KPEJ &KCIQPCN .%& 68 &8& %1/$+0#6+10 *.8 +PVTQFWEVKQP %QPPGEVKQPU $CUKE UGVWR 68 QRGTCVKQP $CUKE RNC[DCEM #FXCPEGF RNC[DCEM (WPEVKQP UGVWR 1VJGTU 190'4ŏ5 /#07#.
+PVTQFWEVKQP !A=N QOPKIAN 6JCPM [QW HQT RWTEJCUKPI VJKU 6QUJKDC .%& 68 6JKU OCPWCN YKNN JGNR [QW WUG OCP[ GZEKVKPI HGCVWTGU QH [QWT PGY .%& 68 $GHQTG QRGTCVKPI [QWT .%& 68 RNGCUG TGCF VJKU OCPWCN EQORNGVGN[ CPF MGGR KV PGCTD[ HQT HWVWTG TGHGTGPEG %JKNF 5CHGV[ +V /CMGU # &KHHGTGPEG 9JGTG ;QWT 68 5VCPFU 0=BAPU -NA?=QPEKJO %QPITCVWNCVKQPU QP [QWT RWTEJCUG 9#40+0) 61 4'&7%' 6*' 4+5- 1( (+4' 14 #U [QW GPLQ[ [QWT PGY 68 MGGR VJGUG UCHGV[ VKRU KP OKPF '.'%64+% 5*1%- &1 016 ':215' 6*+5 #22.
(%% &GENCTCVKQP QH %QPHQTOKV[ %QORNKCPEG 5VCVGOGPV 2CTV 1RGTCVKQP KU UWDLGEV VQ VJG HQNNQYKPI VYQ EQPFKVKQPU VJKU FGXKEG OC[ PQV ECWUG JCTOHWN KPVGTHGTGPEG CPF VJKU FGXKEG OWUV CEEGRV CP[ KPVGTHGTGPEG TGEGKXGF KPENWFKPI KPVGTHGTGPEG VJCV OC[ ECWUG WPFGUKTGF QRGTCVKQP 6JG RCTV[ TGURQPUKDNG HQT EQORNKCPEG VQ VJGUG TWNGU KU 6QUJKDC #OGTKEC %QPUWOGT 2TQFWEVU . .
+PVTQFWEVKQP +/2146#06 5#(')7#4&5 +ORQTVCPV 5CHGV[ +PUVTWEVKQPU +PUVCNNCVKQP %CTG CPF 5GTXKEG 4GCF VJGUG KPUVTWEVKQPU -GGR VJGUG KPUVTWEVKQPU *GGF CNN YCTPKPIU (QNNQY CNN KPUVTWEVKQPU +PUVCNNCVKQP (QNNQY VJGUG TGEQOOGPFCVKQPU CPF RTGECWVKQPU CPF JGGF CNN YCTPKPIU YJGP KPUVCNNKPI [QWT 68 &Q PQV WUG VJKU CRRCTCVWU PGCT YCVGT %NGCP QPN[ YKVJ FT[ ENQVJ &Q PQV DNQEM CP[ XGPVKNCVKQP QRGPKPIU +PUVCNN KP CEEQTFCPEG YKVJ VJG OCPWHCEVWTGTŏU KPUVTWEVKQPU &Q PQV KPUVCNN PGCT
+/2146#06 5#(')7#4&5 &RQWLQXHG +PUVCNNCVKQP EQPV HTQO RTGXKQWU RCIG #PVGPPC NGCF KP YKTG )TQWPF ENCOR 'NGEVTKE UGTXKEG GSWKROGPV #PVGPPC FKUEJCTIG WPKV 0'% 5GEVKQP )TQWPFKPI EQPFWEVQTU 0'% 5GEVKQP )TQWPF ENCORU 2QYGT UGTXKEG ITQWPFKPI GNGEVTQFG U[UVGO 0'% #TV 2CTV * )'4 4+5- 1( 5'4+175 2'4510#.
+PVTQFWEVKQP 3UHFDXWLRQV %JQQUKPI C NQECVKQP HQT [QWT .%& 68 +ORQTVCPV PQVGU CDQWV [QWT .%& 68 6Q &KURNC[ [QWT .%& 68 QP VJG KPENWFGF 2GFGUVCN 5VCPF 6JG HQNNQYKPI U[ORVQOU CTG VGEJPKECN NKOKVCVKQPU QH .
3UHFDXWLRQV &RQWLQXHG 1RWHV RQ GLVFV 0QVGU QP OQKUVWTG EQPFGPUCVKQP &Q PQV VQWEJ VJG RNC[DCEM UKFG QH VJG FKUE (QT GZCORNG JCPFNG VJG FKUE UQ VJCV KV KU UJQYP KP HK IWTG DGNQY &Q PQV CVVCEJ RCRGT QT VCRG VQ FKUEU +PVTQFWEVKQP /QKUVWTG EQPFGPUCVKQP FCOCIGU VJG WPKV 2NGCUG TGCF VJG HQNNQYKPI ECTGHWNN[ /QKUVWTG EQPFGPUCVKQP QEEWTU HQT GZCORNG YJGP [QW RQWT C EQNF FTKPM KPVQ C INCUU QP C YCTO FC[ CPF FTQRU QH YCVGT HQTO QP VJG QWVUKFG QH VJG INCUU +P VJG UCOG YC[ OQKUVWTG OC[ EQPFGPUG QP
+PVTQFWEVKQP 0QVGU QP EQR[TKIJV 6JG WPCWVJQTK\GF TGEQTFKPI WUG FKUVTKDWVKQP QT TGXKUKQP QH EQR[TKIJVGF OCVGTKCNU KPENWFKPI YKVJQWV NKOKVCVKQP VGNGXKUKQP RTQITCOU XKFGQVCRGU CPF &8&U KU RTQJKDKVGF WPFGT VJG %QR[TKIJV .CYU QH VJG 7PKVGF 5VCVGU CPF QVJGT EQWPVTKGU CPF OC[ UWDLGEV [QW VQ EKXKN CPF ETKOKPCN NKCDKNKV[ 2NC[CDNG FKUEU 6JKU WPKV ECP RNC[ VJG HQNNQYKPI FKUEU &KUE /CTM &8& XKFGQ FKUEU 8KFGQ OQXKPI RKEVWTGU &+)+6#.
&RQWHQWV $CUKE RNC[DCEM +/2146#06 5#(')7#4&5 2TGECWVKQPU 0QVGU QP FKUEU %QPVGPVU +FGPVKHK ECVKQP QH EQPVTQNU 2NC[KPI C FKUE %QPPGEVKQPU #PVGPPC EQPPGEVKQPU %CDNG 68 EQPPGEV
+PVTQFWEVKQP ,GHQWLIL FDWLRQ RI FRQWUROV 6QR (TQPV 5RGCMGT 5RGCMGT 219'4 KPFKECVQT 4GOQVG UGPUQT $QQM < KPFD $QQM < KPFD
,GHQWLILFDWLRQ RI FRQWUROV &RQWLQXHG +PVTQFWEVKQP 5KFG #FLWUVKPI VJG CPING QH VJG DCUG 4KIJV 5KFG #RRTQZ Ň #RRTQZ Ň &KUE UNQV %*#00'. DWVVQPU 81.7/' DWVVQPU 219'4 DWVVQP ','%6 DWVVQP 2.
+PVTQFWEVKQP 4GOQVG EQPVTQN 6JG KPUVTWEVKQPU KP VJKU OCPWCN FGUETKDG VJG HWPEVKQP QP VJG TGOQVG EQPVTQN 5GG VJG RCIG KP ','%6 DWVVQP 68 &8& DWVVQP HQT FGVCKNU 219'4 DWVVQP 5.''2 DWVVQP &KTGEV EJCPPGN UGNGEVKQP DWVVQPU 0WODGTGF DWVVQPU ,7/2 DWVVQP &KTGEV EJCPPGN UGNGEVKQP DWVVQP &+52.#; DWVVQP 57$6+6.' DWVVQP %* DWVVQP +0276 DWVVQP <11/ DWVVQP 2.#; /1&' DWVVQP #7&+1 5'.'%6 DWVVQP 81.
,GHQWLIL FDWLRQ RI FRQWUROV &RQWLQXHG 1RGP VJG DCVVGT[ EQXGT QP VJG DCEM QH VJG TGOQVG EQPVTQN +PUVCNN VYQ ő###Œ UK\G DCVVGTKGU UWRRNKGF /CVEJ VJG CPF Ō UKIPU QP VJG DCVVGTKGU VQ VJG UKIPU QP VJG DCVVGT[ EQORCTVOGPV %NQUG VJG DCVVGT[ EQXGT QP VJG TGOQVG EQPVTQN WPVKN VJG NQEM UPCRU +PVTQFWEVKQP +PUGTVKPI DCVVGTKGU 1RGTCVKQP Ŗ #KO VJG TGOQVG EQPVTQN CV VJG TGOQVG UGPUQT CPF RTGUU EQPVTQN DWVVQPU VQ QRGTCVG Ŗ 1RGTCVG VJG TGOQVG EQPVTQN YKVJKP u CPING QP GKVJGT UKFG QH VJG TGOQVG U
%QPPGEVKQPU $QWHQQD FRQQHFWLRQV +H [QW CTG WUKPI CP KPFQQT QT QWVFQQT CPVGPPC HQNNQY VJG KPUVTWEVKQPU DGNQY VJCV EQTTGURQPF VQ [QWT CPVGPPC U[UVGO +H [QW CTG WUKPI C ECDNG 68 UGTXKEG %#$.
&DEOH 79 FRQQHFWLRQV 6JKU 68 &8& JCU CP GZVGPFGF VWPKPI TCPIG CPF ECP VWPG OQUV ECDNG EJCPPGNU YKVJQWV WUKPI C %CDNG 68 EQPXGTVGT DQZ 5QOG ECDNG EQORCPKGU QHHGT őRTGOKWO RC[ EJCPPGNUŒ KP YJKEJ VJG UKIPCN KU UETCODNGF &GUETCODNKPI VJGUG UKIPCNU HQT PQTOCN XKGYKPI TGSWKTGU VJG WUG QH C FGUETCODNGT FGXKEG YJKEJ KU IGPGTCNN[ RTQXKFGF D[ VJG ECDNG EQORCP[ (QT UWDUETKDGTU VQ DCUKE ECDNG 68 UGTXKEG (QT DCUKE ECDNG UGTXKEG PQV TGSWKTKPI C EQPXGTVGT FGUETCODNGT DQZ EQPPGEV VJG %CDNG 68 QJO EQCZKCN ECDNG
%QPPGEVKQPU &RQQHFWLQJ WR RSWLRQDO HTXLSPHQW +0276 ;QW ECP GPLQ[ 8%4 ECOEQTFGT QT 68 ICOG YKVJ EQPPGEVKQP VQ GZVGTPCN KPRWV )#/' 5GNGEVKPI VJG XKFGQ KPRWV UQWTEG 2TGUU +0276 VQ XKGY C UKIPCN HTQO CPQVJGT FGXKEG EQPPGEVGF VQ [QWT 68 UWEJ CU C 8%4 QT &8& RNC[GT ;QW ECP UGNGEV #06 8+&'1 8+&'1 %QNQT5VTGCO *& *&/+ QT 2% QP VJG DCEM RCPGN FGRGPFKPI QP YJKEJ KPRWV LCEMU [QW WUGF VQ EQPPGEV [QWT FGXKEGU 5174%' 5'.
&RQQHFWLQJ WR RSWLRQDO HTXLSPHQW &RQWLQXHG %QPPGEVKPI VQ CP QRVKQPCN GSWKROGPV YKVJ 5 XKFGQ QWVRWV 5KIPCN HN QY TGF YJKVG 6Q #WFKQ . 4 176 4GCT 'Z 8%4 YKVJ 5 8KFGQ 6Q #7&+1 .
%QPPGEVKQPU ;QW ECP GPLQ[ JKIJ SWCNKV[ F[PCOKE UQWPFU D[ EQPPGEVKPI VJG 68 &8& VQ QRVKQPCN CWFKQ GSWKROGPV 6JKU UGEVKQP WUGU VJG HQNNQYKPI TGHGTGPEG OCTM %GPVGT URGCMGT 5KIPCN HN QY (TQPV URGCMGT 4GCT URGCMGT 5WD YQQHGT %QPPGEVKPI VQ CP CORNKHK GT GSWKRRGF YKVJ C &QND[ s &KIKVCN FGEQFGT &QND[ &KIKVCN &QND[ &KIKVCN KU VJG UWTTQWPF UQWPF VGEJPQNQI[ WUGF KP VJGCVGTU UJQYKPI VJG NCVGUV OQXKGU CPF KU PQY CXCKNCDNG VQ TGRTQFWEG VJKU TGCNKUVKE GHHGEV KP VJG JQOG ;QW ECP GPLQ[ OQVKQP RKEVWTG C
%QPPGEVKQPU &RQQHFWLQJ WR RSWLRQDO HTXLSPHQW &RQWLQXHG 3RZHU VRXUFH 6JKU UGEVKQP WUGU VJG HQNNQYKPI TGHGTGPEG OCTM (TQPV URGCMGT 4GCT URGCMGT 5WD YQQHGT %GPVGT URGCMGT 5KIPCN HN QY %QPPGEVKPI VQ CP CORNKHK GT GSWKRRGF YKVJ CP /2') CWFKQ FGEQFGT %QPPGEVKQPU /2') UQWPF ;QW ECP GPLQ[ OQVKQP RKEVWTG CPF NKXG EQPEGTV &8& XKFGQ FKUEU GPEQFGF XKC VJG /2') TGEQTFKPI U[UVGO YKVJ F[PCOKE TGCNKUVKE UQWPF D[ EQPPGEVKPI CP CORNKHK GT GSWKRRGF YKVJ CP /2') CWFKQ FGEQFGT QT /2') CWFKQ RTQEGUUQT 4GC
%QPPGEVKQPU 70 &RQQHFWLQJ WR DQ +'0, RU '9, GHYLFH 6JG *&/+ KPRWV QP [QWT 68 TGEGKXGU FKIKVCN CWFKQ CPF WPEQORTGUUGF FKIKVCN XKFGQ HTQO CP *&/+ UQWTEG FGXKEG QT WPEQORTGUUGF FKIKVCN XKFGQ HTQO C &8+ &KIKVCN 8KFGQ +PVGTHCEG UQWTEG FGXKEG 6JKU KPRWV KU FGUKIPGF VQ CEEGRV *&%2 *KIJ $CPFYKFVJ &KIKVCN %QPVGPV 2TQVGEVKQP RTQITCO OCVGTKCN KP FKIKVCN HQTO HTQO = ? '+# %'# $ EQORNKCPV EQPUWOGT GNGEVTQPKE FGXKEGU UWEJ CU C UGV VQR DQZ QT &8& RNC[GT YKVJ *&/+ QT &8+ QWVRWV 6JG *&/+ KPRWV KU FG
%QPPGEVKQPU &RQQHFWLQJ WR D 3& SHUVRQDO FRPSXWHU %QPPGEVKPI VQ C 2% /QPKVQT FKURNC[ OQFGU /QFG 8)# 8)# 58)# :)# 9:)# 9:)# 4GUQNWVKQP 4GHTGUJ TCVG Z *\ Z *\ Z *\ Z *\ Z *\ Z *\ %QPPGEVKQPU $GHQTG [QW EQPPGEV VJKU 68 &8& VQ [QWT 2% EJCPIG VJG CFLWUVOGPV QH [QWT 2%ŏU 4GUQNWVKQP CPF 4GHTGUJ TCVG 5GG ő/QPKVQTŒ FKURNC[ OQFGUŒ DGNQY %QPPGEV QPG GPF QH C OCNG VQ OCNG 8)# ECDNG VQ VJG XKFGQ ECTF QH VJG EQORWVGT CPF VJG QVJGT GPF V
$CUKE UGVWR 6HWWLQJ WKH ODQJXDJH 6JKU 68 &8& ECP FKURNC[ VJG QP UETGGP NCPIWCIG KP 'PINKUJ 5RCPKUJ QT (TGPEJ KP VJG 68 OQFG 5GNGEV VJG NCPIWCIG [QW RTGHGT HKTUV VJGP RTQEGGF YKVJ VJG QVJGT OGPW QRVKQPU '06'4 ':+6 %#0%'. /'07 5GVVKPI NCPIWCIG 2TGUU /'07 KP VJG 68 OQFG VJGP RTGUU VQ FKURNC[ VJG ő5'672Œ OGPW QT 5'672 . #0) 7#) ' '0).+5* 6 8 %#$. ' %* 241 ) 4#/ #&& '4#5' %#$. ' 5'.'%6 2TGUU VQ UGNGEV ő.#0)7#)'Œ VJGP RTGUU QT VQ UGNGEV VJG FGUKTGF NCPIWCIG 'PINKUJ '0).
6HWWLQJ WKH V\VWHP FORFN 7R VHW WKH 2Q WLPHU 1P VKOGT HGCVWTG CNNQYU [QW VQ RTQITCO VJG 68 &8& VQ VWTP QP CWVQOCVKECNN[ CV C UGV VKOG ;QW OWUV UGV VJG ENQEM DGHQTG [QW ECP RTQITCO VJG 10 VKOGT '06'4 ':+6 %#0%'. /'07 5GVVKPI VJG U[UVGO ENQEM 2TGUU /'07 KP VJG 68 OQFG VJGP RTGUU VQ FKURNC[ VJG ő5'672Œ OGPW QT 2TGUU /'07 KP VJG 68 OQFG VJGP RTGUU VQ FKURNC[ VJG ő126+10Œ OGPW QT 12 6+ 10 (#8 14+ 6' %* %* .#$' . 8 + &' 1 .#$' . 10 6+ /' 4 5'672 . #0) 7#) ' '0).
$CUKE UGVWR 7R PHPRUL]H FKDQQHOV 6JKU 68 &8& KU GSWKRRGF YKVJ C EJCPPGN OGOQT[ HGCVWTG YJKEJ CNNQYU EJCPPGNU VQ UMKR WR QT FQYP VQ VJG PGZV EJCPPGN UGV KPVQ OGOQT[ UMKRRKPI QXGT WPYCPVGF EJCPPGNU $GHQTG UGNGEVKPI EJCPPGNU VJG[ OWUV DG RTQITCOOGF KPVQ VJG 68 &8&ŏU OGOQT[ +P CFFKVKQP VQ PQTOCN 8*( CPF 7*( EJCPPGNU VJKU 68 &8& ECP TGEGKXG WR VQ %CDNG 68 EJCPPGNU 6Q WUG VJKU 68 &8& YKVJ CP CPVGPPC UGV VJG 68 %#$.
68 QRGTCVKQP 219'4 79 RSHUDWLRQ Ō 81. %* 68 QRGTCVKQP 6Q VWTP QP VJG 68 &8& RTGUU 219'4 6JG RQYGT KPFKECVQT QP VJG HTQPV QH VJG OCKP WPKV YKNN EJCPIG HTQO TGF VQ ITGGP 2TGUU FKTGEV EJCPPGN UGNGEVKQP Ō QT %* QT VQ UGNGEV VJG EJCPPGN 68 219'4 #FLWUV VJG XQNWOG NGXGN D[ RTGUUKPI 81.
68 QRGTCVKQP 5.''2 &+52.#; 81. /76' %* %* 460 )#/' 68 QRGTCVKQP &+52.#; 2TGUU &+52.#; VQ FKURNC[ VJG KPHQTOCVKQP QP VJG 68 UETGGP 6Q ECPEGN VJG FKURNC[ RTGUU &+52.#; CICKP 9JGP VJG 68 TGEGKXGU C FKIKVCN UKIPCN RTGUU QPEG VJG FKIKVCN KPHQTOCVKQP YKNN CRRGCT K 5 . ' ' 2 6 + / ' 4 J O (7.. #06 #$%& %#$.' 2/ &68 2TGUU &+52.#; CICKP VJG CPCNQI KPHQTOCVKQP YKNN CRRGCT 5.''2 6+/'4 J O 56'4'1 5#2 K /2## : 5 .
3URJUDPPLQJ \RXU IDYRULWH FKDQQHOV 68 &8& Ō ;QW ECP RTGUGV WR VQ QH [QWT HCXQTKVG EJCPPGNU WUKPI VJG (CXQTKVG %JCPPGN 2TQITCOOKPI HGCVWTG $GECWUG VJKU HGCVWTG UECPU VJTQWIJ QPN[ [QWT HCXQTKVG EJCPPGNU KV CNNQYU [QW VQ UMKR QVJGT EJCPPGNU [QW FQ PQV PQTOCNN[ YCVEJ ;QW ECP UVKNN WUG %* VQ UECP VJTQWIJ CNN VJG EJCPPGNU [QW RTQITCOOGF KP VJG 68ŏU OGOQT[ QT VJG %JCPPGN 0WODGTU VQ FKTGEVN[ VWPG C EJCPPGN %* (#8 '06'4 ':+6 %#0%'.
68 QRGTCVKQP 6HWWLQJ WKH FORVHG FDSWLRQV DQDORJ FDSWLRQ GLJLWDO FDSWLRQ 9*#6 +5 %.15'& %#26+10+0)! 6JKU VGNGXKUKQP JCU VJG ECRCDKNKV[ VQ FGEQFG CPF FKURNC[ ENQUGF ECRVKQPGF VGNGXKUKQP RTQITCOU %NQUGF ECRVKQPKPI YKNN FKURNC[ VGZV QP VJG UETGGP HQT JGCTKPI KORCKTGF XKGYGTU QT KV YKNN VTCPUNCVG CPF FKURNC[ VGZV KP CPQVJGT NCPIWCIG 6Q UGV VJG CPCNQI ECRVKQP 6Q UGV VJG FKIKVCN ECRVKQP 2TGUU /'07 KP VJG 68 OQFG VJGP RTGUU VQ FKURNC[ VJG ő5'672Œ OGPW 2TGUU VQ JKIJNKIJV ő#0#.
6HWWLQJ WKH && DGYDQFHG 6JKU HGCVWTG KU FGUKIPGF VQ EWUVQOK\G FKIKVCN ECRVKQPU QPN[ '06'4 ':+6 %#0%'. /'07 6Q UGV VJG %% CFXCPEGF HGCVWTG 2TGUU /'07 KP VJG 68 OQFG VJGP RTGUU QT VQ FKURNC[ VJG ő5'672Œ OGPW 68 QRGTCVKQP 2TGUU /'07 VQ IQ VQ RTGXKQWU OGPW VQ EJCPIG CPQVJGT RCTCOGVGT ;QW ECP UGNGEV HTQO COQPI VJG HQNNQYKPI KVGOU CPF RCTCOGVGTU 2TGUU VQ JKIJNKIJV ő%% #&8#0%'&Œ VJGP RTGUU QT #761 5/#.. 56#0& .#4)' 6':6 5+<' 6':6 6;2' #761 &'(#7.
68 QRGTCVKQP 6HWWLQJ WKH 9 &KLS Ō #P CIG NKOKVCVKQP ECP DG UGV VQ HQTDKF EJKNFTGP VQ UGG CPF JGCT XKQNGPV UEGPGU QT RKEVWTGU HQT CFWNVU GVE 6JG 68 &8& EQTTGURQPFU VQ ő68 4#6+0)Œ CPF ő/18+' 4#6+0)Œ 6Q WUG VJG 8 %JKR HWPEVKQP [QW OWUV TGIKUVGT C RCUUYQTF 0QVG +H [QW HQTIGV VJG RCUUYQTF RTGUU &+52.#; HQWT VKOGU FWTKPI ő'4414Œ KU DNKPMKPI CHVGT VJG YTQPI RCUUYQTF KU GPVGTGF 6JKU CNNQY [QW VQ TGUGV [QWT RCUUYQTF 6Q TGIKUVGT RCUUYQTF ':+6 %#0%'.
6HWWLQJ WKH 9 &KLS &RQWLQXHG '06'4 ':+6 %#0%'. /'07 6Q UGV VJG 8 %JKR 4GRGCV UVGRU ` KP ő6Q TGIKUVGT RCUUYQTFŒ QP RCIG VJGP RTGUU QT VQ JKIJNKIJV ő8 %*+2 5'6Œ 2TGUU RTGUU QT VQ UGNGEV VJG FGUKTGF TCVKPI VJGP QT VQ UGNGEV ő10Œ QT ő1((Œ 4#6+ 0) 5 ' 6 ) 2) 2 ) 4 0% : 1(( 1(( 1(( 2#0'. . 1 %- 5'.'%6 5'.
68 QRGTCVKQP #U C UWRRNGOGPV VQ VJG UVCPFCTF 8 %JKR TCVKPI U[UVGO [QWT 6QUJKDC 6GNGXKUKQP YKNN DG CDNG VQ FQYPNQCF CP CFFKVKQPCN TCVKPI U[UVGO KH UWEJ C U[UVGO DGEQOGU CXCKNCDNG KP VJG HWVWTG 6Q FQYPNQCF VJG CFFKVKQPCN 8 %JKR TCVKPI U[UVGO YJGP CXCKNCDNG 4GRGCV UVGRU ` KP ő6Q TGIKUVGT RCUUYQTFŒ QP RCIG VJGP RTGUU QT VQ JKIJNKIJV ő8 %*+2 5'6 &68 Œ VJGP RTGUU ;QW ECPPQV UGNGEV VJKU HGCVWTG KH VJG 68 KU PQV TGEGKXKPI C FKIKVCN UKIPCN HQT VJG EWTTGPV UVCVKQP .
/RFNLQJ &KDQQHOV 9KVJ VJG %* .1%- HGCVWTG [QW ECP NQEM URGEKHKE EJCPPGNU ;QW YKNN PQV DG CDNG VQ VWPG NQEMGF EJCPPGNU WPNGUU [QW ENGCT VJG UGVVKPI ;QW ECP EJQQUG VQ NQEM WR VQ 68 EJCPPGNU CPF ECDNG EJCPPGNU Ō '06'4 ':+6 %#0%'. /'07 6Q NQEM EJCPPGNU 2TGUU /'07 VJGP RTGUU QT VQ FKURNC[ VJG ő.1%-5Œ OGPW . 1 %-5 8 %*+2 8 %*+2 5'6 8 %*+2 5'6 &6 8 . 1 %0'9 2#55914& 5'.
68 QRGTCVKQP Ō '06'4 ':+6 %#0%'. /'07 6Q WPNQEM EJCPPGNU 2TGUU /'07 VJGP RTGUU QT VQ FKURNC[ VJG ő.1%-5Œ OGPW 2TGUU QT VQ UGNGEV %.'#4 .1%-5 %* .1%- . 1 %-5 8 %*+2 8 %*+2 5'6 8 %*+2 5'6 &6 8 . 1 %0'9 2#55914& 1(( 5 ' 6 %.' #4 %* 68 %#$.' 4' 6740 5 ' .' %6 5'.'%6 2TGUU VQ FKURNC[ VJG RCUUYQTF GPVGTKPI OQFG #&,75 6 ' 06' 4 %.
/DEHOLQJ FKDQQHOV DQG YLGHR LQSXW VRXUFH 68 &8& %JCPPGNU NCDGNU CRRGCT CDQXG VJG EJCPPGN PWODGT FKURNC[ GCEJ VKOG [QW VWTP QP VJG 68 &8& UGNGEV C EJCPPGN QT RTGUU VJG &+52.#; DWVVQP ;QW ECP EJQQUG CP[ HQWT EJCTCEVGTU VQ KFGPVKH[ C EJCPPGN 6JG XKFGQ NCDGN HGCVWTG CNNQYU [QW VQ NCDGN GCEJ KPRWV UQWTEG HQT [QWT 68 &8& '06'4 ':+6 %#0%'.
68 QRGTCVKQP 6HWWLQJ WKH *DPH7LPHU 8VLQJ WKH SDQHO ORFN IHDWXUH 70 9KVJ VJG )COG6KOGT HGCVWTG [QW ECP CWVQOCVKECNN[ CEVKXCVG Š VJG 8+&'1 .
9LHZLQJ WKH ZLGH VFUHHQ SLFWXUH IRUPDWV ;QW ECP XKGY RTQITCOU KP C XCTKGV[ QH RKEVWTG UK\GUō0#674#. 6*'#6'4 9+&' 6*'#6'4 9+&' 6*'#6'4 9+&' CPF (7.. 6JG YC[ VJG KOCIG FKURNC[U KP CP[ QH VJG RKEVWTG UK\GU YKNN XCT[ FGRGPFKPI QP VJG HQTOCV QH VJG RTQITCO [QW CTG XKGYKPI 5GNGEV VJG RKEVWTG UK\G VJCV FKURNC[U VJG EWTTGPV RTQITCO VJG YC[ VJCV NQQMU DGUV VQ [QW 68 &8& 2+% 5+<' 6Q UGNGEV VJG RKEVWTG UK\G #DQWV VJG RKEVWTG UK\G 0#674#.
68 QRGTCVKQP #DQWV VJG RKEVWTG UK\G 6*'#6'4 9+&' RKEVWTG UK\G HQT NGVVGT DQZ RTQITCOU Ŗ 6JG RKEVWTG KU UVTGVEJGF VJG UCOG COQWPV DQVJ YKFGT CPF VCNNGT TGVCKPU KVU QTKIKPCN RTQRQTVKQP Ŗ 6JG VQR CPF DQVVQO GFIGU QH VJG RKEVWTG OC[ DG JKFFGP (WNN RKEVWTG UK\G HQT UQWTEG RTQITCOU Ŗ +H TGEGKXKPI C HQTOCV RTQITCO VJG RKEVWTG KU FKURNC[GF KP KVU QTKIKPCN RTQRQTVKQP Ŗ +H TGEGKXKPI C HQTOCV RTQITCO VJG RKEVWTG KU UVTGVEJGF YKFGT VQ HKNN VJG YKFVJ QH VJG U
8VLQJ WKH $63(&7 IHDWXUH 9JGP VJG #52'%6 HGCVWTG KU UGV VQ 10 CPF VJG 68 &8& TGEGKXGU C K UKIPCN VJG RKEVWTG UK\G KU CWVQOCVKECNN[ UGNGEVGF ':+6 %#0%'. /'07 6Q VWTP QP VJG #52'%6 HGCVWTG 2TGUU /'07 KP VJG 68 OQFG VJGP RTGUU WPVKN VJG ő5'672Œ OGPW CRRGCTU QT 9JGP VJG #52'%6 HGCVWTG KU UGV VQ 10 CPF VJG 68 &8& TGEGKXGU C K UKIPCN VJG RKEVWTG UK\G KU CWVQOCVKECNN[ UGNGEVGF CU FGUETKDGF KP VJG HQNNQYKPI VCDNG 5'672 '0).+5* 6 8 %#$. ' %* 241 ) 4#/ #&& '4#5' %#$.
68 QRGTCVKQP 3LFWXUH FRQWURO DGMXVWPHQW $GMXVWLQJ WKH SLFWXUH PRGH 2KEVWTG EQPVTQNU CTG HCEVQT[ RTGUGV DWV [QW ECP CFLWUV VJGO KPFKXKFWCNN[ CU HQNNQYU ;QW ECP CNUQ UGNGEV HQWT RKEVWTG OQFGUō5RQTVU 5VCPFCTF /QXKG CPF /GOQT[ōCU FGUETKDGF KP VJG HQNNQYKPI VCDNG ':+6 %#0%'.
6HOHFWLQJ WKH FRORU WHPSHUDWXUH $GMXVWLQJ WKH EDFN OLJKWLQJ %JCPIG VJG RKEVWTG SWCNKV[ D[ UGNGEVKPI HTQO VJTGG RTGUGV EQNQT VGORGTCVWTGU EQQN OGFKWO CPF YCTO +H [QWT 68 &8& KU KP C DTKIJV TQQO VJG UETGGP KOCIG OC[ DG FKHHKEWNV VQ UGG ;QW ECP WUG VJG $#%- .+)*6+0) HGCVWTG VQ CFLWUV VJG UETGGP DTKIJVPGUU HQT KORTQXGF RKEVWTG ENCTKV[ 6Q WUG VJG EQNQT VGORGTCVWTG 2TGUU /'07 KP VJG 68 OQFG VJGP RTGUU VQ FKURNC[ VJG ő2+%674'Œ OGPW ':+6 %#0%'. /'07 $CEM .
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
6HOHFWLQJ WKH +'0, DXGLR VRXUFH 70 5GG ő%QPPGEVKPI VQ CP *&/+ QT &8+ FGXKEGŒ QP RCIG HQT EQPPGEVKQP KPHQTOCVKQP +H [QW EQPPGEV C &8+ FGXKEG [QW OWUV CNUQ EQPPGEV VJG CPCNQI CWFKQ ECDNGU VQ VJG *&/+ CWFKQ +0 LCEMU VQ JGCT CWFKQ 5GV VJG *&/+ CWFKQ KPRWV UGVVKPI VQ ő&8+Œ YKVJ VJKU EQPPGEVKQP +H [QW EQPPGEV CP *&/+ FGXKEG CPF RNC[ OGFKC YKVJ FKIKVCN CWFKQ QWVRWV UGV VJG *&/+ CWFKQ KPRWV UGVVKPI VQ ő*&/+Œ YKVJ VJKU EQPPGEVKQP VQ JGCT FKIKVCN CWFKQ '06'4 ':+6 %#0%'.
68 QRGTCVKQP &KHFNLQJ WKH VLJQDO PHWHU 8VLQJ WKH DXWR VKXW RII IHDWXUH ':+6 %#0%'.
3LFWXUH FRQWURO DGMXVWPHQW LQ 3& PRGH 68 &8& 6JGTG CTG C PWODGT QH RKEVWTG UGVVKPIU [QW ECP CFLWUV VQ QRVKOK\G VJG RGTHQTOCPEG QH VJG 68 &8& KP 2% OQFG '06'4 ':+6 %#0%'. /'07 2KEVWTG EQPVTQN CFLWUVOGPV 2TGUU /'07 KP VJG 2% OQFG VJGP RTGUU QT VQ UGNGEV ő2+%674'Œ 5'.'%6 #&,756 2TGUU VQ UGNGEV VJG KVGO [QW YCPV VQ CFLWUV VJGP RTGUU QT VQ CFLWUV VJG UGVVKPI 2+%6 74' $4+) *6 0'55 %1 06 4#56 * 21 5 8 21 5 2*#5' %. 1 %- 5'.
68 QRGTCVKQP 6RXQG FRQWURO DGMXVWPHQW LQ 3& PRGH 6JGTG CTG C PWODGT QH CWFKQ UGVVKPIU [QW ECP CFLWUV VQ QRVKOK\G VJG RGTHQTOCPEG QH VJG 68 &8& KP 2% OQFG ':+6 %#0%'. /'07 5QWPF EQPVTQN CFLWUVOGPV 2TGUU /'07 KP VJG 2% OQFG VJGP RTGUU QT VQ UGNGEV ő#7&+1Œ #7&+1 $#55 6 4'$. ' $#. #0%' 4'5'6 5'.'%6 #&,756 2TGUU VQ UGNGEV VJG KVGO [QW YCPV VQ CFLWUV VJGP RTGUU QT VQ CFLWUV VJG UGVVKPI #7&+1 $#55 6 4'$. ' $#. #0%' 4'5'6 5'.
$CUKE RNC[DCEM 3OD\LQJ D GLVF 68 &8& 219'4 ','%6 2.#; 5612 6JKU UGEVKQP UJQYU [QW VJG DCUKEU QP JQY VQ RNC[ C FKUE 81. Ō %*#00'. %#76+10 -GGR [QWT HK PIGTU YGNN ENGCT QH VJG FKUE UNQV YJGP FKUE KU NQCFKPI QT WPNQCFKPI 0GINGEVKPI VQ FQ UQ OC[ ECWUG UGTKQWU RGTUQPCN KPLWT[ &8& 8%& %& 81.7/' Ō '06'4 219'4 2.
$CUKE RNC[DCEM ','%6 6Q QDVCKP C JKIJGT SWCNKV[ RKEVWTG 1EECUKQPCNN[ UQOG RKEVWTG PQKUG OC[ CRRGCT QP VJG 68 UETGGP YJKNG RNC[KPI C &8& XKFGQ FKUE DGECWUG VJG JKIJ TGUQNWVKQP RKEVWTGU QP VJGUG FKUEU KPENWFG C NQV QH KPHQTOCVKQP +P UWEJ ECUG [QW OC[ TGFWEG VJG 5*#420'55 YKVJ VJG 2KEVWTG EQPVTQN CFLWUVOGPV OGPW UGG RCIG #DQWV &8& 8%& %& 6JG &8& 8%& %& KEQPU QP VJG JGCFKPI DCT UJQY VJG RNC[CDNG FKUEU HQT VJG HWPEVKQP FGUETKDGF WPFGT VJCV JGCFKPI ;QW ECP WUG VJKU HWPEVKQP YKVJ &8
3OD\LQJ D GLVF &RQWLQXHG 2#75' 2.#; 5-+2 4'8 (( 5.19 &8& 8%& %& 2NC[KPI KP HCUV TGXGTUG QT HCUV HQTYCTF FKTGEVKQPU 2TGUU 4'8 QT (( FWTKPI RNC[DCEM 6Q TGUWOG PQTOCN RNC[DCEM 2TGUU 2.#; 4'8 (CUV TGXGTUG RNC[DCEM (( (CUV HQTYCTF RNC[DCEM 'CEJ VKOG [QW RTGUU 4'8 QT (( DWVVQP VJG RNC[DCEM URGGF EJCPIGU 2NC[KPI HTCOG D[ HTCOG 2TGUU 2#75' FWTKPI UVKNN RNC[DCEM 'CEJ VKOG [QW RTGUU 2#75' VJG RKEVWTG CFXCPEGU QPG HTCOG 6Q TGUWOG PQTOCN RNC[DCEM 2TGUU 2.
#FXCPEGF RNC[DCEM =RRPLQJ /RFDWLQJ GHVLUHG VFHQH Ō ,7/2 &+52.#; <11/ '06'4 ':+6 %#0%'. &8& 8%& %& &8& 8%& %&
0DUNLQJ GHVLUHG VFHQHV 6JG WPKV UVQTGU VJG RQKPVU VJCV [QW YCPV VQ YCVEJ CICKP WR VQ RQKPVU ;QW ECP TGUWOG RNC[DCEM HQT GCEJ UEGPG '06'4 ':+6 %#0%'.
#FXCPEGF RNC[DCEM 5HSHDW SOD\EDFN $ % 5HSHDW SOD\EDFN 2.#; /1&' '06'4 2.#; 5-+2 4'2'#6 # $ &8& 8%& 4GRGCV RNC[DCEM &8& 8%& 2TGUU 2.
3URJUDP SOD\EDFN 6KXIIOH SOD\EDFN Ō ;QW ECP CTTCPIG VJG RNC[DCEM QTFGT QH VKVNGU EJCRVGTU QT VTCEMU QP VJG FKUE ;QW ECP RTQITCO WR VQ VKVNGU EJCRVGTU QT VTCEMU 2.#; /1&' '06'4 (QT #WFKQ %& CPF /2 9/# %& RNGCUG UGG ő4CPFQO RNC[DCEM %& Œ CPF ő2TQITCO RNC[DCEM %& Œ &8& 8%& 2TQITCO RNC[DCEM 2TGUU 2.
#FXCPEGF RNC[DCEM &KDQJLQJ DQJOHV 7LWOH VHOHFWLRQ '9' PHQX &8& /'07 '06'4 2.#; #0).' 612 /'07 %JCPIKPI CPINGU 9JGP RNC[KPI DCEM C FKUE TGEQTFGF YKVJ OWNVK CPING HCEKNKV[ [QW ECP EJCPIG VJG CPING VJCV [QW CTG XKGYKPI VJG UEGPG HTQO 2TGUU #0).' FWTKPI RNC[DCEM 6JG EWTTGPV CPING YKNN CRRGCT 2TGUU #0).
&KDQJLQJ VRXQGWUDFN ODQJXDJH 6XEWLWOHV &8& 8%& %JCPIKPI UQWPFVTCEM NCPIWCIG #7&+1 5'.'%6 57$6+6.' 5WDVKVNGU ;QW ECP UGNGEV VJG NCPIWCIG YJGP [QW RNC[ C OWNVKNKPIWCN FKUE 9JGP RNC[KPI DCEM C FKUE TGEQTFGF YKVJ UWDVKVNGU [QW ECP UGNGEV VJG UWDVKVNG NCPIWCIG QT VWTP VJG UWDVKVNG QHH 2TGUU #7&+1 5'.
#FXCPEGF RNC[DCEM 'LVF VWDWXV 7R WXUQ RII WKH 3%& &+52.#; 2.#; /1&' '06'4 &8& 8%& &KUE UVCVWU 8%& 2TGUU &+52.#; VQ FKURNC[ VJG UVCVWU QH VJG FKUE QP VJG UETGGP CU HQNNQYU &8& '.#25'& 6+/' 6Q VWTP QHH VJG 2$% UGG RCIG 2TGUU 2.#; /1&' KP VJG UVQR OQFG 2TGUU VQ UGNGEV ő/QFGŒ VJGP RTGUU '06'4 TGRGCVGFN[ WPVKN ő0QTOCNŒ CRRGCT 2NC[ /QFG 616#.
03 :0$ -3(* 'LY; DQG $XGLR &' RSHUDWLRQ 6JKU RNC[GT ECP RNC[DCEM VJG /2 9/# ,2') &KX:s FCVC YJKEJ JCU DGGP TGEQTFGF QP %& 4 QT %& 49 6Q RTQFWEG VJG /2 9/# ,2') &KX:s FCVC [QW PGGF C 9KPFQYU 2% YKVJ %& 49 FTKXG CPF C /2 9/# ,2') &KX:s GPEQFKPI 5QHVYCTG PQV UWRRNKGF 6JG #RRNG *(5 5[UVGO ECPPQV DG RNC[GF 6JKU RNC[GT TGSWKTGU FKUEU TGEQTFKPIU VQ OGGV EGTVCKP VGEJPKECN UVCPFCTFU KP QTFGT VQ CEJKGXG QRVKOCN RNC[DCEM SWCNKV[ 6JGTG CTG OCP[ FKHHGTGPV V[RGU QH TGEQTFCDNG FKUE HQTOCVU KPENWFKPI %& 4 EQP
#FXCPEGF RNC[DCEM '06'4 5612 2.#; 612 /'07 %& /2 9/# %& RNC[DCEM .
#FXCPEGF RNC[DCEM 03 :0$ -3(* 'LY; DQG $XGLR &' RSHUDWLRQ &RQWLQXHG ;QW ECP UGNGEV [QWT FGUKTGF ,2') HK NG QP VJG HK NG OGPW CPF RKEVWTG OGPW 6JG UGNGEVGF ,2') HK NG KU CWVQOCVKECNN[ CFLWUVGF VQ VJG 68 UETGGP 9JGP VJG CURGEV TCVKQ QH VJG ,2') HK NG KU FKHHGTGPV VQ VJG 68 UETGGP VJG DNCEM DCT YKNN CRRGCT CV VJG VQR CPF DQVVQO QT VJG DQVJ UKFGU QH VJG 68 UETGGP %& ,2') %& RNC[DCEM %& 2KEVWTG ,2) 2KEVWTG 2KEVWTG 2KEVWTG 2KEVWTG 2KEVWTG 2KEVWTG 2
#FXCPEGF RNC[DCEM '06'4 5612 2.#; &KX:s %& RNC[DCEM %& %& 2NC[KPI &KX:s 81& EQPVGPV .
5HSHDW 6KXIIOH DQG SURJUDP SOD\EDFN XVLQJ WKH EURZVHU '06'4 2.
#FXCPEGF RNC[DCEM '06'4 2.
(WPEVKQP UGVWR &XVWRPL]LQJ WKH IXQFWLRQ VHWWLQJV ;QW ECP EJCPIG VJG FGHCWNV UGVVKPIU QH VJG &8& OQFG VQ EWUVQOK\G RGTHQTOCPEG VQ [QWT RTGHGTGPEG '06'4 5'672 4'6740 &8& 8%& %& 5GVVKPI RTQEGFWTG 2TGUU 5'672 FWTKPI UVQR OQFG 6JG HQNNQYKPI QP UETGGP FKURNC[ CRRGCTU 6JGP RTGUU QT '06'4 6JG UGNGEVCDNG UGVVKPIU YKNN CRRGCT .CPIWCIG .
(WPEVKQP UGVWR 5GVVKPI FGVCKNU 5GEVKQP .
&XVWRPL]LQJ WKH IXQFWLRQ VHWWLQJV &RQWLQXHG 5GVVKPI FGVCKNU .CPIWCIG 15& /GPW 'PINKUJ 5WDVKVNG 'PINKUJ #WFKQ 'PINKUJ 8KFGQ #WFKQ .
(WPEVKQP UGVWR 5GVVKPI FGVCKNU ,2') +PVGTXCN 8KGY /QFG 6JG WUGT OC[ UGNGEV QPG QH VJG HQNNQYKPI QRVKQPU (KNN (KNN VJG UETGGP YKVJ FGEQFGF KOCIG ;QW ECP EQPVKPWQWUN[ RNC[DCEM CNN ,2') HK NGU CWVQOCVKECNN[ #HVGT VJG UGNGEVKQP DGNQY VJG FKUE YKNN UVCTV RNC[DCEM QP ,2') HKNGU YJKEJ JCXG DGGP TGEQTFGF 1TKIKPCN &KURNC[ KOCIG CU KVU QTKIKPCN UK\G 1HH 2NC[U DCEM QPG HKNG CV C VKOG #WVQ (KV #WVQOCVKECNN[ HKV VJG FGEQFGF KOCIG QP UETGGP YKVJQWV FKUVQTVKQP 5GEQPFU 2NC[U DCE
&XVWRPL]LQJ WKH IXQFWLRQ VHWWLQJV &RQWLQXHG 5GVVKPI FGVCKNU .
(WPEVKQP UGVWR 5GVVKPI FGVCKNU Ƶ 5GV VJG PGY RCUUYQTF .
&XVWRPL]LQJ WKH IXQFWLRQ VHWWLQJV &RQWLQXHG 5GVVKPI FGVCKNU .
(WPEVKQP UGVWR ','%6 7HPSRUDU\ FDQFHO WKH UDWLQJ OHYHO E\ '9' GLVF Ō &GRGPFKPI QP VJG &8& FKUE VJG FKUE OC[ VT[ VQ VGORQTCTKN[ ECPEGN VJG TCVKPI NGXGN VJCV [QW JCXG UGV +V KU WR VQ [QW VQ FGEKFG YJGVJGT VQ ECPEGN VJG TCVKPI NGXGN QT PQV '06'4 &8& 6GORQTCT[ ECPEGN VJG TCVKPI NGXGN D[ &8& FKUE .QCF C &8& FKUE +H VJG &8& FKUE JCU DGGP FGUKIPGF VQ VGORQTCTKN[ ECPEGN VJG 4CVKPI NGXGN VJG UETGGP YJKEJ HQNNQYU VJG ő.
1VJGTU 7URXEOHVKRRWLQJ 7UG VJG HQNNQYKPI EJGEM NKUV HQT VTQWDNGUJQQVKPI YJGP [QW JCXG RTQDNGOU YKVJ [QWT WPKV %QPUWNV [QWT NQECN FGCNGT QT UGTXKEG QWVNGV KH RTQDNGOU RGTUKUV $G UWTG CNN EQPPGEVKQPU CTG RTQRGTN[ OCFG YJGP WUKPI YKVJ QVJGT WPKVU 5;/261/5 2155+$.' 51.
1VJGTU 5;/261/5 2155+$.' 51.
5HFHSWLRQ GLVWXUEDQFHV /QUV V[RGU QH VGNGXKUKQP KPVGTHGTGPEG ECP DG TGOGFKGF D[ CFLWUVKPI VJG JGKIJV CPF RQUKVKQP QH VJG 8*( 7*( CPVGPPC 1WVFQQT CPVGPPCU CTG TGEQOOGPFGF HQT DGUV TGUWNVU 6JG OQUV EQOOQP V[RGU QH VGNGXKUKQP KPVGTHGTGPEG CTG UJQYP DGNQY +H QPG QH VJGUG U[ORVQOU CRRGCT YJGP VJG 68 &8& KU EQPPGEVGF VQ C %CDNG 68 U[UVGO VJG FKUVWTDCPEG OC[ DG ECWUGF D[ VJG NQECN %CDNG 68 EQORCP[ DTQCFECUV +)0+6+10 $NCEM URQVU QT JQTK\QPVCN UVTGCMU OC[ CRRGCT VJG RKEVWTG OC[ HN WVVGT QT FTKHV 7UWCNN[
1VJGTU 6SHFL¿ FDWLRQV )GPGTCN 2QYGT UWRRN[ #% 8 *\ 2QYGT EQPUWORVKQP 1RGTCVKQP 9 5VCPF D[ 9 9GKIJV NDU MI &KOGPUKQPU 9KFVJ KPEJGU OO *GKIJV KPEJGU OO &GRVJ KPEJGU OO 1RGTCVKPI VGORGTCVWTG u% u% u( u( 1RGTCVKPI JWOKFKV[ .GUU VJCP 4* 0Q EQPFGPUCVKQP 6GNGXKUKQP .%& RCPGN KPEJ FKCIQPCN 5ETGGP UK\G KU CRRTQZKOCVG &KURNC[ OGVJQF %QNQT 6(6 .
.KOKVGF 7PKVGF 5VCVGU 9CTTCPV[ .%& 68 &8& %QODKPCVKQP &GRQV 4GRCKT 9CTTCPV[ 6QUJKDC #OGTKEC %QPUWOGT 2TQFWEVU . . % ő6#%2Œ OCMGU VJG HQNNQYKPI NKOKVGF YCTTCPVKGU VQ QTKIKPCN EQPUWOGTU KP VJG 7PKVGF 5VCVGU 6*'5' .+/+6'& 9#44#06+'5 ':6'0& 61 6*' 14+)+0#. %1057/'4 274%*#5'4 14 #0; 2'4510 4'%'+8+0) 6*+5 .%& 68 &8& %1/$+0#6+10 #5 # )+(6 (41/ 6*' 14+)+0#. %1057/'4 274%*#5'4 #0& 61 01 16*'4 274%*#5'4 14 64#05('4'' .
1VJGTU *QY VQ 1DVCKP 9CTTCPV[ 5GTXKEGU +H CHVGT HQNNQYKPI CNN QH VJG QRGTCVKPI KPUVTWEVKQPU KP VJKU OCPWCN CPF EJGEMKPI VJG UGEVKQP ő6TQWDNGUJQQVKPI Œ [QW HK PF VJCV UGTXKEG KU PGGFGF (QT KPUVTWEVKQPU QP JQY VQ QDVCKP YCTTCPV[ UGTXKEG HQT [QWT .%& 68 &8& %QODKPCVKQP EQPVCEV 6#%2ŏU %QPUWOGT 5QNWVKQP %GPVGT VQNN HTGG CV ;QW OWUV KPENWFG C EQR[ QT QTKIKPCN DKNN QH UCNG QT QVJGT RTQQH QH RWTEJCUG CNQPI YKVJ VJG GPVKTG .
.KOKVGF %CPCFKCP 9CTTCPV[ HQT 6QUJKDC $TCPF Œ CPF 5OCNNGT .%& 6GNGXKUKQP /QFGNU 6QUJKDC QH %CPCFC .KOKVGF 6%. OCMGU VJG HQNNQYKPI NKOKVGF YCTTCPVKGU VQ QTKIKPCN EQPUWOGTU KP %CPCFC 6*'5' .+/+6'& 9#44#06+'5 ':6'0& 61 6*' 14+)+0#. %1057/'4 274%*#5'4 14 #0; 2'4510 4'%'+8+0) 6*+5 615*+$# $4#0& .%& 6'.'8+5+10 /1&'. VJG 6'.'8+5+10 5 QT 6GNGXKUKQP U #5 # )+(6 (41/ 6*' 14+)+0#. %1057/'4 274%*#5'4 #0& 61 01 16*'4 274%*#5'4 14 64#05('4'' 6'.
1VJGTU &KUENCKOGT CPF .KOKVCVKQP QH 4GOGF[ 61 6*' ':6'06 016 24'%.7&'& $; .#9 #.. 16*'4 ':24'55 #0& +/2.+'& 9#44#06+'5 %10&+6+105 #0& 4'24'5'06#6+105 (14 6*+5 6'.'8+5+10 +0%.7&+0) 6*' +/2.+'& 9#44#06+'5 #0& %10&+6+105 1( /'4%*#06 #$+.+6; #0& (+60'55 (14 # 2#46+%7.#4 274215' #4' *'4'$; &+5%.#+/'& #0& ':%.7&'& +( 6*' #22.+%#$.' .#9 56#67614; 14 16*'49+5' 24'%.7&'5 6*' ':%.75+10 1( #0; +/2.+'& 9#44#06+'5 %10&+6+105 #0& 4'24'5'06#6+105 6*'0 57%* +/2.
)GPGTCN 2TQXKUKQPU +H CPF VQ VJG GZVGPV VJCV CP[ RTQXKUKQP QH VJKU NKOKVGF YCTTCPV[ UJQWNF IGPGTCNN[ DG HQWPF VQ DG WPGPHQTEGCDNG VJG WPGPHQTEGCDNG RTQXKUKQP UJCNN DG UGXGTGF HTQO VJG YCTTCPV[ CPF FGGOGF PQV VQ HQTO RCTV QH VJG YCTTCPV[ 6JG TGOCKPKPI RTQXKUKQPU QH VJKU YCTTCPV[ UJCNN DG CPF TGOCKP XCNKF CPF GPHQTEGCDNG +H CPF VQ VJG GZVGPV VJCV CP[ RTQXKUKQP QH VJKU NKOKVGF YCTTCPV[ CU KV TGNCVGU VQ CP[ QH VJG 4GNCVGF 2CTVKGU KU HQWPF VQ DG KPXCNKF QT WPGPHQTEGCDNG KP TGURGEV QH VJCV RCTV[ VJG
%QNQT5VTGCO CPF 6JGCVGT9KFG CTG TGIKUVGTGF VTCFGOCTMU QH 6QUJKDC #OGTKEC %QPUWOGT 2TQFWEVU . . % CPF )COG6KOGT CTG VTCFGOCTMU QH 6QUJKDC #OGTKEC %QPUWOGT 2TQFWEVU . .