N\OHUmV SRUWIROLR
KOF@Æ ÆP F
('
HVIBOO>FKFKD VJ>FI @LJ
EQQM HVIBOO>FKFKD TFU @LJ HVIBOQ>K
#"3! 2'-, Æ Æ ÆÆ Æ Æ Æ 5--"%0-4#Æ1#!-," 07Æ1!&--* Æ Æ Æ Æ Æ Æ Æ Æ Æ Æ Æ Æ Æ %!#Æ - Æ*#4#* Æ Æ!300#,2Æ Æ ÆÆÆÆÆÆÆÆÆÆÆÆÆ ÆÆÆÆÆÆÆÆÆÆÆÆÆ ÆÆÆÆÆÆÆÆÆÆÆÆÆ
2#+ 1#)Æ.-*72#!&,'! Æ1!&--*Æ-$ÆÆ Æ Æ "#1'%, "'.*-+ Æ',Æ',2#0'-0Æ 0!&'2#!230#ÆÆÆ Æ ,"Æ"#1'%,
JVÆM>PPFLKÆCLOÆABPFDKÆFPÆJLOBÆQE>KÆPFQQFKDÆFKÆ COLKQÆLCÆQEBÆ@LJMRQBOÆ?RQÆFPÆQLÆDBQÆLRQÆQLÆ @LJJRKF@>QBÆTFQEÆMBLMIBÆ>KAÆFKPMFOBÆMBLMIBÆTFQEÆ JVÆABPFDKPÆBSBOVA>VÆTFQEÆJVÆTLOH
FKQBOFLOÆ >O@EFQB@Q
* ,%3 3%#Æ.0-Ą!'#,!7 #,%*'1& + ," 0', + * 7 '2 *' ,
1)'**1 * 7-32',% .&-2-%0 .&7 '+ %#Æ#"'2',% . !) %',%Æ"#1'%,
',2#0#12 .&-2-%0 .&7 0-**#0Æ * "',% 5 2#0Æ!-*-30Æ. ',2',% 1',%',% !0 $2',%
`'03. '0--084 '6/$5*0/ '0--084 '03.a
ϐ Ǧ Ǥ Ǥ ǡ ǡ ϐ ϐ ϐ Ǥ ǡ Ǥ ǡ Ǥ ǡ Ǥ
Ǥ
͕͕
!! FY !! 3+,/2623+< !! 352-(&76 '$<6 678',2 5$: !! 6.,/6 :$5=21( !! LQWHUHVW WKH OLRQ WKH H\H VDLO
& 2 1 7 ( 1 7
SBX ;OPZ WYVQLJ[ PZ ^VYR IHZLK VU H :6/6 YLX\PYLTLU[ MVY H MHTPS` VM H[ J\YYLU[ .L`SHUN )HOY\ PUK\Z[YPHS HYLH 0 ^HU[ [V JYLH[L H ZWHJL ^OLYL [OL MHTPS` JHU LUQV` IV[O KH` HUK UPNO[ HUK K\YPUN HUK HM[LY ^VYR ;V IL HISL [V ZWLUK X\HSP[` [PTL ^P[O MHTPS` HUK I\PSK H Z[YVUN YLSH[PVUZOPW ^P[OPU [OL ULPNOIV\YOVVK PZ ^OH[ [OL KLZPNU PZ PU[LUKLK
&/53"/$&
;OL LU[YHUJL [V^HYKZ [OL I\PSKPUN PZ [YHUZS\JLU[ [V [OL W\ISPJ HZ [OPZ PZ [OL \ZLY»Z OVTL VMMPJL HUK P[ PZ HSZV H WSHJL ^OLYL OLY JSPLU[Z JVTL [VNL[OLY [V KPZJ\ZZ HIV\[ ^VYR ;OL HYLH PZ HSZV ]LY` NYLLU PZ ILJH\ZL P ^HU[ [V IYPUN [OL V\[ZPKL PU[V [OL PUKVVY ZV [OH[ [OLPY `V\UN KH\NO[LY JHU WSH` PU [OL ZTHSS NYHZZ WH[JO Q\Z[ V\[ZPKL [OL THPU LU[YHUJL HUK H[ [OL ZHTL [PTL ZOL PZ ^P[OPU ZPNO[ ;OL MLH[\YL ^HSS PUJS\KLZ HS[LYUH[L HYYHUNLTLU[ VM M\SS SLUN[O ^VVKLU ^HSS HUK HY NYLLU ^HSS
GJSTU TUPSFZ GMPPS QMBO @V\ ^PSS IL NYLL[LK ^P[O [OL NYHZZ HYLH HUK MVSSV^LK I` [OL THPU KVVY HUK WLIISL Z[LWZ SLHKPUN [V [OL RP[JOLU KPUPUN HYLH HUK [V^HYKZ [OL IHJR VM [OL OV\ZL HUV[OLY V\[KVVY NYHZZ HYLH ;OL MPYZ[ Z[VYL` JVUZPZ[ H Z\URLU ZWHJL RP[JOLU HUK KPUPUN HYLH >OLU ZLH[LK H[ [OL KPUPUN [HISL [OL` HYL HISL [V SVVR V\[ PU[V [OL NHYKLU H[ [OL IHJR VM [OL OV\ZL ^OPJO ^V\SK IL HU PKLHS NH[OLYPUN WVPU[ HZ P[ PZ ]LY` ZOHKLK K\YPUN SH[L HM[LYUVVU
GJSTU TUPSFZ GMPPS QMBO
:,*65+ :;69,@ (5+ ;/09+ :;69,@ -3669 73(5 ;OLZL [^V SL]LSZ JVUZPZ[ VM [OL ^VYRPUN HYLH ZLJVUK Z[VYL` HUK [OL SP]PUN X\H[LYZ [OPYK Z[VYL` ;OL VMMPJL HYLH PZ H ZLTP WYP]H[L HYLH ^OLYL [OL V^ULY»Z JVSSLHNLZ JHU NV PU HUK V\[ MYLLS` ;OL SP]PUN X\H[LYZ PZ H WYP]H[L HYLH [V [OL MHTPS` HUK P[ JVUZPZ[Z VM H SP]PUN YVVT H IPN ILKYVVT ^OLYL [OL WHYLU[Z HUK [OL KH\NO [LY ZSLLWZ [VNL[OLY HUK H [VPSL[
4&$0/% 4503&: '-003 1-"/
9(> ;OPZ WYVQLJ[ KLZPNULK PZ SVJH[LK PU ;LTHZLR 7VS`[LJOPUPZ +LZPNU :JOVVS ;OL JVUJLW[ [OH[ P \ZLK PZ ]LUKPUN THJOPUL ^OLYL ºI\`PUN» HUK ºZLSSPUN» VM KLZPNU PKLHZ [HRLZ WSHJL +LZPNU Z[\KLU[Z JHU \ZL [OPZ WSHJL K\YPUN [OLPY MYLL [PTL MVY HU` RPUK VM HJ[P]P[PLZ VY \ZL P[ [V ZLHYJO MVY [OLPY PUZWPYH[PVU
-09:; :;69,@ -3669 73(5 6U [OL MPYZ[ Z[VYL` [OL T`Z[LYPV\Z LU[YHUJL ^V\SK IL [OL Z[HY[ VM [OL QV\YUL` ;OL [YHUZP[PVUHS ZWHJL JV\SK HSZV IL \ZLK MVY V[OLY HJ[P]P[LZ HUK ^HSSZ H[ IV[O ZPKLZ HYL H]HPSHISL MVY NYHMMP[[P ;OL ^OP[L [\ILZ HYL [OL PKLHZ ºJVSSLJ[PVU» WVPU[ ^OLYL \ZLYZ ^V\SK KLWVZP[ PKLHZ MYVT [OL ZLJVUK Z[VYL` HUK V[OLY \ZLYZ JHU YL[YPL]L YHUKVT PKLHZ OLYL
:,*65+ :;69,@ -3669 73(5 6U [OL ZLJVUK Z[VYL 6U [OL ZLJVUK Z[VYL` P WSHUULK [V OH]L [OL ZWHJL LTW[` ZV [OH[ [OL \ZLYZ JHU JYLH[L M\U VU [OLPY V^U IHZLK VU [OLPY JYLH[P]P[` ^P[O [OL ZWHJL WYV]PKLK ,]LY`VUL WPJ[\YL ºM\U» PU KPMMLYLU[ ^H`Z HUK [OLYL ^PSS IL UV YL Z[YPJ[PVU [V OV^ [OL` ^HU[ [OLPY ºM\U» [V IL ;OL [OYLL ^OP[L [\ILZ VU [OL YPNO[ HYL TLHU[ MVY KLZWVZP[PUN VM PKLHZ ^OLYL \ZLYZ ^V\SK JVU[YPI\[L [V V[OLY \ZLYZ ^OV HYL ZLHYJOPUN MVY PUZWPYH[PVU
>(9A65,
;OL 3PVU >H[LYJVSV\Y 7HPU[PUN
;OL ,`L 7LUJPS +YH^PUN
:HPS
7LUJPS +YH^PUN
$3&%*54 %":4 456%*0 ,&//&5) :&0 3"8 ."55)*"4 %4 ."9 4)"'*& #*/ .% 3"4&% 4"*- (0) 46)"/
,:-&3 5"/ 4)* .*/ ,:-&33"*/*/(!:."*- $0.