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5KCRCTGEGWPOGPUCLGKPFKECPFQSWGGNUQHVYCTGSWGJCKPUVCNCFQPQJCUWRGTCFQNC
RTWGDCFGNNQIQVKRQFG9KPFQYUJCICENKEGP%QPVKPWCT
.CUXGPVCPCUSWGCRCTGEGPUQNQWPQUKPUVCPVGUFWTCPVGGNRTQEGUQFGKPUVCNCEKxPPQ
TGSWKGTGPKPVGTXGPEKxPRQTRCTVGFGNWUWCTKQ
5KRCTGEGSWGPQQEWTTGPCFCGURQUKDNGSWGJC[CXGPVCPCUQEWNVCUSWGTGSWKGTCPUW
CVGPEKxP%QORTWGDGNCDCTTCFGVCTGCU[OKTGFGVThUFGNCUXGPVCPCUCDKGTVCU
+ORQTVCPVG0QJCICENKEGPGNDQVxP%CPEGNCTFGPKPIWPQFGNQURCPGNGUFGN
RTQITCOCFGKPUVCNCEKxP
7PCXG\SWGUGJC[CTGKPKEKCFQGNQTFGPCFQTUKICNCUKPUVTWEEKQPGUFGN¥#UKUVGPVGRCTC
JCTFYCTGPWGXQGPEQPVTCFQ¦RCTCCEVWCNK\CTNQUFTKXGTUFGUQHVYCTG
UQNQGPGNECUQFG
9KPFQYU:2
#UKOKUOQUKICNCUKPUVTWEEKQPGUFGEWCNSWKGTQVTQCUKUVGPVGSWGCRCTG\EC
%QORTWGDGUKJC[CEVWCNK\CEKQPGUFGNQUFTKXGTUFG$QQV%CORFKURQPKDNGU2CTCGNNQ
WVKNKEG#RRNG5QHVYCTG7RFCVGQXC[CCYYYCRRNGEQOGUUWRRQTVDQQVECOR
2TQDNGOCURCTCKPUVCNCTNQUFTKXGTUFGFKURQUKVKXQU
5KRCTGEGSWGNQUFTKXGTUFG$QQV%CORPQUGKPUVCNCTQPEQTTGEVCOGPVGKPVGPVGTGRCTCTNQU
2CTCTGRCTCTNQUFTKXGTUFG$QQV%COR
#TTCPSWGGNQTFGPCFQTGP9KPFQYU
+PUGTVGGNFKUEQFGKPUVCNCEKxPFG/CE15:
5KGNRTQITCOCFGKPUVCNCEKxPPQUGGLGEWVCWVKNKEGGN'ZRNQTCFQTFG9KPFQYURCTCKT
JCUVCGNFKUEQ[JCICFQDNGENKEGPGNCTEJKXQ¥UGVWRGZG¦FGNFKTGEVQTKQ$QQV%COR
*CICENKEGP4GRCTCT[UKICNCUKPUVTWEEKQPGUSWGCRCTGEGPGPRCPVCNNC
5KCRCTGEGWPOGPUCLGKPFKECPFQSWGGNUQHVYCTGSWGGUVhKPUVCNCPFQPQJCUWRGTCFQ
NCRTWGDCFGNNQIQVKRQFG9KPFQYUJCICENKEGP%QPVKPWCT
5KPGEGUKVCTGKPUVCNCTFGVGTOKPCFQUFTKXGTURWGFGKPUVCNCTNQUFGHQTOCKPFGRGPFKGPVG
2QTGLGORNQUKNCEhOCTCK5KIJVKPVGITCFCPQHWPEKQPCRWGFGXQNXGTCKPUVCNCT
}PKECOGPVGGNFTKXGTRCTCNCK5KIJV
%CFCWPQFGGUVQUFTKXGTUUGGPEWGPVTCGPNCECTRGVC&TKXGTUFGNFKUEQFGKPUVCNCEKxP
FG/CE15:
2CTCTGKPUVCNCTWPFGVGTOKPCFQFTKXGT
+PUGTVGGNFKUEQFGKPUVCNCEKxPFG/CE15:
5CNICFGNCKPVGTHC\FGGLGEWEKxPCWVQOhVKECUKUGCDTG
/GFKCPVGGN'ZRNQTCFQTFG9KPFQYUNQECNKEGGNFTKXGTSWGFGUGGTGKPUVCNCT
#DTCGNFTKXGTRCTCKPKEKCTGNRTQEGUQFGKPUVCNCEKxP
#TTCPSWGEQP/CE15:Q9KPFQYU
7PCXG\KPUVCNCFQ9KPFQYU[NQUFTKXGTUFG$QQV%CORRWGFGCTTCPECTGN/CEEQP
9KPFQYU$QQV%CORHCEKNKVCGNCTTCPSWGFGNQTFGPCFQTEQP/CE15:Q9KPFQYU
2WGFGFGVGTOKPCTGNUKUVGOCQRGTCVKXQEQPGNSWGGNQTFGPCFQTCTTCPECThRQTQOKUKxP
GPGNRCPGNFGRTGHGTGPEKCU&KUEQUFG#TTCPSWG
/CE15:QGPGNRCPGNFGEQPVTQN
$QQV%COR
9KPFQYU6CODKoPRWGFGUGNGEEKQPCTWPUKUVGOCQRGTCVKXQEWCPFQ
CTTCPSWGGNQTFGPCFQT
%QP°IWTCEKxPFGNUKUVGOCQRGTCVKXQRQTQOKUKxP
'P/CE15:RWGFGWVKNK\CTGNRCPGN&KUEQUFG#TTCPSWGFG2TGHGTGPEKCUFGN5KUVGOC
RCTCFGVGTOKPCTGNUKUVGOCQRGTCVKXQEQPGNSWGFGUGCCTTCPECTUWGSWKRQRQTQOKUKxP
$QQV%CORVCODKoPKPUVCNCGNRCPGNFGEQPVTQN$QQV%CORSWGNGRGTOKVGFG°PKTGN
UKUVGOCQRGTCVKXQSWGUGWUCThRQTQOKUKxPEWCPFQUGGLGEWVG9KPFQYU
2CTCKPFKECTGNUKUVGOCQRGTCVKXQRQTQOKUKxPGP/CE15:
'P/CE15:UGNGEEKQPGOGP}#RRNG ¥2TGHGTGPEKCUFGN5KUVGOC¦[JCICENKEGP¥&KUEQU
FG#TTCPSWG¦
5GNGEEKQPGGNFKUEQFGCTTCPSWGEQPGNUKUVGOCQRGTCVKXQSWGFGUGGWVKNK\CTRQTQOKUKxP
5KFGUGCCTTCPECTGPGNUKUVGOCQRGTCVKXQSWGJCGNGIKFQJCICENKEGP4GKPKEKCT
2CTCFG°PKTGNUKUVGOCQRGTCVKXQRTGFGVGTOKPCFQGP9KPFQYU
'P9KPFQYUJCICENKEGPGNKEQPQFG$QQV%CORFGNCDCPFGLCFGNUKUVGOC
[UGNGEEKQPG¥2CPGNFGEQPVTQN$QQV%COR¦
0QVC2WGFGSWGUWRCPVCNNCVGPICWPCURGEVQFKHGTGPVGFGRGPFKGPFQFGSWo
QTFGPCFQTGUVoWVKNK\CPFQ
5GNGEEKQPGGNFKUEQFGCTTCPSWGEQPGNUKUVGOCQRGTCVKXQSWGFGUGGWVKNK\CTRQTQOKUKxP
5KFGUGCCTTCPECTGPGNUKUVGOCQRGTCVKXQSWGJCGNGIKFQJCICENKEGP4GKPKEKCT
2CTCTGKPKEKCTGNQTFGPCFQTGP/CE15:WVKNK\CPFQGNKEQPQFG$QQV%CORFGNC
DCPFGLCFGNUKUVGOC
m 'P9KPFQYUJCICENKEGPGNKEQPQFG$QQV%CORFGNCDCPFGLCFGNUKUVGOC[
UGNGEEKQPG¥4GKPKEKCTGP/CE15:¦
*CEKGPFQGUVQVCODKoPUGCLWUVCGNUKUVGOCQRGTCVKXQRQTQOKUKxPGP/CE15:
5GNGEEKxPFGWPUKUVGOCQRGTCVKXQFWTCPVGGNRTQEGUQFGCTTCPSWG
2CTCUGNGEEKQPCTGNUKUVGOCQRGTCVKXQSWGFGUGCWVKNK\CTFWTCPVGGNCTTCPSWGOCPVGPIC
RWNUCFCNCVGENC1REKxP5GOQUVTCThPNQUKEQPQUFGVQFQUNQUFKUEQUFGCTTCPSWG
FKURQPKDNGU[RQFThKIPQTCTGNCLWUVGFGNFKUEQFGCTTCPSWGRQTQOKUKxPFGNRCPGN
FGRTGHGTGPEKCU&KUEQUFG#TTCPSWG
/CE15:QFGNRCPGNFGEQPVTQN$QQV%COR
9KPFQYUUKPECODKCTNQ
2CTCUGNGEEKQPCTWPUKUVGOCQRGTCVKXQFWTCPVGGNCTTCPSWG
4GKPKEKGGNQTFGPCFQT[OCPVGPICRWNUCFCNCVGENC1REKxPJCUVCSWGCRCTG\ECPNQU
KEQPQUFGFKUEQGPNCRCPVCNNC
5GNGEEKQPGGNFKUEQFGCTTCPSWGSWGRQUGGGNUKUVGOCQRGTCVKXQSWGFGUGCWVKNK\CT[C
EQPVKPWCEKxPJCICENKEGPNC±GEJCUKVWCFCDCLQGNKEQPQ
2TQDNGOCURCTCWVKNK\CT9KPFQYUGPGN/CE
5KVKGPGRTQDNGOCURCTCWUCT9KPFQYUGPGN/CERTWGDGNCUUQNWEKQPGUSWGUG
FGUETKDGPCEQPVKPWCEKxP
2CTCQDVGPGTOhUKPHQTOCEKxPUQDTGNCUQNWEKxPFGRTQDNGOCUXC[CC
YYYCRRNGEQOGUUWRRQTVDQQVECOR
5KCRCTGEGGNOGPUCLG¥0Q$QQV&KUM#VVCEJGF¥
0KPI}PFKUEQFGCTTCPSWG
EQPGEVCFQCNCTTCPECTGNQTFGPCFQT
'URQUKDNGSWGGNQTFGPCFQTPQRWGFCCTTCPECTRQTSWGNCRCTVKEKxPFG$QQV%CORVGPIC
WPHQTOCVQKPEQTTGEVQ#TTCPSWGGNQTFGPCFQTEQP/CE15:[CDTCGN#UKUVGPVG$QQV
%COR'NKOKPGNCRCTVKEKxPFG$QQV%COR[CEQPVKPWCEKxPXWGNXCCETGCTNC+PUVCNG
9KPFQYUFGPWGXQ[CUGI}TGUGFGSWGNCRCTVKEKxPGUVhEQTTGEVCOGPVGHQTOCVGCFC
5KNCRCPVCNNCGUVhGPDNCPEQQNCKOCIGPGUVhFKUVQTUKQPCFC
2WGFGSWGCNIWPCUVCTLGVCUITh°ECUPQHWPEKQPGPDKGPEQPCODQUUKUVGOCU/CE15:
[9KPFQYUGPWPQTFGPCFQT/CE5KVKGPGRTQDNGOCUEQPNCXKUWCNK\CEKxPFGNCRCPVCNNC
CNWUCT9KPFQYURTWGDGNQUKIWKGPVG
 7UGNCVCTLGVCITh°ECSWGXGPsCEQPUW/CE
 #UGI}TGUGFGSWGJCKPUVCNCFQNQUEQPVTQNCFQTGU$QQV%COR%QPUWNVGGNCRCTVCFQ
¥2CUQ+PUVCNCTNQUFTKXGTUFG$QQV%CORRCTC9KPFQYU¦GPNCRhIKPC
 #LWUVGNCTGUQNWEKxPFGRCPVCNNCGPGNRCPGNFGEQPVTQN2CPVCNNC
 8C[CCJVVRYYYCRRNGEQOGUUWRRQTVDQQVECOR[EQORTWGDGNCKPHQTOCEKxPFG
EQORCVKDKNKFCF[GNUQHVYCTGCEVWCNK\CFQFKURQPKDNGRCTCUWQTFGPCFQT
5KPQRWGFGTGPQODTCTNCRCTVKEKxPFG9KPFQYU
.CRCTVKEKxPFG9KPFQYUUQNCOGPVGUGRWGFGTGPQODTCTGP9KPFQYU#TTCPSWGGN
QTFGPCFQTGP9KPFQYU[GPGN'ZRNQTCFQTFG9KPFQYUJCICENKEGPNCWPKFCF%EQP
GNDQVxPFGTGEJQFGNTCVxP#EQPVKPWCEKxPGUETKDCWPPQODTG
5KVKGPGWPCEQP°IWTCEKxP4#+&
.CUEQP°IWTCEKQPGU4#+&SWGWVKNK\CP$QQV%CORPQUQPEQORCVKDNGU5KFGUGCOhU
KPHQTOCEKxPXKUKVGYYYCRRNGEQOGUUWRRQTVDQQVECOR[DWUSWG¥4#+&¦
&GUKPUVCNCEKxPFG9KPFQYUFGUWQTFGPCFQT
'NOoVQFQFGFGUKPUVCNCEKxPFG9KPFQYUFGUWQTFGPCFQTFGRGPFGFGUKNQJC
KPUVCNCFQGPWPFKUEQFGWPUQNQXQNWOGPQGPWPCRCTVKEKxPFGWPFKUEQ
5KJCKPUVCNCFQ9KPFQYUGPWPCFGNCURCTVKEKQPGUFGWPFKUEQWUGGN#UKUVGPVG$QQV%COR
VCNEQOQUGFGUETKDGCEQPVKPWCEKxPRCTCFGUKPUVCNCT9KPFQYUGNKOKPCPFQNCRCTVKEKxPFG
9KPFQYU[TGUVCWTCPFQGNFKUEQCWPXQNWOGPFG/CE15:FGWPCUQNCRCTVKEKxP
5KUWQTFGPCFQTVKGPGXCTKQUFKUEQU[JCKPUVCNCFQ9KPFQYUGPWPFKUEQFGWPCUQNC
RCTVKEKxPCTTCPSWGGP/CE15:[WVKNKEG7VKNKFCFFG&KUEQU
GPNCECTRGVC7VKNKFCFGU
FGNCECTRGVC#RNKECEKQPGURCTCTGHQTOCVGCTNQEQOQWPXQNWOGP/CE15:
2CTCGNKOKPCTGNUKUVGOC9KPFQYU[NCRCTVKEKxPFG9KPFQYU
#TTCPSWGGP/CE15:
5CNICFGVQFCUNCUCRNKECEKQPGUCDKGTVCU[EKGTTGNCUGUKxPFGVQFQUNQUFGOhUWUWCTKQU
EQPGEVCFQUCNQTFGPCFQT
#DTCGN#UKUVGPVG$QQV%COR
5GNGEEKQPG¥%TGCTQGNKOKPCTWPCRCTVKEKxPRCTC9KPFQYU¦[JCICENKEGP%QPVKPWCT
4GCNKEGWPCFGNCUUKIWKGPVGUQRGTCEKQPGU
 5KGNQTFGPCFQTVKGPGWPUQNQFKUEQKPVGTPQJCICENKEGP4GUVCWTCT
 5KGNQTFGPCFQTVKGPGXCTKQUFKUEQUKPVGTPQUUGNGEEKQPGGNFKUEQSWGEQPVKGPG
9KPFQYU[CEQPVKPWCEKxPUGNGEEKQPG¥4GUVKVWKTCWPC}PKECRCTVKEKxPEQP/CE15¦[
JCICENKEGP%QPVKPWCT
#EVWCNK\CEKxP
'PGUVQUCRCTVCFQUUGFGUETKDGExOQCEVWCNK\CT9KPFQYUQUWXGTUKxPFG$QQV%COR
#EVWCNK\CEKxPFGNQUFTKXGTUFG$QQV%COR
5KGPGUVGQTFGPCFQT[CVGPsCKPUVCNCFQ9KPFQYURWGFGKPUVCNCTNQUFTKXGTUFG/CE
CEVWCNK\CFQURCTC9KPFQYU
+ORQTVCPVG5KJCRGTUQPCNK\CFQUWGPVQTPQFG9KPFQYUCPQVGUWEQP°IWTCEKxPCPVGU
FGCEVWCNK\CTNQUFTKXGTU
2CTCCEVWCNK\CTNQUFTKXGTUFG$QQV%CORRCTC9KPFQYU
4GKPKEKGGN/CEEQP9KPFQYU
*CICENKEGPGNKEQPQFG$QQV%CORFGNCDCPFGLCFGNUKUVGOC[UGNGEEKQPG¥#EGTECFG
$QQV%COR¦
5KNCXGTUKxPFG$QQV%CORSWGVKGPGKPUVCNCFCGUNCQRQUVGTKQTWVKNKEG#RRNG
5QHVYCTG7RFCVGRCTCDWUECTCEVWCNK\CEKQPGUFGNQUFTKXGTU
5KGUCPVGTKQTCNCXGTUKxPKPUGTVGGNFKUEQFGKPUVCNCEKxPFG/CE15:%WCPFQ
UGGLGEWVGGNRTQITCOCFGKPUVCNCEKxPJCICENKEGP4GRCTCT
5KGNRTQITCOCFGKPUVCNCEKxPPQUGGLGEWVCCWVQOhVKECOGPVGWVKNKEGGN'ZRNQTCFQTFG
9KPFQYURCTCKTJCUVCGNFKUEQ[JCICFQDNGENKEGPGNCTEJKXQ¥UGVWRGZG¦FGNFKTGEVQTKQ
$QQV%COR
#EVWCNK\CEKxPC9KPFQYU8KUVCQ9KPFQYU
2WGFGCEVWCNK\CT9KPFQYU:2C9KPFQYU8KUVCQ9KPFQYU8KUVCC9KPFQYU
0QVC5KGUVhWVKNK\CPFQ9KPFQYU:2PQRQFThCEVWCNK\CTGNUKUVGOCC9KPFQYU2WGFG
TGCNK\CTWPCKPUVCNCEKxPFGEGTQ
QKPUVCNCEKxPRGTUQPCNK\CFCSWGDQTTCNCRCTVKEKxPFG
$QQV%COR#PVGUFGTGCNK\CTWPCKPUVCNCEKxPFGEGTQCUGI}TGUGFGSWGFKURQPGFGNQU
FKUEQUFGKPUVCNCEKxPFGVQFQUNQURTQITCOCUSWGVKGPGKPUVCNCFQU[FGWPCEQRKCFG
UGIWTKFCFFGUWUCLWUVGU[CTEJKXQURGTUQPCNGURCTCRQFGTTGUVCWTCTNQUVTCUNCKPUVCNCEKxP
2CTCCEVWCNK\CT9KPFQYU8KUVCC9KPFQYU
2CTCCEVWCNK\CTGNUKUVGOCC9KPFQYUPGEGUKVC
 9KPFQYU8KUVCKPUVCNCFQGPNCRCTVKEKxPFG$QQV%COR
 7PCEQRKCEQPNKEGPEKCFG9KPFQYU*QOG2TGOKWO2TQHGUUKQPCNQ7NVKOCVG
 'NCTEJKXQGLGEWVCDNG¥#RRNGA9+PA7RITCFGA7VKNKV[GZG¦SWGGUVhFKURQPKDNGGP
JVVRYYYCRRNGEQOGUUWRRQTVDQQVECOR'URQUKDNGSWGGNRTQITCOCFG
KPUVCNCEKxPFG9KPFQYUPQRWGFCKPUVCNCT9KPFQYUUKNCRCTVKEKxPFG/CE15
:GUVhOQPVCFC'UVCWVKNKFCFFGUOQPVCNCRCTVKEKxPFG/CE15:SWGUGXQNXGThC
OQPVCTEWCPFQFGUECTIWGGNUQHVYCTGCEVWCNK\CFQRCTC9KPFQYU
'P/CE15:XC[CCJVVRYYYCRRNGEQOGUUWRRQTVDQQVECOR[EQORTWGDGUK
PGEGUKVCCEVWCNK\CTGNUQHVYCTGSWGVKGPGKPUVCNCFQCPVGUFGCEVWCNK\CTUGC9KPFQYU
#NIWPQUQTFGPCFQTGU/CEPGEGUKVCPFGVGTOKPCFCUCEVWCNK\CEKQPGURCTCRQFGTKPUVCNCT
9KPFQYU
#TTCPSWGGN/CEGP9KPFQYU
7VKNKEG#RRNG5QHVYCTG7RFCVGRCTCEQORTQDCTUKJC[CEVWCNK\CEKQPGUFGNQUFTKXGTU
RCTC9KPFQYU8KUVC
8C[CCNCRhIKPCYGDJVVRYYYCRRNGEQOGUUWRRQTVDQQVECOR[FGUECTIWGGN
CTEJKXQ¥#RRNGA9+PA7RITCFGA7VKNKV[GZG¦
#DTCGNCTEJKXQ¥#RRNG9KP7VKNKV[GZG¦[UKICNCUKPUVTWEEKQPGUSWGCRCTGEGPGPRCPVCNNC
'NCTEJKXQ¥#RRNGA9+PA7RITCFGA7VKNKV[GZG¦FGUOQPVCNCRCTVKEKxPFG/CE15:
+PUGTVGGNFKUEQFGKPUVCNCEKxPQCEVWCNK\CEKxPFG9KPFQYU
5KICNCUKPUVTWEEKQPGUSWGXGPsCPEQP9KPFQYU
%WCPFQGNQTFGPCFQTCTTCPSWGGP9KPFQYUCDTC#RRNG5QHVYCTG7RFCVGRCTC
EQORTQDCTUKJC[CEVWCNK\CEKQPGUFGUQHVYCTGRCTC9KPFQYU.CRCTVKEKxPFG
/CE15:UGXQNXGThCOQPVCT
2CTCCEVWCNK\CT9KPFQYU:2C9KPFQYU8KUVC
2CTCCEVWCNK\CTGNUKUVGOCC9KPFQYU8KUVCPGEGUKVC
 9KPFQYU:2KPUVCNCFQGPNCRCTVKEKxPFG$QQV%COR
 7PCEQRKCEQPNKEGPEKCFG9KPFQYU8KUVC*QOG$CUKE*QOG2TGOKWO$WUKPGUUQ
7NVKOCVG
'P/CE15:XC[CCJVVRYYYCRRNGEQOGUUWRRQTVDQQVECOR[EQORTWGDGUK
PGEGUKVCCEVWCNK\CTGNUQHVYCTGRCTCRQFGTCEVWCNK\CTUWUKUVGOCC9KPFQYU8KUVC
#NIWPQUQTFGPCFQTGU/CEPGEGUKVCPFGVGTOKPCFCUCEVWCNK\CEKQPGURCTCRQFGTKPUVCNCT
9KPFQYU8KUVC
#TTCPSWGGN/CEGP9KPFQYU
+PUGTVGGNFKUEQFGKPUVCNCEKxPQCEVWCNK\CEKxPFG9KPFQYU8KUVC
5KICNCUKPUVTWEEKQPGUSWGXGPsCPEQP9KPFQYU8KUVC
7PCXG\EQORNGVCFCNCKPUVCNCEKxPKPUGTVGGNFKUEQFGKPUVCNCEKxPFG/CE15:
5KGNRTQITCOCFGKPUVCNCEKxPPQUGGLGEWVCCWVQOhVKECOGPVGWVKNKEGGN'ZRNQTCFQTFG
9KPFQYURCTCKTJCUVCGNFKUEQ[JCICFQDNGENKEGPGNCTEJKXQ¥UGVWRGZG¦FGNFKTGEVQTKQ
$QQV%COR
%QORTWGDGUKJC[CEVWCNK\CEKQPGUFGNQUFTKXGTU$QQV%CORFKURQPKDNGU2CTCGNNQ
WVKNKEG#RRNG5QHVYCTG7RFCVGQXC[CCJVVRYYYCRRNGEQOGUUWRRQTVDQQVECOR
2CTCTGCNK\CTWPCKPUVCNCEKxPFGEGTQ
'P/CE15:XC[CCJVVRYYYCRRNGEQOGUUWRRQTVDQQVECOR[EQORTWGDGUK
PGEGUKVCCEVWCNK\CTGNUQHVYCTGRCTCRQFGTCEVWCNK\CT9KPFQYU
#TTCPSWGGN/CEGP9KPFQYU
)WCTFGWPCEQRKCFGUGIWTKFCFFGUWUFCVQURGTUQPCNGU[CUGI}TGUGFGSWGFKURQPG
FGNQUFKUEQUFGKPUVCNCEKxPFGVQFCUNCUCRNKECEKQPGUSWGWVKNK\C
+PUGTVGGNFKUEQFGKPUVCNCEKxPQCEVWCNK\CEKxPFG9KPFQYU
5KICNCUKPUVTWEEKQPGUSWGXGPsCPEQP9KPFQYU8KUVCQ9KPFQYU
7PCXG\EQORNGVCFCNCKPUVCNCEKxPKPUGTVGGNFKUEQFGKPUVCNCEKxPFG/CE15:
5KGNRTQITCOCFGKPUVCNCEKxPPQUGGLGEWVCCWVQOhVKECOGPVGWVKNKEGGN'ZRNQTCFQTFG
9KPFQYURCTCKTJCUVCGNFKUEQ[JCICFQDNGENKEGPGNCTEJKXQ¥UGVWRGZG¦FGNFKTGEVQTKQ
$QQV%COR
%QORTWGDGUKJC[CEVWCNK\CEKQPGUFGNQUFTKXGTUFG$QQV%CORFKURQPKDNGU2CTCGNNQ
WVKNKEG#RRNG5QHVYCTG7RFCVGQXC[CCJVVRYYYCRRNGEQOGUUWRRQTVDQQVECOR
4GUVCWTGUWUFCVQURGTUQPCNGU[UWUCRNKECEKQPGU
2TQDNGOCURCTCCEVWCNK\CT9KPFQYU
5KVKGPGRTQDNGOCURCTCCEVWCNK\CT9KPFQYUGPGN/CERTWGDGNCUQNWEKxPSWGUG
FGUETKDGCEQPVKPWCEKxP
2CTCQDVGPGTOhUKPHQTOCEKxPUQDTGNCUQNWEKxPFGRTQDNGOCUXC[CC
YYYCRRNGEQOGUUWRRQTVDQQVECOR
5KCNCEVWCNK\CT9KPFQYUCRCTGEGGNOGPUCLG¥9KPFQYUYCUWPCDNGVQETGCVG
CTGSWKTGFKPUVCNNCVKQPHQNFGT¦
9KPFQYUPQJCRQFKFQETGCTWPCECTRGVCFG
KPUVCNCEKxPPGEGUCTKC
'URQUKDNGSWGCRCTG\ECGUVGOGPUCLGUKKPUVCNC$QQV%CORQRQUVGTKQT[NWGIQ
KPVGPVCCEVWCNK\CTGNUKUVGOCC9KPFQYU#PVGUFGCEVWCNK\CTGNUKUVGOCFGUECTIWG
GNCTEJKXQ¥#RRNGA9+PA7RITCFGA7VKNKV[GZG¦SWGGUVhFKURQPKDNGGP
JVVRYYYCRRNGEQOGUUWRRQTVDQQVECOR2CTCQDVGPGTOhUKPHQTOCEKxPEQPUWNVG
¥#EVWCNK\CEKxPC9KPFQYU8KUVCQ9KPFQYU¦GPNCRhIKPC
/hUKPHQTOCEKxPCUKUVGPEKC[EQOGPVCTKQU
5KFGUGCOhUKPHQTOCEKxPUQDTG$QQV%CORXKUKVGYYYCRRNGEQOGUDQQVECOR
5KFGUGCUQRQTVGRCTC$QQV%CORXKUKVGYYYCRRNGEQOGUUWRRQTVDQQVECOR
5WUQRKPKQPGUUQDTG$QQV%CORUQPDKGPTGEKDKFCURQT#RRNG2CTCGPXKCTUWU
EQOGPVCTKQUXC[CCYYYCRRNGEQOGUOCEQUZHGGFDCEM
#RRNGPQQHTGEGUQRQTVGRCTCNCKPUVCNCEKxPQWVKNK\CEKxPFGNUQHVYCTG9KPFQYU
FG/KETQUQHV2CTCGPEQPVTCTC[WFCUQDTGRTQDNGOCUFG9KPFQYUXKUKVG
YYYOKETQUQHVEQOYKPFQYU
#RRNG+PE6QFQUNQUFGTGEJQUTGUGTXCFQU
#RRNGGNNQIQVKRQFG#RRNG#KT2QTV$QQV%CORK/CEK5KIJV/CE/CE$QQM[/CE15UQPOCTECU
EQOGTEKCNGUFG#RRNG+PETGIKUVTCFCUGP''77[GPQVTQURCsUGU+PVGN+PVGN%QTG[:GQPUQP
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