'#
%
& :? E96 32E9
! $ ') $" ! !&&
)%
! $ %$
>HYT ^H[LY YLSH_LZ `V\Y T\ZJSLZ HUK HSZV VWLUZ WVYLZ
[OL VPSZ» WYVWLY[PLZ [V WLUL[YH[L X\PJRS` <ZL VUL [
SPNO[ IHZL VPS Z\JO HZ Z\UMSV^LY HUK HKK M
JOVZLU LZZLU[PHS VPS VY VPSZ ¶ L]LU [O
VPSZ `V\ Z[PSS ULLK [V HKK [OL
:^PYS [OL ISLUK PU VUJ
L]HWVYH[L X\PJR
ECJ+(KKPU
LZZLU[PHS VPS [
¶ [OLU Z^PYS PU[
3FJ+,SLTPZ 3P
TS" LSLTPZJV
" :? 2 >2DD2863=6?5
! $" "$& !
"
!
@V\ JHU [HRL `V\YZLSM MVY HU PUK\SNLU[ [YLH[TLU[ ^P[O HU
HYVTH[OLYHW`[YHPULK THZZHNL [OLYHWPZ[ I\[ LX\HSS` `V\ JV\SK
ZLSMTHZZHNL ¶ MVY L_HTWSL THZZHNPUN `V\Y HIKVTLU [V LHZL
WLYPVK WHPU VY `V\Y [LTWSLZ [V ZVV[OL H OLHKHJOL ¶ VY HZR
`V\Y WHY[ULY [V THZZHNL `V\ 0M \ZPUN `V\Y V^U ISLUK HKK
[^V [HISLZWVVUZ VM H IHZL VPS [V H ZH\JLY QVQVIH H]VJHKV HUK
^OLH[NLYT VPS HYL NYLH[ MVY KY` ^PU[LY ZRPU [OLU HKK MV\Y [V ZP_
KYVWZ VM `V\Y JOVZLU LZZLU[PHS VPSZ .LULYHSS` `V\ ZOV\SKU»[
HWWS` VPSZ KPYLJ[S` [V `V\Y ZRPU ^P[OV\[ KPS\[PUN [OLT PU H IHZL VPS
ECJ+(KKPUN JPUUHTVU LZZLU[PHS VPS [V H IHZL VPS HUK THZZHNPUN
PU[V `V\Y HIKVTLU [V LHZL ISVH[PUN
3FJ+,ZWH 9LZ[VYH[P]L )VK` 6PS MVYTS"
LZWHZRPUJHYLJVT
# :? 5:77FD:@?D
! $$ !($
+PMM\ZPUN VPSZ ¶ LP[OLY PU HU VSKZJOVVS VPS I\YULY VY HU LSLJ[YPJ
KPMM\ZLY ¶ KPZWLYZLZ [PU` TVSLJ\SLZ VM [OL VPS PU[V [OL HPY PU H MPUL
TPZ[ 0[ JHU Z[PSS `V\Y TPUK HUK JYLH[L [OL WLYMLJ[ H[TVZWOLYL MVY
TLKP[H[PVU VY `VNH
ECJ+(KKPUN [YHKP[PVUHS T`Z[PJHS VPSZ Z\JO HZ T\N^VY[
ZHUKHS^VVK VY MYHURPUJLUZL [V H I\YULY ^OLU `V\»YL TLKP[H[PUN
3FJ+5LHS»Z @HYK 9LTLKPLZ 4LKP[H[PVU (YVTH[OLYHW` )SLUK
MVY TS" ULHSZ`HYKYLTLKPLZJVT
% :? 2? :?92=2E:@?
! ! "$
º0U KY` PUOHSH[PVU HSS `V\ ULLK [V KV PZ [V IYLH[OL PU H ML^ KYVWZ
WSHJLK VU H [PZZ\L [V X\PJRS` ILULMP[» ZH`Z 7HJJOPVUP º6Y `V\
JV\SK [Y` H O\TPK PUOHSH[PVU ¶ HKK VUL [V [^V KYVWZ [V H IV^S VM
ZPTTLYPUN ^H[LY 3LHU V]LY [OL IV^S ^P[O H [V^LS V]LY `V\Y OLHK
HUK PUOHSL MVY TPU\[LZ»
ECJ+(KKPUN H JV\WSL VM KYVWZ VM L\JHS`W[\Z VY [O`TL VPS [V H
O\TPK PUOHSH[PVU
3FJ+7\YLZZLU[PHS 9LZWPYH[VY` :[LHT 0UOHSH[PVU MVY
TS" HTHaVUJV\R
$ @C2==J
! "$ "$!"" ($)
6YHS SH]LUKLY VPS OHZ ILLU ZOV^U [V IL HZ LMMLJ[P]L HZ
JVU]LU[PVUHS TLKPJH[PVUZ PU ZVV[OPUN HU_PL[` º,ZZLU[PHS VPSZ KV
UV[ KPZZVS]L PU ^H[LY ZV ISLUK [OLT ^P[O H SP[[SL IP[ VM OVUL` WSHU[
VPS VY WSHJL [OLT VU H UL\[YHS [HISL[ VY H WPLJL VM Z\NHY» ZH`Z
7HJJOPVUP 6US` PUNLZ[ LZZLU[PHS VPSZ [OH[ Z[H[L [OL` HYL ZHML [V
IL [HRLU PU[LYUHSS` HUK KVU»[ L_JLLK [OL KVZL \USLZZ N\PKLK
V[OLY^PZL I` H X\HSPMPLK HYVTH[OLYHW` WYHJ[P[PVULY
ECJ+(KKPUN H KYVW VM MVVKNYHKL SH]LUKLY VPS [V H [LHZWVVU
VM OVUL`
3FJ! 2HSTZ 3H]LUKLY 6PS *HWZ\SLZ MVY " IVV[ZJVT
$) !"$
'$ )%! $! !
'
! %" "
' !$ )% !
%" $) &
' %$ !!)
%$ $
$"$ !"$