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'N VÃTOKPQ PHTGGYCTGQ PQ VKGPG WPC FGHKPKEKÎP ENCTC CEGRVCFC RGTQ GU
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GLGTEKEKQ RTGUWRWGUVCN RCTC NC KORNGOGPVCEKÎP FG UQHVYCTG NKDTG
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CVTCXÃUFGVGTEGTQUFGRGPFKGPFQVCODKÃPFGNVCOCÌQFGNCKPUVKVWEKÎP[GN
ITCFQFG CWVQOCVK\CEKÎPFGNQUUKUVGOCUFGKPHQTOCEKÎPKPUVKVWEKQPCN

6QOCFGFGEKUKQPGU RCTC FGVGTOKPCTNCUGUVTCVGIKCU[CNVGTPCVKXCUFG


/KITCEKÎP
+++
&GPVTQFGGUVCGVCRCUGTGCNK\CT¶GNCP¶NKUKU[GUVWFKQFGNCUGUVTCVGIKCU[
CNVGTPCVKXCUFGOKITCEKÎPCUQHVYCTGNKDTG5GGXCNWCT¶PNCUJGTTCOKGPVCU
[CRNKECEKQPGUGSWKXCNGPVGUGPUQHVYCTGNKDTGCUGTKORNGOGPVCFCU

+PUVCNCEKÎP%QPHKIWTCEKÎP[2TWGDCUFGNCUJGTTCOKGPVCU[CRNKECEKQPGU
FGUQHVYCTGNKDTG CKORNGOGPVCTUGGPNC+PUVKVWEKÎP'PGUVCHCUGGUOW[
+8
KORQTVCPVG NC RCTVKEKRCEKÎP FGN ¶TGC KPHQTO¶VKEC [ NQU WUWCTKQU RCTC
KORNGOGPVCT[ICTCPVK\CTGNRTQEGUQFGOKITCEKÎP

'PVTGPCOKGPVQ [ ECRCEKVCEKÎP CN RGTUQPCN GPECTICFQ FG RTQOQXGT


8 FKHWPFKT [ FKTKIKT GN RTQEGUQ FG OKITCEKÎP C UQHVYCTG NKDTG CUÈ EQOQ
VCODKÃPCNRGTUQPCNWUWCTKQ

&QEWOGPVCEKÎP FG VQFQ GN RTQEGUQ FG OKITCEKÎP CUÈ EQOQ VCODKÃP
8+ RTGRCTCT OCPWCNGU FGN WUWCTKQ FG ECFC CRNKECEKÎP JGTTCOKGPVC [
UQHVYCTGDCUG)07.KPWZKORNGOGPVCFQGPNC+PUVKVWEKÎP

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

 6CTGCU)GPGTCNGU
2CTC FCT KPKEKQ CN RTQEGUQ FG OKITCEKÎP C UQHVYCTG NKDTG GU PGEGUCTKQ
GHGEVWCTFQUVCTGCUKORQTVCPVGU

x 5GPUKDKNK\CEKÎPKPUVKVWEKQPCNTGURGEVQCNCOKITCEKÎPCUQHVYCTGNKDTG
x 1TICPK\CEKÎPKPUVKVWEKQPCNRCTCNCKORNGOGPVCEKÎPFGUQHVYCTGNKDTG

 5GPUKDKNK\CEKÎP KPUVKVWEKQPCN TGURGEVQ C NC /KITCEKÎP C 5QHVYCTG


.KDTG

2CTC RQFGT GHGEVWCT NC OKITCEKÎP FG NQU UKUVGOCU FG KPHQTOCEKÎP C
UQHVYCTGNKDTGGUKORQTVCPVGFGHKPKTCEEKQPGUFGUGPUKDKNK\CEKÎP3WGNC
#NVC FKTGEEKÎP GN ¶TGC KPHQTO¶VKEC FG IGUVKÎP [ UQRQTVG VÃEPKEQ [ NQU
WUWCTKQU HKPCNGU VQOGP EQPEKGPEKC FG ‹2QTSWÃ WPC OKITCEKÎP! ; NCU
XGPVCLCUFGNCOKITCEKÎP

‰ 8GPVCLCUFGNCOKITCEKÎPCUQHVYCTGNKDTG
.CUXGPVCLCUGPGNWUQFGUQHVYCTGNKDTGO¶UKORQTVCPVGUUQP
R %QPVTQNFGNCKPHQTOCEKÎP #NVGPGTNCNKDGTVCFFGKPURGEEKQPCT
GN OGECPKUOQ FG HWPEKQPCOKGPVQ FGN UQHVYCTG [ NC OCPGTC GP
SWG CNOCEGPC NQU FCVQU [ NC RQUKDKNKFCF FG OQFKHKECT GUVQU
CURGEVQUSWGFCGPOCPQUFGNCKPUVKVWEKÎPNCNNCXGFGNCEEGUQC
NCKPHQTOCEKÎP
R %QPHKCDKNKFCF [ GUVCDKNKFCF 'N UQHVYCTG NKDTG CN UGT RÕDNKEQ
GUV¶ UQOGVKFQ C NC KPURGEEKÎP FG WPC OWNVKVWF FG
KPXGUVKICFQTGUSWGFCPUQNWEKQPGU[EQORCTVGPNCUQNWEKÎPEQP
NQUFGO¶U
R 2GTOCPGPVGFGUCTTQNNQ 'NUQHVYCTGNKDTGGPGUVQUÕNVKOQUCÌQU
XKGPG FGUCTTQNN¶PFQUG GP TGNCEKÎP FKTGEVC CN FGUCTTQNNQ FG NCU
6GEPQNQIÈCUFG+PHQTOCEKÎP'UVGCWIGRGTOCPGPVGFGNUQHVYCTG
NKDTG GUVC QDNKICPFQ C OWEJCU GORTGUCU FGUCTTQNNCFQTCU FG
UQHVYCTG[HCDTKECPVGUFGJCTFYCTGCKPEQTRQTCT)07.KPWZGP
UWU RTQFWEVQU %QOQ NQU FGUCTTQNNCFQTGU FG 53. 14#%.'
+0(14/+: #761%#& %14'. GPVTG QVTQU HCDTKECPVGU FG
JCTFYCTGEQOQ+$/%1/2#3570#%'4GVE
R (CEVKDKNKFCF FG OKITCEKÎP FG NQU UKUVGOCU FG KPHQTOCEKÎP C
)07.KPWZ
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RÕDNKECUNCUSWGUGKPFKECPCEQPVKPWCEKÎPVKGPGPGPUQHVYCTG
NKDTGWPCJGTTCOKGPVCQCRNKECEKÎPGSWKXCNGPVG

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

#RNKECEKQPGU[*GTTCOKGPVC U #RNKECEKQPGU[*GTTCOKGPVCU
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5KUVGOCUQRGTCVKXQU 5KUVGOCQRGTCVKXQ.KPWZ
5GTXKFQTGUFGEQOWPKECEKQPGU
9GD #RCEJG
%QTTGQ 5GPFOCKN
&05 &05
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2TQZ[ 2TQZ[5SWKF
(KTGYCNN (KTGYCNN.KPWZ
4GF 5CODC
0(5
5GTXKFQTGUFGDCUGFGFCVQU /[53.2QUVITG53.
#RNKECEKQPGU[JGTTCOKGPVCUFG .GPIWCLGURCTCFGUCTTQNNQFG
FGUCTTQNNQCFOKPKUVTCEKÎP CRNKECEKQPGU% ,CXC2GTN
OCPVGPKOKGPVQ[UGIWTKFCF 2JR6ENVM6E8KUWCN)EE
2KVÎP
&GUCTTQNNQ9'$ 2*22GTN,CXC:/.*6/.
*GTTCOKGPVCUIT¶HKECUOWNVKOGFKC :/.)+(.KPWZ%CF:HKI://5
+PVGTPGV[OQPKVQTGQ 50/20/#2)KOR5&.
1HKO¶VKEC 5VCT1HHKEG-1HHKEG
$TQYUGT0CXGICFQTGU+PVGTPGV 0GVUECRG/Q\KNN1RGTC
-QP-GTQT
'PVQTPQUIT¶HKEQU#FOKPKUVTCFQTGU -&')02/'
FGXGPVCPC -QPMGTQT
5KUVGOCUGORQVTCFQU 0+61W%NKPWZ(2)#
%QOGTEKQGNGEVTÎPKEQ %KDGTVKGPFCGDWUUKPGU
4QDÎVKEC .+07:$16
*GTTCOKGPVCUFGIGUVKÎPFGFKUVKPVQU 50/2.KPWZ
FKURQUKVKXQUGPEWCNSWKGTTGF

50/2

5GPUKDKNK\CEKÎP

.C OKITCEKÎP FG NQU UKUVGOCU


FG KPHQTOCEKÎP C UQHVYCTG
NKDTG TGSWGTKT¶ FG NC
RCTVKEKRCEKÎP FG VQFQU NQU
PKXGNGU FG NC KPUVKVWEKÎP
LGT¶TSWKEC[HWPEKQPCNOGPVG

'PRTKOGTCKPUVCPEKCGNÎTICPQ
KPHQTO¶VKEQ FG NC KPUVKVWEKÎP

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

JCT¶ FG EQPQEKOKGPVQ FGN RNCP FG OKITCEKÎP C NC #NVC &KTGEEKÎP [
RQUVGTKQTOGPVGCNCU¶TGCUHWPEKQPCNGUFG#FOKPKUVTCEKÎP2TGUWRWGUVQ
2TQ[GEVQU 2TQFWEEKÎP 1RGTCEKQPGU +OCIGP +PUVKVWEKQPCN #WFKVQTÈC
+PVGTPC5GIWTKFCFGVE

'U OW[ KORQTVCPVG GHGEVWCT NCU CEEKQPGU FG UGPUKDKNK\CEKÎP C NC CNVC
FKTGEEKÎP C NCU ¶TGCU HWPEKQPCNGU [ WUWCTKQU GP IGPGTCN  FG NC
KPUVKVWEKÎP RCTC NQITCT NQU UKIWKGPVGU TGEWTUQU PGEGUCTKQU RCTC GN
RTQEGUQFGOKITCEKÎP
R #WVQTK\CEKÎP RCTC NC EQPHQTOCEKÎP [ HWPEKQPCOKGPVQ FGN EQOKVÃ
VÃEPKEQ[FGNQUITWRQUFGVTCDCLQ
R &KURQPKDKNKFCF RTGUWRWGUVCTKC RCTC NC GLGEWEKÎP FGN RNCP FG
OKITCEKÎP
R %QPVCTEQPNQUTGEWTUQUJWOCPQUSWGEQPHQTOCT¶PNQUITWRQUFG
VTCDCLQ
R (CEKNKFCFCNRGTUQPCNWUWCTKQFGNQUUKUVGOCUFGKPHQTOCEKÎPRCTC
SWG UG ECRCEKVG GP GN WUQ FG NCU CRNKECEKQPGU [ JGTTCOKGPVCU FG
UQHVYCTGNKDTGSWGUGT¶PKORNGOGPVCFCUGPNCKPUVKVWEKÎP

'NOGFKQRCTCNQITCTGUVCUGPUKDKNK\CEKÎPUGT¶CVTCXÃUFG
x 'ZRQUKEKQPGUUQDTGGNRNCPFGOKITCEKÎPFGPVTQFGNCKPUVKVWEKÎP
WVKNK\CPFQ NQU OGFKQU FG EQOWPKECEKÎP CFGEWCFQU EQOQ
RTQ[GEVQTGU OWNVKOGFKC RTQ[GEVQTGU FG VTCPURCTGPEKC XKFGQ
EQPHGTGPEKCCVTCXÃUFGNC+PVTCPGVFKHWUKÎPFGNCUGZRQUKEKQPGUC
VTCXÃU FG NC TGF OGFKCPVG JGTTCOKGPVCU FG RTGUGPVCEKÎP GPVTG
QVTCU
x &KUGÌQ GNCDQTCEKÎP [ FKUVTKDWEKÎP FG HQNNGVQU GZRNKECVKXQU FGN
RNCPFGOKITCEKÎPUWUXGPVCLCU[DGPGHKEKQCNCKPUVKVWEKÎP
x &KHWUKÎPFGCTVÈEWNQUGPNCR¶IKPCYGDKPVGTPC
+PVTCPGV 
x 'PNCEGU C VTCXÃU FGN 9GD FG NC KPUVKVWEKÎP C NCU KPUVKVWEKQPGU
GPECTICFCU FG NC FKHWUKÎP [UQRQTVGFGNRTQ[GEVQFGOKITCEKÎPC
UQHVYCTGNKDTG
x .KUVCFGNQUUKUVGOCUFGKPHQTOCEKÎPCUGTOKITCFCUKPFKECPFQUW
GSWKXCNGPVGGP)07.KPWZ

 1TICPK\CEKÎPKPUVKVWEKQPCNRCTCNCKORNGOGPVCEKÎPFGUQHVYCTGNKDTG

.CUGIWPFCVCTGCGUVCQTKGPVCFCCQTICPK\CTWPGUSWGOCRCTVKEKRCVKXQ
FG NQU TGEWTUQU [ GUHWGT\QU KPUVKVWEKQPCNGU RCTC RGTOKVKT NC
KORNGOGPVCEKÎPFGNUQHVYCTGNKDTGGPGNOGPQTVKGORQRQUKDNG

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

.C OCIPKVWF FG NC GUVTWEVWTC QTICPK\CVKXC SWG CFQRVG ECFC


KPUVKVWEKÎP FGRGPFGT¶ FGN VCOCÌQ FG NC GPVKFCF FGN ITCFQ FG
CWVQOCVK\CEKÎP FG NQU UKUVGOCU FG KPHQTOCEKÎP FG NC ECPVKFCF FG
UKUVGOCURGTOKUKDNGUCUGTOKITCFQUCUQHVYCTGNKDTG

2UJDQL]DFLyQ
3URFHVRV 7HFQRORJtD

3UHVXSXHVWR
'LIXVLyQ
'LDJQyVWLFR 5HFXUVRV 62 /LQX[
(YDOXDFLyQ &DSDFLWDFLyQ $SOLFDFLRQHV
,PSOHPHQWDFLyQ 6HUYLGRUHV
3UXHEDV 5HGHV
'RFXPHQWDFLyQ 'HVDUUROOR

(VWUDWHJLD

&21&,(1&,$

.C OKITCEKÎP C UQHVYCTG NKDTG KORNKEC WP RTQEGUQ KPVGITCN FQPFG


VKGPGP SWG RCTVKEKRCT VQFCU NCU ¶TGCU TGNCEKQPCFCU RCTC ICTCPVK\CT NC
EQPVKPWKFCFFGNQURTQEGUQUFGNCKPUVKVWEKÎP

.C 1TICPK\CEKÎP +PUVKVWEKQPCN RCTC NC +ORNGOGPVCEKÎP FGN 2TQ[GEVQ


FG/KITCEKÎPC5QHVYCTG.KDTGFGDGT¶VGPGTGPEWGPVCNCUUKIWKGPVGU
EQPUKFGTCEKQPGU

x 'UPGEGUCTKQSWGNCURTKPEKRCNGU CEVKXKFCFGU FGQTICPK\CEKÎP[GN


RNCP FG CEEKÎP KPUVKVWEKQPCN UG QHKEKCNKEG OGFKCPVG 4GUQNWEKÎP
GOKVKFC RQT NC CNVC FKTGEEKÎP FG NC 'PVKFCF .CU TGUQNWEKQPGU
FGDGT¶P RTGEKUCT NC EQPHQTOCEKÎP FG NQU TGRTGUGPVCPVGU FG NCU
¶TGCU FG NC KPUVKVWEKÎP  FGUKIPCFQU RCTC GUVG HKP CUÈ EQOQ UWU
HWPEKQPGU
x .C TGURQPUCDKNKFCF FG FKTKIKT NCU GUVTCVGIKCU [ CEEKQPGU IGPGTCNGU
EQP TGURGEVQ CN 2TQ[GEVQ FG /KITCEKÎP C UQHVYCTG NKDTG GUVCT¶ C
ECTIQ FG WP %QOKVÃ 6ÃEPKEQ +PUVKVWEKQPCN  RCTC NC
+ORNGOGPVCEKÎP FGN 5QHVYCTG .KDTG RTGUKFKFQ RQT GN IGTGPVG Q
FKTGEVQT FG +PHQTO¶VKEC G KPVGITCFC RQT NCU FKTGEEKQPGU EQP
KPIGTGPEKCUQDTGNCOCTEJCKPUVKVWEKQPCN

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

x 'P NC EQPHQTOCEKÎP FGN %QOKVÃ 6ÃEPKEQ  UG VQOCT¶ GP EWGPVC C
NCURTKPEKRCNGU¶TGCUFGNCKPUVKVWEKÎPGPHWPEKÎPCNCKORQTVCPEKC
GUVTCVÃIKECFGPVTQFGNCUHWPEKQPGU[CNCECPVKFCFFGUKUVGOCUFG
KPHQTOCEKÎPSWGRQUGGP
x .C TGURQPUCDKNKFCF VÃEPKEC FG NC QTICPK\CEKÎP [ GLGEWEKÎP FGN
RTQ[GEVQTGECGT¶UQDTGGNHWPEKQPCTKQTGURQPUCDNGFGNC1HKEKPCFG
+PHQTO¶VKECFGNC+PUVKVWEKÎPQGORTGUC
x %QPNCHKPCNKFCFFGPQTOCTNQU%QOKVÃUUGFGDGT¶EQPVCTEQPWP
TGINCOGPVQFGNEQOKVÃGPFQPFGHKIWTGPNQUUKIWKGPVGUECRÈVWNQU
0CVWTCNG\C(KPCNKFCF[#NECPEGFGN2TQ[GEVQ'UVTWEVWTC1TI¶PKEC
[ (WPEKQPGU &G NQU OKGODTQU FGN %QOKVÃ [ FG NC UGETGVCTÈC
VÃEPKEC SWG GUVCT¶ C ECTIQ FGN ¶TGC FG +PHQTO¶VKEC FG NC
+PUVKVWEKÎP &GDG KPENWKTUG WP ECRKVWNQ UQDTG NCU UGUKQPGU [
CEWGTFQU
8GTCPGZQ& 

 2NCPFGCEEKÎPKPUVKVWEKQPCN

5G FGDGT¶ CRTQDCT WP 2NCP FG #EEKÎP +PUVKVWEKQPCN GP FQPFG UG
FGHKPCP NCU CEEKQPGU VCTGCU [ HWPEKQPGU SWG EQTTGURQPFCP C ECFC
GUVTWEVWTCQTI¶PKECFGNC+PUVKVWEKÎP

1TICPK\CEKÎP+PVGTPC

.CU HWPEKQPGU FGN ¶TGC FG +PHQTO¶VKEC GUVCT¶P QTKGPVCFCU C NC


GLGEWEKÎP FGN CURGEVQ VÃEPKEQ FGPVTQ FG NQU RNC\QU TGSWGTKFQU [
GPOCTECFQUFGPVTQFGNCRCTVKFCRTGUWRWGUVCTKCFGUVKPCCNRTQ[GEVQ
(WPEKQPGUFGNC1HKEKPCFG+PHQTO¶VKEC
x 2TQRQPGTCN2TGUKFGPVGFGN%QOKVÃGN2NCPFG#EVKXKFCFGU
x %QPHQTOCEKÎPFGNQU2TQ[GEVQU['SWKRQUFG6TCDCLQ
x %CRCEKVCEKÎP C NQU KPVGITCPVGU FG NQU RTQ[GEVQU [ GSWKRQU FG
VTCDCLQGPNCUHCUGUFGNRTQEGUQFGOKITCEKÎPCUQHVYCTGNKDTG.CU
HWPEKQPGU [ TGURQPUCDKNKFCFGU FG ECFC GSWKRQ FG VTCDCLQ NCU
JGTTCOKGPVCUCWVKNK\CTGPVTGQVTQU
x 5WRGTXKUCT NC TGCNK\CEKÎP FGN KPXGPVCTKQ FG NQU UKUVGOCU FG
KPHQTOCEKÎP NC EQPUQNKFCEKÎP FG NC KPHQTOCEKÎP [ TGRQTVGU C NQU
,GHGUFG2TQ[GEVQU
x 'XCNWCTNQU EQUVQU FGNRNCPFGOKITCEKÎP[FGHKPKTGNETQPQITCOC
FGNRTQEGUQFGOKITCEKÎP
x #UKIPCEKÎP FG NQU TGEWTUQU TGSWGTKFQU C PKXGN FG JCTFYCTG [
UQHVYCTGCUÈEQOQVCODKÃPFGNRGTUQPCNVÃEPKEQTGSWGTKFQ
x 5WRGTXKUCTGNEWORNKOKGPVQFGNCUOGVCURTQITCOCFCU

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

x 2TQOQXGTCEEKQPGUFGFKHWUKÎP[ECRCEKVCEKÎP

 5GTXKEKQUFG6GTEGTQU

2CTC NQU ECUQU GP SWG UG EQPUKFGTG EQPXGPKGPVG NC EQPVTCVCEKÎP FG
WPC GORTGUC GURGEKCNK\CFC
QWVUQWTEKPI  RCTC NC TGCNK\CEKÎP FG
CNIWPCQVQFCUNCUHCUGUFGNRTQEGUQFGOKITCEKÎPFGNCKPUVKVWEKÎPGU
KORQTVCPVGNCKPVGTXGPEKÎPFGNRGTUQPCNRTQRKQEQPEQPQEKOKGPVQFG
NQU UKUVGOCU FG KPHQTOCEKÎP FG NC KPUVKVWEKÎP UWRGTXKUCPFQ Q
EQPFWEKGPFQNQUITWRQUFGVTCDCLQ

2CTCNCEQPVTCVCEKÎPFGVGTEGTQUGUKORQTVCPVGGUVCDNGEGTENCTCOGPVG
NCU DCUGU [ GURGEKHKECEKQPGU VÃEPKECU [ GUVKRWNCTUG CNIWPQU RWPVQU
KORQTVCPVGUGPVTGNQUEWCNGUUGRWGFGOGPEKQPCT
C 1DNKICEKQPGUVCPVQFGNC+PUVKVWEKÎPEQOQFGNRTQXGGFQT
D 'PVTGICFGNQUUKUVGOCUFGKPHQTOCEKÎPFGNCKPUVKVWEKÎPOKITCFQU
C UQHVYCTG NKDTG Q UGTXKEKQU EQPVTCVCFQU GURGEKHKE¶PFQUG GN
ETQPQITCOCRQTHCUGUFGNRTQEGUQFGOKITCEKÎP[NQURTQFWEVQUC
GPVTGICTRQTECFCHCUG
E 2GTUQPCNFGNRTQXGGFQTSWGRTGUVCT¶GNUGTXKEKQGURGEKCNK\CEKÎP
[ GZRGTKGPEKC GP NC KORNGOGPVCEKÎP FG UQHVYCTG NKDTG RCTC
FKHGTGPVGU RNCVCHQTOCU JCTFYCTG GZRGTKGPEKC GP FGUCTTQNNQ FG
CRNKECEKQPGU[JGTTCOKGPVCU)07.KPWZ
F %CRCEKVCEKÎP UQDTG NC KPUVCNCEKÎP EQPHKIWTCEKÎP [ WUQ FG NQU
UKUVGOCUOKITCFQUCUQHVYCTGNKDTG.CGPVTGICFGNQUTGURGEVKXQU
OCPWCNGUFGKPUVCNCEKÎPEQPHKIWTCEKÎP[WUQ
G 'N RTQXGGFQT FGDG ICTCPVK\CT GN UQRQTVG RGTOCPGPVG C NQU
UKUVGOCUOKITCFQU.CKORNGOGPVCEKÎPCNENKGPVGFGCRNKECEKQPGU
[ JGTTCOKGPVCU )07.KPWZ CEVWCNK\CFQU .C ECRCEKVCEKÎP UG
GHGEVWCT¶ FG CEWGTFQ C NC EQDGTVWTC FG WUQ FG NQU UKUVGOCU
OKITCFQUCNRGTUQPCNKPHQTO¶VKEQ[WUWCTKQU
H .QU UQHVYCTG WVKNK\CFQ RCTC NC OKITCEKÎP FGDGP UGT XCNKFCFQU [
ICTCPVK\CFQU RQT)07.KPWZQFKUVTKDWEKQPGUQHKEKCNGU
I 2TQEGFKOKGPVQU FG TGEGREKÎP FG NQU UKUVGOCU FG KPHQTOCEKÎP
OKITCFQU
J 2TWGDCUFGHWPEKQPCOKGPVQ
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OKITCFQU 7P CÌQ EQOQ OÈPKOQ 6GPKGPFQ GP EQPUKFGTCEKÎP
SWG NCU XGTUKQPGU FGN MGTPGN FG .KPWZ UG CEVWCNK\C
RGTOCPGPVGOGPVG C HCXQT FGN WUWCTKQ EQP OC[QT ECRCEKFCF

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

EQORCVKDKNKFCF EQP RNCVCHQTOCU JCTFYCTG [ GN KPETGOGPVQ FG


CRNKECEKQPGU[JGTTCOKGPVCU)07
L 2GPCNKFCFGU RQT KPEWORNKOKGPVQ FGN RTQXGGFQT C GUVCDNGEGTUG
RQT NC GPVTGIC FG NQU RTQFWEVQU GUVCDNGEKFQU GP ECFC HCUG FGN
RTQEGUQFGOKITCEKÎP
M 4GUQNWEKÎPFGNEQPVTCVQECWUCNGU
N 8KIGPEKCFGNEQPVTCVQGURGEKHKECPFQKPKEKQ[HKP

 1TICPK\CEKÎPKPVGTPC

(USWGOC1TICPK\CVKXQRCTCNC/KITCEKÎPFGNQUUKUVGOCUFG
+PHQTOCEKÎPC5QHVYCTG.KDTG

%QOKVÃ6ÃEPKEQ+PUVKVWEKQPCN

&KTGEEKÎPFG+PHQTO¶VKEC

2TQ[GEVQ# 2TQ[GEVQ$ 2TQ[GEVQ% 2TQ[GEVQ&


5GTXKFQTGUFG 5GTXKFQTGUFG$CUG #RNKECEKQPGU 1HKO¶VKEC
%QOWPKECEKQPGU FG&CVQU 'UVTCVÃIKECU

#FOKPKUVTCFQTFG
#FOKPKUVTCFQTFG #TGCFG5QR QTVG
5KUVGOCUFG #PCNKUVCU
$CUGFG&CVQU
%QOWPKECEKQPGU

2GTUQPCNFG 2GTUQPCNFG 2TQITCOCFQTGU 2GTUQPCNFG


#RQ[Q #RQ[Q #RQ[Q

(WPEKQPGUFGN%QOKVÃ6ÃEPKEQ

x 2TQRQPGTCNVKVWNCTFGNCGPVKFCFGN2NCPFG#EVKXKFCFGURCTCNC
OKITCEKÎPFGNQUUKUVGOCUFGKPHQTOCEKÎPCUQHVYCTGNKDTG
x 5WRGTXKUCT NC TGCNK\CEKÎP FGN FKCIPÎUVKEQ G KPXGPVCTKQ FG NQU
UKUVGOCUFGKPHQTOCEKÎPCUGTOKITCFQUCUQHVYCTGNKDTG
x 'XCNWCT NQU EQUVQU FGN RNCP FG OKITCEKÎP ETQPQITCOC FGN
RTQEGUQ FG OKITCEKÎP NC FKURQPKDKNKFCF [ ECRCEKFCF FGN

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

RGTUQPCNKPHQTO¶VKEQFGNCKPUVKVWEKÎPRCTCGHGEVWCTGNRNCP FG
OKITCEKÎPQGPUWFGHGEVQGUVKOCTNCRCTVKEKRCEKÎPFGVGTEGTQU
x #UKIPCEKÎP FG NQU TGEWTUQU TGSWGTKFQU C PKXGN FG JCTFYCTG [
UQHVYCTGCUÈEQOQVCODKÃPFGNRGTUQPCNVÃEPKEQTGSWGTKFQ
x 5WRGTXKUCTGNEWORNKOKGPVQFGNCUOGVCURTQITCOCFCU
x 2TQOQXGT CEEKQPGU FG FKHWUKÎP UQDTG GN RNCP FG OKITCEKÎP [
UWUDGPGHKEKQUCNWUWCTKQGKPUVKVWEKÎP
x %QPUVKVWKT NQU UWDEQOKVÃU Q RTQ[GEVQU GP HWPEKÎP C NCU
ECTCEVGTÈUVKECU[OCIPKVWFFGNC+PUVKVWEKÎP

,GHGUFG2TQ[GEVQ

 2TQ[GEVQ#5GTXKFQTGUFG%QOWPKECEKQPGU

4GURQPUCDNG ,GHGFG)GUVKÎPFG%QOWPKECEKQPGU
#EVKXKFCF #FOKPKUVTCEKÎPFGUGTXKFQTGUFGEQOWPKECEKQPGU

5GTXKFQT 9GD %QTTGQ 4GF (KTGYCNN &05
0(5 4GURQPUCDNGFGNTGURCNFQ

(WPEKQPGUGURGEÈHKECUFGPVTQGNRNCPFGOKITCEKÎP

x 1TICPK\CT EQQTFKPCT [EQPVTQNCTNQU TGEWTUQU FGJCTFYCTG[


UQHVYCTGRCTCNQUUGTXKFQTGUFGEQOWPKECEKQPGU[OQPKVQTGQ
x 2CTVKEKRCT GP NC GNCDQTCEKÎP FG VCTGCU [ FGUCTTQNNQ FGN
RTQ[GEVQ
x #RNKECT NQU RTQEGFKOKGPVQU GUVCDNGEKFQU RCTC NC TGCNK\CEKÎP
FGN RTQ[GEVQ &KHWUKÎP +PXGPVCTKQ 'XCNWCEKÎP FG NCU
CRNKECEKQPGU [ JGTTCOKGPVCU )07.KPWZ C CFQRVCTUG
KORNGOGPVCEKÎPRTWGDCUECRCEKVCEKÎPCNRGTUQPCNFGUW¶TGC
[WUWCTKQUFQEWOGPVCTGNRTQEGUQCFSWKUKEKÎPFGOCPWCNGU
FGWUWCTKQRCTCNQUUGTXKFQTGUFGEQOWPKECEKQPGUOKITCFQU
x %QPVTQNCT [ UWRGTXKUCT GN EWORNKOKGPVQ FGN ETQPQITCOC
CFCRVCPFQOGFKFCUEQTTGEVKXCUFGUGTPGEGUCTKQ

 2TQ[GEVQ$5GTXKFQTGUFGDCUGFGFCVQU

4GURQPUCDNG ,GHGFG)GUVKÎPFGDCUGFGFCVQU
#EVKXKFCF #FOKPKUVTCEKÎPFGUGTXKFQTGUFGDCUGFGF&CVQU
&GUCTTQNNQ [ CFOKPKUVTCEKÎP FG NC CRNKECEKÎP [
TGURCNFQ

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

(WPEKQPGUGURGEÈHKECUFGPVTQGNRNCPFGOKITCEKÎP

x 1TICPK\CT EQQTFKPCT [EQPVTQNCTNQU TGEWTUQU FGJCTFYCTG[


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IGUVKÎPFGCFOKPKUVTCEKÎP
x 2CTVKEKRCT GP NC GNCDQTCEKÎP FG VCTGCU [ FGUCTTQNNQ FGN
RTQ[GEVQ
x #RNKECT NQU RTQEGFKOKGPVQU GUVCDNGEKFQU RCTC NC TGCNK\CEKÎP
FGN RTQ[GEVQ &KHWUKÎP +PXGPVCTKQ GXCNWCEKÎP FG NCU
CRNKECEKQPGU [ JGTTCOKGPVCU )07.KPWZ C CFQRVCTUG
KORNGOGPVCEKÎPRTWGDCUECRCEKVCEKÎPCNRGTUQPCNFGUW¶TGC
[WUWCTKQUFQEWOGPVCTGNRTQEGUQCFSWKUKEKÎPFGOCPWCNGU
FGWUWCTKQRCTCNQUUGTXKFQTGUOKITCFQU
x %QPVTQNCT [ UWRGTXKUCT GN EWORNKOKGPVQ FGN ETQPQITCOC
CFCRVCPFQOGFKFCUEQTTGEVKXCUFGUGTPGEGUCTKQ

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#EVKXKFCF #FOKPKUVTCEKÎP FG CRNKECEKQPGU FG IGUVKÎP
CFOKPKUVTCEKÎP QRGTCEKQPGU GUVTCVÃIKECU
TGURQPUCDNGFGNTGURCNFQ

(WPEKQPGUGURGEÈHKECUFGPVTQGNRNCPFGOKITCEKÎP

x 1TICPK\CT EQQTFKPCT [EQPVTQNCTNQU TGEWTUQU FGJCTFYCTG[


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x 2CTVKEKRCT GP NC GNCDQTCEKÎP FG VCTGCU [ FGUCTTQNNQ FGN
RTQ[GEVQ
x #RNKECT NQU RTQEGFKOKGPVQU GUVCDNGEKFQU RCTC NC TGCNK\CEKÎP
FGN RTQ[GEVQ FKHWUKÎP +PXGPVCTKQ GXCNWCEKÎP FG NCU
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[WUWCTKQUFQEWOGPVCTGNRTQEGUQCFSWKUKEKÎPFGOCPWCNGU
FGWUWCTKQRCTCNQUUGTXKFQTGUOKITCFQU

 2TQ[GEVQ&#RNKECE KQPGU1HKO¶VKEC

4GURQPUCDNG ,GHGFGUQRQTVGVÃEPKEQ
#EVKXKFCF +PUVCNCEKÎP OCPVGPKOKGPVQ [ UQRQTVG C
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+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

(WPEKQPGUGURGEÈHKECUFGPVTQGNRNCPFGOKITCEKÎP

x 1TICPK\CT EQQTFKPCT [EQPVTQNCTNQU TGEWTUQU FGJCTFYCTG[


UQHVYCTGRCTCNQUWUWCTKQUHKPCNGUTGNCEKQPCFQUCNQUUKUVGOCU
QRGTCVKXQU[NCUWKVGQHKO¶VKECC)07.KPWZ[5VCT1HHKEG
TGURGEVKXCOGPVG
x 2CTVKEKRCT GP NC GNCDQTCEKÎP FG VCTGCU [ FGUCTTQNNQ FGN
RTQ[GEVQ
x #RNKECTNQURTQEGFKOKGPVQUGUVCDNGEKFQURCTCNCTGCNK\CEKÎPFGN
RTQ[GEVQ &KHWUKÎP KPXGPVCTKQ GXCNWCEKÎP G KORNGOGPVCEKÎP
FG NCU CRNKECEKQPGU [ JGTTCOKGPVCU )07.KPWZ C CFQRVCTUG
RTWGDCU ECRCEKVCEKÎP [ FQEWOGPVCEKÎP FGN RTQEGUQ
CFSWKUKEKÎPFGOCPWCNGUFGWUWCTKQ
x %QPVTQNCT [ UWRGTXKUCT GN EWORNKOKGPVQ FGN ETQPQITCOC
CFCRVCPFQOGFKFCUEQTTGEVKXCUFGUGTPGEGUCTKQ

)GUVKÎPFGTGFGU[DCUGFGFCVQUGPWPC+PUVKVWEKÎP

'SWKRQUFGVTCDCLQ

%CFC,GHGFGRTQ[GEVQQTICPK\CT¶[HQTOCT¶GNGSWKRQUFGVTCDCLQ
EQPHQTOCFQ RQT RGTUQPCN GURGEKCNK\CFQ GP GN UKUVGOCU FG
KPHQTOCEKÎPTGNCEKQPCFQCUW2TQ[GEVQ

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

(WPEKQPGUGURGEÈHKECU

R 'XCNWCEKÎP [ CP¶NKUKU FG HCEVKDKNKFCF FG NQU UKUVGOCU FG


KPHQTOCEKÎPCOKITCTUG
R 'LGEWEKÎP FGN RNCP FG OKITCEKÎPKPUVCNCEKÎP EQPHKIWTCEKÎP
RTWGDCU[ECRCEKVCEKÎP
R 8CNKFCEKÎP [ UQRQTVG SWG RGTOKVC RQPGT GP OCTEJC NCU
CRNKECEKQPGUOKITCFCU

'USWGOC1TICPK\CVKXQRCTC+PUVKVWEKQPGU
%QP/GPQT8QNWOGPFG+PHQTOCEKÎPC/KITCT

%QOKVÃ6ÃEPKEQ+PUVKVWEKQPCN

&KTGEEKÎPFG+PHQTO¶VKEC

2TQ[GEVQ# 2TQ[GEVQ$
5GTXKFQTGUFG%QOWPKECEKQPGU$CUG 'UVCEKQPGUFG6TCDCLQ[
FG&CVQU[#RNKECEKQPGU'UVTCVÃIKECU 2GTKHÃTKEQU

#FOKPKUVTCFQTFG5KUVGOCUFG #TGCFG5QRQTVG
%QOWPKECEKQPGU#FOKPKUVTCFQT
FG$CUGFG&CVQU[#PCNKUVCU

2GTUQPCNFG
2GTUQPCNFG #RQ[Q
#RQ[Q

 2TQFWEVQU C QDVGPGT

x %QPQEKOKGPVQCNKPVGTKQTFGNCKPUVKVWEKÎPFGN2TQ[GEVQFG/KITCEKÎPFG
NQU 5KUVGOCU FG +PHQTOCEKÎP C 5QHVYCTG .KDTG C PKXGN FG HWPEKQPCTKQU
RTQHGUKQPCNGU[GORNGCFQUGPIGPGTCN

x 'USWGOCQTICPK\CVKXQKPUVKVWEKQPCNRCTCNCKORNGOGPVCEKÉPFGUQHVYCTGNKDTG
SWG EQORTGPFG NCU HWPEKQPGU FGHKPKFCU [ RGTUQPCU SWG XCP C VGPGT NC
TGURQPUCDKNKFCFGPNCGLGEWEKÉPFGN2TQ[GEVQ

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

3
3QQ``ddee\\__ FF ** 66QQccUU ""

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'P GUVC HCUG UG TGIKUVTCT¶P VQFQU NQU


UKUVGOCUFGKPHQTOCEKÎPSWGRQUGGNC
+PUVKVWEKÎP C VTCXÃU FGN EWCN UG
GXCNWCT¶GNITCFQFGHCEVKDKNKFCFRCTC
NC OKITCEKÎP C UQHVYCTG NKDTG
8GTKHKE¶PFQUG NC JGTTCOKGPVC Q
CRNKECEKÎP GSWKXCNGPVG GP
)07.KPWZ GN ITCFQ FG UGIWTKFCF
EQPHKCDKNKFCF KPHQTOCEKÎP VÃEPKEC
FKURQPKDNG[UQRQTVGSWGQHTGEGPNCU
FKUVTKDWEKQPGU  O¶U EQPQEKFCU [
TGEQOGPFCFCU

.QU UKUVGOCU FG KPHQTOCEKÎP [ EQORQPGPVGU KPXQNWETCFQU GP GN RNCP FG
OKITCEKÎPUQP

 *CTFYCTG GUVQ GU NCU EQORWVCFQTC UW CTSWKVGEVWTC [ VKRQ FG


OKETQRTQEGUCFQT
 5KUVGOCU 1RGTCVKXQU EQOQ 9KPFQYU 06:2 &15 /#% 15
5QNCTKU
70 : 
 5KUVGOCU RCTC UGTXKFQTGU FG EQOWPKECEKQPGU EQOQ 9GD %QTTGQ &05
2TQZ[4GF
9KPFQYU060QXGNN70 : 
 .GPIWCLGUFGRTQITCOCEKÎP EQOQ(QZRTQ8KUWCNDCUKE%NKRGT% GVE
 5KUVGOCUFGIGUVKÎPFGDCUGFGFCVQU1TCENG5[DCUG+PHQTOKZ53.GVE
 5QHVYCTGFGQHKEKPCW1HKO¶VKEC EQOQ/51HHKEG%QTGN1HHKEG
 7VKNKVCTKQU[UKUVGOCUFGIGUVKÎP
 5KUVGOCU FG KPHQTOCEKÎP RTQRKQU FG NC +PUVKVWEKÎP EQOQ NQU 5KUVGOCU
KPVGITCFQUFG)GUVKÎP#FOKPKUVTCVKXC5KUVGOCU%QPVCDNGUGPVTGQVTQU

 +PXGPVCTKQFG'SWKRQU[5QHVYCTG

'PVQFCUNCU¶TGCU[FQPFGUGFKURQPICFGGSWKRQU[UQHVYCTGUGNNGXCT¶C
ECDQWPKPXGPVCTKQIGPGTCNFGNQUTGEWTUQUKPHQTO¶VKEQUFGNCKPUVKVWEKÎP'N

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

KPXGPVCTKQ RGTOKVKT¶ EQPQEGT [Q XGTKHKECT EQP GZCEVKVWF NQU FKHGTGPVGU


UKUVGOCU FG KPHQTOCEKÎP Q CRNKECVKXQU VKRQU FG QTFGPCFQTGU GSWKRQU
RGTKHÃTKEQU [ FKURQUKVKXQU FG EQPGEVKXKFCF EQP NQU SWG GUV¶ VTCDCLCPFQ NC
KPUVKVWEKÎP

 #EVKXKFCFGURTGXKCU

 'UVCDNGEGTWPETQPQITCOCFGCEVKXKFCFGURCTCNCTGCNK\CEKÎPFGN
+PXGPVCTKQ
'N ETQPQITCOC FG CEVKXKFCFGU FGDG KPENWKT NQU VKGORQU FG ECFC
CEVKXKFCFRTQITCO¶VKEC2CTCVCNRTQRÎUKVQUGRWGFGWVKNK\CTGN/5
2TQLGEVQ5WRGTRTQLGEV

&G GZKUVKT CNIWPQU RTQDNGOCU EQOQ UKUVGOCU RTQVGIKFQU EQP


EQPVTCUGÌCU RQT CNIWKGP SWG [C PQ GUV¶ GP NC +PUVKVWEKÎP GU
PGEGUCTKQ KPHQTOCT C 5QRQTVG 6ÃEPKEQ RCTC SWG UG QEWRG FGN
RTQDNGOC

 'UVCDNGEGT HWPEKQPGU [ TGURQPUCDKNKFCFGU FG NQU GPECTICFQU FG


GHGEVWCTGNKPXGPVCTKQ
.CU RGTUQPCU SWG XCP C
KPVGTXGPKT GP GN KPXGPVCTKQ
FGDGP VGPGT NC FGUETKREKÎP FG
NCU CEVKXKFCFGU KPFKXKFWCNGU SWG
TGCNK\CT¶P CUÈ EQOQ FG NCU
HWPEKQPGU FG NQU PKXGNGU FG
UWRGTXKUKÎP[QCRQ[QVÃEPKEQC
NQU EWCNGU FGDGP TGEWTTKT RCTC
TGUQNXGT FWFCU Q KPVGTRTGVCT
UKVWCEKQPGUGZEGREKQPCNGU

0KXGNGUFG2CTVKEKRCEKÎP

'NPKXGNFGUWRGTXKUKÎP
CECTIQFGN¶TGCFG+PHQTO¶VKEC

x #UGIWTCT SWG GN KPXGPVCTKQ UG TGCNKEG FGPVTQ FGN RNC\Q


GUVCDNGEKFQ
x &KUVTKDWKT QRQTVWPCOGPVG CN RGTUQPCN QRGTCVKXQ NQU OCVGTKCNGU
PGEGUCTKQURCTCNCGLGEWEKÎPFGNKPXGPVCTKQ
x 5QNWEKQPCTNCUFWFCU[RTQDNGOCUSWGUGUWUEKVGP
x #UGIWTCTSWGNCECNKFCFFGNCKPHQTOCEKÎPCUGTKPITGUCFCGPGN
UKUVGOCFGGPVTCFCFGFCVQUUGCÎRVKOC

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

'NPKXGN1RGTCVKXQ
CECTIQFGNRGTUQPCNFG5QRQTVG

x &GXQNXGT NQU HQTOCVQU FGDKFCOGPVG NNGPCFQU [ GP HQTOC


QRQTVWPC
x +PHQTOCTFGEWCNSWKGTRTQDNGOCRCTCUWUQNWEKÎPKPOGFKCVC

2CTC NQU ECUQU GP SWG GN KPXGPVCTKQ UG TGCNKEG RQT VGTEGTQU

QWVUQWTEKPI UGTGEQOKGPFCSWGUGCGN¶TGCFG+PHQTO¶VKECNCSWG
UWRGTXKUGGNKPXGPVCTKQ

 1DVGPGT NQU TGEWTUQU JWOCPQU [ RCTVKFC RTGUWRWGUVCN RCTC NC


TGCNK\CEKÎPFGNKPXGPVCTKQ
.QUCURGEVQUGEQPÎOKEQU[RGTUQPCNGURGEKCNK\CFQXCTÈCPFGWPC
+PUVKVWEKÎP C QVTC FG CEWGTFQ C UW KPHTCGUVTWEVWTC [ UQRQTVG
VGEPQNÎIKEQRCTCNQEWCNUGFGDGFGVGTOKPCT
x 5KGNKPXGPVCTKQUGTGCNK\CT¶EQPRGTUQPCNRTQRKQ
x 5KUGEQPVTCVCT¶RGTUQPCNGURGEKCNK\CFQRCTCGUVGHKP
x 5KUGTGSWGTKT¶NQUUGTXKEKQUFGVGTEGTQU

'P NCU FQU ÕNVKOCU QREKQPGU UG FGDG RTGUWRWGUVCT WP OQPVQ
FGVGTOKPCFQ  [ GUVCDNGEGT GN CNECPEG NQU TGUWNVCFQU Q RTQFWEVQU
SWGUGGURGTCPQDVGPGT[GNVKGORQGPGNSWGFGDGUGTTGCNK\CFQ

 &GHKPKTUKGN2TQEGUQUGJCEGGPHQTOCOCPWCNQCWVQO¶VKEC

.QUKPXGPVCTKQUUGRWGFGPGHGEVWCTGPHQTOCOCPWCNQCWVQO¶VKEC
OGFKCPVGGNWUQ FGJGTTCOKGPVCUFGUCTTQNNCFCURCTCVCNRTQRÎUKVQ
SWG RGTOKVC NC ECRVWTC FG FCVQU GN RTQEGUCOKGPVQ FG NC
KPHQTOCEKÎP [ NC GOKUKÎP FG TGUWNVCFQU 'ZKUVGP XCTKQU VKRQU FG
JGTTCOKGPVCU FG FKHGTGPVG PKXGN
GP HWPEKÎP CN VCOCÌQ FG NC
KPUVKVWEKÎP [ UW PKXGN FG CWVQOCVK\CEKÎP  [ VKRQ FG RNCVCHQTOC
VGEPQNÎIKEC RCTC XKCDKNK\CT GN VKGORQ [ RTQEGUQ FG KPXGPVCTKQ GU
KORQTVCPVGSWGUGEWGPVGEQPGUVCUJGTTCOKGPVCU

 &GUCTTQNNCT WP UKUVGOC KPHQTO¶VKEQ SWG


RGTOKVCKPITGUCTNQUFCVQUCRCTVKTFGNQU
HQTOCVQUFGNKPXGPVCTKQ[GOKVKTTGRQTVGU
FGDCUGUFGFCVQU
.CKPHQTOCEKÎPQDVGPKFCGPGNRTQEGUQFG
KPXGPVCTKQ PGEGUKVC UGT RTQEGUCFC
ENCUKHKECFC [CEWOWNCFC FGCEWGTFQCNQU
TGSWGTKOKGPVQU FG EQPUWNVC [Q
CNOCEGPCOKGPVQ

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

2CTC NQITCT GUVG RTQRÎUKVQ UG FGDGP FKUGÌCT NQU 4GRQTVGU FG
&GVCNNG[4GUWOGPSWGUGXCCQDVGPGT

%QPGNFKUGÌQFGNQU4GRQTVGUNCDCUGFG&CVQU[NQUHQTOWNCTKQU
FG+PXGPVCTKQFGHKPKFQUUGGNCDQTCT¶WPUKUVGOCKPHQTO¶VKEQRCTC
UW RTQEGUCOKGPVQ GN EWCN FGDGT¶ GUVCT EQPENWKFQ  CPVGU FG
GORG\CTGNKPXGPVCTKQRTQRKCOGPVGFKEJQ

 'LGEWEKÎPFGN+PXGPVCTKQ

2CTCNCGLGEWEKÎPFGN+PXGPVCTKQUGFGDGEQPUKFGTCT

x 'NFKUGÌQ[WUQFGHQTOCVQURCTCNCVQOCFG+PXGPVCTKQ
x &GHKPKEKÎP[ECRCEKVCEKÎPFGNNNGPCFQFGNQUHQTOCVQUCWVKNK\CT
x 4GCNK\CEKÎPFGN+PXGPVCTKQ
x %QPUKUVGPEKC[XGTKHKECEKÎPFGN+PXGPVCTKQ
x 'OKUKÎPFGTGRQTVGUGKPHQTOGUFGTGUWNVCFQU

C 'NFKUGÌQ[WUQFGHQTOCVQURCTCNCVQOCFG+PXGPVCTKQ

.QUHQTOCVQUCWVKNK\CTXCPCFGRGPFGTFGNQUTGEWTUQUKPHQTO¶VKEQU
EQPNQUSWGEWGPVCNCKPUVKVWEKÎP

(QTOCVQUCGORNGCTUG

x +PXGPVCTKQ FG QTFGPCFQTGU



UGTXKFQTGU GUVCEKQPGU FG
VTCDCLQ  GN
NQU 
OKETQRTQEGUCFQTGUGSWKRQU
RGTKHÃTKEQU FKURQUKVKXQU FG
TGF 
VCTLGVCU FG TGF
'VJGTPGV (CUV 'VJGTPGV
#6/  .QU FCVQU O¶U
KORQTVCPVGU C EQPUKFGTCTUG
GUNCOCTEC[OQFGNQFGNQU
GSWKRQU[FKURQUKVKXQUOGPEKQPCFQUCHKPFGQDVGPGTGNITCFQFG
EQORCVKDKNKFCF FG NQU FTKXGTU  EQP GN UKUVGOC QRGTCVKXQ .KPWZ  C
KPEQTRQTCTUG
x 5QHVYCTG DCUG +PUVCNCFQ GP NQU UGTXKFQTGU [ GUVCEKQPGU FG
VTCDCLQ FG NC +PUVKVWEKÎP 'N QDLGVKXQ GU XGTKHKECT [ RTQDCT NQU

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

UQHVYCTG DCUG KPUVCNCFQU GP NQU GSWKRQU FG EÎORWVQ RCTC


OKITCTNQUCNUQHVYCTGGSWKXCNGPVG[EQORCVKDNGFG)07.KPWZ
x 'SWKRQU GORQVTCFQU SWG WVKNK\CP OKETQRTQEGUCFQTGU RCTC UW
HWPEKQPCOKGPVQ
x #RNKECVKXQU KPUVCNCFQU GP NQU QTFGPCFQTGU FG NC +PUVKVWEKÎP
2GTOKVKT¶ EQPQEGT [Q XGTKHKECT NQU FKHGTGPVGU UKUVGOCU FG
KPHQTOCEKÎP Q CRNKECVKXQU EQP NCU SWG GUVC VTCDCLCPFQ NC
+PUVKVWEKÎP .QU EWCNGU PQTOCNOGPVG GUV¶P QTKGPVCFQU RQT GN
VKRQFGNGPIWCLGWVKNK\CFQUGPNCRTQITCOCEKÎPFGUKUVGOCU
x $CUGFG&CVQU'NQDLGVKXQGUXGTKHKECTGNVKRQFG$CUGUFGFCVQU
QCTEJKXQUEQPNQUSWGGUV¶PVTCDCLCPFQNQUFKHGTGPVGUUKUVGOCU
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&KUEQU &WTQU   %CRCEKFCF FG EW


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5KUVGOC1RGTCVKXQ$CUG  #PQVGGPGNGURCEKQEQTTGURQPFKGPVGGN
VKRQFGUKUVGOCQRGTCVKXQDCUGSWGWUCGNUQHVYCTGKPUVCNCFQ2QT
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(CDTKECPVG  #PQVGGPGNTGEWCFTQEQTTGURQPFKGPVGGNPQODTGFG
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ECPVKFCFFGNKEGPEKCUSWGRQUGGNCKPUVKVWEKÎPRCTCGHGEVWCTNC
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5GIWTKFCF 5GTXKFQTGUCPVKXKTWU

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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R +ORTGUQU
R &KIKVCNK\CFQU
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2CTC ICTCPVK\CT NC EQPVKPWKFCF FG NCU QRGTCEKQPGU [ IGUVKÎP FG NC
KPUVKVWEKÎP FWTCPVG GN RTQEGUQ FG OKITCEKÎP C UQHVYCTG NKDTG GU
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x 'URGEKHKECTUWWDKECEKÎP

.CGUVTCVGIKCCUWOKFCPQURGTOKVGFGVGTOKPCTNCUCNVGTPCVKXCU[GVCRCU
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 #NVGTPCVKXCU[GVCRCURCTCNCOKITCEKÎPCUQHVYCTGNKDTG

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.QUTGEWTUQUJWOCPQUFGNCKPUVKVWEKÎPQVGTEGTQU

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6KRQFGQRGTCEKÎP%TÈVKEC

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FG WPC KPUVKVWEKÎP RGTQ NC GZRGTKGPEKC FG .KPWZ GP GUVQU UKUVGOCU GU
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FG EWQVC FG OGTECFQ FGPVTQ FG NQU GSWKRQU EQPGEVCFQU C +PVGTPGV

UGIÕPFCVQUFG0GVITCHV UWUECTCEVGTÈUVKECUFGTQDWUVG\GUVCDNGUGIWTQ
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'UVQU UKUVGOCU GUV¶P EQPHQTOCFQU RQT UGTXKFQTGU FG EQOWPKECEKQPGU



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.CPCVWTCNG\C[ECTCEVGTÈUVKECFG)07.KPWZHTGPVGCQVTQUUKUVGOCUUW
GUVCDKNKFCF TQDWUVG\ EQPHKCDKNKFCF ECRCEKFCF [ UGIWTKFCF *C XGPKFQ
FGOQUVT¶PFQUG GP NQU UGTXKFQTGU FG EQOWPKECEKQPGU UW CNVQ ITCFQ FG
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'NCDQTCFQ[FKHWPFKFQRQT+$/

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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NCU FKUVTKDWEKQPGU OCU WVKNK\CFCU C PKXGN OWPFKCN FGVCNN¶PFQUG UWU
ECTCEVGTÈUVKECU NCU CRNKECEKQPGU [ JGTTCOKGPVCU KPEQTRQTCFCU GN VKRQ
FGRCSWGVGUFGUQHVYCTGSWGWVKNK\CP

NCU FKUVTKDWEKQPGU SWG UQP RCSWGVGU RTGOQPVCFQU EQP VQFQ NQ SWG
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UQP PGEGUCTKCU RCTC WUCT WP QTFGPCFQT EQP GN MGTPGNFG.KPWZ 'UVQ
KPENW[G

x .QUWVKNKFCFGUFGNUKUVGOC
x 7PEQORKNCFQTFGE
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x .QURTQITCOCUFGCRNKECEKÎP

2CTC QRVCT WPC FKUVTKDWEKÎP GU KORQTVCPVG GXCNWCT NQU UKIWKGPVGU


ETKVGTKQU

x 'N RTQEGUQ FG KPUVCNCEKÎP [ EQPHKIWTCEKÎP RCTC ICTCPVK\CT WPC


KPUVCNCEKÎP [ QRGTCEKÎP COKICDNG QRVG RQT WPC FKUVTKDWEKÎP SWG
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IT¶HKEQ
x *GTTCOKGPVCU FG IGUVKÎP SWG RGTOKVGP EGPVTCNK\CT NQU RTQEGUQU
OCUEQOWPGU
x 2CSWGVGUCNIWPCUFKUVTKDWEKQPGURQUGGPRCSWGVGUWVKNKVCTKQUEQOQ
5VCT1HHKEGKPEQTRQTCFQUGPNCFKUVTKDWEKÎP4GF*CVVKGPGP
KPEQTRQTCFQGUVCJGTTCOKGPVCQHKO¶VKEC
x (WPEKQPCOKGPVQEWCPFQKPUVCNCOQUWPUKUVGOCQRGTCVKXQGURCTC
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FKUVTKDWEKÎP 5KP GODCTIQ CNIWPCU FKUVTKDWEKQPGU RTGUGPVCP
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x 8CNQTCEKÎP INQDCN RCTC GUEQIGT WPC FKUVTKDWEKÎP GU KORQTVCPVG


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QREKÎP UGT¶ 4GF *CV 5WEG 2CTC IWTÕU [ GZRGTVQU GN 5NCEMYCTG
.KPWZ

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5GTXKFQTFG4GF 
[GZVGTPQ
9GD%QTTGQ[(KTGYCNN UGTGSWKGTGWPUGTXKFQTFGOCTEC
Q EQORCVKDNG OÈPKOQ 2GPVKWO +++  /$ 4#/ VCTLGVC FG TGF
 /$ %1/ Q UWRGTKQT EQPVTQNCFQT 5%5+ FKUEQ FWTQ 5%5+
NGEVQTCZVCTLGVCFGXKFGQ#6+/$

.C ECPVKFCF FG GNGOGPVQU SWG QHTGEG GN -GTPGN FG .KPWZ UG JC
KPETGOGPVCFQCWPTKVOQEQPUVCPVG.CXGTUKÎPFGN-GTPGNVGPÈC
CRGPCU  - [ GTC EQORCVKDNG EQP JCTFYCTG OW[ NKOKVCFQ FGN
GPVQTPQOKGPVTCUSWGGN-GTPGNO¶UTGEKGPVGUNNGICPCNQU
/D

7PC FG NCU TC\QPGU FGN KPETGOGPVQ FG QREKQPGU GU UW OGLQTCFC
EQORCVKDKNKFCF EQP JCTFYCTG OW[ FKXGTUQ [ NC XCTKGFCF FG
CTSWKVGEVWTCUFGJCTFYCTG #ODQU CXCPEGUGUV¶PEQPNNGXCPFQCWPC
OC[QTGUECNCDKNKFCF [GUVCDKNKFCF FG.KPWZ'N-GTPGN GUWVKNK\CFQ
RCTC JCTFYCTG RQVGPVG CWPSWG  PQ FGLCT¶ FG HWPEKQPCT  EQP
JCTFYCTGOCUCPVKEWCFQ

&GVGTOKPCT NC +PUVCNCEKÎP [ EQPHKIWTCEKÎP FGN UKUVGOC QRGTCVKXQ


.KPWZRCTCUGTXKFQTGU

x &GVGTOKPCTGNVKRQFGKPUVCNCEKÎP
'ZKUVGPFQUVKRQUFGKPUVCNCEKÎP

R 'N /QFQ 6GZVQ PQ GZKUVG WP GPVQTPQ IT¶HKEQ UQRQTVCFQ GU
UKOKNCTCN70+:UGFKTGEEKQPCNCUQREKQPGUFGRCPVCNNCCVTCXÃU
FGN VGENGCFQ 2QUGG WP OÈPKOQ FG RCPVCNNC 'UVG OQFQ FG
KPUVCNCEKÎPGUTGEQOGPFCFQRCTCWUWCTKQUGZRGTVQU

R 'N/QFQ)T¶HKEQGNRTQEGUQFGKPUVCNCEKÎPUGGHGEVÕCCVTCXÃUFG
WP GPVQTPQ IT¶HKEQ COKICDNG FQPFG KPVGTCEVÕC NCU RCPVCNNCU
ITCHKEC GN VGENCFQ [ GN OQWUG 'UVC OQFCNKFCF GU QTKGPVCFQ C
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5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

x &GVGTOKPCTGNVKRQFGQRGTCEKÎP
'N UKUVGOC QRGTCVKXQ .KPWZ RWGFG QRGTCTUG GP OQFQ IT¶HKEQ Q C
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R /QFQ IT¶HKEQ 'P GUVG OQFQ .KPWZ GU QRGTCFQ OGFKCPVG
JGTTCOKGPVCU IT¶HKECU XGPVCPCU DQVQPGU G KEQPQU 'U FGEKT C
VTCXÃU FG WP GUETKVQTKQ IT¶HKEQ Q #FOKPKUVTCFQT FG 8GPVCPCU
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-&GUMVQR'PXKTQPOGPV K 'PVQTPQFGGUETKVQTKQ- [)01/'

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R /QFQ6GZVQQ%QPUQNC/GFKCPVGGNOQFQVGZVQ.KPWZGUQRGTCFQ
C PKXGN FG EQPUQNC OGFKCPVG EQOCPFQU.KPWZ 'UVG OQFQ RQUGG
UGKU EQPUQNCU XKTVWCNGU RGTOKVKGPFQ VTCDCLCT UKOWNV¶PGCOGPVG
JCUVC GP UGKU CODKGPVGU 'UVG OQFQ GU QTKGPVCFQ C GZRGTVQU [
CFOKPKUVTCFQTGUFGTGFEQOQVCODKÃPCFGUCTTQNNCFQTGU

*CEGTWPDCEMWRFGNQUFQEWOGPVQUGZKUVGPVGUUQDTGG NUGTXKFQTC
OKITCT VQOCPFQ EQOQ GLGORNQ GN UGTXKFQT 9KPFQY 06 PQ
RQFGOQUUKORNGOGPVGWUCTGNOCPGLCFQTGPVGTQFG/5$CEMWRRCTC
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'ZKUVGP FQU QREKQPGU EWCPFQ UG VTCUNCFC NQU FCVQU C FKHGTGPVG
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CNOCEGPCOKGPVQ [ EWCPFQ GN PWGXQ UGTXKFQT GUV¶ GP UW NWICT
EQRKCTNQUQEQPHKIWTCTRTKOGTQNQUHKEJGTQU.KPWZ[GPVQPEGUEQRKCT
NQUFCVQUFGNUGTXKFQTXKGLQCNPWGXQRQTOGFKQFGNCTGFFGFCVQUFG
NCKPUVKVWEKÎP%QOÕPOGPVGGUWVKNK\CFQNCRTKOGTCQREKÎP

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#PVGVQFQFGDGOQUUKGORTGKPVGPVCTQDVGPGTNCXGTUKÎPGUVCDNGO¶U
OQFGTPCFGNUGTXKFQTFGEQOWPKECEKQPGU2CTCGNNQGUGUGPEKCN SWG
EQPGEVGOQUEQPNCR¶IKPCYGDFGNCCRNKECEKÎP2QTGLGORNQRCTCGN
UGTXKFQTYGD#RCEJGJVVRYYYCRCEJGQTIFQPFGRQFTGOQUGUVCT
CNFÈCEQPTGURGEVQCNCUÕNVKOCUPQXGFCFGU

2QFGOQU JCEGTPQU EQP FQU XGTUKQPGU FKHGTGPVGU FGN UGTXKFQT GN


EÎFKIQ HWGPVG Q NC XGTUKÎP RTGEQORKNCFC .C QREKÎP O¶U UGIWTC [
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'UVQ UG FGDG HWPFCOGPVCNOGPVG CFQUTC\QPGUGPRTKOGT NWICTWPC


XGTUKÎPRQFTÈCFCTPQUCNIÕPVKRQFGRTQDNGOCFGEQORCVKDKNKFCFEQP
NCU NKDTGTÈCU FG PWGUVTQ UKUVGOC .C UGIWPFC TC\ÎP GU NC PGEGUKFCF
JCDKVWCNFGTGEQORKNCTGNUGTXKFQTRCTCNQEWCNGUPGEGUCTKQFKURQPGT
FGNEÎFKIQHWGPVG2QTGLGORNQRCTCGNUGTXKFQT#RCEJGUGVKGPGSWG
DCLCTGNHKEJGTQ#RCEJGVCTI\

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5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

++ /KITCEKÎP FG WUWCTKQU HKPCNGU

6KRQFGQRGTCEKÎP0QETÈVKEC

.CUGUVCEKQPGUFGVTCDCLQGPNCOC[QTÈCFGNCUGPVKFCFGU
RÕDNKECU VKGPGP KPUVCNCFQU GN UKUVGOC QRGTCVKXQ
9KPFQYUQ[EQOQJGTTCOKGPVCFGQHKEKPC
/51HHKEG  Q  GP CNIWPQU ECUQU CRNKECVKXQU
EQTTKGPFQUQDTGGNUKUVGOCQRGTCVKXQ9KPFQYU

%WCNSWKGT EQPVKPIGPEKC C UWUEKVCTUG GP GUVCU GUVCEKQPGU PQ CNVGTCP GN


RTQEGUQRGUGCSWGGPCNIWPQUECUQUUQPRCTVGFGWPRTQEGUQETÈVKEQ

2CTCNCOKITCEKÎPFGNQUWUWCTKQUHKPCNGUGUVTCVÃIKECOGPVGGUKORQTVCPVG
ENCUKHKECTNQUGPNQUUKIWKGPVGUITWRQUFGWUWCTKQU

x 7UWCTKQUSWGWVKNK\CPGNUKUVGOCQRGTCVKXQ9KPFQYU[ RTQITCOCU
FGQHKO¶VKEC

.COKITCEKÎPGPGUVQUWUWCTKQUEQORTGPFG

C /KITCT GN UKUVGOC QRGTCVKXQ 9KPFQYU KPUVCNCFQ CN UKUVGOC


QRGTCVKXQ.KPWZ

.COKITCEKÎPFGNUKUVGOCQRGTCVKXQ9KPFQYUKPUVCNCFQCNUKUVGOC
QRGTCVKXQ.KPWZEQORTGPFGNQUUKIWKGPVGURCUQU
 #PVGU FG RTQEGFGT C NC KPUVCNCEKÎP FG .KPWZ GU KORQTVCPVG
FGVGTOKPCT SWG  XGTUKÎP FG UKUVGOC QRGTCVKXQ RQUGG NC 2% C
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.KPWZ

R 5K GP GN FKUEQ FWTQ UG JCNNC KPUVCNCFQ WPQ FG NQU UKUVGOCU
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.+PWZ
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$+15FGNUKUVGOC[GNUKUVGOCQRGTCVKXQ2GTOKVGCNC$+15FGN
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GN RTQEGUQ FG CTTCPSWGFGQVTQUUKUVGOCUFKUVKPVQU FG.KPWZ
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9KPFQYU
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UWFKUGÌQGPGNUKUVGOC9KPFQYU06GUPGEGUCTKQKPUVCNCTNC

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

JGTTCOKGPVC$1162#46RCTCQRGTCTCEVKXCOGPVGGPNQU
FQUUKUVGOCUQRGTCVKXQU9KPFQYU[.KPWZ


6LVWHPD2SHUDWLYR 6LVWHPD2SHUDWLYR
:LQGRZV /,18;


/,/2

&QUUKUVGOCUQRGTCVKXQUKPUVCNCFQU GPWPFKUEQFWTQGN
UKUVGOCFGCTTCPSWG.KNQRGTOKVGQRGTCTGPEWCNSWKGTCFGNQU
UKUVGOCUQRGTCVKXQU

6LVWHPD2SHUDWLYR 6LVWHPD2SHUDWLYR
:LQGRZV /,18;


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2CTCGN519KPFQYU[.KPWZKPUVCNCFQUGPWPFKUEQFWTQ
GNUKUVGOCFGCTTCPSWG$QQVRCTVRGTOKVGQRGTCTGPEWCNSWKGTCFG
NQUUKUVGOCUQRGTCVKXQU

 *CIC WPC EQRKC FG UGIWTKFCF FG NQU FCVQU RTGXKCOGPVG


CNOCEGPCFQU 2CTC RTGXGPKT EWCNSWKGT EQPVKPIGPEKC [C UGC
XQNWPVCTKC Q KPXQNWPVCTKC GUPGEGUCTKQGNCDQTCTWPDCEMWRFG
NCKPHQTOCEKÎP

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2CTCTGCNK\CTGUVCVCTGCUGFGDGWUCTWPUQHVYCTGOCPGLCFQTFG
RCTVKEKQPGUEQOQGN(KRU2CTVKVKQP/CIKE(FKUMGVE'PPWGUVTQ
ECUQ WUCTGOQU GN (KRU SWG GU WP OCPGLCFQT FG RCTVKEKQPGU
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5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

 +PUVCNGGN5KUVGOC1RGTCVKXQ.KPWZ

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RCTVKEKÎP GP GN GURCEKQ CUKIPCFQ RCTC GN UKUVGOC .KPWZ
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¾ 5YCR Q GURCEKQ FG KPVGTECODKQ RCTC NC OGOQTKC XKTVWCN

UYCR  WVKNK\CFQ EQOQ EQORNGOGPVQ C NC OGOQTKC HÈUKEC
4#/

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EQPGNRTQEGUCFQTGUOW[ÕVKN[PGEGUCTKQ.CECRCEKFCFFG
5YCR  FGDG UGT GN FQDNG FG NC ECRCEKFCF FG NC OGOQTKC
4#/FGNC2E
¾ 2CTVKEKÎP FGN UKUVGOC RCTCGNUKUVGOCQRGTCVKXQ .KPWZ[GN
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FGDG UGT FKOGPUKQPCFC RCTC FKUVTKDWEKÎP [ RTQITCOCU FG
WUWCTKQCUÈEQOQNQUFCVQU[HKEJGTQUSWGIGPGTGP

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EQPHKIWTCFQRCTCGUVCEKQPGUFGVTCDCLQ

D +PUVCNCEKÎPFGNCUWKVGQHKO¶VKECFGUQHVYCTGNKDTG

'PRTKOGTNWICTGUKORQTVCPVGFGVGTOKPCTNCJGTTCOKGPVCQHKO¶VKECC
KPUVCNCTUG .CU FKUVTKDWEKQPGU CEVWCNOGPVG GUV¶P KPEQTRQTCPFQ NQU
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5VCT1HHKEG .CU RNCVCHQTOCU FG QHKO¶VKEC O¶U EQPQEKFCU UQP
5VCT1HHKEGEW[QFGUCTTQNNQ[FKHWUKÎPGUHKPCPEKCFQRQTNCEQTRQTCEKÎP
570[NCRNCVCHQTOCFGUCTTQNNCFCGP#NGOCPKC-1HHKEG

5WKVGQHKO¶VKECUQHVYCTGNKDTG
5VCT1HHKEG -1HHKEG
5VCT9TKVG -9QTF
5VCT%CNE -5RTGCF
5VCT&TCY -KNWUVTCVQT-%JCTV
5VCT+ORTGUU -2TGUGPVGT
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 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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CRNKECEKQPGU FG QHKEKPC CUÈ EQOQ VCODKÃP WPC CORNKC ICOC FG
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2CTC OKITCT C 5VCT1HHKEG  GU KORQTVCPVG GXCNWCT GN JCTFYCTG FGN


WUWCTKQ C OKITCT 5VCT1HHKEG RGTOKVG VTGU OQFCNKFCFGU FG
KPUVCNCEKÎPFKHGTGPEKCFQURQTGNVKRQFGWUWCTKQ

R +PFKXKFWCN 5VCT1HHKEG UG WUCT¶ UQNQGPWPQTFGPCFQTRCTCWP


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R 5GTXKFQT FG 4GF .C KPUVCNCEKÎP EQORNGVC FG VQFQU NQU
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VQFQUNQUWUWCTKQUEQOQRWPVQFGRCTVKFCRCTCWPCKPUVCNCEKÎP
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GN ¶TGC FGN WUWCTKQ .C KPUVCNCEKÎP GP GN  WUWCTKQ UG RWGFG
FGPQOKPCTVCODKÃPKPUVCNCEKÎPFGGUVCEKÎPFGVTCDCLQ

#NVGTPCVKXCUFGKPUVCNCEKÎP

 2CTC NQU WUWCTKQU SWG PQ VKGPGP WPC GUVTWEVWTC FG JCTFYCTG
CRTQRKCFQ UG NGU KPUVCNCT¶ NC UWKVG FG 5VCT1HHKEG  FGUFG GN
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4#/
 2CTCNQUWUWCTKQUSWGRQUGGPWPCECRCEKFCFFGOGOQTKC4#/
UWRGTKQTC$[VGUUGNGUKPUVCNCT¶NCXGTUKÎPFG5VCT1HHKEG
 2CTC NQU WUWCTKQU OGPQU ECRCEKVCFQU UQDTG GN WUQ FGN UKUVGOC
QRGTCVKXQ.KPWZ[EQPRQDTGGUVTWEVWTCFGJCTFYCTGUGKPUVCNCT¶
GN 5VCT1HHKEG RCTC 9KPFQYU &GVGTOKP¶PFQUG UQNCOGPVG NQU
OÎFWNQUTGSWGTKFQURQTGNWUWCTKQ
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5VCT1HHKEGNQUUGTXKEKQUFGKORTGUKÎP

x 7UWCTKQU SWG WUCP UKUVGOCU [ CRNKECVKXQU DCLQ NC RNCVCHQTOC


9KPFQYU[CFGO¶UWUCPNCUWKVGFGQHKO¶VKEC
.QU WUWCTKQU FG GUVG ITWRQ UGT¶P OKITCFQU EWCPFQ NQU UKUVGOCU Q
CRNKECVKXQU SWG WVKNK\CP NC KPUVKVWEKÎP UGCP KORNGOGPVCFQU GP NC

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
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5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

RNCVCHQTOCFGUQHVYCTGNKDTG2CTCGUVGECUQUGRTQEGFGT¶CKPUVCNCTNC
UWKVG FG QHKO¶VKEC FG 5VCT1HHKEG RCTC 9KPFQYU FG CEWGTFQ C NCU
EQPUKFGTCEKQPGUOGPEKQPCFCU

'U KORQTVCPVG SWG GN EQOKVÃ VÃEPKEQ HQTOG GSWKRQU FG GUVWFKQ [
GZRGTKOGPVCEKÎP UQDTG NC OKITCEKÎP FG NCU KORNKECEKQPGU [
JGTTCOKGPVCU SWG RQUGG NC KPUVKVWEKÎP DCLQ 9KPFQYU #EVWCNOGPVG
GZKUVGPCRNKECVKXQUGSWKXCNGPVGUGPUQHVYCTGNKDTGRCTCUGTWUCFQUGP
NCCFOKPKUVTCEKÎPRÕDNKEC

x 7UWCTKQU SWG WUCP NQU UKUVGOCU [ CRNKECVKXQ U  DCLQ GN UKUVGOC


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.QUWUWCTKQUFGGUVGITWRQUGT¶POKITCFQUEWCPFQNQUCRNKECVKXQUSWG
WVKNK\CP NC KPUVKVWEKÎP UGCP KORNGOGPVCFQU GP NC RNCVCHQTOC FG
UQHVYCTGNKDTG

+++ /KITCT CRNKECEKQPGU [ JGTTCOKGPVCU KPUVCNCFCU C )07.KPWZ

6KRQFGQRGTCEKÎP%TÈVKEC
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VCFCU GP WPC KPUVKVWEKÎP UQP FG
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UKUVGOC FG KPHQTOCEKÎP FG NC
KPUVKVWEKÎP TC\ÎP RQT NC EWCN  ÃUVCU
UQPEQPUKFGTCFQUEQOQQRGTCEKQPGU
ETÈVKECU

%WCNSWKGTEQPVKPIGPEKCCUWUEKVCTUGGPGUVCUCRNKECEKQPGURWGFGPCNVGTCT
NC EQPVKPWKFCF FG NCU QRGTCEKQPGU FG NC KPUVKVWEKÎP EQOQ VCODKÃP GN
RTQEGUQFGOKITCEKÎP

'U PGEGUCTKQ GXCNWCT NC CRNKECEKÎP GSWKXCNGPVG GP UQHVYCTG NKDTG


GUVWFKCTNCKPUVCNCTNCGPWPGSWKRQUGPHQTOCRCTCNGNC[GZRGTKOGPVCTGN
RTQEGUQ FG OKITCEKÎP 2CUQU KORQTVCPVGU RCTC NC OKITCEKÎP FG
CRNKECEKQPGU[JGTTCOKGPVCUCUQHVYCTGNKDTG
 +PUVCNCTNCCRNKECEKÎPQJGTTCOKGPVC)07.KPWZUKOKNCTQUWRGTKQTCNC
CRNKECEKÎP KPUVCNCFC [ OCPVGPGT NCU CRNKECEKQPGU GP FKHGTGPVGU
UKUVGOCUQRGTCVKXQU
 4GGORNC\CTNCCRNKECEKÎPGZKUVGPVGRQTUWGSWKXCNGPVG)07.KPWZ
'PGN#PGZQ#UGFGVCNNCWPCTGNCEKÎPFGCRNKECEKQPGURCTCFKHGTGPVGU
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 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

+8 /KITCT UQHVYCTG FG DCUG FG FCVQU KPUVCNCFQU C UQHVYCTG )07.KPWZ

.C OKITCEKÎP FGN UGTXKFQT FG DCUG FG FCVQU EQORTGPFG GN OKUOQ
RTQEGFKOKGPVQ GZRNKECFQ RCTC NQU UGTXKFQTGU FG EQOWPKECEKQPGU C
GZEGREKÎPFGNCCRNKECEKÎP2CTCGUOW[KORQTVCPVGGXCNWCTNCCRNKECEKÎP
GSWKXCNGPVGGPUQHVYCTGNKDTGGUVWFKCTNCKPUVCNCTNCGPWPUGTXKFQTGURGLQ
[GZRGTKOGPVCTGNRTQEGUQFGOKITCEKÎP

.QURCUQUCGHGEVWCTUGGPNCOKITCEKÎPFGNUGTXKFQTFGDCUGFGFCVQUGU
UKOKNCTCNQUFGVCNNCFQURCTCNQUUGTXKFQTGUFGEQOWPKECEKQPGU
&GVGTOKPCTNCFKUVTKDWEKÎP.KPWZCWUCT
'XCNWCTNCECRCEKFCFFGN*CTFYCTGFGNUGTXKFQT
&GVGTOKPCT NC +PUVCNCEKÎP [ EQPHKIWTCEKÎP FGN UKUVGOC QRGTCVKXQ
.KPWZRCTCUGTXKFQTGU
*CEGTWPDCEMWRFGNQUFQEWOGPVQUGZKUVGPVGUUQDTGGNUGTXK FQTC
OKITCT
+PUVCNCEKÎP[EQPHKIWTCEKÎPFGNCCRNKECEKÎP

%QOQ GLGORNQ RQFGOQU EQOGPVCT SWG NC FKURQPKDKNKFCF FG WPC


FKUVTKDWEKÎP FG DCUG FG FCVQU EQOQ /[53. RCTC .KPWZ CEGNGTC GN
FGUCTTQNNQFGUQNWEKQPGU+PVGTPGVUQDTGGNUKUVGOCQRGTCVKXQ UGVTCVCFG
WPC WVKNKFCF SWG CRQTVC WPC DCUG FG FCVQU GUVCDNG [ GUECNCDNG RCTC
CRNKECEKQPGU9GD 

7PCÕPKECKPUVCNCEKÎPFGNUQHVYCTGUKTXGRCTCETGCTVCPVCUDCUGUFGFCVQU
EQOQSWGTCOQU
NKOKVCFCURQTGNGURCEKQGPFKUEQFGNGSWKRQ 'UFGEKT
GN RTQEGUQ FG KPUVCNCEKÎP FGN UQHVYCTG UG TGCNK\C WPC ÕPKEC XG\ [ GU
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8KFCFGNC$CUGFG&CVQU

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

2NCPFG#EEKÎP[ETQPQITCOCUFGKORNGOGPVCEKÎP

.CU CNVGTPCVKXCU FG OKITCEKÎP EQPNNGXCP C QTICPK\CT NQU 2TQ[GEVQU RCTC NQ
EWCN UG TGCNK\CT¶ GN ETQPQITCOC FG FGUCTTQNNQ EQTTGURQPFKGPVGCECFCWPQ
FGGNNQU'UVQUUGGPVTGICT¶PFGPVTQFGN2NCPFG#EEKÎP+PUVKVWEKQPCN%QPGN
RTQRÎUKVQ FG QRVKOK\CT NQU RNC\QU [ TGEWTUQU PGEGUCTKQU RCTC NQITCT NC
OKITCEKÎPFGNQUUKUVGOCUFGKPHQTOCEKÎPCUQHVYCTGNKDTG

'N 2NCP FG #EEKÎP [ GN %TQPQITCOC FG +ORNGOGPVCEKÎP EQORTGPFGT¶WPC


GUVKOCEKÎPHKPCNFGNQUEQUVQUKORNKECFQU

.C KPHQTOCEKÎP IGPGTCFC RQT GUVC VCTGC UGTXKT¶ FG DCUG RCTC GN RQUVGTKQT
UGIWKOKGPVQ [ EQPVTQN FG NQU RTQ[GEVQU SWG EQORTGPFG GN  RTQEGUQ FG
OKITCEKÎP

'N2NCPFGCEEKÎPEQORTGPFGT¶

x (GEJCFGKPKEKQ[HKPCNK\CEKÎPFGECFCCEVKXKFCF
x .QITQU SWG FGDGT¶P CNECP\CTUG CPVGU FG GORG\CT QVTQ RTQ[GEVQ
FGVGTOKPCFQ
x 4GEWTUQUJWOCPQUTGSWGTKFQU
x %CRCEKVCEKÎP CN EQOKVÃ VÃEPKEQ [ WUWCTKQU CPVGU [ FGURWÃU FG NC
KORNGOGPVCEKÎPFGUQHVYCTGNKDTG
x +PXGTUKÎP[ICUVQUPGEGUCTKQU

 #UKIPCEKÎP FG TGEWTUQU JWOCPQU UQRQTVG VGEPQNÎIKEQ [ RCTVKFC


RTGUWRWGUVCTKC

.C CNVC FKTGEEKÎP FG NC +PUVKVWEKÎP FGDG XGNCT SWG UG CUKIPG NQU TGEWTUQU
JWOCPQU [ RCTVKFC RTGUWRWGUVCTKC TGSWGTKFC RCTC ECFC RTQ[GEVQ RCTC
CUGIWTCT SWG NCU CEVKXKFCFGU [ ETQPQITCOCU RNCPVGCFCU UG EWORNCP FG
CEWGTFQCNQRNCPKHKECFQ

 8CNQTK\CEKÎPFGNEQUVQFGOKITCEKÎP

'PGUVCHCUG[CEQPVCOQUEQPNCKPHQTOCEKÎPSWGPQURGTOKVCGNCDQTCTWP
EWCFTQ FG NC KPXGTUKÎP TGSWGTKFC GP GSWKRQU UQHVYCTG [ RGTUQPCN RCTC
NQITCTNCOKITCEKÎPFGNQUUKUVGOCUFGKPHQTOCEKÎPCUQHVYCTGNKDTG

.C KPXGTUKÎP SWG KORNKEC GN RNCP FG OKITCEKÎP XC C UGTXKT RCTC QRVKOK\CT
OGLQTCT[CITGICTPWGXCUHWPEKQPGUQUGTXKEKQUCNQUSWGXKGPGP RTGUVCPFQ
NCUKPUVKVWEKQPGU

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

'UWPCDWGPCQRQTVWPKFCFRCTCGUVCPFCTK\CTRNCVCHQTOCUVGEPQNÎIKECU[NQU
UKUVGOCUFGKPHQTOCEKÎPFGNC+PUVKVWEKÎP

6QFQUNQURTQ[GEVQUSWGUGGLGEWVGPFGDGPUGTXCNQTK\CFQU[GHGEVWCTUGWP
EWCFTQ FG KPXGTUKQPGU RQT UKUVGOCU FG KPHQTOCEKÎP UGTXKFQTGU FG
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FGIGUVKÎP1HKO¶VKECGVE

 2TQFWEVQUCQDVGPGT

&GNQUTGUWNVCFQUQDVGPKFQUGPNCUVCTGCUCPVGTKQTGUCUÈEQOQVCODKÃPGPNC
FGHKPKEKÎP FG NCU CNVGTPCVKXCU FG OKITCEKÎP  UG TGCNK\CT¶ GN ETQPQITCOC
+PUVKVWEKQPCNHKPCNSWGEQORTGPFG

x %CNGPFCTKQINQDCNFGNRNCPFGOKITCEKÎP
x %CNGPFCTKQRCTEKCNFGECFCWPQFGNQURTQ[GEVQU
x .QITQUCCNECP\CTGPECFCHCUG[CEVKXKFCF
x 4GEWTUQUJWOCPQUGEQPÎOKEQU[NQIÈUVKEQUPGEGUCTKQUGPECFCHCUG
x 2TGUWRWGUVQFGVCNNCFQFGNCRCTVKFCRTGUWRWGUVCTKCRCTCNQITCTGNRNCPFG
OKITCEKÎP

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

3
3QQ``ddee\\__ FF9999 ** 66QQccUU $$

 (#5'+PUVCNCEKÎP%QPHKIWTCEKÎP[2TWGDCUFGNQU5KUVGOCUC/KITCT

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QDLGVKXQ NC TGCNK\CEKÎP FG NC OKITCEKÎP FGHKPKFQU GP NC CEVKXKFCF FG
RNCPKHKECEKÎP

.CURTKPEKRCNGUVCTGCUSWGUGGHGEVWCT¶PGUVCHCUGUQPNCUUKIWKGPVGU

 #UKIPCEKÎPFGTGEWTUQURCTCNCECRCEKVCEKÎPKP UVCNCEKÎPEQPHKIWTCEKÎP[


RTWGDCU

'N FGUCTTQNNQ NC OKITCEKÎP Q TGGORNC\Q FG WP UKUVGOC FG KPHQTOCEKÎP
TGSWKGTGFKURQPGTFGTGEWTUQU

‰ #UKIPCEKÎPRTGUWRWGUVCTKC

&GHKPKFQ EQOQ GN EQPLWPVQ FG TGEWTUQU GEQPÎOKEQU SWG NC KPUVKVWEKÎP
RQPG C FKURQUKEKÎP FGN RTQ[GEVQ FG OKITCEKÎP NQU OKUOQU SWG UGT¶P
RTGUGPVCFQU RQT NCU KPUVKVWEKÎP CVTCXÃU FGNQU FQEWOGPVQUTGURGEVKXQU
2NCP1RGTCVKXQ[GN2TGUWRWGUVQ

'N2NCP1RGTCVKXQFGDGT¶QTICPK\CTUGGPRTQITCOCUFGHKPKFQU

x 2TQITCOC FG &KCIPÎUVKEQ [ RTQEGUCOKGPVQ FG NC KPHQTOCEKÎP


QDVGPKFCGPGN+PXGPVCTKQ
x 2TQITCOCFGKORNGOGPVCEKÎPFGUQHVYCTGNKDTG

‰ 4GEWTUQU6ÃEPKEQU

4GRTGUGPVC GN EQPLWPVQ FG VÃEPKECU [ JGTTCOKGPVCU C WVKNK\CTUG RCTC NC


GNCDQTCEKÎP FG NQU RTQEGUQU FG FKCIPÎUVKEQ G KORNGOGPVCEKÎP FGN
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.CU VÃEPKECU EQORTGPFG WP EQPLWPVQ FG RTQEGFKOKGPVQU SWG FGDGT¶P


NNGXCTUGCECDQRCTCGXCNWCTGKORNGOGPVCTECFCWPCFGNCUFKHGTGPVGU
CRNKECEKQPGU[JGTTCOKGPVCUSWGRQUGGGN)07.KPWZ

.CUJGTTCOKGPVCUNQEQPUVKVW[GPWPEQPLWPVQFGUQHVYCTG[JCTFYCTGSWG
C[WFCPGPNCGNCDQTCEKÎPFGNFKCIPÎUVKEQGKORNGOGPVCEKÎPFGNRNCPFG

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
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5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

OKITCEKÎP FGVGTOKPCFQU GP NC HCUG FG FKCIPÎUVKEQ [ CNVGTPCVKXCU FG


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‰ 4GEWTUQUJWOCPQU

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VÃEPKECUQDTGCNIÕPRTQ[GEVQ

 +PUVCNCEKÎP [ EQPHKIWTCEKÎP FG UGTXKFQTGU FG EQOWPKECEKQPGU [ DCUG FG


FCVQU

'N QDLGVKXQ FG GUVC VCTGC UGT¶ TGCNK\CT NC KORNGOGPVCEKÎP FGN UKUVGOC
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FGRGPFKGPFQFGNCFKOGPUKÎPFGNCTGFFGFCVQUFGNC+PUVKVWEKÎP

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FG FCVQU EQPQEKFQU C PKXGN OWPFKCN RQT UW EQPHKCDKNKFCF QRGTCVKXKFCF
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FGN UKUVGOC RWGFCP EQPHKIWTCTNQ RCTC VTCDCLCT FG HQTOC CXCP\CFC [ RQT
EQPUKIWKGPVGUGTWVKNK\CFQPQUQNCOGPVGCPKXGNWUWCTKQUKPQSWGRWGFGUGT
EQPHKIWTCFQ RCTC VTCDCLCT FG HQTOC RGTUQPCN EQOQ UGTXKFQT FG
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QVTQUUKUVGOCUQRGTCVKXQURTQRKGVCTKQUEQOQ9KPFQYU065GTXGT9KPFQYU
GVE

'NUKUVGOCQRGTCVKXQ.KPWZGUV¶EQPHKIWTCFQRCTCVTCDCLCTEQOQ

x 5GTXKFQT9GD
#RCEJG
x 5GTXKFQT(62
x 5GTXKFQTFG%QTTGQ'NGEVTÎPKEQ
5GPF/CKN
x 5GTXKFQTFG4GF
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x 5GTXKFQT&*%2
x 5GTXKFQT0(5
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2TQZ[5SWKF
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5CODC
x 5GTXKFQTFGCFOKPKUVTCEKÎP[OQPKVQTGQ50/2.KPWZ

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5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

.QUFKXGTUQURTQITCOCUSWGRGTOKVGPEQPHKIWTCTGNUKUVGOCQRGTCVKXQ.KPWZ
EQOQUGTXKFQTUGRWGFGPKPUVCNCTGPGNOKUOQOQOGPVQGPSWGUGTGCNK\CNC
KPUVCNCEKÎPFGNUKUVGOCQRGTCVKXQ.KPWZQDKGPRQUVGTKQTOGPVG

 4GSWKUKVQU RCTC NC KPUVCNCEKÎP FG UGTXKFQTGU FG EQOWPKECEKQPGU [


$CUGFG&CVQU)07.KPWZ

‰ &KUEQ
U FWTQ
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‰ 2CTVKEKQPGU OCRCFGNCURCTVKEKQPGUGLFGXJFCJQOG
FGXJFC
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/D4#/
‰ %&41/6KRQFGKPVGTHC\GL5%5++&'
#6#2+ 
‰ #FCRVCFQT5%5+ 5KGUV¶RTGUGPVGOCTEC[PÕOGTQFGNOQFGNQ
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GL6WNKR%1/%
‰ 4CVÎP6KRQRTQVQEQNQ[PÕOGTQFGDQVQPGUGLTCVÎP
IGPÃTKEQ25DQVQPGUTCVÎPUGTKG/QWUG/CPDQVÎPGU
‰ /QPKVQT/CTECOQFGNQ[GURGEKHKECEKQPGUFGNHCDTKECPVG
‰ 6CTLGVCFGXÈFGQ (CDTKECPVGPÕOGTQFGOQFGNQ[ECPVKFCFFG
84#/GL%TGCVKXG.CDU)TCRJKEU$NCUVGT&/$
‰ 6CTLGVCFGUQPKFQ 
‰ &KTGEEKQPGU+2&*%2[$1162 
‰ /¶UECTCUFGTGF )GPGTCNOGPVGEWCVTQPÕOGTQUGL

‰ &KTGEEKÎP+2FGNCRWGTVCFGGPNCEG GL
‰ &KTGEEKQPGU+2FGWPQQO¶UUGTXKFQTGU
&05 
‰ 0QODTGFGNFQOKPKQ GNPQODTGFCFQCUWQTICPK\CEKÎP
‰ 0QODTGFGN*QUV GNPQODTGFGUWEQORWVCFQTCUGNGEEKÎP
RGTUQPCNFGPQODTGUGLEQQMKG

%QPUKFGTCEKQPGURTGXKCUCNCKPUVCNCEKÎPFGNUKUVGOCQRGTCVKXQ.KPWZ
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+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

 0ÕOGTQFGFKUEQUFWTQU
 6COCÌQFGECFCFKUEQFWTQ
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 &KUEQFWTQRTKOCTKQ
 /GOQTKC4#/FGSWGFKURQPG/$
 6KRQ[PÕOGTQFGWPKFCFGUFG%&41/
C +&'
D 5%5+
 /CTEC[OQFGNQFGECFC%&41/
 /CTEC[OQFGNQFG CFCRVCFQT
GU 5%5+
 6KRQFGTCVÎP
 0ÕOGTQFGDQVQPGUFGNTCVÎP
 5KEWGPVCEQPWPTCVÎPFGRWGTVQUGTKGXGTKHKECTGNRWGTVQ%1/CN
EWCNUGGPEWGPVTCEQPGEVCFQ
 /CTEC[OQFGNQEQTTGURQPFKGPVGUCNCVCTLGVCFGXKFGQCUÈEQOQ
NCECPVKFCFFGOGOQTKC4#/
 /CTEC[OQFGNQFGNOQPKVQT
 4CPIQFGTGHTGUEQJQTK\QPVCNRGTOKVKFQ
 4CPIQFGTGHTGUEQXGTVKECNRGTOKVKFQ
 %QPGZKÎPCTGF
 0ÕOGTQ+2
 /¶UECTCFGTGF
 &KTGEEKÎPFGRWGTVCFGGPNCEG
 &KTGEEKÎP+2FGNUGTXKFQTFGPQODTGUFGFQOKPQ
 0QODTGFGFQOKPKQ
 0QODTGFGJQUV
 /CTEC[OQFGNQFGNCVCTLGVCFGTGF
 5KUVGOCUQRGTCVKXQUCFKEKQPCNGUSWGGUVÃPKPUVCNCFQUQSWGXCPC
UGTKPUVCNCFQUGPUWUKUVGOC
 5KXCCWVKNK\CT.+.1UGT¶KPUVCNCFQCSWÈ
 +PUVCNCFQGPTGIKUVTQOCGUVTQFGKPKEKQ
/$4
 +PUVCNCFQGPRCTVKEKÎP.KPWZ

%WCFTQUFGFK¶NQ IQ

.QUEWCFTQUFGFK¶NQIQEQPUKUVGPGPWPCRTGIWPVCUKORNGQUGPVGPEKC
%QPGUVCKPHQTOCEKÎPFGDGGNGIKTWPCQO¶UTGURWGUVCU

.C OC[QTÈC FG NQU EWCFTQU FG FK¶NQIQ VKGPGP WP EWTUQT SWG RQFT¶
OQXGT EQP NCU VGENCU FGN EWTUQT 6CODKÃP RWGFG WUCT NC VGENC 6#$
RCTC KT C NC UKIWKGPVG UGEEKÎP [ NC EQODKPCEKÎP FG  VGENCU #NV 6CD
RCTC XQNXGT C NCUGEEKÎPRTGXKC.CRCTVGKPHGTKQT FGECFCEWCFTQFG
FK¶NQIQ KPFKEC NCU VGENCU SWG UG RWGFGP  WUCT RCTC GUG EWCFTQ GP
RCTVKEWNCT

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

+PUVCNCEKÎPFGNUKUVGOCQRGTCVKXQ.KPWZ
2CTC GORG\CT NC KPUVCNCEKÎP UG VKGPG SWG KPKEKCT GN RTQITCOC FG
KPUVCNCEKÎP #UGIÕTGUG FG FKURQPGT FG VQFQU NQU OGFKQU
%&U Q
UKOKNCT PGEGUCTKQURCTCNCKPUVCNCEKÎP

+PVTQFW\EC GN FKUSWGVG FG CTTCPSWG GP NC FKUSWGVGTC FG UW 2% [
TGKPKEKG
QCTTCPSWGFGUFGGN%&41/UKGNUKUVGOCUGNQRGTOKVG 

&GRGPFKGPFQUKFGUGCCTTCPECTEQPFKUSWGVGQEQP%&41/VGPFT¶
SWGOQFKHKECTNQURCT¶OGVTQUFGNC$+15FGUWUKUVGOC2WGFGKPKEKCT
GN RTQITCOC FG KPUVCNCEKÎP FG .KPWZ WUCPFQ NQU UKIWKGPVGU OGFKQU

FGRGPFKGPFQFGNUQRQTVGFGUWUKUVGOC 

x %&41/FGCTTCPSWG L 7VKNKEGGUVCQREKÎPUKFGUGCGHGEVWCTWPC
KPUVCNCEKÎP FGUFG GN %& 41/ NQECN [ UW O¶SWKPC UQRQTVC NQU
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x &KUEQFGCTTCPSWGNQECN L 7VKNKEGGUVCQREKÎPUKUW2%PQUQRQTVC
%&41/RCTCGNCTTCPSWG[SWKGTGGHGEVWCTWPCKPUVCNCEKÎPFGUFG
WP%&41/

&GURWÃUFGWPCDTGXGRCWUCCRCTGEGT¶WPCRCPVCNNCEQPGNKPFKECFQT
FGEQOCPFQUDQQV

:HOFRPHWR/LQX[

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

'UVC RCPVCNNC EQPVKGPG KPHQTOCEKÎP UQDTG CNIWPCU QREKQPGU FG


CTTCPSWG%CFCWPCFGGUVCUQREKQPGUGUV¶CUQEKCFCCWPCRCPVCNNCFG
C[WFC 2CTC CEEGFGT C GNNC RWNUG NC VGENC HWPEKÎP EQTTGURQPFKGPVG
SWGUGGPEWGPVTCGPNCNKUVCFGNCRCTVGKPHGTKQTFGNCRCPVCNNC

0QTOCNOGPVGVGPFT¶SWGRWNUCTUKORNGOGPVGNCVGENCGPVGT RCTC
GORG\CT

 +PUVCNCEKÎPFGN.KPWZ6KRQ5GTXKFQT

7PCKPUVCNCEKÎPFGVKRQUGTXKFQTGUO¶UCRTQRKCFCUKUGFGUGCSWGGNUKUVGOC
HWPEKQPGEQOQWPUGTXKFQTFGVKRQ.KPWZ[PQFGUGCRGTUQPCNK\CTOWEJQUW
UKUVGOC

.QU TGSWKUKVQU TGEQOGPFCFQU FG FKUEQ FWTQ RCTC WPC KPUVCNCEKÎP VKRQ
5GTXKFQTUQPNQUUKIWKGPVGU

x 5GTXKFQT
OÈPKOQ /$
x 5GTXKFQT
GNKIKGPFQVQFCUNCUQREKQPGUFGUGTXKFQT )$

5KFGUGCGNGIKTVQFQUNQUITWRQUFGRCSWGVGUCUÈEQOQUGNGEEKQPCTRCSWGVGU
KPFKXKFWCNGUCFKEKQPCNGUUGFGDGT¶RTGXGTWPGURCEKQCFKEKQPCNFGWPQU
)$QO¶UFGGURCEKQNKDTGGPFKUEQCFKEKQPCN'UVQRTQRQTEKQPCT¶GURCEKQ
CFKEKQPCNRCTCFCVQU[RTQITCOCU

.CKPUVCNCEKÎPFG.KPWZVKRQUGTXKFQTRWGFGJCEGTUGOGFKCPVGFQUOQFQU

x /QFQVGZVQ
x /QFQIT¶HKEQ

.CGNGEEKÎPFGECFCWPQFGNQUOQFQUFGRGPFGFGNCRQVGPEKCFGJCTFYCTG
GPEWCPVQCOGOQTKC4#/OGOQTKCFGNCVCTLGVCFGXKFGQNCXGNQEKFCFFGN
OKETQRTQEGUCFQTEQOQVCODKÃPFGNITCFQFGEQPQEKOKGPVQ[GZRGTKGPEKC
GP .KPWZ 'N OQFQ VGZVQ GU TGEQOGPFCFQ RCTC O¶SWKPCU EQP OÈPKOCU
ECTCEVGTÈUVKECUFGJCTFYCTG[RCTCRGTUQPCUEQPEQPQEKOKGPVQ[GZRGTKGPEKC
GPKPUVCNCEKÎPFG.KPWZ'NOQFQIT¶HKEQGUTGEQOGPFCFQRCTCRGTUQPCUEQP
RQECGZRGTKGPEKCGP.KPWZGNUKUVGOCGUKPVWKVKXQ[H¶EKNFGKPUVCNCTCVTCXÃU
FGNQUEWCFTQUFGFK¶NQIQGPVGTCOGPVGCOKICDNG

 +PUVCNCEKÎPFGN5KUVGOC1RGTCVKXQ.KPWZRCTC%NKGPVGU

'NRTQEGUQFGOKITCEKÎPCUQHVYCTG.KPWZVKGPGNCRTGOKUCSWGGNECODKQGU
RCWNCVKPQ GP GN UGPVKFQ SWG GN WUWCTKQ RWGFC EQORCTCT NCU DQPFCFGU FGN
UQHVYCTG NKDTG EQP NQU UKUVGOC SWG WVKNK\C GP UW QTFGPCFQT 6GPKGPFQ GP

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

EQPUKFGTCEKÎP SWG GN UQHVYCTG NKDTG RQUGG KPVGTHCUGU IT¶HKECU GN WUQ FG
XGPVCPCU[NCHKNQUQHÈCFGQRGTCEKÎPUKOKNCTGUCNCRNCVCHQTOC/59KPFQYU
EQP NC FKHGTGPEKC SWG GU OCU GUVCDNG TQDWUVQ FKUGÌCFQ RCTC ITCPFGU  [
RGSWGÌCUTGFGUEQOQVCODKÃPRCTCWUWCTKQUUKPEQPGZKÎPCTGF

$CLQ GUVCU EQPFKEKQPGU UG TGEQOKGPFC NCU UKIWKGPVGU OQFCNKFCFGU FG


KPUVCNCEKÎPFGNUKUVGOCQRGTCVKXQ.KPWZ

C 2CTC 7UWCTKQU SWG RQUGGP QTFGPCFQTGU EQP 9KPFQYU  [ 

 4GCNK\CT GN 5ECPFKUM CN FKUEQ C 2CTVKEKQPCT EQP GN VKRQ FG RTWGDC
%QORNGVC RCTC GXCNWCT [ EQTTGIKT NQU GTTQTGU GZKUVGPVGU GP GN FKUEQ
FWTQ 'N  5ECPFKUM GUV¶ WDKECFQ GP +PKEKQ K #EEGUQTKQU 
*GTTCOKGPVCUFGN5KUVGOC FGN9KPFQYU

 'LGEWVCT GN &GHTCI


QRVKOK\CEKÎP EQORNGVC VQFQU NQU CTEJKXQU UQP
FGUHTCIOGPVCFQU [ QTFGPCFQU RCTC HCEKNKVCT NC RCTVKEKÎP FGN FKUEQ
FWTQ RCTCQTFGPCTNCKPHQTOCEKÎPFGNFKUEQ[EQNQECTNCCNRTKPEKRKQ
FGNFKUEQ'N&GHTCI GUV¶WDKECFQGP+PKEKQK 2TQITCOCU K #EEGUQTKQU
 *GTTCOKGPVCU FGN 5KUVGOC FGN 9KPFQYU GUVC JGTTCOKGPVC GU
FGPQOKPCFC&GHTCIOGPVCFQTFGFKUEQ 

 2CTVKEKQPCT GN FKUEQ FWTQ GP  RCTVGU EQP NC JGTTCOKGPVC (+25
(KTUV
PQPFGUVTWEVKXG +PVGTCEVKXG 2CTVKVKQP 5RNKVVKPI RTQITCO   (+25 GU WP
RTQITCOC )07.KPWZ FKUGÌCFQ RCTC RCTVKEKQPCT WPC RCTVKEKÎP &15
GZKUVGPVG UKP DQTTCT NC KPHQTOCEKÎP EQPVGPKFC GP GNNC [ UGIWKT NCU
KPUVTWEEKQPGUFGRCTVKEKÎP'UVQRGTOKVKT¶TGFWEKTUWRCTVKEKÎP&15[
CUÈRQFGTKPUVCNCT.KPWZ GPGNGURCEKQUQDTCPVG

 +PUVCNCT GN5KUVGOC1RGTCVKXQ.KPWZ

D 2CTC 7UWCTKQU SWG RQUGGP 1TFGPCFQTGU EQP 9KPFQYU 

 4GCNK\CT GN 5ECPFKUM CN FKUEQ C 2CTVKEKQPCT EQP GN VKRQ FG RTWGDC
%QORNGVC RCTC GXCNWCT [ EQTTGIKT NQU GTTQTGU GZKUVGPVGU GP GN FKUEQ
FWTQ

 4GCNK\CT GN &GHTCI CN FKUEQ FWTQ RCTC QTFGPCT NC KPHQTOCEKÎP FGN
FKUEQ[EQNQECTNCCNRTKPEKRKQFGNFKUEQ

 2CTVKEKQPCTGNFKUEQFWTQGPRCTVGUEQPNCJGTTCOKGPVC(+25

 +PUVCNCTGN$1162#46'N$1162#46 GUWPCJGTTCOKGPVCSWG
RGTOKVGVTCDCLCTKPFKUVKPVCOGPVGGPNCRNCVCHQTOC9KPFQYUQ.KPWZ
'UVCJGTTCOKGPVCRGTOKVGCNWUWCTKQVTCDCLCTGP.+07:QGPGNUKUVGOC

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

QRGTCVKXQ 9KPFQYU  $QQV2CTV GURGEKCNOGPVG UG WVKNK\C RCTC


9KPFQYU 06 [ 9KPFQYU   GUV¶ DCUCFC GP GN FKUGÌQ FG
9KPFQYU06

 +PUVCNCTGN5KUVGOC1RGTCVKXQ.KPWZ GPGNRTKOGTUGEVQTFGN&KUEQ

E 2CTC 1TFGPCFQTGU UKP 5KUVGOC 1RGTCVKXQ

'UVCOQFCNKFCFGUWUCFQGURGEKCNOGPVGRCTCUGTXKFQTGU

 +PUVCNCTGN5KUVGOC1RGTCVKXQ.KPWZ

2CTC VQFQU NQU ECUQU OGPEKQPCFQU +PUVCNG GN 5KUVGOC 1RGTCVKXQ


.KPWZKPEQTRQTCFQGPFQU%&41/FGCEWGTFQCNCUKPUVTWEEKQPGU
FGKPUVCNCEKÎP#PVGUFGRTQEGFGTCNCKPUVCNCEKÎPGNUKUVGOCQRGTCVKXQ
.KPWZGHGEVWCT¶WPCPWGXCRCTVKEKÎPGPGNGURCEKQCUKIPCFQRCTCGN
UKUVGOC .KPWZ &GVGTOKP¶PFQUG FQU PWGXQU GURCEKQU FKUVTKDWKFQU
EQOQUKIWG

¾ .C RCTVKEKÎP 5YCR Q GURCEKQ FG KPVGTECODKQ RCTC NC OGOQTKC


XKTVWCN
UYCR  WVKNK\CFQ EQOQ EQORNGOGPVQ C NC OGOQTKC HÈUKEC
4#/

¾ 2CTVKEKÎP FGN UKUVGOC RCTC GN UKUVGOC QRGTCVKXQ .KPWZ [ GN


UQHVYCTGFGNCUCRNKECEKQPGU

&KUEQFWTQRCTVKEKQPCFQ[HQTOCVGCFQ

7UHVSDUWLFLRQHVSULPDULDV 8QDSDUWLFLyQH[WHQGLGD
VRODPHQWHXQDSXHGHVHU FRQWHQLHQGRGRV
DFWLYDGD SDUWLFLRQHVOyJLFDV

 +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

 2TWGDCUFGQRGTCVKXKFCFFGNQUUKUVGOCOKITCFQU

.C ECNKFCF GP NQU UKUVGOCU FG KPHQTOCEKÎP RWGFG UGT OGFKFC RQT
ECTCEVGTÈUVKECU GZVGTPCU VCNGU EQOQ SWG UGC H¶EKN FG WUCT H¶EKN FG
KORNGOGPVCT Q FG T¶RKFC GLGEWEKÎP Q RQT ECTCEVGTÈUVKECU KPVGTPCU EQOQ
FKUGÌQOQFWNCT

5KP GODCTIQ UQP NCU ECTCEVGTÈUVKECU KPVGTPCU NCU SWG IGPGTCP NCU GZVGTPCU
TC\ÎP RQT NC SWG FGDGP UGT EQPUKFGTCFCU FWTCPVG GN EWTUQ FGN FKUGÌQ [
EQPUVTWEEKÎPFGNUQHVYCTGFGECNKFCF%WCPFQUGJCDNCFGWPUQHVYCTGFG
ECNKFCF EKGTVQU HCEVQTGU FGDGP UGT VQOCFQU GP EWGPVC CN GHGEVWCT NCU
RTWGDCU

4QDWUVQSWGRWGFCOCPGLCTEKTEWPUVCPEKCUHWGTCFGUWFKUGÌQ
(NGZKDNGSWGUGCFCRVGH¶EKNOGPVGCPVGECODKQUFGTGSWGTKOKGPVQU
4GWUCDNGSWGRWGFCWVKNK\CTUGGPQVTQUUKUVGOCUCFGO¶UFGCSWGNRCTCGN
EWCNHWGETGCFQ
%QORCVKDNG SWGUGGPVKGPFCEQPQVTQURTQITCOCU
'HKEKGPVG'PVKGORQGPOGOQTKCGPCNOCEGPCOKGPVQGVE
2QTVCDNGSWGRWGFCVTCPUHGTKTUGH¶EKNOGPVGCQVTQUCODKGPVGUFGUQHVYCTG[
JCTFYCTG
8GTKHKECDNGSWGRGTOKVCFGVGEVCTEW¶PFQ[FÎPFGHCNNC
+PVGITKFCFFGOCPVGPKOKGPVQ 2TQVGIKFQFGNOCNWUQ[CDWUQ
(¶EKNFGWUCT RCTCNQUWUWCTKQU[HWVWTQURTQITCOCFQTGU

%WCPFQ UG JC EWNOKPCFQ NC KPUVCNCEKÎP [ EQPHKIWTCEKÎP FGN UKUVGOC


QRGTCVKXQ .KPWZCRNKECEKQPGU RCTCUGTXKFQTGUFGEQOWPKECEKQPGUDCUGFG
FCVQU [ JGTTCOKGPVCU FG IGUVKÎP GU PGEGUCTKQ GHGEVWCT NCU RTWGDCU FG
KPUVCNCEKÎP[EQPHKIWTCEKÎP

 5KUVGOC QRGTCVKXQ %WCPFQ UG EWNOKPC GN RTQEGUQ FG KPUVCNCEKÎP [


EQPHKIWTCEKÎP FGN UKUVGOC QRGTCVKXQ .KPWZ GN UKUVGOC CWVQO¶VKECOGPVG
RTQEGFGCTGKPKEKCNK\CTGNUKUVGOCKPUVCNCFQ2CTCGNNQGNUKUVGOCRKFGSWG
UG TGVKTG GN %&41/ Q FKUSWGVG FG CTTCPSWG WVKNK\CFQ FWTCPVG NC
KPUVCNCEKÎP2CTCNQUECUQUGPSWGGNWUWCTKQPQJC[CKPUVCNCFQGN.+.1
GU PGEGUCTKQ KPUGTVCT WP FKUEQ FG CTTCPSWG RCTC KPKEKCNK\CT GN UKUVGOC
.KPWZFGUFGGNFKUSWGVG

%WCPFQEQOKGP\CGNRTQEGUQFGKPKEKCNK\CEKÎPFGNUKUVGOCGN-GTPGNFG
.KPWZ GLGEWVC WP RTQITCOC FG KPKEKCNK\CEKÎP +0+6 'UVG RTQITCOC GU
TGURQPUCDNGFGVQFQUNQFGO¶U[UGNGEQPQEG EQOQGNRCFTGFGVQFQU
NQU RTQEGUQU 'N -GTPGN GPVQPEGU UG TGVKTC C UW RWGUVQ EQOQ
CFOKPKUVTCFQTFGNUKUVGOCIGUVKQPCPFQGNGURCEKQFGN-GTPGN[VQFCUNCU
RGVKEKQPGU FG CEEGUQ C NQU TGEWTUQU %WCPFQ +0+6 KPKEKCNK\C NGG UW

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

EQPHKIWTCEKÎP C VTCXÃU FG WP CTEJKXQ NNCOCFQ KPKVVCD EW[Q PQODTG


RTQEGFGFGNCGZRTGUKÎP6CDNCFGKPKEKCNK\CEKÎP)TCEKCUCGUVGRTQITCOC
GN UKUVGOC QRGTCVKXQ ECTIC VQFQU NQU UGTXKEKQU EQPHKIWTCFQU FWTCPVG NC
KPUVCNCEKÎP  4GRQTVCPFQ FWTCPVG NC ECTIC NC EQPHQTOKFCF FG VQFCU NCU
EQPHKIWTCEKQPGU FG NQU FKXGTUQU FKURQUKVKXQU  OQWUG VGENCFQ OQPKVQT
VCTLGVCFGTGFXGTKHKECPFQUWEQTTGEVCEQPHKIWTCEKÎP

'PNQUECUQUSWGGNUKUVGOCGPEWGPVTGWPFKURQUKVKXQPQEQPHKIWTCFQGN
UKUVGOCTGRQTVCWPEWCFTQFGFK¶NQIQFGNCJGTTCOKGPVC-WF\WGNEWCN
HCEKNKVCT¶ NC EQPHKIWTCEKÎP OCPWCN FGN FKURQUKVKXQ Q  RQUVGTICT NC
KPUVCNCEKÎPFGNFKURQUKVKXQUKPRGTLWFKECTNCKPKEKCNK\CEKÎPFGNUKUVGOC

 5GTXKFQTGUFGEQOWPKECEKQPGU[DCUGFGFCVQU
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NC EQTTGEVC EQPHKIWTCEKÎP FG NQU FKXGTUQ CTEJKXQU
UETKRV  FG
EQPHKIWTCEKÎP  RQT ECFC WPQ FG NQU UGTXKFQTGU
FGOQPKQU  C
KORNGOGPVCTUG &GURWÃU FG NC EQPHKIWTCEKÎP UG FGDG TGKPKEKCT GN
FGOQPKQ SWG OCPGLC GN VKRQ FG UGTXKFQT GNGIKFQ &WTCPVG NC
TGKPKEKCNK\CEKÎPFGNFGOQPKQUGFGDGXKUWCNK\CTSWGVQFQUNQURTQEGUQU
RCTCFQUGKPKEKCFQUFGDGPVGPGTWPTGUWNVCFQFGEQPHQTOKFCF
1- UKPQ
GU CUÈ GN UKUVGOC JC UKFQ OCN EQPHKIWTCFQ TGSWKTKÃPFQUG RCTC GNNQ WPC
PWGXCEQPHKIWTCEKÎP

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5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

3
3QQ``ddee\\__ FF999999 ** 66QQccUU %%

 (#5' %CRCEKVCEKÎP[5QRQTVGCNQU7UWCTKQU

2CTC ICTCPVK\CT NC KORNGOGPVCEKÎP FG UQHVYCTG


NKDTG GP NC +PUVKVWEKÎP UG TGSWKGTG WPC RTGXKC [
RQUV ECRCEKVCEKÎP FG NQU TGEWTUQU JWOCPQUSWG
RCTVKEKRCPGPGNRTQEGUQFGOKITCEKÎP

 'UVTCVGIKCUFGECRCEKVCEKÎP

2QT NCU ECTCEVGTÈUVKECU FGN RTQ[GEVQ GU


CEQPUGLCDNGGHGEVWCTITWRQUFGECRCEKVCEKÎP
FGCEWGTFQCNCRCTVKEKRCEKÎPGPGNRNCPFG
OKITCEKÎPCUQHVYCTGNKDTG

x %CRCEKVCEKÎPC(WPEKQPCTKQU[&KTGEVKXQU

'NRTQRÎUKVQRTKPEKRCNGUEGPVTCTGNEQPQEKOKGPVQFGNRNCPFG OKITCEKÎPC
UQHVYCTGNKDTG[NCUGUVTCVGIKCURCTCUWKORNGOGPVCEKÎP&GCEWGTFQCUWU
HWPEKQPGU FGDGPRCTVKEKRCTGPGNRTQEGUQFGKORNGOGPVCEKÎPRCTCNQ
EWCNNCECRCEKVCEKÎPFGDGEGPVTCTUGGP
R &KHWUKÎPFGNKORCEVQFGNUQHVYCTGNKDTGGPNCUGPVKFCFGUFGNGUVCFQ
R &KHWUKÎP FG NCU ECTCEVGTÈUVKECU DQPFCFGU [ DGPGHKEKQU FG UQHVYCTG
NKDTGRCTCNCUKPUVKVWEKQPGURÕDNKECU
R %QORTGPFGTGN2NCPFG/KITCEKÎP[NQUDGPGHKEKQUCNC+PUVKVWEKÎP
R 2TGUVCTVQFQGNCRQ[Q[EQQRGTCEKÎPGPNCKORNGOGPVCEKÎP
R #FOKPKUVTCTGNRTQEGUQGKORNGOGPVCEKÎPFGNRNCPFGOKITCEKÎP

x %CRCEKVCEKÎPCNRGTUQPCNKPHQTO¶VKEQ

6KGPGEQOQQDLGVKXQUCFOKPKUVTCTEQPÃZKVQGNRTQEGUQFGOKITCEKÎPFG
NQUUKUVGOCUFGKPHQTOCEKÎPCUQHVYCTGNKDTG2CTVKGPFQFGFKTGEVKXCU[GN
GUVCDNGEKOKGPVQFGWPCOGVQFQNQIÈCRCTCNCOKITCEKÎP

&GVGTOKPCT NCU VÃEPKECU [ JGTTCOKGPVCU RCTC NC KORNGOGPVCEKÎP FG


UQHVYCTGNKDTGGPNC+PUVKVWEKÎP

+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC 
)WÈCRCTCNC/KITCEKÎPFG
5QHVYCTG.KDTGGPNCU'PVKFCFGU2ÕDNKECU

1DLGVKXQU
R +ORCEVQFGNUQHVYCTGNKDTGGPNCUGPVKFCFGUFGNGUVCFQ
R &KHWUKÎP FG NCU ECTCEVGTÈUVKECU DQPFCFGU [ DGPGHKEKQU FG UQHVYCTG
NKDTGRCTCNCUKPUVKVWEKQPGURÕDNKECU
R 'N2NCPFG/KITCEKÎP[NQUDGPGHKEKQUCNC+PUVKVWEKÎP
R 2NCPKHKECT QTICPK\CT GLGEWVCT [ UWRGTXKUCT GN RTQEGUQ G
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x +URGNN GUWPTGXKUQTQTVQIT¶HKEQSWGUWIKGTGRCNCDTCUEGTECPCURCTCTGGORNC\CTRCNCDTCU
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x ,#%#. GUWPUKUVGOCFGOCVGO¶VKECUUKODÎNKECU
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x NGUU GU WP RCIKPCFQT FG RCPVCNNCU UGOGLCPVG C BOQTG  [ C BRI  RGTQ EQP XCTKCU
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x NKDZOK GU WPC DKDNKQVGEC FG HWPEKQPGU %%  RCTC BTCUVGTK\KPI  FG IT¶HKEQU FG FQU
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x NKN[RQPF GUWPHKLCFQTFGVKRQOWUKECN
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x 0GV*CEM GU WP LWGIQ FG CXGPVWTCU GUVKNQ 4QWIG SWG UQRQTVC RCPVCNNCU GP OQFQ
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x 1$56 GUWPUKUVGOCFGCFOKPKUVTCEKÎPFGQDLGVQURGTUKUVGPVGUEQPNKICUC% 1$56
UQRQTVCECTICKPETGOGPVCNFGOÃVQFQU
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x 5JCTWVKNU KPENW[G BUJCT  SWG EQORQPG NQU NNCOCFQU BCTEJKXQU UJGNN  FG OWEJQU
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x VGZKPHQ GU WP LWGIQ FG WVKNGTÈCU SWG IGPGTC OCPWCNGU KORTGUQU CTEJKXQU GP #5%++
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FQEWOGPVQU+PHQ GPNÈPGC
x VGZVWVKNU GUWPLWGIQFGWVKNGTÈCURCTCOCPKRWNCTVGZVQ
x VKOG TGRQTVC
PQTOCNOGPVGJCEKCWPUJGNN CNWUWCTKQUKUVGOC[VKGORQTGCNWVKNK\CFQ
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x WUGTX GUWPUKUVGOCSWGHCEKNKVCCWPRTQITCOCKPXQECTCQVTQEWCPFQUÎNQGZKUVGGPVTG
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x :NQIOCUVGT GU WP RTQITCOCFG:SWGJCEGOQPKVQTGQEÎOQFQ[XGNQ\RCTCVQFQU
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Q #FCRVKXG %QOOWPKECVKQP
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x 'N $KUQP /CPWCN


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