" DPPSEFOBEPSB ,FMMZ $BSEPTP P %JSFUPS EB 4FKB %JHJUBM $BSMPT 4JRVFJSB B $PPSEFOBEPSB $BSMB 5BWBSFT F B (FSFOUF 3FHJPOBM 7JWJBO #JMIJN
" DPPSEFOBEPSB ,FMMZ $BSEPTP " (FSFOUF 3FHJPOBM 7JWJBO #JMIJN 0 1SFTJEFOUF EB 4FKB %JHJUBM "OUยนOJP $BSMPT .BSUFMMFUUP F B $PPSEFOBEPSB $BSMB 5BWBSFT
5PEP P QSPDFTTP GPJ QMBOFKBEP EF NPEP B BMDBOÂBS PT PCKFUJWPT QSPQPTUPT F UPEBT BT B»FT GPSBN NFOTVSBEBT EF NPEP B HFSBS FTUF SFMBU·SJP P RVBM CVTDB SFWFMBS BUSBW®T EF O¼NFSPT SFHJTUSPT F UFYUPT B RVBMJEBEF EP USBCBMIP SFBMJ[BEP
'PSÂB .BJPS
OFTUB "HSBEFÂP ¨ OPTTB FRVJQF EF TVQFSWJTPSFT F BP DPPSEFOBEPS EP NVMUJS«P EF JOTUBMB«P "EBJMUPO #PSHFT RVF DPOEV[JV CSJMIBOUFNFOUF BT JOTUBMB»FT
QPS
"HSBEFÂP ¨ OPTTB BTTFTTPSJB EF JNQSFOTB 8FCFS 4IBOEXJDL F ¨T OPTTBT BTTFTTPSBT RVF FTUJWFSBN BP OPTTP MBEP FN UPEPT PT NPNFOUPT JNQPSUBOUFT
7 6
*
#
"
&
1
/
$
-
4
,
(
,
-
"
.
)
3 5
$
+
' %
0
(
2
# % + & *
'
)
) "SNB«P EF #¼[JPT * "SSBJBM EP $BCP + *HVBCB (SBOEF , 4JMWB +BSEJN - $BSBQFCVT %
'
+
) *
(
#
& "
#
"
$
$
(
"
* $ #
)
& %
'
OPT RVBJT EFJYBS DMBSP RVBM B QSPQPTUB SFTQPOTBCJMJEBEF F DPNQSPNJTTP EB 4FKB %JHJUBM GPJ B OPTTB QPSUB EF FOUSBEB QBSB VNB BUVB«P FYJUPTB
C
&SB P
%JWFSTBT GFSSBNFOUBT EF DPNVOJDB«P GPSBN VUJMJ[BEBT QBSB RVF B EJWVMHB«P EPT FWFOUPT DIFHBTTF DPN FGFUJWJEBEF BP OPTTP Q¼CMJDP BMWP 'PSBN IPSBT EF DBSSPT F NPUPT EF TPN QBOnFUBHFN F SFVOJ»FT DPN MJEFSBOÂBT
QJQPDB F BMHPE«P EPDF EJTUSJCV²EPT
. 2 * ŏ %#%0 ( * /ŏ!/ +( / %2 ŏ ŏ (!#.% ē
0T DSJU®SJPT
VOJEBEF FTDPMBS QSJWJMFHJBSBN TF BT FTDPMBT DPN NBJPS O¼NFSP EF BMVOPT
)272
?
B
3FHJPOBM
4«P NVJUBT IJTU·SJBT HFTUPT F DBVTPT RVF mDBS«P QBSB TFNQSF HSBWBEPT OB NFN·SJB EPT TVQFSWJTPSFT F BHFOUFT EB CVTDB BUJWB )JTU·SJBT DPNP B EP NFOJOP (BCSJFM EF BOPT RVF NFTNP NPSBOEP FN D P O E J  » F T N V J U P Q S F D § S J B T N B O U J O I B JNQFDBWFMNFOUF MJNQB F QPTJDJPOBEB B ¼OJDB UW EB DBTB 2VBOEP QFSHVOUBOEP P QPSRV° EF UBOUP DVJEBEP F [FMP SFTQPOEFV QPSRVF BUSBW®T EB UFMFWJT«P FV QPTTP FTUBS FN RVBMRVFS MVHBS
&TTB ® VNB EBT JNQPSUBOUFT B»FT RVF TPNBEBT B PVUSBT FODBJYBN TF DPNP DPNQMFNFOUBSFT F TBMVUBSFT QBSB BMDBOÂBS P JNFOTP EFTBmP RVF ® B JNFST«P OP GFDVOEP UFSSFOP EBT DPNVOJEBEFT F FTQBÂPT QPQVMBSFT & P NVUJS«P ® JTTP VN EPT JOTUSVNFOUPT
"
NBJT FODPSQBEPT RVF BP FOUSBS FN IBSNPOJB DPN P EJ§MPHP F B TFOTJCJMJEBEF HFSB VN DBOBM EF CFORVFSFOÂB QPJT P EFTBmP SFRVFS VNB FYUSFNB QFEBHPHJB F FOUFOEJNFOUP MPDBM
FTUB EFmOJ«P
EHQTXHUHQoD
}
.VOJEPT EF FTQFSBOÂB F G® BJOEB BDSFEJUBOEP OB TPSUF PV NFSFDJNFOUP DFOUFOBT EF DJEBE«PT nVNJOFOTFT NBJT VNB WF[ QFHBSBN TFVT BQBSFMIPT UFMFG¹OJDPT mYPT PV N·WFJT F MJHBSBN HSBUVJUBNFOUF QBSB P OPTTB DFOUSBM EF B U F O E J N F O U P H B S B O U J O E P T V B QBSUJDJQB«P "HPSB FSB T· UPSDFS
'PSBN NVJUBT FNP»FT UBOUP QBSB BT DPPSEFOBEPSBT RVF QPTTV²BN B NJTT«P EF MJHBS QBSB P DPOUFNQMBEP F EBS B CPB OPWB DPNP QBSB PT TPSUFBEPT RVF
0 QS°NJP FSB NVJUP NBJT RVF VN DBSU«P FSB B DPOTPMJEB«P EB QS·QSJB TPSUF 0 NPNFOUP EB FOUSFHB EP QS°NJP FSB QFSNFBEP QPS VNB FOFSHJB QPTJUJWB F OBRVFMF NPNFOUP ®SBNPT NVJUP NBJT EP RVF QPSUB WP[FT ®SBNPT QPSUBEPSBT EF BMFHSJB 'PJ NVJUP FOHSBOEFDFEPS PVWJS TVBT IJTU·SJBT TVBT JOUFO»FT QBSB VUJMJ[B«P EBRVFMF SFDVSTP JOFTQFSBEP F TFOUJS B FNP«P EB TVSQSFTB /BRVFMF NPNFOUP FOUSFHBNPT BM®N EP DBSU«P QSFNJBEP B SFOPWB«P EB FTQFSBOÂB F EB BMFHSJB
NVJUBT WF[FT SFDFCJBN DPN EFTDPOmBOÂB BT MJHB»FT QPS O«P BDSFEJUBSFN OB QS·QSJB TPSUF 1PS®N JOVOEBEPT QFMP FOUVTJBTNP EBT JOUFSMPDVUPSBT MPHP TF BOJNBWBN F DPNFÂBWBN B GB[FS QMBOPT
HSBVT
&MB NFTNP GBMPV 7PV UFS TPSUF O«P & FMF EJTTF 2VFN TBCF FV O«P m[ B TVB JOTUBMB«P QBSB TFS IPKF P TFV EJB EF TPSUF & GPJ NFTNP P EJB EF TPSUF .°T EP TFV BOJWFST§SJP CFN QFSUP EP OBUBM &SB QSB TFS EFMB P QS°NJP .VJUP GFMJ[ F GBMBOUF TFHVJV TFV DBNJOIP F EF MPOHF EBWB QSB WFS VNB MV[ BDPNQBOIBOEP
?
0 UFMFGPOF UPDBWB F T· EBWB QBSB PVWJS B BUFOEFOUF FMFUS¹OJDB JOGPSNBOEP RVF BRVFMF O¼NFSP O«P FYJTUJB 0 FOEFSFÂP FTUBWB JODPNQMFUP .BT FV UJOIB RVF FODPOUS§ MP EF RVBMRVFS KFJUP "JOEB CFN RVF UFNPT TVQFSWJTPSFT DPN GBSP EF EFUFUJWF F M§ GPJ B 5BNJSFT QBSB VNB CVTDB QSFNJBEB FN "OHSB EPT 3FJT QBSB FODPOUSBS P TPSUFBEP 1FTDBEPS EF QPVDBT QBMBWSBT OB TPMJE«P EP TFV DBTFCSF FOUFOEFV P RVF IBWJB BDPOUFDJEP HBOIBSB VN QS°NJP &MF JOGPSNB P EJB MPDBM F IPSB QBSB FMF NF FODPOUSBS
DBTB EFMF 'JRVFJ QFOTBOEP OP RVF QPEFSJB UFS BDPOUFDJEP /«P UJOIB DPNP TBCFS 'VJ FNCPSB QPJT K§ UJOIB PVUSP DPNQSPNJTTP NBSDBEP RVF O«P QPEJB FTQFSBS .BT EFJYFJ NFVT DPOUBUPT DPN P NPCJMJ[BEPS EP MPDBM OB FTQFSBOÂB EF RVF FN BMHVN NPNFOUP FMF BQBSFDFTTF
'JRVFJ BHVBSEBOEP B TVB DIFHBEB PMIBOEP NJOVDJPTBNFOUF QBSB DBEB SPTUP RVF BQBSFDJB QBSB UFOUBS TBCFS TF FSB FMF 1BTTBSBN TF NJOVUPT RVF QBSFDJBN VNB FUFSOJEBEF "OVODJFJ P OPNF EFMF QFMP BMUP GBMBOUF EB MPKB OB FTQFSBOÂB EF RVF FMF K§ NF BHVBSEBTTF M§ EFOUSP NBT OFOIVN +PT® (BSDJB BQBSFDFV
FSB EF
RVF
FODPOUSBS P QBJ F P (JMTPO QBSB TFHVJS QBSB B DBTB EB
RVBTF TFN DPOEJ»FT EF JEFOUJmDB«P NBT BJOEB QPTT²WFM EB² GPJ T· BMFHSJB 6GB &OUSFHVF P DBSU«P QSFNJBEP
0 NPUPSJTUB (JMTPO EB BTTFTTPSB EB 4FKB %JHJUBM TF EJTQPOJCJMJ[PV B QSPDVSBS QFMB DBTB EB HBOIBEPSB QPS
® EPOB EF DBTB F NPSB OBT DBTB QPQVMBSFT EB
JTTP PSJFOUFJ P B JS QSJNFJSP OB 6#4 EP CBJSSP &MEPSBEP QPJT PT BHFOUF DPNVOJU§SJPT DPOIFDFN UPEPT PT NPSBEPSFT EBT SFEPOEF[BT &MF DPOTFHVJV BDIBS PT QBJT EB HBOIBEPSB F P QBJ TF QSPOUJmDPV B MFW§ MP BU® B DBTB EB .BSDFMMF FORVBOUP 3PTBOB F FV UFSNJO§WBNPT BT FOUSFHBT OBT S§EJPT $IFHBOEP ¨ DBTB FMB
mMIP &MF JODMVTJWF TF QSPOUJmDPV B JS B DBTB EB ¨ QPQVMB«P EF .BDB® TPCSF P TFSWJÂP HSBUVJUP 0
DPNCJOFJ DPN P NPCJMJ[BEPS 1BUSJDL RVF BTTJN
1BUSJDL DPN UPEB TVB EJTQPOJCJMJEBEF GPJ OPWBNFOUF ¨ SFTJE°ODJB EB % .BSJB &MB RVF OP
GPMIB SFTVNP "MHVN UFNQP EF CVTDB F FOmN
¨
$POIFDFS P QSFGFJUP EF 7BSSF 4BJ BM®N EF UFS TJEP
|
$PN FYUSFNB QPOUVBMJEBEF DIFHB BP HBCJOFUF ¨T
EF BOPT TPCF B FTDBEB EP DBTBS«P UPNCBEP F
K§ UJOIB TJEP QSFGFJUP I§ BOPT & BHPSB EFTEF 2
QBSB B QPQVMB«P EF 7BSSF 4BJ BmOBM FTUPV BRVJ
FYUSFNB UJNJEF[ F CBJYB BVUPFTUJNB DPN B RVBM
BDSFEJUP RVF GBMBWB QPS NJN F QPS FMB %FQPJT EF NF WFSEBEFJSBNFOUF TPCSF TVB IJTU·SJB EF WJEB TPGSJEB
FMB QBSB DPNCJOBS B FOUSFHB FN VNB S§EJP "² FMB TF
FOU«P 8BMEJO®JB WBMF B QFOB BDSFEJUBS OB TPSUF & /
%/0¨.% ŏāĀ
!( 0+ƫ !ƫ .( ƫ 2 .!/ƫ/+ .!ƫ ƫ!-1%,!ƫ ! 1/ ƫ 0%2 ƫ!ƫ+/ƫ&+2!*/ċ
Ĩ +2 ƫ .% 1.#+ĩ
&SB SFUB mOBM EB DBNQBOIB NBT NF MFNCSP DPNP
0 QSJNFJSP QBTTP GPJ PSHBOJ[BS VN QSPDFTTP
V
4,! %!*0! 03("/*;"¢Ì0 &-"#03"¢Ì0
3&%"¢Ì0 & &%*¢Ì0 %& 5&950
3&7*4Ì0 5&956"-
130+&50 (3Ò'*$0
$0-"#03"¢Ì0
'&$)".&/50