PETI - ONGEI

Transcription

PETI - ONGEI

&2/(&&
&&,,21
0(72'2/2*,$,1)250$7,&$
-[wG
G:
:K|XOIU
U¥
¥ 6XlIZOIG
GVVGXG
GRRG
+RGHUXGIO|T JK
K66RGTKY+Y
Y+YZZXGZsMOIUY
JK :KITURUMwG JK
K//TLUXSGIO|T
$EULO 2TGRCTCFQ
+ORTGUKÎP
'FKEKÎP
&QOKEKNKQ
1TFGP
&GRÎUKVQ.GICN
5WD,GHCVWTCFG+PHQTO¶VKEC &KTGEEKÎP6ÃEPKECFG0QTOCVKXKFCF[2TQOQEKÎPl
6CNNGTGU )T¶HKEQU FG NC 1HKEKPC 6ÃEPKEC FG #FOKPKUVTCEKÎP FGN +PUVKVWVQ 0CEKQPCN FG
'UVCFÈUVKECG+PHQTO¶VKEC +0'+
'LGORNCTGU
#X)TCN)CT\ÎP0,GUÕU/CTÈCK .KOC
016#+0'+
0
'
@bUcU^dQSY^
N+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+0'+TGURQPUCDNGFGNCUCEVKXK
FCFGUKPHQTO¶VKECU
GPGNUGEVQTRÕDNKEQRTGUGPVCWPCPWGXCXGTUKÎPFGNCOGVQFQNQIÈCRCTCNCGNCDQTCEKÎPFGWPRNCP
KPHQTO¶VKEQ FGPQOKPCFC )WÈC 6GÎTKEQK 2T¶EVKEC RCTC NC 'NCDQTCEKÎP FG 2NCPGU 'UVTCVÃIKEQU FG
6GEPQNQIÈCFG+PHQTOCEKÎP2'6+
'UVC RWDNKECEKÎP SWGEQPUVC FGUKGVG ECRÈVWNQUGUWPCXGTUKÎP TGXKUCFC [CEVWCNK\CFCFGNOCPWCN
UQDTG2NCPGU'UVTCVÃIKEQUFG5KUVGOCUFG+PHQTOCEKÎP
2'5+RTGUGPVCFQGPGPGUVCXGTUKÎPUG
KPEQTRQTC NQU CXCPEGU CNECP\CFQU GP NCU OGVQFQNQIÈCU KPHQTO¶VKECU EQPUQNKFCFQU GP NC EQNGEEKÎP
/ÃVTKEC FGN /KPKUVGTKQ FG NC #FOKPKUVTCEKÎP 2ÕDNKEC FG 'URCÌCSWG KPENW[GP EQPEGRVQU
CEVWCNK\CFQU [ EQPUQNKFCFQU GP NCU VGEPQNQIÈCU FG +PHQTOCEKÎP VCPVQ FGN GPHQSWG GUVTWEVWTCFQ
EQOQ FGN GPHQSWG FG QDLGVQU %QP GUVG FQEWOGPVQ GN +0'+ FC KPKEKQ C WP RTQEGUQ FG TGXKUKÎP [
CEVWCNK\CEKÎPFGNCEQNGEEKÎPFGOGVQFQNQIÈCUGNCDQTCFCUCOGFKCFQUFGNQUCÌQUEQPGNHKPFG
CEVWCNK\CTNCU[FKHWPFKTGPVTGNCEQOWPKFCFKPHQTO¶VKECFGN'UVCFQWPOCTEQVGÎTKEQ
K RT¶EVKEQSWG
CRQ[G NC IGUVKÎP [ FGUCTTQNNQ FG NCU CEVKXKFCFGU KPHQTO¶VKECU GP GN OCTEQ FG NC EQPUVTWEEKÎP FGN
)QDKGTPQ'NGEVTÎPKEQ
G)QDKGTPQ
'PGN%CRÈVWNQFGNCRWDNKECEKÎPUGRNCPVGCWPCKPVTQFWEEKÎPCNQUQDLGVKXQUFGN2'6+GPGNOCTEQ
FG NC OQFGTPK\CEKÎP FG NCIGUVKÎPRÕDNKEC[NCKPVTQFWEEKÎPFGN)QDKGTPQ'NGEVTÎPKEQGNHNWLQFG
VTCDCLQ[UWTGNCEKÎPEQPGNOQFGNQRTQRWGUVQRQTGNFQEWOGPVQFG.KPGCOKGPVQURCTCNC%TGCEKÎP
FG5QEKGFCFFGNC+PHQTOCEKÎP
'PGN%CRÈVWNQUGFGUETKDGNCHCUGFGQTICPK\CEKÎPFGNRTQ[GEVQ2'6+KPUVKVWEKQPCNFGVGTOKPCPFQ
TGURQPUCDKNKFCFGU GP NC GNCDQTCEKÎP FGN 2NCP FG 6TCDCLQ 'P GN %CRÈVWNQ UG EQPVKPWC EQP GN
RTQEGUQ FG CNKPGCEKÎP EQP GN 2NCP 'UVTCVÃIKEQ 5GEVQTKCN G +PUVKVWEKQPCN EQOQ WP RTQEGUQ
HWPFCOGPVCNGPNQUEGPVTQUFGIGUVKÎPKPHQTO¶VKECRCTCNCRNCPKHKECEKÎPFGCEVKXKFCFGUKPHQTO¶VKECU
SWGCRQ[GPGNFGUCTTQNNQFGWPCKPUVKVWEKÎP
'P GN %CRÈVWNQ UG KFGPVKHKEC NQU TGSWGTKOKGPVQU FG WP RNCP 2'6+ UG GUVWFKC NQU RTQEGUQU FG NC
QTICPK\CEKÎP [ UG NQITC GNCDQTCT WP NKUVCFQ FG TGSWGTKOKGPVQU GP GN OCTEQ FG WP GPHQSWG FG
OGLQTCOKGPVQ FG RTQEGUQU PGEGUCTKQU RCTC NC QRVKOK\CEKÎP [ TCEKQPCNK\CEKÎP FG NQU RTQEGUQU
KPUVKVWEKQPCNGU
.QU %CRÈVWNQU [ VTCVCP UQDTG FKUGÌQ FGN OQFGNQ VGEPQNÎIKEQ KPUVKVWEKQPCN GP GN ECORQ FGNQU
UKUVGOCUFGKPHQTOCEKÎP[FGNUQRQTVGGPJCTFYCTG[UKUVGOCUDCUG'PGUVQUECRÈVWNQUUGKPEQTRQTC
GN GPHQSWG FG EQPVKPIGPEKCU SWG RNCPVGC FKURQPGT FG RNCPGU CNVGTPCVKXQU SWG RGTOKVCP UWRNKT GP
ECUQ FG RTGUGPVCTUG RTQDNGOCU GP NC KORNGOGPVCEKÎP FG NC RNCVCHQTOC [ UQNWEKQPGU RNCPKHKECFCU
'UVQURNCPGUCNVGTPCVKXQU
FGPQOKPCFQUFGGOGTIGPEKCRCTVGPFGTGCNK\CTWPCP¶NKUKUFGTKGUIQRCTC
NWGIQFKUGÌCTGKORNGOGPVCTNQURNCPGUFGGOGTIGPEKC
2QT ÕNVKOQ GP GN %CRÈVWNQ UG RTGUGPVCP NQU RNCPGU FG CEEKQPGU NQUOKUOQU SWG FGDGP UGT
GNCDQTCFQUGPGNOCTEQFGN2NCP1RGTCVKXQ+PHQTO¶VKEQ
'N +0'+ CITCFGEG NC EQNCDQTCEKÎP FG NCU GPVKFCFGU FGN 5KUVGOC 0CEKQPCN FG +PHQTO¶VKEC RQT NCU
UWIGTGPEKCURTGUGPVCFCUGPNCUXGTUKQPGUCPVGTKQTGUNCUOKUOCUSWGJCPUKFQRNCUOCFQUGPGUVCPWGXC
XGTUKÎP FG OCPGTC GURGEKCN GN CITCFGEKOKGPVQ CN +PUVKVWVQ FGN /CT FGN 2GTÕ +/#42' SWG JC
RGTOKVKFQ KNWUVTCT GUVG FQEWOGPVQ OGVQFQNÎIKEQ EQP ECRÈVWNQU SWG KPENW[GP VGZVQU [ IT¶HKEQU FGN
FQEWOGPVQFG2NCP'UVTCVÃIKEQFG6GEPQNQIÈCFG+PHQTOCEKÎPFG+/#42'GNCDQTCFQGPGNCÌQK
[SWGGPNCCEVWCNKFCFUGGPEWGPVTCGPRNGPCKORNGOGPVCEKÎP
.KOC#DTKNFGN
)+.$'461/10%#&#8+)1
,'('
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
+PVTQFWEEKÎP
9^TYSU
1DLGVKXQUFGNC2NCPKHKECEKÎPGUVTCVÃIKECFGVGEPQNQIÈCUFGKPHQTOCEKÎP
2'6+ 4GHQTOC FG NC IGUVKÎP RÕDNKEC 'N RNCPGCOKGPVQ GUVTCVÃIKEQ FG NCU
CEVKXKFCFGUFGN'UVCFQ[EQPUVTWEEKÎPFGNG)QDKGTPQ 1DLGVKXQUFGN2'6+
/CTEQEQPEGRVWCNRCTCGNFGUCTTQNNQFGN2'6+ 'XQNWEKÎPFGNCOGVQFQNQIÈCKPHQTO¶VKECFGN+0'+ 2TQURGEVKXC FGN FGUCTTQNNQ FG NCU VGEPQNQIÈCU FG KPHQTOCEKÎP GP NCU
GPVKFCFGUFGN'UVCFQRGTWCPQRCTCNCRTKOGTCFÃECFCFGNPWGXQUKINQ &GHKPKEKÎP[QTICPK\CEKÎPFGN2'6+ /QFGNCOKGPVQFGNRTQ[GEVQ2'6+ #P¶NKUKUFGNCUPGEGUKFCFGUFGNRTQ[GEVQ2'6+ #NECPEGFGNRTQ[GEVQ2'6+ &GVGTOKPCEKÎPFGTGURQPUCDKNKFCFGU 1TICPK\CEKÎPFGN2'6+
%QOWPKECEKÎPFGNRNCPFGVTCDCLQ
'NCDQTCEKÎPFGNRNCPFGVTCDCLQRCTCGNFGUCTTQNNQFGN2'6+
#NKPGCOKGPVQFGNRNCPFGUKUVGOCUCNRNCPGUVTCVÃIKEQ
/QFGNCOKGPVQKPUVKVWEKQPCN #P¶NKUKUFGNQUCPVGEGFGPVGU 'UVWFKQFGNCQTICPK\CEKÎP
+FGPVKHKECEKÎPFGTGSWGTKOKGPVQU
/QFGNCOKGPVQFGNTGSWGTKOKGPVQ #P¶NKUKUFGNCUPGEGUKFCFGUFGKPHQTOCEKÎP 'UVWFKQFGNQURTQEGUQUFGNCQTICPK\CEKÎP
.KUVCFQFGTGSWKUKVQU
&KUGÌQFGNOQFGNQFGUKUVGOCUKPUVKVWEKQPCN /QFGNCOKGPVQVGEPQNÎIKEQ 2NCPGUVTCVÃIKEQ 'UVWFKQFGNQUUKUVGOCUFGKPHQTOCEKÎPCEVWCNGU &KCIPÎUVKEQFGNUKUVGOCFGKPHQTOCEKÎP &GHKPKEKÎPFGNOQFGNQFGUKUVGOCFGKPHQTOCEKÎPTGSWGTKFQ &GHKPKEKÎPFGNOQFGNQFGEQPVKPIGPEKCUFGN2'6+
&KUGÌQFGNOQFGNQFGCTSWKVGEVWTCVGEPQNÎIKEC /QFGNCOKGPVQVGEPQNÎIKEQ 2NCPFGVGEPQNQIÈCU +FGPVKHKECEKÎPFGNCUPGEGUKFCFGUFGKPHTCGUVTWEVWTCVGEPQNÎIKEC 5GNGEEKÎPFGNCCTSWKVGEVWTCVGEPQNÎIKEC &GHKPKEKÎPFGNCCTSWKVGEVWTCVGEPQNÎIKECFGEQPVKPIGPEKCU
2NCPGUFGCEEKÎP2TQ[GEVQU &GHKPKEKÎPFGNRNCPFGCEEKÎP &GHKPKEKÎPFGRTQ[GEVQUCTGCNK\CT 6CDNGTQFGEQPVTQNFGNCIGUVKÎPFGN2'6+ 2NCPFGOCPVGPKOKGPVQ #RNKECEKÎPFGNGPHQSWGFGEQPVKPIGPEKCU #PGZQ 6ÃEPKECUGORNGCFCUGPNCIWÈC 1HKEKQFGCWVQTK\CEKÎPFGWUQFGKPHQTOCEKÎPFG+/#42' )WÈC6GÎTKEQ 2T¶EVKECRCTCNC
'NCDQTCEKÎPFG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP
!! ?
?RRZZUUddYYff__cc TTUU \\QQ @@\\QQ^^YYVVYYSSQQSSYY^^ UUccddbbQQdd}}WWYYSSQQ TTUU
ddUUSS^^__\\__WWQQcc TTUU YY^^VV__bb]]QQSSYY^^
4GHQTOCFGNCIGUVKÎPRÕDNKEC'NRNCPGCOKGPVQGUVTCVÃIKEQFGNCUCEVKXKFCFGU
FGN'UVCFQ[EQPUVTWEEKÎPFGNG )QDKGTPQ
'N T¶RKFQ RTQEGUQ FG KPVGITCEKÎP OWPFKCNSWG NC VGEPQNQIÈC RTQFWLQ GP NQU
OGTECFQUOQUVTÎNCPGEGUKFCFFGNCTGHQTOCFGNQUUKUVGOCUGEQPÎOKEQU[GP
GURGEKCNFGNQUUKUVGOCUFGIGUVKÎPRTKXCFQU [RÕDNKEQU#NOKUOQVKGORQGN
FGUCTTQNNQ FG NQU OGFKQU FG EQOWPKECEKÎP [ FG +PVGTPGV JCP CETGEGPVCFQ NC
TGURQPUCDKNKFCF FG NQU IQDKGTPQU CPVG NC EKWFCFCPÈC FCPFQ O¶U XQ\ C NQU
EKWFCFCPQU
.C TGXQNWEKÎP FKIKVCN RNCPVGC WP TGVQ C NC ECRCEKFCF FG TGURWGUVC
IWDGTPCOGPVCNCPVGNCETGEKGPVGFGOCPFCEKWFCFCPC'NEKWFCFCPQRCUKXQGU
WP EQPEGRVQ FGN RCUCFQ 'NIQDKGTPQ VGPFT¶ SWG GPHTGPVCT PWGXCU HQTOCU FG
RCTVKEKRCEKÎPRÕDNKECGPNCVQOCFGFGEKUKQPGU[FGDGT¶VGPGTNKUVQUNQUECPCNGU
RCTCFCTNGUWPUGIWKOKGPVQGZKVQUQ
.C TGNCEKÎP IQDKGTPQEKWFCFCPQ UGT¶ FKTGEVC [ O¶U GZKIGPVG GP VÃTOKPQU FG
VKGORQ FCFQ SWG NCU VGEPQNQIÈCU FG KPHQTOCEKÎP RGTOKVKT¶P SWG ECFC
EKWFCFCPQRCTVKEKRGCEVKXCEGTECPCGKPOGFKCVCOGPVGGPNCEQPUVTWEEKÎPFGNCU
RQNÈVKECURÕDNKECU
.QU IQDKGTPQU FGDGT¶P JCNNCT PWGXCU HQTOCU FG KPVGTCEVWCT EQP NQU
EKWFCFCPQU FG QTICPK\CTUG KPVGTPCOGPVG [ QHTGEGT EQP VQFQ GNNQ PWGXQU
EQPEGRVQUFGXCNQTCNCUQEKGFCF(TGPVGJCGUVQUFGUCHÈQUCRCTGEGGNEQPEGRVQ
FG)QDKGTPQ'NGEVTÎPKEQQG)QDKGTPQ
3WÃGUGNGIQDKGTPQ!
5GIÕP)CTVPGT)TQWRGNG)QDKGTPQGUNCKPPQXCEKÎPEQPVKPWCFGNQUUGTXKEKQU
NC RCTVKEKRCEKÎP FG NQU EKWFCFCPQU [ NC HQTOC FG IQDGTPCT OGFKCPVG NC
VTCPUHQTOCEKÎPFGNCUTGNCEKQPGUGZVGTPCUGKPVGTPCUCVTCXÃUFGNCVGEPQNQIÈCGN
+PVGTPGV[NQUPWGXQUOGFKQUFGEQOWPKECEKÎP
'P QVTCU RCNCDTCU GN G)QDKGTPQ KORNKEC NC VTCPUHQTOCEKÎP FG NC HWPEKÎP
IWDGTPCOGPVCNKPVTQFWEKGPFQPWGXQUXCNQTGUFGEQOWPKECEKÎPEQQRGTCEKÎP[
RCTVKEKRCEKÎP KPVGTCEVKXC RCTC NC VQOC FG FGEKUKQPGU IWDGTPCOGPVCNGU
FGPQOKPCFQTGNCEKÎPIQDKGTPQCEKWFCFCPQ&GKIWCNOCPGTCUGOQFKHKECT¶P
NCUGUVTCVGIKCUFGVTCPURCTGPEKCFGUGORGÌQ[TGPFKEKÎPFGEWGPVCUCNKPVGTKQT
FGN IQDKGTPQ RCTC SWG ÃUVG CEVÕG O¶U GHKEKGPVGOGPVG GP NC RTGUVCEKÎP FG
+PUVKVWVQ 0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈC6GÎTKEQ 2T¶EVKECRCTCNC
'NCDQTCEKÎP FG2NCPGU'UVTCVÃIKEQUFG6GEPQNQIÈCUFG+PHQTOCEKÎP
UGTXKEKQU [ GP NC CFOKPKUVTCEKÎP FG NC KPHQTOCEKÎP TGHQT\CPFQ UW NKFGTC\IQ
CPVG NC UQEKGFCF FGPQOKPCFC TGNCEKÎP IQDKGTPQ C IQDKGTPQ (KPCNOGPVG NCU
TGNCEKQPGU IQDKGTPQ C GORTGUCU UGT¶P VCODKÃP TGFKUGÌCFCU DWUECPFQ NC
RCTVKEKRCEKÎP CEVKXC [ EQORTQOGVKFC FGN UGEVQT RTKXCFQ GP NC OQFGTPK\CEKÎP
IWDGTPCOGPVCN
.CKFGCUWD[CEGPVGGUSWGGPNQUVTGUVKRQUFGKPVGTCEEKÎPGNIQDKGTPQRQFT¶
JCEGTO¶UEQPOGPQU[CNOKUOQVKGORQHQTVCNGEGT¶NCEQOWPKECEKÎPFKTGEVC
EQP NQU EKWFCFCPQU GNKOKPCPFQ NC KPVGTOGFKCEKÎP SWG PQTOCNOGPVG
GHGEVWCDCPNCUDWTQET¶VKECUQHKEKPCUIWDGTPCOGPVCNGU
.C/QFGTPK\CEKÎPFGN'UVCFQCWVQOCVK\CEKÎPFGXKGLQUXKEKQU!
7PQ FG NQU OC[QTGU TGVQU SWG VKGPGP SWG GPHTGPVCT NQU IQDKGTPQU GU GN FG
OGLQTCT [ VTCPUHQTOCT UWU UGTXKEKQU CPVGU FG CWVQOCVK\CTNQU PQ JCEGTNQ
KORNKECTÈCVTCUNCFCTNQUXKEKQUDWTQET¶VKEQUCNCTGF
'P/ÃZKEQNC1HKEKPCFGNC2TGUKFGPEKCRCTCNC+PPQXCEKÎP)WDGTPCOGPVCNJC
VQOCFQ [C RTGECWEKQPGU GP GUVG UGPVKFQ C VTCXÃU FG NC ETGCEKÎP FGN /QFGNQ
'UVTCVÃIKEQRCTCNC+PPQXCEKÎP)WDGTPCOGPVCN
P'UVGGUGUGPEKCNOGPVGWPOQFGNQFGECODKQFGRCTCFKIOCUJCEKCGNKPVGTKQT
FG NC #FOKPKUVTCEKÎP 2ÕDNKEC HGFGTCN 5W XKUKÎP UG EGPVTC GP TGEWRGTCT NC
EQPHKCP\C FG NQU EKWFCFCPQU GP GN IQDKGTPQ [ VTCPUHQTOCTNC GP WP GPVG
EQORGVKVKXQ SWG EQPVTKDW[C C NQITCT NQU TGUWNVCFQU RNCPGCFQU GP OCVGTKC FG
ETGEKOKGPVQ GEQPÎOKEQ FGUCTTQNNQJWOCPQ[UQEKCNCUÈEQOQGPOCVGTKCFG
QTFGP[TGURGVQQ
6ÃTOKPQUENCXGU
R /GLQTCTNCECNKFCFFGNUGTXKEKQ4GFWEKTEQUVQUCFOKPKUVTCVKXQU4GGUVCDNGEGT
NCEQPHKCP\CFGNQUEKWFCFCPQU
R 'XKVCTGNFGURGTFKEKQ4GKPIGPKGTÈCFGRTQEGUQU/GLQTCTNCKPHTCGUVTWEVWTCFG
VGEPQNQIÈCU FG KPHQTOCEKÎP /GLQTCT GN CEEGUQ C NQU UGTXKEKQU 'PVGPFGTNC
TGNCEKÎPGPVTGRQNÈVKEC[TGUWNVCFQU
R &GEKFKT FÎPFG ICUVCT [ EW¶PVQ &GVGTOKPCT NCU UCNKFCU [ TGUWNVCFQU FG NCU
CEVKXKFCFGU
R 4GFKUGÌCTNCGPVTGICFGUGTXKEKQUEQPECNKFCF'UVCDNGEGTNCUPWGXCUHWGPVGU
FGKPITGUQU
R 6TCPURCTGPEKC[TGPFKEKÎPFGEWGPVCU
2CTC NC 1HKEKPC FG NC 2TGUKFGPEKC NC KPPQXCEKÎP FGN IQDKGTPQ PGU WP
OQXKOKGPVQ EWNVWTCN [ GUVTWEVWTCN SWG DWUECT¶ VTCPUHQTOCT TCFKECNOGPVG NC
QTKGPVCEKÎP NC ECRCEKFCF [ NC XGNQEKFCF FG TGURWGUVC GUVTCVÃIKEC FG NC
#FOKPKUVTCEKÎP 2ÕDNKEC HGFGTCN TGXKUWCNK\CPFQ VQFQ FGUFG OÕNVKRNGU
GZRGEVCVKXCUQ
P'NRTQRÎUKVQUWRGTKQTFGGUVCKPPQXCEKÎPGUOGLQTCTNCECRCEKFCFFGIQDGTPCT
RCTCCVGPFGTNQUCPJGNQU[GZRGEVCVKXCUFGNCUQEKGFCFOGZKECPCTGEWRGTCPFQ
EQPGNNQNCEQPHKCP\CGPUWUCWVQTKFCFGUQ
P#NCRCTFGGUVCCEEKÎPOQFGTPK\CFQTCÈPVGITC[CNCTIQRNC\QGNGIQDKGTPQ
HCEKNKVCT¶NCKORNGOGPVCEKÎPFGNCCFOKPKUVTCEKÎPRQTQDLGVKXQUNCETGCEKÎPFG
QTICPK\CEKQPGU O¶U HNGZKDNGU GN HWPEKQPCOKGPVQ FG GUVTWEVWTCU OGPQU
RKTCOKFCNGU [NCETGCEKÎPFGQHKEKPCUFGIQDKGTPQO¶URGSWGÌCU[GHKEKGPVGU
EQPTGURQPUCDKNKFCFGUGURGEÈHKECU[GNEQORTQOKUQFGIGPGTCTTGUWNVCFQUQ
P'P GUVG PWGXQ IQDKGTPQ UG XCP CDCPFQPCPFQ NCU VTCFKEKQPCNGU QHKEKPCU
HWGTVGOGPVG LGTCTSWK\CFCU RKTCOKFCNGU [ XGTVKECNGU FCPFQ QTKIGP C
QTICPK\CEKQPGU DCUCFCU GP NCU PGEGUKFCFGU FG NQU EKWFCFCPQU EQP PWGXQU
GSWKRQU FG VTCDCLQ SWG QRGTCP GP HQTOC KPVGITCN JQTK\QPVCN [ GP NÈPGC C
FKURQUKEKÎPFGNQUKPVGTGUCFQUCVTCXÃUFG+PVGTPGVQ
4GVQU[QRQTVWPKFCFGUFGNG)QDKGTPQ
'N FGUCHÈQ FGN G)QDKGTPQ RTGUGPVC FQU ITCPFGU QRQTVWPKFCFGU RCTC GN UGEVQT
GORTGUCTKCN
R
R
%QOQ RTQXGGFQT RQTSWG VKGPG GN MPQYJQY [ NQU RTQFWEVQU NQ SWG
RGTOKVKT¶CNIQDKGTPQCNECP\CTUWUQDLGVKXQU
%QOQ EQPUWOKFQT CN KIWCN SWG VQFQU NQU EKWFCFCPQU RQTSWG UG
DGPGHKEKCT¶PEQPGNOGLQTCOKGPVQFGNQUUGTXKEKQUFGNIQDKGTPQ
5KP GODCTIQ NC GPQTOG DTGEJC FKIKVCN VCPVQ EWNVWTCN EQOQ FG CEEGUQ SWG
GZKUVGGPRCÈUGUEQOQGNPWGUVTQGPVTGNQUJCDKVCPVGUSWGVKGPGP[NQUSWGPQ
VKGPGP CEEGUQ C NC KPHQTOCEKÎP [ C NC VGEPQNQIÈC EQOQ OGFKQ FG
EQOWPKECEKÎP FG NC KPHQTOCEKÎP IGPGTC GPQTOGU TGVQU RCTC WPC RWGUVC GP
OCTEJCGZKVQUCFGNIQDKGTPQGNGEVTÎPKEQ
'P WP PKXGN D¶UKEQ UG PGEGUKVCT¶ EQORWVCFQTCU GP VQFCU NCU GUEWGNCU [
DKDNKQVGECU CUÈ EQOQ GP VQFCU NCU QHKEKPCU FG IQDKGTPQ #UÈ OKUOQ UG
PGEGUKVCT¶ NC IGPGTCEKÎP FG UKUVGOCU FG KPHQTOCEKÎP FG NC CEVKXKFCF
IWDGTPCOGPVCN GP GURGEKCN FG NQU VT¶OKVGU IWDGTPCOGPVCNGU [ FG
EQOWPKECEKÎPEQPNCEKWFCFCPÈC
'P WP PKXGN KPVGTOGFKQ NCU CEEKQPGU FG NQU GUVCFQU FGDGT¶P QTKGPVCTUG C
KORNGOGPVCT EQORWVCFQTCU GP VQFQU NQU NWICTGU RÕDNKEQU [ JCEGT GUHWGT\QU
RCTC EQNQECT GP +PVGTPGV R¶IKPCU YGD [ RQTVCNGU VGO¶VKEQU NQU UKUVGOCU FG
KPHQTOCEKÎP QTKGPVCFQU C NQU EKWFCFCPQU NQU VT¶OKVGU RCTC NC QDVGPEKÎP FG
UGTXKEKQU RÕDNKEQU [ FGDGT¶P GUVCT KPVGITCFQU VQFQU NQU UGTXKEKQU
IWDGTPCOGPVCNGU
(KPCNOGPVG RCTC EQPUGIWKT WP G)QDKGTPQ CXCP\CFQ UG VGPFT¶ SWG JCEGT
TGCNKFCF SWG ECFC EKWFCFCPQ VGPIC CEEGUQ C WPC EQORWVCFQTC EQP CEEGUQ C
+PVGTPGVSWGGZKUVCPGPNCTGFUKUVGOCUFGVTCDCLQEQORNGVQU[UQHKUVKECFQUSWG
RWGFCPJCEGTUGVTCPUCEEKQPGUOQPGVCTKCUGPNÈPGCSWGUGNQITGNCKPVGITCEKÎP
EQPQVTQUUGEVQTGUFGNCUQEKGFCF[EQPUWUUKUVGOCU[SWGNCFGOQETCEKCGP
NÈPGCUGCRCTVGFGNCFKP¶OKECEKWFCFCPC
+ORNGOGPVCTGZKVQUCOGPVGWPCKPKEKCVKXCFGG)QDKGTPQTGSWKGTGSWGGPECFC
RCUQ C UGIWKT NCU QTICPK\CEKQPGU IWDGTPCOGPVCNGU FGHKPCP [ TGUWGNXCP EKGTVQ
PÕOGTQFGCUWPVQUEQOQUQP
R 'UVTCVGIKCURQNÈVKECU.CUGUVTCVGIKCUNG[GU[OCTEQUTGIWNCVQTKQURWGFGPUGT
KPCFGEWCFQU RCTC NNGXCT C ECDQ PWGXQU VKRQU FG TGNCEKQPGU KPVGTPCU [
GZVGTPCUSWGRGTOKVCPGNG)QDKGTPQ
R 2GTUQPCN 'N HCEVQT JWOCPQ GU GZVTGOCFCOGPVG KORQTVCPVG GP EWCNSWKGT
RTQEGUQFGVTCPUHQTOCEKÎP.CUGVCRCUHKPCNGUFGWPCKPKEKCVKXCG)QDKGTPQ
RWGFGP GPEQPVTCT WPC HWGTVG QRQUKEKÎP 5G KPEWTTKT¶ GP ICUVQU RCTC
FGURNC\CTTGENWVCTTGVGPGT[TGECRCEKVCTCNRGTUQPCN
R 2TQEGUQU .C OC[QTÈC FG NQU RTQEGUQU DWTQET¶VKEQU GUV¶P EQPUVTWKFQU
CNTGFGFQT FG WPC GUVTWEVWTC LGT¶TSWKEC .C KPVGTCEEKÎP GNGEVTÎPKEC RWGFG
EQPVTCTTGUVCT CNIWPQU FG GUVQU RTQDNGOCU RQT NQ SWG UG TGSWGTKT¶ FG WP
TGFKUGÌQFGNQURTQEGUQU
R 6GEPQNQIÈC 7PC ITCP XCTKGFCF FG VGEPQNQIÈCU FG KPHQTOCEKÎP [
EQOWPKECEKÎPFGUGORGÌCPWPRCRGNENCXGGPNCUFKHGTGPVGUGVCRCUFGWPC
KPKEKCVKXC FGG)QDKGTPQEQOQGN+PVGTPGVEQOWPKECEKÎPKPCN¶ODTKEC[NC
KPVGITCEKÎPFGCRNKECEKQPGU[UGIWTKFCF
'N TGVQ UÎNQ RQFT¶ UGT GPHTGPVCFQ UK UG EQPUKIWG WPC ETGCVKXC G KPPQXCFQTC
CNKCP\CGPVTGGNUGEVQTRTKXCFQ[GNUGEVQTRÕDNKEQSWGICTCPVKEGSWGPCFKG UGC
GZENWKFQFGNCUQRQTVWPKFCFGUFGNCVGEPQNQIÈCRQTTC\QPGUGEQPÎOKECUQFG
FGUXGPVCLCUQEKCN
2CTCGNNQGN+0'+EQPVTKDW[GCVTCXÃUFGNCGNCDQTCEKÎPFG2QNÈVKECU2NCPGU[NC
RTQOQEKÎP FG OGVQFQNQIÈCU SWG HCEKNKVGP GN FKUGÌQ G KORNGOGPVCEKÎP FGN G
)QDKGTPQ GP RCTVKEWNCT 2CTC GN ECUQ GN 2NCP 'UVTCVÃIKEQ FG 6GEPQNQIÈC FG
+PHQTOCEKÎP
2'6+GUWPKPUVTWOGPVQSWGCRQ[CGNRTQEGUQFGRNCPKHKECEKÎP[
FGUCTTQNNQFGNCU6+GPNCU+PUVKVWEKQPGUFGN'UVCFQ
'N OQFGNQ NC #FOKPKUVTCEKÎP 2ÕDNKEC GP NÈPGC G)QDKGTPQ Q IQDKGTPQ
GNGEVTÎPKEQ GU NC CRNKECEKÎP FG PWGXCU VGEPQNQIÈCU FG KPHQTOCEKÎP [
EQOWPKECEKÎP LWPVQ EQP NC VTCPUHQTOCEKÎP FG NQU RTQEGFKOKGPVQU NC
KORNCPVCEKÎP FG PWGXQU OÃVQFQU [ GUVKNQU FG VTCDCLQ NC ECRCEKVCEKÎP FG NQU
GORNGCFQU GP NCU 6+% GN VTCDCLQ GP ITWRQ [ NC RTGUVCEKÎP FG UGTXKEKQU FG
ECNKFCFCNENKGPVG
GNEKWFCFCPQ
5GEQPUKFGTCPGEGUCTKQNCKORNGOGPVCEKÎPFGWP2NCP'UVTCVÃIKEQ[NCUCEEKQPGU
SWGUGFGTKXGPEQPGNQDLGVQFG
x CEVWCT T¶RKFCOGPVG RCTC CRTQXGEJCT GN GPQTOG RQVGPEKCN RTQFWEVKXQ SWG
QHTGEG+PVGTPGV
OW[RTQPVQNCUQRQTVWPKFCFGU[RQUKDKNKFCFGURWGFGPXGTUG
EGTTCFCU RQT NC RQUKEKÎP FQOKPCPVG SWG CNECPEGP NCU GORTGUCU G
KPUVKVWEKQPGUSWGNCUWVKNKEGPRTKOGTQ
x KPETGOGPVCT UWUVCPEKCNOGPVG NQU CEVWCNGU ÈPFKEGU FG RGPGVTCEKÎP FG NQU
OGFKQU [ UGTXKEKQU FG KPHQTO¶VKEC [ VGNGEQOWPKECEKQPGU KPENW[GPFQ NCU
\QPCU TWTCNGU [ CKUNCFCU FGN RCÈU UK UG FGUGC CRTQXGEJCT CN O¶ZKOQ NCU
XGPVCLCUFGNCUPWGXCUVGEPQNQIÈCU5KPEQDGTVWTCFGVGNGEQOWPKECEKQPGUPQ
JC[FGOQETCVK\CEKÎP[FGUEGPVTCNK\CEKÎPFGNCEEGUQ
x OCUKHKECT NC GFWECEKÎP [ ECRCEKVCEKÎP GP +PVGTPGV PQ DCUVC VGPGT CEEGUQ
JC[ SWG RQVGPEKCT UW GORNGQ %WCPVQ OC[QT UGC NC RQDNCEKÎP [ NCU
GORTGUCU GP ECRCEKFCF FG WUCT [ VGPGT CEEGUQ C NQU UGTXKEKQU OC[QT
FGOCPFCGZKUVKT¶
x RTKQTK\CT NCU CEEKQPGU FG GUVG RNCP GP NC RTQITCOCEKÎP [ CUKIPCEKÎP FG
TGEWTUQU [ EQPVCT EQP GN O¶U CNVQ TGURCNFQ IWDGTPCOGPVCN RCTC SWG
CNECPEGP GN ÃZKVQ FGUGCFQ NQITCT NC CEGRVCEKÎP [Q RCTVKEKRCEKÎP FG NCU
GORTGUCU[UQEKGFCFEKXKNGPGNFGUCTTQNNQFGNCUCEEKQPGUGLGEWVCFCURQTGN
'UVCFQGPGNOCTEQFGGUVGRNCP
'ZKUVGP UGTXKEKQU SWG UQP FG EQORGVGPEKC GURGEÈHKEC FG NQU OKPKUVGTKQU Q
KPUVKVWEKQPGU RÕDNKECU EW[CU ECTCEVGTÈUVKECU RNCPGU OGVCU [ TGEWTUQU UQP
IGTGPEKCFQUFKTGEVCOGPVGRQTGNNQU[SWGPQUQPEQPUKFGTCFQUFKTGEVCOGPVGGP
GUVG FQEWOGPVQ RGTQ SWG GP UW GLGEWEKÎP FGDGT¶P VQOCT GP EWGPVC NQU
QDLGVKXQU GUVTCVÃIKEQU CSWÈ HQTOWNCFQU RCTC IGPGTCT UKPGTIKCU [ CWOGPVCT NQU
DGPGHKEKQUFGNCUCEEKQPGURTGXKUVCU
&GUFGGNRWPVQFGXKUVCFGN'UVCFQUG TGSWKGTG
8+5+¦0
7P OQFGNQ FG IGUVKÎP FG TGEWTUQU ECRC\ FG CEGNGTCT NC FGUEGPVTCNK\CEKÎP
KPVGITCPFQ DTKPFCPFQ OGLQTGU UGTXKEKQU [ HCEKNKVCPFQ GN CEEGUQ FG NQU
EKWFCFCPQU [ NCU GORTGUCU C NC KPHQTOCEKÎP
'UVC XKUKÎP FG HWVWTQ RTGVGPFG GPHCVK\CT GN TQN FGN 'UVCFQ FG CEVWCT FG OCPGTC
GHKEKGPVG [ VTCPURCTGPVG RCTC JCEGT TGCNKFCF GN FGTGEJQ FG NQU EKWFCFCPQU [ NCU
GORTGUCU FG TGEKDKT UGTXKEKQU FG ECNKFCF CEEGFGT C NC KPHQTOCEKÎP RÕDNKEC [
TGNCEKQPCTUG CEVKXCOGPVG EQP NC #FOKPKUVTCEKÎP 2ÕDNKEC FGUFG EWCNSWKGT NWICT
[ EQP FKXGTUQU OGFKQU RTGHGTGPVGOGPVG NQU VGEPQNÎIKEQU
/+5+¦0
(CEKNKVCT NC KPEQTRQTCEKÎP [ WUQ GHKEKGPVG FG NCU VGEPQNQIÈCU FG KPHQTOCEKÎP [
EQOWPKECEKÎP RCTC EQPVCT EQP WP 'UVCFQ OQFGTPQ ECRC\ FG RTGUVCT UGTXKEKQU
FG ECNKFCF QRQTVWPQU UGIWTQU [ CEEGUKDNGU CN EKWFCFCPQ CEGTECT CN EKWFCFCPQ
C NC IGUVKÎP RÕDNKEC [ HCEKNKVCT GN CEEGUQ KTTGUVTKEVQ [ WPKXGTUCN C NC KPHQTOCEKÎP
C VQFC NC RQDNCEKÎP RCTC SWG RCTVKEKRGP GP NC EQPUVTWEEKÎP [ GP NQU DGPGHKEKQU
FG NC 5QEKGFCF FG NC +PHQTOCEKÎP
'N CRQTVG GUVTCVÃIKEQ FG NCU 6+ C NC OQFGTPK\CEKÎP FGN 'UVCFQ RGTOKVG NC
KORNCPVCEKÎP FG PWGXQU OQFGNQU FG IGUVKÎP SWG CEGNGTCP NQU RTQEGUQU CDTGP
PWGXQU ECPCNGU FG EQOWPKECEKÎP GP NQU FQU UGPVKFQU TGFWEGP EQUVQU [ VKGORQ
[ RQUKDKNKVCP QRGTCT GP OWEJQU ECUQU KPFGRGPFKGPVGOGPVG FGN VKGORQ [ NC
FKUVCPEKC
'NÃZKVQFGNCOKUKÎPRNCPVGCFC
FGOCPGTCKPVGITCNT¶RKFCFKTGEVC[GHGEVKXC
KORNKECSWGNCUKPUVKVWEKQPGUFGN'UVCFQTGFGHKPKT¶PUWQTICPK\CEKÎPRCTC
x &KUGÌCTUWUUGTXKEKQUEGPVTCFQUGPGNEKWFCFCPQEQPECNKFCFQRQTVWPKFCF
UGIWTKFCF[CEEGUKDKNKFCFEQPUKFGTCPFQUWUPGEGUKFCFGUGURGEÈHKECU
x #ORNKCTUWUEQORGVGPEKCU[JCDKNKFCFGURCTCOQPKVQTGCTGNKORCEVQFGNCU
PWGXCU VGEPQNQIÈCU CN KPVGTKQT FG NCU QTICPK\CEKQPGU [ GP NC UQEKGFCF GP
IGPGTCN
x &KUGÌCTOGECPKUOQUFGEQQTFKPCEKÎP[EQQRGTCEKÎPGPVTGQTICPKUOQUFGN
'UVCFQHNGZKDNGU[GPNÈPGCEQPNCUPWGXCUVGEPQNQIÈCURCTCSWGQRVKOKEGP
TGEWTUQU [ GUHWGT\QU GP NC RWGUVC GP OCTEJC FG UQNWEKQPGU VGEPQNÎIKECU
EQORNGLCU[HKCDNGU
x 6TCDCLCT GP HWPEKÎP FG NQ SWG GN OGTECFQ NCU KPUVKVWEKQPGU [ EKWFCFCPQU
FGOCPFCP RTQOQXKGPFQ [ FGVGEVCPFQ QRQTVWPKFCFGU SWG DTKPFCP NCU
PWGXCUVGEPQNQIÈCU
x &GUCTTQNNCTRTQ[GEVQUEQPLWPVQU EQPNCUQEKGFCFEKXKN[NCUGORTGUCURCTC
UWRGTCTNCUDCTTGTCUSWGKORKFGPCITCPFGU UGEVQTGUFGNCRQDNCEKÎPCEEGFGT
CNCOQFGTPKFCF
x 6TCPUHQTOCTNCUOÕNVKRNGUQRQTVWPKFCFGUSWGQHTGEGPNCUPWGXCUVGEPQNQIÈCU
FG KPHQTOCEKÎP [ EQOWPKECEKÎP GP RTQ[GEVQU XKCDNGU RCTC RQVGPEKCT GN
FGUCTTQNNQFGNCUQEKGFCFFGNCKPHQTOCEKÎPGPGNRCÈU
.CTC\ÎPRTKPEKRCNRCTCNCHQTOWNCEKÎPFGGUVG2NCP'UVTCVÃIKEQFG6+GUVQOCT
NC KPKEKCVKXC RCTC CEVWCT T¶RKFC EQPEGTVCFC [ GHKEKGPVGOGPVG RCTC NQITCT SWG
NQU EKWFCFCPQU [ NCU GORTGUCU RWGFCP WUCT [ FKUHTWVCT NQU DGPGHKEKQU FG NC
OQFGTPK\CEKÎPFGN'UVCFQDCUCFCGPNCU6+%
1DLGVKXQUFGN2'6+
&GUFGGNRWPVQFGXKUVCFGN+0'+NC/GVQFQNQIÈC2'6+XGTUKÎPDWUEC
x
/GLQTCTNC)GUVKÎPFGNQU5GTXKEKQU+PHQTO¶VKEQUFGNCUGPVKFCFGURÕDNKECU
x
1TKGPVCTGNFGUCTTQNNQFGNQU2TQ[GEVQUFG6+GPNCUGPVKFCFGURÕDNKECURCTC
NCEQPUVKVWEKÎPFGNG)QDKGTPQ
x
x
'UVCDNGEGT WP GPNCEG [EQPEQTFCPEKCGPVTGNCU6GEPQNQIÈCU'UVTWEVWTCFCU[
6GEPQNQIÈCUFG1DLGVQURCTCGNFGUCTTQNNQFG2TQ[GEVQUFG6GEPQNQIÈCFG
+PHQTOCEKÎP
1TKGPVCT NCU CEVKXKFCFGU KPHQTO¶VKECU GP GN OCTEQ FGN 2NCP 'UVTCVÃIKEQ
0CEKQPCNK [UWUCEVWCNK\CEKQPGU
'XQNWEKÎPFGNC/GVQFQNQIÈC+PHQTO¶VKECFGN+0'+
.C /GVQFQNQIÈCU +PHQTO¶VKEC FGN +0'+ PQ JC UKFQ CLGPC CN FGUCTTQNNQ FG NCU
VGEPQNQIÈCUKPHQTO¶VKECUFGNQUÕNVKOQUCÌQUNQUGUHWGT\QU FGNQUEGPVTQUFG
KPXGUVKICEKÎPGPWPKXGTUKFCFGU[GORTGUCUJCPGUVCFQRWGUVQUGPGNFGUCTTQNNQ
FG RTQRWGUVCU SWG RWGFCP UGT PTGCNOGPVG KORNGOGPVCFCUQ [ PQ UQNCOGPVG
GUDQ\CFCU
.QUPUCNVQUQ CNCUVGEPQNQIÈCUFGQDLGVQUPQJCPUKFQVQVCNOGPVGUCVKUHCEVQTKQU
UWKORNGOGPVCEKÎPTGCNGPRTQ[GEVQUFGFGUCTTQNNQFGUKUVGOCUJCPHTCECUCFQ
Q JCP FGOQTCFQ GP UW KORNGOGPVCEKÎP IGPGTCPFQ RÃTFKFCU Q GNGXCPFQ NQU
EQUVQUFGNRTQ[GEVQFGDKFQHWPFCOGPVCNOGPVGCSWGGNPGUVCFQFGCTVGQ FGNCU
VGEPQNQIÈCUFGDCUGUFGFCVQUJGTTCOKGPVCUFGOQFGNCOKGPVQ[FGUCTTQNNQCUÈ
EQOQ FG GXCNWCEKÎP FG RTQFWEVQU PQ GUVCDCP C NC RCT FG NQU UWRWGUVQU
VGÎTKEQU
#FGO¶U GN PQ EQPVCT EQP RGTUQPCN RTGRCTCFQ RCTC KORNGOGPVCT GUVQU
RTQ[GEVQU GP GN OGFKQ OCN GPFÃOKEQ GP UQEKGFCFGU GP XÈCU FG FGUCTTQNNQ [
SWG UÎNQ UG RWGFG UQNWEKQPCT HQTOCPFQ PWGXQU EWCFTQU VÃEPKEQU Q
KORQTV¶PFQNQURCTCUWUVGPVCTGNFGUCTTQNNQFGNQURTQ[GEVQU
/CTEQ%QPEGRVWCNRCTCGNFGUCTTQNNQFGN2'6+
'N OCTEQ EQPEGRVWCN GORNGCFQ RQT NCU XGTUKQPGU CPVGTKQTGU FG NCU
RWDNKECEKQPGU FG NC /GVQFQNQIÈC +PHQTO¶VKEC FGN +0'+ GUVCDC GUVTWEVWTCFQ
UQDTGNCDCUGFGNQURTKPEKRKQUFGNCVGEPQNQIÈCGUVTWEVWTCFCCUÈUGJK\QPQVCT
GPNCUXGTUKQPGU[FGN2'6+
CPVGU25+CUÈEQOQGPNCUXGTUKQPGUFGDCUGFG
FCVQUFGUCTTQNNCFQTGU[WVKNKVCTKQU
'LVHxRGHO
0RGHOR
GH6LVWHPDV
,QVWLWXFLRQDOHV
'HILQLFLyQ\
RUJDQL]DFLyQ
GHO3(7,
$OLQHDPLHQWR
GHO3(7,FRQHO
3ODQ(VWUDWpJLFR
,QVWLWXFLRQDO
3ODQHVGH$FFLyQ
(YDOXDFLyQ%6&
,GHQWLILFDFLyQGH
5HTXHULPLHQWRV
'LVHxRGHO
0RGHOR
GH$UTXLWHFWXUD
7HFQROyJLFD
'NGUSWGOCIGPGTCNFGNC/GVQFQNQIÈC2'6+GUNCSWGUGOWGUVTCGPGNIT¶HKEQ
EW[CUHCUGUUQP
x
x
x
x
x
x
&GHKPKEKÎP[1TICPK\CEKÎPFGN2'6+
#NKPGCEKÎPFGN2'6+EQPGN2NCP'UVTCVÃIKEQ+PUVKVWEKQPCN
+FGPVKHKECEKÎPFG4GSWGTKOKGPVQU
&KUGÌQFGN/QFGNQFG5KUVGOCU+PUVKVWEKQPCN
&KUGÌQFGN/QFGNQFG#TSWKVGEVWTC6GEPQNÎIKEC
2NCPGUFG#EEKÎP
2TQURGEVKXCFGNFGUCTTQNNQFGNCUVGEPQNQIÈCUFG+PHQTOCEKÎPGPNCUGPVKFCFGU
FGNGUVCFQRGTWCPQRCTCNCRTKOGTCFÃECFCFGNPWGXQ UKINQ
'N RNCPVGCOKGPVQ SWG UG RTGUGPVC GU EQJGTGPVG EQP GN P2NCP 0CEKQPCN FG
&GUCTTQNNQ+PHQTO¶VKEQ Q CEVWCNOGPVGGPGTCXGTUKÎP[GN/QFGNQ
FG &GUCTTQNNQ FG 5KUVGOCU [ 5GTXKEKQU RNCPVGCFQU GP GN FQEWOGPVQ
P.KPGCOKGPVQURCTCNC%TGCEKÎPFG NC5QEKGFCFFG+PHQTOCEKÎPGPGN2GTÕQ
( P SUHV D V \& LXG D GD QRV
,QWHUP HG LD ULR V
3 & 0 RGHOR
3 UR SXHVWR
' LVS R VLWLYRV \P HG LR VG H$FFHVV
7 9 7 HOpIRQR . LRVNR
& DELQD
& DEOH
0 y Y LO 0 XOWLP HGLD 3 ~EOLFD
3 UR YHH GRUH V
( [WUDQHWV
3 RUWDOH V
,QWUDQH W
0 LQLVWHULRV\
2 UJDQLVP RV3 ~EOLFRV
( [WUDQHWV
* RELHUQR V/RFDOHV
8 QLYHUVLGDGHV\& ROHJLRV
$UHD GHDFFLyQG HO,1 ( ,
'PGNNÈOKVGGNEKWFCFCPQ[NCUGORTGUCUPQFGDGTÈCPPGEGUKVCTEQPQEGTSWKÃP
Q SWG FGRGPFGPEKC DTKPFC GN UGTXKEKQ Q EÎOQ GUV¶ QTICPK\CFC NC KPUVKVWEKÎP
RCTCCEEGFGT[WUCTWPUGTXKEKQFGVGTOKPCFQFGNC#FOKPKUVTCEKÎP2ÕDNKEC.C
OCPGTCEQOQGUVQUUGTXKEKQU
FKIKVCNK\CDNGUUQPQTICPK\CFQU[QHGTVCFQUFGDG
UGTVTCPURCTGPVGRCTCGNWUWCTKQ'UVGGUWPKFGCNCNSWGFGDGTÈCVGPFGTNCHQTOC
GPSWGGNEKWFCFCPQ[NCUGORTGUCUTGUWGNXGPUWUPGEGUKFCFGUFGFCT[TGEKDKT
KPHQTOCEKÎPFG[JCEKCNC#FOKPKUVTCEKÎP2ÕDNKEC
5GTÈC FGUGCDNG VCODKÃP SWG NC OC[QT RCTVG FG NQU UGTXKEKQU FG KPHQTOCEKÎP
RWGFCPUGTTGCNK\CFQUCVTCXÃUFGTGFGU[UGTCEEGUKDNGUGP+PVGTPGVRQTNQEWCN
FGDGT¶P VQOCTUG NCU RTGXKUKQPGU FGN ECUQ RCTC CVGPFGT NCU PWGXCU FGOCPFCU
SWGUGQTKIKPCT¶PRQTNQUECODKQUGPNCXCTKGFCF[RGPGVTCEKÎPFGNQUOGFKQU
SWG UG VGPFT¶ GP NQU RTÎZKOQU CÌQU RCTC CEEGFGT C +PVGTPGV #EVWCNOGPVG NC
OCPGTC O¶U FKHWPFKFC FG CEEGUQ C +PVGTPGV GU C VTCXÃU FG NCU 2%NU RGTQ NCU
RTGXKUKQPGUCRWPVCPCSWGRTQPVQQVTQUOGFKQU[HQTOCUFGCEEGUQGUVCT¶PCN
CNECPEGFGEWCNSWKGTWUWCTKQFGNCOCPQEQPNCUEQOWPKECEKQPGUKPCN¶ODTKECU
[NCVGNGHQPÈCOÎXKN'PGN2GTÕNCUECDKPCURÕDNKECU[NQUEGPVTQUEQOWPKVCTKQU
FG CEEGUQ C +PVGTPGV UQP WP OGFKQ CRTQRKCFQ RCTC HCEKNKVCT GN CEEGUQ C NQU
RQDNCFQTGUFGDCLQUKPITGUQU[FGNCU\QPCUTWTCNGUSWGFGUFGGN'UVCFQ[NCU
QTICPK\CEKQPGUEKXKNGUFGDKGTCUGIWKTKORWNU¶PFQUG
2CTC HCEKNKVCT NC FKUVTKDWEKÎP [ EKTEWNCEKÎP FG NC KPHQTOCEKÎP [ NC WDKECEKÎP [
RTGUVCEKÎPFGUGTXKEKQUGN+0'+[GNTGUVQFGNC#FOKPKUVTCEKÎP2ÕDNKECFGDGP
QTICPK\CTWPRQTVCN
QXCTKQURQTVCNGUUGEVQTKCNGU'UVGRQTVCNFGDGTÈCUGTXKUVQ
EQOQGNRWPVQQRWGTVCFGGPVTCFCO¶UH¶EKNT¶RKFCCOKICDNG [VTCPURCTGPVG
RCTC KPVGTCEVWCT EQP NC #FOKPKUVTCEKÎP 2ÕDNKEC C VTCXÃU FG +PVGTPGV FQPFG
EQPXGTIGP NCU KPUVKVWEKQPGU [ UGTXKEKQU RÕDNKEQU ECFC WPC EQP UW RTQRKC
UQNWEKÎP VGEPQNÎIKEC FKURWGUVCU C FCT [ TGEKDKT KPHQTOCEKÎP FG [ JCEKC NQU
EKWFCFCPQU[GORTGUCU'NRQTVCNFGDGRGTOKVKTNCRTKXCEKFCF[NCCWVGPVKECEKÎP
FGNQUFCVQUSWGUGOCPGLCP[QHTGEGTNCQREKÎPFGRGTUQPCNK\CEKÎP
EQOQNC
OC[QTÈCFGRQTVCNGURTKXCFQURCTCSWGECFCEKWFCFCPQQGORTGUCNQCFCRVGC
UWUPGEGUKFCFGU
'UVGRQTVCN
QRQTVCNGU[NCUKPVTCPGVUSWGUGFGUCTTQNNGPCNKPVGTKQTFGN'UVCFQ
FGDGT¶P HCEKNKVCT G KPVGITCT GN CEEGUQ C NQU UGTXKEKQU FKIKVCNK\CDNGU FGUFG
EWCNSWKGTNWICTCVTCXÃUFGNQUOGFKQU[FKURQUKVKXQUCEVWCNGU[RQTETGCTUGGP
NC Q NCU NGPIWCU O¶U WVKNK\CFCU RQT NC RQDNCEKÎP GP UGTXKEKQU EQOQ NQU
GFWECVKXQU ECUVGNNCPQ SWGEJWC C[OCTC NGIWCU COC\ÎPKECU Q GP NC
RTQOQEKÎPFGNEQOGTEKQGZVGTKQT
ECUVGNNCPQKPINÃU+IWCNOGPVGFGDGT¶VQOCT
GPEWGPVCNCUPGEGUKFCFGUFGNCURGTUQPCUEQPFKUECRCEKFCFGU
.C KPHQTOCEKÎP SWG OCPGLC GN 'UVCFQ FGDGTÈC UGT RWGUVC C FKURQUKEKÎP FGNCU
GORTGUCU[NQUEKWFCFCPQURCTCEQPQEGTNCUECTCEVGTÈUVKECUFGNCUQRGTCEKQPGU
[VTCPURCTGPVCTGNOGTECFQ
RQTGLGORNQGPVGOCUEQOQGNEQOGTEKQGZVGTKQT
NCU KPXGTUKQPGU GN OGTECFQ HKPCPEKGTQ GVE UKP O¶U TGUVTKEEKÎP SWG NC
RTQVGEEKÎPFGNQUFCVQURGTUQPCNGU5KPKPHQTOCEKÎPPQJC[NKDTGOGTECFQPK
UG RWGFGP CRTQXGEJCT NCU XGPVCLCU FG NC INQDCNK\CEKÎP 6CODKÃP JC[ SWG
EQPUKFGTCT NQU RTQHWPFQU ECODKQU [ GEQPQOÈCU SWG UG RWGFGP NQITCT GP NCU
VTCPUCEEKQPGU [ PGIQEKQU EQP NQU RTQXGGFQTGU [ QVTCU KPUVKVWEKQPGU FGN UGEVQT
RÕDNKEQOGFKFQUVCPVQGPVÃTOKPQUFGTGFWEEKÎPGPNQUEQUVQUFGVTCPUCEEKÎP
EQOQ GP NQU FG EQOWPKECEKÎP RCRGNGQ FGVGEEKÎP FG PWGXCU QRQTVWPKFCFGU
FGPGIQEKQUIGUVKÎP [TQVCEKÎPFGKPXGPVCTKQUGPVTGQVTQURWPVQU
'UVQUTGVQURQPGPGPRTKOGTRNCPQGNVGOCFGNCGUVTWEVWTC[QTICPK\CEKÎPFGN
'UVCFQ [ FGN +0'+ GP RCTVKEWNCT UK SWKGTG LWICT WP RCRGN KORQTVCPVG GP GN
RTQEGUQ FG OQFGTPK\CEKÎP FGN 'UVCFQ [ FGN RGTHKN FG NQU HWPEKQPCTKQU SWG
VTCDCLCP GP ÃN 0WGXCU EQORGVGPEKCU [ JCDKNKFCFGU UGT¶P TGSWGTKFCU RCTC
TGURQPFGT C NQU TGVQU SWG RNCPVGG GUVC ECTTGTC INQDCN [ OCPVGPGT PKXGNGU
CFGEWCFQU FG ECNKFCF ETGFKDKNKFCF [ QRQTVWPKFCF GP NC RTGUVCEKÎP FG NQU
UGTXKEKQUQHGTVCFQU
'PUÈPVGUKUGNFGURNKGIWG[WUQNCUVGEPQNQIÈCUFGKPHQTOCEKÎP[EQOWPKECEKÎP
FGDGT¶UGTTGCNK\CFQEQPWPGURÈTKVWKPPQXCFQTEQPWPCXKUKÎPFGNCTIQRNC\Q
[ GORNGCPFQ OÃVQFQU UKOKNCTGU FG PGIQEKQ GNGEVTÎPKEQ SWG NQU SWG UG
GORNGCPGPNCCEVKXKFCFRTKXCFC
7PC#FOKPKUVTCEKÎP2ÕDNKECOQFGTPCGPNÈPGCGU
x #EGTECT NC CFOKPKUVTCEKÎP [UWURTQEGUQUCNQU EKWFCFCPQUCPCNK\CPFQNCU
QRKPKQPGU QDVGPKFCU GP HQTQU RÕDNKEQU GPEWGUVCU [ VQFQ VKRQ FG TGIKUVTQ
GNGEVTÎPKEQRCTCEQPQEGTNQSWGRKGPUCFGNQUUGTXKEKQUSWGUGNGFC
x 5KORNKHKECT NQU RTQEGFKOKGPVQU [ RGTOKVKT NC TGEGREKÎP [ GPVTGIC FG
KPHQTOCEKÎPWVKNK\CPFQNCUTGFGU[OGFKQUGNGEVTÎPKEQU
x /GLQTCT NC ECNKFCF [ CORNKCT NC QHGTVC FG NC KPHQTOCEKÎP NGICN
CFOKPKUVTCVKXC [ EQOGTEKCN UQDTG NQU RTQEGUQU [ VTCPUCEEKQPGU RCTC
VTCPURCTGPVCTNQU OGTECFQUJCEGTPGIQEKQU[OCPVGPGTKPHQTOCFQUCNQU
EKWFCFCPQU
x
(CEKNKVCT GN CEEGUQ C NC KPHQTOCEKÎP FGN UGEVQT RÕDNKEQ UKORNKHKECPFQ NC
GPVTCFC[JCEKGPFQCOKICDNG[UGIWTCNCPCXGICEKÎPGP+PVGTPGV
"" 4
4UUVVYY^^YYSSYY^^ ii __bbWWQQ^^YYjjQQSSYY^^ TTUU\\ @@\\QQ^^ UUccddbbQQdd}}WWYYSS__ TTUU
ddUUSS^^__\\__WWQQcc TTUU YY^^VV__bb]]QQSSYY^^ @@55DD99
/QFGNCOKGPVQFGNRTQ[GEVQ2'6+
'N QDLGVKXQ FG GUVC CEVKXKFCF GU FGVGTOKPCT NC PGEGUKFCF FGN 2NCP FG
6GEPQNQIÈCU FG +PHQTOCEKÎP [ NNGXCT C ECDQ GNPCTTCPSWGQ HQTOCN FGN OKUOQ
EQPGNCRQ[QFGNPKXGNO¶UCNVQFGNCQTICPK\CEKÎP%QOQTGUWNVCFQUGQDVKGPG
WPC FGUETKREKÎP IGPGTCN FGN 2NCP SWG RTQRQTEKQPC WPC FGHKPKEKÎP KPKEKCN FGN
OKUOQKFGPVKHKECPFQNQUQDLGVKXQUGUVTCVÃIKEQUCNQUSWGCRQ[C
GUDQ\CFQUGP
GN 2NCP 'UVTCVÃIKEQ +PUVKVWEKQPCN [ GP NQU 2NCPGU 'UVTCVÃIKEQU 5GEVQTKCNGU
/WNVKCPWCNGU2'5'/ K CUÈ EQOQ GN ¶ODKVQ IGPGTCN FG NC
QTICPK\CEKÎP CN SWG CHGEVC NQ SWG RGTOKVG KORNKECT C NCU FKTGEEKQPGU FG NCU
¶TGCUCHGEVCFCURQTGN2'6+
#FGO¶U UG KFGPVKHKECP NQU HCEVQTGU ETÈVKEQU FG ÃZKVQ [ NQU RCTVKEKRCPVGU GP GN
2'6+PQODTCPFQCNQUTGURQPUCDNGUFGNCUCEVKXKFCFGU
# EQPVKPWCEKÎP UG KPENW[G WPC VCDNC TGUWOGP EQP NCU VCTGCU FG NC RTGUGPVG
CEVKXKFCF
6CTGC
2TQFWEVQU
6ÃEPKECU[
2T¶EVKECU
2CTVKEKRCPVGU
#P¶NKUKUFGNC
x &GUETKREKÎPIGPGTCNFGN2'6+ x 5GUKQPGUFG x %QOKVÃFG
PGEGUKFCFFGN2'6+
VTCDCLQ
&KTGEEKÎP
#RTQDCEKÎPFGKPKEKQFGN
2'6+
+FGPVKHKECEKÎPFGN
CNECPEGFGN2'6+
x &GUETKREKÎPIGPGTCNFGN2'6+ x (CEVQTGU
x %QOKVÃFG
ETÈVKEQUFG
&KTGEEKÎP
ODKVQ[QDLGVKXQUFGN2'6+
ÃZKVQ
1DLGVKXQUGUVTCVÃIKEQU
TGNCEKQPCFQUEQPGN2'6+
x 5GUKQPGUFG
(CEVQTGUETÈVKEQUFGÃZKVQ
VTCDCLQ
&GVGTOKPCEKÎPFG x &GUETKREKÎP IGPGTCNFGN2'6+
TGURQPUCDNGU
4GURQPUCDNGUFGN2'6+
x 5GUKQPGUFG x %QOKVÃFG
VTCDCLQ
&KTGEEKÎP
#P¶NKUKUFGNCPGEGUKFCFGUFGNRTQ[GEVQ2'6+
5G CPCNK\CP NCU GZRGEVCVKXCU FG NCU ¶TGCU SWG JCP RNCPVGCFQ NC PGEGUKFCF FG
NNGXCT C ECDQ GN 2'6+ CUÈ EQOQ NQU RTQFWEVQU HKPCNGU GURGTCFQU 7PC XG\
XGTKHKECFCNCUPGEGUKFCFGUFGNCQTICPK\CEKÎPSWGUGFGDGPEWDTKTEQPWP2NCP
'UVTCVÃIKEQFG6GEPQNQIÈCUFG+PHQTOCEKÎPUGVQOCNCFGEKUKÎPFGUWKPKEKQ
2TQFWEVQU
&GGPVTCFC
x 5QNKEKVWFHQTOCNFG2'6+
GZVGTPQ
&GUCNKFC
x &GUETKREKÎPIGPGTCN
x #RTQDCEKÎPFGKPKEKQFGN2'6+
2T¶EVKECU
x 5GUKQPGUFGVTCDCLQ
x /QFGNCOKGPVQFGRTQ[GEVQU
x 2NCPGCOKGPVQGUVTCVÃIKEQ
2CTVKEKRCPVGU
x %QOKVÃFG&KTGEEKÎP
%QOQGLGORNQFGNCKORNGOGPVCEKÎPFGNCOGVQFQNQIÈCFG2NCP'UVTCVÃIKEQFG
6GEPQNQIÈC FG +PHQTOCEKÎP 2'6+ FCOQU C EQPQEGT GP HQTOCTGUVTKPIKFCNQU
RTQEGFKOKGPVQU [ RTQEGUQU FGUCTTQNNCFQUGP GN 2'6+ FGN +PUVKVWVQ FGN /CT FGN
2GTÕ +/#42'
EQPNCFGDKFCCWVQTK\CEKÎPRCTCGNNQ
'U GP GUVG EQPVGZVQ GN RTGUGPVG 2.#0 '564#6)+%1 &' .# 6'%01.1) #
&'+0(14/#%+¦0 RGTOKVGXKUWCNK\CTNCPGEGUKFCF[RQUKDKNKFCFFGGUVCDNGEGT
WP UKUVGOC FG KPHQTOCEKÎP CWVQOCVK\CFQ G KPVGITCN VCPVQ FGN #TGC %KGPVÈHKEC
EQOQ FGN #TGC #FOKPKUVTCVKXC SWG EQCF[WXGP CN NQITQ FG NQU QDLGVKXQU FGN
+/#42'
'N OGPEKQPCFQ 2NCP EQORTGPFG GN 5KUVGOC FG +PHQTOCEKÎP %KGPVÈHKEC [
6GEPQNÎIKECFGN+/#42'
5+%6+QTKGPVCFQCNCKPVGTEQPGZKÎPFGUWUUKUVGOCU
KPVGITCEKÎPFGRTQEGUQU$CUGFG&CVQUEQOÕP[H¶EKNCEEGUQCNCKPHQTOCEKÎP
CPKXGNPCEKQPCN#FGO¶UEQPUKFGTCNCFGHKPKEKÎPFGNCRNCVCHQTOCUQDTGNCSWG
VTCDCLCT¶NC+PUVKVWEKÎP
'N 2NCP VCODKÃP EQORTGPFG GN 5KUVGOC FG %QOWPKECEKÎP C PKXGN FG #TGC
7UWCTKC
7PKFCF1RGTCVKXCGNEWCNEQPVGORNCGNGSWKRCOKGPVQGURGEÈHKEQ[GN
UQHVYCTGCRNKECVKXQ
'NRTGUGPVG2NCP'UVTCVÃIKEQSWGUGRQPGCEQPUKFGTCEKÎPHWGGNCDQTCFCRQTNC
%QOKUKÎP FGUKIPCFC OGFKCPVG 4GUQNWEKÎP &KTGEVQTCN 0 &' FGN
EW[CKORQTVCPEKCGUV¶FCFCGPUWCRNKECEKÎPRCTCGNCP¶NKUKUFKUGÌQ
RTQITCOCEKÎP Ã KORNGOGPVCEKÎP FG NQU UKUVGOCU TGEQOGPFCFQU SWG RGTOKVC
GNCDQTCTGN2NCPFG#EEKÎPRCTCGNFGUCTTQNNQÃKORNCPVCEKÎPFGNQUUKUVGOCUFG
+PHQTOCEKÎPRTQRWGUVQU
.C1TICPK\CEKÎPRCTCGUVGRNCPGCOKGPVQUGGHGEVWÎEQPNCRCTVKEKRCEKÎPFGNC
#NVC &KTGEEKÎP 7UWCTKQU [ RGTUQPCN GURGEKCNK\CFQ [ EQPVÎ EQP GN
CUGUQTCOKGPVQ FGN +PUVKVWVQ 0CEKQPCN FG 'UVCFÈUVKEC G +PHQTO¶VKEC +0'+
EQPHQTOGUGKPFKECGPGN#PGZQ
#NECPEGFGNRTQ[GEVQ2'6+
5G FGHKPG GN ¶ODKVQ FGN 2'6+ GP VÃTOKPQU FG RTQEGUQU FG NC QTICPK\CEKÎP
CHGEVCFQU[EQOQEQPUGEWGPEKCFGNCUFKTGEEKQPGUFGNCU¶TGCUKORNKECFCU5G
FGVGTOKPCP NQU QDLGVKXQU GUVTCVÃIKEQU FG NC QTICPK\CEKÎP SWG FGDGP UGT
EQPUKFGTCFQUGPGN2NCPCUÈEQOQCSWGNNQUCURGEVQUSWGNCFKTGEEKÎPEQPUKFGTC
HCEVQTGUETÈVKEQUFGÃZKVQRCTCGNOKUOQ
2TQFWEVQU
&GGPVTCFC
x &GUETKREKÎPIGPGTCNFGN2'6+
&GUCNKFC
ODKVQ[QDLGVKXQUFGN2'6+
1DLGVKXQUGUVTCVÃIKEQUTGNCEKQPCFQUEQPGN2'6+
(CEVQTGU ETÈVKEQUFGÃZKVQ
2T¶EVKECU
x 5GUKQPGUFGVTCDCLQ
x /QFGNQFGXKUVCRCPQT¶OKECFGNCKPUVKVWEKÎP
x 'PVTGXKUVC
2CTVKEKRCPVGU
x
%QOKVÃFG&KTGEEKÎP
&GVGTOKPCEKÎPFGTGURQPUCDKNKFCFGU
&GNKOKVCFQ GN ¶ODKVQ FGN 2NCP 'UVTCVÃIKEQ FG 6GEPQNQIÈCU FG +PHQTOCEKÎP
2'6+ UG KORNKEC CNCUWPKFCFGUQTICPK\CVKXCUCHGEVCFCUKPHQTO¶PFQNGUFGNC
FGEKUKÎP [ UQNKEKVCPFQ UW RCTVKEKRCEKÎP GP GN GUVWFKQ SWG UG XC C KPKEKCT 'P
UGUKQPGU FG VTCDCLQ EQP NCU FKUVKPVCU WPKFCFGU UG FGVGTOKPCP NQU RTKPEKRCNGU
TGURQPUCDNGU FGN 2'6+ C NQU SWG UGIWKFCOGPVG UG NGU FGDG EQOWPKECT UW
PQODTCOKGPVQ[UQNKEKVCTUWCEGRVCEKÎP
6CODKÃPUGFGVGTOKPCNCPGEGUKFCFFGCRQ[QGPNCHWPEKÎPFGUGIWKOKGPVQSWG
FGVGTOKPG GN 2'6+ GUVC PGEGUKFCF FGRGPFGFG NC CORNKVWF FGN 2NCP [ FG NC
FWTCEKÎPRTGXKUVCRCTCGNOKUOQ5KUGEQPUKFGTCPGEGUCTKQGPGUVCCEVKXKFCFUG
RTQRQPGPNQUTGURQPUCDNGUFGFKEJQUGIWKOKGPVQ
2TQFWEVQU
&GGPVTCFC
x
&GUETKREKÎPIGPGTCN
&GUCNKFC
4GURQPUCDNGUFGN2'6+
2T¶EVKECU
x )GUVKÎPFGRTQ[GEVQU
x 5GUKQPGUFGVTCDCLQ
2CTVKEKRCPVGU
1TICPK\CEKÎPFGN2'6+
'P GUVC CEVKXKFCF UG FGVCNNC GN CNECPEG FGN RNCP UG QTICPK\C GN GSWKRQ FG
RGTUQPCU SWG NQ XC C NNGXCT C ECDQ [ UG GNCDQTC WP ECNGPFCTKQ FG GLGEWEKÎP
6QFQU NQU TGUWNVCFQU Q RTQFWEVQU FG GUVC CEVKXKFCF EQPUVKVWKT¶P GN OCTEQ FG
CEVWCEKÎP FGN RTQ[GEVQ GP EWCPVQ C QDLGVKXQU RTQEGUQU CHGEVCFQU
RCTVKEKRCPVGUTGUWNVCFQU[HGEJCUFGGPVTGIC
6CTGC
2TQFWEVQU
6ÃEPKECU[
2T¶EVKECU
'URGEKHKECEKÎP x &GUETKREKÎPIGPGTCNFG
x %CVCNQICEKÎP
FGN¶ODKVQ[
RTQEGUQUFGNCQTICPK\CEKÎP
CNECPEG
CHGEVCFQU
.KUVCFQFGQDLGVKXQUFG2'6+
x
1DLGVKXQUIGPGTCNGU
1DLGVKXQUGURGEÈHKEQUFG
ECFCRTQEGUQ
UKNQUJWDKGTC
2CTVKEKRCPVGU
x %QOKVÃFG
&KTGEEKÎP
x &KTGEVQTGUFG
¶TGCUWUWCTKCU
x ,GHGFGRTQ[GEVQ
FGN2'6+
6CTGC
2TQFWEVQU
1TICPK\CEKÎP x .KUVCFQFGWUWCTKQU
FGN2'6+
x 'SWKRQUFGVTCDCLQ
&GHKPKEKÎPFGN x 2NCPFGVTCDCLQ
RNCPFG
VTCDCLQ
6ÃEPKECU[
2T¶EVKECU
2CTVKEKRCPVGU
x 2NCPKHKECEKÎP
x 'UVKOCEKÎP
x &KTGEVQTGUFG
¶TGCUWUWCTKCU
x 'NCDQTCEKÎP
x &KTGEVQTGUFG
FGFKTGEVQTKQU
¶TGCUWUWCTKCU
x 5GUKQPGUFG
x ,GHGFGRTQ[GEVQ
VTCDCLQ
FGN2'6+
%QOWPKECEKÎP x 2NCPFGVTCDCLQ
FGN2NCPFG
#EGRVCEKÎPFGNRNCPFG
6TCDCLQ
VTCDCLQRQTRCTVGFGNQU
RCTVKEKRCPVGU
x ,GHGFG2TQ[GEVQ
FGN2'6+
x %QOKVÃFG
&KTGEEKÎP
x &KTGEVQTGUFG
¶TGCUWUWCTKCU
x ,GHGFG2TQ[GEVQ
FGN2'6+
'URGEKHKECEKÎPFGN¶ODKVQ[CNECPEG
&GOCPGTCO¶UEQPETGVCSWGGPNCCEVKXKFCF+PKEKQFGN2'6+GPGUVCVCTGCUG
FGUETKDGGN¶ODKVQFGNQURTQEGUQUFGNCQTICPK\CEKÎPCEQPUKFGTCT
+IWCNOGPVGUGFGHKPKT¶GNCNECPEGGUFGEKTNQUQDLGVKXQUGURGEÈHKEQUFGN2'6+
2WGFG UGT PGEGUCTKQ FGVGTOKPCT FKUVKPVQU QDLGVKXQU RCTC ECFC RTQEGUQ FGN
RTQ[GEVQ .QU TGURQPUCDNGU FG NQU FKUVKPVQU RTQEGUQU FG NC QTICPK\CEKÎP
CHGEVCFQU RQT GN 2NCP RCTVKEKRCT¶P FG HQTOC CEVKXC GP NC FGHKPKEKÎP FG NQU
QDLGVKXQUUKPRGTFGT FGXKUVCNQUTGUWNVCFQUFGNCCEVKXKFCFCPVGTKQT
2TQFWEVQU
&GGPVTCFC
x &GUETKREKÎPIGPGTCNFGN2'6+
&GUCNKFC
x &GUETKREKÎPIGPGTCNFGRTQEGUQUFGNCQTICPK\CEKÎPCHGEVCFQU
x .KUVCFQFGQDLGVKXQUFGN2'6+
1DLGVKXQUIGPGTCNGU
1DLGVKXQUGURGEÈHKEQUFGECFC RTQEGUQ
UKNQUJWDKGTC
2T¶EVKECU
x (CEVQTGUETÈVKEQUFGÃZKVQ
XCNQTCEKÎP[ECVCNQICEKÎP
2CTVKEKRCPVGU
x &KTGEVQTGUFG#TGCU7UWCTKCU
x ,GHGFG2TQ[GEVQ
'PGUVCVCTGCUGVTCVCPEWGUVKQPGUTGNCEKQPCFCUEQPNCQTICPK\CEKÎPFGNVTCDCLQ
RCTCNNGXCTCECDQGN2'6+
%QOKVÃFG
&KTGEEKÎP
%QOKVÃFG
RTQ[GEVQ
'SWKRQFG
CP¶NKUKU
'SWKRQFG
CP¶NKUKU
'SWKRQFG
CP¶NKUKU
%&%QOKVÃFG&KTGEEKÎP
x
x
x
x
x
,GHG+PUVKVWEKQPCN
&KTGEEKÎPFGRNCPKHKECEKÎP
&KTGEEKÎPFGUKUVGOCU
,GHGFGRTQ[GEVQ2'6+
4GRTGUGPVCPVGFGFKTGEVQTGUFG¶TGCUWUWCTKCU
'UTGEQOGPFCDNGPQO¶UFGOKGODTQU
%2%QOKVÃFG2TQ[GEVQ
x
x
x
x
,GHGFG2TQ[GEVQ
4GRTGUGPVCPVGFGFKTGEVQTGUFG¶TGCUWUWCTKCU
%QPUWNVQTGU
,GHGFGGSWKRQFGCWFKVQTÈCU
x
x
x
x
,GHGFGGSWKRQ
.ÈFGTWUWCTKQFGN¶TGCEQORTQOGVKFC
7UWCTKQU'ZRGTVQU
#PCNKUVCURNCPKHKECFQTGU
#RQ[Q
'#'SWKRQFGCP¶NKUKUK RNCPKHKECEKÎP
5GUGNGEEKQPCPNQURCTVKEKRCPVGUXCNQTCPFQGNPÕOGTQ[RGTHKNFGRTQHGUKQPCNGU
FGUKUVGOCU[VGEPQNQIÈCUFGNCKPHQTOCEKÎP[EQOWPKECEKQPGUPGEGUCTKQUGP
HWPEKÎPFGNQUQDLGVKXQURGTUGIWKFQU
#UKOKUOQ UG FGVGTOKPCP NCU HWPEKQPGU FGNQU TGURQPUCDNGU FG NC FKTGEEKÎP [
UGIWKOKGPVQ FGN 2'6+ CFKEKQPCNOGPVG UG EQPETGVCP CURGEVQU NQIÈUVKEQU
TGNCEKQPCFQU EQP GN OCVGTKCN UCNCU FG TGWPKQPGU GUV¶PFCTGU FG
FQEWOGPVCEKÎPGVE
2TQFWEVQU
&GGPVTCFC
x
x
x
x
'UVTWEVWTCQTICPK\CVKXC
&GUETKREKÎPIGPGTCNFGN2'6+
&GUETKREKÎPIGPGTCNFGRTQEGUQUFGNCQTICPK\CEKÎPCHGEVCFQU
.KUVCFQFGQDLGVKXQUFGN2'6+
&GUCNKFC
x .KUVCFQFGWUWCTKQU
x 'SWKRQUFGVTCDCLQ
2T¶EVKECU
x .KUVCFQFGUGUKQPGUFGVTCDCLQ
x 5GUKQPGUFGVTCDCLQ
2CTVKEKRCPVGU
x &KTGEVQTGUFG¶TGCUWUWCTKCU
x ,GHGFGRTQ[GEVQ
x #UGUQTGU
'NCDQTCEKÎPFGNRNCPFGVTCDCLQRCTCGNFGUCTTQNNQFGN2'6+
'NQDLGVKXQFGGUVCVCTGCGUFGVGTOKPCTVQFQUNQURTQFWEVQUHKPCNGUFGNRNCPFG
VTCDCLQ FG EQPUVKVWEKÎP FGN 2'6+ CUÈ EQOQ NC HGEJC RTGXKUVC FG QDVGPEKÎP [
GPVTGICFGNQUOKUOQU'UPGEGUCTKQRNCPKHKECTNCUFKUVKPVCUCEVKXKFCFGU[GUVKOCT
NQU VKGORQU TGSWGTKFQU RCTC NNGXCTNCU C ECDQ VGPKGPFQ GP EWGPVC NC
FKURQPKDKNKFCFFGNQUWUWCTKQUFGNRNCPFG2'6+5GFGDGPEQPUKFGTCTVCODKÃP
NQUHCEVQTGUETÈVKEQUFGÃZKVQKFGPVKHKECFQUGPNCCEVKXKFCFCPVGTKQT[TGEQIKFQU
GP NC FGUETKREKÎP IGPGTCN FG RTQEGUQU FG NC QTICPK\CEKÎP CHGEVCFQU [C SWG
RWGFGPEQPFKEKQPCTNCGNCDQTCEKÎPFGNRNCPFGVTCDCLQ
5GFGVCNNCPNCUCEVKXKFCFGUCUKIPCPFQRCTVKEKRCPVGUVKGORQU[TGURQPUCDNGUFG
ECFCWPCFGGNNCUNQUTGUWNVCFQUGURGTCFQU[GNRNCPFGVTCDCLQCUGIWKT
2TQFWEVQU
&GGPVTCFC
x
x
x
x
x
'SWKRQUFGVTCDCLQ
.KUVCFQFGQDLGVKXQUFG2'6+
.KUVCFQFGWUWCTKQU
&GUCNKFC
x 2NCPFGVTCDCLQ
6ÃEPKECU
x 2NCPKHKECEKÎPGUVTCVÃIKEC
x 'UVKOCEKÎP
2CTVKEKRCPVGU
x &KTGEVQTGUFG¶TGCUWUWCTKCU
x ,GHGFG2TQ[GEVQ
%QOWPKECEKÎPFGNRNCPFGVTCDCLQ
7PCXG\FGHKPKFQGNRNCPFGVTCDCLQUGEQOWPKECCNQUWUWCTKQUFGN2'6+EQPGN
HKPFGSWGUGCCEGRVCFQ'UVQRGTOKVGSWGNQUWUWCTKQUEQPQ\ECPGNOÃVQFQFG
VTCDCLQCUGIWKTNQUTGUWNVCFQUCQDVGPGT[NCFGFKECEKÎPPGEGUCTKCRQTRCTVGFG
GNNCU
2TQFWEVQU
&GGPVTCFC
x 2NCPFGVTCDCLQ
x .KUVCFQFGWUWCTKQU
&G UCNKFC
x 2NCPFGVTCDCLQ
#EGRVCEKÎPFGNRNCPFGVTCDCLQ
2CTVKEKRCPVGU
x %QOKVÃFGFKTGEEKÎP
x &KTGEVQTGUFGWUWCTKQU
x ,GHGFG2TQ[GEVQ
2NCPFG6TCDCLQ
1DLGVKXQU
1TICPK\CEKÎP
4GURQPUCDKNKFCFGU
#WFKVQTÈCFGNRNCPFGVTCDCLQ
#EVKXKFCFGU
## 11\\YY^^UUQQ]]YYUU^^dd__ TTUU\\ @@\\QQ^^ TTUU ccYYccddUU]]QQcc QQ\\ @@\\QQ^^ UUccddbbQQdd}}WWYYSS__
'PGNRTGUGPVGECRÈVWNQUGFGHKPG NCOKUKÎPFGN%GPVTQ+PHQTO¶VKEQUGHKLCPUWUOGVCU
[QDLGVKXQUFGHKPKÃPFQUGUWUGUVTCVGIKCUNCUEWCNGUFGDGPFGGPEQPVTCTUGCNKPGCFCUCN
2NCP'UVTCVÃIKEQ+PUVKVWEKQPCN
/QFGNCOKGPVQKPUVKVWEKQPCN
'PGUVCHCUGUGDWUECGPNQHWPFCOGPVCNGNCNKPGCOKGPVQFGN2'6+EQPGN2NCP
'UVTCVÃIKEQ+PUVKVWEKQPCNCUÈEQOQFGVGTOKPCTUKNCUHWPEKQPGUFGNC1HKEKPCFG
+PHQTO¶VKEC FG NC +PUVKVWEKÎP RGTOKVGP CEQOGVGT GUVC VCTGC [C SWG UG DWUEC
SWG NQU UKUVGOCU FG KPHQTOCEKÎP EQCF[WXGP CN NQITQ FG NQU QDLGVKXQU FG NC
+PUVKVWEKÎP[CRQ[GPNCUGUVTCVGIKCUFGNOKUOQ
&GHKPKEKÎPFGNCOKUKÎPFGN%GPVTQ+PHQTO¶VKEQ
/GFKCPVG NC RTGUGPVG CEVKXKFCF UG FGHKPG NC OKUKÎP GN TQN FGN %GPVTQ
+PHQTO¶VKEQGPGNFGUCTTQNNQFGNQUUKUVGOCURTQRWGUVQU
C 1DLGVKXQ
.QU QDLGVKXQU SWG UG DWUECP CNECP\CT EQP NC RTGUGPVG CEVKXKFCF UQP NQU
UKIWKGPVGU
#NKPGCTNCOKUKÎPFGN%GPVTQ+PHQTO¶VKEQEQPNCOKUKÎPKPUVKVWEKQPCN
&GHKPKTNCOKUKÎPFGN%GPVTQ+PHQTO¶VKEQ
D&GUETKREKÎP
%QPGNHKPFGFGHKPKTNCOKUKÎPFGN%GPVTQ+PHQTO¶VKEQFGDGOQUFGTGCNK\CT
NCUUKIWKGPVGUVCTGCU
&GHKPKEKÎPFGNCOKUKÎPFGNCQTICPK\CEKÎP
&GHKPKEKÎPFGNCOKUKÎPFGN%GPVTQ+PHQTO¶VKEQ
E&GUETKREKÎPFG6CTGCU
5GTGCNK\C WPCFGUETKREKÎPFGVCNNCFCFGNCUVCTGCUUGÌCNCFCUCPVGTKQTOGPVG
&GHKPKEKÎPFGNCOKUKÎPFGNCQTICPK\CEKÎP
.C OKUKÎPFGNCQTICPK\CEKÎPGUGNGLGUQDTGGNEWCNUGFGUCTTQNNCVQFCUNCU
QVTCUCEVKXKFCFGU[UKUVGOCUNCOKUKÎPGZRTGUCNCTC\ÎPFGUGT[FGGZKUVKT
FG VQFC QTICPK\CEKÎP RCTC RQFGT FGHKPKT NC OKUKÎP FG WPC QTICPK\CEKÎP
FGDGOQUFGTGXKUCTGNRNCPGUVTCVÃIKEQFGNCQTICPK\CEKÎPGPECUQFGSWG
ÃUVG PQ GZKUVKGTC Q GUVWXKGUG FGUCEVWCNK\CFQ GN GSWKRQ FG GUVWFKQ UG
GPECTICT¶ FGEQPXQECTCWPCTGWPKÎPCNPKXGNFKTGEVKXQ[CNRGTUQPCNENCXG
FGNCQTICPK\CEKÎPEQPGNHKPFGSWGÃUVQURWGFCPFCTUWQRKPKÎPCEGTECFG
NC OKUKÎP FG NC QTICPK\CEKÎP RTQEGFKOKGPVQ HQTOCN Q GP QVTQ ECUQ FCT
HQTOCCNCXKUKÎPSWGNC#NVC&KTGEEKÎPVKGPGFGNCOKUOC
&GHKPKEKÎPFGNCOKUKÎPFGN%GPVTQFG+PHQTO¶VKEQ
.C OKUKÎP FGN %GPVTQ +PHQTO¶VKEQ UG FGHKPG FG CEWGTFQ C NC OKUKÎP FG NC
1TICPK\CEKÎPGUFGEKTNCOKUKÎPFGN%GPVTQ+PHQTO¶VKEQFGDGT EQCF[WXCT
CNNQITQFGNCOKUKÎPFGNCQTICPK\CEKÎP
2CTCNCFGHKPKEKÎPFGNCOKUKÎPUGFGDGFGTGWPKTCNRGTUQPCNFKTGEVKXQFGN
%GPVTQ +PHQTO¶VKEQ CUÈ EQOQ CN RGTUQPCN GZRGTVQ GP OCVGTKC KPHQTO¶VKEC
EQPGNHKPFGSWGÃUVQUDTKPFGPKPHQTOCEKÎPFGDCUGSWGRGTOKVCFGHKPKTNC
OKUKÎPFGN%GPVTQ+PHQTO¶VKEQ
(KLCEKÎPFGQDLGVKXQU[OGVCU
'PÃUVCCEVKXKFCFUGVTCVCT FGKFGPVKHKECTNQUQDLGVKXQU[NCUOGVCUHKLCFCURQT
GN %GPVTQ +PHQTO¶VKEQ NCU EWCNGU EQPVTKDWKT¶P CN NQITQ FG NQU QDLGVKXQU
EQTRQTCVKXQU
'P ECUQ FG SWG GP NC WPKFCF GZKUVC WP RNCP GUVTCVÃIKEQ NQU QDLGVKXQU FGN
%GPVTQ+PHQTO¶VKEQUGT¶PTGXKUCFQU[CEVWCNK\CFQUUKGNECUQNQCOGTKVC
C1DLGVKXQU
&GVGTOKPCTNQUQDLGVKXQU[OGVCUFGN%GPVTQ+PHQTO¶VKEQ
1TKGPVCT NCU CEVKXKFCFGU FGN %GPVTQ +PHQTO¶VKEQ CN NQITQ FG NQU
QDLGVKXQUEQTRQTCVKXQU
D&GUETKREKÎP
.CHKLCEKÎPFGNQUQDLGVKXQU[OGVCUFGN%GPVTQ+PHQTO¶VKEQVQOCPEQOQ
RWPVQFGRCTVKFCCNQUQDLGVKXQU[OGVCUEQTRQTCVKXQUEQPVGORNCFQUGP
GNRNCPGUVTCVÃIKEQFGNCKPUVKVWEKÎPGPGNECUQFGSWGPQGZKUVCWPRNCP
GUVTCVÃIKEQFGNCKPUVKVWEKÎPUGFGDGT TGCNK\CTVQFCUNCUVCTGCUKPFKECFCU
NÈPGCUCDCLQECUQEQPVTCTKQUGRTQUGIWKT¶ EQPNCUVCTGCU
&GHKPKTNQUQDLGVKXQUEQTRQTCVKXQU
&GHKPKTNQUQDLGVKXQUFGN%GPVTQ+PHQTO¶VKEQ
&GHKPKTNCUOGVCUFGN%GPVTQ+PHQTO¶VKEQ
E&GUETKREKÎPFGVCTGCU
.CU VCTGCU TGSWGTKFCU RCTC NC GLGEWEKÎP FG NC CEVKXKFCF UG FGUETKDGP C
EQPVKPWCEKÎP
&GHKPKEKÎPNQUQDLGVKXQEQTRQTCVKXQU
6QOCPFQ EQOQ DCUG NC OKUKÎP FG NC KPUVKVWEKÎP KFGPVKHKECFC GP NC
#EVKXKFCF UG FGVGTOKPCT¶P NQU QDLGVKXQU EQTRQTCVKXQU NQU EWCNGU
RGTOKVKT¶PGURGEKHKECTNQURTQRÎUKVQUFGNCQTICPK\CEKÎPGKFGPVKHKECTNQU
CURGEVQUSWGPGEGUCTKCOGPVGUGFGDGPEQPVTQNCT[VQOCTGPEWGPVCRCTC
SWGUGRWGFCPNQITCTGUVQUQDLGVKXQUEQPGNHKPFGSWGÃUVQUEQCF[WXGP
CNEWORNKOKGPVQFGNCOKUKÎPFGNCKPUVKVWEKÎP
&GHKPKTNQUQDLGVKXQUFGN%GPVTQ+PHQTO¶VKEQ
.QU QDLGVKXQU FGN %GPVTQ +PHQTO¶VKEQ UG FGHKPKT¶P VQOCPFQ EQOQ DCUG
NQUQDLGVKXQUEQTRQTCVKXQUKFGPVKHKECFQUCPVGTKQTOGPVG
&G GUVC OCPGTC NQU QDLGVKXQU FGN %GPVTQ +PHQTO¶VKEQ VGPFT¶P TGNCEKÎP
EQP GN SWGJCEGT GP NC QTICPK\CEKÎP GP OCVGTKC KPHQTO¶VKEC [ FG
VGEPQNQIÈCFGKPHQTOCEKÎP
&GHKPKTNCUOGVCUFGN%GPVTQ+PHQTO¶VKEQ
.CU OGVCU FGN %GPVTQ +PHQTO¶VKEQ FGDGT¶P EQPVGORNCT CURGEVQU VCNGU
EQOQSWÃEW¶PFQ[EW¶PVQUGFGUGCNQITCTGPWPRGTÈQFQFGVGTOKPCFQ
GU FGEKT NQU QDLGVKXQU FGDGT¶P UGT XCNQTK\CFQU [ GURGEKHKECFQU GP GN
VKGORQ[GURCEKQ
#UÈ OKUOQ GUVCU OGVCU FGDGT¶P EQCF[WXCT CN EWORNKOKGPVQ FG NQU
QDLGVKXQUFGN%GPVTQ+PHQTO¶VKEQ[RQTGPFGCNQUQDLGVKXQUEQTRQTCVKXQU
&G5CNKFC
1DLGVKXQUEQTRQTCVKXQU
1DLGVKXQUFGN%GPVTQ+PHQTO¶VKEQ
/GVCUFGN%GPVTQ+PHQTO¶VKEQ
&GVGTOKPCEKÎPFGGUVTCVGIKCU
'P GUVC CEVKXKFCF UG FGVGTOKPCP NQU ECOKPQU [ CNVGTPCVKXCU SWG UG JCP FG
UGIWKTCHKPFGNQITCTNQUQDLGVKXQUFGN%GPVTQ+PHQTO¶VKEQ[EWORNKTEQPNC
OKUKÎPFGNCQTICPK\CEKÎP
C1DLGVKXQU
&GHKPKTCNVGTPCVKXCUSWGRGTOKVCPNQITCTNQUQDLGVKXQURTQRWGUVQU
D &GUETKREKÎP
.CU GUVTCVGIKCU FG VQFC QTICPK\CEKÎP Q WPKFCF QTICPK\CVKXC UG FGHKPGP
VQOCPFQEQOQDCUGNCRTGIWPVC3WÃFGDGOQUFGJCEGTRCTCNQITCTNQU
QDLGVKXQU!NCTGURWGUVCUGQDVKGPGCNTGCNK\CTNCUUKIWKGPVGUVCTGCU
+FGPVKHKECT NCU QRQTVWPKFCFGU [ TKGUIQU FG NC QTICPK\CEKÎP Q VÃEPKEC
12'&'21
+FGPVKHKECTCNVGTPCVKXCUFGUQNWEKÎP
'XCNWCTNCUCNVGTPCVKXCUFGUQNWEKÎP
E&GUETKREKÎPFGVCTGCU
.CU VCTGCU TGSWGTKFCU RCTC NC GLGEWEKÎP FG NC CEVKXKFCF UG FGUETKDGP C
EQPVKPWCEKÎP
+FGPVKHKECTNCUQRQTVWPKFCFGU[TKGUIQU
%QPGNHKPFGFGVGTOKPCTNCUQRQTVWPKFCFGU[TKGUIQUSWGKPHNW[GPGPGN
HWPEKQPCOKGPVQ FG NC QTICPK\CEKÎP GU EQPXGPKGPVG TGCNK\CT WP CP¶NKUKU
FGN OKUOQ GU FGEKT FGHKPG NCU HQTVCNG\CU TKGUIQU FGDKNKFCFGU [
QRQTVWPKFCFGUVCPVQFGNCQTICPK\CEKÎPEQOQFGN%GPVTQ+PHQTO¶VKEQ
+FGPVKHKECTCNVGTPCVKXCUFGUQNWEKÎP
6QOCFQEQOQDCUGGNCP¶NKUKUTGCNK\CFQGPNCVCTGCCPVGTKQTUGFGHKPGP
WPC UGTKG FG CNVGTPCVKXCU FG UQNWEKÎP SWG RGTOKVKT¶P EWORNKT EQP NQU
QDLGVKXQU[OGVCURTQRWGUVCUCN%GPVTQ+PHQTO¶VKEQ
'XCNWCTNCUCNVGTPCVKXCUFGUQNWEKÎP
%QPUKFGTCPFQ NCU CNVGTPCVKXCU FG UQNWEKÎP KFGPVKHKECFCU GP NC VCTGC
CPVGTKQT UG GXCNWCT¶P ECFC WPC FG GNNCU EQP GN HKP FG EQPVCT EQP WPC
ECTVGTC FG RTQ[GEVQU SWG EQCF[WXCT¶P CN NQITQ FG NQU QDLGVKXQU FG NC
WPKFCF
.QU ETKVGTKQU SWG FGDGOQU FG EQPUKFGTCT RCTC FGVGTOKPCT NC ECTVGTC FG
RTQ[GEVQUUQPNQUUKIWKGPVGU
&GVGTOKPCT UK NC CNVGTPCVKXC GU EQJGTGPVG EQP NC EQORGVGPEKC [ NQU
TGEWTUQUEQTRQTCVKXQURTGUGPVGU[RTGXKUVQU
'N PKXGN FG TKGUIQ GUEQIKFQ GU HCEVKDNG GP VÃTOKPQU GEQPÎOKEQU [
RGTUQPCNGU
.CU GUVTCVGIKCU UG CEQOQFCP C NQU XCNQTGU RGTUQPCNGU [ CURKTCEKQPGU
FGNQUIGTGPVGUENCXGU
%QPUVKVWKTNCGUVTCVGIKCGPWPGUVÈOWNQENCTQCNGUHWGT\Q[EQORTQOKUQ
FGNCQTICPK\CEKÎP
F2TQFWEVQUCQDVGPGT
.KUVCFGTKGUIQUQRQTVWPKFCFGUHQTVCNG\CU[FGDKNKFCFGU
%CTVGTCFG2TQ[GEVQU
&GHKPKEKÎPFGHCEVQTGUETÈVKEQUFGÃZKVQ
'PÃUVCCEVKXKFCFUGFGVGTOKPCT¶PNQUHCEVQTGUETÈVKEQUFGÃZKVQGUFGEKT
CSWGNNQU HCEVQTGU SWG RGTOKVKT¶P EWORNKT EQP NQU QDLGVKXQU [ OGVCU
RTQRWGUVCURQTGN%GPVTQ+PHQTO¶VKEQ
C 1DLGVKXQU
+FGPVKHKECTNQUHCEVQTGUETÈVKEQUFGÃZKVQ
D &GUETKREKÎP
2CTCKFGPVKHKECTNQUHCEVQTGUETÈVKEQUFGÃZKVQFGDGOQUFGTGCNK\CTNCU
UKIWKGPVGUVCTGCU
&GHKPKTNQUHCEVQTGUFGÃZKVQ
E&GUETKREKÎPFG6CTGCU
&GHKPKTNQUHCEVQTGUFGÃZKVQ
.QU HCEVQTGU FG ÃZKVQ UG FGVGTOKPCP CPCNK\CPFQ RTKOGTCOGPVG NQU
QDLGVKXQURTQRWGUVQU[TGURQPFKGPFQCNCRTGIWPVC%W¶NGUUQPCSWGNNQU
HCEVQTGUSWGCNTGCNK\CTUGRGTOKVKT¶PGNÃZKVQFGNQUQDLGVKXQU!
6QOCFQ EQOQ DCUG NQU HCEVQTGU FG ÃZKVQ KFGPVKHKECFQU GP NC VCTGC
CPVGTKQTUGRTQEGFGT¶CKFGPVKHKECTNQUHCEVQTGUETÈVKEQUFGÃZKVQGUFGEKT
CSWGNNQUHCEVQTGUSWGFGHKPKVKXCOGPVGFGDGPFGTGCNK\CTUGEQPGNHKPFG
EWORNKTEQPNQUQDLGVKXQUFGN%GPVTQ+PHQTO¶VKEQ
2CTC GNNQ FGDGOQU FG TGURQPFGT C NC UKIWKGPVG RTGIWPVC %W¶NGU UQP
CSWGNNQU HCEVQTGU ETÈVKEQU SWG RGTOKVKT¶P GN ÃZKVQ FG NQU QDLGVKXQU
RTQRWGUVQU!
2TQFWEVQU
&GGPVTCFC
x 2NCP'UVTCVÃIKEQ0CEKQPCN x 2NCP'UVTCVÃIKEQ+PUVKVWEKQPCN
&GUCNKFC
x #NKPGCEKÎPFGN2'6+EQPGN2'5'/
6ÃEPKECU
x 2NCP'UVTCVÃIKEQ+PUVKVWEKQPCN
2T¶EVKECU
x #P¶NKUKUFGNCKPHQTOCEKÎP
x 'PVTGXKUVCU
2CTVKEKRCPVGU
,GHGFGRTQ[GEVQ
&KTGEVQTFG2NCPKHKECEKÎP
'SWKRQFGCPCNKUVCU RNCPKHKECFQTGU
'UVWFKQFGNCQTICPK\CEKÎP
'N QDLGVKXQ FG GUVC CEVKXKFCF GU TGEQRKNCT [ CPCNK\CT VQFQU NQU CPVGEGFGPVGU
IGPGTCNGU SWG RWGFCP CHGEVCT C NQU RTQEGUQU [ C NCU WPKFCFGU QTICPK\CVKXCU
KORNKECFCUGPGN2NCPGUVTCVÃIKEQFGVGEPQNQIÈCFGKPHQTOCEKÎP
2'6+CUÈEQOQ
C NQU TGUWNVCFQU FGN OKUOQ 2WGFGP UGT FG GURGEKCN KPVGTÃU NQU GUVWFKQU
TGCNK\CFQUEQPCPVGTKQTKFCFCN2'6+TGNCVKXQUCNQUUKUVGOCUFGKPHQTOCEKÎPFG
UW ¶ODKVQ Q DKGP C UW GPVQTPQ VGEPQNÎIKEQ EW[CU EQPENWUKQPGU FGDGP UGT
EQPQEKFCURQTGNGSWKRQFGVTCDCLQFGN2NCP
.C KPHQTOCEKÎP QDVGPKFC GP GUVC CEVKXKFCF UG VGPFT¶ GP EWGPVC GP NC
GNCDQTCEKÎPFGNQUTGSWKUKVQU
6CTGC
2TQFWEVQU
6ÃEPKECU[2T¶EVKECU
5GNGEEKÎP[
CP¶NKUKUFG
CPVGEGFGPVGU
x 8CNQTCEKÎPFG
CPVGEGFGPVGU
x 5GUKQPGUFGVTCDCLQ
8CNQTCEKÎPFG
CPVGEGFGPVGU
x .KUVCFQFG
TGSWKUKVQU
x 4GSWKUKVQU
IGPGTCNGU
x .KUVCFQFG
RTKQTKFCFGU
#P¶NKUKUFGNQUCPVGEGFGPVGU
2CTVKEKRCPVGU
x %QPUWNVQTGU
x %QPUWNVQTGU
+PHQTO¶VKEQU
x 7UWCTKQUGZRGTVQU
x %QPUWNVQTGU
x %QPUWNVQTGU
x +PHQTO¶VKEQU
5G UGNGEEKQPCP NCU HWGPVGU FG KPHQTOCEKÎP [ FQEWOGPVCEKÎP C EQPUKFGTCT GP
GUVGGUVWFKQVGPKGPFQGPEWGPVCVQFQUCSWGNNQUCPVGEGFGPVGUFGKPVGTÃURNCP
GUVTCVÃIKEQKPUVKVWEKQPCNRNCPGUFGUKUVGOCUFGKPHQTOCEKÎPCPVGTKQTGUGUVWFKQU
RTGXKQU RNCP IGPGTCN KPHQTO¶VKEQ Q RNCPGU QRGTCVKXQU FGUCTTQNNCFQU GP CÌQU
CPVGTKQTGUGVE
#UKOKUOQ UG FGDG GPVTGXKUVCT C NCU RGTUQPCU FG NC QTICPK\CEKÎP SWG RWGFCP
CRQTVCTKPHQTOCEKÎPCFKEKQPCNUQDTGCPVGEGFGPVGUSWGFGDCPUGTEQPUKFGTCFQU
GP GN 2'6+ CN OCTIGP FG NC FQEWOGPVCEKÎP FKURQPKDNG .C KPHQTOCEKÎP
TGEQIKFCUGVKGPGVCODKÃPGPEWGPVCGPNCXCNQTCEKÎPFGNQUOKUOQU
2TQFWEVQU
&GGPVTCFC
x
x
x
x
+PHQTOCEKÎPTGNGXCPVG
GZVGTPQ
.KUVCFQFGQDLGVKXQUFG2NCPGU
CPVGTKQTGU
.KUVCFQFGWUWCTKQU
&GUCNKFC
x #P¶NKUKUFGNCKPHQTOCEKÎPRTGNKOKPCT
6ÃEPKECU
x /QFGNQFGXKUVC RCPQT¶OKECKPUVKVWEKQPCN
x 6ÃEPKEC12'&'21
2T¶EVKECU
x 5GUKQPGUFGVTCDCLQ
2CTVKEKRCPVGU
x %QPUWNVQTGU
x %QPUWNVQTGU+PHQTO¶VKEQU
x 7UWCTKQU'ZRGTVQU
8CNQTCEKÎPFGNCKPHQTOCEKÎP
5G TGCNK\C NC XCNQTCEKÎP FG NQU CPVGEGFGPVGU CPCNK\CFQU[NCUEQPENWUKQPGUUG
TGEQIGT¶PGPGNNKUVCFQFGTGSWKUKVQU.CTGCNK\CEKÎPFGGUVCXCNQTCEKÎPC[WFCT¶
C GUVCDNGEGT VÃTOKPQU FG TGHGTGPEKC GP EWCPVQ C GUV¶PFCTGU RTQEGFKOKGPVQU
PQTOCVKXKFCFGVEUKGZKUVGP
2TQFWEVQU
&GGPVTCFC
x +PHQTOCEKÎPTGNGXCPVG
x #P¶NKUKUFGCPVGEGFGPVGU
&GUCNKFC
x .KUVCFQFGTGSWKUKVQU
4GSWKUKVQUIGPGTCNGU
2T¶EVKECU
x #P¶NKUKUFGKPHQTOCEKÎP
2CTVKEKRCPVGU
x %QPUWNVQTGU
x %QPUWNVQTGUKPHQTO¶VKEQU
1$,'61;#.%#0%'5&'.+/#42'
/+5+10
&GNC+PUVKVWEKÎP
4GCNK\CTKPXGUVKICEKQPGUEKGPVÈHKECUFGNOCT[FGNCUCIWCUEQPVKPGPVCNGU
[ FG NQU TGEWTUQU FG CODQU EQP GN HKP FG RTQRQTEKQPCT NCU DCUGU
EKGPVÈHKECU [ VÃEPKECU SWG RGTOKVCP NC OGLQT CFOKPKUVTCEKÎP FG NQU
OKUOQU
&GN#TGC+PHQTO¶VKEC
#RQ[CTCNNQITQFGNCOKUKÎP[NQUQDLGVKXQUFGN+/#42'OGFKCPVGGN
GORNGQ FG OGFKQU [ GSWKRQU EKDGTPÃVKEQU FG CNVC VGEPQNQIÈC RCTC GN
VTCVCOKGPVQ FG NC KPHQTOCEKÎP FG NCU CEVKXKFCFGU FG KPXGUVKICEKÎP
EKGPVÈHKECVGEPQNÎIKEC[CFOKPKUVTCVKXC
8+5+10
7PC +PUVKVWEKÎP EKGPVÈHKEC CNVCOGPVG EQORGVKVKXC EQP RGTUQPCN
EKGPVÈHKEQ [ VÃEPKEQ ECNKHKECFQ [ FG RTGUVKIKQ KPVGTPCEKQPCN EQP
KPHTCGUVTWEVWTC[GSWKRCOKGPVQEKGPVÈHKEQFGVGEPQNQIÈCFGRWPVCRCTC
NCGLGEWEKÎPFGNCUKPXGUVKICEKQPGUEKGPVÈHKECU[VGEPQNÎIKECUGPGNOCT
[ CIWCU EQPVKPGPVCNGU C HKP FG EQPVTKDWKT CN NQITQ FG NQU QDLGVKXQU
PCEKQPCNGU
1$,'6+815+056+67%+10#.'5
C 4GCNK\CTNCUKPXGUVKICEKQPGUEKGPVÈHKECUFGNQUTGEWTUQUFGNOCT[FG
NCUCIWCUEQPVKPGPVCNGUFGNQUHCEVQTGUGEQNÎIKEQUFGKPVGTCEEKÎP[
NQUSWGRTQRGPFGP CNFGUCTTQNNQFGNCCEWKEWNVWTC
D 4GCNK\CT KPXGUVKICEKQPGU QEGCPQIT¶HKECU [ NKOPQNÎIKECU [ FG NC
ECNKFCFFGNOGFKQCEW¶VKEQ
E 4GCNK\CTKPXGUVKICEKQPGUVGEPQNÎIKECUFGFGVGEEKÎP[GZVTCEEKÎPFG
NQUTGEWTUQUFGNOCT[FGNCUCIWCUEQPVKPGPVCNGU
F &KHWPFKT NQU TGUWNVCFQU FG NCU KPXGUVKICEKQPGU TGCNK\CFCU C NC
EQOWPKFCF EKGPVÈHKEC UGEVQTGU GEQPÎOKEQU [ FG RTQFWEEKÎP
EGPVTQUCECFÃOKEQU[RÕDNKEQGPIGPGTCN
#0.+5+5;&+#)0¦56+%1&'.#14)#0+<#%+¦0&'.+/#42'
'PVQTPQ
'UVTWEVWTC1TICPK\CEKQPCN
.C GUVTWEVWTC QTICPK\CEKQPCN FGN +/#42' OKUOQ SWG HWG
CRTQDCFQ RQT GN %QPUGLQ &KTGEVKXQ FGN +/#42' OGFKCPVG
#EWGTFQ0%&1FGHGEJCFGGPGTQFG[GUV¶
EQPUVKVWKFQRQT
C
#.6#&+4'%%+¦0
D
14)#01%1057.6+81
E
14)#01&'%10641.
F
14)#015&'#5'514#/+'061
%QPUGLQ&KTGEVKXQ
&KTGEEKÎP'LGEWVKXC
&KTGEEKÎP%KGPVÈHKEC
5GETGVCTÈC)GPGTCN
%QOKVÃ%QPUWNVKXQ
1HKEKPCFG#WFKVQTÈC+PVGTPC
1HKEKPCFG#UGUQTÈC,WTÈFKEC
1HKEKPCFG#UWPVQU+PVGTKPUVKVWEKQPCNGU
G
H
1HKEKPCFG2NCPKHKECEKÎP[2TGUWRWGUVQ
1HKEKPC FG 2TQITCOCEKÎP %QPVTQN [ 'XCNWCEKÎP
2TGUWRWGUVCN
1HKEKPCFG2NCPGU1TICPK\CEKÎP[/ÃVQFQU
1HKEKPCFG%QQRGTCEKÎP6ÃEPKEC'EQPÎOKEC
¦4)#015&'#21;1
1HKEKPCFG#FOKPKUVTCEKÎP
1HKEKPCFG4GEWTUQU*WOCPQU
1HKEKPCFG%QPVCDKNKFCF
1HKEKPCFG6GUQTGTÈC
1HKEKPCFG#DCUVGEKOKGPVQ[5GTXKEKQU#WZKNKCTGU
1HKEKPCFG(NQVC
1HKEKPCFG&KHWUKÎP[$KDNKQVGEC
%GPVTQFG%ÎORWVQ[%QOWPKECEKQPGU
1HKEKPCFG+PHTCGUVTWEVWTC6GTTGUVTG
1HKEKPCFG'UVCFÈUVKEC
&KTGEEKÎP%KGPVÈHKEC
¦4)#015&'. 0'#
&KTGEEKÎP)GPGTCNFG+PXGUVKICEKQPGU1EGCPQIT¶HKECU
&KTGEEKÎP FG 1EGCPQITCHÈC (ÈUKEC [ 2TQPÎUVKEQU
1EGCPQIT¶HKEQU
&KTGEEKÎPFG1EGCPQITCHÈC3WÈOKEC
&KTGEEKÎPFG1EGCPQITCHÈC$KQNÎIKEC
&KTGEEKÎP FG /QPKVQTGQ [ 2TQVGEEKÎP FGN #ODKGPVG
/CTKPQ
&KTGEEKÎP )GPGTCN FG +PXGUVKICEKQPGU FG 4GEWTUQU
*KFTQDKQNÎIKEQU
&KTGEEKÎPFG+PXGUVKICEKÎP['XCNWCEKÎPFG4GEWTUQU
2GN¶IKEQU
&KTGEEKÎPFG+PXGUVKICEKÎP['XCNWCEKÎPFG4GEWTUQU
&GOGTUCNGU[%QUVGTQU
&KTGEEKÎP FG +PXGUVKICEKQPGU GP $KQFKXGTUKFCF
'EQNQIÈC6TÎHKEC[4GRTQFWEEKÎP
&KTGEEKÎPFG'XCNWCEKÎPFG+PXGTVGDTCFQU/CTKPQU
&KTGEEKÎP)GPGTCNFG+PXGUVKICEKQPGUGP#EWKEWNVWTC
&KTGEEKÎPFG'ZRGTKOGPVCEKÎP
&KTGEEKÎPFG&GUCTTQNNQ#EWÈEQNC
&KTGEEKÎP)GPGTCNFG+PXGUVKICEKQPGUGP2GUEC
&KTGEEKÎPFG6GEPQNQIÈCFG'ZVTCEEKÎP
&KTGEEKÎPFG6GEPQNQIÈCFG&GVGEEKÎP
&KTGEEKÎP FG 6GEPQNQIÈC FG 'NGEVTQCEÕUVKEC [
6GNGFGVGEEKÎP
I
14)#0+5/15&'5%10%'064#&15
.CDQTCVQTKQU%QUVGTQU[%QPVKPGPVCN
(WPEKQPGU
'N 4GINCOGPVQ FG 1TICPK\CEKÎP [ (WPEKQPGU 41( FGN
+/#42'EQPUKFGTCNCUUKIWKGPVGUHWPEKQPGU
C 2NCPKHKECT FKTKIKT EQQTFKPCT GLGEWVCT [ GXCNWCT NCU
KPXGUVKICEKQPGUFGUWEQORGVGPEKC
D 4GCNK\CT KPXGUVKICEKQPGU EKGPVÈHKECU FG NQU TGEWTUQU FGN
OCT[FGNCUCIWCUEQPVKPGPVCNGUNQUHCEVQTGUGEQNÎIKEQU
FG KPVGTCEEKÎP [ NCU SWG RTQRGPFCP CN FGUCTTQNNQ FG NC
CEWKEWNVWTC
E 4GCNK\CT KPXGUVKICEKQPGU QEGCPQIT¶HKECU NKOPQNÎIKECU [
FGNCECNKFCFFGNCODKGPVGCEW¶VKEQ
F 4GCNK\CT KPXGUVKICEKQPGU VGEPQNÎIKECU FG GZVTCEEKÎP [
FGVGEEKÎP
G 2TQRQTEKQPCT CN /KPKUVGTKQ FG 2GUSWGTÈC NCU DCUGU
EKGPVÈHKECURCTCNCCFOKPKUVTCEKÎPTCEKQPCNFGNQUTGEWTUQU
FGNOCT[FGNCUCIWCUEQPVKPGPVCNGU
H 2TQOQXGT GN FGUCTTQNNQ FG NC KPXGUVKICEKÎP EKGPVÈHKEC [
VGEPQNÎIKECCUÈEQOQNCHQTOCEKÎPRGTHGEEKQPCOKGPVQ[
GURGEKCNK\CEKÎP FG NQU KPXGUVKICFQTGU EKGPVÈHKEQU [
VÃEPKEQU
I #UWOKT RQTFGNGICEKÎPFGN)QDKGTPQUWTGRTGUGPVCEKÎP
CPVGQTICPKUOQUKPVGTPCEKQPCNGUGPNQEQPEGTPKGPVGCUW
HKPCNKFCF
J 2CTVKEKRCT EQP QVTQU QTICPKUOQU RÕDNKEQU GP NC
HQTOWNCEKÎPFGRQNÈVKECUEKGPVÈHKECU[VGEPQNÎIKECU
K %QQTFKPCT EQP NC WPKXGTUKFCF RGTWCPC EQP GORTGUCU [
QVTCU RGTUQPCU PCVWTCNGU Q LWTÈFKECU NCU KPXGUVKICEKQPGU
FGOWVWQKPVGTÃU
L &KHWPFKTNQUTGUWNVCFQUFGUWUGUVWFKQUGKPXGUVKICEKQPGU
CNCEQOWPKFCFEKGPVÈHKEC[RÕDNKEQGPIGPGTCN
M %GNGDTCTEQPXGPKQU[QEQPVTCVQUEQPRGTUQPCUPCVWTCNGU
QLWTÈFKECUPCEKQPCNGUGKPVGTPCEKQPCNGURCTCRTQOQXGT
GN FGUCTTQNNQ VÃEPKEQEKGPVÈHKEQ PCEKQPCN GP NQU CUWPVQU
FG UW EQORGVGPEKC EQP UWLGEKÎP C NCU FKURQUKEKQPGU
NGICNGURGTVKPGPVGU
N 2TKQTK\CT NCU KPXGUVKICEKQPGU SWG NG EQTTGURQPFCP GP
EQPEQTFCPEKCEQPUWUHKPGU
O 1TICPK\CT [ RCTVKEKRCT GP GXGPVQU EKGPVÈHKEQU [
VGEPQNÎIKEQUPCEKQPCNGUGKPVGTPCEKQPCNGU
P 1VTCU CEVKXKFCFGU SWG UG NG GPECTIWGP OGFKCPVG
4GUQNWEKÎP/KPKUVGTKCNGPEQPEQTFCPEKCEQPNCRQNÈVKEC
QDLGVKXQU[OGVCUFGN/KPKUVGTKQFG2GUSWGTÈC
.ÈPGCUFG+PXGUVKICEKÎP[.QIÈUVKEC
.ÈPGCUFG+PXGUVKICEKÎP
+PXGUVKICEKÎPFGNCCPEJQXGVC[QVTQUTGEWTUQURGN¶IKEQU
+PXGUVKICEKÎPFGNCOGTNW\C[QVTQUTGEWTUQUFGOGTUCNGU
+PXGUVKICEKÎPFGNQUKPXGTVGDTCFQUOCTKPQU
+PXGUVKICEKÎPFGNCRGUECCTVGUCPCN
+PXGUVKICEKÎPFGNCTGRTQFWEEKÎPFGTGEWTUQURGUSWGTQU
+PXGUVKICEKÎPFGNCUCXGUOCTKPCU
+PXGUVKICEKÎPFGNQUEGV¶EGQU[NQDQUOCTKPQU
+PXGUVKICEKÎPGPCEWKEWNVWTC[GPTGEWTUQUEQPVKPGPVCNGU
+PXGUVKICEKÎPFGTGEWTUQUUWDGZRNQVCFQU[RQVGPEKCNGU
+PXGUVKICEKÎPFGDKQFKXGTUKFCFFGTGEWTUQUOCTKPQU
+PXGUVKICEKÎP FG NC CNKOGPVCEKÎP FG NQU RTKPEKRCNGU
TGEWTUQURGUSWGTQU
+PXGUVKICEKÎPGPCTVGU[OÃVQFQUFGRGUEC
+PXGUVKICEKÎP GP UGPUQTCOKGPVQ TGOQVQ [ UKUVGOC FG
KPHQTOCEKÎPIGQIT¶HKEC
%QPVCOKPCEKÎPOCTKPC
'UVWFKQUQEGCPQIT¶HKEQU[FGN(GPÎOGPQ'N0KÌQ
+PXGUVKICEKQPGU FG NCU EQOWPKFCFGU FGN RNCPEVQP GP GN
NKVQTCNRGTWCPQ
2WDNKECEKÎPEKGPVÈHKEC[VGEPQNÎIKEC
2CTVKEKRCEKÎP[4GRTGUGPVCEKÎP%KGPVÈHKEC
.QUTGUWNVCFQUFGGUVCUKPXGUVKICEKQPGUUQPFKHWPFKFQUCNC
EQOWPKFCFEKGPVÈHKEC[RÕDNKEQGPIGPGTCNGPVTGUUGTKGUFG
RWDNKECEKQPGU $1.'6+0 SWG GU WPC RWDNKECEKÎP FG TKIQT
EKGPVÈHKEQ SWG EQPUVKVW[G GN CRQTVG CN OGLQT EQPQEKOKGPVQ
FGNQUTGEWTUQUCEW¶VKEQUNCUKPVGTCEEKQPGUGPVTGÃUVQU[UW
CODKGPVG[SWGRGTOKVGQDVGPGTEQPENWUKQPGURTGNKOKPCTGU
Q HKPCNGU UQDTG NCU KPXGUVKICEKQPGU SWG TGCNK\C GN +/#42'
+0(14/' SWG GU NC RWDNKECEKÎP SWG FC C EQPQEGT NQU
TGUWNVCFQU RTGNKOKPCTGU Q HKPCNGU FG WPC QRGTCEKÎP Q
CEVKXKFCFRTQITCOCFCFGPVTQFGWPECORQGURGEÈHKEQFGNC
KPXGUVKICEKÎP EKGPVÈHKEC [ VGEPQNÎIKEC [ SWG TGSWKGTG
FKHWUKÎP KPOGFKCVC [ GN +0(14/' 241)4'5+81 SWG GU
WPC RWDNKECEKÎP RGTKÎFKEC OGPUWCN FG FKUVTKDWEKÎP
PCEKQPCN NC EWCN EQPVKGPG KPHQTOCEKÎP FG KPXGUVKICEKQPGU
GP OCTEJC EQPHGTGPEKCU [ QVTQU FQEWOGPVQU VÃEPKEQU
6CODKÃPUQPFKHWPFKFQUCVTCXÃUFGNCR¶IKPC9'$
#UKOKUOQGUVQU TGUWNVCFQUUQPRTGUGPVCFQUQRQTVWPCOGPVG
CN/KPKUVGTKQFG2GUSWGTÈCEQPNCHKPCNKFCFFGSWGUGVQOGP
NCU OGFKFCU EQTTGURQPFKGPVGU RCTC GN OCPGLQ ÎRVKOQ [
TCEKQPCN FG NC RGUSWGTÈC PCEKQPCN SWG GU FG XKVCN
KORQTVCPEKCRCTCGNFGUCTTQNNQFGN5GEVQT2GUSWGTQ
.QIÈUVKEC
5G EQPUKFGTCP NCU UKIWKGPVGU NÈPGCU FG CEVKXKFCFGU
CFOKPKUVTCVKXCU RCTC GN NQITQ FG NQU QDLGVKXQU
KPUVKVWEKQPCNGU
#FOKPKUVTCEKÎPGKPXGUVKICEKÎPGPNCDQTCVQTKQUEQUVGTQU
%QPUVTWEEKÎP[GSWKRCOKGPVQFGNCDQTCVQTKQUEQUVGTQU
'SWKRCOKGPVQFGGODCTECEKQPGUEKGPVÈHKECU
%CRCEKVCEKÎPFGNRGTUQPCN
#FOKPKUVTCEKÎPFGVÃEPKEQUEKGPVÈHKEQU
%GPVTQ FG EQOWPKECEKÎP G KPHQTOCEKÎP FG
CFOKPKUVTCEKÎPEKGPVÈHKEC
%QPVTQNKPVGTPQ[GZVGTPQFG)GUVKÎP
%QQTFKPCEKÎP CFOKPKUVTCVKXC [ GLGEWEKÎP HKPCPEKGTC
EQPVCDNG
/CPVGPKOKGPVQ RTGXGPVKXQ FG $WSWGU FG +PXGUVKICEKÎP
%KGPVÈHKEC
2CIQFG2GPUKQPGUCEGUCPVGU[LWDKNCFQU
2CIQFG4GOWPGTCEKQPGU[QVTQU$GPGHKEKQU
$$
99TTUU^^ddYYVVYYSSQQSSYY^^ TTUU bbUUaaeeUUbbYY]]YYUU^^dd__cc
/QFGNCOKGPVQFGTGSWGTKOKGPVQ
'NQDLGVKXQHKPCNFGGUVCCEVKXKFCFXCCUGTNCGURGEKHKECEKÎPFGNQUTGSWKUKVQUFG
KPHQTOCEKÎPFGNCQTICPK\CEKÎPCUÈEQOQQDVGPGTWPOQFGNQFGKPHQTOCEKÎP
SWGNQUEQORNGOGPVG
2CTC EQPUGIWKT GUVG QDLGVKXQ UG GUVWFKC GN RTQEGUQ Q RTQEGUQU FG NC
QTICPK\CEKÎP KPENWKFQU GP GN ¶ODKVQ FGN 2'6+ 2CTC GNNQ GU PGEGUCTKQ NNGXCT C
ECDQUGUKQPGUFGVTCDCLQEQPNQUWUWCTKQUCPCNK\CPFQECFCRTQEGUQVCN[EQOQ
FGDGTÈC UGT [ PQ UGIÕP UW UKVWCEKÎP CEVWCN [C SWG ÃUVC RWGFG GUVCT
EQPFKEKQPCFCRQTNQUUKUVGOCUFGKPHQTOCEKÎPGZKUVGPVGU
&GNOKUOQOQFQUGKFGPVKHKECPNQUTGSWKUKVQUFGKPHQTOCEKÎP[UGGNCDQTCWP
OQFGNQFGKPHQTOCEKÎPSWGTGRTGUGPVGNCUFKUVKPVCUGPVKFCFGUKORNKECFCUGPGN
RTQEGUQCUÈEQOQNCUTGNCEKQPGUGPVTGGNNCU
2QTÕNVKOQUGENCUKHKECPNQUTGSWKUKVQUKFGPVKHKECFQUUGIÕP UWRTKQTKFCFEQPGN
QDLGVKXQ FG KPEQTRQTCTNQU CN ECV¶NQIQ FG TGSWKUKVQU FGN 2NCP 'UVTCVÃIKEQ FG
6GEPQNQIÈCUFG+PHQTOCEKÎP
6CTGC
'UVWFKQFGNQU
RTQEGUQU
2TQFWEVQU
x /QFGNQFG
RTQEGUQUFGNC
QTICPK\CEKÎP
#P¶NKUKUFGNCU x 0GEGUKFCFGUFG
PGEGUKFCFGUFG
KPHQTOCEKÎP
NC
x /QFGNQFG
KPHQTOCEKÎP
KPHQTOCEKÎP
.KUVCFQFG
TGSWKUKVQU
2CTVKEKRCPVGU
x /QFGNCFQFGRTQEGUQUFG x %QPUWNVQTGU
NCQTICPK\CEKÎP
x 7UWCTKQU
GZRGTVQU
x 5GUKQPGU FGVTCDCLQ
x
x
x
x
x
/QFGNQ
'PVKFCFTGNCEKÎP
'ZVGPFKFQ
&KCITCOCFGENCUGU
5GUKQPGUFGVTCDCLQ
x .KUVCFQFG
x %CVCNQICEKÎP
TGSWKUKVQU
x 4GSWKUKVQUFGNQU
RTQEGUQUCHGEVCFQU
RQTGN2'6+
x %QPUWNVQTGU
x 7UWCTKQU
GZRGTVQU
x %QPUWNVQTGU
x 7UWCTKQU
GZRGTVQU
'UVWFKQFGNQURTQEGUQUFGNCQTICPK\CEKÎP
5G GUVWFKC ECFC RTQEGUQ FG NC QTICPK\CEKÎP KPENWKFQU GP GN ¶ODKVQ FGN 2'6+
2CTCECFCWPQFGGNNQUGUPGEGUCTKQKFGPVKHKECTNCUCEVKXKFCFGUQHWPEKQPGUNC
KPHQTOCEKÎPKORNKECFCGPGNNCU[NCUWPKFCFGUQTICPK\CVKXCUSWGRCTVKEKRCPGP
GNFGUCTTQNNQFGECFCCEVKXKFCF
2CTC QDVGPGT GUVC KPHQTOCEKÎP GU PGEGUCTKQ NNGXCT C ECDQ UGUKQPGU FG VTCDCLQ
EQPNQUWUWCTKQUKORNKECFQUGPECFCWPQFGNQURTQEGUQUCCPCNK\CT7PCXG\
EQPVTCUVCFCU NCU EQPENWUKQPGU UG GNCDQTC GN OQFGNQ EQTTGURQPFKGPVG C ECFC
RTQEGUQ5KGZKUVGTGNCEKÎPGPVTGNQUFKUVKPVQUOQFGNQU UGWPKHKECPGPNCOGFKFC
FGNQRQUKDNGEQPGNHKPFGRTQRQTEKQPCTWPCXKUKÎPINQDCNGPGNEQPVGZVQFGNC
QTICPK\CEKÎP[HCEKNKVCTWPCKFGPVKHKECEKÎPFGTGSWKUKVQUO¶UQDLGVKXC
2TQFWEVQU
&GGPVTCFC
x .KUVCFQFGWUWCTKQU
x 'SWKRQUFGVTCDCLQ
&GUCNKFC
x /QFGNQ FGRTQEGUQUFGNCQTICPK\CEKÎP
6ÃEPKECU
x /QFGNCFQFGRTQEGUQUFGNCQTICPK\CEKÎP
2T¶EVKECU
2CTVKEKRCPVGU
x %QPUWNVQTGU
x 7UWCTKQU GZRGTVQU
#EQPVKPWCEKÎPUGRTGUGPVCRCTVG FGNOQFGNQFGRTQEGUQUFG+/#42'
02'(/2'(352&(626² 1,9(/&,(17,),&2,0$53(
5(&85626+,'52%,2/2*,&26)
/$%25$725,26
&267(526
23(5$&,21(6(1
(/0$5
6(*8,0,(172
6$7(/,7$/'(
(0%$5&$&,21(6
3
5(&(3&,21$5
35(3$5$5
',675,%8,5<
75$16)(5,5
,1)250$&,21
'$726'(&$3785$6<(6)8(5=2
3
',*,7$5<
352&(6$5'$726
'(&$3785$<
(6)8(5=2
3(648(52
'$726'(7$//$6
3
352&(6$5
'$726'(
'(6(0%$54
'$726%,2/2*,&26
3
',*,7$5<
352&(6$5
'$726
%,2/2*,&26
3
',*,7$5<
352&(6$5
'$726
%,20(75,&2
3
',*,7$5<
352&(6$5
'$726'(
0$5&$&,21
3
&8$17,),&$5
0$*1,78'
'(/
5(&/87$0
)$&725'(
(67,0$&,21
'$726'(
%,20$6$
3
(67,0$5
,1',&(6'(
$%81'$1&,$
3
(67,0$5
'(6(0
%$548(
3
&2/(&7$5
',*,7$5<
352&(6$5'$726
'(35(&,26'(
(63(&,(6 &20(5&
&21',&,21(6
5(352'8&7,9$6
<$/,0(17$5,$6
&21',&,21(6
2&($12*5$),&$6
3
(/$%25$5&$57$6
'(',675,%8&,21<
&21&(175$&,21
'(3(&(6
3
'(7(50,1$5
(6758&785$6
325('$'(6 $
/$32%/$&
3
'(7(50,1$5/$
(6758&785$
'(/$
32%/$&,21
3257$//$6
3
'(7(50,1$5/$
(6758&785$'(
/$0$'85(=
6(;8$/$/$
32%/$&,21
3
$1$/,=$5<
(9$/8$5/26
5(&85626
3(648(526
'$7$+,6725,&$
3
(/$%25$5$5
&$57$6'(
0,*5$&,21
,1)250(6'((9$/8$&,21'(
/265(&85626
+,'52%,2/2*,&26
#P¶NKUKUFGNCUPGEGUKFCFGUFGKPHQTOCEKÎP
/GFKCPVGUGUKQPGUFGVTCDCLQUGKFGPVKHKECPNCUPGEGUKFCFGUFGKPHQTOCEKÎPFG
ECFC WPQ FG NQU RTQEGUQU CPCNK\CFQU GP NC CEVKXKFCF CPVGTKQT 5G GNCDQTC WP
OQFGNQ FG KPHQTOCEKÎP SWG TGHNGLG NCU RTKPEKRCNGU GPVKFCFGU FGHKPKFCU EQOQ
OCETQGPVKFCFGU FG CEWGTFQ C NC XGTUKÎP FG NC /GVQFQNQIÈC FG 2NCPGU FG
5KUVGOCUFG+PHQTOCEKÎPFGN+0'+[TGNCEKQPGUGZKUVGPVGUGPVTGGNNCU
6QFQGUVQUGTGCNK\CEQPNCRGTURGEVKXCFGNQSWGFGDGUGTGNRTQEGUQGPEWCPVQ
C UWU CEVKXKFCFGU [ HWPEKQPGU CUÈ EQOQ C NC KPHQTOCEKÎP FG GPVTCFC [ UCNKFC
RCTCECFCWPCFGGNNCU'UVGGPHQSWGGUEQJGTGPVGEQPGNRTKPEKRKQSWGGPNCU
GPVKFCFGURÕDNKECUNCHWPEKÎP[GNRTQEGUQVKGPGWPCOC[QTRTGUGPEKCSWGGP
NCGPVKFCFRTKXCFC
.QU TGUWNVCFQU FGN CP¶NKUKU TGCNK\CFQ GP GUVC VCTGC UQP NC DCUG RCTC NC
KFGPVKHKECEKÎPFGTGSWKUKVQU
2TQFWEVQU
&GGPVTCFC
x /QFGNQFGRTQEGUQUFGNCQTICPK\CEKÎP
&GUCNKFC
x 0GEGUKFCFGUFGKPHQTOCEKÎP
x /QFGNQ FGKPHQTOCEKÎP
6ÃEPKECU
x /QFGNQ'PVKFCF4GNCEKÎPGZVGPFKFQ
x &KCITCOCFGENCUGU
2T¶EVKECU
x 5GUKQPGUFGVTCDCLQ
2CTVKEKRCPVGU
x %QPUWNVQTGU
x 7UWCTKQUGZRGTVQU
#EQPVKPWCEKÎPUGRTGUGPVCRCTVGFGNOQFGNQFGFCVQUFG+/#42'
/1&'.1&'&#615
.KUVCFQFG4GSWKUKVQU
'PGUVCVCTGCUGCPCNK\CNCKPHQTOCEKÎPTGEQIKFCGPGN'UVWFKQFGNQURTQEGUQU[
GP GN CP¶NKUKU FG NCU PGEGUKFCFGU FG KPHQTOCEKÎP 5G FGHKPGP NQU TGSWKUKVQU
KPEQTRQT¶PFQNQUCNECV¶NQIQSWGUGJCDÈCEQOGP\CFQCGNCDQTCTGPGN'UVWFKQ
FGNC+PHQTOCEKÎP[UGNGUCUKIPCPRTKQTKFCFGU
.QUETKVGTKQU RCTCCUKIPCTFKEJCURTKQTKFCFGUFGDGPUGTFGHKPKFQUCNEQOKGP\Q
FGGUVCVCTGCEQPUKFGTCPFQNCQRKPKÎPFGNQUWUWCTKQUUQDTGNQURTQEGUQUFGNC
QTICPK\CEKÎPCUÈEQOQNQUQDLGVKXQUFGN2'6+
2TQFWEVQU
&GGPVTCFC
x
x
x
x
x
.KUVCFQFGQDLGVKXQU
.KUVCFQFGTGSWKUKVQU
/QFGNQFGRTQEGUQUFGNCKPUVKVWEKÎP
/QFGNQFGKPHQTOCEKÎP
0GEGUKFCFGUFGKPHQTOCEKÎP
&GUCNKFC
x 4GSWKUKVQU FGNQURTQEGUQUCHGEVCFQURQTGN2'6+
2T¶EVKECU
x 5GNGEEKÎP
2CTVKEKRCPVGU
x %QPUWNVQTGU
x 7UWCTKQU'ZRGTVQU
+PUVKVWVQ0CEKQPCN FG'UVCFÈUVKECG+PHQTO¶VKEC
%% 4
4YYccUU__ TTUU\\ ]]__TTUU\\__ TTUU ccYYccddUU]]QQcc YY^^ccddYYddeeSSYY__^^QQ\\
/QFGNCOKGPVQVGEPQNÎIKEQ K 2NCPVGEPQNÎIKEQ
'P GUVC HCUG UG DWUEC FKUGÌCT NC UQNWEKÎP VGEPQNÎIKEC .C OGLQT UQNWEKÎP
VGEPQNÎIKEC C PKXGN FG JCTFYCTG UQHVYCTG [ CRNKECEKQPGU SWG FGDGP
KORNGOGPVCTUG RCTCCNECP\CTNQU QDLGVKXQUFGN2NCP'UVTCVÃIKEQFG6GEPQNQIÈC
FG+PHQTOCEKÎP
2'6+
'UVCUQNWEKÎPFGDGT¶UGTHCEVKDNG[XKCDNGGPGNGURCEKQFGVKGORQFGHKPKFQRCTC
GN RNCP 5G JC KPEQTRQTCFQ C NC OGVQFQNQIÈC GN FGPQOKPCFQ GPHQSWG FG
EQPVKPIGPEKCU SWG DWUEC FKURQPGT FG WP RNCP CNVGTPCVKXQ 2NCP FG
EQPVKPIGPEKC SWG RGTOKVC KORNCPVCT GN 2'6+ EQP NCU NKOKVCEKQPGU SWG GN
RTGUWRWGUVQ CNIQ EQOÕP RCTC NCU GPVKFCFGU RÕDNKECU [ NCU ECRCEKFCFGU
VÃEPKECUFGNECUQ
VGQTÈCFGNCUTGUVTKEEKQPGU
'UVWFKQFGNQUUKUVGOCUFGKPHQTOCEKÎPCEVWCNGU
'N QDLGVKXQ FGN GUVWFKQ FG UKUVGOCU FG KPHQTOCEKÎP CEVWCNGU GU QDVGPGT WPC
XCNQTCEKÎP FG NC UKVWCEKÎP CEVWCN CN OCTIGP FG NQU TGSWKUKVQU FGN NKUVCFQ
CRQ[¶PFQUG GP ETKVGTKQU TGNCVKXQU C HCEKNKFCF FG OCPVGPKOKGPVQ
FQEWOGPVCEKÎP HNGZKDKNKFCF HCEKNKFCF FG WUQ GVE 'P GUVC CEVKXKFCF UG FGDG
VGPGT GP EWGPVC NC QRKPKÎP FG NQU WUWCTKQU [C SWG CRQTVCT¶P GNGOGPVQU FG
XCNQTCEKÎP EQOQ RQT GLGORNQ UW PKXGN FG UCVKUHCEEKÎP EQP ECFC UKUVGOC FG
KPHQTOCEKÎP
5G UGNGEEKQPCP NQU UKUVGOCU FG KPHQTOCEKÎP CEVWCNGU SWG UQP QDLGVQ FGN
CP¶NKUKU [ UG NNGXC C ECDQ GN GUVWFKQ FG NQU OKUOQU EQP NC RTQHWPFKFCF [ GN
FGVCNNG SWG UG FGVGTOKPG EQPXGPKGPVG GP HWPEKÎP FG NQU QDLGVKXQU FGHKPKFQU
RCTCGN2'6+'UVG GUVWFKQRGTOKVGRCTCECFCUKUVGOCFGVGTOKPCTUWUECTGPEKCU
[XCNQTCTNQU'UVCXCNQTCEKÎPUGWVKNK\CT¶GPGN&KUGÌQFGNOQFGNQFGUKUVGOCU
FGKPHQTOCEKÎPFQPFGUGCPCNK\CT¶NCEQDGTVWTCFGNQUUKUVGOCUFGKPHQTOCEKÎP
CEVWCNGUEQPTGURGEVQCNQUTGSWKUKVQU
6CTGC
2TQFWEVQU
6ÃEPKECU[
2T¶EVKECU
#NECPEG[QDLGVKXQU x .KUVCFQFGQDLGVKXQU
x 5GNGEEKÎP
FGNGUVWFKQFGNQU
x 1DLGVKXQUFGNGUVWFKQFG x 5GUKQPGUFG
UKUVGOCUFG
NQUUKUVGOCUFG
VTCDCLQ
KPHQTOCEKÎP
KPHQTOCEKÎPCEVWCNGU
CEVWCNGU
x +FGPVKHKECEKÎPFG5KUVGOCU
FGKPHQTOCEKÎPCEVWCNGU
2CTVKEKRCPVGU
x %QPUWNVQTGU
KPHQTO¶VKEQU
x %QPUWNVQTGU
x 7UWCTKQU
GZRGTVQU
6CTGC
2TQFWEVQU
6ÃEPKECU[
2T¶EVKECU
#P¶NKUKUFGNQU
UKUVGOCUFG
KPHQTOCEKÎP
CEVWCNGU
x &GUETKREKÎPIGPGTCNFG
UKUVGOCUFGKPHQTOCEKÎP
CEVWCNGU
8CNQTCEKÎPFGNQU
UKUVGOCUFG
KPHQTOCEKÎP
CEVWCNGU
x 8CNQTCEKÎPFGNCUKVWCEKÎP x 5GUKQPGUFG
VTCDCLQ
CEVWCN
x 5GUKQPGUFG
VTCDCLQ
x &KCITCOCFG
TGRTGUGPVCEKÎP
2CTVKEKRCPVGU
x %QPUWNVQTGU
x %QPUWNVQTGU
KPHQTO¶VKEQU
x 7UWCTKQU
GZRGTVQU
x 'SWKRQFGN
RTQ[GEVQ
x 'SWKRQFG
UQRQTVGVÃEPKEQ
x 4GURQPUCDNGFG
OCPVGPKOKGPVQ
x %QPUWNVQTGU
x %QPUWNVQTGU
+PHQTO¶VKEQU
#NECPEG[QDLGVKXQUFGNGUVWFKQFGNQUUKUVGOCUFGKPHQTOCEKÎPCEVWCNGU
#RCTVKTFGNCFGUETKREKÎPIGPGTCNFGNQURTQEGUQUFGNCQTICPK\CEKÎPCHGEVCFQU
RQTGN2NCP'UVTCVÃIKEQFG6GEPQNQIÈCUFG+PHQTOCEKÎP
2'6+UGFGVGTOKPCSWÃ
UKUVGOCUFGKPHQTOCEKÎPCEVWCNGUUGGPEWGPVTCPFGPVTQFGN¶ODKVQFGNRNCPUG
UGNGEEKQPCPFGNQUUKUVGOCUGZKUVGPVGUNQUSWGFGDGPUGTCPCNK\CFQUCUÈEQOQ
NQUQDLGVKXQUFGNGUVWFKQFGECFCWPQ&GGUVCHQTOCUGGUVCDNGEGGNFQOKPKQ
FG NQU UKUVGOCU FG KPHQTOCEKÎP FG NC QTICPK\CEKÎP C EQPUKFGTCT 6CODKÃP UG
VKGPGP GP EWGPVC NQU QDLGVKXQU FGHKPKFQU RCTC GN 2NCP FG 'UVTCVÃIKEQ FG
6GEPQNQIÈCUFG+PHQTOCEKÎPGPHWPEKÎPFGNQUEWCNGUUGGUVCDNGEGNCCORNKVWF
[RTQHWPFKFCFEQPNCSWGUGFGDGT¶FGUCTTQNNCTGUVCCEVKXKFCF
.QUQDLGVKXQUFGN2NCP'UVTCVÃIKEQFG6GEPQNQIÈCUFG+PHQTOCEKÎPUGEQORNGVCP
EQP NQU QDLGVKXQU FGHKPKFQU GP GUVC VCTGC RCTC GN GUVWFKQ FG NQU UKUVGOCU FG
KPHQTOCEKÎPCEVWCNGU
.C KPHQTOCEKÎP TGNCVKXC C NQU UKUVGOCU FG KPHQTOCEKÎP SWG FCP CEVWCNOGPVG
UQRQTVGCNQURTQEGUQUCHGEVCFQURQTGN2'6+UGQDVKGPGOGFKCPVGUGUKQPGUFG
VTCDCLQEQPNQUWUWCTKQU[GNCRQ[QFGNRGTUQPCNKPHQTO¶VKEQSWGUGEQPUKFGTG
PGEGUCTKQ
2TQFWEVQU
&GGPVTCFC
x
x
x
x
.KUVCFQFGQDLGVKXQU
.KUVCFQFGWUWCTKQU
'SWKRQUFGVTCDCLQ
&GUCNKFC
x .KUVCFQFGQDLGVKXQU
1DLGVKXQUFGNGUVWFKQFGNQUUKUVGOCUFGKPHQTOCEKÎPCEVWCNGU
x +FGPVKHKECEKÎPFGUKUVGOCUFGKPHQTOCEKÎPCEVWCNGUCHGEVCFQURQTGN2'6+
2T¶EVKECU
x 5GNGEEKÎP
x 5GUKQPGUFGVTCDCLQ
2CTVKEKRCPVGU
x %QPUWNVQTGU
x 7UWCTKQUGZRGTVQU
#P¶NKUKUFGNQUUKUVGOCUFGKPHQTOCEKÎP
'PGUVCVCTGCUGNNGXCCECDQGNGUVWFKQFGNQUUKUVGOCUFGKPHQTOCEKÎPCEVWCNGU
CHGEVCFQURQTGN2'6+2CTCECFCUKUVGOCFGKPHQTOCEKÎPUGTGEQIGPCNOGPQU
NCUECTCEVGTÈUVKECUD¶UKECUTGNCVKXCUCFCVQUUQHVYCTGFGCRNKECEKÎPRTQEGUQUFG
NC QTICPK\CEKÎP C NQU SWG FC UQRQTVG [ FG SWÃ HQTOC NQ JCEG HNGZKDKNKFCF
ECTGPEKCUTKGUIQU[RQUKDNGUCOGPC\CU
'PHWPEKÎPFGNVKRQFGUKUVGOCFGKPHQTOCEKÎP[FGNQUQDLGVKXQUFGUWGUVWFKQ
UG TGEQRKNC CFGO¶U RCTC ECFC WPQ FG GNNQU KPHQTOCEKÎP RTQEGFGPVG FG
FKXGTUQURWPVQUFGXKUVC
NCQRKPKÎPFGWUWCTKQUFGNQUUKUVGOCUFGKPHQTOCEKÎP
FGCPCNKUVCUFGFGUCTTQNNQFGNRGTUQPCNFGQRGTCEKÎPGVE
2TQFWEVQU
&GGPVTCFC
x +FGPVKHKECEKÎPFGUKUVGOCUFGKPHQTOCEKÎPCEVWCNGUCHGEVCFQURQTGN2'6+
&GUCNKFC
x &GUETKREKÎPIGPGTCNFGUKUVGOCUFGKPHQTOCEKÎPCEVWCNGU
2T¶EVKECU
x 5GUKQPGUFGVTCDCLQ
x &KCITCOCFGTGRTGUGPVCEKÎP
2CTVKEKRCPVGU
x
x
x
x
x
x
%QPUWNVQTGU
%QPUWNVQTGUKPHQTO¶VKEQU
7UWCTKQUGZRGTVQU
'SWKRQFGNRTQ[GEVQ
'SWKRQFGUQRQTVGVÃEPKEQ
4GURQPUCDNGFGOCPVGPKOKGPVQ
8CNQTCEKÎPFGNQUUKUVGOCUFGKPHQTOCEKÎP
7PCXG\FGUETKVCUNCUECTCEVGTÈUVKECUFGNQUUKUVGOCUFGKPHQTOCEKÎPCEVWCNGUUG
CPCNK\CP NQU RTQDNGOCU TGCNGU [ RQVGPEKCNGU QRKPKQPGU GVE 5G QDVKGPGP
EQPENWUKQPGU[WPCXCNQTCEKÎPNQO¶UQDLGVKXCRQUKDNGFGECFCWPQFGGNNQU
'UKORQTVCPVGNQITCTGUVCQDLGVKXKFCF[C SWGNCXCNQTCEKÎPRQFT¶KPHNWKTGPNC
FGEKUKÎP FG NC UWUVKVWEKÎP Q OGLQTC FG NQU UKUVGOCU FG KPHQTOCEKÎP GP NQU
RTÎZKOQUCÌQU
%QPXKGPGUGÌCNCTSWGGUVCXCNQTCEKÎPPQUGTGCNK\C GPEWCPVQCEQDGTVWTCFG
TGSWKUKVQU UKPQ EQP TGURGEVQ C CURGEVQU KPVTÈPUGEQU Q FG GHKEKGPEKC FG ECFC
UKUVGOC FGKPHQTOCEKÎP TGNCVKXQU CHCEKNKFCFFGOCPVGPKOKGPVQ QRGTCVKXKFCF
PKXGNFGUGTXKEKQEQUVGUGVE
2TQFWEVQU
&GGPVTCFC
x &GUETKREKÎPIGPGTCNFGUKUVGOCUFGKPHQTOCEKÎPCEVWCNGU
&GUCNKFC
x 8CNQTCEKÎPFGNCUKVWCEKÎPCEVWCN
2T¶EVKECU
x 5GUKQPGUFGVTCDCLQ
x +ORCEVQGPNCQTICPK\CEKÎP
2CTVKEKRCPVGU
x %QPUWNVQTGU
&KUGÌQFGNOQFGNQFGUKUVGOCUFGKPHQTOCEKÎP
'NQDLGVKXQFGGUVCCEVKXKFCFGUKFGPVKHKECT[FGHKPKTNQUUKUVGOCUFGKPHQTOCEKÎP
SWGXCPCFCTUQRQTVGCNQURTQEGUQUFGNCQTICPK\CEKÎPCHGEVCFQURQTGN2NCP
'UVTCVÃIKEQFG6GEPQNQIÈCFG+PHQTOCEKÎP2CTCGNNQGPRTKOGTNWICTUGCPCNK\C
NC EQDGTVWTC SWG NQU UKUVGOCU FG KPHQTOCEKÎP CEVWCNGU FCP C NQU TGSWKUKVQU
TGEQIKFQU GP GN ECV¶NQIQ GNCDQTCFQ GP NCU CEVKXKFCFGU 'UVWFKQ FG NC
KPHQTOCEKÎPTGNGXCPVGGKFGPVKHKECEKÎPFGTGSWKUKVQU 'UVQRGTOKVKT¶GHGEVWCTWP
FKCIPÎUVKEQFGNCUKVWCEKÎPCEVWCNCRCTVKTFGNEWCNUGUGNGEEKQPCPNQUUKUVGOCU
FG KPHQTOCEKÎP CEVWCNGU EQPUKFGTCFQU X¶NKFQU KFGPVKHKECPFQ NCU OGLQTCU C
TGCNK\CTGPNQUOKUOQU
2QT ÕNVKOQ UG FGHKPGP NQU PWGXQU UKUVGOCU FG KPHQTOCEKÎP PGEGUCTKQU RCTC
EWDTKTNQUTGSWKUKVQU[HWPEKQPGUFGNQURTQEGUQUPQUQRQTVCFQURQTNQUUKUVGOCU
CEVWCNGUUGNGEEKQPCFQU
6GPKGPFQGPEWGPVCNQUTGUWNVCFQUCPVGTKQTGUUGGNCDQTCGNOQFGNQFGUKUVGOCU
FG KPHQTOCEKÎP X¶NKFQ RCTC FCT UQRQTVG C NQU RTQEGUQU FG NC QTICPK\CEKÎP
KPENWKFQUGPGN¶ODKVQFGN2NCP'UVTCVÃIKEQFG6GEPQNQIÈCUFG+PHQTOCEKÎP
6CTGC
&KCIPÎUVKEQFGNC
UKVWCEKÎPCEVWCN
2TQFWEVQU
x &KCIPÎUVKEQFGNC
x /CVTKEKCN
UKVWCEKÎPCEVWCN
4GNCEKÎPFGUKUVGOCU
FGKPHQTOCEKÎPSWGUG
EQPUGTXCP[OGLQTCU
PGEGUCTKCU
&GHKPKEKÎPFGN
x /QFGNQFGUKUVGOCUFG
OQFGNQFGUKUVGOCU
KPHQTOCEKÎP
FGKPHQTOCEKÎP
6ÃEPKECU[
2T¶EVKECU
x /CVTKEKCN
x &KCITCOCFG
TGRTGUGPVCEKÎP
x 5GUKQPGUFG
VTCDCLQ
2CTVKEKRCPVGU
x %QPUWNVQTGU
x %QPUWNVQTGU
x %QPUWNVQTGU
KPHQTO¶VKEQU
x 7UWCTKQU
GZRGTVQU
&KCIPÎUVKEQFGNUKUVGOCFGKPHQTOCEKÎP
2CTC NNGICT C WP FKCIPÎUVKEQ UQDTG NC UKVWCEKÎP CEVWCN UG VKGPG GP EWGPVC NC
XCNQTCEKÎPFGNQUUKUVGOCUFGKPHQTOCEKÎPCEVWCNGUTGCNK\CFCGPNCCEVKXKFCFFG
GUVWFKQ FG NQU UKUVGOCU FG KPHQTOCEKÎP CEVWCNGU [ UG GUVWFKC NC EQDGTVWTCFG
TGSWKUKVQUSWGUGVKGPGEQPGNNQU
'UVQ RGTOKVG FGVGTOKPCT NQU TGSWKUKVQU FGN ECV¶NQIQ PQ EWDKGTVQU RQT NQU
UKUVGOCUFGKPHQTOCEKÎPCEVWCNGUGUVWFKCPFQUWCURGEVQETÈVKEQ[RTKQTKFCF
'PRCTCNGNQUGCPCNK\CGNOQFGNQFGKPHQTOCEKÎPQDVGPKFQGPNCVCTGCCP¶NKUKU
FG NCU PGEGUKFCFGU FG KPHQTOCEKÎP 5G FGVGTOKPC UK GZKUVGP GPVKFCFGU Q
TGNCEKQPGUFGNOKUOQSWGPQCRCTGEGPTGEQIKFCUGPNCUKVWCEKÎPCEVWCNQSWG
GUVCPFQTGEQIKFCUUWVTCVCOKGPVQCEVWCNPQTGURQPFGCNQUPWGXQUTGSWKUKVQU
%QOQ TGUWNVCFQ FGN CP¶NKUKU CPVGTKQT UG UGNGEEKQPCP NQU UKUVGOCU FG
KPHQTOCEKÎP C EQPUGTXCT [ UG GNCDQTC UK RTQEGFG NC TGNCEKÎP FG OGLQTCU C
TGCNK\CTGPECFCWPQFGGNNQURCTCEWDTKTNQUTGSWKUKVQUSWGNGCHGEVCP
2TQFWEVQU
&GGPVTCFC
x /QFGNQFGKPHQTOCEKÎP
x 8CNQTCEKÎPFGNCUKVWCEKÎPCEVWCN
&GUCNKFC
x &KCIPÎUVKEQFGNCUKVWCEKÎPCEVWCN
4GNCEKÎP FG UKUVGOCU FG KPHQTOCEKÎP SWG UG EQPUGTXCP [ OGLQTCU
PGEGUCTKCU
6ÃEPKECU
x /CVTKEKCN
2CTVKEKRCPVGU
x %QPUWNVQTGU
x #PCNKUVCU
&GHKPKEKÎPFGNOQFGNQFGUKUVGOCUFGKPHQTOCEKÎPTGSWGTKFQ
'UVC VCTGC VKGPG EQOQ QDLGVKXQ TGRTGUGPVCT GN EQPLWPVQ FG UKUVGOCU FG
KPHQTOCEKÎP SWG FCP UQRQTVG C NQU RTQEGUQU FG NC QTICPK\CEKÎP CHGEVCFQU
FGUETKDKGPFQ UWU TGNCEKQPGU G KPVGTHCEGU CUÈ EQOQ FGHKPKT SWÃ UKUVGOCU FG
KPHQTOCEKÎP CEVWCNGU UG OCPVGPFT¶P EQP NCU OGLQTCU RTQRWGUVCU [ SWÃ
UKUVGOCUFGKPHQTOCEKÎPPWGXQUEWDTKT¶PNQUTGSWKUKVQUPQUQRQTVCFQURQTNQU
UKUVGOCUFGKPHQTOCEKÎPCEVWCNGU
2CTCKFGPVKHKECTECFCUKUVGOCFGKPHQTOCEKÎPPWGXQUGCPCNK\CP
x .QUUKUVGOCUFGKPHQTOCEKÎPCEVWCNGUSWGUGEQPUGTXCP
x .QU TGSWKUKVQU PQ EWDKGTVQU RQT NQU UKUVGOCU FG KPHQTOCEKÎP CEVWCNGU 5G
TGCNK\C WPC KFGPVKHKECEKÎP KPKEKCN FG UKUVGOCU FG KPHQTOCEKÎP CITWRCPFQ
CEVKXKFCFGUJQOQIÃPGCUFGNQURTQEGUQUFGNCQTICPK\CEKÎPCHGEVCFQUSWG
CEVÕCPUQDTGKPHQTOCEKÎPEQOÕP
x &KHGTGPVGU VKRQU FG UKUVGOCU FG KPHQTOCEKÎP FG IGUVKÎP FG UQRQTVG C NC
VQOCFGFGEKUKQPGUGURGEKCNGUGVE
x +PVGTHCEGUGPVTGUKUVGOCUFGKPHQTOCEKÎPEQPGNQDLGVKXQFGOKPKOK\CTNCU
x 6GEPQNQIÈCGURGEKCNTGSWGTKFCUKRTQEGFG
.CU EQPENWUKQPGU QDVGPKFCU FG FKEJQ CP¶NKUKU UKTXGP RCTC KFGPVKHKECT ECFC
UKUVGOCFGKPHQTOCEKÎPPWGXQ[GNCDQTCTGNOQFGNQFGUKUVGOCUFGKPHQTOCEKÎP
2QTÕNVKOQ[EQPVCPFQEQPNCGZRGTKGPEKCFGNQURCTVKEKRCPVGUGPGUVCVCTGCUG
QDVKGPG GN OQFGNQ FG UKUVGOCU FG KPHQTOCEKÎP SWG KPENW[G WP FKCITCOC FG
TGRTGUGPVCEKÎP FG VQFQU GNNQU EQP UWU EQPGZKQPGU G KPVGTHCEGU [ WPC
FGUETKREKÎPFGECFCUKUVGOCFGKPHQTOCEKÎPEQPGNEQPLWPVQFGCEVKXKFCFGU[
TGSWKUKVQUSWGEWDTGCUÈEQOQGNVKRQFGUKUVGOCFGSWGUGVTCVC
2TQFWEVQU
&GGPVTCFC
x &KCIPÎUVKEQUKVWCEKÎPCEVWCN
x /QFGNQFGRTQEGUQUFGNCQTICPK\CEKÎP
x /QFGNQFGKPHQTOCEKÎP
&GUCNKFC
x /QFGNQFGUKUVGOCUFGKPHQTOCEKÎP
6ÃEPKECU
x /CVTKEKCN
2T¶EVKECU
2CTVKEKRCPVGU
x %QPUWNVQTGU
x 7UWCTKQUGZRGTVQU
'52'%+(+%#%+¦0&'.155+56'/#5&'+0(14/ #%+¦024127'5615
.WGIQFGKFGPVKHKECTUGNCUGPVKFCFGU[NCURQUKDNGUDCUGUFGFCVQUEQTRQTCVKXCU
UGRTQEGFKÎCKFGPVKHKECTNQUUKUVGOCUFGKPHQTOCEKÎPSWGJCPFGFGUCTTQNNCTUG
FGOCPGTCSWGÃUVCNQITGEWORNKTEQPUWUQDLGVKXQURTQITCOCFQU
'PDCUGCNQUTGSWGTKOKGPVQUFGKPHQTOCEKÎPFGNCKPUVKVWEKÎP[FGNGUVWFKQFG
NQU UKUVGOCU FG KPHQTOCEKÎPGZKUVGPVGUUGJCXKUVQRQTEQPXGPKGPVGRTQRQPGT
WP 5KUVGOC +PVGITCN FG NC +PUVKVWEKÎP FGPQOKPCFQ 5+56'/# &'
+0(14/#%+¦0 %+'06 (+%# ; 6'%01.¦)+%# &'. +/#42' 5+%6+ SWG
EQORTGPFGNQUPKXGNGUEKGPVÈHKEQVGEPQNÎIKEQ[CFOKPKUVTCVKXQNQUEWCNGUGUV¶P
EQPHQTOCFQURQTFKXGTUQUOÎFWNQU[UWDOÎFWNQUEQPXKIGPEKCGPGNOGFKCPQ
[NCTIQRNC\Q[SWGRGTOKVCPNQITCTNQUQDLGVKXQUKPUVKVWEKQPCNGU
.CKFGPVKHKECEKÎPFGNQUOÎFWNQU[UWDOÎFWNQUUGJCDCUCFQGPNCCRNKECEKÎP
FG 6ÃEPKECU /CVTKEKCNGU &G GUVC HQTOC UG JC EQPUVTWKFQ NC OCVTK\ 2TQEGUQ 'PVKFCFFG&CVQUSWGTGRTGUGPVCGNVTCVCOKGPVQNÎIKEQFGNQURTQEGUQUUQDTGNQU
FCVQUFGNUKUVGOCCITWRCPFQNQURTQEGUQU[NQUFCVQUGPFKUVKPVQUOÎFWNQU
&G CEWGTFQ C NCU PGEGUKFCFGU FG KPHQTOCEKÎP FGN +/#42' UG ETGG RQT
EQPXGPKGPVGGNFGUCTTQNNQFGNQUUKIWKGPVGU5KUVGOCUFG+PHQTOCEKÎP
5KUVGOCUGUVTCVÃIKEQU
5KUVGOCFGKPHQTOCEKÎPIGTGPEKCN
5KUVGOCFGKPHQTOCEKÎPIGQIT¶HKEQ
5KUVGOCFGKPHQTOCEKÎPFGPQTOCU[OGVQFQNQIÈCU
5KUVGOCFGKPHQTOCEKÎPFGPQTOCUNGICNGU
5KUVGOCFGKPHQTOCEKÎPFGVT¶OKVGFQEWOGPVCTKQ
5KUVGOCFGKPHQTOCEKÎPEKGPVÈHKEC[VGEPQNÎIKEC
5KUVGOC+PVGITCFQFGIGUVKÎPCFOKPKUVTCVKXC
5+)#
5KUVGOCFGKPHQTOCEKÎPFGEQPVTQNFGXKUKVCU
5KUVGOCFGKPHQTOCEKÎPFGRTQOQEKÎP
5KUVGOCFGDKDNKQVGEC
5KUVGOCFGCTEJKXQU
5KUVGOCFGKPHQTOCEKÎP9GD
5KUVGOC+PVTCPGV
5KUVGOC'ZVTCPGV
5KUVGOCUV¶EVKEQU
5KUVGOCVÃEPKEQQRGTCVKXQU
5KUVGOCKPVGTKPUVKVWEKQPCNGU
'UVQU UKUVGOCU UG ETGCT¶P EQP NC HKPCNKFCF FG UCVKUHCEGT NQU TGSWGTKOKGPVQU FG
KPHQTOCEKÎP FG VQFQ GN RGTUQPCN EKGPVÈHKEQVÃEPKEQ [ CFOKPKUVTCVKXQ
EQPUKFGTCPFQVQFQUNQUPKXGNGULGT¶TSWKEQU
.C KPVGITCEKÎP FG GUVQU UKUVGOCU FG KPHQTOCEKÎP FCT¶P QTKIGP CN UKUVGOC FG
KPHQTOCEKÎPKPVGITCNFGN+/#42' FGPQOKPCFQ5+56'/#&'+0(14/#%+¦0
%+'06 (+%#;6'%01.¦)+%#&'.+/#42'
5+%6+
'UVQUUKUVGOCUCUWXG\GUV¶PFKXKFKFQUGPOÎFWNQU[ÃUVQUGPUWDOÎFWNQU
NQUEWCNGUUGFGUETKDGPCEQPVKPWCEKÎP
5KUVGOCFGKPHQTOCEKÎ PEKGPVÈHKEC[VGEPQNÎIKEC
C 5KUVGOCFGKPHQTOCEKÎPFGTGEWTUQUJKFTQDKQNÎIKEQU
1DLGVKXQ
%QPVCT EQP WP UKUVGOC FG KPHQTOCEKÎP KPVGITCFQ [ FG CEEGUQKPOGFKCVQC
GNNCEQPUWTGURGEVKXCUGIWTKFCFUQDTGNCFCVCDKQNÎIKEC RGUSWGTCFGNQU
TGEWTUQU JKFTQDKQNÎIKEQU C HKP FG GXCNWCT [ FKCIPQUVKECT GN PKXGN
RQDNCEKQPCNFGNQUTGEWTUQURGUSWGTQUOCTKPQUGZRNQVCFQU
&GUETKREKÎP
'UVGUKUVGOCGUVCT¶EQPHQTOCFQRQTOÎFWNQU
/ÎFWNQTGEWTUQURGN¶IKEQU
'UVCT¶EQPHQTOCFQRQTUWDOÎFWNQU
5WDOÎFWNQRGN¶IKEQ2TQEGUCT¶KPHQTOCEKÎPTGHGTGPVGC
%CRVWTCU [ FGUGODCTSWGU FG GURGEKGU RGN¶IKECU RQT RWGTVQU ¶TGCU
TGIKQPGUGVE
&CVQUFGECRVWTC[GUHWGT\QFGRGUEC
&CVQUDKQNÎIKEQU[DKQOÃVTKEQUGPVTGQVTQU
5WDOÎFWNQOCOÈHGTQUOCTKPQU2TQEGUCT¶FCVQUUQDTG
%GPUQUFGNQDQUOCTKPQU
PÕOGTQRQTGURGEKGUUGZQGFCFGVE
%QORQUKEKÎPFGFKGVC
ÈVGOHTGEWGPEKCGVE
%CRVWTCKPEKFGPVCNFGEGV¶EGQUGPNCRGUSWGTÈCKPFWUVTKCN
0ÕOGTQFGGURGEKGUVCUCUFGECRVWTCRQTECNCUFGETWEGTQU
%¶NEWNQFGNGUHWGT\QRGUSWGTQ
5WDOÎFWNQ CXGU OCTKPCU 'UVG UWDOÎFWNQ RTQEGUCT¶ RTKPEKRCNOGPVG
FCVQUFG
%GPUQURQDNCEKQPCNGUFGCXGUIWCPGTCU
&KGVCFGNCUCXGUIWCPGTCU
2CT¶OGVTQUTGRTQFWEVKXQUGVE
/ÎFWNQFGOGTUCNGU[EQUVGTQU
'UVGOÎFWNQEQPUKFGTCFQUUWDOÎFWNQU
5WDOÎFWNQFGOGTUCNGU2TQEGUCT¶RTKPEKRCNOGPVGFCVQUUQDTG
%CRVWTCFGRGEGUFGOGTUCNGURQTRWGTVQ\QPCHGEJCGVE
&CVQUDKQNÎIKEQUDKQOÃVTKEQU[QVTQU
5WDOÎFWNQEQUVGTQU'UVGUWDOÎFWNQRTQEGUCT¶FCVQUFG
%CRVWTC [ GUHWGT\Q RQT GURGEKGU ¶TGCU [ CTVGU FG RGUEC FG NC HNQVC
CTVGUCPCN
&CVQUDKQNÎIKEQUDKQOÃVTKEQU[GEQPÎOKEQUFGGURGEKGUEQUVGTCU
/ÎFWNQTGEWTUQURQVGPEKCNGU
'UVGOÎFWNQRTQEGUCT¶FCVQUTGNCEKQPCFQUC
%CRVWTCUFGGURGEKGU
FGUGODCTSWGUNWICTGUHGEJCGVE
&CVQUDKQNÎIKEQUFGTGEWTUQURQVGPEKCNGU
$KQFKXGTUKFCFOCTKPC
'XGPVQU'N0KÌQGPVTGQVTQU
/ÎFWNQKPXGTVGDTCFQUOCTKPQU
'UVGOÎFWNQUGTGHKGTGCNRTQEGUCOKGPVQFGFCVQU
$KQNÎIKEQ RGUSWGTQUFGKPXGTVGDTCFQUOCTKPQU
$KQOÃVTKEQUFGKPXGTVGDTCFQUOCTKPQU
%CNEWNQ FG PKXGN RQDNCEKQPCN FG OQNWUEQU EQPEJC FG CDCPKEQ
ECTCEQNEJCPSWGGVE
%CRVWTC[GUHWGT\QFGNECNCOCTIKICPVG
0ÕOGTQFGQRGTCEKQPGUVKGORQFGQRGTCEKÎPGVE
D 5KUVGOCFGKPHQTOCEKÎPFGKPX GUVKICEKQPGUQEGCPQIT¶HKECU
1DLGVKXQ
%QPVCT EQP WP UKUVGOC FG KPHQTOCEKÎP KPVGITCFQ RCTC NC ECRVCEKÎP [
RTQEGUCOKGPVQFGNCFCVCTGHGTKFCCRTQEGUQUHÈUKEQUSWÈOKEQU[DKQNÎIKEQU
FGNOCT[CSWGGZKUVGCNCHGEJCITCPECPVKFCFFGKPHQTOCEKÎPHWGPVGUQDTG
ETWEGTQU QEGCPQIT¶HKEQU VCPVQ GP HQTOWNCTKQU RCRGN EQOQ GP OGFKQU
OCIPÃVKEQUVTCVCFQUEQPFKHGTGPVGUWVKNKVCTKQU
&GUETKREKÎP
'UVGUKUVGOCGUVCT¶KPVGITCFQRQTOÎFWNQU
/ÎFWNQFGQEGCPQITCHÈCHÈUKEC
'UVGOÎFWNQTGIKUVTCT¶KPHQTOCEKÎPTGHGTKFQC
6TCVCOKGPVQ FG FCVQU EQPEGTPKGPVGU C NC VGORGTCVWTC FGN OCT
UCNKPKFCFGVE
/WGUVTGQU [ TGIKUVTQ FG CPQOCNÈCU FG VGORGTCVWTC ECRVCFC FG NQU
NCDQTCVQTKQUEQUVGTQU
%TWEGTQUQEGCPQIT¶HKEQ[FGGXCNWCEKÎP
/QPKVQTGQURGUSWGTQU[DWSWGUFGQRQTVWPKFCF
/ÎFWNQFGQEGCPQITCHÈCSWÈOKEC
'UVGOÎFWNQTGIKUVTCT¶KPHQTOCEKÎPTGHGTKFCC
0WVTKGPVGU
HQUHCVQUUKNKECVQUPKVTCVQUPKVTKVQU
1ZÈIGPQFKUWGNVQENQTQHKNCCOQPKCEQCNECNKPKFCFHÎUHQTQPKVTÎIGPQ
GVE
/ÎFWNQFGQEGCPQITCHÈCDKQNÎIKEC
4GIKUVTCT¶KPHQTOCEKÎPTGHGTGPVGCDGPVQUOCTKPQURTQFWEEKÎPRTKOCTKC
[RTQFWEEKÎPUGEWPFCTKCEW[CFCVCUGTGHKGTGC
#DWPFCPEKC [ DKQOCUC FG GURGEKGU FGN OCETQ\QQDGPVQU FG HQPFQ
DNCPFQ
(KVQRNCPEVQPOCTKPQ
OKETQRNCPEVQP[RKEQRNCPEVQP
1TICPKUOQURTQFWEVQTGUFGOCTGCUTQLCU
+PFKECFQTGUDKQNÎIKEQUFGOCUCUFGCIWC
<QQRNCPEVQPKEVKQRNCPEVQPEQOQKPFKECFQTGUDKQNÎIKEQU
'UVCFÈQUFGJWGXQUXQNÕOGPGUFG\QQRNCPEVQPGVE
/ÎFWNQFGGXCNWCEKÎPFGEQPVCOKPCEKÎPOCTKPC
'UVGOÎFWNQTGIKUVTCT¶KPHQTOCEKÎPUQDTG
%QPVCOKPCPVGUSWÈOKEQU
+PFKECFQTGUFGEQPVCOKPCEKÎPOKETQDKQNÎIKEC
2CT¶OGVTQUCODKGPVCNGURTGUGPVGUGPGNOGFKQOCTKPQ
E 5KUVGOCFGKPXGUVKICEKQPGUGPRGUEC
1DLGVKXQ
%QPVCT EQP WP UKUVGOC FG KPHQTOCEKÎP KPVGITCFQ RCTC IGPGTCT NC DCUG FG
FCVQUTGNCEKQPCN[FKURQPGTFGHCEKNKFCFFGOCPGLQFGNCKPHQTOCEKÎPUQDTG
CTVGU [ OÃVQFQU FG RGUEC VÃEPKECU FG UGPUQTCOKGPVQ TGOQVQ VÃEPKECU
CEÕUVKECU[UKUVGOCFGKPHQTOCEKÎPIGQIT¶HKECGPVTGQVTQU
&GUETKREKÎP
'NUKUVGOCRTQRQTEKQPCT¶FCVQU
#EÕUVKEQU FG ETWEGTQU FG GXCNWCEKÎP [ RTQURGEEKQPGU RGUSWGTCU FG
TGEWTUQURGN¶IKEQU[FGOGTUCNGU
/CRCUFGFKUVTKDWEKÎPFGDKQOCUCRQTGURGEKGU
/CRCUFGFKUVTKDWEKÎP[EQPEGPVTCEKÎPFGRGEGU
&CVCCEÕUVKECECRVCFCEQPUQHVYCTGP/#2+0(1Q
4GEGREKÎPFGFCVCUCVGNKVCNECRVCFCEQPUQHVYCTGP*426Q
F 5KUVGOCFGUGIWKOKGPVQUCVGNKVCNFGGODCTECEKQPGURGUSWGTCU
1DLGVKXQ
&KURQPGT FG KPHQTOCEKÎP CEVWCNK\CFC G KPOGFKCVC UQDTG WDKECEKÎP
IGQIT¶HKEC FG GODCTECEKQPGU RGUSWGTCU GHGEVKXK\CPFQ NC
KORNGOGPVCEKÎP [ CFOKPKUVTCEKÎP FG WPC $CUG FG &CVQU 4GNCEKQPCN
UQDTGGNVGOC
&GUETKREKÎP
'UVGUKUVGOCRTQEGUCT¶KPHQTOCEKÎPTGHGTGPVGC
&GVGEEKÎPFG¶TGCUFGRGUECGPVKGORQTGCN
2TGUGPEKC FKUVTKDWEKÎP [ EQPEGPVTCEKÎP FG TGEWTUQU RGUSWGTQU
UGIÕP RCT¶OGVTQU CODKGPVCNGU FGN OCT GLGORNQ UCNKPKFCF
VGORGTCVWTCGVE
%¶NEWNQFGNGUHWGT\QRGUSWGTQGPGNVKGORQFGUFGNCUCNKFCFGNC
GODCTECEKÎPJCUVCUWTGVQTPQCRWGTVQ
%CRVWTCUFGGURGEKGRQT¶TGCU
'PIGPGTCNWPUGIWKOKGPVQFGNCRGUSWGTÈCGPVKGORQTGCN
G 5KUVGOCFGKPHQTOCEKÎPFGCEWKEWNVWTC
1DLGVKXQ
%QPVCT EQP WP UKUVGOC FG KPHQTOCEKÎP SWG RGTOKVC NC ECRVCEKÎP [
RTQEGUCOKGPVQ FG NC FCVC TGNCEKQPCFC C CURGEVQU DKQNÎIKEQU FG
CNIWPCU GURGEKGU OCTKPCU FG KPVGTÃU EQOGTEKCN EWNVKXCFCU VCPVQ GP
CODKGPVGPCVWTCNEQOQGPCODKGPVGEQPVTQNCFQCHKPFGRTQOQXGTGN
FGUCTTQNNQFGNCCEWKEWNVWTC
&GUETKREKÎP
'UVGUKUVGOCRTQRQTEKQPCT¶FCVQU
$KQNÎIKEQU [ DKQOÃVTKEQU FG GURGEKGU EWNVKXCFCU GP CODKGPVG
PCVWTCN[EQPVTQNCFQ
2TQFWEEKÎPFGDKQOCUCFGGURGEKGU[QVTQU
%CRVWTC[GUHWGT\Q
ECOCTÎPFGTÈQ
&GPUKFCFGURQT¶TGCUFGRGUEC
H 5KUVGOCVGTOKPQNÎIKEQ
1DLGVKXQ
%QPVCTEQPWPUKUVGOCVGTOKPQNÎIKEQFGKPHQTOCEKÎPSWGOCPGLGNC
KPUVKVWEKÎPGPEWORNKOKGPVQFGUWUHWPEKQPGU
&GUETKREKÎP
'UVGUKUVGOCTGIKUVTCT¶KPHQTOCEKÎPTGNCEKQPCFCCNQUVGOCU
$KQNÎIKEQ
2GUSWGTQ
1EGCPQIT¶HKEQ
#ODKGPVCNGVE
I 5KUVGOCFG+PHQTOCEKÎPFG.CDQTCVQTKQU%QUVGTQU
1DLGVKXQ
%QPVCTEQPWPUKUVGOCFGKPHQTOCEKÎPRCTCGNVTCVCOKGPVQFG FCVQU
FG CEWGTFQ C NC EQDGTVWTC IGQIT¶HKEC VGORQTCN [ GURGEKQNÎIKEC
TGHGTKFQCNCTGCNKFCFRGUSWGTCFGECFC.CDQTCVQTKQ%QUVGTQ[FGNCU
'UVCEKQPGUFG/WGUVTGQSWGEWGPVCNCKPUVKVWEKÎP
&GUETKREKÎP
'UVG UKUVGOC GUV¶ EQORWGUVQ FG OÎFWNQU UGIÕP GN ¶ODKVQ FG UW
EQORGVGPEKC
6WODGU
2CKVC
5CP,QUÃ
%JKECOC
%JKODQVG
*WCEJQ
%CNNCQ
2KUEQ
+NQ
24+14+<#%+¦0 &'. &'5#441..1 &' .15 5+56'/#5 &'
+0(14/#%+¦0
&GCEWGTFQCNCUPGEGUKFCFGUFGKPHQTOCEKÎPFGNQUWUWCTKQU[VGPKGPFQ
GP EWGPVC NQU QDLGVKXQU EQTRQTCVKXQU C EQTVQ RNC\Q UG RTQRQPG GN
FGUCTTQNNQFGNQUUKIWKGPVGUUKUVGOCU
%QTVQ2NC\Q
C 5KUVGOCFGKPHQTOCEKÎPEKGPVÈHKEC[VGEPQNÎIKEC
D 5KUVGOCKPVGITCFQFGIGUVKÎPCFOKPKUVTCVKXC
5+)#
E 5KUVGOCFGKPHQTOCEKÎPIGTGPEKCN
/GFKCPQ2NC\Q
C
D
E
F
G
H
I
J
5KUVGOCFGKPHQTOCEKÎPFGVT¶OKVGFQEWOGPVCTKQ
5KUVGOCFGKPHQTOCEKÎPFGEQPVTQNFGXKUKVCU
5KUVGOCFGKPHQTOCEKÎPFGRTQOQEKÎP
5KUVGOCFGKPHQTOCEKÎPFGDKDNKQVGEC
5KUVGOCFGKPHQTOCEKÎPFGCTEJKXQU
5KUVGOCFGKPHQTOCEKÎPFGPQTOCU[OGVQFQNQIÈCU
5KUVGOCFGKPHQTOCEKÎPFGPQTOCUNGICNGU
5KUVGOCFGKPHQTOCEKÎPIGQIT¶HKEC
&G NQU UKUVGOCU GURGEKHKECFQU C EQTVQ [ OGFKCPQ RNC\Q UG JCEG PQVCT
SWG GP NC CEVWCNKFCF GZKUVGP UKUVGOCU SWG RQFT¶P UGT CFCRVCFQU C NQU
UKUVGOCU RTQRWGUVQU OKPKOK\CPFQ UGIÕP GN ECUQ GN EQUVQ FGN
FGUCTTQNNQFGNQUOKUOQU
&GHKPKEKÎPFGNOQFGNQFGEQPVKPIGPEKCUFGN2'6+
'NGPHQSWGFGEQPVKPIGPEKCKPEQTRQTCFQCN2NCP'UVTCVÃIKEQFG6GEPQNQIÈCUFG
+PHQTOCEKÎPDWUECGUVCDNGEGTRTQEGFKOKGPVQU[CEEKQPGUSWGRGTOKVCPRTGXGT
[ UWRNKT NCU CEVKXKFCFGU [ RTQ[GEVQU SWG JCDKGPFQ UKFQ RTQITCOCFQU GP GN
2'6+ RQT FKXGTUQU HCEVQTGU KPVGTPQU GZVGTPQU Q EQODKPCEKÎP FG GNNQU PQ
RWGFGPUGTKORNGOGPVCFQU
2NCPFGEQPVKPIGPEKCRCTCGNRNCPGUVTCVÃIKEQFGVGEPQNQIÈCUFGKPHQTOCEKÎP
2CTC CUGIWTCT SWG UG EQPUKFGTCP VQFCU NCU RQUKDNGU GXGPVWCNKFCFGU UG JC FG
GNCDQTCTWPCNKUVCFGVQFQUNQUTKGUIQUEQPQEKFQUSWGPQRGTOKVCPGNFGUCTTQNNQ
Q NC HCNNC FG WPC CRNKECEKÎP [C QRGTCVKXC SWG CHGEVG CNIÕP RWPVQ ETÈVKEQ FGN
RTQEGUQKPUVKVWEKQPCNRCTC NQEWCNUGFGDGT¶TGCNK\CTWPCP¶NKUKUFGTKGUIQU
#P¶NKUKUFG4KGUIQU
'NCP¶NKUKUFGTKGUIQUEQPUKUVGGPO¶USWGGNJGEJQFGECNEWNCTNCRQUKDKNKFCF
FGSWGQEWTTCPEQUCUPGICVKXCURQFGTQDVGPGTWPCGXCNWCEKÎPFGNKORCEVQFG
GUVQUUWEGUQUPGICVKXQU.CGXCNWCEKÎPFGTKGUIQU[RTGUGPVCEKÎPFGTGURWGUVCU
FGDGRTGRCTCTUGFGHQTOCRGTUQPCNK\CFCRCTCECFCQTICPK\CEKÎP
.C GXCNWCEKÎP FG TKGUIQU UWRQPG KOCIKPCTUG NQ SWG RWGFG KT OCN [ C
EQPVKPWCEKÎP GUVKOCT GNEQUVG[NQU TGEWTUQU SWGUWRQPFTÈCTGGORNC\CTNQEQP
QVTC CEVKXKFCF Q RTQ[GEVQ 5G JC FG VGPGT GP EWGPVC NC RTQDCDKNKFCF FG SWG
UWEGFCP ECFC WPQ FG NQU RTQDNGOCU RQUKDNGU &G GUVC HQTOC UG RWGFGP
RTKQTK\CTNQU RTQDNGOCU[UWEQUVGRQVGPEKCNFGUCTTQNNCPFQWPRNCPFGCEEKÎP
CFGEWCFQ
'NCP¶NKUKUFGTKGUIQUFGDGTGURQPFGTCNCURTGIWPVCUFGNUKIWKGPVGEWCFTQ
#EVKXKFCF2TQ[GEVQ
2TQ[GEVQFGFGUCTTQNNQ
2TGIWPVCRCTCFGVGTOKPCTGN4KGUIQ
3WÃRWGFGKTOCN!
%QPSWÃHTGEWGPEKCRWGFGQEWTTKT!
%W¶NGUUGTÈCPUWUEQPUGEWGPEKCU!
3WÃHKCDKNKFCFVKGPGPNCUTGURWGUVCUCNCU
VTGURTKOGTCURTGIWPVCU!
2CTCECFCTKGUIQUGFGDGFGVGTOKPCTNCRTQDCDKNKFCFFGNHCEVQTFGTKGUIQ
%QOQGLGORNQUGOGPEKQPCPCNIWPQUVKRQUFGHCEVQTGUFGTKGUIQ
(CEVQTFGTKGUIQDCLQ
(CEVQTFGTKGUIQOW[DCLQ
(CEVQTFGTKGUIQCNVQ
(CEVQTFGTKGUIQOW[CNVQ
(CEVQTFGTKGUIQOGFKQ
2NCPFGGOGTIGPEKCFGNRNCPG UVTCVÃIKEQFGVGEPQNQIÈCUFG+PHQTOCEKÎP 'UKORQTVCPVGFGHKPKTNQURTQEGFKOKGPVQU[RNCPGUFGCEEKÎPRCTCGNECUQSWG
PWP RQUKDNG TKGUIQ UG JCIC TGCNKFCFQ 'U FGEKT QEWTTC WPC EQPVKPIGPEKC GU
GUGPEKCN SWG UG EQPQ\EC CN FGVCNNG GN OQVKXQ SWG NC QTKIKPÎ [ GN KORCEVQ
RTQFWEKFQNQSWGRGTOKVKT¶TGEWRGTCTGPGNOGPQTVKGORQRQUKDNGGNRTQEGUQ
CEVKXKFCFQRTQ[GEVQRGTFKFQ
.CGNCDQTCEKÎPFGNQURTQEGFKOKGPVQUSWGUGFGVGTOKPGP EQOQCFGEWCFQURCTC
WPECUQFGGOGTIGPEKCFGDGPUGTRNCPGCFQU[RTQDCFQUHGJCEKGPVGOGPVG.QU
RTQEGFKOKGPVQUFGDGT¶PUGTFGGLGEWEKÎPQDNKICVQTKC[DCLQNCTGURQPUCDKNKFCF
FGNQU GPECTICFQU FGNCTGCNK\CEKÎPFGNQUOKUOQUFGDKGPFQJCDGTRTQEGUQU
FG XGTKHKECEKÎP FG UW EWORNKOKGPVQ 'P GUVQU RTQEGFKOKGPVQU GUVCT¶
KPXQNWETCFQVQFQGNRGTUQPCNFGNC+PUVKVWEKÎP
.QURTQEGFKOKGPVQUFGRNCPGUFGTGEWRGTCEKÎPFGFGUCUVTGUFGDGPFGGOCPCT
FG NC O¶ZKOC CWVQTKFCF +PUVKVWEKQPCN RCTC ICTCPVK\CT UW FKHWUKÎP [ GUVTKEVQ
EWORNKOKGPVQ
#EVKXKFCFGURTGXKCU
5QP VQFCU NCU CEVKXKFCFGU FG RNCPGCOKGPVQ RTGRCTCEKÎP GPVTGPCOKGPVQ [
GLGEWEKÎPFGNCUCEVKXKFCFGUFGTGUIWCTFQFGNCKPHQTOCEKÎPSWGPQUCUGIWTGP
WPRTQEGUQFGTGEWRGTCEKÎPEQPGNOGPQTEQUVQRQUKDNGCNCKPUVKVWEKÎP
2QFGOQUFGVCNNCTNCUUKIWKGPVGUCEVKXKFCFGUIGPGTCNGU
'UVCDNGEKOKGPVQFGNRNCPFGGOGTIGPEKC
HTGPVGCNCTGUVTKEEKÎPUWRWGUVCGP
GNCP¶NKUKUFGTKGUIQKPENW[GUKUVGOCUCNVGTPCVKXQUQGNGORNGQFGUQHVYCTG
WVKNKVCTKQU
(QTOCEKÎPFGGSWKRQUQRGTCVKXQU
(QTOCEKÎP FG GSWKRQU FG GXCNWCEKÎP CWFKVQTÈC FG EWORNKOKGPVQ FG NQU
RTQEGFKOKGPVQUUQDTGUGIWTKFCF
#EVKXKFCFGUFWTCPVG
7PC XG\ RTGUGPVCFC NC EQPVKPIGPEKC UG FGDGT¶ GLGEWVCT NCU UKIWKGPVGU
CEVKXKFCFGURNCPKHKECFCURTGXKCOGPVG
'UVWFKQ FG NCU TGUVTKEEKQPGU RTGUGPVCFCU 'XCNWCEKÎP FG KORCEVQ FG NCU
TGUVTKEEKQPGU EQPVKPIGPEKCU
2TKQTK\CEKÎPFGCEVKXKFCFGUFGNRNCPFGGOGTIGPEKC
#EVKXKFCFGURTGRCTCVQTKCUFGNRNCPFGGOGTIGPEKC
#EVKXKFCFGUFGURWÃU
&GURWÃUFGQEWTTKFQNCEQPVKPIGPEKCGUPGEGUCTKQTGCNK\CTNCUCEVKXKFCFGUSWG
UGFGVCNNCPNCUEWCNGUFGDGPGUVCTGURGEKHKECFCUGPGNRNCPFGGOGTIGPEKC
'LGEWEKÎPFGCEVKXKFCFGUFGNRNCPFGGOGTIGPEKC
'XCNWCEKÎPFGTGUWNVCFQU
4GVTQCNKOGPVCEKÎPFGNRNCPFGGOGTIGPEKC
#P¶NKUKUFGTKGUIQU
2NCPFG
EQPVKPIGPEKC #EVKXKFCFGURTGXKCU
2NCPFGGOGTIGPEKC #EVKXKFCFGUFWTCPVG
#EVKXKFCFGUFGURWÃU
.C KORNGOGPVCEKÎP FG RNCPGU FG EQPVKPIGPEKC C PKXGN FG UKUVGOCU FG
KPHQTOCEKÎPRNCPVGCGPQTOGUTGVQUCNCUQHKEKPCUFGKPHQTO¶VKEC[WPCETGCVKXC
KOCIKPCEKÎPRCTCGORNGCT
EQPXGTVKTQTGWVKNK\CTCRNKECEKQPGUGZKUVGPVGUSWG
RWGFCP EWDTKT QRGTCVKXCOGPVG HWPEKQPGU CUKIPCFCU C CRNKECEKQPGU FG WUQ
GURGEÈHKEQ
'UKORQTVCPVGVGPGTRTGUGPVGSWGGPNQUÕNVKOQUCÌQUNCUJGTTCOKGPVCU)07
RTGUVCP WP KPXCNQTCDNG CRQ[Q EQP WPC ECFC XG\ OCU ETGEKGPVG PÕOGTQ FG
UQNWEKQPGU (4'' SWG NCU GPVKFCFGU RÕDNKECU [ NCU QHKEKPCU FG KPHQTO¶VKEC
RWGFGP WVKNK\CT RCTC UWRNKT ECTGPEKCU RTGUWRWGUVCNGU RCTC CFSWKTKT PWGXCU
VGEPQNQIÈCU FG UQHVYCTG 2QT VCPVQ FKUGÌCT RNCPGU FG EQPVKPIGPEKC UQDTG NC
DCUGFGJGTTCOKGPVCU[WVKNKVCTKQUDCUCFQUGP.+07:GUWPCCNVGTPCVKXCXKCDNG
&& 4
4YYccUU__ TTUU\\ ]]__TTUU\\__ TTUU QQbbaaeeYYddUUSSddeebbQQ ddUUSS^^__\\WWYYSSQQ
/QFGNCOKGPVQVGEPQNÎIKEQ K 2NCPFGVGEPQNQIÈC
'P GUVC CEVKXKFCF UG RTQRQPG WPC CTSWKVGEVWTC VGEPQNÎIKEC SWG FÃ UQRQTVG CN
OQFGNQ FG KPHQTOCEKÎP [ FG UKUVGOCU FG KPHQTOCEKÎP KPENW[GPFQ UK GU
PGEGUCTKQ CNVGTPCVKXCU 2CTC GUVCCEVKXKFCFUGVKGPGPGPEWGPVCGURGEKCNOGPVG
NQU TGSWKUKVQU FG ECT¶EVGT VGEPQNÎIKEQ CWPSWG GU PGEGUCTKQ EQPUKFGTCT GN
ECV¶NQIQEQORNGVQFGTGSWKUKVQURCTCGPVGPFGTNCUPGEGUKFCFGUFGNQURTQEGUQU
[RTQRQPGTNQUGPVQTPQUVGEPQNÎIKEQUSWGOGLQTUGCFCRVGPCNCUOKUOCU
6CTGC
2TQFWEVQU
+FGPVKHKECEKÎPFG x #NVGTPCVKXCUFG x &KCITCOCFG
CTSWKVGEVWTC
TGRTGUGPVCEKÎP
NCUPGEGUKFCFGU
VGEPQNÎIKEC
FGKPHTCGUVTWEVWTC
VGEPQNÎIKEC
5GNGEEKÎPFGNC
CTSWKVGEVWTC
VGEPQNÎIKEC
x #TSWKVGEVWTC
VGEPQNÎIKEC
x #P¶NKUKUEQUVQDGPGHKEKQ
x &KCITCOCFG
TGRTGUGPVCEKÎP
x +ORCEVQGPNC
QTICPK\CEKÎP
2CTVKEKRCPVGU
x %QPUWNVQTGU
KPHQTO¶VKEQU
x 'SWKRQFGUQRQTVG
VÃEPKEQ
x %QPUWNVQTGU
x %QPUWNVQTGU
+PHQTO¶VKEQU
x 7UWCTKQUGZRGTVQU
x 'SWKRQ FG UQRQTVG
VÃEPKEQ
+FGPVKHKECEKÎPFGNCUPGEGUKFCFGUFGKPHTCGUVTWEVWTCVGEPQNÎIKEC
'UVC VCTGC VKGPG GN QDLGVKXQ FG CPCNK\CT NCU PGEGUKFCFGU FG KPHTCGUVTWEVWTC
VGEPQNÎIKEC [ RTQRQPGT NCU CNVGTPCVKXCU XKCDNGU FGUFG GN RWPVQ FG XKUVC
VGEPQNÎIKEQRCTCFCTTGURWGUVCCFKEJCUPGEGUKFCFGU
2CTCGNNQUGEQOKGP\CCPCNK\CPFQGNOQFGNQFGUKUVGOCUFGKPHQTOCEKÎP[GN
NKUVCFQ FG TGSWKUKVQU GP GURGEKCN NQU FG ECT¶EVGT VÃEPKEQ 5G KFGPVKHKECP NCU
PGEGUKFCFGU
GPVQTPQUPGEGUCTKQUEQPGEVKXKFCF[EQOWPKECEKQPGUGPVTGGNNQU
FKURQPKDKNKFCFUGTXKEKQUETÈVKEQUGVE
# EQPVKPWCEKÎP UG FGVGTOKPCP NCU RQUKDNGU CNVGTPCVKXCU FG KPHTCGUVTWEVWTC
VGEPQNÎIKEC FGHKPKGPFQ NQU EQORQPGPVGU C CNVQ PKXGN [ TGRTGUGPVCPFQ
IT¶HKECOGPVGECFCWPCFGGNNCU'UPGEGUCTKQGUVCDNGEGTNCHQTOCFGIGUVKQPCTNC
KPHTCGUVTWEVWTC VGEPQNÎIKEC RCTC TGURQPFGT C NCU PGEGUKFCFGU KFGPVKHKECFCU .C
XKUKÎP CRQTVCFC RQT NQU EQPUWNVQTGU FG VGEPQNQIÈCU FG NC KPHQTOCEKÎP [
EQOWPKECEKÎP
6+FGDGUGTFGHWVWTQEQPUKFGTCPFQNCRQUKDNGGXQNWEKÎPFGNCU
FKUVKPVCUVGEPQNQIÈCUECPFKFCVCUCUÈEQOQFGNCUCEVWCNOGPVGKPEQTRQTCFCUGP
NCQTICPK\CEKÎP'UKORTGUEKPFKDNGEQPVCTGPGUVGCP¶NKUKUEQPNCKPHQTOCEKÎP
TGNCVKXC C NQU GPVQTPQU VGEPQNÎIKEQU FG NC UKVWCEKÎP CEVWCN CUÈ EQOQ NQU
GUV¶PFCTGUGZKUVGPVGUGPNCQTICPK\CEKÎP
2TQFWEVQU
&GGPVTCFC
x
x
x
x
x
x
'PVQTPQVGEPQNÎIKEQCEVWCN[GUV¶PFCTGU
GZVGTPQ
/QFGNQFGUKUVGOCUFGKPHQTOCEKÎP
.KUVCFQFGTGSWKUKVQU
&GUETKREKÎPIGPGTCNFGUKUVGOCUFGKPHQTOCEKÎPCEVWCNGU
8CNQTCEKÎPFGNCUKVWCEKÎPCEVWCN
&GUCNKFC
x #NVGTPCVKXCUFGCTSWKVGEVWTCVGEPQNÎIKEC
2T¶EVKECU
x 5GUKQPGUFGVTCDCLQ
2CTVKEKRCPVGU
x 'SWKRQFGUQRQTVGVÃEPKEQ
x 'SWKRQFGCPCNKUVCU
5GNGEEKÎPFGNCCTSWKVGEVWTCVGEPQNÎIKEC
'UVC VCTGC GUV¶ GPECOKPCFC C NC UGNGEEKÎP FG WPC CNVGTPCVKXC FG RNCVCHQTOC
VGEPQNÎIKEC RCTC FGVGTOKPCT NQ SWGNNCOCTGOQU CTSWKVGEVWTC VGEPQNÎIKECSWG
TGEQIGNCKPHTCGUVTWEVWTCO¶UCFGEWCFCRCTCFCTUQRQTVGGPGNEQPVGZVQFGNC
QTICPK\CEKÎP CN OQFGNQ FG KPHQTOCEKÎP [ FG UKUVGOCU FG KPHQTOCEKÎP
RTQRWGUVQ
2CTCECFCCNVGTPCVKXCUGFGDGCPCNK\CTUWKORCEVQGPNCQTICPK\CEKÎPCUÈEQOQ
NQU OGFKQU [ GN VKGORQ PGEGUCTKQU RCTC UW KORNCPVCEKÎP 5G FGDGP VGPGT GP
EWGPVCNQUTGEWTUQUVGEPQNÎIKEQUCEVWCNGURCTCGXCNWCTNQUECODKQUPGEGUCTKQU
5GTGCNK\CWPGUVWFKQFGECFCRTQRWGUVCKPFKECPFQXGPVCLCUGKPEQPXGPKGPVGU
CUÈ EQOQ GN PKXGN FG TGURWGUVC C NCU PGEGUKFCFGU KFGPVKHKECFCU GP NC VCTGC
CPVGTKQT
2QT ÕNVKOQ WPC GUVKOCEKÎP GEQPÎOKEC INQDCN RWGFG C[WFCT C GNGIKT NC
CNVGTPCVKXCSWGXCCUGTRTQRWGUVCRCTCNCEWCNRWGFGPKPENWKTUGQREKQPGU
2TQFWEVQU
&GGPVTCFC
'PVQTPQVGEPQNÎIKEQCEVWCN[GUV¶PFCTGU
GZVGTPQ
#NVGTPCVKXCUFGCTSWKVGEVWTCVGEPQNÎIKEC
&GUCNKFC
#TSWKVGEVWTCVGEPQNÎIKEC
6ÃEPKECU
#P¶NKUKUEQUVQDGPGHKEKQ
2T¶EVKECU
&KCITCOCFGTGRTGUGPVCEKÎP
+ORCEVQGPNCQTICPK\CEKÎP
2CTVKEKRCPVGU
%QPUWNVQTGU
7UWCTKQUGZRGTVQU
512146'(+5+%1.1)+%1;%1/70+%#%+10'5
.CUGURGEKHKECEKQPGUFGNGSWKRQHÈUKEQNÎIKEQ[FGEQOWPKECEKQPGURGTOKVKT¶
EQORNGVCT GN RTQEGUQ FG UKUVGOCVK\CEKÎP FGN +/#42' FGDKFQ C SWG GUVQU
RTQRQTEKQPCPNQUKPUWOQUPGEGUCTKQURCTCGNNQITQFGNRTQ[GEVQRTQRWGUVQ
5QRQTVG(ÈUKEQ
%QP NC HKPCNKFCF FG FCT UQRQTVG CN FGUCTTQNNQ FG NQU UKUVGOCU FG KPHQTOCEKÎP
RTQRWGUVQ[CRQ[CTCNCUFKXGTUCUCEVKXKFCFGUSWGUGTGCNK\CPGPGN+/#42'UG
RTQRQPG NC CFSWKUKEKÎP FG GSWKRQU HÈUKEQU CEQTFG CN FGUCTTQNNQ G
KORNGOGPVCEKÎP FG NQU UKUVGOCU RTQRWGUVQU 'PVTG NQU GSWKRQU FG EÎORWVQ C
UGTCFSWKTKFQUUGEQPVGORNCPNQUUKIWKGPVGU
C /KETQEQORWVCFQTCU
5GTXKFQTRTKPEKRCN
6KRQ#
2TQEGUCFQT
XGNQEKFCF/*<
5QRQTVG/WNVKRTQEGUCOKGPVQ
2'06+7/ +++ Q CHÈP
5/2JCUVCRTQEGUCFQTGU
/GOQTKC4#/
/$CORNKCDNGC)$
/GOQTKC%CEJGFG4#/
/$
6KRQFGDWU
'+5#2%+
&KUEQFWTQ
*&KPVGTPQUFG)$
&KUSWGVGTC
/$
2WGTVQU
RCTCNGNQ 75$ UGTKG
EQTTGEVQTGURCTCOQWUG[ VGENCFQ
6CTLGVCFG4GF
(CUV'VJGTPGV/DRU
.GEVQTC%&41/
ZXGNQEKFCF
%QPVTQNCFQTCFGXKFGQ
/$CORNKCDNGC/$
6GENCFQ
#NHCPWOÃTKEQVGENCU
/QPKVQT
EQNQT58)#Z
#FCRVCFQTIT¶HKEQ
/$EQOQOÈPKOQ
5KUVGOC1RGTCVKXQ
70+:QUWRGTKQT
%CTCEVGTÈUVKECUFGUGIWTKFCF
%QPVTCUGÌC %/15 FG
GPEGPFKFQ EQPVTQN FG CTTCPSWG FG FKUEQ TÈIKFQ FG FKUSWGVGTC [ FG
%&5QRQTVGFGUGIWTKFCFFGEJCUKU
#EEGUQTKQUKPENWKFQU
&TKXGTUOCPWCNGU
(WGPVGFGRQFGT
9CVVU
)CDKPGVG
6KRQ6QYGT
%QORCVKDKNKFCF
9KPFQYU 06 0QXGNN
5%15#24.KPWZ
5GT¶ WVKNK\CFQ GP GN OCPGLQ [RTQEGUCOKGPVQFGNQU FCVQU QEGCPQIT¶HKEQU
OGVGQTQNÎIKEQUJKFTQDKQNÎIKEQU[DKQNÎIKEQURGUSWGTQURTQXGPKGPVGUFGNCU
FKHGTGPVGU HWGPVGU FG KPHQTOCEKÎP EKGPVÈHKEC VGEPQNÎIKEC [ CFOKPKUVTCVKXC
6CODKÃPUGT¶WUCFQGPGNGPNCEGEQPNQUNCDQTCVQTKQUEQUVGTQUWDKECFQUCNQ
NCTIQFGNNKVQTCN
%QUVQCRTQZKOCFQ75
5GTXKFQTGUFGCRQ[Q
6KRQ$
2TQEGUCFQT
/GOQTKC4#/
/GOQTKC%CEJGFG4#/
6KRQFGDWU
&KUEQFWTQ
&KUSWGVGTC
2WGTVQU
EQTTGEVQTGURCTCOQWUG[VGENCFQ
6CTLGVCFG4GF
.GEVQTC%&41/
5KUVGOC1RGTCVKXQ
2'06+7/ +++ Q CHÈP
XGNQEKFCF/*<
/$
/$
'+5#2%+
)$
/$
RCTCNGNQ 75$ UGTKG
(CUV'VJGTPGV/DRU
ZXGNQEKFCF
70+:QUWRGTKQT
%QORCVKDKNKFCF
5%15#24.KPWZ
9KPFQYU 06 0QXGNN
9QTMUVCVKQP'UVCEKQPGUFG6TCDCLQ
6KRQ%
5KUVGOC1RGTCVKXQ
70+:QUWRGTKQT
#TSWKVGEVWTC4+5%
8GNQEKFCFFG2TQEGUCOKGPVQ
/*<EQOQOÈPKOQ
0ÕOGTQOÈPKOQFGRTQEGUCFQTGU
'ZR RTQUE %QOQ
OÈPKOQ
/GOQTKC4#/
)$QUWRGTKQT
/GOQTKC%CEJGRQTRTQEGUCFQT
/$
#NOCEGPCOKGPVQFGFKUEQFWTQ
)$QUWRGTKQT
+PVGTHCUG
'VJGTPGV/DRUEQOQ
OÈPKOQ
.GEVQTC%&41/
ZXGNQEKFCF
7PKFCFFGEKPVC
OO)$EQOQOÈPKOQ
/QPKVQT
EQNQT58)#Z
#FCRVCFQTIT¶HKEQ
/$EQOQOÈPKOQ
5QRQTVG[OCPVGPKOKGPVQVÃEPKEQNQECNICTCPVK\CFQ
%QUVQCRTQZKOCFQ75EW
.C CRNKECEKÎP FG NQU FKHGTGPVGU OQFGNQU TGIKQPCNGU RGTOKVKT¶ NC GPVTCFC C
NQUOQFGNQUJKFTQNÎIKEQU[ITQOGVGQTQNÎIKEQU
%.+'06'5
6+21&
/+%41241%'5#&14
OJ\QO¶U
/'/14+#4#/
/'/14+#%#%*'&'4#/
6+21&'$75
27'4615
EQPGEVQTGURCTCOQWUG[VGENCFQ
+06'4(#5'
5/#46
&+5-'6'4#
6#4,'6#&'4'&
&+5%1&741
.'%614#%&411/
%10641.#&14#&'8+&'1
OD
2.#%#&'510+&1
/1&'/(#:
2'06+7/++ QCHKPXGNQEKFCFFG
'+&' 2%+ 7.64# &/# ODGZRCPFKDNGCOD
MD
+5#2%++5#2%+
RCTCNGNQ 75$ UGTKG
/$&Gi
6:
ID7.64#4#2+&1
&8&:
#)2Z#6+ODCORNKCDNGC
DKV&UVGTGQEQPRCTNCPVGU
2%+8FGMDRU
6'%.#&1
#NHCPWOÃTKEQFGVGENCUEQP
OKPKFKP[OQWUG
/10+614
iFKIKVCN58)#
%#4#%6'4+56+%#5 &' 5')74+&#& %QPVTCUGÌC %/15 FG GPEGPFKFQ
EQPVTQN FG CTTCPSWG FGN FKUEQ TÈIKFQ FG FKUSWGVGTC [ FG %& 5QRQTVG FG
UGIWTKFCFGPEJCUKU
51(69#4'+0%.7+&1
UWRGTKQT#06+8+475
9+0&195 [ 1((+%' Î
75
/+%41241%'5#&14
OJ\QO¶U
/'/14+#4#/
/'/14+#%#%*'&'4#/
6+21&'$75
27'4615
EQPGEVQTGURCTCOQWUG[VGENCFQ
&+5-'6'4#
6#4,'6#&'4'&
&+5%1&741
.'%614#%&411/
6'%.#&1
OKPKFKP[OQWUG
/10+614
51(69#4'+0%.7+&1
UWRGTKQT#06+8+475
2'06+7/++QCHÈPXGNQEKFCFFG
/$&Gi
6*'40'6ODRU
ID
:
CNHCPWOÃTKEQ FG VGENCU EQP
/+%41241%'5#&14
OJ\QO¶U
/'/14+#4#/
/'/14+#%#%*'&'4#/
&+5-'6'4#
&+5%1&741
.'%614#%&411/
%1561#241:+/#&1
,756+(+%#%+10
2CTC GN RTQEGUCOKGPVQ FG FCVQU
FG NQU OWGUVTGQU DKQNÎIKEQU RTQXGPKGPVGU FG NQU FKHGTGPVGU .CDQTCVQTKQU
%QUVGTQU [5GFG%GPVTCN [ NCGNCDQTCEKÎPFG+PHQTOGU 6ÃEPKEQU [VTCDCLQU
FGGN#TGCFG1EGCPQITCHÈC
%.+'06'5
6+21'
%.+'06'5
6+21(
ODGZRCPFKDNGCOD
MD
+5# 2%+
RCTCNGNQ 75$ UGTKG
iFKIKVCN58)#
+0&195 [ 1((+%' Î
2'06+7/++QCHÈPXGNQEKFCFFG
ODGZRCPFKDNGCOD
MD%DK .
/$&Gi
ID
:&8&
(#:/1&'/
6#4,'6#&'510+&1
6'%.#&1
OKPKFKP[OQWUG
/10+614
Z
51(69#4'+0%.7+&1
UWRGTKQT#06+8+475
DKVU
#NHCPWOÃTKEQFGVGENCUEQP
9+0&195 [ 1((+%' Î
%1561#241:+/#&1
i FKIKVCN TGUQNWEKÎP %
75
,756+(+%#%+10
2CTC VTCDCLCT NC KPHQTOCEKÎP
FWTCPVG NCU UCNKFCU FG ECORQ #UÈ EQOQ GP QVTQ ¶ODKVQ SWG PQ UGC NC
+PUVKVWEKÎP[SWGXC[CFGCEWGTFQEQPNCVGEPQNQIÈCFGNQUGSWKRQUSWGUG
GPEWGPVTCPGPNC5GFG%GPVTCN
'UVCUEQORWVCFQTCUUGT¶PFKUVTKDWKFCUFGNCUKIWKGPVGOCPGTC
6+21#
%GPVTQ+PHQTO¶VKEQ
%GPVTQFG%ÎORWVQ[%QOWPKECEKQPGU
6+21$
:
6+21%
%GPVTQ+PHQTO¶VKEQ
7PKFCFGUFG%QORWVQ&GUEQPEGPVTCFCU[&GUEGPVTCNK\CFCU
%CORQUFG6TCDCLQ'URGEKCNK\CFQU
7PKFCFGUFG%QORWVQFGNC&KTGEEKÎP%KGPVÈHKEC
6+21&
7PKFCFGU
&GUEGPVTCNK\CFCU
6+21'
6+21(
FG
%QORWVQ
&GUEQPEGPVTCFCU
[
#NVC&KTGEEKÎP
5GETGVCTÈC)GPGTCN
7PKFCFGUFG#UGUQTÈC
7PKFCFGUFG#RQ[Q
7PKFCFGUFG.ÈPGC
.CDQTCVQTKQU%QUVGTQU
7PKFCFGUFG%ÎORWVQFGNC&KTGEEKÎP%KGPVÈHKEC
6+21
70+&#&14)#0+%#
%#06+&#&
#
%'0641+0(14/#6+%1
%%[%
:
$
%
&
'
(
%'0641+0(14/#6+%1
%%[%
70+&#&'5&'%1/2761&'5%10%'064#&15;
&'5%'064#.+<#&15
)4721&'64#$#,15'52'%+#.+<#&15
:+
:++
70+&#&'5&'%1/2761&'5%10%'064#&15
;&'5%'064#.+<#&15
:+
70+&#&'5&'%1/2761&'.#&+4'%%+10
%+'06+(+%#
#.6#&+4'%%+10
5'%4'6#4+#)'0'4#.
70+&#&'5&'#5'514'5
70+&#&'5&'#21;1
70+&#&'5&'.+0'#
.#$14#614+15%156'415
70+&#&'5&'%1/2761&'.#&+4'%%+10
%+'06+(+%#
:
:
:
:+
:++
:+++
:+8
:8
:
2GN¶IKEQU+PXGTVGDTCFQU&GOGTUCNGU[%QUVGTQU
2GUEC#TVGUCPCN%GPVTQ
FG &CVQU 1EGCPQIT¶HKEQU 4GEWTUQU *WOCPQU %QPVCDKNKFCF
#DCUVGEKOKGPVQU
7PKFCFGUFG%ÎORWVQFGUEGPVTCNK\CFQU.CDQTCVQTKQU%QUVGTQU
D +ORTGUQTCU
/CVTK\FGRWPVQ
6KRQ#
.¶UGTRCTCITWRQUFGVTCDCLQ
6KRQ$
.¶UGTQKP[GEEKÎPFGVKPVCCEQNQT
6KRQ%
+ORTGUQTC6KRQ#
+ORTGUQTC6KRQ$
+ORTGUQTC6KRQ%
&GCEWGTFQCNCUGURGEKHKECEKQPGU[GPDCUGCNVKRQFGKPHQTOCEKÎPSWGUG
RTQEGUCUGGUVKOCEQPXGPKGPVGCFSWKTKTNQUKIWKGPVG
.CFKUVTKDWEKÎPFGNCUKORTGUQTCUUGT¶EQOQUKIWG
6KRQ#
6KRQ$
6KRQ%
E %QOWPKECEKQPGU
/ÎFGOUÈPETQPQU
4QWVGT
5YKVEJKPI
%QPEGPVTCFQTGU
*7$FGRWGTVQU
$0%4,#7+
5QRQTVG.ÎIKEQ
.QU UKUVGOCU FG KPHQTOCEKÎP RTQRWGUVQU [ NCU FKXGTUCU CEVKXKFCFGU SWG UG
TGCNK\CP GP GN +/#42' TGSWKGTGP FGN UQHVYCTG EQTTGURQPFKGPVG VCNGU EQOQ
UKUVGOCUQRGTCVKXQURTQITCOCUGURGEÈHKEQU[CRNKECVKXQU
C 5QHVYCTGFG2TQFWEVKXKFCF+PUVKVWEKQPCN
5KUVGOCUQRGTCVKXQU
5KUVGOCUFGDCUGFGFCVQU
5KUVGOCUOWNVKOGFKC
5KUVGOCUFGIGUVKÎPFGQHKEKPC
5KUVGOCIGQIT¶HKEQ
#ODKGPVG9KPFQYU
2TQEGUCFQTGUFGVGZVQ
*QLCUFGE¶NEWNQ
$CUGFGFCVQU
5KUVGOCIGQIT¶HKEQ
%QTGN2CIG/CMGT
&GUCTTQNNQFGYGD
D 5QHVYCTGFG2TQFWEVKXKFCF2GTUQPCN
4GFGU[%QOWPKECEKQPGU
.C PGEGUKFCF FG EQORCTVKT TGEWTUQU G KPHQTOCEKÎP UG UCVKUHCEG EQP NC
KORNGOGPVCEKÎP FG NCU TGFGU KPHQTO¶VKECU SWG PQ UQP O¶U SWG WPC TGF FG
EQORWVCFQTCUEQPGEVCFCUGPVTGUÈ
'N+/#42'VKGPGNCPGEGUKFCFFGHQTVCNGEGTNCTGFKPHQTO¶VKECKPUVKVWEKQPCNEQP
OKTCUCNQITCTWPC4GF%QTRQTCVKXCFG6GNGEQOWPKECEKQPGUNCEWCNHWPEKQPCT¶
DCLQ NC CTSWKVGEVWTC FG ENKGPVG UGTXKFQT FQPFG UG FKUVTKDWKT¶P NQU RTQEGUQU
QRGTCVKXQUCNQUFKHGTGPVGUWUWCTKQUEQPNCHKPCNKFCFFGCEEGUCTCDCUGFGFCVQU
C PKXGN EQTRQTCVKXQ 'N GUSWGOC FGN FKUGÌQ HÈUKEQ FG NC TGF UG OWGUVTC GP NC
HKIWTCUKIWKGPVG
,17 (51( 7
6( ' (&(17 5$/
,0 $53 (
6DWHOOLWH
)LUHZDOO
6ZLWFKLQJ5RXWHU
,%0 &RP SDWLEOH
: RUNVWDWLRQ
6DWHOOLWHGLVK
0RGHP
,% 0&RP SDWLEOH
6DWHOOLWHGLVK
0RGHP
: RUNVWDWLRQ
/$ %2 5$ 72 5,2 6
%,&
+XP EROW
%,&
2 OD\D
: RUNVWDWLRQ
/ÃVQFQU[PQTOCU
%QPENWKFCNCHCUGFGRNCPGCOKGPVQGUVTCVÃIKEQFGVGEPQNQIÈCFGKPHQTOCEKÎP[
VGPKGPFQ GP EWGPVC NC PGEGUKFCF FG FGUCTTQNNCT NQU UKUVGOCU FG KPHQTOCEKÎP
RTQRWGUVQUGPGN+/#42'UGUWIKGTGSWGRCTCNCHCUGFGCP¶NKUKU[FKUGÌQUG
VGPICPGPEWGPVCNCUUKIWKGPVGUOGVQFQNQIÈCU
C /GVQFQNQIÈC+PHQTO¶VKECFGN+0'+/CPWCNRCTCNC'NCDQTCEKÎPFGWP2NCP
FG5KUVGOCUFG+PHQTOCEKÎP
D /GVQFQNQIÈC +PHQTO¶VKEC FGN +0'+ /CPWCN FG 6ÃEPKECU #RNKECFCU RCTC GN
&GUCTTQNNQFG5KUVGOCU
E /GVQFQNQIÈC +PHQTO¶VKEC FGN +0'+ /CPWCN FG #TSWKVGEVWTC %NKGPVG 5GTXKFQT
F /GVQFQNQIÈC +PHQTO¶VKEC FGN +0'+ /CPWCN FG 1TICPK\CEKÎP [ &KUGÌQ FG
$CUGFG&CVQU
G /GVQFQNQIÈC+PHQTO¶VKECFGN+0'+/CPWCNRCTCNC%QPUVTWEEKÎPFGWP&CVC
9CTGJQWUG
'UVCKPHTCGUVTWEVWTCHWGFKUGÌCFCDCLQNQUEQPEGRVQU[GUVCFQFGCTVGFG
HKPCNGUFGNCÌQ
&GHKPKEKÎPFGNCCTSWKVGEVWTCVGEPQNÎIKECFGEQPVKPIGPEKCU
0WGXCOGPVG GN GPHQSWG FG EQPVKPIGPEKC KPEQTRQTCFQ CN RNCP GUVTCVÃIKEQ FG
VGEPQNQIÈCU FG KPHQTOCEKÎP DWUEC GUVCDNGEGT RTQEGFKOKGPVQU [ CEEKQPGU SWG
RGTOKVCP RTGXGT [ UWRNKT NC KPHTCGUVTWEVWTC EQORWVCEKQPCN UG KPENW[GP NQU
UGTXKEKQUDCUGFGFCVQUEQTTGQ R¶IKPCUYGDGVE[FGEQOWPKECEKQPGUSWG
JCDKGPFQUKFQRTQITCOCFQUGPGN2'6+RQTFKXGTUQUHCEVQTGUKPVGTPQUGZVGTPQU
Q EQODKPCEKÎP FG GNNQU PQ RWGFGP OCPVGPGTUG QRGTCVKXQU Q UGT
KORNGOGPVCFQU
2NCPFGEQPVKPIGPEKCURCTCGNRNCPFGVGEPQNQIÈC
2CTC CUGIWTCT SWG UG EQPUKFGTCP VQFCU NCU RQUKDNGU GXGPVWCNKFCFGU UG JC FG
GNCDQTCT WPC NKUVC FG VQFQU NQU TKGUIQU EQPQEKFQU RCTC NQ EWCN UG FGDGT¶
TGCNK\CTWPCP¶NKUKUFGTKGUIQU
#0#.+5+5&'4+'5)1 5
'N CP¶NKUKU FG TKGUIQU EQPUKUVG GP SWG GN JGEJQ FG ECNEWNCT NC RQUKDKNKFCF FG
SWG QEWTTCP EQUCU PGICVKXCU GP CNIÕP EQORQPGPVG Q FG GZKUVKT WPC HCNNC
IGPGTCNK\CFCFGNUQRQTVGUGJCFGRQFGTQDVGPGTWPCGXCNWCEKÎPFGNKORCEVQ
FG GUVCU HCNNCU .C GXCNWCEKÎP FG TKGUIQU [ RTGUGPVCEKÎP FG TGURWGUVCU FGDG
RTGRCTCTUGFGHQTOCRGTUQPCNK\CFCRCTCECFCQTICPK\CEKÎP
.C GXCNWCEKÎP FG TKGUIQU UWRQPG KOCIKPCTUG NQ SWG RWGFG KT OCN [ C
EQPVKPWCEKÎP GUVKOCT GNEQUVG[NQU TGEWTUQU SWGUWRQPFTÈCTGGORNC\CTNQEQP
QVTC CEVKXKFCF Q RTQ[GEVQ UG JC FG VGPGT GP EWGPVC NC RTQDCDKNKFCF FG SWG
UWEGFCPECFCWPQFGNQURTQDNGOCURQUKDNGUFGGUVCHQTOCUGRWGFGPRTKQTK\CT
NQURTQDNGOCU[UWEQUVGRQVGPEKCNFGUCTTQNNCPFQWPRNCPFGCEEKÎPCFGEWCFQ
%QORQPGPVG
5GTXKFQTGU
2TGIWPVCURCTCFGVGTO KPCTGNTKGUIQ
3WÃRWGFGKTOCN!
%QPSWÃHTGEWGPEKCRWGFGQEWTTKT!
%W¶NGUUGTÈCPUWUEQPUGEWGPEKCU!
3WÃHKCDKNKFCFVKGPGPNCUTGURWGUVCUCNCU
VTGURTKOGTCURTGIWPVCU!
2NCPFGTGEWRGTCEKÎPFGNRNCPFGVGEPQNQIÈC
1EWTTKFCWPCEQPVKPIGPEKCCNEQORQPGPVGQEQORQPGPVGUSWGUQRQTVCPCNIÕP
UKUVGOCETÈVKEQRCTCNCKPUVKVWEKÎPUGJCFGGUVCDNGEGTRTQEGFKOKGPVQURCTCSWG
GPVTGP GP CEEKÎP GSWKRQU FG UWUVKVWEKÎP Q TGGORNC\Q 5KGORTG NQU
RTQEGFKOKGPVQU FG RNCPGU FG TGEWRGTCEKÎP FGDGP FG GOCPCT FG NC O¶ZKOC
CWVQTKFCFKPUVKVWEKQPCNRCTCICTCPVK\CTUWFKHWUKÎP[GUVTKEVQEWORNKOKGPVQ
#EVKXKFCFGURTGXKCU
'UVCDNGEKOKGPVQFGNRNCPFGTGEWRGTCEKÎP
(QTOCEKÎPFGGSWKRQUQRGTCVKXQU
(QTOCEKÎP FG GSWKRQU FG GXCNWCEKÎP CWFKVQTÈC FG EWORNKOKGPVQ FG NQU
RTQEGFKOKGPVQUUQDTGUGIWTKFCF
#EVKXKFCFGUFWTCPVG
2NCPFGTGEWRGTCEKÎP
'PVTCFCGPCEEKÎPFGNQUGSWKRQU
1RGTCEKÎPFGGOGTIGPEKC
#EVKXKFCFGUFGURWÃU
'XCNWCEKÎPFGKORCEVQ
2TKQTK\CEKÎPFGCEVKXKFCFGUFGNRNCPFG TGEWRGTCEKÎP
'LGEWEKÎPFGCEVKXKFCFGU
'XCNWCEKÎPFGTGUWNVCFQU
4GVTQCNKOGPVCEKÎPFGNRNCPFGTGEWRGTCEKÎP
#P¶NKUKUFGTKGUIQU
2NCPFG
EQPVKPIGPEKC #EVKXKFCFGURTGXKCU
2NCPFGTGEWRGTCEKÎP #EVKXKFCFGUFWTCPVG
#EVKXKFCFGUFGURWÃU
'P GN ECORQ FG NC KPHTCGUVTWEVWTC VGEPQNÎIKEC GZKUVGP GP GN OGTECFQ [ GU
EQPQEKFQ NC KPXGPVKXC FG NQCU QHKEKPCU FG KPHQTO¶VKEC RCTC FCT UQNWEKÎP C NC
HCNVCFGTGEWTUQUVGEPQNÎIKEQUOCNGPFÃOKEQFGNCUQHKEKPCUFGKPHQTO¶VKEC6CN
XG\ GN GNGOGPVQ OCU KORQTVCPVG RCTC UWRGTCT NC KPHQTOCNKFCF FGN OGFKQ NQ
RNCPVGG GN VTCDCLQ EQQRGTCVKXQ EQP QVTCU GPVKFCFGU FGN UGEVQT SWG RGTOKVC
UWRNKTGPGNVKGORQNCUECTGPEKCUVGEPQNÎIKECU
'' @@\\QQ^^UUcc TTUU QQSSSSYY^^** @@bb__iiUUSSdd__cc
&GHKPKEKÎPFGNRNCPFGCEEKÎP
'PGNRNCPFGCEEKÎPSWGUGGNCDQTCGPGUVCCEVKXKFCFUGFGHKPGPNQURTQ[GEVQU
[CEEKQPGUCNNGXCTCECDQRCTCNCKORNCPVCEKÎPFGNQUOQFGNQUFGKPHQTOCEKÎP
[ FG UKUVGOCU FG KPHQTOCEKÎP FGVGTOKPCFQU GP NCU CEVKXKFCFGU +FGPVKHKECEKÎP
FG TGSWKUKVQU [ FKUGÌQ FGN OQFGNQ FG UKUVGOCU FG KPHQTOCEKÎP EQP NC
CTSWKVGEVWTC VGEPQNÎIKEC RTQRWGUVC GP NC CEVKXKFCF &GHKPKEKÎP FG NC
CTSWKVGEVWTC VGEPQNÎIKEC 'N EQPLWPVQ FG GUVQU VTGU OQFGNQU EQPUVKVW[G NC
CTSWKVGEVWTCFGKPHQTOCEKÎP
&GPVTQFGNRNCPFGCEEKÎPUGKPENW[GWPECNGPFCTKQFGRTQ[GEVQUEQPRQUKDNGU
CNVGTPCVKXCU [ WPC GUVKOCEKÎP FG TGEWTUQU EW[Q FGVCNNG UGT¶ OC[QT RCTC NQU
O¶UKPOGFKCVQU
2CTCNCGNCDQTCEKÎPFGNECNGPFCTKQUGVKGPGPSWGCPCNK\CTNCUFKUVKPVCUXCTKCDNGU
SWGCHGEVGPCNCRTKQTKFCFFGECFCRTQ[GEVQ[UKUVGOCFGKPHQTOCEKÎP'NQTFGP
FGHKPKVKXQ FG NQU RTQ[GEVQU [ CEEKQPGU FGDG RCEVCTUG EQP NQU WUWCTKQU GP GN
OCTEQFGNEQOKVÃFGKPHQTO¶VKECSWGVQFCKPUVKVWEKÎPFGDGHQTOCTRCTCNNGICT
CWPCUQNWEKÎPFGEQORTQOKUQSWGTGUWNVGNCOGLQTRCTCNCQTICPK\CEKÎP
.CKORNCPVCEKÎPFGN2'6+FGDGT¶UGTRNCUOCFCCVTCXÃUFGNQURNCPGUFGVTCDCLQ
KPUVKVWEKQPCNGU CPVGU 2NCPGU 1RGTCVKXQU +PUVKVWEKQPCNGU [ GP GN OCTEQ FG NQU
TGEWTUQUCUKIPCFQURQTGN2NCPFG'UVTCVÃIKEQ5GEVQTKCN
2'5'/
2QT ÕNVKOQ UG RTQRQPG WP RNCP FG OCPVGPKOKGPVQ RCTC GN EQPVTQN [
UGIWKOKGPVQFGNCGLGEWEKÎPFGNQURTQ[GEVQUCUÈEQOQRCTCNCCEVWCNK\CEKÎP
FGNQURTQFWEVQUHKPCNGUFGN2NCP'UVTCVÃIKEQFG6GEPQNQIÈCFG+PHQTOCEKÎP
6CTGC
&GHKPKEKÎPFG
RTQ[GEVQUC
TGCNK\CT
2TQFWEVQU
6ÃEPKECU[RT¶EVKECU
x 2NCPFGRTQ[GEVQU
x #P¶NKUKUEQUVQ
DGPGHKEKQ
&GHKPKEKÎPFGRTQ[GEVQU
+ORCEVQGPNC
x
2TKQTKFCFFGRTQ[GEVQU
QTICPK\CEKÎP
%CNGPFCTKQFGRTQ[GEVQU
5GUKQPGU
FGVTCDCLQ
x
[CEEKQPGU
'NCDQTCEKÎPFGN x 2NCPFGOCPVGPKOKGPVQ
FGN2'6+
RNCPFG
OCPVGPKOKGPVQ
FGN2'6+
2CTVKEKRCPVGU
x %QPUWNVQTGU
x %QPUWNVQTGU
KPHQTO¶VKEQU
x 7UWCTKQU
GZRGTVQU
x %QPUWNVQTGU
x %QPUWNVQTGU
KPHQTO¶VKEQU
&GHKPKEKÎPFGRTQ[GEVQUCTGCNK\CT
5G FGVGTOKPCP NQU RTQ[GEVQU [ CEEKQPGU PGEGUCTKQU RCTC KORNCPVCT NC
CTSWKVGEVWTC FG KPHQTOCEKÎP RTQRWGUVC FGHKPKGPFQ RCTC ECFC RTQ[GEVQ NQU
QDLGVKXQUSWGEWDTG[EWCNSWKGTQDUGTXCEKÎPSWGUGEQPUKFGTGTGNGXCPVG
# EQPVKPWCEKÎP UG CUKIPCP RTKQTKFCFGU VTCVCPFQ FG EQODKPCT FKHGTGPVGU
ETKVGTKQUEQOQ
x
4GNCEKÎPEQPNQUQDLGVKXQUEQPUKFGTCFQUGPGN2'6+
x
6KGORQFGKORNCPVCEKÎP
x
x
%QPFKEKQPCPVGUVÃEPKEQUSWGKORNKSWGPFGRGPFGPEKCUGPVTGRTQ[GEVQU
$GPGHKEKQURCTCNCQTICPK\CEKÎP
VCPIKDNGUGKPVCPIKDNGU
&GURWÃU FGN GUVWFKQ FG VQFQU NQU GNGOGPVQU CPVGTKQTGU UG RTQRQPG GN
ETQPQITCOC FG RTQ[GEVQU SWG OGLQT EQPLWIWG VQFCU NCU TGUVTKEEKQPGU
CPCNK\CFCU RTGXKCOGPVG GUVKOCPFQ HGEJCU FG RTKPEKRKQ [ HKP FG ECFC WPQ FG
GNNQUCUÈEQOQNQUTGEWTUQUPGEGUCTKQURCTCNQUO¶UKPOGFKCVQU5GJCT¶ÃPHCUKU
GPNQUQDLGVKXQUGUVTCVÃIKEQUUQRQTVCFQURQTGN2'6+
2QTÕNVKOQUGEQORNGVCGNRNCPFGRTQ[GEVQUEQPUKFGTCPFQNQUHCEVQTGUETÈVKEQU
FG ÃZKVQ RCTC NNGXCT C ECDQ NC RTQRWGUVC CUÈ EQOQ GN RNCP FG CEEKQPGU
PGEGUCTKCU FGFWEKFCU FGN CP¶NKUKU FG FKEJQU HCEVQTGU RNCPGU FG HQTOCEKÎP
IGUVKÎPFGNECODKQGVE
.CUEQPENWUKQPGUQDVGPKFCUFGDGPUGTEQPVTCUVCFCU[OQFKHKECFCUUKUGGUVKOC
EQPXGPKGPVGEQPNCUCRQTVCEKQPGUFGNQUWUWCTKQU
2TQFWEVQU
&GGPVTCFC
x
x
x
x
x
x
.KUVCFQFGQDLGVKXQUFGN2'6+
#TSWKVGEVWTCFGKPHQTOCEKÎP
&GUCNKFC
x 2NCPFGRTQ[GEVQU
x &GHKPKEKÎPFGRTQ[GEVQU
x 2TKQTKFCFFGRTQ[GEVQU
x %CNGPFCTKQ FGRTQ[GEVQU[CEEKQPGU
6ÃEPKECU
x #P¶NKUKU EQUVGDGPGHKEKQ
2T¶EVKECU
x +ORCEVQGPNCQTICPK\CEKÎP
2CTVKEKRCPVGU
x %QPUWNVQTGU
x 7UWCTKQU GZRGTVQU
6CDNGTQFGEQPVTQNFGNCIGUVKÎPFGN2'6+
.C RTGUGPVG VÃEPKEC UG FGTKXC FGN 6CDNGTQ FG %QPVTQN )GTGPEKCN Q DCNCPEGF
UEQTGECTF [ GU EQPEQTFCPVG EQP NC OGVQFQNQIÈC SWG HWG GPWPEKCFC RQT NC
&KTGEEKÎP )GPGTCN FG 2TQITCOCEKÎP /WNVKCPWCN 'UVTCVÃIKEC FGN /KPKUVGTKQ FG
'EQPQOÈC[(KPCP\CU[SWGGUCFCRVCFCCNCOGVQFQNQIÈCFGN2'6+
'NVCDNGTQFGEQPVTQN QEWCFTQFGOCPFQKPVGITCN PQURGTOKVKT¶ WPCP¶NKUKU
KPVGITCN FG NQU RNCPGUQRGTCVKXQUFGNC#FOKPKUVTCEKÎP2ÕDNKEC[C[WFCT¶CNC
QTKGPVCEKÎPGUVTCVÃIKECJCEKCNQUTGUWNVCFQU
.CUGUVCFÈUVKECUFGOWGUVTCPSWGWPCDWGPCGUVTCVGIKCPQGUUWHKEKGPVGKPENWUQ
NC GUVTCVGIKC OGLQT HQTOWNCFC HTCECUC UK NC QTICPK\CEKÎP PQ RWGFG
KORNGOGPVCTNC &GUFG UW CRCTKEKÎP GP EQOQ WPC JGTTCOKGPVC RCTC
OGFKTGNFGUGORGÌQFGNCUGORTGUCUGNDCNCPEGFUEQTGECTFJCQHTGEKFQWP
OCTEQ RCTC CPCNK\CT NC GUVTCVGIKC WVKNK\CFC O¶U CNN¶ FG NQU KPFKECFQTGU
HKPCPEKGTQU[ETGCTXCNQTFGUFGEWCVTQRGTURGEVKXCUFKHGTGPVGU
NC HKPCPEKGTC NC GUVTCVGIKC FG ETGEKOKGPVQ TGPVCDKNKFCF [ TKGUIQ XKUVC
FGUFGNCRGTURGEVKXCFGNRTGUWRWGUVQCUKIPCFQ
NC FGN ENKGPVG WUWCTKQ NC GUVTCVGIKC RCTC ETGCT XCNQT [ FKHGTGPEKCEKÎP
FGUFGNCRGTURGEVKXCFGNENKGPVG
NC FGN RTQEGUQ KPVGTPQ NCU RTKQTKFCFGU GUVTCVÃIKECU FG NQU FKUVKPVQU
RTQEGUQU FGN PGIQEKQ SWG ETGCP UCVKUHCEEKÎP RCTC GN ENKGPVG [ NQU
CEEKQPKUVCU
NC FGN CRTGPFK\CLG [ GN ETGEKOKGPVQ NCU RTKQTKFCFGU RCTC ETGCT WP ENKOC
SWGUQRQTVGGNECODKQNCKPPQXCEKÎP[GNETGEKOKGPVQQTICPK\CEKQPCN
'UVTCVGIKCRCTCNC KORNCPVCEKÎPFGNCVÃEPKEC
2CTCNCEQTTGEVCKORNGOGPVCEKÎPFGNCGUVTCVGIKCFGGXCNWCEKÎPUGDCUCTCGPNQU
UKIWKGPVGU ETKVGTKQU RCTC GN ECUQ FGN 2'6+ .QU OKUOQU SWG FGDGT¶P UGT
GXCNWCFQUCRCTVKTFGNQUKPFKECFQTGUFGFGUGORGÌQKPFKECFQTGUFGNKORCEVQ G
KPFKECFQTGUFGTGUWNVCFQFGHKPKFQURQTNC+PUVKVWEKÎP
(KPCPEKGTC /GFKT¶ NC RTQRQTEKÎP FGN RTGUWRWGUVQ CUKIPCFQ CN 1DLGVKXQ
'UVTCVÃIKEQ [ NQ KPXGTVKFQ GP 6+ C VTCXÃU FG NCU CEVKXKFCFGU [ RTQ[GEVQU
CUKIPCFQU#UÈEQOQNQUPFÃHKEKVQ QPUWRGT¶XKVQ GPEQPVTCFQU
24'5727'561
&'.1$,'6+81
'564#6')+%1
#%6+8+&#&'5
;241;'%615
6+
+0&+%#&14&'&'5'/2'¤1
&'(+%+6
24'5727'561 24'5727'561
#5+)0#&1
'/2.'#&1
572'4#8+6
%NKGPVG WUWCTKQU RCTC GUVC XCTKCDNG UG EQPQEG FG CNIWPQU CURGEVQU FG
FGOCPFC INQDCN SWG RQFTÈC VQOCTUG GP EQPUKFGTCEKÎP RCTC GXCNWCT GN
KPFKECFQTFGEQDGTVWTC[UCVKUHCEEKÎPFGWUWCTKQFGNQUUKUVGOCU
1$,'6+815
'564#6')+%15
#%6+8+&#&'5
;241;'%615
&'6+
+0&+%#&14&'&'5'/2'¤1
&'/#0&#
&'/#0&#).1$#.
#6'0&+&#
2TQEGUQKPVGTPQ 5GVQOCTCGPEQPUKFGTCEKÎPNQUQDLGVKXQUFGNCQHKEKPCFG
KPHQTO¶VKEC FG NCU GPVKFCFGU FGN UGEVQT UWU CEVKXKFCFGU [ RTQ[GEVQU EQP
TGNCEKÎPCNQUQDLGVKXQUGUVTCVÃIKEQUFGNCKPUVKVWEKÎP[EQPGNHKPFGGXCNWCT
NCUOGLQTCUFGNQURTQEGUQUKPHQTO¶VKEQUGKPUVKVWEKQPCNGU
1$,'6+81
'564#6')+%1
+0&+%#&14&'&'5'/2'¤1
/',14#&'.15241%'515
/',14#&'.15241%'515
+056+67%+10#.'5
+0(14/#6+%15
%CRCEKVCEKÎP [ HQTVCNG\C QTICPK\CEKQPCN 'P GUVG RWPVQ UG GXCNWCT¶ NQU
RTQITCOCU FGOGLQTCOKGPVQ [ECRCEKVCEKÎPFGNQU TGEWTUQU JWOCPQU[FG
NQU WUWCTKQU KPVGTPQU FG NC GPVKFCF RÕDNKEC 2QT UGT KPUVTWOGPVQU FG
HQTVCNGEKOKGPVQFGNCQTICPK\CEKÎPFGNCGPVKFCF
1$,'6+81
'564#6')+%1
#%6+8+&#&'5
;241;'%615
&'6+
+0&+%#&14&'&'5'/2'¤1
#%6+8+&#&'5&'
#%6+8+&#&'5&'
%#2#%+6#%+10
%#2#%+6#%+10
+0(14/#6+%1
757#4+1
2TKPEKRKQUFGNVCDNGTQFGEQPVTQNIGTGPEKCN
'NDCNCPEGF UEQTGECTFRGTOKVGCNQU FKTGEVKXQU GXCNWCTEQOQUWUWPKFCFGUFG
PGIQEKQETGCT¶PXCNQTRCTCNQUWUWCTKQUCEVWCNGU[HWVWTQUUKPFGUXKCTGNKPVGTÃU
FGN FGUGORGÌQ HKPCPEKGTQ 6TCUEGPFKÎ UW EQPEGREKÎP QTKIKPCN EQOQUKUVGOC
FG EQPVTQN FG IGUVKÎP RCTC EQPXGTVKTUG GP WP PWGXQ RTQEGUQ FG IGUVKÎP
GUVTCVÃIKECCRCTVKTFGEKPEQRTKPEKRKQUD¶UKEQU
2TKPEKRKQ06TCFWEKTNCGUVTCVGIKCG PVÃTOKPQUQRGTCVKXQU
.CGUVTCVGIKCPQRWGFGGLGEWVCTUGUKPQUGRWGFGEQORTGPFGT[UKPQUGRWGFG
EQORTGPFGT PQ RWGFG FGUETKDKTUG # RCTVKT FG NC RTGIWPVC EW¶N GU OK
GUVTCVGIKC! UG FGDG EQPUVTWKT UW OCRC GUVTCVÃIKEQ WPC GUVTWEVWTC NÎIKEC [
EQORNGVCSWGNCFGUETKDCGPFGVCNNG'NOCRCGUVTCVÃIKEQFGUETKDGGNRTQEGUQFG
VTCPUHQTOCT NQU CEVKXQU KPVCPIKDNGU GP ENKGPVGU [ TGUWNVCFQU HKPCPEKGTQU
VCPIKDNGUGUNCRKGFTCCPIWNCTFGWPPWGXQUKUVGOCFGIGUVKÎPGUVTCVÃIKEC
2TKPEKRKQ0#NKPGCTNCQTICPK\CEK ÎPEQPNCGUVTCVGIKC
.C UKPGTIKC GU HWPFCOGPVCN GP GN FKUGÌQ FG NCU QTICPK\CEKQPGU
VTCFKEKQPCNOGPVG FKUGÌCFCU GP VQTPQ C HWPEKQPGU EQP WP EWGTRQ FG
EQPQEKOKGPVQKFKQOC[EWNVWTCRTQRKQUCOGPWFQNQUUKNQUHWPEKQPCNGUUG
EQPXKGTVGPGPWPCDCTTGTC.CUQTICPK\CEKQPGUGPHQECFCUGPNCGUVTCVGIKCWUCP
GNDCNCPEGFUEQTGECTFRCTCTQORGTNCTGGORNC\CPNCUGUVTWEVWTCUHQTOCNGUFG
KPHQTOCEKÎPRQTNQUVGOCU[RTKQTKFCFGUGUVTCVÃIKECU
2TKPEKRKQ0%QPXGTVKTNCGUVTCVGIKCGPGNVTCDCLQFKCTKQFGECFCGORN GCFQ
.CUQTICPK\CEKQPGUGPHQECFCUGPNCGUVTCVGIKCGZKIGPSWGVQFQUNQUGORNGCFQU
NCEQORTGPFCPGUVÃPCNKPGCFQUEQPGNNC[RWGFCPGLGEWVCTNCGPUWVCTGCFKCTKC
'P GUG UGPVKFQ GN DCNCPEGF UEQTGECTF UG EGPVTC GP NC EQOWPKECEKÎP [ NC
HQTOCEKÎPGNFGUCTTQNNQFGQDLGVKXQURGTUQPCNGU[FGGSWKRQ[GPUKUVGOCUFG
KPEGPVKXQU[TGEQORGPUCUSWGTGNCEKQPGPGNFGUGORGÌQFGNCQTICPK\CEKÎP[GN
FGNQUKPFKXKFWQU
2TKPEKRKQ0u%QPXGTVKTNCGUVTCVGIKCGPWPRTQEGUQEQPVKPWQ
2CTCOCPGLCTNCGUVTCVGIKCGNDCNCPEGFUEQTGECTFGZKVQUQWUCGNRTQEGUQFG
EKTEWKVQ FQDNG Q FQDNG DWENG SWG KPVGITC NC IGUVKÎP V¶EVKEC RTGUWRWGUVQU
HKPCPEKGTQU [ TGXKUKQPGU OGPUWCNGU [ NC IGUVKÎP FG GUVTCVGIKC GP WP RTQEGUQ
WPKHQTOG[EQPVKPWQ8KPEWNCNCGUVTCVGIKCEQPGNRTGUWRWGUVQEKGTTCGNEKTEWKVQ
C VTCXÃU FG UKUVGOCU FG HGGFDCEM GHGEVKXQU [ TGWPKQPGU FG IGUVKÎP [ RQT
ÕNVKOQ RTWGDC NCU JKRÎVGUKU GUVTCVÃIKECU EQP NC KPHQTOCEKÎP QDVGPKFC FGN
UKUVGOC FG HGGFDCEM CRTGPFG FG NQU TGUWNVCFQU [ CFCRVC NC GUVTCVGIKC GP
EQPUGEWGPEKC
2TKPEKRKQ0/QXKNK\CTGNECODKQCVTCXÃUFGNNKFGTC\IQGLGEWVKXQ
.CEQPFKEKÎPO¶UKORQTVCPVGRCTCGNÃZKVQGUNCECRCEKFCFFGNGSWKRQGLGEWVKXQ
FGEQPXGTVKTUGGPFWGÌQFGNCGUVTCVGIKC[RCTVKEKRCTCEVKXCOGPVGGPGNNC5KNQU
SWG QEWRCP NQU GUECNQPGU O¶U CNVQU FG NC QTICPK\CEKÎP PQ UQP NÈFGTGU
GPÃTIKEQUFGNRTQEGUQPQJCDT¶ECODKQPQUGKORNGOGPVCT¶NCGUVTCVGIKC[UG
RGTFGT¶NCQRQTVWPKFCFFGWPFGUGORGÌQTGXQNWEKQPCTKQ
'PGUVGRTQ[GEVQFGECODKQGNHQEQGUV¶GPNCOQXKNK\CEKÎPGPGNKORWNUQ
RCTC RQPGT GP OCTEJC GN RTQEGUQ &GDG SWGFCT ENCTQ SWG NC QTICPK\CEKÎP
PGEGUKVCGUGECODKQRCTCSWGUGFGUEQPIGNG7PCXG\SWGNCQTICPK\CEKÎPUG
OQXKNK\C GN HQEQ RCUC C NC IQDGTPCDKNKFCF 'UVG RTQEGUQ FGHKPG FGOWGUVTC [
TGHWGT\CGNPWGXQXCNQTEWNVWTCNCNCQTICPK\CEKÎP(KPCNOGPVGEQPGNRCUQFGN
VKGORQ UWTIG GN PWGXQ UKUVGOC FG IGUVKÎP WP XGTFCFGTQ UKUVGOC FG IGUVKÎP
GUVTCVÃIKEC
2NCPFGOCPVGPKOKGPVQ
7PC XG\ GUVCDNGEKFQ GN RNCP FG CEEKÎP UG FGDGP FGHKPKT NCU CEEKQPGU SWG
RGTOKVCP OCPVGPGT CEVWCNK\CFQ GN 2NCP GUVTCVÃIKEQ FG VGEPQNQIÈC FG
KPHQTOCEKÎP 2'6+ C UW EWNOKPCEKÎP [ EQPQEGT GN ITCFQ FG CXCPEG FG NQU
RTQ[GEVQU SWG GP ÃN UG JCP FGHKPKFQ 6QFQ GNNQ UG FGPQOKPC 2NCP FG
OCPVGPKOKGPVQFGN2'6+
'PGUVGRNCPFGOCPVGPKOKGPVQGPVTGQVTQUCURGEVQUSWGUGRWGFCPEQPUKFGTCT
TGNGXCPVGURCTCNCQTICPK\CEKÎPUGFGDGPGUVCDNGEGTNQURTQFWEVQUHKPCNGUFGN
2'6+SWGUGXCPCOCPVGPGTCEVWCNK\CFQUGNUQRQTVGRCTCNQUOKUOQU[EW¶PFQ
[RQTSWKÃPXCPCUGTOQFKHKECFQUCUÈEQOQNCHTGEWGPEKC[UKVWCEKQPGUGPNQU
SWGUGFGDGTGXKUCTGNRNCPFGRTQ[GEVQU[NQUTGURQPUCDNGUFGJCEGTNQ
6CODKÃP UG FGVGTOKPC C SWKÃPGU UG KPHQTOCT¶ [ EQP SWÃ RGTKQFKEKFCF FGN
ITCFQFGCXCPEGFGNRNCPGUVCDNGEKFQQFGNQUECODKQUSWGGPÃNUGRTQFW\ECP
2TQFWEVQU
&G GPVTCFC
x 2NCPFGRTQ[GEVQU
&GUCNKFC
x 2NCPFGOCPVGPKOKGPVQFGN2'6+
2CTVKEKRCPVGU
x %QPUWNVQTGU
2NCPFGO CPVGPKOKGPVQFGN2'6+
/GFKCPVG NC TGCNK\CEKÎP FG NC RTGUGPVG VCTGC UG DWUEC FGHKPKT WP OCTEQ FG
OCPVGPKOKGPVQ FGN 2NCP 'UVTCVÃIKEQ FG 6GEPQNQIÈC FG +PHQTOCEKÎP FGDKGPFQ
UGIWKTNQUUKIWKGPVGURCUQU
'UVCDNGEGTWP2TQITCOCFGTGEGREKÎP[GXCNWCEKÎPFGRGVKEKQPGUFGTGHQTOC
FGN2'6+5GTGEQOKGPFCNQUOGUGUFG'PGTQK /CT\QFGECFCCÌQRQTUGT
EQKPEKFGPVGU EQP NC HCUG FG GXCNWCEKÎP FG NQU RNCPGU GUVTCVÃIKEQU
KPUVKVWEKQPCNGUGUVCDNGEKFQRQTGN/KPKUVGTKQFG'EQPQOÈC[(KPCP\CU
/'(
'XCNWCT GP NCU TGWPKQPGU FG UGIWKOKGPVQ GN EWORNKOKGPVQ FG NQU
QDLGVKXQURTGXKUVQURQTGN2'6+
.CKPVGTTGNCEKÎPFGNCOGVQFQNQIÈCFGFGUCTTQNNQFGCRNKECEKQPGUEQPGN
RNCPFGUKUVGOCURGTOKVGP FGHKPKTNQURWPVQUFGEQPVTQNQFGTGCNK\CEKÎP
FG NCU TGWPKQPGU FG UGIWKOKGPVQ CN HKPCNK\CT ECFC WPC FG NCU HCUGU FG NC
OGVQFQNQIÈC FCFQ SWG GP GUG OQOGPVQ UG FKURQPFT¶ FG UWHKEKGPVGU
GNGOGPVQU FG LWKEKQ RCTC XCNQTCT NCU RTGXKUKQPGU FG KORNCPVCEKÎP [ GN
EWORNKOKGPVQFGNQURNC\QUKPKEKCNGU
&GHKPKTGNOCTEQFGOCPVGPKOKGPVQFGN2'6+
5GKFGPVKHKECT PNQURTQEGFKOKGPVQUFGIGUVKÎPSWGUGFGDGPFGUCTTQNNCT
'PVTGÃUVQU
4GWPKQPGUFGNEQOKVÃFGFKTGEEKÎP
(WPEKQPGUFGEQPVTQNFGECNKFCF
2TQEGFKOKGPVQUFGOCPVGPKOKGPVQFGRTQ[GEVQUGPGN2NCP
+PHQTOGUFGNGUVCFQFGRTQ[GEVQU
#FKEKÎPFGPWGXQURTQ[GEVQU
4GXKUKÎPFGRTQ[GEVQU
2TQEGFKOKGPVQU FG TGXKUKÎP FGN RNCP CEVWCNK\CEKÎP [ FGHKPKEKÎP FG
PWGXQURNC\QU
4GXKUCT TGUVTKEEKQPGU G JKRÎVGUKU JGEJCU GP GN RNCP FG KORNCPVCEKÎP RCTC
CUGIWTCTSWGNQURNC\QURTGXKUVQUUQPRT¶EVKEQU[TGCNKUVCU
5GEQPUKFGTCT¶PGPGUVCTGXKUKÎP
5KUVGOCUCEVWCNGU
2NC\QUFGECODKQFGNCVGEPQNQIÈCCEVWCNCNPWGXQGPVQTPQ
2TCEVKECUCEVWCNGUFGIGUVKÎP
2TQFWEVQUCQDVGPGT
#N TGCNK\CT EQP ÃZKVQ NCU VCTGCU KPFKECFCU UG QDVGPFT¶P NQU UKIWKGPVGU
RTQFWEVQU
2NCP )NQDCN FG +ORNCPVCEKÎP SWG FGHKPC GN QTFGP FG NQU RTQ[GEVQU C
KORNCPVCT
2NCPGUCEQTVQRNC\QRCTCNQURTQ[GEVQURTKQTKVCTKQU
4GXKUKÎP[CRTQDCEKÎPFGN2'6+
'UVC CEVKXKFCF VKGPG EQOQ QDLGVKXQ EQPVTCUVCT EQP NQU TGURQPUCDNGU FG NC
FKTGEEKÎP FGN 2'6+ NC CTSWKVGEVWTC FG KPHQTOCEKÎP [ GN RNCP FG CEEKÎP
GNCDQTCFQUCPVGTKQTOGPVGRCTCOGLQTCTNCRTQRWGUVCUKUGEQPUKFGTCPGEGUCTKQ
[RQTÕNVKOQQDVGPGTUWCRTQDCEKÎPHKPCN
'PNCUQTICPK\CEKQPGUFGNC#FOKPKUVTCEKÎP2ÕDNKECGUVCFGDGUGTCRTQDCFCRQT
NCUFGRGPFGPEKCUFGNCQTICPK\CEKÎPKPXQNWETCFCUGPGN2'6+
6CTGC
6ÃEPKECU[
2T¶EVKECU
%QPXQECVQTKC x 2NCPFGRTGUGPVCEKÎP
FGNC
RTGUGPVCEKÎP
x 2TGUGPVCEKÎP
'XCNWCEKÎP[ x 4GUWNVCFQFGNCUUGUKQPGUFG
OGLQTCFGNC
VTCDCLQ
RTQRWGUVC
x 2TGUGPVCEKÎP
x %CV¶NQIQFGTGSWKUKVQUFGN2'6+
x #TSWKVGEVWTCFGKPHQTOCEKÎP
/QFGNQFGUKUVGOCUFG
KPHQTOCEKÎP
x 2NCPFGCEEKÎP
2NCPFGRTQ[GEVQU
2NCPFGOCPVGPKOKGPVQFGN2'6+
x 5GUKQPGUFG
VTCDCLQ
x 2TGUGPVCEKÎP
#RTQDCEKÎP
FGN2'6+
2TQFWEVQU
x #RTQDCEKÎPHQTOCNFGN2'6+
x 2NCPFGFKHWUKÎPFGN2'6+
2CTVKEKRCPVGU
x ,GHGFGRTQ[GEVQ
FGN2'6+
x %QPUWNVQTGU
x %QPUWNVQTGU
KPHQTO¶VKEQU
x %QOKVÃFG
FKTGEEKÎP
x ,GHGFGRTQ[GEVQ
FGN2'6+
x %QPUWNVQTGU
x %QPUWNVQTGU
KPHQTO¶VKEQU
x 7UWCTKQUGZRGTVQU
x 5GUKQPGUFG x %QOKVÃFG
FKTGEEKÎP
VTCDCLQ
x ,GHGFGRTQ[GEVQ
FGN2'6+
2TGUGPVCEKÎPFGN 2'6+CNCKPUVKVWEKÎP
5G GNCDQTC WP TGUWOGP SWG TGEQLC NQU TGUWNVCFQU HKPCNGU FG NCU CEVKXKFCFGU
+FGPVKHKECEKÎP FG TGSWKUKVQU 'UVWFKQ FG NQU UKUVGOCU FG KPHQTOCEKÎP CEVWCNGU
&KUGÌQFGNOQFGNQFGUKUVGOCUFGKPHQTOCEKÎP&GHKPKEKÎPFGNCCTSWKVGEVWTC
VGEPQNÎIKEC[FGHKPKEKÎPFGNRNCPFGCEEKÎP'N,GHGFGRTQ[GEVQFGN2'6+GPXÈC
GUVC KPHQTOCEKÎP C SWKGPGU EQPUVKVW[GP NC FKTGEEKÎP FGN 2NCP GUVTCVÃIKEQ FG
VGEPQNQIÈCUFGKPHQTOCEKÎPRCTCUWGUVWFKQLWPVQEQPNCEQPXQECVQTKC[GURGTC
UWEQPHKTOCEKÎP
2TQFWEVQU
&GGPVTCFC
x 2NCPFGCEEKÎP
2NCPFGRTQ[GEVQU
&GUCNKFC
x 2NCP FGRTGUGPVCEKÎP
2T¶EVKECU
x 2TGUGPVCEKÎP
2CTVKEKRCPVGU
x ,GHGFGRTQ[GEVQFGN2'6+
x %QPUWNVQTGU
'XCNWCEKÎP[OGLQTCFGNCRTQRWGUVC
5G TGCNK\C NC RTGUGPVCEKÎP FG NQU TGUWNVCFQU OCPVGPKÃPFQUG C EQPVKPWCEKÎP
UGUKQPGUFGVTCDCLQIWKCFCURQTGNLGHGFGRTQ[GEVQFGN2'6+RCTCTGEQIGTNCU
RQUKDNGUOGLQTCU[CPCNK\CTUWKPEQTRQTCEKÎPCNCRTQRWGUVC
2TQFWEVQU
&GGPVTCFC
x 2NCPFGRTGUGPVCEKÎP
x 2NCPFGCEEKÎP
2NCPFGRTQ[GEVQU
&GUCNKFC
x 2TGUGPVCEKÎP
x .KUVCFQFGTGSWKUKVQUFGN2'6+
x 4GUWNVCFQFGNCUUGUKQPGUFGVTCDCLQ
OGLQTCFGNCRTQRWGUVCSWGCHGEVCP C
#TSWKVGEVWTCFGKPHQTOCEKÎP
2NCPFGCEEKÎP
2NCPFGRTQ[GEVQU
2T¶EVKECU
x 5GUKQPGUFGVTCDCLQ
x 2TGUGPVCEKÎP
2CTVKEKRCPVGU
x
x
x
x
x
%QOKVÃFGFKTGEEKÎP
,GHGFGRTQ[GEVQFGN2'6+
%QPUWNVQTGU
7UWCTKQUGZRGTVQU
#RTQDCEKÎPFGN2'6+
5GGPVTGICNCRTQRWGUVCHKPCN[UGUQNKEKVCHQTOCNOGPVGCN%QOKVÃFG&KTGEEKÎP
FGN 2'6+ NC CRTQDCEKÎP FG NC OKUOC 2QT ÕNVKOQ UG FGDG KPHQTOCT FG NQU
TGUWNVCFQU C NCU WPKFCFGU QTICPK\CVKXCU RCTVKEKRCPVGU [ C VQFCU CSWGNNCU
CHGEVCFCURQTNQUTGUWNVCFQUFGN2NCPFG5KUVGOCUFG+PHQTOCEKÎP
2TQFWEVQU
&GGPVTCFC
x 4GUWNVCFQFGNCUUGUKQPGUFGVTCDCLQ
x .KUVCFQFGTGSWKUKVQUFGN2'6+
x 2NCPFGCEEKÎP
2NCPFGRTQ[GEVQU
&GUCNKFC
x #RTQDCEKÎPHQTOCNFGN2'6+
x 2NCPFGEQOWPKECEKÎPFGN2'6+
2T¶EVKECU
x 5GUKQPGUFGVTCDCLQ
2CTVKEKRCPVGU
x %QOKVÃFGFKTGEEKÎP
x ,GHGFGRTQ[GEVQFGN2'6+
2CTVKEKRCPVGUGPNCU#EVKXKFCFGUFGN2TQEGUQ2'6+
2.#0+(+%#%+10&'5+56'/#5&'
+0(14/#%+10
%QOKVÃFGFKTGEEKÎP
%QPUWNVQTGU
&KTGEVQTGUWUWCTKQU
'SWKRQFGNRTQ[GEVQ
,GHGFGRTQ[GEVQ
4GURQPUCDNGFGOCPVGPKOKGPVQ
7UWCTKQUGZRGTVQU
:
:
:
:
:
#%6+8+&#&'5
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
#EVKXKFCFGU
+PKEKQFGN2'6+
&GHKPKEKÎP[QTICPK\CEKÎPFGN2'6+
'UVWFKQFGNCKPHQTOCEKÎPTGNGXCPVG
+FGPVKHKECEKÎPFGTGSWKUKVQU
'UVWFKQFGNQUUKUVGOCUFGKPHQTOCEKÎPCEVWCNGU
&KUGÌQFGNOQFGNQFGUKUVGOCUFGKPHQTOCEKÎP
&GHKPKEKÎPFGNCCTSWKVGEVWTCVGEPQNÎIKEC
&GHKPKEKÎPFGNRNCPFGCEEKÎP
4GXKUKÎP[CRTQDCEKÎPFGN2'6+
6ÃEPKECURT¶EVKECUWVKNK\CFCUGPNCUCEVKXKFCFGUFGNRTQEGUQ2'6+
2.#0+(+%#%+10&'5+56'/#5&'
+0(14/#%+10
#P¶NKUKUEQUVQDGPGHKEKQ
.KUVCFQECVCNQICEKÎP
&KCITCOCFGENCUGU
&KCITCOCFGTGRTGUGPVCEKÎP
'UVKOCEKÎP
(CEVQTGUETÈVKEQUFGÃZKVQ
:
:
:
/QFGNQ'PVKFCFTGNCEKÎPGZVGPFKFQ
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
2NCPKHKECEKÎP
:
/QFGNCFQFGRTQEGUQUFGNCQTICPK\CEKÎP
5GUKQPGUFGVTCDCLQ
:
/CVTKEKCN
2TGUGPVCEKÎP
#%6+8+&#&'5
:
:
:
:
:
:
:
:
11>>55HH?
?
6%0+%#5'/2.'#&#5' 0.#)7+#
'P GN RTGUGPVG CPGZQ UG FGUETKDGP NCU VÃEPKECU SWG UG WVKNK\CT¶P GP NCU FKUVKPVCU
CEVKXKFCFGU [ VCTGCU PGEGUCTKCU GP NC GNCDQTCEKÎP FGN CP¶NKUKU FG UKUVGOCU NCU SWG
RGTOKVKT¶PGLGEWVCTNCUCEVKXKFCFGUEQPOC[QTGHKEKGPEKC
'064'8+56#5
.CVÃEPKECFGGPVTGXKUVCUGWVKNK\CRCTCTGECDCTKPHQTOCEKÎPGPHQTOCXGTDCNCVTCXÃU
FG WPC UGTKG FG RTGIWPVCU SWG RTQRQPG GN CPCNKUVC GUVC VÃEPKEC C UW XG\ GU
KORTGUEKPFKDNGRCTCQDVGPGTKPHQTOCEKÎPEWCNKVCVKXCTGNCEKQPCTUGEQPNQUWUWCTKQU[
TGEQIGTWPEQPLWPVQFGJGEJQU[QTGSWGTKOKGPVQUFGKPHQTOCEKÎPPGEGUCTKQURCTCGN
GUVWFKQ
C 1DLGVKXQ
.CUGPVTGXKUVCUVKGPGPEQOQQDLGVKXQTGECDCTKPHQTOCEKÎPEWCNKVCVKXC[EWCPVKVCVKXC
FGNQUWUWCTKQUHKPCNGUFGFKXGTUQUPKXGNGUQTICPK\CEKQPCNGUNCUEWCNGURGTOKVKT¶P
CNECP\CTNQUQDLGVKXQUFGNCP¶NKUKUFGUKUVGOCU
D 7VKNKFCF
.CU GPVTGXKUVCU UQP ÕVKNGU RQTSWG RGTOKVGP UGPVCT NCU DCUGU UQDTG NCU EWCNGU UG
FGUCTTQNNCT¶GNHWVWTQUKUVGOCRQTNQVCPVQUGRWGFGQDVGPGTKPHQTOCEKÎPUQDTG
x
x
x
x
4GSWKUKVQUFGWUWCTKQ
(WPEKQPCOKGPVQFGNUKUVGOCCEVWCN
1TICPK\CEKÎPFGNCWPKFCF
4GURQPUCDKNKFCFGU[HWPEKQPGUFGNQUWUWCTKQU
E &GUETKREKÎP
.CU GPVTGXKUVCU UQP HQTOCU FG EQPXGTUCEKÎP PQ FG KPVGTTQICEKÎP #N CPCNK\CT NCU
ECTCEVGTÈUVKECUFGNQUUKUVGOCUEQPRGTUQPCNUGNGEEKQPCFQEWKFCFQUCOGPVGRQTUWU
EQPQEKOKGPVQU UQDTG GN UKUVGOC NQU CPCNKUVCU RWGFGP FKURQPGT FG FCVQU SWG PQ
GUV¶PFKURQPKDNGUGPPKPIWPCQVTCHQTOC
'PNCUKPXGUVKICEKQPGUFGNQUUKUVGOCUNCKPHQTOCEKÎPEWCNKVCVKXC[EWCPVKVCVKXCUQP
KORQTVCPVGU .C KPHQTOCEKÎP EWCNKVCVKXC GUV¶ TGNCEKQPCFC EQP NCU QRKPKQPGU
RQNÈVKECU [ FGUETKREKQPGU PCTTCVKXCU FG CEVKXKFCFGU Q RTQDNGOCU OKGPVTCU SWG NC
KPHQTOCEKÎP EWCPVKVCVKXC UG VTCVC HTGEWGPVGOGPVG FG PÕOGTQU HTGEWGPEKCU Q
ECPVKFCFGU
/WEJCU XGEGU GN CPCNKUVC WVKNK\C NC VÃEPKEC FG NCU GPVTGXKUVCU RCTC TGECDCT
KPHQTOCEKÎP EWCNKVCVKXC SWG NG RGTOKVKT¶ CPCNK\CT NQU UKUVGOCU FG KPHQTOCEKÎP
PGEGUCTKQU
6KRQUFGGPVTGXKUVCU
&G CEWGTFQ CN VKRQ FG KPHQTOCEKÎP SWG UG FGUGC TGECDCT UG RWGFG GNCDQTCT NCU
GPVTGXKUVCUGPHQTOCGUVTWEVWTCFCQUKPGUVTWEVWTC
.CUGPVTGXKUVCUGUVTWEVWTCFCU WVKNK\CPHQTOCVQUCDKGTVQUQEGTTCFQUGPGNECUQFGSWG
UGCPCDKGTVQUGNWUWCTKQRQFT¶FCTEWCNSWKGTTGURWGUVCSWGEQPUKFGTGCRTQRKCFCGP
GNECUQFGRTGIWPVCUEGTTCFCUUGRTQRQTEKQPCT¶CNWUWCTKQWPEQPLWPVQFGTGURWGUVCU
SWGRWGFGUGNGEEKQPCT
.C VÃEPKEC FG RTGIWPVCU EGTTCFCU RTGUGPVC XGPVCLCU [ FGUXGPVCLCU NCU EWCNGU
OGPEKQPCTGOQUCEQPVKPWCEKÎP
8GPVCLCU
x
x
x
x
x
#UGIWTC NC GNCDQTCEKÎP WPKHQTOG FG NCU RTGIWPVCU RCTC VQFQU NQU SWG XCP C
TGURQPFGT
(¶EKNFGCFOKPKUVTCT[GXCNWCT
'XCNWCEKÎPO¶UQDLGVKXCVCPVQFGSWKGPGUTGURQPFGPEQOQFGNCUTGURWGUVCUCNCU
RTGIWPVCU
5GPGEGUKVCWPNKOKVCFQGPVTGPCOKGPVQFGNGPVTGXKUVCFQT
4GUWNVCGPGPVTGXKUVCUOCURGSWGÌCU
&GUXGPVCLCU
x
x
x
x
#NVQEQUVQFGRTGRCTCEKÎP
.QU SWG TGURQPFGP RWGFGP PQ CEGRVCT WP CNVQ PKXGN GP NC GUVTWEVWTC [ ECT¶EVGT
OGE¶PKEQFGNCURTGIWPVCU
7PCNVQPKXGNGPNCGUVTWEVWTCRWGFGPQUGTCFGEWCFQRCTCVQFCUNCUUKVWCEKQPGU
'N CNVQ PKXGN GP NC GUVTWEVWTC TGFWEG NC QRQTVWPKFCF FG TGURQPFGT GP HQTOC
GURQPV¶PGC CUÈ EQOQ NC JCDKNKFCF FGN GPVTGXKUVCFQT RCTC EQPVKPWCT EQP
EQOGPVCTKQUCNGPVTGXKUVCFQ
.CU GPVTGXKUVCU PQ GUVTWEVWTCFCU RGTOKVKT¶P VCPVQ CN GPVTGXKUVCFQ EQOQ GN
GPVTGXKUVCFQT OC[QT HNGZKDKNKFCF GP GN VKRQ FG RTGIWPVC [ TGURWGUVC C GLGEWVCT .CU
XGPVCLCU[FGUXGPVCLCUSWGVTCGEQPUKIQÃUVCVÃEPKECUQPNCUUKIWKGPVGU
8GPVCLCU
x
'N GPVTGXKUVCFQT VKGPG OC[QT HNGZKDKNKFCF CN TGCNK\CT NCU RTGIWPVCU CFGEWCFCU C
SWKGPTGURQPFG
x
x
'N GPVTGXKUVCFQT RWGFG GZRNQVCT ¶TGCU SWG UWTIGP GURQPV¶PGCOGPVG FWTCPVG NCU
GPVTGXKUVCU
2WGFGRTQFWEKTKPHQTOCEKÎPUQDTG¶TGCUSWGUGOKPKOK\CTQPQGPNCUSWGPQUG
RGPUÎSWGHWGTCPKORQTVCPVGU
&GUXGPVCLCU x
x
x
x
x
2WGFG WVKNK\CTUG PGICVKXCOGPVG GN VKGORQ VCPVQ FG SWKGP TGURQPFG EQOQ FGN
GPVTGXKUVCFQT
.QU GPVTGXKUVCFQU RWGFGP UGUICTUG CPVG FGVGTOKPCFCU RTGIWPVCU [ PQ EQPVGUVCT
CFGEWCFCOGPVG
2WGFGTGEQRKNCTUGKPHQTOCEKÎPGZVTCÌCSWGPQGUPGEGUCTKC
'NCP¶NKUKUGKPVGTRTGVCEKÎPFGNQUTGUWNVCFQURWGFGUGTNCTIQ
6QOCFGOCUKCFQVKGORQGZVTCTGECDCTNQUJGEJQUGUGPEKCNGU
4GEQOGPFCEKQPGUFGFGUCTTQNNQFGGPVTGXKUVCU
2CTCNNGXCTCECDQWPCGPVTGXKUVCGZKVQUC[CUGCGUVTWEVWTCFCQPQGUVTWEVWTCFCFGDGP
FGUGIWKTUGNCUUKIWKGPVGUKPFKECEKQPGU
+FGPVKHKECTCNCRGTUQPCQRGTUQPCUCNCUEWCNGUUGNGUXC[CCGPVTGXKUVCT UGFGDGFG
JCEGTWPCNKUVCFGVQFCUNCURGTUQPCUSWGUQPEQPUKFGTCFCUFCFQCUWGZRGTKGPEKC
[EQPQEKOKGPVQEQOQRGTUQPCUENCXGURCTCNCKPUVKVWEKÎP
4GCNK\CT WPC EKVC RQT CPVKEKRCFQ EQP SWKGPGU XC[C C GPVTGXKUVCT GU PGEGUCTKQ
FGHKPKT NC HGEJC JQTC [ NWICT FG NC GPVTGXKUVC CUÈ EQOQ GN VKGORQ GUVKOCFQ FG
FWTCEKÎP FG OCPGTC SWG GN GPVTGXKUVCFQ FGUKIPG WPC RCTVG FG UW VKGORQ C ÃUVC
CEVKXKFCF
2TGRCTCTUGRCTCNCGPVTGXKUVC GPÃUVGECUQGNGPVTGXKUVCFQTFGDGT¶KPHQTOCTUGFG
NCU CEVKXKFCFGU SWG TGCNK\C UW GPVTGXKUVCFQ FG OCPGTC SWG RWGFCP JCDNCT
HNWKFCOGPVGGPECUQFGSWGUGGORNGGNCVÃEPKECGUVTWEVWTCFCFGDGT¶RTGRCTCTUG
WPIWKÎPFGGPVTGXKUVCU[GPXKCTUGCNGPVTGXKUVCFQEQPGNHKPFGSWGUGGPEWGPVTG
RTGRCTCFQ RCTC UW TGUQNWEKÎP GP GN ECUQ FG UGT GPVTGXKUVCU PQ GUVTWEVWTCFCU
FGDGT¶FGKPHQTOCTUGCNGPVTGXKUVCFQNCPCVWTCNG\CFGNCGPVTGXKUVCCTGCNK\¶TUGNG
&WTCPVGNCGPVTGXKUVC GUPGEGUCTKQVGPGTRTGUGPVGNCUUKIWKGPVGURCWVCU
x
x
x
x
%QOKGPEGRQTRTGUGPVCTUGUWDTC[CPFQGNVGOCFGNCGPVTGXKUVC[GUVCDNGEKGPFQ
NCPCVWTCNG\CFGNRTQ[GEVQGPGNSWGVTCDCLC
%QOKGPEGEQPRTGIWPVCUIGPGTCNGUSWGGUVCDNGEGT¶PGNOCTEQFGVTCDCLQEQP
GNEWCNUGEQPFWEKT¶GNTGUVQFGNCGPVTGXKUVC
.KOÈVGUGCNCUPQVCUSWGUGGUETKDCPRCTCGXKVCTFKUVTCGTCSWKGPGUTGURQPFGP
%WCPFQ NQU VGOCU XKUVQU EQP GN WUWCTKQ UG JC[CP FKUEWVKFQ TGCNKEGP QVTCU
RTGIWPVCUGURGEÈHKECUSWGETGCSWGFGDCPFKUEWVKTUG
x
x
#N HKPCN FG NC GPVTGXKUVC TGUWOC NC KPHQTOCEKÎP TGECDCFC GP NCU OKUOCU [
GPXÈGUGWPCEQRKCCNCURGTUQPCUGPVTGXKUVCFCURCTCUWTGURGEVKXCCRTQDCEKÎP
'U TGEQOGPFCDNG SWG CTEJKXG WPC EQRKC FG NCU GPVTGXKUVCU TGXKUCFCU RQT GN
WUWCTKQEQPNCHKPCNKFCFFGGXKVCTRQUVGTKQTGUTGENCOQU
(#%614'5%4+6+%15&' ':+61
.CVÃEPKECFGNQU(CEVQTGUETÈVKEQUFGÃZKVQ
(%'TGUWNVCFQFGNQUVTCDCLQUFG,QJP(
4QEMCTVVKGPGEQOQQDLGVKXQC[WFCTCNCRNCPKHKECEKÎPFGNCUCEVKXKFCFGU[TGEWTUQU
FGEWCNSWKGTQTICPK\CEKÎPCUÈEQOQFGNKOKVCTNCU¶TGCUENCXGUFGNCOKUOCHCEKNKVCPFQ
NCCUKIPCEKÎPFGRTKQTKFCFGUFGPVTQFGGNNC
4QEMCTVFGHKPKÎNQU HCEVQTGU ETÈVKEQU FGÃZKVQEQOQnGNPÕOGTQNKOKVCFQFG¶TGCUGP
NCU EWCNGU NQU TGUWNVCFQU UK UQP UCVKUHCEVQTKQU CUGIWTCT¶P WP HWPEKQPCOKGPVQ
EQORGVKVKXQ[GZKVQUQRCTCNCQTICPK\CEKÎP
'UVCVÃEPKECKORNKECRCTCUWCRNKECEKÎPNQUUKIWKGPVGURWPVQUD¶UKEQU
x
x
x
x
&GHKPKTNQUQDLGVKXQUINQDCNGUFGNCQTICPK\CEKÎP
&GHKPKTWPCWPKFCFFGOGFKFCRCTCGXCNWCTGNHWPEKQPCOKGPVQFGNCQTICPK\CEKÎP
EQPTGURGEVQCGUQUQDLGVKXQU
+FGPVKHKECTNQUHCEVQTGUENCXGSWGEQPVTKDW[GPCGUGHWPEKQPCOKGPVQ
+FGPVKHKECTNCUTGNCEKQPGUECWUCGHGEVQGPVTGQDLGVKXQU[HCEVQTGUENCXG
&GUETKREKÎP6ÃEPKEC
)GPGTCNKFCFGU
'NCP¶NKUKUFGNQU (CEVQTGU ETÈVKEQU FGÃZKVQRGTOKVGKFGPVKHKECTCSWGNNCU¶TGCUFGNC
QTICPK\CEKÎPCUÈEQOQCSWGNNQUHCEVQTGUFGNGPVQTPQEW[QHWPEKQPCOKGPVQCFGEWCFQ
Q GXQNWEKÎP HCXQTCDNG RGTOKVKT¶P NC KORNCPVCEKÎP EQP ÃZKVQ FG WPC GUVTCVGIKC
FGVGTOKPCFC %QOQ EQPUGEWGPEKC FG NC KFGPVKHKECEKÎP FG GUVCU ¶TGCU KPVGTPCU Q
HCEVQTGUGZVGTPQUUGRQFT¶RTQEGFGTCWPCCRNKECEKÎPCFGEWCFCFGNQUTGEWTUQUFGNC
1TICPK\CEKÎPEQPGNHKPFGEQPUGIWKTWPCGHKECEKCÎRVKOCFGGUVCGUVTCVGIKC
&GNQCPVGTKQTUGFGFWEGSWGUGFGDGPEQPUKFGTCTRCTCNCFGHKPKEKÎPFGNQU(%'VCPVQ
NQUHCEVQTGUGZVGTPQUEQOQNQUKPVGTPQUFGNCQTICPK\CEKÎPEQPGUVCRGTURGEVKXCNCU
UKIWKGPVGUFGHKPKEKQPGURGTOKVGPFCTWPCKFGCFGNUKIPKHKECFQFGNQU(%'
x
x
7PC CEVKXKFCF FGPVTQ FG NC QTICPK\CEKÎP SWG UG FGDG TGCNK\CT EQP GURGEKCN
CVGPEKÎP
7PUWEGUQQGXGPVWCNKFCFSWGQEWTTGGPGNGPVQTPQGZVGTPQFGNCQTICPK\CEKÎP[
UQDTGGNEWCNUGRWGFGVGPGTQPQEQPVTQN
x
7P ¶TGC FG NC QTICPK\CEKÎP EW[Q HWPEKQPCOKGPVQ FGDG UKVWCTUG C WP PKXGN
EQORGVKVKXQEQPGNGPVQTPQ
'UEQPXGPKGPVGRCTCCENCTCTGUVGEQPEGRVQFGNQU(%'FKHGTGPEKCTGPVTGHCEVQTGUFG
ÃZKVQ[HCEVQTGUETÈVKEQUFGÃZKVQ
7PHCEVQTFGÃZKVQGUCNIQSWGFGDGQEWTTKT
QFGDGPQQEWTTKTRCTCEQPUGIWKTWP
QDLGVKXQ'UVGHCEVQTFGÃZKVQUGFGHKPGEQOQETÈVKEQUKUWEWORNKOKGPVQGUCDUQNWVC
OGPVGPGEGUCTKQRCTCEWORNKTNQUQDLGVKXQUFGNCQTICPK\CEKÎPRQTNQEWCNTGSWKGTG
WPCGURGEKCNCVGPEKÎPRQTRCTVGFGNQUÎTICPQUIGUVQTGUEQPGNHKPFGCUGIWTCTSWGUG
FGFKECPNQUOGLQTGUTGEWTUQUCNCGLGEWEKÎPQTGCNK\CEKÎPFGFKEJQHCEVQTFGÃZKVQ
5GRWGFGLWUVKHKECTGNGUVCDNGEGTGUVCFKHGTGPEKCGPVTGHCEVQTGUFGÃZKVQ
('[HCEVQTGU
ETÈVKEQUFGÃZKVQ
(%'RQTFQUTC\QPGU
&GUFGWPRWPVQFGXKUVCRWTCOGPVGOGVQFQNÎIKEQ FGCRNKECEKÎPFGNCVÃEPKECGU
O¶UGHGEVKXQGNUGRCTCTNCEQPUKFGTCEKÎPFGVQFQUNQU('FGNCQTICPK\CEKÎPFGNC
GXCNWCEKÎPFGEW¶NGUUQPTGCNOGPVG(%'
&GUFGWPRWPVQFGXKUVCFGGHKECEKCFGPVTQFGNCQTICPK\CEKÎPNCFGHKPKEKÎPFGWP
PÕOGTQFGOCUKCFQGNGXCFQFG(%'FGUXKTVWCTÈCGNUGPVKFQFGGUVCVÃEPKEC
2QTÕNVKOQUGFGDGJCEGTÃPHCUKUGPNCFKHGTGPEKCGZKUVGPVGGPVTGHCEVQTGUFGÃZKVQ[
QDLGVKXQUFGNCQTICPK\CEKÎP
x
x
1DLGVKXQUUQPNQU nHKPGUJCEKCNQU EWCNGUUGFKTKIGGNGUHWGT\Q[GNVTCDCLQFGNC
QTICPK\CEKÎP
(CEVQTGUFGÃZKVQ[EQOQEQPUGEWGPEKC(%'UQPNQUnOGFKQUQTGSWKUKVQUSWGUG
FGDGPEWORNKTRCTCCNECP\CTNQU QDLGVKXQU2CTCECFCQDLGVKXQUGFGDGFGHKPKTCN
OGPQUWPHCEVQTFGÃZKVQ
'UVCFKUVKPEKÎPPQUC[WFCT¶CNCJQTCFGFGNKOKVCT[FGHKPKTEQPENCTKFCFNQUQDLGVKXQU
GUVQU UGT¶P KORQTVCPVGU EQOQ WP HKP GP UÈ OKUOQU 5K EQPUKFGTCOQU WP QDLGVKXQ
KORQTVCPVG UÎNQ EQOQ OGFKQ FG EQPUGIWKT QVTQU QDLGVKXQU UG EQPUKFGTCT¶ FKEJQ
QDLGVKXQEQOQWPHCEVQTFGÃZKVQ
2TQEGFKOKGPVQFGFGHKPKEKÎP FGHCEVQTGUETÈVKEQU FGÃZKVQ
#NCJQTCFGFGHKPKTNQUHCEVQTGUETÈVKEQUFGÃZKVQFGNCQTICPK\CEKÎPGUPGEGUCTKQSWG
NQUQDLGVKXQUSWGRGTUKIWGNCQTICPK\CEKÎPGUVÃPENCTCOGPVGFGHKPKFQUFCFQSWGUW
GURGEKHKECEKÎPUGTXKT¶FGDCUGRCTCGNGUVWFKQFGNQU(%'
'NCP¶NKUKUFGNQU(%'EQTTGURQPFGT¶RQTWPCRCTVGCNGSWKRQFGNRTQ[GEVQGNEWCN
TGEQIGT¶KPHQTOCEKÎPUQDTGNCQTICPK\CEKÎP[UWUQDLGVKXQUOGFKCPVGGPVTGXKUVCUEQP
NQUIGUVQTGUFGNCOKUOC#UKOKUOQEQOQTGUWNVCFQFGGUVCUGPVTGXKUVCUUGQDVGPFT¶
WPCRTKOGTCXKUKÎPFGNQUFKTGEVKXQUCEGTECFGNQUOGFKQUQTGSWKUKVQURCTCCNECP\CT
GUVQUQDLGVKXQU
'UVQUTGSWKUKVQURGTOKVKT¶PQDVGPGTWPCNKUVCKPKEKCNFGNQUHCEVQTGUFGÃZKVQNCEWCNUG
FGRWTCT¶GPGVCRCURQUVGTKQTGUFGNCP¶NKUKU
6QFCU NCU NCDQTGU FG FGRWTCEKÎP TGHKPCOKGPVQ [ EQPUQNKFCEKÎP FG NQU (%' JCP FG
TGCNK\CTUG FG HQTOC EQPLWPVC RQT GN GSWKRQ FGN RTQ[GEVQ [ NQU IGUVQTGU FG NC
QTICPK\CEKÎP 2CTC GNNQ UGT¶ EQPXGPKGPVG TGCNK\CT O¶U SWG GPVTGXKUVCU KPFKXKFWCNGU
TGWPKQPGUGPITWRQGPVTGVQFQUNQUIGUVQTGUFCFQSWGCUÈUGQDVGPFT¶WPEQPLWPVQ
TGFWEKFQ FG HCEVQTGU ETÈVKEQU FG ÃZKVQ FGUFG WPC RGTURGEVKXC nINQDCN FG NC
QTICPK\CEKÎP QDXKCPFQ FG GUVG OQFQ GN RGNKITQ FG WPC GZEGUKXC RTQNKHGTCEKÎP FG
(%'QECUKQPCFCRQTWPCXKUKÎPRCTVKEWNCTKUVCFGNQUIGUVQTGUFGUWU¶TGCUEQPETGVCU
FGTGURQPUCDKNKFCFFGPVTQFGNCQTICPK\CEKÎP
'NRTQEGFKOKGPVQRCTCWPCP¶NKUKUGUVTWEVWTCFQFGNQU(%'EQPUVCT¶FGNQUUKIWKGPVGU
RCUQU
C
D
E
F
G
H
I
J
'NCDQTCTWPCNKUVCFGNQUQDLGVKXQUFGNCQTICPK\CEKÎP
&GRWTCTGUVCNKUVCFGQDLGVKXQU
+FGPVKHKECTNQUHCEVQTGUFGÃZKVQ
'NKOKPCTNQUHCEVQTGUFGÃZKVQPQETÈVKEQU
#ITWRCTNQUHCEVQTGUFGÃZKVQFGCEWGTFQEQPNQUQDLGVKXQU
+FGPVKHKECTNQUEQORQPGPVGUFGGUVQUHCEVQTGUFGÃZKVQ
5GNGEEKQPCTNQUHCEVQTGUETÈVKEQUFGÃZKVQ
(KPCNK\CTGNGUVWFKQFGNQUHCEVQTGUETÈVKEQUFGÃZKVQ
#EQPVKPWCEKÎPUGTGCNK\CT¶WPGUVWFKQFGVCNNCFQFGGUVQURCUQU
C 'NCDQTCTWPCNKUVCFGNQU QDLGVKXQUFGNCQTICPK\CEKÎP 5GFGVGTOKPCT¶NCOKUKÎPOGVCU[QDLGVKXQUFGNCQTICPK\CEKÎP'UEQPXGPKGPVGUGT
GZRNÈEKVQUGPNCGURGEKHKECEKÎPFGQDLGVKXQUKPVGPVCPFQEWCPVKHKECTNQUGPNCOGFKFC
FGNQRQUKDNG
%QOQGLGORNQFGWPCGURGEKHKECEKÎPFGQDLGVKXQUFGWPCQTICPK\CEKÎPRQFGOQU
UWRQPGTWPC'ORTGUCSWGUGRNCPVGCUG
x
x
x
x
#NECP\CTWPCEKHTCFGXGPVCUFGOKNNQPGUFGRGUGVCU
1DVGPGTWPDGPGHKEKQCPVGUFGKORWGUVQUFGOKNNQPGU
+PETGOGPVCTGNOCTIGPDTWVQGPNCUXGPVCUGPVQTPQCWP
/CPVGPGTNQUICUVQUFGHWPEKQPCOKGPVQGPWPFGNCUXGPVCU
D &GRWTCTNCNKUVCFGQDLGVKXQU
'P GUVG RCUQ UG TGXKUC NC NKUVC FG QDLGVKXQU QDVGPKFC GP GN RCUQ CPVGTKQT RCTC
CUGIWTCTSWGFKEJQUQDLGVKXQUEQPUVKVW[GPWPHKPGPUÈOKUOQU[PQOGTCOGPVGWP
OGFKQRCTCQDVGPGTQVTQQDLGVKXQFGNCNKUVCGPEW[QECUQUGEQPUKFGTCTÈCEQOQ
WPHCEVQTFGÃZKVQ
'P GN GLGORNQ SWG UKIWG NQU QDLGVKXQU FG n+PETGOGPVCT GN OCTIGP DTWVQ GP NCU
XGPVCUGPVQTPQCN[n/CPVGPGTNQUICUVQUFGHWPEKQPCOKGPVQGPWPFG
NCU XGPVCU UQP WP OGFKQ RCTC EQPUGIWKT NQU DGPGHKEKQU FG OKNNQPGU RQT NQ
EWCNUGGNKOKPCT¶PFGNCNKUVCFGQDLGVKXQU[UGEQPUKFGTCT¶PHCEVQTGUFGÃZKVQ
'PGUVGECUQVGPFTÈCOQU
1DLGVKXQU
(CEVQTGU FG ÃZKVQ
1DVGPGT WP DGPGHKEKQ CPVGU FG
KORWGUVQUFGOKNNQPGUFGUQNGU
+PETGOGPVCTGNOCTIGPDTWVQGPNCU
XGPVCUGPVQTPQCN
#NECP\CTWPCEKHTCFGXGPVCUFG
OKNNQPGUFGUQNGU
/CPVGPGT
NQU
ICUVQU
FG
HWPEKQPCOKGPVQGPWPFGNCU
XGPVCU
E +FGPVKHKECTNQUHCEVQTGUFGÃZKVQ
6GPKGPFQ GP EWGPVC GN EQPEGRVQ FG HCEVQT FG ÃZKVQ EQOQ OGFKQ PGEGUCTKQ RCTC
CNECP\CT NQU QDLGVKXQU GURGEKHKECFQU UG QDVGPFT¶ WPC NKUVC FG HCEVQTGU FG ÃZKVQ
RCTCECFCWPQFGFKEJQUQDLGVKXQUEQPVGORNCPFQVCPVQCSWGNNQU SWGFGRGPFGP
FG NC QTICPK\CEKÎP EQOQ CSWGNNQU GZVGTPQU SWG GUV¶P HWGTC FG UW EQPVTQN
NGIKUNCEKÎPEQORQTVCOKGPVQFGNCGEQPQOÈCGVE
'PGUVGRWPVQPQGUPGEGUCTKQRTGQEWRCTUGFGOCUKCFQUKUGTGRKVGPNQUHCEVQTGUFG
ÃZKVQEQPNQUQDLGVKXQUQUKWPHCEVQTFGÃZKVQRCTCWPQDLGVKXQGUV¶GUVTGEJCOGPVG
TGNCEKQPCFQEQPQVTQQDLGVKXQ#UÈGPPWGUVTQECUQ[OGFKCPVGGPVTGXKUVCUEQPNQU
TGURQPUCDNGUFGNCQTICPK\CEKÎPUGQDVGPFTÈCNCUKIWKGPVGVCDNC
1DLGVKXQU
8GPVCUFGOKNNQPGU
$GPGHKEKQUCPVGUFGKORWGUVQU
FGOKNNQPGU
(CEVQTGU FG ÃZKVQ
%TGEKOKGPVQFGNOGTECFQ
+PETGOGPVCTNCEWQVCFGOGTECFQ
+PETGOGPVCTXGPVCU
+PETGOGPVCTGNOCTIGPDTWVQGPVQTPQCN
/CPVGPGT NQU ICUVQU FG HWPEKQPCOKGPVQ
GPWPFGNCUXGPVCU
F 'NKOKPCTNQUHCEVQTGUFGÃZKVQPQETÈVKEQU
5GWVKNK\CT¶PGPGUVGRWPVQFKHGTGPVGUETKVGTKQURCTCGNKOKPCTNQU('FGRGPFKGPFQ
FG UK NQU OKUOQU GUV¶P FGPVTQ Q HWGTC FGN EQPVTQN FG NC QTICPK\CEKÎP GUVC
UGNGEEKÎPUGT¶TGCNK\CFCOGFKCPVGTGWPKQPGUGPITWRQRQTNQUTGURQPUCDNGUFGNC
QTICPK\CEKÎP
.QUETKVGTKQUSWGUG UGIWKT¶PUQP
(CEVQTGUFGÃZKVQFGPVTQFGNEQPVTQNFGNC1TICPK\CEKÎP
x
x
'UGN('GUGPEKCNRCTCEWORNKTNQUQDLGVKXQU!
4GSWKGTGGURGEKCNEWKFCFQGPUWTGCNK\CEKÎPGUFGEKTTGEWTUQUGURGEKCNOGPVG
EWCNKHKECFQU!
5KNCTGURWGUVCCCNIWPCFGGUVCURTGIWPVCUGUnPQUGGNKOKPCT¶GN('FGNCVCDNC
(CEVQTGUFGÃZKVQHWGTCFGNEQPVTQNFGNC1TICPK\CEKÎP
x
x
x
'UGN('GUGPEKCNRCTCEWORNKTNQUQDLGVKXQU!
*C[RTQDCDKNKFCFUKIPKHKECVKXCFGSWGGN('PQQEWTTC!
5KPQQEWTTGGN('2QFTÈCPCNVGTCTUGNCUGUVTCVGIKCUEQPGNHKPFGOKPKOK\CTGN
KORCEVQFGFKEJQKPEWORNKOKGPVQUWRQPKGPFQSWGJWDKGUGUWHKEKGPVGVKGORQ
FKURQPKDNG!
5KNCTGURWGUVCCCNIWPCFGGUVCURTGIWPVCUGUnPQUGGNKOKPCGN('FGNCVCDNC'UVQ
UGJCEGRCTCPQEQPUKFGTCTCSWGNNQU('SWGQEWTTKT¶PECUKEQPVQFCUGIWTKFCF
GP
ECUQ FG WPC TGURWGUVC PGICVKXC C NC UGIWPFC RTGIWPVC Q CSWGNNQU (' EW[Q PQ
EWORNKOKGPVQ KORKFG EWCNSWKGT VKRQ FG CEEKÎP EQTTGEVKXC GP GN ECUQ FG WPC
TGURWGUVCPGICVKXCCNCVGTEGTCRTGIWPVC
'PGNGLGORNQSWGUGUKIWGUGFGEKFKÎSWGGNHCEVQTFGÃZKVQn/CPVGPGTNQUICUVQU
FG HWPEKQPCOKGPVQ GP WP FG NCU XGPVCU PQ GZKIÈC TGEWTUQU GURGEKCNOGPVG
EWCNKHKECFQURCTCEQPUGIWKTNQRQTNQEWCNUGGNKOKPÎFGNCNKUVC
1DLGVKXQU
8GPVCUFGOKNNQPGU
$GPGHKEKQUCPVGUFGKORWGUVQUFG
OKNNQPGU
(CEVQTGU FG ÃZKVQ
+PETGOGPVCTXGPVCU
+PETGOGPVCTGNOCTIGPDTWVQGPVQTPQ
CN
G #ITWRCTNQUHCEVQTGUFGÃZKVQFGCEWGTFQEQPNQUQDLGVKXQU
'UVG RCUQ RGTOKVG FGRWTCT NC VCDNC FCFQ SWG CN CPCNK\CT ECFC QDLGVKXQ RQT
UGRCTCFQRWGFGSWGNQU('GUVÃPTGRGVKFQUQUGCPUKPÎPKOQUFGWPQDLGVKXQ
'PPWGUVTQGLGORNQGN('n+PETGOGPVCTXGPVCUGUUKPÎPKOQFGNQDLGVKXQnXGPVCUFG
OKNNQPGURQTNQVCPVQUGGNKOKPC
1DLGVKXQU
8GPVCUFGOKNNQPGU
$GPGHKEKQUCPVGUFGKORWGUVQUFG
OKNNQPGU
(CEVQTGU FG ÃZKVQ
+PETGOGPVCTOCTIGPDTWVQFG
H +FGPVKHKECTNQUEQORQPGPVGUFGGUVQUHCEVQTGUFGÃZKVQ
'PGUVGRCUQUGCPCNK\CPNQUHCEVQTGUFGÃZKVQRCTCKFGPVKHKECTNQSWGUGFGDGJCEGT
RCTCEQPUGIWKTECFCWPQFGGUVQU('
&G NC FGUEQORQUKEKÎP FG NQU (' UG RWGFGP GPEQPVTCT EQORQPGPVGU SWG UQP
XGTFCFGTCOGPVGETÈVKEQUOKGPVTCUQVTQUGZKIGPOGPQUGUHWGT\Q QTGEWTUQU
'N QDLGVKXQ FG GUVG CP¶NKUKU GU KFGPVKHKECT FG EKPEQ C UKGVG HCEVQTGU FG ÃZKVQ Q
EQORQPGPVGU FG GUVQU HCEVQTGU SWG UGCP ETÈVKEQU EQP GN HKP ÕNVKOQ FGEGPVTCTGN
GUHWGT\QFGNCQTICPK\CEKÎPGPUWEQPUGEWEKÎP
'PGNGLGORNQSWGUGGUV¶FGUCTTQNNCPFQUGJCQDVGPKFQNCUKIWKGPVGVCDNC
1DLGVKXQU
8GPVCUFG
OKNNQPGU
(CEVQTGU FG ÃZKVQ
%TGEKOKGPVQFGN
OGTECFQ
+PETGOGPVCTNCEWQVC
FGOGTECFQ
%QORQPGPVGU FG ('
/GLQTCTNCECNKFCF
/GLQTCTNCUECTCEVGTÈUVKECU
FGNRTQFWEVQ
/GLQTCTVKGORQUFGGPVTGIC
$GPGHKEKQUCPVGUFG
4GFWEKTEQUVQUNCDQTCNGU
KORWGUVQUFG
+PETGOGPVCTOCTIGPFG
OKNNQPGU
0GIQEKCEKÎPNCDQTCN
DTWVQ
#WVQOCVK\CEKÎPFGNC
RTQFWEEKÎP
/CPVGPGTKPETGOGPVQUFG
EQUVGFGOCVGTKCNRQT
FGDCLQFGNCKPHNCEKÎP
I 5GNGEEKQPCTNQUHCEVQTGUETÈVKEQUFGÃZKVQ
(%'
5GWUCT¶PNQUETKVGTKQUFGUGNGEEKÎP[CGURGEKHKECFQUGPGNRCUQFRCTCNQUPKXGNGU
O¶UDCLQUFGFGUEQORQUKEKÎPEQPGNQDLGVQFGQDVGPGTWPPÕOGTQFG(%'GPVTG
NQU RCUQU G [ I 'P NC VCDNC UKIWKGPVG UG TGRTGUGPVCP GP PGITKVC NQU (%'
UGNGEEKQPCFQU
1DLGVKXQU
8GPVCUFG
OKNNQPGU
(CEVQTGU FG ÃZKVQ
%QORQPGPVGU FG ('
%TGEKOKGPVQFGN
OGTECFQ
+PETGOGPVQFGEWQVC /GLQTCTNCECNKFCF
FGOGTECFQ
/GLQTCTNCUECTCEVGTÈUVKECUFGN
RTQFWEVQ
/GLQTCTVKGORQUFGGPVTGIC
$GPGHKEKQUCPVGUFG
4GFWEKTEQUVQUNCDQTCNGU
KORWGUVQUFG +PETGOGPVCT OCTIGP
/CPVGPGTKPETGOGPVQUFG
OKNNQPGU
FGDTWVQ
EQUVQFGOCVGTKCNRQTFGDCL Q
FGNCKPHNCEKÎP
0GIQEKCEKÎPNCDQTCN
#WVQOCVK\CEKÎPFGNC
RTQFWEEKÎP
J (KPCNK\CTGNGUVWFKQFGNQUHCEVQTGUETÈVKEQUFGÃZKVQ
'PGUVGRCUQUGQDVKGPGWPCNKUVCHKPCNSWGTGRTGUGPVCNCU¶TGCUSWGUQPETWEKCNGU
RCTCGNÃZKVQFGNCQTICPK\CEKÎP[FQPFGNCFKTGEEKÎPFGDGGPHQECTUWCVGPEKÎP
2CTCNQU(%'EQPVTQNCDNGURQTRCTVGFGNQUFKTGEVKXQUUGFGDGPCUKIPCTNQUTGEWTUQU
PGEGUCTKQU RCTC ICTCPVK\CT UW TGCNK\CEKÎP EQTTGEVC CUÈ EQOQ NCU JGTTCOKGPVCU G
KPHQTOCEKÎP PGEGUCTKCU RCTC FKEJC TGCNK\CEKÎP #UKOKUOQ UG FGDGP GUVCDNGEGT
RTQEGFKOKGPVQUSWGRGTOKVCPCUGIWTCTWPUGIWKOKGPVQ[TGCNKOGPVCEKÎPUQDTGGN
ITCFQ FG EWORNKOKGPVQ FG FKEJQU HCEVQTGU ETÈVKEQU 2CTC CSWGNNQU (%' PQ
EQPVTQNCDNGUUQPCDUQNWVCOGPVGPGEGUCTKQURTQEGFKOKGPVQUSWGRGTOKVCPQDVGPGT
KPHQTOCEKÎP RWPVWCN UQDTG NQU OKUOQU 'UVQU RTQEGFKOKGPVQU RTQRQTEKQPCP
UGÌCNGU FG CXKUQ FG OCPGTC SWG UG RWGFCP FGHKPKT G KORNCPVCT RNCPGU FG
EQPVKPIGPEKC
/1&'.1&'&#615
'NFKCITCOCFGGUVTWEVWTCFGFCVQUGUWPCVÃEPKECPGEGUCTKCRCTCNCOQFGNK\CEKÎPFG
FCVQUNCEWCNTGRTGUGPVCWPEQPLWPVQFGFCVQUTGNCEKQPCFQUGPVTGUÈ[FGUETKDGPGP
HQTOCEQNGEVKXCNQUEQORQPGPVGUFGNUKUVGOC
C 1DLGVKXQ
%QPUVTWKTWPOQFGNQNÎIKEQFGFCVQUFGNUKUVGOCSWGHCEKNKVGNCEQORTGPUKÎPFGN
OKUOQ
D 7VKNKFCF
'UÕVKNRCTCTGRTGUGPVCTIT¶HKECOGPVGNCUTGNCEKQPGUQCUQEKCEKQPGUGPVTGRCTGUFG
GPVKFCFGU
E &GUETKREKÎP
2CTC NC EQPUVTWEEKÎP FGN FKCITCOC FG GUVTWEVWTC FG FCVQU PGEGUKVCOQU NQU
UKIWKGPVGUGNGOGPVQU
x
'PVKFCF GU WP QDLGVQ RGTUQPC NWICT Q EQUC UQDTG NC EWCN NC QTICPK\CEKÎP
ECRVWTCCNOCEGPCQRTQEGUCFCVQU5WTGRTGUGPVCEKÎPIT¶HKECGUWPTGEV¶PIWNQ
x
4GNCEKÎP GU NC EQPGZKÎP SWG XC GZKUVKT GPVTG VKRQU FG GPVKFCFGU 5W
TGRTGUGPVCEKÎPIT¶HKECGUWPCNÈPGCTGEVC
.CUHCUGURCTCNCEQPUVTWEEKÎPFGNCGUVTWEVWTCFGFCVQUUQP
x
+FGPVKHKECTNCU GPVKFCFGUFGPVTQFGN5KUVGOC VGPKGPFQRTGXKQEQPQEKOKGPVQFGN
HWPEKQPCOKGPVQ FGN UKUVGOC 'UVCU GPVKFCFGU RWGFGP UGT QDLGVQU TGCNGU
RGTUQPCUCEVKXKFCFGUFGNUKUVGOCQDLGVQUCDUVTCEVQUGVE
2QTGLGORNQUGRWGFGPKFGPVKHKECTNCUGPVKFCFGU2GFKFQ/CVGTKCNGU2TQXGGFQT
x
x
'UVCDNGEGT NCU TGNCEKQPGU GPVTG NCU GPVKFCFGU FGUETKDKGPFQ GN ITCFQ FG NQU
OKUOQU RTGXKQGUVWFKQFGECFCWPCFGNCUCUQEKCEKQPGUFGWPCGPVKFCFEQPNCU
FGO¶UKFGPVKHKECFCU
&KDWLCTGN OQFGNQFGFCVQU
3 ( ' ,' 2
' ( 7 $ / / ( 3 ( ' ,'
3 529(('25
0 $ 7 ( 5 ,$ /
'P GN /CPWCN FG 6ÃEPKECU RCTC GN &GUCTTQNNQ FG 5KUVGOCU UG OWGUVTC NC VÃEPKEC FG
OQFGNCOKGPVQ GPVKFCFTGNCEKÎP FG %*'0 NCU DCUGU EQPEGRVWCNGU FG GUVG
OQFGNCOKGPVQ UG GPEWGPVTCP GP GN /CPWCN FG 1TICPK\CEKÎP[&KUGÌQFG$CUGUFG
&CVQURWDNKECFQUCODQURQTGN+0'+
6'%0+%#5/#64+%+#.'5
5G FGUKIPC EQP GN PQODTG FG VÃEPKECU OCVTKEKCNGU C NC TGRTGUGPVCEKÎP ETW\CFC FG
FKHGTGPVGU GPVKFCFGUWQDLGVQUFGKPVGTÃURCTCNCQTICPK\CEKÎP[SWGRGTOKVKT¶P
x
x
%QPQEGT NC TGCNKFCF CEVWCN GP EWCPVQ C UWU HWPEKQPGU KPHQTOCEKÎP OCPGLCFC
FKUVTKDWEKÎPIGQIT¶HKECGVE
5GPVCTNCUDCUGU RCTCWPCRQUKDNGTGQTICPK\CEKÎPFGNCUHWPEKQPGUEQPQDLGVQFG
CWOGPVCTUWGHKECEKC
i
i
&GHKPKTPWGXQUUKUVGOCUFGKPHQTOCEKÎPRCTCNCQTICPK\CEKÎP
#[WFCTCFGHKPKTRTKQTKFCFGUGPGNFGUCTTQNNQFGPWGXQUUKUVGOCU
.CUFKHGTGPVGUTGRTGUGPVCEKQPGUOCVTKEKCNGUSWGUGTGEQIGPGPNCOGVQFQNQIÈCUQPNCU
UKIWKGPVGU
x
x
x
x
x
/CVTK\2TQEGUQU'PVKFCFGUFGFCVQUSWGRGTOKVGTGRTGUGPVCTGNVTCVCOKGPVQNÎIKEQ
FGNCUHWPEKQPGUUQDTGNQUFCVQUFGNUKUVGOC
/CVTK\ 2TQEGUQUQTICPK\CEKÎP SWG RGTOKVG TGRTGUGPVCT VCPVQ NC FKUVTKDWEKÎP
IGQIT¶HKECFGNCUHWPEKQPGUFGNCQTICPK\CEKÎPEQOQNCUTGURQPUCDKNKFCFGUFGNQU
FKUVKPVQU FGRCTVCOGPVQUGPSWGUGGUVTWEVWTC
/CVTK\#RNKECEKQPGU(KEJGTQUFGFCVQUSWGRGTOKVGEQPQEGTNCUKVWCEKÎPCEVWCNFG
NQU UKUVGOCU FG KPHQTOCEKÎP GZKUVGPVGU GP EWCPVQ C NCU CRNKECEKQPGU GP
HWPEKQPCOKGPVQ[NQUFCVQUSWGOCPGLCP
/CVTK\#RNKECEKQPGU(WPEKQPGUSWGRGTOKVGTGRTGUGPVCTGNITCFQFGEQDGTVWTCSWG
NCU CRNKECEKQPGU GZKUVGPVGU VKGPGP UQDTG NCU HWPEKQPGU SWG FGUCTTQNNC Q VKGPG
RTGXKUVQFGUCTTQNNCTNCQTICPK\CEKÎP
/CVTK\(KEJGTQUFG&CVQU#EVWCNGU'PVKFCFGUFGFCVQUSWGRGTOKVGTGRTGUGPVCTNC
CFGEWCEKÎPFGNQU HKEJGTQU FGFCVQUGZKUVGPVGUCNCUPGEGUKFCFGUFGKPHQTOCEKÎP
FGNCQTICPK\CEKÎP
%QOQUGRWGFGQDUGTXCTGPGUVGEQPLWPVQFGOCVTKEGUGZKUVGWPITWRQEW[QQDLGVKXQ
D¶UKEQGUTGCNK\CTGNGUVWFKQFGVCNNCFQFGNCUKVWCEKÎPCEVWCN[GNITCFQFGUCVKUHCEEKÎP
FG NCU PGEGUKFCFGU FG KPHQTOCEKÎP FG NC QTICPK\CEKÎP EQP NQU UKUVGOCU GZKUVGPVGU
HQTOCFQRQT
x
x
/CVTK\#RNKECEKQPGU(KEJGTQUFGFCVQU
/CVTK\#RNKECEKQPGU(WPEKQPGU
x
/CVTK\(KEJGTQUFG&CVQUCEVWCNGU'PVKFCFGUFGFCVQU
2QT QVTC RCTVG NC /CVTK\ 2TQEGUQUQTICPK\CEKÎP VKGPG WPC HWPEKÎP OGTCOGPVG
FGUETKRVKXC FG NC GUVTWEVWTC QTICPK\CVKXC UWU HWPEKQPGU TGURQPUCDKNKFCFGU [
FKUVTKDWEKÎP
2QTVQFQGNNQJCTGOQUÃPHCUKUGPGUVGGUVWFKQGPNCFGUETKREKÎPFGVCNNCFCFGNCOCVTK\
2TQEGUQUGPVKFCFGUFGFCVQURWGUVQSWGEQPUVKVW[GGNRWPVQFGRCTVKFCVCPVQRCTCNC
KFGPVKHKECEKÎP FG PWGXQU UKUVGOCU EQOQ RCTC NC CUKIPCEKÎP FG RTKQTKFCFGU C NQU
OKUOQU
/#64+<241%'515'06+&#&'5
2CTCTGRTGUGPVCTNC/CVTK\2TQEGUQU'PVKFCFGUUGUGIWKT¶PNQURCUQUUKIWKGPVGU
+FGPVKHKECTNQURTQEGUQUFGNCQTICPK\CEKÎP
+FGPVKHKECTNCUGPVKFCFGUFGFCVQUFGNCQTICPK\CEKÎP
4GRTGUGPVCTFGHQTOCOCVTKEKCNNQURTQEGUQUHTGPVGCNCUGPVKFCFGUFGFCVQU
4GQTICPK\CTNCOCVTK\
&GVGTOKPCTUWDUKUVGOCU
#UKIPCTRTKQTKFCFGUFGFGUCTTQNNQ
#EQPVKPWCEKÎPUGFGUETKDGPGPFGVCNNGECFCWPQFGNQURCUQU
+FGPVKHKECT NQU RTQEGUQU FG NC QTICPK\CEKÎP
# RCTVKT F
7P ETKVGTKQ TGEQOGPFCDNG RCTC FGUINQUCT NCU HWPEKQPGU FG NC QTICPK\CEKÎP GU
HKLCTUG GP GN EKENQ FG XKFC FG NQU UGTXKEKQU [Q RTQFWEVQU SWG RTQRQTEKQPC FKEJC
QTICPK\CEKÎP #UÈ UG EQPUKFGTCP EWCVTQ GVCRCU FGN EKENQ FG XKFC FGN RTQFWEVQ Q
UGTXKEKQ
'VCRC 0GEGUKFCFGURNCPKHKECEKÎPGXCNWCEKÎP[EQPVTQN
5GGPINQDCPCSWÈVQFCUNCUHWPEKQPGU[RTQEGUQUSWGFGVGTOKPCPNCECPVKFCFSWG
UGTGSWKGTGFGNRTQFWEVQQTGEWTUQNCRNCPKHKECEKÎPPGEGUCTKCRCTCQDVGPGTFKEJQU
RTQFWEVQUQTGEWTUQU[NCGXCNWCEKÎP[UGIWKOKGPVQFGGUVGRNCP
'VCRC #FSWKUKEKÎPQKORNCPVCEKÎP
%QORTGPFG GN EQPLWPVQ FG HWPEKQPGU [ RTQEGUQU SWG UG TGCNK\CP EQP GN HKP FG
FGUCTTQNNCTWPRTQFWEVQQUGTXKEKQQRCTCQDVGPGTNQUTGEWTUQUSWGUGT¶PWVKNK\CFQU
GP UW FGUCTTQNNQ 2QT GLGORNQ EQPVTCVCEKÎP FG RGTUQPCN GP WP OKPKUVGTKQ
CFSWKUKEKÎPFGRGNÈEWNCUGPWPCHKNOQVGECGVE
'VCRC /CPVGPKOKGPVQ
%QORTGPFG GN EQPLWPVQ FG HWPEKQPGU [ RTQEGUQU FGUVKPCFQU C HQTOCT
RGTHGEEKQPCT OQFKHKECT Q OCPVGPGT NQU TGEWTUQU FG CRQ[Q [ C CNOCEGPCT Q
EQPVTQNCT NC GXQNWEKÎP FGN RTQFWEVQ Q UGTXKEKQ 2QT GLGORNQ UGIWKOKGPVQ FG
GZRGFKGPVGU UGIWKOKGPVQ FG NQU UGTXKEKQU RTQHGUKQPCNGU [ VTC[GEVQTKC
CFOKPKUVTCVKXCFGNRGTUQPCN
'VCRC (KPQFKURQUKEKÎP
5G GPINQDCP CSWÈ GN EQPLWPVQ FG HWPEKQPGU [ RTQEGUQU SWG RQPGP HKP C NC
TGURQPUCDKNKFCFFGNCQTICPK\CEKÎPTGURGEVQCWPFGVGTOKPCFQRTQFWEVQQUGTXKEKQ
QSWGFGVGTOKPCPGNWUQHKPCNFGWPTGEWTUQ2QTGLGORNQGNEGUGQLWDKNCEKÎPFG
RGTUQPCNNCUWURGPUKÎPFGWPUGTXKEKQRQTRCTVGFGWP1TICPKUOQ1HKEKCN
#FGO¶U FG EQPUKFGTCT ECFC WPC FG NCU EWCVTQ GVCRCU FGN EKENQ FG XKFC
OGPEKQPCFCU UGT¶EQPXGPKGPVGHKLCTUGGPVTGUHWGPVGURTKPEKRCNGURCTCKFGPVKHKECT
NQURTQEGUQU
C 2TQEGUQUFGRNCPKHKECEKÎP[EQPVTQN
D 2TQEGUQU SWG VTCVCP RTQFWEVQU Q UGTXKEKQU SWG RTQFWEG Q RTGUVC NC
1TICPK\CEKÎP
'P GUVG ECUQ UG EQPUKFGTC SWG NC QTICPK\CEKÎP VKGPG WP ITWRQ RTKPEKRCN FG
RTQFWEVQU Q UGTXKEKQU Q DKGP SWG NC CFOKPKUVTCEKÎP FG NQU OKUOQU UKIWG
RTQEGUQUUKOKNCTGU
'UEQPXGPKGPVGHKLCTUGRTGXKCOGPVGGPNQUQDLGVKXQUFGNCQTICPK\CEKÎPEQPGN
HKP FG GURGEKHKECT GP FGVCNNG GN RTQFWEVQ Q UGTXKEKQ 2QT GLGORNQ GP WPC
HKNOQVGEC WPGUVWFKQGPFGVCNNGOQUVTCTÈCSWGGNRTQFWEVQPQUQPOGTCOGPVG
NCURGNÈEWNCUUKPQSWGJCDTÈCSWGEQPUKFGTCTEQOQUGTXKEKQU
(QOGPVQFGNCRTQFWEEKÎPPCEKQPCNFGRGNÈEWNCU
&KXWNICEKÎPFGNCUCTVGUEKPGOCVQIT¶HKECU
E 2TQEGUQU SWG VTCVCP NQU TGEWTUQU FG CRQ[Q SWG PGEGUKVC NC QTICPK\CEKÎP RCTC
RTQFWEKTQRTGUVCTUGTXKEKQU
5GRQFTÈCPEQPUKFGTCTEWCVTQTGEWTUQUD¶UKEQU
x
x
x
x
/CVGTKCNGU
(KPCP\CU
+PUVCNCEKQPGU
2GTUQPCN
.C GXQNWEKÎP FGN EKENQ FG XKFC FG RTQFWEVQU UGTXKEKQU [ TGEWTUQU RGTOKVKT¶
QDVGPGTVQFQUNQURTQEGUQUFGNVKRQD[E'PEWCPVQCNQURTQEGUQUFGNVKRQC
PQ GU ÕVKN EQPUKFGTCT GN EKENQ FG XKFC FG NQU RTQFWEVQU [ TGEWTUQU FCFQ SWG
GUVQURTQEGUQUPQUGQTKGPVCPÕPKECOGPVGCRTQFWEVQU[TGEWTUQU
7PCXG\KFGPVKHKECFQUVQFQUNQURTQEGUQUUGEQPUQNKFCT¶PCVGPFKGPFQC
x
x
.CPGEGUKFCFFGTGFWEKTKPEQPUKUVGPEKCUFGPKXGNFCFQSWGRWGFGPJCDGTUG
KFGPVKHKECFQHWPEKQPGUFGNCQTICPK\CEKÎPFGWPITCFQFGFGVCNNGFKUVKPVQ#
NC JQTC FG TGRTGUGPVCTNQU GP WPC OCVTK\ EQPXGPFT¶ VGPGT ENCTQ GNPKXGNFG
FGVCNNG SWG UG SWKGTC CNECP\CT [ RTQEWTCT SWG NQU RTQEGUQU KFGPVKHKECFQU
UGCPCEQTFGUEQPFKEJQPKXGN
.C RQUKDKNKFCF FG CITWRCT RTQEGUQU UKOKNCTGU 2QT GLGORNQ GN RTQEGUQ FG
EQORTC FG WP RTQFWEVQ UGT¶ UKOKNCT CN RTQEGUQ FG CFSWKUKEKÎP FG WP
TGEWTUQ 'UVQ KORNKEC NC PGEGUKFCF FG EQODKPCTNQU GN TGUWNVCFQ FG NC
EQPUQNKFCEKÎPUGT¶RQTGLGORNQWPCVCDNCFGNVKRQ
x
x
x
x
x
x
x
x
#TGCUHWPEKQPCNGURTQEGUQU
2NCPKHKECEKÎPFGNCQTICPK\CEKÎP
#P¶NKUKU FG OGTECFQ 4GXKUKÎP FG NC ICOC FG RTQFWEVQU 2TGXKUKÎP FG
XGPVCU
(KPCP\CU
2NCPKHKECEKÎPHKPCPEKGTC)GUVKÎPFGKPOQXKNK\CFQ(KPCPEKCEKÎP
2NCPKHKECEKÎPFG2TQFWEVQU
&KUGÌQ FG RTQFWEVQU 2QNÈVKEC FG RTGEKQU /CPVGPKOKGPVQ FG
GURGEKHKECEKQPGUFGRTQFWEVQ
/CVGTKCNGU
x
x
x
4GEWGPVQUFGOCVGTKCNGU%QORTCU4GEGREKÎP%QPVTQNFGKPXGTUKQPGU
4GEWTUQU*WOCPQU
2NCPKHKECEKÎPFGRGTUQPCN%QPVTCVCEKÎP(QTOCEKÎP+PEGPVKXQU
+FGPVKHKECEKÎP FG NCU GPVKFCFGU FG FCVQU FG NC QTICPK\CEKÎP
5GRWGFGPEQPUKFGTCTFQUPKXGNGUFGFGVCNNGGPNCKFGPVKHKECEKÎPFGNQUFCVQUFGN
UKUVGOC
x
x
%NCUGUFGFCVQUQCITWRCEKQPGUNÎIKECUFGFCVQU
'PVKFCFGUFGFCVQU
'PWPCRTKOGTCCRTQZKOCEKÎPUGRWGFGPKFGPVKHKECTENCUGUFGFCVQUQECVGIQTÈCU
FGKPHQTOCEKÎPFGVCNHQTOCSWGGZKUVCPTGNCEKQPGUNÎIKECUGPVTGGNNCU2CTCGNNQ
WPCXG\KFGPVKHKECFQUNQURTQEGUQUUGKFGPVKHKECPNQUFCVQUETGCFQUEQPVTQNCFQU[
WVKNK\CFQU GP GUVQU RTQEGUQU CUÈ EQOQ NQU FCVQU RGTVGPGEKGPVGU C HKEJGTQU
EQOWPGUGVEFKEJQUFCVQUUGCITWRCPRCTCHQTOCTNCUENCUGU
&GRGPFKGPFQFGNITCFQFGFGVCNNGCNECP\CFQGPNCKFGPVKHKECEKÎPFGNQURTQEGUQU
PQUSWGFCTGOQUGPGUVGRCUQGPNCUENCUGUFGFCVQUKFGPVKHKECFQUQUGTGHKPCT¶P
O¶UNNGICPFQCNPKXGNFGGPVKFCFGUFGFCVQU7PCGPVKFCFFGFCVQUGUEWCNSWKGT
QDLGVQUQDTGGNSWGGNUKUVGOCQNCQTICPK\CEKÎPFGUGCIWCTFCTKPHQTOCEKÎP2CTC
UWKFGPVKHKECEKÎPUGT¶ÕVKNGUVWFKCT
x
x
x
x
.QUTGEWTUQUWVKNK\CFQURQTNCQTICPK\CEKÎP
.QURTQFWEVQU[UGTXKEKQUSWGRTGUVC
.QUFQEWOGPVQUCEVWCNOGPVGGZKUVGPVGU
.CUPGEGUKFCFGUHWVWTCUFGKPHQTOCEKÎP
.C KFGPVKHKECEKÎP FG GPVKFCFGU FGPVTQ FG WPC QTICPK\CEKÎP JC FG UGT NNGXCFC C
ECDQ RQT CPCNKUVCU GZRGTVQU GP GN VKRQ FG HWPEKQPGU Q UGTXKEKQU SWG TGCNK\C GUVC
QTICPK\CEKÎP GP EQNCDQTCEKÎP EQP TGURQPUCDNGU FG UW IGUVKÎP 'LGORNQU FG
GPVKFCFGURWGFGPUGT
%.+'06''/2.'#&1(#%674#*'44#/+'06#/#37+0#8'0&'&14
70+&#&#&/+0+564#6+8#
7PC XG\ KFGPVKHKECFCU NCU GPVKFCFGU FG FCVQU UG RWGFG FKDWLCT WP OQFGNQ
EQPEGRVWCN SWG TGRTGUGPVG CUQEKCEKQPGU GPVTG GUVCU GPVKFCFGU XGT VÃEPKEC FG
OQFGNK\CEKÎPFGFCVQU#GUVGPKXGNPQGUPGEGUCTKQ[GPOWEJCUQECUKQPGUPQ
GUHCEVKDNGGPGNECUQFGWPCITCPQTICPK\CEKÎPFGUETKDKTEQPOWEJQFGVCNNGNCU
ECTCEVGTÈUVKECUFGGUVCUGPVKFCFGURQTNQEWCNUÎNQUGFGHKPKT¶PWPRCTFGCVTKDWVQU
QECTCEVGTÈUVKECUSWGFGHKPCPCNCUGPVKFCFGUFGECFC WPC2QTGLGORNQRCTCNC
GPVKFCFGORNGCFQ
0QODTGFGNGORNGCFQ
%CVGIQTÈC
4GRTGUGPVCT FG HQTOC OCVTKEKCN NQU RTQEGUQU HTGPVG C NCU GPVKFCFGU FG FCVQU
7PC XG\ KFGPVKHKECFQU NQU RTQEGUQU TGCNK\CFQU RQTNCQTICPK\CEKÎP
RCUQ[NCU
GPVKFCFGU FG FCVQU Q ENCUGU FG FCVQU WVKNK\CFQU RQT ÃUVC RCUQ UG RTQEGFG C
TGRTGUGPVCTNQUGPWPCOCVTK\
'NITCFQFGFGVCNNGSWGUGFGUGGCNECP\CTGPGNEQPQEKOKGPVQFGNCQTICPK\CEKÎP
FGVGTOKPCT¶SWÃGUNQSWGUGTGRTGUGPVCGPNCOCVTK\#UÈRQFTÈCOQUTGRTGUGPVCT
(WPEKQPGU %NCUGUFGFCVQU
2TQEGUQU 'PVKFCFGUFGFCVQU
%WCPVQO¶UUGFGVCNNGGPNCKFGPVKHKECEKÎPFGNQURTQEGUQUVCPVQO¶UGUVCDNGUGT¶
NC OCVTK\ QDVGPKFC 'UVQ GU CUÈ RQTSWG NQ SWG UG TGRTGUGPVC UQP NCU CEVKXKFCFGU
D¶UKECUFGNCQTICPK\CEKÎP[NCKPHQTOCEKÎPnEQPEGRVWCNSWGNCOKUOCOCPGLC[
CODCUUQPKPFGRGPFKGPVGUFGNCGUVTWEVWTCQTICPK\CVKXCGZKUVGPVG[FGNCHQTOCGP
SWG UGOCPGLCPCEVWCNOGPVGNQU FCVQU%QOQ EQPUGEWGPEKCUGRWGFGCEQOGVGT
WPECODKQGPNCGUVTWEVWTCFGNCQTICPK\CEKÎPUKPOQFKHKECTNCOCVTK\QDVGPKFC
'PNCOCVTK\UGTGRTGUGPVCT¶GNVTCVCOKGPVQFGNQURTQEGUQUUQDTGNCUGPVKFCFGUFG
FCVQUOGFKCPVGNQUUÈODQNQU
% 4GRTGUGPVCNCETGCEKÎPFGNQUFCVQURQTNQURTQEGUQU
7 4GRTGUGPVCNCWVKNK\CEKÎPFGNQUFCVQURQTNQURTQEGUQU
'XKFGPVGOGPVGVQFCU NCUGPVKFCFGUFGFCVQUJCPFGUGTETGCFCUCNOGPQURQTWP
RTQEGUQ 'UVQ PQU RTQRQTEKQPC WP ETKVGTKQ CFKEKQPCN C NC JQTC FG FGUEQORQPGT
RWGUVQ SWG UK UG KFGPVKHKEC WP EQPLWPVQ FG FCVQU ENCUG FG FCVQU Q GPVKFCF FG
FCVQUETGCFQRQTO¶UFGWPRTQEGUQRWGFGUGTEQPXGPKGPVGFGUEQORQPGTFKEJQ
EQPLWPVQFGFCVQU
'P NC (KIWTC UG TGRTGUGPVC WPC RQTEKÎP FG WPC /CVTK\ 2TQEGUQU'PVKFCFGU FG
FCVQU&GDKFQCSWGPQUGJCPTGRTGUGPVCFQVQFQUNQURTQEGUQUFGNCQTICPK\CEKÎP
CRCTGEGPGPVKFCFGUFGFCVQUPQWVKNK\CFCUPKETGCFCU
4GQTICPK\CT NC OCVTK\
'PGUVGRCUQUGOQFKHKECNCUGEWGPEKCFGNCUGPVKFCFGUFGFCVQU
QENCUGUFGFCVQU
TGRTGUGPVCFCUGPNCOCVTK\EQPGNUKIWKGPVGETKVGTKQ
.CGPVKFCFFGFCVQUETGCFCRQTGNRTKOGTRTQEGUQUGOWGXGCNCK\SWKGTFC
# EQPVKPWCEKÎPUGOWGXGCNCK\SWKGTFCNCGPVKFCFFGFCVQUETGCFCRQTGNUGIWPFQ
RTQEGUQ
UKGZKUVG
'N RTQEGUQ EQPVKPÕC RCTC VQFCU NCU GPVKFCFGU FG FCVQU %QOQ TGUWNVCFQ HKPCN UG
QDVKGPG WPC OCVTK\ EQP NC ETGCEKÎP FG FCVQU FKURWGUVC GP HQTOC VTKCPIWNCT GU
FGEKTNCU%QQTFGPCFCUGPNCFKCIQPCNFGNCRCTVGUWRGTKQTK\SWKGTFCCNCKPHGTKQT
FGTGEJC
'PNC(KIWTCUGTGRTGUGPVCGUVCTGQTICPK\CEKÎP
&GVGTOKPCT UWDUKUVGOCU
'P GUVG RCUQ UG CITWRCP NQU RTQEGUQU [ FCVQU GP FKUVKPVQU UWDUKUVGOCU .C
FGHKPKEKÎPFGNQUUWDUKUVGOCUPQGUWPRTQEGUQCNIQTÈVOKEQUKPQSWGFGRGPFGFG
NCQRKPKÎPUWDLGVKXC[GZRGTKGPEKCFGNGSWKRQFGFGUCTTQNNQ%QOQTGUWNVCFQHKPCN
UG QDVKGPGP NQU FKHGTGPVGU UWDUKUVGOCU SWG VKGPGP TGURQPUCDKNKFCF UQDTG NC
ETGCEKÎP[OCPVGPKOKGPVQFGNCUFKHGTGPVGUENCUGUQGPVKFCFGUFGFCVQU
#SWGNNQU RTQEGUQU FG WUQ FG FCVQU SWG SWGFCP HWGTC FG NQU UWDUKUVGOCU
UGNGEEKQPCFQUTGRTGUGPVCPWPHNWLQFGFCVQUGPVTGNQUFKHGTGPVGUUWDUKUVGOCU
*$0$352'8&726
35(9,6,219(17$6
352&(626
3/$1,),&),1$1&,(5$
$'48,6,&,21&$3,7$/
',6(f2352'8&726
35(&,2352'8&726
(63(&,),&352'8&726
8
&
8
8
&
8
8
0$7
&
8
8
&
8
8
&
&
8
8
8
&
8
8
0$(67523$57(6
',6(f2352'8&726
8
8
&
(+)74#
352'8&726
8
0$48,1$6
8
8
75$%$-26(1&8562
8
6$/$5,2
8
(03/($'2
3/$1,),&$&,21
3$*26
=21$9(17$6
9(17$6
8
5(&(3&,210$7(5,$/
3/$1,),&23(5$7,9$
&26726
8
8
&21752/,19(17$5,2
3(','26
8
5(48,6,7260$7(5,$/
$'48,6,&0$7(5,$/
,19(170(5&$1&
,19(170$7(5,$/(6
9(1'('25
8
),1$1=$6
&/,(17(
$1$/,6,6'(0(5&$'2
35(6838(672
(17,'$'(6
8
&
&
8
&
&
8
8
8
35(9,6,219(17$6
352&(626
3/$1,),&),1$1&,(5$
$'48,6,&,21&$3,7$/
',6(f2352'8&726
35(&,2352'8&726
8
5(48,6,7260$7(5,$/
3/$1,),&23(5$7,9$
&
&
8
8
$'48,6,&0$7(5,$/
&21752/,19(17$5,2
8
&
8
8
8
&
8
8
&
&
8
8
8
&
8
0$7
8
8
&
&
8
6$/$5,2
(03/($'2
&26726
8
3$*26
,19(170(5&$1&
8
8
8
8
9(17$6
&/,(17(
8
=21$9(17$6
75$%$-26(1&8562
0$48,1$6
8
8
,19(170$7(5,$/(6
8
&
9(1'('25
8
8
0$(67523$57(6
&
8
(63(&,),&352'8&726
5(&(3&,210$7(5,$/
',6(f2352'8&726
&
8
),1$1=$6
352'8&726
*$0$352'8&726
35(6838(672
$1$/,6,6'(0(5&$'2
3/$1,),&$&,21
(17,'$'(6
8
8
8
8
(+)74#
#UKIPCT RTKQTKFCFGU FG FGUCTTQNNQ
7PCXG\KFGPVKHKECFQUNQUUWDUKUVGOCUCFGUCTTQNNCTUGRTQEGFGT¶CFGVGTOKPCTUWU
RTKQTKFCFGUFGFGUCTTQNNQ
2WGFGUGTEQPXGPKGPVGRCTCTGCNK\CTGUVCVCTGCENCUKHKECTNQUUKUVGOCUKFGPVKHKECFQU
GPNQUVKRQUUKIWKGPVGU
x
x
x
x
5KUVGOCU6ÃEPKEQQRGTCVKXQU
5KUVGOCU6¶EVKEQU
5KUVGOCU'UVTCVÃIKEQU
5KUVGOCU+PVGTKPUVKVWEKQPCNGU
.C TC\ÎP FG EQPUKFGTCT GUVQU EWCVTQ VKRQU FG UKUVGOCU C NC JQTC FG CUKIPCT
RTKQTKFCFGU TCFKEC GP SWG UGIÕP GN VKRQ FG UKUVGOC UG TGSWGTKT¶ WP GPVQTPQ
VGEPQNÎIKEQQWPUKUVGOCFGUQRQTVGFGFCVQU
DCUGUFGFCVQUHKEJGTQUFKHGTGPVG
'PVQFQECUQECFCXG\UGVKGPFGO¶UCNFGUCTTQNNQFGUKUVGOCUOKZVQUSWGTGEQIGP
RCTVKEWNCTKFCFGURTQRKCUFGNQUEWCVTQITCPFGUVKRQUUGÌCNCFQUCPVGTKQTOGPVG
'N WUQ FG NC VÃEPKEC OCVTKEKCN RGTOKVG GUVWFKCT GP FGVCNNG SWÃ UKUVGOCU UQP RTG
TGSWKUKVQURCTCRQFGTCEQOGVGTGNFGUCTTQNNQFGQVTQU2QTGLGORNQGPGNECUQFG
NQU VTGU UKUVGOCU SWG UG JCP KFGPVKHKECFQ 2NCPKHKECEKÎP &KUGÌQ FG 2TQFWEVQU [
#FSWKUKEKÎPGN5KUVGOCFGCFSWKUKEKÎPPGEGUKVCKPHQTOCEKÎPIGPGTCFCRQTNQUFQU
RTKOGTQU RQT NQ EWCN UG FGUCTTQNNCTÈC GN ÕNVKOQ GP EWCPVQ C ÃUVQU RQFTÈC
RNCPVGCTUGNCRQUKDKNKFCFFGFKXKFKTNQUEQPGNHKPFGFGUCTTQNNCTGPRTKOGTNWICTNQU
UWDUKUVGOCUSWGIGPGTCPNQUFCVQUFGWUQEQOÕP
#FGO¶URCTCCUKIPCTRTKQTKFCFGUUGJCPFGVGPGTGPEWGPVCETKVGTKQUVCNGUEQOQ
x
x
x
x
$GPGHKEKQURQVGPEKCNGU
2TQDCDKNKFCFFGÃZKVQGPNCKORNCPVCEKÎP
&GOCPFCFGNQUUKUVGOCU
/1&'.1&'01.#0
C 1DLGVKXQ
'NOQFGNQFG4KEJCTF0QNCPUGGORNGCRCTCUKVWCTGNGUVCFQFGFGUCTTQNNQGPSWG
UGGPEWGPVTCNC+PHQTO¶VKECFGWPCQTICPK\CEKÎP CNEQORCTCTÃUVCEQPNCURQUKDNGU
GVCRCUFGNOQFGNQ
D %QPVGPKFQ
'NOQFGNQFG0QNCPFKXKFGGPUGKUGVCRCUGNFGUCTTQNNQFGNC+PHQTO¶VKECGPWPC
1TICPK\CEKÎP
'VCRC +PKEKCEKÎP
'UVC GVCRC UG ECTCEVGTK\C RQT NC CWVQOCVK\CEKÎP FG RTQEGUQU QRGTCVKXQU FG DCLQ
PKXGNRCTCTGFWEKTNQUEQUVGUHWPEKQPCNGU'NWUWCTKQUGOCPVKGPGCNGLCFQ
'VCRC 'ZRCPUKÎP
'UVC GVCRC UG ECTCEVGTK\C RQT NC FKUGOKPCEKÎP [ GN EQPVCIKQ FG NQU RCTVKEKRCPVGU
#WVQOCVK\CEKÎPFGRTQEGUQUQRGTCVKXQUEQORNGVQU
'VCRC %QPVTQN
'UVC GVCRC UG ECTCEVGTK\C RQT NC RTQHGUKQPCNK\CEKÎP FG NQU RCTVKEKRCPVGU *C[ WPC
VGPFGPEKC JCEKCNCCFOKPKUVTCEKÎPFGFCVQU[NCKORNKECEKÎPFGNQUWUWCTKQUGPNQU
ICUVQUKPHQTO¶VKEQU
'VCRC +PVGITCEKÎP
#RNKECEKQPGUGPNÈPGC[$CUGUFGFCVQU
#RCTGEGP FGHKEKGPEKCU FG ETGEKOKGPVQ OC[QT EQPVTQN CFOKPKUVTCVKXQ [GNWUWCTKQ
CRTGPFGCTGURQPUCDKNK\CTUG
'VCRC #FOKPKUVTCEKÎPFGFCVQU
#RCTGEGP OQFGNQU FG FCVQU [ PGEGUKFCFGU FG KPHQTOCEKÎP FG NC QTICPK\CEKÎP
KPFGRGPFGPEKCFGGPVQTPQUOCVGTKCNK NQIKECN[WUWCTKQUTGURQPUCDNGU
'VCRC /CFWTG\
.CQTICPK\CEKÎPCUWOGGNRCRGNKPPQXCFQTFGNCUVGEPQNQIÈCUFGNCKPHQTOCEKÎP
CRNKECEKQPGU QRQTVWPCU [ EQORGVKVKXCU TGURQPUCDKNKFCF EQPLWPVC FG WUWCTKQU G
KPHQTO¶VKEQU
2CTCTGCNK\CTWPFKCIPÎUVKEQFGEQOQUGGPEWGPVTCWPCQTICPK\CEKÎPGPOCVGTKC
KPHQTO¶VKECGPTGNCEKÎPEQPGNOQFGNQ0QNCPFGUETKDGWPCUGTKGFGKPFKECFQTGU
SWGUGFKUVTKDW[GPFGNCOCPGTCUKIWKGPVG
x
6GEPQNQIÈC
/KFGGNRQTEGPVCLGFGCRNKECEKQPGUnDCVEJHTGPVGCCRNKECEKQPGUnQP NKPG
(7$3$6
$3/,&$&,21(6
%DWFK
(QOtQHD
x
/QVKXCEKQPGU
+PVGPVCTGHNGLCTGNGUSWGOCFGRTKQTKFCFGUTGURGEVQCNQUHKPGUSWGRGTUKIWGJQ[
GPFÈCNC+PHQTO¶VKECGPNC1TICPK\CEKÎP
#
$
%
&
&GURNC\COKGPVQFGEQUVGU
'HKECEKCFGNCUQRGTCEKQPGU
+ORNCPVCTPWGXQUOÃVQFQUFGVTCDCLQ
+PVGPVCTQDVGPGTDGPGHKEKQUKPVCPIKDNGU
.CGVCRCEQTTGURQPFGCNCEQODKPCEKÎP#$%&GPGNQTFGPFGRTKQTKFCFGU[
NCGVCRCCNCEQODKPCEKÎP&%$#UKGPFQNCUQVTCUGVCRCUNCUEQODKPCEKQPGU
KPVGTOGFKCU
x
5KUVGOCU
5GTGHKGTGCNRQTEGPVCLGFG5KUVGOCUSWGUGWVKNK\CPCPKXGNGUVTCVÃIKEQV¶EVKEQW
QRGTCVKXQ
(7$3$6
6,67(0$6
(VWUDWpJLFR
7iFWLFR
2SHUDWLYR
x
#EVKVWFGU
+PVGPVC EQPQEGT EÎOQ UG EQPUKFGTC GN FGRCTVCOGPVQ FG +PHQTO¶VKEC GP NC
QTICPK\CEKÎP
C 5QP WP ITWRQ FG RTQHGUKQPCNGU VTCDCLCPFQ CKUNCFQ FGN TGUVQ FG NC
QTICPK\CEKÎP
D 'U WP FGRCTVCOGPVQ CN UGTXKEKQ FG NCU PGEGUKFCFGU FG CWVQOCVK\CEKÎP FG
QVTQUFGRCTVCOGPVQU
E 'U WP UGTXKEKQ SWG EQORCTVG TGURQPUCDKNKFCFGU EQP FKUVKPVQU PKXGNGU [
HWPEKQPGU FG NC QTICPK\CEKÎP [ EW[QU TGEWTUQU OCVGTKCN RGTUQPCN GVE
EQPUVKVW[GP GN TGHNGLQ FG NCU PGEGUKFCFGU FG KPHQTOCEKÎP FG VQFC NC
QTICPK\CEKÎP
.CU QTICPK\CEKQPGU SWG EQPVGUVCP C UG GPEWGPVTCP GP NC GVCRC NCU SWG
EQPVGUVCP D UG GPEWGPVTCP GP NCU GVCRCU Î [ NCU SWG EQPVGUVCP E UG
GPEWGPVTCPGPNCUGVCRCUÎ
x
2TQEGFKOKGPVQU
.QU RTQEGFKOKGPVQU UG RWGFGP ENCUKHKECT GP RTQEGFKOKGPVQU FG
RNCPKHKECEKÎP[EQPVTQN#UKOKUOQÃUVQUUQPKPVGTPQU[GZVGTPQU
+PVGTPQU 5QP RTQEGFKOKGPVQU RCTC ICTCPVK\CT NC QRGTCVKXKFCF KPVGTPC FGN
FGRCTVCOGPVQFG5KUVGOCUFGKPHQTOCEKÎP

&GEQPVTQN

&GRNCPKHKECEKÎP
2TGRCTCEKÎP [ EQPVTQN FG VTCDCLQU EQPVTQN FG ECNKFCF PQTOCU FG
RTQITCOCEKÎPFGFQEWOGPVCEKÎPGVE
2NCPGU FG GZRNQVCEKÎP CP¶NKUKU RTQITCOCEKÎP GVE GP RGTÈQFQU FKCTKQ
UGOCPCNOGPUWCNGVE
'ZVGTPQU 5QPRTQEGFKOKGPVQURCTCICTCPVK\CTGNWUQGHKEC\FGNFGRCTVCOGPVQ
FG5KUVGOCUFG+PHQTOCEKÎPRQTRCTVGFGNQUFKHGTGPVGUFGRCTVCOGPVQUWUWCTKQU

&GEQPVTQN

&GRNCPKHKECEKÎP
)TWRQUKPHQTO¶VKEQURCTCEQPVTQNCTNQURTQ[GEVQUTGRCTVQFGICUVQUGPVTGNQU
FGRCTVCOGPVQUWUWCTKQUGVE
#P¶NKUKURGTOCPGPVG[UKUVGO¶VKEQFGNCUPGEGUKFCFGUFGKPHQTOCEKÎPFGNC
QTICPK\CEKÎPRCTCRNCPKHKECTNQUHWVWTQURTQ[GEVQUKPHQTO¶VKEQU
.CUGVCRCUUGEQTTGURQPFGPEQP
x
'VCRC
'VCRC[
'VCRC[
'VCRC
2CTVKEKRCEKÎP
2TQEGFKOKGPVQUKPVGTPQUPQWVKNK\CFQU
2TQEGFKOKGPVQUKPVGTPQUGPFGUCTTQNNQ[RTWGDCU
2TQEGFKOKGPVQU KPVGTPQU CEGRVCDNGU [ GZVGTPQU GP
FGUCTTQNNQ
2TQEGFKOKGPVQUGHKECEGUVCPVQKPVGTPQUEQOQGZVGTPQU
5GTGHKGTGCNCRCTVKEKRCEKÎPFGNQUWUWCTKQUGPGNFGUCTTQNNQKPHQTO¶VKEQFG
NCQTICPK\CEKÎP
2CTCGUVWFKCTGUVGCURGEVQUGRKFGUGNGEEKQPCTNCHTCUGSWGOGLQTTGHNGLCNC
UKVWCEKÎPCEVWCNFGNCQTICPK\CEKÎP

.QU RTQHGUKQPCNGU FG KPHQTO¶VKEC UQP NQU RTKPEKRCNGU RTQOQVQTGU FG
KPHQTO¶VKEC
.QUWUWCTKQUFGNCKPHQTO¶VKECUQPNQUSWGO¶UGORWLCPRCTCSWGÃUVCUG
FGUCTTQNNG[NGURTQRQTEKQPGPWGXQUUGTXKEKQU
.QU KPHQTO¶VKEQU [ WUWCTKQU VTCDCLCP EQPLWPVCOGPVG UKIWKGPFQ NCU
FKTGEVTKEGU FGN %QOKVÃ FG KPHQTO¶VKEC SWG QVQTIC RTKQTKFCFGU C NQU
FKHGTGPVGURTQ[GEVQU
.QU RTQ[GEVQU KPHQTO¶VKEQU SWG TGCNK\CP EQPLWPVCOGPVG WUWCTKQU G
KPHQTO¶VKEQU UG FGTKXCP FGN CP¶NKUKU RGTOCPGPVG [ UKUVGO¶VKEQ FG NCU
PGEGUKFCFGU FG KPHQTOCEKÎP FG VQFC NC QTICPK\CEKÎP SWG GHGEVÕC GN
ITWRQGPECTICFQFGGNNQ
.CRTKOGTCTGURWGUVCEQTTGURQPFGCNC'VCRCNCUGIWPFCCNC'VCRCNC
VGTEGTCCNC'VCRC[NCEWCTVCCNCU'VCRCU[
x
#P¶NKUKUFGNCUPGEGUKFCFGUFGKPHQTOCEKÎP
x
(QTOCNK\CEKÎP
x
'P GUVG CURGEVQ nNC RTGQEWRCEKÎP RQT NC VGEPQNQIÈC EQTTGURQPFG C NCU
'VCRCU[HTGPVGCnNCEQPUKFGTCEKÎPFGNCKPHQTOCEKÎPEQOQTGEWTUQ
SWGEQTTGURQPFGCNCU'VCRCU[
7P DCLQ PKXGN FG HQTOCNK\CEKÎP OÃVQFQU RTQEGFKOKGPVQU PQTOCU GVE
EQTTGURQPFGCNCU'VCRCU[WPCNVQPKXGNEQTTGURQPFGCNCU'VCRCU
[
&KTGEEKÎP
.CGZKUVGPEKCFGWPLGHGFGRTQEGUQFGFCVQUEQOQO¶ZKOQTGURQPUCDNGFG
NC7PKFCF+PHQTO¶VKECKPFKECSWGNCQTICPK\CEKÎPUGGPEWGPVTCGPNCU'VCRCU
Î
5K NC QTICPK\CEKÎP VKGPG WPC &KTGEEKÎP FG 5KUVGOCU FG +PHQTOCEKÎP SWG
IGUVKQPC FCVQU VGZVQ XQ\ G KOCIGP CFGO¶U FG NQU RTQRKQU TGEWTUQU
VGEPQNÎIKEQU FGHKPKGPFQ KPENWUQ NQU RTQEGUQU CFOKPKUVTCVKXQU O¶U CFGEWCFQU
GPECFCECUQKPFKECSWGUGGPEWGPVTCGPNCU'VCRCUÎ
#0#.+5+5%1561$'0'(+%+1
'N CP¶NKUKU %QUVQ$GPGHKEKQ RGTOKVKT¶ FGHKPKT NC HCEVKDKNKFCF FG NCU CNVGTPCVKXCU
RNCPVGCFCUQFGNRTQ[GEVQCUGT FGUCTTQNNCFQ
C 1DLGVKXQ
.C VÃEPKEC FG #P¶NKUKU FG EQUVQ DGPGHKEKQ VKGPG EQOQ QDLGVKXQ HWPFCOGPVCN
RTQRQTEKQPCTWPCOGFKFCFGNQUEQUVQUGPSWGUGKPEWTTGPGPNCTGCNK\CEKÎPFGWP
RTQ[GEVQ KPHQTO¶VKEQ [ C UW XG\ EQORCTCT FKEJQU EQUVQU RTGXKUVQU EQP NQU
DGPGHKEKQUGURGTCFQUFGNCTGCNK\CEKÎPFGFKEJQRTQ[GEVQ
D 7VKNKFCF
.CWVKNKFCFFGNCRTGUGPVGVÃEPKECGUNCUKIWKGPVG
x
x

2CTC XCNQTCT NC PGEGUKFCF [ QRQTVWPKFCF FG CEQOGVGT NC TGCNK\CEKÎP FGN
RTQ[GEVQ
2CTCUGNGEEKQPCTNCCNVGTPCVKXCO¶UDGPGHKEKQUCRCTCNCTGCNK\CEKÎPFGNRTQ[GEVQ
2CTCGUVKOCTCFGEWCFCOGPVGNQUTGEWTUQUGEQPÎOKEQUPGEGUCTKQUGPGNRNC\Q
FGTGCNK\CEKÎPFGNRTQ[GEVQ
E &GUETKREKÎP
5KSWGTGOQUTGCNK\CTWPCP¶NKUKUFGEQUVQ DGPGHKEKQHKCDNGFGDGOQUFGUGIWKTNQU
UKIWKGPVGURCUQU
2TQFWEKTGUVKOCEKQPGUFGEQUVQ DGPGHKEKQ
.QRTKOGTQSWGFGDGOQUFGTGCNK\CTGUGNCDQTCTFQUVKRQUFGNKUVCUNCRTKOGTCEQP
NQTGSWGTKFQRCTCKORNCPVCTGNUKUVGOC[NCUGIWPFCEQPNQUDGPGHKEKQUSWGVTCGT¶
EQPUKIQGNPWGXQUKUVGOC
#PVGUFGTGFCEVCTNCNKUVCGUPGEGUCTKQVGPGTRTGUGPVGSWGNQUEQUVQUUQPVCPIKDNGU
GU FGEKT UG RWGFGP OGFKT GP CNIWPC WPKFCF GEQPÎOKEC OKGPVTCU SWG NQU
DGPGHKEKQU RWGFGP UGT VCPIKDNGU [ PQ VCPIKDNGU GU FGEKT RWGFGP FCTUG GP HQTOC
QDLGVKXCQUWDLGVKXC
.C RTKOGTC NKUVC TGSWGTKOKGPVQ RCTC KORNCPVCT GN UKUVGOC FGDGT¶ GUVCT KPVGITCFC
RQTTGSWGTKOKGPVQUPGEGUCTKQU RCTCGLGEWVCTGNRTQ[GEVQGNXCNQTSWGVKGPGECFC
WPQ [ UWU RQUKDNGU XCTKCEKQPGU FG CEWGTFQ C NC KPHNCEKÎP FG ÃUVC HQTOC NC
&KTGEEKÎPQDVGPFT¶KPHQTOCEKÎPFGVCNNCFCFGEQOQUGFKUVTKDW[GPUWUTGEWTUQU
2CTC GNCDQTCT NC NKUVC UG PGEGUKVC EQPVCT EQP GZRGTKGPEKC GP NC RCTVKEKRCEKÎP FG
RTQ[GEVQU UKOKNCTGU CUÈ EQOQ FCVQU JKUVÎTKEQU SWG NG RGTOKVCP GUVKOCT
CFGEWCFCOGPVGNQUTGSWGTKOKGPVQUPGEGUCTKQURCTCGLGEWVCTGNRTQ[GEVQ
2CTCOC[QTGZRNKECEKÎPRTQRQTEKQPCTGOQUGLGORNQUFGCNIWPQUICUVQUPGEGUCTKQU
RCTCGLGEWVCTWPRTQ[GEVQGPKPHQTO¶VKEC
x %QUVQU FG GSWKRQ FQPFG UG FGVCNNCT¶ GN VKRQ FG GSWKRQ TGSWGTKFQ RCTC GN
RTQ[GEVQ
x %QUVQUFGKPHTCGUVTWEVWTC FQPFGUGFGVGTOKPCT¶GNCODKGPVGCFGEWCFQRCTCGN
GSWKRQCUÈEQOQGNOQDKNKCTKQTGSWGTKFQRCTCECFCWPQFGGNNQU
x %QUVQ FG RGTUQPCN UG FGVGTOKPCT¶ GN PÕOGTQ FG RGTUQPCN TGSWGTKFQ VCPVQ
VÃEPKEQEQOQCFOKPKUVTCVKXQ UWU ECTCEVGTÈUVKECU[GNVKRQFGECRCEKVCEKÎPSWG
UGNGFGDGT¶FGRTQRQTEKQPCTCECFCGORNGCFQ
x %QUVQ FG OCVGTKCNGU UG FGVGTOKPCT¶P VQFQU NQU OCVGTKCNGU PGEGUCTKQU RCTC GN
FGUCTTQNNQFGNRTQ[GEVQ
x %QUVQ FG EQPUWNVQTÈC UG FGVGTOKPCT¶ GN VKRQ FG ICTCPVÈC C RTQRQTEKQPCT C NC
&KTGEEKÎPNWGIQFGFGUCTTQNNCFQGNUKUVGOC
'UVCXCNQTCEKÎPUGT¶TGCNK\CFCGPNCU¶TGCUEQTTGURQPFKGPVGU
.C UGIWPFC NKUVC DGPGHKEKQU SWG VTCGT¶ EQPUKIQ GN RTQ[GEVQ UGT¶ GNCDQTCFQ GP
HQTOCUWDLGVKXC[FGDGT¶GUVCTCEQTFGCNQUTGSWGTKOKGPVQUFGKPHQTOCEKÎPFGNQU
WUWCTKQU
2QT GLGORNQ NQU DGPGHKEKQU RTQRQTEKQPCFQU RQT WP RTQ[GEVQ FG KPHQTO¶VKEC
RWGFGPUGT
x
x
x
'NCWOGPVQFGNCUEWGPVCUFGDKFQCNOC[QTUGTXKEKQFGNQUENKGPVGU
.COGLQTCGPNCVQOCFGFGEKUKQPGUFGDKFQCWPOGLQTUQRQTVGKPHQTO¶VKEQ
.CQRVKOK\CEKÎPFGNQURTQEGFKOKGPVQUCFOKPKUVTCVKXQU
&GVGTOKPCTNCXKCDKNKFCFFGNRTQ[GEVQ[UWCEGRVCEKÎP
2CTC FGVGTOKPCT NC GLGEWEKÎP FG WP RTQ[GEVQ GU EQPXGPKGPVG Q PQ GU PGEGUCTKQ
TGCNK\CTWPGUVWFKQFGXKCDKNKFCFFQPFGUGFGVGTOKPCT¶UKGNRTQ[GEVQGUHCEVKDNG
RCTCNQEWCNPQUDCUCTGOQUGPWPQFGNQUOÃVQFQUUKIWKGPVGU
x
4GVQTPQFGNCKPXGTUKÎP
'UVGOÃVQFQEQPUKUVGGPECNEWNCTGNEQUVQ[DGPGHKEKQCPWCNUCDKGPFQGNEQUVQ
VQVCNCNKPKEKCTGNRTQ[GEVQn%
'UVG OÃVQFQ PQU RGTOKVKT¶ UCDGT GP SWG CÌQ UG TGEWRGTCT¶ GN EQUVQ VQVCN
KPKEKCNOGPVG GUVKOCFQ GP GN RTQ[GEVQ FQPFG GN CÌQ FG TGEWRGTCEKÎP FG NC
KPXGTUKÎPGUEWCPFQNCUWOCVQTKCFGNQUDGPGHKEKQUPGVQUGUKIWCNCNEQUVQVQVCNFGN
KPKEKQFGNRTQ[GEVQ
$GP0GVQ%
$xR
Q
x
&RVWR
&
&
&
&Q
%HQHILFLR
%
%
%Q
%HQHILFLR1HWR
«
% &
% &
%Q &Q
8CNQTCEVWCN
'UVGOÃVQFQPQURGTOKVKT¶VGPGTGPEWGPVCSWGWPICUVQKPXGTVKFQFWTCPVGWP
EKGTVQVKGORQRTQFWEGWPDGPGHKEKQ
%QP ÃUVG OÃVQFQ RQFTGOQU FGVGTOKPCT NC ECPVKFCF FG FKPGTQ SWG GU XKCDNG
KPXGTVKT KPKEKCNOGPVG RCTC SWG UG TGEWRGTG NC KPXGTUKÎP GP WP RGTKQFQ FG
VKGORQFGVGTOKPCFQRQTNC&KTGEEKÎP
5G FGDGT¶ ECNEWNCT GP RTKOGT NWICT GN DGPGHKEKQ PGVQ SWG UG QDVGPFT¶ ECFC
CÌQ&KEJQDGPGHKEKQPQGUTGCN[CSWGUGFGDGGUVKOCTGNXCNQTTGCNFGFKEJC
ECPVKFCFGPGNCÌQP
2CTCGNNQUGCRNKECT¶NCUKIWKGPVGHÎTOWNC
8CNQT#EVWCN$GPGHKEKQ0GVQ
TP
&QPFG
PCÌQP
TKPVGTÃUWVKNK\CFQGPNCGXCNWCEKÎP
2CTCFGVGTOKPCTNCXKCDKNKFCFFGNRTQ[GEVQUGFGDGT¶GUVWFKCTGPEWCPVQUCÌQU
UG TGEWRGTCT¶ NC KPXGTUKÎP TGCNK\CFC KPKEKCNOGPVG [ UK GUVC KPXGTUKÎP GU
TGVQTPCFCGPWPRGTÈQFQFGCÌQHKLCFQRTGXKCOGPVGRQTNC&KTGEEKÎP
5KNCKPXGTUKÎPGUGN%UGFGVGTOKPCT¶NCXKCDKNKFCFFGNRTQ[GEVQEQPUWNVCPFQ
NCUKIWKGPVGVCDNC
$xR
&RVWR
%HQHILFLR
9DORU$FWXDO
&
&
«
%
«
9$ %&U
&
%
Q
&
&Q
%
9$ %&U
%Q
9$Q %Q&QUQ
9$ %&U
'N RTQ[GEVQ UGT¶ XKCDNG UK NC UWOCVQTKC FGN 8CNQT #EVWCN GU OC[QT CN %QUVQ
+PKEKCN
8#K % CNQNCTIQFGNRTQ[GEVQ
%#515&'751
75'%#5'
'NFKCITCOCFGECUQUFGWUQTGRTGUGPVCNCHQTOCGPEQOQWPENKGPVG
CEVQTQRGTCEQP
GN UKUVGOC GP FGUCTTQNNQ CFGO¶U FG NC HQTOC VKRQ [ QTFGP GP EQOQ NQU GNGOGPVQU
KPVGTCEVÕCP
QRGTCEKQPGUQECUQUFGWUQ7PFKCITCOCFGECUQUFGWUQEQPUVCFGNQU
UKIWKGPVGUGNGOGPVQU
'.'/'0615
x #EVQT
7PC FGHKPKEKÎP RTGXKC GU SWG WP CEVQT GU WP TQN SWG WP WUWCTKQ LWGIC EQP
TGURGEVQCNUKUVGOC'UKORQTVCPVGFGUVCECTGNWUQFGNCRCNCDTCTQNRWGUEQPGUVQ
UG GURGEKHKEC SWG WP #EVQT PQ PGEGUCTKCOGPVG TGRTGUGPVC C WPC RGTUQPC GP
RCTVKEWNCTUKPQO¶UDKGPNCNCDQTSWGTGCNK\C HTGPVGCNUKUVGOC
%QOQGLGORNQCNCFGHKPKEKÎPCPVGTKQTVGPGOQUGNECUQFGWPUKUVGOCFGXGPVCU
GP SWG GN TQN FG XGPFGFQT EQP TGURGEVQ CN UKUVGOC RWGFG UGT TGCNK\CFQ RQT WP
XGPFGFQTQDKGPRQTGNLGHGFGNQECN
x %CUQFG7UQ
'U WPC QRGTCEKÎPVCTGC GURGEÈHKEC SWG UG TGCNK\C VTCU WPC QTFGP FG CNIÕP CIGPVG
GZVGTPQUGCFGUFGWPCRGVKEKÎPFGWPCEVQTQDKGPFGUFGNCKPXQECEKÎPFGUFGQVTQ
ECUQFGWUQ
x 4GNCEKQPGU
R
#UQEKCEKÎP
R
&GRGPFGPEKCQ+PUVCPEKCEKÎP
R
'UGNVKRQFGTGNCEKÎPO¶UD¶UKECSWGKPFKECNCKPXQECEKÎPFGUFGWPCEVQT
QECUQFGWUQCQVTCQRGTCEKÎP
ECUQFGWUQ&KEJCTGNCEKÎPUGFGPQVC
EQPWPCHNGEJCUKORNG
'UWPCHQTOCOW[RCTVKEWNCTFGTGNCEKÎPGPVTGENCUGUGPNCEWCNWPCENCUG
FGRGPFG FG QVTC GU FGEKT UG KPUVCPEKC UG ETGC &KEJC TGNCEKÎP UG
FGPQVCEQPWPCHNGEJCRWPVGCFC
)GPGTCNK\CEKÎP
'UVG VKRQ FG TGNCEKÎP GU WPQ FG NQU O¶U WVKNK\CFQU EWORNG WPC FQDNG
HWPEKÎP FGRGPFKGPFQ FG UW GUVGTGQVKRQ SWG RWGFG UGT FG 7UQ
WUGU
QFG*GTGPEKC GZVGPFU
'UVGVKRQFGTGNCEKÎPGUVCQTKGPVCFQGZENWUKXCOGPVGRCTCECUQUFGWUQ
[
PQRCTCCEVQTGU
GZVGPFU 5GTGEQOKGPFCWVKNK\CTEWCPFQWPECUQFGWUQGUUKOKNCTCQVTQ
ECTCEVGTÈUVKECU
WUGU 5G TGEQOKGPFC WVKNK\CT EWCPFQ UG VKGPG WP EQPLWPVQ FG
ECTCEVGTÈUVKECUSWGUQPUKOKNCTGUGPO¶UFGWPECUQFGWUQ[PQUGFGUGC
OCPVGPGTEQRKCFCNCFGUETKREKÎPFGNCECTCEVGTÈUVKEC
'LGORNQ
&GNQCPVGTKQTECDGOGPEKQPCTSWGVKGPGGNOKUOQRCTCFKIOCGPFKUGÌQ
[ OQFGNCOKGPVQ FG ENCUGU GP FQPFG GUVC NC FWFC EN¶UKEC FG WUCT Q
JGTGFCT
%QOQGLGORNQGUV¶GNECUQFGWPCO¶SWKPCTGEKENCFQTC
5KUVGOCSWGEQPVTQNCWPCO¶SWKPC FGTGEKENCOKGPVQFGDQVGNNCUVCTTQU[LCDCU'N
UKUVGOCFGDGEQPVTQNCT[QCEGRVCT
x 4GIKUVTCT GNPÕOGTQFGÈVGOUKPITGUCFQU
x +ORTKOKTWPTGEKDQEWCPFQGNWUWCTKQNQUQNKEKVC
C &GUETKDGNQFGRQUKVCFQ
D 'NXCNQTFGECFCÈVGO
E 6QVCN
x 'NWUWCTKQENKGPVGRTGUKQPCGNDQVÎPFGEQOKGP\Q
x 'ZKUVGWPQRGTCFQTSWGFGUGCUCDGTNQUKIWKGPVG
F %WCPVQUÈVGOUJCPUKFQTGVQTPCFQUGPGNFÈC
G #NHKPCNFGECFCFÈCGNQRGTCFQTUQNKEKVCWPTGUWOGPFGVQFQNQFGRQUKVCFQGP
GNFÈC
x 'NQRGTCFQTFGDGCFGO¶URQFGTECODKCT
H +PHQTOCEKÎPCUQEKCFCCÈVGOU
I &CTWPCCNCTOCGPGNECUQFGSWG
K +VGOGPFGUDQTFCOKGPVQFGFCVQUGPOGOQTKC
KK 0QJC[O¶URCRGN
%QOQWPCRTKOGTCCRTQZKOCEKÎPKFGPVKHKECOQUCNQUCEVQTGUSWGKPVGTCEVÕCPEQP
GNUKUVGOC
.WGIQ VGPGOQU SWG WP %NKGPVG RWGFG &GRQUKVCT +VGOU [ WP 1RGTCFQT RWGFG
ECODKCTNCKPHQTOCEKÎPFGWP+VGOQDKGPRWGFG+ORTKOKTWPKPHQTOG
#FGO¶URQFGOQUPQVCTSWGWPÈVGORWGFGUGTWPCDQVGNNCWPVCTTQQWPCLCDC
1VTQCURGEVQGUNCKORTGUKÎPFGEQORTQDCPVGUSWGRWGFGUGTTGCNK\CFCFGURWÃU
FGFGRQUKVCTCNIÕPÈVGORQTWPENKGPVGQDKGPRWGFGUGTTGCNK\CFCCRGVKEKÎPFGWP
QRGTCFQT
'PVQPEGUGNFKUGÌQEQORNGVQFGNFKCITCOC7UG%CUGGU
&+#)4#/#&'%.#5'5
7P FKCITCOC FG ENCUGU GU WPC FGUETKREKÎP XKUWCN FG NQU RQUKDNGU UKUVGOCU 7P
FKCITCOCFGENCUGU[WPFKCITCOCFGQDLGVQUUQPNCUCNVGTPCVKXCUFGTGRTGUGPVCEKÎPFG
OQFGNQU FG QDLGVQU CWPSWG NQU FKCITCOCU FG ENCUGU RTGXCNGEGP O¶U SWG NQU FG
QDLGVQU 0QTOCNOGPVG UG RWGFG EQPUVTWKT WP FKCITCOC FG ENCUGU [ QECUKQPCNOGPVG
WPQFGQDLGVQURCTCKNWUVTCTNCUGUVTWEVWTCUFGFCVQUO¶UEQORNGLCU
7PFKCITCOCFGENCUGUEQPVKGPGÈEQPQUSWGTGRTGUGPVCPNCUENCUGU5GRWGFGPETGCT
WPCQO¶UFKCITCOCUSWGTGRTGUGPVCPGNPKXGNO¶UCNVQFGCDUVTCEEKÎPGPGNOQFGNQG
KTTGRTGUGPVCPFQECFCPKXGNEQPFKCITCOCUUGRCTCFQU
7PCENCUGECRVWTCNCGUVTWEVWTC[EQORQTVCOKGPVQEQOÕPFGWPEQPLWPVQFGQDLGVQU
7PCENCUGGUWPCCDUVTCEEKÎPFGÈVGOUFGNOWPFQTGCN
7PC ENCUG GU WPC ÈEQPQ SWG UG TGRTGUGPVC EQOQ WPC ECLC GP 6ÃEPKEC FG
OQFGNCOKGPVQFGQDLGVQU 1/6NCSWGUGFKXKFGGPVTGURCTVGUEQPGNPQODTGFGNC
ENCUG GP NC RCTVG UWRGTKQT NC NKUVC FG UWU CVTKDWVQU GP NC UGIWPFC [ NC NKUVC FG UWU
QRGTCEKQPGUQOÃVQFQUGP NCÕNVKOC
#FGO¶UUGRWGFGPFGHKPKTNCUUKIWKGPVGUTGNCEKQPGURCTCWPCENCUG
)GPGTCNK\CEKÎP TGNCEKÎP GPVTG ENCUGU [ OWGUVTC SWG NC UWDENCUG EQORCTVG NC
GUVTWEVWTCQEQORQTVCOKGPVQFGHKPKFCGPWPCQOCUUWRGTENCUGU
#UQEKCEKÎP TGRTGUGPVC WPC EQPGZKÎP UGO¶PVKEC GPVTG FQU ENCUGU .C CUQEKCEKÎP GU
DKFKTGEEKQPCNGUNCTGNCEKÎPO¶UIGPGTCN[NCO¶UFÃDKNUGO¶PVKECOGPVG
#ITGICEKÎP TGRTGUGPVC WPC TGNCEKÎP RCTVG VQFQ GPVTG FQU ENCUGU /WGUVTC SWG GN
QDLGVQ CITGICFQ GUV¶ HÈUKECOGPVG EQPUVTWKFQ C RCTVKT FG QVTQ QDLGVQ Q SWG
NÎIKECOGPVGNQEQPVKGPG
;CSWGJGOQUTGXKUCFQNCFGHKPKEKÎPFGECFCWPFGNQUGNGOGPVQUSWGEQORQPGPWP
FKCITCOCFGENCUGUUGGURGEKHKECT¶GNFKUGÌQSWGUGJCT¶RCTCGNECUQFGN/KPK%CF
5GWVKNK\CT¶GNFKUGÌQ%QORQUKVGGNEWCNUGWVKNK\CRCTCTGRTGUGPVCTLGTCTSWÈCU2CTVG
VQFQGUFGEKTEQPVGPGFQTGU[RTKOKVKXCUGUVQEQPGNHKPSWGNQUENKGPVGUUGCPECRCEGU
FGKIPQTCTNCFKHGTGPEKCGPVTGEQORQUKEKQPGUFGQDLGVQU[QDLGVQUKPFKXKFWCNGU
&+#)4#/#5&'&'5%1/215+%+¦0
.C OC[QTÈC FG RTQ[GEVQU FG UQHVYCTG UQP EQORNGLQU [ NC GUVTCVGIKC RTKOCTKC RCTC
UWRGTCT NC EQORNGLKFCF GU NC FGUEQORQUKEKÎP FKXKFG [ XGPEGT¶U .C GUVTCVGIKC GU
FKXKFKT GN RTQDNGOC GP WPKFCFGU O¶U RGSWGÌCU SWG UGCP OCPGLCDNGU 7P GPHQSWG
VTCFKEKQPCNRCTCTGCNK\CTGUVQHWGGNCP¶NKUKU[FKUGÌQGUVTWEVWTCFQUFQPFGUGVTCVCFG
FGUEQORQPGTGNRTQDNGOCGPHWPEKQPGU QRTQEGUQU'UVGOÃVQFQQTKIKPCWPCFKXKUKÎP
LGT¶TSWKEC FG RTQEGUQU EQPUVKVWKFQU RQT UWDRTQEGUQU 2QT GLGORNQ WPC
FGUEQORQUKEKÎPRQTHWPEKQPGUQRTQEGUQUGPCP¶NKUKU[FKUGÌQGUVTWEVWTCFQUFGWP
5KUVGOCFG+PHQTOCEKÎPFG$KDNKQVGECRQFTÈCUGTGNUKIWKGPVG
1VTCHQTOCFGTGCNK\CTNCFGUEQORQUKEKÎPGUWUCPFQWPGUSWGOCFGCP¶NKUKU[FKUGÌQ
QTKGPVCFQCQDLGVQU'PGUVGGUSWGOCUGDWUECFGUEQORQPGTGNRTQDNGOCGPQDLGVQU
[PQGPHWPEKQPGU2QTGLGORNQWPCFGUEQORQUKEKÎPQTKGPVCFCCQDLGVQUFGN5KUVGOC
FG+PHQTOCEKÎPFG$KDNKQVGECRQFTÈCUGTNCUKIWKGPVG
#NIWPCUFGNCUVCTGCUCTGCNK\CTUGGPNCGVCRCFGCP¶NKUKU UQPNCUUKIWKGPVGU
&GHKPKTNQUTGSWGTKOKGPVQU
&GHKPKTNQUECUQUGUGPEKCNGUFGWUQ
%TGCT[RGTHGEEKQPCTNQUFKCITCOCUFGECUQUFGWUQ
%TGCT[RGTHGEEKQPCTGNOQFGNQEQPEGRVWCN
%TGCT[RGTHGEEKQPCTGNINQUCTKQ
&GHKPKTNQUFKCITCOCUFGUGEWGPEKCFGNQUUKUVGOCU
&GHKPKTNQUEQPVTCVQUFGQRGTCEKQPGU
#NIWPCUFGNCUVCTGCUCTGCNK\CTUGGPNCGVCRCFGFKUGÌQ UQPNCUUKIWKGPVGU
&GHKPKTNQUECUQUTGCNGUFGWUQ
&GHKPKTNQUTGRQTVGUNCKPVGTHC\FGWUWCTKQ[NCUGEWGPEKCFGNCURCPVCNNCU
2GTHGEEKQPCTNCCTSWKVGEVWTCFGNUKUVGOC
&GHKPKTNQUFKCITCOCUFGKPVGTCEEKÎP
&GHKPKTNQUFKCITCOCUFGFKUGÌQFGENCUGU
&GHKPKTGNGUSWGOCFGNCDCUGFGFCVQU
%CUQFGGUVWFKQGNRWPVQFGXGPVC
5WRQPICOQU EQOQ ECUQ FG GUVWFKQ GN UKUVGOC FG WPC VGTOKPCN FG RWPVQ FG XGPVC
'UVC VGTOKPCN GU WP UKUVGOC CWVQOCVK\CFQ EQP GN SWG UG TGIKUVTCP NCU XGPVCU [ UG
TGCNK\CP NQU RCIQU 2QT NQ IGPGTCN GUVG VKRQ FG UKUVGOCU EQORTGPFGP JCTFYCTG WP
EQORWVCFQT[WPNGEVQTFGEÎFKIQDCTTCU[UQHVYCTG
GNUKUVGOCSWGUGGLGEWVCGPNC
VGTOKPCN5WRQPICSWGUGPQUJCEQPVTCVCFQRCTC ETGCTGUVGUQHVYCTG
.QUTGSWGTKOKGPVQU
.QUTGSWGTKOKGPVQU UQPWPCFGUETKREKÎPFGNCUPGEGUKFCFGUQFGUGQUFGWPRTQFWEVQ
.C OGVC RTKPEKRCN GP GUVC GVCRC GU KFGPVKHKECT [ FQEWOGPVCT NQ SWG GP TGCNKFCF UG
PGEGUKVCGPWPCHQTOCGPSWGRWGFCH¶EKNOGPVGUGTVTCPUOKVKFQCNENKGPVG[CNGSWKRQ
FGFGUCTTQNNQ5GTGEQOKGPFCCSWÈFGHKPKTCNOGPQUNQUUKIWKGPVGURWPVQU
^
^
^
^
2CPQTCOCIGPGTCN
/GVCU
(WPEKQPGUFGNUKUVGOC
#VTKDWVQUFGNUKUVGOC
C 2CPQTCOCIGPGTCN
'UVGRTQ[GEVQVKGPGRQTQDLGVQETGCTWPUKUVGOCFGVGTOKPCNRCTCGNRWPVQFGXGPVC
SWGUGWVKNK\CT¶GPNCUXGPVCUCNOGPWFGQ
D/GVCU
'PVÃTOKPQU IGPGTCNGUNCOGVCGUWPCOC[QT CWVQOCVK\CEKÎPFGNRCIQGPNCU
ECLCU TGIKUVTCFQTCU [ FCT UQRQTVG C UGTXKEKQU O¶U T¶RKFQU O¶U DCTCVQU [
OGLQTGU/¶UEQPETGVCOGPVGNCOGVCKPENW[G
^ 2CIQT¶RKFQFGNQUENKGPVGU
^ #P¶NKUKUT¶RKFQ[GZCEVQFGNCUXGPVCU
^ %QPVTQNCWVQO¶VKEQFGNKPXGPVCTKQ
E (WPEKQPGUFGNUKUVGOC
.CUHWPEKQPGUFGNUKUVGOCUQPNQSWGÃUVGFGDGT¶FGJCEGT*C[SWGKFGPVKHKECT
GUVCUHWPEKQPGU[NKUVCTNCUGPITWRQUNÎIKEQU2CTCXGTKHKECTSWG:GUGPXGTFCF
WPC HWPEKÎP FGN UKUVGOC NC UKIWKGPVG HTCUG FGDGT¶ VGPGT UGPVKFQ 'N UKUVGOC
FGDGT¶JCEGT:2QTGLGORNQGNUKUVGOCFGDGT¶CWVQTK\CTRCIQUCETÃFKVQ
.CU HWPEKQPGU RWGFGP ENCUKHKECTUG GP VTGU ECVGIQTÈCU GXKFGPVGU QEWNVCU [
UWRGTHNWCU.CUGXKFGPVGU FGDGPTGCNK\CTUG[GNWUWCTKQFGDGUCDGTSWGUGJCP
TGCNK\CFQ.CUQEWNVCU VCODKÃPFGDGPTGCNK\CTUG[RWGFGSWGPQUGCPXKUKDNGU
RCTCGNWUWCTKQ/WEJCUFGGUVCUHWPEKQPGUUGQOKVGP
GTTÎPGCOGPVGFWTCPVG
GNRTQEGUQFGQDVGPEKÎPFGTGSWGTKOKGPVQU.CUUWRGTHNWCUUQPQREKQPCNGU[UW
KPENWUKÎPPQTGRGTEWVGUKIPKHKECVKXCOGPVGGPGNEQUVQPKGPQVTCUHWPEKQPGU
.CUUKIWKGPVGUUQPCNIWPCUFGNCUHWPEKQPGUO¶UTGRTGUGPVCVKXCUFGNUKUVGOCFG
RWPVQFGXGPVC
(WPEKQPGUD¶UKECU
4GHGTGPEKC
%CVGIQTÈC
4
4GIKUVTCNCXGPVCGPRTQEGUQ
CEVWCNNQURTQFWEVQUEQORTCFQU
4
%CRVWTC NC KPHQTOCEKÎP UQDTG GN QDLGVQ EQORTCFQ WUCPFQ UW
EÎFKIQFGDCTTCU[WPNGEVQTQWUCPFQWPCECRVWTCOCPWCNFGWP GXKFGPVG
EÎFKIQFGRTQFWEVQ
4
4
4
4
4
4
4
(WPEKÎP
%CNEWNCGNVQVCNFGNCXGPVCCEVWCNUGKPENW[GGNKORWGUVQ
4GFWEGNCUECPVKFCFGUFGNKPXGPVCTKQEWCPFQUGTGCNK\CWPCXGPVC
5GTGIKUVTCPNCUXGPVCUGHGEVWCFCU
GXKFGPVG
GXKFGPVG
QEWNVC
QEWNVC
'NECLGTQFGDGKPVTQFWEKTWPCKFGPVKHKECEKÎP[WPCEQPVTCUGÌCRCTC
GXKFGPVG
RQFGTWVKNK\CTGNUKUVGOC
1HTGEGWPOGECPKUOQFGCNOCEGPCOKGPVQRGTUKUVGPVG
1HTGEG OGECPKUOQU FG EQOWPKECEKÎP GPVTG NQU RTQEGUQU [ GPVTG
NQUUKUVGOCU
/WGUVTCNCFGUETKREKÎP[GNRTGEKQFGNRTQFWEVQTGIKUVTCFQ
QEWNVC
QEWNVC
GXKFGPVG
(WPEKQPGUFGRCIQ
4GHGTGPEKC
4
4
4
4
(WPEKÎP
%CVGIQTÈC
/CPGLC NQURCIQUGPGHGEVKXQECRVWTCPFQ NCECPVKFCFQHTGEKFC[
GXKFGPVG
ECNEWNCPFQGNUCNFQFGWFQT
/CPGLCNQU RCIQUCETÃFKVQECRVWTCPFQNCKPHQTOCEKÎPETGFKVKEKC
CRCTVKTFGWPCNGEVQTCFGVCTLGVCUQOGFKCPVGECRVWTCOCPWCN[
GXKFGPVG
CWVQTK\CPFQ NQU RCIQU EQP GN UGTXKEKQ FG CWVQTK\CEKÎP GZVGTPC
FGETÃFKVQUFGNCVKGPFCCVTCXÃUFGWPCEQPGZKÎPRQTOÎFGO
/CPGLC NQU RCIQU EQP EJGSWG ECRVWTCPFQ GN PÕOGTQFG476[
VGNÃHQPQ OGFKCPVG ECRVWTC OCPWCN [ CWVQTK\CPFQ NQU RCIQU EQP
GXKFGPVG
GN UGTXKEKQ FG CWVQTK\CEKÎP GZVGTPQ FG EJGSWGU FG NC VKGPFC C
VTCXÃUFGEQPUWNVCVGNGHÎPKEC
4GIKUVTC NQU RCIQU GP GN UKUVGOCFGEWGPVCURQTEQDTCTRWGU
GN UGTXKEKQ FG CWVQTK\CEKÎP FG ETÃFKVQ FGDG C NC VKGPFC GN
OQPVQFGNRCIQ
QEWNVC
F#VTKDWVQUFGNUKUVGOC
.QU CVTKDWVQU FGN UKUVGOC UQP EWCNKFCFGU PQ HWPEKQPCNGU SWG C OGPWFQ UG
EQPHWPFGPEQPNCUHWPEKQPGU2QTGLGORNQHCEKNKFCFFGWUQVQNGTCPEKCCHCNNCU
VKGORQFGTGURWGUVCOGV¶HQTCFGKPVGTHC\RNCVCHQTOCU
.QU CVTKDWVQU VKGPGP WP RQUKDNG EQPLWPVQ FG FGVCNNGU FG CVTKDWVQU NQU EWCNGU
VKGPFGPCUGTXCNQTGUFKUETGVQUEQPHWUQUQUKODÎNKEQU2QTGLGORNQ
VKGORQFGTGURWGUVC
RUKEQNÎIKECOGPVGEQTTGEVQ
OGV¶HQTCFGKPVGTHC\
IT¶HKEQEQNQTKFQDCUCFQGPHQTOWNCTKQU
#NIWPQU CVTKDWVQU FGN UKUVGOC VCODKÃP RWGFGP VGPGT TGUVTKEEKQPGU FG HTQPVGTC
FGNCVTKDWVQSWGUQPEQPFKEKQPGUQDNKICVQTKCUFGHTQPVGTCIGPGTCNOGPVGGPWP
TCPIQPWOÃTKEQFGXCNQTGUFGWPCVTKDWVQ2QTGLGORNQ
VKGORQFGTGURWGUVC
FQUUGIWPFQUEQOQO¶ZKOQ
#NIWPQUCVTKDWVQUFGNUKUVGOCFGRWPVQFGXGPVCUQP
#VTKDWVQ
VKGORQFGTGURWGUVC
&GVCNNGU[TGUVTKEEKQPGUFGHTQPVGTC
TGUVTKEEKÎP FG HTQPVGTC %WCPFQ UG TGIKUVTG WP RTQFWEVQ
XGPFKFQ NC FGUETKREKÎP [ GN RTGEKQ CRCTGEGT¶P GP WP
UGIWPFQ
#VTKDWVQ
&GVCNNGU[TGUVTKEEKQPGUFGHTQPVGTC
FGVCNNG 8GPVCPCU QTKGPVCFCU C NC OGV¶HQTC FG WP
HQTOWNCTKQ[EWCFTQUFGFK¶NQIQ
FGVCNNG/CZKOK\CWPCPCXGICEKÎP H¶EKNEQPVGENCFQ[PQ
EQPOQWUG
OGV¶HQTCFGKPVGTHC\
VQNGTCPEKCCHCNNCU
RNCVCHQTOCUFGNUKUVGOC
QRGTCVKXQ
TGUVTKEEKÎPFGHTQPVGTC&GDGTGIKUVTCTNQURCIQUCETÃFKVQ
CWVQTK\CFQU SWG UG JCICP C NCU EWGPVCU RQT EQDTCT GP WP
RNC\Q FG JQTCU CWP EWCPFQ UG RTQFW\ECP HCNNCU FG
GPGTIÈCQFGNGSWKRQ
FGVCNNG/KETQUQHV9KPFQYU[06
(KPCNOGPVG GU EQPXGPKGPVG FGUETKDKT VQFQU NQU CVTKDWVQU FGN UKUVGOC SWG UG
TGNCEKQPGPENCTCOGPVGEQPNCUHWPEKQPGUGURGEKHKECFCU#FGO¶UNQUFGVCNNGUFG
NQU CVTKDWVQU [ NCU TGUVTKEEKQPGU FG HTQPVGTC RWGFGP ECVCNQICTUG EQOQ
QDNKICVQTKQU WQREKQPCNGU2QTGLGORNQ
4GH
4
4
(WPEKÎP
%CVGIQTÈC
/QUVTCTNCFGUETKREKÎP
[GNRTGEKQFGN
GXKFGPVG
RTQFWEVQTGIKUVTCFQ
4GIKUVTCTNQURCIQUC
ETÃFKVQGPGNUKUVGOC
FGEWGPVCURQTEQDTCT
RWGUGNUGTXKEKQFG
QEWNVQ
CWVQTK\CEKÎPFG
ETÃFKVQFGDGCNC
VKGPFCGNKORQTVGFGN
RCIQ
#VTKDWVQ
&GVCNNGU[
TGUVTKEEKQPGU
%CVGIQTÈC
VKGORQ FG UGIWPFQEQOQ
TGURWGUVC
O¶ZKOQ
QDNKICVQTKQ
OGV¶HQTC
FG
KPVGTHC\
QDNKICVQTKQ
2CPVCNNCUDCUCFCU
GPHQTOWNCTKQU
%QPEQNQTGU
&GDGTGIKUVTCTGP
NCUEWGPVCURQT
EQDTCTGPWPRNC\Q
VQNGTCPEKC FGJQTCUCWP
QDNKICVQTKQ
CHCNNCU
EWCPFQUG
RTQFW\ECPHCNNCUFG
GPGTIÈCQFGN
GSWKRQ
VKGORQ FG UGIWPFQUEQOQ
TGURWGUVC
O¶ZKOQ
QDNKICVQTKQ
&+#)4#/#&'(.7,1&' &#615
.CVÃEPKECFGFKCITCOCFGHNWLQFGFCVQUGUWPCTGRTGUGPVCEKÎPIT¶HKECSWGRGTOKVG
CN CPCNKUVC FGHKPKT GPVTCFCU RTQEGFKOKGPVQU [ UCNKFCU FG NC KPHQTOCEKÎP GP NC
QTICPK\CEKÎPDCLQGUVWFKQRGTOKVKGPFQCUÈEQORTGPFGTNQURTQEGFKOKGPVQUGZKUVGPVGU
EQPNCHKPCNKFCFFGQRVKOK\CTNQUTGHNGL¶PFQNQUGPGNUKUVGOCRTQRWGUVQ
C 1DLGVKXQ
'NFKCITCOCFGHNWLQFGFCVQU
&(&VKGPGRQTQDLGVKXQTGRTGUGPVCTIT¶HKECOGPVGGN
UKUVGOCCPKXGNNÎIKEQ[EQPEGRVWCNKNWUVTCPFQNQUEQORQPGPVGU GUGPEKCNGUFGWP
RTQEGUQ[NCHQTOCGPSWGKPVGTCEVÕCP
D 7VKNKFCF
'UVCVÃEPKECFGNFKCITCOCFGHNWLQFGFCVQUGUÕVKNRQTNQUKIWKGPVG
x
4GRTGUGPVCIT¶HKECOGPVGNQUNÈOKVGUFGNUKUVGOCGPGUVWFKQ
x
(CEKNKVCGNOCPVGPKOKGPVQFGNUKUVGOC
x
/WGUVTCGNOQXKOKGPVQFGNQUFCVQU[NCVTCPUHQTOCEKÎPFGNQUOKUOQUCVTCXÃU
FGNUKUVGOC
E &GUETKREKÎP
.QURCUQUTGSWGTKFQURCTCGNFGUCTTQNNQFGÃUVCVÃEPKECUQPNQUUKIWKGPVGU
+FGPVKHKECTNQUGNGOGPVQUD¶UKEQUFGNQUFKCITCOCUFGHNWLQFGFCVQU
2CTCGNCDQTCT NQUFKCITCOCUFGHNWLQUFGFCVQU
&(&UQPNQUUKIWKGPVGU
C
D
E
F
'PVKFCFGUGZVGTPCU
2TQEGUQU
#NOCEÃPFGFCVQU
(NWLQUFGFCVQU
C 'PVKFCFGUGZVGTPCU
&GUETKREKÎP
'UVCUTGRTGUGPVCPGPVGUCLGPQUCNCCRNKECEKÎPRGTQSWGCRQTVCPQTGEKDGP
KPHQTOCEKÎPFGNCOKUOC
4GINCUFGEQPUVTWEEKÎP
#NOQOGPVQFGKFGPVKHKECTNCUGPVKFCFGUGZVGTPCUUGFGDGFGVGPGTRTGUGPVG
NQUKIWKGPVG

4GRTGUGPVC RGTUQPCU QTICPK\CEKQPGU Q UKUVGOCU SWG PQ RGTVGPGEGP CN
UKUVGOC
'PGNECUQSWGNCUGPVKFCFGUGZVGTPCUUGEQOWPKECUGPGPVTGUÈGUVQPQUG
EQPVGORNCTÈCGPGNFKCITCOCRQTGUVCTHWGTCFGN¶ODKVQFGNUKUVGOC
2WGFGCRCTGEGTGPNQUFKUVKPVQUPKXGNGUFG&(&
2WGFG CRCTGEGT XCTKCU XGEGU GP WP OKUOQ FKCITCOC RCTC GXKVCT
GPVTGETW\COKGPVQFGNÈPGCU
5WOKPKUVTCKPHQTOCEKÎPCEGTECFGNCEQPGZKÎPFGNUKUVGOCEQPGNOWPFQ
GZVGTKQT
0QVCEKÎP
5G TGRTGUGPVC OGFKCPVG WPC GNKRUG Q WP TGEV¶PIWNQ EQP WP PQODTG
UKIPKHKECVKXQFGPVTQ
(17,'$'
(;7(51$
D 2TQEGUQ
&GUETKREKÎP
'U WPC CEVKXKFCF SWG VTCPUHQTOC Q OCPKRWNC FCVQU TGRTGUGPVC NQU
RTQEGFKOKGPVQUWVKNK\CFQURCTCVTCPUHQTOCTNQUFCVQU
#N OQOGPVQ FG KFGPVKHKECT NQU RTQEGUQU UG FGDG FG VGPGT GP EWGPVC NQ
UKIWKGPVG

7P RTQEGUQ PQ GU QTKIGP PK HKPCN FG NQU FCVQU UÎNQ NWICT FG
VTCPUHQTOCEKÎPFGNQUOKUOQU
7PRTQEGUQRWGFGVTCPUHQTOCTWPFCVQGPXCTKQU
'UPGEGUCTKQWPRTQEGUQEQOQKPVGTOGFKCTKQGPVTGWPCGPVKFCFGZVGTPC[
WPCNOCEÃPFGFCVQU
0QVCEKÎP
5GTGRTGUGPVCIT¶HKECOGPVGOGFKCPVGWPTGEV¶PIWNQ
/2&$/,=$&,21
352&(62
'P NC RCTVG FG 241%'51 UG GZRTGUC GN PQODTG FGN RTQEGUQ
EQTTGURQPFKGPVG
'P NC RCTVG UWRGTKQT K\SWKGTFC UG EQNQEC WP PÕOGTQ KFGPVKHKECVKXQ FGN
RTQEGUQSWGKPFKECGNPKXGNFGN&(&GPSWGUGGPEWGPVTC
.C RCTVG FG .1%#.+<#%+10 GZRTGUC NC WPKFCF Q ¶TGC FGPVTQ FG NC
QTICPK\CEKÎPFQPFGUGTGCNK\CGNRTQEGUQ
E #NOCEÃPFGFCVQU
&GUETKREKÎP
7P CNOCEÃP FG FCVQU TGRTGUGPVC WP FGRÎUKVQ FG KPHQTOCEKÎP FGPVTQ FGN
UKUVGOC
2CTCKFGPVKHKECTNQUNWICTGUFGCNOCEGPCOKGPVQFGFCVQUFGDGFGVGPGTUGGP
EWGPVCNQUKIWKGPVG

4GRTGUGPVCNCKPHQTOCEKÎPGPTGRQUQ

0Q RWGFG GUVCT EQOWPKECFQ FKTGEVCOGPVG EQP QVTQ CNOCEÃP Q GPVKFCF
GZVGTPC

0QRWGFGETGCTFGUVTWKT[VTCPUHQTOCTFCVQU
'NHNWLQFGFCVQU
GPVTCFCQUCNKFCPQNNGXCPQODTGEWCPFQKPEKFGUQDTG
UWEQPVGPKFQEQORNGVQ
'N CNOCEÃPFGFCVQU CRCTGEGT¶RQTXG\RTKOGTCGPCSWGNPKXGNGPSWG
UGCCEEGFKFQRQTÎO¶URTQEGUQU[GPOQFQNGEVWTC[QGUETKVWTC
0QFGDGFGGUVCTTGHGTKFQCNGPVQTPQHÈUKEQ
0Q UG TGRTGUGPVC NC ENCXG FG CEEGUQ C NC KPHQTOCEKÎP UKPQ UÎNQ C NC
QRGTCEKÎPSWGUGTGCNK\C
0QVCEKÎP
5GTGRTGUGPVCFGPVTQFGN&(&EQPNCUKIWKGPVGHKIWTC
,'
120%5(
'PNCRCTVGFGTGEJC
01/$4'UGKPFKECGNPQODTGFGNCNOCEÃPFGFCVQU[
GPNCRCTVGK\SWKGTFC
+&UGTGRTGUGPVCNCKFGPVKHKECEKÎPFGFKEJQCNOCEÃP
FGPVTQFGN&(&
F (NWLQUFGFCVQU
&GUETKREKÎP
.QUHNWLQUFGFCVQUGUVCDNGEGPNCEQOWPKECEKÎPGPVTGRTQEGUQUCNOCEGPGU[
GPVKFCFGUGZVGTPCU[NNGXCPKPHQTOCEKÎPRCTCGUQUQDLGVQU
2CTCGNCDQTCTNQUHNWLQUFGFCVQUFGDGT¶FGVGPGTUGGPEWGPVCNQUKIWKGPVG

(NWLQ FGKPHQTOCEKÎPFGGUVTWEVWTCEQPQEKFC

5KTXGRCTCEQPGEVCTGNTGUVQFGNQUEQORQPGPVGUFGN&(&

.QUFCVQUPQRWGFGPUGTETGCFQUPKFGUVTWKFQURQTWPHNWLQFGFCVQU
0QGUWPCEVKXCFQTFGRTQEGUQU
.CHNGEJCUGKPFKECGPNCFKTGEEKÎPFGNCNOCEÃPFGFCVQU
0QVCEKÎP
5GTGRTGUGPVCFGPVTQFGN&(&EQPNCUKIWKGPVGHKIWTC
)WÈCURCTCNCEQPUVTWEEKÎPFGN&(&
.WGIQFGJCDGTUGKFGPVKHKECFQNQUGNGOGPVQUD¶UKEQUFGNQU&(&UGRTQEGFGT¶
CNRTQEGUQFGGNCDQTCTIT¶HKEQURTQRKCOGPVGFKEJQUGPGN EWCNFGDGT¶VGPGTUG
GPEWGPVCNQUKIWKGPVG
C 'ORKGEG EQP NC RCTVG GZVGTKQT GU FGEKT VQFCU CSWGNNCU GPVKFCFGU SWG
RTQRQTEKQPCPKPHQTOCEKÎP[CSWGNNCUGPVKFCFGUSWGWVKNK\CPNCKPHQTOCEKÎP
GNCDQTCFCRQTNC7PKFCF[FKDWLGNCUGPVKFCFGUCNTGFGFQTFGUWFKCITCOC
D +FGPVKHKSWG NC EQORQUKEKÎP FG ECFC HNWLQ FG FCVQU [ GUVCDNG\EC NC
EQPGEVKXKFCF GPVTG NC KPHQTOCEKÎP TGSWGTKFC +0276U [ NC KPHQTOCEKÎP
IGPGTCFC
176276U
E 6TCDCLGFGCHWGTCJCEKCCFGPVTQGUFGEKTRQPICWPRTQEGUQFQPFGETGCSWG
GNHNWLQFGFCVQURWGFCUGTECODKCFQ
F %QPEÃPVTGUGGPNQUHNWLQUFGFCVQU[RÎPICNGUWPPQODTG
G 0QODTGCNQURTQEGUQUGPDCUGCUWUGPVTCFCU[UCNKFCU
H +IPQTGNCKPKEKCNK\CEKÎP[NCVGTOKPCEKÎP
I 1OKVCNQUGTTQTGUVTKXKCNGU
J 0QOWGUVTGNCKPHQTOCEKÎPQGNHNWLQFGEQPVTQN
K $WUSWG RQT HNWLQ FG FCVQU [ UWDFKXKFC UK GU PGEGUCTKQ PQ UG RQFT¶
UWDFKXKFKTUKVKGPGWPUQNQ+PRWV 1WVRWV
L 5KETGGSWGFGDGUWDFKXKFKTUGTGCNKEGPWGXCOGPVGNQURCUQUFGNWPQ
CN
PWGXG 'U PGEGUCTKQ OGPEKQPCT SWG FGDG FG GXKVCTUG TGCNK\CT KPEQPUKUVGPEKC GP NC
GNCDQTCEKÎP FG NQU HNWLQU FG FCVQU 2QT GLGORNQ IGPGTCNOGPVG UG TGCNK\CP NQU
UKIWKGPVGUGTTQTGU

5GGNCDQTCPDWTDWLCUSWGUÎNQETGCPFCVQU

5GGNCDQTCPCTEJKXQUFQPFGUÎNQUGWVKNK\CKPHQTOCEKÎP

5GGNCDQTCPCTEJKXQUFQPFGUÎNQUGGUETKDGKPHQTOCEKÎP
5GGNCDQTCPHNWLQUFGFCVQUSWGFGUCRCTGEGP
.CWVKNK\CEKÎPFGGUVCVÃEPKECKORNKECNCFGUEQORQUKEKÎPQGZRNQUKÎPFGECFC
RTQEGUQGPQVTQ&(&RQTNQVCPVQGNFKCITCOCFGDGT¶EQPVGPGT

7PFKCITCOCFGEQPVGZVQ
PKXGNEGTQ

8CTKQU&(&GPGNÕNVKOQPKXGNFGFGVCNNG

8CTKQU&(&GPPKXGNGUKPVGTOGFKQU
7PGLGORNQFGNCOCPGTCGPSWGUGFGDGFGTGRTGUGPVCTGNFKCITCOCFGHNWLQ
FGFCVQUGPVTGNQUPKXGNGUWPQ
[FQU
UGOWGUVTCGPNCUKIWKGPVGHKIWTC
&+#)4#/#5&'(.7,1&'&#615
&+#)4#/#0+8'.
$
&
%
(
&+#)4#/#0+8'. 'ZRNQUKÎPFGNRTQEGUQ
$
$
%
%
&
&
(
.C FGUEQORQUKEKÎP RQT PKXGNGU RGTOKVG CPCNK\CT GN UKUVGOC FGUFG GN ¶ODKVQ
IGPGTCNCNFGVCNNGRCUCPFQRQTUWEGUKXQUPKXGNGUKPVGTOGFKQU
5GTGEQOKGPFCNNGICTJCUVCVTGU
PKXGNGUFGFGUEQORQUKEKÎPGPNQU&(&

0KXGN &KCITCOCFGEQPVGZVQGUGNIT¶HKEQSWGXCCRTQRQTEKQPCTGN¶ODKVQ
FGNRTQ[GEVQQDLGVQFGGUVWFKQ
0KXGN 5KUVGOCU
0KXGN 5WDUKUVGOCU
.CFGUEQORQUKEKÎPIT¶HKECUGOWGUVTCGPNCUKIWKGPVGHKIWTC
&'5%1/215+%+¦0&'.15 &+#)4#/#5&'(.7,1&'&#615
1,9(/ & 2 1 7 (;7 2
1,9 (/
6,67 ( 0 $6
1,9(/ 68 %6 ,67 (0 $
68 %6 ,67 (0 $
.CUXGPVCLCUFGGUVCFGUEQORQUKEKÎPUQPNCUUKIWKGPVGU

'UEQORTGPUKDNGRCTCWUWCTKQUPQKPHQTO¶VKEQU
.QURTQEGUQUGPGNÕNVKOQPKXGNGUV¶PTGNCEKQPCFQUNÎIKECOGPVG
(CEKNKVC NCU TGHGTGPEKCU ETW\CFCU EQP QVTQU RTQFWEVQU QDVGPKFQU GP NC
OGVQFQNQIÈC
%#&'0#&'8#.14
'N CP¶NKUKU FG NC ECFGPC FG XCNQT GU WPC VÃEPKEC QTKIKPCN FG /2QTVGT EQPGNHKPFG
QDVGPGTXGPVCLCEQORGVKVKXC
C &GHKPKEKÎP
'PNQUNKDTQUFGEQPVCDKNKFCFTGHNGLCGUGPEKCNOGPVGWPKPETGOGPVQVGÎTKEQFGNXCNQT
UQDTG[RQTGPEKOCFGNEQUVQKPKEKCN)GPGTCNOGPVGUGUWRQPGSWGGUVGXCNQTFGDG
UGTUWRGTKQTCNQUEQUVQUCEWOWNCFQUSWGUGJCPCITGICFQCNQNCTIQFGNCGVCRC
FGNRTQEGUQFGRTQFWEEKÎP
.CU CEVKXKFCFGU FGN XCNQT CITGICFQ TGCN #8#4 UQP CSWGNNCU SWG XKUVCU RQT GN
ENKGPVG HKPCN UQP PGEGUCTKCU RCTC RTQRQTEKQPCT GN QWVRWV SWG GN ENKGPVG GUV¶
GURGTCPFQ *C[ OWEJCU CEVKXKFCFGU SWG NC GORTGUC TGSWKGTG RGTQ SWG PQ
CITGICPXCNQTFGUFGGNRWPVQFGXKUVCFGNCUXGPVCLCURCTCGNENKGPVG
CEVKXKFCFGU
FGXCNQTCITGICFQGPNCGORTGUCQ8#'#FGO¶UGZKUVGPQVTCUCEVKXKFCFGUSWGPQ
CITGICPXCNQTCNIWPQRQTGLGORNQGNCNOCEGPCOKGPVQ
D 1DLGVKXQ
.CVÃEPKEC FG%CFGPCFG8CNQTVKGPGRQTQDLGVKXQKFGPVKHKECTNCUCEVKXKFCFGUSWG
UG TGCNK\CP GP WPC KPUVKVWEKÎP NCU EWCNGU UG GPEWGPVTCP KPOGTUCU FGPVTQ FG WP
UKUVGOCFGPQOKPCFQUKUVGOCFGXCNQTSWKGPGUV¶EQPHQTOCFQRQT

%CFGPCFGXCNQTFGNQURTQXGGFQTGU
%CFGPCFGXCNQTFGQVTCUWPKFCFGUFGNPGIQEKQ
%CFGPCFGXCNQTFGNQUECPCNGUFGFKUVTKDWEKÎP
%CFGPCFGXCNQTFGNQUENKGPVGU
E 7VKNKFCF
'UVCVÃEPKECGUFGXKVCNKORQTVCPEKCRQTSWGRGTOKVG

&GHKPKTNCJKUVQTKCFGNCKPUVKVWEKÎP
RTQEGUQU[CEVKXKFCFGUSWGTGCNK\C
&GVGTOKPCTGUVTCVGIKCUSWGRGTOKVCPQDVGPGTXGPVCLCEQORGVKVKXC
F &GUETKREKÎP
5KSWGTGOQUGNCDQTCTNCECFGPCFGXCNQTFGWPCKPUVKVWEKÎPFGDGOQUFGUGIWKTNQU
UKIWKGPVGURCUQU

+FGPVKHKECTNCUCEVKXKFCFGURTKOCTKCUFGNPGIQEKQ
+FGPVKHKECTNCUCEVKXKFCFGUFGUQRQTVGFGNPGIQEKQ
%CDGUGÌCNCTSWGNCUCEVKXKFCFGUFGNCECFGPCFGXCNQTUQPNQUDNQSWGUD¶UKEQU
EQP NQU SWG NC KPUVKVWEKÎP ETGC XCNQT RCTC GN EQORTCFQT FG UWU RTQFWEVQU [Q
UGTXKEKQU
#UÈ NCU CEVKXKFCFGU D¶UKECU SWG NQ EQPHQTOCP UG GPEWGPVTCP GP GN UKIWKGPVG
IT¶HKEQ
$FWLYLGDG
6t
¢1HFHVDULDSDUD
JHQHUDU
HORXWSXW"
¢&RQWULEX\HDORV
UHTXHULPLHQWRV
GHOFOLHQWH"
1R
6t
6t
¢&RQWULEX\HDORV
UHTXHULPLHQWRV
GHOFOLHQWH"
1R
9DORUDJUHJDGR
UHDO
9DORUDJUHJDGR
SDUDODHPSUHVD
5HJLVWUDUODRUGHQ
&RPSOHWDUODSyOL]D
,QYHVWLJDUORVGDWRV
5HJLVWUDUHOUHFODPR
5HJLVWUDUODIHFKDGHUHFLER
)RUPDWRVGHSHGLGRV
$FWXDOL]DUORVUHJLVWURVGHSHUVRQDO
3UHSDUDU,QIRUPHVILQDQFLHURV
$FWLYLGDGTXHVHGHEHQ
UHDOL]DUSDUDVDWLVIDFHUORV
UHTXHULPLHQWRVGHOFOLHQWH
1R
6LQYDORU
DJUHJDGR
5HYLVLyQ\DSUREDFLyQ
5HSHWLFLyQGHOWUDEDMR
0RYLPLHQWR
$OPDFHQDPLHQWR
$FWLYLGDGHVTXH QRFRQWULEX\HQD VDWLVIDFHU
ORVUHTXHULPLHQWRVGHOFOLHQWH(VWDVDFWLYLGDGHV
VHSRGUtDQHOLPLQDUVLQDIHFWDUODIXQFLRQDOLGDG
GHOSURGXFWRVHUYLFLR
%CDG5GÌCNCTSWGÃUVCUCEVKXKFCFGUPWPECUGT¶PKPFGRGPFKGPVGUGPVTGUÈGUFGEKT
UGGPEWGPVTCPTGNCEKQPCFCURQTXÈPEWNQUSWKGPGUETGCPNCPGEGUKFCFFGEQQTFKPCT
FKEJCU CEVKXKFCFGU GP UW TGCNK\CEKÎP [C UGC RCTC CWOGPVCT FKHGTGPEKCEKÎP Q
TGFWEKTUWUEQUVQU
+FGPVKHKECTNCUCEVKXKFCFGURTKOCTKCUFGNPGIQEKQ
'NETKVGTKQRCTCKFGPVKHKECTNCUCEVKXKFCFGUFGNPGIQEKQUQP
%CFCCEVKXKFCFVGPICFKUVKPVQHWPFCOGPVQGEQPÎOKEQ
%CFCCEVKXKFCFVGPICWPHWGTVGKORCEVQRQVGPEKCNGPNCFKHGTGPEKCEKÎP
%CFCCEVKXKFCFTGRTGUGPVGWPCRCTVGUKIPKHKECVKXCCNCRTQRQTEKÎPETGEKGPVGFGN
EQUVQVQVCN
%QPUKFGTCPFQ ÃUVG ETKVGTKQ EQOQ DCUG UG FGHKPKT¶P NCU CEVKXKFCFGU RTKOCTKCU FGN
PGIQEKQNCUEWCNGUUGGPEWGPVTCPEQPHQTOCFCURQT
C .QIÈUVKECFGGPVTCFC EQPHQTOCFCRQTNCUCEVKXKFCFGUFGTGEGREKÎPCNOCEGPCLG
OCPKRWNCEKÎPFGOCVGTKCNGUKPXGPVCTKQUXGJÈEWNQUFGXQNWEKQPGUGPVTGQVTQU
D 1RGTCEKQPGU EQPHQTOCFC RQT NC VTCPUHQTOCEKÎP FG GPVTCFC GP HQTOC FG
RTQFWEVQHKPCN
OGECPK\CFQOQPVCLGGVKSWGVCFQOCPVGPKOKGPVQXGTKHKECEKÎP
[QRGTCEKQPGUFGKPUVCNCEKÎP
E .QIÈUVKECFGUCNKFC GUV¶EQPHQTOCFCRQTNCFKUVTKDWEKÎPFGNRTQFWEVQCECDCFQ
CNOCEGPCLG FG OGTECPEÈCU CECDCFCU OCPGLQ FG OCVGTKCNGU XGJÈEWNQU FG
TGRCTVQRGFKFQU[RTQITCOCEKÎP
F %QOGTEKCNK\CEKÎP [ XGPVCU NQ EQPHQTOCP NCU CEVKXKFCFGU KPXQNWETCFCU GP NC
KPFWEEKÎP [ H¶EKN CFSWKUKEKÎP FG NQU RTQFWEVQU RWDNKEKFCF HWGT\C FG XGPVCU
EWQVCUUGNGEEKÎPFGECPCNGUTGNCEKQPGUECPCNRTGEKQU
G 5GTXKEKQNQEQPHQTOCCSWGNNCUCEVKXKFCFGUSWGVTCVCPFGOCPVGPGT[CWOGPVCT
GN XCNQT FGN RTQFWEVQ FGURWÃU FG NC XGPVC KPUVCNCEKÎP TGRCTCEKÎP
GPVTGPCOKGPVQUWOKPKUVTQFGTGRWGUVQU[CLWUVGFGNRTQFWEVQ
+FGPVKHKECTNCUCEVKXKFCFGUFGUQRQTVGFGNPGIQEKQ
2CTC FGHKPKT NCU CEVKXKFCFGU FG UQRQTVG FGN PGIQEKQ UG GORNGC GN OKUOQETKVGTKQ
WVKNK\CFQGPNCFGHKPKEKÎPFG NCUCEVKXKFCFGURTKPEKRCNGUFGNPGIQEKQFGHKPKÃPFQUG
CUÈNCUUKIWKGPVGUCEVKXKFCFGUFGUQRQTVG
C %QORTCU EQPHQTOCFCRQTCSWGNNCUCEVKXKFCFGUKPXQNWETCFCUGPNCCFSWKUKEKÎP
FGOCVGTKCURTKOCUUWOKPKUVTQU[CTVÈEWNQUEQPUWOKDNGUCUÈEQOQCEVKXQU
D &GUCTTQNNQ FG VGEPQNQIÈC EQPHQTOCFC RQT CSWGNNCU CEVKXKFCFGU KPXQNWETCFCU
GP GN EQPQEKOKGPVQ [ ECRCEKFCFGU CFSWKTKFCU RTQEGFKOKGPVQU [ GPVTCFCU
VGEPQNÎIKECURTGEKUCURCTCECFCCEVKXKFCFFGNCECFGPCFGXCNQT
E &KTGEEKÎP FG TGEWTUQU JWOCPQU EQPHQTOCFC RQT CSWGNNCU CEVKXKFCFGU
KPXQNWETCFCU GP NC UGNGEEKÎP RTQOQEKÎP [ EQNQECEKÎP FGN RGTUQPCN FG NC
KPUVKVWEKÎP
F +PHTCGUVTWEVWTC KPUVKVWEKQPCN EQPHQTOCFC RQT CSWGNNCU CEVKXKFCFGU
KPXQNWETCFCU GP NC FKTGEEKÎP IGPGTCN RNCPKHKECEKÎP UKUVGOCU FG KPHQTOCEKÎP
HKPCP\CUEQPVCDKNKFCFNGICNCUWPVQUIWDGTPCOGPVCNGU[FKTGEEKÎPFGECNKFCF
#0#.+5+512'&'21
C 1DLGVKXQ
'UVC VÃEPKEC CPVGU EQPQEKFC EQOQ &#(1 &GDKNKFCFGU #OGPC\CU (WGT\CU
1RQTVWPKFCFGU VKGPG EQOQ QDLGVKXQ C[WFCT C JCEGT WP FKCIPÎUVKEQ FG NC
1TICPK\CEKÎPGUVWFKCPFQNQURWPVQUHWGTVGU[FÃDKNGU[GXCNWCPFQNCUCOGPC\CU[
QRQTVWPKFCFGU FG NC 1TICPK\CEKÎP C RCTVKT FG NC EWCN FKUGÌCT EQP OC[QT
RTGEKUKÎP WPC GUVTCVGIKC ÎRVKOC RCTC CNECP\CT NQU QDLGVKXQU GUVTCVÃIKEQU SWG NC
1TICPK\CEKÎPUGJCRNCPVGCFQ
D 7VKNKFCF
'N#P¶NKUKU12'&'21
1RQTVWPKFCFGU'ZRGEVCVKXCU&GDKNKFCFGU2QVGPEKCNKFCFGU
UG RWGFG WVKNK\CT GPVTG QVTQU VGOCU GP NC GNCDQTCEKÎP FGN &KCIPÎUVKEQ FG NC
UKVWCEKÎP CEVWCN FGN %GPVTQ &KTGEVTK\ [ NC 1TICPK\CEKÎP OKUOC RGTOKVKGPFQ
FKUGÌCTNCUGUVTCVGIKCUSWGFGDGPKORNCPVCTUG
E %QPVGPKFQ
2GTOKVGWPCP¶NKUKUFGVGOCUGUVTCVÃIKEQUFGNC1TICPK\CEKÎPVGPKGPFQGPEWGPVC
NQU(CEVQTGUKPVGTPQUGZVGTPQURTGUGPVGU[HWVWTQUSWGKPEKFGPGPNCOKUOC#UÈ GU
HWPFCOGPVCN VGPGT EQPQEKOKGPVQ FG NCU FGDKNKFCFGU [ FGHKEKGPEKCU FG NC
QTICPK\CEKÎP HTGPVG CN OGTECFQ 2GTQ VCODKÃP UG FGDG VGPGT RTGUGPVG NCU
RQVGPEKCNKFCFGUSWGNCOKUOCQTICPK\CEKÎPFKURQPG
2QTQVTQNCFQUGFGDGVGPGTGUVWFKQURTQHWPFQU[RGTOCPGPVGUFGNCFKP¶OKECFGN
OGTECFQRCTCNCEWCNUGRTQFWEGPQUKTXGPUWCNECPEG
NQECNTGIKQPCNINQDCNNQU
ECODKQUSWGGUVQUUGRTGUGPVCPCHKPFGSWGNCQTICPK\CEKÎPUGCFGEWGCGNNQU
'PNCVCDNCUKIWKGPVGUGOWGUVTCGPFQPFGKPEKFGPFKEJQU(CEVQTGU
)$&72 5(6
,17(5126
'(%,/,'$'(6
327(1&,$/,
'$'(6
(;7(5126 35(6(17(6 )878526

(;3(&7$
7,9$6

232578
1,'$'(6

.QUVGOCUGUVTCVÃIKEQUUGFGDGPCPCNK\CTGPRTQHWPFKFCFRCTCTGHNGZKQPCTUQDTG

'UVTCVGIKCUFGOCPVGPKOKGPVQFGRQVGPEKCNKFCFGU

'UVTCVGIKCUFGGZRNQVCEKÎPFGQRQTVWPKFCFGU

'UVTCVGIKCUFGEQTTGEEKÎPFGRWPVQUFÃDKNGU
'UVTCVGIKCUFGGNKOKPCEKÎPFGGZRGEVCVKXCU
.CUXGPVCLCUFGGUVGCP¶NKUKUUQP

2TQEGUQ OW[ TGHNGZKXQ EQP WP CNVQ ITCFQ FG RCTVKEKRCEKÎP [C SWG FGDG
TGCNK\CTUGRQTVQFCUNCUWPKFCFGUFGNC1TICPK\CEKÎP
(¶EKN FG GPVGPFGT [ FG CRNKECT CTTCPEC FGN CP¶NKUKU FG JGEJQU RTGUGPVGU [
HWVWTQU
2GTOKVG NC FGVGTOKPCEKÎP RGTOCPGPVG FGN RQVGPEKCN Q ECRCEKFCF FG NC
1TICPK\CEKÎP
2GTOKVGFGUCTTQNNCTWPGURÈTKVW[OGPVCNKFCFUKUVGO¶VKEC[FGCP¶NKUKU
(QOGPVCNCECRCEKFCFFGCWVQETÈVKEC
1(+%+1&'#7614+<#%+10&'751&'+0(14/#%+10&'+/#42'
3b}TYd_c
7eQDUbYS_ @bvSdYSQ`QbQ\Q
5\QR_bQSY^TU@\Q^Uc5cdbQd}WYS_cTUDUS^_\_WQcTU9^V_b]QSY^@5D9
&+4'%%+10;572'48+5+10
&KTGEEKÎP6ÃEPKECFG0QTOCVKXKFCF[2TQOQEKÎP
&KTGEVQT6ÃEPKEQ
/#4+1%#/#4#(+)7'41#
4GURQPUCDNG
.'10#4&1%#4$10'..41/'41
4GXKUKÎP
%*'4.;14'4#/+4'<
/#4+1%#/#4#(+)7'41#
.'10#4&1%#4$10'..41/'41
&KCITCOCEKÎP['FKEKÎP
51%1441('40#0&'<%164+0#

PETI - ONGEI

Transcription

Similar documents

Balanzas de la serie 4Y

ETIMOLOGIAS GRECOLATINAS DEL ESPAÑOL UNAM