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GNVKGORQFGRTQEGUQFGNCÕPKECWPKFCFEGPVTCNSWGGTCEQOÕPCVQFQU

&GDKFQCNQUGNGXCFQUEQUVQUGPKPXGTUKÎP[GZRNQVCEKÎPSWGTGRTGUGPVCDC
GUVG VKRQ FG CTSWKVGEVWTC UÎNQ GTC CEEGUKDNG C ITCPFGU GORTGUCU [
QTICPK\CEKQPGU

'P NQU CÌQU  NC CRCTKEKÎP FG NC OKETQKPHQTO¶VKEC RTQRQTEKQPÎ WPC
CTSWKVGEVWTC O¶U NKIGTC [ HNGZKDNG NQU OKPKQTFGPCFQTGU RQUKDKNKVCDCP
FGUEGPVTCNK\CTRTQEGUQUOGLQTCTGNCEEGUQCFCVQU[IGPGTCTO¶UH¶EKNOGPVG
CRNKECEKQPGU ITCEKCU C WPCU JGTTCOKGPVCU O¶U GXQNWVKXCU [ CFCRVCFCU CNCU
PWGXCU VGEPQNQIÈCU

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

.QURTKOGTQUGSWKRQUSWGUGFGUCTTQNNCTQPEQPUKUVÈCPGPWPQUUGTXKFQTGUFG
VGTOKPCNGU SWG EQPGEVCDCP VGTOKPCNGU PQ KPVGNKIGPVGU OGFKCPVG WP ECDNG
EQCZKCN&GGUVGOQFQUGNQITCDCSWGNQUVGTOKPCNGUVWXKGTCPCEEGUQCWP
PQFQEGPVTCNCVTCXÃUFGWPGPNCEGEQCZKCNFGCNVCXGNQEKFCF

(WGCEQOKGP\QUFGNQUEWCPFQCRCTGEKGTQPNCURTKOGTCU4GFGUFGTGC
.QECN
.#0 NCUEWCNGUEQPUVKVW[GPWPUKUVGOCFGEQOWPKECEKÎPKPVGITCFQ
RQT FKUVKPVQU WUWCTKQU
UGTXKFQTGU VGTOKPCNGU GVE  SWG RGTOKVG NC
VTCPUHGTGPEKCFGFCVQUCCNVCUXGNQEKFCFGUGPFKUVCPEKCUTGNCVKXCOGPVGEQTVCU
'NRTKPEKRCNQDLGVKXQSWGUGRGTUGIWÈCGTCGNEQORCTVKTNCKPHQTOCEKÎPGPVTG
FKUVKPVQUWUWCTKQUFGTGEWTUQURGTKHÃTKEQUEQOWPGU

.CEQOWPKECEKÎPGPVTGGNUGTXKFQTFGNCTGF[NQUVGTOKPCNGUFGWUWCTKQGTC
IGUVKQPCFC RQT GN IGUVQT FG TGF NQECN [ UG OCVGTKCNK\CDC C VTCXÃU FG WP
OGFKQ HÈUKEQ
ECDNGCFQ SWG RQFÈC GUVTWEVWTCTUG GP FKHGTGPVGU HQTOCU Q
VQRQNQIÈCUFGNCTGFNQECN 2CTCSWGNCEQPGZKÎPCNOGFKQHWGTCRQUKDNGNQU
VGTOKPCNGU GTCP KPEQTRQTCFQU EQP WPC VCTLGVC CFCRVCFQTC FG TGF NC EWCN
FKURQPGFGWPEQPGEVQTGURGEÈHKEQ[IGUVKQPCNQUOGECPKUOQUFGCEEGUQ[
EQPGZKÎPFGVQFQUNQUGNGOGPVQUFGNCTGFEQPGNOGFKQ

.C UGIWPFC IGPGTCEKÎP FG IGUVQTGU FG TGFGU NQECNGU RGTOKVÈC PQ UÎNQ
EQORCTVKT FKUEQU G KORTGUQTCU UKPQ VCODKÃP NC FG EKGTVCU CRNKECEKQPGU [
FCVQU 5KP GODCTIQ NQU FCVQU RGTOCPGEÈCP GP GN UGTXKFQT [ UÎNQ GTCP
CEEGUKDNGUOGFKCPVGEKGTVCUCRNKECEKQPGU'PGNUKIWKGPVGRCUQUGNQITÎSWG
NCUCRNKECEKQPGUSWGIGUVKQPCPNQUFCVQUUQPVTCVCFCURQTGNRTQRKQUGTXKFQT
[ NCU GUVCEKQPGU FGVTCDCLQCEEGFGPCGUVQUFCVQU CVTCXÃU FGCRNKECEKQPGU
FGN UGTXKFQT 'UVG CWIG FKQ NWICT C NC GZKUVGPEKC GP WP OKUOQ EGPVTQ FG
VTCDCLQFGTGFGUNQECNGU RCTCNGNCUSWGGPFGVGTOKPCFQUOQOGPVQUXGPNC
PGEGUKFCFFGKPVGTEQPGEVCTUGRCTCEQORCTVKTNQUTGEWTUQUCUÈEQOQFCVQUFG

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

NC OKUOC QTICPK\CEKÎP 'UVCU TGFGU RWGFGP RTQXGPKT FG FKUVKPVCU


CTSWKVGEVWTCU Q FKUGÌQU FG VÃEPKECU O¶U Q OGPQU FKHGTGPVGU [Q CEVWCNGU

EQOQJGOQUXKUVQGPNCCPVGTKQTGXQNWEKÎP RQTNQSWGUGPGEGUKVCFGNQU
CFGEWCFQU OGECPKUOQU SWG RGTOKVCP NC TGCNK\CEKÎP FG GUVCU FKHÈEKNGU
EQOWPKECEKQPGU2QTQVTCRCTVGGNPÕOGTQFGGNGOGPVQUSWGUGKPEQTRQTCP
Q UG FGURNC\CP KPETGOGPVC NC EQORNGLKFCF FG NC GUVTWEVWTC CUÈ EQOQ NC
RQUKDKNKFCFFGTWRVWTCUGPGNECDNGCFQ

.QU EQPEGPVTCFQTGU RGTOKVGP EQPGEVCT [ CUGIWTCT GN ECDNGCFQ GPVTG XCTKCU


TGFGU NQECNGU 'P QVTQ UGPVKFQ [ EQOQ UG XGT¶ O¶U CFGNCPVG NQU 2WGPVGU

$TKFIGU RGTOKVGPSWGWPCTGFUGRWGFCFGUCTTQNNCTGPFKUVCPEKC[VCOCÌQ
CN TGEQTVCT WPC TGF GP UGIOGPVQU Q GP CPKNNQU UGEWPFCTKQU .QU RWGPVGU
HKNVTCP NCU EQOWPKECEKQPGU FG OQFQ SWG UÎNQ GN VT¶HKEQ FGUVKPCFQ C QVTQ
UGIOGPVQRWGFCETW\CTGNRWGPVG

0Q QDUVCPVG WPC TGF EQP RWGPVGU HWPEKQPC EQOQ WP EQPLWPVQ SWG
EQPUVKVW[GWPCTGFÕPKECRGTQEQPWPITCPVCOCÌQ[OÕNVKRNGUECOKPQUFG
CEEGUQGPVTGFQURWPVQUEWCNGUSWKGTCFGNCTGFNQEWCNRWGFGRTGUGPVCTWP
RTQDNGOCCNCWOGPVCTNCURQUKDKNKFCFGUFGEQOWPKECEKÎP

.QU4QWVGTUCRCTGEKGTQPRCTCTCEKQPCNK\CTNCUKPVGTEQPGZKQPGUFGTGFGU7P
4QWVGT RGTOKVG ETGCT UWDTGFGU SWG EQTTGURQPFCP C ¶TGCU Q ITWRQU
GURGEÈHKEQU FG VTCDCLQ FGPVTQ FG WPC ITCP GUVTWEVWTC #FGO¶U RGTOKVGP
OGLQTCTNCCEEGUKDKNKFCFFGNCTGFCNQHTGEGTNCRQUKDKNKFCFFGXQNXGTCFKTKIKT
NQU FCVQU GP HWPEKÎP FG NC ECTIC [ NC FKURQPKDKNKFCF FG NQU GPNCEGU

2TQVQEQNQFGGPECOKPCOKGPVQ 

 %QORQPGPVGU

.QUGNGOGPVQUSWGEQPHKIWTCPWPCTGFUQP

x 5GTXKFQT
'U GN QTFGPCFQT RTKPEKRCN FG NC TGF SWG UQRQTVCGNUKUVGOCIGUVQTFGNC
OKUOCRTQRQTEKQPCPFQVQFQUNQUUGTXKEKQUCNQUVGTOKPCNGUEQPGEVCFQUC
NCTGF

x 'UVCEKQPGUFGVTCDCLQ
%QORQPGP NQU PQFQU VGTOKPCNGU FG NC TGF RWFKGPFQ UGT VCP UÎNQ
VGTOKPCNGUQDKGP2% UEQPUWURTQRKQUFKURQUKVKXQUHÈUKEQU

x 6CTLGVCUFG4GF
'UGNGNGOGPVQKPVGTHC\SWGRGTOKVG NCEQPGZKÎPFGWPC2%WQTFGPCFQT
CNCTGFEQPUVKVW[GPFQGNRKNCTUQDTGGNSWGUGUQUVKGPGVQFCNCTGF

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

x 'NOGFKQ
%QPUVKVWKFQ RQT GN ECDNGCFQ [ NQU EQPGEVQTGU SWG GPNC\CP NQU
EQORQPGPVGUFGNCTGF

x &KURQUKVKXQUCFKEKQPCNGU
5QP VQFQU CSWGNNQU EQORQPGPVGU FG NC TGF SWG UQP WVKNK\CFQU [
EQORCTVKFQU RQT NQU WUWCTKQU FG NC TGF UQP TGEWTUQU VCNGU EQOQ
KORTGUQTCUWPKFCFGUFGCNOCEGPCOKGPVQGVE

 %QDGTVWTC[VQRQNQIÈCFGNCUTGFGU

#PVGU FG GPVTCT EQP FGVGPKOKGPVQ GP GN VGTTGPQ FG NQU FKURQUKVKXQU FG
KPVGTEQPGZKÎP FG NCU TGFGU TGUWNVC KORTGUEKPFKDNG FGUETKDKT CWPSWG PQ
UQOGTCOGPVG GUVQU FQU EQPEGRVQU RCTC RQUVGTKQTOGPVG RQFGT H¶EKNOGPVG
FGVGTOKPCTGN¶ODKVQFGQRGTCVKXKFCFFGGUVQUFKURQUKVKXQU[EQORTGPFGTUW
HWPEKQPCNKFCF

'URQUKDNGGUVCDNGEGTWPCENCUKHKECEKÎPFGNCUTGFGUGPHWPEKÎPFGUWVCOCÌQ
QTCFKQFGCEEKÎPCUÈEQOQFGRGPFKGPFQFGUWNQECNK\CEKÎPIGQIT¶HKEC&G
GUVGOQFQRQFGOQUFKUVKPIWKTGPVTG

x 4GFGUFGTGC.QECN
.#0 
5QPRGSWGÌCUTGFGUEQPWPPÕOGTQTGFWEKFQFGPQFQU
UKGORTGKPHGTKQT
CNEGPVGPCT JCDKVWCNOGPVGNQECNK\CFCUGPWPOKUOQGFKHKEKQQRNCPVC

x 4GFGU+PVGTEQPGEVCFCU
+PVGT0GV9QTM 
%QOQUWRTQRKQPQODTGKPFKECEQTTGURQPFGCNCKPVGTEQPGZKÎPFGTGFGU
FGN VKRQ CPVGTKQT 'U WP VKRQ JCDKVWCN GP GN ¶ODKVQ FG WPC GORTGUC Q
KPUVKVWEKÎP CN EQPGEVCT VQFCU NCU UWDTGFGU FG NC OKUOC FKURGTUCU GP
VQFCUNCUWDKECEKQPGUFGNCQTICPK\CEKÎP

x 4GFGU/GVTQRQNKVCPCU
/#0 
7PCTGFOGVTQRQNKVCPCEQORTGPFGWPGURCEKQIGQIT¶HKEQOC[QTEQOQ
RWGFGUGTWPECORWUWPKXGTUKVCTKQ QWPCEKWFCF

x 4GFGUFG)TCP#NECPEG
9#0 
'P GUVG VKRQ FG TGFGU GU JCDKVWCN SWG UW ¶ODKVQ QRGTCVKXQ UWRGTG
HTQPVGTCU KPVGTPCEKQPCNGU UKGPFQ NCU EQPGZKQPGU JCDKVWCNGU NCU NÈPGCU
VGNGHÎPKECUFGCNVCXGNQEKFCFUCVÃNKVGUFGEQOWPKECEKQPGUQCPVGPCUFG
OKETQQPFCU %QTTGURQPFGP C ITCPFGU QTICPK\CEKQPGU EQP EGPVTQU W
QHKEKPCUFKURGTUQUGPXCTKQURCÈUGU7PGLGORNQENCTQGUNCTGF+PVGTPGV

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

'PEWCPVQCNCHQTOCGPSWGUGFKUVTKDW[GPNQUEQORQPGPVGUSWGHQTOCP
WPC4GFFGTGC.QECN
.#0 RQFGOQUFKUVKPIWKT

x 6QRQNQIÈCGPGUVTGNNC

6QFQU NQU GNGOGPVQU FG NC TGF UG GPEWGPVTCP EQPGEVCFQU FKTGEVCOGPVG
OGFKCPVG WP GPNCEG RWPVQ C RWPVQ CN PQFQ EGPVTCN FG NC TGF SWKGPUG
GPECTIC FG IGUVKQPCT NCU VTCPUOKUKQPGU FG KPHQTOCEKÎP RQT VQFC NC
GUVTGNNC 'XKFGPVGOGPVG VQFCU NCU VTCOCU FG KPHQTOCEKÎP SWG EKTEWNGP
RQTNCTGFFGDGPRCUCTRQTGNPQFQRTKPEKRCNEQPNQEWCNWPHCNNQGPÃN
RTQXQEC NC ECÈFC FG VQFQ GN UKUVGOC 2QT QVTC RCTVG WP HCNNQ GP WP
FGVGTOKPCFQ ECDNG UÎNQ CHGEVC CN PQFQ CUQEKCFQ C ÃN UK DKGP GUVC
VQRQNQIÈC QDNKIC C FKURQPGT FG WP ECDNG RTQRKQ RCTC ECFC VGTOKPCN
CFKEKQPCNFGNCTGF

%QOQGLGORNQFGGUVGVKRQFGVQRQNQIÈCVGPGOQUNC5VCT.CP FG#66

x 6QRQNQIÈCGPDWU

'P GUVC VQRQNQIÈC NQU GNGOGPVQU SWG EQPUVKVW[GP NC TGF UG FKURQPGP
NKPGCNOGPVG GUFGEKTGPUGTKG[EQPGEVCFQURQTOGFKQFGWPECDNGGN
DWU .CU VTCOCU FG KPHQTOCEKÎP GOKVKFCU RQT WP PQFQ
VGTOKPCN Q
UGTXKFQT UGRTQRCICPRQTVQFQGNDWU
GPCODCUFKTGEEKQPGU CNECP\CFQ
C VQFQU NQU FGO¶U PQFQU %CFC PQFQ FG NC TGF UG FGDG GPECTICT FG
TGEQPQEGTNCKPHQTOCEKÎPSWGTGEQTTGGNDWURCTCCUÈFGVGTOKPCTEWCNGU
NCSWGNGEQTTGURQPFGNCFGUVKPCFCCÃN

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

'UGNVKRQFGKPUVCNCEKÎPO¶UUGPEKNNQ[WPHCNNQGPWPPQFQPQRTQXQEC
NC ECÈFC FGN UKUVGOC FG NC TGF 2QT QVTC RCTVG WPC TWRVWTC FGN DWU GU
FKHÈEKNFGNQECNK\CT
FGRGPFKGPFQFGNCNQPIKVWFFGNECDNG[GNPÕOGTQFG
VGTOKPCNGUEQPGEVCFQUCÃN [RTQXQECNCKPWVKNKFCFFGVQFQGNUKUVGOC

%QOQ GLGORNQ O¶U EQPQEKFQ FG GUVC VQRQNQIÈC GPEQPVTCOQU NC TGF
'VJGTPGV FG :GTQZ 'N OÃVQFQ FG CEEGUQ WVKNK\CFQ GU GN %5/#%&
OÃVQFQSWGIGUVKQPCGNCEEGUQCNDWURQTRCTVGFGNQUVGTOKPCNGU[SWG
RQT OGFKQ FG WP CNIQTKVOQ TGUWGNXG NQU EQPHNKEVQU ECWUCFQU GP NCU
EQNKUKQPGU FG KPHQTOCEKÎP %WCPFQ WP PQFQ FGUGC KPKEKCT WPC
VTCPUOKUKÎP FGDGGPRTKOGTNWICTGUEWEJCTGNOGFKQRCTCUCDGTUKGUV¶
QEWRCFQFGDKGPFQGURGTCTGPECUQCHKTOCVKXQJCUVCSWGSWGFGNKDTG5K
UG NNGIC C RTQFWEKT WPC EQNKUKÎP NCU GUVCEKQPGUTGKPKEKCT¶PECFC WPCUW
VTCPUOKUKÎP RGTQ VTCPUEWTTKFQ WP VKGORQ CNGCVQTKQ FKUVKPVQ RCTC ECFC
GUVCEKÎP 'UVC GU WPC DTGXG FGUETKREKÎP FGN RTQVQEQNQ FG CEEGUQ
%5/#%&RWGUCEVWCNOGPVGUGGPEWGPVTCPKORNGOGPVCFCUECPVKFCFFG
XCTKCPVGUFGFKEJQOÃVQFQEQPUWUTGURGEVKXCURGEWNKCTKFCFGU

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

x 6QRQNQIÈCGPCPKNNQ

.QU PQFQU FG NC TGF UG FKURQPGP GP WP CPKNNQ EGTTCFQ EQPGEVCFQU C ÃN
OGFKCPVGGPNCEGURWPVQCRWPVQ.CKPHQTOCEKÎPFGUETKDGWPCVTC[GEVQTKC
EKTEWNCT GP WPC ÕPKEC FKTGEEKÎP [ GN PQFQ RTKPEKRCN GU SWKGP IGUVKQPC
EQPHNKEVQU GPVTG PQFQU CN GXKVCT NC EQNKUKÎP FG VTCOCUFGKPHQTOCEKÎP 'P
GUVG VKRQ FG VQRQNQIÈC WP HCNNQ GP WP PQFQ CHGEVC C VQFC NC TGF CWPSWG
CEVWCNOGPVG JC[ VGEPQNQIÈCU SWG RGTOKVGP OGFKCPVG WPQU EQPGEVQTGU
GURGEKCNGUNCFGUEQPGZKÎPFGNPQFQCXGTKCFQRCTCSWGGNUKUVGOCRWGFC
UGIWKTHWPEKQPCPFQ

.C TGF 6QMGP4KPI FG +$/ GU WP ENCTQ GLGORNQ FG GUVC VQRQNQIÈC 'N
OÃVQFQFGCEEGUQCNCTGFWVKNK\CFQGUGNEQPQEKFQEQOQ6QMGP2CUUKPI
'UVGOÃVQFQUGDCUCGPGNRCUQFGWPVGUVKIQFGRWPVQCRWPVQEQPVKIWQ
GPGNCPKNNQFGOQFQSWGWPCGUVCEKÎPSWGFGUGGGOKVKTFGDGGURGTCT C
TGEKDKT GN VGUVKIQ GP GUVCFQ NKDTG NQ RQPFT¶ EQOQ QEWRCFQ [ CUÈ
RGTOCPGEGT¶ JCUVC SWG NC KPHQTOCEKÎP NNGIWG C UW FGUVKPQ 'UVC VÃEPKEC
EQPUKIWG WP OGLQT CRTQXGEJCOKGPVQ FG NC TGF EQP TGURGEVQ CN OÃVQFQ
%5/#%& 'UVQ GU FGDKFQ C SWG GP TGFGU EQP WP EKGTVQ PÕOGTQ FG
VGTOKPCNGU[WPVT¶HKEQKPVGPUQUGRTQFWEGWPITCPPÕOGTQFGEQNKUKQPGU
NQSWGRTQFWEGVKGORQUFGGURGTCGNGXCFQU[RQTVCPVQOWEJQVKGORQGP
GNSWGGNECDNGGUV¶KPWVKNK\CFQQEQPKPHQTOCEKÎPPQX¶NKFC'PECODKQ
GPNCUTGFGUEQPRCUQFGVGUVKIQCWPSWGNQUPQFQUFGDGPGURGTCTCSWG
NGU NNGIWG GN VGUVKIQ UCDGP SWG EWCPFQ NQ VKGPGP PCFKG NGU XC C

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

KPVGTTWORKTGPUWVTCPUOKUKÎP5GRWGFGGUVKOCTSWGGPWPCTGF%5/#%&
GNCRTQXGEJCOKGPVQFGNCPEJQFGDCPFCRWGFGUGTFGNOKGPVTCUSWG
GP WPCTGFFGVGUVKIQUGRWGFGCNECP\CTÈPFKEGUEGTECPQUCN

2QTÕNVKOQECDGOGPEKQPCTSWGNCUTGFGUPQUGCLWUVCPGUVTKEVCOGPVGCNCU
VQRQNQIÈCU CPVGTKQTOGPVG FGUETKVCU RWFKGPFQ GPEQPVTCT QVTCU VKRQNQIÈCU
CNVGTPCVKXCUQDKGPEQOQGUO¶UWUWCNVKRQNQIÈCUSWGEQODKPGPNQUVTGU
VKRQUCPVGTKQTGU

'P GN UKIWKGPVG EWCFTQ RQFGOQU QDUGTXCT GUSWGO¶VKECOGPVG NCU


ECTCEVGTÈUVKECUINQDCNGUFGNCUTGFGUO¶UEQOWPGU

'VJGTPGV 5VCT.CP 6QMGP4KPI #4%0'6 .QECN6CNM



 5KP 5KP
+''' $CUG: 
$CUG PQTOCNK\CT PQTOCNK\CT
$TQCF
/ÃVQFQFG %5/#%& %5/#%& CPKNNQVGUVKIQ DWUVGUVKIQ %5/#%&
#EEGUQ
CNGCVQTKQ
CNGCVQTKQ FGVGTOKPKUVC FGVGTOKPKUVC
CNGCVQTKQ

1TKIGP :GTQZ #66 +$/ #RRNG
&CVCRQKPV
8GNQEKFCF /DRU /DRU /DRU /DRU -DRU
6QRQNQIÈC $WU'UVTGNNC $WU'UVTGNNC #PKN'UVTGNNC 'UV$W#P $WU'UVT
2CT 2CT
VTGP\CFQ 2CTVTGP\CFQ 2CTVTGP\CFQ VTGP\CFQ 2CTVTGP\CFQ
/GFKQ EQCZKCNHKDTC HKDTCÎRVKEC EQCZKCN
ÎRVKEC HKDTCÎRVKEC

 .CPQTOCNK\CEKÎP

&GDKFQ C NC JGVGTQIGPGKFCF FG NQU GSWKRQU [ NQU FKHGTGPVGU VKRQU FG
EQOWPKECEKQPGU GU PGEGUCTKQ ETGCT WP GUV¶PFCT D¶UKEQ SWG EQPUVKVW[C WP
OQFGNQFGTGHGTGPEKCFGTGFD¶UKEQ

'N +51
+PUVKVWVG+PVGTPCVKQPCN5VCPFCTFU GNCDQTÎWPOQFGNQFGTGHGTGPEKC
FGNCTGFGPUKGVGPKXGNGUUWRGTRWGUVQUNNCOCFQOQFGNQ15+
1RGP5[UVGOU
+PVGTEQPPGEVKQP  'P GUVG OQFGNQU UG FGHKPGP GN EQPLWPVQ FG HWPEKQPGU
PGEGUCTKCU RCTC WPC EQOWPKECEKÎP GP TGF CITWR¶PFQNCU GP NQU FKUVKPVQU
PKXGNGU NQU EWCNGU FGUGORGÌCDCP FKUVKPVCU HWPEKQPGU UKP UQNCRCTUG GPVTG
GNNQU %CFC PKXGN KPVGTCEVÕC EQP NQU PKXGNGU KPOGFKCVCOGPVG UWRGTKQT G
KPHGTKQT C ÃN GU RQT NQ SWG WP PKXGN QHTGEG UGTXKEKQU FG TGF C UW PKXGN
UWRGTKQT[WVKNK\CNQUUGTXKEKQUFGTGFFGUWPKXGNKPHGTKQT%WCPFQ FQUPQFQU
FGWPCTGFUGEQOWPKECPGPVTGUKUGGUV¶RTQFWEKGPFQWPCEQOWPKECEKÎP
XKTVWCN GPVTG NQU PKXGNGU EQTTGURQPFKGPVGU FG WP GSWKRQ [ FG QVTQ FG
CEWGTFQCWPCUTGINCUQRTQVQEQNQUFGEQOWPKECEKÎP

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

.QUPKXGNGUCÌCFGPUWRTQRKCKPHQTOCEKÎPCNQUFCVQUTGEKDKFQURQTGNPKXGN
UWRGTKQT [ VTCPUHKGTGP GN PWGXQ EQPLWPVQ FG KPHQTOCEKÎP CN PKXGN
KPOGFKCVCOGPVGKPHGTKQTGNEWCNCEGRVCVQFCNCVTCOCEQOQWPEQPLWPVQFG
FCVQU 'P NC TGEGREKÎP FG NQU FCVQU NQU PKXGNGU TGEQPQEGP NC KPHQTOCEKÎP
CFKEKQPCNSWGCEQORCÌCCNQUFCVQU[UÎNQVTCPUHKGTGPCNPKXGNUWRGTKQTNQU
FCVQU[CUÈUWEGUKXCOGPVG

'NOQFGNQ15+EQPUVCFGECRCUQPKXGNGU.CUECTCEVGTÈUVKECUIGPGTCNGUFG
NCUECRCUUQPNCUUKIWKGPVGU

x %CFCWPCFGNCUECRCUFGUGORGÌCHWPEKQPGUDKGPFGHKPKFCU
x .QUUGTXKEKQU RTQRQTEKQPCFQURQTECFCPKXGNUQPWVKNK\CFQURQTGNPKXGN
UWRGTKQT
x 'ZKUVG WPC EQOWPKECEKÎP XKTVWCN GPVTG  OKUOCU ECRCU FG OCPGTC
JQTK\QPVCN
x 'ZKUVGWPCEQOWPKECEKÎPXGTVKECNGPVTGWPCECRCFGPKXGN0 [NCECRCFG
PKXGN0 
x .CEQOWPKECEKÎPHÈUKECUGNNGXCCECDQGPVTGNCUECRCUFGPKXGN

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

3URJUDPDGHDSOLFDFLyQ
GHOXVXDULR

3URYHHVHUYLFLRVJHQHUDOHV
1LYHO $SOLFDFLyQ UHODFLRQDGRVFRQDSOLFDFLRQHV
FJ7UDQVIHUHQFLDGHDUFKLYRV

1LYHO 3UHVHQWDFLyQ )RUPDWRGH'DWRV FJ$6&,,

6HVLyQ &RRUGLQDUODLQWHUDFFLyQHQODVHVLyQ
1LYHO GLiORJR GHORVXVXDULRV

7UDQVSRUWH 3URYHHXQDWUDQVPLVLyQ
1LYHO GHGDWRVFRQILDEOHSXQWRDSXQWR

1LYHO 5HG (QUXWDXQLGDGHVGHLQIRUPDFLyQ

3URYHHLQWHUFDPELRGHGDWRV
(QODFHGH
1LYHO (QWUHGLVSRVLWLYRVHQHOPLVPR
'DWRV PHGLR

)tVLFR 7UDQVPLWHXQIOXMRGHELWVDWUDYpV
1LYHO GHPHGLRItVLFR

(KIWTC #TSWKVGEVWTCFGTGFDCUCFCGPGNOQFGNQ15+

 %CRC(ÈUKEC
x 6TCPUOKUKÎPFGHNWLQFGDKVUCVTCXÃUFGNOGFKQ0QGZKUVGGUVTWEVWTC
CNIWPC
x /CPGLCXQNVCLGU[RWNUQUGNÃEVTKEQU
x 'URGEKHKECECDNGUEQPGEVQTGU[EQORQPGPVGUFGKPVGTHC\EQPGNOGFKQ
FGVTCPUOKUKÎP

 %CRC'PNCEGFG&CVQU
x 'UVTWEVWTCGNHNWLQFGDKVUDCLQWPHQTOCVQRTGFGHKPKFQNNCOCFQVTCOC
x 2CTC HQTOCT WPC VTCOC GN PKXGN FG GPNCEG CITGIC WPC UGEWGPEKC
GURGEKCNFGDKVUCNRTKPEKRKQ[CNHKPCNFGNHNWLQKPKEKCNFGDKVU
x 6TCPUHKGTG VTCOCU FG WPC HQTOC EQPHKCDNG NKDTG FG GTTQTGU
WVKNK\C
TGEQPQEKOKGPVQU[TGVTCPUOKUKÎPFGVTCOCU 
x 2TQXGGEQPVTQNFGHNWLQ
x 7VKNK\CNCVÃEPKECFGRKII[DCEMKPI

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

 %CRCFG4GF
0KXGNFGRCSWGVGU 

x &KXKFG NQU OGPUCLGU FG NC ECRC FG VTCPURQTVG GP RCSWGVGU [ NQU
GPUCODNCCNHKPCN
x 7VKNK\C GN PKXGN FG GPNCEGRCTCGNGPXÈQFGRCSWGVGUWPRCSWGVGGU
GPECRUWNCFQGPWPCVTCOC
x 'PTWVCOKGPVQFGRCSWGVGU
x 'PXÈCNQURCSWGVGUFGPQFQCPQFQWUCPFQ[CUGCWPEKTEWKVQXKTVWCN
QEQOQFCVCITCOCU
x %QPVTQNFG%QPIGUVKÎP

 %CRCFG6TCPURQTVG

x 'UVCDNGEG EQPGZKQPGU RWPVQ C RWPVQ UKP GTTQTGU RCTC GN GPXÈQ FG
OGPUCLGU
x 2GTOKVGOWNVKRNGZCT
OWEJCUGPVTCFCUWPCUCNKFC WPCEQPGZKÎPRWPVQ
C RWPVQ GPVTG FKHGTGPVGU RTQEGUQU FGN WUWCTKQ
RWPVQU GZVTGOQU FG
WPCEQPGZKÎP 
x 2TQXGG NC HWPEKÎP FG FKHWUKÎP FG OGPUCLGU
DTQCFECUV  C OÕNVKRNGU
FGUVKPQU
x %QPVTQNFG(NWLQ

 %CRCFG5GUKÎP

x 2GTOKVGCWUWCTKQUGPFKHGTGPVGUO¶SWKPCUGUVCDNGEGTWPCUGUKÎP
x 7PC UGUKÎP RWGFG UGT WUCFC RCTC GHGEVWCT WPNQIKPCWPUKUVGOCFG
VKGORQ EQORCTVKFQ TGOQVQ RCTC VTCPUHGTKT WP CTEJKXQ GPVTG 
O¶SWKPCUGVE
x %QPVTQNCGNFK¶NQIQ
SWKÃPJCDNCEW¶PFQEW¶PVQVKGORQJCNHFWRNGZ
QHWNNFWRNGZ 
x (WPEKÎPFGUKPETQPK\CEKÎP

 %CRCFG2TGUGPVCEKÎP

x 'UVCDNGEGWPCUKPVCZKU[UGO¶PVKECFGNCKPHQTOCEKÎPVTCPUOKVKFC
x 5G FGHKPG NC GUVTWEVWTC FG NQU FCVQU C VTCPUOKVKT
XI FGHKPG NQU
ECORQUFGWPTGIKUVTQPQODTGFKTGEEKÎPVGNÃHQPQGVE 
x &GHKPG GN EÎFKIQ C WUCT RCTC TGRTGUGPVCT WPC ECFGPC FG ECTCEVGTGU

#5%++'$%&+%GVE 
x %QORTGUKÎPFGFCVQU
x %TKRVQITCHÈC

 %CRCFG#RNKECEKÎP
x 6TCPUHGTGPEKCFGCTEJKXQU
HVR 

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

x .QIKPTGOQVQ
TNQIKPVGNPGV 
x %QTTGQGNGEVTÎPKEQ
OCKN 
x #EEGUQCDCUGUFGFCVQUGVE

 6GPFGPEKCUCEVWCNGUGPNCU4GFGUFGTGC.QECN
.#0 

.CGNGEEKÎPFGNOGFKQFGVTCPUOKUKÎP[FGNOÃVQFQFGCEEGUQCNOKUOQNC
FGHKPKEKÎPFGNCUCRNKECEKQPGU[NCFKURQUKEKÎPFGNJCTFYCTGFGVGTOKPCPNC
UGNGEEKÎP FG WP UKUVGOC IGUVQT FG TGF [ FG NCU EQPUKIWKGPVGU VCTLGVCU
CFCRVCFQTCUFGNQUEQORQPGPVGU

*CUVC HKPCNGU FG NQU  GN OGTECFQ GUVCDC CORNKCOGPVG FQOKPCFQ RQT
'VJGTPGV EQP WPC VQRQNQIÈC FG DWU GUVTWEVWTCFC GP HQTOC CTDÎTGC .QU
FKHGTGPVGU UGIOGPVQU FGN ¶TDQN UG EQPGEVCP GPVTG UÈ RQT OGFKQ FG
TGRGVKFQTGUQRWGPVGURCTCCORNKCTGNCNECPEGFGNCTGF

2QUVGTKQTOGPVG UG JC KFQ KORQPKGPFQ NC CNVGTPCVKXC 6QMGP4KPI EQP


VKRQNQIÈCCPKNNQGUVTGNNCCUQEKCFQCWPEQPEGPVTCFQTFGECDNGCFQ

'P TGUWOGP GP NC FÃECFC CEVWCN 'VJGTPGV [ 6QMGP4KPI UG TGRCTVGP
KIWCNOGPVG GPVTG UÈ O¶U FG NCU VTGU EWCTVCU RCTVGU FGN OGTECFQ
RTQOQXKGPFQ NC VKRQNQIÈC GP GUVTGNNC UQDTG RCT VTGP\CFQ [ NQU
EQTTGURQPFKGPVGUEQPEGPVTCFQTGUFGECDNGCFQ

 .#+06'4%10':+¦0&'.#54'&'5

%QOQ JGOQU XKUVQ GP GN ECRÈVWNQ CPVGTKQT WPC TGF FG ¶TGC NQECN
.#0  EQOQ
EWCNSWKGTQVTQQTFGPCFQTCKUNCFQRWGFGEQOWPKECTUGEQPQVTQUQTFGPCFQTGUQTGFGU
FG QTFGPCFQTGU .C GXQNWEKÎP FG NCU TGFGU NQECNGU KORNKEC FKHGTGPVGU VÃEPKECU
HWPFCOGPVCNGU FG KPVGTEQPGZKÎP RCTC SWG GN VCOCÌQ [ NC CTSWKVGEVWTC FG WPC TGF
RWGFCPGXQNWEKQPCTCWOGPVCT[QRVKOK\CTNQUHNWLQUFGEQOWPKECEKÎPKPVGTEQPGEVCT
XCTKCUTGFGUNQECNGUUKVWCFCUGPNQECNK\CEKQPGUEGTECPCUQTGOQVCUGVE

'NT¶RKFQGUVCDNGEKOKGPVQFGNQU GUV¶PFCTTGNCEKQPCFQU EQPTGFGUFG ¶TGCNQECN



.#0 LWPVQEQPGNETGEKGPVGFGUCTTQNNQGPNCKPFWUVTKCFGUGOKEQPFWEVQTGUSWG
RGTOKVGPFKURQPGTFGOGFKQUFGKPVGTEQPGZKÎPCRTGEKQTGFWEKFQJCOQVKXCFQ
SWGNCUTGFGUFG¶TGCNQECNEQPHQTOGPNCDCUGFGNCUTGFGUFGEQOWPKECEKÎPFG
FCVQUGPWPKXGTUKFCFGUKPFWUVTKCUEGPVTQUFGKPXGUVKICEKÎPGVE

'N O¶ZKOQ TGPFKOKGPVQ FG WPC TGF FG ¶TGC NQECN UG QDVKGPG UGIÕP NCU
CRNKECEKQPGUUQRQTVCFCU2QTEKVCTCNIÕPGLGORNQVGPGOQUGNEQTTGQGNGEVTÎPKEQ
Q EQORCTVKT NQU TGEWTUQU
KORTGUQTCU DCUGU FG FCVQUV  0Q QDUVCPVG FKEJCU
CRNKECEKQPGUTGSWKGTGPFGWPVTCUXCUGFGFCVQU

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

.CUVÃEPKECUSWGUGQHTGEGPGPGNOGTECFQUQPCOGPWFQEQORNGLCUEWCPFQUG
NGUCPCNK\CGPFGVCNNG5KPGODCTIQUQPOW[KORQTVCPVGURQTSWGNCGXQNWEKÎPFG
UWU HWPEKQPGU [ FG UW TGPFKOKGPVQ RGTOKVG CEVWCNOGPVG TGCNK\CT FKHGTGPVGU
CTSWKVGEVWTCUFGTGFFGGORTGUCGPHWPEKÎPFGNCUPGEGUKFCFGU0QUNKOKVCTGOQU
CWPCXKUKÎPINQDCNFGNCURTKPEKRCNGUVÃEPKECUGORNGCFCU[XGTGOQUUQDTGVQFQ
GNRTKPEKRKQIGPGTCNSWGUGCUQEKCCNCWVKNK\CEKÎPFGECFCWPCFGGUCUVÃEPKECU
RCTVKEWNCTGU

 &+5215+6+815&'+06'4%10':+10&'4'&'5

*CUVC CJQTC JGOQU EQPUKFGTCFQ NCU TGFGU EQOQ WP EQPLWPVQ FG GNGOGPVQU
KPVGTEQPGEVCFQUSWGWUCPWPOKUOQRTQVQEQNQFGEQOWPKECEKÎP*GOQURQFKFQ
EQORTQDCT GP GN CRCTVCFQ FG PQTOCVKXCU EQOQ NQU EQOKVÃU Q KPUVKVWEKQPGU
EQTTGURQPFKGPVGU GUVCDNGEGP WPC UGTKG FG PQTOCVKXCU RCTVKEWNCTGU RCTC ECFC
GUVTWEVWTC GNGIKFC #FGO¶U GZKUVG WP FGVGTOKPCFQ PÕOGTQ FG EQPUVTWEVQTGU [
FGUCTTQNNCFQTGU SWG KPVTQFWEGP GP GN OGTECFQ TGFGU
.#0  SWG PQ UKIWGP
PKPIWPCPQTOCVKXC'ZKUVGPFKXGTUQUVKRQUFGTGFGUFGCEWGTFQEQPNCVGEPQNQIÈC
GORNGCFC GP WP OQOGPVQ FCFQ [ GP HWPEKÎP FG NQU EQORQPGPVGU
UGNGEEKQPCFQU 6QFQ GUVQ PQU JCEG UWRQPGT SWG NC HQTOC FG EQPGEVCT XCTKCU
TGFGUFG¶TGCNQECN
.#0 GUWPCUWPVQOW[RTQDNGO¶VKEQ'UFGEKTGPRTKPEKRKQ
FGDGOQU EQPUKFGTCT NCU TGFGU EQOQ KPEQORCVKDNGU GPVTG UÈ [ GN OQFQ FG
EQPUGIWKT WPC KPVGTEQPGZKÎP GZKVQUC GU NC KPENWUKÎP GPVTG TGF [ TGF FG WP
FKURQUKVKXQ Q KPVGTHCEG SWG TGCNKEG NCU VTCFWEEKQPGU Q EQPXGTUKQPGU PGEGUCTKCU
RCTCUQNXGPVCTGUVCUUGTKCUFKHGTGPEKCU

'PTGCNKFCF UGRWGFGPFKUVKPIWKTEWCVTQITCPFGUECVGIQTÈCUFGVÃEPKECUGPGUVG
VGTTGPQ TGRGVKFQTGU DTKFIGU TQWVGTU Q GPECOKPCFQTGU [ ICVGYC[U Q RCUCTGNCU
'PNCHKIWTCQDUGTXCOQUFKHGTGPVGUVKRQUFGKPVGTEQPGZKÎPGPVTGXCTKCU.#0

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

.CRTKOGTCGUNCFGNQUTGRGVKFQTGU‹RQTSWÃUGWVKNK\CPNQUTGRGVKFQTGU! 

.CRTKOGTCKFGCSWGPQUXKGPGEWCPFQRGPUCOQUGPEQPGEVCTFQUUGIOGPVQUFG
TGFGUFG¶TGC NQECNGUWPKTNQU OGFKCPVGWPECDNG RGTQFGDKFQCNCCVGPWCEKÎP
SWGUWHTKTÈCNCUGÌCNGUVQPQGUOW[XKCDNG[GURQTGNNQSWGUGJCEGPGEGUCTKQ
WVKNK\CTCNIÕPFKURQUKVKXQQGSWKRQRCTCRQFGTTGCNK\CTNCEQPGZKÎPFGGUVQUFQU
UGIOGPVQU

.QUTGRGVKFQTGUEQPUVKVW[GPGNOÃVQFQO¶UUKORNG[CEVÕCPNQECNOGPVG[CPKXGN
HÈUKEQ5QPUKORNGOGPVGFKURQUKVKXQUSWGTGEWRGTCPCORNKHKECP[TGEQPHKIWTCPNC
HQTOC FG NC UGÌCN GP WPC TGF [ NC RCUCP CQVTC5QPWUCFQURCTCRTQNQPICTNCU
FKUVCPEKCUFGECDNGFGWPCTGFFG¶TGCNQECN

(WPFCOGPVCNOGPVGUGGORNGCPEWCPFQUGFGUGCPEQPGEVCTFQUUGIOGPVQU .#0
NKOKVCFQUECFCWPQFGGNNQUTGUWNVCPFQHWPEKQPCNOGPVGEQOQUKUGVTCVCUGFGWP
ÕPKEQ UGIOGPVQ 'P GUVG UGPVKFQ NC RTGUGPEKC FG XCTKQU UGIOGPVQU TGUWNVC
VTCPURCTGPVG RCTC NQU &6'U
GSWKRQ VGTOKPCNFGFCVQU FGECFC UGIOGPVQ.#0
0QTOCNOGPVGNQUTGRGVKFQTGUEQPGEVCPTGFGUEQOQ'VJGTPGV C'VJGTPGV6QMGP
4KPI C6QMGP4KPI5VCT.CP C5VCT.CPGVE

.CXGPVCLCFGGUVGVKRQFGKPVGTEQPGZKÎPFGTGFGUNCGPEQPVTCOQUGPGNEQUVQ[
GP NC HCEKNKFCF FG EQPGZKÎP RGTQ VKGPG VCODKÃP UWU FGUXGPVCLCU [ NC O¶U
KORQTVCPVGGURTGEKUCOGPVGUWCEVWCEKÎPEQOQOGTQTGRTQFWEVQTFGNCUGÌCN[C
SWGPQUGPEQPVTCOQUGPUKVWCEKQPGUGPNCUSWGWPCGUVCEKÎP#VTCPUOKVGCQVTC
GUVCEKÎP$UKVWCFCGPUWOKUOQUGIOGPVQFGTGF[GNTGRGVKFQTEQIGGUVCUGÌCN[
NC KPVTQFWEG GP VQFQU NQU UGIOGPVQU SWG EQPGEVC EQP NQ SWG UQDTGECTICOQU
KPPGEGUCTKCOGPVGOWEJQUUGIOGPVQUFGTGF

'UVG RTQDNGOC GU KORQTVCPVG RQTSWG UG UCDG SWG ITCP RCTVG FG NC KPHQTOCEKÎP
IGPGTCFCGPWPUGIOGPVQGUV¶FGUVKPCFCCUGTRTQEGUCFC[WVKNK\CFCFGPVTQFGN
OKUOQUGIOGPVQTGUWNVCPFQWPDCLQRQTEGPVCLGGORNGCFQRQTQVTQUGIOGPVQ

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

.QUTGRGVKFQTGUUKORNGOGPVGTGRKVGPNCUUGÌCNGU[PQRTQRQTEKQPCPPKPIÕPVKRQ
FGECRCEKFCFFGHKNVTCFQFGNQURCSWGVGUFGFCVQUFGDKFQCGUVQVQFQGNVT¶HKEQ
GPVQFCUNCUTGFGUEQPGEVCFCURQTWPQQO¶UTGRGVKFQTGUUGRTQRCICCVQFCUNCU
QVTCUNQEWCNRWGFGVGPGTWPGHGEVQPGICVKXQGPGNÎRVKOQHWPEKQPCOKGPVQFGNC
TGF

'URQTGNNQSWGEQOQXGTGOQURQUVGTKQTOGPVGCRCTGEGPNQU$TKFIGU
2WGPVGU 
EQOQ CNVGTPCVKXC C GUVQU FKURQUKVKXQU 2QT QVTC RCTVG FGDG SWGFCT ENCTQ SWGGN
OÃVQFQFGCEEGUQFGDGUGTKFÃPVKEQGPNQUOGFKQUKPVGTEQPGEVCFQUOGFKCPVGWP
TGRGVKFQT.CTGFSWGHQTOCPXCTKQUUGIOGPVQUFGECDNGUEQPGEVCFQUUGEQORQTVC
EQOQ WPC ÕPKEC TGF NÎIKEC 'UVC EQPGZKÎP GU VTCPURCTGPVG RCTC VQFQU NQU
GNGOGPVQUEQPGEVCFQUCNCTGFNQECNCUÈEQOQRCTCVQFCUNCUEQOWPKECEKQPGUSWG
VTCPUKVCPCVTCXÃUFGGUCOKUOCTGFNQECN.CTGFHQTOCCUÈWPCTGFNQECNÕPKEC
%QP NQU TGRGVKFQTGU UG RWGFGP TGCNK\CT TGFGU NQECNGU HQTOCFCU RQT WPC
EQODKPCEKÎP FG UGIOGPVQU FG ECDNG EQP OGFKQU [ VQRQNQIÈCU FKHGTGPVGU 5KP
GODCTIQ GZKUVGP EKGTVQU NÈOKVGU SWGUQPGURGEÈHKEQU RCTCNCVGEPQNQIÈCSWGUG
WVKNK\CGPECFCOGFKQFGCEEGUQ%QPEKGTPGPGNPÕOGTQO¶ZKOQFGTGRGVKFQTGU
SWG RWGFG CVTCXGUCT GN NCTIQ O¶ZKOQ SWG PQ RWGFG UQDTGRCUCT RCTC ECFC
UGIOGPVQGNNCTIQVQVCNFGNCCTSWKVGEVWTC
&GGUCOCPGTCUGRWGFGPTGCNK\CTXCTKQUUGIOGPVQURQTGLGORNQEQP'VJGTPGV
SWG TGUWNVGP FG EQODKPCEKQPGU FG ECDNGU EQCZKCNGU FGHKDTC ÎRVKEC FG RCTGU
VTGP\CFQUIGUVKQPCFQURQTNQUTGRGVKFQTGUUGRCTCFQUQKPVGITCFQUGPWPOKUOQ
EQPLWPVQ2GTOKVGPCFCRVCTNCCTSWKVGEVWTCFGNCTGFCNPÕOGTQFGGUVCEKQPGUFG
VTCDCLQCUWUKVWCEKÎPIGQIT¶HKECCWPECDNGCFQ[CGZKUVGPVGCWPCECODKQGVE

.C UGIWPFC [ NC VGTEGTC ECVGIQTÈCU TGRTGUGPVCP NQU RWGPVGU


DTKFIGU  [ NQU
TQWVGTUSWGRGTOKVGPIGUVKQPCTNCUEQPGZKQPGUNQECNGUQTGOQVCURCTCTGCNK\CTNC
KPVGTEQPGZKÎPFGNCUTGFGU[QRVKOK\CTNQUHNWLQUFGEQOWPKECEKÎP

(KPCNOGPVGNCEWCTV CECVGIQTÈCNCFGNCURCUCTGNCU
ICVGYC[U RGTOKVGGUVCDNGEGT
WP OGFKQFGEQOWPKECEKÎPGPVTGNCUTGFGUNQECNGU [UKUVGOCUFGVKRQOGFKQQ
ITCPFG FG VKRQ FKHGTGPVG EQPUGTXKEKQU CUQEKCFQU VCNGU EQOQNCEQPXGTUKÎPFG
RTQVQEQNQ

.CURCUCTGNCUKPVGTXKGPGP GPNCUECRCUUWRGTKQTGUFGNOQFGNQFGTGHGTGPEKC15+

RQT GPEKOC FG NQU RWGPVGU  EQPETGVCOGPVG GP GN PKXGN FG TGF [ TGCNK\CP
EQPXGTUKQPGUFGNQUFKUVKPVQUHQTOCVQUQRTQVQEQNQUFGECFCWPCFGNCUTGFGUSWG
KPVGTEQOWPKEC'PECODKQ[FGDKFQCNPKXGNGPSWGQRGTCPNCURCUCTGNCUJCEGP
NGPVQ GN VT¶HKEQ FG KPHQTOCEKÎP GU RQT GNNQ SWG UQP RTKPEKRCNOGPVG WUCFCU GP
TGFGU9#0FQPFGGNVT¶HKEQGUFGRQTUÈNGPVQ

'P NCU RCUCTGNCU QTKGPVCFCU C EQPGZKÎP UG FGHKPGP EKTEWKVQU XKTVWCNGU EQOQ
QEWTTGEQPNQU RWGPVGURGTQCPKXGNFGTGF[PQFGGPNCEG#NEQOWPKECTFQU

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

UWDTGFGU FKUVKPVCU FGWPCTGF9#0UGGUVCDNGEGWPQQO¶UEKTEWKVQU XKTVWCNGU


EQPECVGPCFQUCVTCXÃUFGNQUEWCNGUUGRTQFWEGGNVT¶HKEQFGFCVQU

'P NCU RCUCTGNCU PQ QTKGPVCFCU C EQPGZKÎP PQ UG GUVCDNGEGP EKTEWKVQU XKTVWCNGU
UKPQ SWG NC KPHQTOCEKÎP GP GPECRUWNCFC GP FCVCITCOCU SWG UQP GPXKCFQU CN
FGUVKPCVCTKQ[PQVKGPGPRQTSWÃTGEQTTGTUKGORTGGNOKUOQECOKPQ
FGGUVGOQFQ
GUH¶EKNUQTVGCTNCUXÈCUEQPIGUVKQPCFCU 

 /'&+15&'64#05/+5+¦0

'POGFKQUIWKCFQUGNCPEJQFGDCPFCQXGNQEKFCFFGVTCPUOKUKÎPFGRGPFGPFG
NCFKUVCPEKC[FGUKGNGPNCEGGURWPVQCRWPVQQOWNVKRWPVQ

 2CTVTGP\CFQ

'UGNOGFKQIWKCFQO¶UDCTCVQ[O¶UWUCFQ%QPUKUVGGPWP RCTFGECDNGU
GODWVKFQURCTCUWCKUNCOKGPVQ RCTCECFCGPNCEGFGEQOWPKECEKÎP&GDKFQ
CSWGRWGFGJCDGTCEQRNGUGPVTGRCTGUGUVQUUGVTGP\CEQPRCUQUFKHGTGPVGU
.C WVKNK\CEKÎP FGN VTGP\CFQ VKGPFG C FKUOKPWKT NC KPVGTHGTGPEKC
GNGEVTQOCIPÃVKEC

'UVG VKRQ FG OGFKQ GU GN O¶U WVKNK\CFQ FGDKFQ C UW DCLQ EQUVQ
UG WVKNK\C
OWEJQGPVGNGHQPÈC RGTQUWKPEQPXGPKGPVGRTKPEKRCNGUUWRQECXGNQEKFCF
FGVTCPUOKUKÎP[UWEQTVCFKUVCPEKCFGCNECPEG%QPGUVQUECDNGUUGRWGFGP
VTCPUOKVKTUGÌCNGUCPCNÎIKECUQFKIKVCNGU

'U WP OGFKQ OW[ UWUEGRVKDNG C TWKFQ [ C KPVGTHGTGPEKCU  2CTCGXKVCTGUVQU


RTQDNGOCUUGUWGNGVTGP\CTGNECDNGEQPFKUVKPVQURCUQUFGVQTUKÎP[UGUWGNG
TGEWDTKTEQPWPCOCNNCGZVGTPCRCTCGXKVCTNCUKPVGTHGTGPEKCUGZVGTPCU

 2CTGUVTGP\CFQUCRCPVCNNCFQU[UKPCRCPVCNNCT

.QURCTGUUKPCRCPVCNNCTUQPNQUO¶UDCTCVQUCWPSWGNQUOGPQUTGUKUVGPVGUC
KPVGTHGTGPEKCU
CWPSWG UG WUCP EQP ÃZKVQ GP VGNGHQPÈC [ GP TGFGU FG ¶TGC
NQECN  # XGNQEKFCFGU FG VTCPUOKUKÎP DCLCU NQU RCTGU CRCPVCNNCFQU UQP
OGPQU UWUEGRVKDNGU C KPVGTHGTGPEKCU CWPSWG UQP O¶U ECTQU [O¶UFKHÈEKNGU
FGKPUVCNCT

 %CDNGEQCZKCN
%QPUKUVG GP WP ECDNG EQPFWEVQT KPVGTPQ
EKNÈPFTKEQ  UGRCTCFQ FG QVTQ
ECDNGEQPFWEVQTGZVGTPQRQTCPKNNQUCKUNCPVGUQRQTWPCKUNCPVGOCEK\Q
6QFQGUVQUGTGEWDTGRQTQVTCECRCCKUNCPVGSWGGUNCHWPFCFGNECDNG

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

'UVGECDNGCWPSWGGUO¶UECTQSWGGNRCTVTGP\CFQUGRWGFGWVKNK\CTCO¶U
NCTIC FKUVCPEKC EQP XGNQEKFCFGU FG VTCPUOKUKÎP UWRGTKQTGU OGPQU
KPVGTHGTGPEKCU[RGTOKVGEQPGEVCTO¶UGUVCEKQPGU

5G UWGNG WVKNK\CT RCTC VGNGXKUKÎP VGNGHQPÈC C NCTIC FKUVCPEKC TGFGU FG ¶TGC
NQECNEQPGZKÎPFGRGTKHÃTKEQUCEQTVCFKUVCPEKCGVE

5GWVKNK\CRCTCVTCPUOKVKTUGÌCNGUCPCNÎIKECUQFKIKVCNGU5WUKPEQPXGPKGPVGU
RTKPEKRCNGUUQPCVGPWCEKÎPTWKFQVÃTOKEQTWKFQFGKPVGTOQFWNCEKÎP2CTC
UGÌCNGU CPCNÎIKECU UG PGEGUKVC WP CORNKHKECFQT ECFC RQEQU MKNÎOGVTQU [
RCTCUGÌCNGUFKIKVCNGUWPTGRGVKFQTECFCMKNÎOGVTQ

 (KDTCÎRVKEC

5G VTCVC FG WP  OGFKQ OW[ HNGZKDNG [ OW[ HKPQ SWG EQPFWEG GPGTIÈC FG
PCVWTCNG\CÎRVKEC5WHQTOCGUEKNÈPFTKECEQPVTGUUGEEKQPGUTCFKCNGUPÕENGQ
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COGPC\CFGKPWPFCEKÎP0QFGDGJCDGTVWDGTÈCFGCIWCRCUCPFQRQT

UQDTGQCNTGFGFQT GNEWCTVQFGVGNGEQOWPKECEKQPGU&GJCDGTTKGUIQ
FGKPITGUQFGCIWCUGFGDGRTQRQTEKQPCTFTGPCLGFGRKUQ&GJCDGT
TGICFGTCUEQPVTCKPEGPFKQUGFGDGKPUVCNCTWPCECPQC RCTCFTGPCTWP
IQVGQRQVGPEKCNFGNCUTGICFGTCU

2+515
.QURKUQUFGNQUCODKGPVGUFGDGPUQRQTVCTWPCECTICFGMRC
-KNQ
RCUECN

)DOVR3LVR

+.7/+0#%+¦0
5GFGDGRTQRQTEKQPCTWPOÈPKOQGSWKXCNGPVGCNWZOGFKFQCWP
OGVTQFGNRKUQVGTOKPCFQ.CKNWOKPCEKÎPFGDGGUVCTCWPOÈPKOQFG
OGVTQU FGNRKUQVGTOKPCFQ .CURCTGFGUFGDGPGUVCTRKPVCFCUGP
WPEQNQTENCTQRCTCOGLQTCTNCKNWOKPCEKÎP5GTGEQOKGPFCGNWUQFG
NWEGUFGGOGTIGPEKC

.1%#.+<#%+¦0
%QP GN RTQRÎUKVQ FG OCPVGPGT NC FKUVCPEKC JQTK\QPVCN FG ECDNG
RTQOGFKQGPOGVTQUQOGPQU
EQPWPO¶ZKOQFGOGVTQU UG
TGEQOKGPFC NQECNK\CT GN EWCTVQ FG VGNGEQOWPKECEKQPGU NQ O¶U EGTEC
RQUKDNGFGNEGPVTQFGN¶TGCCUGTXKT

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

216'0%+#
&GDGP JCDGT VQOCEQTTKGPVGU UWHKEKGPVGU RCTC CNKOGPVCT NQU
FKURQUKVKXQU C KPUVCNCTUG GP NQU CPFGPGU 'N GUV¶PFCT GUVCDNGEG SWG
FGDGJCDGTWPOÈPKOQFGFQUVQOCEQTTKGPVGU FQDNGUFG8%#
FGFKECFQUFGVTGUJKNQU

&GDGP UGT EKTEWKVQU UGRCTCFQU FG  C  CORGTKQU 'UVQU FQU


VQOCEQTTKGPVGURQFTÈCPGUVCTFKURWGUVQUCOGVTQUFGFKUVCPEKCWPQ
FG QVTQ %QPUKFGTCT CNKOGPVCEKÎP GNÃEVTKEC FG GOGTIGPEKC EQP
CEVKXCEKÎPCWVQO¶VKEC'POWEJQUECUQUGUFGUGCDNGKPUVCNCTWPRCPGN
FGEQPVTQNGNÃEVTKEQFGFKECFQCGNEWCTVQFGVGNGEQOWPKECEKQPGU.C
CNKOGPVCEKÎP GURGEÈHKEC FG NQU FKURQUKVKXQU GNGEVTÎPKEQU UG RQFT¶
JCEGT EQP 725 [ TGINGVCU
UWRTGUQT FG RKEQU  OQPVCFCU GP NQU
CPFGPGU 

5GRCTCFQ FG GUVQU VQOCU FGDGP JCDGT VQOCEQTTKGPVGU FQDNGU RCTC


JGTTCOKGPVCUGSWKRQFGRTWGDCGVE'UVQUVQOCEQTTKGPVGUFGDGPGUVCT
CEOUFGNPKXGNFGNRKUQ[FKURWGUVQUGPKPVGTXCNQUFGOGVTQU
CNTGFGFQTFGNRGTÈOGVTQFGNCURCTGFGU

'NEWCTVQFGVGNGEQOWPKECEKQPGUFGDGEQPVCTEQPWPCDCTTCFGRWGUVC
C VKGTTC SWG C UW XG\ FGDG GUVCT EQPGEVCFC OGFKCPVG WP ECDNG FG
OÈPKOQ  #9) EQPCKUNCOKGPVQXGTFGCNUKUVGOCFGRWGUVCCVKGTTC
FG VGNGEQOWPKECEKQPGU UGIÕP NCU GURGEKHKECEKQPGU FG #05+6+#'+#


5')74+&#&
5GFGDGOCPVGPGTGNEWCTVQFGVGNGEQOWPKECEKQPGUEQPNNCXGGPVQFQ
OQOGPVQ 5G FGDG CUKIPCT NNCXGU C RGTUQPCN SWG GUVÃ GP GN GFKHKEKQ
FWTCPVG NCU JQTCU FG QRGTCEKÎP 5G FGDG OCPVGPGT GN EWCTVQ FG
VGNGEQOWPKECEKQPGUNKORKQ[QTFGPCFQ

4'37+5+615&'6#/#¤1
&GDG JCDGTCNOGPQU WPEWCTVQFGVGNGEQOWPKECEKQPGUQEWCTVQFG
GSWKRQ RQT RKUQ [ RQT ¶TGCU SWG PQ GZEGFCP NQU  OGVTQU
EWCFTCFQU+PUVCNCEKQPGURGSWGÌCURQFT¶PWVKNK\CTWPUÎNQEWCTVQFG
VGNGEQOWPKECEKQPGU UK NC FKUVCPEKC O¶ZKOC FG  OGVTQU PQ UG
GZEGFG

TGCC5GTXKT'FKHKEKQ0QTOCN &KOGPUKQPGU/ÈPKOCUFGN%WCTVQ
FG#NCODTCFQ
OQOGPQU OZO
OC[QTCOOGPQTCOOZO
OC[QTCOOGPQTCOOZO

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

TGCC5GTXKT'FKHKEKQ2GSWGÌQ 7VKNK\CTRCTCGN#NCODTCFQ
OQOGPQU /QPVCPVGFGRCTGFQICDKPGVG
GPEGTTCFQ
OC[QTCOOGPQTCO%WCTVQFGOZOÎ
%NQUGVCPIQUVQ FG  O Z
O

#NIWPQUGSWKRQUTGSWKGTGPWPHQPFQFGCNOGPQUO

&+5215+%+¦0&''37+215

.QUCPFGPGU
TCEMU FGDGPFGEQPVCTEQPCNOGPQUEOFGGURCEKQ
FGVTCDCLQNKDTGCNTGFGFQT
CNHTGPVG[FGVT¶U FGNQUGSWKRQU[RCPGNGU
FGVGNGEQOWPKECEKQPGU.CFKUVCPEKCFGEOUGFGDGOGFKTCRCTVKT
FGNCUWRGTHKEKGO¶UUCNKFCFGNCPFÃP

&G CEWGTFQ CN 0'% 0(2# #TVÈEWNQ  FGDG JCDGT WP
OÈPKOQ FG  OGVTQ FG GURCEKQ NKDTG RCTC VTCDCLCT FG GSWKRQ EQP
RCTVGUGZRWGUVCUUKPCKUNCOKGPVQ

6QFQU NQU CPFGPGU [ ICDKPGVGU FGDGP EWORNKT EQP NCU


GURGEKHKECEKQPGUFG#05+'+#.CVQTPKNNGTÈCFGDGUGTOÃVTKEC/
5GTGEQOKGPFCFGLCTWPGURCEKQNKDTGFGEOGPNCUGUSWKPCU

2#4'&'5
#N OGPQU FQU FG NCU RCTGFGU FGN EWCTVQ FGDGP VGPGT N¶OKPCU FG
RN[YQQF #% FG  OKNÈOGVTQU FG  OGVTQU FG CNVQ.CU RCTGFGU
FGDGPUGTUWHKEKGPVGOGPVGTÈIKFCURCTCUQRQTVCTGSWKRQ.CURCTGFGU
FGDGPUGTRKPVCFCUEQPRKPVWTCTGUKUVGPVGCNHWGIQNCXCDNGOCVG[FG
EQNQTENCTQ

 %7#461&''37+215

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

'N EWCTVQ FG GSWKRQU GU WP GURCEKQ EGPVTCNK\CFQ RCTC NQU GSWKRQU FG
VGNGEQOWPKECEKQPGU
'L 2$: 'SWKRQU FG %ÎORWVQ 5YKVEJ  SWG UKTXGP C
NQU QEWRCPVGU FGN GFKHKEKQ 'UVG EWCTVQ ÕPKECOGPVG FGDG IWCTFCT GSWKRQU
FKTGEVCOGPVG TGNCEKQPCFQU EQP GN UKUVGOC FG VGNGEQOWPKECEKQPGU [ UWU
UKUVGOCUFGUQRQTVG.CPQTOCSWGGUVCPFCTK\CGUVGUWDUKUVGOCGUNC'+#6+#


5G FGDGP VGPGT GP EWGPVC NCU UKIWKGPVGU EQPUKFGTCEKQPGU CN OQOGPVQ FG
FKUGÌCTGNEWCTVQFGGSWKRQU

 5GNGEEKÎPFGN5KVKQ

%WCPFQUGUGNGEEKQPGGNEWCTVQFGGSWKRQUUGFGDGPGXKVCTUKVKQUSWG
GUVÃP TGUVTKPIKFQU RQT EQORQPGPVGU FGN GFKHKEKQ SWG NKOKVGP NC
GZRCPUKÎPVCNGUEQOQGNGXCFQTGUGUECNGTCUGVE'NEWCTVQFGDGVGPGT
CEEGUKDKNKFCF RCTC NC GPVTCFC FG ITCPFGU GSWKRQU [ GN CEEGUQ C GUVG
EWCTVQFGDGUGTTGUVTKPIKFQCRGTUQPCNÕPKECOGPVGCWVQTK\CFQ

.CECRCEKFCFFGTGUKUVGPEKCFGNRKUQFGDGUGTVCNSWGUQRQTVGNCECTIC
FKUVTKDWKFC [ EQPEGPVTCFC FG NQU GSWKRQU KPUVCNCFQU .C ECTIC
FKUVTKDWKFC FGDG UGT OC[QT C  MRC
 NDHHV  [ NC ECTIC
EQPEGPVTCFC FGDG UGT OC[QT C  M0
 NDH  UQDTG GN ¶TGC FG
OC[QTEQPEGPVTCEKÎPFGGSWKRQU

'N EWCTVQFGGSWKRQUPQFGDGGUVCTNQECNK\CFQFGDCLQFGPKXGNGUFG
CIWC C OGPQU SWG OGFKFCU RTGXGPVKXCU UG JC[CP VQOCFQ GP EQPVTC
FGNCHKNVTCEKÎPFGCIWC7PFTGPCLGFGDGUGTEQNQECFQGPGNEWCTVQ
GPECUQFGSWGGZKUVCGNKPITGUQFGCIWC

'NEWCTVQFGGSWKRQUFGDGVGPGTWPCEEGUQFKTGEVQCN*8#%
*GCVKPI
8GPVKNCVKPICPF#KT%QPFKVKQPKPI5[UVGO

'N EWCTVQ FGDG GUVCT NQECNK\CFQ NGLQU FG HWGPVGU FG KPVGTHGTGPEKCU
GNGEVTQOCIPÃVKECUCWPCFKUVCPEKCSWGTGFW\ECNCKPVGTHGTGPEKCC 
8O C VTCXÃU FGN GURGEVTQ FG HTGEWGPEKC 5G FGDG VGPGT GURGEKCN
CVGPEKÎP EQP VTCPUHQTOCFQTGU GNÃEVTKEQU OQVQTGU IGPGTCFQTGU
GSWKRQU FG 4C[QU : 4CFKQU Q 4CFCTGU FG 6TCPUOKUKÎP 'U FGUGCDNG
EQNQECTGNEWCTVQFGGSWKRQUEGTECFGNCTWVCFGN$CEMDQPG2TKPEKRCN

6COCÌQ

'NEWCTVQFGGSWKRQUFGDGVGPGTWPVCOCÌQUWHKEKGPVGRCTCUCVKUHCEGT
NQUTGSWGTKOKGPVQUFGNQUGSWKRQU2CTCFGHKPKTGNVCOCÌQFGDGVGPGT
GP EWGPVC VCPVQ NQU TGSWGTKOKGPVQU CEVWCNGU EQOQ NQU RTQ[GEVQU
HWVWTQU

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

%WCPFQ NCU GURGEKHKECEKQPGU FG VCOCÌQ FG NQU GSWKRQU PQ UQP
EQPQEKFCUUGFGDGPVGPGTGPEWGPVCNQUUKIWKGPVGURWPVQU

C )WÈCRCTC8Q\[&CVQU

.C RT¶EVKEC EQPUKUVGGPRTQXGGTOFGGURCEKQGPGNEWCTVQ


RQTECFC OFGWPCGUVCEKÎPFGVTCDCLQ'NEWCTVQFGGSWKRQU
FGDG UGT FKUGÌCFQ RCTC WP OÈPKOQ FG O $CU¶PFQUG GP GN
PÕOGTQ FG GUVCEKQPGU FG VTCDCLQ GN VCOCÌQ FGN EWCTVQ FGDG UGT
UGIÕPNCUKIWKGPVGVCDNC

0ÕOGTQFG'UVCEKQPGUFGVTCDCLQ TGCGPO
*CUVC 
&GUFGJCUVC 
&GUFGJCUVC 
&GUFGJCUVC 

D)WÈCRCTCQVTQUGSWKRQU

.QU GSWKRQU FG %QPVTQN #ODKGPVCN VCNGU EQOQ FKUVTKDWKFQTGU FG


GPGTIÈC CKTGU CEQPFKEKQPCFQU [ 725 JCUVC  M8# UG FGDGP
KPUVCNCT GP GN EWCTVQ FG GSWKRQU 725 OC[QTGU C  M8# FGDG
GUVCTNQECNK\CFCUGPEWCTVQUUGRCTCFQU

 2TQXKUKQPCOKGPVQ

.CCNVWTCOÈPKOCFGWPEWCTVQFGGSWKRQUFGDGUGTFGOGVTQU

RKGU UKPQDUVTWEEKQPGU

'N EWCTVQ FG GSWKRQU FGDG GUVCT RTQVGIKFQ FG EQPVCOKPCEKÎP [


RQNWEKÎPSWGRWGFCCHGEVCTNCQRGTCEKÎP[GNOCVGTKCNFGNQUGSWKRQU
KPUVCNCFQU %WCPFQ NC EQPVCOKPCEKÎP RTGUGPVG GU UWRGTKQT CN
KPFKECFQ GP NC UKIWKGPVG VCDNC DCTTGTCU FG XCRQT Q HKNVTQU FGDGP UGT
KPUVCNCFQUGPGNEWCTVQ

%QPVCOKPCPVG %QPEGPVTCEKÎP
%NQTQ RRO
5WNHCVQFG*KFTÎIGPQ RRO
1ZKFQFG0KVTÎIGPQ RRO
&KÎZKFQFG5WNHWTQ RRO
2QNXQ WIOJ
*KFTQECTDWTQ WIOJ

'NEWCTVQFGGSWKRQUFGDGGUVCTEQPGEVCFQCNCTWVCFGN$CEMDQPG'P
ECUQFGPGEGUKVCTUGFGVGEVQTGUFGJWOQGUVQUFGDGPGUVCTFGPVTQFG
UW ECLCRCTCGXKVCTSWGUGXC[CPCCEVKXCTCEEKFGPVCNOGPVG 5GFGDG

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

EQNQECT WP FTGPCLG FGDCLQ FG NQU FGVGEVQTGU FG JWOQ RCTC GXKVCT
KPWPFCEKQPGUGPGNEWCTVQ

'SWKRQUFG%CNGHCEEKÎP8GPVKNCEKÎP[#KTG#EQPFKEKQPCFQ
*8#%

'UVQUGSWKRQUFGDGPUGTRTQXGÈFQURCTCHWPEKQPCTJQTCURQTFÈC[
FÈCURQTCÌQ5KGNUKUVGOCFGNGFKHKEKQPQCUGIWTCWPCQRGTCEKÎP
EQPVKPWCWPCWPKFCFKPFGRGPFKGPVG
5VCPF#NQPG FGDG UGTKPUVCNCFC
RCTCGNEWCTVQFGGSWKRQU

.C VGORGTCVWTC [ NC JWOGFCF FGDGP UGT EQPVTQNCFCU GPVTG WPQU


TCPIQUFG%Cm%EQPWPCJWOGFCFFGNCN'SWKRQU
FG JWOGFKHKECEKÎP [ FGUJWOGFKHKECEKÎP RWGFGP UGT TGSWGTKFQU
FGRGPFKGPFQFGNCUEQPFKEKQPGUCODKGPVCNGUFGNNWICT

.C VGORGTCVWTC CODKGPVG [ NC JWOGFCF FGDGP UGT OGFKFCU C WPC


FKUVCPEKCFGOGVTQUUQDTGGNPKXGNFGNRKUQ[FGURWÃUFGSWGNQU
GSWKRQUGUVÃPGPQRGTCEKÎP
5K UG WVKNK\CP DCVGTÈCU RCTC DCEMWR UG FGDGP KPUVCNCT GSWKRQU
CFGEWCFQUFGXGPVKNCEKÎP

#ECDCFQU+PVGTKQTGU
'N RKUQ NCU RCTGFGU [ GN VGEJQ FGDGP UGT UGNNCFQU RCTC TGFWEKT GN
RQNXQ.QUCECDCFQUFGDGPUGTFGEQNQTGUNWOKPQUQURCTCCWOGPVCT
NCKNWOKPCEKÎPFGNEWCTVQ'NOCVGTKCNFGNRKUQFGDGVGPGTRTQRKGFCFGU
CPVKGUV¶VKECU

 +NWOKPCEKÎP
.C KNWOKPCEKÎP FGDG VGPGT WP OÈPKOQ FG  NZ OGFKFC  OGVTQ
UQDTGGNRKUQGPWPNWICTNKDTGFGGSWKRQU.CKNWOKPCEKÎPFGDGUGT
EQPVTQNCFCRQTWPQQO¶UUYKVEJGUNQECNK\CFQUEGTECFGNCRWGTVCFG
GPVTCFCCNEWCTVQ

 'PGTIÈC
5GFGDGKPUVCNCTWPEKTEWKVQUGRCTCFQRCTCUWRNKTFGGPGTIÈCCNEWCTVQ
FGGSWKRQU[FGDGVGTOKPCTGPUWRTQRKQRCPGNGNÃEVTKEQ.CGPGTIÈC
GNÃEVTKECSWGNNGIWGCNEWCTVQPQUGGURGEKHKEC[CSWGFGRGPFGFGNQU
GSWKRQUKPUVCNCFQU

2WGTVC
.CRWGTVCFGDGVGPGTWPOÈPKOQFGOKNÈOGVTQUFGCPEJQ[
OKNÈOGVTQUFGCNVQ[EQPVGPGTWPCEGTTCFWTC5KUGGUVKOCSWGXCPC

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

NNGICT GSWKRQU OW[ ITCPFGU UG FGDG KPUVCNCT WPC RWGTVC FQDNG FG
OKNÈOGVTQUFGCPEJQRQTOKNÈOGVTQUFGCNVQ

 2QNQC6KGTTC
5G FGDG KPUVCNCT WP EQPFWEVQ FG  FGUFG GN EWCTVQ FG GSWKRQU
JCUVCGNGEVTQFQCVKGTTCFGNGFKHKEKQ

 'ZVKPIWKFQTGUFG(WGIQ
5G FGDGP RTQXGGT GZVKPIWKFQTGU FG HWGIQ RQTV¶VKNGU [ JCEGTNGU
OCPVGPKOKGPVQRGTKÎFKECOGPVG'UVQUFGDGPUGTKPUVCNCFQUVCPEGTEC
CNCRWGTVCEQOQUGCRQUKDNG

 %7#461&''064#&#&'5'48+%+15

.CGPVTCFCFGUGTXKEKQU RTQXGGGNRWPVQGPGNEWCNGNECDNGCFQGZVGTPQUG
WPG EQP GN ECDNGCFQ XGTVKECN
$CEMDQPG  KPVGTPQ FGN GFKHKEKQ .QU
TGSWGTKOKGPVQU HÈUKEQU FG FKEJC KPVGTHCEG GUV¶P FGHKPKFQU GP NC PQTOC
'+#6+#

'UVGEQPUKUVGGPWPCGPVTCFCFGUGTXKEKQUFGVGNGEQOWPKECEKQPGUCNGFKHKEKQ
NC EWCN KPENW[G GN RWPVQ FG GPVTCFC C VTCXÃU FG NC RCTGF FGN GFKHKEKQ [
EQPVKPWCPFQ CN EWCTVQ Q ¶TGC FG GPVTCFC .C GPVTCFC CN GFKHKEKQ FGDG
EQPVGPGTNCTWVCFGN$CEMDQPGSWGKPVGTEQPGEVCEQPNQUQVTQUGFKHKEKQUFGN
ECORWU'PECUQFGWPCEQOWPKECEKÎPCVTCXÃUFGWPCCPVGPCÃUVCVCODKÃP
RGTVGPGEGCNCGPVTCFCCNGFKHKEKQ

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

3
3QQ``ddee\\__ 99FF** 3
3QQRR\\UUQQTT__ UUccddbbeeSSddeebbQQTT__ UU^^ bbUUTTUUcc TTUU VVYYRRbbQQ ††``ddYYSSQQ

 (+$4#¦26+%#

 #PVGEGFGPVGU[5KVWCEKÎP#EVWCN

'P RQEQ O¶U FG FKG\ CÌQU NC HKDTC ÎRVKEC UG JC EQPXGTVKFQ GP WPC FG NCU
VGEPQNQIÈCU O¶U  CXCP\CFCU SWG UG WVKNK\CP EQOQ OGFKQ FG VTCPUOKUKÎP FG
KPHQTOCEKÎP 'UVG OCVGTKCN XKPQ C TGXQNWEKQPCT NQU RTQEGUQU FG NCU
VGNGEQOWPKECEKQPGUGPVQFQUNQUUGPVKFQUFGUFGNQITCTWPCOC[QTXGNQEKFCF
GP NC VTCPUOKUKÎP [ FKUOKPWKT ECUK GP UW VQVCNKFCF NQU TWKFQU [ NCU
KPVGTHGTGPEKCU JCUVC OWNVKRNKECT NCU HQTOCU FG GPXÈQ [ TGEGREKÎP GP NCU
EQOWPKECEKQPGURQTXÈCVGNGHÎPKEC

.CUHKDTCUÎRVKECUUQPHKNCOGPVQUFGXKFTKQFGCNVCRWTG\CGZVTGOCFCOGPVG
EQORCEVQU GN ITQUQT FG WPC HKDTC GU UKOKNCT C NC FG WP ECDGNNQ JWOCPQ
(CDTKECFCU C CNVCU VGORGTCVWTCU EQP DCUG GP UKNKEKQ UW RTQEGUQ FG
GNCDQTCEKÎPGU EQPVTQNCFQRQTOGFKQFGEQORWVCFQTCURCTCRGTOKVKTSWGGN
ÈPFKEGFGTGHTCEEKÎPFGUWPÕENGQSWGGUNCIWÈCFGNCQPFCNWOKPQUCUGC
WPKHQTOG [ GXKVG NCU FGUXKCEKQPGU 'PVTG UWU RTKPEKRCNGU ECTCEVGTÈUVKECU UG
RWGFGOGPEKQPCTSWGUQPEQORCEVCUNKIGTCUEQPDCLCURÃTFKFCUFGUGÌCN
CORNKCECRCEKFCFFGVTCPUOKUKÎP[WPCNVQITCFQFGEQPHKCDKNKFCFFGDKFQC
SWGUQPKPOWPGUCNCUKPVGTHGTGPEKCUGNGEVTQOCIPÃVKECUFGTCFKQHTGEWGPEKC

.CU HKDTCUÎRVKECUPQEQPFWEGPUGÌCNGU GNÃEVTKECURQTNQVCPVQUQPKFGCNGU


RCTCKPEQTRQTCTUGGPECDNGUUKPPKPIÕP EQORQPGPVGEQPFWEVKXQ[RWGFGP
WUCTUGGPEQPFKEKQPGURGNKITQUCUFGCNVCVGPUKÎP

6KGPGP NC ECRCEKFCF FG VQNGTCT CNVCU FKHGTGPEKCU FG RQVGPEKCN UKP PKPIÕP
EKTEWKVQ CFKEKQPCN FG RTQVGEEKÎP [ PQ JC[ RTQDNGOCU FGDKFQ CNQU EQTVQU
EKTEWKVQU 6KGPGP WP ITCP CPEJQ FG DCPFC SWG RWGFG UGT WVKNK\CFQ RCTC
KPETGOGPVCTNCECRCEKFCFFGVTCPUOKUKÎPEQPGNHKPFGTGFWEKTGNEQUVQRQT
ECPCN&GGUVCHQTOCGUEQPUKFGTCDNGGNCJQTTQGPXQNWOGPGPTGNCEKÎPEQP
NQUECDNGUFGEQDTG

%QP WPECDNGFGUGKUHKDTCUUGRWGFGVTCPURQTVCTNCUGÌCNFGO¶UFGEKPEQ
OKNECPCNGUQNÈPGCURTKPEKRCNGUOKGPVTCUSWGUGTGSWKGTGFGFKG\OKNRCTGU
FGECDNGFGEQDTGEQPXGPEKQPCNRCTCDTKPFCTUGTXKEKQCGUGOKUOQPÕOGTQ
FG WUWCTKQU EQP NC FGUXGPVCLC FG SWG GUVG ÕNVKOQ OGFKQ QEWRC WP ITCP
GURCEKQGPNQUFWEVQU[TGSWKGTGFGITCPFGUXQNÕOGPGUFGOCVGTKCNNQEWCN
VCODKÃPGNGXCNQUEQUVQU

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

1TKIKPCNOGPVG NC HKDTC ÎRVKEC HWG RTQRWGUVC EQOQ OGFKQ FG VTCPUOKUKÎP
FGDKFQ C UW GPQTOG CPEJQ FG DCPFC UKP GODCTIQ EQP GN VKGORQ UG JC
RNCPVGCFQ RCTC WP CORNKQ TCPIQ FG CRNKECEKQPGU CFGO¶U FG NC VGNGHQPÈC
CWVQOCVK\CEKÎPKPFWUVTKCNEQORWVCEKÎPUKUVGOCUFGVGNGXKUKÎPRQTECDNG[
VTCPUOKUKÎPFGKO¶IGPGUCUVTQPÎOKECUFGCNVCTGUQNWEKÎPGPVTGQVTQU

'P WP UKUVGOC FG VTCPUOKUKÎP RQT HKDTC ÎRVKEC GZKUVG WP VTCPUOKUQT SWG UG
GPECTICFGVTCPUHQTOCTNCUQPFCUGNGEVTQOCIPÃVKECUGPGPGTIÈCÎRVKECQGP
NWOKPQUCRQTGNNQUGNGEQPUKFGTCGNEQORQPGPVGCEVKXQFGGUVGRTQEGUQ

7PCXG\SWGGUVTCPUOKVKFCNCUGÌCNNWOKPQUCRQTNCUOKPÕUEWNCUHKDTCUGP
GNQVTQGZVTGOQFGNEKTEWKVQUGGPEWGPVTCWPVGTEGTEQORQPGPVGCNSWGUGNG
FGPQOKPCFGVGEVQTÎRVKEQQTGEGRVQTEW[COKUKÎPEQPUKUVGGPVTCPUHQTOCTNC
UGÌCN NWOKPQUC GP GPGTIÈC GNGEVTQOCIPÃVKEC UKOKNCT C NC UGÌCN QTKIKPCN 'N
UKUVGOC D¶UKEQ FG VTCPUOKUKÎP UG EQORQPG GP GUVG QTFGP FG UGÌCN FG
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GN JGEJQ FG SWG NQU TC[QU NWOKPQUQU UQP RT¶EVKECOGPVG KPOWPGU C NCU
KPVGTHGTGPEKCU GNÃEVTKECU EWCPFQ UG GPXÈCP UQDTG WP ECOKPQ FG
VTCPUOKUKÎPFGHKDTCÎRVKEC

.CU TCFKCEKQPGU GNGEVTQOCIPÃVKECU EQOQ FGUECTICU GNÃEVTKECU TC[QU [


GHGEVQU FG FKCHQPÈC SWG CEVÕCP EQOQ HWGPVGU FG KPVGTHGTGPEKCU UQP
RT¶EVKECOGPVGGNKOKPCFQUGPWPUKUVGOCFGVTCPUOKUKÎPRQTHKDTCÎRVKEC
&GDGOQU VGPGT RTGUGPVG GN UKIPKHKECFQ FGN WUQ FG NC NW\ [ FG NCU
HTGEWGPEKCUNWOKPQUCUGPNCUEQOWPKECEKQPGU

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

5KEQPUKFGTCOQUGNJGEJQFGSWGRCTCNCVTCPUOKUKÎPFGKPHQTOCEKÎPGU
PGEGUCTKC WPC RGSWGÌC DCPFC FG HTGEWGPEKCU
SWK\¶U FGN QTFGP FG NQU
MKNQJGTV\KQU  RGPUGOQU GPVQPEGU GP NC ECPVKFCF FG DCPFCU SWG RWGFG
EQPVGPGT NC TGIKÎP NWOKPQUC FGN GURGEVTQ FG HTGEWGPEKCU UKP SWG UG
KPVGTHKGTCPWPCUEQPQVTCU

#FGO¶U EQOQ NCU DCPFCU RWGFGP JCEGTUG O¶U CPEJCU GU RQUKDNG
VTCPUOKVKT KPHQTOCEKÎP C XGNQEKFCFGU OWEJQ OC[QTGU 2QFTÈCP NNGICT C
WUCTUGXGNQEKFCFGUFGNQTFGPFGNQUIKICJGTV\KQUGKPENWUQUWRGTKQTGU[
CÕPCUÈPQUSWGFCTÈCWPCPEJQFGDCPFCUWHKEKGPVGRCTCRQFGTOCPGLCT
WPITCPPÕOGTQFGECPCNGUUKOWNV¶PGCOGPVG

'P NQU UKUVGOCU FG HKDTC ÎRVKEC RWGFGP GPXKCTUG FCVQU FKIKVCNGU [
CPCNÎIKEQU FG OCPGTC EQPLWPVC UKP PKPIÕP VKRQ FG RTQDNGOCU 'UVQ
UKIPKHKEC SWG NQU EQUVGU UQP OGPQTGU SWG EQP NQU ECDNGU FG EQDTG
VCODKÃP JC[ OGPQT FKCHQPÈC G KPVGTHGTGPEKCU 7PC OGPQT ECPVKFCF FG
ECDNGU UKIPKHKEC SWG ECUK KPGXKVCDNGOGPVG O¶U VCTFG Q O¶U VGORTCPQ
VQFQU NQU ECPCNGU FG EQOWPKECEKQPGU VGNGHÎPKECU WVKNK\CT¶P GUVG OGFKQ
RCTCNCVTCPUOKUKÎPFGFCVQUVGNÃHQPQVGNÃITCHQ[UGÌCNGUFGXÈFGQ

 6GPFKFQ[WPKQPGU

'P NQU UKUVGOCU FG EQOWPKECEKQPGU RQT HKDTCU JC[ HCEVQTGU SWG NKOKVCP NC
XGNQEKFCF FG HWPEKQPCOKGPVQ [ NC FKUVCPEKC GPVTG NQU GSWKRQU VGTOKPCNGU
/WEJCU XGEGU NC NQPIKVWF FGN UKUVGOC GU UWRGTKQT C NC NQPIKVWF FG NCU
DQDKPCUFGECDNGUWOKPKUVTCFCURQTNQSWGJCDT¶SWGRTQEGFGTCNGORCNOG
FGNCUHKDTCU[UWUEWDKGTVCU

#FGO¶UNCWPKÎPGPVTGNQUECDNGUGZVGTKQTGU[NQUGSWKRQUVGTOKPCNGUQNQU
KPVGTOGFKQU FGDG JCEGTUG OGFKCPVG EQPGZKQPGU FGUOQPVCDNGU NNCOCFCU
EQPGEVQTGU 2QT WNVKOQ GN ECDNG UWHTKT¶ FGHQTOCEKQPGU GP UW VGPFKFQ
OWEJCU FG NCU EWCNGU UGT¶P RGTOCPGPVGU [ VCODKÃP GUVCT¶ UQOGVKFQ C NC
CEEKÎPFGNQUHCEVQTGUGZVGTPQU

'NCP¶NKUKUFGGUVGEQPLWPVQFGGXGPVQUEQPUVKVW[GWPCRCTVGKORQTVCPVGFG
NC VGEPQNQIÈC FG NCU HKDTCU ÎRVKECU OQVKXQ RQTGNSWGEQPXKGPGEQPUKFGTCT
UGRCTCFCOGPVG

¾ 6ÃEPKECUFGVGPFKFQ
¾ 6ÃEPKECUFGGORCNOG
¾ 6ÃEPKECUFGEQPGZKÎP

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

 6GPFKFQFG%CDNGU
'P RTKPEKRKQ [ EQOQ GP EWCNSWKGT QVTQ VKRQ FG ECDNGU UG RWGFG
TGCNK\CT KPUVCNCEKQPGU CÃTGCU UWDVGTT¶PGCU [ UWDCEW¶VKECU 5KP
GODCTIQGZKIGPEKGTVQUEWKFCFQURCTVKEWNCTGUEQOQGXKVCTUQOGVGTNC
HKDTC C VGPUKQPGU GZEGUKXCU [ GORNGCT RTQEGFKOKGPVQU GURGEKCNGU FG
IWÈCU[EWTXCFQRCTCEQPUGIWKTGPNCUHKDTCUWPCUEQPFKEKQPGUHKPCNGU
VCPNKDTGUFGGUHWGT\QUEQOQUGCRQUKDNG

C6GPFKFQUUWDCEW¶VKEQU
.QUVTCOQUUWDCEW¶VKEQUFGKPUVCNCEKQPGUVGTTGPCUUGFGDGPKPUVCNCT
EQPRTGECWEKQPGUGURGEKCNGU

 &KURQPKGPFQFGECDNGUGURGEKCNOGPVGFKUGÌCFQURCTCGUVGWUQ
 'XKVCPFQNQUGORCNOGUDCLQGNCIWC
 &GRQUKVCPFQGNECDNGGPGNNGEJQFGOQFQSWGRGPGVTGGPGN
HQPFQNQSWGGPCNIWPQUECUQURWGFGEQPUGIWKTUGOGFKCPVGWP
CTCFQ

.QUVGPFKFQUUWDOCTKPQUVKGPGPUWRTQRKCVÃEPKECUQNQCRNKECDNGC
GNNQU [ FGRGPFKGPVG FG NCU ECTCEVGTÈUVKECU GURGEKCNGU FGN HQPFQ
OCTKPQVCPVQGPNQTGNCVKXQCNCUECTCEVGTÈUVKECUOGE¶PKECUEQOQC
NC CITGUKXKFCF FGN OGFKQ FGVGTOKPCFC RQT UWU RTQRKGFCFGU
SWÈOKECU

D6GPFKFQU#ÃTGQU
'PNCRT¶EVKECGNVGPFKFQCÃTGQJCFGOQUVTCFQUGTWPOÃVQFQOW[
T¶RKFQ [ GHGEVKXQ 'U CEQPUGLCDNG EQNQECT NQU ECDNGU EQP (KDTC
¦RVKECGPNCRQUKEKÎPOCUCNVCFGNRQUVG[CSWGUQRQTVCT¶OGLQTNC
RQUVGTKQTKPUVCNCEKÎPFGQVTQUECDNGU

'PGUVGVKRQFGVGPFKFQUGRTGUGPVCWPRGSWGÌQKPEQPXGPKGPVGGN
GUECUQ RGUQ FG WP ECDNG FG HKDTCU NQ JCEG OW[ UGPUKDNG C NQU
XKGPVQU NCVGTCNGU SWG FG VTCVCTUG FG WP ECDNG EQPXGPEKQPCN FG
EQDTGEQPEWDKGTVCFGRQNKGVKNGPQNQSWGRTQFWEKTÈCEQPUGIWTKFCF
ITKGVCU GP NCU HKDTC EQORTQOGVKGPFQ WP ITCP PÕOGTQ FG
EQOWPKECEKQPGUQFGFCVQUGPEWCNSWKGTOQOGPVQ

%CDG NC UQNWEKÎP FG KPENWKT GP GN ECDNG GNGOGPVQU OGE¶PKEQU FG
TGHWGT\Q VCNGU EQOQ JKNCVWTCU FG CTCOKFC Q CNCODTG VTGP\CFQ FG
CEGTQ
ECDNG CWVQUQRQTVCFQ  1VTC UQNWEKÎP GORNGCFC GU NC FG
GUVTWEVWTCFGUWURGPUKÎPEQPVKPWCGPNCSWGGNECDNGXCCVCFQC
WP CNCODTG FG UWUVGPVCEKÎP RGTQ GUVC UQNWEKÎP GPECTGEG NC
KPUVCNCEKÎP[NGTGUVCRCTVGFGUWCVTCEVKXQ

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

E6GPFKFQUUWDVGTT¶PGQU
8CTKQU OÃVQFQU RWGFGP UGT WUCFQU RCTC NC KPUVCNCEKÎP FG ECDNGU
FKTGEVCOGPVGGPVGTTCFQUNCVÃEPKECFGCTCFQGNECXCFQFG\CPLCUEQP
O¶SWKPCU Q RQT OÃVQFQU OCPWCNGU NC EQNQECEKÎP FG CTVGUCU Q EQP
RGTHQTCFQTCU'NECDNGRWGFGKPENWKTWPCCTOCFWTCRCTCGXKVCTFCÌQU
RQTOQXKOKGPVQUFGVKGTTCGZECXCEKQPGUCVCSWGFGTQGFQTGUGVE

5GEQNQECCNIWPCUXGEGUWPCEKPVCRN¶UVKECOGVCNK\CFCRCTCHCEKNKVCT
NCFGVGEEKÎPEQPWPNQECNK\CFQTFGOGVCNGU

.QUECDNGUGUV¶PFKUGÌCFQUGURGEKCNOGPVGGKPENW[GWPCCTOCFWTC
FG RTQVGEEKÎP EQPVTC HWGT\CU GZVGTKQTGU FG CVCSWG FG TQGFQTGU
RWGFGPUGTGPVGTTCFQUCOUKPRTQDNGOCCNIWPQ

.C KPUVCNCEKÎP FGRGPFG VCODKÃP FG NC EQPUKUVGPEKC HÈUKEC FGN


VGTTGPQ GP VCNGU ECUQU UG RWGFG OGPEKQPCT FG WP UVCPFCTF FG
KPUVCNCEKÎPNNGI¶PFQUGIGPGTCNOGPVGCKPUVCNCT-OFGECDNGRQT
FÈC %WCPFQ UG RTGUGPVCP QDUVTWEEKQPGU EQP VWDGTÈCU FG CIWC [
ECDNGU FG GPGTIÈC IGPGTCNOGPVG GU RQUKDNG OQFKHKECT GN VGPFKFQ
RCUCPFQRQTCDCLQFGNQDUV¶EWNQ

 'ORCNOGUFGNQU%CDNGU

5GGPVKGPFGRQTGORCNOGNCWPKÎPRGTOCPGPVGFGFQUUGEEKQPGUFG
HKDTCRQTNQSWGUGFKUVKPIWKT¶FGNEQPGEVQTGPSWGNCWPKÎPSWGUG
EQPUKIWG CVTCXÃU FGGUVGGUFGUOQPVCDNGCWPSWGCXGEGUUGJCEGP
GORCNOGU FGUOQPVCDNGU
WPKQPGU C VQRG  EQOQ GP GN ECUQ FG NQU
ECDNGUFGEKPVC

.CWPKÎPRQTGORCNOGGUPGEGUCTKCGPNCOC[QTÈCFGNQUECUQURQTNC
RTQRKCNQPIKVWFFGNCKPUVCNCEKÎPNCURÃTFKFCUQDVGPKFCUUQPWPHCEVQT
FG ITCP KPVGTÃU GP NQU UKUVGOCU FG VTCPUOKUKÎP ÎRVKEC RWGUVQ SWG
RWGFGPEQPVTKDWKTFGOQFQEQPUKFGTCDNGCNDCNCPEGFGRGTFKFCUFGN
UKUVGOC

.C RÃTFKFC GP WPC EQPGZKÎP GSWKXCNG C WPC FKUOKPWEKÎP FG NC
NQPIKVWF O¶ZKOC CFOKUKDNG FG NC UGEEKÎP FG OQFQ SWG FGDGP
QRVKOK\CTUG NQU OÃVQFQU FGWPKÎPHKLCQFGUOQPVCDNGFGHKDTCURCTC
SWGVCNGURÃTFKFCUUGCPOÈPKOCU

6ÃEPKECUFG'ORCNOGFG(KDTCU

.CU WPKQPGU FG HKDTCU RQT GORCNOG UG RWGFGP GHGEVWCT HKDTC C HKDTC

GORCNOGUKORNG QGORCNOGUOÕNVKRNGUUQNWEKÎPO¶URT¶EVKECGPGN
ECUQFGECDNGUFGITCPPWOGTQFGEQPFWEVQTGU

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

'PEWCNSWKGTECUQNCUUQNWEKQPGURWGFGPUGT

 'ORCNOGOGE¶PKEQ
 'ORCNOGEQPRGICOGPVQU
 'ORCNOGRQTHWUKÎP

'ORCNOG/GE¶PKEQ 
6KRQ FG GORCNOG SWG CRTQXGEJC NC EKTEWPUVCPEKC FG NC OGPQT
UGPUKDKNKFCF FG NCU RÃTFKFCU RQT UGRCTCEKÎP FG GZVTGOQU GP NCU
HKDTCU HTGPVG C NC FGUXKCEKÎP CPIWNCT RQT NQ SWG UG VTCVCT¶ FG
DWUECTHQTOCUFGWPKÎPSWGICTCPVKEGPGPNQRQUKDNGNCCNKPGCEKÎP
FGGLGU

5GJCPFGUCTTQNNCFQXCTKCUUQNWEKQPGUFGNCUSWGWPCGUNCTCPWTC
OWGNNG
URTKPITQQYG  NCU FQU UGEEKQPGU FG HKDTC C GORCNOCT UG
GPHTGPVCP UQDTG NC IGPGTCVTK\ FG FQU EKNKPFTQU VCPIGPVGU SWG
EQPUVKVW[GPGNGNGOGPVQFGCNKPGCEKÎPGNFK¶OGVTQFGNQUEKNKPFTQU
GU VCNSWGGNDQTFGUWRGTKQTFGNCHKDTCGUVCCOC[QTCNVWTCSWGGN
FGNQUEKNKPFTQUNQSWGRGTOKVGWVKNK\CTWPGNGOGPVQGN¶UVKEQEQOQ
EKGTTGFGNEQPLWPVQ

4CPWTCOWGNNG
5RTKPITQQYG

'ORCNOGURQT2GICOGPVQ
.QU UKUVGOCU FG GORCNOG RQT RGICOGPVQ UQP T¶RKFQU RGTQ
RTGUGPVCPGNKPEQPXGPKGPVGFGNCFGIGPGTCEKÎPFGNCTGUKPCGRQZ[
ÎRVKEC EQP GN VKGORQ CWPSWG GN KPETGOGPVQ FG RÃTFKFCU SWG
UWRQPG GUVC FGITCFCEKÎP GU FGN QTFGP FG  F$ *C[ FQU
UKUVGOCU RCTC GHGEVWCTNQU NC TCPWTC 8ITQQYG [ GN UKUVGOC FG
OCPIWKVQ

.C XITQQYG EQPUKUVG GP WP RCT FG RNCECU TGEVCPIWNCTGU KIWCNGU


GPVTG EW[CU ECTCU GPHTGPVCFCU UG RTGUGPVCP FQU TCPWTCU GP 8

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

EWKFCFQUCOGPVGRWNKFCU.CUFKOGPUKQPGUFGNCU8UGT¶PVCNGUSWG
CNDGTIWGECFCWPCOGPQUFGOGFKCHKDTCEQPNQSWGUGCUGIWTCNC
RTGUKÎPUQDTGGUVCFGNCRNCECUWRGTKQT'NEQPLWPVQUGEKGTTCEQP
RKP\CUGN¶UVKECUFGCEGTQVTCUJCDGTRTQEGFKFQCNCCNKPGCEKÎPFG
NCUFQUUGEEKQPGUFGHKDTC[UWGORCNOGEQPTGUKPCÎRVKEC

'ORCNOGRQTRGICOGPVQA8 ITQQYG

'PGNUKUVGOCFGGORCNOGRQTOCPIWKVQWPCXG\RTGRCTCFQUNQU
GZVTGOQU FG NCU HKDTCU UG KPVTQFWEG WP GZVTGOQ GP GN OCPIWKVQ
EQNCRU¶PFQNQ VÃTOKECOGPVG EQP NQ SWG HQTOC WPC GURGEKG FG
EQPGEVQTGPEW[QKPVGTKQTUGXCCCNQLCTGNQVTQGZVTGOQ7PCXG\
KPVTQFWEKFQ [ GPHTGPVCFQEQP GN RTKOGTQ UG CÌCFG TGUKPC GRQZ[
RCTC HKLCTNQ CN OCPIWKVQ [ EGTTCT GN EQPLWPVQ 5G RWGFG QDVGPGT
RGTFKFCUFGF$

'ORCNOGRQTOCPIWKVQ

 'ORCNOGURQT(WUKÎP
'N GORCNOG FG NCU HKDTCU WPC XG\ RCUCFCU NCU HCUGU RTGXKCU FG
EQTVGRGNCFQ[NKORKG\CFGNQUGZVTGOQUUGGHGEVÕCRQUKEKQPCPFQ
GUVQU GP O¶SWKPCU CFGEWCFCU RTQXKUVCU FG OKETQRQUKEKQPCFQTGU

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

UGIÕP NCU FKTGEEKQPGU FG NQU VTGU GLGU GP GN GURCEKQ NWGIQ UG
TGCNK\CWPCRTGHWUKÎPRCTCEQPUGIWKTGNTGFQPFGQFGNQUGZVTGOQU
CWPKTNWGIQWPCPWGXCFGUECTICFGOC[QTKPVGPUKFCFEQPNQSWG
UGHWPFGEQORNGVCOGPVGRTQEGFKGPFQCNCRTQVGEEKÎP[EKGTTGFGN
GORCNOGOGFKCPVGWPVWDQQWPOCPIWKVQRCTCJCEGTJGTOÃVKEQ
GNEKGTTG

'UVG UKUVGOC RTQRQTEKQPC NCU OGPQTGU RÃTFKFCU PQTOCNOGPVG


GPVTG  [  F$ CWPSWG RQT UGIWTKFCF UG UWGNGP CFQRVCT
XCNQTGU FGN QTFGP FG  F$ GP NQU E¶NEWNQU FG RÃTFKFCU FG NQU
GORCNOGU

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

%WCPFQGNPÕOGTQFGHKDTCUCWPKTGUOW[ITCPFGUGRWGFGCEWFKT
C NQU OWNVKEQPGEVQTGU RCTC GORCNOG OÕNVKRNG HQTOCFQ RQT FQU
OKVCFGU SWG UG GPUCODNCPOGFKCPVGWPCCDTC\CFGTCOGV¶NKECFG
RTGUKÎP

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

'NEQPLWPVQRTGUGPVCWPEQTVGVTCPUXGTUCNGPGNSWGCRCTGEGPWPQU
CNXÃQNQUSWGCNDGTICTCPCNCUHKDTCUCWPKT.CWPKÎPUGJCEGCVQRG
[UGEQORNGVCEQPTGUKPCRCTCCFCRVCTNQUÈPFKEGUFGTGHTCEEKÎP .C
RÃTFKFCOGFKCSWGUGQDVKGPGEQPWPOWNVKEQPGEVQTFGGUVGVKRQ
GUFGNQTFGPFGF$

%QPUKFGTCEKQPGURCTCNCGNGEEKÎPFGNOÃVQFQCRTQRKCFQ

5G FGDG VGPGT GP EWGPVC NCU UKIWKGPVGU EQPUKFGTCEKQPGU GP NC
GNGEEKÎPFGNOÃVQFQCRTQRKCFQ

C  'ORCNOG OCUKXQ
HKDTC C HKDTC  Q CEVKXQ
HKDTC C GOKUQT Q
FGVGEVQT 

D  'ORCNOGUKORNGQOÕNVKRNG

E  'ORCNOGHKLQQFGUOQPVCDNG
F %QPFKEKQPGUFGVTCDCLQRCTCGNGORCNOGCEEGUQCHWGPVGU
FG GPGTIÈC EQORNGLKFCF FGN OÃVQFQ JGTTCOKGPVCU
PGEGUCTKCURCTCGHGEVWCTNQ ECRCEKVCEKÎPFGNRGTUQPCN

 7PKÎPFGEWDKGTVCU

7PC WPKÎP FG ECDNGU TGSWKGTG EQPHKCDKNKFCF [TKIKFG\ CNCTIQRNC\Q


GSWKXCNGPVGU C NQU FGN ECDNG [ FGDG RGTOKVKT SWG UGC CDKGTVC
PWGXCOGPVG[TGGORCNOCFCEQPUKFGTCPFQWPCHCNNCQECODKQUGPNC
WPKÎP5GJCPRTQRWGUVQ[RWGUVQGPWUQRTCEVKEQCNIWPQU OÃVQFQU
EQPUKFGTCPFQWPKQPGUFGECDNGUEQPEWDKGTVCFGRN¶UVKEQ

'NFGNCUHCNNCUGPGNECDNGQEWTTGPGPNCWPKÎPRCTCGXKVCTGUVQ
NQURTKPEKRCNGURWPVQUSWGFGDGPTGEQTFCTUGGPGNFKUGÌQFGWPKQPGU
FGEWDKGTVCFGWPECDNGFGHKDTCÎRVKECUQPNQUUKIWKGPVGU

C  &GDGFKURQPGTUGFGKORGTOGCDKNKFCF[JGTOGVKEKFCFTGNCVKXQ
CWPECDNGFGRGSWGÌQFK¶OGVTQNQUEWCNGUUQPECTCEVGTÈUVKECU
FGNQUECDNGUFGHKDTCÎRVKEC
D  .CWPKÎPFGNCUEWDKGTVCUFGDGPICTCPVK\CTTKIKFG\KIWCNCNFG
NCEWDKGTVCFGNECDNG
E 2TQEGUCOKGPVQ FG OCVGTKCNGU RCTC NC CEWOWNCEKÎP FG
NQPIKVWFGUFGGZEGUQUFGHKDTC
F  0Q FGDGP JCDGT HCEVQTGU RQT CXGTÈCU FG HKDTC [ CWOGPVQ FG
RGTFKFCU #NVGTPCVKXCOGPVG FGDGP RTQVGIGTUG NCU HKDTCU GP
EQPVTCFGGUQUHCEVQTGUGZVGTPQU

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

G (CEKNKFCFRCTCKPUVCNCEKÎP[TGGORCNOGU[PQFGDGTGSWGTKTUG
GURGEKCNJCDKNKFCFRCTCTGCNK\CTFKEJQUVTCDCLQU
H  %QPUKFGTCEKÎP FGN OGFKQ CODKGPVG GP GN EWCN XC C WUCTUG GN
ECDNGFGHKDTCÎRVKEC

 6ÃEPKECUFGEQPGZKÎP

#FGO¶UFGNVKRQFGWPKÎPOGPEKQPCFQGPGNCRCTVCFQCPVGTKQTSWG
UG ECTCEVGTK\C RQT UGT RGTOCPGPVG [ WUCTUG GP NCU KPUVCNCEKQPGU
GZVGTKQTGUJC[QVTQVKRQFGWPKÎPPQHKLC

#N FKURQUKVKXQ SWG RGTOKVG GUVG VKRQ FG WPKÎP UG NG NNCOC EQPGEVQT
ÎRVKEQ0CVWTCNOGPVGPQUGRWGFGGZKIKTSWGWPEQPGEVQTX¶NKFQRCTC
HKDTCU OWNVKOQFQ NQ UGC VCODKÃP RCTC NCU OQPQOQFQ [C SWG RCTC
GUVCUWNVKOCUNCRTGEKUKÎPFGNCLWUVGFGDGUGTUWRGTKQTGPWPQTFGPFG
OCIPKVWFCNCURTKOGTCU

C  %QPGEVQTGURCTCHKDTCOWNVK OQFQ
&GRGPFKGPFQFGNCHQTOCFGCNKPGCTNCUHKDTCUCEQPGEVCTGZKUVGP
FQUUKUVGOCUD¶UKEQUFGEQPGEVQTGU

C%QPGEVQTGUFGCNKPGCOKGPVQFGHKDTCFGUPWFC
C%QPGEVQTGUFGCNKPGCEKÎPRQTXKTQNC

C%QPGEVQTGUFGCNKPGCOKGPVQFGHKDTCFGUPWFC

*C[FQUVKRQUFGEQPGEVQTGURCTCHKDTCFGUPWFCEQPFK¶OGVTQFG
 WO #ODQU UG DCUCP GP WVKNK\CT WP OKGODTQ FG CNKPGCEKÎP
EQOÕPCNCUFQUHKDTCUCWPKT

'NRTKOGTVKRQFGEQPGEVQTNNCOCFQFGJC\GZRCPFKFQQFGNGPVG
EQORWGUVC WVKNK\C NQU GZVTGOQU FG NCU HKDTCU EQTVCFQU [ UKP
TGEWDTKOKGPVQU CODQU GZVTGOQU UG CNKPGCP GP WPC NGPVG
EQORWGUVCHQTOCFCRQTWPGNGOGPVQEGPVTCNDKEÎPKEQOQNFGCFQ
GPRN¶UVKEQGPEW[QKPVGTKQTJC[FQUECXKFCFGUEÎPECXCUNNGPCUFG
WP HNWKFQ ÎRVKEQ 7P RGSWGÌQ TGDCUCOKGPVQ RGTOKVG SWG GN
GZVTGOQFGNCHKDTCUGKPVTQFW\ECGPNCECXKFCFFGNNGPVG

.C XGPVCLC FG GUVG VKRQ FG EQPGEVQT GUV¶ GP SWG RT¶EVKECOGPVG
FGUCRCTGEGPNCURÃTFKFCURQTUGRCTCEKÎPNQPIKVWFKPCN[VTCPUXGTUCN
FGNQUGZVTGOQU*CDKVWCNOGPVGRTGUGPVCPRÃTFKFCUJCUVCFGF$
UKGPFQNCUPQOKPCNGUFGF$

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

'N UGIWPFQ RTQEGFKOKGPVQ FG EQPGZKÎP RCTC HKDTC FGUPWFC


OWNVKOQFQ GU GN NNCOCFQ FG FQDNG EQFQ GP GN SWG UG WUC GN
TGXGUVKOKGPVQFGNCHKDTCEQOQGNGOGPVQCNKPGCFQT.CIWÈCFGNC
HKDTC NC EQPUVKVW[G GP GUVG ECUQ WP EQPLWPVQ FG EWCVTQ XCTKNNCU
EKNÈPFTKECU FG XKFTKQ WPKFCU RQT UWU IGPGTCVTKEGU [ FQDNGOGPVG
CEQFCFCU

'NEQPGEVQTEQPUVCFGFQUOKVCFGUSWGUGGPTQUECT¶PGPVTGUÈGP
WPCFGGNNCUUGCNDGTICNCUXCTKNNCUFGPVTQFGNCEWCNSWGFCUWLGVC
RGTOCPGPVGOGPVGWPCFGNCUHKDTCUCRTQZKOCFCOGPVGGPGNRWPVQ
OGFKQFGFKEJQECPCN.CQVTCHKDTCUGEQNQECGPNCUGIWPFCOKVCF
FGN EQPGEVQT UWLGVC FG WP OCPIWKVQ TGVT¶EVKN NC GNCUVKEKFCF FGN
OWGNNG FGN OCPIWKVQ GU NC SWG CUGIWTC GN EQPVCEVQ EWCPFQ UG
GPTQUECP NCU FQU OKVCFGU .CU RÃTFKFCU FG GUVQU EQPGEVQTGU UQP
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C%QPGEVQTGUFGCNKPGCEKÎPRQTXKTQNC

%QP GUVG UKUVGOC FG HKLCEKÎPFGNCHKDTCUGHCDTKECPCNIWPQU VKRQU


FGEQPGEVQTGUGPVTGNQUSWGUGRWGFGPEKVCTGNEQPGEVQTDKEÎPKEQ
[GNFGDQNCU

'P GN EQPGEVQT DKEÎPKEQ UG CNQLCP NCU FQU XKTQNCU Q GZVTGOQ
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RQT UW KPVGTKQT .CU XKTQNCU Q EKNKPFTQU JWGEQU FKURQPGP FG
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NQU EKNKPFTQU JWGEQU GP GN GNGOGPVQ EÎPKEQ [ GN EQPUKIWKGPVG
EQPVCEVQFGNQUGZVTGOQUFGNCUHKDTCU

.C RÃTFKFC OCU DCLC QDVGPKFCU EQP GUVG EQPGEVQT JC UKFQ FG 
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HKDTCUOQPQOQFQ

1VTQVKRQFGEQPGEVQTEQPXKTQNCGUGNEQPGEVQTFGDQNCU'PGUVG
ECUQ UG EQNQECP FQU XKTQNCU GPVCNNCFCU GP GN GZVTGOQ RQT GN SWG
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'P NC GPVCNNCFWTC EKTEWNCT UG KPUGTVCP VTGU GUHGTCU SWG FGHKPGP WP
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 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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D %QPGEVQTGURCTCHKDTCUOQPQOQFQ

.QU EQPGEVQTGU RCTC HKDTCU OQPQOQFQ VKGPGP VQNGTCPEKCU FG


CNKPGCEKÎP KPHGTKQTGU GP WP QTFGP FG OCIPKVWF C NQU GORNGCFQU
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PQ FGDGP UGT UWRGTKQTGU C  Q  WO UK UG FGUGC VGPGT RGTFKFCU
KPHGTKQTGUCFD5QPWUWCNGUNQUEQPGEVQTGUECRKNCTGUEGT¶OKEQU
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0Q QDUVCPVG GN FG OGLQT TGUWNVCFQ GU GN FG GUHGTC FG EGPVTCFQ
EQPGNSWGUGEQPUKIWGPRÃTFKFCUKPHGTKQTGUCF$[VÈRKECOGPVG
FGFD

'P VQFQU NQU ECUQU FG EQPGZKÎP JC[ FKUEQPVKPWKFCF GPVTG NCU
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RÃTFKFCU 5G CÌCFGP C XGEGU NÈSWKFQU CFCRVCFQTGU FG ÈPFKEG FG
TGHTCEEKÎPRCTCOKPKOK\CTGUVGGHGEVQ

6KRQUFG%QPGEVQTGU

%QPGEVQT 6KRQFG(KDTC 2ÃTFKFCU %QNQECEKÎP


&GNGPVGU /WNVKOQFQ F$ (¶DTKEC

/WNVKOQFQ F$
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/QPQOQFQ F$

$QNCU /WNVKOQFQ F$ 'PGNNWICT

%10'%614'5'56+.15%

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

%10'%614'5'56+.156

64#05/+5+10&'&#615'0(+$4#¦26+%#

 64#05/+5+¦0&'8#4+#55'¤#.'5
/7.6+%#0#.+<#%+¦0

'PGUVGECUQSWK\¶UGCKORQTVCPVGVTCPUOKVKTCNOKUOQVKGORQXCTKCUUGÌCNGUG
V 
CGUVQUGNNCOCOWNVKRNGZQ/WNVKECPCNK\CEKÎP'XKFGPVGOGPVGUGRQFTÈCWVKNK\CT
WPUKUVGOCFGVTCPUOKUKÎPRCTCECFCUGÌCNUKPGODCTIQGUVCUQNWEKÎPVCNXG\PQ
UGCDCTCVCRQTNQSWGGURTGHGTKDNG VTCVCTFGVTCPUOKVKTNQUFKXGTUQUOGPUCLGURQT
GNOKUOQECPCNFGVTCPUOKUKÎPGPGUVGECUQNCOKUOCHKDTCÎRVKEC

/7.6+%#0#.+<#%+¦0214&+8+5+¦0&'6+'/21
6&/

.COWNVKECPCNK\CEKÎPRQTFKXKUKÎPFGVKGORQ
6&/ GUWPCVÃEPKECSWGRGTOKVG
VTCPUOKVKT RQTWPOKUOQECPCNOWEJCUUGÌCNGUFKIKVCNGU6ÎOGUGEQOQGLGORNQ
WPUKUVGOC2%/FGDKVU

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

.CUGÌCNRQTVTCPUOKVKTGUWPCUGÌCNVGNGHÎPKEC
$-*< NCHTGEWGPEKCFG
OWGUVTGQGUFG$NQSWGEQTTGURQPFGCWPOWGUVTGQECFCzU5KECFCDKV
FWTCzUGPVQPEGUNCVTCPUOKUKÎPFGWPCOWGUVTCVQOCzURQTNQSWGCPVGU
FG NC VTCPUOKUKÎP FG QVTC OWGUVTC FG GUVC UGÌCN JC[ WP VKGORQ FG  zU
FWTCPVG GN EWCN GN ECPCN PQ UG WVKNK\C 'UVG VKGORQ NKDTG RGTOKVG VTCPUOKVKT
OWGUVTCUFGQVTCUUGÌCNGUVGNGHÎPKECUFKHGTGPVGU

'UVG GU GN RTKPEKRKQ FG NC OWNVKECPCNK\CEKÎP RQT FKXKUKÎP FG VKGORQ 'P NC
VGNGHQPÈCJC[WPHQTOCVQPQTOCNK\CFQNNCOCFQ6EQPGNEWCNUGVTCPUOKVGP
DKVUFWTCPVGNQU zUGUVQEQTTGURQPFGCUGÌCNGU2%/EQFKHKECFCUEQP
DKVU

5GVTCPUOKVGWPDKVUWRNGOGPVCTKQFGURWÃUFGNCXKIÃUKOQEWCTVCOWGUVTCRCTC
EQPVTQNCTNCUKPETQPK\CEKÎPFGNCVTCPUOKUKÎP.COWNVKECPCNK\CEKÎPRQTFKXKUKÎP
FG VKGORQ RWGFG VCODKÃP WVKNK\CTUG EQP OQFWNCEKÎP FG RWNUQU
2#/ 2&/ Q
22/ .QURWNUQUOQFWNCFQUFGNCUFKXGTUCUUGÌCNGURQTVTCPUOKVKTUGKPVGTECNCP
GPWPGURCEKQVGORQTCNNKDTGGPVTGFQUOWGUVTCUUWEGUKXCURQTNQSWGJC[SWG
JCEGTSWGNCOQFWNCEKÎPFGWPCUQNCUGÌCNPQQEWRGVQFQGUVGGURCEKQ

.COWNVKECPCNK\CEKÎPUGTGCNK\CEQPWPOWNVKRNGZQTSWGVTCPUOKVGGPUGTKGUQDTG
NCNÈPGCFGVTCPUOKUKÎPNQUDKVUFGNECPCNFGURWÃUNQUDKVUFGNECPCN[CUÈ
UWEGUKXCOGPVG &GURWÃUSWGUGVTCPUOKVGGNECPCNXKIÃUKOQEWCTVQUGGPXÈCGN
DKVFGUKPETQPK\CEKÎP[GNOWNVKRNGZQTVTCPUOKVGNQUDKVUFGWPCPWGXCOWGUVTC
FGNECPCN

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

/7.6+%#0#.+<#%+¦0214&+8+5+¦0&'.10)+67&'5&'10&#

'UVC OWNVKECPCNK\CEKÎP GU GURGEÈHKEC RCTC NCU VGNGEQOWPKECEKQPGU ÎRVKECU 5G


WVKNK\C NC RTQRKGFCF SWG RQUGG NC HKDTC ÎRVKEC FG RTGUGPVCT DCLC CVGPWCEKÎP C
XCTKCU NQPIKVWFGU FG QPFC Q GP WP TCPIQ FG NQPIKVWFGU FG QPFC 'PVQPEGU UG
RWGFGKP[GEVCTNCNW\CWPCHKDTCGPFKXGTUCUNQPIKVWFGUFGQPFC

5GWVKNK\CPXCTKCUHWGPVGUÎRVKECUECFCWPCFGNCUEWCNGUGOKVGGPWPCNQPIKVWF
FGQPFCGPRCTVKEWNCT.CNW\GOKVKFCRQTECFCHWGPVGUGOQFWNCOGFKCPVGWPC
UGÌCNGNÃEVTKECFKHGTGPVG[NQUFKHGTGPVGUHNWLQUNWOKPQUQUGOKVKFQUUGKPVTQFWEGP
GPWPCUQNCHKDTC'PGNQVTQGZVTGOQFGNCHKDTCNCNW\UGHKNVTCGPUWUFKHGTGPVGU
NQPIKVWFGU FG QPFC [ ECFC HNWLQ GPGTIÃVKEQ RCTC ECFC NQPIKVWF FG QPFC
GURGEÈHKECUGVTCPUHQTOCGPWPCUGÌCNGNÃEVTKECITCEKCUCWPFGVGEVQT

7P UKUVGOC FG GOKUKÎP OWNVKECPCN RQT FKXKUKÎP FG NQPIKVWFGU FG QPFC FGDG
EQORTGPFGT

x (WGPVGUGOKUQTCUGPNQPIKVWFGUFGQPFCFKHGTGPVG

x 7POWNVKRNGZQTÎRVKEQ SWGRGTOKVGCEQRNCTNWEGUGOKVKFCUGPWPCUQNCHKDTC

x 7PCHKDTCFGRGSWGÌCCVGPWCEKÎPCNCUNQPIKVWFGUFGQPFCRQTVTCPUOKVKT

x 7P FG OWNVKRNGZQT ÎRVKEQ RCTC UGRCTCT NC NW\ SWG NNGIC GP UWU FKHGTGPVGU
NQPIKVWFGUFGQPFC

x &GVGEVQTGUÎRVKEQURCTCEQPXGTVKTNW\GPUGÌCNGUGNÃEVTKECU

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

/+%41%748#674#5

#NIWPCUHWGT\CUNCVGTCNGUNQECNK\CFCUCNQNCTIQFGNCHKDTCFCPQTKIGPCNQSWGUG
EQPQEGEQOQOKETQEWTXCVWTCU'NHGPÎOGPQRWGFGUGTRTQXQECFQRQTGUHWGT\QU
FWTCPVGNCOCPWHCEVWTCGKPUVCNCEKÎP [VCODKÃP RQTXCTKCEKQPGU FKOGPUKQPCNGU
FGNQUOCVGTKCNGUFGNECDNGFGDKFQCECODKQUFGVGORGTCVWTC.CUGPUKDKNKFCFCNC
OKETQEWTXCVWTCU GU HWPEKÎP FG NC FKHGTGPEKC FGN ÈPFKEG FG TGHTCEEKÎP CUÈ EQOQ
VCODKÃP FG NQU FK¶OGVTQU FGN PÕENGQ [ FGN TGXGUVKOKGPVQ 'U GXKFGPVG SWG NC
OKETQEWTXCVWTCUKPETGOGPVCPNCURÃTFKFCUÎRVKECU

%748#&1

'NEWTXCFQFGWPCHKDTCÎRVKECGUECWUCFQGPNCOCPWHCEVWTCFGNECDNGCUÈEQOQ
VCODKÃPRQTFQDNGEGUFWTCPVGNCKPUVCNCEKÎP[XCTKCEKÎPGPNQUOCVGTKCNGUFGDKFQ
CECODKQUFGVGORGTCVWTC

.QUGUHWGT\QUSWGRTQXQECNCVQTEGFWTCFGNCUHKDTCUUQPD¶UKECOGPVGWPCHWGT\C
VTCPUXGTUCN [ WP GUHWGT\Q NQPIKVWFKPCN 'N GUHWGT\Q NQPIKVWFKPCN PQ RTQXQEC
VQTEGFWTC EWCPFQ VTCDCLC RCTC CNCTICT NC HKDTC PQ JC[ ECODKQ GP NCU RÃTFKFCU
ÎRVKECU

5KPGODCTIQEWCPFQVTCDCLCRCTCEQPVTCGTCNCHKDTCGUVGGUHWGT\QRTQXQECSWG
NC HKDTC HQTOG DWENGU [ UG EWTXG FG VCN OCPGTC SWG NCU RÃTFKFCU ÎRVKECU UG
KPETGOGPVC 2QT NQ VCPVQ CN GXCNWCT NQU FKUGÌQU FG NQU ECDNGU UG FGDG RQPGT
GURGEKCNCVGPEKÎP

x .CECTICVTCPUXGTUCNVTCDCLCPFQGPNCHKDTCFWTCPVGGNECDNGCFQKPUVCNCEKÎP[
WVKNK\CEKÎP
x 'N GUHWGT\Q FG EQPVTCEEKÎP SWG QEWTTG C DCLCU VGORGTCVWTCU FGDKFQ CN
GPEQIKOKGPVQFGNQUGNGOGPVQUFGNECDNG

&CFCU NCU TC\QPGU CPVGTKQTGU GN GLG FG NC HKDTC RWGFG EWTXCTUG UGXGTCOGPVG
ECWUCPFQ ITCPFGU KPETGOGPVQU GP NCU RÃTFKFCU ÎRVKECU 2CTC RTGXGPKT GUVC
UKVWCEKÎPUGVQOCGPEWGPVCNCUUKIWKGPVGUEQPUKFGTCEKQPGU

x /CPVGPGT WP TCFKQ FG EWTXCVWTC FGVGTOKPCFC UGNGEEKQPCPFQ GN TCFKQ [ NC
NQPIKVWFFGNECDNGCFQ
x 4GFWEKT XCTKCEKQPGU VÃEPKECU FG NCU HKDTCU RTQVGIKFCU EQP RGSWGÌQU
EQGHKEKGPVGUFGGZRCPUKÎPVÃTOKECFKURQPKÃPFQNCUCNTGFGFQTFGWPGNGOGPVQ
EQPDWGPCURTQRKGFCFGUVÃTOKECU

(7'06'5&'4#&+#%+¦0

'P WP UKUVGOC SWG WVKNK\C NC HKDTC ÎRVKEC EQOQ ECPCN FG VTCPUOKUKÎP NC
KPHQTOCEKÎPUGVTCPUOKVGRQTNCNW\SWGUGRTQRCICGPNCHKDTC'UVCKPHQTOCEKÎP

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

UGRWGFGVTCPUOKVKTGPHQTOCCPCNÎIKECQFKIKVCN'PGNRTKOGTECUQUGOQFWNCNC
KPVGPUKFCF
ECPVKFCF  FG NW\ SWG UG KP[GEVC C NC HKDTC GU NC OQFWNCEKÎP FG
CORNKVWF

'PNCVTCPUOKUKÎPFKIKVCNQPWOÃTKECNCNW\UGGOKVGGPHQTOCFGRWNUQUFGEQTVC
FWTCEKÎP&WTCPVGGNGUVCFQCNVQFGNRWNUQUGKP[GEVCNW\CNCHKDTCOKGPVTCU
SWGGPGNGUVCFQDCLQPQUGKP[GEVCNW\CNCHKDTC.CKPHQTOCEKÎPEQFKHKECFC
DCLQ HQTOCU FG RWNUQU NWOKPQUQU RWGFG UGT VTCPUOKVKFC FG GUVC OCPGTC
%WCNSWKGTC SWG UGC GN UKUVGOC WVKNK\CFQ UG PGEGUKVC WPC HWGPVG NWOKPQUC 'N
UKUVGOC FG EQOWPKECEKÎP GU O¶U GHKEKGPVG EWCPVQ OC[QT UGC NC ECPVKFCF FG
KPHQTOCEKÎPSWGRWGFCVTCPUOKVKTUGCITCPFKUVCPEKC

'N RTKOGT ETKVGTKQ SWG UG EQPUKFGTC RCTC NC GNGEEKÎP FG WPC HWGPVG GU NC
EQORCVKDKNKFCF EQP NC HKDTC 7PC HKDTC RQUGG EKGTVCU ECTCEVGTÈUVKECU RTQRKCU .C
NW\FGDGKP[GEVCTUGRQTNCECTCFGGPVTCFCNCEWCNGUWPFKUEQEQPWPCUWRGTHKEKG
GZVTGOCFCOGPVGRGSWGÌCKPHGTKQTCzOGPVQFQUNQUECUQU

#FGO¶U UÎNQ NC NW\ EQPVGPKFC GP GNEQPQFGCFOKUKÎP UGRTQRCICGPNCHKDTC


GHGEVKXCOGPVG.CHKDTCVKGPGOÈPKOQUFGCVGPWCEKÎPRCTCCNIWPCUNQPIKVWFGUFG
QPFC GUVCU XGPVCPCU FG CVGPWCEKÎP OÈPKOC GUV¶P UKVWCFCU CRTQZKOCFCOGPVG
GPVTG[zORCTCNCUHKDTCUFGXKFTKQEQORWGUVCUGPVTG[zORCTC
NCUHKDTCUFGUÈNKEGFGPÕENGQKORWTKHKECFQEQP21 [CNTGFGFQTFGzORCTC
NCUFGUÈNKEGFGPÕENGQKORWTKHKECFQEQP)G 1 .CFKURGTUKÎPETQO¶VKECGPWPC
HKDTCÎRVKECGUFKTGEVCOGPVGRTQRQTEKQPCNCNCNQPIKVWFFGQPFCGURGEVTCNFGNC
HWGPVG [ UG RWGFG OKPKOK\CT WVKNK\CPFQ WPC HWGPVG FG RGSWGÌC NQPIKVWF
GURGEVTCN

'UVCUQPCNIWPCUFGNCUECTCEVGTÈUVKECUSWGFGDGPEWORNKTNCUHWGPVGU

x 6GPGTWPCUWRGTHKEKGGOKUKDNGRGSWGÌC[UKGURQUKDNGKPHGTKQTCNCUWRGTHKEKG
FGGPVTCFCFGNCHKDTC
x 'OKVKT NC NW\ GP FKTGEEKQPGU EQORCVKDNGU EQP GN EQPQ FG CFOKUKÎP Q NC
CRGTVWTCPWOÃTKECFGNCHKDTC
x 'OKVKTGPNQPIKVWFGUFGQPFCRCTCSWGNCUHKDTCUUGCPO¶UVTCPURCTGPVGUEQP
GNHKPFGTGEWRGTCTNCOC[QTECPVKFCFRQUKDNGFGNW\CNHKPCNFGNCHKDTC
x 6GPGTWPCNQPIKVWFFGQPFCGURGEVTCNRGSWGÌCRCTCOKPKOK\CTNCFKURGTUKÎP
ETQO¶VKEC
x 6GPGTKPVGPUKFCF
x 6GPGTWPVKGORQT¶RKFQFGTGURWGUVC
x 2QFGTOQFWNCTUGEQPHCEKNKFCF
x 5GTRGSWGÌC
x 5GTGEQPÎOKEC

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

'ZKUVGP FQU ITCPFGU ECVGIQTÈCU FG HWGPVGU NWOKPQUCU .CU KPECPFGUEGPVGU [ NCU
NWOKPKUEGPVGU6QFQEWGTRQSWGUGECNKGPVCGOKVGGPGTIÈCGPHQTOCFGTCFKCEKÎP
'UCNQSWGUGNNCOCGOKUKÎPFGNEWGTRQPGITQQKPECPFGUEGPEKC

2CTCNCVTCPUOKUKÎPFKIKVCNNCUHWGPVGUSWGUGWUCPEQPOC[QTHTGEWGPEKCUQP'N
FKQFQGNGEVTQNWOKPKUEGPVG
.'& [GNN¶UGTFGKP[GEEKÎP

 4'&'5¦26+%#5

7PC TGF FG EQOWPKECEKQPGU FG CNVCXGNQEKFCFRQFTÈCFCTCEQOQFQCNHNWLQFG


XQNÕOGPGU GPQTOGU FG FCVQU FKIKVCNGU .CU RTQRWGUVCU UQP OWEJCU RCTC NC
ETGCEKÎPFGDKDNKQVGECUFKIKVCNGUGPNÈPGCFGVCOCÌQUWHKEKGPVGRCTCCNDGTICTNC
VQVCNKFCF FG NQU VGZVQU KO¶IGPGU [ TGIKUVTQU UQPQTQU FG NC OC[QT FG NCU
DKDNKQVGECUFGNOWPFQ7PCTGFFGEQOWPKECEKQPGUECRC\FGVTCPURQTVCTVGTCDKVU

WP VGTCDKV GU KIWCN C  DKVU  FG KPHQTOCEKÎP RQT UGIWPFQ RQFTÈC CDTKT CN
EQORNGVQRCTCECFCJQICTECFCGUEWGNCFGURCEJQQNCDQTCVQTKQNQUTGEWTUQUFG
WPCDKDNKQVGECFGKPXGUVKICEKÎP

2CTCSWGGUVQUUWRWGUVQUEQDTGPTGCNKFCFUGJCPFGKFGCTOÃVQFQUSWGRGTOKVCP
WVKNK\CTOGLQTNCECRCEKFCFFGWPCHKDTCÎRVKEC7PCUQNCHKDTCRQFTÈCGPVGQTÈC
VTCPURQTVCT  VGTCDKVU ECFC UGIWPFQ 2GTQ NC EKHTC RT¶EVKEC FG VTCPURQTVG FG
KPHQTOCEKÎPFGWPCHKDTCGUOWEJQO¶UTGFWEKFCGUV¶NKOKVCFCRQTNCVGPFGPEKC
CSWGNQURWNUQUFGEGTQU[WPQUUGRKGTFCPVTCUTGEQTTGTFKUVCPEKCUITCPFGUCUÈ
EQOQ RQT NC KPGZKUVGPEKC FG EQORQPGPVGU ÎRVKEQU ECRCEGU FG RTQEGUCT
KPHQTOCEKÎP C GUVCU CNVCU XGNQEKFCFGU 2TQITGUQU TGEKGPVGU GP NC KPXGUVKICEKÎP
RCTGEGP RTQOGVGT SWG GN CPEJQ FG DCPFC PQ WVKNK\CFC GP NC TGF RQFTÈC
CRTQXGEJCTUG

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

/WEJQU UQP NQU GUHWGT\QU KPXGUVKICFQTGU SWG VTCVCP FG UCECT RCTVKFQ CN
FGUEWDTKOKGPVQGPEQOWPKECEKQPGUÎRVKECUO¶UKORQTVCPVGFGNFGEGPKQRCUCFQ
GN CORNKHKECFQT ÎRVKEQ &KEJQ FKURQUKVKXQ RGTOKVG TGUVCWTCT NC RQVGPEKC FG WPC
UGÌCNCUWKPVGPUKFCFKPKEKCNUKPTGEWTTKTCNCEQPXGTUKÎPQRVQGNGEVTÎPKECJCDKVWCN
'PWPCORNKHKECFQTÎRVKEQUGGODGDGPKQPGUFGGTDKQGPGNXKFTKQFGWPCHKDTC
ÎRVKEC

#NUGTGUVKOWNCFQU RQTWPN¶UGTNQUKQPGUGZEKVCFQUTGXKXKHKECPNCUUGÌCNGUÎRVKECU
FGDKNKVCFCU RQT WP XKCLG FG XCTKCU FGEGPCU FG MKNÎOGVTQU .QU CORNKHKECFQTGU
ÎRVKEQU KPUVCNCFQU GP TGFGU EQOGTEKCNGU JCP GZJKDKFQ WP HWPEKQPCOKGPVQ
UWRGTKQT GP GN ECUQ FG GPNCEGU FG OW[ CNVC XGNQEKFCF C FKHGTGPEKC FG NQU
GNGEVTÎPKEQU CORNKHKECP UGÌCNGU RQTVCFQTCU FG FCVQU C XGNQEKFCFGU FG
VTCPUOKUKÎPUWRGTKQTGUCNQUIKICDKVURQTUGIWPFQ[RWGFGPCFGO¶UTGHQT\CT
UKOWNV¶PGCOGPVGNCRQVGPEKCFGOWEJCUNQPIKVWFGUFGQPFC

.#/7.6+2.':#%+¦0

%QP NC VÃEPKEC FG NC OWNVKRNGZCEKÎP ÎRVKEC UG WVKNK\C OGLQT NC HKDTC [C SWG
RGTOKVG GPXKCT RQT WPC OKUOC HKDTC FKUVKPVCU UGÌCNGU RQTVCFQTCU FG FCVQU .C
KORQTVCPEKCFGNCOWNVKRNGZCEKÎPUGFGDGCNCECRCEKFCFSWGRQFTÈCGZKIÈTUGNGC
NCU TGFGU HWVWTCU 7P RTQITCOC FG VGNGXKUKÎP EQP KO¶IGPGU FG CNVC TGUQNWEKÎP
RQPICOQURQTECUQRQFTÈCEQPUWOKTWPCPEJQFGDCPFCFGJCUVCWPIKICDKVRQT
UGIWPFQUKPQUGEQORTKOGPNQUFCVQUFGNCKOCIGP

.CXCTKCPVGO¶UUGPEKNNCQOWNVKRNGZCEKÎPRQTFKXKUKÎPFGNQPIKVWFFGQPFCUG
RCTGEGCNQUUKUVGOCUFGTCFKQFKHWUKÎP%CFCGOKUQTFGGUVCTGFEQPVKGPGWPN¶UGT
UKPVQPK\CDNGSWGFGURCEJCUGÌCNGUNWOÈPKECUFGFGVGTOKPCFCNQPIKVWFFGQPFC

EQNQT 

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

7PTGEGRVQTQRVQGNGEVTÎPKEQRWGFGUKPVQPK\CTUGCNCNQPIKVWFFGQPFCFGUGCFC
'P GN NCDQTCVQTKQ #66 JC FGOQUVTCFQ SWG GUVG OÃVQFQ FG EQODKPCEKÎP FG
UGÌCNGURGTOKVGJCUVCNQPIKVWFGUFGQPFCUFKHGTGPVGUECFCWPCFGNCUEWCNGU
VTCPURQTVCWPQUIKICDKVURQTUGIWPFQNQSWGFCWPVQVCNFGIKICDKVURQT
UGIWPFQSWGGURQUKDNGVTCPURQTVCTJCUVCWPCFKUVCPEKCFGECUKMKNÎOGVTQU

2GUGCNCUGPQTOGURQUKDKNKFCFGUFGNCHKDTCÎRVKECNCECRCEKFCFRCTCVTCPURQTVCT
KPHQTOCEKÎPFGNCUTGFGUDCUCFCUGPGNUKUVGOCFGFKHWUKÎPRQTNQPIKVWFFGQPFC
RWGFGP NNGICT C CIQVCTUG .CU NQPIKVWFGU FG QPFC EQPVKIWCU UÎNQ RWGFGP
VTCPURQTVCTWPPÕOGTQNKOKVCFQFGVTCPUOKUKQPGUFGXÈFGQUKPSWGNCUUGÌCNGUFG
WPCU UG KPVGTHKGTCP EQP NCU FG QVTCU 2CTC GXKVCT EQPHNKEVQU GPVTG NCU UGÌCNGU GU
RTGEKUQ KPVGTECNCT WPC DCPFC FG RTQVGEEKÎP GP WPC RQTEKÎP PQ WVKNK\CFC FGN
GURGEVTQÎRVKEQUKVWCFQLWPVQCECFCWPCFGNCUNQPIKVWFGUFGQPFCRQTVCFQTCU
FGKPHQTOCEKÎP.CRTGUGPEKCFGNCDCPFCFGRTQVGEEKÎPTGFWEGNCCORNKVWFFGNC
DCPFCÕVKN

&CFQSWGNCECRCEKFCFFGNCTGFRWGFGSWGFCTUCVWTCFCVGPFT¶SWGUGIOGPVCTUG
GP FKXGTUCU UWDTGFGU .CU NQPIKVWFGU FG QPFC RQTVCFQTCU FG OGPUCLGU GP WPC
UWDTGF RWGFGP XQNXGT C CRTQXGEJCTUG RCTC NCU VTCPUOKUKQPGU RTQRKCU FG NC
UWDTGF7PC XG\O¶UNQUOGFKQU FGTCFKQFKHWUKÎP[CGZKUVGPVGURTGUGPVCPWPC
CPCNQIÈCWPCGUVCEKÎPFGTCFKQFGWPCEKWFCFUWHKEKGPVGOGPVGFKUVCPEKCFCEQP
NCFGQVTCRWGFGWVKNK\CTNCOKUOCHTGEWGPEKCUKPRTQXQECTUGKPVGTHGTGPEKCU

.C EQPUVTWEEKÎP FG WPC TGF QRGTCVKXC C RCTVKT FG GUVCU PQEKQPGU RNCPVGC EKGTVQ
PÕOGTQFGRTQDNGOCUVÃEPKEQU'POCT\QFGWPEQPUQTEKQKPVGITCFQRQT
#66 &KIKVCN 'SWKROGPV %QTRQTCVKQP [ GN +PUVKVWVQ FG 6GEPQNQIÈC FG
/CUUCEJWUGVVU
/+6  GZJKDKÎ WP UKUVGOC FGOWNVKRNGZCEKÎP RQT FKXKUKÎP FG
NQPIKVWF FG QPFC SWG GPNC\CDC EKGTVQPÕOGTQFGUWDTGFGU%CFCHKDTCFGGUVC
TGFVKGPGECRCEKFCFRCTCNQPIKVWFGUFGQPFCECFCWPCFGNCUEWCNGURWGFG
VTCPURQTVCTJCUVCIKICDKVURQTUGIWPFQFGFCVQUFKIKVCNGU

'UVG RTQITCOC FG TGFGU RWTCOGPVG ÎRVKECU RCVTQEKPCFQ RQT NC #IGPEKC FG
2TQ[GEVQU #XCP\CFQU FGN &GRCTVCOGPVQ FG &GHGPUC
#42#  EQP KPXGTUKQPGU
CFKEKQPCNGU FG #66 [ FG &KIKVCN 'SWKROGPV %QTRQTCVKQP JC XGTKHKECFQ GN
HWPEKQPCOKGPVQ FG NQU GSWKRQU ETÈVKEQU RCTC NC OWNVKRNGZCEKÎP RQT FKXKUKÎP FG
NQPIKVWF FG QPFC C UCDGT NQU N¶UGTGU [ NQU FKURQUKVKXQU FGHKNVTCFQ PGEGUCTKQU
RCTCGPXKCT[TGEKDKTNQPIKVWFGUFGQPFCGURGEÈHKECURQTWPCOKUOCHKDTC

*CGZRNQTCFQCUKOKUOQUKUVGOCURWTCOGPVGÎRVKEQURCTCNCEQPOWVCEKÎPFGGUCU
UGÌCNGU C FKUVKPVCU HKDTCU GP GN RCUQ FG WPC UWDTGF C QVTC 7P FKURQUKVKXQ
EQPOWVCFQTRTKUOKHQTOGGNGPECTTKNCFQTFKHTCEVCNCNW\SWGXKCLCRQTWPCHKDTC
GPNCUNQPIKVWFGUFGQPFCSWGNCEQORQPGP%CFCNQPIKVWFFGQPFCRWGFGUGT
GPECOKPCFC RQT WPC UGPFC FKUVKPVC GP GN KPVGTKQT FG NC GUVTWEVWTC FG UKNKEKQ [

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

ETKUVCNGPECTTKNCFCRQTWPCFGNCUXGKPVGHKDTCUFGUCNKFCSWGGPXÈCPNCUUGÌCNGU
JCEKCUWFGUVKPQ

'N EQPUQTEKQ JC GPUC[CFQ VCODKÃP QVTQ FKURQUKVKXQ ÎRVKEQ


WP EQPXGTVKFQT FG
NQPIKVWFFGQPFC ECRC\FGECODKCTNCNQPIKVWFFGQPFCFGNCNW\.CGHKECEKCFG
VCNFKURQUKVKXQUGOCPKHKGUVCEWCPFQVTCPUOKUKQPGUFKUVKPVCUGPVTCPGPEQPHNKEVQCN
VTCVCTFGWVKNK\CTWPCOKUOCNQPIKVWFFGQPFC

#FGO¶UFGNCTGFFG/CUUCEJWUGVVUUGJCPNCP\CFQEQPHKPCPEKCEKÎPFG#42#
QVTQU RTQ[GEVQU QTKGPVCFQU JCEKCNCOWNVKRNGZCEKÎPRQTFKXKUKÎPFGNQPIKVWFFG
QPFC 'N RTQITCOC 4#%'
+PXGUVKICEKÎP [ &GUCTTQNNQ FG NCU %QOWPKECEKQPGU
#XCP\CFCU GP 'WTQRC  FGRGPFKGPVG FG NC 7PKÎP 'WTQRGC JC EQOGP\CFQ
VCODKÃP C KPXGUVKICT GUVC VÃEPKEC [ QVTQ VCPVQ JC JGEJQ GN 066 GN IKICPVG
,CRQPÃUFGNCUEQOWPKECEKQPGU

.COWNVKRNGZCEKÎPRQTFKXKUKÎPFGNQPIKVWFFGQPFCUGCFCRVCGPHQTOCKFGCNCNC
ETGEKGPVGFGOCPFCFGEQOWPKECEKQPGUFGXÈFGQGPNCUEWCNGUFQUNQECNKFCFGU
RWGFGPRGTOCPGEGTFWTCPVGJQTCUGPEQPGZKÎPEQPVKPWC

#WPSWGRCTCGPXKCTFCVQU FGWPQTFGPCFQTCQVTQJCT¶PHCNVCTGFGUFGWPVKRQ
FKHGTGPVG NCU TGFGU FG QTFGPCFQTGU C FKHGTGPEKC FG NQU GPNCEGU FG XÈFGQ
CEQUVWODTCP GPXKCT FCVQU FG WP RWPVQ C QVTQ
EQOQ NQU FG WP HKEJGTQ IT¶HKEQ
FKIKVCN  GP DTGXGU RWNUQU FG CNVC XGNQEKFCF 2CTC FCT CEQOQFQ C GUVGVKRQ FG
VT¶HKEQNQUQTFGPCFQTGUUWGNGPEQOWPKECTUGCVTCXÃUFGTGFGUGPNCUEWCNGUNQU
FCVQU UG VTCUNCFCP FG WP TGOKVGPVG C WP FGUVKPCVCTKQ GP WPKFCFGU FKUETGVCU Q
RCSWGVGU

7POGPUCLGUGFGUEQORQPGGPXCTKQURCTCGPECTTKNCTNQUFGURWÃUJCEKCCNIWPCU
FG NCUFKXGTUCUUGPFCUCDKGTVCUSWGEQPFW\ECPJCUVCWPQTFGPCFQTFGUVKPCVCTKQ
'NUKUVGOCFGEQPOWVCEKÎPRQTRCSWGVGUHCEKNKVCWPCVTCPUHGTGPEKCFGFCVQUO¶U
T¶RKFC[GEQPÎOKECRQTSWGPQJC[PGEGUKFCFFGKPXGTVKTFKPGTQPKTGEWTUQUGP
GN GUVCDNGEKOKGPVQ FG WPC EQPGZKÎP FGFKECFC GZENWUKXCOGPVG C NQU
EQOWPKECPVGU%CFCRCSWGVGEQPVKGPGWPCFKTGEEKÎPSWGGZRTGUCUWFGUVKPQ[GN
OQFQGPSWGGPECLCEQPQVTQURCSWGVGUSWGHQTOCPRCTVGFGNOKUOQOGPUCLG

.QURCSWGVGURWGFGPXKCLCTJCUVCUWFGUVKPQRQTEWCNSWKGTUGPFCSWGQHTG\ECNC
TGF'PGNRWPVQFGFGUVKPQNQURCSWGVGUUGXWGNXGPCGPUCODNCTEQORQPKGPFQ
EQPGNNQUWPOGPUCLGEQJGTGPVG

.CXGTUKÎPGNGEVTÎPKECO¶UEQPQEKFCFGTGFRQTRCSWGVGUGU+PVGTPGV2QFGOQU
CVKUDCTGNHWVWTQFGÃUVCGZCOKPCPFQKPXGUVKICEKQPGUCXCP\CFCUGPTGFGUÎRVKECU
RQTRCSWGVGU

'PWPCTGFFGGUVGVKRQWPCNQPIKVWFFGQPFCRQTVCTÈCRWNUQUNWOÈPKEQUFGWP
N¶UGT ECRC\ FG ECODKCT FG GUVCFQ GP WPC DKNNQPÃUKOC FG UGIWPFQ .QU RWNUQU

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

NWOÈPKEQU GUV¶P IGPGTCFQU RQT N¶UGTGU SWG VTCPUOKVGP JCUVC EKGP IKICDKVU RQT
UGIWPFQGPNQUSWGECFCFGUVGNNQTGRTGUGPVCWPDKV%CFCRWNUQUGEQODKPCTÈC
EQPQVTQUFKG\OKNRTQEGFGPVGUFGNOKUOQN¶UGTHQTOCPFQLWPVQUWPRCSWGVGFG
FCVQU

7PQ FG NQU RTKPEKRCNGU RTQDNGOCU SWG RNCPVGC FKEJC CWVQRKUVC ÎRVKEC GU NC
OWNVKRNGZCEKÎP [ EQPOWVCEKÎP FG GUVQU RCSWGVGU FG FCVQU UKP VGPGT SWG
EQPXGTVKTNQUGPUGÌCNGUGNGEVTÎPKECU7PCHKDTCRWGFGVTCPUOKVKTWPVQVCNFGEKGP
IKICDKVURQTUGIWPFQRGTQGUV¶FKXKFKFCGPKPVGTXCNQUVGORQTCNGUGURGEKHKECFQU
FG HQTOC SWG FKG\ WUWCTKQU RQT GLGORNQ RWGFCP GPXKCT FKG\ IKICDKVU RQT
UGIWPFQECFCWPQ

#ECFCTGOKVGPVGFGFCVQURWGFGCUKIP¶TUGNGWPUGIOGPVQRCTCEQNQECTRCSWGVGU
EQP FKG\ IKICDKVU FG FCVQU RQT UGIWPFQ GP NC TGF Q RWGFG VTCPUOKVKTNQU GP
EWCNSWKGT UGIOGPVQ NKDTG .QU RCSWGVGU FG WP TGOKVGPVG RWGFGP SWGFCT
GPVTGOG\ENCFQU EQP RCSWGVGU FG QVTQU TGOKVGPVGU ECFC WPQ FG NQU EWCNGU
FKURQPGFGWPKPVGTXCNQVGORQTCNFKUVKPVQGPGNEWCNVTCPUOKVKTUWOGPUCLG

&CFQSWGNCECRCEKFCFFGEQOWPKECEKQPGUGUV¶TGRCTVKFCRQTOGFKQFGVKGORQU
[ PQ FG NQPIKVWFGU FG QPFC GUVC VÃEPKEC UG FGPQOKPC OWNVKRNGZCEKÎP RQT
FKXKUKÎPFGVKGORQ

;CUGJCPGORG\CFQCVTCDCLCTGPFKUGÌQUFGWPCTGFÎRVKECFGEKGPIKICDKVURQT
UGIWPFQ SWG WVKNKEG GUVC VÃEPKEC FGOWNVKRNGZCEKÎP .QU GNGOGPVQU HÈUKEQU FG NC
TGF GP HCUG FG FGUCTTQNNQ XCP FGUFG N¶UGTGU FG CNVC XGNQEKFCF ECRCEGU FG
VTCPUOKVKTEKGPOKNOKNNQPGUFGRWNUQURQTUGIWPFQJCUVCDWHHGTUÎRVKEQURCTCGN
CNOCEGPCLGFGRWNUQU'PWPQFGNQURTQ[GEVQUUGJCFGOQUVTCFQWPCHQTOCFG
GZVTCGTFCVQUFGWPC HKDTCSWGVTCPURQTVCWPVQVCNFGEWCTGPVCIKICDKVUFGFCVQU
WVKNK\CPFQOWNVKRNGZCFQRQTFKXKUKÎPFGVKGORQ

7PFKURQUKVKXQ FGPQOKPCFQDWENGÎRVKEQGURGEWNCTPQNKPGCNRTQEGUCNCUGÌCN
ÎRVKECCOWNVKRNGZCTFGOWNVKRNGZCTQEQPOWVCT

2CTCNCFGOWNVKRNGZCEKÎPTGEKDGRWNUQUNWOKPQUQUFGWPCHKDTCSWGVTCPURQTVCWP
HNWLQ FG FCVQU FG EWCTGPVC IKICDKVU RQT UGIWPFQ 'P GN DWENG GURGEWNCT SWG
EQPUKUVG GP WPC JGDTC EKTEWNCT FG HKDTC SWG RQUGG RTQRKGFCFGU OCVGTKCNGU
GURGEKCNGU NC UGÌCN ÎRVKEC KPVGTCEVÕC EQP QVTC UGTKG FG RWNUQU NWOÈPKEQU
KP[GEVCFCRQTN¶UGTGPGNFKURQUKVKXQ.CKPVGTCEEKÎPFGGUVQUFKHGTGPVGUVTGPGUFG
RWNUQUFGNW\JCEGSWGGOGTLCWPCUGÌCNSWGKPVTQFWEGFKG\IKICDKVUFGFCVQU
GPWPCPWGXCHKDTC

#NOKUOQVKGORQNCUGÌCNQTKIKPCNK SWGCJQTCRQTVCNQUTGUVCPVGUVTGKPVCIKICDKVU
FG FCVQU RQT UGIWPFQK TGVQTPC C NC HKDTC RQT FQPFG NNGIÎ CN GURGLQ 5K PQ UG
FGUGC GHGEVWCT NC FGOWNVKRNGZCEKÎP NC NW\ TGVQTPC KPCNVGTCFC C NC HKDTC
VTCPURQTVCPFQ VQFCXÈC NQU EWCTGPVC IKICDKVU RQT UGIWPFQ 'N /+6 PQ GUVC UQNQ

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

066 CECDC FG CEQOGVGT WP GZRGTKOGPVQ UKOKNCT EQP WPC VTCPUOKUKÎP FG EKGP
IKICDKVURQTGNDWENGÎRVKEQGURGEWNCTRWGFGCEVWCTVCODKÃPEQOQFKURQUKVKXQFG
RTQEGUCOKGPVQFKIKVCN'PNCFGUOWNVKRNGZCEKÎPFGNCUGÌCNGNDWENGQOQFKHKEC
NCUGÌCNQNCFGLCKPXCTKCDNGNQSWGFGHKPGFQUGUVCFQUDKPCTKQUEQOQGN[GN
FG NC NÎIKEC FKIKVCN %QPGEVCPFQ XCTKQU FG GUVQU DWENGU UG EQPHGEEKQPC WP
FKURQUKVKXQECRC\FGNGGTNCUFKTGEEKQPGUFGNQURCSWGVGUFGFCVQU

5GRQFTÈCEQODKPCTNCVGEPQNQIÈCFGNCNQIKCÎRVKEC[NCFGNCOWNVKRNGZCEKÎP[
FGUOWNVKRNGZCEKÎP RCTC EQPUVTWKT TGFGU SWG CORNÈGP OWEJQ O¶U GN CPEJQ FG
DCPFCWVKNK\CDNGFGNQSWGJQ[GPFÈCUGCRTQXGEJCGNXGTFCFGTQRQVGPEKCNFG
NCUHKDTCUÎRVKECUGUV¶GPFGUEWDTKTEWCNUGTKCNCOGLQTVÃEPKEC

4'5+56'0%+#&'70#(+$4#¦26+%#

5GFKEGSWGNCTGUKUVGPEKCVGÎTKECFGNETKUVCNFGUÈNKEGGUFGWPOKNNÎPFGRUK'P
NQU NCDQTCVQTKQU FG NC 0QTVJGTP 6GNGEQO UG JCP OGFKFQ TGUKUVGPEKCU EQP
GUHWGT\QU FG VTCEEKÎP FG CNTGFGFQT FG  MI FG HWGT\C 2GTQ GP NC 0QTVJGTP
6GNGEQOGUPQTOCNRTQDCTNCUHKDTCUEQPPKXGNGUFGTGUKUVGPEKCGPVTG[I
RCTCFGUGEJCTNCUSWGUGCPO¶UFÃDKNGU

# XGEGU CRCTGEGP GUVG VKRQ FG HKDTCU SWG VKGPGP HTCEVWTCU W QVTCU
KORGTHGEEKQPGURWFKGPFQECWUCTRTQDNGOCUUKUGNNGICUGPCWVKNK\CT#UÈRWGUNCU
HKDTCU FGDGP UGT EWKFCFQUCOGPVG UGNGEEKQPCFCU FGURWÃU FG NCU OGFKFCU RCTC
CUGIWTCTSWGUWURTQRKGFCFGUUQPEQTTGEVCU
DCLCURÃTFKFCUGPNCVTCPUOKUKÎPFG
NW\ [ WPC TGUKUVGPEKC C NC VTCEEKÎP UWHKEKGPVG RCTC UQRQTVCT UW KPUVCNCEKÎP [
RQUVGTKQT WUQ  .CU RTWGDCU SWG UG TGCNK\CP EQP NCU HKDTCU UQP OW[ GZKIGPVGU
CNVCUVGORGTCVWTCUJWOGFCFKPOGTUKÎPGPCIWC [GZRQUKEKÎPC¶EKFQU [QVTQU
VKRQUFGUQNWEKQPGUSWGRWFKGTCPNNGICTCGPEQPVTCTUG

%QP GN HKP FG OKPKOK\CT NCU VGPUKQPGU OGE¶PKECU SWG RQFTÈCP RTQXQECT HCNNQU
RTGOCVWTQUUGUWGNGVGPGTEWKFCFQFWTCPVGNCKPUVCNCEKÎPRCTCGXKVCTEWTXCVWTCU
OW[RTQPWPEKCFCU[RCTCPQVGPGTSWGJCEGTGORCNOGGPNCUEWTXCVWTCU

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

64#6#/+'061&'476#5%10(+$4#¦26+%#

.CEQPUKFGTCEKÎPFGNCU RÃTFKFCU[FGNCUTQVWTCUGPNQUJKNQUHKDTCUQECDNGUGU
CNIQ KORQTVCPVG UKGORTG SWG NC FKUVCPEKC GUVÃ RQT GN OGFKQ .CU RÃTFKFCU
FGDKFCU CN UKUVGOC FG VTCPUOKUKÎP UQP EQORGPUCFCU RQT TGRGVKFQTGU [  Q
CORNKHKECFQTGU .CU TQVWTCU KORNKECP GORCNOGU [ WPKQPGU GP NQU GZVTGOQU FGN
ECDNGHKDTCGVE

%WCPFQ UG TGCORNKHKEC NC UGÌCN NQU TGRGVKFQTGU FGDGP GUVCT UKVWCFQU C NC
FKUVCPEKC CFGEWCFC FG HQTOC SWG NCU RÃTFKFCU PQ NNGIWGP C UGT VCP ITCPFGU
EQOQRCTCSWGNCKPHQTOCEKÎPPQRWGFCUGTTGCORNKHKECFC*C[SWGUGTECRC\FG
FGVGEVCTENCTCOGPVGNCUUGÌCNGURCTCRQFGTCORNKHKECTNCU[GPXKCTNCUFGPWGXQ

'N GORCNOG FG NQU ECDNGU RWGFG RTGUGPVCT WP RTQDNGOC CNIQ FKHGTGPVG 'N
GORCNOGFGNQUJKNQUFGEQDTGGUUGPEKNNQ5KORNGOGPVGUGNQECNK\CNCTQVWTCUG
VTGP\CPQUGCUGIWTCPOGE¶PKECOGPVGNQUGZVTGOQUFGNCNÈPGCUGRCTCFCUGNGU
UWGNFCCEQPVKPWCEKÎPRCTCQDVGPGTWPCTQDWUVG\[WPCEQPFWEVKXKFCFGNÃEVTKEC
CEGRVCDNGU [ VTCU CKUNCT NC WPKÎP [C GUV¶P NKUVQU RCTC GPVTCT FG PWGXQ GP
HWPEKQPCOKGPVQ

.C TGRCTCEKÎP FG WPC HKDTC ÎRVKEC NNGXC EQPUKIQ NC QDVGPEKÎP FG GZVTGOQU
RGTRGPFKEWNCTGU GP CODCU UGEEKQPGU CRTQZKOCTNQU WPQ CN QVTQ RCTC NQITCT WP
CLWUVGCRTGUKÎPRGTHGEVQ[OCPVGPGTCUÈCODQUUGIOGPVQUOKGPVTCUSWGUGGUVÃ
WVKNK\CPFQGNUKUVGOC

'UVCOQU RWGU CPVG WP RTQDNGOC EQPUKFGTCPFQ SWG OCPGLCOQU HKDTCU FG
VTGUEKGPVQU OKETCU FG FK¶OGVTQ [ SWG NC WPKÎP FG CODQU GZVTGOQU
RGTHGEVCOGPVGRCTCNGNQUGPVTGUÈFGDGGUVCTOW[DKGPJGEJC

7PECDNGFGHKDTCÎRVKECRWGFGVGPGTÕPKECOGPVGHKDTCUÎRVKECUQKPENWUQRWGFG
KPEQTRQTCTCNIÕPJKNQEQPFWEVQT FGEQDTGRCTCRTWGDCUOGFKFCUGVECFGO¶U
NQU RTQRKQU ECDNGU RWGFGP GUVCT UWLGVQU C FKXGTUQU VTCVCOKGPVQU SWÈOKEQU
UWUEGRVKDNGUFGCEVWCTUQDTGGNOCVGTKCNFGNECDNGVCN[EQOQPQUGFGUGC

6CODKÃP ECDG RGPUCT GP NC GZKUVGPEKC FG CNIWPQU GHGEVQU RTQXQECFQU RQT
TCFKCEKQPGU PWENGCTGU NQ SWG PQ GU OW[ RTQDCDNG 2GTQ NQ SWG UÈ RWFKGTC
UWEGFGT GU SWG GN ECDNG GUVÃ UWLGVQ C VGPUKQPGU TGVQTEKOKGPVQU XKDTCEKQPGU [
EQORTGUKQPGU

'NECDNGFGDGFKUGÌCTUGRCTCSWGVGPICWPOÈPKOQFGRÃTFKFCU.C$GNN0QTVJGTP
JCEQPUGIWKFQWPCCVGPWCEKÎPOGPQTFGF$MOCWPCNQPIKVWFFGQPFCFG
PO 'UVG ECDNG VKGPG WP PÕENGQ HNGZKDNG FG JGDTCU FG CEGTQ EWDKGTVQ EQP WP
RN¶UVKEQ CECPCNCFQ RCTC RQFGT CEQOQFCT GP UW KPVGTKQT NCU HKDTCU ÎRVKECU [ NQU
RCTGUFGJKNQFGEQDTG

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

*C[ EQPFWEVQU UGRCTCFQU EQP HKPGU FG EQPVTQN OGFKFCU [ RTWGDCU 'U PQTOCN
WVKNK\CT WPC EQTTKGPVG &% RCTCRTQRÎUKVQUFGEQPVTQN RGTQNQU TC[QU NWOKPQUQU
VKGPGP SWG UGT OQFWNCFQU [ FGOQFWNCFQU RCTC EQPUGIWKT GN OKUOQ EQPVTQN
EQNGEVKXQ 'N ECDNG FGDG GUVCT GPXWGNVQ RQT WP OCVGTKCN SWG RWGFC TGUKUVKT GN
GPVQTPQEWCNSWKGTCSWGUGCÃUVG

241$.'/#5&'.#%10'%614+<#%+¦0

'NRTQDNGOCSWGCRCTGEGCNWVKNK\CTHKDTCUÎRVKECUGPNCHQTOCEQOQÃUVCUGUV¶P
EQPGEVCFCUCNQUFKURQUKVKXQUVGTOKPCNGU5KNCHKDTCPQUGGPEWGPVTCDKGPUWLGVC
RQT OGFKQ FG WP EQPGEVQT VGTOKPCN RQFTÈC FGUNK\CTUG RTQFWEKÃPFQUG WPC
RÃTFKFC[TGFWEKGPFQNCVTCPUOKUKÎPFGNW\

5K RQT GN EQPVTCTKQ NC EQPGZKÎP GU OW[ TÈIKFC EWCNSWKGT TGVQTEKOKGPVQ Q
EWTXCVWTC SWGUGRTQFW\ECGPNCHKDTCRTQXQECTÈCWPCHTCEVWTC[FGLCTÈCNCIWÈCFG
NW\HWGTCFGUGTXKEKQ

7PKPXGPVQSWGRCTGEGQHTGEGTWPCUQNWEKÎPEQPUKUVGGPNCUWLGEKÎPFGNECDNGFG
HKDTC ÎRVKEC C WP VGTOKPCN RQT OGFKQ FG WP CPKNNQ GN¶UVKEQ Q FG TGUQTVG RCTC
QDVGPGTWPCEQPGZKÎPIKTCVQTKCFQPFGWPCFGNCURCTVGUFGNFKURQUKVKXQXCUWLGVC
CNVGTOKPCN[NCQVTCCNCEQPVGTCOKGPVTCUSWGWPCVGTEGTCUWLGEKÎPEQORTKOGGN
CPKNNQ GN¶UVKEQ %QP GUVG ÕNVKOQ OQPVCFQ GP GN VGTOKPCN UG GPICT\C GN CPKNNQ
RTGUKQPCPFQFG HQTOCSWGGNVGTOKPCNRWGFCUGTEQORNGVCOGPVGKPUGTVCFQGPNC
EQPVGTCJCUVCSWGFKEJQCPKNNQSWGFGCVTCRCFQGPUWKPVGTKQT

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

 8'06#,#5;&'58'06#,#5&'.#5(+$4#5¦26+%#5

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x /C[QT ECRCEKFCF FGDKFQ CN CPEJQ FG DCPFC OC[QT FKURQPKDNG GP NCU
HTGEWGPEKCUÎRVKECU
x 2WGFGP VTCPUOKVKT C XGNQEKFCFGU OWEJQ O¶U CNVCU FG NQ SWG GOKUQTGU [
VTCPUOKUQTGUCEVWCNGUNQRGTOKVGPUQPÃUVQUNQUSWGNKOKVCPNCXGNQEKFCFFG
VTCPUOKUKÎP
x )TCP HNGZKDKNKFCF GN TCFKQ FG EWTXCVWTC RWGFG UGT KPHGTKQT C  EO NQ SWG
HCEKNKVCUWKPUVCNCEKÎP
x )TCPNKIGTG\CGNRGUQGUFGNQTFGPFGCNIWPQUITCOQURQTMKNÎOGVTQNQSWG
TGUWNVCWPCUPWGXGXGEGUOGPQUSWGGNFGWPECDNGEQPXGPEKQPCN
x +POWPKFCF VQVCN C NCU RGTVWTDCEKQPGU FG QTKIGP GNGEVTQOCIPÃVKEQ NQ SWG
KORNKECWPCECNKFCFFGVTCPUOKUKÎPOW[DWGPC[CSWGNCUGÌCNGUKPOWPGC
NCUVQTOGPVCU
x )TCPUGIWTKFCFNCKPVTWUKÎPGPWPCHKDTCÎRVKECGUH¶EKNOGPVGFGVGEVCDNGRQT
GN FGDKNKVCOKGPVQ FG NC GPGTIÈC NWOKPQUC GP TGEGREKÎP CFGO¶U PQ TCFKC
PCFCNQSWGGURCTVKEWNCTOGPVGKPVGTGUCPVGRCTCCRNKECEKQPGUSWGTGSWKGTGP
CNVQPKXGNFGEQPHKFGPEKCNKFCF
x +POWPKFCFCKPVGTHGTGPEKCGUV¶VKECFGDKFCCNCUHWGPVGUFGTWKFQ
x 7PC CVGPWCEKÎP NKPGCN PQ OW[ RGSWGÌC NQ SWG RGTOKVG UCNXCT FKUVCPEKCU
KORQTVCPVGUUKPGNGOGPVQUCEVKXQUKPVGTOGFKQU
x 4GUKUVGPEKC C GZVTGOQU CODKGPVCNGU 5QP OGPQU CHGEVCFCU RQT NÈSWKFQU
EQTTQUKXQUICUGU[XCTKCEKQPGUFGVGORGTCVWTC
x 5GIWTKFCFGPEWCPVQCKPUVCNCEKÎP[OCPVGPKOKGPVQ.CUHKDTCUFGXKFTKQ[NQU
RN¶UVKEQU PQ UQP EQPFWEVQTGU FG NC GNGEVTKEKFCF UG RWGFGP WUCT EGTEC FG
NÈSWKFQU[ICUGUXQN¶VKNGU
x (CEKNKFCF RCTC NQECNK\CT NQU EQTVGU ITCEKCU C WP RTQEGUQ DCUCFQ GP NC
VGNGOGVTÈC NQ SWG RGTOKVG FGVGEVCT T¶RKFCOGPVG GN NWICT [ RQUVGTKQT
TGRCTCEKÎPFGNCCXGTÈCUKORNKHKECPFQNCNCDQTFGOCPVGPKOKGPVQ

&GUXGPVCLCU

x 2ÃTFKFCUGPNQUECDNGURQTCDUQTEKÎPFGNW\NCEWCNRWGFGUGTEQPXGTVKFCGP
ECNQT
x 2ÃTFKFCURQTFKURGTUKÎPFG4C[NGKIJQOCVGTKCNGU.W\FKHTCEVCFCSWGGUECRC
RQTNCEWDKGTVCCNEJQECTEQPVTCWPCKTTGIWNCTKFCFFGNXKFTKQGPGNRTQEGUQFG
HCDTKECEKÎP
x 2ÃTFKFCU ETQO¶VKEC Q FG NQPIKVWF FG QPFC .C NW\ GOKVKFC RQT WP .'& UG
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FKUVKPVCU XGNQEKFCFGU RQT NC HKDTC NNGICPFQ CN QVTQ GZVTGOQ C FKHGTGPVGU
VKGORQU
x 2ÃTFKFCUFGTCFKCEKÎP%CWUCFCRQTFQDNGEGUGKTTGIWNCTKFCFGUGPNCHKDTC

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

x 2ÃTFKFC OQFCN %CWUCFC RQT FKHGTGPEKCU FG VKGORQU FG RTQRCICEKÎP FG NQU
TC[QUFGNW\SWGVQOCPFKHGTGPVGUVTC[GEVQTKCURQTWPCHKDTC
x 2ÃTFKFCUFGCEQRNCOKGPVQ'PNCUEQPGZKQPGUFGHWGPVGUFGHKDTCHKDTCCHKDTC
[QHKDTCCHQVQFGVGEVQTUQPECWUCFCRQTRTQDNGOCUFGCNKPGCEKÎP

 014/#6+8#

2CTCRQFGTGUVCDNGEGTWPCEQOWPKECEKÎPGPVTGQTFGPCFQTGUGUPGEGUCTKQEQPVCT
EQP WPC UGTKG FG PQTOCU SWG TGIWNGP FKEJQ RTQEGUQ 'UCU PQTOCU NCU HKLC NQU
QTICPKUOQUKPVGTPCEKQPCNGUFGPQTOCNK\CEKÎP

+51
1TICPK\CEKÎP+PVGTPCEKQPCNFG'UVCPFCTK\CEKÎP SWGGUWPCQTICPK\CEKÎPPQ
IWDGTPCOGPVCNHWPFCFCGPVKGPGRQTOKUKÎPNCEQQTFKPCEKÎPFGNFGUCTTQNNQ
[ CRTQDCEKÎP FG GUV¶PFCTGU C PKXGN KPVGTPCEKQPCN 5W ¶ODKVQ FG VTCDCLQ EWDTG
VQFCU NCU ¶TGCU KPENW[GPFQ NCU TGFGU NQECNGU C GZEGREKÎP FG NCU ¶TGCU
GNGEVTQVÃEPKECU SWG UQP EQQTFKPCFCU RQT +'%
+PVGTPCVKQPCN 'NGEVTQVGEJPKECN
%QOOKUUKQP 

%CFC RCÈU ÕPKECOGPVG RWGFG GUVCT TGRTGUGPVCFQ GP +51 RQTWPCQTICPK\CEKÎP


GP GN ECUQ FG 'URCÌC GUVC TGRTGUGPVCFC RQT #'014
#UQEKCEKÎP 'URCÌQNC FG
0QTOCNK\CEKÎP [GPGNECUQFG''77GUV¶TGRTGUGPVCFCRQT#05+
#OGTKECP
0CVKQPCN5VCPFCTFU+PUVKVWVG 

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

.CU UKIWKGPVGU UQP CNIWPCU PQTOCU RTQRWGUVCU RCTC NCU TGFGU NQECNGU CUÈ EQOQ
NQUVTCDCLQUFGNC#05+RCTCGN(&&+
(KDGT&KUVTKDWVGF&CVC+PVGTHCEG 

.#014/#+51
+'''

.CPQTOC+51SWGFGTKXCFGNCRTQRQUKEKÎP+'''FGUETKDGWPC
TGFNQECNGPDCPFCDCUGC/DKVUQ/DKVUWVKNK\CPFQWPOÃVQFQFGCEEGUQ
FGVKRQ%5/#%&
%CTTKGT5GPUG/WNVKRNG#EEGUU%QNNKUKQP&GVGEVKQP 'PGNNCUG
FGHKPGP

x .CU ECTCEVGTÈUVKECU OGE¶PKECU [ GNÃEVTKECU FG NC EQPGZKÎP FG WP GSWKRQ CN
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x .CIGUVKÎPNÎIKECFGNCUVTCOCU
x 'NEQPVTQNFG CEEGUQCNUQRQTVGFGEQOWPKECEKÎP

'PTGCNKFCFPQJC[WPCPQTOCÕPKECUKPQUGKUPQTOCU+51'PGUVCUUGKU
PQTOCU UG FGHKPGP NCU EQPFKEKQPGU FG WUQ FG NC VÃEPKEC OKUOC FG CEEGUQ GN
%5/#%&
%CTTKGT5GPUG/WNVKRNG#EEGU%QNNKUKQP&GVGEVKQP 

.CU FKHGTGPEKCU GPVTG NCU UGKU PQTOCU RTQXKGPGP FGN ECDNGCFQ WVKNK\CFQ [ RQT
VCPVQFGNCUXGNQEKFCFGUSWGUGRWGFGPCNECP\CT[NCUNQPIKVWFGUO¶ZKOCUUKP
TGRGVKFQT'UVCUUGKUPQTOCUUQP

x +51DCUG
x +51DCUG
x +51DCUG
x +51DCUG
x +51DCUG6
x +51DCUG(

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x +51DCUG6

014/#+'''
&3&$

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EQOQ TGF D¶UKEC RCTC NCU EQOWPKECEKQPGU NNCOCFCU OGVTQRQNKVCPCU GU FGEKT
UQDTG WP ITCP ECORWU Q GP WPC EKWFCF 2QT VCPVQ GN EQOKVÃ +'''  JC
CFQRVCFQ GUVC RTQRQUKEKÎP EQOQ WPC TGF FG VKRQ /#0 'P TGCNKFCF NC
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FKUVCPEKC

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5GJCGNGIKFQNCECRCEKFCFÕVKNFG/DKVUURCTCSWGUGRWGFCCFCRVCTCNCU
TGFGUFKIKVCNGUFGUGTXKEKQUKPVGITCFQUi4&5+iFGDCPFCCPEJC.CPQTOC&3&$
WVKNK\CFQUUQRQTVGUWPKFKTGEEKQPCDNGUUKIWKGPFQWPCVQRQNQIÈCGPDWU

.QU FQU GZVTGOQU VKGPGP UGPVKFQU FG VTCPUOKUKÎP QRWGUVQU .QU PQFQU GUV¶P
EQPGEVCFQU UQDTG NQU FQU DWUGU RCTC RQT WP NCFQ VQOCT NC KPHQTOCEKÎP
RTQEGFGPVGFGNCUGUVCEKQPGUSWGGUV¶PRQTFGVT¶U[RQTQVTQNCFQRCTCGOKVKT
JCEKC NCU GUVCEKQPGU SWG GUV¶P RQT FGNCPVG .C EQOWPKECEKÎP WVKNK\C WP ÕPKEQ
DWU CN SWG GN FGUVKPCVCTKQ RWGFG GUVCT WPKFQ UCNXQ GP GN ECUQ FG FKHWUKÎP FG
OGPUCLGU 7PC KPHQTOCEKÎP FKHWPFKFC UGT¶ RQT VCPVQ GOKVKFC UQDTG NQU FQU
DWUGU

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HQTOCGUVCVÃEPKECPGEGUKVCWPUQRQTVGCEVKXQ
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VÃEPKECFGCEEGUQCUQEKCFC PQGUWPCFKUEKRNKPC 'VJGTPGVUKPQWPOÃVQFQSWG
GXKVCNCUEQNKUKQPGUUQDTGWPUQRQTVGGPDWU

'P ECFC GZVTGOQ FG NQU FQU ECDNGU UG UKVÕC WP IGPGTCFQT FG VTCOCU EW[C
HKPCNKFCFGUGOKVKTOW[TGIWNCTOGPVGWPCGUVTWEVWTCFGVTCOCSWGUKPETQPK\CNCU
FKHGTGPVGU GUVCEKQPGU EQPGEVCFCU 'P NQU GNGOGPVQU Q UNQVU FG GUVC VTCOC NQU
PQFQURWGFGPFGRQUKVCTD[VGUUÈPETQPQU

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UQRQTVG 2CTC QDVGPGT WP ECPCN UÈPETQPQ GN WUWCTKQ FGDG TGUGTXCT WP UNQV
UCDKGPFQ SWG GN HNWLQ QDVGPKFQ RQT NC TGUGTXC FG WP D[VG GU FG  -DKVUU .C
VÃEPKEC RTQRWGUVC RCTC GN CEEGUQ CN ECPCN CUÈPETQPQ UG NNCOC 32
3WGWGF
2CEMGV  UG TGCNK\C ITCEKCU C WP EQPVCFQT SWG EWCPFQ GUV¶ C  KPFKEC SWG GN
PQFQRWGFGVTCPUOKVKTGPGNRTÎZKOQUNQVNKDTG

.QU UNQVU SWG JCP UKFQ TGUGTXCFQU RCTC EQOWPKECEKQPGU UÈPETQPCU GP OQFQ
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TGF&3&$GUWPCDWGPCUQNWEKÎPRCTCWPKTRCPGNGUFGFKUVTKDWEKÎP2GTOKVGFGN
OKUOQOQFQSWGGNDWENG UKPETQPK\CFQQNCGUVTWEVWTC(&&+EQPGEVCTCNCXG\
XÈCU KPHQTO¶VKECU [ EKTEWKVQU VGNGHÎPKEQU JCEKC GN CWVQEQPOWVCFQT
2#$:  [ NQU
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014/#(&&+

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XGNQEKFCF6CODKÃPUGPGEGUKVCDCVTCPUOKVKTFCVQUGPVKGORQUEQTVQU[CEQVCFQU
'P TGURWGUVC C GUVCU PGEGUKFCFGU UG FGUCTTQNNC (&&+
(KDGT &KUVTKDWVGF &CVC
+PVGTHCEG 

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

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(&&+RTQRWGUVCRQTGNEQOKVÃ:6FGN#05+JCUKFQPQTOCNK\CFCRQT+51

'UVC RTQRWGUVC SWG GURGEKHKEC NQU PKXGNGU HÈUKEQU [ /#%


/GFKWO #EEGUU
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EQPUKUVG C PKXGN /#% GP WP RTQVQEQNQ FG CEEGUQ SWG RGTOKVG SWG HWGPVGU
UÈPETQPCU[CUÈPETQPCUEQORCTVCPGNUQRQTVG

'N HNWLQ O¶ZKOQ FG WPC TGF (&&+ GU FG  /DRU UW VQRQNQIÈC GU WP FQDNG
CPKNNQ SWG RWGFG CNECP\CT-/FGEKTEWPHGTGPEKCUQDTGGNEWCNUGRWGFGP
EQPGEVCT GP VQTPQ C SWKPKGPVCU GUVCEKQPGU
GUVCPFQ ECFC GUVCEKÎP EQPGEVCFC C
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x 7P PKXGN HÈUKEQ 2.


2J[UKECN .C[GT  FKXKFKFQ GP FQU UWDPKXGNGU GN 2/&

2J[UKECN/GFKWO&GRGPFGPV [GN2*;
2J[UKECN.C[GT2TQVQEQN 
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x 7P GUV¶PFCT FG IGUVKÎP FG GUVCEKÎP 5/6
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2QTGNNQ(&&+UGKPUVCNCGPNQUPKXGNGUO¶UDCLQUFGNCVQTTG15+
1RGP5[UVGOU
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EQPUGIWKFQ GPECRUWNCT EQTTGEVCOGPVG #42
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3
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5G FGDG VGPGT GP EWGPVC GN FKOGPUKQPCOKGPVQ C ECDNGCT NQU EQUVQU C KPXGTVKT  NC
KPHTCGUVTWEVWTC[NCVGEPQNQIÈC
GUVCPFCTK\CEKÎP CWVKNK\CT

'N FKOGPUKQPCOKGPVQ C ECDNGCT  RWGFG UGT RCTC WPC RNCPVC  Q OCU  WPQ Q XCTKQU
GFKHKEKQUKPVGTEQPGEVCFQGVE

 /¶UFGWPGFKHKEKQ

'PGNECUQSWGVGPICOQUSWGECDNGCTO¶UFGWPGFKHKEKQSWGUGEQPGEVGCWPC
OKUOCTGFOGFKCPVGNCKPVGTEQPGZKQPFG%CORWU

%CFCGFKHKEKQUGT¶CPCNK\CFQ[FKUEWVKFQKPFKXKFWCNOGPVGGPNQSWGUGTGHKGTGC
UWGUVTWEVWTCVGEPQNÎIKEC6QOCPFQNCFGEKUKÎPFGRQPGTHKDTCÎRVKECQPQ

 5ÎNQWPGFKHKEKQ

'PGUVGECUQGNCP¶NKUKUGUO¶UUGPEKNNQSWGGNCPVGTKQTVQOCPFQUQNQGPEWGPVC
GNPÕOGTQFGRNCPVCU
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 /¶UFGWPCRNCPVC

2TKOGTQ UG FKUEWVG RCTC ECFC RNCPVC KPFKXKFWCNOGPVG VGPKGPFQ GP EWGPVC NCU
ECTCEVGTÈUVKECU FGN UWGNQ
GU FGEKT  UK NC EQPGZKÎP UG JCT¶ GP UWGNQ Q RCTGF  [
CFGO¶UFQPFGUGJCFGWDKECT GNTGRCTVKFQTFGUWGNQ

#SWÈVCODKÃPUGFGDGRTGXGGTGNECDNGCFQGPVTGRNCPVCU
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2CTCWPCUQNCRNCPVCUGFGDGVGPGTGPEWGPVCNCU¶TGCUFGVTCDCLQ[GNNWICTFG
WDKECEKÎPFGNTGRCTVKFQTFGUWGNQSWGGPGUVGECUQUGT¶VCODKÃPGNTGRCTVKFQT
RTKPEKRCN

5G FGDG EQPUKFGTCT RCTC GN FKUGÌQ FGN UKUVGOC FG ECDNGCFQ GUVTWEVWTCFQ NQU
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RKUQQ¶TGCEQPGNRTQRÎUKVQFGTGCNK\CTWPDWGPECDNGCFQJQTK\QPVCN

'UVQUFGVCNNGURWGFGPUGT

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ

x 2QUKEKÎPFGECFCRWGUVQFGVTCDCLQCECDNGCT
x %CPCNK\CEKQPGUGZKUVGPVGUQPGEGUCTKCURCTCEWDTKTNCUPGEGUKFCFGUFGNENKGPVG
x +PFKECEKÎPFGNCUVQOCU[ECPCNK\CEKQPGUFGNCTGFGNÃEVTKECFGNCRNCPVCRCTC
GXKVCTRGTVWTDCEKQPGUGNGEVTQOCIPÃVKECU
x 1DVGPGTWPRNCPQNQO¶UFGUETKRVKXQRQUKDNGFGNCRNCPVCGPEWGUVKÎPCWPC
GUECNCGPNCSWGPQTOCNOGPVGUGRWGFCJCEGTOGFKEKQPGU

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FGNCUKIWKGPVGOCPGTC

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ECPCNK\CEKQPGUECDNGUXKGLQUGVE
i +PFKECTKPFKXKFWCNOGPVGRQT¶TGCUFGVTCDCLQNCUTQUGVCUCEQNQECTTGEQTFCT
SWGÃUVCUUGT¶PFQDNGUEQP,CEM4,2QTPQTOCUKGNGFKHKEKQCECDNGCTGU
PWGXQ UG RQPFT¶  QWVNGVU
RQT ECFC  OGVTQU EWCFTCFQU  CWPSWG
IGPGTCNOGPVGUGVQOCFGCOGVTQUEWCFTCFQU#FGO¶UUGFGDGKPFKECT
GPECFCRNCPVCNCECPVKFCFVQVCNFG¶TGCUFGVTCDCLQCOQPVCT
i +FGPVKHKECTGNNWICTFGEQNQECEKÎPFGNFKUVTKDWKFQTFGUWGNQFQPFGRWGFG
UGTKPUVCNCFQ
i 'PNCEQNQECEKÎPFGNOKUOQKPVGTXKGPGPXCTKQUHCEVQTGUFGETKVGTKQ

C EQUVQ[GHGEVKXKFCFFGNCKPUVCNCEKÎP
OCVGTKCNCWVKNK\CT
D CKUNCOKGPVQFGNCURGTVWTDCEKQPGUFGNÈPGCUFGCNVQXQNVCLG
E UGIWTKFCF
F GZKUVGPEKCUFGTGRCTVKFQTGUCPVKIWQUCUÈEQOQUWUECPCNK\CEKQPGU

x 6TC\C
5GNGEEKQPCTNCOGLQTTWVCFGUFGNCTQUGVCJCUVCGNTGRCTVKFQTFGRNCPVC
EQPNCECPCNK\CEKÎPPGEGUCTKCCWVKNK\CTGPECFCECUQ

%CDGOGPEKQPCTSWGGPWPCRNCPVCRWGFGJCDGTO¶UFGWPTGRCTVKFQT
FGDKFQCSWGNCFKUVCPEKCTGEQOGPFCFCGUFGOGPVTGGNTGRCTVKFQT
FGRNCPVC[QWVNGVU

2QT GUVC TC\ÎP GU FG UWOC KORQTVCPEKCEQNQECTGNFKUVTKDWKFQTNQO¶U


TCFKCNSWGUGRWGFCGPTGNCEKÎPEQPNCU¶TGCUFGVTCDCLQKFGPVKHKECFCU

 #P¶NKUKUFG&KUGÌQRCTCO¶UFGWPC2NCPVC

2TKOGTQ WDKECOQU GN FKUVTKDWKFQT RTKPEKRCN VGPKGPFQ GP EWGPVC NCU


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 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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x $WUECTNCOGLQTXGEKPFCFEQPNC2$:[NCUCNCFGEQOWPKECEKQPGU
x 5GNGEEKQPCTNCUTWVCURCTCNCVKTCFCFGECDNGUCECFCWPCFGNCURNCPVCU
x 'HGEVÕCTOGFKEKQPGUFGNCECPVKFCFFGCNVWTCSWGVGPFT¶PSWGTGEQTTGTNQU
ECDNGU
x &GCEWGTFQEQPGNVKRQFGTGFFGFCVQUSWGUGSWKGTCOQPVCTCUÈUGT¶NC
EQPGZKÎP FG NCU RNCPVCU EQP GN TGRCTVKFQT EGPVTCN GN GPNCEG RWGFG UGT C
VTCXGU FG (1 Q ECDNG FG EQDTG [ NC VGNGHQPÈC [ QVTQU UGTXKEKQU FG DCLC
HTGEWGPEKCUGJCTCPRQTECDNGUFGEQDTG

#EVWCNOGPVG GP GN OGTECFQ GZKUVGP UQHVYCTG RCTC JCEGT GUVQU FKUGÌQURQT
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'LGORNQ

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