ǼȜȜȘȞȚțȐ
- 4 -
ȅȚʌĮȡĮʌȐȞȦʌȡȠijȣȜȐȟİȚȢʌȡȑʌİȚȞĮİijĮȡȝȩȗȠȞIJĮȚ
țĮȚıIJȘȞʌİȡȓʌIJȦıȘʌȠȣʌȡȩțİȚIJĮȚȞĮțȡĮIJȒıİIJİIJȘȞ
ȣʌȐȡȤȠȣıĮIJȘȜİȩȡĮıȒıĮȢțĮȚȞĮIJȘȢĮȜȜȐȟİIJİșȑıȘ
±±±±±±±±±±±±
ȈȣıțİȣȒ ıȣȞįİįİȝȑȞȘ ıIJȘȞ ʌȡȠıIJĮIJİȣIJȚțȒ ȖİȓȦıȘ
IJȘȢ İȖțĮIJȐıIJĮıȘȢ IJȠȣ țIJȚȡȓȠȣ ȝȑıȦ IJȘȢ ıȪȞįİıȘȢ
ȇǼȊȂǹȉȅȈǻǿȀȉȊȅȊȒȝȑıȦȐȜȜȘȢıȣıțİȣȒȢʌȠȣ
įȚĮșȑIJİȚ ıȪȞįİıȘ ıİ ʌȡȠıIJĮIJİȣIJȚțȒ ȖİȓȦıȘ țĮȚ ıİ
ıȪıIJȘȝĮ įȚĮȞȠȝȒȢ IJȘȜİȠʌIJȚțȠȪ ıȒȝĮIJȠȢ ȝİ ȤȡȒıȘ
ȠȝȠĮȟȠȞȚțȠȪ țĮȜȦįȓȠȣ ȝʌȠȡİȓ ȣʌȩ ȠȡȚıȝȑȞİȢ
ıȣȞșȒțİȢ ȞĮ įȘȝȚȠȣȡȖȒıİȚ țȓȞįȣȞȠ ʌȣȡțĮȖȚȐȢ Ǿ
ıȪȞįİıȘıİıȪıIJȘȝĮțĮIJĮȞȠȝȒȢIJȘȜİȠʌIJȚțȠȪıȒȝĮIJȠȢ
ʌȡȑʌİȚİʌȠȝȑȞȦȢȞĮİȓȞĮȚİȟȠʌȜȚıȝȑȞȘȝİįȚȐIJĮȟȘʌȠȣ
ʌĮȡȑȤİȚȘȜİțIJȡȚțȒĮʌȠȝȩȞȦıȘțȐIJȦĮʌȩȝȚĮȠȡȚıȝȑȞȘ
ʌİȡȚȠȤȒıȣȤȞȠIJȒIJȦȞȖĮȜȕĮȞȚțȒĮʌȠȝȩȞȦıȘ
ȅǻǾīǿǼȈȉȅȆȅĬǼȉǾȈǾȈȈȉȅȃȉȅǿȋȅ
ǻȚĮȕȐıIJİ IJȚȢ ȠįȘȖȓİȢ ʌȡȚȞ IJȠʌȠșİIJȒıİIJİ IJȘȞ
IJȘȜİȩȡĮıȘıIJȠȞIJȠȓȤȠ
ȉȠ țȚIJ İʌȚIJȠȓȤȚĮȢ IJȠʌȠșȑIJȘıȘȢ İȓȞĮȚ ʌȡȠĮȚȡİIJȚțȩȢ
İȟȠʌȜȚıȝȩȢȂʌȠȡİȓIJİȞĮIJȠʌȡȠȝȘșİȣIJİȓIJİĮʌȩIJȠ
IJȠʌȚțȩ ıĮȢ țĮIJȐıIJȘȝĮ ĮȞ įİȞ ʌĮȡȑȤİIJĮȚ ȝĮȗȓ ȝİ
IJȘȞIJȘȜİȩȡĮıȘ
ȂȘȞİȖțĮIJĮıIJȒıİIJİIJȘȞIJȘȜİȩȡĮıȘıİȠȡȠijȒȒıİ
IJȠȓȤȠȝİțȜȓıȘ
ȋȡȘıȚȝȠʌȠȚȒıIJİ IJȚȢ ʌȡȠȕȜİʌȩȝİȞİȢ ȕȓįİȢ țĮȚ IJĮ
ȐȜȜĮĮȟİıȠȣȐȡIJȠʌȠșȑIJȘıȘȢıİIJȠȓȤȠ
ȈijȓȟIJİțĮȜȐIJȚȢȕȓįİȢIJȠʌȠșȑIJȘıȘȢıİIJȠȓȤȠȖȚĮȞĮ
ĮʌȠIJȡȑȥİIJİIJȘȞʌIJȫıȘIJȘȢIJȘȜİȩȡĮıȘȢȂȘȞıijȓȟİIJİ
ȣʌİȡȕȠȜȚțȐIJȚȢȕȓįİȢ
ȅȚİȚțȩȞİȢțĮȚȠȚĮʌİȚțȠȞȓıİȚȢıIJȠʌĮȡȩȞǼȖȤİȚȡȓįȚȠ
ȤȡȒıȘȢ ʌĮȡȑȤȠȞIJĮȚ ȝȩȞȠ İȞįİȚțIJȚțȐ țĮȚ ȝʌȠȡİȓ
ȞĮ įȚĮijȑȡȠȣȞ Įʌȩ IJȘȞ ʌȡĮȖȝĮIJȚțȒ İȝijȐȞȚıȘ IJȠȣ
ʌȡȠȧȩȞIJȠȢȅıȤİįȚĮıȝȩȢțĮȚȠȚʌȡȠįȚĮȖȡĮijȑȢIJȠȣ
ʌȡȠȧȩȞIJȠȢȝʌȠȡİȓȞĮĮȜȜȐȟȠȣȞȤȦȡȓȢİȚįȠʌȠȓȘıȘ
ȆȜȘȡȠijȠȡȓİȢȖȚĮIJȠʌİȡȚȕȐȜȜȠȞ
ǹȣIJȒȘIJȘȜİȩȡĮıȘȑȤİȚıȤİįȚĮıIJİȓȫıIJİȞĮİȓȞĮȚijȚȜȚțȒ
ʌȡȠȢIJȠʌİȡȚȕȐȜȜȠȞīȚĮȞĮȝİȚȫıİIJİIJȘȞțĮIJĮȞȐȜȦıȘ
İȞȑȡȖİȚĮȢȝʌȠȡİȓIJİȞĮĮțȠȜȠȣșȒıİIJİIJĮİȟȒȢȕȒȝĮIJĮ
ǹȞ ȡȣșȝȓıİIJİ IJȘȞ
ǼȟȠȚțȠȞȩȝȘıȘ İȞȑȡȖİȚĮȢ
ıİ
ǼȜȐȤȚıIJȘ
ȂİıĮȓĮ
ȂȑȖȚıIJȘ
Ȓ
ǹȣIJȩȝĮIJȘ
ȘIJȘȜİȩȡĮıȘ
șĮȝİȚȫıİȚIJȘȞțĮIJĮȞȐȜȦıȘİȞȑȡȖİȚĮȢĮȞIJȓıIJȠȚȤĮīȚĮ
ȞĮ ĮʌİȞİȡȖȠʌȠȚȒıİIJİ ĮȣIJȒ IJȘ ȡȪșȝȚıȘ șȑıIJİ IJȘȞ
IJȚȝȒıİ
ȀȜİȚıIJȩ
ǹȞșĮșȑȜĮIJİȞĮȠȡȓıİIJİIJȘȞİʌȚȜȠȖȒ
ĭȦIJȚıȝȩȢȠșȩȞȘȢıİȝȚĮıIJĮșİȡȒIJȚȝȒșȑıIJİIJȘȞıİ
ȋȡȒıIJȘȢ
İʌȚıȘȝȐȞİIJİIJȘȞİʌȚȜȠȖȒ
ĭȦIJȚıȝȩȢȠșȩȞȘȢ
șĮ ȕȡȓıțİIJĮȚ țȐIJȦ Įʌȩ IJȘ ȡȪșȝȚıȘ
ǼȟȠȚțȠȞȩȝȘıȘ
İȞȑȡȖİȚĮȢ
țĮȚ țĮIJȩʌȚȞ ȡȣșȝȓıIJİ IJȘ ȤİȚȡȠțȓȞȘIJĮ
ȤȡȘıȚȝȠʌȠȚȫȞIJĮȢIJĮʌȜȒțIJȡĮțĮIJİȪșȣȞıȘȢǹȡȚıIJİȡȐ
țĮȚǻİȟȚȐıIJȠIJȘȜİȤİȚȡȚıIJȒȡȚȠ
ȈȘȝİȓȦıȘ
ȅȚ įȚĮșȑıȚȝİȢ İʌȚȜȠȖȑȢ ıIJȘȞ
ǼȟȠȚțȠȞȩȝȘıȘ
İȞȑȡȖİȚĮȢ
ȝʌȠȡİȓȞĮįȚĮijȑȡȠȣȞĮȞȐȜȠȖĮȝİIJȘȞİʌȚȜİȖȝȑȞȘ
ȁİȚIJȠȣȡȖȓĮ
ıIJȠȝİȞȠȪ
ȇȣșȝȓıİȚȢ!ǼȚțȩȞĮ
ȉȚȢȡȣșȝȓıİȚȢȖȚĮ
ǼȟȠȚțȠȞȩȝȘıȘİȞȑȡȖİȚĮȢ
ȝʌȠȡİȓIJİ
ȞĮ IJȚȢ ȕȡİȓIJİ ıIJȠ ȝİȞȠȪ
ȇȣșȝȓıİȚȢ!ǼȚțȩȞĮ
DzȤİIJİ
ȣʌȩȥȘ ıĮȢ ȩIJȚ ȠȡȚıȝȑȞİȢ ȡȣșȝȓıİȚȢ İȚțȩȞĮȢ įİȞ șĮ
İȓȞĮȚįȚĮșȑıȚȝİȢȖȚĮĮȜȜĮȖȒ
ȂʌȠȡİȓIJİ İʌȓıȘȢ ȞĮ İȞİȡȖȠʌȠȚȒıİIJİ IJȘȞ ȠșȩȞȘ
ȤȡȘıȚȝȠʌȠȚȫȞIJĮȢ IJȠ ıIJȠȚȤİȓȠ
ǹʌİȞİȡȖȠʌȠȓȘıȘ
ȠșȩȞȘȢ
ĮȞșȑȜİIJİȝȩȞȠȞĮĮțȠȪIJİIJȠȞȒȤȠȤȦȡȓȢȞĮ
ʌĮȡĮțȠȜȠȣșİȓIJİǹȞʌȚȑıİIJİİʌĮȞİȚȜȘȝȝȑȞĮIJȠʌȜȒțIJȡȠ
ǻİȟȚȐ ȒǹȡȚıIJİȡȐ șĮ İʌȚȜİȖİȓ Ș
ǹʌİȞİȡȖȠʌȠȓȘıȘ
ȠșȩȞȘȢ
țĮȚıIJȘȞȠșȩȞȘșĮİȝijĮȞȚıIJİȓIJȠȝȒȞȣȝĮ
Ǿ
ȠșȩȞȘșĮĮʌİȞİȡȖȠʌȠȚȘșİȓıİįİȣIJİȡȩȜİʌIJĮ
ǼʌȚȜȑȟIJİ
ȈȣȞȑȤİȚĮ
țĮȚ ʌȚȑıIJİ
OK
ĮȞ șȑȜİIJİ ȞĮ
ĮʌİȞİȡȖȠʌȠȚȒıİIJİȐȝİıĮIJȘȞȠșȩȞȘǹȞįİȞʌȚȑıİIJİ
țĮȞȑȞĮʌȜȒțIJȡȠȘȠșȩȞȘșĮĮʌİȞİȡȖȠʌȠȚȘșİȓıİ
įİȣIJİȡȩȜİʌIJĮīȚĮȞĮİȞİȡȖȠʌȠȚȒıİIJİʌȐȜȚIJȘȞȠșȩȞȘ
ʌȚȑıIJİ ȠʌȠȚȠįȒʌȠIJİ ʌȜȒțIJȡȠ ıIJȠ IJȘȜİȤİȚȡȚıIJȒȡȚȠ Ȓ
țȠȣȝʌȓIJȘȢIJȘȜİȩȡĮıȘȢ
ȈȘȝİȓȦıȘ
ȉȠıIJȠȚȤİȓȠ
ǹʌİȞİȡȖȠʌȠȓȘıȘȠșȩȞȘȢ
įİȞİȓȞĮȚ
įȚĮșȑıȚȝȠĮȞȘ
ȁİȚIJȠȣȡȖȓĮ
ȑȤİȚIJİșİȓıİ
ȆĮȚȤȞȓįȚ
ǵIJĮȞȘIJȘȜİȩȡĮıȘįİȞȤȡȘıȚȝȠʌȠȚİȓIJĮȚĮʌİȞİȡȖȠʌȠȚİȓIJİ
IJȘȞȒĮʌȠıȣȞįȑİIJȑIJȘȞĮʌȩIJȘȞʌȡȓȗĮǹȣIJȒȘİȞȑȡȖİȚĮ
șĮ ȝİȚȫıİȚ Ȓ țĮȚ șĮ ıIJĮȝĮIJȒıİȚ IJȘȞ țĮIJĮȞȐȜȦıȘ
İȞȑȡȖİȚĮȢ
ȋĮȡĮțIJȘȡȚıIJȚțȐ
DzȖȤȡȦȝȘIJȘȜİȩȡĮıȘȝİIJȘȜİȤİȚȡȚıȝȩ
ȆȜȒȡȦȢ İȞıȦȝĮIJȦȝȑȞȘ ȥȘijȚĮțȒțĮȜȦįȚĮțȒ
įȠȡȣijȠȡȚțȒIJȘȜİȩȡĮıȘ'9%77&
ǼȓıȠįȠȚ+'0,ȖȚĮıȪȞįİıȘȝİȐȜȜİȢıȣıțİȣȑȢʌȠȣ
įȚĮșȑIJȠȣȞȣʌȠįȠȤȑȢ+'0,
ǼȓıȠįȠȢ86%
ȈȪıIJȘȝĮȝİȞȠȪİʌȓIJȘȢȠșȩȞȘȢ
ȈIJİȡİȠijȦȞȚțȩıȪıIJȘȝĮȒȤȠȣ
ȉİȜİIJȑȟIJ
ȈȪȞįİıȘĮțȠȣıIJȚțȫȞ
ȈȪıIJȘȝĮĮȣIJȩȝĮIJȠȣʌȡȠȖȡĮȝȝĮIJȚıȝȠȪ
ȋİȚȡȠțȓȞȘIJȠȢıȣȞIJȠȞȚıȝȩȢ
ǹȣIJȩȝĮIJȘ ĮʌİȞİȡȖȠʌȠȓȘıȘ ȝİIJȐ Įʌȩ ȑȦȢ ȠțIJȫ
ȫȡİȢ
ȋȡȠȞȠįȚĮțȩʌIJȘȢȜİȚIJȠȣȡȖȓĮȢȪʌȞȠȣ
ȀȜİȓįȦȝĮʌȡȠıIJĮıȓĮȢ
ǹȣIJȩȝĮIJȘıȓȖĮıȘȒȤȠȣȩIJĮȞįİȞȣʌȐȡȤİȚıȒȝĮ
ǹȞĮʌĮȡĮȖȦȖȒ176&
ǹȣIJȩȝĮIJȠȢȆİȡȚȠȡȚıȝȩȢDzȞIJĮıȘȢdzȤȠȣ$9/
ȈȪıIJȘȝĮ3//ǹȞĮȗȒIJȘıȘıȣȤȞȠIJȒIJȦȞ
ȁİȚIJȠȣȡȖȓĮȆĮȚȤȞȚįȚȠȪʌȡȠĮȚȡ
ȁİȚIJȠȣȡȖȓĮǹʌİȞİȡȖȠʌȠȓȘıȘȢİȚțȩȞĮȢ
ǼȖȖȡĮijȒʌȡȠȖȡĮȝȝȐIJȦȞ
ȋȡȠȞȚțȒȝİIJĮIJȩʌȚıȘʌȡȠȖȡȐȝȝĮIJȠȢ
(WKHUQHW/$1ȖȚĮıȪȞįİıȘțĮȚȣʌȘȡİıȓİȢǴȞIJİȡȞİIJ
ǼȜȜȘȞȚțȐ
- 5 -
ǼȞıȦȝĮIJȦȝȑȞȘȣʌȠıIJȒȡȚȟȘ:/$1DEJQ
ȀȠȚȞȒȋȡȒıȘdzȤȠȣțĮȚǺȓȞIJİȠ
+EE79
8OWUD+'8+'
ǾIJȘȜİȩȡĮıȘȣʌȠıIJȘȡȓȗİȚIJİȤȞȠȜȠȖȓĮ8OWUD+'ȆȠȜȪ
ȣȥȘȜȒ ĮȞȐȜȣıȘ ȖȞȦıIJȒ țĮȚ ȦȢ . ʌȠȣ ʌĮȡȑȤİȚ
ĮȞȐȜȣıȘ[..ǹȞIJȚıIJȠȚȤİȓıİʌȜȐıȚĮ
ĮȞȐȜȣıȘ ıİ ıȪȖțȡȚıȘ ȝİ IJȘȞ IJȘȜİȩȡĮıȘ )XOO +'
ʌȠȣİʌȚIJȣȖȤȐȞİIJĮȚȝİįȚʌȜĮıȚĮıȝȩIJȠȣĮȡȚșȝȠȪIJȦȞ
ʌȓȟİȜIJȘȢ)XOO+'IJȘȜİȩȡĮıȘȢIJȩıȠıİȠȡȚȗȩȞIJȚĮȩıȠ
țĮȚ ıİ țȐșİIJȘ įȚİȪșȣȞıȘ ȉȠ ʌİȡȚİȤȩȝİȞȠ 8OWUD +'
ȣʌȠıIJȘȡȓȗİIJĮȚĮʌȩİȖȖİȞİȓȢİijĮȡȝȠȖȑȢțĮȚİijĮȡȝȠȖȑȢ
ıIJȘȞĮȖȠȡȐ+'0,İȓıȠįȠ86%VțĮȚȝȑıȦİțʌȠȝʌȫȞ
'9%7țĮȚ'9%6
ȊȥȘȜȒ įȣȞĮȝȚțȒ ʌİȡȚȠȤȒ +'5 ȊȕȡȚįȚțȒ
ȜȠȖĮȡȚșȝȚțȒȖȐȝȝĮțĮȝʌȪȜȘ+/*
Ȃİ ĮȣIJȒ IJȘ įȣȞĮIJȩIJȘIJĮ Ș IJȘȜİȩȡĮıȘ ȝʌȠȡİȓ
ȞĮ ĮȞĮʌĮȡȐȖİȚ ȝİȖĮȜȪIJİȡȘ įȣȞĮȝȚțȒ ʌİȡȚȠȤȒ
ijȦIJİȚȞȩIJȘIJĮȢ ȝİ IJȘȞ ĮʌȠIJȪʌȦıȘ țĮȚ țĮIJȩʌȚȞ IJȠ
ıȣȞįȣĮıȝȩʌȠȜȜȫȞįȚĮijȠȡİIJȚțȫȞIJȚȝȫȞȑțșİıȘȢǾ
įȣȞĮIJȩIJȘIJĮ +'5+/* İʌȚIJȡȑʌİȚ țĮȜȪIJİȡȘ ʌȠȚȩIJȘIJĮ
İȚțȩȞĮȢ ȤȐȡȘ ıİ ʌȚȠ ijȦIJİȚȞȑȢ ʌȚȠ ȡİĮȜȚıIJȚțȑȢ
ȜİʌIJȠȝȑȡİȚİȢ ʌȚȠ ȡİĮȜȚıIJȚțȩ ȤȡȫȝĮ țĮȚ ȐȜȜİȢ
ȕİȜIJȚȫıİȚȢ ȆĮȡȑȤİȚ IJȘȞ İȚțȩȞĮ ʌȠȣ ıțȩʌİȣĮȞ ȞĮ
İʌȚIJȪȤȠȣȞȠȚįȘȝȚȠȣȡȖȠȓIJȦȞIJĮȚȞȚȫȞʌĮȡȠȣıȚȐȗȠȞIJĮȢ
ȝİ ʌȜȒȡȘ ıĮijȒȞİȚĮ ȤȡȫȝĮ țĮȚ ȜİʌIJȠȝȑȡİȚĮ IJȚȢ
țȡȣȝȝȑȞİȢ ʌİȡȚȠȤȑȢ IJȦȞ ıțȠȪȡȦȞ ıțȚȫȞ țĮȚ IJȦȞ
ȘȜȚȩȜȠȣıIJȦȞ ʌİȡȚȠȤȫȞ ȉȠ ʌİȡȚİȤȩȝİȞȠ +'5+/*
ȣʌȠıIJȘȡȓȗİIJĮȚĮʌȩİȖȖİȞİȓȢİijĮȡȝȠȖȑȢțĮȚİijĮȡȝȠȖȑȢ
įȚĮįȚțIJȣĮțȒȢ ʌȪȜȘȢ Įʌȩ İȚıȩįȠȣȢ +'0, țĮȚ 86%
țĮȚȝȑıȦİțʌȠȝʌȫȞ'9%6ĬȑıIJİIJȘıȤİIJȚțȒİȓıȠįȠ
ʌȘȖȒȢ+'0,ȦȢ
ǺİȜIJȚȦȝȑȞȘ
ĮʌȩIJȠıIJȠȚȤİȓȠ
ȆȘȖȑȢ
ıIJȠ ȝİȞȠȪ
ȇȣșȝȓıİȚȢ!ȈȪıIJȘȝĮ
Ȓ Įʌȩ IJȠ ȝİȞȠȪ
ȆȘȖȑȢ!ȇȣșȝȓıİȚȢ ȆȘȖȒȢ
ȖȚĮ ȞĮ ʌĮȡĮțȠȜȠȣșȒıİIJİ
İȚțȩȞİȢ +'5+/* ĮȞ ȜĮȝȕȐȞİIJĮȚ ʌİȡȚİȤȩȝİȞȠ
+'5+/* ȝȑıȦ ȝȚĮȢ İȚıȩįȠȣ +'0, Ȉİ ĮȣIJȒ IJȘȞ
ʌİȡȓʌIJȦıȘȘıȣıțİȣȒʌȡȠȑȜİȣıȘȢșĮʌȡȑʌİȚİʌȓıȘȢ
ȞĮİȓȞĮȚıȣȝȕĮIJȒȝİIJȠȣȜȐȤȚıIJȠȞ+'0,D
'ROE\9LVLRQ
ǾIJİȤȞȠȜȠȖȓĮ'ROE\9LVLRQʌĮȡȑȤİȚȝȚĮįȡĮȝĮIJȚțȒ
ȠʌIJȚțȒİȝʌİȚȡȓĮțĮIJĮʌȜȘțIJȚțȒijȦIJİȚȞȩIJȘIJĮİȟĮȚȡİIJȚțȒ
ĮȞIJȓșİıȘ țĮȚ ȗȦȘȡȐ ȤȡȫȝĮIJĮ ʌȠȣ ȗȦȞIJĮȞİȪȠȣȞ
IJȘȞ ȥȣȤĮȖȦȖȓĮ ǼʌȚIJȣȖȤȐȞİȚ ĮȣIJȒ IJȘȞ țĮIJĮʌȜȘțIJȚțȒ
ʌȠȚȩIJȘIJĮİȚțȩȞĮȢıȣȞįȣȐȗȠȞIJĮȢIJİȤȞȠȜȠȖȓİȢ+'5țĮȚ
İȚțȩȞĮȢ İȣȡİȓĮȢ ȖțȐȝĮȢ ȤȡȦȝȐIJȦȞǹȣȟȐȞȠȞIJĮȢ IJȘ
ijȦIJİȚȞȩIJȘIJĮIJȠȣĮȡȤȚțȠȪıȒȝĮIJȠȢțĮȚȤȡȘıȚȝȠʌȠȚȫȞIJĮȢ
ȑȞĮ ȣȥȘȜȩIJİȡȠ įȣȞĮȝȚțȩ İȪȡȠȢ ȤȡȦȝȐIJȦȞ țĮȚ
ĮȞIJȓșİıȘȢ Ș IJİȤȞȠȜȠȖȓĮ 'ROE\ 9LVLRQ ʌĮȡȠȣıȚȐȗİȚ
İțʌȜȘțIJȚțȑȢ ȡİĮȜȚıIJȚțȑȢ İȚțȩȞİȢ ȝİ țĮIJĮʌȜȘțIJȚțȑȢ
ȜİʌIJȠȝȑȡİȚİȢʌȠȣȐȜȜİȢIJİȤȞȠȜȠȖȓİȢȝİIJİʌİȟİȡȖĮıȓĮȢ
ıIJȘȞIJȘȜİȩȡĮıȘįİȞȝʌȠȡȠȪȞȞĮʌĮȡȐȖȠȣȞȉȠ'ROE\
9LVLRQȣʌȠıIJȘȡȓȗİIJĮȚȝȑıȦİȖȖİȞȫȞİijĮȡȝȠȖȫȞțĮȚ
İijĮȡȝȠȖȫȞ Įʌȩ IJȘ įȚĮįȚțIJȣĮțȒ ʌȪȜȘ țĮșȫȢ țĮȚ
Įʌȩ IJȚȢ İȚıȩįȠȣȢ +'0, țĮȚ 86% ĬȑıIJİ IJȘ ıȤİIJȚțȒ
İȓıȠįȠʌȘȖȒȢ+'0,ȦȢ
ǺİȜIJȚȦȝȑȞȘ
ĮʌȩIJȘȞİʌȚȜȠȖȒ
ȆȘȖȑȢ
ıIJȠȝİȞȠȪ
ȇȣșȝȓıİȚȢ!ȈȪıIJȘȝĮ
ȒĮʌȩIJȠȝİȞȠȪ
ȆȘȖȑȢ!ȇȣșȝȓıİȚȢ ȆȘȖȒȢ
ȖȚĮ ȞĮ ʌĮȡĮțȠȜȠȣșȒıİIJİ
ʌİȡȚİȤȩȝİȞȠ'ROE\9LVLRQĮȞȜĮȝȕȐȞİIJİʌİȡȚİȤȩȝİȞȠ
'ROE\ 9LVLRQ ȝȑıȦ ȝȚĮȢ İȚıȩįȠȣ +'0, Ȉİ ĮȣIJȒ
IJȘȞ ʌİȡȓʌIJȦıȘ Ș ıȣıțİȣȒ ʌȡȠȑȜİȣıȘȢ șĮ ʌȡȑʌİȚ
İʌȓıȘȢȞĮİȓȞĮȚıȣȝȕĮIJȒȝİIJȠȣȜȐȤȚıIJȠȞ+'0,D
ȈIJȠ ȝİȞȠȪ
ȇȣșȝȓıİȚȢ!ǼȚțȩȞĮ!ȆȠȜȣȝȑıĮ
șĮ İȓȞĮȚ
įȚĮșȑıȚȝȠȚįȪȠʌȡȠțĮșȠȡȚıȝȑȞİȢȜİȚIJȠȣȡȖȓİȢİȚțȩȞĮȢ
ĮȞ ĮȞȚȤȞİȣIJİȓ ʌİȡȚİȤȩȝİȞȠ 'ROE\ 9LVLRQ
'ROE\
9LVLRQ ĭȦIJİȚȞȩ
țĮȚ
'ROE\ 9LVLRQ ȈțȠIJİȚȞȩ
ȀĮȚ ȠȚ
įȪȠ İʌȚIJȡȑʌȠȣȞ ıIJȠ ȤȡȒıIJȘ ȞĮ ȑȤȠȣȞ IJȘȞ İȝʌİȚȡȓĮ
IJȠȣ ʌİȡȚİȤȠȝȑȞȠȣ ȩʌȦȢ ĮțȡȚȕȫȢ ȒșİȜİ ĮȡȤȚțȐ Ƞ
įȘȝȚȠȣȡȖȩȢIJȠȣȝİįȚĮijȠȡİIJȚțȑȢıȣȞșȒțİȢijȦIJȚıȝȠȪ
ʌİȡȚȕȐȜȜȠȞIJȠȢ
ǹȟİıȠȣȐȡʌȠȣʌİȡȚȜĮȝȕȐȞȠȞIJĮȚ
ȉȘȜİȤİȚȡȚıIJȒȡȚȠ
ȂʌĮIJĮȡȓİȢIJİȝ$$$
ǼȖȤİȚȡȓįȚȠȅįȘȖȚȫȞ
ȀĮȜȫįȚȠȡİȪȝĮIJȠȢ
ǼȚįȠʌȠȚȒıİȚȢıȤİIJȚțȐȝİIJȘȞĮȞĮȝȠȞȒ
ǹȞȘIJȘȜİȩȡĮıȘįİȞȜȐȕİȚțĮȞȑȞĮıȒȝĮİȚıȩįȠȣʌȤ
Įʌȩ
țİȡĮȓĮȒĮʌȩʌȘȖȒ+'0,Ȗ
ȚĮȜİʌ
IJȐIJȩIJİșĮ
ȝİIJĮȕİȓıİțĮIJȐıIJĮıȘĮȞĮȝȠȞȒȢȉȘȞİʌȩȝİȞȘijȠȡȐ
ʌȠȣșĮIJȘȞİȞİȡȖȠʌȠȚȒıİIJİșĮİȝijĮȞȚıIJİȓIJȠĮțȩȜȠȣșȠ
ȝȒȞȣȝĮ
"
Ǿ IJȘȜİȩȡĮıȘ IJȑșȘțİ ĮȣIJȩȝĮIJĮ ıİ
țĮIJȐıIJĮıȘĮȞĮȝȠȞȒȢİʌİȚįȒįİȞȣʌȒȡȤİıȒȝĮȖȚĮ
ʌȠȜȜȒȫȡĮ
ȂʌȠȡİȓIJİȞĮĮʌİȞİȡȖȠʌȠȚȒıİIJİĮȣIJȒIJȘ
ȜİȚIJȠȣȡȖȚțȩIJȘIJĮȡȣșȝȓȗȠȞIJĮȢIJȘȞİʌȚȜȠȖȒ
ȋȡȠȞȩȝİIJȡȠ
ĮʌȠȣıȓĮȢıȒȝĮIJȠȢ
ıIJȠȝİȞȠȪ
ȇȣșȝȓıİȚȢ!ȈȣıțİȣȑȢ
.
ȉȠıIJȠȚȤİȓȠ
ǹȣIJȩȝĮʌİȞİȡȖȠʌȠȓȘıȘ79
ıIJȠȝİȞȠȪ
ȇȣșȝȓıİȚȢ
>
ȈȪıIJȘȝĮ
>
ȆİȡȚııȩIJİȡĮ
șĮ ȝʌȠȡȠȪıİ
ȞĮ ȑȤİȚ IJİșİȓ ıİ ȝȚĮ IJȚȝȒ Įʌȩ ȑȦȢ ȫȡİȢ Įʌȩ
ʌȡȠİʌȚȜȠȖȒǹȞ ĮȣIJȒ IJȘ ȡȪșȝȚıȘ įİȞ ȑȤİȚ IJİșİȓ ıİ
ȀȜİȚıIJȩ
țĮȚȘIJȘȜİȩȡĮıȘȑȤİȚʌĮȡĮȝİȓȞİȚĮȞĮȝȝȑȞȘțĮȚ
įİȞȑȤİȚȖȓȞİȚțĮȞȑȞĮȢȤİȚȡȚıȝȩȢȖȚĮIJȠʌȡȠțĮșȠȡȚıȝȑȞȠ
įȚȐıIJȘȝĮșĮȝİIJĮȕİȓıİțĮIJȐıIJĮıȘĮȞĮȝȠȞȒȢĮijȠȪ
ʌİȡȐıİȚ IJȠ įȚȐıIJȘȝĮ ĮȣIJȩ ȉ
ȘȞ İʌȩȝİȞȘ ijȠȡȐ ʌȠȣ
șĮİȞİȡȖȠʌȠȚȒıİIJİ
IJȘȞIJȘȜİȩȡĮıȘ
șĮİȝijĮȞȚıIJİȓIJȠ
ʌĮȡĮțȐIJȦȝȒȞȣȝĮ
"
ǾIJȘȜİȩȡĮıȘIJȑșȘțİĮȣIJȩȝĮIJĮ
ıİțĮIJȐıIJĮıȘĮȞĮȝȠȞȒȢİʌİȚįȒįİȞȑȖȚȞİțĮȞȑȞĮȢ
ȤİȚȡȚıȝȩȢ ȖȚĮ ʌȠȜȜȒ ȫȡĮ
ȆȡȚȞ Ș IJȘȜİȩȡĮıȘ
ȝİIJĮȕİȓ ıİ ȜİȚIJȠȣȡȖȓĮ ĮȞĮȝȠȞȒȢ șĮ İȝijĮȞȚıIJİȓ ȑȞĮ
ʌĮȡȐșȣȡȠįȚĮȜȩȖȠȣǹȞįİȞʌĮIJȒıİIJİțĮȞȑȞĮʌȜȒțIJȡȠ
ȘIJȘȜİȩȡĮıȘșĮȝİIJĮȕİȓıIJȘȜİȚIJȠȣȡȖȓĮĮȞĮȝȠȞȒȢȝİIJȐ
ĮʌȩȤȡȠȞȚțȩįȚȐıIJȘȝĮįİȣIJİȡȠȜȑʌIJȦȞȂʌȠȡİȓIJİȞĮ
İʌȚıȘȝȐȞİIJİIJȠ
ȃĮȚ
țĮȚȞĮʌĮIJȒıİIJİ
OK
ȖȚĮȞĮșȑıİIJİ
IJȘȞ IJȘȜİȩȡĮıȘ ȐȝİıĮ ıİ ȜİȚIJȠȣȡȖȓĮ ĮȞĮȝȠȞȒȢǹȞ
İʌȚıȘȝȐȞİIJİ IJȠ
ǵȤȚ
țĮȚ ʌĮIJȒıİIJİ
OK
Ș IJȘȜİȩȡĮıȘ
șĮʌĮȡĮȝİȓȞİȚİȞİȡȖȠʌȠȚȘȝȑȞȘǹʌȩĮȣIJȩȞIJȠįȚȐȜȠȖȠ
ȝʌȠȡİȓIJİ İʌȓıȘȢ ȞĮ İʌȚȜȑȟİIJİ ȞĮ ĮțȣȡȫıİIJİ IJȘ
ȜİȚIJȠȣȡȖȓĮ
ǹȣIJȩȝ ĮʌİȞİȡȖȠʌȠȓȘıȘ
ǼʌȚıȘȝȐȞİIJİ
IJȠ ıIJȠȚȤİȓȠ
ǹʌİȞİȡȖȠʌȠȓȘıȘ
țĮȚ ʌĮIJȒıIJİ
OK
ȠʌȩIJİ Ș IJȘȜİȩȡĮıȘ șĮ ʌĮȡĮȝİȓȞİȚ İȞİȡȖȠʌȠȚȘȝȑȞȘ
țĮȚȘȜİȚIJȠȣȡȖȓĮșĮIJİșİȓıİ
ǹʌİȞİȡȖ
ȂʌȠȡİȓIJİȞĮ
İȞİȡȖȠʌȠȚȒıİIJİʌȐȜȚĮȣIJȒIJȘȜİȚIJȠȣȡȖȓĮĮȜȜȐȗȠȞIJĮȢIJȘ
