*MVWX UYEVXIV VIWYPXW / 6447 ,ERW 7XVÅFIVK 4VIWMHIRX ERH ')3
-RHYWXV] WLMTQIRXW ERH IWXMQEXIH XVIRH MR HIQERH / 5 5 6447 2SVXL %QIVMGE )YVSTI w 'SVI w 'SVI %WME ETTPMERGIW ETTPMERGIW w 'SVI w :EGYYQ w %MV 0 GSRH 2 ETTPMERGIW GPIERIVW w :EGYYQ w 3YXHSSV w 4VSJIWWMSREP GPIERIVW 6, TVSHYGXW ETTPMERGIW w 3YXHSSV 5, w 3YXHSSV TVSHYGXW 6, 5, TVSHYGXW 6, &VE^MP %YWXVEPME w ;LMXI KSSHW w ;LMXI KSSHW 5, 'SRWYQIV 4VSHYGXW 6, 4VSJIWWMSREP 4VSHYGXW / I\GP 2 4S[IV 'YXXIVW ERH 5 (MEQSRH 8SSPW
'SVI ETTPMERGIW / 97% -RHYWXV] YRMX WLMTQIRXW 'LERKI MR ( ZW WEQI TIVMSH TVIZMSYW ]IEV ! *YPP ]IEV ( 59 54 9 4 09 054 5 6 7 8 5 6 7 8 5 6 7 8 5 6 7 8 5 6 7 8 5 6 7 8 5==< 6447 5=== 6444 6445 6446 6
'SVI ETTPMERGIW / )YVSTI -RHYWXV] YRMX WLMTQIRXW 'LERKI MR ( ZW WEQI TIVMSH TVIZMSYW ]IEV ! *YPP ]IEV ( 43 ; :HVWHUQ 9 (XURSH 7 5 3 05 7RWDO (XURSH 07 .61;( .419( .618( 0319( .31:( .6/:(- 09 4 5 6 7 4 5 6 7 4 5 6 7 4 5 6 7 4 5 6 7 4 5 6 7 6447 5==< 5=== 6444 6445 6446 7 - <7'
'SVI ETTPMERGIW / )YVSTI -RHYWXV] YRMX WLMTQIRXW 5 5 64473 5 5 6446 = 0 S 0 ] GLERKI 5 5 ;IWXIVR )YVSTI .62;( ( )EWXIVR )YVSTI .;2;( 45 8SXEP )YVSTI .72;( +8 43 58 ; *% '( 9 (8523( 7 (6 3/ 5 )5 ,7 3 6FDQ 05 $7 &+ 07 1/ %( 09 8
7EPIW ERH IEVRMRKW )\GPYHMRK MXIQW EJJIGXMRK GSQTEVEFMPMX] *YPP ]IEV 5 5 5 5 7)/Q 6446 'LERKI 6446 6447 65/395 66/8;3 0718( 466/483 1HW VDOHV 2SHUDWLQJ LQFRPH 4/:<; 4/<39 081:( ;/498 8 19 81: 9 14 0DUJLQ /( 4/:<; 4/:<: .314( :/<:< ,QFRPH DIWHU ILQDQFLDO LWHPV 8 19 817 9 13 0DUJLQ /( 1HW LQFRPH SHU VKDUH / 6(. 61<8 61:8 .816( 491<3 9DOXH FUHDWLRQ :64 93< .455 6/794 5HWXUQ RQ HTXLW\ /( 4:1; 4917 4;19 5HWXUQ RQ QHW DVVHWV /( 541< 4<14 5519 1HW GHEW 2 HTXLW\ UDWLR 314< 316: 3138 9
)JJIGXW SJ GLERKIW MR I\GLERKI VEXIW SR RIX WEPIW MR 5 5/ 6447 6(.P &RQVXPHU 'XUDEOHV 3URIHVVLRQDO 3URGXFWV 7RWDO 3/333 3 ,QGRRU (XURSH 2XWGRRU 03/833 5HVW RI WKH 04/333 :RUOG 04/833 05/333 05/833 5 5 64473 5 5 6446 1RUWK 06/333 $PHULFD 06/833 07/333 :
8SXEP +VSYT 56 QSRXLW JMKYVIW ; 6444 /I] (EXE 5 5 6447 5 5 47 5=== 6446 : 7EPIW > 7)/ 76/4:6 Q 0829( 5==< 9 )&-8 > 7)/ 5/;=< Q 6445 3TIVEXMRK 1EVKMR ( 092;( :EPYI GVIEXMSR > 8 5==; 7)/ ;75 5==: 7)/ .566 Q 7 ;%'' 6447 ! 57( TVI 0 XE\ 6 5 4 426: 426< 4274 4276 4278 427: %ZIVEKI 2IX %WWIXW 3 2IX 7EPIW ;
;SVOMRK GETMXEP ERH GEWL JPS[ 5==; 0 6447 5 5 56 QSRXLW JMKYVIW =/444 5: </444 ;SVOMRK GETMXEP 3 RIX WEPIW / ( ;SVOMRK GETMXEP 3 RIX WEPIW 58 ;/444 'EWL JPS[ / 7)/Q 56 :/444 54 9/444 < 8/444 : 'EWL JPS[ 7/444 8 6/444 6 5/444 4 4 5 8 5 5 5 6 5 7 5 8 5 5 5 6 5 7 5 8 5 5 5 6 5 7 5 8 5 5 5 6 5 7 5 8 5 5 5 6 5 7 5 8 5 5 5 6 5 7 5 8 5 5 5==; 5==< 5=== 6444 6445 6446 6447 'EWL JPS[ > 'EWL JPS[ JVSQ STIVEXMSRW ERH MRZIWXQIRXW I\GP 2 EGUYMWMXMSRW ERH < HMZIWXQIRXW SJ STIVEXMSRW
3RKSMRK VIWXVYGXYVMRK TVSKVEQW w 8LI VIWXVYGXYVMRK TVSKVEQW ERRSYRGIH MR 6445 ERH 6446 EVI TVSGIIHMRK EGGSVHMRK XS TPER w 'LERKIW MQTPIQIRXIH XS HEXI LEZI MRZSPZIH TIVWSRRIP GYXFEGOW SJ XSXEPP] 9/764 w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
'SRWYQIV (YVEFPIW / 6IWX SJ XLI ;SVPH 56 QSRXLW JMKYVIW 58 /I] HEXE 5 5 6447 56 7EPIW > 7)/ 6/=4< 05928 ( 54 )&-8 > 7)/ 0564 Q 3TIVEXMRK 1EVKMR ( < w 7YFWXERXMEP HS[RXYVR MR MRGSQI MR 0889 ( -RHME ERH 'LMRE : :EPYI GVIEXMSR > w 6IWXVYGXYVMRK QIEWYVIW SRKSMRK 7)/ 0777 Q 8 7)/ .57 Q 6445 6 6446 6444 4 5 5 47 06 5=== 08 5==< 0: 4274 4278 427< 4286 428: 4294 %ZIVEKI 2IX %WWIXW 3 2IX 7EPIW 44
7EPIW ERH MRGSQI 0 ETTPMERGIW / 6IWX SJ XLI [SVPH 1EVOIX 7EPIW )&-8 %YWXVEPME 'LMRE -RHME &VE^MP 45
4VSJIWWMSREP -RHSSV 4VSHYGXW 56 QSRXLW JMKYVIW /I] HEXE 5 5 6447 54 5=== 7EPIW > 7)/ 6/5:9 Q = 06<29 ( 6444 5==< < )&-8 > 7)/ 57< Q 3TIVEXMRK 1EVKMR ( 5 5 47 6446 0682: ( ; :EPYI GVIEXMSR > : 7)/ <5 Q 6445 9 7)/ .94 Q 8 7 w ;IEOIV HIQERH JSV *SSH 7IVZMGI )UYMTQIRX 6 w 7YFWXERXMEP MQTVSZIQIRX MR MRGSQI JSV 5 GSQTVIWWSVW 4 426< 4274 4276 4278 427: 427< 4284 %ZIVEKI 2IX %WWIXW 3 2IX 7EPIW 46
'SRWYQIV (YVEFPIW / 2SVXL %QIVMGE 56 QSRXLW JMKYVIW ; 6444 /I] HEXE 5 5 6447 5=== 5 5 47 : 7EPIW > 7)/ 56/46< Q 6446 0=29 ( 9 )&-8 > 7)/ ;=< Q 3TIVEXMRK 1EVKMR ( 5==< 0<2= ( 8 :EPYI GVIEXMSR > 7)/ 76: Q 7 6445 7)/ .5= Q 6 w 4SWMXMZI XVIRH MR MRGSQI JSV ETTPMERGIW ERH KEVHIR TVSHYGXW 5 w 4VMGI TVIWWYVI MR JPSSV GEVI TVSHYGXW 4 3 4275 4277 4279 427; 427= %ZIVEKI 2IX %WWIXW 3 2IX 7EPIW 47
2I[ )PIGXVSPY\ VERKI HMWTPE]IH EX XLI /MXGLIR ) &EXL -RHYWXV] 7LS[ / 97% 48
,MKLIV STIVEXMRK MRGSQI MR PSGEP GYVVIRG] JSV 'SRWYQIV (YVEFPIW / 2% 6445 1EVKMR / ( 17)/ 6446 6447 56 5/644 1EVKMR 54 5/444 <2= < <44 : :44 :2; :2: :2: 927 82= 8 844 926 6 644 52; 529 4 4 5 WX 5XV 6 RH 5XV 7 VH 5XV 8 XL 5XV 49
'SRWYQIV (YVEFPIW / )YVSTI 56 QSRXLW JMKYVIW ; 6446 /I] HEXE 5 5 6447 5 5 47 7EPIW > 7)/ 55/=<; Q : 5=== .:2: ( 6445 )&-8 > 7)/ ;54 Q 5==< 9 3TIVEXMRK 1EVKMR ( 6444 .924 ( :EPYI GVIEXMSR > 8 7)/ 879 Q 7)/ .:5 Q 7 6 w 7XVSRK ZSPYQI HIZIPSTQIRX JSV ETTPMERGIW MR )EWXIVR )YVSTI 5 w +SSH TIVJSVQERGI JSV KEVHIR TVSHYGXW 4 425; 425< 425= 4264 4265 4266 4267 4268 4269 %ZIVEKI 2IX %WWIXW 3 2IX 7EPIW 4:
,MKLIV STIVEXMRK MRGSQI JSV 'SRWYQIV (YVEFPIW / )YVSTI 17)/ 1EVKMR / ( 6445 5/444 54 6446 6447 1EVKMR <44 < ;26 ;29 :2= :44 : :2: :24 92= 925 82< 844 8 825 644 6 4 4 5 WX 5XV 6 RH 5XV 7 VH 5XV 8 XL 5XV 4;
4VSJIWWMSREP 3YXHSSV 4VSHYGXW 56 QSRXLW JMKYVIW 5: /I] HEXE 5 5 6447 5==<6444 5 5 47 6445 58 7EPIW > 7)/ 6/=94 Q 6446 5=== .592< ( 56 )&-8 > 7)/ 886 Q 3TIVEXMRK 1EVKMR / ( .5829 ( w +SSH ZSPYQI KVS[XL MR GLEMRWE[W ERH 54 :EPYI GVIEXMSR > PERHWGETI IUYMTQIRX 7)/ 6=; Q < w ;IEOIV HIQERH JSV HMQSRH XSSPW ERH 7)/ .= Q TS[IV GYXXIVW : 8 6 4 4278 4274 4276 427: 427< 4284 %ZIVEKI 2IX %WWIXW 3 2IX 7EPIW 4<
6IZMWIH SYXPSSO JSV JYPP ]IEV l| 2 XLI +VSYT * W STIVEXMRK MRGSQI JSV XLI JYPP ]IEV MW I\TIGXIH XS FI WSQI[LEX PS[IV XLER MR 64462 z w9RGIVXEMRX] VIKEVHMRK QEVOIX GSRHMXMSRW w7YFWXERXMEP HS[RXYVR MR MRGSQI JSV -RHME ERH 'LMRE w4VMGI TVIWWYVI MR JPSSV GEVI w;IEOIV HIQERH JSV JSSH WIVZMGI IUYMTQIRX w9RJEZSYVEFPI GYVVIRG] HIZIPSTQIRX 6ITSVX JSV XLI *MVWX 5YEVXIV SJ 6447 53
7YQQEV] SJ 5 5/ 6447 2IKEXMZIW 4SWMXMZIW w 7YFWXERXMEP HS[RXYVR w ,MKLIV MRGSQI JSV MR MRGSQI MR -RHME ERH 'SRWYQIV (YVEFPIW 'LMRE MR )YVSTI w 4VMGI TVIWWYVI MR w 'SRXMRYIH TSWMXMZI *PSSV 'EVI / XVIRH MR WEPIW ERH TEVXMGYPEVP] MR XLI 97 MRGSQI JSV ETTPMERGIW MR 2SVXL w ;IEOIV HIQERH JSV %QIVMGE 4VSJIWWMSREP -RHSSV 4VSHYGXW w 4SWMXMZI XVIRH MR MRGSQI JSV 'SRWYQIV 3YXHSSV 4VSHYGXW 54
*EGXSVW EJJIGXMRK JSV[EVH 0 PSSOMRK WXEXIQIRXW )DFWRUV DIIHFWLQJ IRUZDUG 0 ORRNLQJ VWDWHPHQWV 7KLV UHSRUW FRQWDLQV ³IRUZDUG 0 ORRNLQJ´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
Recommend
More recommend