Biography - Robert Filliou (Estate) - Exhibit-e

¬
5REHUW)LOOLRX(VWDWH
%LRJUDSK\
%RUQLQ6DXYH)5
'LHGLQ
3HUVRQDOH[KLELWLRQVDQGSHUIRUPDQFHV
5REHUW)LOOLRX7KHVHFUHWRISHUPDQHQWFUHDWLRQ0+.$$QWZHUSHQ%(
5REHUW)LOOLRX+RQL6RLW4XL0DO<3HQVHZLWKWKHFRPSDQ\RI-DPHV&ROHPDQ%DUU\)ODQDJDQ-RKQ
/DWKDP7RQX0RUJDQ5LFKDUG6DOWRXQ/RQGRQ*%
5REHUW)LOOLRX7KH,QVWLWXWHRI(QGOHVV3RVVLELOLWLHV7KH+HQU\0RRUH,QVWLWXWH/HHGV*%
%RE%UHDNIDVW5REHUW)LOOLRXHWVHVLQYLWpVSDU)UDQoRLV&XUOHW*DOHULH1HOVRQ)UHHPDQ3DULV)5
5REHUW)LOOLRX3HWHU)UHHPDQ,QF1HZ<RUN86
$XWRXUGH5REHUW,PPDQHQFH3DULV)5
-HPHXUVWURSVXUXQHSURSRVLWLRQGH-HDQ+XEHUW0DUWLQ*DOHULH1HOVRQ3DULV)5
5REHUW)LOOLRX9RXVrWHVYRXVMDPDLVDERQQpjXQSRqPH"&HQWUH,QWHUQDWLRQDOGHOD3RqVLH
0DUVHLOOH)5
5REHUW)LOOLRX8QJpQLHVDQVWDOHQW0$&%$%DUFHORQH(6.XQVW3DODVW'VVHOGRUI'(0XVpH
G
DUWPRGHUQH/LOOH0pWURSROH9LOOHQHXYHG
$VFT)5
5REHUW)LOOLRX)LOPVYLGpR)HVWLYDO)OX[XV1pR)OX[XV&LQpPD/H0HUFXU\1LFH)5
*DOHULHG¶$UW&RQWHPSRUDLQ+{WHOGH9LOOH%HVDQoRQ)5
0XOWLSOHV&ROOHFWLRQV3HRSOH'D\&ƒ0XVpHG¶$UW0RGHUQHHW&RQWHPSRUDLQ6WUDVERXUJ)5
)LOOLRX7RGD\)5$&&KDPSDJQH$UGHQQH5HLPV)5
2HXYUHVGH5REHUW)LOOLRX/D*DOHULH(FROHVXSpULHXUHGHV%HDX[$UWV4XLPSHU)5
*DOHULH1HOVRQ3DULV)5
0XOWLSOHV,QVWLWXW)UDQoDLVGH6WXWWJDUW'(
&¶HVWWRXVOHVMRXUV5REHUW$''&&HQWUH)UDQoRLV0LWWHUDQG0XVpHGX3pULJRUG3pULJXHX[)5
2XWRI$FWLRQV%HWZHHQ3HUIRUPDQFHDQGWKH2EMHFW0XVHXPRI&RQWHPSRUDU\$UW/RV
$QJHOHV86
2XWRI$FWLRQV$FWLRQLVP%RG\$UW3HUIRUPDQFH0$.9LHQQD$7
5REHUW)LOOLRX³$Q,QWURGXFWLRQ´5REHUW0LOOHU*DOOHU\1HZ<RUN86
0XOWLSOHV*DOHULH1HOVRQ3DULV)5
5REHUW)LOOLRX3RHW&ROOHFWLRQ:ROIJDQJ)HHOLVFK*DOHULH'HU6WDGW5HPVFKHLG5HPVFKHLG'(
FDW
)URP3RHWLFDOWR3RHWLFDO(FRQRP\9DQFRXYHU&$FDW
5REHUW)LOOLRX*DOHULH$UFDQH0DLVRQGHV&RPWHV6DXYH)5
5REHUW)LOOLRX,QVWLWXWIUDQoDLV'VVHOGRUI'(FDW
0XVpH1DWLRQDOG¶$UW0RGHUQH&HQWUH*HRUJHV3RPSLGRX3DULV)5
5HWURVSHFWLYHH[KLELWLRQ0XVpHG¶DUWFRQWHPSRUDLQ1vPHV)5FDW
.XQVWKDOOH%DVHO&+
.XQVWYHUHLQ+DPEXUJ'(
5REHUW)LOOLRXHW-RDFKLP3IHXIHU/H3RwSRwGURPHYLUWXHO*DOHULH$UORJRV1DQWHV)5
*DOHULH&URXVHO5REHOLQ%DPD3DULV)5
8Q(LQV2QH5XLQHGHU.QVWH%HUOLQ'(
/D)rWHSRXU5REHUW0DONHUHL:HUNVWDWW&RORJQH'(
=XP*HGlFKWQLV.XQVWKDOOH'VVHOGRUI'(FDW
5REHUW)LOOLRXGLHVRQWKHGRI'HFHPEHU
4X¶HVWFHTXHO¶DUWIUDQoDLV"&HQWUHUpJLRQDOG¶DUWFRQWHPSRUDLQ0LGL3\UpQpHV7RXORXVH)5FDW
/X[HFDOPHYROXSWp$UW*DOOHU\9DQFRXYHU&$
6WDUWVDWKUHH\HDUWKUHHPRQWKDQGWKUHHGD\UHWUHDWZLWK0DULDQQHDWWKH&HQWUHG
eWXGHV7LEpWDLQHV
GH&KDQWHORXEH'RUGRJQH)5
5HWURVSHFWLYHH[KLELWLRQV7KH(WHUQDO1HWZRUN6SUHQJHO0XVHXP+DQRYUH0XVpHG¶DUWPRGHUQHGH
ODYLOOHGH3DULV$5&3DULV)5.XQVWKDOOH%HUQ&+FDW
%ULTXRODJHVVXLWH*DOHULH%DPD3DULV)5
9RQ+LHU$XV'VVHOGRUI'(
%ULTXRODJHV*DOHULH0DULND0DODFRUGD*HQHYD&+
3HUIRUPDQFH$UWLVWHV'DQVO¶(VSDFH.XQVW$NDGHPLH+DPEXUJ+DPEXUJ'(
6HLQJRQDOOVLGHV9R\DQWSDUWRXW*DOHULH%DPD3DULV)5
6DQV2EMHW*DOHULH&DWKHULQH,VVHUW6W3DXOGH9HQFH)5
9LGHR/¶2HXYUH(WDORQHW/D3XE$QWKRORJLH$%&
/HDYHV)OD\RVFDQGPRYHVWR(\]LHV'RUGRJQHQHDUD7LEHWDQVWXG\FHQWHU
'HVVLQVDQVGHVVHLQ7KH(WHUQDO1HWZRUN*DOHULH%DPD3DULV)5
9LGHR7HDFKLQJDQG/HDUQLQJDV3HUIRUPLQJ$UWVSDUW,,
0HQVRQJHGHOD3DOLVVH*DOHULH0DULND0DODFRUGD*HQHYD&+
,WZRXOGJLYHPHMR\WRJLYHMR\*DOHULHQlFKVW6W6WHSKDQ9LHQQD$7
3RwSRwGURPHDYHF-RDFKLP3IHXIHU&1$&&HQWUH*HRUJHV3RPSLGRX3DULVHW*DOHULH6XGXUJDWD
5H\NMDYLN,6
9LGHR+RPPDJHVDX['RJRQV3DULVDQG$IULFD
'HVVLQVVDQVYRLUGHVVHLQVVDQVVDYRLU*DOHULH5HQDWH)DVVEHQGHU0XQLFK'(*DOHULH/HJHU
0DOP|6(
*RQJ6KRZDPLQXWHFRQIHUHQFHZLWK%U\DQ'\VRQ$UW*DOOHU\RI&DOJDU\8QLYHUVLW\&$'RFXPHQWD
9,.DVVHO'(
7KH(WHUQDO1HWZRUN3UHVHQWV*DOHULH%DPD3DULV)5
7HOHSDWKLF0XVLF-RKQ*LEVRQ*DOOHU\1HZ<RUN86
/H3RwSRwGURPHjHVSDFHWHPSVUpHO1ƒ%XGDSHVW+8
6KRZRI:RUN9(&*DOOHU\DQG-DQYDQ(\FN$FDGHP\0DDVWULFKW1/
3DQWKRJUDPPHVZLWK$QGUp7KRPNLQV*DOHULH+DQGVFKLQ%DVHO&+
,QVWDOODWLRQLQ)OD\RVF9DULQDIRUPHURLOZLQGPLOOZKHUHKHZLVKHVWRFUHDWHKLVRZQ5pSXEOLTXH
*pQLDOH*UHDW5HSXEOLF
$:RUOGRI)DOVH)LQJHUSULQWV3DUW,*DOHULH5HQp%ORFN%HUOLQ'(
/H3RwSRwGURPHjHVSDFHWHPSVUpHO3URWRW\SHDYHF-RDFKLP3IHXIHU3DODLVGHV%HDX[$UWV%UXVVHOV
%(
7HOHSDWKLVFKH0XVLN1U$NDGHPLHGHU.QVWH%HUOLQ'(
3URGXFHV5HFKHUFKHVXUO
2ULJLQHDQPHWHUORQJWH[WLOHDUWZRUN.XQVWKDOOH'VVHOGRUI.XQVWPXVHXP
/XFHUQHHW$NDGHPLHGHU.QVWH%HUOLQ'(
$SSOLHVKLVSULQFLSOHRI³%LHQIDLWPDOIDLWSDVIDLW´ZHOOGRQHEDGO\GRQHQRWGRQHWRWKHSHUSHWXDO
FUHDWLRQRI8QLYHUVH
5HFKHUFKHVXUOH3DV)DLW*DOHULH%DPD3DULV)5
*HEXUWVWDJGHU.XQVW1HXH*DOHULH$L[OD&KDSHOOH)5
6HYHQ&KLOGOLNH8VHVRI:DUOLNH0DWHULDO*DOHULH%HUQDUG5REHUWR0HGLFL6RORWKXUQ&+
3URMHFWVIRU6N\ZULWLQJ5HVHDUFKLQ$UWVDQG$VWURORJ\*DOHULH1HEHOXQJ'VVHOGRUI'(
5LFKDUG7XWWOH5REHUW)LOOLRX8ZH/DXVHQ3HUVRQDO0HVVDJHV*DOHULH%XFKKRO]0XQLFK'(
5HVHDUFKRQ3UH%LRORJ\*DOHULH0XOWKLSOD0LODQ,7
9LGHRUHVHDUFKIRU7KH(WHUQDO1HWZRUN
%LJD)LOOLRX3ULQFLSHG¶eTXLYDOHQFH±SDVIDLW2OGHQEXUJ6WLGLR)HUUHUR1LFH)5*DOHULH%HUQDUG
5REHUWR0HGLFL6RORWKXUQ&+
)LOOLRX,LPXUD.DKOHQ.DSURZ0HU]9RVWHOO(U|IIQXQJGHU$NWLRQHQGHU$'$$NWLRQHQGHU$YDQWJDUGH
1HXHU%HUOLQHU.XQVWYHUHLQ%HUOLQ'(
:RUNVRQWKHSULQFLSOHRIWKHWKHRU\RI³eFRQRPLH3RpWLTXH´3RHWLFDO(FRQRPLFV'HIURVWLQJWKH
)UR]HQ([KLELWLRQ*DOHULH3KLORPqQH0DJHUV%RQQ'(
3RXUXQH&UpDWLRQ3HUPDQHQWH,,,HW,,,*DOOHULD/D%UHWHVFD0LODQ,7
)URP7HUULWRU\1ƒRIWKH*HQLDO5HSXEOLF:HHNVRI)XWXURORJ\*DOHULH6FKPHOD'VVHOGRUI'(
:HHNVRIUHVHDUFKIURPWKHWHUULWRU\QƒRIWKH*pQLDO5HSXEOLF:LGH:KLWH6SDFH$QWZHUS%(
'RFXPHQWDWLRQVXUOHWHUULWRLUH1ƒGHOD5pSXEOLTXHJpQLDOH*DOOHU\+RXVH/RQGRQ8.
)LOPV'VVHOGRUILVWHLQJXWHU3ODW]]XP6FKODIHQDQG8QpWpGH)LOPV
-RLQW:RUNVZLWK*DOHULH5HQp%ORFN%HUOLQ'(
$UWLVWHVG¶$YULO/D*DOHULH%HQGRXWHGHWRXW1LFH)5
*DOHULH0OOHU&RORJQH'(
*DOHULH0LFKDHO:HUQHU&RORJQH'(
6ROLGDULWlWVYHUDQVWDOWXQJIW$QJHOD'DYLV$UW,QWHUPHGLD&RORJQH'(
:RUNVRI5REHUW)LOOLRXWREHORRNHGXSRQDV:LGH:KLWH6SDFH$QWZHUS%(
&UHDWLRQRIWKH³7HUULWRLUHGHOD5pSXEOLTXH*pQLDOH´5HDOPRIWKH*UHDW5HSXEOLFZLWKWKHILUVWSURGXFWLRQ
EDVHGRQWKDWFRQFHSW5HVHDUFKDWWKH6WHGHOLMN0XVHXP6WHGHOLMN0XVHXP$PVWHUGDP1/
)URPWHUULWRU\QƒRIWKH*HQLDO5HSXEOLFZHHNVRI)XWXURORJ\*DOHULH6FKPHOD'VVHOGRUI'(
([SRVLWLRQSRXUOHq°LO:LGH:KLWH6SDFH*DOOHU\$QWZHUS%(
9LGHR7HUULWRLUHQƒGHOD5pSXEOLTXH*pQLDOH
)LOP)LOOLRX¶V'RLW<RXUVHOI(URWLF)LOP
%HJLQQLQJRIWKHIULHQGVKLSKEHWZHHQ%URRGWKDHUVDQG)LOOLRX³0DUFHO%URRGWKDHUVPRLHW0DULDQQH
PDUFKDQW´
6RPPHUUHLVHEURGHV5REHUW)LOOLRX.DELQHWWIU$NWXHOOH.XQVW%UHPHUKDYHQ'(
$-RLQW:RUNVRI5REHUW)LOOLRXDQG*DOHULH6FKPHOD'VVHOGRUI'(
&RPPHPRU1HXH*DOHULH$L[OD&KDSHOOH)5
5HVHDUFKRQ$VWURORJ\*DOHULH:HUQHU&RORJQH'(
)LOP'RXEOH+DSSHQLQJ&RQWULEXWLRQIRU+DSSHQLQJ)OX[XV
7HDFKLQJDQG/HDUQLQJDV3HUIRUPLQJ$UWVLVSXEOLVKHG
&UpDWLRQ3HUPDQHQWH3ULQFLSHG
eTXLYDOHQFH*DOHULH6FKPHOD'VVHOGRUI'(/DWHUVKRZHGDWWKH
'RFXPHQWD9.DVVHO'(LQ3UHVHQWVIRUWKHILUVWWLPHDWWKH*DOHULH6FKPHOD%HUOLQ'(WKH
FRQFHSWRI7KH(WHUQDO1HWZRUNZLWK*HRUJH%UHFKW
%LHQIDLWPDOIDLWSDVIDLW*DOHULH+DQVFKLQ%DVHO&+
/D&pGLOOHTXL6RXULWZLWK*HRUJH%UHFKW6WlGWLVFKHV0XVHXP0|QFKHQJODGEDFK'(
/HHGVD1HZ&DUG*DPH5R\DO&ROOHJHRI$UW/HHGV8.
7KH3RHWLF6FLHQFHDYHF*HRUJH%UHFKW$FWLRQ3RHWU\0RGHUQD0XVHHW6WRFNKROP6(
2XEOLH]O¶DUWHWYHQH]PDQJHUDYHF%HQ%UHFKW'LHWPDQ)LOOLRX*XLOODXPRQ*XLQRFKHW/\RQ)5
,QWXLWLRQHQXQG*DOHULHQ*DOHULH0D\HU6WXWWJDUW'(
)HUPHWXUHGH/D&pGLOOHTXLVRXULWHWIRQGDWLRQGHO¶(WHUQDO1HWZRUN
6WDUWVZRUNLQJRQ³3ULQFLSHG¶pTXLYDOHQFH%LHQIDLWPDOIDLWSDVIDLW´LQ'LHWHU5RWK
VVWXGLRDWWKH
'VVHOGRUI.XQVW$NDGHPLH'(
)LOPZLWK*HRUJH%UHFKW³:RUNDQG3OD\+RPPDJHj0HOLqV´
6WUHHWILJKWLQJSRqPHWpOpSKRQLTXH.XQVWELEOLRWHN&RSHQKDJHQ'.
7UDYHOVWR1HZ<RUN7KH.H\WR$UW"+DQG6KRZIROORZLQJ$QG\:DUKRO
VDGYLFH)LOOLRXDQGWKH
SKRWRJUDSKHU6FRWW+LGHVKRZLQ7LIIDQ\
VZLQGRZVWKHSKRWRJUDSKVRIWKHSDOPVRIDUWLVWV
+DQG6KRZFROODERUDWLRQZLWK*HRUJH%UHFKW6DED6WXGLR:LOOLQJHQ'(
*DPHVDWWKH&HGLOODRUWKH&HGLOOD7DNHVRIILVSXEOLVKHGFROODERUDWLRQZLWK*HRUJH%UHFKW
([SRVLWLRQ,QWXLWLYH*DOHULH-DFTXHOLQH5DQVRQ3DULV)5
$3DULV/DFpGLOOHTXLVRXULWRIIHULQHVLQDWWHQGXV*DOHULH-DFTXHOLQH5DQVRQ3DULV)5
7KpkWUHGH/
eWXYH/LHJH%(
$WWHQGVWKHILUVWZRUOGFRQJUHVV³+DSSHQLQJV´6W0DU\¶VRIWKH+DUERXU1HZ<RUN86
)LUVWHGLWLRQRISRVWFDUGVLQZRRGHQER[HV$PSOH)RRGIRU6WXSLG7KRXJKWpG6RPHWKLQJ(OVH3UHVV
1HZ<RUN86
/DIrWHjOD-RFRQGHLQ0DJOLRQHDQGGHO3H]]R
VVWXGLRUXHGHV0DWKXULQV3DULV)5
/DIrWHjOD-RFRQGH*DOHULH0DWKLDV)HOV3DULV)5
7UDSSROHSHU3DUROHZLWK'DQLHO6SRHUUL*DOOHULD6FKZDU]0LODQ,7
/D&pGLOOHTXLVRXULWZLWK*HRUJH%UHFKW9LOOHIUDQFKHVXU0HU)5
,QYHQWLRQQƒZLWK(PPHWW:LOOLDPV7KH6SDJKHWWL6DQGZLFK,QYHQWLRQQƒZLWK(PPHWW:LOOLDPV
7KH3LQN(DU3OXJILUVWSOD\IRU3HUIRUPDQFH7KH3LQN6SDJKHWWL+DQGVKDNH([WUD6HQVRU\0LVSHUFHSWLRQ
)HVWLYDOGHODOLEUHH[SUHVVLRQ3DULV)5
3ODWLWXGHHQ5HOLHI3LqJHVjPRWVFROODERUDWLRQZLWK'DQLHO6SRHUUL*DOHULH-3DULV)5*DOHULH=ZLUQHU
&RORJQH'(
VSHFLDOLVVXHRI3KDQWRPDVPDJD]LQH
6RXPLVVLRQDXSRVVLEOH%HUJHUUrYDQWTX
LOpWDLWURL&DIpWKpkWUH/D9LHLOOH*ULOOH3DULV)5
7KpkWUHGH/D&KLPqUH3DULV)5
/¶DXMRXUG¶KXLGHGHPDLQSRqPHFROOHFWLIZLWK(PPHWW:LOOLDPV0XVpHGHODYLOOHG¶$UUDV)5
.DERX¶,QHPD$FWLRQ3RHWU\ZLWK(PPHW:LOOLDPVDQG-HDQ/RXS3KLOLSSH&HQWUHDPpULFDLQ3DULV)5
/H3RwSRwGURPH3URMHFWIRUD3HUPDQHQW&UHDWLYH&HQWHUFROODERUDWLRQZLWK-RDFKLP3IHXIHU
$X&RPSWRLUZLWK(PPHWW:LOOLDPV*DOHULH5D\PRQG&RUGLHU3DULV)5
:KLVSHUHG$UW+LVWRU\[¶UHFRUGVIRUPXVLFER[
1R3OD\LQIURQWRI1R$XGLHQFH3DULV)5
*DOHULH/pJLWLPH6WUHHWHYHQW3DULV)5/RQGRQ8.)UDQFIRUW'(
3qUH/DFKDLVH1ƒ*DOHULH/H)OHXYHERRNVKRS3DULV)5
:D\VWRXVH(PPHWW:LOOLDPV¶6NXOO6WUHHWHYHQWZLWK(PPHWW:LOOLDPV3DULV)5
)HVWLYDORI0LVILWV*DOOHU\2QH/RQGRQ8.0HW*HRUJH0DFLXQDV
%LUWKRIKLVGDXJKWHU0DUFHOOHLQ&RSHQKDJHQ'.
3UHPLqUHH[SRVLWLRQ3Rw3Rw*DOHULH.|SFNH&RSHQKDJHQFDW'.
/LOOH.LUNHVWUDGH1ƒ$.LORV3RHP*DOHULH.|SFNH&RSHQKDJHQ'.
(QGRIWKH\HDUPRYHVEDFNWR3DULVZLWK0DULDQQHDQG0DUFHOOH
6XVSHQV3RHP0DLOHYHQW3DULV)5
)LUVWSHUIRUPDQFHZLWK3HWHU&RKHQSHUIRUPHGVHYHUDOWLPHVLQ3DULV3HUIRUPDQFH3LHFHIRUD/RQHO\
3HUVRQLQD3XEOLF3ODFH
%HJLQQLQJRIWKHJDPH³'L[DQVGHFKRVHVPDOIDLWHV´FRPSOHWHGLQ
3HUIRUPDQFHRIDXWRWKpkWUHVHOIWKHDWUH/¶LPPRUWHOOHPRUWGXPRQGH3DULV)5
7KHFRXSOHOLYHVEHWZHHQ&RSHQKDJHQDQG3DULV0HW'DQLHO6SRHUUL
:ULWHVKLVILUVWSOD\³6HDJXOO¶VELUWKGD\´
0HW0DULDQQHLQ&RSHQKDJHQ
/LYHVLQYDULRXVFRXQWULHV(J\SW6SDLQ'DQHPDUN8QLWHG6WDWHV
2EWDLQVWKHPXOWLSOH)UHQFK$PHULFDQFLWL]HQVKLS:RUNVLQ6RXWK.RUHDIRUWKH8QLWHG1DWLRQV
.RUHDQ5HFRQVWUXFWLRQ$JHQF\5HVLJQVLQ7UDYHOVWKURXJKRXW$VLDDQGGLVFRYHUV-DSDQDQG=HQ
SKLORVRSK\
:RUNVLQD&RFDFRODIDFWRU\LQ/RV$QJHOHV6WXGLHV(FRQRPLFVDW8&/$
&ROOHFWLYHH[KLELWLRQV
7KH/DQJXDJHRI7KLQJV0DWHULDO+L6WRULHVIURPWKH&ROOHFWLRQHU+DXV9LHQQD$8
6RXOqYHPHQWV-HXGH3DXPH3DULV)5
3XUH)LFWLRQ0DULDQ*RRGPDQ*DOOHU\3DULV)5
/(;,&21*DJRVLDQ*DOOHU\3DULV)5
&RVDPHQWDOH/HVLPDJLQDLUHVGHODWpOpSDWKLHGDQVO
DUWGX;;HVLqFOH&HQWUH3RPSLGRX0HW])5
0RUHWKDQDFDWDORJXH0XVHR1DFLRQDO&HQWURGH$UWH5HLQD6RItD0DGULG(6
/H0RQGH6HORQ)5$&)UDQFKH&RPWp%HVDQoRQ)5
7UDQVPLVVLRQUHFUpDWLRQHWUpSpWLWLRQ%HDX[DUWVGH3DULV)5
$XUD$UWHWWpOpSDWKLHGH5RGLQjQRVMRXUV&HQWUH3RPSLGRX0HW])5
)RUPHVELRJUDSKLTXHV&DUUpG
$UW1vPHV)5
3OD\WLPH%LHQQDOHGH5HQQHVOHV$WHOLHUV5HQQHV)5
3OD\JURXQG0XVHR1DFLRQDO&HQWURGH$UWH5HLQD6RILD0DGULG(6
:RUNDV3OD\$UWDV7KRXJKW)5$&%UHWDJQH5HQQHV)5
*pQpUDO%RUGXUH/H4XDUWLHU4XLPSHU)5
6LQ0RWLYR$SDUHQWH&$0&HQWURGH$UWH'RVGH0D\R0DGULG(6
5pLQYHQWHUOH0RQGH2HXYUHVGX)5$&$TXLWDLQH6DOD5HNDOGH%LOERD(6
%R[HV*UHHQRWKHUV*DOHULH+HUYp%L]H1DQF\)5
)LDWIOX[ODQpEXOHXVH)OX[XV0XVpHG
DUW0RGHUQH6DLQW(WLHQQH)5
6DR3DXOR%LHQQLDO6DR3DXOR%5
8QH7HUULEOH%HDXWpHVWQpHqPH%LHQQDOHGH/\RQ/D6XFULqUH/\RQ)5
/HVHQWLPHQWGHV&KRVHV/H3ODWHDX3DULV)5
6SHHFK2EMHFWV0XVpHGHO
2EMHW%ORLV)5
6WDJLQJ$FWLRQ3HUIRUPDQFHLQ3KRWRJUDSK\VLQFH020$1HZ<RUN86
'RXEOH%LQG$UUrWH]G
HVVD\HUGHPHFRPSUHQGUH9LOOD$UVRQ1LFH)5
'DQVO
2HLOGX&ULWLTXH%HUQDUG/DPDUFKH9DGHOHWOHVDUWLVWHV0XVpHG
$UW0RGHUQHGHOD9LOOHGH
3DULV$5&3DULV)5
/H7URLVLqPH/LHX'HU'ULWWH2UW7KH7KLUG3ODFH*UD]HU.XQVWYHUHLQ*UD]$7
/RFXV2FXOLDYHFFROOHFWLRQV,QVWLWXW$UW&RQWHPSRUDLQ9LOOHXUEDQQH5KRQH$OSHVHW0XVpH$UW0RGHUQH
6W(WLHQQH0HWURSROH&KDWHDXGHODEkWLHG
8UIp6DLQW(WLHQQHOH0RODUG/RLUH)5
8WRSLFVH([SRVLWLRQ6XLVVHGH6FXOSWXUH%LHQQH&+
7UDFHVGXVDFUp&HQWUH3RPSLGRX3DULV)5
/HVVXMHWVHQPRLQV*DOHULH/pR6FKHHU3DULV)5
/DIrWHHVWSHUPDQHQWH7KH(WHUQDO1HWZRUN)5$&&KDPSDJQH$UGHQQH5HLPV)5
12:-803)HVWLYDO1DP-XQH3DLN$UW&HQWHU<RQJLQ.5
5HYROXWLRQV=DFKHWD1DWLRQDO*DOOHU\RI$UW:DUVDZ3/
WK$QQLYHUVDU\*DOHULH1HOVRQ3DULV)5
$7KHDWUHZLWKRXW7KHDWUH0XVHXG
$UW&RQWHPSRUDQLGH%DUFHORQD%DUFHORQD(6
/RJLTXHGXUrYHpYHLOOp/HV,QVWDQWV&KDYLUpV0RQWUHXLO)5
/
DQQLYHUVDLUHGHO
DUWXQHLGpHGH5REHUW)LOOLRX)5$&/DQJXHGRFURXVVLOORQ&HQWUH&XOWXUHOGH
6DXYH6DXYH)5
6PLOH0DFKLQHV$NDGHPLHGHU.QVWH%HUOLQ'(
7UDQVPLVVLRQ/HRXOD3RwSRwGURPHjHVSDFHWHPSVUpHOSURWRW\SH)LFKLHU3RwSRw$UFKLYHV
5REHUW)LOLRXHW-RDFKLP3IHXIHU9LOOD$UVRQ1LFH)5
1RXYHOOHVDFTXLVLWLRQV$UWRWKqTXHG
$X[HUUH%LEOLRWKqTXH0XQLFLSDOH$X[HUUH)5
,GHQWLWpV&DYDOHVV&HQWUH,8)05HLPV)5
/¶DFWLRQUHVWUHLQWH/¶DUWPRGHUQHVHORQ0DOODUPp0XVpHGHV%HDX[$UWVGH1DQWHV1DQWHV)5
/DFROOHFWLRQHQWURLVWHPSVHWTXDWUHDFWHV>$FWH@O¶DUWODYLHOHFRUSV>PDF@PXVpHG¶DUWFRQWHPSRUDLQ
0DUVHLOOH)5
0RWVG¶RUGUHPRWVGHSDVVH(VSDFH3DXO5LFDUG3DULV)5
3DSLOORQVHWEXOOHVGHVDYRQ)5$&1RUG3DVGH&DODLV'XQNHUTXH)5
3RUWUDLWVG
DUWLVWHV*DOHULHGH)UDQFH3DULV)5
3UrWjSRUWHUFROOHFWLRQOHVQRXYHOOHVRHXYUHVjHPSUXQWHUjO
DUWRWKqTXH$UWRWKqTXHG
$QQHF\
$QQHF\)5
/D'pFRXYHUWHGXFRUSVpOHFWURQLTXH$UWHWYLGpRVGHVDQQpHV*DOOHULD&LYLFDGL$UWH&RQWHPSRUDQHD
)LOLSSR6FURSSR7RUUH3HOOLFH,7
'DQVOHVUqJOHVGHO
DUW*DOHULHGHO
$UWRWKqTXH%LEOLRWKqTXHGH/\RQ/\RQ)5
*HRUJH%UHFKW5REHUW)LOOLRX+RQRUpG
2/H4XDL(FROH6XSpULHXUHG
$UW0XOKRXVH)5
6XSSRUW1HXH*DOHULH*UD]*UD]&+
*HQHVLV6FXOSWXUH'RPDLQH3RPPHU\5HLPV)5
9LHQQHODQXLWVRQQHO¶KHXUH/H7ULDQJOH5HQQHV)5
3DQDPDUHQNR.LSSHQEHUJHU)LOOLRX0XOWLSOHV0XKND$QWZHUS%(
)OX[XV&RQWLQXH1LFH*DOHULHFRQWHPSRUDLQHGX0$0$&1LFH)5
,QFDUQpVGHWH[WHV*DOHULH$OLQH9LGDO3DULV)5
'DQVOHVUqJOHVGHO
DUWJDOHULHGHO
DUWRWKqTXH/\RQ)5
-RDFKLP3IHXIHUHW5REHUW)LOOLRX/DYDOHXUG
pFKDQJHSXUH/HVDUFKLYHVGX3RwSRwGURPHj
PDLQWHQDQW0XVpHGHV%HDX[$UWV1DQWHV)5
3UHPLHUVPRXYHPHQWVIUDJLOHVFRUUHVSRQGDQFHV/H3ODWHDX3DULVFDW)5
/D*DOHULHGX+DwGRXF%DQGLWV0DJHV%RXUJHV)5
6DQVFRPPXQHPHVXUH/H)UHVQR\7RXUFRLQJ)5
6PDOO1RLVH,QVWLWXWG
DUWFRQWHPSRUDLQ9LOOHXUEDQQH)5
/D0RUWWHOHGLUD0XVpHG
$UW&RQWHPSRUDLQ/\RQ)5
&ULWLTXHHWXWRSLHOLYUHVG¶DUWLVWHV/D&ULpH5HQQHV)5
5REHUW)LOOLRX-RDFKLP3IHXIHU/D7RXU+LVWRULTXHpFKHOOH´³/H)LFKLHU3RwSRw´RXWRIWKH
3RwSRwGURPH*DOHULH$UORJRV3DULV)5
1RXYHOOHVDFTXLVLWLRQV)5$&&KDPSDJQH$UGHQQH5HLP)5
0LFURSROLWLTXHV0DJDVLQ*UHQREOH)5
5HSqUHV(FROH5pJLRQDOHGHV%HDX[$UWV$QJHUV)5
9DQLWDV3HUVRQDH5REHUW0LOOHU*DOOHU\1HZ<RUN86
(WO¶$UWVHPHWDX0RQGH)5$&5K{QH$OSHV1RXYHDX0XVpH9LOOHXUEDQQH)5
&RPPHQWYDWDYDFKH"0XVpHG¶DUWFRQWHPSRUDLQ/\RQ)5
1RXYHOOHVDTXLVLWLRQV)5$&&KDPSDJQH$UGHQQH5HLPV)5
2XWRI$FWLRQV%HWZHHQ3HUIRUPDQFHDQGWKH2EMHFW/RV$QJHOHV869LHQQD$7
%DUFHORQD(67RN\R-3FDW
35(0,&(6,QYHVWHGVSDFHVLQYLVXDODUWVDUFKLWHFWXUHGHVLJQIURP)UDQFH*XJJHQKHLP
0XVHXP6RKR1HZ<RUN86FDW
3DVVLRQVGH)UDQFH&HQWUHFXOWXUHOIUDQoDLVGH7XULQFKRL[GXFULWLTXHHWFROOHFWLRQQHXU(QULFR3HGULQL
SXEOLFDWLRQ
/HFLUTXHHWO¶DUWFRQWHPSRUDLQ±(WTXLOLEUH"/H)UHVQR\7RXUFRLQJ)5
3UHWW\1LFHDQG)LQH*DOHULH6FK|QHZDOGXQG%HXVH.UHIHOG'(
2QQ
DSDVILQLGHSDUOHUGH'DGD)UDF1RUG3DVGH&DODLV'XQNHUTXH7UDPHQƒ)5
)URPMXQNWRDUW±75$6+/pD9LUJLQHFRPPLVVDLUH7UHQWRSDOOD]]RGHOOH$OEHUH5RYHUHWRDUFKLYR
GHO¶FDW)5
(DUO\)RUPV*DOHULH&KDQWDO&URXVHO3DULV)5
3RqPHVjSHWLWHYLWHVVH0XVpHG¶DUWFRQWHPSRUDLQ/\RQ)5
&HWpWpOj«H[SRVLWLRQGHYDULpWpV&HQWUHUpJLRQDOG¶DUWFRQWHPSRUDLQ/DQJXHGRF5RXVVLOORQ6qWH)5
3RXVVLqUHGXVWPHPRULHVJDOHULHGX7KpkWUH1DWLRQDOGH%UHWDJQH5HQQHV)5
$UW"¬6DLQW5pP\$UW6DLQW5pP\GH3URYHQFH)5
RXYHUWXUHGXQRXYHDXPXVpHG¶DUWPRGHUQHHWFRQWHPSRUDLQGH6WUDVERXUJSUHPLqUHLQVWDOODWLRQGH
/¶DWHOLHUGHV(\]LHVGH5REHUW)LOOLRX
0DJLHGHU=DKO6WXWWJDUW'(FDW
)OX[XVXQG)OX[LVPXV7KHVVDORQLTXH*5FDW
'DV%XFK]XU'RFXPHQWD;3ROLWLFV3RHWLFV.DVVHO'(FDW
6HFK]LJHU-DKUH'LHQHXHQ$EHQWHXHUGHU2EMHNWH&RORJQH'(FDW
$UW*DPHV'LH6FKDFKWHOQGHU)OX[XVNQVWOHU6WXWWJDUW'(FDW
%DU%LHQQDOHWRXU5URVHVHODY\/\RQ)5
/LYUHVG¶DUWLVWHVO¶LQYHQWLRQG¶XQJHQUH%LEOLRWKqTXH1DWLRQDOHGH)UDQFH3DULV)5
2GHXUV8QH2G\VVpH3DVVDJHGH5HW]3DULV)5
0DGHLQ)UDQFH01$0&*33DULV)5FDW
/D3DUHVVH&HQWUH*HRUJHV3RPSLGRX0XVpH1DWLRQDOG
$UW0RGHUQH3DULV)5FDW
$UWLVWHVIUDQoDLVGH$j=*DOHULH*DEULHOOH0DXEULH3DULV)5
/
DUWGXWDPSRQ0XVpHGHOD3RVWH3DULV)5
&ROOHFWLRQ)UDQoRLVHW1LQRQ5REHOLQ0XVpHG¶DUWFRQWHPSRUDLQ6DLQWeWLHQQH)5
&ROOHFWLRQILQ;;¶+{WHOGHUpJLRQ3RLWLHUV)5
ƒVHPDLQHLQWHUQDWLRQDOHGH9LGpRUpWURVSHFWLYHV*X\'HERUG5REHUW)LOOLRX&KULV0DUNHU6DLQW*HUYDLV
*HQHYD&+
/HVIUDJPHQWVGXGpVLU%UXVVHOV%(
=LPPHUGHQNPlOHU%RFKXP'(FDW
9LHUIDOW.XQVWLQ6FKZDOHQEHUJ/HPJRFDW
(LQHODQJH*HVFKLFKWHPLWYLHOHQ.QRWHQ)OX[XVLQ'HXWVFKODQG6WXWWJDUW'(FDW
,QIDPLH±DXWUHVYLFWRLUHV-HDQ<YHV-RXDQQDLVFKkWHDXGHOD/RXYLqUH0RQWOXoRQ)5FDW
+RUV/LPLWHV±O¶DUWHWODYLH&HQWUH*HRUJHV3RPSLGRX0XVpH1DWLRQDOG
$UW0RGHUQH3DULV)5
FDW
$UWHWODQJDJH±OHFWXUHVFROOHFWLRQGX)UDF)UDF0LGL3\UpQpHV)5
:LGH:KLWH6SDFH±3DODLVGHV%HDX[$UWV%UXVVHOV%(
3DUROHVG¶DUWLVWHVGLDORJXHVSXEOLFV(VSDFHG¶DUWFRQWHPSRUDLQ&LPDLVHHW3RUWLTXH$OEL)5
3DSHU$UW'UHQ'(FDW
'DV-DKUKXQGHUWGHV0XOWLSOH+DPERXUJ'(FDW
$UW8QOLPLWHG/RQGRQ8.FDW
.XQVWDOV.RPPXQLNDWLRQ6FKZDOHQEHUJ'(FDW
)OX[XV%DVHO&+FDW
8QHYLVLWHSULYpH"
'HODPDLQjODWrWHO
REMHWWKpRULTXH'RPDLQHGH.HUJXHKHQQHF.HUJXHKHQQHF)5
%ULTXHVJDOHULH&URXVHO5REHOLQ%DPD3DULV)5
6DORQGHPXVLTXHVXLWHGHSULQWHPSVJDOHULH/DUD9LQFL3DULV)5
/
LYUHVVHGXUpHOO
REMHWGDQVO
DUWGX;[LqPHVLqFOH&DUUpG
DUW0XVpHG
DUWFRQWHPSRUDLQ1vPHV)5
,QWHUQDWLRQDO,QGH[RI0XOWLSOHV7RN\R-3&RORJQH'(FDW
6DPPOXQJ)HHOLVFK0XVHXPDP2VWZDOG'RUWPXQG'(FDW
DUWPXOWLSOH'VVHOGRUI'(FDW
/LYUHVREMHWV0RXOLQ$OELJHRLV$OEL)5
(WWRXVLOVFKDQJHQWOHPRQGHqPHELHQQDOHG¶DUWFRQWHPSRUDLQKDOOH7RQ\*DUQLHU/\RQ)5FDW
6HYHQWLHV-RKQ*LEVRQ*DOOHU\1HZ<RUN86
)OX[XVDXVGHU6DPPOXQJ$QGHUVFK%LHOHIHOG'(FDW
)OX[XV9LUXV&RORJQH'(FDW
7HUULWRULXP$UWLV%RQQ'(FDW
6DPPOXQJ%ORFN&RSHQKDJHQ'.FDW
7LHUUDGHQDGLH*UDQDGD(6FDW
'LH$YDQWJDUGHVFKUHLEW(LQ-DKUKXQGHUW.QVWOHUNDUWHQ+DPERXUJ)DQFIRUW'(FDW
=XIDOODOV3ULQ]LS/XGZLJVKDIHQ'(FDW
=HLWNXQVW6DPPOXQJ)HHOLVFK6WlGLVFKH*DOHULH5HPVFKHLG'(FDW
)OX[XVGDFDSR:LHVEDGHQ'(FDW
/
DPRXUGHO
DUW%LHQQDOHG
DUWFRQWHPSRUDLQ0XVpHG
DUWFRQWHPSRUDLQ/\RQ)5
3DULV%DU$UWFXULDO3DULV)5
7RR)UHQFKIUHQFKFRQWHPSRUDU\DUW+RQN*RQJ0XVHXPRI$UWHQFROODERUDWLRQDYHFOD)RQGDWLRQ
&DUWLHU+.
:DVLVW)OX[XV":LQWHUWKXU&+FDW
6DPPOXQJ&UHPHU%G,'RUWPXQG'(FDW
%UHQQSXQNW,,"'VVHOGRUI'(FDW
5XLQHGHU.XQVW.XQVWKDOOH3DOD]]R/LHVWDO&+FDW
-RKQ&DJHXQGGLH0RGHUQH.XQVWDOV*UHQ]EHVFKUHLWXQJ0XQLFK'(FDW
/LEHU0DLVWHU66WXWWJDUW'(FDW
)OX[XVXQG&RQFHSW$UW/XGZLJVKDIHQ'(FDW
$UWLVHDV\7KHUHDG\PDGHERRPUDQJ%LHQQDOHGH6\GQH\6\GQH\$8FDW
6DPPOXQJGHV&HQWUH3RPSLGRX'HLFKWRWKDOOHQ+DPERXUJ'(
8EL)OX[XVXELPRWXVH%LHQQDOHGH9HQLVH9HQLVH,7FDW
)UHQFK6SULQJ)UDF1RUG3DVGH&DODLV6FRWWLVK1DWLRQDO*DOOHU\RI0RGHUQ$UW(GLQEXUJK8.
8PNRQNUHWH8WRSLHQLQ.XQVW*HVHOOVFKDIW.XQVWKDOOH'VVHOGRUI'(FDW
&ROODJHV0XVpHG
8QWHUOLQGHQ&ROPDU)5
)OX[XVVXEMHFWLY9LHQQD$7FDW
3OXVRXPRLQVUDUHVpGLWLRQV*DOHULH&ODXGLQH3DSLOORQ3DULV)5
GLVFRWKqTXH«([SpULHQFHVVRQRUHVG¶DUWLVWHV0DLVRQGXOLYUHGHO¶LPDJHHWGXVRQ
9LOOHXUEDQQH)5
'LPHQVLRQ-RXHW&HQWUHGH/D9LHLOOH&KDULWp0DUVHLOOH)5
+DSSHQLQJ)OX[XVJDOHULH3DULV)5FDW
%LOGHUVWUHLW0XVHXP/XGZLJ&RORJQH'(FDW
/LEHUWpeJDOLWp0XVHXP)RONZDQJ(VVHQHW.XQVWYHUHLQ:LQWHUWKXU&+FDW
1RUGOLFKW+%..XQVWYHUHLQ+DPEXUJ'(
8EULJHQVVWHUEHQLPPHUGLHDQGHUHQ0DUFHO'XFKDPSXQGGLH$YDQWJDUGHVHLW0XVHXP
/XGZLJ&RORJQH'(FDW
%HUOLQDUW7KH0XVHXPRI0RGHUQ$UW1HZ<RUN86
9RPHVVHQXQGWULQNHQ.XQVWXQG0XVHXPVYHUHLQ:XSSHUWDO'(
6NXOSWXU3URMHNWH0QVWHU'(
/¶DUWLVWHHWODWHUUHLqPHFROOTXHH[SRVLWLRQeFROHQDWLRQDOHGHV$UWV'pFRUDWLIV/LPRJHVQRYHPEUH
SXEOLFDWLRQ
/X[HFDOPHHWYROXSWp$VSHFWVRIIUHQFKDUW9DQFRXYHU$UW*DOOHU\9DQFRXYHU&$FDW
4X
HVWFHTXHO
DUWIUDQoDLV"&5$&0LGL3\UpQpHV/DEqJH,QQRSROH7RXORXVH)5FDW
6DPPOXQJ)HHOLVFKSULYDW0XVHXPDP2VZDOG'RUWPXQG'(FDW
'LHHU-DKUH.|OQLVFKHU.XQVWYHUHLQ&RORJQH'(
)U|KOLFKH:LVVHQVFKDIW'DV$UFKLY6RKP6WWDWVJDOHULH6WXWWJDUW'(
=XJHKHQGDXIHLQH%LHQQDOHGHV)ULHGHQV+DPEXUJ'(
'LHVLFKVHOEVWYHUVWlQGLJHQ0|EHO0XVHXPVYHUHLQ:XSSHUWDO'(
*HQRPPHQHQ.XUYHQ-DKUHHGLWLRQ6WDHFN.XQVWPXVHXP'VVHOGRUI'(
.XQVWLQGHU%XQGHVUHSXEOLN'HXWVFKODQG1DWLRQDOJDOHULH%HUOLQ'(
9RP.ODQJGHU%LOGHU6WDDWVJDOHULH6WXWWJDUW'(
9RQ+LHUDXV'VVHOGRUI'(
0XVHXPVE\DUWLVWV$UW0HWURSROH7RURQWR&$FDW
:LHVEDGHQ)OX[XV:LHVEDGHQ'(
)OX[XV$VSHNWHHLQHV3KlQRPHQV:XSSHUWDO'(
:HVWNXQVW&RORJQH'(
)OX[XV,QWHUQDWLRQDO&LUTXH'LYHUV/LHJH%(
:LWK%HQ9DXWLHUDQG'LFN+LJJLQV0XVpHG
$UWFRQWHPSRUDLQ0RQWUHDO&$
)OX[XV&KDRVXQHKLVWRLUHTXLQ
DSDVG
LPSRUWDQFH(VSDFHO\RQQDLVG
DUWFRQWHPSRUDLQ&HQWUH
G
pWXGHV/\RQ3HUUDFKH)5
*DOHULH0DULND0DODFRUGD*HQHYD&+$UW
%DVHO&+
)OX[XV,QWHUQDWLRQDO&RJDOHULHG
DUWFRQWHPSRUDLQGHV0XVpHVGH1LFH)5
2EMHFWV0DULDQ*RRGPDQ*DOOHU\1HZ<RUN86
3DULV±1HZ<RUN0XVpHQDWLRQDOG¶DUWPRGHUQH&HQWUH*HRUJHV3RPSLGRX3DULV)5
'RFXPHQWD9,.DVVHO'(
$SURSRVGH1LFH&HQWUH*HRUJH3RPSLGRX3DULV)5
'DLO\%XO&R)RQGDWLRQ0DHJKW6DLQW3DXOGH9HQFHHW3DODLVGHV%HDX[$UWV%UXVVHOV%(
:KDW
VWKHWLPH"JDOHULH0DULND0DODFRUGD*HQHYD&+
6SLUDOHQ3URJUHVVLRQHQ.XQVWPXVHXP/X]HUQ&+
H[SRVLWLRQVXUOHWKqPH/H6DQ$QWRQLR6KRZUpDOLVpSDU*HRUJH%UHFKWHWVHVDPLV%HQ)LOOLRX7RSRU«
DYHFOHJURXSH(FDUW3DWLQR
&RQWHPSRUDQHD5RPH,7
$'$1HXH%HUOLQHU.XQVWYHUHLQ%HUOLQ'(
%HWZHHQ6WlGWLVFKH.XQVWKDOOH'VVHOGRUI'(
%HWZHHQ*DOOHU\+RXVH/RQGRQ8.
'RFXPHQWD9.DVVHO'(
)OX[VKRHWRXULQJH[KLELWLRQVWKURXJKRXWWKH8.
6]HQH5KHLQ5XKU
0XVHXP)ROVZDQJ(VVHQ'(
H%LHQQDOHGH9HQLVH9HQLVH,7
$VSHFWVGHO
DYDQWJDUGHHQ)UDQFH7KpkWUHGH1LFH)5
,Q0HPRULDP)ULHQGV(DW$UW*DOOHU\'VVHOGRUI'(
$UWHH'HFXOWXUDJDOHULH%OX0LODQ,7
/HV3DUDYHQWVJDOHULHGHOD6DOOH9HQFH)5
/
DQQpHGHVHU$YULOJDOHULH%HQGRXWHGHWRXW1LFH)5
‡1HZ0XOWLSOH$UW:KLWHFKDSHO$UW*DOOHU\/RQGRQ8.
+DSSHQLQJ)OX[XV.XQVWYHUHLQ&RORJQH'(
%HHWKRYHQ1HXH*DOHULH$L[OD&KDSHOOOH)5
6WUDWHJ\JHW$UWV(GLQEXUJK$UW)HVWLYDO(GLQEXUJK8.
,QWHUPHGLD
+HLGHOEHUJ'(
,QWHUPHGLDWKH6RPHWKLQJ(OVH*DOOHU\1HZ<RUN86
$UWH&RPSXHVWR*DOHULD-XDQD0RUGR0DGULG(6
)LUVW:RUOG&RQJUHVV+DSSHQLQJV6W0DU\
VRIWKH+DUERU1HZ<RUN86
$UWLVW
V.H\&OXEIROORZLQJ'DQLHOVSRHUUL
VUHTXHVW3HQQV\OYDQLD6WDWLRQ1HZ<RUN86
:RWIDOOHQFROODERUDWLRQZLWK'DQLHO6SRHUUL*DOHULH=ZLUQHU&RORJQH'(
3UHVHQWDWLRQRIWKH0DW0RWHGLWLRQV*HUPDQ\6ZLW]HUODQG8.DQG86$
$FWLRQV$JLW3RS'H&ROODJH+DSSHQLQJ(YHQWV$QWLDUW/
$XWULVPH$UW7RWDO5HIOX[XV
)HVWLYDOGHUQHXHQ.XQVW8QLYHUVLWpWHFKQLTXH$L[OD&KDSHOOH)5
$UWVG
([WUqPH2FFLGHQW0XVpHGH9HUYLHUV9HUYLHUV%(
)OX[)HVWLYDO1LHXZVWH0X]LHNHQ$QWL0X]LHNKHWLQVWUXPHQWDOH7KHDWHU.XQVWFHQWHU7
9HQVWHU5RWWHUGDP
1/
%LHQQDOHGH3DULV$UWVGXODQJDJH0XVpHG
$UW0RGHUQHGHODYLOOHGH3DULV3DULV)5
/HVVRLUpHVGX'RPDLQH3RpWLTXHRUJDQLVHGE\*pUDOG*DVVLRW7DODERW3DULV)5
/HVLJQHHWODOHWWUHJDOHULH9DOpULH6FKPLGW3DULV)5
6DORQGHVFRPSDUDLVRQV
)HVWLYDOG
DUWG
DYDQWJDUGH3DODLVGHV([SRVLWLRQV3RUWHGH9HUVDLOOHV3DULV)5
¬
¬