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EQCZKCN&GGUVGOQFQUGNQITCDCSWGNQUVGTOKPCNGUVWXKGTCPCEEGUQCWP
PQFQEGPVTCNCVTCXÃUFGWPGPNCEGEQCZKCNFGCNVCXGNQEKFCF
(WGCEQOKGP\QUFGNQUEWCPFQCRCTGEKGTQPNCURTKOGTCU4GFGUFGTGC
.QECN
.#0NCUEWCNGUEQPUVKVW[GPWPUKUVGOCFGEQOWPKECEKÎPKPVGITCFQ
RQT FKUVKPVQU WUWCTKQU
UGTXKFQTGU VGTOKPCNGU GVE SWG RGTOKVG NC
VTCPUHGTGPEKCFGFCVQUCCNVCUXGNQEKFCFGUGPFKUVCPEKCUTGNCVKXCOGPVGEQTVCU
'NRTKPEKRCNQDLGVKXQSWGUGRGTUGIWÈCGTCGNEQORCTVKTNCKPHQTOCEKÎPGPVTG
FKUVKPVQUWUWCTKQUFGTGEWTUQURGTKHÃTKEQUEQOWPGU
.CEQOWPKECEKÎPGPVTGGNUGTXKFQTFGNCTGF[NQUVGTOKPCNGUFGWUWCTKQGTC
IGUVKQPCFC RQT GN IGUVQT FG TGF NQECN [ UG OCVGTKCNK\CDC C VTCXÃU FG WP
OGFKQ HÈUKEQ
ECDNGCFQ SWG RQFÈC GUVTWEVWTCTUG GP FKHGTGPVGU HQTOCU Q
VQRQNQIÈCUFGNCTGFNQECN2CTCSWGNCEQPGZKÎPCNOGFKQHWGTCRQUKDNGNQU
VGTOKPCNGU GTCP KPEQTRQTCFQU EQP WPC VCTLGVC CFCRVCFQTC FG TGF NC EWCN
FKURQPGFGWPEQPGEVQTGURGEÈHKEQ[IGUVKQPCNQUOGECPKUOQUFGCEEGUQ[
EQPGZKÎPFGVQFQUNQUGNGOGPVQUFGNCTGFEQPGNOGFKQ
.C UGIWPFC IGPGTCEKÎP FG IGUVQTGU FG TGFGU NQECNGU RGTOKVÈC PQ UÎNQ
EQORCTVKT FKUEQU G KORTGUQTCU UKPQ VCODKÃP NC FG EKGTVCU CRNKECEKQPGU [
FCVQU 5KP GODCTIQ NQU FCVQU RGTOCPGEÈCP GP GN UGTXKFQT [ UÎNQ GTCP
CEEGUKDNGUOGFKCPVGEKGTVCUCRNKECEKQPGU'PGNUKIWKGPVGRCUQUGNQITÎSWG
NCUCRNKECEKQPGUSWGIGUVKQPCPNQUFCVQUUQPVTCVCFCURQTGNRTQRKQUGTXKFQT
[ NCU GUVCEKQPGU FGVTCDCLQCEEGFGPCGUVQUFCVQU CVTCXÃU FGCRNKECEKQPGU
FGN UGTXKFQT 'UVG CWIG FKQ NWICT C NC GZKUVGPEKC GP WP OKUOQ EGPVTQ FG
VTCDCLQFGTGFGUNQECNGU RCTCNGNCUSWGGPFGVGTOKPCFQUOQOGPVQUXGPNC
PGEGUKFCFFGKPVGTEQPGEVCTUGRCTCEQORCTVKTNQUTGEWTUQUCUÈEQOQFCVQUFG
NC OKUOC QTICPK\CEKÎP 'UVCU TGFGU RWGFGP RTQXGPKT FG FKUVKPVCU

CTSWKVGEVWTCU Q FKUGÌQU FG VÃEPKECU O¶U Q OGPQU FKHGTGPVGU [Q CEVWCNGU

EQOQJGOQUXKUVQGPNCCPVGTKQTGXQNWEKÎPRQTNQSWGUGPGEGUKVCFGNQU
CFGEWCFQU OGECPKUOQU SWG RGTOKVCP NC TGCNK\CEKÎP FG GUVCU FKHÈEKNGU
EQOWPKECEKQPGU2QTQVTCRCTVGGNPÕOGTQFGGNGOGPVQUSWGUGKPEQTRQTCP
Q UG FGURNC\CP KPETGOGPVC NC EQORNGLKFCF FG NC GUVTWEVWTC CUÈ EQOQ NC
RQUKDKNKFCFFGTWRVWTCUGPGNECDNGCFQ
.QU EQPEGPVTCFQTGU RGTOKVGP EQPGEVCT [ CUGIWTCT GN ECDNGCFQ GPVTG XCTKCU

TGFGU NQECNGU 'P QVTQ UGPVKFQ [ EQOQ UG XGT¶ O¶U CFGNCPVG NQU 2WGPVGU

$TKFIGURGTOKVGPSWGWPCTGFUGRWGFCFGUCTTQNNCTGPFKUVCPEKC[VCOCÌQ
CN TGEQTVCT WPC TGF GP UGIOGPVQU Q GP CPKNNQU UGEWPFCTKQU .QU RWGPVGU
HKNVTCP NCU EQOWPKECEKQPGU FG OQFQ SWG UÎNQ GN VT¶HKEQ FGUVKPCFQ C QVTQ
UGIOGPVQRWGFCETW\CTGNRWGPVG
0Q QDUVCPVG WPC TGF EQP RWGPVGU HWPEKQPC EQOQ WP EQPLWPVQ SWG
EQPUVKVW[GWPCTGFÕPKECRGTQEQPWPITCPVCOCÌQ[OÕNVKRNGUECOKPQUFG
CEEGUQGPVTGFQURWPVQUEWCNGUSWKGTCFGNCTGFNQEWCNRWGFGRTGUGPVCTWP
RTQDNGOCCNCWOGPVCTNCURQUKDKNKFCFGUFGEQOWPKECEKÎP
.QU4QWVGTUCRCTGEKGTQPRCTCTCEKQPCNK\CTNCUKPVGTEQPGZKQPGUFGTGFGU7P
4QWVGT RGTOKVG ETGCT UWDTGFGU SWG EQTTGURQPFCP C ¶TGCU Q ITWRQU
GURGEÈHKEQU FG VTCDCLQ FGPVTQ FG WPC ITCP GUVTWEVWTC #FGO¶U RGTOKVGP
OGLQTCTNCCEEGUKDKNKFCFFGNCTGFCNQHTGEGTNCRQUKDKNKFCFFGXQNXGTCFKTKIKT
NQU FCVQU GP HWPEKÎP FG NC ECTIC [ NC FKURQPKDKNKFCF FG NQU GPNCEGU

2TQVQEQNQFGGPECOKPCOKGPVQ
%QORQPGPVGU
.QUGNGOGPVQUSWGEQPHKIWTCPWPCTGFUQP
x 5GTXKFQT
'U GN QTFGPCFQT RTKPEKRCN FG NC TGF SWG UQRQTVCGNUKUVGOCIGUVQTFGNC
OKUOCRTQRQTEKQPCPFQVQFQUNQUUGTXKEKQUCNQUVGTOKPCNGUEQPGEVCFQUC
NCTGF
x 'UVCEKQPGUFGVTCDCLQ
%QORQPGP NQU PQFQU VGTOKPCNGU FG NC TGF RWFKGPFQ UGT VCP UÎNQ
VGTOKPCNGUQDKGP2% UEQPUWURTQRKQUFKURQUKVKXQUHÈUKEQU
x 6CTLGVCUFG4GF
'UGNGNGOGPVQKPVGTHC\SWGRGTOKVG NCEQPGZKÎPFGWPC2%WQTFGPCFQT
CNCTGFEQPUVKVW[GPFQGNRKNCTUQDTGGNSWGUGUQUVKGPGVQFCNCTGF
x 'NOGFKQ
%QPUVKVWKFQ RQT GN ECDNGCFQ [ NQU EQPGEVQTGU SWG GPNC\CP NQU
EQORQPGPVGUFGNCTGF
x &KURQUKVKXQUCFKEKQPCNGU
5QP VQFQU CSWGNNQU EQORQPGPVGU FG NC TGF SWG UQP WVKNK\CFQU [
EQORCTVKFQU RQT NQU WUWCTKQU FG NC TGF UQP TGEWTUQU VCNGU EQOQ
KORTGUQTCUWPKFCFGUFGCNOCEGPCOKGPVQGVE
%QDGTVWTC[VQRQNQIÈCFGNCUTGFGU
#PVGU FG GPVTCT EQP FGVGPKOKGPVQ GP GN VGTTGPQ FG NQU FKURQUKVKXQU FG
KPVGTEQPGZKÎP FG NCU TGFGU TGUWNVC KORTGUEKPFKDNG FGUETKDKT CWPSWG PQ
UQOGTCOGPVG GUVQU FQU EQPEGRVQU RCTC RQUVGTKQTOGPVG RQFGT H¶EKNOGPVG
FGVGTOKPCTGN¶ODKVQFGQRGTCVKXKFCFFGGUVQUFKURQUKVKXQU[EQORTGPFGTUW
HWPEKQPCNKFCF
'URQUKDNGGUVCDNGEGTWPCENCUKHKECEKÎPFGNCUTGFGUGPHWPEKÎPFGUWVCOCÌQ
QTCFKQFGCEEKÎPCUÈEQOQFGRGPFKGPFQFGUWNQECNK\CEKÎPIGQIT¶HKEC&G
GUVGOQFQRQFGOQUFKUVKPIWKTGPVTG
x 4GFGUFGTGC.QECN
.#0
5QPRGSWGÌCUTGFGUEQPWPPÕOGTQTGFWEKFQFGPQFQU
UKGORTGKPHGTKQT
CNEGPVGPCTJCDKVWCNOGPVGNQECNK\CFCUGPWPOKUOQGFKHKEKQQRNCPVC
x 4GFGU+PVGTEQPGEVCFCU
+PVGT0GV9QTM
%QOQUWRTQRKQPQODTGKPFKECEQTTGURQPFGCNCKPVGTEQPGZKÎPFGTGFGU
FGN VKRQ CPVGTKQT 'U WP VKRQ JCDKVWCN GP GN ¶ODKVQ FG WPC GORTGUC Q
KPUVKVWEKÎP CN EQPGEVCT VQFCU NCU UWDTGFGU FG NC OKUOC FKURGTUCU GP
VQFCUNCUWDKECEKQPGUFGNCQTICPK\CEKÎP
x 4GFGU/GVTQRQNKVCPCU
/#0
7PCTGFOGVTQRQNKVCPCEQORTGPFGWPGURCEKQIGQIT¶HKEQOC[QTEQOQ
RWGFGUGTWPECORWUWPKXGTUKVCTKQ QWPCEKWFCF
x 4GFGUFG)TCP#NECPEG
9#0
'P GUVG VKRQ FG TGFGU GU JCDKVWCN SWG UW ¶ODKVQ QRGTCVKXQ UWRGTG
HTQPVGTCU KPVGTPCEKQPCNGU UKGPFQ NCU EQPGZKQPGU JCDKVWCNGU NCU NÈPGCU
VGNGHÎPKECUFGCNVCXGNQEKFCFUCVÃNKVGUFGEQOWPKECEKQPGUQCPVGPCUFG
OKETQQPFCU %QTTGURQPFGP C ITCPFGU QTICPK\CEKQPGU EQP EGPVTQU W
QHKEKPCUFKURGTUQUGPXCTKQURCÈUGU7PGLGORNQENCTQGUNCTGF+PVGTPGV
'PEWCPVQCNCHQTOCGPSWGUGFKUVTKDW[GPNQUEQORQPGPVGUSWGHQTOCP
WPC4GFFGTGC.QECN
.#0RQFGOQUFKUVKPIWKT
x 6QRQNQIÈCGPGUVTGNNC
6QFQU NQU GNGOGPVQU FG NC TGF UG GPEWGPVTCP EQPGEVCFQU FKTGEVCOGPVG
OGFKCPVG WP GPNCEG RWPVQ C RWPVQ CN PQFQ EGPVTCN FG NC TGF SWKGPUG
GPECTIC FG IGUVKQPCT NCU VTCPUOKUKQPGU FG KPHQTOCEKÎP RQT VQFC NC
GUVTGNNC 'XKFGPVGOGPVG VQFCU NCU VTCOCU FG KPHQTOCEKÎP SWG EKTEWNGP
RQTNCTGFFGDGPRCUCTRQTGNPQFQRTKPEKRCNEQPNQEWCNWPHCNNQGPÃN
RTQXQEC NC ECÈFC FG VQFQ GN UKUVGOC 2QT QVTC RCTVG WP HCNNQ GP WP
FGVGTOKPCFQ ECDNG UÎNQ CHGEVC CN PQFQ CUQEKCFQ C ÃN UK DKGP GUVC
VQRQNQIÈC QDNKIC C FKURQPGT FG WP ECDNG RTQRKQ RCTC ECFC VGTOKPCN
CFKEKQPCNFGNCTGF
%QOQGLGORNQFGGUVGVKRQFGVQRQNQIÈCVGPGOQUNC5VCT.CP FG#66
x 6QRQNQIÈCGPDWU
'P GUVC VQRQNQIÈC NQU GNGOGPVQU SWG EQPUVKVW[GP NC TGF UG FKURQPGP
NKPGCNOGPVG GUFGEKTGPUGTKG[EQPGEVCFQURQTOGFKQFGWPECDNGGN
DWU .CU VTCOCU FG KPHQTOCEKÎP GOKVKFCU RQT WP PQFQ
VGTOKPCN Q
UGTXKFQTUGRTQRCICPRQTVQFQGNDWU
GPCODCUFKTGEEKQPGUCNECP\CFQ
C VQFQU NQU FGO¶U PQFQU %CFC PQFQ FG NC TGF UG FGDG GPECTICT FG
TGEQPQEGTNCKPHQTOCEKÎPSWGTGEQTTGGNDWURCTCCUÈFGVGTOKPCTEWCNGU
NCSWGNGEQTTGURQPFGNCFGUVKPCFCCÃN
'UGNVKRQFGKPUVCNCEKÎPO¶UUGPEKNNQ[WPHCNNQGPWPPQFQPQRTQXQEC
NC ECÈFC FGN UKUVGOC FG NC TGF 2QT QVTC RCTVG WPC TWRVWTC FGN DWU GU
FKHÈEKNFGNQECNK\CT
FGRGPFKGPFQFGNCNQPIKVWFFGNECDNG[GNPÕOGTQFG
VGTOKPCNGUEQPGEVCFQUCÃN[RTQXQECNCKPWVKNKFCFFGVQFQGNUKUVGOC
%QOQ GLGORNQ O¶U EQPQEKFQ FG GUVC VQRQNQIÈC GPEQPVTCOQU NC TGF
'VJGTPGV FG :GTQZ 'N OÃVQFQ FG CEEGUQ WVKNK\CFQ GU GN %5/#%&
OÃVQFQSWGIGUVKQPCGNCEEGUQCNDWURQTRCTVGFGNQUVGTOKPCNGU[SWG
RQT OGFKQ FG WP CNIQTKVOQ TGUWGNXG NQU EQPHNKEVQU ECWUCFQU GP NCU
EQNKUKQPGU FG KPHQTOCEKÎP %WCPFQ WP PQFQ FGUGC KPKEKCT WPC
VTCPUOKUKÎP FGDGGPRTKOGTNWICTGUEWEJCTGNOGFKQRCTCUCDGTUKGUV¶
QEWRCFQFGDKGPFQGURGTCTGPECUQCHKTOCVKXQJCUVCSWGSWGFGNKDTG5K
UG NNGIC C RTQFWEKT WPC EQNKUKÎP NCU GUVCEKQPGUTGKPKEKCT¶PECFC WPCUW
VTCPUOKUKÎP RGTQ VTCPUEWTTKFQ WP VKGORQ CNGCVQTKQ FKUVKPVQ RCTC ECFC
GUVCEKÎP 'UVC GU WPC DTGXG FGUETKREKÎP FGN RTQVQEQNQ FG CEEGUQ
%5/#%&RWGUCEVWCNOGPVGUGGPEWGPVTCPKORNGOGPVCFCUECPVKFCFFG
XCTKCPVGUFGFKEJQOÃVQFQEQPUWUTGURGEVKXCURGEWNKCTKFCFGU
x 6QRQNQIÈCGPCPKNNQ
.QU PQFQU FG NC TGF UG FKURQPGP GP WP CPKNNQ EGTTCFQ EQPGEVCFQU C ÃN
OGFKCPVGGPNCEGURWPVQCRWPVQ.CKPHQTOCEKÎPFGUETKDGWPCVTC[GEVQTKC
EKTEWNCT GP WPC ÕPKEC FKTGEEKÎP [ GN PQFQ RTKPEKRCN GU SWKGP IGUVKQPC
EQPHNKEVQU GPVTG PQFQU CN GXKVCT NC EQNKUKÎP FG VTCOCUFGKPHQTOCEKÎP 'P
GUVG VKRQ FG VQRQNQIÈC WP HCNNQ GP WP PQFQ CHGEVC C VQFC NC TGF CWPSWG
CEVWCNOGPVG JC[ VGEPQNQIÈCU SWG RGTOKVGP OGFKCPVG WPQU EQPGEVQTGU
GURGEKCNGUNCFGUEQPGZKÎPFGNPQFQCXGTKCFQRCTCSWGGNUKUVGOCRWGFC
UGIWKTHWPEKQPCPFQ
.C TGF 6QMGP4KPI FG +$/ GU WP ENCTQ GLGORNQ FG GUVC VQRQNQIÈC 'N
OÃVQFQFGCEEGUQCNCTGFWVKNK\CFQGUGNEQPQEKFQEQOQ6QMGP2CUUKPI
'UVGOÃVQFQUGDCUCGPGNRCUQFGWPVGUVKIQFGRWPVQCRWPVQEQPVKIWQ
GPGNCPKNNQFGOQFQSWGWPCGUVCEKÎPSWGFGUGGGOKVKTFGDGGURGTCT C
TGEKDKT GN VGUVKIQ GP GUVCFQ NKDTG NQ RQPFT¶ EQOQ QEWRCFQ [ CUÈ
RGTOCPGEGT¶ JCUVC SWG NC KPHQTOCEKÎP NNGIWG C UW FGUVKPQ 'UVC VÃEPKEC
EQPUKIWG WP OGLQT CRTQXGEJCOKGPVQ FG NC TGF EQP TGURGEVQ CN OÃVQFQ
%5/#%& 'UVQ GU FGDKFQ C SWG GP TGFGU EQP WP EKGTVQ PÕOGTQ FG
VGTOKPCNGU[WPVT¶HKEQKPVGPUQUGRTQFWEGWPITCPPÕOGTQFGEQNKUKQPGU
NQSWGRTQFWEGVKGORQUFGGURGTCGNGXCFQU[RQTVCPVQOWEJQVKGORQGP
GNSWGGNECDNGGUV¶KPWVKNK\CFQQEQPKPHQTOCEKÎPPQX¶NKFC'PECODKQ
GPNCUTGFGUEQPRCUQFGVGUVKIQCWPSWGNQUPQFQUFGDGPGURGTCTCSWG
NGU NNGIWG GN VGUVKIQ UCDGP SWG EWCPFQ NQ VKGPGP PCFKG NGU XC C
KPVGTTWORKTGPUWVTCPUOKUKÎP5GRWGFGGUVKOCTSWGGPWPCTGF%5/#%&
GNCRTQXGEJCOKGPVQFGNCPEJQFGDCPFCRWGFGUGTFGNOKGPVTCUSWG
GP WPCTGFFGVGUVKIQUGRWGFGCNECP\CTÈPFKEGUEGTECPQUCN
2QTÕNVKOQECDGOGPEKQPCTSWGNCUTGFGUPQUGCLWUVCPGUVTKEVCOGPVGCNCU
VQRQNQIÈCU CPVGTKQTOGPVG FGUETKVCU RWFKGPFQ GPEQPVTCT QVTCU VKRQNQIÈCU
CNVGTPCVKXCUQDKGPEQOQGUO¶UWUWCNVKRQNQIÈCUSWGEQODKPGPNQUVTGU
VKRQUCPVGTKQTGU
'P GN UKIWKGPVG EWCFTQ RQFGOQU QDUGTXCT GUSWGO¶VKECOGPVG NCU

ECTCEVGTÈUVKECUINQDCNGUFGNCUTGFGUO¶UEQOWPGU
'VJGTPGV 5VCT.CP 6QMGP4KPI #4%0'6 .QECN6CNM

5KP 5KP
+''' $CUG:
$CUG PQTOCNK\CT PQTOCNK\CT
$TQCF
/ÃVQFQFG %5/#%& %5/#%& CPKNNQVGUVKIQ DWUVGUVKIQ %5/#%&
#EEGUQ
CNGCVQTKQ
CNGCVQTKQ FGVGTOKPKUVC FGVGTOKPKUVC
CNGCVQTKQ

1TKIGP :GTQZ #66 +$/ #RRNG
&CVCRQKPV
8GNQEKFCF /DRU /DRU /DRU /DRU -DRU
6QRQNQIÈC $WU'UVTGNNC $WU'UVTGNNC #PKN'UVTGNNC 'UV$W#P $WU'UVT
2CT 2CT
VTGP\CFQ 2CTVTGP\CFQ 2CTVTGP\CFQ VTGP\CFQ 2CTVTGP\CFQ
/GFKQ EQCZKCNHKDTC HKDTCÎRVKEC EQCZKCN
ÎRVKEC HKDTCÎRVKEC
.CPQTOCNK\CEKÎP
&GDKFQ C NC JGVGTQIGPGKFCF FG NQU GSWKRQU [ NQU FKHGTGPVGU VKRQU FG
EQOWPKECEKQPGU GU PGEGUCTKQ ETGCT WP GUV¶PFCT D¶UKEQ SWG EQPUVKVW[C WP
OQFGNQFGTGHGTGPEKCFGTGFD¶UKEQ
'N +51
+PUVKVWVG+PVGTPCVKQPCN5VCPFCTFUGNCDQTÎWPOQFGNQFGTGHGTGPEKC
FGNCTGFGPUKGVGPKXGNGUUWRGTRWGUVQUNNCOCFQOQFGNQ15+
1RGP5[UVGOU
+PVGTEQPPGEVKQP 'P GUVG OQFGNQU UG FGHKPGP GN EQPLWPVQ FG HWPEKQPGU
PGEGUCTKCU RCTC WPC EQOWPKECEKÎP GP TGF CITWR¶PFQNCU GP NQU FKUVKPVQU
PKXGNGU NQU EWCNGU FGUGORGÌCDCP FKUVKPVCU HWPEKQPGU UKP UQNCRCTUG GPVTG
GNNQU %CFC PKXGN KPVGTCEVÕC EQP NQU PKXGNGU KPOGFKCVCOGPVG UWRGTKQT G
KPHGTKQT C ÃN GU RQT NQ SWG WP PKXGN QHTGEG UGTXKEKQU FG TGF C UW PKXGN
UWRGTKQT[WVKNK\CNQUUGTXKEKQUFGTGFFGUWPKXGNKPHGTKQT%WCPFQ FQUPQFQU
FGWPCTGFUGEQOWPKECPGPVTGUKUGGUV¶RTQFWEKGPFQWPCEQOWPKECEKÎP
XKTVWCN GPVTG NQU PKXGNGU EQTTGURQPFKGPVGU FG WP GSWKRQ [ FG QVTQ FG
CEWGTFQCWPCUTGINCUQRTQVQEQNQUFGEQOWPKECEKÎP
.QUPKXGNGUCÌCFGPUWRTQRKCKPHQTOCEKÎPCNQUFCVQUTGEKDKFQURQTGNPKXGN
UWRGTKQT [ VTCPUHKGTGP GN PWGXQ EQPLWPVQ FG KPHQTOCEKÎP CN PKXGN
KPOGFKCVCOGPVGKPHGTKQTGNEWCNCEGRVCVQFCNCVTCOCEQOQWPEQPLWPVQFG
FCVQU 'P NC TGEGREKÎP FG NQU FCVQU NQU PKXGNGU TGEQPQEGP NC KPHQTOCEKÎP
CFKEKQPCNSWGCEQORCÌCCNQUFCVQU[UÎNQVTCPUHKGTGPCNPKXGNUWRGTKQTNQU
FCVQU[CUÈUWEGUKXCOGPVG
'NOQFGNQ15+EQPUVCFGECRCUQPKXGNGU.CUECTCEVGTÈUVKECUIGPGTCNGUFG
NCUECRCUUQPNCUUKIWKGPVGU
x %CFCWPCFGNCUECRCUFGUGORGÌCHWPEKQPGUDKGPFGHKPKFCU
x .QUUGTXKEKQU RTQRQTEKQPCFQURQTECFCPKXGNUQPWVKNK\CFQURQTGNPKXGN
UWRGTKQT
x 'ZKUVG WPC EQOWPKECEKÎP XKTVWCN GPVTG OKUOCU ECRCU FG OCPGTC
JQTK\QPVCN
x 'ZKUVGWPCEQOWPKECEKÎPXGTVKECNGPVTGWPCECRCFGPKXGN0 [NCECRCFG
PKXGN0
x .CEQOWPKECEKÎPHÈUKECUGNNGXCCECDQGPVTGNCUECRCUFGPKXGN
3URJUDPDGHDSOLFDFLyQ
GHOXVXDULR
3URYHHVHUYLFLRVJHQHUDOHV
1LYHO $SOLFDFLyQ UHODFLRQDGRVFRQDSOLFDFLRQHV
FJ7UDQVIHUHQFLDGHDUFKLYRV
1LYHO 3UHVHQWDFLyQ )RUPDWRGH'DWRVFJ$6&,,
6HVLyQ &RRUGLQDUODLQWHUDFFLyQHQODVHVLyQ
1LYHO GLiORJRGHORVXVXDULRV
7UDQVSRUWH 3URYHHXQDWUDQVPLVLyQ
1LYHO GHGDWRVFRQILDEOHSXQWRDSXQWR
1LYHO 5HG (QUXWDXQLGDGHVGHLQIRUPDFLyQ
3URYHHLQWHUFDPELRGHGDWRV
(QODFHGH
1LYHO (QWUHGLVSRVLWLYRVHQHOPLVPR
'DWRV PHGLR
)tVLFR 7UDQVPLWHXQIOXMRGHELWVDWUDYpV
1LYHO GHPHGLRItVLFR
(KIWTC #TSWKVGEVWTCFGTGFDCUCFCGPGNOQFGNQ15+
%CRC(ÈUKEC
x 6TCPUOKUKÎPFGHNWLQFGDKVUCVTCXÃUFGNOGFKQ0QGZKUVGGUVTWEVWTC
CNIWPC
x /CPGLCXQNVCLGU[RWNUQUGNÃEVTKEQU
x 'URGEKHKECECDNGUEQPGEVQTGU[EQORQPGPVGUFGKPVGTHC\EQPGNOGFKQ
FGVTCPUOKUKÎP
%CRC'PNCEGFG&CVQU
x 'UVTWEVWTCGNHNWLQFGDKVUDCLQWPHQTOCVQRTGFGHKPKFQNNCOCFQVTCOC
x 2CTC HQTOCT WPC VTCOC GN PKXGN FG GPNCEG CITGIC WPC UGEWGPEKC
GURGEKCNFGDKVUCNRTKPEKRKQ[CNHKPCNFGNHNWLQKPKEKCNFGDKVU
x 6TCPUHKGTG VTCOCU FG WPC HQTOC EQPHKCDNG NKDTG FG GTTQTGU
WVKNK\C
TGEQPQEKOKGPVQU[TGVTCPUOKUKÎPFGVTCOCU
x 2TQXGGEQPVTQNFGHNWLQ
x 7VKNK\CNCVÃEPKECFGRKII[DCEMKPI
%CRCFG4GF
0KXGNFGRCSWGVGU
x &KXKFG NQU OGPUCLGU FG NC ECRC FG VTCPURQTVG GP RCSWGVGU [ NQU
GPUCODNCCNHKPCN
x 7VKNK\C GN PKXGN FG GPNCEGRCTCGNGPXÈQFGRCSWGVGUWPRCSWGVGGU
GPECRUWNCFQGPWPCVTCOC
x 'PTWVCOKGPVQFGRCSWGVGU
x 'PXÈCNQURCSWGVGUFGPQFQCPQFQWUCPFQ[CUGCWPEKTEWKVQXKTVWCN
QEQOQFCVCITCOCU
x %QPVTQNFG%QPIGUVKÎP
%CRCFG6TCPURQTVG
x 'UVCDNGEG EQPGZKQPGU RWPVQ C RWPVQ UKP GTTQTGU RCTC GN GPXÈQ FG
OGPUCLGU
x 2GTOKVGOWNVKRNGZCT
OWEJCUGPVTCFCUWPCUCNKFCWPCEQPGZKÎPRWPVQ
C RWPVQ GPVTG FKHGTGPVGU RTQEGUQU FGN WUWCTKQ
RWPVQU GZVTGOQU FG
WPCEQPGZKÎP
x 2TQXGG NC HWPEKÎP FG FKHWUKÎP FG OGPUCLGU
DTQCFECUV C OÕNVKRNGU
FGUVKPQU
x %QPVTQNFG(NWLQ
%CRCFG5GUKÎP
x 2GTOKVGCWUWCTKQUGPFKHGTGPVGUO¶SWKPCUGUVCDNGEGTWPCUGUKÎP
x 7PC UGUKÎP RWGFG UGT WUCFC RCTC GHGEVWCT WPNQIKPCWPUKUVGOCFG
VKGORQ EQORCTVKFQ TGOQVQ RCTC VTCPUHGTKT WP CTEJKXQ GPVTG
O¶SWKPCUGVE
x %QPVTQNCGNFK¶NQIQ
SWKÃPJCDNCEW¶PFQEW¶PVQVKGORQJCNHFWRNGZ
QHWNNFWRNGZ
x (WPEKÎPFGUKPETQPK\CEKÎP
%CRCFG2TGUGPVCEKÎP
x 'UVCDNGEGWPCUKPVCZKU[UGO¶PVKECFGNCKPHQTOCEKÎPVTCPUOKVKFC
x 5G FGHKPG NC GUVTWEVWTC FG NQU FCVQU C VTCPUOKVKT
XI FGHKPG NQU
ECORQUFGWPTGIKUVTQPQODTGFKTGEEKÎPVGNÃHQPQGVE
x &GHKPG GN EÎFKIQ C WUCT RCTC TGRTGUGPVCT WPC ECFGPC FG ECTCEVGTGU

#5%++'$%&+%GVE
x %QORTGUKÎPFGFCVQU
x %TKRVQITCHÈC
%CRCFG#RNKECEKÎP
x 6TCPUHGTGPEKCFGCTEJKXQU
HVR
x .QIKPTGOQVQ
TNQIKPVGNPGV
x %QTTGQGNGEVTÎPKEQ
OCKN
x #EEGUQCDCUGUFGFCVQUGVE
6GPFGPEKCUCEVWCNGUGPNCU4GFGUFGTGC.QECN
.#0
.CGNGEEKÎPFGNOGFKQFGVTCPUOKUKÎP[FGNOÃVQFQFGCEEGUQCNOKUOQNC
FGHKPKEKÎPFGNCUCRNKECEKQPGU[NCFKURQUKEKÎPFGNJCTFYCTGFGVGTOKPCPNC
UGNGEEKÎP FG WP UKUVGOC IGUVQT FG TGF [ FG NCU EQPUKIWKGPVGU VCTLGVCU
CFCRVCFQTCUFGNQUEQORQPGPVGU
*CUVC HKPCNGU FG NQU GN OGTECFQ GUVCDC CORNKCOGPVG FQOKPCFQ RQT
'VJGTPGV EQP WPC VQRQNQIÈC FG DWU GUVTWEVWTCFC GP HQTOC CTDÎTGC .QU
FKHGTGPVGU UGIOGPVQU FGN ¶TDQN UG EQPGEVCP GPVTG UÈ RQT OGFKQ FG
TGRGVKFQTGUQRWGPVGURCTCCORNKCTGNCNECPEGFGNCTGF
2QUVGTKQTOGPVG UG JC KFQ KORQPKGPFQ NC CNVGTPCVKXC 6QMGP4KPI EQP

VKRQNQIÈCCPKNNQGUVTGNNCCUQEKCFQCWPEQPEGPVTCFQTFGECDNGCFQ
'P TGUWOGP GP NC FÃECFC CEVWCN 'VJGTPGV [ 6QMGP4KPI UG TGRCTVGP
KIWCNOGPVG GPVTG UÈ O¶U FG NCU VTGU EWCTVCU RCTVGU FGN OGTECFQ
RTQOQXKGPFQ NC VKRQNQIÈC GP GUVTGNNC UQDTG RCT VTGP\CFQ [ NQU
EQTTGURQPFKGPVGUEQPEGPVTCFQTGUFGECDNGCFQ
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EWCNSWKGTQVTQQTFGPCFQTCKUNCFQRWGFGEQOWPKECTUGEQPQVTQUQTFGPCFQTGUQTGFGU
FG QTFGPCFQTGU .C GXQNWEKÎP FG NCU TGFGU NQECNGU KORNKEC FKHGTGPVGU VÃEPKECU
HWPFCOGPVCNGU FG KPVGTEQPGZKÎP RCTC SWG GN VCOCÌQ [ NC CTSWKVGEVWTC FG WPC TGF
RWGFCPGXQNWEKQPCTCWOGPVCT[QRVKOK\CTNQUHNWLQUFGEQOWPKECEKÎPKPVGTEQPGEVCT
XCTKCUTGFGUNQECNGUUKVWCFCUGPNQECNK\CEKQPGUEGTECPCUQTGOQVCUGVE
'NT¶RKFQGUVCDNGEKOKGPVQFGNQU GUV¶PFCTTGNCEKQPCFQU EQPTGFGUFG ¶TGCNQECN

.#0LWPVQEQPGNETGEKGPVGFGUCTTQNNQGPNCKPFWUVTKCFGUGOKEQPFWEVQTGUSWG
RGTOKVGPFKURQPGTFGOGFKQUFGKPVGTEQPGZKÎPCRTGEKQTGFWEKFQJCOQVKXCFQ
SWGNCUTGFGUFG¶TGCNQECNEQPHQTOGPNCDCUGFGNCUTGFGUFGEQOWPKECEKÎPFG
FCVQUGPWPKXGTUKFCFGUKPFWUVTKCUEGPVTQUFGKPXGUVKICEKÎPGVE
'N O¶ZKOQ TGPFKOKGPVQ FG WPC TGF FG ¶TGC NQECN UG QDVKGPG UGIÕP NCU
CRNKECEKQPGUUQRQTVCFCU2QTEKVCTCNIÕPGLGORNQVGPGOQUGNEQTTGQGNGEVTÎPKEQ
Q EQORCTVKT NQU TGEWTUQU
KORTGUQTCU DCUGU FG FCVQUV 0Q QDUVCPVG FKEJCU
CRNKECEKQPGUTGSWKGTGPFGWPVTCUXCUGFGFCVQU
.CUVÃEPKECUSWGUGQHTGEGPGPGNOGTECFQUQPCOGPWFQEQORNGLCUEWCPFQUG
NGUCPCNK\CGPFGVCNNG5KPGODCTIQUQPOW[KORQTVCPVGURQTSWGNCGXQNWEKÎPFG
UWU HWPEKQPGU [ FG UW TGPFKOKGPVQ RGTOKVG CEVWCNOGPVG TGCNK\CT FKHGTGPVGU
CTSWKVGEVWTCUFGTGFFGGORTGUCGPHWPEKÎPFGNCUPGEGUKFCFGU0QUNKOKVCTGOQU
CWPCXKUKÎPINQDCNFGNCURTKPEKRCNGUVÃEPKECUGORNGCFCU[XGTGOQUUQDTGVQFQ
GNRTKPEKRKQIGPGTCNSWGUGCUQEKCCNCWVKNK\CEKÎPFGECFCWPCFGGUCUVÃEPKECU
RCTVKEWNCTGU
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*CUVC CJQTC JGOQU EQPUKFGTCFQ NCU TGFGU EQOQ WP EQPLWPVQ FG GNGOGPVQU
KPVGTEQPGEVCFQUSWGWUCPWPOKUOQRTQVQEQNQFGEQOWPKECEKÎP*GOQURQFKFQ
EQORTQDCT GP GN CRCTVCFQ FG PQTOCVKXCU EQOQ NQU EQOKVÃU Q KPUVKVWEKQPGU
EQTTGURQPFKGPVGU GUVCDNGEGP WPC UGTKG FG PQTOCVKXCU RCTVKEWNCTGU RCTC ECFC
GUVTWEVWTC GNGIKFC #FGO¶U GZKUVG WP FGVGTOKPCFQ PÕOGTQ FG EQPUVTWEVQTGU [
FGUCTTQNNCFQTGU SWG KPVTQFWEGP GP GN OGTECFQ TGFGU
.#0 SWG PQ UKIWGP
PKPIWPCPQTOCVKXC'ZKUVGPFKXGTUQUVKRQUFGTGFGUFGCEWGTFQEQPNCVGEPQNQIÈC
GORNGCFC GP WP OQOGPVQ FCFQ [ GP HWPEKÎP FG NQU EQORQPGPVGU
UGNGEEKQPCFQU 6QFQ GUVQ PQU JCEG UWRQPGT SWG NC HQTOC FG EQPGEVCT XCTKCU
TGFGUFG¶TGCNQECN
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FGDGOQU EQPUKFGTCT NCU TGFGU EQOQ KPEQORCVKDNGU GPVTG UÈ [ GN OQFQ FG
EQPUGIWKT WPC KPVGTEQPGZKÎP GZKVQUC GU NC KPENWUKÎP GPVTG TGF [ TGF FG WP
FKURQUKVKXQ Q KPVGTHCEG SWG TGCNKEG NCU VTCFWEEKQPGU Q EQPXGTUKQPGU PGEGUCTKCU
RCTCUQNXGPVCTGUVCUUGTKCUFKHGTGPEKCU
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VGTTGPQ TGRGVKFQTGU DTKFIGU TQWVGTU Q GPECOKPCFQTGU [ ICVGYC[U Q RCUCTGNCU
'PNCHKIWTCQDUGTXCOQUFKHGTGPVGUVKRQUFGKPVGTEQPGZKÎPGPVTGXCTKCU.#0
.CRTKOGTCGUNCFGNQUTGRGVKFQTGURQTSWÃUGWVKNK\CPNQUTGRGVKFQTGU!
.CRTKOGTCKFGCSWGPQUXKGPGEWCPFQRGPUCOQUGPEQPGEVCTFQUUGIOGPVQUFG
TGFGUFG¶TGC NQECNGUWPKTNQU OGFKCPVGWPECDNG RGTQFGDKFQCNCCVGPWCEKÎP
SWGUWHTKTÈCNCUGÌCNGUVQPQGUOW[XKCDNG[GURQTGNNQSWGUGJCEGPGEGUCTKQ
WVKNK\CTCNIÕPFKURQUKVKXQQGSWKRQRCTCRQFGTTGCNK\CTNCEQPGZKÎPFGGUVQUFQU
UGIOGPVQU
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HÈUKEQ5QPUKORNGOGPVGFKURQUKVKXQUSWGTGEWRGTCPCORNKHKECP[TGEQPHKIWTCPNC
HQTOC FG NC UGÌCN GP WPC TGF [ NC RCUCP CQVTC5QPWUCFQURCTCRTQNQPICTNCU
FKUVCPEKCUFGECDNGFGWPCTGFFG¶TGCNQECN
(WPFCOGPVCNOGPVGUGGORNGCPEWCPFQUGFGUGCPEQPGEVCTFQUUGIOGPVQU .#0
NKOKVCFQUECFCWPQFGGNNQUTGUWNVCPFQHWPEKQPCNOGPVGEQOQUKUGVTCVCUGFGWP
ÕPKEQ UGIOGPVQ 'P GUVG UGPVKFQ NC RTGUGPEKC FG XCTKQU UGIOGPVQU TGUWNVC
VTCPURCTGPVG RCTC NQU &6'U
GSWKRQ VGTOKPCNFGFCVQU FGECFC UGIOGPVQ.#0
0QTOCNOGPVGNQUTGRGVKFQTGUEQPGEVCPTGFGUEQOQ'VJGTPGV C'VJGTPGV6QMGP
4KPI C6QMGP4KPI5VCT.CP C5VCT.CPGVE
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GP NC HCEKNKFCF FG EQPGZKÎP RGTQ VKGPG VCODKÃP UWU FGUXGPVCLCU [ NC O¶U
KORQTVCPVGGURTGEKUCOGPVGUWCEVWCEKÎPEQOQOGTQTGRTQFWEVQTFGNCUGÌCN[C
SWGPQUGPEQPVTCOQUGPUKVWCEKQPGUGPNCUSWGWPCGUVCEKÎP#VTCPUOKVGCQVTC
GUVCEKÎP$UKVWCFCGPUWOKUOQUGIOGPVQFGTGF[GNTGRGVKFQTEQIGGUVCUGÌCN[
NC KPVTQFWEG GP VQFQU NQU UGIOGPVQU SWG EQPGEVC EQP NQ SWG UQDTGECTICOQU
KPPGEGUCTKCOGPVGOWEJQUUGIOGPVQUFGTGF
'UVG RTQDNGOC GU KORQTVCPVG RQTSWG UG UCDG SWG ITCP RCTVG FG NC KPHQTOCEKÎP
IGPGTCFCGPWPUGIOGPVQGUV¶FGUVKPCFCCUGTRTQEGUCFC[WVKNK\CFCFGPVTQFGN
OKUOQUGIOGPVQTGUWNVCPFQWPDCLQRQTEGPVCLGGORNGCFQRQTQVTQUGIOGPVQ
.QUTGRGVKFQTGUUKORNGOGPVGTGRKVGPNCUUGÌCNGU[PQRTQRQTEKQPCPPKPIÕPVKRQ
FGECRCEKFCFFGHKNVTCFQFGNQURCSWGVGUFGFCVQUFGDKFQCGUVQVQFQGNVT¶HKEQ
GPVQFCUNCUTGFGUEQPGEVCFCURQTWPQQO¶UTGRGVKFQTGUUGRTQRCICCVQFCUNCU
QVTCUNQEWCNRWGFGVGPGTWPGHGEVQPGICVKXQGPGNÎRVKOQHWPEKQPCOKGPVQFGNC
TGF
'URQTGNNQSWGEQOQXGTGOQURQUVGTKQTOGPVGCRCTGEGPNQU$TKFIGU
2WGPVGU
EQOQ CNVGTPCVKXC C GUVQU FKURQUKVKXQU 2QT QVTC RCTVG FGDG SWGFCT ENCTQ SWGGN
OÃVQFQFGCEEGUQFGDGUGTKFÃPVKEQGPNQUOGFKQUKPVGTEQPGEVCFQUOGFKCPVGWP
TGRGVKFQT.CTGFSWGHQTOCPXCTKQUUGIOGPVQUFGECDNGUEQPGEVCFQUUGEQORQTVC
EQOQ WPC ÕPKEC TGF NÎIKEC 'UVC EQPGZKÎP GU VTCPURCTGPVG RCTC VQFQU NQU
GNGOGPVQUEQPGEVCFQUCNCTGFNQECNCUÈEQOQRCTCVQFCUNCUEQOWPKECEKQPGUSWG
VTCPUKVCPCVTCXÃUFGGUCOKUOCTGFNQECN.CTGFHQTOCCUÈWPCTGFNQECNÕPKEC
%QP NQU TGRGVKFQTGU UG RWGFGP TGCNK\CT TGFGU NQECNGU HQTOCFCU RQT WPC
EQODKPCEKÎP FG UGIOGPVQU FG ECDNG EQP OGFKQU [ VQRQNQIÈCU FKHGTGPVGU 5KP
GODCTIQ GZKUVGP EKGTVQU NÈOKVGU SWGUQPGURGEÈHKEQU RCTCNCVGEPQNQIÈCSWGUG
WVKNK\CGPECFCOGFKQFGCEEGUQ%QPEKGTPGPGNPÕOGTQO¶ZKOQFGTGRGVKFQTGU
SWG RWGFG CVTCXGUCT GN NCTIQ O¶ZKOQ SWG PQ RWGFG UQDTGRCUCT RCTC ECFC
UGIOGPVQGNNCTIQVQVCNFGNCCTSWKVGEVWTC
&GGUCOCPGTCUGRWGFGPTGCNK\CTXCTKQUUGIOGPVQURQTGLGORNQEQP'VJGTPGV
SWG TGUWNVGP FG EQODKPCEKQPGU FG ECDNGU EQCZKCNGU FGHKDTC ÎRVKEC FG RCTGU
VTGP\CFQUIGUVKQPCFQURQTNQUTGRGVKFQTGUUGRCTCFQUQKPVGITCFQUGPWPOKUOQ
EQPLWPVQ2GTOKVGPCFCRVCTNCCTSWKVGEVWTCFGNCTGFCNPÕOGTQFGGUVCEKQPGUFG
VTCDCLQCUWUKVWCEKÎPIGQIT¶HKECCWPECDNGCFQ[CGZKUVGPVGCWPCECODKQGVE
.C UGIWPFC [ NC VGTEGTC ECVGIQTÈCU TGRTGUGPVCP NQU RWGPVGU

DTKFIGU [ NQU
TQWVGTUSWGRGTOKVGPIGUVKQPCTNCUEQPGZKQPGUNQECNGUQTGOQVCURCTCTGCNK\CTNC
KPVGTEQPGZKÎPFGNCUTGFGU[QRVKOK\CTNQUHNWLQUFGEQOWPKECEKÎP
(KPCNOGPVGNCEWCTV CECVGIQTÈCNCFGNCURCUCTGNCU
ICVGYC[URGTOKVGGUVCDNGEGT
WP OGFKQFGEQOWPKECEKÎPGPVTGNCUTGFGUNQECNGU [UKUVGOCUFGVKRQOGFKQQ
ITCPFG FG VKRQ FKHGTGPVG EQPUGTXKEKQU CUQEKCFQU VCNGU EQOQNCEQPXGTUKÎPFG
RTQVQEQNQ
.CURCUCTGNCUKPVGTXKGPGP GPNCUECRCUUWRGTKQTGUFGNOQFGNQFGTGHGTGPEKC15+
RQT GPEKOC FG NQU RWGPVGU EQPETGVCOGPVG GP GN PKXGN FG TGF [ TGCNK\CP
EQPXGTUKQPGUFGNQUFKUVKPVQUHQTOCVQUQRTQVQEQNQUFGECFCWPCFGNCUTGFGUSWG
KPVGTEQOWPKEC'PECODKQ[FGDKFQCNPKXGNGPSWGQRGTCPNCURCUCTGNCUJCEGP
NGPVQ GN VT¶HKEQ FG KPHQTOCEKÎP GU RQT GNNQ SWG UQP RTKPEKRCNOGPVG WUCFCU GP
TGFGU9#0FQPFGGNVT¶HKEQGUFGRQTUÈNGPVQ
'P NCU RCUCTGNCU QTKGPVCFCU C EQPGZKÎP UG FGHKPGP EKTEWKVQU XKTVWCNGU EQOQ
QEWTTGEQPNQU RWGPVGURGTQCPKXGNFGTGF[PQFGGPNCEG#NEQOWPKECTFQU
UWDTGFGU FKUVKPVCU FGWPCTGF9#0UGGUVCDNGEGWPQQO¶UEKTEWKVQU XKTVWCNGU

EQPECVGPCFQUCVTCXÃUFGNQUEWCNGUUGRTQFWEGGNVT¶HKEQFGFCVQU
'P NCU RCUCTGNCU PQ QTKGPVCFCU C EQPGZKÎP PQ UG GUVCDNGEGP EKTEWKVQU XKTVWCNGU
UKPQ SWG NC KPHQTOCEKÎP GP GPECRUWNCFC GP FCVCITCOCU SWG UQP GPXKCFQU CN
FGUVKPCVCTKQ[PQVKGPGPRQTSWÃTGEQTTGTUKGORTGGNOKUOQECOKPQ
FGGUVGOQFQ
GUH¶EKNUQTVGCTNCUXÈCUEQPIGUVKQPCFCU
/'&+15&'64#05/+5+¦0
'POGFKQUIWKCFQUGNCPEJQFGDCPFCQXGNQEKFCFFGVTCPUOKUKÎPFGRGPFGPFG
NCFKUVCPEKC[FGUKGNGPNCEGGURWPVQCRWPVQQOWNVKRWPVQ
2CTVTGP\CFQ
'UGNOGFKQIWKCFQO¶UDCTCVQ[O¶UWUCFQ%QPUKUVGGPWP RCTFGECDNGU
GODWVKFQURCTCUWCKUNCOKGPVQ RCTCECFCGPNCEGFGEQOWPKECEKÎP&GDKFQ
CSWGRWGFGJCDGTCEQRNGUGPVTGRCTGUGUVQUUGVTGP\CEQPRCUQUFKHGTGPVGU
.C WVKNK\CEKÎP FGN VTGP\CFQ VKGPFG C FKUOKPWKT NC KPVGTHGTGPEKC
GNGEVTQOCIPÃVKEC
'UVG VKRQ FG OGFKQ GU GN O¶U WVKNK\CFQ FGDKFQ C UW DCLQ EQUVQ
UG WVKNK\C
OWEJQGPVGNGHQPÈCRGTQUWKPEQPXGPKGPVGRTKPEKRCNGUUWRQECXGNQEKFCF
FGVTCPUOKUKÎP[UWEQTVCFKUVCPEKCFGCNECPEG%QPGUVQUECDNGUUGRWGFGP
VTCPUOKVKTUGÌCNGUCPCNÎIKECUQFKIKVCNGU
'U WP OGFKQ OW[ UWUEGRVKDNG C TWKFQ [ C KPVGTHGTGPEKCU 2CTCGXKVCTGUVQU

RTQDNGOCUUGUWGNGVTGP\CTGNECDNGEQPFKUVKPVQURCUQUFGVQTUKÎP[UGUWGNG
TGEWDTKTEQPWPCOCNNCGZVGTPCRCTCGXKVCTNCUKPVGTHGTGPEKCUGZVGTPCU
2CTGUVTGP\CFQUCRCPVCNNCFQU[UKPCRCPVCNNCT
.QURCTGUUKPCRCPVCNNCTUQPNQUO¶UDCTCVQUCWPSWGNQUOGPQUTGUKUVGPVGUC
KPVGTHGTGPEKCU
CWPSWG UG WUCP EQP ÃZKVQ GP VGNGHQPÈC [ GP TGFGU FG ¶TGC
NQECN # XGNQEKFCFGU FG VTCPUOKUKÎP DCLCU NQU RCTGU CRCPVCNNCFQU UQP
OGPQU UWUEGRVKDNGU C KPVGTHGTGPEKCU CWPSWG UQP O¶U ECTQU [O¶UFKHÈEKNGU
FGKPUVCNCT
%CDNGEQCZKCN
%QPUKUVG GP WP ECDNG EQPFWEVQT KPVGTPQ
EKNÈPFTKEQ UGRCTCFQ FG QVTQ
ECDNGEQPFWEVQTGZVGTPQRQTCPKNNQUCKUNCPVGUQRQTWPCKUNCPVGOCEK\Q
6QFQGUVQUGTGEWDTGRQTQVTCECRCCKUNCPVGSWGGUNCHWPFCFGNECDNG
'UVGECDNGCWPSWGGUO¶UECTQSWGGNRCTVTGP\CFQUGRWGFGWVKNK\CTCO¶U
NCTIC FKUVCPEKC EQP XGNQEKFCFGU FG VTCPUOKUKÎP UWRGTKQTGU OGPQU
KPVGTHGTGPEKCU[RGTOKVGEQPGEVCTO¶UGUVCEKQPGU
5G UWGNG WVKNK\CT RCTC VGNGXKUKÎP VGNGHQPÈC C NCTIC FKUVCPEKC TGFGU FG ¶TGC
NQECNEQPGZKÎPFGRGTKHÃTKEQUCEQTVCFKUVCPEKCGVE
5GWVKNK\CRCTCVTCPUOKVKTUGÌCNGUCPCNÎIKECUQFKIKVCNGU5WUKPEQPXGPKGPVGU
RTKPEKRCNGUUQPCVGPWCEKÎPTWKFQVÃTOKEQTWKFQFGKPVGTOQFWNCEKÎP2CTC
UGÌCNGU CPCNÎIKECU UG PGEGUKVC WP CORNKHKECFQT ECFC RQEQU MKNÎOGVTQU [
RCTCUGÌCNGUFKIKVCNGUWPTGRGVKFQTECFCMKNÎOGVTQ
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5G VTCVC FG WP OGFKQ OW[ HNGZKDNG [ OW[ HKPQ SWG EQPFWEG GPGTIÈC FG
PCVWTCNG\CÎRVKEC5WHQTOCGUEKNÈPFTKECEQPVTGUUGEEKQPGUTCFKCNGUPÕENGQ
TGXGUVKOKGPVQ[EWDKGTVC'NPÕENGQGUV¶HQTOCFQRQTWPCQXCTKCUHKDTCUOW[
HKPCU FG ETKUVCN Q RN¶UVKEQ %CFC HKDTC GUV¶ TQFGCFC RQT UW RTQRKQ
TGXGUVKOKGPVQSWGGUWPETKUVCNQRN¶UVKEQEQPFKHGTGPVGURTQRKGFCFGUÎRVKECU
FKUVKPVCUCNCUFGNPÕENGQ#NTGFGFQTFGGUVGEQPINQOGTCFQGUV¶NCEWDKGTVC

EQPUVKVWKFC FG OCVGTKCN RN¶UVKEQ Q UKOKNCT SWG UG GPECTIC FG CKUNCT GN
EQPVGPKFQFGCRNCUVCOKGPVQUCDTCUKQPGUJWOGFCFGVE
'U WP OGFKQ OW[ CRTQRKCFQ RCTC NCTICU FKUVCPEKCU G KPENWUQ ÕNVKOCOGPVG
RCTC.#0 U
5WUDGPGHKEKQUHTGPVGCECDNGUEQCZKCNGU[RCTGUVTGP\CFQUUQP
R 2GTOKVGOC[QTCPEJQFGDCPFC
R /GPQTVCOCÌQ[RGUQ
R /GPQTCVGPWCEKÎP
R #KUNCOKGPVQGNGEVTQOCIPÃVKEQ
R /C[QTUGRCTCEKÎPGPVTGTGRGVKFQTGU
5WTCPIQFGHTGEWGPEKCUGUVQFQGNGURGEVTQXKUKDNG[RCTVGFGNKPHTCTTQLQ'N
OÃVQFQ FG VTCPUOKUKÎP GU NQU TC[QU FG NW\ KPEKFGP EQP WPC ICOC FG
¶PIWNQUFKHGTGPVGURQUKDNGUGPGNPÕENGQFGNECDNGGPVQPEGUUÎNQWPCICOC
FG ¶PIWNQU EQPUGIWKT¶P TGHNGLCTUG GP NC ECRC SWG TGEWDTG GN PÕENGQ 5QP
RTGEKUCOGPVGGUQUTC[QUSWGKPEKFGPGPWPEKGTVQTCPIQFG¶PIWNQUNQUSWG
KT¶PTGDQVCPFQCNQNCTIQFGNECDNGJCUVCNNGICTCUWFGUVKPQ#GUVGVKRQFG
RTQRCICEKÎP UG NG NNCOC OWNVKOQFCN 5K UG TGFWEG GN TCFKQ FGN PÕENGQ GN
TCPIQFG¶PIWNQUFKUOKPW[GJCUVCSWGUÎNQUGCRQUKDNGNCVTCPUOKUKÎPFGWP
TC[QGNTC[QCZKCN[CGUVGOÃVQFQFGVTCPUOKUKÎPUGNGNNCOCOQPQOQFCN
.QU KPEQPXGPKGPVGU FGN OQFQ OWNVKOQFCN GU SWG FGDKFQ C SWG

FGRGPFKGPFQCN¶PIWNQFGKPEKFGPEKCFGNQUTC[QUGUVQUVQOCT¶P ECOKPQU
FKHGTGPVGU[VCTFCT¶PO¶UQOGPQUVKGORQGPNNGICTCNFGUVKPQEQPNQSWGUG
RWGFG RTQFWEKT WPC FKUVQTUKÎP
TC[QU SWG UCNGP CPVGU RWGFGP NNGICT
FGURWÃUEQPNQSWGUGNKOKVCNCXGNQEKFCFFGVTCPUOKUKÎPRQUKDNG
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CPVGTKQTOGPVG EQOGPVCFQU [ SWG EQPUKUVG GP ECODKCT GN ÈPFKEG FG
TGHTCEEKÎP FGN PÕENGQ # GUVG OQFQ UG NG NNCOC OWNVKOQFQ FG ÈPFKEG
ITCFWCN
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&KQFQ GNGEVTQ NWOKPGUEGPVG FG
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XKFC OGFKC [ +.&
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'ZKUVGP VTGU VKRQU FG ECDNGU SWG RWGFGP UGT WVKNK\CFQU GP NQU
UKUVGOCUFGECDNGCFQJQTK\QPVCN
¾ %CDNG762
7PUJKGNFGF6YKUVGF2CKTFGRCTGUC9
¾ %CDNG562
5JKGNFGF6YKUVGF2CKTFGRCTGUC9
¾ (KDTC¦RVKECOOFGRCTGU
'N ECDNG C WVKNK\CT RQT GZEGNGPEKC GU GN RCT VTGP\CFQ UKP DNKPFCLG
762FGEWCVTQRCTGUECVGIQTÈC'NECDNGEQCZKCNFGQJOKQUUG
CEGRVCRGTQPQUGTGEQOKGPFCGPKPUVCNCEKQPGUPWGXCU
E 5CNKFCUFGTGCFG6TCDCLQ
.QU FWEVQU C NCU UCNKFCU FG ¶TGC FG VTCDCLQ

YQTM CTGC QWVNGV
9#1 FGDGP RTGXGGT NC ECRCEKFCF FG OCPGLCT VTGU ECDNGU .CU
UCNKFCU FG ¶TGC FG VTCDCLQ FGDGP EQPVCT EQP WP OÈPKOQ FG FQU
EQPGEVQTGU
7PQFGNQUEQPGEVQTGUFGDGUGTFGNVKRQ4,DCLQGNEÎFKIQFG
EQNQTGUFGECDNGCFQ6#
TGEQOGPFCFQQ6$
#NIWPQUGSWKRQUTGSWKGTGPEQORQPGPVGUCFKEKQPCNGU
VCNGUEQOQ
DCNWPU Q CFCRVCFQTGU 45 GP NC UCNKFC FGN ¶TGC FG VTCDCLQ
'UVQUEQORQPGPVGU PQFGDGPKPUVCNCTUGEQOQRCTVGFGNECDNGCFQ
JQTK\QPVCN FGDGP KPUVCNCTUG GZVGTPQU C NC UCNKFC FGN ¶TGC FG
VTCDCLQ 'UVQ ICTCPVK\C NC WVKNK\CEKÎP FGN UKUVGOC FG ECDNGCFQ
GUVTWEVWTCFQRCTCQVTQUWUQU
#FCRVCEKQPGU EQOWPGU GP GN ¶TGC FG VTCDCLQ UQP RGTQ PQ UG
NKOKVCPC
7P ECDNG GURGEKCN RCTC CFCRVCT GN EQPGEVQT FGN GSWKRQ

EQORWVCFQTC VGTOKPCN VGNÃHQPQ CN EQPGEVQT FG NC UCNKFC FG
VGNGEQOWPKECEKQPGU
7PCFCRVCFQT GP;RCTCRTQRQTEKQPCTFQUUGTXKEKQUGPWPUQNQ
ECDNGOWNVKRCT
GIVGNÃHQPQEQPFQUGZVGPUKQPGU
7PCFCRVCFQTRCUKXQ
GIDCNWPWVKNK\CFQRCTCEQPXGTVKTFGNVKRQ
FGECDNGFGNGSWKRQCNVKRQFGECDNGFGNECDNGCFQJQTK\QPVCN
7P CFCRVCFQT CEVKXQ RCTC EQPGEVCT FKURQUKVKXQU SWG WVKNKEGP

FKHGTGPVGUGUSWGOCUFGUGÌCNK\CEKÎP
GI'+#C'+#
7PECDNGEQPRCTGUVTCPURWGUVQU
F /CPGLQFGNECDNG
'NFGUVTGP\CFQFGRCTGUKPFKXKFWCNGUGPNQUEQPGEVQTGU[RCPGNGU
FGGORCVGFGDGUGTOGPQTCEORCTCECDNGU762ECVGIQTÈC
'NTCFKQFGFQDNCFQFGNECDNGPQFGDGUGTOGPQTCEWCVTQXGEGUGN
FK¶OGVTQFGNECDNG2CTCRCTVTGP\CFQFGEWCVTQRCTGUECVGIQTÈC
GNTCFKQOÈPKOQFGFQDNCFQGUFGEO
G 'XKVCFQFG+PVGTHGTGPEKC'NGEVTQOCIPÃVKEC
# NC JQTC FG GUVCDNGEGT NC TWVC FGN ECDNGCFQ FG NQU ENQUGVU FG
CNCODTCFQ C NQU PQFQU GU WPC EQPUKFGTCEKÎPRTKOQTFKCNGXKVCTGN
RCUQFGNECDNGRQTNQUUKIWKGPVGUFKURQUKVKXQU
¾ /QVQTGU GNÃEVTKEQU ITCPFGU Q VTCPUHQTOCFQTGU

OÈPKOQ
OGVTQU
%CDNGUFGEQTTKGPVGCNVGTPC
¾ /ÈPKOQEORCTCECDNGUEQP-8#QOGPQU
¾ /ÈPKOQEORCTCECDNGUFG-8#C-8#
¾ /ÈPKOQEORCTCECDNGUEQPOCUFG-8#
¾ .WEGUHNWQTGUEGPVGU[DCNCUVTQU
OÈPKOQEGPVÈOGVTQU
'NFWEVQFGDGKTRGTRGPFKEWNCTCNCUNWEGUHNWQTGUEGPVGU[ECDNGUQ
FWEVQUGNÃEVTKEQU
¾ +PVGTEQOWPKECFQTGU
OÈPKOQEOU
¾ 'SWKRQ FG UQNFCFWTC #KTGU CEQPFKEKQPCFQU XGPVKNCFQTGU
ECNGPVCFQTGU
OÈPKOQOGVTQU
%#$.'#&18'46+%#.
$#%-$10'
'N $CEMDQPG RTQXGG KPVGTEQPGZKÎP GPVTGGNEWCTVQFGVGNGEQOWPKECEKQPGU

EWCTVQFGGSWKRQU[NCGPVTCFCCNGFKHKEKQ'UVGEQPUKUVGFGNECDNG$CEMDQPG
FGNETQUUEQPPGEVKPVGTOGFKQ[RTKPEKRCNFGNCUVGTOKPCEKQPGUOGE¶PKECU[
FGNQURCVEJEQTFU
'N 4CEM GN EWCTVQ FG GSWKRQU [ NQU RWPVQU FG OCTECFQU RWGFGP GUVCT
NQECNK\CFQU GP FKHGTGPVGU GFKHKEKQU GN $CEMDQPG KPENW[G NQU OGFKQU FG
VTCPUOKUKÎPGPVTGFKHGTGPVGUGFKHKEKQU
'N ECDNGCFQ XGTVKECN FGDG UQRQTVCT VQFQU NQU FKURQUKVKXQU SWG GUV¶P FGPVTQ
FGN 4CEM [ C OGPWFQ VQFCU NCU KORTGUQTCU VGTOKPCNGU [ UGTXKFQTGU FG
CTEJKXQ FG WP RKUQ FG WP GFKHKEKQ 5K O¶U ENKGPVGU Q UGTXKFQTGU UQP
CITGICFQUCWPRKUQGNNQUEQORKVGPRQTGNCPEJQFGDCPFCFKURQPKDNGGPNG
ECDNGCFQXGTVKECN5KPGODCTIQGZKUVGWPCXGPVCLC[GUVCGUNCRQECECPVKFCF
FGECPCNGUXGTVKECNGUGPWPGFKHKEKQ[RQTGNNQUGRWGFGPWUCTGSWKRQUO¶U
EQUVQUQURCTCRTQXGGTWPOC[QTCPEJQFGDCPFC
'UVG GU GN ¶TGC FQPFG NC HKDTC ÎRVKEC UG JC EQPXGTVKFQ GP GN OGFKQ O¶U
CRTQRKCFQ
'NECDNGCFQXGTVKECNUGRTGUGPVCGPFKHGTGPVGUVQRQNQIÈCUNCO¶UWUCFCGUNC
VQRQNQIÈCGPGUVTGNNC
%QPUKFGTCEKQPGUCNKPUVCNCTGNDCEMDQPG
+ %CDNGU4GEQPQEKFQU[&KUVCPEKCU/¶ZKOCU
¾ %CDNG&KUVCPEKC#RNKECEKÎP
¾ %CDNG7629O8Q\
¾ %CDNG5629O&CVQU
¾ %CDNG /QPQOQFQ FG (KDTC ¦RVKEC FG WO O
&CVQU
¾ %CDNG /WNVKOQFQ FG (KDTC ¦RVKEC FG WO O
&CVQU
7,$(,$$
&$%/($'29(57,&$/
'LVWDQFLDVPi[LPDV
z 873PHWURVSDUDWUDQVPLVLyQGHYR]
VRODPHQWH
z 673PHWURVSDUDWUDQVPLVLyQGHYR]
VRODPHQWH
z )LEUDySWLFDGH XPPHWURV
z )LEUDySWLFDPRQRPRGR PHWURV
0QVC .CU FKUVCPEKCU FGN $CEMDQPG UQP FGRGPFKGPVGU FG NC

CRNKECEKÎP .CU FKUVCPEKCU O¶ZKOCU GURGEKHKECFCU CTTKDC UQP
DCUCFCUGPVTCPUOKUKÎPFGXQ\RCTC762[GPVTCPUOKUKÎPFGFCVQU
RCTC562[HKDTCÎRVKEC
++5GNGEEKÎPFGN/GFKQFG6TCPUOKUKÎP
%QPEWCNSWKGTCFGNQUGUV¶PFCTGUGZKUVGPVGUUGRWGFGEQPUVTWKTWP
$CEMDQPGRCTCGNECDNGCFQXGTVKECNRGTQFGDGVGPGTUGGPEWGPVC
NQUUKIWKGPVGUHCEVQTGU
¾ (NGZKDKNKFCFEQPTGURGEVQCNQUUGTXKEKQUUQRQTVCFQU
¾ 8KFCÕVKNTGSWGTKFCRCTCGN$CEMDQPG
¾ 6COCÌQFGNUKVKQ[ NCRQDNCEKÎPFGWUWCTKQU
¾ 0QUGRWGFGPEQNQECTOCUFGFQUPKXGNGULGT¶TSWKEQUFGETQUU
EQPPGEVU
¾ 0QUGRWGFGPWVKNK\CT$TKFIG
¾ .C NQPIKVWF FGN RCVEJEQTF FGN ETQUUEQPPGEV RTKPEKRCN G
KPVGTOGFKQPQRWGFGUGTOC[QTCO
¾ 'N RQNQ C VKGTTC FGDG EWORNKT EQP NQU TGSWGTKOKGPVQU FG
FGHKPKFQUGPNCPQTOC'+#6+#
%7#461&'6'.'%1/70+%#%+10'5
%6
'UGN¶TGCGPWPGFKHKEKQWVKNK\CFCRCTCGNWUQGZENWUKXQFGGSWKRQUCUQEKCFQU
EQPGNUKUVGOCFGECDNGCFQFGVGNGEQOWPKECEKQPGU'NGURCEKQFGNEWCTVQFG
EQOWPKECEKQPGUPQFGDGUGTEQORCTVKFQEQPKPUVCNCEKQPGUGNÃEVTKECUSWGPQ
UGCPFGVGNGEQOWPKECEKQPGU'NEWCTVQFGVGNGEQOWPKECEKQPGUFGDGUGTECRC\
FG CNDGTICT GSWKRQ FG VGNGEQOWPKECEKQPGU VGTOKPCEKQPGU FG ECDNG [
ECDNGCFQ FG KPVGTEQPGZKÎP CUQEKCFQ 'N FKUGÌQ FG EWCTVQU FG
VGNGEQOWPKECEKQPGU FGDG EQPUKFGTCT CFGO¶U FG XQ\ [ FCVQU NC
KPEQTRQTCEKÎPFGQVTQUUKUVGOCUFGKPHQTOCEKÎPFGNGFKHKEKQVCNGUEQOQ
VGNGXKUKÎP RQT ECDNG
%#68 CNCTOCU UGIWTKFCF #WFKQ [ QVTQU UKUVGOCU FG
VGNGEQOWPKECEKQPGU 6QFQ GFKHKEKQ FGDG EQPVCT EQP CN OGPQU WP EWCTVQ FG
VGNGEQOWPKECEKQPGU Q EWCTVQ FG GSWKRQ 0Q JC[ WP NÈOKVG O¶ZKOQ GP NC
ECPVKFCFFGEWCTVQUFGVGNGEQOWPKECEKQPGUSWGRWGFCPJCDGTGPWPGFKHKEKQ
%105+&'4#%+10'5&'&+5'¤1
'NFKUGÌQFGWP%WCTVQFG6GNGEQOWPKECEKQPGUFGRGPFGFG
¾ 'NVCOCÌQFGNGFKHKEKQ
¾ 'NGURCEKQFGRKUQCUGTXKT
¾ .CUPGEGUKFCFGUFGNQUQEWRCPVGU
¾ .QUUGTXKEKQUFGVGNGEQOWPKECEKQPGUCWVKNK\CTUG
&(1752'(7(/(&2081,&$&,21(6
&DEOHV 5LVHU %DFNERQH

+RUL]RQWDOHV
&DEOHVGH(TXLSRV
&DEOHV([WHULRUHV
+DUGZDUHGH &URVV &RQH[LyQ
(TXLSRV&HQWUDOHV
%#06+&#&&'%6
&GDG FG JCDGT WP OÈPKOQ FG WP %6 RQT GFKHKEKQ OÈPKOQ WPQ RQT
RKUQPQJC[O¶ZKOQ
#.674#
.CCNVWTCOÈPKOCTGEQOGPFCFCFGNEKGNQTCUQGUFGOGVTQU
&7%615
'NPÕOGTQ[VCOCÌQFGNQUFWEVQUWVKNK\CFQURCTCCEEGUCTGNEWCTVQFG
VGNGEQOWPKECEKQPGU XCTÈC EQP TGURGEVQ C NC ECPVKFCF FG ¶TGCU FG
VTCDCLQUKPGODCTIQUGTGEQOKGPFCRQTNQOGPQUVTGUFWEVQUFG
OKNÈOGVTQU
RWNICFCURCTCNCFKUVTKDWEKÎPFGNECDNGFGN$CEMDQPG
.QUFWEVQUFGGPVTCFCFGDGPFGEQPVCTEQPGNGOGPVQUFGTGVCTFQFG
RTQRCICEKÎPFGKPEGPFKQHKTGUVQRU
'XFWRV(PSRWUDGRVHQ3LVR
&RQHFWRU 3RZHU
0RGXODU
27'46#5
.C
URWGTVC
UFGCEEGUQFGDG
PUGTFG CRGTVWTCEQORNGVCEQPNNCXG
[FGCNOGPQUEGPVÈOGVTQUFGCPEJQ[OGVTQUFGCNVQ.CRWGTVC
FGDG UGT TGOQXKDNG [ CDTKT JCEKC CHWGTC
Q NCFQ C NCFQ .C RWGTVC
FGDGCDTKTCNTCUFGNRKUQ[PQFGDGVGPGTRQUVGUEGPVTCNGU
21.81;'.'%64+%+&#&'566+%#
5G FGDG GXKVCT RQNXQ [ NC GNGEVTKEKFCF GUV¶VKEC WVKNK\CPFQ RKUQ FG
EQPETGVQVGTTC\QNQ\CQUKOKNCT
PQWVKNK\CTCNHQODTC&GUGTRQUKDNG
CRNKECT VTCVCOKGPVQ GURGEKCN C NCU RCTGFGU RKUQU [ EKGNQU RCTC
OKPKOK\CTGNRQNXQ[NCGNGEVTKEKFCFGUV¶VKEC
%10641.#/$+'06#.
'P EWCTVQU SWG PQ VKGPGP GSWKRQ GNGEVTÎPKEQ NC VGORGTCVWTC FGN
EWCTVQ FG VGNGEQOWPKECEKQPGU FGDG OCPVGPGTUG EQPVKPWCOGPVG

JQTCU CN FÈC FÈCU CN CÌQ GPVTG [ ITCFQU EGPVÈITCFQU .C
JWOGFCFTGNCVKXCFGDGOCPVGPGTUGOGPQTC &GDGFGJCDGTWP
ECODKQFGCKTGRQTJQTC
'PEWCTVQUSWGVKGPGPGSWKRQGNGEVTÎPKEQNCVGORGTCVWTCFGNEWCTVQFG
VGNGEQOWPKECEKQPGU FGDG OCPVGPGTUG EQPVKPWCOGPVG
JQTCU CN
FÈCFÈCUCNCÌQGPVTG[ITCFQUEGPVÈITCFQU.CJWOGFCF
TGNCVKXC FGDG OCPVGPGTUG GPVTG [ &GDG FG JCDGT WP
ECODKQFGCKTGRQTJQTC
%+'.15(#.515
5G FGDG GXKVCT GN WUQ FG EKGNQU HCNUQU GP NQU EWCTVQU FG
VGNGEQOWPKECEKQPGU
24'8'0%+¦0&'+070&#%+10'5
.QU EWCTVQU FG VGNGEQOWPKECEKQPGU FGDGP GUVCT NKDTGU FG EWCNSWKGT
COGPC\CFGKPWPFCEKÎP0QFGDGJCDGTVWDGTÈCFGCIWCRCUCPFQRQT
UQDTGQCNTGFGFQTGNEWCTVQFGVGNGEQOWPKECEKQPGU&GJCDGTTKGUIQ
FGKPITGUQFGCIWCUGFGDGRTQRQTEKQPCTFTGPCLGFGRKUQ&GJCDGT
TGICFGTCUEQPVTCKPEGPFKQUGFGDGKPUVCNCTWPCECPQC RCTCFTGPCTWP
IQVGQRQVGPEKCNFGNCUTGICFGTCU
2+515
.QURKUQUFGNQUCODKGPVGUFGDGPUQRQTVCTWPCECTICFGMRC
-KNQ
RCUECN
)DOVR3LVR
+.7/+0#%+¦0
5GFGDGRTQRQTEKQPCTWPOÈPKOQGSWKXCNGPVGCNWZOGFKFQCWP
OGVTQFGNRKUQVGTOKPCFQ.CKNWOKPCEKÎPFGDGGUVCTCWPOÈPKOQFG
OGVTQU FGNRKUQVGTOKPCFQ .CURCTGFGUFGDGPGUVCTRKPVCFCUGP
WPEQNQTENCTQRCTCOGLQTCTNCKNWOKPCEKÎP5GTGEQOKGPFCGNWUQFG
NWEGUFGGOGTIGPEKC
.1%#.+<#%+¦0
%QP GN RTQRÎUKVQ FG OCPVGPGT NC FKUVCPEKC JQTK\QPVCN FG ECDNG
RTQOGFKQGPOGVTQUQOGPQU
EQPWPO¶ZKOQFGOGVTQUUG
TGEQOKGPFC NQECNK\CT GN EWCTVQ FG VGNGEQOWPKECEKQPGU NQ O¶U EGTEC
RQUKDNGFGNEGPVTQFGN¶TGCCUGTXKT
216'0%+#
&GDGP JCDGT VQOCEQTTKGPVGU UWHKEKGPVGU RCTC CNKOGPVCT NQU
FKURQUKVKXQU C KPUVCNCTUG GP NQU CPFGPGU 'N GUV¶PFCT GUVCDNGEG SWG
FGDGJCDGTWPOÈPKOQFGFQUVQOCEQTTKGPVGU FQDNGUFG8%#
FGFKECFQUFGVTGUJKNQU
&GDGP UGT EKTEWKVQU UGRCTCFQU FG C CORGTKQU 'UVQU FQU

VQOCEQTTKGPVGURQFTÈCPGUVCTFKURWGUVQUCOGVTQUFGFKUVCPEKCWPQ
FG QVTQ %QPUKFGTCT CNKOGPVCEKÎP GNÃEVTKEC FG GOGTIGPEKC EQP
CEVKXCEKÎPCWVQO¶VKEC'POWEJQUECUQUGUFGUGCDNGKPUVCNCTWPRCPGN
FGEQPVTQNGNÃEVTKEQFGFKECFQCGNEWCTVQFGVGNGEQOWPKECEKQPGU.C
CNKOGPVCEKÎP GURGEÈHKEC FG NQU FKURQUKVKXQU GNGEVTÎPKEQU UG RQFT¶
JCEGT EQP 725 [ TGINGVCU
UWRTGUQT FG RKEQU OQPVCFCU GP NQU
CPFGPGU
5GRCTCFQ FG GUVQU VQOCU FGDGP JCDGT VQOCEQTTKGPVGU FQDNGU RCTC

JGTTCOKGPVCUGSWKRQFGRTWGDCGVE'UVQUVQOCEQTTKGPVGUFGDGPGUVCT
CEOUFGNPKXGNFGNRKUQ[FKURWGUVQUGPKPVGTXCNQUFGOGVTQU
CNTGFGFQTFGNRGTÈOGVTQFGNCURCTGFGU
'NEWCTVQFGVGNGEQOWPKECEKQPGUFGDGEQPVCTEQPWPCDCTTCFGRWGUVC
C VKGTTC SWG C UW XG\ FGDG GUVCT EQPGEVCFC OGFKCPVG WP ECDNG FG
OÈPKOQ #9) EQPCKUNCOKGPVQXGTFGCNUKUVGOCFGRWGUVCCVKGTTC
FG VGNGEQOWPKECEKQPGU UGIÕP NCU GURGEKHKECEKQPGU FG #05+6+#'+#

5')74+&#&
5GFGDGOCPVGPGTGNEWCTVQFGVGNGEQOWPKECEKQPGUEQPNNCXGGPVQFQ
OQOGPVQ 5G FGDG CUKIPCT NNCXGU C RGTUQPCN SWG GUVÃ GP GN GFKHKEKQ
FWTCPVG NCU JQTCU FG QRGTCEKÎP 5G FGDG OCPVGPGT GN EWCTVQ FG
VGNGEQOWPKECEKQPGUNKORKQ[QTFGPCFQ
4'37+5+615&'6#/#¤1
&GDG JCDGTCNOGPQU WPEWCTVQFGVGNGEQOWPKECEKQPGUQEWCTVQFG
GSWKRQ RQT RKUQ [ RQT ¶TGCU SWG PQ GZEGFCP NQU OGVTQU
EWCFTCFQU+PUVCNCEKQPGURGSWGÌCURQFT¶PWVKNK\CTWPUÎNQEWCTVQFG
VGNGEQOWPKECEKQPGU UK NC FKUVCPEKC O¶ZKOC FG OGVTQU PQ UG
GZEGFG
TGCC5GTXKT'FKHKEKQ0QTOCN &KOGPUKQPGU/ÈPKOCUFGN%WCTVQ
FG#NCODTCFQ
OQOGPQU OZO
OC[QTCOOGPQTCOOZO
OC[QTCOOGPQTCOOZO
TGCC5GTXKT'FKHKEKQ2GSWGÌQ 7VKNK\CTRCTCGN#NCODTCFQ
OQOGPQU /QPVCPVGFGRCTGFQICDKPGVG
GPEGTTCFQ
OC[QTCOOGPQTCO%WCTVQFGOZOÎ
%NQUGVCPIQUVQ FG O Z
O
#NIWPQUGSWKRQUTGSWKGTGPWPHQPFQFGCNOGPQUO
&+5215+%+¦0&''37+215
.QUCPFGPGU
TCEMUFGDGPFGEQPVCTEQPCNOGPQUEOFGGURCEKQ
FGVTCDCLQNKDTGCNTGFGFQT
CNHTGPVG[FGVT¶UFGNQUGSWKRQU[RCPGNGU
FGVGNGEQOWPKECEKQPGU.CFKUVCPEKCFGEOUGFGDGOGFKTCRCTVKT
FGNCUWRGTHKEKGO¶UUCNKFCFGNCPFÃP
&G CEWGTFQ CN 0'% 0(2# #TVÈEWNQ FGDG JCDGT WP
OÈPKOQ FG OGVTQ FG GURCEKQ NKDTG RCTC VTCDCLCT FG GSWKRQ EQP
RCTVGUGZRWGUVCUUKPCKUNCOKGPVQ
6QFQU NQU CPFGPGU [ ICDKPGVGU FGDGP EWORNKT EQP NCU

GURGEKHKECEKQPGUFG#05+'+#.CVQTPKNNGTÈCFGDGUGTOÃVTKEC/
5GTGEQOKGPFCFGLCTWPGURCEKQNKDTGFGEOGPNCUGUSWKPCU
2#4'&'5
#N OGPQU FQU FG NCU RCTGFGU FGN EWCTVQ FGDGP VGPGT N¶OKPCU FG
RN[YQQF #% FG OKNÈOGVTQU FG OGVTQU FG CNVQ.CU RCTGFGU
FGDGPUGTUWHKEKGPVGOGPVGTÈIKFCURCTCUQRQTVCTGSWKRQ.CURCTGFGU
FGDGPUGTRKPVCFCUEQPRKPVWTCTGUKUVGPVGCNHWGIQNCXCDNGOCVG[FG
EQNQTENCTQ
%7#461&''37+215
'N EWCTVQ FG GSWKRQU GU WP GURCEKQ EGPVTCNK\CFQ RCTC NQU GSWKRQU FG
VGNGEQOWPKECEKQPGU
'L 2$: 'SWKRQU FG %ÎORWVQ 5YKVEJ SWG UKTXGP C
NQU QEWRCPVGU FGN GFKHKEKQ 'UVG EWCTVQ ÕPKECOGPVG FGDG IWCTFCT GSWKRQU
FKTGEVCOGPVG TGNCEKQPCFQU EQP GN UKUVGOC FG VGNGEQOWPKECEKQPGU [ UWU
UKUVGOCUFGUQRQTVG.CPQTOCSWGGUVCPFCTK\CGUVGUWDUKUVGOCGUNC'+#6+#

5G FGDGP VGPGT GP EWGPVC NCU UKIWKGPVGU EQPUKFGTCEKQPGU CN OQOGPVQ FG
FKUGÌCTGNEWCTVQFGGSWKRQU
5GNGEEKÎPFGN5KVKQ
%WCPFQUGUGNGEEKQPGGNEWCTVQFGGSWKRQUUGFGDGPGXKVCTUKVKQUSWG
GUVÃP TGUVTKPIKFQU RQT EQORQPGPVGU FGN GFKHKEKQ SWG NKOKVGP NC
GZRCPUKÎPVCNGUEQOQGNGXCFQTGUGUECNGTCUGVE'NEWCTVQFGDGVGPGT
CEEGUKDKNKFCF RCTC NC GPVTCFC FG ITCPFGU GSWKRQU [ GN CEEGUQ C GUVG
EWCTVQFGDGUGTTGUVTKPIKFQCRGTUQPCNÕPKECOGPVGCWVQTK\CFQ
.CECRCEKFCFFGTGUKUVGPEKCFGNRKUQFGDGUGTVCNSWGUQRQTVGNCECTIC
FKUVTKDWKFC [ EQPEGPVTCFC FG NQU GSWKRQU KPUVCNCFQU .C ECTIC
FKUVTKDWKFC FGDG UGT OC[QT C MRC
NDHHV [ NC ECTIC
EQPEGPVTCFC FGDG UGT OC[QT C M0
NDH UQDTG GN ¶TGC FG
OC[QTEQPEGPVTCEKÎPFGGSWKRQU
'N EWCTVQFGGSWKRQUPQFGDGGUVCTNQECNK\CFQFGDCLQFGPKXGNGUFG
CIWC C OGPQU SWG OGFKFCU RTGXGPVKXCU UG JC[CP VQOCFQ GP EQPVTC
FGNCHKNVTCEKÎPFGCIWC7PFTGPCLGFGDGUGTEQNQECFQGPGNEWCTVQ
GPECUQFGSWGGZKUVCGNKPITGUQFGCIWC
'NEWCTVQFGGSWKRQUFGDGVGPGTWPCEEGUQFKTGEVQCN*8#%
*GCVKPI
8GPVKNCVKPICPF#KT%QPFKVKQPKPI5[UVGO
'N EWCTVQ FGDG GUVCT NQECNK\CFQ NGLQU FG HWGPVGU FG KPVGTHGTGPEKCU
GNGEVTQOCIPÃVKECUCWPCFKUVCPEKCSWGTGFW\ECNCKPVGTHGTGPEKCC
8O C VTCXÃU FGN GURGEVTQ FG HTGEWGPEKC 5G FGDG VGPGT GURGEKCN
CVGPEKÎP EQP VTCPUHQTOCFQTGU GNÃEVTKEQU OQVQTGU IGPGTCFQTGU
GSWKRQU FG 4C[QU : 4CFKQU Q 4CFCTGU FG 6TCPUOKUKÎP 'U FGUGCDNG
EQNQECTGNEWCTVQFGGSWKRQUEGTECFGNCTWVCFGN$CEMDQPG2TKPEKRCN
6COCÌQ
'NEWCTVQFGGSWKRQUFGDGVGPGTWPVCOCÌQUWHKEKGPVGRCTCUCVKUHCEGT
NQUTGSWGTKOKGPVQUFGNQUGSWKRQU2CTCFGHKPKTGNVCOCÌQFGDGVGPGT
GP EWGPVC VCPVQ NQU TGSWGTKOKGPVQU CEVWCNGU EQOQ NQU RTQ[GEVQU
HWVWTQU
%WCPFQ NCU GURGEKHKECEKQPGU FG VCOCÌQ FG NQU GSWKRQU PQ UQP
EQPQEKFCUUGFGDGPVGPGTGPEWGPVCNQUUKIWKGPVGURWPVQU
C )WÈCRCTC8Q\[&CVQU
.C RT¶EVKEC EQPUKUVGGPRTQXGGTOFGGURCEKQGPGNEWCTVQ

RQTECFC OFGWPCGUVCEKÎPFGVTCDCLQ'NEWCTVQFGGSWKRQU
FGDG UGT FKUGÌCFQ RCTC WP OÈPKOQ FG O $CU¶PFQUG GP GN
PÕOGTQ FG GUVCEKQPGU FG VTCDCLQ GN VCOCÌQ FGN EWCTVQ FGDG UGT
UGIÕPNCUKIWKGPVGVCDNC
0ÕOGTQFG'UVCEKQPGUFGVTCDCLQ TGCGPO
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&GUFGJCUVC
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GPGTIÈC CKTGU CEQPFKEKQPCFQU [ 725 JCUVC M8# UG FGDGP
KPUVCNCT GP GN EWCTVQ FG GSWKRQU 725 OC[QTGU C M8# FGDG
GUVCTNQECNK\CFCUGPEWCTVQUUGRCTCFQU
2TQXKUKQPCOKGPVQ
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RKGUUKPQDUVTWEEKQPGU
'N EWCTVQ FG GSWKRQU FGDG GUVCT RTQVGIKFQ FG EQPVCOKPCEKÎP [

RQNWEKÎPSWGRWGFCCHGEVCTNCQRGTCEKÎP[GNOCVGTKCNFGNQUGSWKRQU
KPUVCNCFQU %WCPFQ NC EQPVCOKPCEKÎP RTGUGPVG GU UWRGTKQT CN
KPFKECFQ GP NC UKIWKGPVG VCDNC DCTTGTCU FG XCRQT Q HKNVTQU FGDGP UGT
KPUVCNCFQUGPGNEWCTVQ
%QPVCOKPCPVG %QPEGPVTCEKÎP
%NQTQ RRO
5WNHCVQFG*KFTÎIGPQ RRO
1ZKFQFG0KVTÎIGPQ RRO
&KÎZKFQFG5WNHWTQ RRO
2QNXQ WIOJ
*KFTQECTDWTQ WIOJ
'NEWCTVQFGGSWKRQUFGDGGUVCTEQPGEVCFQCNCTWVCFGN$CEMDQPG'P
ECUQFGPGEGUKVCTUGFGVGEVQTGUFGJWOQGUVQUFGDGPGUVCTFGPVTQFG
UW ECLCRCTCGXKVCTSWGUGXC[CPCCEVKXCTCEEKFGPVCNOGPVG 5GFGDG
EQNQECT WP FTGPCLG FGDCLQ FG NQU FGVGEVQTGU FG JWOQ RCTC GXKVCT
KPWPFCEKQPGUGPGNEWCTVQ
'SWKRQUFG%CNGHCEEKÎP8GPVKNCEKÎP[#KTG#EQPFKEKQPCFQ
*8#%
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FÈCURQTCÌQ5KGNUKUVGOCFGNGFKHKEKQPQCUGIWTCWPCQRGTCEKÎP
EQPVKPWCWPCWPKFCFKPFGRGPFKGPVG
5VCPF#NQPGFGDG UGTKPUVCNCFC
RCTCGNEWCTVQFGGSWKRQU
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TCPIQUFG%Cm%EQPWPCJWOGFCFFGNCN'SWKRQU
FG JWOGFKHKECEKÎP [ FGUJWOGFKHKECEKÎP RWGFGP UGT TGSWGTKFQU
FGRGPFKGPFQFGNCUEQPFKEKQPGUCODKGPVCNGUFGNNWICT
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FKUVCPEKCFGOGVTQUUQDTGGNPKXGNFGNRKUQ[FGURWÃUFGSWGNQU
GSWKRQUGUVÃPGPQRGTCEKÎP
5K UG WVKNK\CP DCVGTÈCU RCTC DCEMWR UG FGDGP KPUVCNCT GSWKRQU
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RQNXQ.QUCECDCFQUFGDGPUGTFGEQNQTGUNWOKPQUQURCTCCWOGPVCT
NCKNWOKPCEKÎPFGNEWCTVQ'NOCVGTKCNFGNRKUQFGDGVGPGTRTQRKGFCFGU
CPVKGUV¶VKECU
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EQPVTQNCFCRQTWPQQO¶UUYKVEJGUNQECNK\CFQUEGTECFGNCRWGTVCFG
GPVTCFCCNEWCTVQ
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5GFGDGKPUVCNCTWPEKTEWKVQUGRCTCFQRCTCUWRNKTFGGPGTIÈCCNEWCTVQ
FGGSWKRQU[FGDGVGTOKPCTGPUWRTQRKQRCPGNGNÃEVTKEQ.CGPGTIÈC
GNÃEVTKECSWGNNGIWGCNEWCTVQPQUGGURGEKHKEC[CSWGFGRGPFGFGNQU
GSWKRQUKPUVCNCFQU
2WGTVC
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OKNÈOGVTQUFGCNVQ[EQPVGPGTWPCEGTTCFWTC5KUGGUVKOCSWGXCPC
NNGICT GSWKRQU OW[ ITCPFGU UG FGDG KPUVCNCT WPC RWGTVC FQDNG FG
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2QNQC6KGTTC
5G FGDG KPUVCNCT WP EQPFWEVQ FG FGUFG GN EWCTVQ FG GSWKRQU
JCUVCGNGEVTQFQCVKGTTCFGNGFKHKEKQ
'ZVKPIWKFQTGUFG(WGIQ
5G FGDGP RTQXGGT GZVKPIWKFQTGU FG HWGIQ RQTV¶VKNGU [ JCEGTNGU
OCPVGPKOKGPVQRGTKÎFKECOGPVG'UVQUFGDGPUGTKPUVCNCFQUVCPEGTEC
CNCRWGTVCEQOQUGCRQUKDNG
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WPG EQP GN ECDNGCFQ XGTVKECN
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TGSWGTKOKGPVQU HÈUKEQU FG FKEJC KPVGTHCEG GUV¶P FGHKPKFQU GP NC PQTOC
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NC EWCN KPENW[G GN RWPVQ FG GPVTCFC C VTCXÃU FG NC RCTGF FGN GFKHKEKQ [
EQPVKPWCPFQ CN EWCTVQ Q ¶TGC FG GPVTCFC .C GPVTCFC CN GFKHKEKQ FGDG
EQPVGPGTNCTWVCFGN$CEMDQPGSWGKPVGTEQPGEVCEQPNQUQVTQUGFKHKEKQUFGN
ECORWU'PECUQFGWPCEQOWPKECEKÎPCVTCXÃUFGWPCCPVGPCÃUVCVCODKÃP
RGTVGPGEGCNCGPVTCFCCNGFKHKEKQ
3
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VGEPQNQIÈCU O¶U CXCP\CFCU SWG UG WVKNK\CP EQOQ OGFKQ FG VTCPUOKUKÎP FG
KPHQTOCEKÎP 'UVG OCVGTKCN XKPQ C TGXQNWEKQPCT NQU RTQEGUQU FG NCU
VGNGEQOWPKECEKQPGUGPVQFQUNQUUGPVKFQUFGUFGNQITCTWPCOC[QTXGNQEKFCF
GP NC VTCPUOKUKÎP [ FKUOKPWKT ECUK GP UW VQVCNKFCF NQU TWKFQU [ NCU
KPVGTHGTGPEKCU JCUVC OWNVKRNKECT NCU HQTOCU FG GPXÈQ [ TGEGREKÎP GP NCU
EQOWPKECEKQPGURQTXÈCVGNGHÎPKEC
.CUHKDTCUÎRVKECUUQPHKNCOGPVQUFGXKFTKQFGCNVCRWTG\CGZVTGOCFCOGPVG
EQORCEVQU GN ITQUQT FG WPC HKDTC GU UKOKNCT C NC FG WP ECDGNNQ JWOCPQ
(CDTKECFCU C CNVCU VGORGTCVWTCU EQP DCUG GP UKNKEKQ UW RTQEGUQ FG
GNCDQTCEKÎPGU EQPVTQNCFQRQTOGFKQFGEQORWVCFQTCURCTCRGTOKVKTSWGGN
ÈPFKEGFGTGHTCEEKÎPFGUWPÕENGQSWGGUNCIWÈCFGNCQPFCNWOKPQUCUGC
WPKHQTOG [ GXKVG NCU FGUXKCEKQPGU 'PVTG UWU RTKPEKRCNGU ECTCEVGTÈUVKECU UG
RWGFGOGPEKQPCTSWGUQPEQORCEVCUNKIGTCUEQPDCLCURÃTFKFCUFGUGÌCN
CORNKCECRCEKFCFFGVTCPUOKUKÎP[WPCNVQITCFQFGEQPHKCDKNKFCFFGDKFQC
SWGUQPKPOWPGUCNCUKPVGTHGTGPEKCUGNGEVTQOCIPÃVKECUFGTCFKQHTGEWGPEKC
.CU HKDTCUÎRVKECUPQEQPFWEGPUGÌCNGU GNÃEVTKECURQTNQVCPVQUQPKFGCNGU

RCTCKPEQTRQTCTUGGPECDNGUUKPPKPIÕP EQORQPGPVGEQPFWEVKXQ[RWGFGP
WUCTUGGPEQPFKEKQPGURGNKITQUCUFGCNVCVGPUKÎP
6KGPGP NC ECRCEKFCF FG VQNGTCT CNVCU FKHGTGPEKCU FG RQVGPEKCN UKP PKPIÕP
EKTEWKVQ CFKEKQPCN FG RTQVGEEKÎP [ PQ JC[ RTQDNGOCU FGDKFQ CNQU EQTVQU
EKTEWKVQU 6KGPGP WP ITCP CPEJQ FG DCPFC SWG RWGFG UGT WVKNK\CFQ RCTC
KPETGOGPVCTNCECRCEKFCFFGVTCPUOKUKÎPEQPGNHKPFGTGFWEKTGNEQUVQRQT
ECPCN&GGUVCHQTOCGUEQPUKFGTCDNGGNCJQTTQGPXQNWOGPGPTGNCEKÎPEQP
NQUECDNGUFGEQDTG
%QP WPECDNGFGUGKUHKDTCUUGRWGFGVTCPURQTVCTNCUGÌCNFGO¶UFGEKPEQ
OKNECPCNGUQNÈPGCURTKPEKRCNGUOKGPVTCUSWGUGTGSWKGTGFGFKG\OKNRCTGU
FGECDNGFGEQDTGEQPXGPEKQPCNRCTCDTKPFCTUGTXKEKQCGUGOKUOQPÕOGTQ
FG WUWCTKQU EQP NC FGUXGPVCLC FG SWG GUVG ÕNVKOQ OGFKQ QEWRC WP ITCP
GURCEKQGPNQUFWEVQU[TGSWKGTGFGITCPFGUXQNÕOGPGUFGOCVGTKCNNQEWCN
VCODKÃPGNGXCNQUEQUVQU
1TKIKPCNOGPVG NC HKDTC ÎRVKEC HWG RTQRWGUVC EQOQ OGFKQ FG VTCPUOKUKÎP
FGDKFQ C UW GPQTOG CPEJQ FG DCPFC UKP GODCTIQ EQP GN VKGORQ UG JC
RNCPVGCFQ RCTC WP CORNKQ TCPIQ FG CRNKECEKQPGU CFGO¶U FG NC VGNGHQPÈC
CWVQOCVK\CEKÎPKPFWUVTKCNEQORWVCEKÎPUKUVGOCUFGVGNGXKUKÎPRQTECDNG[
VTCPUOKUKÎPFGKO¶IGPGUCUVTQPÎOKECUFGCNVCTGUQNWEKÎPGPVTGQVTQU
'P WP UKUVGOC FG VTCPUOKUKÎP RQT HKDTC ÎRVKEC GZKUVG WP VTCPUOKUQT SWG UG
GPECTICFGVTCPUHQTOCTNCUQPFCUGNGEVTQOCIPÃVKECUGPGPGTIÈCÎRVKECQGP
NWOKPQUCRQTGNNQUGNGEQPUKFGTCGNEQORQPGPVGCEVKXQFGGUVGRTQEGUQ
7PCXG\SWGGUVTCPUOKVKFCNCUGÌCNNWOKPQUCRQTNCUOKPÕUEWNCUHKDTCUGP
GNQVTQGZVTGOQFGNEKTEWKVQUGGPEWGPVTCWPVGTEGTEQORQPGPVGCNSWGUGNG
FGPQOKPCFGVGEVQTÎRVKEQQTGEGRVQTEW[COKUKÎPEQPUKUVGGPVTCPUHQTOCTNC
UGÌCN NWOKPQUC GP GPGTIÈC GNGEVTQOCIPÃVKEC UKOKNCT C NC UGÌCN QTKIKPCN 'N
UKUVGOC D¶UKEQ FG VTCPUOKUKÎP UG EQORQPG GP GUVG QTFGP FG UGÌCN FG
GPVTCFCCORNKHKECFQTHWGPVGFGNW\EQTTGEVQTÎRVKEQNÈPGCFGHKDTCÎRVKEC

RTKOGTVTCOQGORCNOGNÈPGCFGHKDTCÎRVKEC
UGIWPFQVTCOQEQTTGEVQT
ÎRVKEQTGEGRVQTCORNKHKECFQT[UGÌCNFG UCNKFC
'PTGUWOGPUGRWGFGFGEKTSWGGPGUVGRTQEGUQFGEQOWPKECEKÎPNCHKDTC
ÎRVKEC HWPEKQPC EQOQ OGFKQ FG VTCPURQTVCEKÎP FG NC UGÌCN NWOKPQUC
IGPGTCFQRQTGNVTCPUOKUQTFG.'&
FKQFQUGOKUQTGUFGNW\[N¶UGT
.QUFKQFQUGOKUQTGUFGNW\[NQUFKQFQUN¶UGTUQPHWGPVGUCFGEWCFCURCTCNC
VTCPUOKUKÎP OGFKCPVG HKDTC ÎRVKEC FGDKFQ C SWG UW UCNKFC UG RWGFG
EQPVTQNCT T¶RKFCOGPVG RQT OGFKQ FG WPC EQTTKGPVG FG RQNCTK\CEKÎP
#FGO¶UUWRGSWGÌQVCOCÌQ UWNWOKPQUKFCFNQPIKVWFFGQPFC[GNDCLQ
XQNVCLGPGEGUCTKQRCTCOCPGLCTNQUUQPECTCEVGTÈUVKECUOW[CVTCEVKXCU
*+5614+#&'.#(+$4#¦26+%#
'P WP HÈUKEQ KTNCPFÃU ,QJP 6KPFCNN OQUVTÎ SWG NC NW\ SWG UG
RTQRCICGPWPOGFKQEQPCNVQÈPFKEGFGTGHTCEEKÎPPQRWGFGRGPGVTCTGP
WP OGFKQ SWG VKGPG WP ÈPFKEG O¶U DCLQ EWCPFQ GUVC NW\ NNGIC EQP WP
¶PIWNQUWHKEKGPVGOGPVGRGSWGÌQ
'UVGRTKPEKRKQEQPQEKFQEQPGNPQODTGFGTGHNGZKÎPVQVCNKPVGTPCGUNCDCUG
FGN HWPEKQPCOKGPVQ FG WPC HKDTC ÎRVKEC [C SWG RGTOKVG EQPHKPCT NC NW\ CN
OGFKQ FG O¶U CNVQ ÈPFKEG 5KP GODCTIQ PQ HWG UKPQ JCUVC SWG GN
KPINÃU ,.$#+4& [ GN COGTKECPQ %9 *CPUGNN CN TGIKUVTCT UWU RCVGPVGU
FKGTQPNCRQUKDKNKFCFFGVTCPUOKVKTKO¶IGPGUGORNGCPFQHKDTCUFGUKNKEKQ
/¶U VCTFG NCU HKDTCU FG RN¶UVKEQ UG WVKNK\CTQP GP OGFKEKPC RCTC CNWODTCT
NWICTGU FG FKHÈEKN CEEGUQ UKP GODCTIQ GUVCU HKDTCU GTCP RQEQ GHKECEGU
)TCEKCU C NQU VTCDCLQU FG #%5 8CP *GGN [ FG 05 -CRCP[ C HKPGU FG NC
FÃECFCFGNCKPVTQFWEEKÎPFGNCHKDTCFGWPCEWDKGTVCRTQVGEVQTCFG
OGPQT ÈPFKEG [ NC WVKNK\CEKÎP FG JCEGU FG HKDTCU RGTOKVKGTQP SWG ÃUVC
VGEPQNQIÈCGXQNWEKQPCTC[NNGICTCCCRNKECTUGUQDTGVQFQGPGNECORQFGNC
OGFKEKPC .C GPFQUEQRKC HWG GN DGPGHKEKQ O¶U ITCPFG SWG UG QDVWXQ FG
GUVQURTQITGUQU
0QHWGUKPQJCUVCGNCÌQFGSWGITCEKCUCWPCRWDNKECEKÎPEKGPVÈHKEC
FG-%-CQ[)<*QEMJOCPSWGUGEQPUKFGTÎUGTKCOGPVGNCRQUKDKNKFCF
FGWVKNK\CTHKDTCUEQOQECPCNFGVTCPUOKUKÎPGPNCUVGNGEQOWPKECEKQPGU5KP
GODCTIQ GUVC WVKNK\CEKÎP PGEGUKVCDC GN NQITQ FG RTQITGUQU VGEPQNÎIKEQU
VCPVQCPKXGNFGNCUHKDTCUEQOQFGNCUHWGPVGUFGNW\
..')#&#&'..#5'4
.CRTKOGTCHWGPVGEQJGTGPVGFGNW\UGKPXGPVÎCRTKPEKRKQUFGNCFÃECFCFG
'UVCHWGGNN¶UGTGNKPXGPVQVWXQGNOÃTKVQFGTGXKXKTNCKFGCFGWVKNK\CT
NCNW\RCTCVTCPURQTVCTNCKPHQTOCEKÎP
5KPGODCTIQNQURTKOGTQUTC[QUN¶UGTFGICUGTCPFGOCUKCFQUXQNWOKPQUQU
EQOQRCTCWVKNK\CTNQUH¶EKNOGPVGGPNCUVGNGEQOWPKECEKQPGUOGFKCPVGHKDTC
ÎRVKEC
.C KPXGPEKÎP FGN N¶UGT [ FGN FKQFQ UGOKEQPFWEVQT GNGEVTQNWOKPGUEGPVG FG

RGSWGÌCUFKOGPUKQPGURGTOKVKÎEQPUKFGTCTGNHWVWTQEQPQRVKOKUOQ#PVGU
FG GUVCU HWGPVGU UGOKEQPFWEVQTCU RTGUGPVCDCP OC[QTGU
KPEQPXGPKGPVGU2QTWPCRCTVGUWXKFCGTCEQTVC[RQTNCQVTCEQOQGUVCDCP
JGEJCU FG CTUGPKWTQ FG ICNKQ NC GOKUKÎP GTC FG zO SWG GU WPC
NQPIKVWFFGQPFCGPNCSWGNCUHKDTCUUQPRQEQVTCPURCTGPVGU
'NFGUCTTQNNQFGURWÃUFGFGHWGPVGUSWGWVKNK\CDCPUGOKEQPFWEVQTGU
FGCTUGPKWTQFGICNKQ[FGCNWOKPKQSWGGOKVÈCPGPVTG[zO
RCTC
GUVCU NQPIKVWFGU FG QPFC NCU HKDTC GU VTCPURCTGPVG RTQFWLQ ITCPFGU
GURGTCP\CU'UVCUHWGPVGUUGRGTHGEEKQPCTQPCVCNITCFQSWGUWXKFCRCUÎFG
FQUJQTCUCWPOKNNÎPFGJQTCU
&WTCPVGGUVGVKGORQNCVGEPQNQIÈC
FGNCUHKDTCUGZRGTKOGPVÎWPRTQITGUQEQPUKFGTCDNG
.CJKUVQTKCFGNCEQOWPKECEKÎPRQTOGFKQFGHKDTCUÎRVKECUGUTGNCVKXCOGPVG
EQTVC 'P UG KPUVCNÎ WP UKUVGOC FG RTWGDC GP +PINCVGTTC FQU CÌQU
FGURWÃU UG RTQFWEÈCP [C ECPVKFCFGU KORQTVCPVGU FG RGFKFQU FG GUVG
OCVGTKCN
#PVGU GP EQOQ TGUWNVCFQ FG NQU GUVWFKQU GP HÈUKEC GPHQECFQU C NC
ÎRVKECUGFGUEWDTKÎWPCPWGXCWVKNK\CEKÎPFGNCNW\CNCSWGUGFGPQOKPÎ
TC[QN¶UGTGNEWCNHWGCRNKECFQCNCUVGNGEQOWPKECEKQPGUEQPGNHKPFGSWG
NQU OGPUCLGU UG VTCPUOKVKGTCP C XGNQEKFCFGU KPWUKVCFCU [ EQP CORNKC
EQDGTVWTC
0Q QDUVCPVG GUVC WVKNK\CEKÎP FGN N¶UGT GTC OW[ NKOKVCFC FGDKFQ C SWG PQ
GZKUVÈCP NQU EQPFWEVQU [ ECPCNGU CFGEWCFQU RCTC JCEGT XKCLCT NCU QPFCU
GNGEVTQOCIPÃVKECU RTQXQECFCU RQT NC NNWXKC FG HQVQPGU QTKIKPCFQU GP NC
HWGPVGFGPQOKPCFCN¶UGT
(WG GPVQPEGU EWCPFQ NQU EKGPVÈHKEQU [ VÃEPKEQU GURGEKCNK\CFQU GP ÎRVKEC

FKTKIKGTQPUWUGUHWGT\QUCNCRTQFWEEKÎPFGWPFWEVQQECPCNEQPQEKFQJQ[
EQOQNCHKDTCÎRVKEC'PUWTIKÎNCRTQRWGUVCFGWVKNK\CTWPCIWÈCÎRVKEC
RCTCNCEQOWPKECEKÎP
'UVCHQTOCFGWUCTNCNW\ EQOQRQTVCFQTCFGKPHQTOCEKÎPUGRWGFGGZRNKECT
FGNCUKIWKGPVGOCPGTCUGVTCVCGPTGCNKFCFFGWPCQPFCGNGEVTQOCIPÃVKEC
FGNCOKUOCPCVWTCNG\CSWGNCUQPFCUFGTCFKQEQPNCÕPKECFKHGTGPEKCFG
SWG NC NQPIKVWF FG NCU QPFCU GU FGN QTFGP FG OKETÎOGVTQU GP NWICT FG
OGVTQUQEGPVÈOGVTQU
%QORCTCFQ EQP GN UKUVGOC EQPXGPEKQPCN FG ECDNGU FG EQDTG FQPFG NC
CVGPWCEKÎP FG UWU UGÌCNGU
FGETGOGPVQ Q TGFWEEKÎP FG NC QPFC Q
HTGEWGPEKC GU FG VCN OCIPKVWF SWG TGSWKGTGP FG TGRGVKFQTGU ECFC FQU
MKNÎOGVTQURCTCRQFGTTGIGPGTCTNCVTCPUOKUKÎP'PGNUKUVGOCFGHKDTCÎRVKEC
UGRWGFGPKPUVCNCTVTCOQUJCUVCFG-KNÎOGVTQUUKPSWGJC[CPGEGUKFCF
FG TGEWTTKT C TGRGVKFQTGU NQ SWG VCODKÃP JCEG O¶U GEQPÎOKEQ [ FG H¶EKN
OCPVGPKOKGPVQGUVGOCVGTKCN
%#0#.'5%.5+%15&' 64#05/+5+¦0
1PFCUJGTV\KCPCU
.CUQPFCUGNGEVTQOCIPÃVKECUUGRWGFGPWVKNK\CTRCTCVTCPUOKVKTKPHQTOCEKÎP
C GUVG VKRQ FG VTCPUOKUKÎP UG NG NNCOC TCFKQFKHWUKÎP %WCPFQ NCU QPFCU
GNGEVTQOCIPÃVKECU UG WVKNK\CP EQOQ ECPCN FG VTCPUOKUKÎP FG KPHQTOCEKÎP
TGEKDGPGNPQODTGFGTCFKQGNÃEVTKECUWQPFCUJGTV\KCPCU.CKPHQTOCEKÎPUG
KPVTQFWEGRQTOGFKQFGNCOQFWNCEKÎPFGNCQPFC.CUQPFCUJGTV\KCPCUUG
RTQFWEGPEWCPFQWPCEQTTKGPVGEQPWPCCORNKVWFUWHKEKGPVGEKTEWNCGPWPC
CPVGPCSWGVKGPGFKOGPUKQPGUKIWCNGUCNCNQPIKVWFFGQPFCFGNCQPFCSWG
UGVTCPUOKVKT¶
5GIÕP UGC NC CPVGPC SWG UG GUEQLC NC GPGTIÈC GP HQTOC FG QPFCU
GNGEVTQOCIPÃVKECURWGFGGOKVKTUGGPVQFCUFKTGEEKQPGUQGPWPCFKTGEEKÎP
GURGEKHKEC.CVTC[GEVQTKC[NCUFKUVCPEKCUTGEQTTKFCRQTNCUQPFCUJGTV\KCPCU
FGRGPFGPFGNCUEQPFKEKQPGUCVOQUHÃTKECU[FGNCHTGEWGPEKCFGNCUQPFCU
2CTC FGUETKDKT GUVCU KPHNWGPEKCU UG WVKNK\CT¶P NQU VÃTOKPQU SWG GP IGPGTCN
UKTXGPRCTCFGUKIPCTNCUDCPFCUFGNCTCFKQFKHWUKÎP
x $CPFCUFGHTGEWGPEKCUJGEVQOÃVTKECU
$JO[FGECOÃVTKECU
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5QP NCU HTGEWGPEKCU SWG O¶U UG WVKNK\CP 6KGPGP NC ECTCEVGTÈUVKEC FG UGT
TGHNGLCFCURQTNCKQPQUHGTCSWGGUNCECRCFGRCTVÈEWNCUECTICFCU
KQPGU[
GNGEVTQPGUUKVWCFCGPNCCVOÎUHGTCVGTTGUVTGUWRGTKQT.CURCTVÈEWNCUSWG
EQORQPGP NC KQPQUHGTC UG RTQFWEGP RQT TCFKCEKQPGU FG CNVC GPGTIÈC
RTQEGFGPVGUFGNUQN5KWPCQPFCJGEVQOÃVTKECQFGECOÃVTKECGPEWGPVTC
GUVC ECRC TGVQTPCT¶ TWODQ C NC VKGTTC FQPFG RQFT¶ ECRVCTUG EQP WPC
CPVGPCTGEGRVQTC
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GPQTOGU &GDKFQ C NC KPHNWGPEKC FGN UQN NC TGHNGZKÎP PQ GU GUVCDNG C NQ
NCTIQFGNVKGORQRCTCNCUQPFCUJGEVQOÃVTKECUNCTGHNGZKÎPGUECUKPWNC
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OWEJQOGLQT[HCEKNKVCNCUVTCPUOKUKQPGUCVTCXÃUFGOKNGUFGMKNÎOGVTQU
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RGTQ GN CNECPEG FG NC VTCPUOKUKÎP GU NKOKVCFQ RQTSWG GN GOKUQT [ GN
TGEGRVQTFGDGPGUVCTGPNÈPGCFGXKUVC
x /KETQQPFCU
QPFCUEGPVKOÃVTKECU[OKNKOÃVTKECU
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OGPQTGUFKOGPUKQPGU#FGO¶UNCGOKUKÎPRWGFGUGTOW[ FKTGEVKXCNQ
SWG RGTOKVG EQPEGPVTCT GPGTIÈC GP WPC FKTGEEKÎP OGLQT FGHKPKFC [ FG
GUVCHQTOCCWOGPVCTGNCNECPEGFGNCVTCPUOKUKÎP[GXKVCTNCKPVGTHGTGPEKC
EQPQVTQUECPCNGUFGVTCPUOKUKÎP
5KNCHTGEWGPEKCGUOW[GNGXCFCNCECPVKFCFFGKPHQTOCEKÎPVTCPUOKVKFC
RWGFG NNGICT C UGT OW[ ITCPFG 5KP GODCTIQ UK NC NQPIKVWF FG QPFC
NCPFCHWGTCRGSWGÌCNCKPVGTCEEKÎPEQPQDLGVQUSWGVKGPGPFKOGPUKQPGU
FGNQTFGPFGNCPFC
FKHTCEEKÎPFKHWUKÎPUGTÈCOW[ITCPFG
2QT GUQ NCU IQVCU FG NNWXKC VKGPGP WP GHGEVQ OW[ PGICVKXQ GP NC
RTQRCICEKÎPFGNCUOKETQQPFCU#FGO¶UEQPGUVCUCNVCUHTGEWGPEKCUNCU
OQNÃEWNCU FG QZÈIGPQ [ FG CIWC EQPVGPKFCU GP GN CKTG CDUQTDGP NCU
QPFCU GNGEVTQOCIPÃVKECU NQ SWG NKOKVC GN CNECPEG FG NC VTCPUOKUKÎP C
CNIWPCUFGEGPCUFGMKNÎOGVTQU
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FQPFG CXCP\CP RQT TGHNGZKÎP UQDTG NCU RCTGFGU &KEJQ VWDQ FGDG VGPGT
FKOGPUKQPGUFGNOKUOQQTFGPSWGNCUFGNCNQPIKVWFFGQPFC
5K UG EQPVTQNC NC CVOÎUHGTC FGPVTQ FG NC IWÈC RWGFG NQITCTUG SWG
FKUOKPW[CNCCDUQTEKÎPRQTQZÈIGPQNQSWGRGTOKVGCWOGPVCTGNCNECPEG
FG NC VTCPUOKUKÎP 5KP GODCTIQ GUVC CDUQTEKÎP FGRGPFG OWEJQ FG NC
ECNKFCFFGNCIWÈCFGQPFCRQTNQSWGGNEQUVQFGWPUKUVGOCUGOGLCPVG
GURTQJKDKVKXQRCTCNCUVTCPUOKUKQPGUFGITCPFGUFKUVCPEKCU
%CDNGUGNÃEVTKEQU
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VTCPURQTVCTKPHQTOCEKÎPGPHQTOCFGUGÌCNGUGNÃEVTKECU
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XCTKQU RCTGU FG JKNQU ECFC WPQ FG NQU EWCNGU RQUGG FQU EQPFWEVQTGU
TGVQTEKFQU FG EQDTG Q CNWOKPKQ TGEWDKGTVQU FG RQNKGVKNGPQ 'UVG ECDNG UG
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FKCHQPÈC
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NNGPQFGWPCKUNCPVGGNÃEVTKEQ
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CVGPWCEKÎPUKGORTGXCTÈCGPHWPEKÎPFGNCTCÈ\EWCFTCFC FGNCHTGEWGPEKC
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ECDNGFGCWFKQEQOQRCTCGNECDNGEQCZKCNWPCFKUVCPEKCNCTICKORNKECWPC
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FKUVCPEKC 'UVQ GU WP ITCP KPEQPXGPKGPVG EWCPFQ UG KPVGPVC QDVGPGT WP
UKUVGOCFGVGNGEQOWPKECEKÎPFGCNVCGHKEKGPEKC
%CPCNFGVTCPUOKUKÎPÎRVKEC
'PVTGO¶UGNGXCFCUGCNCHTGEWGPEKCFGWPCQPFCGNGEVTQOCIPÃVKECOC[QT
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NQU GURGEKCNKUVCU FG VGNGEQOWPKECEKQPGU RKGPUGP GP WVKNK\CT HTGEWGPEKCU
UWRGTKQTGU C NCU FG OKETQQPFCU GU FGEKT GP GN ¶TGC FGN KPHTCTTQLQ [ FGN
GURGEVTQXKUKDNG .CHTGEWGPEKCRTQOGFKQFGNCNW\XKUKDNGGUFGNQTFGPFG
Z *< GP FQPFG GZKUVG WP GPQTOG RQVGPEKCN RCTC VTCPURQTVCT
KPHQTOCEKÎP%QOQWPECPCNFGVGNGXKUKÎPPGEGUKVCWPCPEJQFGDCPFCFG
/*< GZKUVG NC RQUKDKNKFCF VGÎTKEC FG VTCPURQTVCT UQDTG WPC UQNC XÈC FG
EQOWPKECEKÎP ÎRVKEC NC KPHQTOCEKÎP QTKIKPCFC RQT EKPEWGPVC OKNNQPGU FG
ECPCNGUFGVGNGXKUKÎP
6TCPUOKUKÎP
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ÎRVKECU UG TGSWKGTGP GP UW EQOKGP\Q [ UW HKPCN GNGOGPVQU FG GOKUKÎP [
TGEGREKÎP CFGEWCFQU RCTC EQPXGTVKT NCU UGÌCNGU GNÃEVTKECU GP ÎRVKECU [
XKEGXGTUC
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HWGPVG NWOKPQUC .C UGÌCN ÎRVKEC UG CEQRNC CN EQPFWEVQT FG HKDTC ÎRVKEC [
NNGIC CN GZVTGOQ TGEGRVQT FQPFG WP TGEGRVQT FG NW\ NC EQPXKGTVG GP WPC
UGÌCNGNÃEVTKEC
2TKPEKRKQHWPEKQPCNFGWPUKU VGOCFGVTCPUOKUKÎPEQPHKDTCÎRVKEC
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HWPFKFQ .C HWGPVG FG NW\ RWGFG UGT WP .'&
FKQFQ GOKUQT FG NW\ Q WP
FKQFQN¶UGTEWCNSWKGTCFGNQUFQUGOKVGRWNUQUFGNW\EWCPFQUGNGCRNKEC
WPCEQTTKGPVGGNÃEVTKEC
'NFGVGEVQTGUWPHQVQFKQFQSWGIGPGTCWPRWNUQGNÃEVTKEQGPGNOQOGPVQGP
GN SWG TGEKDG WP TC[Q FG NW\ #N EQNQECT WP .'& Q WP FKQFQ N¶UGT GP GN
GZVTGOQ FG WPC HKDTC ÎRVKEC [ WP HQVQFKQFQ GP GN QVTQ UG VKGPG WPC
VTCPUOKUKÎP FG FCVQU WPKFKTGEEKQPCN SWG CEGRVC WPC UGÌCN GNÃEVTKEC NC
EQPXKGTVG[NCVTCPUOKVGRQTOGFKQFGRWNUQUFGNW\[FGURWÃUTGEQPXKGTVG
NCUCNKFCGPWPCUGÌCNGNÃEVTKECGPGNGZVTGOQTGEGRVQT
%CTCEVGTÈUVKECUFGNQU5KUVGOCUGP(KDTC¦RVKEC
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6QVCN KPOWPKFCF C KPVGTHGTGPEKC FG GNGEVTQOCIPÃVKEC Q FG TCFKQ

HTGEWGPEKC
4GUKUVGPEKCCNCEQTTQUKÎPHWGIQ[SWÈOKEQU
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EQORCTCEKÎPFGNCUQVTCURQUKDKNKFCFGU
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2TGECWEKQPGUGPGNOCPGLQ
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KPUVCNCEKÎPEQOQCNSWGTGCNK\CNCKPUVCNCEKÎP
0QGUVKTCTCNO¶ZKOQGNECDNG
0QFQDNCTOCUFGNQRGTOKVKFQCNECDNGQHKDTC
'N OCPGLCT HKDTCU FGUEWDKGTVCU RWGFG ECWUCT CEEKFGPVGU RCTVKEWNCTOGPVG
EWCPFQUGEQTVCPNCUHKDTCUGPGNRTQEGUQFGGORCNOG
'XKVGGNEQPVCEVQEQPNCRKGN[CSWGWPCXG\FGPVTQFGNCRKGNNC
HKDTCGUFKHÈEKNFGTGOQXGT
2GFC\QU UQDTCPVGU FG HKDTC FGDGP UGT CNOCEGPCFQU GP WP EQPVGPGFQT
RCTCGXKVCTEQPVCEVQRQUVGTKQTEQPNCRKGNQTQRC
7UGICHCUFGRTQVGEEKÎPRCTCGXKVCTSWGRGFC\QUFGHKDTCRGPGVTGPCNQU
QLQU
%WKFCFQFGNQUQLQU
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EWCPFQNCHKDTCGUVGXKXC
EWCPFQÃUVCEQPVKGPGNW\XKUKDNGQKPHTCTTQLC
.C FGPUKFCF FG NW\ GOKVKFC GP GN GZVTGOQ FG WPC HKDTC ÎRVKEC EQP
TCFKCEKÎPFG.¶UGTGUOC[QTCNCFGNUQNUQDTGNCUWRGTHKEKGFGNC6KGTTC
%WCPFQUGJCICPTGRCTCEKQPGUCHKDTCÎRVKECCUGIÕTGUGSWG[CPQGZKUVC
PKPIWPCUGÌCNFGNW\.¶UGTCVTCXÃUFGNCOKUOC
7VKNKEGEQPVKPWCOGPVGCRCTCVQUFGOGFKEKÎP6CTLGVCU+4OGFKFQTGUFG
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CNGZVTGOQFGNCHKDTC
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SWGOCPGLG
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'N EQPFWEVQT FG HKDTC ÎRVKEC GUVC EQORWGUVQ RQT 'N PÕENGQ
EQTG GN
TGEWDTKOKGPVQ
ENCFFKPI ECFC WPQ FG GNNQU HQTOCFQ RQT OCVGTKCN
ÎRVKECOGPVG VTCPURCTGPVG
RQT GL XKFTKQ FG EWCT\Q [ GN TGXGUVKOKGPVQ

EQCVKPI
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NCEQPFWEEKÎPFGNCUQPFCUNWOKPQUCU'UVCEQPFWEEKÎPFGNCUQPFCUGPGN
PÕENGQGURQUKDNGÕPKECOGPVGRQTSWGUWÈPFKEGFGTGHTCEEKÎPGUOC[QTSWG
GN FGN TGEWDTKOKGPVQ [ NQU OQFQU SWGFCP TGVGPKFQU GP GUVG PÕENGQ RQT NC
TGHNGZKÎPVQVCNGPVTGCODQUOGFKQU
PÕENGQTGEWDTKOKGPVQ
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EQCVKPI SWG RTQXGG
RTQVGEEKÎP OGE¶PKEC CN OCPKRWNGQ RTQVGIKGPFQ CN EQPFWEVQT FG (KDTC
¦RVKECFGKPHNWGPEKCUGZVGTPCUVCODKÃPCDUQTDGHWGT\CUVTCPUXGTUCNGUNCSWG
RQFTÈCP RTQFWEKT OKETQEWTXCVWTCU NCU SWG RTQXQECTÈCP CVGPWCEKQPGU
CFKEKQPCNGU'UVCHWPFCRWGFGTGVKTCTUGRQTOGFKQUOGE¶PKEQUQHÈUKEQUEQP
GNHKPFGTGCNK\CTNQUGORCNOGU[NGFCCNCHKDTCWPFK¶OGVTQGZVGTPQSWG
RWGFGUGTFGQOKETÎOGVTQU
OKNNQPÃUKOCRCTVGFGWPOGVTQ
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4GEWDTKOKGPVQ
4GXGUVKOKGPVQ
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FGPVTQ FG GNNCU FGUETKDGP NQU TC[QU FG NW\ GOKVKFQU 'P GUVC ENCUKHKECEKÎP
GZKUVGP VTGU VKRQU /QPQOQFQ /WNVKOQFQ ÈPFKEG FG ITCFKGPVG ITCFWCN [
/WNVKOQFQFGÈPFKEGGUECNQPCFQ
x /QPQOQFQ
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NKPGCNOGPVG'UVGVKRQFGHKDTCUGRWGFGEQPUKFGTCTEQOQGNOQFGNQO¶U
UGPEKNNQ FG HCDTKECT [ UWUCRNKECEKQPGUUQPEQPETGVCU5QPNCUHKDTCUFG
OGPQT FK¶OGVTQzO
%WCPVQ O¶U RGSWGÌC GU NC HKDTC OGPQT GU GN PÕOGTQ FG VTC[GEVQTKCU
RGTOKVKFCU5QPWVKNK\CFCURQTNQIGPGTCNRCTCWPKQPGUFGEQTVCFKUVCPEKC
5GNGEEKQPCPFQ NC NQPIKVWF FG QPFC CFGEWCFC UG RWGFG EQPUGIWKT SWG
UÎNQ EKTEWNG NC NW\ GP UGPVKFQ CZKCN 2QVGPEKCNOGPVG GUVG VKRQ FG HKDTC
QHTGEG NC OC[QT ECRCEKFCF FG VTCPURQTVG FG KPHQTOCEKÎP 6KGPG WPC
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EQORNGLC FG KORNCPVCT 5ÎNQ RWGFGP UGT VTCPUOKVKFQU NQU TC[QU SWG
VKGPGP WPC VTC[GEVQTKC SWG UKIWG GN GLG FG NC HKDTC RQT NQ SWG UG JC
ICPCFQGNPQODTGFGOQPQOQFQ
OQFQFGRTQRCICEKÎPQECOKPQFG
JC\NWOKPQUQÕPKEQ
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5KGNPÕENGQGUV¶EQPUVKVWKFQFGWPOCVGTKCNEW[QÈPFKEGFGTGHTCEEKÎPGU
OW[FKHGTGPVGCNFGNCEWDKGTVCGPVQPEGUUGJCDNCFGHKDTCUOQPQOQFQ
FGÈPFKEGGUECNQPCFQ
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XGPVCLC FG NCU HKDTCU OQPQOQFQ [C SWG UWU RGSWGÌCU FKOGPUKQPGU
KORNKECP WP OCPGLQ FGNKECFQ [ GPVTCÌCP FKHKEWNVCFGU FG EQPGZKÎP SWG
CÕPHCNVCPRGTHGEEKQPCT.CO¶UCRNKECFCGUNCFGzO'UVCUHKDTCU
FGOQFQÕPKEQUQPO¶UEQUVQUCURGTQUGRWGFGPWVKNK\CTGPFKUVCPEKCU
O¶UNCTICU
x /WNVKOQFQFGÈPFKEGFGITCFKGPVGITCFWCN
'UVQU VKRQU FG HKDTC UQP O¶U EQUVQUCU [ VKGPGP WPC ECRCEKFCF TGCNOGPVG
CORNKC5WUEQUVQUUQPGNGXCFQU[CSWGGNÈPFKEGFGTGHTCEEKÎPFGNPÕENGQ
XCTÈCFGO¶UCNVQJCEKCO¶UDCLQGPGNTGEWDTKOKGPVQ'UVGJGEJQRTQFWEG
WP GHGEVQ GURKTCN GP VQFQ TC[Q KPVTQFWEKFQ GP NC HKDTC ÎRVKEC [C SWG
FGUETKDGWPCHQTOCJGNKEQKFCNCOGFKFCSWGXCCXCP\CPFQRQTNCHKDTC
'P ÃUVCU ECFC QPFC UKIWG WPC VTC[GEVQTKC FKHGTGPVG UGIÕP GN ¶PIWNQFG
KPEKFGPEKC UQDTG GN PÕENGQ FG NC HKDTC ÎRVKEC .CU HKDTCU OWNVKOQFQ FG
ÈPFKEGFGITCFKGPVGITCFWCNVKGPGPWPCDCPFCFGRCUQSWGNNGICJCUVCNQU
/*< RQT MKNÎOGVTQ 5W RTKPEKRKQ UG DCUC GP SWG GN ÈPFKEG FG
TGHTCEEKÎP GP GN KPVGTKQT FGN PÕENGQ PQ GU ÕPKEQ [ FGETGEG EWCPFQ UG
FGURNC\C FGN PÕENGQ JCEKC NC EWDKGTVC .QU TC[QU NWOKPQUQU UG
GPEWGPVTCP GPHQECFQU JCEKC GN GLG FG NC HKDTC 'UVCU HKDTCU RGTOKVGP
TGFWEKTNCFKURGTUKÎPGPVTGNQUFKHGTGPVGUOQFQUFGRTQRCICEKÎPCVTCXÃU
FGNPÕENGQFGNCHKDTC
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RTQFWEEKÎP FG NCU OKUOCU TGUWNVC CFGEWCFQ GP EWCPVQ C VGEPQNQIÈC [
RTGEKQ UG TGHKGTG 0Q VKGPG WPC ECRCEKFCF VCP ITCPFG RGTQ NC ECNKFCF
HKPCNGUCNVC'NÈPFKEGFGTGHTCEEKÎPFGNPÕENGQGUWPKHQTOGRCTCVQFQGN
OKUOQ GP TGCNKFCF FGUETKDG NC HQTOC IGPGTCN FG NC HKDTC ÎRVKEC 'N
PÕENGQVKGPGWPÈPFKEGFGTGHTCEEKÎPXCTKCDNG'PGNGZVGTKQTTGEQTTGO¶U
FKUVCPEKCRGTQNCXGNQEKFCFGUOC[QT.CUVTC[GEVQTKCUEQPXGTIGPJCEKC
GNEGPVTQ.CUHKDTCUOWNVKOQFQFGÈPFKEGGUECNQPCFQGUV¶PHCDTKECFCUC
DCUG FG XKFTKQ EQP WPC CVGPWCEKÎP FG FD-O Q RN¶UVKEQ EQP WPC
CVGPWCEKÎPFGFD-O6KGPGPWPCDCPFCFGRCUQSWGNNGICJCUVCNQU
/*<RQTMKNÎOGVTQ
'P GUVCU HKDTCU GN PÕENGQ GUV¶ EQPUVKVWKFQ RQT WP OCVGTKCN WPKHQTOG EW[Q
ÈPFKEGFGTGHTCEEKÎPGUENCTCOGPVGUWRGTKQTCNFGNCEWDKGTVCSWGNQTQFGC'N
RCUQ FGUFG GN PÕENGQ JCUVC NC EWDKGTVC EQPNNGXC RQT VCPVQ WPC XCTKCEKÎP
DTWVCNFGNÈPFKEGFGCJÈUWPQODTGFGÈPFKEGGUECNQPCFQ
5KUGEQPUKFGTCWPTC[QNWOKPQUQSWGUGRTQRCICUKIWKGPFQGNGLGFGNCHKDTC
[ WP TC[Q NWOKPQUQ SWG FGDG CXCP\CT RQT UWEGUKXCU TGHNGZKQPGU GUVC
UGIWPFCUGÌCNCEWUCT¶WPTGVCTFQSWGUGT¶VCPVQO¶UCRTGEKCDNGEWCPVQO¶U
NCTIC UGC NC HKDTC ÎRVKEC 'UVC FKURGTUKÎP GU NC RTKPEKRCN NKOKVCEKÎP FG NCU
HKDTCUOWNVKOQFQFGÈPFKEGGUECNQPCFQ5W WVKNK\CEKÎPCOGPWFQUGNKOKVCC
NC VTCPUOKUKÎP FG KPHQTOCEKÎP C EQTVCU FKUVCPEKCU CNIWPCU FGEGPCU FG
OGVTQU[HNWLQURQEQGNGXCFQU5WRTKPEKRCNXGPVCLCTGUKFGGPGNRTGEKQO¶U
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FGNC&KURGTUKÎPFG4C[NGKIJNCSWGKPFKECSWGCOGFKFCSWGCWOGPVCPNCU
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SWGUGCRTQZKOCCNCUWRGTHKEKGFGWPOGFKQFKHGTGPVG'N¶PIWNQOGFKFQ
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UQPTGHNGLCFCUIQNRGCPNCECRCEQPWP¶PIWNQOC[QTSWGGNETÈVKEQRCTCNC
TGHNGZKÎP[FGGUVCHQTOCCVTCXKGUCPNCECRCFGTGXGUVKOKGPVQCNQNCTIQFG
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CN¶PIWNQFGTGHNGZKÎPQTKIKPCPFQNCUKIWKGPVGGEWCEKÎP
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NQNCTIQFGPWGUVTQVWDQNWOKPQUQ.CGZRTGUKÎPEQOÕPOGPVGWVKNK\CFC
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TGHTCEEKÎP7PTC[QFGNW\SWGXKCLCCVTCXÃUFGNCEWDKGTVC[SWGRGPGVTC
GPGNOCVGTKCNFGNPÕENGQFGNCHKDTCUGEWTXCGPWP¶PIWNQOGPQTSWGGN
FGKPEKFGPEKC1RQTFGEKTNQFGQVTCOCPGTCGN¶PIWNQFGKPEKFGPEKCGU
OC[QTSWGGN¶PIWNQFGTGHTCEEKÎP
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7PC FG NCU EQPUKFGTCEKQPGU O¶UKORQTVCPVGU GPNCWVKNK\CEKÎPFGHKDTCU

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GN JGEJQ FG SWG NQU TC[QU NWOKPQUQU UQP RT¶EVKECOGPVG KPOWPGU C NCU
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GHGEVQU FG FKCHQPÈC SWG CEVÕCP EQOQ HWGPVGU FG KPVGTHGTGPEKCU UQP
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HTGEWGPEKCUNWOKPQUCUGPNCUEQOWPKECEKQPGU
5KEQPUKFGTCOQUGNJGEJQFGSWGRCTCNCVTCPUOKUKÎPFGKPHQTOCEKÎPGU
PGEGUCTKC WPC RGSWGÌC DCPFC FG HTGEWGPEKCU
SWK\¶U FGN QTFGP FG NQU
MKNQJGTV\KQU RGPUGOQU GPVQPEGU GP NC ECPVKFCF FG DCPFCU SWG RWGFG
EQPVGPGT NC TGIKÎP NWOKPQUC FGN GURGEVTQ FG HTGEWGPEKCU UKP SWG UG
KPVGTHKGTCPWPCUEQPQVTCU
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VTCPUOKVKT KPHQTOCEKÎP C XGNQEKFCFGU OWEJQ OC[QTGU 2QFTÈCP NNGICT C
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CÕPCUÈPQUSWGFCTÈCWPCPEJQFGDCPFCUWHKEKGPVGRCTCRQFGTOCPGLCT
WPITCPPÕOGTQFGECPCNGUUKOWNV¶PGCOGPVG
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CPCNÎIKEQU FG OCPGTC EQPLWPVC UKP PKPIÕP VKRQ FG RTQDNGOCU 'UVQ
UKIPKHKEC SWG NQU EQUVGU UQP OGPQTGU SWG EQP NQU ECDNGU FG EQDTG
VCODKÃP JC[ OGPQT FKCHQPÈC G KPVGTHGTGPEKCU 7PC OGPQT ECPVKFCF FG
ECDNGU UKIPKHKEC SWG ECUK KPGXKVCDNGOGPVG O¶U VCTFG Q O¶U VGORTCPQ
VQFQU NQU ECPCNGU FG EQOWPKECEKQPGU VGNGHÎPKECU WVKNK\CT¶P GUVG OGFKQ
RCTCNCVTCPUOKUKÎPFGFCVQUVGNÃHQPQVGNÃITCHQ[UGÌCNGUFGXÈFGQ
6GPFKFQ[WPKQPGU
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XGNQEKFCF FG HWPEKQPCOKGPVQ [ NC FKUVCPEKC GPVTG NQU GSWKRQU VGTOKPCNGU
/WEJCU XGEGU NC NQPIKVWF FGN UKUVGOC GU UWRGTKQT C NC NQPIKVWF FG NCU
DQDKPCUFGECDNGUWOKPKUVTCFCURQTNQSWGJCDT¶SWGRTQEGFGTCNGORCNOG
FGNCUHKDTCU[UWUEWDKGTVCU
#FGO¶UNCWPKÎPGPVTGNQUECDNGUGZVGTKQTGU[NQUGSWKRQUVGTOKPCNGUQNQU
KPVGTOGFKQU FGDG JCEGTUG OGFKCPVG EQPGZKQPGU FGUOQPVCDNGU NNCOCFCU
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OWEJCU FG NCU EWCNGU UGT¶P RGTOCPGPVGU [ VCODKÃP GUVCT¶ UQOGVKFQ C NC
CEEKÎPFGNQUHCEVQTGUGZVGTPQU
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UGRCTCFCOGPVG
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6GPFKFQFG%CDNGU
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GODCTIQGZKIGPEKGTVQUEWKFCFQURCTVKEWNCTGUEQOQGXKVCTUQOGVGTNC
HKDTC C VGPUKQPGU GZEGUKXCU [ GORNGCT RTQEGFKOKGPVQU GURGEKCNGU FG
IWÈCU[EWTXCFQRCTCEQPUGIWKTGPNCUHKDTCUWPCUEQPFKEKQPGUHKPCNGU
VCPNKDTGUFGGUHWGT\QUEQOQUGCRQUKDNG
C6GPFKFQUUWDCEW¶VKEQU
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EQPRTGECWEKQPGUGURGEKCNGU
&KURQPKGPFQFGECDNGUGURGEKCNOGPVGFKUGÌCFQURCTCGUVGWUQ
'XKVCPFQNQUGORCNOGUDCLQGNCIWC
&GRQUKVCPFQGNECDNGGPGNNGEJQFGOQFQSWGRGPGVTGGPGN
HQPFQNQSWGGPCNIWPQUECUQURWGFGEQPUGIWKTUGOGFKCPVGWP
CTCFQ
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GNNQU [ FGRGPFKGPVG FG NCU ECTCEVGTÈUVKECU GURGEKCNGU FGN HQPFQ
OCTKPQVCPVQGPNQTGNCVKXQCNCUECTCEVGTÈUVKECUOGE¶PKECUEQOQC
NC CITGUKXKFCF FGN OGFKQ FGVGTOKPCFC RQT UWU RTQRKGFCFGU
SWÈOKECU
D6GPFKFQU#ÃTGQU
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T¶RKFQ [ GHGEVKXQ 'U CEQPUGLCDNG EQNQECT NQU ECDNGU EQP (KDTC
¦RVKECGPNCRQUKEKÎPOCUCNVCFGNRQUVG[CSWGUQRQTVCT¶OGLQTNC
RQUVGTKQTKPUVCNCEKÎPFGQVTQUECDNGU
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GUECUQ RGUQ FG WP ECDNG FG HKDTCU NQ JCEG OW[ UGPUKDNG C NQU
XKGPVQU NCVGTCNGU SWG FG VTCVCTUG FG WP ECDNG EQPXGPEKQPCN FG
EQDTGEQPEWDKGTVCFGRQNKGVKNGPQNQSWGRTQFWEKTÈCEQPUGIWTKFCF
ITKGVCU GP NCU HKDTC EQORTQOGVKGPFQ WP ITCP PÕOGTQ FG
EQOWPKECEKQPGUQFGFCVQUGPEWCNSWKGTOQOGPVQ
%CDG NC UQNWEKÎP FG KPENWKT GP GN ECDNG GNGOGPVQU OGE¶PKEQU FG
TGHWGT\Q VCNGU EQOQ JKNCVWTCU FG CTCOKFC Q CNCODTG VTGP\CFQ FG
CEGTQ
ECDNG CWVQUQRQTVCFQ 1VTC UQNWEKÎP GORNGCFC GU NC FG
GUVTWEVWTCFGUWURGPUKÎPEQPVKPWCGPNCSWGGNECDNGXCCVCFQC
WP CNCODTG FG UWUVGPVCEKÎP RGTQ GUVC UQNWEKÎP GPECTGEG NC
KPUVCNCEKÎP[NGTGUVCRCTVGFGUWCVTCEVKXQ
E6GPFKFQUUWDVGTT¶PGQU
8CTKQU OÃVQFQU RWGFGP UGT WUCFQU RCTC NC KPUVCNCEKÎP FG ECDNGU
FKTGEVCOGPVGGPVGTTCFQUNCVÃEPKECFGCTCFQGNECXCFQFG\CPLCUEQP
O¶SWKPCU Q RQT OÃVQFQU OCPWCNGU NC EQNQECEKÎP FG CTVGUCU Q EQP
RGTHQTCFQTCU'NECDNGRWGFGKPENWKTWPCCTOCFWTCRCTCGXKVCTFCÌQU
RQTOQXKOKGPVQUFGVKGTTCGZECXCEKQPGUCVCSWGFGTQGFQTGUGVE
5GEQNQECCNIWPCUXGEGUWPCEKPVCRN¶UVKECOGVCNK\CFCRCTCHCEKNKVCT
NCFGVGEEKÎPEQPWPNQECNK\CFQTFGOGVCNGU
.QUECDNGUGUV¶PFKUGÌCFQUGURGEKCNOGPVGGKPENW[GWPCCTOCFWTC
FG RTQVGEEKÎP EQPVTC HWGT\CU GZVGTKQTGU FG CVCSWG FG TQGFQTGU
RWGFGPUGTGPVGTTCFQUCOUKPRTQDNGOCCNIWPQ
.C KPUVCNCEKÎP FGRGPFG VCODKÃP FG NC EQPUKUVGPEKC HÈUKEC FGN

VGTTGPQ GP VCNGU ECUQU UG RWGFG OGPEKQPCT FG WP UVCPFCTF FG
KPUVCNCEKÎPNNGI¶PFQUGIGPGTCNOGPVGCKPUVCNCT-OFGECDNGRQT
FÈC %WCPFQ UG RTGUGPVCP QDUVTWEEKQPGU EQP VWDGTÈCU FG CIWC [
ECDNGU FG GPGTIÈC IGPGTCNOGPVG GU RQUKDNG OQFKHKECT GN VGPFKFQ
RCUCPFQRQTCDCLQFGNQDUV¶EWNQ
'ORCNOGUFGNQU%CDNGU
5GGPVKGPFGRQTGORCNOGNCWPKÎPRGTOCPGPVGFGFQUUGEEKQPGUFG
HKDTCRQTNQSWGUGFKUVKPIWKT¶FGNEQPGEVQTGPSWGNCWPKÎPSWGUG
EQPUKIWG CVTCXÃU FGGUVGGUFGUOQPVCDNGCWPSWGCXGEGUUGJCEGP
GORCNOGU FGUOQPVCDNGU
WPKQPGU C VQRG EQOQ GP GN ECUQ FG NQU
ECDNGUFGEKPVC
.CWPKÎPRQTGORCNOGGUPGEGUCTKCGPNCOC[QTÈCFGNQUECUQURQTNC
RTQRKCNQPIKVWFFGNCKPUVCNCEKÎPNCURÃTFKFCUQDVGPKFCUUQPWPHCEVQT
FG ITCP KPVGTÃU GP NQU UKUVGOCU FG VTCPUOKUKÎP ÎRVKEC RWGUVQ SWG
RWGFGPEQPVTKDWKTFGOQFQEQPUKFGTCDNGCNDCNCPEGFGRGTFKFCUFGN
UKUVGOC
.C RÃTFKFC GP WPC EQPGZKÎP GSWKXCNG C WPC FKUOKPWEKÎP FG NC
NQPIKVWF O¶ZKOC CFOKUKDNG FG NC UGEEKÎP FG OQFQ SWG FGDGP
QRVKOK\CTUG NQU OÃVQFQU FGWPKÎPHKLCQFGUOQPVCDNGFGHKDTCURCTC
SWGVCNGURÃTFKFCUUGCPOÈPKOCU
6ÃEPKECUFG'ORCNOGFG(KDTCU
.CU WPKQPGU FG HKDTCU RQT GORCNOG UG RWGFGP GHGEVWCT HKDTC C HKDTC

GORCNOGUKORNGQGORCNOGUOÕNVKRNGUUQNWEKÎPO¶URT¶EVKECGPGN
ECUQFGECDNGUFGITCPPWOGTQFGEQPFWEVQTGU
'PEWCNSWKGTECUQNCUUQNWEKQPGURWGFGPUGT
'ORCNOGOGE¶PKEQ
'ORCNOGEQPRGICOGPVQU
'ORCNOGRQTHWUKÎP
'ORCNOG/GE¶PKEQ
6KRQ FG GORCNOG SWG CRTQXGEJC NC EKTEWPUVCPEKC FG NC OGPQT
UGPUKDKNKFCF FG NCU RÃTFKFCU RQT UGRCTCEKÎP FG GZVTGOQU GP NCU
HKDTCU HTGPVG C NC FGUXKCEKÎP CPIWNCT RQT NQ SWG UG VTCVCT¶ FG
DWUECTHQTOCUFGWPKÎPSWGICTCPVKEGPGPNQRQUKDNGNCCNKPGCEKÎP
FGGLGU
5GJCPFGUCTTQNNCFQXCTKCUUQNWEKQPGUFGNCUSWGWPCGUNCTCPWTC
OWGNNG
URTKPITQQYG NCU FQU UGEEKQPGU FG HKDTC C GORCNOCT UG
GPHTGPVCP UQDTG NC IGPGTCVTK\ FG FQU EKNKPFTQU VCPIGPVGU SWG
EQPUVKVW[GPGNGNGOGPVQFGCNKPGCEKÎPGNFK¶OGVTQFGNQUEKNKPFTQU
GU VCNSWGGNDQTFGUWRGTKQTFGNCHKDTCGUVCCOC[QTCNVWTCSWGGN
FGNQUEKNKPFTQUNQSWGRGTOKVGWVKNK\CTWPGNGOGPVQGN¶UVKEQEQOQ
EKGTTGFGNEQPLWPVQ
4CPWTCOWGNNG
5RTKPITQQYG
'ORCNOGURQT2GICOGPVQ
.QU UKUVGOCU FG GORCNOG RQT RGICOGPVQ UQP T¶RKFQU RGTQ
RTGUGPVCPGNKPEQPXGPKGPVGFGNCFGIGPGTCEKÎPFGNCTGUKPCGRQZ[
ÎRVKEC EQP GN VKGORQ CWPSWG GN KPETGOGPVQ FG RÃTFKFCU SWG
UWRQPG GUVC FGITCFCEKÎP GU FGN QTFGP FG F$ *C[ FQU
UKUVGOCU RCTC GHGEVWCTNQU NC TCPWTC 8ITQQYG [ GN UKUVGOC FG
OCPIWKVQ
.C XITQQYG EQPUKUVG GP WP RCT FG RNCECU TGEVCPIWNCTGU KIWCNGU

GPVTG EW[CU ECTCU GPHTGPVCFCU UG RTGUGPVCP FQU TCPWTCU GP 8
EWKFCFQUCOGPVGRWNKFCU.CUFKOGPUKQPGUFGNCU8UGT¶PVCNGUSWG
CNDGTIWGECFCWPCOGPQUFGOGFKCHKDTCEQPNQSWGUGCUGIWTCNC
RTGUKÎPUQDTGGUVCFGNCRNCECUWRGTKQT'NEQPLWPVQUGEKGTTCEQP
RKP\CUGN¶UVKECUFGCEGTQVTCUJCDGTRTQEGFKFQCNCCNKPGCEKÎPFG
NCUFQUUGEEKQPGUFGHKDTC[UWGORCNOGEQPTGUKPCÎRVKEC
'ORCNOGRQTRGICOGPVQA8 ITQQYG
'PGNUKUVGOCFGGORCNOGRQTOCPIWKVQWPCXG\RTGRCTCFQUNQU
GZVTGOQU FG NCU HKDTCU UG KPVTQFWEG WP GZVTGOQ GP GN OCPIWKVQ
EQNCRU¶PFQNQ VÃTOKECOGPVG EQP NQ SWG HQTOC WPC GURGEKG FG
EQPGEVQTGPEW[QKPVGTKQTUGXCCCNQLCTGNQVTQGZVTGOQ7PCXG\
KPVTQFWEKFQ [ GPHTGPVCFQEQP GN RTKOGTQ UG CÌCFG TGUKPC GRQZ[
RCTC HKLCTNQ CN OCPIWKVQ [ EGTTCT GN EQPLWPVQ 5G RWGFG QDVGPGT
RGTFKFCUFGF$
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'N GORCNOG FG NCU HKDTCU WPC XG\ RCUCFCU NCU HCUGU RTGXKCU FG
EQTVGRGNCFQ[NKORKG\CFGNQUGZVTGOQUUGGHGEVÕCRQUKEKQPCPFQ
GUVQU GP O¶SWKPCU CFGEWCFCU RTQXKUVCU FG OKETQRQUKEKQPCFQTGU
UGIÕP NCU FKTGEEKQPGU FG NQU VTGU GLGU GP GN GURCEKQ NWGIQ UG
TGCNK\CWPCRTGHWUKÎPRCTCEQPUGIWKTGNTGFQPFGQFGNQUGZVTGOQU
CWPKTNWGIQWPCPWGXCFGUECTICFGOC[QTKPVGPUKFCFEQPNQSWG
UGHWPFGEQORNGVCOGPVGRTQEGFKGPFQCNCRTQVGEEKÎP[EKGTTGFGN
GORCNOGOGFKCPVGWPVWDQQWPOCPIWKVQRCTCJCEGTJGTOÃVKEQ
GNEKGTTG
'UVG UKUVGOC RTQRQTEKQPC NCU OGPQTGU RÃTFKFCU PQTOCNOGPVG

GPVTG [ F$ CWPSWG RQT UGIWTKFCF UG UWGNGP CFQRVCT
XCNQTGU FGN QTFGP FG F$ GP NQU E¶NEWNQU FG RÃTFKFCU FG NQU
GORCNOGU
%WCPFQGNPÕOGTQFGHKDTCUCWPKTGUOW[ITCPFGUGRWGFGCEWFKT
C NQU OWNVKEQPGEVQTGU RCTC GORCNOG OÕNVKRNG HQTOCFQ RQT FQU
OKVCFGU SWG UG GPUCODNCPOGFKCPVGWPCCDTC\CFGTCOGV¶NKECFG
RTGUKÎP
'NEQPLWPVQRTGUGPVCWPEQTVGVTCPUXGTUCNGPGNSWGCRCTGEGPWPQU
CNXÃQNQUSWGCNDGTICTCPCNCUHKDTCUCWPKT.CWPKÎPUGJCEGCVQRG
[UGEQORNGVCEQPTGUKPCRCTCCFCRVCTNQUÈPFKEGUFGTGHTCEEKÎP .C
RÃTFKFCOGFKCSWGUGQDVKGPGEQPWPOWNVKEQPGEVQTFGGUVGVKRQ
GUFGNQTFGPFGF$
%QPUKFGTCEKQPGURCTCNCGNGEEKÎPFGNOÃVQFQCRTQRKCFQ
5G FGDG VGPGT GP EWGPVC NCU UKIWKGPVGU EQPUKFGTCEKQPGU GP NC
GNGEEKÎPFGNOÃVQFQCRTQRKCFQ
C 'ORCNOG OCUKXQ
HKDTC C HKDTC Q CEVKXQ
HKDTC C GOKUQT Q
FGVGEVQT
D 'ORCNOGUKORNGQOÕNVKRNG
E 'ORCNOGHKLQQFGUOQPVCDNG
F %QPFKEKQPGUFGVTCDCLQRCTCGNGORCNOGCEEGUQCHWGPVGU
FG GPGTIÈC EQORNGLKFCF FGN OÃVQFQ JGTTCOKGPVCU
PGEGUCTKCURCTCGHGEVWCTNQ ECRCEKVCEKÎPFGNRGTUQPCN
7PKÎPFGEWDKGTVCU
7PC WPKÎP FG ECDNGU TGSWKGTG EQPHKCDKNKFCF [TKIKFG\ CNCTIQRNC\Q

GSWKXCNGPVGU C NQU FGN ECDNG [ FGDG RGTOKVKT SWG UGC CDKGTVC
PWGXCOGPVG[TGGORCNOCFCEQPUKFGTCPFQWPCHCNNCQECODKQUGPNC
WPKÎP5GJCPRTQRWGUVQ[RWGUVQGPWUQRTCEVKEQCNIWPQU OÃVQFQU
EQPUKFGTCPFQWPKQPGUFGECDNGUEQPEWDKGTVCFGRN¶UVKEQ
'NFGNCUHCNNCUGPGNECDNGQEWTTGPGPNCWPKÎPRCTCGXKVCTGUVQ
NQURTKPEKRCNGURWPVQUSWGFGDGPTGEQTFCTUGGPGNFKUGÌQFGWPKQPGU
FGEWDKGTVCFGWPECDNGFGHKDTCÎRVKECUQPNQUUKIWKGPVGU
C &GDGFKURQPGTUGFGKORGTOGCDKNKFCF[JGTOGVKEKFCFTGNCVKXQ
CWPECDNGFGRGSWGÌQFK¶OGVTQNQUEWCNGUUQPECTCEVGTÈUVKECU
FGNQUECDNGUFGHKDTCÎRVKEC
D .CWPKÎPFGNCUEWDKGTVCUFGDGPICTCPVK\CTTKIKFG\KIWCNCNFG
NCEWDKGTVCFGNECDNG
E 2TQEGUCOKGPVQ FG OCVGTKCNGU RCTC NC CEWOWNCEKÎP FG
NQPIKVWFGUFGGZEGUQUFGHKDTC
F 0Q FGDGP JCDGT HCEVQTGU RQT CXGTÈCU FG HKDTC [ CWOGPVQ FG
RGTFKFCU #NVGTPCVKXCOGPVG FGDGP RTQVGIGTUG NCU HKDTCU GP
EQPVTCFGGUQUHCEVQTGUGZVGTPQU
G(CEKNKFCFRCTCKPUVCNCEKÎP[TGGORCNOGU[PQFGDGTGSWGTKTUG
GURGEKCNJCDKNKFCFRCTCTGCNK\CTFKEJQUVTCDCLQU
H %QPUKFGTCEKÎP FGN OGFKQ CODKGPVG GP GN EWCN XC C WUCTUG GN
ECDNGFGHKDTCÎRVKEC
6ÃEPKECUFGEQPGZKÎP
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UG ECTCEVGTK\C RQT UGT RGTOCPGPVG [ WUCTUG GP NCU KPUVCNCEKQPGU
GZVGTKQTGUJC[QVTQVKRQFGWPKÎPPQHKLC
#N FKURQUKVKXQ SWG RGTOKVG GUVG VKRQ FG WPKÎP UG NG NNCOC EQPGEVQT
ÎRVKEQ0CVWTCNOGPVGPQUGRWGFGGZKIKTSWGWPEQPGEVQTX¶NKFQRCTC
HKDTCU OWNVKOQFQ NQ UGC VCODKÃP RCTC NCU OQPQOQFQ [C SWG RCTC
GUVCUWNVKOCUNCRTGEKUKÎPFGNCLWUVGFGDGUGTUWRGTKQTGPWPQTFGPFG
OCIPKVWFCNCURTKOGTCU
C %QPGEVQTGURCTCHKDTCOWNVK OQFQ
&GRGPFKGPFQFGNCHQTOCFGCNKPGCTNCUHKDTCUCEQPGEVCTGZKUVGP
FQUUKUVGOCUD¶UKEQUFGEQPGEVQTGU
C%QPGEVQTGUFGCNKPGCOKGPVQFGHKDTCFGUPWFC
C%QPGEVQTGUFGCNKPGCEKÎPRQTXKTQNC
C%QPGEVQTGUFGCNKPGCOKGPVQFGHKDTCFGUPWFC
*C[FQUVKRQUFGEQPGEVQTGURCTCHKDTCFGUPWFCEQPFK¶OGVTQFG
WO #ODQU UG DCUCP GP WVKNK\CT WP OKGODTQ FG CNKPGCEKÎP
EQOÕPCNCUFQUHKDTCUCWPKT
'NRTKOGTVKRQFGEQPGEVQTNNCOCFQFGJC\GZRCPFKFQQFGNGPVG
EQORWGUVC WVKNK\C NQU GZVTGOQU FG NCU HKDTCU EQTVCFQU [ UKP
TGEWDTKOKGPVQU CODQU GZVTGOQU UG CNKPGCP GP WPC NGPVG
EQORWGUVCHQTOCFCRQTWPGNGOGPVQEGPVTCNDKEÎPKEQOQNFGCFQ
GPRN¶UVKEQGPEW[QKPVGTKQTJC[FQUECXKFCFGUEÎPECXCUNNGPCUFG
WP HNWKFQ ÎRVKEQ 7P RGSWGÌQ TGDCUCOKGPVQ RGTOKVG SWG GN
GZVTGOQFGNCHKDTCUGKPVTQFW\ECGPNCECXKFCFFGNNGPVG
.C XGPVCLC FG GUVG VKRQ FG EQPGEVQT GUV¶ GP SWG RT¶EVKECOGPVG
FGUCRCTGEGPNCURÃTFKFCURQTUGRCTCEKÎPNQPIKVWFKPCN[VTCPUXGTUCN
FGNQUGZVTGOQU*CDKVWCNOGPVGRTGUGPVCPRÃTFKFCUJCUVCFGF$
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'N UGIWPFQ RTQEGFKOKGPVQ FG EQPGZKÎP RCTC HKDTC FGUPWFC

OWNVKOQFQ GU GN NNCOCFQ FG FQDNG EQFQ GP GN SWG UG WUC GN
TGXGUVKOKGPVQFGNCHKDTCEQOQGNGOGPVQCNKPGCFQT.CIWÈCFGNC
HKDTC NC EQPUVKVW[G GP GUVG ECUQ WP EQPLWPVQ FG EWCVTQ XCTKNNCU
EKNÈPFTKECU FG XKFTKQ WPKFCU RQT UWU IGPGTCVTKEGU [ FQDNGOGPVG
CEQFCFCU
'NEQPGEVQTEQPUVCFGFQUOKVCFGUSWGUGGPTQUECT¶PGPVTGUÈGP
WPCFGGNNCUUGCNDGTICNCUXCTKNNCUFGPVTQFGNCEWCNSWGFCUWLGVC
RGTOCPGPVGOGPVGWPCFGNCUHKDTCUCRTQZKOCFCOGPVGGPGNRWPVQ
OGFKQFGFKEJQECPCN.CQVTCHKDTCUGEQNQECGPNCUGIWPFCOKVCF
FGN EQPGEVQT UWLGVC FG WP OCPIWKVQ TGVT¶EVKN NC GNCUVKEKFCF FGN
OWGNNG FGN OCPIWKVQ GU NC SWG CUGIWTC GN EQPVCEVQ EWCPFQ UG
GPTQUECP NCU FQU OKVCFGU .CU RÃTFKFCU FG GUVQU EQPGEVQTGU UQP
KPHGTKQTGUCF$
C%QPGEVQTGUFGCNKPGCEKÎPRQTXKTQNC
%QP GUVG UKUVGOC FG HKLCEKÎPFGNCHKDTCUGHCDTKECPCNIWPQU VKRQU

FGEQPGEVQTGUGPVTGNQUSWGUGRWGFGPEKVCTGNEQPGEVQTDKEÎPKEQ
[GNFGDQNCU
'P GN EQPGEVQT DKEÎPKEQ UG CNQLCP NCU FQU XKTQNCU Q GZVTGOQ
KPUGTVCDNGU GP WP OCPIWKVQ EGPVTCN OQNFGCFQ GP HQTOC DKEÎPKEC
RQT UW KPVGTKQT .CU XKTQNCU Q EKNKPFTQU JWGEQU FKURQPGP FG
EQNNCTKPGU FG TGVGPEKÎP SWG UG TQUECP CN GNGOGPVQ EGPVTCN GP GN
KPVGTKQTFGNQUEQNNCTKPGUWPQUOWGNNGUCUGIWTCPNCKPVTQFWEEKÎPFG
NQU EKNKPFTQU JWGEQU GP GN GNGOGPVQ EÎPKEQ [ GN EQPUKIWKGPVG
EQPVCEVQFGNQUGZVTGOQUFGNCUHKDTCU
.C RÃTFKFC OCU DCLC QDVGPKFCU EQP GUVG EQPGEVQT JC UKFQ FG
FD5GTGCNK\CGPRN¶UVKEQ[GPQECUKQPGURWGFGUGTGORNGCFQRCTC
HKDTCUOQPQOQFQ
1VTQVKRQFGEQPGEVQTEQPXKTQNCGUGNEQPGEVQTFGDQNCU'PGUVG
ECUQ UG EQNQECP FQU XKTQNCU GPVCNNCFCU GP GN GZVTGOQ RQT GN SWG
CRCTGEGNCHKDTC
'P NC GPVCNNCFWTC EKTEWNCT UG KPUGTVCP VTGU GUHGTCU SWG FGHKPGP WP
GURCEKQ RQT GN SWG GOGTIG NC HKDTC .C GZCEVKVWF FG GUVG
CEQRNCOKGPVQFGRGPFGT¶FGNVCNNCFQFGNCUDQNCU.CURÃTFKFCUUG
UKVÕCPGPVTG[FD
D %QPGEVQTGURCTCHKDTCUOQPQOQFQ
.QU EQPGEVQTGU RCTC HKDTCU OQPQOQFQ VKGPGP VQNGTCPEKCU FG

CNKPGCEKÎP KPHGTKQTGU GP WP QTFGP FG OCIPKVWF C NQU GORNGCFQU
EQPHKDTCOWNVKOQFQFGOQFQSWGNQUFGURNC\COKGPVQUNCVGTCNGU
PQ FGDGP UGT UWRGTKQTGU C Q WO UK UG FGUGC VGPGT RGTFKFCU
KPHGTKQTGUCFD5QPWUWCNGUNQUEQPGEVQTGUECRKNCTGUEGT¶OKEQU
NQUFGDQNCU[NQUFGOCPIWKVQOQNFGCFQ
0Q QDUVCPVG GN FG OGLQT TGUWNVCFQ GU GN FG GUHGTC FG EGPVTCFQ
EQPGNSWGUGEQPUKIWGPRÃTFKFCUKPHGTKQTGUCF$[VÈRKECOGPVG
FGFD
'P VQFQU NQU ECUQU FG EQPGZKÎP JC[ FKUEQPVKPWKFCF GPVTG NCU
UWRGTHKEKGU GPHTGPVCFCU NQU SWG EQPVTKDW[G C CWOGPVCT NCU
RÃTFKFCU 5G CÌCFGP C XGEGU NÈSWKFQU CFCRVCFQTGU FG ÈPFKEG FG
TGHTCEEKÎPRCTCOKPKOK\CTGUVGGHGEVQ
6KRQUFG%QPGEVQTGU
%QPGEVQT 6KRQFG(KDTC 2ÃTFKFCU %QNQECEKÎP

&GNGPVGU /WNVKOQFQ F$ (¶DTKEC
/WNVKOQFQ F$
$KEÎPKEQ 'PGNNWICT
/QPQOQFQ F$
$QNCU /WNVKOQFQ F$ 'PGNNWICT
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64#05/+5+10&'&#615'0(+$4#¦26+%#
64#05/+5+¦0&'8#4+#55'¤#.'5
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V
CGUVQUGNNCOCOWNVKRNGZQ/WNVKECPCNK\CEKÎP'XKFGPVGOGPVGUGRQFTÈCWVKNK\CT
WPUKUVGOCFGVTCPUOKUKÎPRCTCECFCUGÌCNUKPGODCTIQGUVCUQNWEKÎPVCNXG\PQ
UGCDCTCVCRQTNQSWGGURTGHGTKDNG VTCVCTFGVTCPUOKVKTNQUFKXGTUQUOGPUCLGURQT
GNOKUOQECPCNFGVTCPUOKUKÎPGPGUVGECUQNCOKUOCHKDTCÎRVKEC
/7.6+%#0#.+<#%+¦0214&+8+5+¦0&'6+'/21
6&/
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6&/GUWPCVÃEPKECSWGRGTOKVG
VTCPUOKVKT RQTWPOKUOQECPCNOWEJCUUGÌCNGUFKIKVCNGU6ÎOGUGEQOQGLGORNQ
WPUKUVGOC2%/FGDKVU
.CUGÌCNRQTVTCPUOKVKTGUWPCUGÌCNVGNGHÎPKEC
$-*<NCHTGEWGPEKCFG
OWGUVTGQGUFG$NQSWGEQTTGURQPFGCWPOWGUVTGQECFCzU5KECFCDKV
FWTCzUGPVQPEGUNCVTCPUOKUKÎPFGWPCOWGUVTCVQOCzURQTNQSWGCPVGU
FG NC VTCPUOKUKÎP FG QVTC OWGUVTC FG GUVC UGÌCN JC[ WP VKGORQ FG zU
FWTCPVG GN EWCN GN ECPCN PQ UG WVKNK\C 'UVG VKGORQ NKDTG RGTOKVG VTCPUOKVKT
OWGUVTCUFGQVTCUUGÌCNGUVGNGHÎPKECUFKHGTGPVGU
'UVG GU GN RTKPEKRKQ FG NC OWNVKECPCNK\CEKÎP RQT FKXKUKÎP FG VKGORQ 'P NC
VGNGHQPÈCJC[WPHQTOCVQPQTOCNK\CFQNNCOCFQ6EQPGNEWCNUGVTCPUOKVGP
DKVUFWTCPVGNQU zUGUVQEQTTGURQPFGCUGÌCNGU2%/EQFKHKECFCUEQP
DKVU
5GVTCPUOKVGWPDKVUWRNGOGPVCTKQFGURWÃUFGNCXKIÃUKOQEWCTVCOWGUVTCRCTC
EQPVTQNCTNCUKPETQPK\CEKÎPFGNCVTCPUOKUKÎP.COWNVKECPCNK\CEKÎPRQTFKXKUKÎP
FG VKGORQ RWGFG VCODKÃP WVKNK\CTUG EQP OQFWNCEKÎP FG RWNUQU
2#/ 2&/ Q
22/.QURWNUQUOQFWNCFQUFGNCUFKXGTUCUUGÌCNGURQTVTCPUOKVKTUGKPVGTECNCP
GPWPGURCEKQVGORQTCNNKDTGGPVTGFQUOWGUVTCUUWEGUKXCURQTNQSWGJC[SWG
JCEGTSWGNCOQFWNCEKÎPFGWPCUQNCUGÌCNPQQEWRGVQFQGUVGGURCEKQ
.COWNVKECPCNK\CEKÎPUGTGCNK\CEQPWPOWNVKRNGZQTSWGVTCPUOKVGGPUGTKGUQDTG
NCNÈPGCFGVTCPUOKUKÎPNQUDKVUFGNECPCNFGURWÃUNQUDKVUFGNECPCN[CUÈ
UWEGUKXCOGPVG &GURWÃUSWGUGVTCPUOKVGGNECPCNXKIÃUKOQEWCTVQUGGPXÈCGN
DKVFGUKPETQPK\CEKÎP[GNOWNVKRNGZQTVTCPUOKVGNQUDKVUFGWPCPWGXCOWGUVTC
FGNECPCN
/7.6+%#0#.+<#%+¦0214&+8+5+¦0&'.10)+67&'5&'10&#
'UVC OWNVKECPCNK\CEKÎP GU GURGEÈHKEC RCTC NCU VGNGEQOWPKECEKQPGU ÎRVKECU 5G

WVKNK\C NC RTQRKGFCF SWG RQUGG NC HKDTC ÎRVKEC FG RTGUGPVCT DCLC CVGPWCEKÎP C
XCTKCU NQPIKVWFGU FG QPFC Q GP WP TCPIQ FG NQPIKVWFGU FG QPFC 'PVQPEGU UG
RWGFGKP[GEVCTNCNW\CWPCHKDTCGPFKXGTUCUNQPIKVWFGUFGQPFC
5GWVKNK\CPXCTKCUHWGPVGUÎRVKECUECFCWPCFGNCUEWCNGUGOKVGGPWPCNQPIKVWF
FGQPFCGPRCTVKEWNCT.CNW\GOKVKFCRQTECFCHWGPVGUGOQFWNCOGFKCPVGWPC
UGÌCNGNÃEVTKECFKHGTGPVG[NQUFKHGTGPVGUHNWLQUNWOKPQUQUGOKVKFQUUGKPVTQFWEGP
GPWPCUQNCHKDTC'PGNQVTQGZVTGOQFGNCHKDTCNCNW\UGHKNVTCGPUWUFKHGTGPVGU
NQPIKVWFGU FG QPFC [ ECFC HNWLQ GPGTIÃVKEQ RCTC ECFC NQPIKVWF FG QPFC
GURGEÈHKECUGVTCPUHQTOCGPWPCUGÌCNGNÃEVTKECITCEKCUCWPFGVGEVQT
7P UKUVGOC FG GOKUKÎP OWNVKECPCN RQT FKXKUKÎP FG NQPIKVWFGU FG QPFC FGDG
EQORTGPFGT
x (WGPVGUGOKUQTCUGPNQPIKVWFGUFGQPFCFKHGTGPVG
x 7POWNVKRNGZQTÎRVKEQ SWGRGTOKVGCEQRNCTNWEGUGOKVKFCUGPWPCUQNCHKDTC
x 7PCHKDTCFGRGSWGÌCCVGPWCEKÎPCNCUNQPIKVWFGUFGQPFCRQTVTCPUOKVKT
x 7P FG OWNVKRNGZQT ÎRVKEQ RCTC UGRCTCT NC NW\ SWG NNGIC GP UWU FKHGTGPVGU
NQPIKVWFGUFGQPFC
x &GVGEVQTGUÎRVKEQURCTCEQPXGTVKTNW\GPUGÌCNGUGNÃEVTKECU
/+%41%748#674#5
#NIWPCUHWGT\CUNCVGTCNGUNQECNK\CFCUCNQNCTIQFGNCHKDTCFCPQTKIGPCNQSWGUG
EQPQEGEQOQOKETQEWTXCVWTCU'NHGPÎOGPQRWGFGUGTRTQXQECFQRQTGUHWGT\QU
FWTCPVGNCOCPWHCEVWTCGKPUVCNCEKÎP [VCODKÃP RQTXCTKCEKQPGU FKOGPUKQPCNGU
FGNQUOCVGTKCNGUFGNECDNGFGDKFQCECODKQUFGVGORGTCVWTC.CUGPUKDKNKFCFCNC
OKETQEWTXCVWTCU GU HWPEKÎP FG NC FKHGTGPEKC FGN ÈPFKEG FG TGHTCEEKÎP CUÈ EQOQ
VCODKÃP FG NQU FK¶OGVTQU FGN PÕENGQ [ FGN TGXGUVKOKGPVQ 'U GXKFGPVG SWG NC
OKETQEWTXCVWTCUKPETGOGPVCPNCURÃTFKFCUÎRVKECU
%748#&1
'NEWTXCFQFGWPCHKDTCÎRVKECGUECWUCFQGPNCOCPWHCEVWTCFGNECDNGCUÈEQOQ
VCODKÃPRQTFQDNGEGUFWTCPVGNCKPUVCNCEKÎP[XCTKCEKÎPGPNQUOCVGTKCNGUFGDKFQ
CECODKQUFGVGORGTCVWTC
.QUGUHWGT\QUSWGRTQXQECNCVQTEGFWTCFGNCUHKDTCUUQPD¶UKECOGPVGWPCHWGT\C
VTCPUXGTUCN [ WP GUHWGT\Q NQPIKVWFKPCN 'N GUHWGT\Q NQPIKVWFKPCN PQ RTQXQEC
VQTEGFWTC EWCPFQ VTCDCLC RCTC CNCTICT NC HKDTC PQ JC[ ECODKQ GP NCU RÃTFKFCU
ÎRVKECU
5KPGODCTIQEWCPFQVTCDCLCRCTCEQPVTCGTCNCHKDTCGUVGGUHWGT\QRTQXQECSWG
NC HKDTC HQTOG DWENGU [ UG EWTXG FG VCN OCPGTC SWG NCU RÃTFKFCU ÎRVKECU UG
KPETGOGPVC 2QT NQ VCPVQ CN GXCNWCT NQU FKUGÌQU FG NQU ECDNGU UG FGDG RQPGT
GURGEKCNCVGPEKÎP
x .CECTICVTCPUXGTUCNVTCDCLCPFQGPNCHKDTCFWTCPVGGNECDNGCFQKPUVCNCEKÎP[
WVKNK\CEKÎP
x 'N GUHWGT\Q FG EQPVTCEEKÎP SWG QEWTTG C DCLCU VGORGTCVWTCU FGDKFQ CN
GPEQIKOKGPVQFGNQUGNGOGPVQUFGNECDNG
&CFCU NCU TC\QPGU CPVGTKQTGU GN GLG FG NC HKDTC RWGFG EWTXCTUG UGXGTCOGPVG
ECWUCPFQ ITCPFGU KPETGOGPVQU GP NCU RÃTFKFCU ÎRVKECU 2CTC RTGXGPKT GUVC
UKVWCEKÎPUGVQOCGPEWGPVCNCUUKIWKGPVGUEQPUKFGTCEKQPGU
x /CPVGPGT WP TCFKQ FG EWTXCVWTC FGVGTOKPCFC UGNGEEKQPCPFQ GN TCFKQ [ NC
NQPIKVWFFGNECDNGCFQ
x 4GFWEKT XCTKCEKQPGU VÃEPKECU FG NCU HKDTCU RTQVGIKFCU EQP RGSWGÌQU
EQGHKEKGPVGUFGGZRCPUKÎPVÃTOKECFKURQPKÃPFQNCUCNTGFGFQTFGWPGNGOGPVQ
EQPDWGPCURTQRKGFCFGUVÃTOKECU
(7'06'5&'4#&+#%+¦0
'P WP UKUVGOC SWG WVKNK\C NC HKDTC ÎRVKEC EQOQ ECPCN FG VTCPUOKUKÎP NC
KPHQTOCEKÎPUGVTCPUOKVGRQTNCNW\SWGUGRTQRCICGPNCHKDTC'UVCKPHQTOCEKÎP
UGRWGFGVTCPUOKVKTGPHQTOCCPCNÎIKECQFKIKVCN'PGNRTKOGTECUQUGOQFWNCNC
KPVGPUKFCF
ECPVKFCF FG NW\ SWG UG KP[GEVC C NC HKDTC GU NC OQFWNCEKÎP FG
CORNKVWF
'PNCVTCPUOKUKÎPFKIKVCNQPWOÃTKECNCNW\UGGOKVGGPHQTOCFGRWNUQUFGEQTVC
FWTCEKÎP&WTCPVGGNGUVCFQCNVQFGNRWNUQUGKP[GEVCNW\CNCHKDTCOKGPVTCU
SWGGPGNGUVCFQDCLQPQUGKP[GEVCNW\CNCHKDTC.CKPHQTOCEKÎPEQFKHKECFC
DCLQ HQTOCU FG RWNUQU NWOKPQUQU RWGFG UGT VTCPUOKVKFC FG GUVC OCPGTC
%WCNSWKGTC SWG UGC GN UKUVGOC WVKNK\CFQ UG PGEGUKVC WPC HWGPVG NWOKPQUC 'N
UKUVGOC FG EQOWPKECEKÎP GU O¶U GHKEKGPVG EWCPVQ OC[QT UGC NC ECPVKFCF FG
KPHQTOCEKÎPSWGRWGFCVTCPUOKVKTUGCITCPFKUVCPEKC
'N RTKOGT ETKVGTKQ SWG UG EQPUKFGTC RCTC NC GNGEEKÎP FG WPC HWGPVG GU NC
EQORCVKDKNKFCF EQP NC HKDTC 7PC HKDTC RQUGG EKGTVCU ECTCEVGTÈUVKECU RTQRKCU .C
NW\FGDGKP[GEVCTUGRQTNCECTCFGGPVTCFCNCEWCNGUWPFKUEQEQPWPCUWRGTHKEKG
GZVTGOCFCOGPVGRGSWGÌCKPHGTKQTCzOGPVQFQUNQUECUQU
#FGO¶U UÎNQ NC NW\ EQPVGPKFC GP GNEQPQFGCFOKUKÎP UGRTQRCICGPNCHKDTC

GHGEVKXCOGPVG.CHKDTCVKGPGOÈPKOQUFGCVGPWCEKÎPRCTCCNIWPCUNQPIKVWFGUFG
QPFC GUVCU XGPVCPCU FG CVGPWCEKÎP OÈPKOC GUV¶P UKVWCFCU CRTQZKOCFCOGPVG
GPVTG[zORCTCNCUHKDTCUFGXKFTKQEQORWGUVCUGPVTG[zORCTC
NCUHKDTCUFGUÈNKEGFGPÕENGQKORWTKHKECFQEQP21 [CNTGFGFQTFGzORCTC
NCUFGUÈNKEGFGPÕENGQKORWTKHKECFQEQP)G 1 .CFKURGTUKÎPETQO¶VKECGPWPC
HKDTCÎRVKECGUFKTGEVCOGPVGRTQRQTEKQPCNCNCNQPIKVWFFGQPFCGURGEVTCNFGNC
HWGPVG [ UG RWGFG OKPKOK\CT WVKNK\CPFQ WPC HWGPVG FG RGSWGÌC NQPIKVWF
GURGEVTCN
'UVCUQPCNIWPCUFGNCUECTCEVGTÈUVKECUSWGFGDGPEWORNKTNCUHWGPVGU
x 6GPGTWPCUWRGTHKEKGGOKUKDNGRGSWGÌC[UKGURQUKDNGKPHGTKQTCNCUWRGTHKEKG
FGGPVTCFCFGNCHKDTC
x 'OKVKT NC NW\ GP FKTGEEKQPGU EQORCVKDNGU EQP GN EQPQ FG CFOKUKÎP Q NC
CRGTVWTCPWOÃTKECFGNCHKDTC
x 'OKVKTGPNQPIKVWFGUFGQPFCRCTCSWGNCUHKDTCUUGCPO¶UVTCPURCTGPVGUEQP
GNHKPFGTGEWRGTCTNCOC[QTECPVKFCFRQUKDNGFGNW\CNHKPCNFGNCHKDTC
x 6GPGTWPCNQPIKVWFFGQPFCGURGEVTCNRGSWGÌCRCTCOKPKOK\CTNCFKURGTUKÎP
ETQO¶VKEC
x 6GPGTKPVGPUKFCF
x 6GPGTWPVKGORQT¶RKFQFGTGURWGUVC
x 2QFGTOQFWNCTUGEQPHCEKNKFCF
x 5GTRGSWGÌC
x 5GTGEQPÎOKEC
'ZKUVGP FQU ITCPFGU ECVGIQTÈCU FG HWGPVGU NWOKPQUCU .CU KPECPFGUEGPVGU [ NCU
NWOKPKUEGPVGU6QFQEWGTRQSWGUGECNKGPVCGOKVGGPGTIÈCGPHQTOCFGTCFKCEKÎP
'UCNQSWGUGNNCOCGOKUKÎPFGNEWGTRQPGITQQKPECPFGUEGPEKC
2CTCNCVTCPUOKUKÎPFKIKVCNNCUHWGPVGUSWGUGWUCPEQPOC[QTHTGEWGPEKCUQP'N
FKQFQGNGEVTQNWOKPKUEGPVG
.'&[GNN¶UGTFGKP[GEEKÎP
4'&'5¦26+%#5
7PC TGF FG EQOWPKECEKQPGU FG CNVCXGNQEKFCFRQFTÈCFCTCEQOQFQCNHNWLQFG

XQNÕOGPGU GPQTOGU FG FCVQU FKIKVCNGU .CU RTQRWGUVCU UQP OWEJCU RCTC NC
ETGCEKÎPFGDKDNKQVGECUFKIKVCNGUGPNÈPGCFGVCOCÌQUWHKEKGPVGRCTCCNDGTICTNC
VQVCNKFCF FG NQU VGZVQU KO¶IGPGU [ TGIKUVTQU UQPQTQU FG NC OC[QT FG NCU
DKDNKQVGECUFGNOWPFQ7PCTGFFGEQOWPKECEKQPGUECRC\FGVTCPURQTVCTVGTCDKVU

WP VGTCDKV GU KIWCN C DKVU FG KPHQTOCEKÎP RQT UGIWPFQ RQFTÈC CDTKT CN
EQORNGVQRCTCECFCJQICTECFCGUEWGNCFGURCEJQQNCDQTCVQTKQNQUTGEWTUQUFG
WPCDKDNKQVGECFGKPXGUVKICEKÎP
2CTCSWGGUVQUUWRWGUVQUEQDTGPTGCNKFCFUGJCPFGKFGCTOÃVQFQUSWGRGTOKVCP
WVKNK\CTOGLQTNCECRCEKFCFFGWPCHKDTCÎRVKEC7PCUQNCHKDTCRQFTÈCGPVGQTÈC
VTCPURQTVCT VGTCDKVU ECFC UGIWPFQ 2GTQ NC EKHTC RT¶EVKEC FG VTCPURQTVG FG
KPHQTOCEKÎPFGWPCHKDTCGUOWEJQO¶UTGFWEKFCGUV¶NKOKVCFCRQTNCVGPFGPEKC
CSWGNQURWNUQUFGEGTQU[WPQUUGRKGTFCPVTCUTGEQTTGTFKUVCPEKCUITCPFGUCUÈ
EQOQ RQT NC KPGZKUVGPEKC FG EQORQPGPVGU ÎRVKEQU ECRCEGU FG RTQEGUCT
KPHQTOCEKÎP C GUVCU CNVCU XGNQEKFCFGU 2TQITGUQU TGEKGPVGU GP NC KPXGUVKICEKÎP
RCTGEGP RTQOGVGT SWG GN CPEJQ FG DCPFC PQ WVKNK\CFC GP NC TGF RQFTÈC
CRTQXGEJCTUG
/WEJQU UQP NQU GUHWGT\QU KPXGUVKICFQTGU SWG VTCVCP FG UCECT RCTVKFQ CN
FGUEWDTKOKGPVQGPEQOWPKECEKQPGUÎRVKECUO¶UKORQTVCPVGFGNFGEGPKQRCUCFQ
GN CORNKHKECFQT ÎRVKEQ &KEJQ FKURQUKVKXQ RGTOKVG TGUVCWTCT NC RQVGPEKC FG WPC
UGÌCNCUWKPVGPUKFCFKPKEKCNUKPTGEWTTKTCNCEQPXGTUKÎPQRVQGNGEVTÎPKECJCDKVWCN
'PWPCORNKHKECFQTÎRVKEQUGGODGDGPKQPGUFGGTDKQGPGNXKFTKQFGWPCHKDTC
ÎRVKEC
#NUGTGUVKOWNCFQU RQTWPN¶UGTNQUKQPGUGZEKVCFQUTGXKXKHKECPNCUUGÌCNGUÎRVKECU
FGDKNKVCFCU RQT WP XKCLG FG XCTKCU FGEGPCU FG MKNÎOGVTQU .QU CORNKHKECFQTGU
ÎRVKEQU KPUVCNCFQU GP TGFGU EQOGTEKCNGU JCP GZJKDKFQ WP HWPEKQPCOKGPVQ
UWRGTKQT GP GN ECUQ FG GPNCEGU FG OW[ CNVC XGNQEKFCF C FKHGTGPEKC FG NQU
GNGEVTÎPKEQU CORNKHKECP UGÌCNGU RQTVCFQTCU FG FCVQU C XGNQEKFCFGU FG
VTCPUOKUKÎPUWRGTKQTGUCNQUIKICDKVURQTUGIWPFQ[RWGFGPCFGO¶UTGHQT\CT
UKOWNV¶PGCOGPVGNCRQVGPEKCFGOWEJCUNQPIKVWFGUFGQPFC
.#/7.6+2.':#%+¦0
%QP NC VÃEPKEC FG NC OWNVKRNGZCEKÎP ÎRVKEC UG WVKNK\C OGLQT NC HKDTC [C SWG
RGTOKVG GPXKCT RQT WPC OKUOC HKDTC FKUVKPVCU UGÌCNGU RQTVCFQTCU FG FCVQU .C
KORQTVCPEKCFGNCOWNVKRNGZCEKÎPUGFGDGCNCECRCEKFCFSWGRQFTÈCGZKIÈTUGNGC
NCU TGFGU HWVWTCU 7P RTQITCOC FG VGNGXKUKÎP EQP KO¶IGPGU FG CNVC TGUQNWEKÎP
RQPICOQURQTECUQRQFTÈCEQPUWOKTWPCPEJQFGDCPFCFGJCUVCWPIKICDKVRQT
UGIWPFQUKPQUGEQORTKOGPNQUFCVQUFGNCKOCIGP
.CXCTKCPVGO¶UUGPEKNNCQOWNVKRNGZCEKÎPRQTFKXKUKÎPFGNQPIKVWFFGQPFCUG
RCTGEGCNQUUKUVGOCUFGTCFKQFKHWUKÎP%CFCGOKUQTFGGUVCTGFEQPVKGPGWPN¶UGT
UKPVQPK\CDNGSWGFGURCEJCUGÌCNGUNWOÈPKECUFGFGVGTOKPCFCNQPIKVWFFGQPFC

EQNQT
7PTGEGRVQTQRVQGNGEVTÎPKEQRWGFGUKPVQPK\CTUGCNCNQPIKVWFFGQPFCFGUGCFC
'P GN NCDQTCVQTKQ #66 JC FGOQUVTCFQ SWG GUVG OÃVQFQ FG EQODKPCEKÎP FG
UGÌCNGURGTOKVGJCUVCNQPIKVWFGUFGQPFCUFKHGTGPVGUECFCWPCFGNCUEWCNGU
VTCPURQTVCWPQUIKICDKVURQTUGIWPFQNQSWGFCWPVQVCNFGIKICDKVURQT
UGIWPFQSWGGURQUKDNGVTCPURQTVCTJCUVCWPCFKUVCPEKCFGECUKMKNÎOGVTQU
2GUGCNCUGPQTOGURQUKDKNKFCFGUFGNCHKDTCÎRVKECNCECRCEKFCFRCTCVTCPURQTVCT
KPHQTOCEKÎPFGNCUTGFGUDCUCFCUGPGNUKUVGOCFGFKHWUKÎPRQTNQPIKVWFFGQPFC
RWGFGP NNGICT C CIQVCTUG .CU NQPIKVWFGU FG QPFC EQPVKIWCU UÎNQ RWGFGP
VTCPURQTVCTWPPÕOGTQNKOKVCFQFGVTCPUOKUKQPGUFGXÈFGQUKPSWGNCUUGÌCNGUFG
WPCU UG KPVGTHKGTCP EQP NCU FG QVTCU 2CTC GXKVCT EQPHNKEVQU GPVTG NCU UGÌCNGU GU
RTGEKUQ KPVGTECNCT WPC DCPFC FG RTQVGEEKÎP GP WPC RQTEKÎP PQ WVKNK\CFC FGN
GURGEVTQÎRVKEQUKVWCFQLWPVQCECFCWPCFGNCUNQPIKVWFGUFGQPFCRQTVCFQTCU
FGKPHQTOCEKÎP.CRTGUGPEKCFGNCDCPFCFGRTQVGEEKÎPTGFWEGNCCORNKVWFFGNC
DCPFCÕVKN
&CFQSWGNCECRCEKFCFFGNCTGFRWGFGSWGFCTUCVWTCFCVGPFT¶SWGUGIOGPVCTUG
GP FKXGTUCU UWDTGFGU .CU NQPIKVWFGU FG QPFC RQTVCFQTCU FG OGPUCLGU GP WPC
UWDTGF RWGFGP XQNXGT C CRTQXGEJCTUG RCTC NCU VTCPUOKUKQPGU RTQRKCU FG NC
UWDTGF7PC XG\O¶UNQUOGFKQU FGTCFKQFKHWUKÎP[CGZKUVGPVGURTGUGPVCPWPC
CPCNQIÈCWPCGUVCEKÎPFGTCFKQFGWPCEKWFCFUWHKEKGPVGOGPVGFKUVCPEKCFCEQP
NCFGQVTCRWGFGWVKNK\CTNCOKUOCHTGEWGPEKCUKPRTQXQECTUGKPVGTHGTGPEKCU
.C EQPUVTWEEKÎP FG WPC TGF QRGTCVKXC C RCTVKT FG GUVCU PQEKQPGU RNCPVGC EKGTVQ
PÕOGTQFGRTQDNGOCUVÃEPKEQU'POCT\QFGWPEQPUQTEKQKPVGITCFQRQT
#66 &KIKVCN 'SWKROGPV %QTRQTCVKQP [ GN +PUVKVWVQ FG 6GEPQNQIÈC FG
/CUUCEJWUGVVU
/+6 GZJKDKÎ WP UKUVGOC FGOWNVKRNGZCEKÎP RQT FKXKUKÎP FG
NQPIKVWF FG QPFC SWG GPNC\CDC EKGTVQPÕOGTQFGUWDTGFGU%CFCHKDTCFGGUVC
TGFVKGPGECRCEKFCFRCTCNQPIKVWFGUFGQPFCECFCWPCFGNCUEWCNGURWGFG
VTCPURQTVCTJCUVCIKICDKVURQTUGIWPFQFGFCVQUFKIKVCNGU
'UVG RTQITCOC FG TGFGU RWTCOGPVG ÎRVKECU RCVTQEKPCFQ RQT NC #IGPEKC FG
2TQ[GEVQU #XCP\CFQU FGN &GRCTVCOGPVQ FG &GHGPUC
#42# EQP KPXGTUKQPGU
CFKEKQPCNGU FG #66 [ FG &KIKVCN 'SWKROGPV %QTRQTCVKQP JC XGTKHKECFQ GN
HWPEKQPCOKGPVQ FG NQU GSWKRQU ETÈVKEQU RCTC NC OWNVKRNGZCEKÎP RQT FKXKUKÎP FG
NQPIKVWF FG QPFC C UCDGT NQU N¶UGTGU [ NQU FKURQUKVKXQU FGHKNVTCFQ PGEGUCTKQU
RCTCGPXKCT[TGEKDKTNQPIKVWFGUFGQPFCGURGEÈHKECURQTWPCOKUOCHKDTC
*CGZRNQTCFQCUKOKUOQUKUVGOCURWTCOGPVGÎRVKEQURCTCNCEQPOWVCEKÎPFGGUCU
UGÌCNGU C FKUVKPVCU HKDTCU GP GN RCUQ FG WPC UWDTGF C QVTC 7P FKURQUKVKXQ
EQPOWVCFQTRTKUOKHQTOGGNGPECTTKNCFQTFKHTCEVCNCNW\SWGXKCLCRQTWPCHKDTC
GPNCUNQPIKVWFGUFGQPFCSWGNCEQORQPGP%CFCNQPIKVWFFGQPFCRWGFGUGT
GPECOKPCFC RQT WPC UGPFC FKUVKPVC GP GN KPVGTKQT FG NC GUVTWEVWTC FG UKNKEKQ [
ETKUVCNGPECTTKNCFCRQTWPCFGNCUXGKPVGHKDTCUFGUCNKFCSWGGPXÈCPNCUUGÌCNGU
JCEKCUWFGUVKPQ
'N EQPUQTEKQ JC GPUC[CFQ VCODKÃP QVTQ FKURQUKVKXQ ÎRVKEQ

WP EQPXGTVKFQT FG
NQPIKVWFFGQPFCECRC\FGECODKCTNCNQPIKVWFFGQPFCFGNCNW\.CGHKECEKCFG
VCNFKURQUKVKXQUGOCPKHKGUVCEWCPFQVTCPUOKUKQPGUFKUVKPVCUGPVTCPGPEQPHNKEVQCN
VTCVCTFGWVKNK\CTWPCOKUOCNQPIKVWFFGQPFC
#FGO¶UFGNCTGFFG/CUUCEJWUGVVUUGJCPNCP\CFQEQPHKPCPEKCEKÎPFG#42#
QVTQU RTQ[GEVQU QTKGPVCFQU JCEKCNCOWNVKRNGZCEKÎPRQTFKXKUKÎPFGNQPIKVWFFG
QPFC 'N RTQITCOC 4#%'
+PXGUVKICEKÎP [ &GUCTTQNNQ FG NCU %QOWPKECEKQPGU
#XCP\CFCU GP 'WTQRC FGRGPFKGPVG FG NC 7PKÎP 'WTQRGC JC EQOGP\CFQ
VCODKÃP C KPXGUVKICT GUVC VÃEPKEC [ QVTQ VCPVQ JC JGEJQ GN 066 GN IKICPVG
,CRQPÃUFGNCUEQOWPKECEKQPGU
.COWNVKRNGZCEKÎPRQTFKXKUKÎPFGNQPIKVWFFGQPFCUGCFCRVCGPHQTOCKFGCNCNC
ETGEKGPVGFGOCPFCFGEQOWPKECEKQPGUFGXÈFGQGPNCUEWCNGUFQUNQECNKFCFGU
RWGFGPRGTOCPGEGTFWTCPVGJQTCUGPEQPGZKÎPEQPVKPWC
#WPSWGRCTCGPXKCTFCVQU FGWPQTFGPCFQTCQVTQJCT¶PHCNVCTGFGUFGWPVKRQ
FKHGTGPVG NCU TGFGU FG QTFGPCFQTGU C FKHGTGPEKC FG NQU GPNCEGU FG XÈFGQ
CEQUVWODTCP GPXKCT FCVQU FG WP RWPVQ C QVTQ
EQOQ NQU FG WP HKEJGTQ IT¶HKEQ
FKIKVCN GP DTGXGU RWNUQU FG CNVC XGNQEKFCF 2CTC FCT CEQOQFQ C GUVGVKRQ FG
VT¶HKEQNQUQTFGPCFQTGUUWGNGPEQOWPKECTUGCVTCXÃUFGTGFGUGPNCUEWCNGUNQU
FCVQU UG VTCUNCFCP FG WP TGOKVGPVG C WP FGUVKPCVCTKQ GP WPKFCFGU FKUETGVCU Q
RCSWGVGU
7POGPUCLGUGFGUEQORQPGGPXCTKQURCTCGPECTTKNCTNQUFGURWÃUJCEKCCNIWPCU
FG NCUFKXGTUCUUGPFCUCDKGTVCUSWGEQPFW\ECPJCUVCWPQTFGPCFQTFGUVKPCVCTKQ
'NUKUVGOCFGEQPOWVCEKÎPRQTRCSWGVGUHCEKNKVCWPCVTCPUHGTGPEKCFGFCVQUO¶U
T¶RKFC[GEQPÎOKECRQTSWGPQJC[PGEGUKFCFFGKPXGTVKTFKPGTQPKTGEWTUQUGP
GN GUVCDNGEKOKGPVQ FG WPC EQPGZKÎP FGFKECFC GZENWUKXCOGPVG C NQU
EQOWPKECPVGU%CFCRCSWGVGEQPVKGPGWPCFKTGEEKÎPSWGGZRTGUCUWFGUVKPQ[GN
OQFQGPSWGGPECLCEQPQVTQURCSWGVGUSWGHQTOCPRCTVGFGNOKUOQOGPUCLG
.QURCSWGVGURWGFGPXKCLCTJCUVCUWFGUVKPQRQTEWCNSWKGTUGPFCSWGQHTG\ECNC
TGF'PGNRWPVQFGFGUVKPQNQURCSWGVGUUGXWGNXGPCGPUCODNCTEQORQPKGPFQ
EQPGNNQUWPOGPUCLGEQJGTGPVG
.CXGTUKÎPGNGEVTÎPKECO¶UEQPQEKFCFGTGFRQTRCSWGVGUGU+PVGTPGV2QFGOQU
CVKUDCTGNHWVWTQFGÃUVCGZCOKPCPFQKPXGUVKICEKQPGUCXCP\CFCUGPTGFGUÎRVKECU
RQTRCSWGVGU
'PWPCTGFFGGUVGVKRQWPCNQPIKVWFFGQPFCRQTVCTÈCRWNUQUNWOÈPKEQUFGWP
N¶UGT ECRC\ FG ECODKCT FG GUVCFQ GP WPC DKNNQPÃUKOC FG UGIWPFQ .QU RWNUQU
NWOÈPKEQU GUV¶P IGPGTCFQU RQT N¶UGTGU SWG VTCPUOKVGP JCUVC EKGP IKICDKVU RQT
UGIWPFQGPNQUSWGECFCFGUVGNNQTGRTGUGPVCWPDKV%CFCRWNUQUGEQODKPCTÈC
EQPQVTQUFKG\OKNRTQEGFGPVGUFGNOKUOQN¶UGTHQTOCPFQLWPVQUWPRCSWGVGFG
FCVQU
7PQ FG NQU RTKPEKRCNGU RTQDNGOCU SWG RNCPVGC FKEJC CWVQRKUVC ÎRVKEC GU NC
OWNVKRNGZCEKÎP [ EQPOWVCEKÎP FG GUVQU RCSWGVGU FG FCVQU UKP VGPGT SWG
EQPXGTVKTNQUGPUGÌCNGUGNGEVTÎPKECU7PCHKDTCRWGFGVTCPUOKVKTWPVQVCNFGEKGP
IKICDKVURQTUGIWPFQRGTQGUV¶FKXKFKFCGPKPVGTXCNQUVGORQTCNGUGURGEKHKECFQU
FG HQTOC SWG FKG\ WUWCTKQU RQT GLGORNQ RWGFCP GPXKCT FKG\ IKICDKVU RQT
UGIWPFQECFCWPQ
#ECFCTGOKVGPVGFGFCVQURWGFGCUKIP¶TUGNGWPUGIOGPVQRCTCEQNQECTRCSWGVGU
EQP FKG\ IKICDKVU FG FCVQU RQT UGIWPFQ GP NC TGF Q RWGFG VTCPUOKVKTNQU GP
EWCNSWKGT UGIOGPVQ NKDTG .QU RCSWGVGU FG WP TGOKVGPVG RWGFGP SWGFCT
GPVTGOG\ENCFQU EQP RCSWGVGU FG QVTQU TGOKVGPVGU ECFC WPQ FG NQU EWCNGU
FKURQPGFGWPKPVGTXCNQVGORQTCNFKUVKPVQGPGNEWCNVTCPUOKVKTUWOGPUCLG
&CFQSWGNCECRCEKFCFFGEQOWPKECEKQPGUGUV¶TGRCTVKFCRQTOGFKQFGVKGORQU
[ PQ FG NQPIKVWFGU FG QPFC GUVC VÃEPKEC UG FGPQOKPC OWNVKRNGZCEKÎP RQT
FKXKUKÎPFGVKGORQ
;CUGJCPGORG\CFQCVTCDCLCTGPFKUGÌQUFGWPCTGFÎRVKECFGEKGPIKICDKVURQT
UGIWPFQ SWG WVKNKEG GUVC VÃEPKEC FGOWNVKRNGZCEKÎP .QU GNGOGPVQU HÈUKEQU FG NC
TGF GP HCUG FG FGUCTTQNNQ XCP FGUFG N¶UGTGU FG CNVC XGNQEKFCF ECRCEGU FG
VTCPUOKVKTEKGPOKNOKNNQPGUFGRWNUQURQTUGIWPFQJCUVCDWHHGTUÎRVKEQURCTCGN
CNOCEGPCLGFGRWNUQU'PWPQFGNQURTQ[GEVQUUGJCFGOQUVTCFQWPCHQTOCFG
GZVTCGTFCVQUFGWPC HKDTCSWGVTCPURQTVCWPVQVCNFGEWCTGPVCIKICDKVUFGFCVQU
WVKNK\CPFQOWNVKRNGZCFQRQTFKXKUKÎPFGVKGORQ
7PFKURQUKVKXQ FGPQOKPCFQDWENGÎRVKEQGURGEWNCTPQNKPGCNRTQEGUCNCUGÌCN
ÎRVKECCOWNVKRNGZCTFGOWNVKRNGZCTQEQPOWVCT
2CTCNCFGOWNVKRNGZCEKÎPTGEKDGRWNUQUNWOKPQUQUFGWPCHKDTCSWGVTCPURQTVCWP
HNWLQ FG FCVQU FG EWCTGPVC IKICDKVU RQT UGIWPFQ 'P GN DWENG GURGEWNCT SWG
EQPUKUVG GP WPC JGDTC EKTEWNCT FG HKDTC SWG RQUGG RTQRKGFCFGU OCVGTKCNGU
GURGEKCNGU NC UGÌCN ÎRVKEC KPVGTCEVÕC EQP QVTC UGTKG FG RWNUQU NWOÈPKEQU
KP[GEVCFCRQTN¶UGTGPGNFKURQUKVKXQ.CKPVGTCEEKÎPFGGUVQUFKHGTGPVGUVTGPGUFG
RWNUQUFGNW\JCEGSWGGOGTLCWPCUGÌCNSWGKPVTQFWEGFKG\IKICDKVUFGFCVQU
GPWPCPWGXCHKDTC
#NOKUOQVKGORQNCUGÌCNQTKIKPCNK SWGCJQTCRQTVCNQUTGUVCPVGUVTGKPVCIKICDKVU
FG FCVQU RQT UGIWPFQK TGVQTPC C NC HKDTC RQT FQPFG NNGIÎ CN GURGLQ 5K PQ UG
FGUGC GHGEVWCT NC FGOWNVKRNGZCEKÎP NC NW\ TGVQTPC KPCNVGTCFC C NC HKDTC
VTCPURQTVCPFQ VQFCXÈC NQU EWCTGPVC IKICDKVU RQT UGIWPFQ 'N /+6 PQ GUVC UQNQ
066 CECDC FG CEQOGVGT WP GZRGTKOGPVQ UKOKNCT EQP WPC VTCPUOKUKÎP FG EKGP
IKICDKVURQTGNDWENGÎRVKEQGURGEWNCTRWGFGCEVWCTVCODKÃPEQOQFKURQUKVKXQFG
RTQEGUCOKGPVQFKIKVCN'PNCFGUOWNVKRNGZCEKÎPFGNCUGÌCNGNDWENGQOQFKHKEC
NCUGÌCNQNCFGLCKPXCTKCDNGNQSWGFGHKPGFQUGUVCFQUDKPCTKQUEQOQGN[GN
FG NC NÎIKEC FKIKVCN %QPGEVCPFQ XCTKQU FG GUVQU DWENGU UG EQPHGEEKQPC WP
FKURQUKVKXQECRC\FGNGGTNCUFKTGEEKQPGUFGNQURCSWGVGUFGFCVQU
5GRQFTÈCEQODKPCTNCVGEPQNQIÈCFGNCNQIKCÎRVKEC[NCFGNCOWNVKRNGZCEKÎP[
FGUOWNVKRNGZCEKÎP RCTC EQPUVTWKT TGFGU SWG CORNÈGP OWEJQ O¶U GN CPEJQ FG
DCPFCWVKNK\CDNGFGNQSWGJQ[GPFÈCUGCRTQXGEJCGNXGTFCFGTQRQVGPEKCNFG
NCUHKDTCUÎRVKECUGUV¶GPFGUEWDTKTEWCNUGTKCNCOGLQTVÃEPKEC
4'5+56'0%+#&'70#(+$4#¦26+%#
5GFKEGSWGNCTGUKUVGPEKCVGÎTKECFGNETKUVCNFGUÈNKEGGUFGWPOKNNÎPFGRUK'P
NQU NCDQTCVQTKQU FG NC 0QTVJGTP 6GNGEQO UG JCP OGFKFQ TGUKUVGPEKCU EQP
GUHWGT\QU FG VTCEEKÎP FG CNTGFGFQT FG MI FG HWGT\C 2GTQ GP NC 0QTVJGTP
6GNGEQOGUPQTOCNRTQDCTNCUHKDTCUEQPPKXGNGUFGTGUKUVGPEKCGPVTG[I
RCTCFGUGEJCTNCUSWGUGCPO¶UFÃDKNGU
# XGEGU CRCTGEGP GUVG VKRQ FG HKDTCU SWG VKGPGP HTCEVWTCU W QVTCU
KORGTHGEEKQPGURWFKGPFQECWUCTRTQDNGOCUUKUGNNGICUGPCWVKNK\CT#UÈRWGUNCU
HKDTCU FGDGP UGT EWKFCFQUCOGPVG UGNGEEKQPCFCU FGURWÃU FG NCU OGFKFCU RCTC
CUGIWTCTSWGUWURTQRKGFCFGUUQPEQTTGEVCU
DCLCURÃTFKFCUGPNCVTCPUOKUKÎPFG
NW\ [ WPC TGUKUVGPEKC C NC VTCEEKÎP UWHKEKGPVG RCTC UQRQTVCT UW KPUVCNCEKÎP [
RQUVGTKQT WUQ .CU RTWGDCU SWG UG TGCNK\CP EQP NCU HKDTCU UQP OW[ GZKIGPVGU
CNVCUVGORGTCVWTCUJWOGFCFKPOGTUKÎPGPCIWC [GZRQUKEKÎPC¶EKFQU [QVTQU
VKRQUFGUQNWEKQPGUSWGRWFKGTCPNNGICTCGPEQPVTCTUG
%QP GN HKP FG OKPKOK\CT NCU VGPUKQPGU OGE¶PKECU SWG RQFTÈCP RTQXQECT HCNNQU
RTGOCVWTQUUGUWGNGVGPGTEWKFCFQFWTCPVGNCKPUVCNCEKÎPRCTCGXKVCTEWTXCVWTCU
OW[RTQPWPEKCFCU[RCTCPQVGPGTSWGJCEGTGORCNOGGPNCUEWTXCVWTCU
64#6#/+'061&'476#5%10(+$4#¦26+%#
.CEQPUKFGTCEKÎPFGNCU RÃTFKFCU[FGNCUTQVWTCUGPNQUJKNQUHKDTCUQECDNGUGU
CNIQ KORQTVCPVG UKGORTG SWG NC FKUVCPEKC GUVÃ RQT GN OGFKQ .CU RÃTFKFCU
FGDKFCU CN UKUVGOC FG VTCPUOKUKÎP UQP EQORGPUCFCU RQT TGRGVKFQTGU [ Q
CORNKHKECFQTGU .CU TQVWTCU KORNKECP GORCNOGU [ WPKQPGU GP NQU GZVTGOQU FGN
ECDNGHKDTCGVE
%WCPFQ UG TGCORNKHKEC NC UGÌCN NQU TGRGVKFQTGU FGDGP GUVCT UKVWCFQU C NC
FKUVCPEKC CFGEWCFC FG HQTOC SWG NCU RÃTFKFCU PQ NNGIWGP C UGT VCP ITCPFGU
EQOQRCTCSWGNCKPHQTOCEKÎPPQRWGFCUGTTGCORNKHKECFC*C[SWGUGTECRC\FG
FGVGEVCTENCTCOGPVGNCUUGÌCNGURCTCRQFGTCORNKHKECTNCU[GPXKCTNCUFGPWGXQ
'N GORCNOG FG NQU ECDNGU RWGFG RTGUGPVCT WP RTQDNGOC CNIQ FKHGTGPVG 'N
GORCNOGFGNQUJKNQUFGEQDTGGUUGPEKNNQ5KORNGOGPVGUGNQECNK\CNCTQVWTCUG
VTGP\CPQUGCUGIWTCPOGE¶PKECOGPVGNQUGZVTGOQUFGNCNÈPGCUGRCTCFCUGNGU
UWGNFCCEQPVKPWCEKÎPRCTCQDVGPGTWPCTQDWUVG\[WPCEQPFWEVKXKFCFGNÃEVTKEC
CEGRVCDNGU [ VTCU CKUNCT NC WPKÎP [C GUV¶P NKUVQU RCTC GPVTCT FG PWGXQ GP
HWPEKQPCOKGPVQ
.C TGRCTCEKÎP FG WPC HKDTC ÎRVKEC NNGXC EQPUKIQ NC QDVGPEKÎP FG GZVTGOQU
RGTRGPFKEWNCTGU GP CODCU UGEEKQPGU CRTQZKOCTNQU WPQ CN QVTQ RCTC NQITCT WP
CLWUVGCRTGUKÎPRGTHGEVQ[OCPVGPGTCUÈCODQUUGIOGPVQUOKGPVTCUSWGUGGUVÃ
WVKNK\CPFQGNUKUVGOC
'UVCOQU RWGU CPVG WP RTQDNGOC EQPUKFGTCPFQ SWG OCPGLCOQU HKDTCU FG
VTGUEKGPVQU OKETCU FG FK¶OGVTQ [ SWG NC WPKÎP FG CODQU GZVTGOQU
RGTHGEVCOGPVGRCTCNGNQUGPVTGUÈFGDGGUVCTOW[DKGPJGEJC
7PECDNGFGHKDTCÎRVKECRWGFGVGPGTÕPKECOGPVGHKDTCUÎRVKECUQKPENWUQRWGFG
KPEQTRQTCTCNIÕPJKNQEQPFWEVQT FGEQDTGRCTCRTWGDCUOGFKFCUGVECFGO¶U
NQU RTQRKQU ECDNGU RWGFGP GUVCT UWLGVQU C FKXGTUQU VTCVCOKGPVQU SWÈOKEQU
UWUEGRVKDNGUFGCEVWCTUQDTGGNOCVGTKCNFGNECDNGVCN[EQOQPQUGFGUGC
6CODKÃP ECDG RGPUCT GP NC GZKUVGPEKC FG CNIWPQU GHGEVQU RTQXQECFQU RQT
TCFKCEKQPGU PWENGCTGU NQ SWG PQ GU OW[ RTQDCDNG 2GTQ NQ SWG UÈ RWFKGTC
UWEGFGT GU SWG GN ECDNG GUVÃ UWLGVQ C VGPUKQPGU TGVQTEKOKGPVQU XKDTCEKQPGU [
EQORTGUKQPGU
'NECDNGFGDGFKUGÌCTUGRCTCSWGVGPICWPOÈPKOQFGRÃTFKFCU.C$GNN0QTVJGTP
JCEQPUGIWKFQWPCCVGPWCEKÎPOGPQTFGF$MOCWPCNQPIKVWFFGQPFCFG
PO 'UVG ECDNG VKGPG WP PÕENGQ HNGZKDNG FG JGDTCU FG CEGTQ EWDKGTVQ EQP WP
RN¶UVKEQ CECPCNCFQ RCTC RQFGT CEQOQFCT GP UW KPVGTKQT NCU HKDTCU ÎRVKECU [ NQU
RCTGUFGJKNQFGEQDTG
*C[ EQPFWEVQU UGRCTCFQU EQP HKPGU FG EQPVTQN OGFKFCU [ RTWGDCU 'U PQTOCN
WVKNK\CT WPC EQTTKGPVG &% RCTCRTQRÎUKVQUFGEQPVTQN RGTQNQU TC[QU NWOKPQUQU
VKGPGP SWG UGT OQFWNCFQU [ FGOQFWNCFQU RCTC EQPUGIWKT GN OKUOQ EQPVTQN
EQNGEVKXQ 'N ECDNG FGDG GUVCT GPXWGNVQ RQT WP OCVGTKCN SWG RWGFC TGUKUVKT GN
GPVQTPQEWCNSWKGTCSWGUGCÃUVG
241$.'/#5&'.#%10'%614+<#%+¦0
'NRTQDNGOCSWGCRCTGEGCNWVKNK\CTHKDTCUÎRVKECUGPNCHQTOCEQOQÃUVCUGUV¶P
EQPGEVCFCUCNQUFKURQUKVKXQUVGTOKPCNGU5KNCHKDTCPQUGGPEWGPVTCDKGPUWLGVC
RQT OGFKQ FG WP EQPGEVQT VGTOKPCN RQFTÈC FGUNK\CTUG RTQFWEKÃPFQUG WPC
RÃTFKFC[TGFWEKGPFQNCVTCPUOKUKÎPFGNW\
5K RQT GN EQPVTCTKQ NC EQPGZKÎP GU OW[ TÈIKFC EWCNSWKGT TGVQTEKOKGPVQ Q
EWTXCVWTC SWGUGRTQFW\ECGPNCHKDTCRTQXQECTÈCWPCHTCEVWTC[FGLCTÈCNCIWÈCFG
NW\HWGTCFGUGTXKEKQ
7PKPXGPVQSWGRCTGEGQHTGEGTWPCUQNWEKÎPEQPUKUVGGPNCUWLGEKÎPFGNECDNGFG
HKDTC ÎRVKEC C WP VGTOKPCN RQT OGFKQ FG WP CPKNNQ GN¶UVKEQ Q FG TGUQTVG RCTC
QDVGPGTWPCEQPGZKÎPIKTCVQTKCFQPFGWPCFGNCURCTVGUFGNFKURQUKVKXQXCUWLGVC
CNVGTOKPCN[NCQVTCCNCEQPVGTCOKGPVTCUSWGWPCVGTEGTCUWLGEKÎPEQORTKOGGN
CPKNNQ GN¶UVKEQ %QP GUVG ÕNVKOQ OQPVCFQ GP GN VGTOKPCN UG GPICT\C GN CPKNNQ
RTGUKQPCPFQFG HQTOCSWGGNVGTOKPCNRWGFCUGTEQORNGVCOGPVGKPUGTVCFQGPNC
EQPVGTCJCUVCSWGFKEJQCPKNNQSWGFGCVTCRCFQGPUWKPVGTKQT
8'06#,#5;&'58'06#,#5&'.#5(+$4#5¦26+%#5
8GPVCLCU
x /C[QT ECRCEKFCF FGDKFQ CN CPEJQ FG DCPFC OC[QT FKURQPKDNG GP NCU
HTGEWGPEKCUÎRVKECU
x 2WGFGP VTCPUOKVKT C XGNQEKFCFGU OWEJQ O¶U CNVCU FG NQ SWG GOKUQTGU [
VTCPUOKUQTGUCEVWCNGUNQRGTOKVGPUQPÃUVQUNQUSWGNKOKVCPNCXGNQEKFCFFG
VTCPUOKUKÎP
x )TCP HNGZKDKNKFCF GN TCFKQ FG EWTXCVWTC RWGFG UGT KPHGTKQT C EO NQ SWG
HCEKNKVCUWKPUVCNCEKÎP
x )TCPNKIGTG\CGNRGUQGUFGNQTFGPFGCNIWPQUITCOQURQTMKNÎOGVTQNQSWG
TGUWNVCWPCUPWGXGXGEGUOGPQUSWGGNFGWPECDNGEQPXGPEKQPCN
x +POWPKFCF VQVCN C NCU RGTVWTDCEKQPGU FG QTKIGP GNGEVTQOCIPÃVKEQ NQ SWG
KORNKECWPCECNKFCFFGVTCPUOKUKÎPOW[DWGPC[CSWGNCUGÌCNGUKPOWPGC
NCUVQTOGPVCU
x )TCPUGIWTKFCFNCKPVTWUKÎPGPWPCHKDTCÎRVKECGUH¶EKNOGPVGFGVGEVCDNGRQT
GN FGDKNKVCOKGPVQ FG NC GPGTIÈC NWOKPQUC GP TGEGREKÎP CFGO¶U PQ TCFKC
PCFCNQSWGGURCTVKEWNCTOGPVGKPVGTGUCPVGRCTCCRNKECEKQPGUSWGTGSWKGTGP
CNVQPKXGNFGEQPHKFGPEKCNKFCF
x +POWPKFCFCKPVGTHGTGPEKCGUV¶VKECFGDKFCCNCUHWGPVGUFGTWKFQ
x 7PC CVGPWCEKÎP NKPGCN PQ OW[ RGSWGÌC NQ SWG RGTOKVG UCNXCT FKUVCPEKCU
KORQTVCPVGUUKPGNGOGPVQUCEVKXQUKPVGTOGFKQU
x 4GUKUVGPEKC C GZVTGOQU CODKGPVCNGU 5QP OGPQU CHGEVCFCU RQT NÈSWKFQU
EQTTQUKXQUICUGU[XCTKCEKQPGUFGVGORGTCVWTC
x 5GIWTKFCFGPEWCPVQCKPUVCNCEKÎP[OCPVGPKOKGPVQ.CUHKDTCUFGXKFTKQ[NQU
RN¶UVKEQU PQ UQP EQPFWEVQTGU FG NC GNGEVTKEKFCF UG RWGFGP WUCT EGTEC FG
NÈSWKFQU[ICUGUXQN¶VKNGU
x (CEKNKFCF RCTC NQECNK\CT NQU EQTVGU ITCEKCU C WP RTQEGUQ DCUCFQ GP NC
VGNGOGVTÈC NQ SWG RGTOKVG FGVGEVCT T¶RKFCOGPVG GN NWICT [ RQUVGTKQT
TGRCTCEKÎPFGNCCXGTÈCUKORNKHKECPFQNCNCDQTFGOCPVGPKOKGPVQ
&GUXGPVCLCU
x 2ÃTFKFCUGPNQUECDNGURQTCDUQTEKÎPFGNW\NCEWCNRWGFGUGTEQPXGTVKFCGP
ECNQT
x 2ÃTFKFCURQTFKURGTUKÎPFG4C[NGKIJQOCVGTKCNGU.W\FKHTCEVCFCSWGGUECRC
RQTNCEWDKGTVCCNEJQECTEQPVTCWPCKTTGIWNCTKFCFFGNXKFTKQGPGNRTQEGUQFG
HCDTKECEKÎP
x 2ÃTFKFCU ETQO¶VKEC Q FG NQPIKVWF FG QPFC .C NW\ GOKVKFC RQT WP .'& UG
FGUEQORQPG GP UWU FKHGTGPVGU NQPIKVWFGU FG QPFC EQPUVKVWVKXCU XKCLCPFQ C
FKUVKPVCU XGNQEKFCFGU RQT NC HKDTC NNGICPFQ CN QVTQ GZVTGOQ C FKHGTGPVGU
VKGORQU
x 2ÃTFKFCUFGTCFKCEKÎP%CWUCFCRQTFQDNGEGUGKTTGIWNCTKFCFGUGPNCHKDTC
x 2ÃTFKFC OQFCN %CWUCFC RQT FKHGTGPEKCU FG VKGORQU FG RTQRCICEKÎP FG NQU
TC[QUFGNW\SWGVQOCPFKHGTGPVGUVTC[GEVQTKCURQTWPCHKDTC
x 2ÃTFKFCUFGCEQRNCOKGPVQ'PNCUEQPGZKQPGUFGHWGPVGUFGHKDTCHKDTCCHKDTC
[QHKDTCCHQVQFGVGEVQTUQPECWUCFCRQTRTQDNGOCUFGCNKPGCEKÎP
014/#6+8#
2CTCRQFGTGUVCDNGEGTWPCEQOWPKECEKÎPGPVTGQTFGPCFQTGUGUPGEGUCTKQEQPVCT
EQP WPC UGTKG FG PQTOCU SWG TGIWNGP FKEJQ RTQEGUQ 'UCU PQTOCU NCU HKLC NQU
QTICPKUOQUKPVGTPCEKQPCNGUFGPQTOCNK\CEKÎP
+51
1TICPK\CEKÎP+PVGTPCEKQPCNFG'UVCPFCTK\CEKÎPSWGGUWPCQTICPK\CEKÎPPQ
IWDGTPCOGPVCNHWPFCFCGPVKGPGRQTOKUKÎPNCEQQTFKPCEKÎPFGNFGUCTTQNNQ
[ CRTQDCEKÎP FG GUV¶PFCTGU C PKXGN KPVGTPCEKQPCN 5W ¶ODKVQ FG VTCDCLQ EWDTG
VQFCU NCU ¶TGCU KPENW[GPFQ NCU TGFGU NQECNGU C GZEGREKÎP FG NCU ¶TGCU
GNGEVTQVÃEPKECU SWG UQP EQQTFKPCFCU RQT +'%
+PVGTPCVKQPCN 'NGEVTQVGEJPKECN
%QOOKUUKQP
%CFC RCÈU ÕPKECOGPVG RWGFG GUVCT TGRTGUGPVCFQ GP +51 RQTWPCQTICPK\CEKÎP

GP GN ECUQ FG 'URCÌC GUVC TGRTGUGPVCFC RQT #'014
#UQEKCEKÎP 'URCÌQNC FG
0QTOCNK\CEKÎP[GPGNECUQFG''77GUV¶TGRTGUGPVCFCRQT#05+
#OGTKECP
0CVKQPCN5VCPFCTFU+PUVKVWVG
.CU UKIWKGPVGU UQP CNIWPCU PQTOCU RTQRWGUVCU RCTC NCU TGFGU NQECNGU CUÈ EQOQ
NQUVTCDCLQUFGNC#05+RCTCGN(&&+
(KDGT&KUVTKDWVGF&CVC+PVGTHCEG
.#014/#+51
+'''
.CPQTOC+51SWGFGTKXCFGNCRTQRQUKEKÎP+'''FGUETKDGWPC
TGFNQECNGPDCPFCDCUGC/DKVUQ/DKVUWVKNK\CPFQWPOÃVQFQFGCEEGUQ
FGVKRQ%5/#%&
%CTTKGT5GPUG/WNVKRNG#EEGUU%QNNKUKQP&GVGEVKQP'PGNNCUG
FGHKPGP
x .CU ECTCEVGTÈUVKECU OGE¶PKECU [ GNÃEVTKECU FG NC EQPGZKÎP FG WP GSWKRQ CN
UQRQTVGFGEQOWPKECEKÎP
x .CIGUVKÎPNÎIKECFGNCUVTCOCU
x 'NEQPVTQNFG CEEGUQCNUQRQTVGFGEQOWPKECEKÎP
'PTGCNKFCFPQJC[WPCPQTOCÕPKECUKPQUGKUPQTOCU+51'PGUVCUUGKU
PQTOCU UG FGHKPGP NCU EQPFKEKQPGU FG WUQ FG NC VÃEPKEC OKUOC FG CEEGUQ GN
%5/#%&
%CTTKGT5GPUG/WNVKRNG#EEGU%QNNKUKQP&GVGEVKQP
.CU FKHGTGPEKCU GPVTG NCU UGKU PQTOCU RTQXKGPGP FGN ECDNGCFQ WVKNK\CFQ [ RQT
VCPVQFGNCUXGNQEKFCFGUSWGUGRWGFGPCNECP\CT[NCUNQPIKVWFGUO¶ZKOCUUKP
TGRGVKFQT'UVCUUGKUPQTOCUUQP
x +51DCUG
x +51DCUG
x +51DCUG
x +51DCUG
x +51DCUG6
x +51DCUG(
*C[QVTCUFQUPQTOCUGPEWTUQ
x +51DCUG8)
x +51DCUG6
014/#+'''
&3&$
.CTGF&3&$
&KUVTKDWVGF 3WGWG&WCN$WUJCUKFQGNGIKFCRQTNC+'''
EQOQ TGF D¶UKEC RCTC NCU EQOWPKECEKQPGU NNCOCFCU OGVTQRQNKVCPCU GU FGEKT
UQDTG WP ITCP ECORWU Q GP WPC EKWFCF 2QT VCPVQ GN EQOKVÃ +''' JC
CFQRVCFQ GUVC RTQRQUKEKÎP EQOQ WPC TGF FG VKRQ /#0 'P TGCNKFCF NC
RTQRQUKEKÎP GU OWEJQ O¶U CORNKC [ RWGFG NNGXCTUG C ECDQ RCTC EWCNSWKGT
FKUVCPEKC
5GJCGNGIKFQNCECRCEKFCFÕVKNFG/DKVUURCTCSWGUGRWGFCCFCRVCTCNCU
TGFGUFKIKVCNGUFGUGTXKEKQUKPVGITCFQUi4&5+iFGDCPFCCPEJC.CPQTOC&3&$
WVKNK\CFQUUQRQTVGUWPKFKTGEEKQPCDNGUUKIWKGPFQWPCVQRQNQIÈCGPDWU
.QU FQU GZVTGOQU VKGPGP UGPVKFQU FG VTCPUOKUKÎP QRWGUVQU .QU PQFQU GUV¶P
EQPGEVCFQU UQDTG NQU FQU DWUGU RCTC RQT WP NCFQ VQOCT NC KPHQTOCEKÎP
RTQEGFGPVGFGNCUGUVCEKQPGUSWGGUV¶PRQTFGVT¶U[RQTQVTQNCFQRCTCGOKVKT
JCEKC NCU GUVCEKQPGU SWG GUV¶P RQT FGNCPVG .C EQOWPKECEKÎP WVKNK\C WP ÕPKEQ
DWU CN SWG GN FGUVKPCVCTKQ RWGFG GUVCT WPKFQ UCNXQ GP GN ECUQ FG FKHWUKÎP FG
OGPUCLGU 7PC KPHQTOCEKÎP FKHWPFKFC UGT¶ RQT VCPVQ GOKVKFC UQDTG NQU FQU
DWUGU
'N UQRQTVG WVKNK\CFQ RWGFG UGT FG HKDTC ÎRVKEC Q ECDNG EQCZKCN FG EWCNSWKGT
HQTOCGUVCVÃEPKECPGEGUKVCWPUQRQTVGCEVKXQ
GNOGFKQFGDGVGPGTNCRQUKDKNKFCF
FG UGT KPVGTTWORKFQ RCTC KPVTQFWEKT GP ÃN WP TGIKUVTQ FG FGURNC\COKGPVQ .C
VÃEPKECFGCEEGUQCUQEKCFC PQGUWPCFKUEKRNKPC 'VJGTPGVUKPQWPOÃVQFQSWG
GXKVCNCUEQNKUKQPGUUQDTGWPUQRQTVGGPDWU
'P ECFC GZVTGOQ FG NQU FQU ECDNGU UG UKVÕC WP IGPGTCFQT FG VTCOCU EW[C
HKPCNKFCFGUGOKVKTOW[TGIWNCTOGPVGWPCGUVTWEVWTCFGVTCOCSWGUKPETQPK\CNCU
FKHGTGPVGU GUVCEKQPGU EQPGEVCFCU 'P NQU GNGOGPVQU Q UNQVU FG GUVC VTCOC NQU
PQFQURWGFGPFGRQUKVCTD[VGUUÈPETQPQU
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UQRQTVG 2CTC QDVGPGT WP ECPCN UÈPETQPQ GN WUWCTKQ FGDG TGUGTXCT WP UNQV
UCDKGPFQ SWG GN HNWLQ QDVGPKFQ RQT NC TGUGTXC FG WP D[VG GU FG -DKVUU .C
VÃEPKEC RTQRWGUVC RCTC GN CEEGUQ CN ECPCN CUÈPETQPQ UG NNCOC 32
3WGWGF
2CEMGV UG TGCNK\C ITCEKCU C WP EQPVCFQT SWG EWCPFQ GUV¶ C KPFKEC SWG GN
PQFQRWGFGVTCPUOKVKTGPGNRTÎZKOQUNQVNKDTG
.QU UNQVU SWG JCP UKFQ TGUGTXCFQU RCTC EQOWPKECEKQPGU UÈPETQPCU GP OQFQ
EKTEWKVQPQUQPEQPVCDKNK\CFQU[UQPVTCPURCTGPVGURCTCGNOÃVQFQFGCEEGUQ.C
TGF&3&$GUWPCDWGPCUQNWEKÎPRCTCWPKTRCPGNGUFGFKUVTKDWEKÎP2GTOKVGFGN
OKUOQOQFQSWGGNDWENG UKPETQPK\CFQQNCGUVTWEVWTC(&&+EQPGEVCTCNCXG\
XÈCU KPHQTO¶VKECU [ EKTEWKVQU VGNGHÎPKEQU JCEKC GN CWVQEQPOWVCFQT
2#$: [ NQU
EQORWVCFQTGUEGPVTCNGU
OCKPHTCOGFGNCGORTGUC
#EVWCNOGPVGUGGPEWGPVTCGPGUVWFKQNCPQTOC+'''UQDTGNCHKDTCÎRVKEC
014/#(&&+
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XGNQEKFCF6CODKÃPUGPGEGUKVCDCVTCPUOKVKTFCVQUGPVKGORQUEQTVQU[CEQVCFQU
'P TGURWGUVC C GUVCU PGEGUKFCFGU UG FGUCTTQNNC (&&+
(KDGT &KUVTKDWVGF &CVC
+PVGTHCEG
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(&&+RTQRWGUVCRQTGNEQOKVÃ:6FGN#05+JCUKFQPQTOCNK\CFCRQT+51
'UVC RTQRWGUVC SWG GURGEKHKEC NQU PKXGNGU HÈUKEQU [ /#%

/GFKWO #EEGUU
%QPVTQN FG WP DWENG DCUCFQ GP GN EQPEGRVQ FG VGUVKIQ UQDTG HKDTC ÎRVKEC
EQPUKUVG C PKXGN /#% GP WP RTQVQEQNQ FG CEEGUQ SWG RGTOKVG SWG HWGPVGU
UÈPETQPCU[CUÈPETQPCUEQORCTVCPGNUQRQTVG
'N HNWLQ O¶ZKOQ FG WPC TGF (&&+ GU FG /DRU UW VQRQNQIÈC GU WP FQDNG
CPKNNQ SWG RWGFG CNECP\CT-/FGEKTEWPHGTGPEKCUQDTGGNEWCNUGRWGFGP
EQPGEVCT GP VQTPQ C SWKPKGPVCU GUVCEKQPGU
GUVCPFQ ECFC GUVCEKÎP EQPGEVCFC C
ECFCWPQFGNQUCPKNNQU
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x 7P PKXGN HÈUKEQ 2.

2J[UKECN .C[GT FKXKFKFQ GP FQU UWDPKXGNGU GN 2/&

2J[UKECN/GFKWO&GRGPFGPV[GN2*;
2J[UKECN.C[GT2TQVQEQN
x 7P PKXGN FG GPNCEG FG FCVQU &..
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UWDPKXGNGUGN/#%
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x 7P GUV¶PFCT FG IGUVKÎP FG GUVCEKÎP 5/6
5VCVKQP /CPCIGOGPV SWG
UWOKPKUVTC GN EQPVTQN PGEGUCTKQ C PKXGN FG NC GUVCEKÎP RCTC IGUVKQPCT NQU
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2QTGNNQ(&&+UGKPUVCNCGPNQUPKXGNGUO¶UDCLQUFGNCVQTTG15+
1RGP5[UVGOU
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UWRGTKQTGU GP RTKPEKRKQ 2QT GN EQPVTCTKQ NCU KORNGOGPVCEKQPGU UÎNQ JCP
EQPUGIWKFQ GPECRUWNCT EQTTGEVCOGPVG #42
#FFTGUU 4GUQNWVKQP 2TQVQEQN G +2
+PVGTPGV2TQVQEQNUQDTG(&&+
3
3QQ``ddee\\__ FF** =
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5G FGDG VGPGT GP EWGPVC GN FKOGPUKQPCOKGPVQ C ECDNGCT NQU EQUVQU C KPXGTVKT NC
KPHTCGUVTWEVWTC[NCVGEPQNQIÈC
GUVCPFCTK\CEKÎPCWVKNK\CT
'N FKOGPUKQPCOKGPVQ C ECDNGCT RWGFG UGT RCTC WPC RNCPVC Q OCU WPQ Q XCTKQU
GFKHKEKQUKPVGTEQPGEVCFQGVE
/¶UFGWPGFKHKEKQ
'PGNECUQSWGVGPICOQUSWGECDNGCTO¶UFGWPGFKHKEKQSWGUGEQPGEVGCWPC
OKUOCTGFOGFKCPVGNCKPVGTEQPGZKQPFG%CORWU
%CFCGFKHKEKQUGT¶CPCNK\CFQ[FKUEWVKFQKPFKXKFWCNOGPVGGPNQSWGUGTGHKGTGC
UWGUVTWEVWTCVGEPQNÎIKEC6QOCPFQNCFGEKUKÎPFGRQPGTHKDTCÎRVKECQPQ
5ÎNQWPGFKHKEKQ
'PGUVGECUQGNCP¶NKUKUGUO¶UUGPEKNNQSWGGNCPVGTKQTVQOCPFQUQNQGPEWGPVC
GNPÕOGTQFGRNCPVCU
RKUQUEQPSWGEWGPVCGNGFKHKEKQCUGTECDNGCFQ
/¶UFGWPCRNCPVC
2TKOGTQ UG FKUEWVG RCTC ECFC RNCPVC KPFKXKFWCNOGPVG VGPKGPFQ GP EWGPVC NCU
ECTCEVGTÈUVKECU FGN UWGNQ
GU FGEKT UK NC EQPGZKÎP UG JCT¶ GP UWGNQ Q RCTGF [
CFGO¶UFQPFGUGJCFGWDKECT GNTGRCTVKFQTFGUWGNQ
#SWÈVCODKÃPUGFGDGRTGXGGTGNECDNGCFQGPVTGRNCPVCU
$CEMDQPGGNEWCNUG
CPCNK\CEWCPFQUGGUVCFKUGÌCPFQNCRNCPVC
7PCUQNCRNCPVC
2CTCWPCUQNCRNCPVCUGFGDGVGPGTGPEWGPVCNCU¶TGCUFGVTCDCLQ[GNNWICTFG
WDKECEKÎPFGNTGRCTVKFQTFGUWGNQSWGGPGUVGECUQUGT¶VCODKÃPGNTGRCTVKFQT
RTKPEKRCN
5G FGDG EQPUKFGTCT RCTC GN FKUGÌQ FGN UKUVGOC FG ECDNGCFQ GUVTWEVWTCFQ NQU
OKPKOQUFGVCNNGUGKPHQTOCEKÎPFGECFCWPCFGNCURNCPVCUSWGEQPHQTOCECFC
RKUQQ¶TGCEQPGNRTQRÎUKVQFGTGCNK\CTWPDWGPECDNGCFQJQTK\QPVCN
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