FWB P_glj Ijhfure_gghc We_dljhgbdb Nbjfu ,QILQHRQ
;ehd PIM K
I_jbn_jbcgu_ fh^meb K jZ[hlZxl g_aZ\bkbfh hl PIM g_h[oh^bfh hlf_lblv qlh ^ey dZ`^h]h fh^mey bf__lky g_aZ\bkbfuc lZdlh\uc kb]gZe H[f_g ^Zggufb b mijZ\eyxsbfb kb]gZeZfb f_`^m PIM b i_jbn_jb_c ijhba\h^blky ihkj_^kl\hf j_]bkljh\ ki_pbZevguo nmgdpbc 6)5j_]bkljh\ <kydbc jZa dh]^Z i_jbn_jby gm`^Z_lky \ j_Zdpbb PIM \gmlj_ggbc dhgljhee_j ij_ju\Zgbc kjZ\gb\Z_l \k_ ihklmib\rb_ hl i_jbn_jbcguo mkljhckl\ aZijhku ^jm] k ^jm]hf b gZ^_ey_l h^bg ba gbo \ukrbf ijbhjbl_lhf ?keb ijbhjbl_lu l_dmsbo hi_jZpbc PIM f_gvr_ q_f ijbhjbl_lu \u[jZgguo i_jbn_jbcguo aZijhkh\ [m^_l h[kem`_gh ij_ju\Zgb_
?klv ^\Z lbiZ j_Zdpbb gZ ij_ju\Zgby
x KlZg^Zjlgu_ ^_ckl\by k ij_ju\Zgbyfb aZdexqZxlky \ lhf qlh PIM khojZgy_l khklhygb_ l_dms_c ijh]jZffu b \ha\jZlguc Z^j_k \ kl_d_ ij_`^_ q_f i_j_clb d Z^j_km dh^Z ih lZ[ebp_ \_dlhjh\ ij_ju\Zgbc
x JZ[hlZ k ij_ju\Zgbyfb ijb ihfhsb 3(&dhgljhee_jZ hlgbfZ_l lhevdh h^bg fZrbgguc lZdl hl jZ[hlu PIM gZ^ l_dms_c ijh]jZffhc ^ey kh\_jr_gby i_j_^Zqb ^Zgguo k ihfhsvx 3(& dhgljhee_jZ
Kbkl_fgu_ hrb[db hij_^_ey_fu_ ih oh^m \uiheg_gby ijh]jZffulZd gZau\Z_fu_ ZiiZjZlgu_ eh\mrdb beb \g_rgb_ g_fZkdbjm_fu_ ij_ju\Zgby lZd`_ h[kem`b\Zxlky dZd klZg^Zjlgu_ ij_ju\Zgby k hq_gv \ukhdbf ijbhjbl_lhf
< ijhlb\hiheh`ghklv ^jm]bf i_jbn_jbcguf mkljhckl\Zf f_`^m klhjh`_\uf lZcf_jhf b PIM bf__l f_klh aZdjulh_ kh_^bg_gb_ ?keb \dexqblv klhjh`_\hc lZcf_j \ jZ[hqbc j_`bf lh hg [m^_l h`b^Zlv kb]gZeu hl PIM q_j_a ijh]jZffbjm_fu_ ijhf_`mldb \j_f_gb bgZq_ klhjh`_\hc lZcf_j ih^Zkl kb]gZe gZ ³k[jhk´ LZdbf h[jZahf klhjh`_\hc lZcf_j fh`_l h[_j_]Zlv PIM hl jZ[hlu \ hrb[hqghf j_`bf_ ijb \uiheg_gbb dh^Z ijh]jZffu k hrb[dZfb Ihke_ ´k[jhkZ´ kbkl_fu klhjh`_\hc lZcf_j gZqbgZ_l hlkq_l \j_f_gb Z\lhfZlbq_kdb gh _]h ijb g_h[oh^bfhklb fh`gh ijh]jZffgh hldexqblv
Ih kjZ\g_gbx k ghjfZevguf j_`bfhf jZ[hlu fh`gh \u^_eblv ke_^mxsb_ j_`bfu
x J_`bf ³k[jhk´ d g_fm fh`gh ijbqbkeblv ex[hc ba i_j_aZimkdh\ZiiZjZlguc ijh]jZffguc eb[h k bkihevah\Zgb_f klhjh`_\h]h lZcf_jZ Ex[hc i_j_aZimkd ijbgm`^Z_l PIM \_jgmlvky \ ij_^mklZgh\e_gguc Zdlb\guc j_`bf
x J_`bf ihdhy LZdlh\uc kb]gZe PIM hldexq_g \ lh \j_fy dZd lZdlh\u_ kb]gZeu ^ey i_jbn_jbb ijh^he`Zxl ih^Z\Zlvky
x J_`bf hldexq_gby iblZgby <k_ lZdlh\u_ kb]gZeu \udexq_gu
FWB P_glj Ijhfure_gghc We_dljhgbdb Nbjfu ,QILQHRQ
;ehd PIM K
|
|
||
>ey nmgdpbhgbjh\Zgby y^jZ PIM ij_^gZagZq_g gZ[hj j_]bkljh\ |
|||
ki_pbZevguo nmgdpbc |
|
|
|
x |
Hkgh\gZy dhgnb]mjZpby kbkl_fu |
6<6&21 53 + |
|
x |
Bg^bdZpby b mijZ\e_gb_ khklhygb_f PIM |
36: |
|
x |
MijZ\e_gb_ ^hklmiZ d ^Zgguf |
,3 &63 |
|
x |
MijZ\e_gb_ kljZgbpZfb ^Zgguo |
'33 '33 |
|
x |
MijZ\e_gb_ ^hklmiZ d *35j_]bkljZf |
&3 |
|
x |
MijZ\e_gb_ ^hklmiZ d kbkl_fghfm kl_dm |
63 67.81 67.29 |
|
x |
Ih^^_j`dZ mfgh`_gby b ^_e_gby |
0'/ 0'+ 0'& |
|
x |
Ih^^_j`dZ dhgklZgl PIM |
=(526 21(6 |
|
Dhg\_c_jgZy h[jZ[hldZ dhfZg^
Dhg\_c_j dhfZg^ K jZa^_ey_l \uiheg_gb_ dhfZg^ gZ klmi_gb dZ`^Zy ba dhlhjuo bf__l bg^b\b^mZevgh_ gZa\Zgb_
Zy!<u[hjdZ
GZ wlhc klZ^bb dhfZg^u \u[jZggu_ k ihfhsvx MdZaZl_ey dhfZg^ ,3 b mdZaZl_ey k_]f_glZ dh^Z&63\uau\Zxlky eb[h ba \gmlj_gg_c 520eb[h \gmlj_gg_c5$0eb[h ba \g_rg_c iZfylb
Zy!>_dh^bjh\Zgb_
GZ wlhc klZ^bb dhfZg^u ^_dh^bjmxlky b _keb g_h[oh^bfh \uqbkeyxlky Z^j_kZ hi_jZg^h\ b \uau\Zxlky g_h[oh^bfu_ hi_jZg^u >ey \k_o dhfZg^ dhlhjuf g_h[oh^bf ^hklmi d kbkl_fghfm kl_dm agZq_gb_ 63j_]bkljZ ih g_h[oh^bfhklb eb[h bgdj_f_glbjm_lky eb[h ^_dj_f_glbjm_lky < kemqZ_ ^_dh^bjh\Zgby dhfZg^u i_j_oh^Z mdZaZl_ev dhfZg^ b mdZaZl_ev k_]f_glZ dh^Z baf_gyxl k\h_ agZq_gb_ gZ g_h[oh^bfh_ ^ey h[_ki_q_gby i_j_oh^Z
y !<uiheg_gb_
GZ wlhc klZ^bb hkms_kl\ey_lky hi_jZpbb \ :EM gZ^ ij_^\Zjbl_evgh \ua\Zggufb hi_jZg^Zfb Ijb wlhf baf_gyxlky khhl\_lkl\_ggh dhfZg^_ neZ]b khklhygbc \ 36:jb]bklj_ <h \j_fy wlhc klZ^bb lZd`_ hkms_kl\eyxlky \k_ ijyfu_ aZibkb \ iZfylv 6)5j_]bkljh\ Z lZd`_ hkms_kl\ey_lky aZibkv Z\lhfZlbq_kdb bgdj_f_glbjh\Zgguo b ^_dj_f_glbjh\Zgguo qbk_e bkihevamxsbo mdZaZl_ev dhk\_gghc Z^j_kZpbb
Zy!h[jZlgZy aZibkv
GZ wlhc klZ^bb \k_ \g_rgb_ hi_jZg^u b hklZ\rb_ky hi_jZg^u \h \gmlj_gg_c5$0aZibku\Zxlky h[jZlgh
Hkh[_gghklvx K y\ey_lky gZebqb_ bg`_dlbjh\Zgguo dhfZg^ LZdb_ dhfZg^u jZkihagZxlky kbkl_fhc b h[_ki_qb\Z_lky bo \uiheg_gb_ dhlhjh_ g_ fh`_l [ulv aZ\_jr_gh aZ h^bg lZdl Wlb dhfZg^u Z\lhfZlbq_kdb \klZ\eyxlky \ klZ^bx ^_dh^bjh\Zgby dhg\_c_jZ b ijhoh^yl hklZ\rb_ky
FWB P_glj Ijhfure_gghc We_dljhgbdb Nbjfu ,QILQHRQ
;ehd PIM K
klZ^bb \ j_`bf_ ihoh`_f gZ klZg^Zjlguc Bg`_dlbjh\Zggu_ dhfZg^u lZd`_ ijbf_gyxlky ^ey ijh]jZffguo ij_ju\Zgbc
Ihke_^h\Zl_evgh_ \uiheg_gb_ dhfZg^
DZ`^Zy dhfZg^Z ijhoh^bl q_j_a \k_ q_luj_ klZ^bb g_ h[jZsZy \gbfZgb_ gZ \hafh`gh_ hlkmlkl\b_ g_h[oh^bfhklb \uiheg_gby dZ`^hc klZ^bb <uiheg_gb_ dhfZg^ hlgbfZ_l dZd fbgbfmf q_luj_ lZdlZ lZd dZd ^ey \uiheg_gby h^ghc klZ^bb g_h[oh^bf dZd fbgbfmf h^bg fZrbgguc lZdl H^gZdh dhg\_c_j iha\hey_l iZjZee_evgh h[jZ[Zlu\Zlv ^h q_luj_o dhfZg^ Ihwlhfm ijb \uiheg_gbb fgh]bo dhfZg^ dZ`_lky qlh hgb \uihegyxlky \ l_q_gbb h^gh]h fZrbggh]h lZdlZ Wlhl wnn_dl gZqbgZ_l kdZau\Zlvky kjZam ihke_ aZiheg_gby dhg\_c_jZ dhfZg^Zfb ihke_ kbkl_fgh]h ©k[jhkZª gZ jbkmgd_ gb`_
Dhg\_c_jgZy h[jZ[hldZ dhfZg^ m\_ebqb\Z_l kj_^gxx ijhimkdgmx kihkh[ghklv dhg\_c_jZ
Jbkmghd
Ihke_^h\Zl_evgZy dhg\_c_jgZy h[jZ[hldZ dhfZg^
KlZg^Zjlgh_ \uiheg_gb_ dhfZg^ i_j_oh^Z
DhfZg^guc dhg\_c_j ihfh]Z_l mkdhjblv \uiheg_gb_ ijh]jZffu < kemqZ_ kh\_jr_gby i_j_oh^Z dhfZg^Z aZjZg__ \ua\ZggZy \ dhg\_c_j aZqZklmx g_ y\ey_lky dhfZg^hc dhlhjZy ^he`gZ [ulv ^_dh^bjh\ZgZ ke_^mxs_c LZdbf h[jZahf \ ghjfZevghf j_`bf_ g_h[oh^bf dZd fbgbfmf h^bg ^hihegbl_evguc fZrbgguc lZdl ^ey \uah\Z dhfZg^u y\eyxs_cky p_evx i_j_oh^Z >hihegbl_evguc fZrbgguc lZdl kha^Z_lky k ihfhsvx bg`_dpbb dhfZg^u gZ jbkmgd_ gb`_
FWB P_glj Ijhfure_gghc We_dljhgbdb Nbjfu ,QILQHRQ
;ehd PIM K
Jbkmghd
KlZg^ZjlgZy dhg\_c_jgZy h[jZ[hldZ dhfZg^ i_j_oh^Z
< kemqZ_ g_ \uiheg_gby mkeh\by ^ey kh\_jr_gby mkeh\gh]h i_j_oh^Z \ oh^_ \uiheg_gby ijh]jZffu hlkmlkl\mxl baf_g_gby b lZdbf h[jZahf g_ gm`_g ^hihegbl_evguc lZdl < wlhf kemqZ_ dhfZg^Z ke_^mxsZy aZ dhfZg^hc mkeh\gh]h i_j_oh^Z \ gZqZe_ ke_^mxs_]h fZrbggh]h lZdlZ ihke_ ^_dh^bjh\Zgby dhfZg^u mkeh\gh]h i_j_oh^Z \oh^bl \ klZ^bx ^_dh^bjh\Zgby
<uiheg_gb_ dwrbjh\Zgguo dhfZg^ i_j_oh^Z
< K \dexq_g dwr i_j_oh^h\ ^ey hilbfbaZpbb mkeh\guo i_j_oh^h\ ih h^ghfm Z^j_km Ijb kh\_jr_gbb dwrbjh\Zggh]h i_j_oh^Z fh`_l [ulv khojZg_g ebrgbc lZdl jZkoh^m_fuc gZ \u[hjdm dhfZg^u p_eb i_j_oh^Z b lZdbf h[jZahf dhfZg^Z khhl\_lkl\mxsZy dwrm i_j_oh^Z \ [hevrbgkl\_ kemqZ_\ bkihevam_l lhevdh h^bg fZrbgguc lZdl
>ey ^hklb`_gby wlh]h bkihevam_lky ke_^mxsbc f_oZgbaf
Ijb ijhoh`^_gbb dwrbjm_fhc dhfZg^u i_j_oh^Z q_j_a klZ^bx \u[hjdb \ i_j\uc jZa ijb wlhf \uihegy_lky mkeh\b_ i_j_oh^Z dhfZg^Z p_eb i_j_oh^Z \uau\Z_lky dZd h[uqgZy dhfZg^Z bkihevamy \j_f_ggmx aZ^_j`dm \ h^bg fZrbgguc lZdl H^gZdh \ ijhlb\hiheh`ghklv klZg^Zjlguf dhfZg^Zf i_j_oh^Z dhfZg^Z p_eb i_j_oh^Z ihke_ lh]h dZd ijhba\_^_gZ \u[hjdZ dhfZg^u ^hihegbl_evgh khojZgy_lky \ dwr_ dhfZg^ Dwrbjm_fu_ dhfZg^u i_j_oh^Z± -03$ -035-%-%&-1%-1%6
Ihke_ dZ`^h]h ihke_^mxs_]h \uiheg_gby wlhc dwrbjh\Zgghc dhfZg^u i_j_oh^Z dhfZg^Z p_eb i_j_oh^Z g_ \uau\Z_lky ba ijh]jZffghc iZfylb Z aZ[bjZ_lky ba dwrZ b g_f_^e_ggh bg`_dlbjm_lky \ klZ^bx ^_dh^bjh\Zgby dhg\_c_jZ gZ jbkmgd_ gb`_
Mf_gvr_gb_ \j_f_gb \uiheg_gby dwrbjh\Zgghc dhfZg^u i_j_oh^Z \k_]^Z bf__l f_klh ijb \lhjhf b ihke_^mxs_f bkihevah\Zgbb wlhc dhfZg^u DhfZg^Z khojZgy_lky \ dwr_ i_j_oh^h\ ^h l_o ihj ihdZ f_`^m
FWB P_glj Ijhfure_gghc We_dljhgbdb Nbjfu ,QILQHRQ
;ehd PIM K
^\mfy h^bgZdh\ufb dwrbjm_fufb dhfZg^Zfb i_j_oh^Z g_ [m^_l \uiheg_gZ dhfZg^Z bf_xsZy \hafh`ghklv baf_g_gby nmg^Zf_glZevguo j_]bkljh\
-036 &$//6 5(76 75$3 5(7, beb ihdZ g_ [m^_l \uiheg_gh klZg^Zjlgh_ ij_ju\Zgb_
Jbkmghd
Dhg\_c_jgZy h[jZ[hldZ dwrbjm_fuo dhfZg^ i_j_oh^Z
Hkh[u_ wnn_dlu dhg\_c_jZ
IZjZee_evgh fh`_l \uihegylvky ^h q_luj_o jZaebqguo dhfZg^ b ihwlhfm \ K [ueh kha^ZgZ ^hihegbl_evgZy eh]bdZ ^ey h[gZjm`_gby aZ\bkbfhkl_c dhfZg^ dhlhju_ g_ fh]ml gZoh^blky gZ jZaebqguo klZ^byo dhg\_c_jZ [_a ihl_jb ijhba\h^bl_evghklb WlZ ^hihegbl_evgZy eh]bdZ ^ey ql_gby b aZibkb \uqbke_gguo hi_jZg^h\ ^h ghfbgZevgh]h bkiheg_gby wlbo dhfZg^ \h \j_fy hilbfbaZpbb ihke_^h\Zl_evghklb \uiheg_gby dhfZg^ \uy\ey_l [hevrbgkl\h \hafh`guo dhgnebdlh\ \ lhf qbke_ dhgnebdlu h^gh\j_f_ggh]h bkihevah\Zgby rbgu g_kdhevdbfb dhfZg^Zfb b lZdbf h[jZahf \ [hevrbgkl\_ kemqZ_\ dhg\_c_jgZy h[jZ[hldZ dhfZg^ ijhajZqgZ ^ey ihevah\Zl_e_c H^gZdh \ g_dhlhjuo hq_gv j_^dbo kemqZyo ijh]jZffbklZf ke_^m_l m^_eylv \gbfZgb_ lhfm qlh K ± dhg\_c_jgZy fZrbgZ < wlbo kemqZyo aZ^_j`db \ua\Zggu_ dhgnebdlZfb dhg\_c_jghc h[jZ[hldb fh]ml bkihevah\Zlvky ^ey \uiheg_gby ^jm]bo dhfZg^ ^ey ih\ur_gby ijhba\h^bl_evghklb
x Baf_g_gb_ agZq_gby &RQWH[W 3RLQWHU
DhfZg^u \uqbkeyxsb_ nbabq_kdb_ Z^j_kZ *35hi_jZg^h\ ijb ihfhsb&3j_]bkljZ h[uqgh g_ kihkh[gu bkihevah\Zlv gh\h_ agZq_gb_&3 j_]bkljZ baf_g_ggh_ \ ij_^u^ms_c dhfZg^_ LZdbf h[jZahf ^ey m\_j_gghklb \ bkihevah\Zgbb gh\h]h agZq_gby&3g_h[oh^bfh ^h[Z\blv dZd fbgbfmf h^gm dhfZg^m f_`^m dhfZg^Zfb baf_g_gby KJ j_]bkljZ b ke_^mxs_c dhfZg^hc bkihevamxs_c *35j_]bklju dZd ihdZaZgh gZ ke_^mxs_f ijbf_j_