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]
:DJ\X VWDDUWVWXN 1b[TR`[RQR[ dNTfb `aNN_a`abX ZRa TRg\RaR Z\`aR_Q R[ \bQR O_\XXRYXNN` ¼ *DPED¶V 4NZONx` ZRa TRZOR_ V[ X_\XN[a SVY\QRRT R[ X\_RN[QR_]R`a\ ¼
,EHULFRKDP @NYNQR ZRa VOR_VP\UNZ _\\QY\S R[ Nc\PNQ\ ¼ P_ÅZR ¼
6FKDDOGLHUHQVRHS ?\ZVTR `PUNNYQVR_R[`\R] ZRa TRONXXR[ TNZONx` 7RQLMQ A\[VW[ V[ cNQ\bcN[ X_bVQR[ZR[T`RY bVa V[QVN ZRa ¼ [\aR[^bV[\N R[ g\Ragb_R X\ZX\ZZR_ :DWHUPHORHQVRHS ¼ 6W`X\bQR `\R] cN[ dNaR_ZRY\R[ R[ \YVWS\YVR TR`R_ cRR_Q ZRa U\YYN[Q`R TN_[NYR[ 5XQGHUFDUSDFFLR ¼ 1R R[VTR RPUaR _b[QR_PN_]NPPV\ ZRa `bQx[ *DQ]HOHYHU SURHYHULM `\Y a\ZNNaWR` ]N_ZRgNN[`R XNN` ]VW[O\\Z]VaWR` bVaTRONXXR[ `]RXWR` R[ a_bSSRYZNf\[NV`R CR_`PUVYYR[QR OR_RVQV[TR[ cN[ TN[gRYRcR_ ¼ ¼ ¼ CR__VWX QR PN_]NPPV\ ZRa TN[gRYRcR_X_bYYR[ ¼ :LMQJDDUGVODNNHQ @a\\S]\aWR cN[ dVW[TNN_Q`YNXXR[ V[ _\ZVTR `Nb` cN[ XR__VR `\WN R[ cR[XRY ¼
+RRIGJHUHFKWHQ /DPVNRWHOHWWHQ
7RXUQHGRV
9NZ`X\aRYRaaR[ \] ]_\cR[ÄNNY`R dVWgR TR`R_cRR_Q ZRa `NSS_NN[ON`ZNaV PU\_Vg\ R[ aNTTVN`PUR \YVWcR[ 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
0DLVNLS 4RO_NQR[ ZNV`XV] ZRa TRP\[SVWaR ZNV` R[ T[\PPUV V[ a_bSSRY_\\Z`Nb` V[ a_b ¼
=HHGXLYHO GRRQbVcRY ZRa ]b_RR cN[ NN_Q]RR_ a\]V[NZO\R_ TR`R_cRR_Q ZRa UNgRY[\aR[X_RRSaR[Wb`
5XQGHUHQWUHF{WH ¼ ?b[QR_R[a_RPÑaR cN[ QR T_VYY ZRa NZN[QV[R NN_QN]]RY V[ U\[V[T R[ Z\`aR_Q ¼ :Ra TRONXXR[ TN[gRYRcR_ ¼
.UHHIW 5NYcR 0N[NQR`R X_RRSa TRT_NaV[RR_Q V[ QR \cR[ ZRa P\T[NP R[ T_bfÅ_R ¼ ¼
9HJHWDULVFK 6WHDN 'LDQH SHUVRQHQ
/VRS`abX cN[ QR _b[QR_gVWYR[QR TR`R_cRR_Q ZRa S_VaR` T_\R[aR[ `NYNQR R[ PUNZ]VT[\[_\\Z`Nb` ¼
=\_aNORYY\ TRcbYQ ZRa T_\R[aR[ R[ TRT_NaV[RR_Q ZRa Z\ggN_RYYN ¼ 'DJYLV QNTRYVWX` cR_`R NN[c\R_ cN[ @PUZVQa gRRcV` 'DJSULMV
1DJHUHFKWHQ 6SHFLDOH NRIILH ¼
5RRG IUXLW AR__V[R cN[ _\\Q S_bVa TR`R_cRR_Q ZRa cN[VYYR VW` R[ TRZN_V[RR_QR NN_QORVR[ ¼ %DQDDQ
)UHQFK FRIIHH *UDQG PDUQLHU ,ULVK FRIIHH EUXLQH VXLNHU HQ ,HUVH ZKLVN\ 6SDQLVK FRIIHH 7LD 0DULD ,WDOLDQ FRIIHH $PDUHWWR
=_\RcR_VW cN[ ON[NN[ ¼ ¼ &KRFRODGH
/LNHXUHQ ¼
4RONX cN[ ORYTV`PUR PU\P\YNQR ZRa dN_ZR XR_`R[ P\Z]ÑaR R[ NZN_R[R _\\ZVW` 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