Qu`est-ce que le droit chez Hegel - Lycée Saint

!"#$%&'"#()%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%*+")%,-./%
%
.%
!
!
"#$%&'()%!*#%!+%!,-./'!)0%1!2%3%+!4!
!
!
5-6789#+%!
!
% 01% 23415% 2()% +663()% .7/-% 81)91:+1% ;#<#(1% 2()% +663()% .77-=% <+% >?#<')'>?#(%
>'<#5#91(%(5%<+%>?#<')'>?#(%21%2"'#5%'65%353%;+"913()%>+"%<+%"($?("$?(%2:16(%;'2("6#53%
81"#2#91(%>1#)+65%)()%"())'1"$()%6'6%$?(@%A(B(<=%;+#)%$?(@%C+65D%E6%(FF(5=%<()%"3F<(G#'6)%
)1"%<+%<#4("53%(5%<+%81)5#$(%35+#(65%+<'")%'"#(653()%H%>+"5#"%2(%<+%91()5#'6%2(%)+I'#"%(6%91'#%
$'6)#)5+#(65%<()%2"'#5)%2()%#62#I#21)%J%#62#I#21)%+<'")%(65(621)%$';;(%)18(5)%2(%2"'#5=%
)1)$(>5#4<()% 2(% >'1I'#"% <3B+<(;(65% +$913"#"% (5% 3$?+6B("% K5(<% 35+#5% (5% "()5(% (6$'"(%
<:+"B1;(65% 81"#2#91(% (5% 3$'6';#91(% 2()% >"';'5(1")% 2(% <+% 23;'$"+5#(% <#43"+<(L=% ;+#)%
(65(621)% (6% ;M;(% 5(;>)% $';;(% >(")'66()% ;'"+<()=% )1)$(>5#4<()% 2(% >+"5+B("% +I($%
5'15()% <()% +15"()% >(")'66()% <()% ;M;()% >"#6$#>()% 35?#91()% 91#% B'1I("6(65% <(1")% $?'#G%
>"'>"()D%
%N'?6% O+P<).=% $';;(% NQ"B(6% A+4(";+),=% )(% )'65% <:16% $';;(% <:+15"(% 5'15%
>+"5#$1<#R"(;(65% #6)>#"3)% 2(% C+65% >'1"% 3<+4'"("% <(1")% $'6$(>5#'6)% 2(% <+% )'$#353% 81)5(D%
S?(@%O+P<)=%<+%91()5#'6%2(%<+%81)5#$(%)(%5"'1I+#5%+#6)#%F'62+;(65+<(;(65%23>(62+65(%2(%
<:+>5#512(%2()%#62#I#21)%H%):+$$'"2("=%?'")%$'65(G5(%2(%<+%I#(%)'$#+<(%(5%2(%<:?#)5'#"(=%)1"%
<()% >"#6$#>()% 2:16(% )'$#353% H% I(6#"D% 0(% F+#5=% <()% >')51"()% 6'";+5#I(% (5% 23'65'<'B#91(%
'"2#6+#"(;(65%>"M53()%H%C+65=%)(;4<+#(65%#$#%>+"F+#5(;(65%+))1;3()D%O+P<)%'FF"+#5%+#6)#%
H%<+%F#6%21%)#R$<(%2("6#("%16%+"B1;(65+#"(%5?3'"#91(%(6%F+I(1"%2()%2"'#5)%2(%<:#62#I#21%
2'65% <(% 63'<#43"+<#);(=% H% <:(G$(>5#'6% 6'5+4<(% 2(% A+T(U=% +% >1% )(% )("I#"% H% <:(6$'65"(% 2(%
<:15#<#5+"#);(VD%W1+65%H%A+4(";+)=%$(%2("6#("%):35+#5%><1%H%23$<+"("%)'6%#653"M5%>'1"%<:#23(%
U+65#(66(%2:!"#$%&'()%!#($*=%5(<<(%91:#<%+I+#5%>1%<+%23$'1I"#"%(6%<#)+65%)+%+$,#-(*./0"/0-$(#D%
X% <:#6)5+"% 2(% $(% 91#% )(% >+))(% 2:16% >'#65% 2(% I1(% ;'"+<=% <()% #62#I#21)% )(% I'#(65% (6% (FF(5%
81"#2#91(;(65% #6I#53)% #$#% H% 16% 5"+I+#<% 2:16#F#$+5#'6% 2(% <(1")% #653"M5)% >"'>"()% 2+6)% <+%
I'<'653% 16#I(")(<<(% 21% >(1><(D% A+4(";+)% +% 353% )321#5% >+"% $(55(% B+B(1"(% U+65#(66(%Y%
>"'21#"(%23;'$"+5#91(;(65%<:16#53%2:16%I'1<'#"%16#I(")(<%K$'62#5#'6%2(%<+%)'1I("+#6(53%
>'>1<+#"(L=%5'15%(6%B+"+65#))+65%<:+15'6';#(%#62#I#21(<<(D%Z<%6(%"()5+#5%><1)%H%A+4(";+)%
91:H%3512#("%<()%$'62#5#'6)%>"'>"()%H%$'6I("5#"%$(%91#%$?(@%C+65%"()5+#5%2(%<:'"2"(%2:16(%
(*#.-)"12.,#(3(#&/ 4$-5.%%./ K<:16#I(")+<#53% 2(% <:?1;+6#53% ;'"+<(L% (6% 16(% (*#.-)"12.,#(3(#&/
0(),"-)(3.=%91#%$';;+62+#5%91:'6%):#653"())[5%+1%<+6B+B(%(5%H%<+%$';;16#$+5#'6=%>(6)3)%
$';;(%$'62#5#'6)%2:16(%2#)$1))#'6%"31))#(D%%
%\'15(F'#)% <+% >(")>($5#I(% U+65#(66(=% +#6)#% $?'#)#(% >'1"% <()% +I+65+B()% 91(%
>"3)(65+#(65%+1G%T(1G%2()%>(6)(1")%;'2("6()%)+%;35+>?T)#91(%2()%;]1")=%()5%+>>+"1(%
+))(@%"+>#2(;(65%#6$';>+5#4<()%+I($%<()%(G#B(6$()%2(%<+%F#6%21%)#R$<(%2("6#("%(5%2(%<:+14(%
2(%6'5"(%)#R$<(D%S';;(65%F+#"(=%(6%(FF(5=%>'1"%91(=%6'6%><1)%<+%81)5#$(%'1%<(%&#(6=%;+#)%16(%
I#(% 81)5(% '1% 16(% I#(% <#4"(=% >1#))(% 2(I(6#"% ;+% I#(% K35+65% 2'663% 91:(<<(% 6(% <:()5% >+)L%^%
_'5'6)%+1%>+))+B(%91(%<:'"#(65+5#'6%6'1I(<<(%2(%$(%91()5#'66(;(65%)(%5"'1I(%15#<(;(65%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
.%`'#"%OXabc%ND=%67&$-(./0./%!/2")#(,.=%5"+2D%SD%X12+"2=%d+"#)=%c(1#<=%.77eD%%
,%`'#"%AX&EO*Xc%ND=%89:);!,./;"1%(,/</!-,7&$%$'(./0./%!/;"1%(,(#&/,$55./0(5.*)($*/,$*)#(#"#(3./0./%!/)$,(&#&/
1$"-'.$().=%5"+2DD%*+"$%2(%b+16+T=%d+"#)=%d+T'5=%.77eD%
V%`'#"%H%$(%>"'>')%<+%F+f'6%2'65%O'4("5%_'@#$U%+%>1%(6I#)+B("%16(%)'$#353%$'6)5"1#5(%$';;(%16%g%$+6(I+)%
2:15'>#()%h%'i%$?+91(%#62#I#21%35+#5%<#4"(%2:3<#"(%)'6%$?'#G%2(%I#(%)'$#+<(=%2(%<(%>+"5+B("%+I($%2:+15"()=%(5%
2:(6%$?+6B("%H%)'6%B"3%K_jkZSC%OD=%=*!-,7(.>/?#!#/.#/"#$;(.=%$?+>D%l=%5"+2DD%ED%2:X1@+$%2(%b+;+"5#6(=%d+"#)=%
dmn=%.7ooD%

!"#$%&'"#()%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%*+")%,-./%
%
,%
"3)1;3% >+"% N12#5?% &15<("=% +1% ;';(65% 'i% (<<(% >"'>')(% 2(% "(F'";1<("% 2(% F+f'6%
#65(""'B+5#I(% <(% $'6)5+5% 2:X2'"6'% g%91:'6% 6(% >(15% ;(6("% 16(% I#(% 4'66(% 2+6)% 16(% I#(%
;+1I+#)(%h%J% >')+65% +#6)#% <+% 91()5#'6%Y% g%S';;(65% >(15p'6% ;(6("% 16(% I#(% 4'66(% 2+6)%
16(% I#(% ;+1I+#)(%^%hqD% n'"$(% ()5% +#6)#% 2(% $'6)5+5("% 91(% 6'1)% 6(% >'1I'6)% +18'1"2:?1#%
#B6'"("% 16% +>>(<% H% 23>+))("% 16(% +>>"'$?(% 2(% <+% 81)5#$(% 4'"63(% +1G% $'62#5#'6)%
$'65"+$51(<<()% 2:16% +$$'"2% 2()% I'<'653)% >+"5#$1<#R"()% K(G(;><+#"(;(65% )("I#(% >+"% <+%
$'6$(>5#'6%>"'$321"+<(%2(%<+%81)5#$(%$?(@%O+P<)L%$';;(%+1G%$'62#5#'6)%>("F'";+5#I()%
2:16(% 35?#91(% 2(% <+% 2#)$1))#'6=% >(6)3(% H% >+"5#"% 2(% )#51+5#'6)% $';;16#$+5#'66(<<()%
)$?3;+5#91()% K"(>3"+4<()% $?(@% A+4(";+)LD% 0(% <H% 6+91#5% <(% 4()'#6=% +>"R)% $(% ;';(65%
U+65#(6=% 2(% "(I(6#"% H% A(B(<D% S(% 4()'#6% ):(G>"#;(% +18'1"2:?1#% $';;(% 16(% +55(65(=%
"())(65#(%>+"%<()%#62#I#21)%?#)5'"#$#)3)%(5%)'$#+<#)3)%91(%6'1)%)';;()=%2(%I'#"%$'6$#<#3()%
16(% "3F<(G#'6% )1"% <()% 6'";()% K91(% 2(I'6)% 6'1)% F+#"(%^L% (5% 16(% "3F<(G#'6% )1"% 6')% I#()%
'"2#6+#"()=%><15r5%91(%2(%6'1)%)+5#)F+#"(%2:16(%>(6)3(%(G$(65"3(%>+"%"+>>'"5%H%6')%I#()D%
S(% "(5'1"% H% A(B(<=% (5% 5'15% >+"5#$1<#R"(;(65% H% )+% >?#<')'>?#(% 21% 2"'#5=% )(% "(;+"91(%
>"#6$#>+<(;(65% 2+6)% 5"'#)% 5(62+6$()% 2(% <+% >?#<')'>?#(% $'65(;>'"+#6(%Y% $?(@% <()%
>?#<')'>?()% 2#5)% g%$';;16+15+"#(6)%h=% $?(@% <()% >?#<')'>?()% 2#5)% g%63'p
P#55B(6)5(#6#(6)%h=%(6F#6=%$?(@%<()%>(6)(1")%2(%<+%>?#<')'>?#(%)'$#+<(D%%
%S?(@% <()% g%S';;16+15+"#(6)%h% 5'15% 2:+4'"2=% 6'1)% "(6$'65"'6)% (6% (FF(5% 16(%
5(65+5#I(% 2(% >(6)("% 16(% )3$1<+"#)+5#'6% 2()% $?'#G% #62#I#21(<)=% 2(% F+f'6% H% $(% 91(% $()%
2("6#(")%)(%"(23$'1I"(65%#6)$"#5)%2+6)%2()%>"'$())1)%K6+51"(<=%?#)5'"#91(=%)'$#+<L=%91#%<()%
>"3$R2(65%(5%<()%(6I(<'>>(65D%S?+"<()%\+T<'"%F'";1<(%+#6)#%$(55(%5(65+5#I(%Y%g%S';;(65%
+<<#("% <+% ><1)% B"+62(% +15'6';#(% ;'"+<(% H% <+% ><36#512(% 2(% <+% $';;16#'6% +I($% <(% I+)5(%
$'1"+65%I#5+<%91#%$#"$1<(%(6%6'1)%(5%?'")%2(%6'1)%^%hsD%%\+T<'"%35+4<#5%+<'")%(G><#$#5(;(65%
16%<#(6%(65"(%<+%>?#<')'>?#(%21%2"'#5%91#%35+#5%$(<<(%2(%A(B(<%H%<+%F#6%21%lZlR;(%)#R$<(%(5%
$(55(%+>'"#(%2(%<+%>(6)3(%$'65(;>'"+#6(=%(6%;'65"+65%91(%A(B(<%(6%)'6%5(;>)%+I+#5%H%
"3)'12"(% 16% >"'4<R;(% 2(% ;M;(% 6+51"(%Y% #<% "+>>(<<(% (6% (FF(5% 91(% $(% 2("6#("% ):35+#5%
3I("513% H% $'6$#<#("% <+% I'<'653% 2:%g%#653"#'"#)+5#'6%h% >'"53(% >+"% b()% b1;#R"()=% +1%
;'1I(;(65%#6I(")(%2:%g%(G>"())#'6%h=%>'"53%>+"%<(%@#"-5/"*0/+-!*'D%
%S?(@% <()% g%63'pP#55B(6)5(#6#(6)%h% 2:+15"(% >+"5=% <:#653"M5% >'1"% <+% >?#<')'>?#(%
?3B3<#(66(% )(% 5"'1I(% 3I(#<<3% >+"% 16(% I'<'653% 2(% $';>"(62"(% $';;(65% >(1I(65%
):+"5#$1<("%"+#)'6%5?3'"#91(%(5%"+#)'6%>"+5#91(=%>'1"%"(62"(%$';>5(%2(%F+f'6%$'?3"(65(%
2(% 6')% "+#)'6)% 2:+B#"D% \(<<(% ()5% <+% ;'5#I+5#'6% 2(% `#6$(65% 0()$';4()% <'")91(=%
"3F<3$?#))+65% +1% )5+515% 2'14<(;(65% 6'";+5#F% (5% >("F'";+5#F% 2(% <+% 6'5#'6% ?3B3<#(66(%
2:%g%()>"#5% '48($5#F%h=% #<% (6% I#(65% F#6+<(;(65% H% (691M5("% )1"% <+% ;+6#R"(% 2'65% <()%
#6)5#515#'6)=%91#%)'65%H%<+%F'#)%2()%3<3;(65)%21%;'62(%(5%2()%3<3;(65)%#23+1G=%+B#))(65/D%%
% X1%)(#6%2(%<+%>?#<')'>?#(%)'$#+<(%(6F#6=%6'1)%>'1I'6)%<#"(%16(%I'<'653%23$<+"3(%2(%
>"'$32("%H%16(%g%"3+$51+<#)+5#'6%2(%<+%>?#<')'>?#(%?3B3<#(66(%21%2"'#5D%h%XG(<%A'66(5?%
3$"#5% +#6)#%Y% g%_'1)% )("#'6)% KtL% 4#(6% #6)>#"3)% 2(% "(>"(62"(% H% 6'5"(% $';>5(=% ;+#)% H%
6'1I(+1G%F"+#)=%<:#65(65#'6%91#%F15% $(<<(% 2(% A(B(<% 2:3<+4'"("%16(%5?3'"#(%2(%<+%81)5#$(%H%
>+"5#"%2()%>"3$'62#5#'6)%)5"1$51"(<<()%2(% 6')%)'$#353)D%heA'66(5?%I(15%;'65"("%#$#% 91(%
<()% )'<15#'6)% 91(% <(% 2"'#5% '1% <+% ;'"+<(% >"'>')(65% >'1"% "3)'"4("% <()% 2#FF3"(65()%
>+5?'<'B#()%2(%<+%)'$#353%;'2("6(%)'65%I+#6()=%2R)%<'")%91:(<<()%)(%"(F1)(65%H%>"(62"(%(6%
$';>5(%2()%)#51+5#'6)%I3$1()%>+"%2()%#62#I#21)%91#%)'1FF"(65D%S:()5%>'1"91'#%<+%<#4("53%
81"#2#91(%(5%;'"+<(%6(%)'65%91(%2()%F'";()%>'))#4<()%2(%<#4("53=%H%<:#6I(")(%21%)(6)%)'$#+<%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
q%&m\bEO%N12#5?=%A"B.)#C,./D"B"*./3(./1$**./E=%>D%s/=%5"+2D%*D%O1(FF=%d+"#)=%d+T'5=%,-.qD%
s%\XubjO%S?+"<()=%F.'.%/.#/%!/)$,(&#&/5$0.-*.=%>D%7=%5"+2D%dD%OD%0()"')#(")=%d+"#)=%S("F=%.77oD%
/%0EcSj*&Ec%`#6$(65=%8.)/(*)#(#"#($*)/0"/).*)=%>>D%,/epV-o=%d+"#)=%*#61#5=%.77/D%
e%Aj__E\A%XG(<=%8./0-$(#/0./%!/%(1.-#&=%>D%.o=%5"+2D%nD%N'<T%(5%dD%O1)$?=%d+"#)=%v+<<#;+"2=%,-.sD%

!"#$%&'"#()%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%*+")%,-./%
%
V%
2(%<+%<#4("53%91(%A'66(5?%"($'66+w5%2+6)%<()%$'6$(>5)%?3B3<#(6)%2%x%g%35?#$#53%h%(5%2(%g%I#(%
35?#91(%h=%)(1<)%>"'>"()=%)(<'6%A'66(5?=%H%+15'"#)("%16(%<#4("53%(FF($5#I(D%%
% N(% I'12"+#)% 2'6$% ;:+>>1T("% )1"% $(% "(6'1I(+1% 91(% $'66+w5% +18'1"2:?1#% <+%
>?#<')'>?#(% ?3B3<#(66(% 21% 2"'#5=% 2(% F+f'6% H% (6% 5(65("% 16(%>"3)(65+5#'6%5(<<(%91:(<<(%
+>>+"+w5% H% )'6% 6#I(+1% <(% ><1)% +$?(I3%Y% 5(<<(% 91(% A(B(<% <+% >"'F())+#5% 2+6)% )'6% $'1")% H%
<:16#I(")#53%2(% &("<#6=%$'1")%2'65% #<%+%>14<#3%16%g%$';>(62#1;%h%(6%.o,-D% *'6% >"'>')%
$'6)#)5("+% #$#% H% ())+T("% 2(% "(62"(% ;+6#F()5(% $(% 91#=% 2+6)%<(%5(G5(%2()%G-(*,(;.)/ 0./ %!/
;7(%$)$;7(./ 0"/ 0-$(#%2(%.o,-
o=% +% >1% #65(">(<("% <()% ;'2("6()=% +1% >'#65% 2(% <()% 23$#2("%
+18'1"2:?1#%2(%>"'$32("%H%16(%g%"3+$51+<#)+5#'6%2(%<+%>?#<')'>?#(%?3B3<#(66(%21%2"'#5%hD%
% d'1"% $(% F+#"(=% 8(% ;(% 2(;+62("+#% 2:+4'"2% (6% 91'#% $'6)#)5(% <:'"#B#6+<#53% 2(% <+%
$'6$(>5#'6%91(%A(B(<%)(%F+#5%21%2"'#5D%N(%;(%>"'>')("+#%(6)1#5(%2:3512#("%<()%"3I'<15#'6)%
$'6$(>51(<<()% 91(% $(55(% 6'1I(<<(% $'6$(>5#'6% 21% 2"'#5% #;><#91(D% E6F#6=% 8(% )'1?+#5("+#)%
(G><#91("%>'1"91'#%<+%;'2("6#53%2(%<+%>?#<')'>?#(%?3B3<#(66(%21%2"'#5%5#(65=%H%;'6%)(6)=%
H%<:+)>($5%5'15%H%F+#5%+5T>#91(%2(%<:#6)5#515#'66+<#);(%91(%A(B(<%6'1)%(G>')(%(6%.o,-D%
%
%
%
%
%
I.# :;! *#./! ).;&/&'%! +$.-/3/;7+/'6! ,%! +7! ).;)%<'/.;! *#%! 2%3%+! &%! =7/&7/'! ,#! ,-./'! %;!
>?@A!4!
!
%b(% $+"+$5R"(% #632#5% 2(% <+% $'6$(>5#'6%91(%A(B(<%>"'>')(%21%2"'#5%(6%.o,-%
5"+6)>+"+w5%2+6)%<+%23F#6#5#'6%;M;(%91(%$(%2("6#("%3<+4'"(%2(%<+%6'5#'6D%A(B(<%3$"#5%(6%
(FF(5%Y%g%W1:16%M5"(p<H%(6%B363"+<%)'#5%<:H#-.C%I%2(%<+%3$%$*#&/%(1-.=%5(<%()5%<(%0-$(#D%y%#<%()5%2(%
$(%F+#5=%2(%;+6#R"(%B363"+<(=%<+%<#4("53%(6%5+65%91:#23(D%h%KGG+=%z,7=%>D%.eqLD%E6%(FF(5=%+<'")%
91(%6'1)%6'1)%F+#)'6)%'"2#6+#"(;(65%16(%$'6$(>5#'6%5"R)%"321#5(%(5%)14)5+65#+<#)5(%21%
2"'#5=%A(B(<%6'1)%>"'>')(%#$#%16(%$'6$(>5#'6%3<+"B#(%(5%>"'$())1(<<(D%
%
%B.;)%<'/.;! 6+7-3/%! ,#! ,-./'%5'15%2:+4'"2=% )#% <:'6% $'6)#2R"(% 6'5"(% 5(62+6$(%
?+4#51(<<(% H% $'6$(I'#"% )(1<(;(65% )'1)% $(55(% 6'5#'6% )'6% +)>($5% )5"#$5(;(65% 81"#2#91(=%
(<<(p;M;(%35"'#5(;(65% 23>(62+65(% 21% 2"'#5% 2(% >"'>"#353% K")")=% 4-",#")=% !1")")LD% S(55(%
$'6$(>5#'6%5"+2#5#'66(<<(%21%2"'#5%35+#5%2:+#<<(1")%$(<<(%<H%;M;(%91:+))1;+#5%E;;+61(<%
C+65% (6% .e7sD% X>"R)% +I'#"% 2#)5#6B13% +1% )(#6% 2()% <'#)% ;'"+<()=% <()% <'#)% 35?#91()=%
g%>"#6$#>()% 2(% 235(";#6+5#'6% 2()% +$5#'6)%h=% (5% <()% <'#)% 81"#2#91()% 91#% 6(% )'65% $(6)3()%
$'6$("6("% g%91(% 2()% +$5#'6)% >1"(;(65% (G53"#(1"()%h7=% $(% 2("6#("% (6% I(6+#5% (6% (FF(5% H%
23F#6#"%<(%2"'#5%$';;(%<+%"()5"#$5#'6%2(%<:+"4#5"(=%2(%5(<<(%)'"5(%91:#<%>1#))(%$'(G#)5("%+I($%
<:+"4#5"(%2(%91#$'691(%)(<'6%16(%<'#%16#I(")(<<(=%+FF#";+65%+#6)#%91(%g%<(%2"'#5%(5%<+%F+$1<53%
2(% $'65"+#62"(% )#B6#F#(65% 2'6$% 16(% )(1<(% (5% ;M;(% $?')(D%h.-%C+65%"(8'#B6+#5%+#6)#%<()%
>+"5#)+6)%%2:16(%5"+2#5#'6%81"#2#91(%238H%5"R)%>"3B6+65(%$?(@%b'$U(%'1%$?(@%8(+6%N+$91()%
O'1))(+1=%)(<'6%<+91(<<(%<(%2"'#5%;+"91(%<(%5(";(%21%2")/(*/$5*(!>/>'1"%6(%):+FF#";("%)1"%
$(% 5(""+#6% )5"#$5(;(65% 81"#2#91(% 91(% $';;(% 2"'#5% 2(% $'65"+#62"(%J% n#$?5(=% 2:+#<<(1")=%
$'6F#";("+=% H% <+% )1#5(% 2(% C+65=% $(55(% $'6$(>5#'6% 21% 2"'#5% 91(% 6'1)% +))1;'6)% (6$'"(%
+18'1"2:?1#%'"2#6+#"(;(65D%%%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
o%AEvEb%vD%aD%nD=%G-(*,(;.)/0./%!/;7(%$)$;7(./0"/0-$(#=%5"+2D%N(+6pn"+6f'#)%C("I3B+6=%d+"#)=%dmn=%,-.V%K6'53%
GG+LD%
7%CX_\%ED=%J&#!;7K)(D"./0.)/5L"-)/Z=%Z65"'21$5#'6%ZZ=%>D%./V=%5"+2D%XD%O(6+15=%d+"#)=%n<+;;+"#'6=%.77qD%
.-%CX_\%ED=%J&#!;7K)(D"./0.)/5L"-)/ZZ=%0'$5"#6(%21%2"'#5=%Z65"'21$5#'6=%>D%.7=%5"+2D%XD%O(6+15=%n<+;;+"#'6=%
.77qD%

!"#$%&'"#()%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%*+")%,-./%
%
q%
%j"=%H%<+%2#FF3"(6$(%2(%$(%91(%6'1)%I(6'6)%2:'4)("I("=%A(B(<%23$#2("+%2(%$'6)("I("%
$(55(%+>>"'$?(%)5"#$5(;(65%$'65"+#B6+65(%21%2"'#5%6'6%>+)%H%5'15%<(%2"'#5=%;+#)%H%<+%)(1<(%
2#;(6)#'6%21%g%2"'#5%)5"#$5%h%'1%g%2"'#5%+4)5"+#5%h%K2#;(6)#'6%81"#2#91(%21%2"'#5LD%Z<%35(62%
+#6)#%<(%2"'#5%H%5'15%$(%91#%"(<RI(%2(%<:.44.,#"!#($*=%2+6)%<+%)'$#353%(5%2+6)%<:?#)5'#"(%K2+6)%
<+%I#(L=%2:16%2"'#5%91#%6:(G#)5(%2:+4'"2%91:(6%5+65%91:#23(%$'65(61(%2+6)%<+%I'<'653%<#4"(D%
S:()5% >'1"91'#% <:#23(% 2(% <#4("53=% (6$'"(% 5"R)% +4)5"+#5(=% +15"(;(65% 2#5% #6$';><R5(=% +1%
6#I(+1% 21% 0-$(#/ 2"-(0(D"./ (5% 21% 0-$(#/ 5$-!%=% ):35(62% (6F#6=% (5% 2(% F+f'6% #632#5(=% H% 2()%
)>?R"()%2(%<+%I#(%)'$#+<(%Y%H%<+%F+;#<<(=%+1%2';+#6(%3$'6';#91(%21%5"+I+#<%(5%2()%3$?+6B()%
K<+%g%)'$#353%$#I#<(%hL=%H%<:!5+5=%(5%(6F#6%H%<:?#)5'#"(=%(65(621(%$';;(%2"'#5%'1%5"#416+<%21%
;'62(D%
%
%c#%<:'"#B#6+<#53%21%2"'#5%?3B3<#(6%$'6)#)5(%2'6$%4#(6%2+6)%16(%$'6$(>5#'6%3<+"B#(%
21% 2"'#5=% (<<(% $'6)#)5(% +1))#% 2+6)% #;%! ).;)%<'/.;! <-.)%&&#%++%! 2(% $(<1#p$#D% b(% 2"'#5%
81"#2#91(% (6% (FF(5=% 6(% )(% $'65(65(% >+)% 2(% ):35(62"(% +1% 2"'#5% ;'"+<=% H% <:&#7(,(#&%
K@(##%(,7M.(#L=% (5% (6F#6% H% <:?#)5'#"(D% A(B(<% >(6)(% <(% 2"'#5% $';;(% 16% >"'$())1)%
2:(FF($51+5#'6%2(%<:#23(%2(%<#4("53=%H%>+"5#"%2(%)()%F#B1"()%<()%><1)%+4)5"+#5()%K#6$';><R5()%
2'6$L%81)91:H%)()%F#B1"()%<()%><1)%$'6$"R5()D%j6%>+"5%+#6)#%21%g%2"'#5%)5"#$5%h=%g%+4)5"+#5%h%
>+"$(%91:#<%6(%23)#B6(%91:16(%$+>+$#53%F'";(<<(%Y%$(<<(%2:+$913"#"%(5%2:3$?+6B("%>'1"%<+%
g%>(")'66+<#53%81"#2#91(%h=%81)91:H%<:!5+5=%23F#6#%$';;(%g%<:(FF($5#I#53%2(%<:#23(%35?#91(%h%
KGG+=%z,seL=%"($'661%$';;(%<(%<#(1%'i%<:#23(%2(%<#4("53%F#6#5%>+"%M5"(%5'15%$(%91:(<<(%2'#5%
M5"(D%E6%;M;(%5(;>)=% #<%F+15%#$#%$';>"(62"(%<(% >"'B"R)%2(%<:#23(%2(% <#4("53%$';;(%16%
B+#6%5'18'1")%><1)%+I+6$3%2(%"+5#'6+<#53%91(%<+%<#4("53%+$91#("5%(6%)(%)3$1<+"#)+65%(5%(6%
):16#I(")+<#)+65D% j6% $';>"(62% +#6)#% 91(% <+% 3(./ &#7(D"./ 21% 4'1"B('#)=% 91#% >(15%
(FF($5#I(;(65%+$913"#"%(5%3$?+6B("%)'#5%><1)%+$$';><#(=%;'#6)%+4)5"+#5(=%91(%$(<<(%2(%<+%
g%>(")'66+<#53% 81"#2#91(%h=% 91#% 6(% 2#)>')(% 91(% 2(% <+% $+>+$#53% F'";(<<(=% I#"51(<<(=% H%
(FF($51("% $(<+D% *+#)% '6% $';>"(62% +1))#=% 2(% <+% ;M;(% F+f'6=% <+% "+#)'6% 91#% F+#5% 91(% <+%
$'6)$#(6$(%21%$#5'T(6%)'#5%><1)%+$?(I3(%91(%$(<<(%21%4'1"B('#)=%91#%6(%I(15%>+)%<(%<#(6%
)'$#+<%91:#<%$'65"#41(%;+<B"3%<1#%H%5#))("%KX2+;%c;#5?%)'1<#B6("+%91(%$:()5%#$#%<(%F+#5%2:16(%
g% ;+#6% #6I#)#4<(%h% #65(">"353(% >+"% A(B(<% $';;(% 16(% '"2'66+6$(% 2()% +$5#I#53)%
3$'6';#91()%2'65%<()%#62#I#21)%2(;(1"(65%#6$'6)$#(65)LD%
%
N.5!-D"./Y%S(55(%>"'B"())#'6%2(%<:#23(%2(%<#4("53%2'#5=%H%;'6%)(6)=%6'1)%2#))1+2("%16(%
4'66(%F'#)%>'1"%5'15()%2(%5"+21#"(%@(##%(,7M.(#%>+"%g%;'"+<#53%'48($5#I(%h=%$+"%H%F+#"(%$(<+=%%
'6% '14<#(% >"3$#)3;(65% $(55(% >"'B"())#'6D% S:()5% >'1"91'#% 8(% )1BBR"(% 2:+2'>5("%
23F#6#5#I(;(65% <+% 5"+21$5#'6% 2(% @(##%(,7M.(#%>+"%&#7(,(#&=% $';;(% <(% F+#5% N(+6% n"+6f'#)%
C("I3B+6D%
%
% S(55(%>"'B"())#'6%21%2"'#5%$';;+62(%+<'")%16(%23;1<5#><#$+5#'6%21%2"'#5D%A(B(<%
6'5(% +<'")% 91(% g%$?+91(% 2(B"3% 21% 23I(<'>>(;(65% 2(% <:#23(% 2(% <#4("53% +% )'6% 2"'#5% (6%
>"'>"(=%>+"$(%91:#<%()5%<:M5"(p<H%2(%<+%<#4("53%2+6)%16(%2(%)()%235(";#6+5#'6)%>"'>"()D%h%
KGG+=%zV-=%>>D%.esp.e/LD%j6%>(15%#$#%2#)5#6B1("%2(1G%35+>()%>"#6$#>+<()%2+6)%<(%5(G5(%2(%
.o,-D%
%\'15%2:+4'"2=%<(%2"'#5%2(%<+%g%>(")'66+<#53%81"#2#91(%h=%)#;><(%$+>+$#53% I#"51(<<(%
2:+$913"#"% (5% 2:3$?+6B("=% >"'B"())(% +1% 6#I(+1% )1>3"#(1"% 21% 2"'#5% 2(% <+% g%>(")'66(%
;'"+<(%h=% F'";(% 2(% <#4("53% )(<'6% <+91(<<(% <:#62#I#21% )(% "(62% $+>+4<(% 2:+$$'"2("% 16(%
I+<(1"% 16#I(")(<<(% H% )()% #653"M5)=% +#6)#% 91(% 2:(FF($51("% )+% I'<'653% <#4"(% 2+6)% <:+$5#'6%
;'"+<(%K`'#"%GG+=%z..VLD%
d1#)=% A(B(<% 6'1)% >"'>')(% 2(% >+))("% 2()% 2#;(6)#'6)% +4)5"+#5()% 21% 2"'#5% H% )()%
2#;(6)#'6)% <()% ><1)% $'6$"R5()%Y% g%b:35?#$#53% ()5% <:(0&./ 2(% <+% <#4("53% (6% 5+65% 91(% &#(6%

!"#$%&'"#()%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%*+")%,-./%
%
s%
I#I+65D%h% KGG+=% z.q,=% >D% V.sLD% \'15% $';;(6$(% #$#% +I($% <()% ;(;4"()% 2(% <+% F+;#<<(=% 91#%
(G("$(65% <(1"% <#4("53% (6% >"(6+65% )'#6=% >+"% +;'1"=% 2(% )+5#)F+#"(% <()% 4()'#6)% 2(% 5'1)% <()%
+15"()%;(;4"()%+1G91(<)%#<)%)'65%<#3)%2+6)%$(55(%$';;16+153D%A(B(<%):#653"())(%(6)1#5(%
H%<+%I#(%21%4'1"B('#)=%91#%"(62%23)'";+#)%(FF($5#F%$(%91#%6:35+#5%91:16(%>'))#4#<#53%>'1"%<+%
>(")'66+<#53%81"#2#91(=%(5%91#%16#I(")+<#)(%<(%&#(6%2(%<+%F+;#<<(%+1%)(#6%2(%$(%91:#<%+>>(<<(%
<:%g%!5+5%(G5("6(%h=%'1%g%!5+5%21%4()'#6%h=%+1%)(#6%2191(<%<()%#62#I#21)%6(%5#))(65%(65"(%(1G%
91:16% <#(6% g%2:#65("23>(62+6$(% +I(1B<(D%h% KGG+=% z.oVLD% X>"R)% $(<+=% b(% 2"'#5% >"'B"())(%
81)91:+1% 2"'#5% 21% $#5'T(6=% 91#% >"(62% (FF($5#I(;(65% $'6)$#(6$(% 21% <#(6% )'$#+<% 91(% <(%
4'1"B('#)%6(%5#))(%91(%2(%F+f'6%#6$'6)$#(65(D%S:()5%>'1"91'#%A(B(<%23F#6#5%<:!5+5%$';;(%
g%<:(FF($5#I#53%2(%<:#23(%35?#91(%KO1(0P>/ z,seL% (5% g%<(% -!#($**.%%(6p)'#% (5% >'1"p)'#D%h%KO1(0P>/
z,soLD% S(% H% 91'#% #<% F+15% (6F#6% +8'15("% <(% 2"'#5% 21% >?#<')'>?(=% 2"'#5% 2:#""#B1("% <+% I#(% 2(%
<:()>"#5=%91:#<%F+15%(65(62"(%(6%2(1G%)(6)D%E6%16%>"(;#("%)(6)=%#<%):+B#5%2(%$'6)#23"("%<+%
I'$+5#'6% 2(% $(% 2("6#("% H% 3$<+#"("% <(% )(6)% 2()% F#B1"()% >+))3()% 2(% <:?#)5'#"(D% A(B(<%
(;>"165(%+#6)#%H%c$?#<<("%<:(G>"())#'6%)1#I+65(%Y%g%b:?#)5'#"(%21%;'62(%()5%<(%5"#416+<%21%
;'62(D%h% KO1(0P=% zzVq-pVq.LD% E6% 16% )($'62% )(6)=% A(B(<% )'1<#B6(% 91(% <(% >?#<')'>?(%
(6$'1"+B(% <(% >"'$())1)% #6F#6#% 2(% <+% $1<51"(% H% >+))("% H% +15"(% $?')(% (6% g%$'1>+65% <()%
>'65)%h% +I($% <()% F#B1"()% >+))3()% (5% (65(621()% 2(% <:?#)5'#"(=% (5% H% F+#"(% +#6)#% 91(% <:()>"#5%
5?3'"#91(%)(%F+))(%()>"#5%>"+5#91(D%
%
j6% >(15% 2'6$% 23)'";+#)% 2"())("% 16% 4#<+6% 2(% <:#653"M5% 91(% >"3)(65(% $(55(%
$'6$(>5#'6%3<+"B#(%(5%>"'$())1(<<(%21%2"'#5=%)(<'6%<()%91+5"(%>'#65)%)1#I+65)%Y%
%
.D b(%2"'#5%?3B3<#(6%6(%)#B6#F#(%>+)%<+%>"#I+5#'6%'1%<+%$'65(65#'6%2:16(%<#4("53/%%
)1>>')3(%238H%)14)5+65#(<<(;(65%235(61(=%+$91#)(%>+"%<()%#62#I#21)%91(%
6'1)% )';;()D% Z<% )#B6#F#(% +1% $'65"+#"(% 16% >"'$())1)% 2:(FF($51+5#'6% 2(%
<:#23(%2(%<#4("53D%
%
,D b(% 2"'#5% ?3B3<#(6% 6:()5% >+)% <:+FF+#"(% 2(% <:#62#I#21D% Z<% ()5% +FF+#"(%%
2:#65(")148($5#I#53D% Z<% ()5% (6% (FF(5% <#3% H% <+% F+f'6% 2'65% <()% #62#I#21)% % (6%
)'$#353%"3>'62(65%+1G%+55(65()%6'";+5#I()%2()%+15"()=%(5%+55(62(65%2()%
+15"()%<+%;M;(%)+5#)F+$5#'6%2(%<(1")%>"'>"()%+55(65()%6'";+5#I()=%#))1()%
21%4()'#6%'1%2(%<:#653"M5D%E6%$(%)(6)=%#<%()5%)+6)%2'15(%15#<(%2(%"(<#"(%<(%ze%
2()% ;-(*,(;.)/ 0./ %!/ ;7(%$)$;7(./ 0"/ 0-$(#=% 2+6)% <(91(<% A(B(<% 6'5(% 91(%
<:+;'1"%(5%<:+;#5#3%)'65%H%$'6)#23"("%$';;(%2()%)5"1$51"()%())(65#(<<()%
21%2"'#5=%)(%23I(<'>>+65%)'1)%<+%F'";(%2(%<+%$'6F#+6$(%(5%2(%<:()5#;(%+1%
6#I(+1%2(%<+%)'$#353%$#I#<(=%(5%)'1)%<+%F'";(%21%>+5"#'5#);(%+1%6#I(+1%2(%
<:!5+5D%A(B(<%3$"#5%+#6)#%Y%g%Z$#=%'6%6:()5%><1)%+1p2(2+6)%2(%)'#%2(%;+6#R"(%
16#<+53"+<(=% '6% )(% "()5"(#65% +1% $'65"+#"(% I'<'65#(")% (6% $(% 91#% "(B+"2(%
91(<91(% $?')(% 2:+15"(=% ;+#)% 2+6)% $(55(% "()5"#$5#'6% '6% )(% )+#5% $';;(%
{35+65|% )'#p;M;(D%h% KO1(0PLD% b(% 2"'#5% )(% 5"+21#5% 2'6$% +FF($5#I(;(65%
$';;(%<(%)(65#;(65%2:%g%M5"(=%2+6)%$(5%+15"(=%+1>"R)%2(%)'#p;M;(%h%KQ.(C
)(,7C).%1)#C@.(*/(5/=*0.-.*=%O1(0PLD%
%
%
VD A(B(<%)(%"(F1)(%H%(65(62"(%2+6)%<+%6'5#'6%2(%2"'#5=%)#;><(;(65%$(%91#%)(%
5"'1I(% #6)5#515#'66(<<(;(65% >')3% 2+6)% <+% )'$#353% (5% 2+6)% <:?#)5'#"(%
K<:(6)(;4<(% 2()% $'2()=% 2()% <'#)=% 2()% #6)5#515#'6)% $'151;#R"()=% (5$DLD% b(%
2"'#5% 2'#5% +1))#% +2;(55"(% (6% )'6% )(#6% <()% $'62#5#'6)% 2(% )+% >"'>"(%
"3I#)#'6=% $'65()5+5#'6=% >"'B"R)D% S:()5% >'1"91'#% <+% ;'"+<#53% F+#5% >+"5#(%