! "
!"#$%&'(&)#**%(+,-./0*.120+#3%(1%&'#/*&"#&3+.*%&%/&$2#+4%&3"(+.'.*$.3"./#.+%&'%*&'5("5(+%(6&
$2+5/.7(%*&%/&8%/1+%&'%&9+#.1%)%/1&'%&"#&:5("%(+!
;/40".7(%&<#'#('=&<(".%/&>.?#+'=&8"#('./%&:#/4"51=&@#+$&A5(+/%#(=&B5(%//&C#D#1&
!!8%/1+%&'EFG#"(#1.5/&%1&'%&9+#.1%)%/1&'%&"#&:5("%(+=&8HI&>#/1%*&
&
&
&
&
&
J0*()0&
&
#$!%&'()&*+(,-.$/*$!.-,*&0&.$!1!23(2-45,-*&5'!63547$0*&8)!.$,)5''-2&)()!25,)!6$!2-!.,&)$!$'!0+-,9$!6/!
65/25/,$/:!0+,5'&;/$<!'5'!.2/)!0$'*,()!$:02/)&=$>$'*!)/,!23->(2&5,-*&5'!6$)!.+('5>?'$)!65/25/@
,$/:<!>-&)!-/))&!)/,!0$22$)!6$!)$)!.$,85,>-'0$)!85'0*&5''$22$)<!05'*,&4/-'*!1!23->(2&5,-*&5'!6$!)-!
;/-2&*(!6$!=&$A!#$)!6&88(,$'*$)!>(*+56$)!.,5.5)($)!6-')!0$!0-6,$!.-,!2$!%&'()&*+(,-.$/*$!)5'*!.-)@
)($)!$'!,$=/$!B!0$22$)@0&!'$!65&=$'*!.-)!)$!2&>&*$,!-/:!*$0+'&;/$)!-'*-29&;/$)<!>C>$!)&!$22$)!.$/=$'*!
.-,85&)!-=5&,!6$)!,()/2*-*)!&'*(,$))-'*)<!'5*->>$'*!.5/,!2$)!DEFG<!)5/)!,()$,=$!;/$!2$)!*$0+'&;/$)!
$>.25H($)!!)5&$'*!05,,$0*$)A!#$!*,-=-&2!,((6/0-*&8!05>.,$'6!)5/=$'*!/'$!05>.5)-'*$!6$!,($'*,-I@
'$>$'*!1!23$885,*<!2$!*,-=-&2!6$!2-!)5/.2$))$<!$*!6$)!(2(>$'*)!63$,95*+(,-.&$A!#3-0*&5'!6/!%&'()&*+(,-@
.$/*$!65&*!&6(-2$>$'*!C*,$!&'*(9,($!1!2-!6(>-,0+$!6$!23(;/&.$!.2/,&6&)0&.2&'-&,$<!0$!;/&!8-=5,&)$!
23&'=$)*&))$>$'*!6/!.-*&$'*!6-')!)-!.,&)$!$'!0+-,9$!)/,!2-!6/,($<!$*!->(2&5,$!2-!;/-2&*(!6$)!,()/2*-*)!
85'0*&5''$2)!54*$'/)A&
&
&
@51*,$"0*&K&-./0*.120+#3.%,32L*.5120+#3.%,&8%/1+%&'%&9+#.1%)%/1&'%&"#&:5("%(+,&3"(+.'.*$.3".,
/#+.10&
!
!
M/1+5'($1.5/&
&
F5/)! -45,6$,5')! 2$)! 547$0*&8)! 6$! 23&'*$,=$'*&5'! 6/! J-))$/,@K&'()&*+(,-.$/*$! -/.,?)! 6$)! .-*&$'*)!
65/25/,$/:! 0+,5'&;/$)<! $'! 6(0,&=-'*! )-! .-,*&0&.-*&5'! 1! 2-! 6(8&'&*&5'! 63547$0*&8)! .$,)5''-2&)()! 6$!
.,&)$!$'!0+-,9$!.5/,!2$!.-*&$'*<!.-,*&0/2&?,$>$'*!$'!*$,>$)!85'0*&5''$2)!$*!6$!=&$!;/5*&6&$''$!L!2$)!
>5H$')! /*&2&)()! .5/,! H! .-,=$'&,!L! $*! 2$)! >56-2&*()! 63&'*(9,-*&5'! 6/! *,-=-&2! 6/! %&'()&*+(,-.$/*$! -/!
)$&'!6$!23-..,50+$!.2/,&@6&)0&.2&'-&,$A!M$**$!-,*&0/2-*&5'!*+(,-.$/*&;/$<!$))$'*&$22$<!.$,>$*!6$!6(8&'&,!
/'! .,57$*! 6$! )5&')! 05>>/'! 02-&,! .5/,! 2$! .-*&$'*<! -/;/$2! 23$')$>42$!6$)!&'*$,=$'-'*)!>(6&0-/:!$*!
.-,->(6&0-/:!*&$'6,5'*!/'!6&)05/,)!05+(,$'*A!
!
MN&OPD%$1.Q*&'%&"E#33+5$2%&-./0*.120+#3.7(%&'(&'5("5(+%(6&$2+5/.7(%&
&
"A"A!N=-'*!*5/*$!&'*$,=$'*&5'!*+(,-.$/*&;/$=&"#&'0Q./.1.5/&'%&$+.1R+%*&'%&D(4%)%/1=&3(.*&'E5PD%$1.Q*&
Q5/$1.5//%"*&$*!6$!=&$!;/5*&6&$''$!1!2-!.,&)$!$'!0+-,9$<&$'!05')*&*/$!/'$!.+-)$!$))$'*&$22$A!
O2!&>.5,*$!$'!$88$*!6$!6(0$'*,$,!23-**$'*&5'!6/!.-*&$'*!)/,!23->(2&5,-*&5'!6$!)-!)$/2$!65/2$/,<!-/!4(@
'(8&0$!63/'$!->(2&5,-*&5'!85'0*&5''$22$!$*!6$!=&$!;/5*&6&$''$!P!>-,0+$<!-0*&=&*()!;/5*&6&$''$)<!>5'@
*($!$*!6$)0$'*$!63$)0-2&$,)<!)*-*&5'!-))&)$! 5/! 6$45/*<! 05'6/&*$!-/*5>54&2$<!.5,*! 6$! 0+-,9$)QR<! ;/&!
05'*,&4/$!'-*/,$22$>$'*!1!23->(2&5,-*&5'!6$!2-!;/-2&*(!6$!=&$!6/!.-*&$'*<!$*!1!8-=5,&)$,!2-!,(&')$,*&5'!
)50&-2$!$*!.,58$))&5''$22$A!
!
MNSN&;/1#"4.%=&+00'($#1.5/=&%+45120+#3.%&
@!#-!6&>&'/*&5'!6$)!65/2$/,)!!(*-'*!/'$!-**$'*$!&>.5,*-'*$!6/!.-*&$'*=&2$)!3+%).%+*&*5./*&-./0*.120,
+#3.7(%*& 3+535*0*& *5/1& 15(+/0*& G%+*& "E#/#"40*.%<! $*! .-,*&0&.$'*! 6$! 23(*-42&))$>$'*! 6$! 2-! ,$2-*&5'!
! S
*+(,-.$/*&;/$! $*! 6$! 2-! >&)$! $'! 05'8&-'0$! 6/! .-*&$'*<! '(0$))-&,$)! 1! )5'! -6+()&5'! 1! 2-! )*,-*(9&$! 6$!
)5&')!9254-2$!.,5.5)($A!
M$*!547$0*&8!-'*-29&;/$!65&*!C*,$!.,()$'*($!-=$0!6&)0$,'$>$'*!$'!.,(0&)-'*!-/!.-*&$'*!63/'$!.-,*!;/3&2!
/%&35(++#&*(33+.)%+&"%*&'5("%(+*<!!$*!63-/*,$!.-,*!;/3&2!'3$)*!3#*&(/%&Q./&%/&*5.=&%1&'5.1&3%+)%1,
1+%&'E%/4#4%+&"#&32#*%&*(.G#/1%&'%&"#&+00'($#1.5/=&$%""%&'%*&3+54+R*&Q5/$1.5//%"*N&
#$!%&'()&*+(,-.$/*$!.-,*&0&.-'*!1!2-!.,&)$!$'!0+-,9$!'5'!>(6&0->$'*$/)$!6$!2-!65/2$/,<!&2!05'*,&4/$!
1!2/**$,!05'*,$!!2$)!$88$*)!)$05'6-&,$)!6$!*,-&*$>$'*)!>(6&0->$'*$/:!-/!25'9!05/,)<!.-,*&0/2&?,$>$'*!!
$'!0-)!6$!*,5/42$)!6/!*,-')&*!5/!6$!23(;/&2&4,-*&5'A!
!@! #$! )$05'6! 547$0*&8! $)*! 6$! "(11%+&$5/1+%& "%*& $+5L#/$%*& %1&$5)35+1%)%/1&#/5+)#(6!6/!.-*&$'*!
8-0$!1!2-!65/2$/,!0+,5'&;/$!PJ-&'!$*!T-66$2<!"UQR<!;/&!$'9$'6,$'*!)5/=$'*!/'!6(05'6&*&5''$>$'*!
.+H)&;/$<!.)H0+5259&;/$<!$*!)50&5@.,58$))&5''$2<!&'*$,-9&))-'*!$'!0$,02$!=&0&$/:!-=$0!)-!65/2$/,A!
@!V((6/0-*&5'@!,(-6-.-*&5'!B!2$!%&'()&*+(,-.$/*$!(*-'*!63-=-'*-9$!5,&$'*(!=$,)!2-!.,&)$!$'!0+-,9$!6/!!
6(05'6&*&5''$>$'*!.+H)&;/$<!0$2/&@0&!$)*!-45,6(!63/'$!.-,*!)5/)!23-'92$!6/!,($'*,-I'$>$'*!1!23$885,*!
$*!63-/*,$!.-,*!)5/)!23-'92$!6$!2-!0&'()&5.+54&$!P.$/,!6/!>5/=$>$'*R!$*!6/!>-';/$!6$!W!82$:&4&2&*(!X!
P)5/.2$))$R!;/&!23-005>.-9'$'*A!#3-/*5@,((6/0-*&5'!H!75/$!/'!,Y2$!$))$'*&$2A!
@!E'8&'<!2$!%&'()&*+(,-.$/*$!.-,*&0&.$!-!2-!.,&)$!$'!0+-,9$!$,95*+(,-.&;/$!$*!$,95'5>&;/$!6/!65/25/@
,$/:!0+,5'&;/$<!8-=5,&)-'*!)-!,(&')$,*&5'<!$*!2-!.,(=$'*&5'!6$)!,$0+/*$)A!
!
&
MMN&JT"%&3+53+%&'(&-./0*.120+#3%(1%&%1&)0125'%*&(1.".*0%*&
!
#$)!547$0*&8)!.,&5,&*-&,$)!6$!2-!.,&)$!$'!0+-,9$!6$)!65/25/,$/:!0+,5'&;/$)!(*-'*!2-!>$&22$/,$!9$)*&5'!
6$)!65/2$/,)!-/!25'9!05/,)<!$*!2-!,$6H'->&)-*&5'!.+H)&;/$!$*!.)H0+5259&;/$<!.$,>$**-'*!2-!,(&')$,@
*&5'!)50&-2$!$*!Z5/!.,58$))&5''$22$!P"R<!2$)!>(*+56$)!.,5.5)($)!-/!.-*&$'*!65&=$'*!!C*,$!!)&>.2$)!$*!
63$>42($!5,&$'*($)!=$,)!23-/*5@,((6/0-*&5'<! .$,>$**-'*!2$!>-&'*&$'!6$)!-0;/&)<! $*! .-,*&0&.-'*!6$! 2-!
.,(=$'*&5'!6$)!,$0+/*$)!65/25/,$/)$)A!
#$)!.,&'0&.-2$)!>(*+56$)!/*&2&)($)!)5'*B!
UN&9%$2/.7(%*&#/1#"4.7(%*&
UNUN&C%& @#**#4%!$)*!/'$!45''$!>(*+56$!.5/,!(*-42&,!/'$!,$2-*&5'! )5&9'(! Z!)5&9'-'*! 6$! ;/-2&*(<!$*!
8-0&2&*$,!23-6+()&5'!6/!.-*&$'*!1!2-!.,&)$!$'!0+-,9$!.2/,&6&>$'*&5''$22$!;/&!2/&!$)*!.,5.5)($A!G5'!-0@
*&5'!-'*-29&;/$!$)*!85'0*&5'!6$)!*$0+'&;/$)!/*&2&)($)A!['!2/&!,$05''-I*!6$)!$88$*)!B!
@!!>(0-'&;/$)!250-/:!)/,!2$)!-6+(,$'0$)!0/*-'($)!$*!)5/)!0/*-'($)PS<!\R<!!
@!)/,!2$)!05'*,-0*/,$)!>/)0/2-&,$)<!!
@!0&,0/2-*5&,$)<!&'*(,$))-'*)!25,);/$!235'!)-&*!;/$!2$!)$/&2!63$:0&*-4&2&*(!6$)!'50&0$.*$/,)!$)*!-4-&))(!
$'!0-)!63&)0+(>&$R<!
@! >-&)! 23$88$*! -'*-29&;/$! .,&'0&.-2! .-,-I*! 2&(! 1! )5'! -0*&5'! )/,! 2$)! 8&4,$)! '$,=$/)$)<! 2$)! >-']/=,$)!
(*$'6/$)<!.$/!-../H($)<!65'*!2$!,H*+>$!$*!2-!8,(;/$'0$!=-,&$'*<!6(02$'0+-'*!6$)!&'82/:!6-')!2$)!8&@
4,$)!6$!9,5)!0-2&4,$!NE<!>$**-'*!$'!7$/!-25,)!2$!9-*$!05'*,52!)H)*$><!-=$0!$88$*!&'+&4&*$/,!)/,!2$)!'5@
0&0$.*$/,)!
A!$'8&'<!&2!'$!8-/*!.-)!)5/)@$)*&>$,!23$88$*!,$2-*&5''$2!$*!.)H0+5259&;/$<!2$!05'*-0*!>-'/$2!P^5'$!65/@
25/,$/)$<!5/!-67-0$'*$)R!75/-'*!&'05'*$)*-42$>$'*!/'!,Y2$!4('(8&;/$!P\RA!
I/&3.R4%&$"#**.7(%&'%&"#&3+.*%&%/&$2#+4%&'%*&'5("5(+%(6&$2+5/.7(%*&$5/*.*1%&V&+0'(.+%&"#&3+.*%&
%/&$2#+4%&+00'($#1.G%&V&$%*&*%("*&)#**#4%*=!-))50&()!5/!'5'!1!63-/*,$)!*$0+'&;/$)!.+H)&5*+(,-.&@
;/$)!P.-,85&)!)/,!6$!*,?)!25'9/$)!.(,&56$)!6$!*$>.)<!.2/)&$/,)!-''($)!6-')!'5*,$!$:.(,&$'0$R<!0$!;/&!!
,$'85,0$! 2$! .-*&$'*! 6-')! )5'! ,Y2$! .-))&8! $*! 63-**$'*$<!$*!'$!.$,>$*!2$!.2/)!)5/=$'*!.-)!6$!.,59,?)!
85'0*&5''$2)!)$')&42$)A!
UNSN&C#&12%+)5120+#3.%&
,&"#&$2#"%(+!-!/'!$88$*!-'*-29&;/$!2&(!1!2-!,(6/0*&5'!6$)!05'*,-0*/,$)!>/)0/2-&,$)<!1!23->(2&5,-*&5'!6$!
2-! 0&,0/2-*&5'! )-'9/&'$! >-&)! (9-2$>$'*! 1! /'$! -0*&5'!6&,$0*$! )/,! 2$)! >(0-'&)>$)!6$! 05'*,Y2$!6$!2-!
65/2$/,<! $'! -/9>$'*-'*! 2$! )$/&2! 6$! .$,0$.*&5'! 6$! 2-! 65/2$/,A! #$! ,(0+-/88$>$'*! 0/*-'(! $*! .,585'6!
>$*!$'!7$/!2$!9-*$!05'*,52!)H)*$>!$*!8-=5,&)$,-&*!2-!)(0,(*&5'!6$)!)/4)*-'0$)!$'659?'$)!>5,.+&'5@
>&>(*&;/$)! P_RA! #3-..2&0-*&5'! 6$! 2-! 0+-2$/,! )$! 8-&*! 1! 23-&6$! 6$! )H)*?>$)! )&>.2$)<! .$/! 5'(,$/:<! $*!
! \
8-0&2$>$'*!/*&2&)-42$)!.-,!2$!.-*&$'*!)$/2!1!)5'!65>&0&2$!*$2!;/$!2$)!*+$,>5@05'85,*)<!.+H)&5.-0%`<!
2/>4-,.-0%)`<!;/&!.$/=$'*!C*,$!0+-/88()!-/!>&0,5@5'6$)A!
,&C%&Q+5.'!-9&*!6$!8-a5'!&'6&,$0*$!$'!,(6/&)-'*!23]6?>$!$*!2$)!,(-0*&5')!&'82->>-*5&,$)A!O2!-9&*!(9-@
2$>$'*!6$!8-a5'!6&,$0*$!$'!,(6/&)-'*!2-!=&*$))$!6$!05'6/0*&5'!6$)!8&4,$)!'$,=$/)$)!6$!.$*&*!0-2&4,$!
P_RA! G5'! -..2&0-*&5'! .$/*! )$! 8-&,$! .-,! 23&'*$,>(6&-&,$! 6$! =$))&$)! $'! 0-5/*0+5/0! ,$>.2&$)! 6$! 92-0$!
.&2($!-=$0!&'*$,.5)&*&5'!63/'!2&'9$!P*H.$!7$,)$H!6$!05*5'R!)$0<!6$!.+H)&5.-0%`<!>&)!-/!,(8,&9(,-*$/,A!!
MNWN&C%*&0"%$1+5*1.)("#1.5/*&1+#/*$(1#/0*&X9F>YZ!B!!
#-!'$/,5)*&>/2-*&5'!*,-')0/*-'($!P!FAGADAMR!$'05,$!-..$2($!G*&>/2-*&5'!E2$0*,&;/$!D,-')0/*-'($!!
P!GAEADAR!5/!D,-')0/*-'(5/)!E2$0*,&0-2!F$,=$!G*&>/2-*&5'!P!DAEAFAGAR!$)*!/'$!>(*+56$!8,(;/$>>$'*!
/*&2&)($!0+$^!2$!65/25/,$/:!0+,5'&;/$A!M$0&!*&$'*!)-')!65/*$!-/!8-&*!;/$!0$**$!*$0+'&;/$!$)*!)&>.2$!
63/*&2&)-*&5'<!.$/!5'(,$/)$!$*!)-')!6-'9$,P_<b<c<d<eRA!E22$!8-=5,&)$!(9-2$>$'*!2-!.-,*&0&.-*&5'!6/!.-@
*&$'*!1!)5'!-/*5@.,&)$!$'!0+-,9$!PW!05.&'9!X!6$)!-'925@)-:5')RA!
#Z&85)35*.1.5/&
#$!>-*(,&$2!/*&2&)(!$)*!05>.5)(!6$!\!(2(>$'*)!B!!
@!#$!9('(,-*$/,!63&>./2)&5')!$)*!6$!2-!*-&22$!63/'!.-;/$*!6$!0&9-,$**$)!.5/,!/'!.5&6)!05>.,&)!$'*,$!
"bf!$*!\bf!9,->>$)A!O2!$)*!-/*5@-2&>$'*(!.-,!/'$!.&2$!5/!.-,!/'$!4-**$,&$!,$0+-,9$-42$<!$*!$)*!>/'&!
63/'!)H)*?>$!6$!8&:-*&5'<!;/&!.$,>$**$'*!/'$!05>.2?*$!-/*5'5>&$!$*!/'$!-..2&0-*&5'!->4/2-*5&,$A!
#$)! 9('(,-*$/,! 6(2&=,$! 6$)! 05/,-'*)! 6$! 4-))$! 8,(;/$'0$! P$'*,$! f! $*! "bf! +$,*^R! 05>.5)()!
63&>./2)&5')! 4&.+-)&;/$)! 1! >5H$''$! '/22$A! #$)! ,&);/$)! (2$0*,52H*&;/$)! 6/! 05/,-'*! 05'*&'/! $*! 2$)!
,&);/$)!*+$,>&;/$)!6$)!05/,-'*)!6$!+-/*$!8,(;/$'0$!)5'*!(0-,*()<!0$!;/&!,$'6!0$)!-..-,$&2)!/*&2&)-42$)!
>C>$!0+$^!6$)!.-*&$'*)!.5,*$/,)!6$!>-*(,&$2!635)*(5)H'*+?)$A!
@! #$)! (2$0*,56$)!)5'*! $'! (2-)*5>?,$! )&2&05'(<! >-*(,&-/! 05'6/0*$/,<! 4&505>.-*&42$<! +H.5-22$,9&;/$<!
)5/.2$! $*! 82$:&42$! .$,>$**-'*! /'$!45''$!-6-.*-*&5'!-/:!^5'$)! )*&>/2($)A! #$/,! *-&22$<! =-,&-42$<! $)*!
05>.,&)$! $'*,$! "! 0>S! $*! "cf! 0>SA! #3&>.(6-'0$! 6$! 23&'*$,8-0$! (2$0*,56$! Z! .$-/! $)*! ,(6/&*$! .-,!
23&'*$,.5)&*&5'! 63/'! 9$2! 05'6/0*$/,!P(2$0*,56$)!'5'!-/*50522-'*$)R!5/! .-,! 23/*&2&)-*&5'! 63-6+()&8!
05'6/0*$/,!P(2$0*,56$)!-/*50522-'*$)RA!
@! #$)! 0g42$)! .$,>$**$'*! 6$! ,$2&$,! 2$)! (2$0*,56$)! 8&:($)! )/,! 2-! .$-/! 6/! .-*&$'*! -/! 9('(,-*$/,!
63&>./2)&5')A!O2)!65&=$'*!C*,$!1!2-!85&)!)52&6$)!$*!)5/.2$)!6-')!2$!0-6,$!63/'!*,-&*$>$'*!->4/2-*5&,$!
.,525'9(A!#$/,!25'9/$/,!6$=,-&*!C*,$!0+5&)&$!$'!85'0*&5'!6$!2-!>5,.+5259&$!6/!.-*&$'*!-&')&!;/$!6$!2-!
^5'$!)*&>/2($A!
4R!O2!$:&)*$!.2/)&$/,)!)5'%*&'%&*1.)("#1.5/<!85'0*&5'!6$)!>(0-'&)>$)!&'+&4&*$/,)!6$!2-!65/2$/,!;/$!
235'!)5/+-&*$!>$**,$!$'!7$/A!
@!#$!>56$!W!05'=$'*&5''$2!X<!6&*!W!$'!9-*$!05'*,52!X<!=&)$!1!-0*&=$,!2$!>(0-'&)>$!6$!W!.,&5,&)-*&5'!X!
6$!2-!=5&$!,-.&6$A!['!)-&*!6$./&)!2$)!*,-=-/:!6$!J$2^-0%!$*!T-22!$'!"Ucb!;/3-/!'&=$-/!6$!0+-;/$!
05,'$!.5)*(,&$/,$!>(6/22-&,$!/'$!&'+&4&*&5'!6$!2-!*,-')>&))&5'!6/!>$))-9$!65/25/,$/:!$)*!$:$,0($!
.-,!2$)!>$))-9$)!05'6/&*)!.-,!2$)!8&4,$)!6$!9,5)!0-2&4,$!ND!$*!NE!PD+(5,&$!6/!W!9-*$!05'*,52!X!5/!
*+(5,&$!6$!2-!.5,*$RA!['!/*&2&)$!.5/,!0$!8-&,$!6$)!05/,-'*)!6$!W[&V&U[[&H?&6$!8,(;/$'0$<!05>.5)()!
63&>./2)&5')! 4,?=$)! P\f! 1! Sff! >&0,5)$05'6$)R<! 6$! 8-&42$! &'*$')&*(! P"f! 1! _f! >NRA! #$! .-*&$'*! 65&*!
.$,0$=5&,!6$)!.-,$)*+()&$)<!>-&)!.-)!6$!65/2$/,)A!#$)!(2$0*,56$)!)5'*!.2-0($)!6-')!0$!0-)!1!.,5:&>&@
*(!6$!2-!^5'$!65/25/,$/)$!P+5>5*5.&;/$RA!
@!#$!>56$!W!*,?)!4-))$!8,(;/$'0$!X!<!0+$,0+$!1!8-=5,&)$,!2-!2&4(,-*&5'!6$!)/4)*-'0$)!$'659?'$)!>&@
>-'*!23-0*&5'!6$! 2-!>5,.+&'$! PM,&$2--,6!PURAA!L!J-H$,!0&*(! .-,!h5/,$-/!PdR! RA!#$)!05/,-'*)!/*&2&)()!
)5'*!6$)!05/,-'*)!6&*)!6$!*,?)!4-))$!8,(;/$'0$!PS&V& \& H?R<!8-&*)!63&>./2)&5')!&)52($)<! 5/! 6$! *,-&')!
63&>./2)&5')! P4/,)*)RA! #3&'*$')&*(! /*&2&)($! $)*! 85,*$! Pbf! 1! "ff! >NR! 6$=-'*! $'*,-I'$,! /'$! )$')-*&5'!
6()-9,(-42$!=5&,$!6$)!$88$*)!)*,&5>5*$/,)A!#-!6/,($!6$)!&>./2)&5')!$)*!(2$=($!PSff!1!bff!>&0,5)$@
05'6$)RA!G&!23$>.2-0$>$'*!6$)!(2$0*,56$)!.$/*!)3$88$0*/$,!1!.,5:&>&*(!6$!2-!^5'$!65/25/,$/)$<!&2!$)*!
=525'*&$,)!!$88$0*/(!1!6&)*-'0$!6$!2-!^5'$!65/25/,$/)$!P+(*(,5*5.&;/$RA!i-')!0$!0-)<!2-!)*&>/2-*&5'!
65&*!C*,$!63-/!>5&')!6$!_f!>&'/*$)<!$*!)&!23-'-29()&$!$)*!63-..-,&*&5'!,$*-,6($<!2$!.5)*!$88$*<!25,);/$!
2-!*$0+'&;/$!$)*!$88&0-0$<!!$)*!)5/=$'*!&>.5,*-'*!P8,(;/$>>$'*!.2/)!6$!cf!>&'/*$)AR!
@!#$!>56$!*,?)!&'*$')$!$*!4,$8!8$,-&*!-..$2!-/:!>(0-'&)>$)!6$!05'*,$!&,,&*-*&5'!5/!05'*,Y2$!&'+&4&*$/,!
6&88/)!6$!2-!'50&0$.*&5'<!5/!MOiF!P!"fAARA!['!,$0,/*$,-&*!&0&!-/!'&=$-/!6/!*,5'0!0(,(4,-2<!6$)!=5&$)!
6$)0$'6-'*$)! ,(*&0/2-&,$)! &'+&4&*,&0$)<! )(,5*5'&'$,9&;/$)<! )/,! 23$'*,($! 6$)! >$))-9$)! 65/25/,$/:! -/!
! _
'&=$-/!>(6/22-&,$A!M$!>(0-'&)>$!6&>&'/$,-&*!(9-2$>$'*!2-!>(>5&,$!6$)!>$))-9$)!65/25/,$/:!-'@
*(,&$/,)!P_RA!O2!&>.5,*$!6-')!2-!>&)$!$'!7$/!6$!0$!>(0-'&)>$!6$!0,($,!/'$!65/2$/,!&>.5,*-'*$!6-')!
/'$!^5'$!(25&9'($!6$!2-!^5'$!65/25/,$/)$!P)*&>/2-*&5'!+(*(,5*5.&;/$RA!
!
! j-*$!05'*,52! G/4)*-'0$)!
J5,.+&'5!>&>(*&;/$)!
MOiF!
k,(;/$'0$! 6$)! &>./2@
)&5')!
\f!1!"ff!l^! S!1!"f!l^! "ff!1!"bf!l^!m!
#-,9$/,! 6$)! &>./2@
)&5')!
\f!1!Sff!>&0,5)$0! Sff!1!bff!>&0,5)$0! Sff!1!bff!>&0,5)$0!
O'*$')&*(!6/!05/,-'*! k-&42$!P.-,$)*+()&$)R! k5,*$!P6()-9,(-42$R!
E88$*!)*,&5>5*$/,!
k5,*$!P65/2$/,R!
n2-0$!6$)!(2$0*,56$)! l5>5*5.&;/$! l5>5*5.&;/$!5/!
l(*(,5*5.&;/$!
l(*(,5*5.&;/$A!
i/,($!6$!2-!)(-'0$! "b!1!\f!>&'/*$)! G/.(,&$/,$!1!\f!>&'/*$)! "b!>&'/*$)!
J56/2-*&5'!Z!T54/2-@
*&5'!
[/&! F5'! F5'!
E88&0-0&*(! V-.&6$! D-,6&=$!P\f!>&'/*$)R! V-.&6$!
n5)*!$88$*! n$/!&>.5,*-'*! O>.5,*-'*!!!1!"!l! n$/!&>.5,*-'*!
!
9#P"%#(&U!n,&'0&.-/:!>56$)!63/*&2&)-*&5'!6$)!$2$0*5@)*&>/2-*&5')!*,-')@0/*-'($)!
!
$Z&M/'.$#1.5/*&3+0Q0+%/1.%""%*!
#3(2$0*,5@)*&>/2-*&5'!*,-')0/*-'($<!*$0+'&;/$! )&>.2$<! &'588$')&=$<!$*!.$/!05o*$/)$<!>(,&*$!6$!8-&,$!
.-,*&$!6$!23-,)$'-2!*+(,-.$/*&;/$!)H)*(>-*&;/$>$'*!.,5.5)(!-/!65/25/,$/:!0+,5'&;/$<!0$**$!*$0+'&@
;/$! .5/=-'*! C*,$! 05')&6(,($! 05>>$! /'$! *+(,-.&$! -66&*&5''$22$<! .2/*Y*! ;/$! 05>>$! /'$! W!*+(,-.&$!
-2*$,'-*&=$A!
#$)!,()/2*-*)!)5'*!=-,&-42$)!$'!85'0*&5'!6$)!.-*&$'*)!B!/'$!*$0+'&;/$!63/*&2&)-*&5'!05,,$0*$!(*-'*!&'@
6&).$')-42$<!6$!'5>4,$/:!(0+$0)!,-..5,*()!.-,!2$)!.-*&$'*)!)$>42$'*!63-=-'*-9$!2&()!1!/'!>()/)-9$A!
F5/)!.$')5')!.-,!-&22$/,)!;/$!2$)!DEFG!.$/=$'*!C*,$!.5/,)/&=&)!>C>$!$'!0-)!63$88&0-0&*(!&'05>@
.2?*$<!)3&2)!-..5,*$'*!/'!05'85,*!)/..2(>$'*-&,$!-/!.-*&$'*<!$*!.$,>$**$'*!6$!2&>&*$,!2$)!.,&)$)!>(6&@
0->$'*$/)$)!$*!2-!&-*,59('&$A!
#$)! >$&22$/,$)! &'6&0-*&5')! 6$! 0$**$! *$0+'&;/$! ,$)*$'*! 0$.$'6-'*! 2$)! 65/2$/,)! '$/,5.-*+&;/$)<! 2$)!
,-6&0/2-29&$)!,$4$22$)<!)/,!,-0+&)!5.(,(!5/!'5'!P2$/,!$88&0-0&*(!'3$)*!.-)!.,5/=($!25,)!6$)!25>4-29&$)!
0+,5'&;/$)!)-')!,-6&0/2-29&$R!$*!2$)!65/2$/,)!.5)*@->./*-*&5'A!
#-!45''$!,(.5')$!-/:!DEFG<!/'! .5)*!p$88$*! )/88&)-'*!<!2$!>-&'*&$'!6$!23$88&0-0&*(! 6$!2-! *$0+'&;/$!
-.,?)! \! 1! c! >5&)! 63/*&2&)-*&5'<! )5'*! 05')&6(,()! 05>>$! /'! .,(-2-42$! '(0$))-&,$! 1! 2-! >&)$! $'! .2-0$!
63/'$!)*&>/2-*&5'!>(6/22-&,$A!
!
SN&J00'($#1.5/&%1&#(15,+00'($#1.5/&
&
SNUN&C%*&01.+%)%/1*<!.-))&8)!5/!-0*&8)!P!""!$*!"SR<!5'*!/'$!.-,*!&>.5,*-'*$!6-')!2-!.,&)$!$'!0+-,9$!6/!
65/25/,$/:!0+,5'&;/$<!0+$^!2$;/$2!6$)!,-&6$/,)!-:&-2$)!5/!.(,&.+(,&;/$)!)$!)5'*!)5/=$'*!&')*-22($)A!
M$)!*$0+'&;/$)<!;/&!=&)$'*!1!,$65''$,!-/!.-*&$'*!)5/.2$))$!$*!+-,>5'&$!9$)*/$22$<!65&=$'*!C*,$!-6-.@
*()!-/!4&2-'!85'0*&5''$2!&'&*&-2<!$*!2/&!C*,$!$')$&9'($)!6$!8-a5'!)&>.2$<!$'!=/$!63/'$!-/*5@,((6/0-*&5'!
,(9/2&?,$!/2*(,&$/,$A!#-!8,(;/$'*$!'(0$))&*(!63(*&,$,!2$)!0+-I'$)!W!>/)0/25!p-.5'(=,5*&05!>/)0/2-&@
,$)!X!05'6/&*!)5/=$'*!1!,(-2&)$,!6$)!(*&,$>$'*)!9254-/:A!
!!
SNSN!@5(G%)%/1&#$1.Q!%1!+%$5/'.1.5//%)%/1&V&"E%QQ5+1&
O2!.$,>$*!6$!2/**$,!05'*,$!2$!6(05'6&*&5''$>$'*!1!23$885,*!6/!65/25/,$/:!0+,5'&;/$!P"<!"\<!"_<"bR<!$*!
)$,-!,(-45,6(!6-')!23-,*&02$!)/&=-'*!6$!#-'5&)$2($!$*!0522A!
! b
@!#$!*,-=-&2!-0*&8!$)*!$88$0*/(!)$25'!2-!8&2&?,$!-(,54&$<!!-=$0!/'$!k,(;/$'0$!M-,6&-;/$!PkMR!05>.,&)$!
$'*,$!cf!q!$*!df!q!6$!2-!8,(;/$'0$!0-,6&-;/$!>-:&>-2$!*+(5,&;/$!PSSf!p!23g9$!$'!-''($)R!P"cRA!!
#$)!$:$,0&0$)!.,5.5)()!5'*!/'$!6/,($!6$!/'$!>&'/*$!*,$'*$!)$05'6$)!1!6&:!>&'/*$)!$*!)5'*!,(.(*()!
.2/)&$/,)!85&)!-=$0!6$)!*$>.)!6$!,(0/.(,-*&5'!-0*&=$!P"dRA!!#-!.,59,$))&5'!)$!8-&*!)$25'!;/-*,$!.-,-@
>?*,$)!B!23&'*$')&*(<!2-!6/,($<!2$!'5>4,$!6$!,(.(*&*&5')!6$)!$:$,0&0$)!$*!2$!'5>4,$!+$465>-6-&,$A!
@!r'!.,59,->>$!63$:$,0&0$)!.,(0&)<!.$,)5''-2&)(<!$*!.,59,$))&8<!85'0*&5'!6/!4&2-'!&'&*&-2<!$)*!.,5.5)(!
-/!.-*&$'*A!O2!&>.5,*$!63(=&*$,!/'!*,-=-&2!*,5.!&'*$')$!-/!6(.-,*!6/!.,59,->>$!)5/,0$!6$!8-*&9/$<!$*!
63&'*$')&8&0-*&5'!6$)!65/2$/,)!;/&!.$/=$'*!05'6/&,$!1!23-4-'65'!.,(>-*/,(!6/!.,59,->>$!6$!!
,$05'6&*&5''$>$'*!.+H)&;/$A!!#-!.,-*&;/$!,(9/2&?,$!6$!0$)!$:$,0&0$)<!-=$0!2$!%&'()&*+(,-.$/*$<!>-&)!
-/))&!$'!-/*5,((6/0-*&5'<!$)*!&'6&).$')-42$!1!2-!,(/))&*$!6/!.,59,->>$<A!
#$)!$:$,0&0$)!.,5.5)()!65&=$'*!C*,$!)&>.2$)<!!.5/,!.5/=5&,!C*,$!-&)(>$'*!/*&2&)()!.-,!2$!.-*&$'*!1!)5'!
65>&0&2$<!5/!25,)!63-0*&=&*()!63$'*,$*&$'!.+H)&;/$!+5,)!)5&')<!)$/2!5/!$'!9,5/.$!P>-,0+$<=(25<!'-*-@
*&5'<!P-;/-R9H>Q!
@!N!*&*,$!63$:$>.2$<!'5/)!.,5.5)5')<!25,)!6$!23+5).&*-2&)-*&5'!-/!M$'*,$!6$!D,-&*$>$'*!6$!2-!i5/2$/,<!
2$)!$:$,0&0$)!;/5*&6&$')!)/&=-'*)!B!>-,0+$!$*!>-,0+$!,-.&6$!P-.,?)!-=5&,!,(-2&)(!/'!*$)*!6$)!c!>&'/@
*$)R!P"eR<!!>5'*($!63$)0-2&$,)<!4&0H02$**$!$,95'5>&;/$!$*!9H>'-)*&;/$<!-/!05/,)! 6$!2-;/$22$! 2$!.-@
*&$'*!)522&0&*$,-!2$)!.,&'0&.-/:!9,5/.$)!>/)0/2-&,$)!6$)!>$>4,$)!&'8(,&$/,)<!6/!*,5'0!$*!6$)!>$>4,$)!
)/.(,&$/,)AA!#3$'*,-I'$>$'*!$'!$'6/,-'0$!6$!25'9/$!6/,($!.$,>$*!.-,!-&22$/,)!63->(2&5,$,!2$!,-..5,*!
0-.&22-&,$)! Z! 8&4,$)! >/)0/2-&,$)! 8-0*$/,! 6$! 8-0&2&*-*&5'! 6$! 2-! 6&88/)&5'<! 6$! 2-! 05'6/0*-'0$! 6$!
235:H9?'$A!!
['!)3-&6$,-<! .5/,! >$'$,!6/! >&$/:!.5))&42$!0$! *,-=-&2!6$!,($'*,-I'$>$'*!1!23$885,*<!6$!23/*&2&)-*&5'!
63/'!0-,6&58,(;/$'0$>?*,$<!5/*&2!)&>.2$!$*!.$/!05o*$/:!.5/,!-))/,$,!/'$!-/*5!)/,=$&22-'0$!6$!23!&'@
*$')&*(!6/!*,-=-&2!,(-2&)(A!
!!
MMMN&M/104+#1.5/&'(&-./0*.120+#3%(1%&V&"#&3+.*%&%/&$2#+4%&3"(+.,'.*$.3"./#.+%&
!
UN&:0Q./.1.5/&'E5PD%$1.Q*&3%+*5//#".*0*&V&"#&3+.*%&%/&$2#+4%&
#$)!.,&'0&.-2$)!6&88&0/2*()!,$'05'*,($)!.-,!2$)!%&'()&*+(,-.$/*$)!6-')!2-!.,&)$!$'!0+-,9$!6/!65/25/@
,$/:!0+,5'&;/$!P;/&!05')*&*/$'*!)5/=$'*!/'!54)*-02$!1!)-!>&)$!$'!]/=,$!5.*&>&)($!.-,!2$)!%&'()&*+(@
,-.$/*$)!2&4(,-/:R!)5'*!6354*$'&,!/'$!45''$!05>.,(+$')&5'Z-6+()&5'!6/!.-*&$'*!-/!.,59,->>$!,(@
(6/0-*&8<! &'6&).$')-42$)! 1! 2-! ;/-2&*(! 6$)! ,()/2*-*)! $*! 2$/,! >-&'*&$'! 6-')! 2$! *$>.)A! ['! 6$>-'6$! $'!
$88$*!-/!.-*&$'*!6$!.-))$,!63/'$!-..,50+$!%&'()&*+(,-.&;/$!7/);/$!21!.2/*Y*!.-))&=$<!1!/'!*,-&*$>$'*!
-0*&8!65'*!2-!8&'-2&*(!$)*!63->(2&5,$,!23$'6/,-'0$!$*!23-/*5'5>&$A!
#$! %&'()&*+(,-.$/*$! .-,*&0&.$! 65'0! 1! "E0"#P5+#1.5/& '%*& 5PD%$1.Q*& '%& 3+.*%& %/& $2#+4%& ./.1.#(6!6/!
.-*&$'*<!0$'*,()!)/,!23->(2&5,-*&5'!85'0*&5''$22$!$*!6$!=&$!;/5*&6&$''$<!>-&)!-/))&!V&"E0G#"(#1.5/&'%*&
3+54+R*&*5(*&1+#.1%)%/1N&&
&
SN&!#+1.$.3#1.5/&V&"#&'0)#+$2%&'%&"E07(.3%&3"(+.,'.*$.3"./#.+%&
O2!'5/)!.-,-I*!$))$'*&$2!;/$!2$!*,-=-&2!6/!%&'()&*+(,-.$/*$<!05>>$!0$2/&!6$)!-/*,$)!)5&9'-'*)<!./&))$!
C*,$!&'*(9,(!1!2-!6(>-,0+$!05>>/'$!6$!23(;/&.$<!0$!;/&!.$,>$*!/'!-7/)*$>$'*!&'*$,-0*&8<!$*!6$!*$'&,!
/'!6&)05/,)!05+(,$'*!-/!.-*&$'*A!
N/!M$'*,$!6$!D,-&*$>$'*!6$!2-!i5/2$/,<!2$)!%&'()&*+(,-.$/*$)!B!
@! n-,*&0&.$'*! 1! /'$! =&)&*$! >(6&0-2$! >/2*&6&)0&.2&'-&,$! +$465>-6-&,$<! .$'6-'*! 2-;/$22$! 23-../&! 6/!
>(6$0&'!,((6/0-*$/,!,$'85,0$!2-!05'8&-'0$!6/!.-*&$'*!6-')!2$!.,57$*!%&'()&*+(,-.&;/$A!
@!N&')&!;/3-/!)*-88!!.2/,&6&)0&.2&'-&,$!+$465>-6-&,$<!;/&!.$,>$*!2-!>&)$!$'!05>>/'!6$)!(=-2/-*&5')!
$*!,()/2*-*)!6$!0+-;/$!>$>4,$!6$!23(;/&.$<!$*!63-88&'$,!2-!.,&)$!$'!0+-,9$!05>>/'$!$*!.,5.,$!1!0+-@
0/'! $'! 85'0*&5'! 6$)! ,$))5/,0$)Z2&>&*-*&5')! .+H)&;/$)<! .)H0+5259&;/$)! $*! )50&5@.,58$))&5''$2)! 6/!
.-*&$'*A!
!
!#$!%&'()&*+(,-.$/*$!.$/*!-&')&!-6-.*$,!)-!.,&)$!$'!0+-,9$!6$!8-a5'!&'6&=&6/-2&)($<!$*!$'!05+(,$'0$!
-=$0!2$)!&'*$,=$'*&5')!6$)!-/*,$)!>$>4,$)!6$!23(;/&.$<!0$!;/&!05'*,&4/$!1!,$'85,0$,!2-!>5*&=-*&5'!$*!
2-!.$,)(=(,-'0$!6/!.-*&$'*<!(2(>$'*)!$))$'*&$2)!-/!)/00?)!6$!)-!.,&)$!$'!0+-,9$A!
1 / 6 100%
La catégorie de ce document est-elle correcte?
Merci pour votre participation!

Faire une suggestion

Avez-vous trouvé des erreurs dans linterface ou les textes ? Ou savez-vous comment améliorer linterface utilisateur de StudyLib ? Nhésitez pas à envoyer vos suggestions. Cest très important pour nous !