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OCPGTCGNƀWKFQJKFT¶WNKEQFGNUKUVGOCUGTGECNGPVCT¶FCPFQNWICT
CRQUKDNGURTQDNGOCU
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HCEKNKFCFGUVQGUNCOKUOCFKTGEEKÎPSWGNCFGNCUCUWRGTKQTFGN
EKNKPFTQSWGDTCPVCFQT5KGORTG[EWCPFQGNCUCGUVÃFGHTGPVGCNC
FKTGEEKÎPFGNCTQVWTCRNCPGCFCNCEWÌC[NCUEQPVTCEWÌCUGUVCT¶P
GPNCRQUKEKÎPEQTTGEVC
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CRNKEC.CNÈPGCFGRWPVQUGPNCſIWTCUGÌCNCNCTQVWTCFGUGCFC
5GKPVTQFWEGGNEKNKPFTQSWGDTCPVCFQTGPGNVCNCFTQRGTHQTCFQGPGN
EGPVTQFGNDNQSWGFGJQTOKIÎPQTQEC8ÃCUGSWGGNCUCGUV¶GPNC
OKUOCFKTGEEKÎPSWGNCTQVWTCFGUGCFC
)LJ
#JQTCGNSWGDTCPVCFQTTQORGT¶GNDNQSWGEQPTGNCVKXCRTGEKUKÎPCNQ
NCTIQFGNCNÈPGCFGRWPVQU0QGUPGEGUCTKQUGÌCNCTSWGNC
RTQITGUKÎPRTGEKUCFGNCTQVWTCFGRGPFGFGNCGUVTWEVWTCNCFWTG\C
[NCECNKFCFFGNCTQECQFGNJQTOKIÎP
4QVWTCEQPXCTKQUEKNKPFTQUSWGDTCPVCFQTGU
.QUEKNKPFTQUVKGPGPWPCHWGT\CGHGEVKXCFGTQVWTCFGM0
V
CM0
VUGIÕPFGNOQFGNQ
5KNQUDNQSWGUUQPGURGEKCNOGPVGITCPFGUQFWTQURWGFGSWGPQ
UGCUWſEKGPVGWPUQNQEKNKPFTQGPEW[QECUQUGFGDGT¶PWVKNK\CTFQU
QO¶UUKOWNV¶PGCOGPVG.CUHWGT\CUFGTQVWTCKPFKXKFWCNGUEQPUKIWGP
WPGHGEVQCEWOWNCVKXQRQTGLGORNQEKPEQEKNKPFTQU%.
VRQT
EKNKPFTQIGPGTCPWPCHWGT\CFGTQVWTCEQODKPCFCUWRGTKQTC
M0
RQTGPEKOCFGV
7PÕPKEQITWRQJKFT¶WNKEQGUECRC\FGCDCUVGEGTCXCTKQUEKNKPFTQU
SWGDTCPVCFQTGUCNOKUOQVKGORQ
JCUVCUGKUEKNKPFTQUFGRGPFKGPFQ
FGNOQFGNQFGITWRQ
.CUCUCUFGVQFQUNQUEKNKPFTQUUGEQNQECT¶PGPNÈPGCTGEVC[GPNC
OKUOCFKTGEEKÎPRCTCCUGIWTCTWPCTQVWTCWPKHQTOG6QFCUNCU
RCNCPECUFGNCX¶NXWNCFGEQPVTQNFGDGPGUVCTEQNQECFCUGPő(Œ
*CEKCFGNCPVGGPECUQEQPVTCTKQPQJCDT¶WPCWOGPVQFGNC
RTGUKÎPJKFT¶WNKEC
'LGORNQ
&CFQSWGGNDNQSWGFGTQECSWGUGOWGUVTCGPNCſIWTCGU
FGOCUKCFQITCPFGRCTCWPUQNQEKNKPFTQJCT¶HCNVCQVTQO¶U
5GVCNCFTCPFQUCIWLGTQUGPGNEGPVTQFGNDNQSWGEQPWPC
UGRCTCEKÎPFGCEO
NCFKUVCPEKCFGRGPFGFGNC
UWUEGRVKDKNKFCFFGNCTQECCNSWGDTCPVCTUG[UGKPVTQFWEGWP
EKNKPFTQGPECFCCIWLGTQ#ODCUCUCUGUV¶PQTKGPVCFCUJCEKCNC
FKTGEEKÎPFGUGCFCFGNCTQVWTC[NCHWGT\CEQODKPCFCGU
UWſEKGPVGRCTCSWGDTCTGNDNQSWGITCPFG
)LJ
FP
4QVWTCNCTIC[GPNÈPGCTGEVCEQPXCTKQUEKNKPFTQUSWGDTCPVCFQTGU
2CTCEQPUGIWKTNCTQVWTCVQVCNFGNJQTOKIÎPQNCRKGFTCGPECUQU
FQPFGPQGUGUGPEKCNSWGNCTQVWTCUGCPKRTGEKUCPKTGEVC
IGPGTCNOGPVGDCUVCT¶EQPWPQQFQUSWGDTCPVCFQTGU
0QQDUVCPVGUKUGPGEGUKVCGHGEVWCTWPCHTCEVWTCFGVGTOKPCFCG
KPWUWCNOGPVGNCTICUGFGDGTÈCWVKNK\CTFQUQO¶UEKNKPFTQU'UVQ
QEWTTGEQPO¶UHTGEWGPEKCGPGNECUQFGFGOQNKEKÎPFGJQTOKIÎP
EWCPFQRQTGLGORNQGURTGEKUQSWGRGTOCPG\ECGPRKGWPCRCTVG
FGWPCITCPGUVTWEVWTCUKGPFQPGEGUCTKCWPCTQVWTCRTGEKUC'P
VCNGUECUQUUGWVKNK\CT¶GNUKIWKGPVGOÃVQFQ
6CNCFTQUGPNÈPGCTGEVCEQPKPVGTXCNQUFGŌEO
FGRGPFKGPFQFGNVKRQ[NCUFKOGPUKQPGUFGNOCVGTKCNUQDTGNC
NQPIKVWFVQVCNFGNCUGEEKÎPFGJQTOKIÎP.QUVCNCFTQUO¶U
GZVGTKQTGUGUVCT¶PUKVWCFQUCWPQUEOFGECFCGZVTGOQ
+PVTQFWEKTGNLWGIQFGEWÌCUGPNQUCIWLGTQUCNKPGCTNCUCUCU[
EQNQECTNCURCNCPECUFGNCX¶NXWNCFGEQPVTQNGPő(Œ
*CEKCFGNCPVG
'UVQRTQXQECT¶WPCTQVWTCRCTEKCNUKPHTCEVWTCTEQORNGVCOGPVGGN
JQTOKIÎPCNQNCTIQFGUWNQPIKVWFVQVCN'UKORQTVCPVGRTGUVCT
RCTVKEWNCTCVGPEKÎPCNCHQTOCEKÎPFGNCTQVWTC'PNCOC[QTÈCFGNQU
ECUQUPQGUPGEGUCTKQWUCTVQFQUNQUVCNCFTQU#OGPWFQUÎNQGU
PGEGUCTKQGORNGCTWPEKNKPFTQECFCFQUQVTGUCIWLGTQU.QUVCNCFTQU
PQWVKNK\CFQUEQPVTQNCT¶PNCRTQITGUKÎPFGNCTQVWTCRQTSWGNC
GUVTWEVWTCFGNJQTOKIÎPJCUKFQFGDKNKVCFCGPGUVQURWPVQU
)LJ
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WPCEWÌC[UGXWGNXGPCEQNQECTNQUEKNKPFTQUGPNQUUKIWKGPVGU
CIWLGTQURCTCGUVCDNGEGTWPCTQVWTCRCTEKCNOC[QT'UVGRTQEGUQUG
TGRGVKT¶JCUVCSWGNCUGEEKÎPFGJQTOKIÎPUGTQORCCNQNCTIQFGUW
VQVCNGZVGPUKÎP
'PGNECUQFGSWGNCUUGEEKQPGUFGJQTOKIÎPUGCP
GZEGREKQPCNOGPVGITCPFGUQNCTICUEQPHTGEWGPEKCRWGFGUGT
PGEGUCTKQVGTOKPCTRQTGPUCPEJCTNCDTGEJCGPVTGNCRCTVGCITKGVCFC
[NCGUVTWEVWTCRTKPEKRCNRCTCGUVCDNGEGTWPCUGRCTCEKÎP
EQORNGVC2CTCGNNQUGFGDGTQORGTNCUDCTTCUFGNCCTOCFWTCQ
GZRQPGTNCUECTCUCITKGVCFCU'PGUVGECUQJCDTÈCSWGFKUVTKDWKT
VQFQUNQUEKNKPFTQUSWGDTCPVCFQTGUCNQNCTIQFGNTGEQTTKFQFGNC
TQVWTCNNGX¶PFQUGCECDQGNRTQEGUQſPCNFGTQVWTC'URTGHGTKDNGSWG
UGWVKNKEGPEQPVTCEWÌCUFGCORNKCEKÎPRCTCUGRCTCTEQORNGVCOGPVG
NCUGEEKÎPUQDTGNCSWGUGJCVTCDCLCFQFGNCGUVTWEVWTCRTKPEKRCN
$NQSWGUTQVQUOGFKCPVGEWÌC
%WCPFQUGTQORGPOGFKCPVGGNUKUVGOCFGEWÌCDNQSWGUFGJQTOKIÎP
QTQECSWGPQRWGFGPUGRCTCTUGNCVGTCNOGPVGGNOCVGTKCNFGCN
OGPQUWPNCFQUGGNGXCT¶HQT\CPFQCWPCFGNCFQUEQPVTCEWÌCU
JCEKCCTTKDCEQPÃN.CQVTCEQPVTCEWÌCUGT¶RTGUKQPCFCGPFKTGEEKÎP
QRWGUVCEQPGNEQPUKIWKGPVGTKGUIQFGTQVWTCFGNLWGIQFGEWÌCU
#FGO¶UGNEKNKPFTQSWGDTCPVCFQTUGT¶UCEWFKFQNCVGTCNOGPVG
FQDNCPFQGNLWGIQFGEWÌCUQKPENWUKXGRCPFG¶PFQNQ5KGNEKNKPFTQGUV¶
KPENKPCFQO¶UFGEOUGFGDGTÈCTGVTCGTNCEWÌCKPOGFKCVCOGPVG
)LJ
4QVWTCEQPECUSWKNNQUFGRTGUKÎP
%QOQNQULWGIQUFGEWÌCUSWGUGGORNGCPGPNQUEKNKPFTQU
SWGDTCPVCFQTGUFG&#4&#UQPTGNCVKXCOGPVGGUVTGEJQUPGEGUKVCP
WPVCNCFTQFGWPFK¶OGVTQTGFWEKFQ'NTGUWNVCFQGUSWGNCHWGT\C
FGTQVWTCGZVTGOCCEVÕCUQDTGWPC\QPCOW[RGSWGÌCQEWRCFCRQT
GNLWGIQFGEWÌCU[NQUNCVGTCNGUFGNVCNCFTQ
XGTő2TKPEKRKQFG
EWÌCŒ'PEKTEWPUVCPEKCUPQTOCNGUGUVQUWRQPGWPCEQPUKFGTCDNG
XGPVCLC
0QQDUVCPVGGPECUQUGZVTGOQUGPNQUSWGUGVTCDCLGEQPJQTOKIÎP
OW[CTOCFQNCGPQTOGRTGUKÎPUWRGTſEKCNRQFTÈCUKORNGOGPVG
EQORTKOKTGNJQTOKIÎP'UVQFCT¶EQOQTGUWNVCFQWPVCNCFTQQXCNCFQ
TQFGCFQRQTRGSWGÌCUſUWTCUCNGCVQTKCU(TCECUCNCTQVWTCFGN
JQTOKIÎP[NCUDCTTCUFGNCCTOCFWTCRGTOCPGEGPKPVCEVCU'UVG
RTQDNGOCRWGFGTGUQNXGTUGEQPFQUITWGUQUECUSWKNNQUFGRTGUKÎP
FGITCPFK¶OGVTQSWGVTCPUOKVGPNCHWGT\CFGUGRCTCEKÎPUQDTGWPC
UWRGTſEKGOC[QT
EQTTGEVQ
5GGHGEVÕCWPVCNCFTQEQPDTQECFGFKCOCPVGFGOOFG
FK¶OGVTQ[EQPNCOKUOCRTQHWPFKFCFSWGNCNQPIKVWFFGNQU
ECUSWKNNQU&GRGPFKGPFQFGNOQFGNQFGEKNKPFTQSWGDTCPVCFQT
WVKNK\CFQNCRTQHWPFKFCFOÈPKOCVKGPGSWGEQTTGURQPFGTGZCEVCOGPVG
EQPCSWGNNCGURGEKſECFCGPGNRWPVQ
+PVTQFW\ECCODQUECUSWKNNQUFGRTGUKÎPGPGNCIWLGTQ
+PUGTVGGNLWGIQFGEWÌCUGPGNGURCEKQGPVTGNQUECUSWKNNQUFG
RTGUKÎPFGVCNHQTOCSWGRWGFCPUGRCTCTUGFGNQEQPVTCTKQGN
RTQEGUQFGTQVWTCUGT¶KPÕVKN
XGTFKDWLQU
2TQUKICGNRTQEGUQFGUGRCTCEKÎPFGHQTOCPQTOCNWVKNK\CPFQ
EQPVTCEWÌCUFGCORNKCEKÎPUKGUPGEGUCTKQ[FGLCPFQNQUECUSWKNNQU
FGRTGUKÎPGPGNCIWLGTQ
#RGUCTFGNCHWGTVGCTOCFWTCGUVQRTQXQECT¶WPCTQVWTCGZCEVC
[FGLCT¶CNFGUEWDKGTVQNCUDCTTCUFGNCCTOCFWTCNCUEWCNGURQFT¶P
EQTVCTUGUGPEKNNCOGPVGCNNÈOKUOQ
FKTGEEKÎP
FGNEQTVG
KPEQTTGEVQ
!KNJG?AG–LBCJ?2MRSP?
!KNJG?AG–LBCJ?PMRSP?
+PUVCNCEKÎPFGNCUEQPVTCEWÌCUFGCORNKCEKÎP
7PCXG\JGEJCNCTQVWTCKPKEKCNÃUVCRWGFGCORNKCTUGFGOCPGTC
T¶RKFC[UGPEKNNCOGFKCPVGNCUWUVKVWEKÎPFGNCUEQPVTCEWÌCUPQTOCNGU
RQTQVTCUFGCORNKCEKÎPO¶UITWGUCU
2QPICGNEKNKPFTQSWGDTCPVCFQTUQDTGWPCUWRGTſEKGRNCPC
EQNQSWGNCRCNCPECFGNCX¶NXWNCFGEQPVTQNGPő4Œ
4GVQTPQ[TGEQLC
NCEWÌCEQORNGVCOGPVG
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2CTCGNRTQEGUQFGCORNKCEKÎPRTKOGTQTGVKTGUÎNQWPCEQPVTCEWÌC
[TGGORN¶EGNCRQTWPCEQPVTCEWÌCFGCORNKCEKÎP.CUEQPVTCEWÌCU
GUV¶POQPVCFCUGPNCECDG\CHTQPVCN%QPWPFGUVQTPKNNCFQT
UWGNVG
NQUFQUEKGTTGU
FGNCECDG\CHTQPVCNFGNEKNKPFTQ
(KI#
'ORWLGNCEWÌC
[NCUFQUEQPVTCEWÌCU
JCEKCWPNCFQ
(KI$
)LJ%
)KTGNCEQPVTCEWÌCJCEKCGNNCFQNKDTG[TGVÈTGNC
(KI%
+PUVCNGWPCEQPVTCEWÌCFGCORNKCEKÎPUKIWKGPFQGNRTQEGUQ
EQPVTCTKQ[XWGNXCCCUGIWTCTNQUEKGTTGU
)LJ)LJV$%&
)LJ&
#ORNKCEKÎPEQPEQPVTCEWÌCUFGCORNKCEKÎP
8WGNXCCKPVTQFWEKTGNLWGIQFGEWÌCUFGPVTQFGNVCNCFTQRGTQCJQTC
EQPWPCEQPVTCEWÌCFGCORNKCEKÎPO¶UITWGUC4GRKVCGNRTQEGUQ
FGTQVWTCRCTCGPUCPEJCTNCTQVWTC5GCEQPUGLCCUGIWTCTNCTQVWTC
CORNKCFCEQPWPCEWÌCFGCEGTQQUKOKNCT
)LJ
#JQTCUWUVKVW[CNCUGIWPFCEQPVTCEWÌCRQTWPCFGCORNKCEKÎP[
TGRKVCNQURWPVQUFGNCNGPGNQVTQNCFQ
XGT
)TCEKCUCNCUFQUEQPVTCEWÌCUFGCORNKCEKÎPGURQUKDNGCORNKCTNC
TQVWTCJCUVCUWO¶ZKOCCPEJWTC$CTTCUOW[ITWGUCUFGNCCTOCFWTC
SWGPQUGJC[CPRCPFGCFQFWTCPVGGNRTQEGUQKPKEKCNFGTQVWTC
CJQTCUGTQORGT¶PQNNGICT¶PCUGTCEEGUKDNGURCTCUGRCTCTQEQTVCT
EQPWPCJGTTCOKGPVC.CUEQODKŌEK\CNNCU*%5FG&#4&#UQP
GURGEKCNOGPVGCRTQRKCFCURCTCGUVGRTQRÎUKVQ
XGT
5GTGCNK\CGNOKUOQRTQEGFKOKGPVQUKNCTQVWTCUGJCJGEJQ
RTGXKCOGPVGEQPECUSWKNNQUFGRTGUKÎPGZEGRVQSWGNQUECUSWKNNQU
RGTOCPGEGT¶PGPGNCIWLGTQFWTCPVGGNRTQEGUQFGCORNKCEKÎP
7PCTQVWTCSWG[CJCUKFQCORNKCFCUGRWGFGGPUCPEJCTCÕPO¶U
EQPNCUEQPVTCEWÌCUFGCORNKCEKÎPGURGEKCNGUSWGUQPDCUVCPVG
O¶UITWGUCUSWGGNOQFGNQGUV¶PFCT'NRTQEGFKOKGPVQGUKFÃPVKEQ
#ORNKCEKÎPFGTQVWTCU[EQTVGFGNCUDCTTCUFGNCCTOCFWTC
EQPEQODKŌEK\CNNCU*%5
.CUEQODKŌEK\CNNCU*%5FG&#4&#GSWKRCFCUEQPJGTTCOKGPVCU
FGEQTVG[UGRCTCEKÎPUGRWGFGPWVKNK\CTRTKPEKRCNOGPVGRCTCNC
CORNKCEKÎPFGTQVWTCUSWG[CJC[CPUKFQGPUCPEJCFCUEQP
EQPVTCEWÌCUFGCORNKCEKÎPGURGEKCNGUQGUV¶PFCTGU5GRWGFGP
UGRCTCTQGNGXCTDNQSWGUFGJQTOKIÎPQTQEC
+PVTQFW\ECNQUGZVTGOQUFGCEGTQFGNCUEK\CNNCUGPNCTQVWTCQ
GURCEKQGPVTGNQUDNQSWGUFGNOCVGTKCN
2TGUKQPGNCRCNCPECFGNCX¶NXWNCFGEQPVTQNRCTCő#DTKTŒ[
OCPVÃPICNCGPGUCRQUKEKÎP.QUDTC\QUFGNCEK\CNNCUGCDTKT¶P
HQT\CPFQCNJQTOKIÎPQCNCRKGFTCCUGRCTCTUGVCPVQEQOQUGC
RQUKDNG
O¶ZKOCCRGTVWTCFGEO
)LJ
PD[FP
PD[PP
.CEK\CNNC*%5UGRWGFGWUCTVCODKÃPRCTCEQTVCTDCTTCUFGNC
CTOCFWTC+PVTQFW\ECNCEK\CNNCGPGNJWGEQEQNQECPFQNCDCTTC
GPVTGNCUFQUEWEJKNNCU2CTCCRTQXGEJCTEQORNGVCOGPVGUWHWGT\C
FGEQTVGEQNQSWGNCDCTTCNQO¶UFGPVTQFGNCUEWEJKNNCUSWGNGUGC
RQUKDNG&GURWÃURTGUKQPGNCRCNCPECFGNCX¶NXWNCFGEQPVTQNRCTC
ő%GTTCTŒEQPNQEWCNNCUEWEJKNNCUUGEGTTCT¶P[EQTVCT¶PNCUDCTTCU
FGNCCTOCFWTCJCUVCWPO¶ZKOQFGOOFGFK¶OGVTQ
)LJ
0QVC
%QPWPEQPGEVQTRQFT¶EQPGEVCTEQODKŌEK\CNNCU*%5CWPITWRQ
JKFT¶WNKEQPQTOCNLWPVQCWPQQO¶UEKNKPFTQUSWGDTCPVCFQTGU[
VTCDCLCTCNVGTPCVKXCOGPVG
#ORNKCEKÎPEQPNGPI×GVCUFGCORNKCEKÎP
RNWOCU
.CUTQVWTCURTCEVKECFCUGPRKGFTCPCVWTCNVCODKÃPRWGFGPCORNKCTUG
EQPNCUNNCOCFCUőNGPI×GVCUFGCORNKCEKÎPŒ&KURQPKDNGURCTCNC%
50[NC%0FGDGPGORNGCTUGEQPUWRCTGLCEQTTGURQPFKGPVG
'NRTQEGFKOKGPVQGUGNUKIWKGPVG
)LJ$
2TKOGTQCUGIWTGNCTQVWTCEQPWPCEWÌCFGCEGTQWQVTQEKNKPFTQ
SWGDTCPVCFQTRCTCGXKVCTSWGUGEKGTTGFGPWGXQ
+PVTQFW\ECEQORNGVCOGPVGGPGNCIWLGTQNCNGPI×GVCFG
CORNKCEKÎPEQPNCVGTOKPCEKÎPCPEJCCTTKDC
(KI#
'ORWLG
JCEKCCDCLQNCUGIWPFCNGPI×GVCEQPNCVGTOKPCEKÎPGUVTGEJCFGVT¶U
FGNCRTKOGTCNGPI×GVCLWPVQEQPGNLWGIQFGEWÌCU
(KI#
/ÃVCNCUGPGNCIWLGTQVCPVQEQOQUGCRQUKDNG.CRCTVGFGCTTKDC
FGNCNGPI×GVCFGDGTÈCGUVCTCRQ[CFCEQPVTCNCECDG\CHTQPVCNFGN
EKNKPFTQSWGDTCPVCFQT[NCEWÌCEQORNGVCOGPVGTGVTCÈFC
%QNQSWGNCRCNCPECFGNCX¶NXWNCFGEQPVTQNGPő(Œ
*CEKC
CFGNCPVGCXCP\CPFQNCEWÌCNQO¶ZKOQRQUKDNG&GGUVGOQFQ
CORNKCT¶NCTQVWTC
)LJ%
#UGIWTGFGPWGXQNCTQVWTC[FGURWÃUTGVTCKICNCEWÌCEQNQECPFQ
NCRCNCPECGPő4Œ
4GVTQEGUQ
'ORWLGO¶UJCEKCGNHQPFQNCNGPI×GVCFGCORNKCEKÎPUWRGTKQT
C[WF¶PFQUGEQPGNEKNKPFTQSWGDTCPVCFQT
(KI$
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PWGXQNCEWÌC
4GRKVCVQFQGNRTQEGUQJCUVCSWGNCNGPI×GVCFGCORNKCEKÎPFG
CTTKDCGUVÃVQVCNOGPVGKPVTQFWEKFCGPGNCIWLGTQ
(KI%
#JQTCXWGNXCCTGCNK\CTGUVQURCUQUEQPGNUGIWPFQRCTFG
NGPI×GVCUFGCORNKCEKÎP
(KI%
FGLCPFQVQFCXÈCGNRTKOGTRCT
FGPVTQFGNCIWLGTQ
)LJ)LJV$%&
.CGHGEVKXKFCFFGGUVGRTQEGUQFGCORNKCEKÎPRTQXKGPGFGNCU
FKHGTGPEKCUFGITQUQTFGNQUGZVTGOQUFGNCUNGPI×GVCU[FGNCCEEKÎP
TGRGVKVKXCRQTOGFKQFGNCEWCNNCUNGPI×GVCUQEWRCPEQPUVCPVGOGPVG
GNGURCEKQGPVTGGNLWGIQFGEWÌCU[NQUNCFQUFGNCIWLGTQ&GGUVC
HQTOCGNCEVQFGTQVWTCUGGORNGCRCTCCNECP\CTNCO¶ZKOCGZVGPUKÎP
[NCCORNKCEKÎPFGTQVWTCRCTCNCO¶ZKOCCPEJWTC
)LJ&
-?LRCLGKGCLRMPSRGL?PGM
.WDTKECEKÎPFGNLWGIQFGEWÌCU
&WTCPVGGNRTQEGUQFGTQVWTCCEVÕCPHWGT\CUGZEGREKQPCNOGPVGCNVCU
UQDTGNCUEWÌCUSWGFGDGPVTCPUOKVKTUGCNJQTOKIÎPQNCTQEC2CTC
SWGGUVQUGNNGXGCECDQEQPRÃTFKFCUFGHTKEEKÎPKPUKIPKſECPVGUGU
OW[KORQTVCPVGSWGNCUECTCUFGEQPVCEVQFGNLWGIQFGEWÌCUUG
GPITCUGPTGIWNCTOGPVGEQPGNNWDTKECPVGGURGEKCNFG&#4&#
'UVGRTQFWEVQUGJCFGUCTTQNNCFQGURGEKCNOGPVGRCTCGUVGRTQRÎUKVQ
GURGEÈſEQ[GUGNÕPKEQNWDTKECPVGECRC\FGUQRQTVCTNCHTKEEKÎP
GZVTGOC[GNECNQTIGPGTCFQRQTGNRTQEGUQFGTQVWTC2QT
EQPUKIWKGPVGTGFWEGNCURÃTFKFCUFGHTKEEKÎPCNOÈPKOQCEGRVCDNG
'PEQORCTCEKÎPEQPQVTQUNWDTKECPVGUGUV¶PFCTGUGKPCFGEWCFQUNC
HWGT\CFGTQVWTCSWGUGQDVKGPGEQPGNNWDTKECPVGFG&#4&#GUFG
WPCWPO¶UCNVC#FGO¶UGUTGUKUVGPVGCNCIWC[RWGFG
WVKNK\CTUGGPVGORGTCVWTCUSWGXCPFGUFGNQUŌ%CNQU%
)LJ
2TQEGFKOKGPVQFGNWDTKECEKÎP
%QPWPFGUVQTPKNNCFQTQJGTTCOKGPVCUKOKNCTUGRCTGNCEWÌC[WPC
FGNCUEQPVTCEWÌCURCTCVGPGTCEEGUQCNCUECTCUFGEQPVCEVQ
#RNKSWGEQPWPCGUR¶VWNCWPCſPCECRCFGNNWDTKECPVG&#4&#GP
NCUECTCUFGEQPVCEVQFGNCEWÌC[EQPVTCEWÌC
4GRKVCGUVGRTQEGUQEQPNCUGIWPFCEQPVTCEWÌC
#RNKSWGGNNWDTKECPVGFGURWÃUFGWPQUQEJQVTCDCLQUFGTQVWTC
EQOQOW[VCTFGQCPVGUUKUGGUV¶VTCDCLCPFQGPWPCTQECOW[
FWTCQGPJQTOKIÎPOW[CTOCFQ
)LJ
5KGNNWDTKECPVGPQUGCRNKECTGIWNCTOGPVGQUGWVKNK\CPQVTQU
RTQFWEVQUFKHGTGPVGUCNNWDTKECPVGGURGEKCNFG&#4&#PQ
CEGRVCTGOQUPKPIWPCTGURQPUCDKNKFCFRQTNQUFCÌQUSWGRWGFCP
QEWTTKTCNLWGIQFGEWÌCUQCNEKNKPFTQSWGDTCPVCFQT
%QORTQDCEKÎPFGNPKXGNFGCEGKVGJKFT¶WNKEQ
5KGORTGUGFGDGTGXKUCTGNPKXGNFGCEGKVGFGNFGRÎUKVQFGNCDQODC
JKFT¶WNKECCPVGUFGEQOGP\CTNQUVTCDCLQUFGTQVWTC2CTCGNNQ
UQNCOGPVGVKGPGSWGUCECTNCXCTKNNCFGNCEGKVGSWGOCTECNQUPKXGNGU
OÈPKOQU[O¶ZKOQU
4GCNKEGGNRTKOGTECODKQFGCEGKVGGPWPITWRQJKFT¶WNKEQPWGXQFGURWÃU
FGWPCUJQTCUFGVTCDCLQRQUVGTKQTOGPVGECFCJQTCU
'NCEGKVGJKFT¶WNKEQFG&#4&#FGDGTÈCWVKNK\CTUGÕPKECOGPVGGP
O¶SWKPCUSWGDTCPVCFQTCUJKFT¶WNKECUFGTQEC[JQTOKIÎPFG&#4&#
$CLQEQPFKEKQPGUGZVTGOCUFGHTÈQUGTGEQOKGPFCCRNKECTWPCEGKVG
FGOGPQTXKUEQUKFCF
QFGOC[QTXKUEQUKFCFRCTCEQPFKEKQPGU
GZEGREKQPCNGUFGECNQT0QUGFGDGPOG\ENCTFKHGTGPVGUITCFQUFG
CEGKVG[CSWGGUVQRQFTÈCCHGEVCTPGICVKXCOGPVGCNCNWDTKECEKÎP
$CKMJGAG–LBCFMPKGE–L?PK?BMW
K?AGXM
/WTQU[RCPGNGUFGJQTOKIÎP
7POWTQQKPENWUQWPRCPGNFGJQTOKIÎPVWODCFQNCVGTCNOGPVG
FGDGTÈCSWGDTCTUGEQPHQTOGCNQUOÃVQFQUGZRNKECFQUCPVGTKQTOGPVG
.CFKUVCPEKCGPVTGNQUVCNCFTQUFGRGPFGFG
NCHCEKNKFCFRCTCTGCNK\CTNCUTQVWTCUGPGNJQTOKIÎP
UKUGVTCVCFGJQTOKIÎPPQTOCNQCTOCFQ[FGNITQUQTFGNCDCTTCU
FGNCCTOCFWTC
GNVCOCÌQSWGFGDGTÈCPVGPGTNCURCTVGUFGJQTOKIÎPCTQORGT
EQP
NCKPVGPEKÎPFGVTCPURQTVCTNCU
#PVGUFGEQOGP\CTGUCEQPUGLCDNGTGCNK\CTWPCUEWCPVCURTWGDCUFG
VCNCFTQ[FGTQVWTCFGURWÃUFGNCUEWCNGUUGRQFT¶TGCNK\CTFGWPC
XG\VQFQUNQUCIWLGTQU%QPHTGEWGPEKCUÎNQGUPGEGUCTKQJCEGTWP
PÕOGTQTGNCVKXCOGPVGRGSWGÌQFGVCNCFTQU
)LJ
.CſIFGUETKDGGNOGLQTOÃVQFQFGTQVWTCFGJQTOKIÎPEQP
TGHWGT\QUNKIGTQUGKPVGTOGFKQU2TKOGTQSWKGDTGGNOWTQQRCPGN
XGTVKECNOGPVGFGURWÃUETGGDNQSWGUTGEVCPIWNCTGUEQPTQVWTCU
JQTK\QPVCNGU7PÕPKEQEKNKPFTQSWGDTCPVCFQTGUIGPGTCNOGPVGUWſ
EKGPVGFQUEQOQOWEJQ
.CUDCTTCUſPCUQOGFKCPCUFGNCCTOCFWTCPQTOCNOGPVGUGRCTVGP
GNNCUUQNCU5KGUVQPQQEWTTKGTCGUEQPXGPKGPVGETGCTDNQSWGUFG
WPVCOCÌQRT¶EVKEQOC[QTRCTCTGFWEKTGNPÕOGTQFGDCTTCUSWGUG
FGDGPEQTVCTRQTGLGORNQEQPNCUEQODKŌEK\CNNCU*%5FG&#4&#
XGT
5KGNJQTOKIÎPEQPVKGPGDCTTCUFGNCCTOCFWTCOW[ITWGUCUSWGPQ
UGJCPRCTVKFQGPGNRTQEGUQFGTQVWTCGNOÃVQFQSWGUGOWGUVTCGP
NC(KIRQFTÈCTGUWNVCTGHGEVKXQ'PGUVGECUQUKVÕGGNEKNKPFTQ
EQPWP¶PIWNQFGRGTOKVKGPFQSWGGNJQTOKIÎPUGFGURTGPFC
FGNCUDCTTCUFGNCCTOCFWTCœUVCUSWGFCPCNFGUEWDKGTVQ[RWGFGP
EQTVCTUGGPVQPEGU
)LJ
/WTQUFGJQTOKIÎPFGRQEQGURGUQT
%WCPFQNCRCTGFVKGPGOGPQUGURGUQTSWGNCNQPIKVWFFGNLWGIQFG
EWÌCUUGEQTTGPFQUTKGUIQU
5KGNLWGIQFGEWÌCUUQDTGUCNGFGOCUKCFQRQTFGVT¶UFGNOWTQVQFC
NCHWGT\CFGTQVWTCUGCRNKECT¶CNQVTQNCFQFGNOWTQGPNQUGZVTGOQU
FGNCUEQPVTCEWÌCU%QTTKGPFQGNRGNKITQFGRCPFGCTNCUQTQORGTNCU
[FGFGLCTNCRCTGFKPVCEVC
)LJ
KPEQTTGEVQ
5KGNLWGIQFGEWÌCUPQUGKPVTQFWEGNQUWſEKGPVGGPGNOWTQNCUEQP
VTCEWÌCURQFTÈCPFQDNCTUGJCEKCHWGTC[TQORGTUG
)LJ
KPEQTTGEVQ
.CHQTOCEQTTGEVCGUKPUGTVCTNCLWGIQFGEWÌCUGPNCRCTGFUÎNQNQ
PGEGUCTKQRCTCICTCPVK\CTSWGNCUGEEKÎPEGPVTCNGUV¶UKVWCFCFGPVTQ
FGNOWTQ
XGT
)LJ
EQTTGEVQ
5GFGDGTÈCCICTTCTDKGPGNEKNKPFTQSWGDTCPVCFQTJCUVCSWGNCEWÌC
UGKPVTQFW\ECNCFKUVCPEKCUWſEKGPVGRCTCSWGGNEKNKPFTQUGUWLGVGRQT
UÈOKUOQGPGNCIWLGTQ'UVQGXKVCT¶SWGIKTG[UGFGURNCEGFGHQTOC
KPEQPVTQNCFC[OCPVGPFT¶UWRQUKEKÎPGPGNCIWLGTQ
&GOQNKEKÎPRCTEKCN
5KUQNQUGXCCFGOQNGTWPCRCTVGFGNOWTQ
QFGEWCNSWKGTQVTC
GUVTWEVWTCEQOQWPRWGPVG[NCQVTCRCTVGSWKGTGFGLCTUGKPVCEVC
NQRTKOGTQ[GUGPEKCNGUGUVCDNGEGTWPCTQVWTCNÈOKVG'UVQGXKVCT¶NC
CRCTKEKÎPFGſUWTCUGPNCRCTVGFGNOWTQCRTGUGTXCT
)LJ
.CſIFGUETKDGWPCUKVWCEKÎPFGGUVGVKRQ'PGUVGECUQNCTQVW
TCNÈOKVGXGTVKECN
UGTGCNK\ÎRTKOGTQ.QUVCNCFTQUGUV¶PTGNCVKXC
OGPVGEGTEC
EOCRTQZKOCFCOGPVGRCTCCUGIWTCTSWGNCTQVWTC
UGCNQO¶UTGEVCRQUKDNG&GRGPFKGPFQFGNVCOCÌQFGNCGUVTWEVWTC
[FGNCNQPIKVWFFGNCTQVWTCNÈOKVGUGCEQPUGLCGNWUQFGXCTKQU
EKNKPFTQUSWGDTCPVCFQTGURCTCQDVGPGTWPCTQVWTCRTGEKUC
RCTCGN
RTQEGFKOKGPVQEQTTGEVQXGT[
4QVWTCGPWPOWTQFGJQTOKIÎP
WUQEQODKPCFQFGN
EQTVGEQPFKCOCPVG[FGNEKNKPFTQ
2CTCJCEGTWPCGUEKUKÎPRTGEKUCGPWPOWTQFGJQTOKIÎPCTOCFQQ
FGQVTQVKRQGUCEQPUGLCDNGGNWUQEQODKPCFQFGNEQTVGEQPFKCOCPVG
[WPEKNKPFTQ
C2CTGFGUFGRQEQGURGUQT
'PGUVQUECUQUGORWLGNCRCTVGEQTVCFCJCEKCFGNCPVG[VKTGFGGNNC
%QPWPEKNKPFTQFKXKFCGPRGSWGÌQUVTQ\QUNCRCTVGGZVTCÈFCRCTC
RQFGTVTCPURQTVCTNQUH¶EKNOGPVG
)LJ
D/WTQUITWGUQUFGJQTOKIÎP
'POWEJQUECUQUNCRCTVGFGJQTOKIÎPEQTVCFCEQPNCUKGTTCPQUG
RWGFGFGURTGPFGTH¶EKNOGPVGRQTSWGGUFGOCUKCFQITWGUCQ
RGUCFC2QTNQVCPVQUGFGDGT¶JCEGTWPUGIWPFQEQTVGWPQUÎ
EORQTFGDCLQFGNEQTVGJQTK\QPVCNUWRGTKQT5CSWGNQUHTCIOGPVQU
FGJQTOKIÎPRGSWGÌQU[NKIGTQU
8WGNSWGJCEKCHWGTCFGNCRCTVGITCPFG[O¶UDCLCFGNOWTQ[
TGFÕ\ECNCEQPWPEKNKPFTQ5KGUFGOCUKCFQFKHÈEKNFGURTGPFGTNCUG
RWGFGVCNCFTCT[TQORGTNCGPVTQ\QUEQPXGPKGPVGUOKGPVTCUSWGGUVÃ
GPGNOWTQ
)LJ
&GUECDG\COKGPVQFGRKNCTGUFGJQTOKIÎP
.QUGZVTGOQUFGNQURKNCTGUFGJQTOKIÎPRWGFGPGNKOKPCTUGFGFQU
OCPGTCU
C*QTOKIÎPOW[CTOCFQ
%QPWPCJGTTCOKGPVCCFGEWCFC
OCTVKNNQFGFGOQNKEKÎPRKECFQT
JKFT¶WNKEQFGUEWDTCEWKFCFQUCOGPVGNCUDCTTCUFGNCCTOCFWTC
*CICWPCTQVWTCNÈOKVGJQTK\QPVCN
RCTCRTGXGPKTRQUKDNGUFCÌQU
GPNCRCTVGO¶UDCLCFGNRKNCT2CTCJCEGTGUVQRGTHQTGWPVCNCFTQ
GPGNNCVGTCNFGNRKNCT[JCICNCTQVWTCEQPWPEKNKPFTQSWGDTCPVCFQT
EQPGNCUCGPJQTK\QPVCN5KGNRKNCTGUGURGEKCNOGPVGITWGUQWUG
UKOWNV¶PGCOGPVGFQUEKNKPFTQUWPQGPECFCNCFQ
&GURWÃUEQNQSWGICPEJQUCFGEWCFQUGPNCRCTVGUWRGTKQTFGN
RKNCTJCEKGPFQRQUKDNGSWGUGNGXCPVGNKORKCOGPVGGNGZVTGOQEQP
WPECDNGGPICPEJCFQCWPCITÕCQCWPUKUVGOCFGRQNGCU
(KI#
)LJ$
)LJ
1VTCRQUKDKNKFCF
%QPWPOCTVKNNQRGTHQTCFQTGHGEVÕGVCNCFTQUGPNCRCTVGUWRGTKQT[
GPNQUNCVGTCNGUFGNGZVTGOQFGNRKNCT[CSWGDTCFQ[FGUVTÕ[CNQEQP
WPEKNKPFTQ
(KI$.CURCTVGURGSWGÌCUFGJQTOKIÎPRWGFGP
UGTTGVKTCFCUEQPNCOCPQ
)LJ
D*QTOKIÎPRQEQCTOCFQ
'PXG\FGFGLCTCNFGUEWDKGTVQNCUDCTTCUFGNCCTOCFWTCTGCNKEG
WPVCNCFTQGPGNNCVGTCNFGNRKNCTGPVTGNCUDCTTCU[JCICWPCTQVWTC
NÈOKVG
EQPWPEKNKPFTQSWGDTCPVCFQT0QCITCPFGGZEGUKXCOGPVG
GUVCKPEKUKÎPFGQVTCOCPGTCNCUDCTTCUFGNCCTOCFWTCUGGZVGPFGT¶P
6CNCFTGCIWLGTQUGPNCRCTVGUWRGTKQT[GPNQUNCVGTCNGUFGNRKNCT
GPVTGNCUDCTTCUFGNCCTOCFWTC5ÈTXCUGFGWPEKNKPFTQSWGDTCPVCFQT
RCTCTQORGTGNJQTOKIÎPGPXCTKQURGFC\QUFGNVCOCÌQEQPXGPKGPVG
&GURWÃURQFT¶PGZVTCGTUGH¶EKNOGPVG
%QPUGLQ
5KCPVGUFGSWGUGGEJGGNJQTOKIÎPUGRQPGPVWDQUUQDTGNQUGZVTGOQU
UWRGTKQTGUFGNCUDCTTCUFGNCCTOCFWTCJCUVCGNPKXGNGPGNSWGUG
FGUECDGEGRQUVGTKQTOGPVGGNRKNCTNCQRGTCEKÎPFGFGUECDG\COKGP
VQUGT¶DCUVCPVGO¶UUGPEKNNC&CFQSWGGNJQTOKIÎPGUKPECRC\FG
CFJGTKTUGCNCUDCTTCUFGCEGTQGPGUVC\QPCGNGZVTGOQUWRGTKQTFGN
RKNCTUGRWGFGFGURGICTEQPOC[QTHCEKNKFCFFGURWÃUFGNCTQVWTC
)LJ
)LJ%
$NQSWGUFGJQTOKIÎPOW[CTOCFQ
.QUTGHWGT\QURCTCNQUEKOKGPVQUFGWPCO¶SWKPCQUGEEKQPGUFG
JQTOKIÎPUKOKNCTGUHTGEWGPVGOGPVGVKGPGPNCHQTOCFGWPCTOC\ÎP
QGUV¶PRWGUVQUGP\CRCVCUEGTECFGNDQTFGFGNQUEKOKGPVQU.CU
DCTTCUVCODKÃPUWGNGPUGTDCUVCPVGITWGUCU'PVCNGUECUQUUG
CEQPUGLCGNUKIWKGPVGRTQEGUQ
6CNCFTCTEQPWPOCTVKNNQRGTHQTCFQTGPNCRCTVGUWRGTKQTFGNQU
EKOKGPVQUJCEKCGNDQTFG[GPVTGNCUDCTTCUFGNCCTOCFWTC*CIC
TQVWTCUEQPWPEKNKPFTQSWGDTCPVCFQTCUÈNCGUVTWEVWTCFGNJQTOKIÎP
UGTQORGT¶
'PVQPEGUNCUDCTTCURWGFGPFGLCTUGCNFGUEWDKGTVQEQPTGNCVKXC
HCEKNKFCFUKTXKÃPFQUGFGWPOCTVKNNQFGFGOQNKEKÎP
&QDNGNCUDCTTCUJCEKCHWGTCQGZVT¶KICNCUEQPWPCJGTTCOKGPVC
CFGEWCFCRQTGLGORNQEQPNCUEQODKŌEK\CNNCU*%5
XGT
2GTHQTGCJQTCFQUCIWLGTQUCKPVGTXCNQUCFGEWCFQUGPNCRCTVG
TGUVCPVGSWGPQVKGPGTGHWGT\QU[R¶TVCNCEQPGNEKNKPFTQGPHTCIOGPVQU
FGVCOCÌQEQPXGPKGPVG
)LJ
$CKMJGAG–LBCPMA?WNGCBP?
L?RSP?J
'ZECXCEKÎPGPTQEC
&WTCPVGNQUVTCDCLQUFGGZECXCEKÎPGPVKGTTCRQTGLGORNQGP
VTKPEJGTCUQUÎVCPQUGUHTGEWGPVGVQRCTUGEQPTQECFWTCPVGGN
RTQEGUQ5KGUV¶RTQJKDKFQGNWUQFGGZRNQUKXQUQGUKORTCEVKECDNG
NQUSWGDTCPVCFQTGUJKFT¶WNKEQUQHTGEGPWPOÃVQFQGſEKGPVG[
UGIWTQRCTCNCGNKOKPCEKÎPT¶RKFCFGQDUV¶EWNQU
.CUTQVWTCUFGDGTÈCPJCEGTUGUKGORTGGPGNNCFQCDKGTVQRCTC
RGTOKVKTUCECTNQUHTCIOGPVQUFGNCTQVWTC5KPGODCTIQUKNCU
VCTGCUUWRQPGPFGOQNGTGPWP¶TGCFGTQECEQPWPCUWRGTſEKG
RNCPC[UKPPKPIÕPNCVGTCNNKDTGUGFGDGETGCTWPGURCEKQFGURGLCFQ
EQPWPSWGDTCPVCFQTFGNUKIWKGPVGOQFQ
'PEKTEWPUVCPEKCUPQTOCNGUGNEKNKPFTQSWGDTCPVCFQTFGDGEQNQECTUG
UKGORTGEQPWP¶PIWNQFGEQPTGURGEVQCNCUWRGTſEKGFGNC
TQEC'UVGECUQRCTVKEWNCTUWRQPGWPCGZEGREKÎPCNCTGINC.QU
CIWLGTQUFGDGTÈCPRGTHQTCTUGEQPWP¶PIWNQCWPQUFGNC
UWRGTſEKGGKPVTQFWEKTGNLWGIQFGEWÌCUGPNQUVCNCFTQUEQPGN
CUCGPRQUKEKÎPJQTK\QPVCN.CTQVWTCUGETGCT¶JCEKCNCUWRGTſEKG
TQORKGPFQWPCRGSWGÌCRCTVGFGNCTQEC4GRKVCGUVGRTQEGUQJCUVC
SWGVGPICWPGURCEKQFGURGLCFQ
)LJ
#JQTC[CRWGFGTGCNK\CTO¶UQRGTCEKQPGUFGTQVWTCFGNCOCPGTC
JCDKVWCNJCEKCNC\QPCFGURGLCFC'NPÕOGTQFGVCNCFTQUPGEGUCTKQU
GKPVGTXCNQUFGRGPFGT¶FGNCUECTCEVGTÈUVKECUFGNCTQEC
2QTNQIGPGTCNWPQQFQUEKNKPFTQUSWGDTCPVCFQTGUUGT¶PUWſEKGPVGU
RCTCSWGDTCTNCTQEC5KPGODCTIQGPGNECUQFGUGT
GZEGREKQPCNOGPVGOCEK\CPQUGTÈCRQUKDNGHTCIOGPVCTNCRGTQNC
GUVTWEVWTCUGFGUVTWKTÈCDCLQGNGHGEVQFGNQURTQEGUQUFGTQVWTC
)LJ
'PGUVGECUQNCTQECUGJCDT¶XWGNVQSWGDTCFK\CRGTOKVKGPFQ
TQORGTRCTVGUEQPWPRKECFQTJKFT¶WNKEQQOCTVKNNQFGOQNGFQT
4QVWTCFGTQECGUVTCVKſECFC
0QUGRWGFGTQORGTNCVQVCNRTQHWPFKFCFFGNCTQECGUVTCVKſECFCGP
WPÕPKEQRTQEGUQ.CTQVWTCIGPGTCNOGPVGNNGICT¶JCUVCGNRWPVQ
FQPFGGNRTKOGTUGFKOGPVQQGUVTCVQHQTOGWPCTQVWTCJQTK\QPVCN
PCVWTCN0QQDUVCPVGUKGUPGEGUCTKQCDTKTNCTQECGPVQFCUW
RTQHWPFKFCFNQUUGFKOGPVQUUWGNVQUUGFGDGT¶PGZVTCGTEQPOWEJC
HTGEWGPEKCGNVCNCFTQUGT¶RTQRQTEKQPCNOGPVGRTQHWPFQ[GNRTQEGUQ
FGTQVWTCUGTGRGVKT¶
)LJ
4QVWTCFGTQECUCKUNCFCU
.QUEKNKPFTQUSWGDTCPVCFQTGUUQPRGTHGEVQURCTCNCFGOQNKEKÎPFG
TQECUITCPFGUDNQSWGUFGTQECU[UGEEKQPGUFGJQTOKIÎP
GURGEKCNOGPVGUKPQGUV¶RGTOKVKFQGNWUQFGGZRNQUKXQU2GTHQTCT
WPCIWLGTQGPGNEGPVTQFGNCTQEC'PNCOC[QTÈCFGNQUECUQUUGT¶
UWſEKGPVGWPUQNQEKNKPFTQRCTCRCTVKTNCGPFQUOKVCFGUNCUEWCNGU
RQFT¶PXQNXGTUGCFKXKFKTRQUVGTKQTOGPVGEQPGNEKNKPFTQ
)LJ
5KPGODCTIQUKGNDNQSWGGUFGOCUKCFQITCPFGRCTCCDTKTNQEQPWP
ÕPKEQEKNKPFTQVCNCFTGFQUQO¶UCIWLGTQUCKPVGTXCNQUFGŌ
EOCNQNCTIQFGNCNÈPGCEGPVTCN[JCICNCTQVWTCUKTXKÃPFQUGFGFQU
QO¶UEKNKPFTQUSWGDTCPVCFQTGU6QFCUNCUCUCUFGDGPGUVCT
QTKGPVCFCUGPNCOKUOCFKTGEEKÎP[NCURCNCPECUFGNCX¶NXWNCFG
EQPVTQNEQNQECFCURCTCCXCP\CT[TGVTQEGFGTUKOWNV¶PGCOGPVG
XGT[
5KUQNQJC[FKURQPKDNGWPEKNKPFTQRCTCGPECTICTUGFGWPCTQECFG
ITCPFGUFKOGPUKQPGUUGRWGFGGORNGCTWPOÃVQFQCNVGTPCVKXQ
XC[CTQORKGPFQNCTQECGPRCTVGUGORG\CPFQFGUFGEGTECFGN
DQTFGOGLQTSWGFGUFGGNEGPVTQ
)LJ
%WCPFQUGUGRCTCPDNQSWGUFGTQECCKUNCFQUNCURCTVGUUGRCTCFCU
RWGFGPECGTCNUWGNQ2QTGUVCTC\ÎPPQRGTOCPG\ECPWPECEGTEC
FGNDNQSWG'UEQPXGPKGPVGSWGIWCTFGWPCFKUVCPEKCFGUGIWTKFCF
[SWGRTGXGCJCEKCFÎPFGRWGFGPECGT
)LJ
2CTCGXKVCTSWGGNEKNKPFTQSWGDTCPVCFQTECKICVCODKÃPUGFGDGTÈC
CUGIWTCTRQTGLGORNQEQPWPCEWGTFCCVCFCCNCUC
4QVWTCFGTQECDCLQGNPKXGNFGNUWGNQ
&WTCPVGNCGZECXCEKÎPFGTQECGPQECUKQPGURWGFGGPEQPVTCTUG
EQPSWGTQECUITCPFGUUGRTQNQPICPJCEKCGNKPVGTKQTFGNCVKGTTC
DCLQGNPKXGNFGNUWGNQ'PIGPGTCNPQGURQUKDNG
QPGEGUCTKQ
GZVTCGTGNQDUV¶EWNQGPUWVQVCNKFCFUKPQSWGUKORNGOGPVGDCUVC
EQPGUCRCTVGSWGUQDTGUCNGFGNHQPFQFGNC\CPLCQUWGNQ
2TKOGTQUGFGDGT¶GZVTCGTNCVKGTTCRQTWPQQ
CODQUNCFQUFGNCTQECJCUVCNCRTQHWPFKFCF
FQPFGUGRWGFCJCEGTNCTQVWTC*C[SWGGZVTCGT
JCUVCNQITCTWPCFKUVCPEKCUWſEKGPVGSWGRGTOKVC
GNWUQFGWPOCTVKNNQRGTHQTCFQTQEKNKPFTQ
SWGDTCPVCFQTEQPWP¶PIWNQTGFWEKFQ.WGIQUG
RGTHQTCPCIWLGTQUJQTK\QPVCNGUVCPNGLQUEQOQUGC
RQUKDNGEQPWP¶PIWNQFGCNCTQEC&GURWÃU
UGJCEGWPCTQVWTCJQTK\QPVCNEQOQWPNÈOKVGO¶U
DCLQEQPGNSWGDTCPVCFQT
'PNCUKIWKGPVGHCUGJC[SWGVCNCFTCTGPNCRCTVG
UWRGTKQTFGNCTQEC[FGUVTWKTNCUGEEKÎPUWRGTKQT
EQPGNSWGDTCPVCFQT
)LJ
#ORNKCEKÎPFGVÕPGNGU
)TCEKCUCUWEQOQFKFCF[CNJGEJQFGPQIGPGTCTXKDTCEKQPGUNCU
O¶SWKPCUSWGDTCPVCFQTCUFG&#4&#UQPRGTHGEVCURCTCNC
CORNKCEKÎPFGVÕPGNGU[RQ\QU
'NUKIWKGPVGOÃVQFQUGRWGFGWVKNK\CTRCTCCORNKCTNQUNCVGTCNGUFG
WPVÕPGN2TKOGTQJC[SWGőCTTCPECTŒNCECRCGZVGTKQTFGNCECTCFG
NCTQECVCNCFTCPFQCIWLGTQUNCFGCFQUO¶USWGGP¶PIWNQTGEVQC
NCRCTGFFGNVÕPGN'UVCUKVWCEKÎPGUWPCFGNCURQECUGZEGREKQPGU
FQPFGNQUVCNCFTQUUGJCEGPEQPWP¶PIWNQFKHGTGPVGCNQU
)LJ
+PVTQFW\ECGNEQPLWPVQFGEWÌCUGPGNCIWLGTQFGVCNOCPGTCSWG
UGQTKGPVGNCTQVWTCJCEKCNCECTCNKDTGGUFGEKTJCEKCGNKPVGTKQTFGN
VÕPGN
#RCTVKTFGWPCURQECURTWGDCUFGRGTHQTCEKÎP[TQVWTCRTQPVQUG
FCT¶EWGPVCFGEW¶PVQUVCNCFTQUUGPGEGUKVCPFÎPFGFGDGOQU
JCEGTNQU[EÎOQRQFGOQUTGCNK\CTNCTQVWTCRCTCQDVGPGTGNOGLQT
TGUWNVCFQ
4GRKVCGNRTQEGUQFGTQVWTCNCUXGEGUPGEGUCTKCUJCUVCNQITCTNC
CPEJWTCTGSWGTKFCGPGNVTCOQEQTTGURQPFKGPVG
<CPLGQ
&WTCPVGNQUVTCDCLQUFG\CPLGQHTGEWGPVGOGPVGCRCTGEGPQDUV¶EWNQU
GPHQTOCFGTQECUUÎNKFCUNNGICPFQCRCTCNK\CTGNVTCDCLQ
&CFQSWGGPGUVQUECUQUSWGFCFGUECTVCFQGNWUQFGGZRNQUKXQU
WPJQODTGEQPWPEKNKPFTQSWGDTCPVCFQTRWGFGGPVTCTGPGNEQPFWEVQ
[TQORGTNCTQECSWGGUVQTDC'PVCNGUEKTEWPUVCPEKCUNC
KPFGRGPFGPEKCFGHWPEKQPCOKGPVQ[NCRT¶EVKECEQOQFKFCFFGWP
SWGDTCPVCFQTFGFKOGPUKQPGUVCPTGFWEKFCUUQPKPECNEWNCDNGU
)LJ
&?@PGA?AG–LBC@JMOSCQBCNGCBP?
L?RSP?J
.QUSWGDTCPVCFQTGUFGTQEC[JQTOKIÎPSWGEQPUVCPFGXCTKQU
EKNKPFTQUSWGDTCPVCFQTGUUGGORNGCPGPNCHCDTKECEKÎPFGDNQSWGUFG
RKGFTCGPECPVGTCUFGNCUKIWKGPVGOCPGTC
2TKOGTQUGCRNKECT¶PEJQTTQUFGCKTGEQORTKOKFQRCTCNKORKCTNC
UWEKGFCF[GNRQNXQFGNCUWRGTſEKG[RQPGTFGOCPKſGUVQNC
GUVTWEVWTCFGNCTQEC.CRTQITGUKÎPPCVWTCNFGNCGUVTWEVWTC
FGVGTOKPCT¶EÎOQFGDGCDTKTUG5KGORTGSWGUGCRQUKDNGGNOGLQT
OÃVQFQ[O¶UGſEKGPVGGUCDTKTCNQNCTIQFGNCUTQVWTCU[GUVTCVQU
PCVWTCNGU6CODKÃPGUCEQPUGLCDNGFGVGTOKPCTEQPCPVGNCEKÎPGN
VCOCÌQFGNQUDNQSWGUCEQTFGEQPGNOCPGLQ[NCUHCEKNKFCFGUFG
VTCPURQTVGFKURQPKDNGU
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