&GWVUEJ&GWVUEJ
#0/'4-70)
¯DGT FGP 75$2QTV MCPP FCU 5[UVGO PWT
&CVGKGP KO /2 WPF 9/#(QTOCV GTHCUUGP
WPF GKPNGUGP
9KTF FCU 5[UVGO ×DGT FGP 75$2QTV CP GKPGP
/22NC[GT CPIGUEJNQUUGP MCPP GU DGK GKPKIGP
/22NC[GTP RCUUKGTGP FCUU CWHITWPF XQP
7PVGTUEJKGFGP KO /2-QFKGTHQTOCV FKG
9KGFGTICDG ×DGT FGP 75$2QTV PKEJV OÑINKEJ KUV
*KGTDGK JCPFGNV GU UKEJ PKEJV WO GKPG (GJNHWPMVKQP
FGU 5[UVGOU
/2'0%1&+'470)810 %&2*101
&CU 5[UVGO GTOÑINKEJV FKG 'PEQFKGTWPI XQP %& QFGT 2NCVVGPURKGNGT KP FCU (QTOCV /2
WPF FKG #WH\GKEJPWPI CWH 5RGKEJGTOGFKGP ×DGT FGP 75$2QTV
# %&'0%1&+'470)
+ 'PEQFKGTWPI GKPGU 6TCEMU
5VCTVGP 5KG FKG PQTOCNG 9KGFGTICDG FGU %&6TCEMU FGT GPEQFKGTV WPF CWHIG\GKEJPGV
YGTFGP UQNN
&T×EMGP 5KG Y¼JTGPF FGT 9KGFGTICDG FGU 6TCEMU CWH FKG 6CUVG œ4'%14&Œ
YQTCWHJKP FKG #P\GKIG ő ő ő ő GKPIGDNGPFGV YKTF WPF DNKPMV &KGU DGFGWVGV
FCUU FGT 'PEQFKGTXQTICPI PWP CWUIGH×JTV YKTF
0CEJ #DUEJNWUU FGT 'PEQFKGTWPI YKTF FKG 9KGFGTICDG CWVQOCVKUEJ IGUVQRRV
++ 'PEQFKGTWPI GKPGT &KUE
.GIGP 5KG GKPG %& OKV FGT DGFTWEMVGP 5GKVG PCEJ QDGP KP FCU %&(CEJ WPF UEJNKG²GP
5KG FKGUGU FCPP
&T×EMGP 5KG PCEJ $GGPFKIWPI FGU 'KPNGUGXQTICPIU CWH FKG 6CUVG œ4'%14&Œ
YQTCWHJKP FKG #P\GKIG ő ő ő ő GKPIGDNGPFGV YKTF WPF DNKPMV &KGU DGFGWVGV
FCUU FGT 'PEQFKGTXQTICPI PWP CWUIGH×JTV YKTF
0CEJ #DUEJNWUU FGT 'PEQFKGTWPI YKTF FKG 9KGFGTICDG CWVQOCVKUEJ IGUVQRRV
#0/'4-70)
&KG #WH\GKEJPWPIUIGUEJYKPFKIMGKV KUV WPF GPVURTKEJV FGT 5RKGN\GKV FGU %&6TCEMU
&CU 5[UVGO GTUVGNNV GKPGP œ#7&+1Œ1TFPGT KP FGO FKG GPEQFKGTVGP 6TCEMU IGURGKEJGTV
YGTFGP
&CU #WH\GKEJPWPIUHQTOCV KUV CWH GKPG /2$KVTCVG XQP MDRU WPF GKPG #DVCUVTCVG
XQP M*\ XQTGKPIGUVGNNV
9¼JTGPF FGU 'PEQFKGTOQFWU YGTFGP MGKPG .KGFVKVGN CWHIG\GKEJPGV
<WO 7PVGTDTGEJGP FGT #WH\GKEJPWPI FT×EMGP 5KG Y¼JTGPF FGU 8QTICPIU GTPGWV CWH
FKG 6CUVG œ4'%14&Œ
&KG #WH\GKEJPWPI YKTF PWT CDIGUEJNQUUGP YGPP GKP XQNNUV¼PFKIGT 6TCEM GPEQFKGTV
YKTF 9GPP 5KG FGP 'PEQFKGTXQTICPI XQT UGKPGT $GGPFKIWPI CDDTGEJGP YKTF MGKP
6TCEM CWHIG\GKEJPGV QFGT CWH FGO 75$5RGKEJGTOGFKWO D\Y FGT 5&//%
5RGKEJGTMCTVG IGURGKEJGTV
+++ -12+'4'0 '+0'4 /29/#'+
9GPP 5KG GKPG /29/#&KUE CPUVGNNG GKPGT PQTOCNGP %& GKPIGNGIV JCDGP MQRKGTV FCU
5[UVGO FKG &CVGKGP DGK $GV¼VKIWPI FGT 6CUVG œ4'%14&Œ CWH FCU 75$5RGKEJGTOGFKWO
D\Y FKG 5&//%-CTVG &KG 8QTIGJGPUYGKUG GPVURTKEJV FGT H×T FKG \WXQT DGUEJTKGDGPG
%&'PEQFKGTWPI $GCEJVGP 5KG DKVVG FCUU FCU 5[UVGO PWT KP FGP -QRKGTOQFWU UEJCNVGV
YGPP FKG /29/#&CVGK IGNGUGP YKTF
#0/'4-70)
+UV UQYQJN KP FGP 75$2QTV CNU CWEJ KP FGP 5&-CTVGPUVGEMRNCV\ GKP 5RGKEJGTOGFKWO
GKPIGUVGEMV URGKEJGTV FCU 5[UVGO FKG &CVGK \WGTUV CWH FGO 75$5RGKEJGTOGFKWO
9GPP 5KG Y¼JTGPF FGT 9KGFGTICDG GKPGT CWH GKPGO 75$5RGKEJGTOGFKWO QFGT
GKPGT 5&-CTVG DGHKPFNKEJGP &CVGK CWH FKG 6CUVG œ4'%14&Œ FT×EMGP YKTF FKG&CVGK
XQP 75$ CWH 5& QFGT WOIGMGJTV MQRKGTV
$ 2*101'0%1&+'470)
5VGNNGP 5KG FGP (WPMVKQPUYCJNUEJCNVGT CWH FGP /QFWU œ2*101Œ WPF FT×EMGP5KG
FCPP FKTGMV CWH FKG 6CUVG œ4'%14&Œ
#WH FGO .%&&KURNC[ YKTF FKG #P\GKIG œ86%Œ GKPIGDNGPFGV FKG FCTCWHJKP \W DNKPMGP
DGIKPPV WPF KO #PUEJNWUU GTUEJGKPV FKG PCEJ GKPKIGP 5GMWPFGP FKG DNKPMGPFG
#P\GKIG ő ő ő ő &CU 5[UVGO UVCTVGV PWP FGP 'PEQFKGTOQFWU
5VCTVGP 5KG PWP WPVGT 2*101 FKG 9KGFGTICDG FGU 6TCEMU FGT CWH FGO 75$
5RGKEJGTOGFKWO CWHIG\GKEJPGV YGTFGP UQNN
+O #PUEJNWUU CP FKG #WH\GKEJPWPI JCNVGP 5KG FKG 6CUVG œ4'%14&Œ IGFT×EMV DKU
FCU .%&&KURNC[ \W DNKPMGP CWHJÑTV WPF KP FGP 2JQPQOQFWU \WT×EMMGJTV
% '+056'..'0 &'4 $+64#
&64'0070)&'456¯%-'64#%-5'2#4#6+10/++6'.5('40$'&+'070)
5KGMÑPPGPFKGXQO2NCVVGPURKGNGTGKPIG\GKEJPGVG/WUKMVGKNGPKPGKP\GNPGP5V×EMGP
WPVGTVGKNGPY¼JTGPF-GT%QFKGTWPIXQP2JQPQKP75$5&,GFGU/CNFKG6CUVG65
6TCEM5GRCTCVKQPY¼JTGPFFGT-QFKGTWPICWHFGT(GTPUVGWGTWPIIGFT×EMVYKTFFCU
5[UVGOYKTFGKPPGWGU5V×EM\GWIGPWPFGUYKTFFKG'KPVTCIWPIHQTVUGV\GPő2*101ŒYKTF
GKPOCNCWHFGO.%&&KURNC[DNKPMGPWO\WKPHQTOKGTGPFC²FCU)GT¼VGKPPGWGU5V×EM
IGUEJCHHVJCV
6' (¯4 &+' '0%1&+'4(70-6+10 /+66'.5
('40$'&+'070)
5KG MÑPPGP FKG IGY×PUEJVG $KVTCVG H×T FGP 'PEQFKGTXQTICPI XQP %& QFGT 2*101CWH
75$ GKPUVGNNGP <WT #WUYCJN UVGJGP JKGTDGK FKG $KVTCVGP WPF
MDRU
5VGNNGP 5KG FKG (WPMVKQP œ2*101Œ OKV FGO (WPMVKQPUYCJNUEJCNVGT GKP WPF DNGKDGP
5KG KO 5VQRROQFWU
&T×EMGP 5KG CWH FKG 6CUVG œ+0(1Œ YQTCWHJKP CWH FGO .%&&KURNC[ FKG 5VCPFCTFDKVTCVG
MDRU CPIG\GKIV YKTF
8GTYGPFGP 5KG FKG 5-+26CUVGP \WT #WUYCJN FGT IGY×PUEJVGP $KVTCVG
H×T FGP 'PEQFKGTXQTICPI
&T×EMGP 5KG \WT $GUV¼VKIWPI FGT 'KPUVGNNWPI GTPGWV CWH œ+0(1Œ KO #PUEJNWUU FCTCP
MGJTV FCU .%&&KURNC[ KP FGP 2JQPQOQFWU \WT×EM
'06('40'0 810 75$52'+%*'4/'&+'052'+%*'4-#46'0
<WO 'PVHGTPGP GKPGU 75$5RGKEJGTOGFKWOU D\Y GKPGT 5RGKEJGTMCTVG UEJCNVGP 5KG FCU
)GT¼V \WP¼EJUV CWU QFGT UVGNNGP 5KG FGP (WPMVKQPUOQFWU CWH %& #7: QFGT 670'4 +O
(CNNG GKPGU 75$5RGKEJGTOGFKWOU MÑPPGP 5KG FKGUGU GKPHCEJ FKTGMV CWU FGO 75$2QTV
\KGJGP 'KPG 5RGKEJGTMCTVG O×UUGP 5KG JKPIGIGP \WP¼EJUV NGKEJV KP FGP -CTVGPUVGEMRNCV\
JKPGKPFT×EMGP WPF FCPP NQUNCUUGP FKG -CTVG YKTF PWP GKP 5V×EM YGKV CWU FGO 5VGEMRNCV\
CWUIGIGDGP UQFCUU 5KG UKG XQP *CPF GPVHGTPGP MÑPPGP
.+0'176#05%*.755
5KG JCDGP FKG /ÑINKEJMGKV FCU 5[UVGO CP +JTG *K(K#PNCIG CP\WUEJNKG²GP 8GTDKPFGP
5KG JKGT\W FKG .+0'176$WEJUG ×DGT GKP 4%#-CDGN PKEJV KO .KGHGTWOHCPI GPVJCNVGP
OKV FGO #7:'KPICPI FGT #PNCIG