
$WKVGPYGTMKPIUVGNNGPXCPFGYCCMXNCO
&QQTFGQPVUVGMKPIUMPQR#NKEJVKPVGFTWMMGPGPXGTFGTTGEJVUQOVGFTCCKGPUEJCMGNVWFG
YCCMXNCOWKV
8QQTUEJTKHVGPXQQTFGIGDTWKMGT
2NCCVUIGGPDTCPFDCTGXQQTYGTRGPXQQTQHQPFGTKPFGICUJCCTF
#NUFGICUJCCTFKUWKVIGICCPFCPFKGPVOGPOKPKOCCNOKPWVGPVGYCEJVGPCNXQTGPUFGICUJCCTF
QRPKGWYVGQPVUVGMGP\KGKPIGDTWKMUVGNNGPXCPJGVVQGUVGN
1OGGPIQGFHWPEVKQPGTGPXCPFGICUJCCTFVGYCCTDQTIGPCFXKUGTGPYKLQOFG\GOKPKOCCN
MGGTRGTLCCTVGNCVGPTGKPKIGPGPEQPVTQNGTGPFQQTGGPGTMGPFKPUVCNNCVGWT
+PFKGPFGICUJCCTFJGTJCCNFGNKLMCHUNCCVFCPFKGPVOGPFGKPUVCNNCVGWTVGYCCTUEJWYGP
#NUYCTOVGYKUUGNGPFQRRGTXNCMYQTFVIG\KGPFGXQQTMCPV
9CCTUEJWYKPIFGMCEJGNOCIPKGVIGDTWKMVYQTFGPCNUFGINCUTWKVIGDTQMGPKUQHCNUFGFGWTQRGP
UVCCV&GMCEJGNOCICNNGGPIGTGRCTGGTFYQTFGPOGVQTKIKPGNGQPFGTFGNGPIGNGXGTFFQQTFG
HCDTKMCPVGPTGRCTCVKGUOQIGPCNNGGPWKVIGXQGTFYQTFGPFQQTGGPGTMGPFKPUVCNNCVGWT
#CPFGJQWVUGVOCIQPFGTIGGPGPMGNGQOUVCPFKIJGKFKGVUXGTCPFGTFQHVQGIGXQGIFYQTFGPCNU
GTGGPJQWVDNQMUVWMKUFKGPVFG\GXGTXCPIGPVGYQTFGPFQQTGGPQTKIKPGGNFQQTFGHCDTKMCPV
IGNGXGTFGZGORNCCT1ODTCPFIGXCCTWKVVGUNWKVGPFKGPVFGOKPKOWOCHUVCPFVQVDTCPFDCTG
FGNGPGPOGWDGNUOKPKOCCNEOVGDGFTCIGPFGOKPKOWOCHUVCPFVWUUGPFGCEJVGTMCPVXCPFG
MCEJGNGPFGOWWTFKGPVOKPKOCCNEOVG\KLP
*GVKUXCPDGNCPIFCVWFGMCEJGNPKGVMQTVPCGGPXGTDQWYKPIQHPKGWYDQWYUVQQMVFQQTFG
NWEJVEKTEWNCVKGYQTFGPXQEJVGPPQIPKGVWKVIGJCTFGXNWEJVKIGDGUVCPFFGNGPWKVUKGTRNGKUVGTUXGTH
XNQGTDGFGMMKPIGPGPCPFGTGOCVGTKCNGPCCPIG\QIGP
&KVMCPQRMQWFGQRRGTXNCMVGPTQGVXNGMMGPXGTQQT\CMGP
&GDTCPFGTMCPQQMWKVIGUEJCMGNFYQTFGPFQQTFGQPVUVGMKPIUMPQR
#TGEJVUQOVG FTCCKGPVQVCCPFGCCPUNCI
+PUVTWEVKQPOCPWCNTGOQVGEQPVTQN
%JCPIKPIVJGFKURNC[UGVVKPIHTQO(JVQ%JCPFXKEGXGTUC
6JGKPFKECVKQPYKNNUVCTVHNCUJKPICHVGTRWVVKPIKPVJGDCVVGT[XCNMCNKPGQTCHVGTUKOWNVCPGQWUN[
RTGUUKPIVJGDWVVQPU#761CPF6+/'49JGPVJGFKURNC[KUHNCUJKPIQPGECPEJCPIGHTQOVJG(
OQFGVQVJG%OQFGD[RTGUUKPIVJG#761DWVVQP
6JGFKURNC[YKNNEJCPIGVQOCPWCNEQPVTQNCWVQOCVKECNN[CHVGTUQOGVKOGEJCPIKPIDCEMVQOCPWCN
EQPVTQNECPCNUQDGFQPGD[RTGUUKPIVJG6+/'4DWVVQP
5GVVKPIVJGVKOG
6JGKPFKECVKQPYKNNUVCTVHNCUJKPICHVGTRNCEKPIVJGDCVVGT[XCNMCNKPGQTCHVGTUKOWNVCPGQWUN[
RTGUUKPIVJGDWVVQPU#761CPF6+/'4+PQTFGTVQUGVVJGJQWTURTGUUKPQTFGTVQUGVVJG
OKPWVGURTGUU6JGFKURNC[YKNNEJCPIGVQOCPWCNEQPVTQNCWVQOCVKECNN[CHVGTUQOGVKOG
EJCPIKPIDCEMVQOCPWCNEQPVTQNECPCNUQDGFQPGD[RTGUUKPIVJG6+/'4DWVVQP
5GVVKPIVJGFGUKTGFVGORGTCVWTG
2TGUUVJG#761DWVVQPWPVKNVJGVGORGTCVWTGKPFKECVKQPUVCTVUHNCUJKPIVJGPWUGVJGQT
DWVVQPVQTCKUGQTNQYGTVJGVGORGTCVWTG+PQTFGTVQTGVWTPVQVJGCWVQOCVKEOQFWUGKVJGTYCKVQT
RTGUUVJG#761DWVVQP
6JGUGPUQTKPVJGTGOQVGEQPVTQNOGCUWTGUVJGVGORGTCVWTGKPVJGTQQOVJKUVGORGTCVWTGKU
EQORCTGFVQVJGUGVVGORGTCVWTG#UKIPCNYKNNVJGPDGUGPVVQVJGTGEGKXGTYJKEJYKNNCFLWUVVJG
HNCOGJGKIJVUQVJCVVJGFGUKTGFVGORGTCVWTGKUGKVJGTTGCEJGFQTOCKPVCKPGF
2TQITCOOKPIVJGVKOGT
2TGUUVJG6+/'4DWVVQPWPVKNVJG2KPFKECVKQPCRRGCTUHNCUJKPIQPVJGFKURNC[5GVVJGUYKVEJQP
VKOGWUKPIVJGDWVVQPVQUGVVJGJQWTUCPFVJGDWVVQPVQUGVVJGOKPWVGU6JGPRTGUU
6+/'4CICKPWPVKN2CRRGCTUQPVJGFKURNC[[QWECPPQYUGVVJGUYKVEJQHHVKOG$[RTGUUKPI
6+/'4CICKP[QWECPUGVVJGUYKVEJQPVKOGCPFUYKVEJQHHVKOGHQTVJGUGEQPFRTQITCO22
EQPHKTO[QWEQOOCPFD[RTGUUKPI6+/'4+PVJGPQTOCNOQFGVJGU[ODQNCRRGCTUQPVJG
FKURNC[
7UKPIVJGFKHHGTGPVQRVKQPU
/CPWCNEQPVTQNQHVJGHNCOGJGKIJV
6QUYKVEJQPVJGHKTGQTKPETGCUGVJGHNCOGJGKIJVRTGUUVQNQYGTVJGHNCOGJGKIJVQTIQVQ
RKNQVHNCOGOQFGRTGUU9JGPVJGUGDWVVQPUCTGRTGUUGFVJGUGPFKPFKECVKQPYKNNCRRGCTKPVJG
WRRGTNGHVEQTPGTQHVJGFKURNC[9JGPVJGICUXCNXGJCUTGCEJGFKVUGPFUVQRVJGNGFQPVJG
TGEGKXGTYKNNUVCTVHNCUJKPIYJKEJOGCPUVJCVVJGJKIJGUVQTNQYGUVHNCOGUGVVKPIJCUDGGPTGCEJGF
#WVQOCVKEVGORGTCVWTGEQPVTQN
5JQTVN[RTGUUVJG#761DWVVQP6JGUGVVGORGTCVWTGYKNNCRRGCTQPVJGFKURNC[HQTCUJQTV
VKOGVJGVGORGTCVWTGQHVJGTQQOYKNNCRRGCTDCEMQP
$WKVGPYGTMKPIUVGNNGPXCPFGYCCMXNCO
&QQTFGQPVUVGMKPIUMPQR#NKEJVKPVGFTWMMGPGPXGTFGTTGEJVUQOVGFTCCKGPUEJCMGNVWFG
YCCMXNCOWKV
8QQTUEJTKHVGPXQQTFGIGDTWKMGT
2NCCVUIGGPDTCPFDCTGXQQTYGTRGPXQQTQHQPFGTKPFGICUJCCTF
#NUFGICUJCCTFKUWKVIGICCPFCPFKGPVOGPOKPKOCCNOKPWVGPVGYCEJVGPCNXQTGPUFGICUJCCTF
QRPKGWYVGQPVUVGMGP\KGKPIGDTWKMUVGNNGPXCPJGVVQGUVGN
1OGGPIQGFHWPEVKQPGTGPXCPFGICUJCCTFVGYCCTDQTIGPCFXKUGTGPYKLQOFG\GOKPKOCCN
MGGTRGTLCCTVGNCVGPTGKPKIGPGPEQPVTQNGTGPFQQTGGPGTMGPFKPUVCNNCVGWT
+PFKGPFGICUJCCTFJGTJCCNFGNKLMCHUNCCVFCPFKGPVOGPFGKPUVCNNCVGWTVGYCCTUEJWYGP
#NUYCTOVGYKUUGNGPFQRRGTXNCMYQTFVIG\KGPFGXQQTMCPV
9CCTUEJWYKPIFGMCEJGNOCIPKGVIGDTWKMVYQTFGPCNUFGINCUTWKVIGDTQMGPKUQHCNUFGFGWTQRGP
UVCCV&GMCEJGNOCICNNGGPIGTGRCTGGTFYQTFGPOGVQTKIKPGNGQPFGTFGNGPIGNGXGTFFQQTFG
HCDTKMCPVGPTGRCTCVKGUOQIGPCNNGGPWKVIGXQGTFYQTFGPFQQTGGPGTMGPFKPUVCNNCVGWT
#CPFGJQWVUGVOCIQPFGTIGGPGPMGNGQOUVCPFKIJGKFKGVUXGTCPFGTFQHVQGIGXQGIFYQTFGPCNU
GTGGPJQWVDNQMUVWMKUFKGPVFG\GXGTXCPIGPVGYQTFGPFQQTGGPQTKIKPGGNFQQTFGHCDTKMCPV
IGNGXGTFGZGORNCCT1ODTCPFIGXCCTWKVVGUNWKVGPFKGPVFGOKPKOWOCHUVCPFVQVDTCPFDCTG
FGNGPGPOGWDGNUOKPKOCCNEOVGDGFTCIGPFGOKPKOWOCHUVCPFVWUUGPFGCEJVGTMCPVXCPFG
MCEJGNGPFGOWWTFKGPVOKPKOCCNEOVG\KLP
*GVKUXCPDGNCPIFCVWFGMCEJGNPKGVMQTVPCGGPXGTDQWYKPIQHPKGWYDQWYUVQQMVFQQTFG
NWEJVEKTEWNCVKGYQTFGPXQEJVGPPQIPKGVWKVIGJCTFGXNWEJVKIGDGUVCPFFGNGPWKVUKGTRNGKUVGTUXGTH
XNQGTDGFGMMKPIGPGPCPFGTGOCVGTKCNGPCCPIG\QIGP
&KVMCPQRMQWFGQRRGTXNCMVGPTQGVXNGMMGPXGTQQT\CMGP
&GDTCPFGTMCPQQMWKVIGUEJCMGNFYQTFGPFQQTFGQPVUVGMKPIUMPQR
#TGEJVUQOVG FTCCKGPVQVCCPFGCCPUNCI
+PUVTWEVKQPOCPWCNTGOQVGEQPVTQN
%JCPIKPIVJGFKURNC[UGVVKPIHTQO(JVQ%JCPFXKEGXGTUC
6JGKPFKECVKQPYKNNUVCTVHNCUJKPICHVGTRWVVKPIKPVJGDCVVGT[XCNMCNKPGQTCHVGTUKOWNVCPGQWUN[
RTGUUKPIVJGDWVVQPU#761CPF6+/'49JGPVJGFKURNC[KUHNCUJKPIQPGECPEJCPIGHTQOVJG(
OQFGVQVJG%OQFGD[RTGUUKPIVJG#761DWVVQP
6JGFKURNC[YKNNEJCPIGVQOCPWCNEQPVTQNCWVQOCVKECNN[CHVGTUQOGVKOGEJCPIKPIDCEMVQOCPWCN
EQPVTQNECPCNUQDGFQPGD[RTGUUKPIVJG6+/'4DWVVQP
5GVVKPIVJGVKOG
6JGKPFKECVKQPYKNNUVCTVHNCUJKPICHVGTRNCEKPIVJGDCVVGT[XCNMCNKPGQTCHVGTUKOWNVCPGQWUN[
RTGUUKPIVJGDWVVQPU#761CPF6+/'4+PQTFGTVQUGVVJGJQWTURTGUUKPQTFGTVQUGVVJG
OKPWVGURTGUU6JGFKURNC[YKNNEJCPIGVQOCPWCNEQPVTQNCWVQOCVKECNN[CHVGTUQOGVKOG
EJCPIKPIDCEMVQOCPWCNEQPVTQNECPCNUQDGFQPGD[RTGUUKPIVJG6+/'4DWVVQP
5GVVKPIVJGFGUKTGFVGORGTCVWTG
2TGUUVJG#761DWVVQPWPVKNVJGVGORGTCVWTGKPFKECVKQPUVCTVUHNCUJKPIVJGPWUGVJGQT
DWVVQPVQTCKUGQTNQYGTVJGVGORGTCVWTG+PQTFGTVQTGVWTPVQVJGCWVQOCVKEOQFWUGKVJGTYCKVQT
RTGUUVJG#761DWVVQP
6JGUGPUQTKPVJGTGOQVGEQPVTQNOGCUWTGUVJGVGORGTCVWTGKPVJGTQQOVJKUVGORGTCVWTGKU
EQORCTGFVQVJGUGVVGORGTCVWTG#UKIPCNYKNNVJGPDGUGPVVQVJGTGEGKXGTYJKEJYKNNCFLWUVVJG
HNCOGJGKIJVUQVJCVVJGFGUKTGFVGORGTCVWTGKUGKVJGTTGCEJGFQTOCKPVCKPGF
2TQITCOOKPIVJGVKOGT
2TGUUVJG6+/'4DWVVQPWPVKNVJG2KPFKECVKQPCRRGCTUHNCUJKPIQPVJGFKURNC[5GVVJGUYKVEJQP
VKOGWUKPIVJGDWVVQPVQUGVVJGJQWTUCPFVJGDWVVQPVQUGVVJGOKPWVGU6JGPRTGUU
6+/'4CICKPWPVKN2CRRGCTUQPVJGFKURNC[[QWECPPQYUGVVJGUYKVEJQHHVKOG$[RTGUUKPI
6+/'4CICKP[QWECPUGVVJGUYKVEJQPVKOGCPFUYKVEJQHHVKOGHQTVJGUGEQPFRTQITCO22
EQPHKTO[QWEQOOCPFD[RTGUUKPI6+/'4+PVJGPQTOCNOQFGVJGU[ODQNCRRGCTUQPVJG
FKURNC[
7UKPIVJGFKHHGTGPVQRVKQPU
/CPWCNEQPVTQNQHVJGHNCOGJGKIJV
6QUYKVEJQPVJGHKTGQTKPETGCUGVJGHNCOGJGKIJVRTGUUVQNQYGTVJGHNCOGJGKIJVQTIQVQ
RKNQVHNCOGOQFGRTGUU9JGPVJGUGDWVVQPUCTGRTGUUGFVJGUGPFKPFKECVKQPYKNNCRRGCTKPVJG
WRRGTNGHVEQTPGTQHVJGFKURNC[9JGPVJGICUXCNXGJCUTGCEJGFKVUGPFUVQRVJGNGFQPVJG
TGEGKXGTYKNNUVCTVHNCUJKPIYJKEJOGCPUVJCVVJGJKIJGUVQTNQYGUVHNCOGUGVVKPIJCUDGGPTGCEJGF
#WVQOCVKEVGORGTCVWTGEQPVTQN
5JQTVN[RTGUUVJG#761DWVVQP6JGUGVVGORGTCVWTGYKNNCRRGCTQPVJGFKURNC[HQTCUJQTV
VKOGVJGVGORGTCVWTGQHVJGTQQOYKNNCRRGCTDCEMQP