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]
7RQLMQ HQ ODQJRXVWLQH A\[VW[ V[ `R`NZ ZRa dN`NOV P_ÅZR ]\[gbPN_NZRY V[ aRZ]b_N TRONXXR[ YN[T\b`aV[R` R[ PUbXN dNXNZR ¼ .UHHIWHQUDYLROL ?NcV\YVx` TRcbYQ ZRa X_RRSa TR`R_cRR_Q ZRa V[ [\aR[\YVR R[ OR``R[`N] TRZN_V[RR_QR _\QR X\\Y `]V[NgVROYNQ R[ _\ZVTR X_RRSaR[`Nb` ¼
'LDPDQWKDDV ¼ AN_aNN_ cN[ TRUNXaR QVNZN[aUNN` ZRa TR]\PURR_Q RV dVaY\S`NYNQR R[ a_bSSRYZNf\[NV`R 6FKDDOGLHUHQVRHS ¼ ?\ZVTR `PUNNYQVR_R[`\R] ZRa QbZ]YV[T cN[ U\YYN[Q`R TN_[NYR[ 0DDV ULMQ LMVVHO UXQG ¼ ?\bYYRNbe cN[ TR_\\Xa :?F _b[Q TRcbYQ ZRa NN_QN]]RY`NYNQR XR__VR R[ X\_VN[QR_ TR`R_cRR_Q ZRa ,EHULFRKDPVRHS `PUbVZ cN[ X\ZX\ZZR_ GNPUaR _\\Z`\R] cN[ 6OR_VP\UNZ ZRa P_ÅZR ¼ S_NËPUR R[ \YVWS\YVR TR`R_cRR_Q ZRa SVW[TRZNNXaR &RTXLOOHV NN_QN]]RY R[ cR_`R ON`VYYVPbZ 4RT_VYQR P\^bVYYR` `a WNP^bR` TR`R_cRR_Q ZRa RR[ ¼ SYN[ cN[ ]N`aV[NNX g\Ragb_R ]\Z]\R[ R[ *DQ]HOHYHU SURHYHULM ZNf\[NV`R cN[ dNaR_XR_` ¼ CR_`PUVYYR[QR OR_RVQV[TR[ cN[ TN[gRYRcR_ 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
+RRIGJHUHFKWHQ 5XQGHU]LMOHQGH
7RXUQHGRV
6[ _N` RY UN[\ba X\ZVW[ X\_VN[QR_ R[ XN[RRY TRZN_V[RR_QR _b[QR_gVWYR[QR ZRa QNQRY]b_RR R[ _\ZVTR `Nb` cN[ O\YRaR[ 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
=ZLMQVKDDV =HHEDDUV GdVW[`UNN` TR`R_cRR_Q ZRa URYYRc\Ra`R _NN`Q\[QR_` ]NaN [RT_N R[ ]VPPNYYVYf ¼
<] QR UbVQ TRONXXR[ gRRONN_`SVYRa ZRa P_NOPNXR R[ gdN_aR ]N`aN ZRa ON`VYYVPbZ
.DOIVHQWUHF{WH
¼ .UHHIW
4RT_VYQR XNYS`R[a_RPÑaR ZRa ORb__R PNSÆ QR =N_V` R[ aR__V[R cN[ NN_QN]]RY `]RX R[ gVYcR_bV
5NYcR 0N[NQR`R X_RRSa TRT_NaV[RR_Q V[ QR \cR[ ZRa P\T[NP R[ T_bfÅ_R
¼ ¼ ¼
2VVR %XFFR KHUW
9HJHWDULVFK
GNPUa TRTNN_QR UR_aR[`PUR[XRY TR`R_cRR_Q ZRa TRP\[SVWaR `WNY\a R[ \]TRONXXR[ ON`ZNaV _VW`a ZRa NO_VX\\`WR`
.bOR_TV[R _\YYNaV[V TRcbYQ ZRa _\\ZXNN` TR`R_cRR_Q ZRa PN[[RY\[Vx` R[ `]V[NgVR
¼
¼ 'DJYLV QNTRYVWX` cR_`R NN[c\R_ cN[ @PUZVQa gRRcV` 'DJSULMV
1DJHUHFKWHQ 6SHFLDOH NRIILH ¼
%DYDURLV /NcN_\V` cN[ YVXRb_ ! ZRa RR[ O\QRZ cN[ `]RPbYNN` TR`R_cRR_Q ZRa XN[RRY `]RPbY\\`VW` ¼ &UrSH SrFKH PHOED
)UHQFK FRIIHH *UDQG PDUQLHU ,ULVK FRIIHH EUXLQH VXLNHU HQ ,HUVH ZKLVN\ 6SDQLVK FRIIHH 7LD 0DULD ,WDOLDQ FRIIHH $PDUHWWR
2R[ P\ZOV[NaVR cN[ SYR[`WR ZRa V[ dVaaR dVW[ R[ cR_cRV[R TRP\[SVWaR ]R_gVX TR`R_cRR_Q ZRa cN[VYYR VW` ¼ &KRFRODGH
/LNHXUHQ ¼
DN_Z aNN_aWR cN[ PU\P\YNQR ZRa RR[ V[aR_VRb_ cN[ S_NZO\gR[ TR`R_cRR_Q ZRa S_NZO\gR[`\_aORa ZV[ 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]Ã&#x2018;aR ¼ 'HVVHUW YDQ GH GDJ 1NTRYVWX` dV``RYR[Q cR__N``V[T`QR``R_a cN[ QR PURS ¼ ¼
'UDPEXLH &RLQWUHDX 7LD 0DULD *UDQG 0DUQLHU 'RP %HQHGLFWLQH %DLOH\V /LFRU $PDUHWWR GL 6DURQQR /LPRQFKHOOR 6DPEXFD &DOYDGRV