ࡱ > 2i bjbj H } } D = = = = = Q Q Q 8 ] d Q K z ( A W c ^K `K `K `K `K `K `K MN P l `K - = k A A k k `K = = X K k = = ^K k ^K 6C D F 0gO Q zD & JK K 0 K D [Q ; [Q L F F ( [Q = F d k k k k k k k `K `K k k k K k k k k [Q k k k k k k k k k : "
#"
@0A?>@O65=85< @028B5;LAB20 >AA89A:>9 $545@0F88
>B _ _ _ _ _ _ _ _ _ _ _ _ _ 2 0 1 7 3. ! _ _ _
& &/
?@5?>4020=8O CG51=>3> ?@54<5B0 %8<8O 2 >AA89A:>9 $545@0F88
I . 1I85 ?>;>65=8O
0AB>OI0O >=F5?F8O ?@54AB02;O5B A>1>9 A8AB5<C 273;O4>2 =0 >A=>2=K5 ?@>1;5<K, 107>2K5 ?@8=F8?K, F5;8, 7040G8 8 >A=>2=K5 =0?@02;5=8O @0728B8O A8AB5<K ?@5?>4020=8O E8<88 2 >@30=870F8OE, @50;87CNI8E >A=>2=K5 >1I5>1@07>20B5;L=K5 ?@>3@0<<K ( 40;55 >1@07>20B5;L=K5 >@30=870F88) , 2 >AA89A:>9 $545@0F88.
I I . =0G5=85 CG51=>3> ?@54<5B0 %8<8O
2 A>2@5<5==>9 A8AB5<5 >1@07>20=8O
%8<8G5A:85 7=0=8O =5>BJ5<;5<0O G0ABL 5AB5AB2>7=0=8O. =8 >B@060NB A;>6=K9 :><?;5:A >B=>H5=89 G5;>25: 25I5AB2> 687=L 8 40;55 25I5AB2> <0B5@80; ?@0:B8G5A:0O 45OB5;L=>ABL . $>@<8@>20=85 2 A>7=0=88 H:>;L=8:>2 E8<8G5A:>9 :0@B8=K <8@0 >15A?5G8205B 2K@01>B:C =0CG=>3> <8@>2>77@5=8O, :C;LBC@K <KH;5=8O 8 ?>2545=8O, GB> O2;O5BAO >A=>2=>9 F5;LN >1I53> >1@07>20=8O.
%8<8O =0?>;=O5B :>=:@5B=K< A>45@60=85< <=>385 DC=40<5=B0;L=K5 ?@54AB02;5=8O > <8@5: A2O7L <564C AB@>5=85< 8 A2>9AB20<8 A;>6=>9 A8AB5<K ;N1>3> B8?0, 25@>OB=>AB=K5 ?@54AB02;5=8O, E0>A 8 C?>@O4>G5==>ABL, 70:>=K A>E@0=5=8O, D>@<K 8 A?>A>1K ?5@540G8 M=5@388, 0B><=>- <>;5:C;O@=0O B5>@8O, 548=AB2> 48A:@5B=>3> 8 =5?@5@K2=>3>, M2>;NF8O 25I5AB20 8 B. 4. A5 MB> =0E>48B =03;O4=>5 >B@065=85 2 A>45@60=88 :C@A0 E8<88, A>7405B =5>1E>48<CN >A=>2C :0: 4;O >A2>5=8O >1CG0NI8<8AO DC=40<5=B0;L=KE 5AB5AB25==>- =0CG=KE 7=0=89 > A2>9AB20E >:@C60NI53> <8@0, B0: 8 4;O 8=B5;;5:BC0;L=>3> 8 =@02AB25==>3> A>25@H5=AB2>20=8O H:>;L=8:>2, A?>A>1AB2CNI53> @0728B8N 8E ;8G=>AB8. MB>< A>AB>8B >4=0 87 3;02=59H8E F5;59 E8<8G5A:>3> >1@07>20=8O 2 H:>;5, 8 MB8<, ?@5645 2A53>, >?@545;O5BAO 53> 7=0G5=85 4;O D>@<8@>20=8O ;8G=>AB8 >1CG0NI53>AO.
?@>F5AA5 ?>;CG5=8O E8<8G5A:>3> >1@07>20=8O 2 A8AB5<5 >1I53> >1@07>20=8O <>6=> 2K45;8BL B@8 MB0?0, ?>4G8=5==KE ?@8=F8?C ?@55<AB25==>AB8:
?5@2K9 MB0? ?@>?5452B8G5A:89. 0 40==>< MB0?5 ( 1 7 :;0AAK) ?>;CG5=85 M;5<5=B>2 E8<8G5A:8E 7=0=89 >ACI5AB2;O5BAO =0 C@>2=5 =0G0;L=>3> >1I53> >1@07>20=8O 2 @0<:0E 87CG5=8O 8=B53@8@>20==>3> :C@A0 :@C60NI89 <8@ , 0 B0:65 =0 C@>2=5 >A=>2=>3> >1I53> >1@07>20=8O 2 ?@>F5AA5 87CG5=8O A8AB5<0B8G5A:8E :C@A>2 A<56=KE 48AF8?;8= 8;8 ?@>?5452B8G5A:>3> :C@A0. A=>2=0O 7040G0 MB>3> MB0?0 D>@<8@>20=85 8=B5@5A0 : ?>7=0=8N <8@0 25I5AB2 8 E8<8G5A:8E ?@52@0I5=89;
2B>@>9 MB0? ?@54?@>D8;L=K9. 0 MB>< MB0?5 ( 8 9 :;0AAK) E8<8O 87CG05BAO 2 @0<:0E A8AB5<0B8G5A:>3> :C@A0, F5;LN :>B>@>3> O2;O5BAO D>@<8@>20=85 107K 7=0=89 > 25I5AB20E 8 E8<8G5A:8E O2;5=8OE, =5>1E>48<KE 4;O ?@>4>;65=8O E8<8G5A:>3> >1@07>20=8O =0 C@>2=5 A@54=53> >1I53> >1@07>20=8O;
B@5B89 MB0? ?@>D8;L=K9. @0<:0E MB>3> MB0?0 ( 1 0 1 1 :;0AAK) ?>;CG5=85 E8<8G5A:>3> >1@07>20=8O <>65B >ACI5AB2;OBLAO 2 7028A8<>AB8 >B 2K1>@0 >1CG0NI8<AO >4=>3> 87 CG51=KE ?@54<5B>2: AB5AB2>7=0=8O , %8<88 ( 107>2K9 C@>25=L) , %8<88 ( C3;C1;5==K9 C@>25=L) .
>;CG5=85 E8<8G5A:>3> >1@07>20=8O =0 2A5E @0AA<>B@5==KE MB0?0E 4>;6=> AB@>8BLAO =0 >A=>2=KE 4840:B8G5A:8E ?@8=F8?0E >1CG5=8O ( =0CG=>AB8, A8AB5<=>AB8, A8AB5<0B8G=>AB8, 4>ABC?=>AB8, A2O78 B5>@88 A ?@0:B8:>9, =03;O4=>AB8) 2 A>G5B0=88 A 8A?>;L7>20=85< A;54CNI8E =081>;55 MDD5:B82=KE ?>4E>4>2 : >1CG5=8N: A8AB5<=>3>, 45OB5;L=>AB=>3>, ;8G=>AB=>- >@85=B8@>20==>3>, :><?5B5=B=>AB=>3>, A>F80;L=>- >@85=B8@>20==>3> ( :C;LBC@>;>38G5A:>3>) ?>4E>4>2.
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
%8<8G5A:>5 >1@07>20=85 O2;O5BAO B0:65 206=K< CA;>285< M:>;>38G5A:8 3@0<>B=>3>, 157>?0A=>3> ?>2545=8O G5;>25:0. ;O >15A?5G5=8O @0F8>=0;L=>3> ?>2545=8O :064>3> G5;>25:0, ?@54>B2@0I5=8O CI5@10 ?@8@>45 =5>1E>48<0 A8AB5<0 E8<8G5A:8E 7=0=89 8 C<5=89 2 A>G5B0=88 A <>@0;L=>- =@02AB25==K<8 C15645=8O<8, >A=>20==K<8 =0 >1I5G5;>25G5A:8E F5==>ABOE, :>B>@0O >15A?5G8205BAO A>45@60=85< CG51=>3> ?@54<5B0 %8<8O =0 2A5E C@>2=OE >1I53> >1@07>20=8O.
A5 MB> >1CA;>2;8205B 8A:;NG8B5;L=CN 206=>ABL E8<8G5A:>3> >1@07>20=8O 2 >A=>2=>9 8 A@54=59 H:>;5 8 >1O70B5;L=>ABL 87CG5=8O A0<>AB>OB5;L=>3> CG51=>3> ?@54<5B0 %8<8O 2A5<8 >1CG0NI8<8AO.
I I I . @>1;5<K 87CG5=8O 8 ?@5?>4020=8O CG51=>3> ?@54<5B0 %8<8O
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
<5AB5 A B5<, @50;870F8O ;N1>9 @5D>@<K =587156=> A>?@O65=0, A >4=>9 AB>@>=K, A 2>7=8:=>25=85< =>2KE ?@>1;5< 8, A 4@C3>9 AB>@>=K, A 2KO2;5=85< 87JO=>2 2 ?@5>4>;5=88 @0=55 ACI5AB2>202H8E. "0:, E8<8G5A:>5 >1@07>20=85 AB>;:=C;>AL A @O4>< ?@>1;5<, 2 B>< G8A;5 <>B820F8>==>3>, A>45@60B5;L=>3>, <5B>48G5A:>3> 8 <0B5@80;L=>- B5E=8G5A:>3> E0@0:B5@0, 0 B0:65 A :04@>2K<8 ?@>1;5<0<8, B@51CNI8<8 A2>53> @07@5H5=8O.
1 . @>1;5<K <>B820F8>==>3> E0@0:B5@0
$>@<8@>20=8N 8 @0728B8N C >1CG0NI8EAO CAB>9G82>3> 8=B5@5A0 : 87CG5=8N E8<88, 53> ?>A;54CNI5<C ?5@5@0AB0=8N 2 <>B820F8N 1C4CB A?>A>1AB2>20BL:
3>AC40@AB25==0O ?>;8B8:0, =0?@02;5==0O =0 ?>2KH5=85 ?@5AB860 ?>;CG5=8O ?@>D5AA8>=0;L=>3> >1@07>20=8O ?> E8<8G5A:8< A?5F80;L=>ABO< 8 =0?@02;5=8O<;
?@>D5AA8>=0;L=>5 <0AB5@AB2> CG8B5;O, >15A?5G820NI55 4>AB865=85 CA?5H=>AB8 >1CG0NI8EAO 2 ?@>F5AA5 >1CG5=8O, B2>@G5A:89 ?>4E>4 2 ?@>2545=88 C@>:>2, @50;870F8N >A=>2=KE DC=:F89 E8<8G5A:>3> M:A?5@8<5=B0, >ACI5AB2;5=85 ?@>D>@85=B0F8>==>9 @01>BK A >1CG0NI8<8AO 8 4@. ;
:0G5AB2> CG51=>- <5B>48G5A:>3> >15A?5G5=8O ( 53> A>>B25BAB285 4840:B8G5A:8< ?@8=F8?0< =0CG=>AB8, 4>ABC?=>AB8 8 =03;O4=>AB8) ;
A8=E@>=878@>20==K5 <56?@54<5B=K5 A2O78, @50;87CNI85AO ?@8 CA;>288 AD>@<8@>20==>AB8 C >1CG0NI8EAO ?@54<5B=KE 7=0=89 8 C=825@A0;L=KE CG51=KE 459AB289;
>@30=870F8O M:A:C@A89 =0 E8<8G5A:85 ?@54?@8OB8O, A?5F80;878@>20==K5 2KAB02:8, 2 =0CG=>- 8AA;54>20B5;LA:85 8=AB8BCBK 8 B. ?. ;
A>740=85 1;03>?@8OB=KE CA;>289 4;O ?@>1;5<=>3> >1CG5=8O, ?@>2545=8O CG51=>- 8AA;54>20B5;LA:8E @01>B;
40;L=59H55 @0728B85 8 A>25@H5=AB2>20=85 A8AB5<K E8<8G5A:8E >;8<?804, :>=:C@A>2 8AA;54>20B5;LA:8E ?@>5:B>2 8 4@C38E B2>@G5A:8E A>@52=>20=89.
=0AB>OI55 2@5<O =87:89 ?@5AB86 E8<8G5A:8E A?5F80;L=>AB59, =54>AB0B>G=K9 C@>25=L ?@>D>@85=B0F8>==>9 @01>BK A >1CG0NI8<8AO >:07K20NB >B@8F0B5;L=>5 2;8O=85 =0 <>B820F8N : 87CG5=8N E8<88.
@8 ?5@5E>45 >B >A=>2=>3> >1I53> : A@54=5<C >1I5<C >1@07>20=8N >1CG0NI85AO 2K=C645=K 45;0BL 2K1>@ ?@>D8;O >1CG5=8O 8, A>>B25BAB25==>, ?@54<5B>2 4;O 87CG5=8O, 2 :>=F5 9 :;0AA0. =>385 >1CG0NI85AO 70B@C4=ONBAO A 2K1>@>< ?@>D8;O 8;8 2>>1I5 ;8H5=K 2>7<>6=>AB8 2K1>@0, 5A;8 2 >1@07>20B5;L=>< CG@5645=88 =5B ?>;=>3> =01>@0 ?@>D8;59, 0 =09B8 4@C3>5 >1@07>20B5;L=>5 CG@5645=85 A;>6=> ?> @O4C ?@8G8=. >?02 2 >?@545;Q==K9 ?@>D8;L 157 2K@065==KE 65;0=89 8 >1>A=>20=8O, >1CG0NI89AO 2K=C645= ?>;CG0BL =5?>;=>F5==>5 A@54=55 >1@07>20=85, :>B>@>5 G0AB> <5H05B >A>7=0==><C 2K1>@C 2C70 8 >1;0AB8 40;L=59H59 ?@>D5AA8>=0;L=>9 45OB5;L=>AB8. B0:8E CA;>28OE =52>7<>65= @02=K9 4>ABC? : ?>;=>F5==><C >1@07>20=8N 4;O @07=KE :0B53>@89 >1CG0NI8EAO. "0:0O A8BC0F8O ?@82>48B : 45AB@C:B82=K< O2;5=8O< 2 <>B820F8>==>9 AD5@5, 2?;>BL 4> ?>B5@8 AB@5<;5=8O : CG515.
2545=85 >AC40@AB25==>9 8B>3>2>9 0BB5AB0F88 2 D>@<5 - 8 -, =0@O4C A <=>3>G8A;5==K<8 ?>78B82=K<8 AB>@>=0<8, ?@825;> : ?@>O2;5=8N B0: =07K205<>3> ?@03<0B8G5A:>3> ?>4E>40, 2K@060NI53>AO 2 AB@5<;5=88 >1CG0NI8EAO 87CG0BL B>;L:> B5 ?@54<5BK 8 2 B0:8E >1J5<0E, :>B>@K5 =5>1E>48<K 8< 4;O ?>ABC?;5=8O 2 2KAH55 CG51=>5 702545=85 ?> 2K1@0==>9 A?5F80;L=>AB8.
@>1;5<K, A2O70==K5 A E8<8G5A:8< M:A?5@8<5=B>< ( 53> >BACBAB285, =5>?@0240==0O 70<5=0 @50;L=>3> E8<8G5A:>3> M:A?5@8<5=B0 2845>@>;8:0<8, G@57<5@=0O C2;5GQ==>ABL 28@BC0;L=K<8 ;01>@0B>@8O<8 , =52>7<>6=>ABL 2K?>;=5=8O ?>;=>3> >1J5<0 ;01>@0B>@=KE >?KB>2 8 ?@0:B8G5A:8E @01>B) , B0:65 >B@8F0B5;L=> A:07K20NBAO =0 <>B820F8>==>9 AD5@5 >1CG0NI8EAO.
5>1O70B5;L=>ABL CG51=>3> ?@54<5B0 %8<8O 2 1 0 - 1 1 :;0AA0E >:07K205B >B@8F0B5;L=>5 2;8O=85 =0 @50;870F8N <56?@54<5B=KE A2O759 8 A>7405B A5@L57=K5 ?@5?OBAB28O 4;O D>@<8@>20=8O F5;>AB=>9 5AB5AB25==>- =0CG=>9 :0@B8=K <8@0.
5 2 ?>;=>9 <5@5 8A?>;L7C5BAO ?>B5=F80; M:A:C@A89 =0 E8<8G5A:85 ?@54?@8OB8O, A?5F80;878@>20==K5 2KAB02:8, 2 <C758, =0CG=>- 8AA;54>20B5;LA:85 8=AB8BCBK 8 ;01>@0B>@88, B5<0B8:0 :>B>@KE A2O70=0 A E8<859.
B> 65 2@5<O 2 =0H59 AB@0=5 =0:>?;5= >3@><=K9 ?>78B82=K9 >?KB ?@>2545=8O A5@>AA89A:>9 >;8<?804K H:>;L=8:>2 ?> E8<88, 1;03>40@O :>B>@><C 2 =0AB>OI55 2@5<O AD>@<8@>20=0 A8AB5<0 E8<8G5A:8E >;8<?804 8 4@C38E B2>@G5A:8E A>@52=>20=89, O2;ONI8EAO =0@O4C A - 8 - :@8B5@8O<8 >F5=:8 :0G5AB20 >A2>5=8O CG51=>3> ?@54<5B0 %8<8O >1CG0NI8<8AO 8 A?>A>1AB2CNI8E @0728B8N <>B820F88 : 87CG5=8N E8<88.
2 . @>1;5<K A>45@60B5;L=>3> E0@0:B5@0
$ ! CG51=K9 ?@54<5B %8<8O >?@545;5= :0: >1O70B5;L=K9, 2 A>>B25BAB288 A $ ! ! CG51=K9 ?@54<5B %8<8O 8<55B 420 C@>2=O 87CG5=8O ( 107>2K9 8 C3;C1;5==K9) 8, ?> ACB8, =5 O2;O5BAO >1O70B5;L=K<. >1>8E AB0=40@B0E 2@5<O, >B2>48<>5 =0 87CG5=85 CG51=>3> ?@54<5B0 %8<8O , =5 @53;0<5=B8@C5BAO, 0 B@51>20=8O, ?@54JO2;O5<K5 : ?@54<5B=K< @57C;LB0B0< >A2>5=8O , =>AOB >1I89 E0@0:B5@, A>45@60=85 CG51=>3> ?@54<5B0 %8<8O >BACBAB2C5B. "0:0O A8BC0F8O =5 A?>A>1AB2C5B A>740=8N 548=>3> >1@07>20B5;L=>3> ?@>AB@0=AB20 =0 2A59 B5@@8B>@88 >AA89A:>9 $545@0F88, A>7405B ?@>1;5<K =>@<0B82=>- ?@02>2>3> E0@0:B5@0 4;O ?@>2545=8O 3>AC40@AB25==>9 8B>3>2>9 0BB5AB0F88.
4=>9 87 206=KE ?@>1;5< >A=>2=>3> >1I53> >1@07>20=8O O2;O5BAO =5A>>B25BAB285 A>45@60=8O CG51=>3> <0B5@80;0 2>7@0AB=K< >A>15==>ABO< >1CG0NI8EAO, C@>2=N @0728B>AB8 :>3=8B82=>9 AD5@K ;8G=>AB8, GB> 2K@0605BAO 2 C<5=LH5=88 4>;8 <0B5@80;0, 4;O CA2>5=8O :>B>@>3> B@51C5BAO >1@07=>5 <KH;5=85, 8, =0>1>@>B, C25;8G5=88 >1J5<0 B5>@5B8G5A:8E ?@54AB02;5=89, >?8@0NI8EAO =0 01AB@0:B=K5 <>45;8. @>1;5<K, A2O70==K5 A >B1>@>< A>45@60=8O CG51=>3> ?@54<5B0 %8<8O , CAC3C1;ONBAO =5>1O70B5;L=>ABLN CG51=>3> ?@54<5B0 %8<8O 2 1 0 1 1 :;0AA0E 8, :0: A;54AB285, =5>1E>48<>ABLN 7025@H8BL :C@A E8<88 2 >A=>2=>9 H:>;5, GB> ?@825;> : ?5@5=>AC G0AB8 A;>6=>3> 4;O CA2>5=8O CG51=>3> <0B5@80;0 2 8 9 :;0AAK, 2 G0AB=>AB8 >A=>2 >@30=8G5A:>9 E8<88. 71KB>G=K9 <0B5@80;, ?@54;0305<K9 4;O 87CG5=8O 2 8 9 :;0AA0E, =5 ?>72>;O5B 70 2 G0A0 2 =545;N >ACI5AB28BL ?>;=>F5==K9 >1@07>20B5;L=K9 ?@>F5AA 87- 70 87CG5=8O =0 :064>< C@>:5 =>2>3> <0B5@80;0, >BACBAB28O 2@5<5=8 =0 ?>2B>@5=85 8 70:@5?;5=85 @0=55 87CG5==>3>. !;54AB285< B0:>9 A8BC0F88 O2;O5BAO ?>B5@O >1CG0NI8<8AO 8=B5@5A0 : >A2>5=8N CG51=>3> ?@54<5B0 %8<8O .
@8<5@=>9 >A=>2=>9 >1@07>20B5;L=>9 ?@>3@0<<>9 A@54=53> >1I53> >1@07>20=8O 87CG5=85 CG51=>3> ?@54<5B0 %8<8O =0 107>2>< C@>2=5 ?@54;0305BAO >ACI5AB2;OBL 2 >1J5<5 1 G0A 2 =545;N, GB> =5 <>65B >15A?5G8BL 2 40;L=59H5< ?>;CG5=85 2K?CA:=8:0<8 :0G5AB25==>3> >1@07>20=8O 8 CA?5H=>ABL 8E ?@>D5AA8>=0;L=>9 45OB5;L=>AB8 2 >A=>2=KE AD5@0E M:>=><8:8 8 =0C:8. 8=8<0;L=K9 >1J5< CG51=>3> 2@5<5=8, >B2>48<>3> =0 87CG5=85 CG51=>3> ?@54<5B0 %8<8O , =5>1O70B5;L=>ABL CG51=>3> ?@54<5B0 %8<8O 4;O @O40 ?@>D8;59, 2 B>< G8A;5 C=825@A0;L=>3>, =0 D>=5 =87:>9 8=D>@<8@>20==>AB8 1C4CI8E 018BC@85=B>2 > A>45@60=88 >A=>2=KE >1@07>20B5;L=KE ?@>3@0<< 2KAH59 H:>;K, 2 :>B>@KE E8<8O 87CG05BAO 2 @0<:0E >4=>9 8;8 =5A:>;L:8E CG51=KE 48AF8?;8=, A>740AB 8< A5@L57=K5 B@C4=>AB8 ?@8 ?>;CG5=88 2KAH53> >1@07>20=8O ?> 2K1@0==><C =0?@02;5=8N 8;8 A?5F80;L=>AB8. @><5 B>3>, A;54AB285< <8=8<0;L=>3> CG51=>3> 2@5<5=8, >B2>48<>3> =0 87CG5=85 CG51=>3> ?@54<5B0 %8<8O =0 107>2>< C@>2=5 A@54=53> >1I53> >1@07>20=8O, O2;O5BAO =54>AB0B>G=K9 >1J5< A>45@60=8O, ?>A2OI5==K9 7=0G5=8N E8<8G5A:8E 7=0=89 2 1KBC 8 2 @07;8G=KE AD5@0E ?@>D5AA8>=0;L=>9 45OB5;L=>AB8.
0 107>2>< C@>2=5 A@54=53> >1I53> >1@07>20=8O A>3;0A=> 459AB2CNI5<C $ ! ! CG51=K9 ?@54<5B %8<8O <>65B 1KBL 70<5=5= 8=B53@8@>20==K< CG51=K< ?@54<5B>< AB5AB2>7=0=85 , :>B>@K9 ?@8720=, => =5 A?>A>15= @5H0BL 7040GC D>@<8@>20=8O F5;>AB=>9 5AB5AB25==>- =0CG=>9 :0@B8=K <8@0 8 >7=0:><;5=8O >1CG0NI8EAO A <5B>40<8 ?>7=0=8O, E0@0:B5@=K<8 4;O 5AB5AB25==KE =0C:. #G51=K9 ?@54<5B AB5AB2>7=0=85 , 8AE>4O 87 ?>AB02;5==>9 ?5@54 =8< F5;8, 4>;65= 1KBL 1K >1>1I0NI8<, GB> ?@54?>;0305B =0;8G85 7=0=89, <564C :>B>@K<8 <>6=> 1K;> 1K CAB0=02;820BL 2708<>A2O78 8 2KAB@0820BL =0 MB>9 >A=>25 A8AB5<C 5AB5AB25==>- =0CG=KE 7=0=89. 4=0:> ?@>15;K 2 ?>;CG5==KE 7=0=8OE ?> >B45;L=K< 5AB5AB25==>- =0CG=K< ?@54<5B0<, =5A8AB5<0B878@>20==K9 E0@0:B5@ ?@54<5B=KE 7=0=89 1C4CB A>74020BL A5@L57=K5 ?@>1;5<K 2 >1>1I5=88 CG51=>3> <0B5@80;0 8 D>@<8@>20=88 F5;>AB=>9 5AB5AB25==>- =0CG=>9 :0@B8=K <8@0, GB> ?@82545B : >G5=L ?>25@E=>AB=><C >A2>5=8N 8=B53@8@CNI53> CG51=>3> ?@54<5B0 AB5AB2>7=0=85 .
7CG5=85 CG51=>3> ?@54<5B0 %8<8O =0 C3;C1;5==>< C@>2=5 A@54=53> >1I53> >1@07>20=8O 2 >1J5<5 3 G0A0 2 =545;N, @5:><5=4C5<>< @8<5@=>9 , =5 <>65B >15A?5G8BL ?>;=>F5==>5 CA2>5=85 >1CG0NI8<8AO A>45@60=8O, A>>B25BAB2CNI53> B@51>20=8O< $ ! ! 8 A>2@5<5==K< 4>AB865=8O< E8<8G5A:>9 =0C:8 8 =5>1E>48<>3> 4;O 40;L=59H53> >1CG5=8O 2 2C70E, 345 E8<8O O2;O5BAO =5 B>;L:> ?@>D8;8@CNI59, => 8 @>4AB25==>9 48AF8?;8=>9.
#3;C1;5==>5 87CG5=85 CG51=>3> ?@54<5B0 %8<8O 4>;6=> AB@>8BLAO =0 DC=40<5=B5 <56?@54<5B=KE A2O759 ?@5645 2A53> A D878:>9, <0B5<0B8:>9 8 18>;>3859, ?>MB><C 5AB5AB25==>- =0CG=K9 ?@>D8;L 4>;65= ?@54?>;030BL >1O70B5;L=>5 87CG5=85 =0 C3;C1;5==>< C@>2=5 A;54CNI8E ?@54<5B>2: 0B5<0B8:0: 0;351@0, =0G0;0 <0B5<0B8G5A:>3> 0=0;870, 35><5B@8O , $878:0 , %8<8O 8 8>;>38O . 4=0:> MB> =8:0: =5 @53;0<5=B8@C5BAO 2 $ ! ! .
5:><5=40B5;L=K9 E0@0:B5@ @8<5@=>9 >A=>2=>9 >1@07>20B5;L=>9 ?@>3@0<<K A@54=53> >1I53> >1@07>20=8O 45;05B =5>1E>48<K< 70:@5?;5=85 <8=8<0;L=>3> >1J5<0 CG51=>3> 2@5<5=8 4;O >1O70B5;L=KE CG51=KE ?@54<5B>2 8 4;O CG51=KE ?@54<5B>2 >1O70B5;L=KE ?@54<5B=KE >1;0AB59 =5?>A@54AB25==> 2 A0<>< AB0=40@B5 $ ! ! , GB> O2;O5BAO 30@0=B859 @50;870F88 B@51>20=89 : ?@54<5B=K< @57C;LB0B0<, CAB0=>2;5==KE MB8< AB0=40@B><.
3 . @>1;5<K <5B>48G5A:>3> E0@0:B5@0
5>1E>48<>ABL @50;870F88 $ ! 8 ?>2KH5=8O @57C;LB0B82=>AB8 8 MDD5:B82=>AB8 >1@07>20B5;L=>3> ?@>F5AA0 2K428305B =>2K5 B@51>20=8O : <5B>48G5A:><C >15A?5G5=8N >1@07>20B5;L=>3> ?@>F5AA0: >1O70B5;L=K<8 :><?>=5=B0<8 CG51=>- <5B>48G5A:8E :><?;5:A>2 ?><8<> CG51=8:>2 8 02B>@A:8E @01>G8E ?@>3@0<< AB0;8 <5B>48G5A:85 ?>A>18O 4;O CG8B5;O, A>45@60I85 <0B5@80;K ?> <5B>48:5 ?@5?>4020=8O CG51=>3> ?@54<5B0.
"5< =5 <5=55, 2KO28;AO @O4 ?@>1;5<, A2O70==KE A <5B>48G5A:8< >15A?5G5=85< >1@07>20B5;L=>9 45OB5;L=>AB8:
=5 >1>1I5=K 8 =5 A8AB5<0B878@>20=K =081>;55 MDD5:B82=K5 <5B>4K, <5B>48:8 8 B5E=>;>388 >1CG5=8O E8<88 A CG5B>< 2>7@0AB=KE >A>15==>AB59 >1CG0NI8EAO 8 :>=:@5B=>3> A>45@60=8O >1CG5=8O E8<88;
>BACBAB2CNB 8;8 =54>AB0B>G=> :>=:@5B878@>20=K <5B>48G5A:85 @5:><5=40F88 : @50;870F88 ?@>5:B=>9 45OB5;L=>AB8 2 @0<:0E CG51=>3> ?@54<5B0 %8<8O ;
=5 >?@545;5=K B@51>20=8O : <5B>48G5A:8< ?>A>18O< 4;O CG8B5;O;
>BACBAB2CNB @5:><5=40F88 4;O CG8B5;O ?@8<5=8B5;L=> : :>=:@5B=><C CG51=>- <5B>48G5A:><C :><?;5:AC ?> ?@>2545=8N 45<>=AB@0F8>==>3> M:A?5@8<5=B0, ;01>@0B>@=KE >?KB>2 8 ?@0:B8G5A:8E @01>B A C:070=85< B@51>20=89 : >1>@C4>20=8N, @50:B820<, :>=F5=B@0F8O< 8A?>;L7C5<KE @0AB2>@>2, =>@<0< >E@0=K B@C40 ?@8 ?@>2545=88 E8<8G5A:>3> M:A?5@8<5=B0;
2 <5B>48G5A:8E @5:><5=40F8OE =5 >B@065=K 2>7<>6=>AB8 8A?>;L7>20=8O 40BG8:>2KE A8AB5< ( 8;8 F8D@>2KE ;01>@0B>@89) 2 ?@>2545=88 45<>=AB@0F8>==>3> 8 CG5=8G5A:>3> M:A?5@8<5=B0, 2 >ACI5AB2;5=88 ?@>5:B=>9 45OB5;L=>AB8.
4 . @>1;5<K <0B5@80;L=>- B5E=8G5A:>3> E0@0:B5@0
?@5?>4020=88 CG51=>3> ?@54<5B0 %8<8O >G5=L 1>;LH>5 7=0G5=85 8<55B <0B5@80;L=>- B5E=8G5A:>5 >15A?5G5=85, ?>A:>;L:C ?><8<> =03;O4=KE A@54AB2 >D>@<;5=8O :018=5B0 E8<88, A>2@5<5==KE B5E=8G5A:8E A@54AB2 >1CG5=8O 8 :><?LNB5@=>3> >15A?5G5=8O, M;5:B@>==KE =03;O4=KE ?>A>189 2:;NG05B >15A?5G5=85 ?@81>@0<8, >1>@C4>20=85<, E8<8G5A:>9 ?>AC4>9, @50:B820<8 8 @0AE>4=K<8 <0B5@80;0<8.
?@8:075 8=>1@=0C:8 >AA88 >B 3 0 <0@B0 2 0 1 6 3. ! 3 3 6 1 CB25@645=88 ?5@5G=O A@54AB2 >1CG5=8O 8 2>A?8B0=8O. . . ?@82>48BAO =5?>;=K9 ?5@5G5=L <8=8<0;L=> =5>1E>48<>3> >1>@C4>20=8O, 0 ?5@5G5=L @50:B82>2 2>>1I5 >BACBAB2C5B.
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
03;O4=K5 ?>A>18O, :>B>@K5 8A?>;L7CNBAO 2 =0AB>OI55 2@5<O 4;O >D>@<;5=8O :018=5B0 E8<88, 2> <=>38E A;CG0OE =5 >B25G0NB A>2@5<5==><C A>AB>O=8N E8<8G5A:>9 =0C:8 8 A>45@60=8N CG51=>3> ?@54<5B0 %8<8O .
5 . 04@>2K5 ?@>1;5<K
?@>F5AA5 @5D>@<8@>20=8O A8AB5<K 2KAH53> >1@07>20=8O 1>;LH8=AB2> @0=55 ACI5AB2>202H8E ?5403>38G5A:8E A?5F80;L=>AB59 >:070;8AL ?@>D8;O<8 >4=>3> =0?@02;5=8O ?>43>B>2:8 5403>38G5A:>5 >1@07>20=85 , A;54AB285< MB>3> AB0; 548=K9 4;O 2A5E ?@>D8;59, 2 B>< G8A;5 ?@>D8;O %8<8O , =01>@ 2ABC?8B5;L=KE M:70<5=>2 ( @CAA:89 O7K:, >1I5AB2>7=0=85 8 <0B5<0B8:0) . 8:2840F8O ?5403>38G5A:>9 A?5F80;L=>AB8 %8<8O 8 22545=85 42CEC@>2=52>3> >1CG5=8O ?> =0?@02;5=8N ?>43>B>2:8 5403>38G5A:>5 >1@07>20=85 , >BACBAB285 2ABC?8B5;L=>3> M:70<5=0 ?> E8<88, =87:89 :>=:C@A =0 =0?@02;5=85 ?>43>B>2:8 5403>38G5A:>5 >1@07>20=85 ?> ?@>D8;N %8<8O , ?@0:B8:0 A>2<5AB=>9 ?>43>B>2:8 ?> 42C< ?@>D8;O< 2 @0<:0E =0?@02;5=8O ?>43>B>2:8 5403>38G5A:>5 >1@07>20=85 , >4=8< 87 :>B>@KE O2;O5BAO ?@>D8;L %8<8O , ?@54CA<>B@5==0O $ ! 2KAH53> >1@07>20=8O 2>7<>6=>ABL 70>G=>9 D>@<K >1CG5=8O ( ?><8<> >G=>9 8 >G=>- 70>G=>9) , 0 B0:65 >BACBAB285 2 $ ! 2KAH53> >1@07>20=8O :>=:@5B=>3> ?5@5G=O CG51=KE 48AF8?;8= 8 ?@0:B8: 8 A>>B25BAB2CNI53> 8< A>45@60=8O >1CG5=8O O2;ONBAO D0:B>@0<8, ACI5AB25==> A=860NI8<8 :0G5AB2> ?>43>B>2:8 CG8B5;59 E8<88.
:0G5AB25 0;LB5@=0B82=>3> ?CB8 @50;87C5BAO ?>43>B>2:0 ?5403>38G5A:8E :04@>2 2 @0<:0E >1CG5=8O ?> :;0AA8G5A:8< C=825@A8B5BA:8< A?5F80;L=>ABO< 8 =0?@02;5=8O<. 54>AB0B:>< B0:>3> ?CB8 O2;O5BAO >B=>A8B5;L=> =51>;LH>5 :>;8G5AB2> CG51=>3> 2@5<5=8, >B2>48<>3> =0 ?A8E>;>3>- ?5403>38G5A:CN 8 <5B>48G5A:CN ?>43>B>2:C, 0 B0:65 =0 ?@>E>645=85 ?5403>38G5A:>9 ?@0:B8:8.
530B82=>5 2;8O=85 =0 A>AB>O=85 E8<8G5A:>3> >1@07>20=8O >:07K205B B0:65 2>7<>6=>ABL ?5@5?>43>B>2:8 A?5F80;8AB>2 A ;N1K< 2KAH8< 8;8 A@54=5< ?@>D5AA8>=0;L=K< >1@07>20=85<, 2 @57C;LB0B5 :>B>@>9 >=8 ?>;CG0NB ?@02> 70=8<0BL 4>;6=>ABL CG8B5;O E8<88. @>E>48BL ?@>D5AA8>=0;L=CN ?5@5?>43>B>2:C 4>;6=K 8<5BL 2>7<>6=>ABL B>;L:> ;8F0, 8<5NI85 2KAH55 >1@07>20=85 ?> A?5F80;L=>AB8 8 =0?@02;5=8N E8<8G5A:>3> ?@>D8;O. 5>1E>48<> >B<5B8BL, GB> 548=K5 ?@>3@0<<K 4>?>;=8B5;L=>9 ?@>D5AA8>=0;L=>9 ?>43>B>2:8 8;8 ?5@5?>43>B>2:8 ;8F, 8<5NI8E 2KAH55 >1@07>20=85 ?> E8<8G5A:8< =0?@02;5=8O< 8 A?5F80;L=>ABO<, =0 A53>4=OH=89 45=L >BACBAB2CNB.
!8BC0F8O A ?>43>B>2:>9 ?5403>38G5A:8E :04@>2 4;O >1I53> >1@07>20=8O ?@825;0 : 45D8F8BC :20;8D8F8@>20==KE :04@>2, =57=0G8B5;L=><C ?@8B>:C <>;>4KE A?5F80;8AB>2 8 C25;8G5=8N G8A;0 @01>B0NI8E CG8B5;59, 4>AB83H8E ?5=A8>==>3> 2>7@0AB0. B> 65 2@5<O =>@<0B82=K5 4>:C<5=BK ?@54JO2;ONB 2KA>:85 B@51>20=8O : ?@>D5AA88 CG8B5;O E8<88.
!8AB5<0 ?>2KH5=8O :20;8D8:0F88 ?5403>38G5A:8E :04@>2 AB0;:8205BAO A @O4>< ?@>1;5<: =5 CAB0=>2;5= 548=K9 >1O70B5;L=K9 >1J5< 2@5<5=8 >A2>5=8O ?@>3@0<< ?>2KH5=8O :20;8D8:0F88; 2 @50;87C5<KE ?@>3@0<<0E >B2>48BAO =54>AB0B>G=> 2@5<5=8 =0 @0AA<>B@5=85 0:BC0;L=KE 2>?@>A>2 <5B>48:8 >1CG5=8O E8<88; A>:@0B8;>AL :>;8G5AB2> G0A>2, >B2>48<KE =0 @0AA<>B@5=85 ?@54<5B=KE, A>1AB25==> E8<8G5A:8E 2>?@>A>2 ( 2 B>< G8A;5 >A25I0NI8E ?>A;54=85 4>AB865=8O E8<8G5A:>9 =0C:8) , 70 AG5B C25;8G5=8O :>;8G5AB20 2@5<5=8, >B2>48<>3> =0 @0AA<>B@5=85 >1I5?5403>38G5A:8E B5<. !;54AB285< B0:>9 A8BC0F88 O2;O5BAO =5A8AB5<=K9 E0@0:B5@ ?@>D5AA8>=0;L=>9 ?>445@6:8 CG8B5;59 E8<88.
C6405BAO 2 A>25@H5 2 ` b f r t ~hS@ $h^ h,Q CJ OJ QJ aJ mHsH (h^ h^ CJ OJ PJ QJ aJ mHsH +h^ hTx 5CJ OJ PJ QJ aJ mHsH.h^ huG 5CJ OJ PJ QJ \aJ mHsH .h^ hTx 5CJ OJ PJ QJ \aJ mHsH $h^ hTx CJ OJ QJ aJ mHsH (h^ hTx CJ OJ PJ QJ aJ mHsH (h^ h:3 CJ OJ PJ QJ aJ mHsH (h^ hE CJ OJ PJ QJ aJ mHsH ( b d f $d `a$gdTx $ d ] a$gdTx $d a$gdTx $ d ] ^a$gdTx d gdTx $ M d ] ^M` a$gdTx $ d ] a$gdE 6 z | ^ N ! & ** + + + ", $, $
d 5$ 7$ 8$ H$ `a$gd. $7d `7a$gdP $d a$gdP $d a$gdP d gdTx z | > Z h l ~ 8 X l t ! ! F! ҹmZZZZZmZZZZZZZ $h^ hMv CJ OJ QJ aJ mHsH $h^ hE CJ OJ QJ aJ mHsH $h^ hG4 CJ OJ QJ aJ mHsH $h^ h. CJ OJ QJ aJ mHsH $h^ hP CJ OJ QJ aJ mHsH 1h^ hP B*CJ OJ PJ QJ aJ mHph sH+h^ hP 5CJ OJ PJ QJ aJ mHsH.h^ hP 5CJ OJ PJ QJ \aJ mHsH#F! L! l! r! ! ! ! ! ! ! ! + + ", $, - . X0 ~3 3 3 4 5 6 p6 ,7 7 ǮttXDDD 'h^ hP CJ OJ QJ \aJ mHsH7h^ hP 56B*CJ OJ PJ QJ aJ mHph sH$h^ hP CJ OJ PJ QJ ^J aJ h^ hP CJ OJ QJ ^J aJ +h^ hP 5CJ OJ PJ QJ aJ mHsH1h^ hP B*CJ OJ PJ QJ aJ mHph sH$h^ hP CJ OJ QJ aJ mHsH $h^ h. CJ OJ QJ aJ mHsH $h^ hMv CJ OJ QJ aJ mHsH$, X0 ~3 3 3 4 6 8
9 4: *; ;
= ~> E G hJ L M P $
& F 7d *$1$^7`a$gdP $7d `7a$gdP $d a$gdP $7d `7a$gdP 7 8 f8 0: 2: &; (; ; B< D D G fJ P P Q Q Q Q R R R ~kXEXkX $h^ h
CJ OJ QJ aJ mHsH $h^ h[S CJ OJ QJ aJ mHsH $h^ hKj CJ OJ QJ aJ mHsH 7h^ hx}, 56B*CJ OJ PJ QJ aJ mHph sH1h^ huK( B*CJ OJ PJ QJ aJ mHph sH$h^ hE CJ OJ QJ aJ mHsH $h^ hG4 CJ OJ QJ aJ mHsH 'h^ hP CJ OJ QJ \aJ mHsH$h^ hP CJ OJ QJ aJ mHsHP P Q &V ^ :g n q 2u `x bx x w $d a$gdx}, $7d `7a$gds) $7d `7a$gd& $7d -D M
`7a$gdc $7d `7a$gd[S $7d `7a$gdKj $d a$gdx}, $7d `7a$gduK( R R ,S .S 0S ZS ^S FT VT T T U U "V $V &V [ R[ [ Ǵڡڴ{{bQ@Q h^ hc CJ OJ QJ ^J aJ h^ hKj CJ OJ QJ ^J aJ 1h^ hx}, B*CJ OJ PJ QJ aJ mHph sH$h^ h;d CJ OJ QJ aJ mHsH $h^ h_A CJ OJ QJ aJ mHsH $h^ h18 CJ OJ QJ aJ mHsH $h^ hKj CJ OJ QJ aJ mHsH $h^ h
CJ OJ QJ aJ mHsH $h^ h[S CJ OJ QJ aJ mHsH $h^ h3Z CJ OJ QJ aJ mHsH[ [ [ [ \ "\ ^ $^ *^ <^ ^ ^ ^ _ 6` d` z` ~` ` ` ` ` >a d e :g ͼ͚xxxxgVg h^ h@ CJ OJ QJ ^J aJ h^ hc CJ OJ QJ ^J aJ h^ hmec CJ OJ QJ ^J aJ h^ h CJ OJ QJ ^J aJ h^ h& CJ OJ QJ ^J aJ h^ h>b CJ OJ QJ ^J aJ h^ h18 CJ OJ QJ ^J aJ h^ h[S CJ OJ QJ ^J aJ h^ hKj CJ OJ QJ ^J aJ h^ hKj CJ$ OJ QJ ^J aJ :g ^g g g h h h h j j j j n n o o q һ餓q`I2I ,h^ h CJ OJ PJ QJ ^J aJ nH tH ,h^ h& CJ OJ PJ QJ ^J aJ nH tH h^ hE CJ OJ QJ ^J aJ h^ hJ CJ OJ QJ ^J aJ h^ h` CJ OJ QJ ^J aJ h^ hJ CJ OJ QJ ^J aJ ,h^ hJ CJ OJ PJ QJ ^J aJ nH tH ,h^ hE CJ OJ PJ QJ ^J aJ nH tH ,h^ h[S CJ OJ PJ QJ ^J aJ nH tH ,h^ hiu CJ OJ PJ QJ ^J aJ nH tH q q ^r jr lr r r r s @s Bs t 0u 2u Dx Fx `x bx һһҍvcPc= $h^ hx}, CJ OJ QJ aJ mHsH $h^ h CJ OJ QJ aJ mHsH $h^ hs) CJ OJ QJ aJ mHsH ,h^ h CJ OJ PJ QJ ^J aJ nH tH ,h^ h{9 CJ OJ PJ QJ ^J aJ nH tH ,h^ h CJ OJ PJ QJ ^J aJ nH tH ,h^ h CJ OJ PJ QJ ^J aJ nH tH ,h^ h& CJ OJ PJ QJ ^J aJ nH tH ,h^ h` CJ OJ PJ QJ ^J aJ nH tH bx x x x 6 ڃ ܃ ރ < >
h ннФrVC0C $h^ hE CJ OJ QJ aJ mHsH $h^ hyz CJ OJ QJ aJ mHsH 7h^ hD 56B*CJ OJ PJ QJ aJ mHph sH1h^ hD B*CJ OJ PJ QJ aJ mHph sH0h^ hr CJ OJ PJ QJ aJ mHnHsHtH 0h^ hJ CJ OJ PJ QJ aJ mHnHsHtH $h^ hJ CJ OJ QJ aJ mHsH $h^ hr CJ OJ QJ aJ mHsH 7h^ hx}, 56B*CJ OJ PJ QJ aJ mHph sH x { | ~ " 6 ރ > ( , . $7d `7a$gdyz $d a$gdD $d a$gdD $
& F 7d *$1$^7`a$gdJ $
& F 7d *$1$^7`a$gdr $7d `7a$gdr h , . 0 X ސ t v ؿtatN;N(Nt $h^ hdAI CJ OJ QJ aJ mHsH $h^ hI CJ OJ QJ aJ mHsH $h^ hTb CJ OJ QJ aJ mHsH $h^ hm6 CJ OJ QJ aJ mHsH $h^ h CJ OJ QJ aJ mHsH 7h^ hx}, 56B*CJ OJ PJ QJ aJ mHph sH7h^ hD 56B*CJ OJ PJ QJ aJ mHph sH1h^ hD B*CJ OJ PJ QJ aJ mHph sH$h^ hyz CJ OJ QJ aJ mHsH (h^ hyz CJ OJ PJ QJ aJ mHsH. X F d ] `gdn $d `a$gdx},
d `gdx}, $d a$gdx}, $7d `7a$gdu $7d `7a$gd $7d `7a$gdTb $d a$gdx}, ֒ * ԓ . 0 ֔ 0 2 ` b h v < t : Ǵǡǡǎ{ǎǎ{hUh $h^ he CJ OJ QJ aJ mHsH $h^ hM CJ OJ QJ aJ mHsH $h^ h CJ OJ QJ aJ mHsH $h^ hdAI CJ OJ QJ aJ mHsH $h^ h CJ OJ QJ aJ mHsH $h^ hu CJ OJ QJ aJ mHsH $h^ hTb CJ OJ QJ aJ mHsH $h^ hm6 CJ OJ QJ aJ mHsH $h^ h_q CJ OJ QJ aJ mHsH : < P t v Η ޗ ^ @ j l @ ~ Ǵǡǡ{hUS@ $h^ hVUl CJ OJ QJ aJ mHsH U$h^ hD2 CJ OJ QJ aJ mHsH $h^ h;N2 CJ OJ QJ aJ mHsH $h^ he CJ OJ QJ aJ mHsH $h^ hu CJ OJ QJ aJ mHsH $h^ h CJ OJ QJ aJ mHsH $h^ hg CJ OJ QJ aJ mHsH $h^ h3S CJ OJ QJ aJ mHsH $h^ hdAI CJ OJ QJ aJ mHsH $h^ h O CJ OJ QJ aJ mHsH=AB2>20=88 A8AB5<0 >F5=820=8O @57C;LB0B>2 ?5403>38G5A:>9 45OB5;L=>AB8, 2 G0AB=>AB8 ?>4E>4K : 0BB5AB0F88 ?5403>38G5A:8E :04@>2.
!>45@60=85 :018=5B0 E8<88 8 ?>43>B>2:0 E8<8G5A:>3> M:A?5@8<5=B0 A>?@O65=K A 1>;LH8<8 70B@0B0<8 2@5<5=8, 0 ?@>2545=85 45<>=AB@0F8>==>3> M:A?5@8<5=B0, ;01>@0B>@=KE 8 ?@0:B8G5A:8E @01>B B@51C5B :>=F5=B@0F88 2=8<0=8O CG8B5;O =0 45OB5;L=>AB8 >1CG0NI8EAO. 0;L=59H55 ?>2KH5=85 MDD5:B82=>AB8 @01>BK CG8B5;O E8<88 2>7<>6=> B>;L:> ?@8 @5H5=88 ?@>1;5<K :04@>2>3> >15A?5G5=8O >1@07>20B5;L=KE >@30=870F89 CG51=>- 2A?><>30B5;L=K< ?5@A>=0;>< ;01>@0=B>< :018=5B0 E8<88.
I V . &5;8 8 7040G8 >=F5?F88
&5;LN =0AB>OI59 >=F5?F88 O2;O5BAO ?>2KH5=85 :0G5AB20 87CG5=8O 8 ?@5?>4020=8O CG51=>3> ?@54<5B0 %8<8O 2 A8AB5<5 >1I53> >1@07>20=8O ?CB5< >?@545;5=8O 53> AB@C:BC@K, A>45@60=8O 8 >1J5<0 A CG5B>< AB@0B538G5A:8E =0?@02;5=89 @0728B8O >AA89A:>9 $545@0F88.
#:070==0O F5;L 4>AB8305BAO ?>A@54AB2>< @5H5=8O A;54CNI8E 7040G:
>1=>2;5=8O $545@0;L=KE 3>AC40@AB25==KE >1@07>20B5;L=KE AB0=40@B>2 >A=>2=>3> >1I53> 8 A@54=53> >1I53> >1@07>20=8O 2 G0AB8 A>45@60=8O B@51>20=89 : ?@54<5B=K< @57C;LB0B0< >A2>5=8O CG51=>3> ?@54<5B0 %8<8O , >A=>2=KE >1@07>20B5;L=KE ?@>3@0<< >1@07>20B5;L=KE >@30=870F89 2 G0AB8 >?@545;5=8O ?;0=8@C5<KE ?@54<5B=KE @57C;LB0B>2 8 A>45@60=8O CG51=>3> ?@54<5B0 %8<8O =0 C@>2=5 >A=>2=>3> >1I53> >1@07>20=8O, 107>2>< 8 C3;C1;5==>< C@>2=OE A@54=53> >1I53> >1@07>20=8O A >15A?5G5=85< 8E ?@55<AB25==>AB8;
<>45@=870F88 CG51=>- <5B>48G5A:8E :><?;5:A>2 ( :><?;5:B>2) , <5B>4>2, B5E=>;>389 8 <5B>48: >1CG5=8O A CG5B>< A>2@5<5==>3> <8@>2>3> C@>2=O @0728B8O 206=59H8E AD5@ =0C:8, ?@><KH;5==>AB8, A5;LA:>3> E>7O9AB20, <548F8=K, ?>4E>4>2 2 @5H5=88 3;>10;L=KE ?@>1;5<, AB>OI8E ?5@54 G5;>25G5AB2>< ( M:>;>38G5A:8E, M=5@35B8G5A:8E, AK@L52KE, <548F8=A:8E 8 4@. ) , A>2@5<5==KE ( =>259H8E) 4>AB865=89 ?A8E>;>388 8 ?5403>38:8, 0 B0:65 A >?>@>9 =0 CA8;5=85 2708<>A2O78 ?@5?>4020=8O CG51=>3> ?@54<5B0 %8<8O A 4@C38<8 CG51=K<8 ?@54<5B0<8, >15A?5G820NI59 >A>7=0==>5 ?>=8<0=85 ACI=>AB8 <0B5@80;L=>3> 8 :C;LBC@=>3> 548=AB20 <8@0;
@0AH8@5=8O 8A?>;L7>20=8O M;5:B@>==KE 8=D>@<0F8>==KE 8 >1@07>20B5;L=KE @5AC@A>2, >15A?5G820NI8E 2KA>:>5 :0G5AB2> >1CG5=8O E8<88, 2 B>< G8A;5 4;O 48AB0=F8>==>3> 8 A5B52>3> >1CG5=8O;
A>25@H5=AB2>20=8O A8AB5<K 4803=>AB8:8 8 :>=B@>;O CG51=KE 4>AB865=89 >1CG0NI8EAO, 2:;NG0O >1=>2;5=85 :>=B@>;L=KE 87<5@8B5;L=KE <0B5@80;>2 4;O ?@>2545=8O 3>AC40@AB25==>9 8B>3>2>9 0BB5AB0F88 ?> E8<88 ?> >:>=G0=88 >A2>5=8O ?@>3@0<< >A=>2=>3> >1I53> 8 A@54=53> >1I53> >1@07>20=8O;
A>740=8O CA;>289 4;O D>@<8@>20=8O C >1CG0NI8EAO A8AB5<K E8<8G5A:8E 7=0=89 :0: :><?>=5=B0 5AB5AB25==>- =0CG=>9 :0@B8=K <8@0, ?@54AB02;5=89 > 7=0G5=88 E8<8G5A:>9 =0C:8 2 ?>2A54=52=>9 687=8 8 2 687=8 >1I5AB20, 3>B>2=>AB8 : >A>7=0==><C 2K1>@C 1C4CI59 AD5@K ?@>D5AA8>=0;L=>9 45OB5;L=>AB8, A>7840B5;L=>9 3@0640=A:>9 0:B82=>AB8, =02K:>2 M:>;>38G5A:8 157>?0A=>3> ?>2545=8O 2 F5;OE A>E@0=5=8O 74>@>2LO 8 >:@C60NI59 A@54K, 4;O @0728B8O ;8G=>AB8 >1CG0NI8EAO, 8E 8=B5;;5:BC0;L=>3>, =@02AB25==>3> A>25@H5=AB2>20=8O 8 CA?5H=>9 A>F80;870F88;
A>25@H5=AB2>20=8O A8AB5<K ?>43>B>2:8 CG8B5;59 E8<88 8 ?>2KH5=8O 8E :20;8D8:0F88 A 8A?>;L7>20=85< A>2@5<5==KE ?5403>38G5A:8E B5E=>;>389 8 <5B>4>2 >1CG5=8O, A>459AB28O 8E ?@>D5AA8>=0;L=><C @>ABC, 0 B0:65 @07@01>B:8 A8AB5<K >F5=:8 :0G5AB20 @01>BK CG8B5;59 E8<88.
V . A=>2=K5 =0?@02;5=8O @50;870F88 >=F5?F88
1 . =5AB8 87<5=5=8O 2 $ ! >A=>2=>3> >1I53> 8 A@54=53> >1I53> >1@07>20=8O 2 G0AB8 >?@545;5=8O B@51>20=89 : ?@54<5B=K< @57C;LB0B0< >A2>5=8O A F5;LN 8E 45B0;870F88, 70:;NG0NI59AO 2 C:070=88 :>=:@5B=KE B5>@89, 70:>=>2, ?>=OB89, B8?>2 CG51=KE 7040G, M:A?5@8<5=B0;L=KE C<5=89 8 4@C38E M;5<5=B>2 A>45@60=8O. !B5?5=L 45B0;870F88 B@51>20=89 : ?@54<5B=K< @57C;LB0B0< >A2>5=8O 4>;6=0 A>740BL =5>1E>48<CN =>@<0B82=>- ?@02>2CN >A=>2C 4;O >15A?5G5=8O 548=AB20 >1@07>20B5;L=>3> ?@>AB@0=AB20 =0 B5@@8B>@88 >AA89A:>9 $545@0F88 8 @07@01>B:8 =5>1E>48<>9 4>:C<5=B0F88 4;O ?@>2545=8O 3>AC40@AB25==>9 8B>3>2>9 0BB5AB0F88 ?> E8<88 ( :>48D8:0B>@0 M;5<5=B>2 A>45@60=8O 8 B@51>20=89 : C@>2=N ?>43>B>2:8 >1CG0NI8EAO, A?5F8D8:0F88 :>=B@>;L=KE 87<5@8B5;L=KE <0B5@80;>2 8 4@. ) . @8 ?>43>B>2:5 87<5=5=89 A>3;0A>20BL <564C A>1>9 B@51>20=8O : ?;0=8@C5<K< @57C;LB0B0< >A2>5=8O C@>2=O >A=>2=>3> >1I53> >1@07>20=8O, 107>2>3> 8 C3;C1;5==>3> C@>2=59 A@54=53> >1I53> >1@07>20=8O.
2 . 0 C@>2=5 A@54=53> >1I53> >1@07>20=8O 8 A@54=53> ?@>D5AA8>=0;L=>3> >1@07>20=8O >?@545;8BL CG51=K9 ?@54<5B %8<8O :0: >1O70B5;L=K9 8 8A:;NG8BL CG51=K9 ?@54<5B AB5AB2>7=0=85 87 ?@54<5B=>9 >1;0AB8 AB5AB25==K5 =0C:8 .
3 . ! F5;LN >15A?5G5=8O 548=AB20 >1@07>20B5;L=>3> ?@>AB@0=AB20 =0 B5@@8B>@88 >AA89A:>9 $545@0F88 70:@5?8BL A>45@60=85 CG51=>3> ?@54<5B0 %8<8O ?> 3>40< >1CG5=8O.
0 C@>2=5 >A=>2=>3> >1I53> >1@07>20=8O A>:@0B8BL @0745; 0G0;0 >@30=8G5A:>9 E8<88 , 2:;NG82 M;5<5=B0@=K5 A2545=8O >1 >@30=8G5A:8E 25I5AB20E 8 8E 7=0G5=88 2 >:@C60NI5< <8@5 2 B5<C #3;5@>4 8 53> A>548=5=8O . A:;NG8BL 7040=8O ?> >@30=8G5A:>9 E8<88 87 :>=B@>;L=KE 87<5@8B5;L=KE <0B5@80;>2 A=>2=>3> 3>AC40@AB25==>3> M:70<5=0.
0 C@>2=5 A@54=53> >1I53> >1@07>20=8O 87CG0BL @0745; @30=8G5A:0O E8<8O 2 B5G5=85 ?5@2>3> 3>40 >1CG5=8O ( 1 0 :;0AA) , 0 2 B5G5=85 2B>@>3> 3>40 >1CG5=8O ( 1 1 :;0AA) @0745;K 5>@30=8G5A:0O E8<8O , "5>@5B8G5A:85 >A=>2K E8<88 8 %8<8O 8 687=L .
4 . =5AB8 87<5=5=8O 2 $ ! >A=>2=>3> >1I53> 8 A@54=53> >1I53> >1@07>20=8O 2 G0AB8 CAB0=>2;5=8O <8=8<0;L=>3> >1J5<0 2@5<5=8, >B2>48<>3> =0 87CG5=85 >1O70B5;L=KE CG51=KE ?@54<5B>2 8 CG51=KE ?@54<5B>2, >B=>AOI8EAO : >1O70B5;L=K< ?@54<5B=K< >1;0ABO< 8 87CG05<K< :0: =0 107>2><, B0: 8 =0 C3;C1;5==>< C@>2=OE.
?@545;8BL 4;O CG51=>3> ?@54<5B0 %8<8O =0 C@>2=5 >A=>2=>3> >1I53> >1@07>20=8O >1J5< CG51=>3> 2@5<5=8 =5 <5=55 1 4 0 G0A>2 2 B5G5=85 42CE ;5B >1CG5=8O ( 8 8 9 :;0AAK) , @5:><5=4>20BL 2K45;5=85 4>?>;=8B5;L=>3> 1 G0A0 2 =545;N 2 7 :;0AA5 4;O ?@>?5452B8G5A:>3> :C@A0 2545=85 2 E8<8N 8 4>?>;=8B5;L=>3> 1 G0A0 2 8 8 9 :;0AA0E 4;O C3;C1;5==>3> 87CG5=8O E8<88, 2 B>< G8A;5 2 @0<:0E ?@54?@>D8;L=>9 ?>43>B>2:8.
?@545;8BL 4;O CG51=>3> ?@54<5B0 %8<8O =0 107>2>< C@>2=5 A@54=53> >1I53> >1@07>20=8O >1JQ< CG51=>3> 2@5<5=8 =5 <5=55 7 0 G0A>2 70 420 3>40 >1CG5=8O, @5:><5=4>20BL 2K45;5=85 4>?>;=8B5;L=>3> 1 G0A0 2 =545;N 2 1 0 8 1 1 :;0AA0E 4;O D878:>- <0B5<0B8G5A:>3>, B5E=>;>38G5A:>3> 8 8=65=5@=>3> ?@>D8;59.
0 C@>2=5 A@54=53> >1I53> >1@07>20=8O =0@O4C A ?@>D8;870F859 >1CG5=8O ?@54>AB028BL >1CG0NI8<AO 2>7<>6=>ABL >B;>68BL 2K1>@ ?@>D8;O >1CG5=8O 4> A;54CNI59 ABC?5=8 >1@07>20=8O ( A?5F80;L=>5, 2KAH55) , ?@54CA<>B@52 =0;8G85 C=825@A0;L=>3> ?@>D8;O A 87CG5=85< >A=>2 2A5E =0C:. ;O C=825@A0;L=>3> ?@>D8;O >?@545;8BL 4;O CG51=>3> ?@54<5B0 %8<8O =0 C3;C1;5==>< C@>2=5 A@54=53> >1I53> >1@07>20=8O >1JQ< CG51=>3> 2@5<5=8 =5 <5=55 2 1 0 G0A>2 70 420 3>40 >1CG5=8O.
?@545;8BL 4;O CG51=>3> ?@54<5B0 %8<8O =0 C3;C1;5==>< C@>2=5 A@54=53> >1I53> >1@07>20=8O 5AB5AB25==>- =0CG=>3> ?@>D8;O >1JQ< CG51=>3> 2@5<5=8 =5 <5=55 2 8 0 G0A>2 70 420 3>40 >1CG5=8O, @5:><5=4>20BL 2K45;5=85 4>?>;=8B5;L=>3> 1 G0A0 2 =545;N 2 1 0 8 1 1 :;0AA0E.
5 . 5@5A<>B@5BL A>45@60=85 >1CG5=8O E8<88, 2:;NG0O 45OB5;L=>AB=CN A>AB02;ONICN, 8 ?@825AB8 53> 2 A>>B25BAB285 A A>2@5<5==K<8 >1I8<8 F5;O<8 5AB5AB25==>- =0CG=>3> >1@07>20=8O, F5;O<8 8 7040G0<8 E8<8G5A:>3> >1@07>20=8O A CGQB>< >1JQ<0 2@5<5=8, >B2>48<>3> =0 87CG5=85 CG51=>3> ?@54<5B0 %8<8O 2 A8AB5<5 >A=>2=>3> >1I53> 8 A@54=53> >1I53> >1@07>20=8O. #A8;8BL 2 A>45@60=88 A>AB02;ONICN, A2O70==CN A ?>=8<0=85< 7040G E8<88, >A2>5=85< =0CG=>3> <5B>40 ?>7=0=8O, 45OB5;L=>AB=K< >A2>5=85< B5>@89 8 70:>=><5@=>AB59 2 E8<88, 8A?>;L7>20=85< A>2@5<5==KE <0B5@80;>2 2 @07=KE >1;0ABOE 687=8 G5;>25:0, 2 B>< G8A;5 2 1KBC.
6 . A=>2K20OAL =0 B@51>20=8OE =>2KE @540:F89 $ !, 2=5AB8 87<5=5=8O 2 ?@8<5@=K5 >A=>2=K5 >1@07>20B5;L=K5 ?@>3@0<<K >A=>2=>3> >1I53> 8 A@54=53> >1I53> >1@07>20=8O. 5@5@01>B0BL ?;0=8@C5<K5 ?@54<5B=K5 @57C;LB0BK >A2>5=8O >A=>2=KE >1@07>20B5;L=KE ?@>3@0<< >A=>2=>3> >1I53> 8 A@54=53> >1I53> >1@07>20=8O ?> CG51=><C ?@54<5BC %8<8O A F5;LN >15A?5G5=8O A>>B25BAB28O 8E B@51>20=8O< =>2KE @540:F89 $ ! >A=>2=>3> >1I53> 8 A@54=53> >1I53> >1@07>20=8O. 5@5A<>B@5BL A>45@60=85 CG51=>3> ?@54<5B0 %8<8O A CG5B>< 87<5=5==KE ?;0=8@C5<KE ?@54<5B=KE @57C;LB0B>2 >A2>5=8O >A=>2=KE >1@07>20B5;L=KE ?@>3@0<< >A=>2=>3> >1I53> 8 A@54=53> >1I53> >1@07>20=8O ?> 40==><C CG51=><C ?@54<5BC.
7 . 07@01>B0BL =>2>5 ?>:>;5=85 CG51=>- <5B>48G5A:8E :><?;5:A>2 ?> E8<88:
A>>B25BAB2CNI8E B@51>20=8O< =>2KE @540:F89 $ ! >A=>2=>3> >1I53> 8 A@54=53> >1I53> >1@07>20=8O, =>@<0B82=K< 4>:C<5=B0< 8=8AB5@AB20 >1@07>20=8O 8 =0C:8 >AA89A:>9 $545@0F88 8 ?>;>65=8O<, 87;>65==K< 2 =0AB>OI59 >=F5?F88;
@07;8G0NI8EAO @50;87C5<K<8 <5B>48G5A:8<8 ?>4E>40<8 8 4>?>;=8B5;L=K< A>45@60=85<, 2KE>4OI8< 70 @0<:8, @5:><5=4>20==K5 ?@8<5@=K<8 >A=>2=K<8 >1@07>20B5;L=K<8 ?@>3@0<<0<8 >A=>2=>3> >1I53> 8 A@54=53> >1I53> >1@07>20=8O, 8 >B@060NI8< 4>AB865=8O E8<8G5A:>9 =0C:8 :0: DC=40<5=B0;L=>3>, B0: 8 ?@8:;04=>3> E0@0:B5@0;
?@54?>;030NI8E >@30=870F8N ?@0:B8:>- >@85=B8@>20==>3> >1CG5=8O.
#G51=>- <5B>48G5A:85 :><?;5:AK =>2>3> ?>:>;5=8O 4>;6=K =5 B>;L:> ?@>9B8 >1O70B5;L=K5 =0CG=CN, ?5403>38G5A:CN 8 >1I5AB25==CN M:A?5@B87K, => 8 1KBL 0?@>18@>20=K 2 ?5403>38G5A:>< M:A?5@8<5=B5.
8 . 07@01>B0BL <5B>48G5A:>5 A>?@>2>645=85 >1@07>20B5;L=>3> ?@>F5AA0, >15A?5G820NI55 2 B>< G8A;5:
>1>1I5=85 8 A8AB5<0B870F8N =081>;55 MDD5:B82=KE <5B>4>2, <5B>48: 8 B5E=>;>389 8 ?@82545=85 8E 2 A>>B25BAB285 A 2>7@0AB=K<8 >A>15==>ABO<8, ?>B@51=>ABO<8 8 8=B5@5A0<8 >1CG0NI8EAO 8 :>=:@5B=K< A>45@60=85< >1CG5=8O E8<88;
A>740=85 CG51=KE ( A1>@=8:>2 7040G 8 C?@06=5=89, @01>G8E B5B@0459, @01>G53> 6C@=0;0 ( B5B@048) 4;O ;01>@0B>@=KE >?KB>2 8 ?@0:B8G5A:8E @01>B) 8 <5B>48G5A:8E ?>A>189 ( A1>@=8:>2 ?@>25@>G=KE, A0<>AB>OB5;L=KE 8 :>=B@>;L=KE @01>B, <5B>48G5A:>3> @C:>2>4AB20 ?> >@30=870F88 E8<8G5A:>3> M:A?5@8<5=B0) , ?@54?>;030NI8E >@30=870F8N ?@0:B8:>- >@85=B8@>20==>3> >1CG5=8O;
>B1>@ E8<8G5A:>3> M:A?5@8<5=B0, 8;;NAB@8@CNI53> A>45@60=85 CG51=>3> ?@54<5B0, 0 B0:65 A?>A>1AB2CNI53> 0:B82870F88 ?>7=020B5;L=>9 45OB5;L=>AB8 >1CG0NI8EAO 2 ?@>F5AA5 A0<>AB>OB5;L=>3> 87CG5=8O E8<8G5A:8E B5>@89, D0:B>2, 70:>=><5@=>AB59 8 B. 4. , 8 53> @0A?@545;5=85 <564C 45<>=AB@0F8>==K< 8 CG5=8G5A:8< ( ;01>@0B>@=K5 >?KBK 8 ?@0:B8G5A:85 @01>BK) ;
D>@<C;8@>20=85 B@51>20=89 : <5B>48G5A:8< ?>A>18O< 4;O CG8B5;O;
@07@01>B:C <5B>48G5A:8E @5:><5=40F89 : @50;870F88 CG51=>- 8AA;54>20B5;LA:>9 8 ?@>5:B=>9 45OB5;L=>AB8 2 @0<:0E CG51=>3> ?@54<5B0 %8<8O ;
A>25@H5=AB2>20=85 :>=B@>;L=KE 87<5@8B5;L=KE <0B5@80;>2 4;O 8B>3>2>9 0BB5AB0F88 ?> CG51=><C ?@54<5BC %8<8O , ?@82545=85 8E 2 ?>;=>5 A>>B25BAB285 A B@51>20=8O<8 =>2KE @540:F89 $ ! >A=>2=>3> >1I53> 8 A@54=53> >1I53> >1@07>20=8O 8 A>45@60=85< CG51=>3> ?@54<5B0 %8<8O , ?5@5>@85=B0F8N 8E A ?@>25@:8 :>=:@5B=KE ?@54<5B=KE 7=0=89 =0 ?@>25@:C C<5=8O 8<8 >?5@8@>20BL.
9 . >45@=878@>20BL ACI5AB2CNI85 8 @07@01>B0BL =>2K5 A@54AB20 >1CG5=8O E8<88, >15A?5G820NI85 A>2@5<5==K9 C@>25=L 87CG5=8O CG51=>3> ?@54<5B0 %8<8O , 2 B>< G8A;5:
?@81>@K 8 CAB0=>2:8 4;O 2A5E 284>2 E8<8G5A:>3> M:A?5@8<5=B0 ( 45<>=AB@0F8>==>3> 8 CG5=8G5A:>3>) , 2 B>< G8A;5 40BG8:>2K5 A8AB5<K ( F8D@>2K5 ;01>@0B>@88) ;
M;5:B@>==K5 >1@07>20B5;L=K5 @5AC@AK, 45<>=AB@0F8>==K5 0C48>287C0;L=K5 A@54AB20 >1CG5=8O, DC=:F8>=8@CNI85 =0 >A=>25 :><?LNB5@=>9 B5E=8:8 8 ?@54=07=0G5==K5 4;O >@30=870F88 D@>=B0;L=>9 @01>BK A >1CG0NI8<8AO ( 2845>>?KBK, :>;;5:F8O A>2@5<5==KE CG51=KE 2845>D8;L<>2, @0AA:07K20NI8E > E8<8G5A:8E ?@>872>4AB20E, @01>B5 0=0;8B8G5A:8E ;01>@0B>@89, =0CG=>- 8AA;54>20B5;LA:8E 8=AB8BCB>2 8 4@. ) , M;5:B@>==K5 48AB0=F8>==K5 :C@AK, 2 B>< G8A;5 4;O >40@5==KE 45B59 8 45B59 A >3@0=8G5==K<8 2>7<>6=>ABO<8 74>@>2LO;
?@54=07=0G5==K5 4;O >D>@<;5=8O :018=5B0 E8<88 =03;O4=K5 ?>A>18O, :>B>@K5 4>;6=K >B25G0BL A>2@5<5==><C A>AB>O=8N E8<8G5A:>9 =0C:8 8 A>45@60=8N CG51=>3> ?@54<5B0 %8<8O .
1 0 . ! F5;LN ?@82545=8O 2 A>>B25BAB285 A =>2K< A>45@60=85< CG51=>3> ?@54<5B0 %8<8O ?@8=OBL =>2K5 8;8 2=5AB8 87<5=5=8O 2 459AB2CNI85 =>@<0B82=K5 4>:C<5=BK, @53;0<5=B8@CNI85 B@51>20=8O : >A=0I5=8N :018=5B0 E8<88, >15A?5G5=8N 53> ;01>@0B>@=K< >1>@C4>20=85<, E8<8G5A:>9 ?>AC4>9, @50:B820<8 8 @0AE>4=K<8 <0B5@80;0<8, 0 B0:65 =>@<0B82=K5 4>:C<5=BK, >?@545;ONI85 =>@<K >E@0=K B@C40 8 ?@028;0 157>?0A=>9 @01>BK A 25I5AB20<8 8 ;01>@0B>@=K< >1>@C4>20=85<:
?@8:07 8=8AB5@AB20 >1@07>20=8O 8 =0C:8 >AA89A:>9 $545@0F88 >B 3 0 . 0 3 . 2 0 1 6 ! 3 3 6 1 CB25@645=88 ?5@5G=O A@54AB2 >1CG5=8O 8 2>A?8B0=8O, =5>1E>48<KE 4;O @50;870F88 >1@07>20B5;L=KE ?@>3@0<< =0G0;L=>3> >1I53>, >A=>2=>3> >1I53> 8 A@54=53> >1I53> >1@07>20=8O, A>>B25BAB2CNI8E A>2@5<5==K< CA;>28O< >1CG5=8O, =5>1E>48<>3> ?@8 >A=0I5=88 >1I5>1@07>20B5;L=KE >@30=870F89 2 F5;OE @50;870F88 <5@>?@8OB89 ?> A>459AB28N A>740=8N 2 AC1J5:B0E >AA89A:>9 $545@0F88 ( 8AE>4O 87 ?@>3=>78@C5<>9 ?>B@51=>AB8) =>2KE <5AB 2 >1I5>1@07>20B5;L=KE >@30=870F8OE, :@8B5@852 53> D>@<8@>20=8O 8 B@51>20=89 : DC=:F8>=0;L=><C >A=0I5=8N, 0 B0:65 =>@<0B820 AB>8<>AB8 >A=0I5=8O >4=>3> <5AB0 >1CG0NI53>AO C:070==K<8 A@54AB20<8 >1CG5=8O 8 2>A?8B0=8O 2 G0AB8 ?5@5A<>B@0 ?5@5G=O ;01>@0B>@=>3> >1>@C4>20=8O 8 2:;NG5=8O ?5@5G=O E8<8G5A:8E @50:B82>2;
?@8:07 8=?@>A0 !!! >B 1 0 . 0 7 . 1 9 8 7 ! 1 2 7 22545=88 2 459AB285 @028; B5E=8:8 157>?0A=>AB8 4;O :018=5B>2 ( ;01>@0B>@89) E8<88 >1I5>1@07>20B5;L=KE H:>; 8=8AB5@AB20 ?@>A25I5=8O !!! ( 2<5AB5 A @028;0<8. . . , CB25@645==K<8 8=?@>A>< !!! 1 9 . 0 6 . 1 9 8 7 ) ;
AB@>8B5;L=K5 =>@<K 8 ?@028;0 8 A0=8B0@=>- 38385=8G5A:85 B@51>20=8O : :018=5BC E8<88 2 G0AB8 ?@82545=8O 8E 2 A>>B25BAB285 A A>2@5<5==K<8 AB@>8B5;L=K<8 B5E=>;>38O<8 8 <0B5@80;0<8;
1 1 . ;O ?>2KH5=8O 8=B5@5A0 >1CG0NI8EAO : 87CG5=8N CG51=>3> ?@54<5B0 %8<8O , 2KO2;5=8N =081>;55 A?>A>1=KE 8 B0;0=B;82KE CG5=8:>2, A F5;LN A>25@H5=AB2>20=8O ?@>D5AA8>=0;L=KE :0G5AB2 CG8B5;59 8 C;CGH5=8O ?@54?@>D5AA8>=0;L=>9 >@85=B0F88 >1CG0NI8EAO ?@>4>;68BL @0728B85 8 <>45@=870F8N A5@>AA89A:>9 >;8<?804K H:>;L=8:>2 ?> E8<88 ( @07@01>B0BL ?@>3@0<<C A5@>AA89A:>9 >;8<?804K H:>;L=8:>2 ?> E8<88, C25;8G8BL 4>;N E8<8G5A:>3> M:A?5@8<5=B0 2 =59) , 0 B0:65 2A59 A8AB5<K E8<8G5A:8E >;8<?804 H:>;L=8:>2.
;O @0728B8O 8 ?>2KH5=8O C@>2=O CG51=>- 8AA;54>20B5;LA:>9 8 ?@>5:B=>9 45OB5;L=>AB8 ?> E8<88 A>740BL A8AB5<C :>=:C@A>2 2?;>BL 4> A5@>AA89A:>3> C@>2=O.
1 2 . =5AB8 87<5=5=8O 2 A8AB5<C ?>43>B>2:8 1C4CI8E CG8B5;59 E8<88 2 >1@07>20B5;L=KE >@30=870F8OE 2KAH53> >1@07>20=8O, 2 B>< G8A;5:
@0AA<>B@5BL 2>?@>A > 2>72@0I5=88 A?5F80;8B5B0 2 ?5403>38G5A:>5 >1@07>20=85 8 > @07@01>B:5 $545@0;L=KE 3>AC40@AB25==KE >1@07>20B5;L=KE AB0=40@B>2 2KAH53> >1@07>20=8O 2 >1;0AB8 ?5403>38G5A:>3> >1@07>20=8O 2 A>>B25BAB288 A :>=:@5B=K<8 CG51=K<8 ?@54<5B0<8, :0: MB> 1K;> 4> 22545=8O $ ! ;
>3@0=8G8BL ?@0:B8:C ?>43>B>2:8 CG8B5;59 2 A8AB5<5 2KAH53> >1@07>20=8O ?> =0?@02;5=8N 5403>38G5A:>5 >1@07>20=85 A> A42>5==K<8 ?@>D8;O<8, >4=8< 87 :>B>@KE O2;O5BAO ?@>D8;L %8<8O ;
2=5AB8 87<5=5=8O 2 $ ! ?> =0?@02;5=8N ?>43>B>2:8 5403>38G5A:>5 >1@07>20=85 A> A42>5==K<8 ?@>D8;O<8 ?>;>65=8O, 70:@5?;ONI85 @02=><5@=>5 @0A?@545;5=85 >1J5<0 CG51=>9 =03@C7:8 <564C 42C<O ?@>D8;O<8; @07@01>B0BL ?@8<5@=K5 2 A>>B25BAB288 A B@51>20=8O<8 AB0=40@B0;
2:;NG8BL 2 $ ! ?> =0?@02;5=8N ?>43>B>2:8 5403>38G5A:>5 >1@07>20=85 ?5@5G5=L :>=:@5B=KE >1O70B5;L=KE CG51=KE 48AF8?;8= 8 ?@0:B8:, =0?>;=82 8E A>45@60=85<;
8A:;NG8BL 87 ?@0:B8:8 ?>43>B>2:8 CG8B5;59 E8<88 2 A8AB5<5 2KAH53> >1@07>20=8O ?> ?@>D8;N %8<8O =0?@02;5=8O ?>43>B>2:8 5403>38G5A:>5 >1@07>20=85 70>G=CN D>@<C >1CG5=8O;
CAB0=>28BL =0 MB0?5 ?@85<0 018BC@85=B>2 =0 =0?@02;5=85 5403>38G5A:>5 >1@07>20=85 ?> ?@>D8;N %8<8O 2ABC?8B5;L=K5 M:70<5=K ?> @CAA:><C O7K:C ( -) , <0B5<0B8:5 ( -) 8 E8<88 ( -) ;
?><8<> 2K?CA:=8:>2 A 2KAH8< ?5403>38G5A:8< >1@07>20=85< A ?@8A2>5==K<8 :20;8D8:0F8O<8 #G8B5;L E8<88 , 0:0;02@ =0?@02;5=8O ?>43>B>2:8 5403>38G5A:>5 >1@07>20=85 ?> ?@>D8;N %8<8O , 038AB@ ?> =0?@02;5=8N 5403>38G5A:>5 >1@07>20=85 ( <038AB5@A:0O ?@>3@0<<0 %8<8G5A:>5 >1@07>20=85 ) ?@82;5:0BL : ?@5?>4020=8N CG51=>3> ?@54<5B0 %8<8O 2 A8AB5<5 >1I53> >1@07>20=8O ;8F, 8<5NI8E 2KAH55 E8<8G5A:>5 >1@07>20=85 ( A ?@8A2>5==>9 :20;8D8:0F859 %8<8: 8;8 0:0;02@ ?> =0?@02;5=8N ?>43>B>2:8 %8<8O ) ;
@0AH8@8BL D8;>A>DA:CN ( 2 G0AB8 B5>@88 ?>7=0=8O) , 18>;>38G5A:CN ( 2>7@0AB=0O D878>;>38O 8 38385=0) , ?A8E>;>3>- ?5403>38G5A:CN ( >1I0O, 2>7@0AB=0O 8 ?5403>38G5A:0O ?A8E>;>38O; ?5403>38:0) 8 =0CG=>- <5B>48G5A:CN ( <5B>48:0 >1CG5=8O E8<88) ?>43>B>2:C 1C4CI8E CG8B5;59 E8<88; 2K45;8BL =5 <5=55 6 =545;L 4;O ?@>E>645=8O 8<8 ?5403>38G5A:>9 ?@0:B8:8 2 H:>;5.
1 3 . =5AB8 2 48=K9 :20;8D8:0F8>==K9 A?@02>G=8: 4>;6=>AB59 @C:>2>48B5;59, A?5F80;8AB>2 8 A;C60I8E ( ?@8:07 8=8AB5@AB20 74@02>>E@0=5=8O 8 A>F80;L=>3> @0728B8O >AA89A:>9 $545@0F88 >B 2 6 . 0 8 . 2 0 1 0 ! 7 6 1 =) , @>D5AA8>=0;L=K9 AB0=40@B ?5403>30 ( ?@8:07 8=8AB5@AB20 B@C40 8 A>F80;L=>9 70I8BK $ >B 1 8 . 1 0 . 2 0 1 3 ! 5 4 4 =) 87<5=5=8O, A2O70==K5 A :>=:@5B870F859 :20;8D8:0F8>==KE B@51>20=89 : 4>;6=>AB8 CG8B5;O E8<88, 0 B0:65 A >?@545;5=85< 1>;55 G5B:8E :@8B5@852 MDD5:B82=>AB8 8 @57C;LB0B82=>AB8 @01>BK CG8B5;O E8<88.
1 4 . 07@01>B0BL A8AB5<C >F5=:8 :0G5AB20 @01>BK CG8B5;O ( 2 B>< G8A;5 0BB5AB0F88) , CG8BK20NICN CB>G=5=85 B@51>20=89 : 4>;6=>AB8 CG8B5;O E8<88 8 ?@54CA<0B@820NICN CG0AB85 2 0BB5AB0F88 0AA>F80F89 CG8B5;59 8 ?@5?>4020B5;59 E8<88, 2:;NG0O A5B52K5 >1J548=5=8O. !>3;0A=> @07@01>B0==>9 A8AB5<5 2=5AB8 87<5=5=8O 2 ?@8:07 8=8AB5@AB20 >1@07>20=8O 8 =0C:8 $ >B 0 7 . 0 4 . 2 0 1 4 ! 2 7 6 1 CB25@645=88 >@O4:0 ?@>2545=8O 0BB5AB0F88 ?5403>38G5A:8E @01>B=8:>2 >@30=870F89, >ACI5AB2;ONI8E >1@07>20B5;L=CN 45OB5;L=>ABL .
1 5 . 07@01>B0BL <5E0=87<K :><?;5:A=>3> A>25@H5=AB2>20=8O ?@>D5AA8>=0;L=KE :><?5B5=F89 CG8B5;59 E8<88, 2:;NG0O:
<>45@=870F8N A8AB5<K ?>2KH5=8O :20;8D8:0F88 CG8B5;59 ( 2 >G=>9, 70>G=>9 8 48AB0=F8>==>9 D>@<0E) A 8A?>;L7>20=85< =>2KE 8=D>@<0F8>==KE B5E=>;>389, AB068@>2>: 8 B. 4. ;
CAB0=>2;5=85 548=>3> A@>:0 >A2>5=8O ?@>3@0<< ?>2KH5=8O :20;8D8:0F88 1 0 8 G0A>2 =5 @565, G5< >48= @07 2 B@8 3>40, 87 :>B>@KE =5 <5=55 7 2 G0A>2 4>;6=K 1KBL >B2545=K A>45@60B5;L=K< 8 <5B>48G5A:8< 0A?5:B0< >1CG5=8O E8<88, A 2>7<>6=>ABLN ?@54AB02;5=8O >4=>3> 8;8 42CE C4>AB>25@5=89 > ?>2KH5=88 :20;8D8:0F88 ?> ?@>3@0<<0<, 2 AC<<5 >15A?5G820NI8< 1 0 8 G0A>2;
?>445@6:C A0<>>1@07>20=8O CG8B5;59 E8<88, 2 B>< G8A;5 8E CG0AB85 2 2518=0@0E, ?@>2>48<KE 8740B5;LAB20<8, 2K?CA:0NI8<8 # , A ?@82;5G5=85< 02B>@>2 # , <5B>48AB>2, CG8B5;59 2KAH59 :20;8D8:0F88; >15A?5G5=85 H:>;L=KE 181;8>B5: ( <5480B5:, <5480F5=B@>2) CG51=8:0<8, 2:;NG5==K<8 2 D545@0;L=K9 ?5@5G5=L, :><?;5:B0<8 =0CG=>- <5B>48G5A:8E ( %8<8O 2 H:>;5 8 4@. ) 8 =0CG=>- ?>?C;O@=KE 6C@=0;>2 ( %8<8O 8 687=L , 0C:0 8 687=L 8 4@. ) , A?5F80;878@>20==>9 ?A8E>;>3>- ?5403>38G5A:>9 8 <5B>48G5A:>9 ;8B5@0BC@>9.
1 6 . #AB@0=8BL 871KB>G=K5 B@51>20=8O : ?;0=8@>20=8N @01>BK CG8B5;O E8<88, : 53> >BGQB=>AB8 8, ?@5645 2A53>:
@07@01>B0BL =0CG=>- >1>A=>20==CN =><5=:;0BC@C ?;0=>2 8 >BGQB>2, =5>1E>48<CN 8 4>AB0B>G=CN 4;O MDD5:B82=>9 @01>BK CG8B5;O E8<88;
@07@5H8BL 8A?>;L7>20=85 02B>@A:8E ?@>3@0<< # 2 :0G5AB25 @01>G8E ?@>3@0<< CG8B5;O; 87JOBL 87 =>@<0B82=KE 4>:C<5=B>2 B@51>20=85 5653>4=>3> >1=>2;5=8O @01>G8E ?@>3@0<<.
1 7 . 25AB8 2 HB0B=K5 @0A?8A0=8O 2A5E >1@07>20B5;L=KE >@30=870F89 >A=>2=>3> >1I53> 8 A@54=53> >1I53> >1@07>20=8O 4>;6=>ABL ;01>@0=B0 :018=5B0 E8<88, @07@01>B0BL 4>;6=>AB=CN 8=AB@C:F8N ;01>@0=B0 :018=5B0 E8<88.
V I . 50;870F8O >=F5?F88
50;870F8O =0AB>OI59 >=F5?F88 >15A?5G8205BAO ?>A@54AB2><:
CB25@645=8O 8=8AB5@AB2>< >1@07>20=8O 8 =0C:8 >AA89A:>9 $545@0F88 ;0=0 <5@>?@8OB89 ?> @50;870F88 >=F5?F88 ?@5?>4020=8O CG51=>3> ?@54<5B0 %8<8O 2 >AA89A:>9 $545@0F88;
2=5A5=8O 87<5=5=89 2 =>@<0B82=K5 4>:C<5=BK, @53C;8@CNI85 A8AB5<C >1I53> >1@07>20=8O 2 F5;>< 8 @50;870F8N >1@07>20B5;L=>3> ?@>F5AA0 ?> CG51=><C ?@54<5BC %8<8O ;
2:;NG5=8O A>>B25BAB2CNI8E 7040G ?> A>25@H5=AB2>20=8N ?@5?>4020=8O CG51=>3> ?@54<5B0 %8<8O 2 ?5@5G5=L <5@>?@8OB89 3>AC40@AB25==>9 ?@>3@0<<K 0728B85 >1@07>20=8O , @538>=0;L=KE ?@>3@0<< @0728B8O >1@07>20=8O 8 ?@>3@0<< @0728B8O >B45;L=KE >1@07>20B5;L=KE >@30=870F89, D8=0=A8@C5<KE 70 AG5B A@54AB2 D545@0;L=>3>, @538>=0;L=KE 8 <C=8F8?0;L=KE 1N465B>2, 2=51N465B=KE 8AB>G=8:>2.
50;870F8O =0AB>OI59 >=F5?F88 ?@8720=0 >15A?5G8BL ?>2KH5=85 C@>2=O ?@5?>4020=8O 8 87CG5=8O CG51=>3> ?@54<5B0 %8<8O , :0G5AB20 >1I53> >1@07>20=8O 2 F5;><, A8AB5<=>5 @5H5=85 206=59H8E 7040G @0728B8O 8=B5;;5:BC0;L=KE A?>A>1=>AB59 ;8G=>AB8 >1CG0NI8EAO 8 2>A?8B0=8O A>F80;L=> >B25BAB25==KE 3@0640=.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
P A G E \ * M E R G E F O R M A T 1 6
P A G E \ * M E R G E F O R M A T 1
~ h l ~ ǴoYF $h^ hx}, CJ OJ QJ aJ mHsH +h^ hx}, 5CJ OJ PJ QJ aJ mHsH1h^ he7 B*CJ OJ PJ QJ aJ mHph sH1h^ hh<; B*CJ OJ PJ QJ aJ mHph sH$h^ h CJ OJ QJ aJ mHsH $h^ hE$ CJ OJ QJ aJ mHsH $h^ hVUl CJ OJ QJ aJ mHsH $h^ hp CJ OJ QJ aJ mHsH $h^ hn CJ OJ QJ aJ mHsH 8 h @ P R X Z \ 8 & ( J r t 6 8 : x ֬֗֗֗֗֗ւm (h^ h: CJ OJ PJ QJ aJ mHsH (h^ h5 CJ OJ PJ QJ aJ mHsH (h^ hf CJ OJ PJ QJ aJ mHsH (h^ h O CJ OJ PJ QJ aJ mHsH (h^ h$i CJ OJ PJ QJ aJ mHsH (h^ hn CJ OJ PJ QJ aJ mHsH (h^ hx}, CJ OJ PJ QJ aJ mHsH&F 8 ` b ~ X v $7d `7a$gd1+ $7d `7a$gd?% $d a$gdx}, $d a$gdAA $ d ] a$gdaj $
& F
% 7d ] ^7`a$gdk). $
& F
7d ] ^7`a$gdk).
, . ^ l j 뗂mXC (h^ h$i CJ OJ PJ QJ aJ mHsH (h^ hn CJ OJ PJ QJ aJ mHsH (h^ hp CJ OJ PJ QJ aJ mHsH (h^ hD CJ OJ PJ QJ aJ mHsH (h^ hGv CJ OJ PJ QJ aJ mHsH (h^ h-% CJ OJ PJ QJ aJ mHsH (h^ h% CJ OJ PJ QJ aJ mHsH (h^ hyJ CJ OJ PJ QJ aJ mHsH (h^ h E CJ OJ PJ QJ aJ mHsH 4 6 8 X Z ` b p r T V X &
J N | ֬qqqq^qKqKq $h^ hXg CJ OJ QJ aJ mHsH $h^ h% CJ OJ QJ aJ mHsH $h^ haj CJ OJ QJ aJ mHsH $h^ h( CJ OJ QJ aJ mHsH (h^ haj CJ OJ PJ QJ aJ mHsH (h^ hp CJ OJ PJ QJ aJ mHsH (h^ h: CJ OJ PJ QJ aJ mHsH (h^ h$i CJ OJ PJ QJ aJ mHsH (h^ h O CJ OJ PJ QJ aJ mHsH | ~ $ & ֬֬뗬~eO6 1h^ h,Q B*CJ OJ PJ QJ aJ mHph sH+h^ hx}, 5CJ OJ PJ QJ aJ mHsH1h^ h B*CJ OJ PJ QJ aJ mHph sH1h^ hn B*CJ OJ PJ QJ aJ mHph sH(h^ ho6 CJ OJ PJ QJ aJ mHsH (h^ h' ~ CJ OJ PJ QJ aJ mHsH (h^ h O CJ OJ PJ QJ aJ mHsH (h^ hn CJ OJ PJ QJ aJ mHsH (h^ h% CJ OJ PJ QJ aJ mHsH F ` b z X ^ ز؟؟؟؋u``L 'h^ h
o 5CJ OJ QJ aJ mHsH(h^ h1+ CJ OJ PJ QJ aJ mHsH +h^ h1+ 5CJ OJ PJ QJ aJ mHsH'h^ h1+ 5CJ OJ QJ aJ mHsH$h^ h1+ CJ OJ QJ aJ mHsH $h^ hD CJ OJ QJ aJ mHsH $h^ hd*, CJ OJ QJ aJ mHsH $h^ h?% CJ OJ QJ aJ mHsH 'h^ h?% 5CJ OJ QJ aJ mHsH ^ 6 \ * 0 & p T $7d `7a$gdu| $7d `7a$gd} $
& F
7d 1$^7`a$gd} $7d `7a$gd$ $7d `7a$gdXn $
% 7d `7a$gd1+ 0 2 4 6 ( ~ X \ Z & Z ` l 0 2 4 زز؟،زز؟ز،؟yزee 'h^ h
o 5CJ OJ QJ aJ mHsH$h^ hzq CJ OJ QJ aJ mHsH $h^ h~bW CJ OJ QJ aJ mHsH $h^ h
o CJ OJ QJ aJ mHsH $h^ hNGl CJ OJ QJ aJ mHsH $h^ h1+ CJ OJ QJ aJ mHsH $h^ hXn CJ OJ QJ aJ mHsH 'h^ hXn 5CJ OJ QJ aJ mHsH " & L N P
$ & ( * F l yfySy@- $h^ h, CJ OJ QJ aJ mHsH $h^ h} CJ OJ QJ aJ mHsH $h^ h?T CJ OJ QJ aJ mHsH $h^ h,{ CJ OJ QJ aJ mHsH $h^ h$ CJ OJ QJ aJ mHsH 'h^ h$ 5CJ OJ QJ aJ mHsH'h^ h
o 5CJ OJ QJ aJ mHsH$h^ hXn CJ OJ QJ aJ mHsH $h^ h`
CJ OJ QJ aJ mHsH $h^ hV.z CJ OJ QJ aJ mHsH $h^ h u CJ OJ QJ aJ mHsHl : > N P * @ B D D F tt_tLtLt_t_t_t $h^ hvX CJ OJ QJ aJ mHsH (h^ hu| CJ OJ QJ ^J aJ mHsH $h^ hu| CJ OJ QJ aJ mHsH +h^ hu| CJ OJ QJ \^J aJ mHsH'h^ hu| CJ OJ QJ \aJ mHsH*h^ hu| 5CJ OJ QJ \aJ mHsH $h^ h`
CJ OJ QJ aJ mHsH $h^ h< CJ OJ QJ aJ mHsH $h^ h} CJ OJ QJ aJ mHsH D 6 F \ ! h% & 8* 0 ~2 3 $
& F 7d 1$^7`a$gdu| $
& F 7d *$1$^7`a$gdu| $
& F 7d 1$^7`a$gdu| $7d `7a$gdu| $
& F
h77d *$1$^7`a$gdu| Z \ X! ! ! ! % d% & & 6* 8* * / ~2 3 3 3 3 3 r5 t5 8 8 : ذ؝؈ubO $h^ hZr; CJ OJ QJ aJ mHsH $h^ hI CJ OJ QJ aJ mHsH $h^ h~9 CJ OJ QJ aJ mHsH (h^ hu| CJ OJ PJ QJ aJ mHsH $h^ hTK CJ OJ QJ aJ mHsH $h^ h CJ OJ QJ aJ mHsH (h^ hu| CJ OJ QJ ^J aJ mHsH $h^ hu| CJ OJ QJ aJ mHsH 'h^ hu| 5CJ OJ QJ aJ mHsH 3 7 8 9 .< = ? @ TB C G ^J NN 2R S XT W Z [ $
& F
7d 1$^7`a$gdu| $
& F 7d 1$^7`a$gdu| $7d `7a$gdu| : : : : V> X> ? ? @ @ B B C C G G \J ^J dJ M M NN TN FP LP 2R 8R S S Z ڴڡڎyeyQQQy 'h^ hu| 5CJ OJ QJ aJ mHsH'h^ hu| 7CJ OJ QJ aJ mHsH(h^ hu| CJ OJ QJ ^J aJ mHsH $h^ hD% CJ OJ QJ aJ mHsH $h^ hI CJ OJ QJ aJ mHsH $h^ h
, CJ OJ QJ aJ mHsH $h^ hE CJ OJ QJ aJ mHsH $h^ hu| CJ OJ QJ aJ mHsH $h^ h`
CJ OJ QJ aJ mHsH Z Z Z Z [ [ \ \ J] N] ^ "^ _ _ _ _ _ 8b ڱڱڞڈs]D/ (h^ hy CJ OJ PJ QJ aJ mHsH 1h^ h^ B*CJ OJ PJ QJ aJ mHph sH+h^ hx}, 5CJ OJ PJ QJ aJ mHsH(h\+ h\+ CJ OJ PJ QJ aJ mHsH +h\+ B*CJ OJ PJ QJ aJ mHph sH$h^ h`
CJ OJ QJ aJ mHsH (h^ hu| CJ OJ QJ ^J aJ mHsH 'h^ hu| 5CJ OJ QJ aJ mHsH$h^ hu| CJ OJ QJ aJ mHsH $h^ hW CJ OJ QJ aJ mHsH[ \ ^ _ _ _ _ _ _ n` a c e $
& F 7d ] ^7`a$gd^J d ] `gdy d gd^J $d a$gdx}, d gd\+ $7d `7a$gdu| $
& F 7d 1$^7`a$gdu| 8b c >g @g Ng Pg `g dg rg g Fh h h h h h h h h h h h h h h h h h ֬xixSxi +hW hW CJ OJ QJ aJ mH nH sHu h)e h)e CJ OJ QJ aJ %j h)e hSI CJ OJ QJ UaJ h eT j h eT U(h& h~ CJ OJ PJ QJ aJ mHsH (h^ h~ CJ OJ PJ QJ aJ mHsH (h^ h Q) CJ OJ PJ QJ aJ mHsH (h^ hy CJ OJ PJ QJ aJ mHsH (h^ hu+ CJ OJ PJ QJ aJ mHsHe Fh Hh h h h h h h h h h h h ,i .i 0i 2i $a$ d gdAA $ 7d ] `7a$gd~ $ 7d ] `7a$gd^J h h $i &i (i *i ,i 0i 2i î (h& h~ CJ OJ PJ QJ aJ mHsH h eT +hW hW CJ OJ QJ aJ mH nH sHu h< hU CJ OJ QJ aJ %j h< hSI CJ OJ QJ UaJ F
00 P &P 1+:pE |. A!"S#n$n% S Dp j 6 6 6 6 6 6 6 6 6 v v v v v v v v v 6 6 6 6 6 6 > 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 h H 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 2 0 @ P ` p 2 ( 0 @ P ` p 0 @ P ` p 0 @ P ` p 0 @ P ` p 0 @ P ` p 0 @ P ` p 8 X V ~ OJ PJ QJ _HmHnHsHtH P ` P +# 1KG=K9 d 1$ CJ _HaJ mH sH tH B A B
A=>2=>9 H@8DB 0170F0 X i X 0 1KG=0O B01;8F0 4
l 4 a . k .
0
5B A?8A:0 V V AA 0 5@E=89 :>;>=B8BC; d E$ F F AA 0 5@E=89 :>;>=B8BC; =0: T @ T AA 0 86=89 :>;>=B8BC; d E$ D !D AA 0 86=89 :>;>=B8BC; =0: < @ 2< AA 170F A?8A:0 ^m$ d B@ Bd V A=>2=>9 B5:AB d x *$1$ OJ PJ QJ ^J mHsHtHZ QZ V A=>2=>9 B5:AB =0: OJ PJ QJ ^J mHsHtHr ^ br ) 0
1KG=K9 ( 251) d d d 1$[$\$ $ CJ OJ PJ QJ ^J aJ mHsHtHT rT P 0
"5:AB 2K=>A:8 d CJ OJ QJ ^J aJ P P P 0 "5:AB 2K=>A:8 =0: CJ OJ QJ ^J aJ PK ! [Content_Types].xmlj0Eжr(Iw},-j4 wP-t#bΙ{UTU^hd}㨫)*1P' ^W0)T9<l#$yi} ;~@(Hu* Dנz/0ǰ $ X3aZ,D0j~3߶b~i>3\`?/[G\!-Rk.sԻ..a濭? PK ! ֧ 6 _rels/.relsj0 }Q%v/C/} (h"O
= C?hv=Ʌ%[xp{۵_Pѣ<1H0ORBdJE4b$q_ 6LR7`0̞O,En7Lib/Se е PK ! ky theme/theme/themeManager.xml M
@}w7c(Ebˮ CAǠҟ7՛K
Y,
e.|,H ,lxɴIsQ}#Ր ֵ+!,^$j=GW)E+&
8 PK ! P theme/theme/theme1.xmlYOo6w toc'vuر-Mn iP@I}úama[إ4:l ЯGRX^6؊>$ !)O^rC$y@ /yH*)UDb`}"qۋJחX^)I`nEp)liV[]1M<OP6r=zgbIguSe bORD۫qu gZo~ٺlAplxpT0+[}`j zA V2Fi@qv֬5\|ʜ̭NleXd sjcs7f
W+Ն7` g ȘJj|h(KD-
dXiJ؇(x$( :;˹! I_TS 1?E ??ZBΪmU/ ?~xY'y5g&/ɋ>GMGeD3Vq%'#q$8K )fw 9:ĵ
x}rxwr:\TZaG*y8IjbRc|XŻǿI
u3KGnD 1NIBs
RuK>V.E L+M2#'fi ~V vl{u8z H
* :( W ☕
~JTe\O*tHGHY }KNP*ݾ˦ TѼ9/#A7qZ $*c?qUnwN%Oi4 =3ڗP
1Pm \\9Mؓ2aD];Yt\[x]}Wr|]g-
eW
)6-rC Sj
id DЇAΜIqbJ#x꺃 6k#ASh&ʌt(Q% p%m&]caS l=X\P1Mh9MVdDAaVB[݈fJíP|8 քAV^f
Hn- "d>znNJ ة>b&2vKyϼD:,AGm\nziÙ .uχYC6OMf3or$5N HT[XF64T,ќM0E)`#5XY`פ ;%1U٥m;R>QD DcpU'&LE/pm%]8firS4d 7y\`JnίI R 3U~7+#m qBiDi*L69mY&iHE=(K&N!V.KeLDĕ{D vEꦚdeNƟe(MN9ߜR6&3(a/DUz<{ˊYȳV)9Z[4^n5!J?Q3eBoCM m<.vp IYfZY_p[=al-Y}Nc͙ŋ4vfavl'SA8|*u{-ߟ0%M07% < ҍ PK !
ѐ ' theme/theme/_rels/themeManager.xml.relsM
0wooӺ&݈Э5
6?$Q
,.aic21h:qm@RN;d`o7gK(M&$R(.1r'JЊT8V"AȻHu}|$b{ P8g/ ]QAsم(#L[ PK- ! [Content_Types].xmlPK- ! ֧ 6 + _rels/.relsPK- ! ky theme/theme/themeManager.xmlPK- ! P theme/theme/theme1.xmlPK- !
ѐ ' theme/theme/_rels/themeManager.xml.relsPK ]
9 4 0 ( ( C F F! 7 R [ :g q bx h : ~ | l : Z 8b h 2i T W X Z \ ] ^ _ ` b d e $, P x . F 3 [ e 2i U V Y [ a c " % ( > @ F !! d 0 # A A @ H 0 (
0 (
B
S ? _ G o B a c k : : 5 C { ! ! ! " 0 0 1 1 12 D2 2 2 G5 T5 5 5 ^= h= ? ? G G Y Y f f "h /h j $j j j Ck Wk ~l l :z Dz 2{ <{ Â ̂ [ o ņ o x
# 5 5 7 : u
A
! " " \$ , z. / 1 1 1 12 D2 ^3 4 U5 [5 A A nB oB zB B E 'G NH VH I I CS /U 0U SW QY ^[ 4\ a\
d :e ;e f f g g h j $j Ck Wk o p p p r r v v ez S| } ~ ~ ۀ ʊ t ӎ Ɛ ( ˓ , 5 5 7 : kB B m v ʊ ) 1 u ώ ĝ 5 5 : . e >/JT Chp%!. c w~ ^`OJ QJ o( - ^`OJ QJ ^J o( o p^p`OJ QJ o( @ ^@ `OJ QJ o( - ^`OJ QJ ^J o( o ^`OJ QJ o( ^`OJ QJ o( ^`OJ QJ ^J o( o P^P`OJ QJ o( ^`OJ QJ o( - ^`OJ QJ ^J o( o P^P`OJ QJ o( ^ `OJ QJ o( ^ `OJ QJ ^J o( o !^!`OJ QJ o( $^$`OJ QJ o( `'^`'`OJ QJ ^J o( o 0*^0*`OJ QJ o( ^`B* OJ QJ o( ph - ^^^`OJ QJ ^J o( o . ^. `OJ QJ o(
^
`OJ QJ o( ^`OJ QJ ^J o( o ^`OJ QJ o( n^n`OJ QJ o( >^>`OJ QJ ^J o( o ^ `OJ QJ o( ^`B* OJ QJ o( ph - ^`OJ QJ ^J o( o
^
`OJ QJ o( w
^w
`OJ QJ o( G^G`OJ QJ ^J o( o ^`OJ QJ o( ^`OJ QJ o( ^`OJ QJ ^J o( o ^`OJ QJ o( ^`OJ QJ o( - d^d`OJ QJ ^J o( o 4 ^4 `OJ QJ o( ^`OJ QJ o( ^`OJ QJ ^J o( o ^`OJ QJ o( t^t`OJ QJ o( D^D`OJ QJ ^J o( o ^ `OJ QJ o( ^`OJ QJ o( ^^^`OJ QJ ^J o( o . ^. `OJ QJ o(
^
`OJ QJ o( ^`OJ QJ ^J o( o ^`OJ QJ o( n^n`OJ QJ o( >^>`OJ QJ ^J o( o ^ `OJ QJ o( h h^h`OJ QJ o( - 8 8^8`OJ QJ ^J o ^`OJ QJ ^J ^ `OJ QJ o( - ^ `OJ QJ ^J o x x^x`OJ QJ ^J H H^H`OJ QJ ^J ^`OJ QJ ^J o ^`OJ QJ ^J ^`B* OJ QJ o( ph - ^^^`OJ QJ ^J o( o . ^. `OJ QJ o(
^
`OJ QJ o( ^`OJ QJ ^J o( o ^`OJ QJ o( n^n`OJ QJ o( >^>`OJ QJ ^J o( o ^ `OJ QJ o( h h^h`OJ QJ o( - 8 8^8`OJ QJ ^J o ^`OJ QJ ^J ^ `OJ QJ ^J ^ `OJ QJ ^J o x x^x`OJ QJ ^J H H^H`OJ QJ ^J ^`OJ QJ ^J o ^`OJ QJ ^J @ ^@ `OJ QJ o( - ^`OJ QJ ^J o( o ^`OJ QJ o( ^`OJ QJ o( ^`OJ QJ ^J o( o P^P`OJ QJ o( ^ `OJ QJ o( ^ `OJ QJ ^J o( o !^!`OJ QJ o( ^`OJ QJ o( - ^`OJ PJ QJ ^J o(
^
`OJ QJ o( w
^w
`OJ QJ o( G^G`OJ QJ ^J o( o ^`OJ QJ o( ^`OJ QJ o( ^`OJ QJ ^J o( o ^`OJ QJ o( ^`OJ QJ o( - ^`OJ QJ ^J o( o
^
`OJ QJ o( w
^w
`OJ QJ o( G^G`OJ QJ ^J o( o ^`OJ QJ o( ^`OJ QJ o( ^`OJ QJ ^J o( o ^`OJ QJ o( ^`OJ QJ o( - ^`OJ QJ ^J o( o
^
`OJ QJ o( w
^w
`OJ QJ o( G^G`OJ QJ ^J o( o ^`OJ QJ o( ^`OJ QJ o( ^`OJ QJ ^J o( o ^`OJ QJ o( ^`o( . ^^^`OJ QJ ^J o( o . ^. `OJ QJ o(
^
`OJ QJ o( ^`OJ QJ ^J o( o ^`OJ QJ o( n^n`OJ QJ o( >^>`OJ QJ ^J o( o ^ `OJ QJ o( ^`B* OJ QJ o( ph - ^`OJ QJ ^J o( o p^p`OJ QJ o( @ ^@ `OJ QJ o( ^`OJ QJ ^J o( o ^`OJ QJ o( ^`OJ QJ o( ^`OJ QJ ^J o( o P^P`OJ QJ o( ^ `OJ QJ o( - x^x`OJ QJ ^J o( o H^H`OJ QJ o( ^`OJ QJ o( ^`OJ QJ ^J o( o ^`OJ QJ o( ^ `OJ QJ o( X ^X `OJ QJ ^J o( o (#^(#`OJ QJ o( y X w~ 4^ . &K >/J )b A Chp% c< Qe DUp ,H (ow T p p p 0\ 0\ p 0\ p p p p 0\ p +MiG R MiG P < % SI V } ^
g
`
JK C 0Z j = P ?T A y c $ E$ -% ?% D% & uK( 1*) Q)
, d*, x}, 34- &W- k). :. ~}. n/ 2?0 ;N2 _2 f2 :3 4 m6 (7 U7 18 Af8 {9 )x9 : h<; Zr; C= ;W> S? _A )E UEE F SqF uG H dAI J WJ yJ TK $ L 5M .lM WUQ R ~S [S 3S eT GV cV HW ~bW tW vX Y ?5\ *] DK` b >b Tb lxb @c mec -&d ;d Ud [vd )e Be +g 0g Xg S!h
Lh $i E4j aj NGl VUl dm Xn
o *o &p nq zq 5r ]lr vt Su ;zu zu u R v Gv )y V.z ,{ u| G| } A} ' ~ ^J o o6 VW X9 O %X c W ) n s) 5 |k U F e
&q 9x X u G & u+ T n W F @ . E ] _q MB AA ~ f W I t $5 ; ( : k :t D2 p .J Tx ' E E } @ % i Jo , D 3Z ^ ? q D g [Q
Z z i 1+ B5 < E ~9 ^
B JB D
\W 0S Mv ` M Kj E r ,Q s D Jn C l I \+ G4 e7 nB rp yz J [ @\ Y/ W iu @( ; O 9 ~ U n k n o w n
G . Cx T i m e s N e w R o m a n 5 S y m b o l 3. * Cx A r i a l 7. @ C a l i b r i ; ( S i m S u n [SO W f o n t 3 2 1 T i m e s N e w R o m a n 9. . S e g o e U I ?= * Cx C o u r i e r N e w ; W i n g d i n g s A $ B C a m b r i a M a t h " 1 h kZkZ̓X a P a P A nn 0 2 HX $P [Q 2 ! x x ;048<8@ !>;>2L520 .;8O ;5:A552=0 L
Oh +'0 D x
$ , 4 < Normal 2 Microsoft Office Word @ Ik @ 1@ Ҭ[O@ Ҭ[O a ՜. +,D ՜. +,8 h p
Microsoft P p ( N V b Created
LastSaved @ zX@ t4
! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ? @ A B C D E F G H I J K L M N O P Q R S T U V W X Y Z [ \ ] ^ _ ` a b c d e f g h i j k l m n o p q r s t u v w x y z { | } ~ R o o t E n t r y F ɭgO
1 T a b l e Q W o r d D o c u m e n t H S u m m a r y I n f o r m a t i o n ( D o c u m e n t S u m m a r y I n f o r m a t i o n 8 M s o D a t a S t o r e gO0gO Q 2 M U S Z D E K S I W V G Q = = 2 gO0gO I t e m
P r o p e r t i e s U C o m p O b j
y
F' Microsoft Office Word 97-2003
MSWordDoc Word.Document.8 9q