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L%6>/<6V> =s I*CQ9 3>-K'/ô L6 J1< ô9L7õI @ '/<K. %ø /<&& >%#AQ6V> =sL%$D/ @ 71= 9 &/@5=#; J1<&/@5=#.ô9. 6E 6D J ô&/@5=#; %9 > %A R < //- >/!/3 69&M Iõ .A.Q - - >/' @&=! @ >% /@ 9 &/@5#= .ô9.#A6Q >V =s I*C9Q L7õI @ 3>-I õ>L L%/<&& >% >/69&#>%/<&& >/ 3& D-,>.L% 9 &/@5=#; J1<I*CQ9L7õ õ9J%<%V>#AQI'û%'/<K. %ø!ô9/<&& < //- >/!/3 69&M õ*@ >/ > 3>-I'û%9@6/< >/ 3& D-,>.L% L7õ-A'/<6@#$@(1.@Q BR% %9 > #AQ 1ô>3 9 )ï>.!/3 69&,>.L% BQ /9& 1D-"B 6>. >/&= =& < //- >/!/3 69&M õ ' /<I-@ % /<&& >/ 3& D &=s >L%)ï>. I*CQ9L7õ-=Q%L 3ô>)ï>.!/3 69&,>.L% -A 3>- ,>.L% õ>% >/&/@7>/ >/I @% J1< >/' @&=!@!>- 7->. I'û%9@6/<J1<%ô>I CQ9"C9 !19 %#D @ //- >/!/3 !>-J%3#> #AQ V>7% K .6V>%= >% < //- >/ V> =& 69&,>.L%J1<&#&>#L% >/I'û%#AQ'/B 5> I'û%M'9.ô> -A 71= #/= * .ø J 1<!1> 71= #/= * .ø (E õ ! /3 69&,>.L%M õ '/<6@#$@,>* J1<-A'/<6@#$@(1 I*C9Q '/<K. %ø6 E 6D J ô&/@5#= ; J õ (1 >/!/3 69&J1<'/<I P%#AQ*&J ô(Eõ/=&!/3 J1< J1<(Eõ"C97Dõ% K . >/!/3 #>% 9&I !L% >/!/3 69& (Eõ&/@7>/#AQI AQ.3 õ9 /3-#=R õ9J%<%V>#AQI7-><6-J1<!@ !>- 3>-/= &(@ 9&J1<7%õ >#AQ 9 (Eõ !/3 69&,>.L% /3- >/ V > I%@ % >/J õ M 7/C 9 '/= & '/D J1</>. >%(1!ô 9 "B 9%D-=!@ >/J õM &=!/ 9 7%ô3. >%!/3 69&,>.L% < //- >/!/3 69& > (1 >/!/3 69&*&3ô > J1< >/'/=&J(% >/!/3 69&'/< V>'ì #AQ = #V> BR%!>- /<&& >% = 1ô>3#AQ3> M3õI7-><6- =&$D/ @ 9 &/@5=#; 3>-I6AQ. #AQ-A6>/<6V> =s 9 &/@5=#; J1<-Dô I%õ%L7õ!/3 %9 > #AQ 1ô>3 (Eõ69&&=s A,>.%9 M õL7õ 3>69&'/<6@#$@(1 9 >/' @&=!@ >%#AQI'û% D 3& D-#AQ6>V =s I7P%#AQ69 1õ9 3ô>M-ô*& õ9& */ô9 L% >/ 3& D-,>.L%#A Q 9 J!ô1</<&& >% I'û % 6>/<6V > = s #AQ -A ( 1 /<#&!ô 9 & >/I @ % 9 &/@ 5= # ; %> 6>3/=s %ø,>3A J %õ9. M õ/=& >/J!ô !=R L7õ < //- >/!/3 69& B -A 3>-I7P%3ô>&/@5#= ; -A/<&& >/ V>/ !V>J7%ô //- >/)ï>.!/3 69&,>.L% I-CQ9I C9% 3& D-,>.L%#AQI7-><6-J1<I*A. *9/3-"B >/'/<I-@% =%.>.% ,>.71= > >/*@ >/ > = I1C9 (Eõ#AQ-A 6,>*J3 1õ9- >/ 3& D- 9 9 ø / >/'/<I-@% 3>-I6A.Q D 6-&=!@"E !õ9 /&"õ3%9.ô> /9& 9& < //- >/ @ //- >/ 3& D- /<&&6>/6%I#4J1< >/6CQ96>/ õ9-E1 !/3 69&-A-!@I7P%3ô>%> 6>3/=s %ø,>3A -A 3>-/Eõ 3>- J1</<&& >/!@ !>-(1 >/ V>I%@% >% !>-#AQ)ï>.&/@7>/ 6>->/" J1<'/<6& >/ ø >/#V> >%#AQI7-><6- =& >/ I7P%3ô> V>I'û%6V>7/=& >/'/< 9& @ >/ 9 &/@5=#; J1< V>/ !V>J7%ô //- >/)ï>.!/3 69&,>.L% 9 &/@5=#; M-ô*& õ9& */ô9 9 >/ 3& D-,>.L%#AQ-A6>/<6V> =s L%/<73ô> 'ì %> 6>3/=s %ø,>3A M %õ >V I6%9!ô9 < //- >/ M-ô3ô> <I @ > >/(@ *1> 7/C9 >/#D /@! !/3 69&"B J%3#> J1<3@$A >/' @&=!@ >% 9 )ï>.!/3 69&,>.L%I*CQ9L7õ >/#V> >%I'û%M'9.ô> -A'/<6@#$@,>*J1< 69&#>% >/' @&!= !@ >- 7->. ô9&= =&J1< -A'/<6@#$@(1 #=R @ //- >/!/3 69&,>.L%K .L7õ 3>- /<I&A.& 6V > = s = & &/@ 5= # .ô 9 .7/C 9 7%ô 3 . >%#AQ -A 3>-I6AQ . 6E > < //- >/!/3 69&M õ69&#>% >/' @&=!@ >% >/'/<I-@% 3>-I6A.Q 9 &/@5#= ; J1<L% >/L7õ >V '/B 5>J ô !>-/<&& >%#AQ V>7% M3õL% >/ V>I%@%$D/ @ 9 &/@5=#; 7%ô3. >%!ô> O < //- >/!/3 69& <#V> >/'/<I-@% I*CQ9L7õ-=Q%L L% >/' @&=!@!>-*/</> &=ss=!@71= #/=*.øJ1< (1 >/' @&=!@ >% 9 %> 6>3/=s %ø,>3A/ô3- =& //- >/ !1> 71= #/=*.ø * 4 õ9 V>7% 9 !1> 71= #/=*.ø (Eõ = >/L7sôJ1<'/<$>%I õ>7%õ>#AQ&/@7>/L% ô3 I31> 9 J7ô '/<I#4M#. !19 % 7->.9CQ%#AQI AQ.3 õ9 =&$D/ @ 9 &/@5=#; B -A 3>-I7P%3ô>&/@5=#; M õ' @&=!@!>- 7->. >/'/<I-@%(1 >%'/< V>'ì 9 &/@5=#; < //- >/!/3 69&M õ69&#>%(1 >/'/<I-@% õ9&= =&J1</<I&A.&#ALQ õ& = =& =& >/ >V I%@% >% 9 &/@5#= ; 3>-I*A. *9J1<I7-><6- 9 /<&& >/ 3& D-,>.L%#AQ !>- 7->.#AQ6V> =s )ï>.!/3 69&,>.L%M õ/>. >% /3-#=R (1 >/!/3 69& &/@5=# K#/AI %M#. I9I.%!ø A6ø V> = -7> %
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24
69&#>% >/ /<#V>(@ J1< >/#D /@! < //- >/!/3 69&M õ/=&#/>&/>. >/6/D' õ9 /õ9 I/A.% >/ /<#V>(@ J1< >/#D /@!/3-"B (1 >/69&63% 9 (Eõ!/3 69&,>.L%!>-%K.&>. >/L7õ õ9-E1 >/ /<#V> (@ J1< >/#D /@! >/69&63% I'û%'/< V>/>.I C9% K . õ9/õ9 I/A.%#=R 7- L%'ì M-ô*& 3>-(@ ' !@L #AQI'û% >/#D /@!
>/*@ >/ >I6%9J!ó !=R (Eô69&&=s A < //- >/!/3 69&M õ*@ >/ > = I1C9 I6%9 J!ô !=R J1<I6%9 ô>!9&J#% 9 (Eõ69&&=s A'/< V>'ì K .M õ'/<I-@% 3>-I'û%9@6/< D ,>* 9 (1 >% >/ !/3 69&'ì #= 5< 3>-/Eõ 3>-6>->/" '/<6& >/ ø L% >/!/3 69&$D/ @ 71= 9 &/@5=#; J1<#A-6%=&6%D% 9 6V>%= >%69&&=s A 9 (Eõ69&&=s A'ù D&=% %9 > %AR M õ*@ >/ > 3>-I7-><6- 9 ô>!9&J#%I'û%'/< >/ 6V> =s õ3. > >/*@ > >9.ô> /9& 9& < //- >/!/3 69&-A-!@I7P%3ô> (Eõ69&&=s A > &/@5=# I *AI9P- A ,E-@M . 69&&=s A V> = -A 3>-I'û%9@6/< -A 3>-/EJõ 1<'/<6& >/ ø L%/< =&J%37%õ> 9 >/' @&=!@ >%69&&=s A '/< 9& =& > >/*@ >/ >(1 >/' @&!= @ >%L%'ì#(AQ >ô %-> *&3ô>I'û% #AQ%ô>*9L /3-"B ô>!9&J#%-A 3>-I7-><6 < //- >/!/3 69& B I6%9 &/@5=# I *AI9P- A ,E-@M . 69&&=s A V> = I'û%(Eõ69&&=s AL7õ < //- >/
&/@5=#; *@ >/ > ô9%I6%9 99%D-=!@ > #AQ'/< D-(Eõ"C97Dõ% J!ô !=R %> 4@/@I*Ps 6D I /@s.@Q . (Eõ69&&=s A/=&9%Ds>! I1 #AQ J1< 7/C9 %>.I /@s (Eõ6=-0#$@UI1@4 (Eõ69&&=s A /=&9%Ds>!I1 #AQ J1< 7/C9 %>.3A/< =. /=!% /=6 D1 (E õ 6 9&&= s A /= & 9%D s >!I1 #AQ J1< 7/C 9 %> 6>3 */#@*.ø /@- D6@! (Eõ69&&=s A/=&9%Ds>!I1 #AQ > &/@5=#I *AI9P- A ,E-@M . 69&&=s A V> = I'û%(Eõ69&&=s A 9 &/@5=#; 6V>7/=&'ì6@R%6D 3=%#AQ =%.>.% J1< 9%D-=!@ ô>69&&=s AI'û% V>%3%I @% 1õ>%&>#
>/'/< D-J1< >/'/<I-@%(1 >/' @&!= 7@ %ô>#AQ 9 < //- >/!/3 69& #AQ(ô>%-> < //- >/!/3 69&-A >/'/< D- ô9% >/'/< D- < //- >/&/@5=#; I*CQ96>->/"%V >I6%9 />. >%'/< D- 9 < //- >/!/3 69& J1< õ97>/C9 #AQ6V> =s #AQ-A =&(Eõ!/3 69&,>.L%J1<(Eõ69&&=s A,>.%9 K .M-ô -A ) ï > .&/@ 7 >//ô 3 -9.E ô L % >/'/B 5>7>/C 9 %=R % !ô 9 < //- >/&/@5=#; I*CQ9*@ >/ >/=&#/>& '/B 5>7>/C9 J1< 9 V>J%<%V> > < //- >/&/@5=#; < //- >/!/3 69&M õ /= & />. >%J1<L7õ V>'/B 5>J ô(Eõ!/3 69&,>.L%9.ô> 6-VQ>I6-9 #=R K . >/ '/< D-9.ô> I'û%#> >/J1<M-ôI'û%#> >/I AQ.3 =&(1 >/!/3 69&J1<'/<I P%6V> =s#AQ*& > >/!/3 69& >/'/< D- < //- >/!/3 69&' !@ <L õI31>I 1AQ. '/<-> =Q3K- L%'ì < //- >/!/3 69& -A >/'/< D-/3- /= R J1< >/I õ>/ô3-'/< D- 9 //- >/ !/3 69&J!ô1<#ô>%6/D'M õ!>-!>/> = %AR
> 3=%#AQ !D1> - "B 3=%#AQ =%.>.% V>%3% //- >/!/3 69& !V>J7%ó V>%3% >/I ô>/ó3-'/< D- V>%3% >/'/< D %>. 0 +91I1P! '/<$>% //- >/!/3 69& %>.6=%!@ &> 9õ9 //- >/!/3 69& %>.'ìI!9/ø 6K! 6ø //- >/!/3 69& /& V>7% 99 !>-3>/< I-CQ93=%#AQ - /> - %>.I @ * 5ø 6@/@3@ ø //- >/!/3 69& M õ/=& >/J!ô !=R I-CQ93=%#AQ D-,>*=%$ø &/@5=# K#/AI %M#. I9I.%!ø A6ø V> = -7> %
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25
>/J!ó !=R < //- >/!/3 69& D 'ø D&=% #AQ'/< D- < //- >/&/@5=#; 3=%#AQ D-,>*=%$ø -A-!@J!ô !=R %>.I @ * 5ø 6@/@3@ ø I'û% < //- >/ !/3 69& J#%%>.'ìI!9/ø 6K! 6ø #AQ /& V>7% 99 !>-3>/< K .-A(1!=R J!ô3=%#AQ D-,>*=%$ø I'û%!õ%M' 9%BQ < //- >/!/3 69&M õ-A >/'/<I-@%(1 >/' @&=!@ >% 9 < //- >/!/3 69&/ô3- =%#=R < !>- &=!/ < //- >/!/3 69&#AQM õ/=& >/9%D-=!@ > < //- >/&/@5=#; /<I&A.&#AQI AQ.3 õ9 J1<!>-#AQ M õ/=&-9&7->. > < //- >/&/@5=#; >/'/<I-@%(1 >/' @ &= !@ >%I'û%M'!>-I ø !>-J&&'/<I-@% > < //- >/ V> =&71= #/=*.ø BQ (1 9 >/'/<I-@%J6 L7õI7P%3ô> < //- >/!/3 69&M õ' @&=!@ >%!>-7%õ>#AQ J1< 3>-/=&(@ 9&9.ô> I*A. *9J1<-A'/<6@#$@(19.EôL% I ø#AQ A->
K .6/D' < //- >/!/3 69&M 'õ @&!= 7@ %õ>#A!Q > 3>-/=&(@ 9&#AMQ /õ &= -9&7->.K .L õ 3>-/E õ 3>-6>->/" 3õ . 3>-/<-= /<3= J1</9& 9& J1<-A 3>-I'û%9@6/<9.ô> I*A. *9 !19 %M õL7õ 3>-I7P%J1< õ9I6%9J%<!ô> O I*C9Q '/<K. %ø!9ô (E-õ 6A 3ô %M Iõ 6A.#D )ï>.9.ô> I#ô>I#A.- =%9.ô> !ô9I%CQ9 J1<-A 3>-I7P%3ô> < //- >/&/@5=#; J1< (Eõ&/@7>//< =&6E 9 &/@5=#; M õ' @&=!@7%õ>#AQI*CQ9L7õ&//1D I'ð>7->.I @ 1.D#$ø 9 &/@5=#; 9.ô> -A'/<6@#$@,>*I.AQ. -C99> A* /3-"B = L7õ-A/<&& >/ 3& D-,>.L%#AQI*A. *9 J1<I7-><6- =& >/ V>I%@%$D/ @ 9 &/@5=#; !19 %-A %K.&>.&=s A#AQI7-><6-J1<I CQ9"C9M õL% >/ = #V> & >/ I @% J1<' @&!= !@ >- 7->. õ9&= =&J1</<I&A.&#ALQ õ& = =& >/ V>I%@% >% 9 &/@5=#; #AQ6V> =s L%%>- < //- >/!/3 69& &/@5=# K#/AI %M#. I9I.%!ø A6ø V> = -7> %
%>. 0 +91I1P! '/<$>% //- >/!/3 69&
&/@5=# K#/AI %M#. I9I.%!ø A6ø V> = -7> %
รายงานประจ�ำปี 2556
26
คณะกรรมการ
1. นายประเสริฐ บุญสัมพันธ์ (อายุ 61 ปี) ประธานคณะกรรมการ/ประธานกรรมการบริหาร สัดส่วนการถือหุ้น: 0.002% วันที่ได้รับการแต่งตั้งเป็นกรรมการบริษัทฯ: 31 มกราคม 2555
2. นายเฉลิมชัย มหากิจศิริ (อายุ 35 ปี)
3. ม.ล. จันทรจุฑา จันทรทัต (อายุ 47 ปี)
นายประเสริฐ บุญสัมพันธ์ ได้รับการแต่งตั้งเป็นกรรมการ ในเดือนมกราคม 2555 และประธานกรรมการในเดือน มีนาคม 2555 นอกจากนี้ ยังด�ำรงต�ำแหน่งประธาน กรรมการบริษัท พีทีที โกลบอล เคมิกอล จ�ำกัด (มหาชน) กรรมการบริษัท ปตท. จ�ำกัด (มหาชน) กรรมการธนาคาร กรุงไทย จ�ำกัด (มหาชน) และกรรมการบริษัท ชิน คอร์ปอเรชัน่ จ�ำกัด (มหาชน) นอกจากนี้ ยังด�ำรงต�ำแหน่ง ประธานกรรมการบริษัท เมอร์เมด มาริไทม์ จ�ำกัด (มหาชน) และประธานกรรมการองค์กรธุรกิจเพื่อการ พัฒนาอย่างยั่งยืน (TBCSD) นายประเสริฐ บุญสัมพันธ์ เคยด�ำรงต�ำแหน่งประธานเจ้าหน้าที่บริหารและกรรมการ ผู้จัดการใหญ่บริษัท ปตท. จ�ำกัด (มหาชน) ประธาน กรรมการ บริษัท ไออาร์พีซี จ�ำกัด (มหาชน) ประธาน กรรมการ บริษัท ปตท. ส�ำรวจและผลิตปิโตรเลียม จ�ำกัด (มหาชน) ประธานกรรมการ บริษทั ปตท. เคมิคอล จ�ำกัด (มหาชน) กรรมการบริษทั ปตท. อะโรเมติกส์และการกลัน่ จ�ำกัด (มหาชน) และกรรมการบริษัท บางจากปิโตรเลียม จ�ำกัด (มหาชน) นายประเสริฐ บุญสัมพันธ์ ส�ำเร็จการศึกษาระดับปริญญา โท บริหารธุรกิจ จาก Utah State University สหรัฐอเมริกา ปริญญาตรี วิศวกรรมศาสตร์ สาขาวิศวกรรมโยธา จาก จุฬาลงกรณ์มหาวิทยาลัย และยังได้รับปริญญาวิศวกรรม ศาสตร์ดุษฎีบัณฑิตกิตติมศักดิ์ จุฬาลงกรณ์มหาวิทยาลัย ปริญญาบริหารธุรกิจดุษฎีบัณฑิตกิตติมศักดิ์ สถาบัน บัณฑิตพัฒนบริหารศาสตร์ ปริญญาบริหารธุรกิจดุษฎี บัณฑิตกิตติมศักดิ์ สาขาวิชาการจัดการทัว่ ไป มหาวิทยาลัย ราชภัฏเพชรบุรี ปริญญาบริหารธุรกิจดุษฎีบณั ฑิตกิตติมศักดิ์ สาขาบริหารธุรกิจ มหาวิทยาลัยมหาสารคาม ปริญญา ศิลปศาสตร์ดุษฎีบัณฑิตกิตติมศักดิ์ สาขาวิชาการจัดการ นวัตกรรมสังคม คณะมนุษยศาสตร์และสังคมศาสตร์ มหาวิทยาลัยราชภัฏสวนสุนนั ทา นอกจากนี้ นายประเสริฐ บุญสัมพันธ์ ได้ผ่านการอบรมหลักสูตร Advanced Management Program (AMP 155) จาก Harvard Business School สหรั ฐ อเมริ ก า หลั ก สู ต รป้ อ งกั น ราชอาณาจักรภาครัฐร่วมเอกชน รุ่นที่ 10 (วปรอ 4010) วิทยาลัยป้องกันราชอาณาจักร หลักสูตรการเมืองการ ปกครองในระบอบประชาธิปไตยส�ำหรับนักบริหารชั้นสูง รุ่นที่ 6 สถาบันพระปกเกล้า หลักสูตรผู้บริหารระดับสูง สถาบันวิทยาการตลาดทุน (วตท.) รุน่ ที่ 3 รวมถึง หลักสูตร Director Accreditation Program รุ่น DAP 26/2004 ในปี 2547 และหลักสูตร Role of Chairman Program รุ่น RCP 28/2012 ในปี 2555 จากสมาคมส่งเสริมสถาบัน กรรมการบริษัทไทย
นายเฉลิมชัย มหากิจศิริ ได้รับการแต่งตั้งเป็น กรรมการในเดือนมกราคม 2555 และรองประธาน กรรมการบริหารในเดือนกุมภาพันธ์ 2556 นอกจากนี้ ปัจจุบัน นายเฉลิมชัย มหากิจศิริ ยังด�ำรงต�ำแหน่ง ประธานกรรมการบริษัท พีเอ็ม กรุ๊ป จ�ำกัด ซึ่งเป็น บริษัทในเครือของคุณประยุทธ มหากิจศิริ ประธาน เจ้าหน้าที่บริหารและรองประธานกรรมการบริหาร บริษัท เมอร์เมด มาริไทม์ จ�ำกัด (มหาชน) และ รองประธานกรรมการบริษทั ยูนคิ ไมนิง่ เซอร์วสิ เซส จ�ำกัด (มหาชน) นอกจากนี้ นายเฉลิมชัย มหากิจศิริ ยังด�ำรงต�ำแหน่งกรรมการบริษัท ควอลิตี้ คอฟฟี่ โปรดักท์ส จ� ำกัด ซึ่งเป็นบริษัทคู่ค้าของบริษัท เนสท์เล่ เอสเอ สวิตเซอร์แลนด์ผู้ผลิตเนสกาแฟ กรรมการบริษัท โพสโค-ไทยน๊อคซ์ จ�ำกัด (มหาชน) บริษัท ศักดิ์ไชยสิทธิ จ�ำกัด และบริษัท ไทยฟิล์ม อินดัสตรี้ จ�ำกัด (มหาชน) กรรมการบริหารของ บริษัท เลควูด คันทรีคลับ จ�ำกัด นายเฉลิมชัย มหากิจศิริ ส�ำเร็จการศึกษาระดับ ปริ ญ ญาโท สาขาเศรษฐศาสตร์ ก ารเงิ น จาก มหาวิทยาลัยบอสตัน และปริญญาตรี สาขาการเงิน จากมหาวิ ท ยาลั ย ซั ฟ ฟอร์ ค จากประเทศสหรั ฐ อเมริกา นายเฉลิมชัย มหากิจศิริ ผ่านการอบรม หลักสูตร Director Accreditation Program รุ ่ น DAP 30/2004 ในปี 2547 และหลั ก สู ต ร Directors Certification Program รุน่ DCP 53/2005 ในปี 2548 จากสมาคมส่งเสริมสถาบันกรรมการ บริษัทไทย
ม.ล. จันทรจุฑา จันทรทัต เข้าร่วมงานกับบริษัท โทรีเซนไทย เอเยนต์ซีส์ จ�ำกัด (มหาชน) ตั้งแต่ ปี 2548 ในต� ำ แหน่ ง ประธานเจ้ า หน้ า ที่ บ ริ ห าร มีประสบการณ์การท�ำงานเริม่ ทีธ่ นาคารแห่งอเมริกา ซานฟรานซิสโก (สหรัฐ อเมริกา) ฮ่องกง และ กรุงเทพมหานคร ในปี 2532 ถึงปี 2537 จากนั้น ในปี 2537 ถึงปี 2543 ได้รว่ มงานกับธนาคารกรุงเทพ จ�ำกัด (มหาชน) และเคยร่วมงานกับกลุ่มบริษัท เจพี มอร์แกน (ฮ่องกง) ในปี 2543 ถึงปี 2545 และ เคยร่วมงานกับ Morgan Stanley Dean Witter Asia (Singapore) Pte. Ltd. ในปี 2545 ถึงปี 2548 ม.ล. จันทรจุฑา จันทรทัต ส�ำเร็จการศึกษาระดับ ปริญญาโทบริหารธุรกิจจาก University of California, Berkeley ประเทศสหรัฐอเมริกาในปี 2532 และ ปริญญาตรีเศรษฐศาสตร์ (magna cum laude) จาก University of Minnesota ประเทศสหรัฐอเมริกา ในปี 2530 ม.ล. จันทรจุฑา จันทรทัต ได้ผ่าน การอบรมหลั ก สู ต ร Directors Certification Program รุ่น DCP 70/2006 จากสมาคมส่งเสริม สถาบันกรรมการบริษัทไทย ในปี 2549
บริษัท โทรีเซนไทย เอเยนต์ซีส์ จ�ำกัด (มหาชน)
รองประธานกรรมการบริหาร/กรรมการบริหาร/ กรรมการบริหารความเสี่ยง สัดส่วนการถือหุ้น: 15.696% วันที่ได้รับการแต่งตั้งเป็นกรรมการบริษัทฯ: 31 มกราคม 2555 (เป็นกรรมการผู้จัดการใหญ่และประธาน เจ้าหน้าที่บริหารมีผลตั้งแต่วันที่ 1 มกราคม 2557)
กรรมการผู้จัดการใหญ่และประธานเจ้าหน้าที่ บริหาร/กรรมการบริหาร สัดส่วนการถือหุ้น: 0.113% วันที่ได้รับการแต่งตั้งเป็นกรรมการบริษัทฯ: 31 มกราคม 2548 (ลาออกจากต�ำแหน่งกรรมการ มีผลตั้งแต่วันที่ 31 ธันวาคม พ.ศ. 2556)
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BUSINESS REVIEW AND OUTLOOK
TRANSPORT
รายงานประจ�ำปี 2556
36
กลุ่มธุรกิจขนส่ง กลุ ่ ม ธุ ร กิ จ ขนส่ ง ประกอบด้ ว ย 2 ธุ ร กิ จ หลั ก คื อ โทรีเซนชิปปิ้ง และ ปิโตรลิฟต์ ทั้งนี้ ระหว่างปีบัญชี 2556 กองเรือบรรทุกสินค้าแห้งเทกองของ โทรีเซนชิปปิ้ง ประกอบ ไปด้วย เรือที่บริษัทฯ เป็นเจ้าของเองจ�ำนวน 18 ล�ำ และเรือ ที่เช่าเข้ามาเสริม คิดเทียบเท่าเป็นจ�ำนวน 13 ล�ำ โทรีเซนให้ บริการเรือเหมาล�ำขนส่งสินค้าไปทุกภูมิภาคของโลก และเดิน เรือตามความต้องการของลูกค้าโดยให้เช่าเหมาล�ำแบบเช่าเป็น ช่วงเวลา และตามการเซ็นสัญญารับขนส่งสินค้าล่วงหน้า นอกเหนือไปจากการให้เช่าเหมาล�ำระยะยาวและ การให้เช่า เหมาล�ำระยะสัน้ TTA ถือหุ้นร้อยละ 40 ใน ปิโตรลิฟต์ ซึ่งเป็นเจ้าของ และประกอบการเรือบรรทุกและขนส่งน�้ำมันจ�ำนวน 10 ล�ำ รวมทั้งเรือบรรทุกก๊าซปิโตรเลียมเหลวจ�ำนวน 2 ล�ำ ที่มีก�ำลัง การบรรทุก 41 ล้านลิตรซึง่ ใช้ส�ำหรับการขนส่งภายในประเทศ ตามสัญญาระยะยาวกับบริษัทชั้นน�ำในธุรกิจน�้ำมันและก๊าซ เป็นหลัก ธุรกิจอื่นๆ ในกลุ่มธุรกิจขนส่ง ได้แก่ ธุรกิจบริการ ที่เกี่ยวกับการเดินเรือ ซึ่งประกอบด้วยธุรกิจการเป็นตัวแทน เรือ ซึ่งมีอยู่ทั้งในประเทศไทย เวียดนาม และสหรัฐอาหรับ เอมิเรตส์ และธุรกิจการให้บริการด้านนายหน้าเช่าเหมาเรือ ในประเทศไทย สิงคโปร์และอินเดีย
ธุรกิจเดินเรือโทรีเซนชิปปิ้ง ข้อมูลอุตสาหกรรม ผู้ประกอบการธุรกิจขนส่งสินค้าแห้งเทกอง “หลัก” รวมถึง ถ่านหิน แร่เหล็ก และธัญพืช และสินค้า “รอง” เช่น ปุ๋ย ผลิตภัณฑ์ไม้ ปูนซีเมนต์ และแร่โลหะ การขนส่งสินค้า แห้งเทกองแบ่งตามก�ำลังการบรรทุกหรือเดทเวทตัน และ ตามชนิดของเรือ ซึ่งรวมไปถึง VLOC, Capesize, Panamax, บริษัท โทรีเซนไทย เอเยนต์ซีส์ จ�ำกัด (มหาชน)
Supramax, Handymax, และ Handysize ประเภทขนาด เดทเวทตัน VLOC 200,000+ Capesize 100,000 - 200,000 Panamax 60,000 - 100,000 Supramax 50,000 - 60,000 Handymax 40,000 - 50,000 Handysize 10,000 - 40,000 โดยทั่ ว ไป การค้ า สิ น ค้ า ในระดั บ โลกขั บ เคลื่ อ น อุตสาหกรรมการขนส่งสินค้าแห้งเทกอง โดยเฉพาะอย่างยิ่ง อัตราค่าระวางได้รับผลกระทบจากอุปสงค์ทางการค้าและ จ�ำนวนเรือที่มีในภูมิภาคต่างๆ ตามการวิเคราะห์ของเฟิร์นเล่ย์ แม้เศรษฐกิจโลกจะ ยังคงอ่อนแออย่างต่อเนื่อง การค้าสินค้าแห้งเทกองโดยรวม ยังคงเติบโตอย่างต่อเนือ่ งโดยมีถา่ นหินและแร่เหล็กเป็นสินค้า หลัก การน�ำเข้าแร่เหล็กได้เติบโตและจะยังคงเติบโตอย่าง รวดเร็วกว่าการผลิตเหล็กกล้าเนื่องจากการน�ำเข้าแร่เหล็ก ที่มากขึ้นของจีน ซึ่งโดยหลักเป็นผลมาจากคุณภาพแร่เหล็ก ที่ต�่ำในประเทศจีนและต้นทุนทางการผลิตที่สูงซึ่งผู้ผลิตแร่ เหล็กหลายรายในจีนประสบ แผนภูมิ : การน�ำเข้าแร่เหล็กของจีน (ล านตัน) 1,600 60% 1,400 50% 1,200 40% 1,000 800 30% 600 20% 400 10% 200 0 2549 2550 2551 2552 2553 2554 2555 2556 0% (10 เดือน) การผลิตเหล็กโลก (ล านตัน) แกนซ าย ส วนแบ งตลาดจีน (แกนขวา) ที่มา : เฟิร์นเล่ย์
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ม.ค.44 ก.ค.44 ม.ค.45 ก.ค.45 ม.ค.46 ก.ค.46 ม.ค.47 ก.ค.47 ม.ค.48 ก.ค.48 ม.ค.49 ก.ค.49 ม.ค.50 ก.ค.50 ม.ค.51 ก.ค.51 ม.ค.52 ก.ค.52 ม.ค.53 ก.ค.53 ม.ค.54 ก.ค.54 ม.ค.55 ก.ค.55 ม.ค.56 ก.ค.56
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!=R J!ô'1>.'ì I'û%!õ%-> /> >I/C96=Q !ô9L7-ô 9.ELô %/< &= ô9% õ> !V>Q K .-A6>I7!D-> > 9=!/> ô>/<3> I/C9 #AQ'/=&1 1 <#AQ9Eô!ô9I/C9-A V>1= >/(1@!I*@Q- BR% J!ô >/ 6=Q !ô9I/C9L7-ô1 1 9.ô> M/ P!>- /> >I/C96=Q !ô9L7-ôI*@Q-6E BR%L% /BQ 'ì71= 9 'ì K .,>*/3- 'ì <-A 3>M-ôJ%ô%9%6E 3& EôM' =&K9 >6 9 I õ> 9 I/C9J1<%= 1 #D% J(%,E-@ /> >I/C9&//#D 6@% ô>J7ô I# 9 6=Q !ó9L7-ó
ม.ค.44 ก.ค.44 ม.ค.45 ก.ค.45 ม.ค.46 ก.ค.46 ม.ค.47 ก.ค.47 ม.ค.48 ก.ค.48 ม.ค.49 ก.ค.49 ม.ค.50 ก.ค.50 ม.ค.51 ก.ค.51 ม.ค.52 ก.ค.52 ม.ค.53 ก.ค.53 ม.ค.54 ก.ค.54 ม.ค.55 ก.ค.55 ม.ค.56 ก.ค.56
1õ>% 911>/ø67/= 9I-/@ > 120 100 80 60 40 20 0 Capesize #AQ-> ¡ I+ë/ø%I1ô.ø
Panamax
Supramax
I ô%I .A 3 =% != R J!ô'1>.'ì /> >I/C9-C969 #.9. 1 1 ->9.ô> !ô9I%CQ9 !>-9=!/> ô>/<3> I/C9#AQ1 1 BQ L% 'ì /> >I/C9-C969 1 1 L%/< =&!VQ>6D J1<I/@Q-+îý%!=3 B%R L%'ì K ./> >I/C9 ºÜ×ÙÈÔÈß #A-Q 9A >.D 'ì L%'ù D&%= -A/> >'/<-> 1õ>% 911>/ø67/= 9I-/@ > J(%,E-@ /> >I/C9&//#D 6@% ô>J7ô I# 9 -C969
ม.ค.43 ก.ค.43 ม.ค.44 ก.ค.44 ม.ค.45 ก.ค.45 ม.ค.46 ก.ค.46 ม.ค.47 ก.ค.47 ม.ค.48 ก.ค.48 ม.ค.49 ก.ค.49 ม.ค.50 ก.ค.50 ม.ค.51 ก.ค.51 ม.ค.52 ก.ค.52 ม.ค.53 ก.ค.53 ม.ค.54 ก.ค.54 ม.ค.55 ก.ค.55 ม.ค.56 ก.ค.56
1õ>% 911>/ø67/= 9I-/@ > 180 160 140 120 100 80 60 40 20 0 Capesize
Panamax
#AQ-> ¡ I+ë/ø%I1ô.ø
&/@5=# K#/AI %M#. I9I.%!ø A6ø V> = -7> %
Supramax
รายงานประจ�ำปี 2556
39
โครงสร้างกองเรือโทรีเซน 1) จ�ำนวนเรือ ประเภทของเรือ Handymax Supramax รวม 2) อายุเฉลี่ยกองเรือ
เรือที่บริษัทเป็นเจ้าของ 8 10 18
จ�ำนวนเรือ เรือที่เช่ามา 3 10 13
อายุเฉลี่ยของกองเรือโทรีเซน ประเภทของเรือ เรือที่บริษัทเป็นเจ้าของ เรือที่เช่ามา Handymax 16.23 13.71 Supramax 6.20 4.58 รวม 10.12 5.56 3) รายชื่อเรือบรรทุกสินค้าเทกอง
เรือที่สั่งต่อใหม่ -
รวม 11 20 31
เรือที่สั่งต่อใหม่ -
รวม 14.91 4.82 6.48
เรือบรรทุกสินค้าเทกอง วันที่ส่งมอบเรือ ชื่อเรือ จากอู่ต่อเรือ เดทเวทตัน อายุ 1 ทอร์ ไดนามิค 30/04/2534 43,497 22.44 2 ทอร์ เวฟ 30/07/2541 39,042 15.18 3 ทอร์ วิน 18/11/2541 39,087 14.88 4 ทอร์ เอนเนอร์ยี 16/11/2537 42,529 18.88 5 ทอร์ เอนเดฟเวอร์ 11/04/2538 42,529 18.48 6 ทอร์ เอนเตอร์ไพรส์ 28/07/2538 42,529 18.19 7 ทอร์ ฮาร์โมนี่ 21/03/2545 47,111 11.54 8 ทอร์ ฮอไรซัน 01/10/2545 47,111 11.01 9 ทอร์ แอ็คชีพเวอร์ 22/07/2553 57,015 3.73 10 ทอร์ อินทิกริตี้ 02/04/2544 52,375 12.50 11 ทอร์ อินดิเพนเดนซ์ 20/12/2553 52,407 11.94 12 ทอร์ อินฟินิตี้ 21/12/2553 52,383 11.66 13 ทอร์ อินสุวิ 02/07/2555 52,489 7.88 14 ทอร์ เฟรนด์ชิป 13/01/2553 54,123 3.72 15 ทอร์ ฟอร์จูน 15/06/2554 54,123 2.30 16 ทอร์ เฟียร์เลส 06/06/2556 54,881 7.90 17 ทอร์ เบรฟ 15/11/2555 53,506 0.87 18 ทอร์ บรีซ 20/08/2556 53,506 0.11 รวมระวางบรรทุกของกองเรือโทรีเซน : 880,243 เดทเวทตัน
ชนิดของเรือ การจัดชั้นเรือ Standard Bulk > 40,000 dwt BV Open Hatch / Box Shape < 40,000 dwt ABS Open Hatch / Box Shape Bulk (Box) ABS Open Hatch / Box Shape Bulk (Box) NKK Open Hatch / Box Shape Bulk (Box) NKK Open Hatch / Box Shape Bulk (Box) DNV Open Hatch / Box Shape Bulk (Box) DNV Open Hatch / Box Shape Bulk (Box) BV Standard Bulk > 40,000 dwt BV Standard Bulk > 40,000 dwt BV Standard Tess - 52 NKK Standard Tess - 52 NKK Standard Tess - 52 NKK Semi-Open /Box Shape Oshima - 53 NKK Semi-Open /Box Shape Oshima - 53 NKK Open Hatch / Box Shape Oshima - 53 NKK Open Hatch / Box Shape Vinashin DNV Open Hatch / Box Shape Vinashin DNV
ABS : American Bureau of Shipping BV : Bureau Veritas DNV : Det Norske Veritas NKK : Nippon Kaiji Kyokai แหล่งที่มา : TTA
บริษัท โทรีเซนไทย เอเยนต์ซีส์ จ�ำกัด (มหาชน)
/>. >%'/< V>'ì
40
>/L7ô&/@ >/ 9 9 I/C9
1E ô> 9 &/@5=#;
/>.M õ > >/I @%I/C9J&&M-ô'/< V>I6õ%#> 9 K#/AI % @''ëý -> > z >/L7õI ô>I7->1V>J&&I'û%I#A.Q 3 7/C9 >/L7õI ô>I7-> 1V>/<.<6=R% K . @ ô>I ô>!>-9=!/> 9 !1> <%=R% z >/L7õI ô>I7->1V>J&&I ô>I'û% ô3 I31> I'û% >/L7õ I ô>I/C9K . V>7% /<.<I31>M3õ J1<K .#=3Q M' < V>7% 9=!/> ô>I ô>J&& #A Q J!ô- = <-A' ù =.9C%Q O I ô% >/'/=& ô>I @%I+ð9 7/C99=!/> ô>I ô>I/C9 9 !1> 'ù D&%= ->I'û%9 ø'/< 9& L% >/ @ 9=!/> ô>I ô>I/C9 J1< z >/I P%6=ss>/=& %6ô 6@% õ>1ô3 7%õ> ÊÖÕÛÙÈÊÛÚ ÖÍ ÈÍÍÙÌÐÎÏÛÔÌÕÛ BQ &/@5=#; </=& %6ô 6@% õ> V>%3%7%BQ L7õJ ô1 E õ>L%I6õ%#> #A Q V>7% M3õJ1õ3L% ô3 I31>L I31>7%B Q !19 'ì K#/AI % @''ëý L7õ&/@ >/I/C9 %6ô 6@% õ> J7õ I# 9 L%71> 71>./E'J&&!>- 3>-!õ9 >/ 9 1E õ> 9>#@ >/I P%6=ss>/=& %6ô 6@% õ>1ô3 7%õ> >/L7õ I ô>I7->1V>J&&I'û%I#AQ.3J1<J&&I ô>I'û% ô3 I31> #=R L% J"&-7>6-D#/J9!J1%!@ J1<J' @+ë J(%,E-@ >/L7ô&/@ >/ 9 9 I/C9K#/AI % V>J% !>-3=% I @%I/C9
K#/AI % @''ëý .= -Dô I%õ% >/&/@ >/ %6ô 6@% õ> D ,>*6E L7õ =&1E õ> I*CQ9/9 /=& >/L7õ&/@ >/J ô1E õ> 1Dô-9D!6>7 //-/>.L7sô %9 > %AR K#/AI % @''ëý M õI*@QK9 >6 >/L7õ&/@ >/1E õ> õ3. >/L7õ&/@ >/ %6ô J&&I'û% I#AQ.3J ô1E õ>/>.L7sô#AQ!õ9 >/ >/ %6ô J&&I/ô ô3%J1< D I @% L%!1> 71= O BQ 1E õ>-A6@% õ>J!ôM-ô-A6@%#/=*.ø J(%,E-@ 6@% ô>#AQ %6ó V>J% !>-'/<I,# 9 6@% ô>L% 'ë&=s A 3.73% 6.77% 4.93% 14.96% 13.36%
9.53% 1.48%
ผลิตภัณฑ เกษตร แร /สินแร สินแร เหล็ก ถ านหิน ผลิตภัณฑ เหล็กกล า ซีเมนต สินค าทั่วไป/อื่นๆ ปุ ย
45.25% #AQ-> ¡ »»¨
J(%,E-@ 1E ô> V>J% !>-/>./=& 16%
28%
72% #AQ-> ¡ »»¨
บริการแบบไม ประจำ เส นทางโดยให เช า เหมาลำแบบเช า เป นช วงเวลา บริการแบบไม ประจำ เส นทางโดยให เช า เหมาลำแบบเป นเที่ยว
25%
ลูกค าหลัก 10 รายแรก <1,000,000 ดอลลาร สหรัฐ 0.5-1,000,000 ดอลลาร สหรัฐ <500,000 ดอลลาร สหรัฐ 30%
29% #AQ-> ¡ »»¨
K#/AI % @''ëý -A >/*= %>J1<6/õ> 3>-6=-*=%$ø =& 1E õ>L% 1Dô-9D!6>7 //-71= K . >/!/3 69& 9 I/C9 L7õ-A 3>-*/õ9-J1<-A'/<6@#$@,>*L% >/I @%I/C99.Eô!19 I*CQ9L7õ-=Q%L 3ô>I/C9 9 K#/AI % @''ëý 6>->/"L7õ&/@ >/ =& 1E õ>9D!6>7 //-/>.L7sôM õ I ô% ©¯· ©ÐÓÓÐÖÕ ¹ÐÖ »ÐÕÛÖ ºÏÐ××ÐÕÎ J1< ªÈÙÎÐÓÓ ¶ÊÌÈÕ »ÙÈÕÚ×ÖÙÛÈÛÐÖÕ &/@5=# K#/AI %M#. I9I.%!ø A6ø V> = -7> %
/>. >%'/< V>'├м ┬Щ┬Ь┬Ь┬Э
41
*%= >% 9 &/@5=#;
'├╕ =.&3 J1<1& 9 $D/ @
3=%#AQ ┬Ъ┬Ч =%.>.% ┬Щ┬Ь┬Ь┬Э K#/AI % @''├л├╜ -A V>%3% *%= >%L%6V>%= >%#AQI %->/├╕ 6@ K'/├╕ J1< /D I#* V>%3% ┬Ю┬Э % %9 > %AR.= -A*%= >%#AQ' @&=!@ >%&%I/C9 V>%3% ┬Э┬Ь┬Э % K#/AI % @''├л├╜ -A&D 1> /#AQ-A 3>-/E├╡ 3>6>->/"L% >/&/@7>/ >%#= R #> I# %@ J1< >/!1> '/< V> 9.E├┤#AQ6V>%= >% /D I#* K .6├┤3%L7s├┤I .I'├╗%(E├╡#AQ' @&=!@ >% &%I/C9-> ├┤9% 6├┤3%6V>%= >%#AQ6@ K'/├╕ &/@5=#; -A#A- >. J1< >/!1> #AQ-A 3>-/E├╡ '/<6& >/ ├╕ J1< 3>- V>%>s L%$D/ @ I @%I/C9I'├╗%9.├┤> A
->/├╕ 9+!├╕ > >/ ├╕3├┤>9D'6 ├╕ >/ %6├┤ 6@% ├╡>J7├╡ I# 9 <I*@Q- BR%/├╡9.1< ┬Ю L%'├м ┬Щ┬Ь┬Ь┬Ю K . >/I!@&K!6├┤3%L7s├┤ < I'├╗%(1-> > >/ ├╡>#AQI AQ.3 ├╡9 =&I71P I-9/├╕/@1 1@% ├╕ M ├╡!=R 9=!/> >/I!@&K! 9 &/@5=#M3├╡#AQ/├╡9.1< ┬Ю K . ARL7├╡I7P%3├┤> !=3I1 = 1├┤>3 <I'├╗%(1-> > >/ > >/ ├╕ >/I*@Q- BR% 9 >/ ├╡> >.J/├┤I71P #> #<I1/├╡9.1< ┬Ш┬Щ L%6├┤3% 9 9D'#>% 9>/├╕I96 *1>K! > >/ ├╕3├┤> >/6├┤ -9&I/C9 <-A9=!/>1 1 ┬Ы┬Ч┬Ф┬Ы┬Ь 1├╡>%I #I3#!=%L% '├м ┬Щ┬Ь┬Ь┬Ю BQ <6├┤ (1L7├╡I @ >/ .>.!=3 9 9 I/C96D#$@I*A. /├╡9.1< ┬Ы
,>3< >/J ├│ =% $D/ @ I/C9&//#D 6@% ├╡>J7├╡ I# 9 I'├╗%9D!6>7 //-#AQ -A >/J ├┤ =%6E BQ '/< 9& ├╡3.I/C9 %6├┤ 6@% ├╡>#=Q3M'J1<I/C9 %6├┤ 6@% ├╡>J7├╡ I# 9 L%'/@-> ┬Ш┬Ь┬У┬Ч┬Ч┬Ч ┬Ф ┬Ь┬а┬У┬а┬а┬а I #I3#!=% K .-A(E├╡'/< 9& >/'/<-> ┬Ш┬У┬Ь┬а┬Ш />. J1<I/C9 V>%3% '/<-> ┬Ь┬У┬Ы┬Э┬Ы 1V> J(%,E-@ ┬а 6= 6├│3% >/"C9 /9 I/C9
28%
33%
1-4 р╕ер╕│ 5-9 р╕ер╕│ 10-14 р╕ер╕│ 15-19 р╕ер╕│ > 20 р╕ер╕│
9% 10%
20%
#AQ-> ┬б ┬╗┬╗┬и
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BUSINESS REVIEW AND OUTLOOK
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> >/#AQ D- %-A 3>- = 31-> BR%I AQ.3 =& /<&3% >/ 9 "ô>%7@% I-CQ9I/P3O %AR 7%ô3. >%L%/< =&#õ9 "@Q%J1< = 73= 71>.J7ô M õ#V> >/&= =&L õ7/C9I*@Q-I!@- õ9 V>7% #AQI AQ.3 =& >/'ð9 =%9.ô> I /ô /= I*CQ9#AQ <' 'ð9 EJ1 D- %J1<6@Q J3 1õ9- ¼´º M õ'/=&'/D K/ >%9.ô> !ô9I%CQ9 I*CQ9L7õI'û%M'!>-J1< 7/C9I7%C9 3ô> õ9 V>7% = 1ô>3 #V>L7õ ¼´º M õ/=& >//=&/9 ->!/ >% °º¶ 3>-I6AQ. ô>%(1@!,= ÷# J#%J1< >/ .>.!1> K .#=Q3M' #/=*.> /71= #AQL õL% >/(1@!*1= >% I*CQ9L õL%9D!6>7 //- 9 '/<I#4M#. M õJ ô %VR>-=%I!> ö> $//- >!@ J1<"ô>%7@% %VR>-=%I!>I'û%I CR9I*1@ #AQ&/@5=# (Eõ(1@!6ô3%L7sôI1C9 L õ I%CQ9 > >/ = 7>#V>M õ6< 3 >/L õ >%M-ô. ôD .> J1< ô>.!ô9 >/&V>/D /= 5> ö> $//- >!@ I'û%9A #> I1C9 7%B Q 9 9D!6>7 //-I%C9Q > -A/> >"E 3ô> %VR>-=%I!> 6ô3% >/L õ"ô>%7@%L% >/(1@!*1= >%.= M-ôI'û% #AQJ*/ô71>. "B J-õ3ô>"ô>%7@%6>->/"%V>M'(1@!*1= >%M õJ1<-A !õ%#D%!VQ> J!ô(Eõ(1@!71>./>. P V>1= -9 7>J71ô *1= >% # J#%9CQ%O I ô% J 1& I45M-õ J1<*1= >% A3,>*9CQ%O 3>-I6AQ. #AQI AQ.3 =&(1 /<#&!ó9 D- %J1<6@Q J3 1ô9 "ô>%7@%-A71>.'/<I,# M õJ ô J9%#/>M !ø &@#E-@%=6 =&&@#E-@%=6J1<1@ M%!ø 'ù D&=% ¼´º %V>I õ>"ô>%7@%&@#E-@%=6 J1< =&&@#E-@%=6 BQ -A V>-<"=%L%/< =&!VQ> '/@-> V>-<"=% 9.EôL% ô3 /õ9.1< L% <#AQ%VR>-=%I!>-A V>-<"=%9.EôL% ô3 /õ9.1< #V>L7õ-(A 1 /<#& =&6@ Q J3 1õ9-%õ9. 3ô> I*CQ9#AQ <1 #=4% !@L%I @ 1&I AQ.3 =&I/CQ9 = 1ô>3 J1<(1 /<#&#> õ>%6@Q J3 1õ9-!ô9 D- % ¼´º B M õ !@ !>- /<&3% >/(1@!9.ô> L 1õ @ J1<L7õI'û%M'!>- õ9 &= =& 9 /= &>1 K .I *><9.ô> .@Q ¼´º M õ1 >/J*/ô /< >. 9 )Dï%1<99 õ3. >/L õ/<&& >/ = I P&J&&'ë >/ = L7õ-A(õ>L& 1D-/9& 9 "ô>%7@% >/ A %VR> = )Dï%M-ôL7õ +Dð /< >. >/6/õ> /=R36E /9& 1= 6@% õ> J1< >/'1E !õ%M-õ K ./9&&/@I3 #AQ @%I*CQ9 = )Dï%1<99 /"#AQ&//#D "ô>%7@% <-A(õ>L&'ë 1D--@ @ J1< <-A >/1õ> 1õ9/"&//#D ô9%#AQ <99 > K/ >%I*CQ9M-ôL7õI45"ô>%7@%! 1 &%"%%
3>-I6AQ. #AQI AQ.3 ô9 =& 1Dó-$D / @ 'Dñ.J1< 1= 6@ % ô > L% I3A. %> 3>-I6AQ. #AQI AQ.3 =&/> >3=!"D @& 9 'Dñ. /> >3=!"D @& 9 'Dò.-A 3>-(=%(3%#=R L%'/<I#4J1< #=Q3K1 "B J-õ3ô> 3>-(=%(3%I71ô>%AR9> <M-ô6>->/" "E V> = M'M õ#=R 7- J!ô6>->/"&//I#>J1<1 1 M õ õ3. >/L õJ%3#> >/ 3& D- 3@$A C9 >//= 5>6@% õ> 1= L7õ9.EôL%/< =&!VQ> I*CQ9 V> = 3>-I6AQ. L%,>3<!1> ! !VQ> J1< >/L õ%K.&>. V>7% /> >J1<6ô3%1 #AQJ%ô%9% 3& Eô =& >/&/@7>/ = >/1E õ> õ3.->!/ >% 9 D ,>* #AQI7%C9 3ô>J1< >/ >.J&&I @%6 3>-I6AQ. L% >/ = 7>3=!"D @& 9 'Dñ. &> 9 K = CR 9 3= ! "D @ & #=R > L%'/<I#4J1< !ô> '/<I#4 L%6= 6ô3%#AQI#ô> =% C9 CR9 > L%'/<I#4 /õ9.1< J1<!ô> '/<I#4/õ9.1< õ3.%K.&>.I @ 1.D#$ø 9 &> 9 K L% >/ V >/ 6@ % õ> 1= #AQ/< =&!VQ > J1< >/ = CR93=!"D @ &J&&!/ !ô9I31> ÑÜÚÛ ÐÕ ÛÐÔÌ 6ô (1L7õ&> 9 K -A 3>-I6AQ. !ô9K9 >6#AQ < > J 1%3=!"D @&-> BR%L%I31>#AQ3=!"D @& L%!1> -A'/@-> %õ9. &> 9 K -A >/6/õ> 3>-6=-*=%$ø9=% A =&(Eõ = 7> 6@% õ>J1<3=!"D &@ #= R %> 1> J1< %> L7sôL%!ô> '/<I#4 ->I'û%I31>%>% BQ (Eõ = 7>6@% õ>I71ô>%AR!ô> L7õ >/ ô3.I71C9 J1<6%=&6%D%&> 9 K 9.ô> !ô9I%CQ9 õ3.->!/ >% >/ .B -=Q% õ>% D ,>* >/' @&=!@!>- õ9(E *=%#> 6=ss> J1< >/ V>/<I @%#AQ!/ I31> >/J ó =% 9 $D/ @ 'Dñ.,>.L%'/<I#4 '/<I#4I3A. %>-I'û%!1> #AQ-A >/J ô =%6E 6V>7/=& 'Dò.J1<I -AI 5!/ //- ÈÎÙÖÊÏÌÔÐÊÈÓ 'ù D&=% >/(1@! 9 'Dò. µ·² L%I3A. %>- #=R J&&(6-J1<9= I-P 9.EôL% /< =&I @% A 3>-6>->/" 9 >/(1@! BQ <%AR V>1= -A >/3> J(% >/ V>I%@% >%9A 71>.K / >/I*CQ9/9 /=& L%'ì!ô9O M' &/@5=# K#/AI %M#. I9I.%!ø A6ø V> = -7> %
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&> 9 K I1C9 1.D#$ø >/6/õ> 3>-J! !ô> J1< -Dô I%õ%#AQ(1@!,= ø*@I45I *><#> I*CQ9 V> = 3>-I6AQ. L% >/J ô =% &> 9 K -A6E!/'Dò.-> 3ô> 6E!/ !=R J!ô6E!/ #AQL õL%!1> #=3Q M' %"B 6E!/*@I45I *>< B Q #V>L7õ-%=Q L M 3õ >ô &> 9 K .= I'û%(Eõ%V>L% >/J ô =% BQ K .#=Q3O M'J1õ3 <-A(1@!,= øI*A. '/<I,#I#ô>%=R% &> 9 K -A /<&3% >/(1@!71>./<&& J1<.= I*@Q-E1 ô>L7õ =&(1@!,= ø õ3. /<&3% >/(1@!*@I45I *><#> I ô% >/9= J%ô% ªÖÔ×ÈÊÛÐÖÕ ¼º· J1< >/I 1C9&'Dò. õ3. 6>/ A3,>* õ3.J%3#> %AR &> 9 K 6>->/"/= 5> D ,>* J1< CQ9I6A. 9 (1@!,= ø /3-"B ,>*1= 5 ø 9 &/@5=#; L%!1> >/6ó -9&'Dñ.#AQ!/ I31> õ3.%K.&>. >/(1@!J&&!/ !ô9I31> ÑÜÚÛ ÐÕ ÛÐÔÌ 9 &> 9 K 6@% õ>6V>I/P /E' 1= B -A'/@-> !VQ> BQ 9> #V>L7õ 3>-I6AQ. #AQ <6ô -9&6@% õ>L7õJ ô1E õ>1ô> õ>-A-> BR% &> 9 K = >/ 3>-I6A.Q %AKR . >/&/@7>/ = >/7ô3 K ô9D'#>% ºÜ××Óà ÊÏÈÐÕ 9.ô> -A'/<6@#$@,>* K/ >% < #/>&"B V>6=Q CR9#AQI õ>->1ô3 7%õ>71>.6=' >7ø &> 9 K -A J (% >/&V > /D /= 5>9D ' / ø J 1<I /CQ 9 = /I*CQ 9 'ð 9 = % 3>- V>/D & */ô9 J1<I*CQ9/= 5> V>1= >/(1@!M3õ9.ô> 6-VQ>I6-9 71= > %=R%(1@!,= ø <(ô>% /<&3% >/&// D 1 "D J&&9=!K%-=!@ J1<"E = 6ô L7õ =&1E õ>K .I/P3 3>-I6AQ. ô>%9=!/>J1 I'1AQ.% &> 9 K = C9R 3=!"D &@ /õ9.1< 3õ .6 D1I @% 911>/ø 67/= 9I-/@ > J1< >.6@% õ>6V>I/P /E',>.L%'/<I#4I'û%6 D1 I @% 9 I3A. %>- > >/#AQ/= &>1I3A. %>-M õ'/< >41 ô>I @% 9 I3A. %>-9.ô> !ô9I%CQ9 #V>L7õ&/@5=#; -A 3>-I6AQ. õ>%9=!/>J1 I'1AQ.% 3>-I6AQ. #> õ>%9=!/>J1 I'1AQ.%%AR 9> = >/M õ õ3. >/ V>/ 6@% õ> 1= L7õ9.EôL%/< =&!VQ> !>-%K.&>.I @ 1.D#$ø 9 &/@5=#; J1< >/L õ%K.&>. >/ CR9 >. V>/<I @% õ3.I @%6 I*CQ9L7õ-A7%AR1E õ>I'û%4E%.ø J%3#> %AR ô3.L7õ&> 9 K 6>->/" V>/<I @%L7õJ ô(Eõ = 7> 6@% õ>M õ#=%#A J1<1 3>-I6AQ. õ>%9=!/>J1 I'1AQ.% 9 6 D1I @% 911>/ø67/= 9I-/@ >
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ô9% >/'/< D-(Eõ"C97Dõ%L P!>- (Eõ"C97Dõ%J!ô1</>. <M /õ &= õ9-E1#A Q /&"õ3%J1<I*A. *9I A.Q 3 =&3>/< >/'/< D#AQ -A >/%V > I6%9 BQ <J%&M'*/õ 9 - = & 7%= 6C 9 &9 1ô > 3 >/'/< D- (Eõ"C97Dõ% <M õ/=&J&&+9/ø-7%= 6C9-9& =%#< I*CQ9 I'ë K9 >6L7õ("õE 9C 7D%õ J!ô != R !=3J#% 7/C9I1C9 //- >/9@6/< %L %7%BQ I'û%(Eõ/=&-9&9V>%> L% >/I õ>/ô3-'/< D-J1< 99 I6A. 1 -!@L%#AQ'/< D-J#%!% I*CQ9I*@Q- ô9 #> >/6CQ96>/J1< >/-A6ô3%/ô3- 9 (Eõ"C97Dõ% &/@5=#; M õ V>7% %K.&>.L7õ(Eõ"C97Dõ%-AK9 >6L% >/I6%93>/< >/'/< D-(E"õ 9C 7D%õ ô9% >/'/< D-(E"õ 9C 7D%õ K . (Eõ"C97Dõ%6>->/"6ô V>">-->.= &/@5=#; J1<I6%93>/< >/'/< D-(Eõ"C97Dõ%!ô9 < //- >/I*CQ9*@ >/ >(ô>%#> I3P&M !ø 9 &/@5=#; %9 > %AR &/@5=#; M õ = #V>J%3' @&=!@ I*CQ9I'ë K9 >6L7õ(Eõ"C97Dõ%I6%9 CQ9 //- >/(ô>%#> I3P&M !ø 9 &/@5=#; &/@5=#; M õ-A >/I6%9L7õ(Eõ"C97Dõ%6ô /<I&A.&3>/< >/'/< D- J1<I6%9 CQ9(Eõ#/ D 3D @I*CQ9I õ>/=& >/I1C9 !=R I'û% //- >/ ,>.L%3=%#AQ =%.>.% 9 #D 'ì I*CQ9#AQ < //- >/ <M õ-AI31>I*A. *9L% >/*@ >/ >L7õ /&#D 3>/< #=R %AR 71= I ø >/L7õ6@#$@(Eõ"C97Dõ%I6%9/<I&A.&3>/< >/'/< D- J1<I6%9 CQ9(Eõ#/ D 3D @I*CQ9I õ>/=& >/I1C9 !=R I'û% //- >/M õ"E %V>->1 M3õL%I3P&M !ø 9 &/@5=#; ,>.L!õ 7=3 õ9%= 1 #D%6=-*=%$ø
>/'/< D-(Eô"C97Dô%
%K.&>. 9 &/@5=#; C9 < = '/< D-(Eõ"C97Dõ%!>-#AQ 7->. V>7% J1<I'ë K9 >6L7õ(Eõ"C97Dõ%L õ6@#$@ 9 !% 9.ô> I!P-#AKQ .M /õ &= õ9-E19.ô> A 9ô %7%õ>#A Q <L õ6#@ $@ = 1ô>3 &/@5=#; < = >/'/< D-6>-=s(Eõ"C97Dõ%'/< V>'ì,>.L% I C9%%=& > 3=%6@R%6D 'ì & >/I @% 9 &/@5=#; K .I'û% M'!>- 7->.#ALQ õ& = =&J1< õ9 V>7% 9 !1> 71= #/=*.ø J7ô '/<I#4M#. %=&!=R J!ô >/I/A. '/< D- >/J õ 3>/< >/ '/< D- >/6ô I9 6>/ >/'/< D- >/ V>I%@% >/'/< D-M' %"B >/%V>6ô />. >% >/'/< D %9 > %AR &/@5=#; .= M õ!A*@-*ø7%= 6C9&9 1ô>3 >/'/< D-L%7%= 6C9*@-*ø/>.3=% &=&,>5>M#.9.ô> %õ9.
&=& J1<7%= 6C9*@-*ø/>.3=% &=&,>5>9= 059.ô> %õ9. &=& I'û%I31>!@ !ô9 =%9.ô> %õ9. 3=% ô9% >/'/< D-6>-=s (Eõ"C97Dõ%'/< V>'ìJ!ô1< /=R /3-"B &/@5=#; .= M õI(.J*/ô 7%= 6C9&9 1ô>3 >/'/< D-L%I3P&M !ø 9 &/@5=#; 9A õ3. L%'ì &/@5=#; M õ = >/'/< D-(Eõ"C97Dõ% /=R C9 >/'/< D-3@6>-=s 9 (Eõ"C97Dõ% /=R #AQ I-CQ93=%#AQ $=%3> - J1< >/'/< D-L7sô6>-=s'/< V >'ì 9 (Eõ"C97Dõ% /=R #AQ I-CQ93=%#AQ - /> - />.1<I9A. /<&3% >/'/< D-(E"õ 9C 7D%õ L%'ì -A = %AR 3@$A >/ ó9% >/'/< D L%'ì &/@5=#; M õ = >/'/< D-3@6>-=s 9 (Eõ"C97Dõ% /=R #AQ I-CQ93=%#AQ $=%3> - I31> % K/ J/-*1> ô>J9#$@%A /D I#*; J1< >/'/< DL7sô6>-=s'/< V>'ì 9 (Eõ"C97Dõ% /=R #AQ I-CQ93=%#AQ - /> - I31> % K/ J/-9@-*AI/A.1 3A%6ø'>/ø /D I#*; K .6">%#AQ = >/'/< D-(Eõ"C97Dõ% = 1ô>3 I'û%6">% #AQ BQ -A/<&& %6ô -31 %#AQ(Eõ"C97Dõ%6>->/"L õL% >/I @%#> M'I õ>/ô3-'/< D-M 9õ .ô> 6< 3 #= R %A R &/@5#= ; M Jõ õ V>7% 3=% I31> 6">%#AQ'/< D-J1</<I&A.&3>/< >/'/< D-*/õ9/>.1<I9A. '/< 9&-!@ < //- >/L%J!ô1<3>/<#AQI6%9 !ô9#AQ'/< D- L7õ(Eõ"C97Dõ%/=&#/>&(ô>% ô9 #> 9 !1> 71= #/=*.ø; L%3=%#V> >/"= > 3=%#AQ < //- >/-A-!@L7õ I/A. '/< D-(Eõ"C97Dõ% &/@5=#; V>7% 3=%'ë 6-D #<I&A.%/>. CQ9(Eõ"C97Dõ% I*CQ9I'û% >/L7õI31>L% >/*@ >/ >7%= 6C9&9 1ô>3 >/ '/< D- 7/C9 >/ 9 õ9-E1I*@-Q I!@- ô9% >/'/< D- K .&/@5#= ; M õ6ô 7%= 6C9&9 1ô>3 >/'/< D-3@6>-=s 9 (Eõ"C97Dõ% /=R #AQ J1<I9 6>/'/< 9& >/*@ >/ > L7õ =&(Eõ"C97Dõ% J1<!1> 71= #/=*.øJ7ô '/<I#4M#.I-CQ93=%#AQ $=%3> - J1<M 6õ ô 7%= 6C9&9 1ô>3 >/'/< D-L7sô6>-=s'/< V> 'ì 9 (Eõ"C97Dõ% /=R #AQ J1<I9 6>/ >/'/< 9& >/ *@ >/ >L7õ =&(Eõ"C97Dõ%J1<!1> 71= #/=*.øJ7ô '/<I#4M#. I-CQ93=%#AQ - /> - BQ M-ô%õ9. 3ô> 3=% ô9% >/'/< D-J!ô1< /=R 9.ô> M/ P A &/@5=#; <*.>.>- 9.ô> I!P-#AQ# AQ < V>I%@% >/ = 6ô 7%= 6C9&9 1ô>3 >/'/< D&/@5=# K#/AI %M#. I9I.%!ø A6ø V> = -7> %
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L7õJ ô(Eõ"C97Dõ%L7õM õ-> 3ô> 3=%1ô3 7%õ> ô9% >/'/< D- !>-71= ' @&=!@#AQ A 9 !1> 71= #/=*.ø; %9 > %AR 7%= 6C9 &9 1ô>3 >/'/< D- = 1ô>3M "õ E %V>->1 M3õL%I3P&M !ø 9 &/@5#= ; 1ô3 7%õ> ô9% >/'/< D- I*C9Q L7õ("õE 9C 7D%õ -AI31>L% >/ 4B 5> õ9-E1I*CQ9'/< 9& >/!= 6@%L #=R %AR 3>-I7P% 9 < //- >/ <-A9.EôL%J!ô1<3>/< 9 >/'/< D &/@5#= ; 6%=&6%D%6ô I6/@-(E"õ 9C 7D%õ 9 &/@5#= ; #D 1D-ô /3-"B (Eõ"C97Dõ%'/<I,#6">&=%L7õI õ>/ô3-'/< D-(Eõ"C97Dõ%#=R %AR %9 I7%C9 > >/6ô I9 6>/#> M'/5 A.Jø 1õ3 I*C9Q (1'/<K. %ø 9 (Eõ"C97Dõ% &/@5=#; B M õ-A >/J õ L7õ(Eõ"C97Dõ%/=&#/>& (ô>% ô9 #> 9 !1> 71= #/=*.ø; &/@5=#; "B >/I(.J*/ô 7%= 6C9&9 1ô>3 >/'/< D-3@6>-=s 9 (E"õ 9C 7D%õ /= R #A Q */õ9-I9 6>/'/< 9& >/'/< D-#= R D L7õ6>->/" >3%øK71 &%I3P&M !ø 9 &/@5=#; M õ!=R J!ô3=%#AQ $=%3> - J1< M õI(.J*/ô7%= 6C9&9 1ô>3 >/'/< D-L7sô6>-=s'/< V>'ì (Eõ"C97Dõ% 9 &/@5=#; /=R #AQ */õ9-I9 6>/'/< 9& >/ '/< D-#= R D L7õ6>->/" >3%øK71 &%I3P&M !ø 9 &/@5=#; M õ!=R J!ô3=%#AQ - /> - %9 > %AR &/@5=#; .= M õ!A*@-*ø7%= 6C9&9 1ô>3 >/'/< D-L%7%= 6C9*@-*ø/>.3=% &=&,>5>M#.9.ô> %õ9. &=& J1<7%= 6C9*@-*ø/>.3=% &=&,>5>9= 059.ô> %õ9. &=& I'û%I31>!@ !ô9 =%9.ô> %õ9. 3=% ô9% >/'/< D6>-=s(Eõ"C97Dõ%'/< V>'ìJ!ô1< /=R #=R %AR 7%= 6C9&9 1ô>3 >/'/< D-3@6>-=s 9 (Eõ"C97Dõ% /=R #AQ M õ!A*@-*ø1 L%7%= 6C9*@-*ø#=R &=&,>5>M#.J1<,>5>9= 05 I'û%I31> 3=% C93=%#AQ $=%3> - J1<7%= 6C9&9 1ô>3 >/ '/< D-L7sô6>-=s'/< V>'ì(Eõ"C97Dõ% 9 &/@5=#; /=R #AQ M õ!A*@-*ø1 L%7%= 6C9*@-*ø,>5>9= 05 I'û%I31> 3=% C9 3=%#AQ - /> - %9 > %A R ô9% >/'/< D-6>-=s'/< V>'ì 9 (E"õ 9C 7D%õ 7/C9 >/'/< D-3@6>-=s 9 (Eõ"C97Dõ%L%J!ô1< /=R (Eõ"C97Dõ% <M /õ &= />.1<I9A. >/'/< D- I ô% I31> J1<6">%#A Q = >/ '/< D- /<I&A.&3>/< >/'/< D-'/< 9& =&I7!D(1J1< õ9 @ I7P % 9 < //- >/L%J!ô1<3>/<#AQI6%9!ô9#AQ'/< D- J&&+9/ø-7%= 6C9-9& =%#< J1</>. >/I9 6>/#AQ!õ9 L õ L% >/I õ>/ô3-'/< D- I*CQ9 ô3.(Eõ"C97Dõ%L% >/L õ6@#$@J1< 1 <J%%I6A. L%J!ô1<3>/< >/'/< D&/@5=# K#/AI %M#. I9I.%!ø A6ø V> = -7> %
#AQ'/< D-(Eô"C97Dô% L%#AQ'/< D-(Eõ"C97Dõ% &/@5=#; M õ9V>%3. 3>-6< 3 L% >/1 #<I&A.%(Eõ"C97Dõ%K . >/ = ô9 1 #<I&A.%J. /<73ô> (Eõ"C97Dõ%J1<(Eõ/=&-9& =%#< J1<M õ%V>/<&&&>/øK õ ->L õL% >/1 #<I&A.%6V>7/=&(EõI õ>/ô3-'/< D- J1<L õL% >/%=& <J%% */õ9- =%%AR&/@5=#; M Jõ %& 9 7->.J&& !9&/=&M3õI*C9Q L7õ("õE 9C 7D%õ 6ô 7%= 6C9-9& =%#<->#> M'/5 A.ø 9A 3õ . %9 > %A&R /@5#= ; M -õ A >/%V>/<&& >/1 <J%%I6A. J&&9@I1 #/9%@ 6ø Ì ÝÖÛÐÕÎ 9 &/@5=# 4E%.ø/=&)> 71= #/=*.øJ7ô '/<I#4M#. V > = »º« ->L õL% >/ 1 #<I&A.%(Eõ"C97Dõ%J1< >/%=& <J%%I6A. I*CQ9I'û% >/I*@Q'/<6@#$@,>*J1< 3>-K'/ô L6 /<73ó> >/'/< D '/<$>% //- >/#V>7%õ>#AQI'û%'/<$>% >/'/< D- (Eõ"C97Dõ% I*CQ99V>%3. 3>-6< 3 L7õ =&(Eõ"C97Dõ%J1<I*CQ9L7õ I @ 3>- = I % -A >/L õ69CQ -=1!@-IA .A L% >/%V>I6%9/<73ô> >/'/< D-#=R 7- &/@5=#; = >/'/< D-!>-3>/<#AQM õ V>7% J1<I'ë K9 >6L7õ(Eõ"C97Dõ%#D %M õ1 <J%%I6A. 9 !%9.ô> I#ô>I#A.- =% L%#AQ'/< D-3@6>-=s 9 (Eõ"C97Dõ% /=R #AQ J1< L%#AQL7sô6>-=s'/< V>'ì 9 (Eõ"C97Dõ% /=R #AQ #AQ(ô>%-> %=R% &/@5=#; M õI @s#AQ'/B 5> 7->. > &/@5=##AQ'/B 5> I9 I9P%*A V> = I'û% % 1> #AQI'û%9@6/< ÐÕËÌ×ÌÕËÌÕÛ ÐÕÚ×ÌÊÛÖÙ I*C9Q #V>7%õ>#A!Q /3 69& >/1 #<I&A.%J1< >/%=& <J%%I6A. L%#AQ'/< D- J1<'/<$>%L%#AQ'/< D-M õ 9L7õ- A (Eõ"C97Dõ% %->I'û%6= A*.>%L% >/%=& <J%%I6A. õ3. BQ M õ-A(Eõ"C97Dõ%L%#AQ'/< D- %I6%9 9I'û%6= A*.>%L% >/%=& <J%%I6A. L% >/'/< D- I*CQ9L7õ >/'/< D-(Eõ"C97Dõ% 9 &/@5=#; I'û%M'9.ô> K'/ô L6J1<"E !õ9 !>- 7->. &/@5=#; M õ/=& >/'/<I-@%(1 > >/6V >/3 >/ V> =& EJ1 @ >/&/@5=# #<I&A.%L%/< =& AI1@4 ô3 <J%% /<73ô> 6V>7/=& D ,>* 9 >/ = >% >/ '/< D-6>-=s(Eõ"C97Dõ%'/< V>'ì 9.ô> !ô9I%CQ9 L%'ì K .(1 >/'/<I-@%-> > J&&'/<I-@% 9 6V>%= >% < //- >/ V> =&71= #/=*.øJ1<!1> 71= #/=*.ø/3ô - =&6-> &/@5=# #<I&A.%M#. J1<6-> -6ô I6/@-(Eõ1 #D%M#.
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%K.&>.3ó> ô3.6@#$@ 9 (Eô-A6ó3%M ôI6A. &/@5=# K#/AI %M#. I9I.%!ø A6ø V> = -7> % I1P I7P%J1<!/<7%= "B 3>-6V> =s 9 1Dô-(Eõ-A6ô3%M õI6A. #D 1Dô- J1<&/@5=#; !/<7%= A3ô> >/6%=&6%D% 9 1Dô- (Eõ-A6ô3%M õI6A. < ô3.6/õ> 3>-.=Q .C%L7õ =& 3>-M õI'/A.& L% >/J ô =% J1< 3>-6>->/"L% >/#V> V>M/ 9 &/@5=#; &/@5=#; B V>%B "B (1'/<K. %ø 9 (Eõ-A6ô3%M õI6A.#D 1Dô- #=R (Eõ-A6ô3%M õI6A.,>.L%9 ø / 1ô>3 C9 (Eõ"C97Dõ% *%= >% J1<)ï>.&/@7>/ J1<(Eõ-A6ô3%M õI6A.,>.%9 9 ø / I ô% I õ>7%AR Eô õ> 1E õ> D- % 7%ô3. >%/> >/ J1<9 ø / #AQI AQ.3 õ9 9CQ%O &/@5=#; ' 'ð9 6@#$@ 9 &D 1 = 1ô>3 õ3. >/' @&=!@!>- 7->.J1< õ9&= =&!ô> O #AQL õ&= =& 9.ô> I /ô /= !19 % V>7% L7õ-/A <&& >/ 3& D-,>.L% #AQI7-><6-J1<!/3 69& >/' @&=!@!>- õ3.
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7/C97> >//=&7/C9 >/L7õ%%=R "C93ô>I'û% 3>-*.>.>-#A Q <L7õ -A9@#$@*19.EôI7%C9 >/!= 6@%L //- >/ (E&õ /@7>/ 7/C9*%= >% J1<6-> @ /9& /=3 9 &D 1I71ô>%AR M-ô 3/ <.9-/=&7/C9/=& 9 3=s7/C9 >/ I1AR. /=&/9 L O L% / A = !ô9M'%AR M-ô69 1õ9 =& J%3' @&=!@I @ $D/ @ #AQ' @&=!@6C&!ô9 =%-> -A ô>6E -> 9> !A 3>-M õ3ô>I'û%I @%#AQ-A,>/<(E *=% I @%6@%&% 7/C9 >/ ô>.I @%#AQ1<I-@ !ô9 7->. 1<I-@ !ô9 7->. 7/C9I6CQ9-I6A. CQ9I6A. J ô&/@5=#; 7> "E I'ë I(. &/@5#= ; M õ >V 7% %K.&>.I A.Q 3 =& >/ = C9R #A-Q /A <&& I*C9Q 'ð9 =% >/#D /@! K ./<&D %=R !9% >/ = C9R 9V>%> 7%õ>#AQ 9 I õ>7%õ>#AQ)ï>. = CR9 < //- >/ D .ô9.#AQ#V> >/ !/3 /=&6@% õ> BQ <I'û% %1< 1Dô- =&I õ>7%õ>#AQ)ï>. = CR9 &/@5=#; M õ = L7õ-A ô9 #> L% >//>. >% ->.= < //- >/!/3 69& K .(ô>%#> I3P&M !ø 9 &/@5=#; J1<#> !Eõ ' 7> -A õ96 6=. 7/C9*&I7P% >/)ï>)î% 7/C9 >/ /<#V>#D /@!J1< 9/ø/'= =% #= R %A R &/@5#= ; -A->!/ >/ Dõ- /9 L7õ =&(Eõ/>. >% (Eõ/õ9 I/A.% 7/C9(Eõ#AQL7õ 3>-/ô3--C9 L% >//>. >% = 1ô>3 ¾ÏÐÚÛÓÌÉÓÖÞÌÙ ·ÖÓÐÊà
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