*91&:9* 3& 5.1: *=266?] ?2 A:=F >H6 AB69B]G2E >@E@C
2 K23=@<@G2E <@E@F6
9h #
, $&-,!
&:=@G =:DE AB: B6KR?] GJ<@?RGR <>:E2G A@9J3 *2E@
7F?<46;6 ?2DE2G:E6=?R 2 F>@@F;6 KG
:E f6:??@DE 2
CJ49=@DEB6K24]49 AC24] &@>@4] @C3:ER=?]9@ A@9J3F <@E@F6
B66 @3C@3<6> D E296> ?29@CF 2=6 ?6K2CR] D6 G @3C@3<F
D>=C6> 5@=H
,J
] ?2DE2G6?] ;6 EB632 A@F]E <5J CJ49=6 B66E6
>=<< >2E6C:R=
$:
] " ?2DE2G6?] EB632 A@F]E <5J CJ49=6 B66E6
>2E6C:R= D G=E
]> @5A@C6>
Hh H$
, $&-,!
&B]> B6K =K6 AC@GR5=E AB:49J46?]> <FDF 5B6G2 ?63@
DC@G?RG24] =2E= < @3C@3<F 2 G656?] @<C2;6 A:=J AC@E: ?=>F
&C@GR5=;E6 B6K A@FK6 G ;65?@> D>=CF ?6B6E6 5@ A@=@G:?J
2 K3JE6< A2< K @A26?Y DEC2?J
f
H$
, $&-,!
)A:CR=@GY B6KJ =K6 AC@GR5=E G2
] A:=@F G656?]> D>=CF
B6KF A@5 E=2<6> ?2 CF<@;6G
$25>=C?] 3@6?] E=2< ?2 <@E@F6 >H6 A@
<@5:E ;2<
<@E@F6 E2< @3C@36<
H$
, $&-,!
}9=J
:<>Y9@ B6KF =K6 ?2DE2G:E >6K: i 2 i GAC2G@
6: G=6G@ }9=J B6KH @5 i 5@ i A@
i <C@4]49 ;D@F
GJK?266?J ?2 >=B]E<F ?2 =6GY : AC2GY DEC2?= KR<=25?J
@A@CF6F;6 D6 A@F]G2E f9=@>=C AB: AB6D?49 B6K649
Hh$h
, $&-,!
+G@=?=E6
C@F3 F49J46?] KR<=25?J <=]66> 2 ;: =K6
@5DF?@FE
$2DF?F;E6 KR<=25?F =6946 GAB65 AC@ FG@=?=?] KR<=25?J
K GDEFA<F ?2 <CJEF >@E@CF
)C@G?6;E6 K?26<F ?2 KR<=25= A@25@G2?Y9@ f9=F D
@<C2;6> <CJE6> >@E@CF
2<>:=6 5@DR9?6E6 A@25@G2?Y9@ f9=F ?2DF?F;E6
fh
fh
H$
$
9* 9.3&
KR<=25?F KA=E 5@<F5 D6 GDEFA6< ?2 <CJEF >@E@CF
?6DC@G?R D G9@5?> GDEFA<6> ?2 K25?] DEC2?=
KR<=25?J
+>]DE=E6 5CR< AC@ GR=66<@GY G@5]E<@ E2< 6 ;6
GR=66<@GY G@5]E<@ G656 E=D?= AC@E: K25?] DEC2?=
A:=@GY9@ <@E@F66 &B6D?Y B6KJ ;D@F >@?Y A@FK6
<5J GR=66<@GY G@5]E<@ G656 E=D?= AC@E: K25?] DEC2?=
A:=@GY9@ <@E@F66
+ER9?=E6
C@F3 F49J46?] KR<=25?J <=]66> 2 ;6
KR<=25?2 K236KA666?2
H H$
, $&-,!
23JDE6 K23CR?:=: KECRE= <@?EC@=J K=@>6?] <@E@F66 ?63@
K?:66?] >2E6C:R=F < B6KR?] 3F;E6 G6=>: @A2EC?] AB:
AC@GR5=?] G?@B6?49 B6KH $65@A@CF6F;6>6 G?@B6?Y
B6KJ ?2 >2E6C:R=649 ;:?49 ;2< 5B6G@
$2 @3C@36< ;2D?= GJK?26E6 6RCF B6KF
$2DE2GE6 f96= B6KR?] ?2 i
$2<=@AE6 A:=F 5@AB65F E2<6 KHDERGR ?2 AB65?]>
@<C2;: KR<=25?J 2 <@E@F6 ?6AB:49RK] 5@ <@?E2<EF D
@3C@3<6> <5J D6 A:=2 K2A?6
+;:DE=E6 D6 6 <@E@F6 FG?:EB @3=2DE: B6KR?]
)AFDGE6 DG@F A:=F AB: GJD@<Y CJ49=@DE: 2 A@>2=F
K2DF?F;E6 <@E@F6 5@ @3C@3<F 5@<F5 <@E@F6 ?6B66
5B6G6>
&@<C26F;E6
B6K2?>>2E6C:R=6> 5@<F5 ?6?] KR<=25@GR 56D<2
C@G?=
AB6>]DE=E6 A:=F5@AB65F 23JDE6 5@<@?6:=: G?:EB?] B6K
&@F]G6;E6 <@E@F6 D6 KF3J ?2 A2=64 AC@ E6?E@ EJA
B6KF
H$fh
)
E@FE@
RG6;E6 A@K@C 23J D6 <@E@F6 ?6DE@6:= 6: ?6@9?F= $2
3CFD<F KRD25?= ?6E=26E6 ?RD:=]>
&@<F5 <@E@F6 ?25>=C?= 5C?6] ?63@ G:3CF;6 A@F:;E6
<@E@F6 D ;6>?>: KF3J ?63@ GJD@<@F CJ49=@DE &@<F5 D6
<@E@F6 ?25>=C?= K29B]GR D?:E6 CJ49=@DE &@<F5 D6 KF3
<@E@F66 K2D6<?6 AB: B6KR?] >=<<Y9@ >2E6C:R=F ?2AB
9=:?]<F A@F:;E6 <@E@F6 D 9CF3>: KF3J 6: D?:E6 CJ49=@DE
@A@CF6F;6>6 A@F]G2E @=6; AB: B6KR?] <@GH 23J D6
<@E@F6 F5C@G2= 49=25? KGJ
@G2=@ B6KR?] 2 AC@5=@F:=2
:G@E?@DE <@E@F66 &6G?= @3C@36< FA?=E6 2 B6K6;E6 G
3=]K<@DE: 3@5F FA?FE] 23JDE6 K23CR?:=: G:3C24: @3C@3<F
3=96> B6KR?]
fh
G
KR3=CF
G<@?E2<EF
D
B6K2?>
A:=@F
=K6
B6K2E
>?@9@
A:=@GY9@
=:DEF
D
>2E6C:R=6>
A2<
5CF9H
<@GF