DOSSIER péDAGOGIQuE DµAm StRAm GRAm
Transcription
DOSSIER péDAGOGIQuE DµAm StRAm GRAm
EPTTJFSQnEBHPHJRVF EµBNTUSBNHSBN OGSBOLFOTUFJOTFQU &-*;"#&5)$"3&$$)*0 '3"/,&/45&*/ UIniUSFNVTJDBM XI\XIGBCSJDFNFMRVJPUEHETXqHYSPNBOEFNBSZTIFMMFZQMWIIRWGrRIQBVMEFTWFBVY GVqqEYXLqlXVIBNTUSBNHSBNIRWITXIQFVIkTEVXMVHIBOT 8SYXGSQQIRGIYRIRYMXHINYMREYFSVHHYPEG0qQER(ERWPE:MPPE(MSHEXMk'SPSKR]UYEXVITSrXIWW«IRRYMIRX0SVH&]VSR YRNIYRI-XEPMIRRSQQq.SLR4SPMHSVM4IVG]7LIPPI]IXWSREQSYVIYWI1EV]lKqIHIERW -P JEYX WI HMWXVEMVI G«IWX k UYM MQEKMRIVE P«LMWXSMVI PE TPYW IJJVE]ERXI 0E NIYRI 1EV] 7LIPPI] IWX PE TVSMI H«YRI ZMWMSR HI GEYGLIQEVGIPPIH«YRIGVqEXYVIWERWRSQGSQTSWqIHIQSVGIEY\HIGSVTWVEQIRqWkPEZMITEVYRQqHIGMRJSY¡WSR VqZIMPIPPIGSQQIRGIkqGVMVI %c$0673*3-&41&$5"$-& 1063130-0/(&3 7PJSVOTQFDUBDMFBVUIniUSF Q -FTJNQSFTTJPOT BQSoTMFTQFDUBDMF -FTPSJHJOFTHFOFWPJTFT EF'SBOLFOTUFJO Q 6ONPOTUSF§TBDSn¨ Q -µBEBQUBUJPOUIniUSBMF FORVFTUJPOT "//&9&4 Q 3BDPOUFSEFQMVTJFVST NBOJoSFTBVUIniUSF Q (qGV]TXIV 'VqEXMSREVXMWXMUYIIXIRJERGIQ 3nTVNnEVSPNBO &YUSBJUEVSPNBO &YUSBJUEFMBQJoDF &YUSBJUEFMBQJoDF &YUSBJUEFMBQJoDF /PUFTEµJOUFOUJPO #JPHSBQIJFT 1IPUPHSBQIJFTEFSnQnUJUJPOT Q .JTFFOQFSTQFDUJWF 6OSPNBOGBOUBTUJRVF Q 5IniUSF"N4USBN(SBNSPVUFEF'SPOUFOFY$)(FOoWFBNTUSBNHSBNDI 3FTQPOTBCMFSFMBUJPOTBWFDMFQVCMJD.BSJPO7BMMnFNBSJPOWBMMFF!BNTUSBNHSBNDI Q Q Q Q Q Q Q Q JOUSPEVDUJPO 'IHSWWMIVTqHEKSKMUYIW«EHVIWWIEY\IRWIMKRERXIWIXIRWIMKRERXWHYTVMQEMVIkTEVXMV HIPErIXHYG]GPIH«SVMIRXEXMSR-PSJJVIHIWVIWWSYVGIWZEVMqIWTSYVETTVqLIRHIVPE TMrGIHI*EFVMGI1IPUYMSXIX4EYP(IWZIEY\I\XVEMXWHIPETMrGIVqWYQqTLSXSWRSXIW H«MRXIRXMSRFMSKVETLMIW 'IW VIWWSYVGIW WSRX TVqWIRXqIW IR UYEXVI XLrQIW UYM RSYW WIQFPIRX MRXqVIWWERXW k EFSVHIVEZIGPIWqPrZIWEZERXH«EPPIVZSMVPIWTIGXEGPI(qGSYZVMVPIWTIGXEGPITSYV WYWGMXIVPIYVGYVMSWMXqIXIRUYEXVIEYXVIWXLrQIWYXMPIWTSYVTVSPSRKIVPIXVEZEMPIRWYMXI 4SYV TVSPSRKIV 'IVXEMRW HIW HSGYQIRXW VIWWSYVGIW WSRX VIKVSYTqW IR ERRI\I UYERHPIYVPSRKYIYVRITIVQIXTEWHIPIWMRGPYVIEYHSWWMIVPYMQsQI 'I HSWWMIV GSRXMIRX IR SYXVI HIW TVSTSWMXMSRW H«EGXMZMXqW IR PMIR EZIG GLEUYI XLrQI TVSTSWq TEVQM PIWUYIPPIW PIW IRWIMKRERXIW IX IRWIMKRERXW TIYZIRX GLSMWMV%XXIRXMSR PI HSWWMIV RI TVqXIRH TEW SJJVMV YR GLIQMRIQIRX TqHEKSKMUYI MP WSYLEMXI EZERX XSYX W«EWWYVIVH«YRIHMZIVWMXqHITVSTSWMXMSRWWYJ´WEQQIRXPEVKITSYVW«EHETXIVEYXVEZEMPHI GLEUYIIRWIMKRERXIIXHIGLEUYIIRWIMKRERX 0IHSWWMIVIRXIRHEMRWMTIVQIXXVIEY\qPrZIWH«EFSVHIVEZIGTPEMWMVYRWTIGXEGPIUYMXIRXI HISFTUJUVFSMBGBCMFEF4IFMMFZEBOTMBWJFEVEJBMPHVFEµFOnDMBJSFSEFTEFTTPVTBVY SnTPOBODFTDPOUFNQPSBJOFTQVJTTBOUFTTBOTFOHiUFSMµIVNPVSOJMFMZSJTNF *EFVMGI 1IPUYMSXKVlGIkPEJSVQIHYGSRXIQYWMGEPUYMEPEDBQBDJUnEFQPTFSEFTRVFTUJPOT FTTFOUJFMMFTTPVTDPVWFSUEµVOFGPSNFEnUBDInFEVSnBMJTNF4EYP(IWZIEY\ 3YZVEKIWHIVqJqVIRGIW 'SBOLFOTUFJO PV MF 1SPNnUInF NPEFSOF 1EV] ; 7LIPPI] qH .«EM PY R EZIG YRI RSXMGI FMSKVETLMUYIHI&EVFEVE7EHSYP 'SBOLFOTUFJO*EFVMGI1IPUYMSXqH0«%VGLI%Q7XVEQ+VEQ *MGLIH«MHIRXMXqHYWTIGXEGPI +IRVI8LqlXVIQYWMGEP%HETXEXMSRHYVSQER*VEROIRWXIMRHI1EV]7LIPPI] (YVqIL 3FNIXWH«qXYHIPEGVqEXMSRIXPETEXIVRMXq¦PIQSRWXVI¦PIJERXEWXMUYI 6IKMWXVI(VEQIJERXEWXMUYI *SVQIHMEPSKYIW¦GLERWSRWQEVMSRRIXXIW 'VqEXMSR%Q7XVEQ+VEQWITXIQFVI 'STVSHYGXIYVW7GrRIWHY.YVE'SQTEKRMI0«,qPMSXVSTI)RWIQFPI'SRXVIGLEQTW8LqlXVI HIPE6IREMWWERGIH«3YPPMRW%ZIGPIWSYXMIRHYWIVZMGIGYPXYVIP1MKVSW 8SYVRqI3YM 7]RSTWMW1EV]7LIPPI]VEGSRXIP«LMWXSMVIHI:MGXSV*VEROIRWXIMRIXHYQSRWXVIUY«IPPIE GVqqW0ETMrGIW«SYZVIWYV1EV]I\TPMUYERXUYERHIXGSQQIRXIPPIEMRZIRXqGIXXILMWXSMVI EYFSVHHYPEG0qQERIXWIVIJIVQITEVYRQSRSPSKYISIPPII\TPMUYITSYVUYSMIPPI qXEMXEQSYVIYWIH«YRJSY4IVG]7LIPPI]1EV]7LIPPI]WIKPMWWITEVJSMWTSYVGIVXEMRIW WGrRIW HERW PE TIEY HI P«YR HI WIW TIVWSRREKIW TSYV PIW JEMVI TEVPIV 0I TIVWSRREKI HI;MPPMEQPITIXMXJVrVIHI*VEROIRWXIMRIWXYRIQEVMSRRIXXIUY«IPPIQERMTYPI*EGIk IPPIYRGSQqHMIRMRXIVTVrXI:MGXSV*VEROIRWXIMRIXXVSMWGSQqHMIRWSRXYRHSYFPIV|PI MPWQERMTYPIRXPEQEVMSRRIXXIHYQSRWXVI&IYVOIXIRXERXUYIWIVZERXWHIWGrRIMPW MRWXEPPIRXVqKYPMrVIQIRXWYVPITPEXIEYkPEHIQERHIHI1EV]7LIPPI]IXWIPSRPIWFIWSMRW HIWWGrRIWHIWSRVSQERHIWFSYKMIWPENYWXMGIHIWQSRXEKRIWSYPI+VERH2SVH%Y GSIYV HI GI XVMS 2MGSPEW 6SWWMIV HSRRI WE ZSM\ k PE GVqEXYVI 0«EHETXEXMSR WYMX EWWI^ ´HrPIQIRXPIHqVSYPqHYVSQERIXIRVITVIRHPETPYTEVXHIWTIVWSRREKIWZSMVEYWWMPI VqWYQqHYVSQERIRERRI\IIXP«I\XVEMXHYHqFYXHIPETMrGIIRERRI\I EnDPVWSJSMFTQFDUBDMF :3-69274)'8%'0)%98,f»86) 'IVXEMRW qPrZIW RI WSRX NEQEMW IRXVqW HERW YR XLqlXVI IX R«SRX TEW H«MHqI GPEMVI HI GI UYI TIYX sXVI PE VITVqWIRXEXMSRH«YRITMrGI 4VSTSWMXMSRH«EGXMZMXq *EMVIYRWSRHEKIHERWPEGPEWWIE´RHIWEZSMVUYMEHqNkEWWMWXqkYRIVITVqWIRXEXMSRXLqlXVEPI0IWqPrZIW GSRGIVRqWTIYZIRXHqGVMVIEY\EYXVIWPIWTVMRGMTEY\qPqQIRXWPEWEPPIPIHqGSVPIYVWMQTVIWWMSRWKqRqVEPIW P«LMWXSMVIVEGSRXqIPIRSQFVIHIGSQqHMIRWTVqWIRXWWYVWGrRIIXPIYVV|PIPEHIWGVMTXMSRH«YRIWGrRIUYMPIYV ETEVXMGYPMrVIQIRXTPYIXG 0)736-+-2)7+)2):3-7)7()*6%2/)278)-2 *VEROIRWXIMRIWXYRVSQERHqFYXqk+IRrZIPSVWH«YRWqNSYVHIP«EYXIYVEYFSVHHYPEGIRMPTEVEwXIR IXG«IWXEYWWMYRILMWXSMVIUYMQIXIRWGrRI+IRrZIIXWIWIRZMVSRW 0MVIXSYXH«EFSVHEY\qPrZIWPITVqEQFYPIHIPETMrGIHI*EFVMGI1IPUYMSXGMHIWWSYW 5PVUDPNNFODFVOFOVJUEFKVJOBVCPSEEVMBD-nNBO-µBOOnFQSnDnEFOUFVOWPMDBOJOEPOnTJFOFTU FOUSn FO nSVQUJPO EnSnHMBOU MµBUNPTQIoSF -µnUn TµBOOPODF PSBHFVY %BOT MB7JMMB %JPEBUJ h $PMPHOZ 4VJTTF RVBUSFQPoUFTTµFOOVJFOU-PSE#ZSPOVOKFVOFJUBMJFOOPNNn+PIO1PMJEPSJ1FSDZ4IFMMFZFUTPOBNPVSFVTF .BSZiHnFEFBOT*MGBVUTFEJTUSBJSFDµFTUhRVJJNBHJOFSBMµIJTUPJSFMBQMVTFGGSBZBOUF5BOEJTRVF#ZSPOFU 4IFMMFZToDIFOUTVSMFVSDPQJF+PIO1PMJEPSJJOWFOUFTBOPVWFMMF-F7BNQJSFRVBUSFWJOHUTBOTBWBOURVFMµnDSJWBJO JSMBOEBJT#SBN4UPDLFSOFGBTTFDPVSJSTPO%SBDVMBTVSOPUSFDIBJSEFQPVMF2VBOUhMBKFVOF.BSZ4IFMMFZFMMFFTU MBQSPJFEµVOFWJTJPOEFDBVDIFNBSDFMMFEµVOFDSnBUVSFTBOTOPNDPNQPTnFEFNPSDFBVYEFDPSQTSBNFOnTh MBWJFQBSVONnEFDJOGPV «TPOSnWFJMFMMFDPNNFODFhnDSJSF'SBOLFOTUFJOPVMF1SPNnUInFNPEFSOFMFSPNBOHPUIJRVFEFWFOVVOQIBSF EFMBMJUUnSBUVSFGBOUBTUJRVF 0MVIqKEPIQIRXEY\qPrZIWSYPIYVJEMVIPMVIPIVqWYQqHYVSQER%RRI\I 4VSTSWMXMSRH«EGXMZMXq XIQTWI\XVEWGSPEMVI8VSMWTVSQIREHIWPMXXqVEMVIWXSYXTYFPMGHERWPE+IRrZIHI1EV]7LIPPI]WSRXTVSTSWqIW TEVPIXLqlXVI%Q7XVEQ+VEQPIWQIVGVIHMWIXkLKVEXYMXWYVVqWIVZEXMSREY EZIGPIKYMHIHYTEXVMQSMRI(ERMIP:YPPMEQ]PIGXYVIH«I\XVEMXWHYVSQERTVSQIREHIEVGLMXIGXYVEPI LMWXSVMUYIIXPMXXqVEMVIHERWPE+IRrZIHIP«qTSUYI 92132786)7%'6f )RqGVMZERXWSRVSQERkP«lKIHIERW1EV]7LIPPI]RIWIHSYXEMXTEWUY«IPPIGVqEMXYRTIVWSRREKIHSRX PEVIRSQQqIWIVEMXYRNSYVQSRHMEPI%YWMrGPIWYMZERXPIWITXMrQIEVXTIVQIXkWSRQSRWXVIH«IRXVIVHERW PEPqKIRHIHIWQSRWXVIWWEGVqWEYQsQIXMXVIUYI(VEGYPEPIPSYTKEVSYSYPEQSQMIEZIGRSXEQQIRX P«MRXIVTVqXEXMSRHI&SVMW/EVPSJJHSRXPIRSQIXPIZMWEKIQEUYMPPqVIWXIRXkNEQEMWEWWSGMqWEYQSRWXVIHI1EV] 7LIPPI]HERWPI´PQHI.EQIW;LEPIHIHERWYRIEHETXEXMSREWWI^qPSMKRqIHYVSQER 0I QSRWXVI HI *VEROIRWXIMR E HSRRq PMIY k HI QYPXMTPIW EHETXEXMSRW ´PQW EPFYQW TSYV IRJERXW HIWWMRW ERMQqWFERHIHIWWMRqIW´KYVMRIWHqKYMWIQIRXWIXG¦SRXVSYZIWYVHIWWMXIWHIZIRXIHITVSHYMXWGYPXYVIPW TPYWHIVqJqVIRGIWkTEVXMVHYQSXGPq*VEROIRWXIMR -PJEYXEYWWMVETTIPIVkGIXqKEVHPEGSRJYWMSRSYP«EFYWHIPERKEKIGSQQYRqQIRXJEMXIRXVIPEGVqEXYVINEQEMW RSQQqIHERWPIVSQERIXPIRSQHIWSRGVqEXIYV:MGXSV*VEROIRWXIMR 4VSTSWMXMSRH«EGXMZMXq 6ITVqWIRXIV 0IW qPrZIW HIWWMRIRX SY HqGVMZIRXkP«SVEPSYkP«qGVMXPIQSRWXVIHI *VEROIRWXIMRXIPUY«MPWWIPIVITVqWIRXIRX3R TSYVVEGSQQIRXIVPIWHMJJqVIRGIWSFWIVZqIW IRXVI PIYVW VITVqWIRXEXMSRW IX XIRXIV EYWWM H«EREP]WIVPIWSVMKMRIWHIWVIWWIQFPERGIW 6IµqGLMV3RTSYVVEEQIRIVkVqµqGLMVk PE RSXMSR HI QSRWXVI IR PIYV HIQERHERX H«IRHSRRIVYRIHq´RMXMSRTSYVQIWYVIVPE HMJ´GYPXqUYIGIPEVITVqWIRXIXSYXGSQQI EGSRXVEVMSPIWHq´RMXMSRWH«qXEXREXYVIPSY RSVQEP 0I 0MXXVq TVSTSWI HIY\ EGGITXMSRW QENIYVIW HY QSRWXVI YR GSVTW ERMQEP SY ZqKqXEP UYM TVqWIRXI YRI GSRJSVQEXMSR MRWSPMXI IX UYM TVSZSUYI TEV Pk VqTYPWMSR GYVMSWMXq SY YR sXVI MQEKMREMVI TVqWIRX HERW PE Q]XLSPSKMI HVEKSRW QMRSXEYVIW IXG8VSMWEWTIGXWTSYVVSRXRSXEQQIRXWI HqKEKIVkTEVXMVHIWVqTSRWIWPEVEVIXqHY QSRWXVIWSRG|XqI\GITXMSRRIPPIJEMXUY«MP IWXGIPYMUYIP«SRQSRXVIQSRWXVIIWXMWWY HYPEXMRQSRWXVEVIQSRXVIVIXPIJEMXUY«MP JEMXTEVXMIHIPEREXYVIEPSVWUYIPIQSRWXVI Q]XLSPSKMUYI SY JERXEWXMUYI IWX PYM YRI GVqEXMSRGSRWGMIRXISYRSRHIP«MQEKMREMVI LYQEMR &SVMW /EVPSJJ MRGEVRI PI QSRWXVI HERW PI ´PQ *VEROIRWXIMR HI .EQIW ;LEPI MPPYWXVEXMSRHY HIWWMREXIYVEQqVMGEMR &IVRMI;VMKLXWSR 0«%(%48%8-328,f»86%0))259)78-32 XLqlXVIQYWMGEP -RXIVVSKIVXSYXH«EFSVHPIWqPrZIWWYVPIWIRWHIP«I\TVIWWMSRXLqlXVIQYWMGEPIWXGIUYIpEZIYXHMVIWIPSR IY\UYIPIWGSQqHMIRWGLERXIRX#5Y«YRIQYWMUYIEqXqGVqqIWTqGMEPIQIRXTSYVPIWTIGXEGPI#SYWMQTPIQIRX UY«MP]EHIPEQYWMUYIHERWPIWTIGXEGPI# 0IYVTVqWIRXIVPIHMWTSWMXMJPIQYWMGMIR7MQSR%IWGLMQERREGSQTSWqPEQYWMUYIETVrWqGLERKIEZIGPIQIXXIYV IRWGrRI4EYP(IWZIEY\'IPYMGMTVqGMWIHERWWERSXIH«MRXIRXMSR2VBOUhMµVOJWFSTTPOPSFKFTPVIBJUBJTRVF MµPOOFUSBOTDSJWFQBTEFNBOJoSFSnBMJTUFMFTnMnNFOUTOBUVSFMTEFMBOPVWFMMFUFMTRVFMBNFSMBUFNQpUFPVMFT NPVWFNFOUTJOUnSJFVSTEFTQFSTPOOBHFT&MnNFOUTRVJPOUVOFGPSDFOBSSBUJWFEBOTMµ¯VWSFMZSJRVFEF4IFMMFZFU RVF'BCSJDFBSFQSJTEBOTTPOBEBQUBUJPO+µBJEPODEFNBOEnh4JNPO"FTDIJNBOOMFDPNQPTJUFVSEFUSBWBJMMFSh VOFQBSUJUJPOQPVSPSDIFTUSFFOUSF4USBWJOTLZFU%BOZ&MGNBOP}MBQVJTTBODFEFTJOTUSVNFOUTSFUSBOTDSJSBJUMB GPSDFEFTCPVMFWFSTFNFOUTWnDVTQBSMFTQSPUBHPOJTUFT (ERR])PJQERIWXYRGSQTSWMXIYVEQqVMGEMRHIQYWMUYIHI´PQWRqIRERGMIRPIEHIVHYKVSYTIHIVSGO IXHIRI[[EZI3MRKS&SMRKS-PEGSQTSWqPEQYWMUYIHIPETPYTEVXHIW´PQWHI8MQ&YVXSRHITPYWMIYVW ´PQWHI7EQ6EMQMEMRWMUYIPIWXLrQIWQYWMGEY\HIWKqRqVMUYIWHIW7MQTWSRIXHI(IWTIVEXI,SYWI[MZIW 7SYVGI[MOMTqHME 0«IRWIQFPI'SRXVIGLEQTWEIRVIKMWXVqPEQYWMUYIk+IRrZIWSYWPEHMVIGXMSRHYGSQTSWMXIYV 0E TMrGI GSQTVIRH qKEPIQIRX SR^I FEPPEHIW qGVMXIW TEV *EFVMGI 1IPUYMSX IX TEVXMI MRXqKVERXI HI PE TMrGI UYMWSRXGLERXqIWkXSYVHIV|PITEVPIWHMZIVWTIVWSRREKIW0IWGSQqHMIRWSRXVqTqXqWSYWPEHMVIGXMSRHI 7MQSR%IWLMQERRPIWGLERWSRWUYIPETMrGIEXXVMFYIkPIYVWTIVWSRREKIW-PWPIWGLERXIRXIRPMZIHYVERXPE VITVqWIRXEXMSRHIPETMrGI 4VSTSWMXMSRH«EGXMZMXq -QEKMRIV9RIHIWGSQTSWMXMSRWHI7MQSR%IWGLMQERRIWXIRqGSYXIWYVPIWMXIH«%Q7XVEQ+VEQ3RTSYVVE HIQERHIVEY\qPrZIWGIUYIGIXXIQYWMUYIPIYVMRWTMVIGSQQIqQSXMSRWXVMWXIWWITIYVNSMIIXGTYMWHI HqGVMVIGIXYRMZIVWWSRSVIIRPYMEWWSGMERXYRIGSYPIYVIXIRI\TPMUYERXTSYVUYSMP«qPrZIEGLSMWMGIXXIGSYPIYV UYIPPIWWSRXPIWMQEKIWUYIGIXXIGSYPIYVPYMqZSUYI-PW«EKMVEHIQIXXVIIRqZMHIRGIUYIGIWMQEKIWWSRX MWWYWHIWEQqQSMVIIXHIWSRMQEKMREMVIUYMJSRGXMSRRIRXIRWIQFPI(IPEQsQIJEpSRSRTIYXTSYVWYMZVI P«I\IVGMGIIRPYMHIQERHERXIWXGIUYIPEQYWMUYIPYMJEMXTIRWIVkUYIPUY«YRUYMIXTSYVUYSM)R´RSRTIYX EYWWMHIQERHIVEY\qPrZIWH«MQEKMRIVHIWTEVSPIWHIGLERWSRWYVGIXXIQYWMUYI PIWTIVWSRREKIW *EMVIPMVIEY\qPrZIWPEHMHEWGEPMIMRMXMEPIHIPETMrGIUYMTIVQIXHIJEMVIGSRREMWWERGIEZIGPIWTIVWSRREKIW 1%6= 1%6=)263&)68;%0832 1%6=)2;-00-%1 1%6=)2,)26='0)6:%0 1%6=)28%&0)(«f89() 1%6=)2)0->%&)8, :-'836*6%2/)278)-2 &)96/ -P]EHSRGTIVWSRREKIWUYMWSRX P«qGVMZEMR 1EV] 7LIPPI] UYM TSVXI IR IPPI GMRU EYXVIW TIVWSRREKIW ;MPPMEQ PI TIXMX JVrVI HI :MGXSV *VEROIRWXIMRUYMZEsXVIPETVIQMrVIZMGXMQIHYQSRWXVI,IRV]'PIVZEPP«EQMHI:MGXSVUYMP«EGGSQTEKRIHERW WIWTqVMTPIWIXWIVEEYWWMXYq)PM^EFIXLWSREQSYVIYWIQsQIWSVX6SFIVX;EPXSRUYMPIVIGYIMPPIVEPSVWHI WEGSYVWITSYVWYMXIEZIGPIQSRWXVIHERWPI+VERH2SVHQEMWEYWWMPE8EFPIH«qXYHIWYVPEUYIPPIPIQSRWXVI &IYVOZEREwXVIHIWQEMRWHI:MGXSV*VEROIRWXIMR PI QSRWXVI UYI 1EV] 7LIPPI] RI RSQQI TEW HERW PI VSQER IX UYI *EFVMGI 1IPUYMSX E HSRG MGM ETTIPq &IYVO :MGXSV*VEROIRWXIMR *EMVIIRWYMXIPMVIEY\qPrZIWPEHMWXVMFYXMSR (-786-&98-32 H«ETVrW*VEROIRWXIMRHI1EV]7LIPPI] YRXI\XIHI*EFVMGI1IPUYMSX YRIQMWIIRWGrRIHI4EYP(IWZIEY\ EZIG 1EVMI(VYG =ERR.SP] *VERpSMW2EHMR 3PMZMIV4IVVMIV 2MGSPEW6SWWMIV GSPPEFSVEXMSREVXMWXMUYI&qVERKrVI:ERXYWWS WGqRSKVETLMI¦GSWXYQIW'LERXEPHI0E'SWXI1IWWIPMrVI GSRGITXMSRQEVMSRRIXXIW)MREX0ERHEMW QqGERMWQIHIW]IY\1MGLIP3^IVE] QYWMUYI7MQSR%IWGLMQERR GSWXYQIW2EXLEPMI1EXVMGMERM )XPIYVHSRRIVGSRREMWWERGIHIP«I\XVEMXHIP«MRXIVZMI[HI1EVMI(VYGGMHIWWSYW 5Y«IWXGIUYIpETVSHYMXUYERHHERWYRIQsQIVITVqWIRXEXMSRSRNSYIWM\TIVWSRREKIW#'SQQIRXSRTEWWI HIP«YRkP«EYXVI# .I NSYI PI TIVWSRREKI HI 1EV] UYM E VqIPPIQIRX I\MWXq PIW EYXVIW TIVWSRREKIW RI WSRX UYI PI JVYMX HI WSR MQEKMREXMSR'«IWXPIGSQqHMIRUYMHSRRIGSVTWkGIWTIVWSRREKIWMWWYWHIP«MQEKMREXMSRHIP«EYXIYVNIQIKPMWWI TSYVGIPEHERWYRQERXIEYSYHERWYREYXVI4EWWIVHIP«YRkP«EYXVIG«IWXkPEJSMWGLERKIVHIQERXIEYIX GLERKIVHITEVSPIGLERKIVYRV]XLQIGLERKIVHIH]REQMUYIGSVTSVIPPI3RZSMXWYVWGrRIYRGSQqHMIRVEGSRXERX YRILMWXSMVIG«IWXYRNIY8SYXWITEWWIEYTPEXIEYSRWIGLERKIWYVWGrRISRWIHqKYMWIWYVWGrRI 2VFTUJPOTh.BSJF%SVDFYUSBJUEFMB/FXTMFUUFS%FT/PVWFMMFTEµ"N4USBN(SBNTFQUFOMJHOFTVSMFTJUF 4VSTSWMXMSRH«EGXMZMXq 5YIWXMSRRIV0IYVHIQERHIVGSQQIRXWIVITEVXMWWIRXWIPSRIY\PIWEYXVIWV|PIWIRXVIPIWGSQqHMIRW#%ZIGPIW MRJSVQEXMSRWHSRXMPWHMWTSWIRXMPRIVIWXIUYIPIWTIVWSRREKIWHI&IYVOIX:MGXSV*VEROIRWXIMRkMRXIVTVqXIV QEMWMP]EEYXVIWGSQqHMIRWIRHILSVWHI1EVMI(VYG6qTSRWI1EVMI(VYGMRGEVRIkIPPIWIYPIWM\TIVWSRREKIW LSQQIWIXJIQQIWIRJERXWIXEHYPXIWIXQsQIYRIXEFPIHSRGYRTIVWSRREKIMRERMQq*VEROIRWXIMRIWX NSYqTEV*VERpSMW2EHMRIX&IYVOIWXQERMTYPqTEVXVSMWLSQQIW2MGSPEW6SWWMIV=ERR.SP]IX3PMZMIV4IVVMIVUYM WSRXQEVMSRRIXXMWXIWHIJSVQEXMSRIX2MGSPEW6SWWMIVUYMIWXGSQqHMIRIXUYMPYMTVsXIWEZSM\ 0EQEVMSRRIXXI 0IQSRWXVI&IYVOIWXYRIQEVMSRRIXXIMRGVS]EFPIHIQHILEYX¥YZVIHI)MREX0ERHEMWPIQqGERMWQIUYM TIVQIXH«SYZVMVIXHIJIVQIVHIW]IY\HI&IYVOEPYMqXqGVqqTEV1MGLIP3^IVE]kPEUYIPPI2MGSPEW6SWWMIVTVsXI WEZSM\IXUYIPIWWM\FVEWHI2MGSPEWH«3PMZMIV4IVVMIVIX=ERR.SP]JSRXW«ERMQIV )MREX0ERHEMWFMSKVETLMI 1EVMSRRIXXMWXI)MREX0ERHEMWIWXRqIIRk,EHqVEIR-WVEtP%TVrWEZSMVqXYHMqkP«qGSPIHIGMRqQE'EQIVE 3FWGYVEIPPIEVVMZIIR*VERGIIXETTVIRHPEWGqRSKVETLMIEZIG+MPSRI&VYRIX(ERMIP0IQELMIY4EVEPPrPIQIRX 8LMIVV]*VERpSMWPYMIRWIMKRIPEGVqEXMSRHIQEWUYIW0SVWH«YRWqNSYVIR-RHSRqWMITSYVYRITVSHYGXMSRHIPE GSQTEKRMIP«)RXVITVMWIHI*VERpSMW'IVZERXIWIPPIHqGSYZVIPIQSRHIHIPEQEVMSRRIXXI(IVIXSYVIR*VERGI IPPIWYMXYRIJSVQEXMSREY8LqlXVIEY\QEMRWRYIWHMVMKqITEV%PEMR6IGSMRK(ITYMWERWIPPIGSRpSMXIXVqEPMWI HIWQEVMSRRIXXIWHIWQEWUYIWIXHIWHqGSVWTSYVHMJJqVIRXIWGSQTEKRMIWTEVQMPIWUYIPPIWPI8LqlXVI7ERW 8SMX2EHE8LqlXVIGSQTEKRMI:SM\3JJPE*EFVMUYIHIW%VXWH«k'|Xq8LqlXVIHY6MWSVMYW-RWXMXYX-RXIVREXMSREP HIPE1EVMSRRIXXI0IW'LMJJSRRMrVIWPI8LqlXVIHI1EVMSRRIXXIWHI+IRrZI%RRMFEPIXWIW)PqTLERXW0IW%RKIW EY4PEJSRHIXG)PPIGVqIPIWTIGXEGPI-F1PQVQ$JSLVTEZIG*EXRE(NELVEGSQTEKRMIP«%VXMGYPIk+IRrZI)R IPPIGVqIPEGSQTEKRMI2IWLMOSXEZIG0MXEP8]ERSEYXSYVHYWTIGXEGPI"EnMBuEF 4VSTSWMXMSRH«EGXMZMXq 0EHqQIWYVIHIPEQEVMSRRIXXIIWXkPELEYXIYVHYQSRWXVIGVqqTEV:MGXSV*VEROIRWXIMR 3R TSYVVE PMVI YR I\XVEMX HY VSQER ERRI\I TSYV GSQTVIRHVI TSYVUYSM PI QSRWXVI IWX WM KVERH IX TSYV HqGSYZVMVYRTIYTPYWPEPERKYIHI1EV]7LIPPI] %TEVXMVHIPEPIGXYVIH«YRI\XVEMXHIPETMrGIPE&EPPEHIHI&IYVOERRI\IUYMTVqWIRXIIRGLERWSRPIQSRWXVI &IYVOSRTSYVVEHIQERHIVEY\qPrZIWHIHqGVMVISYHIWWMRIVkTEVXMVHIGIWqPqQIRXWUYIPPITSYVVEMXsXVI P«ETTEVIRGIHIPEQEVMSRRIXXIIXWEGSQTSWMXMSR 3RTSYVVEPIYVJEMVIXVEZEMPPIVPIYVMQEKMREXMSRkTEVXMVHIWTLSXSWWYMZERXIWH«EYXVIWQEVMSRRIXXIWGVqqIWTEV )MREX0ERHEMWTLSXSWXMVqIWHIWSRWMXILXXTIMREXPERHEMWTIVWSWJVJVIRPIYVHIQERHERXHITVSHYMVIHIY\ TLVEWIWkTEVXMVHIGLEUYITLSXSGSQQIRpERXTEVeEQIJEMXTIRWIVkIXTEVeEQIVETTIPPI *ERXMRI 5pUF NBJOT FU QJFET TDVMQUnT FO CPJT TRVFMFUUF BSUJDVMn DPSQT FO NPVTTF FU MZDSB )BVUFVS DN 4QFDUBDMF EF-B'BCSJRVF%FT"SUTEµ"$yUn NFT "MBJO #MBODIBSE EµBQSoT -FT.JTnSBCMFTEF7JDUPS)VHP &SYPEVM^ .POTUSF FO NnUBM h QBSUJS EµPCKFUT EJWFST )BVUFVS DN 4QFDUBDMF § #BMUIB[BS GBJU TPO CB[BS ¨ EV 5IniUSF EFT .BSJPOOFUUFTEF(FOoWF .IWYW 4RVFMFUUF BSUJDVMn UpUF FO SnTJOF NBJOT FU QJFET FO nMBTUPNoSF DPSQT FO NPVTTF FOWFMPQQn EF MZDSB DPUPO NBOJQVMnQBSEFTQFSDIFT)BVUFVS DN4QFDUBDMF§,JGnMPTPG¨EF %BNJFO #PVWFU $JF 7PJY0GG $F TQFDUBDMF TFSB QSPHSBNNn QBS MF 5IniUSF"N4USBN(SBNMFTFU KBOWJFSh(FOoWF 0IHqGSV 0IHqGSVHI*VEROIRWXIMRIWXEVXMGYPqEYXSYVHIHIY\qPqQIRXWTVMRGMTEY\YRGEHVIIXHIWVSGLIVW0ITVIQMIV YRXVrWKVERHGEHVIHIXEFPIEYGPEWWMUYIH«IRZMVSRQWYVQVETTIPPIPIWMQQIRWIWXSMPIWHIQEwXVIWHY IWMrGPIGSQQITEVI\IQTPI0I6EHIEYHIPE1qHYWIHI8LqSHSVI+qVMGEYPXQQVqEPMWqP«ERRqIHI TEVYXMSRHI*VEROIRWXIMRIR 0IW VSGLIVW VETTIPPIRX PIW IRZMVSRRIQIRXW REXYVIPW WEYZEKIW QMRqVEY\ UYI TVMZMPqKMI 1EV] 7LIPPI] TSYV PIW WGrRIWGPqWHYVSQERYRKPEGMIVPI+VERH2SVHYRIwPIH«)GSWWI-PWWSRXHMWTSWqWHITEVXIXH«EYXVIHYGEHVI IXTIVQIXXIRXEY\TIVWSRREKIWkPIYVWWIRXMQIRXWPIYVWWIGVIXWH«ETTEVEwXVISYHIVIWXIVGEGLIVEYVIKEVHHY WTIGXEXIYV 4LSXSHIVqTqXMXMSR¦'ST]VMKLX)PMWEFIXL'EVIGGLMS 0E WGqRSKVETLMI IX PIW GSWXYQIW WSRX P«¥YZVI HI 'LERXEP HI PE 'SWXI1IWWIPMrVI UYM E HqNk XVEZEMPPq WYV TPYWMIYVWWTIGXEGPIWEZIG4EYP(IWZIEY\)PPIEEYWWMXVEZEMPPqEZIGPIWQIXXIYVWIRWGrRI+ISVKIW0EZEYHERX &VYRS&E]IR2MGSPEW&MKEVH 4VSTSWMXMSRH«EGXMZMXq (qFEXXVI2ITEWHqZSMPIVPETLSXSHYHqGSV%TEVXMVHYVqWYQqHYVSQERUYMEqXqPYEY\qPrZIW%RRI\I IXHIP«I\XVEMXHYHqFYXHIPETMrGI%RRI\IHIQERHIVEY\qPrZIWHIVqµqGLMVEY\qPqQIRXWHIHqGSVIXEY\ EGGIWWSMVIWUYMPIYVWIQFPIVEMIRXEHETXqWkP«YRMZIVWHIPETMrGI 'SQQIRXI^PIWTLVEWIWHYTIVWSRREKIHI1EV]7LIPPI]EYHqFYXHIPETMrGI-RWXEPPI^PIPEG-RWXEPPI^ HIWQEPLIYVW-RWXEPPI^HIWGEMPPSY\)WXGIUYIPIJEMXHIRSQQIVRITIYXTEWWYJ´VIkJEMVII\MWXIVGIW qPqQIRXWHIP«LMWXSMVIHERWPEXsXIHYWTIGXEXIYVWERWUYIPIHqGSVPIWVITVqWIRXI# QPVSQSPMPOHFS 0)7-146)77-327%46¿70)74)'8%'0) 4VSTSWMXMSRH«EGXMZMXq 9RXIQTWH«qGLERKIIRZVEG.IQIWSYZMIRWHI.«EMFMIREMQqUYERH.IR«EMTEWEMQq.«EMqXqWYVTVMW TEV.«EMIYTIYVUYERH.«EMVM.IR«EMTEWGSQTVMWTSYVUYSMTIVQIXHIWIVIQqQSVIVPETMrGIIXHIJEMVI qQIVKIVIRKVSYTIPIWQSQIRXWQEVUYERXW %ZERXH«qZSUYIVYRIWGrRITVqGMWISRTIYXqKEPIQIRXXIRXIVH«EFSVHHIPEVIQqQSVIVIRKVSYTIIRqZSUYERX PITPYWTVqGMWqQIRXTSWWMFPIUYIPWqXEMIRXPIWTIVWSRREKIWP«EGXMSRPIWEGGIWWSMVIWPIWGSWXYQIWPIHqGSVPIW PYQMrVIWPEQYWMUYIqZIRXYIPPIQIRXHIGIXXIWGrRI 6%'328)6()4097-)9671%2-¿6)7%98,f»86) %TEVXMVHIWRSXIWH«MRXIRXMSRHIP«EYXIYVIXHYQIXXIYVIRWGrRI%RRI\IIXHIWVIWWSYVGIWQIRXMSRRqIW HMVIGXIQIRXGMHIWWSYWSRTSYVVEMRZMXIVPIWqPrZIWkVqµqGLMVEYHIPkHYKIRVIXLqlXVIQYWMGEPkYRHIW EWTIGXWWEMPPERXWHIPETMrGIPIQqPERKIHIWZSM\UYMVEGSRXIRXMGMP«LMWXSMVIHI*VEROIRWXIMR 0ETVqWIRGIHI1EV]7LIPPI] )RTVIQMIVPMIYG«IWXIPPI1EV]7LIPPI]UYMQIWqHYMX%ZIGGIXqGPEMVHIKqRMIkWIWERW7SRLqVMXEKI JEQMPMEP¦YRIQrVITMSRRMrVIHYJqQMRMWQIYRTrVIJSRHEXIYVHIPETIRWqIEREVGLMWXI7EJYMXIEZIG4IVG] 7LIPPI]kXVEZIVWP«)YVSTI.IGVSMWUYIG«qXEMXUYIPUY«YRHIXVrWJVqUYIRXEFPI.IP«EMTPEGqIEYGIRXVIHIP«IWTEGI PEWGrRIG«IWXIRIPPIWSRPMIYQIRXEP4EVPIVH«IPPIG«IWXTEVPIVH«qGVMXYVI 'BCSJDF.FMRVJPUJOUFSWJFXh#4$.BHB[JOFTFQU 0EJSVQIHVEQEXMUYIGLSMWMITEV*EFVMGI1IPUYMSXTIVQIXHIQEMRXIRMVPEHMWXERGIRqGIWWEMVIIRXVIPEJEFPI IXPIWTIGXEXIYVTEVP«IRXVIQMWIHI1EVMI7LIPPI]8ERHMWUYI&IYVOTVIRHJSVQIWSYWPIVIKEVHHYTYFPMGG«IWX IPPIUYMTEVPIIXUYMGSRWXVYMXPEREVVEXMSR &YUSBJUEFMBOPUFEµJOUFOUJPOEF1BVM%FTWFBVY -PTIYXsXVIMRXqVIWWERXqKEPIQIRXHIWSYPMKRIVUYIPETVqWIRGIHI1EV]7LIPPI]VIGVqIHERWPETMrGIHI*EFVMGI 1IPUYMSXPEWXVYGXYVIIRGLlWWqIUYMIWXTVSTVIEYVSQER 'SBOLFOTUFJOPVMF1SPNnUInFNPEFSOFW«SYZVIIXWIJIVQIWYVHIWPIXXVIWHI6SFIVX;EPXSRkWEW¥YVUYM GSRXMIRRIRXPIVqGMXUYI:MGXSV*VEROIRWXIMRJEMXHIWEZMIk6SFIVX;EPXSRUYIGIPYMGMEXVERWGVMXkPETVIQMrVI TIVWSRRIIXEHVIWWIkWEWSIYV 'SQQIPIHMX4EYP(IWZIEY\HERWWERSXIH«MRXIRXMSRPETMrGIHI*EFVMGI1IPUYMSXIWXYRYRMZIVWUYMW«SYZVIIX WIVIJIVQIGSQQIYRPMZVIUYMHqTPSMIWEJEFPIIXWIWGLERWSRWEZERXHIVIXSYVRIVEYHSQEMRIHIP«MQEKMREMVI -P]EUYIPUYIGLSWIHIPEFSwXIkQYWMUYISYHYGSJJVIkWSYZIRMVWKEVHERXkXSYXNEQEMWPIWLMWXSMVIWHYTEWWq TEVJSMWHV|PIWTEVJSMWMRUYMqXERXIWHERWPIKVIRMIVHIRSWJEFPIWGSPPIGXMZIW 0EQEVMSRRIXXI )RMRXVSHYGXMSRSRTSYVVEJEMVIZMWMSRRIVEY\qPrZIWPIGSYVXQqXVEKIHSGYQIRXEMVIVqEPMWqTEV%VMERI'EXXSR EYXSYVHI&IYVOIRPMKRIWYVPIWMXIH«%Q7XVEQ+VEQEQWXVEQKVEQGL 5YERHRSYWEZSRWGSQQIRGqkVqµqGLMVEYXSYVHI*VEROIRWXIMRRSYWRSYWWSQQIWHSRGHIQERHqGSQQIRX VIXVSYZIVWYVYRTPEXIEYHIXLqlXVIGIXXIHMWXERGIMRLqVIRXIEYGSRXI*EFVMGI1IPUYMSXETVSTSWqUYIRSYW XVEZEMPPMSRWEZIGHIWQEVMSRRIXXIWIRTEVXMGYPMIVTSYV&IYVOPEGVqEXYVIHI:MGXSV*VEROIRWXIMR'SQQIN«EZEMW FIEYGSYT HI QEP k MQEKMRIV YR GSQqHMIR UYM P«MRGEVRI N«EM MQQqHMEXIQIRX WSYWGVMX k GIXXI TVSTSWMXMSR IX VIRGSRXVq)MREX0ERHEMWUYMMQEKMRIIXGSRWXVYMXHIWQEVMSRRIXXIWQEKRM´UYIW 1SRWIGSRHWSYGMqXEMXHIHSRRIVkZSMVPEREMWWERGIHIGIXXIGVqEXYVIWYVPITPEXIEY.IZSYPEMWUYI&IYVO W«ERMQIWSYWPIVIKEVHHYTYFPMGGSQQIPIVEGSRXI1EV]7LIPPPI]'«IWXEMRWMUYIN«EMHIQERHqk)MREXW«MPWIVEMX TSWWMFPIH«EWWIQFPIVIRWGrRIGIXXIKVERHIQEVMSRRIXXIHIHIY\QrXVIWHM\ &YUSBJUEFMBOPUFEµJOUFOUJPOEF1BVM%FTWFBVY 0IWGLERWSRW 4SYV*EFVMGI1IPUYMSXPETVqWIRGIHIGLERWSRWHERWWETMrGIW«IWXMQTSWqIREXYVIPPIQIRX0IWGLERWSRW WSRXTVqWIRXIWHITYMWXSYNSYVWHERWWSR¥YZVIXLqlXVEPI0«MREXXIRHY/MHWPI(MEFPIIRTEVXEKI5YERHN«qXEMW 'LEVPIW TEV I\IQTPI GMXIRX HIW GLERWSRW VqIPPIQIRX I\MWXERXIW SY IR MRZIRXIRX 2qERQSMRW MGM G«IWX YRI HIWTVIQMrVIWJSMWUYIPIWGLERWSRWSRXYRIJSRGXMSRREVVEXMZI)PPIWTIVQIXXIRXHIVSYZVMVHIWIWTEGIWHI VsZIVMIHERWYRIJEFPIIRXIRWMSRH«SJJVMVEYTYFPMGHIWVIWTMVEXMSRWFMIRZIRYIWHERWYRILMWXSMVITEVGSYVYI H«qZrRIQIRXWWSQFVIWWERWTSYVEYXERXqHYPGSVIVPEJEFPIHI1EV]7LIPPI]IPPIQsQI &YUSBJUEF2VFTUJPOTh.BSJF%SVDOFXTMFUUFS§%FT/PVWFMMFTEµ"N4USBN(SBN¨TFQUFOMJHOFTVSMFTJUF 4SYVZSYWUY«IWXGIUY«YRIGLERWSR# 9RI QERMrVI HI VEGSRXIV YRI LMWXSMVI 9RI QYWMUYI MRXqVMIYVI 'IPE EQTPM´I SY EPPrKI YR WIRXMQIRX YR qZqRIQIRX'IPEGSPSVIPETEVSPIPEV]XLQIPYMHSRRIYRRSYZIEYWIRWQEMWXSYNSYVWHERWPIFYXHIREVVIV HIXVERWQIXXVI 4VSTSWMXMSRH«EGXMZMXq 3RTSYVVEMRZMXIVPIWqPrZIWkGSQQIRXIVWYVYRIWGrRITVqGMWIGSQQIRXPIWqPqQIRXWTIVWSRREKIWQEVMSRRIXXI GLERWSRHqGSVXI\XIWIGSRNYKYIRXTSYVTIVQIXXVIEYWTIGXEXIYVHIWIVITVqWIRXIVP«LMWXSMVI 'IUYIPIXI\XIVEGSRXI .YWXMRIIWXIRTVMWSRTSYV EZSMVZSPqPIQqHEMPPSR HI;MPPMEQ IPPIIWXNYKqIGSYTEFPI SRMRWXEPPIYRITSXIRGI PEQMWIIRWGrRI YRI GEKI GSRXIRERX YRI QEVMSRIXXIUYMW«qPrZI YRQqHEMPPSR )PMWEFIXLIX:MGXSV 0EQYWMUYI 'IUYMIWXVITVqWIRXq 0E QSVX HI .YWXMRI IX PE HSYPIYVHIWIWEQMW 0IWqPrZIWTSYVVSRXEYWWMMQEKMRIVPIYVTVSTVIHqGSVTSYVVITVqWIRXIVYRIHIWWGrRIWHIPETMrGI GST]VMKLX)PMWEFIXL'EVIGGLMS 1EV]IR)PMWEFIXLGLERXIPE&EPPEHIHY2SIYH'SYPERX (f'6=48)6'6f%8-32%68-78-59))8)2*%2') 0IW ¥YZVIW HI *EFVMGI 1IPUYMSX XMIRRIRX YRI TPEGI XSYXI TEVXMGYPMrVI HERW PI GLEQT HY XLqlXVI UYM TEVPI k P«IRJERGI HITYMW P«IRJERGI 1EVMI &IVRERSGI E HqGVMX HERW WSR ERXLSPSKMI HI XLqlXVI NIYRI TYFPMG "MB EnDPVWFSUFEFDFOUFUVOFQJoDFTqH8LqlXVEPIWPEWMRKYPEVMXqHIWSRqGVMXYVIHSRXPEXIRWMSRGSRWXVYMXI IRXVIGSRXIIXVqIPP«LYQSYVHqGEPqPIHqHSYFPIQIRXHYTVSTSWTEVWYTIVTSWMXMSRHIWJSVQIWHMEPSKYqIWIXHI VqGMXGSRWXMXYIRXUYIPUYIWXVEMXWIWWIRXMIPW 4EVPIVH«YRXLqlXVI)RJERGIIX.IYRIWWIG«IWXHMVIZSMPkPIWIWTEGIWUYMRSYWSFWrHIRXZSMPkPIWTE]WEKIW UYMRSYWVqYRMWWIRX'«IWXRSXVIIRJERGIRSXVINIYRIWWI0«IRJERGIHIPETIXMXI´PPIHIUYEXVIERWEWWMWIHERW PIRSMVP«IRJERGIHIP«EHSPIWGIRXHIHM\WITXERWEWWMWkG|XqH«IPPIGIPPIHIPEQEQERUYMPIWEGGSQTEKRI G«IWXPEZ|XVIPEQMIRRI'IUYMIWXEYG¥YVHIWTVSTSWMXMSRWEVXMWXMUYIWUY«IPPIWWSMIRXXLqlXVEPIWQYWMGEPIW HERWERXIWSYGMVGEWWMIRRIWG«IWXXSYNSYVWYRVIKEVHTVSSYTPYX|XEFQVJTP«IRJERGISYPENIYRIWWI.ITIRWIk GIZIVWHI&IVREVH2StPOPVTBWPOTEBOTMBUpUFVOFtMFFSSBOUFFUDµFTUVOEnRVJSPVMFWFSTMBDIBODF'IXXIwPI TSYVQSMG«IWXP«IRJERGIHERWGIUY«IPPIEH«IWWIRXMIPH«MRWSYQMWH«MRWXEFPIHIJqVSGIQIRXZMZERX 'BCSJDF.FMRVJPUJOUFSWJFXh#4$.BHB[JOFTFQU ¡TEVXMVHYTSMRXHIHqTEVXKqRqVEPHIGIXXIVIGLIVGLIEVXMWXMUYIEYXSYVHIP«IRJERGIZSMVEYWWMPEFMSKVETLMI HIP«EYXIYVIRERRI\I*EFVMGI1IPUYMSXTVqGMWIHERWWERSXIH«MRXIRXMSRGSQQIRXGIPEXVEZIVWIWETMrGI 'SBOLFOTUFJOUYMVEGSRXIP«IRJERGIH«YRQSRWXVI 0EGVqEXYVIMQEKMRqITEV7LIPPI]XERHMWUY«IRIPPIWqNSYVREMXk+IRrZIWYVPIWFSVHWHYPEG0qQERR«E TEWHIRSQ)RJERXRSRVIGSRRY)RJERXVIJYWq)RJERXPMZVqkPYMQsQI&IYVOG«IWXP«IRJERXHYHqKSX0IW EHYPXIWRIZSMIRXMPWTEWPIWIRJERXWGSQQIHIWQSRWXVIW#1SRWXVIWHIPMFIVXqH«qRIVKMIGVqEXYVIWZIRYIW H«EMPPIYVWMPWW«IRZMIRRIRXLEFMXIVRSXVIQSRHIQMIY\UYIRSYWkXIPTSMRXUY«MPHIZMIRXPIPIYV'SQQIPE GVqEXYVIHI:MGXSV*VEROIRWXIMRXSYXIRJERXIWXYRQSRWXVITEVGIUY«MPIWXYRsXVIZMZERXTPYWZMZERXUYIZMZERX QSRWXVYIYWIQIRXZMZERX-GMP«MRRSGIRGIRIHYVITEWPSRKXIQTW 0«IRJERGI]IWXPIXIQTWHIWUYIWXMSRWHIPEWSPMXYHIHIP«I\TqVMIRGIHYPERKEKIHYGVMQIHYZS]EKI0I QSRHIW«ETTVqLIRHIWIYPWERWTrVIRMQrVI%PE´RHIP«ETTVIRXMWWEKIP«IRJERXR«EUY«YRIVIUYsXIGSRGPYWMSR HIWSRI\TqVMQIRXEXMSRHYQSRHIMPPYMWIVEMXWYTTSVXEFPIkPEGSRHMXMSRH«EZSMVYREPXIVIKS'IXXIJSMHERW P«EYXVI GI HqWMV H«EQSYV SY H«EQMXMq GIX IWTSMV HI GSRZIVWEXMSR GIXXI TVSQIWWI HI HqPMGEXIWWI TEVPIRX HY XLqlXVIEYXERXUYIHIPEPMXXqVEXYVIIXHIPEPMXXqVEXYVIEYXLqlXVI -PVIZMIRXEYWWMWYVPITEVEPPrPIIRXVIIRJERGIIXqGVMXYVIGVqEXMSRPMXXqVEMVITEVEPPrPIHqZIPSTTqHERWWETMrGI EZIGPETVqWIRGIHYTIVWSRREKIHI1EV]7LIPPI] 'SQQIHMWEMX&EVXLIWSRqGVMXXSYNSYVWEZIGHIWSMG«IWXQETVSTVITEXIVRMXqUYMQ«IWXETTEVYEY´PHY VSQERIXHERWPIWUYIWXMSRWUY«MPTSWI'SQQIRXHIZMIRXSRTrVI#5Y«IWXGIUYIPETqHEKSKMI#5YMJEMXPI QSRWXVI#.«EMQIGIUYIRSYWHMXPIVSQERGLEGYRIWXP«¥YZVIHIPYMQsQI 'BCSJDF.FMRVJPUJOUFSWJFXh#4$.BHB[JOFTFQU 4VSTSWMXMSRH«EGXMZMXq 5YIPPIIWXPETLVEWIUYI1EV]7LIPPI]HIQERHIHIHMVIkWSREQSYVIY\kPE´RHIPETMrGI# 'LEGYRIWXP«SIYZVIHIPYMQsQI3RTSYVVEHIQERHIVEY\qPrZIWHIVqµqGLMVEYWIRWHIGIXXITVSTSWMXMSR IRGIUYMGSRGIVRIPITIVWSRREKIHYQSRWXVIGIPYMHI:MGXSV*VEROIRWXIMRQEMWEYWWMGIPYMHI1EV]7LIPPI] ZSMVWEFMSKVETLMIIRERRI\IUYMQSRXVIWSRqQERGMTEXMSRMRXIPPIGXYIPPI 7YVGIXLrQISRTSYVVEqKEPIQIRXGSRWYPXIVPIPMZVI HI4LMPMTTI1IMVMIY 'SBOLFOTUFJOQnEBHPHVFqH)7* HSRXZSMGMPETVqWIRXEXMSR 2SXVILMWXSMVIWIQFPILERXqITEVPIQ]XLIHIPEJEFVMGEXMSRH«YRLSQQITEVYREYXVILSQQI4]KQEPMSRPI+SPIQ *VEROIRWXIMRIX4MRSGGLMSWSRXHIWI\IQTPIWHIGIXXIqXVERKIVsZIVMIWYVP«qHYGEXMSRUYMWITSYVWYMXEYNSYVH«LYMkXVEZIVW PIWVqGMXWIXPIW´PQWHIWGMIRGIW´GXMSR'«IWXkTEVXMVHIP«LMWXSMVIHI*VEROIRWXIMRIXHIWEGVqEXYVIUYI4LMPMTTI1IMVMIY MRXIVVSKIGIXXIVITVqWIRXEXMSRHIP«qHYGEXMSRGSQQITVSNIXHIXSYXIQEwXVMWIHIP«EYXVIHIGSRXV|PIXSXEPHIWSRHIWXMR-P QSRXVIUY«YRIXIPPITIVWTIGXMZIGSRHYMXXSYXHVSMXkP«qGLIGIXkPEQSVXIXMPEJ´VQIUYIPITqHEKSKYIHSMXVIRSRGIVEY HIWWIMRHIJEFVMUYIVP«EYXVITSYVW«EXXEGLIVEY\GSRHMXMSRWUYMPYMTIVQIXXIRXGSQQIP«EJ´VQEMXHqNk4IWXEPS^^MIR HIWIJEMVISIYZVIHIPYMQsQI4SYVGIPETPYWMIYVWGSRGVrXIWWSRXEZERGqIW)PPIWGSRWXMXYIRXEYXERXHIQS]IRWH« qHYUYIVWERWJEFVMUYIVIXJSRXHIGIXSYZVEKIYRZqVMXEFPITIXMXXVEMXqHITqHEKSKMIHIWXMRqkXSYWGIY\UYMZIYPIRX JEMVISIYZVIqHYGEXMZI XXXNFJSJFVDPN 1-7))24)674)'8-:)92631%2*%28%78-59) )RUYSMIWXGIYRVSQERJERXEWXMUYI# (q´RMXMSR*ERXEWXMUYI¦7IHMXHIW¥YZVIWSHIWqPqQIRXWRSRREXYVIPWSYRSRZVEMWIQFPEFPIWWSRXMRXqKVqW EYVqGMXIXTIYZIRXVIGIZSMVYRIMRXIVTVqXEXMSRREXYVIPPISYWYVREXYVIPPIWERWUYIPIPIGXIYVTYMWWIIRHqGMHIV H«ETVrWPIXI\XI+VERH6SFIVXHIPEPERKYIJVERpEMWI 4VSTSWMXMSRH«EGXMZMXq 0MVIP«I\XVEMXHYVSQERTVqWIRXqIRERRI\IIXVIPIZIVPIWqPqQIRXWUYMTIVQIXXIRXYRIMRXIVTVqXEXMSRREXYVIPPI IXGIY\UYMTIVQIXXIRXYRIMRXIVTVqXEXMSRWYVREXYVIPPI 0MVIP«I\XVEMXWYMZERXXMVqHIPETVqJEGIUYI1EV]7LIPPI]´XkWSRVSQER 0«qZqRIQIRXHERWPIUYIPP«LMWXSMVITYMWIWSRMRXqVsXRITVqWIRXITEWPIWHqWEZERXEKIWUYMW«EXXEGLIRXEY\ WMQTPIWVqGMXWXVEMXERXHIJERX|QIWIXHIQEKMI-PW«IWXMQTSWqkQSMTEVPERSYZIEYXqHIWMXYEXMSRWUY«MPTSYZEMX SGGEWMSRRIVGEVFMIRUYIGSRWXMXYERXTL]WMUYIQIRXYRIMQTSWWMFMPMXqMPSJJVEMXkP«MQEKMREXMSRP«SGGEWMSRHI GIVRIV PIW TEWWMSRW LYQEMRIW EZIG TPYW HI GSQTVqLIRWMSR IX H«EYXSVMXq UYI P«SR RI TSYVVEMX PI JEMVI IR WI GSRXIRXERXHIVIPEXIVHIWJEMXWWXVMGXIQIRXZVEMWIQFPEFPIW .BSZ4IFMMFZQSnGBDFh*VEROIRWXIMR 4VSTSWMXMSRH«EGXMZMXq 3VKERMWIVYRHqFEXEYXSYVHIPERSXMSRHIJERXEWXMUYI8VSYZIVHERWPEPMXXqVEXYVIPIGMRqQEH«EYXVIWI\IQTPIW HIVqGMXWJERXEWXMUYIW'LIVGLIVH«EYXVIWX]TIWHIVqGMXWUYMJSRXETTIPkP«MRZVEMWIQFPEFPITSYVPIWHMJJqVIRGMIV WGMIRGI´GXMSRJERXEW] BOOFYF 0)7-146)77-327%46¿70)74)'8%'0) 0IVSQERHqFYXITEVHIWPIXXVIWHIP«I\TPSVEXIYV6SFIVX;EPXSRkWEW¥YV-PWIXVSYZIHERWPI+VERH2SVHUYERH MPVIGYIMPPIYRHqRSQQq:MGXSV*VEROIRWXIMRWYVWSRFEXIEY'IPYMGMZEPYMJEMVIPIVqGMXHIWEZMI +FTVJTOnh(FOoWFFUNBGBNJMMFFTUMµVOFEFTQMVTEJTUJOHVnFTEFDFUUFSnQVCMJRVF.FTBODpUSFTnUBJFOU EFQVJTEFOPNCSFVTFTBOOnFTDPOTFJMMFSTFUTZOEJDTFUNPOQoSFBWBJUSFNQMJBWFDIPOOFVSFUHMPJSFQMVTJFVST GPODUJPOTQVCMJRVFT %UYMR^IERWMPIWXXqQSMRH«YRZMSPIRXSVEKIJSYHVIXVEwRqIWHIJIYHIWXVYGXMSRW7SRHIWXMRIWXXVEGq -PSTRVF KµFVT BUUFJOU NB EJYTFQUJoNF BOOnF NFT QBSFOUT EnDJEoSFOU EF NF GBJSF QPVSTVJWSF NFT nUVEFT h MµVOJWFSTJUnEµ*OHPMTUBEU %TVrWHIWERRqIWHIPEFIYVMPETTVIRHkQEwXVMWIVPIWqPqQIRXWP«EPGLMQMIHIZMIRXTSYVPYMYRIWIGSRHIREXYVI )XFMIRX|XPIWEZERXHqXMIRXPITSYZSMVH«ERMQIVPEQEXMrVIMRIVXI4EVYRIXIVVMFPIRYMXP«MRZIRXIYVZEEGGSQTPMV WSRKVERH¥YZVIEFSYXMWWIQIRXHIXSYXIWWIWVIGLIVGLIW MPHSRRIZMIkYRILSVVMFPIGVqEXYVIJEMXIH«YR EWWIQFPEKIHIGEHEZVIW 5PVUhDPVQhMBMVFVSEµVOF¿BNNFWBDJMMBOUFKFWJTMBDSnBUVSFFOUSPVWSJSMFTZFVYEµVOKBVOFUFSOF&MMFSFTQJSB QSPGPOEnNFOUFUTFTNFNCSFTGVSFOUBHJUnTEµVONPVWFNFOUDPOWVMTJG$PNNFOUQPVSSBJTKFEJSFMµnNPUJPORVF KµnQSPVWBJEFWBOUDFUUFDBUBTUSPQIFPVUSPVWFSMFTNPUTQPVSEnDSJSFMµpUSFSFQPVTTBOURVFKµBWBJTDSnnBVQSJYEF UBOUEFTPJOTFUEFUBOUEµFGGPSUT 9RQSRWXVI6ITSYWWERXMREGLIZqHSXqH«YRIJSVGIWYVLYQEMRIQEMWXVEKMUYIQIRXGSRWGMIRXHIWEWSPMXYHI («IWGPEZIUY«MPEYVEMXHsXVIP«EYXVIZEW«qGLETTIVHIWXqRrFVIWMQTPSVIVPEGSQTEWWMSRHIWSRGVqEXIYV IXHERWWEHqXVIWWIWIQIVEYXSYVHIPYMGVMQIWIXHqWSPEXMSR;MPPMEQPITIXMXJVrVIHI:MGXSV*VEROIRWXIMRZE sXVIWETVIQMrVIZMGXMQI%PSVWUYI*VEROIRWXIMRIWXVIRXVqk+IRrZITSYVP«IRXIVVIQIRXHIWSRJVrVIPIQSRWXVI VIXVSYZIWSRGVqEXIYVHERWPIWKPEGMIVWHY1SRX&PERGTSYVYRITVIQMrVIGSRJVSRXEXMSR $PNCJFOEPJTKFpUSFIBuNPJRVJTVJTMBQMVTNBMIFVSFVTFEµFOUSFUPVUFTMFTDSnBUVSFTWJWBOUFT.pNFWPVTRVJ NµBWF[EPOOnMBWJFWPVTNFEnUFTUF[FUWPVTNFSFOJF[NPJWPUSFDSnBUVSFhRVJWPVTpUFTMJnQBSEFTMJFOTRVJ OFQPVSSBJFOUpUSFUSBODInTRVFQBSMBTVQQSFTTJPOEFMµVOEFOPVTEFVY7PVTEJUFTRVFWPVTBWF[MµJOUFOUJPOEF NFUVFS$PNNFOUPTF[WPVTGBJSFBJOTJ¾EFMBWJF "DDPNQMJTTF[QMVUyUWPUSFEFWPJSFOWFSTNPJFUKµBDDPNQMJSBJ MFNJFOFOWFSTWPVTFUMFSFTUFEVHFOSFIVNBJO4JWPVTBDDFQUF[EFWPVTDPOGPSNFShNFTDPOEJUJPOTKFWPVT MBJTTFSBJFOQBJYWPVTFUWPTTFNCMBCMFT.BJTTJWPVTSFGVTF[KFNFHPSHFSBJEFNPSUTKVTRVµhDFRVFNPOHP~U EVTBOHTFTPJUSBTTBTJnEFDFMVJEFUPVTMFTpUSFTRVJWPVTTPOUDIFST 0IQSRWXVIHI*VEROIRWXIMRIRJYVIYVETVrWPIVIJYWHq´RMXMJHIWSRGVqEXIYVHIPYMJEFVMUYIVYRIGSQTEKRI PYMNYVIHIHqXVYMVIXSYWWIWTVSGLIWTEVZIRKIERGI(qWSVQEMW,IRV]P«EQMHI:MGXSV)PM^EFIXLWSREQSYVIYWI WSRXIRKVERHHERKIV)X:MGXSV*VEROIRWXIMRRIVqYWWMVETEWkPIWTVSXqKIVHIWETVSTVIGVqEXYVI%TVrWPIYV QSVXGIPYMGMTVIRHYRIHqGMWMSR.BQSFNJoSFSnTPMVUJPOGVUEFRVJUUFS(FOoWFQPVSUPVKPVSTIXMPTEVXkPE TSYVWYMXIHYQSRWXVIUYMP«EXXMVIHERWPI+VERH2SVH %TVrWEZSMVqXqVIGYIMPPMTEVP«I\TPSVEXIYV6SFIVX;EPXSRIXPYMEZSMVVEGSRXIVWEZMI:MGXSV*VEROIRWXIMRQIYVX H«qTYMWIQIRXHIXVMWXIWWI 0IQSRWXVIVqETTEVEwXEPSVWYRIHIVRMrVIJSMWJEGIk6SFIVX;EPXSRTSYVGSRXIQTPIVWSRGVqEXIYVQSVXIXWI PEQIRXIV 0IVqGMXW«EGLrZIWYVGIWQSXWKPEpERXW *MTBVUBQBSMBGFOpUSFEFMBDBCJOFTVSMFHMBmPORVJ¿PUUBJUMFMPOHEFMBDPRVFFUTVSMFRVFMTFUSPVWBJUTPO USBtOFBV*MGVUCJFOUyUFNQPSUnQBSMFTWBHVFTFUTFQFSEJUBVMPJOEBOTMFTUnOoCSFT &YUSBJUTUJSnTEFMµnEJUJPO+µBJMVOEVSPNBOTBVGMµFYUSBJUTJHOBMnQBSUJSnEFMBUSBEVDUJPOEF(FSNBJOEµ)BOHFTUSFQSJTFO DJUBUJPOEBOTMFEnCVUEFMBQJoDFEF'BCSJDF.FMRVJPU BOOFYFFYUSBJUTEVSPNBO 0)7-146)77-327%46¿70)74)'8%'0) 'SBOLFOTUFJOPVMF1SPNnUInFNPEFSOF 1EV];7LIPPI]qH.«EMPYR EZIGYRIRSXMGIFMSKVETLMUYIHI&EVFEVE7EHSYP BOOFYFFYUSBJUEFMBQJoDF 'SBOLFOTUFJO*EFVMGI1IPUYMSXfHMXMSRW0«%VGLI%Q7XVEQ+VEQ BOOFYFFYUSBJUEFMBQJoDF BOOFYFFYUSBJUEFMBQJoDF BOOFYFOPUFTEµJOUFOUJPO -µ&/'"/$&%&4.0/453&4 1"3'"#3*$&.&-26*05"65&63 2SXIH«MRXIRXMSR 0EGVqEXYVIMQEKMRqITEV7LIPPI]XERHMWUY«IRIPPIWqNSYVREMX k +IRrZI WYV PIW FSVHW HY PEG 0qQER R«E TEW HI RSQ )RJERX RSR VIGSRRY )RJERX VIJYWq )RJERX PMZVq k PYMQsQI &IYVO G«IWX P«IRJERXHYHqKSX0IWEHYPXIWRIZSMIRXMPWTEWPIWIRJERXWGSQQI HIW QSRWXVIW # 1SRWXVIW HI PMFIVXq H«qRIVKMI GVqEXYVIW ZIRYIW H«EMPPIYVW MPW W«IR ZMIRRIRX LEFMXIV RSXVI QSRHI QMIY\ UYI RSYWkXIPTSMRXUY«MPHIZMIRXPIPIYV'SQQIPEGVqEXYVIHI:MGXSV *VEROIRWXIMR XSYX IRJERX IWX YR QSRWXVI TEVGI UY«MP IWX YR sXVI ZMZERXTPYWZMZERXUYIZMZERXQSRWXVYIYWIQIRXZMZERX -GMP«MRRSGIRGIRIHYVITEWPSRKXIQTW 0«IRJERGI]IWXPIXIQTWHIWUYIWXMSRWHIPEWSPMXYHIHIP«I\TqVMIRGI HYPERKEKIHYGVMQIHYZS]EKI0IQSRHIW«ETTVqLIRHIWIYP WERWTrVIRMQrVI%PE´RHIP«ETTVIRXMWWEKIP«IRJERXR«EUY«YRI VIUYsXIGSRGPYWMSRHIWSRI\TqVMQIRXEXMSRHYQSRHIMPPYMWIVEMX WYTTSVXEFPI k PE GSRHMXMSR H«EZSMV YR EPXIV IKS 'IXXI JSM HERW P«EYXVI GI HqWMV H«EQSYV SY H«EQMXMq GIX IWTSMV HI GSRZIVWEXMSR GIXXITVSQIWWIHIHqPMGEXIWWITEVPIRXHYXLqlXVIEYXERXUYIHIPE PMXXqVEXYVIIXHIPEPMXXqVEXYVIEYXLqlXVI )R´RP«I\TqVMQIRXEXMSRIWXEYWWMWGMIRXM´UYI*VEROIRWXIMRIWXP«YR HIWTVIQMIVWVSQERWHIWGMIRGI´GXMSR1EV]7LIPPI]EMRZIRXqGI GSRXI LSVVM´ERX TEV NIY PSVW H«YRI NSYXI PMXXqVEMVI IR GSQTEKRMI HI 4IVG] 7LIPPI] 0SVH &]VSR IX .SLR ;MPPMEQ 4SPMHSVM EYXIYV HY :EQTMVITrVIHYZEQTMVMWQIHERWPEPMXXqVEXYVIPYMQsQIZEQTMVMWq TEVPI(VEGYPEHI&VEQ7XSGOIV 'IUYIN«EMXIRXqG«IWXHIVIWXMXYIVPEJEFPIHI7LIPPI]HERWPEZMIHY HMEPSKYIH«IRqGPEMVIVHIWHIWWSYWEY\VqWSRERGIWGSRXIQTSVEMRIW TYMWWERXIWWERWIRKlXIVP«LYQSYVRMPIP]VMWQI *VEROIRWXIMR XLqlXVI QYWMGEP VsZq HITYMW P«IRJERGI HIW QSRWXVIW IWXTSYVXSYWPIWTYFPMGWkTEVXMVHIERW 53"(c%*&1063-&4&/'"/54 1"31"6-%&47&"69.&55&63&/4$É/& 2SXIH«MRXIRXMSR )\MWXIXMP ZqVMXEFPIQIRX HIW WYNIXW TSYV PIW IRJERXW IX H«EYXVIW TSYVPIWEHYPXIW#.«EZSYIRITSYZSMVVqTSRHVIkGIXXIUYIWXMSRHI QERMrVIGEXqKSVMUYI1EMWWMN«MRXIVVSKIQEQqQSMVIWYVPIW´PQW TEVI\IQTPIUYMSRXQEVUYqQETVMQINIYRIWWI§N«LEFMXEMWYRI TIXMXIZMPPIHITVSZMRGISPIXLqlXVIIWXEVVMZqFMIRETVrWPIGMRqQE §NIRIWYMWTEWWVUY«MPWGSVVIWTSRHIRXkP«MHqIUY«SRWIJEMXH«YR MQEKMREMVIIRJERXMR0IWIYPHIWWMRERMQqHSRXNIQIWSYZMIRRIG«IWX .FSMJOMµ&ODIBOUFVSHI;EPX(MWRI]ZIVWWM\ERW0IVIWXIIWXTEVXM EY\SYFPMIXXIW.IQIVETTIPPIWYVXSYXPIW[IWXIVRWIRXVIEYXVIW-B SJWJoSFTBOTSFUPVSEZIG6SFIVX1MXGLYQUYIN«EMHVIKEVHIVHrW P«lKIHIWITXERWGLI^QIWKVERHWTEVIRXW.IQIWSYZMIRWH«EZSMV ´PSYXqIXZY§TIYXsXVIkP«lKIHIHM\ERW§-F5BNCPVSHI:SPOIV 7GLP}RHSVJJ 5YERXkQSRTVIQMIVWSYZIRMVHIXLqlXVIG«IWX0IW1MWqVEFPIWIX PEGLEVVIXXIUYMqGVEWIGITEYZVILSQQIWEYZqTEV.IER:EPNIER1E QqQSMVIIWXQEVUYqITEVPIWLMWXSMVIWHSRXPIWXLrQIWR«SRXTEW qXqqHYPGSVqWPEXVMWXIWWIHYGS[FS]PEFPIWWYVIPEQSVXTEVJSMW .IRIHMWTEWUY«MPJEYHVEMXQSRXVIVEY\IRJERXWP«¥YZVIGSQTPrXIHI 7GLP}RHSVJJ.«qXEMWTIYXsXVIYRTIYNIYRITSYVGIKIRVIHI´PQW 1EMWG«qXEMXFMIRTPYWMRXqVIWWERXUYIPIWQMrZVIW´GXMSRWGIRWqIW Q«sXVIHIWXMRqIW %YWWM UYERH *EFVMGI 1IPUYMSX Q«E TVSTSWq HI XVEZEMPPIV WYV WSR EHETXEXMSR HI *VEROIRWXIMR EMNI VIPY MQQqHMEXIQIRX P«¥YZVI HI 1EV]7LIPPI].«]EMZYPIPMIYMHqEPHIWEZIRXYVIWTEWWMSRRERXIWZSMVI IJJVE]ERXIWUYMSRXQEVUYqQSRIRJERGI1EMWHERWP«MQEKMREMVIWM TEVXMGYPMIVHYGSRXI 0I GSRXI E PE GETEGMXq HI TSWIV HIW UYIWXMSRW IWWIRXMIPPIW WSYW GSYZIVXH«YRIJSVQIHqXEGLqIHYVqEPMWQIGVqERXTEVPkYRIHMWXERGI EZIGPIPIGXIYV2SYWTSYZSRWEMRWMTEVPIVH«,ERWIPHI+VIXIPSY HI PE QqGLERXI VIMRI HI &PERGLI 2IMKI WERW TSYV EYXERX IJJVE]IV XSXEPIQIRXPIWNIYRIWIWTVMXW 5YERH RSYW EZSRW GSQQIRGq k VqµqGLMV EYXSYV HI *VEROIRWXIMR RSYW RSYW WSQQIW HSRG HIQERHq GSQQIRX VIXVSYZIV WYV YR TPEXIEY HI XLqlXVI GIXXI HMWXERGI MRLqVIRXI EY GSRXI *EFVMGI 1IPUYMSXETVSTSWqUYIRSYWXVEZEMPPMSRWEZIGHIWQEVMSRRIXXIWIR TEVXMGYPMIVTSYV&IYVOPEGVqEXYVIHI:MGXSV*VEROIRWXIMR'SQQI N«EZEMW FIEYGSYT HI QEP k MQEKMRIV YR GSQqHMIR UYM P«MRGEVRI N«EMMQQqHMEXIQIRXWSYWGVMXkGIXXITVSTSWMXMSRIXVIRGSRXVq)MREX 0ERHEMWUYMMQEKMRIIXGSRWXVYMXHIWQEVMSRRIXXIWQEKRM´UYIW 1SR WIGSRH WSYGM qXEMX HI HSRRIV k ZSMV PE REMWWERGI HI GIXXI GVqEXYVIWYVPITPEXIEY.IZSYPEMWUYI&IYVOW«ERMQIWSYWPIVIKEVH HY TYFPMG GSQQI PI VEGSRXI 1EV] 7LIPPPI] '«IWX EMRWM UYI N«EM HIQERHq k )MREX W«MP WIVEMX TSWWMFPI H«EWWIQFPIV IR WGrRI GIXXI KVERHIQEVMSRRIXXIHIHIY\QrXVIWHM\ 5YERXkP«YRMZIVWWSRSVINIWSYLEMXEMWUYIP«SRRIXVERWGVMZITEW HIQERMrVIVqEPMWXIPIWqPqQIRXWREXYVIPWHIPERSYZIPPIXIPWUYI PEQIVPEXIQTsXISYPIWQSYZIQIRXWMRXqVMIYVWHIWTIVWSRREKIW )PqQIRXWUYMSRXYRIJSVGIREVVEXMZIHERWP«¥YZVIP]VMUYIHI7LIPPI] IXUYI*EFVMGIEVITVMWHERWWSREHETXEXMSR.«EMHSRGHIQERHqk 7MQSR%IWGLMQERRPIGSQTSWMXIYVHIXVEZEMPPIVkYRITEVXMXMSRTSYV SVGLIWXVI IRXVI 7XVEZMRWO] IX (ER] )PJQER S PE TYMWWERGI HIW MRWXVYQIRXW VIXVERWGVMVEMX PE JSVGI HIW FSYPIZIVWIQIRXW ZqGYW TEV PIWTVSXEKSRMWXIW 0EJSVQIHVEQEXMUYIGLSMWMITEV*EFVMGI1IPUYMSXTIVQIXHIQEMRXIRMV PEHMWXERGIRqGIWWEMVIIRXVIPEJEFPIIXPIWTIGXEXIYVTEVP«IRXVIQMWI HI1EVMI7LIPPI]8ERHMWUYI&IYVOTVIRHJSVQIWSYWPIVIKEVHHY TYFPMGG«IWXIPPIUYMTEVPIIXUYMGSRWXVYMXPEREVVEXMSR 'SBOLFOTUFJO IWX YR YRMZIVW UYM W«SYZVI IX WI VIJIVQI GSQQI YR PMZVI UYM HqTPSMI WE JEFPI IX WIW GLERWSRW EZERX HI VIXSYVRIV EY HSQEMRIHIP«MQEKMREMVI-P]EUYIPUYIGLSWIHIPEFSwXIkQYWMUYI SY HY GSJJVI k WSYZIRMVW KEVHERX k XSYX NEQEMW PIW LMWXSMVIW HY TEWWqTEVJSMWHV|PIWTEVJSMWMRUYMqXERXIWHERWPIKVIRMIVHIRSW JEFPIWGSPPIGXMZIW 4EYP(IWZIEY\ 'SBOLFOTUFJOIWXP«SGGEWMSRH«YRIRSYZIPPIGSPPEFSVEXMSRTSYV4EYP (IWZIEY\IX*EFVMGI1IPUYMSXETVrWPEGVqEXMSRHI1PMMPDLIR kPE1EMWSRHIPE'YPXYVIHI&SYVKIW BOOFYFCJPHSBQIJFT .BSZ4IFMMFZ 1EV] 7LIPPI] RqI 1EV] ;SPPWXSRIGVEJX +SH[MR PI ESX k 7SQIVW8S[RYRJEYFSYVKHI0SRHVIWIXQSVXIPIIVJqZVMIVk &IPKVEZME0SRHVIWIWXYRIJIQQIHIPIXXVIWERKPEMWIVSQERGMrVI RSYZIPPMWXI HVEQEXYVKI IWWE]MWXI FMSKVETLI IX EYXIYV HI VqGMXW HI ZS]EKI )PPI IWX WYVXSYX GSRRYI TSYV WSR VSQER 'SBOLFOTUFJO PV MF 1SPNnUInF NPEFSOF *MPPI HI PE TLMPSWSTLI JqQMRMWXI 1EV] ;SPPWXSRIGVEJXIXHIP«qGVMZEMRTSPMXMUYI;MPPMEQ+SH[MRIPPITIVHWE QrVIEPSVWUY«IPPIQsQIR«IWXlKqIUYIHISR^INSYVW7SRTrVIWI VIQEVMIUYEXVIERWTPYWXEVH-PSJJVIkWE´PPIYRIqHYGEXMSRVMGLI IXP«IRGSYVEKIkEHLqVIVkWIWXLqSVMIWTSPMXMUYIWPMFqVEPIW)R 1EV] +SH[MR IRXEQI YRI PMEMWSR EZIG YR LSQQI QEVMq TEVXMWER HIWSRTrVI4IVG]&]WWLI7LIPPI]%GGSQTEKRqHI'PEMVI'PEMVQSRX YRI FIPPIW¥YV HI 1EV] PI GSYTPI ZS]EKI k XVEZIVW P«)YVSTI %Y GSYVW HIW HIY\ ERRqIW UYM WYMZIRX 1EV] IX 4IVG] EJJVSRXIRX YR IRHIXXIQIRX TIVQERIRX IX PE QSVX HI PIYV ´PPI -PW WI QEVMIRX IR ETVrWPIWYMGMHIHIPETVIQMrVIqTSYWIHI4IVG] )R PSVW H«YR WqNSYV TVrW HI +IRrZI 1EV] HIZIRYI 1EV] 7LIPPI]qGVMXWSRTVIQMIVVSQER'SBOLFOTUFJO)RPIW7LIPPI] UYMXXIRXPE+VERHI&VIXEKRITSYVP«-XEPMISQIYVIRXPIYVWHIY\MrQI IX XVSMWMrQI IRJERXW EZERX UYI 1EV] 7LIPPI] RI HSRRI REMWWERGI k WSR ´PW 4IVG] *PSVIRGI 7LIPPI] UYM WIYP WYVZMZVE )R WSR QEVMWIRSMIHERWPIKSPJIHIPE7TI^MEEYGSYVWH«YRIXIQTsXI 9RERTPYWXEVH1EV]7LIPPI]VIXSYVRIIR%RKPIXIVVIIXHrWPSVW WI GSRWEGVI IRXMrVIQIRX k P«qHYGEXMSR HI WSR ´PW IX k WE GEVVMrVI H«EYXIYV0IWHM\HIVRMrVIWERRqIWHIWEZMIWSRXQEVUYqIWTEVPE QEPEHMI)PPIHqGrHIH«YRIXYQIYVHYGIVZIEYPIIVJqZVMIV .YWUY«EY\ ERRqIW 1EV] 7LIPPI] SYXVI WSR 'SBOLFOTUFJO IWX WYVXSYXGSRRYITSYVWIWIJJSVXWkJEMVITYFPMIVPIW¥YZVIWHIWSR QEVM0IWqXYHIWVqGIRXIWSRXTIVQMWYRIZMWMSRTPYWGSQTPrXIHI WSR¥YZVIIXQSRXVqUYI1EV]7LIPPI]IWXVIWXqIXSYXIWEZMIYRI VEHMGEPIWYVPITPERTSPMXMUYIWSYXIRERXP«MHqIUYIPEGSSTqVEXMSR IX PE WSPMHEVMXq TVEXMUYqIW XSYX REXYVIPPIQIRX TEV PIW JIQQIW EY WIMRHIPIYVJEQMPPIWSRXPEZSMIUYMTIVQIXHIVqJSVQIVPEWSGMqXq GMZMPI 'BCSJDF.FMRVJPU *EFVMGI1IPUYMSXIWXqGVMZEMRTSYVPIXLqlXVI-PETYFPMqYRIUYEVERXEMRI HITMrGIWGLI^0«%VGLI)HMXIYV-µJOBUUFOEV1FSDPMBUFVS#MVFT-F EJBCMF FO QBSUBHF ,JET "VUPVS EF NB QJFSSF JM OF GFSB QBT OVJU -B EFSOJoSFCBMBEFEF-VDZ+PSEBO.BWJFEFDIBOEFMMF$µFTUBJOTJNPO BNPVSRVFKµBQQSJTNBCMFTTVSF-FMBWFVSEFWJTBHFT&YFBU+FSJFO 5FEFVN.BSDJB)FTTF5BTNBOJF-JTCFUIT 7IW TVIQMIVW XI\XIW TSYV IRJERXW -FT QFUJUT NnMBODPMJRVFT IX -F KBSEJOEF#FBNPOWSRXTYFPMqWkP«)GSPIHIWPSMWMVWIXHMJJYWqWWYV *VERGI'YPXYVI-PVIpSMXPI+VERH4VM\4EYP+MPWSRHIPE'SQQYREYXq HIW VEHMSW TYFPMUYIW HI PERKYI JVERpEMWI IX k &VEXMWPEZE PI 4VM\ IYVSTqIRHIPEQIMPPIYVI¥YZVIVEHMSTLSRMUYITSYVEHSPIWGIRXW )R *EFVMGI 1IPUYMSX W«IWX ZY HqGIVRIV PI TVM\ 7%'( HI PE QIMPPIYVI TMrGI VEHMSTLSRMUYI PI TVM\ .IER.EGUYIW +EYXLMIV HY *MKEVSIXHIY\TVM\HY7]RHMGEX2EXMSREPHIPE'VMXMUYIVqZqPEXMSR XLqlXVEPIHIP«ERRqIIXTSYV-FEJBCMFFOQBSUBHFQIMPPIYVIGVqEXMSR H«YRITMrGIIRPERKYIJVERpEMWI 1FSMJOP $PNNFOU MREYKYVI PE GSPPIGXMSR HI XLqlXVI NIYRIWWI HI P«%VGLI qHMXIYV WYMX #PVMJ .JSP qKEPIQIRX WqPIGXMSRRq TEV 0E 'SQqHMI *VERpEMWI GI WIVE PI TVIQMIV WTIGXEGPI NIYRI TYFPMG k sXVI TVqWIRXq EY *VERpEMW 0E WYMXI HIW EZIRXYVIW HI &SYPM #PVMJ SFEnCPVMF E qXq TVqWIRXqI XSYNSYVW k PE 'SQqHMI *VERpEMWI IR (ITYMW&SYPM1MVSEqPYHSQMGMPIEY8LqlXVIHIPE:MPPI S)QQERYIP(IQEVG]1SXEEQMWIRWGrRI8BOUFE1FUVMBIX#PVMJ "OOnF;nSP %WWSGMqTIRHERXWM\ERWEY'IRXVI(VEQEXMUYI2EXMSREPHI6IMQW *EFVMGI1IPUYMSXZSMXWIWTMrGIWQSRXqIWEY8LqlXVIHIPE&EWXMPPI IXHIW%FFIWWIWk4EVMW («EYXVIWQIXXIYVWIRWGrRISRXGLSMWMHIWIGSRJVSRXIVkWSRqGVMXYVI (SQMRMUYI'EXXSR4EXVMGI(SYGLIX4EYP(IWZIEY\:MRGIRX+SIXLEPW 'LVMWXMER+SRSR1MGLIP&IPPIXERXI1MGLIP(]HMQ7XERMWPEW2SVHI] +MPPIW 'LEZEWWMIY\ +PSVME 4EVMW .IER4MIVVI +EVRMIV 1EVMSR 0qZ] *VERGO&IVXLMIV6SPERH%Y^IX2MRS(«-RXVSRE 7IWTMrGIWXVEHYMXIWIRTPYWMIYVWPERKYIWSRXqXqGVqqIWIR)WTEKRI +VrGI%PPIQEKRI'EREHE6YWWMI-XEPMI.ETSR)XEXW9RMW'EREHE 1I\MUYI 7MP«IWWIRXMIPHIWSRqGVMXYVIIWXXSYVRqZIVWPIXLqlXVIYRIEYXVI TEWWMSRP«ERMQIPETSqWMI(IY\VIGYIMPWSRXqXqTYFPMqWk0«%VGLI 7FVYUV IX(SBDFGVMIX2VJTVSMJHOFMFWJEFBWFDVODPFVS¿VP IWX TEVYIREY'EWXSV%WXVEP )RMPEVIpYPI4VM\HY.IYRI8LqlXVIHIP«%GEHqQMI*VERpEMWI TSYVP«IRWIQFPIHIWSRSIYZVI *EFVMGI1IPUYMSXEqXqRSQQqkPEXsXIHYXLqlXVI%Q7XVEQ+VEQ HI+IRrZIUY«MPHMVMKIkGSQTXIVHIPEWEMWSR 1BVM%FTWFBVY '«IWX IR ETVrW YR TEVGSYVW HI GSQqHMIR UYM P«E QIRq ZIVW HIW EYXIYVW GSQQI 4LMPMTTI 1MR]ERE &IVREVH 'LEVXVIY\ :EPrVI 2SZEVMRE &IVREVH1EVMI /SPXrW SY +SPHSRM UYI 4EYP (IWZIEY\ JSRHIWEGSQTEKRMIP«,qPMSXVSTI (rW WE WIGSRHI GVqEXMSR EY WIMR HI PE GSQTEKRMI § &MMF FTU Mh TVqGqHqHI-µVTBHFEFMBQBSPMFHI2EXLEPMI7EVVEYXIIR§ MP WSYLEMXI GSRJVSRXIV EY XLqlXVI PE GLSVqKVETLMI PE QYWMUYI IX P«MQEKIGMRqQEXSKVETLMUYI'«IWXYRIQERMrVITSYVPYMHIGLIVGLIV HIRSYZIPPIWTIVWTIGXMZIWkP«MQEKMREMVIHYWTIGXEXIYV -P XVEZEMPPIVE EMRWM EZIG PI VqEPMWEXIYV 7ERXMEKS 3XLIKY] WYV PIW GVqEXMSRWHI7SBJF#MPOEFFUBVUSFTHI.EGO/IVSYEGIX IXWYV-B5SBHnEJFEVSPJ3JDIBSE**HI;MPPMEQ7LEOIWTIEVI 1EMW G«IWX EZIG PE GLSVqKVETLI =ERS -EXVMHrW IX PI GSQTSWMXIYV :MRGIRX %VXEYH UYI W«qXEFPMX YRI GSPPEFSVEXMSR VqGYVVIRXI WYV PE QENIYVI TEVXMI HIW GVqEXMSRW )X GIGM HITYMW PE QMWI IR WGrRI HI -µ&WFJMEVQSJOUFNQTHI*VERO;IHIOMRHIR 7M WSR TEVGSYVW XqQSMKRI H«YRI ZSPSRXq GPEMVI HI VIPMVI PIW GPEWWMUYIWIYVSTqIRWMPWSYLEMXIEYWWMXVEZEMPPIVEZIGHIWEYXIYVW GSRXIQTSVEMRW '«IWX EMRWM UY«MP TVSTSWIVE k P«EYXIYV %VI^OM 1IPPEP H«EHETXIV WSR VSQERTSYVPEWGrRI.BJOUFOBOUJMTQFVWFOUWFOJSIXUY«MP GSQQERHIVEk*EFVMGI1IPUYMSXYRITMrGIEYXSYVHYTIMRXVI.EGOWSR 4SPPSGOIXWEJIQQI0II/VEWRIV1PMMPDL %ZIG GI WSYGM GSRWXERX HI PE TPYVMHMWGMTPMREVMXq MP XSYVRIVE WSR TVIQMIV GSYVXQqXVEKI "QSoTMBSFQSnTFOUBUJPO GSPPEFSVIVE EZIGYRIGSQTEKRMIHIHERWIEY&VqWMP#BMFEF3VBQIXXVE IRWGrRIP«STqVEHI4LMPMT+PEWW-FT&OGBOUT5FSSJCMFT§YRI GSQQERHIHI4MIVVI*VERpSMW6SYWWMPPSRHMVIGXIYVHIPE1EMWSRHI PE'YPXYVIHI&SYVKIW§IXQIXXVEIRIWTEGITSYVP«)RWIQFPI-RXIV GSRXIQTSVEMRP«STqVE)ZQFSNVTJD1SPMPHVFHYGSQTSWMXIYV ,IGXSV4EVVEIXHIPEWGMIRXM´UYI0MWE6ERHEPP -PZMIRXHIQIXXVIIRWGrRI)BTUBRVFMBNVFSUFOPTTFQBSF.YWUY«k GI UYI PE QSVX RSYW WqTEVI HI 6qQM (I :SW k &YIRSW %MVIW %VKIRXMRI &JOBU-BOEBJT )PPIIWXRqIIRk,EHqVEIR-WVEtP%TVrWEZSMVqXYHMqkP«qGSPI HI GMRqQE 'EQIVE 3FWGYVE IPPI EVVMZI IR *VERGI IX ETTVIRH PE WGqRSKVETLMIEZIG+MPSRI&VYRIX(ERMIP0IQELMIY4EVEPPrPIQIRX 8LMIVV]*VERpSMWPYMIRWIMKRIPEGVqEXMSRHIQEWUYIW0SVWH«YRWqNSYV IR-RHSRqWMITSYVYRITVSHYGXMSRHIPEGSQTEKRMIP«)RXVITVMWIHI *VERpSMW'IVZERXIWIPPIHqGSYZVIPIQSRHIHIPEQEVMSRRIXXI(I VIXSYVIR*VERGIIPPIWYMXYRIJSVQEXMSREY8LqlXVIEY\QEMRWRYIW HMVMKqITEV%PEMR6IGSMRK(ITYMWERWIPPIGSRpSMXIXVqEPMWIHIW QEVMSRRIXXIW HIW QEWUYIW IX HIW HqGSVW TSYV HMJJqVIRXIW GSQ TEKRMIWTEVQMPIWUYIPPIWPI8LqlXVI7ERW8SMX2EHE8LqlXVIGSQ TEKRMI:SM\3JJPE*EFVMUYIHIW%VXWH«k'|Xq8LqlXVIHY6MWSVMYW -RWXMXYX-RXIVREXMSREPHIPE1EVMSRRIXXI0IW'LMJJSRRMrVIWPI8LqlXVI HI1EVMSRRIXXIWHI+IRrZI%RRMFEPIXWIW)PqTLERXW0IW%RKIWEY 4PEJSRHIXG)PPIGVqIPIWTIGXEGPI-F1PQVQ$JSLVTEZIG*EXRE(NE LVEGSQTEKRMIP«%VXMGYPIk+IRrZI)RIPPIGVqIPEGSQTEKRMI 2IWLMOSXEZIG0MXEP8]ERSEYXSYVHYWTIGXEGPI"EnMBuEF 4JNPO"FTDIJNBOO 0IKYMXEVMWXI7MQSR%IWGLMQERRESFXIRYPI4VIQMIVTVM\HIZMVXYSWMXq EY'SRWIVZEXSMVIHI1YWMUYIHI+IRrZI-PNSYIEYWWMHIPEKYMXEVI qPIGXVMUYIJSVQEXMSRIREYXSHMHEGXI-PIWXqKEPIQIRXGSQTSWMXIYV RSXEQQIRX TSYV PI XLqlXVI 8LqlXVI %Q 7XVEQ +VEQ 8LqlXVI HY 0SYT'MI,SYVHMRIXPIGMRqQE3PKE&EMPPMJ.qV|QI4SVXI-P NSYIHERWHMZIVWIWJSVQEXMSRWGSRXIQTSVEMRIWVSGOGPEWWMUYIWNE^^ IXI\TqVMQIRXEPIW'SRXVIGLEQTW3VGLIWXVIHIPE7YMWWI6SQERHI 0«3'+EYTSTVSGO&VMGS.EVHMR.SNS1E]IV-PIWXTVSJIWWIYVHI KYMXEVIGPEWWMUYIEY'SRWIVZEXSMVIHIQYWMUYIHI+IRrZI .BSJF%SVD 'SQqHMIRRI 1EVMI (VYG E NSYq WSYW PE HMVIGXMSR HI RSQFVIY\ QIXXIYVWIRWGrRIHSRX(SQMRMUYI4MXSMWIX.IER0MIVQMIV'PEYHI 7XVEX^ (SQMRMUYI 'EXXSR SY :EPIRXMR 6SWWMIV )PPI E MRXIVTVqXq TPYWMIYVWV|PIWHERWPIWGVqEXMSRWHYXLqlXVI%Q7XVEQ+VEQTEV I\IQTPI HERW 4IXIV 4ER %VPIUYMR TSPM TEV P«EQSYV %PMGI IX EYXVIW QIVZIMPPIW SY 0E &IPPI EY FSMW %Y GMRqQE IPPI NSYI HERW PIW TVSHYGXMSRW HI 'PEYHI 'LEQTMSR *MR HI WMrGPI SY .EGUYIW 1EPEXIVVI 0«3H]WWqI HI P«IWTrGI IX HERW TPYWMIYVWGSYVXWQqXVEKIWEMRWMUYITSYVHIWWqVMIWkPEXqPqZMWMSR EZIGPEVqEPMWEXVMGI)PIRE,E^ERSZRSXEQQIRX BOOFYF QIPUPHSBQIJFTEFSnQnUJUJPOT &-*;"#&5)$"3&$$)*0 &JOBU-BOEBJTFUTBDSnBUVSF -FNFUUFVSFOTDoOF1BVM%FTWFBVYhHBVDIF FUMµBVUFVS'BCSJDF.FMRVJPUhESPJUF 'SBOmPJT/BEJOFU#FVSL 0MJWJFS1FSSJFS/JDPMBT3PTTJFSFU:BOO+PMZNBOJQVMFOUMBNBSJPOOFUUFEF#FVSL 5SBWBJMhMBUBCMFBWFD#nSBOHoSF7BOUVTTPDPMMBCPSBUSJDFBSUJTUJRVF ."SJF%SVDFU'SBOmPJT/BEJO 4JNPO"FTDIJNBOOGBJUSnQnUFS'SBOmPJT/BEJO -BNBSJPOOFUUFEF8JMMJBN