6KIJVGPVJGDGXGNNQEMJCPFNGVQNQEMVJGEWVVKPI
JGCFKPRQUKVKQP
2QUKVKXGUVQRUCTGRTQXKFGFCVuuCPFu
(KI9
%1/2170&%76(+):
#EQORQWPFEWVKUVJGEQODKPCVKQPQHCOKVGTCPFC
DGXGNEWVUKOWNVCPGQWUN[
.QQUGPVJGDGXGNNQEMNGXGTCPFRQUKVKQPVJG
EWVVKPIJGCFCVVJGFGUKTGFDGXGNRQUKVKQP.QEMVJG
DGXGNNQEMNGXGT
.QQUGPVJGOKVGTVCDNGNQEMNGXGT2TGUUFQYP
VJGRQUKVKXGUVQRNQEMKPINGXGTCPFRQUKVKQPVJG
VCDNGCVVJGFGUKTGFCPING4GNGCUGVJGRQUKVKXGUVQR
NQEMKPINGXGTCPFNQEMVJGOKVGTVCDNGNQEMNGXGT
(KI:
%766+0)$19'&/#6'4+#.(+);
#DQYGFYQTMRKGEGOWUVDGRQUKVKQPGFCICKPUVVJG
HGPEGCPFUGEWTGFYKVJCENCORKPIFGXKEGDGHQTG
EWVVKPI&QPQVRQUKVKQPYQTMRKGEGKPEQTTGEVN[QTVT[VQ
EWVVJGYQTMRKGEGYKVJQWVVJGUWRRQTVQHVJGHGPEG6JKU
YKNNECWUGVJGDNCFGVQDKPFCPFEQWNFTGUWNVKPRGTUQPCN
KPLWT[
(KI;
%766+0)$#5'/1.&+0)(+)<
$CUGOQNFKPIUCPFOCP[QVJGTOQNFKPIUECPDGEWVQP
CEQORQWPFOKVGTUCY6JGUGVWRQHVJGUCYFGRGPFU
QPOQNFKPIEJCTCEVGTKUVKEUCPFCRRNKECVKQPCUUJQYP
2GTHQTORTCEVKEGEWVUQPUETCROCVGTKCN6QCEJKGXGDGUV
TGUWNVU
#NYC[UOCMGUWTGOQNFKPIUTGUVſTON[CICKPUV
HGPEGCPFVCDNG7UGOCVGTKCNENCORQT%ENCORU
YJGPGXGTRQUUKDNGCPFRNCEGVCRGQPVJGCTGCDGKPI
ENCORGFVQCXQKFOCTMU
4GFWEGURNKPVGTKPID[VCRKPIVJGEWVCTGCRTKQTVQ
OCMKPIEWV/CTMEWVNKPGFKTGEVN[QPVJGVCRG
5RNKPVGTKPIV[RKECNN[JCRRGPUFWGVQYTQPIDNCFG
CRRNKECVKQPCPFVJKPPGUUQHVJGOCVGTKCN
(KI<
016'#NYC[URGTHQTOCFT[TWPEWVUQ[QWECP
FGVGTOKPGKHVJGQRGTCVKQPDGKPICVVGORVGFKURQUUKDNG
DGHQTGRQYGTKUCRRNKGFVQVJGUCY
%766+0)%4190/1.&+0)(+)##$$
;QWTEQORQWPFOKVGTUCYKUUWKVGFHQTVJGFKHſEWNVVCUM
QHEWVVKPIETQYPOQNFKPI6QſVRTQRGTN[ETQYPOQNFKPI
OWUVDGEQORQWPFGFYKVJGZVTGOGCEEWTCE[
6JGVYQUWTHCEGUQPCRKGEGQHETQYPOQNFKPIVJCVſV
ƀCVCICKPUVVJGEGKNKPICPFYCNNCTGCVCPINGUVJCVYJGP
CFFGFVQIGVJGTGSWCNGZCEVN[u
(
G
P
E
G
OKVGTCVuDGXGNCVu
OKVGTCVuDGXGNCVu
9QTMRKGEG
9QTMRKGEG
(
G
P
E
G
/KVGT5CY6CDNG/KVGT5CY6CDNG