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IGPGTCT EQTTWREKÎP EWCPFQ GP DGPGHKEKQ RTQRKQ UG KIPQTCP Q VTCKEKQPCP NQU
RTKPEKRKQU FG KIWCNFCF OQTCNKFCF KORCTEKCNKFCF RWDNKEKFCF TGURQPUCDKNKFCF [
VTCPURCTGPEKC SWG FGDGP TGIKT GP NC HWPEKÎP CFOKPKUVTCVKXC C VTCXÃU FGN EWCN UG
UCVKUHCEG GN KPVGTÃU IGPGTCN %NCTQ GUV¶ SWG GN )GTGPVG FG 5KUVGOCU PQ RQFT¶
UQNWEKQPCTGNRTQDNGOCFGÃVKECFGNQUHWPEKQPCTKQURGTQUKEQPVTKDWKT¶OGFKCPVG
NC KORNGOGPVCEKÎP FG UQNWEKQPGU RCTC RTQRKEKCT NC VTCPURCTGPEKC C VTCXÃU FG
UKUVGOCUGPNÈPGCGKORNCPVCEKÎP FGUGTXKEKQUFGECTCCNEKWFCFCPQRTQOQXKGPFQ
WPEÎFKIQFGÃVKECEQOQUGTXKFQTGUÈPVGITQU
)GUVKÎPKPVGITCN[OGLQTCOKGPVQFGRTQEGUQU
'NUGTXKFQTRÕDNKEQFGDGRTQRKEKCTWPCEWNVWTCFGIGUVKÎPSWGUWRGTGGNRCTCFKIOC
DWTQET¶VKEQDCUCFQGPGNHQTOCNKUOQNCTKIKFGNCHTCIOGPVCEKÎP[UWDQTFKPCEKÎP
RCTC NC VQOC FG FGEKUKQPGU [ SWG RQUKDKNKVG NC CFCRVCEKÎP CN ECODKQ [ GN
OGLQTCOKGPVQ RGTOCPGPVG FG NQU RTQEGUQU [ FG NQU UGTXKEKQU SWG RTGUVC NC
GPVKFCF
.QU )GTGPVGU FG 5KUVGOCU UQP NQU NNCOCFQU C KPKEKCTWP RTQEGUQ FG ECODKQ FG
RCTCFKIOCU [ GPHQSWG FG NC CFOKPKUVTCEKÎP QTKGPVCFC C RTQEGUQU [ PQ C
GUVTWEVWTCU 2CTC NQ EWCN VGPFT¶ SWG FGUCTTQNNCT WP EQPLWPVQ FG GXGPVQU [
JCDKNKVCTNQU RCTC GN CP¶NKUKU [ OGLQTCOKGPVQ FG RTQEGUQU CFOKPKUVTCVKXQU [
VÃEPKEQUNQEWCNGZKIGEQPQEGTNCQTICPKCEKÎPOCPGLCTVÃEPKECU[OGVQFQNQIÈCU
SWGRGTOKVCPKFGPVKHKECTFGHKEKGPEKCUGPNCRTGUVCEKÎPFGNQUUGTXKEKQU[RTQRQPGT
CNVGTPCVKXCUFGOGLQTCOKGPVQ
.KFGTCIQ[)TWRQUFGVTCDCLQ
3WG NQU )GTGPVGU FG 5KUVGOCU GLGTCP GN NKFGTCIQ RCTC NNGICT EQP UQNWEKQPGU
KPPQXCFQTCUCNC#NVCKTGEEKÎP[EQOQTGURQPUCDNGUFGNCEQPFWEEKÎPFGITWRQU
QGSWKRQUFGVTCDCLQRTQRGPFGTRQTPWGXCUHQTOCUGPNCFKP¶OKECQTICPKCEKQPCN
FG OCPGTC SWG UG VTCUHQTOGP NCU TGNCEKQPGU [ RT¶EVKECU EQVKFKCPCU GPVTG NQU
FKTGEVKXQU[NQUGLGEWVQTGU
5KCPCNKCOQU NCUKVWCEKÎPCEVWCNFGNC#FOKPKUVTCEKÎP2ÕDNKECQDUGTXCTGOQUNC
PGEGUKFCF FG KPEQTRQTCT WPC UGTKG FG OÃVQFQU [ RTQEGFKOKGPVQU QTKGPVCFQU CN
OGLQTCOKGPVQFGRTQEGUQURTQEGUQUFGTGKPIGPKGTÈCEQPVCTEQPNQUUGTXKEKQUFG
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
13. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
VGTEGTQU OGFKCPVG QWVUQWTEKPI CRTGPFGT FG GZRGTKGPEKCU GZKVQUCU FG
QTICPKCEKQPGUUKOKNCTGUGPVTGQVTQU
.CRTGUGPVGIWÈCGUUQNQGUQWPCIWÈCQTKGPVCFQTCFGNQUFKHGTGPVGUCURGEVQUSWG
FGDGP VQOCT GP EWGPVC GN )GTGPVG FG 5KUVGOCU FG NCU KPUVKVWEKQPGU FG NC
#FOKPKUVTCEKÎP2ÕDNKECRCTCCUWOKTGNXGTFCFGTQTQNSWGNGEQORGVG
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'N +PUVKVWVQ 0CEKQPCN FG 'UVCFÈUVKEC G +PHQTO¶VKEC +0'+ GP GN RGTÈQFQ UGVKGODTG
[ CDTKN NNGXÎ C ECDQ NC 'PEWGUVC FG 4GEWTUQU +PHQTO¶VKEQU FG
#FOKPKUVTCEKÎP2ÕDNKEC.QUTGUWNVCFQU FGNCGPEWGUVCTGHNGLCPNCUKVWCEKÎPGPNC
SWGUGGPEWGPVTCPNCU)GTGPEKCUFG5KUVGOCU
'NRGTUQPCNKPHQTO¶VKEQSWGUGRWFQEQPVCDKNKCTGUFGFGNQUEWCNGU
GURGTUQPCNPQODTCFQ[EQPVTCVCFQNQUEWCNGUCUWXGUGFKUVTKDW[GPFGNC
UKIWKGPVGOCPGTCRGTUQPCNKPHQTO¶VKEQEQPECTIQFKTGEVKXQUQPPQODTCFQU[
EQPVTCVCFQU CPCNKUVCU UQP PQODTCFQU [ UQP EQPVTCVCFQU
RTQITCOCFQTGU PQODTCFQU [ EQPVTCVCFQU CWZKNKCTGU UG VKGPGP
PQODTCFQU[EQPVTCVCFQU [HKPCNOGPVGPQVTQRGTUQPCNKPHQTO¶VKEQQ FGNQU
EWCNGUUQPPQODTCFQU[EQPVTCVCFQU
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3URJUDPDGRU
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FGN [ TGURGEVKXCOGPVG 'UVC UKVWCEKÎP COGTKVC GURGEKCN GXCNWCEKÎP
EQPUKFGTCPFQ NC CNVC TQVCEKÎP FGN RGTUQPCN KPHQTO¶VKEQ FG NC #FOKPKUVTCEKÎP
2ÕDNKEC GP GN SWG CFSWKGTGP EKGTVC GZRGTKGPEKC [ NWGIQ UCNGP GP DÕUSWGFC FG
OGLQTGU EQPFKEKQPGU NCDQTCNGU [ RTQHGUKQPCNGU GP GURGEKCN GP GN RGTUQPCN FG
PKXGNVÃEPKEQ[QRTQHGUKQPCN
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
14. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
# PKXGN FGUEGPVTCNKCFQ GZKUVG GUECUG FG RTQHGUKQPCNGU GP VGEPQNQIÈCU FG
KPHQTOCEKÎPEQOQGUGNECUQFGNQU IQDKGTPQUNQECNGU [EQOQTGUWNVCFQGNDCLQ
FGUCTTQNNQKPHQTO¶VKEQGPNCSWGÃUVCUUGGPEWGPVTCPTCÎPRQTNCSWGHTGPVGCWP
RTQEGUQ FG FGUEGPVTCNKCEKÎP NQU NKFGTGU FG NCU FKHGTGPVGU QTICPKCEKQPGU
IWDGTPCOGPVCNGUCNKPVGTKQTFGNRCÈUVGPFT¶PSWGGUVCTO¶UUGPUKDKNKCFQUEQPNCU
XGPVCLCU SWG QHTGEG NCU 6GEPQNQIÈCU FG KPHQTOCEKÎP GP CRQ[Q FG UW IGUVKÎP [
EQOQ NCU )GTGPEKCU FG 5KUVGOCU FGDGP TGURQPFGT C NQU PWGXQU TGVQU RCTC NC
KPVGTEQPGZKÎP GKPVGITCEKÎPFGNQUUKUVGOCUFGN'UVCFQ
2CTVG FGN RGTUQPCN VÃEPKEQ [Q RTQHGUKQPCN SWG VTCDCLC GP CEVKXKFCFGU FG
VGEPQNQIÈCU FG KPHQTOCEKÎP GP NC #FOKPKUVTCEKÎP 2ÕDNKEC
GURGEKCNOGPVG GP NCU
RTQXKPEKCU PQ GUV¶ CEVWCNKCFQ GP PWGXCU VGEPQNQIÈCU FG KPHQTOCEKÎP [ GP
OWEJQU ECUQU PQ JCP VGPKFQ WPC ECRCEKVCEKÎP HQTOCN [Q RCTVKEKRCFQ FG
RTQITCOCUFGCEVWCNKCEKÎPRTQHGUKQPCN
#UÈOKUOQGPNC#FOKPKUVTCEKÎP2ÕDNKECNQU)GTGPVGUFG5KUVGOCUCRGUCTFGUGT
WP ¶TGC VÃEPKEC CN UGT GP UW ITCP OC[QTÈC FGPQOKPCFQ PRWGUVQ FG EQPHKCPCQ
UWHTGPECODKQUGPHWPEKÎPCNQUECODKQUFG/KPKUVTQUQ,GHGUKPUVKVWEKQPCNGU5G
GURGTCSWGGPGNOCTEQFGNCOQFGTPKCEKÎPFGN'UVCFQ[EQPNCTGXCNQTKCEKÎPFG
NC ECTTGTC RÕDNKEC GUVC UKVWCEKÎP OGLQTG FCPFQ OC[QT GUVCDKNKFCF C NCU ¶TGCU
VÃEPKECUFGNCUQTICPKCEKQPGU
%QPUKFGTCPFQ NC RTQDNGO¶VKEC GZKUVGPVG GU KORQTVCPVG SWG GN )GTGPVG FG
5KUVGOCUFGNUGEVQT RÕDNKEQEQPVKPÕG EQPQRVKOKUOQ[CUWOCGNTGVQFGUGTWP
CIGPVGFGECODKQGPUWQTICPKCEKÎP[FGWPVTCDCLQEQQTFKPCFQEQPNCUFGO¶U
QTICPKCEKQPGURCTCCVGPFGTPGEGUKFCFGUEQOWPGU
7PFCVQSWGGUKORQTVCPVGEQOGPVCTGUSWGUGIÕPNC+8'04+#2GNFGNQU
VTCDCLCFQTGU FG NCU GPVKFCFGU RÕDNKECU VKGPGP CEEGUQ C +PVGTPGV GUVQ UG RWGFG
KPVGTRTGVCT EQOQ NCU TGUVTKEEKQPGU FG CEEGUQ RQT RCTVG FG OC[QT RCTVG FG NCU
KPUVKVWEKQPGUCUWUVTCDCLCFQTGUGUWPCURGEVQCUGTCDQTFCFQEQPGNQDLGVKXQFG
EWNVWTKCT GP GN WUQ FG NCU VGEPQNQIÈCU FG KPHQTOCEKÎP C NC OC[QT RCTVG FG
VTCDCLCFQTGUNCDTGEJCFKIKVCNFGDGCEQTVCTUGGPGNUGEVQTRÕDNKEQ7PCNKOKVCEKÎP
RCTCNQEQOGPVCFQRWGFGUGTGNNKOKVCFQCPEJQFGDCPFCRCTCCEEGUCTC+PVGTPGV
RQTRCTVGFGDWGPPÕOGTQFGVTCDCLCFQTGU
MDRUGPGNFGKPUVKVWEKQPGU
[EQP-$25
G QVTQ NCFQ CN JCEGT WP CP¶NKUKU FG NC KPHQTOCEKÎP RTQXGPKGPVG FG NQU 2NCPGU
QRGTCVKXQUFG+PHQTO¶VKECFGNGPNC#FOKPKUVTCEKÎP2ÕDNKECRQFGOQUNKUVCT
CNIWPCU FG NCU HQTVCNGCU FGDKNKFCFGU [ COGPCCU GP VQTPQ C NQU TGEWTUQU
JWOCPQUFGN¶TGCFGKPHQTO¶VKEC
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
15. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
(QTVCNGCU GDKNKFCFGU #OGPCCU
0QEQPVCTEQPRGTUQPCNRCTC +PUVKVWEKQPGUEQP
HQTOWNCTUQHVYCTG OC[QTGUVGEPQNQIÈCU
RQTEQPVCTEQP
TGEWTUQURTQRKQU[WPC
CFGEWCFCCVGPEKÎPFG
NQUFKTGEVKXQU
4GEWTUQU*WOCPQU +PUWHKEKGPEKCFGRGTUQPCN (CNVCFGNÈPGCUFG
ECNKHKECFQU[EQPCORNKC KPHQTO¶VKEQRCTCNCU ECTTGTCRCTCRGTUQPCN
GZRGTKGPEKC TGRTGUGPVCEKQPGUFGHGPUQTKCNGU FGVGEPQNQIÈCUFG
+FGPVKHKECEKÎPFGNRGTUQPCN 0QUGEWGPVCPEQPRTQITCOCUFG KPHQTOCEKÎP
EQPNCKPUVKVWEKÎP ECRCEKVCEKÎPCNRGTUQPCN
2TGFKURQUKEKÎPFGN (CNVCFGRGTUQPCNGURGEKCNKCFQ
RGTUQPCNFGNC1HKEKPC FG ENCUKHKECFQRQTUGTXKEKQ4GFGU[
5KUVGOCUCNECODKQ %QOWPKECEKQPGU$CUGUFGFCVQU
5QRQTVGVÃEPKEQGPGNUKVKQ
FGUCTTQNNQFGUKVKQU9'$
+FGPVKHKECEKÎPFGNRGTUQPCN 'UECUQURTQITCOCUFGECRCEKVCEKÎP
EQPNCKPUVKVWEKÎP[EQP
ITCPGPVWUKCUOQ
2GTUQPCNKFGPVKHKECFQEQP #NVCTQVCEKÎPFGRGTUQPCNGP
NCQTICPKCEKÎP WPKFCFGUQRGTCVKXCU[FGCRQ[Q[
SWGTGSWKGTGFGECRCEKVCEKÎP
EQPUVCPVG
+PGUVCDKNKFCF.CDQTCN
(CNVCFGECRCEKVCEKÎP[
TGOWPGTCEKQPGUPQFGCEWGTFQEQP
NCHWPEKÎP[RWGUVQFGUKIPCFQ
2GTUQPCNFKTGEVKXQ[ .KOKVCEKQPGUGPNCEQPVTCVCEKÎPFG
VÃEPKEQEQPCORNKC TGEWTUQUJWOCPQURCTCGN
GZRGTKGPEKC FGUCTTQNNQFGRTQ[GEVQU
2GTUQPCNKFGPVKHKECFQEQP #NVCTQVCEKÎPFGRGTUQPCN
NCKPUVKVWEKÎP
2GTUQPCNEQPGZRGTKGPEKC 4GOWPGTCEKQPGUTGVTCUCFCUEQP $CLQRTGUWRWGUVQ
GPNQURTQEGUQUFGNC TGNCEKÎPCNOGTECFQ CVGPVCEQPVTCWPOGLQT
KPUVKVWEKÎP %CTGPEKCFGWPRNCPFG PKXGNVGEPQNÎIKEQ
2GTUQPCNKFGPVKHKECFQEQP ECRCEKVCEKÎP
NCKPUVKVWEKÎP +PCFGEWCFCKPHTCGUVTWEVWTC
HWPEKQPCN
'ZRGTKGPEKCFGNRGTUQPCN 'NFGNCHWGTCNCDQTCNTGCNKC *C[RTGUGPEKCFG
FGN¶TGCFGKPHQTO¶VKECGP OCPVGPKOKGPVQFGUCTTQNNQFGNQU TKGUIQFGFGUGTEKÎP
KORNGOGPVCTOQFGTPQU UKUVGOCUQRGTCEKÎP[GLGEWEKÎPFG FGNRGTUQPCN
UKUVGOCUFGIGUVKÎPEQP NQUUKUVGOCUFGRTQFWEEKÎPGUVC ECNKHKECFQRQTGN
VGEPQNQIÈCUFGRWPVCJC EQORWGUVQRQTRGTUQPCNFGNQU GUSWGOC
RGTOKVKFQQDVGPGTXGPVCLCU UGTXKEKQUFGVGTEGTQU TGOWPGTCVKXQOGPQT
EQORGVKVKXCURCTC CNOGTECFQNCDQTCN
FGUCTTQNNCTEQPUWNVQTÈCU KPHQTO¶VKEQ
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
16. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
(QTVCNGCU GDKNKFCFGU #OGPCCU
2GTUQPCNFKTGEVKXQ[ 4QVCEKÎPFGNRGTUQPCNRQT
VÃEPKEQEQPCORNKC FKURQUKEKQPGURQNÈVKECU
GZRGTKGPEKCGPGNTCOQFG 'UECUCECRCEKFCFFGTGVGPEKÎPFGN
VGEPQNQIÈCUFGKPHQTOCEKÎP RGTUQPCN
[EQPQEKOKGPVQFGNUGEVQT
$WGPCFKURQUKEKÎPFGN 0QGZKUVGWPRNCPFGECRCEKVCEKÎP
RGTUQPCNFGKPHQTO¶VKEC [FGUCTTQNNQRTQHGUKQPCNGPNC
RCTCNQITCTNQUQDLGVKXQU KPUVKVWEKÎP
VTCCFQU
)TCPKFGPVKHKECEKÎPFGN
RGTUQPCNFGKPHQTO¶VKEC
+FGPVKHKECEKÎPFGNRGTUQPCN (CNVCFGRTQITCOCUFG
EQPNCKPUVKVWEKÎP ECRCEKVCEKÎPCEQTFGCNQUECODKQU
FGNCVGEPQNQIÈC
+FGPVKHKECEKÎPFGNRGTUQPCN #NVCOQXKNKFCFFGRGTUQPCNFG +ORQUKDKNKFCFFG
EQPNCKPUVKVWEKÎP FGUCTTQNNQFGUKUVGOCU EQPVTCVCTRGTUQPCN
2GTUQPCNECNKHKECFQ 'UECUQUEWTUQUFGECRCEKVCEKÎP CFKEKQPCNRCTCEWORNKT
RCTCGNRGTUQPCNKPHQTO¶VKEQ GPHQTOCQRQTVWPCNCU
PGEGUKFCFGUFG
CWVQOCVKCEKÎPFG
RTQEGUQUPQ
EQPUKFGTCFQUGPGN
2NCPQRGTCVKXQ
+PHQTO¶VKEQCPWCN
2GTUQPCNFKTGEVKXQ[ (CNVCFGTGEWTUQUFGRGTUQPCNGPNC
VÃEPKEQEQPCORNKC 1HKEKPCFG+PHQTO¶VKEC
GZRGTKGPEKC 'UECUCQRQTVWPKFCFFG
+FGPVKHKECEKÎP[ ECRCEKVCEKÎPCNRGTUQPCN
EQORTQOKUQFGNRGTUQPCN
EQPNCKPUVKVWEKÎP
'P TGUWOGP RQFGOQU QDUGTXCT SWG GZKUVG WPC HQTVCNGC EQOÕP GP NQU TGEWTUQU
EQPNQU SWGEWGPVCPNCU)GTGPEKCUFG+PHQTO¶VKECNCKFGPVKHKECEKÎPFGNRGTUQPCN
EQPNCKPUVKVWEKÎPHTGPVGCNCFGDKNKFCFFGHCNVCFGRGTUQPCN[NCKORQUKDKNKFCFFG
EQPVCTEQPOCUTGEWTUQUWPCCNVCTQVCEKÎPFGRGTUQPCN[GUECUCQRQTVWPKFCFFG
ECRCEKVCEKÎPCNRGTUQPCN
2CTCXGTEQOQUGEQPEKDGCEVWCNOGPVGNCU)GTGPEKCUFG5KUVGOCUUGJCVQOCFQFG
NQU RNCPGU QRGTCVKXQU [ VTCPUETKVQ EQOQ FGHKPGP NC OKUKÎP [ NC XKUKÎP GP NC
#FOKPKUVTCEKÎP2ÕDNKECSWGUGFGUETKDGCEQPVKPWCEKÎP
','/2.15'/+5+¦0;8+5+¦0'.#)'4'0%+#'5+56'/#5
#EQPVKPWCEKÎPXGCOQUEQOQCNIWPCUQTICPKCEKQPGUJCPFGHKPKFQNCOKUKÎP[
XKUKÎP
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
17. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
GHKPGPEQOQ/KUKÎP ;EQOQ8KUKÎP
P RTQRQTEKQPC CRNKECEKQPGU FG VGEPQNQIÈC PDTKPFCTNCUJGTTCOKGPVCUVÃEPKECU
FG KPHQTO¶VKEC [ UQRQTVG VÃEPKEQ FG CNVC SWGRGTOKVGPQRVKOKCTGN
ECNKFCF SWG C[WFGP C NC KPUVKVWEKÎP C HWPEKQPCOKGPVQFGNUKUVGOC0CEKQPCN
RTQOQXGT WPC EWNVWTC FG JQPGUVKFCF [ FG%QPVTQNGPDCUGCNCQRQTVWPKFCF
VTCPURCTGPEKCGPNCIGUVKÎPRÕDNKECQ [OQFGTPKFCFQ
P RQPGT CN UGTXKEKQ FG NCU FKHGTGPVGU P EQPUKFGTCP SWG GN FGUCHÈQ FG NQU
WPKFCFGU QTI¶PKECU NCU VGEPQNQIÈCU FG NKFGTGU KPHQTO¶VKEQU SWG IGTGPEKCP NC
KPHQTOCEKÎP NQU TGEWTUQU JWOCPQU [ NCU KPHQTOCEKÎP GU RWGU GPEQPVTCT
JGTTCOKGPVCU OGVQFQNÎIKECU SWG NGU JGTTCOKGPVCU VGEPQNÎIKECU IGPGTCT
RGTOKVKT¶P EWORNKT NC OKUKÎP KFGCU KPPQXCFQTCU [ RTQOQXGT
KPUVKVWEKQPCNQ CEVKVWFGU RTQCEVKXCU FG NQU CIGPVGU
RTQVCIÎPKEQUFGNQUITCPFGUECODKQUQ
P .CRNCPKHKECEKÎPQTICPKCEKÎP[GLGEWEKÎP P.C )GTGPEKC FG +PHQTO¶VKEC GU ECRC
FG NCU CEVKXKFCFGU XKPEWNCFCU EQP NCU FG WVKNKCT NC VGEPQNQIÈC FG WNVKOC
VGEPQNQIÈCU [ UKUVGOCU FG KPHQTOCEKÎP UG IGPGTCEKÎP RCTC RTQRQTEKQPCT GN
GPECTIC FG RTQ[GEVQU KPHQTO¶VKEQU [ FG NCU EÎORWVQFGTGUWNVCFQUFGNQURTQEGUQU
QRGTCEKQPGU PGEGUCTKCU RCTC NNGXCT CECDQ GNGEVQTCNGU GP HQTOC GHKEKGPVG EQPHKC
FKEJQU RTQ[GEVQU CFOKPKUVTC NC RNCVCHQTOC DNG[QRQTVWPCIGPGTCPFQEQPHKCPC[
VGEPQNÎIKEC FG NC KPUVKVWEKÎP DTKPFC UGTXKEKQU VTCPURCTGPEKC GP NC EKWFCFCPÈC #UÈ
KPHQTO¶VKEQU [ GN UQRQTVG EQTTGURQPFKGPVGFG OKUOQ CFOKPKUVTC VQFQU NQU TGEWTUQU
VQFQU NCU CEVKXKFCFGU CFOKPKUVTCVKXCU [ KPHQTO¶VKEQU [ RTQRQPG [ GLGEWVC NQU
EQVKFKCPCU FG NC KPUVKVWEKÎP ICTCPVKCPFQ GN RTQ[GEVQUSWGUKORNKHKECPNQURTQEGUQU
TGURGVQCNCXQNWPVCFFGNGNGEVQT[NQUXCNQTGUCFOKPKUVTCVKXQUFGRNCPGCOKGPVQ[FG
FGNKORKGCVTCPURCTGPEKC[JQPGUVKFCFQ GXCNWCEKÎP FG IGUVKÎP KPUVKVWEKQPCN
SWG KFGPVKHKECP C NC KPUVKVWEKÎP EQOQ
WPCFGNCUO¶UGHKEKGPVGU[OQFGTPCUQ
'P QVTC KPUVKVWEKÎP EWGPVCP EQP GN 'UVC KPUVKVWEKÎP CFGO¶U FGHKPG UW
GRCTVCOGPVQFGGUCTTQNNQ[/CPVGPKOKGPVQ XKUKÎPP EQOQ WPQTICPKUOQNÈFGTGP
FG5KUVGOCUEW[COKUKÎPGUP CRQTVCTCNNQITQ 6GEPQNQIÈCU FG +PHQTOCEKÎP [ GN WUQ
FG NQU QDLGVKXQU [ OGVCU FG NC KPUVKVWEKÎP C OCUKXQ FG NCU 6GEPQNQIÈCU FG
VTCXÃU FG NC CFQREKÎP FG PWGXCU VGEPQNQIÈCU KPHQTOCEKÎP GP GN %QPITGUQ FG NC
KPHQTO¶VKECU GN FGUCTTQNNQ FG UKUVGOCU FG 4GRÕDNKECQ
KPHQTOCEKÎP [ NC KORNGOGPVCEKÎP FG PWGXCU
JGTTCOKGPVCU[UGTXKEKQUKPHQTO¶VKEQURCTCNQU
ÎTICPQU RCTNCOGPVCTKQU [ RCTC NCU WPKFCFGU
FGN5GTXKEKQRCTNCOGPVCTKQFGNIQDKGTPQQ
'P GN %QPUGLQ 0CEKQPCN FG NC /CIKUVTCVWTC P+PEQTRQTCT GP NC GUVTWEVWTC FGN
FGHKPGP UW OKUKÎP PCRQ[CT NC )GUVKÎP +PUVKVW %QPUGLQ WPC QHKEKPC FG +PHQTO¶VKEC
EKQPCN CWVQOCVKCPFQ NC KPHQTOCEKÎP EQP HWPEKQPGU FGHKPKFCU TGEWTUQU
TGNCEKQPCFC EQP NQU RTQEGUQU FG UGNGEEKÎP [ JWOCPQU ECNKHKECFQU [ RTQXKUVC FG
PQODTCOKGPVQ TCVKHKECEKÎP [ FGUVKVWEKÎP FG GSWKRQU OQFGTPQU
*CTFYCTG EQP
LWGEGU [ HKUECNGU CUÈ EQOQ NCU FG ECT¶EVGT UQHVYCTG CFGEWCFQ C NCU PGEGUKFCFGU
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N %QOQ¶TGCSWGFGRGPFGFG#FOKPKUVTCEKÎP
N %QOQ¶TGCSWGFGRGPFGFGNC)GTGPEKCFG#FOKPKUVTCEKÎP[2TGUWRWGUVQ
N %QOQ¶TGCSWGFGRGPFGFGNC1HKEKPCFG#FOKPKUVTCEKÎP[(KPCPCU
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5WUTGURQPUCDKNKFCFGU
N 2CTVKEKRCTFGNQU%QOKVÃUFG+PHQTO¶VKECQFGNCUTGWPKQPGUEQPQVTQUIGTGPVGU
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N 4GCNKCTKPXGUVKICEKQPGUEQPUVCPVGURCTCOCPVGPGTUGKPHQTOCFQFGNCUPWGXCU
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N GUCTTQNNQ FG NCU CRNKECEKQPGU PWGXCU [ GZKUVGPVGU RCTC NCU KPKEKCVKXCU FG NC
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N #FOKPKUVTCTUGTXKEKQUFGQWVUQWTEKPI[CRTQXKUKQPCOKGPVQKPVGTPQFGUGTXKEKQU
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6+%U
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N 2TQXGGT GPVTGPCOKGPVQ C VQFQU NQU WUWCTKQU FG 6+%U RCTC CUGIWTCT GN WUQ
RTQFWEVKXQFGUKUVGOCUPWGXQU[GZKUVGPVGU
N 2CTVKEKRCTFGEWTUQUUGOKPCTKQU[VCNNGTGUEQPITGUQU
N #FOKPKUVTCTNQUEQPHNKEVQU[RTKQTKFCFGUFGPVTQFGNGSWKRQFGNCGORTGUC
N 2NCPGCT[FKUVTKDWKTNQUVTCDCLQUGPGSWKRQU
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N #UWOKTWPPWGXQTQNRCTCGN¶TGCFGUKUVGOCU
N 'NECODKQGORKGCRQTWPCPWGXCHQTOCFGRGPUCT
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RCTC +PVGTPGV JQTCU RQT
VGNGXKUKÎP JQTCU RCTC XGT NCU
TGXKUVCU KIWCN PÕOGTQ FG JQTCU RCTC
TGXKUCT NQU RGTKÎFKEQU [ GN JQTCU
RQTNCTCFKQ
'UVQ UKIPKHKEC SWG GN GPVQTPQ FG NQU IGTGPVGU IGPGTCNGU FG NCU GORTGUCU VCPVQ
RÕDNKECU EQOQ RTKXCFCU [C PQ UQP NQU OKUOQU TCÎP RQT NC SWG GN )GTGPVG FG
5KUVGOCU
N 0QVKGPGSWGJCDNCTUÎNQFGVGEPQNQIÈCUKPQSWGFGDGJCDNCTGPWPKFKQOCSWG
NGGPVKGPFCGNLGHGFGNCQTICPKCEKÎPRCTCFGGUVCOCPGTCCRQ[CTNCVQOCFG
FGEKUKQPGU
N GDGRCTVKEKRCTO¶UGPNCQTICPKCEKÎP[GPNCUFGEKUKQPGUGUVTCVÃIKECUSWGUG
VQOCPGPNCQTICPKCEKÎP
N 2TGQEWRCTUGRQTGNENKOCGZVGTPQFGNCQTICPKCEKÎP
N 2TGQEWRCTUGVCODKÃPRQTGNWUWCTKQGZVGTPQFGNCQTICPKCEKÎP
N 'UVCTRTGRCTCFQRCTCCUGUQTCTUQDTGNCUÕNVKOCUKPPQXCEKQPGUFGNOGTECFQ
N 6GPGTNCUJCDKNKFCFGUFGWPDWGPCFOKPKUVTCFQTUCDGTFGTGEWTUQUJWOCPQU[
FGNCTCÎPFGUGTFGNCQTICPKCEKÎP
N /CPGLCTWPQFGNQURTKPEKRCNGUCEVKXQUFGNCQTICPKCEKÎPNCKPHQTOCEKÎP
N 6GPGT OC[QT KPVGTCEEKÎP EQP VQFCU NCU ¶TGCU FCFQ C SWG NC VGEPQNQIÈC NQ
RQUKDKNKVC
'P WPC GPEWGUVC TGEKGPVG TGCNKCFC RQT +PHQTOCVKQP 9GGM 4GUGCTEJ
JVVRFGNVCJ[RGTOCTVPGVGUVC'56JVON UG JCEG WPC EQORCTCEKÎP GPVTG GN
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
26. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
KPVGTÃUFGNQU)GTGPVGUFG6GEPQNQIÈCUFG KPHQTOCEKÎP[NQU)GTGPVGU)GPGTCNGU
FGNCUQTICPKCEKQPGUQDVGPKÃPFQUGNQUUKIWKGPVGUTGUWNVCFQU
+PVGTÃUFGN +PVGTÃUFGN
¶TGCU
)GTGPVGFG6+ )GTGPVG)GPGTCN
'$WUKPGUU
5GIWTKFCF
#FOKPKUVTCEKÎP[#NOCEGPCOKGPVQFGFCVQU
%QPUWNVQTGUQ#UGUQTGU'UVTCVÃIKEQU
#RNKECEKQPGUFGECTCCNENKGPVG
+PHTCGUVTWEVWTCFG4GFGU[5KUVGOCU
2TQXGGFQTGUFG5GTXKEKQ[1WVUQWTEKPI
#RNKECEKQPGURCTC1RGTCEKQPGU+PVGTPCU
#FOKPKUVTCEKÎPFGTGFGU[UKUVGOCU
/QXKNKFCF [TGFGUKPCN¶ODTKECU
%QPXGTIGPEKCFKIKVCN
'PGNEWCFTQUGQDUGTXCSWGGNITCFQFGKORQTVCPEKCFGNQUVGOCUGPWPPKXGN[GN
QVTQ UQP FKHGTGPVGU 5KP GODCTIQ RQFGOQU CRTGEKCT SWG GN KPVGTÃU RTKPEKRCN FGN
)GTGPVGFG6+GUFGUCTTQNNCTGNGADWUKPGUU [GNFGN)GTGPVG)GPGTCNGUGNKPVGTÃU
RQTNCUCRNKECEKQPGUFGECTCCNENKGPVG
'P WP GUVWFKQ FG )CTVPGT':'
JVVRFGNVCJ[RGTOCTVPGVGUVC'56JVON CDTKN
C O¶U FG FKTGEVQTGU FG VGEPQNQIÈCU FG KPHQTOCEKÎP NCU RTKQTKFCFGU
HWGTQP
'NCDQTCTGUVTCVGIKCURCTCKPVGITCTNQUPGIQEKQUEQPNCVGEPQNQIÈCKPHQTO¶VKEC
2TQXGGTNKFGTCIQ[IWÈCCNCCNVCFKTGEEKÎP[NCUIGTGPEKCUFGNÈPGC
GOQUVTCTGNXCNQTFGNCUVGEPQNQIÈCUFGKPHQTOCEKÎPRCTCNCQTICPKCEKÎP
GUCTTQNNCTGNGSWKRQCFOKPKUVTCVKXQFGVGEPQNQIÈCUFGKPHQTOCEKÎP
4GFWEEKÎPFGNEQUVQVQVCNFGNCUVGEPQNQIÈCUFGKPHQTOCEKÎP
#LWUVCTRTQEGUQUFGRTKQTKCEKÎP[CFOKPKUVTCEKÎPFGRTQ[GEVQU
#LWUVCTOGFKFCUFGUGIWTKFCF[RTKXCEKFCF
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
27. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
'UVQU TGUWNVCFQU OWGUVTCP SWG NCU RTKQTKFCFGU GPVTG GN 4GURQPUCDNG FG NC
QTICPKCEKÎP [ NC )GTGPEKC FG 5KUVGOCU UQP FKHGTGPVGU RQT GN PKXGN FG
TGURQPUCDKNKFCFGURGTQJC[CNIQOW[KORQTVCPVGCVGPGTGPEWGPVCSWGGUEQPVCT
EQPGNEQORTQOKUQFGNCCNVCIGTGPEKCRCTCCUWOKTGUVQUPWGXQUTQNGU
'NO¶ZKOQTGRTGUGPVCPVGFGNCQTICPKCEKÎPFGDGGUVCTEQPXGPEKFQNCXKUKÎPFGNC
KPHQTOCEKÎP EQOQ TGEWTUQ XKVCN FG NC QTICPKCEKÎP FG NCU QRQTVWPKFCFGU
GUVTCVÃIKECU[FGNCQDVGPEKÎPFGXGPVCLCUEQORGVKVKXCUTGNGXCPVGU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
28. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
3Q`de_ 999999** 3QbQSdUbcdYYSQc TU _c 7UbU^dUc TU CYYcdU]Qc
3Q` de _ 3QbQSdUb cd SQc TU _c 7UbU^dUc TU C cdU]Qc
%1/1'$'05'4.15)'4'06'5'5+56'/#5
.QU)GTGPVGUFG5KUVGOCUFGDGPVGPGTEKGTVCUECTCEVGTÈUVKECU
N %QP WPC QTKGPVCEKÎP HWGTVG JCEKC NC RTKPEKRCN TCÎP FG UGT FG NC KPUVKVWEKÎP
EQPGZRGTKGPEKCCORNKCGPGNUGEVQTSWGVTCDCLC
N GOQUVTCT JCDKNKFCFGU RCTC VTCGT DGPGHKEKQU CRNKECPFQ 6+%U RCTC TGUQNXGT NQU
RTQDNGOCUOCPGLQFGEQUVQU[TKGUIQ
N 'ZRGTKOGPVCT KFGPVKHKECT [ GXCNWCT NQU PWGXQU FGUCTTQNNQU VGEPQNÎIKEQU [
GXCNWCTUWCFGEWCEKÎPRCTCUWQTICPKCEKÎP
N *CDKNKFCFRCTCEQOWPKECTUG[GPVGPFGTNCUPGEGUKFCFGUFGNQUWUWCTKQUGPWP
NGPIWCLGUKORNGPQVÃEPKEQ
N *CDKNKFCF RCTC EQPEGRVWCNKCT NCPCT [ GPVTGICT OÕNVKRNGU RTQ[GEVQU 6+%U C
VKGORQ[FGPVTQFGNRTGUWRWGUVQ
N *CDKNKFCFFGKPVGITCTUG EQPGNGSWKRQFGFKTGEEKÎPGZKUVGPVGUKGPFQWPDWGP
Q[GPVGWPDWGPEQPUVTWEVQT[WPCDQICFQCTVKEWNCFQFGUWXKUKÎPVGEPQNÎIKEC
37'%7#.+#'52'4510#.'5'$'6'0'4
7P)GTGPVGFG5KUVGOCUFGDGVGPGT
%QPFKEKQPGU FG NKFGTCIQ JCDKNKFCFGU FG EQOWPKECEKÎP KPVGTRGTUQPCNGU
JCDKNKFCF FG VTCDCLCT GP CODKGPVG FG EQNCDQTCEKÎP [ CRTGPFKCLG EQPVKPWQ CNVC
KPVGITCEKÎP G KPVGNKIGPEKC UGPUKDKNKFCF RQT QVTQU GZEGNGPVG LWKEKQ RGPUCFQT
EQPEGRVWCNGUVTCVÃIKEQVCPDWGPQEQOQRTCIO¶VKEQ[WPCJCDKNKFCFRCTCIGPGTCT
EQPHKCPC[CNKCPCUGUVTCVÃIKECU
'PLWNKQFGNGPWPCGPEWGUVCFG)GTGPVGUFG5KUVGOCURGTVGPGEKGPVGU
CNQU2TQITCOCU'LGEWVKXQUFG)CTVPGTUGRWUKGTQPFGOCPKHKGUVQWPCUVGPFGPEKCU
ENCXG GP GN FGUCTTQNNQ FG NC RQUKEKÎP FGN )GTGPVG FG 5KUVGOCU FGPVTQ FG NCU
GORTGUCU .CU GORTGUCU GUV¶P EQNQECPFQ GLGEWVKXQU EQP TGURQPUCDKNKFCFGU
KORQTVCPVGUGP6+%UGPNQUPKXGNGUO¶UCNVQUFGNCVQOCFGFGEKUKQPGUGLGEWVKXCU
)CTVPGT JC EQORTQDCFQ SWG GP NCU GORTGUCU OGFKCPCU [ ITCPFGU GUV¶
GOGTIKGPFQWPPWGXQGUVKNQFGGLGEWVKXQEQPTGURQPUCDKNKFCFGUGPNCHWUKÎPFGN
PGIQEKQ[NCVGEPQNQIÈC[SWGGUVGGLGEWVKXQ GUV¶GXQNWEKQPCPFQRCTCQEWRCTUG
FGFKUVKPVCURCTVGUFGNCUGUVTCVGIKCUGKORNGOGPVCEKQPGUFG6+%UGIQDKGTPQ[FG
GDWUKPGUU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
29. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
'U CUÈ SWG XCP CRCTGEKGPFQ NQU EWCVTQ UKIWKGPVGU VKRQU FGN)GTGPVGFG5KUVGOCU
CWPSWGCVQFQUGNNQUPQUGNGUFGUKIPCEQPGUVGPQODTGFGOCPGTCGZRNÈEKVC
N .QU )GTGPVGU FG 5KUVGOCU SWG VKGPGP WPC TGURQPUCDKNKFCF C PKXGN
QTICPKCEKQPCNGPWPRWGUVQFGIGUVKÎPFGFGOCPFCSWGGUWPTQNGUVTCVÃIKEQ
GPHQECFQ CN EWORNKOKGPVQ FG NCU PGEGUKFCFGU [ GZRGEVCVKXCU FG NC
QTICPKCEKÎP CN O¶U CNVQ PKXGN 'UVQU )GTGPVGU FG 5KUVGOCU PQ UWGNGP UGT
TGURQPUCDNGUFGNCKORNGOGPVCEKÎP
N .QULGHGUFGVGEPQNQIÈCQFGKPHTCGUVTWEVWTCSWGFGUGORGÌCPUWUHWPEKQPGUCN
OKUOQPKXGN SWGGNRTKOGTVKRQ UQPTGURQPUCDNGUFGICTCPVKCTNCRTGUVCEKÎP
GHGEVKXCGPEWCPVQCNQUEQUVQUFGNQUUGTXKEKQUVGEPQNÎIKEQU
RGLGZRNQVCPFQ
NCUQRQTVWPKFCFGUFG QWVUQWTEKPI
N .QU QRQTVWPKUVCU VGEPQNÎIKEQU UQP CSWGNNQU GLGEWVKXQU EW[CU
TGURQPUCDKNKFCFGUEQOQ)GTGPVGFG5KUVGOCUJCPKFQCWOGPVCFQCRCTVKTFG
NCU FGOCPFCU VGEPQNÎIKECU FG NC QTICPKCEKÎP 'UVQU GLGEWVKXQU GUV¶P OW[
KPXQNWETCFQUGPGNKORWNUQFGPWGXCUQRQTVWPKFCFGU[HQTOCUFGOGLQTCT[Q
CRQ[CT NQU RTQEGUQU FG NC QTICPKCEKÎP FGDKFQ C UW FQOKPKQ FG NCU
VGEPQNQIÈCUGOGTIGPVGU
N 'P NCU QTICPKCEKQPGU EQPOÕNVKRNGU FKXKUKQPGUCSWGNNCURGTUQPCUCECTIQFG
NCUWPKFCFGUO¶UKORQTVCPVGUFGUGORGÌCPNCHWPEKÎPFGIGTGPVGFGUKUVGOCU
# OGPWFQ GUVQU GLGEWVKXQU EQODKPCP NQU TQNGU FG QHGTVC [ FGOCPFC GP NC
WPKFCF DCLQ UW ECTIQ [ UQP TGURQPUCDNGU FG NC IGUVKÎP [ EWORNKOKGPVQ FG
GZRGEVCVKXCU CUÈ EQOQFGNCRTGUVCEKÎPFGUGTXKEKQU GURGEÈHKEQU GPGN¶ODKVQ
FGUWWPKFCF
*C[EWCVTQRCNCDTCUSWGTGUWOGPNCUCEVKXKFCFGUQTQNGUSWGUQPRTKQTKVCTKCURCTC
GN)GTGPVGFG5KUVGOCUCEVWCNCEVKXCEKÎPECRCEKVCEKÎPGLGEWEKÎP[GZRNQVCEKÎP
'UFGEKTGNNQUFCPXKFCCNCUKPKEKCVKXCUGUVTCVÃIKECUFGNCUQTICPKCEKQPGUCNWPKT
NC GZRGTKGPEKC VGEPQNÎIKEC EQP GN EQPQEKOKGPVQ FG NCU CEVKXKFCFGU FG NC
QTICPKCEKÎPHWPFCOGPVCNGU
.QU)GTGPVGUFG5KUVGOCUEQPUVKVW[GPWPQFGNQURQEQUITWRQUFGGLGEWVKXQUSWG
VKGPGP WPC XKUVC RCPQT¶OKEC FG NC KPUVKVWEKÎP [ UWU EQNGICU GLGEWVKXQU UG XCP
FCPFQ EWGPVC FG NQ XCNKQUC SWG GU GUVC RGTURGEVKXC RQT GNNQ PQ GU FKHÈEKN
TGEQPQEGTCNVQUGLGEWVKXQUSWGWPFÈCHWGTQPIGTGPVGUFGKPHQTO¶VKEC
%#4#%6'4 56+%#5'.15)'4'06'5'5+56'/#5
2CTC CUWOKT NQU PWGXQU TGVQU SWG NG RNCPVGC GN FGUCTTQNNQ FG NCU 6+%U GN PWGXQ
)GTGPVGFG5KUVGOCU
VCPVQGPGNUGEVQTRÕDNKEQEQOQGPGNRTKXCFQFGDGVGPGT
EKGTVCUECTCEVGTÈUVKECUSWGFGUETKDKTGOQUCEQPVKPWCEKÎP
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
30. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
.KFGTCIQ
.CRTKPEKRCNECTCEVGTÈUVKECFGNPPWGXQQ )GTGPVGFG5KUVGOCUGUUGTGNNKFGT
GP 6GEPQNQIÈCU FG +PHQTOCEKÎP EQOQ GP EWCNSWKGT RWGUVQ FG IGTGPEKC
KORNKEC UGT XKUKQPCTKQ CRCUKQPCFQ VQOCFQT FG TKGUIQ KPURKTCFQT
ECTKUO¶VKEQ UGIWTQ FG UÈ OKUOQ KPHNW[GPVG ETGCVKXQ RQUKVKXQ CRQ[CFQT
EQOWPKECFQTHKLCFQTFGQDLGVKXQUGUVKOWNCPVGLWUVQGPVTGQVTQU'NNÈFGTGP
VGEPQNQIÈCUFGKPHQTOCEKÎPGUECRCFGPPCXGICTQ GPNCVGEPQNQIÈC[GPNC
QTICPKCEKÎPEQPNCOKUOCHCEKNKFCF
'ZRGTKGPEKCGPCNKPGCTNCVGEPQNQIÈCEQPGNTQNFGNCQTICPKCEKÎP
*C[SWGVGPGTENCTQSWGNCVGEPQNQIÈCGUWPOGFKQ[WPTGEWTUQO¶URCTC
NNGXCT CFGNCPVG C NCU KPUVKVWEKQPGU RQT NQ SWG GU KFGCN SWG EQPQEC NQU
CURGEVQU VGEPQNÎIKEQU VCNGU EQOQ EQPQEGT FG 'PVGTRTKUG 4GUQWTEG
2NCPPKPI KPHTCGUVTWEVWTC YGD %WUVQOGT 4GNCVKQP /CPCIGOGPV 5WRRN[
%JCKP /CPCIGOGPV [ QVTQU SWG VKGPGP UVCVWU FG PFGUGCFQQ RGTQ PQ
KPFKURGPUCDNG GU KORQTVCPVG EQPQEGT DKGP GN TQN FG NC QTICPKCEKÎP 'N
EQPQEKOKGPVQ FG UKUVGOCU QRGTCVKXQU JCTFYCTG Q OCTECU GURGEÈHKECU PQ
GUV¶PGPNCNKUVCFGTGSWGTKOKGPVQU
%QPQEKOKGPVQFGNCECFGPCFGXCNQTFGNCQTICPKCEKÎP
.QU)GTGPVGUFGNÈPGCQLGHGUUKGORTGEQPUKFGTCPSWGGNRWPVQO¶UFÃDKN[
HTWUVTCPVG FGN )GTGPVG FG 5KUVGOCU GU UW HCNVC FG EQORTGPUKÎP [
EQPQEKOKGPVQFGNCQTICPKCEKÎP.QU)GTGPVGUFG5KUVGOCUSWGPQNQITCP
JCEGTUGGZRGTVQUGPGNXGTFCFGTQTQNQIKTQFGPGIQEKQFGNCQTICPKCEKÎP
[GPGN¶ODKVQGPSWGUGOWGXGPGUVCT¶PUKGORTGNKOKVCFQU[CITGICT¶P
RQEQXCNQT
*C[ SWG FGUCTTQNNCT WP EQPQEKOKGPVQ RTQHWPFQ FG NC ECFGPC FG XCNQT
CFOKPKUVTCEKÎPRÕDNKECUGTXKEKQU[RTQFWEVQUCDCUVGEKOKGPVQOCTMGVKPI[
XGPVCU HKPCPCU [ EQPVCDKNKFCF ECPCNGU FG FKUVTKDWEKÎP GVE FG NC
QTICPKCEKÎP[NCHQTOCGPSWGNCVGEPQNQIÈCKPHNW[GGPGNNC'N)GTGPVGFG
5KUVGOCU GU GN ÕPKEQ IGTGPVG CRCTVG FGN )GTGPVG )GPGTCN SWG TGSWKGTG
VGPGT WP OCPGLQ CORNKQ [ RTQHWPFQ FG VQFQU NQU RTQEGUQU FG NC
QTICPKCEKÎPCFGO¶UVKGPGSWGUCDGTFGVGEPQNQIÈC
GUVTGCUFGTGNCEKQPCOKGPVQKPVGTRGTUQPCN
.QU)GTGPVGUFG5KUVGOCUUWGNGPVGPGTRGTUQPCNKFCFGUPGURGEKCNGUQNQEWCN
PQ NQU HCXQTGEG HTGEWGPVGOGPVG JCDNCPFGNPEQORWVÎNQIQQ EQOQCNIWKGP
KPECRC FG TGNCEKQPCTUG JWOCPCOGPVG C WP PKXGN CNVQ [ OGPQU CÕP
PPCXGICTQ DKGPGPNCRQNÈVKECKPVGTPCQCVTCXÃUFGNQUFKXGTUQURTQEGUQUFG
NCQTICPKCEKÎP
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
31. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
.CECRCEKFCFFGTGNCEKQPCOKGPVQKPVGTRGTUQPCNFGGZEGNGPVGPKXGNUGJCEG
OWEJQO¶UETÈVKECEQPNCNNGICFCFGNCPKPUVKVWEKÎPGZVGPFKFCQ XÈC+PVGTPGV
JC[ SWG KPVGTCEVWCT EQP RGTUQPCU FG QVTCU EWNVWTCU KPUVKVWEKQPCNGU [
RGTUQPCNGUHWGTCFGNQURCTCFKIOCU[EQUVWODTGUFGNCRTQRKCKPUVKVWEKÎP
%CRCEKFCFRCTC)GTGPEKCT
.C ECRCEKFCF RCTC FKTKIKT [ UWRGTXKUCT RGTUQPCU RTQ[GEVQU TGEWTUQU
RTGUWRWGUVQU RTQXGGFQTGU EQPVTCVKUVCU [ QVTQU UQEKQU FG PGIQEKQU GU
GUGPEKCN
.CECRCEKFCFFGHQTOCTGSWKRQUOQVKXCT[GUVKOWNCTCNRGTUQPCNVCODKÃPGU
WP CEVKXQ HKLCT RTKQTKFCFGU CUKIPCT TGEWTUQU RCTC GUVCU RTKQTKFCFGU [
EWORNKTUKGORTGEQPNQRNCPKHKECFQ
RNCQURTGUWRWGUVQHWPEKQPCNKFCFGU
WPCECTCEVGTÈUVKECGUGPEKCNFGWP)GTGPVGFG5KUVGOCU
GUVTGCURCTC%QOWPKECTGPHQTOCGHGEVKXC
.C JCDKNKFCF RCTC CTVKEWNCT KPVGNKIGPVGOGPVG WPC GUVTCVGIKC Q WPC KFGC GP
HQTOC ENCTC [ RTGEKUC GU WP TGSWGTKOKGPVQ XKVCN FGN PWGXQ )GTGPVG FG
5KUVGOCU.CECRCEKFCFFGGUEWEJCT[FGUVTGCUFGPGIQEKCEKÎPRGTUWCUKÎP
[OCPGLQFGEQPHNKEVQUVTCDCLCPFQDCLQRTGUKÎPVCODKÃPUQPKPFKURGPUCDNGU
5CDGT JCEGT WP DWGP FQEWOGPVQ HQTOCN WPC RTGUGPVCEKÎP RÕDNKEC FG
RTKOGTPKXGN[EQPFWEKTTGWPKQPGUGPHQTOCGHGEVKXCUQPQVTCUFGUVTGCU
*CDKNKFCFRCTCETGCT[CFOKPKUVTCTNQUECODKQU
7PC FGNCUFGUVTGCUO¶UUQNKEKVCFCUGUUGTCIGPVGFGECODKQ [GUSWGNC
OC[QTÈCFGNCUDÕUSWGFCUFG)GTGPVGFG5KUVGOCUPQUQPRCTCTGGORNCCTC
CNIWKGPSWGUGHWGUKPQRCTCRTQXQECTWPECODKQFGOCIPKVWFGPGUVGTQN
IGPGTCNOGPVG GU WP ECTIQ PWGXQ GP NC QTICPKCEKÎP .C RTKQTKFCF GU
ECODKCT GN GPHQSWG FG VGEPQNQIÈCU FG +PHQTOCEKÎP FGUFG WPC PGEGUKFCF
QRGTCEKQPCNJCEKCWPGNGOGPVQGUVTCVÃIKEQ.CJCDKNKFCFFGETGCTECODKQU
TGNGXCPVGURCTCNCKPUVKVWEKÎP[CFOKPKUVTCTGNRTQEGUQRCTCPQOQTKTGPGN
KPVGPVQGUENCXGCNGNGIKTWP)GTGPVGFG5KUVGOCU
%QPQEKOKGPVQ[GZRGTKGPEKC FGNCQTICPKCEKÎP
7PTGSWGTKOKGPVQOW[EQOÕPGUSWGGNECPFKFCVQC)GTGPVGFG5KUVGOCU
XGPIC FG NC OKUOC KPUVKVWEKÎP [ NC EQPQEC DKGP # XGEGU RWGFG
TGGORNCCTUG GUVQ EQP GZRGTKGPEKC CFSWKTKFC GP QVTC KPUVKVWEKÎP EQP
RTQEGUQU UKOKNCTGU Q CHÈPGU 1ECUKQPCNOGPVG NC QTICPKCEKÎP SWKGTG
KPEQTRQTCTWPGZRGTVQ[PWGXCUKFGCUKPEWDCFCUGPQVTCKPUVKVWEKÎPEQPNQ
EWCNGN)GTGPVGFG5KUVGOCURQVGPEKCUWTQNFGCIGPVGFGECODKQ
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
32. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
'ZRGTKGPEKCKPVGTPCEKQPCNQINQDCN
'N )GTGPVG FG 5KUVGOCU FG WPC KPUVKVWEKÎP FGDG EQPQEGT EQOQ UG GUV¶P
OQXKGPFQGPGNOWPFQKPUVKVWEKQPGUUKOKNCTGU CNCSWGFKTKIGRQTNQSWG
UGT¶ KORQTVCPVG SWG EQPQEC FG KFKQOCU VGPIC JCDKNKFCFGU FG
EQOWPKECEKÎP SWG RWGFG VTCDCLCT UKP RTQDNGOCU GP XCTKCU EWNVWTCU SWG
GUV¶ CDKGTVQ [ UGPUKDNG C NCU RCTVKEWNCTKFCFGU [ CRTGPFGT FG NCU DWGPCU
RT¶EVKECU SWG RWGFCP QHTGEGT QVTCU KPUVKVWEKQPGU RCTC CRNKECTNCU #SWÈ
OGPEKQPCTGOQUNCKORQTVCPEKCFGNEQPEGRVQ$GPEJOCTM
GUVTGCURCTCTGENWVCTFGUCTTQNNCT[TGVGPGTRTQHGUKQPCNGU6+
5QTRTGPFGPVGOGPVGGUVGCVTKDWVQFGN)GTGPVGFG5KUVGOCUPVQRQ PQJCUKFQ
EQPUKFGTCFQ GP OWEJQU ECUQU TGEKGPVGU 7P )GTGPVG FG 5KUVGOCU SWG
RTQCEVKXCOGPVG KPENW[G GUVG VGOC GP UW KPXGPVCTKQ FG EQORGVGPEKCU [C
EQOGPÎDKGP
'N RTQEGUQ FG TGENWVCOKGPVQ GU ENCXG RQTSWG EQOQ NCU CRNKECEKQPGU UQP
ECFC XG O¶U GUVTCVÃIKECU NQU TGEWTUQU ECNKHKECFQU NQ UQP VCODKÃP
GP
GURGEKCNGPNC#FOKPKUVTCEKÎP2ÕDNKECGPGNSWGGNÈPFKEGFGTQVCEKÎPFGNQU
TGEWTUQUGUCNVQ
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N 2TKQTKCTGEKFKTEW¶NGUFGNCUCEVKXKFCFGUUQPNCUO¶UKORQTVCPVGURCTCSWG
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NCURTKQTKFCFGU
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N 2KGTFQICPCUPQVKGPGPKPIWPCPQTOCTGSWGTKOKGPVQGZRGEVCVKXCXKUKÎPGVE
6KGPFGP C EGFGT Q TGPWPEKCT DWUECPFQ NC CEGRVCEKÎP Q NC RQRWNCTKFCF *C[
KPUGIWTKFCFNCURGTUQPCUGUV¶PVGPFKGPVGUCCRCEKIWCTQFGUGQUFGCITCFCT
N 2KGTFQRKGTFGU GU NC HKNQUQHÈC FG NC IWGTTC FGN EQPHNKEVQ 0QTOCNOGPVG FG
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GUVCOGPVCNKFCFRKGPUCGPVÃTOKPQUFGCUGIWTCTUGUWURTQRKQUHKPGU
N )CPCTICPCTÎPQJC[VTCVQUKPQNNGICTCPCWPCUQNWEKÎPUKPÃTIKECEQPNCSWG
GUVWXKGTCPFGCEWGTFQTGEWTTGPCNCGZRTGUKÎPPQJC[VTCVQ
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GLGTEKEKQ FG NCU FQVGU JWOCPCU GP PWGUVTCU TGNCEKQPGU EQP NQU FGO¶U 5WRQPG
CRTGPFKCLGTGEÈRTQEQKPHNWGPEKCOWVWCDGPGHKEKQUEQORCTVKFQU.CUFKOGPUKQPGU
UQPNCUUIVGU
N %CT¶EVGT TCUIQU ECTCEVGTÈUVKEQU KPVGITKFCF OCFWTG OGPVCNKFCF FG
CDWPFCPEKC
N 4GNCEKQPGUUKPEQPHKCPCUGFGVGTKQTCNCEQOWPKECEKÎP[GNCRTGPFKCLG
N #EWGTFQUDCUCFQUGPGNGOGPVQUTGUWNVCFQUFGUGCFQUFKTGEVTKEGUTGEWTUQU
TGPFKEKÎPFGEWGPVCUEQPUGEWGPEKCU
N 5KUVGOCU GN UKUVGOC FG TGEQORGPUCU FGDG UGT EQPITWGPVG EQP NCU OGVCU [
XCNQTGU
N 2TQEGUQU NC GUGPEKC FG NC PGIQEKCEKÎP FG RTKPEKRKQU EQPUKUVG GP UGRCTCT
RGTUQPC[RTQDNGOCGPEGPVTCTUGGPNQU KPVGTGUGU[PQGPNCURQUKEKQPGUGP
KFGCTQREKQPGURCTCNCICPCPEKCOWVWC[GPKPUKUVKTGPETKVGTKQUQDLGVKXQUSWG
CODCURCTVGURWGFCPEQORCTVKT
37+061*$+61241%74'%1/24'0'4;.7')15'4%1/24'0+1
%WCPFQGZKUVGWPRTQDNGOCOWEJCUXGEGUNCURGTUQPCUVKGPFGPCRTGEKRKVCTUG[
PQ UG VQOC GN VKGORQ RCTC FKCIPQUVKECT [ GORGCT C EQORTGPFGT RTQHWPFC [
TGCNOGPVGGNRTQDNGOCRQTNQSWGFGDGOQURTQEWTCTRTKOGTQEQORTGPFGT[NWGIQ
UGT EQORTGPFKFQU 'UVG RTKPEKRKQ GU NC ENCXG FG NC EQOWPKECEKÎP RGTUQPCN
GHGEVKXC
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC