guia gerente

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QTICPK\CEKQPGU RÕDNKECU [ RTKXCFCU TGEKDG FKHGTGPVGU FGPQOKPCEKQPGU ,GHG FG
KPHQTO¶VKEC &KTGEVQT FG +PHQTO¶VKEC ,GHG FG 1TICPK\CEKÎP [Q OÃVQFQU G
+PHQTO¶VKEC &KTGEVQTC 6ÃEPKEC FG NC QHKEKPC 6ÃEPKECFG+PHQTO¶VKEC&KTGEVQT FG
'UVCFÈUVKECG+PHQTO¶VKECGPVTGQVTCU&GKIWCNOCPGTCGNPQODTGFGNCU¶TGCUGP
NCUSWGUGWDKECPTGEKDGPFKHGTGPVGUFGPQOKPCEKQPGURCTCGNRTGUGPVGFQEWOGPVQ
PQUTGHGTKTGOQUEQOQ)GTGPVGFG5KUVGOCU
'P TGNCEKÎP CN NWICT SWG QEWRCP GP NC GUVTWEVWTC LGT¶TSWKEC NC )GTGPEKC FG
5KUVGOCU GUV¶ WDKECFC GP FKHGTGPVGU PKXGNGU GP CNIWPQU ECUQU EQOQ ¶TGC FG
CRQ[Q GP QVTQU ECUQU FGRGPFGP FGN ¶TGC FG #FOKPKUVTCEKÎP Q FGRGPFGP
FKTGEVCOGPVGFGNO¶ZKOQPKXGNQ,GHCVWTC
'PEWCPVQUGTGHKGTGCNPÕOGTQFGRGTUQPCNCUWECTIQRCTCEWORNKTEQPUWOKUKÎP
ÃUVCFGRGPFGT¶FGNCEQORNGLKFCFFGNCQTICPK\CEKÎP[GNPÕOGTQFGRTQ[GEVQU
RWGFGVGPGTFGUFGJCUVCWPITCPPÕOGTQFGEQNCDQTCFQTGU
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EQPECT¶EVGTFGPQODTCFQQFGPRNCPVCQ GPNCUQTICPK\CEKQPGURÕDNKECUUQPOW[
RQEQU GP UW ITCP OC[QTÈC NCU KPUVKVWEKQPGU EQPVTCVCP RGTUQPCN RCTC RTQ[GEVQU
GURGEÈHKEQU/WEJQUGURGEKCNKUVCULÎXGPGUUGKPKEKCPGPNCCEVKXKFCFRÕDNKECNWGIQ
FG JCDGT CFSWKTKFQ EKGTVC GZRGTKGPEKC UG KPEQTRQTCP EQP HCEKNKFCF GP GN UGEVQT
RTKXCFQRQTSWGNQUUWGNFQUUQPO¶UCVTCEVKXQU[RQTSWGNGUQHTGEGPFGUCTTQNNQ
RTQHGUKQPCN[ENKOCQTICPK\CEKQPCN
&GGUVCTGCNKFCFFGRGPFGNCIGUVKÎPFGNQUTGEWTUQUKPHQTO¶VKEQUTC\ÎPRQTNCSWG
GN TGURQPUCDNG FG IGUVKQPCT NCU 6GEPQNQIÈCU FG +PHQTOCEKÎP [ %QOWPKECEKQPGU
6+%UGPWPCQTICPK\CEKÎPRÕDNKECQRTKXCFCFGDGFGVGPGTEKGTVCUECTCEVGTÈUVKECU
JCDKNKFCFGU[FGUVTG\CUEQPQEKOKGPVQU[CUWOKTWPPWGXQTQNRTQVCIÎPKEQ
'N KPETGOGPVQ XGTVKIKPQUQ FG NCU VGEPQNQIÈCU FG KPHQTOCEKÎP [ EQOWPKECEKQPGU
GUVCECODKCPFQNCHQTOCFGJCEGTNCUEQUCUGNVTCDCLQPGIQEKQUGPVTGVGPKOKGPVQ
RQTNQSWGNQU)GTGPVGUFG5KUVGOCUPQRWGFGPVTCDCLCTGPEGTTCFQUFGVT¶UFGWPC
ECLC FG ETKUVCN LWPVQ C NCU ITCPFGU OCKPHTCOGU [ OKPKEQORWVCFQTCU [ UGIWKT
UKGPFQEQPUKFGTCFQUNQUSWGGLGEWVCPCEEKQPGURTQEGUCPFQFCVQU[CTTGINCPFQNCU
EQORWVCFQTCU[GZKIKGPFQSWGUGCPGZRGTVQUGPGNOCPGLQFGUQHVYCTGUKPVGPGT
RCTVKEKRCEKÎPGPNCUFGEKUKQPGUGUVTCVÃIKECUSWGVQOCPUWUQTICPK\CEKQPGU
*Q[GPFÈCNCHWPEKÎPFGN)GTGPVGFG5KUVGOCUPQGUO¶UUQNQGUEQIGTGNOGLQT
EQORWVCFQT UQHVYCTG KORTGUQTC [ CFGO¶U UCDGT FGVGEPQNQIÈC UKPQ VGPGT NCU
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JCDKNKFCFGURCTCCUWOKTGNNKFGTC\IQGP6+%UGPNCQTICPK\CEKÎP[NCKPVGTTGNCEKÎP
GHGEVKXC EQP UW CODKGPVG /¶U CFGNCPVG RQFGOQU QDUGTXCT EQOQ CNIWPCU
QTICPK\CEKQPGU CN FGHKPKT NC XKUKÎP [ OKUKÎP FG NC )GTGPEKC FG 5KUVGOCU PQU
RGTOKVGCHKTOCTSWGGNEQORQPGPVGVGEPQNÎIKEQGURTGFQOKPCPVG
'N )GTGPVG FG 5KUVGOCU GU SWKGP FGDG NNGICT[EQPXGPEGTCNPÕOGTQWPQFGNC
QTICPK\CEKÎP IGTGPVG )GPGTCN /KPKUVTQ Q ,GHG KPUVKVWEKQPCN EQP UQNWEKQPGU
KPPQXCFQTCU [ JCEGT SWG XKUKQPGP LWPVQ EQP GN WPC QTICPK\CEKÎP KPVGITCFC C
VTCXÃU FGN WUQ FG NC KPHQTOCEKÎP KFGPVKHKECPFQ EWCNGU UQP NCU QRQTVWPKFCFGU
VGEPQNÎIKECUSWGRWGFGJCEGTRCTCOGLQTCTNCEQORGVKVKXKFCFFGNCQTICPK\CEKÎP
GUFGEKTUGTGNXGTFCFGTQCIGPVGFGECODKQFGNCQTICPK\CEKÎ P
'UVQKORNKECSWGGN)GTGPVGFG5KUVGOCUFGDCVGPGTWPCOKZVWTCFGEQPQEGTNC
VGEPQNQIÈC [ GP GURGEKCN UGT WP JQODTG FG PGIQEKQU [ EWCPFQ JCDNCOQU FG
PGIQEKQU PQ UÎNQ JCDNCOQU FG NCU GORTGUC RTKXCFCU UKPQ VCODKÃP FG NCU
KPUVKVWEKQPGUFGN'UVCFQGPGNSWGUGFGDGQRVKOK\CTGNWUQFGNQUGUECUQUTGEWTUQU
FGN 'UVCFQ EQPXKTVKÃPFQUG GP GN UQRQTVG D¶UKEQ FG NC VGEPQNQIÈC GZKUVGPVG GP NC
QTICPK\CEKÎP [ RQT QVTQ NCFQ C[WFCPFQ C GNGIKT NC VGEPQNQIÈC SWG TGSWKGTG UW
QTICPK\CEKÎP [ C TGEQPQEGT NC KPHQTOCEKÎP EQOQ GN RTKPEKRCN CEVKXQ FG NC
QTICPK\CEKÎP
6TCFKEKQPCNOGPVG NQU GURGEKCNKUVCU GP VGEPQNQIÈC TGRQTVCDCP C RQUKEKQPGU
KPVGTOGFKCUFGNCUQTICPK\CEKQPGU[PQHQTOCDCPRCTVGFGNQUPKXGNGUFGFGEKUKÎP
GPGUVQUVKGORQUGN)GTGPVGFG5KUVGOCUFGDGEQORTGPFGTRGTHGEVCOGPVGGNIKTQ
FGNPGIQEKQFGUWQTICPK\CEKÎPRCTCSWGRWGFCFGUGORGÌCTWPDWGPTQN'URQT
GNNQ NC KORQTVCPEKC SWG NC LGTCTSWK\CEKÎP FGN ECTIQ RCTC SWG UG GPEWGPVTG O¶U
RTÎZKOQCN,GHGQ)GTGPVG)GPGTCN
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.CU VGPUKQPGU [ TGSWGTKOKGPVQU C SWG GUV¶ UWLGVQ GN IGTGPVG FG 5KUVGOCU GP NC
CEVWCNKFCFRCTCJCEGTNCUEQUCUDKGPUQPUQHKUVKECFCU[GZKIGPVGUFGDGEQPQEGT
NCVGEPQNQIÈC[OCPVGPGTUGCNFÈCGPGNNCCRGUCTFGNQUXGTVKIKPQUQUECODKQUGP
GUG ¶ODKVQ FGDG UCDGT GZRNKECT [PXGPFGTQ C UWU RCTGU GP NC QTICPK\CEKÎP NQU
DGPGHKEKQUFGNQURTQ[GEVQUVGEPQNÎIKEQURGTQGPWPNGPIWCLGSWGNQUWUWCTKQUNQ
GPVKGPFCP FGDG UGNGEEKQPCT [ TGVGPGT RTQHGUKQPCNGU ECFC XG\ O¶U FKHÈEKNGU FG
GPEQPVTCT[EQPRGTUQPCNKFCFGUECFCXG\O¶UPFGNKECFCUQFGDGUCDGTPCXGICTGP
NC RQNÈVKEC KPVGTPC FG NC QTICPK\CEKÎP UKP UWHTKT OC[QTGU PFCÌQUQ FGDG UCDGT
UGNGEEKQPCT[EQPVTCVCTDWGPQURTQXGGFQTGUFGUGTXKEKQUECFCXG\O¶UFKHÈEKNGUFG
GPEQPVTCT [ PGIQEKCT EQPFKEKQPGU SWG FGLGP C VQFQU UCVKUHGEJQU [ HKPCNOGPVG
UCDGT CFOKPKUVTCT [ FKTKIKT RTQ[GEVQU FG KORNGOGPVCEKÎP VGEPQNÎIKEC OWEJCU
XGEGUFGITCPGPXGTICFWTC
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‹'ZKUVG TGCNOGPVG GUVG PUWRGTOCPQ! ‹%ÎOQ UG GPEWGPVTC RTGRCTCFQ WUVGF RCTC
GUVGFGUCHÈQ!
'U KORQTVCPVG TGEQPQEGT SWG GN )GTGPVG FG 5KUVGOCU UG JCEG [PQPCEG[RCTC
GPHTGPVCT OGLQT NQU FGUCHÈQU SWG KORQPG NC EQORNGLKFCF CEVWCN VCPVQ
QTICPK\CEKQPCNEQOQVGEPQNÎIKECJC[SWGCRQ[CTUGGPOGVQFQNQIÈCUEQPEGRVQU
[FGUVTG\CUSWGGUV¶PCUWCNECPEG'NQDLGVKXQRTKPEKRCNFGGUVCIWÈCGUDTKPFCTWP
EQPLWPVQFGVKRUQWPPOCPWCNFGUWRGTXKXGPEKC[FGUCTTQNNQQ RCTCGN)GTGPVGFG
5KUVGOCU
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CEVKXKFCFGU SWG VKGPFCP C GNGXCT NC ECRCEKFCF VÃEPKEC NQU EQPQEKOKGPVQU [ NCU
FGUVTG\CU FGN RGTUQPCN [ C FGUCTTQNNCT UW RQVGPEKCN RCTC QEWRCT RQUKEKQPGU FG
TGURQPUCDKNKFCF ETGEKGPVG .C HQTOCEKÎP RGTOCPGPVG GU WPC XÈC RCTC FGUCTTQNNCT
TGEWTUQU JWOCPQUSWGCUWOCPTGURQPUCDKNKFCFGU[QEWRGPFGOCPGTCGHGEVKXC
NQUECTIQUSWGFGUGORGÌCP
0QUGVTCVCFGCEWOWNCTRWPVQUUKPQFGRTQITGUCTGPNCECTTGTC‹RGTQSWGRCUCUK
PQGZKUVGGUVCRQNÈVKECQPQGZKUVGPNQUTGEWTUQURTGUWRWÃUVCNGUQUKORNGOGPVGPQ
GZKUVGKPVGTÃUFGCODCURCTVGU!
'PVQPEGU UG TGSWKGTG GLGEWVKXQU SWG RTQOWGXCP NQU RTKPEKRKQU D¶UKEQU FG WP
XGTFCFGTQ RTQEGUQ FG OQFGTPK\CEKÎP OGFKCPVG NC KPEQTRQTCEKÎP FG NCU
6GEPQNQIÈCUFG+PHQTOCEKÎP[%QOWPKECEKQPGURCTCNQITCT
7PCIGUVKÎPRÕDNKECGHKEKGPVG[GHKEC\
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GHKECEKCCRQ[CPNCDÕUSWGFCFGNCTCEKQPCNKFCFGPGNWUQFGNQUTGEWTUQURÕDNKEQU
[ GN EWORNKOKGPVQ FG NCU HKPCNKFCFGU FG ECFC GPVKFCF[FGNCCFOKPKUVTCEKÎPGP
IGPGTCN
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GN OGLQTCOKGPVQ FG NCU TGNCEKQPGU 'UVCFQEKWFCFCPQ [ EQP NC ECNKFCF GP NC
RTGUVCEKÎP FGN UGTXKEKQ FKURWGUVQU C CIKNK\CT NQU RTQEGUQU VT¶OKVGU [
RTQEGFKOKGPVQU C TGEQPQEGT NC KORQTVCPEKC FG NC KPHQTOCEKÎP QRQTVWPC RCTC NC
VQOCFGFGEKUKQPGU
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EQPQEKOKGPVQUNCUJCDKNKFCFGU[NCUCEVKVWFGUFGNQUUGTXKFQTGURÕDNKEQURCTCSWG
EQPVTKDW[CPGPNCUCEEKQPGUFKTKIKFCUC
U &GUCTTQNNCTEQORGVGPEKCURCTCGNOCPGLQKPVGITCNFGWPRTQ[GEVQQRTQFWEVQ
U 4CEKQPCNK\CTVT¶OKVGUOÃVQFQU[RTQEGFKOKGPVQUFGVTCDCLQ
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U +ORNCPVCTCFGEWCFQUOGECPKUOQUFGEQPVTQNKPVGTPQ
U /GLQTCTNCECNKFCFFGNUGTXKEKQCNWUWCTKQ
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'P ECFC WPC FG GUVCU UGPVGPEKCU GNTQN FGN)GTGPVGFG5KUVGOCUGUKPJGTGPVGGU
SWKGP FGDG EQPFWEKT NQU RTQEGUQU FG TGKPIGPKGTÈC OGLQTCOKGPVQ FG RTQEGUQU
KORNGOGPVCTOÃVQFQU RCTCOGFKTNCECNKFCFFGNQUUGTXKEKQU[RTQFWEVQUSWGUG
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'P NC IT¶HKEC CFLWPVC RQFGOQU
QDUGTXCT NC RTGHGTGPEKC FG NQU
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FGEKUKQPGU
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x 'UVCTRTGRCTCFQRCTCCUGUQTCTUQDTGNCUÕNVKOCUKPPQXCEKQPGUFGNOGTECFQ
x 6GPGTNCUJCDKNKFCFGUFGWPDWGPCFOKPKUVTCFQTUCDGTFGTGEWTUQUJWOCPQU[
FGNCTC\ÎPFGUGTFGNCQTICPK\CEKÎP
x /CPGLCTWPQFGNQURTKPEKRCNGUCEVKXQUFGNCQTICPK\CEKÎPNCKPHQTOCEKÎP
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+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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KPVGTÃUFGNQU)GTGPVGUFG6GEPQNQIÈCUFG KPHQTOCEKÎP[NQU)GTGPVGU)GPGTCNGU
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&GUCTTQNNCTGNGSWKRQCFOKPKUVTCVKXQFGVGEPQNQIÈCUFGKPHQTOCEKÎP
4GFWEEKÎPFGNEQUVQVQVCNFGNCUVGEPQNQIÈCUFGKPHQTOCEKÎP
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#LWUVCTOGFKFCUFGUGIWTKFCF[RTKXCEKFCF
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'UVQU TGUWNVCFQU OWGUVTCP SWG NCU RTKQTKFCFGU GPVTG GN 4GURQPUCDNG FG NC
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TGURQPUCDKNKFCFGURGTQJC[CNIQOW[KORQTVCPVGCVGPGTGPEWGPVCSWGGUEQPVCT
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KPHQTOCEKÎP EQOQ TGEWTUQ XKVCN FG NC QTICPK\CEKÎP FG NCU QRQTVWPKFCFGU
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x 'ZRGTKOGPVCT KFGPVKHKECT [ GXCNWCT NQU PWGXQU FGUCTTQNNQU VGEPQNÎIKEQU [
GXCNWCTUWCFGEWCEKÎPRCTCUWQTICPK\CEKÎP
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NGPIWCLGUKORNGPQVÃEPKEQ
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VKGORQ[FGPVTQFGNRTGUWRWGUVQ
x *CDKNKFCFFGKPVGITCTUG EQPGNGSWKRQFGFKTGEEKÎPGZKUVGPVGUKGPFQWPDWGP
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JCDKNKFCF FG VTCDCLCT GP CODKGPVG FG EQNCDQTCEKÎP [ CRTGPFK\CLG EQPVKPWQ CNVC
KPVGITCEKÎP G KPVGNKIGPEKC UGPUKDKNKFCF RQT QVTQU GZEGNGPVG LWKEKQ RGPUCFQT
EQPEGRVWCNGUVTCVÃIKEQVCPDWGPQEQOQRTCIO¶VKEQ[WPCJCDKNKFCFRCTCIGPGTCT
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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
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GOGTIKGPFQWPPWGXQGUVKNQFGGLGEWVKXQEQPTGURQPUCDKNKFCFGUGPNCHWUKÎPFGN
PGIQEKQ[NCVGEPQNQIÈC[SWGGUVGGLGEWVKXQ GUV¶GXQNWEKQPCPFQRCTCQEWRCTUG
FGFKUVKPVCURCTVGUFGNCUGUVTCVGIKCUGKORNGOGPVCEKQPGUFG6+%UGIQDKGTPQ[FG
GDWUKPGUU
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'U CUÈ SWG XCP CRCTGEKGPFQ NQU EWCVTQ UKIWKGPVGU VKRQU FGN)GTGPVGFG5KUVGOCU
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GPHQECFQ CN EWORNKOKGPVQ FG NCU PGEGUKFCFGU [ GZRGEVCVKXCU FG NC
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TGURQPUCDNGUFGNCKORNGOGPVCEKÎP
x .QULGHGUFGVGEPQNQIÈCQFGKPHTCGUVTWEVWTCSWGFGUGORGÌCPUWUHWPEKQPGUCN
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GHGEVKXCGPEWCPVQCNQUEQUVQUFGNQUUGTXKEKQUVGEPQNÎIKEQU
RGLGZRNQVCPFQ
NCUQRQTVWPKFCFGUFGQWVUQWTEKPI
x .QU QRQTVWPKUVCU VGEPQNÎIKEQU UQP CSWGNNQU GLGEWVKXQU EW[CU
TGURQPUCDKNKFCFGUEQOQ)GTGPVGFG5KUVGOCUJCPKFQCWOGPVCFQCRCTVKTFG
NCU FGOCPFCU VGEPQNÎIKECU FG NC QTICPK\CEKÎP 'UVQU GLGEWVKXQU GUV¶P OW[
KPXQNWETCFQUGPGNKORWNUQFGPWGXCUQRQTVWPKFCFGU[HQTOCUFGOGLQTCT[Q
CRQ[CT NQU RTQEGUQU FG NC QTICPK\CEKÎP FGDKFQ C UW FQOKPKQ FG NCU
VGEPQNQIÈCUGOGTIGPVGU
x 'P NCU QTICPK\CEKQPGU 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
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FGUWWPKFCF
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'UFGEKTGNNQUFCPXKFCCNCUKPKEKCVKXCUGUVTCVÃIKECUFGNCUQTICPK\CEKQPGUCNWPKT
NC GZRGTKGPEKC VGEPQNÎIKEC EQP GN EQPQEKOKGPVQ FG NCU CEVKXKFCFGU FG NC
QTICPK\CEKÎPHWPFCOGPVCNGU
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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
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2CTC CUWOKT NQU PWGXQU TGVQU SWG NG RNCPVGC GN FGUCTTQNNQ FG NCU 6+%U GN PWGXQ
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VCPVQGPGNUGEVQTRÕDNKEQEQOQGPGNRTKXCFQFGDGVGPGT
EKGTVCUECTCEVGTÈUVKECUSWGFGUETKDKTGOQUCEQPVKPWCEKÎP
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.KFGTC\IQ
.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
VGEPQNQIÈCUFGKPHQTOCEKÎPGUECRC\FGPPCXGICTQ GPNCVGEPQNQIÈC[GPNC
QTICPK\CEKÎPEQPNCOKUOCHCEKNKFCF
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*C[SWGVGPGTENCTQSWGNCVGEPQNQIÈCGUWPOGFKQ[WPTGEWTUQO¶URCTC
NNGXCT CFGNCPVG C NCU KPUVKVWEKQPGU RQT NQ SWG GU KFGCN SWG EQPQ\EC 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 QTICPK\CEKÎP 'N
EQPQEKOKGPVQ FG UKUVGOCU QRGTCVKXQU JCTFYCTG Q OCTECU GURGEÈHKECU PQ
GUV¶PGPNCNKUVCFGTGSWGTKOKGPVQU
%QPQEKOKGPVQFGNCECFGPCFGXCNQTFGNCQTICPK\CEKÎP
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HTWUVTCPVG FGN )GTGPVG FG 5KUVGOCU GU UW HCNVC FG EQORTGPUKÎP [
EQPQEKOKGPVQFGNCQTICPK\CEKÎP.QU)GTGPVGUFG5KUVGOCUSWGPQNQITCP
JCEGTUGGZRGTVQUGPGNXGTFCFGTQTQNQIKTQFGPGIQEKQFGNCQTICPK\CEKÎP
[GPGN¶ODKVQGPSWGUGOWGXGPGUVCT¶PUKGORTGNKOKVCFQU[CITGICT¶P
RQEQXCNQT
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CFOKPKUVTCEKÎPRÕDNKECUGTXKEKQU[RTQFWEVQUCDCUVGEKOKGPVQOCTMGVKPI[
XGPVCU HKPCP\CU [ EQPVCDKNKFCF ECPCNGU FG FKUVTKDWEKÎP GVE FG NC
QTICPK\CEKÎP[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
QTICPK\CEKÎPCFGO¶UVKGPGSWGUCDGTFGVGEPQNQIÈC
&GUVTG\CUFGTGNCEKQPCOKGPVQKPVGTRGTUQPCN
.QU)GTGPVGUFG5KUVGOCUUWGNGPVGPGTRGTUQPCNKFCFGUPGURGEKCNGUQNQEWCN
PQ NQU HCXQTGEG HTGEWGPVGOGPVG JCDNCPFGNPEQORWVÎNQIQQ EQOQCNIWKGP
KPECRC\ FG TGNCEKQPCTUG JWOCPCOGPVG C WP PKXGN CNVQ [ OGPQU CÕP
PPCXGICTQ DKGPGPNCRQNÈVKECKPVGTPCQCVTCXÃUFGNQUFKXGTUQURTQEGUQUFG
NCQTICPK\CEKÎP
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)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
.CECRCEKFCFFGTGNCEKQPCOKGPVQKPVGTRGTUQPCNFGGZEGNGPVGPKXGNUGJCEG
OWEJQO¶UETÈVKECEQPNCNNGICFCFGNCPKPUVKVWEKÎPGZVGPFKFCQ XÈC+PVGTPGV
JC[ SWG KPVGTCEVWCT EQP RGTUQPCU FG QVTCU EWNVWTCU KPUVKVWEKQPCNGU [
RGTUQPCNGUHWGTCFGNQURCTCFKIOCU[EQUVWODTGUFGNCRTQRKCKPUVKVWEKÎP
%CRCEKFCFRCTC)GTGPEKCT
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RTGUWRWGUVQU RTQXGGFQTGU EQPVTCVKUVCU [ QVTQU UQEKQU FG PGIQEKQU GU
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EWORNKTUKGORTGEQPNQRNCPKHKECFQ
RNC\QURTGUWRWGUVQHWPEKQPCNKFCFGU
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HQTOC ENCTC [ RTGEKUC GU WP TGSWGTKOKGPVQ XKVCN FGN PWGXQ )GTGPVG FG
5KUVGOCU.CECRCEKFCFFGGUEWEJCT[FGUVTG\CUFGPGIQEKCEKÎPRGTUWCUKÎP
[OCPGLQFGEQPHNKEVQUVTCDCLCPFQDCLQRTGUKÎPVCODKÃPUQPKPFKURGPUCDNGU
5CDGT JCEGT WP DWGP FQEWOGPVQ HQTOCN WPC RTGUGPVCEKÎP RÕDNKEC FG
RTKOGTPKXGN[EQPFWEKTTGWPKQPGUGPHQTOCGHGEVKXCUQPQVTCUFGUVTG\CU
*CDKNKFCFRCTCETGCT[CFOKPKUVTCTNQUECODKQU
7PC FGNCUFGUVTG\CUO¶UUQNKEKVCFCUGUUGTCIGPVGFGECODKQ [GUSWGNC
OC[QTÈCFGNCUDÕUSWGFCUFG)GTGPVGFG5KUVGOCUPQUQPRCTCTGGORNC\CTC
CNIWKGPSWGUGHWGUKPQRCTCRTQXQECTWPECODKQFGOCIPKVWFGPGUVGTQN
IGPGTCNOGPVG GU WP ECTIQ PWGXQ GP NC QTICPK\CEKÎP .C RTKQTKFCF GU
ECODKCT GN GPHQSWG FG VGEPQNQIÈCU FG +PHQTOCEKÎP FGUFG WPC PGEGUKFCF
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TGNGXCPVGURCTCNCKPUVKVWEKÎP[CFOKPKUVTCTGNRTQEGUQRCTCPQOQTKTGPGN
KPVGPVQGUENCXGCNGNGIKTWP)GTGPVGFG5KUVGOCU
%QPQEKOKGPVQ[GZRGTKGPEKC FGNCQTICPK\CEKÎP
7PTGSWGTKOKGPVQOW[EQOÕPGUSWGGNECPFKFCVQC)GTGPVGFG5KUVGOCU
XGPIC FG NC OKUOC KPUVKVWEKÎP [ NC EQPQ\EC DKGP # XGEGU RWGFG
TGGORNC\CTUG GUVQ EQP GZRGTKGPEKC CFSWKTKFC GP QVTC KPUVKVWEKÎP EQP
RTQEGUQU UKOKNCTGU Q CHÈPGU 1ECUKQPCNOGPVG NC QTICPK\CEKÎP SWKGTG
KPEQTRQTCTWPGZRGTVQ[PWGXCUKFGCUKPEWDCFCUGPQVTCKPUVKVWEKÎPEQPNQ
EWCNGN)GTGPVGFG5KUVGOCURQVGPEKCUWTQNFGCIGPVGFGECODKQ
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
'ZRGTKGPEKCKPVGTPCEKQPCNQINQDCN
'N )GTGPVG FG 5KUVGOCU FG WPC KPUVKVWEKÎP FGDG EQPQEGT EQOQ UG GUV¶P
OQXKGPFQGPGNOWPFQKPUVKVWEKQPGUUKOKNCTGU CNCSWGFKTKIGRQTNQSWG
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1TICPK\CEKÎPQFKUGÌQ
%QPVTQN
4GFWEKTNCUQDTGECTICFGKPHQTOCEKÎP
#PCNK\CTNCKPHQTOCEKÎPETÈVKECOGPVG
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/CGUVTKCGPNCIGUVKÎPFGNCUQTICPK\CEKQPGURQT4QDGTV3WKPP
5WG4(CGTOCP[/KEJCGN26JQORUQP
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
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 TGCNK\CT NCU VCTGCU EQTTGEVCU [
ICTCPVK\CTSWGÃUVCUFKURQPFT¶PFGNCUJGTTCOKGPVCURCTCTGCNK\CTUWVTCDCLQ[SWG
UW TGUWNVCFQ GUVCT¶ FKURQPKDNG RCTC GN UKIWKGPVG ITWRQ FG VTCDCLQ EWCPFQ GUVG
RTGRCTCFQRCTCTGEKDKTNQ.CUEQORGVGPEKCUKPVGTGNCEKQPCFCURCTCFGUGORGÌCTGN
TQNFGEQQTFKPCFQTUQPVTGU2NCPKHKECEKÎP1TICPK\CEKÎP[%QPVTQN
2NCPKHKECEKÎP
.C 2NCPKHKECEKÎP [ NC HKLCEKÎP FG OGVCU UQP JGTTCOKGPVCU KORQTVCPVGU RCTC
FGVGTOKPCTCFQPFGUGFGUGCKT[EQOQUGFGUGCNNGICTCNNÈ
2NCPKHKECEKÎP 1RGTCVKXC %QPUKUVG GP VTCFWEKT NQU QDLGVKXQU GP CEEKQPGU
TGCNK\CTNCRTGRCTCEKÎP[OCPVGPKOKGPVQFGNHNWLQFGVTCDCLQFGNUKUVGOC5G
VKGPG SWG FGEKFKT EQOQ UG WVKNK\CT¶P NQU TGEWTUQU HKPCPEKGTQU JWOCPQU [
OCVGTKCNGURCTCICTCPVK\CTNCGPVTGICFGNQUUGTXKEKQUEQPNCOC[QTGHKECEKC
RQUKDNG
.QUECODKQUPGEGUCTKQURCTCVTCFWEKTOGVCUGPRNCPGUUQP
2CUCT FG WPC RGTURGEVKXC C PKXGN QTICPK\CVKXQ Q FG FKXKUKÎP C WPC
RGTURGEVKXCEGPVTCFCGPWPCWPKFCFFGVTCDCLQ¶TGCHWPEKQPCNRTQITCOC
QRTQ[GEVQGURGEÈHKEQ
2CUCTFGNNCTIQCNEQTVQRNC\QGPNCRNCPKHKECEKÎP2QTNQIGPGTCNPQNNGIC
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
x 'URGEÈHKEQUEQPTGURGEVQCNQSWGFGDGNQITCTUG
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
x /GFKDNGU EQP TGURGEVQ CN RTQITGUQ CNECP\CFQ GP GN NQITQ FGN
GUV¶PFCT
x #UKIPCDNGU EQP TGURGEVQ C SWÃ KPFKXKFWQ Q ITWRQFGKPFKXKFWQUGU
TGURQPUCDNGFGFGUGORGÌCTNCVCTGC
x 4GCNKUVCUEQPTGURGEVQCNQUTGEWTUQUFKURQPKDNGU
x %QP NÈOKVGU FG VKGORQ EQP TGURGEVQ C EW¶PFQ UG GURGTCP NQU
TGUWNVCFQU
2QTSWGRGTOKVGENCTKHKECTNCURTKQTKFCFGUQTICPK\CVKXCU[FGNCWPKFCFFG
VTCDCLQ GUV¶ TGNCEKQPCFC EQP NC RTQITCOCEKÎP [ GN GUVCDNGEKOKGPVQ FG
ECNGPFCTKQU [ RWPVQU FG TGHGTGPEKC 'U PGEGUCTKQ HKLCT RTKQTKFCFGU [
FGEKFKTNCUGEWGPEKCFGGLGEWEKÎP
.QUHCEVQTGUSWGKPHNW[GPGPGNGUVCDNGEKOKGPVQFGNCURTKQTKFCFGU
x .KOKVCEKQPGU GZVGTPCU ‹%W¶NGU UQP NCU HGEJCU VQRG GZKUVGPVGU
KORWGUVCU FGUFG GN GZVGTKQT! ‹%W¶N GU NC WTIGPEKC GP VGTOKPCT ÃUVC
VCTGCCEVKXKFCFQRTQ[GEVQ!
x 6KGORQVQVCNPGEGUCTKQ5KNCVCTGCGUNCTICGNVKGORQPGEGUCTKQRCTC
UWVGTOKPCEKÎPUKGUEQTVCGURQUKDNGTGVTCUCTUWEQOKGP\Q
x .CTGNCEKÎPFGGUVCVCTGCEQPQVTCUVCTGCU‹%W¶NUGTÈCGNKORCEVQFG
VGTOKPCTQPQGUVCVCTGCGPNQURNCPGUFGQVTQURTQ[GEVQU!‹&GRGPFG
QVTCURGTUQPCUWQTICPK\CEKQPGUFGNTGUWNVCFQFGGUVGRTQ[GEVQRCTC
RQFGTEQOGP\CTCVTCDCLCT!
x 'N DGPGHKEKQ TGNCVKXQ FG VGTOKPCT WPC VCTGC FGPVTQ FG WP OCTEQ FG
VKGORQ Q PQ [ CUWOKT NC RGPCNK\CEKÎP 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
x &GUETKREKQPGU FG NCU VCTGCU PGEGUCTKCU RCTC NC VGTOKPCEKÎP FGN
RTQ[GEVQ
x &GUETKREKÎPFGECFCVCTGC
x 5K RTQEGFGP EQOQ UG KPVGITCT¶P NCU VCTGCU KPFKXKFWCNGU EQP GN
EQPLWPVQVQVCN
x (GEJCUFGKPKEKQ[VGTOKPCEKÎPFGECFCVCTGC
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
x 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 WVKNK\C 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
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6CODKÃPUGRWGFGWVKNK\CTGN&KCITCOCFG)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[.)CPVVCEQOKGP\QUFGNUKINQ::
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
2CTCGNNQUGFGDG
x 2TGRCTCT WPC NKUVC FG VCTGCU Q ITWRQU FG VCTGCU O¶U KORQTVCPVGU GP
QTFGPEQPUGEWVKXQ
x 'UVKOCTGNVKGORQPGEGUCTKQRCTCGORG\CTECFCWPC
x &GVGTOKPCT EW¶NGU FG NCU VCTGCU RWGFGP EQOGP\CT CPVGU FG JCDGT
VGTOKPCFQNCCPVGTKQT
x &KDWLCTNC NÈPGCFGVKGORQGPGNGLGJQTK\QPVCNFGNFKCITCOC
x 'UETKDKTNCNKUVCFGVCTGCUGPGNGLGXGTVKECN
x 2CTC ECFC VCTGC FKDWLG WPC DCTTC KPFKECPFQ GN EQORTQOKUQ FG
VKGORQ
x +FGPVKHKECT JKVQU OGVCU RCTEKCNGU Q RWPVQU ETÈVKEQU FGPVTQ FG ECFC
VCTGC EQNQECPFQ WP PÕOGTQ TQFGCFQ RQT WP EÈTEWNQ FGPVTQ FG NC
DCTTC
x 7VKNK\CT EQNQTGU [ UÈODQNQU FKHGTGPVGU RCTC JCEGTNG UGIWKOKGPVQ [
FGVGTOKPCT UK UG GUV¶ EWORNKGPFQ GN ECNGPFCTKQ RTQITCOCFQ RCTC
FGVGTOKPCTUKGUPGEGUCTKQQPQOQFKHKECTGNECNGPFCTKQ
5KGNRTQ[GEVQKPENW[GFKXGTUCUVCTGCUFKHGTGPVGURGTQKPVGTTGNCEKQPCFCU
GUCEQPUGLCDNGWVKNK\CTNQUOQFGNQUFGTGFGU
#UÈOKUOQGUPGEGUCTKQCRNKECTWPEQPLWPVQFGVÃEPKECUFGGXCNWCEKÎP[
TGXKUKÎPFGN2TQITCOC[OÃVQFQFGNECODKQEQOQGN2'46%2/
#P¶NKUKU2'46%2/
2GTOKVG TGRTGUGPVCT IT¶HKECOGPVG GN HNWLQ FG VCTGCU CUQEKCFCU EQP WP
RTQ[GEVQ[GUVKOCTGNVKGORQPGEGUCTKQRCTCVGTOKPCTGNRTQ[GEVQVQVCN
VGPKGPFQ GP EWGPVC NC KPVGTFGRGPFGPEKC FG NCU VCTGCU CUÈ EQOQ
KFGPVKHKECTNQURWPVQUETÈVKEQUGPNQUSWGWPCVTCUQGPNCHKPCNK\CEKÎPFG
NCVCTGCRWGFGVGPGTWPGHGEVQKORQTVCPVGGPGNRTQ[GEVQIGPGTCN
1TICPK\CEKÎP
'UGNRTQEGUQFGFKXKFKTGNVTCDCLQGPEQORQPGPVGUOCPGLCDNGU[FGCUKIPCT
NCU CEVKXKFCFGU RCTC NQITCT EQP NC OC[QT GHKEKGPEKC RQUKDNG NQU TGUWNVCFQU
FGUGCFQU 5K NC 2NCPKHKECEKÎP QHTGEG NCU JGTTCOKGPVCU RCTC FGEKFKTMFÎPFG
FGUGCKT[EW¶NGUNCOGLQTHQTOCFGNNGICTCNNÈNNC1TICPK\CEKÎPNGQHTGEG
NCUJGTTCOKGPVCURCTCTGCNOGPVGMNNGICTCNNÈN
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
.CQTICPK\CEKÎPKPENW[GGNFKUGÌQFGNQURWGUVQUFG VTCDCLQ[NCCUKIPCEKÎP
FG VCTGCU RCTC SWG NC WPKFCF RWGFC NQITCT UWU OGVCU EQP GHKECEKC EQOQ
CRQ[QCNCOKUKÎPIGPGTCNQTICPK\CVKXC
.CU QTICPK\CEKQPGU ITCPFGU PGEGUKVCP PQTOCU [ RTQEGFKOKGPVQU NCU
QTICPK\CEKQPGUFGUGORGÌCPXCTKCUHWPEKQPGUKORQTVCPVGU
x .CQTICPK\CEKÎPENCTKHKECSWKÃPFGDGFGUGORGÌCTSWÃVTCDCLQU[EÎOQ
FGDGPFKXKFKTUGGUQUVTCDCLQUGPVTGNQUOKGODTQU
x .C QTICPK\CEKÎP ENCTKHKEC NCU NÈPGCU FG CWVQTKFCF CN GURGEKHKECT SWKGP
FGRGPFGFKTGEVCOGPVGFGSWKÃP
x .C QTICPK\CEKÎP ETGC OGECPKUOQU FG EQQTFKPCEKÎP GPVTGNQU FKHGTGPVGU
ITWRQU[PKXGNGUFGNCQTICPK\CEKÎP
%QOQFKUGÌCTNCUQTICPK\CEKQPGUOGFKCPVGNCFGRCTVCOGPVCNK\CEKÎP
&GRCTVCOGPVCNK\CEKÎP .C FKXKUKÎP FGN VTCDCLQ GPVTG NQU OKGODTQU FG NC
QTICPK\CEKÎP.QUGORNGCFQUUGCITWRCPGPFGRCTVCOGPVQUUKIWKGPFQWPC
NÎIKECFGVGTOKPCFC
%QPHTGEWGPEKCNCUQTICPK\CEKQPGUWVKNK\CPWPCOG\ENCFGVQFCU[CSWGUG
VKGPG OC[QT HNGZKDKNKFCF [ JCDKNKFCFRCTCTGURQPFGTCNCUPGEGUKFCFGUFG
NQU WUWCTKQU OWEJCU QTICPK\CEKQPGU RTGHKGTGP QTICPK\CTUG RQT FKXKUKQPGU
TGURGEVQ C NQU RTQFWEVQU Q UGTXKEKQU GURGEÈHKEQU SWG QHTGEGP RGTQ RQT
HWPEKQPGUTGURGEVQCNCIGUVKÎPFGTGEWTUQUJWOCPQUNCIGUVKÎPHKPCPEKGTC[
NCCUGUQTÈCLWTÈFKEC
# OGFKFC SWG NC GEQPQOÈC INQDCN UG XWGNXG O¶U EQORGVKVKXC OWEJCU
EQORCÌÈCUEQOKGP\CPCQTICPK\CTUWUWPKFCFGUFGHQTOCSWGHQOGPVGPNC
HNGZKDKNKFCF [ NC KPPQXCEKÎP O¶U SWG GN EQPVTQN EGPVTCNK\CFQ [ NC
GUVCPFCTK\CEKÎP
.CFGRCTVCOGPVCNK\CEKÎPFGHKPGNCUTGNCEKQPGUFGCWVQTKFCFSWKÃPFGRGPFG
FKTGEVCOGPVGFGSWKÃP[CSWÈ UGFGDGVGPGTGPEWGPVCNQUVTGURTKPEKRKQUFG
'HKEKGPEKC
x 2TKPEKRKQFGWPKFCFFGOCPFQECFCRGTUQPCFGDGTGPFKTEWGPVCUCWP
UQNQFKTGEVKXQ
x 2TKPEKRKQ FG GUECNC C PKXGNGU LGT¶TSWKEQU GUFGEKTSWGGZKUVCWPCNÈPGC
ENCTC FG OCPFQ SWG XKPEWNG C ECFC GORNGCFQ EQP GN PKXGN UWRGTKQT
UKIWKGPVGFGCWVQTKFCFKPENWKFQGNPKXGNO¶ZKOQFGFKTGEEKÎP
x 2TKPEKRKQ FGN CDCPKEQ FG EQPVTQN CHKTOC SWG WPC RGTUQPC UQNCOGPVG
RWGFG IGUVKQPCT EQP GHKECEKC WP PÕOGTQ NKOKVCFQ FG GORNGCFQU GUVG
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
PÕOGTQ RWGFG XCTKCT GP HWPEKÎP FG NQU KPFKXKFWQU KPXQNWETCFQU #
OC[QT CDCPKEQ FG EQPVTQN OC[QT OGPQT PÕOGTQ FG FKTGEVKXQU
PGEGUCTKQU[OGPQTPÕOGTQFGPKXGNGULGT¶TSWKEQU
.CU QTICPK\CEKQPGU SWG VKGPGP PWOGTQUQU PKXGNGU FG LGT¶TSWKEQU UQP
EQPQEKFCU EQOQ QTICPK\CEKQPGU RKTCOKFCNGU [ NCU SWG VKGPGP RQEQU
PKXGNGULGT¶TSWKEQUEQOQQTICPK\CEKQPGURNCPCU
(CEVQTGUSWGJC[SWGVGPGTGPEWGPVCCNRNCPKHKECTGNCDCPKEQFGEQPVTQN
(CEVQT
8CTKGFCFFGHWPEKQPGU
'HGEVQ
#OC[QTXCTKGFCFFG
HWPEKQPGUSWG
IGUVKQPCT
7DKECEKÎPHÈUKECFGNCU
#OC[QTFKUVCPEKC
HWPEKQPGU
HÈUKECGPVTGNCU
HWPEKQPGUIGUVKQPCFCU
%QORNGLKFCFFGNCUHWPEKQPGU #OC[QTEQORNGLKFCF
FGNCUVCTGCU
IGUVKQPCFCU
2NCPKHKECEKÎPPGEGUCTKCRCTC
#OC[QTRNCPKHKECEKÎP
NCUHWPEKQPGU
PGEGUCTKCRCTCNCNCU
VCTGCUIGUVKQPCFCU
%QQTFKPCEKÎPGZKIKFCGPVTGNCU #OC[QTXQNWOGPFG
HWPEKQPGU
EQQTFKPCEKÎP
PGEGUCTKC
0KXGNFGFGUVTG\CFGNQU
#OC[QTPKXGNFG
UWDQTFKPCFQU
FGUVTG\CFGNQU
UWDQTFKPCFQU
0GEGUKFCFFGGSWKNKDTKQGPVTG #OC[QTPGEGUKFCFFG
GNCDCPKEQFGEQPVTQN[GN
WPCQTICPK\CEKÎP
PÕOGTQFG PKXGNGU
RNCPC
LGT¶TSWKEQU
4GEQOGPFCEKÎP
/¶UTGFWEKFQFGDG
UGTGNCDCPKEQFG
EQPVTQN
/¶UTGFWEKFQFGDG
UGTGNCDCPKEQFG
EQPVTQN
/¶UTGFWEKFQFGDG
UGTGNCDCPKEQFG
EQPVTQN
/¶UTGFWEKFQFGDG
UGTGNCDCPKEQFG
EQPVTQN
/¶UTGFWEKFQFGDG
UGTGNCDCPKEQFG
EQPVTQN
/¶UCORNKQRWGFG
UGTGNCDCPKEQFG
EQPVTQN
/¶UCORNKQFGDGUGT
GNCDCPKEQFG
EQPVTQN
%QPHNKEVQUGPVTGNQURTKPEKRKQUFGQTICPK\CEKÎP
.QU EKPEQ RTKPEKRKQU FG QTICPK\CEKÎP GURGEKCNK\CEKÎP FKXKUKÎP FGN
VTCDCLQ WPKFCF FG OCPFQECFGPCFGLGT¶TSWKEC[CDCPKEQFGEQPVTQN
EQPHTGEWGPEKCUGEQPVTCFKEGPGPVTGUÈ5KGORTGGZKUVKT¶PUKVWCEKQPGUGP
NCU SWG GN EWORNKOKGPVQ FG WP RTKPEKRKQ FG GHKEKGPEKC UWRQPFT¶ NC
XKQNCEKÎPFGWPUGIWPFQRTKPEKRKQ'PGUQUECUQUJCDT¶SWGQRVCT[Q
EQODKPCTGPVTGNQUFKHGTGPVGUVKRQUFGGHKEKGPEKC2CTCFGEKFKTEWCNGUGN
KPVGTECODKQCFGEWCFQEQPUWNVGNCOKUKÎPIGPGTCNFGNCQTICPK\CEKÎPG
KFGPVKHKSWG EW¶N FG NQU RTKPEKRKQU FG GHKEKGPEKC RTGUVC WP UGTXKEKQ O¶U
GHKEC\CNCOKUOC
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
2CTCGNVTCDCLQFG/QFGTPK\CEKÎPFGN'UVCFQUGIWTCOGPVGUGVGPFT¶SWG
VTCDCLCT RQT RTQEGUQU [ RTQDCDNGOGPVG CNIWPCU FG GUVCU GUVTWEVWTCU UG
TGUGPVKT¶RQTNQSWGNQKORQTVCPVGGUGNUGTXKEKQ[PQNCU¶TGCURQTFQPFG
VTCPUEWTTG WPC UQNKEKVWF FG WP UGTXKEKQ .CU QTICPK\CEKQPGU VCODKÃP
VKGPGPSWGCFGEWCTUGCNQUECODKQU
.QU UKUVGOCU QTICPK\CVKXQU EW[QU GPVQTPQU UQP O¶U KPEKGTVQU FGDGP
QTICPK\CTUG FG HQTOC SWG RGTOKVCP WPC OC[QT HNGZKDKNKFCF [
CFCRVCDKNKFCF C NQU ECODKQU UÕDKVQU [ NQU UWDUKUVGOCU QTICPK\CVKXQU
EW[CU VGEPQNQIÈCU UQP O¶U KPEKGTVCU FGDGP QTICPK\CTUG FG HQTOC SWG
CEQOQFGPUWOC[QTPGEGUKFCFFGKPVGTCEEKÎPGPVTGNCURGTUQPCU
%QOQRCTVGFGNCQTICPK\CEKÎPXCCUGTPGEGUCTKQFKUGÌCTNQURWGUVQUFG
VTCDCLQ GN EWCN QHTGEG NC NÎIKEC RCTC CUKIPCT GN VTCDCLQ FGPVTQ FG NC
WPKFCF GU FGEKT UG FGHKPG NQ SWG FGDG JCEGT EWCNSWKGT KPFKXKFWQ GP
EWCNSWKGT ¶TGC GURGEÈHKEC %CFC RWGUVQ FG VTCDCLQ VKGPG ECTCEVGTÈUVKECU
QDLGVKXCU[UWDLGVKXCU
1DLGVKXCU
'N ECORQ FG CEEKÎP FGN RWGUVQ FG VTCDCLQ UG TGHKGTG CN PÕOGTQ FG
CEVKXKFCFGU FKHGTGPVGUSWGFGUGORGÌCGNGORNGCFQCOC[QTPÕOGTQ
FGVCTGCUFKHGTGPVGUO¶UCORNKQUGT¶UWECORQFGCEEKÎP
2TQHWPFKFCFFGNRWGUVQFGVTCDCLQUGTGHKGTGCNITCFQFGEQPVTQNSWG
VKGPG NC RGTUQPC RCTC FGVGTOKPCT SWÃ JC[ SWG JCEGT [ EÎOQ FGDG
JCEGTUG%WCPFQVKGPGOC[QTCWVQPQOÈCVKGPGITCPRTQHWPFKFCF
4GNCEKQPGU FGN RWGUVQ FG VTCDCLQ UG TGHKGTG CN PÕOGTQ FG RGTUQPCU
EQP NCU SWG GN GORNGCFQ GPVTC GP EQPVCEVQ [ NC PCVWTCNG\C FG GUCU
KPVGTCEEKQPGU 'N PÕOGTQ FG TGNCEKQPGU GUV¶ FGVGTOKPCFQ RQT GN
CDCPKEQ FG EQPVTQN [ GN ITCFQ FG KPVGTFGRGPFGPEKC GPVTG NQU
GORNGCFQU
5WDLGVKXCU
'UFGEKTEQOQRGTEKDGUWVTCDCLQGNKPFKXKFWQ'NGPHQSWGO¶UWUCFQGU
NC GPEWGUVC FG FKCIPÎUVKEQ FGN RWGUVQ FG VTCDCLQ NC EWCN OKFG NCU
ECTCEVGTÈUVKECU SWG VGÎTKECOGPVG NNGXCP C GUVCFQU RUKEQNÎIKEQU ETÈVKEQU
SWGKPHNW[GPGPNQUTGUWNVCFQUNCDQTCNGU
8CTKGFCF FG FGUVTG\CU .C OGFKFC GP NC SWG GN RWGUVQGZKIGSWGGN
GORNGCFQFGUGORGÌGWPCCORNKCXCTKGFCFFGVCTGCU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
+FGPVKFCFFGNCVCTGC.COGFKFCGPNCSWGGNRWGUVQGZKIGVGTOKPCT
WPQ FG NQU EQORQPGPVGU FGN VTCDCLQ SWG NQU GORNGCFQU RWGFCP
KFGPVKHKECTEQOQTGUWNVCFQFGUWUGUHWGT\QUKPFKXKFWCNGU
+ORQTVCPEKCFGNCVCTGC.COGFKFCGPNCSWGUGRGTEKDGSWGGNRWGUVQ
VKGPGKORCEVQGPNCXKFCQGNVTCDCLQFGQVTQU
#WVQPQOÈC.COGFKFCGPNCSWGNQUGORNGCFQURWGFGPFGEKFKTCUW
FKUETGEKÎPNQUECNGPFCTKQU[RTQEGFKOKGPVQUFGVTCDCLQ
+PHQTOCEKÎP FG TGVQTPQ .C OGFKFC GP SWG GN RWGUVQ QHTGEG C NQU
GORNGCFQUKPHQTOCEKÎPENCTC[FKTGEVCUQDTGUWTGPFKOKGPVQ
'UVCU FKOGPUKQPGU KPHNW[GP GP NQU GORNGCFQU GP VÃTOKPQU FG
OQVKXCEKÎP KPVGTPC TGPFKOKGPVQ UCVKUHCEEKÎP GP GN VTCDCLQ PKXGN FG
CWUGPVKUOQ[FGTQVCEKÎP
'UKORQTVCPVGVQOCTGPEWGPVCNCUGUVTCVGIKCUSWGUGRWGFGPCRNKECTRCTC
GNFKUGÌQFGNRWGUVQFGVTCDCLQRCTCKPETGOGPVCTVCPVQGNTGPFKOKGPVQ
EQOQNCUCVKUHCEEKÎPRGTUQPCNGPGNVTCDCLQ
x #ORNKCEKÎP FGN RWGUVQ FG VTCDCLQ RGTOKVG KPETGOGPVCT NC XCTKGFCF
FG FGUVTG\CU [ NC KFGPVKFCF FG NC VCTGC OGFKCPVG GN TGFKUGÌQ FGN
RWGUVQFGVTCDCLQRCTCCORNKCTUWECORQFGCEEKÎP
x 4QVCEKÎP FGN RWGUVQ FG VTCDCLQ 2GTOKVG SWG NQU GORNGCFQU
FGUGORGÌGP WPC XCTKGFCF FG VCTGCU GP DCUG C WP FGVGTOKPCFQ
ECNGPFCTKQKPETGOGPVCPFQFGGUVCOCPGTCUWUFGUVTG\CU
x 'PTKSWGEKOKGPVQFGNRWGUVQFGVTCDCLQSWGRTQOWGXGGNKPETGOGPVQ
FG NC TGURQPUCDKNKFCF [ NC VQOC FG FGEKUKQPGU TGNCEKQPCFCU EQP GN
RTQRKQVTCDCLQ
/KGPVTCU SWG NC CORNKCEKÎP FGN RWGUVQ FG VTCDCLQ UG EGPVTC
HWPFCOGPVCNOGPVGGPUWECORQFGCEEKÎPGNGPTKSWGEKOKGPVQUGEGPVTC
GPGNECORQFGCEEKÎPRTQHWPFKFCF[NCUTGNCEKQPGU
%QPVTQN
.C RNCPKHKECEKÎP P*CEKC FQPFG XCOQU [ EW¶N GU NC OGLQT HQTOC FG NNGICT
CNNÈQ [ NC QTICPK\CEKÎPPNQU OGECPKUOQU RCTC NNGICT CN NWICT FQPFG FGUGC
KTQCJQTCGN%QPVTQNGUWPRTQEGUQSWGNGKPFKECPUKTGCNOGPVGNNGIÎQPQQ
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
'UVCODKÃPWPRTQEGUQRCTCCPCNK\CTNCUFKUETGRCPEKCUGPVTGGNTGPFKOKGPVQ
RNCPKHKECFQ [ GN TGCN [ CUÈ RQFGT OQFKHKECT NQU RNCPGU [ RTQEGUQ
QTICPK\CVKXQURCTCUCVKUHCEGTOGLQTNCUPGEGUKFCFGU
'ZKUVGPEWCVTQETKVGTKQUD¶UKEQUGPEWCNSWKGTUKUVGOCFGEQPVTQN
x (KLCTNQUQDLGVKXQUQGUV¶PFCTGU.QUUKUVGOCUFGEQPVTQNVKGPGSWGRCTVKT
FG WP GUV¶PFCT CEQTFCFQ FG TGPFKOKGPVQ Q GP GN PKXGN GURGTCFQ FG
TGPFKOKGPVQ
x /GFKT GN TGPFKOKGPVQ TGCN 7PC XG\ HKLCFQ GN GUV¶PFCT GU PGEGUCTKQ
EQORTQDCTUKGNTGPFKOKGPVQTGCNEWORNGGNGUV¶PFCT
x %QORCTCTGNTGPFKOKGPVQTGCNEQPNQUQDLGVKXQUQGUV¶PFCTGURCTCRQFGT
FGVGTOKPCT UK GU PGEGUCTKC WPC CEEKÎP RCTC EQTTGIKT NC FKUETGRCPEKC
&GDGOQU FGEKFKT EWCN GU NC FKUETGRCPEKC VQNGTCDNG CPVGU FG KPKEKCT NCU
CEEKQPGUEQTTGEVKXCU
x 6QOCTNCCEEKÎPCFGEWCFCEWCPFQNCFKUETGRCPEKCGPVTGNQUQDLGVKXQUQ
GUV¶PFCTGU[GNTGPFKOKGPVQTGCNUWRGTCGNPKXGNVQNGTCDNGKFGPVKHKECTNC
CEEKÎPEQTTGEVKXCCFGEWCFC
2CTCKFGPVKHKECTNQURWPVQUETÈVKEQUFGEQPVTQNUGFGDGKFGPVKHKECT
‹3WÃGUNQSWGUGOGFKT¶!GU PGEGUCTKQCPCNK\CTNQUEQUVGUGURGTCFQUVCPVQ
HKPCPEKGTQU EQOQ PQHKPCPEKGTQU CUÈ EQOQ NC OGLQTC GURGTCFC GP GN
TGPFKOKGPVQ [ NCU EQPUGEWGPEKCU GURGTCFCU FGN PQGUVCDNGEKOKGPVQ FGN
UKUVGOC
‹'P SWà NWICT FGN RTQEGUQ UG OGFKT¶! VQFQU NQU UKUVGOCU QTICPK\CVKXQU
VKGPGPVTGUEQORQPGPVGUGPVTCFCRTQEGUQUFGVTCPUHQTOCEKÎP[TGUWNVCFQU
‹%QPSWÃHTGEWGPEKCUGCPCNK\CT¶PNCUOGFKFCU!UGRWGFGOGFKTFGHQTOC
RGTOCPGPVGQCKPVGTXCNQUHKLQUFGRGPFKGPFQFGNCOGFKFCWUCFC
‹3WKÃP UGT¶ TGURQPUCDNG FG NCU CEEKQPGU EQTTGEVKXCU! GN RTKPEKRKQ FG
IGUVKÎPRQTGZEGREKÎPCHKTOCSWGUQNCOGPVGFGDGPNNCOCTNCCVGPEKÎPFGNC
FKTGEEKÎP NQU ECUQU FG FKUETGRCPEKCU UKIPKHKECVKXCU GU FGEKT UQNCOGPVG GP
UKVWCEKQPGUSWGPQRWGFGTGUQNXGTNCRGTUQPCSWGQEWRCGNPKXGNLGT¶TSWKEQ
UKIWKGPVG
5KPGODCTIQFGDGOQUGURGTCTTGCEEKQPGUJWOCPCUCNUKUVGOCFGEQPVTQN
RQTNCUUKIWKGPVGUTC\QPGU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
ƒ 2WGFGP EQPUKFGTCTNC EQOQ WPC TGUVTKEEKÎP C UWEQORQTVCOKGPVQ[WPC
NKOKVCEKÎPCUWJCDKNKFCFRCTCCEVWCTEQPCWVQPQOÈC
ƒ 2WGFGP GUVCT GP FGUCEWGTFQ EQP NQU GUV¶PFCTGU FG TGPFKOKGPVQ RQT
EQPUKFGTCTNQU CTDKVTCTKQU G KTTGNGXCPVGU RCTC UW TGPFKOKGPVQ TGCN GP GN
VTCDCLQ
ƒ #FQRVCPWPCRQUVWTCFGHGPUKXCGPTGNCEKÎPEQPUWTGPFKOKGPVQ2WGFG
RGPUCT SWG UW TGPFKOKGPVQ GU CEGRVCDNG [ RQT VCPVQ UG TGUKUVGP C NC
GXCNWCEKÎPFGUWTGPFKOKGPVQKPFKXKFWCNQCNFGUWWPKFCF
2QTNQSWGGPCNIWPQUECUQUHCNUKHKECPNQUKPHQTOGUQHCEKNKVCPKPHQTOCEKÎP
KPGZCEVCUQDTGGNFGUGORGÌQFGNCVCTGCQVTCDCLCPNQLWUVQRCTCEWORNKT
NQUGUV¶PFCTGUGURGEÈHKEQUGPNWICTFGGUHQT\CTUGRCTCCNECP\CTWPÎRVKOQ
TGPFKOKGPVQ 5G FGDG JCEGT WP ECODKQ FG QTKGPVCEKÎP FG NCU OGVCU [
QDLGVKXQUQTICPK\CVKXQUCNQUCURGEVQUGURGEÈHKEQUFGNTGPFKOKGPVQOGFKFQU
RQT GN UKUVGOC FG EQPVTQN NQ SWG UG EQPQEG EQOQ TGRNCPVGCOKGPVQ FG
OGVCU
'.41.&'./10+614
'N /QPKVQT GU NC RGTUQPC SWG UCDG NQ SWG GUV¶ UWEGFKGPFQ GP NC WPKFCF FG
VTCDCLQ GNNQU QDUGTXCP NQU UKIPQU XKVCNGU FG NC WPKFCF [ JCEGP VCODKÃP GN
UGIWKOKGPVQ FG UW RTQRKQ VTCDCLQ [C SWG PGEGUKVCP EQPQEGT [ EQPVTQNCT UWU
QRGTCEKQPGU.CUVCTGCUFGNOQPKVQTUQP
x %NCUKHKECT[ECPCNK\CTNCKPHQTOCEKÎPSWGPGEGUKVCGNKOKPCTRQTUGTKPPGEGUCTKC
x 1TICPK\CT NC KPHQTOCEKÎP EQP WP GUSWGOC SWG NG RGTOKVC RNCPKHKECT VQOCT
FGEKUKQPGU[RTGUGPVCTNQSWGUGEQPUKFGTCO¶UKORQTVCPVG
2CTC EQPUGIWKT NCU OGLQTCU UG FGDG QDUGTXCP EQOQ HWPEKQPCP NCU EQUCU [
RNCPVGCTUGRTGIWPVCUUGPEKNNCUEQOQ
x ‹&GFÎPFGRTQXKGPGTGCNOGPVGPWGUVTQVTCDCLQ!
x ‹%W¶NGUUQPPWGUVTCUHWGPVGURTKPEKRCNGUFGGTTQTGUGKPGHKEKGPEKC!
x 5K NQU OKGODTQU FG OK WPKFCF RWFKGUGP ECODKCT CNIQ GP PWGUVTQU RTQEGUQU!
‹3WÃGUNQSWGECODKCTÈCP!
x &G VQFQU NQU GTTQTGU EQOGVKFQU ‹%W¶NGU UQP NQU KPUKIPKHKECPVGU! ‹%W¶NGU UQP
NQUGTTQTGUSWGPQRQFGOQUFCTPQUGNNWLQFGEQOGVGT!
x 'P EQPETGVQ ‹&G SWà HQTOC UCDGOQU EW¶N GU GN ITCFQ FG GHKECEKC FG NC
QRGTCVKXKFCFFGNCWPKFCFFGVTCDCLQ!
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
'NFGUGORGÌQFGNOQPKVQTTGSWKGTGFGNCUEQORGVGPEKCU4GFWEKTNCUQDTGECTIC
FGKPHQTOCEKÎP#PCNK\CTNCKPHQTOCEKÎPETÈVKECOGPVG[2TGUGPVCTNCKPHQTOCEKÎP
TGFCEVCPFQEQPGHKECEKC
2CTCRQFGTTGFWEKTNCUQDTGECTICFGKPHQTOCEKÎPUGRWGFGCRNKECTGN5KUVGOC64#(
SWGEQPUKUVGGPJCEGTCNIQEQPECFCWPQFGNQURCRGNGUSWGVGPICGPUWOGUC'N
VTCHHKPIGUGNTGOGFKQRCTCGXKVCTSWGPQJCICPCFCEQPGNOKUOQRCRGNOWEJCU
XGEGURCTCGNEWCNFGDG
x 6KTCTCNEGUVQNQURCRGNGUSWGPQVGPICPWPXCNQTKPOGFKCVQ
x 4GOKVKTNQURCRGNGUCQVTQU
UGETGVCTKCURGTUQPCNEQNGICU
x #EVWCTEQNQECPFQVQFQCSWGNNQSWGGZKIGUWCVGPEKÎPRGTUQPCNGPWPCDCPFGLC
QECTRGVCFGCEEKÎP
x #TEJKXCTNQUFQEWOGPVQUKPFKECPFQGPGNRTQRKQFQEWOGPVQPRCTCCTEJKXCTQ
2CTCEQPQEGTGNITCFQFGGHKEKGPEKCFGPWGUVTQTGPFKOKGPVQGUKORQTVCPVGTGEKDKT
NCUWHKEKGPVGKPHQTOCEKÎPFGTGVQTPQUQDTGGNITCFQFGGHKECEKCFGUWFGUGORGÌQ
RCTC GN EWCN HKLCT¶ WP EQPLWPVQ FG QDLGVKXQU [ FGUCTTQNNCT OGFKFCU Q ETKVGTKQU
CFGEWCFQUFGTGPFKOKGPVQRCTCJCEGTGNUGIWKOKGPVQ
x ‹%ÎOQUCDGOQUSWÃVCNNQGUVCOQUJCEKGPFQ!
x %QOQFKTGEVKXQ‹%QPQ\EQSWÃGUNQSWGGNUKUVGOCFGDGTÈCJCEGT!
x 5CDGPOKUGORNGCFQUCPKXGNKPFKXKFWCNNQSWGVKGPGPSWGJCEGT[SWÃGUNQ
SWGGNUKUVGOCEQNGEVKXCOGPVGPGEGUKVC!
x ‹%QPQ\EQEW¶NGUUQPNCUOGFKFCU[NQUKPFKECFQTGUFGTGPFKOKGPVQSWGFGDQ
UWRGTXKUCT[EQORCTVKTEQPOKRGTUQPCN!
x ‹6KGPGOKRGTUQPCNNCUFGUVTG\CU[NQUEQPQEKOKGPVQUPGEGUCTKQURCTCJCEGTUW
VTCDCLQ! 'P ECUQ PGICVKXQ ‹%ÎOQ RWGFQ OGLQTCT UWU FGUVTG\CU [
EQPQEKOKGPVQU!
x 2GTOKVGGNUKUVGOCSWGTKPFCPCNO¶ZKOQQRQTGNEQPVTCTKQGNUKUVGOCGUWP
KORGFKOGPVQKORQTVCPVGCNTGPFKOKGPVQ!‹%ÎOQRWGFQCUGIWTCTOGFGGNNQ!
x 5K GN UKUVGOC GU KPGUVCDNG Q EQPUGEWGPVGOGPVG KPGHKEKGPVG ‹FG SWà HQTOC
RWGFQECODKCTPWGUVTQURTQEGFKOKGPVQUOGLQTCTPWGUVTQGSWKRQ[RTQEGUCTQ
TGGUVTWEVWTCTGNGPVQTPQFGVTCDCLQRCTCKPETGOGPVCTNCECRCEKFCFFGNUKUVGOC!
6GPFGOQUCEWNRCTCNQUGTTQTGUKPFKXKFWCNGUQCNQUGORNGCFQUEW[QTGPFKOKGPVQ
GUFGHKEKGPVG EWCPFQGNRTQDNGOCTGCNGUGNUKUVGOC
RTQEGFKOKGPVQUGSWKRQUG
KPUVCNCEKQPGU[GNRTQOGFKQEQNGEVKXQFGGTTQTGU
4GPFKOKGPVQ*CDKNKFCF
QECRCEKFCF/QVKXCEKÎP
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
2CTC KPETGOGPVCT [ OGLQTCT GN TGPFKOKGPVQ FGUGCOQU EQPVCT EQP RGTUQPCN
PECRCEKVCFQQ RCTCTGCNK\CTUWUVCTGCUEQPRNGPQUTGUWNVCFQURGTQNCECRCEKFCFSWG
NGUQHTGEGGNUKUVGOCGUVCODKÃPQVTQEQORQPGPVGKORQTVCPVG
#PCNK\CTNCKPHQTOCEKÎPETÈVKECOGPVG
.C IGUVKÎP FG NC KPHQTOCEKÎP NG C[WFC C ICTCPVK\CT SWG TGEKDG NC
KPHQTOCEKÎPEQTTGEVCRGTQNNGICGNOQOGPVQFGCPCNK\CTGUCKPHQTOCEKÎP
7VKNK\CT NC KPHQTOCEKÎP EQP NC OC[QT GHKECEKC RQUKDNG EQP QDLGVKXKFCF
GSWKNKDTKQCRGTVWTCCPWGXCKPHQTOCEKÎP[GNGUVWFKQOGVÎFKEQQOKPWEKQUQ
FGNRTQDNGOCCPVGUFGVQOCTNCFGEKUKÎP
'UPGEGUCTKQCPCNK\CTNCKPHQTOCEKÎPQUGRCTCTNCKPHQTOCEKÎPKORQTVCPVGFG
NCVTKXKCN2GTQNCOC[QTÈCFGNQURTQDNGOCUKPENWUQNQUCRCTGPVGOGPVGO¶U
FKTGEVQUTGSWKGTGPTC\QPCOKGPVQQDWGPLWKEKQ[PQUQNCOGPVGNQUUKORNGU
E¶NEWNQU'NRGPUCOKGPVQETGCVKXQUGEGPVTCGPFGUCTTQNNCTPWGXCUHQTOCUFG
JCEGT NCU EQUCU GP GN RTQEGUQ FG KPXGPEKÎP GP IGPGTCN [ GN RGPUCOKGPVQ
ETÈVKEQDWUECNCHQTOCFGJCEGTOGLQTNCUEQUCUTGUQNXKGPFQNQURTQDNGOCU
EQPOC[QTGHKEKGPEKC[GZCEVKVWF
‹SWÃUWEGFGGPGNECOKPQJCEKCGNDWGPLWKEKQ
ƒ .C ETGGPEKC FG SWGPNQ OÈQ GU NQ OGLQTQ Q GN OÈQ GU GN GUV¶PFCT SWG
FGDG WVKNK\CTUG RCTC LW\ICT C NQU FGO¶U .C OC[QTÈC FG NCU RGTUQPCU
VGPGOQUWPCVGPFGPEKCPCVWTCNCTGUKUVKTPQUCNECODKQ
ƒ 'UVGTGQVKRQU #DUQTDGOQU NC ECPVKFCF FG KPHQTOCEKÎP SWG PGEGUKVCOQU
RCTCXGTEÎOQUGXCHQTOCPFQWPRCVTÎP[CEQPVKPWCEKÎPEQPUVTWKOQU
GN VQFQ DCUCFQ GP NC RCTVG SWG GUVCOQU OKTCPFQ .QU RCVTQPGU PQU
C[WFCP C RGPUCT 0QU IWUVC CITWRCT NCU EQUCU NCU RGTUQPCU NCU
UKVWCEKQPGU [ NQU UGPVKOKGPVQU GP EQPLWPVQ FG HQTOC SWG RQFCOQU
VTCVCTNQEQPOC[QTHCEKNKFCF2GTQIGPGTCNK\CT[JCEGTKORTGUKQPGUUQDTG
GNVQFQDCUCFQUGPWPCRGSWGÌCOWGUVTCFGEWCNSWKGTEQPLWPVQGUWPC
VTCORC
ƒ 0GICEKÎP 'U FKHÈEKN FGVGEVCT NC PGICEKÎP GP PQUQVTQU OKUOQU [C SWG
ITCPRCTVGFGGNNCGUKPEQPUEKGPVG
ƒ %QPHQTOKUOQ6GPFGPEKCCCEGRVCTNCFKTGEEKÎPVQOCFCRQTGNITWRQCN
SWG RGTVGPGEGOQU [ EQP GN SWG PQU KFGPVKHKECOQU )GPGTCNOGPVG
VGPFGOQU C DWUECT GN EQPUGLQ FG CSWGNNQU SWG XGP GN OWPFQ FG NC
OKUOCHQTOCSWGPQUQVTQU2QFGOQUFKUETGRCTUKPQHGPFGT[RQFGOQU
OGLQTCTNCECNKFCFFGPWGUVTCUFGEKUKQPGU[CSWGPQVGPGOQUSWGGUVCT
FGCEWGTFQCWVQO¶VKECOGPVGRCTCCUÈGXKVCTNCUVGPUKQPGU.QUDWGPQU
NÈFGTGUVKGPGPNCJCDKNKFCFFGVTCDCLCTGHKEC\OGPVGEQPNCURGTUQPCUSWG
PQGUV¶PFGCEWGTFQEQPGNNQU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
ƒ 1TIWNNQ RGTUQPCN GP OWEJCU UGUKQPGU PQ GU ‹3WKÃPRWGFGTGUQNXGT GN
RTQDNGOC! UKPQ ‹3WKÃP UCDG O¶U! 1 ‹3WKÃP VKGPG OC[QT RGUQ! NQU
DWGPQUFKTGEVKXQUFGDGPKFGPVKHKECTNCHQTOCFGECPCNK\CT[CDUQTDGTGN
VQTTGPVGFGGIQUFG NQUFGO¶U[GNRTQRKQ
ƒ #P¶NKUKUFGHGEVWQUQQKPEQORNGVQ'NUGPVKFQEQOÕPGUNCJCDKNKFCFRCTC
EQPVKPWCT EQP CNIQ GEJCTNG WPC QLGCFC CPVGU FG GPVTGICTNQ G KPVGPVCT
WPC XG\ O¶U KFGPVKHKECT GN RTQDNGOC CPVGU FG FCTUG RQT XGPEKFQ 5G
RWGFG EQODKPCT NC EQORGVGPEKC FG WP /QPKVQT GZRGTVQ EQP NC FGN
OGPQTGZRGTVQ
'U DWGPQ SWG JC[C WPKFCF GURÈTKVW FGGSWKRQ[CNKPGCEKÎPFGKPVGTGUGU
RGTQPQNQGUVCPVQEWCPFQGNITWRQJCETGCFQOCNQUJ¶DKVQUQUQNWEKQPGU
KPGHKECEGU
2TGUGPVCTNCKPHQTOCEKÎPTGFCEVCTE QPGHKECEKC
'P NCU KPUVKVWEKQPGU UG TGFCEVC RCTC FQEWOGPVCT WPC CEEKÎP [ PQ RCTC
EQOWPKECT WP OGPUCLG RQT NQ SWG C XGEGU GU FKHÈEKN KFGPVKHKECT NC
CWFKGPEKCFGDKFQCSWGGNÕPKEQTGEGRVQTFGNKPHQTOGGUNCECTRGVCFQPFG
UGCTEJKXC'PQECUKQPGUGZKUVGWPTGEJC\QFGNQUFKTGEVKXQUCPVGWPCJQLC
FGRCRGNGPDNCPEQ[CUGCRQTSWGPQUCDGPEQOQEQOGP\CTVKGPGPSWG
NWEJCTRCTCGPEQPVTCTNCURCNCDTCCFGEWCFCURCTCGUETKDKT[UGRTGQEWRCP
RQTNCQTICPK\CEKÎP
'N OC[QT GTTQT GU PQ JCEGT PKPIÕP VKRQ FG GUDQ\Q Q ETQSWKU FG NQ SWG
PGEGUKVC FGEKT CSWÈ UG RTGUGPVC EQOQ WUCT GN OÃVQFQ FGN OCRC OGPVCN Q
GUSWGOCUCVÃNKVG
9GUVJGKOGT
x 6QOGWPCJQLCGPDNCPEQ[GPGNEGPVTQFGNCJQLCFKDWLGWPEWCFTCFQ
QWPEÈTEWNQ
x &GPVTQ FGN EÈTEWNQGUETKDC GNPQODTGFGUWRTQ[GEVQ GNVGOCUQDTGGN
SWGXCCGUETKDKTQGNCUWPVQSWGKPVGPVCFKUEWVKT
x &KDWLG WPCU NÈPGCU RCTVKGPFQ FGNEÈTEWNQ EQOQNCUTCOCUFGWP¶TDQN
RCTCFGUKIPCTUWUVGOCUQKPVGTGUGURTKPEKRCNGU
x 2WGFGRTGIWPVCTUG3WKÃPSWÃEWCPFQFÎPFGRQTSWÃ[EÎOQ
x &GUINQUGECFCTCOCGPVGOCUOGPQUKORQTVCPVGURGTQTGNCEKQPCFQU
x 0Q UG RTGQEWRG FG NC QTICPK\CEKÎP FG NCU TCOCU UG NNGICT¶ OCU
CFGNCPVG
x 7VKNKEG N¶RKEGU FG FKHGTGPVGU EQNQTGU RCTC FGUKIPCT NQU VGOCU
TGNCEKQPCFQU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
2CTCKPKEKCTCGUETKDKTGNFQEWOGPVQFGDGRTGEKUCTNCFGHKPKEKÎPFGNQDLGVKXQ
GUFGEKTGNFGHKPKTGNRTQRÎUKVQRTKPEKRCNUWKFGCFGNQSWGGNFQEWOGPVQ
FGDGNQITCT[UCDGTSWGGUNQSWGUGSWKGTG
7PQ FG NQU FQEWOGPVQU O¶U HTGEWGPVG GP NCU QTICPK\CEKQPGU GU GN
/GOQT¶PFWOFQEWOGPVQKPVGTPQ[EQPHTGEWGPEKCGUV¶FKTKIKFCCO¶UFG
WPC RGTUQPC UG EGPVTC GP WP OGPUCLG HWPFCOGPVCN Q WPC RKG\C FG
KPHQTOCEKÎP GU WP FQEWOGPVQ DTGXG [ EQPEKUQ [ FGDGP VTCPUOKVKT
KPHQTOCEKÎPUKPETGCTUWURGPUQ2CTCVGPGTGPEWGPVCEWCPFQUGRTGRCTCNQU
OGOQT¶PFWOU
x .CURGVKEKQPGUQGZKIGPEKCUCPVGUSWGNCULWUVKHKECEKQPGU
x .CUTGURWGUVCUCPVGUSWGNCUGZRNKECEKQPGU
x .CUEQPENWUKQPGUCPVGUSWGNCUFKUEWUKQPGU
x .QUTGUÕOGPGUCPVGUSWGNQUFGVCNNGU
x .QUVGOCUIGPGTCNGUCPVGUSWGNQUGURGEÈHKEQU
'.41.&'/'0614
6CODKÃPRWGFGFGPQOKPCTUGGNTQNFGKPVGTÃUJWOCPQTGHNGLCWPCQTKGPVCEKÎPFG
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'N KPVGTECODKQ FG KPHQTOCEKÎP UG FC GP VTGU PKXGNGU FKHGTGPVGU KFGCU
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5K PQ GUV¶ UGIWTQ FG SWG GN TGEGRVQT JC EQORTGPFKFQ GN OGPUCLG
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SWGGNTGEGRVQTGUV¶RTGRCTCFQRCTCGUEWEJCTNG
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UGPVKOKGPVQU
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GUEWEJCTKPHQTOCEKÎPSWGRWGFGCNVGTCTUWRTQRKCRGTEGREKÎP
5GC EQPUEKGPVG FG SWG NC RGTUQPC SWG NG QHTGEG KPHQTOCEKÎP FG TGVQTPQ GUV¶
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GUQUUGPVKOKGPVQUUQPTGCNGU
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RTGIWPVCUQFCPFQGLGORNQU
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2CTC QHTGEGT [ TGEKDKT KPHQTOCEKÎP FG TGVQTPQ GU ENCXG NC CWVQEQPHKCP\C
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GUVTCVGIKC
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WVKNKEG NC GORCVÈC RCTC RQPGTUG GP UW NWICT 7VKNKEG GUVG RTQEGUQ RCTC
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EQORGVGPEKCU SWG WVKNK\C GN HCEKNKVCFQT UQP NCU OKUOCU SWG NCU WVKNK\CFCU RQT GN
OGPVQT RQT GLGORNQ NC GUEWEJC CEVKXC NC GORCVÈC [ NC UGPUKDKNKFCF C NCU
PGEGUKFCFGU FG NQU FGO¶U 'N TQN FGN HCEKNKVCFQT UGEGPVTCGPNCHQTOCGPSWGGN
OCPFQVTCDCLCEQPNQUITWRQU6TGUEQORGVGPEKCUENCXGFGNHCEKNKVCFQT%TGCEKÎP
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6GPICP SWG TGPFKT EWGPVCU EQOQ WPKFCF QRGTCVKXC FGPVTQ FG WP
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NQUKPFKXKFWQU[FGNWUQFGNCGZRGTKGPEKCNCUJCDKNKFCFGU[GNEQORTQOKUQ
FGVQFQUGNITWRQFGVTCDCLQUGEQPXKGTVGGPWPGSWKRQFGVTCDCLQ
.QU OKGODTQU FGN GSWKRQ TGSWKGTGP KPVGTCEEKÎP [ EQQTFKPCEKÎP UWU
OKGODTQURQTNQIGPGTCNVKGPGPWPQUTQNGUGURGEÈHKEQU[VCODKÃPGZKUVGP
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QEWRCWPFGVGTOKPCFQECTIQ
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CODKI×GFCF [ GN EQPHNKEVQ GP NQU TQNGU .C CODKI×GFCF UWTIG EWCPFQ GN
KPFKXKFWQ PQ VKGPG UWHKEKGPVG KPHQTOCEKÎP GP VÃTOKPQU FG Q SWG FGDGTÈC
GUVCT JCEKGPFQ [ GN EQPHNKEVQ QEWTTG EWCPFQ WP KPFKXKFWQ RGTEKDG NC
KPHQTOCEKÎP TGNCEKQPCFC EQP UW RWGUVQ FG VTCDCLQ EQOQ KPEQJGTGPVG Q
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FGVCTGCGNEQORQTVCOKGPVQUGEGPVTCGPSWÃGUNQSWGGNGSWKRQVKGPGSWG
EQPUGIWKT GP GN TQN FG OCPVGPKOKGPVQ FGN ITWRQ GN EQORQTVCOKGPVQ UG
EGPVTC GP EÎOQ GN GSWKRQ NQITCT¶ UW VCTGC 'U RQUKDNG KFGPVKHKECT UGKU
UWDTQNGURTKPEKRCNGUCUQEKCFQUEQPNCQTKGPVCEKÎPCNCVCTGC
'N KPKEKCFQT RQPG GP OQXKOKGPVQ CN ITWRQ CN QHTGEGTNG PWGXCU KFGCU [
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OKGODTQ FGN ITWRQ TGEWGTFC C NQU FGO¶U SWG VKGPGP WPC VCTGC SWG
TGCNK\CT
'N KPHQTOCFQT RNCPVGC Q ENCTKHKEC JGEJQU [ QRKPKQPGU KORQTVCPVGU
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'N DWUECFQT FG KPHQTOCEKÎP CPKOC C NQU FGO¶U C RNCPVGCT Q ENCTKHKECT
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'N GXCNWCFQT C[WFC CN ITWRQ C XCNQTCT NC ECNKFCFFG UWU UWIGTGPEKCU Q
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'N UKPVGVK\CFQT TGÕPG NC XCTKGFCF FG KFGCU FKUEWVKFCU GP GN ITWRQ NCU
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'N CPKOCFQT CRQ[C C NQU OKGODTQU FGN GSWKRQ NGU C[WFC C ETGCT WP
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CUGIWTCPFQ SWG VQFQU NQ OKGODTQU FGN ITWRQ VGPICP NCU UWHKEKGPVGU
QRQTVWPKFCFGUFGEQORCTVKTUWUKFGCU[UGPVKOKGPVQU
'NPFKUGÌCFQTFGGUV¶PFCTGUQ C[WFCCNITWRQCHKLCTNCUOGVCUCRTQRKCFCU
[CGXCNWCTNCECNKFCFFGNRTQEGUQFGNITWRQ
'NUGIWKFQTCEGRVC[RGTUKIWGNCUKFGCU[UWIGTGPEKCUFGNQUFGO¶U
'N QDUGTXCFQT FGNITWRQJCEGGNUGIWKOKGPVQFGNRTQITGUQFGNITWRQ[
HCEKNKVCKPHQTOCEKÎPFGTGVQTPQUQDTGUWQRGTCVKXC
%WCPFQUGETGCWPPWGXQITWRQFGVTCDCLQQEWCPFQWPITWRQ[CHQTOCFQ
UGJCEGECTIQFGWPCPWGXCVCTGCQRTQDNGOCGNITWRQCVTCXKGUCFKHGTGPVGU
HCUGUFGFGUCTTQNNQJCUVCVTCPUHQTOCTGGPWPGSWKRQ&WTCPVGGUVCUHCUGUFG
FGUCTTQNNQ GN GSWKRQ PGEGUKVC WP ÃPHCUKU FKHGTGPVG GP NQU FKXGTUQU
EQORQTVCOKGPVQUFGVCTGC[OCPVGPKOKGPVQ
(#5'%QORTQDCEKÎP'NITWRQFGVGTOKPCUWUOGVCU[FGHKPGNCUVCTGCU[
EQP GN HKP FG ETGCT WP ENKOC SWG HQOGPVG GN KPVGTECODKQ FG KFGCU [
UGPVKOKGPVQUGNGURÈTKVWFGGSWKRQ[NCEQQRGTCEKÎPGNNÈFGTFGDGCPKOCTC
NQU OKGODTQU C CUWOKT NQU TQNGU FG KPKEKCFQT KPHQTOCFQT DWUECFQT FG
KPHQTOCEKÎP[IWCTFK¶P
(#5' 1TICPK\CEKÎP 'N ITWRQ FGVGTOKPC NC GUVTWEVWTC [ GN NÈFGT RQPG
ÃPHCUKU GP GN RTQRÎUKVQ EQOÕP [ GUVCDNGEG NCU PQTOCU NQU GUV¶PFCTGU [
VCODKÃP FGDG CPKOCT C NQU OKGODTQU C SWG CUWOCP NQU TQNGU FG
EQQTFKPCFQT GXCNWCFQT FKUGÌCFQT FG GUV¶PFCTGU QDUGTXCFQT [
CTOQPK\CFQT
(#5''UVCDNGEKOKGPVQFGNCKPVGTFGRGPFGPEKC'NNÈFGTFGDGEGPVTCUGGPNC
KPVGTFGRGPFGPEKC GPVTGNQU OKGODTQUKORGFKTNCEQORGVGPEKC[CPKOCTC
VQFQURCTCSWGCUWOCPTQNGUKPHQTOCNGUFGNKFGTC\IQ.QUTQNGUFGVCTGC[
FG OCPVGPKOKGPVQ O¶U KORQTVCPVGU UQP DWUECFQT FG KPHQTOCEKÎP
UKPVGVK\CFQTCTOQPK\CFQTUGIWKFQT[CPKOCFQT
(#5' 2TQFWEEKÎP [ GXCNWCEKÎP 'N ITWRQ UG JC VTCPUHQTOCFQ [C GP WP
GSWKRQ [ VTCDCLC WPKFQ UKP FKHKEWNVCFGU GXCNÕCP GN RTQFWEVQ FG UWU
GUHWGT\QUEQPLWPVQU[GNITCFQFGGHKECEKCFGUWVTCDCLQEQOQGSWKRQ
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
#XGEGUNCPGEGUKFCFFGVGTOKPCTGNVTCDCLQJCEGSWGNQUITWRQUUGEGPVTGP
GP NCU VCTGCU GURGEÈHKECU CPVGU SWG GP NC RNCPKHKECEKÎP [ NC EQQTFKPCEKÎP
ENKOCQTICPK\CVKXQ[NCHCNVCFGEQPQEKOKGPVQUQDTGEQOQETGCTWPGSWKRQ
NQEWCNRWGFGPEQPUVKVWKTUGDCTTGTCU
6QOCFGFGEKUKQPGURCTVKEKRCVKXC
'P GN VTCDCLQ NCU FGEKUKQPGU KORQTVCPVGU FGDGP KPXQNWETCT C CSWGNNQU
KPFKXKFWQU EW[CU KFGCU NCDQTCNGU UG XGT¶P CHGEVCFCU RQT GNTGUWNVCFQFGNC
FGEKUKÎP 5KP GODCTIQ PQ VQFCU NCU FGEKUKQPGU CHGEVCP FKTGEVCOGPVG C NC
XKFCNCDQTCNFGNQUGORNGCFQU.QUOCPFQUVKGPGPSWGFKUVKPIWKTEW¶PFQGU
CRTQRKCFQKPXQNWETCTCNQUGORNGCFQU[EW¶PFQPQNQGU
%QPUVCPVGOGPVG NQU OCPFQU UG GPHTGPVCP C UKVWCEKQPGU GP NCU SWG VKGPGP
SWG VQOCT FGEKUKQPGU TGNCEKQPCFCU EQP UW WPKFCF FG VTCDCLQ [ UWU
GORNGCFQU .C RCTVKEKRCEKÎP FG NQU GORNGCFQU GP GN RTQEGUQ FG VQOC FG
FGEKUKQPGUVKGPGUWUXGPVCLCU[UWUFGUXGPVCLCU
8GPVCLCU
x 'NPKXGNFGEQPQEKOKGPVQUQGZRGTKGPEKCFGNITWRQVKGPFGCUGTUWRGTKQT
CNPKXGNKPFKXKFWCN
x .CU FKUEWUKQPGU FG ITWRQ IGPGTCP WPC ICOC O¶U CORNKC FG XCNQTGU [
RGTURGEVKXCUSWGTGRTGUGPVCPNCXCTKGFCFFGVGOCUGKPVGTGUGUSWGGUV¶P
GPLWGIQGPNCFGEKUKÎP.CRCTVKEKRCEKÎPFGNQUGORNGCFQUGPGNRTQEGUQ
CWOGPVCNCURTQDCDKNKFCFGUFGSWGCHNQTGPVQFQUNQUVGOCUKORQTVCPVGU
SWGCHGEVCPNCFGEKUKÎP
x .QU GORNGCFQU GUV¶P O¶U EQORTQOGVKFQU EQP NC GLGEWEKÎP FG WPC
FGEKUKÎP GP NC SWG JCP RCTVKEKRCFQ [C SWG EQORTGPFGP NCU TC\QPGU
UWD[CEGPVGUCNCOKUOC
x %QP HTGEWGPEKC NQ GORNGCFQU KPXQNWETCFQU GP GN RTQEGUQ FG VQOC FG
FGEKUKQPGU UQP ECRCEGU FG KFGPVKHKECT NQU QDUV¶EWNQU RQVGPEKCNGU GP NC
GLGEWEKÎPFGNCFGEKUKÎPCUÈEQOQNCHQTOCFGGXKVCTNQU
x +PXQNWETCTCNQUGORNGCFQUGPGNRTQEGUQFGVQOCFGFGEKUKQPGUOGLQTC
UWU FGUVTG\CU [ JCDKNKFCFGU [ NGU C[WFC C ETGEGT [ FGUCTTQNNCTUG EQOQ
OKGODTQUFGNCQTICPK\CEKÎP
&GUXGPVCLCU
x .C VQOC FG FGEKUKQPGU RCTVKEKRCVKXCU TGSWKGTG VKGORQ # OGFKFC SWG
CWOGPVC GN PWOGTQ FG RGTUQPCU KPXQNWETCFCU GP NC FGEKUKÎP VCODKÃP
CWOGPVCGNVKGORQPGEGUCTKQRCTCVQOCTNC
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
x 5KGNITWRQRCTVKEKRCGPWPCFGEKUKÎPRCTCNCEWCNPQVKGPGNCGZRGTKGPEKC
PGEGUCTKC GU RTQDCDNG SWG GN RTQEGUQ CRQTVG WPC FGEKUKÎP FG DCLC
ECNKFCF
x 5K NCU TGWPKQPGU FG ITWRQ PQ GUV¶P DKGP GUVTWEVWTCFCU GU RQUKDNG SWG
CNIWPCU RGTUQPCU SWG EWGPVCP EQP NC GZRGTKGPEKC PGEGUCTKC PQ
EQPVTKDW[CPOKGPVTCUSWGQVTCUSWGVKGPGPRQECQPKPIWPCGZRGTKGPEKC
RWGFCPEQPVTKDWKTGPGZEGUQ[FQOKPCTNCFKUEWUKÎP
x %WCPFQ NQU OKGODTQU FGN ITWRQ UG RTGQEWRCP GP GZEGUQRQTNNGICTCN
EQPUGPUQ GP NC VQOC FG FGEKUKQPGU RCTVKEKRCVKXC GN TGUWNVCFQ GU GN
PRGPUCOKGPVQFGITWRQQ
2CTC CWOGPVCT NC GHKECEKC FG NCU TGWPKQPGU UG FGDG VGPGT JCDKNKFCF RCTC
GSWKNKDTCT NQU TQNGU FG VCTGC [ NQU FG OCPVGPKOKGPVQ FG ITWRQ GU FGEKT
OCPVGPGT EGPVTCFQ CN ITWRQ [ CN VKGORQ CUGIWTCT SWG VQFQU VKGPGP NC
QRQTVWPKFCFFGRCTVKEKRCTCFGEWCFCOGPVG2CTCGNNQGUKORQTVCPVGVGPGTGP
EWGPVCSWGEWCPFQRTGRCTCNCTGWPKÎP
x &GDGHKLCTNQUQDLGVKXQUFGNCTGWPKÎP
x 5GNGEEKQPCTCNQURCTVKEKRCPVGUCFGEWCFQU
x 5GNGEEKQPCTGNNWICT[NCJQTCCFGEWCFC
x 2TGRCTCT [ FKUVTKDWKT EQP CPVGNCEKÎP GN QTFGP FGN FÈC [ FGVGTOKPCT WPC
UGEWGPEKCRCTCUGIWKTWPCEKGTVCNÎIKECQHNWLQFGVGOCU
'PGNOQOGPVQFGFKTKIKTNCTGWPKÎP
x %QOKGPEGCNCJQTCHKLCFC
x 5KRTQEGFGCUGIÕTGUGFGSWGWPQFGNQURCTVKEKRCPVGUVQOGPQVCU
x 4GXKUGGNQTFGPFGNFÈC[EQORTWGDGUKUQPPGEGUCTKQUCNIWPQUCLWUVGU
x #UGIÕTGUGFGSWGVQFQUNQURCTVKEKRCPVGUUGEQPQEGP
x 5KICGNQTFGPFGNFÈC
x 'UVÃCVGPVQCNCUEQPVTKDWEKQPGUFGVQFQU
x 6GTOKPGNCTGWPKÎPTGXKUCPFQQTGCHKTOCPFQNCUFGEKUKQPGUVQOCFCU[NCU
VCTGCUCUKIPCFCU
;RCTCJCEGTUGIWKOKGPVQFGNCTGWPKÎP
x 5KUGJCPVQOCFCPQVCUFKUVTKDÕ[CNCUEQPXGPKGPVGOGPVG
x 5KUGJCP CUKIPCFQVCTGCUEQORTWGDGRGTKÎFKECOGPVGUWRTQITGUQ
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
)GUVKÎPFGNEQPHNKEVQ
&WTCPVG NCU FQU ÕNVKOCU FÃECFCU NQU VGOCU FGN EQPHNKEVQ [ NC IGUVKÎP FGN
EQPHNKEVQJCPCWOGPVCFQRTQITGUKXCOGPVGUWKORQTVCPEKCRCTCNQUOCPFQU
FKTGEVKXQU FG NCU QTICPK\CEKQPGU UGC EWCN UGC UW VCOCÌQ .QU VTCDCLQU FG
KPXGUVKICEKÎP TGCNK\CFQU UQDTG GN EQPHNKEVQ QTICPK\CVKXQ UWIKGTGP SWG NQU
FKTGEVKXQU KPXKGTVGP GPVTG GN [ GN FG UW VKGORQ IGUVKQPCPFQ GN
EQPHNKEVQ NQU SWG QEWRCP PKXGNGU KPHGTKQTGU GP NC LGTCTSWÈC FGFKECP O¶U
VKGORQSWGNQUSWGGUV¶PGPPKXGNGUO¶UCNVQU
.CRCNCDTCEQPHNKEVQEQPNNGXCCEQPPQVCEKQPGUPGICVKXCU'PNCUUKVWCEKQPGU
VCPVQNCDQTCNGUEQOQPQNCDQTCNGUUGFGDGKPVGPVCTEQPHTGEWGPEKCGXKVCTGN
EQPHNKEVQ[CSWGETGCUGPVKOKGPVQUPGICVKXQU
x 2GTURGEVKXC VTCFKEKQPCN UWRQPGSWGGNGPHQSWGO¶UGHKEC\CNCIGUVKÎP
FGNEQPHNKEVQGUNCGNKOKPCEKÎPFGNCHWGPVGUFGEQPHNKEVQ'LGORNQUKFQU
GORNGCFQU VKGPFGP C VGPGT EQPHNKEVQU NC UQNWEKÎP GU UGRCTCTNQU [
GUVTWEVWTCT UW VTCDCLQ FG HQTOC SWG PQ VGPICP PGEGUKFCF FG
KPVGTTGNCEKQPCTUG
x 2GTURGEVKXC EQPFWEVWCN EQPUKFGTC KPGXKVCDNG GN EQPHNKEVQ 6GPKGPFQ GP
EWGPVC NCU FKHGTGPEKCU GPVTG NCU RGTUQPCNKFCFGU PGEGUKFCFGU OGVCU [
XCNQTGUKPFKXKFWCNGU
x 2GTURGEVKXC KPVGTCEEKQPKUVC SWG FKHKGTG FG NCU CPVGTKQTGU [C SWG PQ
EQPUKFGTC SWG GN EQPHNKEVQ UG DWGPQ Q OCNQ UKPQ CFGEWCFQ Q
KPCFGEWCFQ UGIÕP NC UKVWCEKÎP GURGEKHKEC 'UVC RGTURGEVKXC TGEQPQEG
SWGGNEQPHNKEVQPQUÎNQGUKPGXKVCDNGUKPQSWGVCODKÃPGPQECUKQPGUGU
PGEGUCTKQHQOGPVCTNQEQPGNHKPFGRGTOKVKTSWGCHNQTGPPWGXCUKFGCU[
ETGCTHWGT\CURQUKVKXCUSWGIGPGTGPKPPQXCEKÎP[ECODKQ
%QP GN HKP FG WVKNK\CT GN EQPHNKEVQ FG HQTOC EQPUVTWEVKXC GU KORQTVCPVG
EQORTGPFGT EQOQ UWTIG [ EQOQ UG FGUCTTQNNC .QU KPFKXKFWQU EQP
HTGEWGPEKCXKXGP EQPHNKEVQUKPVGTPQUQKPVTCRGTUQPCNGU
x 'N EQPHNKEVQ CEVWCTCEVWCT UG FC EWCPFQ GN KPFKXKFWQ VKGPG SWG GUEQIGT
GPVTGFQUTGUWNVCFQUQEWTUQUFGCEEKÎPFGUGCDNGURQTGLGORNQEWCPFQ
UGVKGPGSWGUGNGEEKQPCTGPVTGFQUDWGPQUECPFKFCVQU
x 'NEQPHNKEVQCEVWCTGXKVCTUWTIGEWCPFQNCOKUOCOGVCQTGUWNVCFQVKGPG
EQPUGEWGPEKCU RQUKVKXCU [ PGICVKXCU RQT GLGORNQ EWCPFQ GNKIG WP
PWGXQ VTCDCLQ RQTSWG RQVGPEKCNOGPVG VKGPGP OCU QRQTVWPKFCFGU FG
RTQOQEKÎP
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
x 'N EQPHNKEVQ GXKVCTGXKVCT EWCPFQ WP KPFKXKFWQ VKGPG SWG GUEQIGT GPVTG
FQU TGUWNVCFQU Q EWTUQU FG CEEKÎP PGICVKXQU RQT GLGORNQ FWTCPVG WPC
ETKUKUHKPCPEKGTCEWCPFQNCFKTGEEKÎPVKGPGSWGFGEKFKTUKFGDGGNKOKPCT
VQVCNOGPVG WP ÕPKEQ RTQ[GEVQ Q TGEQTVCT GN RTGUWRWGUVQ C NQ NCTIQ [
CPEJQFGNCQTICPK\CEKÎP
'NEQPHNKEVQUGFGUCTTQNNCGPNCUQTICPK\CEKQPGURQTFKXGTUQUOQVKXQUEQOQ
FKHGTGPEKCU KPFKXKFWCNGU XCNQTGU CEVKVWFGU ETGGPEKCU Q EWCPFQ UWTIGP
OCNCU KPVGTRTGVCEKQPGU Q GTTQTGU FG EQOWPKECEKÎP SWG JCEGP SWG NCU
RGTUQPCUETGCPSWGGZKUVGPFKHGTGPEKCU
#EQPVKPWCEKÎPTGXKUCTGOQUGUVTCVGIKCURCTCIGUVKQPCTGNEQPHNKEVQ
C 6ÃEPKEC FG GXCUKÎP %WCPFQ WVKNK\CP GUVC VÃEPKEC NQU KPFKXKFWQU
TGEQPQEGPNCGZKUVGPEKCFGNEQPHNKEVQRGTQPQFGUGCPGPHTGPVCTUGCNQU
VGOCU SWG NQ ECWUCP 'UVC VÃEPKEC GU CEQPUGLCDNG EWCPFQ UG PGEGUKVC
VKGORQRCTCSWGNCURCTVGUKPXQNWETCFCUGPGNEQPHNKEVQPUGGPHTÈGPQ 5KP
GODCTIQ C NCTIQ RNC\Q UK PQ UG CHTQPVC GN EQPHNKEVQ GU OW[ RTQDCDNG
SWGCHNQTGFGPWGXQ
D 6ÃEPKECFGEQPEKNKCEKÎP 'UVGGPHQSWGVKGPGNCXGPVCLCFGSWGOCPVKGPG
NC CTOQPÈC [ GXKVC NCU FKXKUKQPGU # EQTVQ RNC\Q GUVG GPHQSWG GU
CEQPUGLCDNGEWCPFQGNVGOCPQGUFGOCUKCFQKORQTVCPVGRCTCWUVGFQ
EWCPFQNCQVTCRCTVGGUOWEJQO¶UHWGTVG[PQVTCPUKIKT¶.CVÃEPKECFG
EQPEKNKCEKÎPRQTNQIGPGTCNNKOKVCNCETGCVKXKFCF[RCTCNK\CNCDÕUSWGFC
FGPWGXCUKFGCU[UQNWEKQPGUCNRTQDNGOC
E 6ÃEPKECFGEQORGVGPEKC 'UCSWGNNCGPNCSWGNQUKPFKXKFWQUUQNCOGPVG
UGGUHWGT\CPRQTNQITCTUWURTQRKCUOGVCU'PGUVQUECUQUTGEWTTGPCNCU
GUVTWEVWTCU FG CWVQTKFCF [ NCU TGIWNCEKQPGU HQTOCNGU RCTC ICPCT NC
DCVCNNC.QUEQORQTVCOKGPVQUEQORGVKVKXQUIGPGTCPNCUEQPHTQPVCEKQPGU
ICPCTRGTFGTGPNCSWGWPCGUGNICPCFQT[GNQVTQGNRGTFGFQTNQEWCN
NKOKVCNCETGCVKXKFCF[RCTCNK\CNCDÕUSWGFCFGPWGXCUKFGCU[UQNWEKQPGU
CNRTQDNGOC
F 6ÃEPKECFGEQORTQOKUQ 'UNCRTKOGTCFGNCUGUVTCVGIKCUQTKGPVCFCUCNC
UQNWEKÎP.QUSWGWVKNK\CPGUVCVÃEPKECUGRTGQEWRCPVCPVQFGUWURTQRKQU
KPVGTGUGU [ OGVCU EQOQ FG NQU KPVGTGUGU [ OGVCU FG NC QVTC RCTVG
KPXQNWETCFC 2QT NQ IGPGTCN KPENW[G CNIÕP VKRQ FGPGIQEKCEKÎP GP NC
SWGECFCRCTVGKPVGTGUCFCVKGPGSWGEGFGTGPCNIQEQPGNHKPFGICPCT
CNIQPQJCDT¶RGTFGFQTGU
G 6ÃEPKEC FG EQNCDQTCEKÎP 'U NC UGIWPFC GUVTCVGIKC QTKGPVCFC C NC
UQNWEKÎP NQU KPFKXKFWQU SWG WVKNK\CP NC VÃEPKEC FG EQNCDQTCEKÎP UG
RTGQEWRCPFGUWURTQRKQUKPVGTGUGU[OGVCUVCPVQEQOQFGNQUKPVGTGUGU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
[OGVCUFGNCQVTCRCTVGKPVGTGUCFC0QRCTVGPFGNCDCUGFGEGFGTCNIQ
EQP GN HKP FG ICPCT CNIQ RQT NQ EQPVTCTKQ RCTVGP FG NC DCUG FG SWG NC
RCTVKEKRCEKÎPETGCVKXCGPGNRTQDNGOCRGTOKVGIGPGTCTWPCUQNWEKÎPGPNC
SWG VQFQU UQP ICPCFQTGU .C RTKPEKRCN FGUXGPVCLC GU SWG EQPUWOG
OWEJQVKGORQ
8GCOQU CJQTC EWCNGU UQP NCU XGPVCLCU [ FGUXGPVCLCU FG NCU VÃEPKECU FG
IGUVKÎPFGNEQPHNKEVQ[EWCPFQWVKNK\CTNC
'UVTCVGIKC
%QORGVGPEKC
%W¶PFQWVKNK\CTNC
%WCPFQGUPGEGUCTKCWPCCEEKÎPT¶RKFC[FGEKFKFC
'P VGOCU KORQTVCPVGU EWCPFQ GUPGEGUCTKQKORNCPVCT
UQNWEKQPGUKORQRWNCTGU
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EWCPFQGUV¶EQPXGPEKFQFGSWGVKGPGTC\ÎP
(TGPVG C RGTUQPCU SWG UG
EQORQTVCOKGPVQPQEQORGVKVKXQ
%QNCDQTCEKÎP
CRTQXGEJCP FGN
2CTC GPEQPVTCT WPC UQNWEKÎP KPVGITCFQTC EWCPFQ NQU
KPVGTGUGU FG VQFQU UQP VCP KORQTVCPVGU SWG PQ GU
RQUKDNGNNGICTCWPEQORTQOKUQ
%WCPFQGNQDLGVKXQGUCRTGPFGT
2CTC CWPCT NCU GPVTCFCU FG RGTUQPCU EQP FKHGTGPVGU
RGTURGEVKXCU
2CTCNQITCTGNEQORTQOKUQCNKPEQTRQTCTNQUKPVGTGUGU
GPWPEQPUGPUQ
2CTCUQNWEKQPCTRTQDNGOCUGOQEKQPCNGUSWGFKHKEWNVCP
NCTGNCEKÎP
%QORTQOKUQ
%WCPFQ NCU OGVCU UQP KORQTVCPVGU RGTQ PQ
EQORGPUCPGNGUHWGT\QQNCKPVGTTWREKÎPRQVGPEKCNFG
QVTCUHÎTOWNCUO¶UCEGTVCFCU
%WCPFQ NQU QRQPGPVGU GP KIWCNFCF FG RQFGT GUV¶P
EQORTQOGVKFQUEQPOGVCUOWVWCOGPVGGZENW[GPVGU
2CTCNQITCTCTTGINQUVGORQTCNGUGPVGOCUEQORNGLQU
2CTCNNGICTCUQNWEKQPGUGZRGFKVKXCUEWCPFQGNVKGORQ
CRTGOKC
%QOQ CNVGTPCVKXC EWCPFQ NC EQNCDQTCEKÎP Q NC
EQORGVGPEKCPQFCPTGUWNVCFQ
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
'UVTCVGIKC
'XCUKÎP
%W¶PFQWVKNK\CTNC
%WCPFQGNCUWPVQGUVTKXKCNQGZKUVGPQVTQUVGOCUO¶U
KORQTVCPVGU
%WCPFQRGTEKDGSWGPQJC[RQUKDKNKFCFGUFGUCVKUHCEGT
UWUKPVGTGUGU
%WCPFQ NCU EQPUGEWGPEKCU PGICVKXCU FG NC RQUKDNG
KPVGTTWREKÎPUWRGTCPNQUDGPGHKEKQUFGNCTGUQNWEKÎP
%WCPFQJC[SWGFCTVKGORQCNQUKPVGTGUCFQURCTCSWG
UGPGPHTÈGPQ[TGEWRGTGPNCRGTURGEVKXC
%WCPFQ NC TGEQIKFC FG KPHQTOCEKÎP TGGORNC\C C NC
UQNWEKÎPKPOGFKCVC
%WCPFQ FGUEWDTG SWG GUV¶ GSWKXQECFQ RCTC NQITCT
WPC RQUVWTC SWG RGTOKVC SWG NG GUEWEJGP RCTC
CRTGPFGT[RCTCFGOQUVTCTSWGGUTC\QPCDNG
%WCPFQ GN CUWPVQ GU OCU KORQTVCPVG RCTC NQU FGO¶U
SWGRCTCWUVGFRCTCUCVKUHCEGTCNQUFGO¶U[OCPVGPGT
NCEQQRGTCEKÎP
2CTCICPCTRWPVQUCUWHCXQTEQPXKUVCUCQVTQUCUWPVQU
HWVWTQU
%QPEKNKCEKÎP 2CTC OKPKOK\CT NCU RGTFKFCU EWCPFQ NG UWRGTCP GP
PÕOGTQ[GUV¶RGTFKGPFQ
%WCPFQ NC CTOQPÈC [ NC GUVCDKNKFCF UQP FG GURGEKCN
KORQTVCPEKC
2CTC EQPVTKDWKT CN FGUCTTQNNQ FG UWU GORNGCFQU
RGTOKVKGPFQSWGCRTGPFCPFGUWUGTTQTGU
2CTC WVKNK\CT NC VÃEPKEC FG EQNCDQTCEKÎP RCTC IGUVKQPCT GN EQPHNKEVQ FGDG
UGIWKTNQUUKIWKGPVGURCUQU
x 'N RTKOGT RCUQ GU CHTQPVCT GN EQPHNKEVQ 7PC FG NCU RCTVGU VKGPG SWG
TGEQPQEGT NC GZKUVGPEKCFGNEQPHNKEVQ CPCNK\CTUWURTQRKQUUGPVKOKGPVQU
GP TGNCEKÎP EQP GN OKUOQ [ GUVCT FKURWGUVC C CEGTECTUG C NC QVTC RCTC
JCDNCTUQDTGUWUUGPVKOKGPVQU
x %WCPFQ CODCU RCTVGU JCP VGPKFQ NC QRQTVWPKFCF FG GZRTGUCT UWU
UGPVKOKGPVQU [ QRKPKQPGU RGTUQPCNGU FGDGP FGHKPKT GN EQPHNKEVQ GP
VÃTOKPQUFGPGEGUKFCFGU
x $WUECTUQNWEKQPGUSWGUCVKUHCICPNCUPGEGUKFCFGUFGCODCURCTVGU
x 7VKNK\CT VÃEPKECU FG RGPUCOKGPVQ ETGCVKXQ RCTC CWOGPVCT NCU
RQUKDKNKFCFGU FG GPEQPVTCT WPC UQNWEKÎP UCVKUHCEVQTKC GXKVCT GOKVKT
LWKEKQUUQDTGEWCNSWKGTCFGNCUUQNWEKQPGU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
x &KUGÌCT WP RNCP FG CEEKÎP SWG RGTHKNG NQU RCUQU PGEGUCTKQU RCTC
KORNCPVCTNCUQNWEKÎP
x %QOQ RCUQ HKPCN CODCU RCTVGU FGDGP KFGPVKHKECT SWÃ GU NQ SWG JCP
CRTGPFKFQFGGUGEQPHNKEVQ[SWÃGUNQSWGJCT¶PGPGNHWVWTQRCTCGXKVCT
SWGUGTGRKVCNCOKUOCUKVWCEKÎP
'.41.&'+0018#&14
'N TQN FGN KPPQXCFQT GU WPQ FG NQU O¶U KORQTVCPVGU [ RTQDCDNGOGPVG GN OGPQU
EQORTGPFKFQFGNQUQEJQTQNGUFGNKFGTC\IQ5WRQPGGNWUQFGNCETGCVKXKFCF[NC
IGUVKÎPFGNQU ECODKQU [FGNCU VTCPUKEKQPGUQTICPK\CVKXCUNQEWCNGZKIGSWGGN
OCPFQ UGC HNGZKDNG [ GUVÃ CDKGTVQ C NCU PWGXCU KFGCU [ PWGXCU NÈPGCU FG
RGPUCOKGPVQCUÈEQOQCNQUPWGXQUTGVQUSWGCHTQPVCGPUWTQNFKTGEVKXQ
.C KPPQXCEKÎP [ NC IGUVKÎP FGN ECODKQ JCEGP RQUKDNG NC RTGRCTCEKÎP [ NC
CFCRVCEKÎP CN ECODKQ GP WPC UQEKGFCF .QU OCPFQU FGUGORGÌCP WP RCRGN
KORQTVCPVGVCPVQGPNCKPKEKCEKÎPEQOQGPNCGLGEWEKÎPFGNECODKQQTICPK\CVKXQ
.CUVTGUEQORGVGPEKCUFGNKPPQXCFQTUQPEQPXKXKTEQPGNECODKQGNRGPUCOKGPVQ
ETGCVKXQ[NCIGUVKÎPFGNECODKQ
%QPXKXKTEQPGNECODKQ
7PQFGNQUTGVQURTKPEKRCNGUSWGCHTQPVCGNOCPFQGPUWTQNFGKPPQXCFQT
GU GN FG EQPXKXKT EQP NQU ECODKQU PQ RNCPKHKECFQU [ GP QECUKQPGU PQ
FGUGCFQU'PVTGNCUFKHGTGPEKCUSWGGZKUVGGPVTGGNECODKQRNCPKHKECFQ[GN
ECODKQPQRNCPKHKECFQVGPGOQU
x 'N ECODKQ RNCPKHKECFQ UWRQPG WPC EQPPQVCEKÎP O¶U RQUKVKXC SWG GN
ECODKQPQRNCPKHKECFQ
x 'N ECODKQ RNCPKHKECFQ EQPNNGXC WP UGPVKFQ FG NQITQ GN PQ RNCPKHKECFQ
EQPNNGXCWPUGPVKFQFGRGTFKFC
x 2QFGOQU CPVKEKRCT GN ECODKQ RNCPKHKECFQ GN ECODKQ PQ RNCPKHKECFQ GU
TGRGPVKPQ
x 2CTVKEKRCOQU CEVKXCOGPVG GP GN ECODKQ RNCPKHKECFQ UQOQU TGEGRVQTGU
RCUKXQUFGNECODKQPQRNCPKHKECFQ
x 'NECODKQRNCPKHKECFQPQETGCVCPVCUVGPUKQPGUEQOQGNPQRNCPKHKECFQ
'U KPFKURGPUCDNG SWG GN FKTGEVKXQ EQORTGPFC NCU ECWUCU RTQHWPFCU FG UW
RTQRKCTGUKUVGPEKC[FGNCFGNQUFGO¶UCNECODKQPQRNCPKHKECFQ5WTGVQ
GUFQDNG
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
4GVQ #[WFCTUG C UÈ OKUOQ C CFCRVCTUG C NQU ECODKQU PQ RNCPKHKECFQU
SWGSWK\¶UPQFGUGG[EQPNQUSWGFGJGEJQRWGFGGUVCTGPVQVCN
FGUCEWGTFQ
4GVQ #[WFCTCUWUGORNGCFQUCCFCRVCTUG
.CU GUVTCVGIKCU SWG NG C[WFCP C WUVGF C CHTQPVCT GN ECODKQ PQ RNCPKHKECFQ
RWGFGPC[WFCTVCODKÃPCNQUFGO¶U%WCNSWKGTGUVTCVGIKCFGDGVGPGTEQOQ
QDLGVKXQTGFWEKTNCTGUKUVGPEKCVCPVQNCRTQRKCEQOQNCFGNQUGORNGCFQU
2CTCWPCOGLQTVQNGTCPEKCFGNECODKQPQRNCPKHKECFQGPGNTQNFGKPPQXCFQT
RQFGOQUQRVCTRQT
x 4GEQPQEGT SWG FWTCPVG NQU RGTKQFQU FG CLWUVG C NQU ECODKQU PQ
RNCPKHKECFQUGUVCT¶UQOGVKFQCPKXGNGUCFKEKQPCNGUFGGUVTÃU
x +FGPVKHKECT NCU GUVTCVGIKCU SWG NG JCP C[WFCFQ GP GN RCUCFQCVQNGTCTGN
GUVTÃURTQXQECFQRQTNQUECODKQUPQRNCPKHKECFQU
x $WUECT HQTOCU FG TGRGVKT NCU EQPFKEKQPGU GZRTGUCFCU GP GN RCUQ [
EWCNGUSWKGTCQVTCUSWGRWGFCKFGPVKHKECTEWCPFQPGEGUKVGC[WFC&GUFG
UW RWGUVQ FKTGEVKXQ WUVGF VCODKÃP VKGPG SWG HQOGPVCT NC GZRTGUKÎP FG
GUCUEQPFKEKQPGUGPUWWPKFCFFGVTCDCLQ
7PCXG\UWRGTCFQGNTGVQFGFGVGTOKPCTUWRTQRKCGUVTCVGIKCFGVQNGTCPEKC
RGTUQPCNUWUGIWPFQTGVQEQPUKUVGGPC[WFCTCUWUGORNGCFQUCCLWUVCTUGC
NQU ECODKQU PQ RNCPKHKECFQU 'U OW[ RTQDCDNG SWG KPVGPVG JCEGT RQT NQU
FGO¶UNQSWGJCUKFQÕVKNRCTCWUVGF&GPVTQFGNCQTICPK\CEKÎPVKGPGCUW
FKURQUKEKÎPFQUJGTTCOKGPVCUKORQTVCPVGU
NCEWNVWTCFGNCQTICPK\CEKÎP
[
UWGUVKNQFGNKFGTC\IQUWTGVQGUNCJCDKNKFCFRCTCWUCTNQURCTCCHTQPVCT
GNECODKQPQRNCPKHKECFQ
.C EWNVWTC FG NC QTICPK\CEKÎP GU GN EQPLWPVQ FG XCNQTGU ETGGPEKCU
GZRGEVCVKXCU [ CEVKVWFGU EQORCTVKFQU RQT NQU OKGODTQU FG NC OKUOC .C
EWNVWTCFGNCQTICPK\CEKÎPGUWPHCEVQTRQFGTQUQSWGKPHNW[GGPVQFQUUWU
OKGODTQU VCPVQ GP NC RGTEGREKÎP FG NQU CEQPVGEKOKGPVQU EQOQ FG NCU
UKVWCEKQPGU+PHNW[GVCODKÃPGPNCHQTOCGPSWGNQUOKGODTQUKPVGTCEVÕCP[
GP UWU TGNCEKQPGU EQP NCU RGTUQPCU CLGPCU C NC QTICPK\CEKÎP GP GN
FGUGORGÌQ FG NCU TGURQPUCDKNKFCFGU RTQRKCU FG UW VTCDCLQ .C EWNVWTC
TGHNGLCNCHQTOCGPSWGNCQTICPK\CEKÎPCHTQPVCNQUECODKQURNCPKHKECFQU
# OGFKFC SWG CPCNK\C NC EWNVWTC FG UW QTICPK\CEKÎP KFGPVKHKSWG NQU
GNGOGPVQU SWG TGHWGT\CP NC TGUKUVGPEKC CN ECODKQ G KPVGPVG TGFWEKTNQU
6CODKÃPFGDGKFGPVKHKECTNQUGNGOGPVQUSWGUQPEQJGTGPVGUEQPWPGPVQTPQ
FGEQNCDQTCEKÎPGKPVGPVCTTGHQT\CTNQU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
6TGUHQTOCUFGWVKNK\CTNCEWNVWTCFGUWQTICPK\CEKÎPRCTCCHTQPVCTGNECODKQ
PQRNCPKHKECFQ
x #RQ[G WPCEWNVWTCQTICPK\CVKXC
FGNCWPKFCFFGVTCDCLQSWGXCNQTGNC
HNGZKDKNKFCF [ NC ECRCEKFCF FG CFCRVCEKÎP 2GTOKVC SWG UWU GORNGCFQU
CRTGPFCP SWG NCU QRQTVWPKFCFGU FG ECODKQ UQP QRQTVWPKFCFGU FG
CRTGPFK\CLG[ETGEKOKGPVQ[GUPGEGUCTKQFCTNGUNCDKGPXGPKFC
x (QOGPVGNCRCTVKEKRCEKÎPFGNQUGORNGCFQUGPNQUECODKQUSWGCHTQPVG
NC WPKFCF FG VTCDCLQ #N HQOGPVCT NC RCTVKEKRCEKÎP FG NQU GORNGCFQU
TGFWEGNCTGUKUVGPEKCCNECODKQ[EQPVTKDW[GCNECODKQFGEWNVWTC
x %QPUKFGTG C UWU GORNGCFQU EQOQ TGEWTUQU ETGCVKXQU 2QVGPEKCT NC
ETGCVKXKFCF FG UWU GORNGCFQU NGU C[WFC C EQORTGPFGT UWU RTQRKQU
XCNQTGU[RWPVQUHWGTVGUGURGEÈHKEQU
'NRGPUCOKGPVQETGCVKXQ
.C ETGCVKXKFCF GU GN VKRQ FG RGPUCOKGPVQ SWG IGPGTC PWGXCU KFGCU [
UQNWEKQPGU CUQEKCPFQ NCUEQUCUQKFGCUEQPQEKFCU 'LGORNQ/EQODKPC
NQUCFJGUKXQUEQPNQURGSWGÌQUVTQ\QUFGRCRGNRCTCVQOCTPQVCUETGCPFQ
NQUP2QUVKVQ
‹&G SWà HQTOC RQFGOQU CWOGPVCT PWGUVTC JCDKNKFCF RCTC WVKNK\CT GN
RGPUCOKGPVQETGCVKXQ!
x 6GPGOQU SWG TGEQPQEGT SWG VQFQU VGPGOQU FGVGTOKPCFQU UWRWGUVQU[
RCVTQPGUFGRGPUCOKGPVQSWGWVKNK\COQURGTQPQEWGUVKQPCOQU
x 6GPGOQUSWGTGEQPQEGTSWGNCKPHQTOCEKÎPSWGWVKNK\COQURCTCIGPGTCT
PWGXCUTGNCEKQPGUGPVTGNCUEQUCU[NCUKFGCUGUV¶[CGPNCOGPVG
'N RGPUCOKGPVQ ETGCVKXQ GU KOCIKPCVKXQ RTQXQECFQT [ IGPGTC WPC CORNKC
XCTKGFCF FG KFGCU RQT NQ SWG FGDG KPVGPVCT FGUCTTQNNCT FGUVTG\CU FG
RGPUCOKGPVQETGCVKXQGPUKOKUOQ[GPNQUFGO¶U
2CTCEGPVTCTUGGPGNFGUCTTQNNQFGUWUFGUVTG\CUETGCVKXCU[NCUFGNQUFGO¶U
CPCNKEGNCUVTGUFKOGPUKQPGUFGNCETGCVKXKFCFFGUVTG\CUTGNGXCPVGUTGURGEVQ
CNCOCVGTKCQVGOCFGUVTG\CUTGNGXCPVGUFGETGCVKXKFCF[OQVKXCEKÎPRCTC
NCVCTGC
.CUFGUVTG\CUTGNGXCPVGUGPGN¶TGC 'UV¶PCUQEKCFCUEQPNQUEQPQEKOKGPVQU
D¶UKEQU [ GURGEKCNK\CFQU GUGPEKCNGU RCTC GN RGPUCOKGPVQ ETGCVKXQ 'N
CWOGPVQFGGUVCUFGUVTG\CUUWRQPGD¶UKECOGPVGGNKPETGOGPVQFGUWDCUG
FG EQPQEKOKGPVQU 'LGORNQ EWCNSWKGTC PQ RWFQ JCDGT FGUEWDKGTVQ NC
RGPKEKNKPC RGTQ SWK\¶U EWCNSWKGT DKÎNQIQ EQP NQU EQPQEKOKGPVQU
GURGEKCNK\CFQU RQFTÈC JCDGTNQ JGEJQ &GPVTQ FG NCU QTICPK\CEKQPGU NQU
EQPQEKOKGPVQUXCTÈCPGPNCUFKHGTGPVGU¶TGCU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
.CUFGUVTG\CUTGNGXCPVGURCTCNCETGCVKXKFCF 5QPCSWGNNCUSWGECRCEKVCPC
NQUKPFKXKFWQURCTCCUQEKCTEQPEGRVQURTGXKCOGPVGKPEQPGZQURCTCRGPUCT
FG HQTOC FKHGTGPVG 7PC ENCXG RCTC KPETGOGPVCT UWU FGUVTG\CU GU NC
JCDKNKFCF RCTC TQORGT EQP JKRÎVGUKU [ UWRWGUVQU IGPGTCNK\CFQU UQDTG NC
TGNCEKÎPGPVTGNCUKFGCU[NCUEQUCUFGHQTOCSWGUGCECRC\FGEQPUKFGTCT
PWGXCUTGNCEKQPGU'UOW[KORQTVCPVGSWGTGEQPQ\ECNCUDCTTGTCUEWNVWTCNGU
CNCETGCVKXKFCFRCTCRTQVGIGTPQUFGGNNCUOGPEKQPCTGOQUCNIWPCU
x 4GUKUVGPEKCCNECODKQ
x /KGFQCGSWKXQECTPQU[OKGFQCHTCECUCT
x +PECRCEKFCFRCTCVQNGTCTNCCODKI×GFCFNCKPECRCEKFCFRCTCVQNGTCTNC
HNGZKDKNKFCF
x 6GPFGPEKCCGPLWKEKCTCPVGUSWGCIGPGTCTKFGCU
x +PECRCEKFCF RCTC TGNCLCTPQU Q RCTC RGTOKVKT SWG PC\EC EWCNSWKGT KFGC
PWGXC
x 6GPFGPEKCFGNCCWVQETÈVKECGZEGUKXC
x /KGFQCNTKFÈEWNQ
x %QPHQTOKUOQ Q FGUGQU FG TGURQPFGT FG NC HQTOC GURGTCFC SWK\¶U NQU
KPFKXKFWQU PQ SWKGTGP KT EQPVTC EQTTKGPVG Q RTGUGPVCT CTIWOGPVQU
KORQRWNCTGU
x %TGCEKÎP FG GUVGTGQVKRQU Q NKOKVCEKÎP FG NCU KFGCU [ QDLGVQU C UW WUQ
PEQPQEKFQQNCKPECRCEKFCFRCTCEQPVGORNCTWPRTQDNGOCFGUFGFKXGTUCU
RGTURGEVKXCUGUEQPUGEWGPEKCFGNQUGUVGTGQVKRQUOGPVCNGU
x (CNVCFGKPHQTOCEKÎPQGZEGUQFGKPHQTOCEKÎPKPEQTTGEVCQKTTGNGXCPVGNC
HCNVCFGÃUVCNKOKVCGNVTCVCOKGPVQETGCVKXQFGNCKPHQTOCEKÎP
.C OQVKXCEKÎP RCTC NC VCTGC UG TGHKGTG C NC GZKUVGPEKC FG WP GPVQTPQ
QTICPK\CVKXQ SWG HQOGPVG NC ETGCVKXKFCF FG UWU GORNGCFQU 1HTGEGT WP
GPVQTPQHCXQTCDNGCNCETGCVKXKFCFRNCPVGCOWEJQUTGVQU%QPHTGEWGPEKCNCU
DCTTGTCU KPFKXKFWCNGU [ EWNVWTCNGU OGTOCP PWGUVTCU JCDKNKFCFGU RCTC ETGCT
GUGVKRQFGGPVQTPQ
'ZKUVGP FQU VKRQU FG DCTTGTCU QTICPK\CVKXCU SWG NQU OCPFQU VKGPGP SWG
UWRGTCTEQPGNHKPFGCWOGPVCTNCUQRQTVWPKFCFGU[NCUJCDKNKFCFGUFGUWU
GORNGCFQURCTCWVKNK\CTGNRGPUCOKGPVQETGCVKXQNCRTKOGTCGUKPJGTGPVGC
NC FGHKPKEKÎP [ GUVTWEVWTC FG NCU QTICPK\CEKQPGU NC UGIWPFC GUV¶ CUQEKCFC
EQPNQUGUVKNQU[NCUCEVKVWFGUFGIGUVKÎP[QHTGEGOC[QTGURQUKDKNKFCFGUFG
GHGEVWCTECODKQU
x .CUQTICPK\CEKQPGUEQPGUVTWEVWTCUTÈIKFCUETGCPDCTTGTCUCNRGPUCOKGPVQ
ETGCVKXQ FGDKFQ C SWG UQP RQECU NCU RQUKDKNKFCFGU FG ECODKCT GUCU
ECTCEVGTÈUVKECUQTICPK\CVKXCU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
x 1VTCDCTTGTCRWGFGCVTKDWKTUGCNGUVKNQFKTGEVKXQSWGEQPHTGEWGPEKCGUVC
OQVKXCFQ RQT NC RTQRKC GUVTWEVWTC LGT¶TSWKEC FG NC QTICPK\CEKÎP 6KGPG
XCTKCUECTCEVGTÈUVKECUSWGQDUVCEWNK\CPNCETGCVKXKFCFGPNQUGORNGCFQU
VCNGU EQOQ GN CWVQTKVCTKUOQ [ NC ETGGPEKC FG SWG UQNCOGPVG GZKUVG WPC
OCPGTCFGJCEGTNCUEQUCU
.KUVCFGEQORTQDCEKÎPFGNCOQVKXCEKÎPRCTCNCVCTGC
x 0QKPVGPVGFKTKIKTQDUGTXCTQKPHQTOCTGPGZEGUQ
x 4GEQPQ\ECNCUFKHGTGPEKCUKPFKXKFWCNGU8CNQTGNCUECTCEVGTÈUVKECUÕPKECU
FGECFCRGTUQPC
x #[WFGCUWUUWDQTFKPCFQUCEQPUKFGTCTNQURTQDNGOCUEQOQTGVQU
x 'XCNÕG C UWU GORNGCFQU GP NQU CURGEVQU GP SWG GNNQU UG EQPUKFGTCP
ETGCVKXQUQGPNQUSWGNGUIWUVCTÈCUGTO¶UETGCVKXQUFGVGTOKPGGNVKRQFG
EQPVTKDWEKÎPETGCVKXCSWGNGUIWUVCTÈCQHTGEGT
x 2GTOKVC WPC OC[QT NKDGTVCF C NQU KPFKXKFWQU RCTC FKTKIKT UW RTQRKQ
VTCDCLQ
x #FKÃUVTGUG C UÈ OKUOQ [ C NQU FGO¶U RCTC TGURQPFGT C NQU CURGEVQU
RQUKVKXQUFGNCUKFGCURTQRWGUVCUGPNWICTFGTGCEEKQPCTUQNCOGPVGCNQU
CURGEVQUPGICVKXQUSWGRQTNQIGPGTCNUQPOCUH¶EKNGUFGKFGPVKHKECT
x &GUCTTQNNGWPCOC[QTVQNGTCPEKCCNQUGTTQTGU
x %TGGWPENKOCSWGRGTOKVCGNHTCECUQ
x #EVÕG EQOQ TGEWTUQ [ CRQ[Q PQ EQOQ OGTQ EQPVTQN CEVÕG EQOQ
HCEKNKVCFQT
x #EVÕGEQOQCOQTVKIWCFQTGPVTGNQUGORNGCFQU[NQURTQDNGOCUGZVGTPQU
QNCUGZKIGPEKCUFGNQUPKXGNGUUWRGTKQTGU
x &GUCTTQNNG UW RTQRKC JCDKNKFCF ETGCVKXC OGFKCPVG NC RCTVKEKRCEKÎP GP
UGOKPCTKQU GURGEKCNGU .CU NGEVWTCU GURGEKCNK\CFCU [ NC RT¶EVKEC FG
GLGTEKEKQU[LWGIQUETGCVKXQU
x #UGIÕTGUGFGVTCPUOKVKTCUWLGHGVQFCUNCUKFGCUKPPQXCFQTCU[FGOQUVTCT
UWCRQ[QKPUKUVCGPNCPGEGUKFCFFGWPOGECPKUOQFGKPHQTOCEKÎPFG
TGVQTPQ
7PCFGNCUGUVTCVGIKCUO¶UGHKECEGURCTCFGUEWDTKT[HQOGPVCTNCETGCVKXKFCF
FGNQUGORNGCFQUGUGNDQODCTFGQFGKFGCU5GWVKNK\CRCTCIGPGTCTPWGXCU
KFGCU[CSWGEQODKPC NCUFGUVTG\CUNQURGPUCOKGPVQU[NQUEQPQEKOKGPVQU
FG NQU GORNGCFQU 'P GUVCU UGUKQPGU UG CPKOC C VQFQU NQ OKGODTQU C
EQPVTKDWKTEQPUWUKFGCU
.CVÃEPKECFGNITWRQPQOKPCNGUWPRTQEGUQSWGWVKNK\C GNDQODCTFGQFG
KFGCURCTCIGPGTCTPWGXCUKFGCU[WVKNK\CNCFKUEWUKÎPFGITWRQ[NCXQVCEKÎP
UKUVGO¶VKEC RCTC GNGIKT GPVTG NCU KFGCU IGPGTCFCU RQT GN ITWRQ .QU RCUQU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
UKIWKGPVGU RWGFGP C[WFCTNG C RNCPKHKECT WPC UGUKÎP FG VÃEPKEC FG ITWRQ
PQOKPCN
#UGIÕTGUGFGSWGVQFQUEQORCTVGPWPCOKUOCFGHKPKEKÎPFGNRTQDNGOC
2KFC C NQU RCTVKEKRCPVGU SWG GUETKDCP UWU KFGCU FWTCPVG GUVG VKGORQ
PCFKG FGDG FG JCDNCT GZEGRVQ RCTCJCEGT CENCTCEKQPGU&GFKSWGGPVTG
K OKPCGUVGRCUQ
2GTOKVC SWG VQFQU GZRTGUGP UWU KFGCU 'UETKDKTNCU GP TQVC HQNKQU FG
OCPGTCSWGVQFQUNCRWGFCPXGT
&GURWÃUFGGUETKDKTVQFCUNCUKFGCUTGXÈUGNCUWPCRQTWPCRGTOKVCSWG
NQURCTVKEKRCPVGURTGIWPVGP[GZRTGUGPUWQRKPKÎP
2KFC C NQU RCTVKEKRCPVGU SWG XQVGP EW¶N GU UW UQNWEKÎP CNVGTPCVKXC
RTGHGTKFC GP IGPGTCN GU UGETGVC [ ECFC RCTVKEKRCPVG FGDG KFGPVKHKECT
KPFKXKFWCNOGPVGEKPEQKFGCURQTQTFGPFGRTGHGTGPEKC
4GXKUGNCXQVCEKÎP UKWPCFGNCUCNVGTPCVKXCUUQDTGUCNGEQOQNCQREKÎP
RTGHGTKFCUGUVCRTGRCTCFQRCTCFGEKFKTNCHQTOCFGRQPGTNCGPRT¶EVKEC
'PECUQEQPVTCTKQ UGNGEEKQPGNCUEKPEQ RTKOGTCUCNVGTPCVKXCU[TGRKVCGN
RCUQ CUKIPCPFQ RWPVQU UQNCOGPVG C NCU VTGU RTKOGTCU QREKQPGU
RTGHGTKFCU
.CIGUVKÎPFGNECODKQ
.QUECODKQUUQPPGEGUCTKQU EQPGNHKPFGCNECP\CTOGVCU[QDLGVKXQUVCNGU
EQOQ OGLQTCU GP NC GHKEKGPEKC NQU TGEWTUQU GVE 5G QRVC GUQU ECODKQU [
CLWUVGU EQP GN HKP FG CLWUVCTPQU EQP OC[QT GHKECEKC C NC OKUKÎP FG NC
QTICPK\CEKÎPGPWPOWPFQGPRGTOCPGPVGOQXKOKGPVQ#PVGGUVCUKVWCEKÎP
UG RWGFG VGPGT TGUKUVGPEKC FG NCU RGTUQPCU VCODKÃP GU RQUKDNG SWG
GPEWGPVTGTGUKUVGPEKCRQTRCTVGFGNCQTICPK\CEKÎPEQOQGPNQUUKIWKGPVGU
ECUQU
x %CODKQUSWGCHGEVCPCNQUTGSWGTKOKGPVQUFGEQPQEKOKGPVQU[FGUVTG\CU
.QU GORNGCFQU UG TGUKUVGP C NQU ECODKQ SWG JCEGP SWG UWU FGUVTG\CU
RCTG\ECPKPPGEGUCTKCU
x %CODKQUCUQEKCFQUEQPRGTFKFCUGEQPÎOKECUQFGUVCVWU
x %CODKQUUWIGTKFQURQTQVTQUEWCPFQWPGORNGCFQGUVCEGNQUQFGNÃZKVQ
FG WP EQORCÌGTQ Q RGTEKDG SWG GN ÃZKVQ FG QVTQ RGTLWFKEC NC KOCIGP
SWGVKGPGPGNOCPFQFGNQUFGO¶UGORNGCFQUQEWCPFQNCEQORGVGPEKC
GUKPVGPUCFGPVTQFGNCWPKFCFFGVTCDCLQUQPRQECUNCURQUKDKNKFCFGUFG
SWGNQUGORNGCFQUCEGRVGPNCUKFGCUFGUWUEQORCÌGTQU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
x %CODKQUSWGEQPNNGXCPTKGUIQUEWCPFQNCEWNVWTCFGNCQTICPK\CEKÎPPQ
XCNQTCNCCUWPEKÎPFGTKGUIQUNQUKPFKXKFWQUPQSWKGTGPEQTTGTGNTKGUIQ
FG GSWKXQECTUG [ GU RTQDCDNG SWG UG TGUKUVCP C UWIGTKT Q CEGRVCT
EWCNSWKGTECODKQSWGEQPNNGXGTKGUIQU
x %CODKQU SWG KPENW[GP NC CNVGTCEKÎP FG NCU TGNCEKQPGU UQEKCNGU RCTC
OWEJQU NC QTICPK\CEKÎP GU NC HWGPVG RTKPEKRCN FG KPVGTCEEKÎP UQEKCN
EWCPFQGUVQURCVTQPGUUQEKCNGUFGCNVGTCPNCURGTUQPCUUGTGUKUVGP
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6KGPGGPEWGPVCNQUXCNQTGUNCUCEVKVWFGUNCUKPVGPEKQPGU[NQUJ¶DKVQU
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GNKORCEVQSWGNGUECWUCGUFGEKTNQUTCUIQURGTUQPCNGUSWGNQUFGO¶U
GPEWGPVTCPCVTCEVKXQUKPHNW[GPVGUQRGTUWCUKXQU
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x 0QVGOCJCDNCTUQDTGUWFGRGPFGPEKCOWVWC
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0GIQEKCTCEWGTFQU[EQORTQOKUQU
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NQSWGPGEGUKVCPRGTQVCODKÃPUCDGPSWGNCURGTUQPCUEQPNCUSWGVTCVCPC
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GUVTÃU GP NC XKFC QTICPK\CVKXC 3WGTGOQU SWG PWGUVTQU LGHGU UGCP O¶U
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0KXGN#EVÕCRQTUWEWGPVCUQNCOGPVGKPHQTOGUTWVKPCTKQU
0KXGN#EVÕCRGTQKPHQTOCFGKPOGFKCVQ
0KXGN4GEQOKGPFCNWGIQGORTGPFGNCCEEKÎPTGUWNVCPVG
0KXGN2TGIWPVCSWÃGUNQSWGJC[SWGJCEGT
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NCGUECNCXCTKCT¶FGRGPFKGPFQFGNPKXGNFGCPUKGFCFGKPVGTÃURGTUQPCNFG
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)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
x 7VKNKEG WPC OQVKXCEKÎP KPVGTKQT GN RWPVQ FG RCTVKFC GU OCPVGPGT WPC
CEVKVWF OGPVCN RQUKVKXC CEQUVWODT¶PFQUG C GPHQECT ECFC WPC FG NCU
VCTGCUEQPOWEJCGPGTIÈC[FGHQTOCRQUKVKXC
x %GPVTCTUG GP NCU VCTGCU O¶U KORQTVCPVGU GU FGEKT FGDGOQU CRTGPFGT C
IGUVKQPCTGNVKGORQ
x 5GCRGTUKUVGPVG[VGPICRCEKGPEKCSWGUQPETWEKCNGUHTGPVGCNCKPGTEKC
5KPGODCTIQRCEKGPEKCPQUKIPKHKECRCUKXKFCF.CQDUVKPCEKÎPNNGXCFCC
GZVTGOQURWGFGEQPUKFGTCTUGEQOQETWGNFCF
x %QPVCIKGGNFGUGQFGNCGZEGNGPEKC
x %CVCNKEGNC CEEKÎPKPVGNKIGPVGCEVKXCT[JCEGTFGDGPEGPVTCTUGGPVQTPQC
OGVCU[QDLGVKXQUENCTCOGPVGGURGEKHKECFQU[TGCNKUVCU
.CUENCXGURCTCNCECRCEKFCFFGFGEKUKÎP
x 5GTEQPUEKGPVGFGSWGRWGFGHTCECUCTRQTSWGVQFCFGEKUKÎPEQPNNGXCWP
EKGTVQTKGUIQNQEWCNKORNKECWPRQVGPEKCNHTCECUQ5KPQURTGQEWRCOQU
FGPQHTCECUCTPQVQOCTGOQUFGEKUKQPGU.QUEQORQPGPVGUFGGTTQTGU[
NQUHTCECUQUUQPWPEQORQPGPVGPCVWTCNFGNRTQEGUQFGNKFGTC\IQ
x 5GT EQPUEKGPVG FG SWG RWGFG ECODKCT UW FGEKUKÎP .CU FGEKUKQPGU UQP
TGXQECDNGUEWCPFQUGQRQPICCWPCFGEKUKÎPUGCEQPUEKGPVGFGSWGPQ
UKGORTGRWGFGVGPGTNCUGIWTKFCFVQVCN
x 0Q RQPIC FGOCUKCFQ ÃPHCUKU GP NQU JGEJQU [ NC KPHQTOCEKÎP 0Q
EQPXKGTVCGNCP¶NKUKUGPHKPGPNWICTFGWVKNK\CTNQEQOQWPOGFKQ'PGN
OWPFQ TGCN PQ UKGORTG VGPGOQU NC UWHKEKGPVG KPHQTOCEKÎP RCTC VQOCT
WPCFGEKUKÎP
x %QPHÈG GP UWU UGPUCEKQPGU G KPVWKEKQPGU [ GP NC KFGC FG NQ SWG GU
EQTTGEVQ %QP HTGEWGPEKC UG ETKVKEC NC KPVWKEKÎP NQU RTGUGPVKOKGPVQU PQ
UQP GURQPV¶PGQU VKGPGP WPC DCUG FG PWGUVTC GZRGTKGPEKC [ GP PWGUVTQ
GUVKNQFGVQOCFGFGEKUKQPGU
x 1DVGPIC FCVQU FG UWU EQNGICU [ FG QVTCU RGTUQPCU EW[CU QRKPKQPGU
TGURGVC
x 7VKNKEGGZRGTVQUGZVGTPQUEWCPFQUGCPGEGUCTKQ'PVGOCUOW[UGTKQUPQ
UG FGDG KORTQXKUCT VQOCPFQ FGEKUKQPGU T¶RKFCU WPC NNCOCFC CN
RTQHGUKQPCN KPFKECFQ RWGFG HCEKNKVCTNG NC KPHQTOCEKÎP SWG NG C[WFCT¶ C
SWGNCFGEKUKÎPEQTTGEVCUGCO¶UGXKFGPVG
x )GPGTG GN OC[QT PÕOGTQ FG RQUKDNGU UQNWEKQPGU DWUSWG WPC JQLC FG
RCRGN OCPVGPIC EQPUKIQ OKUOQ WPC UGUKÎP FG DQODCTFGQ FG KFGCU [
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
GPWOGTG VQFCU NCU RQUKDNGU UQNWEKQPGU SWG UG NG QEWTTCP RQT OW[
FKURCTCVCFCUSWGNGRCTG\ECP
x *CIC FG CDQICFQ FG FKCDNQ 'NKOKPG VQFQU NQU TGUWNVCFQU OGFKQU [
EÃPVTGUGGPNQUGZVTGOQU2KGPUGGPGNOGLQT[GNRGQTTGUWNVCFQRQUKDNG
FGUWFGEKUKÎPEWCPVQGUV¶FKURWGUVQCCTTKGUICT
x 2QURQPIC NC FGEKUKÎP 5K NC UKVWCEKÎP CUÈ NQ GZKIG PQ VGOC TGVTCUCT NC
FGEKUKÎPPQUWRQPGWPUKIPQFGFGDKNKFCF0QJC[SWGFGEKFKTNQCJQTC
OKUOQGU[CWPCITCPFGEKUKÎP
(KLCEKÎPFGOGVCU
#EQPVKPWCEKÎPGZCOKPCTGOQUWPEQPLWPVQFGVÃEPKECUFGUCTTQNNCFCURCTC
CWOGPVCTNCGHKECEKCFGNCHKLCEKÎPFGOGVCUV¶EVKECU
.CUOGVCUGURGEÈHKECU[FGUCHKCPVGUIGPGTCPWPTGPFKOKGPVQUWRGTKQTCNFG
NCU OGVCU KORTGEKUCU H¶EKNGU FG CNECP\CT 'U FGEKT UG FGDG FGHKPKT EQP
ENCTKFCF GP VÃTOKPQU FG SWG GU NQ SWG VKGPG SWG UWEGFGT EQP SWG
HTGEWGPEKCGPSWGECPVKFCF[RCTCEWCPFQ
.C KPHQTOCEKÎP FGN TGVQTPQ UQDTG GN RTQITGUQ HCXQTGEG GN RTQEGUQ NC
KPHQTOCEKÎPUQDTGGNRTQITGUQCNECP\CFQGUGUGPEKCN
%WCPFQJC[OCUFGWPCOGVCGUPGEGUCTKQGUVCDNGEGTRTKQTKFCFGUVCODKÃP
UKTXG RCTC XGTKHKECT NCU GZRGEVCVKXCU VCPVQ FGN FKTGEVKXQ EQOQ FG NQU
UWDQTFKPCFQU .C EQORGVGPEKC KPHQTOCN FG NQU GORNGCFQU ECWUCFC RQT NC
HKLCEKÎPFGOGVCU[NCKPHQTOCEKÎPFGTGVQTPQCWOGPVCNQUDGPGHKEKQUFGN
RTQEGUQ
'UPGEGUCTKQTGEQORGPUCTGNNQITQFGNCUOGVCU[GNTGPFKOKGPVQOGFKCPVG
WPCXCTKGFCFFGKPEGPVKXQUGEQPÎOKEQUQTGEQORGPUCUPQGEQPÎOKECU.C
HKLCEKÎP FG OGVCU RWGFG UGT WP EQORQPGPVG KORQTVCPVG FG NC IGUVKÎP FGN
TGPFKOKGPVQ .CU RGTUQPCU VKGPGP SWG FGUCTTQNNCT RNCPGU FG CEEKÎP RCTC
NQITCTUWUOGVCU
.CU OGVCU FGDGP HKLCTUG GP WP GPVQTPQ FG CRQ[Q GP GN SWG NQU FKTGEVKXQU
C[WFGP[CPKOGPCUWUGORNGCFQUCVTKWPHCT[UGIÕPEQOQUGWVKNKEGPNCU
OGVCU RWGFGP KPETGOGPVCT Q FKUOKPWKT GN GUVTÃU RGTEKDKFQ RQT NQU
UWDQTFKPCFQU
&GNGICEKÎPGHKEC\
2CTCWPCFGNGICEKÎPGHKEC\EQPUKFGTGNQUUKIWKGPVGURWPVQU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
x %NCTKHKSWG GP UW RTQRKC OGPVG SWG GU NQ SWG FGUGC SWG UG JCIC WPC
HQTOCGUGUETKDKÃPFQNQ
x #UKIPGNCVCTGCO¶UCFGEWCFCCNGORNGCFQO¶UCFGEWCFQ
x #N CUKIPCT NC VCTGC CUGIÕTGUG FG GZRTGUCTUG EQP ENCTKFCF RNCPVGG
RTGIWPVCU RCTC FGVGTOKPCT UKP EQORTGPFGP GP RTQHWPFKFCF NC VCTGC
#UGIÕTGUGFGCENCTCTNCUHGEJCUVQRG[NQUJQTK\QPVGUFGVKGORQ
x /CPVGPICCDKGTVQNQUECPCNGUFGFKHWUKÎPFGLGOW[ENCTQSWGWUVGFGUV¶
FKURQPKDNGRCTCEQPUWNVCUQFKUEWUKQPGU
x 2GTOKVCSWGNQUGORNGCFQUJCICPNCVCTGCFGNCHQTOCGPSWGUGUKGPVCP
O¶U EÎOQFQU FGOWÃUVTGNGU EQPHKCP\C GP UWU JCDKNKFCFGU 0Q VGPIC
GZRGEVCVKXCU FGOCUKCFQ GNGXCFQU RCTC SWG NC ÕPKEC CNVGTPCVKXC UGC GN
HTCECUQ
x %QORTWGDGGNRTQITGUQRGTQPQUGNCPEGCNTGUECVGCNRTKOGTUÈPVQOC
FGNHTCECUQ
x 4GURQPUCDKNKEG C NC RGTUQPC FGN VTCDCLQ [ FG EWCNSWKGT FKHKEWNVCF SWG
RWGFCUWTIKTRGTQJ¶ICNQFGUFGWPCRQUKEKÎPFGOCGUVTQPQFGCIGPVG
FGRQNKEÈC#PCNKEGNQSWGGUV¶OCN [C[ÕFGNGUCFGUCTTQNNCTUWURTQRKCU
UQNWEKQPGU
x +IPQTCT NQU GUHWGT\QU FG NQU GORNGCFQU RWGFG UGT FGUCUVTQUQ RCTC NC
OQVKXCEKÎP 4GEQPQ\EC NQU NQITQU [ FGOWGUVTG SWG NQU XCNQTC
CFGEWCFCOGPVG
'.41.&'241&7%614
5GGURGTCSWGNQUFKTGEVKXQUGUVÃPQTKGPVCFQUCNCVCTGCEGPVTCFQUGPGNVTCDCLQ[
OW[ KPVGTGUCFQU GP NC VCTGC SWG VKGPGP GPVTG OCPQU 6CODKÃP FGDG OQUVTCT WP
CNVQPKXGNFGOQVKXCEKÎPGPGTIÈC[HWGT\CKPVGTKQT
2TQFWEVKXKFCF[OQVKXCEKÎPRGTUQPCN
5GEGPVTCGPEQOQWUVGFEQOQFKTGEVKXQFGUEWDTGGNSWGFQPFGEQOQ[
RQTSWGRCTCOQVKXCTUGJCUVCCNECP\CTNQU CNVQU PKXGNGUFGRTQFWEVKXKFCF
GURGEKCNOGPVG UG GPHQEC GN TGPFKOKGPVQ RGTUQPCN QRVKOQ RCTC SWG GN
RGTUQPCNUGQTKGPVGCTGUWNVCFQUFGDKFQCUWUGPVKFQFGOKUKÎPRGTUQPCN[
VGPGT NCECRCEKFCFFGCWVQIGUVKÎP[FGFQOKPKQFGNGSWKRQCUÈEQOQVGPGT
NCECRCEKFCFFGJCEGTNQUCLWUVGURGTVKPGPVGU[IGUVKQPCTGNECODKQ
'UVCUIGUVKQPGUUQP
x %QORTQOKUQ7PCNVQPKXGNFGEQORTQOKUQRCTCRTQVGIGCNCURGTUQPCU
FGNQUGHGEVQUPGICVKXQUFGNGUVTÃU[FGNCUQDTGECTICFGVTCDCLQ
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
x 4GVQ 'U GN FGUGQ [ PGEGUKFCF FG GPHTGPVCTUG C WP PKXGN CFGEWCFQ FG
TGVQ NC DÕUSWGFC EQJGTGPVG FG NQU TKGUIQU TC\QPCDNGU [ FG
QRQTVWPKFCFGURCTCRGTUGIWKTOGVCUO¶UCORNKCU
x 2TQRÎUKVQ .QU FKTGEVKXQU PQ UQNCOGPVG VKGPGP SWG EQPQEGT NCU
TGURWGUVCU C NCU RTGIWPVCU UKPQ SWG VCODKÃP VKGPGP SWG GUVCT FG
CEWGTFQEQPNCUTGURWGUVCU
x %QPVTQN 'N TGPFKOKGPVQ QRVKOQ GZKIG WP GSWKNKDTKQ FGFKECFQ GPVTG NC
CWVQPQOÈCGPNCCEEKÎP[NCECRCEKFCFRCTCEQTTGURQPFGTCWPCU OGVCU
ENCTCU[GURGEKHKECU
x 5WRGTCEKÎP /QVKXCEKÎP RCTC UWRGTCT NQU PKXGNGU CPVGTKQTGU FG
TGPFKOKGPVQQNCPOGLQTCRGTOCPGPVGQ
x 'SWKNKDTKQ 5QP ECRCEGU FG IGUVKQPCT [ FKUHTWVCT EQP UW VTCDCLQ UW
HCOKNKCUWUCOKIQU[UWUOQOGPVQUFGQEKQ
/QVKXCT CNQUFGO¶U
7PCFGNCUCURKTCEKQPGUO¶UEQOWPGUGPVTGNQUSWGVTCDCLCPEQPQVTCIGPVG
GU NC FG UGT ECRCEGU FG OQVKXCT C NCU RGTUQPCU EQP NCU SWG VTCDCLCP WPC
UGPUCEKÎP FG HTCECUQ GP GUC CURKTCEKÎP EQP HTGEWGPEKC EQPNNGXC HWGTVGU
UGPUCEKQPGUFGEWNRC[NCFKUOKPWEKÎPFGNCCWVQGUVKOC
PQUQ[ECRC\FG
OQVKXCTCOKUEQNCDQTCFQTGURQTNQVCPVQUQ[WPOCNFKTGEVKXQ
2GTQRCTCRQFGTOQVKXCTCNQUFGO¶URTKOGTQPGEGUKVCOQUGPVGPFGTNQSWG
GUQUWRQPG/QVKXCTCNQUFGO¶UEQPUKUVGGPETGCTWPCUKVWCEKÎPGPNC SWG
NGQHTG\ECOQUCNIQXCNKQUQCNQVTQGPHWPEKÎPFGUWOCRCCEVKVWFKPCN
'UQRTGUWRQPG
C %QPQEGTCNQVTQUCDGTNQSWGXCNQTC/QVKXCTCNQVTQKORNKECEQPQEGTNG
RTGUVCTNG CVGPEKÎP FGUCTTQNNCT PWGUVTC RGTEGREKÎP [ PWGUVTC ECRCEKFCF
FGGORCVÈCGUFGEKTCRTGPFGTCUGTTGEGRVKXQU%QPHTGEWGPEKCUGCUQEKC
NC ECRCEKFCF FG OQVKXCT CN QVTQ EQP NC PCEEKÎPQ RGTQ NC OQVKXCEKÎP
GORKG\CEQPNCPQCEEKÎPEQPNCQDUGTXCEKÎP[GNTGURGVQCNQVTQ
D %WCPFQ GN GPVQTPQ QHTGEG NCU EQUCU SWG XCNQTCOQU PQ JCEG HCNVC SWG
PCFKG PQU OQVKXG %WCPFQ UG VKGPG RQFGT RCTC JCEGTNQ ECODKCT NQU
GUVÈOWNQU GZVGTPQU GU NC HQTOC O¶U T¶RKFC FG EQPUGIWKT TGUWNVCFQU 'N
RTQDNGOC GU SWG EQP HTGEWGPEKC PQU XCOQU C GPEQPVTCT EQP SWG PQ
VGPGOQURQFGTRCTCECODKCTGNGPVQTPQFGOCPGTCCFGEWCFC
%WCPFQPQRQFGOQUECODKCTGNGPVQTPQRCTCCFGEWCTNQCNCUCEVKVWFGUFGN
QVTQGNÕPKEQGNGOGPVQUQDTGGNSWGRQFGOQUVTCDCLCTUQPUWUCEVKVWFGU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
'PGUQUECUQUKPVGPVCTOQVKXCTCNQVTQSWKGTGFGEKTKPVGPVCTJCEGTNGECODKCT
GPUWOCPGTCFGRGPUCT[FGGPVGPFGTGNOWPFQRCTCSWGXCNQTGNQSWGGN
GPVQTPQNGQHTGEG
)GUVKÎPFGNVKGORQFGNGUVTÃU
5GFGDGVGPGTGPEWGPVCSWGCFOKPKUVTCTGNVKGORQRCTCWPFKTGEVKXQGU
GUEGPEKCNGUVCUGRWGFGXGTRGTLWFKECFCRQTNC
x .CKPGZKUVGPEKCFGQDLGVKXQURTGXKCOGPVGFGHKPKFQUQNCVGQTÈCCUCNVQFG
OCVC
x 0QFKUVKPIWKTGPVTGNQSWGGUKORQTVCPVG[NQSWGGUWTIGPVG
x .CKPEQTTGEVCIGUVKÎPFGNCRTQRKCCIGPFCFGVTCDCLQ
x 0GICEKÎPFGNCRTQRKCGXKFGPEKC0QCEGRVCTSWGPQUQVTQUPQRQFGOQU
JCEGTNQVQFQ
x .CKPUWHKEKGPVGFGNGICEKÎPFGVCTGCU
x 'ZEGUQFGKPHQTOCEKÎPRCTCCPCNK\CT1KPHQTOCEKÎPFGUQTFGPCFC
KORTGEKUCQVCTFÈC
'XKFGPVGOGPVG UG JCEG KORTGUEKPFKDNG SWGRCTCQTICPK\CTPWGUVTQVKGORQ
FGDGTGOQUGPRTKOGTNWICTFGVGTOKPCTSWÃCEEKQPGUQVCTGCUUQPNCUO¶U
KORQTVCPVGU 2QT KORQTVCPVGU GPVGPFGOQU CSWÃNNCU VCTGCU SWG KPEKFGP FG
CNIWPCHQTOCGPNCU¶TGCUGUVTCVÃIKECUFGNCGORTGUCCNQUQDLGVKXQUCNQU
EQUVGUQCNQUKPITGUQU
7PC XG\ GUVCDNGEKFQU NQU QDLGVKXQU EQOGP\CTGOQU RQT FCT WP QTFGP FG
RTKQTKFCFCECFCWPCFGNCUCEVKXKFCFGUFKCTKCU#XGEGUUGUWGNGCUKIPCTWP
VKGORQ O¶ZKOQ RCTC ECFC CEVKXKFCF EQP NC HKPCNKFCF FG SWG PQ GUVGOQU
FGOCUKCFQVKGORQQEWRCFQUGPWPCVCTGCSWGPQGUFGOCUKCFQKORQTVCPVG
TGUVCPFQVKGORQCQVTCUSWGUÈNQUQP
#RTGPFGTCFGEKTPQCVCTGCUSWGPQUQPKORQTVCPVGUQSWGRWGFGPTGCNK\CT
QVTCURGTUQPCU'NKOKPCTNCRQUKDKNKFCFFGSWGPQURWGFCPKORQTVWPCTEQP
XKUKVCU PQ RTGXKUVCU Q TGWPKQPGU OCN RNCPKHKECFCU EQP JQTC FG KPKEKQRGTQ
UKPJQTCFGUCNKFC
&GUVKPCT WPQUOKPWVQU CN FÈCCNCRNCPKHKECEKÎPFGPWGUVTCRTQRKCCIGPFC
&GGUVCHQTOCRQFTGOQUVGPGTUKGORTGRTGRCTCFQWPRTQITCOCFGVTCDCLQ
CPVGUFGKPKEKCTNCLQTPCFC
5GT PQUQVTQU OKUOQU NQU IGUVQTGU FG PWGUVTQ VKGORQ 0Q FGLCT SWG UGCP
QVTQUNQUSWGNQJCICP'XKFGPVGOGPVGUKGORTG[EWCPFQPWGUVTQRWGUVQ[
ECTIQPQUNQRGTOKVC
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
#RTGPFGT C WVKNK\CT EQTTGEVCOGPVG GN WUQ FGN VGNÃHQPQ 6CPVQ EWCPFQ
GHGEVWCOQU NNCOCFCU EQOQ EWCPFQ NCU TGEKDKOQU 'UVCDNGEGT HKNVTQU FG
NNCOCFCU[XKUKVCUOGFKCPVGPWGUVTCQUGETGVCTKCQ
#ITWRCT CEEKQPGU Q CUWPVQU SWG RWGFCP VGPGT EKGTVC TGNCEKÎP GPVTG UÈ
2QFGOQUFGGUVCHQTOCCWOGPVCTPWGUVTCEQPEGPVTCEKÎPGPEKGTVCUVCTGCU[
GXKVCT RQT VCPVQ NC FKURGTUKÎP .G[ FG %CTNUQP 6QFC CEVKXKFCF
KPVGTTWORKFCGUOGPQUGHKEC\[EQPUWOGOCUVKGORQSWGUKUGTGCNK\CFG
OCPGTCEQPVKPWC
2QTNQVCPVQGNVKGORQGUTGNCVKXQEQOQVCODKÃPNQGUGNWUQSWGJCEGOQU
FGÃNGPPWGUVTQVTCDCLQ#NIWPCUVCTGCUSWGEQPUKFGTCOQUOW[WTIGPVGUQ
KORQTVCPVGUCXGEGUPQNQUQPVCPVQ
FGPWGXQNCTGNCVKXKFCF[FGDGOQU
CRTGPFGTCKFGPVKHKECTNCU
5GFKEGSWGIGPGTCNOGPVGVCPUÎNQGNFGPWGUVTQVKGORQEQPVTKDW[GCN
FG TGUWNVCFQU 'N TGUVQ UWGNGP UGT KORTGXKUVQU WTIGPEKCU
KPVGTTWREKQPGUEQTTGEEKQPGU[GPFGHKPKVKXCFGUQTFGP
*CEGT ECFC EQUC C UW VKGORQ PQ JCEGT OCU FG WPC EQUC C NC XG\ [ RQT
UWRWGUVQJCEGTNQDKGP
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
3
3QQ``ddee\\__ FF99** 11\\WWee^^QQcc RReeUU^^QQcc ``bbvvSSddYYSSQQcc TTUU dd__TT__ 7
7UUbbUU^^ddUU TTUU
CCYYccddUU]]QQcc
#EQPVKPWCEKÎPVTCVCOQUFGDTKPFCTWPCUGTKGFGEQPEGRVQUSWGRWGFGPUGTVQOCFQU
GP EWGPVC RQT NQU IGTGPVGU FG 5KUVGOCU RCTC UGT CRNKECFQU GP UW QTICPK\CEKÎP [ UK
FGUGCRTQHWPFK\CTRWGFGWDKECTNCDKDNKQITCHÈC
241%'515&'4'+0)'0+'4+#
'N FG GPGTQ FG UG CRTQDÎ NC .G[ FG /QFGTPK\CEKÎP FGN 'UVCFQ
KPUVCWT¶PFQUGRTKPEKRKQUFGWPOC[QTCEGTECOKGPVQFGNEKWFCFCPQVTCPURCTGPEKC
[RCTVKEKRCEKÎPVQFQGUVQDCUCFQUGPWPPWGXQRCTCFKIOCFGIQDKGTPQGNGEVTÎPKEQ
QIQDKGTPQGPNÈPGCGPNCUSWGUGIWTCOGPVGNCUQTICPK\CEKQPGUXCPCVGPGTSWG
FGUCTTQNNCTVCTGCUFGTGFKUGÌQFGRTQEGUQUCHKPFGJCEGTNQUO¶U¶IKNGUTGXKUCT[
TCEKQPCNK\CTNQURTQEGFKOKGPVQUGKORNGOGPVCTVGEPQNQIÈCUFGKPHQTOCEKÎPRCTC
QRVKOK\CTNQURTQEGUQU[GUVCDNGEGTWPOC[QTCEGTECOKGPVQCNEKWFCFCPQNCU
FÈCUFGNCÌQNCUJQTCUFGNFÈCFGUFG[JCEKCEWCNSWKGTRCTVGFGNOWPFQ
‹3WÃGUTGKPIGPKGTÈC!
'U WPC OGVQFQNQIÈC CRTQRKCFC RCTC TGXKUCT [ TGFKUGÌCT RTQEGUQU CUÈ EQOQ RCTC
KORNGOGPVCTNQU GPHQE¶PFQUG GP CITGICT XCNQT C ECFC WPQ FG NQU RCUQU FG WP
RTQEGUQ[GNKOKPCTCSWGNNQUSWGPQFGPQPQRWGFCPFCTPKPIÕPXCNQTCITGICFQ
UKGPFQOW[CRTQRKCFCRCTCIGPGTCTQTICPK\CEKQPGUJQTK\QPVCNGU[RQTRTQEGUQU
CUÈ EQOQ RCTC TGFWEKT EQUVQU VKGORQU FG RTQEGUQU OGLQTCT GN UGTXKEKQ [ NQU
RTQFWEVQUOGLQTCPFQNCOQVKXCEKÎP[NCRCTVKEKRCEKÎPFGNRGTUQPCN
#EVWCNOGPVG 4GKPIGPKGTÈC GU WP VÃTOKPQ IGPÃTKEQ FGPVTQ FGN EWCN UG RWGFGP
WDKECTNC4GKPIGPKGTÈCEQOQVCNFGUFGGNRWPVQFGXKUVCFG*COOGTRCUCPFQRQT
564'#/.+0+0) /GLQTCOKGPVQ FG 2TQEGUQU &QYPUK\KPI 4GGUVTWEVWTCEKÎP
6TCPUHQTOCEKÎP[NC4GKPXGPEKÎPFG2TQEGUQU
'PVTGNCUVÃEPKECUSWGRWGFGPWUCTUGFGPVTQFGWPC4GKPIGPKGTÈCECDGFGUVCECTCN
$GPEJOCTMKPIEQOQHQTOCFGFGHKPKTNCUOGVCU[QDLGVKXQUSWGFGDGCNECP\CTUG
[ EQOQ CURGEVQU EQORNGOGPVCTKQU C EQPUKFGTCT GP GN RTQEGUQ GN
'/219'4/'06 NC 14)#0+<#%+¦0 8'46+%#. NC +0018#%+¦0 [ NC
%4'#6+8+&#&GPVTGOWEJQUQVTQUCURGEVQU
'NEQPEGRVQFGTGKPIGPKGTÈCUKIPKHKECXQNXGTCGORG\CTCTTCPECPFQFGEGTQ.QU
XKGLQUVÈVWNQU [HQTOCUQTICPK\CEKQPCNGU FGRCTVCOGPVQUFKXKUKQPGUITWRQUGVE
FGLCPFGVGPGTKORQTVCPEKC.QKORQTVCPVGGPNCTGKPIGPKGTÈCGUEÎOQSWGTGOQU
QTICPK\CT JQ[ GN VTCDCLQ FCFCU NCU GZKIGPEKCU FG NQU OGTECFQU CEVWCNGU [ GN
RQVGPEKCNFGNCUPWGXCUVGEPQNQIÈCU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
*COOGT FGHKPG NC TGKPIGPKGTÈC FG PGIQEKQU EQOQ TGRNCPVGQ HWPFCOGPVCN [
TGFKUGÌQTCFKECNFGNQURTQEGUQUFGPGIQEKQURCTCCNECP\CTOGLQTCUGPQTFGPFG
OCIPKVWF GP GN TGPFKOKGPVQ FG EQUVQU ECNKFCF UGTXKEKQU [ TCRKFG\ %WCPFQ
JCDNCOQUFGOGLQTCUGPQTFGPFGOCIPKVWFPQUTGHGTKOQUCRQTGLTGFWEKT
NQUEQUVQUQKPETGOGPVCTGPWPNCECNKFCF[UCVKUHCEEKÎPFGNQUWUWCTKQU0Q
GPWP
.CTGKPIGPKGTÈCUGRNCPVGCTGRGPUCT[TGJCEGTNQURTQEGUQUFGWPCQTICPK\CEKÎPGP
HWPEKÎPFGFQUCTIWOGPVQUEGPVTCNGU
x GN CTIWOGPVQ RTQ CEEKÎP EQPUKUVG GP NC TC\ÎP HWPFCOGPVCN FGN RQTSWÃ
SWGTGOQUQFGDGOQUECODKCT5KPQGZKUVGWPCTC\ÎPRQFGTQUCPQXCOQUC
JCEGTGNECODKQ'UEQOQEWCPFQGNFQEVQTNGFKEGCNRCEKGPVGSWGVKGPGSWG
ECODKCT FG TÃIKOGP FG XKFC Q SWG UG XC C OQTKT GP WP OGU /KGPVTCU O¶U
TCFKECN [ EQPVWPFGPVG UGC ÃUVG CTIWOGPVQ RTQ CEEKÎP O¶U EQPXGPEKFQU
GUVCTGOQUFGJCEGTGNECODKQ
x GNCTIWOGPVQRTQXKUKÎPEQPUKUVGGPNCXKUKÎPSWGPQUCVTCGGUFGEKTGNQDLGVKXQ
Q GN KFGCN SWG GUVCOQU DWUECPFQ EQP GN ECODKQ /KGPVTCU O¶U ENCTC UGC NC
XKUKÎPFGNQSWGDWUECOQUO¶UH¶EKNOGPVGPQUGPECOKPCTGOQUJCEKCGNNQ[NQ
NQITCTGOQU
.C 4GKPIGPKGTÈC GP WP RTKOGT OQOGPVQ GU WP RTQEGUQ SWG FGDG TGCNK\CTUG FG
CTTKDCJCEKCCDCLQGUFGEKTSWGFGDGUGTKPKEKCFCRQTGNNÈFGTFGWPCQTICPK\CEKÎP
Q FG WP RCÈU NÈFGT VTCPUHQTOCEKQPCN 5K PQ GZKUVG XQNWPVCF RQNÈVKEC Î
KPUVKVWEKQPCNFGNNGXCTNCCECDQUKPQJC[FGEKUKÎP[UKPQUGECPCNK\CPTGEWTUQUC
NCOKUOCGUV¶PQRTQURGTCT¶
'PWPUGIWPFQOQOGPVQNCTGKPIGPKGTÈCTGSWKGTGFGWPKORWNUQFGTGHWGT\QGP
UGPVKFQ KPXGTUQ GU FGEKT FG CDCLQ JCEKC CTTKDC [C SWG UK PQ UG KPXQNWETC GP NC
OKUOCCVQFQUNQUOKGODTQUFGNCQTICPK\CEKÎPGPVQPEGUHTCECUCT¶RQTSWGGPGN
OGLQTFGNQUECUQUNCIGPVGFGCDCLQVTCDCLCT¶GPQVTQUGPVKFQQFKTGEEKÎPQGPGN
RGQTUCDQVGCT¶QDQKEQVGCT¶GNECODKQ
5KP GODCTIQ NC RTKPEKRCN CFXGTVGPEKC FG NC TGKPIGPKGTÈC GU SWG UK WPQ PQ GUV¶
EQPXGPEKFQFGNNGXCTNCCECDQQFGUWUDQPFCFGUNQOGLQTGUPKUKSWKGTCGORG\CT
GNECODKQRQTSWGGPVQPEGURQFGOQUSWGFCTPQUGPGNRGQTFGCODQUOWPFQU'U
FGEKT EQP VQFCU NCU HCNNCU G KPEQPXGPKGPVGU FG NQU RTQEGUQU CPVGTKQTGU GP VCPVQ
SWGNCUXGPVCLCUFGNQUPWGXQURTQEGUQUPQUGXCPCUGPVKTRQTSWGGNRTQEGUQUG
SWGFCT¶KPEQPENWUQ
.QKPVGTGUCPVGFGNCTGKPIGPKGTÈCGUSWGPQJC[WPOQFGNQFGTGKPIGPKGTÈC'P
QVTCURCNCDTCUGNOQFGNQGUSWGPQJC[OQFGNQ%CFCSWKGPVKGPGSWGJCEGTUW
RTQRKQ RTQ[GEVQ FG TGKPIGPKGTÈC CWPSWG UÈ JC[ EKGTVQU RTKPEKRKQU FG XCNQT
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
WPKXGTUCN SWG RWGFGP UGT CRNKECFQU GP RT¶EVKECOGPVG VQFCU NCU QTICPK\CEKQPGU
CUKOKUOQJC[WPCEKGTVCOGVQFQNQIÈCSWGUGRWGFGTGUECVCTFGNCGZRGTKGPEKCFG
ECUQU GZKVQUQU 2WGU EQOQ FKEG GN FKEJQ GU O¶U H¶EKN EQRKCT SWG KPXGPVCT VQFQ
FGUFGEGTQ
DGPEJOCTMKPI
.Q O¶U KORQTVCPVG GU WP ECODKQ FG OGPVCNKFCF Q FG GPHQSWG 0Q FGDGOQU
RGPUCTGPVCTGCUCKUNCFCUUKPQGPRTQEGUQUKPVGITCFQU.CXKUKÎPGUJQNÈUVKEC'UVG
GU SWK\¶ GN RNCPVGCOKGPVQ O¶U TGXQNWEKQPCTKQ FG NC TGKPIGPKGTÈC 'P RQECU
RCNCDTCUNQSWGRNCPVGCGUSWGNQUEQPEGRVQUFGNCFKXKUKÎPFGNVTCDCLQSWGHWGTQP
NC ENCXG FG NC TGXQNWEKÎP KPFWUVTKCN RGPUCOKGPVQNKPGCNJQ[FÈCUQPQDUQNGVQU
*Q[ FÈC NQ SWG RTQEGFG [C PQ GU VTCDCLCT GP UGTKG UKPQ FG HQTOC KPVGITCFC [
FKP¶OKEC'PQVTCURCNCDTCUVGPGOQUSWGTGKPVGITCTVQFQUNQURTQEGUQUXGTNQUGP
HQTOCINQDCN
1VTQEQPEGRVQKORQTVCPVGFGNCTGKPIGPKGTÈCGUSWGUGVTCVCFGECODKQUTCFKECNGU
[VQVCNGU
CNIWPQUJCDNCPFGECODKQUDTWVCNGUGUFGEKTECODKQUFGN0Q
UGVTCVCFGECODKQUITCFWCNGUQKPETGOGPVCNGU
'UVQU UGTÈCP CNIWPQU FG NQU RTKPEKRCNGU EQPEGRVQU FG NC TGKPIGPGTÈC 'U GXKFGPVG
SWG PQ RQFGOQU FGUETKDKT GP GUVG GURCEKQ VQFQ NQ SWG GU G KORNKEC NC
TGKPIGPKGTÈC5GTGEQOKGPFCNGGT[GUVWFKCTGNNKDTQFG*COOGT
.QURTQEGUQU
2QFTÈCOQUFGEKTSWGWPRTQEGUQGUWPEQPLWPVQFGCEVKXKFCFGUTGCNK\CFCURCTC
UGTXKT C WP WUWCTKQ 'N RTQRÎUKVQ GU QHTGEGT CN WUWCTKQ GN RTQFWEVQ Q UGTXKEKQ
EQTTGEVQ EQP WP CNVQ ITCFQ FG TGPFKOKGPVQ GP EQUVQ UGTXKEKQ [ ECNKFCF 'N
VÃTOKPQWUWCTKQFGDGTÈCUGTGPVGPFKFQGPWPUGPVKFQO¶UCORNKQEQPUKFGTCPFQ
VCODKÃPCNWUWCTKQKPVGTPQFGNCEQORCÌÈCUQEKQU[UWDEQPVTCVKUVCU
.QU RTQEGUQU HQTOCP RCTVG FG WPC KPUVKVWEKÎP [ CVTCXKGUCP NCU QTICPK\CEKQPGU
VTCFKEKQPCNGU[UWXGPVCLCGUSWGUGRWGFGOGFKTGNEQUVQVKGORQUCNKFCECNKFCF
[ UCVKUHCEEKÎP FGN WUWCTKQ CUQEKCFC EQP NQU RTQEGUQU .WGIQ FG WP RTQEGUQ FG
TGKPIGPKGTKCNCUKPUVKVWEKQPGUCEVWCNGUEW[CGUVTWEVWTCQTICPK\CVKXCVTCFKEKQPCNGU
GP HQTOC FG RKT¶OKFG UG CRNCPCTÈC [C SWG NCU PWGXCU GUVTWEVWTCU QTKGPVCFCU C
RTQEGUQU ECTGEGTÈCP FG IGTGPVGU OGFKQU XKPEWNCFQU C WP ¶TGC HWPEKQPCN [
GPECTICFQUFGUWRGTXKUCTGPUWNWICTGNNÈFGTFGN RTQEGUQGUTGURQPUCDNGFKTGEVQ
CPVGNCCNVCIGTGPEKC
&KHGTGPEKCGPVTG4GKPIGPKGTÈC[/GLQTCFG2TQEGUQU
%QOQ UGJCOGPEKQPCFQNCTGKPIGPKGTÈCKORNKECEQOGP\CTFGPWGXQRQPKGPFQ
VQFQGPFWFCEQPGNQDLGVQFGQDVGPGTOGLQTCUGPQTFGPFGOCIPKVWFPQWPC
OGLQTCKPETGOGPVCNFGRQTGLGORNQUQNQGN&CXGPRQTVWUÎNCUKIWKGPVGVCDNC
RCTCGUVCDNGEGTFKEJCUFKHGTGPEKCU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
0KXGNFGECODKQ
2WPVQFG
EQOKGP\Q
(TGEWGPEKCFG
ECODKQ
6KGORQTGSWGTKFQ
#NECPEGVÈRKEQ
4KGUIQ
(CEKNKVCFQT
RTKOCTKQ
6KRQFGFGUCHÈQ
/GLQTCOKGPVQFG
2TQEGUQU
+PETGOGPVCN
2TQEGUQCEVWCN
4GKPIGPKGTÈCFG
0GIQEKQU
4CFKECN
2K\CTTCGPDNCPEQ
%QPVKPWC
7PCXG\
%QTVQ
'UVTGEJQFGPVTQ
FG¶TGCU
(WPEKQPCNGU
/QFGTCFQ
%QPVTQNGUVCFÈUVKEQ
.CTIQ
'ZVGPUQCVTCXÃUFG
NCU¶TGCUHWPEKQPCNGU
%WNVWTCN
#NVQ
6GEPQNQIÈCFGNC
+PHQTOCEKÎP
%WNVWTCN'UVTWEVWTCN
.QU%QPEGRVQU(WPFCOGPVCNGUFGNC4GKPIGPKGTÈC
x %QPUKUVG GP GORG\CT FG EGTQ GP WPC JQLC GP DNCPEQ 5G EQPUKFGTC SWG
RT¶EVKECOGPVG VQFQ NQ SWG JCEÈCOQU CPVGU EQOQ RGTUQPCU GORTGUCU
KPUVKVWEKQPGU Q IQDKGTPQ RCTGEGTÈC GUVCT OCN JGEJQ EQPUKFGTCPFQ NQU
TGUWNVCFQUQDVGPKFQU
x %QPUKUVG GP ECODKQU TCFKECNGU DTWVCNGU GURGEVCEWNCTGU .C TGKPIGPKGTÈC GU
GPGOKICFGNQUECODKQUITCFWCNGUOQFGTCFQUGKPVTCUEGPFGPVGU5GJCDNCFG
ECODKQUFGPQFGECODKQUKPETGOGPVCNGUFGQ
x 'UV¶ GPHQECFC C RTQEGUQU 0Q C FGRCTVCOGPVQU Q ¶TGCU VTCDCLQU RGTUQPCU Q
GUVTWEVWTCU .QU XKGLQU RTKPEKRKQU FG NC CFOKPKUVTCEKÎP SWG HTCIOGPVCDCP GN
VTCDCLQGPXCTKCUWPKFCFGU[CPQHWPEKQPCP CJQTCJC[PWGXQURTKPEKRKQU 5G
FGHKPGWPRTQEGUQEQOQWPCEQNGEEKÎPFGCEVKXKFCFGUSWGTGEKDGPWPCQO¶U
GPVTCFCU[IGPGTCPWPCUCNKFCSWGGUFGXCNQTRCTCGNWUWCTKQ
x 6KGPGWPCXKUKÎPJQNÈUVKEC 1DUGTXCVQFQUNQURTQEGUQUFGUFGWPCRGTURGEVKXC
KPVGITCN8GGNVQFQ[PQNCURCTVGU6KGPGWPCRGTURGEVKXCINQDCN
x .CFKXKUKÎPFGNVTCDCLQ[CPQHWPEKQPC .CFKXKUKÎPFGVCTGCUSWGHWGENCXGRCTC
NCTGXQNWEKÎPKPFWUVTKCN
RGPUCOKGPVQNKPGCNGUQDUQNGVC*Q[FÈCPQRTQEGFG
VTCDCLCTGPUGTKGUKPQGPHQTOCKPVGITCFC[FKP¶OKEC6GPGOQUSWGTGKPVGITCT
NQURTQEGUQU.QUCEVQTGUFGNCTGKPIGPKGTÈCFGDGPUGTECRCEGUFGFGUGORGÌCT
O¶UFGWPTQN
x 'U GPGOKIC FG NC GURGEKCNK\CEKÎP 'U OWNVKGURGEKCNK\CEKÎP IGPGTCNKUVC.C
TGKPIGPKGTÈC GU CPVKGURGEKCNK\CEKÎP .C GURGEKCNKFCF VKGPG XKTVWFGU RGTQ UW
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
FGHGEVQGUNCRÃTFKFCFGHNGZKDKNKFCFGPTGKPIGPKGTÈCNQSWGO¶UUGTGSWKGTGGU
HNGZKDKNKFCF
x 5G CRQ[C GP GN RTKPEKRKQ FG NC KPEGTVKFWODTG 6GQTÈC FGN %CQU 'P
TGKPIGPKGTÈC VQFQ GU RWNUQ [ XKUVC 2WTC KPVWKEKÎP RGTQ PQ EKGIC 2CTVG FGN
UWRWGUVQ FG SWG GN FGVGTOKPKUOQ PQ GZKUVG [ RQT NQ VCPVQ PQ GZKUVG PCFC
GUVCDNGEKFQPKRTGFGVGTOKPCFQ*C[SWGCRTGPFGTCCFOKPKUVTCTQOCPGLCTNC
KPEGTVKFWODTG *C[ SWG VGPGT WPC VQNGTCPEKC C NC XCIWGFCF [C SWG PQ JC[
IWÈCUPKRTGEKUKÎP'UEQPUVTWKTWPRWGPVGCNXCEÈQUKPEQPQEGTNCQVTCQTKNNC
x 5W JGTTCOKGPVC RTKPEKRCN GU NC FGUVTWEEKÎP ETGCVKXC .Q CPVGTKQT [C PQ
HWPEKQPC [ RQT NQ VCPVQ JC[ SWG FGUVTWKTNQ RGTQ FG WPC OCPGTC ETGCVKXC
EQPUVTW[GPFQ NQU PWGXQU RTQEGUQU 5G DCUC GP GN RTKPEKRKQ FG SWG GP WP
GURCEKQUÎNQECDGWPGFKHKEKQRCTCEQPUVTWKTNQPWGXQVKGPGSWGJCEGTUGUQDTG
NCUTWKPCUQEGPK\CUFGNQXKGLQ
x 0Q JC[ WP OQFGNQ FG TGKPIGPKGTÈC 0Q JC[ WP RNCP RTGGUVCDNGEKFQ 'N
OQFGNQGUSWGPQJC[OQFGNQ%CFCSWKGPVKGPGSWGJCEGTUWRTQRKQRTQ[GEVQ
FGTGKPIGPKGTÈC[GUKORQTVCPVGTGEWTTKTCCUGUQTÈCUQEQPUWNVQTÈCGZVGTPC.C
KPUVKVWEKÎPCXCP\CRCTVGFGNRTQEGUQFGTGKPIGPKGTÈC[RCTVGFGDGT¶EQPVCTEQP
UWRGTXK\CEKÎP GZVGTPC RQTSWG FG NQ EQPVTCTKQ GZKUVG GN TKGUIQ FG ECGT GP NC
CWVQEQORNCEGPEKCGPGNCWVQGPICÌQ5ÎNQWPCCWFKVQTÈCGZVGTPCGXKVCT¶SWGUG
UKICJCEKGPFQNQOKUOQFGCPVGUEQPWPPQODTGPWGXQ
x .QO¶UKORQTVCPVGGUWPECODKQFGOGPVCNKFCFQFGGPHQSWG/GVCPQKC 0Q
UGFGDGRGPUCTGPVCTGCUCKUNCFCUUKPQGPRTQEGUQUKPVGITCFQU'UPGEGUCTKQWP
ECODKQFGCEVKVWFEQORQTVCOKGPVQNCHQTOCFGVTCDCLCT[GUVCTFKURWGUVQCNC
KPEGTVKFWODTGRQTSWGUQNQCUÈUGGUVCT¶RTGRCTCFQRCTCTGCNK\CTWPRTQEGUQFG
TGKPIGPKGTÈC
x 'P WP RTKOGT OQOGPVQ FGDG TGCNK\CTUG FG CTTKDC JCEKC CDCLQ &GDG UGT
KPKEKCFQRQTGNNÈFGTFGNCQTICPK\CEKÎP
NÈFGTVTCPUHQTOCEKQPCNRQTSWGUKPQ
JC[XQNWPVCF[FGEKUKÎPUKPQUGECPCNK\CRQFGT[TGEWTUQUPQRTQURGTCT¶
x 'P WP UGIWPFQ OQOGPVQ NC TGKPIGPKGTÈC TGSWKGTG WP KORWNUQ GP UGPVKFQ
KPXGTUQ FG CDCLQ JCEKC CTTKDC 5K PQ KPXQNWETC C VQFQU NQU OKGODTQU FG NC
QTICPK\CEKÎPHTCECUCT¶RQTSWGGUVQUNQDQKEQVGCT¶PNQUCDQVGCT¶PQNQJCT¶P
O¶UNGPVQ'NKPXQNWETCOKGPVQFGDGJCEGTUGRQTEQPXGPEKOKGPVQQRQTCOQTC
NCECOKUGVC
x 5K WPQ PQ GUV¶ EQPXGPEKFQ GU OGLQT PQ JCEGT TGKPIGPKGTÈC .QU TGUWNVCFQU
RWGFGP UGT FGUCUVTQUQU [C SWG UG FGUOCPVGNCTÈC NQ SWG HWPEKQPCDC GP GN
RCUCFQ[PQUGCECDCTÈCFGKPUVCNCTNQUPWGXQURTQEGUQU0QUSWGFCTÈCOQUGP
GNRGQTFGCODQUOWPFQUVQFQNQOCNQFGNRCUCFQUKPNQDWGPQFGNHWVWTQ
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
x 5KGUV¶UEQPXGPEKFQF GNCUDQPFCFGUFGNCTGKPIGPKGTÈCFGUWUEQPEGRVQU[FG
UWOGVQFQNQIÈC PQGURGTGUO¶URQPNCGPRT¶EVKECEWCPVQCPVGU'NOWPFQ[C
ECODKÎCJQTCHCNVCSWGECODKGUVÕQVWGORTGUCQVWQTICPK\CEKÎP
.CU RTKPEKRCNGU GORTGUCU FGN OWPFQ [C JKEKGTQP Q GUV¶PJCEKGPFQ TGKPIGPKGTÈC
RCTC RCUCT FG NC GTC FG NC KPFWUVTKCNK\CEKÎP C NC PWGXC GTC FG NC KPHQTOCEKÎP
EQOWPKECEKÎP'NOWPFQPQFGVGPFT¶UWOCTEJCEQOQPQUGFGVWXQGPGNUCNVQ
FGNHGWFCNKUOQCNECRKVCNKUOQ
'PGNRCÈUOWEJCUGORTGUCURTKXCFCUJQ[FÈCGZKVQUCUCUÈEQOQCNIWPCUGPVKFCFGU
RÕDNKECURCUCTQPRQTWPRTQEGUQFGTGKPIGPKGTÈC[JQ[GPFÈCOWGUVTCPCXCPEGU
UKIPKHKECVKXQU GP VÃTOKPQU FG OQFGTPK\CEKÎP KORNGOGPVCEKÎP FG UGTXKEKQU
OQFGTPQUEWNVWTCQTICPK\CEKQPCN[GORNGCFQUOQVKXCFQU
2CUQURCTCJCEG TWPRTQEGUQFGTGKPIGPKGTÈC
2CTCJCEGTWPRTQEGUQFGTGKPIGPKGTÈCGUPGEGUCTKQTGEQTTGTWPCUGTKGFGGVCRCU
RCTCQDVGPGTWPTGUWNVCFQQRVKOQGPRTKOGTNWICTFGDGJCDGTWPCPGEGUKFCFFG
NCQTICPK\CEKÎP[GNNÈFGTFGÃUVCFGDGGUVCTVQVCNOGPVGEQORTQOGVKFQ[FKURWGUVQ
CKPXGTVKTGPGUVGRTQEGUQPQUQNQVKGORQTGEWTUQUJWOCPQUUKPQKPXGTUKÎP
.QURCUQUCUGIWKTRCTCWPRTQEGUQFGTGKPIGPKGTÈCUQP
+FGPVKHKECEKÎPFGRTQEGUQU
.C KPUVKVWEKÎP VKGPG SWG KFGPVKHKECT EW¶NGU UGT¶P NQU RTQEGUQU SWG ETW\CP C
VTCXÃU FG NCU FKHGTGPVGU HWPEKQPGU FG NC QTICPK\CEKÎP [ SWG HQTOCP RCTVG
RTKPEKRCN [ D¶UKEC FG NC QTICPK\CEKÎP 2CTC EQPQEGT NQU RTQEGUQU RTKOGTQ UG
FGDGTGHNGLCTEÎOQEKTEWNCGNVTCDCLQGPVTGNCUWPKFCFGUFGNCQTICPK\CEKÎP
5GNGEEKÎPFGRTQEGUQ UENCXG
0QGURQUKDNGTGFKUGÌCTVQFQGNEQPLWPVQFGRTQEGUQUUKOWNV¶PGCOGPVGRQTNQ
VCPVQ FGDGOQU TGCNK\CT WPC UGNGEEKÎP FG NQU OKUOQU RCTCFGVGTOKPCTEW¶NGU
UGT¶PTGFKUGÌCFQU[GPSWÃQTFGP5GFGDGCRNKECTETKVGTKQUEQOQGNGUVCFQGP
SWGUGGPEWGPVTCPNQURTQEGUQUNCKORQTVCPEKCFGNRTQEGUQFGCEWGTFQCNQU
RNCPGUKPUVKVWEKQPCNGU[EQPUKFGTCTNQUHCEVQTGUSWGFGVGTOKPCPNCRTQDCDKNKFCF
FGSWGVGPICÃZKVQWPGUHWGT\QRCTVKEWNCTFGTGKPIGPKGTÈC
%QPUVKVWKTGNGSWKRQJWOCPQ
.QUGSWKRQUSWGKORWNUCT¶PGNRTQEGUQUQPNQUUKIWKGPVGU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
x .ÈFGT GU GN O¶ZKOQ TGURQPUCDNG FG NNGXCT C DWGP HKP NC TGKPIGPKGTÈC GU
SWKGP KORWNUC C NC QTICPK\CEKÎP C SWG CUWOC NC PWGXC GUVTWEVWTC RQT
RTQEGUQU'NRCRGNRTKPEKRCNFGNNÈFGTGUCEVWCTEQOQXKUKQPCTKQ[OQVKXCFQT
GU SWKGP KFGC [ GZRQPG GN VKRQ FG QTICPK\CEKÎP SWG FGUGC ETGCT [ NC
EQOWPKECCVQFQGNRGTUQPCNNCOKUKÎPFGNCGORTGUC[UWRTQRÎUKVQ'NNÈFGT
PQFGDGQDNKICTCPCFKGCTGCNK\CTECODKQUSWGPQSWKGTGJCEGTVKGPGSWG
RTGUGPVCTWPRTQ[GEVQ[RGTUWCFKTC NCIGPVGFGSWGFGDGVQOCTRCTVGGPGN
GUHWGT\QFGOQFQSWGRQTUWRTQRKCXQNWPVCFCEGRVGNCUEQPUGEWGPEKCUFGN
ECODKQ
x &KTGEVQT FGN RTQEGUQ NC KPUVKVWEKÎP RWGFG VGPGT XCTKQU RTQEGUQUD¶UKEQUC
TGFKUGÌCT .QU FKTGEVQTGU UQP NQU TGURQPUCDNGU FG CNECP\CT NCU OGVCU
RTGXKUVCU RCTC GN RTQEGUQ [ FG EQQTFKPCT GN GUHWGT\Q C TGCNK\CT RQT NCU
RGTUQPCUFGNGSWKRQFGTGKPIGPKGTÈC
x 'SWKRQ FG TGKPIGPKGTÈC GU GN ITWRQ FG RGTUQPCU CUKIPCFCU C WP RTQEGUQ
GURGEÈHKEQCTGFKUGÌCT5QPTGURQPUCDNGUEQNGEVKXCOGPVGFGNTGUWNVCFQHKPCN
EQORCTVGP EQP UWU EQNGICU FG GSWKRQ NC TGURQPUCDKNKFCF EQPLWPVC FGN
TGPFKOKGPVQFGNRTQEGUQVQVCNPQUÎNQFGWPCRGSWGÌCRCTVGFGÃN
x %QOKVÃ FG FKTGEEKÎP EQPUVKVWKFQ RQT FKTGEVKXQU TGURQPUCDNGU FG NCU ¶TGCU
CHGEVCFCU 5GGPECTIC FGFGUCTTQNNCTNCGUVTCVGIKCINQDCN[FGNUGIWKOKGPVQ
FGNQURNCPGUFGTGKPIGPKGTÈC
x 4GURQPUCDNGFGTGKPIGPKGTÈCUGVTCVCFGWPCRGTUQPCGZRGTVC
RWGFGUGTWP
EQPUWNVQT GZVGTPQ SWG FGDG RTQRQTEKQPCT NCU VÃEPKECU G KPUVTWOGPVQU
PGEGUCTKQURCTCCRQ[CTNCKORNCPVCEKÎPFGNRTQEGUQFGTGKPIGPKGTÈC
'NNÈFGTCFGO¶UFGKPEQTRQTCTNCXKUKÎP[FKTKIKTGNITCPGUHWGT\QCFGUCTTQNNCT
RQT NC QTICPK\CEKÎP GU GN SWG FGDG UGNGEEKQPCT C NQU FKTGEVQTGU FG RTQEGUQ
'UVQUCUWXG\UQPNQUGPECTICFQUFGEQPUVKVWKT[FKTKIKTNQUEQTTGURQPFKGPVGU
GSWKRQUFGTGKPIGPKGTÈC2QTUWRCTVGNCFKTGEEKÎP[UGIWKOKGPVQINQDCNFGNC
KPUVKVWEKÎP EQTTGURQPFGT¶ CN EQOKVÃ FG FKTGEEKÎP 6QFQU GUVG ITWRQ FGDG
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x .C ECNKFCF [ JQOQIGPGKFCF FG NQU EQPQEKOKGPVQU FGNQU RTQHGUKQPCNGU
[C SWG CNIWPCU GORTGUCU EQPVTCVCP C NQU RTQHGUKQPCNGU RCTC GXKVCT NC
KPUGIWTKFCFNCDQTCN[NQSWGGUQEQPNNGXCETGCPKPUVCPEKCURCTCJCEGTNQU
UGPVKT RCTVG FG WPC EQORCÌÈC [ NQU ECRCEKVCP RGTOCPGPVGOGPVG GP NCU
VGEPQNQIÈCUFGXCPIWCTFKC
x 5G FGDG TGEQTFCT SWG UG FGDG JCEGT QTICPK\CEKQPGU ECFC XG\ OCU
GHKEKGPVGUCNOGPQTEQUVQUKPFGLCTRQTWPNCFQNQUGUV¶PFCTGUFGECNKFCF
[ UGTXKEKQ CN WUWCTKQ WPCURGEVQOW[ KORQTVCPVGGUNCEQPVTCRCTVGRQT
RCTVG FG NC QTICPK\CEKÎP SWKGP FGDG EWKFCT FG SWG UG EWORNC EQPNQU
QDLGVKXQURNCPVGCFQU
4C\QPGUGUVTCVÃIK ECUO¶UKORQTVCPVGU8GPVCLCU
x .C QTICPK\CEKÎP RTGUVCVCTKC FGN UGTXKEKQ CUWOKT¶ NQU EQUVQU [ EQPVKPWQU
ECODKQU VGEPQNÎIKEQU NQ EWCN RWGFG TGUWNVCT EQUVQUQ RCTC WPC
KPUVKVWEKÎP
x &KURQPKDKNKFCF FG GURGEKCNKUVCU GP NCU FKHGTGPVGU ¶TGCU FG NC
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FG NC QTICPK\CEKÎP RCTC NC RNCPKHKECEKÎP FGN HWVWTQ KPHQTO¶VKEQ [ NC
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x .G FCT¶ UQRQTVG RQT SWG NC QTICPK\CEKÎP RTGUVCVCTKC FGN UGTXKEKQ UG
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UKUVGOCU
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CEVKXKFCFGURTKPEKRCNGUFGNCKPUVKVWEKÎP
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UW CEVKXKFCF OKGPVTCU SWG GN RTQXGGFQT GPVTGIC TGEWTUQU VKGORQ
RGTUQPCN[GUHWGT\QRCTCKPVGITCTUGFGNNGPQCNRTQEGUQFGUWWUWCTKQ[
ETGEGTLWPVQEQPÃN
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GPHQECTUGGPCEVKXKFCFGURTQRKCUUGTO¶UGHKEKGPVGUCRTQXGEJCT
CNO¶ZKOQUWUCEVKXQU[OGLQTCTNCCVGPEKÎPCNWUWCTKQ
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
x 'PNCCEVWCNKFCFGNQWVUQWTEKPIGUWPCJGTTCOKGPVCIGTGPEKCNGUVTCVÃIKEC
SWG OCTECNCFKHGTGPEKCGPVTGWPCnDWGPCKPUVKVWEKÎP€ SWGUCDGNQSWG
FGDGJCEGTFGWPCnITCPKPUVKVWEKÎP€SWGUCDGNQSWG01FGDGJCEGT
%105+&'4#%+10'5#.*#%'4%1064#615
7PQFGNQUCURGEVQUSWGUGFGDGVTCVCTUQPNQUEQPVTCVQU[NCUEQPUKFGTCEKQPGUC
VGPGTGPEWGPVCEWCPFQUGEGNGDTCPGUVQU
x 5GFGDGPGUVCDNGEGT[OCPVGPGTRTQEGFKOKGPVQURCTCNCTGXKUKÎPFGNEQPVTCVQ
x .QUTGSWGTKOKGPVQUFGNRTQ[GEVQFGDGPGUVCTFGHKPKFQU[FQEWOGPVCFQU[SWG
UGJC[CPKFGPVKHKECFQRQUKDNGUEQPVKPIGPEKCUQTKGUIQU
x 8GTKHKECTSWGNCKPHQTOCEKÎPFGNRTQRKGVCTKQGUV¶CFGEWCFCOGPVGRTQVGIKFC
x 'NRTQXGGFQTGUVCECRCEKVCFQRCTCEWORNKTEQPNQUTGSWGTKOKGPVQUFGNEQPVTCVQ
x .CTGURQPUCDKNKFCFFGNRTQXGGFQTRCTCUWDEQPVTCVCTGUV¶FGHKPKFC
x .CVGTOKPQNQIÈCWUCFCGPGNEQPVTCVQGUEQPQEKFQRQTCODQU
x 'N EQORTCFQT RQUGG NC ECRCEKFCF RCTC EWORNKT EQP NCU QDNKICEKQPGU
EQPVTCEVWCNGU
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OCPGLQ FG NQU ECODKQU FG NQU TGSWGTKOKGPVQU OCPGLQ FG NQU RTQDNGOCU
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WVKNK\CFQU TGSWGTKOKGPVQU FG TGRNKECEKÎP OCPWCNGU [ IWÈCU FG WUWCTKQU
FGTGEJQUFGCWVQT[NKEGPEKCUICTCPVÈCU
x #UKIPCEKÎP FG RGTUQPCU FG CODQU NCFQU SWG UG TGURQPUCDKNKEGP RQT GN
GUVCDNGEKOKGPVQUFGNQUTGSWGTKOKGPVQU[GNEWORNKOKGPVQFGNQUCEWGTFQU
x 'UHWGT\QRCTCRTGXGTOCNGPVGPFKFQUVCNGUEQOQFGHKPKEKÎPFGVÃTOKPQU
/'&+4.#'(+%#%+#&'07'564155'48+%+15
5KNC)GTGPEKCFG+PHQTO¶VKECEQPWPDWGPNÈFGTVWXKGTCEQOQRT¶EVKECOGFKTNC
GHKECEKCFGNQUUGTXKEKQUSWGRTGUVCCNCQTICPK\CEKÎPRCTCEQPQEGTEQOQUGUKGPVG
GNWUWCTKQKPVGTPQQGNGZVGTPQEQPTGNCEKÎPCUWFGUGORGÌQEQOQRTQXGGFQTGU
FG RTQFWEVQU [Q UGTXKEKQU RQFTÈCP KPKEKCTCEEKQPGU EQPETGVCURCTCCWOGPVCTUW
GHKECEKC OCPVGPGT C UWU CEVWCNGU WUWCTKQU EQPVGPVQU [ ECRVCT PWGXQU
'URGEKCNOGPVGGPNC#FOKPKUVTCEKÎP2ÕDNKECGPNCSWGNCCVGPEKÎPFGWPUGTXKEKQ
VQFCXÈCNNGXCXCTKQUFÈCUTGSWKGTGPFGNCRTGUGPEKCFGNKPFKXKFWQRCTCJCEGTNCTICU
EQNCU[RQUVGTKQTOGPVGRCTCJCEGTNGUGIWKOKGPVQCUWUVT¶OKVGU
'URQTGNNQNCPGEGUKFCFFGKPXGTVKTVKGORQ[GUHWGT\QGPGHGEVWCTOGFKEKQPGUFG
NC UCVKUHCEEKÎP FG UWU WUWCTKQU CPCNK\CT G KPVGTRTGVCT CFGEWCFCOGPVG NC
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KPHQTOCEKÎPTGEQNGEVCFC[VQOCTCEEKQPGURGTVKPGPVGURCTCCEGPVWCTNQSWGUGGUV¶
JCEKGPFQDKGP[EQTTGIKTNQSWGGUV¶IGPGTCPFQKPUCVKUHCEEKÎPGPNQUWUWCTKQU.C
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OGVQFQNÎIKEQRCTCPQECGTGPUWDLGVKXKFCFGU[VQOCTCEEKQPGUPQCFGEWCFCU.C
QTICPK\CEKÎP RCTCKORNCPVCTNCUOGFKEKQPGUFGDKGTCUGIWKTNQUUKIWKGPVGURCUQU
OGVQFQNÎIKEQU
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KPHQTOCEKÎPXCNKQUC
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WPCOWGUVTCFGWUWCTKQU
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WPCXG\CPCNK\CFQU[ECVGIQTK\CFQUUGEQPXKGTVGPGPNCUXCTKCDNGUCOGFKT
.CGUECNCCWVKNK\CTNCEWCNFGDGUGTUGPEKNNC[OW[H¶EKNFGGPVGPFGT*CEGT
WPCRTWGDCRKNQVQ
#FOKPKUVTCEKÎP FGN EWGUVKQPCTKQ .C RTWGDC EQPHGEEKQPCFC FGDG UGT
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QTICPK\CEKÎP'UVGCP¶NKUKUFGDGNNGXCTCKFGPVKHKECTNCUFKOGPUKQPGUUWLGVCUC
OGLQTCT[NCUSWGFGDGPCEGPVWCTUGRQTGUVCTECWUCPFQUCVKUHCEEKÎP
#EEKÎP EQTTGEVKXC .CKPXGUVKICEKÎPTGCNK\CFC PQFGDGSWGFCTGPWPUKORNG
GLGTEKEKQCECFÃOKEQFGDWGPCUKPVGPEKQPGU
2CTCNQITCTWPCGHKECEKCQTICPK\CEKQPCNUGVKGPGSWGQTKGPVCTVQFQGNGUHWGT\QFGNC
GORTGUCCUCVKUHCEGTCRNGPKVWFNCUPGEGUKFCFGUFGNQUWUWCTKQU
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NCUCVKUHCEEKÎPNCDQTCNFGNQUEQNCDQTCFQTGU
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KPVGTGUCFQ GP VTGU CEVKVWFGU 5 4QDDKPU EQORTQOKUQ EQP GN VTCDCLQ
UCVKUHCEEKÎPNCDQTCN[EQORTQOKUQQTICPK\CEKQPCN
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
x %QORTQOKUQ EQP GN VTCDCLQ 2WGFG FGHKPKTUG EQOQ GN ITCFQ GP GN EWCN WPC
RGTUQPCUGKFGPVKHKECEQPUWVTCDCLQRCTVKEKRCCEVKXCOGPVGGPÃN[EQPUKFGTCUW
FGUGORGÌQKORQTVCPVGRCTCNCXCNQTCEKÎPRTQRKC
x 5CVKUHCEEKÎPNCDQTCN#EVKVWFIGPGTCNFGWPKPFKXKFWQJCEKCUWGORNGQUQDTGNC
EWCNCORNKCTGOQUO¶UCFGNCPVG
x %QORTQOKUQQTICPK\CEKQPCN'NITCFQGPGNEWCNWPGORNGCFQUGKFGPVKHKECEQP
WPC QTICPK\CEKÎP GP RCTVKEWNCT EQP UWU OGVCU [ FGUGC OCPVGPGTUG GP GNNC
EQOQWPQFGUWUOKGODTQU
5GIÕP 4QDDKPU GN EQORTQOKUQ QTICPK\CEKQPCN GU WP OGLQT RTQPQUVKECFQT FG NC
TQVCEKÎPSWGNCUCVKUHCEEKÎPGPGNVTCDCLQWPGORNGCFQRQFTÈCGUVCTKPUCVKUHGEJQ
EQP UW VTCDCLQ GP RCTVKEWNCT [ ETGGT SWG GU WPC EQPFKEKÎP RCUCLGTC [ PQ GUVCT
KPUCVKUHGEJQEQPNCQTICPK\CEKÎP
.CUCVKUHCEEKÎPNCDQTCNRQFTÈCFGHKPKTUGEQOQNCCEVKVWFFGNVTCDCLCFQTHTGPVGCUW
RTQRKQ VTCDCLQ FKEJC CEVKVWF GUV¶ DCUCFC GP NCU ETGGPEKCU [ XCNQTGU SWG GN
VTCDCLCFQT FGUCTTQNNC FG UW RTQRKQ VTCDCLQ .CU CEVKVWFGU UQP FGVGTOKPCFCU
EQPLWPVCOGPVG RQT NCU ECTCEVGTÈUVKECU CEVWCNGU FGN RWGUVQ EQOQ RQT NCU
RGTEGREKQPGUSWGVKGPGGNVTCDCLCFQTFGNQSWGFGDGTÈCPUGT
)GPGTCNOGPVG NCU VTGU ENCUGU FG ECTCEVGTÈUVKECU FGN GORNGCFQ SWG CHGEVCP NCU
RGTEGREKQPGUFGNFGDGTÈCUGT
NQSWGFGUGCWPGORNGCFQFGUWRWGUVQUQPNCU
PGEGUKFCFGUNQUXCNQTGU[NQUTCUIQURGTUQPCNGU
.QU VTGU CURGEVQU FG NC UKVWCEKÎP FG GORNGQ SWG CHGEVCP NCU RGTEGREKQPGU FGN
FGDGTÈC UGT UQP NCU EQORCTCEKQPGU UQEKCNGU EQP QVTQU GORNGCFQU NCU
ECTCEVGTÈUVKECUFGGORNGQUCPVGTKQTGU[ NQUITWRQUFGTGHGTGPEKC
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NCDQTCNUQP
x 4GVQ FGN VTCDCLQ NC CEVKXKFCF SWG XCP C FGUCTTQNNCT UQP KORQTVCPVGU
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x 5KUVGOC FG TGEQORGPUCU LWUVCU NQU UCNCTKQU UQP NQU CFGEWCFQU RQT UW
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VTCDCLQ FQVCTFGNQU TGEWTUQU PGEGUCTKQU RCTCGNFGUCTTQNNQFGNCUCEVKXKFCFGU
FGNVTCDCLCFQT
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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'U KORQTVCPVG TGUCNVCT SWG WPC FG NCU HQTVCNG\CU SWG UG OGPEKQPC GP NQU 2NCPGU
1RGTCVKXQU FG NCU KPUVKVWEKQPGU FG NC #FOKPKUVTCEKÎP 2ÕDNKEC GUVC
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ITCPKFGPVKHKECEKÎPEQPNCU6+%UKFGPVKHKECEKÎP[EQORTQOKUQFGNRGTUQPCNEQPNC
KPUVKVWEKÎPRQTOGPEKQPCTCNIWPQU2QTGNNQGUKORQTVCPVGSWGGUVQUVTCDCLCFQTGU
FGDCPVGPGTWPUKUVGOCFGTGEQORGPUCULWUVCU[EQPFKEKQPGUHCXQTCDNGUFGVTCDCLQ
SWGNGURGTOKVCWPXGTFCFGTQFGUCTTQNNQRTQHGUKQPCN
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EQOQTGURQPUCDNGFGNCKPEQTRQTCEKÎPFGNCU6+%UGPNCUKPUVKVWEKQPGUFGDGVQOCT
WP EQPLWPVQ FG TGEQOGPFCEKQPGU [ FCT C EQPQEGT C NQU VTCDCLCFQTGU FG NCU
RQUKDNGU EQPUGEWGPEKCU HWVWTCU OGFKCPVG UGOKPCTKQU Q VCNNGTGU FKTKIKFQU RQT
GURGEKCNKUVCUGPGNVGOC
+PENWUKXG GUVCU EQPUKFGTCEKQPGU FGDGP UGT VQOCFCU GP EWGPVC EWCPFQ UG
CFSWKGTGPNQUOQDKNKCTKQUGPNCKPUVKVWEKÎPGUFGEKTFGDGPUGTGTIQPÎOKEQU
2QTGNNQGUPGEGUCTKQVQOCTGPEWGPVCCNIWPCUTGEQOGPFCEKQPGUEWCPFQJCEGWUQ
FG NC EQORWVCFQTC SWG GU NC OC[QT RCTVG FGN VKGORQ SWG NNGXC CN RGTUQPCN FG
KPHQTO¶VKEC[QVTCU¶TGCU
2CPVCNNC %QNQEC NC RCPVCNNC FG OCPGTC SWG PQ UG TGHNGLG GP GNNC NC NW\ FG NCU
N¶ORCTCUFGNCJCDKVCEKÎP[FGNCXGPVCPC.CRCTVGUWRGTKQTFGNCRCPVCNNCFGDG
SWGFCTCCNVWTCNKIGTCOGPVGOC[QTUWRGTKQTCNCFGNCXKUVC
%QNQECTNCRCPVCNNCCWPCFKUVCPEKCSWGPQGZKLCGUHWGT\QCNCXKUVC
EO'P
ECUQFGRCPVCNNCCPVKIWCRCTCTGFWEKTNCGZRQUKEKÎPCNCUTCFKCEKQPGUGUPGEGUCTKQ
UGPVCTUGCWPDTC\QFGFKUVCPEKCFGGNNC[VTCDCLCTEQPWPVCOCÌQFGNGVTCOC[QT
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UWGNQ.CUOWÌGECUCFQRVCT¶PNCOKUOCRQUVWTC
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EWGNNQ[NQUJQODTQU
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GP GN TGURCNFQ .C RCTVG UWRGTKQT VCODKÃP FGDG EQPVCT EQP UWUVGPVQ RCTC RQFGT
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11>>55HH?
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.QU RGECFQU [ NCU TGINCU FG QTQ FG WP )GTGPVG FG 5KUVGOCU OQFGTPQ
%WCNGUUQPNQURGECFQUFGWP)GTGPVGFG5KUVGO CU/QFGTPQ!
x #HGTTCTUG C NCU RNCVCHQTOCU [ UKUVGOCU FG KPHQTOCEKÎP SWG VCPVQ GUHWGT\Q NG
EQUVCTQP
x 0GICTUGCXGTSWGNCUPWGXCUVGEPQNQIÈCUKORNKECPFGUEGPVTCNK\CTNQUDGPGHKEKQU[
XQNXGTCEGPVTCNK\CTGNRTQEGUCOKGPVQ
x %TGGTSWGNCUGUVTCVGIKCUVGEPQNÎIKECUSWGNGRGTOKVKGTQPNNGICTGZKVQUCOGPVGJCUVC
GNRWPVQCEVWCNNGRGTOKVKT¶PCXCP\CTCNHWVWTQ
x %QPHWPFKTNCVGEPQNQIÈCEQPGNPGIQEKQGNOGFKQEQPGNHKP
x 2TGVGPFGT FGUCTTQNNCT KPVGTPCOGPVG VQFCU NCU CRNKECEKQPGU EQP GN RTGVGZVQ FG SWG
UQPPGUVTCVÃIKECUQ
x 5WDGUVKOCT NC KORQTVCPEKC FG NCU RNCVCHQTOCU VGEPQNÎIKECU [ GUVKNQU FG IGUVKÎP FG
RTQXGGFQTGU[WUWCTKQU
x 0QUCDGTECNEWNCTDGPGHKEKQUTGNGXCPVGURCTCGNPGIQEKQ
%WCNGUUQPNCUTGINCUFGQTQFGN)GTGPVGFG5KUVGOCUOQFGTPQ
x #NOQT\CTCFKCTKQEQPNQUGLGEWVKXQUTGURQPUCDNGUFGNCUGUVTCVGIKCUFGPGIQEKQU
x 'XCPIGNK\CT GXCPIGNK\CT GXCPIGNK\CT RGTQ UQDTG NQU $'0'(+%+15 PQ UQDTG NC
VGEPQNQIÈC
x +PXGTVKTGNFGNGUHWGT\QGPGNFGNCRNCVCHQTOCSWGCRQTVCGNFGNC
TGPVCDKNKFCF
x $WUECTCNKCP\CUGUVTCVÃIKECU
VGEPQNÎIKECUEQPRTQXGGFQTGU[WUWCTKQU
x .QUPWUWCTKQUQ QWUWCTKQUNGRCICPGNUWGNFQVTCDCLG[VTCPURKTGRQTGNNQU
x *CDNG FG NQU PGIQEKQU RQUKDKNKVCFQU RQT NC VGEPQNQIÈC PQ FG VGEPQNQIÈCU SWG
RQUKDKNKVCPPGIQEKQU
x 5GCWPRWGPVGEQPNQUPGLGEWVKXQUQ VTCFKEKQPCNGURGTQU¶NXGNGUUWFKIPKFCF
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
22YYRR\\YY__WWbbQQVVQQ
x &GNC5CVKUHCEEKÎPFGN7UWCTKQ%COKPQCNC'HKECEKC#NDGTVQ)#NGZCPFGT2J&
%GPVTWO%CVÎNKEC
x 5VGRJGP4%QXG[ .QUJ¶DKVQUFGNCIGPVGCNVCOGPVGGHGEVKXCQ'FKEKQPGU2CKFQU
+DÃTKEC5#
x 4GXKUVC 8+5+10.#)7+#&'..+&'4%NWD'HGEVKXKFCF
x 4GXKUVC ‹ #&/+0+564# '. 6+'/21 1 '. 6+'/21 .' #&/+0+564# !%NWD
'HGEVKXKFCF
x 5VGDDKPI.KQPGN'FYKP #5')74#/+'061&'.#%#.+&#&'.%#/+01#
.#'(+%+'0%+#;#.#%1/2'6+6+8+&#&
x 4CPIWGNQX5;.ÎRG\)ÎOG\/[7TKQPCDCTTGPGVZGC5<
P4GKPIGPKGTÈC
FGRTQEGUQU
$24Q(CEWNVCF%%''7PKXGTUKFCFFGN2CÈU8CUEQ$KNDCQ
x *COOGT/[%JCOR[,Q4GKPIGPKGTÈCFGNCGORTGUCQ2CTTCOÎP
x $Q[NG4&
P%QOQGXKVCTNQUGUEQNNQUO¶UJCDKVWCNGUFGNC4GKPIGPKGTÈCQ
*CTXCTF&GWUVQ(KPCP\CU[%QPVCDKNKFCF
x (GTP¶PFG\ (% P.C4GKPIGPKGTÈCEQOQTGURWGUVCCNCINQDCNK\CEKÎPFGNC
GEQPQOÈCQ%QQRGTUCPF.[DTCPF
x ,GCPPGV,
Q4GGPIKPGGTKPICNIQO¶USWGTGGUVTWEVWTCTQTGQTICPK\CTQ%CRKVCN
JWOCPQ0Q5GRV
x .CTIQ#%Q/¶UCNN¶FGNTGFKUGÌQFGRTQEGUQUQ*CTXCTF&GWUVQ$WUKPGUU4GXKGY
x &GXGPRQTV6,CTXGPRCC5.[$GGTU/%
P /GLQTCFGNQURTQEGUQUFGN
VTCDCLQFGNEQPQEKOKGPVQQ*CTXCTF&GWUVQ$WUKPGUU4GXKGY
x 5RGPUGT./
P4GGPIGPGGTKPIJWOCPTGUQWTEGUQ,QJP9KNG[UQPU
x 'FKVQTKCN
Q 4GGPIKPGGTKPITGXKGYGFQ 6JGGEQPQOKUVLWN[
x )TCPV 4 / P6JG TGUQWTUGDCUGF 6JGQT[ QH %QORGVKVKXG #FXCPVCIG
+ORNKECVKQPUHQT5VTCVGI[(QTOWNCVKQPQ%CNKHQTPKC/CPCIGOGPV4GXKGYRTKOCXGTC
RR
x *CTCTK 1 P‹2QT SWà OWTKÎ NC 4GKPIGPKGTÈC!Q *CTXCTF &GWUVQ $WUKPGUU
TGXKGYOCT\QCDTKNRR
x 3WKPP,$
+PVGNNKIGPVGPVGTRTKEG0;6JG(TGG2TGUU
x 4QEJCTV , ( %JKGH 'ZGEWVKXG FGHKPG VJGKT QYP FCVC PGGFU *CTXCGTF
$WUKPGUU4GXKGY8QNPÕO
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
x &[GT 9 9C[PG 6WU <QPCU 'TTÎPGCU 6ÃEPKECU CWFCEGU RGTQ UGPEKNNCU RCTC
FQOKPCTNQUGUSWGOCUGTTÎPGQUFGVWEQPFWEVC'F)TKLCNDQ/ÃZKEQ
x )QNGOCP &CPKGN .C +PVGNKIGPEKC 'OQEKQPCN 2QT SWÃ GU O¶U KORQTVCPVG SWG GN
EQEKGPVGKPVGNGEVWCN'F,CXKGT8GTICTC'FKVQTC4GKORTGUKÎP/ÃZKEQ
x *COOGT/KEJCGN%JCOR[,COGU4GKPIGPKGTÈC
1NXKFGNQSWGWUVGFUCDGUQDTG
EÎOQ FGDG HWPEKQPCT WPC GORTGUC b%CUK VQFQ GUV¶ GTTCFQ 'F )TWRQ 'FKVQTKCN
0QTOCCTGKORTGUKÎPPQXKGODTG%QNQODKC
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
3b}TYd_c
7
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7UUbbUU^^ddUU TTUU CCYYccddUU]]QQcc
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&KTGEVQT6ÃEPKEQ
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4GURQPUCDNG
5WUU[$C[QPC1TÃ
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