2
7UGQPN[YKVJVJGECTVUVCPFVTKRQFDTCEMGVQT
VCDNGURGEKHKGFD[VJGOCPWHCEVWTGTQTUQNF
YKVJVJGCRRCTCVWU9JGPCECTVKUWUGFWUG
ECWVKQPYJGPOQXKPIVJGECTVCRRCTCVWU
EQODKPCVKQPVQCXQKFKPLWT[HTQOVKRQXGT
4GCFVJGUGKPUVTWEVKQPUŌ#NNVJGUCHGV[CPF
QRGTCVKPIKPUVTWEVKQPUUJQWNFDGTGCFDGHQTG
VJKURTQFWEVKUQRGTCVGF
-GGRVJGUGKPUVTWEVKQPUŌ6JGUCHGV[CPF
QRGTCVKPIKPUVTWEVKQPUUJQWNFDGTGVCKPGFHQT
HWVWTGTGHGTGPEG
*GGFCNNYCTPKPIUŌ#NNYCTPKPIUQPVJG
CRRNKCPEGCPFKPVJGQRGTCVKPIKPUVTWEVKQPU
UJQWNFDGCFJGTGFVQ
(QNNQYCNNKPUVTWEVKQPUŌ#NNQRGTCVKPICPFWUG
KPUVTWEVKQPUUJQWNFDGHQNNQYGF
&QPQVWUGVJKUCRRCTCVWUPGCTYCVGTŌ6JG
CRRNKCPEGUJQWNFPQVDGWUGFPGCTYCVGTQT
OQKUVWTGŌHQTGZCORNGKPCYGVDCUGOGPVQT
PGCTCUYKOOKPIRQQNCPFVJGNKMG
%NGCPQPN[YKVJFT[ENQVJ
&QPQVDNQEMCP[XGPVKNCVKQPQPUVCNNKP
CEEQTFCPEGYKVJVJGOCPWHCEVWTGŏUKPUVTWEVKQPU
&QPQVKPUVCNNPGCTCP[JGCVUQWTEGUUWEJCU
TCFKCVQTUJGCVTGIKUVGTUUVQXGUQTQVJGT
CRRCTCVWUKPENWFKPICORNKHKGTUVJCVRTQFWEG
JGCV
&QPQVFGHGCVVJGUCHGV[RWTRQUGQHVJG
RQNCTK\GFQTITQWPFKPIV[RGRNWI#RQNCTK\GF
RNWIJCUVYQDNCFGUYKVJQPGYKFGTVJCPVJG
QVJGT#ITQWPFKPIV[RGRNWIJCUVYQDNCFGU
CPFCVJKTFITQWPFKPIRTQPI6JGYKFGDNCFGQT
VJGVJKTFRTQPICTGRTQXKFGFHQT[QWH
VJGRTQXKFGFRNWIFQGUPQVHKVKPVQ[QWTQWVNGV
EQPUWNVCPGNGEVTKEKCPHQTTGRNCEGOGPVQHVJG
QDUQNGVGQWVNGV
2TQVGEVVJGRQYGTEQTFHTQODGKPIYCNMGFQPQT
RKPEJGFRCTVKEWNCTN[CVRNWIUEQPXGPKGPEG
TGEGRVCENGUCPFVJGRQKPVYJGTGVJG[GZKVHTQO
VJGCRRCTCVWU
1PN[WUGCVVCEJOGPVUCEEGUUQTKGUURGEKHKGFD[
VJGOCPWHCEVWTGT
7PRNWIVJKUCRRCTCVWUFWTKPINKIJVPKPIUVQTOUQT
YJGPWPWUGFHQTNQPIRGTKQFUQHVKOG
4GHGTCNNUGTXKEKPIVQSWCNKHKGFUGTXKEGRGTUQPPGN
5GTXKEKPIKUTGSWKTGFYJGPVJGCRRCTCVWUJCU
DGGPFCOCIGFKPCP[YC[UWEJCURQYGTUWRRN[
EQTFQTRNWIKUFCOCIGFNKSWKFJCUDGGPURKNNGF
QTQDLGEVUJCXGHCNNGPKPVQVJGCRRCTCVWUVJG
CRRCTCVWUJCUDGGPGZRQUGFVQTCKPQTOQKUVWTG
FQGUPQVQRGTCVGPQTOCNN[QTJCUDGGPFTQRRGF
6JKUCRRCTCVWUUJCNNPQVDGGZRQUGFVQFTKRRKPI
QTURNCUJKPIYCVGTCPFVJCVPQQDLGEVHKNNGFYKVJ
NKSWKFUUWEJCUXCUGUUJCNNDGRNCEGFQPVJG
CRRCTCVWU
/CKPRNWIKUWUGFCUFKUEQPPGEVFGXKEGCPFKV
UJQWNFTGOCKPTGCFKN[QRGTCDNGFWTKPIKPVGPFGF
WUG+PQTFGTVQFKUEQPPGEVVJGCRRCTCVWU
EQORNGVGN[VJGOCKPRNWIUJQWNFDG
FKUEQPPGEVGFHTQOVJGOCKPUQEMGVQWVNGV
EQORNGVGN[
$CVVGT[UJCNNPQVDGGZRQUGFVQGZEGUUKXGJGCV
UWEJCUUWPUJKPGHKTGQTVJGNKMG
,,03257$176$)(7<,16758&7,216