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NC RQNÈVKEC KPVGTPC FG NC QTICPKCEKÎP UKP UWHTKT OC[QTGU PFCÌQUQ FGDG UCDGT
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GPEQPVTCT [ PGIQEKCT EQPFKEKQPGU SWG FGLGP C VQFQU UCVKUHGEJQU [ HKPCNOGPVG
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6GEPQNQIÈCU OQFGTPCU FG +PHQTOCEKÎP GP GZEGNGPEKC FG UWU UGTXKEKQU [
CRQ[QCNQUQDLGVKXQUKPUVKVWEKQPCNGUQ
UQUVGPKFCKPPQXCEKÎP6GEPQNÎIKECQ
.C )GTGPEKC FG +PHQTO¶VKEC FG WPC GORTGUC P5GT NÈFGT GP CUGUQTÈC [ EQPUWNVQTÈC
FG UGTXKEKQU FGHKPG UW OKUKÎP EQOQPDTKPFCT KPHQTO¶VKEC FG GORTGUCUFG 5GTXKEKQU
UGTXKEKQU KPHQTO¶VKEQU EQP UQNWEKQPGU 2ÕDNKEQUCPKXGN0CEKQPCNCNQ
KPVGITCNGUWVKNKCPFQNCOGLQTVGEPQNQIÈCRCTC
UCVKUHCEGT EQORGVKVKXCOGPVG NCU PGEGUKFCFGU
FG PWGUVTQU ENKGPVGU GP GN OCPGLQ FG NC
KPHQTOCEKÎPQ
P.C )GTGPEKC FG 5KUVGOCU GU GN ÎTICPQ P'U NC VCTGC FG NC )GTGPEKC FG
GPECTICFQ FG RNCPKHKECT QTICPKCT FKTKIKT [ 5KUVGOCU GN CRQ[CT [ RTQRKEKCT NC
GXCNWCT NC CRNKECEKÎP TCEKQPCN FG NCU OQFGTPKCEKÎPKPUVKVWEKQPCNOGFKCPVG
VGEPQNQIÈCU FG KPHQTOCEKÎP XKIGPVGU GP NC GN WUQ [ CRNKECEKÎP TCEKQPCN FG NCU
KPUVKVWEKÎP 5W OKUKÎP +ORNKEC GN CFGEWCFQ 6GEPQNQIÈCUFGKPHQTOCEKÎPXKIGPVGU
WUQ [ CRTQXGEJCOKGPVQ FG NQU TGEWTUQU 0WGUVTC XKUKÎP EQPVGORNC GN
KPHQTO¶VKEQU RCTC NC QRVKOKCEKÎP FG NCU FGUCTTQNNCT
CEEKQPGU
RCTC
NC
CEVKXKFCFGU UGTXKEKQU QRVKOKCEKÎP FG QRVKOKCEKÎP EQPVKPWC FG NQU
RTQEGUQU [ QDVGPEKÎP T¶RKFC FG KPHQTOCEKÎP RTQEGUQU [ RTQEGFKOKGPVQU FG NC
RCTC NC VQOC FG FGEKUKQPGU FG NCU FGO¶U KPUVKVWEKÎP CUÈ EQOQ RTQRWIPCT RQT
IGTGPEKCU
OGFKCPVG
GN
FGUCTTQNNQ GN FGUCTTQNNQ [ GORNGQ FG
KORNCPVCEKÎP [ UWRGTXKUKÎP FGN EQTTGEVQ CRNKECEKQPGU C ECRCU [ GN WUQ
HWPEKQPCOKGPVQ FG NQU UKUVGOCU [ KPVGPUKXQ FG EQTTGQ GNGEVTÎPKEQ KPVTC
EQOWPKECEKQPGUQ
[GZVTCKPUVKVWEKQPCNQ

2QFGOQUQDUGTXCTSWGGNITCPEQORQPGPVGFGNCFGHKPKEKÎPGUGNVGEPQNÎIKEQ[GP
OW[RQEQUECUQUGNEQORQPGPVGFGNXGTFCFGTQTQNSWGFGDGCUWOKTNC)GTGPEKC
FG5KUVGOCU

7$+%#%+¦0'0.#14)#0+#%+¦0

.C )GTGPEKC FG 5KUVGOCU QEWRC FKHGTGPVGU WDKECEKQPGU GP NC GUVTWEVWTC
QTICPKCEKQPCNFGNCUKPUVKVWEKQPGU

N
N
N
N
N
N
N
N

%QOQÎTICPQUFGNÈPGC
%QOQÎTICPQUFGCRQ[Q[SWGFGRGPFGPFGNC,GHCVWTC
%QOQÎTICPQUFGCRQ[QSWGFGRGPFGPFGNC5GETGVCTKC)GPGTCN
%QOQ¶TGCUSWGFGRGPFGPFGEQOKUKQPGU
%QOQ¶TGCSWGFGRGPFGFG#FOKPKUVTCEKÎP
%QOQ¶TGCSWGFGRGPFGFGNC)GTGPEKCFG#FOKPKUVTCEKÎP[2TGUWRWGUVQ
%QOQ¶TGCSWGFGRGPFGFGNC1HKEKPCFG#FOKPKUVTCEKÎP[(KPCPCU
%QOQ¶TGCSWGFGRGPFGFGNC)GTGPEKCFGGUCTTQNNQG+PXGUVKICEKÎP



N %QOQ ÎTICPQ FG CRQ[Q SWG FGRGPFG FG NC 5GETGVCTKC FG 2NCPKHKECEKÎP
'UVTCVÃIKEC
N %QOQWPCWPKFCFSWGTGRQTVCCNC,GHCVWTCFG#UGUQTCOKGPVQ+PUVKVWEKQPCN
N %QOQWP¶TGCSWGFGRGPFGFGNCU1HKEKPCUFG2TGUWRWGUVQ[2NCPGCOKGPVQ

.CUFKXGTUCUHQTOCUFGWDKECEKÎPSWGQEWRCNC)GTGPEKCFG5KUVGOCU GPWPHCEVQT
ETÈVKEQ RCTC SWG RWGFC EWORNKT DKGP UW TQN GU ENCTQ QDUGTXCT SWG OKGPVTCU NC
)GTGPEKC FG 5KUVGOCU FGRGPFG FKTGEVCOGPVG FGN O¶ZKOQ TGRTGUGPVCPVG FG NC
QTICPKCEKÎPRWGFGVGPGTOC[QTCEEGUQCRCTVKEKRCTFGNCUFGEKUKQPGUSWGRWGFCP
VQOCTUGECUQFKUVKPVQFGCSWGNNCUSWGGUV¶PWDKECFCUFGDCLQFG¶TGCUGURGEKHKECU
GPGNSWGNCRCTVKEKRCEKÎPGPNCUFGEKUKQPGUQTICPKCEKQPCNGUUGXGT¶NKOKVCFC
#NIWPCUKPUVKVWEKQPGUKPENWUKXGJCPETGÈFQEQPXGPKGPVGEQPUKFGTCTCNC)GTGPEKC
FG 5KUVGOCU FG ÎTICPQ FG NÈPGC RCUCTNQ C WPC WPKFCF FGDCLQ FG GNNC 'LGORNQ
RCUCT FG WPC 1HKEKPC )GPGTCN C WPC 1HKEKPC 'LGEWVKXC
FG OGPQT PKXGN SWG GN
CPVGTKQTQGPCNIWPCUKPUVKVWEKQPGUPQEWGPVCPGPUWGUVTWEVWTCEQPWPCIGTGPEKC
FGKPHQTO¶VKEC

/+5+¦0'.)'4'06''5+56'/#5

2QFGOQUFGHKPKTNCOKUKÎPFGN)GTGPVGFG5KUVGOCUEQOQGNFGPRTQXGGTNCXKUKÎP
VGEPQNÎIKEC [ OCPVGPGT GN NKFGTCIQ GP GN FGUCTTQNNQ G KORNCPVCEKÎP FG
KPKEKCVKXCU GP OCVGTKC FG CRNKECEKÎP FG NCU 6GEPQNQIÈCU FG KPHQTOCEKÎP [
%QOWPKECEKQPGUSWGOCP VGPICPGNNKFGTCIQFGNCQTICPKCEKÎPGPWPGPVQTPQ
ECODKCPVGGKPVGPUCOGPVGEQORGVKVKXQ 3

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EQOWPKECEKQPGU[FGNCNKPGCOKGPVQFGNCUGUVTCVGIKCUFG6+%UEQPNCUGUVTCVGIKCU
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IGTGPEKCUTGIKQPCNGU

'PIGPGTCNNQU)GTGPVGUFG5KUVGOCUUQPRTQHGUKQPCNGUEQPPKXGNFGRQUVITCFQ[
OWEJCGZRGTKGPEKCGP6GEPQNQIÈCUFG+PHQTOCEKÎPCFOKPKUVTCEKÎPFGGORTGUCU[
IGUVKÎPFGPGIQEKQU
2WGFGPGUVCTHQTOCFQUGPECTTGTCUFGKPIGPKGTÈC
GPGURGEKCNUKUVGOCUGNGEVTÎPKEC
Q FG VGNGEQOWPKECEKQPGU EKGPEKCU FG EQORWVCEKÎP OCVGO¶VKEC 7PQ FG NQU
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GUVTCVÃIKEQEQPVCDKNKFCFIGTGPEKCNOCVGO¶VKECUHKPCPEKGTCHKPCPCUEQTRQTCVKXCU
OCTMGVKPIIGUVKÎPFGTGEWTUQUJWOCPQUIGTGPEKCFGQRGTCEKQPGUGPVTGQVTQU


5WUTGURQPUCDKNKFCFGU

N 2CTVKEKRCTFGNQU%QOKVÃUFG+PHQTO¶VKECQFGNCUTGWPKQPGUEQPQVTQUIGTGPVGU
RCTCGUVCTUKGORTGCNCRCTEQPNCUFGEKUKQPGUFGNQUPGIQEKQUFGNCGORTGUC

N 4GCNKCTKPXGUVKICEKQPGUEQPUVCPVGURCTCOCPVGPGTUGKPHQTOCFQFGNCUPWGXCU
6GEPQNQIÈCU
N /GLQTCOKGPVQEQPVKPWQFGNQURTQEGUQUFGNCQTICPKCEKÎP

N GUCTTQNNQ FG NCU CRNKECEKQPGU PWGXCU [ GZKUVGPVGU RCTC NCU KPKEKCVKXCU FG NC
QTICPKCEKÎP

N #UGIWTCT NCU KPXGTUKQPGU GP +PHTCGUVTWEVWTC CTSWKVGEVWTC FG EQORWVCFQTCU
TGFGUGPIGPGTCNFGNCU6+%UGPNCQTICPKCEKÎP
N #FOKPKUVTCTUGTXKEKQUFGQWVUQWTEKPI[CRTQXKUKQPCOKGPVQKPVGTPQFGUGTXKEKQU

N 'UVCDNGEGT TGNCEKQPGU GUVTCVÃIKECU EQP RTQXGGFQTGU [ EQPUWNVQTCU ENCXGU GP
6+%U

N 6TCPUHGTGPEKC VGEPQNÎIKEC JCDKNKVCT VGEPQNQIÈCU RCTC JCEGT O¶U H¶EKN C NQU
WUWCTKQU [ RTQXGGFQTGU RCTC JCEGT VTCPUCEEKQPGU EQP NC QTICPKCEKÎP G
KPETGOGPVCT NC EQORGVKVKXKFCF 2TQRQPGT C NQU IGTGPVGU GLGEWVKXQU NC
KPEQTRQTCEKÎP FG NCU 6+%U PWGXCU CRNKECEKQPGU FG KPHQTO¶VKEC SWG VTCKICP
DGPGHKEKQCNQUPGIQEKQU
N #EVWCT TGEÈRTQECOGPVG EQP NQU WUWCTKQU KPVGTPQU [ GZVGTPQU RCTC CUGIWTCT NC
UCVKUHCEEKÎPEQPVKPWCFGNWUWCTKQ
N 2TQXGGT GPVTGPCOKGPVQ C VQFQU NQU WUWCTKQU FG 6+%U RCTC CUGIWTCT GN WUQ
RTQFWEVKXQFGUKUVGOCUPWGXQU[GZKUVGPVGU
N 2CTVKEKRCTFGEWTUQUUGOKPCTKQU[VCNNGTGUEQPITGUQU

N #FOKPKUVTCTNQUEQPHNKEVQU[RTKQTKFCFGUFGPVTQFGNGSWKRQFGNCGORTGUC
N 2NCPGCT[FKUVTKDWKTNQUVTCDCLQUGPGSWKRQU

N 5WRGTXKUCT[GXCNWCTGNFGUGORGÌQ[NCECNKFCFFGNUGTXKEKQSWGQHTGEG

*#$+.+#'50'%'5#4+#5

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FG CEEGFGT C RWGUVQU LGT¶TSWKEQU [ UG EQPXKGTVGP GP GN DTCQ FGTGEJQ FG NCU
IGTGPEKCU FG NÈPGC [ FG NC ECDGC FG NC QTICPKCEKÎP CUGUQT¶PFQNQ UQDTG NCU
ÕNVKOCUKPPQXCEKQPGUFGNOGTECFQ

G KIWCN HQTOC CFOKPKUVTCP GN CEVKXQ O¶U RTGEKCFQ FG NC QTICPKCEKÎP NC
KPHQTOCEKÎP [ FGDGP GUVCT CVGPVQU C NQU ECODKQU GP GN GPVQTPQ FG NCU
QTICPKCEKQPGUCEVWCNGU5GJCRCUCFQFGNIGTGPVGTGURQPUCDNGFGNRTQEGUCOKGPVQ



FGFCVQUCNIGTGPVGEW[CRTKPEKRCNTGURQPUCDKNKFCFGUGNOCPGLQFG NCKPHQTOCEKÎP
[PQFGDGRGPUCTSWG
N .CVGEPQNQIÈCFGKPHQTOCEKÎPPQIGPGTCFKHGTGPEKCU

N 'UKPUWRGTCDNGSWGNCUFKXGTUCUIGTGPEKCUFGNCQTICPKCEKÎPUGTGUKUVCPCN
ECODKQ
N .CU6GEPQNQIÈCUFG+PHQTOCEKÎPGUFKHÈEKNFGCFOKPKUVTCT
N .QUVÃEPKEQUUQPSWKGPGU FGEKFGP

N 7PCXKUKÎPFGEQTVQRNCQGUNQO¶UKORQTVCPVG

N .CUVGEPQNQIÈCUFGKPHQTOCEKÎPUQPUÎNQWPECODKQVÃEPKEQ[PQ
QTICPKCEKQPCN
'PECODKQFGDGVGPGTRTGUGPVGGP

N 5GTGNRTKPEKRCNKORWNUQTFGNECODKQ[GLGTEGTGNNKFGTCIQGPNCU6+%U

N 3WGNCUFGEKUKQPGUFG6GEPQNQIÈCUFGKPHQTOCEKÎPPQFGDGPGUVCTFKXQTEKCFCU
FGNQUPGIQEKQU
N 'UVCTFKURWGUVQCEQOGVGTGTTQTGU

N #UWOKTWPPWGXQTQNRCTCGN¶TGCFGUKUVGOCU

N 'NECODKQGORKGCRQTWPCPWGXCHQTOCFGRGPUCT
'UKORQTVCPVGQDUGTXCTGNUKIWKGPVGEWCFTQ
(OHQWRUQRRUJDQL]DFLRQDO
SODQWHDQXHYRVGHVDItRVD
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W 6HURUJDQL]DFLRQHVFDGDYH]PiV
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W UHDURIUHFHUVHUYLFLRV
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W 2SWLPL]DUORVSURFHVRVLQWHUQRVGH
W 0DQHMDUDVSHFWRVGHFXOWXUD

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W $GRSWDUQXHYDVWHFQRORJtDVH
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W 3URHFWRVLQGHSHQGLHQWHVTXH

JHVWLyQPDVHILFLHQWHGHO(VWDGR
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VHUYLFLRV

W 3UREOHPDVSUHVXSXHVWDOHVTXH
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W 2WURVSDLVHVHVWDQWRPDQGROD
GHODQWHUD

W 3URFHGLPLHQWRVTXHQRDSRDQOD
LPSOHPQHWDFLyQGHODV7,V

W $OWDURWDFLyQGHUHFXUVRV
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W 3DUiOLVLVPLHGRDSUREDU

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W $GRSWDUSURHFWRVSRUTXHORV
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DQiOLVLVGHULHVJRV



6QFQ NQQDUGTXCFQIGPGTCPWGXQUFGUCHÈQUCNQU)GTGPVGUFG5KUVGOCUGNEKENQFG
NC VGEPQNQIÈC [ NCU CRNKECEKQPGU GU ECFC XG OCU EQTVQ UKPQ TGEQTFGOQU NCU
ITCPFGU OCKPHTCOGU NQU UKUVGOCU FGUCTTQNNCFQU GP %NKRRGT [ SWG CWP EQTTGP GP
OWEJCUKPUVKVWEKQPGUHTGPVGCNCVGEPQNQIÈCTGEKGPVGGPGNSWGNCOC[QTÈCFGNQU
UKUVGOCUGUV¶PDCUCFQUGP+PVGTPGVEQPRQUKDKNKFCFGUFGCRNKECEKQPGU[OCPGLQU
FGXQNÕOGPGUFGKPHQTOCEKÎPSWGPQUGGURGTCDCPCÌQUCVT¶U
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DTKPFCT WP OGLQT UGTXKEKQ Q SWG WP PGIQEKQ UGC HTWEVÈHGTQ .QU PWGXQU CIGPVGU
GZVGTPQU QDNKICP C UCNKTUG FGN GPHQSWG VTCFKEKQPCN JCEKC WPC QTICPKCEKÎP O¶U
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FKUEKRNKPCFGIGUVKÎPNCUOGVQFQNQIÈCUUQPECFCXGOCUUQHKUVKECFCU[EQORNGVCU
[C PQ UG RWGFG UGIWKT GP GN FGUQTFGP G KORTQXKUCEKÎP KPUVKVWEKQPCNKCFC %CFC
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N ‹%ÎOQFGHKPKOQUGNRTQDNGOCFGNWUWCTKQ!

N ‹%ÎOQGUVCDNGEGOQUNCUOGVCU[QDLGVKXQU[GNUKUVGOCRCTCOGFKTNQU!
N ‹%ÎOQVTCDCLCOQUGPEQPLWPVQEQPNQUWUWCTKQU!

N ‹%ÎOQNNGXCOQUCECDQNCKPXGUVKICEKÎPFGNRTQDNGOC!
N ‹%ÎOQRTGUGPVCOQUPWGUVTQUJCNNCIQU!

N ‹%ÎOQKP[GEVCOQUQTKIKPCNKFCFGPGNRTQEGUQ[GPNCIGUVKÎPFKCTKC!

N ‹%ÎOQCUGIWTCOQUNCECNKFCFFGUGTXKEKQSWGQHTGEGOQUCPWGUVTQUWUWCTKQU
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N ‹%ÎOQCDQTFCOQUNCEQPVTCVCEKÎPFGUGTXKEKQU[EQORTCFGRTQFWEVQU!
N ‹%ÎOQCFOKPKUVTCOQUPWGUVTQUTGEWTUQUJWOCPQU!

N ‹%ÎOQGZVGPFGOQUGNOÃVQFQJCEKCNQURTQXGGFQTGU[WUWCTKQU!

N ‹%ÎOQFKHGTGPEKCOQUPWGUVTQ GPHQSWGRCTCCITGICTXCNQTCNCQTICPKCEKÎP!
7POÃVQFQCFOKPKUVTCTGEWTUQU[ECFCWPQFGNQUGNGOGPVQURNCPVGCFQUGPGN
UKIWKGPVGEWCFTQPQURGTOKVKT¶TGURQPFGTCNCUKPVGTTQICPVGURNCPVGCFCUEQOQNQ
RQFGOQUXGTGPGNUKIWKGPVGEWCFTQ



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XC NC TGNCEKÎP FG NQU GLGEWVKXQU [ NCU IGTGPEKCU FG 6GEPQNQIÈCU FG KPHQTOCEKÎP
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%QPTGNCEKÎPCNPÕOGTQRTQOGFKQFG
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5KUVGOCU

N 0QVKGPGSWGJCDNCTUÎNQFGVGEPQNQIÈCUKPQSWGFGDGJCDNCTGPWPKFKQOCSWG
NGGPVKGPFCGNLGHGFGNCQTICPKCEKÎPRCTCFGGUVCOCPGTCCRQ[CTNCVQOCFG
FGEKUKQPGU

N GDGRCTVKEKRCTO¶UGPNCQTICPKCEKÎP[GPNCUFGEKUKQPGUGUVTCVÃIKECUSWGUG
VQOCPGPNCQTICPKCEKÎP
N 2TGQEWRCTUGRQTGNENKOCGZVGTPQFGNCQTICPKCEKÎP

N 2TGQEWRCTUGVCODKÃPRQTGNWUWCTKQGZVGTPQFGNCQTICPKCEKÎP

N 'UVCTRTGRCTCFQRCTCCUGUQTCTUQDTGNCUÕNVKOCUKPPQXCEKQPGUFGNOGTECFQ

N 6GPGTNCUJCDKNKFCFGUFGWPDWGPCFOKPKUVTCFQTUCDGTFGTGEWTUQUJWOCPQU[
FGNCTCÎPFGUGTFGNCQTICPKCEKÎP
N /CPGLCTWPQFGNQURTKPEKRCNGUCEVKXQUFGNCQTICPKCEKÎPNCKPHQTOCEKÎP

N 6GPGT OC[QT KPVGTCEEKÎP EQP VQFCU NCU ¶TGCU FCFQ C SWG NC VGEPQNQIÈC NQ
RQUKDKNKVC
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JVVRFGNVCJ[RGTOCTVPGVGUVC'56JVON UG JCEG WPC EQORCTCEKÎP GPVTG GN



KPVGTÃUFGNQU)GTGPVGUFG6GEPQNQIÈCUFG KPHQTOCEKÎP[NQU)GTGPVGU)GPGTCNGU
FGNCUQTICPKCEKQPGUQDVGPKÃPFQUGNQUUKIWKGPVGUTGUWNVCFQU
+PVGTÃUFGN
+PVGTÃUFGN
)GTGPVGFG6+ )GTGPVG)GPGTCN

'$WUKPGUU

¶TGCU

5GIWTKFCF

%QPUWNVQTGUQ#UGUQTGU'UVTCVÃIKEQU

#FOKPKUVTCEKÎP[#NOCEGPCOKGPVQFGFCVQU
#RNKECEKQPGUFGECTCCNENKGPVG

+PHTCGUVTWEVWTCFG4GFGU[5KUVGOCU

2TQXGGFQTGUFG5GTXKEKQ[1WVUQWTEKPI

#RNKECEKQPGURCTC1RGTCEKQPGU+PVGTPCU
#FOKPKUVTCEKÎPFGTGFGU[UKUVGOCU
/QXKNKFCF [TGFGUKPCN¶ODTKECU
%QPXGTIGPEKCFKIKVCN

'PGNEWCFTQUGQDUGTXCSWGGNITCFQFGKORQTVCPEKCFGNQUVGOCUGPWPPKXGN[GN
QVTQ UQP FKHGTGPVGU 5KP GODCTIQ RQFGOQU CRTGEKCT SWG GN KPVGTÃU RTKPEKRCN FGN
)GTGPVGFG6+GUFGUCTTQNNCTGNGADWUKPGUU [GNFGN)GTGPVG)GPGTCNGUGNKPVGTÃU
RQTNCUCRNKECEKQPGUFGECTCCNENKGPVG
'P WP GUVWFKQ FG )CTVPGT':'
JVVRFGNVCJ[RGTOCTVPGVGUVC'56JVON CDTKN
C O¶U FG FKTGEVQTGU FG VGEPQNQIÈCU FG KPHQTOCEKÎP NCU RTKQTKFCFGU
HWGTQP

'NCDQTCTGUVTCVGIKCURCTCKPVGITCTNQUPGIQEKQUEQPNCVGEPQNQIÈCKPHQTO¶VKEC
2TQXGGTNKFGTCIQ[IWÈCCNCCNVCFKTGEEKÎP[NCUIGTGPEKCUFGNÈPGC

GOQUVTCTGNXCNQTFGNCUVGEPQNQIÈCUFGKPHQTOCEKÎPRCTCNCQTICPKCEKÎP
GUCTTQNNCTGNGSWKRQCFOKPKUVTCVKXQFGVGEPQNQIÈCUFGKPHQTOCEKÎP
4GFWEEKÎPFGNEQUVQVQVCNFGNCUVGEPQNQIÈCUFGKPHQTOCEKÎP

#LWUVCTRTQEGUQUFGRTKQTKCEKÎP[CFOKPKUVTCEKÎPFGRTQ[GEVQU
#LWUVCTOGFKFCUFGUGIWTKFCF[RTKXCEKFCF



'UVQU TGUWNVCFQU OWGUVTCP SWG NCU RTKQTKFCFGU GPVTG GN 4GURQPUCDNG FG NC
QTICPKCEKÎP [ NC )GTGPEKC FG 5KUVGOCU UQP FKHGTGPVGU RQT GN PKXGN FG
TGURQPUCDKNKFCFGURGTQJC[CNIQOW[KORQTVCPVGCVGPGTGPEWGPVCSWGGUEQPVCT
EQPGNEQORTQOKUQFGNCCNVCIGTGPEKCRCTCCUWOKTGUVQUPWGXQUTQNGU

'NO¶ZKOQTGRTGUGPVCPVGFGNCQTICPKCEKÎPFGDGGUVCTEQPXGPEKFQNCXKUKÎPFGNC
KPHQTOCEKÎP EQOQ TGEWTUQ XKVCN FG NC QTICPKCEKÎP FG NCU QRQTVWPKFCFGU
GUVTCVÃIKECU[FGNCQDVGPEKÎPFGXGPVCLCUEQORGVKVKXCUTGNGXCPVGU



3Q`de_ 999999** 3QbQSdUbcdYYSQc TU _c 7UbU^dUc TU CYYcdU]Qc
3Q` de _
3QbQSdUb cd SQc TU _c 7UbU^dUc TU C cdU]Qc
%1/1'$'05'4.15)'4'06'5'5+56'/#5

.QU)GTGPVGUFG5KUVGOCUFGDGPVGPGTEKGTVCUECTCEVGTÈUVKECU

N %QP WPC QTKGPVCEKÎP HWGTVG JCEKC NC RTKPEKRCN TCÎP FG UGT FG NC KPUVKVWEKÎP

EQPGZRGTKGPEKCCORNKCGPGNUGEVQTSWGVTCDCLC
N GOQUVTCT JCDKNKFCFGU RCTC VTCGT DGPGHKEKQU CRNKECPFQ 6+%U RCTC TGUQNXGT NQU
RTQDNGOCUOCPGLQFGEQUVQU[TKGUIQ
N 'ZRGTKOGPVCT KFGPVKHKECT [ GXCNWCT NQU PWGXQU FGUCTTQNNQU VGEPQNÎIKEQU [
GXCNWCTUWCFGEWCEKÎPRCTCUWQTICPKCEKÎP
N *CDKNKFCFRCTCEQOWPKECTUG[GPVGPFGTNCUPGEGUKFCFGUFGNQUWUWCTKQUGPWP
NGPIWCLGUKORNGPQVÃEPKEQ
N *CDKNKFCF RCTC EQPEGRVWCNKCT NCPCT [ GPVTGICT OÕNVKRNGU RTQ[GEVQU 6+%U C
VKGORQ[FGPVTQFGNRTGUWRWGUVQ
N *CDKNKFCFFGKPVGITCTUG EQPGNGSWKRQFGFKTGEEKÎPGZKUVGPVGUKGPFQWPDWGP
Q[GPVGWPDWGPEQPUVTWEVQT[WPCDQICFQCTVKEWNCFQFGUWXKUKÎPVGEPQNÎIKEC

37'%7#.+#'52'4510#.'5'$'6'0'4
7P)GTGPVGFG5KUVGOCUFGDGVGPGT

%QPFKEKQPGU FG NKFGTCIQ JCDKNKFCFGU FG EQOWPKECEKÎP KPVGTRGTUQPCNGU
JCDKNKFCF FG VTCDCLCT GP CODKGPVG FG EQNCDQTCEKÎP [ CRTGPFKCLG EQPVKPWQ CNVC
KPVGITCEKÎP G KPVGNKIGPEKC UGPUKDKNKFCF RQT QVTQU GZEGNGPVG LWKEKQ RGPUCFQT
EQPEGRVWCNGUVTCVÃIKEQVCPDWGPQEQOQRTCIO¶VKEQ[WPCJCDKNKFCFRCTCIGPGTCT
EQPHKCPC[CNKCPCUGUVTCVÃIKECU

'PLWNKQFGNGPWPCGPEWGUVCFG)GTGPVGUFG5KUVGOCURGTVGPGEKGPVGU
CNQU2TQITCOCU'LGEWVKXQUFG)CTVPGTUGRWUKGTQPFGOCPKHKGUVQWPCUVGPFGPEKCU
ENCXG GP GN FGUCTTQNNQ FG NC RQUKEKÎP FGN )GTGPVG FG 5KUVGOCU FGPVTQ FG NCU
GORTGUCU .CU GORTGUCU GUV¶P EQNQECPFQ GLGEWVKXQU EQP TGURQPUCDKNKFCFGU
KORQTVCPVGUGP6+%UGPNQUPKXGNGUO¶UCNVQUFGNCVQOCFGFGEKUKQPGUGLGEWVKXCU
)CTVPGT JC EQORTQDCFQ SWG GP NCU GORTGUCU OGFKCPCU [ ITCPFGU GUV¶
GOGTIKGPFQWPPWGXQGUVKNQFGGLGEWVKXQEQPTGURQPUCDKNKFCFGUGPNCHWUKÎPFGN
PGIQEKQ[NCVGEPQNQIÈC[SWGGUVGGLGEWVKXQ GUV¶GXQNWEKQPCPFQRCTCQEWRCTUG
FGFKUVKPVCURCTVGUFGNCUGUVTCVGIKCUGKORNGOGPVCEKQPGUFG6+%UGIQDKGTPQ[FG
GDWUKPGUU



'U CUÈ SWG XCP CRCTGEKGPFQ NQU EWCVTQ UKIWKGPVGU VKRQU FGN)GTGPVGFG5KUVGOCU
CWPSWGCVQFQUGNNQUPQUGNGUFGUKIPCEQPGUVGPQODTGFGOCPGTCGZRNÈEKVC
N .QU )GTGPVGU FG 5KUVGOCU SWG VKGPGP WPC TGURQPUCDKNKFCF C PKXGN
QTICPKCEKQPCNGPWPRWGUVQFGIGUVKÎPFGFGOCPFCSWGGUWPTQNGUVTCVÃIKEQ
GPHQECFQ CN EWORNKOKGPVQ FG NCU PGEGUKFCFGU [ GZRGEVCVKXCU FG NC
QTICPKCEKÎP CN O¶U CNVQ PKXGN 'UVQU )GTGPVGU FG 5KUVGOCU PQ UWGNGP UGT
TGURQPUCDNGUFGNCKORNGOGPVCEKÎP

N .QULGHGUFGVGEPQNQIÈCQFGKPHTCGUVTWEVWTCSWGFGUGORGÌCPUWUHWPEKQPGUCN
OKUOQPKXGN SWGGNRTKOGTVKRQ UQPTGURQPUCDNGUFGICTCPVKCTNCRTGUVCEKÎP
GHGEVKXCGPEWCPVQCNQUEQUVQUFGNQUUGTXKEKQUVGEPQNÎIKEQU
RGLGZRNQVCPFQ
NCUQRQTVWPKFCFGUFG QWVUQWTEKPI
N .QU QRQTVWPKUVCU VGEPQNÎIKEQU UQP CSWGNNQU GLGEWVKXQU EW[CU
TGURQPUCDKNKFCFGUEQOQ)GTGPVGFG5KUVGOCUJCPKFQCWOGPVCFQCRCTVKTFG
NCU FGOCPFCU VGEPQNÎIKECU FG NC QTICPKCEKÎP 'UVQU GLGEWVKXQU GUV¶P OW[
KPXQNWETCFQUGPGNKORWNUQFGPWGXCUQRQTVWPKFCFGU[HQTOCUFGOGLQTCT[Q
CRQ[CT NQU RTQEGUQU FG NC QTICPKCEKÎP FGDKFQ C UW FQOKPKQ FG NCU
VGEPQNQIÈCUGOGTIGPVGU

N 'P NCU QTICPKCEKQPGU EQPOÕNVKRNGU FKXKUKQPGUCSWGNNCURGTUQPCUCECTIQFG
NCUWPKFCFGUO¶UKORQTVCPVGUFGUGORGÌCPNCHWPEKÎPFGIGTGPVGFGUKUVGOCU
# OGPWFQ GUVQU GLGEWVKXQU EQODKPCP NQU TQNGU FG QHGTVC [ FGOCPFC GP NC
WPKFCF DCLQ UW ECTIQ [ UQP TGURQPUCDNGU FG NC IGUVKÎP [ EWORNKOKGPVQ FG
GZRGEVCVKXCU CUÈ EQOQFGNCRTGUVCEKÎPFGUGTXKEKQU GURGEÈHKEQU GPGN¶ODKVQ
FGUWWPKFCF

*C[EWCVTQRCNCDTCUSWGTGUWOGPNCUCEVKXKFCFGUQTQNGUSWGUQPRTKQTKVCTKCURCTC
GN)GTGPVGFG5KUVGOCUCEVWCNCEVKXCEKÎPECRCEKVCEKÎPGLGEWEKÎP[GZRNQVCEKÎP
'UFGEKTGNNQUFCPXKFCCNCUKPKEKCVKXCUGUVTCVÃIKECUFGNCUQTICPKCEKQPGUCNWPKT
NC GZRGTKGPEKC VGEPQNÎIKEC EQP GN EQPQEKOKGPVQ FG NCU CEVKXKFCFGU FG NC
QTICPKCEKÎPHWPFCOGPVCNGU
.QU)GTGPVGUFG5KUVGOCUEQPUVKVW[GPWPQFGNQURQEQUITWRQUFGGLGEWVKXQUSWG
VKGPGP WPC XKUVC RCPQT¶OKEC FG NC KPUVKVWEKÎP [ UWU EQNGICU GLGEWVKXQU UG XCP
FCPFQ EWGPVC FG NQ XCNKQUC SWG GU GUVC RGTURGEVKXC RQT GNNQ PQ GU FKHÈEKN
TGEQPQEGTCNVQUGLGEWVKXQUSWGWPFÈCHWGTQPIGTGPVGUFGKPHQTO¶VKEC

%#4#%6'4 56+%#5'.15)'4'06'5'5+56'/#5

2CTC CUWOKT NQU PWGXQU TGVQU SWG NG RNCPVGC GN FGUCTTQNNQ FG NCU 6+%U GN PWGXQ
)GTGPVGFG5KUVGOCU
VCPVQGPGNUGEVQTRÕDNKEQEQOQGPGNRTKXCFQFGDGVGPGT
EKGTVCUECTCEVGTÈUVKECUSWGFGUETKDKTGOQUCEQPVKPWCEKÎP



.KFGTCIQ

.CRTKPEKRCNECTCEVGTÈUVKECFGNPPWGXQQ )GTGPVGFG5KUVGOCUGUUGTGNNKFGT
GP 6GEPQNQIÈCU FG +PHQTOCEKÎP EQOQ GP EWCNSWKGT RWGUVQ FG IGTGPEKC
KORNKEC UGT XKUKQPCTKQ CRCUKQPCFQ VQOCFQT FG TKGUIQ KPURKTCFQT
ECTKUO¶VKEQ UGIWTQ FG UÈ OKUOQ KPHNW[GPVG ETGCVKXQ RQUKVKXQ CRQ[CFQT
EQOWPKECFQTHKLCFQTFGQDLGVKXQUGUVKOWNCPVGLWUVQGPVTGQVTQU'NNÈFGTGP
VGEPQNQIÈCUFGKPHQTOCEKÎPGUECRCFGPPCXGICTQ GPNCVGEPQNQIÈC[GPNC
QTICPKCEKÎPEQPNCOKUOCHCEKNKFCF

'ZRGTKGPEKCGPCNKPGCTNCVGEPQNQIÈCEQPGNTQNFGNCQTICPKCEKÎP

*C[SWGVGPGTENCTQSWGNCVGEPQNQIÈCGUWPOGFKQ[WPTGEWTUQO¶URCTC
NNGXCT CFGNCPVG C NCU KPUVKVWEKQPGU RQT NQ SWG GU KFGCN SWG EQPQEC NQU
CURGEVQU VGEPQNÎIKEQU VCNGU EQOQ EQPQEGT FG 'PVGTRTKUG 4GUQWTEG
2NCPPKPI KPHTCGUVTWEVWTC YGD %WUVQOGT 4GNCVKQP /CPCIGOGPV 5WRRN[
%JCKP /CPCIGOGPV [ QVTQU SWG VKGPGP UVCVWU FG PFGUGCFQQ RGTQ PQ
KPFKURGPUCDNG GU KORQTVCPVG EQPQEGT DKGP GN TQN FG NC QTICPKCEKÎP 'N
EQPQEKOKGPVQ FG UKUVGOCU QRGTCVKXQU JCTFYCTG Q OCTECU GURGEÈHKECU PQ
GUV¶PGPNCNKUVCFGTGSWGTKOKGPVQU

%QPQEKOKGPVQFGNCECFGPCFGXCNQTFGNCQTICPKCEKÎP

.QU)GTGPVGUFGNÈPGCQLGHGUUKGORTGEQPUKFGTCPSWGGNRWPVQO¶UFÃDKN[
HTWUVTCPVG FGN )GTGPVG FG 5KUVGOCU GU UW HCNVC FG EQORTGPUKÎP [
EQPQEKOKGPVQFGNCQTICPKCEKÎP.QU)GTGPVGUFG5KUVGOCUSWGPQNQITCP
JCEGTUGGZRGTVQUGPGNXGTFCFGTQTQNQIKTQFGPGIQEKQFGNCQTICPKCEKÎP
[GPGN¶ODKVQGPSWGUGOWGXGPGUVCT¶PUKGORTGNKOKVCFQU[CITGICT¶P
RQEQXCNQT
*C[ SWG FGUCTTQNNCT WP EQPQEKOKGPVQ RTQHWPFQ FG NC ECFGPC FG XCNQT

CFOKPKUVTCEKÎPRÕDNKECUGTXKEKQU[RTQFWEVQUCDCUVGEKOKGPVQOCTMGVKPI[
XGPVCU HKPCPCU [ EQPVCDKNKFCF ECPCNGU FG FKUVTKDWEKÎP GVE FG NC
QTICPKCEKÎP[NCHQTOCGPSWGNCVGEPQNQIÈCKPHNW[GGPGNNC'N)GTGPVGFG
5KUVGOCU GU GN ÕPKEQ IGTGPVG CRCTVG FGN )GTGPVG )GPGTCN SWG TGSWKGTG
VGPGT WP OCPGLQ CORNKQ [ RTQHWPFQ FG VQFQU NQU RTQEGUQU FG NC
QTICPKCEKÎPCFGO¶UVKGPGSWGUCDGTFGVGEPQNQIÈC

GUVTGCUFGTGNCEKQPCOKGPVQKPVGTRGTUQPCN

.QU)GTGPVGUFG5KUVGOCUUWGNGPVGPGTRGTUQPCNKFCFGUPGURGEKCNGUQNQEWCN
PQ NQU HCXQTGEG HTGEWGPVGOGPVG JCDNCPFGNPEQORWVÎNQIQQ EQOQCNIWKGP
KPECRC FG TGNCEKQPCTUG JWOCPCOGPVG C WP PKXGN CNVQ [ OGPQU CÕP
PPCXGICTQ DKGPGPNCRQNÈVKECKPVGTPCQCVTCXÃUFGNQUFKXGTUQURTQEGUQUFG
NCQTICPKCEKÎP


.CECRCEKFCFFGTGNCEKQPCOKGPVQKPVGTRGTUQPCNFGGZEGNGPVGPKXGNUGJCEG
OWEJQO¶UETÈVKECEQPNCNNGICFCFGNCPKPUVKVWEKÎPGZVGPFKFCQ XÈC+PVGTPGV

JC[ SWG KPVGTCEVWCT EQP RGTUQPCU FG QVTCU EWNVWTCU KPUVKVWEKQPCNGU [
RGTUQPCNGUHWGTCFGNQURCTCFKIOCU[EQUVWODTGUFGNCRTQRKCKPUVKVWEKÎP

%CRCEKFCFRCTC)GTGPEKCT

.C ECRCEKFCF RCTC FKTKIKT [ UWRGTXKUCT RGTUQPCU RTQ[GEVQU TGEWTUQU
RTGUWRWGUVQU RTQXGGFQTGU EQPVTCVKUVCU [ QVTQU UQEKQU FG PGIQEKQU GU
GUGPEKCN

.CECRCEKFCFFGHQTOCTGSWKRQUOQVKXCT[GUVKOWNCTCNRGTUQPCNVCODKÃPGU
WP CEVKXQ HKLCT RTKQTKFCFGU CUKIPCT TGEWTUQU RCTC GUVCU RTKQTKFCFGU [
EWORNKTUKGORTGEQPNQRNCPKHKECFQ
RNCQURTGUWRWGUVQHWPEKQPCNKFCFGU
WPCECTCEVGTÈUVKECGUGPEKCNFGWP)GTGPVGFG5KUVGOCU

GUVTGCURCTC%QOWPKECTGPHQTOCGHGEVKXC

.C JCDKNKFCF RCTC CTVKEWNCT KPVGNKIGPVGOGPVG WPC GUVTCVGIKC Q WPC KFGC GP
HQTOC ENCTC [ RTGEKUC GU WP TGSWGTKOKGPVQ XKVCN FGN PWGXQ )GTGPVG FG
5KUVGOCU.CECRCEKFCFFGGUEWEJCT[FGUVTGCUFGPGIQEKCEKÎPRGTUWCUKÎP
[OCPGLQFGEQPHNKEVQUVTCDCLCPFQDCLQRTGUKÎPVCODKÃPUQPKPFKURGPUCDNGU
5CDGT JCEGT WP DWGP FQEWOGPVQ HQTOCN WPC RTGUGPVCEKÎP RÕDNKEC FG
RTKOGTPKXGN[EQPFWEKTTGWPKQPGUGPHQTOCGHGEVKXCUQPQVTCUFGUVTGCU

*CDKNKFCFRCTCETGCT[CFOKPKUVTCTNQUECODKQU

7PC FGNCUFGUVTGCUO¶UUQNKEKVCFCUGUUGTCIGPVGFGECODKQ [GUSWGNC
OC[QTÈCFGNCUDÕUSWGFCUFG)GTGPVGFG5KUVGOCUPQUQPRCTCTGGORNCCTC
CNIWKGPSWGUGHWGUKPQRCTCRTQXQECTWPECODKQFGOCIPKVWFGPGUVGTQN
IGPGTCNOGPVG GU WP ECTIQ PWGXQ GP NC QTICPKCEKÎP .C RTKQTKFCF GU
ECODKCT GN GPHQSWG FG VGEPQNQIÈCU FG +PHQTOCEKÎP FGUFG WPC PGEGUKFCF
QRGTCEKQPCNJCEKCWPGNGOGPVQGUVTCVÃIKEQ.CJCDKNKFCFFGETGCTECODKQU
TGNGXCPVGURCTCNCKPUVKVWEKÎP[CFOKPKUVTCTGNRTQEGUQRCTCPQOQTKTGPGN
KPVGPVQGUENCXGCNGNGIKTWP)GTGPVGFG5KUVGOCU

%QPQEKOKGPVQ[GZRGTKGPEKC FGNCQTICPKCEKÎP

7PTGSWGTKOKGPVQOW[EQOÕPGUSWGGNECPFKFCVQC)GTGPVGFG5KUVGOCU
XGPIC FG NC OKUOC KPUVKVWEKÎP [ NC EQPQEC DKGP # XGEGU RWGFG
TGGORNCCTUG GUVQ EQP GZRGTKGPEKC CFSWKTKFC GP QVTC KPUVKVWEKÎP EQP
RTQEGUQU UKOKNCTGU Q CHÈPGU 1ECUKQPCNOGPVG NC QTICPKCEKÎP SWKGTG
KPEQTRQTCTWPGZRGTVQ[PWGXCUKFGCUKPEWDCFCUGPQVTCKPUVKVWEKÎPEQPNQ
EWCNGN)GTGPVGFG5KUVGOCURQVGPEKCUWTQNFGCIGPVGFGECODKQ



'ZRGTKGPEKCKPVGTPCEKQPCNQINQDCN

'N )GTGPVG FG 5KUVGOCU FG WPC KPUVKVWEKÎP FGDG EQPQEGT EQOQ UG GUV¶P
OQXKGPFQGPGNOWPFQKPUVKVWEKQPGUUKOKNCTGU CNCSWGFKTKIGRQTNQSWG
UGT¶ KORQTVCPVG SWG EQPQEC FG KFKQOCU VGPIC JCDKNKFCFGU FG
EQOWPKECEKÎP SWG RWGFG VTCDCLCT UKP RTQDNGOCU GP XCTKCU EWNVWTCU SWG
GUV¶ CDKGTVQ [ UGPUKDNG C NCU RCTVKEWNCTKFCFGU [ CRTGPFGT FG NCU DWGPCU
RT¶EVKECU SWG RWGFCP QHTGEGT QVTCU KPUVKVWEKQPGU RCTC CRNKECTNCU #SWÈ
OGPEKQPCTGOQUNCKORQTVCPEKCFGNEQPEGRVQ$GPEJOCTM

GUVTGCURCTCTGENWVCTFGUCTTQNNCT[TGVGPGTRTQHGUKQPCNGU6+

5QTRTGPFGPVGOGPVGGUVGCVTKDWVQFGN)GTGPVGFG5KUVGOCUPVQRQ PQJCUKFQ
EQPUKFGTCFQ GP OWEJQU ECUQU TGEKGPVGU 7P )GTGPVG FG 5KUVGOCU SWG
RTQCEVKXCOGPVG KPENW[G GUVG VGOC GP UW KPXGPVCTKQ FG EQORGVGPEKCU [C
EQOGPÎDKGP

'N RTQEGUQ FG TGENWVCOKGPVQ GU ENCXG RQTSWG EQOQ NCU CRNKECEKQPGU UQP
ECFC XG O¶U GUVTCVÃIKECU NQU TGEWTUQU ECNKHKECFQU NQ UQP VCODKÃP
GP
GURGEKCNGPNC#FOKPKUVTCEKÎP2ÕDNKECGPGNSWGGNÈPFKEGFGTQVCEKÎPFGNQU
TGEWTUQUGUCNVQ

'UVCU ECTCEVGTÈUVKECU UG GPEWGPVTCP KPOGTUQU GP ECFC WPC FG NCU
EQORGVGPEKCU SWG WP )GTGPVG FG 5KUVGOCU FGDG VGPGT RCTC EWORNKT NQU
FKXGTUQUTQNGUCUÈEQOQNCUCEVKVWFGUSWGFGDGPVQTPCTUGGPJ¶DKVQURCTC
CUGIWTCT GHKEKGPEKC GP GN VTCDCLQ C FGUGORGÌCT CURGEVQU SWG KTGOQU
TGXKUCPFQGPNQUECRÈVWNQUUKIWKGPVGU

+PHQGVKEC

#UKOKUOQ FGDGT¶ EQPQEGT UQDTG CURGEVQU ÃVKEQU LWTÈFKEQU [ UQEKCNGU FGN
%KDGTGURCEKQ FG VCN OCPGTC SWG HQOGPVG GN CEEGUQ WPKXGTUCN C NC
KPHQTOCEKÎPGPHQTOCUGIWTC
2QT GLGORNQ NQU )GTGPVGU FG 5KUVGOCU FGDGP FG CFOKPKUVTCT GHKECOGPVG
NQUTGEWTUQUFGNCQTICPKCEKÎPEQPWPCXKUKÎPKPVGITCFQTC[TCEKQPCNKCFC
[GXKVCTICUVQUKPPGEGUCTKQU

6GPGTOW[GPEWGPVCGNEÎFKIQFGÃVKECSWGNGDTKPFCUWEQNGIKCVWTCCHKP
FG EQPFWEKTUG EQOQ WP RTQHGUKQPCN KPVGITQ GP VQFQ OQOGPVQ
GURGEKCNOGPVG UCNXCIWCTFCPFQ NC KPHQTOCEKÎP IGPGTCFC GP NC KPUVKVWEKÎP
EQOQGNVCPIKDNGO¶URTGEKCFQ



3Q`de_ 99F** _c ' 8vRYYd_c TU 7UbU^dU TU CYYcdU]Qc UVVUSdYYf_
3Q` de _ F _c ' 8vR d_c TU 7UbU^dU TU C cdU]Qc U USd f_
'PGNECRÈVWNQCPVGTKQTJGOQUTGXKUCFQWPCUGTKGFGECTCEVGTÈUVKECUSWGFGDGVGPGTGN
)GTGPVGFG5KUVGOCUOWEJQUFGGNNQUGUV¶PDCUCFQUGPCEVKVWFGUJ¶DKVQUECODKQFG
RCTCFKIOCUEQORQTVCOKGPVQSWGCFQRVCOQUCPVGWPCWQVTCUKVWCEKÎP
.C OC[QTÈC FG NCU RGTUQPCU VGPGOQU NC ECRCEKFCF FG KPVWKT SWG PWGUVTQ
EQORQTVCOKGPVQ VCPVQ C PKXGN NCDQTCN EQOQ GP NC XKFC RTKXCFC RQFTÈC OGLQTCT GP
OWEJQU CURGEVQU RCTC NQITCT NQU KFGCNGU SWG UG GURGTC 5KP GODCTIQ UÎNQ RQECU
RGTUQPCUEQPQEGPNCOCPGTCFGEQPUGIWKTNQ5VGRJGP%QXG[GZRQPGENCTCOGPVGGPUW
NKDTQWPOÃVQFQEGTVGTQ[GHKEKGPVGFGPQOKPCFQP.QU*¶DKVQUFGNCIGPVG#NVCOGPVG
'HGEVKXCQGUVQGUCRNKECDNGKIWCNOGPVGCNQU)GTGPVGUFG5KUVGOCU
.QU UKGVG J¶DKVQU NQ OWGXGP RTQITGUKXCOGPVG UQDTG WP EQPVKPWC OCFWTG FGUFG NC
FGRGPFGPEKCJCEKCNCKPFGRGPFGPEKC[JCUVCNCKPVGTFGRGPFGPEKC

.C FGRGPFGPEKC GU GN RCTCFKIOC FGN 6Õ
VÕ EWKFCU FG OÈ [Q VG EWNRQ C VK RQT NQU
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EWGTRQ HÈUKEQ CNKOGPVCTPQU EQTTGEVCOGPVG FGUECPUCT NQ UWHKEKGPVG [ JCEGT
GLGTEKEKQEQPTGIWNCTKFCF

KOGPUKÎP 'URKTKVWCN NC TGPQXCEKÎP FG NC FKOGPUKÎP GURKTKVWCN RTQRQTEKQPC
NKFGTCIQCPWGUVTCRTQRKCXKFC'UV¶OW[TGNCEKQPCFCEQPGNUGIWPFQJ¶DKVQ.C
FKOGPUKÎP GURKTKVWCN GU PWGUVTQ PÕENGQ PWGUVTQ EGPVTQ GN EQORTQOKUQ EQP
PWGUVTQUKUVGOCFGXCNQTGU

KOGPUKÎP/GPVCN'PUWOC[QTÈCPWGUVTQFGUCTTQNNQOGPVCN[PWGUVTCFKUEKRNKPC
RCTC GN GUVWFKQ RTQXKGPGP FG NC GFWECEKÎP HQTOCN NC OKUOC SWG FGDGTÈC KTUG
EWNVKXCPFQCVTCXÃUFGNQUCÌQURGTQSWGGPUWOC[QTÈCGUFGUEWKFCFCRQTEQUCU


XCPCNGU1TICPKCT[RNCPKHKECTUQPHQTOCUFGTGPQXCEKÎPOGPVCNCUQEKCFCUCNQU
J¶DKVQU UGIWPFQ [ VGTEGTQ GORGCOQU EQP WP HKP GP OGPVG [ UQOQU
OGPVCNOGPVGECRCEGUFGQTICPKCT[CNECPCTGUGHKP

KOGPUKÎP 5QEKCN'OQEKQPCN UG EGPVTC GP NQU RTKPEKRKQU FGN NKFGTCIQ
KPVGTRGTUQPCNNCEQOWPKECEKÎPGOR¶VKEC[NCEQQRGTCEKÎPETGCVKXCGPHQECPFQCUÈ
NQUJ¶DKVQUEWCTVQSWKPVQ[UGZVQ
'37+.+$4+1'0.#4'018#%+¦0

'N RTQEGUQ FG NC CWVQTTGPQXCEKÎP FGDG KPENWKT NC TGPQXCEKÎP GSWKNKDTCFC GP NCU
EWCVTQ FKOGPUKQPGU FG PWGUVTC PCVWTCNGC NC HÈUKEC GURKTKVWCN OGPVCN [
UQEKCNGOQEKQPCN

%WCPVQ O¶U RTQCEVKXQU UQOQU
RTKOGT J¶DKVQ O¶U GHGEVKXCOGPVG RQFGOQU
GLGTEGTGNNKFGTCIQRGTUQPCN
UGIWPFQJ¶DKVQ[NCCFOKPKUVTCEKÎPRGTUQPCN
VGTEGT
J¶DKVQGPNCXKFC
%WCPVQ O¶U GHGEVKXCOGPVG CFOKPKUVTCOQU PWGUVTCXKFC
VGTEGT J¶DKVQ GPOC[QT
OGFKFCRQFGOQUTGCNKCTCEVKXKFCFGUTGPQXCFQTCU
UÃRVKOQJ¶DKVQ

%WCPVQ O¶U RTQEWTCOQU RTKOGTQ EQORTGPFGT
SWKPVQ J¶DKVQ EQP O¶U
GHGEVKXKFCF RQFGOQU DWUECT UQNWEKQPGU UKPÃTIKECU FG VKRQ ICPCTICPCT
EWCTVQ [
UGZVQJ¶DKVQU
%WCPVQ O¶U RTQITGUCOQU GP EWCNSWKGTC FG NQU J¶DKVQU SWG EQPFWEGP C NC
KPFGRGPFGPEKC
RTKOGT UGIWPFQ [ VGTEGT J¶DKVQ O¶U GHGEVKXQU UGTGOQU GP NCU
UKVWCEKQPGU KPVGTFGRGPFKGPVGU
VGTEGT EWCTVQ SWKPVQ [ UGZVQ J¶DKVQ [ NC
TGPQXCEKÎP
UÃRVKOQJ¶DKVQGUGNRTQEGUQFGTGXKXKHKECTVQFQUNQUJ¶DKVQU
‹37œ'5;21437œ'5+/2146#06'.#+06'.+)'0%+#'/1%+10#.!

#VQFQGUVQUGFGDGVGPGTGPEWGPVCNC KPVGNKIGPEKCGOQEKQPCNSWGUGRGTHKNC
EQOQWPPWGXQEQPEGRVQGPGNGPVQTPQQTICPKCEKQPCNRQTGNNCUGGPVKGPFG
NCECRCEKFCFFGNUGTJWOCPQFGTGEQPQEGTUWUUGPVKOKGPVQU[NQUUGPVKOKGPVQU
FGNQUFGO¶UEQPGNHKPFGOQVKXCTUG[RCTCOCPGLCTFGHQTOCCFGEWCFCNCU
TGNCEKQPGUGPVTGWPQOKUOQ[NQUFGO¶U

'U FGEKT NC KPVGNKIGPEKC GOQEKQPCN GU WP EQPLWPVQ FG FGUVTGCU CEVKVWFGU
JCDKNKFCFGU[EQORGVGPEKCUSWGFGVGTOKPCPNCEQPFWEVCFGWPKPFKXKFWQUWU
TGCEEKQPGU GUVCFQU OGPVCNGU GVE [ SWG RWGFG FGHKPKTUG UGIÕP GN RTQRKQ
)QNGOCPEQOQNCECRCEKFCFFGTGEQPQEGTPWGUVTQURTQRKQUUGPVKOKGPVQU[NQU
FGNQUFGO¶UFGOQVKXCTPQU[FGOCPGLCTCFGEWCFCOGPVGNCUTGNCEKQPGU



.Q SWG JCUVC JCEG RQEQ UG XCNQTCDC GURGEKCNOGPVG GTC GN EQGHKEKGPVG
KPVGNGEVWCN[NCGZRGTKGPEKCCJQTCUGXCNQTCPNCKPVGNKIGPEKCGOQEKQPCNFGNCU
RGTUQPCUGUVQGUNCECRCEKFCFFGCRTGPFGTWPCUGTKGFGJCDKNKFCFGURT¶EVKECU
DCUCFCU GP NC EQPEKGPEKC FG WPQ OKUOQ NC OQVKXCEKÎP NC GORCVÈC GN
CWVQEQPVTQN[NCUJCDKNKFCFGUUQEKCNGUGPKPVGTCEEKÎPCFGO¶UEQPGNTGUVQ
.CU ENCXGU FG GUVG PWGXQ EQPEGRVQ FG XCNQTCEKÎP RGTUQPCN UG DCUCP GP NC
TGECRCEKVCEKÎPUQDTGGNVTCDCLQ[NCRTGFKURQUKEKÎPJCEKCGNOKUOQGNGUVWFKQ
FGNCUOQVKXCEKQPGURTQHGUKQPCNGUKPVGPVCTEGPVTCTUGGPQDLGVKXQUCNECPCDNGUC
OGFKQRNCQUGTRQUKVKXQHKLCTUGGPOQFGNQUÕVKNGU[CIWFKCTGNUGPVKFQETÈVKEQ
RCTCRQFGTCWVQGXCNWCTUG[ECODKCT
*CDKVWCNOGPVG GUVCOQU CEQUVWODTCFQU C TGNCEKQPCT NC KPVGNKIGPEKC EQP NC
ECRCEKFCF FG TCEKQEKPKQ NÎIKEQ EQP GN EQGHKEKGPVG KPVGNGEVWCN SWG FGVGTOKPC
NCU JCDKNKFCFGU RCTC NCU EKGPEKCU GZCEVCU NC EQORTGPUKÎP [ ECRCEKFCF FG
CP¶NKUKU TGHNGZKXQ GN TCQPCOKGPVQ GURCEKCN NC ECRCEKFCF XGTDCN [ NCU
JCDKNKFCFGU OGE¶PKECU 5KP GODCTIQ GP GN OWPFQ GORTGUCTKCN UG GUV¶
GORGCPFQ C VGPGT GP EWGPVC [ C XCNQTCT O¶U NC FGPQOKPCFC KPVGNKIGPEKC
GOQEKQPCNSWGFGVGTOKPCEÎOQPQUOCPGLCOQUEQPPQUQVTQUOKUOQU[EQP
NQUFGO¶U
'NVÃTOKPQFGKPVGNKIGPEKCGOQEKQPCNKPENW[GFQUVKRQUFGKPVGNKIGPEKCU
.C +PVGNKIGPEKC 2GTUQPCN GUV¶ EQORWGUVC C UW XG RQT WPC UGTKG FG
EQORGVGPEKCUSWGFGVGTOKPCPGNOQFQGPSWGPQUTGNCEKQPCOQUEQPPQUQVTQU
OKUOQUGUVCKPVGNKIGPEKCEQORTGPFGVTGUEQORQPGPVGUEWCPFQUGCRNKECGPGN
VTCDCLQ

N %QPEKGPEKCGPWPQOKUOQECRCEKFCFFGTGEQPQEGT[GPVGPFGTGPWPQOKUOQ
NCU RTQRKCU HQTVCNGCUFGDKNKFCFGUGUVCFQUFG¶PKOQ GOQEKQPGU GKORWNUQU
CUÈEQOQGNGHGEVQSWGÃUVQUVKGPGPUQDTGNQUFGO¶U[UQDTGGNVTCDCLQ

N #WVQTTGIWNCEKÎPQEQPVTQNFGUÈOKUOQJCDKNKFCFFGEQPVTQNCTPWGUVTCURTQRKCU
GOQEKQPGUGKORWNUQURCTCCFGEWCTNQUCWPQDLGVKXQFGTGURQPUCDKNKCTUGFG
NQURTQRKQUCEVQUFGRGPUCTCPVGUFGCEVWCT[FGGXKVCTNQULWKEKQURTGOCVWTQU
.CURGTUQPCUSWGRQUGGPGUVCEQORGVGPEKCUQPUKPEGTCUGÈPVGITCUEQPVTQNCPGN
GUVTÃU [ NC CPUKGFCF CPVG UKVWCEKQPGU EQORTQOGVKFCU [ UQP HNGZKDNGU CPVG NQU
ECODKQUQNCUPWGXCUKFGCU
N #WVQOQVKXCEKÎPGUNCJCDKNKFCFFGGUVCTGPWPGUVCFQFGEQPVKPWCDÕUSWGFC[
RGTUKUVGPEKC GP NC EQPUGEWEKÎP FG NQU QDLGVKXQU JCEKGPFQ HTGPVG C NQU
RTQDNGOCU [ GPEQPVTCPFQ UQNWEKQPGU 'UVC EQORGVGPEKC UG OCPKHKGUVC GP NCU
RGTUQPCUSWGOWGUVTCPWPITCPGPVWUKCUOQRQTUWVTCDCLQ[RQTGNNQITQFG NCU
OGVCURQTGPEKOCFGNCUKORNGTGEQORGPUCGEQPÎOKECEQPWPCNVQITCFQFG


KPKEKCVKXC[EQORTQOKUQ[EQPITCPECRCEKFCFQRVKOKUVCGPNCEQPUGEWEKÎPFG
UWUQDLGVKXQU
'NQRVKOKUOQGUWPQFGNQUTGSWKUKVQUKORTGUEKPFKDNGURCTCNCEQPUGEWEKÎPFG
OGVCUTGNGXCPVGU[VCTGCUEQORNGLCU[UGTGNCEKQPCEQPWPCORNKQGNGPEQFG
EQPEGRVQU RUKEQNÎIKEQU SWG WUCOQU JCDKVWCNOGPVG EQPVTQN FG KORWNUQU
KPJKDKEKÎPFGRGPUCOKGPVQUPGICVKXQUGUVKNQCVTKDWVKXQPKXGNFGGZRGEVCVKXCU
CWVQGUVKOC

N 'N EQPVTQN FG NQU KORWNUQU ECRCEKFCF FG TGUKUVGPEKC C NC HTWUVTCEKÎP [
CRNCCOKGPVQ FG NC ITCVKHKECEKÎP RCTGEG UGT WPC FG NCU JCDKNKFCFGU
RUKEQNÎIKECUO¶UKORQTVCPVGU[TGNGXCPVGUGPGNFGXGPKTXKVCN[CECFÃOKEQ

N 'N EQPVTQN FG NQU RGPUCOKGPVQU PGICVKXQU XGPGPQ FGN QRVKOKUOQ UG
TGNCEKQPC EQP GN TGPFKOKGPVQ C VTCXÃU FG NC GEQPQOÈC FG NQU TGEWTUQU
CVGPEKQPCNGU RTGQEWRCTUG EQPUWOG NQU TGEWTUQU SWG PGEGUKVCOQU RCTC
CHTQPVCTEQPÃZKVQNQUTGVQUXKVCNGU[CECFÃOKEQU

N 'NGUVKNQCVTKDWVKXQFGNQUÃZKVQU[HTCECUQUWUKORNKECEKQPGUGOQEKQPCNGU[
UW TGNCEKÎP EQP NCU GZRGEVCVKXCU FG ÃZKVQ GU WPC VGQTÈC RUKEQNÎIKEC SWG
EQPVTKDW[G GPQTOGOGPVG C PWGUVTC EQORTGPUKÎP FG NQU RTQDNGOCU FG
CRTGPFKCLG[CUWUQNWEKÎP

.C ECRCEKFCF FG OQVKXCTUG C WPQ OKUOQ UG RQPG GURGEKCNOGPVG C RTWGDC
EWCPFQUWTIGPNCUFKHKEWNVCFGUGNECPUCPEKQGNHTCECUQGUGNOQOGPVQGPSWG
OCPVGPGTGNRGPUCOKGPVQFGSWGNCUEQUCUKT¶PDKGPRWGFGUKIPKHKECTGNÃZKVQQ
GN CDCPFQPQ [ GN HTCECUQ
C RCTVG FG QVTQU HCEVQTGU O¶U EQIPKVKXQU EQOQ
FGUEQORQPGT NQU RTQDNGOCU [ UGT HNGZKDNGU RCTC ECODKCT FG OÃVQFQU [
QDLGVKXQU
'N FGUCTTQNNQ FGN QRVKOKUOQ NC CWVQGUVKOC NC GZRGEVCVKXC FG ÃZKVQ GUV¶
TGNCEKQPCFQEQPNCURCWVCUFGETKCPC[GFWECEKÎPGXKVCPFQGNRTQVGEEKQPKUOQ
[ NC ETÈVKEC FGUVTWEVKXC HCXQTGEKGPFQ NC CWVQPQOÈC [ NQU NQITQU RGTUQPCNGU
WVKNKCPFQGNGNQIKQ[NCRGFCIQIÈCFGNÃZKVQEQORNGOGPVCFQEQPNCGZKIGPEKC
[CNCC[WFC
.C +PVGNKIGPEKC +PVGTRGTUQPCN CN KIWCN SWG NC CPVGTKQT GUVC KPVGNKIGPEKC
VCODKÃP GUV¶EQORWGUVCRQTQVTCUEQORGVGPEKCUSWGFGVGTOKPCPGNOQFQGP
SWGPQUTGNCEKQPCOQUEQPNQUFGO¶U[CSWÈ FQUEQPEGRVQUKORQTVCPVGU
N 'ORCVÈC JCDKNKFCF RCTC GPVGPFGT NCU PGEGUKFCFGU UGPVKOKGPVQU [
RTQDNGOCU FG NQU FGO¶U RQPKÃPFQUG GP UW NWICT [ TGURQPFGT
EQTTGEVCOGPVG C UWU TGCEEKQPGU GOQEKQPCNGU .CU RGTUQPCU GOR¶VKECU UQP
CSWGNNCU ECRCEGU FG GUEWEJCT C NQU FGO¶U [ GPVGPFGT UWU RTQDNGOCU [



OQVKXCEKQPGU SWG PQTOCNOGPVG VKGPGP OWEJC RQRWNCTKFCF [
TGEQPQEKOKGPVQUQEKCNSWGUGCPVKEKRCPCNCUPGEGUKFCFGUFGNQUFGO¶U[
SWGCRTQXGEJCPNCUQRQTVWPKFCFGUSWGNGUQHTGEGPQVTCURGTUQPCU

N *CDKNKFCFGU UQEKCNGU GU GN VCNGPVQ GP GN OCPGLQFGNCUTGNCEKQPGU EQPNQU
FGO¶U GP UCDGT RGTUWCFKT G KPHNWGPEKCT C NQU FGO¶U 3WKGPGU RQUGGP
JCDKNKFCFGU UQEKCNGU UQP GZEGNGPVGU PGIQEKCFQTGU VKGPGP WPC ITCP
ECRCEKFCF RCTC NKFGTCT ITWRQU [ RCTC FKTKIKT ECODKQU [ UQP ECRCEGU FG
VTCDCLCTEQNCDQTCPFQGPWPGSWKRQ[ETGCPFQUKPGTIKCUITWRCNGU

.C KPVGNKIGPEKC GOQEKQPCN RWGFG VGPGT ITCPFGU GHGEVQU UQDTG NQU HCEVQTGU
ETÈVKEQUFGÃZKVQGPWPCECTTGTCRTQHGUKQPCNEQOQNQUQP
N .CVQOCFGFGEKUKQPGU
N 'NNKFGTCIQ

N .QUCXCPEGUFGEKUKXQUVÃEPKEQU[GUVTCVÃIKEQU
N .CEQOWPKECEKÎPCDKGTVC[HTCPEC

N .CUTGNCEKQPGUFGEQPHKCPC[VTCDCLQGPGSWKRQ
N .CNGCNVCFFGNQUWUWCTKQU

N .CETGCVKXKFCF[NCKPPQXCEKÎP

5KVQOCOQUGPEWGPVCGUVQUJ¶DKVQU[OCPGLCOQUDKGPNCKPVGNKIGPEKCGOQEKQPCN
GUVCTGOQU CRVQU RCTC EWORNKT NQU TQNGU FG VQFQ DWGP FKTGEVKXQ SWG XGTGOQU C
OC[QTFGVCNNGGPGNUKIWKGPVGECRÈVWNQ



3Q`de_ F** _c ( b_Uc TU e^ ReU^ 7UbU^dU TU CYYcdU]Qc
3Q` de _ F _c ( b_ Uc TU e^ ReU^ 7UbU^dU TU C cdU]Qc
2CTC NNGICT C UGT WP DWGP IGTGPVG UG TGSWKGTG VGPGT WP EQPLWPVQ FG EQORGVGPEKCU
EQPFWEVWCNGU GU FGEKT VGPGT NQU EQPQEKOKGPVQU [ NCU FGUVTGCU PGEGUCTKCU RCTC
FGUGORGÌCT FGVGTOKPCFC VCTGC Q TQN 'N RTGUGPVG EWCFTQ TGUWOG NQU TQNGU [ NCU
EQORGVGPEKCURQTECFCTQN
.151%*141.'5'.)'4'06''5+56'/#5
4QN

4QNFGFKTGEVQT
4QNFG2TQFWEVQT
4QNFGN%QQTFKPCFQT
4QNFG/QPKVQT
4QNFG/GPVQT
4QNFGNHCEKNKVCFQT
4QNFGNKPPQXCFQT
4QNFGNDTQMGT

%QORGVGPEKCU%NCXGU

6QOCFGKPKEKCVKXCU
(KLCEKÎPFGOGVCU
GNGICEKÎPGHKEC
2TQFWEVKXKFCF[OQVKXCEKÎPRGTUQPCN
/QVKXCTCNQUFGO¶U
)GUVKÎPFGNVKGORQ[FGNGUVTÃU
2NCPKHKECEKÎP
1TICPKCEKÎPQFKUGÌQ
%QPVTQN
4GFWEKTNCUQDTGECTICFGKPHQTOCEKÎP
#PCNKCTNCKPHQTOCEKÎPETÈVKECOGPVG
2TGUGPVCTNCKPHQTOCEKÎPTGFCEVCTEQP
GHKECEKC
#WVQEQORTGPUKÎP [ EQORTGPUKÎP FG
NQUFGO¶U
%QOWPKECEKÎPKPVGTRGTUQPCN
GUCTTQNNQFGNQUUWDQTFKPCFQU
%TGCEKÎPFGGSWKRQU
6QOCFGFGEKUKQPGURCTVKEKRCVKXC
)GUVKÎPFGNEQPHNKEVQ
%QPXKXKTEQPGNECODKQ
'NRGPUCOKGPVQETGCVKXQ
.CIGUVKÎPFGNECODKQ
%TGCT[OCPVGPGTWPCDCUGFGRQFGT
0GIQEKCTCEWGTFQU [EQORTQOKUQU
2TGUGPVCT NCU KFGCU RTGUGPVCEKQPGU
XGTDCNGUGHKECEGU

6QOCFQFG/CGUVTKCGPNCIGUVKÎPFGNCUQTICPKCEKQPGURQT4QDGTV3WKPP
5WG4(CGTOCP[/KEJCGN26JQORUQP



41.'.%114+0#14

'NTQN FGEQQTFKPCFQTGUCUGIWTCTSWGGNVTCDCLQHNW[CKPKPVGTTWORKFCOGPVG[SWG
NCU CEVKXKFCFGU UG TGCNKEGP FG CEWGTFQ EQP UW KORQTVCPEKC TGNCVKXC GXKVCPFQ
EQPHNKEVQUGPVTGNQUKPFKXKFWQU'UCUGIWTCTSWGNCURGTUQPCUEQTTGEVCUGUV¶PGPGN
NWICT EQTTGEVQ GP GN OQOGPVQ EQTTGEVQ RCTC TGCNKCT NCU VCTGCU EQTTGEVCU [
ICTCPVKCTSWGÃUVCUFKURQPFT¶PFGNCUJGTTCOKGPVCURCTCTGCNKCTUWVTCDCLQ[SWG
UW TGUWNVCFQ GUVCT¶ FKURQPKDNG RCTC GN UKIWKGPVG ITWRQ FG VTCDCLQ EWCPFQ GUVG
RTGRCTCFQRCTCTGEKDKTNQ.CUEQORGVGPEKCUKPVGTGNCEKQPCFCURCTCFGUGORGÌCTGN
TQNFGEQQTFKPCFQTUQPVTGU2NCPKHKECEKÎP1TICPKCEKÎP[%QPVTQN
2NCPKHKECEKÎP

.C 2NCPKHKECEKÎP [ NC HKLCEKÎP FG OGVCU UQP JGTTCOKGPVCU KORQTVCPVGU RCTC
FGVGTOKPCTCFQPFGUGFGUGCKT[EQOQUGFGUGCNNGICTCNNÈ

2NCPKHKECEKÎP 1RGTCVKXC %QPUKUVG GP VTCFWEKT NQU QDLGVKXQU GP CEEKQPGU
TGCNKCTNCRTGRCTCEKÎP[OCPVGPKOKGPVQFGNHNWLQFGVTCDCLQFGNUKUVGOC5G
VKGPG SWG FGEKFKT EQOQ UG WVKNKCT¶P NQU TGEWTUQU HKPCPEKGTQU JWOCPQU [
OCVGTKCNGURCTCICTCPVKCTNCGPVTGICFGNQUUGTXKEKQUEQPNCOC[QTGHKECEKC
RQUKDNG
.QUECODKQUPGEGUCTKQURCTCVTCFWEKTOGVCUGPRNCPGUUQP

2CUCT FG WPC RGTURGEVKXC C PKXGN QTICPKCVKXQ Q FG FKXKUKÎP C WPC
RGTURGEVKXCEGPVTCFCGPWPCWPKFCFFGVTCDCLQ¶TGCHWPEKQPCNRTQITCOC
QRTQ[GEVQGURGEÈHKEQ

2CUCTFGNNCTIQCNEQTVQRNCQGPNCRNCPKHKECEKÎP2QTNQIGPGTCNPQNNGIC
VCPNGLQUEQOQNCRNCPKHKECEKÎPGUVTCVÃIKECQNCV¶EVKECSWGUGEGPVTCPFG
CCÌQUOKGPVTCUSWGNQURNCPGUQRGTCVKXQUUGEGPVTCPGPRGTÈQFQUC
WPCÌQKPENWUQUÎNQWPCUGOCPC
.CRNCPKHKECEKÎPQRGTCVKXCGUKORQTVCPVGRQTSWGQHTGEGWPOCRCFGVCNNCFQ
FGEÎOQNNGICTFGCSWÈCCNNÈCFGO¶U

2QTSWGPQURGTOKVGHKLCTNQUGUV¶PFCTGUENCTKHKECTSWGGUNQSWGJC[SWG
JCEGT [ EQOQ FGDG JCEGTUG GVGTOKPCFQ NQU GUV¶PFCTGU FG
TGPFKOKGPVQGURQUKDNGGXCNWCTNCGHKECEKCFGNQSWGUGGUV¶JCEKGPFQQ
UGJCJGEJQ'URQUKDNGHKLCTGUV¶PFCTGUFGTGPFKOKGPVQRCTCNQUTGEWTUQU
JWOCPQUTGEWTUQUHKPCPEKGTQUTGEWTUQUVÃEPKEQU
.QUGUV¶PFCTGUFGDGPUGT

N 'URGEÈHKEQUEQPTGURGEVQCNQSWGFGDGNQITCTUG



N /GFKDNGU EQP TGURGEVQ CN RTQITGUQ CNECPCFQ GP GN NQITQ FGN
GUV¶PFCT

N #UKIPCDNGU EQP TGURGEVQ C SWÃ KPFKXKFWQ Q ITWRQFGKPFKXKFWQUGU
TGURQPUCDNGFGFGUGORGÌCTNCVCTGC
N 4GCNKUVCUEQPTGURGEVQCNQUTGEWTUQUFKURQPKDNGU

N %QP NÈOKVGU FG VKGORQ EQP TGURGEVQ C EW¶PFQ UG GURGTCP NQU
TGUWNVCFQU

2QTSWGRGTOKVGENCTKHKECTNCURTKQTKFCFGUQTICPKCVKXCU[FGNCWPKFCFFG
VTCDCLQ GUV¶ TGNCEKQPCFC EQP NC RTQITCOCEKÎP [ GN GUVCDNGEKOKGPVQ FG
ECNGPFCTKQU [ RWPVQU FG TGHGTGPEKC 'U PGEGUCTKQ HKLCT RTKQTKFCFGU [
FGEKFKTNCUGEWGPEKCFGGLGEWEKÎP
.QUHCEVQTGUSWGKPHNW[GPGPGNGUVCDNGEKOKGPVQFGNCURTKQTKFCFGU

N .KOKVCEKQPGU GZVGTPCU ‹%W¶NGU UQP NCU HGEJCU VQRG GZKUVGPVGU
KORWGUVCU FGUFG GN GZVGTKQT! ‹%W¶N GU NC WTIGPEKC GP VGTOKPCT ÃUVC
VCTGCCEVKXKFCFQRTQ[GEVQ!

N 6KGORQVQVCNPGEGUCTKQ5KNCVCTGCGUNCTICGNVKGORQPGEGUCTKQRCTC
UWVGTOKPCEKÎPUKGUEQTVCGURQUKDNGTGVTCUCTUWEQOKGPQ
N .CTGNCEKÎPFGGUVCVCTGCEQPQVTCUVCTGCU‹%W¶NUGTÈCGNKORCEVQFG
VGTOKPCTQPQGUVCVCTGCGPNQURNCPGUFGQVTQURTQ[GEVQU!‹GRGPFG
QVTCURGTUQPCUWQTICPKCEKQPGUFGNTGUWNVCFQFGGUVGRTQ[GEVQRCTC
RQFGTEQOGPCTCVTCDCLCT!
N 'N DGPGHKEKQ TGNCVKXQ FG VGTOKPCT WPC VCTGC FGPVTQ FG WP OCTEQ FG
VKGORQ Q PQ [ CUWOKT NC RGPCNKCEKÎP RQT PQ JCEGTNQ ‹3WÃ
ICPCTGOQU RQT VGTOKPCT NC VCTGC! ‹%W¶NGU UQP NCU EQPUGEWGPEKCU FG
TGVTCUCTGNVTCDCLQWPCQFQUUGOCPCUWPOGUGVE!
'ZKUVGP WP EQPLWPVQ FG JGTTCOKGPVCU RCTC NC RNCPKHKECEKÎP [
RTQITCOCEKÎP FG VKGORQ CUÈ EQOQ UG FGDG EQPUKFGTCT NQU GNGOGPVQU
PGEGUCTKQURCTCFGHKPKTGNVTCDCLQ

N GUETKREKQPGU FG NCU VCTGCU PGEGUCTKCU RCTC NC VGTOKPCEKÎP FGN
RTQ[GEVQ
N GUETKREKÎPFGECFCVCTGC

N 5K RTQEGFGP EQOQ UG KPVGITCT¶P NCU VCTGCU KPFKXKFWCNGU EQP GN
EQPLWPVQVQVCN
N (GEJCUFGKPKEKQ[VGTOKPCEKÎPFGECFCVCTGC



N 4GUWOKT NQU TGEWTUQU JWOCPQU Q FG EWCNSWKGT VKRQ TGSWGTKFQU RCTC
FGUGORGÌCTECFCVCTGC

5G RWGFG WUCT GN KCITCOC FG TGNCEKQPGU FG NC VCTGC SWG C[WFC C UGT
O¶UEQPUEKGPVGFGNKORCEVQFGGUCUTGNCEKQPGUGPUWVTCDCLQ

KUGÌQ'UETKDCUWPQODTGGPGNEGPVTQFGWPEÈTEWNQ[CNTGFGFQTNQU
PQODTGUFGNCURGTUQPCUKPXQNWETCFCUGPECFCVCTGCGNFKCITCOCFGDG
KPENWKT NÈPGCU GPVTG WUVGF [ ECFC WPC FG NCU RGTUQPCU KPENWKFCU GP GN
FKCITCOC

#EQPVKPWCEKÎPKFGPVKHKSWGGNVKRQFGEQOWPKECEKÎPSWGOCPVKGPGEQP
GUCU RGTUQPCU [ GN OGFKQ SWG WVKNKC 2QT ÕNVKOQ CPCNKEG GN PKXGN FG
GHKECEKCFGECFCECFGPCFGEQOWPKECEKÎPKFGPVKHKECPFQCNCURGTUQPCU
EQP NCU SWG PGEGUKVC EQOWPKECTUG EQP O¶U HTGEWGPEKC EQP GN HKP FG
OGLQTCTNCEQQTFKPCEKÎPFGNC VCTGC

2TQITCOCFQT

#PCNKUVC

#PCNKUVC

7F
)GTGPVGFG
5KUVGOCU

KTGEVQTFGN
TGC$

#PCNKUVC

KTGEVQTFGN
TGC$

6CODKÃPUGRWGFGWVKNKCTGNKCITCOCFG)CPV3WGRGTOKVGGUVCDNGEGT
NCU TGNCEKQPGU FG VKGORQ GPVTG NCU FKXGTUCU VCTGCU FGPVTQ FGN RTQ[GEVQ
FGPVTQ FGN OCTEQ IGPGTCN FG VKGORQ FGN RTQ[GEVQ
FGUCTTQNNCFQ RQT
*GPT[.)CPVVCEQOKGPQUFGNUKINQ::


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