You are on page 1of 1

% && ' ( ) *

!"#$$% !"#$%& !''()*!+, !+,-,./0)(1

!"#$%&'()*+,$('-)+.
/#01%$'2+$3)'(4)5$%2%&'-
5'$#)6#4%&%(#
E'$"&F&>$"#+.-?&G'H#?-0&'(&B"%2+#-5'#/&-?C
1#+5+.-0&1-#"&I"C+.+?"&F&J+%5&'(&K%%H"%&F&L'0H$"&78:A
K%%H"&77

>#5+.0"&!''0%&+

!"#!$%&'(")#*+$#),(#-$+)+.+/01(2
3.$(("0"%#4"2#54"4%('(")#+*#-+6)7
89)&:4)0+"#3)$02+$
!"#$%&'(&!)*+,&7A<A&A&-%./0$&!(&102#3)0&RAQA&A&-?C&4(
-%+,3%5&6$27*%#&TAPA
8& >H54'#&>M0+-5+'?%

QA887 7

4552%NOOC'+D'#3O7=D77PQO#..$D<=7:77;<RPQJS&&&&&&&9":;0.<
<8RR:T99

1'$$"?5%

!"#$%&'()* & !+,,&-*.% & /*0*#*12*$

3+44,*5*1%$ & 6"%*7&89 & ':! &

!"#$%&#'()$"*N

*'%5;"U5HV-5+'?&0-#/?3"-0&"C"$-&-?C&2'%5;
"U5HV-5+'?&%5#+C'#&W*S@X&-#"&.'$$'?&.'$20+.-5+'?%
'(&+?5HV-5+'?&54-5&-#"&-%%'.+-5"C&Y+54&+?.#"-%"C
#-5"%&'(&2'%5;"U5HV-5+'?&#"%2+#-5'#/&(-+0H#"&W7XD&!4"
.0+?+.-0&2#-.5+."&3H+C"0+?"&ZJ+V"#-5+'?&(#'$
I".4-?+.-0&L"?5+0-5+'?&+?&1#+5+.-00/&K00&>CH05%A[
2HV0+%4"C&+?&54"&+",*-./&+?&G-?H-#/&<=7:A
"%5-V0+%4"C&54"&+C"?5+\.-5+'?&-?C&$-?-3"$"?5&'(
*S@&-%&'?"&'(&%+U&]"/&^H"%5+'?%D&K?&2-#5+.H0-#A&54"
3H+C"0+?"&%H33"%5%&-&.H_&0"-]&5"%5&W1J!X&%4'H0C&V"
2"#('#$"C&'?&$".4-?+.-00/&,"?5+0-5"C&2-5+"?5%&Y4'
$""5&"U5HV-5+'?&.#+5"#+-&-?C&-#"&C""$"C&5'&4-,"&-
4+34&#+%]&('#&*S@A&-?C&54-5&%/%5"$+.&%5"#'+C%&%4'H0C
V"&-C$+?+%5"#"C&5'&2-5+"?5%&Y4'&(-+0&54"&1J!&W<XD

>220+.-5+'?&'(&54"%"&#".'$$"?C-5+'?%&+%&0+$+5"C&V/
.'?`+.5+?3&",+C"?."&#"3-#C+?3&V'54&54"&5".4?+^H"
-?C&+?5"#2#"5-5+'?&'(&54"&1J!&-?C&54"&'25+$-0
%5"#'+C&#"3+$"?D&>%&%H.4A&a+#-#C&-?C&.'00"-3H"%
0-V"0"C&V'54&#".'$$"?C-5+'?%&-%&Z.'?C+5+'?-0A[
.+5+?3&-&0'Y&'#&$'C"#-5"&Z."#5-+?5/&'(&",+C"?."[&W<XD
b"&%H33"%5&2#'5'.'0+c-5+'?&'(&54"%"
#".'$$"?C-5+'?%&5'&'25+$+c"&2-5+"?5&'H5.'$"%A&-%
.-#"(H0&5+$+?3&-?C&%/?.4#'?+c-5+'?&'(&","?5%&-#"
?"."%%-#/&('#&2#'2"#&+$20"$"?5-5+'?&'(&54"%"
#".'$$"?C-5+'?%&W!-V0"&7XD&!'&"?%H#"&54+%
%/?.4#'?+c-5+'?A&54"&2#'5'.'0&H%"%&-
$H05+C+%.+20+?-#/&-22#'-.4&C#+,"?&V/&#"%2+#-5'#/
54"#-2+%5%D

=$:>0&?(&9/3+3@3>&A3/&9/0B0%+*3%&$%.&=/0$+)0%+&3A
93#+C'D+":$+*3%&E$/5%F0$>&'.0)$&$%.&93#+C
'D+":$+*3%&!+/*.3/&*%&-.">+&;0@,$%*@$>>5
G0%+*>$+0.&9$+*0%+#

d#C"#+?3 &

*#"%.#+V+?3 e&d#C"#"C&V/&#"%2+#-5'#/
54"#-2+%5%&2"#&2#'5'.'0&-H54'#+c"C
V/&K1)&24/%+.+-?%

& &

1H_&0"-]&5"%5 &
2#'5'.'0

1H_&0"-]&5"%5 e&b4"?&-%%"%%+?3&"U5HV-5+'?
#"-C+?"%%A&-&.H_&0"-]&5"%5&%4'H0C
V"&2"#('#$"C&+?&4+34;#+%]
+?C+,+CH-0%&WC"\?"C&V"0'YX

e&f-+0"C&.H_&0"-]&5"%5&+%&C"\?"C
-%&.H_&0"-]&,'0H$"&g77=&$0

e&K5&+%&?'5&#".'$$"?C"C&5'
#"2"-5&-&.H_&0"-]&5"%5&54"&C-/&-(5"#
2#'24/0-U+%&4-%&V""?&-C$+?+%5"#"C

& &

1H_&0"-]&5"%5 >&4+34;#+%]&2-5+"?5&+%&C"\?"C&-%
"0+3+V+0+5/ '?"&Y4'&$""5%&-5&0"-%5&'?"&'(&54"
('00'Y+?3&.#+5"#+-N

e&!#-H$-5+.&+?5HV-5+'?

e&f"$-0"&%"U

e&S?C'5#-.4"-0&+?5HV-5+'?&≥P&C

e&!#-H$-&5'&H22"#&-+#Y-/
-?-5'$/

e&B"+?5HV-5"C&-(5"#&H?"U2".5"C
"U5HV-5+'?

e&J-#3"&"?C'5#-.4"-0&5HV"&F9&$$

& &

I"-%H#"$"?5 7D&@H.5+'?&"?C'5#-.4"-0&-?C&'#-0
'(&54"&.H_&0"-] %".#"5+'?%A&-?C&%"5&54"&,"?5+0-5'#
,'0H$"&+? +?5'&54"&-%%+%5&.'?5#'0&$'C"&V"('#"
$".4-?+.-00/ 2"#('#$+?3&54"&.H_&0"-]&5"%5
,"?5+0-5"C
2-5+"?5%&WPX <D&K?`-5"&54"&.H_&-?C&#".'#C
C+%20-/"C&+?%2+#-5'#/&-?C
"U2+#-5'#/&L!&5'&",-0H-5"&('#
C+_"#"?."%&V"5Y""?&54"&5Y'
,'0H$"%

RD&h"`-5"&54"&.H_

QD&B".'#C&54"&"U2+#-5'#/&L!&',"#
54"&?"U5&%+U&V#"-54+?3&./.0"%

TD&>,"#-3"&54"&54#""&0'Y"%5
"U2+#-5'#/&L!&,-0H"%

PD&!4"&.H_&0"-]&,'0H$"&+%&54"
C+_"#"?."&V"5Y""?&54"&+?%2+#-5'#/
L!&W$"-%H#"C&V"('#"&54"&.H_&Y-%
C"`-5"C&+?&%5"2&<X&-?C&54"
-,"#-3"C&"U2+#-5'#/&L!&+?&%5"2&T

:D&K(&54"&,-0H"&+?&%5"2&P&+%&g77=&$0A
54+%&+%&.'?%+C"#"C&(-+0H#"

& &

*#'24/0-U+% &
-?C&5#"-5$"?5

@5#+C'# *-5+"?5%&Y4'&(-+0&-&.H_&0"-]&5"%5
2#'24/0-U+% Y+00&#"."+,"&54"&('00'Y+?3
W(-+0"C&.H_&0"-] 2#'24/0-U+%&'#C"#"C&V/&54"
5"%5X #"%2+#-5'#/&54"#-2+%5&2"#&2#'5'.'0N

e&I"54/02#"C?+%'0'?"&<=&$3&+D,D
iQEjkjQ&C'%"%

∘&!4"&#"%2+#-5'#/&54"#-2+%5
20-."%&-&2#"2'2H0-5"C&f#""&!"U5
'#C"#&+?&54"&"0".5#'?+.&$"C+.-0
#".'#C&H?C"#&54"&-55"?C+?3
24/%+.+-?&2"#&2#'5'.'0

∘&J-%5&C'%"&5'&V"&-C$+?+%5"#"C
+$$"C+-5"0/&V"('#"&"U5HV-5+'?

e&l'5+(/&-55"?C+?3&24/%+.+-?

& &

@5#+C'# *-5+"?5%&Y4'&C","0'2&%5#+C'#&H2'?
5#"-5$"?5 "U5HV-5+'?&Y+00&#"."+,"&54"
('00'Y+?3&5#"-5$"?5&'#C"#"C&V/
#"%2+#-5'#/&54"#-2+%5%&2"#&2#'5'.'0N

e&I"54/02#"C?+%'0'?"&Q=&$3&+D,Djkj
7

e&B-."$+.&"2+?"24#+?"&+?4-0-5+'?
<D<Tm&=DT&$0&*Bl&%5#+C'#jkj7&4

∘&I'?+5'#&('#&#"V'H?C&"C"$-

e&1''0&-"#'%'0

e&l'5+(/&-55"?C+?3&24/%+.+-?

e&K(&%5#+C'#&2"#%+%5%&FP=&$+?A
.'?%+C"#&#"+?5HV-5+'?

∘&lK**L&+%&%3+&#".'$$"?C"C
'Y+?3&5'&",+C"?."&'(&+?.#"-%"C
$'#5-0+5/&,%D&%5-?C-#C&'(&.-#"&-%&-
#"%H05&'(&C"0-/"C&+?5HV-5+'?

0&1-)$)"-#"2#.33*&4).$)"-5N&lK**Ljnj?'?+?,-%+,"&2'%+5+,"
2#"%%H#"&,"?5+0-5+'?o&*Bljnj-%&?""C"Co&iQEjnj","#/&Q&4D

>(5"#&%H.."%%(H0&.'$20"5+'?&'(&-&%2'?5-?"'H%
V#"-54+?3&5#+-0A&54"&#"%2+#-5'#/&54"#-2+%5&C"5"#$+?"%
54"&2-5+"?5p%&"0+3+V+0+5/&('#&-&1J!&-?C&2"#('#$%
5"%5+?3A&H%+?3&-?&-V%'0H5"&.H_&0"-]&,'0H$"&'(&g77=
$0&5'&+C"?5+(/&2-5+"?5%&-5&3#"-5"%5&#+%]&'(&*S@D
I"54'C'0'3+.-0&C+_"#"?."%&+?&54"&2"#('#$-?."&'(&-
1J!&+?.0HC"&Y4-5&2#"C"5"#$+?"C&.H5'_&,-0H"&+%
H%"C&5'&C"\?"&5"%5&(-+0H#"&-?C&Y4"54"#&-?&-V%'0H5"
'#&#"0-5+,"&W5'&54"&L!X&,-0H"&+%&H%"CD&>054'H34
%+3?+\.-?5&,-#+-5+'?&"U+%5%A&-?&-V%'0H5"&,'0H$"&'(
g77=&$0&4-%&V""?&H%"C&$'%5&.'?%+%5"?50/&+?&54"
0+5"#-5H#"&W7X&-?C&54H%&Y-%&.4'%"?&4"#"D
fH#54"#$'#"A&-%&-.]?'Y0"C3"C&V/&a+#-#C&-?C
.'00"-3H"%A&2"#('#$+?3&-&1J!&'?&-00&2-5+"?5%&V"('#"
"U5HV-5+'?&4-%&?'5&V""?&%4'Y?&5'&+$2#',"&.0+?+.-0
'H5.'$"%A&-?C&%+3?+\.-?50/&C"0-/%&0+V"#-5+'?&W<XD&f'#
54+%&#"-%'?A&54"&2#'2'%"C&2#'5'.'0&5-#3"5%&4+34;#+%]
2-5+"?5%D

E+%5'#+.-00/A&%5HC+"%&54-5&H%"C&.'#5+.'%5"#'+C%&('#
*S@&+?C+.-5"C&-&0-.]&'(&"M.-./o&4'Y","#A&$'%5&H%"C
-&%+?30"&C'%"&'(&54"&%5HC/&C#H3&-C$+?+%5"#"C&qH%5&7
4'H#&V"('#"&"U5HV-5+'?&WRXD&J+]"0/A&54"%"&%5HC+"%
Y"#"&0+$+5"C&V/&54"&24-#$-.'C/?-$+.&2#'\0"&'(
.'#5+.'%5"#'+C%A&#"%H05+?3&+?&-&C"0-/"C&'?%"5&'(
-.5+'?D&I'#"&#"."?5&0+5"#-5H#"&%H33"%5%&54-5
$H05+20"&C'%"%&'(&.'#5+.'%5"#'+C&-C$+?+%5"#"C&QrQ9
4'H#%&V"('#"&"U5HV-5+'?&-#"&"_".5+,"&+?&C".#"-%+?3
54"&#-5"&'(&*S@&-?C&54"&?""C&('#&#"+?5HV-5+'?&WQA&TXD
s".-H%"&'(&54"&4+34&%2".+\.+5/&-?C&,-#+-V0"
%"?%+5+,+5/&'(&54"&1J!A&24-#$-.'2#'24/0-U+%&5'
2#","?5&*S@&Y-%&+?.'#2'#-5"C&+?5'&54"&2#'5'.'0&('#
2-5+"?5%&Y4'&(-+0&54"&1J!A&VH5&1J!&(-+0H#"&C'"%&?'5
2#".0HC"&"U5HV-5+'?&W7XD&>(5"#&?'5+\.-5+'?&'(&54"
-55"?C+?3&24/%+.+-?A&<=&$3&'(&$"54/02#"C?+%'0'?"
+%&-C$+?+%5"#"C&+?5#-,"?'H%0/&","#/&Q&4'H#%&('#
('H#&C'%"%A&Y+54&"U5HV-5+'?&-55"$25"C&+$$"C+-5"0/
-(5"#&54"&0-%5&C'%"D&!4+%&#"3+$"?&Y-%&.4'%"?
V".-H%"&'(&+5%&H%"&+?&-&,-%50/&0-#3"#&%5HC/
2'2H0-5+'?&.'$2-#"C&Y+54&'54"#&.'#5+.'%5"#'+C
#"3+$"?%&WQXD

!#"-5$"?5&'(&*S@&+%&#"3#"55-V0/&'$+55"C&(#'$&54"
#"."?5&3H+C"0+?"%A&0+]"0/&'Y+?3&5'&54"&C"-#54&'(
.0+?+.-0&0+5"#-5H#"A&VH5&+5&$-/&2#',+C"&-&V"?"\5&+?
2#","?5+?3&#"+?5HV-5+'?D&b"&2#'2'%"&5#"-5$"?5&'(
*S@&Y+54&$"54/02#"C?+%'0'?"&-?C&#-."$+.
"2+?"24#+?"D&b+55"]-$2&-?C&.'00"-3H"%&2#",+'H%0/
H%"C&=DT&$3O]3&'(&2#"C?+%'0'?"&'?."
W-22#'U+$-5"0/&=DQ&$3O]3&$"54/02#"C?+%'0'?"X&-?C
4-,"&%+?."&#".'$$"?C"C&<=rQ=&$3&'(
$"54/02#"C?+%'0'?"&.'?5+?H"C&('#&<QrQ9&4'H#%&W7A
PXD&b"&.4'%"&5'&H%"&Q=&$3&'(&$"54/02#"C?+%'0'?"
-C$+?+%5"#"C&+?5#-,"?'H%0/&'?."&5'&-,'+C&Y"+345;
V-%"C&C'%+?3&-?C&-%&-?&"%.-0-5+'?&+?&54"#-2/&(#'$
54"&2#'24/0-U+%&C'%"D

*'%5;"U5HV-5+'?&0-#/?3"-0&"C"$-&-?C&*S@&2'%"
#"0-5+,"0/&.'$$'?&'V%5-.0"%&5'&,"?5+0-5'#
0+V"#-5+'?A&VH5&54"/&-#"&-0%'&4+340/&$-?-3"-V0"D
10+?+.-0&2#-.5+."&3H+C"0+?"%&4-,"&2#',+C"C&+$2'#5-?5
#".'$$"?C-5+'?%&('#&2#","?5+?3&*S@D&b"&2#'2'%"
54"&'25+$+c-5+'?&'(&54"%"&#".'$$"?C-5+'?%
54#'H34&+?%5+5H5+'?;V-%"C&2#'5'.'0+c-5+'?D

!"#"$"%&"'
@".5+'?N 14''%"

7D *0H+q$%&b>A&,-?&I'']&blA&b+55"]-$2&sEA
s"#3$-?%&h1D&*'%5"U5HV-5+'?&0-#/?3"-0
"C"$-&-?C&%5#+C'#&#"%H05+?3&+?&#"%2+#-5'#/
(-+0H#"&+?&.#+5+.-00/&+00&-CH05&2-5+"?5%N
H2C-5"C&#",+"YD&6*)$#6.*&&<=7To78N<8TD
1#'%%#"(A&I"C0+?"A&a''30"&@.4'0-#

<D a+#-#C&!hA&>04-cc-?+&bA&t#"%%&G*A&dH"00"55"
hBA&@.4$+C5&a>A&!#HY+5&GhA&&$#./Do
>!@O1ES@!&>C&E'.&1'$$+55""&'?
J+V"#-5+'?&(#'$&I".4-?+.-0&L"?5+0-5+'?&+?
>CH05%D&>?&dM.+-0&>$"#+.-?&!4'#-.+.
@'.+"5/O>$"#+.-?&1'00"3"&'(&14"%5
*4/%+.+-?%&.0+?+.-0&2#-.5+."&3H+C"0+?"D
J+V"#-5+'?&(#'$&$".4-?+.-0&,"?5+0-5+'?&+?
.#+5+.-00/&+00&-CH05%N&#"4-V+0+5-5+'?&2#'5'.'0%A
,"?5+0-5'#&0+V"#-5+'?&2#'5'.'0%A&-?C&.H_
0"-]&5"%5%D&78#+#9&5:)*#6*)$#6.*&#;&(
<=7:o78TN7<=r7RRD
>V%5#-.5A&I"C0+?"A&a''30"&@.4'0-#

RD h-#$'?&GuA&B-H%%&>A&h#"/(H%%&hA&s0"+.4?"#
aA&S0]4-##-5&hA&@.40"$$"#&sA&&$#./D
S,-0H-5+'?&'(&#+%]&(-.5'#%&('#&0-#/?3"-0
"C"$-&-(5"#&5#-.4"-0&"U5HV-5+'?&+?&-CH05%
-?C&+5%&2#","?5+'?&V/&C"U-$"54-%'?"D&>
20-."V';.'?5#'00"CA&C'HV0";V0+?CA
$H05+."?5"#&%5HC/D&7-&5$%&5)"/"<=
788<o::N<QTr<T7D
1#'%%#"(A&I"C0+?"A&a''30"&@.4'0-#

QD f#-?v'+%&sA&s"00+%%-?5&SA&a+%%'5&LA&h"%-.4/
>A&l'#$-?C&@A&s'H0-+?&!A&&$#./Do&>%%'.+-5+'?
C"%&Bw-?+$-5"H#%&CH&1"?5#";dH"%5
W>B1dXD&7<;4&2#"5#"-5$"?5&Y+54
$"54/02#"C?+%'0'?"&,"#%H%&20-."V'&('#
2#","?5+'?&'(&2'%5"U5HV-5+'?&0-#/?3"-0
'"C"$-N&-&#-?C'$+%"C&C'HV0";V0+?C&5#+-0D
>.-?&$&<==:oRP8N7=9Rr7=98D
1#'%%#"(A&I"C0+?"A&a''30"&@.4'0-#

TD 14"?3&t1A&14"?&1IA&!-?&1tA&14"?&EIA&JH
1JA&x4-?3&ED&I"54/02#"C?+%'0'?"&#"CH."%
54"&#-5"%&'(&2'%5"U5HV-5+'?&%5#+C'#&-?C
#"+?5HV-5+'?&-%%'.+-5"C&Y+54&-55"?H-5"C
./5']+?"&#"%2'?%"%&+?&.#+5+.-00/&+00&2-5+"?5%D
;)-&*4.#7-&5$&5)"/&<=77o::NT=RrT=8D
I"C0+?"A&a''30"&@.4'0-#

PD b+55"]-$2&sEA&,-?&I'']&blA&!q-?&hEA
xY-,"0+?3&GEA&s"#3$-?%&h1D&10+?+.-0
#",+"YN&2'%5;"U5HV-5+'?&0-#/?3"-0&"C"$-
-?C&"U5HV-5+'?&(-+0H#"&+?&.#+5+.-00/&+00&-CH05
2-5+"?5%D&6*)$#6.*&&<==8o7RN<RRD
1#'%%#"(A&I"C0+?"A&a''30"&@.4'0-#

d#+3+?-00/&*HV0+%4"C&+?&*#"%%&-%&hdKN
7=D77PQO#..$D<=7:77;<RPQJS&'?&G-?H-#/&7PA
<=79

;+%<=#&7"$2,=$+#*$&-#"&-,-+0-V0"&Y+54&54"
5"U5&'(&54+%&0"55"#&-5&YYYD-5%q'H#?-0%D'#3D

6=55*1%$ *'%5&-&1'$$"?5

>$*#1(5*?

'($$@=#7?
B"$"$V"#&$"
@+3?&K? & 10"-#

f'#3'55"?&/'H#&2-%%Y'#Cy

!"#$%&"'$(")*&+',+*-.
A=%&B*%&/*)"$%*#*7C
@&-&1$5#"2#9&<)5$*.$)"-#A-?/,(&B
&e&>&)?+^H"&)%"#&*#'\0"&54-5&Y+00&-00'Y&/'H&5'
$-?-3"&/'H#&.H##"?5&%HV%.#+25+'?%&W+?.0HC+?3
'?0+?"&-.."%%X
&e&!4"&-V+0+5/&5'&.#"-5"&(-,'#+5"%&0+%5%&C'Y?&5'&54"
-#5+.0"&0","0
&e&!4"&-V+0+5/&5'&.H%5'$+c"&"$-+0&-0"#5%&5'&#"."+,"
%2".+\.&?'5+\.-5+'?%&-V'H5&54"&5'2+.%&/'H&.-#"
$'%5&-V'H5&-?C&%2".+-0&'_"#%
B"3+%5"#

*#",+'H%&>#5+.0" l"U5&>#5+.0"

!"#$%&'()'#"$%* L+"Y&-00&$"5#+.%

h'Y?0'-C 1+5-5+'?

250

200

150

100

50

0
JAN FEB MAR APR MAY JUN

!"##$ $

!'5-0 f+#%5&R=&h-/% P&I'?54% 7<&I'?54%

!'5-0&?H$V"#&'(&C'Y?0'-C
-?C&.+5-5+'?
('#&54"&$'%5&#"."?5&P&$'?54%&Y4'0"&.-0"?C-#
$'?54%D

! " # $

!"#$%&'()*+,

#-(./0-,

1-)-(*+$2)3&(4*5/&)

())*+"',-).+/&0.+)%

!4+%&%+5"&H%"%&.'']+"%D&s/&.'?5+?H+?3&5'&V#'Y%"
!"#$%&'(&)%" & *#+,-./&*'0+./
54"&%+5"&/'H&-#"&-3#""+?3&5'&'H#&H%"&'(&.'']+"%D
1'2/#+345&6&789:;<=<<&>$"#+.-?&!4'#-.+.&@'.+"5/A&>00&B+345%
f+?C&'H5&$'#"D& >.."25
B"%"#,"CD

You might also like