You are on page 1of 5

#.8.

PUPSSBE

CNXNPUPSSBEJU 1JBDFSFEJHVJEBSF

6/45011"#-&
3(4"%7&/563&
%*4&3*&
465655**.0%&--*

PUPSSBE/PO TPMP¨FNP[JPOBOUFEBBNNJSBSF NBTJEJNPTUSB TUSBPSEJOBSJBJOPHOJDPOEJ[JPOF"NQMJBJMUVPSBHHJP EJB[JPOF-VOHIJWJBHHJ TUFSSBUP UPSOBOUJEJNPOUBHOB Mѳ"EWFOUVSF¨OFMTVPFMFNFOUPOBUVSBMFJOPHOJBOHPMP EFMMBUFSSB#BTUBJOTFSJSFMBDIJBWFFEBSFJOJ[JPBMMBWPTUSB QSPTTJNBBWWFOUVSB-BOVPWB3(4"EWFOUVSF TDPQSJUFMFFDDF[JPOBMJEPUJEJHVJEBEFMMBSFHJOBEFMMF NBYJFOEVSP EBPMUSFBOOJJOFHVBHMJBUPQVOUPEJ SJGFSJNFOUPQFSUFDOPMPHJBJOOPWBUJWBFDBQBDJU EJ TVQFSBSFRVBMTJBTJPTUBDPMP'BUFWJDPOUBHJBSFEBMMB WPHMJBEJBWWFOUVSB 6/45011"#-&&/%630 .$0/7*/$&/5& 076/26& &TTFSFBDBTB PWVORVF&OPOJNQPSUBEPWFPTV RVBMFUFSSFOP0SB¨QJ¹DIFNBJQPTTJCJMF DPOMB OVPWB3(4"EWFOUVSFEJ#.8.

'035%*7*"((*0*. 0''30"% *--*.*5"50 0GGSPBEBSEJUJQBTTBHHJJOGVPSJTUSBEBTVGPOEJTDPO OFTTJ DPNFTBCCJB QJFUSJTDPPBUUSBWFSTPHVBEJ-B 3(4"EWFOUVSFOPOUFNFSJWBMJ4VPHOJUFSSF OP DPOUJOFOUF MBUJUVEJOFPMPOHJUVEJOFBQQSF[[FSFUF MBNJHMJPSFTUBCJMJU JOTFMMBFMѳFSHPOPNJB*OQJFEJF EBTFEVUJJMDPOUBUUPDPOMFHJOPDDIJB¨TFNQSFQFS GFUUP1FSVONBHHJPSFDPOUSPMMPTVUFSSFOJBCBTTB BEFSFO[BBSSJWBJOBJVUPMѳBDDFMFSBUPSF DPOMBTVB SJTQPTUBTFOTJCJMFFQFSGFUUBNFOUFEPTBCJMF-ѳVMUFSJP SFTQPTUBNFOUPEFMCBSJDFOUSPWFSTPJMCBTTPSFOEF Mѳ"EWFOUVSFGBDJMNFOUFHFTUJCJMF&RVBOEPJMHJPDPTJ GBEVSP VOSPCVTUPQSPGJMPQSPUFHHFJMNPUPSF&QPJDI© MBQSPTTJNBTUB[JPOFEJTFSWJ[JPQPUSFCCFOPOFTTFSF DPT¬WJDJOB Mѳ"EWFOUVSFEJTQPOFEJVOTFSCBUPJPEB MJUSJ1J¹DIFTVGGJDJFOUFQFSQPSUBSFBUFSNJOF BODIFMBUBQQBQJ¹MVOHBEFMMѳBWWFOUVSB $0.#"55*#*-& /PODѳ¨OJFOUFEJNFHMJPEFMMBMJCFSU JONPUP&DDP FRVJQBHHJBOPMѳ"EWFOUVSFEJUVUUPQVOUP*MQBDDIFUUP QFSDI© QFSSFOEFSFQJ¹QJBDFWPMFBODIFJMWJBHHJPQJ¹ EJTFSJF"#4"4$DPOTFOUFGSFOBUFFBDDFMFSB[JPOJ JNQFHOBUJWP OPOEFWFNBODBSFOVMMB$POJMTVPBT OFMMBNBTTJNBTJDVSF[[B NFOUSFJMDPNQVUFSEJCPSEP TFUUP Mѳ"EWFOUVSFHBSBOUJTDFVOQJBDFSFEJHVJEBSF EJTFSJFWJNBOUJFOFJOGPSNBUJTVJQBSBNFUSJQJ¹JNQPS TVQSFNPJOPHOJTJUVB[JPOF(SB[JFBMMBQPEFSPTB UBOUJ&DDPGBUUPMB3(4"EWFOUVSFSJFTDFBE DPQQJBEJ/NFVOBSPUPOEJU EJGVO[JPOBNFOUP FTTFSFMBDPNQBHOBJOTPTUJUVJCJMFEJPHOJWJBHHJP7FSTP TFO[BQSFDFEFOUJ JMTVPNPUPSF#PYFSMBSFOEFJNCBU DBTB PBJDPOGJOJEFMNPOEP UJCJMFJOPHOJTJUVB[JPOF-BTFMMBJOEVFQF[[JSFHPMB CJMFQFSNFUUFWJBHHJDPOGPSUFWPMJWFSTPRVBMTJBTJNFUB *MQBSBCSF[[BGBDJMNFOUFPSJFOUBCJMFDPOVOBNBOP MF BMFUUFGSBOHJWFOUPMBUFSBMJFJMѶCFDDPѷBMMVOHBUPQFS NBHHJPSFQSPUF[JPOFEBNBMUFNQPFTQSV[[JEѳBDRVB .

1*"/50&-&553*$0 BQJTUPODJOJ (FOFSBUPSF BMUFSOBUPSFEB8 QPUFO[BOPNJOBMF 'SFOPQPTUFSJPSF BEJTDPTJOHPMP ¸NN QJO[BGMPUUBOUFBQJTUPODJOJ #BUUFSJB 7 "IQSJWBEJNBOVUFO[JPOF #.8.PUPSSBE"#4 WFSTJPOFTFNJJOUFHSBMF EJTJOTFSJCJMF 4JTUFNJEJBTTJTUFO[BBMMBHVJEB DPOUSPMMPEJUSB[JPOF"4$ "VUPNBUJD4UBCJMJUZ$POUSPM  53"4.0503& $*$-*45*$"'3&/* 5JQP #PYFSCJDJMJOESJDP UFNQJ SBGGSFEEBUPBEBSJBMJRVJEPDPO 5FMBJP UVCPMBSFEJWJTPJOEVFQBSUJѭQSJODJQBMFFQPTUFSJPSF *OTFMMBBMMBOVPWB3(4"EWFOUVSFDJTJBGGJEBB *OPMUSF DPOJM3JEJOH.0*/461&3"#*-& .PEF 3BJOF3PBE BCBHOPEѳPMJPDPOGVO[JPOFBOUJTBMUFMMBNFOUP  %*.*0/*$0/46.*4.8.8.PEF1SPPQ[JPOBMF TPOPEJTQPOJCJMJ EVFBMCFSJBDBNNFJOUFTUBB[JPOBUJEBJOHSBOBHHJFVO BWWJUBUB NPUPSFDPOGVO[JPOFQPSUBOUF DPOUSBMCFSPEJFRVJMJCSBUVSB HFOJBHJMJFEFOFSHJDJ-BTVBQPUFO[BFMBTVBFMFWBUB VMUFSJPSJNPEBMJU  %ZOBNJD &OEVSPF&OEVSP1SP  4PTQFOTJPOFBOUFSJPSF 5FMFMFWFS#.0 $FSDIJ BSBHHJJODSPDJBUJ 7FMPDJU NBTTJNB PMUSFLNI %JNFOTJPOFDFSDIJPBOUFSJPSF  Y $POTVNPBLNI  MLN %JNFOTJPOFDFSDIJPQPTUFSJPSF  Y $POTVNPBLNI  MLN 1OFVNBUJDPBOUFSJPSF 3 5JQPEJDBSCVSBOUF CFO[JOBTFO[BQJPNCPBPUUBOJ WFSTJPOFBPUUBOJ 1OFVNBUJDPQPTUFSJPSF 3 'SFOPBOUFSJPSF BEPQQJPEJTDPGMPUUBOUF ¸NN QJO[BSBEJBMF *.PUPSSBEBNNPSUJ[[BUPSFQSPHSFTTJWP 1PUFO[BNBTTJNB L8 $7 BHJSJNJO Mѳ"EWFOUVSFTBPGGSJSFVOEJOBNJTNPTFO[BQBSJ(SB[JF JOUFSNJOJEJTJDVSF[[B-B3(4"EWFOUVSFE  8"%SFHPMB[JPOFJESBVMJDBDPOUJOVBEFMQSFDBSJDP $PQQJBNBTTJNB /NBHJSJNJO EFMMBNPMMBNFEJBOUFNBOPQPMBGSFOPJOFTUFOTJPOF BVOUFMBJPQSFDJTPRVBOUPTUBCJMF TBSFUFJOHSBEPEJ TFNQMJDFNFOUFJMNBTTJNP"ODIFWPJ EFMMѳBNNPSUJ[[BUPSFSFHPMBCJMFNFEJBOUFNBOPQPMB 3BQQPSUPEJDPNQSFTTJPOF   NFUUFSMBEPWFWPSSFUF1FSBEBUUBSTJQFSGFUUBNFOUFBMMF &TDVSTJPOFDPNQMFTTJWB SVPUBBOUQPTU  NNNN "MJNFOUB[JPOFHFTUJPOFEFMNPUPSF JOJF[JPOFFMFUUSPOJDBOFMDPOEPUUPEJBTQJSB[JPOF WBSJFDPOEJ[JPOJEJBEFSFO[BDJTPOP3JEJOH.PUPSSBE ¸TUFMJNNHSVQQPNPMMB "MFTBHHJPYDPSTB NNYNN BNNPSUJ[[BUPSFDFOUSBMF DPQQJBNPUSJDFHBSBOUJTDPOPVOBTQJOUBEFDJTBJO .FOUSFMѳJOOPWBUJWPGBSPDPNQMFUBNFOUFB-&%DPO $JMJOESBUB DNs 4PTQFOTJPOFQPTUFSJPSF GPSDFMMPOFPTDJMMBOUFNPOPCSBDDJPJOGVTJPOFEJBMMVNJOJP BDDFMFSB[JPOFFJOVTDJUBEJDVSWB"PHOJSFHJNF  MVDFEJVSOBBTTJDVSBVOMPPLBDDBUUJWBOUFFFGGJDBDF DPO1BSBMFWFS#.*44*0/& 3JEJOH.%*/".PEF 1BTTP NN 3BJOP3PBE SFHPMBCJMJUSBNJUFQVMTBOUF%VSBOUFJM %FQVSB[JPOFEFJHBTEJTDBSJDP DBUBMJ[[BUPSFBWJFSFHPMBUP SJTQPOEFBMMBOPSNBUJWB TVJHBTEJTDBSJDP&6 "WBODPSTB  NN WJBHHJPTJQV²JNQPTUBSFMBDJDMJTUJDBBEBUUBOEPMBBE *ODMJOB[JPOFTUFS[P  p PHOJUJQPMPHJBEJJNQJFHP 13&45".&/4*0/*1&4* 'SJ[JPOF BEB[JPOBNFOUPJESBVMJDP $BNCJP BTFJNBSDFBEJOOFTUJGSPOUBMJDPOEFOUBUVSBFMJDPJEBMF "MUF[[BTFMMB NN 5SBTNJTTJPOFTFDPOEBSJB BEBMCFSPDBSEBOJDP -VOHIF[[BBMDBWBMMP NN $BQBDJU VUJMFEFMTFSCBUPJP M 3JTFSWB DJSDB M -VOHIF[[B NN "MUF[[B DPNQSFTPQBSBCSF[[B NN -BSHIF[[B DPNQSFTJQBSBNBOJ NN 1FTPJOPSEJOFEJNBSDJBDPOQJFOPEJCFO[JOB LH 1FTPUPUBMFBNNFTTP LH $BSJDPVUJMF DPOFRVJQBHHJBNFOUPEJTFSJF LH *WBMPSJJOEJDBUJTJSJGFSJTDPOPBMMPTUBOEBSE%*/  *ODPOGPSNJU BMMBOPSNB$&DPOUVUUJJMJRVJEJEJFTFSDJ[JPFTFSCBUPJPDBSCVSBOUFSJFNQJUPBMNFOPEFMMBDBQBDJU VUJMF "MQJOFXIJUF 0MJWBPQBDP 3BDJOH#MVNFUBMMJ[[BUPPQBDP .

8 .&/501&3.PUPSSBE 3(4"%7&/563& %&'-&5503&%ѳ"3*" CNXNPUPSSBEJU 1JBDFSFEJHVJEBSF 501$"4&*/"--6.8.*0/&"-&% 7"-*(*"*/"--6.8"( .&26*1"((*".*/*0 #034"4&3#"50*0 3(4"%7&/563& 1"3"#3&.*0/&'"30 46110350 7"-*(*" */%*$"503*%*%*3&.8.POBDPEJ#BWJFSB2VFTUPDBUBMPHP¨TUBNQBUPTVDBSUBTCJBODBUBDPNQMFUBNFOUFTFO[BDMPSP1SJOUFEJO(FSNBOZ  ."#36/*50 *.*0/"-&1&3 501$"4&*/"--6.3"107*Ì 4&--"3"--:& 1FSVMUFSJPSJJOGPSNB[JPOJTVUVUB3BMMZF FE&RVJQBHHJBNFOUPQFSNPUPDJDMJTUB FQFSNPUP &OUSBBODIFUVOFMMB$PNNVOJUZ#.PUPSSBE CNXNPUPSSBEJU WBJTVXXXCNXNDJJU -FJNNBHJOJQPUSFCCFSPSBGGJHVSBSFFRVJQBHHJBNFOUJPQ[JPOBMJ 4BMWP FSSPSJ  PNJTTJPOJ $PO SJTFSWB EJ NPEJGJDIF DPTUSVUUJWF F EJ FRVJQBHHJBNFOUP i #.*/*0 #36/*50 #034"*/5&3/" '6/.#055*563" 4$)*&/"-&1&3 501$"4&*/"--6.PUPSSBE  697#  .*/*0 1305&.POBDP EJ #BWJFSB  (FSNBOJB 3JQSPEV[JPOF  BODIF QBS[JBMF  TPMP DPO FTQSFTTB BVUPSJ[[B[JPOFTDSJUUBEJ#..*/*0 5&3.*/"-&%*4$"3*$0 41035)1".050 #.