ǼȜȜȘȞȚțȐ
ĮȡȤİȓȠİȚțȩȞĮȢıİıȣȞįİįİȝȑȞȘȝȠȞȐįĮȝȞȒȝȘȢ86%Ȓ
ȞĮIJȠĮʌȠșȘțİȪıİIJİȦȢȜȠȖȩIJȣʌȠİțțȓȞȘıȘȢĮȞĮȣIJȒȘ
ȜİȚIJȠȣȡȖȓĮȣʌȠıIJȘȡȓȗİIJĮȚțĮȚIJȠĮȡȤİȓȠİȓȞĮȚțĮIJȐȜȜȘȜȠ
īȚĮȞĮIJİȡȝĮIJȓıİIJİIJȘȞİȝijȐȞȚıȘIJȘȢİȚțȩȞĮȢʌĮIJȒıIJİ
IJȠʌȜȒțIJȡȠ
Ǽȋǿȉ
ȅȒȤȠȢșĮȝİIJĮįȓįİIJĮȚȝȑıȦIJȦȞȘȤİȓȦȞIJȘȢIJȘȜİȩȡĮıȘȢ
ĮijȠȪįȫıİIJİIJȘȞİʌȚȕİȕĮȓȦıȘīȚĮȞĮĮȡȤȓıİIJİIJȘȡȠȒ
įİįȠȝȑȞȦȞȒȤȠȣțĮIJĮȡȖȒıIJİIJȘıȪȗİȣȟȘIJȘȢıȣıțİȣȒȢ
ȝİ IJȘȞ IJȘȜİȩȡĮıȘ ĮȞ ʌȡȠȘȖȠȣȝȑȞȦȢ İȓȤİ ȖȓȞİȚ
ıȪȗİȣȟȘǹijȠȪȠȜȠțȜȘȡȦșİȓȘıȪȗİȣȟȘșĮİȝijĮȞȚıIJİȓ
ȑȞĮȝȒȞȣȝĮİʌȚȕİȕĮȓȦıȘȢʌȠȣșĮıĮȢȡȦIJȐĮȞșȑȜİIJİ
ȞĮȟİțȚȞȒıİIJİIJȘȡȠȒįİįȠȝȑȞȦȞȒȤȠȣĮʌȩIJȘȞțȚȞȘIJȒ
ıĮȢıȣıțİȣȒǼʌȚȜȑȟIJİ
ȃĮȚ
țĮȚʌĮIJȒıIJİIJȠʌȜȒțIJȡȠ
2.
ıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠIJȘȢIJȘȜİȩȡĮıȘȢǹȞȘıȪȞįİıȘ
İȓȞĮȚİʌȚIJȣȤȒȢȠȒȤȠȢșĮȝİIJĮįȓįİIJĮȚȝȩȞȚȝĮȝȑıȦIJȦȞ
ȘȤİȓȦȞIJȘȢIJȘȜİȩȡĮıȘȢȈIJȘȞʌȐȞȦʌȜİȣȡȐIJȘȢȠșȩȞȘȢ
IJȘȢIJȘȜİȩȡĮıȘȢșĮİȝijĮȞȓȗİIJĮȚȑȞĮıȪȝȕȠȜȠȖȚĮȩıȠ
įȚȐıIJȘȝĮ İȓȞĮȚ İȞİȡȖȒ Ș ıȪȞįİıȘ ȡȠȒȢ įİįȠȝȑȞȦȞ
ȒȤȠȣ īȚĮ ȞĮ IJİȡȝĮIJȓıİIJİ IJȘ ȡȠȒ įİįȠȝȑȞȦȞ ȒȤȠȣ
ʌȡȑʌİȚ ȞĮ ĮʌİȞİȡȖȠʌȠȚȒıİIJİ IJȘ ıȪȞįİıȘ %OXHWRRWK
IJȘȢțȚȞȘIJȒȢıĮȢıȣıțİȣȒȢ
īȚĮ IJȘȞ ĮʌȡȩıțȠʌIJȘ ȝİIJĮijȠȡȐ țȜİȓıIJİ ȩȜİȢ IJȚȢ
İțIJİȜȠȪȝİȞİȢ İijĮȡȝȠȖȑȢ țĮȚ ȩȜĮ IJĮ ȝİȞȠȪ ıIJȘȞ
IJȘȜİȩȡĮıȘȀĮIJȐȜȜȘȜĮȖȚĮȝİIJĮijȠȡȐİȓȞĮȚȝȩȞȠĮȡȤİȓĮ
İȚțȩȞĮȢȝİȖȑșȠȣȢȝȚțȡȩIJİȡȠȣIJȦȞ0%țĮȚIJȦȞİȟȒȢ
ȝȠȡijȫȞ
MSJ MSHJ SQJ EPS
ǹȞ ȑȞĮ ĮȡȤİȓȠ ʌȠȣ
ıIJȑȜȞİIJİ Įʌȩ IJȘȞ țȚȞȘIJȒ ıȣıțİȣȒ įİȞ ʌȜȘȡȠȓ ĮȣIJȑȢ
IJȚȢĮʌĮȚIJȒıİȚȢįİȞșĮİȝijĮȞȚıIJİȓıIJȘȞIJȘȜİȩȡĮıȘ
ȈȘȝİȓȦıȘ
ȅȚĮıȪȡȝĮIJİȢıȣıțİȣȑȢȝʌȠȡİȓȜİȚIJȠȣȡȖȠȪȞıIJȘȞ
ȓįȚĮʌİȡȚȠȤȒȡĮįȚȠıȣȤȞȠIJȒIJȦȞțĮȚȞĮȣʌȐȡȟȠȣȞʌĮȡİȝȕȠȜȑȢ
ȝİIJĮȟȪIJȠȣȢīȚĮȞĮȕİȜIJȚȫıİIJİIJȘȞĮʌȩįȠıȘIJȘȢĮıȪȡȝĮIJȘȢ
ıȣıțİȣȒȢıĮȢIJȠʌȠșİIJȒıIJİIJȘȞIJȠȣȜȐȤȚıIJȠȞȝȑIJȡȠȝĮțȡȚȐ
ĮʌȩȠʌȠȚĮįȒʌȠIJİȐȜȜȘĮıȪȡȝĮIJȘıȣıțİȣȒ
ǹȞIJȚȝİIJȫʌȚıȘʌȡȠȕȜȘȝȐIJȦȞıȣȞįİıȚȝȩIJȘIJĮȢ
ǹıȪȡȝĮIJȠįȓțIJȣȠȝȘįȚĮșȑıȚȝȠ
ǺİȕĮȚȦșİȓIJİȩIJȚIJĮIJİȓȤȘʌȡȠıIJĮıȓĮȢIJȠȣįȚțIJȪȠȣıĮȢ
İʌȚIJȡȑʌȠȣȞIJȘȞĮıȪȡȝĮIJȘıȪȞįİıȘIJȘȢIJȘȜİȩȡĮıȘȢ
ǻȠțȚȝȐıIJİ ʌȐȜȚ ĮȞĮȗȒIJȘıȘ ȖȚĮ ĮıȪȡȝĮIJĮ įȓțIJȣĮ
ȤȡȘıȚȝȠʌȠȚȫȞIJĮȢIJȘȞȠșȩȞȘȝİȞȠȪ
ǻȓțIJȣȠ
ǹȞ įİȞ ȜİȚIJȠȣȡȖİȓ ıȦıIJȐ IJȠ ĮıȪȡȝĮIJȠ įȓțIJȣȠ
įȠțȚȝȐıIJİ ȞĮ ȤȡȘıȚȝȠʌȠȚȒıİIJİ IJȠ ȠȚțȚĮțȩ ıĮȢ
İȞıȪȡȝĮIJȠ įȓțIJȣȠ īȚĮ ʌİȡȚııȩIJİȡİȢ ʌȜȘȡȠijȠȡȓİȢ
ıȤİIJȚțȐȝİIJȘįȚĮįȚțĮıȓĮįİȓIJİIJȘȞİȞȩIJȘIJĮ
ǼȞıȪȡȝĮIJȘ
ıȣȞįİıȚȝȩIJȘIJĮ
ǹȞįİȞȜİȚIJȠȣȡȖİȓȘIJȘȜİȩȡĮıȘȝİȤȡȒıȘIJȘȢİȞıȪȡȝĮIJȘȢ
ıȪȞįİıȘȢİȜȑȖȟIJİIJȠȝȩȞIJİȝįȡȠȝȠȜȠȖȘIJȒǹȞįİȞ
ȣʌȐȡȤİȚ ʌȡȩȕȜȘȝĮ ıIJȠ įȡȠȝȠȜȠȖȘIJȒ İȜȑȖȟIJİ IJȘ
ıȪȞįİıȘIJȠȣȝȩȞIJİȝıĮȢıIJȠ,QWHUQHW
ǾıȪȞįİıȘİȓȞĮȚĮȡȖȒ
ǻİȓIJİ IJȠ İȖȤİȚȡȓįȚȠ ȠįȘȖȚȫȞ IJȠȣ ĮıȪȡȝĮIJȠȣ ȝȩȞIJİȝ
ıĮȢ ȖȚĮ ȞĮ ĮʌȠțIJȒıİIJİ ʌȜȘȡȠijȠȡȓİȢ ıȤİIJȚțȐ ȝİ
IJȘȞ İıȦIJİȡȚțȒ ʌİȡȚȠȤȒ ıȑȡȕȚȢ IJĮȤȪIJȘIJĮ ıȪȞįİıȘȢ
ʌȠȚȩIJȘIJĮıȒȝĮIJȠȢțĮȚȐȜȜİȢȡȣșȝȓıİȚȢīȚĮIJȠȝȩȞIJİȝ
ıĮȢȤȡİȚȐȗİIJĮȚȞĮȑȤİIJİıȪȞįİıȘȣȥȘȜȒȢIJĮȤȪIJȘIJĮȢ
ǻȚĮțȠʌȒțĮIJȐIJȘȞĮȞĮʌĮȡĮȖȦȖȒȒĮȡȖȑȢ
ĮȞIJȚįȡȐıİȚȢ
ȈİȝȚĮIJȑIJȠȚĮʌİȡȓʌIJȦıȘįȠțȚȝȐıIJİIJĮİȟȒȢ
ǻȚĮIJȘȡİȓIJİ IJȠȣȜȐȤȚıIJȠȞ IJȡȓĮ ȝȑIJȡĮ ĮʌȩıIJĮıȘ Įʌȩ
ijȠȪȡȞȠȣȢȝȚțȡȠțȣȝȐIJȦȞțȚȞȘIJȐIJȘȜȑijȦȞĮıȣıțİȣȑȢ
%OXHWRRWKȒȠʌȠȚİıįȒʌȠIJİȐȜȜİȢıȣıțİȣȑȢıȣȝȕĮIJȑȢ
ȝİ :/$1ǻȠțȚȝȐıIJİ ĮȜȜĮȖȒ IJȠȣ İȞİȡȖȠȪ țĮȞĮȜȚȠȪ
ıIJȠįȡȠȝȠȜȠȖȘIJȒ:/$1
ȈȪȞįİıȘ,QWHUQHWȝȘįȚĮșȑıȚȝȘȀȠȚȞȒȤȡȒıȘ
dzȤȠȣțĮȚǺȓȞIJİȠįİȞȜİȚIJȠȣȡȖİȓ
ǹȞ ȑȤİȚ țĮIJĮȖȡĮijİȓ ȝȩȞȚȝĮ Ș įȚİȪșȣȞıȘ 0$& ȑȞĮȢ
ȝȠȞĮįȚțȩȢĮȞĮȖȞȦȡȚıIJȚțȩȢĮȡȚșȝȩȢIJȠȣȣʌȠȜȠȖȚıIJȒ
Ȓ IJȠȣ ȝȩȞIJİȝ ıĮȢ İȞįȑȤİIJĮȚ Ș IJȘȜİȩȡĮıȒ ıĮȢ
ȞĮ ȝȘȞ ȝʌȠȡİȓ ȞĮ ıȣȞįİșİȓ ıIJȠ ,QWHUQHW Ȉİ ȝȚĮ
IJȑIJȠȚĮ ʌİȡȓʌIJȦıȘ Ș įȚİȪșȣȞıȘ 0$& İȜȑȖȤİIJĮȚ
țĮȚ İʌȚțȣȡȫȞİIJĮȚ țȐșİ ijȠȡȐ ʌȠȣ ıȣȞįȑİıIJİ ıIJȠ
,QWHUQHWǹȣIJȩ İȓȞĮȚ ȑȞĮ ȝȑIJȡȠ ʌȡȠijȪȜĮȟȘȢ Įʌȩ ȝȘ
İȟȠȣıȚȠįȠIJȘȝȑȞȘ ʌȡȩıȕĮıȘ ǼʌİȚįȒ Ș IJȘȜİȩȡĮıȒ
ıĮȢȑȤİȚIJȘįȚțȒIJȘȢįȚİȪșȣȞıȘ0$&ȠʌȐȡȠȤȩȢıĮȢ
ȣʌȘȡİıȚȫȞ ,QWHUQHW įİȞ ȝʌȠȡİȓ ȞĮ İʌȚțȣȡȫıİȚ IJȘ
įȚİȪșȣȞıȘ 0$& IJȘȢ IJȘȜİȩȡĮıȒȢ ıĮȢ īȚĮ IJȠ ȜȩȖȠ
ĮȣIJȩȘIJȘȜİȩȡĮıȒıĮȢįİȞȝʌȠȡİȓȞĮıȣȞįİșİȓıIJȠ
,QWHUQHWǹʌİȣșȣȞșİȓIJİıIJȠȞʌȐȡȠȤȩıĮȢȣʌȘȡİıȚȫȞ
,QWHUQHW țĮȚ ȗȘIJȒıIJİ ʌȜȘȡȠijȠȡȓİȢ ȖȚĮ IJȠ ʌȫȢ șĮ
ıȣȞįȑıİIJİıIJȠ,QWHUQHWȝȚĮįȚĮijȠȡİIJȚțȒıȣıțİȣȒȩʌȦȢ
ȘIJȘȜİȩȡĮıȒıĮȢ
ǼʌȓıȘȢİȞįȑȤİIJĮȚȘıȪȞįİıȘȞĮȝȘȞİȓȞĮȚįȚĮșȑıȚȝȘ
ȜȩȖȦ IJİȓȤȠȣȢ ʌȡȠıIJĮıȓĮȢ ILUHZDOOǹȞ ȞȠȝȓȗİIJİ ȩIJȚ
ĮȣIJȩ ʌȡȠțĮȜİȓ IJȠ ʌȡȩȕȜȘȝȐ ıĮȢ ĮʌİȣșȣȞșİȓIJİ
ıIJȠȞ ʌȐȡȠȤȩ ıĮȢ ȣʌȘȡİıȚȫȞ ,QWHUQHW DzȞĮ IJİȓȤȠȢ
ʌȡȠıIJĮıȓĮȢ ȝʌȠȡİȓ ȞĮ İȓȞĮȚ Ș ĮȚIJȓĮ ʌȡȠȕȜȒȝĮIJȠȢ
ıȣȞįİıȚȝȩIJȘIJĮȢțĮȚĮȞİȪȡİıȘȢİȞȫȤȡȘıȚȝȠʌȠȚİȓIJİIJȘȞ
IJȘȜİȩȡĮıȘıİȜİȚIJȠȣȡȖȓĮȀȠȚȞȒȋȡȒıȘdzȤȠȣǺȓȞIJİȠȒ
țĮIJȐIJȘȞİʌȚıțȩʌȘıȘĮȡȤİȓȦȞȝȑıȦIJȘȢȜİȚIJȠȣȡȖȓĮȢ
ȀȠȚȞȒȋȡȒıȘdzȤȠȣțĮȚǺȓȞIJİȠ
ȂȘȑȖțȣȡȠȢIJȠȝȑĮȢ
ǺİȕĮȚȦșİȓIJİȩIJȚȑȤİIJİȒįȘıȣȞįİșİȓıIJȠȞȣʌȠȜȠȖȚıIJȒ
ıĮȢ ȝİ İȟȠȣıȚȠįȠIJȘȝȑȞȠ ȩȞȠȝĮ ȤȡȒıIJȘțȦįȚțȩ
ʌȡȩıȕĮıȘȢțĮȚİʌȓıȘȢȕİȕĮȚȦșİȓIJİȩIJȚȠIJȠȝȑĮȢıĮȢ
İȓȞĮȚ İȞİȡȖȩȢ ʌȡȚȞ IJȘȞ țȠȚȞȒ ȤȡȒıȘ ȠʌȠȚȦȞįȒʌȠIJİ
ĮȡȤİȓȦȞ ıIJȠ ʌȡȩȖȡĮȝȝȐ ıĮȢ įȚĮțȠȝȚıIJȒ ȝȑıȦȞ
IJȠȣȣʌȠȜȠȖȚıIJȒıĮȢǹȞȠIJȠȝȑĮȢGRPDLQįİȞİȓȞĮȚ
ȑȖțȣȡȠȢĮȣIJȩȝʌȠȡİȓȞĮʌȡȠțĮȜȑıİȚʌȡȠȕȜȒȝĮIJĮțĮIJȐ
IJȘȞİʌȚıțȩʌȘıȘĮȡȤİȓȦȞıİȜİȚIJȠȣȡȖȓĮȀȠȚȞȒȋȡȒıȘ
dzȤȠȣțĮȚǺȓȞIJİȠ
ȋȡȒıȘȣʌȘȡİıȓĮȢįȚțIJȪȠȣȀȠȚȞȒȋȡȒıȘdzȤȠȣ
țĮȚǺȓȞIJİȠ
ǾȜİȚIJȠȣȡȖȓĮȀȠȚȞȒȋȡȒıȘdzȤȠȣțĮȚǺȓȞIJİȠȤȡȘıȚȝȠʌȠȚİȓ
ȑȞĮʌȡȩIJȣʌȠʌȠȣįȚİȣțȠȜȪȞİȚIJȘįȚĮįȚțĮıȓĮșȑĮıȘȢ
ȥȘijȚĮțȫȞ ȘȜİțIJȡȠȞȚțȫȞ ȝȑıȦȞ țĮȚ IJĮ țȐȞİȚ ʌȚȠ
İȪȤȡȘıIJĮıİȠȚțȚĮțȩįȓțIJȣȠ
ǹȣIJȩ IJȠ ʌȡȩIJȣʌȠ ıĮȢ İʌȚIJȡȑʌİȚ IJȘȞ ʌȡȠȕȠȜȒ țĮȚ
ĮȞĮʌĮȡĮȖȦȖȒ ijȦIJȠȖȡĮijȚȫȞ ȝȠȣıȚțȒȢ țĮȚ ȕȓȞIJİȠ
ĮʌȠșȘțİȣȝȑȞȦȞ ıIJȠ įȚĮțȠȝȚıIJȒ ȝȑıȦȞ ʌȠȣ İȓȞĮȚ
ıȣȞįİįİȝȑȞȠȢıIJȠȠȚțȚĮțȩıĮȢįȓțIJȣȠ
ǼȜȜȘȞȚțȐ
ǼȖțĮIJȐıIJĮıȘȁȠȖȚıȝȚțȠȪįȚĮțȠȝȚıIJȒ
Ǿ ȜİȚIJȠȣȡȖȓĮ ȀȠȚȞȒ ȤȡȒıȘ dzȤȠȣ țĮȚ ǺȓȞIJİȠ įİȞ
ȝʌȠȡİȓȞĮȤȡȘıȚȝȠʌȠȚȘșİȓĮȞįİȞȑȤİȚİȖțĮIJĮıIJĮșİȓIJȠ
ʌȡȩȖȡĮȝȝĮįȚĮțȠȝȚıIJȒıIJȠȞȣʌȠȜȠȖȚıIJȒıĮȢȒĮȞIJȠ
ĮʌĮȚIJȠȪȝİȞȠȜȠȖȚıȝȚțȩįȚĮțȠȝȚıIJȒʌȠȜȣȝȑıȦȞįİȞȑȤİȚ
İȖțĮIJĮıIJĮșİȓıIJȘıȣȞȠįİȣIJȚțȒıȣıțİȣȒȆȡȠİIJȠȚȝȐıIJİ
IJȠ3&ıĮȢȝİȑȞĮțĮIJȐȜȜȘȜȠʌȡȩȖȡĮȝȝĮįȚĮțȠȝȚıIJȒ
ȈȪȞįİıȘıİİȞıȪȡȝĮIJȠȒĮıȪȡȝĮIJȠįȓțIJȣȠ
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