Tải bản đầy đủ (.doc) (89 trang)

Luận văn tốt nghiệp thực trạng công tác quản lý và sử dụng vốn ngắn hạn tại công ty Tân Cảng 128 HP

Bạn đang xem bản rút gọn của tài liệu. Xem và tải ngay bản đầy đủ của tài liệu tại đây (383.04 KB, 89 trang )



 !"#
#$%&
'()*+*, /01/*2-!3*45++67+(8+9:++67+(8+&
;%(<+=>8*?
@A*BCD1EAF:++67+(8+G
HI+6B)1/J+(-K1F:++67+(8+L
@@*,+M()M+<+61A>(*,NON54PQR+6F:++67+(8+BC>+6B(S*6*A+BT*1(>1I+6BUV%(W+
!<+5+6;XXG

5+6; !Y+((Y+(B(Z1(*,+1)11([B*\N]^BON5]*+(Q>A+(1EA
1I+6BU1VM(W+!<+5+6;X5*%(D+66*A*/>8+;L_
;L@
5+6;; '^B1`NF:+]*+(Q>A+(1BU1VM(W+!<+5+6;X5*
%(D+66*A*/>8+;L_;L@
5+6;@ '^B1`NF:++67+(8+1I+6BU1VM(W+B<+5+6;X
5*%(D+66*A*/>8+;L_;L@
5+6;H a1`N:+bc+6B*d+1BU1VM(W+!<+5+6;X5*
%(D+66*A*/>8+;L_;L@
5+6;& a1`N1)1](>5+M(5*B(N1I+6BU1VM(W+!<+5+6
;X5*%(D+66*A*/>8+;L_;L@
5+6;e a1`N(3+6Bf+](>1I+6BU1VM(W+!<+5+6;X
5*%(D+66*A*/>8+;L_;L@
5+6;? a1`NB3*45++67+(8+]()11I+6BU1VM(W+!<+
5+6;X5*%(D+66*A*/>8+;L_;L@
5+6;X g)+(6*)(*,NON54PQR+6F:++67+(8+1BU1VM(W+
!<+5+6;X5*%(D+66*A*/>8+;L_;L@

g2B*^+(3+((>8B/h+645+iN`B]*+(Q>A+(.-j*Q>A+(+6(*,M/dNM(5*1k
BC>+6BAN-hB=lm+6F:++(`B/J+(*,1BV1(K1ON5+=n.4PQR+6F:+1k(*,NON5


(AU](I+6-A+6Bo+(ONU^B/J+(/^+4ZBf+B8*F3M()BBC*2+1EAQ>A+(+6(*,M
BC>+6Bla+6=A*
:+]*+(Q>A+(1EAQ>A+(+6(*,M/lm11(*A=3-(A*M(W+F:++67+(8+F3
F:+Q3*(8+j*=>8*F:+1kFA*BCD]()1+(AN.+^N+(lF:+Q3*(8+/lm1ip-
+(lq1ab7Mr1EA45+iN`BB(YF:++67+(8+/lm1Fo+(lq-81(-)Nr6*sM1(>ON)
BCY+(45+iN`B]*+(Q>A+(Q*t+CAB(lS+6iNU\+.=*\+BR1
!C>+6+d+]*+(B^B(JBClS+6.ON5+=nF34PQR+6F:++67+(8+=3-hBBC>+6
+(u+6+h*QN+6ON5+=nC`BONA+BCv+6/:*FT*Q>A+(+6(*,MR1/o1(1EA(>8B
/h+645+iN`B]*+(Q>A+(=3B(N/lm1=m*+(Nw+F3=m*+(Nw+B:*/A`+/d/0BCA
1(>1)1Q>A+(+6(*,M=3M(5*(NU/h+6F:+/2/5-b5>1(>(>8B/h+645+iN`B
]*+(Q>A+(Q*t+CAB(Nw+=m*F31k(*,NON5YFwU.F*,1B(`BB(>)B+6Nf+F:+]*+(
Q>A+(+k*1(N+6F3+6Nf+F:++67+(8++k*C*\+6BC>+6(>8B/h+6]*+(Q>A+(x
b`B]yB(S*/*2-+3>1z+6=3-1(>Q>A+(+6(*,MbJ]{>=|*4K1bwB'(*B3*1(o+(
1kF`+/d156Nf+6-)U1EAQ>A+(+6(*,M4}bJ5+((lx+6
>+6F*,11k/EF:++67+(8+/~](k.F*,1b5>B>3+.4PQR+6F3M()BBC*2++k
+(lB(^+3>1(>(*,NON51D+](k(a++(*dN-3](I+6M(5*Q>A+(+6(*,M+3>
1z+6=3-/lm1d+]*+(B^B(JBClS+6/*]•-FT*18+(BCA+(](:1=*,B6AU67B/D*
(€*1)1Q>A+(+6(*,MM(5*=*\+BR1M(`+/`Nx-v*-0B1EA(>8B/h+645+iN`B
]*+(Q>A+(./01b*,B=34PQR+6F:+4A>1(>1k(*,NON5.6*5-B(*2N1(*M(o.(86*)
B(3+(.B•+6Q>A+(B(NF3=m*+(Nw+
‚N`BM()BBƒFA*BCDF3BW-ONA+BCv+61z+6+(lU\N1WNB(Z1B^Fd(*,NON54P
QR+6F:+=lN/h+6BC>+6Q>A+(+6(*,M.p-/~-8+(Q8+/*4<NBY-(*2N.+6(*\+
1KNF31(v+/dB3*
 !"#$%&'()*+,
•!o+(1WMB(*^B1EA/dB3*B(Z1(*,+45+iN`B]*+(Q>A+(BC>+61a1(^B(J
BClS+6.F:+1EAQ>A+(+6(*,M=3-hBBC>+6+(u+6U^NB:ONA+BCv+66*sMQ>A+(
+6(*,M/E](5+•+618+(BCA+(F3B(s1/„UM()BBC*2+I+6B)1ON5+=n4PQR+6
(*,NON5+6Nf+F:+bA>6f-+(*dN](<N.+(*dNM(W+]()1+(AN+(l+66*uA1(s+6
1k-:*ONA+(,(uN1a67+bkB8>B(3+(-hB(,B(:+6ON5+=n(*,NON5!C>+64:
/k.+<+61A>(*,NON54PQR+6F:+=lN/h+6=3-hB-7Bio1(ONA+BCv+6](I+6B(2

B(*^N/lm1bx*+kM(5+)+(BY+((Y+(b*^+/h+61EAB(3+(M(„ ON)BCY+(B*\NB(R
F3i)1/J+(]^BON51N:*1|+61EA(>8B/h+645+iN`B]*+(Q>A+(
•R1/o1(+6(*\+1KN/dB3*+6(*\+1KNFd+(u+6F`+/d=nB(NU^B1ab5+Fd
F:++67+(8+BC>+6Q>A+(+6(*,M./)+(6*)B(Z1BC8+6F:+=lN/h+61EA1I+6BU.
+\NCA+(u+6lN+(lm1/*2-1EA1I+6B)14PQR+6.+6NU\++(<+1EA1)1F`+/d4P
QR+6F:++67+(8+B8*1I+6BUgdiN`B-hB4:6*5*M()M+<+61A>(*,NON54P
QR+6F:++67+(8+
•g:*Blm+6+6(*\+1KNBY-(*2NFdF:++67+(8+B8*I+6BUVM(W+!<+
5+6;X5*%(D+6.BC\+1a4x=nB(NU^B]^B(mMFT*B(Z1B^F*,14PQR+6F:+
+67+(8+B8*1I+6BU/21k+(u+66*5*M()MM(|(mM+(c-+<+61A>(*,NON54P
QR+6F:++67+(8+
•%(la+6M()M+6(*\+1KNB(NB(wMB(I+6B*+ONAF*,1=`U4:=*,N1EA5+6
1<+/:*]^B>)+.)>1)>]^BON5(>8B/h+6]*+(Q>A+(.!(NU^B-*+(b)>1)>B3*
1(o+(.…1)1B(I+6B*+FdON5+=n(>8B/h+61EA1I+6BU]^B(mMF*,14PQR+61)1
M(la+6M()MB(:+6]\.M(<+Bo1(.Bo+(B>)+.4>4)+(/:*1(*^N.…
Nw+F•++3U1EAp-+6>3*M(W+-x/WNF3]^B=Nw+B(Y6f-@1(la+6
(la+6n=Nw+1(N+6FdF:++67+(8+F3(*,NON54PQR+6F:++67+
(8+BC>+61)1Q>A+(+6(*,M(*,++AU
(la+6;!(Z1BC8+61I+6B)1ON5+=nF34PQR+6F:++67+(8+B8*I+6BU
VM(W+!<+5+6;X5*%(D+6
(la+6@hB4:6*5*M()M+<+61A>(*,NON5BV1(K1.ON5+=nF34PQR+6
F:++67+(8+1EAI+6BUVM(W+!<+5+6;X5*%(D+6
N5+=n+<+61A>(*,NON54PQR+6F:++67+(8+=3-hBF`+/dM(K1B8M1k
=*\+ONA+/^++(*dNF`+/d.-01Q|/lm14Z(lT+6Q†+Bw+BY+(1(N/)>1EAB(WU
6*)>$,-)./$0+(l+6Q>+(u+6(8+1(^+(`B/J+(FdBCY+(/hF3
B(S*6*A++6(*\+1KN+\+1(711(7+b3*F*^B+3U1EAp-](I+6BC)+(](€*+(u+6
B(*^N4kB‡-C`B->+6+(w+/lm14Z6kMn1EA1)1B(WU1I6*)>/2=Nw+F•+1EA
p-1kB(2(>3+B(*,+(a+1z+6+(l6*sMp-(*2N4<N(a+Fd/dB3*1EA-Y+(
‡-i*+1(<+B(3+(15-a+ˆˆˆ


!"#$%&&'(
)*+,- /012342-50$6-78..9:.+;.<=..9:.+;.
%,%,%$1
g2/*F3>(>8B/h+645+iN`B]*+(Q>A+(1EAQ>A+(+6(*,MM(5*1kBl=*,N45+iN`B
-3+kbA>6f-(A*bhM(w+=3Bl=*,N=A>/h+6F3/:*Blm+6=A>/h+6
^N+(lBl=*,N=A>/h+6B(A-6*AF3>+(*dN1(N]y45+iN`B.(Y+(B()*FwB1(`B
](I+6B(AU/V*Bƒ1(N]y/WNB*\+1(>BT*](*bJ4AB(5*](€*ON)BCY+(45+iN`BB(Y
/:*Blm+6=A>/h+6=8*]()1.+k1([B(A-6*AF3>-hB1(N]y45+iN`B/^+1(N]y
45+iN`B4AN=8*M(5*4PQR+61)1/:*Blm+6=A>/h+6]()1
`B]y(>8B/h+645+iN`B]*+(Q>A+(+3>1z+6M(5*1k1)1/:*Blm+6=A>/h+6
lm+6B*d+K+6BClT1/2B(€A-~++(N1WNFd1)1/:*Blm+6=A>/h+66v*=3F:+
=lN/h+61EAQ>A+(+6(*,M
!3*45++67+(8+=3+(u+6B3*45+B(lS+6iNU\+=N<+1(NU2+BC>+6ON)BCY+(]*+(
Q>A+(!C>+6b5+61<+/:*]^B>)+1EAQ>A+(+6(*,M.B3*45++67+(8+/lm1B(2
(*,+x1)1bhM(w+B*d+-0B.1)11(K+6](>)+B(A+(](>5+1A>.M(5*B(NF3QZBCu
Bf+](>
!C>+6ON)BCY+((>8B/h+6Q>A+(+6(*,MM(5*b*^BC‰4:=lm+6.6*)BCJ-j*=>8*B3*
45++67+(8+=3bA>+(*\N1(>(mM=nF3/8B(*,NON54PQR+61A>
!3*45++67+(8+/lm1M(<+b:/EBC>+6B`B151)1](<N.1)11I+6/>8++(c-/5-
b5>1(>ON)BCY+(45+iN`B]*+(Q>A+(/lm1Q*t+CA=*p+BR1.V+/J+(.BC)+(=~+6M(o
F3BV+B(`BF:+Q>+6ƒ+645+iN`B.](I+6=3-5+((lx+6/^+](5+•+6B(A+(B>)+
F3/5-b5>](5+•+64*+(=S*1(>1)1B3*45+>/k.B3*45++67+(8+BC>+6Q>A+(
+6(*,M1k1)1/01/*2-4AN
_!3*45++67+(8+1kBo+(B(A+(](>5+1A>+\+/)MK+6](5+•+6B(A+(B>)+1EA
Q>A+(+6(*,M
_!3*45++67+(8+=3-hBbhM(w+1EAF:+45+iN`B+\++kFw+/h+6F3=N<+
1(NU2+](I+6+6ƒ+6BC>+6-v*6*A*/>8+1EAON)BCY+(45+iN`B]*+(Q>A+(
_!3*45++67+(8+1kB(2QtQ3+61(NU2+(kABƒQ8+6FwB1(`B4A+6B*d+B,+\+
1z+6Fw+/h+6C`BM(K1B8MF3](kON5+=n
%,%,&2

!C>+6+d+]*+(B^(3+6(>)./21k1)1!3*45++67+(8+Q>A+(+6(*,MM(5*
K+6BClT1-hB4:B*d++(`B/J+(/2-NA47 (>01M(5*b€CA1)1(A>M(o=A>/h+6
/2i<UQZ+6(AU1(^B8>(lFwU-j*B3*45++67+(8+1z+6+(l1)1B3*45+]()1
1EAQ>A+(+6(*,M-A+6BC>+6-Y+(-hB=lm+66*)BCJ+(`B/J+(F31kB(2b*2N(*,+
QlT*(Y+(B()*B*d+B,lm+66*)BCJB(2(*,+BC>+61)1B3*45+=lN/h+61EAQ>A+(
+6(*,M6v*=3F:++67+(8+
'()*+*,-F:++67+(8+:B*d+-3Q>A+(+6(*,MK+6BClT1/2/WNBl1(>
B3*45++67+(8+.i{BB8*-hBB(S*/*2-+(`B/J+(.4:F:+/k=3b*2N(*,+bc+6B*d+
1EAB>3+bh6*)BCJ(*,+1k1EA1)1B3*45++67+(8+1EAQ>A+(+6(*,M
g01/*2-1EAF:++67+(8+(>3+B>3+M(|(mMFT*/01/*2-Fw+/h+61EAB3*45+
+67+(8+k1([B(A-6*A-hB=W+BC>+6-hB1(N]y45+iN`B]*+(Q>A+('(*
B(A-6*AF3>ON)BCY+(45+iN`B]*+(Q>A+(1EAQ>A+(+6(*,M+kb*^+/V*(Y+(B()*
C`B+(A+((NU2+B>3+bh6*)BCJBƒ(Y+(B()*B*d+B,bA+/WNONA1)1(Y+(B()*FwB
1(`B]()1/2Cf*=8*BCxFd(Y+(B()*B*d+B,BC>+6-hB1(N]y45+iN`B]*+(Q>A+(
g*dN/k1k+6(ŠA=3+k(>3+B(3+(-hBFD+6=N<+1(NU2++6AUBC>+6-hB1(N]y
45+iN`B]*+(Q>A+(!|UB(p>M(la+6B(K1]*+(Q>A+(1EAQ>A+(+6(*,M-3F:+
+67+(8+Fw+/h+6B(p>1)1(Y+(B()*]()1+(AN
)>(+?.@A;-
!|UB(p>-R1/o1(+6(*\+1KNF3ON5+=n-31k1)11)1(M(<+=>8*!_
g<U=34:1)1(M(<+=>8*M(Vb*^+
%,&,%34560789
 R1/o1(!8>1a4x+6(*\+1KNM(la+6(lT+6.b*,+M()MB•+6B:1/h
FD+6ONAUF:++67+(8+
 %(<+=>8*
_ B(Nh1](<NQZBCu45+iN`B3+(u+6B3*45+Q>A+(+6(*,MQZBCu/24‹+
43+61N+61`M1(>45+iN`BB(p>+(N1WNB(lS+6iNU\+F3B•+6B(\-+(c-(8+1(^
1)1B(*,B(8*Q>6*)+/>8+45+iN`BFYB(*^N1)1U^NB:/WNF3>.bA>6f-
• 6NU\+FwB=*,N1(o+(.M(R
• (*\+=*,N
• I+61RQR+61R

• %(RB|+6B(AUB(^
_ B(Nh1](<N45+iN`BbA>6f-
• 5+M(„-QxQA+6
• (*M(o1(SM(<+bV
_ B(Nh1](<N=lNB(I+66f-
• 3+6(kA
• !(3+(M(„-
• !*d+
• )1](>5+M(5*B(N
• !]()1
%,&,&34:3!;<=4>:61
?
 R1/o1(+6(*\+1KN./)+(6*)](5+•+6B(A+(B>)+1EAQ>A+(+6(*,M
 %(<+=>8*^N47Mi^MB(p>](5+•+61(NU2+(kA6*5-QW+B(Y/lm11(*A=3-
H=>8*
• !*d+
_ !*d+B8*ONŒB*d+/A+6Bf+B8*ONŒ1EAQ>A+(+6(*,M6f-B*d+*,BA +6>8*
B,.]*-=>8*ONn./)ONn
_ !*d+6P*+6<+(3+6:Ql+mBC>+6B3*](>5+B*d+6P*+6<+(3+6/26*A>QJ1(
_ !*d+/A+61(NU2+1)1](>5+B*d+1D+/A+61(NU2+
• )1](>5+M(5*B(N
_ %(5*B(N1EA]()1((3+6
_ !C5BClT11(>+6lS*b)+
_ )1](>5+M(5*B(N]()1
• 3+6Bf+](>
_ 6NU\+FwB=*,N
_ 5+M(„-QxQA+6.1(*M(o1(SM(<+bV
_ 3+6(kA.B(3+(M(„ b)+B(3+(M(„ M(^M(„ M(^=*,N
• !3*45++67+(8+]()1
_ )1](>5+B8-K+6./0B1v1.]oONŒ…x1)1Q>A+(+6(*,M]()1

• gWNBlB3*1(o+(+67+(8+
_gWNBl1(K+6](>)++67+(8+F31)1](>5+/WNBl+67+(8+]()1
%,&,@34ABCD
 R1/o1(‚)1/J+(+(u+6=>8*F:+1kB(2/J+(-K1(AU](I+6
 %(<+=>8*
• /J+(-K1=34:F:+B:*B(*2N1W+B(*^B+(c-/5-b5>1(>ON)BCY+(
45+iN`B]*+(Q>A+(1EAQ>A+(+6(*,MQ*t+CAB(lS+6iNU\+.=*\+BR1g<U=3=>8*
F:+-3QZAF3>/k1kB(2i)1/J+(+(N1WN1W+B(*^BB:*B(*2N
• ](I+6/J+(-K1=34:Fw+/h+6](I+6B(p>ONU=NwB.](I+61k
1a4x/2i)1/J+(+(N1WN1W+B(*^B.bA>6f-F:+bc+6B*d+F3F:+BC>+6B(A+(
B>)+
6>3*1)11)1(M(<+=>8*BC\+.BC>+6-hB4:-R1/o1(.F:++67+(8+1EA1)1
Q>A+(+6(*,M1kB(21D+/lm1M(<+=>8*B(p>1)1(Y+(B(K1]()1+(l•+1KB(p>
+6Nf+(Y+(B(3+(.1•+1KB(p>(Y+(B()*bA+/WN1EAF:+…!|UB(Nh1F3>Bƒ+6
Q>A+(+6(*,M-31)1=>8*F:++67+(8+BC\+Bf+B8*/WU/E(AU1([Bf+B8*-hB4:
=>8*M(|(mMFT*1)1/01/*2-45+iN`B]*+(Q>A+(1EAQ>A+(+6(*,M/k
)BC-DEF4GC H=..9:.+;.
_ :++67+(8+6*sM1(>1)1Q>A+(+6(*,MB*^+(3+((>8B/h+645+iN`B]*+(
Q>A+(-hB1)1(=*\+BR11k(*,NON5^NF:++67+(8+bJB(*^N(AU=N<+1(NU2+
1(w-4}(8+1(^F*,1B(Z1(*,+-NAb)+(3+6(>).=3-1(>1)1Q>A+(+6(*,M
](I+6B(2-xCh+6/lm1B(JBClS+6(AU1kB(2bJ6*)+/>8+45+iN`BQ†+/^+6*5-
4sB=aJ+(Nw+6<U5+((lx+6i`N/^+(*,NON5]*+(Q>A+(1EAQ>A+(+6(*,M
_ >/01/*2-1EAF:++67+(8+=3M(<+b:](7MBC>+6F3+6>3*Q>A+(+6(*,M.
/f+6B(S*1(s+6=8*1(N1(NU2++(A+(+\+B(I+6ONAON5+=nF34PQR+6F:++67+
(8+.1)1+(3B3*1(o+(Q>A+(+6(*,M1kB(2ON5+=nB>3+Q*,+BT*F*,11N+61`M.
45+iN`BF3M(<+M(:*1EAQ>A+(+6(*,M(o+(FYFwU.1kB(2+k*Cc+6F:++67+
(8+=3-hB1I+61RON5+=nONA+BCv+6k]*2-BCA.]*2-4>)B.M(5+)+(Bo+(1(`B
]()1(ONA+1EA(>8B/h+6B3*1(o+(B(I+6ONA/k6*sM1(>1)1+(3ON5+BCJQ>A+(
+6(*,M/)+(6*)+(u+6-0B-8+(.-0BU^NBC>+6]*+(Q>A+(+(l](5+•+6B(A+(
B>)+.BY+((Y+(=N<+1(NU2+FwBBl.(3+6(>).B*d+F:+.Bƒ/k1kB(2/lACA+(u+6

ONU^B/J+(/s+6/7+/8B/lm1(*,NON5]*+(Q>A+(1A>+(`B
_ :++67+(8+ =3B*d+/dFwB1(`B1(>4ZB•+6BClx+6F3M()BBC*2+1EA1)1
Q>A+(+6(*,M/01b*,B=3/:*FT*1)1Q>A+(+6(*,MB(la+6-8*F31)1Q>A+(
+6(*,M+(€.bx*x1)1Q>A+(+6(*,M+3UF:++67+(8+1(*^--hBB•BCv+6=T+
BC>+6BV+6F:+.4Z4:+61D+1EA1)1Q>A+(+6(*,M+3UM(RB(Nh1C`B+(*dNF3>
F*,1BV1(K1.ON5+=nF34PQR+6F:++67+(8+01Q|.(WN(^B1)1FRM()45+
BC>+6]*+(Q>A+(=3(,ON51EA+(*dNU^NB:1(K](I+6M(5*1([Q>ON5+BCJF:+
+67+(8+Bf*(l+61z+61W+B(`UCc+6.4Zb`B=Z11EA-hB4:1I+6B)1BC>+6F*,1
(>81(/J+(F3]*2-4>)B1(0B1(}F:++67+(8+F31)1](>5++m+67+(8+(WN+(l
=3+6NU\++(<+Q†+/^+B(`Bb8*1EA(v
_ :++67+(8+1D+=3+6Nf+=Z1ONA+BCv+6/2B(Z1(*,+1)11(*^+=lm1.4)1(
=lm1]*+(Q>A+(+(c-M()B(NUB3*+•+61EAbA+=~+(/8>Q>A+(+6(*,Mk6*sM
1(>Q>A+(+6(*,M/lA(3+6(>)Bƒ=Š+(FZ145+iN`B4A+6=Š+(FZ1=lNB(I+6.6*5*
ONU^B/lm1-<NB(N†+F:+1k6*uA45+iN`BF3B*\NQ|+6
!k-=8*.F:++67+(8+1k-hBFA*BCDC`BONA+BCv+6BC>+6ON)BCY+((>8B
/h+645+iN`B]*+(Q>A+(1EAQ>A+(+6(*,MYFwU.F*,14PQR+6F:++67+(8+
+(lB(^+3>1(>1k(*,NON54}5+((lx+6C`B=T+/^+-R1B*\N1(N+61EAQ>A+(
+6(*,M
)IJ.9D,42K.+0L4 H=..9:.+;.
%,E,%FGDHG!
 '()*+*,-
gJ+(-K1F:++67+(8+=31I+6B)1Bo+(B>)+i)1/J+(4:F:++67+(8+
/J+(-K11(>(>8B/h+645+iN`B]*+(Q>A+(1EAQ>A+(+6(*,MBC>+6-hBB(S*]y
+3>/kRB(2(a+/k1(o+(=3F*,1i)1/J+(-K1F:++67+(8+B:*B(*2N1W+B(*^B
-3Q>A+(+6(*,M1W+M(5*1k/2/5-b5>45+iN`B]*+(Q>A+(](I+6bJ6*)+/>8+
F31z+6](I+6bJ=~+6M(oF:+FY](I+64PQR+6(^B
+6(ŠA1EA/J+(-K1F:++67+(8+
 I+6B)1/J+(-K1F:++67+(8+BC>+61)1Q>A+(+6(*,M1kn+6(ŠA]*+(B^
C`BONA+BCv+6.1(`B=lm+61I+6B)1/J+(-K14}5+((lx+6BCZ1B*^M/^+(*,NON5
]*+(B^1EAQ>A+(+6(*,M^N](I+6Bo+(B>)+.i)1/J+(+(N1WN1W+B(*^B-31K

K+6F:+CA-hB1)1(B(*^N1•+1KB(Y1kB(2Q†+/^+BY+(BC8+6B(ƒA(>01B(*^NF:+
1(>ON)BCY+(45+iN`B]*+(Q>A+(^NB(*^NF:+4}Q†+/^+B(*^NFwBBl1W+B(*^B
1(>ON)BCY+(45+iN`B.1)1Q<U1(NUd+45+iN`BM(5*+6ƒ+6/21(SFwBBl.45+iN`B
1(w-B*^+/h.](I+6/5-b5>B(S*(8+6*A>(3+6/~]nFT*]()1((3+6F3+(lFwU
1kB(26<UB(*,B(8*C`B+6(*\-BCv+6Fd]*+(B^1(>Q>A+(+6(*,M0B]()1/5-
b5>4:F:+FƒA/EBC)+(BY+(BC8+6B(ƒAF:+/†+/^+QZBCuFwBBlON)+(*dN1(*M(o
=lN](>.b5>ON5+B•+6-0B]()11D+6<UCA1)1(*,+Blm+6-`B-)B.6*5-1(`B
=lm+6.(>01F:+bJK/v+6BC>+6(3+6Bf+](>.(>01bJ+6lS*]()11(*^-QR+6g2
Bo+(B>)+/lm11)1-K1F:+1W+B(*^Bb7BbNh1BAM(5*M(<+Bo1(=>8*BCƒ+(u+6b`B
(mM=ni5UCABC>+61)1ON)BCY+(1N+61`M.45+iN`BF3B*\NB(Rg*dN/k6kMM(W+
ONA+BCv+6BC>+6F*,1+<+61A>+•+64N`B1(`B=lm+645+M(„-F3(*,NON5]*+(
Q>A+(1EAQ>A+(+6(*,M
 6NU\+B711EA1I+6B)1/J+(-K1F:++67+(8+
_ *,1/J+(-K1F:++67+(8+M(5*iN`BM()BBƒB(Z1B^45+iN`B]*+(Q>A+(
1EAQ>A+(+6(*,M.-v*B(I+6B*+F31)14:=*,N1W+B(*^B/21(>F*,1Bo+(B>)+M(5*
B(:+6]\.B(NB(wMBƒBY+((Y+(F3/*dN]*,+1N+61`M.45+iN`B.B*\NB(R45+M(„-
(*,+B8*1EAQ>A+(+6(*,M'(I+6B(2)M/0B1)1/*dN]*,+F31)1Qu=*,NBƒ1)1
+6Nf+6:1](I+6M(5*1EAQ>A+(+6(*,M
_ gJ+(-K1F:+M(5*b5>/5-U\N1WN1(o+(i)1](>A(v1g5-b5>4Z1<+
/:*FT*1)1]^(>81(]()1gJ+(-K1F:+=3-hBbhM(w+1EA]^(>81(B3*1(o+(.
+kM(5*/lm1i<UQZ+6BC\+1a4xF3+(c-/)MK+61(>1)1]^(>81(]()1+(l]^
(>81(45+iN`B.]^(>81(]ŒB(NwB.]^(>81(=A>/h+6B*d+=la+6%(5*BI+BCv+6
1)1n]*^+/k+66kMBƒ1)1bhM(w+F31)11)+(<+1EAQ>A+(+6(*,M
_ gJ+(-K1M(5*4PA/V*.1wM+(wB]JMB(S*](*1k4Z=81(wN(>014Zb`B1wM
FT*BY+((Y+(B(Z1B^45+iN`B]*+(Q>A+(.-3B(I+6B*+Fd/*dN/k1kB(2/lm1
M(5+)+(Bƒ1)1bhM(w+F31)+(<++6lS*=A>/h+6BC>+6Q>A+(+6(*,M
!ƒ+(u+6+6NU\+B71/kB(YU\N1WN/:*FT*1I+6B)1/J+(-K1F:+=3M(5*
/lm1BV1(K1(mM=n./lm1BCA+6bJ1)1M(la+6B*,+B(*^BbJ(*,+/8*/2B(NB(wM.
=lN6*uF3iP=nB(I+6B*+]JMB(S*.1(o+(i)1
I,E,&AB5J

,)AB>K
!(p>M(la+6M()M+3U.1kB(2QZAF3>BY+((Y+(B*\N(A>FwBBl1EA+•-
BClT1Ž(>01]yBClT1•/2lT1Bo+(4:FwBBl1W+B(*^B1(>]y+3U!•=,/*dN1([+(
QZABC\+4:Qu=*,NF3B(I+6B*++(l-K1/h6*5-B*\N(A>FwBBlŽB*^B]*,-FwB
Bl•.45+=lm+6QZ]*^+.6*)FwBBl.%(la+6M()M+3U1kBo+(1(`B]*+(+6(*,-
+(l+6Qt)MQR+6!NU+(*\+1kB(24A*4:/)+6]2!ClS+6(mMQ>A+(+6(*,M-T*
/*F3>(>8B/h+6B(Y](I+6B(2)MQR+6M(la+6M()M+3UFY1(lA1kQu=*,NF3
]*+(+6(*,-1EA]yBClT1
)1(Bo+(

•
L


;



‘Ž_B•Ž/f+6•
!C>+6/k


+(N1WNF:+bY+(ON<+]Y]^(>81(

L
+(N1WNF:+bY+(ON<+]Yb)>1)>


BV+6-K1=N<+1(NU2+F:++67+(8+ŽB(lS+6=3BV+6Q>A+(B(NB(NW+•
]y]^(>81(


L
BV+6-K1=N<+1(NU2+F:++67+(8+]yb)>1)>
BB•=,B•+6FdB:1/h=N<+1(NU2+F:++67+(8+6*uA]y]^(>81(F3]y
b)>1)>
AN](*i)1/J+(

bc+64:=*,NB(:+6]\F3/*dN1([+(B(p>Q*dN]*,+]y
]^(>81(BAM(<+bV

1(>1)1](<NQZBCu45+iN`B.45+iN`B.=lNB(I+6F34AN/k
=8*M(<+bVBCZ1B*^M1(>Bƒ+6=>8*B3*45++67+(8+
L,)AB>0MK
!(p>M(la+6M()M+3U.Bo+(+(N1WNF:+1(>Bƒ+6+(k-B3*45+=lN/h+6x
1)1](<N1EAON)BCY+(45+iN`B]*+(Q>A+(.-j*+(k-BABo+(1(>Bƒ+6=>8*F:+
B(p>+(u+61)1(Bo+(C*\+6M(|(mMFT*4ZFw+/h+61EA1(s+6(N1WNF:+1W+
B(*^B/lm1i)1/J+(BC\++(u+6U^NB:]()1-hB1)1(1k1•+1KAN/kBV+6(mM
=8*BA1kBV+6+(N1WNF:+1W+B(*^B1(>ON)BCY+(45+iN`B]*+(Q>A+(
%(la+6M()MBCZ1B*^M1k](:*=lm+6Bo+(B>)++(*dN.1(*B*^Bgh1(o+(i)1
1A>(AUB(`MBNyB(Nh1F3>/hB*+1wU1EA1)1U^NB:1a4x.+(`B=31)1U^NB:]^
(>81(.QZ/>)+F3]*+(+6(*,-k=3M(la+6M()MQNU+(`B4PQR+61(>1I+6BU
-T*/*F3>(>8B/h+6(AU1I+6BU-T*-x(>8B/h+645+iN`B]*+(Q>A+(-0B
(3+6-T*
!(p>M(la+6M()M+3UBAB*^+(3+(B(p>@blT1
(*AON)BCY+(45+iN`B]*+(Q>A+(=3-@6*A*/>8+QZBCu45+iN`B.45+iN`B
F3=lNB(I+6’-j*6*A*/>8+i)1/J+(1)1=>8*B3*45++67+(8+1W+B(*^B“
;!o+(+(N1WNF:+1(>Bƒ+6=>8*B3*45+xBƒ+6](<N“
@!V+6(mM.i)1/J+(+(N1WNF:+1(>Bƒ+6](<NF3BV+6+(N1WN:+=lN/h+6
1EAQ>A+(+6(*,MBC>+615]y
• K.+0L4H=..9:.+;.MNDEO78.PQRD)

:+QZBCu45+iN`B=3B>3+bh4:B*d+-3Q>A+(+6(*,M1W+K+6CA/2/WNBl
1(>+(u+6FwBBl.B3*45+B(lS+6iNU\+1k-0BBC>+61)1](>FwBBl/24‹+43+6
iN`B](>/)MK+61(>+(N1WN4PQR+6(3+6+63UxQ>A+(+6(*,M!NU-K1/hQZ
BCuFwBBlF31(E+6=>8*FwBBl+(*dNoB]()1+(ANxBƒ+6=>8*(Y+(Q>A+(+6(*,M
+(l+6b`B1KQ>A+(+6(*,M+3>1z+6M(5*QZBCu)1=>8*FwBBl/lm1QZBCubA>
6f-+6NU\+FwB=*,N1(o+(.FwB=*,NM(R.+(*\+=*,N.1I+61R=A>/h+6+(€.M(R
B|+6B(AUB(^.b)+B(3+(M(„--NA+6>3*%(la+6M()MBo+(B>)++(N1WNF:+QZ
BCu1(>Bƒ+6=>8*+(l4AN
 )AB5J<NA6!K=!
NC>GC?
g<U=3+(u+6FwBBl6*uFJBCoONA+BCv+6BC>+6B>3+bhFwBBlQZBCu1EA
Q>A+(+6(*,Mv*B7B=3+(k-+6NU\+FwB=*,N1(o+((s+6=3+(u+6=>8*1k6*)
BCJ=T+.4PQR+6B(lS+6iNU\+F3FT*](:*=lm+6=T+>8*+3U/D*(€*M(5*/lm1
Bo+(B>)+1(*B*^B1(o+(i)1.B(*^NF:+QZBCuFwBBl+3U1kB(26<UB(*,B(8*+6(*\-
BCv+6/^+(*,NON5]*+(B^1EAQ>A+(+6(*,M.B(ƒAB(Y4}6<U=~+6M(o=T+)1
blT1B*^+(3+(Bo+(B>)++(l4AN
I+6B(K1i)1/J+(/J+(-K1F:+QZBCu1EA=>8*FwBBl+3>/kB(Nh1+(k-
1(o+(+(l4AN

4+S.+
T



Ž/f+6•
!C>+6/k



31(*M(obY+(ON<++63U/\-1EA=>8*FwBBl1W+Bo+(B>)+./a+FJ

Bo+(Ž/f+6”+63U•
k(A*1)1(i)1/J+(


 hB=3BAQZAF3>QZB>)+1(*M(o45+iN`B
]*+(Q>A+(1EAQ>A+(+6(*,MBC>+6]y]*+(Q>A+('(*/k1I+6B(K1Bo+(+(l
4AN
Ž+63U•








=
!C>+6/k



BV+61(*M(oQZB>)+1EA=>8*FwBBl1W+Bo+(/J+(-K1F:+Ž/f+6•
(lFwU-N:+Bo+(B>)+/J+(-K1B(p>1)1(+3UBAM(5*1k]^BON5QZB>)+1(*M(o
1EAQ>A+(+6(*,M.BClS+6(mMQ>A+(+6(*,M1(lA1kQZB>)+1(*M(oB(YBAM(5*B*^+
(3+(1I+6F*,1=wMQZB>)+BClT1](*/J+(-K1F:+ZB>)+1(*M(o1EAQ>A+(
+6(*,M/lm1=wMQZABC\+]^(>81(45+iN`BF31)1/J+(-K1B*\NFwBBl./J+(-K1
1(*M(o1EAQ>A+(+6(*,M
!
]B
B(S*6*A+](A*B()1]*+(Q>A+(BC>+6]yŽ+63U•.+^N=3B(S*6*A+](A*

B()1]*+(Q>A+(1EAB>3+bhQ>A+(+6(*,MB(Y1kB(21>*/k=3](>5+6B(S*6*A+=*\+
BR1BC>+6+•-F3B(lS+6=`Ubc+6@eL+63U
 A*=3BAQZAF3>-K1B*\NQ|+6B(Z1B^bY+(ON<+(3+6+63UBC\+1a4xBo+(
B>)+B(p>1)1/J+(-K11(*Q|+61(>Bƒ+6bhM(w+

•
+6
‘Q‘6Ž/f+6”+63U•
!C>+6/k

+6
'(:*=lm+6(>014:=lm+645+M(„-45+iN`BbY+(ON<++63U/\-
QK1B*\N(A>=>8*FwBBl+63UbY+(ON<+1(>/a+FJ45+iN`B
6*)BCJbY+(ON<+/a+FJFwBBl
• !
-
3B(S*6*A+QZBCu/J+(-K11EAFwBBl/kŽ63U•
$
0
T$
D2
U$
.V
U$
44
U$
4W
U$
W+
X.96YZ

g<U=3](>5+6B(S*6*A+Bo+(Bƒ](*Q>A+(+6(*,MBC5B*d+1(>+6lS*1N+6
1`MFwBBl1(>/^+](*FwBBl/lm1iN`B](>/2/lAF3>45+iN`B!(S*6*A+QZBCu
/J+(-K11EAFwBBlbA>6f-&B(3+(M(W+4AN
!
B/
g<U=3](>5+6B(S*6*A+Bo+(Bƒ=s1Q>A+(+6(*,MBC5B*d+1(>+6lS*
1N+61`M1(>/^+](*(3+6Fd/^+](>1EAQ>A+(+6(*,M!(S*6*A++3UQ3*(AU
+67+M(RB(Nh1F3>](>5+61)1(Fw+1(NU2+.B:1/h1EAM(la+6B*,+Fw+1(NU2+.
M(RB(Nh1F3>M(la+6B(K1B(A+(B>)+.B(EBR1B(A+(B>)+F3B(S*6*A+=3-1I+6
B)11(NU2+B*d+^N(3+6Fd/^+Q>A+(+6(*,M-T*BC5B*d+(>01F†++mB(Y!
B/
•
L
!
+]
g<U=3B(S*6*A+=3-1)1B(EBR16*A>+(w+F3Q•(3+6BƒM(la+6B*,+
Fw+B5*F3>](>!(S*6*A++3U+(*dN(AUoBM(RB(Nh1F3>1)1U^NB:(E+6=>8*
FwBBl“M(la+6B*,+b:1i^MF3+•+64N`Bb:1i^M“B(EBR16*A>+(w+“BCY+(/h1EA
1)11)+bh](>(3+6
!(S*6*A++3UB(lS+6C`B]()1+(AN6*uA1)1=>8*FwBBl!C>+6BClS+6(mM
Q>A+(+6(*,M1(lA1k/J+(-K11RB(2FdB(S*6*A+1(>1I+6B)1+3UB(YBA1kB(2
i)1/J+(BC\+1a4x4:=*,NB(:+6]\]*+(+6(*,-
!
11
=3B(S*6*A+6*~+1)1(bY+(ON<+6*uA(A*]y1N+61`MFwBBl=*d+]d
+(ANg<U=3](>5+6B(S*6*A+ONA+BCv+6+(`BBC>+6B>3+bhB(S*6*A+QZBCu/J+(
-K1g2Bo+(!
11
BAM(5*M(<+b*,B(A*BClS+6(mM
!ClS+6(mM/:*FT*+(u+6=>8*FwBBl-3Q>A+(+6(*,M]n(mM/f+61N+6

1`MQ3*(8+.V+/J+(FT*-hB+(31N+61`M+3>/k.BC>+6(mM/f+6ONU/J+(1RB(2
]y1N+61`MŽbA>+(*\N+63UB(Y1`M=W+•!Ai)1/J+(!11B(p>(mM/f+6/k
!ClS+6(mM;+(u+6FwBBl1N+61`M=*+((>8BB(p>BY+((Y+(1RB(21EAB(J
BClS+6.]n(mM/f+6-NABƒ+61(NU^+FT*+(u+61a4x1N+61`M]()1+(AN.](I+6
C3+6bNh1bx*(mM/f+6Q3*(8+B(YF*,1Bo+(B>)+!
11
M(5*QZAF3>4:=*,NB(:+6]\
FdBY+((Y+(1N+61`MFwBBl1EA]yBClT1AN](*B(NB(wM/lm14:=*,NB(:+6]\
FdBY+((Y+(1N+61`MFwBBl1EA]yBClT1BAM(5*B*^+(3+(M(<+Bo1(.=>8*BCƒ
+(u+6b`B(mM=n/~i5UCABC>+6ON)BCY+(1N+61`M.4AN/kBo+(B(S*6*A+6*~+
1)1(bY+(ON<+6*uA1)1]y
!
1b
g<U=3](>5+6B(S*6*A+/2=3-1I+6B)1B(EBR1iN`BFwBBlF3Fw+
1(NU2+FwBBlBƒ](>BCN+6B<-/^+1)1/JA/*2-4PQR+6'(>5+6B(S*6*A++3U
Q3*(AU+67+M(RB(Nh1F3>/01/*2-BV1(K145+iN`B1EAQ>A+(+6(*,M.M(R
B(Nh1F3>/JAb3+M(<+b:1)1/JA/*2-45+iN`B=3BwMBCN+6(AUM(<+B)+.](>5+6
1)1(/^+](>FwBBliA(AU6W+'(*Bo+(B(S*6*A++3UBA1kB(2QZAF3>4:=*,N
B(:+6]\]*+(+6(*, BC>+6BClS+6(mM](>5+6B(S*6*A++3U+67+.](I+6/)+6
]2BA1kB(2b€ONA
!
b(
g<U=3](>5+6B(S*6*AQZBCuB•+6B(\-+(c-/dM(D+61)1BClS+6(mM
b`BBC711kB(2i5UCABC>+6ON)BCY+(1N+61`M'(*Bo+(B>)+B(3+(M(W+B(S*6*A+
+3UBA1(sn-hB4:/*2-4AN
ZBCub5>(*2-B•+6/:*FT*1)1BClS+6(mM(u+6FwBBl6*)BCJ1A>.4P
QR+6B(lS+6iNU\+“+(u+6FwBBl](A+(*^-BC\+B(JBClS+6“+(u+6FwBBlM(5*
-NAxiA./*dN]*,+Fw+1(NU2+60M+(*dN](k](•+
!(S*6*A+QZBCub5>(*2-+67+(>01](I+61W+Bo+(/:*FT*1)1BClS+6(mM
wBBl1k6*)BCJB(`M.4PQR+6](I+6B(lS+6iNU\+“FwBBl1k4‹+BC\+B(JBClS+6“

FwBBl1kB(2B(AUB(^bc+6+(u+6=>8*]()1
 )AB5JNC
wB=*,NM(R1EAQ>A+(+6(*,MbA>6f-C`B+(*dN1(E+6=>8*]()1+(AN./2
B(Nw+B*,+1(>F*,1Bo+(B>)+BA+\+1(*A1(s+6B(3+((A*+(k-
(k-bA>6f-1)1=>8*1k6*)BCJBla+6/:*1A>.4PQR+6B(lS+6iNU\+
(k-+3U)MQR+6M(la+6M()MBo+(Bla+6BZ1(o+(
(k-;=3+(u+6=>8*1k6*)BCJB(`M.4PQR+6](I+6B(lS+6iNU\+BA)M
QR+61)1(Bo+(/a+6*5+(a++(l4AN


•
L
‘
0
1
Q
Q
‘Ž_B•Ž/f+6•
!C>+6/k


:+QZBCuwB=*,NM(R]y]^(>81(

L
:+QZBCuwB=*,NM(R]yb)>1)>


'(:*=lm+645+M(„-(>016*)BCJQ>A+(B(N]y]^(>81(

L

'(:*=lm+645+M(„-(>016*)BCJQ>A+(B(N]yb)>1)>
BB•=,B•+6B:1/h=N<+1(NU2+F:+=lN/h+6
 OJM0P.!K,
g:*FT*+(u+6Q>A+(+6(*,M4PQR+6+(*dN=>8*-)U-k1B(*^BbJ.B(lS+6
iNU\+M(5*1k+(u+64ZB(AUB(^M(RB|+6F34PA1(uA+(€Q>1I+6+(<+1EA
Q>A+(+6(*,MBZ=3-BC>+6ON)BCY+(]*+(Q>A+(](A*B()1+6>3*B(S*6*A+4PA1(uA
=T+/J+(]yx1)1ilx+64PA1(uA(>01B(N\+6>3*.B(Y1z+61W+M(5*1kQZBCuM(R
B|+61W+B(*^B%(la+6M()MBo+(B>)++(l4AN

MB
•

.
.














==
!C>+6/k


Bb–
4:B(*^BbJ=>8*–Ž)U•
-
*
:=lm+6M(RB|+61|+6B\+B(K*4PQR+6/f+6B(S*BC\+B(*^BbJB(K–
Ž(*^1”-)U•

*
ga+6*)1EAM(RB|+6=>8**Ž/f+6”1(*^1•
B
-*
!(S*6*A+4PQR+6/J+(-K11EAM(RB|+6*B(p>B(*^B]^]ŒB(NwB(>01B(p>
/J+(-K11EA+6lS*4PQR+6Ž+63U•




=34:=W+B(AUM(RB|+6*BC>+6]y]*+(
Q>A+(
!
/-
3B(S*6*A+QZBCu/J+(-K11EAM(RB|+6BC>+6+•-]^(>81(Ž+63U•
!
/-
•!
/-L
Ž_]•Ž+63U•
!
/-L

]y=N<+1(NU2+bY+(ON<+1EAM(RB|+6B(AUB(^x]yb)>1)>./lm1
Bo+(+(l4AN
!
/-
L
•
L
LL





Ž+63U•

MB
L
3F:+QZBCuM(RB|+6B(AUB(^1EA]yb)>1)>Ž/f+6•=36*)BCJM(R
B|+6Bf+](>bY+(ON<+BC>+6]yb)>1)>Ž/f+6•
!
]B
L
3B(S*6*A+](A*B()1]*+(Q>A+(1EA]yb)>1)>

MB
L
3BV+66*)BCJM(RB|+64PQR+6x]yb)>1)>Ž/f+6•
]3B•=,B•+6B:1/h=N<+1(NU2+F:+=lN/h+6.=31([B*\NM(`+/`N1EA
Q>A+(+6(*,Mx]y]^(>81(4>FT*]yb)>1)>
W)K.+0L4H=.V+?Q78.PQRD)

'(<N45+iN`BBf+B8*1)1](>5+F:+45+M(„-QxQA+6.1(*M(o1(SM(<+bV
!NUFwU.BNyBƒ+6=>8*(Y+(45+iN`B]*+(Q>A+(-3Bf+B8*/WU/E1)1=>8*F:++3U
(AU1([Bf+B8*-hB4:](>5++(`B/J+(oQRQR+(l/:*FT*45+iN`BFw+B5*.Q>
/01/*2-1EA+k=3ON)BCY+(45+iN`BF3ON)BCY+(B*\NB(R45+M(„-](I+6B)1(CS*
+(AN+\+](I+61k45+M(„-QxQA+6BC\+1)1Q<U1(NUd+1I+6+6(,+(l/:*FT*
1)1Q>A+(+6(*,M1I+6+6(*,M]()1YFwUBC>+6B(3+(M(W+F:+1EA1)1Q>A+(
+6(*,MFw+B5*](I+61k-0B1EAF:+Q3+(1(>45+M(„-QxQA+6h*QN+61)1(
Bo+(B>)+1)1](>5+F:+BC\++(l4AN
L%,OJQR

QQ
•
QQ
‘!
1]
Ž/f+6•
!C>+6/k

QQ
=36*)B(3+(bY+(ON<++63U1EA45+M(„-QxQA+6BC\+1)1Q<U1(NUd+
45+iN`BBC>+6]yŽ/f+6”+63U•!ABo+(1([B*\N+3UQZAF3>4:Ql1EAB3*](>5+
M(5+)+(6*)BCJ45+M(„-QxQA+61EAQ>A+(+6(*,MBC>+6]yBClT1Ž4:QlBC\+!'
&H•AN](*Bo+(bY+(ON<+4:Ql+3UBA+\+/*dN1([+(B•+6.6*5-4A>1(>M(|
(mMFT*-K145+iN`B1EA]y]^(>81(
!
1]
3B(S*6*A+1(N]y45+iN`B45+M(„-Ž+63U•.1kB(2i)1/J+(QZAF3>
/J+(-K1]ŒB(NwB1I+6+6(,(AUQZAF3>B(:+6]\]*+(+6(*,-
L&,OJ>SL"G


Mb
•
/]
—%
B•+6
—%
6*5-
Ž/f+6•
!C>+6/k

/]
36*)BCJ1(*M(o1(SM(<+bVM()B4*+(]yBClT1.1(lA/lm1Bo+(F3>
6*)B(3+(./lm11(NU2+4A+6]y+3U/2M(<+bVB*^M
%
B•+6
*)BCJ1(*M(o1(SM(<+bVQZ]*^+M()B4*+(BC>+6]y]^(>81(.1>+
4:+3UM(5*=`UB(p>QZB>)+1EAQ>A+(+6(*,M
%
6*5-
*)BCJ1(*M(o1(SM(<+bVQZ]*^+4}M(<+bVF3>6*)B(3+(BC>+6]y
]^(>81(.4:+3U1z+6M(5*QZAF3>QZB>)+1EAQ>A+(+6(*,M/2i)1/J+(
4)K.+0L4H=..9:.+;.DEA.9V+?Q@[QD+J.9)
:+BC>+6](<N=lNB(I+6=3+(u+6](>5+F:+1k+(u+6/01/*2-C`B]()1
4>FT*F:+QZBCuF3F:+1(>](<N45+iN`B(u+6](>5+M(5*B(NM()B4*+(x
](<N+3U.1(s+6B(lS+61k6*)BCJ]()=T+4>+6Q>A+(+6(*,MC`B](k1kB(2+7-
b7B/lm1ONU=NwBFw+/h+61EA+k/2-3i)1/J+(+(N1WNF:+1W+B(*^BB:*B(*2N
(s+6B•+66*5-BNyB(Nh1F3>](5+•+6B*\NB(R45+M(„-1EAQ>A+(+6(*,M.M(R
B(Nh1F3>ONA+(,1EAQ>A+(+6(*,MF31)1]()1((3+61z+6+(l1)1b*,+M()MFd
](A*B()1B(JBClS+61EAQ>A+(+6(*,M'(*45+M(„-b)+1(8UBC\+B(JBClS+6B(Y
6*)BCJ+3U4}C`BB(`M+6lm1=8*BC>+6=s1B*\NB(R45+M(„-](k](•+B(YB(lS+6bJ

-NA1(JN+(*dN.1)1](>5+M(5*B(N4}6*AB•+6F36<U](k](•+1(>Q>A+(+6(*,M
\+18+(1)1](>5+M(5*B(N.B*d++c-x1)1ONŒŽB*d+-0B.B*d+6P*+6<+(3+6•=3
+(u+6](>5+F:+Q>A+(+6(*,M](I+61W+i)1/J+(-K1B:*B(*2N1W+B(*^Bbx*=}
+kC`BQtQ3+61(NU2+/V*B(3+(B3*45+]()1F3F*,1B(A+(B>)+ONA+6<+(3+6
1z+66*sM1(>Q>A+(+6(*,M4PQR+6C`B=*+((>8BF:+bc+6B*d+1EA-Y+((l
FwUx](<N+3U4:F:+-3BA1W+F31kB(2i)1/J+(+(N1WN1W+B(*^BB:*B(*2N=3
F:+/2QZBCuB(3+(M(„ BK1=3+(N1WNF:+1(>1)145+M(„-/~(>3+B(3+(
4>+61D+M(5*=lNx](>1EAQ>A+(+6(*,M(>016P*B8*1)1](>1EA/8*=nB*\NB(R
/21(S/lm16*A>1(>]()1((3+6'(>5+F:++3U1z+61([Bf+B8*x1)1Q>A+(
+6(*,M1k45+M(„-QlT*(Y+(B()*(*,+FwB1D+/:*Fao1)1Q>A+(+6(*,M+(lFw+
B5*(>01QJ1(FRB(Y](I+6Bf+B8*
)1(Bo+(F:+QZBCuB(3+(M(„ F:+B(3+(M(„-

BM
•
BM

T
lk
!C>+6/k

BM
=36*)B(3+(45+M(„-iN`B](>bY+(ON<++63UŽ/f+6”+63U•
T
lk
=3B(S*6*A+=lN](>bY+(ON<+45+M(„ BA1kB(2Bo+(B(S*6*A++3U
QZAF3>B(:+6]\BY+((Y+(=lN](>45+M(„-x]yBClT1.=>8*BCƒ+(u+6U^NB:b`B
B(lS+6F34AN/kBo+(bY+(ON<+6*AONUd+B(S*6*A+=lN](>FT*ONUd+4:=3](:*
=lm+61EA1)1=I(3+6/lAF3>QZBCuBC>+6](>
AN](*Bo+(B>)+1)1B(3+(M(W+F:+BC\+.BV+6(mM=8*BA/lm1F:+/J+(

-K11(>]y]^(>81(1EAQ>A+(+6(*,MZAF3>/J+(-K1+3U.Q>A+(+6(*,M1k
]^(>81(](A*B()11)1+6Nf+/2/)MK+61(>+(N1WN45+iN`B]*+(Q>A+(1EA
Q>A+(+6(*,M!NUFwU.BY+((Y+(45+iN`B]*+(Q>A+(1EAQ>A+(+6(*,MB(lS+6
iNU\+b*^+/h+6+\+1)1/J+(-K1i<UQZ+61([1(o+(i)1BC>+6+(u+6](>5+6
B(S*6*A++(`B/J+(F3+(u+6/*dN]*,+1RB(2.-j*](*1k4ZB(AU/V*B(Y1)1/J+(
-K1/dNM(5*Bo+(B>)+=8*g<U=3](k](•+=T+1(>1)1Q>A+(+6(*,M.](k](•+
+3U1([1kB(26*5*ONU^BB:Bbc+6F*,1B*+(v1(>)1)1ON)BCY+(iP=nQu=*,NF3
Bo+(B>)+]^BON5.1)1Q>A+(+6(*,M1W+i<UQZ+61)11(la+6BCY+(-)UBo+(M(R1
FR1(>=Š+(FZ1+3U
)\Q8.@]H67^M_.9 H=..9:.+;.
)\))`aQ4bQ2=-Hc-H-/4dQ8.@]H=..9:.+;.)
!C>+61a1(^(*,++AU.F`+/dON5+=nF:+]*+(Q>A+(=3C`B1`MB(*^BF31`M
b)1(/:*FT*Q>A+(+6(*,Mbx*FYON5+=nF:+=3](<NONA+BCv+66*sMQ>A+(
+6(*,M+<+61A>(*,NON5]*+(Q>A+(>/k.](*/)+(6*)(*,NON54PQR+6F:+
+67+(8+.BA](I+6B(2](I+6ip-i{B/^+F*,1ON5+=nF:+=lN/h+63/2+<+6
1A>(*,NON54PQR+6F:+=lN/h+6B(YBC>+6](<NON5+=nF:+1W+1(sn+(u+6
F`+/d4AN
_ ‚)1  /J+(  =lm+6  F:+  =lN  /h+6  1W+
B(*^B1(>(>8B/h+645+iN`B]*+(Q>A+(1EAQ>A+(+6(*,M.Bƒ/k/lACA]^(>81(
BV1(K1(NU/h+6F:+=lN/h+6.=NI+/5-b5>-hB=lm+6F:+=lN/h+61W+B(*^B
B:*B(*2N1(>ON)BCY+(45+iN`B]*+(Q>A+(/lm1B(Nw+=m*=*\+BR1gf+6B(S*.
BC)+(/lm1BY+(BC8+6K/v+6F:+.6<U=~+6M(o+6Nf+=Z1.B•+61(*M(o1(>Q>A+(
+6(*,M.B(s1/„UON)BCY+(=N<+1(NU2+F:+=lN/h+6/2Bƒ/k+<+61A>(*,NON5
4PQR+6F:+=lN/h+61EAQ>A+(+6(*,M
_ ZA  1(v+  (Y+(  B(K1  ](A*  B()1  (NU
/h+6F:+=lN/h+6B(o1((mM+(c-/)MK+6+(N1WN1(>(>8B/h+6]*+(Q>A+(1EA
Q>A+(+6(*,M.BC*,B/2](A*B()11)1+6Nf+F:+b\+BC>+6Q>A+(+6(*,Mgf+6B(S*.
Bo+(B>)+(NU/h+6F:+b\++6>3*+(lF:+1(*^-QR+6.FAU+6<+(3+6.M()B(3+(
BC)*M(*^N.-hB1)1((mM=n+(c-(8B(`M1(*M(oF3/5-b5>A+B>3+1(>Q>A+(
+6(*,M

_ %(5*=NI+1k+(u+66*5*M()MA+B>3+
F3M()BBC*2+F:+=lN/h+6R1B*\N1EAQ>A+(+6(*,M=3=m*+(Nw++(l+6BClT1
/kF`+/dONA+BCv+6/0BCAB:*B(*2N1(>Q>A+(+6(*,M/8B/lm1-R1B*\N=m*
+(Nw+=3M(5*b5>B>3+F:+=lN/h+6
_ !(lS+6  iNU\+  B*^+  (3+(  M(<+  Bo1(
(*,NON54PQR+6F:+=lN/h+6+(c-B•+61lS+6+<+61A>(*,NOEABV1(K14P
QR+6F:+=lN/h+6.6kMM(W+ONA+BCv+6F3>F*,1+<+61A>(*,NON545+iN`B]*+(
Q>A+(F3B•+6=m*+(Nw+1(>Q>A+(+6(*,M
_ g5-b5>4ZBf+B8*F3M()BBC*2+1EA
Q>A+(+6(*,MBClT14Z18+(BCA+(6AU67B.BClT1iNB(^(h*+(wMFT*](NFZ1F3
B(^6*T*
(lFwU.ON5+=nB:BF:++67+(8+4}6*sM1(>Q>A+(+6(*,M1k/*dN]*,+
M()BBC*2+45+iN`B]*+(Q>A+(/f+6B(S*)MQR+6/lm1+(u+6B*^+bh](>A(v1]Œ
B(NwB(*,+/8*!ƒ/k.B8>CA](5+•+6/2Q>A+(+6(*,M+<+61A>+•+64N`BF31(`B
=lm+645+M(„ (8B(`M1(*M(o6*)B(3+(45+M(„-\+18+(/k.Q>A+(+6(*,M
/f+6B(S*](A*B()1/lm11)1+6Nf+F:+F34PQR+6F:+1k(*,NON5.B*^B]*,
=3-B•+6B:1/h=N<+1(NU2+F:+=lN/h+6.6*5-bTB+(N1WNFAUF:+.6*5-bTB1(*
M(oFd=~*FAU
)\)>e-MQ.94fW8.HgdQ8.@]H=..9:.+;.
• Q8.DEK+6.9Dh.V+AXDh.V+AMNDEOZ
3+6Bf+](>1EAQ>A+(+6(*,M=3+(u+6B3*45+-3Q>A+(+6(*,MQZBCu/2
45+iN`BF3/2b)+CA!(I+6B(lS+61k@Q8+6
8+6ZBCu/245+iN<BbA>6f-+6NU\+FwB=*,N“+(*\+=*,N“1I+61RQR+61R
F3M(RBƒ+6B(AUB(^
8+6;5+M(„-QxQA+6.b)+B(3+(M(„-
8+6@!(3+(M(„ (3+6(kA1(SB*\NB(R
!C>+6/k
8+6=3+(u+6B3*45+x](<NQZBCu45+iN`B1k-K1Bf+](>M(RB(Nh1
F3>ONU-I45+iN`B.+(N1WNQZBCu!C>+6/k+(N1WN6f-QZBCuB(lS+6iNU\+.
b5>(*2-F3QZBCuB(S*FR.](5+•+61N+61`M1EAB(JBClS+6.1(N]Y6*A>(3+61EA

+(31N+61`M.B(S*6*A+Fw+1(NU2+.6*)15FwBBl
8+6;K1Bf+](>1EA45+M(„-QxQA+6.B(3+(M(„-M(RB(Nh1F3>
_ g01/*2-F31)1U\N1WNFd]ŠB(NwB.1I+6+6(,BC>+6ON)BCY+(1(^B8>
_ ghQ3*1(N]Y45+iN`B]*+(Q>A+(
_ !CY+(/hBV1(K11(N]y45+iN`B
8+6@!(3+(M(„ (3+6(kA1(S=lNB(I+6M(RB(Nh1F3>@U^NB:
_ ZM(:*(mM6*uA](<N45+iN`BF3](<NB*\NB(R
_ mM/f+6B*\NB(R45+M(„-FT*]()1((3+6
_ '(5+•+6B(<-+(wMB(JBClS+61EAQ>A+(+6(*,M
• Q8.DEKH=.Wi.9D-g.
:+bc+6B*d+6f-B*d+B8*ONŒ.B*d+BC\+B3*](>5+B(A+(B>)+/lm16P*x
+6<+(3+6F3B*d+/A+61(NU2+:+bc+6B*d+](I+64*+(=S*1A>+^NQZBCuON)
+(*dN4}6<UK/v+6F:+F3=~+6M(o“+^NQZBCux-K1(mM=n4}/5-b5>1(>+(N
1WN6*A>QJ1(B(lS+6+63U./)MK+6+(N1WNQZM(D+6BC>+6BClS+6(mM](I+6
=lS+6BClT11EAQD+6B*d+F3>.CAa++uA](*Q|+6B*d+B(A+(B>)+Q>A+(+6(*,M
4}(lx+6+(u+6=m*B(^BC>+6-NA(3+6g2QZBCuB*d+x-K1B:*lN1k1)1b*,+
M()M4AN/<U
_ >8B/h+6B(N1(*1EAQ>A+(+6(*,MQ*t+CA(3+6+63U.(3+66*SFYF:+
bc+6B*d+1k](5+•+6B(A+(](>5+1A>Qt1(NU2+B(3+(B3*45+]()1Q>/kQ>A+(
+6(*,M1W+1k1)1b*,+M()MON5+BCJ1(>1(0B1(}
_ v*](>5+B(N1(*bc+6B*d+/dNM(5*B(I+6ONAONŒ
_ %(5*1k4ZM(<++(*,-C‰C3+6BC>+6ON5+=nF:+bc+6B*d+-31RB(2=36*uA
B(EONŒF3]^B>)+M(5*1kb*,+M()MON5+=o1(0B1(})1b*,+M()M6f-
—N5+=n1(0B1(}1)1](>5+B*d+B8-K+6Ži)1/J+(C‰/:*Blm+6B8-K+6.-K1
B8-K+6.B(S*(8+B8-K+6•
—>A+(+6(*,MM(5*1kONU1(^B(N1(*B*d+-0BB(I+6B(lS+6+(u+6](>5+B(N
1(*=T+M(5*Q|+6M(la+6B(K1B(A+(B>)+](I+6Qƒ+6B*d+-0B
• Q8.DEK4,4V+A8.j+8-D+Q
)1](>5+M(5*B(N=3](>5+F:+bJ1(*^-QR+6.-K1/hbJ1(*^-QR+6
+(*dN(AUoBM(RB(Nh1F3>1)1+(<+B:4AN

_ '(:*=lm+645+M(„ (3+6(kAb)+1(JN“/2](NU^+](o1(+6lS*-NAB•+6
=lm+6B*\NB(RB(YQ>A+(+6(*,M-T*b)+1(JN./*dN/kQ†+/^+B•+6-hB4:1(*M(o
+(l1(*M(oON5+=n+aM(5*B(N.1(*M(oB(N(f*+m.1(*M(oCE*C>](*1)1](>5++m
](k/D*iN`B(*,+.(a++uA6*)BCJQD+6B*d+](*B(N/lm1+(€(a+6*)BCJ](*B(N
/lm1
_ ZB(AU/V*B(p>B(S*FR1EAQ>A+(B(Ng:*FT*Q>A+(+6(*,M45+iN`B1k
Bo+(B(S*FRB(S*]Y1k+(N1WNB*\NB(R=T+B(Y1W+](NU^+](o1(b)+1(JN/2B•+6
=lm+645+M(„-B*\NB(R
_ *T*(8+=lm+6F:+1W+B(N(f*^N=lm+6F:+M(5*B(NON)=T+B(Y1W+(8+
1(^(>01+6ƒ+6b)+1(JN+^N](I+64}B•+6CE*C>1(>Q>A+(+6(*,M
_ !(S*6*A+1(>]()1((3+61(JN.+mF31(o+(4)1(Bo+QR+61EAQ>A+(+6(*,M
T*+(u+6Q>A+(+6(*,M1kB*d-+•+6B3*1(o+(-8+(.ONU-I=T+.45+M(„-1k
/01/*2-4PQR+6=<NQ3*B(Y]YB(NB*d+bY+(ON<+Q3*(a+]yB(NB*d+bY+(ON<+
1EA+(u+6Q>A+(+6(*,M1kONU-I+(€.F:+oBg2/)+(6*)-K1/hCE*C>BC>+6
F*,1b)+1(JN1kB(2ip-i{B1)1](oA18+(4AN
—K1/hNUBo+1EA]()1((3+6
—'(5+•+6BC5+m1EA]()1((3+6
—!Y+(BC8+6B3*1(o+(1EAQ>A+(+6(*,M
—*)BCJB3*45+Q|+6/2/5-b5>Bo+QR+6
h*QN+6-j*1(o+(4)1(b)+1(JN1EAQ>A+(+6(*,M1W+M(5*/)+(6*)
B(I+6ONA1)1B(I+64:4AN
_ :=lm+645+M(„ (3+6(kAQJ1(FRQZ]*^+B*\NB(R/lm1
_ *)b)+(3+6(kA.45+M(„-QJ1(FR
_ )1](>5+1(*M(oM()B4*+(B(\-Q>B•+61)1](>5++m
_ )1](>5+1(*^B](`N1kB(21(`M+(w+/lm1
_ !(S*6*A+B(N(f*+m
_ Z/>)+4:+mM(5*B(N
g2Q>A+(+6(*,MB(N(f*1)1](>5++m.(8+1(^1)11(*M(oM()B4*+(](I+6
1W+B(*^B.(8+1(^CE*C>B(Y1W+4PQR+61)1b*,+M()M4AN
_ x4VB(p>Q‰*1(*B*^B1)1](>5+M(5*B(N.B(lS+6iNU\+/I+/:1/2B(N(f*

+m/s+6(8+“
_ k1)1b*,+M()MM(D+6+6ƒACE*C>“
_ !|UBƒ+6BClS+6(mM-3/lACA1)11(o+(4)1(b)+1(JNM(|(mM“
_ k4ZC3+6bNh11(0B1(}BC>+6(mM/f+6b)+(3+6“
_ %(<+=>8*1)1](>5++mQ3*(8+.BY-+6NU\++(<+1)1](>5++m/k/21k
b*,+M()MiP=nB(o1((mM
_ Q8.DEK2bQD[D6-4+S.+.9:.+;.
gWNBl+k*1(N+6./WNBlB3*1(o+(+67+(8++k*C*\+6=3-hBBC>+6+(u+6=Š+(
FZ1B(sFJ+(`B1EAON5+BCJB3*1(o+(a+B(^+uA.ONU^B/J+(/WNBl1D+=3-hB
BC>+6bA1(K1+•+61EA-hB6*)-/:1B3*1(o+(.(A*1(K1+•+6]*A=3(NU/h+6
F:+F3ON5+=nB3*45+
NU^B/J+(+\+/lA1(K+6](>)++67+(8++3>F3>4:=lm+6bA>+(*\NF3>
QA+(-R1/WNBl1EA1I+6BU=3-hB1(K1+•+6ONA+BCv+6BC>+6ON5+BCJB3*1(o+(
hBONU^B/J+(/WNBl/s+6/7+.B(p>+6(ŠA1<+bc+66*uA=m*+(Nw+F3CE*C>1EA
QA+(-R1/WNBl+67+(8+./5-b5>Bo+(B(A+(](>5+F3Bla+6B(o1(FT*QZb)>
+6<+=lN1EA1I+6BU4}1kB)1/h+6=3-B•+66*)BCJF:+1V/I+6
g:*FT*+(3ON5+BCJ.F*,1=ZA1(v+BC>+6FI4:1)11(K+6](>)+/AQ8+6Fd
B(S*(8+F3-,+(6*).]()1+(ANFdCE*C>F3=m*+(Nw+/2CAONU^B/J+(/WNBl=3
-hBB(PB()1(=T++(`B
!o+(M(K1B8M1EAF*,1+3U=8*13+6B•+6B(\-Q>ONU^B/J+(/WNBlM(RB(Nh1
C`B+(*dNF3>ONA+/*2-C*\+61EA+(3ON5+BCJFdCE*C>.BC>+6](*M(5*M(5+)+(
/lm1B()*/hCE*C>1EA1)11V/I+6
)1+(3ON5+BCJ+(w+CACc+6/*dN]*,+B*\+ONU^B/21kB(2=ZA1(v+/WNBl6*uA
1)11a(h*]()1+(AN=31W+M(5*B(*^B=wMBClT1-hB1(o+(4)1(/WNBl(o+(4)1(
/WNBli)1/J+(B()*/h1EA1I+6BU/:*FT*CE*C>.=m*+(Nw+F31([CA1)1(B(K1B(2
(*,+B()*/h`U
(Y+1(N+6./:*FT*(WN(^B-v*+6lS*.ONA+/*2-FdCE*C>=3](„N(*,NqA+B>3+.
B(A+(](>5+F34*+(=S*rNA/k.1(s+6BAB(`U4ZA+B>3+/lm1lNB*\+(a+Bo+(
B(A+(](>5+F34N`B4*+(=S*.+(c-b5>B>3+/lm1F:+/WNBlbA+/WN
hB1(o+(4)1(/WNBl1RB(2B(lS+6B(2(*,+1)1B*\N1(N„++(l4AN

_:=>8*1(K+6](>)+B:*B(*2N1kB(21(`M+(w+/lm1
_*T*(8+Fd4:B*d+/WNBl(>01B•BCv+6/:*FT*1(K+6](>)+1RB(21EA-hB
+6lS*M()B(3+(
_k4PQR+61(*^+=lm1q-NA/26*ur(AU](I+6
_R1B*\N=3-K1B(N+(wM(AU=34N`B4*+(=S*
_ZA1(v++(3-I*6*T*1I+6BU1(K+6](>)+./8*=n(AU+6<+(3+6B(la+6-8*
_NUBCY+(B(Z1(*,+F3]*2-4>)B
_%(la+6M()M6*)-4)BF3/)+(6*)(*,NON5/WNBl
!ClT1](*i<UQZ+61(o+(4)1(/WNBl.bhM(w+B3*1(o+(1W+/)+(6*)](5+•+6
B(A+(](>5+1EA1I+6BU.-K1/hCE*C>4A*=,1(1kB(21k.F3-v*6*T*(8+1EA
B(3+(M(W+b\++6>3*/:*FT*1(o+(4)1(/WNBl1EA1I+6BU
)1+(3/WNBlBV1(K1=NI+B(Z1(*,+B:BF*,1/AQ8+6(>)CE*C>bc+61)1(Q|+6
=s14x(uN1(K+6](>)+1EA+(*dN1I+6BU]()1+(AN"E*C>=*\+ONA+/^+1)1
1I+6BU+(lFwU/lm16v*=3CE*C>(,B(:+6.(AU1(o+(=3/h+(8U1EA4N`B4*+(=S*
1EA1VM(*^N1EA1I+6BU4>FT*4N`B4*+(=S*bY+(ON<+B(JBClS+6
)k/D+=.94,44+lD-aQ2,.+9-,+-/QdQ84J.9D,47^M_.9 H=..9:.+;.
!(p>+6(ŠA1(N+6+(`B.(*,NON5=3-hB]()*+*,-M(5+)+(BCY+(/h4P
QR+61)1U^NB:1W+B(*^B/2B(A-6*AF3>-hB(>8B/h+6+3>/kFT*+(u+6-R1
/o1(i)1/J+(Q>1>++6lS*/0BCA(lFwU.
!"#$%&''#(&!')*+,- 
&&"% /#.'#(0/ 12
3//4
g2/)+(6*)BCY+(/h4PQR+6F3(*,NON54PQR+6B3*45++67+(8+_F:+
+67+(8+BAQR+6(A*(,B(:+61)11([B*\N/k=3(,B(:+61)11([B*\NM(5+)+(B:1
/hONAUFD+6F:+F3(,B(:+61)11([B*\N(*,NON54PQR+6/f+6F:+
,T5!*,
)11([B*\NONAUFD+6F:+/lm1i)1/J+(1(>Bƒ+6bhM(w+F:+F31(>B>3+
bhF:+1EAQ>A+(+6(*,Mk/lm1M(5+)+(bc+61)11([B*\N4AN
 -*!60:UV
([B*\N+3UM(5+)+(4:1(N]yb*^+/V*(Y+(B()*1EA F:++67+(8+ x

BC>+6-hB]y]*+(Q>A+(I+6B(K1Bo+(+(l4AN
5

 =
ŽFD+6•
!C>+6/k

×