LQIRUPDomR WpFQLFR FRPHUFLDO
71% GSQ TVSNIXS LuFVMHS WSPEV HMIWIP IQ JYRGMSREQIRXS RE ÅJVMGE HS 7YP $ 60$ 6RODU 7HFKQRORJ\ HTXLSRX D SULPHLUD FHQWUDO KtEULGD VRODU GLHVHO QmR OLJDGD j UHGH GD FODVVH GH PHJDZDWWV QD ÈIULFD GR 6XO FRP LQYHUVRUHV H SDLQHO GH FRQWUROR LQWHOLJHQWH 71% -FqVMGE
3 WMWXIQE GSQTSWXS TSV QzHYPSW JSXSZSPXEMGSW I MRZIVWSVIW 7YRR] 8VMTS[IV HE 71% GSQTPIQIRXE HIWHI RSZIQFVS S EFEWXIGMQIRXS HI IPIXVMGMHEHI E HMIWIP HI YQE QMRE HI QMRqVMS HI GVzQMS EXq KMKE [EXXW LSVE +;L HI IRIVKME WSPEV ERYEP 'SQ S WMWXIQE JSXSZSPXEMGS E IQTVIWE QMRIMVE TSHI VIHY^MV GPEVEQIRXI SW GYWXSW GSQ GSQFYWXuZIP I EW IQMWW~IW HI '3 ±4EVE KVERHIW GSRWYQMHSVIW MRHYWXVMEMW IQ VIKM~IW RnS GSFIVXEW TSV VIHI QEW VMGEW IQ WSP JE^ XSHS S WIRXMHS GSQTPIQIRXEV KIVEHSVIW HMIWIP XVEHMGMSREMW GSQ E IRIVKME WSPEV² VIJIVI S (MVIXSV HI 8IGRSPSKME 71% 6SPERH +VIFI ±(IZMHS ES IPIZEHS RuZIP HI VEHMEpnS WSPEV SW KIVEHSVIW JSXSZSPXEMGSW WnS EUYM EQSVXM^EHSW GSQ IWTIGMEP VETMHI^ %W RSWWEW WSPYp~IW JSVEQ TSV MWWS GSRGIFMHEW HI QSHS E GSRXVSPEVIQ MRXIPMKIRXIQIRXI S EFEW XIGMQIRXS HI IRIVKME HMQMRYMRHS SW GYWXSW GSQ GSQFYWXuZIP I EW IQMWW~IW HI '3 3 WMWXIQE JSXSZSPXEMGS IQ 8LEFE^MQFM RE ÅJVMGE HS 7YP q S RSWWS TVSNIXS TMPSXS RS WIXSV MRHYWXVMEP % RuZIP QYRHMEP GSRXEQSW GSQ YQ TSXIR GMEP HI ZjVMSW KMKE[EXXW TEVE WMWXIQEW LuFVMHSW HMIWIP WSPEV ²
80 GSQTPIQIRXEQ S EFEWXIGMQIRXS HI IPIXVMGMHEHI E HMIWIP I\MW XIRXI 'SQ GIVGE HI +;L HI IRIVKME WSPEV TSV ERS E IQTVIWE QM RIMVE 'VSRMQIX 'LVSQI 1MRMRK 7% 4X] 0XH TSHI TSYTEV ERYEPQIRXI EXq PMXVSW HI GSQFYWXuZIP 4EVE S IJIMXS E WSPYpnS LuFVMHE 71% VIHMQIRWMSRjZIP GSRWXMXYM YQE MRXIVJEGI MRXIPMKIRXI IRXVI SW KIVEHSVIW WSPEVIW I HMIWIP IQ GSRNYKEpnS GSQ SW MRZIVWSVIW 71% IPE EWWYQI S GSRXVSPS RIGIWWjVMS HE MRNIpnS HI IRIVKME JSXSZSPXEMGE IQ JYRpnS HSW TIV½W HI GEVKE I HI TVSHYpnS
6IHY^MV S GSRWYQS HI GSQFYWXuZIP GSQ MRXIPMKsRGME WSPEV 3 WMWXIQE JSXSZSPXEMGS IQ 8LEFE^MQFM GSQ YQE TSXsRGME HI YQ QI KE[EXX JSM IHM½GEHS TIPE 71% IQ GSRNYRXS GSQ S MRXIKVEHSV HI WMWXI QEW 7SPIE %+ HI 4PEXXPMRKIR XIRHS ½GEHS STIVEGMSREP IQ RSZIQFVS QzHYPSW JSXSZSPXEMGSW I MRZIVWSVIW 71% 7YRR] 8VMTS[IV
*MKYVE 9Q WMWXIQE JSXSZSPXEMGS GSQ QzHYPSW JSXSZSPXEMGSW 4: I MRZIV WSVIW 71% 7YRR] 8VMTS[IV JSM GSQTPIQIRXEHS GSQ S JSVRIGMQIRXS HI IRIVKME HI YQE QMRE HI QMRqVMS HIWHI RSZIQFVS GSQ YQ VIRHMQIRXS ERYEP EXq KMKE[EXX TSV LSVEW HI IRIVKME WSPEV
*MKYVE % MRWXEPEpnS JSXSZSPXEMGE PSGEPM^EHE RYQE VIKMnS HI QMRqVMS RE 4VSZuRGME HI 0MQTSTS IWXj EKSVE TVSRXE E JYRGMSREV GSQ E XIRWnS HI YQ QIKE[EXX
7I S 7SP JSVRIGIV IRIVKME WY½GMIRXI ES PSRKS HS HME S GSRWYQS HI GSQFYWXuZIP JzWWMP I E IQMWWnS HI '3 WnS VIHY^MHSW E YQ QuRM QS 4EVE UYI WI SFXIRLE YQ IJIMXS Qj\MQS q RIGIWWjVMS UYI E VI PEpnS IRXVI E TSXsRGME JSXSZSPXEMGE MRWXEPEHE I E TSXsRGME HSW FPSGSW HMIWIP S GLEQEHS KVEY HI TIRIXVEpnS JSXSZSPXEMGE WINE EUYM S QEMW MRHMGEHS ±)Q GEWS HI WMWXIQEW WIQ GSRXVSPS MRXIPMKIRXI S KVEY HI TIRI XVEpnS JSXSZSPXEMGE WMXYE WI ETIREW IQ TSV GIRXS I E VIHI ½GE MRWXj ZIP² GSQIRXE .SR -ZEV )OOIV :MGI 4VIWMHIRXI I\IGYXMZS RE 71% 3JJ +VMH 7SPYXMSRW -RHYWXVMEP ±'SQ S 71% *YIP 7EZI 'SRXVSPPIV q TSWWuZIP EWWIKYVEV YQ KVEY HI TIRIXVEpnS JSXSZSPXEMGE HI EXq TSV GIRXS WIRHS E IWXEFMPM HEHI HE VIHI KEVERXMHE % YXMPM^EpnS GSQTPIQIRXEV HI FEXIVMEW UYI EVQE ^IREQ IRIVKME WSPEV I\GIHIRXI JSVRIGIRHS E RSZEQIRXI HI EGSVHS GSQ EW RIGIWWMHEHIW TIVQMXI EMRHE EYQIRXEV QEMW IWXI ZEPSV GEWS RIGIWWjVMS ²