+RRIGJHUHFKWHQ .DOIVVXFDGH
7RXUQHGRV
GNPUa TR`a\\SQR XNYS``bPNQR ZRa X_VRYNN_QN]]RY R[ ]_RV ½ YN P_ÅZR ¼
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
(HQGHQERUVW 5\ 5\YYN[Q`R O\R_QR_V WRR[Q \[QR_UbVQ` TRcbYQ ZRa O\`]NQQR[`a\RYR[ QbeRYYR` ¼
7RQLMQ 4RT_VYQR a\[VW[`aRNX ZRa a\_aRYYV[V R[ a\ZNaR[`NY`N
5XQGHU]LMOHQGH
¼ .UHHIW
?b[QR_gVWYR[QR TR`R_cRR_Q ZRa TR_\\XaR O\aR_ TRTYNPRR_QR `WNY\aaR[ R[ QVXXR S_VRaR[
5NYcR 0N[NQR`R X_RRSa TRT_NaV[RR_Q V[ QR \cR[ ZRa P\T[NP R[ T_bfÅ_R
¼ :Ra TRONXXR[ TN[gRYRcR_ ¼
¼ 9HJHWDULVFK
6SHHQYDUNHQ 6[ QR \cR[ TRO_NQR[ `]RR[cN_XR[X\aRYRaaR[ TR`R_cRR_Q ZRa RR[ T_NaV[ cN[ ZNPN_\[V R[ Wb` cN[ a_bSSRY ¼
0N``\bYRa ZRa c\\_WNN_`T_\R[aR[ R[ YN _NaaR NN_QN]]RYaWR` ¼ 'DJYLV QNTRYVWX` cR_`R NN[c\R_ cN[ @PUZVQa gRRcV` 'DJSULMV
1DJHUHFKWHQ 6SHFLDOH NRIILH ¼
'DPH %ODQFKH UHQYHUVHH 0U\P\YNQR`\_ORa ZRa dN_ZR cN[VYYR`Nb` ¼
)UHQFK FRIIHH *UDQG PDUQLHU ,ULVK FRIIHH EUXLQH VXLNHU HQ ,HUVH ZKLVN\ 6SDQLVK FRIIHH 7LD 0DULD ,WDOLDQ FRIIHH $PDUHWWR
$DUEHLHQ \RJKXUW WDDUW ANN_aWR cN[ NN_QORVR[ R[ f\TUb_a TR`R_cRR_Q ZRa _\\ZVW` cN[ [\bTNa ¼ ¼ 7DUWH WDWLQ
/LNHXUHQ ¼
AN_aR aNaV[ cN[ ZN[T\ TR`R_cRR_Q ZRa ZN[T\ `\_ORaVW` ¼
.DDV @RYRPaVR cN[ OV[[R[ R[ ObVaR[YN[Q`R XNgR[ TR`R_cRR_Q ZRa XYRagR[O_\\Q N]]RY`a_\\] R[ ]R_R[P\Z]ÑaR ¼ 'HVVHUW YDQ GH GDJ 1NTRYVWX` dV``RYR[Q cR__N``V[T`QR``R_a cN[ QR PURS ¼
'UDPEXLH &RLQWUHDX 7LD 0DULD *UDQG 0DUQLHU 'RP %HQHGLFWLQH %DLOH\V /LFRU $PDUHWWR GL 6DURQQR /LPRQFKHOOR 6DPEXFD &DOYDGRV
9RRUJHUHFKWHQ %URRG .ZONPUaRYVWX O_\\Q TR`R_cRR_Q ZRa a\ZNaR[aN]R[NQR R[ NÌ\YV ¼ 3RPPRGRULVRHS @\R] cN[ cR_`R ]\ZZ\Q\_V a\ZNaR[ ¼ ¼ 6RHS YDQ GH GDJ 1NTRYVWX` dV``RYR[QR `\R]
%RXFKH j OD 6PDHFN /YNQR_QRRT TRcbYQ ZRa _NT\ba cN[ O\`]NQQR`a\RYR[ a_bSSRY R[ X_\XN[a TRONXXR[ XNYS`gdRgR_VX ¼ =ZDDUGYLV 1b[ TR`[RQR[ GdNN_QcV` ZRa YVZ\R[P_R`` XR__VR ZNf\[NV`R R[ N[N[N``NY`N ¼
/DPVKDP @NYNQR ZRa YNZ`UNZ R[ V[ ]N[PRaaN TRONXXR[ ¼ TRVaR[XNN` TR`R_cRR_Q ZRa VW` cN[ N`]R_TR` ¼ 6FKDDOGLHUHQVRHS ?\ZVTR `PUNNYQVR_R[`\R] ZRa _NcV\YV cN[ X_RRSa +ROODQGVH JDUQDOHQ ANN_aWR cN[ U\YYN[Q`R TN_[NYR[ Z\``RYaWR` ¼ abV[O\[R[ Q\]R_daR[ R[ ZNf\[NV`R cN[ dN`NOV R[ 7RP NKD NDL TRZOR_ AUNV`R XR__VR X\X\``\R] ZRa PVa_\R[T_N` R[ ¼ TRONXXR[ TNZONx` ¼ 5XQGHUFDUSDFFLR *DQ]HOHYHU SURHYHULM 1R R[VTR RPUaR _b[QR_PN_]NPPV\ ZRa `bQx[ `\Y a\ZNNaWR` ]N_ZRgNN[`R XNN` ]VW[O\\Z]VaWR` CR_`PUVYYR[QR OR_RVQV[TR[ cN[ TN[gRYRcR_ bVaTRONXXR[ `]RXWR` R[ a_bSSRYZNf\[NV`R ¼ ¼ ¼ CR__VWX QR PN_]NPPV\ ZRa TN[gRYRcR_X_bYYR[ ¼