4 .
,PNQFSOB )BOEFMTHFTFMMTDIBѫ NC) #VSHTUSBF Ϗώ %mϑϑϕϓϔ #PDIVN %FVUTDIMBOE (FSNBOZ XXX LPNQFSOBTT DPN ,) ɨɨɩɫ &O W ɧ ɦ ɧɧ ɦɪ ɨɦɦɪ
ɧ *OEFY 4BGFUZ JOTUSVDUJPOT 6TBHF 4DPQF PG EFMJWFSZ
"EEJUJPOBM GVODUJPOT PG UIF NJOJ IJ ê TZTUFN "EKVTUJOH UIF DMPDL PG UIF NJOJ IJ ê TZTUFN 6TJOH UIF UJNFS GVODUJPO
ѮF NJOJ IJ ê TZTUFN BOE JUT DPNQPOFOUT DPOUBJO OP VTFS TFSWJDFBCMF QBSUT ѮF XBSSBOUZ JT WPJEFE JG UIF DBTJOHT PG UIF NJOJ IJ ê TZTUFN SFNPUF DPOUSPM VOJU BOE PS UIF MPVETQFBL FST BSF PQFOFE ɨ 4BGFUZ JOTUSVDUJPOT L %BOHFS %P OPU QMBDF UIF NJOJ IJ ê TZTUFN JO BSFBT FYQPTFE UP EJSFDU TVOMJHIU 0UIFSXJTF UIF NJOJ IJ ê TZTUFN DPVME PWFSIFBU BOE CF EBNBHFE CFZPOE SF QBJS ѮJT DPVME DBVTF B êSF JO UIF JNNFEJBUF WJDJOJUZ PG IFBU TPVSDFT TVDI BT PWFOT IFBUFST BOE TJNJMBS EFWJDFT PS WFOU PQF
ɩ 6TBHF ѮF NJOJ IJ ê TZTUFN JT FYDMVTJWFMZ JOUFOEFE GPS VTF BT BO FOUFSUBJONFOU EFWJDF BT B SFDFJWFS GPS NFEJVN XBWF ". BOE GSFRVFODZ NPEVMBUJPO '. SBEJP TUBUJPOT ɪ 4DPQF PG EFMJWFSZ .BJO VOJU 5XP MPVETQFBLFST 3FNPUF DPOUSPM VOJU ѮFTF JOTUSVDUJPOT GPS VTF .
ɬ $PNQPOFOUT PQFSBUJOH DPOUSPMT BOE EJTQMBZT PG UIF NJOJ IJ m TZTUFN ɬ ɧ .BJO VOJU GSPOU . %JTQMBZ "- 4FU CVUUPO 3 .FNPSZ $ "EK CVUUPO $ 3FQFBU .FN 3$- CVUUPO / $% DPNQBSUNFOU 1 )FBEQIPOFT KBDL 4 0QFO $MPTF CVUUPO 2 4LJQ 5VO GPSXBSET CVUUPO ( 0O 4UBOECZ CVUUPO XJUI TUBOECZ JOEJDBUPS , 4UPQ #BOE CVUUPO " 1MBZ 1BVTF CVUUPO 0 '. 45 .
ɬ ɨ .BJO VOJU CBDL "69 JOQVUT GPS DJODI DBCMF .BJO TXJUDI 1PXFS TVQQMZ DBCMF XJUI QMVH -PVETQFBLFS DPOOFDUJPO UFSNJOBMT %JQPMF BOUFOOB ɬ ɩ .
ɭ 4FMFDU B TVJUBCMF MPDBUJPO GPS UIF NJOJ IJ m TZTUFN 1MBDF UIF NJOJ IJ ê TZTUFN BOE MPVETQFBLFST PO B MFWFM ëBU TDSBUDIQSPPG OPO TMJQ TVSGBDF .
5P BDUJWBUF UIF QPXFS PVUBHF NFNPSZ 1MBDF UIF NBJO VOJU PG UIF NJOJ IJ ê TZTUFN PO JUT GSPOU ѮF CPUUPN PG UIF NBJO VOJU TIPVME OPX CF GBDJOH ZPV 3FNPWF UIF DPWFS PG UIF CBUUFSZ DPNQBSUNFOU GSPN UIF CPUUPN PG UIF TZTUFN *OTFSU UISFF "" -3 ϓ UZQF CBUUFSJFT JO UIF CBUUFSZ DPN QBSUNFOU ѮFTF BSF OPU JODMVEFE JO UIF EFMJWFSZ *O TFSU UIF CBUUFSJFT JO UIF SJHIU EJSFDUJPO QPMBSJUZ BT TIPXO PO UIF CBUUFSZ DPNQBSUNFOU 1MBDF UIF DPWFS CBDL PO UIF CBUUFSZ DPNQBSUNFOU TUBOECZ JOEJDBUPS
ɧɦ ɨ .BOVBMMZ TFBSDIJOH GPS B SBEJP TUBUJPO ѮF NBOVBM TFBSDI DBO CF VTFE UP êOE SBEJP TUBUJPOT GPS XIJDI POMZ QPPS SFDFQUJPO RVBMJUZ JT BWBJMBCMF 5P EP UIJT QSFTT UIF 4LJQ 5VO GPSXBSET PS UIF 4LJQ 5VO SFWFSTF CVUUPO SFQFBUFEMZ :PV DBO VTF UIJT GVODUJPO UP TFBSDI UIF NFEJVN XBWF ". GSFRVFODZ SBOHF JO TUFQT PG ϖ L)[ TFDPOET XJUIPVU QSFTTJOH B CVUUPO ѮF SBEJP TUBUJPO JT OPX QSFTFU GPS UIF TFMFDUFE QSPHSBN QPTJUJPO .
QSFTT UIF 4LJQ 5VO SFWFSTF CVUUPO UP SFUVSO UP UIF CF ɧɧ 6TJOH UIF NJOJ IJ m TZTUFN HJOOJOH PG UIF TPOH UIBU JT DVSSFOUMZ CFJOH QMBZFE $% QMBZFS ѮF TFMFDUFE TPOH XJMM CF QMBZFE JNNFEJBUFMZ XJUIPVU ZPV IBWJOH UP QSFTT UIF 1MBZ 1BVTF CVUUPO ѮF OVNCFS PG UIF DVSSFOU TPOH XJMM CF TIPXO PO UIF EJTQMBZ TDSFFO ɧɧ ɧ 1MBZJOH $%T 5VSO UIF NJOJ IJ ê TZTUFN PO CZ QSFTTJOH UIF 0O 4UBOE ɧɧ ɩ 6TJOH UIF GBTU GPSXBSE BOE SFXJOE GVODUJPOT CZ CVUUPO 1SFTT UIF $% CVUUPO UP TXJUDI UP UIF $% GVODUJP
ɧɧ ɬ 6TJOH UIF QSPHSBN GVODUJPO :PV DBO VTF UIF QSPHSBN GVODUJPO UP EFUFSNJOF B TFRVFODF PG TPOHT PO B $% UP CF QMBZFE JO B DFSUBJO PSEFS :PV DBO EF UFSNJOF UIF PSEFS JO XIJDI UIF TPOHT BSF QMBZFE 6Q UP Ϗύ TPOHT DBO CF QVU UPHFUIFS JO B TJOHMF TFRVFODF UIF $% DPNQBSUNFOU JT PQFOFE PS UIF NJOJ IJ ê TZTUFN JT UVSOFE PĒ 5P UVSO PĒ UIF QSPHSBN GVODUJPO 1SFTT UIF 4UPQ #BOE CVUUPO UXJDF .
ɧɨ ɪ 6TJOH UIF CBTT BNQMJmFS GVODUJPO ѮF NJOJ IJ ê TZTUFN JT FRVJQQFE XJUI B CBTT BNQMJêFS GVOD UJPO *G UIF CBTT BNQMJêFS PG UIF NJOJ IJ ê TZTUFN JT UVSOFE PO UIFO CBTT TPVOET XJMM CF IFBSE BT GVMMFS BOE NPSF WPMV NJOPVT TDSFFO BOE UIF CFMM BOE IPVS JOEJDBUPS BSF CMJOLJOH /PX BEKVTU UIF UJNFS UJNF E /PUF :PV IBWF êWF TFDPOET UP DBSSZ PVU TUFQ ϐ 0UIFSXJTF ZPV XJMM IBWF UP SFUVSO UP TUFQ Ϗ 5P UVSO PO UIF CBTT BNQMJêFS GVODUJPO 1SFTT UIF 9 #BTT CVUUPO PO UIF SFNPUF DPOUSPM VOJU XIJMF UIF
5P EP UIJT QSFTT UIF 4OPP[F CVUUPO XIFO UIF NJOJ IJ ê TZTUFN UVSOT PO BU UIF QSFQSPHSBNNFE UJNF ѮF NJOJ IJ ê TZTUFN JT OPX TXJUDIFE UP TUBOECZ NPEF BHBJO ѮF TZTUFN XJMM CF UVSOFE PO BHBJO BVUPNBUJDBMMZ BѫFS OJOF NJOVUFT ɧɫ $POOFDUJOH FYUFSOBM BVEJP EFWJDFT UP UIF NJOJ IJ m TZTUFN ɧɩ ɪ 6TJOH UIF TMFFQ UJNFS GVODUJPO :PV DBO DPOOFDU FYUFSOBM BVEJP EFWJDFT UP UIF NJOJ IJ ê TZT UFN VTJOH UIF "69 JOQVUT 5P EP UIJT :PV DBO VTF UIF TMFFQ UJNFS UP IBWF UIF NJOJ IJ ê TZTUFN UVSO PĒ BVUPNBUJDBMMZ BѫF
# .
E /PUF %P OPU EJTQPTF PG VTFE CBUUFSJFT JO UIF IPVTFIPME XBTUF 3F UVSO UIF VTFE CBUUFSJFT UP BO BQQSPQSJBUF SFDZDMJOH DPMMFDUJPO DFOUFS 6TFE CBUUFSJFT DBO VTVBMMZ CF SFUVSOFE UP UIF TUPSF JO XIJDI UIFZ XFSF CPVHIU $ $IFDL UP TFF JG UIFSF BSF BOZ PCTUBDMFT CFUXFFO UIF SF NPUF DPOUSPM VOJU BOE UIF JOGSBSFE SFDFJWFS PO UIF NBJO VOJU % 1MFBTF OPUF ѮF SFNPUF DPOUSPM VOJU POMZ GVODUJPOT XJUIJO B SBOHF PG êWF NFUFST GSPN UIF NBJO VOJU ɧɭ ɬ 0UIFS NBMGVODUJPOT 1MFBTF DPOUBDU ZPVS OFBSFTU TFSWJDF Q
ɧɮ t &OHMJTI
