文档内容
#$!"#$%&’()*&+
, -
!!
./01!
!%!"#!$%&’()*+,-"$%."$/."01.234!"56#
#%7!89":!8;<="!>?!@ABC!"56DE"F+!>G.H
I#JKLM!@NOPQR?!S8HTU!>G.#7!V89":!(!>34
!"56#34WXY6Z[#
&%$X\]?!(WXY^!"5_‘a7#
2345!67"89:#;5&"5$
b":!c(!>G4XY6#defg\]?!h(ijkl+:m(XY6+!>n
Ho!"56#
p_q!$r$="%<="!%$k!sk’%$k&
tuv$wDx#(cid:140)*#
!%:1201;2<=,>?5@54ABC53-2CC415.A<.,34D6,BABCE@6,-(
(%*A66,43% )%F,4A4,53% *%G,.A4,53%
#%:1A4-2CC4153D5A;563=,,,6.A<05%
&%:1A423415.A6,.415=5DA64.5<434,65%
)%(0,CC5@5>625<=@A?5244,156%
*%+56323456.A=524>,6156%
$%:1A4=,53415-,.A<3AEAB,/4M56.A26,.415-,.A<(
(%(005D42<@C,3353% )%L1,-2<@653D504% *%)/2C=2<@/D0,<>2=5<05%
’%:1A423415D6,BABC565CA42,<312DB54-55<4153D5A;563(
(%(0,/DC5% )%R,4156A<=3,<% *%G5A..A453%
tp’w(cid:148)(cid:149)!7!p9(cid:150)!""#
9%:1A4=,53415.A<412<;,>41545S43(
(%),62<@% )%O6,.415C2B6A6E(
(%H,6,<5-55;% )%H,64-,-55;3% *%H,641655-55;3%
tp9w(cid:148)(cid:149)!7!p!!(cid:150)!&"#
!!%:1565=,534150,>205% *%I/432=5A301,,C%
!#%+,-./01=,53A3-2..2<@0CA330,34<,6.ACCE(
(%7’%$"% )%7Q%""% *%7$%""%
!&%:1A4-2CC415.A,61233,<%
)%U62?5415-,.A<4,4153-2..2<@0CA33%
*%GAC;4,1233,25C=(
(%G,354/DA6535A601@6,/D%
)%G,-,6;,26344,65AC2J5123=65A.(
(%*,,D56A45-241415-,.A<,25C=,>4501<,C,@E%
!’%:1A423415-,.A,6A=?A<05=0,/6353%
*%G,0,<4245<=,5341512;2<@@6,/D.554(
(%I<05A-55;% )%G-205A-55;% *%O?56E=AE%
!!"#$!%!!!!#&"’!"&#$
!"#$$%&!8%:1565=,53415@6,/D12;5(
(%N<415>,6534% )%N,,=% )%V5A?2<@@A6BA@5% *%)62<@2<@3,.5-A456%
!2!<4!5!!!=!>!"!89!:!#!;!5!$"!5!$! !!!!!! !! !!!!
p_q!$r!$="%<="#%$k!sk&’%$k&
(cid:135)(cid:136)u(cid:151)(cid:152)(cid:153)!z<"|}+(")"*"U(cid:154)y8(cid:127){8;(cid:128)(cid:129)8(cid:127)#
!
L4AA.,/33245-2412<415F5A;U2346204WA42,415CA6@534@62434,<5$(cid:155)(cid:156)&0C2>>3,?56C,,;2<@+A41563A@525A4/65,>415A65AA<=A446A043.A,612;563A<=0C2.B563!,>>562<@,?56#!"""0C2.B2<@6,/453
41A40A4564,A6A<@5,>=2>>20/C4EC5?5C3%
-’./0’*123%304
Y<,-<>,62432.D65332?50C2>>3A<=B5A/42>/C.,,6CA<=?25-3!?2324,630A<5205<4?25-3,>415UA6;F5A;3A<=415U56-5<4ZACC5E%
"#5.604’%()/*./03
[2012<1234,6EA<=0/C4/65!L4AA652<.5=25?AC
O<@CA<=%G15V,<@*A/35-AE!A.5=25?ACDA0;1,6356,/45!DA3353416,/@14123A65A%
7#.30’04839303%235
L4A4152<3D26A42,<3>,6*1A6C,445
)6,<4\P3<,?5C!"#$%&’$%N4AC3,ADD5A65=2<415#""$>2C.A=AD4A42,<,>(’)*$"#*
(’$+,*)-$!-1565Y526AY<2@14C5E!DCAE2<@OC2JAB541)5<<54!@AJ532<4,415=234A<05%
:0’%5;60.’.#6%
L4AAB,/4’
;2C,.54563!-1201235SD5045=4,4A;5#(cid:157)&1,/634,0,.DC545%
L4A,6A?A6254E,>,/4=,,6A042?24253%:154156E,/A65A
0C2.B56355;2<@A01ACC5<@5,6A12;56C,,;2<@4,52<=
3,.5412<@4,=5C2@14E,/635C>1565%
#!%:1201A042?24E23L4A,6(
(%*E0C2<@% )%*C2.B2<@% *%L/6>2<@% U%L-2..2<@%
##%:1A4=,53L4A2C.A=AD4A42,<,>(’)*$"#*(’$+,*)-$(
(%G152<3D26A42,<>,624% )%G150A6DA6;,>415065-%
*%(>2C.2<@C,0A42,<>,624% U%(-AC;2<@6,/45,>4156,C53%
!!"#$!%!!!!&&"’!"&#$
!"#$$%&#&%:15652341545S4.,34D6,BABCE4A;5<>6,.(
(%(<,?5C% )%(65D,64% *%(20A<42.DA04,<415C2?53,>415346554012C=65<%
G15R,B2C5L01,,CD6,@6A.!CA/<015=BEA<,24,6@A<2JA42,,6
012C=65<-1,C2?5,<4153465543,>R/.BA2%G15D6,@6A.,D56A453,/4,>A3D502ACCE=532@<5=
B/341A446A?5C34,?A62,/3C,0A42,<32<415024E!,>>562<@0CA3353A<=5=/0A42,>565<4
<52@1B,61,,=3,24A3.A>562<@C533,<32415;5E>5A4/653,>415R,B2C5L01,,C23243>C5S2B2C24E%G15D6,@6A.23=532@<5=4,
.554415012C=65B,4141526D1E320AC-5CCXB52<@A<=5=/0A42,>5042?5!A3.A534EC53%
G152<242A42?5 1A365052?5= -2=53D65A= D6A235>6,. B,41C,0AC0,../<24253A<=
2<456415012C=65<-1,A445<=415 R,B2C5L01,,C1A?5
5SD65335=41526@6A424/=5!<,42<@41A4415D6,@6A.D6,?2=5341526012C=65<-241,DD,64/<24253
415E<5?5641,/@14D,332BC5%G153/00533,>415R,B2C5L01,,C1A3AC3,2<3D265=32.2CA6
D6,@6A.32<,4156024253A06,33N<=2A%
U53D245415D,3242?52.DA04!415R,B2C5L01,,CD6,@6A.>A05335?56AC01ACC5<@53%H/<=2<@
23A0,<34A<40,<056>20/C4
4A3;%+,-5?56!415,6@A<2JA42,415R,B2C5L01,,CD6,@6A.2>56D6,>5332,,6346554012C=65<%
U%G,=23462B/45>,,=A<=0C,412<@4,346554012C=65<%
#$%:1201,>415>,CC,-2<@B534=53062B53A;5E>5A4/65,>415R,B2C5L01,,CD6,@6A.(
(%N4,D56A453,2S5=C,0A42,<%
*%N4>,0/3535<4265CE,<3025<05A<=.A415.A4203%
U%N4A=AD434,415012C=65415R,B2C5L01,,CD6,@6A.2<>C/5<05=,41560242532346554012C=65<%
!!"#$!%!!!!K&"’!"&#$
!"#$$%&)%N41A32<3D265=32.2CA65=/0A42,/<=2<@>,65=/0A42,<%
U%N41A3C5=4,415534ABC231.5<4,>.,65315C4563>,6346554012C=65<%
#’%:1A423,<5,>415.AT,601ACC5<@53>A05=BE415R,B2C5L01,,CD6,@6A.(
(%[53234A<05>6,.C,0AC0,../<24253%
)%VA0;,>2<456534>6,.346554012C=65<%
*%U2>>20/C4E2<350/62<@0,<32345<4>/<=2<@%
U%L1,64A@5,>]/AC2>25=45A01563A<=?,C/<45563%
)
Y<,-<>,6415261A26E5A63!6,/<=>A053A<=B2@BCA0;<,353!;,ACA3$¢£⁄&3D5<=.,34
,>4152642.5,65343%G1526C,?5>,6D56012<@$¥ƒ&12@1/DA<=.,?2<@
?56EC244C5.A;5341535(/346AC2A<20,<3=2>>20/C44,46A05%)/441A40,/C=3,,<01A<@541A<;3
4,A<5-4501<2]/541A40A<)3<2>>*,/4;,ACA3P-1565AB,/43%
G15.541,=!=53062B5=,.//0)$*%-1012&!0AD4/653UW(
>C,A42<@A6,/<=415;,ACAP32C4563$§¤'&.A=5,>0155350C,41!A
412<>AB6200,..,,/<=2<;24015<3%L50/65=B54-55<4-,34A22C4563-56545345=A4#Q324532<>,/62C4563+,<5DCA05=AB,/4!%$.54563AB,?5415@6,/<=-241
A>A<41A4.501A<20ACCE=65-2456A>5-=AE3!6535A601563654,,;415>2C4563A<=A25=;,ACA3PUW(A3-5CCA3UW(>6,.
5C5?5<,41563D5025341A4A65;<,-<4,2<1AB24415A65A%
F,D/CA42,<3,>;,ACA31A?531A6DCE=5065A35=2<6505<4E5A63=/54,B/31>2653A<=
=235A353%N<#"##!415(/346AC2A<@,?56<.5<4=50CA65=41A4;,ACA3A655<=A<@565=2<3,.5
DA643,>4150,/<46E%*,<356?A42,<5>>,6431A?565C25=,5-564501<20AC3;2CC34,,D56A45!*4156535A6015633AE%
)N423?56E32.DC5!*3AE35?,C/42,G15‘<2?56324E,>
_/55<3CA<=2<)623BA<5!(/346AC2A%)G152=5A234,@540242J5<3025<42343!D62?A45D6,D564E
,-<563A<=301,,C34/=5<434,@,,/4A<=/35415>2C4563%*
G15-,6;A==3E54A<,41564,,C41A43025<423430A,65UW(2<415A262,65343!,<
?5@54A42,2C4563,>A26D,CC/42,<.,<24,62<@34A42,<3%
)L,.5,>415-,6;2<4123DA6420/CA634/=E2365ACCEA<2.D,64A<4>2634345D!*3AE3
50,C,@234RA4415-)A6<53,>G5SA3G501‘<2?56324E2/<0564A2<4253A<=A623;41A4346,<@-2<=
,66A2<0,/C=A>>504415653/C43%
#9%:1EA65;,ACA3=2>>20/C44,46A0;(
(%)50A/35415EC2;534AE2<@12@1A<=2415BA0;@6,/<=%
#8%:1A4=,53DA6A@6AD1#.A2415.541,=%
)%+,-415.541,=-,6;3%
*%:1A423415653/C4,>415.541,=%
U%+,-4152=5A3B512<=415.541,==5?5C,D%
&"%:1A423RA4415-)A6<53P3A4424/=54,-A6=3412334/=E(
(%U,/B4>/C% )%*,<>/35=% *%HA?,/6ABC5% U%U23ADD6,?2<@%
&!%:1A40A<-5C5A6<>6,.41545S4(
(%Y,ACA30AB/31>2653A<==235A353%
U%G15653/C43,>4155SD562.5<4.AEB52<>C/5<05=BE.AA04,63%
>
(D62?A4512@1X45010,.DAB62<@2<@B6,A=BA<=N<456<544,65.,45DA643,>415@C,B5%G1A4B6,/@144154,4AC
A042?5L4A6C2<;3A45CC24534,&!QQ"!,6AB,/4$"D5605<4,>415<5A6CE’!&""A042?53A45CC24532<
,6B24%
H,6T/34A3C,<@!A346,<,.5631A?5B55<-A6<2<@41A4415B62@143A45CC24530,/C=.533/D
41526?25-,>415/<2?5635BEC5A?2<@3465A;3$‹›&,<45C530,D52.A@53A3415E>CEDA34%O?5<
415+/BBC5LDA05G5C530,D5!-1201,6B243.,6541A<$"";2C,.54563AB,?5415OA641P3
3/6>A05!23?/C<56ABC54,415353A45CC2453465A;3!A3-5CCA341,35>6,.,41563A45CC245@6,/D3%
H6,.#""#4,#"#!!415D5605<4A@5,>+/BBC52.A@53A>>5045=BEC2@14>6,.C,-X,6B24
3A45CC24532<065A35=BEAB,/4$"D5605<4%
(04/ACCE!4152.A@53DA64CEBC,0;5=BE3A45CC2453233.ACC!<5A6CEKD5605<4,>
2.A@534A;5,6,<5,>+/BBC5P30A.56A3%+,-5?56!415
3A45CC2453A<=3DA05=5B623-2CC,/4/65%)E415#"&"3!415D6,BAB2C24E,>A
3A45CC24506,332<@+/BBC5P3>25C=,>?25-A,63DA0546A>>20%L4A6C2<;
3A45CC2453ACC,6B24A4A32.2CA6=234A<05>6,.415OA641!T/34AB,?5$"";2C,.54563%(<=24P3A
D,D/CA6,6B24ACAC424/=5++/BBC52341565!A<=3,23415N<45641565233,.5;2<=,>0,CC232,
=23A3456!240,/C=2..5=2A45CEA>>5041/.AA6!41565
A65<,2<4563A45CC2453AD62?A450,.DA0,..5602AC=5?5C,D.5<423./01>A3456
!!"#$!%!!!!Q&"’!"&#$
!"#$$%&41A<4153D55=,>65@/CA42,<01A<@5%G1565<55=34,B541565>,6.A42,<,>3DA0546A>>20
.A,>415A042?53A45CC24532<,6B24%
)%G15EB62<@415N<456<544,65.,45DA643,>415-,6C=%
*%G15E<55=4,,.A>5045=% U%[5A01ABC5%
&K%:1A431,/C=B5=,<54,;55D3DA053A>5A00,6=2<@4,41545S4(
(%H,6B2==2<@35442<@/D.,653A45CC2453%
)%L4,DD2<@/32<@C,-OA641,6B24%
*%FA332<@2<456D62?A450,.DA<253%
&$%:1A423415B534424C5>,641545S4(
(%(0125?5.5<43,>L4A6C2<;LA45CC2453
)%*1ACC5<@53F,35=BEN<065A32<@LA45CC2453
*%G15U5?5C,D.5<4,>F62?A45LDA05>C2@14
U%F6535<4L24/A42,<,>415:,6C=LDA05N<=/346E
p(cid:141)q!$r$="%<="#%$k!sk!#%$k&
(cid:135)(cid:136)uv(cid:152)(cid:153)!z(cid:152)(cid:153)?+8(cid:127){8;fifl2(cid:176)–(cid:144)†+(cid:128)(cid:129)8(cid:127)#8(cid:127){ij(cid:127)‡·(cid:181)
8(cid:127)#
+A?2<@AD20<2023A@65A4-AE4,5625<=3,6>A.2CE%!&Q!
:154156E,/P6515A=2<@4,A<5A6BEDA6;,6A65.,45>,65340C5A62<@!4153542D3-2CC15CDE,/
1A?5A.5.,6ABC5,/4=,,6=2<2<@5SD5625<05%
)5>,65E,/34A64DA0;2<@!0,<32=56415C,0A42,E,/P65
DCA<<2<@4,?2324A,650A344,A?,2=/<5SD5045=
6A2<,65S465.515A4%
:15<240,.534,>,,=!415;5E234,01,,35245.341A4A655A3E4,46A<3D,64A<==,62@56A42,<%G12<;AB,/4DA0;2<@3A<=-20153!>6/24A<=015535%!&9!N>E,/1A?5
A005334,A0,,C56!E,/0A,64ABC5D20<20BCA<;54235335<42AC!B/4E,/.2@14AC3,<55=A>5-,4156
245.34,.A;5E,/65SD5625<05.,655,C=2<@4ABC5A<=01A2632>E,/
-A<44,324.,650,.>,64ABCE%U,,6@54DCA453A<=0/D3!A<=65/3ABC5,<53A65.,6550,X
>625<=CEA<=D6A0420AC%(C3,!DA0;3,.5@A6BA@5BA@34,;55D415A65A0C5A<%
LA>54E232.D,64A<4-15E,/P652,6534!B5A-A65,>
-2C=C2>5A<=;55DE,/6>,,=0,?565=4,A?,2=A446A042<@A<2.AC3%!K"!
(%F65DA6541562@145]/2D.5<4A<=3/DDC253%
)%RA;53/65E,/1A?55<,/@1>,,=>,65?56E,<5%
!!"#$!%!!!!’&"’!"&#$
!"#$$%&*%G1535>,,=3A65<,4,>56331A=5A<=A0,.>,64ABC5DCA054,324%
O%+,-5?56!DCA<<2<@A3/00533>/CD20<2065]/26533,.5D65DA6A42,<%
H%G15@,AC,>AD20<20234,52634XA2=;242<0A35,>.2<,62>2056R201A5C*A6456-A3,<=/4E!DA46,CC2<@$¶
•&415B/3E3465543,>415=,-<4,-<,>R2C-A/;55%(315-AC;5=416,/@141506,-=5=
32=5-AC;3!15!K!!A<5C=56CE-,.A<32442<@,315<55=5=15CD%G15-,.A5C4A=55D35<35,>!K$!%
+565.5.B565=123@6A<=.,4156!-1,,>45<3D,;5,>415;2<=<5334,!KQ!=/62<@4,/@1
42.53%
R201A5C4,,;,>>123,-aA<=!K9!A1,4.5ACA<=A0/D,>45A%G150A>a,-<56!.,?5=
BER201A5CP3!K8!!2<32345=,<@2?2<@415.5AC>,6>655%R201A5C41A<;5=12.A<=654/6<5=
4,415B5<01%
G15-,.AA05C24/D!$"!A3315A005D45=415.5AC%)G1A<;E,/3,./01!*315
3A2=!-2411565E53312<2<@-241!$!!%R201A5C3.2C5=A<=34AE5=-241156>,6A-12C5!
01A442<@A<=,>>562<@3,.5!$#!%
R201A5CP3A04,>;2<=<533=2=6,.A
=234A<05!0AD4/65=415.,.5<4,<156D1,<5%L15CA456D,345=415D1,4,,<3,02AC.5=2A!A<=
24]/20;CE-5<4?26AC%F5,DC5-5654,/015=BE41532.DC5E54!$K!A04%R201A5CP3;2<=<533
<,4,,CC,-5=
KK%(%A<@6E )%@5<4C5 *%31A;2<@ U%345A=E
K$%(%@/2C4 )%A625<=3 )%<52@1B,63 *%346A<@563 U%65CA42?53
K’%(%-A6. )%5SD5<32?5 *%34EC231 U%15A?E
K9%(%0,,;5= )%,6=565= *%D65DA65= U%=5C2?565=
K8%(%D,-56 )%>2@/65 *%0,..5<4 U%@534/65
$"%(%<56?,/3CE )%62@2=CE *%B62@14CE U%0/62,/3CE
$!%(%0,<>/32,< )%65CASA42,< *%0/62,324E U%ADD6502A42,<
$#%(%A=?205 )%065=24 *%0,.DA/C )%B6A?5 *%>62@145<2<@ U%0,.DC20A45=
$$%(%C,,;/D4, )%C,,;>,6-A6=4, *%C,,;BA0;,< U%C,,;,/4>,6
p(cid:141)q!$r!"="%<="!%$k!sk!$k&
(cid:135)(cid:136)uv(cid:152)(cid:153)!4–(cid:144)†2(cid:176)!y‚„+”»(cid:142)….f”»+‰(cid:190)¿(cid:192)#
*1220A<4A=?A<05.5<432<
243-2<=A<=D1,4,?,C4A20$FZ&$`´+&D,-562<=/346253%L,>A6!*12,652@14
E5A632,6!&E5A63!A00,6=2<@4,415WA42,243-2<=A<=3,CA6D,-562<=/346253%N<-2<=
D,-56!*123/D56XC,<@
BCA=53$ˆ«&!3/6DA332<@2<456C,A42<@-2<=D,-56
DCA4>,6.3%G15-,6C=P3>2634!QX.5@A-A44,>>31,65-2<=4/6B2<5!!Q"!23C,0A45=2,6.2<@A06,33*126,.+A225C=%
*126,.A*12<5350,.DA>2025<4&%G1535A=?A<05=.,=/C53A65.,65653234A<44,12@145.D56A4/653A<=0A<@5<56A45
D,-56>6,.B,4132=53%
*12415@C,BAC.A6;5431A65%G156AD2=@6,-41,>415352<=/3462531A332@<2>20A<4CE
0,<462B/45=4,*12,?56!%#B2CC2,<;2C,-A443>,6243-2<=A<=D1,4,?,C4A20D,-56@5<56A42,24346A<3242,<4,A0C5A<5<56@E3E345.%
2B45!CD"89:#;5K"5$
p_q!$sk!$k&
˜¯h(cid:140)˘˙!h¨a(cid:201)%^A0;˚¸(cid:204){˝˛ˇ—(cid:209)b(cid:210)#U4(cid:211)(cid:212){(cid:213)h(cid:214)(cid:215)(cid:216)(cid:134)(cid:217)
(cid:218)!(cid:219)h}U7_(cid:220)(cid:211)(cid:212)!fg(cid:221)…’
!%(cid:222)(cid:223)(cid:224)Æ%
#%};(cid:226)ª#
(cid:228)(cid:229)’
!%3(cid:147)»(cid:230)E‡9"y(cid:231)Ł%
#%(cid:219)ØJuŒ(cid:192)4!"5+(cid:216)E1º(cid:147)!#
U5A6^A0;!
c,/63!
V2+/A
!!"#$!%!!!!8&"’!"&#$
!"#$$%&p(cid:141)q!$sk#$k&
(cid:135)(cid:136)uv(cid:148)(cid:149)!(cid:236)(cid:237)Tfg^|}w(cid:238)(cid:239)(cid:240)æ(cid:242)3jw!(cid:243)(cid:244)ı(cid:246)_(cid:247)(cid:130)ł+(cid:152)(cid:153)#
L45?5>565<40260C53A<=1A==2>>565<4@6,/D3,>>625<=3%+,-5?56!,<5
6A2456<,,<01A<@5=5?56E412<@%
N4-A3A4ED20AC301,,C=AE/<42C415>24150CA336,,.!1565AC2J5=41A44150C5A63;E
1A=4/6<5==A6;A<=34,6.E%+5A?E6A2ACC!A<=15=2=/C>,6415,>>56%
G15E-AC;5=4,@54156A<=1/==C5=$ø4_œ&/<=56415/.B65CCA%L45?5<4625=4,3125C=
[,B564>6,.4156A2%G156A2<
-A30,C=A<=15A?E!B/4L45?51/.,6%)E41542.5415E65A015=[,B564P31,/35!415E1A=
5S01A<@5=0,<4A042<>,6.A42,625<=3%G15E31A65= .A625<=312D@65-346,<@56
-2415A01DA332<@=AE%O?5456415E34A645=-,6;2<@!415E-565342CC415B534>625<=34,
5A01,4156%+,-5?56!,<5=AE!L45?5<>A05=A32@<2>20A<401ACC5<@52<1230A6556%+51A=B55<
-,6;2<@,5C4A4AC,33A<=/<3/65,>-1A44,=,%+5
;<5-15<55=5=15CD!B/415=2=6,.[,B564%
G15<5S4=AE
