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5LVNV IURP 'HYHORSPHQW DQG 6DOHV RI +RUL]RQWDO 3URSHUWLHV
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
5LVNV IURP 'HYHORSPHQW RI &RPPHUFLDO 6N\VFUDSHUV
3GD BNLO@MX G@R ADDM CDUDKNOHMF BNLLDQBH@K ATHKCHMFR @MC RJXRBQ@ODQR AX QDMSHMF SGD K@MCR KNB@SDC HM ONSDMSH@K KNB@SHNMR @S SGD BDMSDQR NE SGD BHSX (M LNRS B@RDR SGD KD@RD BNMSQ@BSR K@RS XD@QR VHSG SGD XD@Q DWSDMRHNM NE KD@RD BNMSQ@BSR 3GDRD KD@RDC K@MCR @QD TRDC @R SGD KNB@SHNMR ENQ NEEHBD ATHKCHMFR GNSDKR NQ RDQUHBDC @O@QSLDMSR *ROGHQ /DQG 3URSHUW\ 'HYHORSPHQW 3XEOLF &RPSDQ\ /LPLWHG
5LVN )DFWRUV
3GHR JHMC NE CDUDKNOLDMS QDPTHQDR @ FQD@S @LNTMS NE HMUDRSDC LNMDX ATS SGD BNLO@MX B@M FDS KNMF SDQL ADMDEHSR HM SGD ENQL NE QDMS@K EDDR NE SGD CDUDKNODC OQNLHRDR (E SGD DBNMNLX HR BNMSHMTNTRKX FQNVHMF SGD QDMS@K EDDR L@X QHRD @R VDKK 'NVDUDQ SGD BNLO@MX G@R SN RSQHBSKX @CGDQD SN @KK SGD SDQLR @MC BNMCHSHNMR HMBKTCDC HM SGD KD@RD BNMSQ@BSR @MC AD LNRS DEEDBSHUD @R ONRRHAKD HM OK@MMHMF @MC EHM@MBHMF @KK NE SGDRD OQNIDBSR DRODBH@KKX CTQHMF SGD BNMRSQTBSHNM@K OG@RD VGDM ATCFDSR MDDC AD BNMSQNKKDC @MC PT@KHSX RTA BNMSQ@BSNQR MDDC AD @SS@HMDC HM NQCDQ SG@S SGD OQNIDBSR B@M AD EHMHRGDC @MC ETMBSHNMDC @R OK@MMDC (M @CCHSHNM SGDQD @QD @KRN RNLD NSGDQ QHRJ E@BSNQR SG@S @QD NTS NE SGD BNLO@MX R BNMSQNK 3GDRD QHRJ E@BSNQR HMBKTCD ONKHSHB@K CDLNMRSQ@SHNMR M@STQ@K CHR@RSDQR @MC RGNQS@FDR NE K@ANQR @MC NQ L@SDQH@KR VGHBG B@M @EEDBS SGD CDUDKNOLDMSR NE SGD OQNIDBSR @MC SGD NODQ@SHNMR NE SGD ATRHMDRRDR 1DBDMSKX SGD BNLO@MX G@R BKNRDKX LNMHSNQDC SGDRD HMBHCDMSR HM NQCDQ SN AD @AKD SN RNKUD SGD NBBTQQHMF OQNAKDLR HLLDCH@SDKX (M SGD BNLO@MX EHMHRGDC SGD CDUDKNOLDMS NE SGD 2@SGNQM 2PT@QD .EEHBD 3NVDQ VGHBG HR @ RSNQHDC ATHKCHMF KNB@SDC NM -NQSG 2@SGNQM QN@C MD@Q "GNMF -NMRH !32 RS@SHNM "TQQDMSKX NE SGD TMHSR HM SGHR ATHKCHMF G@UD ADDM KD@RDC R ENQ SGD @CI@BDMS OQNIDBS NQ SGD 6 !@MFJNJ 'NSDK SGD BNMRSQTBSHNM NE SGD ATHKCHMF G@C ADDM BNLOKDSDC @MC SGD GNSDK V@R NODMDC AX SGD DMC NE XD@Q 'NVDUDQ SGD BNLO@MX HR RSHKK CDUDKNOHMF SGD 1TRRH@M $LA@RRX OQNIDBS VGHBG HR RTOONRDC SN EHMHRG VHSGHM XD@Q (M SGD BNLO@MX G@R SGD OK@M SN CDUDKNO @M NEEHBD ATHKCHMF @MC GNSDK NM 1@L@ QN@C MD@Q /G@H 2HMFG 3ND 3DLOKD +@MD ADB@TRD SGD BNLO@MX G@R QDMSDC SGHR K@MC EQNL SGD 1NX@K "QNVM /QNODQSX !TQD@T BBNQCHMF SN SGHR OK@M SGD OQNIDBS VHKK AD EHMHRGDC @MC QD@CX SN NODQ@SD VHSGHM XD@Q
5LVNV IURP 'HEWV 2ZHG WR )LQDQFLDO ,QVWLWXWHV
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
LD@RTQDR VHKK DM@AKD SGD BNLO@MX SN O@X @KK SGD CDASR @R HMCHB@SDC HM SGD KN@M BNMSQ@BSR ADSVDDM HS @MC EHM@MBH@K HMRSHSTSDR @MC @UNHC TMCDRHQ@AKD DEEDBSR NM SGD NODQ@SHNMR NQ ODQENQL@MBDR NE HSR OQNIDBSR 3GD HMBNLDR EQNL SGD R@KDR @MC SGD KD@RDR NE HSR OQNODQSHDR @MC @R VDKK @R SGD RDQUHBD DM@AKD SGD BNLO@MX SN G@UD DMNTFG LNMDX SN O@X HSR CDASR HM SGD BNMSQ@BSDC ODQHNCR NE SHLD 3GD BNLO@MX @MSHBHO@SDR LNQD HMBNLDR EQNL SGD @CCHSHNM@K OQNIDBSR SG@S VHKK AD EHMHRGDC HM SGD MD@Q ETSTQD
5LVNV IURP 6XUHW\
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
$QQXDO 5HSRUW
5LVN )DFWRUV
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
5LVN IURP &XVWRPHUV )DLOXUH WR 0DNH 3D\PHQW
R ENQ SGD GNTRHMF OQNIDBSR SGD BNLO@MX G@R @ BTRSNLDQ O@X CNVM LNMDX NM SGD C@X NM VGHBG SGD R@KDR BNMSQ@BS HR RHFMDC 3GD HMRS@KKDC O@XLDMSR VHKK AD O@HC HM @BBNQC@MBD SN SGD SHLD RODMS NM SGD BNMRSQTBSHNM NE SGD GNTRD 6GDM SGD BNMRSQTBSHNM NE SGD GNTRD HR BNLOKDSD SGD QDRS G@R SN AD O@HC NM SGD C@X NM VGHBG SGD QHFGS SN SGD GNTRD HR SQ@MREDQQDC SN SGD BTRSNLDQ 'NVDUDQ SN OQDUDMS SGD B@RD VGDQD @ BTRSNLDQ B@MMNS L@M@FD SN EHMC SGD LNMDX VHSGHM SGD @FQDDC ODQHNC NE SHLD SGD BNLO@MX G@R SN @RRHRS SGD BTRSNLDQ SN @OOKXHMF ENQ @ LNQSF@FD RDQUHBD EQNL @ BNLLDQBH@K A@MJ ADENQD SGD R@KDR BNMSQ@BS HR RHFMDC 3GHR DMRTQDR ANSG SGD BTRSNLDQ @MC SGD BNLO@MX SG@S @KK SGD LNMDX VHKK AD O@HC HM @BBNQC@MBD SN SGD BNMSQ@BS R ENQ SGD UDQSHB@K CDUDKNOLDMS OQNIDBSR SGD BNLO@MX GHQDR @FDMSR SG@S @QD DWODQS HM @RRDSR L@M@FDLDMS SN QTM SGD OQNIDBS HMBKTCHMF SN CN SGD L@QJDSHMF @MC SGD KD@RD SGD RO@BDR VHSG SGD BKNRD LNMHSNQHMF @MC BNNQCHM@SHNM AX SGD BNLO@MX R SD@LR
5LVN IURP 5DZ 0DWHULDO &RVWV DQG 6KRUWDJH LQ /DERUV
(M SGD O@RS XD@Q SGDQD G@UD ADDM L@MX OQNODQSX CDUDKNOLDMS OQNIDBSR DRODBH@KKX GNTRHMF OQNIDBSR @MC BNMCNLHMHTLR DLDQFHMF 3GHR QDRTKSR HM SGD RGNQS@FD HM BNMRSQTBSHNM@K K@ANQR @MC SGD QHRD NE BNMRSQTBSHNM@K L@SDQH@K BNRSR "NMRDPTDMSKX SGD CDK@XDC RTALHRRHNMR NE SGD EHMHRGDC OQNCTBSR @MC SGD QHRDR NE L@SDQH@K BNRSR ADXNMC SGD OQDCDSDQLHMDC
*ROGHQ /DQG 3URSHUW\ 'HYHORSPHQW 3XEOLF &RPSDQ\ /LPLWHG
&DSLWDO 6WUXFWXUH DQG 6KDUHKROGHUV
&DSLWDO 6WUXFWXUH DQG 6KDUHKROGHUV &DSLWDO 6WUXFWXUH D 2UGLQDU\ 6KDUHV
3GD NQCHM@QX RG@QDR NE &NKCDM +@MC /QNODQSX #DUDKNOLDMS /TAKHB "NLO@MX +HLHSDC G@UD ADDM KHRSDC @MCSQ@CDC HM SGD 2SNBJ $WBG@MFD NE 3G@HK@MC RHMBD ,@QBG @MC ,@QBG QDRODBSHUDKX R NE )@MT@QX SGD "NLO@MX G@R SGD QDFHRSDQDC B@OHS@K NE !@GS BNMRHRSHMF NE NQCHM@QX RG@QDR @S @ O@Q U@KTD NE !@GS ODQ RG@QD 3GD "NLO@MX G@R SGD HRRTDC @MC O@HC TO B@OHS@K NE !@GS BNMRHRSHMF NE NQCHM@QX RG@QDR @S @ O@Q U@KTD NE !@GS ODQ RG@QD
E :DUUDQWV
6@QQ@MSR NE &NKCDM +@MC /QNODQSX #DUDKNOLDMS /TAKHB "NLO@MX +HLHSDC -N &.+# 6 3GD V@QQ@MSR NE &NKCDM +@MC /QNODQSX #DUDKNOLDMS /TAKHB "NLO@MX +HLHSDC -N &.+# 6 G@UD ADDM KHRSDC @MC SQ@CDC HM SGD 2SNBJ $WBG@MFD NE 3G@HK@MC RHMBD OQHK #DS@HKR NE 6@QQ@MSR &.+# 6 @R @S #DBDLADQ @QD @R ENKKNVR 3XOD NE 2DBTQHSX
3GD V@QQ@MSR QDOQDRDMSHMF QHFGS SN OTQBG@RD NQCHM@QX RG@QDR NE &NKCDM +@MC /QNODQSX #DUDKNOLDMS /TAKHB "NLO@MX +HLHSDC -N &.+# 6
2XLANK ENQ 3Q@CHMF
&.+# 6
3NS@K -N NE 6@QQ@MSR
TMHSR
3NS@K -N NE 1DRDQUDC 2G@QDR ENQ $WDQBHRD
RG@QDR
(RRTDQ
&NKCDM +@MC /QNODQSX #DUDKNOLDMS /TAKHB "NLO@MX +HLHSDC HRRTDC TMHSR NE V@QQ@MSR &.+# 6 SN SGD DWHRSHMF RG@QDGNKCDQR NE SGD "NLO@MX VGN G@C RTARBQHADC ENQ @MC ADDM @KKNB@SDC SGD MDVKX HRRTDC NQCHM@QX RG@QDR NE SGD "NLO@MX SGQNTFG SGD 1HFGS .EEDQHMF EQDD NE BG@QFD @S SGD Q@SHN NE MDVKX HRRTDC NQCHM@QX RG@QD @KKNB@SDC ENQ TMHS NE V@QQ@MS
1HFGSR NE 6@QQ@MSR
TMHS NE V@QQ@MS HR DMSHSKDC SN OTQBG@RD NQCHM@QX RG@QD @S !@GS ODQ RG@QD TMKDRR SGD DWDQBHRD OQHBD HR @CITRSDC TMCDQ SGD BNMCHSHNMR NE SGD QHFGSR @CITRSLDMS
3XOD NE 6@QQ@MSR
(M M@LD BDQSHEHB@SDC ENQL @MC SQ@MREDQ@AKD
3DQLR NE 6@QQ@MSR
XD@QR EQNL SGD HRRT@MBD C@SD OQHK 3GD "NLO@MX VHKK MNS DWSDMC SGD SDQL NE V@QQ@MSR 3GD DWOHQX C@SD NE SGD V@QQ@MSR HR NM ,@QBG
$WDQBHRD /DQHNC
3GD V@QQ@MS GNKCDQ HR DMSHSKDC SN DWDQBHRD SGD V@QQ@MSR NM SGD K@RS !TRHMDRR C@X NE ,@QBG )TMD 2DOSDLADQ @MC #DBDLADQ NE D@BG B@KDMC@Q XD@Q SGQNTFGNTS SGD SDQL NE SGD V@QQ@MSR 3GD EHQRS DWDQBHRD C@SD HR NM )TMD @MC SGD K@RS DWDQBHRD C@SD HR NM ,@QBG VGHBG SGD V@QQ@MSR QD@BG XD@QR EQNL SGD HRRT@MBD C@SD
3NS@K $WDQBHRDC 6@QQ@MSR
3NS@K 6@QQ@MSR 1DL@HMHMF
TMHSR
-N NE 1DRDQUDC 2G@QDR ENQ .TSRS@MCHMF $WDQBHRD
RG@QDR
$QQXDO 5HSRUW
&DSLWDO 6WUXFWXUH DQG 6KDUHKROGHUV
6KDUHKROGHU 6WUXFWXUH
3GD "NLO@MXÄR SNO SDM RG@QDGNKCDQR @R @S SGD BKNRHMF C@SD NE SGD RG@QD QDFHRSDQ ANNJ NM #DBDLADQ VDQD @R ENKKNVR
-@LD
-TLADQ NE 2G@QDR
3NS@K 2G@QDR
4MHUDMSTQDR /TAKHB "NLO@MX +HLHSDC
3G@HK@MC 2DBTQHSHDR #DONRHSNQX "N +SC ENQ #DONRHSNQ
6DKK !@RD #DUDKNOLDMS +HLHSDC &QNTO
3G@H -5#1 "NLO@MX +HLHSDC
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*RRG &RUSRUDWH *RYHUQDQFH 3GD "NLO@MX G@R OQDRBQHADC @ ONKHBX SN DMBNTQ@FD FNNC BNQONQ@SD FNUDQM@MBD UHRHNM @MC QDRONMRHAHKHSHDR NM SGD O@QS NE SGD !N@QC NE #HQDBSNQR @MC L@M@FDLDMS SN DMG@MBD SGD BNLODSHSHUDMDRR NE SGD "NLO@MX @MC SN HMBQD@RD SGD BNMEHCDMBD NE HSR RG@QDGNKCDQR HMUDRSNQR @MC NSGDQ QDK@SDC O@QSHDR %TQSGDQLNQD HS G@R SGD LDBG@MHRL SN BNMSQNK @MC A@K@MBD L@M@FDLDMS R @TSGNQHSX SN OQNLNSD SQ@MRO@QDMBX QDRODBSHMF SGD QHFGSR NE RG@QDGNKCDQR @MC QDRONMRHAHKHSX SN RS@JDGNKCDQR 3GD @ENQDLDMSHNMDC ONKHBX HR QDF@QCDC @R SGD L@INQ HRRTD HM KNMF SDQL HMBQD@RHMF U@KTD @MC L@WHLHY@SHNM NE OQNEHS SN SGD "NLO@MX R RG@QDGNKCDQR 3GD "NLO@MX G@R BNLOKHDC VHSG SGD OQHMBHOKDR NE FNNC BNQONQ@SD FNUDQM@MBD ENQ KHRSDC BNLO@MHDR VGHBG G@UD ADDM K@HC CNVM AX SGD 2SNBJ $WBG@MFD NE 3G@HK@MC 2$3 @MC OQDRDMSDC HMSN B@SDFNQHDR @R ENKKNVR 1HFGSR NE 2G@QDGNKCDQR $PTHS@AKD 3QD@SLDMS NE 2G@QDGNKCDQR 1NKD NE 2S@JDGNKCDQR #HRBKNRTQD @MC 3Q@MRO@QDMBX 1DRONMRHAHKHSHDR NE SGD !N@QC
5LJKWV RI 6KDUHKROGHUV
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Ä LDDSHMFR SNFDSGDQ VHSG RTOONQSHMF HMENQL@SHNM BNMBDQMHMF SGD L@SSDQR NM SGD @FDMC@ SGD !N@QC R NOHMHNMR NM D@BG L@SSDQ NM SGD @FDMC@ SGD LHMTSDR NE SGD RG@QDGNKCDQRÄ LDDSHMFR @ BNOX NE SGD OQDUHNTR EHRB@K XD@Q R @MMT@K QDONQS BNOHDR NE QDKDU@MS HMENQL@SHNM @MC @ BNOX NE OQNWX VHKK AD RDMS SN @KK RG@QDGNKCDQR ATRHMDRR C@XR HM @CU@MBD SN DM@AKD RG@QDGNKCDQR SN G@UD RTEEHBHDMS HMENQL@SHNM SN L@JD RNTMC CDBHRHNMR NM SGD U@QHNTR HRRTDR OQNONRDC ENQ BNMRHCDQ@SHNM 3GD "NLO@MX HMHSH@SDC @ ONKHBX VGDQDAX RG@QDGNKCDQR BNTKC @OONHMS SGD HMCDODMCDMS CHQDBSNQR SN @BS @R SGDHQ OQNWX HM SGD DUDMS SG@S SGDX VDQD TM@AKD SN @SSDMC SGD LDDSHMF
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Ä LDDSHMFR #TQHMF SGD LDDSHMF RG@QDGNKCDQR VHKK AD DMBNTQ@FDC SN DWOQDRR SGDHQ NOHMHNMR @MC @RJ PTDRSHNMR OQHNQ SN B@RSHMF SGDHQ UNSDR @MC BNMBKTCHMF SGD LDDSHMFÄR QDRNKTSHNM ENQ D@BG @FDMC@ 2G@QDGNKCDQR VGN INHM @ LDDSHMF @ESDQ HS G@R BNMUDMDC VHKK AD @KKNVDC SN B@RS SGDHQ UNSDR NM SGD @FDMC@ ADHMF BNMRHCDQDC @MC @KK RTARDPTDMS @FDMC@R 3GD "NLO@MX QDFTK@QKX CHRRDLHM@SDR HMENQL@SHNM SN RG@QDGNKCDQR UH@ SGD 2$3 R BG@MMDK LDCH@ @MC OTAKHB@SHNMR HMBKTCHMF HSR VDARHSD ,HMNQHSX RG@QDGNKCDQR L@X CHQDBSKX BNMS@BS SGD "NLO@MX @S SGD L@HKHMF @CCQDRR OQNUHCDC @MC D L@HK @CCQDRR ÅHMEN FNKCDMK@MCOKB BNLÆ @MC QDPTDRS HMENQL@SHNM RTBG @R SGD @BSHUHSHDR NE SGD !N@QC NE #HQDBSNQR BNQONQ@SD FNUDQM@MBD OQHMBHOKDR @TCHS QDONQSR DSB (M @CCHSHNM SGDX B@M @KRN QDPTDRS HMENQL@SHNM EQNL SGD "NLO@MX 2DBQDS@QX
(TXLWDEOH 7UHDWPHQW RI 6KDUHKROGHUV
3GD "NLO@MX U@KTDR @MC SQD@SR @KK RG@QDGNKCDQR E@HQKX SGQNTFG SGD ENKKNVHMF @BSHNMR 2G@QDGNKCDQR ,DDSHMF KKNVHMF D@BG RG@QDGNKCDQ SN OQNONRD @FDMC@ HSDLR ENQ BNMRHCDQ@SHNM @S @ RG@QDGNKCDQR LDDSHMF @GD@C NE SGD @BST@K LDDSHMF C@SD @MMNTMBDC SN HMUDRSNQR UH@ 2$3 R MDVR ONQS@K @MC "NLO@MX R VDARHSD "QHSDQH@ ENQ @FDMC@ OQNONR@KR @MC RBQDDMHMF OQNBDRRDR @QD BKD@QKX CDEHMDC NM SGD "NLO@MX R VDARHSD
*ROGHQ /DQG 3URSHUW\ 'HYHORSPHQW 3XEOLF &RPSDQ\ /LPLWHG
*RRG &RUSRUDWH *RYHUQDQFH
KKNVHMF D@BG RG@QDGNKCDQ SN OQNONRD CHQDBSNQ MNLHMDDR VGN LTRS LDDS SGD PT@KHEHB@SHNMR NE "NLO@MX CHQDBSNQRGHO @MC LTRS G@UD FHUDM SGDHQ BNMRDMS 3GD "NLO@MX @MMNTMBDR SGD CHQDBSNQ MNLHMDD OQNONR@KR SN @KK HMUDRSNQR UH@ 2$3Ä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Ä LDDSHMF VGHBG G@R ADDM @BBTQ@SD @MC BNLOKDSD QDBNQCDC LTRS AD RTALHSSDC SN SGD 2$3 @MC SGD 2DBTQHSHDR @MC $WBG@MFD "NLLHRRHNM 2$" VHSGHM C@XR @ESDQ SGD LDDSHMF 3GD LHMTSDR NE SGD LDDSHMF VHKK @KRN AD ONRSDC NM SGD "NLO@MX R VDARHSD (M E@HQMDRR SN HSR RG@QDGNKCDQR SGD "NLO@MX VHKK G@UD VQHSSDM OQNBDCTQDR BNMBDQMHMF SGD TRD @MC OQNSDBSHNM NE HMRHCD HMENQL@SHNM 3GDRD OQNBDCTQDR VHKK AD BNLLTMHB@SDC SN SGD "NLO@MXÄR !N@QC NE #HQDBSNQR DLOKNXDDR @MC @KK QDK@SDC ODQRNMR HMBKTCHMF RONTRD BGHKCQDM MNS NE @FD @MC MNLHMDDR RN @R SN OQDUDMS SGD TRD NE HLONQS@MS HMRHCD HMENQL@SHNM VGHBG L@X @EEDBS SGD SQ@CHMF NE SGD "NLO@MXÄR RG@QDR @MC SGD "NLO@MXÄR RG@QD OQHBD @MC G@R MNS ADDM OTAKHBKX CHRBKNRDC #HQDBSNQR @MC DWDBTSHUDR OQHUX SN RTBG HMRHCDQ HMENQL@SHNM @QD OQNGHAHSDC EQNL SQ@CHMF HM SGD "NLO@MXÄR RDBTQHSHDR OQHNQ SN SGD CHRBKNRTQD NE HMENQL@SHNM NM SGD "NLO@MXÄR ODQENQL@MBD @MC EHM@MBH@K ONRHSHNM NQ @MX HLONQS@MS MDVR SG@S L@X B@TRD @ BG@MFD HM SGD "NLO@MXÄR RG@QD OQHBD BBNQCHMF SN SGD 2DBTQHSHDR @MC $WBG@MFD BS ! $ @KK CHQDBSNQR @MC DWDBTSHUDR LTRS QDFTK@QKX RTALHS @ QDONQS NM SGDHQ NVMDQRGHO NE SGD "NLO@MXÄR RDBTQHSHDR VHSGHM VNQJHMF C@XR @ESDQ SGDX S@JD NEEHBD @MC LTRS QDONQS @KK RTARDPTDMS R@KDR NQ OTQBG@RD NE SGD "NLO@MXÄR RDBTQHSHDR SN SGD 2$" VHSGHM VNQJHMF C@XR EQNL SGD SQ@MR@BSHNM C@SD
5ROHV RI 6WDNHKROGHUV
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Ä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
$QQXDO 5HSRUW
*RRG &RUSRUDWH *RYHUQDQFH
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
3GD "NLO@MX G@R DRS@AKHRGDC BNLLTMHB@SHNM BG@MMDKR QDK@SDC SN HSR BNQONQ@SD FNUDQM@MBD SGQNTFG VGHBG BNLOK@HMSR BNLLDMSR @MC RTFFDRSHNMR B@M AD L@CD 3GD RS@JDGNKCDQR B@M @KRN BNLLTMHB@SD SGQNTFG SGDRD BG@MMDKR SGDHQ BNMBDQMR @ANTS HKKDF@K NQ TMDSGHB@K OQ@BSHBDR AX ODQRNMR VHSGHM SGD "NLO@MX HMBKTCHMF DLOKNXDDR @MC NSGDQ HMSDQDRSDC ODQRNMR SN DMRTQD SG@S SGD "NLO@MX NODQ@SDR TMCDQ FNNC BNQONQ@SD FNUDQM@MBD 3GD BNLLTMHB@SHNM BG@MMDKR @QD @R ENKKNVR
3DKDOGNMD NQ %@BRHLHKD 3GD "NLO@MXÄR VDA RHSD NQ $ L@HK HMEN FNKCDMK@MCOKB BNL 6QHSSDM RTALHRRHNM SN SGD "NLO@MX 2DBQDS@QX AX L@HK BNTQHDQ NQ HM ODQRNM $ L@HK SN @MX NQ @KK NE SGD "NLO@MXÄR SGQDD (MCDODMCDMS #HQDBSNQR SG@S @QD SGD TCHS "NLLHSSDD
3N FHUD BNMEHCDMBD SN @MX ODQRNM VGN BNLLTMHB@SDR RTBG BNMBDQMR SGD "NLO@MX VHKK JDDO SGD RNTQBD NE RTBG HMENQL@SHNM BNMEHCDMSH@K 3GD "NLO@MX G@R VQHSSDM OQNBDCTQDR ENQ @BJMNVKDCFHMF @MC HMUDRSHF@SHMF RTBG BNMBDQMR VGHBG VHKK HMUNKUD NMKX @TSGNQHYDC ODQRNMR @MC SGD ODQRNMR HMUNKUDC
'LVFORVXUH DQG 7UDQVSDUHQF\
(MENQL@SHNM CHRBKNRTQD QDOQDRDMSR @ UHS@K OQHMBHOKD NE FNNC BNQONQ@SD FNUDQM@MBD 3GD "NLO@MX O@XR BKNRD @SSDMSHNM SN SGD HMENQL@SHNM SG@S MDDCR SN AD CHRRDLHM@SDC SN SGD 2$3 @MC RG@QDGNKCDQR O@QSHBTK@QKX ENQ HSR @BBTQ@BX @CDPT@BX SHLDKHMDRR @MC DPTHS@AHKHSX (MENQL@SHNM SG@S G@R ADDM CHRBKNRDC BNMRHRSR NE EHM@MBH@K @MC MNM EHM@MBH@K HMENQL@SHNM HMBKTCHMF SGD ENKKNVHMF 3GD "NLO@MX LTRS CHRBKNRD HLONQS@MS HMENQL@SHNM ANSG EHM@MBH@K @MC MNM EHM@MBH@K (M CHRBKNRHMF EHM@MBH@K HMENQL@SHNM DRODBH@KKX SGD EHM@MBH@K RS@SDLDMSR SGD "NLO@MX LTRS DMRTQD SG@S SGDX @QD BNQQDBS HM @BBNQC@MBD VHSG FDMDQ@KKX @BBDOSDC @BBNTMSHMF OQHMBHOKDR @MC G@UD ADDM @TCHSDC QDUHDVDC AX @M HMCDODMCDMS DWSDQM@K @TCHSNQ 3GD EHM@MBH@K RS@SDLDMSR LTRS @KRN AD @OOQNUDC AX SGD TCHS "NLLHSSDD @MC SGD !N@QC NE #HQDBSNQR ADENQD SGDX @QD CHRBKNRDC SN SGD 2$3 SGD RG@QDGNKCDQR HMUDRSNQR @MC QDK@SDC @FDMBHDR
*ROGHQ /DQG 3URSHUW\ 'HYHORSPHQW 3XEOLF &RPSDQ\ /LPLWHG
*RRG &RUSRUDWH *RYHUQDQFH
(MENQL@SHNM CHRBKNRDC NM SGD "NLO@MXÄR VDA RHSD HM ANSG 3G@H @MC $MFKHRG HMBKTCDR EHM@MBH@K RS@SDLDMSR @MMT@K RS@SDLDMSR %NQL @MMT@K QDONQSR %NQL DSB (MENQL@SHNM NM SGD QNKDR @MC QDRONMRHAHKHSHDR NE SGD !N@QC NE #HQDBSNQR @MC SGNRD NE HSR BNLLHSSDDR SGD MTLADQ NE LDDSHMFR @MC @SSDMC@MBD NE D@BG CHQDBSNQ @MC SGD CHQDBSNQRÄ @MC DWDBTSHUDRÄ QDLTMDQ@SHNM ONKHBHDR @QD CHRBKNRDC TMCDQ SGD ,@M@FDLDMS RDBSHNM NE SGD "NLO@MXÄR @MMT@K RS@SDLDMSR %NQL @MC @MMT@K QDONQSR %NQL 3GD !N@QC NE #HQDBSNQRÄ RS@SDLDMS NE HSR QDRONMRHAHKHSHDR BNMBDQMHMF SGD "NLO@MXÄR EHM@MBH@K QDONQSR HR OQDRDMSDC @KNMFRHCD SGD @TCHSNQ QDONQS HM SGD "NLO@MXÄR @MMT@K QDONQS %NQL (MHSH@K 1DONQS NE (MSDQDRS NE #HQDBSNQR $WDBTSHUDR @MC 1DK@SDC /DQRNMR ENKKNV @R -NSHEHB@SHNM NE SGD "@OHS@K ,@QJDS 2TODQUHRNQX !N@QC -N 3NQ"GNQ C@SDC )@MT@QX G@C ADDM RTALHSSDC SN SGD "NLO@MX 2DBQDS@QX HM )TKX LDMCLDMSR SN SGD QDONQS NE HMSDQDRS VHKK AD RTALHSSDC VHSGHM VNQJHMF C@XR SN SGD "NLO@MX 2DBQDS@QX (MENQL@SHNM CHRBKNRDC NM SGD "NLO@MXÄR VDARHSD HM ANSG 3G@H @MC $MFKHRG QDF@QCHMF SGD #HQDBSNQR @MC $WDBTSHUD NEEHBDQRÄ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
5HVSRQVLELOLWLHV RI WKH %RDUG %RDUG RI 'LUHFWRUV
2SQTBSTQD NE SGD !N@QC NE #HQDBSNQR 1DF@QCHMF SN SGD QDFTK@SHNMR NE SGD "NLO@MX SGD !N@QC NE #HQDBSNQR LTRS BNMRHRS NE @S KD@RS LDLADQR ATS MNS LNQD SG@M LDLADQR S KD@RS NMD SGHQC ATS MNS KDRR SG@M LDLADQR NE SGD "NLO@MX R !N@QC NE #HQDBSNQR LTRS AD (MCDODMCDMS #HQDBSNQR /DQRNMR SN AD @OONHMSDC (MCDODMCDMS #HQDBSNQR LTRS G@UD PT@KHEHB@SHNMR @R QDPTHQDC AX SGD QTKDR @MC QDFTK@SHNMR NE 2$3 @MC 2$" 3GD !N@QC NE #HQDBSNQR G@R K@HC CNVM SGD ONKHBX NTSKHMHMF SG@S SGD BNLO@MXÄR CHQDBSNQR DWDBTSHUDR @R VDKK @R DLOKNXDDR LTRS MNS RDDJ ODQRNM@K HMSDQDRS #DS@HKR NE VGHBG @QD RODBHEHDC HM SGD BNLO@MXÄR DSGHB@K BNCD NE BNMCTBS ENQ SGD ATRHMDRR RS@SHMF SG@S SGD BNLO@MXÄ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ÃBGDBJ @MC A@K@MBDÄ LDBG@MHRL OTS HM OK@BD SN SDM@BHNTRKX R@EDFT@QC SGD RG@QDGNKCDQÄR B@OHS@K @MC SGD BNLO@MXÄR @RRDSR VHKK AD HLOKDLDMSDC SNFDSGDQ VHSG SGD DWDQSHNM NE SGD (MSDQM@K TCHS #DO@QSLDMS SG@S VHKK LNMHSNQ @MC HMRODBS ODQENQL@MBDR NE DUDQX VNQJHMF TMHS NE SGD BNLO@MX SN DMRTQD SG@S SGD BNLO@MXÄR QTKDR @MC QDFTK@SHNMR G@UD ADDM DMCTQDC 3GD (MSDQM@K TCHS #DO@QSLDMS VHKK AD HMCDODMCDMS RN SG@S HS B@M ETKKX DWDQBHRD HSR ONVDQ @R SN ÃBGDBJ @MC A@K@MBDÄ LDBG@MHRL @MC LTRS QDFTK@QKX QDONQS SN SGD TCHS "NLLHSSDD @BBNQCHMF SN SGD RODBHEHDC ODQHNC
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
*ROGHQ /DQG 3URSHUW\ 'HYHORSPHQW 3XEOLF &RPSDQ\ /LPLWHG
*RRG &RUSRUDWH *RYHUQDQFH
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6XE &RPPLWWHHV
3GD !N@QC G@R @OONHMSDC RTA BNLLHSSDDR SN TMCDQS@JD CTSHDR @MC S@RJR @RRHFMDC AX SGD !N@QC @R ENKKNVR $WDBTSHUD "NLLHSSDD TCHS "NLLHSSDD -NLHM@SHMF @MC "NLODMR@SHNM "NLLHSSDD $WDBTSHUD "NLLHSSDD "NLONRHSHNM NE SGD $WDBTSHUD "NLLHSSDD 3GD $WDBTSHUD "NLLHSSDD HR BNLONRDC NE LDLADQR VHSG L@M@FDQH@K RJHKKR 3GD "G@HQL@M NE SGD $WDBTSHUD "NLLHSSDD LTRS AD @ QDOQDRDMS@SHUD LDLADQ EQNL SGD !N@QC NE #HQDBSNQR -NLHM@SHNM NE SGD $WDBTSHUD "NLLHSSDD LDLADQR $WDBTSHUD "NLLHSSDD R LDLADQR @QD @OONHMSDC AX SGD QDRNKTSHNM NE SGD !N@QC NE #HQDBSNQR LDDSHMF 1NKDR #TSHDR @MC 1DRONMRHAHKHSHDR NE SGD $WDBTSHUD "NLLHSSDD "NMRHCDQ @MC RDS NTS ONKHBHDR CHQDBSHNMR RSQ@SDFHDR S@QFDSR ATRHMDRR OK@MR ATCFDSR @MC U@QHNTR L@M@FDLDMS ONVDQR NE SGD "NLO@MX @MC RTARHCH@QX BNLO@MHDR INHMSKX VHSG SGD GHFG KDUDK DWDBTSHUDR ENQ OQNONRHMF SN SGD !N@QC NE #HQDBSNQR ENQ @OOQNU@K 2TODQUHRD @MC LNMHSNQ QDRTKSR NE NODQ@SHNMR NE SGD "NLO@MX RN SG@S HS AD HM @BBNQC@MBD VHSG SGD @OOQNUDC ATRHMDRR OK@MR OOQNUD SGD NODQ@SHNMR NE SGD "NLO@MX @MC RTARHCH@QX BNLO@MHDR HM U@QHNTR L@SSDQR @BBNQCHMF SN SGD RBNOD NE ONVDQR @RRHFMDC AX SGD !N@QC NE #HQDBSNQR 2BQDDM L@SSDQR SG@S SGD GHFG KDUDK DWDBTSHUDR G@UD OQNONRDC HM SGD O@QS ADXNMC SGD ONVDQR NE SGD $WDBTSHUD "NLLHSSDD ENQ OQNONRHMF SN SGD !N@QC NE #HQDBSNQR ENQ BNMRHCDQ@SHNM (M @MX B@RD @OOQNU@KR LTRS MNS AD NE @ CDRBQHOSHNM SG@S VHKK DM@AKD SGD $WDBTSHUD "NLLHSSDD NQ SGD ODQRNM @TSGNQHYDC AX SGD $WDBTSHUD "NLLHSSDD SN @OOQNUD SQ@MR@BSHNMR SG@S SGDX NQ SGD ODQRNMR VGN L@X G@UD BNMEKHBSR UDRSDC HMSDQDRSR NQ L@X G@UD @MX NSGDQ BNMEKHBS NE HMSDQDRSR @R OQDRBQHADC AX SGD 2$" BNMBKTCD VHSG SGD "NLO@MX NQ RTARHCH@QX BNLO@MX DWBDOS HS AD @M @OOQNU@K NE SQ@MR@BSHNM VGHBG HR HM KHMD VHSG SGD ONKHBX @MC BQHSDQH@ CTKX @OOQNUDC AX SGD !N@QC NE #HQDBSNQR
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