'0
,1752'8&7,21
2YHUYLHZ
.GVVJG.CPF5GCCFXGPVWTGUDGIKPYKVJ[QWTPGY5GC.KHGYCVGTRTQQHUJQEMRTQQH
FKIKVCN ECOGTC 'SWKRRGF YKVJ VJG NCVGUV FKIKVCN VGEJPQNQI[ OGCPU VJG ECOGTC KU
CWVQOCVKECPFGCU[VQWUG*GTGCTGUQOGQHVJGWPKSWGHGCVWTGUVJCV[QWYKNNUWTGN[
GPLQ[
.CPF5GC
s
'ZRQUWTG/QFGU
5RGEKCNGZRQUWTGRTQITCOUHQTVCMKPI
DTKIJV EQNQTHWN WPFGTYCVGT RKEVWTGU
YKVJ GZVGTPCN ƀCUJ CEEGUUQT[ 'ZV
(NCUJ CEEGUUQT[ OQFG QT YKVJQWV
ƀCUJCEEGUUQT[5GCOQFG
52;OQFG
5GVU ECOGTC VQ CWVQOCVKECNN[ VCMG
EQPVKPWQWU KOCIGU CV RTG UGV VKOG
KPVGTXCNU
/GICRKZGNU
# JKIJTGUQNWVKQP %%& UGPUQT
RTQXKFGU OGICRKZGNU HQT JKIJ
SWCNKV[KOCIGU
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FGVGEVU VJG UJQQVKPI NKIJVKPI
EQPFKVKQPU CPF FGVGTOKPGU YJGVJGT
VJGƀCUJUJQWNFDGWUGF
Œ.625EQNQTKOCIG.%&OQPKVQT
&KIKVCN\QQOZ`Z
/$KPVGTPCNDWKNVKPOGOQT[
/$CXCKNCDNGHQTKOCIGUVQTCIG
+OCIGU ECP DG ECRVWTGF YKVJQWV
WUKPICOGOQT[ECTF
5WRRQTV HQT 5& OGOQT[ ECTF HQT
OGOQT[GZRCPUKQPWRVQ)$
4GEQOOGPF WUKPI QPN[ 5CP&KUM
2CPCUQPKE QT 6QUJKDC DTCPF 5&
ECTFU
75$EQPPGEVKQP75$EQORNKCPV
5VKNN KOCIGU XKFGQ ENKRU QT XQKEG
TGEQTFKPIſNGUVJCV[QWJCXGTGEQTFGF
ECPDGFQYPNQCFGFVQ[QWTEQORWVGT
WUKPIVJG75$ECDNG
&21(HWPEVKQPCNKV[
&21( ECP DG WUGF VQ RTKPV [QWT
KOCIGUQPC&21(EQORCVKDNGRTKPVGT
D[UKORN[KPUGTVKPIVJGOGOQT[ECTF
2KEV$TKFIGUWRRQTV
;QWECPEQPPGEVVJGECOGTCFKTGEVN[
VQ C RTKPVGT VJCV UWRRQTVU 2KEV$TKFIG
CPF RGTHQTO KOCIG UGNGEVKQP CPF
RTKPVKPI WUKPI VJG ECOGTC OQPKVQT
UETGGPCPFEQPVTQNU
5EGPGOQFG
;QW OC[ UGNGEV C RTGXKQWUN[ UGV
TGEQTFKPI OQFG HQT VJG HQNNQYKPI
UKVWCVKQPU #WVQ 5RQTV 0KIJV
2QTVTCKV .CPFUECRG $CEMNKIJV 5GC
'ZV(NCUJQT5R[
2TQXKFGF GFKVKPI UQHVYCTG 2JQVQ
'ZRNQTGT2JQVQ'ZRTGUU
;QW ECP GPJCPEG CPF TGVQWEJ [QWT
KOCIGU QP [QWT EQORWVGT D[ WUKPI
VJGRTQXKFGFGFKVKPIUQHVYCTG