*QQHFUVWM#NNGUQXGTWYK/CE
#RRNG/CIKE/QWUG
&G\GOWKUKUXQQT\KGPXCPGGPNCUGTVTCEMKPIOGEJCPKUOGFGFTCCFNQ\G$NWGVQQVJ
VGEJPQNQIKGGPGGPINCFFGDQXGPMCPVFKGIGDTWKMOCCMVXCPFG/WNVK6QWEJ
VGEJPQNQIKG\QFCVWFGOWKUCNUOGGTMPQRUOWKUMWPVIGDTWKMGPKPCNNGTKEJVKPIGP
ITCFGPMWPVUETQNNGPIGDTWKMMWPVOCMGPXCPUEJGTO\QQOGPGPWYK/CEMWPV
DGFKGPGPFQQTOGVWYXKPIGTUVGXGIGP+PJGVRCPGGN/WKUKP5[UVGGOXQQTMGWTGPMWPV
WFGUPGNJGKFXCPFGCCPYKL\GTJGVFWDDGNMNKMKPVGTXCNGPFGUETQNUPGNJGKFCCPRCUUGPGP
KPUVGNNGPQHWFGOWKUYKNVIGDTWKMGPCNUVYGGMPQRUOWKU\KGRCIKPC
#RRNG9KTGNGUU-G[DQCTF
&KVVQGVUGPDQTFDKGFVFTCCFNQ\GXTKLJGKFGPIGvPVGITGGTFGHWPEVKGVQGVUGPFKGKPWY
RTQITCOOCUMWPPGPYQTFGPIGDTWKMV
C
%FFXFXGTYKLFGTVQGVU
#NUWFG\GVQGVUKPIGFTWMVJQWFVMWPVWGGPUEJKLHXGTYKLFGTGP7MWPVGGPUEJKLHQQM
XGTYKLFGTGPFQQTJGVUEJKLHU[ODQQNQRJGVDWTGCWDNCFPCCTFGRTWNNGPOCPFVGUNGRGP
&CUJDQCTFVQGVU(
8KC&CUJDQCTFJGDVWVQGICPIVQVWYYKFIGVU
'ZRQUoVQGVU(
/GVFG\GVQGVUQRGPVW'ZRQUoGPMWPVWCNNGIGQRGPFGXGPUVGTUQRWYDWTGCWDNCF
VGIGNKLMGTVKLFYGGTIGXGP
*GNFGTJGKFUVQGVUGP((
*KGTOGGXGTJQQIV
QHXGTNCCIV WFGJGNFGTJGKFXCPJGVDGGNFUEJGTO
’
/GFKCVQGVUGP(((
*KGTOGGMWPVWGGPPWOOGT°NOQHFKCXQQTUVGNNKPIVGTWIURQGNGP
CHURGNGP
QPFGTDTGMGP
’
QHXQQTWKVURQGNGP
-
8QNWOGVQGVUGP(((
*KGTOGGXGTNCCIV–QHXGTJQQIV-WJGVXQNWOGXCPFGNWKFURTGMGTUQHFG
MQRVGNGHQQPRQQTVQHUEJCMGNVWJGVIGNWKFWKV—