Beruflich Dokumente
Kultur Dokumente
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2TGRCTCFQ 5WD,GHCVWTCFG+PHQTO¶VKEC &KTGEEKÎP6ÃEPKECFG0QTOCVKXKFCF[2TQOQEKÎPl
+ORTGUKÎP 6CNNGTGU )T¶HKEQU FG NC 1HKEKPC 6ÃEPKEC FG #FOKPKUVTCEKÎP FGN +PUVKVWVQ 0CEKQPCN FG
'UVCFÈUVKECG+PHQTO¶VKEC +0'+
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&QOKEKNKQ #X)TCN)CT\ÎP0,GUÕU/CTÈCK .KOC
1TFGP 016#+0'+
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2TGUGPVCEKÎP
%#2 67.1+
+PVTQFWEEKÎP
%#2 67.1++
4GFGU.#0
%#2 67.1+++
%CDNGCFQGUVTWEVWTCFQGPTGFGUFGEQDTG
%#2 67.1+8
%CDNGCFQGUVTWEVWTCFQGPTGFGUFGHKDTCÎRVKEC
%#2 67.18
/ÃVQFQFGFKUGÌQRCTCWPCTGFDCUCFCGPWPECDNGCFQGUVTWEVWTCFQ
%#2 67.18+
%CVGIQTÈC
%#2 67.18++
%QORQPGPVGU[CEEGUQTKQURCTCWPUKUVGOCFGECDNGCFQGUVTWEVWTCFQ
'PGUVGNKDTQUGFGUETKDGGPSWÃEQPUKUVGPGN%CDNGCFQ'UVTWEVWTCFQUWU
QTÈIGPGUXGPVCLCUUGFGUETKDGDTGXGOGPVGNQUFKHGTGPVGUVKRQUFGTGFGU
FGFCVQUGPHWPEKÎPFGUW¶TGCIGQIT¶HKECVKRQUFGOGFKQUQECPCNGUFG
EQOWPKECEKÎPGURGEKHKECEKQPGU VÃEPKECUPQTOCUGUV¶PFCTGUE CDNGCFQ
GUVTWEVWTCFQ EQP HKDTC ÎRVKEC GP NC SWG UG GZRNKEC UW HWPFCOGPVQ FG
QRGTCEKÎP VKRQU FG HKDTC FKURQUKVKXQU VTCPUFWEVQTGU GNGOGPVQU
PGEGUCTKQU RCTC KORNGOGPVCT WPC TGF EQP HKDTC ÎRVKEC CRNKECPFQ NQU
RTKPEKRKQU FG ECDNGCFQ GUVTWEVWTCFQ (KPCNOGPVG UG RTGUGPVC WPC
OGVQFQNQIÈCFGFGUCTTQNNQGKORNGOGPVCEKÎPFGTGFGUWUCPFQECDNGCFQ
GUVTWEVWTCFQGPVTGQVTQUVGOCUFGKPVGTÃU
'N+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKECGURGTCSWGNCRTGUGPVG
RWDNKECEKÎPUGCFGWVKNKFCFCUWUNGEVQTGU
'/+.+1(#4+&/#67-%#5641
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+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ
3
3QQ``ddee\\__ 99** 99^^ddbb__TTeeSSSSYY^^
1$,'6+81
+PVTQFWEKTNQUHWPFCOGPVQUFGNECDNGCFQGUVTWEVWTCFQCUÈEQOQFGNQUCURGEVQU
RT¶EVKEQU C VGPGT GP EWGPVC GP NCU KPUVCNCEKQPGU SWG UG KORNGOGPVCP EQP WP
UKUVGOCFGECDNGCFQRCTCFCVQU'UVCRWDNKECEKÎPVKGPGEQOQQDLGVKXQNQITCTGP
GNNGEVQTNCECRCEKFCFFGHWPFCOGPVCTNCKPUVCNCEKÎPFGWPUKUVGOCFGECDNGCFQ
GUVTWEVWTCFQFKUGÌCTNCRTGUWRWGUVCTNCGURGEKHKECTNQUOCVGTKCNGUPGEGUCTKQURCTC
NCKPUVCNCEKÎP
14+)'0&'.%#$.'#&1
.QUUKUVGOCUFGVGNGHQPÈC[ FGEQORWVCEKÎPUGFGUCTTQNNCTQPRQTXÈCUVQVCNOGPVG
UGRCTCFCU.CUGORTGUCUGPECTICFCUFGNQUUGTXKEKQUFGVGNGHQPÈC[FGEÎORWVQ
UWRGTRQPÈCPUWUKPUVCNCEKQPGUGPHQTOCCP¶TSWKECGPHWPEKÎPFGNCFGOCPFCFG
PWGXQUWUWCTKQU[NCKPEQTRQTCEKÎPFGPWGXQUGSWKRCOKGPVQU
%CFCRTQXGGFQTFGGSWKRQUTGCNK\CDCUWRTQRKCKPUVCNCEKÎPFGECDNGUSWGOCUNG
EQPXGPÈC [ ÃUVG OKUOQ PQ RQFÈC UGT WUCFQ RQT QVTQU HCDTKECPVGU NQ EWCN
FKHKEWNVCDCCNCQTICPK\CEKÎPQKPUVKVWEKÎPGNECODKQFGRTQXGGFQTFCFQSWGGN
PWGXQ GSWKRCOKGPVQ SWG UG CFSWKTÈC PQ GTC EQORCVKDNG EQP GN ECDNGCFQ
GZKUVGPVG RQT NQ VCPVQ QDNKICDC C NC GORTGUC Q KPUVKVWEKÎP EQORTCT CN CPVGTKQT
RTQXGGFQTQECODKCTVQFCNCTGF
0QTOCNK\CEKÎP5WTIKOKGPVQFGNC0QTOC'+#6+#
'N CEGNGTCFQ CXCPEG FG NC VGEPQNQIÈC GP EQOWPKECEKQPGU JC JGEJQ SWG GP NC
CEVWCNKFCF UGC RQUKDNG FKURQPGT FG UGTXKEKQU SWG PQ GTCP KOCIKPCDNGU JCEG
RQEQUCÌQU%QPNCWPKÎPFGNCKPHQTO¶VKEC[NCUVGNGEQOWPKECEKQPGUGURQUKDNG
WVKNK\CTJQ[UGTXKEKQUFGXÈFGQEQPHGTGPEKCEQPUWNVCTDCUGUFGFCVQUTGOQVCUGP
NÈPGCVTCPUHGTKTGPHQTOCKPUVCPV¶PGC FQEWOGPVQUFGWPC2%CQVTCWDKECFCUC
OKNGUFGMKNÎOGVTQUGNEQTTGQGNGEVTÎPKEQ
5KPGODCTIQRCTCRQFGTFKURQPGTFGGUVCURTGUVCEKQPGUFGUFGVQFQUNQURWGUVQU
FG VTCDCLQ WDKECFQU GP WP GFKHKEKQ FG QHKEKPCU GU PGEGUCTKQ FKURQPGT FG WP
GSWKRCOKGPVQCFGEWCFQ
JCTFYCTG[UQHVYCTG[FGKPUVCNCEKQPGUHÈUKECU
UKUVGOCU
FGECDNGCFQSWGUQPHWPFCOGPVCNOGPVGPGEGUCTKCU
.QUFKXGTUQUUGTXKEKQUCTTKDCOGPEKQPCFQURNCPVGCPFKHGTGPVGUTGSWGTKOKGPVQUFG
ECDNGCFQ 5K C GNNQ NG UWOCOQU SWG RGTOCPGPVGOGPVG CRCTGEGP PWGXQU
RTQFWEVQU[UGTXKEKQUEQPTGSWGTKOKGPVQUOWEJCUXGEGUFKHGTGPVGUTGUWNVCENCTQ
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ
SWGCNTGCNK\CTGNFKUGÌQFGWPUKUVGOCFGECDNGCFQRCTCWPGFKHKEKQFGQHKEKPCU
[RTGVGPFKGPFQSWGFKEJQECDNGCFQVGPICWPCXKFCÕVKNFGXCTKQUCÌQU[UQRQTVG
NCOC[QTECPVKFCFFGUGTXKEKQUGZKUVGPVGU[HWVWTQURQUKDNGPQGUWPCVCTGCH¶EKN
2CTCEQORNGVCTGNRCPQTCOCUGFGDGVGPGTGPEWGPVCSWGNCOCIPKVWFFGNCQDTC
TGSWGTKFC RCTC NNGICT EQP ECDNGU C ECFC WPQ FG NQU RWGUVQU FG VTCDCLQ FG WP
GFKHKEKQGUEQPUKFGTCDNGKORNKECPFQWPEQUVQPCFCFGURTGEKCDNGGPOCVGTKCNGU[
OCPQFGQDTC
5K GN GFKHKEKQ UG GPEWGPVTC [C QEWRCFQ PEQOQ QEWTTG GP NC OC[QTÈC FG NQU
ECUQUQ UGFGDGPVGPGTGPEWGPVCNCUCNVGTCEKQPGU[OQNGUVKCUQECUKQPCFCUCNQU
QEWRCPVGUFGNOKUOQ
'U RQT NQ VCPVQ SWG FQU CUQEKCEKQPGU GORTGUCTKCU FG ITCP KORQTVCPEKC C PKXGN
OWPFKCN NC 'NGEVTQPKEU +PFWUVTKGU #UQEKCVKQP
'+# [ NC 6GNGEQOOWPKECVKQPU
+PFWUVTKGU #UQEKCVKQP
6+# SWG CITWRCP C NCU KPFWUVTKCU FG GNGEVTÎPKEC [ FG
VGNGEQOWPKECEKQPGU FG NQU 'UVCFQU 7PKFQU JCP FCFQ C EQPQEGT GP HQTOC
EQPLWPVCNCPQTOC'+#6+# GPGNCÌQFQPFGUGGUVCDNGEGPNCURCWVCU
CUGIWKTRCTCNCGLGEWEKÎPFGWPECDNGCFQGUVTWEVWTCFQ
.CPQTOC'+#6+#ICTCPVK\CSWGNQUUKUVGOCUSWGUGGLGEWVGPFGCEWGTFQC
GNNCUQRQTVCT¶PVQFCUNCUCRNKECEKQPGUFGVGNGEQOWPKECEKQPGURTGUGPVGU[HWVWTCU
RQTWPNCRUQFGCNOGPQUFKG\CÌQU
'UVQGUSWGNQUHCDTKECPVGUFGNRCÈUOCUFGUCTTQNNCFQFGNOWPFQGPNQTGHGTGPVG
C VGNGEQOWPKECEKQPGU [ FQPFG UG FGUCTTQNNCP NQU UKUVGOCU SWG UG WUCTCP GP GN
HWVWTQ UQP SWKGPGU CUGIWTCP SWG CN OGPQU FWTCPVG NQU RTÎZKOQU FKG\ CÌQU
FGUFG SWG UG GOKVKÎ NC PQTOC VQFQU NQU PWGXQU RTQFWEVQU C CRCTGEGT RQFT¶P
UQRQTVCTUG GP NQU UKUVGOCU FG ECDNGCFQ SWG UG FKUGÌGP JQ[ FG CEWGTFQ C NC
TGHGTKFCPQTOC
2TQRÎUKVQUFGNC0Q TOC6+#'+##
x 'UVCDNGEGTWPCPQTOCFGNECDNGCFQFGVGNGEQOWPKECEKQPGU
x 2GTOKVKT NC RNCPKHKECEKÎP G KPUVCNCEKÎP FG WP ECDNGCFQ GUVTWEVWTCFQ RCTC
GFKHKEKQUEQOGTEKCNGU
x 'UVCDNGEGTGNWUQ[NQUETKVGTKQUVÃEPKEQURCTCNQUFKXGTUQUECDNGCFQU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ
#NECPEGFG NC0QTOC6+#'+##
.CPQTOCGURGEKHKEC
x .QUTGSWGTKOKGPVQUOÈPKOQURCTCNQUECDNGUFGVGNGEQOWPKECEKQPGURCTCWP
CODKGPVGFGQHKEKPC
x .CUTGEQOGPFCEKQPGURCTCNCUVQRQNQIÈCU[FKUVCPEKCU
x .QURCT¶OGVTQURTQOGFKQUSWGFGVGTOKPCPGNHWPEKQPCOKGPVQ
x #UKIPCEKQPGU FGN EQPGEVQT [ FGN EQPVCEVQ RCTC CUGIWTCT NC
KPVGTEQPGEVCDKNKFCF
x .CXKFCÕVKNFGNECDNGUKGPFQPQO¶UFGFKG\CÌQU
8'06#,#5&'.%#$.'#&1'5647%674#&1
7P 5KUVGOC FG %CDNGCFQ 'UVTWEVWTCFQ UG FGHKPG RQT QRQUKEKÎP C NQU
RTQDNGOCUFGNECDNGCFQPQGUVTWEVWTCFQPQUVCPFCTFQEGTTCFQQRTQRKGVCTKQ
FGWPFGVGTOKPCFQHCDTKECPVG
7P P5KUVGOC FG %CDNGCFQ #DKGTVQQ RQT QVTQ NCFQ GU WP UKUVGOC FG ECDNGCFQ
GUVTWEVWTCFQ SWG GUV¶ FKUGÌCFQ RCTC UGT KPFGRGPFKGPVG FGN RTQXGGFQT [ FGNC
CRNKECEKÎPCNCXG\
.CUECTCEVGTÈUVKECUENCXGU FGWPUKUVGOCFGECDNGCFQCDKGTVQUQPSWGVQFQUNCU
QWVNGVU
UCNKFCURCTCEQPGZKÎPFGN¶TGCFGVTCDCLQUQPKFÃPVKECOGPVGEQPGEVCFQU
GP GUVTGNNC C CNIÕP RWPVQ FG FKUVTKDWEKÎP EGPVTCN WUCPFQ WPC EQODKPCEKÎP FG
OGFKQ [ JCTFYCTG SWG RWGFG CEGRVCT EWCNSWKGT PGEGUKFCF FG CRNKECEKÎP SWG
RWGFCQEWTTKTCNQNCTIQFGNCXKFCFGNECDNGCFQ
'UVCU ECTCEVGTÈUVKECU FGN UKUVGOC FG ECDNGCFQ CDKGTVQ QHTGEGP VTGU XGPVCLCU
RTKPEKRCNGUCNWUWCTKQSWGUQP
x 'NUKUVGOCFGECDNGCFQGUVTWEVWTCFQGUKPFGRGPFKGPVGFGNCCRNKECEKÎP[FGN
RTQXGGFQTRQTNQVCPVQNQUECODKQUGPNCTGF[GPGNGSWKRCOKGPVQRWGFGP
TGCNK\CTUGRQTNQUOKUOQUECDNGUGZKUVGPVG
x &GDKFQCSWGNQU1WVNGVUGUV¶PECDNGCFQUFGKIWCNHQTOCNQUOQXKOKGPVQU
FGRGTUQPCNRWGFGPJCEGTUGUKPOQFKHKECTNCDCUGFGECDNGCFQ
x .C NQECNK\CEKÎP FG NQU FG NQU GSWKRQU FG EQOWPKECEKQPGU
JWDU Q
EQPEGPVTCFQTGU UYKVEJ GVE FGNCTGFGPWPRWPVQEGPVTCNFGFKUVTKDWEKÎP
ENQUGV FG VGNGEQOWPKECEKQPGU RGTOKVG SWG NQU RTQDNGOCU FGN ECDNGCFQ
UGCPFGVGEVCFQU[CKUNCFQUH¶EKNOGPVGUKPVGPGTSWGRCTCTGNTGUVQFGNCTGF
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ
%#6')14 #5
'P GN CÌQ GN ITWRQ FG VTCDCLQ FG NC '+#6+# 64 RWDNKEÎ GN
FQEWOGPVQ 6GEJPKECN 5[UVGOU $WNNGVKP
65$ GN EWCN RTQRQTEKQPC
GURGEKHKECEKQPGU CFKEKQPCNGU RCTC NQU ECDNGU FG RCT VTGP\CFQ UKP CRCPVCNNCT C
RCTVKT FG NCU ECTCEVGTÈUVKECU KPKEKCNGU FGUETKVCU GP NC PQTOCVKXC FG ECDNGCFQ
'+#6+#'NECDNGGURGEKHKECFQGP'+#6+# RCUCCFGPQOKPCTUGFG
x %CVGIQTÈC 'URGEKHKECFQJCUVC/J\RCTCWUQGPTGFGUFG/DRU
x %CVGIQTÈC 5G GURGEKHKEC JCUVC /J\ [ GUVC EQPEGDKFQ RCTC TGFGU FG
/DRU
x %CVGIQTÈC 5G GURGEKHKEC JCUVC /J\ [ GUVC EQPEGDKFQ RCTC TGFGU FG
JCUVC)DRUICTCPVK\CPFQWPCOGLQTXGNQEKFCFGPNCVTCPUOKUKÎPFGFCVQU
XQ\[XÈFGQ
'PGNITWRQ64 RWDNKEÎWPUGIWPFQFQEWOGPVQCFKEKQPCNGN65$
SWGCRQTVCNCUGURGEKHKECEKQPGUFGNQUEQORQPGPVGUFGEQPGZKÎPRCTCECDNGU
FGRCTVTGP\CFQ[UKPVTGP\CTGPEQTTGURQPFGPEKCEQPNCUFKUVKPVCUECVGIQTÈCUFG
ECDNGUFGN65$
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ
'UVCUGURGEKHKECEKQPGUJCPUKFQFGHKPKFCUEQPGNQDLGVQFGOKPKOK\CTNQUGHGEVQU
FGEQPGZKQPCFQFGWPECDNGCFQ7PUKUVGOCSWGWVKNKEGECDNGU[EQPGEVQTGUFG
ECVGIQTÈCRTQRQTEKQPCNCUOGLQTGURTGUVCEKQPGUFGECDNGCFQUKPCRCPVCNNCT
'NECDNGCFQGUVTWEVWTCFQGPECVGIQTÈCGUGNVKRQFGECDNGCFQO¶UUQNKEKVCFQGP
NC CEVWCNKFCF CWPSWG VCODKÃP [C CRCTGEÈCP GP GN OGTECFQ NC ECVGIQTÈC SWG
RGTOKVGKORNGOGPVCTTGFGUO¶UXGNQEGUEQOQNC6GEPQNQIÈC)KICDKV
7,$(,$$
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%CTCEVGTÈUVKECUFGNCECVGIQTÈC
x 5GTGHKGTGCNCGURGEKHKECEKÎPFGNCUECTCEVGTÈUVKECUGNÃEVTKECUFGVTCPUOKUKÎP
FGNQUEQORQPGPVGUFGWPECDNGCFQDCUCFQGP762
%CDNGFGRCTVTGP\CFQ
FGEQDTGUKPDNKPFCLG
x 'UV¶ PQTOCNK\CFQ RQT NQU CRÃPFKEGU '+#6+# 65$
ECDNGU [ 65$
EQPGEVQTGU
x 'U NC O¶U CNVC GURGEKHKECEKÎP GP EWCPVQ C PKXGNGU FG CPEJQ FG DCPFC [
RGTHQTOCPEG .QU GNGOGPVQU EGTVKHKECFQU DCLQ GUVC ECVGIQTÈC RGTOKVGP
OCPVGPGT NCU GURGEKHKECEKQPGU FG NQU RCT¶OGVTQU GNÃEVTKEQU FGPVTQ FG NQU
NKOKVGUHKLCFQURQTNCPQTOCJCUVCWPCHTGEWGPEKCFG/J\GPVQFQUUWU
RCTGU
x 'UWPCGURGEKHKECEKÎPIGPÃTKECRCTCEWCNSWKGTRCTQEWCNSWKGTEQODKPCEKÎP
FGRCTGU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ
x 0Q UG TGHKGTG C NC RQUKDKNKFCF FG VTCPUOKVKT /DRU RCTC UÎNQ WPC UQNC
EQODKPCEKÎPFGRCTGUGNGIKFC
x 'NGNGOGPVQSWGRCUCNCRTWGDCNQFGDGJCEGTUQDTGVQFQUNQURCTGU0QGU
RCTCICTCPVK\CTGNHWPEKQPCOKGPVQFGWPCCRNKECEKÎPGURGEÈHKEC'UGNGSWKRQ
FG EQOWPKECEKQPGU SWG RWGFC WUCT Q PQ VQFQ GN CPEJQ FG DCPFC
$9
RGTOKVKFQRQTGNECDNG
x 5GCRNKECCNQUECDNGU762FGRCTGUFGJKNQUFGEQDTGRCTCGNWUQEQOQ
ECDNGUFGFKUVTKDWEKÎPRCVEJEQTF[ECDNGUFGGSWKRQUQTKGPVCFQU C
i NCKPVGTEQPGZKÎPFG762FGEWCNSWKGTEQPHKIWTCEKÎP
i NQUVGTOKPCNGUFGEQPGZKÎP
,CEM
i NQURCVEJRCPGNU
i NQUGNGOGPVQUWUCFQUGPNQURWPVQUFGVTCPUKEKÎP
x %WCPFQUGEGTVKHKECWPCKPUVCNCEKÎPGPDCUGCNCGURGEKHKECEKÎPFG%CVGIQTÈC
UGNQJCEGFG2WPVCC2WPVC[UGNQICTCPVK\CRQTGUETKVQ
x .QURCT¶OGVTQUGNÃEVTKEQUSWGUGOKFGPUQP
#VGPWCEKÎPGPHWPEKÎPFGNCHTGEWGPEKC
F$
+ORGFCPEKCECTCEVGTÈUVKECFGNECDNG
1JOU
#EQRNCOKGPVQFGNRWPVQO¶UEGTECPQ
0':6 F$
4GNCEKÎPGPVTG#VGPWCEKÎP[%TQUVCNM
#%4 F$
%CRCEKVCPEKC
RHO
4GUKUVGPEKCGP&%
1JOUO
8GNQEKFCFFGRTQRCICEKÎPPQOKPCN
GPTGNCEKÎP%%-OU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ
3
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.#0
'N UQNQ JGEJQ FG RQFGT EQORCTVKT KPHQTOCEKÎP GU GN RKNCT D¶UKEQ RCTC NC
DWGPC QTICPK\CEKÎP FG WPC GORTGUC UG TGHKGTG C EQORCTVKT KPHQTOCEKÎP C
VTCXÃU FG WPC TGF PQ VQFQ GN OWPFQ FGDG VGPGT WPC EQPHKIWTCEKÎP
RCTGEKFC RQTSWG ECFC QTICPK\CEKÎP VGPFT¶ WPC UGTKG FG PGEGUKFCFGU
FKUVKPVCUNCUEWCNGUPQUGT¶PNCUOKUOCUSWGNCUFGQVTCKPUVKVWEKÎP
2QTNQVCPVQNCGNGEEKÎPFGNGSWKRCOKGPVQFGNCTGF
QTFGPCFQTGUECDNGCFQ
VCTLGVCU FG TGF UQHVYCTG GVE UGT¶ GP HWPEKÎP FGN TGUWNVCFQ SWG UG FGUGC
QDVGPGTGPNCGORTGUCQKPUVKVWEKÎP
.C KORQTVCPEKC SWG JQ[ VKGPGP NCU TGFGU FG FCVQU GU GN TGUWNVCFQ FG NC
CRCTKEKÎP FG XCTKQU GNGOGPVQU SWG JCP EQPVTKDWKFQ C HQTOCT GP RTKOGTC
KPUVCPEKCNCTGFNQECNGXQNWEKQPCPFQO¶UVCTFGJCEKCNCTGFFGFCVQU
'P WPC TGF FG FCVQU RQFGOQU FKUVKPIWKT RTKPEKRCNOGPVG NCU VÃEPKECU FG
VTCPUOKUKÎP FG KPHQTOCEKÎP UQDTG NQU OGFKQU NQU EQPEGPVTCFQTGU Q
EQPOWVCFQTGU FG ECDNGCFQ SWG IGUVKQPCP GUQU OGFKQU NQU IGUVQTGU FG
TGFGUNQECNGUUQDTGUGTXKFQTGUFGTGFNCUVÃEPKECUFGKPVGTEQPGZKÎPFGTGF
'XQNWEKÎPFGNCUTGFGU
'NRTKOGTRCUQNQEQPUVKVW[GTQPNQUOÎFWNQUEGPVTCNGUFGITCPVCOCÌQNQU
EWCNGU EQPEGPVTCDCP [ IGUVKQPCDCP VQFC NC GUVTWEVWTC KPHQTO¶VKEC .QU
VGTOKPCNGUGTCPEQPGEVCFQUFKTGEVCOGPVGQGPOQFQTGOQVQ[EQORCTVÈCP
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\QUFGNQUEWCPFQCRCTGEKGTQPNCURTKOGTCU4GFGUFGTGC
.QECN
.#0NCUEWCNGUEQPUVKVW[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
VQRQNQIÈCUFGNCTGFNQECN2CTCSWGNCEQPGZKÎPCNOGFKQHWGTCRQUKDNGNQU
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
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 4GFGUFGTGC.QECN
.#0
5QPRGSWGÌCUTGFGUEQPWPPÕOGTQTGFWEKFQFGPQFQU
UKGORTGKPHGTKQT
CNEGPVGPCTJCDKVWCNOGPVGNQECNK\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
WPC4GFFGTGC.QECN
.#0RQFGOQUFKUVKPIWKT
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
UGTXKFQTUGRTQRCICPRQTVQFQGNDWU
GPCODCUFKTGEEKQPGUCNECP\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
.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+PVGTPCVKQPCN5VCPFCTFUGNCDQTÎWPOQFGNQFGTGHGTGPEKC
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
6HVLyQ &RRUGLQDUODLQWHUDFFLyQHQODVHVLyQ
1LYHO GLiORJRGHORVXVXDULRV
7UDQVSRUWH 3URYHHXQDWUDQVPLVLyQ
1LYHO GHGDWRVFRQILDEOHSXQWRDSXQWR
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
OWEJCUGPVTCFCUWPCUCNKFCWPCEQPGZKÎPRWPVQ
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
6GPFGPEKCUCEVWCNGUGPNCU4GFGUFGTGC.QECN
.#0
.CGNGEEKÎPFGNOGFKQFGVTCPUOKUKÎP[FGNOÃVQFQFGCEEGUQCNOKUOQNC
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GPVQFCUNCUTGFGUEQPGEVCFCURQTWPQQO¶UTGRGVKFQTGUUGRTQRCICCVQFCUNCU
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¾ .C NQPIKVWF FGN RCVEJEQTF FGN ETQUUEQPPGEV RTKPEKRCN G
KPVGTOGFKQPQRWGFGUGTOC[QTCO
¾ 'N RQNQ C VKGTTC FGDG EWORNKT EQP NQU TGSWGTKOKGPVQU FG
FGHKPKFQUGPNCPQTOC'+#6+#
%7#461&'6'.'%1/70+%#%+10'5
%6
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EQPGNUKUVGOCFGECDNGCFQFGVGNGEQOWPKECEKQPGU'NGURCEKQFGNEWCTVQFG
EQOWPKECEKQPGUPQFGDGUGTEQORCTVKFQEQPKPUVCNCEKQPGUGNÃEVTKECUSWGPQ
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ
UGCPFGVGNGEQOWPKECEKQPGU'NEWCTVQFGVGNGEQOWPKECEKQPGUFGDGUGTECRC\
FG CNDGTICT GSWKRQ FG VGNGEQOWPKECEKQPGU VGTOKPCEKQPGU FG ECDNG [
ECDNGCFQ FG KPVGTEQPGZKÎP CUQEKCFQ 'N FKUGÌQ FG EWCTVQU FG
VGNGEQOWPKECEKQPGU FGDG EQPUKFGTCT CFGO¶U FG XQ\ [ FCVQU NC
KPEQTRQTCEKÎPFGQVTQUUKUVGOCUFGKPHQTOCEKÎPFGNGFKHKEKQVCNGUEQOQ
VGNGXKUKÎP RQT ECDNG
%#68 CNCTOCU UGIWTKFCF #WFKQ [ QVTQU UKUVGOCU FG
VGNGEQOWPKECEKQPGU 6QFQ GFKHKEKQ FGDG EQPVCT EQP CN OGPQU WP EWCTVQ FG
VGNGEQOWPKECEKQPGU Q EWCTVQ FG GSWKRQ 0Q JC[ WP NÈOKVG O¶ZKOQ GP NC
ECPVKFCFFGEWCTVQUFGVGNGEQOWPKECEKQPGUSWGRWGFCPJCDGTGPWPGFKHKEKQ
%105+&'4#%+10'5&'&+5'¤1
'NFKUGÌQFGWP%WCTVQFG6GNGEQOWPKECEKQPGUFGRGPFGFG
¾ 'NVCOCÌQFGNGFKHKEKQ
¾ 'NGURCEKQFGRKUQCUGTXKT
¾ .CUPGEGUKFCFGUFGNQUQEWRCPVGU
¾ .QUUGTXKEKQUFGVGNGEQOWPKECEKQPGUCWVKNK\CTUG
&(1752'(7(/(&2081,&$&,21(6
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&GDG FG JCDGT WP OÈPKOQ FG WP %6 RQT GFKHKEKQ OÈPKOQ WPQ RQT
RKUQPQJC[O¶ZKOQ
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&7%615
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VGNGEQOWPKECEKQPGU XCTÈC EQP TGURGEVQ C NC ECPVKFCF FG ¶TGCU FG
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ
VTCDCLQUKPGODCTIQUGTGEQOKGPFCRQTNQOGPQUVTGUFWEVQUFG
OKNÈOGVTQU
RWNICFCURCTCNCFKUVTKDWEKÎPFGNECDNGFGN$CEMDQPG
.QUFWEVQUFGGPVTCFCFGDGPFGEQPVCTEQPGNGOGPVQUFGTGVCTFQFG
RTQRCICEKÎPFGKPEGPFKQHKTGUVQRU
'XFWRV(PSRWUDGRVHQ3LVR
&RQHFWRU 3RZHU
0RGXODU
27'46#5
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URWGTVC
UFGCEEGUQFGDG
PUGTFG CRGTVWTCEQORNGVCEQPNNCXG
[FGCNOGPQUEGPVÈOGVTQUFGCPEJQ[OGVTQUFGCNVQ.CRWGTVC
FGDG UGT TGOQXKDNG [ CDTKT JCEKC CHWGTC
Q NCFQ C NCFQ .C RWGTVC
FGDGCDTKTCNTCUFGNRKUQ[PQFGDGVGPGTRQUVGUEGPVTCNGU
21.81;'.'%64+%+&#&'566+%#
5G FGDG GXKVCT RQNXQ [ NC GNGEVTKEKFCF GUV¶VKEC WVKNK\CPFQ RKUQ FG
EQPETGVQVGTTC\QNQ\CQUKOKNCT
PQWVKNK\CTCNHQODTC&GUGTRQUKDNG
CRNKECT VTCVCOKGPVQ GURGEKCN C NCU RCTGFGU RKUQU [ EKGNQU RCTC
OKPKOK\CTGNRQNXQ[NCGNGEVTKEKFCFGUV¶VKEC
%10641.#/$+'06#.
'P EWCTVQU SWG PQ VKGPGP GSWKRQ GNGEVTÎPKEQ NC VGORGTCVWTC FGN
EWCTVQ FG VGNGEQOWPKECEKQPGU FGDG OCPVGPGTUG EQPVKPWCOGPVG
JQTCU CN FÈC FÈCU CN CÌQ GPVTG [ ITCFQU EGPVÈITCFQU .C
JWOGFCFTGNCVKXCFGDGOCPVGPGTUGOGPQTC &GDGFGJCDGTWP
ECODKQFGCKTGRQTJQTC
'PEWCTVQUSWGVKGPGPGSWKRQGNGEVTÎPKEQNCVGORGTCVWTCFGNEWCTVQFG
VGNGEQOWPKECEKQPGU FGDG OCPVGPGTUG EQPVKPWCOGPVG
JQTCU CN
FÈCFÈCUCNCÌQGPVTG[ITCFQUEGPVÈITCFQU.CJWOGFCF
TGNCVKXC FGDG OCPVGPGTUG GPVTG [ &GDG FG JCDGT WP
ECODKQFGCKTGRQTJQTC
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ
%+'.15(#.515
5G FGDG GXKVCT GN WUQ FG EKGNQU HCNUQU GP NQU EWCTVQU FG
VGNGEQOWPKECEKQPGU
24'8'0%+¦0&'+070&#%+10'5
.QU EWCTVQU FG VGNGEQOWPKECEKQPGU FGDGP GUVCT NKDTGU FG EWCNSWKGT
COGPC\CFGKPWPFCEKÎP0QFGDGJCDGTVWDGTÈCFGCIWCRCUCPFQRQT
UQDTGQCNTGFGFQTGNEWCTVQFGVGNGEQOWPKECEKQPGU&GJCDGTTKGUIQ
FGKPITGUQFGCIWCUGFGDGRTQRQTEKQPCTFTGPCLGFGRKUQ&GJCDGT
TGICFGTCUEQPVTCKPEGPFKQUGFGDGKPUVCNCTWPCECPQC RCTCFTGPCTWP
IQVGQRQVGPEKCNFGNCUTGICFGTCU
2+515
.QURKUQUFGNQUCODKGPVGUFGDGPUQRQTVCTWPCECTICFGMRC
-KNQ
RCUECN
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+.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¶ZKOQFGOGVTQUUG
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
'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
TCEMUFGDGPFGEQPVCTEQPCNOGPQUEOFGGURCEKQ
FGVTCDCLQNKDTGCNTGFGFQT
CNHTGPVG[FGVT¶UFGNQUGSWKRQU[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
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
0ÕOGTQFG'UVCEKQPGUFGVTCDCLQ TGCGPO
*CUVC
&GUFGJCUVC
&GUFGJCUVC
&GUFGJCUVC
D)WÈCRCTCQVTQUGSWKRQU
2TQXKUKQPCOKGPVQ
.CCNVWTCOÈPKOCFGWPEWCTVQFGGSWKRQUFGDGUGTFGOGVTQU
RKGUUKPQDUVTWEEKQPGU
%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#NQPGFGDG UGTKPUVCNCFC
RCTCGNEWCTVQFGGSWKRQU
#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
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
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VCODKÃPGNGXCNQUEQUVQU
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1TKIKPCNOGPVG NC HKDTC ÎRVKEC HWG RTQRWGUVC EQOQ OGFKQ FG VTCPUOKUKÎP
FGDKFQ C UW GPQTOG CPEJQ FG DCPFC UKP GODCTIQ EQP GN VKGORQ UG JC
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GPECTICFGVTCPUHQTOCTNCUQPFCUGNGEVTQOCIPÃVKECUGPGPGTIÈCÎRVKECQGP
NWOKPQUCRQTGNNQUGNGEQPUKFGTCGNEQORQPGPVGCEVKXQFGGUVGRTQEGUQ
7PCXG\SWGGUVTCPUOKVKFCNCUGÌCNNWOKPQUCRQTNCUOKPÕUEWNCUHKDTCUGP
GNQVTQGZVTGOQFGNEKTEWKVQUGGPEWGPVTCWPVGTEGTEQORQPGPVGCNSWGUGNG
FGPQOKPCFGVGEVQTÎRVKEQQTGEGRVQTEW[COKUKÎPEQPUKUVGGPVTCPUHQTOCTNC
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UKUVGOC D¶UKEQ FG VTCPUOKUKÎP UG EQORQPG GP GUVG QTFGP FG UGÌCN FG
GPVTCFCCORNKHKECFQTHWGPVGFGNW\EQTTGEVQTÎRVKEQNÈPGCFGHKDTCÎRVKEC
RTKOGTVTCOQGORCNOGNÈPGCFGHKDTCÎRVKEC
UGIWPFQVTCOQEQTTGEVQT
ÎRVKEQTGEGRVQTCORNKHKECFQT[UGÌCNFG UCNKFC
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IGPGTCFQRQTGNVTCPUOKUQTFG.'&
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VTCPUOKUKÎP OGFKCPVG HKDTC ÎRVKEC FGDKFQ C SWG UW UCNKFC UG RWGFG
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WP OGFKQ SWG VKGPG WP ÈPFKEG O¶U DCLQ EWCPFQ GUVC NW\ NNGIC EQP WP
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FGN HWPEKQPCOKGPVQ FG WPC HKDTC ÎRVKEC [C SWG RGTOKVG EQPHKPCT NC NW\ CN
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ÎRVKEC
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RCTC
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FQUJQTCUCWPOKNNÎPFGJQTCU
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GZKUVÈCP NQU EQPFWEVQU [ ECPCNGU CFGEWCFQU RCTC JCEGT XKCLCT NCU QPFCU
GNGEVTQOCIPÃVKECU RTQXQECFCU RQT NC NNWXKC FG HQVQPGU QTKIKPCFQU GP NC
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FGNCUKIWKGPVGOCPGTCUGVTCVCGPTGCNKFCFFGWPCQPFCGNGEVTQOCIPÃVKEC
FGNCOKUOCPCVWTCNG\CSWGNCUQPFCUFGTCFKQEQPNCÕPKECFKHGTGPEKCFG
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UGRWGFGPKPUVCNCTVTCOQUJCUVCFG-KNÎOGVTQUUKPSWGJC[CPGEGUKFCF
FG TGEWTTKT C TGRGVKFQTGU NQ SWG VCODKÃP JCEG O¶U GEQPÎOKEQ [ FG H¶EKN
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RTQFWEGPEWCPFQWPCEQTTKGPVGEQPWPCCORNKVWFUWHKEKGPVGEKTEWNCGPWPC
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UGVTCPUOKVKT¶
5GIÕP UGC NC CPVGPC SWG UG GUEQLC NC GPGTIÈC GP HQTOC FG QPFCU
GNGEVTQOCIPÃVKECURWGFGGOKVKTUGGPVQFCUFKTGEEKQPGUQGPWPCFKTGEEKÎP
GURGEKHKEC.CVTC[GEVQTKC[NCUFKUVCPEKCUTGEQTTKFCRQTNCUQPFCUJGTV\KCPCU
FGRGPFGPFGNCUEQPFKEKQPGUCVOQUHÃTKECU[FGNCHTGEWGPEKCFGNCUQPFCU
2CTC FGUETKDKT GUVCU KPHNWGPEKCU UG WVKNK\CT¶P NQU VÃTOKPQU SWG GP IGPGTCN
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x $CPFCUFGHTGEWGPEKCUJGEVQOÃVTKECU
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5QP NCU HTGEWGPEKCU SWG O¶U UG WVKNK\CP 6KGPGP NC ECTCEVGTÈUVKEC FG UGT
TGHNGLCFCURQTNCKQPQUHGTCSWGGUNCECRCFGRCTVÈEWNCUECTICFCU
KQPGU[
GNGEVTQPGUUKVWCFCGPNCCVOÎUHGTCVGTTGUVTGUWRGTKQT.CURCTVÈEWNCUSWG
EQORQPGP NC KQPQUHGTC UG RTQFWEGP RQT TCFKCEKQPGU FG CNVC GPGTIÈC
RTQEGFGPVGUFGNUQN5KWPCQPFCJGEVQOÃVTKECQFGECOÃVTKECGPEWGPVTC
GUVC ECRC TGVQTPCT¶ TWODQ C NC VKGTTC FQPFG RQFT¶ ECRVCTUG EQP WPC
CPVGPCTGEGRVQTC
'U CUÈ SWG ITCEKCU C NC TGHNGZKÎP NCU QPFCU RWGFGP TGEQTTGT FKUVCPEKCU
GPQTOGU &GDKFQ C NC KPHNWGPEKC FGN UQN NC TGHNGZKÎP PQ GU GUVCDNG C NQ
NCTIQFGNVKGORQRCTCNCUQPFCUJGEVQOÃVTKECUNCTGHNGZKÎPGUECUKPWNC
FWTCPVG GN FÈC NQ SWG NKOKVC GN CNECPEG FG NC VTCPUOKUKÎP C CNIWPCU
EGPVGPCU FG MKNÎOGVTQU &WTCPVG NC PQEJG NC TGHNGZKÎP KQPQUHÃTKEC GU
OWEJQOGLQT[HCEKNKVCNCUVTCPUOKUKQPGUCVTCXÃUFGOKNGUFGMKNÎOGVTQU
CWPSWGNCUHTGEWGPEKCUWVKNK\CFCUPQC[WFCPCNCVTCPUOKUKÎPFGWPCITCP
ECPVKFCFFGKPHQTOCEKÎP
x $CPFCUFGHTGEWGPEKCOÃVTKEC
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2CTC GUVCU HTGEWGPEKCU [C PQ JC[ TGHNGZKÎP KQPQUHÃTKEC .CU QPFCU UG
RTQRCICPGPNÈPGCTGEVCNCVTCPUOKUKÎPUÎNQRWGFGJCEGTUGUKPQJC[WP
QDUV¶EWNQ UQDTG NC VTC[GEVQTKC TGEVC GPVTG GN GOKUQT [ GN TGEGRVQT 'U GN
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RGTQ GN CNECPEG FG NC VTCPUOKUKÎP GU NKOKVCFQ RQTSWG GN GOKUQT [ GN
TGEGRVQTFGDGPGUVCTGPNÈPGCFGXKUVC
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QPFCUEGPVKOÃVTKECU[OKNKOÃVTKECU
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NQPIKVWFFGQPFCFKUOKPW[GEQPGNCWOGPVQFGHTGEWGPEKCNQSWGVKGPG
XGPVCLCU CWPSWG VCODKÃP KPEQPXGPKGPVGU .CU CPVGPCU RWGFGP UGT FG
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OGPQTGUFKOGPUKQPGU#FGO¶UNCGOKUKÎPRWGFGUGTOW[ FKTGEVKXCNQ
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GUVCHQTOCCWOGPVCTGNCNECPEGFGNCVTCPUOKUKÎP[GXKVCTNCKPVGTHGTGPEKC
EQPQVTQUECPCNGUFGVTCPUOKUKÎP
5KNCHTGEWGPEKCGUOW[GNGXCFCNCECPVKFCFFGKPHQTOCEKÎPVTCPUOKVKFC
RWGFG NNGICT C UGT OW[ ITCPFG 5KP GODCTIQ UK NC NQPIKVWF FG QPFC
NCPFCHWGTCRGSWGÌCNCKPVGTCEEKÎPEQPQDLGVQUSWGVKGPGPFKOGPUKQPGU
FGNQTFGPFGNCPFC
FKHTCEEKÎPFKHWUKÎPUGTÈCOW[ITCPFG
2QT GUQ NCU IQVCU FG NNWXKC VKGPGP WP GHGEVQ OW[ PGICVKXQ GP NC
RTQRCICEKÎPFGNCUOKETQQPFCU#FGO¶UEQPGUVCUCNVCUHTGEWGPEKCUNCU
OQNÃEWNCU FG QZÈIGPQ [ FG CIWC EQPVGPKFCU GP GN CKTG CDUQTDGP NCU
QPFCU GNGEVTQOCIPÃVKECU NQ SWG NKOKVC GN CNECPEG FG NC VTCPUOKUKÎP C
CNIWPCUFGEGPCUFGMKNÎOGVTQU
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FQPFG CXCP\CP RQT TGHNGZKÎP UQDTG NCU RCTGFGU &KEJQ VWDQ FGDG VGPGT
FKOGPUKQPGUFGNOKUOQQTFGPSWGNCUFGNCNQPIKVWFFGQPFC
5K UG EQPVTQNC NC CVOÎUHGTC FGPVTQ FG NC IWÈC RWGFG NQITCTUG SWG
FKUOKPW[CNCCDUQTEKÎPRQTQZÈIGPQNQSWGRGTOKVGCWOGPVCTGNCNECPEG
FG NC VTCPUOKUKÎP 5KP GODCTIQ GUVC CDUQTEKÎP FGRGPFG OWEJQ FG NC
ECNKFCFFGNCIWÈCFGQPFCRQTNQSWGGNEQUVQFGWPUKUVGOCUGOGLCPVG
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%CDNGUGNÃEVTKEQU
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ECDNGFGCWFKQEQOQRCTCGNECDNGEQCZKCNWPCFKUVCPEKCNCTICKORNKECWPC
DCLC HTGEWGPEKC Q SWG WPC CNVC HTGEWGPEKC EQTTGURQPFG C WPC EQTVC
FKUVCPEKC 'UVQ GU WP ITCP KPEQPXGPKGPVG EWCPFQ UG KPVGPVC QDVGPGT WP
UKUVGOCFGVGNGEQOWPKECEKÎPFGCNVCGHKEKGPEKC
%CPCNFGVTCPUOKUKÎPÎRVKEC
'PVTGO¶UGNGXCFCUGCNCHTGEWGPEKCFGWPCQPFCGNGEVTQOCIPÃVKECOC[QT
UGT¶NCECPVKFCFFGKPHQTOCEKÎPSWGGUVCRWGFCVTCPUOKVKT'UVQLWUVKHKECSWG
NQU GURGEKCNKUVCU FG VGNGEQOWPKECEKQPGU RKGPUGP GP WVKNK\CT HTGEWGPEKCU
UWRGTKQTGU C NCU FG OKETQQPFCU GU FGEKT GP GN ¶TGC FGN KPHTCTTQLQ [ FGN
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Z *< GP FQPFG GZKUVG WP GPQTOG RQVGPEKCN RCTC VTCPURQTVCT
KPHQTOCEKÎP%QOQWPECPCNFGVGNGXKUKÎPPGEGUKVCWPCPEJQFGDCPFCFG
/*< GZKUVG NC RQUKDKNKFCF VGÎTKEC FG VTCPURQTVCT UQDTG WPC UQNC XÈC FG
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NNGIC CN GZVTGOQ TGEGRVQT FQPFG WP TGEGRVQT FG NW\ NC EQPXKGTVG GP WPC
UGÌCNGNÃEVTKEC
2TKPEKRKQHWPEKQPCNFGWPUKU VGOCFGVTCPUOKUKÎPEQPHKDTCÎRVKEC
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HWPFKFQ .C HWGPVG FG NW\ RWGFG UGT WP .'&
FKQFQ GOKUQT FG NW\ Q WP
FKQFQN¶UGTEWCNSWKGTCFGNQUFQUGOKVGRWNUQUFGNW\EWCPFQUGNGCRNKEC
WPCEQTTKGPVGGNÃEVTKEC
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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
'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
GORCNOGUKORNGQGORCNOGUOÕNVKRNGUUQNWEKÎPO¶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
+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
+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
'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
'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
KPHGTKQTGUCF$
C%QPGEVQTGUFGCNKPGCEKÎPRQTXKTQNC
'P GN EQPGEVQT DKEÎPKEQ UG CNQLCP NCU FQU XKTQNCU Q GZVTGOQ
KPUGTVCDNGU GP WP OCPIWKVQ EGPVTCN OQNFGCFQ GP HQTOC DKEÎPKEC
RQT UW KPVGTKQT .CU XKTQNCU Q EKNKPFTQU JWGEQU FKURQPGP FG
EQNNCTKPGU FG TGVGPEKÎP SWG UG TQUECP CN GNGOGPVQ EGPVTCN GP GN
KPVGTKQTFGNQUEQNNCTKPGUWPQUOWGNNGUCUGIWTCPNCKPVTQFWEEKÎPFG
NQU EKNKPFTQU JWGEQU GP GN GNGOGPVQ EÎPKEQ [ GN EQPUKIWKGPVG
EQPVCEVQFGNQUGZVTGOQUFGNCUHKDTCU
.C RÃTFKFC OCU DCLC QDVGPKFCU EQP GUVG EQPGEVQT JC UKFQ FG
FD5GTGCNK\CGPRN¶UVKEQ[GPQECUKQPGURWGFGUGTGORNGCFQRCTC
HKDTCUOQPQOQFQ
1VTQVKRQFGEQPGEVQTEQPXKTQNCGUGNEQPGEVQTFGDQNCU'PGUVG
ECUQ UG EQNQECP FQU XKTQNCU GPVCNNCFCU GP GN GZVTGOQ RQT GN SWG
CRCTGEGNCHKDTC
'P NC GPVCNNCFWTC EKTEWNCT UG KPUGTVCP VTGU GUHGTCU SWG FGHKPGP WP
GURCEKQ RQT GN SWG GOGTIG NC HKDTC .C GZCEVKVWF FG GUVG
CEQRNCOKGPVQFGRGPFGT¶FGNVCNNCFQFGNCUDQNCU.CURÃTFKFCUUG
UKVÕCPGPVTG[FD
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ
D %QPGEVQTGURCTCHKDTCUOQPQOQFQ
0Q QDUVCPVG GN FG OGLQT TGUWNVCFQ GU GN FG GUHGTC FG EGPVTCFQ
EQPGNSWGUGEQPUKIWGPRÃTFKFCUKPHGTKQTGUCF$[VÈRKECOGPVG
FGFD
'P VQFQU NQU ECUQU FG EQPGZKÎP JC[ FKUEQPVKPWKFCF GPVTG NCU
UWRGTHKEKGU GPHTGPVCFCU NQU SWG EQPVTKDW[G C CWOGPVCT NCU
RÃTFKFCU 5G CÌCFGP C XGEGU NÈSWKFQU CFCRVCFQTGU FG ÈPFKEG FG
TGHTCEEKÎPRCTCOKPKOK\CTGUVGGHGEVQ
6KRQUFG%QPGEVQTGU
/WNVKOQFQ F$
$KEÎPKEQ 'PGNNWICT
/QPQOQFQ F$
%10'%614'5'56+.15%
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎPCN %CDNGCFQ'UVTWEVWTCFQ
%10'%614'5'56+.156
64#05/+5+10&'ɧ'0(+$4#¦26+%#
64#05/+5+¦0&'8#4+#55'¤#.'5
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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&#
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
'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
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
#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
8GPVCLCU
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
FGUEQORQPG GP UWU FKHGTGPVGU NQPIKVWFGU FG QPFC EQPUVKVWVKXCU XKCLCPFQ C
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\CEKÎPSWGGUWPCQTICPK\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
+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
UQRQTVGFGEQOWPKECEKÎP
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(
*C[QVTCUFQUPQTOCUGPEWTUQ
x +51DCUG8)
x +51DCUG6
014/#+'''
&3&$
.CTGF&3&$
&KUVTKDWVGF 3WGWG&WCN$WUJCUKFQGNGIKFCRQTNC+'''
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