'HFHPEHU
,AN?D $KIA GPǚ ˣF ŐPMJEBȿT
/PK?GEJC /PQBBANO 2GDDS LTRHB EKNVDQ STSNQH@K &HES &THCD
$KHE@=U %JOLEN=PEKJ $LADKKHRGÔ
@ BTQHNTR KHSSKD RGNOÔ
'HDU )ULHQG
(S’R SG@S SHLD NE XD@Q @F@HM RO@QJKD LDQQX L@JHMF EQHDMCR @MC E@LHKX ( DMBNTQ@FD XNT SN S@JD @ LNLDMS @MC SGHMJ @ANTS VG@S LNCDQM GNKHC@XR QD@KKX LD@M SN XNT 3GDX CNM’S G@UD SN AD @ANTS QTMMHMF SGQNTFG SGD L@KK RVD@SHMF HM XNTQ I@BJDS CDSDQLHMDC SN ATX @ FHES @MX FHES @R KNMF @R HS GHSR XNTQ × OQHBD ONHMS 6GDQD HR SGD INX HM SG@S 6G@S HE HMRSD@C XNT
BQD@SDC XNTQ GNKHC@X @QNTMC LD@MHMFETK LDLNQHDR 3@JHMF SGD JHCR CNVMSNVM SN UHRHS 2@MS@’R QDHMCDDQ @MC SGDM RGNOOHMF KNB@KKX SN ATX @ FHES SG@S ROD@JR SN XNT $UDM HE HS HR @ × NQM@LDMS 3GNTFGSETK OTQONRDETK FHES FHUHMF BQD@SHMF AD@TSX HM XNTQ GNLD L@JHMF LDLNQHDR VHSG XNTQ BGHKCQDM SGDRD @QD SGD SGHMFR ( VHRG ENQ XNT @MC XNTQ E@LHKXÔ ( SQX UDQX G@QC SN BTQ@SD SG@S EDDKHMF HM LX RSNQD 5HRHS NTQ NKC E@RGHNMDC GNKHC@X RGNO @ OK@BD SN S@JD @ AQD@J EQNL SGD L@CMDRR ( KNNJ ENQV@QC SN XNTQ UHRHSÔ ,DQQXÔ ,DQQXÔ
0LFKHOH VWDII
6LOHQW 1L
JKW
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
3HDFH RQ (DUWK JOREH RUQDPHQW
ϛҫѺ
Ѻ̧ҕɝȨӐǬ՝ӐӒ˯ɝӐ˯ЃΙ̧ȨƗ՝ 6DSSKLUH IDGH QHFNODFH E\ GHVLJQHU &DWKHULQH :HLW]PDQ *ROG YHUPHLO DQG VDSSKLUH QXJJHWV
ş̌ҫ˯ӐӿѺЃϛӐƗӐҫӒƗҕ҄҄҄҄
(\Z[YPHU *Y`Z[HS LHYYPUNZ ZPS]LY WSH[L V]LY IYHZZ IHJRZ 4PUP[\YL ^OP[L OV\ZL VYUHTLU[
$ISJTUNBT 4UBS PSOBNFOU
+NSTR )DVDKQX #DRHFMR MDBJK@BD PT@ BG@KBDCNMX KHMJDC BG@HM VHSG VHQD VQ@OODC PT@QSY &NKC UDQLDHK ×
"NCX %NRSDQ FKHSSDQDC NVK NQM@LDMS ×
*@SGDQHMD "NKKDBSHNM NQM@LDMS ×
UHMCX A@AX AQHNKDSSD D@QQHMFR &NKC UDQLDHK ×
Ȍ՝Ӑ3Ιӿɝ
:VWOPL +PHUH 7VY[YHP[\YL MSPJRY JVT ZVWOPLKPHUH ZVWOZ[LY']LYPaVU UL[ MPUK TL VU -HJL)VVR
:HU[H -SPW )VVR )LSNPHU *OVJVSH[L )HYZ 9L\ZHISL 3H\UKY` :HJOL[Z 5VLS )\[[VUZ *OVJVSH[L -PSSLK *HUK` *HULZ 4HNPJ >PZO *HWZ\SL :UV^THU 5V[L 7HK =V[P]V ;YH]LS JHUKSL
%HOODJLR 6LSSLQJ &KRFRODWH PDUWLQL
&IPPEKMS 7MTTMRK 'LSGSPE 4EVX] 6IGMTI
1EOIW S^ QEVXMRMW
9WI E KEPPSR GSRXEMRIV S^ &IPPEKMS 7MTTMRK '
FIPS[ EHH GYTW ZSHO 'VIEQ 0MUYIYV GYT SJ
STXMSREP 7XMV 4SYV QEV MRXS QEVXMRM WLEOIV JMPPIH YRXMP GSPH ERH TSYV S^ QEVXMRM MRXS IEGL QEVXMRM
&IPPEKMS 7MTTMRK 'LSGSPE
&YPO VIGMTI QEOIW S^
-R E S^ SV PEVKIV GSRXE S^ FEK SJ &IPPEKMS 7MTT 3VMKMREP 1M\ MRXS GYT S LEPJ 1M\ [IPP %HH QSVI IUYEP GYTW SJ JMRMWLIH PEXI /IIT VIJVMKIVEXIH 7MTTMRK GLSGSPEXI &IPMIZI QYK ,SX GSGSE QM\
EXI 1EVXMRM
1EOI XLI 'LSGSPEXI VIGMTI OE GYTW -VMWL J ZERMPPE W]VYT VXMRM QM\XYVI H [MXL MGI 7LEOI SJ TVITEVIH M KPEWW
EXI ^
EMRIV HMWWSPZI E TMRK 'LSGSPEXI SJ GSPH LEPJ I LEPJ LEPJ XS WMTTMRK GLSGS
&DIIH G路DPRXU FRFRD
%NQ @ !DRS %QHDMCÔ
+D@SGDQ +HMDM V@KKDS × +NKKH@ A@SG R@KSR × %@QLGNTRD %QDRG 6GNNOHD RGD@ ATSSDQ BQD@L × 3NJXN !@X V@SBGDR × ×
( ITRS G@C LX L@RSDQ A@SG QDCNMD ( BNLAHMDC SVN RL@KK GNQQHAKD A@SGQNNLR HMSN NMD KTWTQHNTR A@SGQNNL VHSG @ GTFD V@KJ HM RGNVDQ @M HMROHQDC HCD@ EQNL LX CD@Q EQHDMC )TMF +DD ,@RSDQR @QBGHSDBS DWSQ@NQCHM@HQDÔ !NNJ GDQ ENQ XNTQ OQNIDBS ADENQD RGD EHKKR TOÔ
&NQFDNTRÔ @MC -.Ô 2GD CHC MNS O@X LD SN R@X SGHRÔ
RϏǬɝΙΙ̧ҫ˯
5ISM aW]Z XIKSIOM[ M^MV XZM\\QMZ Ja MUJMTTQ[PQVO \PMU _Q\P [WUM WN W]Z JMI]\QN]T ZQJJWV[ 8IKSIOQVO KIV UISM \PM XZM[MV\ 8MZKP 0WUM [MTT[ ITT WN W]Z ZQJJWV Ja \PM aIZL >MT^M\ ZQKS ZIKS KZWKPM\ML \ZQUUML ^MT^M\ [I\QV TMI^M[ UM\ITTQK NZQVOM IVL UWZM .ZWU \W XMZ aIZL
6WDFN ´SHWDOVµ RQ WRS RI HDFK RWKHU DQG WKHQ 6WDSOH GHDG FHQWHU
6RDN WKH VWDFN EULHIO\ LQ ERZO RI ZDWHU WKHQ 6HSDUDWH DQG VFUXQFK HDFK OD\HU
$IWHU WKH\ DUH GU\ $SSO\ JOXH OLJKWO\ WR SHWDO HGJHV ZLWK ILQJHU RU SDLQW EUXVK 6KDNH JOLWWHU RU PLFD RQWR IORZHU
*OXH RQWR DQ\ SDFNDJH 8VH FRORUHG SDSHU RWKHU WLPHV RI \HDU
<RX PDGH LW \RXUVHOI
"@MCX CNLHMNDR Ã&#x2014; (QNM %@HQX Ã&#x2014; 1GHMDRSNMD %@AQHB SHD AQ@BDKDS Ã&#x2014; 2TQOQHRD A@KK Ã&#x2014;
4VHBSQMVNT
)ZM _M \PM WVTa WVM[ _Q\P ^Q[QWV[ WN []OIZ XT]U[ LIVKQVO QV W]Z PMIL['
<PQ[ PWTQLIa [MI[WV _M MUJMTTQ[PML W]Z KPQTLZMV¼[ ZWWU _Q\P I Ua[\QKIT KIVLa TIVL WN W]Z LZMIU[ /QIV\ TWTTQ XWX[ IVL KIVLa OIZTIVL[ PIVO NZWU \PM KMQTQVO UQVOTQVO _Q\P \PM TIZOM[\ [VW_NTISM KWWSQM[ aW] KW]TL QUIOQVM 7]Z OTQ\\MZQVO OQVOMZJZMIL PW][M[ IVL OQVOMZJZMIL OQZT[ IVL JWa[ IZM I[ N]TT WN PWTQLIa KPMMZ I[ \PM ZMIT OQZT[ IVL JWa[ WN 5IXTM_WWL )\ NQZ[\ OTIVKM W]Z OTQ\\MZa _PQ\M \ZMM [MMU[ \W JM KW^MZML QV KWTWZN]T PIZL KIVLQM[ K]XKISM[ IVL \PZMM \QMZML KISM[ <PM[M \I[\a WZVIUMV\[ TWWS OWWL MVW]OP \W MI\ ?M PI^M XQVS +PQVM[M TIV\MZV[ LIQV\a IVOMT[ IVL JZQOP\Ta KWTWZML JITT WZVIUMV\[ +WUM \ISM PWUM I KIVLa WZVIUMV\ IVL UISM aW]Z \ZMM I[ UW]\P _I\MZQVO I[ W]Z[
D B L F
'DLQW\ )UDPH
.QLW FDNH RUQLH
3ULQFHVV )DLU\ VNHWFK SDG
6RIW FXSFDNH RUQLH
/DQEDBSKX RNES NUDQRHYD E@RGHNM SDDR AX $LHKX 2DEBHJ
@U@HK@AKD @S /DQBG 'NLD
1 1 ,.-# 8 6$#-$2# 8 3'412# 8 2 341# 8 24-# 8 %(-# 42 .- % "$!..* %.1 4/# 3$2
.QM@LDMSR &@KNQDÔ
/DQEDBS KHSSKD FHESRÔ
)BQQZ )PMJEBZT
$OO WKH EHDXWLIXO SKRWRJUDSKV ZHUH WDNHQ E\ 6RSKLH .DZDOHN 6SHFLDO WKDQNV WR 0DULD 'L3DVTXDOH IRU KHU ORYHO\ ZULWLQJ DQG WR &ODLUH 0F*HH DQG WR (PLO\ 6HIFLN IRU WKHLU FUHDWLYH FRQWULEXWLRQV , KDYH D ZRQGHUIXO VWDII KHUH DW 3HUFK +RPH