9RRUJHUHFKWHQ %URRGPDQGMH
6DODGH ODQJRXVWLQH
/_\\Q TR`R_cRR_Q ZRa a\ZNaR[aN]R[NQR R[ NÌ\YV
@NYNQR ZRa TRONXXR[ YN[T\b`aV[R` gdN_aR ^bV[\N R[ XR__VR`PUbVZ ¼ 6DODGH &DSSD GL 3DUPD
¼ 3RPPRGRULVRHS @\R] cN[ cR_`R ]\ZZ\Q\_V a\ZNaR[ ¼ ¼
@NYNQR ZRa PN]]N QV =N_ZN cVWTR[ R[ TRONXXR[ ]NQQR`a\RYR[ ¼ *HURRNWH ULE H\H
6RHS YDQ GH GDJ @NYNQR ZRa TR_\\XaR _VO RfR aN]R[NQR cN[ \YVWS R[ a\ZNNa R[ ]N_ZRgNN[`R XNN`
1NTRYVWX` dV``RYR[QR `\R] ¼
¼ &DUSDFFLR YDQ WRQLMQ
.UHHIWHQVRHS
1b[TR`[RQR[ _NbdR a\[VW[ ZRa dN`NOV ZNf\[NV`R ?VWXRYVWX TRcbYQR X_RRSaR[`\R] ZRa cV`TN_[Vabb_ R[ g\Ragb_R X\ZX\ZZR_ ¼ ¼ 6DODGH JHLWHQNDDV @NYNQR ZRa TRS_Vabb_QR TRVaR[XNN` P\b` P\b` N_aV`W\XXR[ R[ _\QR ]N]_VXN 4RONXXR[ TN[gRYRcR_ ZRa O_V\PURO_\\Q ¼ ]R_R[P\Z]\ KaR R[ 6OR_VP\UNZ 5XQGHUFDUSDFFLR ¼ 1R R[VTR RPUaR _b[QR_PN_]NPPV\ ZRa `bQx[ `\Y a\ZNNaWR` ]N_ZRgNN[`R XNN` ]VW[O\\Z]VaWR` bVaTRONXXR[ `]RXWR` R[ a_bSSRYZNf\[NV`R ¼ CR__VWX QR PN_]NPPV\ ZRa TN[gRYRcR_X_bYYR[ ¼ *HEDNNHQ JDQ]HOHYHU
+RRIGJHUHFKWHQ =DOP
=ZH]HULN
4RONXXR[ gNYZ V[ X_bVQR[X\_`a cR_`R TRONXXR[ T_\R[aR[ P\b` P\b` _VcVR_X_RRSaWR` R[ /Rb__R /YN[P
4RONXXR[ XNYS`gdRgR_VX ZRa cR_`R T_\R[aR[ a_bSSRY]b_RR Wb` QR cRNb R[ RR[ X_\XRaWR cN[ gdRgR_VX ¼
¼ .UHHIW 5NYcR 0N[NQR`R X_RRSa ZRa ]N_ZRgNN[`R XNN` X_RRSaR[`Nb` R[ `NYNQR ¼ .DOIVRHVWHU
9HJHWDULVFK D_N] TRcbYQ ZRa cR_`R TRONXXR[ T_\R[aR[ R[ Z\gN_RYYN R[ QNN_OVW RR[ `NYNQR ¼ 'DJYLV QNTRYVWX` cR_`R NN[c\R_ cN[ @PUZVQa gRRcV`
4RO_NQR[ XNYS`\R`aR_ ZRa 6OR_VP\UNZ TRONXXR[ T_\R[aR[ \cR[NN_QN]]RY` R[ Wb` QR cRNb ¼ 7RXUQHGRV 4RO_NQR[ a\b_[RQ\` ZRa RR[ ZR[T`RY cN[ N_aV`W\XXR[ XN]]R_` [\aR[ ]R`a\ R[ ]N_ZRgNN[`R XNN` TR`R_cRR_Q ZRa `NYNQR N[aVO\V`R R[ cR_`R S_VRaR[ ¼
'DJSULMV 5RRGEDDUV <] QR UbVQ TRONXXR[ _\\QONN_`SVYRa ZRa cR_`R ]N`aN TRONXXR[ T_\R[aR[ R[ X_RRSaR[`Nb` ¼
1DJHUHFKWHQ 6LQDDVDSSHOWDDUWMH
6SHFLDOH NRIILH ¼
ANN_aWR cN[ `V[NN`N]]RY ZRa ZR_R[^bR` R[ /RYTV`PU PU\P\YNQR VW` ¼ 3DUIDLW YDQ KD]HOQRRW
)UHQFK FRIIHH ,ULVK FRIIHH 6SDQLVK FRIIHH ,WDOLDQ FRIIHH
=N_SNVa cN[ UNgRY[\\a ]N[[N P\aaN R[ TRPN_NZRYV`RR_QR UNgRY[\aR[ TR ¼ %RVYUXFKWHQ GHVVHUW :\b``R cN[ ZN`PN_]\[R O\`c_bPUaR[ P\Z]\ KaR ZRa P_bZOYR R[ f\TUb_aVW` ¼ .DDV @RYRPaVR cN[ QVcR_`R OV[[R[ R[ ObVaR[YN[Q`R XNgR[' /_bT`R /Y\ZZR /_VR QR ZRNbe AReRY`R `PUN]R[XNN` /RaaV[R _\\QONPaR_VR TRVaR[XNN` .SSV[R YN[QT\RQXNN` CNYQR\[ ¼ 9NNa bd XNN`]YN[XWR cR_TRgRYYR[ ZRa RR[ TYNN`WR =E `UR__f ¼
/LNHXUHQ ¼ 'UDPEXLH &RLQWUHDX 7LD 0DULD *UDQG 0DUQLHU 'RP %HQHGLFWLQH %DLOH\V /LFRU $PDUHWWR GL 6DURQQR /LPRQFKHOOR 6DPEXFD &DOYDGRV 3RQFKH &DEDOOHUR