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2TGRCTCFQ           5WD,GHCVWTCFG+PHQTO¶VKEC KTGEEKÎP6ÃEPKECFG0QTOCVKXKFCF[2TQOQEKÎPl
+ORTGUKÎP           6CNNGTGU )T¶HKEQU FG NC 1HKEKPC 6ÃEPKEC FG #FOKPKUVTCEKÎP FGN +PUVKVWVQ 0CEKQPCN FG
                     'UVCFÈUVKECG+PHQTO¶VKEC +0'+
'FKEKÎP             'LGORNCTGU
QOKEKNKQ           #X)TCN)CTÎP0,GUÕU/CTÈCK .KOC
1TFGP               016#+0'+
GRÎUKVQ.GICN      0
@bUcU^dQSY†^
'N+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKECK +0'+GUGNÎTICPQTGEVQTFG
NQU5KUVGOCU0CEKQPCNGUFG'UVCFÈUVKECG+PHQTO¶VKECGPGNRCÈUEW[COKUKÎPGU
EQPVTKDWKT CNCVQOCFGFGEKUKQPGUEQPKPHQTOCEKÎPGUVCFÈUVKECFGECNKFCF[CN
WUQ FG NCU VGEPQNQIÈCU FG KPHQTOCEKÎP RCTC GN FGUCTTQNNQFGNC#FOKPKUVTCEKÎP
2ÕDNKEC[ NC5QEKGFCF

'P GUVG OCTEQ PQTOCVKXQ [ FGUFG UW ETGCEKÎP GN +0'+ JC GNCDQTCFQ
RWDNKECEKQPGU EQP GN RTQRÎUKVQ FG QTKGPVCT JCEGT EQPQEGT VÃEPKECU
OGVQFQNQIÈCU KPHQTO¶VKECU GUV¶PFCTGU TGEQOGPFCEKQPGU VÃEPKECU FKTKIKFCU CN
RGTUQPCNFGNC#FOKPKUVTCEKÎP2ÕDNKEC[CNRÕDNKEQGPIGPGTCN

%QPUKFGTCPFQ SWG PQU GPEQPVTCOQU HTGPVG C WPC RQNÈVKEC FG /QFGTPKCEKÎP
FGN 'UVCFQ [ WP RTQEGUQ FG FGUEGPVTCNKCEKÎP GP ECOKPQ RTQEGUQU SWG PQ
GUV¶P FGUXKPEWNCFQU FG WP WUQ TCEKQPCN G KPVGPUKXQ FG NCU VGEPQNQIÈCU FG
KPHQTOCEKÎP[SWGRCTCGNNQUGTGSWKGTGFGNKFGTGU[CIGPVGUFGECODKQGPECFC
WPC FG NCU QTICPKCEKQPGU RCTC SWG DTKPFGP WP OGLQT UGTXKEKQ C NQU
EKWFCFCPQUUGJCRTGRCTCFQGNRTGUGPVGFQEWOGPVQ

'UVG FQEWOGPVQ GPHQEC GN VGOC FG EÎOQ FGDGP UGT GUVQU CIGPVGU FG ECODKQ
SWG GP NCU GUVTWEVWTCU QTICPKCEKQPCNGU UQP FGPQOKPCFQU )GTGPVGU FG
+PHQTO¶VKECEWCNGUFGDGPUGTNCUJCDKNKFCFGU[FGUVTGCUSWGFGDGPOGLQTCTQ
CNECPCTRCTCEQPFWEKTGHKEC[GHKEKGPVGOGPVGNCIGTGPEKCFGNCUVGEPQNQIÈCUFG
KPHQTOCEKÎP[EQORTGPFGTSWG[CPQUQPO¶UUÎNQNQUGPECTICFQUFGRTQEGUCT
NC KPHQTOCEKÎP XGT GN UQHVYCTG JCTFYCTG UKPQ SWG KPVGTXKGPGP GP NC VQOC FG
FGEKUKQPGUFGNCQTICPKCEKÎP[EQPQEGPDKGPNCQTICPKCEKÎP

2CTC NC GNCDQTCEKÎP FG GUVG FQEWOGPVQ  PQU JGOQU DCUCFQ GP WPC UGTKG FG
DKDNKQITCHÈC GZKUVGPVG UQDTG ECFC WPQ FG NQU VGOCU VTCVCFQU [ JCP UKFQ
QTICPKCFQUGPUGKUECRÈVWNQUGPGN%CRÈVWNQ+UGTGCNKCNCKPVTQFWEEKÎPCNVGOC
[GPGN%CRÈVWNQ++UGRTGUGPVCNCUKVWCEKÎPCEVWCNFGNCUIGTGPEKCUFGUKUVGOCU
EQOQ FGHKPGP UW XKUKÎP [ OKUKÎP GP GN SWG RTGFQOKPC GN EQORQPGPVG
VGEPQNÎIKEQ CUÈ EQOQ NC WDKECEKÎP FG GUVCU GP NCU FKXGTUCU GUVTWEVWTCU
QTICPKCEKQPCNGU

'P GN %CRÈVWNQ +++ UG VTCVC UQDTG EQOQ FGDGTÈCP UGT NQU IGTGPVGU FG UKUVGOCU
SWG ECTCEVGTÈUVKECU FGDGTÈCP VGPGT [ SWG EWCNKFCFGU RGTUQPCNGU SWG FGDGP
VGPGT

'N%CRÈVWNQ+8VTCVCUQDTGNQURTKPEKRCNGUJ¶DKVQUFGWPIGTGPVGFGUKUVGOCU[
NC KORQTVCPEKC FG NC KPVGNKIGPEKC GOQEKQPCN HTGPVG C NC KPVGNKIGPEKC
EQIPQUEKVKXC
'N %CRÈVWNQ 8 TGUWOG NQU QEJQ TQNGU SWG FGDG EWORNKT WP DWGP IGTGPVG FG
UKUVGOCU[GPECFCWPQFGGNNQUNCUEQORGVGPEKCURCTCECFCTQN

'P GN %CRÈVWNQ 8+ UG TGUWOG CNIWPCU DWGPCU RT¶EVKECU QTKGPVCFCU C CRQ[CT GN
VTCDCLQ FGN IGTGPVG FG UKUVGOCU [ CNIWPCU VÃEPKECU SWG UQP CRNKECFCU GP GN
UGEVQTRTKXCFQEQPÃZKVQEQOQUQPNCTGKPIGPKGTÈCFGRTQEGUQUOGLQTCOKGPVQ
FGRTQEGUQUQWVUQWTEKPINCGHKECEKCFGNQUUGTXKEKQU[EWKFCFQFGNCUCNWFFG
NQUVTCDCLCFQTGU

'N +0'+ EQP GUVG FQEWOGPVQ GURGTC EQPVTKDWKT EQP GN IGTGPVGU FG KPHQTO¶VKEC
SWG FGDGP KPEQTRQTCT NCU 6GEPQNQIÈCU FG +PHQTOCEKÎP RCTC DTKPFCT WP OGLQT
UGTXKEKQCNQUEKWFCFCPQUNQUFÈCUFGNCÌQNCUJQTCUFGNFÈC[RGTOKVKTGN
CEEGUQCNCKPHQTOCEKÎPFGUFGEWCNSWKGTNWICT
Å^TYSU
                                                                                                                           2¶I
 +PVTQFWEEKÎP     

 )GTGPEKCFG5KUVGOCU          
           5KVWCEKÎPCEVWCN    
           .QU TGEWTUQU JWOCPQU GP VGEPQNQIÈCU FG +PHQTOCEKÎP GP NC
              #FOKPKUVTCEKÎP2ÕDNKEC          
           'LGORNQUFG/KUKÎP[8KUKÎPFGNC)GTGPEKCFG5KUVGOCU                           
           7DKECEKÎPGPNCQTICPKCEKÎP            
           /KUKÎPFGN)GTGPVGFG 5KUVGOCU             
           *CDKNKFCFGUPGEGUCTKCU        

 %CTCEVGTÈUVKECUFGNQU)GTGPVGUFG5KUVGOCU  
      %QOQFGDGPUGTNQU)GTGPVGUFG5KUVGOCU                     
      3WGEWCNKFCFGURGTUQPCNGUFGDGPVGPGT                    
      %CTCEVGTÈUVKECUFGNQU)GTGPVGUFG5KUVGOCU                   
           .KFGTCIQ     
           'ZRGTKGPEKCGPCNKPGCTNCVGEPQNQIÈCEQPGNTQNFGNCQTICPKCEKÎP                                 
           %QPQEKOKGPVQFGNCECFGPCFGXCNQTFGNCQTICPKCEKÎP                                
           GUVTGCUFGTGNCEKQPCOKGPVQKPVGTRGTUQPCN                         
           %CRCEKFCFFG)GTGPEKCT               
           GUVTGCURCTC%QOWPKECTGPHQTOCGHGEVKXC                          
           *CDKNKFCFRCTCETGCT[CFOKPKUVTCTNQUECODKQU                          
           %QPQEKOKGPVQ[GZRGTKGPEKCFGNCQTICPKCEKÎP                            
           'ZRGTKGPEKCKPVGTPCEKQPCNQINQDCN                   
          GUVTGCURCTCTGENWVCTFGUCTTQNNCT[TGVGPGTRTQHGUKQPCNGU6+                               
           +PHQGVKEC    

 5KGVGJ¶DKVQUFGN)GTGPVGFG5KUVGOCUGHGEVKXQ
           2TKOGTJ¶DKVQ5GTRTQCEVKXQ
         5GIWPFQJ¶DKVQ%QOGPCTEQPWPHKPGPNCOGPVG                           
           6GTEGTJ¶DKVQ2TKOGTQNQRTKOGTQ              
           %WCTVQJ¶DKVQ2KGPUGGPICPCTICPCT                
           3WKPVQJ¶DKVQ2TQEWTGEQORTGPFGT[NWGIQUGTEQORTGPFKFQ                                 
           5GZVQJ¶DKVQ5KPGTIKEG       
           5ÃRVKOQJ¶DKVQ#HKNGNCUKGTTC         
           'SWKNKDTKQFGNCTGPQXCEKÎP          
           ‹3WÃGU[RQTSWÃGUKORQTVCPVGNCKPVGNKIGPEKCGOQEKQPCN!
.QUQEJQTQNGUFGWPDWGP)GTGPVGFG5KUVGOCU
     4QNFGNEQQTFKPCFQT         
     4QNFGN/QPKVQT       
     4QNFGN/GPVQT        
     4QNFGN(CEKNKVCFQT        
     4QNFGN+PPQXCFQT         
    4QNFGNDTQMGT    
     4QNFGNKTGEVQT       
     4QNFGNRTQFWEVQT         

$WGPCURT¶EVKECUFGN)GTGPVGFG5KUVGOCU
    2TQEGUQUFGTGKPIGPKGTÈC           
     $GPEJOCTM      
     1WVUQWTEKPI       
     %QPUKFGTCEKQPGUCNJCEGT%QPVTCVQU                   
     /GFKTNC GHKECEKCFGPWGUVTQUUGTXKEKQU
    'XCNWCTNCUCVKUHCEEKÎPNCDQTCNFGNQUEQNCDQTCFQTGU                      
     %WKFGUWUCNWF[NCFGUWUEQNCDQTCFQTGU                     

#PGZQU
#PGZQ.QURGECFQU[NCUTGINCUFGQTQFGWP)GTGPVGFG5KUVGOCUOQFGTPQ

$KDNKQITCHÈC
)WÈC FGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU




                           3Q`de_ 99 ** 99^db_TeSSYY†^
                           3Q` de _           ^db_TeSS †^

'P GN RCÈU GN SWG NKFGTC NC IGUVKÎP FG NQU TGEWTUQU KPHQTO¶VKEQU C PKXGN FG NCU
QTICPKCEKQPGU RÕDNKECU [ RTKXCFCU TGEKDG FKHGTGPVGU FGPQOKPCEKQPGU ,GHG FG
KPHQTO¶VKEC KTGEVQT FG +PHQTO¶VKEC ,GHG FG 1TICPKCEKÎP [Q OÃVQFQU G
+PHQTO¶VKEC KTGEVQTC 6ÃEPKEC FG NC QHKEKPC 6ÃEPKECFG+PHQTO¶VKECKTGEVQT FG
'UVCFÈUVKECG+PHQTO¶VKECGPVTGQVTCUGKIWCNOCPGTCGNPQODTGFGNCU¶TGCUGP
NCUSWGUGWDKECPTGEKDGPFKHGTGPVGUFGPQOKPCEKQPGURCTCGNRTGUGPVGFQEWOGPVQ
PQUTGHGTKTGOQUEQOQ)GTGPVGFG5KUVGOCU

 'P TGNCEKÎP CN NWICT SWG QEWRCP GP NC GUVTWEVWTC LGT¶TSWKEC NC )GTGPEKC FG
5KUVGOCU GUV¶ WDKECFC GP FKHGTGPVGU PKXGNGU GP CNIWPQU ECUQU EQOQ ¶TGC FG
CRQ[Q GP QVTQU ECUQU FGRGPFGP FGN ¶TGC FG #FOKPKUVTCEKÎP Q FGRGPFGP
FKTGEVCOGPVGFGNO¶ZKOQPKXGNQ,GHCVWTC

'PEWCPVQUGTGHKGTGCNPÕOGTQFGRGTUQPCNCUWECTIQRCTCEWORNKTEQPUWOKUKÎP
ÃUVCFGRGPFGT¶FGNCEQORNGLKFCFFGNCQTICPKCEKÎP[GNPÕOGTQFGRTQ[GEVQU
RWGFGVGPGTFGUFGJCUVCWPITCPPÕOGTQFGEQNCDQTCFQTGU

.QURTQHGUKQPCNGUGURGEKCNKUVCUGPVGEPQNQIÈCUFGKPHQTOCEKÎP[EQOWPKECEKQPGU
EQPECT¶EVGTFGPQODTCFQQFGPRNCPVCQ GPNCUQTICPKCEKQPGURÕDNKECUUQPOW[
RQEQU GP UW ITCP OC[QTÈC NCU KPUVKVWEKQPGU EQPVTCVCP RGTUQPCN RCTC RTQ[GEVQU
GURGEÈHKEQU/WEJQUGURGEKCNKUVCULÎXGPGUUGKPKEKCPGPNCCEVKXKFCFRÕDNKECNWGIQ
FG JCDGT CFSWKTKFQ EKGTVC GZRGTKGPEKC UG KPEQTRQTCP EQP HCEKNKFCF GP GN UGEVQT
RTKXCFQRQTSWGNQUUWGNFQUUQPO¶UCVTCEVKXQU[RQTSWGNGUQHTGEGPFGUCTTQNNQ
RTQHGUKQPCN[ENKOCQTICPKCEKQPCN

GGUVCTGCNKFCFFGRGPFGNCIGUVKÎPFGNQUTGEWTUQUKPHQTO¶VKEQUTCÎPRQTNCSWG
GN TGURQPUCDNG FG IGUVKQPCT NCU 6GEPQNQIÈCU FG +PHQTOCEKÎP [ %QOWPKECEKQPGU

6+%UGPWPCQTICPKCEKÎPRÕDNKECQRTKXCFCFGDGFGVGPGTEKGTVCUECTCEVGTÈUVKECU
JCDKNKFCFGU[FGUVTGCUEQPQEKOKGPVQU[CUWOKTWPPWGXQTQNRTQVCIÎPKEQ

'N KPETGOGPVQ XGTVKIKPQUQ FG NCU VGEPQNQIÈCU FG KPHQTOCEKÎP [ EQOWPKECEKQPGU
GUVCECODKCPFQNCHQTOCFGJCEGTNCUEQUCUGNVTCDCLQPGIQEKQUGPVTGVGPKOKGPVQ
RQTNQSWGNQU)GTGPVGUFG5KUVGOCUPQRWGFGPVTCDCLCTGPEGTTCFQUFGVT¶UFGWPC
ECLC FG ETKUVCN LWPVQ C NCU  ITCPFGU OCKPHTCOGU [ OKPKEQORWVCFQTCU [ UGIWKT
UKGPFQEQPUKFGTCFQUNQUSWGGLGEWVCPCEEKQPGURTQEGUCPFQFCVQU[CTTGINCPFQNCU
EQORWVCFQTCU[GZKIKGPFQSWGUGCPGZRGTVQUGPGNOCPGLQFGUQHVYCTGUKPVGPGT
RCTVKEKRCEKÎPGPNCUFGEKUKQPGUGUVTCVÃIKECUSWGVQOCPUWUQTICPKCEKQPGU

*Q[GPFÈCNCHWPEKÎPFGN)GTGPVGFG5KUVGOCUPQGUO¶UUQNQGUEQIGTGNOGLQT
EQORWVCFQT UQHVYCTG KORTGUQTC [ CFGO¶U UCDGT FGVGEPQNQIÈC UKPQ VGPGT NCU


                           +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈC FGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU


 JCDKNKFCFGURCTCCUWOKTGNNKFGTCIQGP6+%UGPNCQTICPKCEKÎP[NCKPVGTTGNCEKÎP
 GHGEVKXC EQP UW CODKGPVG /¶U CFGNCPVG RQFGOQU QDUGTXCT EQOQ CNIWPCU
 QTICPKCEKQPGU CN FGHKPKT NC XKUKÎP [ OKUKÎP FG NC )GTGPEKC FG 5KUVGOCU PQU
 RGTOKVGCHKTOCTSWGGNEQORQPGPVGVGEPQNÎIKEQGURTGFQOKPCPVG

 'N )GTGPVG FG 5KUVGOCU GU SWKGP FGDG NNGICT[EQPXGPEGTCNPÕOGTQWPQFGNC
 QTICPKCEKÎP 
IGTGPVG )GPGTCN /KPKUVTQ Q ,GHG KPUVKVWEKQPCN EQP UQNWEKQPGU
 KPPQXCFQTCU [ JCEGT SWG XKUKQPGP LWPVQ EQP GN WPC QTICPKCEKÎP KPVGITCFC C
 VTCXÃU FGN WUQ FG NC KPHQTOCEKÎP KFGPVKHKECPFQ EWCNGU UQP NCU QRQTVWPKFCFGU
 VGEPQNÎIKECUSWGRWGFGJCEGTRCTCOGLQTCTNCEQORGVKVKXKFCFFGNCQTICPKCEKÎP
 GUFGEKTUGTGNXGTFCFGTQCIGPVGFGECODKQFGNCQTICPKCEKÎ P

 'UVQKORNKECSWGGN)GTGPVGFG5KUVGOCUFGDCVGPGTWPCOKZVWTCFGEQPQEGTNC
 VGEPQNQIÈC [ GP GURGEKCN UGT WP JQODTG FG PGIQEKQU [ EWCPFQ JCDNCOQU FG
 PGIQEKQU PQ UÎNQ JCDNCOQU FG NCU GORTGUC RTKXCFCU UKPQ VCODKÃP FG NCU
 KPUVKVWEKQPGUFGN'UVCFQGPGNSWGUGFGDGQRVKOKCTGNWUQFGNQUGUECUQUTGEWTUQU
 FGN 'UVCFQ EQPXKTVKÃPFQUG GP GN UQRQTVG D¶UKEQ FG NC VGEPQNQIÈC GZKUVGPVG GP NC
 QTICPKCEKÎP [ RQT QVTQ NCFQ C[WFCPFQ C GNGIKT NC VGEPQNQIÈC SWG TGSWKGTG UW
 QTICPKCEKÎP [ C TGEQPQEGT NC KPHQTOCEKÎP EQOQ GN RTKPEKRCN CEVKXQ FG NC
 QTICPKCEKÎP

 6TCFKEKQPCNOGPVG NQU GURGEKCNKUVCU GP VGEPQNQIÈC TGRQTVCDCP C RQUKEKQPGU
 KPVGTOGFKCUFGNCUQTICPKCEKQPGU[PQHQTOCDCPRCTVGFGNQUPKXGNGUFGFGEKUKÎP
 GPGUVQUVKGORQUGN)GTGPVGFG5KUVGOCUFGDGEQORTGPFGTRGTHGEVCOGPVGGNIKTQ
 FGNPGIQEKQFGUWQTICPKCEKÎPRCTCSWGRWGFCFGUGORGÌCTWPDWGPTQN'URQT
 GNNQ NC KORQTVCPEKC SWG NC LGTCTSWKCEKÎP FGN ECTIQ RCTC SWG UG GPEWGPVTG O¶U
 RTÎZKOQCN,GHGQ)GTGPVG)GPGTCN

 'NPWGXQ)GTGPVGFG5KUVGOCU ‹'ZKUVGTGCNOGPVGGNRGTHKNKFGCN!

 .CU VGPUKQPGU [ TGSWGTKOKGPVQU C SWG GUV¶ UWLGVQ GN IGTGPVG FG 5KUVGOCU GP NC
 CEVWCNKFCFRCTCJCEGTNCUEQUCUDKGPUQPUQHKUVKECFCU[GZKIGPVGUFGDGEQPQEGT
 NCVGEPQNQIÈC[OCPVGPGTUGCNFÈCGPGNNCCRGUCTFGNQUXGTVKIKPQUQUECODKQUGP
 GUG ¶ODKVQ FGDG UCDGT GZRNKECT [PXGPFGTQ C UWU RCTGU GP NC QTICPKCEKÎP  NQU
 DGPGHKEKQUFGNQURTQ[GEVQUVGEPQNÎIKEQURGTQGPWPNGPIWCLGSWGNQUWUWCTKQUNQ
 GPVKGPFCP FGDG UGNGEEKQPCT [ TGVGPGT RTQHGUKQPCNGU ECFC XG O¶U FKHÈEKNGU FG
 GPEQPVTCT[EQPRGTUQPCNKFCFGUECFCXGO¶UPFGNKECFCUQFGDGUCDGTPCXGICTGP
 NC RQNÈVKEC KPVGTPC FG NC QTICPKCEKÎP UKP UWHTKT OC[QTGU PFCÌQUQ FGDG UCDGT
 UGNGEEKQPCT[EQPVTCVCTDWGPQURTQXGGFQTGUFGUGTXKEKQUECFCXGO¶UFKHÈEKNGUFG
 GPEQPVTCT [ PGIQEKCT EQPFKEKQPGU SWG FGLGP C VQFQU UCVKUHGEJQU [ HKPCNOGPVG
 UCDGT CFOKPKUVTCT [ FKTKIKT RTQ[GEVQU FG KORNGOGPVCEKÎP VGEPQNÎIKEC OWEJCU
 XGEGUFGITCPGPXGTICFWTC




                                  +PUVKVWVQ 0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈC FGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU



‹'ZKUVG TGCNOGPVG GUVG PUWRGTOCPQ! ‹%ÎOQ UG GPEWGPVTC RTGRCTCFQ WUVGF RCTC
GUVGFGUCHÈQ!

'U KORQTVCPVG TGEQPQEGT SWG GN )GTGPVG FG 5KUVGOCU UG JCEG [PQPCEG[RCTC
GPHTGPVCT OGLQT NQU FGUCHÈQU SWG KORQPG NC EQORNGLKFCF CEVWCN VCPVQ
QTICPKCEKQPCNEQOQVGEPQNÎIKECJC[SWGCRQ[CTUGGPOGVQFQNQIÈCUEQPEGRVQU
[FGUVTGCUSWGGUV¶PCUWCNECPEG'NQDLGVKXQRTKPEKRCNFGGUVCIWÈCGUDTKPFCTWP
EQPLWPVQFGVKRUQWPPOCPWCNFGUWRGTXKXGPEKC[FGUCTTQNNQQ RCTCGN)GTGPVGFG
5KUVGOCU




                        +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU




                                  +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU




                    3Q`de_ 9999 ** 7UbU^SYYQ TU CYYcdU]Qc
                    3Q` de _           7UbU^S Q TU C cdU]Qc

 5+67#%+¦0#%67#.

   .CU QTICPKCEKQPGU RÕDNKECU OQFGTPCU TGSWKGTGP FGNC GLGEWEKÎP UKUVGO¶VKEC FG
   CEVKXKFCFGU SWG VKGPFCP C GNGXCT NC ECRCEKFCF VÃEPKEC NQU EQPQEKOKGPVQU [ NCU
   FGUVTGCU FGN RGTUQPCN [ C FGUCTTQNNCT UW RQVGPEKCN RCTC QEWRCT RQUKEKQPGU FG
   TGURQPUCDKNKFCF ETGEKGPVG .C HQTOCEKÎP RGTOCPGPVG GU WPC XÈC RCTC FGUCTTQNNCT
   TGEWTUQU JWOCPQUSWGCUWOCPTGURQPUCDKNKFCFGU[QEWRGPFGOCPGTCGHGEVKXC
   NQUECTIQUSWGFGUGORGÌCP

   0QUGVTCVCFGCEWOWNCTRWPVQUUKPQFGRTQITGUCTGPNCECTTGTC‹RGTQSWGRCUCUK
   PQGZKUVGGUVCRQNÈVKECQPQGZKUVGPNQUTGEWTUQURTGUWRWÃUVCNGUQUKORNGOGPVGPQ
   GZKUVGKPVGTÃUFGCODCURCTVGU!

   'PVQPEGU UG TGSWKGTG GLGEWVKXQU SWG RTQOWGXCP NQU RTKPEKRKQU D¶UKEQU FG WP
   XGTFCFGTQ RTQEGUQ FG OQFGTPKCEKÎP OGFKCPVG NC KPEQTRQTCEKÎP FG NCU
   6GEPQNQIÈCUFG+PHQTOCEKÎP[%QOWPKECEKQPGURCTCNQITCT

   7PCIGUVKÎPRÕDNKECGHKEKGPVG[GHKEC

   .QU GLGEWVKXQU TGNCEKQPCFQU EQP NC DWGPC HG EGNGTKFCF GEQPQOÈC GHKEKGPEKC [
   GHKECEKCCRQ[CPNCDÕUSWGFCFGNCTCEKQPCNKFCFGPGNWUQFGNQUTGEWTUQURÕDNKEQU
   [ GN EWORNKOKGPVQ FG NCU HKPCNKFCFGU FG ECFC GPVKFCF[FGNCCFOKPKUVTCEKÎPGP
   IGPGTCN

   3WGUGUKGPVCPEQORTQOGVKFQUEQPNCIGUVKÎPRÕDNKECQTKGPVCFCCTGUWNVCFQUEQP
   GN OGLQTCOKGPVQ FG NCU TGNCEKQPGU 'UVCFQEKWFCFCPQ [ EQP NC ECNKFCF GP NC
   RTGUVCEKÎP FGN UGTXKEKQ FKURWGUVQU C CIKNKCT NQU RTQEGUQU VT¶OKVGU [
   RTQEGFKOKGPVQU C TGEQPQEGT NC KORQTVCPEKC FG NC KPHQTOCEKÎP QRQTVWPC RCTC NC
   VQOCFGFGEKUKQPGU

   .C IGUVKÎP RÕDNKEC GHKEKGPVG FGOCPFC CFGO¶U GN HQTVCNGEKOKGPVQ FG NQU
   EQPQEKOKGPVQUNCUJCDKNKFCFGU[NCUCEVKVWFGUFGNQUUGTXKFQTGURÕDNKEQURCTCSWG
   EQPVTKDW[CPGPNCUCEEKQPGUFKTKIKFCUC

   U GUCTTQNNCTEQORGVGPEKCURCTCGNOCPGLQKPVGITCNFGWPRTQ[GEVQQRTQFWEVQ
   U 4CEKQPCNKCTVT¶OKVGUOÃVQFQU[RTQEGFKOKGPVQUFGVTCDCLQ
   U (QTVCNGEGTNQUUKUVGOCUFGKPHQTOCEKÎPRCTCNCVQOCFGFGEKUKQPGU
   U +ORNCPVCTCFGEWCFQUOGECPKUOQUFGEQPVTQNKPVGTPQ
   U /GLQTCTNCECNKFCFFGNUGTXKEKQCNWUWCTKQ


                         +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU


      'P ECFC WPC FG GUVCU UGPVGPEKCU GNTQN FGN)GTGPVGFG5KUVGOCUGUKPJGTGPVGGU
      SWKGP FGDG EQPFWEKT NQU RTQEGUQU FG TGKPIGPKGTÈC OGLQTCOKGPVQ FG RTQEGUQU
      KORNGOGPVCTOÃVQFQU RCTCOGFKTNCECNKFCFFGNQUUGTXKEKQU[RTQFWEVQUSWGUG
      QHTGEGPVCPVQCPKXGNKPVGTPQEQOQGZVGTPQFGNCKPUVKVWEKÎP

      7PCIGUVKÎPRÕDNKECVTCPURCTGPVG

      'PNCTGNCEKÎPGPVTGNQUEKWFCFCPQU[NCURGTUQPCUCNUGTXKEKQFGN'UVCFQUG RWGFG
      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
)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

 .15 4'%74515 *7/#015 '0 6'%01.1) #5 ' +0(14/#%+¦0 ' .#
    #/+0+564#%+¦02­$.+%#

   '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

                  +564+$7%+¦0'.2'4510#.+0(14/6+%1'0.#
                            #/+0+564#%+¦02­$.+%#

                             2WURV                           'LUHFWLYR
                                                             

                                                                                    $QDOLVWD
                                                                                     



            3URJUDPDGRU
               

                                                                         $X[LOLDU
                                                                          

                 (WGPVG+0'+602+8'04+#2

   .C RTQRQTEKÎP SWG GZKUVG GPVTG RGTUQPCN KPHQTO¶VKEQ PQODTCFQ [ EQPVTCVCFQ GU
   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
)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
)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
)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
)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
    CFOKPKUVTCVKXQ HWPEKQPCN 6CODKÃP GU GN FG FGNCQTICPKCEKÎPQ
    UGTXKT FG UQRQTVG VÃEPKEQ [ FG ECRCEKVCEKÎP CN
    RGTUQPCN FG NC KPUVKVWEKÎP RCTC GN CFGEWCFQ
    HWPEKQPCOKGPVQFGNQUCRNKECVKXQUKPHQTO¶VKEQUQ



                        +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU


                            GHKPGPEQOQ/KUKÎP                                       ;EQOQ8KUKÎP
            P'U WP FGRCTVCOGPVQ EW[C IGUVKÎP GUVC P'N FGRCTVCOGPVQ FG KPHQTO¶VKEC
             QTKGPVCFC C EQPVTKDWKT GP GN WUQ FG NCU OCPVKGPG UW NKFGTCIQ RQT NC
             6GEPQNQIÈCU OQFGTPCU FG +PHQTOCEKÎP GP GZEGNGPEKC FG UWU UGTXKEKQU [
             CRQ[QCNQUQDLGVKXQUKPUVKVWEKQPCNGUQ              UQUVGPKFCKPPQXCEKÎP6GEPQNÎIKECQ
            .C )GTGPEKC FG +PHQTO¶VKEC FG WPC GORTGUC P5GT NÈFGT GP CUGUQTÈC  [ EQPUWNVQTÈC
             FG UGTXKEKQU FGHKPG UW OKUKÎP EQOQPDTKPFCT KPHQTO¶VKEC FG GORTGUCUFG 5GTXKEKQU
             UGTXKEKQU KPHQTO¶VKEQU EQP UQNWEKQPGU 2ÕDNKEQUCPKXGN0CEKQPCNCNQ
             KPVGITCNGUWVKNKCPFQNCOGLQTVGEPQNQIÈCRCTC
             UCVKUHCEGT EQORGVKVKXCOGPVG NCU PGEGUKFCFGU
             FG PWGUVTQU ENKGPVGU GP GN OCPGLQ FG NC
             KPHQTOCEKÎPQ
            P.C )GTGPEKC FG 5KUVGOCU GU GN ÎTICPQ P'U NC VCTGC  FG NC )GTGPEKC FG
             GPECTICFQ FG RNCPKHKECT QTICPKCT FKTKIKT [ 5KUVGOCU GN CRQ[CT [ RTQRKEKCT NC
             GXCNWCT NC CRNKECEKÎP TCEKQPCN FG NCU OQFGTPKCEKÎPKPUVKVWEKQPCNOGFKCPVG
             VGEPQNQIÈCU FG KPHQTOCEKÎP XKIGPVGU GP NC GN WUQ [ CRNKECEKÎP TCEKQPCN FG NCU
             KPUVKVWEKÎP 5W OKUKÎP +ORNKEC GN CFGEWCFQ 6GEPQNQIÈCUFGKPHQTOCEKÎPXKIGPVGU
             WUQ [ CRTQXGEJCOKGPVQ FG NQU TGEWTUQU 0WGUVTC XKUKÎP EQPVGORNC GN
             KPHQTO¶VKEQU RCTC NC QRVKOKCEKÎP FG NCU FGUCTTQNNCT         CEEKQPGU     RCTC   NC
             CEVKXKFCFGU UGTXKEKQU QRVKOKCEKÎP FG QRVKOKCEKÎP EQPVKPWC FG NQU
             RTQEGUQU [ QDVGPEKÎP T¶RKFC FG KPHQTOCEKÎP RTQEGUQU [ RTQEGFKOKGPVQU FG NC
             RCTC NC VQOC FG FGEKUKQPGU FG NCU FGO¶U KPUVKVWEKÎP CUÈ EQOQ RTQRWIPCT RQT
             IGTGPEKCU      OGFKCPVG       GN   FGUCTTQNNQ GN FGUCTTQNNQ [ GORNGQ FG
             KORNCPVCEKÎP [ UWRGTXKUKÎP FGN EQTTGEVQ CRNKECEKQPGU C  ECRCU [ GN WUQ
             HWPEKQPCOKGPVQ FG NQU UKUVGOCU [ KPVGPUKXQ FG EQTTGQ GNGEVTÎPKEQ KPVTC
             EQOWPKECEKQPGUQ                                     [GZVTCKPUVKVWEKQPCNQ

      2QFGOQUQDUGTXCTSWGGNITCPEQORQPGPVGFGNCFGHKPKEKÎPGUGNVGEPQNÎIKEQ[GP
      OW[RQEQUECUQUGNEQORQPGPVGFGNXGTFCFGTQTQNSWGFGDGCUWOKTNC)GTGPEKC
      FG5KUVGOCU

 7$+%#%+¦0'0.#14)#0+#%+¦0

      .C )GTGPEKC FG 5KUVGOCU QEWRC FKHGTGPVGU WDKECEKQPGU GP NC GUVTWEVWTC
      QTICPKCEKQPCNFGNCUKPUVKVWEKQPGU

      N    %QOQÎTICPQUFGNÈPGC
      N    %QOQÎTICPQUFGCRQ[Q[SWGFGRGPFGPFGNC,GHCVWTC
      N    %QOQÎTICPQUFGCRQ[QSWGFGRGPFGPFGNC5GETGVCTKC)GPGTCN
      N    %QOQ¶TGCUSWGFGRGPFGPFGEQOKUKQPGU
      N    %QOQ¶TGCSWGFGRGPFGFG#FOKPKUVTCEKÎP
      N    %QOQ¶TGCSWGFGRGPFGFGNC)GTGPEKCFG#FOKPKUVTCEKÎP[2TGUWRWGUVQ
      N    %QOQ¶TGCSWGFGRGPFGFGNC1HKEKPCFG#FOKPKUVTCEKÎP[(KPCPCU
      N    %QOQ¶TGCSWGFGRGPFGFGNC)GTGPEKCFGGUCTTQNNQG+PXGUVKICEKÎP




                                  +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU


   N %QOQ ÎTICPQ FG CRQ[Q SWG FGRGPFG FG NC 5GETGVCTKC FG 2NCPKHKECEKÎP
     'UVTCVÃIKEC
   N %QOQWPCWPKFCFSWGTGRQTVCCNC,GHCVWTCFG#UGUQTCOKGPVQ+PUVKVWEKQPCN
   N %QOQWP¶TGCSWGFGRGPFGFGNCU1HKEKPCUFG2TGUWRWGUVQ[2NCPGCOKGPVQ

   .CUFKXGTUCUHQTOCUFGWDKECEKÎPSWGQEWRCNC)GTGPEKCFG5KUVGOCU GPWPHCEVQT
   ETÈVKEQ RCTC SWG RWGFC EWORNKT DKGP UW TQN GU ENCTQ QDUGTXCT SWG OKGPVTCU NC
   )GTGPEKC FG 5KUVGOCU FGRGPFG FKTGEVCOGPVG FGN O¶ZKOQ TGRTGUGPVCPVG FG NC
   QTICPKCEKÎPRWGFGVGPGTOC[QTCEEGUQCRCTVKEKRCTFGNCUFGEKUKQPGUSWGRWGFCP
   VQOCTUGECUQFKUVKPVQFGCSWGNNCUSWGGUV¶PWDKECFCUFGDCLQFG¶TGCUGURGEKHKECU
   GPGNSWGNCRCTVKEKRCEKÎPGPNCUFGEKUKQPGUQTICPKCEKQPCNGUUGXGT¶NKOKVCFC

   #NIWPCUKPUVKVWEKQPGUKPENWUKXGJCPETGÈFQEQPXGPKGPVGEQPUKFGTCTCNC)GTGPEKC
   FG 5KUVGOCU FG ÎTICPQ FG NÈPGC RCUCTNQ C WPC WPKFCF FGDCLQ FG GNNC 'LGORNQ
   RCUCT FG WPC 1HKEKPC )GPGTCN C WPC 1HKEKPC 'LGEWVKXC 
FG OGPQT PKXGN SWG GN
   CPVGTKQTQGPCNIWPCUKPUVKVWEKQPGUPQEWGPVCPGPUWGUVTWEVWTCEQPWPCIGTGPEKC
   FGKPHQTO¶VKEC

 /+5+¦0'.)'4'06''5+56'/#5

   2QFGOQUFGHKPKTNCOKUKÎPFGN)GTGPVGFG5KUVGOCUEQOQGNFGPRTQXGGTNCXKUKÎP
   VGEPQNÎIKEC [ OCPVGPGT GN NKFGTCIQ GP GN FGUCTTQNNQ G KORNCPVCEKÎP FG
   KPKEKCVKXCU GP OCVGTKC FG CRNKECEKÎP FG NCU 6GEPQNQIÈCU FG KPHQTOCEKÎP [
   %QOWPKECEKQPGUSWGOCP VGPICPGNNKFGTCIQFGNCQTICPKCEKÎPGPWPGPVQTPQ
   ECODKCPVGGKPVGPUCOGPVGEQORGVKVKXQ 3

   'N )GTGPVG FG 5KUVGOCU GU WP GLGEWVKXQ SWG QEWRC WPC RQUKEKÎP ENCXG GP NC
   QTICPKCEKÎPGUGNTGURQPUCDNGFGNCURQNÈVKECUFGVGEPQNQIÈCUFG+PHQTOCEKÎP[
   EQOWPKECEKQPGU[FGNCNKPGCOKGPVQFGNCUGUVTCVGIKCUFG6+%UEQPNCUGUVTCVGIKCU
   KPUVKVWEKQPCNGU 0QTOCNOGPVG NC )GTGPEKC FG 5KUVGOCU GUVC WDKECFQ GP NC UGFG
   RTKPEKRCN FG NC QTICPKCEKÎP [ C PKXGN FGUEGPVTCNKCFQ VKGPG EQQTFKPCFQTGU Q
   IGTGPEKCUTGIKQPCNGU

   'PIGPGTCNNQU)GTGPVGUFG5KUVGOCUUQPRTQHGUKQPCNGUEQPPKXGNFGRQUVITCFQ[
   OWEJCGZRGTKGPEKCGP6GEPQNQIÈCUFG+PHQTOCEKÎPCFOKPKUVTCEKÎPFGGORTGUCU[
   IGUVKÎPFGPGIQEKQU

   2WGFGPGUVCTHQTOCFQUGPECTTGTCUFGKPIGPKGTÈC
GPGURGEKCNUKUVGOCUGNGEVTÎPKEC
   Q FG VGNGEQOWPKECEKQPGU EKGPEKCU FG EQORWVCEKÎP OCVGO¶VKEC 7PQ FG NQU
   TGSWKUKVQU GU NC EQPUVCPVG CEVWCNKCEKÎP [ EQPQEKOKGPVQU FG KPINGU VÃEPKEQ GU
   KPFKURGPUCDNG

   #UÈOKUOQFGDGPVGPGTEQPQEKOKGPVQUFGFKP¶OKECQTICPKCEKQPCNRNCPGCOKGPVQ
   GUVTCVÃIKEQEQPVCDKNKFCFIGTGPEKCNOCVGO¶VKECUHKPCPEKGTCHKPCPCUEQTRQTCVKXCU
   OCTMGVKPIIGUVKÎPFGTGEWTUQUJWOCPQUIGTGPEKCFGQRGTCEKQPGUGPVTGQVTQU


                          +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU


      5WUTGURQPUCDKNKFCFGU

      N 2CTVKEKRCTFGNQU%QOKVÃUFG+PHQTO¶VKECQFGNCUTGWPKQPGUEQPQVTQUIGTGPVGU
        RCTCGUVCTUKGORTGCNCRCTEQPNCUFGEKUKQPGUFGNQUPGIQEKQUFGNCGORTGUC
      N 4GCNKCTKPXGUVKICEKQPGUEQPUVCPVGURCTCOCPVGPGTUGKPHQTOCFQFGNCUPWGXCU
        6GEPQNQIÈCU
      N /GLQTCOKGPVQEQPVKPWQFGNQURTQEGUQUFGNCQTICPKCEKÎP
      N GUCTTQNNQ FG NCU CRNKECEKQPGU PWGXCU [ GZKUVGPVGU RCTC NCU KPKEKCVKXCU FG NC
        QTICPKCEKÎP
      N #UGIWTCT NCU KPXGTUKQPGU GP +PHTCGUVTWEVWTC CTSWKVGEVWTC FG EQORWVCFQTCU
        TGFGUGPIGPGTCNFGNCU6+%UGPNCQTICPKCEKÎP
      N #FOKPKUVTCTUGTXKEKQUFGQWVUQWTEKPI[CRTQXKUKQPCOKGPVQKPVGTPQFGUGTXKEKQU
      N 'UVCDNGEGT TGNCEKQPGU GUVTCVÃIKECU  EQP RTQXGGFQTGU [ EQPUWNVQTCU ENCXGU GP
        6+%U
      N 6TCPUHGTGPEKC VGEPQNÎIKEC JCDKNKVCT VGEPQNQIÈCU RCTC JCEGT O¶U H¶EKN C NQU
        WUWCTKQU [ RTQXGGFQTGU RCTC JCEGT VTCPUCEEKQPGU EQP NC QTICPKCEKÎP G
        KPETGOGPVCT NC EQORGVKVKXKFCF 2TQRQPGT C NQU IGTGPVGU GLGEWVKXQU NC
        KPEQTRQTCEKÎP FG NCU 6+%U PWGXCU CRNKECEKQPGU FG KPHQTO¶VKEC SWG VTCKICP
        DGPGHKEKQCNQUPGIQEKQU
      N #EVWCT TGEÈRTQECOGPVG EQP NQU WUWCTKQU KPVGTPQU [ GZVGTPQU RCTC CUGIWTCT NC
        UCVKUHCEEKÎPEQPVKPWCFGNWUWCTKQ
      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
      N 5WRGTXKUCT[GXCNWCTGNFGUGORGÌQ[NCECNKFCFFGNUGTXKEKQSWGQHTGEG

 *#$+.+#'50'%'5#4+#5

      .QU )GTGPVGU FG 5KUVGOCU FGDGP RCTVKEKRCT FGN PGIQEKQ [ FG NCU FGEKUKQPGU
      GUVTCVÃIKECUSWGUGVQOCPGPNCQTICPKCEKÎPECFCXGO¶UVKGPGPNCRQUKDKNKFCF
      FG CEEGFGT C RWGUVQU LGT¶TSWKEQU [ UG EQPXKGTVGP GP GN DTCQ FGTGEJQ FG NCU
      IGTGPEKCU FG NÈPGC [ FG NC ECDGC FG NC QTICPKCEKÎP CUGUQT¶PFQNQ UQDTG NCU
      ÕNVKOCUKPPQXCEKQPGUFGNOGTECFQ

      G KIWCN HQTOC CFOKPKUVTCP GN CEVKXQ O¶U RTGEKCFQ FG NC QTICPKCEKÎP NC
      KPHQTOCEKÎP [ FGDGP GUVCT CVGPVQU C NQU ECODKQU GP GN GPVQTPQ FG NCU
      QTICPKCEKQPGUCEVWCNGU5GJCRCUCFQFGNIGTGPVGTGURQPUCDNGFGNRTQEGUCOKGPVQ



                                  +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU


       FGFCVQUCNIGTGPVGEW[CRTKPEKRCNTGURQPUCDKNKFCFGUGNOCPGLQFG NCKPHQTOCEKÎP
       [PQFGDGRGPUCTSWG

       N .CVGEPQNQIÈCFGKPHQTOCEKÎPPQIGPGTCFKHGTGPEKCU
       N 'UKPUWRGTCDNGSWGNCUFKXGTUCUIGTGPEKCUFGNCQTICPKCEKÎPUGTGUKUVCPCN
         ECODKQ
       N .CU6GEPQNQIÈCUFG+PHQTOCEKÎPGUFKHÈEKNFGCFOKPKUVTCT
       N .QUVÃEPKEQUUQPSWKGPGU FGEKFGP
       N 7PCXKUKÎPFGEQTVQRNCQGUNQO¶UKORQTVCPVG
       N .CUVGEPQNQIÈCUFGKPHQTOCEKÎPUQPUÎNQWPECODKQVÃEPKEQ[PQ
         QTICPKCEKQPCN

       'PECODKQFGDGVGPGTRTGUGPVGGP

       N 5GTGNRTKPEKRCNKORWNUQTFGNECODKQ[GLGTEGTGNNKFGTCIQGPNCU6+%U
       N 3WGNCUFGEKUKQPGUFG6GEPQNQIÈCUFGKPHQTOCEKÎPPQFGDGPGUVCTFKXQTEKCFCU
         FGNQUPGIQEKQU
       N 'UVCTFKURWGUVQCEQOGVGTGTTQTGU
       N #UWOKTWPPWGXQTQNRCTCGN¶TGCFGUKUVGOCU
       N 'NECODKQGORKGCRQTWPCPWGXCHQTOCFGRGPUCT

       'UKORQTVCPVGQDUGTXCTGNUKIWKGPVGEWCFTQ


(OHQWRUQRRUJDQL]DFLRQDO                      /DVSUHVLRQHVGHFRUWR                     3URYRFDQGRUHVSXHVWDV
SODQWHDQXHYRVGHVDItRVD                      SOD]ROOHJDQSRUWRGRV                         QRLQWHJUDGDV
     ODVLQVWLWXFLRQHV                                 ORVIUHQWHV                                FRRUGLQDGDV




 W 6HURUJDQL]DFLRQHVFDGDYH]PiV            W 3REODFLyQTXHGHPDQGDSRUXQD            W 3URHFWRVLQGHSHQGLHQWHVTXH
 W UHDURIUHFHUVHUYLFLRV
   FRPSHWLWLYDV                                  JHVWLyQPDVHILFLHQWHGHO(VWDGR

                                                                                           W )DOWD GHGHILQLFLyQSDUD
                                                                                               IXQFLRQDQFRPR³LVODV´
                                                 FRPRSULQFLSDOSURYHHGRUGH
                                                 VHUYLFLRV

                                               W 3UREOHPDVSUHVXSXHVWDOHVTXH
   RULHQWDGRVDOFLXGDGDQR                                                                     LPSOHPHQWDUORVVHUYLFLRVHQOtQHD

 W 2SWLPL]DUORVSURFHVRVLQWHUQRVGH                                                         HBJRELHUQR
FRPRSULRULGDGSDUD


                                               W 2WURVSDLVHVHVWDQWRPDQGROD
                                                 HQIUHQWDQODVRUJDQL]DFLRQHV

                                                                                           W
                                                                                               DWHQGHUPHMRUDOFLXGDGDQR


 W 0DQHMDUDVSHFWRVGHFXOWXUD
   ODRUJDQL]DFLyQ
                                                                                               3HQVDUTXHODV7,VHVHOILQQR


                                               W 3URFHGLPLHQWRVTXHQRDSRDQOD
                                                 GHODQWHUD

                                                                                           W 3DUiOLVLVPLHGRDSUREDU
                                                                                               XQPHGLR
   LQIRUPiWLFDGHFDPELR
   RUJDQL]DFLRQDO

 W $GRSWDUQXHYDVWHFQRORJtDVH
                                               W $OWDURWDFLyQGHUHFXUVRV
                                                 LPSOHPQHWDFLyQGHODV7,V                    H[SHULPHQWDUQXHYRVPRGHORVR
                                                                                               DSURYHFKDUORVPRGHORV


 W $GPLQLVWUDUORVULHVJRV
   LQWHJUDUODDODH[LVWHQWH                                                                   H[LVWHQWHVHQHOPHUFDGR

                                                                                           W $GRSWDUSURHFWRVSRUTXHORV
                                                 KXPDQRV


 W 0HMRUDUODVFDSDFLGDGHVKXPDQDV
                                                                                           W )DOWDGHVLVWHPDWL]DFLyQHQHO
                                                                                               GHPiVORHVWiQKDFLHQGR
   HQODVRUDJQL]DFLRQHV
                                                                                               DQiOLVLVGHULHVJRV




                                         +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU


      6QFQ NQQDUGTXCFQIGPGTCPWGXQUFGUCHÈQUCNQU)GTGPVGUFG5KUVGOCUGNEKENQFG
      NC VGEPQNQIÈC [ NCU CRNKECEKQPGU GU ECFC XG OCU EQTVQ UKPQ TGEQTFGOQU NCU
      ITCPFGU OCKPHTCOGU NQU UKUVGOCU FGUCTTQNNCFQU GP %NKRRGT [ SWG CWP EQTTGP GP
      OWEJCUKPUVKVWEKQPGUHTGPVGCNCVGEPQNQIÈCTGEKGPVGGPGNSWGNCOC[QTÈCFGNQU
      UKUVGOCUGUV¶PDCUCFQUGP+PVGTPGVEQPRQUKDKNKFCFGUFGCRNKECEKQPGU[OCPGLQU
      FGXQNÕOGPGUFGKPHQTOCEKÎPSWGPQUGGURGTCDCPCÌQUCVT¶U

      .CU 6+%U UQP RCTVG HWPFCOGPVCN FG NCU GUVTCVGIKCU FG NCU QTICPKCEKQPGU RCTC
      DTKPFCT WP OGLQT UGTXKEKQ Q SWG WP PGIQEKQ UGC HTWEVÈHGTQ .QU PWGXQU CIGPVGU
      GZVGTPQU QDNKICP C UCNKTUG FGN GPHQSWG VTCFKEKQPCN JCEKC WPC QTICPKCEKÎP O¶U
      HNGZKDNG[CFGEWCTUGCNQUPWGXQUECODKQU

      GQVTQNCFQ CNJCDGTUGKPETGOGPVCFQNCEQORNGLKFCFUGTGSWKGTGFGOÃVQFQ[
      FKUEKRNKPCFGIGUVKÎPNCUOGVQFQNQIÈCUUQPECFCXGOCUUQHKUVKECFCU[EQORNGVCU
      [C PQ UG RWGFG UGIWKT GP GN FGUQTFGP G KORTQXKUCEKÎP KPUVKVWEKQPCNKCFC %CFC
      RTQ[GEVQ[¶TGCFG6+%UGUGURGEKCNKCFCRGTQUGRWGFGP[UGFGDGPFGUCTTQNNCT
      OÃVQFQURCTCJCEGTNCUEQUCUSWGCUGIWTGPGNÃZKVQ

      .CURTGIWPVCUENCXGUSWGRQFGOQUJCEGTRCTCFGHKPKTWPOÃVQFQUQP

      N ‹%ÎOQFGHKPKOQUGNRTQDNGOCFGNWUWCTKQ!
      N ‹%ÎOQGUVCDNGEGOQUNCUOGVCU[QDLGVKXQU[GNUKUVGOCRCTCOGFKTNQU!
      N ‹%ÎOQVTCDCLCOQUGPEQPLWPVQEQPNQUWUWCTKQU!
      N ‹%ÎOQNNGXCOQUCECDQNCKPXGUVKICEKÎPFGNRTQDNGOC!
      N ‹%ÎOQRTGUGPVCOQUPWGUVTQUJCNNCIQU!
      N ‹%ÎOQKP[GEVCOQUQTKIKPCNKFCFGPGNRTQEGUQ[GPNCIGUVKÎPFKCTKC!
      N ‹%ÎOQCUGIWTCOQUNCECNKFCFFGUGTXKEKQSWGQHTGEGOQUCPWGUVTQUWUWCTKQU
        GPVQFQNQSWGJCEGOQU!
      N ‹%ÎOQCDQTFCOQUNCEQPVTCVCEKÎPFGUGTXKEKQU[EQORTCFGRTQFWEVQU!
      N ‹%ÎOQCFOKPKUVTCOQUPWGUVTQUTGEWTUQUJWOCPQU!
      N ‹%ÎOQGZVGPFGOQUGNOÃVQFQJCEKCNQURTQXGGFQTGU[WUWCTKQU!
      N ‹%ÎOQFKHGTGPEKCOQUPWGUVTQ GPHQSWGRCTCCITGICTXCNQTCNCQTICPKCEKÎP!

      7POÃVQFQCFOKPKUVTCTGEWTUQU[ECFCWPQFGNQUGNGOGPVQURNCPVGCFQUGPGN
      UKIWKGPVGEWCFTQPQURGTOKVKT¶TGURQPFGTCNCUKPVGTTQICPVGURNCPVGCFCUEQOQNQ
      RQFGOQUXGTGPGNUKIWKGPVGEWCFTQ




                                  +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU


                                        4'%74515
'564#6')+#
                               'UVTCVGIKCQTICPKCEKQPCN
                               KTGEEKÎPGUVTCVÃIKECFGNCHWPEKÎPFG6+
                               2QNÈVKECU[GUVTCVGIKCUFG6+
                               2NCPKHKECEKÎP[RTGUWRWGUVQFG6+
2'4510#5
                               2QNÈVKECUFGTGEWTUQUJWOCPQU
                               2GTUQPCNVÃEPKEQKPHQTO¶VKEC
                               7UWCTKQU
6'%01.1)+#
                               KTGEEKÎP[XKUKÎPGUVTCVÃIKEC
                               #TSWKVGEVWTCJCTFYCTG[UQHVYCTG
                               +PHTCGUVTWEVWTCFGEQORWVCEKÎP[EQOWPKECEKQPGU
5+56'/#5
                               /QFGNQFGCRNKECEKQPGU
                               /QFGNQFGFCVQUGKPHQTOCEKÎP
                               )GUVKÎPFGNCFGOCPFCKPUCVKUHGEJC
241%'515
                               GHKPKEKÎPTQNGU[TGURQPUCDKNKFCFGU
                               KUGÌQQTICPKCEKQPCN
                               #FOKPKUVTCEKÎPFGRTQ[GEVQU
                               GNKXGT[FGUGTXKEKQU
                               #P¶NKUKU[FKUGÌQUQHVYCTG
                               GUCTTQNNQUQHVYCTG
                               +ORNGOGPVCEKÎPFGUKUVGOCU
                               /CPVGPKOKGPVQFGUQHVYCTG
                               #UGIWTCOKGPVQFGECNKFCF
                               #FOKPKUVTCEKÎPFGFCVQU
                               #FOKPKUVTCEKÎPFGUGIWTKFCF
                               1RGTCEKQPGUFCVCEGPVGT
                               1RGTCEKQPGUTGURCNFQU[EQPVKPIGPEKCU
                               1RGTCEKQPGUVGNGEQOWPKECEKQPGU
                               )GUVKÎPFGEQPVTCVQUQWVUQWTEKPI
                               %QPVTQNFGIGUVKÎP
                               5QRQTVG[*GNRGUM


7P CURGEVQ HWPFCOGPVCN GU SWG NCU GUVTCVGIKCU FG VGEPQNQIÈCU FG KPHQTOCEKÎP
FGDGPGUVCTCNKPGCFCUCNCUGUVTCVGIKCURNCPVGCFCURQTNCKPUVKVWEKÎP2CTCXGTEQOQ
XC NC TGNCEKÎP FG NQU GLGEWVKXQU [ NCU IGTGPEKCU FG 6GEPQNQIÈCU FG KPHQTOCEKÎP
TGXKUCTGOQUCNIWPCUKPXGUVKICEKQPGU




                       +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU




                                                                  'P NC IT¶HKEC CFLWPVC RQFGOQU
                                                                  QDUGTXCT NC RTGHGTGPEKC FG NQU
                                                                  GLGEWVKXQU RCTC KPHQTOCTUG FG NQU
                                                                  PWGXQURTQFWEVQU[UGQDUGTXCSWGGN
                                                                   NQ JCEG C VTCXÃU FG +PVGTPGV GN
                                                                  CVTCXÃUFGNCUTGXKUVCUGNC
                                                                  VTCXÃU FG NQU RGTKÎFKEQU GN  C
                                                                  VTCXÃUFGNC6GNGXKUKÎP[UQNQGNC
                                                                  VTCXÃUFGNCTCFKQ

                                                                  %QPTGNCEKÎPCNPÕOGTQRTQOGFKQFG
                                                                  JQTCU RQT UGOCPC  WVKNKCP  JQTCU
                                                                  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
)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
)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
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU




    3Q`de_ 999999** 3QbQSdUbcdYYSQc 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
)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
)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
)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
)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

       'UVCU ECTCEVGTÈUVKECU UG GPEWGPVTCP KPOGTUQU GP ECFC WPC FG NCU
       EQORGVGPEKCU SWG WP )GTGPVG FG 5KUVGOCU FGDG VGPGT RCTC  EWORNKT NQU
       FKXGTUQUTQNGUCUÈEQOQNCUCEVKVWFGUSWGFGDGPVQTPCTUGGPJ¶DKVQURCTC
       CUGIWTCT GHKEKGPEKC GP GN VTCDCLQ C FGUGORGÌCT CURGEVQU SWG KTGOQU
       TGXKUCPFQGPNQUECRÈVWNQUUKIWKGPVGU

 +PHQGVKEC

       #UKOKUOQ FGDGT¶ EQPQEGT UQDTG  CURGEVQU ÃVKEQU LWTÈFKEQU [ UQEKCNGU FGN
       %KDGTGURCEKQ FG VCN OCPGTC SWG HQOGPVG GN CEEGUQ WPKXGTUCN C NC
       KPHQTOCEKÎPGPHQTOCUGIWTC

       2QT GLGORNQ NQU )GTGPVGU FG 5KUVGOCU FGDGP FG CFOKPKUVTCT GHKECOGPVG
       NQUTGEWTUQUFGNCQTICPKCEKÎPEQPWPCXKUKÎPKPVGITCFQTC[TCEKQPCNKCFC
       [GXKVCTICUVQUKPPGEGUCTKQU

       6GPGTOW[GPEWGPVCGNEÎFKIQFGÃVKECSWGNGDTKPFCUWEQNGIKCVWTCCHKP
       FG EQPFWEKTUG EQOQ WP RTQHGUKQPCN KPVGITQ GP VQFQ OQOGPVQ
       GURGEKCNOGPVG  UCNXCIWCTFCPFQ NC KPHQTOCEKÎP IGPGTCFC GP NC KPUVKVWEKÎP
       EQOQGNVCPIKDNGO¶URTGEKCFQ




                       +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU




                                  +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU




    3Q`de_ 99F** _c ' 8vRYYd_c TU 7UbU^dU TU CYYcdU]Qc UVVUSdYYf_
    3Q` de _ F _c ' 8vR d_c TU 7UbU^dU TU C cdU]Qc U USd f_

'PGNECRÈVWNQCPVGTKQTJGOQUTGXKUCFQWPCUGTKGFGECTCEVGTÈUVKECUSWGFGDGVGPGTGN
)GTGPVGFG5KUVGOCUOWEJQUFGGNNQUGUV¶PDCUCFQUGPCEVKVWFGUJ¶DKVQUECODKQFG
RCTCFKIOCUEQORQTVCOKGPVQSWGCFQRVCOQUCPVGWPCWQVTCUKVWCEKÎP

.C OC[QTÈC FG NCU RGTUQPCU VGPGOQU NC ECRCEKFCF FG KPVWKT SWG PWGUVTQ
EQORQTVCOKGPVQ VCPVQ C PKXGN NCDQTCN EQOQ GP NC XKFC RTKXCFC RQFTÈC OGLQTCT GP
OWEJQU CURGEVQU RCTC NQITCT NQU KFGCNGU SWG UG GURGTC 5KP GODCTIQ UÎNQ RQECU
RGTUQPCUEQPQEGPNCOCPGTCFGEQPUGIWKTNQ5VGRJGP%QXG[GZRQPGENCTCOGPVGGPUW
NKDTQWPOÃVQFQEGTVGTQ[GHKEKGPVGFGPQOKPCFQP.QU*¶DKVQUFGNCIGPVG#NVCOGPVG
'HGEVKXCQGUVQGUCRNKECDNGKIWCNOGPVGCNQU)GTGPVGUFG5KUVGOCU

.QU UKGVG J¶DKVQU NQ OWGXGP RTQITGUKXCOGPVG UQDTG WP EQPVKPWC OCFWTG FGUFG NC
FGRGPFGPEKCJCEKCNCKPFGRGPFGPEKC[JCUVCNCKPVGTFGRGPFGPEKC

.C  FGRGPFGPEKC GU GN RCTCFKIOC FGN 6Õ 
VÕ EWKFCU FG OÈ [Q VG EWNRQ C VK RQT NQU
TGUWNVCFQUGVE.CKPFGRGPFGPEKCGUGNRCTCFKIOCFGN[Q
[QRWGFQJCEGTGUVQ[Q
UQ[TGURQPUCDNG.CKPVGTFGRGPFGPEKCGUGNRCTCFKIOCFGPQUQVTQU
PQUQVTQURQFGOQU
JCEGTNQPQUQVTQURQFGOQUETGCT

   *$+615                          '5%4+2%+¦0                                      14+'06#1#
2TQCEVKXKFCF    C NC NKDGTVCF RCTC GUEQIGT PWGUVTC TGURWGUVC       '2'0'0%+#
                  HTGPVGCEWCNSWKGTGUVÈOWNQFGNOGFKQCODKGPVG #WOGPVCT EQPUKFGTCDNG
                  HCEWNV¶PFQPQU RCTC TGURQPFGT FG CEWGTFQ C OGPVG                    PWGUVTC
                  PWGUVTQURTKPEKRKQU[XCNQTGU                      CWVQEQPHKCPC NNGICPFQ C
%QOGPCT                                                            EQPQEGT     RTQHWPFC     [
                  *CEGRQUKDNGSWGPWGUVTCUXKFCUVGPICPTCÎPFG
  EQP WPHKP                                                          UKIPKHKECVKXCOGPVG PWGUVTC
                  UGT[CSWGPQURGTOKVGETGCTNCXKUKÎPFGNQSWG
  GPOGPVG                                                             PCVWTCNGC XCNQTGU [
                  SWGTGOQU NQITCT FKTKIKGPFQ PWGUVTCU CEEKQPGUC
                                                                       RTQRKC ECRCEKFCF FG
                  NQ SWG XGTFCFGTCOGPVG GU UKIPKHKECVKXQ GP
                                                                       CRQTVCEKÎP GP GN UGPVKFQ
                  PWGUVTCUXKFCU
                                                                       FG PWGUVTC KFGPVKFCF
'UVCDNGEGT     2TKQTKC PWGUVTQ VKGORQ C NCU CEVKXKFCFGU SWG KPVGITKFCF CWVQEQPVTQN [
    RTKOGTQNQ   XGTFCFGTCOGPVGFCPUGPVKFQCPWGUVTCUXKFCU          ECRCEKFCFCWVQFKTGEVKXC
    RTKOGTQ
2GPUCTGP     2GTOKVG GUVCDNGEGT GN DCNCPEG GPVTG PWGUVTQU      +0'2'0'0%+#
   ICPCT[       QDLGVKXQU[NQUQDLGVKXQUFGNQUFGO¶UNQITCPFQ GUEWDTKT NKDGTCT [
   ICPCT          GN DKGP EQOÕP JCDKGPFQ FGUCTTQNNCFQ WPC OGLQTCT       NCU DWGPCU
                  OGPVCNKFCFFGCDWPFCPEKCOCVGTKCN[GURKTKVWCN TGNCEKQPGU JCEKÃPFQNCU
                  #UKOKUOQ EWCPFQ PWGUVTC FGVGTOKPCEKÎP UG O¶U RTQHWPFCU UÎNKFCU [
                  DCNCPEGCCNCEQPUKFGTCEKÎPRCTCEQPNQUFGO¶U ETGCVKXCU
                  NQITCOQU UGPVCT NCU DCUGU RCTC NC EQPXKXGPEKC [
                  NCGSWKFCFGPVTGNQUUGTGUJWOCPQU



                             +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU


     *$+615                                '5%4+2%+¦0                               14+'06#1#
 $WUEC              'U NC GUGPEKC CN TGURGVQ RQT NQU FGO¶U [
   RTKOGTQ            EQPUVKVW[G NC ENCXG FG NCU TGNCEKQPGU JWOCPCU
   EQORTGPFGT         GHGEVKXCU SWG PQU QTKGPVCCNNGICTCCEWGTFQUFG
   [FGURWÃUUGT      VKRQICPCTICPCT
   EQORTGPFKFQ
 5KPGTIKCT         'U GN TGUWNVCFQ FG EWNVKXCT NC JCDKNKFCF [ NC
                       CEVKVWF FG XCNQTCT NC FKXGTUKFCF RGTHKNCPFQ
                       JGTTCOKGPVCUD¶UKECUEQOQGNVTCDCLQGPGSWKRQ
                       [NCKPPQXCEKÎP.CUÈPVGUKUFGKFGCUFKXGTIGPVGU
                       RTQFWEG KFGCU OGLQTCU [ UWRGTKQTGU C NCU KFGCU
                       KPFKXKFWCNGU
 #HKNCTNC         'UV¶ TGHGTKFC C NC ECRCEKFCF SWG VGPGOQU RCTC +06'4'2'0'0%+#
   UKGTTC              TGPQXCTPQU HÈUKEC OGPVCN [ GURKTKVWCNOGPVG %CTICT GPGTIÈCU RCTC
                       RGTOKVKÃPFQPQU GUVCDNGEGT WP DCNCPEG GPVTG KPVGTPCNKCTRTQHWPFCOGP
                       VQFCUNCUFKOGPUKQPGUFGPWGUVTQUGTCHKPFGUGT VG [ TGPQXCT NQU UGKU
                       GHGEVKXQU GP NQU FKHGTGPVGU TQNGU SWG RTKOGTQU J¶DKVQU F¶PFQ
                       FGUGORGÌCOQUGPPWGUVTCUXKFCU                        PQU GN UGPVKFQ FG WPC
                                                                              XGTFCFGTC KPFGRGPFGPEKC
                                                                              [ ECRCEKFCF RCTC NC
                                                                              KPVGTFGRGPFGPEKCGHGEVKXC


 24+/'4*$+615'4241#%6+81

      2TQCEVKXKFCF PQ UÎNQ UKIPKHKEC VQOCT NC KPKEKCVKXC UKIPKHKEC SWG UQOQU
      TGURQPUCDNGU FG PWGUVTCU RTQRKCU XKFCU [ NC EQPFWEVC GUVC GP HWPEKÎP FG NCU
      FGEKUKQPGU SWG UG VQOC 5G RWGFG UWDQTFKPCT NQU UGPVKOKGPVQU C NQU XCNQTGU
      6GPGOQU NC KPKEKCVKXC [ NC TGURQPUCDKNKFCF FG JCEGT SWG NCU EQUCU UWEGFCP .C
      TGURQPUCDKNKFCF GU NC JCDKNKFCF RCTC GNGIKT NC TGURWGUVC [ NC EQPFWEVC GU WP
      RTQFWEVQFGNCRTQRKCGNGEEKÎPEQPEKGPVGDCUCFCGPNQU XCNQTGU

      'NRTQCEVKXQUGCTTKGUICUGNCPCEQPUGIWTKFCFCNCDÕUSWGFCFGUQNWEKQPGUGU
      ECRC FG EQPUVTWKT ECOKPQU [ FG UGT PGEGUCTKQ CEVÕC [ FGEKFG GP NC
      KPEGTVKFWODTG PQ RGTOKVKGPFQ LCO¶U SWG GUVC KPEGTVKFWODTG NG RCTCNKEG Q NG
      TGVCTFG1DUGTXGOQU[PQUFCTGOQUEWGPVCSWGGUVCCEVKVWF[GUVCUECTCEVGTÈUVKECU
      FGNCEQPFWEVCUQPRTQRKCUFGWPCRGTUQPCRTQCEVKXC

      1VTQ TCUIQ FG NQU RTQCEVKXQU GU NC FG UGT CEGTVKXQU NQITCPFQ EQPEGPVTCT UWU
      OGLQTGUTGEWTUQURCTCUGTWUCFQUGPNCUOGLQTGUQRQTVWPKFCFGU'UCUGIWTKFCFGP
      UKOKUOQUNGUNNGXCCNQITCTNQSWGUGRTQRQPGP[RGTOKVGVTCPUHQTOCTGUEQNNQU[
      DCTTGTCU GP QRQTVWPKFCFGU GUCHÈCP C VTCXÃU FG NC ETGCVKXKFCF [ OWEJCU XGEGU
      ECODKCP NQ EQPXGPEKQPCN [ PQ UG EQPHQTOCP FGUCTTQNNCPFQ WPC OCTCXKNNQUC
      ECRCEKFCFXKUKQPCTKCRCTCCPVKEKRCTUGCNQURTQDNGOCU[RNCPVGCTCNVGTPCVKXCU
      .C ECRCEKFCF RCTC UWDQTFKPCT NQU KORWNUQU C NQU XCNQTGU GU NC GUGPEKC FG NC
      RGTUQPCRTQCEVKXC.CURGTUQPCUTGCEVKXCUUGXGPKORWNUCFCURQTUGPVKOKGPVQURQT


                                  +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU


NCUEKTEWPUVCPEKCURQTNCUEQPFKEKQPGURQTGNCODKGPVG.CURGTUQPCURTQCEVKXCU
UG OWGXGP RQT XCNQTGU EWKFCFQUCOGPVG OGFKVCFQU UGNGEEKQPCFQU G
KPVGTPCNKCFQU 6CODKÃPUGXGPKPHNWKFCURQTGUVÈOWNQUGZVGTPQUHÈUKEQUUQEKCNGUÎ
RUKEQNÎIKEQU 2GTQ UW TGURWGUVC EQPUEKGPVG Î KPEQPUEKGPVG GU WPC GNGEEKÎP Q
TGURWGUVCDCUCFCGPXCNQTGU.QSWGPQUFCÌCOWEJQO¶UFGNQSWGPQUUWEGFG
GUPWGUVTQRGTOKUQPWGUVTQEQPUGPVKOKGPVQCNQSWGPQUUWEGFG

# EQPVKPWCEKÎP UG RTGUGPVC WP 6GUV SWG RWGFG UGT WVKNKCFQ RCTC JCEGTUG WPC
CWVQGXCNWCEKÎP

   'PECFCRWPVQGPWOGTCFQCEQPVKPWCEKÎP
                                                                     /GFKCPC
      KPFKSWGGPSWGOGFKFCFGUETKDGEÎOQ             /W[DKGP                         2QEQ        0CFC
                                                                    OGPVGDKGP
                 7FUGEQORQTVC
‹#EGRVCUNQKPGURGTCFQ!‹6KGPGUWPC
    FKURQUKEKÎPEQPUVCPVGRCTCGPHTGPVCTNQU
    TGVQU!
‹GUVKNCUGKTTCFKCUWPGPVWUKCUOQSWGVG
    RGTOKVGNNGICTFGNQDWGPQCNQGZEGREKQPCN!
m‹#EVÕCUEQPUGIWTKFCF[FGVGTOKPCEKÎPRCTC
    NQITCTVWURTQRÎUKVQU!
‹6GCPVKEKRCUCNCUPGEGUKFCFGUSWGVW
    CEVKXKFCFNCDQTCNVGRTGUGPVC!
‹6GUKGPVGUSWGGTGUQRWGFGUUGTWPNÈFGT
    RQUKVKXQRCTCVWGSWKRQQITWRQ!
‹6GOQVKXCDWUECTQETGCTPWGXQU[OGLQTGU
    GUEGPCTKQU!
‹6GRNCPVGCUQREKQPGU!
‹2KGPUCUEQPHTGUEWTC[UKPOKGFQEQOQNQ
    JCTÈCWPRTKPEKRKCPVGCDKGTVQCNQSWGXC
    UWTIKGPFQ[ FGUEWDTKGPFQ!
‹2NCPKHKECUEQPQDLGVKXKFCF[JQPGUVKFCFNC
    OCPGTCFGECODKCTVWURTQ[GEVQUGPECUQFG
    SWGNQUJGEJQUPQEQPEWGTFGPEQPNQ
    RTQITCOCFQ!
‹6GCFGNCPVCU[VKGPGUUKGORTGWPRNCPFG
   EQPVKPIGPEKC!
‹6GEQPEGPVTCU[NQITCUFGHKPKT[EQPQEGTVWU
   HQTVCNGCU[PQÕPKECOGPVGVWUFGDKNKFCFGU!
‹.QITCUEQPEGPVTCTVQFCUVWUGPGTIÈCUGP
   CSWGNNQSWGFGDGUWEGFGTHKL¶PFQVGOGVCU
   RQUKVKXCU[XKUWCNKCPFQEQPÃZKVQGNHWVWTQ
   FGVWUCEVQU!




                       +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU


         'PECFCRWPVQGPWOGTCFQCEQPVKPWCEKÎP
                                                                   /GFKCPC
            KPFKSWGGPSWGOGFKFCFGUETKDGEÎOQ          /W[DKGP                     2QEQ   0CFC
                                                                  OGPVGDKGP
                       7FUGEQORQTVC
       ‹'TGUECRCFGTGEQTFCTVWUVTKWPHQURCUCFQU
          EWCPFQNCKPEGTVKFWODTGVGCVQTOGPVC!
       ‹'TGUECRCFGPQCDCPFQPCTH¶EKNOGPVGWP
          CUWPVQ[EWCPFQÃUVGUGEQORNKECKPUKUVG
          TGCNKCPFQCEEKQPGURCTCUWRGTCTNQU
          QDUV¶EWNQU!
       ‹'POQOGPVQUFGETKUKUGTGUECRCFGCEVWCT
          T¶RKFC[FGEKFKFCOGPVG[PQGURGTCTCXGTUK
          NCUKVWCEKÎPUGTGUWGNXGRQTUÈUQNC!


      5KTGURQPFKÎCNOC[QTPÕOGTQFGRTGIWPVCU/W[DKGPQ/GFKCPCOGPVGDKGP
      GU RTQCEVKXQ Q VKGPG OWEJCU ECTCEVGTÈUVKECU RCTC UGTNQ 5K RQT GN EQPVTCTKQ VWU
      TGURWGUVCUOC[QTKVCTKCOGPVGHWGTQP2QEQQ0CFCFGDGTGXKUCTUWUCEVKVWFGU[
      RTQRQPGTUGECODKCTNCU

 5')701*$+61%1/'0#4%1070(+0'0.#/'06'

      'UVG J¶DKVQ UG DCUC GP SWG RTKOGTQ JC[ WPC ETGCEKÎP OGPVCN [ NWGIQ WPC
      ETGCEKÎPHÈUKECRQTNQSWGUGFGDGKPKEKCTEQPNCKOCIGPGNEWCFTQQGNRCTCFKIOC
      FG XKFC EQOQ OCTEQ FG TGHGTGPEKC Î ETKVGTKQ RCTC GN GZCOGP FG VQFCU NCU QVTCU
      EQUCU 2QT SWG UÎNQ UGTGOQU XGTFCFGTCOGPVG GHGEVKXQU EWCPFQ GORGEGOQU EQP
      WPHKPGPOGPVGCRGUCTFGGUVCTOW[CVCTGCFQU[UGTOW[GHKEKGPVGU

      7PGPWPEKCFQFGNCOKUKÎPRGTUQPCNGORGCTEQPWPHKPGPNCOGPVGEQPUKUVGGP
      GNCDQTCTWPGPWPEKCFQFGNCOKUKÎPHKNQUQHÈCÎETGFQURGTUQPCNGUUGEGPVTCGPNQ
      SWGWPQSWKGTGUGT[JCEGT[GPNQUXCNQTGUQRTKPEKRKQUSWGFCPHWPFCOGPVQCN
      UGT[JCEGT

      .C OKUKÎP Q EQPUVKVWEKÎP RGTUQPCN GP NQ HWPFCOGPVCN PPWPEC ECODKCQ 2CTC
      GUETKDKTWPGPWPEKCFQFGNCOKUKÎPRGTUQPCNVGPGOQUSWGGORGCTGPGNEGPVTQ
      OKUOQ FG PWGUVTQ EÈTEWNQ FG KPHNWGPEKC GU CNNÈ FQPFG VQOCOQU EQPVCEVQ EQP
      PWGUVTC XKUKÎP [ PWGUVTQU XCNQTGU GU CNNÈ FQPFG WUCOQU PWGUVTC ECRCEKFCF FG
      CWVQEQPEKGPEKC

      %WCPFQQTICPKCOQUPWGUVTQURCTCFKIOCUD¶UKEQURCTCRQPGTNQUGPCTOQPÈCEQP
      RTKPEKRKQUEQTTGEVQUETGCOQUWPEGPVTQGHGEVKXQSWGPQUFCRQFGT[WPCÎRVKECC
      VTCXÃU FG NC EWCN RQFGOQU XGT GN OWPFQ .C OKUKÎP GP PWGUVTC XKFC PQ NC
      KPXGPVCOQU UÎNQ NC FGVGEVCOQU 0WGUVTC CWVQEQPEKGPEKC PQU RGTOKVG GZCOKPCT
      PWGUVTQURTQRKQURGPUCOKGPVQU7PCDWGPCCHKTOCEKÎPVKGPGEKPEQECTCEVGTÈUVKECU
      D¶UKECU GU RGTUQPCN GU RQUKVKXC GUV¶ GP VKGORQ RTGUGPVG GU XKUWCN [ GU
      GOQEKQPCN2QTGLGORNQGNGPWPEKCFQFGNCOKUKÎPUGEQPXKGTVGGPGNOCTEQFG
      TGHGTGPEKCRCTCRGPUCT[IQDGTPCTNCHCOKNKC


                                  +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
)WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU


 6'4%'4*$+6124+/'41.124+/'41

   5GTGHKGTGCNCETGCEKÎPHÈUKECGUFGEKTGUGNGLGTEKEKQFGNCXQNWPVCFKPFGRGPFKGPVG
   EGPVTCFQ GP RTKPEKRKQU ECRCEKFCF RCTC VQOCT FGEKUKQPGU GNGIKT [ CEVWCT NQ SWG
   RQFTÈCOQU FGPQOKPCT NC CWVQCFOKPKUVTCEKÎP GHGEVKXC 'N ITCFQ GP SWG JGOQU
   FGUCTTQNNCFQ PWGUVTC XQNWPVCF KPFGRGPFKGPVG GP NC XKFC EQVKFKCPC UG OKFG RQT
   PWGUVTC KPVGITKFCF RGTUQPCN .C KPVGITKFCF GU PWGUVTC ECRCEKFCF RCTC
   EQORTQOGVGTPQU C OCPVGPGT NQU EQORTQOKUQU EQP PQUQVTQUNQSWGFGEKOQUGU
   JCEGT RQT GNNQ NC GUGPEKC FGN FGUCTTQNNQ RTQCEVKXQ 5K WPQ GU WP CFOKPKUVTCFQT
   GHGEVKXQ FG UÈ OKUOQ NC FKUEKRNKPC RTQXKPG FGN KPVGTKQT GU WPC HWPEKÎP FG NC
   XQNWPVCFKPFGRGPFKGPVG'NEQOÕPFGPQOKPCFQTFGVQFCUNCURGTUQPCUFGÃZKVQGU
   PGORGCTRQTNQRTKOGTQQ

   #SWÈWPOÃVQFQRCTCOCPGLCTGNVKGORQCFGEWCFCOGPVG

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  • 8. )WÈC FGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU JCDKNKFCFGURCTCCUWOKTGNNKFGTCIQGP6+%UGPNCQTICPKCEKÎP[NCKPVGTTGNCEKÎP GHGEVKXC EQP UW CODKGPVG /¶U CFGNCPVG RQFGOQU QDUGTXCT EQOQ CNIWPCU QTICPKCEKQPGU CN FGHKPKT NC XKUKÎP [ OKUKÎP FG NC )GTGPEKC FG 5KUVGOCU PQU RGTOKVGCHKTOCTSWGGNEQORQPGPVGVGEPQNÎIKEQGURTGFQOKPCPVG 'N )GTGPVG FG 5KUVGOCU GU SWKGP FGDG NNGICT[EQPXGPEGTCNPÕOGTQWPQFGNC QTICPKCEKÎP IGTGPVG )GPGTCN /KPKUVTQ Q ,GHG KPUVKVWEKQPCN EQP UQNWEKQPGU KPPQXCFQTCU [ JCEGT SWG XKUKQPGP LWPVQ EQP GN WPC QTICPKCEKÎP KPVGITCFC C VTCXÃU FGN WUQ FG NC KPHQTOCEKÎP KFGPVKHKECPFQ EWCNGU UQP NCU QRQTVWPKFCFGU VGEPQNÎIKECUSWGRWGFGJCEGTRCTCOGLQTCTNCEQORGVKVKXKFCFFGNCQTICPKCEKÎP GUFGEKTUGTGNXGTFCFGTQCIGPVGFGECODKQFGNCQTICPKCEKÎ P 'UVQKORNKECSWGGN)GTGPVGFG5KUVGOCUFGDCVGPGTWPCOKZVWTCFGEQPQEGTNC VGEPQNQIÈC [ GP GURGEKCN UGT WP JQODTG FG PGIQEKQU [ EWCPFQ JCDNCOQU FG PGIQEKQU PQ UÎNQ JCDNCOQU FG NCU GORTGUC RTKXCFCU UKPQ VCODKÃP FG NCU KPUVKVWEKQPGUFGN'UVCFQGPGNSWGUGFGDGQRVKOKCTGNWUQFGNQUGUECUQUTGEWTUQU FGN 'UVCFQ EQPXKTVKÃPFQUG GP GN UQRQTVG D¶UKEQ FG NC VGEPQNQIÈC GZKUVGPVG GP NC QTICPKCEKÎP [ RQT QVTQ NCFQ C[WFCPFQ C GNGIKT NC VGEPQNQIÈC SWG TGSWKGTG UW QTICPKCEKÎP [ C TGEQPQEGT NC KPHQTOCEKÎP EQOQ GN RTKPEKRCN CEVKXQ FG NC QTICPKCEKÎP 6TCFKEKQPCNOGPVG NQU GURGEKCNKUVCU GP VGEPQNQIÈC TGRQTVCDCP C RQUKEKQPGU KPVGTOGFKCUFGNCUQTICPKCEKQPGU[PQHQTOCDCPRCTVGFGNQUPKXGNGUFGFGEKUKÎP GPGUVQUVKGORQUGN)GTGPVGFG5KUVGOCUFGDGEQORTGPFGTRGTHGEVCOGPVGGNIKTQ FGNPGIQEKQFGUWQTICPKCEKÎPRCTCSWGRWGFCFGUGORGÌCTWPDWGPTQN'URQT GNNQ NC KORQTVCPEKC SWG NC LGTCTSWKCEKÎP FGN ECTIQ RCTC SWG UG GPEWGPVTG O¶U RTÎZKOQCN,GHGQ)GTGPVG)GPGTCN 'NPWGXQ)GTGPVGFG5KUVGOCU ‹'ZKUVGTGCNOGPVGGNRGTHKNKFGCN! .CU VGPUKQPGU [ TGSWGTKOKGPVQU C SWG GUV¶ UWLGVQ GN IGTGPVG FG 5KUVGOCU GP NC CEVWCNKFCFRCTCJCEGTNCUEQUCUDKGPUQPUQHKUVKECFCU[GZKIGPVGUFGDGEQPQEGT NCVGEPQNQIÈC[OCPVGPGTUGCNFÈCGPGNNCCRGUCTFGNQUXGTVKIKPQUQUECODKQUGP GUG ¶ODKVQ FGDG UCDGT GZRNKECT [PXGPFGTQ C UWU RCTGU GP NC QTICPKCEKÎP NQU DGPGHKEKQUFGNQURTQ[GEVQUVGEPQNÎIKEQURGTQGPWPNGPIWCLGSWGNQUWUWCTKQUNQ GPVKGPFCP FGDG UGNGEEKQPCT [ TGVGPGT RTQHGUKQPCNGU ECFC XG O¶U FKHÈEKNGU FG GPEQPVTCT[EQPRGTUQPCNKFCFGUECFCXGO¶UPFGNKECFCUQFGDGUCDGTPCXGICTGP NC RQNÈVKEC KPVGTPC FG NC QTICPKCEKÎP UKP UWHTKT OC[QTGU PFCÌQUQ FGDG UCDGT UGNGEEKQPCT[EQPVTCVCTDWGPQURTQXGGFQTGUFGUGTXKEKQUECFCXGO¶UFKHÈEKNGUFG GPEQPVTCT [ PGIQEKCT EQPFKEKQPGU SWG FGLGP C VQFQU UCVKUHGEJQU [ HKPCNOGPVG UCDGT CFOKPKUVTCT [ FKTKIKT RTQ[GEVQU FG KORNGOGPVCEKÎP VGEPQNÎIKEC OWEJCU XGEGUFGITCPGPXGTICFWTC +PUVKVWVQ 0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 9. )WÈC FGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU ‹'ZKUVG TGCNOGPVG GUVG PUWRGTOCPQ! ‹%ÎOQ UG GPEWGPVTC RTGRCTCFQ WUVGF RCTC GUVGFGUCHÈQ! 'U KORQTVCPVG TGEQPQEGT SWG GN )GTGPVG FG 5KUVGOCU UG JCEG [PQPCEG[RCTC GPHTGPVCT OGLQT NQU FGUCHÈQU SWG KORQPG NC EQORNGLKFCF CEVWCN VCPVQ QTICPKCEKQPCNEQOQVGEPQNÎIKECJC[SWGCRQ[CTUGGPOGVQFQNQIÈCUEQPEGRVQU [FGUVTGCUSWGGUV¶PCUWCNECPEG'NQDLGVKXQRTKPEKRCNFGGUVCIWÈCGUDTKPFCTWP EQPLWPVQFGVKRUQWPPOCPWCNFGUWRGTXKXGPEKC[FGUCTTQNNQQ RCTCGN)GTGPVGFG 5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 10. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 11. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 3Q`de_ 9999 ** 7UbU^SYYQ TU CYYcdU]Qc 3Q` de _ 7UbU^S Q TU C cdU]Qc 5+67#%+¦0#%67#. .CU QTICPKCEKQPGU RÕDNKECU OQFGTPCU TGSWKGTGP FGNC GLGEWEKÎP UKUVGO¶VKEC FG CEVKXKFCFGU SWG VKGPFCP C GNGXCT NC ECRCEKFCF VÃEPKEC NQU EQPQEKOKGPVQU [ NCU FGUVTGCU FGN RGTUQPCN [ C FGUCTTQNNCT UW RQVGPEKCN RCTC QEWRCT RQUKEKQPGU FG TGURQPUCDKNKFCF ETGEKGPVG .C HQTOCEKÎP RGTOCPGPVG GU WPC XÈC RCTC FGUCTTQNNCT TGEWTUQU JWOCPQUSWGCUWOCPTGURQPUCDKNKFCFGU[QEWRGPFGOCPGTCGHGEVKXC NQUECTIQUSWGFGUGORGÌCP 0QUGVTCVCFGCEWOWNCTRWPVQUUKPQFGRTQITGUCTGPNCECTTGTC‹RGTQSWGRCUCUK PQGZKUVGGUVCRQNÈVKECQPQGZKUVGPNQUTGEWTUQURTGUWRWÃUVCNGUQUKORNGOGPVGPQ GZKUVGKPVGTÃUFGCODCURCTVGU! 'PVQPEGU UG TGSWKGTG GLGEWVKXQU SWG RTQOWGXCP NQU RTKPEKRKQU D¶UKEQU FG WP XGTFCFGTQ RTQEGUQ FG OQFGTPKCEKÎP OGFKCPVG NC KPEQTRQTCEKÎP FG NCU 6GEPQNQIÈCUFG+PHQTOCEKÎP[%QOWPKECEKQPGURCTCNQITCT 7PCIGUVKÎPRÕDNKECGHKEKGPVG[GHKEC .QU GLGEWVKXQU TGNCEKQPCFQU EQP NC DWGPC HG EGNGTKFCF GEQPQOÈC GHKEKGPEKC [ GHKECEKCCRQ[CPNCDÕUSWGFCFGNCTCEKQPCNKFCFGPGNWUQFGNQUTGEWTUQURÕDNKEQU [ GN EWORNKOKGPVQ FG NCU HKPCNKFCFGU FG ECFC GPVKFCF[FGNCCFOKPKUVTCEKÎPGP IGPGTCN 3WGUGUKGPVCPEQORTQOGVKFQUEQPNCIGUVKÎPRÕDNKECQTKGPVCFCCTGUWNVCFQUEQP GN OGLQTCOKGPVQ FG NCU TGNCEKQPGU 'UVCFQEKWFCFCPQ [ EQP NC ECNKFCF GP NC RTGUVCEKÎP FGN UGTXKEKQ FKURWGUVQU C CIKNKCT NQU RTQEGUQU VT¶OKVGU [ RTQEGFKOKGPVQU C TGEQPQEGT NC KORQTVCPEKC FG NC KPHQTOCEKÎP QRQTVWPC RCTC NC VQOCFGFGEKUKQPGU .C IGUVKÎP RÕDNKEC GHKEKGPVG FGOCPFC CFGO¶U GN HQTVCNGEKOKGPVQ FG NQU EQPQEKOKGPVQUNCUJCDKNKFCFGU[NCUCEVKVWFGUFGNQUUGTXKFQTGURÕDNKEQURCTCSWG EQPVTKDW[CPGPNCUCEEKQPGUFKTKIKFCUC U GUCTTQNNCTEQORGVGPEKCURCTCGNOCPGLQKPVGITCNFGWPRTQ[GEVQQRTQFWEVQ U 4CEKQPCNKCTVT¶OKVGUOÃVQFQU[RTQEGFKOKGPVQUFGVTCDCLQ U (QTVCNGEGTNQUUKUVGOCUFGKPHQTOCEKÎPRCTCNCVQOCFGFGEKUKQPGU U +ORNCPVCTCFGEWCFQUOGECPKUOQUFGEQPVTQNKPVGTPQ U /GLQTCTNCECNKFCFFGNUGTXKEKQCNWUWCTKQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 12. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 'P ECFC WPC FG GUVCU UGPVGPEKCU GNTQN FGN)GTGPVGFG5KUVGOCUGUKPJGTGPVGGU SWKGP FGDG EQPFWEKT NQU RTQEGUQU FG TGKPIGPKGTÈC OGLQTCOKGPVQ FG RTQEGUQU KORNGOGPVCTOÃVQFQU RCTCOGFKTNCECNKFCFFGNQUUGTXKEKQU[RTQFWEVQUSWGUG QHTGEGPVCPVQCPKXGNKPVGTPQEQOQGZVGTPQFGNCKPUVKVWEKÎP 7PCIGUVKÎPRÕDNKECVTCPURCTGPVG 'PNCTGNCEKÎPGPVTGNQUEKWFCFCPQU[NCURGTUQPCUCNUGTXKEKQFGN'UVCFQUG RWGFG 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 .15 4'%74515 *7/#015 '0 6'%01.1) #5 ' +0(14/#%+¦0 ' .# #/+0+564#%+¦02­$.+%# '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 +564+$7%+¦0'.2'4510#.+0(14/6+%1'0.# #/+0+564#%+¦02­$.+%# 2WURV 'LUHFWLYR $QDOLVWD 3URJUDPDGRU $X[LOLDU (WGPVG+0'+602+8'04+#2 .C RTQRQTEKÎP SWG GZKUVG GPVTG RGTUQPCN KPHQTO¶VKEQ PQODTCFQ [ EQPVTCVCFQ GU 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 CFOKPKUVTCVKXQ HWPEKQPCN 6CODKÃP GU GN FG FGNCQTICPKCEKÎPQ UGTXKT FG UQRQTVG VÃEPKEQ [ FG ECRCEKVCEKÎP CN RGTUQPCN FG NC KPUVKVWEKÎP RCTC GN CFGEWCFQ HWPEKQPCOKGPVQFGNQUCRNKECVKXQUKPHQTO¶VKEQUQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 18. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU GHKPGPEQOQ/KUKÎP ;EQOQ8KUKÎP P'U WP FGRCTVCOGPVQ EW[C IGUVKÎP GUVC P'N FGRCTVCOGPVQ FG KPHQTO¶VKEC QTKGPVCFC C EQPVTKDWKT GP GN WUQ FG NCU OCPVKGPG UW NKFGTCIQ RQT NC 6GEPQNQIÈCU OQFGTPCU FG +PHQTOCEKÎP GP GZEGNGPEKC FG UWU UGTXKEKQU [ CRQ[QCNQUQDLGVKXQUKPUVKVWEKQPCNGUQ UQUVGPKFCKPPQXCEKÎP6GEPQNÎIKECQ .C )GTGPEKC FG +PHQTO¶VKEC FG WPC GORTGUC P5GT NÈFGT GP CUGUQTÈC [ EQPUWNVQTÈC FG UGTXKEKQU FGHKPG UW OKUKÎP EQOQPDTKPFCT KPHQTO¶VKEC FG GORTGUCUFG 5GTXKEKQU UGTXKEKQU KPHQTO¶VKEQU EQP UQNWEKQPGU 2ÕDNKEQUCPKXGN0CEKQPCNCNQ KPVGITCNGUWVKNKCPFQNCOGLQTVGEPQNQIÈCRCTC UCVKUHCEGT EQORGVKVKXCOGPVG NCU PGEGUKFCFGU FG PWGUVTQU ENKGPVGU GP GN OCPGLQ FG NC KPHQTOCEKÎPQ P.C )GTGPEKC FG 5KUVGOCU GU GN ÎTICPQ P'U NC VCTGC FG NC )GTGPEKC FG GPECTICFQ FG RNCPKHKECT QTICPKCT FKTKIKT [ 5KUVGOCU GN CRQ[CT [ RTQRKEKCT NC GXCNWCT NC CRNKECEKÎP TCEKQPCN FG NCU OQFGTPKCEKÎPKPUVKVWEKQPCNOGFKCPVG VGEPQNQIÈCU FG KPHQTOCEKÎP XKIGPVGU GP NC GN WUQ [ CRNKECEKÎP TCEKQPCN FG NCU KPUVKVWEKÎP 5W OKUKÎP +ORNKEC GN CFGEWCFQ 6GEPQNQIÈCUFGKPHQTOCEKÎPXKIGPVGU WUQ [ CRTQXGEJCOKGPVQ FG NQU TGEWTUQU 0WGUVTC XKUKÎP EQPVGORNC GN KPHQTO¶VKEQU RCTC NC QRVKOKCEKÎP FG NCU FGUCTTQNNCT CEEKQPGU RCTC NC CEVKXKFCFGU UGTXKEKQU QRVKOKCEKÎP FG QRVKOKCEKÎP EQPVKPWC FG NQU RTQEGUQU [ QDVGPEKÎP T¶RKFC FG KPHQTOCEKÎP RTQEGUQU [ RTQEGFKOKGPVQU FG NC RCTC NC VQOC FG FGEKUKQPGU FG NCU FGO¶U KPUVKVWEKÎP CUÈ EQOQ RTQRWIPCT RQT IGTGPEKCU OGFKCPVG GN FGUCTTQNNQ GN FGUCTTQNNQ [ GORNGQ FG KORNCPVCEKÎP [ UWRGTXKUKÎP FGN EQTTGEVQ CRNKECEKQPGU C ECRCU [ GN WUQ HWPEKQPCOKGPVQ FG NQU UKUVGOCU [ KPVGPUKXQ FG EQTTGQ GNGEVTÎPKEQ KPVTC EQOWPKECEKQPGUQ [GZVTCKPUVKVWEKQPCNQ 2QFGOQUQDUGTXCTSWGGNITCPEQORQPGPVGFGNCFGHKPKEKÎPGUGNVGEPQNÎIKEQ[GP OW[RQEQUECUQUGNEQORQPGPVGFGNXGTFCFGTQTQNSWGFGDGCUWOKTNC)GTGPEKC FG5KUVGOCU 7$+%#%+¦0'0.#14)#0+#%+¦0 .C )GTGPEKC FG 5KUVGOCU QEWRC FKHGTGPVGU WDKECEKQPGU GP NC GUVTWEVWTC QTICPKCEKQPCNFGNCUKPUVKVWEKQPGU N %QOQÎTICPQUFGNÈPGC N %QOQÎTICPQUFGCRQ[Q[SWGFGRGPFGPFGNC,GHCVWTC N %QOQÎTICPQUFGCRQ[QSWGFGRGPFGPFGNC5GETGVCTKC)GPGTCN N %QOQ¶TGCUSWGFGRGPFGPFGEQOKUKQPGU N %QOQ¶TGCSWGFGRGPFGFG#FOKPKUVTCEKÎP N %QOQ¶TGCSWGFGRGPFGFGNC)GTGPEKCFG#FOKPKUVTCEKÎP[2TGUWRWGUVQ N %QOQ¶TGCSWGFGRGPFGFGNC1HKEKPCFG#FOKPKUVTCEKÎP[(KPCPCU N %QOQ¶TGCSWGFGRGPFGFGNC)GTGPEKCFGGUCTTQNNQG+PXGUVKICEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 19. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N %QOQ ÎTICPQ FG CRQ[Q SWG FGRGPFG FG NC 5GETGVCTKC FG 2NCPKHKECEKÎP 'UVTCVÃIKEC N %QOQWPCWPKFCFSWGTGRQTVCCNC,GHCVWTCFG#UGUQTCOKGPVQ+PUVKVWEKQPCN N %QOQWP¶TGCSWGFGRGPFGFGNCU1HKEKPCUFG2TGUWRWGUVQ[2NCPGCOKGPVQ .CUFKXGTUCUHQTOCUFGWDKECEKÎPSWGQEWRCNC)GTGPEKCFG5KUVGOCU GPWPHCEVQT ETÈVKEQ RCTC SWG RWGFC EWORNKT DKGP UW TQN GU ENCTQ QDUGTXCT SWG OKGPVTCU NC )GTGPEKC FG 5KUVGOCU FGRGPFG FKTGEVCOGPVG FGN O¶ZKOQ TGRTGUGPVCPVG FG NC QTICPKCEKÎPRWGFGVGPGTOC[QTCEEGUQCRCTVKEKRCTFGNCUFGEKUKQPGUSWGRWGFCP VQOCTUGECUQFKUVKPVQFGCSWGNNCUSWGGUV¶PWDKECFCUFGDCLQFG¶TGCUGURGEKHKECU GPGNSWGNCRCTVKEKRCEKÎPGPNCUFGEKUKQPGUQTICPKCEKQPCNGUUGXGT¶NKOKVCFC #NIWPCUKPUVKVWEKQPGUKPENWUKXGJCPETGÈFQEQPXGPKGPVGEQPUKFGTCTCNC)GTGPEKC FG 5KUVGOCU FG ÎTICPQ FG NÈPGC RCUCTNQ C WPC WPKFCF FGDCLQ FG GNNC 'LGORNQ RCUCT FG WPC 1HKEKPC )GPGTCN C WPC 1HKEKPC 'LGEWVKXC FG OGPQT PKXGN SWG GN CPVGTKQTQGPCNIWPCUKPUVKVWEKQPGUPQEWGPVCPGPUWGUVTWEVWTCEQPWPCIGTGPEKC FGKPHQTO¶VKEC /+5+¦0'.)'4'06''5+56'/#5 2QFGOQUFGHKPKTNCOKUKÎPFGN)GTGPVGFG5KUVGOCUEQOQGNFGPRTQXGGTNCXKUKÎP VGEPQNÎIKEC [ OCPVGPGT GN NKFGTCIQ GP GN FGUCTTQNNQ G KORNCPVCEKÎP FG KPKEKCVKXCU GP OCVGTKC FG CRNKECEKÎP FG NCU 6GEPQNQIÈCU FG KPHQTOCEKÎP [ %QOWPKECEKQPGUSWGOCP VGPICPGNNKFGTCIQFGNCQTICPKCEKÎPGPWPGPVQTPQ ECODKCPVGGKPVGPUCOGPVGEQORGVKVKXQ 3 'N )GTGPVG FG 5KUVGOCU GU WP GLGEWVKXQ SWG QEWRC WPC RQUKEKÎP ENCXG GP NC QTICPKCEKÎPGUGNTGURQPUCDNGFGNCURQNÈVKECUFGVGEPQNQIÈCUFG+PHQTOCEKÎP[ EQOWPKECEKQPGU[FGNCNKPGCOKGPVQFGNCUGUVTCVGIKCUFG6+%UEQPNCUGUVTCVGIKCU KPUVKVWEKQPCNGU 0QTOCNOGPVG NC )GTGPEKC FG 5KUVGOCU GUVC WDKECFQ GP NC UGFG RTKPEKRCN FG NC QTICPKCEKÎP [ C PKXGN FGUEGPVTCNKCFQ VKGPG EQQTFKPCFQTGU Q IGTGPEKCUTGIKQPCNGU 'PIGPGTCNNQU)GTGPVGUFG5KUVGOCUUQPRTQHGUKQPCNGUEQPPKXGNFGRQUVITCFQ[ OWEJCGZRGTKGPEKCGP6GEPQNQIÈCUFG+PHQTOCEKÎPCFOKPKUVTCEKÎPFGGORTGUCU[ IGUVKÎPFGPGIQEKQU 2WGFGPGUVCTHQTOCFQUGPECTTGTCUFGKPIGPKGTÈC GPGURGEKCNUKUVGOCUGNGEVTÎPKEC Q FG VGNGEQOWPKECEKQPGU EKGPEKCU FG EQORWVCEKÎP OCVGO¶VKEC 7PQ FG NQU TGSWKUKVQU GU NC EQPUVCPVG CEVWCNKCEKÎP [ EQPQEKOKGPVQU FG KPINGU VÃEPKEQ GU KPFKURGPUCDNG #UÈOKUOQFGDGPVGPGTEQPQEKOKGPVQUFGFKP¶OKECQTICPKCEKQPCNRNCPGCOKGPVQ GUVTCVÃIKEQEQPVCDKNKFCFIGTGPEKCNOCVGO¶VKECUHKPCPEKGTCHKPCPCUEQTRQTCVKXCU OCTMGVKPIIGUVKÎPFGTGEWTUQUJWOCPQUIGTGPEKCFGQRGTCEKQPGUGPVTGQVTQU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 20. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 5WUTGURQPUCDKNKFCFGU N 2CTVKEKRCTFGNQU%QOKVÃUFG+PHQTO¶VKECQFGNCUTGWPKQPGUEQPQVTQUIGTGPVGU RCTCGUVCTUKGORTGCNCRCTEQPNCUFGEKUKQPGUFGNQUPGIQEKQUFGNCGORTGUC N 4GCNKCTKPXGUVKICEKQPGUEQPUVCPVGURCTCOCPVGPGTUGKPHQTOCFQFGNCUPWGXCU 6GEPQNQIÈCU N /GLQTCOKGPVQEQPVKPWQFGNQURTQEGUQUFGNCQTICPKCEKÎP N GUCTTQNNQ FG NCU CRNKECEKQPGU PWGXCU [ GZKUVGPVGU RCTC NCU KPKEKCVKXCU FG NC QTICPKCEKÎP N #UGIWTCT NCU KPXGTUKQPGU GP +PHTCGUVTWEVWTC CTSWKVGEVWTC FG EQORWVCFQTCU TGFGUGPIGPGTCNFGNCU6+%UGPNCQTICPKCEKÎP N #FOKPKUVTCTUGTXKEKQUFGQWVUQWTEKPI[CRTQXKUKQPCOKGPVQKPVGTPQFGUGTXKEKQU N 'UVCDNGEGT TGNCEKQPGU GUVTCVÃIKECU EQP RTQXGGFQTGU [ EQPUWNVQTCU ENCXGU GP 6+%U N 6TCPUHGTGPEKC VGEPQNÎIKEC JCDKNKVCT VGEPQNQIÈCU RCTC JCEGT O¶U H¶EKN C NQU WUWCTKQU [ RTQXGGFQTGU RCTC JCEGT VTCPUCEEKQPGU EQP NC QTICPKCEKÎP G KPETGOGPVCT NC EQORGVKVKXKFCF 2TQRQPGT C NQU IGTGPVGU GLGEWVKXQU NC KPEQTRQTCEKÎP FG NCU 6+%U PWGXCU CRNKECEKQPGU FG KPHQTO¶VKEC SWG VTCKICP DGPGHKEKQCNQUPGIQEKQU N #EVWCT TGEÈRTQECOGPVG EQP NQU WUWCTKQU KPVGTPQU [ GZVGTPQU RCTC CUGIWTCT NC UCVKUHCEEKÎPEQPVKPWCFGNWUWCTKQ 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 N 5WRGTXKUCT[GXCNWCTGNFGUGORGÌQ[NCECNKFCFFGNUGTXKEKQSWGQHTGEG *#$+.+#'50'%'5#4+#5 .QU )GTGPVGU FG 5KUVGOCU FGDGP RCTVKEKRCT FGN PGIQEKQ [ FG NCU FGEKUKQPGU GUVTCVÃIKECUSWGUGVQOCPGPNCQTICPKCEKÎPECFCXGO¶UVKGPGPNCRQUKDKNKFCF FG CEEGFGT C RWGUVQU LGT¶TSWKEQU [ UG EQPXKGTVGP GP GN DTCQ FGTGEJQ FG NCU IGTGPEKCU FG NÈPGC [ FG NC ECDGC FG NC QTICPKCEKÎP CUGUQT¶PFQNQ UQDTG NCU ÕNVKOCUKPPQXCEKQPGUFGNOGTECFQ G KIWCN HQTOC CFOKPKUVTCP GN CEVKXQ O¶U RTGEKCFQ FG NC QTICPKCEKÎP NC KPHQTOCEKÎP [ FGDGP GUVCT CVGPVQU C NQU ECODKQU GP GN GPVQTPQ FG NCU QTICPKCEKQPGUCEVWCNGU5GJCRCUCFQFGNIGTGPVGTGURQPUCDNGFGNRTQEGUCOKGPVQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 21. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU FGFCVQUCNIGTGPVGEW[CRTKPEKRCNTGURQPUCDKNKFCFGUGNOCPGLQFG NCKPHQTOCEKÎP [PQFGDGRGPUCTSWG N .CVGEPQNQIÈCFGKPHQTOCEKÎPPQIGPGTCFKHGTGPEKCU N 'UKPUWRGTCDNGSWGNCUFKXGTUCUIGTGPEKCUFGNCQTICPKCEKÎPUGTGUKUVCPCN ECODKQ N .CU6GEPQNQIÈCUFG+PHQTOCEKÎPGUFKHÈEKNFGCFOKPKUVTCT N .QUVÃEPKEQUUQPSWKGPGU FGEKFGP N 7PCXKUKÎPFGEQTVQRNCQGUNQO¶UKORQTVCPVG N .CUVGEPQNQIÈCUFGKPHQTOCEKÎPUQPUÎNQWPECODKQVÃEPKEQ[PQ QTICPKCEKQPCN 'PECODKQFGDGVGPGTRTGUGPVGGP N 5GTGNRTKPEKRCNKORWNUQTFGNECODKQ[GLGTEGTGNNKFGTCIQGPNCU6+%U N 3WGNCUFGEKUKQPGUFG6GEPQNQIÈCUFGKPHQTOCEKÎPPQFGDGPGUVCTFKXQTEKCFCU FGNQUPGIQEKQU N 'UVCTFKURWGUVQCEQOGVGTGTTQTGU N #UWOKTWPPWGXQTQNRCTCGN¶TGCFGUKUVGOCU N 'NECODKQGORKGCRQTWPCPWGXCHQTOCFGRGPUCT 'UKORQTVCPVGQDUGTXCTGNUKIWKGPVGEWCFTQ (OHQWRUQRRUJDQL]DFLRQDO /DVSUHVLRQHVGHFRUWR 3URYRFDQGRUHVSXHVWDV SODQWHDQXHYRVGHVDItRVD SOD]ROOHJDQSRUWRGRV QRLQWHJUDGDV ODVLQVWLWXFLRQHV ORVIUHQWHV FRRUGLQDGDV W 6HURUJDQL]DFLRQHVFDGDYH]PiV W 3REODFLyQTXHGHPDQGDSRUXQD W 3URHFWRVLQGHSHQGLHQWHVTXH W UHDURIUHFHUVHUYLFLRV FRPSHWLWLYDV JHVWLyQPDVHILFLHQWHGHO(VWDGR W )DOWD GHGHILQLFLyQSDUD IXQFLRQDQFRPR³LVODV´ FRPRSULQFLSDOSURYHHGRUGH VHUYLFLRV W 3UREOHPDVSUHVXSXHVWDOHVTXH RULHQWDGRVDOFLXGDGDQR LPSOHPHQWDUORVVHUYLFLRVHQOtQHD W 2SWLPL]DUORVSURFHVRVLQWHUQRVGH HBJRELHUQR
  • 22. FRPRSULRULGDGSDUD W 2WURVSDLVHVHVWDQWRPDQGROD HQIUHQWDQODVRUJDQL]DFLRQHV W DWHQGHUPHMRUDOFLXGDGDQR W 0DQHMDUDVSHFWRVGHFXOWXUD ODRUJDQL]DFLyQ 3HQVDUTXHODV7,VHVHOILQQR W 3URFHGLPLHQWRVTXHQRDSRDQOD GHODQWHUD W 3DUiOLVLVPLHGRDSUREDU XQPHGLR LQIRUPiWLFDGHFDPELR RUJDQL]DFLRQDO W $GRSWDUQXHYDVWHFQRORJtDVH W $OWDURWDFLyQGHUHFXUVRV LPSOHPQHWDFLyQGHODV7,V H[SHULPHQWDUQXHYRVPRGHORVR DSURYHFKDUORVPRGHORV W $GPLQLVWUDUORVULHVJRV LQWHJUDUODDODH[LVWHQWH H[LVWHQWHVHQHOPHUFDGR W $GRSWDUSURHFWRVSRUTXHORV KXPDQRV W 0HMRUDUODVFDSDFLGDGHVKXPDQDV W )DOWDGHVLVWHPDWL]DFLyQHQHO GHPiVORHVWiQKDFLHQGR HQODVRUDJQL]DFLRQHV DQiOLVLVGHULHVJRV +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 23. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 6QFQ NQQDUGTXCFQIGPGTCPWGXQUFGUCHÈQUCNQU)GTGPVGUFG5KUVGOCUGNEKENQFG NC VGEPQNQIÈC [ NCU CRNKECEKQPGU GU ECFC XG OCU EQTVQ UKPQ TGEQTFGOQU NCU ITCPFGU OCKPHTCOGU NQU UKUVGOCU FGUCTTQNNCFQU GP %NKRRGT [ SWG CWP EQTTGP GP OWEJCUKPUVKVWEKQPGUHTGPVGCNCVGEPQNQIÈCTGEKGPVGGPGNSWGNCOC[QTÈCFGNQU UKUVGOCUGUV¶PDCUCFQUGP+PVGTPGVEQPRQUKDKNKFCFGUFGCRNKECEKQPGU[OCPGLQU FGXQNÕOGPGUFGKPHQTOCEKÎPSWGPQUGGURGTCDCPCÌQUCVT¶U .CU 6+%U UQP RCTVG HWPFCOGPVCN FG NCU GUVTCVGIKCU FG NCU QTICPKCEKQPGU RCTC DTKPFCT WP OGLQT UGTXKEKQ Q SWG WP PGIQEKQ UGC HTWEVÈHGTQ .QU PWGXQU CIGPVGU GZVGTPQU QDNKICP C UCNKTUG FGN GPHQSWG VTCFKEKQPCN JCEKC WPC QTICPKCEKÎP O¶U HNGZKDNG[CFGEWCTUGCNQUPWGXQUECODKQU GQVTQNCFQ CNJCDGTUGKPETGOGPVCFQNCEQORNGLKFCFUGTGSWKGTGFGOÃVQFQ[ FKUEKRNKPCFGIGUVKÎPNCUOGVQFQNQIÈCUUQPECFCXGOCUUQHKUVKECFCU[EQORNGVCU [C PQ UG RWGFG UGIWKT GP GN FGUQTFGP G KORTQXKUCEKÎP KPUVKVWEKQPCNKCFC %CFC RTQ[GEVQ[¶TGCFG6+%UGUGURGEKCNKCFCRGTQUGRWGFGP[UGFGDGPFGUCTTQNNCT OÃVQFQURCTCJCEGTNCUEQUCUSWGCUGIWTGPGNÃZKVQ .CURTGIWPVCUENCXGUSWGRQFGOQUJCEGTRCTCFGHKPKTWPOÃVQFQUQP N ‹%ÎOQFGHKPKOQUGNRTQDNGOCFGNWUWCTKQ! N ‹%ÎOQGUVCDNGEGOQUNCUOGVCU[QDLGVKXQU[GNUKUVGOCRCTCOGFKTNQU! N ‹%ÎOQVTCDCLCOQUGPEQPLWPVQEQPNQUWUWCTKQU! N ‹%ÎOQNNGXCOQUCECDQNCKPXGUVKICEKÎPFGNRTQDNGOC! N ‹%ÎOQRTGUGPVCOQUPWGUVTQUJCNNCIQU! N ‹%ÎOQKP[GEVCOQUQTKIKPCNKFCFGPGNRTQEGUQ[GPNCIGUVKÎPFKCTKC! N ‹%ÎOQCUGIWTCOQUNCECNKFCFFGUGTXKEKQSWGQHTGEGOQUCPWGUVTQUWUWCTKQU GPVQFQNQSWGJCEGOQU! N ‹%ÎOQCDQTFCOQUNCEQPVTCVCEKÎPFGUGTXKEKQU[EQORTCFGRTQFWEVQU! N ‹%ÎOQCFOKPKUVTCOQUPWGUVTQUTGEWTUQUJWOCPQU! N ‹%ÎOQGZVGPFGOQUGNOÃVQFQJCEKCNQURTQXGGFQTGU[WUWCTKQU! N ‹%ÎOQFKHGTGPEKCOQUPWGUVTQ GPHQSWGRCTCCITGICTXCNQTCNCQTICPKCEKÎP! 7POÃVQFQCFOKPKUVTCTGEWTUQU[ECFCWPQFGNQUGNGOGPVQURNCPVGCFQUGPGN UKIWKGPVGEWCFTQPQURGTOKVKT¶TGURQPFGTCNCUKPVGTTQICPVGURNCPVGCFCUEQOQNQ RQFGOQUXGTGPGNUKIWKGPVGEWCFTQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 24. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 4'%74515 '564#6')+# 'UVTCVGIKCQTICPKCEKQPCN KTGEEKÎPGUVTCVÃIKECFGNCHWPEKÎPFG6+ 2QNÈVKECU[GUVTCVGIKCUFG6+ 2NCPKHKECEKÎP[RTGUWRWGUVQFG6+ 2'4510#5 2QNÈVKECUFGTGEWTUQUJWOCPQU 2GTUQPCNVÃEPKEQKPHQTO¶VKEC 7UWCTKQU 6'%01.1)+# KTGEEKÎP[XKUKÎPGUVTCVÃIKEC #TSWKVGEVWTCJCTFYCTG[UQHVYCTG +PHTCGUVTWEVWTCFGEQORWVCEKÎP[EQOWPKECEKQPGU 5+56'/#5 /QFGNQFGCRNKECEKQPGU /QFGNQFGFCVQUGKPHQTOCEKÎP )GUVKÎPFGNCFGOCPFCKPUCVKUHGEJC 241%'515 GHKPKEKÎPTQNGU[TGURQPUCDKNKFCFGU KUGÌQQTICPKCEKQPCN #FOKPKUVTCEKÎPFGRTQ[GEVQU GNKXGT[FGUGTXKEKQU #P¶NKUKU[FKUGÌQUQHVYCTG GUCTTQNNQUQHVYCTG +ORNGOGPVCEKÎPFGUKUVGOCU /CPVGPKOKGPVQFGUQHVYCTG #UGIWTCOKGPVQFGECNKFCF #FOKPKUVTCEKÎPFGFCVQU #FOKPKUVTCEKÎPFGUGIWTKFCF 1RGTCEKQPGUFCVCEGPVGT 1RGTCEKQPGUTGURCNFQU[EQPVKPIGPEKCU 1RGTCEKQPGUVGNGEQOWPKECEKQPGU )GUVKÎPFGEQPVTCVQUQWVUQWTEKPI %QPVTQNFGIGUVKÎP 5QRQTVG[*GNRGUM 7P CURGEVQ HWPFCOGPVCN GU SWG NCU GUVTCVGIKCU FG VGEPQNQIÈCU FG KPHQTOCEKÎP FGDGPGUVCTCNKPGCFCUCNCUGUVTCVGIKCURNCPVGCFCURQTNCKPUVKVWEKÎP2CTCXGTEQOQ XC NC TGNCEKÎP FG NQU GLGEWVKXQU [ NCU IGTGPEKCU FG 6GEPQNQIÈCU FG KPHQTOCEKÎP TGXKUCTGOQUCNIWPCUKPXGUVKICEKQPGU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 25. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 'P NC IT¶HKEC CFLWPVC RQFGOQU QDUGTXCT NC RTGHGTGPEKC FG NQU GLGEWVKXQU RCTC KPHQTOCTUG FG NQU PWGXQURTQFWEVQU[UGQDUGTXCSWGGN NQ JCEG C VTCXÃU FG +PVGTPGV GN CVTCXÃUFGNCUTGXKUVCUGNC VTCXÃU FG NQU RGTKÎFKEQU GN C VTCXÃUFGNC6GNGXKUKÎP[UQNQGNC VTCXÃUFGNCTCFKQ %QPTGNCEKÎPCNPÕOGTQRTQOGFKQFG JQTCU RQT UGOCPC WVKNKCP JQTCU 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** 3QbQSdUbcdYYSQc 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 'UVCU ECTCEVGTÈUVKECU UG GPEWGPVTCP KPOGTUQU GP ECFC WPC FG NCU EQORGVGPEKCU SWG WP )GTGPVG FG 5KUVGOCU FGDG VGPGT RCTC EWORNKT NQU FKXGTUQUTQNGUCUÈEQOQNCUCEVKVWFGUSWGFGDGPVQTPCTUGGPJ¶DKVQURCTC CUGIWTCT GHKEKGPEKC GP GN VTCDCLQ C FGUGORGÌCT CURGEVQU SWG KTGOQU TGXKUCPFQGPNQUECRÈVWNQUUKIWKGPVGU +PHQGVKEC #UKOKUOQ FGDGT¶ EQPQEGT UQDTG CURGEVQU ÃVKEQU LWTÈFKEQU [ UQEKCNGU FGN %KDGTGURCEKQ FG VCN OCPGTC SWG HQOGPVG GN CEEGUQ WPKXGTUCN C NC KPHQTOCEKÎPGPHQTOCUGIWTC 2QT GLGORNQ NQU )GTGPVGU FG 5KUVGOCU FGDGP FG CFOKPKUVTCT GHKECOGPVG NQUTGEWTUQUFGNCQTICPKCEKÎPEQPWPCXKUKÎPKPVGITCFQTC[TCEKQPCNKCFC [GXKVCTICUVQUKPPGEGUCTKQU 6GPGTOW[GPEWGPVCGNEÎFKIQFGÃVKECSWGNGDTKPFCUWEQNGIKCVWTCCHKP FG EQPFWEKTUG EQOQ WP RTQHGUKQPCN KPVGITQ GP VQFQ OQOGPVQ GURGEKCNOGPVG UCNXCIWCTFCPFQ NC KPHQTOCEKÎP IGPGTCFC GP NC KPUVKVWEKÎP EQOQGNVCPIKDNGO¶URTGEKCFQ +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 33. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 34. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 3Q`de_ 99F** _c ' 8vRYYd_c TU 7UbU^dU TU CYYcdU]Qc UVVUSdYYf_ 3Q` de _ F _c ' 8vR d_c TU 7UbU^dU TU C cdU]Qc U USd f_ 'PGNECRÈVWNQCPVGTKQTJGOQUTGXKUCFQWPCUGTKGFGECTCEVGTÈUVKECUSWGFGDGVGPGTGN )GTGPVGFG5KUVGOCUOWEJQUFGGNNQUGUV¶PDCUCFQUGPCEVKVWFGUJ¶DKVQUECODKQFG RCTCFKIOCUEQORQTVCOKGPVQSWGCFQRVCOQUCPVGWPCWQVTCUKVWCEKÎP .C OC[QTÈC FG NCU RGTUQPCU VGPGOQU NC ECRCEKFCF FG KPVWKT SWG PWGUVTQ EQORQTVCOKGPVQ VCPVQ C PKXGN NCDQTCN EQOQ GP NC XKFC RTKXCFC RQFTÈC OGLQTCT GP OWEJQU CURGEVQU RCTC NQITCT NQU KFGCNGU SWG UG GURGTC 5KP GODCTIQ UÎNQ RQECU RGTUQPCUEQPQEGPNCOCPGTCFGEQPUGIWKTNQ5VGRJGP%QXG[GZRQPGENCTCOGPVGGPUW NKDTQWPOÃVQFQEGTVGTQ[GHKEKGPVGFGPQOKPCFQP.QU*¶DKVQUFGNCIGPVG#NVCOGPVG 'HGEVKXCQGUVQGUCRNKECDNGKIWCNOGPVGCNQU)GTGPVGUFG5KUVGOCU .QU UKGVG J¶DKVQU NQ OWGXGP RTQITGUKXCOGPVG UQDTG WP EQPVKPWC OCFWTG FGUFG NC FGRGPFGPEKCJCEKCNCKPFGRGPFGPEKC[JCUVCNCKPVGTFGRGPFGPEKC .C FGRGPFGPEKC GU GN RCTCFKIOC FGN 6Õ VÕ EWKFCU FG OÈ [Q VG EWNRQ C VK RQT NQU TGUWNVCFQUGVE.CKPFGRGPFGPEKCGUGNRCTCFKIOCFGN[Q [QRWGFQJCEGTGUVQ[Q UQ[TGURQPUCDNG.CKPVGTFGRGPFGPEKCGUGNRCTCFKIOCFGPQUQVTQU PQUQVTQURQFGOQU JCEGTNQPQUQVTQURQFGOQUETGCT *$+615 '5%4+2%+¦0 14+'06#1# 2TQCEVKXKFCF C NC NKDGTVCF RCTC GUEQIGT PWGUVTC TGURWGUVC '2'0'0%+# HTGPVGCEWCNSWKGTGUVÈOWNQFGNOGFKQCODKGPVG #WOGPVCT EQPUKFGTCDNG HCEWNV¶PFQPQU RCTC TGURQPFGT FG CEWGTFQ C OGPVG PWGUVTC PWGUVTQURTKPEKRKQU[XCNQTGU CWVQEQPHKCPC NNGICPFQ C %QOGPCT EQPQEGT RTQHWPFC [ *CEGRQUKDNGSWGPWGUVTCUXKFCUVGPICPTCÎPFG EQP WPHKP UKIPKHKECVKXCOGPVG PWGUVTC UGT[CSWGPQURGTOKVGETGCTNCXKUKÎPFGNQSWG GPOGPVG PCVWTCNGC XCNQTGU [ SWGTGOQU NQITCT FKTKIKGPFQ PWGUVTCU CEEKQPGUC RTQRKC ECRCEKFCF FG NQ SWG XGTFCFGTCOGPVG GU UKIPKHKECVKXQ GP CRQTVCEKÎP GP GN UGPVKFQ PWGUVTCUXKFCU FG PWGUVTC KFGPVKFCF 'UVCDNGEGT 2TKQTKC PWGUVTQ VKGORQ C NCU CEVKXKFCFGU SWG KPVGITKFCF CWVQEQPVTQN [ RTKOGTQNQ XGTFCFGTCOGPVGFCPUGPVKFQCPWGUVTCUXKFCU ECRCEKFCFCWVQFKTGEVKXC RTKOGTQ 2GPUCTGP 2GTOKVG GUVCDNGEGT GN DCNCPEG GPVTG PWGUVTQU +0'2'0'0%+# ICPCT[ QDLGVKXQU[NQUQDLGVKXQUFGNQUFGO¶UNQITCPFQ GUEWDTKT NKDGTCT [ ICPCT GN DKGP EQOÕP JCDKGPFQ FGUCTTQNNCFQ WPC OGLQTCT NCU DWGPCU OGPVCNKFCFFGCDWPFCPEKCOCVGTKCN[GURKTKVWCN TGNCEKQPGU JCEKÃPFQNCU #UKOKUOQ EWCPFQ PWGUVTC FGVGTOKPCEKÎP UG O¶U RTQHWPFCU UÎNKFCU [ DCNCPEGCCNCEQPUKFGTCEKÎPRCTCEQPNQUFGO¶U ETGCVKXCU NQITCOQU UGPVCT NCU DCUGU RCTC NC EQPXKXGPEKC [ NCGSWKFCFGPVTGNQUUGTGUJWOCPQU +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 35. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU *$+615 '5%4+2%+¦0 14+'06#1# $WUEC 'U NC GUGPEKC CN TGURGVQ RQT NQU FGO¶U [ RTKOGTQ EQPUVKVW[G NC ENCXG FG NCU TGNCEKQPGU JWOCPCU EQORTGPFGT GHGEVKXCU SWG PQU QTKGPVCCNNGICTCCEWGTFQUFG [FGURWÃUUGT VKRQICPCTICPCT EQORTGPFKFQ 5KPGTIKCT 'U GN TGUWNVCFQ FG EWNVKXCT NC JCDKNKFCF [ NC CEVKVWF FG XCNQTCT NC FKXGTUKFCF RGTHKNCPFQ JGTTCOKGPVCUD¶UKECUEQOQGNVTCDCLQGPGSWKRQ [NCKPPQXCEKÎP.CUÈPVGUKUFGKFGCUFKXGTIGPVGU RTQFWEG KFGCU OGLQTCU [ UWRGTKQTGU C NCU KFGCU KPFKXKFWCNGU #HKNCTNC 'UV¶ TGHGTKFC C NC ECRCEKFCF SWG VGPGOQU RCTC +06'4'2'0'0%+# UKGTTC TGPQXCTPQU HÈUKEC OGPVCN [ GURKTKVWCNOGPVG %CTICT GPGTIÈCU RCTC RGTOKVKÃPFQPQU GUVCDNGEGT WP DCNCPEG GPVTG KPVGTPCNKCTRTQHWPFCOGP VQFCUNCUFKOGPUKQPGUFGPWGUVTQUGTCHKPFGUGT VG [ TGPQXCT NQU UGKU GHGEVKXQU GP NQU FKHGTGPVGU TQNGU SWG RTKOGTQU J¶DKVQU F¶PFQ FGUGORGÌCOQUGPPWGUVTCUXKFCU PQU GN UGPVKFQ FG WPC XGTFCFGTC KPFGRGPFGPEKC [ ECRCEKFCF RCTC NC KPVGTFGRGPFGPEKCGHGEVKXC 24+/'4*$+615'4241#%6+81 2TQCEVKXKFCF PQ UÎNQ UKIPKHKEC VQOCT NC KPKEKCVKXC UKIPKHKEC SWG UQOQU TGURQPUCDNGU FG PWGUVTCU RTQRKCU XKFCU [ NC EQPFWEVC GUVC GP HWPEKÎP FG NCU FGEKUKQPGU SWG UG VQOC 5G RWGFG UWDQTFKPCT NQU UGPVKOKGPVQU C NQU XCNQTGU 6GPGOQU NC KPKEKCVKXC [ NC TGURQPUCDKNKFCF FG JCEGT SWG NCU EQUCU UWEGFCP .C TGURQPUCDKNKFCF GU NC JCDKNKFCF RCTC GNGIKT NC TGURWGUVC [ NC EQPFWEVC GU WP RTQFWEVQFGNCRTQRKCGNGEEKÎPEQPEKGPVGDCUCFCGPNQU XCNQTGU 'NRTQCEVKXQUGCTTKGUICUGNCPCEQPUGIWTKFCFCNCDÕUSWGFCFGUQNWEKQPGUGU ECRC FG EQPUVTWKT ECOKPQU [ FG UGT PGEGUCTKQ CEVÕC [ FGEKFG GP NC KPEGTVKFWODTG PQ RGTOKVKGPFQ LCO¶U SWG GUVC KPEGTVKFWODTG NG RCTCNKEG Q NG TGVCTFG1DUGTXGOQU[PQUFCTGOQUEWGPVCSWGGUVCCEVKVWF[GUVCUECTCEVGTÈUVKECU FGNCEQPFWEVCUQPRTQRKCUFGWPCRGTUQPCRTQCEVKXC 1VTQ TCUIQ FG NQU RTQCEVKXQU GU NC FG UGT CEGTVKXQU NQITCPFQ EQPEGPVTCT UWU OGLQTGUTGEWTUQURCTCUGTWUCFQUGPNCUOGLQTGUQRQTVWPKFCFGU'UCUGIWTKFCFGP UKOKUOQUNGUNNGXCCNQITCTNQSWGUGRTQRQPGP[RGTOKVGVTCPUHQTOCTGUEQNNQU[ DCTTGTCU GP QRQTVWPKFCFGU GUCHÈCP C VTCXÃU FG NC ETGCVKXKFCF [ OWEJCU XGEGU ECODKCP NQ EQPXGPEKQPCN [ PQ UG EQPHQTOCP FGUCTTQNNCPFQ WPC OCTCXKNNQUC ECRCEKFCFXKUKQPCTKCRCTCCPVKEKRCTUGCNQURTQDNGOCU[RNCPVGCTCNVGTPCVKXCU .C ECRCEKFCF RCTC UWDQTFKPCT NQU KORWNUQU C NQU XCNQTGU GU NC GUGPEKC FG NC RGTUQPCRTQCEVKXC.CURGTUQPCUTGCEVKXCUUGXGPKORWNUCFCURQTUGPVKOKGPVQURQT +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 36. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU NCUEKTEWPUVCPEKCURQTNCUEQPFKEKQPGURQTGNCODKGPVG.CURGTUQPCURTQCEVKXCU UG OWGXGP RQT XCNQTGU EWKFCFQUCOGPVG OGFKVCFQU UGNGEEKQPCFQU G KPVGTPCNKCFQU 6CODKÃPUGXGPKPHNWKFCURQTGUVÈOWNQUGZVGTPQUHÈUKEQUUQEKCNGUÎ RUKEQNÎIKEQU 2GTQ UW TGURWGUVC EQPUEKGPVG Î KPEQPUEKGPVG GU WPC GNGEEKÎP Q TGURWGUVCDCUCFCGPXCNQTGU.QSWGPQUFCÌCOWEJQO¶UFGNQSWGPQUUWEGFG GUPWGUVTQRGTOKUQPWGUVTQEQPUGPVKOKGPVQCNQSWGPQUUWEGFG # EQPVKPWCEKÎP UG RTGUGPVC WP 6GUV SWG RWGFG UGT WVKNKCFQ RCTC JCEGTUG WPC CWVQGXCNWCEKÎP 'PECFCRWPVQGPWOGTCFQCEQPVKPWCEKÎP /GFKCPC KPFKSWGGPSWGOGFKFCFGUETKDGEÎOQ /W[DKGP 2QEQ 0CFC OGPVGDKGP 7FUGEQORQTVC ‹#EGRVCUNQKPGURGTCFQ!‹6KGPGUWPC FKURQUKEKÎPEQPUVCPVGRCTCGPHTGPVCTNQU TGVQU! ‹GUVKNCUGKTTCFKCUWPGPVWUKCUOQSWGVG RGTOKVGNNGICTFGNQDWGPQCNQGZEGREKQPCN! m‹#EVÕCUEQPUGIWTKFCF[FGVGTOKPCEKÎPRCTC NQITCTVWURTQRÎUKVQU! ‹6GCPVKEKRCUCNCUPGEGUKFCFGUSWGVW CEVKXKFCFNCDQTCNVGRTGUGPVC! ‹6GUKGPVGUSWGGTGUQRWGFGUUGTWPNÈFGT RQUKVKXQRCTCVWGSWKRQQITWRQ! ‹6GOQVKXCDWUECTQETGCTPWGXQU[OGLQTGU GUEGPCTKQU! ‹6GRNCPVGCUQREKQPGU! ‹2KGPUCUEQPHTGUEWTC[UKPOKGFQEQOQNQ JCTÈCWPRTKPEKRKCPVGCDKGTVQCNQSWGXC UWTIKGPFQ[ FGUEWDTKGPFQ! ‹2NCPKHKECUEQPQDLGVKXKFCF[JQPGUVKFCFNC OCPGTCFGECODKCTVWURTQ[GEVQUGPECUQFG SWGNQUJGEJQUPQEQPEWGTFGPEQPNQ RTQITCOCFQ! ‹6GCFGNCPVCU[VKGPGUUKGORTGWPRNCPFG EQPVKPIGPEKC! ‹6GEQPEGPVTCU[NQITCUFGHKPKT[EQPQEGTVWU HQTVCNGCU[PQÕPKECOGPVGVWUFGDKNKFCFGU! ‹.QITCUEQPEGPVTCTVQFCUVWUGPGTIÈCUGP CSWGNNQSWGFGDGUWEGFGTHKL¶PFQVGOGVCU RQUKVKXCU[XKUWCNKCPFQEQPÃZKVQGNHWVWTQ FGVWUCEVQU! +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 37. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 'PECFCRWPVQGPWOGTCFQCEQPVKPWCEKÎP /GFKCPC KPFKSWGGPSWGOGFKFCFGUETKDGEÎOQ /W[DKGP 2QEQ 0CFC OGPVGDKGP 7FUGEQORQTVC ‹'TGUECRCFGTGEQTFCTVWUVTKWPHQURCUCFQU EWCPFQNCKPEGTVKFWODTGVGCVQTOGPVC! ‹'TGUECRCFGPQCDCPFQPCTH¶EKNOGPVGWP CUWPVQ[EWCPFQÃUVGUGEQORNKECKPUKUVG TGCNKCPFQCEEKQPGURCTCUWRGTCTNQU QDUV¶EWNQU! ‹'POQOGPVQUFGETKUKUGTGUECRCFGCEVWCT T¶RKFC[FGEKFKFCOGPVG[PQGURGTCTCXGTUK NCUKVWCEKÎPUGTGUWGNXGRQTUÈUQNC! 5KTGURQPFKÎCNOC[QTPÕOGTQFGRTGIWPVCU/W[DKGPQ/GFKCPCOGPVGDKGP GU RTQCEVKXQ Q VKGPG OWEJCU ECTCEVGTÈUVKECU RCTC UGTNQ 5K RQT GN EQPVTCTKQ VWU TGURWGUVCUOC[QTKVCTKCOGPVGHWGTQP2QEQQ0CFCFGDGTGXKUCTUWUCEVKVWFGU[ RTQRQPGTUGECODKCTNCU 5')701*$+61%1/'0#4%1070(+0'0.#/'06' 'UVG J¶DKVQ UG DCUC GP SWG RTKOGTQ JC[ WPC ETGCEKÎP OGPVCN [ NWGIQ WPC ETGCEKÎPHÈUKECRQTNQSWGUGFGDGKPKEKCTEQPNCKOCIGPGNEWCFTQQGNRCTCFKIOC FG XKFC EQOQ OCTEQ FG TGHGTGPEKC Î ETKVGTKQ RCTC GN GZCOGP FG VQFCU NCU QVTCU EQUCU 2QT SWG UÎNQ UGTGOQU XGTFCFGTCOGPVG GHGEVKXQU EWCPFQ GORGEGOQU EQP WPHKPGPOGPVGCRGUCTFGGUVCTOW[CVCTGCFQU[UGTOW[GHKEKGPVGU 7PGPWPEKCFQFGNCOKUKÎPRGTUQPCNGORGCTEQPWPHKPGPNCOGPVGEQPUKUVGGP GNCDQTCTWPGPWPEKCFQFGNCOKUKÎPHKNQUQHÈCÎETGFQURGTUQPCNGUUGEGPVTCGPNQ SWGWPQSWKGTGUGT[JCEGT[GPNQUXCNQTGUQRTKPEKRKQUSWGFCPHWPFCOGPVQCN UGT[JCEGT .C OKUKÎP Q EQPUVKVWEKÎP RGTUQPCN GP NQ HWPFCOGPVCN PPWPEC ECODKCQ 2CTC GUETKDKTWPGPWPEKCFQFGNCOKUKÎPRGTUQPCNVGPGOQUSWGGORGCTGPGNEGPVTQ OKUOQ FG PWGUVTQ EÈTEWNQ FG KPHNWGPEKC GU CNNÈ FQPFG VQOCOQU EQPVCEVQ EQP PWGUVTC XKUKÎP [ PWGUVTQU XCNQTGU GU CNNÈ FQPFG WUCOQU PWGUVTC ECRCEKFCF FG CWVQEQPEKGPEKC %WCPFQQTICPKCOQUPWGUVTQURCTCFKIOCUD¶UKEQURCTCRQPGTNQUGPCTOQPÈCEQP RTKPEKRKQUEQTTGEVQUETGCOQUWPEGPVTQGHGEVKXQSWGPQUFCRQFGT[WPCÎRVKECC VTCXÃU FG NC EWCN RQFGOQU XGT GN OWPFQ .C OKUKÎP GP PWGUVTC XKFC PQ NC KPXGPVCOQU UÎNQ NC FGVGEVCOQU 0WGUVTC CWVQEQPEKGPEKC PQU RGTOKVG GZCOKPCT PWGUVTQURTQRKQURGPUCOKGPVQU7PCDWGPCCHKTOCEKÎPVKGPGEKPEQECTCEVGTÈUVKECU D¶UKECU GU RGTUQPCN GU RQUKVKXC GUV¶ GP VKGORQ RTGUGPVG GU XKUWCN [ GU GOQEKQPCN2QTGLGORNQGNGPWPEKCFQFGNCOKUKÎPUGEQPXKGTVGGPGNOCTEQFG TGHGTGPEKCRCTCRGPUCT[IQDGTPCTNCHCOKNKC +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 38. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU 6'4%'4*$+6124+/'41.124+/'41 5GTGHKGTGCNCETGCEKÎPHÈUKECGUFGEKTGUGNGLGTEKEKQFGNCXQNWPVCFKPFGRGPFKGPVG EGPVTCFQ GP RTKPEKRKQU ECRCEKFCF RCTC VQOCT FGEKUKQPGU GNGIKT [ CEVWCT NQ SWG RQFTÈCOQU FGPQOKPCT NC CWVQCFOKPKUVTCEKÎP GHGEVKXC 'N ITCFQ GP SWG JGOQU FGUCTTQNNCFQ PWGUVTC XQNWPVCF KPFGRGPFKGPVG GP NC XKFC EQVKFKCPC UG OKFG RQT PWGUVTC KPVGITKFCF RGTUQPCN .C KPVGITKFCF GU PWGUVTC ECRCEKFCF RCTC EQORTQOGVGTPQU C OCPVGPGT NQU EQORTQOKUQU EQP PQUQVTQUNQSWGFGEKOQUGU JCEGT RQT GNNQ NC GUGPEKC FGN FGUCTTQNNQ RTQCEVKXQ 5K WPQ GU WP CFOKPKUVTCFQT GHGEVKXQ FG UÈ OKUOQ NC FKUEKRNKPC RTQXKPG FGN KPVGTKQT GU WPC HWPEKÎP FG NC XQNWPVCFKPFGRGPFKGPVG'NEQOÕPFGPQOKPCFQTFGVQFCUNCURGTUQPCUFGÃZKVQGU PGORGCTRQTNQRTKOGTQQ #SWÈWPOÃVQFQRCTCOCPGLCTGNVKGORQCFGEWCFCOGPVG N 2NCPKHKECT*CEGTWPCNKUVCFGQDLGVKXQUCEWORNKTVQO¶PFQUGWPQUOKPWVQU FKCTKQU'UVQRQFTÈCUKIPKHKECTNGCJQTTQFGJQTCUGPUGOCPCU N 2TKQTKCTGEKFKTEW¶NGUFGNCUCEVKXKFCFGUUQPNCUO¶UKORQTVCPVGURCTCSWG GPECDGEGPNCNKUVC#NIWPCURGTUQPCUNNGXCPCVÃTOKPQVQFCUNCUVCTGCURQUKDNGU SWGCRCTGEGPGPUWNKUVCNQITCPFQWPGNGXCFQRQTEGPVCLGFGVCTGCUTGCNKCFCU RGTQ UW GHGEVKXKFCF GU DCLC FGDKFQ C SWG NCU VCTGCU FGUGORGÌCFCU GP UW OC[QTÈCUQPFGDCLCRTKQTKFCF N 'UVCDNGEGTWPCCIGPFCGVGTOKPCTEW¶PFQUGJCT¶ECFCWPQFGNQURWPVQU.C ENCXGPQGUFCTRTKQTKFCFCNQSWGGUV¶GPNCCIGPFCUKPQQTFGPCTGPNCCIGPFC NCURTKQTKFCFGU N *CEGT UGIWKOKGPVQ *CEGT NCU EQUCU FG CEWGTFQ C NQ RNCPGCFQ [ XGTKHKECTNQU RCUQUFGECFCQDLGVKXQ .C UCVKUHCEEKÎP FGRGPFG VCPVQ FG NC GZRGEVCVKXC EQOQ FG NC TGCNKCEKÎP [ NC GZRGEVCVKXC TGUKFG GP PWGUVTQ EÈTEWNQ FG KPHNWGPEKC 'U KORQTVCPVG GP NC CFOKPKUVTCEKÎP FGN VKGORQ FGEKT 5+ C NCU CEVKXKFCFGU KORQTVCPVGU [ CRTGPFGT C FGEKT01CQVTCUCEVKXKFCFGUPQRTKQTKVCTKCU %7#461*$+612+'05''0 )#0#4)#0#4 'PGNOQOGPVQGPSWGUGRCUCFGNCKPFGRGPFGPEKCCNCKPVGTFGRGPFGPEKCUGGUV¶ CXCPCPFQJCEKCGNTQNFGNKFGTCIQ[GURQUKDNGKPHNWKTUQDTGQVTCURGTUQPCUEQP NCHKNQUQHÈCFGRGPUCTGPICPCTICPCT.QUUGKURCTCFKIOCUFGKPVGTCEEKÎPJWOCPC UQP N )CPCTICPCT .QU CEWGTFQU Q UQNWEKQPGU UQP OWVWCOGPVG DGPÃHKEQU [ UCVKUHCEVQTKQU 5G VTCDCLCGPWPGUEGPCTKQEQQRGTCVKXQ PQEQORGVKVKXQ 6QFQU UGUKGPVGPDKGP[UGEQORTQOGVGPEQPGNRNCPFGCEEKÎP +PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
  • 39. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU N )CPQRKGTFGU NC OC[QTÈC RKGPUC GUVQ FGUFG SWG PCEG 'UV¶ DCUCFQ GP NC EQORGVGPEKC[PQGPNCEQQRGTCEKÎP.CUOGPVGUFGHGPUKXCUPQUQPETGCVKXCUPK EQQRGTCVKXCUNQEWCNPQEQPFWEGPCPCFCRQUKVKXQ 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 RGTUQPCUQDUVKPCFCU[GIQÈUVCU N )CPQNGUKORQTVCEQPUGIWKTNQSWGSWKGTGPKPFKXKFWCNOGPVG.CRGTUQPCEQP GUVCOGPVCNKFCFRKGPUCGPVÃTOKPQUFGCUGIWTCTUGUWURTQRKQUHKPGU N )CPCTICPCTÎPQJC[VTCVQUKPQNNGICTCPCWPCUQNWEKÎPUKPÃTIKECEQPNCSWG GUVWXKGTCPFGCEWGTFQTGEWTTGPCNCGZRTGUKÎPPQJC[VTCVQ .QKFGCNGUUKGORTGICPCTICPCT KOGPUKQPGUFGICPCTICPCTGUGNJ¶DKVQFGNNKFGTCIQKPVGTRGTUQPCN+ORNKECGN 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