ǼȜȜȘȞȚțȐ
- 26 -
ǹʌȩȡȡȘIJȠ
ȇȣșȝȓıİȚȢ
ǹʌȠȡȡȒIJȠȣ
ǻȚĮȤİȚȡȚıIJİȓIJİIJĮįȚĮțĮȚȫȝĮIJĮĮʌȠȡȡȒIJȠȣıĮȢȖȚĮİijĮȡȝȠȖȑȢʌȠȣıȤİIJȓȗȠȞIJĮȚȝİIJȚȢ
ȜİȚIJȠȣȡȖȓİȢȑȟȣʌȞȘȢIJȘȜİȩȡĮıȘȢVPDUW79ȆĮIJȒıIJİ
OK
ȖȚĮȞĮİȚıȑȜșİIJİıIJȠȝİȞȠȪ
țĮȚȞĮȡȣșȝȓıİIJİIJĮıIJȠȚȤİȓĮĮȞȐȜȠȖĮȝİIJȚȢʌȡȠIJȚȝȒıİȚȢıĮȢ
ǼȝijȐȞȚıȘȩȜȦȞ
IJȦȞ&RRNඈHV
ǼȝijĮȞȓȗİȚȩȜĮIJĮĮʌȠșȘțİȣȝȑȞĮFRRNඈHV
ǻȚĮȖȡĮijȒȩȜȦȞ
IJȦȞFRRNඈHV
ǻȚĮȖȡȐijİȚȩȜĮIJĮĮʌȠșȘțİȣȝȑȞĮFRRNඈHV
ǵȤȚ
ʌĮȡĮțȠȜȠȪșȘıȘ
ȂİĮȣIJȒIJȘȞİʌȚȜȠȖȒȝʌȠȡİȓIJİȞĮȠȡȓıİIJİIJȘȞʌȡȠIJȓȝȘıȒıĮȢıȤİIJȚțȐȝİIJȘıȣȝʌİȡȚijȠȡȐ
ʌĮȡĮțȠȜȠȪșȘıȘȢȖȚĮȣʌȘȡİıȓİȢ+EE79
īȠȞȚțȩȢ
ȀĮIJĮȤȦȡȓıIJİIJȠıȦıIJȩțȦįȚțȩ3,1ȖȚĮȞĮĮȜȜȐȟİIJİȡȣșȝȓıİȚȢȖȠȞȚțȠȪİȜȑȖȤȠȣȈİĮȣIJȩ
IJȠȝİȞȠȪȝʌȠȡİȓIJİȞĮȡȣșȝȓıİIJİİȪțȠȜĮ
ȀȜİȓįȦȝĮȝİȞȠȪ
ȀȜİȓįȦȝĮțĮIJĮȜȜȘȜȩIJȘIJĮȢ
ȆȡȠıIJĮıȓĮʌĮȚįȚȫȞ
Ȓ
ȀĮșȠįȒȖȘıȘ
ȂʌȠȡİȓIJİİʌȓıȘȢȞĮȠȡȓıİIJİȑȞĮȞȑȠțȦįȚțȩ
3,1
ȒȞĮĮȜȜȐȟİIJİIJȠȞ
ȆȡȠİʌȚȜİȖȝȑȞȠ
&,&$03,1
ȤȡȘıȚȝȠʌȠȚȫȞIJĮȢIJȚȢıȤİIJȚțȑȢ
İʌȚȜȠȖȑȢ
ȈȘȝİȓȦıȘ
ȅȡȚıȝȑȞİȢ
İʌȚȜȠȖȑȢȝİȞȠȪȓıȦȢȞĮȝȘȞİȓȞĮȚįȚĮșȑıȚȝİȢĮȞȐȜȠȖĮȝİIJȘȞİʌȚȜȠȖȒȤȫȡĮȢıIJȘȞ
ȆȡȫIJȘǼȖțĮIJȐıIJĮıȘ
ȅʌȡȠİʌȚȜİȖȝȑȞȠȢ3,1șĮȝʌȠȡȠȪıİȞĮȑȤİȚIJİșİȓıİȒǹȞȑȤİIJİȠȡȓıİȚIJȠȞ
țȦįȚțȩ3,1ıĮȢȗȘIJȐIJĮȚĮȞȐȜȠȖĮȝİIJȘȞİʌȚȜȠȖȒȤȫȡĮȢțĮIJȐIJȘȞ
ȆȡȫIJȘǼȖțĮIJȐıIJĮıȘ
IJȩIJİȤȡȘıȚȝȠʌȠȚȒıIJİ
IJȠȞ3,1ʌȠȣȑȤİIJİȠȡȓıİȚ
ǾȝİȡȠȝȘȞȓĮǷȡĮ
ȇȣșȝȓȗİȚIJȘȞȘȝİȡȠȝȘȞȓĮțĮȚIJȘȞȫȡĮ
ȆȘȖȑȢ
ȂʌȠȡİȓIJİȞĮIJȡȠʌȠʌȠȚȒıİIJİIJĮȠȞȩȝĮIJĮȞĮİȞİȡȖȠʌȠȚȒıİIJİȒȞĮĮʌİȞİȡȖȠʌȠȚȒıİIJİ
IJȚȢİʌȚȜİȖȝȑȞİȢʌȘȖȑȢīȚĮIJȚȢʌȘȖȑȢ+'0,ȣʌȐȡȤȠȣȞİʌȓıȘȢȠȚİʌȚȜȠȖȑȢ
ȀĮȞȠȞȚțȒ
țĮȚ
ǺİȜIJȚȦȝȑȞȘ
ǹȣIJȑȢȠȚİʌȚȜȠȖȑȢİʌȘȡİȐȗȠȣȞIJȚȢȡȣșȝȓıİȚȢȤȡȫȝĮIJȠȢIJȘȢİʌȚȜİȖȝȑȞȘȢ
ʌȘȖȒȢ+'0,īȚĮȞĮȝʌȠȡİȓIJİȞĮʌĮȡĮțȠȜȠȣșİȓIJİİȚțȩȞİȢ.Ȓ+'5+/*ĮʌȩʌȘȖȒ
+'0,ȘıȤİIJȚțȒȡȪșȝȚıȘʌȘȖȒȢʌȡȑʌİȚȞĮIJİșİȓȦȢ
ǺİȜIJȚȦȝȑȞȘ
ĮȞȘıȣȞįİįİȝȑȞȘ
ıȣıțİȣȒİȓȞĮȚıȣȝȕĮIJȒȝİ+'0,țĮȚİʌȩȝİȞİȢİțįȩıİȚȢĬȑıIJİIJȘȞȦȢ
ȀĮȞȠȞȚțȒ
ĮȞ Ș ıȣȞįİįİȝȑȞȘ ıȣıțİȣȒ İȓȞĮȚ ıȣȝȕĮIJȒ ȝİ +'0, ȇȣșȝȓıIJİ ĮȞIJȓıIJȠȚȤĮ Ȓ
ĮʌİȞİȡȖȠʌȠȚȒıIJİIJȘıȤİIJȚțȒʌȘȖȒ+'0,șȑIJȠȞIJȐȢIJȘȞȦȢ
ǹʌİȞİȡȖȠʌȠȚȘȝȑȞȘ
.
1HWIOL[
ǹȞȘIJȘȜİȩȡĮıȒıĮȢȣʌȠıIJȘȡȓȗİȚĮȣIJȒIJȘȜİȚIJȠȣȡȖȓĮȝʌȠȡİȓIJİȞĮįİȓIJİIJȠȞĮȡȚșȝȩıĮȢ
(61țĮȚȞĮĮʌİȞİȡȖȠʌȠȚȒıİIJİIJȠ1HWIOL[
ȅ ĮȡȚșȝȩȢ (61 İȓȞĮȚ ȑȞĮȢ ȝȠȞĮįȚțȩȢ ĮȡȚșȝȩȢ ,' ĮȞĮȖȞȫȡȚıȘȢ ȖȚĮ IJȘȞ ȣʌȘȡİıȓĮ 1HWIOL[ Ƞ ȠʌȠȓȠȢ
įȘȝȚȠȣȡȖİȓIJĮȚİȚįȚțȐȖȚĮIJȘȞIJĮȣIJȠʌȠȓȘıȘIJȘȢIJȘȜİȩȡĮıȒȢıĮȢ
ȈȘȝİȓȦıȘ
īȚĮȡȠȒįİįȠȝȑȞȦȞȕȓȞIJİȠ.ĮʌĮȚIJİȓIJĮȚİȜȐȤȚıIJȘIJĮȤȪIJȘIJĮıȪȞįİıȘȢ,QWHUQHW0EV±īȚĮȑȞĮ
ʌĮȡȐįİȚȖȝĮĮʌĮȚIJȒıİȦȞȖȚĮȡȠȒįİįȠȝȑȞȦȞʌİȡȚİȤȠȝȑȞȠȣ.ȝʌȠȡİȓIJİȞĮȕȡİȓIJİʌİȡȚııȩIJİȡİȢʌȜȘȡȠijȠȡȓİȢ
ıIJȠȞȚıIJȩIJȠʌȠ1HWIOਟ[KWWSVKHOSQHWIOਟ[FRPHQQRGHǵIJĮȞĮȡȤȓıİIJİIJȘȡȠȒįİįȠȝȑȞȦȞʌİȡȚİȤȠȝȑȞȠȣ
ȕȓȞIJİȠȝȑıȦIJȠȣ,QWHUQHWșĮĮȞĮȜȣșİȓȘʌȠȚȩIJȘIJĮIJȘȢıȪȞįİıȒȢıĮȢțĮȚİȞįȑȤİIJĮȚȞĮȤȡİȚĮıIJİȓȑȞĮȝȚțȡȩȤȡȠȞȚțȩ
įȚȐıIJȘȝĮȖȚĮȞĮİʌȚIJİȣȤșİȓȘʌȠȚȩIJȘIJĮ)XOO+'Ȓ.ȒıİʌİȡȓʌIJȦıȘĮȡȖȒȢıȪȞįİıȘȢȓıȦȢĮȣIJȒȞĮȝȘȞİȓȞĮȚ
İijȚțIJȒǹȞįİȞİȓıIJİȕȑȕĮȚȠȚșĮʌȡȑʌİȚȞĮİȜȑȖȟİIJİIJȚȢįȣȞĮIJȩIJȘIJİȢIJȘȢıȪȞįİıȒȢıĮȢıIJȠ,QWHUQHWȗȘIJȫȞIJĮȢ
ʌȜȘȡȠijȠȡȓİȢĮʌȩIJȠȞʌȐȡȠȤȠ,QWHUQHWȝİIJȠȞȠʌȠȓȠıȣȞİȡȖȐȗİıIJİ
6DPED$&5
ǾįȚĮįȡĮıIJȚțȒIJȘȜİȩȡĮıȘ6DPEDįȚİȣțȠȜȪȞİȚIJȚȢʌȡȠIJȐıİȚȢʌİȡȚİȤȠȝȑȞȠȣțĮȚȐȜȜİȢ
İijĮȡȝȠȖȑȢ ıȣȜȜȑȖȠȞIJĮȢ įİįȠȝȑȞĮ ıȤİIJȚțȐ ȝİ IJȘȞ ʌĮȡĮțȠȜȠȪșȘıȘ ıȣȖțİțȡȚȝȑȞȦȞ
ʌİȡȚİȤȠȝȑȞȦȞ ıIJȘȞ ȠșȩȞȘ ȖȚĮ ȞĮ ȕİȜIJȚȫıİȚ IJȘȞ ʌȡȠıȦʌȚțȒ ıĮȢ İȝʌİȚȡȓĮ șȑĮıȘȢ
Ȃİ ȤȡȒıȘ ĮȣIJȒȢ IJȘȢ İʌȚȜȠȖȒȢ ȝʌȠȡİȓIJİ ȞĮ ĮʌȠțIJȒıİIJİ ʌȡȩıȕĮıȘ ıIJȚȢ ȡȣșȝȓıİȚȢ
ǻȚĮįȡĮıIJȚțȒȢIJȘȜİȩȡĮıȘȢ6DPEDȞĮįİȓIJİIJȠȣȢȩȡȠȣȢʌĮȡȠȤȒȢȣʌȘȡİıȚȫȞIJȘȜİȩȡĮıȘȢ
6DPEDIJȘȞȆȠȜȚIJȚțȒǹʌȠȡȡȒIJȠȣțĮȚȞĮįȚĮȤİȚȡȚıIJİȓIJİIJȚȢʌȡȠIJȚȝȒıİȚȢıĮȢıȤİIJȚțȐȝİ
įȚĮijȘȝȓıİȚȢțȜʌĬĮĮʌĮȚIJİȓIJĮȚıȪȞįİıȘıIJȠ,QWHUQHWȖȚĮIJȘȞʌȡȩıȕĮıȘıİȡȣșȝȓıİȚȢʌȠȣ
ȕĮıȓȗȠȞIJĮȚıİ+70/ȂʌȠȡİȓIJİȞĮİȞİȡȖȠʌȠȚȒıİIJİȒĮʌİȞİȡȖȠʌȠȚȒıİIJİIJȘįȚĮįȡĮıIJȚțȒ
IJȘȜİȩȡĮıȘȠʌȠȚĮįȒʌȠIJİıIJȚȖȝȒĮʌȩIJȠȝİȞȠȪ
ȇȣșȝȓıİȚȢ!ȈȪıIJȘȝĮ!ǹʌȩȡȡȘIJȠ!ȇȣș
ȝȓıİȚȢǹʌȠȡȡȒIJȠȣ
IJıİțȐȡȠȞIJĮȢȒĮijĮȚȡȫȞIJĮȢIJȠIJıİțȐȡȚıȝĮĮʌȩIJȠʌȜĮȓıȚȠįȓʌȜĮ
ıIJȠıȤİIJȚțȩıIJȠȚȤİȓȠǹȣIJȒȘİʌȚȜȠȖȒȝʌȠȡİȓȞĮȝȘȞİȓȞĮȚįȚĮșȑıȚȝȘĮȞȐȜȠȖĮȝİIJȘ
ȤȫȡĮʌȠȣİʌȚȜȑȟĮIJİțĮIJȐIJȘȞȆȡȫIJȘǼȖțĮIJȐıIJĮıȘIJȠȝȠȞIJȑȜȠIJȘȢIJȘȜİȩȡĮıȒȢıĮȢ
țĮȚIJȚȢįȣȞĮIJȩIJȘIJȑȢIJȠȣ
ȆİȡȚııȩIJİȡĮ
ǼȝijĮȞȓȗİȚȐȜȜİȢİʌȚȜȠȖȑȢȡȣșȝȓıİȦȞIJȘȢIJȘȜİȩȡĮıȘȢ
ǻȚȐȡțİȚĮȂİȞȠȪ
ǹȜȜȐȗİȚIJȘįȚȐȡțİȚĮİȝijȐȞȚıȘȢIJȦȞȠșȠȞȫȞȝİȞȠȪ
/('ȜİȚIJȠȣȡȖȓĮȢ
ǹȞĮȝȠȞȒȢ
ǹȞȑȤİȚIJİșİȓıİ
ȀȜİȚıIJȩ
Ș/('ȜİȚIJȠȣȡȖȓĮȢǹȞĮȝȠȞȒȢįİȞșĮİȓȞĮȚĮȞĮȝȝȑȞȘȩIJĮȞȘ
IJȘȜİȩȡĮıȘİȓȞĮȚıİȜİȚIJȠȣȡȖȓĮĮȞĮȝȠȞȒȢ
ǼȜȜȘȞȚțȐ
- 27 -
+%%79
ȂʌȠȡİȓIJİȞĮİȞİȡȖȠʌȠȚȒıİIJİȒȞĮĮʌİȞİȡȖȠʌȠȚȒıİIJİĮȣIJȒIJȘȜİȚIJȠȣȡȖȓĮȡȣșȝȓȗȠȞIJȐȢ
IJȘȞıİ
ǹȞȠȚțIJȩ
Ȓ
ȀȜİȚıIJȩ
.
īȚĮʌİȡȚııȩIJİȡİȢʌȜȘȡȠijȠȡȓİȢĮȞĮIJȡȑȟIJİıIJȘȞİȞȩIJȘIJĮ
ȈȪıIJȘȝĮ+EE79
.
ǹȞĮȖȞȫȡȚıȘ
ıȣıțİȣȒȢ
ǵIJĮȞ ȑȤİȚ İȞİȡȖȠʌȠȚȘșİȓ ĮȣIJȒ Ș ȜİȚIJȠȣȡȖȓĮ ʌȡȠțĮȜİȓ IJȘ įȘȝȚȠȣȡȖȓĮ İıȦIJİȡȚțȐ
İȞȩȢ ,' ıȣıțİȣȒȢ ȖȚĮ țȐșİ įȚĮįȚțIJȣĮțȒ ʌȘȖȒ ʌȠȣ İʌȚıțȑʌIJİIJĮȚ Ș ıȣıțİȣȒ ǵIJĮȞ
ĮʌİȞİȡȖȠʌȠȚȘșİȓįȚĮȖȡȐijȠȞIJĮȚȩȜĮIJĮIJȡȑȤȠȞIJĮ,'ıȣıțİȣȒȢȖȚĮțȐșİįȚĮįȚțIJȣĮțȒ
ʌȘȖȒʌȠȣİʌȚıțȑijșȘțİȘıȣıțİȣȒȂʌȠȡİȓIJİȞĮİȞİȡȖȠʌȠȚȒıİIJİȒȞĮĮʌİȞİȡȖȠʌȠȚȒıİIJİ
ĮȣIJȒ IJȘ ȜİȚIJȠȣȡȖȓĮ ȡȣșȝȓȗȠȞIJȐȢ IJȘȞ ıİ
ǹȞȠȚțIJȩ
Ȓ
ȀȜİȚıIJȩ
ǹȣIJȒ Ș ȜİȚIJȠȣȡȖȓĮ İȓȞĮȚ
įȚĮșȑıȚȝȘĮȞȑȤȠȣȞİȖțĮIJĮıIJĮșİȓțĮȞȐȜȚĮțĮȚȘİʌȚȜȠȖȒȤȫȡĮȢȑȤİȚIJİșİȓıİȃȠȡȕȘȖȓĮ
țĮIJȐIJȘȞʌȡȫIJȘİȖțĮIJȐıIJĮıȘ
ǹȞĮȕȐșȝȚıȘ
ȜȠȖȚıȝȚțȠȪ
ǻȚĮıijĮȜȓȗİȚȩIJȚȘIJȘȜİȩȡĮıȒıĮȢįȚĮșȑIJİȚIJȠʌȚȠʌȡȩıijĮIJȠȜȠȖȚıȝȚțȩȆĮIJȒıIJİ
OK
ȖȚĮ
ȞĮįİȓIJİIJȚȢİʌȚȜȠȖȑȢȝİȞȠȪ
DzțįȠıȘ
İijĮȡȝȠȖȒȢ
ǼȝijĮȞȓȗİȚIJȘȞIJȡȑȤȠȣıĮȑțįȠıȘȜȠȖȚıȝȚțȠȪ
ȉȪʌȠȢȣʌȠIJȓIJȜȦȞ
ǹȣIJȩIJȠıIJȠȚȤİȓȠȤȡȘıȚȝȠʌȠȚİȓIJĮȚȖȚĮȞĮİʌȚȜİȖİȓʌȠȚȠȢIJȪʌȠȢȣʌȠIJȓIJȜȦȞșĮȣʌȐȡȤİȚıIJȘȞȠșȩȞȘ
ȣʌȩIJȚIJȜȠȚ
'9%
ȣʌȩIJȚIJȜȠȚ
ȉİȜİIJȑȟIJ
ĮȞ įȚĮIJȓșİȞIJĮȚ țĮȚ ȠȚ įȪȠ Ǿ ʌȡȠİʌȚȜİȖȝȑȞȘ IJȚȝȒ İȓȞĮȚ
ȊʌȩIJȚIJȜȠȚ
'9%
ǹȣIJȒȘȜİȚIJȠȣȡȖȓĮİȓȞĮȚįȚĮșȑıȚȝȘĮȞȑȤȠȣȞİȖțĮIJĮıIJĮșİȓțĮȞȐȜȚĮțĮȚȘİʌȚȜȠȖȒ
ȤȫȡĮȢȑȤİȚIJİșİȓıİȃȠȡȕȘȖȓĮțĮIJȐIJȘȞʌȡȫIJȘİȖțĮIJȐıIJĮıȘ
ǹȣIJȩȝĮIJȘ
ĮʌİȞİȡȖȠʌȠȓȘıȘ
ȇȣșȝȓȗİȚIJȠȞİʌȚșȣȝȘIJȩȤȡȩȞȠȖȚĮĮȣIJȩȝĮIJȘȝİIJȐȕĮıȘIJȘȢIJȘȜİȩȡĮıȘȢıİȜİȚIJȠȣȡȖȓĮĮȞĮȝȠȞȒȢȩIJĮȞ
įİȞȖȓȞİIJĮȚțĮȞȑȞĮȢȤİȚȡȚıȝȩȢıİĮȣIJȒǹȣIJȩIJȠıIJȠȚȤİȓȠȝʌȠȡİȓȞĮȡȣșȝȚıIJİȓĮʌȩȑȦȢȫȡİȢıİ
ȕȒȝĮIJĮIJȘȢȫȡĮȢȂʌȠȡİȓIJİİʌȓıȘȢȞĮĮʌİȞİȡȖȠʌȠȚȒıİIJİĮȣIJȩIJȠıIJȠȚȤİȓȠșȑIJȠȞIJȐȢIJȠıİ
ȀȜİȚıIJȩ
.
ȀȜİȚįȓ%ඈVV
ȉȠ%LVVİȓȞĮȚȑȞĮıȪıIJȘȝĮțȡȣʌIJȠȖȡȐijȘıȘȢįȠȡȣijȠȡȚțȠȪıȒȝĮIJȠȢʌȠȣȤȡȘıȚȝȠʌȠȚİȓIJĮȚȖȚĮȠȡȚıȝȑȞĮ
țĮȞȐȜȚĮǹȞȤȡİȚȐȗİIJĮȚȞĮțĮIJĮȤȦȡȓıİIJİȑȞĮțȜİȚįȓ%,66ıİȑȞĮțĮȞȐȜȚȝʌȠȡİȓIJİȞĮȤȡȘıȚȝȠʌȠȚȒıİIJİ
ĮȣIJȒIJȘȡȪșȝȚıȘǼʌȚıȘȝȐȞİIJİIJȠıIJȠȚȤİȓȠ
ȀȜİȚįȓ
%LVV
țĮȚʌĮIJȒıIJİ
OK
ȖȚĮȞĮțĮIJĮȤȦȡȓıİIJİțȜİȚįȚȐ
ıIJȠİʌȚșȣȝȘIJȩțĮȞȐȜȚǹȣIJȒȘİʌȚȜȠȖȒșĮİȝijĮȞȓȗİIJĮȚĮȞȑȤȠȣȞİȖțĮIJĮıIJĮșİȓįȠȡȣijȠȡȚțȐțĮȞȐȜȚĮ
ǾįȚĮșİıȚȝȩIJȘIJĮİȟĮȡIJȐIJĮȚĮʌȩIJȠȝȠȞIJȑȜȠIJȘȢIJȘȜİȩȡĮıȒȢıĮȢțĮȚIJȚȢįȣȞĮIJȩIJȘIJȑȢIJȠȣ
ȁİȚIJȠȣȡȖȓĮ
țĮIJĮıIJȒȝĮIJȠȢ
ǼʌȚȜȑȟIJİ ĮȣIJȒ IJȘ ȜİȚIJȠȣȡȖȓĮ ȖȚĮ ȤȡȒıİȚȢ ȕȚIJȡȓȞĮȢ țĮIJĮıIJȒȝĮIJȠȢ ǵIJĮȞ İȓȞĮȚ İȞİȡȖȠʌȠȚȘȝȑȞȘ Ș
ȁİȚIJȠȣȡȖȓĮțĮIJĮıIJȒȝĮIJȠȢ
ȓıȦȢȞĮȝȘȞİȓȞĮȚįȚĮșȑıȚȝĮȠȡȚıȝȑȞĮıIJȠȚȤİȓĮıIJȠȝİȞȠȪIJȘȢIJȘȜİȩȡĮıȘȢ
īȚĮȠȡȚıȝȑȞĮȝȠȞIJȑȜĮȝʌȠȡİȓȞĮİȓȞĮȚįȚĮșȑıȚȝȘȘİʌȚȜȠȖȒ
ȂİȣʌȠıIJȒȡȚȟȘȕȓȞIJİȠ
ǹȞȡȣșȝȚıIJİȓ
ĮȣIJȒ Ș İʌȚȜȠȖȒ Ș IJȘȜİȩȡĮıȘ șĮ ȝİIJĮȕİȓ ıİ ȜİȚIJȠȣȡȖȓĮ țĮIJĮıIJȒȝĮIJȠȢ țĮȚ șĮ ĮȞĮʌĮȡȐȖİIJĮȚ IJȠ
ʌȡȠİȖțĮIJİıIJȘȝȑȞȠĮȡȤİȓȠȕȓȞIJİȠ
ȁİȚIJȠȣȡȖȓĮ
ǼȞİȡȖȠʌȠȓȘıȘȢ
ǹȣIJȒȘȡȪșȝȚıȘįȚĮȝȠȡijȫȞİȚIJȘȞʌȡȠIJȓȝȘıȘȜİȚIJȠȣȡȖȓĮȢİȞİȡȖȠʌȠȓȘıȘȢǼȓȞĮȚįȚĮșȑıȚȝİȢȠȚİʌȚȜȠȖȑȢ
ȉİȜİȣIJĮȓĮțĮIJȐıIJĮıȘ
țĮȚ
ȁİȚIJȠȣȡȖȓĮ
ǹȞĮȝȠȞȒȢ
.
266
ǼȝijĮȞȓȗİȚIJȚȢʌȜȘȡȠijȠȡȓİȢȐįİȚĮȢȤȡȒıȘȢȁȠȖȚıȝȚțȠȪĮȞȠȚțIJȠȪʌȘȖĮȓȠȣțȫįȚțĮ
ǹʌȠțĮIJȐıIJĮıȘ
ʌȡȠİʌȚȜİȖȝȑȞȠȣ
ȜȠȖȩIJȣʌȠȣ
İțțȓȞȘıȘȢ
ǹʌȠțĮIJȐıIJĮıȘIJȠȣʌȡȠİʌȚȜİȖȝȑȞȠȣȜȠȖȩIJȣʌȠȣİțțȓȞȘıȘȢĬĮİȝijĮȞȚıIJİȓȑȞĮȝȒȞȣȝĮİʌȚȕİȕĮȓȦıȘȢ
ǼʌȚȜȑȟIJİ
ȃĮȚ
țĮȚʌĮIJȒıIJİ
OK
.
ǹȣIJȒȘįȣȞĮIJȩIJȘIJĮİȞįȑȤİIJĮȚȞĮȝȘȞİȓȞĮȚįȚĮșȑıȚȝȘĮȞȐȜȠȖĮȝİIJȠ
ȝȠȞIJȑȜȠIJȘȢIJȘȜİȩȡĮıȒȢıĮȢțĮȚIJȚȢįȣȞĮIJȩIJȘIJȑȢIJȠȣ
ǹȜȜĮȖȒijȚȜȚțȠȪ
ȠȞȩȝĮIJȠȢ
Ȃİ ĮȣIJȒ IJȘȞ İʌȚȜȠȖȒ ȝʌȠȡİȓIJİ ȞĮ ĮȜȜȐȟİIJİ IJȠ ȩȞȠȝĮ ıȣıțİȣȒȢ ʌȠȣ ȤȡȘıȚȝȠʌȠȚİȓIJĮȚ ȖȚĮ IJȘȞ
ĮȞĮȖȞȫȡȚıȘIJȘȢIJȘȜİȩȡĮıȒȢıĮȢțĮIJȐIJȘȞĮıȪȡȝĮIJȘıȪȞįİıȘȝȚĮȢıȣıțİȣȒȢȝİIJȘȞIJȘȜİȩȡĮıȘǹȞ
ĮijȒıİIJİIJȠȩȞȠȝĮıȣıțİȣȒȢțİȞȩȒʌȡĮȖȝĮIJȠʌȠȚȒıİIJİIJȘȞʌȡȫIJȘİȖțĮIJȐıIJĮıȘIJȠȩȞȠȝĮıȣıțİȣȒȢ
șĮİʌĮȞȑȜșİȚıIJȠʌȡȠİʌȚȜİȖȝȑȞȠ
ȆȡȠIJİȡĮȚȩIJȘIJĮ
İijĮȡȝȠȖȒȢ
ȂİĮȣIJȒIJȘȞİʌȚȜȠȖȒȝʌȠȡİȓIJİȞĮȠȡȓıİIJİIJȘȞʌȡȠIJȓȝȘıȒıĮȢıȤİIJȚțȐȝİIJȘȞʌȡȠIJİȡĮȚȩIJȘIJĮȝİIJĮȟȪ
IJȦȞİijĮȡȝȠȖȫȞİțʌȠȝʌȫȞțĮȚIJȦȞİijĮȡȝȠȖȫȞ&,&$0$SS00,ȈİʌİȡȓʌIJȦıȘʌȠȣİȚıĮȤșİȓıIJȘȞ
IJȘȜİȩȡĮıȘ ȑȞĮ ȐȡșȡȦȝĮ &,&$0 țĮȚ ʌȡȠțȪȥİȚ įȚȑȞİȟȘ ĮȞȐȝİıĮ ıIJȚȢ İijĮȡȝȠȖȑȢ IJȩIJİ șĮ įȠșİȓ
ʌȡȠIJİȡĮȚȩIJȘIJĮıIJȠȞİʌȚȜİȖȝȑȞȠIJȪʌȠİijĮȡȝȠȖȒȢ
ǼȚįȠʌȠȓȘıȘ'ROE\
ȇȣșȝȓȗİȚIJȘȞʌȡȠIJȓȝȘıȘİȝijȐȞȚıȘȢIJȘȢİȚįȠʌȠȓȘıȘȢȖȚĮʌİȡȚİȤȩȝİȞȠ'ROE\ǵIJĮȞIJİșİȓıİ
ǹȞȠȚțIJȩ
șĮİȝijĮȞȓȗİIJĮȚIJȠȜȠȖȩIJȣʌȠ'ROE\ıIJȘȞȠșȩȞȘȩIJĮȞĮȞȚȤȞİȪİIJĮȚʌİȡȚİȤȩȝİȞȠ'ROE\
ȆȜȘȡȠijȠȡȓİȢ
ȝȠȞIJȑȜȠȣ
ǼȝijĮȞȓȗİȚʌȜȘȡȠijȠȡȓİȢȩʌȦȢĮȡȚșȝȩȝȠȞIJȑȜȠȣĮȡȚșȝȩıİȚȡȐȢįȚİȪșȣȞıȘ0$&țȜʌ
ȈȘȝİȓȦıȘ
ȅȡȚıȝȑȞİȢ
İʌȚȜȠȖȑȢȓıȦȢȞĮȝȘȞİȓȞĮȚįȚĮșȑıȚȝİȢĮȞȐȜȠȖĮȝİIJȠȝȠȞIJȑȜȠIJȘȢIJȘȜİȩȡĮıȒȢıĮȢțĮȚIJȘȤȫȡĮʌȠȣİʌȚȜȑȟĮIJİțĮIJȐIJȘȞ
ȆȡȫIJȘǼȖțĮIJȐıIJĮıȘ
