Tarifs BMW X3 Aout 2015 .pdf



Nom original: Tarifs_BMW_X3_Aout_2015.pdfTitre: Mise en page 1

Ce document au format PDF 1.3 a été généré par QuarkXPress(R) 9.54r1, et a été envoyé sur fichier-pdf.fr le 04/01/2017 à 18:25, depuis l'adresse IP 2.11.x.x. La présente page de téléchargement du fichier a été vue 1254 fois.
Taille du document: 3 Mo (36 pages).
Confidentialité: fichier public


Aperçu du document


8:5ZGPZZ
?RVX@TZRNZUC U> FUCD

+++31J+3@V

8:5ZGP3

.YZHORXTXVZ
LYZMQWLNXVY

Sommaire

4 7
8
10
14
16

9
13
15
35

Principaux équipements de série
Gamme : Finitions et Packs
Finitions
Tarifs de la gamme
Équipements optionnels

BMW X3 xLine dans la teinte de carrosserie métallisée “Mineralweiss”.

3

/;NXHYJYWSTZLYZTBVXY

#RJJY

,XWXSXQWT

/;NXHYJYWSTZLYZTBVXYZTNVZOYTZ8:5ZGP3

IYTX=W
6a;^]`^^`aU`a]Y_]a`^a \_X`[Y^aU`a[`HW_^
6a@\PW`]]`ZaU`aZ`W_XZaU`aTY[]`aZ_PXQ`Z
6aAY^]YW[ZaU`aV\X\^U[`aVI[YRQZ
6a \^]`Za`^a\XX_\P`aXQP`[a\S`VaQV[YWZaU`a[YW`Za\^]_SYX
6a=\[`NVIYVZa\W]YN[QPQ^Q[\^]Za%WZHW&<a)a'R*Ia\S`VaQXQR`^]ZaUQOY[R\KX`Za%WZHW&<a7/a'R*I
6a,\_XZaU`a]Y_]a\VVYXQZa\WaT\S_XXY^
6a,\TT`XZaU`aVX_P^Y]\^]Za<a89Ba_^]QP[QZa\WEa[Q][YS_Z`W[Za`E]Q[_`W[Z
ZZZZZZ%;NXHYJYWSTZTHBMX@X;NYTZ)ZMYVSRXWYTZKYVTXQWTZ
6a@\[[`\WEaU`aV\X\^U[`aVYWX`W[a^Y_[`aLZB[_S`72UFaEB[_S`?>Ua`]aZB[_S`?>_M
6a@\[[`\WEaU`aV\X\^U[`aVYWX`W[a]_]\^`aLEB[_S`?2_FaEB[_S`5/_FaEB[_S`5>Ua`]aEB[_S`5/UM
6aGY[]_`aU&QVI\TT`R`^]FaYS\X`FaZ_RTX`aLZB[_S`72UFaEB[_S`?>Ua`]aZB[_S`?>_M
6aGY[]_`aU&QVI\TT`R`^]Fa[Y^U`FaUYWKX`aLEB[_S`?2_FaEB[_S`5/_FaEB[_S`5>Ua`]aEB[_S`5/UM

6BMNVXSBZYSZI(WRJXTJY
6a;_[K\PZaU`a] ]`a\S\^]a`]a\[[_4[`a\S`VaSY_X`aU`aT[Y]`V]_Y^aVY^][`aX`ZaUQK[_ZaU`aS`[[`
6a;_[K\PZaO[Y^]\WEaVY^UWV]`W[a`]aT\ZZ\P`[a\S\^]aLUQVY^^`V]\KX`aV ]QaT\ZZ\P`[M
6a;_[K\PZaX\]Q[\WEa\S\^]
6a;^]_NUQR\[[\P`aQX`V][Y^_HW`
6a@WZ`ZaU`aX\S`NPX\V`a`]a[Q][YS_Z`W[Za`E]Q[_`W[ZaVI\WOO\^]Z
6aA\T]`W[aU&_RT\V]aUQVX`^VI\^]aX`aUQS`[[YW_XX\P`aU`ZaTY[]`ZFaX&\XXWR\P`aU`aX&QVX\_[\P`a_^]Q[_`W[a`]aX&\V]_S\]_Y^
U`ZaO`WEaU`aUQ][`ZZ`
6aA\[^`]aU&`^][`]_`^aQX`V][Y^_HW`a`RK\[HWQa @D1aG`[S_V`a _Z]Y[.
6aA`_^]W[`ZaU`aZQVW[_]Qa<a][Y_ZaTY_^]Za\S`VaT[Q]`^Z_Y^^`W[aT.[Y]`VI^_HW`a`]aX_R_]`W[aU`a]`^Z_Y^a<aX&\S\^]
6aAY^][ X`aB.^\R_HW`aU`aX\aG]\K_X_]QaBGA
6aAY^][ X`aB.^\R_HW`aU`aX\a0[\V]_Y^aB0A
6aBQ]`V]`W[aU`aTXW_`a`]a\XXWR\P`a\W]YR\]_HW`aU`ZaT[Y%`V]`W[Z
6a:`WEaU`aZ]YTaU.^\R_HW`Z
6a:_E\]_Y^a-G :- a\WEaTX\V`ZaX\]Q[\X`Za\[[_4[`
6a:[`_^aU`aT\['_^PaQX`V][YRQV\^_HW`a\S`VaOY^V]_Y^a ;W]YR\]_Va YXU
6a-^U_V\]`W[aU`aR\_^]`^\^V`aA@Ga]`^\^]aVYRT]`aU`ZaVY^U_]_Y^ZaU`aVY^UW_]`
6aD`ZW[`a_^U_S_UW`XX`aU`aT[`ZZ_Y^aU`ZaT^`WR\]_HW`Z
6a=[Y%`V]`W[Za\^]_K[YW_XX\[U
6a0[_\^PX`aU`aT[QZ_P^\X_Z\]_Y^a\S`Va'_]aU`aT[`R_`[ZaZ`VYW[Z
6a0[Y_Z_4R`aO`WaZ]YTa<a]`VI^YXYP_`a89B
6a:[`_^\P`a#
Na;_U`a\WaUQR\[[\P`a`^aV ]`FaT[QNVI\[P`aUWaV_[VW_]aU`aO[`_^\P`a\WaX`S`[aU`aT_`UFaZQVI\P`aU`ZaU_ZHW`ZaU`
O[`_^Za`]aVYRT`^Z\]_Y^aUWaO\U_^P
Na;ZZ_Z]\^V`a\WaO[`_^\P`aU&W[P`^V`aB@A
NaAY^][ X`aU`aO[`_^\P`a`^aVYW[K`aA@A
Na:[`_^Za<aU_ZHW`ZaS`^]_XQZa<aX&\S\^]a`]a<aX&\[[_4[`
NaG.Z]4R`a\^]_NKXYV\P`aU`Za[YW`Za;@G
6aAI ZZ_Za#
Na0[\_^a\[[_4[`aRWX]_K[\Z
Na0[\_^a\S\^]a<aUYWKX`a\[]_VWX\]_Y^
ZZZZZZ%;NXHYJYWSTZTHBMX@X;NYTZ)ZMYVSRXWYTZKYVTXQWTZ
6aAY^][ X`aU`aRY][_V_]Qa`^aU`ZV`^]`a BAaLRYU4X`ZaEB[_S`M
6a _]aRYK_X_]Qa`^aV\ZaU`aV[`S\_ZY^aLZB[_S`72UFaEB[_S`?>UFaZB[_S`?>_FaEB[_S`5>Ua`]aEB[_S`?2_M
6a=^`WR\]_HW`Za,GAaT`[R`]]\^]aX`a[YWX\P`a<aTX\]aLEB[_S`5/Ua`]aEB[_S`5/_M
6a0`VI^YXYP_`a)a[YW`ZaRY][_V`Za_^]`XX_P`^]`aEB[_S`aLRYU4X`ZaEB[_S`M

RR"

?RVX@TZYSZ@XWRWMYJYWST

/;NXHYJYWSTZQHSXQWWYOT

2QW@QVSZYSZ,QWMSXQWWROXSB
6a)aT[_Z`Za7?+aU\^ZaX`ZaVY^ZYX`ZaV`^][\X`Za\S\^]a`]a\[[_4[`FaU\^ZaX`aVYOO[`a`]aU\^ZaX&\VVYWUY_[aV`^][\Xa\S\^]
6a;VVYW[UY_[ZaV`^][\WEa\S\^]a`]a\[[_4[`
6a;^^`\WEaU&\[[_R\P`aU\^ZaX`aVYOO[`
6a;TTW_Za] ]`a\%WZ]\KX`Za\V]_OZa<aX&\S\^]Fa[QPX\KX`Za`^aI\W]`W[a`]a_^VX_^\KX`Z
6a;W]Y[\U_Ya@D1a=[YO`ZZ_Y^\XaABFa3aI\W]NT\[X`W[ZFaT[_Z`a;( N-$FaTY[]a\WU_Ya(G@a`]aZ][`\R_^Pa\WU_Ya
@XW`]YY]IaL\S`VaOY^V]_Y^a DWZ_VaG`\[VI M
6a@\^HW`]]`a\[[_4[`a5aTX\V`Za\S`VaUYZZ_`[Za[\K\]]\KX`ZFa`^a][Y_ZaT\[]_`ZaL)>*?>*)>M
6aA\VI`aK\P\P`a\RYS_KX`a<a`^[YWX`W[
6aAXQZa[\U_YVYRR\^UQ`Za<aRQRY[_Z\]_Y^a\W]YR\]_HW`aU`Za[QPX\P`Za =`[ZY^\Xa=[YO_X`
6aAX_R\]_Z\]_Y^a\W]YR\]_HW`a5a Y^`Za\S`VaO_X][`aR_V[YTY[`WEa`]aOY^V]_Y^aU`a[`V.VX\P`aU&\_[a\S`Va\Q[\]`W[Z
<aX&\[[_4[`
6aAYRK_^QaU&_^Z][WR`^]\]_Y^a\S`VaQV[\^aU&_^OY[R\]_Y^aVYWX`W[
6aAYRR\^U`aQX`V][_HW`aUWaI\.Y^aLI\W]`W[aU&YWS`[]W[`aT\[\RQ][\KX`M
6aBQR\[[\P`aZ\^ZaVXQaS_\aX`aKYW]Y^aU`aUQR\[[\P`aG]\[]*G]YTa\S`VaVY^]YW[aVI[YRQ
6aB`WEaTY[]`NKY_ZZY^ZaYVVWX]\KX`ZaU\^ZaX\aVY^ZYX`aV`^][\X`a\S\^]a`]aU`WEaU\^ZaX&\VVYWUY_[aV`^][\Xa\[[_4[`
6a9VX\_[\P`aU`aK_`^S`^W`a`]aU&\VVYRT\P^`R`^]a :YXXY!NR`NIYR`
6a9VX\_[\P`aTX\OY^^_`[aZYO]NY^*ZYO]NYOOa`]aQVX\_[\P`aUWaVYOO[`
6a9V[\^aU&_^OY[R\]_Y^aV`^][\XaVYWX`W[a\S`VaVYRR\^U`aT\[a AY^][YXX`[ a_B[_S`a`]a2a]YWVI`ZaU`a[\VVYW[V_Z
T[YP[\RR\KX`Z
6a-^]`[O\V`a@XW`]YY]IaTYW[a]QXQTIY^`aTY[]\KX`
6aD`ZW[`Za@D1a9OO_V_`^]B.^\R_VZaLSY_[aUQ]\_XZaT\P`a3M
6aD_[Y_[ZaU`aVYW[]Y_Z_`aQVX\_[QZa_^]QP[QZa\WEaT\[`NZYX`_X
6a$Y]_V`aU&W]_X_Z\]_Y^a_^]QP[Q`
6a [U_^\]`W[aU`aKY[Ua\S`VaAI`V'NAY^][YXa`]a_^U_V\]`W[aU`a]`RTQ[\]W[`a`E]Q[_`W[`
6a,\^P`R`^]ZaU\^ZaX`aVYOO[`a#aKY ]`aTX_\^]`a`^a]_ZZWFaPX_ZZ_4[`ZaU&\[[_R\P`a\S`Va)a\^^`\WEa[QPX\KX`ZFaO_X`]
U`a[\^P`R`^]a`]aO_X`]aRWX]_OY^V]_Y^^`XFaOYW[[`N]YW]FaZ\^PX`aU`aO_E\]_Y^
6a,\^P`R`^]ZaU\^ZaX&I\K_]\VX`a#aVYRT\[]_R`^]ZaU\^ZaX`ZaTY[]`Za\S\^]a`]a\[[_4[`a\S`VaTY[]`NKYW]`_XX`FaO_X`]Z
U`aK\ZaU&I\K_]\VX`aV ]QaT\ZZ\P`[a\S\^]a`]a\WaUYZaU`ZaZ_4P`Za\S\^]a`]aS_U`NTYVI`ZaU\^ZaX\aVY^ZYX`a
V`^][\X`a\S\^]
6a,QPWX\]`W[aU`aS_]`ZZ`a\S`VaR\_^]_`^aU`aX\aS_]`ZZ`a`^aU`ZV`^]`
6a,Q][YS_Z`W[Za`E]Q[_`W[Za<a[QPX\P`ZaQX`V][_HW`ZFaUQP_S[\^]ZFa\S`VaR_[Y_[a\ZTIQ[_HW`aV ]QaVY^UWV]`W[
6aGQX`V]`W[aU`aRYU`aU`aVY^UW_]`aNa5aRYU`Za#a 9A a=, F AYROY[] F GTY[]
6a0\T_ZaU`aZYXa`^aS`XYW[Z
6a+`[[YW_XX\P`aV`^][\X_ZQa\S`Va]QXQVYRR\^U`
6a+_][\P`a]`_^]QaTYW[a[QUW_[`aX&QVI\WOO`R`^]aU a<aX&`^ZYXX`_XX`R`^]
6a+_][`ZaQX`V][_HW`Za\S\^]a`]a\[[_4[`a\S`VaVYRR\^U`aT\[a_RTWXZ_Y^a`]aT[Y]`V]_Y^a\^]_NT_^V`R`^]
6a+YX\^]a5aK[\^VI`ZaP\_^QaVW_[Fa[QPX\KX`a`^aI\W]`W[a`]a`^aT[YOY^U`W[a\S`Va]YWVI`ZaRWX]_OY^V]_Y^Z
ZZZZZZ%;NXHYJYWSTZTHBMX@X;NYTZ)ZMYVSRXWYTZKYVTXQWTZ
6a@Y ]`aU`aS_]`ZZ`ZaR\^W`XX`a<a3a[\TTY[]ZaLZB[_S`72Ua`]aEB[_S`?>UM
6a@Y ]`aU`aS_]`ZZ`Za\W]YR\]_HW`a<a2a[\TTY[]ZaLEB[_S`5>UFaEB[_S`5/UFaZB[_S`?>_FaEB[_S`?2_a`]aEB[_S`5/_M
6a=[Y]`V]_Y^aVY^][`aX`Za`[[`W[ZaU`a[\S_]\_XX`R`^]aLRY]Y[_Z\]_Y^ZaB_`Z`XM

+

/;NXHYJYWSTZLYZTBVXY

#RJJY

,XWXSXQWT

8:5Z%@@XMXYWSI(WRJXMT3
:QXWTZL*BJXTTXQWT3Z4ONTZLYZHORXTXV3

WZYWTYJ1OYZLYZSYM0WQOQ=XYTZHQNVZVBLNXVYZORZMQWTQJJRSXQWZLYZMRV1NVRWSZYSZOYTZBJXTTXQWTZLYZ2 F3
6a2QWTSVNMSXQWZROOB=BYZXWSYOOX=YWSYZ8:5Z%@@XMXYWS.X=0S+YX=0SZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ
D_Z`a`^a WS[`aV_KXQ`aU`ZaR\]Q[_\WEa\XXQPQZaX`ZaTXWZa\S\^VQZa`]aU&\V_`[Za<aI\W]`a[QZ_Z]\^V`J
6a8:5Z?+XW4Q+YVZ?NV1Q ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ
8`ZaRY]`W[Za`ZZ`^V`a`]aB_`Z`Xa@D1a0!_^=Y!`[a0W[KYFaR\_^]`ZaOY_ZaT[_RQZFaVYRK_^`^]aX`ZaU`[^_4[`Za]`VI^YXYP_`Za
UC_^%`V]_Y^FaW^`aP`Z]_Y^a`^]_4[`R`^]aS\[_\KX`aU`aX\aVI\[P`aRY]`W[a`]aW^`a]`VI^YXYP_`aU`aZW[\X_R`^]\]_Y^a_^^YS\^]`J
6a YTHYMSZLYZORZWQVJYZRWSX&HQOONSXQWZ% <
8`ZaRY]`W[Za`ZZ`^V`a`]aB_`Z`Xa@D1a0!_^=Y!`[a0W[KYa[QTY^U`^]a]YWZa<aX\a^Y[R`a\^]_NTYXXW]_Y^a9(3aS_Z\^]a^Y]\RR`^]
<a[QUW_[`aZ_P^_O_V\]_S`R`^]aX`ZaQR_ZZ_Y^ZaU&YE.U`aU&\ Y]`aL$ EMJ
6a,XOSVYZ)ZHRVSXMNOYTZ JQSQVXTRSXQWTZIXYTYO ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ
,`]_`^]a`]aQX_R_^`aX`ZaT\[]_VWX`ZaO_^`ZaVY^]`^W`ZaU\^ZaX`ZaP\ aUCQVI\TT`R`^]J
6a6(TS"JYZLYZVBMNHBVRSXQWZLYZO
BWYV=XYZRNZ@VYXWR=Y ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ
(]_X_Z`aX&Q^`[P_`aV_^Q]_HW`aTYW[a[`VI\[P`[aX\aK\]]`[_`aU\^ZaX`ZaTI\Z`ZaU`aUQVQXQ[\]_Y^a`]aRY_^ZaZYXX_V_]`[aX`aRY]`W[J
6a,QWMSXQWZL
RVV SZYSZLYZVYLBJRVVR=YZRNSQJRSX;NYTZLNZJQSYNVZ7NSQZ6SRVS 6SQH ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ
AYWT`aX`aRY]`W[aXY[ZaU`Za\[[ ]ZFaT\[a`E`RTX`a<aW^aO`Wa[YWP`FaTYW[a[QUW_[`aX\aVY^ZYRR\]_Y^a`]aX`ZaQR_ZZ_Y^ZaTYXXW\^]`Z
XYV\X`ZJ
6aIXVYMSXQWZ)ZRTTXTSRWMYZBOYMSVX;NYZKRVXR1OYZYWZ@QWMSXQWZLYZORZKXSYTTY
$`aVY^ZYRR`aU`aX&Q^`[P_`aHW`aXY[ZHW`aX`aVY^UWV]`W[a]YW[^`aX`aSYX\^]J
6a$WLXMRSYNVZLYZM0RW=YJYWSZLYZVRHHQVSZTNVZ1Q SYZLYZKXSYTTYTZJRWNYOOY ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ
A\XVWX`aX`aRYR`^]a_UQ\XaTYW[aVI\^P`[aU`aS_]`ZZ`a`]a_^U_HW`aX`a[\TTY[]a[`VYRR\^UQJ
6a7@@XM0R=YZ8:5Z%@@XMXYWSI(WRJXMTZLRWTZOYZMQJ1XWBZL
XWTSVNJYWSRSXQW ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ
-^U_HW`aX`aOXWEaU&Q^`[P_`aVY^ZYRRQ`aYWa[QVWTQ[Q`a`^a]`RTZa[Q`XJ
6a:QLYZ%2 Z4 ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ
=`[R`]aW^`a[QUWV]_Y^aU`aVY^ZYRR\]_Y^aU`aV\[KW[\^]a`^a\P_ZZ\^]aZW[aX\aP`Z]_Y^aU`aX&\VVQXQ[\]`W[FaUWaRY]`W[FaU`aX\aKY ]`
U`aS_]`ZZ`Za\W]YR\]_HW`aLX`aV\ZaQVIQ\^]MFaUWaZ.Z]4R`aU`aVI\WOO\P`a`]aU`aVX_R\]_Z\]_Y^a\_^Z_aHW`aU`aV`XX`aU`aV`[]\_^Z
QHW_T`R`^]ZJ

4QNVZYWZTRKQXVZHONTZ Z+++31J+3@V Y@@XMXYWSL(WRJXMT

RR!

?RVX@TZYSZ@XWRWMYJYWST

/;NXHYJYWSTZQHSXQWWYOT

8:5Z$WLXKXLNRO

8:5Z2QWWYMSYLIVXKY3

:XYNEZMQWWYMSB3Z%WMQVYZHONTZOX1VY3

.YTZTYVKXMYTZMQWWYMSBTZYWZTBVXYZ)Z1QVLZLYZKQSVYZ8:53

6a7HHYOZL* V=YWMYZ$WSYOOX=YWSZ Z
=\[V`aHW`aVI\HW`aZ`VY^U`aT`W]aO\_[`aX\aU_OOQ[`^V`a`^aV\ZaU&\VV_U`^]FaOY^V]_Y^aUC\TT`Xa\W]YR\]_HW`aS`[ZaX`aV`^][`aUC\ZZ_Z]\^V`
@D1a`^aV\ZaUC\VV_U`^]JaAY^VYR_]\^]`Za<aXCQ]\KX_ZZ`R`^]aUCW^`aVYRRW^_V\]_Y^aSYV\X`FaX`ZaUY^^Q`Za_RTY[]\^]`ZaZY^]a\W]YN
R\]_HW`R`^]a][\^ZR_Z`Za#a_U`^]_O_V\]_Y^a`]aXYV\X_Z\]_Y^aU`aX\aSY_]W[`Fa^YRK[`aU`aT\ZZ\P`[Za<aKY[UFaZ]\]W]aU`Za\_[K\PZJa0YWVI`
G Ga\WaTX\OY^^_`[aTYW[a\TT`XaUCW[P`^V`aR\^W`XaZ_aSYWZa ]`Za]QRY_^aU&W^a\VV_U`^]aYWa`^aV\ZaU`aR\X\_Z`J
G`[S_V`a\V]_OaT`^U\^]a]YW]`aX\aUW[Q`aU`aS_`aU`aX\aSY_]W[`FaZ\^ZaZW[VY ]a<aXCWZ\P`JaA`aZ`[S_V`aOY^V]_Y^^`aT\[]YW]a`^a9W[YT`Ja$YZ
VI\[PQZaUC\ZZ_Z]\^V`aSYWZa[QTY^U[Y^]a`^aO[\^ \_ZaR R`aXY[ZHW`aSYWZaSYWZa][YWS` a<aXCQ][\^P`[J
8C;TT`XaUC([P`^V`a-^]`XX_P`^]aOY^V]_Y^^`aP[ V`a<aX\aV\[]`aG-Da`RK\[HWQ`aU\^ZaX\aSY_]W[`FaT[QN\V]_SQ`aUCWZ_^`Fa`]a^`a^QV`ZZ_]`
T\ZaU`aVY^^`V]`[aW^a]QXQTIY^`aRYK_X`J
6a6YVKXMYTZ7HV"T&!YWSYZMQWWYMSBTZ8:5Z?YOY6YVKXMYTZ
=YW[a[YWX`[aX&`ZT[_]a][\^HW_XX`FaT[_Z`aU`a[`^U` NSYWZaT[Y\V]_S`a\S`VaSY][`a,QT\[\]`W[a;P[Q`a`^aOY^V]_Y^aU`ZaQVIQ\^V`ZaU`
R\_^]`^\^V`JaAY^^`E_Y^a`^aX_P^`a\S`VaX`aG`[S_V`a@D1a;ZZ_Z]\^V`a`^aV\ZaU`aU.ZOY^V]_Y^^`R`^]J
G`[S_V`Za\V]_OZaT`^U\^]a]YW]`aX\aUW[Q`aU`aS_`aU`aX\aSY_]W[`FaZ\^ZaZW[VY ]a<aXCWZ\P`J
8`Za@D1a0`X`G`[S_V`ZaOY^V]_Y^^`^]aP[ V`a<aX\aV\[]`aG-Da`RK\[HWQ`aU\^ZaX\aSY_]W[`FaT[QN\V]_SQ`aUCWZ_^`Fa`]a^`a^QV`ZZ_]`^]
T\ZaU`aVY^^`V]`[aW^aa]QXQTIY^`aRYK_X`J
Na;TT`Xa\W]YR\]_HW`a@D1a0`X`G`[S_V`a`]a][\^ZR_ZZ_Y^aU`ZaUY^^Q`ZaS`[ZaSY][`a,QT\[\]`W[a;P[QQa@D1aXY[ZHW&W^`
QVIQ\^V`aU`aR\_^]`^\^V`a`Z]aUQ]`V]Q`F
Na;TT`XaR\^W`Xa@D1a0`X`G`[S_V`aTYW[aYK]`^_[aW^a[`^U` NSYWZa\WT[4ZaU`aSY][`a,QT\[\]`W[a;P[QQa@D1F
Na;TT`Xa @D1a;ZZ_Z]\^V` aTYW[aVY^]\V]`[aX`aZ`[S_V`aU&\ZZ_Z]\^V`Ja0QXQU_\P^YZ]_Va`]aXYV\X_Z\]_Y^aU`aX\aSY_]W[`aTYW[aX`a
UQT\^^\P`aX`aV\ZaQVIQ\^]F
Na;TT`Xa Y]X_^` aTYW[a]YW]`aHW`Z]_Y^aVY^V`[^\^]aX`aOY^V]_Y^^`R`^]aU`ZaZ`[S_V`Za@D1aAY^^`V]`UB[_S`F
NaAY^][ X`aU`aX\aK\]]`[_`a@D1a0`X`G`[S_V`Za\S`Va\X`[]`aT\[aGDGaYWa`R\_Xa`^aV\ZaU`aUQVI\[P`aU`aX\aK\]]`[_`J

,`][YWS` aX`Za\W][`ZaG`[S_V`Za@D1aAY^^`V]`UB[_S`aU_ZTY^_KX`Za\WEaT\P`Za5?a<a5/aU`aV`]]`aK[YVIW[`J
8C\VI\]a`]aX`a[`^YWS`XX`R`^]aU`ZaG`[S_V`ZaT`WS`^]aQP\X`R`^]aZC`OO`V]W`[aS_\a^Y][`aKYW]_HW`a`^aX_P^`a@D1aAY^^`V]`UB[_S`aG]Y[`Fa\VV`ZZ_KX`aU`TW_ZaX`
TY[]\_XaVX_`^]a-^]`[^`]aD.a@D1aAY^^`V]`UB[_S`aL!!!JKR!NVY^^`V]`UU[_S`JO[MaYWaU_[`V]`R`^]aU`TW_ZaSY][`aSY_]W[`J
=YW[a[Q\X_Z`[aU`Za\VI\]ZaZW[aX`a@D1aAY^^`V]`UB[_S`aG]Y[`FaW^a`^[`P_Z][`R`^]aT[Q\X\KX`aZW[aX`aTY[]\_Xa`Z]a^QV`ZZ\_[`J

8`ZaAY^U_]_Y^ZaPQ^Q[\X`ZaU`ZaZ`[S_V`ZaZY^]aVY^ZWX]\KX`ZaZW[aX`aZ_]`a_^]`[^`]a!!!JKR!JO[*VY^^`V]`UU[_S`J
=YW[a]YW]a[`^Z`_P^`R`^]aZW[aX`ZaZ`[S_V`Za@D1aAY^^`V]`UB[_S`aSYWZaTYWS` aVY^]\V]`[aSY][`aAY^V`ZZ_Y^^\_[`a@D1FaSYWZaVY^^`V]`[aZW[
!!!JKR!JO[*VY^^`V]`UU[_S`aYWa%Y_^U[`aX`aA`^][`aU&-^]`[\V]_Y^ZaAX_`^]ZaU`a@D1a:[\^V`a\Wa>27>a?""a)"2aLUWaXW^U_a\WaS`^U[`U_FaU`a2I5>a<a7 I>>FaT[_E
U&W^a\TT`XaXYV\XaU`TW_ZaW^aTYZ]`aO_E`MJ



Équipements de série

Gamme

BMW X3 xLine dans la teinte de carrosserie métallisée “Mineralweiss”.

8

Finitions

?RVX@TZYSZ@XWRWMYJYWST

/;NXHYJYWSTZQHSXQWWYOT

,$ $?$ 63

FINITIONS AVEC LIGNES PERSONNALISÉES.

.RZ8:5ZGPZYTSZHVQHQTBYZLRWTZ9Z,XWXSXQWT3
AIY_Z_ZZ` aV`XX`aHW_aSYWZa[`ZZ`RKX`a`]aT`[ZY^^\X_Z` NX\aTYW[aVY^O`V]_Y^^`[a+ 0,9a@D1a 5J

M SPORT.
Mythique & Athlétique.

xLINE.
Cross-Culture.

LOUNGE PLUS.
Cachet & Fonctionnalité.

LOUNGE.

Confort & Sérénité.

472 6ZI*/ $4%:% ?63
PACK INNOVATION.

PACK ADVANCED FULL LED.

PACK ADVANCED XENON.

PACK BMW CONNECTED
DRIVE.

Les technologies d’avant-garde. Pour décupler vos facultés.

Voir et être reconnu. De nuit comme de jour.

Concentré de technologie. Visible au premier regard.

Mieux connecté. Encore plus libre.

,

/;NXHYJYWSTZLYZTBVXY

#RJJY

,XWXSXQWT

S
:Z
6H
QV

aa-^Z`[]ZaUQVY[\]_OZa;[P`^]aZ\]_^QaR\]aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa■

aaaaaaaaaaaaaaaaaaaa

aaG`XX`[_`a]_ZZWa,_KKY^ aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa■

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

aa+YX\^]aP\_^QaVW_[a\S`Va]YWVI`ZaRWX]_OY^V]_Y^Z aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa■aaaaaaaaaaaaaaaaaaa
7

aa \^]`Za`^a\XX_\P`aXQP`[a7"CCaL)5aVRMaZ].X`a5>3 aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa■
aa,\_XZaU`a]Y_]a;XWR_^_WRa8_^`aZ\]_^Q aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa■

■aaaaaaaaaaaaaaaaaaa


aaaaaaaaaaaaaaaaaaaa
aa



aa9V[\^aUC_^OY[R\]_Y^aV`^][\XaVYWX`W[a3F/CCaL73F/aVRMa\S`Va AY^][YXX`[ a_B[_S`aaaaaaaaaaa■

■ aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa■

aa$\S_P\]_Y^aRWX]_RQU_\a@WZ_^`ZZa\S`VaQV[\^aVYWX`W[a3F/CCaL73F/aVRM
aaLSY_[aUQ]\_XZaTJa? M aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa



aaG`XX`[_`aVW_[a$`S\U\a\S`VaVYW]W[`ZaVY^][\Z]\^]`Zaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa■
aa+YX\^]aGTY[]aP\_^QaVW_[a\S`Va]YWVI`ZaRWX]_OY^V]_Y^Zaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa■
aa,\U\[ZaU`aZ]\]_Y^^`R`^]a\S\^]a`]a\[[_4[`a=BAaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aa,Q][YS_Z`W[Za`E]Q[_`W[ZaQX`V][YVI[YR`Za`]a[\K\]]\KX`ZaQX`V][_HW`R`^] aaaaaaaaaaaaaaaaaaaa
aa,Q][YS_Z`W[a_^]Q[_`W[aQX`V][YVI[YR`aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa aaaaaaaaaaaaaaaaaaaa







■aaaaaaaaaaaaaaaaaaa
■aaaaaaaaaaaaaaaaaaa










aa:_X`]aU`aZQT\[\]_Y^aUWaVYOO[`aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa■ aaaaaaaaaaaaaaaaa■

aa-^Z`[]ZaUQVY[\]_OZa`^a\XWR_^_WRaK[YZZQ aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa■ aaaaaaaaaaaaaaaaa■

aa _]aQVX\_[\P`aLSY_[aUQ]\_XZaTJa?3M aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aa8\S`NT[Y%`V]`W[Zaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
E.XWY

E.
XWY

NW
=Y
Z4O
NT
Z.Q

.Q

NW
=Y

,XWXSXQWTZ8:5ZGP3

■ aaaaaaaaaaaaaaaaa■
■ aaaaaaaaaaaaaaaaa■

aa=^`WR\]_HW`Za,GAaT`[R`]]\^]aX`a[YWX\P`a<aTX\] aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

aaaaaaaaaaaaaaaaaaa■ aaaaaaaaaaaaaaaaa■

aa9XQR`^]ZaZTQV_O_HW`a<aX\a:_^_]_Y^aE8_^`aLSY_[aUQ]\_XZaTJ7?M aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

aaaaaaaaaaaaaaaaaaa■aaaaaaaaaaaaaaaaaaa

;XWR_^_WRa8_^`aZ\]_^QaLSY_[aUQ]\_XZaTJ72M aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aa \^]`Za`^a\XX_\P`aXQP`[a72CCaL)3aVRMaZ].X`a3>"a<a[\.Y^Za`^a aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

aa aaaaaaaaaaaaaaaaaaaaaaaaaaaa■aaaaaaaaaaaaaaaaaaa
aa aaaaaaaaaaaaaaaaaaaaaaaaaaaa■aaaaaaaaaaaaaaaaaaa

aa$\S_P\]_Y^aRWX]_RQU_\a=[YO`ZZ_Y^\Xa\S`Va AY^][YXX`[ a_B[_S`a0YWVIa aaaaaaaaaaaaaaaaaaaaaaaaaa
aa aaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

aaa
LSY_[aUQ]\_XZaTJa5>M aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aa=[Y%`V]`W[ZaK_N Q^Y^ aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

aaaaaaaaaaaaaaaaaaa■aaaaaaaaaaaaaaaaaaa

aaG`[S_V`Za@D1aAY^^`V]`UB[_S`aLSY_[aUQ]\_XZaTJa5?M aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

aaaaaaaaaaaaaaaaaaa■

aaG_4P`Za\S\^]aQX`V][_HW`Za<a?aRQRY_[`ZaVY^UWV]`W[ aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa



■ ?HOFQDQNMREQRPCLOQ@
6

RR61

JNRC?HOFCQPREQPRFNQHDKMO?HQPR $0RFQLDQMMKNMRIQRLJHIK=QR.RFIKMR&JFMOJNR7+('3RIQPR KNMQPRPM2IQR;1!RFQLDQMMQNMRE9K>KOPPQLRIQPRCDOPPOJNPREQR0 7 EQR R= D@
NEOPFJNO>IQPRPHLRIQPR8:5R#;R<-LOBQ;+ORQMR<-LOBQ;+ER& KNMQPRQNRKIIOK=QRIC=QLR6(99R&"!RGD'RPM2IQR;1 R.RLK2JNPRQNR REQRPCLOQ'@

7

NO?HQDQNMREOPFJNO>IQRPHLRIQPRDJE IQPR<-LOBQ@

;

NO?HQDQNMRPHLRIQPR8:5R#;RP-LOBQ6(ERQMR<-LOBQ71E@

"

NO?HQDQNMRPHLRIQPR8:5R#;R<-LOBQ7(O3R<-LOBQ;+O3R<-LOBQ;1ERQMR<-LOBQ;+E@R

+

NO?HQDQNMRPHLRIKR8:5R#;RP-LOBQ71O@

S
:Z
6H
QV

E.
XWY

Z.Q

.Q

NW
=Y
Z4O
NT

/;NXHYJYWSTZQHSXQWWYOT

NW
=Y

?RVX@TZYSZ@XWRWMYJYWST

aa9XQR`^]ZaZTQV_O_HW`a<aX\a:_^_]_Y^aDaGTY[]aLSY_[aUQ]\_XZaTJa75M aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa■

aa@Y ]`aU`aS_]`ZZ`ZaR\^W`XX`a<a3a[\TTY[]Za\S`VaXYPYaDaZW[aX`aX`S_`[5 aaaaaaaaaaaaaaaaaaaaaaaaaaaaa

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa■

:Z6HQVS

)

aa@Y ]`aU`aS_]`ZZ`Za\W]YR\]_HW`aGTY[]a\S`VaT\X`]]`Za\WaSYX\^] aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa■

/

aa@Y ]`aU`aS_]`ZZ`Za\W]YR\]_HW`a\S`VaT\X`]]`Za\WaSYX\^] aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aaA_`XaU`aT\S_XXY^a\^]I[\V_]` aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aaAY^][ X`aU`aX\a0[\^ZR_ZZ_Y^? LSY_[aUQ]\_XZaTJa??M aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aaB_[`V]_Y^aB_[`V]B[_S`a<aUQRWX]_TX_V\]_Y^aS\[_\KX`aLSY_[aUQ]\_XZaTJa??M aaaaaaaaaaaaaaaaaaaaaaaaaaaa
aa \^]`Za`^a\XX_\P`aXQP`[a72CCaL)3aVRMaZ].X`a532aDa<a[\.Y^Za`^aQ]Y_X` aaaaaaaaaaaaaaaaaaaaaaaaaaaaa










aa _]a\Q[YU.^\R_HW`aDa\S`VaT\[`NVIYVZaZTQV_O_HW`ZFa%WT`ZaX\]Q[\X`Za`]a aaaaaaaaaaaaaaaaaaaaa

T\ZZ\P`ZaU`a[YW`ZaVYWX`W[aV\[[YZZ`[_`aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aa=\V'a;US\^V`Ua:WXXa89BaLSY_[aUQ]\_XZaTJa7"Maaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aa=[Y%`V]`W[Za\^]_K[YW_XX\[Ua<a89Baaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aa,\_XZaU`a]Y_]aGI\UY!a8_^`aK[_XX\^] aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aaG`XX`[_`a]_ZZW*VW_[a=`\[XTY_^] aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aaG`W_XZaU`aTY[]`aVI[YRQZaDa`]a[`TYZ`NT_`UaVY^UWV]`W[aD aaaaaaaaaaaaaaaaaaaaaaaa aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aaGI\UY!a8_^`aK[_XX\^]aLSY_[aUQ]\_XZaTJa7 Maaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aaG_4P`Za;US\^V`UaTYW[aVY^UWV]`W[a`]aT\ZZ\P`[a\S\^]aLSY_[aUQ]\_XZaTJa?3Maaaaaaaaaaaaaaaaaa aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aaGWZT`^Z_Y^aB_[`V]B[_S`aLSY_[aUQ]\_XZaTJa??M aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aa+YX\^]aDaP\_^QaVW_[a\S`Va]YWVI`ZaRWX]_OY^V]_Y^Z aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa


















66

/;NXHYJYWSTZLYZTBVXY

#RJJY

,XWXSXQWT

,XWXSXQWTZ8:5ZGP3
4VXWMXHRNEZB;NXHYJYWSTZLYZORZ,XWXSXQWZE.XWYZ`^aTXWZaU`aX\a:_^_]_Y^a8YW^P`a=XWZJ
6a9XQR`^]ZaU`aU`Z_P^a`EVXWZ_OZa E8_^` a#
Na-^Z`[]ZaUQVY[\]_OZa`^aVI[YR`aR\]a\Wa^_S`\WaU`Za`^][Q`ZaUC\_[aX\]Q[\X`ZaUWa
KYWVX_`[a\S\^]
Na [_XX`ZaU`aV\X\^U[`a\S`VaK\[[`ZaS`[]_V\X`Za`^aVI[YR`aR\]
Na \K_XX\P`aU`ZaK\ZaU`aT\[`NVIYVZa\S\^]Fa\[[_4[`a`]aX\]Q[\WEa\S`Va_^Z`[]ZaVYWX`W[a
]_]\^`
Na \^]`Za`^a\XX_\P`aXQP`[a72 aL)3aVRMaZ].X`a3>"a<a[\.Y^Za`^a
NaGY[]_`ZaUCQVI\TT`R`^]a`^aVI[YR`aR\]
Na;XWR_^_WRa8_^`aZ\]_^QaLSY_[aUQ]\_XZaTJa72M
NaG`W_XZaU`aTY[]`Za\S\^]a\S`Va_^ZV[_T]_Y^a @D1aE8_^`
NaG`W_XaU`aVI\[P`R`^]aUWaVYOO[`a\S`Va_^Z`[]a`^a\V_`[a_^YE.U\KX`
NaAXQa[\U_YVYRR\^UQ`a\S`Va\TTX_V\]_Y^aVI[YRQ`
NaG`XX`[_`aVW_[a$`S\U\a\S`Va`RT_4V`R`^]aU\^ZaX`aUYZZ_`[a`]a`RKYZZ\P`a a
ZW[aX`Za\TTW_ZN] ]`
6a:_X`]aU`aZQT\[\]_Y^aUWaVYOO[`
6a-^Z`[]ZaUQVY[\]_OZa`^a\XWR_^_WRaK[YZZQ
6a _]aQVX\_[\P`aLSY_[aUQ]\_XZaTJa?3M
6a$\S_P\]_Y^aRWX]_RQU_\a=[YO`ZZ_Y^\Xa\S`Va AY^][YXX`[ a_B[_S`a0YWVIaLSY_[aUQ]\_XZaTJa5>M
6a=^`WR\]_HW`Za,GAaT`[R`]]\^]aX`a[YWX\P`a<aTX\]
6a=[Y%`V]`W[ZaK_N Q^Y^a\S`VaX\S`NT[Y%`V]`W[Z
6a@YWHW`]aG`[S_V`Za@D1aAY^^`V]`UB[_S`aLSY_[aUQ]\_XZaTJa5)M
6aG_4P`Za\S\^]aQX`V][_HW`Za<a?aRQRY_[`ZaVY^UWV]`W[

RR67

8:5R#;R<%ONQRKBQGR KNMQPRQNRKIIOK=QRIC=QLR6,99RPM2IQR!1(R.RLK2JNPRQNR 3R*KG R EBKNGQER$KAQM23RMJOMRJHBLKNMRFKNJLKDO?HQRQNRBQLLQRQM
MQONMQREQRGKLLJPPQLOQR :ONQLKI QOPP RJFMOJNNQIPR@R

?RVX@TZYSZ@XWRWMYJYWST

/;NXHYJYWSTZQHSXQWWYOT

8:5Z$WLXKXLNRO

,XWXSXQWTZ8:5ZGP3
4VXWMXHRNEZB;NXHYJYWSTZLYZORZ,XWXSXQWZ:Z6HQVS `^aTXWZaU`aX\a:_^_]_Y^a8YW^P`a=XWZJ
6a9XQR`^]ZaU`aU`Z_P^a`EVXWZ_OZa DaGTY[] a#
Na _]a\Q[YU.^\R_HW`aDa\S`VaT\[`NVIYVZaZTQV_O_HW`ZFa%WT`ZaX\]Q[\X`Za`]a
T\ZZ\P`ZaU`a[YW`ZaVYWX`W[aV\[[YZZ`[_`
Na@\UP`aDaZW[aX`Za\_X`Za\S\^]
Na \^]`Za`^a\XX_\P`aXQP`[a72CCaL)3aVRMaZ].X`a532aDa<a[\.Y^Za`^aQ]Y_X`
Na,\_XZaU`a]Y_]aGI\UY!a8_^`aK[_XX\^]
NaG`W_XZaU`aTY[]`aVI[YRQZaDa`]a[`TYZ`NT_`UaVY^UWV]`W[aD
NaAXQa[\U_YVYRR\^UQ`a\S`Va_^Z`[]aKX`WaZTQV_O_HW`
6a@Y ]`aU`aS_]`ZZ`ZaR\^W`XX`a<a3a[\TTY[]Za\S`VaXYPYaDaZW[aX`aX`S_`[a
L@D1a 5aZB[_S`72Ua`]aEB[_S`?>UM
6a@Y ]`aU`aS_]`ZZ`Za\W]YR\]_HW`a\S`VaT\X`]]`Za\WaSYX\^]aL@D1a 5aZB[_S`?>_M
6a@Y ]`aU`aS_]`ZZ`Za\W]YR\]_HW`aGTY[]a\S`VaT\X`]]`Za\WaSYX\^]aL@D1a 5aEB[_S`?2_F
EB[_S`5/_FaEB[_S`5>Ua`]aEB[_S`5/UM
6aA_`XaU`aT\S_XXY^a\^]I[\V_]`
6aAY^][ X`aU`aX\a0[\^ZR_ZZ_Y^aLRYU4X`ZaEB[_S`aW^_HW`R`^]FaSY_[aUQ]\_XZaTJa??M
6aB_[`V]_Y^aB_[`V]B[_S`a<aUQRWX]_TX_V\]_Y^aS\[_\KX`aLSY_[aUQ]\_XZaTJa??M
6a:_X`]aU`aZQT\[\]_Y^aUWaVYOO[`
6a-^Z`[]ZaUQVY[\]_OZa`^a\XWR_^_WRaK[YZZQ
6a _]aQVX\_[\P`aLSY_[aUQ]\_XZaTJa?3M
6a=\V'a;US\^V`Ua:WXXa89Ba\S`VaX\S`NT[Y%`V]`W[ZaLSY_[aUQ]\_XZaTJa7"M
6a=^`WR\]_HW`Za,GAaT`[R`]]\^]aX`a[YWX\P`a<aTX\]
6a=[Y%`V]`W[Za\^]_K[YW_XX\[Ua<a89B
6aG`XX`[_`a]_ZZW*VW_[a=`\[XTY_^]
6aGI\UY!a8_^`aK[_XX\^]aLSY_[aUQ]\_XZaTJa7 M
6aG_4P`Za;US\^V`UaTYW[aVY^UWV]`W[a`]aT\ZZ\P`[a\S\^]aLSY_[aUQ]\_XZaTJa?3M
6aGWZT`^Z_Y^aB_[`V]B[_S`aLSY_[aUQ]\_XZaTJa??M
6a+YX\^]aDaP\_^QaVW_[a\S`Va]YWVI`ZaRWX]_OY^V]_Y^Z

8:5R#;R:R$FJLMRKBQGR KNMQPRQNRKIIOK=QRIC=QLR6,99RPM2IQR!77:R.RLK2JNPREJH>IQPRKBQGRFNQHDKMO?HQPRDO<MQP3RPQIIQLOQRQNRGHOLR QBKEKR IAQN>QN QOPP RQMRMQONMQ
EQRGKLLJPPQLOQR $FKGQ=LKH RJFMOJNNQIIQP@R

6;

#RJJY

,XWXSXQWT

?RVX@TZ8:5ZGP3

NT

6H
Q
:Z

E.

XW Y

VS

Z4O
NW
=Y
.Q

NW
=Y


R
@+ _ZZ_Y^
Da ZaU
*a@ `a
+; A
aLP ?
*'R
M

@D
0! 1
_^=
Y!
`[a0
W[K
Y
=W
_ZZ
@+ \^V
Da `aO
*a@ _ZV
+; \X`
aLA
+M

Z:QL"OYT

=[_EaR\E_RWRaVY^Z`_XXQa`^a`W[YZa00AaL0+;a<a?> M

.Q

/;NXHYJYWSTZLYZTBVXY

ZIXYTYO
ZGPZTIVXKYC>LZZZZCDUZM0ZZZZ@+D3 ZZZ)aV.XJaZZZ?F>aXa ZZZZZZZ■ ZZZZZZZZZZZ2a*a2aaaaaaaaaaaa7?5N755a*a7?/N75/ZZZZZZZZP>Z-UUZ€ ZZZZZZ9FZDUUZ€ ZZZZZZ9-Z<UUZ€ZZZZZZZZZ9>ZUDUZ€
ZGPZEIVXKYFULZZZZC'UZM0ZZZZ@+D3 ZZZ)aV.XJaZZZ?F>aXa ZZZZZZZ■ ZZZZZZ7>N77a*a7>a aaaaa75/N7)/a*a7? N75 ZZZZZZZZ9PZ-DUZ€ ZZZZZZ9-ZDDUZ€ ZZZZZZDFZ<DUZ€ZZZZZZZZZDPZCUUZ€
aGPZEIVXKYPULZZZZFD>ZM0ZZZZ@+;2 ZZZZ3aV.XJaZZZ5F>aX ZZZZZZZZ■ ZZZZ

Na*a7/N73 aaa

Na*a7) N7/ ZZZZZZZZDFZCUUZ€ ZZZZZZDDZ'UUZ€ ZZZZZZ<CZUUUZ€ZZZZZZZZZ<CZCUUZ€

ZGPZEIVXKYPDLZZZZPCPZM0ZZZZ@+;2 ZZZZ3aV.XJaZZZ5F>aX ZZZZZZZZ■ ZZZZZZZZZ Naaa*a?> aaaaaaaaaaaaaaaaaa Naaa*a7/" ZZZZZZZZZZZZZZZZZZZZZZZZ& ZZZZZZZZZZZZZZ<UZ<UUZ€ ZZZZZZ<DZDUUZ€ZZZZZZZZZ<<ZPUUZ€

Z%TTYWMY
aGPZTIVXKYFUX ZZZZZC>9ZM0ZZZZ@+;2 ZZZZ)aV.XJaZZZ?F>aX ZZZZZZZZ■ ZZZZZZZZZ Naaa*a77aaaaaaaaa

Na*a7/3N733ZZZZZZZZ9CZFUUZ€ ZZZZZZ9DZUUUZ€ ZZZZZZDUZCUUZ€ZZZZZZZZZDUZDDUZ€

ZGPZEIVXKYF>X ZZZZZF9DZM0ZZZZ@+;2 ZZZZ)aV.XJaZZZ?F>aXa ZZZZZZZ■ ZZZZZZZZ Naaa*a7/aaaaaaaaa

Na*a73?N7"?ZZZZZZZZ9'ZUUUZ€ ZZZZZZDFZ>UUZ€ ZZZZZZD-Z'UUZ€ZZZZZZZZZD>ZUUUZ€

aGPZEIVXKYPDX ZZZZZPU<ZM0ZZZZ@+;2 ZZZZ3aV.XJaZZZ5F>aX ZZZZZZZZ■ ZZZZZZZZZ Naaa*a?> aaaaaaaaaaaaaaaaaa Naaa*a7 5 ZZZZZZZZZZZZZZZZZZZZZZZZ& ZZZZZZZZZZZZZZD-ZFUUZ€ ZZZZZZ<FZCUUZ€ZZZZZZZZZ<FZ'UUZ€

/R$QIJNRIKREOLQGMOBQRN 6,,, 611 0 @
8`ZaT[_EaVY^Z`_XXQZaVYRT[`^^`^]aX`aT[_Ea00AaUWaSQI_VWX`a\WEaZTQV_O_V\]_Y^ZaZ]\^U\[Ua`]aX`ZaO[\_ZaU`aT[QT\[\]_Y^a<aX\a[YW]`aUWaSQI_VWX`a.aVYRT[_ZaX`ZaO[\_ZaU`a][\^ZTY[]a`]aX\
OYW[^_]W[`aU`ZaTX\HW`ZaUC_RR\][_VWX\]_Y^aUQO_^_]_S`ZJ
8`ZaT[_EaR`^]_Y^^QZaU\^ZaX`aT[QZ`^]a]\[_Oa^`aVY^V`[^`^]aHW`aX`ZaSQI_VWX`ZaT[YTYZQZa<aX\aS`^]`aT\[aX`ZaAY^V`ZZ_Y^^\_[`ZaR`RK[`ZaUWa[QZ`\Wa@D1a [YWTa:[\^V`aZ`XY^aX`Z
ZTQV_O_V\]_Y^ZaT[YT[`Za\Wa]`[[_]Y_[`aO[\^ \_ZJ

RR6"

/;NXHYJYWSTZQHSXQWWYOT

@@VYTZLYZ@XWRWMYJYWSZ8:5ZGP3

NT

6H
Q
:Z

E.

XW Y

VS

Z4O
NW
=Y
.Q

NW
=Y


R
@+ _ZZ_Y^
Da ZaU
*a@ `a
+; A
aLP ?
*'R
M

@D
0! 1
_^=
Y!
`[a0
W[K
Y
=W
_ZZ
@+ \^V
Da `aO
*a@ _ZV
+; \X`
aLA
+M

Z:QL"OYT

9E`RTX`aU`aXY.`[ZaTYW[aW^`a88BaZW[a53aRY_ZaZ\^Za\TTY[]

.Q

?RVX@TZYSZ@XWRWMYJYWST

ZIXYTYO
ZGPZTIVXKYC>LZZZZCDUZM0ZZZZ@+D3 ZZZ)aV.XJaZZZ?F>aXa ZZZZZZZ■ ZZZZZZZZZZZ2a*a2aaaaaaaaaaaa7?5N755a*a7?/N75/ZZZZZZZZZZZ<<>Z€ZZZZZZZZZZZZZ-F9Z€ZZZZZZZZZZZZZ>U9Z€ZZZZZZZZZZZZZZZ>U<Z€
ZGPZEIVXKYFULZZZZC'UZM0ZZZZ@+D3 ZZZ)aV.XJaZZZ?F>aXa ZZZZZZZ■ ZZZZZZ7>N77a*a7>a aaaaa75/N7)/a*a7? N75 ZZZZZZZZZZZ-D<Z€ZZZZZZZZZZZZZ>U'Z€ZZZZZZZZZZZZZ>'UZ€ZZZZZZZZZZZZZZZ>'CZ€
aGPZEIVXKYPULZZZZFD>ZM0ZZZZ@+;2 ZZZZ3aV.XJaZZZ5F>aX ZZZZZZZZ■ ZZZZ

Na*a7/N73 aaa

Na*a7) N7/ ZZZZZZZZZZZ'PFZ€ZZZZZZZZZZZZZ'DFZ€ZZZZZZZZZZZCZUPCZ€ ZZZZZZZZZZZCZUFDZ€

ZGPZEIVXKYPDLZZZZPCPZM0ZZZZ@+;2 ZZZZ3aV.XJaZZZ5F>aX ZZZZZZZZ■ ZZZZZZZZZ Naaa*a?> aaaaaaaaaaaaaaaaaa Naaa*a7/" ZZZZZZZZZZZZZZZZZZZZZZZZ&ZZZZZZZZZZZZZZZZCZU<'Z€ ZZZZZZZZZCZC9-Z€ ZZZZZZZZZZZCZCDPZ€

Z%TTYWMY
aGPZTIVXKYFUX ZZZZZC>9ZM0ZZZZ@+;2 ZZZZ)aV.XJaZZZ?F>aX ZZZZZZZZ■ ZZZZZZZZZ Naaa*a77aaaaaaaaa

Na*a7/3N733ZZZZZZZZZZZ>F'Z€ZZZZZZZZZZZZZ'99Z€ZZZZZZZZZZZCZUC9Z€ ZZZZZZZZZZZCZUFPZ€

ZGPZEIVXKYF>X ZZZZZF9DZM0ZZZZ@+;2 ZZZZ)aV.XJaZZZ?F>aXa ZZZZZZZ■ ZZZZZZZZ Naaa*a7/aaaaaaaaa

Na*a73?N7"?ZZZZZZZZZCZUCUZ€ ZZZZZZZZZCZU-DZ€ ZZZZZZZZZCZC-FZ€ ZZZZZZZZZZZCZC<-Z€

aGPZEIVXKYPDX ZZZZZPU<ZM0ZZZZ@+;2 ZZZZ3aV.XJaZZZ5F>aX ZZZZZZZZ■ ZZZZZZZZZ Naaa*a?> aaaaaaaaaaaaaaaaaa Naaa*a7 5 ZZZZZZZZZZZZZZZZZZZZZZZZ&ZZZZZZZZZZZZZZZZCZC'PZ€ ZZZZZZZZZCZF>-Z€ ZZZZZZZZZZZCZF'<Z€

!QSVYZ8:5ZGPZTIVXKYC>LZ.QNW=YZHQNVZ<<>Z JQXT TRWTZRHHQVS
%EYJHOYZLYZOQ(YVZHQNVZNWYZ8:5ZGPZTIVXKYC>LZ.QNW=YZYWZ.QMRSXQWZ.QW=NYZINVBYZTNVZP<ZJQXTZYSZHQNVZ9DZUUUZ J3ZP<ZOQ(YVTZOXWBRXVYTZLYZ<<-ADUZ JQXTZ0QVT
RTTNVRWMYTZ@RMNOSRSXKYT3 OO[`a[QZ`[SQ`a\WEaT\[]_VWX_`[ZaKROR1OYZHQNVZSQNSYZMQJJRWLYZL*NWYZ8:5ZGPZTIVXKYC>LZ.QNW=YZRKRWSZOYZPC CU CD U\^ZaX`ZaVY^V`ZZ_Y^Za@D1
T\[]_V_T\^]`ZJaGYWZa[QZ`[S`aUC\VV`T]\]_Y^aT\[a@D1a:_^\^V`JaG$Aa\WaV\T_]\XaU`a2"a>>>a>>>a Ja,AGa+`[Z\_XX`Za@a5)5a3>3a))2Ja0+;a:,a3/a5)5a3>3a))2Ja9]\KX_ZZ`R`^]aU`
A[QU_]aGTQV_\X_ZQa\P[QQaT\[aXC;W]Y[_]QaU`aAY^][ X`a=[WU`^]_`Xa`]aU`a,QZYXW]_Y^aZYWZaX`a^ 7)3">JaAYW[]_`[a`^a;ZZW[\^V`Za_RR\][_VWXQa<aXC ,-;GaZYWZaX`a^ >"a>>2a225Ja+Q[_O_\KX`
ZW[a+++3QVXRT3@VJaAY^ZYRR\]_Y^a`^aV.VX`aR_E]`a#a9A-ZO CUUZ JJaA ? #aCFPZ= JJa

6+

/;NXHYJYWSTZLYZTBVXY

#RJJY

,XWXSXQWT

Z

■ U`aZQ[_`
g

`^aYT]_Y^

N ^Y^aU_ZTY^_KX`

GP
Z
GP TIVX
KY
Z
GP EIVX C>L
ZTI KYF
VXK UL
YF
UX
GP
Z G ZEIV
PZE XKY
IV PU
XKY L
F>
X
GP
Z G ZEIV
PZE XKY
IV PD
XKY L
PD
X
4V
X
Z ? EZMO
?2 XYW
ZYW S
Z€

/;NXHYJYWSTZQHSXQWWYOTZ8:5ZGP3

4RM TZL*B;NXHYJYWST
D 4RM Z$WWQKRSXQW

g

g

g

FZPDUAUU

PZUUUAUU

.YZJYXOOYNVZLYZORZSYM0WQOQ=XYZ8:5ZHQNVZKQNTZRHHQVSYVZYWZSQNSYTZ
MXVMQWTSRWMYTZOYTZXW@QVJRSXQWTZLQWSZKQNTZRKY Z1YTQXWAZO)ZQ ZKQNTZYWZ
RKY Z1YTQXW3
AYRT[`^UaX`ZaYT]_Y^Za#a
DI. NaG.Z]4R`a GW[[YW^Ua+_`! a<a53>
<CU Na;OO_VI\P`a0 ]`a \W]`a (BaVYWX`W[
/R*4JMJPRNJNRGJNMLKGMHQIIQP@
P7# NaA\RQ[\aU`a[`VWX
>? Na-^U_V\]`W[aU`aX_R_]\]_Y^aU`aS_]`ZZ`
L(^_HW`R`^]a\S`Va@Y ]`aU`aS_]`ZZ`Za\W]YR\]_HW`aL?>/*?09*?0@MFa,Q][YS_Z`W[Za
`E]Q[_`W[ZaQX`V][YVI[YR`Za`]a[\K\]]\KX`ZaQX`V][_HW`R`^]aL)5>Ma`]a,\U\[ZaU`a
Z]\]_Y^^`R`^]a\S\^]a`]a\[[_4[`a=BAaL/>2MJM
L-^U_ZTY^_KX`a\S`Va@\^U`\WaT\[`NZYX`_XaP[_ZaTYW[aX`aT\[`NK[_Z`aL5;=Ma`]aa
=\[`NK[_Z`aAY^OY[]a<a][\_]`R`^]a\^]_N_^O[\[YWP`aL5/2MJM
?P 4RM Z8:5Z2QWWYMSYLIVXKY
:XYNEZMQWWYMSB3Z%WMQVYZHONTZOX1VY3

g

g

N

N

N

g

CZ-UUAUU

AYRT[`^UaX`Za]`VI^YXYP_`Za#a
<U' Na$\S_P\]_Y^aRWX]_RQU_\a=[YO`ZZ_Y^\X
< 6 NaAY^^`V]_S_]Qa\S\^VQ`

+Y_[aUQ]\_XaU`ZaU_OOQ[`^]ZaZ`[S_V`Za
U\^ZaX\a[WK[_HW`a @D1aAY^^`V]`UB[_S` aT\P`a? J
9^a[`X\]_Y^a\S`Va:_^_]_Y^a8YW^P`a=XWZaYWaDaGTY[]a
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`a

RR6!

$\S_P\]_Y^a`]a,00-

AY^^`V]_S_]Qa\S\^VQ`

G`[S_V`ZaAY^^`V]`UB[_S`

@D1a;TTZ

AY^V_`[P`[_`

D\a@D1a<aU_Z]\^V`

g
g

g
g

g
g

*4JMJPRNJNRGJNMLKGMHQIIQP@

`]aX`ZaZ`[S_V`Za#
<7 NaG`[S_V`ZaAY^^`V]`UB[_S`aL_^VXW]a@D1a;TTZM
<7: Na-^OY[R\]_Y^a0[\O_Va`^a0`RTZa,Q`Xa,00<7 NaAY^V_`[P`[_`
<74 Na:Y^V]_Y^Za D\a@D1a<aU_Z]\^V`

CZ-UUAUU
9CUAUU

Z

/;NXHYJYWSTZQHSXQWWYOT

■ U`aZQ[_`

g

`^aYT]_Y^

N ^Y^aU_ZTY^_KX`

GP
Z
GP TIVX
KY
Z
GP EIVX C>L
ZTI KYF
VXK UL
YF
UX
GP
Z G ZEIV
PZE XKY
IV PU
XKY L
F>
X
GP
Z G ZEIV
PZE XKY
IV PD
XKY L
PD
X
4V
Z ? XEZMO
?2 XYW
ZYW S
Z€

?RVX@TZYSZ@XWRWMYJYWST

Z4RM TZL*B;NXHYJYWST LZW_]`M
7G 4RM Z7LKRWMYLZGYWQW

g

g

g

CZ-DUAUU

!QXVZYSZ SVYZVYMQWWN3ZIYZWNXSZMQJJYZLYZ QNV3
AYRT[`^UaX`ZaYT]_Y^Za#a
D7C Na=[Y%`V]`W[Za\^]_K[YW_XX\[Ua<a89B
DFF Na=[Y%`V]`W[ZaK_N Q^Y^
DUF Na8\S`NT[Y%`V]`W[Z
DF9 Na=[Y%`V]`W[ZaU_[`V]_Y^^`XZ
B_Z][_KW]_Y^aS\[_\KX`aU`aX\aXWR_4[`aU`ZaT[Y%`V]`W[ZaTYW[aW^aR`_XX`W[aQVX\_[\P`
UWa][\VQaUWaS_[\P`FaVYRR\^U`aU`aX&QVX\_[\P`aT\[aT[Y%`V]`W[ZaK_N Q^Y^aT_SY]\^]
IY[_ Y^]\X`R`^]Ja9VX\_[\P`aU`aVI\^P`R`^]aU`aU_[`V]_Y^aZWTTXQR`^]\_[`aU\^Z
X`ZaT[Y%`V]`W[Za\^]_K[YW_XX\[UaZ`[S\^]a<a\RQX_Y[`[aX\aS_Z_K_X_]Qa<aVYW[]`aU_Z]\^V`J

/R*4JMJPRNJNRGJNMLKGMHQIIQP@
/ 0QLMKONPRC?HOFQDQNMPRBOPO>IQPRFQHBQNMR MLQRQNRJFMOJN@

D72 Na:`WEaU`a[YW]`aT`[R\^`^]a\^]_NQKXYW_ZZ`R`^]a @D1aG`X`V]_S`a@`\R
=\ZZ\P`a\W]YR\]_HW`aU`ZaO`WEaU`a[YW]`a\WEaO`WEaU`aV[Y_Z`R`^]a`^aOY^V]_Y^a
U`ZaVY^U_]_Y^ZaU`aV_[VWX\]_Y^Ja8`ZaO`WEaU`a[YW]`aT`WS`^]a ][`aR\_^]`^WZaV\[a
X\aTY[]Q`a`]aX\aOY[R`aUWaO\_ZV`\WaZY^]a\U\T]Q`Za_^Z]\^]\^QR`^]a`]a`^aVY^]_^WJa
=`[R`]a\WaVY^UWV]`W[aU`a[YWX`[a\WZZ_aXY^P]`RTZaHW`aTYZZ_KX`a\S`VaX`ZaO`WEa
U`a[YW]`a]YW]a`^aZC\ZZW[\^]aU`a^`aT\ZaQKXYW_[aX`Za\W][`ZaWZ\P`[ZaU`aX\a[YW]`J
L(^_HW`R`^]a\S`Va,Q][YS_Z`W[a_^]Q[_`W[aQX`V][YVI[YR`aL)57MJM
L-^U_ZTY^_KX`a\S`Va:_^_]_Y^aDaGTY[]M
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`
DDF 4RM Z7LKRWMYLZ,NOOZ.%I

g

g

g

-UUAUU

g

g

g

FZ-DUAUU

%EHVYTTXQWZLYZHNXTTRWMYZYSZL*BOB=RWMYAZOYZ4RM Z7LKRWMYLZ,NOOZ.%IZ
KQNTZQ@@VYZNWZBMORXVR=YZ)ZORZHQXWSYZLYZORZSYM0WQOQ=XYZYSZMQW@"VYZ)ZKQSVYZ
8:5ZNWZVY=RVLZXWXJXSR1OYAZLYZ QNVZMQJJYZLYZWNXS3
Na9VX\_[\P`a\S`Va]`VI^YXYP_`a<a89BaTYW[aO`WEaU`aV[Y_Z`R`^]FaU`a[YW]`Fa
\^]_K[YW_XX\[UFaQVX\_[\P`aU_W[^`FaVX_P^Y]\^]Za`]aK\^U`ZaXWR_^`WZ`Za#aVYWX`W[aa
UCQVX\_[\P`aT[YVI`aU`aX\aXWR_4[`aUWa%YW[aTYW[aW^aQVX\_[\P`aVX\_[a`]a[QPWX_`[Jaa
9Z]IQ]_HW`a].TQ`aP[ V`a\WEa\^^`\WEaXWR_^`WEa\TX\]_ZaU\^ZaX`W[aT\[]_`a_^OQ[_`W[`J
Na-^VXW]aX`ZaOY^V]_Y^ZaU`aT[Y%`V]`W[ZaU_[`V]_Y^^`XZa`]aU`aO`WEaU`a[YW]`a
T`[R\^`^]Za\^]_NQKXYW_ZZ`R`^]a @D1aG`X`V]_S`a@`\R a#aX`ZaO`WEaU`a[YW]`a
T`WS`^]a ][`aR\_^]`^WZaV\[aX\aTY[]Q`a`]aX\aOY[R`aUWaO\_ZV`\WaZY^]a\U\T]Q`Za
_^Z]\^]\^QR`^]a`]a`^aVY^]_^WJa=`[R`]a\WaVY^UWV]`W[aU`a[YWX`[a\WZZ_a
XY^P]`RTZaHW`aTYZZ_KX`a\S`VaX`ZaO`WEaU`a[YW]`a]YW]a`^aZC\ZZW[\^]aU`a^`aT\Za
QKXYW_[aX`Za\W][`ZaWZ\P`[ZaU`aX\a[YW]`J
L(^_HW`R`^]a\S`Va,Q][YS_Z`W[a_^]Q[_`W[aQX`V][YVI[YR`aL)57Ma`]a
8\S`NT[Y%`V]`W[ZaL/>?MJM
L-^U_ZTY^_KX`a\S`Va=\V'a;US\^V`Ua `^Y^M
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`
9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]

/R*4JMJPRNJNRGJNMLKGMHQIIQP@
/ 0QLMKONPRC?HOFQDQNMPRBOPO>IQPRFQHBQNMR MLQRQNRJFMOJN@

g



g



g



CZ-UUAUU

6

/;NXHYJYWSTZLYZTBVXY

#RJJY

,XWXSXQWT

Z

GP
Z
GP TIVX
KY
Z
GP EIVX C>L
ZTI KYF
VXK UL
YF
UX
GP
Z G ZEIV
PZE XKY
IV PU
XKY L
F>
X
GP
Z G ZEIV
PZE XKY
IV PD
XKY L
PD
X
4V
X
Z ? EZMO
?2 XYW
ZYW S
Z€

/;NXHYJYWSTZQHSXQWWYOTZ8:5ZGP3
■ U`aZQ[_`
g

`^aYT]_Y^

N ^Y^aU_ZTY^_KX`

Z.XKVRXTQWZ8:5Z5YOS
g

5% .XKVRXTQWZ8:5Z5YOSZ4VYJXNJZ Z4VYJXNJZ4ONT

g

g

5. !XKY ZNWYZYEHBVXYWMYZXWQN1OXR1OYZYSZHOQW=Y ZLRWTZO*NWXKYVTZ@RTMXWRWSZLYZ

)ZHRVSXVZLY
-C-AUU

8:5ZYWZHVYWRWSZHQTTYTTXQWZLYZKQSVYZKQXSNVYZRNZ8:5Z5YOSZ)Z:NWXM03
+YWZa.aZ`[` \VVW`_XX_aT\[a^YZaQHW_T`Z `]aW^aT[YP[\RR`aVYRTX`]aSYWZaZ`[\a
T[YTYZQa#
Na8_S[\_ZY^aU`aSY][`aSY_]W[`a`^a Y^`aUQU_Q`F
Na+_Z_]`aUWaRWZQ`a@D1F
Na+_Z_]`aPW_UQ`aU`aXCWZ_^`a@D1a`]aUWa@D1a1`X]aLZ`XY^aU\]`a[`]`^W`MF
Na,`R_Z`aU`aZYWS`^_[Za_^U_S_UW\X_ZQZF
Na=X\HW`ZaUC_RR\][_VWX\]_Y^a`ETY[]aUCW^`aUW[Q`aU`a7)a%YW[ZJ

?

*4JMJPRNJNRGJNMLKGMHQIIQP@

L;O_^aU`a[`ZT`V]`[aX\aXQP_ZX\]_Y^a\XX`R\^U`a[`X\]_S`a\WEaT^`WR\]_HW`ZaI_S`[FaX`ZaX_S[\_ZY^Za\Wa@D1a1`X]a^`aZY^]aTYZZ_KX`ZaHW&`^][`aX`a7`[a;S[_Xa`]aX`a5>aG`T]`RK[`JM

Z8:5Z6YVKXMYZ$WMONTXKY
86$ 2QWSVRSZL*YWSVYSXYWZ8:5Z6YVKXMYZ$WMONTXKY

g

g

g

)ZHRVSXVZLY
<9UAUU

;VVQU` a<aW^`aP\RR`aU`aZ`[S_V`Za`]aUCYTQ[\]_Y^ZaU`aR\_^]`^\^V`Fa
<aW^a]\[_OaO_E`FaTYW[aW^`a][\^ZT\[`^V`a]Y]\X`aU`Za
VY ]ZaUC`^][`]_`^aU`aSY][`a@D1J

Z?YXWSYTZYESBVXYNVYTZLYZMRVVQTTYVXY
PUU ?YXWSYZLYZMRVVQTTYVXYZ 7OHXW+YXTT ZNWXY
9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]

g

g

g

JYS ?YXWSYZLYZMRVVQTTYVXYZJBSROOXTBY

g

g

g

CZUUUAUU

PI JXTTXQWZ1RL=YZ:ZORSBVRO
L(^_HW`R`^]a\S`Va:_^_]_Y^aDaGTY[]M

g

g

g

UAUU

PFU JXTTXQWZTX=OYTZRVVX"VYZYSZORSBVRNE

g

g

g

UAUU

UAUU

g

g

g

PUUAUU
UAUU

ZIYTX=WZYESBVXYNV

P7? RXOTZLYZSQXSZ7ONJXWXNJZ.XWYZTRSXWBZ
;VVYXQZa\WaT\S_XXY^J
9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]
P:8 7ONJXWXNJZ.XWYZTRSXWB
9HW_T`R`^]a`^a\XWR_^_WRaZ\]_^Qa#
NaAY^]YW[aU`ZaS_][`ZaX\]Q[\X`Z
9HW_T`R`^]Za`^a^Y_[a<aI\W]`aK[_XX\^V`a#
NaDY^]\^]ZaU`aS_][`ZaX\]Q[\X`Z
Na0[_\^PX`aU`Za[Q][YS_Z`W[Za`E]Q[_`W[Z
8`aVY^]YW[aU`ZaS_][`ZaX\]Q[\X`Za`^a\XWR_^_WRaZ\]_^Qa\_^Z_aHW`aX`ZaRY^]\^]Za
U`aS_][`ZaX\]Q[\X`Za`^a^Y_[a<aI\W]`aK[_XX\^V`aZY^]aU`ZaQXQR`^]Za_^VXWZaU\^Za
X\a:_^_]_Y^aE8_^`J
9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]

RR6(







g

g

g

g

g

g

-DUAUU

g

g

g

UAUU

/R*LO<R.RFKLMOLREQ3RBKLOK>IQRPQIJNRFLQPMKMOJNP@R*JHLRHNREQBOPRFQLPJNNKIOPCRQMRFIHPREQRLQNPQO=NQDQNMPRPHLRGQRFLJ=LKDDQRQ<GQFMOJNNQI3RBQHOIIQ RBJHPRKELQPPQLR.RBJMLQ
0JNGQPPOJNNKOLQR8:5@
//R <QDFIQREQRFLO<RFJHLRHNRGJNMLKMR8:5R$QLBOGQR NGIHPOBQR;RKNPR R!1R111R D@

Z

/;NXHYJYWSTZQHSXQWWYOT

GP
Z
GP TIVX
KY
Z
GP EIVX C>L
ZTI KYF
VXK UL
YF
UX
GP
Z G ZEIV
PZE XKY
IV PU
XKY L
F>
X
GP
Z G ZEIV
PZE XKY
IV PD
XKY L
PD
X
4V
Z ? XEZMO
?2 XYW
ZYW S
Z€

?RVX@TZYSZ@XWRWMYJYWST

■ U`aZQ[_`

g

`^aYT]_Y^

N ^Y^aU_ZTY^_KX`

ZIYTX=WZYESBVXYNVZLZW_]`M
P:2 RXOTZLYZSQXSZ60RLQ+Z.XWYZ1VXOORWSZ
;VVYXQZa\WaT\S_XXY^J
L(^_HW`R`^]a\S`Va:_^_]_Y^aDaGTY[]JM
9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]
-<U 60RLQ+Z.XWYZ1VXOORWSZ
9HW_T`R`^]Za`^a^Y_[a<aI\W]`aK[_XX\^V`a#
NaAY^]YW[aU`ZaS_][`ZaX\]Q[\X`Z
NaDY^]\^]ZaU`aS_][`ZaX\]Q[\X`Z
Na0[_\^PX`aU`Za[Q][YS_Z`W[Za`E]Q[_`W[Z
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`
9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]
P< JXTTXQWZVRXOTZLYZSQXS
L-^U_ZTY^_KX`a\S`Va:_^_]_Y^aDaGTY[]JM

N

N

N







g

g

g

-DUAUU

g

g

g

UAUU
&CDUAUU







g

g

g

g

g












Z RWSYTZ ZHWYNJRSX;NYT
FD> 4WYNJRSX;NYTZ 62ZHYVJYSSRWSZOYZVQNOR=YZ)ZHORSZ
9^][\ ^`aX\aZWTT[`ZZ_Y^aUWa _]aU`aRYK_X_]Qa@D1J
9^a[`X\]_Y^a\S`VaX`Za%\^]`Za72 Fa7 a`]a?>
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`a`]aDaGTY[]
F7: RWSYTZYWZROOXR=YZOB=YVZC-**Z 9PZMJ ZTS(OYZPU<Z6SVYRJOXWY
=`[R`]]`^]aUC\K\_ZZ`[aX`ZaQR_ZZ_Y^ZaU`aA ? U`a"aP*'RaLZ\WOa`^aVYRK_^\_ZY^
\S`VaU`ZaT^`WR\]_HW`Za,GAaT`[R`]]\^]aX`a[YWX\P`a<aTX\]aLYT]_Y^a?/2MJ
L-^U_ZTY^_KX`a\S`Va:_^_]_Y^aDaGTY[]JM
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`





PUUAUU

N

g

g

N

UAUU

F%8 RWSYTZYWZROOXR=YZOB=YVZC-**Z 9PZMJ ZTS(OYZPUDZ)ZVR(QWTZYWZ Z
L-^U_ZTY^_KX`a\S`Va:_^_]_Y^aDaGTY[]JM

g

g

N

UAUU

F U RWSYTZYWZROOXR=YZOB=YVZC-**Z 9PZMJ ZTS(OYZPU9Z)ZVR(QWTZYWZ!
L-^U_ZTY^_KX`a\S`Va:_^_]_Y^aE8_^`a`]aDaGTY[]JM

g

g

N

UAUU

F > RWSYTZYWZROOXR=YZOB=YVZC>**Z 9<ZMJ ZTS(OYZPU-Z)ZVR(QWTZYWZ!
L(^_HW`R`^]a\S`Va=^`WR\]_HW`Za,GAaT`[R`]]\^]aX`a[YWX\P`a<aTX\]aL?/2MJM
L-^U_ZTY^_KX`a\S`Va:_^_]_Y^aE8_^`a`]aDaGTY[]JM

g

g



<UUAUU

F?D RWSYTZYWZROOXR=YZOB=YVZC>**Z 9<ZMJ ZTS(OYZ<UDZ)ZVR(QWTZLQN1OYT
L(^_HW`R`^]a\S`Va=^`WR\]_HW`Za,GAaT`[R`]]\^]aX`a[YWX\P`a<aTX\]aL?/2MJM
L-^U_ZTY^_KX`a\S`Va:_^_]_Y^aDaGTY[]JM
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`

g

g

N

<UUAUU
FUUAUU
UAUU

N

N

g

g

g

g

/R NGJDFKMO>IQPRKBQGRG4K NQPR.RNQO=QRMLKEOMOJNNQIIQPRJHRE9JLO=ONQR8:5@R ?HOFQDQNMRPFCGOAO?HQREOPFJNO>IQRG4Q RBJMLQR0JNGQPPOJNNKOLQR8:5@

6,

/;NXHYJYWSTZLYZTBVXY

#RJJY

,XWXSXQWT

Z

■ U`aZQ[_`
g

`^aYT]_Y^

N ^Y^aU_ZTY^_KX`

GP
Z
GP TIVX
KY
Z
GP EIVX C>L
ZTI KYF
VXK UL
YF
UX
GP
Z G ZEIV
PZE XKY
IV PU
XKY L
F>
X
GP
Z G ZEIV
PZE XKY
IV PD
XKY L
PD
X
4V
X
Z ? EZMO
?2 XYW
ZYW S
Z€

/;NXHYJYWSTZQHSXQWWYOTZ8:5ZGP3

Z RWSYTZ ZHWYNJRSX;NYTZLZW_]`M
F%C RWSYTZYWZROOXR=YZOB=YVZC>** 9<ZMJ TS(OYZ<U-Z)ZVR(QWTZYWZ
E.XWY
L(^_HW`R`^]a\S`Va:_^_]_Y^aE8_^`a`]a=^`WR\]_HW`Za,GAaT`[R`]]\^]aX`a[YWX\P`a
<aTX\]aL?/2MJM
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`
F%P RWSYTZYWZROOXR=YZOB=YVZC'**Z 9>ZMJ ZTS(OYZ<U>Z)ZVR(QWTZYWZ ZRKYMZ
HWYNJRSX;NYTZJXESYT
E.XWY L(^_HW`R`^]a\S`Va:_^_]_Y^aE8_^`a`]a=^`WR\]_HW`Za,GAaT`[R`]]\^]aX`a[YWX\P`a
<aTX\]aL?/2MJM
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`
F8- RWSYTZYWZROOXR=YZOB=YVZC'**Z 9>ZMJ ZTS(OYZPU'Z)ZVR(QWTZLQN1OYT
L(^_HW`R`^]a\S`Va=^`WR\]_HW`Za,GAaT`[R`]]\^]aX`a[YWX\P`a<aTX\]aL?/2MJM
L-^U_ZTY^_KX`a\S`Va:_^_]_Y^aDaGTY[]JM
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`
F:6 RWSYTZYWZROOXR=YZOB=YVZC>**Z 9<ZMJ ZTS(OYZP<>Z:Z)ZVR(QWTZYWZBSQXOY
L(^_HW`R`^]a\S`Va:_^_]_Y^aDaGTY[]a`]a=^`WR\]_HW`Za,GAaT`[R`]]\^]aX`a
[YWX\P`a<aTX\]aL?/2MJM
9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]

N

N

N







N

N

N

g

g

N

N

g

g

N

N

g

g

N

N

g

N

N

N







N

N

N

g

g

CZUUUAUU

N

N

N

g

g

g

FZUUUAUU





N

N

N

N

g

g

g

N

CZUUUAUU
UAUU

N

CZ<UUAUU
CZCDUAUU

N

CZUUUAUU
UAUU

g

g

:Z6HQVS

F!F RWSYTZYWZROOXR=YZOB=YVZC'**Z 9>ZMJ ZTS(OYZ<FFZ:Z)ZVR(QWTZLQN1OYT
L(^_HW`R`^]a\S`Va:_^_]_Y^aDaGTY[]a`]a=^`WR\]_HW`Za,GAaT`[R`]]\^]aX`a
[YWX\P`a<aTX\]aL?/2MJM
9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]

:Z6HQVS

F!G RWSYTZYWZROOXR=YZOB=YVZFU Z DCZMJ ZTS(OYZPCU:Z)ZVR(QWTZLQN1OYT
L(^_HW`R`^]a\S`Va:_^_]_Y^aDaGTY[]a`]a=^`WR\]_HW`Za,GAaT`[R`]]\^]aX`a
[YWX\P`a<aTX\]aL?/2MJa-^U_ZTY^_KX`a\S`VaG.Z]4R`aU`aR\^Y`WS[`Za\W]YR\]_HW`Z
=\['a;ZZ_Z] L/B=MJM
9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]

g

:Z6HQVS

Z#RVWXTTR=YTZXWSBVXYNVTZ aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
7

6YOOYVXYZSXTTNZ X11QW
L(^_HW`R`^]a\S`Va:_^_]_Y^a8YW^P`JM

2!

6YOOYVXYZSXTTN MNXVZ 2RVKY
8`aVW_[aI\K_XX`aX`ZaOX\^VZaU`aXC\ZZ_Z`a`]aU`aUYZZ_`[aU`ZaZ_4P`ZFaXC\VVYWUY_[a
V`^][\Xa`]aX`Za\VVYWUY_[ZaU`aTY[]`ZFaX\aT\[]_`aV`^][\X`aU`Za\TTW_ZN] ]`a\S\^]a
`]a\[[_4[`a\_^Z_aHW`aX`aX`S_`[aU`aKY ]`aU`aS_]`ZZ`ZJ
L(^_HW`R`^]a\S`Va:_^_]_Y^aE8_^`JM
L-^U_ZTY^_KX`a\S`VaG_4P`Za;US\^V`Ua<aXC\S\^]aL)27MJM
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`

/R NGJDFKMO>IQPRKBQGRG4K NQPR.RNQO=QRMLKEOMOJNNQIIQPRJHRE9JLO=ONQR8:5@R ?HOFQDQNMRPFCGOAO?HQREOPFJNO>IQRG4Q RBJMLQR0JNGQPPOJNNKOLQR8:5@

RR71

UAUU

Z

/;NXHYJYWSTZQHSXQWWYOT

GP
Z
GP TIVX
KY
Z
GP EIVX C>L
ZTI KYF
VXK UL
YF
UX
GP
Z G ZEIV
PZE XKY
IV PU
XKY L
F>
X
GP
Z G ZEIV
PZE XKY
IV PD
XKY L
PD
X
4V
Z ? XEZMO
?2 XYW
ZYW S
Z€

?RVX@TZYSZ@XWRWMYJYWST

■ U`aZQ[_`

g

`^aYT]_Y^

N ^Y^aU_ZTY^_KX`

Z#RVWXTTR=YTZXWSBVXYNVTZLZW_]`M
,

.

6YOOYVXYZSXTTN MNXVZ4YRVOHQXWS
8`aVW_[aI\K_XX`aX`ZaOX\^VZaU`aXC\ZZ_Z`a`]aU`aUYZZ_`[aU`ZaZ_4P`ZFaXC\VVYWUY_[a
V`^][\Xa`]aX`Za\VVYWUY_[ZaU`aTY[]`ZFaX\aT\[]_`aV`^][\X`aU`Za\TTW_ZN] ]`a\S\^]a
`]a\[[_4[`a\_^Z_aHW`aX`aX`S_`[aU`aKY ]`aU`aS_]`ZZ`ZJ
L(^_HW`R`^]a\S`VaG_4P`Za;US\^V`UaTYW[aVY^UWV]`W[a`]aT\ZZ\P`[a\S\^]aL)27MMJ
L-^U_ZTY^_KX`a\S`Va:_^_]_Y^aE8_^`JM
9^a[`X\]_Y^a\S`Va:_^_]_Y^a8YW^P`a=XWZ
9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]
6YOOYVXYZMNXVZ YKRLR
;S`VaVYW]W[`ZaU`aVYWX`W[aVY^][\Z]\^]`Ja aVYRT[_ZaZ`W_XZaU`aTY[]`a\S`Va
_^ZV[_T]_Y^a@D1aVI[YRQ`J
8`aVW_[a$`S\U\aI\K_XX`aX`ZaZW[O\V`ZaUC\ZZ_Z`aU`ZaZ_4P`ZFaXC\VVYWUY_[aV`^][\Xa
`]aX`Za\VVYWUY_[ZaU`aTY[]`ZFaX\aT\[]_`aV`^][\X`aU`Za\TTW_ZN] ]`a\S\^]a`]a\[[_4[`a
\_^Z_aHW`aX`aX`S_`[aU`aKY ]`aU`aS_]`ZZ`ZJ

g

g

N

<DUAUU

g

g

g

UAUU
UAUU





g

g

g

g

g



CZ'DUAUU

CZFDUAUU

9^aVYRK_^\_ZY^a\S`VaX`Za:_^_]_Y^ZaE8_^`a`]aDaGTY[]FaV`[]\_^`ZaZ`XX`[_`Za
VYRT[`^^`^]aQP\X`R`^]aW^a`RT_4V`R`^]aU\^ZaX`aUYZZ_`[a\_^Z_aHWCW^a
`RKYZZ\P`a aU\^ZaX`Za\TTW_ZN] ]`Ja=YW[aTXWZaUC_^OY[R\]_Y^FaS`W_XX` a
SYWZa[`TY[]`[a\WaV\]\XYPW`aU`aV`aRYU4X`J
;W][`ZaQHW_T`R`^]ZaT[QZ`^]\^]aW^a\ZT`V]aVW_[a#aG`^Z\]`VJa [_P_^`a;RQ[_HW`J
9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]
9^a[`X\]_Y^a\S`Va:_^_]_Y^a8YW^P`a=XWZa`]aE8_^`

ZIYTX=WZLYZO*0R1XSRMOY
92# $WTYVSTZLBMQVRSX@TZ7V=YWSZTRSXWBZJRS
L-^U_ZTY^_KX`a\S`Va:_^_]_Y^aE8_^`a`]aDaGTY[]JM
97I $WTYVSTZLBMQVRSX@TZYWZRONJXWXNJZ1VQTTB
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`a`]aDaGTY[]a














g

g

g

PDUAUU







9, $WTYVSTZLBMQVRSX@TZYWZ1QXTZHVBMXYNEZ,XWYOXWYZ 7WS0VR XS
L;S`VaK\PW`]]`aVI[YRQ`aZYWX_P^\^]aXC_^Z`[]aUQVY[\]_OaU\^ZaX`ZaTY[]`ZM
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`a`]aDaGTY[]

g

g

g

DPUAUU

g

g

g

C>UAUU

9,! $WTYVSTZLBMQVRSX@TZYWZ1QXTZHVBMXYNEZ,XWYOXWYZ YOO
L;S`VaK\PW`]]`aVI[YRQ`aZYWX_P^\^]aXC_^Z`[]aUQVY[\]_OaU\^ZaX`ZaTY[]`ZM
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`a`]aDaGTY[]

g

g

g

DPUAUU

g

g

g

C>UAUU

9,5 $WTYVSTZLBMQVRSX@TZYWZ1QXTZHVBMXYNEZLYZ Q(YV
L;S`VaK\PW`]]`aVI[YRQ`aZYWX_P^\^]aXC_^Z`[]aUQVY[\]_OaU\^ZaX`ZaTY[]`ZM
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`a`]aDaGTY[]

g

g

g

DPUAUU

g

g

g

C>UAUU

9.P $WTYVSTZLBMQVRSX@TZ1VXOORWSTZ IRV ZMQHHYV Z
L(^_HW`R`^]a\S`Va:_^_]_Y^aE8_^`M
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`

N

N

N

g

g

g

UAUU

g

g

g

FDUAUU

--D 2XYOZLYZHRKXOOQWZRWS0VRMXSY

9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]







76

/;NXHYJYWSTZLYZTBVXY

#RJJY

,XWXSXQWT

Z

GP
Z
GP TIVX
KY
Z
GP EIVX C>L
ZTI KYF
VXK UL
YF
UX
GP
Z G ZEIV
PZE XKY
IV PU
XKY L
F>
X
GP
Z G ZEIV
PZE XKY
IV PD
XKY L
PD
X
4V
X
Z ? EZMO
?2 XYW
ZYW S
Z€

/;NXHYJYWSTZQHSXQWWYOTZ8:5ZGP3
■ U`aZQ[_`
g

`^aYT]_Y^

N ^Y^aU_ZTY^_KX`

Z?YM0WX;NYZ&Z?VRXWTZVQNORWST
FFP 6NTHYWTXQWZ6YOYMSIVXKY
=_XY]\P`aQX`V][Y^_HW`aU`ZaVYRT[`ZZ_Y^Za`]a`E]`^Z_Y^ZaU`Za\RY[]_ZZ`W[ZaT\[a
X`aZQX`V]`W[aU`aRYU`aU`aVY^UW_]`J
-^VXW]aRYU`a GTY[] aZW[aX`aZQX`V]`W[aU`aRYU`aU`aVY^UW_]`a`]aX`aAY^][ X`aU`a
X\a0[\^ZR_ZZ_Y^aL?+ MaZW[aX`ZaRYU4X`ZaEB[_S`J
L-^U_ZTY^_KX`a\S`VaGWZT`^Z_Y^aB_[`V]B[_S`aL??3MJM
9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]
FFD JXTTXQWZ6NTHYWTXQWZIXVYMSIVXKY
L(^_HW`R`^]a\S`Va:_^_]_Y^aDaGTY[]JM
9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]
FF< 6NTHYWTXQWZIXVYMSIVXKY
,QPX\P`aTXWZaO`[R`aU`Za\RY[]_ZZ`W[ZFaZ\^ZaZW[K\_ZZ`R`^]J
-^VXW]aX`aAY^][ X`aU`aX\a0[\^ZR_ZZ_Y^aL?+ MaZW[aX`ZaRYU4X`ZaEB[_S`J
L-^U_ZTY^_KX`a\S`VaGWZT`^Z_Y^aG`X`V]B[_S`aL??5MJM
9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]
F!# 2QWSV OYZLYZORZ?VRWTJXTTXQW
DY][_V_]Qa`]a]`^W`aU`a[YW]`aYT]_R\X`Za\S`Va[QT\[]_]_Y^aYT]_R_ZQ`aUWaVYWTX`a
ZW[aXC`ZZ_`Wa\[[_4[`aTYW[aW^aVYRTY[]`R`^]aTXWZaU.^\R_HW`Ja(^_HW`R`^]aZW[a
X`ZaRYU4X`ZaEB[_S`J
9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]FaGWZT`^Z_Y^aG`X`V]B[_S`aL??5Ma
YWaGWZT`^Z_Y^aB_[`V]B[_S`aL??3M
F!. IXVYMSXQWZIXVYMSIVXKYZ)ZLBJNOSXHOXMRSXQWZKRVXR1OY
B_[`V]_Y^a<aT\ZaS\[_\KX`aTYW[aW^`a[QUWV]_Y^aU`aXC`OOY[]aU`aK[\HW\P`a`]aW^`a
T[QV_Z_Y^a\VV[W`J
L(^_HW`R`^]a\S`VaAY^][ X`aU`aX\a0[\^ZR_ZZ_Y^aL?+ MaZW[aX`ZaRYU4X`ZaEB[_S`JMa
9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]

g
EB[_S`?>U

g

g

CZFUUAUU

g
ZB[_S`72U
ZB[_S`?>_

N

N

CZUUUAUU

g

g

g

>UUAUU

N

N

N

g

g

g

UAUU

g

g

g

9UUAUU

N

N

FDUAUU







g

g

g







g

g

g











FZFUUAUU

N

N

FZP<UAUU

N

N

C<UAUU



N

N

N

g

g

N





EB[_S`?>U
g
ZB[_S`72U
ZB[_S`?>_

EB[_S`?>U

EB[_S`?>U

Z?YM0WX;NYZ&Z8Q SYZLYZKXSYTTYT
FUD 8Q SYZLYZKXSYTTYTZRNSQJRSX;NYZ)Z>ZVRHHQVST
L(^_HW`R`^]a\S`Va+YX\^]aGTY[]aP\_^QaVW_[aL?//MaYWa+YX\^]aDaP\_^QaVW_[aL"7>MJM

g
ZB[_S`72U
EB[_S`?>U

F?% 8Q SYZLYZKXSYTTYTZRNSQJRSX;NYZ)Z>ZVRHHQVSTZRKYMZHROYSSYTZ
RNZKQORWS

g
ZB[_S`72U
EB[_S`?>U

L(^_HW`R`^]a\S`Va+YX\^]aGTY[]aP\_^QaVW_[aL?//MaYWa+YX\^]aDaP\_^QaVW_[aL"7>MJM
9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]
F?8 8Q SYZLYZKXSYTTYTZRNSQJRSX;NYZ6HQVSZ)Z>ZVRHHQVSTZYSZHROYSSYTZ
RNZKQORWS
@Y ]`aU`aS_]`ZZ`Za\W]YR\]_HW`a<a2a[\TTY[]Za\S`VaZQX`V]`W[aGTY[]aZTQV_O_HW`J
-^VXW]aRYU`a GTY[] aZW[aX`aZQX`V]`W[aU`aRYU`aU`aVY^UW_]`J
9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]

RR77

g
ZB[_S`?>_

ZB[_S`?>_

C-DAUU

F<UAUU

F9UAUU

Z

/;NXHYJYWSTZQHSXQWWYOT

■ U`aZQ[_`

g

`^aYT]_Y^

N ^Y^aU_ZTY^_KX`

GP
Z
GP TIVX
KY
Z
GP EIVX C>L
ZTI KYF
VXK UL
YF
UX
GP
Z G ZEIV
PZE XKY
IV PU
XKY L
F>
X
GP
Z G ZEIV
PZE XKY
IV PD
XKY L
PD
X
4V
Z ? XEZMO
?2 XYW
ZYW S
Z€

?RVX@TZYSZ@XWRWMYJYWST

Z?YM0WX;NYZ&Z7TTXTSRWMYZRNZMQWLNMSYNV
g

g

g







D7# 7KYVSXTTYNVZL*RW=OYZJQVS
G.Z]4R`aU`a[\U\[aU`aZW[S`_XX\^V`aT`[R\^`^]`aU`aXC`^S_[Y^^`R`^]a\[[_4[`a`]a
X\]Q[\XaUWaSQI_VWX`Ja;_U`a<aX\aUQV_Z_Y^a`^aV\ZaU`aR\^Y`WS[`aU`aVI\^P`R`^]a
U`aSY_`FaOY^V]_Y^^`aU4Za\V]_S\]_Y^aU`ZaVX_P^Y]\^]ZJaBQ]`V]_Y^aU`aSQI_VWX`Za
U\^Za XC\^PX`aRY[] a<aT\[]_[aU`a?>a'R*IJ
;X`[]`aI\T]_HW`a\WaSYX\^]aLS_K[\]_Y^ZMa`]aZ.RKYX`aVX_P^Y]\^]aU\^ZaX`a[Q][YS_Z`W[
`E]Q[_`W[FaHW\^UaX`aVX_P^Y]\^]a`Z]aR_ZaYWaXY[ZaUCW^`a_RTWXZ_Y^aU`aVX_P^Y]\^]J
L(^_HW`R`^]a\S`Va,Q][YS_Z`W[Za`E]Q[_`W[aQX`V][YVI[YR`Za`]a[\K\]]\KX`Za
QX`V][_HW`R`^]aL)5>Ma`]a+YX\^]aGTY[]aP\_^QaVW_[aL?//MaYWa+YX\^]aDaP\_^Qa
VW_[aL"7>MJM
L-^U_ZTY^_KX`a\S`Va+YX\^]aVI\WOO\^]aL?)2Ma`^aVYRK_^\_ZY^a\S`VaX`aSYX\^]a
DaP\_^QaVW_[aL"7>MJMa

g

g

g

<UUAUU

D76 4RM Z6R@YS(
;^\X.Z`aU`ZaVY^U_]_Y^ZaU`aV_[VWX\]_Y^aP[ V`a<aW^`aV\RQ[\aTYW[a\^]_V_T`[aX`Za
U\^P`[Za`]a\ZZW[`[aW^`aZQVW[_]Qa\V]_S`aYT]_R\X`J

g

g

g

DDUAUU

P7# 2RJBVRZLYZVYMNO
A\RQ[\aTX\VQ`aU\^ZaX`aI\.Y^aTYW[aS_ZW\X_Z`[aZW[aXCQV[\^aU`aVY^][ X`aX\a Y^`a
\[[_4[`aU`aX\aSY_]W[`J
L(^_HW`R`^]a\S`Va,\U\[ZaU`aZ]\]_Y^^`R`^]a\S\^]a`]a\[[_4[`a=BAaL/>2MJM
9^a[`X\]_Y^a\S`VaX`a=\V'a-^^YS\]_Y^a

9DUAUU

AYRT[`^UaX`ZaOY^V]_Y^Za#
Na;S`[]_ZZ`W[aU`aO[\^VI_ZZ`R`^]aU`aX_P^`aLZ_P^\X`aX`ZaVI`S\WVI`R`^]Za
_^SYXY^]\_[`ZaU`aX_P^`ZaU`aUQX_R_]\]_Y^aU`ZaSY_`Za<aT\[]_[aU`a">a'R*IMF
Na;S`[]_ZZ`W[aU`a[_ZHW`aU`aVYXX_Z_Y^aLU_Z]\^V`aU`aZQVW[_]QaT\[\RQ][\KX`MF
NaG.Z]4R`a\^]_NVYXX_Z_Y^a<aK\ZZ`aS_]`ZZ`aLO[`_^\P`aUCW[P`^V`a\W]YR\]_HW`a
T`[R`]]\^]aUCQS_]`[aW^aVIYVa\S\^]aYWaUC`^a[QUW_[`aX\aTY[]Q`MF
Na=[Y]`V]_Y^a\V]_S`aU`ZaT_Q]Y^ZaLUQ]`V]_Y^aU`ZaT_Q]Y^Za`]aO[`_^\P`aUCW[P`^V`a
\W]YR\]_HW`aTYW[aQS_]`[aW^aVIYVaYWa`^a[QUW_[`aX\aTY[]Q`Fa\V]_Oa%WZHWC<a
3>a'R*IaU\^ZaX`aVI\RTaU`aS_Z_Y^aU`aX\aV\RQ[\MJ
L(^_HW`R`^]a\S`Va+YX\^]aGTY[]aP\_^QaVW_[aL?//MaYWa+YX\^]aDaP\_^QaVW_[aL"7>MJM
L-^U_ZTY^_KX`a\S`Va@\^U`\WaT\[`NZYX`_XaP[_ZaTYW[aX`aT\[`NK[_Z`aL5;=Ma`]a=\[`
K[_Z`aAY^OY[]a<a][\_]`R`^]a\^]_N_^O[\[YWP`aL5/2MJM
L-^U_ZTY^_KX`a\S`Va+YX\^]aVI\WOO\^]aL?)2Ma`^aVYRK_^\_ZY^a\S`VaX`aSYX\^]a
DaP\_^QaVW_[aL"7>MJMa

7;

/;NXHYJYWSTZLYZTBVXY

#RJJY

,XWXSXQWT

Z

■ U`aZQ[_`
g

`^aYT]_Y^

N ^Y^aU_ZTY^_KX`

GP
Z
GP TIVX
KY
Z
GP EIVX C>L
ZTI KYF
VXK UL
YF
UX
GP
Z G ZEIV
PZE XKY
IV PU
XKY L
F>
X
GP
Z G ZEIV
PZE XKY
IV PD
XKY L
PD
X
4V
X
Z ? EZMO
?2 XYW
ZYW S
Z€

/;NXHYJYWSTZQHSXQWWYOTZ8:5ZGP3

Z?YM0WX;NYZ&Z7TTXTSRWMYZRNZMQWLNMSYNVZLZW_]`M

RR7"

D7? 4RM Z7LKRWMYLZ6R@YS(
AYRT[`^UaX`ZaR R`ZaOY^V]_Y^^\X_]QZaHW`aX`a=\V'aG\O`].aL/;GMa\S`Va`^aTXWZa
XCYT]_Y^a,QPWX\]`W[aU`aS_]`ZZ`a\V]_Oa;AA a\S`VaOY^V]_Y^aG]YT YJaD\_^]_`^a
\V]_OaUCW^`aU_Z]\^V`aU`aZQVW[_]QaT\[a[\TTY[]a\WaSQI_VWX`aHW_aT[QV4U`a%WZHWC<a
XC\[[ ]aVYRTX`]a\S`Va[`UQR\[[\P`a\W]YR\]_HW`J
L(^_HW`R`^]a\S`VaW^`a@Y ]`aU`aS_]`ZZ`a\W]YR\]_HW`a<a2a[\TTY[]ZaL?>/Fa?0@a
YWa?09MFa+YX\^]aGTY[]aP\_^QaVW_[aL?//MaYWa+YX\^]aDaP\_^QaVW_[aL"7>MJM
L-^U_ZTY^_KX`a\S`Va+YX\^]aVI\WOO\^]aL?)2Ma`^aVYRK_^\_ZY^a\S`VaX`aSYX\^]a
DaP\_^QaVW_[aL"7>MJMa

g

g

g

CZ<DUAUU

DI. 6NVVQNWLZ!XY+
7aV\RQ[\aTX\VQ`a<aXC\S\^]aU`aX\a@D1aLZYWZaX\aV\X\^U[`Ma\TTY[]`aW^`aS_Z_Y^a
T\^Y[\R_HW`aU`aX\a Y^`aZ`aZ_]W\^]a<aXC\S\^]a`]aT`[R`]a\_^Z_aUC`RT[W^]`[aZ\^Za
[_ZHW`aX`ZaZY[]_`Z*_^]`[Z`V]_Y^Za<aS_Z_K_X_]Qa[QUW_]`Ja?aV\RQ[\ZaZWTTXQR`^]\_[`Za
TX\VQ`ZaZYWZaX`Za[Q][YS_Z`W[Za`E]Q[_`W[Za\_^Z_aHWCW^`aV\RQ[\aU`a[`VWXaXYPQ`a
U\^ZaX`aSYX`]aU`aVYOO[`aT`[R`]]`^]aW^`a[`T[QZ`^]\]_Y^aU`aXC`^S_[Y^^`R`^]aU`a
X\a@D1a<a53> aZW[aXCQV[\^aU`aVY^][ X`J
L(^_HW`R`^]a\S`VaW^`a@Y ]`aU`aS_]`ZZ`a\W]YR\]_HW`a<a2a[\TTY[]ZaL?>/Fa?0@a
YWa?09MFa,Q][YS_Z`W[Za`E]Q[_`W[aQX`V][YVI[YR`Za`]a[\K\]]\KX`ZaQX`V][_HW`R`^]a
L)5>Ma`]aA\RQ[\aU`a[`VWXaL5; MJMa
9^a[`X\]_Y^a\S`VaX`a=\V'a-^^YS\]_Y^

g

g

g

>UUAUU







DI4 6(TS"JYZLYZJRW NKVYTZRNSQJRSX;NYTZ 4RV Z7TTXTS
D\^ WS[`ZaU`aZ]\]_Y^^`R`^]a`^aV[Q^`\WaO\V_X_]Q`ZaT\[aR`ZW[`a\W]YR\]_HW`a
U`aXCQV\[]a`^][`aU`WEaSY_]W[`ZaLS_]`ZZ`a_^OQ[_`W[`a<a5/'R*IMJa8Y[ZHWCW^`aTX\V`a
ZWOO_Z\RR`^]aP[\^U`a`Z]a[`TQ[Q`FaX`aZ.Z]4R`aT[`^Ua`^aVI\[P`aX`ZaR\^ WS[`Z
U`aK[\HW\P`a`]aVY^][`NK[\HW\P`a]\^U_ZaHW`aX`aVY^UWV]`W[a\P_]aW^_HW`R`^]a
ZW[aX`ZaTQU\X`ZaUC\VVQXQ[\]`W[a`]aU`aO[`_^J
L(^_HW`R`^]a\S`Va,\U\[ZaU`aZ]\]_Y^^`R`^]a\S\^]a`]a\[[_4[`a=BAaL/>2MJM
L-^U_ZTY^_KX`a\S`VaX`Za \^]`Za`^a\XX_\P`aXQP`[a?> aL/7aVRMaZ].X`a57>Da<a[\.Y^Za
UYWKX`ZaL?+ MJMa

g

g

g

DU> RLRVTZLYZTSRSXQWWYJYWSZRKRWSZYSZRVVX"VYZ4I2
;S`[]_ZZ`R`^]aZY^Y[`a`]a[`T[QZ`^]\]_Y^aS_ZW`XX`aZ_P^\X\^]aX`ZaYKZ]\VX`Za
<aXC\S\^]a`]a<aXC\[[_4[`J
9^a[`X\]_Y^a\S`Va:_^_]_Y^a8YW^P`a=XWZFaE8_^`aYWaDaGTY[]

g

g









P<UAUU

-<UAUU

Z

/;NXHYJYWSTZQHSXQWWYOT

■ U`aZQ[_`

g

`^aYT]_Y^

N ^Y^aU_ZTY^_KX`

GP
Z
GP TIVX
KY
Z
GP EIVX C>L
ZTI KYF
VXK UL
YF
UX
GP
Z G ZEIV
PZE XKY
IV PU
XKY L
F>
X
GP
Z G ZEIV
PZE XKY
IV PD
XKY L
PD
X
4V
Z ? XEZMO
?2 XYW
ZYW S
Z€

?RVX@TZYSZ@XWRWMYJYWST

Z?YM0WX;NYZ&Z7TTXTSRWMYZRNZMQWLNMSYNVZLZW_]`M
<CU 7@@XM0R=YZ? SYZ RNSYZ IZMQNOYNV
=[Y%`V]_Y^aZW[aX`aT\[`NK[_Z`aU`ZaT[_^V_T\X`Za_^OY[R\]_Y^ZaU`aVY^UW_]`a#a
^\S_P\]_Y^FaS_]`ZZ`a_^Z]\^]\^Q`FaR`ZZ\P`ZaUC\S`[]_ZZ`R`^]aUWaAI`V'NAY^][YXFa
[QPWX\]`W[aU`aS_]`ZZ`Ja8C_^U_V\]`W[aU`aX_R_]\]_Y^aU`aS_]`ZZ`aLYT]_Y^Ma
`]aXC\S`[]_ZZ`W[aU`aO[\^VI_ZZ`R`^]aU`aX_P^`a\S`Va\S`[]_ZZ`W[aU`a[_ZHW`a
U`aVYXX_Z_Y^aLYT]_Y^MaT`WS`^]aQP\X`R`^]a ][`a\OO_VIQZJaBY^^Q`ZaT[Y%`]Q`Za
\S`Va]YW]`aX\aT\X`]]`aU`aVYWX`W[ZaT`[R`]]\^]aUC_U`^]_O_`[a`^VY[`aTXWZa
[\T_U`R`^]aX`Za_^OY[R\]_Y^ZJa,QPX\P`aU`aX\aXWR_^YZ_]QFaUWaTYZ_]_Y^^`R`^]a
U`aXC\OO_VI\P`a`]aU`ZaUY^^Q`Za\OO_VIQ`ZaS_\aXC_B[_S`J
AYRT[`^UaQP\X`R`^]aW^aQV[\^aUC_^OY[R\]_Y^aI\W]`a[QZYXW]_Y^aU`a F?CCa
L?5F)aVRMaZ_]WQaU\^ZaX`aVYRK_^QaUC_^Z][WR`^]\]_Y^aT`[R`]]\^]aUC\OO_VI`[a
`^a\W][`ZaX\aVY^ZYRR\]_Y^FaXC\W]Y^YR_`aYWa`^VY[`aX\a[QVWTQ[\]_Y^aUCQ^`[P_`J
L-^U_ZTY^_KX`a\S`Va@\^U`\WaT\[`NZYX`_XaP[_ZaTYW[aX`aT\[`NK[_Z`aL5;=MJM
9^a[`X\]_Y^a\S`VaX`a=\V'a-^^YS\]_Y^
>? $WLXMRSYNVZLYZOXJXSRSXQWZLYZKXSYTTYZYSZL*XWSYVLXMSXQWZ
LYZLBHRTTYJYWS
L(^_HW`R`^]a\S`Va$\S_P\]_Y^aRWX]_RQU_\a@WZ_^`ZZaL3>3MaYWa$\S_P\]_Y^a
RWX]_RQU_\a=[YO`ZZ_Y^\XaL3> MJMaa
L-^U_ZTY^_KX`a\S`Va@\^U`\WaT\[`NZYX`_XaP[_ZaTYW[aX`aT\[`NK[_Z`aL5;=Ma`]aaa
=\[`NK[_Z`aAY^OY[]a<a][\_]`R`^]a\^]_N_^O[\[YWP`aL5/2MJM
9^a[`X\]_Y^a\S`VaX`a=\V'a-^^YS\]_Y^

g

g

g







g

g

g







g

g









g

g







g

g

g







g

g

g







Z?YM0WX;NYZ&Z%MORXVR=Y
9PU BSVQKXTYNVTZYESBVXYNVTZBOYMSVQM0VQJYTZYSZVR1RSSR1OYTZ
BOYMSVX;NYJYWS
9^a[`X\]_Y^a\S`Va:_^_]_Y^a8YW^P`a=XWZFaE8_^`aYWaDaGTY[]
9PC BSVQKXTYNVZXWSBVXYNVZBOYMSVQM0VQJY
9^a[`X\]_Y^a\S`Va:_^_]_Y^a8YW^P`a=XWZFaE8_^`FaDaGTY[]aYWa,Q][YS_Z`W[Zaa
`E]Q[_`W[ZaQX`V][YVI[YR`Za`]a[\K\]]\KX`ZaQX`V][_HW`R`^]aL)5>M
DUF .RKY&HVQ YMSYNVT
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`FaDaGTY[]Fa=[Y%`V]`W[ZaK_N Q^Y^aL/??MF
=\V'a;US\^V`Ua `^Y^aYWa=\V'a;US\^V`Ua:WXXa89B
DFF 4VQ YMSYNVTZ1X&GBWQWZ
-^VXW]aHW\][`a\^^`\WEaXWR_^`WEa<aB98aTYW[aOY^V]_Y^aUCQVX\_[\P`aU_W[^`a`]a
[QPX\P`a\W]YR\]_HW`aU`aX\aTY[]Q`aU`ZaT[Y%`V]`W[ZJa8`ZaO`WEa\[[_4[`a_^]4P[`^]a
HW\^]a<a`WEaU`ZaVY^UW_]ZaXWR_^`WEa<aB98J
L-^VXW]a8\S`NT[Y%`V]`W[ZaL/>?MJM
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`FaDaGTY[]aYWa=\V'a;US\^V`Ua `^Y^



CZCCUAUU

PDUAUU

D<UAUU

FUUAUU

PUUAUU

CZUDUAUU

7+

/;NXHYJYWSTZLYZTBVXY

#RJJY

,XWXSXQWT

Z

■ U`aZQ[_`
g

`^aYT]_Y^

N ^Y^aU_ZTY^_KX`

GP
Z
GP TIVX
KY
Z
GP EIVX C>L
ZTI KYF
VXK UL
YF
UX
GP
Z G ZEIV
PZE XKY
IV PU
XKY L
F>
X
GP
Z G ZEIV
PZE XKY
IV PD
XKY L
PD
X
4V
X
Z ? EZMO
?2 XYW
ZYW S
Z€

/;NXHYJYWSTZQHSXQWWYOTZ8:5ZGP3

Z?YM0WX;NYZ&Z%MORXVR=YZLZW_]`M
D<P XSZBMORXVR=Y
AYRT[`^Ua#aZTY]ZaU`aU`ZV`^]`a_^]QP[QZa\WEaTY_P^Q`Za`E]Q[_`W[`ZaU`aTY[]`Fa
X_Z`WZ`Za<aXC\S\^]a`]a<aXC\[[_4[`FaQVX\_[\P`aU`ZaR_[Y_[ZaU`aVYW[]Y_Z_`a\S\^]Fa
QVX\_[\P`aUWaK\ZaU`aXCI\K_]\VX`a<aXC\S\^]a`]aQVX\_[\P`aUC\RK_\^V`aT\[\RQ][\KX`a
LKX\^VaYWaY[\^P`MJ
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`aYWaDaGTY[]
D7C 4VQ YMSYNVTZRWSX1VQNXOORVLZ)Z.%IZ
9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]Fa=\V'a;US\^V`Ua `^Y^aYWa
=\V'a;US\^V`Ua:WXXa89B
D72 ,YNEZLYZVQNSYZRWSX&B1OQNXTTYJYWSZ
=\ZZ\P`a\W]YR\]_HW`aU`ZaO`WEaU`a[YW]`a\WEaO`WEaU`aV[Y_Z`R`^]a`^aOY^V]_Y^a
U`ZaVY^U_]_Y^ZaU`aV_[VWX\]_Y^J
9^aVYRK_^\_ZY^a\S`VaX`aT\V'a;US\^V`Ua:WXXa89BaL//?MaYWaX`aT\V'a;US\^V`Ua
`^Y^aL ; MFaX`ZaO`WEaU`a[YW]`aT`WS`^]a ][`aR\_^]`^WZaV\[aX\aTY[]Q`a`]aX\a
OY[R`aUWaO\_ZV`\WaZY^]a\U\T]Q`Za_^Z]\^]\^QR`^]a`]a`^aVY^]_^WJa=`[R`]a\Wa
VY^UWV]`W[aU`a[YWX`[a\WZZ_aXY^P]`RTZaHW`aTYZZ_KX`a\S`VaX`ZaO`WEaU`a[YW]`a
]YW]a`^aZC\ZZW[\^]aU`a^`aT\ZaQKXYW_[aX`Za\W][`ZaWZ\P`[ZaU`aX\a[YW]`J
L(^_HW`R`^]a\S`Va,Q][YS_Z`W[ZaQX`V][YVI[YR`ZaL)5>aYWa)57MJM
9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]Fa=\V'a;US\^V`Ua `^Y^aYWa
=\V'a;US\^V`Ua:WXXa89B

g

g

g







g

g

g







g

g

g







g

g

g







g

g

g

D<UAUU

g

g

g

UAUU

PDUAUU

FDUAUU

CDUAUU

Z6X"=YT
9D' 6X"=YTZRKRWSZBOYMSVX;NYTZ)ZJBJQXVYTZMQWLNMSYNV
,QPX\P`ZaQX`V][_HW`ZaU`a]YWZaX`ZaTX\^ZaUC\ZZ_Z`aU`ZaZ_4P`ZaVY^UWV]`W[a`]
T\ZZ\P`[a\S\^]aZ\WOa\TTW_ZN] ]`aL[QPX\P`aR\^W`XMJaB`WEaTYZ_]_Y^ZaU`aRQRY_[`
TYW[aX`aZ_4P`aVY^UWV]`W[JaAYRT[`^UaX\aOY^V]_Y^aU`aK\ZVWX`R`^]a\W]YR\]_HW`
UWa[Q][YS_Z`W[a`E]Q[_`W[aU[Y_]a\WaT\ZZ\P`aU`aX\aR\[VI`a\[[_4[`J
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`
9>C 6X"=YTZ7LKRWMYLZHQNVZMQWLNMSYNVZYSZHRTTR=YVZRKRWSZ
D\_^]_`^aX\]Q[\Xa[`^OY[VQa`]a[QPX\P`aQX`V][_HW`aU`aX\aX\[P`W[aUWaUYZZ_`[Ja
=YZZ_K_X_]QaU`a[QPX\P`aRQV\^_HW`aZWTTXQR`^]\_[`aTYW[aX\aXY^PW`W[aUC\ZZ_Z`J
9^a[`X\]_Y^a\S`Va:_^_]_Y^a8YW^P`a=XWZa\S`VaG`XX`[_`a]_ZZW*VW_[a=`\[XTY_^]
9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]

RR7!

CZCCUAUU







9>> 7HHNXZOQJ1RXVYZR NTSR1OYZBOYMSVX;NYJYWSZHQNVZTX"=YTZRKRWS
,QPX\P`aQX`V][_HW`aU`aX\aI\W]`W[a`]aU`aX\aT[YOY^U`W[aUWaZYW]_`^aXYRK\_[`J

g

g

g

F'UAUU

9'9 6X"=YTZRKRWSZM0RN@@RWST
AI\WOO\P`aU`Za\ZZ_Z`ZFaUYZZ_`[Za`]aOX\^VZaU`ZaZ_4P`Za\S\^]Ja

g

g

g

9UUAUU

9'< 6X"=YTZRVVX"VYZM0RN@@RWST
AI\WOO\P`aU`Za\ZZ_Z`Za`]aUYZZ_`[ZaU`ZaZ_4P`Za\[[_4[`aX\]Q[\WEJ
L(^_HW`R`^]a\S`VaW^`aZ`XX`[_`aVW_[a`]aG_4P`Za\S\^]aVI\WOO\^]ZaL) )MJM

g

g

g

9UUAUU

Z

/;NXHYJYWSTZQHSXQWWYOT

■ U`aZQ[_`

g

`^aYT]_Y^

N ^Y^aU_ZTY^_KX`

GP
Z
GP TIVX
KY
Z
GP EIVX C>L
ZTI KYF
VXK UL
YF
UX
GP
Z G ZEIV
PZE XKY
IV PU
XKY L
F>
X
GP
Z G ZEIV
PZE XKY
IV PD
XKY L
PD
X
4V
Z ? XEZMO
?2 XYW
ZYW S
Z€

?RVX@TZYSZ@XWRWMYJYWST

Z!QORWST
F9> !QORWSZM0RN@@RWSZ
L9^aVYRK_^\_ZY^a\S`Va+YX\^]aDaP\_^QaVW_[aL"7>MFa_^U_ZTY^_KX`a\S`Va;S`[]_ZZ`W[
UC\^PX`aRY[]aL/; MFa=\V'aG\O`].aL/;GMa`]a=\V'a;US\^V`UaG\O`].aL/;0MJMa

g

g

g

FDD !QORWSZ6HQVSZ=RXWBZMNXV
L-^U_ZTY^_KX`a\S`Va:_^_]_Y^aDaGTY[]JM
9^a[`X\]_Y^a\S`Va:_^_]_Y^a8YW^P`a=XWZaYWaE8_^`

g

g









g

g

N

N

N

g

FFUAUU
CFUAUU

g

g

g

CFUAUU

-CU !QORWSZ:Z=RXWBZMNXVZ
L(^_HW`R`^]a\S`Va@Y ]`aU`aS_]`ZZ`ZaR\^W`XX`a<a3a[\TTY[]ZaYWa@Y ]`aU`a
S_]`ZZ`Za\W]YR\]_HW`a<a2a[\TTY[]Za\S`VaT\X`]]`Za\WaSYX\^]aL?09*?0@MJM
9^a[`X\]_Y^a\S`Va:_^_]_Y^a8YW^P`a=XWZaYWaE8_^`
9^a[`X\]_Y^a\S`Va:_^_]_Y^aDaGTY[]

FUUAUU

CFUAUU







PD> 4RVY&1VXTYZ2QW@QVSZ)ZSVRXSYJYWSZRWSX&XW@VRVQN=Y
-^VXW]a@\^U`\WaT\[`NZYX`_XaP[_ZaTYW[aX`aT\[`NK[_Z`aL5;=MaZ\WOa`^a
VYRK_^\_ZY^a\S`Va;OO_VI\P`a0 ]`a \W]`a (BaVYWX`W[aL37>MJM

g

g

g

F-UAUU

P74 8RWLYRNZHRVY&TQOYXOZ=VXTZHQNVZOYZHRVY&1VXTYZ
L-^U_ZTY^_KX`a\S`Va;OO_VI\P`a0 ]`a \W]`a (BaVYWX`W[aL37>Ma`]aX`a
=\V'a-^^YS\]_Y^JM
9^a[`X\]_Y^a\S`Va=\[`NK[_Z`aAY^OY[]a<a][\_]`R`^]a\^]_N_^O[\[YWP`aL5/2M

g

g

g

CUUAUU

g

g

g

UAUU

9C- 6SQVYTZHRVY&TQOYXOZJBMRWX;NYTZHQNVZKXSVYTZORSBVROYTZRVVX"VY

g

g

g

F<UAUU

9FU !XSVR=YZMROQVX@N=Y
+_][\P`aTXWZaOY^VQaTYW[aX`ZaS_][`ZaX\]Q[\X`Za\[[_4[`a`]aX\aXW^`]]`a\[[_4[`J

g

g

g

9UUAUU

DP< 20RN@@R=YZRNEXOXRXVY
=`[R`]aU`aT[YP[\RR`[aX`aVI\WOO\P`aU`aX\a@D1a 5aTYW[a\[[_S`[aU\^ZaW^a
SQI_VWX`aUQ%<aUQP_S[Qa\S`VaW^`aVI\X`W[a\P[Q\KX`a<aXC_^]Q[_`W[Ja8\aS`^]_X\]_Y^a
\WE_X_\_[`aS_`^]aVYRTXQ]`[aV`]aQHW_T`R`^]aXCQ]QFaT`[R`]]\^]aU`a[\O[\ VI_[a
XCI\K_]\VX`aU`aX\a@D1a 5aZ]\]_Y^^Q`J

g

g

g

CZ9UUAUU

Z2QW@QVSZMOXJRSX;NY

7

/;NXHYJYWSTZLYZTBVXY

#RJJY

,XWXSXQWT

Z

GP
Z
GP TIVX
KY
Z
GP EIVX C>L
ZTI KYF
VXK UL
YF
UX
GP
Z G ZEIV
PZE XKY
IV PU
XKY L
F>
X
GP
Z G ZEIV
PZE XKY
IV PD
XKY L
PD
X
4V
X
Z ? EZMO
?2 XYW
ZYW S
Z€

/;NXHYJYWSTZQHSXQWWYOTZ8:5ZGP3
■ U`aZQ[_`
g

`^aYT]_Y^

N ^Y^aU_ZTY^_KX`

Z%;NXHYJYWSZ@QWMSXQWWYOZXWSBVXYNVZYSZYESBVXYNV
P72 2VQM0YSZL*RSSYOR=YZYWSX"VYJYWSZBOYMSVX;NY
D\^Y`WS[`aQX`V][_HW`aUWaV[YVI`]aUC\]]`X\P`aS_\aW^a_^]`[[WT]`W[ TX\VQaU\^ZaX`a
VYOO[`JaAI\[P`a[`RY[HW\KX`a%WZHWC<a?a)>>a'PaL?a>>>a'PaTYW[aX`Za@D1a
5aZB[_S`?>_FaZB[_S`72UaL@+;2a`]a@+D3Ma`]a 5aEB[_S`?>UaL@+D3MMJ

g

g

g

CZFCUAUU

PUF 7ORVJYZRWSXKQOZ

g

g

g

9'UAUU

PC' ?BOBMQJJRWLYZNWXKYVTYOOYZXWSB=VBY
L(^_HW`R`^]a\S`Va,Q][YS_Z`W[ZaQX`V][YVI[YR`ZaL)5>aYWa)57MJM

g

g

g

PDUAUU

PFF 7MM"TZ2QW@QVSZRKYMZQNKYVSNVY @YVJYSNVYZTRWTZMQWSRMSZLNZ0R(QWZ
6JRVSZ HYWYV
BQS`[[YW_XX\P`FaO`[R`]W[`a`]aUQR\[[\P`aZ\^ZaVXQJa-^VXW]aU`ZaZTY]ZaU`aU`ZV`^]`a
_^]QP[QZ \WEaTY_P^Q`Za`E]Q[_`W[`ZaU`aTY[]`ZJa$YWS`XX`aOY^V]_Y^a
UCYWS`[]W[`a*aO`[R`]W[`aZ\^ZaVY^]\V]aUWaI\.Y^aT\[aUQ]`V]_Y^aUCW^aRYWS`R`^]a
T[QV_ZaUWaT_`UaZYWZaX`aKYWVX_`[a\[[_4[`J
L:Y^V]_Y^aUCYWS`[]W[`*O`[R`]W[`aZ\^ZaVY^]\V]aUWaVYOO[`a GR\[]a T`^`[ a
_^U_ZTY^_KX`a\S`VaX\a:_^_]_Y^aDaGTY[]JM

g

g

g

<DUAUU

9UF ?QXSZQNKVRWSZHRWQVRJX;NYZYWZKYVVY

g

g

g

CZ<UUAUU

9CP ,XOYSZLYZTBHRVRSXQWZLNZMQ@@VY

g

g

g

FUUAUU







99C XSZ@NJYNVT
A`^U[_`[a`]a\XXWR`aV_P\[`aU\^ZaX\aVY^ZYX`aV`^][\X`J

g

g

g

DUAUU

9 6RMZ)ZT XTZYSZ)ZTWQ+1QRVLTZ
=`[R`]aU`a][\^ZTY[]`[a`^a]YW]`aZQVW[_]QaHW\][`aT\_[`ZaU`aZ'_ZaYWa][Y_Za
Z^Y!KY\[UZaZ\^ZaZ\X_[aXCI\K_]\VX`a]YW]a`^aX\_ZZ\^]aZWOO_Z\RR`^]aU`aTX\V`aTYW[a
HW\][`aT`[ZY^^`ZJ

g

g

g

CFUAUU

/R GGQPPJOLQRE9 LO=ONQR8:5@

RR7(

9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`aYWaDaGTY[]

Z

/;NXHYJYWSTZQHSXQWWYOT

GP
Z
GP TIVX
KY
Z
GP EIVX C>L
ZTI KYF
VXK UL
YF
UX
GP
Z G ZEIV
PZE XKY
IV PU
XKY L
F>
X
GP
Z G ZEIV
PZE XKY
IV PD
XKY L
PD
X
4V
Z ? XEZMO
?2 XYW
ZYW S
Z€

?RVX@TZYSZ@XWRWMYJYWST

■ U`aZQ[_`

g

`^aYT]_Y^

N ^Y^aU_ZTY^_KX`

ZIXKYVSXTTYJYWSZYSZMQJJNWXMRSXQWZ&Z RLXQAZ RKX=RSXQWZYSZ8ONYSQQS0
<U< RKX=RSXQWZJNOSXJBLXRZ8NTXWYTTZ

g

g









CZ<DUAUU

.RZ RKX=RSXQWZJNOSXJBLXRZ8NTXWYTTZKQNTZQ@@VYZNWYZTQONSXQWZMQJHO"SYZ
HQNVZKQNTZ=NXLYVZ)ZLYTSXWRSXQWZLYZJRWX"VYZY@@XMRMYZYSZYWZSQNSZMQW@QVSZ
=V MYZRNEZLX@@BVYWSTZMQWSYWNTZJNOSXJBLXRZRMMYTTX1OYT3
Na9V[\^aTX\]aVYWX`W[aO_E`a3F/CCaL73F/aVRMaI\W]`a[QZYXW]_Y^aL2>>aEa)2>aT_E`XZM
Na2a]YWVI`ZaU`aO\SY[_ZaT[YP[\RR\KX`Za`]a AY^][YXX`[ a_B[_S`a\S`Va]YWVI`Za
U`a[\VVYW[V_
Na$YWS`\WaT[YV`ZZ`W[a_^]`[^`aTYW[aW^`aS_]`ZZ`aU`aV\XVWXa`]aUC\OO_VI\P`a
_^QU_]`Ja$YWS`XX`a_^]`[O\V`aW]_X_Z\]`W[a\S`Va\^_R\]_Y^ZaOXW_U`Za`]a
P[\TI_ZR`Za5BJ
RKX=RSXQWZ
Na W_U\P`a<aU`Z]_^\]_Y^aT\[aOX4VI`Za`]*YWaV\[]`a`^a?BaLY[_`^]\]_Y^a$Y[UaYWa
Z`^ZaU`aX\aR\[VI`MaYWaRYU`a @_[UaS_`! a`^aT`[ZT`V]_S`
NaDYU`a^W_]aT[YP[\RR\KX`
Na9VI`XX`aU`a/>aRa<a5a>>>a'R
NaA\[]YP[\TI_`aU`aXC9W[YT`aVY^]`^\^]aTXWZaU`a3F?aR_XX_Y^ZaU`aTY_^]ZaUC_^]Q[ ]Za
UY^]a7F?aR_XX_Y^aTYW[aX\a:[\^V`
Na,`T[QZ`^]\]_Y^a5BaU`aV`[]\_^ZaTY_^]ZaUC_^]Q[ ]Z
Na=X\^_O_V\]_Y^aUC_]_^Q[\_[`a`]aPW_U\P`aU.^\R_HW`aZ`XY^a_^OY[R\]_Y^a][\O_Va0DA
NaA[_]4[`ZaUC_]_^Q[\_[`Za\X]`[^\]_OZ
NaD_Z`a<a%YW[aU`aX\aV\[]`aT\[aT[YP[\RR\]_Y^a`^a\]`X_`[a\T[4ZNS`^]`aYWaVXQa(G@a
<a\VI`]`[a`^aVY^V`ZZ_Y^
Na=YW[aX`ZaRYU4X`ZaUY]QZaU`aX\aKY ]`aU`aS_]`ZZ`Za\W]YR\]_HW`FaOY^V]_Y^^\X_]Qa
AY^^`V]`UGI_O]aW]_X_Z\^]aX`ZaUY^^Q`ZaU`a^\S_P\]_Y^a\O_^aU`aT[YTYZ`[aW^`a
P`Z]_Y^aT[Y\V]_S`aL\^]_V_T\^]aX`ZaS_[\P`ZFaX\aUQVX_S_]QFa`]VJMaU`aX\aKY ]`aU`a
S_]`ZZ`a\W]YR\]_HW`
:NOSXJBLXRZ
NaBYWKX`a0W^`[a,BGa:DFa_^OYN[YW]`aL0=MFaX`V]`W[aABaVYRT\]_KX`a\S`VaU_S`[Za
OY[R\]ZaU`aVYRT[`ZZ_Y^a\WU_Y
Na;OO_VI\P`aU`ZaUY^^Q`ZaU`aXCY[U_^\]`W[aU`aKY[UFaU`ZaUQ]\_XZaU`Za]_][`Za
RWZ_V\WEaU`ZaABa`]aU`Za\TT\[`_XZa`E]`[^`ZaVY^^`V]QZaLS_\aKXW`]YY]IaYWa
(G@MFaU`ZaZ]\]_Y^ZaU`a[\U_YFaU`Za^WRQ[YZaU`a]QXQTIY^`a`]aU`Za^YRZaU`Za
VY^]\V]Z
NaG][`\R_^Pa\WU_Ya@XW`]YY]IaLT`[R`]aUCQVYW]`[aX\aRWZ_HW`a_ZZW`aUCW^a
ZR\[]TIY^`aS_\aX`aZ.Z]4R`aI_NO_aU`aX\aSY_]W[`aZ\^ZaVY^^`E_Y^aO_X\_[`M
Na:Y^V]_Y^^\X_]QaG-,-a`^aVYRK_^\_ZY^a\S`VaW^a_=IY^` VYRT\]_KX`
Na$Y]_V`aUCW]_X_Z\]_Y^aU`aX\aSY_]W[`a_^]QP[Q`a`]aA\[^`]aUC`^][`]_`^aQX`V][Y^_HW`a
\S`Va@D1aG`[S_V`a _Z]Y[.
9^a[`X\]_Y^a\S`Va:_^_]_Y^a8YW^P`a=XWZaYWaDaGTY[]

7,

/;NXHYJYWSTZLYZTBVXY

#RJJY

,XWXSXQWT

Z

■ U`aZQ[_`
g

`^aYT]_Y^

N ^Y^aU_ZTY^_KX`

GP
Z
GP TIVX
KY
Z
GP EIVX C>L
ZTI KYF
VXK UL
YF
UX
GP
Z G ZEIV
PZE XKY
IV PU
XKY L
F>
X
GP
Z G ZEIV
PZE XKY
IV PD
XKY L
PD
X
4V
X
Z ? EZMO
?2 XYW
ZYW S
Z€

/;NXHYJYWSTZQHSXQWWYOTZ8:5ZGP3

ZIXKYVSXTTYJYWSZYSZMQJJNWXMRSXQWZ&Z RLXQAZ RKX=RSXQWZYSZ8ONYSQQS0ZLZW_]`M
<U' RKX=RSXQWZJNOSXJBLXRZ4VQ@YTTXQWROZ
9^aTXWZaU`aX\a$\S_P\]_Y^aRWX]_RQU_\a@WZ_^`ZZaL3>3Ma#a
NaQV[\^aVYWX`W[aU`aP[\^U`a]\_XX`a2F2CCaL??F)aVRMaUCW^`a[QZYXW]_Y^aU`a7?2>aEa)2>a
T_E`XZFaOY^V]_Y^^\X_]QaQV[\^aZQT\[Q
Na AY^][YXX`[ a_B[_S`a0YWVIaT`[R`]]\^]aX\aZ\_Z_`aU`aV\[\V]4[`ZaZW[aX`aT\SQa]\V]_X`
Na$\S_P\]_Y^a\S`VaRYUQX_Z\]_Y^aU`ZaK ]_R`^]Za`^a5BaTYW[aX`ZaP[\^U`ZaS_XX`Za
`W[YTQ`^^`Za`]a\OO_VI\P`aTIY]Y[Q\X_Z]`aU`aX`W[ZaT[_^V_T\WEaRY^WR`^]Z
Na;ZZ_Z]\^]aT[Y\V]_OaU`aUQVQXQ[\]_Y^a_^U_HW\^]a\WaVY^UWV]`W[aX`aRYR`^]a_UQ\Xa
TYW[a[`X VI`[aXC\VVQXQ[\]`W[a\S\^]aW^aS_[\P`aYWaW^`aK\_ZZ`aU`aS_]`ZZ`a
[QPX`R`^]\_[`a\O_^aU`a[QUW_[`aX\aVY^ZYRR\]_Y^
AYRT[`^UaQP\X`R`^]aW^`aKYWZZYX`a^WRQ[_HW`J
9ZT\V`aUQU_QaU`a?>F/a YaZW[aX`aU_ZHW`aUW[aTYW[aX`ZaUY^^Q`Za\WU_YaT`[ZY^^`XX`ZJa
@\Z`aU`aUY^^Q`Za [\V`^Y]`aOYW[^_ZZ\^]aX`aUQ]\_XaU`Za]_][`ZaRWZ_V\WEJ
-^VXW]aQP\X`R`^]aX`aZ.Z]4R`aUC-^OY[R\]_Y^a0[\O_Va`^a0`RTZa,Q`Xa,00-a`^a
VYRK_^\_ZY^a\S`VaX`ZaG`[S_V`Za@D1aAY^^`V]`UB[_S`J
9^a[`X\]_Y^a\S`Va:_^_]_Y^a8YW^P`a=XWZaYWaDaGTY[]
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`aYWa=\V'a@D1aAY^^`V]`UB[_S`
<D9 ?NWYVZI78
=`[R`]aX\a[QV`T]_Y^aU`aX\a[\U_Ya^WRQ[_HW`a`]aYOO[`aW^`aHW\X_]QaZY^Y[`aT[YVI`a
UWaABJa8\a,\U_Ya$WRQ[_HW`a0`[[`Z][`a`Z]aU_ZTY^_KX`a<a=\[_ZFaD\[Z`_XX`a`]a$_V`a
U`TW_Za%W_^a?>7)a]\^U_ZaHW`aX`ZaS_XX`ZaU`a$\^]`Za`]aU`a8.Y^aZY^]a`^aTI\Z`a
UC`ETQ[_R`^]\]_Y^J

RR;1

g

g

N

N

N

g

FZDUUAUU
>DUAUU

g

g

g

>DUAUU
PPUAUU







g

g

g

Z

/;NXHYJYWSTZQHSXQWWYOT

■ U`aZQ[_`

g

`^aYT]_Y^

N ^Y^aU_ZTY^_KX`

GP
Z
GP TIVX
KY
Z
GP EIVX C>L
ZTI KYF
VXK UL
YF
UX
GP
Z G ZEIV
PZE XKY
IV PU
XKY L
F>
X
GP
Z G ZEIV
PZE XKY
IV PD
XKY L
PD
X
4V
Z ? XEZMO
?2 XYW
ZYW S
Z€

?RVX@TZYSZ@XWRWMYJYWST

ZIXKYVSXTTYJYWSZYSZMQJJNWXMRSXQWZ&Z RLXQAZ RKX=RSXQWZYSZ8ONYSQQS0ZLZW_]`M
< 6 2QWWYMSXKXSBZRKRWMBYZ
:Y^V]_Y^^\X_]QZa`^aTXWZaU`aXC-^]`[O\V`a@XW`]YY]Ia`]aTY[]a(G@aU`aZQ[_`a#

g

g

g

DCUAUU

g

9CUAUU

$WSB=VRSXQWZQHSXJXTBYZ
NaG.Z]4R`aU`aVYRR\^U`aSYV\X`a\S\^VQ`aLTYW[a]QXQTIY^`FaX`V]`W[ZaR`U_\a
`]a^\S_P\]_Y^M
Na=[QZ`^V`aU`a?aR_V[YZ
Na@[\^VI`R`^]aTYZZ_KX`aUWa]QXQTIY^`aTY[]\KX`aT\[a\U\T]\]`W[aG^\TN_^a
TYW[a[`VI\[P`aUWa]QXQTIY^`a`]aVY^^`E_Y^a<aXC\^]`^^`a`E]Q[_`W[`aL21Ma
U`aX\aSY_]W[`aL\U\T]\]`W[a^Y^aVYRT[_Za<aVYRR\^U`[a`^a\VV`ZZY_[`M
,QWMSXQWWROXSBTZJYLXRZYSZLYZMQJJNWXMRSXQWZTNHHOBJYWSRXVYTZHXOQSR1OYTZ
LYHNXTZO*XIVXKYZTNVZO*BMVRWZLYZMQWSV OYZ
NaG.^VI[Y^_Z\]_Y^aU`aXC\P`^U\*] VI`Z*^Y]`ZaT[YS`^\^]aUWa]QXQTIY^`
Na8`V]W[`aU`ZaZRZa`]a`NR\_XZaUWa]QXQTIY^`aS_\aXCQV[\^aU`aVY^][ X`
NaB_V]Q`aSYV\X`aU`ZaZRZa`]a`NR\_XZ
Na+_ZW\X_Z\]_Y^aU`ZaTIY]YZaU`ZaVY^]\V]ZaUWaV\[^`]aUC\U[`ZZ`Z
Na WR`X\P`aTYZZ_KX`aU`a?a]QXQTIY^`Za`]aUCW^aX`V]`W[a\WU_Y
Na;OO_VI\P`aU`ZaTYVI`]]`ZaUC\XKWR
Na8`V]W[`FaZQX`V]_Y^Fa`]a\OO_VI\P`aU`ZaTYVI`]]`ZaUC\XKWRa`^aZ][`\R_^PaZ\^ZaO_Xa
U`Za]_][`Za\WU_YaZ]YV'QZaZW[a_=IY^`aS_\aVY^^`E_Y^a@XW`]YY]IaLW^_HW`R`^]a
\S`Va$\S_P\]_Y^aRWX]_RQU_\a=[YO`ZZ_Y^\XM
Na8`V]W[`aU`ZaO_VI_`[Za\WU_YaUWa]QXQTIY^`aS_\aTY[]a(G@aYWa\U\T]\]`W[aG^\TN_^
Na8`V]W[`aU`ZaO_VI_`[ZaS_UQYZaS_\aTY[]a(G@aLW^_HW`R`^]a\S`Va$\S_P\]_Y^a
RWX]_RQU_\a=[YO`ZZ_Y^\XM
NaD_Z`a<a%YW[aUWaXYP_V_`XaS_\aTY[]a(G@
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`aYWa$\S_P\]_Y^aRWX]_RQU_\a=[YO`ZZ_Y^\XaL3> M
9^a[`X\]_Y^a\S`Va=\V'a@D1aAY^^`V]`UB[_S`

g



g





/R0JDFKMO>OIOMCREQPREOAACLQNMQPRAJNGMOJNNKIOMCPRKBQGRIQPRMCICF4JNQPR8IHQMJJM4RLQGJDDKNECPRPHLR R+++31J+3@V 1ONYSQQS0
//R NO?HQDQNMRQNRGJD>ONKOPJNRKBQGR KBO=KMOJNRDHIMODCEOKR*LJAQPPOJNKIRQMRHNRGJDFMQR0JNNQGMQE-LOBQ@R >JNNQDQNMR.RPJHPGLOLQRKHFL PREQRIKRPJGOCMCR HKNGQ
&7"3,+R R 0RFKLRKN'@

;6

/;NXHYJYWSTZLYZTBVXY

#RJJY

,XWXSXQWT

Z

■ U`aZQ[_`
g

`^aYT]_Y^

N ^Y^aU_ZTY^_KX`

GP
Z
GP TIVX
KY
Z
GP EIVX C>L
ZTI KYF
VXK UL
YF
UX
GP
Z G ZEIV
PZE XKY
IV PU
XKY L
F>
X
GP
Z G ZEIV
PZE XKY
IV PD
XKY L
PD
X
4V
X
Z ? EZMO
?2 XYW
ZYW S
Z€

/;NXHYJYWSTZQHSXQWWYOTZ8:5ZGP3

Z6YVKXMYTZSBOBJRSX;NYTZ8:5Z2QWWYMSYLIVXKY
8`ZaZ`[S_V`Za]QXQR\]_HW`Za@D1aAY^^`V]`UB[_S`aW]_X_Z`^]aW^`aV\[]`aG-Da
T[QN\V]_SQ`aUCWZ_^`aOY^V]_Y^^\^]aU\^ZaX\aTXWT\[]aU`ZaT\.ZaUC9W[YT`a
LZ\WOaYT]_Y^a-^]`[^`]MaZ\^ZaZW[VY ]Ja
8\aU\]`aU`aUQKW]aU`ZaZ`[S_V`ZaVY[[`ZTY^Ua<aX\aU\]`aU`aT[`R_4[`aT[QT\[\]_Y^a
<aX\a[YW]`aU`aX\aSY_]W[`aT\[aX`aAY^V`ZZ_Y^^\_[`aX_S[`W[Ja8`ZaZ`[S_V`ZaZY^]a
<aWZ\P`a_XX_R_]QaT`^U\^]aX\aUW[Q`aUWaVY^][\]J
8`ZaVY^U_]_Y^ZaPQ^Q[\X`ZaUCW]_X_Z\]_Y^aU`ZaZ`[S_V`ZaZY^]aVY^ZWX]\KX`ZaZW[
X`aZ_]`a_^]`[^`]a+++31J+3@V MQWWYMSYLLVXKYJa=YW[a]YW]a[`^Z`_P^`R`^]aZW[a
X`ZaZ`[S_V`Za@D1aAY^^`V]`UB[_S`aSYWZaTYWS` aVY^]\V]`[aSY][`a
AY^V`ZZ_Y^^\_[`a@D1aYWa%Y_^U[`aX`aA`^][`aUC-^]`[\V]_Y^ZaAX_`^]Za
U`a@D1a:[\^V`a\Wa>27>a?""a)"2aLUWaXW^U_a\WaS`^U[`U_FaU`a2I5>a<a7 I>>Fa
T[_EaUCW^a\TT`XaXYV\XaU`TW_ZaW^aTYZ]`aO_E`MJ
<72 7HHYOZL* V=YWMYZ$WSYOOX=YWSZ LNVBYZLYZKXYZLYZORZKQXSNVY
:Y^V]_Y^aUC\TT`Xa\W]YR\]_HW`aS`[ZaX`aV`^][`aUC\ZZ_Z]\^V`a@D1a`^aV\Za
UC\VV_U`^]Ja0YWVI`aG Ga\WaTX\OY^^_`[aTYW[a;TT`XaUC([P`^V`aR\^W`XJa
8`ZaUY^^Q`Za_RTY[]\^]`ZaZY^]a\W]YR\]_HW`R`^]a][\^ZR_Z`Za#a_U`^]_O_V\]_Y^a
`]aXYV\X_Z\]_Y^aU`aX\aSY_]W[`Fa^YRK[`aU`aT\ZZ\P`[Za<aKY[UFaZ]\]W]aU`Za\_[K\PZJ
<7% 6YVKXMYTZ7HV"T&!YWSYZMQWWYMSBTZ8:5Z?YOY6YVKXMYTZ
LNVBYZLYZKXYZLYZORZKQXSNVY
Z7HHYOZ7NSQJRSX;NYZ8:5Z?YOYTYVKXMYZ 8Y[ZHWCW^`aQVIQ\^V`aU`a
R\_^]`^\^V`a`Z]aUQ]`V]Q`aT\[aX\aSY_]W[`FaW^a\TT`Xa0`X`Z`[S_V`a;W]YR\]_HW`a
`Z]aPQ^Q[Qa`]aX`ZaUY^^Q`ZaZY^]aU_[`V]`R`^]a`^SY.Q`ZaS`[ZaSY][`a,QT\[\]`W[a
;P[QQa@D1J
6a7HHYOZ:RWNYOZ8:5Z?YOYTYVKXMYZ ;TT`XaS`[ZaSY][`a,QT\[\]`W[a;P[QQa@D1a
TYW[aYK]`^_[aW^a[`^U` NSYWZJ
6a7HHYOZ 8:5Z7TTXTSRWMY Z ;aSY][`a_^_]_\]_S`FaW^`aVYRRW^_V\]_Y^a`Z]aQ]\KX_`a
\S`VaW^a]`VI^_V_`^aUC\ZZ_Z]\^V`aHW\X_O_QaHW_aT`W]aX\^V`[aW^a]QXQU_\P^YZ]_Va
SY_[`aR R`aZ`XY^aX`ZaV\ZaW^`a]QXQ\ZZ_Z]\^V`aTYW[a_^]`[S`^_[a<aU_Z]\^V`Ja
8YV\X_Z\]_Y^aU`aX\aSY_]W[`a][\^ZR_Z`a\WaZ`[S_V`aU`aUQT\^^\P`aZ_a^QV`ZZ\_[`J
6a7HHYOZ QSOXWY Z ;aSY][`a_^_]_\]_S`FaR_Z`a`^a[`X\]_Y^a\S`VaW^aAY^Z`_XX`[a
UWaA`^][`aUC-^]`[\V]_Y^aAX_`^]Za@D1aTYW[a]YW]`a_^OY[R\]_Y^aVY^V`[^\^]a
XC`^Z`RKX`aU`ZaG`[S_V`Za@D1aAY^^`V]`UB[_S`J
6a2QWSV OYZLYZORZ1RSSYVXYZ8:5Z?YOYTYVKXMYZ ;X`[]`aT\[aGDGaYWa`R\_Xa
`^aV\ZaU`aUQVI\[P`aU`aX\aK\]]`[_`J

RR;7













Z

/;NXHYJYWSTZQHSXQWWYOT

■ U`aZQ[_`

g

`^aYT]_Y^

N ^Y^aU_ZTY^_KX`

GP
Z
GP TIVX
KY
Z
GP EIVX C>L
ZTI KYF
VXK UL
YF
UX
GP
Z G ZEIV
PZE XKY
IV PU
XKY L
F>
X
GP
Z G ZEIV
PZE XKY
IV PD
XKY L
PD
X
4V
Z ? XEZMO
?2 XYW
ZYW S
Z€

?RVX@TZYSZ@XWRWMYJYWST

Z6YVKXMYTZSBOBJRSX;NYTZ8:5Z2QWWYMSYLIVXKYZLZW_]`M
g

g

g

9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`Fa@YWHW`]aG`[S_V`ZaAY^^`V]`UB[_S`aL"G M
YWa=\V'a@D1aAY^^`V]`UB[_S`aL 05M







<7: $W@QVJRSXQWZ?VR@XMZYWZ?YJHTZ BYOZ ??$Z PZRWT
-^OY[R\]_Y^a][\O_VaT[QV_Z`a`]a`^a]`RTZa[Q`XaTYW[aX\a^\S_P\]_Y^FaUQZY[R\_Za
QP\X`R`^]aU_ZTY^_KX`a`^aVYRK_^\_ZY^a\S`Va$\S_P\]_Y^aDWX]_RQU_\a@WZ_^`ZZJ
AYWS`[]W[`a][4ZaX\[P`aUWa[QZ`\Wa`W[YTQ`^a#a\W]Y[YW]`ZFa[YW]`Za^\]_Y^\X`Za`]a
P[\^UZa\E`ZaW[K\_^ZJ
9^aVYRK_^\_ZY^a\S`Va$\S_P\]_Y^aDWX]_RQU_\a=[YO`ZZ_Y^\Xa#aW]_X_Z`aUQZY[R\_Z
X`ZaI_Z]Y[_HW`ZaU`ZaVY^U_]_Y^ZaU`aV_[VWX\]_Y^aTYW[aT[YTYZ`[aU`Za_]_^Q[\_[`Za
\X]`[^\]_OZa\U\T]QZa\WEaI`W[`ZaU`aTY_^]`J
L(^_HW`R`^]a\S`VaW^aG.Z]4R`aU`a^\S_P\]_Y^aL3>3*3> Ma`]aG`[S_V`Za
AY^^`V]`UB[_S`aL3; MJM

g

g

g

9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`Fa@YWHW`]aG`[S_V`ZaAY^^`V]`UB[_S`aL"G M
YWa=\V'a@D1aAY^^`V]`UB[_S`aL 05M







<7 6YVKXMYTZ2QWWYMSYLIVXKYZ PZRWT
=Y[]\_XaUC_^OY[R\]_Y^Za`RK\[HWQaT`[R`]]\^]a^Y]\RR`^]aX\a[QV`T]_Y^aU`Za
UY^^Q`ZaZW_S\^]`Za#a\V]W\X_]QZaLUQT VI`Za;:=MFa\V]W\X_]QZaT`[ZY^^\X_ZQ`Za
LOXWEa,GGMFaT[QS_Z_Y^ZaRQ]QY[YXYP_HW`ZFaPW_U`aU`aSY.\P`aL_^OYZaXQP\X`ZFa
!`KV\RZFaT\['_^PZMFa_RTY[]aUC_]_^Q[\_[`ZaL@D1a,YW]`ZMFa[`VI`[VI`aXYV\X`a
YYPX`0DFa YYPX`aG`^Ua]YaA\[0DFa_R\P`Za<aU`Z]_^\]_Y^a YYPX`0D G][``]a+_`!a
`]a=\^Y[\R_YFaOY^V]_Y^aG`^Ua]Ya=IY^`aU`aX\aU`Z]_^\]_Y^aUWa =GFa][\^ZO`[]aUWa
T[YO_XaVY^UWV]`W[FaKW[`\WaRYK_X`aLVYRT]`aU`aR`ZZ\P`[_`a`NR\_XaT[_SQFa
[QT`[]Y_[`aU`aVY^]\V]ZMJ

P<UAUU

-^VXW]aQP\X`R`^]aX`ZaOY^V]_Y^^\X_]QZa8:5Z7HHT7 #
AYRR\^U`aZW[aXCQV[\^aU`aX\aSY_]W[`aU`aXC\TTX_V\]_Y^aTYW[aZR\[]TIY^`Za@D1a
AY^^`V]`UaL]!_]]`[Fa!`K[\U_YZFaV\X`^U[_`[Fa!_'_XYV\XFaX\Z]aR_X`a^\S_P\]_Y^Ma\_^Z_a
HW`aU`Za\TTX_V\]_Y^Za]_`[V`ZaUY^]a;(=9 FaB`` `[FaGTY]_O.Fa0W^`-^Fa$\TZ]`[J
@D1a;TTZa^QV`ZZ_]`aX\aVY^^`E_Y^aUCW^aZR\[]TIY^`a;TTX`a_=IY^`aYWa;^U[Y_U
LS`[Z_Y^a)J?J?aYWaZWTQ[_`W[`MJa8`Za\TTX_V\]_Y^ZaVYRT\]_KX`ZaU_OO4[`^]aZ`XY^a
X`ZaZR\[]TIY^`ZJ
=`[ZY^^\X_Z\]_Y^a`]aT\[\RQ][\P`ZaU`ZaZ`[S_V`Za<a`OO`V]W`[aZW[aX`aTY[]\_Xa
-^]`[^`]a D.a@D1aAY^^`V]`UB[_S` a#a+++31J+&MQWWYMSYLLVXKY3@V3

6

C<UAUU

%KRGJDFKMO>OIOMCREQRI9ONMQLAKGQREHRBC4OGHIQRKBQGRIQPRMQLDONKH<RDJ>OIQPR&BOKR $8RJHRKEKFMKMQHLR$NKF ON'RKONPOR?HQRIQPRKFFIOGKMOJNPRJAAQLMQPR& FFP'REOAA LQRPHOBKNMRIQPREOAACLQNMP
MQLDONKH<RQMRFQHMRG4KN=QLRQNRFKLMOGHIOQLRQNRAJNGMOJNREQPREOAACLQNMQPRBQLPOJNPREQRIJ=OGOQIPRE9HNRMQLDONKI@R%KRGJDFKMO>OIOMCRQNMLQRIQRBC4OGHIQ3RI9KFFKLQOIRDJ>OIQRQMRIQP
KFFIOGKMOJNPRQPMREJNGRIKL=QDQNMRMLO>HMKOLQREQRIKRBQLPOJNREQRIJ=OGOQIREHRMQLDONKI@
-9KHMLQPRAKGMQHLPRQ<MQLNQPR&FKLRQ<@RGJHBQLMHLQRQMR?HKIOMCREHRLCPQKH3RONMQLAKGQPRKBQGRIQPRFIKMQP AJLDQPRMOQLGQP3RCMKMREQRPQLBOGQREQRI9KFFKLQOIRDJ>OIQ'RFQHBQNMRFKLAJOPRQNMLK NQL
EQPRLQPMLOGMOJNPREQRAJNGMOJNNQDQNMRPFJLKEO?HQPRD DQRPORIQPRKFFKLQOIPRMLKBKOIIQNMR=CNCLKIQDQNMREQRDKNO LQRAOK>IQ@R0QLMKONQPRKFFIOGKMOJNPRAJNMRKFFQIR.REQPRPQLBOGQPREQRMOQLP
JAAQLMPRBOKR NMQLNQMR RGQH< GORJNMREQPRODFKGMPRPHLRIQRAJNGMOJNNQDQNM3RGQR?HORFQHMRGJNEHOLQR.REQPRLQPMLOGMOJNP3RFKLRQ<QDFIQRIJLP?HQRIQPRAJHLNOPPQHLPRDJEOAOQNMRI9ONMQLAKGQREQRGQP
PQLBOGQP@R8:5RNQRFQHMREJNGRFKPRQN=K=QLRPKRLQPFJNPK>OIOMCRFJHLRIKRGJDFKMO>OIOMCRQMRIQRAJNGMOJNNQDQNMRFQLDKNQNMREQRBJMLQRKFFKLQOIRDJ>OIQRQNRONMQLKGMOJNRKBQGRI9ONMQLAKGQREQ
BJMLQRBC4OGHIQ3RIQPRKFFIOGKMOJNPRKONPOR?HQRIQPRPQLBOGQPRJAAQLMPRFKLREQPRMOQLP@
%KR8:5R0JNNQGMQER FFRQPMREOPFJNO>IQREKNPRIKR>JHMO?HQRE9KFFIOGKMOJNPREHRP2PM DQRE9Q<FIJOMKMOJNRHMOIOPCRFKLRIQRMQLDONKI@R%QPRDOPQPR.R JHLRPJNMRFJPPO>IQPRPKNPRPHFFICDQNM
EQRFLO<3REQPRQ<MQNPOJNPRFQHBQNMRQNRLQBKNG4QR MLQRFK2KNMQP@R NQRGJNNQ<OJNREQPREJNNCQPRFKLR4KHMREC>OMRQPMRNCGQPPKOLQR RIQPRGJ
MPRGJLLQPFJNEKNMPR&FKLRQ<@RPQLBOGQREQ
EJNNCQPRQNROMONCLKNGQ'RPJNMRFKLMOQRGJNPMOMHKNMQREHRGJNMLKMREHRGIOQNMRKBQGRIQRAJHLNOPPQHLREQRMCICF4JNOQRDJ>OIQ@
JHMQPRIQPRKFFIOGKMOJNPRNQRFQHBQNMR MLQRHMOIOPCQPR?H9QNRFKLAKOMQRGJNAJLDOMCRKBQGRIQRGJEQREQRIKRLJHMQRQMRHNO?HQDQNMRIJLP?HQRIQPRGJNEOMOJNPRIQRFQLDQMMQNM@R%KRPCGHLOMCREH
GJNEHGMQHLRQMREQPRFKPPK=QLPRKONPOR?HQRIQRLQPFQGMREQPRKHMLQPRHPK=QLPREQRIKRLJHMQREJOBQNMRLQPMQLRFLOJLOMKOLQRQNRMJHMQPRGOLGJNPMKNGQP@

;;

/;NXHYJYWSTZLYZTBVXY

#RJJY

,XWXSXQWT

Z

■ U`aZQ[_`
g

`^aYT]_Y^

N ^Y^aU_ZTY^_KX`

GP
Z
GP TIVX
KY
Z
GP EIVX C>L
ZTI KYF
VXK UL
YF
UX
GP
Z G ZEIV
PZE XKY
IV PU
XKY L
F>
X
GP
Z G ZEIV
PZE XKY
IV PD
XKY L
PD
X
4V
X
Z ? EZMO
?2 XYW
ZYW S
Z€

/;NXHYJYWSTZQHSXQWWYOTZ8:5ZGP3

Z6YVKXMYTZSBOBJRSX;NYTZ8:5Z2QWWYMSYLIVXKYZLZW_]`M
<7 2QWMXYV=YVXYZ PZRWT
G`[S_V`aT`[R`]]\^]aUCYK]`^_[aU`Za[`^Z`_P^`R`^]ZFa^WRQ[YZaU`a]QXQTIY^`aYWa
U`Za\U[`ZZ`ZaU`aTY_^]ZaUC_^]Q[ ]ZaL`E`RTX`Za#a[`Z]\W[\^]ZFaXYV\X_Z\]_Y^a`]a
[QZ`[S\]_Y^aUCI ]`XZMa`]aU`aX`Za[`V`SY_[aU_[`V]`R`^]aU\^ZaX`aZ.Z]4R`aU`a
^\S_P\]_Y^JaB_ZTY^_KX`a?)I*?)Fa"%*"Fa[QTY^Z`a`^aO[\^ \_ZaR R`aZ_a\TT`XaQR_Za
U`TW_ZaU`a^YRK[`WEaT\.ZaUC9W[YT`aLZ\^ZaZW[VY ]MJ
L(^_HW`R`^]a\S`VaG`[S_V`ZaAY^^`V]`UB[_S`aL3; MJM
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`Fa@YWHW`]aG`[S_V`ZaAY^^`V]`UB[_S`aL"G M
YWa=\V'a@D1aAY^^`V]`UB[_S`aL 05M
<74 ,QWMSXQWTZ :RZ8:5Z)ZLXTSRWMY Z LNVBYZLYZKXYZLYZORZKQXSNVY
9^aVYRK_^\_ZY^a\S`VaXC\TTX_V\]_Y^aP[\]W_]`a aD.a@D1a,`RY]`a a
TYW[aGR\[]TIY^`aL_=IY^`0D `]a]QXQTIY^`Za;^U[Y UMFaTYZZ_K_X_]Qa
U`aVYRR\^U`[aX\aSY_]W[`a<aU_Z]\^V`a#
NaaS`[[YW_XX\P`a`]aUQS`[[YW_XX\P`aU`ZaTY[]`Za
Naa\OO_VI\P`aU`aXC`RTX\V`R`^]aU`aX\aSY_]W[`aLU\^ZaW^a[\.Y^aU`a7F/a'RM
Naa`^SY_aUC\U[`ZZ`ZaS`[ZaX`aZ.Z]4R`aU`a^\S_P\]_Y^aU`aX\aSY_]W[`
Naa\TT`XaU`aTI\[`Za`]a\S`[]_ZZ`W[aZY^Y[`
Naa\V]_S\]_Y^aU`aX\aS`^]_X\]_Y^a
L(^_HW`R`^]a\S`VaG`[S_V`ZaAY^^`V]`UB[_S`aL3; MJM
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`Fa@YWHW`]aG`[S_V`ZaAY^^`V]`UB[_S`aL"G M
YWa=\V'a@D1aAY^^`V]`UB[_S`aL 05M
-6' 8QN;NYSZ6YVKXMYTZ2QWWYMSYLIVXKY
-^VXW]aX`ZaG`[S_V`Za@D1aAY^^`V]`UB[_S`aZW_S\^]a#
<7 NaG`[S_V`ZaAY^^`V]`UB[_S`aL5a\^ZM
<7: Na-^OY[R\]_Y^a0[\O_Va`^a0`RTZa,Q`Xa,00-aL5a\^ZM
<7 NaAY^V_`[P`[_`aL5a\^ZM
<74 Na:Y^V]_Y^Za D\a@D1a<aU_Z]\^V` aL<aS_`M
L(^_HW`R`^]a\S`VaW^aZ.Z]4R`aU`a^\S_P\]_Y^aL3>3*3> MJM
9^a[`X\]_Y^a\S`Va:_^_]_Y^aE8_^`aYWa=\V'a@D1aAY^^`V]`UB[_S`aL 05M
<7 $WSYVWYSZ CZRW
$\S_P\]`W[a-^]`[^`]aTYW[aS_ZW\X_Z`[aU`ZaT\P`Za!`KaZW[aXCQV[\^aU`aVY^][ X`Ja
:Y^V]_Y^^`aW^_HW`R`^]a<aXC\[[ ]a`]aZW[aX`a]`[[_]Y_[`aO[\^ \_ZJa
L(^_HW`R`^]a\S`VaW^aG.Z]4R`aU`a^\S_P\]_Y^aL3>3*3> Ma`]aG`[S_V`Za
AY^^`V]`UB[_S`aL3; MJM

RR;"

g

g

g







g

g

g







g

g

g







g

g

g

F<UAUU

DUAUU

-UUAUU

CCUAUU

/;NXHYJYWSTZQHSXQWWYOT

GP
Z
GP TIVX
KY
Z
GP EIVX C>L
ZTI KYF
VXK UL
YF
UX
GP
Z G ZEIV
PZE XKY
IV PU
XKY L
F>
X
GP
Z G ZEIV
PZE XKY
IV PD
XKY L
PD
X
4V
Z ? XEZMO
?2 XYW
ZYW S
Z€

?RVX@TZYSZ@XWRWMYJYWST

■ U`aZQ[_`

g

Z

`^aYT]_Y^

N ^Y^aU_ZTY^_KX`

Z6YVKXMYTZSBOBJRSX;NYTZ8:5Z2QWWYMSYLIVXKYZLZW_]`M
g

g

g

9UUAUU

g

g

g

CZFUUAUU

<-< 6(TS"JYZ X&,X
aI\W]NT\[X`W[ZJa=W_ZZ\^V`aUC\RTX_O_V\]_Y^aU`a?>/a1J

g

g

g

9UUAUU

<>> 6(TS"JYZ X&,XZ RVJRWZ RVLQW
;RTX_O_V\]`W[aBG=a8YP_Va" RWX]_aV\^\WEaU`a3>>1a`]a73aI\W]NT\[X`W[ZaI\W]`Za
T`[OY[R\^V`ZFaYOO[\^]aW^aZY^aUCW^`aHW\X_]Qa\WU_Ya`EV`T]_Y^^`XX`aTYW[aW^`a
`ETQ[_`^V`aZY^Y[`a<a53> J

g

g

g

CZCUUAUU

<,! :NTX;NYZ)ZORZLYJRWLYZ WOXWYZ%WSYVSRXWJYWS
A`aZ`[S_V`aYOO[`aW^a\VV4ZaU_[`V]a`]a_XX_R_]Qa<aTXWZaU`a?>aR_XX_Y^ZaU`a]_][`Za
RWZ_V\WEaS_\aX\a$\S_P\]_Y^aRWX]_RQU_\a=[YO`ZZ_Y^\Xa`^aYWS[\^]aW^aVYRT]`a
\WT[4ZaUCW^aT\[]`^\_[`aOYW[^_ZZ`W[aU`aRWZ_HW`aL$\TZ]`[MJa8`Za]_][`Za]QXQVI\[PQZa
ZY^]a`^[`P_Z][QZaZW[aX`aU_ZHW`aUW[aU`aX\aSY_]W[`aL^Y^a`ETY[]\KX`ZMa`]a\VV`ZZ_KX`Za
T`^U\^]aX\aUW[Q`aU`aXC\KY^^`R`^]JaAYRT[`^UaW^a\^aU`aOY[O\_]aU\]\a_XX_R_]Qa`]aW^a
\^aUC\KY^^`R`^]a\WT[4ZaUWaT\[]`^\_[`Ja;KY^^`R`^]aVYRT\]_KX`aZW[a\W][`Za
]`[R_^\WEaLZR\[]TIY^`Fa]\KX`]]`Fa=AMJa;VV4Za`^aX_P^`aTYZZ_KX`aU\^ZaZ_EaT\.ZaZ\^Za
O[\_ZaU`a[Y\R_^Pa#a:[\^V`Fa;XX`R\P^`Fa9ZT\P^`Fa [\^U`a@[`]\P^`Fa-]\X_`a`]a
=\.ZN@\ZJ
L(^_HW`R`^]a\S`Va$\S_P\]_Y^aRWX]_RQU_\a=[YO`ZZ_Y^\XaL3> Ma`]aG`[S_V`Za
AY^^`V]`UB[_S`aL3; MJM

ZIXKYVSXTTYJYWSZYSZMQJJNWXMRSXQWZ&ZIXKYVSXTTYJYWS
<UC

,QWMSXQWZ?!
,QV`T]_Y^a^WRQ[_HW`aL0$0MaTYW[aX`aRY^_]`W[a\S\^]J
L(^_HW`R`^]a\S`Va$\S_P\]_Y^aRWX]_RQU_\a=[YO`ZZ_Y^\XaL3> MJM

,`^U` NSYWZaZW[a+++31J+3@V YWaVI` aSY][`aAY^V`ZZ_Y^^\_[`
@D1aTYW[aUQVYWS[_[a`]aVY^O_PW[`[aX`aRYU4X`aU`aSY][`aVIY_EaR\_Z
QP\X`R`^]aVY^^\ ][`aX`ZaQS`^]W`XX`ZaVY^][\_^]`Za`]aU_ZTY^_K_X_]QZ
X_Q`Za\WEaQHW_T`R`^]ZJ

;+

8:5ZGPZZ
?RVX@TZRNZUC U> FUCD

+++31J+3@V

.YZHORXTXVZ
LYZMQWLNXVY

8:5RQPMR*KLMQNKOLQR AAOGOQIREHR0JDOMCR KMOJNKIR I2DFO?HQRQMR$FJLMOA
)LKN KOPRQMREQRI ?HOFQREQR)LKNGQR I2DO?HQ@
8:5RQPMR*KLMQNKOLQR AAOGOQIREQRIKR)CECLKMOJNR)LKN KOPQREQR H=>2RQM
EHR# REQR)LKNGQ@
8:5RQPMR*KLMQNKOLQR AAOGOQIREQRIKR)CECLKMOJNR)LKN KOPQREQR JIA@

0QREJGHDQNMRFLCPQNMQRIQREQPGLOFMOAREQPRBQLPOJNP3RC?HOFQDQNMPRQMRFJPPO>OIOMCPREQRGJNAO=HLKMOJN
EQPRBC4OGHIQPR&EJMKMOJNRE9C?HOFQDQNMPREQRPCLOQRJHRJFMOJNP'RMQIPR?H9OIPRPJNMRGJDDQLGOKIOPCPRFKL
8:5R)LKNGQRQNR)LKNGQ@R-KNPRE9KHMLQPRFK2PRDQD>LQPREQRI9 NOJNRQHLJFCQNNQ3RIQPRBQLPOJNP3
C?HOFQDQNMPRQMRFJPPO>OIOMCPREQRGJNAO=HLKMOJNREQPRBC4OGHIQPR&EJMKMOJNRE9C?HOFQDQNMPREQRPCLOQ
JHRJFMOJNP'RFLJFJPCPRFQHBQNMR MLQREOAACLQNMP@
%QPRDJE IQPRF4JMJ=LKF4OCPREKNPRGQREJGHDQNMRFQHBQNMRFLCPQNMQLREQPRC?HOFQDQNMPRJH
KGGQPPJOLQPR?HORNQRPJNMRFKPRGJDDQLGOKIOPCPRFKLR8:5R)LKNGQRQNR)LKNGQRJHR?HORPJNMREOPFJNO>IQP
DJ2QNNKNMRHNRPHFFICDQNMREQRFLO<@
%QPRFLO<RQMRPFCGOAOGKMOJNPRDQNMOJNNCPREKNPRIQRFLCPQNMREJGHDQNMRPJNMRDJEOAOK>IQPR.RMJHM
DJDQNMRQMRPKNPRFLCKBOP@R QHOIIQ RGJNPHIMQLRBJMLQR0JNGQPPOJNNKOLQR8:5RIJGKI@R IRPQRAQLKRHNRFIKOPOL
EQRBJHPRLQNPQO=NQLRPHLRIQPRBQLPOJNPRPFCGOAO?HQPR.RBJMLQRFK2P@
-JGHDQNMRNJNRGJNMLKGMHQI@
,,R,(R7R"6;R6(;R R J
MR716+


Tarifs_BMW_X3_Aout_2015.pdf - page 1/36
 
Tarifs_BMW_X3_Aout_2015.pdf - page 2/36
Tarifs_BMW_X3_Aout_2015.pdf - page 3/36
Tarifs_BMW_X3_Aout_2015.pdf - page 4/36
Tarifs_BMW_X3_Aout_2015.pdf - page 5/36
Tarifs_BMW_X3_Aout_2015.pdf - page 6/36
 




Télécharger le fichier (PDF)


Tarifs_BMW_X3_Aout_2015.pdf (PDF, 3 Mo)

Télécharger
Formats alternatifs: ZIP



Documents similaires


tarifs bmw x3 aout 2015
tarifs bmw x3 novembre 2014

Sur le même sujet..