Libre choix des écoles – Libre choix de quoi et par qui

Transcription

#$%&$!'()'*()!'+,(!-$!.+--+/,$!01&$(1*&0+1*-!01&0&,-)!2!"#$"%&'"$&()%*+,$&$*-').%"$2!+(3*104)!
'*(!-56107$(40&)!8$!9$1:7$!$&!-$!;)4$*,!85<1*-=4$!>-,(0804.0'-01*0($!8$4!>+-0&0/,$4!?;<>>@A!
8,!"B!*,!"C!D*(4!BEEF!G!9$1:7$H!
!
!"#$%&'()"*&+%,&-').%,&/&!"#$%&'()"*&+%&01)"&%2&34$&01"&5&
!
I*(01!JK--$(L!M$(70.$!8$!-*!($.N$(.N$!$1!)8,.*&0+1!?M;@OAL!9$1:7$!
!
!
672$)+1'2")7&
<,P+,(85N,0L! -$! -0Q($! .N+0%! 8$4! ).+-$4! *0140! /,$! -5,&0-04*&0+1! 8$! .N:/,$4! 4.+-*0($4! 4+1&!
'(*&0/,)4! 8$! D*10:($! &(:4! 807$(4$! 8*14! -$! D+18$H! O$',04! /,$-/,$4! *11)$4L! .$4! '(*&0/,$4!
+1&!)&)!)3*-$D$1&!01&(+8,0&$4!$1!@,(+'$L!1+&*DD$1&!$1!M,:8$H!@1!M,044$L!-$!8)Q*&!*,&+,(!
8,! -0Q($! .N+0%! 8$! -5).+-$! 3*31$! 8,! &$((*01! '+-0&0/,$! *7$.! 8$4! 3(+,'$4! 8501&)(R&4! .+DD$! -$!
S+QQ=!'*($1&4!/,0!*!4+--0.0&)!-$!7+&$!8,!'$,'-$!8*14!-$!.*1&+1!8$!TU-$VW*D'*31$!*,!D+=$1!
85,1$! 010&0*&07$! '+',-*0($! $1! 1+7$DQ($! BEEXH! S$4! *(3,D$1&4! &N)+(0/,$4! D+&07*1&! -$! -0Q($!
.N+0%! 45*1.($1&! 8*14! -$4! '(01.0'$4! 8$! -*! D0.(+).+1+D0$! 1)+.-*440/,$! ?<((+Y!$&! O$Q($,L!
"FZCA! 4$-+1! -$4/,$-4! -$4! .N+0%! 8$4! *.&$,(4! 3,08)4! '*(! -$,(4! '()[)($1.$4! .+18,04$1&! G! ,1$!
*--+.*&0+1! +'&0D*-$! 8$4! ($44+,(.$4! 40! ,1! .$(&*01! 1+DQ($! 8$! .+180&0+14! 4+1&! ($D'-0$4L!
1+&*DD$1&!-$4!.(0&:($4!8$!-*!&(*14'*($1.$L!8$!-5*Q4$1.$!8$4!$[[$&4!$%&$(1$4!$&!8$!-5*&+D0.0&)!
8$4!*3$1&4!?+[[($!$&!8$D*18$A!-$,(!'$(D$&&*1&!*0140!,1!7)(0&*Q-$!.N+0%H!!
S*! D04$! $1! '(*&0/,$! 8,! -0Q($! .N+0%! 8$4! ).+-$4L! *V&V$--$! ',! 8)D+1&($(! -$4! $[[$&4! 4+,N*0&)4!\!
<.&,$--$D$1&L! -5*1*-=4$! 8$! -*! -0&&)(*&,($! D+1&($! /,$! -5)708$1.$! $D'0(0/,$! '(+8,0&$! '*(! -*!
($.N$(.N$!15$4&!'*4!.+1.-,*1&$H!@1!$[[$&L!+1!.+14&*&$!,1$!807040+1!8$!-*!($.N$(.N$!$1!8$,%!
.*D'4! /,0! 4$! .+1&$4&$1&! [*(+,.N$D$1&L! 1+&*DD$1&! *,%! @&*&4V6104!]! -$4! ,14! *7*1.$1&! 8$4!
)&,8$4! *[[0(D*1&! 8$4! $[[$&4! '+40&0[4! ?'*(! $%H! ^+%Q=L! BEE_AL! -$4! *,&($4! -$4! .+1&$4&$1&! 4,(! -*!
Q*4$!85*,&($4!($.N$(.N$4!$[[$.&,)$4!?'*(!$%H!I(,$3$(!$&!`N,L!BEECAH!!
a,$-!$4&!-$!Q0-*1!/,$!-5+1!'$,&!&0($(!8$!.$!8)Q*&!\!S5+QP$.&0[!8$!.$&&$!.+1&(0Q,&0+1!15$4&!'*4!8$!
&0($(!,1!Q0-*1!$%N*,4&0[!8$4!$[[$&4!+Q4$(7)4!b!,1!$%$(.0.$!/,0!8)'*44$(*0&!-$!.*8($!8$!.$!&$%&$!
b!D*04!8508$1&0[0$(!G!'*(&0(!85,1$!*1*-=4$!8$!-*!-0&&)(*&,($!4)-$.&07$!-$4!.+180&0+14!8$!8)[010&0+1!
01804'$14*Q-$4!'+,(!-5*1*-=4$!.+D'*(*&07$!8$4!804'+40&0[4!8$!-0Q($!.N+0%H!!c-!*''*(*d&!/,50-!$4&!
1).$44*0($! 85*D$1$(! ,1! .*8($! (03+,($,%! 8)[01044*1&! -$4! .(0&:($4! 8$! D04$! $1! '-*.$! '+,(!
'+,7+0(! '+40&0+11$(! -$4! 80[[)($1&4! 804'+40&0[4! 8$! -0Q($! .N+0%! /,0! '()4$1&$1&! 8$4! [*.$&&$4! &(:4!
7*(0)$4H! W$! .*8($! *1*-=&0/,$! $4&! $14,0&$! ,&0-04)! '+,(! '($18($! $1! .+1408)(*&0+1! -*! ().$1&$!
010&0*&07$!$1!M,044$!704*1&!-501&(+8,.&0+1!8,!-0Q($!.N+0%!8*14!-$!.*1&+1!8$!TU-$VW*D'*31$H!!!
!
!
"
;<>>@!BEEFL!9$1:7$!
!
I*(01!JK--$(L!M;@O!
!%,&)$"8"7%,&%2&.%,&)#9%'2":,&+1&."#$%&'()"*&+47,&.%&')72%*2%&+%&
.;-+1'42")7&
S5*1*-=4$! 8,! -0Q($! .N+0%! 8$4! ).+-$4! 1$! '$,&! '*4! 4$! 8044+.0$(! 8,! .+1&$%&$! 8$4! 4=4&:D$4!
)8,.*&0[4! ($4'$.&0[4L! .$! /,0! ($18! -*! .+D'*(*04+1! 8$4! '(*&0/,$4! $%04&*1&$4! 80[[0.0-$! $&! -*!
($.N$(.N$! 85,1! .*8($! *1*-=&0/,$! 85*,&*1&! '-,4! 0D'+(&*1&H! S$4! 4=4&:D$4! )8,.*&0[4! 4+1&!
D*(/,)4!'*(!-$,(!.+1&$%&$!N04&+(0/,$!$&!'+-0&0/,$!8*14!-$/,$-!0-4!+1&!)7+-,)H!c-4!()'+18$1&!G!
8$4! +QP$.&0[4! $&! D0440+14! '+-0&0/,$4! 807$(3$1&$4L! 8+07$1&! ()'+18($! G! 8$4! .*8($4! P,(080/,$4!
($4'$.&0[4! $1! ,&0-04*1&! 8$4! D+8$4! 85+(3*104*&0+1! $&! 8$! [01*1.$D$1&! 7*(0)4H! S*! /,$4&0+1! 8,!
-0Q($!.N+0%!8$!-5).+-$!0--,4&($!Q0$1!.$&&$!807$(40&)!8$4!4=4&:D$4H!W$!.N+0%!'$,&!R&($!.+1408)()!
.+DD$!,1!8(+0&!.+14&0&,&0+11$-!*1.()!8*14!-$4![+18$D$1&4!8$4!4=4&:D$4!)8,.*&0[4H!M+,7$1&!
.$4! .N+0%! +1&! )&)! *..+(8)4! *,%! .0&+=$14! 8*14! ,1! .+1&$%&$! 8$! '+40&0+11$D$1&! 8$! -5).+-$!
',Q-0/,$!704VGV704!8$4!).+-$4!85+(0$1&*&0+14!($-030$,4$4L!.+DD$!'*(!$%$D'-$!$1!^+--*18$!+,!
8*14!-*!W+DD,1*,&)![(*1e*04$!$1!T$-30/,$H!O*14!85*,&($4!'*=4!-501&(+8,.&0+1!8,!-0Q($!.N+0%!
8$4! '*($1&4! $4&! '-,4! ().$1&$H! W$--$V.0! $4&! 4+,7$1&! D+&07)$! '*(! 8$4! +QP$.&0[4! .+DD$!
-5*D)-0+(*&0+1! 8$! -*! /,*-0&)! 8$4! 4=4&:D$4! )8,.*&0[4! '*(! -501&(+8,.&0+1! 85)-)D$1&4! 8$!
.+1.,(($1.$H! >*(D0! .$4! '*=4L! +1! '$,&! .0&$(! '*(! $%$D'-$! -$4! @&*&4V6104L! -5<13-$&$(($L! -*!
M,:8$!$&!-*!f01-*18$H!@1[01L!8*14!.$(&*014!*,&($4!'*=4!-$!8)Q*&!8,!-0Q($!.N+0%!8$4!).+-$4!$4&!
8*7*1&*3$! '$(e,! .+DD$! .N+/,*1&! '*(! -$4! *.&$,(4! .*(! 0-! '$,&! D$&&($! $1! /,$4&0+1! .$(&*014!
'(01.0'$4! [+18*&$,(4! 8$4! 4=4&:D$4! 4.+-*0($4! .+DD$! '*(! $%$D'-$! -$! '(01.0'$! 85,1$! 4$,-$!
).+-$!',Q-0/,$!'+,(!&+,4H!S$!8)Q*&!$4&!D*(/,)!'*(!8$4!()*.&0+14![+(&$4!$&!'*([+04!'+-)D0/,$4!
8$4!*.&$,(4!.+1.$(1)4H!W5$4&!'*(!$%$D'-$!-$!.*4!$1!M,044$!$&!$1!<--$D*31$H!!
W$4!80[[)($1.$4!8*14!-$4!8)Q*&4!*,&+,(!8,!-0Q($!.N+0%!8$4!).+-$4!'$,7$1&!R&($!.+D'(04$4!G!
&(*7$(4! 8,! (g-$! *&&(0Q,)! *,%! ).+-$4! ()4,-&*1&! 1+&*DD$1&! 8$! -$,(! )7+-,&0+1! N04&+(0/,$! $&! 8,!
.+1&$%&$! 4+.0+V).+1+D0/,$! $&! '+-0&0/,$! 8*14! -$/,$-! $--$4! 4$! 40&,$1&H! >*(! .+14)/,$1&L! -$4!
+QP$.&0[4! [0%)4! *,%! 4=4&:D$4! 4.+-*0($4! 45*(&0.,-$1&! *,&+,(! 8$! '(0+(0&)4! $&! .(0&:($4! 80[[)($1&4H!
M$-+1! S$701! ?BEEBA! .$4! .(0&:($4! 4+1&! 1+&*DD$1&! -$! ()4,-&*&! 8$! 8$,%! -031$4! 8$! '$14)$!
[+18*D$1&*-$D$1&!+''+4)$4!/,0!'$,7$1&!R&($!()4,D)$!.+DD$!4,07*1&!]!!!
?"A! S$! -0Q)(*-04D$! ).+1+D0/,$!]! >+,(! -$4! ($'()4$1&*1&4! 8$! .$&&$! ).+-$! 8$! '$14)$! -$! .N+0%!
0180708,$-! $4&! -$! D$0--$,(! D).*104D$! '+,(! *&&(0Q,$(! -$4! ($44+,(.$4! [+(.$D$1&! -0D0&)$4! 8$! -*!
D*10:($! -*! '-,4! $[[0.0$1&$! $&! )/,0&*Q-$H! M$-+1! -$,(4! '()[)($1.$4! ')8*3+30/,$4L!
'N0-+4+'N0/,$4L! '+-0&0/,$4! +,! ($-030$,4$4L! -$4! '*($1&4! .N+04044$1&! -5).+-$! -*! '-,4! '$(&01$1&$!
'+,(! ()'+18($! *,%! Q$4+014! 8$! -$,(4! $1[*1&4H! <0140L! -$! 4=4&:D$! )8,.*&0[! $4&! 4+--0.0&)! '+,(!
()'+18($! *,%! D0$,%! *,%! '()[)($1.$4! 8$4! '*($1&4! $1! 807$(40[0*1&! -$4! '($4&*&0+14! 8$4! ).+-$4!
4$-+1!-$4!.(0&:($4!8$!.N+0%!*''-0/,)4H!W+DD$!-$4!'*($1&4!.N$(.N$1&!8$4!).+-$4!85$%.$--$1&$!
/,*-0&)L! -$4! ).+-$4! 1$! '$,7$1&! /,$! ($4&$(! '$([+(D*1&$4L! 40! $--$4! ()'+18$1&! *,%! .(0&:($4! 8$!
/,*-0&)!$%03)4H!W$4!)-)D$1&4!8$!.+D')&0&0+1!$1&($!-$4!).+-$4!*D:1$1&!8+1.!G!,1$!D$0--$,($!
!
B
;<>>@!BEEFL!9$1:7$!
!
I*(01!JK--$(L!M;@O!
/,*-0&)! 8$4! ).+-$4! $&! ,1! 107$*,! 85011+7*&0+1! '-,4! )-$7)! &+,&! $1! 7$0--*1&! G! ,1$! *&&(0Q,&0+1!
+'&0D*-$! 8$4! ($44+,(.$4! ?f(0$8D*1! "FZZ!h! f(0$8D*1! "FiBAH! O$! '-,4L! .$! &='$! 8$! 4=4&:D$!
()'+18! *,%! Q$4+014! 4').0[0/,$4! 8$4! )-:7$4! 3(U.$! G! 4*! [-$%0Q0-0&)! $&! .*'*.0&)4! ()*.&07$4!
?WN,QQ!$&!J+$L!"FFEAH!
?BA! S*! P,4&0.$! 4+.0*-$!]! M$-+1! .$&&$! -031$! 8$! '$14)$L! -5).+-$! 1$! ($D'-0&! '*4! 4$,-$D$1&! ,1$!
D0440+1!704VGV704!8$4!)-:7$4!$&!8$!-$,(4!'*($1&4L!D*04!)3*-$D$1&!,1$!D0440+1!4,(!-$!'-*1! 8$!
-*!4+.0)&)!8*14!4+1!$14$DQ-$H!<0140L!4$-+1!-*!'N0-+4+'N0$!8$!j+N1!;*Y-4!?"FXkAL!l!-*!4+.0)&)!
$4&! .+1e,$! .+DD$! ,1$! &$1&*&07$! 8$! .++')(*&0+1! $1! 7,$! 8$! -5*7*1&*3$! D,&,$-!m! ?I*4*18*!
S,D$DQ,L!BEEZL!'H!k"AH!O*14!.$&&$!4+.0)&)L!-$!(g-$!8$!-5).+-$!$4&!1+1!4$,-$D$1&! 85014&(,0($!
-$4! )-:7$4L! D*04! 8$! .+1&(0Q,$(! G! -*! .+N)40+1! 4+.0*-$! $1! '()'*(*1&! -$4! P$,1$4! '+,(! 8$7$10(!
8$4! *8,-$4! ($4'+14*Q-$4! $&! *'&$4! G! '*(&0.0'$(! *.&07$D$1&! 8*14! ,1$! 4+.0)&)! 8)D+.(*&0/,$H!
>+,(!/,$!-$4!4+.0)&)4!8)D+.(*&0/,$4!$&!-0Q($4!',044$1&!4$!8)7$-+''$(L!-$,(4!.0&+=$14!8+07$1&!
R&($! [*D0-0$(! *7$.! -$4! 7*-$,(4! '*(&*3)$4! 8$4! 4+.0)&)4! $&! 8+1.! .+11*d&($! -$! [+1.&0+11$D$1&!
8$4!014&0&,&0+14!'+-0&0/,$4L!4+.0*-$4!$&!).+1+D0/,$4H!c-!01.+DQ$!8+1.!*,%!).+-$4!8$!'$(D$&&($!
-5*..:4!*,%!4*7+0(4!'*(&*3)4!($/,04!'+,(!,1$!&$--$!'*(&0.0'*&0+1!G!-*!70$!4+.0*-$H!!>*(!*0--$,(4L!
-$! [*0&! /,$! -5)8,.*&0+1! $13$18($! 8$4! $[[$&4! '+40&0[4! '+,(! 85*,&($4! *.&$,(4! /,$! -$4!
l!.+14+DD*&$,(4!m! *,! 4$14! 4&(0.&! V! 8+1.! -$4! )-:7$4! V! $4&! 8)[010! .+DD$! $[[$&! $%&$(1$! +,!
$%&$(1*-0&)! 4$-+1! -*! &N)+(0$! ).+1+D0/,$H! S*! '()4$1.$! 8n$%&$(1*-0&)! $4&! .+1408)()$! .+DD$!
,1$! 8)[*0--*1.$! 8,! D*(.N)! /,0! '$,&! P,4&0[0$(! -n01&$(7$1&0+1! 8$! -no&*&H! M$-+1! .$&&$! -031$! 8$!
'$14)$L!-5@&*&!8+0&!P+,$(!,1!(g-$!0D'+(&*1&!8$!()3,-*&$,(!8*14!-$!8+D*01$!8$!-5)8,.*&0+1!*[01!
85*&&$018($!8$4!+QP$.&0[4!4+.0)&*,%!.+DD$!-5)3*-0&)!$&!-*!-0Q$(&)H!!
!"#$%&'()"*&+%&01)"&5&&
<,P+,(85N,0L!,1$!3(*18$!'*(&0$!8,!8)Q*&!*,&+,(!8,!-0Q($!.N+0%!8$4!).+-$4!45*(&0.,-$!4$-+1!.$4!
8$,%!3(*18$4!-031$4!8$!'$14)$H!S5*D'-$,(!$&!-*!7)N)D$1.$!8,!8)Q*&!'$,&!R&($!$%'-0/,)!'*(!
-$![*0&!/,$!.$4!8$,%!3(+,'$4!&(+,7$1&!-$,(4![+18$D$1&4!8*14!8$4!.+,(*1&4!&N)+(0/,$4!'-,&g&!
+''+4)4H!<!.$!4&*8$L!-5)708$1.$!$D'0(0/,$!1$!8+11$!10!8(+0&!G!-5,1L!10!G!-5*,&($!.*D'H!!J*-3()!
,1!1+DQ($!85)&,8$4!$&!85)7*-,*&0+14!0D'+(&*1&L!-$4!.+1.-,40+14!3)1)(*-$4!8,!'+01&!8$!7,$!8$!
-*!($.N$(.N$!1$!4+1&!'*4!,1*10D$4H!61$!8$4!80[[0.,-&)4!$4&!-$![*0&!/,$!-$4!804'+40&0[4!8$!-0Q($!
.N+0%! +1&! 8$4! .*(*.&)(04&0/,$4! &(:4! 807$(4$4! $&! 1$! 4+1&! /,$! (*($D$1&! 3)1)(*-04)4H! c-4! 4+1&!
8+1.!80[[0.0-$D$1&!.+D'*(*Q-$4H!!
S5+QP$.&0[! 8$! .$&! *(&0.-$! $4&! 85*D$1$(! ,1! .*8($! *1*-=&0/,$! '$(D$&&*1&! 8508$1&0[0$(! $&! 8$!
.+D'*($(!-$4!.*(*.&)(04&0/,$4!8$4!80[[)($1&4!804'+40&0[4H!>+,(!.$![*0($L!1+,4!80[[)($1.0+14!-$4!
-$70$(4! '(01.0'*,%! .+14&0&,*1&! .$! -0Q($! .N+0%H! a,*&($! .(0&:($4! *''*(*044$1&! .+DD$! .(0&:($4!
'(01.0'*,%! '+,(! 8)7$-+''$(! ,1$! &='+-+30$! 8$4! 804'+40&0[4! 8$! -0Q($! .N+0%H! ! S$! '($D0$(! 8$! .$4!
.(0&:($4! .+1.$(1$! -$4! +QP$&4! 8,! .N+0%L! -$! 8$,%0:D$! -$4! D).*104D$4! 8$! [01*1.$D$1&L! -$!
&(+040:D$!-*!()3,-*&0+1!$&!-$!8$(10$(!-$4!*.&$,(4!8,!-0Q($!.N+0%H!
!
_
;<>>@!BEEFL!9$1:7$!
!
I*(01!JK--$(L!M;@O!
!"#$%"&'(')'*"+,-./0%1'2%'$0#/%'34.05'2%1',3.$%1'
<=>?@A&BC&!6=D?&EF<6G&&
B?AED6H@6<I&
!)$&/"&'.0%"&*+-.1&
V! S$4!)-:7$4!4+1&!*&&(0Q,)4!*,%!).+-$4!4$-+1! V!
8$4!.(0&:($4!)&*Q-04!'*(!-5*,&+(0&)!',Q-0/,$!
$1!.N*(3$!8$!-5)8,.*&0+1H!?'*(!$%H!
'(+%0D0&)!*,!-0$,!8$!M=4&:D$4!8$!l!.*(&$4!
4.+-*0($4!mH!S$4!.(0&:($4!,&0-04)4!4+1&!'*(!
!
$%$D'-$!-$!-0$,!8$!()408$1.$L!-$4!D+=$14!
8$!&(*14'+(&!804'+10Q-$4L!-$!107$*,!8$4!
*./,04!4.+-*0($4L!Q$4+014!4').0[0/,$4L!$&.H!
V! S$!.N+0%!8$4!'*($1&4!45$[[$.&,$!G!&(*7$(4!
8$!4&(*&)30$4!0180($.&$4!.+DD$!8$4!
8$D*18$4!8$!8)(+3*&0+1L!8$4!($.+,(4L!8$4!
8)D)1*3$D$1&4L!$&.H!
?G?JH!?A&
2.0%"&*+-.1&"#3%"&'"$&,*-'"$&
450'.65"$&
V! S$4!'*($1&4!'$,7$1&!.N+040(!,1$!*,&($!
).+-$!/,$!.$--$!G!-*/,$--$!-$,(4!$1[*1&4!
4+1&!*[[$.&)4!4$-+1!-$4!.(0&:($4!)&*Q-04!'*(!
-5*,&+(0&)!',Q-0/,$H!
V! S$!')(0D:&($!8,!.N+0%!'$,&!R&($!8)[010!'*(!
/,*(&0$(L!.*1&+1L!()30+1L!1*&0+1L!7+0($!-$!
D+18$H!
V! S*18!q+(8(N$01V
r$4&[*-$1!$1!!
<--$D*31$!?8$',04!
BEEXA!
V! W*1&+1!8$!`K(0.N!$1!
M,044$!]!-0Q($!.N+0%!8,!
.+--:3$!?4$.+18*0($!ccA!
?8$',04!BEE"A!
V! WN*(&$(!M.N++-4!*,%!
@&*&4V6104!?8$',04!"FF"A!
!
2.0%"&*+-.1&"#3%"&'"$&,*-'"$&
450'.65"$&"3&4%.7,"$&
V! S$!')(0D:&($!8,!.N+0%!8$4!'*($1&4!$4&!
)-*(30!*,%!).+-$4!'(07)$4H!
V! S5$%&$140+1!8,!.N+0%!*,%!).+-$4!'(07)$4!
'$,&!R&($!.+1&(*01&$L!'*(!$%$D'-$!*,%!
85).+-$4!'(07)$4!*..()80&)$4!4$-+1!.$(&*014!
.(0&:($4L!*,%!).+-$4!'(07)$4!1$!'+,(4,07*1&!
'*4!8$!Q,&4!-,.(*&0[4!?1+1V'(+[0&AL!$&.H!
V! W+DD$!'+,(!-$4!).+-$4!',Q-0/,$4L!-$!
')(0D:&($!8$!.N+0%!'$,&!R&($!8)[010!4$-+1!
80[[)($1&4!N+(0s+14!3)+3(*'N0/,$4H!
V! O*1$D*(t!?8$',04!
"XCFAL!f01-*18$!?8$',04!
"FFiAL!^+--*18$!?8$',04!
"F"kAL!M,:8$!?8$',04!
"FFBA!
V! ^,0&!'(+3(*DD$4!8$!
.N:/,$!4.+-*0($!
?7+,.N$(A!!*,%!@&*&4V
6104!8+1&!W-$7$-*18L!u^!
?"FFZAL!$&!J0-Y*,t$$L!
rc?"FFEA!
V! c10&0*&07$!($P$&)$!8*14!-$!
.*1&+1!8$!TU-$V
W*D'*31$!?BEEXA!
!
<,&(0.N$L!f(*1.$L!
3)1)(*-$D$1&!-$4!
.*1&+14!$1!M,044$!$&!-$4!
Sp18$(!$1!<--$D*31$!
!
O$! D*10:($! 3)1)(*-$L! -*! [()/,$1.$! $&! -501&$140&)! 8$4! 8)Q*&4! *,&+,(! 8,! -0Q($! .N+0%! 8$! -5).+-$!
+1&!*,3D$1&)!.$4!8$(10:($4!80s*01$4!85*11)$4H!W+DD$!-$!D+1&($!-$!&*Q-$*,!"L!8$4!()[+(D$4!
0D'+(&*1&$4!+1&!)&)!()*-04)$4!8*14!-$4!*11)$4!FE!8*14!.$(&*014!'*=4!4.*1801*7$4!.+DD$!-*!
M,:8$! $&! -*! f01-*18$H! W$4! '*=4! +1&! +'&)4! '+,(! 8$4! ()[+(D$4! )8,.*&07$4! (*80.*-$4!
01&(+8,04*1&! -$! -0Q($! .N+0%! 8$4! ).+-$4! *-+(4! /,$! .$! 8(+0&! 1$! .+14&0&,*0&! '*4! ,1! *./,04!
N04&+(0/,$H!O*14!85*,&($4!'*=4!.+DD$!-*!^+--*18$!$&!-*!O*1$D*(t!.$!.N+0%!.+14&0&,$!,1!8(+0&!
014&0&,&0+11$-!8$',04!-$!?*7*1&VA8$(10$(!40:.-$H!!
O*14! -$! &*Q-$*,! "L! +1! .+14&*&$! *,440! -501&(+8,.&0+1! '+1.&,$--$! 8,! -0Q($! .N+0%! 8*14! 8$4! '*=4!
.+DD$! -5<--$D*31$! $&! -*! M,044$! /,0! [+1.&0+11$1&! &(*80&0+11$--$D$1&! '*(! 8$4! 4=4&:D$4! 8$!
l!.*(&$!4.+-*0($!mH!O*14!-$4!8$(10$(4L!-$4!*,&+(0&)4!)8,.*&07$4!*[[$.&$1&!-$4!$[[$.&0[4!4.+-*0($4!
*,%! ).+-$4! 4$-+1! .$(&*014! .(0&:($4! .+DD$! -*! '(+%0D0&)! *,! -0$,! 8$! ()408$1.$H! q)*1D+014L!
!
C
;<>>@!BEEFL!9$1:7$!
!
I*(01!JK--$(L!M;@O!
DRD$! 450-! 15=! *! '*4! 8$! -0Q($! .N+0%! 8*14! .$4! 4=4&:D$4L! +1! +Q4$(7$! ()3,-0:($D$1&! 8$4!
4&(*&)30$4!8$4!'*($1&4!-$,(!'$(D$&&*1&!85$[[$.&,$(!,1!.N+0%!0180($.&!?'*(!$%H!8$4!8$D*18$4!8$!
8)(+3*&0+1L!8$4!8)D)1*3$D$1&4AH!S5)&$18,!8$!.$!'N)1+D:1$!8)'$18!Q0$1!$1&$18,!G!-*![+04!
8,! .+1&$%&$! ?'*(! $%H! D*(.N)! 0DD+Q0-0$(AL! D*04! *,440! 8,! 107$*,! 4+.0+V).+1+D0/,$! 8$4!
'*($1&4H!
!"#$%&'()"*&:"747'-&34$&01"&5&
M+,7$1&L! -*! /,$4&0+1! 8,! -0Q($! .N+0%! $4&! *,&+D*&0/,$D$1&! *44+.0)$! G! -*! /,$4&0+1! 8,!
[01*1.$D$1&!8$4!).+-$4L!1+&*DD$1&! '*(!8$4!.N:/,$4!4.+-*0($4H!u(L!-$!-0Q($!.N+0%!150D'-0/,$!
'*4!4=4&)D*&0/,$D$1&!8$4!.N:/,$4!4.+-*0($4!.+DD$! -n0--,4&($!-$!&*Q-$*,!BH! @1!$[[$&L!-$!-0Q($!
.N+0%!8$4!).+-$4!'$,&!+,!1$!'$,&!'*4!R&($!-0)!G!8$4!D+8*-0&)4!8$![01*1.$D$1&!8$4!).+-$4H!c-!
$%04&$! 8$4! 4=4&:D$4! 4.+-*0($4! *7$.! ,1! -0Q($! .N+0%! 4*14! 1).$44*0($D$1&! '(+'+4$(! *,%!
'*($1&4!8$4!014&(,D$1&4![01*1.0$(4!'+,(!($DQ+,(4$(!-5).+-$!8$!-$,(!.N+0%H!
S$!&*Q-$*,!B!D+1&($!$1!$[[$&!/,$!-*!.+DQ01*04+1!8,!-0Q($!.N+0%!8$4!).+-$4!*7$.!-5*&&(0Q,&0+1!
85,1! .N:/,$! 4.+-*0($! ($'()4$1&$! '-,&g&! ,1$! $%.$'&0+1!]! .$! 4=4&:D$! 15$%04&$! /,5$1! M,:8$! $&!
8*14! -$4! 7+,.N$(4! '(+3(*DD$4! *,%! @&*&V6104H! W$4! 8$(10$(4! 1$! 4+1&! '*4! 8$4! '(*&0/,$4!
3)1)(*-04)$4L! D*04! 45*''-0/,$1&! &+,P+,(4! G! ,1! ')(0D:&($! ($4&($01&! .+DD$! '*(! $%$D'-$! ,1!
$*+--'&/.$3%.*3H!O*14!-*!'-,'*(&!8$4!'*=4!/,0!.+11*044$1&!*.&,$--$D$1&!8$4!804'+40&0[4!8$!-0Q($!
.N+0%L!.$,%V.0!1$!4+1&!'*4!-0)4!G!,1!4=4&:D$!8$!.N:/,$!4.+-*0($L!D*04![+1.&0+11$1&!70*!8$4!
4,Q7$1&0+14!80($.&$4!*,%!).+-$4!',Q-0/,$4!$&v+,!'(07)$4!/,0!'$,7$1&!+,!1+1!R&($!.+D'-)&)$4!
'*(!8$4!).+-*3$4!'*=)$4!'*(!-$4!'*($1&4H!W$(&*014!'*=4!($18$1&!-5*&&(0Q,&0+1!8$!4,Q7$1&0+14!
',Q-0/,$4!8)'$18*1&!85,1!.$(&*01!1+DQ($!8$!.(0&:($4L!.+DD$!'*(!$%$D'-$!-$4!*..()80&*&0+14!
G!,1!.,((0.,-,D!1*&0+1*-H!
!
Z
;<>>@!BEEFL!9$1:7$!
!
I*(01!JK--$(L!M;@O!
!"#$%"&'6')'*"+,-./0%1'2%'$0#/%'34.05'2%1',3.$%1'%+'%5%78$%1'2&'7.2%'2%'90:":3%7%:+''
&
AC=K?I@6<IA&
HC=!6LC?A&B?A&
ME<!?A&
HC=!6LC?A&
CI6LC?J?I@&
AC=K?I@6<IA&
HC=!6LC?A&B?A&
ME<!?A&
HC=!6LC?A&?@&
HD6KM?A&
AC=K?I@6<IA&
HC=!6LC?A&B?A&
ME<!?A&
HC=!6LC?A&?@&
HD6KM?A&NK?E&
ME<!NO?&
EFPLC?&
AE<!N6D?&
N@@D6=CM&NCG&
HND?I@A&
!)$&/"&'.0%"&*+-.1&
V! J*P+(0&)!8$4!
.*1&+14!M,044$!
V! <--$D*31$!
!
V! f(*1.$!
V! W$(&*014!
.*1&+14!M,044$w!!
!
2.0%"&*+-.1&"#3%"&'"$&
,*-'"$&450'.65"$&
V! WN*(&$(!4.N++-4!!
V! W*1&+1!8$!`K(0.N!
?.+--:3$A!!
!
!
!
!
2.0%"&*+-.1&"#3%"&'"$&
,*-'"$&450'.65"$&"3&
4%.7,"$&
!
V! f01-*18$!!
V! ^+--*18$!
!
V! O*1$D*(t!
V! M,:8$!!
V! x+,.N$(!
'(+3(*DD$4!
*,%!@&*&4V6104!!
w!TU-$VW*D'*31$L!`,3L!S,.$(1$!
S$4! .N*13$D$1&4! 8$! -*! 3$4&0+1! 8$4! 4=4&:D$4! ',Q-0.4! 01&(+8,0&4! 8*14! -$4! *11)$4! FE! $1!
'*44*1&! 85,1$! 3$4&0+1! 8$4! ($44+,(.$4! ?01',&4A! 7$(4! ,1$! 3$4&0+1! '*(! +QP$.&0[4! G! .+1&(0Q,)! G!
*..$1&,$(! -$! 8)Q*&! *,&+,(! 8,! -0Q($! .N+0%! 8$4! ).+-$4H! O*14! -$! 4$.&$,(! )8,.*&0[L! .$4!
.N*13$D$1&4! 8$! -*! 3$4&0+1! ',Q-0/,$! )&*0$1&! 1+&*DD$1&! ,1$! ()'+14$! *,! .+14&*&! /,$!
-5*,3D$1&*&0+1! 8$4! ($44+,(.$4! 15*D)-0+($! '*4! 4=4&)D*&0/,$D$1&! -$! 107$*,! 8$4! *./,04! 8$4!
)-:7$4! $&! 1$! '$(D$&! '*4! 85)/,0-0Q($(! -$4! 01)3*-0&)4! 4+.0*-$4H! W$! .N*13$D$1&! 8$! '0-+&*3$! *!
*D$1)!-$4!4=4&:D$4!)8,.*&0[4!G!8)7$-+''$(!8$!1+,7$*,%!804'+40&0[4!8$!($8$7*Q0-0&)!.+DD$!
-$4!4&*18*(84!$&!-$4!)7*-,*&0+14!$%&$(1$4!8$4!)-:7$4H!c-!*!)3*-$D$1&![*.0-0&)!-*!D04$!$1!'-*.$!
8$!1+,7$--$4![+(D$4!85+(3*104*&0+1!8$4!).+-$4!'(+[0&*1&!'*(!$%$D'-$!85,1$!*,&+1+D0$!)-*(30$!
$&! 85,1$! 8).$1&(*-04*&0+1! 8$! -*! '(04$! 8$! 8).040+1H! S$4! [+(D$4! 8$! ()3,-*&0+1! 8$4! 4=4&:D$4!
)8,.*&0[4! .+14&0&,$1&! 8+1.! ,1! .(0&:($! 4,''-)D$1&*0($! .*(*.&)(04*1&! -$4! 804'+40&0[4! 8$! -0Q($!
.N+0%!G!&0&($!$%$D'-*0($!?&*Q-$*,!_AH!!
!"#$%"&';')'*"+,-./0%1'2%'$0#/%'34.05'2%1',3.$%1'%+'%5%78$%1'2%'/,-&$"+0.:'
&
?G?JH!?A&
ECDD6EC!CJ&
E<JJCI&
?KN!CN@6<IA&
?G@?DI?A&
OMIMDN!6AM?A&
HC=!6EN@6<I&
B?A&
DMAC!@N@A&
B?A&
MKN!CN@6<IA&
?G@?DI?A&&
!)$&/"&'.0%"&*+-.1&
V! J*P+(0&)!8$4!
.*1&+14!4,044$4!
V! +,0!
V! 1+1!
V! 1+1!
2.0%"&*+-.1&"#3%"&'"$&
,*-'"$&450'.65"$&
V! 6M!]!WN*(&$(!
M.N++-4!
V! W*1&+1!8$!`K(0.N!
?.+--:3$A!
V! 1+1!
!
V! +,0!
V! +,0!
!
V! 1+1!
V! +,0!
!
V! 1+1w!!
2.0%"&*+-.1&"#3%"&'"$&
,*-'"$&450'.65"$&"3&
4%.7,"$&
V! M,:8$!
V! f01-*18$!
V! O*1$D*(t!
!
V! +,0!
V! +,0!
V! +,0!
V! +,0!
V! +,0!
V! 1+1!
V! 1+1!
V! 1+1!
V! 1+1!
!
i
;<>>@!BEEFL!9$1:7$!
!
I*(01!JK--$(L!M;@O!
w!S5).+-$!'+-=&$.N10/,$!8$!`K(0.N!?@>f`A!*!().$DD$1&!',Q-0)!,1$!*1*-=4$!8$!-*!(),440&$!*,%!
$%*D$14!01&$(D)80*0($4!4$-+1!-$!.+--:3$!8$!'(+7$1*1.$!8$4!)&,80*1&4!?@#^L!BEEFAH!
!
!"#$%&'()"*&34$&01"5&&&
S$! /,*&(0:D$! $&! 8$(10$(! -$70$(! *1*-=4)! .+1.$(1$! -$4! *.&$,(4! 8,! -0Q($! .N+0%! 8$4! ).+-$4H!
W+DD$!)7+/,)!'-,4!N*,&L!8*14!-$4!4=4&:D$4!4.+-*0($4!4*14!-0Q($!.N+0%L!-$!.N+0%!4.+-*0($!$4&!
$[[$.&,)!'*(!-$4!*,&+(0&)4!4.+-*0($4!*[[$.&*1&!-$4!$[[$.&0[4!4$-+1!,1!.$(&*01!1+DQ($!8$!.(0&:($4H!
O*14!.$!&='$!8$!4=4&:D$L!-$4!'*($1&4!*3044$1&!8$!D*10:($!0180($.&$!$1!.N*13$*1&!8$!-0$,!8$!
8+D0.0-$! $&! $1! 8$D*18*1&! 8$4! 8)(+3*&0+14L! '*(! $%$D'-$H! >*(D0! -$4! 4=4&:D$4! 4.+-*0($4!
'(+'+4*1&!-$!-0Q($!.N+0%!4.+-*0($L!-$!&*Q-$*,!C!0--,4&($!/,$!.$!8$(10$(!$4&!-$!'-,4!()'*18,!8*14!
-$4! '*=4! 4.*1801*7$4! /,0! +[[($! .$! .N+0%! G! -5$14$DQ-$! 8$4! '*($1&4H! S*! '*(&0.0'*&0+1! *,%!
7+,.N$(V'(+3(*DD$4! 8$4! @&*&4V6104! '*(! .+1&($L! $4&! 4+,7$1&! -0)$! G! .$(&*014! .(0&:($4! 8$!
'*(&0.0'*&0+1H! W$4! '(+3(*DD$4! 704$1&! 4+,7$1&! ,1$! '+',-*&0+1! '*(&0.,-0:($L! 1+&*DD$1&! 8,!
D0-0$,!).+1+D0/,$D$1&!8)[*7+(04)H!W$!&*Q-$*,!8$4!*.&$,(4!8,!.N+0%!'$,&!R&($!.+D'-)&)!'*(!
-$4! )-:7$4! /,0! 4+1&! $%'-0.0&$D$1&! D$1&0+11)4! 8*14! -*! -+0! 8$! -5014&(,.&0+1! ',Q-0/,$! s,(0.N+04$!
*,!4,P$&!8,!.N+0%!8,!.+--:3$H!
!"#$%"&'<')'*"+,-./0%1'2%1'8%/1.::%1'"=":+'$%'2/.0+'2%'34.010/'
H?DA<II?A&NQNI@&!?&
BD<6@&B?&EF<6A6D&&
?G?JH!?A&
28"#$"(0'"&/"$&4)%"#3$&
V! O*1$D*(tL!f01-*18$L!^+--*18$L!M,:8$!
2"$&4)%"#3$&/85#&9%-54"&
$,'"*3.-##,&&
V!
J0-Y*,t$$!>*($1&*-!WN+0.$!>(+3(*DL!rc!$&!W-$7$-*18!M.N+-*(4N0'!*18!
#,&+(013!>(+3(*DL!u^!]!4)-$.&0+1!4$-+1!-$!107$*,!8$!($7$1,!8$4!'*($1&4!
2"$&,':7"$&&
V!
W*1&+1!8$!`K(0.N!?.+--:3$A!
!
W$&&$!*1*-=4$!8$4!80[[)($1&4!804'+40&0[4!8$!-0Q($!.N+0%!4$-+1!-$4!/,*&($!.(0&:($4!($&$1,4L!.5$4&V
GV80($! -5+QP$&! 8,! -0Q($! .N+0%L! -$! [01*1.$D$1&L! -*! ()3,-*&0+1! *0140! /,$! -$4! *.&$,(4! 8,! .N+0%L!
0--,4&($!&+,&!85*Q+(8! -*! 3(*18$! 807$(40&)!8$4!'(*&0/,$4!$%04&*1&$4H!JRD$!40!.$&&$!*1*-=4$!$4&!
-+01! 85R&($! $%N*,4&07$L! -$4! 0--,4&(*&0+14! D+1&($1&! Q0$1! /,$! .$4! 804'+40&0[4! 8$! -0Q($! .N+0%! 4$!
(*''(+.N$1&! +,! 45)-+031$1&! -5,1! 8$! -5*,&($! $1! [+1.&0+1! 8$4! .(0&:($4! ($&$1,4H! ! W$.0! 0180/,$! -*!
'(,8$1.$! 1).$44*0($! '+,(! '+,7+0(! $[[$.&,$(! 8$4! .+D'*(*04+14H! >*(! .+14)/,$1&L! -$4! $[[$&4!
.+14&*&)4!?+,!1+1!.+14&*&)4A!8+07$1&!&+,P+,(4!R&($!'-*.)4!8*14!-$,(!.+1&$%&$!'*(&0.,-0$(!$&!1$!
'$,7$1&! '*4! R&($! 3)1)(*-04)4! 4*14! 45*44,($(! /,$! -$4! +QP$&4! 8,! .N+0%L! -$4! D+8$4!
85+(3*104*&0+1!$&!8$![01*1.$D$1&L!*0140!/,$!-$4!*.&$,(4!8,!.N+0%!4+1&!.+D'*(*Q-$4H!!
<! .$! 4&*8$L! 0-! $4&! $1! $[[$&! &(:4! 80[[0.0-$! 8$! &0($(! 8$4! .+1.-,40+14! 3)1)(*-$4! .+1.$(1*1&! -$4!
804'+40&0[4!8$!-0Q($!.N+0%!$%04&*1&4H!u$-t$(4!?BEEkA!()4,D$!8*14!4+1!*1*-=4$!8$!-*!-0&&)(*&,($!
/,$! l!-$! 4$,-! .+14&*&! '+40&0[! /,0! *! )&)! -*(3$D$1&! .+1[0(D)! '*(! 8$4! )&,8$4! $D'0(0/,$4L! .5$4&!
-5*,3D$1&*&0+1!8$!-*!4*&04[*.&0+1!8$4!'*($1&4H!?yA!W$&!$[[$&!'+40&0[!8+0&!&+,&$[+04!R&($!'+18)()!
!
k
;<>>@!BEEFL!9$1:7$!
!
I*(01!JK--$(L!M;@O!
*7$.! -$4! (04/,$4! .+1408)(*Q-$4! 8,! -0Q($! .N+0%!m! ?'H! "CkAH! <! '*(&0(! 85,1$! *1*-=4$! 8$! -*!
-0&&)(*&,($!85)&,8$4!850D'*.&L!-$4!(04/,$4!4,07*1&4!+1&!)&)!3-+Q*-$D$1&!($.$14)4!]!
!
!" S$4!'*($1&4!4)-$.&0+11)4!1$!'*(&0.0'$1&!'*4!*,%!.N+0%!h!
!" S*!4)3()3*&0+1!8*14!-$!4=4&:D$!)8,.*&0[!4$!($1[+(.$!.*(!-$4![*D0--$4! '(+7$1*1&!
8$4! D0-0$,%! 4+.0+V).+1+D0/,$4! [*7+(04)4! Q)1)[0.0$1&! '-,4! $1! [*04*1&! 8$4! .N+0%!
D0$,%! 01[+(D)4!.+D'*()4! *,%! [*D0--$4! '(+7$1*1&! 8$4! D0-0$,%! 4+.0+V
).+1+D0/,$4!8)[*7+(04)4!h!
!" S$!-0Q($!.N+0%!15*!'*4!85$[[$&!'+40&0[!4,(!-$!107$*,!8$4!*./,04!8$4!)-:7$4!h!!
!" S$!-0Q($!.N+0%!*,3D$1&$!-$4!.+z&4!8$4!4=4&:D$4!4.+-*0($4H!!
M,(! -*! Q*4$! 8$4! 8+11)$4! >cM<! BEE_! ?BiZ5EEE! )-:7$4! 8*14! _k! '*=4AL! 8$,%! ().$1&$4!
($.N$(.N$4! ($-*&0704$1&! .$4! (04/,$4H! @--$4! D+1&($1&! 8$4! $[[$&4! '+40&0[4! 8$! -*! ($8$7*Q0-0&)L! 8$!
-5*,&+1+D0$!$&!8,!.N+0%!4,(!-$!107$*,!8$!.+D')&$1.$4!8$4!)-:7$4!?r+$44D*11!$&!*-HL!BEEkA!
*0140!/,$!4,(!-5)/,0&)!8$4!4=4&:D$4!)8,.*&0[4!?f,.N4!$&!*-HL!BEEkAH!!
M$-+1!r+$44D*11!$&!*-H!?BEEkAL!-$4!()4,-&*&4!D+1&($1&!/,$!{80[[$($1&![*.$&4!+[!*..+,1&*Q0-0&=L!
*,&+1+D=L!*18!.N+0.$!*($!4&(+13-=!*44+.0*&$8! Y0&N!&N$!-$7$-!+[!4&,8$1&!*.N0$7$D$1&!*.(+44!
.+,1&(0$4H!r0&N!($4'$.&!&+!*..+,1&*Q0-0&=L!4&,8$1&4!'$([+(D!Q$&&$(!YN$($!'+-0.0$4!*($!01!'-*.$!
&N*&! *0D! *&! 4&,8$1&4! ?$%&$(1*-! $%0&! $%*D4AL! &$*.N$(4! ?D+10&+(013! +[! -$44+14AL! *18! 4.N++-4!
?*44$44D$1&VQ*4$8! .+D'*(04+14AH! #N$! .+DQ01$8! *.N0$7$D$1&! 80[[$($1.$4! *D+,1&! &+! D+($!
&N*1! +1$! *18! *! N*-[! >cM<! 3(*8$V-$7$-! $/,07*-$1&4H?yA! M&,8$1&4! '$([+(D! Q$&&$(! 01! .+,1&(0$4!
Y0&N!D+($!.N+0.$!*18!.+D'$&0&0+1!*4!D$*4,($8!Q=!&N$!4N*($!+[!'(07*&$-=!D*1*3$8!4.N++-4L!
&N$!4N*($!+[!&+&*-!4.N++-![,18013![(+D!3+7$(1D$1&!4+,(.$4L!*18!&N$!$/,*-0&=!+[!3+7$(1D$1&!
[,18013!Q$&Y$$1!',Q-0.!*18!'(07*&$!4.N++-4|!?'H!CAH!
M$-+1!.$4!($.N$(.N$4L!-$4!3*014! 8$4! 107$*,%! 8$!.+D')&$1.$!8$4!)-:7$4!1$!4$![+1&!'*4!*,!
8)&(0D$1&!8$!-5)/,0&)!8$4!4=4&:D$4!)8,.*&0[4L!D*04!'-,&g&!-$!.+1&(*0($!]!l!#N$!D*01!$D'0(0.*-!
($4,-&! 04! &N*&! (*&N$(! &N*1! N*(D013! 804*87*1&*3$8! 4&,8$1&4L! *..+,1&*Q0-0&=L! *,&+1+D=L! *18!
.N+0.$! *''$*(! &+! Q$! &08$4! &N*&! -0[&! *--! Q+*&4H! #N$! *880&0+1*-! .N+0.$! .($*&$8! Q=! ',Q-0.! [,18013!
[+(! '(07*&$! 4.N++-4! 01! '*(&0.,-*(! 04! *44+.0*&$8! Y0&N! *! 4&(+13! ($8,.&0+1! 01! &N$! 8$'$18$1.$! +[!
4&,8$1&!*.N0$7$D$1&!+1!4+.0+V$.+1+D0.!4&*&,4|!?f,.N4!$&!*-HL!BEEkL!'HCAH!
!
K%$,&17&'4+$%&474.R2"01%&+%&.;474.R,%&+1&."#$%&'()"*&
61$! *1*-=4$! .+D'*(*&07$! 8$4! 804'+40&0[4! 8$! -0Q($! .N+0%! 45*7:($! 8+1.! 80[[0.0-$! G! .*,4$! 8$! -*!
3(*18$! 807$(40&)! 8$4! '(*&0/,$4! $%04&*1&$4H! >*(! *0--$,(4L! -$4! 0D'*.&4! D$4,()4! 8$! .$4!
!
X
;<>>@!BEEFL!9$1:7$!
!
I*(01!JK--$(L!M;@O!
804'+40&0[4! 4+1&! 80[[0.0-$D$1&! .+D'*(*Q-$4L! 7+0($! 3)1)(*-04*Q-$4L! .*(! 4+,7$1&! 0-4! 4$! -0D0&$1&! G!
.$(&*014! *4'$.&4! 8$4! 804'+40&0[4L! .+DD$! '*(! $%$D'-$! -*! (),440&$! 4.+-*0($H! W$! .+14&*&! $4&!
1+&*DD$1&! 4+,-031)! '*(! S$701! ?BEEBAL! '-,4! '*(&0.,-0:($D$1&! $1! -0$1! *7$.! -$4! .N:/,$4!
4.+-*0($4! l!*-&N+,3N! 4+D$! $D'0(0.*-! 8*&*! *($! *7*0-*Q-$! +1! -0D0&$8! *4'$.&4! +[! $8,.*&0+1*-!
7+,.N$(4L!&N$!-*.t!+[!*!.+D'($N$1407$![(*D$Y+(t!&N*&!&*t$4!01&+!*..+,1&!&N$!D*P+(!4&($13&N4!
*18!Y$*t1$44$4!-0D0&4!*1=!+7$(*--!.+1.-,40+14!+1!'(+Q*Q-$!.+14$/,$1.$4!m!?'H!"iEAH!!
S$701!?BEEBA!*0140!/,$!S$701!$&!T$-[0$-8!?BEE_A!)7+/,$1&!/,*&($!.(0&:($4! $14,0&$!,&0-04)4!'+,(!
8)7$-+''$(!,1!.*8($!*1*-=&0/,$!'-,4!3)1)(*-!]!?"A!-$!-0Q($!.N+0%L!?BA!-5$[[0.0$1.$!'(+8,.&07$L!?_A!
-5)/,0&)L! $&! ?CA! -*! .+N)40+1! 4+.0*-$H! M$-+1! $,%L! .$4! .(0&:($4! 4+1&! 8)&$(D01*1&4! '+,(! .N*/,$!
4=4&:D$! )8,.*&0[! $&! 8$! 4*! D*10:($! 85*&&$018($! -$4! +QP$.&0[4! )8,.*&0[4! 3-+Q*,%! ?'*(! $%H!
4.+-*(04*&0+1! 8$! &+,4! -$4! )-:7$4L! (),440&$! *.*8)D0/,$! 8$4! )-:7$4AH! S*! '(0+(0&)! *..+(8)$! G!
.N*.,1! 8$! .$4! /,*&($! .(0&:($4! 8)'$18! 1+&*DD$1&! 8$! -*! '$14)$! '()8+D01*1&$! 8*14! -$4!
4=4&:D$4!)8,.*&0[4H!O$!D*10:($!3)1)(*-$L!.$&&$!+(0$1&*&0+1!3-+Q*-$!'$,&!4$!40&,$(!'*(!(*''+(&!
*,%! 8$,%! ).+-$4! 8$! '$14)$! 4.N)D*&0/,$D$1&! '()4$1&)$4! *,! 8)Q,&! 8$! .$! &$%&$!]! -$!
-0Q)(*-04D$! ).+1+D0/,$!$&! -*! P,4&0.$! 4+.0*-$H! S$4! 8$,%! '($D0$(4! .(0&:($4! )&*1&! '-,4! '(+.N$4!
8$!-508)$!8,!-0Q)(*-04D$!).+1+D0/,$!*-+(4!/,$!-$4!8$,%!8$(10$(4!4+1&!'-,4!$1!-0$1!*7$.!-508)$!
8$!-*!P,4&0.$!4+.0*-$!?S$701!$&!T$-[0$-8L!BEE_L!''H!"FkV"FXAH!!
;<=&'"&'.0%"&*+-.1&>!.$!.(0&:($!D$&!Q$*,.+,'!-5*..$1&!4,(!-$4!Q)1)[0.$4!'(07)$4!8$!-5)8,.*&0+1!$&!
/,$!-$4!).+-$4!.N+040$4!.+(($4'+18$1&!-$!D0$,%!*,%!'()[)($1.$4!?')8*3+30/,$4L!.,-&,($--$4L!
($-030$,4$4L! $&.HA! 8$4! '*($1&4H! S$4! '*(&04*14! 8,! -0Q($! .N+0%! 8$4! ).+-$4! D$&&$1&! 4+,7$1&! $1!
*7*1&!.$&!*(3,D$1&H!
;?=&'8"@@.*."#*"&4%-/5*3.7"&>!.$!.(0&:($!$1&$18!-*!D*%0D04*&0+1!8$4!()4,-&*&4!)8,.*&0[4!.+D'&$!
&$1,! 85,1! .$(&*01! 01',&H! S$4! '*(&04*14! 8,! -0Q($! .N+0%! D$&&$1&! $1! *7*1&! -$4! 3*014! 85$[[0.0$1.$!
'+,(! *&&$018($! -$4! +QP$.&0[4! *,! D+=$1! 8$4! [+(.$4! .+D')&0&07$4! $1&($! -$4! ).+-$4H! S$4!
+''+4*1&4!*,!-0Q($!.N+0%!.+1&$4&$1&!/,$!-$!'(01.0'$!8$!-*!.+D')&0&070&)!45*''-0/,$!*,!8+D*01$!
8$!-5)8,.*&0+1H!
;A=& '8,65.3,&>! .$! .(0&:($! 4$! ()[:($! G! -*! .*'*.0&)! 85+[[(0(! G! -5$14$DQ-$! 8$4! )-:7$4! b!
018)'$18*DD$1&! 8$! -$,(! 3$1($L! -$,(! 107$*,! 4+.0+V).+1+D0/,$L! -$,(! 1*&0+1*-0&)L! -$,(! -*13,$!
'($D0:($L!-$,(4!Q$4+014!4').0[0/,$4L!$&.H!b!!-$4!DRD$4!.N*1.$4!!85*..)8$(!G!-5)8,.*&0+1L!8$!
Q)1)[0.0$(! 8$4! DRD$4! ($44+,(.$4! $&! 85+Q&$10(! -$4! DRD$4! ()4,-&*&4! ?'*(! $%H! 80'-gD$4AH! S$4!
'*(&04*14! 8,! -0Q($! .N+0%! '$14$1&! /,$! -$! [*0&! 8$! '+,7+0(! .N+040(! -$4! ).+-$4! +Q-03$(*! .$4!
8$(10:($4! G! D0$,%! .+(($4'+18($! G! -5$14$DQ-$! 8$4! Q$4+014! 8$4! )-:7$4H! <0140L! -$4! 01)3*-0&)4!
$%04&*1&$4!$1&($!-$4!)-:7$4!'$,7$1&!R&($!()8,0&$4H!S$4!+''+4*1&4!.(*031$1&!/,$!-$!-0Q($!.N+0%!
8$4!).+-$4!($1[+(.$!$1.+($!-$4!80[[)($1.$4!4+.0*-$4!$&!*D:1$!G!'-,4!8$!4)3()3*&0+1L!.*(!-$4!
'*($1&4!8$!107$*,!).+1+D0/,$![*7+(04)!Q)1)[0.0$1&!8*7*1&*3$!8,!4=4&:D$! '*(.$!/,n0-4!4+1&!
!
F
;<>>@!BEEFL!9$1:7$!
!
I*(01!JK--$(L!M;@O!
3)1)(*-$D$1&!D0$,%!01[+(D)4L!804'+4$1&!8$!'-,4!8$!($44+,(.$4!$&!D$&&$1&!'-,4!85*..$1&!4,(!
-5)8,.*&0+1!8$!-$,(4!$1[*1&4H!!
;B=& ')& *-+,$.-#& $-*.)'"&>! .$! .(0&:($! 4$! ()[:($! G! -*! D04$! G! 804'+40&0+1! 85,1$! $%')(0$1.$!
)8,.*&07$! '*(&*3)$! /,0! +(0$1&$! -5$14$DQ-$! 8$4! )-:7$4! 7$(4! -$,(! 70$! 85*8,-&$! $1! &*1&! /,$!
.0&+=$14! *.&0[4! 8*14! -$4! 80[[)($1&$4! 014&0&,&0+14! 4+.0*-$4L! '+-0&0/,$4! $&! ).+1+D0/,$4!
.+14&0&,*1&!8$4!4+.0)&)4!8)D+.(*&0/,$4H!W$.0!1).$440&$!8$4!Q*4$4!4.+-*0($4!'*(&*3)$4!'*(D0!
-$4! 80[[)($1&$4! ).+-$4L! .+DD$! '*(! $%$D'-$! -$! .,((0.,-,DL! -$4! +QP$.&0[4! $&! -$4! ()[)($1.$4!
014&0&,&0+11$--$4H!O$!D*10:($!3)1)(*-$L!-$4!'*(&04*14!8,!-0Q($!.N+0%!'$14$1&!/,$!.$!'(+.$44,4!
*!-0$,!8*14!-$4!).+-$4!4*14!8$7+0(!D$&&($!$1!'-*.$!8$4!()3,-*&0+14!4').0[0/,$4H!
W$4!.(0&:($4!'+-0&0/,$4!'(0+(0&*0($4!4$!&(*8,04$1&!$1!'(+3(*DD$4!.+1.($&4!01.-,*1&!-$4!.(0&:($4!
+')(*&0+11$-4! 8).(0&4! '().)8$DD$1&! ?+QP$&! 8,! .N+0%L! [01*1.$D$1&L! ()3,-*&0+1L! *.&$,(! 8$!
.N+0%AH! S*! 3(0--$! *1*-=&0/,$! '()4$1&)$! .0V8$44+,4! ?&*Q-$*,! ZA! D$&! $1! -0$1! .$4! 8$,%!
80D$140+14H!
!"#$%"&'>')'*"2/%'":"$=+0?&%'2%1'2018.10+091'2%'$0#/%'34.05'1%$.:'$%&/1'3/0+@/%1'8.$0+0?&%1'%+'
.8,/"+0.::%$1'
ED6@PD?A&H<!6@6LC?A&
HD6<D6@N6D?A&&
HD<S6!&B?A&B6AH<A6@6SA&A?!<I&!?CDA&ED6@PD?A&<HMDN@6<II?!A&
T?G?JH!?AU&
;<=&!%-9%)(("&@)7-%.$)#3&'"&'.0%"&
*+-.1&
V!uQP$&4!8,!.N+0%!]!>)(0D:&($!*,440!-*(3$!/,$!'+440Q-$!8$4!).+-$4![*04*1&!'*(&0$!
8,!.N+0%!?).+-$4!',Q-0/,$4!$&!'(07)$4AH!!
&
V!f01*1.$D$1&!]!f01*1.$D$1&!',Q-0.!.+D'-)&)!'*(!8$4!D+=$14!'(07)4H!
&
V!;)3,-*&0+1!]!<,440!'$,!8$!()3,-*&0+1!/,$!'+440Q-$H!
&
V!<.&$,(4!8,!.N+0%!]!>)(0D:&($!*,440!-*(3$!/,$!'+440Q-$!?&+,4!-$4!'*($1&4AH!
;?=&!%-9%)(("&@)7-%.$)#3&
'8"@@.*."#*"&4%-/5*3.7"&
V!uQP$&4!8,!.N+0%!]!>)(0D:&($!*,440!-*(3$!/,$!'+440Q-$!8$4!).+-$4![*04*1&!'*(&0$!
8,!.N+0%!?).+-$4!',Q-0/,$4!$&!'(07)$4AH!
&
V!f01*1.$D$1&!]!f01*1.$D$1&!',Q-0.!.+D'-)&)!'*(!8$4!D+=$14!'(07)4H!
&
V!;)3,-*&0+1!]!;)3,-*&0+1!D010D*-$!*[01!8$!'(+D+,7+0(!-*!.+1.,(($1.$!$1&($!-$4!
).+-$4H!#$4&4!$%&$(1$4!8$4!)-:7$4!$&!',Q-0.*&0+1!8$4!()4,-&*&4H!
&
V!<.&$,(4!8,!.N+0%!]!>)(0D:&($!*,440!-*(3$!/,$!'+440Q-$!?&+,4!-$4!'*($1&4AH!
;A=&!%-9%)(("&@)7-%.$)#3&'8,65.3,&
V!uQP$&4!8,!.N+0%!]!@.+-$4!/,0!'$,7$1&!3*(*1&0(!-5)/,0&)!4,(!-$!'-*1!8$!-5*..:4!G!
-5).+-$L!-$4!'(+.$44,4!$&!-$4!()4,-&*&4!?).+-$4!',Q-0/,$4!$&!'(07)$4AH!
&
V!f01*1.$D$1&!]!f01*1.$D$1&!',Q-0.!/,0!1$!'$,&!'*4!R&($!.+D'-)&)!'*(!8$4!
D+=$14!'(07)4!8$4!'*($1&4H!!
&
V!;)3,-*&0+1!]!()3,-*&0+1!8$4!'(+.$44,4!85*8D0440+1!?'*(!$%H!-+&$(0$A!*[01!8$!
3*(*1&0(!-$4!DRD$4!.N*1.$4!85*..:4H!!
&
V!<.&$,(4!8,!.N+0%!]!-0D0&)!*,%![*D0--$4!8)[*7+(04)$4!*[01!85*D)-0+($(!-5)/,0&)!4,(!
-$!'-*1!8$!-5*..:4!$&!8$!-*!(),440&$!4.+-*0($H!
;B=&!%-9%)(("&@)7-%.$)#3&')&
*-+,$.-#&$-*.)'"&
V!uQP$&4!8,!.N+0%!]!@.+-$4!3*(*1&044*1&!-5)/,0&)!4,(!-$!'-*1!8$!-5*..:4!G!-5).+-$L!
-$4!'(+.$44,4!$&!-$4!()4,-&*&4!?).+-$4!',Q-0/,$4!$&!'(07)$4AH!
&
V!f01*1.$D$1&!]!f01*1.$D$1&!',Q-0.!/,0!1$!'$,&!'*4!R&($!.+D'-)&)!'*(!8$4!
D+=$14!'(07)4!8$4!'*($1&4H!
&
V!;)3,-*&0+1!]!D04$!$1!'-*.$!8$!.,((0.,-*!.+DD,14L!()3,-*&0+1!8$4!'(+.$44,4!
85*8D0440+1!*[01!8$!3*(*1&0(!,1$!D0%0&)!8$4!)-:7$4!
&
V!<.&$,(4!8,!.N+0%!]!>)(0D:&($!*,440!-*(3$!/,$!'+440Q-$!?&+,4!-$4!'*($1&4AH!
!
!
"E
;<>>@!BEEFL!9$1:7$!
!
I*(01!JK--$(L!M;@O!
@1! 8($44*1&! .$&&$! 3(0--$! 85*1*-=4$L! 0-! *''*(*d&! /,$! -*! D04$! $1! '-*.$! 85,1! '(+3(*DD$!
4').0[0/,$! ()'+18*1&! G! 8$4! .(0&:($4! '+-0&0/,$4! '(0+(0&*0($4! ?'*(! $%H! -$! -0Q($! .N+0%A! 4$! [*0&! *,!
D+=$1! 8$! .$(&*014! .(0&:($4! +')(*&0+11$-4! ?'*(! $%H! [01*1.$D$1&! '*(! 8$4! [+184! '(07)4! 8$4!
'*($1&4A! /,0! '$,7$1&! *--$(! G! -5$1.+1&($!!! 85*,&($4! .(0&:($4! '+-0&0/,$4! '(0+(0&*0($4! ?'*(! $%H!
-5)/,0&)AH! >*(! .+14)/,$1&L! 0-! 15$%04&$! '*4! 8$! 804'+40&0[! +'&0D*-! ()'+18*1&! G! -5$14$DQ-$! 8$4!
/,*&($! .(0&:($4H! S$701! $&! T$-[0$-8! ?BEE_A! ()4,D$1&! .$! .+14&*&! *0140]! l*-&N+,3N! 4+D$! 8$4031!
'(+7040+14! Y+,-8! 0D'(+7$! +,&.+D$4! *-+13! D+($! &N*1! +1$! .(0&$(0+1L! *-D+4&! *--! Y+,-8! *-4+!
($8,.$! +,&.+D$4! +1! +&N$(! .(0&$(0*H! ?yA! #N04! D$*14! &N*&! &N$($! 04! 1+! +'&0D*-! 4=4&$D! &N*&!
'(+708$4!D*%0D*-!($4,-&4!01!($3*(8!&+!*--![+,(!.(0&$(0*m!?'H!"FFAH!!
W+D'&$!&$1,!8$!-*!80[[0.,-&)!8$!.+1.0-0$(!-5$14$DQ-$!8$4!.(0&:($4!'(0+(0&*0($4!'+-0&0/,$4!*7$.!,1!
4$,-!804'+40&0[!8$!-0Q($!.N+0%L!.+DD$1&!*-+(4!8)&$(D01$(!-$!'(+[0-!'*(&0.,-0$(!8n,1!&$-!804'+40&0[!\!
S$701! $&! T$-[0$-8! ?BEE_A!*&&(0Q,$1&! .$&&$! 8).040+1! *,%! 7*-$,(4! $&! '()[)($1.$4! &(*14D04$4! '*(!
-$4! 014&0&,&0+14! 8)D+.(*&0/,$4!]! l!#N+4$! YN+! '-*.$! *! N03N! 7*-,$! +1! [($$8+D! +[! .N+0.$! Y0--!
'(+Q*Q-=! Q$! Y0--013! &+! 4*.(0[0.$! .$(&*01! $/,0&=! *18! 4+.0*-! .+N$40+1! '(+7040+14! Q=! $4.N$Y013!
($3,-*&0+14! *18! 4,''+(&! 4$(70.$4! *18! *--+Y013! '*($1&*-! *88V+14! &+! 7+,.N$(4H! W+17$(4$-=L!
&N+4$!YN+!'-*.$!*!N03N!7*-,$!+1!4+.0*-!.+N$40+1!Y0--!Q$!Y0--013!&+!4*.(0[0.$!*!.$(&*01!8$3($$!+[!
[($$8+D! +[! .N+0.$! &N(+,3N! $4&*Q-04N013! *! .+DD+1! .,((0.,-,D! .+($! *18! +&N$(! 4&*18*(80s$8!
4.N++-![$*&,($4m!?'H!"FFAH!!
c-! ($44+(&! 8,! .*8($! *1*-=&0/,$! /,5,1$! .+D'*(*04+1! 8$4! $[[$&4! '+40&0[4! +,! 1)3*&0[4! 85,1!
804'+40&0[! 8$! -0Q($! .N+0%! 1$! '$,&! '*4! R&($! ()*-04)$! 4*14! ()[)($1.$! *,%! .(0&:($4! 8$! '(0+(0&)!
'+-0&0/,$! /,0! 8)&$(D01$1&! -$! .*(*.&:($! +')(*&0+11$-! 8$4! 804'+40&0[4H! M*14! '+40&0+11$D$1&!
'()*-*Q-$! 8$4!804'+40&0[4!8$!-0Q($!.N+0%!4,(!.$&&$!3(0--$!85*1*-=4$L!-$!(04/,$!8$!.+D'*($(!8$4!
804'+40&0[4!()'+18*1&!G!8$4!.(0&:($4!'(0+(0&*0($4!80[[)($1&4!V!$&!8+1&!-$4!$[[$&4!4+,N*0&)4!1$!4+1&!
'*4!1).$44*0($D$1&!.+D'*(*Q-$4!V!8$D$,($!)-$7)H!!
!
""
;<>>@!BEEFL!9$1:7$!
!
I*(01!JK--$(L!M;@O!
?7&81",%&+%&')7'.1,")7&V&')WW%72&,"21%$&.4&X)242")7&+1&'472)7&+%&=Y.%Z
E4W3487%&+47,&.%&')72%*2%&+1&."#$%&'()"*&5&
@1!1+7$DQ($!BEEXL!-$!'$,'-$!8,!.*1&+1!TU-$VW*D'*31$!45$4&!'(+1+1.)!-+(4!85,1$!7+&*&0+1!
.*1&+1*-$! *,! 4,P$&! 8,! -0Q($! .N+0%! 8$4! ).+-$4H! W$&&$! 010&0*&07$! *! )&)! -*1.)$! '*(! -$! 3(+,'$!
8501&)(R&! S+QQ=! >*($1&4! M,044$! /,0! 45$4&! +''+4)! -+(4! 8$! -*! 7+&*&0+1! G! ,1! .+1&($V'(+P$&! 8,!
3+,7$(1$D$1&! .*1&+1*-H! S$! S+QQ=! >*($1&4! $4&! ,1$! *44+.0*&0+1! [+18)$! $1! BEEE! .+D'&*1&!
*,P+,(85N,0! $170(+1! "nZEE! D$DQ($4!h! $--$! $4&! '(01.0'*-$D$1&! .+14&0&,)$! '*(! 8$4! '*($1&4!
8n)-:7$4!$&!'$,&!.+D'&$(!4,(!-5*'',0!'+-0&0/,$!8$!'+-0&0.0$14!'(+7$1*1&!8$! D0-0$,%!&(:4!807$(4H!
<0140L! -$! 8)Q*&! *,&+,(! 8,! -0Q($! .N+0%! 80704$! -$4! '*(&0$4! '+-0&0/,$4H! W$! .-07*3$! 4$! D*10[$4&$!
*,440!Q0$1!8*14!-$4!'*(&04!&(*80&0+11$--$D$1&!'+40&0+11)4!G!3*,.N$!.+DD$!8*14!-$4!'*(&04!8$!
-*!8(+0&$H!!
S*!D0440+1!8,!-+QQ=!45*'',0$!1+&*DD$1&!4,(!-*!W+17$1&0+1!8$4!8(+0&4!8$!-nN+DD$!8$!-nuq6L!
<(&H! BiL! *-01)*! _! l!S$4! '*($1&4! +1&L! '*(! '(0+(0&)L! -$! 8(+0&! 8$! .N+040(! -$! 3$1($! 8n)8,.*&0+1! G!
8+11$(! G! -$,(4! $1[*1&4H!m! M$-+1! -$! -+QQ=L! .$! 8(+0&! 8$! -nN+DD$! 8+0&! 4n*''-0/,$(! 4*14!
804.(0D01*&0+1!G!&+,4!-$4!'*($1&4H!S$!-+QQ=!'+,(4,0&!8+1.!-$4!Q,&4!4,07*1&4!]!?"A!-$!-0Q($!.N+0%!
8$! -n).+-$! '+,(! &+,4L! ?BA! -*! -0Q$(&)! 8$! -n$14$031$D$1&! '+,(! &+,4L! $&! ?_A! -n)3*-0&)! 8$4! .N*1.$4!
'+,(!&+,4 "H!
O$',04!BEEEL!-$!-+QQ=!*!-*1.)!8$4!010&0*&07$4!8*14!,1$!80s*01$!8$!.*1&+14!704*1&!-501&(+8,.&0+1!
8,! .N+0%! 8$! -n).+-$! '+,(! &+,4! 8*14! -$4! -+04! .*1&+1*-$4! ($4'$.&07$4BH! S$! .*1&+1! TU-$V
W*D'*31$! )&*0&! -$! '($D0$(! .*1&+1! 8*14! -$/,$-! .$&&$! 010&0*&07$! *Q+,&044*0&! G! ,1$! 7+&*&0+1!
'+',-*0($H!W$.0!15$4&!'(+Q*Q-$D$1&!'*4!,1!N*4*(8L!.*(!-$!.*1&+1!TU-$VW*D'*31$!$4&!,1!8$4!
(*($4! .*1&+14! $1! M,044$! /,0! [01*1.$! '*(&0$--$D$1&! -$4! )-:7$4! 014.(0&4! 8*14! -$4! ).+-$4!
'(07)$4_H!S5*1*-=4$!8,!()4,-&*&!8$!.$&&$!7+&*&0+1!$4&!'*(&0.,-0:($D$1&!01&)($44*1&$!4+,4!-5*13-$!
8$4!7*-$,(4!$&!'()[)($1.$4!$%'(0D)$4!'*(!.$&&$!7+-+1&)!8)D+.(*&0/,$H!S$!()4,-&*&!8,!4.(,&01!
8,!_E!1+7$DQ($!BEEX!)&*0&!&(:4!.-*0(!]!-5010&0*&07$!G!)&)!($P$&)$!*7$.!kFHB}!8$!7+&$4!l!1+1!m!$&!
BEHX}!8$!7+&$4!l!+,0!mH!O$!'-,4L!-5010&0*&07$!*!)&)!($[,4)$!8*14!-5$14$DQ-$!8$4!Xi!.+DD,1$4!
8,!.*1&+1!TU-$VW*D'*31$!*7$.!,1!&*,%!8$!'*(&0.0'*&0+1!*44$s!)-$7)!8$!Ci}!$1!D+=$11$H!!
W+1.(:&$D$1&L!/,$-!$4&!-$!804'+40&0[!8$!-0Q($!.N+0%!!/,0!*!)&)!'(+'+4)!'*(!-$4!010&0*1&4!\!M$-+1!
-$! .*8($! *1*-=&0/,$! 8).(0&! '().)8$DD$1&L! -$4! .*(*.&)(04&0/,$4C! 8,! 804'+40&0[! 8$! -0Q($! .N+0%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"
!N&&']vvYYYH$-&$(1-+QQ=H.Nv[(*1.*04v7$($01v'(+[0-V,18Vs0$-H'N'!
!S$!S+QQ=!'*($1&4!'()'*($!8$4!010&0*&07$4!'+',-*0($4!8*14!-$4!.*1&+14!4,07*1&4!]!TU-$VW*D'*31$L!
TU-$Vx0--$L!`,(0.NL!M+-$,($L!S,.$(1$L!M&H!9*--L!<(3+70$L!<''$1s$--!;N+8$V$%&)(0$,(L!#N,(3+70$L!x*,8!
?q``L!"X!*7(0-!BEEXAH!
_
!S$!4=4&:D$!$1!703,$,(!*..+(8$!,1$!4,Q7$1&0+1!',Q-0/,$![0%$!8$!W^f!BEEEHV!'*(!)-:7$!/,0!$4&!7$(4)$!
*,%!).+-$4!'(07)$4H!S$!.+1&($V'(+P$&!*..$'&)!-+(4!8$!7+&*&0+1!8,!_E!1+7$DQ($!BEEX!'()7+0&!
-5*,3D$1&*&0+1!8$!.$!D+1&*1&!G!W^f!BZEEHVH!S$!.+1&($V'(+P$&!010&0*-$D$1&![+(D,-)!'*(!-$!W+14$0-!85@&*&!
'()7+=*0&!,1!D+1&*1&!8$!W^f!CEEEHVH!
C
!x+-t4010&0*&07$!2j<L!T0-8,13470$-[*-&![K(!*--$2!]!O0$!x$([*44,13!01!TS!Y0(8!Y0$![+-3&!$(3p1s&]!
~!FZ!<Q4p&s$!"!Q04!,18!B!Q04!
B
!
"B
;<>>@!BEEFL!9$1:7$!
!
I*(01!JK--$(L!M;@O!
'(+'+4)! 4$! (*''(+.N$1&! -$! '-,4! G! ,1! 4%-9%)(("& @)7-%.$)#3& '"& '.0%"& *+-.1! *7$.! ,1! .N+0%!
)&$18,! *,%! ).+-$4! '(07)$4! $&! ',Q-0/,$4L! ,1! [01*1.$D$1&! ',Q-0.! .+D'-)&)! '*(! 8$4! D+=$14!
'(07)4!8$4!'*($1&4L!8$4!()3,-*&0+14!D010D*-$4!$&!,1!')(0D:&($!-*(3$!85*.&$,(4!)-030Q-$4!?7+0(!
&*Q-$*,!iAH!!
!"#$%"&'A')'*/0+@/%1'2&'$0#/%'34.05'2%'$B0:0+0"+0C%'2":1'$%'3":+.:'2%'DE$%F*"78"-:%'
ED6@PD?A&<HMDN@6<II?!A&& B6AH<A6@6S&HDMKC&HND&!;6I6@6N@6K?&K<@M?&BNIA&!?&ENI@<I&B?&
=[!?ZENJHNOI?&
uQP$&4!8,!.N+0%!]!!
o.+-$4!',Q-0/,$4!$&!'(07)$4!8,!.*1&+1!TU-$VW*D'*31$!
f01*1.$D$1&!]!
f01*1.$D$1&!',Q-0.!8$4!).+-$4!'(07)$4!G!-5N*,&$,(!8$4!.+z&4!D+=$14!8$4!
).+-$4!',Q-0/,$4ZH!W$![01*1.$D$1&!',Q-0.!'$,&!R&($!.+D'-)&)!'*(!8$4!D+=$14!
'(07)4!8$4!'*($1&4H!
;)3,-*&0+1!]!!
;)3,-*&0+1!D010D*-$!8$!-5*..:4!*,%!).+-$4!?'*4!8$!($4&(0.&0+1!$&N10/,$L!
($-030$,%L!+,![01*1.0:($!8*14!-5*8D0440+1!8$4!)-:7$4AH!
<.&$,(4!8,!.N+0%!]!!
>)(0D:&($!-*(3$!?&+,4!-$4!'*($1&4AH!
!
M$-+1!-$!()4,-&*&!8$!.$4!7+&*&0+14L!-$!'$,'-$!8,!.*1&+1!TU-$VW*D'*31$!*!8+1.!.-*0($D$1&!80&!
l!1+1!m! G! ,1$! '+-0&0/,$! )8,.*&07$! [*7+(04*1&! -$! -0Q($! .N+0%! 8$4! ).+-$4! *,! 8)&(0D$1&! 85*,&($4!
.(0&:($4! .+DD$! -5$[[0.0$1.$! '(+8,.&07$L! -5)/,0&)! $&! -*! .+N)40+1! 4+.0*-$H! S$! '$,'-$! *V&V0-!
'+,(&*1&!80&!l!1+1!m!*,!-0Q($!.N+0%!8$!D*10:($!3)1)(*-$!\!!S*!.+1.-,40+1!3)1)(*-$! &0()$!8$!.$!
4.(,&01! 7*! .-*0($D$1&! 8*14! .$! 4$14! ?7+0(! '*(! $%$D'-$! -$4! *(&0.-$4! 01&0&,-)4! l!T*4$-Q0$&! -$N1&!
[($0$!M.N,-Y*N-!8$,&-0.N!*Q!m!8*14!-*!T*4-$(!`$0&,13!8,!_EH""HBEEXL!+,!l!T*4$-VS*184.N*[&!]!
<Q[,N(! [K(! [($0$! M.N,-Y*N-!m! 8*14! -$! #*3$4V<1s$03$(! 8,! _EH""HBEEXAH! u(L! ,1$! *1*-=4$! '-,4!
[01$! 8$4! *(3,D$1&4! *7*1.)4! '*(! -$4! +''+4*1&4! D+1&($! /,$! 8$4! '(+3(*DD$4! 8$! -0Q($! .N+0%!
[*7+(04*1&! -$4! .(0&:($4! 8$! -*! .+N)40+1! 4+.0*-$! $&! 8$! -5)/,0&)! '+,((*0$1&! &(+,7$(! ,1$! *8N)40+1!
'-,4!0D'+(&*1&$H!@1!$[[$&L!8*14!-$!(*''+(&!8,!W+14$0-!85@&*&!*,!9(*18!W+14$0-!?;$30$(,134(*&!
I*1&+1! T*4$-VS*184.N*[&L! BEEXA! *,440! Q0$1! /,$! 8*14! -*! Q(+.N,($! $%'-0.*&07$! $17+=)$! G!
-5$14$DQ-$! 8$4! )-$.&(0.$4! $&! )-$.&$,(4! 4+1&! )7+/,)4! -$4! +''+(&,10&)4! $&! -$4! (04/,$4! 8,! -0Q($!
.N+0%! 8$! -n).+-$H! >*(D0! .$4! +''+(&,10&)4! 4+1&! $%'-0.0&$D$1&! ($.+11,$4! -$! [*0&! /,$! -$! -0Q($!
.N+0%!'$(D$&&(*0&!8$!()'+18($!*,%!Q$4+014!$&!'()[)($1.$4!8$4!'*($1&4!$&!8$!-$,(4!$1[*1&4H!O$!
'-,4L!.$&&$!D$4,($!$4&!7,$!.+DD$!D+=$1!'+,(!($4'+14*Q0-04$(!-$4!'*($1&4!'+,(!-5)8,.*&0+1!
8$! -$,(4! $1[*1&4! $&! '+,(! [*7+(04$(! 8$4! -0$14! 08$1&0&*0($4! '-,4! [+(&4! $1&($! -$4! '*($1&4! $&! -$4!
).+-$4H! >*(! *0--$,(4L! -$! ($1[+(.$D$1&! 8$! -5$13*3$D$1&! $1&($'($1$,(0*-! 8$4! ).+-$4! $4&!
)3*-$D$1&! D$1&0+11)! .+DD$! +''+(&,10&)! '+40&07$H! @14,0&$L! ,1! .$(&*01! 1+DQ($! 8$! (04/,$4!
4+1&!+''+4)4!G!.$4!*(3,D$1&4!$1![*7$,(!8,!-0Q($!.N+0%!?I*1&+1! T*4$-VS*184.N*[&L!''H!iVkA]!
1+&*DD$1&! -$! (04/,$! 85,1$! 4)3()3*&0+1! ($1[+(.)$! $&! 85,1$! .+N)40+1! 4+.0*-$! 8)3(*8)$L! -$!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"!Q04!@-&$(1!t•11$1!sY04.N$1!8$1!$01s$-1$1!•[[$1&-0.N$1!,18!8$1!10.N&4&**&-0.N$1!M.N,-$1!YpN-$1H!!
B!Q04!O$(!61&$((0.N&!*1!10.N&4&**&-0.N$1!M.N,-$1!01!8$(!M.NY$0s!Y0(8![K(!I*1&+14$01Y+N1$(!8,(.N!80$!
4&**&-0.N$1!M.N,-&(p3$(!$1&4'($.N$18!8$1!O,(.N4.N10&&4t+4&$1!8$(!•[[$1&-0.N$1!M.N,-$1![01*1s0$(&L!
4+[$(1!8$(!`,3*13!+N1$!$&N104.N$L!($-030•4$!,18![01*[email protected](p1t,13!3$YpN(-$04&$&!04&H!
Z
!S$4!.+z&4!D+=$14!45)-:7$1&!G!W^f!"Bn""X!'+,(!-5).+-$!'(0D*0($L!W^f!"inZXX!'+,(!-5).+-$!4$.+18*0($!
c!$&!G!W^f!B_nEZF!'+,(!-5).+-$!4$.+18*0($!cc!?;$30$(,134(*&!I*1&+1!T*4$-VS*184.N*[&L!BEEXL!'H!CVZAH!
!
"_
;<>>@!BEEFL!9$1:7$!
!
I*(01!JK--$(L!M;@O!
(04/,$! 8$! .+D'(+D$&&($! -$! '(+.$44,4! 85N*(D+104*&0+1! 4.+-*0($! *.&,$--$D$1&! $1! 'N*4$! 8$!
(*&0[0.*&0+1! $1! M,044$! ?^*(D+MAL! $&! [01*-$D$1&! -$! (04/,$! 85$13$18($(! 8$4! .+z&4!
4,''-)D$1&*0($4! 0D'+(&*1&4! '+,(! .+D'$14$(! -$4! )-:7$4! 014.(0&4! 8*14! -$4! ).+-$4! '(07)$4! G!
N*,&$,(!8$4!.+z&4!D+=$14!8$4!).+-$4!',Q-0/,$4H!W$!/,0!4+(&!8$!.$&&$!*1*-=4$!8$4!'+,(4!$&!
8$4! .+1&($4L! .5$4&! /,$! -$! W+14$0-! 85@&*&! 8,! .*1&+1! TU-$VW*D'*31$! 1$! 45$4&! '*4! +''+4)!
[+18*D$1&*-$D$1&! *,! '(01.0'$! 8,! -0Q($! .N+0%! 8$4! '*($1&4L! D*04! /,$! -*! '+18)(*&0+1! 8$4!
(04/,$4! -0)4! G! -*! '(+'+40&0+1! -5*! 01.0&)! G! '($18($! '+40&0+1! .+1&($! -5010&0*&07$! $&! G! [+(D,-$(! 4+1!
.+1&($V'(+P$&H! c-! 4$(*0&! 8+1.! 01&)($44*1&! 8$! 4*7+0(! 40! ,1! 804'+40&0[! 8$! -0Q($! .N+0%! ()'+18*1&!
8*7*1&*3$! *,%! .(0&:($4! 85)/,0&)! $&! 8$! .+N)40+1! 4+.0*-$! *7*0&! )&)! *..$'&)! '*(! ,1! 7+&$!
8)D+.(*&0/,$! $1! M,044$H! M$-+1! -$! .*8($! *1*-=&0/,$! '()4$1&)! '-,4! N*,&! ?&*Q-$*,! ZAL! -*!
D+80[0.*&0+1!8$!.$(&*014!.(0&:($4!+')(*&0+11$-4!'$(D$&&(*0&!8$![*7+(04$(!-$4!.(0&:($4!85)/,0&)!$&!
8$!.+N)40+1!4+.0*-$!'*(!(*''+(&!*,!804'+40&0[!7+&)!G!TU-$VW*D'*31$!$1!1+7$DQ($!BEEX]!
!" uQP$&!8,!.N+0%!]!S0D0&$(!-$!')(0D:&($!8$!.N+0%!*,%!).+-$4!',Q-0/,$4!
!" f01*1.$D$1&!]! <44,($(! -$! [01*1.$D$1&! *,! D+=$1! 8$! 4,Q7$1&0+14! ',Q-0/,$4!
,10/,$D$1&L! .+D'&$! &$1,! 8,! ')(0D:&($! -0D0&)! *,%! ).+-$4! ',Q-0/,$4H! S$! Q,83$&!
8$4! ).+-$4! 1$! '$,&! 8+1.! '*4! R&($! .+D'-)&)! '*(! 8$4! .+1&(0Q,&0+14! 8$4! '*($1&4!
(04/,*1&!8$!($1[+(.$(!-$4!01)3*-0&)4!8*14!-5*..:4!*,%!).+-$4H!
!" ;)3,-*&0+1!]! @%03$(! 8$4! ()3,-*&0+14! $1! -0$1! *7$.! -$4! 80[[)($1&4! '(+P$&4!
85N*(D+104*&0+1!$1!.+,(4!$1!M,044$!?'-*1!85)&,8$4!()30+1*-L!4&*18*(84!8$!Q*4$L!
&$4&4!4&*18*(804)4L!$&.HA!
!" <.&$,(4!8,!.N+0%!]!>(070-)30$(!8$4!'*($1&4!'(+7$1*1&!8$!D0-0$,%!).+1+D0/,$D$1&!
$&!4+.0*-$D$1&!8)[*7+(04)4H!!
W+DD$! 0-! =! *! *.&,$--$D$1&! 8$4! 010&0*&07$4! $1! '()'*(*&0+1! 8*14! 85*,&($4! .*1&+14! 4,044$4L! 0-!
4$(*! 01&)($44*1&! 8$! 7+0(! 8*14! /,$--$! D$4,($! -$4! 804'+40&0[4! 8$! -0Q($! .N+0%! '(+'+4)4! 4$(+1&!
D+80[0)4H! M,0&$! *,%! ()4,-&*&4! 8,! 4.(,&01! G! TU-$VW*D'*31$L! -$! S+QQ=! '*($1&4! *! 1+&*DD$1&!
8).-*()!/,$!-$,(!'(+P$&!*!).N+,)!.*(!-$4!+''+4*1&4!*7*0$1&!D04!-$4!*(3,D$1&4!8$4!4,(.+z&4!
*,! '($D0$(! '-*1H! u(L! 4$-+1! $,%! l!-5010&0*&07$! 15*7*0&! '*4! '+,(! Q,&! 8$! &(*14[)($(! '-,4! 85*(3$1&!
',Q-0.!7$(4!-$4!).+-$4!'(07)$4L!D*04!1+&*DD$1&!8$!'$(D$&&($!,1!-0Q($!.N+0%!'*(D0!-$4!).+-$4!
',Q-0/,$4!m!?T*4-$(!`$0&,13L!_EH""HBEEFAH!S$4![,&,($4!010&0*&07$4!'+-0&0/,$4!D+1&($(+1&L!40!-$4!
014&*1.$4! 8)D+.(*&0/,$4! 4,044$4! 4$! '(+1+1.$1&! '+,(! 8*7*1&*3$! 8$! .N+0%! $&! 4$-+1! /,$-4!
.(0&:($4H!@1[01L! ,1$!.N+4$!$4&!4z($L!.$!.N+0%!$4&!8)PG!,1$!()*-0&)!V! '*(!7+0$!0180($.&$!+,!'*(!
7+0$!80($.&$!V!.+DD$! -$!-0Q($!.N+0%!8$4!.+--:3$4!01&(+8,0&$4!'*(!,1$!()[+(D$!8*14!-$!.*1&+1!
8$!`K(0.N!$1!"FFFH!!
!
!
"C
;<>>@!BEEFL!9$1:7$!
!
I*(01!JK--$(L!M;@O!
D-:-$%7'%,&&
<((+YL!I$11$&N!jH!$&!O$Q($,L!9$(*(8!?"FZCAH! @%04&$1.$! +[! *1!$/,0-0Q(0,D! [+(! *!.+D'$&0&07$! $.+1+D=H!
C*-#-("3%.*)L!x+-H!BBL!q+H!_L!j,-=!"FZCL!''H!BiZVBFEH!
T*4-$(! `$0&,13! ?_EH""HBEEXAH! D)$"'0."3& '"+#3& @%"."& E*+5'F)+'& /"53'.*+& )0H! #)-).N*(3)! 8,! 40&$!
N&&']vvYYYHQ*s+1-01$H.N!
WN,QQL! j+N1! @H! $&! J+$L! #$((=! JH! ?"FFEAH! !-'.3.*$G&()%H"3$G&)#/&I("%.*)8$&$*+--'$H!r*4N013&+1L! OW]!
#N$!T(++t0134!c14&0&,&0+1H!
@#^!@083$1•4404.N$!#$.N104.N$!^+.N4.N,-$!`K(0.N!?BEEFAH!J)35%)#-3"#&5#/&E35/."#"%@-'9H!C.#"&
I#)'K$"&/"$&L5$)(("#+)#9$&MF.$*+"#&J)35%)#-3"#&5#/&/"%&D)$.$4%N@5#9&/"%&COP&LN%.*+Q!
#)-).N*(3)!!8,!40&$!N&&']vvYYYH($t&+(*&H$&NsH.Nv1$Y4vD*&,(*€4&,80$1$([+-3€4&,80$BEEX€t+((H'8[!
f(0$8D*1L!J0-&+1!?"FZZAH!#N$!(+-$!+[!3+7$(1D$1&!01!$8,.*&0+1H!O*14!M+-+L!;+Q$(&!<H!?)8HA]!C*-#-(.*$&
)#/&3+"&!50'.*&R#3"%"$3L!''H!"B_V"CCH!q$Y!T(,14Y0.t!]!;,3$(4!6107$(40&=!>($44H!
f(0$8D*1! J0-&+1! ?"FiBA! #N$! (+-$! +[! 3+7$(1D$1&! 01! $8,.*&0+1H! O*14! f(0$8D*1L! JH! ?)8HA]! S)4.3)'.$("&
)#/&@%""/-(!?.N*'&$(!iAH!WN0.*3+L!cS]!6107$(40&=!+[!WN0.*3+!>($44H!
^+%Q=L! W*(+-01$! JH! ?BEE_AH! O+"& "*-#-(.*$& -@& $*+--'& *+-.*"H! WN0.*3+!]! 6107$(40&=! +[! WN0.*3+!
>($44vqT@;!>($44!BEE_H!!
I*1&+1!T*4$-VS*184.N*[&!?BEEXAH!I0$3.((5#9$7-%')9"&7-(&ATQ&U-7"(0"%&?TTVQ&W"%@)$$5#9$.#.3.)3.7"&
XY)G&D.'/5#9$7."'@)'3&@N%&)''"Z&5#/&["9"#7-%$*+')9&;\#/"%5#9&/"$&D.'/5#9$9"$"3M3"$=H!#)-).N*(3)!8,!
40&$!N&&']vvYYYHQ*4$--*18H.Nv[0-$*8D01vQ*4$--*18v[0-$4v8+.4v'*(--tvY*N-$1v*Q4&€Q(+v6BEEX""_E€Q(+H'8[!
I*4*18*! S,D$DQ,L! <-Q$(&! ?BEEZAH! Y-+#& ])F'$G& '"$& 0)$"$& 4+.'-$-4+.65"$& /5& '.0,%)'.$("& 4-'.3.65"H!
>()[*.$!8$!f(*1e+04!^+,&*(&H!>*(04L!T,8*'$4&L!#+(01+!]!Sn^*(D*&&*1L!BEEZ!
I(,$3$(L! <-*1! TH! $&! `N,L! >$0! ?BEECAH! <1+&N$(! -++t! *&! &N$! q$Y! •+(t! W0&=! 4.N++-! 7+,.N$(! $%'$(0D$1&H!
I("%.*)#&D"+)7.-%)'&E*."#3.$3L!x+-H!CkL!q+H!Z!?BFFCAL!''H!iZXViFXH!!
S$701L!^$1(=!JH!?BEEBAH!<!.+D'($N$1407$![(*D$Y+(t![+(!$7*-,*&0+1!$8,.*&0+1*-!7+,.N$(4H!C/5*)3.-#)'&
C7)'5)3.-#&)#/&!-'.*K&I#)'K$.$L!f*--!BEEBL!x+-H!BCL!q+H!_L!''H!"ZFV"kCH!
S$701L! ^$1(=! JH! $&! T$-[0$-8L! W-07$! ;H! ?BEE_AH! #N$! D*(t$&'-*.$! 01! $8,.*&0+1H! ]"7."F& -@& ]"$")%*+& .#&
C/5*)3.-#L!WN*'&$(!iL!''H"X_VB"FH!
q``! q$,$! `K(.N$(! `$0&,13! ?BkHECHBEEXAH! R#.3.)3.7"& @N%& @%"."& E*+5'F)+'& .(& 9)#M"#& 2)#/Q& ^)#3-#)'"&
W-'H$0"9"+%"#&$-''"#&_"330"F"%0&.#$&E*+5'$K$3"(&0%.#9"#Q!q``!*D!M+11&*3L!BkH!<'(0-!BEEXH!
u$-t$(4L!jK(3$1!?BEEkAH!C14"%3.$"&D.'/5#9$953$*+".#"&5#/&`%"."&E*+5'F)+'Q&D"%.*+3&M5+)#/"#&/"%&
C%M."+5#9$/.%"H3.-#&/"$&^)#3-#$&D"%#Q&I595$3&?TTaQ!#)-).N*(3)!8,!40&$!
N&&']vvYYYH$(sHQ$H.Nv40&$v$%'$(&04$€Q0-8,1343,&4.N$01$€,18€[($0$€4.N,-Y*N-€€7+--4&*$1803$€[*44,13
€H'8[!
;*Y-4L!j+N1!?"FXkAH!O+,-%."&/"&')&Y5$3.*"H!>*(04]!S$!M$,0-H!
;$30$(,134(*&! I*1&+1! T*4$-VS*184.N*[&! ?BEEXAH! W-%')9"& )#& /"#& 2)#/%)3& 0"3%"@@"#/& @-%(5'."%3"&
W"%@)$$5#9$.#.3.)3.7"& XY)G& D.'/5#9$7."'@)'3& @N%& )''"& ;?TTab<Tc=& 7-(& <dQ& I4%.'& ?TTVQ& #)-).N*(3)! 8,! 40&$!
N&&']vvYYYHQ*4$--*18H.Nv[0-$*8D01vQ*4$--*18v[0-$4v8+.4v'*(-V-tv7+(-*3$1v!BEEXvBEEXV"EEH'8[!
M.NK&sL! 9*Q(0$-*h! r$4&L! J*(&01! ;H! $&! r•‚D*11L! S,83$(! ?BEEkAH! E*+--'& I**-5#3)0.'.3KG& I53-#-(KG&
S+-.*"G& )#/& 3+"& C65.3K& -@& E35/"#3& I*+."7"("#3>& R#3"%#)3.-#)'& C7./"#*"& @%-(& !REI& ?TTAH! r+(t013!
>*'$(!1+H!"CL!>*(04]!u@WO!@8,.*&0+1!r+(t013!>*'$(4!M$(0$4H!!
#*3$4V<1s$03$(! ?_EH""HBEEXAH! D)$"'b2)#/$*+)@3>& I0@5+%& @N%& @%"."& E*+5'F)+'Q! #)-).N*(3)! 8,! 40&$!
N&&']vvYYYH&*3$4*1s$03$(H.N!
r•‚D*11L! S,83$(h! SK8$D*11L! @-t$h! M.NK&sL! 9*Q(0$-*! $&! r$4&L! J*(&01! ;H! ?BEEkAH! E*+--'&
I**-5#3)0.'.3KG& I53-#-(KG& S+-.*"G& )#/& 3+"& C65.3K& -@& E35/"#3& I*+."7"("#3>& R#3"%#)3.-#)'& C7./"#*"&
@%-(&!REI&?TTAH!r+(t013!>*'$(!1+H!"_L!>*(04]!u@WO!@8,.*&0+1!r+(t013!>*'$(4!M$(0$4H!
!
!
!
"Z

Libre choix des écoles – Libre choix de quoi et par qui

Transcription

Documents pareils

COT Métiers du secteur de l`aide à domicile et des emplois familiaux

Mlle TOELLE Evelyne Célibataire, 2 enfants 81, rue Pierre Arnaud

PÔLE FRANCE TALENCE VOLLEY BALL CHAMPIONNAT D

2016 Canadian Screen Awards Winners

Florence Sobieski_ Filmmaker

inox 316 ou acier Fermeture à levier 701S Fermeture à levier 701 TL

Avoir un cancer pour des jeunes de 15 à 25 ans L`Institut Curie