYKLFEVO SJXLIXVIIQEOIWMXLMKLP]JMVIVIWMWXERXERHMX GERPMZIQSVIXLER]IEVW8LISPHIWXORS[R QSROI]TY^^PIXVIIMWQSVIXLER ]IEVWSPH
8LI-RXIVREXMSREP 9RMSRJSVXLI'SRWIVZEXMSR SJ2EXYVIGEXIKSVM^IH WTIGMIWSJERMQEPWMR %VKIRXMREEWGVMXMGEPP] IRHERKIVIHERH EW IRHERKIVIH'VMXMGEPP] IRHERKIVIHWTIGMIWMRGPYHI XLIWLSVXXEMPIHGLMRGLMPPE
6ERGLIWLEZIGLERKIHXLISVMKMREPLEFMXEXSJ4EXEKSRME
'39286-)73*8,);360( %6+)28-2%
%2-1%07%2(2%896) *6314)2+9-2783491%7
)2(%2+)6)(74)'-)7 -2 %6+)28-2% %GGSVHMRKXSXLI-RXIVREXMSREP9RMSRJSV 'SRWIVZEXMSRSJ2EXYVI -9'2 %VKIRXMREMW LSQIXSXLIJSPPS[MRKRYQFIVWSJWTIGMIWXLEX EVIGEXIKSVM^IHF]XLISVKERM^EXMSREWGVMXMGEPP] IRHERKIVIHIRHERKIVIHSVZYPRIVEFPI
1EQQEPW
&MVHW
6ITXMPIW
%QTLMFMERW
*MWLIW
1SPPYWOW
3XLIV -RZIVXIFVEXIW
4PERXW
8SXEP
'39286-)73*8,);360( %6+)28-2%
EVSHIRXXLEXQE]FI VIGSZIVMRKHYIXSLYRXMRK ERHXVETTMRKPE[W XLI GERHIPEFVEXVIIEGEWYEPX] SJHIJSVIWXEXMSR ERHXLI KPEYGSYWQEGE[EPEVKI FPYIFMVHXLEX[EWXEVKIXIH F]LYRXIVWERHQE]RS[ FII\XMRGX%QSRKXLI IRHERKIVIHWTIGMIWEVIXLI WIMFPYIERHJMR[LEPIW [LMGLGERWSQIXMQIWFI ZMI[IHSJJXLI%XPERXMG GSEWX %RHIERGEXW[LMGL PMZILMKLMRXLIQSYRXEMRW ERHVMZIVSXXIVW[LMGLLEZI PSWXQYGLSJXLIMVLEFMXEXXS JMWLIVMIW
32//87,21 $1'&/,0$7( &+$1*( 4SPPYXMSRMR%VKIRXMRE WXIQWPEVKIP]JVSQXLI GSYRXV]´WGEXXPIERHWS]FIER
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
%2-1%07%2(2%896) *6314)2+9-2783491%7
'39286-)73*8,);360( %6+)28-2%
7GMIRXMWXWHMWEKVII EFSYX[LIXLIVXLIGLERKIW EVIHYIXSGPMQEXIGLERKI SVXSSXLIVJEGXSVWVIPEXIH XSXLIREXYVEPIRZMVSRQIRX -R%VKIRXMRETEWWIHE PE[XSTVSXIGXMXWKPEGMIVW 8LIPE[MRGPYHIWETPERXS MRZIRXSV]XLIGSYRXV]´W KPEGMIVWIZIV]JMZI]IEVW ERHTVSLMFMXWHMWTSWEPSJ GSRXEQMRERXWMRXLIKPEGMEP IRZMVSRQIRX
2%8-32%04%6/7 8STVIWIVZIMXWZEWXEVVE]SJ[MPHPMJI%VKIRXMRELEW HIWMKREXIH REXMSREPTEVOWEPSRK[MXLERYQFIV SJREXYVIERHIHYGEXMSREPVIWIVZIW8LITYVTSWI SJXLIREXMSREPTEVOWMWXSIRGSYVEKIFMSHMZIVWMX]XS TVIWIVZIXLIIRZMVSRQIRXWSJIRHERKIVIHWTIGMIW XSQEMRXEMRXLIWMXIWSJTEPISRXSPSKMGEPHMWGSZIVMIW ERHXSTVSQSXIIHYGEXMSRERHWGMIRXMJMGVIWIEVGL
,MOIVWRIKSXMEXI[IXTEXGLIWEXST4IVMXS1SVIRS+PEGMIV %VKIRXMREMW[SVVMIHEFSYXMXWWLVMROMRKKPEGMIVW
%2-1%07%2(2%896) *6314)2+9-2783491%7
'39286-)73*8,);360( %6+)28-2%
&+$37(5
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
4EXEKSRME´WIEVP]MRLEFMXERXWPIJXTEMRXMRKWERHLERHXVEGMRKW WYGLEWXLMWSRIMRGEZIW
7TERMEVHWJMVWXEVVMZIH MRXLI6uSHIPE4PEXE±6MZIV SJ7MPZIV²VIKMSR[LMGL &IJSVI)YVSTIERWWIXXPIHMRXLIEVIERS[ORS[R EW%VKIRXMREXLIPERH´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uERHJSYRHIH %WYRGMzRXLITVIWIRXHE]GETMXEPSJ4EVEKYE]MR
%2'-)28 83307
(YVMRKXLIPEXIWM\XIIRXLGIRXYV]XLI7TERMWLJSYRHIHX[SHS^IR QSVIGMXMIWMRGPYHMRK1IRHS^E'zVHSFEERH7ER.YER[LMGLXVEHIH[MXL
8LI3REXVMFISJ 8MIVVEHIP*YIKSQEMRXEMRIHMXWXVEHMXMSREPGYPXYVI XLVSYKLXLIRMRIXIIRXLGIRXYV]
'39286-)73*8,);360( %6+)28-2%
,-7836= *631'3032=836)49&0-'
WYGGIWWJYP7TERMWLWIXXPIQIRXWMRQSHIVRHE]4IVY&SPMZME'LMPIERH 4EVEKYE]-RWSQITPEGIWWYGLEW'zVHSFEXLI7TERMEVHWIRGSYRXIVIH ZMSPIRXVIWMWXERGIJVSQXLIREXMZIXVMFIW(MWSVKERM^IHERHLEQTIVIHF] MRJIVMSV[IETSRWXLIMRHMKIRSYWTISTPIWGSYPHRSXJMKLXSJJXLI7TERMWL &YIRSW%MVIW[EWVIIWXEFPMWLIHMR [LIR.YERHI+EVE]PIHE KVSYTSJ7TERMEVHWERHQIWXM^SWHIWGIRHIRXWSJXLI)YVSTIERWERHXLI +YEVERuXSWIXXPIMRXLIGMX] 7TEMRHMGXEXIHXLEXEPPSJMXWXVEHI[MXLXLIGSPSRMIWLEHXSKS XLVSYKL0MQEMR4IVY;MXLRSEYXLSVM^IHXVEHIVSYXIW&YIRSW%MVIW FIGEQILSQIXSWQYKKPIVW-RXLIPEXIIMKLXIIRXLGIRXYV]7TEMRWLMJXIH MXWXVEHIXLVSYKL&YIRSW%MVIWERHXLIGMX]UYMGOP]KVI[XSFIXLI TSTYPEXMSRGIRXIVSJ%VKIRXMRE
,1'(3(1'(1&()52063$,1 &]XLIIRHSJXLIIMKLXIIRXLGIRXYV]%VKIRXMRIFSVRGSPSRMWXWSV GVISPIW[IVIER\MSYWXSFIJVIISJ7TEMR´WVYPI-R ERH XLI &VMXMWLX[MGIXVMIHXSXEOIGSRXVSPSJ&YIRSW%MVIWGEYWMRKLMKLVEROMRK 7TERMEVHWXSJPII8LIGVISPIWRIZIVPIXXLI7TERMWLSJJMGIVWVIXYVRXS XLIMVTVIZMSYWTSWMXMSRWSJTS[IV &YIRSW%MVIWHIGPEVIHMRHITIRHIRGIJVSQ7TEMRSR1E] 0IHF]+IRIVEP.SWqHI7ER1EVXuRXLITVSZMRGIWXLEX[SYPHPEXIV
8LMWQSRYQIRXMR&YIRSW %MVIWGSQQIQSVEXIW IEVP]GSPSRM^IV.YERHI+EVE]
'39286-)73*8,);360( %6+)28-2%
,-7836= *631'3032=836)49&0-'
'%9(-00378=0)430-8-'7 ,MWXSVMER.SREXLER'&VS[REYXLSVSJ %&VMIJ ,MWXSV]SJ%VKIRXMREI\TPEMRWLS[RMRIXIIRXL GIRXYV]TSPMXMGEPYRVIWXWIXEXSRIJSV%VKIRXMRI TSPMXMGWXLEXGSRXMRYIHMRXSQSHIVRXMQIW ±2MRIXIIRXLGIRXYV]GEYHMPPSWX]PITSPMXMGWFIGEQI MHIRXMJMIH[MXLYRWXEFPITSPMXMGEPPIEHIVWLMT EWWEWWMREXMSRWGSYTWERHGSYRXIVGSYTWGMZMP YRVIWXMRXMQMHEXMSRSJGVMXMGWERHXLIJPSYXMRKSJ XLIGSRWXMXYXMSR-XLEWIRHYVIHERHMWTVEGXMGIH IZIRXSHE]1SWX%VKIRXMRIGMXM^IRWGERVIGSYRX RYQIVSYWMRWXERGIWSJGEYHMPPSWX]PITSPMXMGWHYVMRK XLIPEWXUYEVXIVSJXLIX[IRXMIXLGIRXYV]²
GSQTVMWIXLI%VKIRXMRI 6ITYFPMGHIGPEVIHXLIMV MRHITIRHIRGIJVSQ7TEMR SR.YP] 7MQMPEV HIGPEVEXMSRW[IVIFIMRK QEHIXLVSYKLSYX7SYXL %QIVMGEERH7TERMWLVYPI [EWQSWXP]FERMWLIHJVSQ XLIGSRXMRIRXF]XLI W
8LIPEGOSJ7TERMWL EYXLSVMX]WIXSJJVIKMSREP GSRJPMGXWJSVQYGLSJXLI VIWXSJXLIRMRIXIIRXL GIRXYV]6IWMHIRXWSJ &YIRSW%MVIW[ERXIH TS[IVXSFIGIRXVEPM^IH XLIVI6IWMHIRXWSJSXLIV TVSZMRGIW[LSVIWIRXIH &YIRSW%MVIWJSVMXWYRWLEVIH[IEPXLERH)YVSTIERMRJPYIRGIWYTTSVXIH EJIHIVEPMWXW]WXIQXLEX[SYPHWLEVITS[IVFIX[IIRXLIREXMSREP KSZIVRQIRXERHXLITVSZMRGIWERHQEMRXEMRXLITVSZMRGIW´EYXSRSQ] 8LI W[IVIQEVOIHF]RYQIVSYWGSRJPMGXWFIX[IIRXLITVSZMRGMEP PIEHIVWGEPPIHGEYHMPPSWERHGMZMPYRVIWX-R JIHIVEPMWX.YER1ERYIP HI6SWEWFIGEQIHMGXEXSVERHTVIWIVZIHXLIGEYHMPPSW´WTS[IVSZIVXLIMV TVSZMRGIW&YX6SWEWPIJXEZMSPIRXPIKEG]MRGPYHMRKXLIGVIEXMSRSJXLI
'39286-)73*8,);360( %6+)28-2%
QE^SVGEEVYXLPIWWKSZIVRQIRXEPTSPMGIJSVGIERHXLIYWISJXSVXYVIERH XIVVSVXEGXMGW,I[EWVIQSZIHJVSQSJJMGIMR
&5($7,212)7+($5*(17,1(5(38%/,& -R XLI%VKIRXMRI6ITYFPMG[EWJSYRHIH[MXLXLIGVIEXMSRSJE REXMSREPGSRWXMXYXMSR[LMGL[EWETTVSZIHF]EGSRZIRXMSRMR7ERXE*I SR1E].YWXS.SWqHI9VUYM^E[LSLEHSZIVXLVS[R6SWEW FIGEQIXLIGSYRXV]´WJMVWXTVIWMHIRX-R &YIRSW%MVIW FIGEQIXLISJJMGMEPGETMXEP 8LIGSRWXMXYXMSRIWXEFPMWLIHEWXVSRKGIRXVEP KSZIVRQIRXERHKVERXIHXLITVIWMHIRXTS[IVXS MRXIVZIRIMRTVSZMRGMEPQEXXIVWMRXMQIWSJTSPMXMGEP XYVQSMP,S[IZIVXLIREXMSR[EWRSX]IXJYPP]YRMXIH 4VSZMRGIWWXMPPQEMRXEMRIHXLIMVS[RQMPMXEV]JSVGIW &IX[IIR ERH %VKIRXMREEPPMIH[MXL9VYKYE] ERH&VE^MPEKEMRWX4EVEKYE]MREFSVHIVHMWTYXI[EVORS[REW XLI;EVSJXLI8VMTPI%PPMERGI8LIRIIHXSQSFMPM^IJSVGIWJSV XLI[EVLIPTIHYRMJ]XLITVSZMRGIW
.YWXS.SWqHI 9VUYM^EPIH %VKIRXMREJVSQ XS
*SVXLIRI\XLEPJEGIRXYV]&YIRSW%MVIWERHXSEPIWWIVI\XIRX XLISXLIVTVSZMRGIWIRNS]IHETIVMSHSJIGSRSQMGTVSWTIVMX])YVSTIER MRZIWXQIRXERHMQQMKVEXMSREW[IPPEWMQTVSZMRKMRJVEWXVYGXYVI GSQFMRIHXSFSSWXXLIIGSRSQ]-RHYWXVMIWWYGLEWFIIJKVEMRERH[SSP [IVIXLVMZMRK8[SRI[GPEWWIWIQIVKIH°SRIGSRWMWXMRKSJTVSJIWWMSREPW WYGLEWPE[]IVWERHFEROIVWERHXLISXLIVSJYVFERMQQMKVERX[SVOIVW
,-7836= *631'3032=836)49&0-'
.YERERH)ZE4IVzR
'39286-)73*8,);360( %6+)28-2%
7+(5,6(2)-8$13(5©1 )ZIRHYVMRKXLMWFVMIJKSPHIREKIVEGMEPHMWGVMQMREXMSRERHGPEWWHMZMWMSRW FYFFPIHFIRIEXLXLIWYVJEGISJ%VKIRXMRIWSGMIX]-R WIGVIXFEPPSXW [IVIMRXVSHYGIHXSGSQFEX IPIGXSVEPGSVVYTXMSRERH %VKIRXMREIPIGXIHMXWJMVWX TVIWMHIRXXLVSYKLTSTYPEV ):%4)6Ì2 ZSXI4S[IVXVERWMXMSRW )ZE1EVuE(YEVXI[EWFSVRXSETSSVJEQMP]MR [IVIVIPEXMZIP]TIEGIJYP %XWLIQSZIHXS&YIRSW%MVIWERH YRXMPEFERHSJQMPMXEV] FIGEQIEVEHMSTIVJSVQIVERHEGXVIWW7LIQIX TIVWSRRIPSZIVXLVI[XLI 'SPSRIP.YER4IVzRHYVMRKJYRHVEMWMRKIJJSVXW JSVERIEVXLUYEOI;LIRLI[EWMQTVMWSRIHMR KSZIVRQIRXMR HYVMRK WLILIPTIHSVKERM^IEHIQSRWXVEXMSRXSKIX ETIVMSHSJIGSRSQMG LMQVIPIEWIHERHXLI][IVIQEVVMIHEJI[HE]W HIGPMRIERHWSGMEPYRVIWX PEXIV(YVMRKLIVLYWFERH´WTVIWMHIRG])ZE[EWER -RXLI]IEVWXLEX JSPPS[IH[LMGLFIGEQI ORS[REWXLI-RJEQSYW (IGEHIEKVSYTSJQSWXP] GSRWIVZEXMZITSPMXMGMERW WXE]IHMRTS[IVFIGEYWI XLI][IVIFEGOIHF]XLI EVQIHJSVGIW8IRWMSRWKVI[ SZIVXLIYWISJJSVGIERH JVEYHXSOIITXLIKVSYTMR TS[IVERHXLIVMWISJER
SYXWTSOIRPIEHIVSJ[SQIR4IVSRMWXEW7LI[SVOIH SRFILEPJSJYRHIVTVMZMPIKIH%VKIRXMRIWERH[EW EGXMZIMRTVSQSXMRK[SQIR´WWYJJVEKI )ZE4IVzRVERXLI1EVuE)ZE(YEVXI(I4IVzR ;IPJEVI*SYRHEXMSRXSEWWMWXXLITSSV[MXLGPSXLMRK LSYWMRKJSSHERHLIEPXLGEVI7LIEPWSEWWMWXIHXLI 1MRMWXV]SJ,IEPXLMRMXWIJJSVXWXSJMKLXHMWIEWIWERH XSFYMPHRI[LSWTMXEPW7LISJXIRMRXIVEGXIH[MXL XLITSSVSRETIVWSREPPIZIPERHLIV[EVQXLERH HIHMGEXMSRXSGLEVMX]QEHILIVEVIZIVIHJMKYVIMR %VKIRXMRE)ZE4IVzRHMIHSJGIVZMGEPGERGIVMR EXEKI
,-7836= *631'3032=836)49&0-'
YVFERQMHHPIGPEWWGVIEXIHEQSZIQIRXJSVQMPMXEV]ERHPEFSV VIJSVQW8LMWYRVIWXPIHXSERSXLIVQMPMXEV]GSYTMR EJXIV[LMGL'SPSRIP.YER(SQMRKS4IVzRVSWIXSTS[IV -RLMW]SYXL 8LIQMPMXEV]MQTVMWSRIH4IVzRMR FYXVIPIEWIHLMQ .YER4IVzR[EW EJXIVXLSYWERHWSJ[SVOMRKGPEWW%VKIRXMRIWTVSXIWXIH XLI%VKIRXMRI EXXLI4PE^EHI1E]S EVQ]´WGLEQTMSR 4IVzR[SREJVIIIPIGXMSRMR FYXSZIVXLI W[SVHJMKLXIV RI\XHIGEHILIVYPIHTVMQEVMP]EWEHMGXEXSVGSRXVSPPMRK XLIQIHMEERHHMWGSYVEKMRKHMWWIRX)ZIRWSLI[EW VIZIVIHF]QER]%VKIRXMRIWFIGEYWISJLMWWYTTSVXJSVPEFSV ERHWSGMEPVIJSVQW,ILIPTIHXLITSSVXLVSYKLKIRIVSYW[IPJEVI TVSKVEQWERHJEGMPMXEXIHKVIEXIVMRHYWXVMEPHIZIPSTQIRX,MW[MJI)ZE 4IVzRSXLIV[MWIORS[REW)ZMXE[EWFIPSZIHYRXMPLIVHIEXLMR 8LI4IVzRWWYTTSVXIHYRMSRM^EXMSR[SQIR´WWYJJVEKIERHIHYGEXMSR &YXHMWGSRXIRXKVI[SZIV4IVzR´WHMGXEXSVMEPWX]PIERHXLIGSYRXV]´W IGSRSQMGHMJJMGYPXMIW4IVzRXL[EVXIHEGSYTMR FYXXLIQMPMXEV] SZIVXLVI[LMQMR ,IXLIRQSZIHXS7TEMRXSPMZIMRI\MPI4ISTPI MR%VKIRXMRE[LSWXMPPWYTTSVXIH.YER4IVzRERHLMWTSTYPMWXERH REXMSREPMWXMGTSPMGMIWFIGEQIORS[REW4IVSRMWXW
*8(55,//$:$5)$5($1'7+(',57<:$5 4IHVS%VEQFYVYFIGEQITVIWMHIRXEJXIVXLISZIVXLVS[SJ4IVzR% TIVMSHSJJVIUYIRXGSYTWTYFPMGVMSXMRKERHVEKMRKMRJPEXMSRJSPPS[IH
'39286-)73*8,);360( %6+)28-2%
;LIRIZIVEPIEHIVQEHIEQMWWXIT°WYGLEWWYKKIWXMRKXLEXE4IVSRMWX FIEPPS[IHXSTEVXMGMTEXIMRTSPMXMGW°XLIEVQ]VIQSZIHLMQJVSQTS[IV 1IER[LMPIKYIVVMPPE[EVJEVIFVSOISYXFIX[IIRX[SQSZIQIRXW XLITVS'YFER6IZSPYXMSREV]%VQ]SJXLI4ISTPIERHEKVSYTSJPIJX [MRK4IVSRMWXWGEPPIHXLI1SRXSRIVSW8LI1SRXSRIVSWQYVHIVIH %VEQFYVYMRVIXVMFYXMSRJSVLMWI\IGYXMSRSJ4IVSRMWXSJJMGIVW [SVOIVWERHYRMSRPIEHIVWJSPPS[MRKEREXXIQTXIHGSYTSJ%VEQFYVY´W KSZIVRQIRX%QMHKYIVVMPPE[EVJEVIERHMRWXEFMPMX]XLIIGSRSQ]WYJJIVIH -R +IRIVEP %PINERHVS0ERYWWIWIM^IH TS[IVERHX[S]IEVW PEXIVLIHIGMHIHXSLSPHE JVIIIPIGXMSR8LIQMPMXEV] HMWEPPS[IHXLIGERHMHEG] SJ4IVzRWS4IVzR´WTEVX] VERERSXLIV4IVSRMWX ,qGXSV'jQTSVE[LS[SR %JXIVSRP]EJI[QSRXLW 'jQTSVEVIWMKRIHXSEPPS[ XLIVIXYVRSJ4IVzR%RI[ IPIGXMSR[EWGEPPIH[LMGL 4IVzRIEWMP][SR
.9%24)6Ì2´76)8962 %TTVS\MQEXIP]QMPPMSRGMXM^IRWXVMIHXSQIIX.YER ERHLMW[MJI-WEFIP4IVzREX)^IM^E-RXIVREXMSREP %MVTSVXYTSRXLIMVVIXYVRXSXLIGSYRXV]SR.YRI 8IRWMSRW[IVIVMWMRKFIX[IIRXVEHMXMSREP WYTTSVXIVWSJ4IVzRERHXLI1SRXSRIVSWERH RI[GSQIVWXSXLIQSZIQIRX%VMSXERHKYRJMKLX FVSOISYXFIX[IIRXLIX[SJEGXMSRWERH4IVzR´W TPERILEHXSPERHEXEREMVJSVGIFEWIMRWXIEH 3JJMGMEPP]TISTPIHMIHERH[IVI[SYRHIH FYXQER]FIPMIZIXLIRYQFIVSJZMGXMQW[EWPEVKIV
8LIWMGOP] ]IEV SPH4IVzRVYPIHJSVFEVIP] E]IEVFIJSVILIHMIH
,-7836= *631'3032=836)49&0-'
8LIRTS[IVWLMJXIHXSLMWXLMVH[MJIERHZMGITVIWMHIRX-WEFIP 4IVzR7LIERHLIVEHZMWIV.SWq0zTI^6IKEYWIHEHIEXL WUYEHGEPPIHXLI%VKIRXMRI%RXMGSQQYRMWX%PPMERGISV XLI8VMTPI%XSGSQFEXKYIVVMPPEQSZIQIRXW,MWXSVMER -WEFIP4IVz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qP:MHIPEWIM^IHTS[IVEKEMR MR 1MPMXEV]PIEHIVWWXEVXIH[LEXXLI]GEPPIHXLITVSGIWWSJREXMSREP VISVKERM^EXMSR[LMGLPEXIVFIGEQIORS[REWXLI(MVX];EV'MXM^IRW [LS[IVIFIPMIZIHXSFIIRIQMIWSJXLIKSZIVRQIRXSVWYWTIGXIHXSFI PMFIVEPWSVPIJXMWXW[IVIEFHYGXIHXSVXYVIHERHOMPPIH7SQIGMXM^IRW[IVI EVVIWXIHQIVIP]XSQIIXUYSXEW)WXMQEXIWSJXLIRYQFIVSJTISTPI[LS JIPPZMGXMQXSXLI(MVX];EVRYQFIVEWLMKLEW:MGXMQW´FSHMIW [IVIHYQTIHMRMWSPEXIHYRQEVOIHKVEZIWPIEHMRKXLIQXSFIGEPPIH HIWETEVIGMHSWSV±HMWETTIEVIHSRIW² &] KYIVVMPPE[EVJEVILEHIRHIH8LI(MVX];EVIRHIH[LIR QMPMXEV]PIEHIVW[IVIVIQSZIHJVSQTS[IVJSPPS[MRKEHMWEWXVSYW
'39286-)73*8,);360( %6+)28-2%
.SVKI6EJEqP :MHIPEGIRXIVPIHXLIGSYTXLEXXSTTPIH -WEFIP4IVzR´WKSZIVRQIRX
,-7836= *631'3032=836)49&0-'
EXXIQTXMR XSWIM^IGYWXSH]SJXLI*EPOPERH-WPERHWJVSQXLI9RMXIH /MRKHSQ
'(02&5$&<7$.(6+2/' 4VIWMHIRX6EP%PJSRWuR[EWIPIGXIHMR ERHWIXSYXXSVIWXSVI HIQSGVEG]XSVIHYGIXLIQMPMXEV]´WTS[IVERHXSTYXSRXVMEPLMKL VEROMRKTIVTIXVEXSVWSJXLI(MVX];EV'SRXVSZIVW]SZIV[LS[SYPHFI TVSWIGYXIHSVTEVHSRIHGSRXMRYIHJSVQSVIXLEREHIGEHI&IGEYWISJ XLIQMPMXEV]´WSRKSMRKMRJPYIRGIVIPEXMZIP]JI[SJJMGMEPWJVSQXLIIVEIRHIH YTFIMRKTYRMWLIHEXXLMWXMQI
138,)673*8,)40%>%()1%=3 3YXSJJIEVQSWX%VKIRXMRIWVIQEMRIHUYMIXEFSYX XLITISTPI[LSHMWETTIEVIHHYVMRKXLI(MVX];EV -R%TVMP EKVSYTSJJIQEPIVIPEXMZIWSJXLSWI XLEXLEHHMWETTIEVIHWXEVXIHXSKEXLIVMRWMPIRX TVSXIWXEXXLI4PE^EHI1E]SMR&YIRSW%MVIWIZIV] 8LYVWHE]%XXIRXMSRJVSQXLIJSVIMKRQIHMEERH KSZIVRQIRXWWYGLEW7[IHIR7TEMRERH*VERGIMW XLSYKLXXSLEZITVSXIGXIHXLIWI[SQIRJVSQFIMRK TYRMWLIHF]XLIMVS[RKSZIVRQIRX
'39286-)73*8,);360( %6+)28-2%
%PJSRWuRKVI[ YRTSTYPEVFIGEYWISJLMW YRWYGGIWWJYPEXXIQTXWXS GYVFWSEVMRKMRJPEXMSR[LMGL MR [EWIWXMQEXIHEX TIVGIRXERRYEPP] 4IVSRMWX'EVPSW1IRIQ [EWHIQSGVEXMGEPP]IPIGXIH MR 2SXWMRGI LEHTS[IVTEWWIHJVSQ SRIHIQSGVEXMGEPP]IPIGXIH PIEHIVXSERSXLIV[MXLSYX QMPMXEV]MRXIVZIRXMSR
8LI1SXLIVWSJXLI4PE^EHI1E]STVSXIWX XLIPSWWSJXLIMVPSZIHSRIW
-RXLI W1IRIQ´WIGSRSQMGTSPMGMIWJMREPP]FVSYKLXMRJPEXMSR YRHIVGSRXVSP4VIWMHIRX*IVRERHSHIPE6E[EWIPIGXIHMR ,S[IZIVERI[IGSRSQMGGVMWMWWXVYGOMR%WXLIIRXMVIIGSRSQ]
,-7836= *631'3032=836)49&0-'
;IEXLIVMRKWIZIVEPGVMWIWXLI %VKIRXMRI2EXMSREP 'SRKVIWWGSRXMRYIWXSSTIVEXIRSVQEPP]
'39286-)73*8,);360( %6+)28-2%
WIIQIHEFSYXXSGSPPETWIXLIGSYRXV]I\TIVMIRGIHEVYRSRXLIFEROW LMKLYRIQTPS]QIRXERHTYFPMGTVSXIWXWXLEXVIWYPXIHMRXLSYWERHWSJ EVVIWXW3R(IGIQFIV4VIWMHIRXHIPE6EJPIHERHJSYV HMJJIVIRXMRXIVMQTVIWMHIRXWXSSOTS[IVSZIVXLIGSYVWISJ X[S[IIOW6MSXWERHEGVMQI[EZI[VIEOIHLEZSGERH 'EVPSW1IRIQ HIWGIRHIRXWSJMQQMKVERXWQSZIHFEGOXSXLIMVJEQMPMIW´ [EWNEMPIHX[MGI LSQIGSYRXVMIW %JI[HIGEHIWIEVPMIVXLMWOMRHSJGVMWMWQMKLX LEZIPIHXSEQMPMXEV]GSYTMR%VKIRXMRE&YXXLMWXMQI GSRWXMXYXMSREPTVSGIWWIW[IVIJSPPS[IHERHXLIREXMSR IQIVKIH[MXLMXWHIQSGVEG]MRXEGX
JSVTSPMXMGEPVIEWSRW FIJSVIPEXIV FIGSQMRK TVIWMHIRX
,-7836= *631'3032=836)49&0-'
&+$37(5
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
%VKIRXMRITISTPIGIPIFVEXIHXLIMVGYPXYVEPLIVMXEKIEXERMRXIVREXMSREP JSPOJIWXMZEPMR&YIRSW %MVIW.YP]
+,6725,& 3(23/(6 +%9',3'90896) *VSQXLIWIZIRXIIRXLXSXLIPEXIRMRIXIIRXL GIRXYVMIWKEYGLSW°WMQMPEVXSXLIGS[FS]WSJ 2SVXL%QIVMGE°VSEQIHXLI4EQTEWSRLSVWIFEGO %WQIWXM^SWXLI]XVIEWYVIHXLIMVJVIIHSQERH YRXEQIHPMJIWX]PI;MPHLSVWIWFIGEQIXLIMVWXIIHW ERHXLI]GETXYVIHERHOMPPIH[MPHSVIWGETIH PMZIWXSGOJSVJSSH +EYGLSW[IVIVIGSKRM^EFPIF]XLIMV HMWXMRGXMZIETTIEVERGI X]TMGEPP]EFVMKLXP]GSPSVIH WLMVXFEKK]XVSYWIVW[MXLE[MHIPIEXLIVFIPX HIGSVEXIH[MXLGSMRWSVTMIGIWSJWMPZIVFSSXW ERHEWXVE[LEX+EYGLSWSJXIRLEHPSRKLEMVERHE XLMGOFIEVH%KEYGLSGSQQSRP]YWIHLMWLSVWI´W WLIITWOMRWEHHPIEWEFIH %WGMZMPM^EXMSRXSSOSZIVXLI4EQTEWXLI KEYGLSPMJIWX]PIPEVKIP]HMWETTIEVIH,S[IZIVXLI KEYGLSXVEHMXMSRPMZIWSRMR%VKIRXMRIPMXIVEXYVI ERHEVX
)EVP]MRLEFMXERXWSJ %VKIRXMREFIGEQIORS[R EW-RHMERWEJXIV)YVSTIER I\TPSVIVWQMWXSSOXLI %QIVMGEWJSVXLIGSYRXV] SJ-RHME-RXLIWM\XIIRXL GIRXYV]ETTVS\MQEXIP] -RHMERWFIPSRKMRK XSQER]WITEVEXIXVMFIW VIWMHIHMR[LEXMWRS[ %VKIRXMRE8LIWI MRGPYHIHJEVQIVWWYGLEW XLI+YEVERuERHFERHW SJLYRXIVWWYGLEWXLI %VEYGERMERW %JXIVXLI7TERMWL EVVMZIH7TERMWLGSPSRMWXW ERHXLIMVHIWGIRHIRXW GEPPIHGVISPIWFIGEQI XLIGSYRXV]´WIPMXIGPEWW
+EYGLSW°%VKIRXMRIGS[FS]W°[IVISJXIRQIWXM^SW
'39286-)73*8,);360( %6+)28-2%
4)340) %',%2+-2+2%8-32
6%'-71 ,MWXSVMER.SREXLER'&VS[RI\TPEMRWXLI GSRRIGXMSRFIX[IIRWOMRGSPSVERHWSGMEPWXEXYWMR %VKIRXMRE ±8LIGSPSRMEPWSGMEPWXVYGXYVIGSRJYWIH VEGI[MXL[SVOXSWYGLERI\XIRXXLEXLEVHPEFSV FIGEQIMHIRXMJMIH[MXLHEVOWOMRERHZMGIZIVWE 4SZIVX]XSSFIGEQIW]RSR]QSYW[MXLWOMRGSPSV ;LMXIWPSWXWXEXYWMRWSGMIX]MJXLI]LEHXS[SVO [MXLXLIMVLERHW8LSWI[MXLHEVOWOMRGSYPH VMWISRP]WSJEVYTXLIWSGMEPLMIVEVGL]FIGEYWI XLIMVGSPSVQEVOIHXLIQEWTISRWERHSFVIVSW PEFSVIVW ²
8LIQIWXM^SW[IVISJJWTVMRK SJ7TERMWLWIXXPIVWERH -RHMER[SQIR8LI]LIPH [SVOMRKGPEWWTSWMXMSRW WIVZMRKEWEVXMWERWPEFSVIVW ERHLIVHIVW
-RXLIWIZIRXIIRXLERH IMKLXIIRXLGIRXYVMIWFPEGO WPEZIW[IVIFVSYKLXXS %VKIRXMREXS[SVOEWJMIPH PEFSVIVWERHWIVZERXW-R XLI0E[SJ*VIIHSQ F]XLI;SQFKVERXIH JVIIHSQXSXLIGLMPHVIRSJ WPEZIW8LITIVGIRXEKISJ FPEGOWXLEX[IVIIRWPEZIH HIGPMRIHYRXMPXLI%VKIRXMRIGSRWXMXYXMSRSYXPE[IHEPPWPEZIV]MR 8LI IRHSJXLIWPEZIXVEHIPIHXSEWLEVTHIGPMRIMRXLITSTYPEXMSRSJFPEGO %VKIRXMRIWMRXLIRMRIXIIRXLGIRXYV]3XLIVJEGXSVWMRGPYHIHQMPMXEV] VIGVYMXMRKHMWIEWIERHPS[FMVXLVEXIW
8LIGSRWXMXYXMSRMRGPYHIHWIZIVEPQIEWYVIWQIERXXSIRGSYVEKI MQQMKVEXMSRWYGLEWEKYEVERXIISJJVIIHSQSJVIPMKMSR%TTVS\MQEXIP] QMPPMSR)YVSTIERMQQMKVERXWQSWXP]-XEPMERWERH7TERMEVHWEVVMZIH FIX[IIR ERH -RXLIRMRIXIIRXLGIRXYV])YVSTIERWXV]MRK XSWIXXPIXLIWSYXLIVR4EQTEWERH4EXEKSRMEJEGIHXLIHERKIVSJVEMHW
'39286-)73*8,);360( %6+)28-2%
F]MRHMKIRSYWXVMFIW8LIREXMZIWWXSPILSVWIWERHGEXXPIERHGETXYVIH [SQIRERHGLMPHVIR'ETXMZIW[IVIIRWPEZIHSVSJJIVIHEWFVMHIWXS [EVVMSVW-R +IRIVEP.YPMS6SGEWIXSYXXSIPMQMREXIXLIWIXVMFIW ERHLIUYMGOP]I\XIVQMREXIHXLIQ[MXLLMWWYTIVMSVKYRW8LIQMPMXEV] GEQTEMKR[EWGEPPIHXLI'SRUYMWXEHIP(IWMIVXSSV±'SRUYIWXSJXLI (IWIVX²%JXIVXLMWHIJIEXWYVZMZMRK-RHMERW[IVIGSRJMRIHXSKSZIVRQIRX VIWIVZEXMSRW[LMPIJVIIHGETXMZIWFIGEQIWIVZERXWMR7TERMWLWTIEOMRK LSYWILSPHW -RXLIPEXIRMRIXIIRXLGIRXYV]%VKIRXMRIWSGMIX]IZSPZIHMRXSER IPMXIGPEWWSJPERHS[RIVWERIQIVKMRKQMHHPIGPEWWSJTVSJIWWMSREPWERH WIVZMGI[SVOIVWERHEPEVKIPS[IVGPEWWIRKEKIHMRQERYEPPEFSV7MQMPEV GPEWWHMZMWMSRWTIVWMWXIHXLVSYKLSYXXLIX[IRXMIXLGIRXYV]*SVXLIQSWX TEVXRI[MQQMKVERXWLEZINSMRIHXLIPS[IVX[SGPEWWIW[LMPIQIQFIVW SJXLIYTTIVGPEWWLEZIVIXEMRIHXLIMVTVIWXMKIERHTS[IV
/$1*8$*($1'5(/,*,21 7TERMWLMWWTSOIREPQSWXYRMZIVWEPP]XLVSYKLSYX%VKIRXMREFYX %VKIRXMRIWLEZIXLIMVS[RTEVXMGYPEVHMEPIGX*SVI\EQTPIE]SVPP WSYRHWPMOIER)RKPMWL]MRX]TMGEP7TERMWL-R%VKIRXMRI7TERMWLFSXLEVI TVSRSYRGIHEW±^L²SVPMOIXLI±W²MRXLI)RKPMWL[SVHXVIEWYVI-RWSQI [SVHWXLIEGGIRXETTIEVWSREHMJJIVIRXPIXXIVXLERMRX]TMGEP7TERMWL GLERKMRKXLITVSRYRGMEXMSR;LMPIQSWX7TERMWLWTIEOIVWYWIXLI[SVH XJSV±]SY²%VKIRXMRIWWE]ZSWMRWXIEH%JI[-XEPMER[SVHWWYGLEWGMES JSV±KSSHF]I²EVIGSQQSRP]YWIH%JI[MRHMKIRSYWPERKYEKIWEVIWXMPP WTSOIRMRWQEPPTSGOIXWSJXLIGSYRXV] +YEVERuRIEVXLIFSVHIV[MXL
4)340) %',%2+-2+2%8-32
=397%=-8 )RKPMWL
7TERMWL
,IPPS
,SPE 3,PEL
+SSHF]I
%HMzW EL(=3,7 SV 'MES ',3;
+SSHQSVRMRK
&YIRSWHuEW &;),RELW())ELW
+SSHIZIRMRK
&YIREWRSGLIW &;),RELW23,GLILW
4PIEWI
4SVJEZSV 43,6JEL&3,6
8LERO]SY
+VEGMEW +6%,W]ELW
=SY´VI[IPGSQI
(IREHE (),2%,HEL
4EVEKYE]%]QEVERIEV &SPMZMEERH1ETYGLIMR TEVXWSJ4EXEKSRME7SQI %VKIRXMRIWEPWSPIEVR XSWTIEO)RKPMWL-XEPMER *VIRGLSV+IVQER 2MRIX]X[STIVGIRX SJ%VKIRXMRIWEVI6SQER 'EXLSPMGTIVGIRXEVI 4VSXIWXERXERHTIVGIRX EVI.I[MWL8LIZEWX QENSVMX]SJ%VKIRXMRIW WYFWGVMFIXS6SQER 'EXLSPMGMWQ]IXSRP]SRI MRJMZIEGXMZIP]TVEGXMGIW XLI'EXLSPMGJEMXL %GGSVHMRKXSXLISJJMGMEP ;IFWMXISJXLI%VKIRXMRI KSZIVRQIRXGYPXW ERHVIPMKMSRWEVISJJMGMEPP] VIGSKRM^IH
%PXLSYKLGMXM^IRWEVIKYEVERXIIHJVIIHSQSJVIPMKMSRXLI %VKIRXMRI GSRWXMXYXMSRKMZIWWTIGMEPGSRWMHIVEXMSRXSXLI'EXLSPMGGLYVGL
'39286-)73*8,);360( %6+)28-2%
4)340) %',%2+-2+2%8-32
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
'39286-)73*8,);360( %6+)28-2%
7MRGIXLIPEXXIVLEPJSJ XLIX[IRXMIXLGIRXYV]XLI TSTYPEXMSRLEWFIIRWLMJXMRK IZIRQSVIJVSQVYVEPXS YVFEREVIEW%TTVS\MQEXIP] TIVGIRXSJ%VKIRXMRIW PMZIMRYVFEREVIEWSRI XLMVHSJ[LSQPMZIMRSV EVSYRH&YIRSW%MVIW%W SJ ETTVS\MQEXIP]
Pi l
7EPXE
com
a yo
8YGYQjR
1IRHS^E Sa l a d
PACIFIC OCEAN
6SWEVMS
Uruguay
ado
Para n
á
Sa l
'zVHSFE 7ERXE*I
'SVVMIRXIW
&YIRSW%MVIW
o
0E4PEXE Río de la Plata
7ERXE6SWE Co l o r a d
2IYUYqR Negr
o
o
7ER'EVPSW HI&EVMPSGLI Chubut
1EVHIP4PEXE &ELuE&PERGE :MIHQE
6E[WSR
AT L A N T I C OCEAN
San Jorge Gulf
3RSXODWLRQ 6uS+EPPIKSW Strait of Magellan 9WLYEME
4IV7UYEVI1MPI 3ZIV XS XS XS XS
4IV7UYEVI/Q 3ZIV XS XS XS XS
4STYPEXMSR(IRWMX]SJ %VKIRXMRE
4)340) %',%2+-2+2%8-32
43490%8-3273*1%.36'-8-)7 &YIRSW%MVIW 'zVHSFE 0E4PEXE 1EVHIP4PEXE 1IRHS^E 6SWEVMS 8YGYQjR 7ER'EVPSWHI&EVMPSGLI
QMPPMSRTISTPIPMZIH MR+VER&YIRSW%MVIW [LMGLMRGPYHIWXLIGMX] ERHWYVVSYRHMRKWYFYVFW 3YXWMHIXLI&YIRSW %MVIWEVIEXLIVIEVISRP] ELERHJYPSJWMKRMJMGERX TSTYPEXMSRGIRXIVWWYGLEW 'zVHSFE1IRHS^E6SWEVMS ERH0E4PEXE
8LIPMKLXWSJ&YIRSW %MVIWFVMKLXIRXLIRMKLX
'39286-)73*8,);360( %6+)28-2%
4)340) %',%2+-2+2%8-32
'39286-)73*8,);360( %6+)28-2%
&+$37(5
&8/785( 7+(/$1' 2)7+(7$1*2 %VKIRXMRE´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
&YIRSW %MVIWLSWXIHXLI 8ERKS(ERGI ;SVPH*IWXMZEP ERH'LEQTMSRWLMT
'%6037+%6()0 %VKYEFP]XLIQSWXTSTYPEVIRXIVXEMRIVSJ X[IRXMIXLGIRXYV]%VKIRXMRE[EW*VIRGLFSVR XERKSWMRKIVERHEGXSV'EVPSW+EVHIP[LS MQQMKVEXIHXSXLIGSYRXV]EWEFEF]%JXIVKVS[MRK YT[SVOMRKMRSTIVELSYWIW+EVHIPFIGEQIE JM\XYVISJXLIPSGEPXERKSWGIRIMR W&YIRSW %MVIW,IVIZSPYXMSRM^IHXERKS[LMGLTVIZMSYWP]LEH FIIRQSWXP]MRWXVYQIRXEPF]EHHMRKP]VMGW,MWJMVWX VIGSVHMRK±1M2SGLI8VMWXI²SV±1]7EH2MKLX² XIPPWERSWXEPKMGWXSV]SJEQERTMRMRKJSVE[SQER +EVHIP´WMRXIVTVIXEXMSRTSTYPEVM^IHXERKSJMVWXMR %VKIRXMREERHXLIREVSYRHXLI[SVPH-RXLI W LIWXEVVIHMRWIZIVEPQSZMIWXLEXFIGEQITSTYPEV XLVSYKLSYXXLI7TERMWLWTIEOMRK[SVPH %JXIV+EVHIPHMIHMRETPERIGVEWLMR.YRI MR'SPSQFMELMWGEWOIX[EWXVERWTSVXIH XSQIQSVMEPWMR2I[=SVO'MX]6MSHI.ERIMVS ERH9VYKYE];LIRLI[EWPEMHXSVIWXMR&YIRSW %MVIWMR*IFVYEV] XLIGMX]GEQIXSELEPX JSVLMWJYRIVEP±,MWXERKSVIGSVHMRKWSJPSRKMRK RSWXEPKMEERHYRVIUYMXIHPSZIGSRXMRYIXSETTIEP XS%VKIRXMRIWXSHE]2SEVXMWXLEWWMRGIVITPEGIH +EVHIPMRXLILIEVXWSJ%VKIRXMRIW²[VSXI.SREXLER '&VS[RMR %&VMIJ,MWXSV]SJ%VKIRXMRE
'39286-)73*8,);360( %6+)28-2%
8LIP]VMGWSJXERKS WSRKWGSZIVIZIV]XLMRK JVSQVSQERXMGPSZIERH FIXVE]EPXSTSPMXMGEPHMWGSVH ERHWSGMEPXIRWMSR8LI QYWMGJVIUYIRXP]GETXYVIH XLIYRVIWXEQSRKMXW JSPPS[IVW.S&EMQ[VMXIW EFSYXXLIWMKRMJMGERGISJXLI XERKSMR%VKIRXMRIGYPXYVI 8LIXERKSEWWSRKLEW HSGYQIRXIHXLIWTMVMX GYPXYVIERHWXVYKKPIWSJ EREXMSRSJMQQMKVERXW ERHHMWTPEGIHREXMZIW WEZSVMRKERHIRNS]MRKXLI PSRIPMRIWWERHMWSPEXMSR SJFIMRKJSVIMKRMRXLIMV S[RGSYRXV]ERHJIIPMRK HIITP]XLITSPMXMGEPERH IGSRSQMGWXVMJIXLEXLEW GLEVEGXIVM^IH%VKIRXMRI PMJI°TEVXMGYPEVP]PMJI MR&YIRSW%MVIW° XLVSYKLSYXXLIGSYRXV]´W LMWXSV]
&]XLIXYVRSJXLI GIRXYV]XLIXERKSLEH QSZIHFI]SRHMXWPS[IV 63'/',%&Ì2 GPEWWSVMKMRWXSFIGSQI TSTYPEVEGVSWWWSGMIX]8LI .YWXEWXERKS[EWWIIREWXLIXEWXIPIWWTYVWYMXSJ QMHHPIERHYTTIVGPEWWIW XLIPS[IVGPEWWMRXLIRMRIXIIRXLGIRXYV]QYWMGEP FIKERXSIRNS]XERKSMR XEWXIWEVIWXMPPWSQIXMQIWWIIRXLVSYKLXLIPIRW SJGPEWWHMZMWMSRW6SGOGLEFzREWX]PISJVSGO XLIEXIVWIPMXIGPYFWERH QYWMGTSTYPEVEQSRK]SYRKERHYRHIVTVMZMPIKIH GEJqWERHMXWTSTYPEVMX] %VKIRXMRIWMWZMI[IHEWPS[UYEPMX]ERH WTVIEHXS2SVXL%QIVMGE SFNIGXMSREFPIF]TISTPIJVSQQMHHPIERHYTTIV ERH)YVSTI,EZMRKIEVRIH GPEWWWSGMIX]-RXLIIWWE]±6SGO'LEFzR 8LI 'SRXIQTSVEV]2EXMSREP6SGOSJ%VKIRXMRE²4EFPS MRXIVREXMSREPEGGITXERGI 7IQjRERH4EFPS:MPEI\TPEMR±-XMWXLIQYWMGSJ XLIXERKSKVI[XSFIGSQI KERKWWXVIIXGSVRIVWKYRWORMZIWERHEPGSLSPSJ EWSYVGISJREXMSREPTVMHI XLIYRIQTPS]IHERHGLSVVMXSW ³TIXX]XLMIZIW´ ² 8SHE]XLIXERKSMWWXMPPZIV] QYGLETEVXSJ%VKIRXMRI GYPXYVI8LIQYWMGGERFI LIEVHJVSQGSVRIVW[LIVI WXVIIXQYWMGMERWTPE]XSHERGILEPPWGEPPIHQMPSRKEW[LIVI%VKIRXMRIW KEXLIVXSHERGI[LMPIXSYVMWXW[EXGLSVXV]XSNSMRMR -RVIGIRX]IEVW]SYRKTISTPILEZIMRXVSHYGIHRISXERKSEQSHIVR X[MWXSRXLIXVEHMXMSREPHERGIXLEXMWHERGIHXSRSR%VKIRXMRIQYWMG 6SGOREGMSREP[LMGLMWVSGOQYWMGWYRKMR7TERMWLF]%VKIRXMRI TIVJSVQIVWMWERSXLIVTSTYPEVJSVQSJQYWMG
'90896) 8,)0%2(3*8,)8%2+3
$57 &IJSVIXLIX[IRXMIXL GIRXYV]%VKIRXMRIEVX WIVZIHEPEVKIP]JYRGXMSREP 'EZIHVE[MRKWGVIEXIHFIX[IIRERH TYVTSWIJSVVIGSVHMRK ]IEVWEKSGERFIJSYRHMR'YIZEHIPEW1ERSWSV ±'EZISJXLI,ERHW²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´WMRHITIRHIRGIWIZIVEPJSVIMKREVXMWXWGEQI XSTEMRXPERHWGETIW'EVPSW1SVIP[EWSRISJXLIJMVWX %VKIRXMREFSVREVXMWXWXSKEMREGGPEMQ,MWPMXLSKVETLW 1ER]%VKIRXMRIW WLS[RMRIXIIRXLGIRXYV]GYWXSQWMRXLI6uSHIPE4PEXE OMWWSRXLIGLIIO VIKMSR [LIRWE]MRKLIPPS -RXLIX[IRXMIXLGIRXYV]GSPSVJYPTEMRXMRKWERH ERHKSSHF]I QYVEPWFIGEQITVSQMRIRXMR%VKIRXMRIEVX8LIZMZMH HITMGXMSRWSJTSVXWGIRIWTEMRXIHF]&IRMXS5YMRUYIPE 1EVXuRPIJXEPEWXMRKMRJPYIRGISRLMWLSQIRIMKLFSVLSSH
'%:)3*8,),%2(7
'39286-)73*8,);360( %6+)28-2%
8LMWQYVEPEHSVRWE[EPPMRXLI0E&SGERIMKLFSVLSSHMR&YIRSW %MVIW
'90896) 8,)0%2(3*8,)8%2+3
SJ0E&SGE[LIVIFVMKLXP]GSPSVIHLSYWIWERHQYVEPWEVIWXMPPGSQQSR %QSRKXLIQSWXJEQSYWQYVEPWMR%VKIRXMREEVIXLSWIEXXLILMKLGPEWW +EPIVuEW4EGuJMGSWLSTTMRKGIRXIVMR&YIRSW%MVIW%KVSYTSJEVXMWXW MRGPYHMRK%RXSRMS&IVRM.YER'EVPSW'EWXEKRMRS1ERYIP'EPQMIVS0MRS )RIE7TMPMQFIVKSERH(IQIXVMS9VVYGLEGVIEXIHXLIQYVEPW[LIRXLI FYMPHMRK[EWVIQSHIPIHMR 7XVIIXEVXI\TIVMIRGIHEVIWYVKIRGIMR XLIX[IRX]JMVWXGIRXYV][LIRKVEJJMXMEVXMWXWWXEVXIHGSZIVMRKFYMPHMRKW [MXLTSPMXMGEPP]GLEVKIHEVX[SVOEJXIVXLIIGSRSQMGERHTSPMXMGEPGVMWMW SJ
/,7(5$785( %237'%6 ;-2 -RXLI%GEHIQ]%[EVHJSVXLI&IWX*SVIMKR 0ERKYEKI*MPQ[IRXXSXLI%VKIRXMRIQSZMI)P 7IGVIXSHI7YW3NSW 8LI7IGVIXMR8LIMV)]IW -XXIPPW XLIWXSV]SJEHIXIGXMZIXV]MRKXSWSPZIE]IEV SPHVETIERHQYVHIVGEWIXLEXXSSOTPEGIHYVMRK XLI(MVX];EV8LI[MR[EWLYKIRI[WMR%VKIRXMRE [LMGLMWXLISRP]0EXMR%QIVMGERGSYRXV]XSIZIV [MRER3WGEV %RSXLIV%VKIRXMRIQSZMI[SRER %GEHIQ]%[EVHMR 0E,MWXSVME3JMGMEP 8LI 3JJMGMEP7XSV]
;MXLLMKLVEXIWSJPMXIVEG] ERHIHYGEXMSR%VKIRXMRIW LEZIPSRKTPEGIHETVMSVMX] SRPMXIVEXYVI)EVP] %VKIRXMRI[SVOWJIEXYVI XLIGYPXYVISJXLIKEYGLS XLI%VKIRXMRIIUYMZEPIRXSJ EGS[FS]1SVIXVEHMXMSREP RSZIPWFIGEQITSTYPEVMR XLIX[IRXMIXLGIRXYV]
%VKIRXMRI.YER.SWq'EQTERIPPEHMVIGXIHXLI %GEHIQ] %[EVH¯[MRRMRKJMPQ)P7IGVIXSHI7YW3NSW
'39286-)73*8,);360( %6+)28-2%
'90896) 8,)0%2(3*8,)8%2+3
1ER]GSRWMHIVXLI QSWXWMKRMJMGERX%VKIRXMRI [VMXIVXSFIXLITVSPMJMG *MZI%VKIRXMRIWLEZI[SR2SFIP4VM^IWQSVI TISTPIXLERJVSQER]SXLIV0EXMR%QIVMGERGSYRXV] .SVKI0YMW&SVKIW *SVIMKR1MRMWXIV'EVPSW7EEZIHVE0EQEW[SRXLI ¯ [LSKEMRIH 2SFIP4IEGI4VM^IMR EJXIVIRHMRKEZMSPIRX [SVPH[MHIEGGPEMQJSVLMW GSRJPMGXFIX[IIR&SPMZMEERH4EVEKYE]-R WXSVMIWTSIQWERHIWWE]W %HSPJS4qVI^)WUYMZIP[SRXLI2SFIP4IEGI4VM^I JSVTVSQSXMRKLYQERVMKLXW&IVRERHS,SYWWE]ERH ,MWJMVWXFSSOMWEGSPPIGXMSR 'qWEV1MPWXIMR[IVIE[EVHIHJSVEHZERGIQIRXW SJTSIQWGIPIFVEXMRK MRQIHMGMRIMR ERH VIWTIGXMZIP]0YMW &YIRSW%MVIW0EXIVLMW *IHIVMGS0IPSMV[EWLSRSVIHMR MRXLIJMIPHSJ [SVOWVERKIHJVSQJERXEW] GLIQMWXV] XEPIWXSHIXIGXMZIWXSVMIW ERHJVSQTLMPSWSTLMGEP IWWE]WXSFMSKVETLMIWSJ MRJEQSYWGLEVEGXIVW3XLIV TVSQMRIRX[VMXIVWSJXLIX[IRXMIXLGIRXYV]MRGPYHI%HSPJS&MS]'EWEVIW [LSGS[VSXIWSQIFSSOW[MXL&SVKIWMREHHMXMSRXSLMWS[R WXSVMIW RSZIPMWXWERHWLSVXWXSV][VMXIVW6SFIVXS%VPX.YPMS 'SVXj^EV1ERYIP4YMKERH0YMWE:EPIR^YIPE ERHTSIXW.YER +IPQERERH3PKE3VS^GS
23&)0 ;-22)67
.SVKI0YMW&SVKIW FIGEQIFPMRHPEXIV MRLMWPMJI
%RSXLIV[IPPORS[RTVSHYGXSJ%VKIRXMRIGYPXYVI MWXLIGSQMGWXVMT1EJEPHEF].SEUYuR7EPZEHSV0EZEHS TIRREQI5YMRS 8LIQEMRGLEVEGXIV1EJEPHEMWE WM\]IEVSPH%VKIRXMRIKMVP[LSMW[MWIFI]SRHLIV ]IEVWVIKEVHMRK[SVPHMWWYIW7LIEWOWTSMRXIHUYIWXMSRW ERHQEOIWSFWIVZEXMSRWXLEXQEOIXLIEHYPXWEVSYRHLIV
'39286-)73*8,);360( %6+)28-2%
YRGSQJSVXEFPI8LIWXVMT[EWTYFPMWLIHJVSQ XS -XGSRXMRYIW XSFIVITVMRXIHERHLEWFIIRXVERWPEXIHMRXSQSVIXLERX[SHS^IR PERKYEKIW
)22'$1''5,1. %WMRSXLIVEVIEWSJ %VKIRXMRIGYPXYVI)YVSTIER MQQMKVERXW°7TERMWL-XEPMER ERH*VIRGL°LEZILEHE WXVSRKMRJPYIRGISRPSGEP GYMWMRI[LMPI%VKIRXMRIW LEZIEHHIHXLIMVS[RX[MWXW &IGEYWISJXLIGSYRXV]´W PEVKIGEXXPIMRHYWXV]WXIEO ERHSXLIVGYXWSJFIIJEVI JIEXYVIHTVSQMRIRXP]&IIJ KVMPPIHSRERSTIRJMVITMXMW GEPPIHEWEHS-XEPMERWXETPIW WYGLEWTEWXEERHTM^^EEVI I\XVIQIP]GSQQSREWEVI ZIVWMSRWSJ7TERMWLHMWLIW WYGLEWIQTEREHEW[LMGL EVIWQEPPTMIWJMPPIH[MXL FIIJZIKIXEFPIWSVGLIIWI ,S[IZIVXLI%VKIRXMRI
,30-(%=7 %WETVMQEVMP]6SQER'EXLSPMGREXMSR%VKIRXMRE GIPIFVEXIWXLIXVEHMXMSREP'LVMWXMERLSPMHE]WWYGL EW'LVMWXQEWERH)EWXIV3XLIVREXMSREPLSPMHE]W MRGPYHIXLIJSPPS[MRK (E]SJ6IQIQFVERGIJSV8VYXLERH.YWXMGI1EVGL %RRMZIVWEV]SJXLIWXEVXSJXLI(MVX];EV 1EPZMREW(E]%TVMP 8VMFYXIXS*EPOPERH-WPERHW ;EVZIXIVERW 2EXMSREP(E]1E] %RRMZIVWEV]SJXLI VIZSPYXMSR -RHITIRHIRGI(E].YP] %RRMZIVWEV]SJXLI %VKIRXMRI(IGPEVEXMSRSJ-RHITIRHIRGI 7ER1EVXuR(E]%YK %RRMZIVWEV]SJXLIHIEXL SJ+IRIVEP.SWqHI7ER1EVXuR
'90896) 8,)0%2(3*8,)8%2+3
'39286-)73*8,);360( %6+)28-2%
ZIVWMSRWEVIPIWWWTMG]XLERXLIMVGSYRXIVTEVXWMRSXLIVGSYRXVMIW-R &YIRSW%MVIWVIWXEYVERXWJIEXYVIEZEVMIX]SJMRXIVREXMSREPGYMWMRI7XVIIX ZIRHSVWWIPPIQTEREHEWKIPEXSERHWEYWEKIWERH[MGLIWGEPPIHGLSVMTERW %VKIRXMRE´WQER]ZMRI]EVHWLEZIIEVRIHEVITYXEXMSRJSV TVSHYGMRKKSSH[MRI%RSXLIVXVEHMXMSREPHVMROMW]IVFEQEXq ELSXXIEWIVZIHMREKSYVHERHHVYROXLVSYKLEJMPXIVIH WXVE[8LIGSRWYQTXMSRSJ]IVFEQEXqMWEVMXYEPXLEXMW WLEVIHEQSRKJVMIRHWJEQMP]QIQFIVWSVGSPPIEKYIW
%VKIRXMRIWIEX X[MGIEWQYGLFIIJ
632576
EW%QIVMGERW
8LIQSWXTSTYPEVWTSVXMR%VKIRXMREF]JEVMWWSGGIV 4EVXSJXLIVIEWSRXLEXWSGGIVLEWFIGSQIWS[MHIWTVIEH MWXLEXMXHSIWRSXVIUYMVII\TIRWMZIIUYMTQIRXWSMXMW IEWMP]EGGIWWMFPIXSIZIV]SRI'LMPHVIRWXEVXTPE]MRKWSGGIVEXE ]SYRKEKIWSQISJXLIQJSVWIZIVEPLSYVWTIVHE]4PE]MRK[EXGLMRKERH HMWGYWWMRKWSGGIVEVIEFMKTEVXSJIZIV]HE]PMJIJSVQER]%VKIRXMRIW &YIRSW%MVIWEPSRILEWTVSJIWWMSREPWSGGIVXIEQW%VKIRXMRE LEWFIIRLSQIXSWIZIVEP[SVPHGPEWWWSGGIVTPE]IVWMRGPYHMRK(MIKS 1EVEHSREERH0MSRIP1IWWM'SRWMHIVIHF]QER]XSFIXLI[SVPH´W KVIEXIWXWSGGIVTPE]IV1EVEHSREPIH%VKIRXMREXS[MRXLI;SVPH'YT MR 8LI%VKIRXMRIXIEQEPWS[SRXLI;SVPH'YTMR ERHXLI
%XVEHMXMSREP %VKIRXMRIFVIEOJEWXYWYEPP]MRGPYHIW]IVFEQEXq ERHGVSMWWERXW
'90896) 8,)0%2(3*8,)8%2+3
'39286-)73*8,);360( %6+)28-2%
3P]QTMGKSPHQIHEPMRERH %VKIRXMRIWEPWSIRNS] TPE]MRKXIRRMWJMIPHLSGOI]VYKF]FEWOIXFEPPERHZSPPI]FEPP %PXLSYKLPIWWTSTYPEVETSPSPMOIWTSVXGEPPIHTEXSMWXLI SJJMGMEPREXMSREPWTSVX
%WMRQER] GSYRXVMIW %VKIRXMRIWGEPP WSGGIV±JSSXFEPP²
*ERWGLIIVJSVXLI&SGE.YRMSVWE&YIRSW %MVIWXIEQ
'90896) 8,)0%2(3*8,)8%2+3
'39286-)73*8,);360( %6+)28-2%
&+$37(5
32/,7,&6 ,1&5($6,1* 67$%,/,7< (YVMRKXLIIGSRSQMGHMWEWXIVSJYRIQTPS]QIRXERHTVMGIW WO]VSGOIXIHXLITIWS[IEOIRIHERHLEPJXLITSTYPEXMSRSJ%VKIRXMRE HIWGIRHIHMRXSTSZIVX]&YXXLIQMPMXEV]LEHPIWWTS[IVXLERMRTVIZMSYW XMQIWSJYRVIWXERH%VKIRXMRIWXVIEWYVIHXLIMVHIQSGVEG]XSSQYGLXS VIXYVRXSXLIHE]WSJFPSSHWLIH)HYEVHS(YLEPHIFIGEQIXLIJSYVXL MRXIVMQTVIWMHIRXXSFIETTSMRXIHF]'SRKVIWWEWGEQIXSERIRH ,IXSSOSJJMGISR.ERYEV](YLEPHIQEREKIHXSWXEFMPM^IXLITIWS ERHXSRIKSXMEXIEHIEP[MXLXLI-RXIVREXMSREP1SRIXEV]*YRHXSVIHYGI XLIGSYRXV]´WPIZIPSJHIFX&YXTIVLETWLMWKVIEXIWXEGLMIZIQIRXMRX[S ]IEVW[EWQIVIP]XSQEMRXEMRSVHIVYRXMPXLIRI\XIPIGXMSR
8LIWYRW]QFSPSRXLI %VKIRXMRIJPEKVITVIWIRXWXLI-RGERWYRKSHERH LSRSVWXLIETTIEVERGISJXLIWYRJVSQGPSYHWSR1E] HYVMRKXLI JMVWXVEPP]JSVMRHITIRHIRGI
-R4IVSRMWX 2qWXSV/MVGLRIV[EW IPIGXIHTVIWMHIRX/MVGLRIV %WEPIJXMWX4IVSRMWXMRXLI W2q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´WWXEFMPMX] JSVQIV2EZ]1IGLERMGW7GLSSPEWMXI[LIVIQER] /MVGLRIVFIGEQIEQYGL SJXLIEXVSGMXMIWSGGYVVIH QSVITS[IVJYPPIEHIV XLERMWEPPS[IHMRWSQI SXLIVHIQSGVEGMIWWYGL EWXLI9RMXIH7XEXIW8LI %VKIRXMRI'SRKVIWWKVERXIH /MVGLRIVIQIVKIRG]TS[IVW[LMGLLIYWIHXSMWWYI 'VMWXMRE*IVRjRHI^ TVIWMHIRXMEPHIGVIIWHYVMRKLMWJSYV]IEVXIVQ &]GSRXVEWXLIWIRXSRP]FMPPWXSFITEWWIHF] HI/MVGLRIVWIVZIH 'SRKVIWW'SRKVIWWIZIRKVERXIHLMQXLITS[IVXS MR'SRKVIWW[LMPI JYRHTEVXWSJXLIFYHKIX[MXLSYXGSRKVIWWMSREPETTVSZEP LIVLYWFERH[EW
.978-')*368,)(-68= ;%6
TVIWMHIRX
(IWTMXI/MVGLRIV´WTSTYPEVMX]GSRGIVRWEFSYX GSVVYTXMSRLEZITIVWMWXIHMR%VKIRXMRE;LIRLMWXIVQ IRHIHEJXIVJSYV]IEVWLMW[MJI'VMWXMRE*IVRjRHI^HI
'39286-)73*8,);360( %6+)28-2%
2qWXSV/MVGLRIVERH 'VMWXMRE*IVRjRHI^HI/MVGLRIV
430-8-'7 -2'6)%7-2+78%&-0-8=
'6-78-2%*)62Å2()> ()/-6',2)6 -R'VMWXMRE*IVRjRHI^HI/MVGLRIVFIGEQI XLIJMVWXJIQEPIIPIGXIHTVIWMHIRXSJ%VKIRXMRE8LI [MHS[SJJSVQIVTVIWMHIRX2qWXSV/MVGLRIVERHE XVEMRIHPE[]IV*IVRjRHI^WIVZIHSRIXIVQMRXLI ,SYWISJ(ITYXMIWERH[EWIPIGXIHXSXLI2EXMSREP 7IREXIXLVIIXMQIWFIJSVIVYRRMRKJSVTVIWMHIRX 7LIFIGEQIORS[RJSVLIVWXVSRKTIVWSREPMX]ERH LIV[SVOSRLYQERVMKLXWERH[SQIR´WMWWYIW 7MQMPEVXSSXLIV4IVSRMWXW*IVRjRHI^LEWWYTTSVXIH PEVKIWSGMEP[IPJEVITVSKVEQWERH[IPGSQMRK TSPMGMIWXS[EVHMQQMKVERXW,IVTSTYPEVMX]LEW WYJJIVIHWPMKLXP]HYIXSXLIIJJIGXWSJXLIKPSFEP VIGIWWMSRSR%VKIRXMREFYXWLILEWWYGGIIHIHSR WIZIVEPJVSRXW*SVI\EQTPIMRWLIMRXVSHYGIH EFMPPXLEX'SRKVIWWTEWWIHXSEYXLSVM^IWEQIWI\ QEVVMEKI %WETVSQMRIRX[SQERMR%VKIRXMRITSPMXMGW *IVRjRHI^LEWFIIRGSQTEVIHXS)ZE4IVzRFYX WLIHMWQMWWIWXLIPMOIRIWW±)ZE[EWEYRMUYI TLIRSQIRSRMR%VKIRXMRILMWXSV]WS-´QRSXJSSPMWL IRSYKLXSGSQTEVIQ]WIPJ[MXLLIV;SQIRSJQ] KIRIVEXMSRS[ILIVEHIFX ;LIR[IGEQISJEKI HYVMRKXLIHEVO?QMPMXEV]AHMGXEXSVWLMTSJXLI W [ILEHLIVI\EQTPISJTEWWMSRERHGSQFEXMZIRIWW XSKIXYWXLVSYKL²
'39286-)73*8,);360( %6+)28-2%
/MVGLRIVVERJSVTVIWMHIRX MR7SQITISTPI WTIGYPEXIHXLEXXLIGSYTPI TPERRIHXSWXE]MRTS[IV F]XEOMRKXYVRWVYRRMRK JSVTVIWMHIRXFYX2qWXSV /MVGLRIVHMIHMR%X XLIXMQISJ*IVRjRHI^´W GEQTEMKRLIVLYWFERH´W HIJIRWIQMRMWXIV[EW EGGYWIHSJXE\IZEWMSR [LMPIXLIIGSRSQMGW QMRMWXIV[EWJSYRHXS TSWWIWWEFEKGSRXEMRMRKE PEVKIEQSYRXSJYRI\TPEMRIH GEWL1SRI][EWEPWS EPPIKIHP]WQYKKPIHMRJVSQ :IRI^YIPEJSV*IVRjRHI^´W GEQTEMKR&IGEYWISJ /MVGLRIV´WTSTYPEVMX]ERH ERMQTVSZMRKIGSRSQ] LS[IZIV*IVRjRHI^IEWMP] [SRXLIIPIGXMSR[MXL TIVGIRXSJXLIZSXI
&2167,787,212)7+($5*(17,1( 1$7,21 %HSTXIHMR %VKIRXMRE´WSVMKMREPGSRWXMXYXMSRETTVSZIHMR XLI%VKIRXMRI IWXEFPMWLIHEJIHIVEPVITYFPMG[MXLEWXVSRKGIRXVEP REXMSREPERXLIQMW KSZIVRQIRXXLEXVIWIVZIHWSQITS[IVWJSVXLI TVSZMRGIW8LIGSRWXMXYXMSRLEWVIQEMRIHMRTPEGIWMRGI ]IEVWSPHIVXLER XLIREPXLSYKLMXLEWFIIRWYWTIRHIHHYVMRKQMPMXEV] XLIGSRWXMXYXMSR XEOISZIVWSJXLIKSZIVRQIRX8LIGSRWXMXYXMSRLEWEPWS FIIREQIRHIHSVVIZMWIHWIZIVEPXMQIWXSGLERKIWTIGMJMG MXIQWWYGLEWPIRKXLWSJXIVQWERHHMWXVMFYXMSRSJWIEXWMR XLIPIKMWPEXYVI-R HYVMRKXLITVIWMHIRG]SJ.YER4IVzRMX[EW EQIRHIHXSEPPS[LMQXSVYRJSVEHHMXMSREPXIVQW4IVz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
430-8-'7 -2'6)%7-2+78%&-0-8=
'39286-)73*8,);360( %6+)28-2%
PIEZIXLI%VKIRXMRIXIVVMXSV] XSTYFPMWLXLIMVMHIEWXLVSYKLXLI TVIWW[MXLSYXTVIZMSYWGIRWSVWLMT XSQEOIYWIERHHMWTSWISJXLIMV TVSTIVX] XSEWWSGMEXIJSVYWIJYPTYVTSWIW XSTVSJIWWJVIIP]XLIMV VIPMKMSR XSXIEGLERHXSPIEVR
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
'EWE6SWEHESVXLI4MRO,SYWILSQISJXLI %VKIRXMRITVIWMHIRX
430-8-'7 -2'6)%7-2+78%&-0-8=
7869'896)3*8,)+3:)621)283*%6+)28-2% )\IGYXMZI&VERGL
0IKMWPEXMZI&VERGL
.YHMGMEP&VERGL
2EXMSREP'SRKVIWW 4VIWMHIRX :MGITVIWMHIRX
9TTIV,SYWI 7IREXI 0S[IV,SYWI
7YTVIQI'SYVX 0S[IVGSYVXW
,SYWISJ(ITYXMIW
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
8LI %VKIRXMRI'SRKVIWWQIIXWMRXLI2EXMSREP'SRKVIWWFYMPHMRK MR&YIRSW %MVIW
'39286-)73*8,);360( %6+)28-2%
430-8-'7 -2'6)%7-2+78%&-0-8=
GERHMHEXIWJSVXLIPS[IVLSYWIJVSQIEGLTSPMXMGEPTEVX]FIJIQEPI8LMW PE[LEWEPPS[IHQER]%VKIRXMRI[SQIRXSVMWIXSTS[IV 8LI7IREXIMWXLIYTTIVLSYWISJ'SRKVIWWERHLEWQIQFIVW XLVIIJVSQIEGLTVSZMRGI[LSWIVZIWM\]IEVXIVQW7MQMPEVXSXLI 9RMXIH7XEXIWXLIZMGITVIWMHIRXWIVZIWEWTVIWMHIRXSJXLI7IREXI ERHZSXIWSRP]XSFVIEOEXMI-JXLI,SYWISJ(ITYXMIWZSXIW XSMQTIEGLEPIEHIVXLI7IREXIGSRHYGXWXLIMQTIEGLQIRX XVMEP 8LI%VKIRXMRI
JPEK[EWEHSTXIH MR 8LIFPYI
-8',&,$/%5$1&+
FERHWW]QFSPM^I
8LINYHMGMEPFVERGLGSRWMWXWSJE7YTVIQI'SYVXERH PS[IVGSYVXW8LI7YTVIQI'SYVXLEHWIZIRNYHKIWEW SJFYXMRXLI2EXMSREP'SRKVIWWETTVSZIHE TPERXSKVEHYEPP]VIHYGIXLIRYQFIVSJNYHKIWWMXXMRKSRXLI GSYVXXSJMZI%GSYRGMPSJQEKMWXVEXIWETTSMRXWJIHIVEPNYHKIWERH XLI]QYWXXLIRFIETTVSZIHF]XLI7IREXI8LIGSRWXMXYXMSREPPS[WXLI TVIWMHIRXXSMWWYITEVHSRWJSVWSQIGVMQIW
XLIJVIIWOMIW
,MWXSVMGEPP]%VKIRXMRELEWLEHE[IEONYHMGMEPFVERGLXLEXLEWFIIR YRHIVQMRIHF]XLIPIKMWPEXMZIERHI\IGYXMZIFVERGLIW*SVI\EQTPI MRXLIHIGEHIWJSPPS[MRKXLI(MVX];EVPE[W[IVITEWWIHXSTPEGI PMQMXEXMSRWSR[LSGSYPHFIXVMIHERHXSTYXEHIEHPMRISRTVSWIGYXMSRW
%VKIRXMRIWVEPP]MRXLI4PE^EHI1E]S
'39286-)73*8,);360( %6+)28-2%
430-8-'7 -2'6)%7-2+78%&-0-8=
8LIGSRWXMXYXMSREPWSTPEGIWPMQMXWSRXLIEFMPMX]XSXV]TYFPMG SJJMGMEPW7IREXSVWERHHITYXMIWGERRSXFIEVVIWXIH[LMPI MRSJJMGI±I\GITX[LIRJPEKVERXP]WYVTVMWIHGSQQMXXMRKE GVMQIHIWIVZMRKGETMXEPTYRMWLQIRXSVSXLIVMRJEQSYW %VKIRXMRELEWE SVWIVMSYWTYRMWLQIRXMR[LMGLGEWIEWYQQEV]SJXLI REXMSREPSTIVE JEGXWWLEPPFIWYFQMXXIHXSXLIGSVVIWTSRHMRK,SYWI² -RXLEXGEWIX[SXLMVHWSJFSXLLSYWIWLEZIXSZSXI %YVSVE XSVIQSZIXLITIVWSRJVSQSJJMGIFIJSVILISVWLIGER FIXVMIH3RISJ4VIWMHIRX*IVRjRHI^´WKSEPWYTSRXEOMRK SJJMGI[EWXSWXVIRKXLIRXLINYHMGMEV]EWE[E]XSGSQFEX KSZIVRQIRXEPGSVVYTXMSR
32/,7,&$/3$57,(6 7IGXMSR SJXLIGSRWXMXYXMSRWYTTSVXWXLII\MWXIRGISJTSPMXMGEPTEVXMIW EWEOI]TEVXSJHIQSGVEG],MWXSVMGEPP]%VKIRXMRELEWX[SQENSVTSPMXMGEP TEVXMIW XLI.YWXMGMEPMWX4EVX]ERHXLI9RMzR'uZMGE6EHMGEP4EVX] 9'6 8LI.YWXMGMEPMWX4EVX]GSQTVMWIHSJ4IVSRMWXWLEWFIIRXLIHSQMRERX TEVX]WMRGI.YER4IVzR[EWMRTS[IV6IGIRXTVIWMHIRXW'VMWXMRE *IVRjRHI^HI/MVGLRIV2qWXSV/MVGLRIV'EVPSW1IRIQERH)HYEVHS (YLEPHILEZIEPPFIIRQIQFIVWSJXLI.YWXMGMEPMWXW 8LMWTEVX]MWSTTSWIHF]XLIQSVIGSRWIVZEXMZI9'6[LMGL HEXIWFEGOXSXLI VIZSPYXMSR8LI9'6´WMHISPSK]MWGSQQSRP] VIJIVVIHXSEWVEHMGEPMWQFYXXLI[SVHVEHMGEPMR%VKIRXMREQIERW ±YRGSQTVSQMWMRK²RSX±I\XVIQI²
'39286-)73*8,);360( %6+)28-2%
%RYQFIVSJWQEPPIVTEVXMIWWYGLEWXLI'MZMG'SEPMXMSRERHXLI 6ITYFPMGER4VSTSWEPEPWSLEZIEZSMGIMR%VKIRXMRITSPMXMGW;LIR GERHMHEXIWJVSQWIZIVEPHMJJIVIRXTEVXMIWVYRJSVSJJMGIXLIXSTX[SZSXI KIXXIVWMRXLIMRMXMEPIPIGXMSREHZERGIXSEVYRSJJIPIGXMSR
430-8-'7 -2'6)%7-2+78%&-0-8=
&+$37(5
(&2120< 5(&29(5,1* 35263(5,7< -R %VKIRXMREWIIQIHJYPPSJTVSQMWIXSFIGSQISRISJXLI[SVPH´W IGSRSQMGTS[IVW-X[EWEQENSVI\TSVXIVSJ[LIEX[SSPERHFIIJ&] MXWTIVGETMXEMRGSQI[EWWMQMPEVXSXLEXSJ*VERGISV+IVQER]ERH EWXVSRKQMHHPIGPEWWLEHIQIVKIH&YXTS[IVVIWXIHQSWXP][MXLEWQEPP KVSYTSJ[IEPXL]PERHS[RIVW[LSWLETIHTSPMGMIWXSFIRIJMXXLIQWIPZIW [LMPIQMPPMSRWSJMQQMKVERXWVIQEMRIHTS[IVPIWW±4VSWTIVMX]GEQI EPQSWXXSSUYMGOP]XS%VKIRXMRE²[VMXIW(SYKPEW&VMROPI]MREJSVI[SVH XS %VKIRXMRE ;LEX;IRX;VSRK±0ERHHIQERHERHTVSJMXGVIEXIHER SPMKEVGL]XLEXWSSRHSQMREXIHTSPMXMGWEW[IPPEW[IEPXL² (YIXSKVIIHERHWLSVXWMKLXIHRIWW%VKIRXMREJIPPFILMRHXLIVIWX SJXLI[SVPHMRMRHYWXVMEPM^MRKERHHMZIVWMJ]MRKMXWIGSRSQ]-QTSVXWWSSR I\GIIHIHI\TSVXWERHXLIKSZIVRQIRXFIKEREGGYQYPEXMRKELMKLPIZIP
%XXLIFIKMRRMRKSJXLIX[IRXMIXLGIRXYV][IEPXL]PERHS[RIVWGSRXVSPPIH %VKIRXMRE 8SHE]VERGLMRKMWWXMPPMQTSVXERXXSXLIIGSRSQ]
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±&ILMRHIEGLSRISJYW XLIVIMWEWXSV];IEVIJEXLIVWQSXLIVWSJJEQMP] [MXLSYXJSVQEP[SVOYR[IHQSXLIVW²
SJHIFX)ZIRMRMXWETTEVIRX KSPHIREKI%VKIRXMRE[EW MRERYRWXEFPIJMRERGMEP TSWMXMSR ;LIRXLIGSYRXV] FIKERXSMRHYWXVMEPM^IMR XLIIEVP]X[IRXMIXLGIRXYV] [SVOIVWWTIRXPSRKLSYVW MRYRWERMXEV]ERHYRWEJI GSRHMXMSRW1ER]PMZIH MRWPYQEVIEW[LIVIXLI PEGOSJTPYQFMRKERHTMPIW SJKEVFEKIQEHIHMWIEWI ETVSFPIQ0EFSVYRVIWX PIHXSLYRHVIHWSJWXVMOIW XLEXHMWVYTXIHXVEHI[LMPI GPEWWHMZMWMSRWWSQIXMQIW VIWYPXIHMRSYXFYVWXWSJ ZMSPIRGI7YTTSVXKVI[ JSV1EV\MWQ[LMGLVINIGXW
7SGMEPMWXWHIQSRWXVEXIMR %VKIRXMREMR
'39286-)73*8,);360( %6+)28-2%
)'3231= 6)'3:)6-2+46374)6-8=
GETMXEPMWQERHWYTTSVXWEREYXLSVMXEVMERKSZIVRQIRXXLEX[SYPHTPERXLI IGSRSQ] 8LIHEQEKMRKIJJIGXWSJ;SVPH;EV-ERHXLI[SVPHIGSRSQ]ERH XLIHIZEWXEXMRK;EPP7XVIIXGVEWLSJ HMHRSXWTEVI%VKIRXMRE-X I\TIVMIRGIHHIGPMRMRKMRGSQIERHVMWMRKYRIQTPS]QIRX[LMGLGEYWIH HIGVIEWIHKSZIVRQIRXVIZIRYIW8LIWMXYEXMSRVIWYPXIHMRE QMPMXEV]GSYTMR XLIJMVWXMREPSRKWIVMIWSJQMPMXEV] MRXIVVYTXMSRWSJGSRWXMXYXMSREPTVIWMHIRGMIWMRX[IRXMIXL GIRXYV]%VKIRXMRE 8SHE]%VKIRXMRE
LEWXLIJMJXIIRXL
-RXLI W4VIWMHIRX.YER4IVzRXSSOWXITWXS WYTTSVXPEFSVYRMSRWVEMWI[EKIWERHTVSXIGXXLIVMKLXW SJYVFERERHVYVEP[SVOIVW9RHIV4IVzR´WEYXLSVMXEVMER IGSRSQMGKVS[XL VIKMQIXLIWXEXIXSSOGSRXVSPSJOI]MRHYWXVMIWERH MRXLI[SVPH YXMPMXMIW;LMPIXLIWIGLERKIW[IVIYRHIV[E]MRRSZEXMSR TVSHYGXMZMX]ERHTVSJMXWWYJJIVIHXVMKKIVMRKKVSWWMRJPEXMSR ±;EKIWFIGEQIETSPMXMGEPVI[EVHVEXLIVXLERERI\GLERKIJSV XMQIERHPEFSV²RSXIW'SPMR11EG0EGLPERMR %VKIRXMRE ;LEX;IRX ;VSRK±8LIIGSRSQ]WIIQIHPSGOIHMREHS[R[EVHWTMVEPSJHIGPMRMRK I\TSVXWJSVIMKRI\GLERKITVSFPIQWMREHIUYEXIMRZIWXQIRXWGSVVYTXMSR WQYKKPMRKERHGETMXEPJPMKLX²
JEWXIWXVEXISJ
%JXIV4IVzR[EWSZIVXLVS[RXLIRI\XHIGEHIW[IVIWLETIHF] QMPMXEV]GSYTWTIVMSHWSJZMSPIRGIERHJEMPIHEXXIQTXWXSGYVFMRJPEXMSR ERHMQTVSZIXLIIGSRSQ]-RXLI WHIQSGVEG][EWVIWXSVIHFYX SXLIVTVSFPIQWVIQEMRIH-RJPEXMSRWSEVIHXSQSVIXLERTIVGIRX ERHJSVIMKRHIFXVIEGLIHFMPPMSR°EREQSYRXXLIKSZIVRQIRX
'39286-)73*8,);360( %6+)28-2%
WIIQIHXSLEZIRSLSTISJVITE]MRK1ER]RI[WTETIVWERHQEKE^MRIW [IRXSYXSJFYWMRIWWGVIEXMRKERI[WIXFEGOJSVHIQSGVEG]
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
)'3231= 6)'3:)6-2+46374)6-8=
'39286-)73*8,);360( %6+)28-2%
8LIWIQIEWYVIWLEHHMWEWXVSYWGSRWIUYIRGIWLS[IZIV1IRIQ´W GSRZIVWMSRXSEJVIIQEVOIXIGSRSQ][EWQEVVIHF]GSVVYTXMSR;LMPI [IEPXL]ERHTSPMXMGEPP]GSRRIGXIH%VKIRXMRIWFIRIJMXIHQER]IHYGEXIH %VKIRXMRIWPSWXXLIMVNSFW9RIQTPS]QIRXERHTSZIVX]W[IPPIH4EVXSJ XLITVSFPIQ[EWXLEXXLITIWSGSRXMRYIHXSFIPMROIHXSXLI97HSPPEV ;LIRXLIHSPPEVFIGEQI[SVXLPIWWMR)YVSTIWSHMHXLITIWSERH %VKIRXMREJSYRHMXWIPJYREFPIXSGSQTIXIJSV)YVSTIERXVEHI 8LIJMRERGMEPGVMWMWTIEOIHMR[LIR4VIWMHIRX*IVRERHSHI PE6EXVMIHXSTVIZIRXEVYRSRXLIFEROWF]PMQMXMRKTISTPI´WQSRI] [MXLHVE[EPW8LIEGXMSR [EWJSPPS[IHF]VMWMRK ZMSPIRGI*SPPS[MRKHIPE 6E´WVIWMKREXMSRERMRXIVMQ '31192-8=796:-:%0 TVIWMHIRXHIGPEVIHEHIJEYPX 1ER]%VKIRXMRIWWYVZMZIHXLI¯IGSRSQMG FIGEYWIXLIGSYRXV][SYPH GVMWMWF]FEVXIVMRKJSVKSSHWERHWIVZMGIWWIPPMRK RSXFIEFPIXSTE]MXWHIFXW XVIEWYVIHTSWWIWWMSRWERHJSVQMRKRIMKLFSVLSSH 8LIHIJEYPXSRXLIGSYRXV]´W GSSTIVEXMZIWXSTYVGLEWIRIGIWWMXMIW)QTPS]IVW ETTVS\MQEXIP]FMPPMSR XLEX[IVIWLSVXSJQSRI]VIWSVXIHXSTE]MRKXLIMV IQTPS]IIWMRKSSHW[LMGLXLI]I\GLERKIHJSV JSVIMKRHIFX[EWXLIPEVKIWX SXLIVKSSHW-RWSQIGEWIW[SVOIVWXSSOSZIV MR[SVPHLMWXSV] )HYEVHS(YLEPHIXSSO SJJMGISR.ERYEV] ,IYRPMROIHXLITIWSJVSQ
JEGXSVMIWXLEX[IVIEFSYXXSFIWLYXHS[RERHOITX XLIQVYRRMRK8LIGSSTIVEXMSR[MXLMRGSQQYRMXMIW XLEX[EWRIIHIHJSVWYVZMZEPEPWSPIHXSMRGVIEWIH MRZSPZIQIRXMRGMZMGEGXMZMXMIW
%VKIRXMRITIWSW
)'3231= 6)'3:)6-2+46374)6-8=
XLIHSPPEVERHXSSOSXLIVWXITWXSWXEFMPM^IXLIIGSRSQ]%]IEVPEXIV 4VIWMHIRX2qWXSV/MVGLRIV[EWIPIGXIHERHLIMWPEVKIP]GVIHMXIHJSV TYXXMRK%VKIRXMREFEGOSRXLIVMKLXTEXL-R/MVGLRIVRIKSXMEXIHXS VIWXVYGXYVIERHVITE]XLIGSYRXV]´WSZIV[LIPQMRKHIFXWEZMRKFMPPMSRWSJ HSPPEVW±,MWVSPIMRVIWGYMRK%VKIRXMRE´WIGSRSQ]MWGSQTEVEFPIXSXLEX SJ*VEROPMR(6SSWIZIPXMRXLI+VIEX(ITVIWWMSRSJXLI9RMXIH7XEXIW² [VSXI1EVO;IMWFVSXGSHMVIGXSVSJXLI'IRXIVJSV)GSRSQMGERH4SPMG] 6IWIEVGLMR;EWLMRKXSR('±0MOI6SSWIZIPX/MVGLRIVLEHXSWXERH YTRSXSRP]XSTS[IVJYPQSRI]IHMRXIVIWXWFYXEPWSXSQSWX SJXLIIGSRSQMGWTVSJIWWMSR[LMGL[EWMRWMWXMRKXLEXLMW TSPMGMIW[SYPHPIEHXSHMWEWXIV²
-R %VKIRXMRE´WHIFX
(0(5*,1*(&2120<
[EWETTVS\MQEXIP]
7MRGIXLIGVMWMWSJ¯%VKIRXMRELEWFIIR QEOMRKEWPS[FYXWYVIVIGSZIV]JSYRHIHSRMXWVIHYGIH HIFXVIZMZIHMRHYWXV]MRGVIEWIHI\TSVXWERHMQTVSZIH JMWGEPTSPMGMIW*VSQXS XLIKVSWWHSQIWXMG TVSHYGX +(4 KVI[F]EREZIVEKISJ TIVGIRXTIV]IEV ,S[IZIVXLIGSYRXV]LEWJEGIHWIXFEGOWHYVMRKXLIVIGIRX[SVPH[MHI VIGIWWMSRERHWXMPPWXVYKKPIWXSOIITMRJPEXMSRYRHIVGSRXVSP-R XLISJJMGMEPP]VIPIEWIHMRJPEXMSRVEXIJSVGSRWYQIVKSSHW[EWTIVGIRX EPXLSYKLE97KSZIVRQIRXWSYVGIWYKKIWXIHXLEXXLIEGXYEPVEXIGSYPHFI
LEPJSJMXW+(4
7LERX]XS[RSYXWMHI&YIRSW %MVIW
'39286-)73*8,);360( %6+)28-2%
)'3231= 6)'3:)6-2+46374)6-8=
X[SXSXLVIIXMQIWQSVIXLERXLEX -REHHMXMSREWSJETTVS\MQEXIP] SRIXLMVHSJEPP%VKIRXMRIWWXMPPPMZIHMRTSZIVX]ERHTIVGIRXPMZIHMR I\XVIQITSZIVX] 8SHE]%VKIRXMREMW XLIXLMVHPEVKIWXIGSRSQ] MR0EXMR%QIVMGEEJXIV 92)1403=1)28%2(43:)68= &VE^MPERH1I\MGS-XMWER (YVMRKXLIIGSRSQMGGVMWMWSJ¯ MRHYWXVMEPM^IHREXMSR[MXL YRIQTPS]QIRXVIEGLIHERIWXMQEXIHLMKLSJ EWXVSRKEKVMGYPXYVIWIGXSV TIVGIRXERHEPQSWXTIVGIRXSJ%VKIRXMRIW[IVI ERHVMGLREXYVEPVIWSYVGIW PMZMRKFIPS[XLITSZIVX]PMRI%WXLIIGSRSQ] LEWVIGSZIVIHXLIYRIQTPS]QIRXVEXILEWJEPPIR -R%VKIRXMRELEHXLI WXIEHMP]-RMX[EWSJJMGMEPP]VITSVXIHEW X[IRX]JSYVXLLMKLIWX+(4 TIVGIRX0MOI[MWIXLITIVGIRXEKISJ%VKIRXMRIW MRXLI[SVPH[MXLETIV PMZMRKFIPS[XLITSZIVX]PMRILEWHIGVIEWIHMR GETMXE+(4SJ VIGIRX]IEVW-R XLISJJMGMEPP]VITSVXIHVEXI [EWTIVGIRX -XWQEMRXVEHITEVXRIVW EVI&VE^MP'LMREXLI 9RMXIH7XEXIW+IVQER] ERH'LMPI%VKIRXMREMW ORS[R[SVPH[MHIJSVMXW FIIJERHJSVMXW[MRIERHMXMWEPWSEQENSVI\TSVXIVSJGIVIEPW3XLIV QEMRI\TSVXWEVITIXVSPIYQGLIQMGEPWERHQEGLMRIV]ERHXVERWTSVX IUYMTQIRX1ENSVMQTSVXWMRGPYHIQEGLMRIV]GEVWSMPREXYVEPKEWSXLIV GLIQMGEPWERHTPEWXMGW -RXLIPEFSVJSVGITIVGIRXSJ%VKIRXMRIW[SVOMRXLIWIVZMGI MRHYWXV]TIVGIRX[SVOMRMRHYWXV]ERHTIVGIRX[SVOMREKVMGYPXYVI
'39286-)73*8,);360( %6+)28-2%
7EPXE 8YGYQjR
'SVVMIRXIW
'zVHSFE 7ERXE*I
PACIFIC OCEAN
1IRHS^E
6SWEVMS
&YIRSW%MVIW
0E4PEXE Río de la Plata
7ERXE6SWE 2IYUYqR
1EVHIP4PEXE &ELuE&PERGE :MIHQE 6E[WSR
San Jorge Gulf 'SQSHSVS6MZEHEZME
AT L A N T I C OCEAN 'EXXPI 'IVIEP'VSTW *MWLMRK *VYMX +VETIW
6uS+EPPIKSW Strait of Magellan
3MP 1ERYJEGXYVMRK 1MRMRK
9WLYEME
7LIIT
6IWSYVGIWSJ %VKIRXMRE
)'3231= 6)'3:)6-2+46374)6-8=
-2*6%7869'896) %VKIRXMRELEWQSVIXLEREMVTSVXW°XLIWM\XL QSWXSJER]GSYRXV]MRXLI[SVPH%VKIRXMREEPWS LEWXLIIMKLXLPEVKIWXVEMP[E]W]WXIQMRXLI[SVPH 3JXLIREXMSR´WVSEH[E]WQMPIW OQ EVITEZIHERH QMPIW OQ EVI YRTEZIH%VKIRXMREEPWSFIRIJMXWJVSQQSHIVR GSQQYRMGEXMSRXIGLRSPSK]ERHXIPITLSRIWGIPPYPEV TLSRIWXIPIZMWMSRWERHXLI-RXIVRIXEVI[MHIP] EZEMPEFPI*MFIVSTXMGGEFPIWEVIFIMRKMRWXEPPIH FIX[IIRGMXMIW
8LIGSYRXV]´WGLMIJ MRHYWXVMIWMRGPYHIJSSH TVSGIWWMRKTVMRXMRK ERHQERYJEGXYVMRKGEVW GSRWYQIVHYVEFPIWXI\XMPIW GLIQMGEPWERHQIXEPW-R EHHMXMSRXSPMZIWXSGOXLI QEMREKVMGYPXYVEPGVSTWEVI WYRJPS[IVWIIHWPIQSRW WS]FIERWKVETIWGSVR XSFEGGSTIERYXWXIE ERH[LIEX8LIGSYRXV] EPWSFIRIJMXWJVSQEPEVKI XSYVMWQMRHYWXV]
8SYVMWXWXVEZIPXS %VKIRXMREXSQEVZIPEXMXWREXYVEP[SRHIVW MRGPYHMRK-KYE^*EPPW
'39286-)73*8,);360( %6+)28-2%
)'3231= 6)'3:)6-2+46374)6-8=
'39286-)73*8,);360( %6+)28-2%
&+$37(5
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´WGSRWXMXYXMSRKYEVERXIIWJVIIWTIIGLERHJVIIHSQ SJXLITVIWWNSYVREPMWXWWXMPPJEGISFWXEGPIW3RILEWFIIRIGSRSQMG QER] RI[WTETIVWLEZIFIIRJSVGIHSYXSJFYWMRIWWHYVMRKHMJJMGYPXIGSRSQMG XMQIW8LMWLEWVIWYPXIHMRJI[IVZSMGIWFIMRKVITVIWIRXIHMRXLIQIHME ERHE[IEOIRIHEFMPMX]XSGEVV]SYXXLITVIWW´W[EXGLHSKJYRGXMSR
*VIIHSQSJXLITVIWWLEWMQTVSZIHMR %VKIRXMREMRVIGIRXHIGEHIW
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jRHI^HI/MVGLRIV ±-X´WTEVXSJXLIMVNSF² TYWLIHXLVSYKLXLIFMPPHIWTMXIWXVSRKVIPMKMSYW 4VIWMHIRXW/MVGLRIVERH SFNIGXMSRW8LI6SQER'EXLSPMG'LYVGLSTTSWIH *IVRjRHI^LEZISTTSWIH XLIQIEWYVI[LMGLQSFMPM^IHXIRWSJXLSYWERHWSJ XLIQIHMEQSRSTSPMIW TISTPIMRTVSXIWX XLEXLEZIGSRXVSPPIHQSWX ±8LIVIMWRSUYIWXMSRXLEXXLIPE[MWYRYWYEP JSVEGSYRXV]XLEXMWRSXEWWIGYPEVEW;IWXIVR XIPIZMWMSRVEHMSERH )YVSTIERHIQSGVEGMIW²TSPMXMGEPWGMIRGITVSJIWWSV RI[WTETIVSYXPIXWWMRGI .EZMIV'SVVEPIWXSPHXLI2I[=SVO8MQIW±8LIVI´WE XLIQMPMXEV]HMGXEXSVWLMTW GPIEVGSRJPMGX[MXLXLIGLYVGL:IV]WIPHSQHS[I SJXLI W,S[IZIV WIITVIWMHIRXW[MPPMRKXSJMKLXXLIGLYVGLWSWXVSRKP] SRXLMWTEVXMGYPEVMWWYIMR0EXMR%QIVMGE² XLIMVEHQMRMWXVEXMSRW LEZIFIIRGVMXMGM^IHJSV JEZSVMRKSRP]TYFPMGEXMSRW XLEXEVIJVMIRHP]XSXLIMV KSZIVRQIRXW.SYVREPMWXW EPWSLEZIPMQMXIHEGGIWWXSTYFPMGSJJMGMEPW/MVGLRIVLIPHRSTVIWW GSRJIVIRGIWHYVMRKLMWJSYV]IEVWMRSJJMGIERHLMW[MJIERHWYGGIWWSVLEW LIPHSRP]PMQMXIHUYIWXMSRERHERW[IVWIWWMSRW
'39286-)73*8,);360( %6+)28-2%
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±7QSOMRKMWLEVQJYPXS]SYV XLIMVS[RGSYRXV]´WQSZMIW LIEPXL²ERH±3RP]JSV%HYPXW²-RVIGIRX]IEVW ERHQYWMG%VKIRXMRIW° WQSOMRKLEWFIIRFERRIHJVSQ[SVOTPEGIWERH TEVXMGYPEVP]XLI]SYRKIV TYFPMGFYMPHMRKWMRWSQIGMXMIWMRGPYHMRK&YIRSW KIRIVEXMSR°IRNS]GYPXYVEP %MVIW TVSHYGXWSJXLI9RMXIH 7XEXIWJVSQXIPIZMWMSR WLS[WXSTSTQYWMG;LMPI %VKIRXMRIWIPWI[LIVIWXMPP
%6+)28-2%83(%=
'39286-)73*8,);360( %6+)28-2%
IRNS]EREJXIVRSSRRETGEPPIHEWMIWXEXLIFYW]TSVXIySWSJ&YIRSW%MVIW LEZIPIJXXLMWXVEHMXMSRFILMRH -R&YIRSW%MVIWQSWXJEQMPMIWPMZIMRETEVXQIRXFYMPHMRKW[LMPI VIWMHIRXWSJXS[RWERHVYVEPEVIEWYWYEPP]PMZIMRWQEPPLSYWIW:IV]PEVKI GEXXPIVERGLIWPSGEXIHMRXLI4EQTEWERHSXLIVVYVEPEVIEWEVIGEPPIH IWXERGMEWERHWSQIXMQIWMRGPYHIXLIMVS[RGLYVGLERHWGLSSP&IGEYWI SJXLILMKLGSWXSJLSYWMRKWSQI%VKIRXMRIJEQMPMIWPMZI[MXLEWQER]EW XLVIIKIRIVEXMSRWMRSRILSQIERHXLI]SYRKIWXKIRIVEXMSRHSIWRSX QSZISYXYRXMPQEVVMEKI
6&+22/6 %VKIRXMRELEWPSRKTPEGIHELMKLTVMSVMX]SRIHYGEXMSRVIWYPXMRKMRE REXMSREPPMXIVEG]VEXISJ TIVGIRX)HYGEXMSRMWJVIIERH QERHEXSV]JVSQEKIWXSFYXEXXIRHERGIHVSTWEJXIV EKI7XYHIRXWPIEZIWGLSSPFIGEYWIXLI]LEZIHMJJMGYPX] TE]MRKJSVFSSOWERHWYTTPMIWSVFIGEYWIXLI]QYWXKS XS[SVOERHLIPTWYTTSVXXLIMVJEQMPMIW %VKIRXMRIW 8LIWYFNIGXWWXYHMIHMRGPYHIWGMIRGIQEXL PERKYEKIWEVXLMWXSV]WTSVXWERHKISKVETL]7XYHIRXW VIGIRXP]LEZIKEMRIHQSVIJVIIHSQXSGLSSWI[LEX XLI]WXYH]MRWIGSRHEV]WGLSSP[LMGLFIKMRWMRWIZIRXL
YWYEPP]IEXHMRRIV EJXIV TQ
4SVXIySWIRNS]XLIGYPXYVEPSJJIVMRKWSJXLIMVGSWQSTSPMXERGMX]
%6+)28-2%83(%=
6-8)73*4%77%+) )MKLXIIRMWGSRWMHIVIHXLIEKISJQEXYVMX]MRWIZIVEP VIWTIGXWMR%VKIRXMRE-XMW[LIRXIIRWKEMRXLI VMKLXXSZSXIERHXLIEFMPMX]XSHVMZIPIKEPP])MKLXIIR MWEPWSXLIQMRMQYQHVMROMRKEKI8YVRMRKMW WMKRMJMGERXJSV%VKIRXMRIKMVPW3RXLEXFMVXLHE]KMVPW GIPIFVEXIXLIMVUYMRGIEyIVE[LMGLQEVOWXLIIRHSJ GLMPHLSSH
KVEHIERHPEWXWXLVIISV JSYV]IEVW'SQTPIXMRK WIGSRHEV]WGLSSPMW VIUYMVIHJSVEHQMWWMSRXS GSPPIKI%VKIRXMRELEWTYFPMG GSPPIKIW[LMGLEVIWXEXIVYR ERHXE\TE]IVJYRHIHERH TVMZEXIGSPPIKIW
-RXLITEWX%VKIRXMRE [EWORS[RJSVMXWJMRI IHYGEXMSRW]WXIQFYX GYXWXSWGLSSPJYRHMRKLEZIFIGSQIEGSRGIVRMRWSQITPEGIW-R XLSYWERHWSJWXYHIRXWQEVGLIHXSXLITVIWMHIRXMEPTEPEGIXSTVSXIWXXLI UYEPMX]SJXLI&YIRSW%MVIWWGLSSPW7XYHIRXW´GSQTPEMRXWMRGPYHIHXLI HIXIVMSVEXMSRSJWGLSSPFYMPHMRKWWSQISJ[LMGLPEGOLIEXERHLEZIPIEO] GIMPMRKWERHFVSOIR[MRHS[W
3$670((76)8785( 8LIJMVWXHIGEHISJXLIX[IRX]JMVWXGIRXYV]SJJIVIHWIZIVEPSTTSVXYRMXMIW JSV%VKIRXMRIWXSVIJPIGXSRXLIMVLMWXSV]ERHSYXPSSO-RXLI] QEVOIHXLI]IEVERRMZIVWEV]SJXLIFIKMRRMRKSJXLI(MVX];EV %TTVS\MQEXIP]%VKIRXMRIWEVIXLSYKLXXSLEZIPSWXXLIMVPMZIW JVSQ XS EWXLIQMPMXEV]W]WXIQEXMGEPP]XVMIHXSIPMQMREXI HMWWIRX
'39286-)73*8,);360( %6+)28-2%
7XYHIRXWTVSXIWXTSSVWGLSSPGSRHMXMSRWSYXWMHI XLI2EXMSREP'SRKVIWWFYMPHMRKMR&YIRSW %MVIW
%6+)28-2%83(%=
8LVIIHIGEHIW PEXIVXLIKSZIVRQIRXSJ .36+) :-()0% 4VIWMHIRX2qWXSV/MVGLRIV TVSGPEMQIH1EVGLXS .SVKI:MHIPEXLIQMPMXEV]KIRIVEP[LSVYPIHEW FIETIVQERIRXREXMSREP HMGXEXSVHYVMRKXLI(MVX];EV[EWJMREPP]WIRXIRGIH XSPMJIMRTVMWSRMR(IGIQFIV:MHIPE[EW LSPMHE]XLI2EXMSREP(E] SVMKMREPP]XVMIHERHWIRXIRGIHXSTVMWSRMR JSV8VYXLERH.YWXMGI%W FYXLI[EWTEVHSRIHF]4VIWMHIRX'EVPSW1IRIQ XLILSPMHE][EWQEVOIH 8LITEVHSR[EWPEXIVHIIQIHYRGSRWXMXYXMSREPERH JSVXLIJMVWXXMQIMR :MHIPE[EWVIXVMIHJSVLMWTEVXMRXLIHIEXLWSJ %VKIRXMRIW,I[MPPWIVZILMWWIRXIRGIMREGMZMPMER XLIQSXXS2YRGEQEW TVMWSR SV±2IZIVEKEMR²[EW JIEXYVIHTVSQMRIRXP]SR TSWXIVWERHFMPPFSEVHW (MWTPE]MRKETPEUYIXLEX VIEH±2IZIVEKEMRGSYTW ERHWXEXIXIVVSVMWQ²/MVGLRIVKEZIEWTIIGLXLEXEVHIRXP]GSRHIQRIH XLIKSZIVRQIRX´WZMSPIRXXEGXMGWHYVMRKXLI(MVX];EV4EWWMSREXIEFSYX XLIGSYRXV]´WGSQQMXQIRXXSHIQSGVEG]ERHLYQERVMKLXWGMXM^IRW KEXLIVIHJSVZMKMPWERHQEVGLIW,S[IZIVEJI[I\TVIWWIHXLIMVPMRKIVMRK ERKIVMRQSVIEKKVIWWMZI[E]W*SVI\EQTPIEFSQF[IRXSJJEXE*SVH GEVHIEPIVWLMTMRTVSXIWXSJXLIGSQTER]´WTEWXMRZSPZIQIRXMRWYTTP]MRK ZILMGPIWXSXLIQMPMXEV]VIKMQI %W%VKIRXMREVIQIQFIVWMXWTEWXMXLEWFIGSQIETTEVIRXXLEX HIWTMXILYKIWXVMHIWMXWHIQSGVEG]MWJEVJVSQTIVJIGX-RRI[W VIZIEPIHXLEXEKVSYT[MXLMRXLI%VKIRXMRI2EZ][EWEGXMZIP]WT]MRKSR NSYVREPMWXWERHTYFPMGSJJMGMEPW8LMWHMWGSZIV]HIQSRWXVEXIHXLEXXLI
'39286-)73*8,);360( %6+)28-2%
QMPMXEV]LEHRSXFIIRGSQTPIXIP]VIMKRIHMRF]XLIKSZIVRQIRX7IZIVEP QMPMXEV]SJJMGMEPW[IVIJMVIHERHERMRZIWXMKEXMSRJSPPS[IH%PPIKEXMSRWSJ GSVVYTXMSRLEZIEPWSEJJIGXIHSXLIVFVERGLIWSJKSZIVRQIRXMRVIGIRX ]IEVW -R%VKIRXMRIW LEHERSXLIVGLERGI 2%:=1)',%2-'77',330 XSXEOIWXSGOEWXLI] GIPIFVEXIHXLIMVGSYRXV]´W 8LI2EZ]1IGLERMGW7GLSSPMR&YIRSW%MVIW FMGIRXIRRMEP°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´W%VKIRXMRIWEVIWXMPPVIGSZIVMRKJVSQXLIIGSRSQMGERH TSPMXMGEPXYVQSMPSJERH1ER]EVIWXVYKKPMRKXSVMWISYXSJ TSZIVX]ERHXSPIEZIXLIVEROWSJXLIYRIQTPS]IH'SVVYTXMSRMRWMHI
%6+)28-2%83(%=
'39286-)73*8,);360( %6+)28-2%
XLIKSZIVRQIRXVIQEMRWEGSRGIVRERHPIEHIVWLEZIFIIRORS[RXSKIX EVSYRHXLIPIKMWPEXMZITVSGIWWF]MWWYMRKHIGVIIW (IWTMXIXLIWIGLEPPIRKIW%VKIRXMRIWEVIGSQQMXXIHXSXLIMV HIQSGVEG]-RWSQIEVIEW%VKIRXMRIWLEZIIZIRFIIR[SVPHPIEHIVW°JSV MRWXERGIMRIRGSYVEKMRK[SQIRXSTEVXMGMTEXIMRKSZIVRQIRXMRWIXXMRK WXVMGXIRZMVSRQIRXEPIQMWWMSRWWXERHEVHWERHMRPIKEPM^MRKKE]QEVVMEKI %RHQSWXMQTSVXERX%VKIRXMRIWLEZIZS[IHRIZIVEKEMRXSVIXYVR XSXLIMVVIGIRXTEWXSJLYQERVMKLXWEFYWIWQMPMXEV]GSYTWERHWXEXI XIVVSVMWQ
8LI %VKIRXMRITISTPIEVI[SVOMRKXS[EVHEQSVITVSWTIVSYW ERHHIQSGVEXMGJYXYVI
%6+)28-2%83(%=
?7,0(/,1(A
&')
,YQERWEVVMZIMRXLIVIKMSRSJ%VKIRXMRE
7TERMEVHWJMVWXEVVMZIMRXLI6uSHIPE4PEXEVIKMSR
7TERMWLGSPSRMWXWJSYRHXLITSVXXS[RSJ&YIRSW%MVIW
3R1E]&YIRSW%MVIWHIGPEVIWMXWMRHITIRHIRGIJVSQ7TEMR
3R.YP] XLITVSZMRGIWXLEX[SYPHPEXIVGSQTVMWIXLI%VKIRXMRI 6ITYFPMGHIGPEVIXLIMVMRHITIRHIRGI
.YER1ERYIPHI6SWEWFIKMRWLMWVYPIEWEVYXLPIWWHMGXEXSV
8LI%VKIRXMRI6ITYFPMGMWGVIEXIH[MXLXLIEGGITXERGISJEREXMSREP GSRWXMXYXMSR
1MPMXEV]XVSSTWHIWXVS]MRHMKIRSYWXVMFIWMRXLI'SRUYIWXSJXLI(IWIVX
%VKIRXMREIPIGXWMXWJMVWXTVIWMHIRXF]TSTYPEVQENSVMX]EJXIVWIGVIX FEPPSXWEVIMRXVSHYGIH
%JXIVEQMPMXEV]GSYTSZIVXLVS[WXLIKSZIVRQIRX.YER4IVzRFIKMRWLMW VMWIXSTS[IV
4IVzRMWMQTVMWSRIHF]XLIQMPMXEV]FYXVIPIEWIHEJXIVXLSYWERHWSJ TISTPITVSXIWX
4IVzRMWIPIGXIHTVIWMHIRXMREJVIIIPIGXMSR
*MVWX0EH])ZE4IVzRHMIWEXEKISJGERGIV
%QMPMXEV]GSYTSZIVXLVS[WXLIKSZIVRQIRXSJ.YER4IVzRERHLI QSZIWXS7TEMRMRI\MPI
%REKMRK.YER4IVzRVIXYVRWXSTS[IV
.YER4IVzRHMIWERHTS[IVWLMJXWXSLMWXLMVH[MJIERHZMGITVIWMHIRX -WEFIP4IVzR
1MPMXEV]PIEHIV.SVKI:MHIPEWIM^IWTS[IVERHFIKMRWXLI(MVX];EVMR [LMGLEWQER]EW%VKIRXMRIWEVIOMHRETTIHERHQYVHIVIH
8LI1SXLIVWSJXLI4PE^EHI1E]SJMVWXKEXLIVXSTVSXIWXXLI(MVX];EV
8LIQMPMXEV]EXXIQTXWERHJEMPWXSWIM^IXLI*EPOPERH-WPERHWJVSQXLI 9RMXIH/MRKHSQ
8LI(MVX];EVIRHW[LIR6EP%PJSRWuRMWIPIGXIHTVIWMHIRXMR
'EVPSW1IRIQWYGGIIHW%PJSRWuRQEVOMRKXLIJMVWXXMQIWMRGI XLEX TS[IVTEWWIWJVSQSRIHIQSGVEXMGEPP]IPIGXIHVYPIVXSERSXLIV[MXLSYX QMPMXEV]MRXIVZIRXMSR
3R(IGIQFIVEXXLILIMKLXSJEJMRERGMEPGVMWMW4VIWMHIRX*IVRERHS HIPE6EVIWMKRWERHJPIIWXLIGSYRXV]
-RXLIPEWX[IIOSJ(IGIQFIV%VKIRXMREHIJEYPXWSRETTVS\MQEXIP] FMPPMSRMRHIFXXLIPEVKIWXWYGLHIJEYPXMR[SVPHLMWXSV]
3R(IGIQFIV'VMWXMRE*IVRjRHI^HI/MVGLRIVMWMREYKYVEXIH TVIWMHIRXXLIJMVWX[SQERIPIGXIHXSLSPHXLMWSJJMGIMR%VKIRXMRE
?)$&76$7<285),1*(57,36A +)3+6%4,=
4)340)
3JJMGMEPREQI %VKIRXMRI6ITYFPMG
4STYPEXMSR
%VIE WUYEVIQMPIW WUOQ
1SWXTSTYPSYWGMX] &YIRSW%MVIW
'PMQEXI 1SWXP]XIQTIVEXIVERKMRK JVSQWYFXVSTMGEPMRXLI2SVXLIEWX XSWYFERXEVGXMGMRXLI7SYXL ,MKLIWXIPIZEXMSR 1SYRX %GSRGEKYE JIIX Q EFSZIWIEPIZIP 0S[IWXIPIZEXMSR 0EKYREHIP 'EVFSRJIIX Q FIPS[WIE PIZIP 7MKRMJMGERXKISKVETLMGJIEXYVI 1SYRX%GSRGEKYE
)XLRMGKVSYTW TIVGIRX[LMXI QSWXP]7TERMWLERH-XEPMER TIVGIRXQIWXM^S%QIVMGER-RHMER SVSXLIVRSR[LMXIKVSYTW 4IVGIRXEKISJVIWMHIRXWPMZMRKMR YVFEREVIEW TIVGIRX 0MJII\TIGXERG] ]IEVWEXFMVXL [SVPHVERO 0ERKYEKI W 7TERMWL SJJMGMEP )RKPMWL-XEPMER*VIRGL+IVQER 6IPMKMSR W 6SQER'EXLSPMG TIVGIRX 4VSXIWXERXTIVGIRX .I[MWLTIVGIRX SXLIVTIVGIRX
+3:)621)28%2( )'3231= +SZIVRQIRX VITYFPMG (EXISJEHSTXMSRSJGYVVIRX GSRWXMXYXMSR 1E] 'ETMXEP &YIRSW%MVIW
,IEHSJKSZIVRQIRXERHWXEXI TVIWMHIRX 0IKMWPEXYVI 2EXMSREP'SRKVIWW [LMGLGSRWMWXWSJXLI7IREXIERH XLI'LEQFIVSJ(ITYXMIW 'YVVIRG] %VKIRXMRITIWS -RHYWXVMIWERHREXYVEPVIWSYVGIW *SSHTVSGIWWMRKQERYJEGXYVMRK SJQSXSVZILMGPIWERHGSRWYQIV HYVEFPIWWS]FIERWTIXVSPIYQ QSXSVZILMGPIWGSVR[LIEX
% -RHITIRHIRGI(E].YP] %RRMZIVWEV]SJXLI%VKIRXMRI (IGPEVEXMSRSJ-RHITIRHIRGI
,SPMHE]W
% 7ER1EVXuR(E]%YKYWX %RRMZIVWEV]SJXLIHIEXLSJ +IRIVEP.SWqHI7ER1EVXuR
% (E]SJ6IQIQFVERGIJSV 8VYXLERH.YWXMGI1EVGL %RRMZIVWEV]SJXLIWXEVXSJXLI (MVX];EV
*PEK 8LVIILSVM^SRXEPWXVMTIWSJ PMKLXFPYI[LMXIERHPMKLXFPYI-R XLIGIRXIVMWERMQEKISJXLIWYR [LMGLVITVIWIRXWJVIIHSQ
% 1EPZMREW(E]%TVMP 8VMFYXIXS *EPOPERH-WPERHW;EVZIXIVERW
2EXMSREPERXLIQ ±,MQRS2EGMSREP %VKIRXMRS² ±%VKIRXMRI2EXMSREP %RXLIQ² [VMXXIRF]:MGIRXI0STI^ ]4PERIW P]VMGW ERH.SWI&PEW 4EVIVE QYWMG EHSTXIHMR
2%8-32%07=1&307
% 2EXMSREP(E]1E] %RRMZIVWEV]SJXLI VIZSPYXMSR
2EXMSREPFMVH ,SVRIVS 2EXMSREPJPS[IV 'IMFS
?)$&76$7<285),1*(57,36&217,18('A /)=4)340) *SVQIVTVIWMHIRX.YER4IVzRERH JSVQIV*MVWX0EH])ZE4IVzRLIPTIH XLITSSV[LMPIVYPMRKMREHMGXEXSVMEP QERRIV 'EVPSW+EVHIPLIPTIHTSTYPEVM^I XLIXERKS 'VMWXMRE*IVRjRHI^HI/MVGLRIV FIGEQIXLIJMVWX[SQERIPIGXIH TVIWMHIRX
463:-2')73* %6+)28-2% 4VSZMRGI 'ETMXEP &YIRSW%MVIW 0E4PEXE 'EXEQEVGE 'EXEQEVGE 'LEGS 6IWMWXIRGME 'LYFYX 6E[WSR 'zVHSFE 'zVHSFE 'SVVMIRXIW 'SVVMIRXIW
)RXVI6uSW 4EVERj
7EPXE 7EPXE
*SVQSWE *SVQSWE
7ER.YER 7ER.YER
.YNY] .YNY]
7ER0YMW 7ER0YMW
0E4EQTE 7ERXE6SWE
7ERXE'VY^ 6uS+EPPIKSW
0E6MSNE 0E6MSNE
7ERXE*I 7ERXE*I
1IRHS^E 1IRHS^E 1MWMSRIW 4SWEHEW
7ERXMEKSHIP)WXIVS 7ERXMEKSHIP )WXIVS
2IYUYqR 2IYUYqR
8MIVVEHIP*YIKS 9WLYEME
6uS2IKVS :MIHQE
8YGYQjR 8YGYQjR
?*/266$5<A ERXM7IQMXMWQ
,SWXMPMX]XS[EVHSVHMWGVMQMREXMSREKEMRWX.I[W EYXLSVMXEVMER
,EZMRKTS[IVGSRGIRXVEXIHMRXLILERHWSJEPIEHIV[LSMWRSXEGGSYRXEFPI XSXLITISTPI FMSHMZIVWMX]
8LIZEVMIX]SJTPERXERHERMQEPPMJIMRETEVXMGYPEVLEFMXEX GSYT
8LIZMSPIRXSZIVXLVS[SJERI\MWXMRKKSZIVRQIRXF]EWQEPPKVSYT GVISPI
%TIVWSRSJ)YVSTIERHIWGIRXFSVRMR0EXMR%QIVMGE HIJEYPX
8LIJEMPYVIXSTE]EJMRERGMEPHIFX IGSXSYVMWQ
8LITVEGXMGISJZMWMXMRKETPEGIMRERIRZMVSRQIRXEPP]JVMIRHP][E]SVJSVXLI TYVTSWISJI\TIVMIRGMRKMXWREXYVEPJIEXYVIW JIHIVEPMWX
7SQISRI[LSJEZSVWXLIHMWXVMFYXMSRSJTS[IVFIX[IIREGIRXVEP KSZIVRQIRXERHWQEPPIVTSPMXMGEPYRMXWWYGLEWWXEXIWERHTVSZMRGIW KVSWWHSQIWXMGTVSHYGX
8LIXSXEPZEPYISJKSSHWERHWIVZMGIWMREGSYRXV]YWYEPP]QIEWYVIH ERRYEPP]
KYIVVMPPE
-VVIKYPEV[EVJEVIYWYEPP]MRZSPZMRKWEFSXEKIERHLEVEWWQIRXXLEXMW[EKIH F]EWQEPPMRHITIRHIRXKVSYTEKEMRWXEWXVSRKIVQMPMXEV] MRJPEXMSR
%GSRXMRYMRKVMWIMRXLIKIRIVEPPIZIPSJTVMGIW PMRIMXIQZIXS
8LITS[IVSJERI\IGYXMZIXSHIPIXIMRHMZMHYEP[SVHWSVWIRXIRGIWJVSQE FMPP[MXLSYXVINIGXMRKXLIIRXMVIFMPP QIWXM^SW
1M\IHVEGIHIWGIRHIRXWSJ)YVSTIERWERHMRHMKIRSYWTISTPIW SPMKEVGL]
%KSZIVRQIRXGSRXVSPPIHF]EWQEPPKVSYT TVMZEXM^I
8SGLERKIEFYWMRIWWSVMRHYWXV]JVSQTYFPMGXSTVMZEXIGSRXVSPERH S[RIVWLMT UYSXE
%JM\IHWLEVISVEQSYRXEWWMKRIHXSEKVSYTSVEQIQFIVSJEKVSYT VIGIWWMSR
%TIVMSHSJVIHYGIHIGSRSQMGEGXMZMX] WYFERXEVGXMG
0]MRKNYWXSYXWMHIXLI%RXEVGXMG'MVGPI
?$'',7,21$/5(6285&(6A 7)0)'8)(&-&0-3+6%4,= &EMQ.S 8ERKS 'VIEXMSRSJE'YPXYVEP-GSR&PSSQMRKXSR-2 -RHMERE944VMRX &PEGO.ER/RMTTIVWIH0EXMR%QIVMGE -XW4VSFPIQWERH-XW4VSQMWI'EQFVMHKI1% ;IWXZMI[4VMRX &VS[R.SREXLER' %&VMIJ,MWXSV]SJ%VKIRXMRE2I[=SVO *EGXWSR*MPI 4VMRX 1EG0EGLPER'SPMR1 %VKIRXMRE ;LEX;IRX;VSRK;IWXTSVX'8 4VEIKIV 4VMRX 1SWW.S]GIERH+ISVKI;MPWSR4ISTPIWSJXLI;SVPH 0EXMR%QIVMGERW(IXVSMX1- +EP6IWIEVGL 4VMRX 4EPQIVPII(ERR] %VKIRXMRE3EOPERH'% 0SRIP]4PERIX ;IF 2SZ
*968,)66)%(-2+7 *EZSV0IWPM.)ZE4IVzR2I[=SVO &IRGLQEVO4VMRX *IEVRW0IW %VKIRXMRE2I[=SVO *EGXWSR*MPI4VMRX +SVVIPP+IRE/-RXLI0ERHSJXLI.EKYEV 7SYXL%QIVMGEERH-XW4ISTPI8SVSRXS 'ER 8YRHVE4VMRX 0SYVMI4IXIV 8MIVVEHIP*YIKS %.SYVRI]XSXLI)RHSJXLI)EVXL,SRIWHEPI4% &S]HW1MPPW4VMRX 1G'EVXL]6SWIERH8LISHSVI0MRO %VKIRXMRE %4VMQEV]7SYVGI'YPXYVEP+YMHI 2I[=SVO 4S[IV4PYW4VMRX ;LIPER+PSVME 8LI(MWETTIEVIH2I[=SVO 4IRKYMR4VMRX
;)&0-2/7 8SPIEVRQSVIEFSYX%VKIRXMREZMWMX%&(34YFPMWLMRK'SQTER]SRPMRIEX [[[EFHSTYFPMWLMRKGSQ;IFWMXIWEFSYX%VKIRXMREEVIJIEXYVIHSRSYV &SSO0MROWTEKI8LIWIPMROWEVIVSYXMRIP]QSRMXSVIHERHYTHEXIHXSTVSZMHIXLI QSWXGYVVIRXMRJSVQEXMSREZEMPEFPI
40%')783:-7-8 -J]SYEVIIZIVMR%VKIRXMREGSRWMHIVGLIGOMRKSYXXLIWIMQTSVXERXERHMRXIVIWXMRKWMXIW 'EWE6SWEHEERHXLI4VIWMHIRXMEP1YWIYQ
%PWSORS[REWXLI4MRO4EPEGIXLITVIWMHIRXMEPTEPEGIMR&YIRSW%MVIWSJJIVWJVII KYMHIHXSYVWMR7TERMWLERH)RKPMWLSR[IIOIRHWERHLSPMHE]W 0EXMR%QIVMGER%VX1YWIYQSJ&YIRSW%MVIW
*IEXYVMRKEVXERHGYPXYVIJVSQ%VKIRXMREERH0EXMR%QIVMGEXLMWQYWIYQLEW FIIRSTIRWMRGI 2EXMSREP,MWXSVMGEP1YWIYQ
8LMWJVIIQYWIYQMR&YIRSW%MVIWJIEXYVIWI\LMFMXWSRMQTSVXERXLMWXSVMGEP IZIRXWWYGLEWXLI1E]6IZSPYXMSRERH%VKIRXMRI;EVJSV-RHITIRHIRGI
?6285&(127(6A ',%48)6 % :-7-883 %6+)28-2% ;E]RI&IVRLEVHWSR±&YIRSW%MVIW %'MX]SJ7X]PI°%RH7M^^PI²2EXMSREP+ISKVETLMG 2EXMSREP+ISKVETLMG7SGMIX]1EV;IF(IG .ER/RMTTIVW&PEGOIH0EXMR%QIVMGE -XW4VSFPIQWERH-XW4VSQMWI'EQFVMHKI1% ;IWXZMI[4VMRX ±8LI;SVPH*EGXFSSO %VKIRXMRE²'IRXVEP-RXIPPMKIRGI%KIRG]'IRXVEP-RXIPPMKIRGI%KIRG] .ER;IF.ER .ER/RMTTIVW&PEGOIH0EXMR%QIVMGE -XW4VSFPIQWERH-XW4VSQMWI'EQFVMHKI1% ;IWXZMI[4VMRX (ERR]4EPQIVPII %VKIRXMRE3EOPERH'% 0SRIP]4PERIX ;IF 2SZ
',%48)6+)3+6%4,= 6%-2*36)787%2(+0%'-)67 ±%VKIRXMRE²)RG]GPSTHME&VMXERRMGE)RG]GPSTHME&VMXERRMGE;IF.ER ±8LI;SVPH*EGXFSSO %VKIRXMRE²'IRXVEP-RXIPPMKIRGI%KIRG]'IRXVEP-RXIPPMKIRGI%KIRG] .ER;IF.ER .SREXLER'&VS[R %&VMIJ,MWXSV]SJ%VKIRXMRE2I[=SVO *EGXWSR*MPI4VMRX ±+ISKVETL]²)QFEWW]SJ%VKIRXMREMR%YWXVEPME)QFEWW]SJ%VKIRXMREMR%YWXVEPMERH ;IF .ER (ERR]4EPQIVPII %VKIRXMRE3EOPERH'% 0SRIP]4PERIX ;IF 2SZ ±'SYRXV]+YMHI %VKIRXMRE²&&' ;IEXLIV&&'RH;IF.ER ±4EXEKSRME4LSXSW 1SVIRS+PEGMIV²2EXMSREP+ISKVETLMG2EXMSREP+ISKVETLMG7SGMIX] RH;IF.ER ±8LI;SVPH*EGXFSSO %VKIRXMRE²'IRXVEP-RXIPPMKIRGI%KIRG]'IRXVEP-RXIPPMKIRGI%KIRG] .ER;IF.ER
',%48)6 %2-1%07%2(2%896) *6314)2+9-2783491%7 )VMG;EKRIV±4IRKYMR(MWTEXGL %VVMZMRKMR4YRXE8SQFS%VKIRXMRE²7QMXLWSRMERGSQ 7QMXLWSRMER-RWXMXYXMSR.YRI ;IF .ER -FMH -FMH (ERR]4EPQIVPII %VKIRXMRE3EOPERH'% 0SRIP]4PERIX ;IF 2SZ ±)RZMVSRQIRXEP4VSFPIQWMR%VKIRXMRE² ;SVPH;MPHPMJI*YRH;SVPH;MPHPMJI*YRH;IF .ER
±8LI-9'26IH0MWXSJ8LVIEXIRIH7TIGMIW²-9'26IH0MWX-RXIVREXMSREP9RMSRJSV 'SRWIVZEXMSRSJ2EXYVIERH2EXYVEP6IWSYVGIW;IF .ER ±7YQQEV]7XEXMWXMGW 7YQQEVMIWF]'SYRXV]8EFPI8LVIEXIRIH7TIGMIWMR)EGL 'SYRXV]²-9'26IH0MWXSJ8LVIEXIRIH7TIGMIW-RXIVREXMSREP9RMSRJSV'SRWIVZEXMSRSJ2EXYVI ERH2EXYVEP6IWSYVGIW;IF .ER .SLR:MHEP±'MXMIWMR4IVMPEW%RHIER+PEGMIVW1IPX²+YEVHMERGSYO+YEVHMER2I[WERH 1IHME %YK;IF .ER %PER&S]PI±&VMRKMRKXLI&MKKIWX(MRSWEYVXS0MJI²172&'GSQ172&'GSQ.YP] ;IF(IG ±4VSXIGXIH%VIEW² %VKIRXMREEV1IHME1MRMWXV]SJXLI4VIWMHIRX´W3JJMGI3GX ;IF.ER
',%48)6,-7836= *631'3032=836)49&0-' .SREXLER'&VS[R %&VMIJ,MWXSV]SJ%VKIRXMRE2I[=SVO *EGXWSR*MPI4VMRX -FMH -FMH .ER/RMTTIVW&PEGOIH0EXMR%QIVMGE -XW4VSFPIQWERH-XW4VSQMWI'EQFVMHKI1% ;IWXZMI[4VMRX .ER/RMTTIVW&PEGOIH0EXMR%QIVMGE -XW4VSFPIQWERH-XW4VSQMWI'EQFVMHKI1% ;IWXZMI[4VMRX
',%48)64)340) %',%2+-2+2%8-32 'SPMR11EG0EGLPER %VKIRXMRE ;LEX;IRX;VSRK;IWXTSVX'8 4VEIKIV4VMRX ±8LI;SVPH*EGXFSSO %VKIRXMRE²'IRXVEP-RXIPPMKIRGI%KIRG]'IRXVEP-RXIPPMKIRGI%KIRG] .ER;IF.ER .S]GI1SWWERH+ISVKI;MPWSR4ISTPIWSJXLI;SVPH 0EXMR%QIVMGERW(IXVSMX1- +EP 6IWIEVGL 4VMRX .S]GI1SWWERH+ISVKI;MPWSR4ISTPIWSJXLI;SVPH 0EXMR%QIVMGERW(IXVSMX1- +EP 6IWIEVGL 4VMRX .SREXLER'&VS[R %&VMIJ,MWXSV]SJ%VKIRXMRE2I[=SVO *EGXWSR*MPI4VMRX ±8LI;SVPH*EGXFSSO %VKIRXMRE²'IRXVEP-RXIPPMKIRGI%KIRG]'IRXVEP-RXIPPMKIRGI%KIRG] .ER;IF.ER
? 6285&(127(6&217,18(' A ±%FSYX%VKIRXMRE6IPMKMSR² %VKIRXMREKSZ7IGVIXEVuEHI+EFMRIXI]+IWXMzR4FPMGERH ;IF.ER ±8LI;SVPH*EGXFSSO %VKIRXMRE²'IRXVEP-RXIPPMKIRGI%KIRG]'IRXVEP-RXIPPMKIRGI%KIRG] .ER;IF.ER ±&EGOKVSYRH2SXI %VKIRXMRE²97(ITEVXQIRXSJ7XEXI97(ITEVXQIRXSJ7XEXI7ITX ;IF .ER .SREXLER'&VS[R %&VMIJ,MWXSV]SJ%VKIRXMRE2I[=SVO *EGXWSR*MPI4VMRX ±%FSYX%VKIRXMRE1ENSV'MXMIW² %VKIRXMREKSZEV7IGVIXEVuEHI+EFMRIXI]+IWXMzR 4FPMGERH;IF.ER
',%48)6'90896) 8,)0%2(3*8,) 8%2+3 .S&EMQ 8ERKS 'VIEXMSRSJE'YPXYVEP-GSR&PSSQMRKXSR-2 -RHMERE944VMRX .SREXLER'&VS[R %&VMIJ,MWXSV]SJ%VKIRXMRE2I[=SVO *EGXWSR*MPI4VMRX ;EPXIV%EVSR'PEVOIH*VSQ8INERSXS8ERKS 0EXMR%QIVMGER4STYPEV1YWMG2I[=SVO 6SYXPIHKI4VMRX
',%48)6430-8-'7 -2'6)%7-2+78%&-0-8= .SREXLER'&VS[R %&VMIJ,MWXSV]SJ%VKIRXMRE2I[=SVO *EGXWSR*MPI4VMRX -FMH -FMH -FMH ±-RXIVZMI[ 'VMWXMRE*IVRERHI^HI/MVGLRIVSJ%VKIRXMRE² 8-1) 7ITX;IF .ER ±'SRWXMXYXMSRSJXLI%VKIRXMRI2EXMSR²3JJMGMEP;IF7MXISJXLI+SZIVRQIRXSJ%VKIRXMRE +SZIVRQIRXSJ%VKIRXMRE ;IF.ER -FMH
',%48)6 )'3231-'7 6)'3:)6-2+46374)6-8= 'SPMR11EG0EGLPER %VKIRXMRE ;LEX;IRX;VSRK;IWXTSVX'8 4VEIKIV4VMRXZMMM .SREXLER'&VS[R %&VMIJ,MWXSV]SJ%VKIRXMRE2I[=SVO *EGXWSR*MPI4VMRX 'SPMR11EG0EGLPER %VKIRXMRE ;LEX;IRX;VSRK;IWXTSVX'8 4VEIKIV4VMRX ¯
-FMH -FMH (ERR]4EPQIVPII %VKIRXMRE3EOPERH'% 0SRIP]4PERIX ;IF 2SZ 1EVO;IMWFVSX±2IWXSV/MVGLRIV %VKIRXMRE´W-RHITIRHIRGI,IVS²+YEVHMERGSYO +YEVHMER2I[WERH1IHME3GX;IF.ER ±8LI;SVPH*EGXFSSO %VKIRXMRE²'IRXVEP-RXIPPMKIRGI%KIRG]'IRXVEP-RXIPPMKIRGI%KIRG] .ER;IF.ER -FMH 1EVO47YPPMZER±%VKIRXMRE 4SPMXMGEPERH)GSRSQMG'SRHMXMSRWERH976IPEXMSRW²'67 6ITSVXJSV'SRKVIWW'SRKVIWWMSREP6IWIEVGL7IVZMGI3GX;IF.ER .SREXLER'&VS[R %&VMIJ,MWXSV]SJ%VKIRXMRE2I[=SVO *EGXWSR*MPI4VMRX ±8LI;SVPH*EGXFSSO %VKIRXMRE²'IRXVEP-RXIPPMKIRGI%KIRG]'IRXVEP-RXIPPMKIRGI %KIRG].ER;IF.ER -FMH ±8LI;SVPH*EGXFSSO %VKIRXMRE²'IRXVEP-RXIPPMKIRGI%KIRG]'IRXVEP-RXIPPMKIRGI %KIRG].ER;IF.ER -FMH
',%48)6 %6+)28-2% 83(%= 'SPMR11EG0EGLPER %VKIRXMRE ;LEX;IRX;VSRK;IWXTSVX'8 4VEIKIV4VMRX %PI\IM&EVVMSRYIZS±%VKIRXMRE%TTVSZIW+E]1EVVMEKIMRE*MVWXJSV6IKMSR²2I[=SVO 8MQIW2I[=SVO8MQIW.YP];IF.ER ±0MJIWX]PI²)WXYHMEVIR%VKIRXMRE1MRMWXIVMSHI)HYGEGMzR%VKIRXMRE;IF.ER 3PMZME/IIXGL±7QSOMRKMR%VKIRXMRE =SYXL8EVKIXIH#² %VKIRXMRE-RHITIRHIRX%VKIRXMRE -RHITIRHIRX*IF ;IF.ER ±8LI;SVPH*EGXFSSO %VKIRXMRE²'IRXVEP-RXIPPMKIRGI%KIRG]'IRXVEP-RXIPPMKIRGI%KIRG] .ER;IF.ER 0EVV]6SLXIV±6IGEPPMRK'SYT%VKIRXMRE:S[W³2IZIV%KEMR´²2I[=SVO8MQIW2I[=SVO 8MQIW1EV;IF.ER
?,1'(;A $GSRGEKYE1SYRX ¯ EKVMGYPXYVI %PJSRWuR6EP %RHIW ¯ ERMQEPW¯ %RXEVGXMGE %VEQFYVY4IHVS %VEYGERMERW EVIE ¯ EVXW ¯
GPMQEXIGLERKI¯ 'SRKVIWW ¯ GSRWXMXYXMSR ¯ GSVVYTXMSR ¯ GSYVXW]WXIQ ¯ GVISPIW GYVVIRG] 'Y]S
EIIJ
GEMP]PMJI ¯ HIPE6E*IVRERHS HIFX ¯¯ HIJSVIWXEXMSR HMRSWEYVW (MVX];EV¯ ¯ (YLEPHI)HYEVHS ¯
FSPE &SPMZME FSVHIVMRKGSYRXVMIW &SVKIW.SVKI0YMW &VE^MP &YIRSW%MVIW ¯¯ ¯ ¯
&jQTSVE,qGXSV¯ 'EZISJXLI,ERHW GIMFSXVII 'LEGS¯ 'LMPI GPEWWHMZMWMSRW ¯ GPMQEXI ¯
HHYGEXMSR¯ )P7IGVIXSHI7YW3NSW IRHERKIVIHWTIGMIW ¯ IRZMVSRQIRXEPXLVIEXW ¯ )ZMXE I\TSVXW )^IM^E-RXIVREXMSREP%MVTSVX
)EPOPERH-WPERHW JEVSPIW JSSH ¯ *EVE].YERHI +EVHIP'EVPSW KEYGLSW KPEGMIVW ¯ KSZIVRQIRXWXVYGXYVI ¯ +VER&YIRSW%MVIW KVSWWHSQIWXMGTVSHYGX KYEREGSW +YEVERu¯ KSPMHE]W LSVRIVS ,SYWISJ(ITYXMIW ¯ LYQERVMKLXW ,KYE^*EPPW¯ MQQMKVEXMSR MQTSVXW MRHITIRHIRGI ¯ -RHMERTSTYPEXMSR¯ MRHMKIRSYWTISTPIW¯ ¯ MRHYWXVMEPM^EXMSR ¯
MRHYWXVMIW¯ ¯ MRJPEXMSR ¯ MRJVEWXVYGXYVI -XEPMERMRJPYIRGI ¯
MEKYEV .MVGLRIV'VMWXMRE*IVRjRHI^ HI ¯ /MVGLRIV2qWXSV ¯
/E&SGE 0EKYREHIP'EVFSR PERKYEKI ¯ 0ERYWWI%PINERHVS PMJII\TIGXERG]¯ PMXIVEG]VEXI PMXIVEXYVI ¯
0EJEPHE ¯ 1IRIQ'EVPSW ¯ ¯ 1IWSTSXEQME¯ QIWXM^SW QMPMXEV]VYPI¯ ¯ ¯ QMPSRKEW QSROI]TY^^PIXVII
1SRXSRIVSW 1SXLIVWSJXLI4PE^EHI 1E]S QYVEPW ¯ QYWMG
QEXMSREPGETMXEP REXMSREPTEVOW REXYVEPVIWSYVGIW 2EZ]1IGLERMGW7GLSSP RI[WTETIVW¯ 2SFIP4VM^I
4PE^EHI1E]S TSPMXMGEPTEVXMIW¯ TSTYPEXMSR TSVXIySW TSZIVX] TYQEW¯ 4YRXE8SQFS¯
5IKE.SWq0zTI^
RJJMGMEPREQI SMP
VIPMKMSR 6uSHIPE4PEXEVIKMSR 6SGE.YPMS 6SWEW.YER1ERYIPHI¯
3EQTEW
VEQIWI\QEVVMEKI
4EVEKYE] 4EVERj6MZIV 4EXEKSRME ¯¯ TIRKYMRW ¯ 4IVzR)ZE 4IVzR-WEFIP 4IVzR.YER(SQMRKS ¯ 4IVSRMWXW TIWS ¯
7ER1EVXuR.SWqHI 7IREXI ¯ WSGGIV ¯ 7TEMR¯ 7TERMEVHW¯ 7TERMWLPERKYEKI WTSVXW ¯ 7YTVIQI'SYVX
WERKS¯ XIIREKIPMJI ¯ 8MIVVEHIP*YIKS
? ,1'(;&217,18(' A XSYVMWQ
XRIQTPS]QIRX 9RMXIH/MRKHSQ YVFERM^EXMSR 9VUYM^E.YWXS.SWqHI 9VYKYE]
9VYKYE]6MZIV
9MHIPE.SVKI6EJEqP :EVSJXLI8VMTPI%PPMERGI [LEPIW [MRI [SSP
\IVFEQEXq
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
