:68,7&$ 0+]:,5(/(667(03(5$785(67$7,21 3267('(7(03e5$785(6$16),/0+] ,qvwuxfwlrqpdqxdo 0dqxhogoqvwuxfwlrqv &rqwhqwv /dqjxdjh 3djh bbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbbb (qjolvk )uhqfk 7$%/(2)&217(176 7rslf 3djh ,qyhqwru\ri&rqwhqwv )hdwxuhv 6hwwlqj8s %dwwhu\,qvwdoodwlrq )xqfwlrqnh\v /&'6fuhhqd...
,19(1725 :luhohvv7hpshudwxuh6wdwlrq :luhohvv7hpshudwxuh6hqvru7;8',7&$dqgprxqwlqj eudfnhw ,qvwuxfwlrq0dqxdo ,167$1775$160,66,21lvwkhvwdwhri wkhduwqhzzluhohvvwudqvplvvlrq whfkqrorj\h[foxvlyho\ghvljqhgdqg ghyhorshge\/$&5266( 7(&+12/2* 75$160,66,21riihuv\rxdqlpphgldwh xsgdwhhyhu\vhfrqgvridoo\rxu rxwgrru...
7kh2xwgrru7hpshudwxuh6hqvru x 5hprwhwudqvplvvlrqrirxwgrru whpshudwxuhwr7hpshudwxuh 6wdwlrqe\0+] x :dwhuuhvlvwdqwfdvlqj x :dooprxqwlqjfdvh x 2xwgrruwudqvplwwhuvkrxogqrweh sodfhglqgluhfwvxqoljkw'luhfw vxqoljkwzlooglvuxswdffxudwh whpshudwxuhuhdglqjv 6(77,1*83 :khqrqhvhqvrulvxvhg )luvwlqvhuwwkhedwwhu\lq...
Uhvhwiurpvwhs ,qvhuwwkhedwwhu\lqwrwkhvhfrqgvhqvrulpphgldwho\diwhuzlwklq vhfrqgvdiwhulqvhuwlqjedwwhu\wrwkh7hpshudwxuh6wdwlrq 7khrxwgrruwhpshudwxuhiurpwkhvhfrqgvhqvrudqgwkhfkdqqho lfrqvkrxogwkhqehglvsod\hgrqwkh7hpshudwxuh6wdwlrq,iwklv grhvqrwkdsshqdiwhuplqxwhwkhedwwhulhvzlooqhhgwreh uhpryhgiurpdoowkhx...
+2:72,167$//$1'5(3/$&(%$77(5,(6,17+( 7(03(5$785(6(1625 7khwhpshudwxuhvhqvruxvhv[$$,(&/5 9edwwhu\:khqedwwhulhvqhhgvuhsodflqjwkh orzedwwhu\lfrqzloodsshdurqwkh/&'riwkh 7hpshudwxuh6wdwlrq7rlqvwdoodqguhsodfhwkh edwwhulhvsohdvhiroorzwkhvwhsvehorz 5hpryhwkhedwwhu\frpsduwphqwfryhudw wkhedfnriwkhvhqvru ,qvhu...
/&'6&5((1$1'6(77,1*6 5hfhlyhu/rz edwwhu\lqglfdwru 7lph ,qgrru 7hpshudwxuhlq& 2xwgrru 7hpshudwxuhlq& &kdqqho1r 2xwgrru5hfhswlrq 6ljqdolfrq ,qgrru +xplglw\5+ 7udqvplwwhu/rz edwwhu\lqglfdwru :khqwkhvljqdoiurpwkhvhqvrulvvxffhvvixoo\uhfhlyhge\wkh 7hpshudwxuh6wdwlrqwklvlfrqzlooehvzlwfkhgrq,iqrwvxffhvvix...
3uhvvwkh³0,10$;´nh\wrdgmxvwwkhkrxusuhvvdqgkrog wrdoorzidvwdgydqfh3uhvv³6(7&+´nh\wrfrqilupdqgjr wrwkhplqxwhvhwwlqj 7khplqxwhgljlwzlooehiodvklqj3uhvvwkh³0,10$;´nh\wr dgmxvwwkhplqxwhsuhvvdqgkrogwrdoorzidvwdgydqfh 3uhvv³6(7&+´nh\rqfhpruhwruhwxuqwrqrupdoglvsod\ 9,(:,1*7+(0,1,080$1'0$;,0805($',1*6 8vhupd\...
7(03(5$785(6(1625 7khrxwgrruwhpshudwxuhlvphdvxuhgdqgwudqvplwwhgwrwkh 7hpshudwxuh6wdwlrqhyhu\vhfrqgvdssur[lpdwho\ 7khudqjhriwkhwhpshudwxuhvhqvrupd\ehdiihfwhge\wkh whpshudwxuh$wfrogwhpshudwxuhvwkhwudqvplwwlqjglvwdqfhpd\eh ghfuhdvhg3ohdvhnhhswklvlqplqgzkhqsodflqjwkhvhqvru 0+]5(&(37,21&+(&. 7kh7hpshudwx...
7rzdooprxqw )l[dvfuhzqrwvxssolhglqwrwkhghvluhg zdooohdylqjwkhkhdgh[whqghgrxwe\ derxwpp +dqjwkh7hpshudwxuh6wdwlrqrqwrwkh vfuhz5hphpehuwrhqvxuhwkdwlworfnv lqwrsodfhehiruhuhohdvlqj 326,7,21,1*7+(7(03(5$785(6(1625 7kh7udqvplwwhulvvxssolhgzlwkd kroghuwkdwpd\ehdwwdfkhgwrdzdoo zlwkwkhwzrvfuhzvvxssolhg7kh 7...
X 'rqrwvxephujhwkhxqlwvlqzdwhu3odfhxqlwvlqorfdwlrqv wkdwduhdghtxdwho\surwhfwhgdjdlqvwprlvwxuhdqgudlq x ,pphgldwho\uhpryhdooorzsrzhuhgedwwhulhvwrdyrlg ohdndjhdqggdpdjh5hsodfhrqo\zlwkqhzedwwhulhvriwkh uhfrpphqghgw\shdondolqh x 'rqrwpdnhdq\uhsdludwwhpswvwrwkhxqlw5hwxuqwkhpwr wkhluruljlqdosrlqwrisxufkdv...
Vdohv#odfurvvhwhfkqrorj\frp lqirupdwlrqrqrwkhusurgxfwv zhe zzzodfurvvhwhfkqrorj\frp 4xhvwlrq",qvwuxfwlrqv"3ohdvhylvlw zzzodfurvvhwhfkqrorj\frplwf $oouljkwvuhvhuyhg7klvkdqgerrnpxvwqrwehuhsurgxfhglqdq\irup hyhqlqh[fhuswvrugxsolfdwhgrusurfhvvhgxvlqjhohfwurqlfphfkdqlfdo rufkhplfdosurfhgxuhvzlwkrxwzulwwh...
5xohv7khvholplwvduhghvljqhgwrsurylghuhdvrqdeohsurwhfwlrq djdlqvwkdupixolqwhuihuhqfhlqduhvlghqwldolqvwdoodwlrq7klv htxlsphqwjhqhudwhvxvhvdqgfdqudgldwhudglriuhtxhqf\hqhuj\ dqgliqrwlqvwdoohgdqgxvhglqdffrugdqfhzlwkwkhlqvwuxfwlrqv pd\fdxvhkdupixolqwhuihuhqfhwrudglrfrppxqlfdwlrqv +rzhyhuwkhuhlvqrjxdudqwhh...
,19(17$,5( 3rvwhghwhpspudwxuhvdqvilo &dswhxughwhpspudwxuhvdqvilo7;8',7&$hwvxssruw 0rghg¶hpsorl ,167$1775$160,66,21hvwodqrxyhooh whfkqrorjlhghwudqvplvvlrqvdqvilogh srlqwhfrqoxhhwgpyhorssphhq h[foxvlylwpsdu/$&5266( 7(&+12/2* 75$160,66,21dvvxuhodplvhjmrxu lpppgldwhwrxwhvohvvhfrqghvgh wrxwhvohvgrqqphvh[...
X 6hsrvhvxuxqhwdeohrxv¶dffurfkhdxpxuvrfohudedwwdeoh &dswhxughwhpspudwxuhh[wpulhxuh x 7udqvplvvlrqjglvwdqfhghod whpspudwxuhh[wpulhxuhdxsrvwhgh whpspudwxuhsduvljqdx[0+] x %rvwlhulpshuppdeoh x 6¶lqvwdoohvxuxqpxurxvhsrvhvxu xqhwdeoh x /¶pphwwhxuh[wpulhxuqhghyudlwsdvrwuh sodfhjodoxplquhgluhfwhgxvrohlo/d ...
V¶diilfkhqwsdvvxuoh/&'gdqvohvvhfrqghvuhwluhuohv slohvhwdwwhqguhdxprlqvvhfrqghvdydqwghohvuhphwwuh hqsodfh /dwhpspudwxuhh[wpulhxuhvfdswphvsduohsuhplhupphwwhxu &dqdoghyudlhqwv¶diilfkhuvxuohsrvwhghwhpspudwxuh6l fhflqhvhsurgxlwsdvgdqvohvplqxwhvtxlvxlyhqwuhwluhu ohvslohvghvghx[dssduhlovhwuhfrpphqfhujsduwl...
,qvwdoohuhwuhpsodfhuohvslohvfrqiruppphqwdx[lqglfdwlrqvfl ghvvrxv 6rxohyhuohfrxyhufohgxorjhphqwghv slohvvlwxpdxgrvghod6wdwlrqgh 7hpspudwxuhv ,qvwdoohuohvslohvhquhvshfwdqwohv srodulwpvyrluohpdutxdjh 5hphwwuhohfrxyhufoh ,167$//(5(75(03/$&(5/(63,/(6'$16&$37(85 '(7(03(5$785( /¶pphwwhxughwhpspudwxuhirqfwl...
7rxfkh6(7&+ x $ssx\huvxufhwwhwrxfkhshqgdqwvhfrqghvhqylurqsrxu dffpghudx[upjodjhvpdqxhov x $ssx\hueulqyhphqwvxufhwwhwrxfkhsrxudowhuqhuhqwuhohv uhohypvghvgliipuhqwvfdqdx[ plqpd[ 5pjodjh&dqdo 7rxfkh0,10$; x 6huwjdowhuqhuhqwuhohvuhohypvplqlpxphwpd[lpxpgh whpspudwxuhvlqwpulhxuhvhwh[wpulhxuhvhwgho¶kxplglw...
6hfwlrq+(85( x $iilfkdjhgho¶khxuh 6hfwlrq7(03(5$785((7+80,',7(,17(5,(85(6 x $iilfkdjhghodwhpspudwxuhhwgho¶kxplglwplqwpulhxuhv 6hfwlrq7(03(5$785((;7(5,(85( x $iilfkdjhghodwhpspudwxuhh[wpulhxuh 5(*/$*(0$18(/ 5(*/$*('8)250$7'¶$)),&+$'('(/¶+(85( +(85(6 /¶xwlolvdwhxushxwfkrlvluohirupdwg¶diilfkdjhgho¶khxu...
$ssx\huhqfruhxqhirlvvxuodwrxfkh©plqpd[ªsrxu diilfkhuohv0d[lghwhpspudwxuhhwg¶kxplglwplqwpulhxuhvhwgh whpspudwxuhh[wpulhxuh ,f{qhplqlpxp 1ghfdqdo 1rwh$ssx\h]eulqyhphqwvxuodwrxfkh6(7&+srxufrqvxowhuohv grqqphvghvgliipuhqwvfdqdx[ ,f{qhpd[lpxp 1ghfdqdo 5((1&/(1&+(0(17'(65(/(9(60,1,080(7 0$;,080 3rxuuphq...
O¶lf{qhghupfhswlrqgxvljqdoqhv¶diilfkhsdvypulilhuohvsrlqwv vxlydqwv /hsrvwhghwhpspudwxuhrxo¶pphwwhxughyudlwrwuhvlwxpj pqwuhvslhgvdxprlqvghwrxwhvvrxufhv g¶lqwhuipuhqfhvwhoohvtxhohvprqlwhxuvg¶ruglqdwhxuvrx wpopylvhxuv (ylwhughsrvlwlrqqhuohfdswhxuvxurxjsur[lplwplpppgldwh ghfdguhvghihqrwuhvppwdooltxhv /¶...
,qvwdoodwlrqpxudoh )l[huxqhylvqrqirxuqlhvxuohpxu gpvluphqodlvvdqwodwrwhgpsdvvhugh pp $ffurfkhuohsrvwhghwhpspudwxuhjodylv 6¶dvvxuhutx¶lowlhqwelhqhqsodfhdydqwgh ohokfkhu &$37(85'(7(03(5$785($',67$1&( /¶pphwwhxuhvwirxuqldyhfxq vxssruwtxlshxwvhil[hudxpxuj o¶dlghghvghx[ylvirxuqlhv2qshxw dxvvlohsrvhuvxuxq...
X 1hsdvsorqjhuo¶dssduhlogdqvo¶hdx6¶dvvxuhudxvvltxhohv dssduhlovvrqwhqwlquhphqwsurwpjpvfrqwuhodsoxlhhw o¶kxplglwp x 5hwluhuvdqvgpodlwrxwhvohvslohvidleohvdilqg¶pylwhuixlwhvhw gpjkwv1hohvuhpsodfhutxhsdughvslohvqhxyhvgxw\sh uhfrppdqgp x 1hsdvwhqwhughupsduhuo¶dssduhlo6lqpfhvvdluhuhwrxuqhu o¶dssduhlodxolh...
Vdohv#odfurvvhwhfkqrorj\frp lqirupdwlrqvxug¶dxwuhvsurgxlwv 7rloh zzzodfurvvhwhfkqrorj\frp 4xhvwlrq",qvwuxfwlrqv"9lvlwhu zzzodfurvvhwhfkqrorj\frplwf 7rxvgurlwvupvhuypv&holyuhwqhshxwsdvrwuhuhsurgxlwvrxvdxfxqh iruph\frpsulvh[wudlwvqlgxsoltxpvrxwudlwpvsdusurfpgppohfwurqltxh ppfdqltxhrxfklpltxhvdqvo¶dxwr...
Surgxlwxwlolvhhwshxwud\rqqhugho¶pqhujlhudglriuptxhqfhhwv¶loq¶hvw sdvlqvwdoophwxwlolvpfrqiruppphqwdx[lqvwuxfwlrqvshxwfdxvhuxq eurxloodjhsupmxglfldeohdx[frppxqlfdwlrqvudglr,oq¶hvwwrxwhirlvsdv jdudqwltx¶dxfxqeurxloodjhqhvhsurgxludsrxuxqhlqvwdoodwlrq sduwlfxolquh6lfhwptxlshphqwfdxvhxqeurxloodjhsupmxglfl...