文档内容
$%$& !"#$% " &’()*+, %5;=<5882 A8127
!"
E:24=45825@=461?453?8’
&’()%# $# *)+,"$% ,# -’./"$% ,0# "’V;157:845;88@8254A8E=1??3K:E64:2*
1234$ -’I;8>828<15=:2 >1A’ (’I;8E:CC62=53E:2E8<24’
!!"’!"#!$%&’()*"+,-./01!"23!4%+,-.567891!"23 .’.1CA648E:43458CA<:58E5=:2’ /’G27=@=761?E1<88’
(:;<=# $’V;15E12 ?817 5:7=4P61?=K=E15=:2*
!!$’>?"(@!$AB">C!DE!F$(GHI!"23JK"L(!DM.NO!01 -’F6BC=55=2>5;8H:-G5::?4K:<7151E:??8E5=:2’
!!)’V>?"(@!$F\]H^_01!"23JK(!"WX‘# 01P"Q"RSTU .’V:=2 1581C:KK:6<45678254’
!"23(V!"WXYZ[# /’-77=2>E;1<545:5;8A<8482515=:2’
!!*’,PabE!c%dP"QU!"2e43f# )’V;1551M846A 5;8?1<>845A<:A:<5=:2 =2 5;8967>=2>E<=58<=1*
#56,!78%ghi!jk+% k& -’G781U<=>=21?=53’ (’I8E;2=E1?FM=??’
lei!%g"+ B"’AB"$’+ k!jk),’+ k& .’G2K:xy>Cz{>x# 6
! /12=8??8(:38<><8H6A =2 /85<:=5127 :2 5;8F16?5F58’01<=8I<=B8<848<@15=:2 =2 6AA8<0=E;=>12’
012345678254829:34;1<=2>=7814127 4:?@=2>A<:B?8C4! 127 ;8<8D41><815E;12E85:56<2 5;15 F;8H14;:C84E;::?87 B3;882:64%|}~(& E6?56<85;<:6>;
A144=:2 =25:1E5=:2 ( 5;8F567825-E178C=EG22:@15=:2 F;:HE148) :<1?5<17=5=:24127 45:<358??=2>K<:C;8<><127C:5;8<’
I;=48@825=2@=5843:6 5:E<81581@=78:J:2?3A<8482515=:2 :2 7=45=2E55:A=E4$ 71=?34E;::??=K8%46E; (655;82 H;82 4;8H14158821>88<4=458K:<64’, I;82! 4;8451<587 5;=2M=2>
N:6D<81?4:H8?E:C85:8LA?1=2 =78145;1558821>8<4814=?36278<45127 B65176?54C=>;5K=27 E:2K64=2>’ 1B:65H;154;8E:6?7 7:5:;8?A ?:H882:643:65; 5:1EE844876E15=:21?:AA:<562=5=84!
"#$ %&’($)’ A1<5=E6?13! 82>=288<=2>! 1<5127 C15;& 46B98E54’
-??45678254=2 ><1784O 5:"$ 1<8P61?=K=87! <8>1<7?844:K1E178C=EA8; 4E;::?K:<5;8K=<455=C8=2 /85<:=5’I;8E;12>8H141E6?56<84;:EM K:<1>=<:H2 6A =2 1<6<1?! K1C=?3JE8258<87 4855=2>’Y:A=2>5:C885C:<8A8:A?8127 5;=2M=2>:K;8<
*+,-).+/+’01 4=4585:E<8158141K84A1E8K:<>=3! 5;8
-G5::?41<8A8<848112=T15=:2! 5;8FIR-0.:228E5=:2! H;=E; A<:@=7845::?4127
* 5:O C=26584?:2>’ ?:2>8<:<4;:<58<1C4K:82:643:65; =2 FIR-0’0812H;=?8! 4;8784=>287 14C1??<:B:5=EE1=21?E;1<54:<4=CA?878C:245<15=:245:C1M83:6<=7814 \:B:5,! 127 4;8?87 <:B:5JC1M=2>H::2 G27=>82:64E:CC62=5=84’
E?81<8<’ F::2 (:3812 5;=2M=2>1B:65:5;8<158<:B:5=E4=25:G27=>82:64?=K8’G2 $%$"! 4;8
2-34)’4 5.)0+.)& 78@8?:A87 1?12>61>8<:B:521C87 FM:(:5! H;:48>:1?H145:;1@8A8:A?8=258<1E5H=5; 1C1E;=28=2 1
Q67>84K1@:<825<=845;15<8K?8E5<81?J?=K85882 E;1??82>84127 :KK88><:6A4%O5; ><178! "%5; S""5; ><1784! "$5; ><178& B1487 :2 5;<88M83 K1C=?3! (:38<127C:5;84K:<5;8K=<45<:B:5’
E<=58<=1’G2K:=E1? R@82 5;:6>; (:38<1=C45:C1M85;8<:B:54K62 127 K<=827?3! 4;828@8;5:KB<:178<>:1?4’
:<>12=T15=:2 %5H8253A8=21?=53%5;=<53JK=@8 I:C=2=C=T85;8=<=CA1E5:2 5;882@=<:2C825! 4;86484<8E3E?87 A?145=E’F;81?4:8246<845;155;83E12
A81>=2>8LA<844=:2 K62E5=:2 H=5;:655;8G258<285! 144:C8<6<1?E:CC62=5=847:2:5;1@846KK=E=825G258<2851EE844’
!!!!!!!!" #" $!%# $" ! !!! !! !!!!" #$ $!%# $"
书书书*’V;15C178(:3882:643:65;* #’V;37:845;8165;:<127C:5;86=712E8’ -’I:4;:HA:45B:L84DE:2@82=82E8’ (’I:=??645<158A:451?48<@=E878E?=28’
.’/=4283D4!"##$%&’(’)C:@=8’ /’\8P6=<8C8254:KFIR-046B98E54’ .’I:E<=5=E=T8E6<<825A:451?A:?=E=84’ /’I:8LA?1=2 P6=EM A:45B:L<8C:@1?’
+’V;15=4(:385;8FIR-0.:228E5=:2* O’V;15E12 H84131B:65/82C1=5=T15=:2’
.’I:1=7 5;8215=@83:65; =2 FIR-0’ /’I:8LA127 G27=>82:64E:CC62=5=84’ .’G5D41=C87 15:5;8<1A; ) C812*
-’Y1AA3876E15=:2 =24A=<84=22:@15=:2’ (’I<17=5=:24E:CA<=48C123:AA:<562=5=84’ -’R44825=1?’ (’U6571587’ .’X<:K=51B?8’ /’.:2@=2E87’
.’]12>61>8478K=285;8?=C=54:K5;:6>;5’ /’I8E;2:?:>3E12 48<@8E6?56<1?A<848<@15=:2’ ""’V;15C8441>87:845;8?145A1<1><1A; E:2@83*
,’V;=E; E12 B845784E<=B8/12=8??8(:38<* -’I<17=5=:21?C1=?45=??;141A?1E82:H17134’
-’.165=:64127 1CB=5=:64’ (’.<815=@8127 <84A:24=B?8’ (’.<87=B=?=53;:?745;8M835:78@8?:AC825’
.’Y6C:<:64127 >828<:64’ /’0:7845127 A15=825’ .’[:=2>7=>=51?=2 4:C8K=8?74=47:6B?8J87>87’
5 /’/=@8<4=K=E15=:2 ;8?A4A:451?48<@=E84A<:4A8<’
V;82 X85811<7 127 ;=4K1C=?3C:@87 5:^<878<=M4B8<>! 1?81K328=>;B:<;::7 :K 7
.:A82;1>82!", 381<41>:! 5;83;17 K=@8:<4=LA:45B:L84H=5;=2 1K8HC=26584DH1?M=2>7=4512E8’I:713 /:>4;1@8B882 1A1<5:K;6C12 4:E=853K:<:@8<$%!%%% 381<4’G2=5=1??3! 5;8348<@87 A8:A?8B3
5;8<81<82:28’I;83D7 B882 A<:><844=@8?3<8C:@87 B3X:45_:<7! 5;845158J:H287 C1=?48<@=E8’U2 46AA:<5=2>;6258<4! 127 =57=7 2:551M8?:2>B8K:<85;83B8E1C8A1<5:K5;8;:C8’/:>4C=>;52:5;8?A
/8E8CB8<)%5;!$%$+! X:45_:<7 5::M 5;=2>4K6<5;8<$ 1K58<*%% 381<4! =582787 =54E:??8E5=:2 127 78?=@8<3 48E6<8K::7! B65K:<381<48@=782E8;14C:62587 5;155;83;8?A A8:A?8=2 12:5;8;5B8>:=2>
/82C165%(cid:135)(cid:136)&! A<:76E8
78E?=287 B3O%‘’G2 $%$* 1?:28=5K8??)%‘! 5;8<846?5:K128H?1H5;1582787 /82C11
1KK:<71B?8A<=E8& 127 :A8287 5;8C18K:<1451271<7 7:C845=E?8558<4;:56A 5: 7:>=2K?682E87 5;8C=E<:B=:51:K5;8;6C12 >65! 5::’V=5; 5;=4=2 C=27! ;8H:278<87 =KC=E<:B8
/Z<$O %(cid:127)*’+%&! 127 /Z<)O K:<28L5J71378?=@8<3’-E561??3! A:45:KK=E841??:@8<5;8H:4C=>;5B8;8?A=2>B<=2>A43E;:?:>=E1?B828K=545::H28<4’R1>8<5:K=27 :65! ;8485
5;8@:?6C8:K?8558<4E:??1A48:@8<5;8A1455H:78E1784’ 6A 12 8LA8<=C825H=5; )*) A1<5=E=A1254=2 I:M3:’
+I;8<158:K78E?=28:K5;8@:?6C8:K?8558<47=KK8<4! 1EE:<7=2>5:5;8?8@8?:K7=>=5=415=:2 :K1 Z=M646=4A8E=K=E1??3H:8<4! H;:1<8>:=2>5;<:6>; 1E<6E=1?A8<=:7 :KB<1=2
E:625<3’G2 K1E5! 5;831<8K1C8251?8KK8E54’ =KC=E<:B84K<:C7:>4H8<8
K=5882 12L=853127 =2E<814=2>5882 4:E=1?=53! 5;82 5;=4H:6?7 >828<158?:2>J58@:?6C84:K?8558<4B8E1648:K5;8=<><:H=2>C=77?8E?14484! 1EE:<7=2>5:5;8 Y8127 ;=4E:H:=E1??3121?3487 O& 58824H;:H8<87:>:H28<4127 $*, 58824
W2=@8<41?X:451?W2=:2 %WXW&’ H;:H8<82:5’
U2 5;8:5;8<;127! 48<@=E845;15;1@8=258><1587 <84:6<1787 P61?=53! 46E; 145;:48=2 Z=M646=127 ;=4E:H::H28<446KK8<87 K<:C K8H8<4:E=1?A<:B?8C4’0:<8
01?51127 X:<56>1?! 1<8>828<1??3=2 B8558<4;1A85;12 45158J<62 :284’G51?3D4X:458G51?=128! H;=E; ;14 4A8E=K=E1??3! 5;83H8<8?844?=M8?35:<81E545<:2>?376<=2>E:2K?=E54! 127 78C:245<1587 K8H8:2 5;8C1::7 <62 6278<01558:/8?^1258! 12 8LJ B8;1@=:<4127 ?8444:E=1?H=5;7<1H1?’Z=M646=127 ;=4E:H:127 =246<12E848<@=E8414H8??1478?=@8<=2>?8558<4127 K<:C5;8A1<5=E=A1254127 2:587 5;15E8<51=2 M=274:KF5<8A5:E:EE64127 X<8@:58??1, H8<84=>2=K=E125?3
A1<81546EE844H=5; 1<:627 C:<8A?825=K6?=2 41CA?84K<:C7:>:H28<4’I;83K6<5;8<:6A! 1?=4587 E:CA123H;:48B=>>8454;1<8;:?78<=4 C=E<:B84H8<8<1<81?4:582787 5:;1@8C:<8A<:B?8C15=EB8;1@=:<4’-4125=E=A1587 B8K:<85;8
[865B37:>4! C13B8=2K?682E=2>5;8B<1=24:K5;8=<:H28<4=2
48<@=E81?:2>4=78FH=5T865’ [’N85G28@8;5:KC3>:1?5:H:4<876E8C8251?45<844=2 58821>8<4’ /’/:>4<8?1585:C=E<:B84=2 5;8;6C12 >65’ #96,!":;.%ghi!jk)% k&
")’V;3H8<85;858821>8<4E;:482 14A1<5=E=A1254* lei!%g"+ B"’AB"" k!jk"+ k&
-’I;834;:HC:<84:E=1?A<:B?8C4’ !!mno(cid:140)qr!sA"tu( -"("."/vw>xy>C(cid:141)(cid:142)/(cid:129)(cid:143)(cid:144)(cid:145)(z{>x#
(’I;8=87’ !!U2 145:;5=2 4:65;8<2 [<88E8! R=<1I:4445::7 ?::M=2>15;8
.’I;83:K582 5827 5:M88A 7:>414A854’ 15;8<;81<5’
/’I;8=8’ !!I;8E8256<3D4H:<45<1=245:87’ /’.:2K6487’ !$$! =2 5;881! 8@8<35;=2>K8??4=?825’R=<1451387 :654=78! ;88’
-’/:>4GCA<:@8Y6C12 Y81?5; .:245125?3 (’/:>UH28<4;=A \876E84I882 X<:B?8C4 !!Q6455;82! 5;84:627 :K12 82>=28B<:M85;8!$+!’/:H2 5;821<<:H<:17 E1C815<6EM H=5;
.’0=E<:B84]=2M /:>45:Y6C12 (8;1@=:< /’[650=E<:B84G2K?682E8(<1=2 _8>15=@8?3 4;:@8?4%(cid:153)(cid:154)&’(8K:<8R=<1E:6?7 @:=E8;88H:C82 ?87 B3:?7 ?173_:<1!$,!!
l(cid:139)i!%g+ B"’AB"$’+ k!jk"$’+ k& <:??=2>6A 4?88@84’+V8;81<7 1B:653:6<5<:6B?8!, _:<141=7 H1xy>C(cid:141)(cid:142)/(cid:129)(cid:143)(cid:144)(cid:145)(z{>x# >xy(cid:146)hx(cid:147)(cid:148)(cid:149) ( H8D<8;8<85:;8?A’, R=<1H14!$O!’ 4;8D7 :2?34;1<87 4=CA?8><885=2>4H=5; 5;8C’
>x# !!U@8<5;828L55H:7134! 5;83H:5=??2=>;5! E?812=2>5;8C6773K?::<4!
!!-78K=2=2>8L1CA?8:K;:HA144=:2 7<=@84E1<88<46EE844?=84=2 C345<6>>?85:B<81M =25:5;8 E1<<3=2>:65!)%! B8?:2>=2>4! 127 E?81<=2>1H135;87=<5’(35;88@82=2>:K5;848E:27 713! ;8<;:C8
1C648C825A18’-41M=7! GH14E<1T31B:65<:??81=2 127 1>1=2! B65_:<14=CA?341=7! +I;=4=4:6
;:6<47<1H=2>E:14581C648C825A1; 5;845:=@82 ;8<4:C85;=2>?145=2>$ 1A?1E8=2 1E:CC62=53
-K58<><17615=2>H=5; 1;=45:<378><88! GH<:585:281; 4=CA?8! ;6C12 !)+!’
E:6?7 K=27! ;:A=2>K:<19:B <8?1587 5:<:??8;5;1@8>=@82 6A! B65C3 $"’-’A81E8K6? (’788A .’E:?:8?3 (’8@82561??3 .’A1<5=1??3 /’784A8<158?3
A144=:2 K::=2>’G245817 :K1B127:2=2>C37<81C! G78E=787 5:51M819:B 48??=2>174
$)’-’E?:6787 (’=>2:<87 .’82E:6<1>87 /’<8K<84;87
K:<12 =27645<328H4A1A8<8@82 5;:6>; GH144;3127 ;17 28@8<4:?7 1235;=2>B8K:<8’!"#! I;<:6>;
$*’-’4824=5=@8 (’5;12MK6? .’=CA:<5125 /’28H
5;89:B! GE:6?7 ?81<2 ;:H5;8=27645<3H:<1761??3><14A =27645<3<6?84127 ?135;8><:627H:;5C8M834M=??4?=M8E:CC62=E15=:2 127 6278<45127=2>E645:C8<
$,’-’:B48<@87 (’;84=51587 .’7:6B587 /’17@12E87
28874! H;=E; ?158<;8?A87 C8=2 41?84<:?8415\=78R258<51=2C825127 a1CA8
$#’-’K1E8 (’1@:=7 .’>61<12588 /’46AA:<5
62<8?1587 514M4( ?=M8C121>=2>4:E=1?C87=1:<;127?=2>E:25<1E54’!$%! V;82 a1CA8A144=:2 >1@8C85;8E:6<1>85:51M85;8458A’
)%’-’8L5<1 (’8LA824=@8 .’71C1>87 /’6487
I;=48LA8<=82E8A<:@845;15A144=:2 =42D596451K88?=2>’G5D41A:H85;<:6>; <898E5=:24! A64;87 C85:?81<2 28H4M=??4! 127 >6=787 8@8<3E1<88;5 (’<84A:2787 .’A<87=E587 /’51M82
(’X144=:2 A64;87 C85:?81<2 C3C19:<;1<7’
)*’-’?::M87 :65K:< (’M8A5A1E8H=5; .’5::M 17@1251>8:K /’C1786A K:<
.’G:K582 @=4=587 ?:E1?1C648C825A12=53 .’E1<8 /’=258<@825=:2
/’(65:28<898E5=:2 ?8558<1K58<12:5;8; <8A81587 <898E5=:24’
!!!!!!!!" #+ $!%# $" ! !!! !! !!!!" #& $!%# $"l(cid:139)i!%g"% B"’AB""’+ k!jk"+ k& l(cid:139)i!%jk$+ k&
!!mno(cid:140)qr!1(cid:143)(cid:144)(cid:145)/(cid:129)" w(cid:155)(cid:156)((cid:157)(cid:158)(cid:159)(cid:160).‘(cid:157)(cid:158)(¡¢6£# !!mno(cid:140)(cid:209)(cid:210)!(cid:211)(cid:212)(cid:213)‘˜Utu(cid:214)(cid:215)(cid:216)(cid:217)(cid:218)(cid:219)0h(cid:214)!(cid:220)(cid:221)(cid:222)(cid:223)e(cid:224)Æ(cid:226)(qr#
!!I;8$,5; Y1845=E8J127J42:H5;8C87 A1?=4; ><:6A A<:98E5H14122:62E87! 127 ]621D4;81<5412M H;82 4;8?81<287 4;8
A6B?=E:2 /8E8CB8<",5;! $%$+ =2 Y19=12>X<:@=2E8’ ! ! -415:A 4567825! ]6211?H1345::M 514M448<=:64?3! H;=?8I:B3H14M2:H2 K:
.:@8<=2>1<8E:<7 "’$ C=??=:2 4P61<8C858<4127 64=2>*%%!%%% E6B=EC858<4:K=E8127 42:H! 5;8 +62E::A8<15=@8, ( ;8:K582 <898E587 <=>=7 ><:6A A?124127 A<8K8<<87 H:1?:28’^8HA8:A?8M28H
A1<15=2>5;8><127 4=T8 5;15I:B3D4><127C1H141K:?M E645:C=2;8<=5:<%ª(cid:228)(cid:229)&! 127 ;8D7 ?81<287 1?:51B:655<17=5=:21?
:KE:245<6E5=:2 H=5; 1!)#! %<81?=53& 15C:4A;8<8:KK1=<351?8’ E6?56<84=2E8E;=?7;::7’
G5K8156<845;<88C1=2 ?1274E1A81L84%⁄¥&! 1?1<>8J4E1?85;8C87 A1<178! 12 :657::<451>8127 1 !!I;8=<581E;8<144=>287 5;8C5;85:A=E:K+I<17=5=:21?^:?M .645:C4,! 127 ]621=CC87=158?3C1781
28H?3B6=?5+!%%%J4P61<8JC858<1=851;=>; 4E:<8’]62148255;8A?12 5:I:B3! 14M=2>;=C 5:E:??8E5
58E;2:?:>=E1?8?8C825446E; 144C1<5?=>;5=2>43458C4127 -G=258<1E5=@88LA8<=82E84!*%! 82;12E8
=2K:K:?M E:456C84=2 ;=42:58B::M =245817 :KK:??:H=2>;8<3!
WA 5:2:H! 148<=84:K8@8254! H;=E; =2E?6785;8:A82=2>E8<8C:23:K5;8Y1! +N:6; Y1
=2E?67=2>08=5612 127 -?=A13’
I:B3H:6?7 :2?3;:?7 ;85H::5;85;8K<:T82 F:2>;61
K:<>:55:E?:48;8B3;8<784M! ;84=51587 K:<1
\=@8%ghi!jk*% k&
E<14;87’F;8<8451<587 =512L=:64?3! :2?35:K=27 5;151??5;8K=?84<8?1587 5:5;8A<:98E5H8<8>:28’F;8
lei!%jk"+ k&
A12=EM87! 581<445<81C=2>7:H2 ;8;8! ;814M87! +]621! H;15D4H<:2>*,
H(cid:192) -?=E80e`´ˆ!‘˜¯(cid:160)$
(cid:201)˙$
!!"’»…‰(˘”’
"’(cid:219)0(cid:158)˚K(cid:147)"+% ¸(cid:204)’
!!$’»…‰(˙¨#
$’c˝˛oˇ£1!"2(—K<=@!#
(cid:201)˙$
! ]621451<87 15I:B3! 413=2>! +Q645?81@8C81?:28),
"’0@(cid:158)˚K(cid:147)#% ¸(cid:204)’
$’c˝˛oˇ£1!"2(—K<=@!#
/81<-?=E8!
! ]621H144;:EM87 5:?::M 155;8XXI127 5;8@=@=7 @=78:4’
N:6<4!
]=Y61
!!!!!!!!" #, $!%# $" ! !!! !! !!!!" ## $!%# $"
