Download - 3. B. Allan - The Effects-Based Approach Under Article 102 TFEU - History and State of Play
!"#"$%&'($$)*+',-$."/"$0"'-.'%&"'1+-2*+',-34"%5%5-$'6*7',"$%/"'8,-++"9"'-.':)/-4";
<"$'="*/>'-.'%&"':.."0%>?@*>"A'(44/-*0&'5$':B',-34"%5%5-$'6*7'
@/)>>"+>C'DE?DF'G0%-2"/'DHII
!"#$%&&#'()*+,)#-$.//01,'"$23-#0$.0(4'5#$678$!9%:
J5>%-/K'*$A'!%*%"'-.'L+*K
@5++'(++*$
,-34"%5%5-$'(44"*+'</52)$*+
(9"$A*
IM <&"':+"3"$%>'-.'*$':.."0%>?@*>"A'(44/-*0&
DM ,&*++"$9">'.-/'B$5+*%"/*+'@"&*#5-)/
NM O"#"+-43"$%'-.':B'+*7
PM !59$5.50*$0"'-.'%&"',-335>>5-$Q>'1)5A*$0"PM !59$5.50*$0"'-.'%&"',-335>>5-$Q>'1)5A*$0"
RM !4"05.50'L/*0%50">
SM :T4+-5%*%5#"'*2)>">
U-%"V'($K'-45$5-$>'"T4/">>"A'5$'%&5>'4*4"/'*/"'4"/>-$*+'#5"7>'*$A'A-'$-%'/"4/">"$%'
%&"'-45$5-$'-.'%&"',-34"%5%5-$'(44"*+'</52)$*+'-/'4/"W)A9"'%&"'-)%0-3"'-.'*$K'
4"$A5$9'-/'.)%)/"'0*>"M
($'".."0%>?2*>"A'3-A"+V'!"#$%
IM (>>">>'-)%0-3">'/*%&"/'%&*$'4/*0%50">X
DM (>>">>'+"95%53*0K'2K'/"."/"$0"'%-'0-$>)3"/'
534*0%X
NM L/"."/"$0"'.-/'/)+"'-.'/"*>-$'-#"/'4"/'>"'
*$*+K>5>X
PM L/"."/"$0"'.-/'+535%"A'5$%"/#"$%5-$'%*/9"%"A'
*%'"T0+)>5-$*/K'0-$A)0%'82*//5"/>'%-'"$%/K;M
Y$>%5%)%5-$*+'0&*++"$9">
%:;< .0($676$!9%: .0($678$!9%:
!%*%)%-/K'+*$9)*9" !Y:, G2W"0%Z".."0% (2)>"
!"#$%&"'())(((([MMM'\]^-/'%&"'4)/4->">'-.'*44+K5$9'(/%50+"'IHD':,C'">%*2+5>&5$9'%&"'*$%5?!"#$%&"'())(((([MMM'\]^-/'%&"'4)/4->">'-.'*44+K5$9'(/%50+"'IHD':,C'">%*2+5>&5$9'%&"'*$%5?
0-34"%5%5#"'-2W"0%'*$A'%&"'*$%5?0-34"%5%5#"'".."0%'*/"'-$"'*$A'%&"'>*3"'%&5$9'_'M'Y.'5%'
5>'>&-7$'%&*%'%&"'-2W"0%'4)/>)"A'2K'%&"'0-$A)0%'-.'*$')$A"/%*`5$9'5$'*'A-35$*$%'
4->5%5-$'5>'%-'+535%'0-34"%5%5-$C'%&*%'0-$A)0%'75++'*+>-'2"'+5*2+"'%-'&*#"'>)0&'*$'".."0%Ma
*+,'#%(-.&.#/0((1(>'/"9*/A>'%&"'0-$A5%5-$>'.-/'%&"'*44+50*%5-$'-.'(/%50+"'FD':,'*$A'%&"'
A5>%5$0%5-$'2"%7""$'%&"'-2W"0%'*$A'".."0%'-.'%&"'*2)>"C'5%'>&-)+A'2"'4-5$%"A'-)%'%&*%C'
.-/'%&"'4)/4->">'-.'*44+K5$9'%&*%'*/%50+"C'>&-75$9'*$'*$%5?0-34"%5%5#"'-2W"0%'*$A'*$'
*$%5?0-34"%5%5#"'".."0%'3*KC'5$'>-3"'0*>">C'2"'-$"'*$A'%&"'>*3"'%&5$9= Y.'5%'5>'>&-7$'
%&*%'%&"'-2W"0%'4)/>)"A'2K'%&"'0-$A)0%'-.'*$')$A"/%*`5$9'5$'*'A-35$*$%'4->5%5-$'5>'%-'
/">%/50%'0-34"%5%5-$C'%&*%'0-$A)0%'75++'*+>-'2"'+5*2+"'%-'&*#"'>)0&'*$'".."0%Ma'
Y$>%5%)%5-$*+'0&*++"$9">'YYY
%:;< .0($676$!9%: .0($678$!9%:
!%*%)%-/K'+*$9)*9" !Y:, G2W"0%Z".."0% (2)>"
@*>5>'.-/'W)>%5.50*%5-$ (/%'IHI8N; G2W"0%5#"'W)>%5.50*%5-$
:T"34%5-$>C'9)5A*$0"'
*$A'A"05>5-$>
1)5A"+5$">
:T%"$>5#"'2-AK'-.'
A"05>5-$>
@+-0`'
"T"34%5-$>
1)5A"+5$">
:$.-/0"3"$%'L/5-/5%5">
6535%"A'2-AK'-.'
A"05>5-$>
Y$>%5%)%5-$*+'0&*++"$9">'YYY
%:;< .0($676$!9%: .0($678$!9%:
:T"34%5-$>C'9)5A*$0"'*$A'
A"05>5-$>
1)5A"+5$">
:T%"$>5#"'2-AK'
-.'A"05>5-$>
@+-0`'"T"34%5-$>
1)5A"+5$">
:$.-/0"3"$%'4/5-/5%5">
6535%"A'2-AK'-.'A"05>5-$>
%3#0>? !#5'1 @! A("#0 !1(,5 B01"4C D1EE4(
!5$9+"'2/*$A5$9 I D N D I
<K5$9 I I I
b".)>*+'%-'>)44+K S I I'8Y@c; F I E
c*/95$'>d)""e" I I I
6-$9'%"/3'>)44+K D D D
G%&"/' I I D D
<-%*+ F D P N IE P IN
L-+50K'0&*++"$9">'Y
IM G2W"0%5#">
[Y$'*44+K5$9'(/%50+"'\IHD^'%-'
"T0+)>5-$*/K'0-$A)0%'2K'A-35$*$%'
)$A"/%*`5$9>C'%&"',-335>>5-$'75++'
[(/%50+"'\IHD^':,'MMM'5>'$-%'A">59$"A'
-$+K'-/'4/53*/5+K'%-'4/-%"0%'%&"'
533"A5*%"'5$%"/">%>'-.'5$A5#5A)*+')$A"/%*`5$9>C'%&"',-335>>5-$'75++'
.-0)>'-$'%&->"'%K4">'-.'0-$A)0%'%&*%'
*/"'3->%'&*/3.)+'%-'0-$>)3"/>M'MMM
<&"',-335>>5-$'MMM'75++'A5/"0%'5%>'
"$.-/0"3"$%'%-'"$>)/5$9'%&*%'3*/`"%>'
.)$0%5-$'4/-4"/+K'*$A'%&*%'0-$>)3"/>'
2"$".5%'./-3'%&"'"..505"$0K'*$A'
4/-A)0%5#5%K'7&50&'/">)+%'./-3'
".."0%5#"'0-34"%5%5-$'2"%7""$'.5/3>Ma
? :$.-/0"3"$%'1)5A*$0"C'4*/*'R
533"A5*%"'5$%"/">%>'-.'5$A5#5A)*+'
0-34"%5%-/>'-/'0-$>)3"/>C'2)%'%-'
4/-%"0%'%&"'>%/)0%)/"'-.'%&"'3*/`"%'
*$A'%&)>'0-34"%5%5-$'*>'>)0&'8*>'*$'
5$>%5%)%5-$;C'MMMM'Y$'%&5>'7*KC'0-$>)3"/>'
*/"'*+>-'5$A5/"0%+K'4/-%"0%"AM'@"0*)>"'
7&"/"'0-34"%5%5-$'*>'>)0&'5>'
A*3*9"AC'A5>*A#*$%*9">'.-/'
0-$>)3"/>'*/"'*+>-'%-'2"'."*/"AM'a
? (1'f-`-%%''&'()'*+,('-'./0"'(123.
L-+50K'0&*++"$9">'YY'
DM A5#"/>5%K'-.'+"95>+*%5#"'9-*+>'5$'(/%'IHDV
*M 0-$#"$%5-$*+'A5#5>5-$V'"T0+)>5-$*/KZ"T4+-5%*%5#"X*M 0-$#"$%5-$*+'A5#5>5-$V'"T0+)>5-$*/KZ"T4+-5%*%5#"X
2M -%&"/'5$.+)"$0">
5M >5$9+"'3*/`"%X
55M /"9)+*%-/K'5$%"/.*0"M
J5>%-/KV'
%&"'456672*8920:5;/<0>%*$A*/A
[<&"'0-$0"4%'-.'*2)>"'5>'*$'-2W"0%5#"'0-$0"4%'/"+*%5$9'%-'%&"'2"&*#5-)/'-.'*$')$A"/%*`5$9'5$'*'A-35$*$%'4->5%5-$
! 7&50&'5>'>)0&'*>'%-'5$.+)"$0"'%&"'>%/)0%)/"'-.'*'3*/`"%'7&"/"C'*>'*'/">)+%'-.'%&"'#"/K'4/">"$0"'-.'%&"')$A"/%*`5$9'5$'d)">%5-$C'%&"'A"9/""'-.'0-34"%5%5-$'5>'7"*`"$"A'5$'d)">%5-$C'%&"'A"9/""'-.'0-34"%5%5-$'5>'7"*`"$"A'
*$A
! 7&50&C'%&/-)9&'/"0-)/>"'%-'3"%&-A>'A5.."/"$%'./-3'%&->"'7&50&'0-$A5%5-$'$-/3*+'0-34"%5%5-$'5$'4/-A)0%>'-/'>"/#50">'-$'%&"'2*>5>'-.'%&"'%/*$>*0%5-$>'-.'0-33"/05*+'-4"/*%-/>C'&*>'%&"'".."0%'-.'&5$A"/5$9'%&"'3*5$%"$*$0"'-.'%&"'A"9/""'-.'0-34"%5%5-$'>%5++'"T5>%5$9'5$'%&"'3*/`"%'-/'%&"'9/-7%&'-.'%&*%'0-34"%5%5-$Ma''8"34&*>5>'*AA"A;
J5>%-/KV
L/505$9'(2)>">
[Y$'-/A"/'%-'A"%"/35$"'7&"%&"/'%&"'A-35$*$%')$A"/%*`5$9'
&*>'*2)>"A'5%>'4->5%5-$'2K'%&"'4/505$9'4/*0%50">'5%'*44+5">C'5%'5>'
$"0">>*/K'%-'0-$>5A"/'*++'%&"'05/0)3>%*$0">'*$A'%-'
5$#">%59*%"'7&"%&"/'%&"'4/*0%50"'%"$A>V
? %-'/"3-#"'-/'/">%/50%'%&"'2)K"/Q>'./""A-3'%-'0&-->"'&5>'? %-'/"3-#"'-/'/">%/50%'%&"'2)K"/Q>'./""A-3'%-'0&-->"'&5>'
>-)/0">'-.'>)44+KC'
? %-'2*/'0-34"%5%-/>'./-3'*00">>'%-'%&"'3*/`"%C'
? %-'*44+K'A5>>535+*/'0-$A5%5-$>'%-'"d)5#*+"$%'%/*$>*0%5-$>'
75%&'-%&"/'%/*A5$9'4*/%5">C'-/'
? %-'>%/"$9%&"$'%&"'A-35$*$%'4->5%5-$'2K'A5>%-/%5$9'
0-34"%5%5-$Ma
g'=<>-.;/<0?<@<A57084*/*'IER;
J5>%-/KV
L/505$9'(2)>">
[Y$'-/A"/'%-'A"%"/35$"'7&"%&"/'%&"'
A-35$*$%')$A"/%*`5$9'&*>'*2)>"A'5%>'
4->5%5-$'2K'%&"'4/505$9'4/*0%50">'5%'
*44+5">C'5%'5>'$"0">>*/K'%-'0-$>5A"/'*++'
%&"'05/0)3>%*$0">'*$A'%-'5$#">%59*%"'
B0#',2(413,0?$/043'4/5#
2+%3,4"/'(5678/(,9(3%:%&/;%3<=
" L/50"'2"+-7'((,
" L/50"'2"%7""$'((,'*$A' 6b(Y,'h'
4+*$'%-'"T0+)A"
A/#0,(413,5$(#)()$F#>G)H
%&"'05/0)3>%*$0">'*$A'%-'5$#">%59*%"'
7&"%&"/'%&"'4/*0%50"'%"$A>'%-'/"3-#"'
-/'/">%/50%'%&"'2)K"/Q>'./""A-3'%-'
0&-->"'&5>'>-)/0">'-.'>)44+KC'%-'2*/'
0-34"%5%-/>'./-3'*00">>'%-'%&"'
3*/`"%C'%-'*44+K'A5>>535+*/'0-$A5%5-$>'
%-'"d)5#*+"$%'%/*$>*0%5-$>'75%&'-%&"/'
%/*A5$9'4*/%5">C'-/''%-'>%/"$9%&"$'%&"'
A-35$*$%'4->5%5-$'2K'A5>%-/%5$9'
0-34"%5%5-$Ma'=<>-.;/<0?<@<A57
>%?,4%9(5%@(A+"4"9$(6"+B,C9<=
" b"%/->4"0%5#"
" Y$A5#5A)*+5>"A
" !)2>%*$%5*+'3*/`"%'4-7"/
!,+@"'(DEF%%8%(5G%F49#$%(-%&%7/0H(
-%&",D/'%+,<
" 8<&5/A'4*/%K'7&-+">*+"'4/50"'h'-7$'
/"%*5+'0->%>;'i'G7$'/"%*5+'4/50"M'
J5>%-/KV,-335>>5-$'/"#5"7
I(,&&$J4)'2))413$/,/#0$F877KH
" [<&"'">>"$%5*+'-2W"0%5#"'-.'(/%50+"'\IHD^'7&"$'*$*+K>5$9'"T0+)>5-$*/K'0-$A)0%'5>'%&"'4/-%"0%5-$'-.'0-34"%5%5-$'-$'%&"'3*/`"%'*>'*'3"*$>'-.'"$&*$05$9'0-$>)3"/'7"+.*/"'*$A'-.'"$>)/5$9'*$'"..505"$%'*++-0*%5-$'-.'/">-)/0">Ma'84*/*'RP;
" [\<&"'49:0>%*$A*/A^'534+5">'%&*%'%&"'0-$A)0%'5$'d)">%5-$'3)>%'5$'%&"'.5/>%'4+*0"'&*#"'%&"'0*4*25+5%KC'2K'5%>'$*%)/"C'%-'.-/"0+->"'0-34"%5%-/>'./-3'%&"'3*/`"%M'<-'">%*2+5>&'>)0&'0*4*25+5%K'5%'5>'5$'9"$"/*+'>)..505"$%'%-'5$#">%59*%"'%&"'.-/3'*$A'$*%)/"'-.'%&"'0-$A)0%'5$'d)">%5-$M'Y%'>"0-$A+K'534+5">'%&*%C'5$'%&"'>4"05.50'3*/`"%'0-$%"T%C'*'+5`"+K'3*/`"%'A5>%-/%5$9'.-/"0+->)/"'".."0%'3)>%'2"'">%*2+5>&"AMa'84*/*'RS;
J5>%-/KV,-335>>5-$'/"#5"7'YY
I(,&&$J4)'2))413$/,/#0$
F877KH
" [<&"'">>"$%5*+'-2W"0%5#"'-.'(/%50+"'\IHD^'7&"$'*$*+K>5$9'
%3&10'#E#3($B04104(4#)$F877LH
" [Y$'*44+K5$9'(/%50+"'\IHD^'%-'"T0+)>5-$*/K'0-$A)0%'2K'A-35$*$%')$A"/%*`5$9>C'%&"',-335>>5-$'75++'.-0)>'-$'%&->"'%K4">'-.'0-$A)0%'%&*%'*/"'3->%'&*/3.)+'%-'0-$>)3"/>M'MMM'<&"',-335>>5-$C'%&"/".-/"C'
\IHD^'7&"$'*$*+K>5$9'"T0+)>5-$*/K'0-$A)0%'5>'%&"'4/-%"0%5-$'-.'0-34"%5%5-$'-$'%&"'3*/`"%'*>'*'3"*$>'-.'"$&*$05$9'0-$>)3"/'7"+.*/"'*$A'-.'"$>)/5$9'*$'"..505"$%'*++-0*%5-$'-.'/">-)/0">Ma'84*/*'RP;
0-$>)3"/>M'MMM'<&"',-335>>5-$C'%&"/".-/"C'75++'A5/"0%'5%>'"$.-/0"3"$%'%-'"$>)/5$9'%&*%'3*/`"%>'.)$0%5-$'4/-4"/+K'*$A'%&*%'0-$>)3"/>'2"$".5%'./-3'%&"'"..505"$0K'*$A'4/-A)0%5#5%K'7&50&'/">)+%'./-3'".."0%5#"'0-34"%5%5-$'2"%7""$')$A"/%*`5$9>Ma
" [<&"'"34&*>5>'-.'%&"',-335>>5-$j>'"$.-/0"3"$%'*0%5#5%K'5$'/"+*%5-$'%-'"T0+)>5-$*/K'0-$A)0%'5>'-$'>*."9)*/A5$9'%&"'0-34"%5%5#"'4/-0">>'5$'%&"'5$%"/$*+'3*/`"%'MMMa'84*/*>'R'*$A'S;
J5>%-/KV,-335>>5-$'/"#5"7'YYY'
I(,&&$J4)'2))413$
/,/#0$F877KH
" [\<&"'49:0>%*$A*/A^'534+5">'%&*%'%&"'0-$A)0%'5$'d)">%5-$'3)>%'5$'%&"'.5/>%'4+*0"'
%3&10'#E#3($/04104(4#)$F877LH
" [<&"',-335>>5-$'75++'$-/3*++K'5$%"/#"$"')$A"/'(/%50+"'\IHD^'7&"/"C'-$'%&"'2*>5>'-.'0-9"$%'*$A'0-$#5$05$9'"#5A"$0"C'%&"'*++"9"A+K'*2)>5#"'0-$A)0%'5>'+5`"+K'%-'+"*A'
0-$A)0%'5$'d)">%5-$'3)>%'5$'%&"'.5/>%'4+*0"'&*#"'%&"'0*4*25+5%KC'2K'5%>'$*%)/"C'%-'.-/"0+->"'0-34"%5%-/>'./-3'%&"'3*/`"%M'MMM'Y%'>"0-$A+K'534+5">'%&*%C'5$'%&"'>4"05.50'3*/`"%'0-$%"T%C'*'+5`"+K'3*/`"%'A5>%-/%5$9'.-/"0+->)/"'".."0%'3)>%'2"'">%*2+5>&"AMa
*++"9"A+K'*2)>5#"'0-$A)0%'5>'+5`"+K'%-'+"*A'%-'*$%5?0-34"%5%5#"'.-/"0+->)/"M['84*/*'DH;
" k($%5?0-34"%5%5#"'.-/"0+->)/"Q'3"*$>'[*'>5%)*%5-$'7&"/"'".."0%5#"'*00">>'-.'*0%)*+'-/'4-%"$%5*+'0-34"%5%-/>'%-'>)44+5">'-/'3*/`"%>'5>'&*34"/"A'-/'"+535$*%"A'*>'*'/">)+%'-.'%&"'0-$A)0%'-.'%&"'A-35$*$%')$A"/%*`5$9'7&"/"2K'%&"'A-35$*$%')$A"/%*`5$9'5>'+5`"+K'%-'2"'5$'*'4->5%5-$'%-'4/-.5%*2+K'5$0/"*>"'4/50">'%-'%&"'A"%/53"$%'-.'0-$>)3"/>Ma'84*/*'Il;
:$.-/0"3"$%'L/5-/5%5">V'
1"$"/*+'(44/-*0&
IM c*/`"%'4-7"/m
DM ($%5?0-34"%5%5#"'.-/"0+->)/"m
*M Y$'4/50"?2*>"A'0*>">C'[*>'"..505"$%'0-34"%5%-/a'*M Y$'4/50"?2*>"A'0*>">C'[*>'"..505"$%'0-34"%5%-/a'
%">%X
NM G2W"0%5#"'W)>%5.50*%5-$m'
:$.-/0"3"$%'L/5-/5%5">V'
c*/`"%'L-7"/
IM c*/`"%'A".5$5%5-$
! [%&"'A".5$5%5-$'-.'%&"'/"+"#*$%'3*/`"%'5>'0*//5"A'
-)%C'5$'%&"'0-$%"T%'-.'%&"'*44+50*%5-$'-.'(/%50+"'
\IHD'<]:B^C'5$'-/A"/'%-'A".5$"'%&"'2-)$A*/5">'\IHD'<]:B^C'5$'-/A"/'%-'A".5$"'%&"'2-)$A*/5">'
75%&5$'7&50&'5%'3)>%'2"'*>>">>"A'7&"%&"/'*'95#"$'
)$A"/%*`5$9'5>'*2+"'%-'2"&*#"C'%-'*$'*44/"05*2+"'
"T%"$%C'5$A"4"$A"$%+K'-.'5%>'0-34"%5%-/>C'5%>'
0)>%-3"/>'*$AC')+%53*%"+KC'0-$>)3"/>ag'".-(2B<*<;2C'1,'84*/*'NH;'
:$.-/0"3"$%'L/5-/5%5">V'
c*/`"%'L-7"/
IM c*/`"%'A".5$5%5-$
DM c*/`"%'>&*/">
*M O-35$*$0"'%&/">&-+Am
2M !*."'&*/2-)/m2M !*."'&*/2-)/m
NM Y$A50*%5-$>V
*M 1)5A*$0"V'2"+-7'PHn')$+5`"+K
2M ,-335%3"$%'A"05>5-$>V
'C ='.-(')2DE0PHn'*$A'3-/"'%&*$'DHn'*2-#"'$"*/">%'/5#*+F
''C !GHE0PHn
:$.-/0"3"$%'L/5-/5%5">V'
($%5?0-34"%5%5#"']-/"0+->)/"
IM 4->5%5-$'-.'%&"'A-35$*$%'.5/3
DM 0-$A5%5-$>'-$'%&"'/"+"#*$%'3*/`"%
NM 4->5%5-$'-.'0-34"%5%-/>NM 4->5%5-$'-.'0-34"%5%-/>
PM 4->5%5-$'-.'0)>%-3"/>'-/'5$4)%'>)44+5"/>
RM "T%"$%'-.'%&"'*++"9"A+K'*2)>5#"'0-$A)0%
SM 4->>52+"'"#5A"$0"'-.'*0%)*+'.-/"0+->)/"
EM A5/"0%'"#5A"$0"'-.'*$K'"T0+)>5-$*/K'>%/*%"9Kg 4*/*'DH
:$.-/0"3"$%'L/5-/5%5">V
L->5%5-$'-.',)>%-3"/>Z!)44+5"/>
I'J/+#%0%'4(2+"/+"4"%9V
[<&5>'3*K'5$0+)A"'0-$>5A"/*%5-$'-.'%&"'4->>52+"'
>"+"0%5#5%K'-.'%&"'0-$A)0%'5$'d)">%5-$M'<&"'A-35$*$%'
)$A"/%*`5$9'3*K'*44+K'%&"'4/*0%50"'-$+K'%-'>"+"0%"A')$A"/%*`5$9'3*K'*44+K'%&"'4/*0%50"'-$+K'%-'>"+"0%"A'
0)>%-3"/>'-/'5$4)%'>)44+5"/>'7&-'3*K'2"'-.'4*/%50)+*/'
534-/%*$0"'.-/'%&"'"$%/K'-/'"T4*$>5-$'-.'0-34"%5%-/>C'
%&"/"2K'"$&*$05$9'%&"'+5`"+5&--A'-.'*$%5?0-34"%5%5#"'
.-/"0+->)/"M'Y$'%&"'0*>"'-.'0)>%-3"/>C'%&"K'3*KC'.-/'
"T*34+"C'2"'%&"'-$">'3->%'+5`"+K'%-'/">4-$A'%-'-.."/>'
./-3'*+%"/$*%5#"'>)44+5"/>C'MMMa
:$.-/0"3"$%'L/5-/5%5">V':T%"$%'-.'%&"'0-$A)0%
I'J/+#%0%'4(
2+"/+"4"%9=([Y$'
9"$"/*+C'%&"'&59&"/'
%&"'4"/0"$%*9"'-.'
-/0+,=(([Y$'.*0%C'%&"'.-/"0+->)/"'2K'*'A-35$*$%')$A"/%*`5$9'-.'*'
>)2>%*$%5*+'4*/%'-.'%&"'3*/`"%'0*$$-%'2"'W)>%5.5"A'2K'>&-75$9'%&*%'
%&"'0-$%">%*2+"'4*/%'-.'%&"'3*/`"%'5>'>%5++'>)..505"$%'%-'
*00-33-A*%"'*'+535%"A'$)32"/'-.'0-34"%5%-/>M']5/>%C'%&"'%&"'4"/0"$%*9"'-.'
%-%*+'>*+">'5$'%&"'
/"+"#*$%'3*/`"%'
*.."0%"A'2K'%&"'
0-$A)0%C'%&"'+-$9"/'
5%>'A)/*%5-$C'*$A'
%&"'3-/"'/"9)+*/+K'
5%'&*>'2""$'*44+5"AC'
%&"'9/"*%"/'5>'%&"'
+5`"+K'.-/"0+->)/"'
".."0%a
*00-33-A*%"'*'+535%"A'$)32"/'-.'0-34"%5%-/>M']5/>%C'%&"'
0)>%-3"/>'-$'%&"'.-/"0+->"A'4*/%'-.'%&"'3*/`"%'>&-)+A'&*#"'%&"'
-44-/%)$5%K'%-'2"$".5%'./-3'7&*%"#"/'A"9/""'-.'0-34"%5%5-$'5>'
4->>52+"'-$'%&"'3*/`"%'*$A'0-34"%5%-/>'>&-)+A'2"'*2+"'%-'0-34"%"'
-$'%&"'3"/5%>'.-/'%&"'"$%5/"'3*/`"%'*$A'$-%'W)>%'.-/'*'4*/%'-.'5%M'
!"0-$AC'5%'5>'$-%'%&"'/-+"'-.'%&"'A-35$*$%')$A"/%*`5$9'%-'A50%*%"'
&-7'3*$K'#5*2+"'0-34"%5%-/>'75++'2"'*++-7"A'%-'0-34"%"'.-/'%&"'
/"3*5$5$9'0-$%">%*2+"'4-/%5-$'-.'A"3*$AMa'84*/*'DPI;
[Y%'7-)+A'MMM'2"'*/%5.505*+'%-'">%*2+5>&'75%&-)%'4/5-/'*$*+K>5>'%&"'
4-/%5-$'-.'%&"'%5"A'3*/`"%'2"K-$A'7&50&'%&"'4/*0%50">'-.'*'
A-35$*$%')$A"/%*`5$9'3*K'&*#"'*$'"T0+)>5-$*/K'".."0%'-$'
0-34"%5%-/>a 84*/*'DPD;
:$.-/0"3"$%'L/5-/5%5">V':#5A"$0"'-.'(0%)*+']-/"0+->)/"
I'J/+#%0%'4(
2+"/+"4"%9V'%&"'
3*/`"%'
-/0+,V'Y%'3)>%'*+>-'2"'>%*%"A'%&*%C'.-/'%&"'4)/4->">'-.'
">%*2+5>&5$9'*$'5$./5$9"3"$%'-.'(/%50+"'FD':,C'5%'5>'$-%'$"0">>*/K'
%-'>&-7'%&*%'%&"'*2)>"')$A"/'0-$>5A"/*%5-$'&*A'*$'*0%)*+'
534*0%'-$'%&"'/"+"#*$%'3*/`"%>M'Y%'5>'>)..505"$%'5$'%&*%'/">4"0%'%-'3*/`"%'
4"/.-/3*$0"'-.'
%&"'A-35$*$%'
)$A"/%*`5$9'
*$A'5%>'
0-34"%5%-/>'
3*K'4/-#5A"'
A5/"0%'"#5A"$0"'
-.'*$%5?
0-34"%5%5#"'
.-/"0+->)/"
534*0%'-$'%&"'/"+"#*$%'3*/`"%>M'Y%'5>'>)..505"$%'5$'%&*%'/">4"0%'%-'
>&-7'%&*%'%&"'*2)>5#"'0-$A)0%'-.'%&"')$A"/%*`5$9'5$'*'A-35$*$%'
4->5%5-$'%"$A>'%-'/">%/50%'0-34"%5%5-$'-/C'5$'-%&"/'7-/A>C'%&*%'
%&"'0-$A)0%'5>'0*4*2+"'-.'&*#5$9'%&*%'".."0%M
Y$'+59&%'-.'%&"'.-/"9-5$9C'MMM'5%'5>'$-%'$"0">>*/K'%-'0-$>5A"/'
7&"%&"/'%&"'"#5A"$0"'*AA)0"A'2K'%&"',-335>>5-$'
A"3-$>%/*%"A'%&*%'%&"'*9/""3"$%>'5$'d)">%5-$'&*A'*0%)*++K'
"+535$*%"A'0-34"%5%5-$M'Y$'.*0%C'"#"$'5.'%&"',-335>>5-$'&*A'
3*A"'*'3*$5.">%'"//-/'-.'*>>">>3"$%C'*>'%&"'*44+50*$%>'*++"9"C'
5$'&-+A5$9'%&*%'%&->"'*9/""3"$%>'*0%)*++K'"+535$*%"A'
0-34"%5%5-$C'%&"'+"9*+5%K'-.'%&"'0-$%">%"A'A"05>5-$'7-)+A'$-%'2"'
*.."0%"AM'84*/*>'DFl'o DlH;
:$.-/0"3"$%'L/5-/5%5">V
(>'"..505"$%',-34"%5%-/
I'J/+#%0%'4(2+"/+"4"%9
[MMM'p59-/-)>'4/50"'0-34"%5%5-$'5>'9"$"/*++K'2"$".505*+'%-'0-$>)3"/>M'q5%&'*'[MMM'p59-/-)>'4/50"'0-34"%5%5-$'5>'9"$"/*++K'2"$".505*+'%-'0-$>)3"/>M'q5%&'*'
#5"7'%-'4/"#"$%5$9'*$%5?0-34"%5%5#"'.-/"0+->)/"C'%&"',-335>>5-$'75++'
$-/3*++K'-$+K'5$%"/#"$"'7&"/"'%&"'0-$A)0%'0-$0"/$"A'&*>'*+/"*AK'2""$'-/'5>'
0*4*2+"'-.'&*34"/5$9'0-34"%5%5-$'./-3'0-34"%5%-/>'7&50&'*/"'0-$>5A"/"A'%-'
2"'*>'"..505"$%'*>'%&"'A-35$*$%')$A"/%*`5$9M
J-7"#"/C'%&"',-335>>5-$'/"0-9$5>">'%&*%'5$'0"/%*5$'05/0)3>%*$0">'*'+">>'
"..505"$%'0-34"%5%-/'3*K'*+>-'"T"/%'*'0-$>%/*5$%'7&50&'>&-)+A'2"'%*`"$'5$%-'
*00-)$%'7&"$'0-$>5A"/5$9'7&"%&"/'4*/%50)+*/'4/50"?2*>"A'0-$A)0%'+"*A>'%-'
*$%5?0-34"%5%5#"'.-/"0+->)/"M'MMMa'84*/*>'DNZDP;
:$.-/0"3"$%'L/5-/5%5">V(>'"..505"$%',-34"%5%-/
IM r)A505*+'%/"*%3"$%'-.'%&"'%">%
*M 0-34*/"'>5$9+"'2/*$A5$9'8?57(2;'*$A'3*/95$'
>d)""e"'8?<@'2I5*<(2;>d)""e"'8?<@'2I5*<(2;
DM U-$?4/50"'.*0%-/>
*M )$>)00">>.)+'A"."$0">V'?57(2J0?<@<65*';20*$A'K*-<@
:$.-/0"3"$%'L/5-/5%5">V
O5/"0%':#5A"$0"
I'J/+#%0%'4(2+"/+"4"%9=
[<&5>'5$0+)A">'5$%"/$*+'A-0)3"$%>'7&50&'0-$%*5$'A5/"0%'
"#5A"$0"'-.'*'>%/*%"9K'%-'"T0+)A"'0-34"%5%-/>C'>)0&'*>'*'"#5A"$0"'-.'*'>%/*%"9K'%-'"T0+)A"'0-34"%5%-/>C'>)0&'*>'*'A"%*5+"A'4+*$'%-'"$9*9"'5$'0"/%*5$'0-$A)0%'5$'-/A"/'%-'"T0+)A"'*'0-34"%5%-/C'%-'4/"#"$%'"$%/K'-/'%-'4/"?"34%'%&"'"3"/9"$0"'-.'*'3*/`"%C'-/'"#5A"$0"'-.'0-$0/"%"'%&/"*%>'-.'"T0+)>5-$*/K'*0%5-$M'!)0&'A5/"0%'"#5A"$0"'3*K'2"'&"+4.)+'5$'5$%"/4/"%5$9'%&"'A-35$*$%')$A"/%*`5$9j>'0-$A)0%Ma
:$.-/0"3"$%'4/5-/5%5">V
G2W"0%5#"'W)>%5.50*%5-$
[Y%'5>'$-%"7-/%&K'%&*%'4*/*9/*4&'lH'-.',*>"'
FRZES'456672**8920:5;/<C'%-'7&50&',*>"',?
lRZHP',('-'./0"'(123.C'4*/*9/*4&'FP'/"."/>C'
"T0+)A">'5$'4/5$054+"'*$'"..505"$0K'A"."$0"'.-/'
.5A"+5%K'/"2*%">C'95#"$'%&*%'s%&"K'*/"'$-%'
2*>"A'-$'*$'"0-$-350'%/*$>*0%5-$'7&50&'
[G2+59*%5-$>'MMM'%-'-2%*5$'>)44+5">'"T0+)>5#"+K'
./-3'*'4*/%50)+*/')$A"/%*`5$9'MMM'*/"'
5$0-34*%52+"'75%&'%&"'-2W"0%5#"'-.')$A5>%-/%"A'
0-34"%5%5-$'75%&5$'%&"'0-33-$'3*/`"%C'
2"0*)>"'o )$+">>'%&"/"'*/"'"T0"4%5-$*+'
05/0)3>%*$0">'7&50&'3*K'3*`"'*$'*9/""3"$%'
2"%7""$')$A"/%*`5$9>'5$'%&"'0-$%"T%'-.'(/%50+"'2*>"A'-$'*$'"0-$-350'%/*$>*0%5-$'7&50&'
W)>%5.5">'%&5>'2)/A"$'-/'2"$".5%'2)%'*/"'
A">59$"A'%-'A"4/5#"'%&"'4)/0&*>"/'-.'-/'
/">%/50%'&5>'4->>52+"'0&-50">'-.'>-)/0">'-.'
>)44+K'*$A'%-'A"$K'-%&"/'4/-A)0"/>'*00">>'%-'
%&"'3*/`"%s'*$A'2"0*)>"'*'.5A"+5%K'/"2*%"C'
s)$+5`"'d)*$%5%K'/"2*%">'"T0+)>5#"+K'+5$`"A'
75%&'%&"'#-+)3"'-.'4)/0&*>">'./-3'%&"'
4/-A)0"/'0-$0"/$"AC'5>'A">59$"A'%&/-)9&'%&"'
9/*$%'-.'*'.5$*$05*+'*A#*$%*9"'%-'4/"#"$%'
0)>%-3"/>'./-3'-2%*5$5$9'%&"5/'>)44+5">'./-3'
0-34"%5$9'4/-A)0"/>a
? K*-<@C'$-%"'IlNRM
2"%7""$')$A"/%*`5$9>'5$'%&"'0-$%"T%'-.'(/%50+"'
IHI'*$A'5$'4*/%50)+*/'4*/*9/*4&'8N;'-.'%&*%'
(/%50+"'4"/35>>52+"'? %&"K'*/"'$-%'2*>"A'-$'*$'
"0-$-350'%/*$>*0%5-$'7&50&'W)>%5.5">'%&5>'
2)/A"$'-/'2"$".5%'2)%'*/"'A">59$"A'%-'A"4/5#"'
%&"'4)/0&*>"/'-.'-/'/">%/50%'&5>'4->>52+"'
0&-50">'-.'>-)/0">'-.'>)44+K'*$A'%-'A"$K'-%&"/'
4/-A)0"/>'*00">>'%-'%&"'3*/`"%Ma
? 456672*8920:5;/<C'4*/*'lH
<&"'>59$5.50*$0"'-.'"T'*$%"'
5$%"/#"$%5-$
IM <&"'*44/-4/5*%"'%&/">&-+A'.-/'5$%"/#"$%5-$'8L';(5.56-;X
DM <&"'>59$5.50*$0"'-.'*0%)*+'3*/`"%'".."0%>'DM <&"'>59$5.50*$0"'-.'*0%)*+'3*/`"%'".."0%>'8?57(2;X'*$A
NM <&"'/"+"#*$0"'-.'/"0-)43"$%'5$'*$'*>>">>3"$%'-.'4/"A*%5-$'8H(2*;<0?<@<;57;M
!5$9+"'2/*$A5$9
B01"4C4(413$-#'4)413) D1EE4(E#3($-#'4)413)
D/&:,C -/0+, )'4%&( K/#,(K/&,( G"94+"@,8
,-335>>5-$ O"0M'HH c*/0&'HS c*K'Hl r)$"'HR G0%M'HE,-335>>5-$ O"0M'HH c*/0&'HS c*K'Hl r)$"'HR G0%M'HE
1"$"/*+',-)/% O"0M'IH !"4%M'IH 4"$A5$9
,-)/%'-.'
r)>%50"
4"$A5$9'
8(1'(4/5+'II;
4"$A5$9
!5$9+"'2/*$A5$9V',-#"/*9"
IM U-'>*."'&*/2-)/m'!""'?57(2
DM L/*0%50*+'5$A50*%5-$>m
*M ,-34*/"'?57(20*$A'$5;20$5@2*M ,-34*/"'?57(20*$A'$5;20$5@2
[<&"'*44+50*$%>Q'4/*0%50">'.-/"0+->"AC'
-$'*#"/*9"C'*'0-$>5A"/*2+"'4/-4-/%5-$'
8%7-'.5.%&>;'-.'%-%*+'A"3*$A'A)/5$9'%&"'
4"/5-A'*$A'5$'%&"'0-)$%/5">')$A"/'
0-$>5A"/*%5-$M',-$>"d)"$%+KC'"#"$'
*00"4%5$9'%&"'*44+50*$%>Q'4/-4->5%5-$'
%&*%'.-/"0+->)/"'-.'*'>3*++'4-/%5-$'-.'
A"3*$A'A-">'$-%'3*%%"/C'%&*%'4-/%5-$'
7*>'.*/'./-3'2"5$9'>3*++'5$'%&"'4/">"$%'
0*>"Ma''84*/*'DPN;
k'[,-)$%/5">a'3"*$>'*++'b"+"#*$%'
:)/-4"*$',-)$%/5">'*$A'.)%)/"':B'
c"32"/'!%*%">'5$'7&50&'<,,,?@/*$A"A'
,!O>'*00-)$%"A'.-/'3-/"'%&*$'PHnC'
*$A'3-/"'%&*$'%750"'%&"'>&*/"'-.'%&"'
$"*/">%'0-34"%5%-/C'-.'$*%5-$*+',!O'
>*+">'5$'"5%&"/'%&"'<*`"?J-3"',&*$$"+'
-/'%&"'G$? L/"35>"',&*$$"+'5$'%&"'
4/"#5-)>'K"*/MQ'8!"0%5-$'Y;
!5$9+"'2/*$A5$9V',-#"/*9"
IM U-'>*."'&*/2-)/m'!""'?57(2
DM L/*0%50*+'5$A50*%5-$>m
*M ,-34*/"'?57(20*$A'$5;20$5@2
2M p@:'*$*+-9Km
!5$9+"'2/*$A5$9V'
b"2*%"'!%/)0%)/">
IM ,*>">V
<#(01)/#'(4M# B01)/#'(4M# @3-4M4-2,54)#- I(,3-,0-4)#-
<&"'$-/3 ! " ! "
L';/<@'*0KK ! " " !
DM G4"$'5>>)">
*M O-">'(/%50+"'IHD'4/-&525%'*$K'/"2*%"'>%/)0%)/"'%&*%'5>'%"4$%+(<-(5.M<;-'N< /+ '*G'N'G>2@'.<Gm
2M O-">'%&"'4/-&525%5-$'*44+K'%-'.-2*G2(G'.<G *$A'M(5.M<;-'N<0/"2*%"'>%/)0%)/">'%&*%'*/"'*5-05-/<(1'.<0M(<G2-5(3m''
L';/<@'*0KK ! " " !
$5;20$5@2 ! ! ! "
!5$9+"'2/*$A5$9V'
$5;20$5@2
B01"4C4(#-$0#C,(#) B#0E4((#-$0#N240#E#3()
"T0+)>5#"'*$A'4"/0"$%*9"?2*>"A'
/"d)5/"3"$%'0-335%3"$%>'
"T0+)>5#5%K'5$'/"+*%5-$'%-'/"$%?./""'
2"#"/*9"'0--+"/>'7&"/"'-)%+"%'&*>'*00">>'/"d)5/"3"$%'0-335%3"$%>' 2"#"/*9"'0--+"/>'7&"/"'-)%+"%'&*>'*00">>'
%-'>"0-$A'0--+"/'
9/-7%&?2*>"A'-/'-%&"/75>"'5$A5#5A)*+5>"A'
%*/9"%'/"2*%">'
FHn')%5+5>*%5-$'/"d)5/"3"$%'7&"/"'%&*%'5>'
%&"'>-+"'0--+"/'5$'%&"'-)%+"%'
<K5$9
IM !)2>%*$0"
2C L';(5.56-0OL%
2M 1)5A*$0"'L*4"/
[<"0&$50*+'%K5$9'-00)/>'7&"$'%&"'%K5$9'4/-A)0%'5>'A">59$"A'5$'>)0&'
*'7*K'%&*%'5%'-$+K'7-/`>'4/-4"/+K'75%&'%&"'%5"A'4/-A)0%'8*$A'$-%'
75%&'%&"'*+%"/$*%5#">'-.."/"A'2K'0-34"%5%-/>;Ma'8$-%"'NN;
[<7-'4/-A)0%>'*/"'A5>%5$0%'5.C'5$'%&"'*2>"$0"'-.'%K5$9'-/'2)$A+5$9C'*'
>)2>%*$%5*+'$)32"/'-.'0)>%-3"/>'7-)+A'4)/0&*>"'-/'7-)+A'&*#"'
4)/0&*>"A'%&"'%K5$9'4/-A)0%'75%&-)%'*+>-'2)K5$9'%&"'%5"A'4/-A)0%'
./-3'%&"'>*3"'>)44+5"/C'%&"/"2K'*++-75$9'>%*$A?*+-$"'4/-A)0%5-$'
.-/'2-%&'%&"'%K5$9'*$A'%&"'%5"A'4/-A)0%Ma'84*/*'RI;
<K5$9
IM !)2>%*$0"
*M c50/->-.%'qcL
2M 1)5A*$0"'L*4"/
PC L';(5.56-0K!00-335%3"$%>
MMMMMMMY: (UGI (UGD (UGID
b".)>*+'%-'>)44+K'*$A'
3*/95$'>d)""e"
%3#0>? !#5'1 ;#-4, !0,3)/10( B1)( O,(#0 D1EE#0'4,5 !1(,5
,-335>>5-$ S'h'H I'h'I I'h'H F'h'I
U*%5-$*+'8:,U'
2/5".;
I'h'H I'h'D I'h'H D'h'H I'h'H I'h'H E'h'D
U*%5-$*+'8Y,U'
>%)AK;
S'h'H I'h'E F'h'H I'h'H l'h'N DR'h'IH
<-%*+ IN'h'H N'h'IH D'h'H IH'h'H I'h'H I'h'H IH'h'P PH'h'IN
U-%"V'.5/>%'$)32"/'5$'"*0&'0"++'/"."/>'%-'/".)>*+'%-'>)44+K'0*>">'*$A'
>"0-$A'$)32"/'/"."/>'%-'3*/95$'>d)""e"'0*>">
b".)>*+'%-'>)44+K
IM :B'"$.-/0"3"$%'4/*0%50"'0-$0"$%/*%"A'-$'
0-335%3"$%'A"05>5-$>'5$')%5+5%K'0*>">
DM !59$5.50*$0"'.-/'-%&"/'>"0%-/>m
c*/95$'>d)""e"
?<@'2I5*<(2
IM !)2?>"%'-.'/".)>*+'%-'>)44+K'-/'>%*$A?*+-$"'*2)>"m
DM !59$5.50*$0"'-.'%&"'A5>%5$0%5-$m
[Y%'.-++-7>'%&*%C'5$'-/A"/'%-'[Y%'.-++-7>'%&*%C'5$'-/A"/'%-'
">%*2+5>&'7&"%&"/'>)0&'*'4/*0%50"'
5>'*2)>5#"C'%&*%'4/*0%50"'3)>%'&*#"'
*$'*$%5?0-34"%5%5#"'".."0%'-$'%&"'
3*/`"%C'2)%'%&"'".."0%'A-">'$-%'
$"0">>*/5+K'&*#"'%-'2"'0-$0/"%"C'
*$A'5%'5>'>)..505"$%'%-'A"3-$>%/*%"'
%&*%'%&"/"'5>'*$'*$%5?0-34"%5%5#"'
".."0%'7&50&'3*K'4-%"$%5*++K'
"T0+)A"'0-34"%5%-/>'7&-'*/"'*%'
+"*>%'*>'"..505"$%'*>'%&"'A-35$*$%'
)$A"/%*`5$9Ma'84*/*'SP;
[q&"/"'*00">>'%-'%&"'>)44+K'-.'%&"'7&-+">*+"'4/-A)0%'5>'
5$A5>4"$>*2+"'.-/'%&"'>*+"'-.'%&"'/"%*5+'4/-A)0%C'MMM'%&"'*%'
+"*>%'4-%"$%5*++K'*$%5?0-34"%5%5#"'".."0%'-.'*'3*/95$'
>d)""e"'5>'4/-2*2+"Ma'84*/*>'EH'*$A'EI;
[J-7"#"/C'%*`5$9'5$%-'*00-)$%'%&"'A-35$*$%'4->5%5-$'-.'
%&"')$A"/%*`5$9'0-$0"/$"A'5$'%&"'7&-+">*+"'3*/`"%C'%&"'
4->>525+5%K'0*$$-%'2"'/)+"A'-)% %&*%C'2K'/"*>-$'>534+K'-.'
%&"'.*0%'%&*%'%&"'7&-+">*+"'4/-A)0%'5>'$-%'5$A5>4"$>*2+"'
.-/'%&"'>)44+K'-.'%&"'/"%*5+'4/-A)0%C'*'4/505$9'4/*0%50"'
7&50&'0*)>">'3*/95$'>d)""e"'3*K'$-%'2"'*2+"'%-'4/-A)0"'
*$K'*$%5?0-34"%5%5#"'".."0%C'"#"$'4-%"$%5*++KMa'84*/*'ED;