4GRCTGTGEQORWVGTGPUFKUMXJC&KUMXTMVL
Â
)GPFCPPGUQHVYCTGQIFCVCHTCGP6KOG/CEJKPGUKMMGTJGFUMQRK
-CRKVGN
2TQDNGO!(KPFGPNUPKPI
Â
)GPKPUVCNNGTG/CE15:QI#RRNGRTQITCOOGT
Â
)GPFCPPGEQORWVGTGPUHCDTKMUKPFUVKNNKPIGTXGFCVUNGVVGFKUMGPQIIGPKPUVCNNGTG
/CE15:QI#RRNGRTQITCOOGTPG
*XKUEQORWVGTGPTGIKUVTGTGTGVRTQDNGOmDPGTFGPCWVQOCVKUM/CE15:JLNRG
RTQITCOOGT&WMCPQIUmmDPGFGVOCPWGNVXGFCVUVCTVGEQORWVGTGPKIGP
&WmDPGT/CE15:JLNRGRTQITCOOGTRmHNIGPFGOmFG
m
5VCTVEQORWVGTGPKIGPQIJQNF-QOOCPFQVCUVGP
xQI4PGFG8KPFWGV
/CE15:JLNRGRTQITCOOGTXKUGU
8KIVKIV
*XKU/CE15:JLNRGRTQITCOOGTKMMGmDPGUGHVGTIGPUVCTVUMCNFWJQNFG
-QOOCPFQ
x#NVGTPCVKX4PGFGQIUVCTVGEQORWVGTGPKIGPHQTCVHmCFICPIVKN
UQHVYCTGVKN/CE15:JLNRGRTQITCOOGTHTCKPVGTPGVVGV%QORWVGTGPUMCNXTG
VKNUNWVVGVGVPGVXTMFGTJCTHQTDKPFGNUGVKNKPVGTPGVVGV
0QINGHWPMVKQPGTK/CE15:JLNRGRTQITCOOGTMTXGTCFICPIVKNKPVGTPGVVGVQI
/CE#RR5VQTG&WUMCNGXVMQPVTQNNGTGCVEQORWVGTGPGTHQTDWPFGVOGFKPVGTPGVVGV
XKCFKV'VJGTPGVGNNGT9K(KPGVXTM
&WQRTGVVGTHQTDKPFGNUGVKNGV9K(KPGVXTMRmHNIGPFGOmFG
8NIGVPGVXTMRm9K(KUVCVWUOGPWGPKXGTUVGJLTGJLTPGRmUMTOGP
5MTKXQOPFXGPFKIVCFICPIUMQFGPVKNPGVXTMGV
&WQRTGVVGTHQTDKPFGNUGVKNGVNWMMGVPGVXTMXGFCVXNIG#PFGVPGVXTM
5MTKXPGVXTMGVUPCXPQICFICPIUMQFGP
-CRKVGN
2TQDNGO!(KPFGPNUPKPI
4GRCTGTGGPFKUMXJC&KUMXTMVL
*XKUFWJCTGVRTQDNGOOGFEQORWVGTGPGNNGTJXKU/CE15:JLNRGRTQITCOOGTXKUGU
PmTFWUVCTVGTEQORWVGTGPUMCNFWGXVTGRCTGTGEQORWVGTGPUFKUM
8NI&KUMXTMVLKXKPFWGV/CE15:JLNRGRTQITCOOGTQIMNKMRm(QTVUV
8NIFKUMGPGNNGTRCTVKVKQPGPRmNKUVGPVKNXGPUVTGQIMNKMFGTGHVGTRmHCPGP(TUVGJLNR
-NKMRm4GRCTGTFKUM
*XKU&KUMXTMVLKMMGMCPTGRCTGTGFKUMGPUMCNFWUKMMGTJGFUMQRKGTGUmOCPIGCHFKPG
QRN[UPKPIGTUQOOWNKIVQIFGTGHVGTHNIGKPUVTWMVKQPGTPGK¦)GPKPUVCNNGTG/CE15:QI
#RRNGRTQITCOOGT¦RmUKFG
&WMCPHmQRN[UPKPIGTQO&KUMXTMVLQIFGVUOWNKIJGFGTK*LNREGPVGTGNNGTXGFCV
mDPG&KUMXTMVL
KOCRRGP*LNRGRTQITCOOGTK.CWPEJRCFQIXNIG*LNR
*LNRVKN&KUMXTMVL
)GPFCPPGQRN[UPKPIGTHTCGP6KOG/CEJKPGUKMMGTJGFUMQRK
*XKUFWVKFNKIGTGJCTQRTGVVGVGP6KOG/CEJKPGUKMMGTJGFUMQRKUMCNFWDTWIG
HWPMVKQPGP)GPFCPVKNCVIGPFCPPGFGPVKFNKIGTGXGTUKQPCHCNVRmEQORWVGTGP
$TWIMWPFKP6KOG/CEJKPGUKMMGTJGFUMQRKVKNCVIGPFCPPGQRN[UPKPIGTPGRmFGP
EQORWVGTUQOUKMMGTJGFUMQRKGPUVCOOGTHTC*XKUFWXKNQXGTHTGQRN[UPKPIGTVKN
GPP[EQORWVGTUMCNFWDTWIG1XGTHTUGNUCUUKUVGPV
KOCRRGP*LNRGRTQITCOOGTK
.CWPEJRCF
*XKUUKMMGTJGFUMQRKGP°PFGURmGP6KOG%CRUWNGUMCNFWMQPVTQNNGTGCVFGTGTQRTGVVGV
HQTDKPFGNUGVKNGV'VJGTPGVGNNGT9K(KPGVXTM
(NIKPUVTWMVKQPGTPGRmUKFGHQTCV
QRTGVVGHQTDKPFGNUGVKNGV9K(KPGVXTM
-CRKVGN
2TQDNGO!(KPFGPNUPKPI
+XKPFWGV/CE15:JLNRGRTQITCOOGTUMCNFWXNIG)GPFCPHTC6KOG/CEJKPG
UKMMGTJGFUMQRKQIMNKMMGRm(QTVUV
8NIFGPFKUMFGTKPFGJQNFGT6KOG/CEJKPGUKMMGTJGFUMQRKGPQIHNIFGTGHVGT
KPUVTWMVKQPGTPGRmUMTOGP
)GPKPUVCNNGTG/CE15:QI#RRNGRTQITCOOGT
+PQINGVKNHNFGUMCNFWOmUMGIGPKPUVCNNGTG/CE15:QI#RRNGRTQITCOOGT&WMCP
IGPKPUVCNNGTGQIDGXCTGFKPGCTMKXGTQIDTWIGTKPFUVKNNKPIGT
-QPVTQNNGTCV/CE$QQM#KTGTHQTDWPFGVOGFKPVGTPGVVGVXKCGV'VJGTPGVGNNGT9K(K
PGVXTM
(NIKPUVTWMVKQPGTPGRmUKFGHQTCVQRTGVVGHQTDKPFGNUGVKNGV9K(KPGVXTM
+XKPFWGV/CE15:JLNRGRTQITCOOGTUMCNFWXNIG)GPKPUVCNNGT/CE15:QIMNKMMG
Rm(QTVUV
+FGVXKPFWGJXQTFWDNKXGTDGFVQOCVXNIGGPFKUMUMCNFWXNIGFKPCMVWGNNG
/CE15:FKUM
KFG±GUVGVKNHNFGGTFGVFGPGPGUVGVKNIPIGNKIGFKUM
&WXNIGTQIHTCXNIGTXCNIHTKUQHVYCTGXGFCVMNKMMGRm5RGEKGN
-NKMRm+PUVCNNGT
&WMCPKPUVCNNGTG/CE15:WFGPCVUNGVVGFKUMGPUmFWDGJQNFGTFKPGGMUKUVGTGPFG
CTMKXGTQIKPFUVKNNKPIGTGNNGTFWMCPUNGVVGFKUMGPHTUVUmCNNGFKPGFCVCUNGVVGUQI
EQORWVGTGPITGUMNCTVKNCVFWIGPKPUVCNNGTGT/CE15:QI#RRNGRTQITCOOGT
0mTFWJCTKPOUVCNNGTGV/CE15:MCPFWImVKN/CE#RR5VQTGQIJGPVGFKPG#RRNG
RTQITCOOGTKIGP
8KIVKIV
#RRNGCPDGHCNGTCVFWUKMMGTJGFUMQRKGTGTFCVCRmFKUMGPHTFWIGPFCPPGT
UQHVYCTG#RRNGGTKMMGCPUXCTNKIHQTGXVVCDCHFCVC
-CRKVGN
2TQDNGO!(KPFGPNUPKPI
)GPFCPPGEQORWVGTGPUHCDTKMUKPFUVKNNKPIGT
0mTFWIGPFCPPGTEQORWVGTGPUHCDTKMUKPFUVKNNKPIGTUNGVVGUCNVRmEQORWVGTGP
DTWIGTMQPVKPGVXTMUKPFUVKNNKPIGTQICNNGCTMKXGTQIOCRRGT(TFWIGPFCPPGTUMCN
FWUKMMGTJGFUMQRKGTGFGCTMKXGTFWXKNDGJQNFGXGFCVMQRKGTGFGOVKNGPCPFGPFKUM
5MTKXPGVXTMUKPFUVKNNKPIGTPGPGFHTCXKPFWGV0GVXTMUmFGVGTPGOOGTGCVQRTGVVG
HQTDKPFGNUGKIGPPmTFWJCTIGPKPUVCNNGTGV/CE15:
-QPVTQNNGTCV/CE$QQM#KTGTHQTDWPFGVOGFKPVGTPGVVGVXKCGV'VJGTPGVGNNGT9K(K
PGVXTM
(NIKPUVTWMVKQPGTPGRmUKFGHQTCVQRTGVVGHQTDKPFGNUGVKNGV9K(KPGVXTM
8NI&KUMXTMVLKXKPFWGV/CE15:JLNRGRTQITCOOGTQIMNKMRm(QTVUV
8NIFKUMGPRmNKUVGPVKNXGPUVTGQIMNKMFGTGHVGTRmHCPGP5NGV
8NI/CE15£WFXKFGV
,QWTPCNGFRmNQMCNOGPWGP(QTOCVUMTKXGVPCXPVKNFKUMGPQI
MNKMFGTGHVGTRm5NGV
0mTFKUMGPGTUNGVVGVUMCNFWXNIG&KUMXTMVL 5NWV&KUMXTMVL
+XKPFWGV/CE15:JLNRGRTQITCOOGTUMCNFWXNIG)GPKPUVCNNGT/CE15:QIMNKMMG
Rm(QTVUV
*XKUFWXKNIGPKPUVCNNGTG/CE15:QIFKPGRTQITCOOGTUMCNFWHNIGKPUVTWMVKQPGTPGK
KPUVCNNGTKPIURTQITCOOGVVKN/CE15:
0mTFWJCTIGPFCPPGV/CE15:QIFKPG#RRNGRTQITCOOGTMCPFWXNIGFGFCVCQI
RTQITCOOGTUQOFWXKNIGPFCPPGHTCGP6KOG/CEJKPGUKMMGTJGFUMQRK
-QPVTQNNGTGQOFGTGTGVJCTFYCTGRTQDNGO
*XKUFWJCTOKUVCPMGQOCVFGTGTGVRTQDNGOOGFJCTFYCTGPK/CE$QQM#KTMCPFW
DTWIGRTQITCOOGV#RRNG*CTFYCTG6GUVVKNCV°PFGWFCHQOFGTGTGVRTQDNGOOGF
GPCHMQORQPGPVGTPGHGMUJWMQOOGNUGPGNNGTRTQEGUUQTGP
-CRKVGN
2TQDNGO!(KPFGPNUPKPI
&WDTWIGT#RRNG*CTFYCTG6GUVRmHNIGPFGOmFG
#HOQPVGTCNNGGMUVGTPGGPJGFGTHTC/CE$QQM#KTWPFVCIGPUVTOHQTU[PKPIGP
5VCTV/CE$QQM#KTKIGPOGPUFWJQNFGTVCUVGP&PGFG
0mTXKPFWGVOGFURTQIXCNIVKN#RRNG*CTFYCTG6GUVXKUGUUMCNFWXNIGFGVURTQI
FWXKNDTWIG
6T[MRm4GVWTGNNGTMNKMRmJLTGRKNGP
0mTJQXGFOGPWGPK#RRNG*CTFYCTG6GUVXKUGU
GHVGTECUGMWPFGTUMCNFWHNIG
KPUVTWMVKQPGTPGRmUMTOGP
*XKU#RRNG*CTFYCTG6GUV°PFGTGPHGLNXKUGUFGTGPHGLNMQFG5MTKXHGLNMQFGPPGFHT
FWUIGTJLNR*XKU#RRNG*CTFYCTG6GUVKMMG°PFGTGPJCTFYCTGHGLNMCPRTQDNGOGV
UM[NFGUGPUQHVYCTGHGLN
8KIVKIV
*XKU#RRNG*CTFYCTG6GUVKMMGXKUGUGHVGTIGPUVCTVUMCNFWJQNFG#NVGTPCVKX&
PGFGQIUVCTVGEQORWVGTGPKIGPHQTCVHmCFICPIVKN#RRNG*CTFYCTG6GUVHTCKPVGTPGVVGV
%QORWVGTGPUMCNXTGVKNUNWVVGVGVPGVXTMFGTJCTHQTDKPFGNUGVKNKPVGTPGVVGV
2TQDNGOGTOGFKPVGTPGVHQTDKPFGNUGP
2m/CE$QQM#KT°PFGUQIUmRTQITCOOGV0GVXTMKPFUVKNNKPIUCUUKUVGPVUQOMCPJLNRG
FKIOGFCVKPFUVKNNGGPKPVGTPGVHQTDKPFGNUGbDP5[UVGOKPFUVKNNKPIGTQIMNKMRm0GVXTM
-NKMRmMPCRRGP¥*LNROKI¦HQTCVmDPG0GVXTMKPFUVKNNKPIUCUUKUVGPV
*XKUFWJCTRTQDNGOGTOGFKPVGTPGVHQTDKPFGNUGPMCPFWRTXGCVDTWIG0GVXTMU
FKCIPQUVKM
-CRKVGN
2TQDNGO!(KPFGPNUPKPI
&WDTWIGT0GVXTMUFKCIPQUVKMRmHNIGPFGOmFG
8NI#RRNG Ñ 5[UVGOKPFUVKNNKPIGT
-NKMRm0GVXTMQIMNKMRm¥*LNROKI¦
-NKMRm&KCIPQUVKEGTKPIHQTCVmDPG0GVXTMUFKCIPQUVKM
(NIKPUVTWMVKQPGTPGRmUMTOGP
*XKU0GVXTMUFKCIPQUVKMKMMGMCPNUGRTQDNGOGVMCPFGTXTGGVRTQDNGOOGFFGP
KPVGTPGVWFD[FGTFWRTXGTCVQRTGVVGHQTDKPFGNUGVKNOGFGPGMUVGTPGPJGFFWDTWIGT
VKNCVMQPVCMVGKPVGTPGVWFD[FGTGPOGFGNNGTOGFFGPUGTXGTFWRTXGTCVHmCFICPIVKN
*XKUVQGNNGT±GTGEQORWVGTGUMCNFGNGGPKPVGTPGVHQTDKPFGNUGUMCNFWUTIGHQTCVFGV
VTmFNUGPGVXTMGTKPFUVKNNGVMQTTGMV&WUMCNXKFGQOFWHmTGPGNNGT±GTG+2CFTGUUGTVKN
JXGTEQORWVGTCHKPVGTPGVWFD[FGTGP
*XKUFWMWPHmTGP+2CFTGUUGUMCNFWJCXGGPTQWVGTUQOUKMTGTCVEQORWVGTPGMCP
FGNGHQTDKPFGNUGPXJC0#6
0GVYQTM#FFTGUU6TCPUNCVKQPGNNGT¥+2OCUSWGTCFKPI¦
&QMWOGPVCVKQPGPVKNTQWVGTGPKPFGJQNFGTQRN[UPKPIGTQOJXQTFCPFWKPFUVKNNGTFGP
&WMCPQIUmURTIGFGPCFOKPKUVTCVQTUQOJCTKPFUVKNNGVPGVXTMGV&WMCPDTWIGGP
#KT2QTVDCUGVKNCVFGNGGP+2CFTGUUGOGNNGO±GTGEQORWVGTG*LNREGPVGTKPFGJQNFGT
QRN[UPKPIGTQODTWICHGP#KT2QTVDCUG&WMCPQIUmDGUIG#RRNGUYGDUVGFQO
#KT2QTVRmCFTGUUGPYYYCRRNGEQOFMUWRRQTVCKTRQTV
*XKUFWKMMGMCPNUGRTQDNGOGVUQODGUMTGXGVKFKUUGVTKPUMCNFWMQPVCMVG
KPVGTPGVWFD[FGTGPGNNGTPGVXTMUCFOKPKUVTCVQTGP