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R 2GTUQPCN 'N HCEVQT JWOCPQ GU GZVTGOCFCOGPVG KORQTVCPVG GP EWCNSWKGT
RTQEGUQFGVTCPUHQTOCEKÎP.CUGVCRCUHKPCNGUFGWPCKPKEKCVKXCG)QDKGTPQ
RWGFGP GPEQPVTCT WPC HWGTVG QRQUKEKÎP 5G KPEWTTKT¶ GP ICUVQU RCTC
FGURNC\CTTGENWVCTTGVGPGT[TGECRCEKVCTCNRGTUQPCN
R 2TQEGUQU .C OC[QTÈC FG NQU RTQEGUQU DWTQET¶VKEQU GUV¶P EQPUVTWKFQU
CNTGFGFQT FG WPC GUVTWEVWTC LGT¶TSWKEC .C KPVGTCEEKÎP GNGEVTÎPKEC RWGFG
EQPVTCTTGUVCT CNIWPQU FG GUVQU RTQDNGOCU RQT NQ SWG UG TGSWGTKT¶ FG WP
TGFKUGÌQFGNQURTQEGUQU
R 6GEPQNQIÈC 7PC ITCP XCTKGFCF FG VGEPQNQIÈCU FG KPHQTOCEKÎP [
EQOWPKECEKÎPFGUGORGÌCPWPRCRGNENCXGGPNCUFKHGTGPVGUGVCRCUFGWPC
KPKEKCVKXC FGG)QDKGTPQEQOQGN+PVGTPGVEQOWPKECEKÎPKPCN¶ODTKEC[NC
KPVGITCEKÎPFGCRNKECEKQPGU[UGIWTKFCF
'N TGVQ UÎNQ RQFT¶ UGT GPHTGPVCFQ UK UG EQPUKIWG WPC ETGCVKXC G KPPQXCFQTC
CNKCP\CGPVTGGNUGEVQTRTKXCFQ[GNUGEVQTRÕDNKEQSWGICTCPVKEGSWGPCFKG UGC
GZENWKFQFGNCUQRQTVWPKFCFGUFGNCVGEPQNQIÈCRQTTC\QPGUGEQPÎOKECUQFG
FGUXGPVCLCUQEKCN
2CTCGNNQGN+0'+EQPVTKDW[GCVTCXÃUFGNCGNCDQTCEKÎPFG2QNÈVKECU2NCPGU[NC
RTQOQEKÎP FG OGVQFQNQIÈCU SWG HCEKNKVGP GN FKUGÌQ G KORNGOGPVCEKÎP FGN G
)QDKGTPQ GP RCTVKEWNCT 2CTC GN ECUQ GN 2NCP 'UVTCVÃIKEQ FG 6GEPQNQIÈC FG
+PHQTOCEKÎP
2'6+GUWPKPUVTWOGPVQSWGCRQ[CGNRTQEGUQFGRNCPKHKECEKÎP[
FGUCTTQNNQFGNCU6+GPNCU+PUVKVWEKQPGUFGN'UVCFQ
'N OQFGNQ NC #FOKPKUVTCEKÎP 2ÕDNKEC GP NÈPGC

G)QDKGTPQ Q IQDKGTPQ
GNGEVTÎPKEQ GU NC CRNKECEKÎP FG PWGXCU VGEPQNQIÈCU FG KPHQTOCEKÎP [
EQOWPKECEKÎP LWPVQ EQP NC VTCPUHQTOCEKÎP FG NQU RTQEGFKOKGPVQU NC
KORNCPVCEKÎP FG PWGXQU OÃVQFQU [ GUVKNQU FG VTCDCLQ NC ECRCEKVCEKÎP FG NQU
GORNGCFQU GP NCU 6+% GN VTCDCLQ GP ITWRQ [ NC RTGUVCEKÎP FG UGTXKEKQU FG
ECNKFCFCNENKGPVG
GNEKWFCFCPQ
5GEQPUKFGTCPGEGUCTKQNCKORNGOGPVCEKÎPFGWP2NCP'UVTCVÃIKEQ[NCUCEEKQPGU
SWGUGFGTKXGPEQPGNQDLGVQFG
x CEVWCT T¶RKFCOGPVG RCTC CRTQXGEJCT GN GPQTOG RQVGPEKCN RTQFWEVKXQ SWG
QHTGEG+PVGTPGV
OW[RTQPVQNCUQRQTVWPKFCFGU[RQUKDKNKFCFGURWGFGPXGTUG
EGTTCFCU RQT NC RQUKEKÎP FQOKPCPVG SWG CNECPEGP NCU GORTGUCU G
KPUVKVWEKQPGUSWGNCUWVKNKEGPRTKOGTQ
x KPETGOGPVCT UWUVCPEKCNOGPVG NQU CEVWCNGU ÈPFKEGU FG RGPGVTCEKÎP FG NQU
OGFKQU [ UGTXKEKQU FG KPHQTO¶VKEC [ VGNGEQOWPKECEKQPGU KPENW[GPFQ NCU
\QPCU TWTCNGU [ CKUNCFCU FGN RCÈU UK UG FGUGC CRTQXGEJCT CN O¶ZKOQ NCU
XGPVCLCUFGNCUPWGXCUVGEPQNQIÈCU5KPEQDGTVWTCFGVGNGEQOWPKECEKQPGUPQ
JC[FGOQETCVK\CEKÎP[FGUEGPVTCNK\CEKÎPFGNCEEGUQ
x OCUKHKECT NC GFWECEKÎP [ ECRCEKVCEKÎP GP +PVGTPGV
PQ DCUVC VGPGT CEEGUQ
JC[ SWG RQVGPEKCT UW GORNGQ %WCPVQ OC[QT UGC NC RQDNCEKÎP [ NCU
GORTGUCU GP ECRCEKFCF FG WUCT [ VGPGT CEEGUQ C NQU UGTXKEKQU OC[QT
FGOCPFCGZKUVKT¶
x RTKQTK\CT NCU CEEKQPGU FG GUVG RNCP GP NC RTQITCOCEKÎP [ CUKIPCEKÎP FG
TGEWTUQU [ EQPVCT EQP GN O¶U CNVQ TGURCNFQ IWDGTPCOGPVCN RCTC SWG
CNECPEGP GN ÃZKVQ FGUGCFQ NQITCT NC CEGRVCEKÎP [Q RCTVKEKRCEKÎP FG NCU
GORTGUCU[UQEKGFCFEKXKNGPGNFGUCTTQNNQFGNCUCEEKQPGUGLGEWVCFCURQTGN
'UVCFQGPGNOCTEQFGGUVGRNCP
'ZKUVGP UGTXKEKQU SWG UQP FG EQORGVGPEKC GURGEÈHKEC FG NQU OKPKUVGTKQU Q
KPUVKVWEKQPGU RÕDNKECU EW[CU ECTCEVGTÈUVKECU RNCPGU OGVCU [ TGEWTUQU UQP
IGTGPEKCFQUFKTGEVCOGPVGRQTGNNQU[SWGPQUQPEQPUKFGTCFQUFKTGEVCOGPVGGP
GUVG FQEWOGPVQ RGTQ SWG GP UW GLGEWEKÎP FGDGT¶P VQOCT GP EWGPVC NQU
QDLGVKXQU GUVTCVÃIKEQU CSWÈ HQTOWNCFQU RCTC IGPGTCT UKPGTIKCU [ CWOGPVCT NQU

DGPGHKEKQUFGNCUCEEKQPGURTGXKUVCU
&GUFGGNRWPVQFGXKUVCFGN'UVCFQUG TGSWKGTG
8+5+¦0
7P OQFGNQ FG IGUVKÎP FG TGEWTUQU ECRC\ FG CEGNGTCT NC FGUEGPVTCNK\CEKÎP

KPVGITCPFQ DTKPFCPFQ OGLQTGU UGTXKEKQU [ HCEKNKVCPFQ GN CEEGUQ FG NQU
EKWFCFCPQU [ NCU GORTGUCU C NC KPHQTOCEKÎP
'UVC XKUKÎP FG HWVWTQ RTGVGPFG GPHCVK\CT GN TQN FGN 'UVCFQ FG CEVWCT FG OCPGTC
GHKEKGPVG [ VTCPURCTGPVG RCTC JCEGT TGCNKFCF GN FGTGEJQ FG NQU EKWFCFCPQU [ NCU
GORTGUCU FG TGEKDKT UGTXKEKQU FG ECNKFCF CEEGFGT C NC KPHQTOCEKÎP RÕDNKEC [
TGNCEKQPCTUG CEVKXCOGPVG EQP NC #FOKPKUVTCEKÎP 2ÕDNKEC FGUFG EWCNSWKGT NWICT
[ EQP FKXGTUQU OGFKQU RTGHGTGPVGOGPVG NQU VGEPQNÎIKEQU
/+5+¦0
(CEKNKVCT NC KPEQTRQTCEKÎP [ WUQ GHKEKGPVG FG NCU VGEPQNQIÈCU FG KPHQTOCEKÎP [

EQOWPKECEKÎP RCTC EQPVCT EQP WP 'UVCFQ OQFGTPQ ECRC\ FG RTGUVCT UGTXKEKQU
FG ECNKFCF QRQTVWPQU UGIWTQU [ CEEGUKDNGU CN EKWFCFCPQ CEGTECT CN EKWFCFCPQ
C NC IGUVKÎP RÕDNKEC [ HCEKNKVCT GN CEEGUQ KTTGUVTKEVQ [ WPKXGTUCN C NC KPHQTOCEKÎP
C VQFC NC RQDNCEKÎP RCTC SWG RCTVKEKRGP GP NC EQPUVTWEEKÎP [ GP NQU DGPGHKEKQU
FG NC 5QEKGFCF FG NC +PHQTOCEKÎP
'N CRQTVG GUVTCVÃIKEQ FG NCU 6+ C NC OQFGTPK\CEKÎP FGN 'UVCFQ RGTOKVG NC

KORNCPVCEKÎP FG PWGXQU OQFGNQU FG IGUVKÎP SWG CEGNGTCP NQU RTQEGUQU CDTGP
PWGXQU ECPCNGU FG EQOWPKECEKÎP GP NQU FQU UGPVKFQU TGFWEGP EQUVQU [ VKGORQ
[ RQUKDKNKVCP QRGTCT GP OWEJQU ECUQU KPFGRGPFKGPVGOGPVG FGN VKGORQ [ NC
FKUVCPEKC
'NÃZKVQFGNCOKUKÎPRNCPVGCFC
FGOCPGTCKPVGITCNT¶RKFCFKTGEVC[GHGEVKXC
KORNKECSWGNCUKPUVKVWEKQPGUFGN'UVCFQTGFGHKPKT¶PUWQTICPK\CEKÎPRCTC
x &KUGÌCTUWUUGTXKEKQUEGPVTCFQUGPGNEKWFCFCPQEQPECNKFCFQRQTVWPKFCF
UGIWTKFCF[CEEGUKDKNKFCFEQPUKFGTCPFQUWUPGEGUKFCFGUGURGEÈHKECU
x #ORNKCTUWUEQORGVGPEKCU[JCDKNKFCFGURCTCOQPKVQTGCTGNKORCEVQFGNCU
PWGXCU VGEPQNQIÈCU CN KPVGTKQT FG NCU QTICPK\CEKQPGU [ GP NC UQEKGFCF GP
IGPGTCN
x &KUGÌCTOGECPKUOQUFGEQQTFKPCEKÎP[EQQRGTCEKÎPGPVTGQTICPKUOQUFGN
'UVCFQHNGZKDNGU[GPNÈPGCEQPNCUPWGXCUVGEPQNQIÈCURCTCSWGQRVKOKEGP
TGEWTUQU [ GUHWGT\QU GP NC RWGUVC GP OCTEJC FG UQNWEKQPGU VGEPQNÎIKECU
EQORNGLCU[HKCDNGU
x 6TCDCLCT GP HWPEKÎP FG NQ SWG GN OGTECFQ NCU KPUVKVWEKQPGU [ EKWFCFCPQU
FGOCPFCP RTQOQXKGPFQ [ FGVGEVCPFQ QRQTVWPKFCFGU SWG DTKPFCP NCU
PWGXCUVGEPQNQIÈCU
x &GUCTTQNNCTRTQ[GEVQUEQPLWPVQU EQPNCUQEKGFCFEKXKN[NCUGORTGUCURCTC
UWRGTCTNCUDCTTGTCUSWGKORKFGPCITCPFGU UGEVQTGUFGNCRQDNCEKÎPCEEGFGT
CNCOQFGTPKFCF
x 6TCPUHQTOCTNCUOÕNVKRNGUQRQTVWPKFCFGUSWGQHTGEGPNCUPWGXCUVGEPQNQIÈCU
FG KPHQTOCEKÎP [ EQOWPKECEKÎP GP RTQ[GEVQU XKCDNGU RCTC RQVGPEKCT GN
FGUCTTQNNQFGNCUQEKGFCFFGNCKPHQTOCEKÎPGPGNRCÈU
.CTC\ÎPRTKPEKRCNRCTCNCHQTOWNCEKÎPFGGUVG2NCP'UVTCVÃIKEQFG6+GUVQOCT
NC KPKEKCVKXC RCTC CEVWCT T¶RKFC EQPEGTVCFC [ GHKEKGPVGOGPVG RCTC NQITCT SWG
NQU EKWFCFCPQU [ NCU GORTGUCU RWGFCP WUCT [ FKUHTWVCT NQU DGPGHKEKQU FG NC
OQFGTPK\CEKÎPFGN'UVCFQDCUCFCGPNCU6+%
1DLGVKXQUFGN2'6+
&GUFGGNRWPVQFGXKUVCFGN+0'+NC/GVQFQNQIÈC2'6+XGTUKÎPDWUEC
x /GLQTCTNC)GUVKÎPFGNQU5GTXKEKQU+PHQTO¶VKEQUFGNCUGPVKFCFGURÕDNKECU
x 'UVCDNGEGT WP GPNCEG [EQPEQTFCPEKCGPVTGNCU6GEPQNQIÈCU'UVTWEVWTCFCU[
6GEPQNQIÈCUFG1DLGVQURCTCGNFGUCTTQNNQFG2TQ[GEVQUFG6GEPQNQIÈCFG
+PHQTOCEKÎP
x 1TKGPVCTGNFGUCTTQNNQFGNQU2TQ[GEVQUFG6+GPNCUGPVKFCFGURÕDNKECURCTC
NCEQPUVKVWEKÎPFGNG)QDKGTPQ
x 1TKGPVCT NCU CEVKXKFCFGU KPHQTO¶VKECU GP GN OCTEQ FGN 2NCP 'UVTCVÃIKEQ
0CEKQPCNK [UWUCEVWCNK\CEKQPGU
'XQNWEKÎPFGNC/GVQFQNQIÈC+PHQTO¶VKECFGN+0'+
.C /GVQFQNQIÈCU +PHQTO¶VKEC FGN +0'+ PQ JC UKFQ CLGPC CN FGUCTTQNNQ FG NCU
VGEPQNQIÈCUKPHQTO¶VKECUFGNQUÕNVKOQUCÌQUNQUGUHWGT\QU FGNQUEGPVTQUFG
KPXGUVKICEKÎPGPWPKXGTUKFCFGU[GORTGUCUJCPGUVCFQRWGUVQUGPGNFGUCTTQNNQ
FG RTQRWGUVCU SWG RWGFCP UGT PTGCNOGPVG KORNGOGPVCFCUQ [ PQ UQNCOGPVG
GUDQ\CFCU
.QUPUCNVQUQ CNCUVGEPQNQIÈCUFGQDLGVQUPQJCPUKFQVQVCNOGPVGUCVKUHCEVQTKQU
UWKORNGOGPVCEKÎPTGCNGPRTQ[GEVQUFGFGUCTTQNNQFGUKUVGOCUJCPHTCECUCFQ
Q JCP FGOQTCFQ GP UW KORNGOGPVCEKÎP IGPGTCPFQ RÃTFKFCU Q GNGXCPFQ NQU
EQUVQUFGNRTQ[GEVQFGDKFQHWPFCOGPVCNOGPVGCSWGGNPGUVCFQFGCTVGQ FGNCU
VGEPQNQIÈCUFGDCUGUFGFCVQUJGTTCOKGPVCUFGOQFGNCOKGPVQ[FGUCTTQNNQCUÈ
EQOQ FG GXCNWCEKÎP FG RTQFWEVQU PQ GUVCDCP C NC RCT FG NQU UWRWGUVQU
VGÎTKEQU
#FGO¶U GN PQ EQPVCT EQP RGTUQPCN RTGRCTCFQ RCTC KORNGOGPVCT GUVQU
RTQ[GEVQU GP GN OGFKQ OCN GPFÃOKEQ GP UQEKGFCFGU GP XÈCU FG FGUCTTQNNQ [
SWG UÎNQ UG RWGFG UQNWEKQPCT HQTOCPFQ PWGXQU EWCFTQU VÃEPKEQU Q
KORQTV¶PFQNQURCTCUWUVGPVCTGNFGUCTTQNNQFGNQURTQ[GEVQU
/CTEQ%QPEGRVWCNRCTCGNFGUCTTQNNQFGN2'6+
'N OCTEQ EQPEGRVWCN GORNGCFQ RQT NCU XGTUKQPGU CPVGTKQTGU FG NCU
RWDNKECEKQPGU FG NC /GVQFQNQIÈC +PHQTO¶VKEC FGN +0'+ GUVCDC GUVTWEVWTCFQ
UQDTGNCDCUGFGNQURTKPEKRKQUFGNCVGEPQNQIÈCGUVTWEVWTCFCCUÈUGJK\QPQVCT
GPNCUXGTUKQPGU[FGN2'6+
CPVGU25+CUÈEQOQGPNCUXGTUKQPGUFGDCUGFG
FCVQUFGUCTTQNNCFQTGU[WVKNKVCTKQU
'LVHxRGHO
0RGHOR
GH6LVWHPDV
,QVWLWXFLRQDOHV
$OLQHDPLHQWR
'HILQLFLyQ\ 3ODQHVGH$FFLyQ
GHO3(7,FRQHO ,GHQWLILFDFLyQGH
RUJDQL]DFLyQ (YDOXDFLyQ%6&
3ODQ(VWUDWpJLFR 5HTXHULPLHQWRV
GHO3(7,
,QVWLWXFLRQDO
'LVHxRGHO
0RGHOR
GH$UTXLWHFWXUD
7HFQROyJLFD
'NGUSWGOCIGPGTCNFGNC/GVQFQNQIÈC2'6+GUNCSWGUGOWGUVTCGPGNIT¶HKEQ
EW[CUHCUGUUQP
x &GHKPKEKÎP[1TICPK\CEKÎPFGN2'6+
x #NKPGCEKÎPFGN2'6+EQPGN2NCP'UVTCVÃIKEQ+PUVKVWEKQPCN
x +FGPVKHKECEKÎPFG4GSWGTKOKGPVQU
x &KUGÌQFGN/QFGNQFG5KUVGOCU+PUVKVWEKQPCN
x &KUGÌQFGN/QFGNQFG#TSWKVGEVWTC6GEPQNÎIKEC
x 2NCPGUFG#EEKÎP
2TQURGEVKXCFGNFGUCTTQNNQFGNCUVGEPQNQIÈCUFG+PHQTOCEKÎPGPNCUGPVKFCFGU
FGNGUVCFQRGTWCPQRCTCNCRTKOGTCFÃECFCFGNPWGXQ UKINQ
'N RNCPVGCOKGPVQ SWG UG RTGUGPVC GU EQJGTGPVG EQP GN P2NCP 0CEKQPCN FG
&GUCTTQNNQ+PHQTO¶VKEQ Q
CEVWCNOGPVGGPGTCXGTUKÎP[GN/QFGNQ
FG &GUCTTQNNQ FG 5KUVGOCU [ 5GTXKEKQU RNCPVGCFQU GP GN FQEWOGPVQ

P.KPGCOKGPVQURCTCNC%TGCEKÎPFG NC5QEKGFCFFG+PHQTOCEKÎPGPGN2GTÕQ
( P SUHV D V \& LXG D GD QRV
,QWHUP HG LD ULR V
' LVS R VLWLYRV \P HG LR VG H$FFHVV

3 & 7 9 7 HOpIRQR . LRVNR & DELQD
& DEOH 0 y Y LO 0 XOWLP HGLD 3 ~EOLFD
0 RGHOR
3 UR YHH GRUH V
3 UR SXHVWR ( [WUDQHWV
3 RUWDOH V
,QWUDQH W
( [WUDQHWV
0 LQLVWHULRV\ * RELHUQR V/RFDOHV

2 UJDQLVP RV3 ~EOLFRV 8 QLYHUVLGDGHV\& ROHJLRV
$UHD GHDFFLyQG HO,1 ( ,
'PGNNÈOKVGGNEKWFCFCPQ[NCUGORTGUCUPQFGDGTÈCPPGEGUKVCTEQPQEGTSWKÃP
Q SWG FGRGPFGPEKC DTKPFC GN UGTXKEKQ Q EÎOQ GUV¶ QTICPK\CFC NC KPUVKVWEKÎP
RCTCCEEGFGT[WUCTWPUGTXKEKQFGVGTOKPCFQFGNC#FOKPKUVTCEKÎP2ÕDNKEC.C
OCPGTCEQOQGUVQUUGTXKEKQU
FKIKVCNK\CDNGUUQPQTICPK\CFQU[QHGTVCFQUFGDG
UGTVTCPURCTGPVGRCTCGNWUWCTKQ'UVGGUWPKFGCNCNSWGFGDGTÈCVGPFGTNCHQTOC
GPSWGGNEKWFCFCPQ[NCUGORTGUCUTGUWGNXGPUWUPGEGUKFCFGUFGFCT[TGEKDKT
KPHQTOCEKÎPFG[JCEKCNC#FOKPKUVTCEKÎP2ÕDNKEC
5GTÈC FGUGCDNG VCODKÃP SWG NC OC[QT RCTVG FG NQU UGTXKEKQU FG KPHQTOCEKÎP
RWGFCPUGTTGCNK\CFQUCVTCXÃUFGTGFGU[UGTCEEGUKDNGUGP+PVGTPGVRQTNQEWCN
FGDGT¶P VQOCTUG NCU RTGXKUKQPGU FGN ECUQ RCTC CVGPFGT NCU PWGXCU FGOCPFCU
SWGUGQTKIKPCT¶PRQTNQUECODKQUGPNCXCTKGFCF[RGPGVTCEKÎPFGNQUOGFKQU
SWG UG VGPFT¶ GP NQU RTÎZKOQU CÌQU RCTC CEEGFGT C +PVGTPGV #EVWCNOGPVG NC
OCPGTC O¶U FKHWPFKFC FG CEEGUQ C +PVGTPGV GU C VTCXÃU FG NCU 2%NU RGTQ NCU
RTGXKUKQPGUCRWPVCPCSWGRTQPVQQVTQUOGFKQU[HQTOCUFGCEEGUQGUVCT¶PCN
CNECPEGFGEWCNSWKGTWUWCTKQFGNCOCPQEQPNCUEQOWPKECEKQPGUKPCN¶ODTKECU
[NCVGNGHQPÈCOÎXKN'PGN2GTÕNCUECDKPCURÕDNKECU[NQUEGPVTQUEQOWPKVCTKQU
FG CEEGUQ C +PVGTPGV UQP WP OGFKQ CRTQRKCFQ RCTC HCEKNKVCT GN CEEGUQ C NQU
RQDNCFQTGUFGDCLQUKPITGUQU[FGNCU\QPCUTWTCNGUSWGFGUFGGN'UVCFQ[NCU
QTICPK\CEKQPGUEKXKNGUFGDKGTCUGIWKTKORWNU¶PFQUG
2CTC HCEKNKVCT NC FKUVTKDWEKÎP [ EKTEWNCEKÎP FG NC KPHQTOCEKÎP [ NC WDKECEKÎP [

RTGUVCEKÎPFGUGTXKEKQUGN+0'+[GNTGUVQFGNC#FOKPKUVTCEKÎP2ÕDNKECFGDGP
QTICPK\CTWPRQTVCN
QXCTKQURQTVCNGUUGEVQTKCNGU'UVGRQTVCNFGDGTÈCUGTXKUVQ
EQOQGNRWPVQQRWGTVCFGGPVTCFCO¶UH¶EKNT¶RKFCCOKICDNG [VTCPURCTGPVG
RCTC KPVGTCEVWCT EQP NC #FOKPKUVTCEKÎP 2ÕDNKEC C VTCXÃU FG +PVGTPGV FQPFG
EQPXGTIGP NCU KPUVKVWEKQPGU [ UGTXKEKQU RÕDNKEQU ECFC WPC EQP UW RTQRKC
UQNWEKÎP VGEPQNÎIKEC FKURWGUVCU C FCT [ TGEKDKT KPHQTOCEKÎP FG [ JCEKC NQU
EKWFCFCPQU[GORTGUCU'NRQTVCNFGDGRGTOKVKTNCRTKXCEKFCF[NCCWVGPVKECEKÎP
FGNQUFCVQUSWGUGOCPGLCP[QHTGEGTNCQREKÎPFGRGTUQPCNK\CEKÎP
EQOQNC
OC[QTÈCFGRQTVCNGURTKXCFQURCTCSWGECFCEKWFCFCPQQGORTGUCNQCFCRVGC
UWUPGEGUKFCFGU
'UVGRQTVCN
QRQTVCNGU[NCUKPVTCPGVUSWGUGFGUCTTQNNGPCNKPVGTKQTFGN'UVCFQ
FGDGT¶P HCEKNKVCT G KPVGITCT GN CEEGUQ C NQU UGTXKEKQU
FKIKVCNK\CDNGU FGUFG
EWCNSWKGTNWICTCVTCXÃUFGNQUOGFKQU[FKURQUKVKXQUCEVWCNGU[RQTETGCTUGGP
NC Q NCU NGPIWCU O¶U WVKNK\CFCU RQT NC RQDNCEKÎP GP UGTXKEKQU EQOQ NQU
GFWECVKXQU
ECUVGNNCPQ SWGEJWC C[OCTC NGIWCU COC\ÎPKECU Q GP NC
RTQOQEKÎPFGNEQOGTEKQGZVGTKQT
ECUVGNNCPQKPINÃU+IWCNOGPVGFGDGT¶VQOCT
GPEWGPVCNCUPGEGUKFCFGUFGNCURGTUQPCUEQPFKUECRCEKFCFGU
.C KPHQTOCEKÎP SWG OCPGLC GN 'UVCFQ FGDGTÈC UGT RWGUVC C FKURQUKEKÎP FGNCU
GORTGUCU[NQUEKWFCFCPQURCTCEQPQEGTNCUECTCEVGTÈUVKECUFGNCUQRGTCEKQPGU
[VTCPURCTGPVCTGNOGTECFQ
RQTGLGORNQGPVGOCUEQOQGNEQOGTEKQGZVGTKQT
NCU KPXGTUKQPGU GN OGTECFQ HKPCPEKGTQ GVE UKP O¶U TGUVTKEEKÎP SWG NC
RTQVGEEKÎPFGNQUFCVQURGTUQPCNGU5KPKPHQTOCEKÎPPQJC[NKDTGOGTECFQPK
UG RWGFGP CRTQXGEJCT NCU XGPVCLCU FG NC INQDCNK\CEKÎP 6CODKÃP JC[ SWG
EQPUKFGTCT NQU RTQHWPFQU ECODKQU [ GEQPQOÈCU SWG UG RWGFGP NQITCT GP NCU
VTCPUCEEKQPGU [ PGIQEKQU EQP NQU RTQXGGFQTGU [ QVTCU KPUVKVWEKQPGU FGN UGEVQT
RÕDNKEQOGFKFQUVCPVQGPVÃTOKPQUFGTGFWEEKÎPGPNQUEQUVQUFGVTCPUCEEKÎP
EQOQ GP NQU FG EQOWPKECEKÎP RCRGNGQ FGVGEEKÎP FG PWGXCU QRQTVWPKFCFGU
FGPGIQEKQUIGUVKÎP [TQVCEKÎPFGKPXGPVCTKQUGPVTGQVTQURWPVQU
'UVQUTGVQURQPGPGPRTKOGTRNCPQGNVGOCFGNCGUVTWEVWTC[QTICPK\CEKÎPFGN
'UVCFQ
[ FGN +0'+ GP RCTVKEWNCT UK SWKGTG LWICT WP RCRGN KORQTVCPVG GP GN
RTQEGUQ FG OQFGTPK\CEKÎP FGN 'UVCFQ [ FGN RGTHKN FG NQU HWPEKQPCTKQU SWG
VTCDCLCP GP ÃN 0WGXCU EQORGVGPEKCU [ JCDKNKFCFGU UGT¶P TGSWGTKFCU RCTC
TGURQPFGT C NQU TGVQU SWG RNCPVGG GUVC ECTTGTC INQDCN [ OCPVGPGT PKXGNGU
CFGEWCFQU FG ECNKFCF ETGFKDKNKFCF [ QRQTVWPKFCF GP NC RTGUVCEKÎP FG NQU
UGTXKEKQUQHGTVCFQU
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4GEGREKÎPFGFCVCUCVGNKVCNECRVCFCEQPUQHVYCTGP*426Q
F 5KUVGOCFGUGIWKOKGPVQUCVGNKVCNFGGODCTECEKQPGURGUSWGTCU
1DLGVKXQ
&KURQPGT FG KPHQTOCEKÎP CEVWCNK\CFC G KPOGFKCVC UQDTG WDKECEKÎP

IGQIT¶HKEC FG GODCTECEKQPGU RGUSWGTCU GHGEVKXK\CPFQ NC
KORNGOGPVCEKÎP [ CFOKPKUVTCEKÎP FG WPC $CUG FG &CVQU 4GNCEKQPCN
UQDTGGNVGOC
&GUETKREKÎP
'UVGUKUVGOCRTQEGUCT¶KPHQTOCEKÎPTGHGTGPVGC
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2TGUGPEKC FKUVTKDWEKÎP [ EQPEGPVTCEKÎP FG TGEWTUQU RGUSWGTQU
UGIÕP RCT¶OGVTQU CODKGPVCNGU FGN OCT GLGORNQ UCNKPKFCF
VGORGTCVWTCGVE
%¶NEWNQFGNGUHWGT\QRGUSWGTQGPGNVKGORQFGUFGNCUCNKFCFGNC
GODCTECEKÎPJCUVCUWTGVQTPQCRWGTVQ
%CRVWTCUFGGURGEKGRQT¶TGCU
'PIGPGTCNWPUGIWKOKGPVQFGNCRGUSWGTÈCGPVKGORQTGCN
G 5KUVGOCFGKPHQTOCEKÎPFGCEWKEWNVWTC
1DLGVKXQ
%QPVCT EQP WP UKUVGOC FG KPHQTOCEKÎP SWG RGTOKVC NC ECRVCEKÎP [
RTQEGUCOKGPVQ FG NC FCVC TGNCEKQPCFC C CURGEVQU DKQNÎIKEQU FG
CNIWPCU GURGEKGU OCTKPCU FG KPVGTÃU EQOGTEKCN EWNVKXCFCU VCPVQ GP

CODKGPVGPCVWTCNEQOQGPCODKGPVGEQPVTQNCFQCHKPFGRTQOQXGTGN
FGUCTTQNNQFGNCCEWKEWNVWTC
&GUETKREKÎP
'UVGUKUVGOCRTQRQTEKQPCT¶FCVQU
$KQNÎIKEQU [ DKQOÃVTKEQU FG GURGEKGU EWNVKXCFCU GP CODKGPVG

PCVWTCN[EQPVTQNCFQ
2TQFWEEKÎPFGDKQOCUCFGGURGEKGU[QVTQU
%CRVWTC[GUHWGT\Q
ECOCTÎPFGTÈQ
&GPUKFCFGURQT¶TGCUFGRGUEC
H 5KUVGOCVGTOKPQNÎIKEQ
1DLGVKXQ
%QPVCTEQPWPUKUVGOCVGTOKPQNÎIKEQFGKPHQTOCEKÎPSWGOCPGLGNC
KPUVKVWEKÎPGPEWORNKOKGPVQFGUWUHWPEKQPGU
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'UVGUKUVGOCTGIKUVTCT¶KPHQTOCEKÎPTGNCEKQPCFCCNQUVGOCU
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2GUSWGTQ
1EGCPQIT¶HKEQ
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I 5KUVGOCFG+PHQTOCEKÎPFG.CDQTCVQTKQU%QUVGTQU
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%QPVCTEQPWPUKUVGOCFGKPHQTOCEKÎPRCTCGNVTCVCOKGPVQFG FCVQU
FG CEWGTFQ C NC EQDGTVWTC IGQIT¶HKEC VGORQTCN [ GURGEKQNÎIKEC
TGHGTKFQCNCTGCNKFCFRGUSWGTCFGECFC.CDQTCVQTKQ%QUVGTQ[FGNCU
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EQORGVGPEKC
6WODGU
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%JKECOC
%JKODQVG
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24+14+<#%+¦0 &'. &'5#441..1 &' .15 5+56'/#5 &'

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&GCEWGTFQCNCUPGEGUKFCFGUFGKPHQTOCEKÎPFGNQUWUWCTKQU[VGPKGPFQ
GP EWGPVC NQU QDLGVKXQU EQTRQTCVKXQU C EQTVQ RNC\Q UG RTQRQPG GN
FGUCTTQNNQFGNQUUKIWKGPVGUUKUVGOCU
%QTVQ2NC\Q
C 5KUVGOCFGKPHQTOCEKÎPEKGPVÈHKEC[VGEPQNÎIKEC
D 5KUVGOCKPVGITCFQFGIGUVKÎPCFOKPKUVTCVKXC
5+)#
E 5KUVGOCFGKPHQTOCEKÎPIGTGPEKCN
/GFKCPQ2NC\Q
C 5KUVGOCFGKPHQTOCEKÎPFGVT¶OKVGFQEWOGPVCTKQ
D 5KUVGOCFGKPHQTOCEKÎPFGEQPVTQNFGXKUKVCU
E 5KUVGOCFGKPHQTOCEKÎPFGRTQOQEKÎP
F 5KUVGOCFGKPHQTOCEKÎPFGDKDNKQVGEC
G 5KUVGOCFGKPHQTOCEKÎPFGCTEJKXQU
H 5KUVGOCFGKPHQTOCEKÎPFGPQTOCU[OGVQFQNQIÈCU
I 5KUVGOCFGKPHQTOCEKÎPFGPQTOCUNGICNGU
J 5KUVGOCFGKPHQTOCEKÎPIGQIT¶HKEC
&G NQU UKUVGOCU GURGEKHKECFQU C EQTVQ [ OGFKCPQ RNC\Q UG JCEG PQVCT
SWG GP NC CEVWCNKFCF GZKUVGP UKUVGOCU SWG RQFT¶P UGT CFCRVCFQU C NQU
UKUVGOCU RTQRWGUVQU OKPKOK\CPFQ UGIÕP GN ECUQ GN EQUVQ FGN
FGUCTTQNNQFGNQUOKUOQU
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'NGPHQSWGFGEQPVKPIGPEKCKPEQTRQTCFQCN2NCP'UVTCVÃIKEQFG6GEPQNQIÈCUFG
+PHQTOCEKÎPDWUECGUVCDNGEGTRTQEGFKOKGPVQU[CEEKQPGUSWGRGTOKVCPRTGXGT
[ UWRNKT NCU CEVKXKFCFGU [ RTQ[GEVQU SWG JCDKGPFQ UKFQ RTQITCOCFQU GP GN
2'6+ RQT FKXGTUQU HCEVQTGU KPVGTPQU GZVGTPQU Q EQODKPCEKÎP FG GNNQU PQ
RWGFGPUGTKORNGOGPVCFQU
2NCPFGEQPVKPIGPEKCRCTCGNRNCPGUVTCVÃIKEQFGVGEPQNQIÈCUFGKPHQTOCEKÎP
2CTC CUGIWTCT SWG UG EQPUKFGTCP VQFCU NCU RQUKDNGU GXGPVWCNKFCFGU UG JC FG
GNCDQTCTWPCNKUVCFGVQFQUNQUTKGUIQUEQPQEKFQUSWGPQRGTOKVCPGNFGUCTTQNNQ
Q NC HCNNC FG WPC CRNKECEKÎP [C QRGTCVKXC SWG CHGEVG CNIÕP RWPVQ ETÈVKEQ FGN
RTQEGUQKPUVKVWEKQPCNRCTC NQEWCNUGFGDGT¶TGCNK\CTWPCP¶NKUKUFGTKGUIQU
#P¶NKUKUFG4KGUIQU
'NCP¶NKUKUFGTKGUIQUEQPUKUVGGPO¶USWGGNJGEJQFGECNEWNCTNCRQUKDKNKFCF
FGSWGQEWTTCPEQUCUPGICVKXCURQFGTQDVGPGTWPCGXCNWCEKÎPFGNKORCEVQFG
GUVQUUWEGUQUPGICVKXQU.CGXCNWCEKÎPFGTKGUIQU[RTGUGPVCEKÎPFGTGURWGUVCU
FGDGRTGRCTCTUGFGHQTOCRGTUQPCNK\CFCRCTCECFCQTICPK\CEKÎP
.C GXCNWCEKÎP FG TKGUIQU UWRQPG KOCIKPCTUG NQ SWG RWGFG KT OCN [ C
EQPVKPWCEKÎP GUVKOCT GNEQUVG[NQU TGEWTUQU SWGUWRQPFTÈCTGGORNC\CTNQEQP
QVTC CEVKXKFCF Q RTQ[GEVQ 5G JC FG VGPGT GP EWGPVC NC RTQDCDKNKFCF FG SWG
UWEGFCP ECFC WPQ FG NQU RTQDNGOCU RQUKDNGU &G GUVC HQTOC UG RWGFGP
RTKQTK\CTNQU RTQDNGOCU[UWEQUVGRQVGPEKCNFGUCTTQNNCPFQWPRNCPFGCEEKÎP
CFGEWCFQ
'NCP¶NKUKUFGTKGUIQUFGDGTGURQPFGTCNCURTGIWPVCUFGNUKIWKGPVGEWCFTQ
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2TQ[GEVQFGFGUCTTQNNQ 3WÃRWGFGKTOCN!
%QPSWÃHTGEWGPEKCRWGFGQEWTTKT!
%W¶NGUUGTÈCPUWUEQPUGEWGPEKCU!
3WÃHKCDKNKFCFVKGPGPNCUTGURWGUVCUCNCU
VTGURTKOGTCURTGIWPVCU!
2CTCECFCTKGUIQUGFGDGFGVGTOKPCTNCRTQDCDKNKFCFFGNHCEVQTFGTKGUIQ
%QOQGLGORNQUGOGPEKQPCPCNIWPQUVKRQUFGHCEVQTGUFGTKGUIQ
(CEVQTFGTKGUIQDCLQ
(CEVQTFGTKGUIQOW[DCLQ
(CEVQTFGTKGUIQCNVQ
(CEVQTFGTKGUIQOW[CNVQ
(CEVQTFGTKGUIQOGFKQ
2NCPFGGOGTIGPEKCFGNRNCPG UVTCVÃIKEQFGVGEPQNQIÈCUFG+PHQTOCEKÎP
'UKORQTVCPVGFGHKPKTNQURTQEGFKOKGPVQU[RNCPGUFGCEEKÎPRCTCGNECUQSWG
PWP RQUKDNG TKGUIQ UG JCIC TGCNKFCFQ 'U FGEKT QEWTTC WPC EQPVKPIGPEKC GU
GUGPEKCN SWG UG EQPQ\EC CN FGVCNNG GN OQVKXQ SWG NC QTKIKPÎ [ GN KORCEVQ
RTQFWEKFQNQSWGRGTOKVKT¶TGEWRGTCTGPGNOGPQTVKGORQRQUKDNGGNRTQEGUQ

CEVKXKFCFQRTQ[GEVQRGTFKFQ
.CGNCDQTCEKÎPFGNQURTQEGFKOKGPVQUSWGUGFGVGTOKPGP EQOQCFGEWCFQURCTC
WPECUQFGGOGTIGPEKCFGDGPUGTRNCPGCFQU[RTQDCFQUHGJCEKGPVGOGPVG.QU
RTQEGFKOKGPVQUFGDGT¶PUGTFGGLGEWEKÎPQDNKICVQTKC[DCLQNCTGURQPUCDKNKFCF
FGNQU GPECTICFQU FGNCTGCNK\CEKÎPFGNQUOKUOQUFGDKGPFQJCDGTRTQEGUQU
FG XGTKHKECEKÎP FG UW EWORNKOKGPVQ 'P GUVQU RTQEGFKOKGPVQU GUVCT¶
KPXQNWETCFQVQFQGNRGTUQPCNFGNC+PUVKVWEKÎP
.QURTQEGFKOKGPVQUFGRNCPGUFGTGEWRGTCEKÎPFGFGUCUVTGUFGDGPFGGOCPCT
FG NC O¶ZKOC CWVQTKFCF +PUVKVWEKQPCN RCTC ICTCPVK\CT UW FKHWUKÎP [ GUVTKEVQ
EWORNKOKGPVQ
#EVKXKFCFGURTGXKCU
5QP VQFCU NCU CEVKXKFCFGU FG RNCPGCOKGPVQ RTGRCTCEKÎP GPVTGPCOKGPVQ [

GLGEWEKÎPFGNCUCEVKXKFCFGUFGTGUIWCTFQFGNCKPHQTOCEKÎPSWGPQUCUGIWTGP
WPRTQEGUQFGTGEWRGTCEKÎPEQPGNOGPQTEQUVQRQUKDNGCNCKPUVKVWEKÎP
2QFGOQUFGVCNNCTNCUUKIWKGPVGUCEVKXKFCFGUIGPGTCNGU
'UVCDNGEKOKGPVQFGNRNCPFGGOGTIGPEKC
HTGPVGCNCTGUVTKEEKÎPUWRWGUVCGP
GNCP¶NKUKUFGTKGUIQKPENW[GUKUVGOCUCNVGTPCVKXQUQGNGORNGQFGUQHVYCTG
WVKNKVCTKQU
(QTOCEKÎPFGGSWKRQUQRGTCVKXQU
(QTOCEKÎP FG GSWKRQU FG GXCNWCEKÎP
CWFKVQTÈC FG EWORNKOKGPVQ FG NQU
RTQEGFKOKGPVQUUQDTGUGIWTKFCF
#EVKXKFCFGUFWTCPVG
7PC XG\ RTGUGPVCFC NC EQPVKPIGPEKC UG FGDGT¶ GLGEWVCT NCU UKIWKGPVGU
CEVKXKFCFGURNCPKHKECFCURTGXKCOGPVG
'UVWFKQ FG NCU TGUVTKEEKQPGU RTGUGPVCFCU
'XCNWCEKÎP FG KORCEVQ FG NCU
TGUVTKEEKQPGU EQPVKPIGPEKCU
2TKQTK\CEKÎPFGCEVKXKFCFGUFGNRNCPFGGOGTIGPEKC
#EVKXKFCFGURTGRCTCVQTKCUFGNRNCPFGGOGTIGPEKC
#EVKXKFCFGUFGURWÃU
&GURWÃUFGQEWTTKFQNCEQPVKPIGPEKCGUPGEGUCTKQTGCNK\CTNCUCEVKXKFCFGUSWG
UGFGVCNNCPNCUEWCNGUFGDGPGUVCTGURGEKHKECFCUGPGNRNCPFGGOGTIGPEKC
'LGEWEKÎPFGCEVKXKFCFGUFGNRNCPFGGOGTIGPEKC
'XCNWCEKÎPFGTGUWNVCFQU
4GVTQCNKOGPVCEKÎPFGNRNCPFGGOGTIGPEKC
#P¶NKUKUFGTKGUIQU
2NCPFG
EQPVKPIGPEKC #EVKXKFCFGURTGXKCU
2NCPFGGOGTIGPEKC #EVKXKFCFGUFWTCPVG
#EVKXKFCFGUFGURWÃU
.C KORNGOGPVCEKÎP FG RNCPGU FG EQPVKPIGPEKC C PKXGN FG UKUVGOCU FG
KPHQTOCEKÎPRNCPVGCGPQTOGUTGVQUCNCUQHKEKPCUFGKPHQTO¶VKEC[WPCETGCVKXC
KOCIKPCEKÎPRCTCGORNGCT
EQPXGTVKTQTGWVKNK\CTCRNKECEKQPGUGZKUVGPVGUSWG
RWGFCP EWDTKT QRGTCVKXCOGPVG HWPEKQPGU CUKIPCFCU C CRNKECEKQPGU FG WUQ
GURGEÈHKEQ
'UKORQTVCPVGVGPGTRTGUGPVGSWGGPNQUÕNVKOQUCÌQUNCUJGTTCOKGPVCU)07
RTGUVCP WP KPXCNQTCDNG CRQ[Q EQP WPC ECFC XG\ OCU ETGEKGPVG PÕOGTQ FG
UQNWEKQPGU (4'' SWG NCU GPVKFCFGU RÕDNKECU [ NCU QHKEKPCU FG KPHQTO¶VKEC
RWGFGP WVKNK\CT RCTC UWRNKT ECTGPEKCU RTGUWRWGUVCNGU RCTC CFSWKTKT PWGXCU
VGEPQNQIÈCU FG UQHVYCTG 2QT VCPVQ FKUGÌCT RNCPGU FG EQPVKPIGPEKC UQDTG NC
DCUGFGJGTTCOKGPVCU[WVKNKVCTKQUDCUCFQUGP.+07:GUWPCCNVGTPCVKXCXKCDNG
&& 4
4YYccUU__ TTUU\\ ]]__TTUU\\__ TTUU QQbbaaeeYYddUUSSddeebbQQ ddUUSS^^__\\WWYYSSQQ
/QFGNCOKGPVQVGEPQNÎIKEQ K 2NCPFGVGEPQNQIÈC
'P GUVC CEVKXKFCF UG RTQRQPG WPC CTSWKVGEVWTC VGEPQNÎIKEC SWG FÃ UQRQTVG CN
OQFGNQ FG KPHQTOCEKÎP [ FG UKUVGOCU FG KPHQTOCEKÎP KPENW[GPFQ UK GU
PGEGUCTKQ CNVGTPCVKXCU 2CTC GUVCCEVKXKFCFUGVKGPGPGPEWGPVCGURGEKCNOGPVG
NQU TGSWKUKVQU FG ECT¶EVGT VGEPQNÎIKEQ CWPSWG GU PGEGUCTKQ EQPUKFGTCT GN
ECV¶NQIQEQORNGVQFGTGSWKUKVQURCTCGPVGPFGTNCUPGEGUKFCFGUFGNQURTQEGUQU
[RTQRQPGTNQUGPVQTPQUVGEPQNÎIKEQUSWGOGLQTUGCFCRVGPCNCUOKUOCU

+FGPVKHKECEKÎPFG x #NVGTPCVKXCUFG x &KCITCOCFG x %QPUWNVQTGU
NCUPGEGUKFCFGU CTSWKVGEVWTC TGRTGUGPVCEKÎP KPHQTO¶VKEQU
FGKPHTCGUVTWEVWTC VGEPQNÎIKEC x 5GUKQPGU FGVTCDCLQ x 'SWKRQFGUQRQTVG
VGEPQNÎIKEC VÃEPKEQ
5GNGEEKÎPFGNC x #TSWKVGEVWTC x #P¶NKUKUEQUVQDGPGHKEKQ x %QPUWNVQTGU

CTSWKVGEVWTC VGEPQNÎIKEC x &KCITCOCFG x %QPUWNVQTGU
VGEPQNÎIKEC TGRTGUGPVCEKÎP +PHQTO¶VKEQU
x +ORCEVQGPNC x 7UWCTKQUGZRGTVQU
QTICPK\CEKÎP x 'SWKRQ FG UQRQTVG
VÃEPKEQ
+FGPVKHKECEKÎPFGNCUPGEGUKFCFGUFGKPHTCGUVTWEVWTCVGEPQNÎIKEC
'UVC VCTGC VKGPG GN QDLGVKXQ FG CPCNK\CT NCU PGEGUKFCFGU FG KPHTCGUVTWEVWTC
VGEPQNÎIKEC [ RTQRQPGT NCU CNVGTPCVKXCU XKCDNGU FGUFG GN RWPVQ FG XKUVC
VGEPQNÎIKEQRCTCFCTTGURWGUVCCFKEJCUPGEGUKFCFGU
2CTCGNNQUGEQOKGP\CCPCNK\CPFQGNOQFGNQFGUKUVGOCUFGKPHQTOCEKÎP[GN
NKUVCFQ FG TGSWKUKVQU GP GURGEKCN NQU FG ECT¶EVGT VÃEPKEQ 5G KFGPVKHKECP NCU
PGEGUKFCFGU
GPVQTPQUPGEGUCTKQUEQPGEVKXKFCF[EQOWPKECEKQPGUGPVTGGNNQU
FKURQPKDKNKFCFUGTXKEKQUETÈVKEQUGVE
# EQPVKPWCEKÎP UG FGVGTOKPCP NCU RQUKDNGU CNVGTPCVKXCU FG KPHTCGUVTWEVWTC

VGEPQNÎIKEC FGHKPKGPFQ NQU EQORQPGPVGU C CNVQ PKXGN [ TGRTGUGPVCPFQ
IT¶HKECOGPVGECFCWPCFGGNNCU'UPGEGUCTKQGUVCDNGEGTNCHQTOCFGIGUVKQPCTNC
KPHTCGUVTWEVWTC VGEPQNÎIKEC RCTC TGURQPFGT C NCU PGEGUKFCFGU KFGPVKHKECFCU .C
XKUKÎP CRQTVCFC RQT NQU EQPUWNVQTGU FG VGEPQNQIÈCU FG NC KPHQTOCEKÎP [
EQOWPKECEKÎP
6+FGDGUGTFGHWVWTQEQPUKFGTCPFQNCRQUKDNGGXQNWEKÎPFGNCU
FKUVKPVCUVGEPQNQIÈCUECPFKFCVCUCUÈEQOQFGNCUCEVWCNOGPVGKPEQTRQTCFCUGP
NCQTICPK\CEKÎP'UKORTGUEKPFKDNGEQPVCTGPGUVGCP¶NKUKUEQPNCKPHQTOCEKÎP
TGNCVKXC C NQU GPVQTPQU VGEPQNÎIKEQU FG NC UKVWCEKÎP CEVWCN CUÈ EQOQ NQU
GUV¶PFCTGUGZKUVGPVGUGPNCQTICPK\CEKÎP
2TQFWEVQU
&GGPVTCFC
x 'PVQTPQVGEPQNÎIKEQCEVWCN[GUV¶PFCTGU
GZVGTPQ
&GUCNKFC
x #NVGTPCVKXCUFGCTSWKVGEVWTCVGEPQNÎIKEC
2T¶EVKECU
x 5GUKQPGUFGVTCDCLQ
2CTVKEKRCPVGU
x 'SWKRQFGUQRQTVGVÃEPKEQ
x 'SWKRQFGCPCNKUVCU
5GNGEEKÎPFGNCCTSWKVGEVWTCVGEPQNÎIKEC
'UVC VCTGC GUV¶ GPECOKPCFC C NC UGNGEEKÎP FG WPC CNVGTPCVKXC FG RNCVCHQTOC
VGEPQNÎIKEC RCTC FGVGTOKPCT NQ SWGNNCOCTGOQU CTSWKVGEVWTC VGEPQNÎIKECSWG
TGEQIGNCKPHTCGUVTWEVWTCO¶UCFGEWCFCRCTCFCTUQRQTVGGPGNEQPVGZVQFGNC
QTICPK\CEKÎP CN OQFGNQ FG KPHQTOCEKÎP [ FG UKUVGOCU FG KPHQTOCEKÎP
RTQRWGUVQ
2CTCECFCCNVGTPCVKXCUGFGDGCPCNK\CTUWKORCEVQGPNCQTICPK\CEKÎPCUÈEQOQ
NQU OGFKQU [ GN VKGORQ PGEGUCTKQU RCTC UW KORNCPVCEKÎP 5G FGDGP VGPGT GP
EWGPVCNQUTGEWTUQUVGEPQNÎIKEQUCEVWCNGURCTCGXCNWCTNQUECODKQUPGEGUCTKQU
5GTGCNK\CWPGUVWFKQFGECFCRTQRWGUVCKPFKECPFQXGPVCLCUGKPEQPXGPKGPVGU
CUÈ EQOQ GN PKXGN FG TGURWGUVC C NCU PGEGUKFCFGU KFGPVKHKECFCU GP NC VCTGC
CPVGTKQT
2QT ÕNVKOQ WPC GUVKOCEKÎP GEQPÎOKEC INQDCN RWGFG C[WFCT C GNGIKT NC
CNVGTPCVKXCSWGXCCUGTRTQRWGUVCRCTCNCEWCNRWGFGPKPENWKTUGQREKQPGU
2TQFWEVQU
&GGPVTCFC
'PVQTPQVGEPQNÎIKEQCEVWCN[GUV¶PFCTGU
GZVGTPQ
#NVGTPCVKXCUFGCTSWKVGEVWTCVGEPQNÎIKEC
&GUCNKFC
#TSWKVGEVWTCVGEPQNÎIKEC
6ÃEPKECU
#P¶NKUKUEQUVQDGPGHKEKQ
2T¶EVKECU
&KCITCOCFGTGRTGUGPVCEKÎP
+ORCEVQGPNCQTICPK\CEKÎP
2CTVKEKRCPVGU
%QPUWNVQTGU
%QPUWNVQTGUKPHQTO¶VKEQU
7UWCTKQUGZRGTVQU
'SWKRQFGUQRQTVGVÃEPKEQ
512146'(+5+%1.1)+%1;%1/70+%#%+10'5
.CUGURGEKHKECEKQPGUFGNGSWKRQHÈUKEQNÎIKEQ[FGEQOWPKECEKQPGURGTOKVKT¶
EQORNGVCT GN RTQEGUQ FG UKUVGOCVK\CEKÎP FGN +/#42' FGDKFQ C SWG GUVQU
RTQRQTEKQPCPNQUKPUWOQUPGEGUCTKQURCTCGNNQITQFGNRTQ[GEVQRTQRWGUVQ
5QRQTVG(ÈUKEQ
%QP NC HKPCNKFCF FG FCT UQRQTVG CN FGUCTTQNNQ FG NQU UKUVGOCU FG KPHQTOCEKÎP
RTQRWGUVQ[CRQ[CTCNCUFKXGTUCUCEVKXKFCFGUSWGUGTGCNK\CPGPGN+/#42'UG
RTQRQPG NC CFSWKUKEKÎP FG GSWKRQU HÈUKEQU CEQTFG CN FGUCTTQNNQ G
KORNGOGPVCEKÎP FG NQU UKUVGOCU RTQRWGUVQU 'PVTG NQU GSWKRQU FG EÎORWVQ C
UGTCFSWKTKFQUUGEQPVGORNCPNQUUKIWKGPVGU
C /KETQEQORWVCFQTCU
5GTXKFQTRTKPEKRCN
6KRQ#
2TQEGUCFQT 2'06+7/ +++ Q CHÈP
XGNQEKFCF/*<
5QRQTVG/WNVKRTQEGUCOKGPVQ 5/2JCUVCRTQEGUCFQTGU
/GOQTKC4#/ /$CORNKCDNGC)$
/GOQTKC%CEJGFG4#/ /$
6KRQFGDWU '+5#2%+
&KUEQFWTQ *&KPVGTPQUFG)$
&KUSWGVGTC /$
2WGTVQU RCTCNGNQ 75$ UGTKG
EQTTGEVQTGURCTCOQWUG[ VGENCFQ
6CTLGVCFG4GF (CUV'VJGTPGV/DRU
.GEVQTC%&41/ ZXGNQEKFCF
%QPVTQNCFQTCFGXKFGQ /$CORNKCDNGC/$
6GENCFQ #NHCPWOÃTKEQVGENCU
/QPKVQT EQNQT58)#Z
#FCRVCFQTIT¶HKEQ /$EQOQOÈPKOQ
5KUVGOC1RGTCVKXQ 70+:QUWRGTKQT
%CTCEVGTÈUVKECUFGUGIWTKFCF %QPVTCUGÌC %/15 FG
GPEGPFKFQ EQPVTQN FG CTTCPSWG FG FKUEQ TÈIKFQ FG FKUSWGVGTC [ FG
%&5QRQTVGFGUGIWTKFCFFGEJCUKU
#EEGUQTKQUKPENWKFQU &TKXGTUOCPWCNGU
(WGPVGFGRQFGT 9CVVU
)CDKPGVG 6KRQ6QYGT
%QORCVKDKNKFCF 9KPFQYU 06 0QXGNN
5%15#24.KPWZ
5GT¶ WVKNK\CFQ GP GN OCPGLQ [RTQEGUCOKGPVQFGNQU FCVQU QEGCPQIT¶HKEQU

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6GPKGPFQ GP EWGPVC GN EQPEGRVQ FG HCEVQT FG ÃZKVQ EQOQ OGFKQ PGEGUCTKQ RCTC
CNECP\CT NQU QDLGVKXQU GURGEKHKECFQU UG QDVGPFT¶ WPC NKUVC FG HCEVQTGU FG ÃZKVQ
RCTCECFCWPQFGFKEJQUQDLGVKXQUEQPVGORNCPFQVCPVQCSWGNNQU SWGFGRGPFGP
FG NC QTICPK\CEKÎP EQOQ CSWGNNQU GZVGTPQU SWG GUV¶P HWGTC FG UW EQPVTQN

NGIKUNCEKÎPEQORQTVCOKGPVQFGNCGEQPQOÈCGVE
'PGUVGRWPVQPQGUPGEGUCTKQRTGQEWRCTUGFGOCUKCFQUKUGTGRKVGPNQUHCEVQTGUFG
ÃZKVQEQPNQUQDLGVKXQUQUKWPHCEVQTFGÃZKVQRCTCWPQDLGVKXQGUV¶GUVTGEJCOGPVG
TGNCEKQPCFQEQPQVTQQDLGVKXQ#UÈGPPWGUVTQECUQ[OGFKCPVGGPVTGXKUVCUEQPNQU
TGURQPUCDNGUFGNCQTICPK\CEKÎPUGQDVGPFTÈCNCUKIWKGPVGVCDNC

8GPVCUFGOKNNQPGU %TGEKOKGPVQFGNOGTECFQ
+PETGOGPVCTNCEWQVCFGOGTECFQ
$GPGHKEKQUCPVGUFGKORWGUVQU +PETGOGPVCTXGPVCU
FGOKNNQPGU +PETGOGPVCTGNOCTIGPDTWVQGPVQTPQCN

/CPVGPGT NQU ICUVQU FG HWPEKQPCOKGPVQ
GPWPFGNCUXGPVCU
F 'NKOKPCTNQUHCEVQTGUFGÃZKVQPQETÈVKEQU
5GWVKNK\CT¶PGPGUVGRWPVQFKHGTGPVGUETKVGTKQURCTCGNKOKPCTNQU('FGRGPFKGPFQ
FG UK NQU OKUOQU GUV¶P FGPVTQ Q HWGTC FGN EQPVTQN FG NC QTICPK\CEKÎP GUVC
UGNGEEKÎPUGT¶TGCNK\CFCOGFKCPVGTGWPKQPGUGPITWRQRQTNQUTGURQPUCDNGUFGNC
QTICPK\CEKÎP
.QUETKVGTKQUSWGUG UGIWKT¶PUQP
(CEVQTGUFGÃZKVQFGPVTQFGNEQPVTQNFGNC1TICPK\CEKÎP
x 'UGN('GUGPEKCNRCTCEWORNKTNQUQDLGVKXQU!
x 4GSWKGTGGURGEKCNEWKFCFQGPUWTGCNK\CEKÎPGUFGEKTTGEWTUQUGURGEKCNOGPVG
EWCNKHKECFQU!
5KNCTGURWGUVCCCNIWPCFGGUVCURTGIWPVCUGUnPQUGGNKOKPCT¶GN('FGNCVCDNC
(CEVQTGUFGÃZKVQHWGTCFGNEQPVTQNFGNC1TICPK\CEKÎP
x 'UGN('GUGPEKCNRCTCEWORNKTNQUQDLGVKXQU!
x *C[RTQDCDKNKFCFUKIPKHKECVKXCFGSWGGN('PQQEWTTC!
x 5KPQQEWTTGGN('2QFTÈCPCNVGTCTUGNCUGUVTCVGIKCUEQPGNHKPFGOKPKOK\CTGN
KORCEVQFGFKEJQKPEWORNKOKGPVQUWRQPKGPFQSWGJWDKGUGUWHKEKGPVGVKGORQ
FKURQPKDNG!
5KNCTGURWGUVCCCNIWPCFGGUVCURTGIWPVCUGUnPQUGGNKOKPCGN('FGNCVCDNC'UVQ
UGJCEGRCTCPQEQPUKFGTCTCSWGNNQU('SWGQEWTTKT¶PECUKEQPVQFCUGIWTKFCF
GP
ECUQ FG WPC TGURWGUVC PGICVKXC C NC UGIWPFC RTGIWPVC Q CSWGNNQU (' EW[Q PQ
EWORNKOKGPVQ KORKFG EWCNSWKGT VKRQ FG CEEKÎP EQTTGEVKXC
GP GN ECUQ FG WPC
TGURWGUVCPGICVKXCCNCVGTEGTCRTGIWPVC
'PGNGLGORNQSWGUGUKIWGUGFGEKFKÎSWGGNHCEVQTFGÃZKVQn/CPVGPGTNQUICUVQU
FG HWPEKQPCOKGPVQ GP WP FG NCU XGPVCU PQ GZKIÈC TGEWTUQU GURGEKCNOGPVG
EWCNKHKECFQURCTCEQPUGIWKTNQRQTNQEWCNUGGNKOKPÎFGNCNKUVC

$GPGHKEKQUCPVGUFGKORWGUVQUFG +PETGOGPVCTXGPVCU
OKNNQPGU +PETGOGPVCTGNOCTIGPDTWVQGPVQTPQ
CN
G #ITWRCTNQUHCEVQTGUFGÃZKVQFGCEWGTFQEQPNQUQDLGVKXQU
'UVG RCUQ RGTOKVG FGRWTCT NC VCDNC FCFQ SWG CN CPCNK\CT ECFC QDLGVKXQ RQT
UGRCTCFQRWGFGSWGNQU('GUVÃPTGRGVKFQUQUGCPUKPÎPKOQUFGWPQDLGVKXQ
'PPWGUVTQGLGORNQGN('n+PETGOGPVCTXGPVCUGUUKPÎPKOQFGNQDLGVKXQnXGPVCUFG
OKNNQPGURQTNQVCPVQUGGNKOKPC

$GPGHKEKQUCPVGUFGKORWGUVQUFG +PETGOGPVCTOCTIGPDTWVQFG
OKNNQPGU
H +FGPVKHKECTNQUEQORQPGPVGUFGGUVQUHCEVQTGUFGÃZKVQ
'PGUVGRCUQUGCPCNK\CPNQUHCEVQTGUFGÃZKVQRCTCKFGPVKHKECTNQSWGUGFGDGJCEGT
RCTCEQPUGIWKTECFCWPQFGGUVQU('
&G NC FGUEQORQUKEKÎP FG NQU (' UG RWGFGP GPEQPVTCT EQORQPGPVGU SWG UQP
XGTFCFGTCOGPVGETÈVKEQUOKGPVTCUQVTQUGZKIGPOGPQUGUHWGT\Q QTGEWTUQU
'N QDLGVKXQ FG GUVG CP¶NKUKU GU KFGPVKHKECT FG EKPEQ C UKGVG HCEVQTGU FG ÃZKVQ Q
EQORQPGPVGU FG GUVQU HCEVQTGU SWG UGCP ETÈVKEQU EQP GN HKP ÕNVKOQ FGEGPVTCTGN
GUHWGT\QFGNCQTICPK\CEKÎPGPUWEQPUGEWEKÎP
'PGNGLGORNQSWGUGGUV¶FGUCTTQNNCPFQUGJCQDVGPKFQNCUKIWKGPVGVCDNC
1DLGVKXQU (CEVQTGU FG ÃZKVQ %QORQPGPVGU FG ('

8GPVCUFG %TGEKOKGPVQFGN
OKNNQPGU OGTECFQ
+PETGOGPVCTNCEWQVC /GLQTCTNCECNKFCF
FGOGTECFQ /GLQTCTNCUECTCEVGTÈUVKECU
FGNRTQFWEVQ
/GLQTCTVKGORQUFGGPVTGIC
$GPGHKEKQUCPVGUFG
4GFWEKTEQUVQUNCDQTCNGU
KORWGUVQUFG
OKNNQPGU +PETGOGPVCTOCTIGPFG
DTWVQ 0GIQEKCEKÎPNCDQTCN
#WVQOCVK\CEKÎPFGNC
RTQFWEEKÎP
/CPVGPGTKPETGOGPVQUFG
EQUVGFGOCVGTKCNRQT
FGDCLQFGNCKPHNCEKÎP
I 5GNGEEKQPCTNQUHCEVQTGUETÈVKEQUFGÃZKVQ
(%'
5GWUCT¶PNQUETKVGTKQUFGUGNGEEKÎP[CGURGEKHKECFQUGPGNRCUQFRCTCNQUPKXGNGU
O¶UDCLQUFGFGUEQORQUKEKÎPEQPGNQDLGVQFGQDVGPGTWPPÕOGTQFG(%'GPVTG
NQU RCUQU G [ I 'P NC VCDNC UKIWKGPVG UG TGRTGUGPVCP GP PGITKVC NQU (%'
UGNGEEKQPCFQU
1DLGVKXQU (CEVQTGU FG ÃZKVQ %QORQPGPVGU FG ('

8GPVCUFG %TGEKOKGPVQFGN
OKNNQPGU OGTECFQ
+PETGOGPVQFGEWQVC /GLQTCTNCECNKFCF
FGOGTECFQ /GLQTCTNCUECTCEVGTÈUVKECUFGN
RTQFWEVQ
/GLQTCTVKGORQUFGGPVTGIC
$GPGHKEKQUCPVGUFG 4GFWEKTEQUVQUNCDQTCNGU
KORWGUVQUFG +PETGOGPVCT OCTIGP
/CPVGPGTKPETGOGPVQUFG
OKNNQPGU FGDTWVQ
EQUVQFGOCVGTKCNRQTFGDCL Q
FGNCKPHNCEKÎP
0GIQEKCEKÎPNCDQTCN
#WVQOCVK\CEKÎPFGNC
RTQFWEEKÎP
J (KPCNK\CTGNGUVWFKQFGNQUHCEVQTGUETÈVKEQUFGÃZKVQ
'PGUVGRCUQUGQDVKGPGWPCNKUVCHKPCNSWGTGRTGUGPVCNCU¶TGCUSWGUQPETWEKCNGU
RCTCGNÃZKVQFGNCQTICPK\CEKÎP[FQPFGNCFKTGEEKÎPFGDGGPHQECTUWCVGPEKÎP
2CTCNQU(%'EQPVTQNCDNGURQTRCTVGFGNQUFKTGEVKXQUUGFGDGPCUKIPCTNQUTGEWTUQU
PGEGUCTKQU RCTC ICTCPVK\CT UW TGCNK\CEKÎP EQTTGEVC CUÈ EQOQ NCU JGTTCOKGPVCU G
KPHQTOCEKÎP PGEGUCTKCU RCTC FKEJC TGCNK\CEKÎP #UKOKUOQ UG FGDGP GUVCDNGEGT
RTQEGFKOKGPVQUSWGRGTOKVCPCUGIWTCTWPUGIWKOKGPVQ[TGCNKOGPVCEKÎPUQDTGGN
ITCFQ FG EWORNKOKGPVQ FG FKEJQU HCEVQTGU ETÈVKEQU 2CTC CSWGNNQU (%' PQ
EQPVTQNCDNGUUQPCDUQNWVCOGPVGPGEGUCTKQURTQEGFKOKGPVQUSWGRGTOKVCPQDVGPGT
KPHQTOCEKÎP RWPVWCN UQDTG NQU OKUOQU 'UVQU RTQEGFKOKGPVQU RTQRQTEKQPCP
UGÌCNGU FG CXKUQ FG OCPGTC SWG UG RWGFCP FGHKPKT G KORNCPVCT RNCPGU FG
EQPVKPIGPEKC
/1&'.1&'&#615
'NFKCITCOCFGGUVTWEVWTCFGFCVQUGUWPCVÃEPKECPGEGUCTKCRCTCNCOQFGNK\CEKÎPFG
FCVQUNCEWCNTGRTGUGPVCWPEQPLWPVQFGFCVQUTGNCEKQPCFQUGPVTGUÈ[FGUETKDGPGP
HQTOCEQNGEVKXCNQUEQORQPGPVGUFGNUKUVGOC
C 1DLGVKXQ
%QPUVTWKTWPOQFGNQNÎIKEQFGFCVQUFGNUKUVGOCSWGHCEKNKVGNCEQORTGPUKÎPFGN
OKUOQ
D 7VKNKFCF
'UÕVKNRCTCTGRTGUGPVCTIT¶HKECOGPVGNCUTGNCEKQPGUQCUQEKCEKQPGUGPVTGRCTGUFG
GPVKFCFGU
E &GUETKREKÎP
2CTC NC EQPUVTWEEKÎP FGN FKCITCOC FG GUVTWEVWTC FG FCVQU PGEGUKVCOQU NQU
UKIWKGPVGUGNGOGPVQU
x 'PVKFCF GU WP QDLGVQ

RGTUQPC NWICT Q EQUC UQDTG NC EWCN NC QTICPK\CEKÎP
ECRVWTCCNOCEGPCQRTQEGUCFCVQU5WTGRTGUGPVCEKÎPIT¶HKECGUWPTGEV¶PIWNQ
x 4GNCEKÎP GU NC EQPGZKÎP SWG XC GZKUVKT

GPVTG VKRQU FG GPVKFCFGU 5W
TGRTGUGPVCEKÎPIT¶HKECGUWPCNÈPGCTGEVC
.CUHCUGURCTCNCEQPUVTWEEKÎPFGNCGUVTWEVWTCFGFCVQUUQP
x +FGPVKHKECTNCU GPVKFCFGUFGPVTQFGN5KUVGOC VGPKGPFQRTGXKQEQPQEKOKGPVQFGN

HWPEKQPCOKGPVQ FGN UKUVGOC 'UVCU GPVKFCFGU RWGFGP UGT QDLGVQU TGCNGU
RGTUQPCUCEVKXKFCFGUFGNUKUVGOCQDLGVQUCDUVTCEVQUGVE
2QTGLGORNQUGRWGFGPKFGPVKHKECTNCUGPVKFCFGU2GFKFQ/CVGTKCNGU2TQXGGFQT
x 'UVCDNGEGT NCU TGNCEKQPGU GPVTG NCU GPVKFCFGU FGUETKDKGPFQ GN ITCFQ FG NQU
OKUOQU RTGXKQGUVWFKQFGECFCWPCFGNCUCUQEKCEKQPGUFGWPCGPVKFCFEQPNCU
FGO¶UKFGPVKHKECFCU
x &KDWLCTGN OQFGNQFGFCVQU
3 ( ' ,' 2 ' ( 7 $ / / ( 3 ( ' ,'
3 529(('25 0 $ 7 ( 5 ,$ /
'P GN /CPWCN FG 6ÃEPKECU RCTC GN &GUCTTQNNQ FG 5KUVGOCU UG OWGUVTC NC VÃEPKEC FG
OQFGNCOKGPVQ GPVKFCFTGNCEKÎP FG %*'0 NCU DCUGU EQPEGRVWCNGU FG GUVG
OQFGNCOKGPVQ UG GPEWGPVTCP GP GN /CPWCN FG 1TICPK\CEKÎP[&KUGÌQFG$CUGUFG
&CVQURWDNKECFQUCODQURQTGN+0'+
6'%0+%#5/#64+%+#.'5
5G FGUKIPC EQP GN PQODTG FG VÃEPKECU OCVTKEKCNGU C NC TGRTGUGPVCEKÎP ETW\CFC FG
FKHGTGPVGU GPVKFCFGUWQDLGVQUFGKPVGTÃURCTCNCQTICPK\CEKÎP[SWGRGTOKVKT¶P
x %QPQEGT NC TGCNKFCF CEVWCN GP EWCPVQ C UWU HWPEKQPGU KPHQTOCEKÎP OCPGLCFC
FKUVTKDWEKÎPIGQIT¶HKECGVE
x 5GPVCTNCUDCUGU RCTCWPCRQUKDNGTGQTICPK\CEKÎPFGNCUHWPEKQPGUEQPQDLGVQFG
CWOGPVCTUWGHKECEKC
i &GHKPKTPWGXQUUKUVGOCUFGKPHQTOCEKÎPRCTCNCQTICPK\CEKÎP
i #[WFCTCFGHKPKTRTKQTKFCFGUGPGNFGUCTTQNNQFGPWGXQUUKUVGOCU
.CUFKHGTGPVGUTGRTGUGPVCEKQPGUOCVTKEKCNGUSWGUGTGEQIGPGPNCOGVQFQNQIÈCUQPNCU
UKIWKGPVGU
x /CVTK\2TQEGUQU'PVKFCFGUFGFCVQUSWGRGTOKVGTGRTGUGPVCTGNVTCVCOKGPVQNÎIKEQ
FGNCUHWPEKQPGUUQDTGNQUFCVQUFGNUKUVGOC
x /CVTK\ 2TQEGUQUQTICPK\CEKÎP SWG RGTOKVG TGRTGUGPVCT VCPVQ NC FKUVTKDWEKÎP
IGQIT¶HKECFGNCUHWPEKQPGUFGNCQTICPK\CEKÎPEQOQNCUTGURQPUCDKNKFCFGUFGNQU
FKUVKPVQU FGRCTVCOGPVQUGPSWGUGGUVTWEVWTC
x /CVTK\#RNKECEKQPGU(KEJGTQUFGFCVQUSWGRGTOKVGEQPQEGTNCUKVWCEKÎPCEVWCNFG
NQU UKUVGOCU FG KPHQTOCEKÎP GZKUVGPVGU GP EWCPVQ C NCU CRNKECEKQPGU GP
HWPEKQPCOKGPVQ[NQUFCVQUSWGOCPGLCP
x /CVTK\#RNKECEKQPGU(WPEKQPGUSWGRGTOKVGTGRTGUGPVCTGNITCFQFGEQDGTVWTCSWG
NCU CRNKECEKQPGU GZKUVGPVGU VKGPGP UQDTG NCU HWPEKQPGU SWG FGUCTTQNNC Q VKGPG
RTGXKUVQFGUCTTQNNCTNCQTICPK\CEKÎP
x /CVTK\(KEJGTQUFG&CVQU#EVWCNGU'PVKFCFGUFGFCVQUSWGRGTOKVGTGRTGUGPVCTNC
CFGEWCEKÎPFGNQU HKEJGTQU FGFCVQUGZKUVGPVGUCNCUPGEGUKFCFGUFGKPHQTOCEKÎP
FGNCQTICPK\CEKÎP
%QOQUGRWGFGQDUGTXCTGPGUVGEQPLWPVQFGOCVTKEGUGZKUVGWPITWRQEW[QQDLGVKXQ
D¶UKEQGUTGCNK\CTGNGUVWFKQFGVCNNCFQFGNCUKVWCEKÎPCEVWCN[GNITCFQFGUCVKUHCEEKÎP
FG NCU PGEGUKFCFGU FG KPHQTOCEKÎP FG NC QTICPK\CEKÎP EQP NQU UKUVGOCU GZKUVGPVGU
HQTOCFQRQT
x /CVTK\#RNKECEKQPGU(KEJGTQUFGFCVQU
x /CVTK\#RNKECEKQPGU(WPEKQPGU
x /CVTK\(KEJGTQUFG&CVQUCEVWCNGU'PVKFCFGUFGFCVQU
2QT QVTC RCTVG NC /CVTK\ 2TQEGUQUQTICPK\CEKÎP VKGPG WPC HWPEKÎP OGTCOGPVG
FGUETKRVKXC FG NC GUVTWEVWTC QTICPK\CVKXC UWU HWPEKQPGU TGURQPUCDKNKFCFGU [
FKUVTKDWEKÎP
2QTVQFQGNNQJCTGOQUÃPHCUKUGPGUVGGUVWFKQGPNCFGUETKREKÎPFGVCNNCFCFGNCOCVTK\
2TQEGUQUGPVKFCFGUFGFCVQURWGUVQSWGEQPUVKVW[GGNRWPVQFGRCTVKFCVCPVQRCTCNC
KFGPVKHKECEKÎP FG PWGXQU UKUVGOCU EQOQ RCTC NC CUKIPCEKÎP FG RTKQTKFCFGU C NQU
OKUOQU
/#64+<241%'515'06+&#&'5
2CTCTGRTGUGPVCTNC/CVTK\2TQEGUQU'PVKFCFGUUGUGIWKT¶PNQURCUQUUKIWKGPVGU
+FGPVKHKECTNQURTQEGUQUFGNCQTICPK\CEKÎP
+FGPVKHKECTNCUGPVKFCFGUFGFCVQUFGNCQTICPK\CEKÎP
4GRTGUGPVCTFGHQTOCOCVTKEKCNNQURTQEGUQUHTGPVGCNCUGPVKFCFGUFGFCVQU
4GQTICPK\CTNCOCVTK\
&GVGTOKPCTUWDUKUVGOCU
#UKIPCTRTKQTKFCFGUFGFGUCTTQNNQ
#EQPVKPWCEKÎPUGFGUETKDGPGPFGVCNNGECFCWPQFGNQURCUQU
+FGPVKHKECT NQU RTQEGUQU FG NC QTICPK\CEKÎP
# RCTVKT F
7P ETKVGTKQ TGEQOGPFCDNG RCTC FGUINQUCT NCU HWPEKQPGU FG NC QTICPK\CEKÎP GU
HKLCTUG GP GN EKENQ FG XKFC FG NQU UGTXKEKQU [Q RTQFWEVQU SWG RTQRQTEKQPC FKEJC
QTICPK\CEKÎP #UÈ UG EQPUKFGTCP EWCVTQ GVCRCU FGN EKENQ FG XKFC FGN RTQFWEVQ Q
UGTXKEKQ
'VCRC 0GEGUKFCFGURNCPKHKECEKÎPGXCNWCEKÎP[EQPVTQN
5GGPINQDCPCSWÈVQFCUNCUHWPEKQPGU[RTQEGUQUSWGFGVGTOKPCPNCECPVKFCFSWG
UGTGSWKGTGFGNRTQFWEVQQTGEWTUQNCRNCPKHKECEKÎPPGEGUCTKCRCTCQDVGPGTFKEJQU
RTQFWEVQUQTGEWTUQU[NCGXCNWCEKÎP[UGIWKOKGPVQFGGUVGRNCP
'VCRC #FSWKUKEKÎPQKORNCPVCEKÎP
%QORTGPFG GN EQPLWPVQ FG HWPEKQPGU [ RTQEGUQU SWG UG TGCNK\CP EQP GN HKP FG
FGUCTTQNNCTWPRTQFWEVQQUGTXKEKQQRCTCQDVGPGTNQUTGEWTUQUSWGUGT¶PWVKNK\CFQU
GP UW FGUCTTQNNQ 2QT GLGORNQ EQPVTCVCEKÎP FG RGTUQPCN GP WP OKPKUVGTKQ
CFSWKUKEKÎPFGRGNÈEWNCUGPWPCHKNOQVGECGVE
'VCRC /CPVGPKOKGPVQ
%QORTGPFG GN EQPLWPVQ FG HWPEKQPGU [ RTQEGUQU FGUVKPCFQU C HQTOCT

RGTHGEEKQPCT OQFKHKECT Q OCPVGPGT NQU TGEWTUQU FG CRQ[Q [ C CNOCEGPCT Q
EQPVTQNCT NC GXQNWEKÎP FGN RTQFWEVQ Q UGTXKEKQ 2QT GLGORNQ UGIWKOKGPVQ FG
GZRGFKGPVGU UGIWKOKGPVQ FG NQU UGTXKEKQU RTQHGUKQPCNGU [ VTC[GEVQTKC
CFOKPKUVTCVKXCFGNRGTUQPCN
'VCRC (KPQFKURQUKEKÎP
5G GPINQDCP CSWÈ GN EQPLWPVQ FG HWPEKQPGU [ RTQEGUQU SWG RQPGP HKP C NC
TGURQPUCDKNKFCFFGNCQTICPK\CEKÎPTGURGEVQCWPFGVGTOKPCFQRTQFWEVQQUGTXKEKQ
QSWGFGVGTOKPCPGNWUQHKPCNFGWPTGEWTUQ2QTGLGORNQGNEGUGQLWDKNCEKÎPFG
RGTUQPCNNCUWURGPUKÎPFGWPUGTXKEKQRQTRCTVGFGWP1TICPKUOQ1HKEKCN
#FGO¶U FG EQPUKFGTCT ECFC WPC FG NCU EWCVTQ GVCRCU FGN EKENQ FG XKFC
OGPEKQPCFCU UGT¶EQPXGPKGPVGHKLCTUGGPVTGUHWGPVGURTKPEKRCNGURCTCKFGPVKHKECT
NQURTQEGUQU

C 2TQEGUQUFGRNCPKHKECEKÎP[EQPVTQN

D 2TQEGUQU SWG VTCVCP RTQFWEVQU Q UGTXKEKQU SWG RTQFWEG Q RTGUVC NC
1TICPK\CEKÎP
'P GUVG ECUQ UG EQPUKFGTC SWG NC QTICPK\CEKÎP VKGPG WP ITWRQ RTKPEKRCN FG
RTQFWEVQU Q UGTXKEKQU Q DKGP SWG NC CFOKPKUVTCEKÎP FG NQU OKUOQU UKIWG
RTQEGUQUUKOKNCTGU
'UEQPXGPKGPVGHKLCTUGRTGXKCOGPVGGPNQUQDLGVKXQUFGNCQTICPK\CEKÎPEQPGN
HKP FG GURGEKHKECT GP FGVCNNG GN RTQFWEVQ Q UGTXKEKQ 2QT GLGORNQ GP WPC
HKNOQVGEC WPGUVWFKQGPFGVCNNGOQUVTCTÈCSWGGNRTQFWEVQPQUQPOGTCOGPVG
NCURGNÈEWNCUUKPQSWGJCDTÈCSWGEQPUKFGTCTEQOQUGTXKEKQU
(QOGPVQFGNCRTQFWEEKÎPPCEKQPCNFGRGNÈEWNCU
&KXWNICEKÎPFGNCUCTVGUEKPGOCVQIT¶HKECU
E 2TQEGUQU SWG VTCVCP NQU TGEWTUQU FG CRQ[Q SWG PGEGUKVC NC QTICPK\CEKÎP RCTC
RTQFWEKTQRTGUVCTUGTXKEKQU
5GRQFTÈCPEQPUKFGTCTEWCVTQTGEWTUQUD¶UKEQU
x /CVGTKCNGU
x (KPCP\CU
x +PUVCNCEKQPGU
x 2GTUQPCN
.C GXQNWEKÎP FGN EKENQ FG XKFC FG RTQFWEVQU UGTXKEKQU [ TGEWTUQU RGTOKVKT¶
QDVGPGTVQFQUNQURTQEGUQUFGNVKRQD[E'PEWCPVQCNQURTQEGUQUFGNVKRQC
PQ GU ÕVKN EQPUKFGTCT GN EKENQ FG XKFC FG NQU RTQFWEVQU [ TGEWTUQU FCFQ SWG
GUVQURTQEGUQUPQUGQTKGPVCPÕPKECOGPVGCRTQFWEVQU[TGEWTUQU
7PCXG\KFGPVKHKECFQUVQFQUNQURTQEGUQUUGEQPUQNKFCT¶PCVGPFKGPFQC
x .CPGEGUKFCFFGTGFWEKTKPEQPUKUVGPEKCUFGPKXGNFCFQSWGRWGFGPJCDGTUG
KFGPVKHKECFQHWPEKQPGUFGNCQTICPK\CEKÎPFGWPITCFQFGFGVCNNGFKUVKPVQ#
NC JQTC FG TGRTGUGPVCTNQU GP WPC OCVTK\ EQPXGPFT¶ VGPGT ENCTQ GNPKXGNFG
FGVCNNG SWG UG SWKGTC CNECP\CT [ RTQEWTCT SWG NQU RTQEGUQU KFGPVKHKECFQU
UGCPCEQTFGUEQPFKEJQPKXGN
x .C RQUKDKNKFCF FG CITWRCT RTQEGUQU UKOKNCTGU 2QT GLGORNQ GN RTQEGUQ FG
EQORTC FG WP RTQFWEVQ UGT¶ UKOKNCT CN RTQEGUQ FG CFSWKUKEKÎP FG WP
TGEWTUQ 'UVQ KORNKEC NC PGEGUKFCF FG EQODKPCTNQU GN TGUWNVCFQ FG NC
EQPUQNKFCEKÎPUGT¶RQTGLGORNQWPCVCDNCFGNVKRQ
x #TGCUHWPEKQPCNGURTQEGUQU
x 2NCPKHKECEKÎPFGNCQTICPK\CEKÎP
x #P¶NKUKU FG OGTECFQ 4GXKUKÎP FG NC ICOC FG RTQFWEVQU 2TGXKUKÎP FG
XGPVCU
x (KPCP\CU
x 2NCPKHKECEKÎPHKPCPEKGTC)GUVKÎPFGKPOQXKNK\CFQ(KPCPEKCEKÎP
x 2NCPKHKECEKÎPFG2TQFWEVQU
x &KUGÌQ FG RTQFWEVQU 2QNÈVKEC FG RTGEKQU /CPVGPKOKGPVQ FG
GURGEKHKECEKQPGUFGRTQFWEVQ
x /CVGTKCNGU
x 4GEWGPVQUFGOCVGTKCNGU%QORTCU4GEGREKÎP%QPVTQNFGKPXGTUKQPGU
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RTQ[GEVQ KPHQTO¶VKEQ [ C UW XG\ EQORCTCT FKEJQU EQUVQU RTGXKUVQU EQP NQU
DGPGHKEKQUGURGTCFQUFGNCTGCNK\CEKÎPFGFKEJQRTQ[GEVQ
D 7VKNKFCF
.CWVKNKFCFFGNCRTGUGPVGVÃEPKECGUNCUKIWKGPVG
x 2CTC XCNQTCT NC PGEGUKFCF [ QRQTVWPKFCF FG CEQOGVGT NC TGCNK\CEKÎP FGN
RTQ[GEVQ
x 2CTCUGNGEEKQPCTNCCNVGTPCVKXCO¶UDGPGHKEKQUCRCTCNCTGCNK\CEKÎPFGNRTQ[GEVQ
2CTCGUVKOCTCFGEWCFCOGPVGNQUTGEWTUQUGEQPÎOKEQUPGEGUCTKQUGPGNRNC\Q
FGTGCNK\CEKÎPFGNRTQ[GEVQ
E &GUETKREKÎP
5KSWGTGOQUTGCNK\CTWPCP¶NKUKUFGEQUVQ DGPGHKEKQHKCDNGFGDGOQUFGUGIWKTNQU
UKIWKGPVGURCUQU
2TQFWEKTGUVKOCEKQPGUFGEQUVQ DGPGHKEKQ
.QRTKOGTQSWGFGDGOQUFGTGCNK\CTGUGNCDQTCTFQUVKRQUFGNKUVCUNCRTKOGTCEQP
NQTGSWGTKFQRCTCKORNCPVCTGNUKUVGOC[NCUGIWPFCEQPNQUDGPGHKEKQUSWGVTCGT¶
EQPUKIQGNPWGXQUKUVGOC
#PVGUFGTGFCEVCTNCNKUVCGUPGEGUCTKQVGPGTRTGUGPVGSWGNQUEQUVQUUQPVCPIKDNGU
GU FGEKT UG RWGFGP OGFKT GP CNIWPC WPKFCF GEQPÎOKEC OKGPVTCU SWG NQU
DGPGHKEKQU RWGFGP UGT VCPIKDNGU [ PQ VCPIKDNGU GU FGEKT RWGFGP FCTUG GP HQTOC
QDLGVKXCQUWDLGVKXC
.C RTKOGTC NKUVC

TGSWGTKOKGPVQ RCTC KORNCPVCT GN UKUVGOC FGDGT¶ GUVCT KPVGITCFC
RQTTGSWGTKOKGPVQUPGEGUCTKQU RCTCGLGEWVCTGNRTQ[GEVQGNXCNQTSWGVKGPGECFC
WPQ [ UWU RQUKDNGU XCTKCEKQPGU FG CEWGTFQ C NC KPHNCEKÎP FG ÃUVC HQTOC NC
&KTGEEKÎPQDVGPFT¶KPHQTOCEKÎPFGVCNNCFCFGEQOQUGFKUVTKDW[GPUWUTGEWTUQU
2CTC GNCDQTCT NC NKUVC UG PGEGUKVC EQPVCT EQP GZRGTKGPEKC GP NC RCTVKEKRCEKÎP FG
RTQ[GEVQU UKOKNCTGU CUÈ EQOQ FCVQU JKUVÎTKEQU SWG NG RGTOKVCP GUVKOCT
CFGEWCFCOGPVGNQUTGSWGTKOKGPVQUPGEGUCTKQURCTCGLGEWVCTGNRTQ[GEVQ
2CTCOC[QTGZRNKECEKÎPRTQRQTEKQPCTGOQUGLGORNQUFGCNIWPQUICUVQUPGEGUCTKQU
RCTCGLGEWVCTWPRTQ[GEVQGPKPHQTO¶VKEC
x %QUVQU FG GSWKRQ FQPFG UG FGVCNNCT¶ GN VKRQ FG GSWKRQ TGSWGTKFQ RCTC GN
RTQ[GEVQ
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GSWKRQCUÈEQOQGNOQDKNKCTKQTGSWGTKFQRCTCECFCWPQFGGNNQU
x %QUVQ FG RGTUQPCN UG FGVGTOKPCT¶ GN PÕOGTQ FG RGTUQPCN TGSWGTKFQ VCPVQ
VÃEPKEQEQOQCFOKPKUVTCVKXQ UWU ECTCEVGTÈUVKECU[GNVKRQFGECRCEKVCEKÎPSWG
UGNGFGDGT¶FGRTQRQTEKQPCTCECFCGORNGCFQ
x %QUVQ FG OCVGTKCNGU UG FGVGTOKPCT¶P VQFQU NQU OCVGTKCNGU PGEGUCTKQU RCTC GN
FGUCTTQNNQFGNRTQ[GEVQ
x %QUVQ FG EQPUWNVQTÈC UG FGVGTOKPCT¶ GN VKRQ FG ICTCPVÈC C RTQRQTEKQPCT C NC
&KTGEEKÎPNWGIQFGFGUCTTQNNCFQGNUKUVGOC
'UVCXCNQTCEKÎPUGT¶TGCNK\CFCGPNCU¶TGCUEQTTGURQPFKGPVGU
.C UGIWPFC NKUVC DGPGHKEKQU SWG VTCGT¶ EQPUKIQ GN RTQ[GEVQ UGT¶ GNCDQTCFQ GP
HQTOCUWDLGVKXC[FGDGT¶GUVCTCEQTFGCNQUTGSWGTKOKGPVQUFGKPHQTOCEKÎPFGNQU
WUWCTKQU
2QT GLGORNQ NQU DGPGHKEKQU RTQRQTEKQPCFQU RQT WP RTQ[GEVQ FG KPHQTO¶VKEC
RWGFGPUGT
x 'NCWOGPVQFGNCUEWGPVCUFGDKFQCNOC[QTUGTXKEKQFGNQUENKGPVGU
x .COGLQTCGPNCVQOCFGFGEKUKQPGUFGDKFQCWPOGLQTUQRQTVGKPHQTO¶VKEQ
x .CQRVKOK\CEKÎPFGNQURTQEGFKOKGPVQUCFOKPKUVTCVKXQU
&GVGTOKPCTNCXKCDKNKFCFFGNRTQ[GEVQ[UWCEGRVCEKÎP
2CTC FGVGTOKPCT NC GLGEWEKÎP FG WP RTQ[GEVQ GU EQPXGPKGPVG Q PQ GU PGEGUCTKQ
TGCNK\CTWPGUVWFKQFGXKCDKNKFCFFQPFGUGFGVGTOKPCT¶UKGNRTQ[GEVQGUHCEVKDNG
RCTCNQEWCNPQUDCUCTGOQUGPWPQFGNQUOÃVQFQUUKIWKGPVGU
x 4GVQTPQFGNCKPXGTUKÎP
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VQVCNCNKPKEKCTGNRTQ[GEVQn%
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KPKEKCNOGPVG GUVKOCFQ GP GN RTQ[GEVQ FQPFG GN CÌQ FG TGEWRGTCEKÎP FG NC
KPXGTUKÎPGUEWCPFQNCUWOCVQTKCFGNQUDGPGHKEKQUPGVQUGUKIWCNCNEQUVQVQVCNFGN
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KPXGTVKT KPKEKCNOGPVG RCTC SWG UG TGEWRGTG NC KPXGTUKÎP GP WP RGTKQFQ FG
VKGORQFGVGTOKPCFQRQTNC&KTGEEKÎP
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CÌQ&KEJQDGPGHKEKQPQGUTGCN[CSWGUGFGDGGUVKOCTGNXCNQTTGCNFGFKEJC
ECPVKFCFGPGNCÌQP
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CEVQTQRGTCEQP
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KPVGTCEVÕCP
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UKIWKGPVGUGNGOGPVQU
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7PC FGHKPKEKÎP RTGXKC GU SWG WP CEVQT GU WP TQN SWG WP WUWCTKQ LWGIC EQP
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UG GURGEKHKEC SWG WP #EVQT PQ PGEGUCTKCOGPVG TGRTGUGPVC C WPC RGTUQPC GP
RCTVKEWNCTUKPQO¶UDKGPNCNCDQTSWGTGCNK\C HTGPVGCNUKUVGOC
%QOQGLGORNQCNCFGHKPKEKÎPCPVGTKQTVGPGOQUGNECUQFGWPUKUVGOCFGXGPVCU
GP SWG GN TQN FG XGPFGFQT EQP TGURGEVQ CN UKUVGOC RWGFG UGT TGCNK\CFQ RQT WP
XGPFGFQTQDKGPRQTGNLGHGFGNQECN
x %CUQFG7UQ
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GZVGTPQUGCFGUFGWPCRGVKEKÎPFGWPCEVQTQDKGPFGUFGNCKPXQECEKÎPFGUFGQVTQ
ECUQFGWUQ
x 4GNCEKQPGU
R #UQEKCEKÎP
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ECUQFGWUQ&KEJCTGNCEKÎPUGFGPQVC
EQPWPCHNGEJCUKORNG
R &GRGPFGPEKCQ+PUVCPEKCEKÎP
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FGRGPFG FG QVTC GU FGEKT UG KPUVCPEKC
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FGPQVCEQPWPCHNGEJCRWPVGCFC
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HWPEKÎP FGRGPFKGPFQ FG UW GUVGTGQVKRQ SWG RWGFG UGT FG 7UQ

WUGU QFG*GTGPEKC
GZVGPFU
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[
PQRCTCCEVQTGU
GZVGPFU 5GTGEQOKGPFCWVKNK\CTEWCPFQWPECUQFGWUQGUUKOKNCTCQVTQ

ECTCEVGTÈUVKECU
WUGU 5G TGEQOKGPFC WVKNK\CT EWCPFQ UG VKGPG WP EQPLWPVQ FG
ECTCEVGTÈUVKECUSWGUQPUKOKNCTGUGPO¶UFGWPECUQFGWUQ[PQUGFGUGC
OCPVGPGTEQRKCFCNCFGUETKREKÎPFGNCECTCEVGTÈUVKEC
&GNQCPVGTKQTECDGOGPEKQPCTSWGVKGPGGNOKUOQRCTCFKIOCGPFKUGÌQ
[ OQFGNCOKGPVQ FG ENCUGU GP FQPFG GUVC NC FWFC EN¶UKEC FG WUCT Q
JGTGFCT
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%QOQGLGORNQGUV¶GNECUQFGWPCO¶SWKPCTGEKENCFQTC
5KUVGOCSWGEQPVTQNCWPCO¶SWKPC FGTGEKENCOKGPVQFGDQVGNNCUVCTTQU[LCDCU'N
UKUVGOCFGDGEQPVTQNCT[QCEGRVCT
x 4GIKUVTCT GNPÕOGTQFGÈVGOUKPITGUCFQU
x +ORTKOKTWPTGEKDQEWCPFQGNWUWCTKQNQUQNKEKVC
C &GUETKDGNQFGRQUKVCFQ
D 'NXCNQTFGECFCÈVGO
E 6QVCN
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x 'ZKUVGWPQRGTCFQTSWGFGUGCUCDGTNQUKIWKGPVG
F %WCPVQUÈVGOUJCPUKFQTGVQTPCFQUGPGNFÈC
G #NHKPCNFGECFCFÈCGNQRGTCFQTUQNKEKVCWPTGUWOGPFGVQFQNQFGRQUKVCFQGP
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H +PHQTOCEKÎPCUQEKCFCCÈVGOU
I &CTWPCCNCTOCGPGNECUQFGSWG
K +VGOGPFGUDQTFCOKGPVQFGFCVQUGPOGOQTKC
KK 0QJC[O¶URCRGN
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GNUKUVGOC
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ECODKCTNCKPHQTOCEKÎPFGWP+VGOQDKGPRWGFG+ORTKOKTWPKPHQTOG
#FGO¶URQFGOQUPQVCTSWGWPÈVGORWGFGUGTWPCDQVGNNCWPVCTTQQWPCLCDC
1VTQCURGEVQGUNCKORTGUKÎPFGEQORTQDCPVGUSWGRWGFGUGTTGCNK\CFCFGURWÃU
FGFGRQUKVCTCNIÕPÈVGORQTWPENKGPVGQDKGPRWGFGUGTTGCNK\CFCCRGVKEKÎPFGWP
QRGTCFQT
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FKCITCOCFGENCUGU[WPFKCITCOCFGQDLGVQUUQPNCUCNVGTPCVKXCUFGTGRTGUGPVCEKÎPFG
OQFGNQU FG QDLGVQU CWPSWG NQU FKCITCOCU FG ENCUGU RTGXCNGEGP O¶U SWG NQU FG
QDLGVQU 0QTOCNOGPVG UG RWGFG EQPUVTWKT WP FKCITCOC FG ENCUGU [ QECUKQPCNOGPVG
WPQFGQDLGVQURCTCKNWUVTCTNCUGUVTWEVWTCUFGFCVQUO¶UEQORNGLCU
7PFKCITCOCFGENCUGUEQPVKGPGÈEQPQUSWGTGRTGUGPVCPNCUENCUGU5GRWGFGPETGCT
WPCQO¶UFKCITCOCUSWGTGRTGUGPVCPGNPKXGNO¶UCNVQFGCDUVTCEEKÎPGPGNOQFGNQG
KTTGRTGUGPVCPFQECFCPKXGNEQPFKCITCOCUUGRCTCFQU
7PCENCUGECRVWTCNCGUVTWEVWTC[EQORQTVCOKGPVQEQOÕPFGWPEQPLWPVQFGQDLGVQU
7PCENCUGGUWPCCDUVTCEEKÎPFGÈVGOUFGNOWPFQTGCN
7PC ENCUG GU WPC ÈEQPQ SWG UG TGRTGUGPVC EQOQ WPC ECLC GP 6ÃEPKEC FG
OQFGNCOKGPVQFGQDLGVQU 1/6NCSWGUGFKXKFGGPVTGURCTVGUEQPGNPQODTGFGNC
ENCUG GP NC RCTVG UWRGTKQT NC NKUVC FG UWU CVTKDWVQU GP NC UGIWPFC [ NC NKUVC FG UWU
QRGTCEKQPGUQOÃVQFQUGP NCÕNVKOC
#FGO¶UUGRWGFGPFGHKPKTNCUUKIWKGPVGUTGNCEKQPGURCTCWPCENCUG
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GUVTWEVWTCQEQORQTVCOKGPVQFGHKPKFCGPWPCQOCUUWRGTENCUGU
#UQEKCEKÎP TGRTGUGPVC WPC EQPGZKÎP UGO¶PVKEC GPVTG FQU ENCUGU .C CUQEKCEKÎP GU
DKFKTGEEKQPCNGUNCTGNCEKÎPO¶UIGPGTCN[NCO¶UFÃDKNUGO¶PVKECOGPVG
#ITGICEKÎP TGRTGUGPVC WPC TGNCEKÎP RCTVG VQFQ GPVTG FQU ENCUGU /WGUVTC SWG GN
QDLGVQ CITGICFQ GUV¶ HÈUKECOGPVG EQPUVTWKFQ C RCTVKT FG QVTQ QDLGVQ Q SWG
NÎIKECOGPVGNQEQPVKGPG
;CSWGJGOQUTGXKUCFQNCFGHKPKEKÎPFGECFCWPFGNQUGNGOGPVQUSWGEQORQPGPWP
FKCITCOCFGENCUGUUGGURGEKHKECT¶GNFKUGÌQSWGUGJCT¶RCTCGNECUQFGN/KPK%CF
5GWVKNK\CT¶GNFKUGÌQ%QORQUKVGGNEWCNUGWVKNK\CRCTCTGRTGUGPVCTLGTCTSWÈCU2CTVG
VQFQGUFGEKTEQPVGPGFQTGU[RTKOKVKXCUGUVQEQPGNHKPSWGNQUENKGPVGUUGCPECRCEGU
FGKIPQTCTNCFKHGTGPEKCGPVTGEQORQUKEKQPGUFGQDLGVQU[QDLGVQUKPFKXKFWCNGU
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UWRGTCT NC EQORNGLKFCF GU NC FGUEQORQUKEKÎP
FKXKFG [ XGPEGT¶U .C GUVTCVGIKC GU
FKXKFKT GN RTQDNGOC GP WPKFCFGU O¶U RGSWGÌCU SWG UGCP OCPGLCDNGU 7P GPHQSWG
VTCFKEKQPCNRCTCTGCNK\CTGUVQHWGGNCP¶NKUKU[FKUGÌQGUVTWEVWTCFQUFQPFGUGVTCVCFG
FGUEQORQPGTGNRTQDNGOCGPHWPEKQPGU QRTQEGUQU'UVGOÃVQFQQTKIKPCWPCFKXKUKÎP
LGT¶TSWKEC FG RTQEGUQU EQPUVKVWKFQU RQT UWDRTQEGUQU 2QT GLGORNQ WPC
FGUEQORQUKEKÎPRQTHWPEKQPGUQRTQEGUQUGPCP¶NKUKU[FKUGÌQGUVTWEVWTCFQUFGWP
5KUVGOCFG+PHQTOCEKÎPFG$KDNKQVGECRQFTÈCUGTGNUKIWKGPVG
1VTCHQTOCFGTGCNK\CTNCFGUEQORQUKEKÎPGUWUCPFQWPGUSWGOCFGCP¶NKUKU[FKUGÌQ
QTKGPVCFQCQDLGVQU'PGUVGGUSWGOCUGDWUECFGUEQORQPGTGNRTQDNGOCGPQDLGVQU
[PQGPHWPEKQPGU2QTGLGORNQWPCFGUEQORQUKEKÎPQTKGPVCFCCQDLGVQUFGN5KUVGOC
FG+PHQTOCEKÎPFG$KDNKQVGECRQFTÈCUGTNCUKIWKGPVG
#NIWPCUFGNCUVCTGCUCTGCNK\CTUGGPNCGVCRCFGCP¶NKUKU UQPNCUUKIWKGPVGU
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%TGCT[RGTHGEEKQPCTNQUFKCITCOCUFGECUQUFGWUQ
%TGCT[RGTHGEEKQPCTGNOQFGNQEQPEGRVWCN
%TGCT[RGTHGEEKQPCTGNINQUCTKQ
&GHKPKTNQUFKCITCOCUFGUGEWGPEKCFGNQUUKUVGOCU
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2GTHGEEKQPCTNCCTSWKVGEVWTCFGNUKUVGOC
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%CUQFGGUVWFKQGNRWPVQFGXGPVC
5WRQPICOQU EQOQ ECUQ FG GUVWFKQ GN UKUVGOC FG WPC VGTOKPCN FG RWPVQ FG XGPVC
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TGCNK\CP NQU RCIQU 2QT NQ IGPGTCN GUVG VKRQ FG UKUVGOCU EQORTGPFGP JCTFYCTG
WP
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GNUKUVGOCSWGUGGLGEWVCGPNC
VGTOKPCN5WRQPICSWGUGPQUJCEQPVTCVCFQRCTC ETGCTGUVGUQHVYCTG
.QUTGSWGTKOKGPVQU
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.C OGVC RTKPEKRCN GP GUVC GVCRC GU KFGPVKHKECT [ FQEWOGPVCT NQ SWG GP TGCNKFCF UG
PGEGUKVCGPWPCHQTOCGPSWGRWGFCH¶EKNOGPVGUGTVTCPUOKVKFQCNENKGPVG[CNGSWKRQ
FGFGUCTTQNNQ5GTGEQOKGPFCCSWÈFGHKPKTCNOGPQUNQUUKIWKGPVGURWPVQU
^ 2CPQTCOCIGPGTCN
^ /GVCU
^ (WPEKQPGUFGNUKUVGOC
^ #VTKDWVQUFGNUKUVGOC
C 2CPQTCOCIGPGTCN
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SWGUGWVKNK\CT¶GPNCUXGPVCUCNOGPWFGQ
D/GVCU
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ECLCU TGIKUVTCFQTCU [ FCT UQRQTVG C UGTXKEKQU O¶U T¶RKFQU O¶U DCTCVQU [
OGLQTGU/¶UEQPETGVCOGPVGNCOGVCKPENW[G
^ 2CIQT¶RKFQFGNQUENKGPVGU
^ #P¶NKUKUT¶RKFQ[GZCEVQFGNCUXGPVCU
^ %QPVTQNCWVQO¶VKEQFGNKPXGPVCTKQ
E (WPEKQPGUFGNUKUVGOC
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4 4GIKUVTCNCXGPVCGPRTQEGUQ
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