ࡱ> "$ !q`bjbjqPqP@::&4 <<<8>"2>2>2>BBBVUXUXUXUXUXUXU$XhZf|U-DBBDD|U 2>2>U*L*L*LD L2>T82>VU*LDVU*L*L6zRH S2>> @ <GZSS|U0UvSZJZ8SZS4Bh@CJ*LC<CBBB|U|UK|BBBUDDDD+<?8A8 # 658.012.2  65.290 - 2  246 0?B52 ;5:A0=4@ ;5:A0=4@>28G #  !" "'! " +!"%'  !?5F80;L=>ABL 08.00.05  -  #   + %/!" (!?5F80;870F8O 15. "-:>=>@30=870F8O 8 C?@02;5=85 ?@54?@8OB8OB@0A;O<?;5:A0ABL)" 2B>@5D5@0B 48AA5@B0F88 =0 A>8A:0=85 CG5=>9 AB5?5=8 :0=4840B0 M:>=>A:20  2007 01>B0 2K?>;=5=0 =0 :0D54@5 <5=546<5=B0 8 AA89A:>9 0:045@3>2;8 0CG=K9 @C:>2>48B5;L: #20@>2 ;048<8@ ;04828G :0=4840B M:>=>F5=B D8F80;L=K5 >??>=5=BK: !>;>2L52 .@89 02;>28G 4>:B>@ M:>=>D5AA>@ 5@=>:;552 =0B>;89 $54>@>28G :0=4840B M:>=>F5=B 54CI0O >@30=870F8O: >AA89A:89 3>AC40@AB25==K9 8=AB8BCB 8=B5;;5:BC0;L=>9 A>1AB25==>AB8 0I8B0 A>AB>8BAO " 4 " >:BO1@O 2007 3. 2 14.00 =0 70A540=88 8AA5@B0F8>==>3> A>25B0  227.002.01 ?@8 A5@>AA89A:>9 0:045@3>2;8 ?> 04@5AC: 119285, 3. >A:20, C;. C4>2:8=0, 4.40, 0C4. 202 ! 48AA5@B0F859 6=> >7=0:>B5:5 A5@>AA89A:>9 0:045@3>2;8. 2B>@5D5@0B @07>A;0= "___" __________ 200_ 3. #G5=K9 A5:@5B0@L 8AA5@B0F8>==>3> A>25B0, :0=4840B M:>=>F5=B .. ABK3> 1I0O E0@0:B5@8AB8:0 @01>BK :BC0;L=>ABL B520=8O. >O2;5=85 2 :>=F5 ?@>H;>3> AB>;5B8O @O40 2KA>:8E B5E=>;>389 8 A>740=85 A 8E ?>ILN ?@8=F8?80;L=> =>2KE B>20@>2 8 CA;C3, A >4=>9 AB>@>=K, 8 AB@5 =018@0NI85 >1>@>BK 3;>10;870F8O 2>9 M:>=>@=0;870F8O, A 4@C3>9, =5>6840==> ?>AB028;8 ?>4 A> 8A?>;L7>20=8O :><?0=8OB0==KE "70?04=K=><8AB0 25:0 =0CG=>->1>A=>20==KE MB0;>==KE AB@0B5389.  G0AB=>AB8, 83=>@8@>20=85 2KH5?@82545==KE 87G=KE CA;>289 ?@54?@8OB8O==>9 ?@>AB8 $ ?@825;> : B> 4>;O @>AA89A:8E ?@>872>48B5;59 =0 2>9 0280B5E=8:8 2 =0AB>OI55 2@5:>B5E=>;>38G=KE >B@0A;OE >AA88 =01;N405BAO AE>60O A8BC0F8O: 2 20063. >B5G5AB25==K5 AC4>AB@>8B5;8 1K;8 703@C65=K =5 1>;55 G5:>;> 80% =>2KE B@0=A?>@B=KE AC4>2, ?@8>1@5B5==KE AC4>2;045;LF040E, ?>AB@>5=> 8 70@538AB@8@>20=> 70 @C156>:@0I5=85 2 2006 3. 2K?CA:0 65;57=>4>@>6=>9 8 02B>18;L=>9 B5E=8:8, A?5F80;L=KE B@0=A?>@B=KE A@54AB2, >1>@C4>20=8O 4;O ;53:>9 ?@>AB8 ?@825;> : A=865=8N 3@0640=A:>3> ?@>872>4AB20 =0 ?@54?@8OB8OE  =0 5,9% ?> A@02=5=8N A 2005 3. !;>682HCNAO B5=45=F8N A>:@0I5=8O >1J52 8 4>;8 2KA>:>B5E=>;>38G=>3> ?@>872>4AB20 2 @>AA89A:>9 M:>=>1JOA=8BL B>;L:> >BACBAB28576=>AB8 ?@82;5G5=8O 4>?>;=8B5;L=KE 8=25AB8F89. A>15==>, 5A;8 CG5ABL B>B D0:B, GB> ?> 8B>301J5==>3> D>=40 A>AB028; 1 459, 1 B82 740,7 2=0O ?@8G8=0 2>7=8:=>25=8O 2KH5 >1>7=0G5==>3> ?@>B82>@5G8O <564C ACI5AB2CNI8G=K76=>ABO<8 8 @57C;LB0B09 :><9 45OB5;L=>AB8 @>AA89A:8E 2KA>:>B5E=>;>38G=KE :> =0 40==>53> @0728B8O 20O M:>=>;L:> :>;8G5AB25==K;L:> :0G5AB25==K< 87<5=5=85B@51=>AB59, :0: A0:C?0B5;59, B0: 8 @K=:0.  B>65 2@5==KE AB@0B5389, =0 :>B>@K5 ?>A;5 ?5@5E>40 =0 @K=>G=CN A8AB57O9AB2>20=8O >@85=B8@CNBAO @>AA89A:85 2KA>:>B5E=>;>38G=K5 :>A=>2=>9 0:F5=B 45;0NB: =0 A>25@H5=AB2>20=88 ?@>872>48B5;L=KE A8; 8 @0728B88 B5E=>;>38G5A:8E 2>76=>AB59 ?CB53> 8A?>;L7>20=8O 4>AB865=89   2 45@=870F88 A03> ?@>872>4AB20; =0 @07@01>B:5 =>2KE 2KE ?>4E>4>2 : 702>520=8N 8;8 C45@60=8N C65 ACI5AB2CNI8E 2=CB@5==8E 8 B@0=A=0F8>=0;L=KE @K=:>2; =0 G5B0=88 B>3> 8 4@C3>3>. "0:>9 ?>4E>4 : A>2@5B@51=>AB8 ?>:C?0B5;59. "> 5ABL B5 ?>B@51=>AB8, :>B>@K5 5I5 B>;L:> D>@4 2;8O=85G5@54=KE 4>AB865=89 2 >1;0AB8 0:04520=89, 8 ?>B><C =5 3CB 1KBL C4>2;5B2>@5=K ?CB5AB>9 45@=870F88 ?@>872>4AB20, >1=>2;5=8O B>20@0 (CA;C38) 8;8 48: 53> ?@>42865=8O =0 @K=:5. 5>1E>48ABL @07@5H5=8O 2KO2;5==KE ?@>B82>@5G89 8 >1CA;>28;0 2K1>@ B520=8O. @8 MB>ABL 8AA;54>20=8O 4;O M:>=>AA88 >?@545;O5BAO >1J5:B82=>9 =5>1E>48ABLN 2 ?>8A:5 =>2KE 48: AB@0B538G5A:>3> ?;0=8@>20=8O :><9 45OB5;L=>AB8 @>AA89A:8E 2KA>:>B5E=>;>38G=KE :><?0=89. 0CG=0O 7=0G8ABL 8AA;54>20=8O 0?5;;8@C5B : ?@54?>;>65=8N > B> 2 A2O78 A ACI5AB25==K< 87<5=5=85G=KE CA;>289 @07@01>B0==K5 2 XX 25:5 MB0;>==K5 AB@0B5388 B@51CNB CB>G=5=8O 8 040?B0F88 : >B;8G8B5;L=KA>15==>ABO2545=8O =0 @K=:5 2KA>:>B5E=>;>38G=KE :>ABL ?>A;54=53> >A>15==> 2>7@0AB05B 2 A25B5 ?@54AB>OI53> ?@8A>548=5=8O >AA88 : ", A@>:8 8 CA;>28O :>B>@>3> (?> ?@8G8=5 =87:>9 :>=:C@5=B>A?>A>1=>AB8 B@048F8>==> @K=>G=KE B>20@>2 @>AA89A:>3> ?@>872>4AB20) 7028AOB >B CA?5H=>3> ?>78F8>=8@>20=8O =0 2>AA89A:8E 2KA>:>B5E=>;>38G=KE :>B:0 8 >1>A=>20=85 4>2 C?@02;5=8O AB@0B538G5A:8< @0728B85:>B5E=>;>38G=KE :>A>1>3> B8?0 >@30=870F8O>B25BAB288 A ?>AB02;5==>9 F5;LN AD>@20=K A;54CNI85 >A=>2=K5 7040G8: A8AB520BL A>2@5=F5?F88 AB@C:BC@8@>20=8O 8 AB@0B538G5A:>3> C?@02;5=8O 187=5A>G=8BL ?>=OB85 "2KA>:>B5E=>;>38G=>9 :>2@59 M:>=>9 B5>@88; 2KO28BL 8 >1>A=>20BL >B;8G8B5;L=K5 >A>15==>AB8 187=5A0 8 AB@0B538G5A:>3> <5=546:>B5E=>;>38G=KE :>B0BL >1I89 0;3>@8BAB@>5=8O 4;O 2KA>:>B5E=>;>38G=KE :>9 AB@0B5388 8E @0728B8O A CG5B>2545=8O =0 @K=:5, 687=5==>3> F8:;0 @0728B8O B5E=>;>388, ?@>4C:F88 (B>20@>2 8;8 CA;C3) 8 A09 :>?@545;8BL 8 45B0;878@>20BL 8=AB@C3> ?;0=8@>20=8O :>=F5=B@8@>20==>3> @>AB0 2KA>:>B5E=>;>38G=>9 :>20=8O O2;O5BAO AB@0B538G5A:>5 C?@02;5=85 2KA>:>B5E=>;>38G=K<?0=8O<8. @5420=8O 2KABC?0NB A>2@5<5==K5 4K AB@0B538G5A:>3> ?;0=8@>20=8O :>=F5=B@8@>20==>3> @>AB0 2KA>:>B5E=>;>38G=KE :>4>;>38G5A:0O 8 B5>@5B8G5A:0O 1070 8AA;54>20=8O, 0 B0:65 AB5?5=L 87CG5==>AB8 8 @07@01>B0==>AB8 ?@>1;5@5B8G5A:>9 >A=>2>9 8AA;54>20=8O ?>A;C68;8 8458 8 :>=F5?F88 70@C156=KE 8 >B5G5AB25==KE CG5=KE 2 >1;0AB8 M:>=>1I59 B5>@88 <5=5463> C?@02;5=8O :><<5@G5A:8@30=870F8OAB8, ?@>F5AA B@0=AD>@2@53> @K=:0 2 "=D>@==CN M:>=>5 >B@065=85 2 =0CG=KE B@C40E B0:8E 8725AB=KE M:>=>2, :0:: =A>DD ., 03@8=>2A:89 .., 5=48:>2 .., 02@8;>20 "., =>75B;5@ $., >=0:8 ., >@B5@ 09:; -., !028= .., %>@>H52A:89 ., %@CAB0;52 ... !CBL 40==>3> ?>4E>40 : @5H5=8N ?@>1;525@H5=AB2>20=8O A8AB5< C?@02;5=8O ?@54?@8OB8O<?0=8O28OE A>2@53> @K=:0 70:;NG05BAO 2 ?>?KB:0E A>E@0=5=8O 2>9 8 :>=:C@5=B=>9 ?0@0483< 8 8E 45@=870F88 =0 1075 0:B82=>3> 8A?>;L7>20=8O ?>A;54=8E 4>AB865=89 2 >1;0AB8 8=D>@==KE B5E=>;>389 (=0?@83> 8=AB@C<9 ?>4E>4 : D>@20=8N =>2>9 M:>=>2 .., 20=B5@ .., !8B0@O= !.., !520 . ., $@>;>2 .-., #7O:>2 ..) 1078@C5BAO =0 ?@8>@8B5B=>5B@0A;59 70 AG5B ?5@5@0A?@545;5=8O D8=0=A>2KE, 2KE @5AC@A>2, 8A?>;L7>202H8EAO 4> MB>3> 2 ?@>872>4AB25 B>20@>2 ?>2A54=52=>3> A?@>A0.  >A=>25 B@5BL53> ?>4E>40 ;568B ?@54?>;>65=85 > =5>1E>48AB8 ?>2KH5=8O @>;8 8==>20F89 2 >1;0AB8 A>25@H5=AB2>20=8O :0=0;>2 8 4>2 ?@>42865=8O =>2KE B>20@>2. @>1;520F8>==>3> <5=546?8A0=K !. . ;L5=:>2K<, 54K=A:82K< $.. 8 2 @O45 :0=4840BA:8E 48AA5@B0F89 ((5=40;520 . . 8 5;8:0 . .). <5AB5 A B5@5B8G5A:0O 1070 B@51C5B 4>?>;=8B5;L=>9 A8AB5G=5=8O 8 >1>1I5=8O, B0: :0: >1;0405B F5;K< :0: 2=CB@5==8E, B0: 8 2=5H=8E (<564C @07=K4E>40B82>@5G89. -B> A2O70=>, A >4=>9 AB>@>=K, A B5 >G5=L =5 385 87 A>2@5=>2 2K45;ONB 2KA>:>B5E=>;>38G=K5 :>A>1K9 B8? >@30=870F89, =C640NI8EAO 2 >A>1KE ?>4E>40E : @07@01>B:5 MDD5:B82=>9 AB@0B5388 ?>2545=8O =0 @K=:5. ! 4@C3>9 AB>@>=K, 1>;LH8=AB2> C?>@>2 284OB ?5@A?5:B82K A>25@H5=AB2>20=8O M:>=>AB0B>G=> C7:> - B>;L:> A ?>78F88 AB820=8O 8 >1>A>1;5==>3> 4@C3 >B 4@C30 @0728B8O B0:8E A?5F8D8G5A:8E A532 A>2@53> @K=:0, :0: >:070=85 8=D>@==KE CA;C3, 2=54@5=85 8==>20F8>==KE B5E=>;>389 8 ?@>872>4AB2> =0C:>59 ?@>4C:F88 ?@54?@8OB8O5==>-?@>3> :>4>;>38G5A:>9 >A=>2>9 48AA5@B0F8>==>3> 8AA;54>20=8O O2;ONBAO B@C4K >B5G5AB25==KE 8 70@C156=KE CG5=KE > B5=45=F8OE @0728B8O 2=5H=59 A@54K 8 40E 040?B0F88 ?@54?@8OB89 : @K=>G=K28O7O9AB2>20=8O, 0 B0:65 70:>=>40B5;L=K5 8 =>@:C@==KE B5E=>;>389 8 A2O78 8 8=B@0=A0 $. @8 >1>A=>20=88 >A=>2=KE ?>;>65=89 48AA5@B0F88 ?@84E>4K: A8AB5-?@>F5AA=K9, :>==K9, 2K9, AB@0B538G5A:89, >?B8==K9; 4K: M:AB@0?>;OF88, ?0@0@BD5;L=>3>" 0=0;870 ?> <0B@8F0<  8 0:8=A8 (!); 48:8 0=0;870 2 @0=F5?F89 . >@B5@0 8 $. >B;5@0. =D>@==>9 107>9 8AA;54>20=8O O28;8AL A:>F5=:8 8 ?5@28G=K5 40==K5 >1A;54>20==KE @>AA89A:8E 8 70@C156=KE 2KA>:>B5E=>;>38G=KE :><?0=89, 48G5A:>9 ?5G0B8. !>45@60=85 48AA5@B0F8>==>3> 8AA;54>20=8O A>>B25BAB2C5B ?.15.13 A?5F80;L=>AB8 08.00.05:  =AB@C<5=BK 8 4K <5=546B@0A;59, :>2 . 0CG=0O =>287=0 48AA5@B0F8>==>9 @01>BK 70:;NG05BAO 2 B> 2 =59 ?@54;0305BAO @07@01>B0==0O 02B>@><?;5:A=0O, A8AB5 >@85=B8@>20==0O, 0A?5:B=0O 45;L 2708A2O759 D0:B>@>2 CA?5H=>AB8 A?5F8D8G5A:>9 2KA>:>B5E=>;>38G=>9 >@30=870F88 8 D>@20=8O A8AB5<K 4>2 @53C;8@>20=8O @K=:>20@>2 (CA;C3). !>AB02 8 A8AB5<0 2708A2O759 A=>2=K<8 M;5<5=B09 45;8 0?5;;8@CNB : 2KO2;5==K2545==>3> 8AA;54>20=8O >A>15==>ABO3> @0728B8O 2KA>:>B5E=>;>38G=KE :><?0=89 8 1078@C5BAO =0 A;54CNI8E 40E 53> >?B8<870F88: 30@=870F8O :><:>B5E=>;>38G=>9 :> AB@0B538G5A:8<8 8=B5@5A0AC40@AB20 2 >1;0AB8 D>@20=8O ?@>9 8 B>@3>2>9 ?>;8B8: - 4;O A>E@0=5=8O 8 CA8;5=8O 043> @5AC@A0; >4=>2@55 A>740=85 C=8:0;L=>9 CA;C38 (B>20@0) 8 D>@20=85 ?>4 =55 =5 B>;L:> @K=:0 A1KB0, => 8 "?5@A?5:B82=KE" ?>B@51=>AB59 ?>:C?0B5;59" - A F5;LN A>740=8O 8 A>E@0=5=8O AB5@6=52KE :>:>B5E=>;>38G=>9 :>2KH5=8O 55 :>=:C@5=B>A?>A>1=>AB8; - 8A:CAAB25==>5 A>740=85 "ABC?5=G0B>3>" 687=5==>3> F8:;0 @0728B8O B5E=>;>388, ?@>4C:F88 8 A09 :>?B8A=>2=KE @5AC@A>2 4=>2@5 @50;87C5<K:>@5=B015;L=K<8 8 @5=B015;L=K5:B02545=8O 4> AB0488 2KA>:>?@81K;L=>9 4;O :>4068 5Q >A=>2=KE B5E=>;>389 8 ?@>5:B>2; !@548 :>=:@5B=KE M;52 =>287=K B0:65 6=> 2K45;8BL A;54CNI85: A8AB520=K 8 >1>1I5=K A>2@5=F5?F88 AB@C:BC@8@>20=8O 8 AB@0B538G5A:>3> C?@02;5=8O 187=5A>G=5=> ?>=OB85 "2KA>:>B5E=>;>38G=0O :> =>2>5 E0@0:B5@=>5, >1J5:B82=> ACI5AB2CNI55 ?>=OB85: "?>B@518B5;LA:89 ?;0AB @K=:0"; 2KO2;5=K 8 A8AB520=K @O4 >B;8G8B5;L=KE >A>15==>AB59 187=5A0 8 AB@0B538G5A:>3> <5=546:>B5E=>;>38G=KE :>B0=0 48:0 :>;8G5AB25==>9 >F5=:8 D0:B>@>2 ?@8 8A?>;L7>20=88 45;8 "OB8 A8;, >?@545;ONI8E :>=:C@5=F8N 2 >B@0A;8" . >@B5@0 8 40 SWOT-=0;870, ?@8 : 2KA>:>B5E=>;>38G=>9 :>B0=0 45;L C?@02;5=8O AB@0B538G5A:8< @0728B85:>B5E=>;>38G=KE :><?0=89 ?CB5;L7>20=8O 40==K@30=870F8O=F5=B@8@>20==>3> @>AB0 =0 1075 >4=>2@53> A>740=8O C=8:0;L=>3> B>20@0 (CA;C38) 8 D>@20=8O ?>4 =53> @K=:0 A1KB0; @07@01>B0=0 48:0 @50;870F88 2KA>:>B5E=>;>38G=>9 :>9 AB@0B5388 =0 ?@0:B8:5. A=>2=K5 ?>;>65=8O, 2K=>A828OE ?5@5E>40 2>9 M:>=>2><C (5-;>38G5A:>9 45@=870F88 B@51CNB =5 B>;L:> @K=>G=K9 :>=3;>;>389, ?@>872>4AB25==KE A8; 8 M:>=>B=>H5=89, => B0: 65 8 A0< AB@0B538G5A:89 <5=546;55 48=0 @072820NI55AO =0?@02;5=85 A>2@59 C?@02;5=G5A:>9 =0C:8.  2 ?5@2CN >G5@54L MB> :0A05BAO 2>?@>A>2 53> 040?B0F88 : 8=B5@5A02545=8O =0 @K=:5 A>2@5:>B5E=>;>38G=KE :><?0=89. 2. ?B83> @0728B8O 2KA>:>B5E=>;>38G=KE :>>1@07=KACI5AB2;OBL 2 @CA;5 @07@01>B:8 4;O ?>4>1=>3> @>40 >@30=870F89 A8AB59 45;8 DC=:F8>=8@>20=8O 2KA>:>B5E=>;>38G=>9 :>A=>25 B@5E >A=>2=KE 2708A2O70==KE M;52: >@30=870F8O - B>20@ (CA;C30)  @K=>G=0O =8H0. 3. A?>;L7>20=85 ?@54;>65==>3> 2 @01>B5 8==>20F8>==>3> ?>4E>40 : @07@01>B:5 1078A=>9 AB@0B5388 2KA>:>B5E=>;>38G=>9 :>72>;O5B ACI5AB25==> A=878BL 8=25AB8F8>==K5 @8A:8 8 ?>2KA8BL ?>B5=F80; :><<5@F80;87C5AB8 8==>20F8>==>9 ?@>4C:F88 (@01>B, CA;C3) =5 B>;L:> =0 @0==8E AB048OE 8E A>740=8O, => 8 2 ?@>F5AA5 2A53> 8E 687=5==>3> F8:;0. @0:B8G5A:0O 7=0G8ABL 48AA5@B0F8>==>3> 8AA;54>20=8O A>AB>8B 2 B> 53> >A=>2=K5 ?>;>65=8O F5;5A>>1@07=> 8A?>;L7>20BL 2KA>:>B5E=>;>38G=K<?0=8O >?B83> ?;0=8@>20=8O 8 >?5@0B82=>3> C?@02;5=8O ?@>872>4AB2>20@>2 8 CA;C3 8 CA:>@5=8N ?@>F5AA0 8E 2K2545=8O =0 ?>B@518B5;LA:89 @K=>:. B45;L=K5 @57C;LB0BK 48AA5@B0F88 3CB 1KBL ?@8AC40@AB25==K<8 AB@C:BC@025@H5=AB2>20=8O 8=25AB8F8>==>9 ?>;8B8:8 8 AB820=8O @0728B8O =0C:>53> A5:B>@0 M:>=>A=>25 8==>20F8>==>3> ?>4E>40 : ?@>872>4AB2C 8 C?@02;5=8N 8?8@0OAL =0 >1>A=>20==CN, 0A?5:B=> >@85=B8@>20==CN 45;L. B45;L=K5 ?>;>65=8O @01>BK 3CB 1KBL 8A?>;L7>20=K ?@8 >1CG5=88 @>AA89A:8E 2 ?> A?5F80;L=>ABO< 5=546=>:>B5E=>;>38G=K<?0=8O<8 8 ?@54?@8OB8OA@>G=KE :C@A>2 ?5@5?>43>B>2:8 C?@02;5=G5A:8E :04@>2 4;O >@30=870F89 =0@>4=>3> E>7O9AB20 >AA88. ?@>10F8O 8AA;54>20=8O. > B5?C1;8:>20=> 6 =0CG=KE @01>B, 2:;NG0O CG51=K9 4C;L "-.&/ !" "'! " 2 XXI 25:5: B5=45=F88 8 ?@>3=>7K". 1I89 >1J5AB028; >:>;> 9,72 ?5G0B=KE ;8AB0. 0B5@80;K 8AA;54>20=89 8A?>;L7CNBAO ?@8 ?@>2545=88 CG51=KE 70=OB89 ?> ?@>3@0<AB>8B 87 22545=8O, B@5E 3;02, 2:;NG0NI8E 9 ?0@03@0D>2, 70:;NG5=8O, ?@8;>65=89 8 A?8A:0 8A?>;L7>20==>9 ;8B5@0BC@K. 01>B0 87;>65=0 =0 179 ;8AB0E, 2:;NG0O 181;8>3@0D8N =0 10 ;8AB0E, A>AB>OICN 87 129 =0820=89, 8 ?@8;>65=89 =0 17 ;8AB0E. >AB02;5==K5 F5;8 8 7040G8 8AA;54>20=8O >?@545;8;8 A;54CNICN AB@C:BC@C 48AA5@B0F88: ;020 1. 5B>4>;>38G5A:85 ?>4E>4K 8 B5>@5B8G5A:85 >A=>2K AB@0B538G5A:>3> @0728B8O 2KA>:>B5E=>;>38G=KE :>2KE :>=F5?F89 C?@02;5=8O, @07@01>B0==KE :;0AA8:0=>9 B5>@88 2 XX 25:51.2. A>15==>AB8 845=B8D8:0F88 2KA>:>B5E=>;>38G=>9 :>682H59AO 2>9 A8AB52@54E>4K : 2K1>@C 2KA>:>B5E=>;>38G=K<?0=8O2545=8O =0 @K=:5 ;020 2. !B@0B538O :>=F5=B@8@>20==>3> @>AB0 :>4=>2@53> A>740=8O C=8:0;L=>3> B>20@0 8 @K=:0 A1KB02.1. A>15==>AB8 ?>2545=8O =0 @K=:5 2KA>:>B5E=>;>38G=>9 :>A>1>3> B8?0 >@30=870F88 2.2. =0;87 687=5==>3> F8:;0 B>20@0 (CA;C38) 2KA>:>B5E=>;>38G=>9 :>45@60=85 8 >A>15==>AB8 AB@0B5388 :>=F5=B@8@>20==>3> @>AB0 :>4=>2@53> A>740=8O B>20@0 8 @K=:0;020 3. 5B>4K AB@0B538G5A:>3> ?;0=8@>20=8O :>=F5=B@8@>20==>3> @>AB0 2KA>:>B5E=>;>38G=>9 :>4=>2@53> A>740=8O B>20@0 8 @K=:0 A1KB03.1. 5B>4>;>38O 0=0;870 B5:CI53> A>AB>O=8O 2KA>:>B5E=>;>38G=>9 :>?@545;5=8O >A=>2=KE =0?@02;5=89 55 AB@0B538G5A:>3> @0728B8O 3.2. 5B>48:0 187=5A - ?;0=8@>20=8O :><9 45OB5;L=>AB8 2KA>:>B5E=>;>38G=>9 :>2KH5=8O MDD5:B82=>AB8 187=5A0 2KA>:>B5E=>;>38G=>9 :>45@60=85 @01>BK  ?5@2>9 3;025 @0AA2K5 :>=F5?F88 C?@02;5=8O, @07@01>B0==K5 :;0AA8:0=>9 B5>@88 XX 25:0, 8 ?@>3=>78@C5<K5 8<8 B5=45=F88 87B=5A5=8O :>@88 2KA>:>B5E=>;>38G=KE; ?@54;03052@5<5==K=><8AB020B5;O4E>4K : 2K1>@C 2KA>:>B5E=>;>38G=K<?0=8O2545=8O =0 @K=:5. !B@0B538G5A:89 <5=546<5=B =5;L7O @0AA 5ABL 2 >B@K25 >B @K=>G=>3> :>=3;>;>389, ?@>872>4AB25==KE A8; 8 M:>=>B=>H5=89, F5;5?>;030NI59 8 :>>@48=8@CNI59 =04AB@>9:>9 =04 :>B>@K= O2;O5BAO. 0==K9 A87 42CE 27084>?>;=ONI8E =0CG=KE B5G5=89 - C?@02;5=G5A:>3> 8 M:>=>3> - >BG5B;82> ?@>A;568205BAO =0 ?@>BO65=88 2A59 "@K=>G=>9" 8AB>@88 >1I5AB20 8 >?8@05BAO =0 425 DC=40B57K M:>=>B>@K5 A>AB>OB 2 A;54CNI520@K/CA;C38, ?@54;0305:C?0B5;O20=K, 2)548=AB25==K< :@8B5@85:C?0B5;O ?@8 A>25@H5=88 ?>:C?>: O2;O5BAO <8=81I8E 70B@0B. > 2 ?>A;54=NN G5B25@BL XX 25:0 2 M:>=>9 B5>@88 1K;> A45;0=> 5I5 =5A:>;L:> =5O2=KE ?@54?>;>65=89 > B>: 0) 2:CA0GB5=8OB@518B5;59 6=> C?@02;OBL, A ?>ILN D>@<8@CNI59 2>77@5=85 @5:;03> ?@>42865=8O =>2>3> B>20@0 =0 @K=:5 A>74020O 8E =>2K5 ?>B@51=>AB8 (:>=F5?F8O .=A>DD0); 1) ?@8 @07@01>B:5 A2>59 AB@0B5388 D8@<8 >?@545;5=8O ?>B@51=>AB59 F5;52KE @K=:>2 8 >15A?5G5=8O 65;059 C4>2;5B2>@5==>AB8 ?>B@518B5;59 1>;55 MDD5:B82=K<8, G5=:C@5=B>2, A?>A>101E>48 CG8BK20BL B0:85 D0:B>@K, :0:: A>25@H5=AB2>20=85 B5E=>;>388, @0AH8@ONI85AO 4=K5 A2O78 (3;>10;870F8O), 45@53C;8@>20=85 =0F8>=0;L=KE M:>=>1CG5=85 2 (:>=F5?F8O $.>B;5@0); 2) ?>78F8N D8@B@0A;8 >?@545;O5B :>=:C@5=B=>5 ?@58, ?@8G54 ?>78F859 2 >B@0A;8 ?>4@07C4E>4 D8@=:C@5=F88, 0 =5 B>;L:> 55 ?@>4C:F8O 8;8 B>, =0 :>3> >=0 @0AAG8B0=0 (:>=F5?F8O .>@B5@0). @0:B8G5A:0O @50;870F8O 40==KE ?>4E>4>2 : ?>78F8>=8@>20=8N D8@20@>2 (CA;C3) =0 @K=:5 ?@825;0 : @07@01>B:5 70?04=K=><8AB0==KE AB@0B5389, ?@028;L=K9 2K1>@ >4=>9 87 :>B>@KE 4>;65= 1K; 30@0=B8@>20BL ;N1>9 :><9 >@30=870F88 CA?5E =0 @K=:5. <5AB5 A B587>H54H8<8 2 =0G0;5 XXI 25:0 AB@C:BC@=K<8 87<5=5=8O<8 2>9 M:>=>B>@K5 1K;8 2K720=K @57:8@>60=852 8 :0G5AB25==K1@07>20=85B@51=>AB59 ?>:C?0B5;59, :>;8G5AB2> =>2KE :>1820NI8EAO CA?5E0 =0 @K=:5 70 AG5B 8A?>;L7>20=8O MB0;>==KE AB@0B5389, AB0;> =5C:;>==> A>:@0I0BLAO. @8 MB>A=>2=0O ?@8G8=0 2KH5 >1>7=0G5==>3> ?@>B82>@5G8O 70:;NG05BAO, A >4=>9 AB>@>=K, 2 ?@>3@5AA8@CNI5AB5 =0C:>53> A5:B>@0 2>9 M:>=>9, 2 B> >G5=L =5 385 87 A>2@5=>2 2K45;ONB 2KA>:>B5E=>;>38G=K5 :>A>1K9 B8? >@30=870F89, =C640NI8EAO 2 A?5F80;L=KE ?>4E>40E : @07@01>B:5 MDD5:B82=>9 AB@0B5388 ?>2545=8O =0 @K=:5. <5AB5 A B5?8@0OAL =0 @57C;LB0BK ?@>2545==>3> 8AA;54>20=8O, =5>1E>48 CB>G=8BL A0< B5@:>B5E=>;>38G=K5 :>682 53> 2 A;54CNI59 D>@2:5: "KA>:>B5E=>;>38G=K5 :> :><@30=870F88 (>1I5AB20 8;8 ?@54?@8OB8O), >A=>2=>5 ?@>872>4AB2> B>20@>2 (CA;C3) :>B>@KE =>A8B 8==>20F8>==K9 E0@0:B5@ 8 >B25G05B A;54CNI8< :@8B5@8O<: - 2545B : 30@=870F88 :><:>B5E=>;>38G=>9 :>;CG5=85 ?@81K;8 >B >A=>2=>9 E>7O9AB25==>9 45OB5;L=>AB8, A> AB@0B538G5A:8<8 8=B5@5A0AC40@AB20 2 >1;0AB8 D>@20=8O ?@>9 8 B>@3>2>9 ?>;8B8:, >@85=B8@>20==KE =5 B>;L:> =0 CAB>9G82>5, => 5I5 8 ?@>3@5AA8@CNI55 @0728B85 2>9 M:>=>25=L =0C:>5AB8 (4>;O 70B@0B =0 8AA;54>20=8O 8 @07@01>B:8 >B=5A5==0O : @57C;LB0B0872>4AB20) 8A?>;L7C55872>4AB25 B5E=>;>389 A>AB02;O5B =5 ;L7C55872>4AB25 ":;NG520O" B5E=>;>38O 2E>48B 2 459AB2CNI89 =0 : 55 B>20@>2 8;8 CA;C3 =0F8>=0;L=K9 "5@5G5=L :@8B8G5A:8E B5E=>;>389". @8 MB>;=5 >G5284=>, GB> A?5F8D8G5A:85 >A>15==>AB8 ?>2545=8O =0 @K=:5 8 687=5==K9 F8:; @0728B8O B>20@>2 (CA;C3) ?@8ACI8 2KA>:>B5E=>;>38G=K<?0=8O9 45;8 @K=:0, 2 @0B>@>9 >=8 >ACI5AB2;ONB ?@>872>4AB25==CN 8 :><ABL. <5AB5 A B51@0B=>5 CB25@645=85, :0: B>: @50;L=> AD>@202H0OAO 8 =0456=> DC=:F8>=8@CNI0O 2 4>;3>A@>G=>45 45;L @K=>G=KE >B=>H5=89 =5 7028A8B >B >A>15==>AB59 ?>2545=8O =0 @K=:5 :>2 - 40;5:> =5 15AA?>@=>. ?8@0OAL =0 40==K9 B578A 8 1078@COAL =0 @57C;LB0B0E ?@>2545==>3> 0=0;870 A?5F8D8G5A:8E >A>15==>AB59 :><9 45OB5;L=>AB8 2KA>:>B5E=>;>38G=KE :><?0=89, 6=> CB25@640BL, GB> =5>1E>482K9 ?>4E>4 : @07@01>B:5 AB@0B5388 ?>2545=8O =0 @K=:5 40==KE, >A>1>3> B8?0, >@30=870F89. !CBL MB>3> ?>4E>40 2 >B:075 >B ?>?KB>: M:AB@0?>;OF88 B5:CI8E 2>76=>AB59 8 2=CB@5==8E >3@0=8G5=89 =0 A;54CNI89 ?5@8>4, => 273;O4 87 "?@>3@0<<8@C53>" 1C4CI53> =0 A53>4=OH=89 AB@0B538G5A:89 8 8==>20F8>==K9 ?>B5=F80; 2KA>:>B5E=>;>38G=>9 :> 5ABL, ?@8 @07@01>B:5 A2>59 AB@0B5388 2KA>:>B5E=>;>38G=K<?0=8O< 8<55B A20BLAO >B B0:>3>, O2=> "CAB0@52H53>", ?>4E>40 : AB@0B538G5A:>20=8N, :0: 0=0;87 2>76=KE ?CB59 702>520=8O C65 ACI5AB2CNI8E @K=:>2 A1KB0, 8 >1@0B8BL A2>5 2=8B@51=>AB8 ?>:C?0B5;59. @8 MB>4=>9 206=>9 7040G59 2KA>:>B5E=>;>38G=>9 :>8A: >?B83> A>>B=>H5=8O 2 55 AB@0B5388 1AB25==K<<5@G5A:8<8 F5;O<8, AB@0B538G5A:8<8 8=B5@5A0AC40@AB20, @0F8>=0;L=K;L7>20=854=KE @5AC@A>2 8 AB@>38>B25BAB28520@>2 (CA;C3) AB0=40@B0?0A=>AB8 8 >E@0=K >:@C60NI59 A@54K. > 2B>@>9 3;025 48AA5@B0F88 8AA;54CNBAO >B;8G8B5;L=K5 >A>15==>AB8 ?>2545=8O =0 @K=:5 2KA>:>B5E=>;>38G=>9 :>=F5=B@8@>20==>3> @>AB0 2KA>:>B5E=>;>38G=>9 :>4=>2@53> A>740=8O C=8:0;L=>3> B>20@0 8 @K=:0 A1KB0. (*DFbdnpt> @ P z | " D P X *CJ heGN5CJheGNCJNH heGN5heGN heGN; heGN;CJhsheGNCJaJhshsCJaJhsCJaJ heGNCJ5(*Fdprt @ B D F z  $dha$$a$Q^Qgds$dha$L X Z \ ^ ` b d f h j l n p r J L N P R T V X ]$ a$$a$$a$ dfLN.fhj |~$a$]$a$  ]^ (df\d*,jn24NP`bvx`bz | 0#2###N$P$$$%%R&T&j'l'((*(v)x)++++----..P/R///h0j00037$ & Fdh`a$$ & F 8hdh^`a$ $dh`a$$dha$$a$<3D4F44444"6$66677:8<888h9j999h:j:::;;;;;,<.<<<> ?"???bAdA~BBCCbCdCDD4E6E"F$FFFHHPIRIIIjJlJJKKKLLLLMMHNJNNNFOHOPPpQrQfRheGN5CJNH heGN5CJheGNCJNH heGNCJY>789:;C,FHPOQT(V|WY[]_Nbbc d$ & Fdh^`a$$dha$ $ & Fdha$ $dh`a$$ & Fdh`a$fRhRUUV VVV|WWXXYYYYtZvZ[[\\t]v]]]^^0_2_6`8```@aBaaaBbDbbbRcTcddffgghh$i&iii(jvjkkllmm"n$nnn>o@ooopJqqDrFrrrXss^t`ttheGNCJNHOJQJhheGNCJOJQJh heGN5CJ heGNCJheGNCJNHS ddeZg^i(jzj.npXsvzxzt}$If$dh]`a$ $dh`a$ $dh`a$$ & Fdh^a$$ & Fdh^`a$ $ & Fdha$ttrutuuuvvww&x(x:x*CJ heGNCJmH sH heGN5CJNH heGNCJ heGN@CJNHheGN@CJ heGN5CJ heGNCJheGNCJNHH`2kd$$IflD%%4 la2kdI$$IflD%%4 la$If2kd$$IflD%%4 laXZ\^J^4kdm$$IflTD%%4 la2kd$$$IflD%%4 la$If2kd$$IflD%%4 laJL`2kdL$$IflD%%4 la2kd$$IflD%%4 la$If2kd$$IflD%%4 la`2kd'$$IflD%%4 la2kd$$IflD%%4 la$If2kd$$IflD%%4 la^`b`2kd$$IflD%%4 la2kd$$IflD%%4 la$If2kdp$$IflD%%4 la8:`d|VXDHz|hj*,DF^`(*؞ڞҟԟbdz|XZ 46heGNCJmH sH heGN5CJNH heGN5CJheGN5;CJ heGNCJ heGNCJNH heGNCJObdz|~Š`2kd$$IflD%%4 la2kd$$IflD%%4 la$If2kdK$$IflD%%4 laŠĊڊ܊ޏ˜V:{{{{{{{{{{ $dh`a$ $dh`a$2kdo$$IflD%%4 la$If2kd&$$IflD%%4 la:d@*VRv". $ & Fdha$$ & F hdh^`a$ $dh`a$ $dh`a$6,.*,RTpr&( "46Ƴȳlnz|np|~^`&(HJVXJLln "$.2heGNCJmH sH U heGN5CJheGNCJNH heGNCJX G0AB=>AB8, 2 @57C;LB0B5 ?@>2545==>3> 8AA;54>20=8O C40;>AL 2KO28BL 9 >B;8G8B5;L=KE >A>15==>AB59 187=5A0 8 AB@0B538G5A:>3> <5=546:>B5E=>;>38G=KE :>@30=870F89 >A>1>3> B8?0: 2KA>:0O 7028A8ABL 8E 187=5A0 >B 043> @5AC@A0; =57=0G8B5;L=>5 2;8O=85 :>=:C@5=B=>9 1>@L1K =0 MDD5:B82=>ABL 8E :><9 45OB5;L=>AB8 2 B5E A5:B>@0E @K=:0, 2 :>B>@KE >=8 >1;040NB AB5@6=5