Download - Paper 8 - Securities
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Published by:
Hong Kong Securities Institute Hong Kong Securities Institute 2004
24/F, Wing On Centre, 111 Connaught Road Central, Hong KongTelephone: (852) 3120-6100Examinations Hotline: (852) 3120-6220Membership Hotline: (852) 3120-6170Training Hotline: (852) 3120-6200Fax: (852) 2899-2611Email: [email protected]: www.hksi.org
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted,in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without the priorpermission of the copyright owner.
ISBN: 988-97716-7-5
HK$30.00
Disclaimer
This is an educational booklet only and does not provide legal advice or expert advice in whatsoever form.Every effort has been made to ensure its accuracy, however, no responsibility for loss occasioned to anyperson acting or refraining from action as a result of any materials in this publication will be accepted by thepublisher and/or individual contributors.
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& *-&
3WGUVKQP
7PFGT014/#. EKTEWOUVCPEGUYJKEJQH VJG HQNNQYKPIUVCVGOGPVU KU %144'%6 CDQWV VJGEWTTGPVTCVKQCPFVJGSWKEMTCVKQQHVJG5#/'EQORCP[!
# 6JGEWTTGPVTCVKQKUJKIJGTVJCPVJGSWKEMTCVKQDGECWUGVJGNCVVGTFQGUPQVVCMGKPVQCEEQWPVVJG COQWPV QH EWTTGPV KPXGPVQTKGU YJKEJ KU EQPUKFGTGF VQ DG VJG NGCUV NKSWKF CUUGV KP VJGEWTTGPVCUUGVCEEQWPV
$ 6JGSWKEMTCVKQKUJKIJGTVJCPVJGEWTTGPVTCVKQDGECWUGVJGNCVVGTFQGUPQVVCMGKPVQCEEQWPVVJG COQWPV QH EWTTGPV KPXGPVQTKGU YJKEJ KU EQPUKFGTGF VQ DG VJG NGCUV NKSWKF CUUGV KP VJGEWTTGPVCUUGVCEEQWPV
% 6JG EWTTGPV TCVKQ KU JKIJGT VJCP VJG SWKEM TCVKQ DGECWUG VJG NCVVGT VCMGU KPVQ CEEQWPV VJGCOQWPVQHEWTTGPVKPXGPVQTKGUYJKEJKUEQPUKFGTGFVQDGVJGOQUVNKSWKFCUUGVKPVJGEWTTGPVCUUGVCEEQWPV
& 6JG SWKEM TCVKQ KU JKIJGT VJCP VJG EWTTGPV TCVKQ DGECWUG VJG NCVVGT VCMGU KPVQ CEEQWPV VJGCOQWPVQHEWTTGPVKPXGPVQTKGUYJKEJKUEQPUKFGTGFVQDGVJGOQUVNKSWKFCUUGVKPVJGEWTTGPVCUUGVCEEQWPV
-
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
5CORNG3WGUVKQPU
3WGUVKQP
#P KPXGUVQT KU KPVGTGUVGF KP RKEMKPI JKU UVQEMU D[ TGHGTTKPI VQ VJG RTQHKVCDKNKV[ TCVKQU QH VJG VCTIGVEQORCPKGU9JKEJQHVJGHQNNQYKPICTG/15670.+-'.;VQDGQHKPVGTGUVVQJKOFWTKPIJKUCPCN[UKU!
+ 4GNCVKXGUVTGPIVJKPFGZ
++ #UUGVVWTPQXGTTCVKQ
+++ +PVGTGUVEQXGTCIG
+8 &KXKFGPF[KGNF
# +CPF+++QPN[
$ ++CPF+8QPN[
% +++CPF+8QPN[
& +++CPF+++QPN[
3WGUVKQP
#UUWOKPIVJCVVJGEWTTGPVTCVGQHTGVWTPQHCOCTMGVRQTVHQNKQKUCEEQTFKPIVQVJG%CRKVCN#UUGV2TKEKPI/QFGN%#2/VJGGZRGEVGFTCVGQHTGVWTPQP%QORCP[#UUJCTGUKUCNUQ9JKEJQHVJGHQNNQYKPIUVCVGOGPVUCTG%144'%6!
+ QH%QORCP[#KU++ QH%QORCP[#ECPPQVDGFGVGTOKPGF+++ 6JGTKUMHTGGTCVGKU
+8 6JGTKUMHTGGTCVGECPPQVDGFGVGTOKPGF
# +CPF+++QPN[
$ +CPF+8QPN[
% ++CPF+++QPN[
& ++CPF+8QPN[
-
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
2CRGT5CORNG3WGUVKQPU
3WGUVKQP
$GNQYKUCPGZEGTRVHTQOVJGHKPCPEKCNUVCVGOGPVUQH%QQM[$CPM
#UCV/CTEJ
*-& *-&
2TQHKVUDGHQTGVCZ
2TQHKVUCHVGTVCZ
&KXKFGPFU
5JCTGUQPKUUWGCUQH#RTKN
5JCTGUQPKUUWGCUQH/CTEJ
#FFKVKQPCNUJCTGUKUUWGFQP&GEGODGT
%CNEWNCVGVJGNCVGUV2'TCVKQKHVJGEWTTGPVOCTMGVRTKEGQH%QQM[UUJCTGUKU*-&
# VKOGU
$ VKOGU
% VKOGU
& VKOGU
3WGUVKQP
#DQTTQYGTTGEGKXGUNQCPQHHGTUYKVJVJGHQNNQYKPIKPVGTGUVTCVGUHTQOHQWTFKHHGTGPVDCPMU
$CPM RCKPVGTGUVRC[CDNGCPPWCNN[
$CPM RCKPVGTGUVRC[CDNGUGOKCPPWCNN[
$CPM RCKPVGTGUVRC[CDNGSWCTVGTN[
$CPM RCKPVGTGUVRC[CDNGOQPVJN[
9JKEJKPVGTGUVQRVKQPYQWNFOKPKOK\GVJGDQTTQYGTUCPPWCNKPVGTGUVRC[OGPVU!
# $CPM
$ $CPM
% $CPM
& $CPM
-
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
5CORNG3WGUVKQPU
3WGUVKQP
9JGPEQORCTKPIJKUHQTGECUVQPKPVGTGUVTCVGUVQVJGEWTTGPVOCTMGVDGPEJOCTMTCVGUCPGEQPQOKUVHKPFUVJGTGNCVKQPUJKRCUUJQYPKPVJGHQNNQYKPIFKCITCO
9JKEJQHVJGHQNNQYKPIUVCVGOGPVU%144'%6.;FGUETKDGUVJGGEQPQOKUVUHQTGECUV!
# 6JGHQTGECUVGF[KGNFEWTXG KURQUKVKXGCPF KPVGTGUVTCVGUCTGGZRGEVGFVQHCNNVJG NQPIGTVJGOCVWTKVKGUIGV*QYGXGTNQPIVGTOTCVGUCTGGZRGEVGFVQFGXKCVGOQTGHTQOVJGEWTTGPV[KGNFEWTXGVJCPUJQTVVGTOTCVGU
$ 6JGHQTGECUVGF[KGNFEWTXGKUPGICVKXGCPFKPVGTGUVTCVGUCTGGZRGEVGFVQHCNNVJGNQPIGTVJGOCVWTKVKGU IGV *QYGXGT UJQTVVGTO TCVGU CTG GZRGEVGF VQ FGXKCVGOQTG HTQO VJG EWTTGPV[KGNFEWTXGVJCPNQPIVGTOTCVGU
% 6JGHQTGECUVGF[KGNFEWTXGKURQUKVKXGCPFKPVGTGUVTCVGUCTGGZRGEVGFVQTKUGVJGNQPIGTVJGOCVWTKVKGUIGV*QYGXGTNQPIVGTOTCVGUCTGGZRGEVGFVQFGXKCVGOQTGHTQOVJGEWTTGPV[KGNFEWTXGVJCPUJQTVVGTOTCVGU
& 6JGHQTGECUVGF[KGNFEWTXGKUPGICVKXGCPFKPVGTGUVTCVGUCTGGZRGEVGFVQTKUGVJGNQPIGTVJGOCVWTKVKGU IGV *QYGXGT UJQTVVGTO TCVGU CTG GZRGEVGF VQ FGXKCVGOQTG HTQO VJG EWTTGPV[KGNFEWTXGVJCPNQPIVGTOTCVGU
[KGNF
OCVWTKV[
DGPEJOCTMHQTGECUV
-
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
2CRGT5CORNG3WGUVKQPU
3WGUVKQP
9JKEJQHVJGHQNNQYKPI NKUVKPIOGVJQFUQPN[ TGSWKTGVJGUWRRQTVKPIFQEWOGPVVQDG KPVJGHQTOQHCEKTEWNCTVQUJCTGJQNFGTU!
+ 1HHGTHQTUWDUETKRVKQP
++ %CRKVCNKUCVKQPKUUWG
+++ 4KIJVUKUUWG
+8 5WDUVKVWVKQPKUUWG
# +CPF+++QPN[
$ ++CPF+8QPN[
% +++CPF+++QPN[
& ++++CPF+8QPN[
3WGUVKQP
9JKEJ QH VJG HQNNQYKPI KUCTG016 VJG 24+0%+2#. HWPEVKQPU QH VJG .KUVKPI 4WNGU QH VJG 5VQEM'ZEJCPIGQH*QPI-QPI5'*-!
+ 6QGPUWTGVJCVCNNJQNFGTUQHNKUVGFUGEWTKVKGUCTGVTGCVGFHCKTN[CPFGSWCNN[
++ 6QGPUWTGVJCVFKTGEVQTUQHCNKUVGFKUUWGTCEVKPVJGDGUVKPVGTGUVUQHCNNUJCTGJQNFGTU
+++ 6QRTQXKFGCHCKTQTFGTN[CPFGHHKEKGPVOCTMGVHQTVJGVTCFKPIQHUGEWTKVKGU
+8 6QCXQKFOCVGTKCNGHHGEVQPVJGNGXGNUQHUJCTGRTKEGUCUCTGUWNVQHKPHQTOCVKQPFKUENQUGFD[NKUVGFKUUWGTU
# +QPN[
$ +++QPN[
% ++CPF+++QPN[
& ++++CPF+8QPN[
-
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
5CORNG3WGUVKQPU
3WGUVKQP
9JGP C RTQURGEVWU KU RTGRCTGF HQT CP +PKVKCN 2WDNKE1HHGT +21 QH CP GSWKV[ UGEWTKV[YJKEJ QH VJGHQNNQYKPIKVGOU/756DGKPENWFGFKPVJGRTQURGEVWU!
+ *KIJNKIJVUQHRTQHKVUCPFFKXKFGPFHQTGECUVUHQTVJGPGZVVYQ[GCTU
++ +PHQTOCVKQPEQPEGTPKPIVJGTKIJVUCVVCEJGFVQVJGUGEWTKVKGUDGKPIKUUWGF
+++ #FKUENCKOGTUVCVKPI VJCV VJG5VQEM'ZEJCPIGQH*QPI-QPI 5'*- VCMGUPQ TGURQPUKDKNKV[HQTVJGEQPVGPVUQHVJGFQEWOGPV
+8 # UVCVGOGPV QH EQOOKVOGPV HTQO VJG GPVKTG UGPKQT OCPCIGOGPV QH VJG NKUVGF EQORCP[CEEGRVKPITGURQPUKDKNKV[HQTVJGKPHQTOCVKQPEQPVCKPGFKPVJGRTQURGEVWU
# +CPF+8QPN[
$ ++CPF+++QPN[
% +++CPF+8QPN[
& ++++CPF+8QPN[
3WGUVKQP
6JG HQNNQYKPI KPHQTOCVKQP KU QDVCKPGF HTQO VJG VTCFKPI U[UVGO QH C UGEWTKV[ VTCFGF QP VJG 5VQEM'ZEJCPIGQH*QPI-QPI5'*-CVCRCTVKEWNCTVKOGFWTKPIVTCFKPIJQWTU
.CUVVTCPUCEVKQPRTKEG *-&
%WTTGPVDKFRTKEG *-&
%WTTGPVQHHGTRTKEG *-&
9JCVKUVJGEWTTGPVURTGCFQHVJKUUGEWTKV[!
# *-&
$ *-&
% *-&
& *-&
-
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
2CRGT5CORNG3WGUVKQPU
3WGUVKQP
9JKEJQHVJGHQNNQYKPICTGTGCUQPUHQTVJG5VQEM'ZEJCPIGQH*QPI-QPI5'*-VQFGNKUVQTUWURGPFVTCFKPIKPVJGUJCTGUQHCNKUVGFEQORCP[!
+ 6JGEQORCP[FQGUPQVJCXGCUWHHKEKGPVNGXGNQHCUUGVUQTQRGTCVKQPUVQYCTTCPVCEQPVKPWGFNKUVKPI
++ 6JGEQORCP[CPFKVUCUUQEKCVGFGPVKVKGUEQPVTQNQHVJGKUUWGFUJCTGU
+++ 6JGTGUKIPCVKQPUQHMG[GZGEWVKXGUQHVJGEQORCP[
+8 6JGDWUKPGUUQHVJGEQORCP[KUHQTDKFFGPD[CEJCPIGQHNCY
# +CPF+++QPN[
$ ++CPF+8QPN[
% +++CPF+8QPN[
& +++++CPF+8QPN[
3WGUVKQP
9JKEJQHVJGHQNNQYKPIFGUETKRVKQPUQHYCTTCPVUCTG+0%144'%6!
+ %QXGTGFYCTTCPVUKUVJGIGPGTKEPCOGHQTCNNV[RGUQHYCTTCPVU
++ 9CTTCPVU NKUVGF QP VJG 5VQEM 'ZEJCPIG QH*QPI-QPI 5'*- CTG TGIWNCVGF D[ VJG .KUVKPI4WNGUQHVJG5'*-
+++ 6JGMG[FKHHGTGPEGDGVYGGPCYCTTCPVCPFCUVQEMQRVKQPKUVJCVGCEJYCTTCPVJCUQPN[QPGWPFGTN[KPICUUGVYJKNGCUVQEMQRVKQPOC[JCXGCDCUMGVQHWPFGTN[KPICUUGVU
+8 2TKEGU QH GSWKV[YCTTCPVU CTG KPHNWGPEGF D[ VJG FKXKFGPF RQNKEKGU QH VJG WPFGTN[KPI UJCTGUYJKNGRTKEGUQHFGTKXCVKXGYCTTCPVUCTGKOOWPGHTQOVJGUGRQNKEKGU
# +CPF++QPN[
$ +++CPF+8QPN[
% +++CPF+++QPN[
& ++++CPF+8QPN[
-
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
5CORNG3WGUVKQPU
3WGUVKQP
6JG[KGNFVQOCVWTKV[[KGNFQHCDQPFKUVJGGHHGEVKXGCPPWCNTGVWTPQHVJGDQPF
6JG/KPKUVT[QH6TCPURQTVQH%QWPVT[:KUKUUWKPICUGTKGUQHDQPFUD[UGEWTKVKUKPIVJGPGVTGXGPWGUQHKVUPCVKQPCNKUGFTCKNYC[UGTXKEG+VU[GCTDQPFJCUVJGHQNNQYKPIRTKEKPIKPHQTOCVKQP
%QWRQPTCVG RC[CDNGUGOKCPPWCNN[
(CEGXCNWGRGTDQPF *-&
5WDUETKRVKQPRTKEGRGTDQPF *-&
9JCVKUVJGGHHGEVKXGCPPWCNKUGFTGVWTP[KGNFQHVJKU[GCTDQPF!
#
$
%
&
3WGUVKQP
#P KPXGUVQT RNCEGU C NKOKV QTFGTYKVJ JKU DTQMGT CP 'ZEJCPIG2CTVKEKRCPV $W[ UJCTGU QH%QORCP[ # CV *-& QP VJG 5VQEM 'ZEJCPIG QH *QPI -QPI 5'*- 6JG HQNNQYKPI KU VJGKPHQTOCVKQPTGNCVKPIVQVJKUQTFGT
1TFGTRNCEKPIVKOG COQPCPQTOCNVTCFKPIFC[
$QCTFNQVQH%QORCP[#UUJCTGU UJCTGU
%WTTGPVQWVUVCPFKPIQTFGTUQHVJGDTQMGT
.CUVVTCPUCEVKQPRTKEGQH%QORCP[# *-&RGTUJCTG
(QTYJKEJQH VJG HQNNQYKPI TGCUQPU FQGU VJGDTQMGTFGENKPG VQ KPRWV VJKUQTFGT KPVQ VJG#WVQOCVKE1TFGT/CVEJKPICPF'ZGEWVKQP5[UVGO#/5!
# 6JGOCTMGVJCUPQV[GVQRGPGF
$ 6JGQTFGTJCUGZEGGFGFVJGOCZKOWOQTFGTUK\G
% 6JGRTKEGQHVJGQTFGTJCUGZEGGFGFVJGDGUVDKFRTKEGTCPIG
& 6JG QTFGT JCU GZEGGFGF VJG OCZKOWO PWODGT QH QWVUVCPFKPI QTFGTU CNNQYGF HQT GCEJ'ZEJCPIG2CTVKEKRCPV
-
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
2CRGT5CORNG3WGUVKQPU
3WGUVKQP
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
+ 4GUGCTEJ TGRQTVU CPF KPXGUVOGPV CFXKEG UJQWNF PQV DG FKUVTKDWVGF XKC GOCKN DGECWUG VJG+PVGTPGVKUEQPUKFGTGFCUCPKPUGEWTGOGFKWOQHEQOOWPKECVKQP
++ %NKGPVKPHQTOCVKQPOWUVDGMGRVEQPHKFGPVKCNCPFUJQWNFPQVDGFKUENQUGFVQCP[VJKTFRCTVKGU
+++ 6TCPUCEVKQPU UJQWNF QPN[ DG EQPHKTOGF YKVJ VJG ENKGPV CHVGT VJG VTCFGU JCXG DGGPUWEEGUUHWNN[UGVVNGFYKVJVJG%GPVTCN%NGCTKPICPF5GVVNGOGPV5[UVGO%%#55
+8 1TFGTHQTOUUJQWNFDGVKOGUVCORGFYKVJKPTGCUQPCDNGVKOGWRQPTGEGKXKPIENKGPVUQTFGTU
# ++CPF+8QPN[
$ +++CPF+8QPN[
% +++CPF+++QPN[
& +++CPF+8QPN[
3WGUVKQP
#EEQTFKPI VQ VJGEQFGUQHEQPFWEVCPFIWKFGNKPGU KUUWGFD[ VJG5GEWTKVKGUCPF(WVWTGU%QOOKUUKQP
5(% C NKEGPUGF UGEWTKVKGU HKTOOWUV JCXGCRRTQRTKCVG CPF GHHGEVKXG TKUMOCPCIGOGPVRQNKEKGU CPFRTQEGFWTGU9JKEJQHVJGHQNNQYKPICTGCUOWUVVJGUGRQNKEKGUCPFRTQEGFWTGUEQXGT!
# %TGFKVTKUMOCTMGVTKUMNGICNTKUMCPFQRGTCVKQPCNTKUM
$ /CTMGVTKUMNKSWKFKV[TKUMNGICNTKUMCPFUVTCVGIKETKUM
% %TGFKVTKUMOCTMGVTKUMNKSWKFKV[TKUMCPFQRGTCVKQPCNTKUM
& %TGFKVTKUMUVTCVGIKETKUMNGICNTKUMCPFQRGTCVKQPCNTKUM
-
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
5CORNG3WGUVKQPU
3WGUVKQP
#PCPCN[UV CVVGORVU VQ GXCNWCVG VJG UJCTG RTKEG QH C EQORCP[ *G HKTUV NQQMU KPVQ VJG EQORCP[UHKPCPEKCN UVCVGOGPVUCPF VJGP UVWFKGU VJGUVTGPIVJUCPFDGJCXKQWTQH KVU EQORGVKVQTU 6JGCPCN[UVVJGPUJKHVUJKUHQEWUQPVQJQYIQXGTPOGPVRQNKEKGUCHHGEVVJGRTQHKVCDKNKV[QHVJGEQORCP[#UCHKPCNUVGR JG GZCOKPGU YJGVJGT VJG INQDCN GEQPQOKE TGEQXGT[ YKNN UVKOWNCVG VJG RGTHQTOCPEG QH VJGEQORCP[9JKEJCRRTQCEJKUVJGCPCN[UVCRRN[KPI!
# 6QRFQYPCPCN[UKU
$ $QVVQOWRCPCN[UKU
% 6GEJPKECNCPCN[UKU
& )TQYVJCPCN[UKU
3WGUVKQP
6JG5VQEM'ZEJCPIGQH*QPI-QPI5'*-CNNQYUKPXGUVQTUVQRNCEGQTFGTUXKCVJG+PVGTPGVWUKPIKVU+PXGUVQT#EEGUU%JCPPGNU9JKEJQHVJGHQNNQYKPIKU016KPENWFGFKPVJG+PXGUVQT#EEGUU%JCPPGNU!
# 1PNKPG6TCFKPI5GTXKEG165%JCPPGN
$ 2TQRTKGVCT[0GVYQTM5GTXKEG205%JCPPGN
% %GPVTCN6TCFKPICPF/CVEJKPI%6/%JCPPGN
& $TQMGTU2TQRTKGVCT[%JCPPGN
3WGUVKQP
#V VJG GPF QH GCEJ VTCFKPI FC[ CNN UVQEM VTCPUCEVKQPU CTG VTCPUOKVVGF VQ VJG%GPVTCN %NGCTKPI CPF5GVVNGOGPV5[UVGO %%#55D[VJG5VQEM'ZEJCPIGQH*QPI-QPI 5'*- 9JKEJQH VJG HQNNQYKPIYKNN%%#55IGPGTCVGVQDTQMGTUD[ROQPVJGUCOGFC[!
# 2TQXKUKQPCN%NGCTKPI5VCVGOGPV
$ (KPCN%NGCTKPI5VCVGOGPV
% %QPHKTOCVKQPQH2C[OGPV
& 'ZEJCPIG2CTVKEKRCPVU6TCPUCEVKQP5WOOCT[
-
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
2CRGT5CORNG3WGUVKQPU
3WGUVKQP
6JGHQNNQYKPIFKCITCOUJQYUVJGECPFNGUVKEMUQHCUJCTGQXGTEQPUGEWVKXGVTCFKPIFC[U9JKEJQHVJG HQNNQYKPI%144'%6.; FGUETKDGU VJG RTKEGOQXGOGPV CV VJG GPF QH &C[ EQORCTGFYKVJ VJGENQUKPIRTKEGQH&C[!
Candlesticks
5.1
4.7
5.355.25
4.64.55
4.85
5.05
4
4.2
4.4
4.6
4.8
5
5.2
5.4
5.6
Day 1 Day 2
Pri
ce
# 5JCTGRTKEGICKPU
$ 5JCTGRTKEGNQUGU
% 5JCTGRTKEGICKPU
& 5JCTGRTKEGNQUGU
`'PFQHVJG5CORNG3WGUVKQPU5GEVKQP`
-
#PUYGTU
-
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
2CRGT5CORNG3WGUVKQPU
3WGUVKQP #PUYGT 3WGUVKQP #PUYGT
# #
% #
% $
& $
# #
& %
% $
& $
& $
$ %
# %
& &
$ #
$ %
% #
$ %
% $
# %
& #
& %
-
'ZRNCPCVKQPU
-
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
2CRGT5CORNG3WGUVKQPU
3WGUVKQP 6JG URTGCF KU VJG FKHHGTGPEG DGVYGGP VJG DKF RTKEG CPF VJG QHHGT RTKEG 6JGKPETGOGPVCNURTGCF KUVJGOCTIKPCNQTCFFKVKQPCNURTGCFCFFGFVQVJGQHHGTRTKEGQTFGFWEVGFHTQOVJGDKFRTKEG 6JG KPETGOGPVCNURTGCFQHCUGEWTKV[FGRGPFUQP KVURTKEGNGXGN
3WGUVKQP 6JGTGCNKPVGTGUVTCVGECPDGECNEWNCVGFWUKPIVJGHQNNQYKPIHQTOWNC
TPQOKPCNTTGCNTKPHNCVKQP
6JGTGHQTGVJGTGCNTCVGQHKPVGTGUVKU
+
+
*QYGXGTCSWKEMCRRTQZKOCVKQPECPDGECNEWNCVGFCUHQNNQYUTPQOKPCNTTGCNTKPHNCVKQP
6JGTGHQTGVJGCRRTQZKOCVGTGCNKPVGTGUVTCVGKU
3WGUVKQP $QVJVJG5JCPIJCK5VQEM'ZEJCPIGCPFVJG5JGP\JGP5VQEM'ZEJCPIGHCEKNKVCVGVJGVTCFKPI QH # UJCTGU YJKEJ CTG VTCFGF D[ /CKPNCPF %JKPGUG KPXGUVQTU CPF CTGUGVVNGFKP4GPOKPDK4/$$UJCTGUVTCFGFQPVJG5JCPIJCK5VQEM'ZEJCPIGCTGUGVVNGFKP75&YJKNG$UJCTGUVTCFGFQPVJG5JGP\JGP5VQEM'ZEJCPIGCTGUGVVNGFKP*-&
3WGUVKQP 6JGEWTTGPVNGXGNQHVJG*CPI5GPI+PFGZECPDGQDVCKPGFCUHQNNQYU
KPFGZUFC[RTGXKQWUUVQEMUVEQPUVKVWGPQHVKQPECRKVCNKUCOCTMGVCIITGICVGUFC[RTGXKQWU
UVQEMUVEQPUVKVWGPQHVKQPECRKVCNKUCOCTMGVEWTTGPV
)KXGPVJGKPHQTOCVKQP
;GUVGTFC[UENQUKPIRTKEGQHVJG*CPI5GPI+PFGZ
3WGUVKQP +PCNKUVKPIGZGTEKUGVJGURQPUQTKUTGURQPUKDNGHQTGPUWTKPIVJCVVJGKUUWGTUCVKUHKGUVJG NKUVKPI TGSWKTGOGPVU CPF VJCV VJG FKTGEVQTU QH VJG EQORCP[ WPFGTUVCPF VJGKTQDNKICVKQPU CPF JQPQWT VJGO WPFGT VJG .KUVKPI 4WNGU 6JG URQPUQT KU CNUQTGURQPUKDNGHQTRTGRCTKPIVJGPGYCRRNKECPVHQTNKUVKPINQFIKPIVJGHQTOCNCRRNKECVKQPCPFRTGRCTKPICNNUWRRQTVKPIFQEWOGPVCVKQPHQTVJG5'*-
3WGUVKQP 6JGEQOOQPV[RGUQHUVQEMVTCFKPIQTFGTUMPQYPVQVJG*QPI-QPIUGEWTKVKGUOCTMGVKPENWFG.KOKV1TFGT'PJCPEGF.KOKV1TFGT/CTMGV1TFGT5VQRNQUU1TFGT5VQRICKP1TFGTCPF%CTGHWN&KUETGVKQP1TFGT#4GIKUVGTGF&KUEQWPV1TFGTFQGUPQVGZKUV
-
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
'ZRNCPCVKQPU
3WGUVKQP 6JGOCKPRWTRQUGQHCNKUVKPIGZGTEKUGKUPQVVQGPEQWTCIGUJCTGJQNFGTUVQKPVGTXGPGQT RCTVKEKRCVG KP OCPCIKPI VJG FCKN[ QRGTCVKQPU QH VJG EQORCP[ 6JG EQORCP[UQRGTCVKQPUCTGVJGTGURQPUKDKNKV[QHVJGOCPCIGOGPVYKVJKPVJGEQORCP[*QYGXGTCNKUVKPIGZGTEKUGKPXQNXGUVJGUGNNKPIQHUJCTGUVQKPXGUVQTUYJQYKNNVJGPUJCTGVJGRTQHKVU QH VJG EQORCP[ 6Q RTQVGEV OKPQTKV[ UJCTGJQNFGTU KPVGTGUVU VJG .KUVKPI4WNGUTGSWKTGCNKUVGFEQORCP[VQMGGRVJGOCTMGVKPHQTOGFD[FKUENQUKPICNNOCLQTKPHQTOCVKQP VQ VJG RWDNKE %QORNKCPEG YKVJ VJG .KUVKPI 4WNGU YKNN TGUWNV KP CPKPGXKVCDNG KPETGCUG QH CFOKPKUVTCVKXG EQUVU HQT VJG EQORCP[ CPF GPCDNGU ITGCVGTRWDNKEUETWVKP[
3WGUVKQP +UUWGTUQH*UJCTGUCTGEQORCPKGUKPEQTRQTCVGFKPVJG2GQRNGU4GRWDNKEQH%JKPC
24% 6JGKTCRRNKECVKQPUHQT NKUVKPI KP*QPI-QPIOWUVDGCRRTQXGFD[VJG%JKPC5GEWTKVKGU 4GIWNCVQT[ %QOOKUUKQP %54% 1PN[ C HTCEVKQP QH VJG VQVCN *UJCTGUKUUWGFCTGQHHGTGFQPVJG*QPI-QPIUVQEMOCTMGV6JKUV[RGQHQHHGTKUCNUQMPQYPCUCEQODKPGFQHHGT
3WGUVKQP #TDKVTCIGKUVJGRTCEVKEGQHUGGMKPITKUMHTGGRTQHKVQRRQTVWPKVKGUD[GZRNQKVKPIRTKEGFKHHGTGPEGU DGVYGGP KPXGUVOGPV VQQNU KP FKHHGTGPV OCTMGVU #P CTDKVTCIG ECP DGECTTKGF QWV YKVJ CP #OGTKECP &GRQUKVQT[ 4GEGKRV #&4 YJGP C RTKEG FKHHGTGPEGGZKUVUDGVYGGPVJG#&4CPFKVUWPFGTN[KPIUJCTGU#&4UCTGPGIQVKCDNGUGEWTKVKGUFGPQOKPCVGFKP75&CPFCTGKUUWGFVQKPXGUVQTUKPVJG75QPN[6JG[ECPDGVTCFGFYKVJQWVFGNKXGT[QHVJGWPFGTN[KPIUJCTGU
3WGUVKQP #DTQMGTKUPQVTGSWKTGFD[VJG5GEWTKVKGUCPF(WVWTGU%QOOKUUKQP5(%VQRTQXKFGJKUENKGPVYKVJSWCTVGTN[CPCN[UKU TGRQTVUQHRQTVHQNKQRGTHQTOCPEG #DTQMGTOWUVQDVCKPCYTKVVGPCITGGOGPVHTQOJKUENKGPVDGHQTGRNGFIKPIVJGENKGPVUUGEWTKVKGU
3WGUVKQP #PCN[UVU TGRQTVU CPF TGEQOOGPFCVKQPU CTG QHVGP WUGF D[ DTQMGTU CPF VTCFGTU VQRTQXKFGKPXGUVOGPVCFXKEGVQENKGPVU4GUGCTEJCPCN[UVUJCXGEQOGWPFGTUETWVKP[CPF VJGKT KPFGRGPFGPEG JCU DGGP SWGUVKQPGF FWG VQ VJGKT RQUUKDNG KPXQNXGOGPV KPEQTRQTCVG CFXKUQT[ TQNGU 6JG KUUWG KU OCKPN[ DCUGF QP C EQPEGTP VJCV UQOGCPCN[UVU OC[ DG TGEGKXKPI DGPGHKVU HTQO VJG EQORCPKGU YJKEJ VJG[ CPCN[UG GIUVQEM KUUWGTUCPFTGVWTPKPIHCXQWTUVQUWEJEQORCPKGUD[YTKVKPIDKCUGFTGUGCTEJTGRQTVU HQT VJG KPXGUVKPIRWDNKE 6JGSWGUVKQPQH VJG KPVGITKV[QHCPCN[UVUCPFVJGNQQRJQNGU KPVJGOQPKVQTKPIU[UVGOCICKPUVRQUUKDNGOCNRTCEVKEGUJCXGDGGPFTCYPVQ VJG CVVGPVKQP QH OCP[ KPXGUVQTU EQORCPKGU CPF TGIWNCVQTU HQNNQYKPI VJGFKUEQXGT[ QH C UGTKGU QH KPEKFGPVU TGNCVGF VQ VJG EQPFWEV QH TGUGCTEJ CPCN[UVUVJTQWIJQWVFKHHGTGPVRCTVUQHVJGINQDCNKPXGUVOGPVOCTMGV
3WGUVKQP (WPEVKQPCNWPKVUQHVJG*-/#KPENWFGDCPMKPIFGXGNQROGPVDCPMKPIRQNKE[DCPMKPIUWRGTXKUKQP GZVGTPCN TGUGTXGU OCPCIGOGPV OQPGVCT[ OCPCIGOGPV CPFKPHTCUVTWEVWTGTGUGCTEJCPFEQTRQTCVGUGTXKEGU
-
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
2CRGT5CORNG3WGUVKQPU
3WGUVKQP
6JGFKCITCOUJQYUCNQPIRWVQRVKQPRQUKVKQPDGECWUGVJGQRVKQPXCNWGYKNNKPETGCUGYJGPVJGKPFGZHCNNUKGVJGQRVKQPICKPUKPVTKPUKEXCNWGYJGPVJGKPFGZHCNNUDGNQYVJGUVTKMGRTKEGQH9KVJCUVTKMGRTKEGQHCPFCPQRVKQPRTKEGRTGOKWOQHRQKPVUVJGDTGCMGXGPQHVJGQRVKQPKU
3WGUVKQP )KXGPVJGHQNNQYKPIHQTOWNCHQTRTKEKPIFKUEQWPVGFUGEWTKVKGU
2
+PT
(8
9JGTG2 RTKEG(8 HCEGXCNWGT CPPWCNKPVGTGUVTCVGP PWODGTQHFC[UTGOCKPKPI
T
3WGUVKQP +P ,CPWCT[ VJG 5VQEM 'ZEJCPIG QH *QPI-QPI 5'*- COGPFGF VJG .KUVKPI4WNGUHQTFGTKXCVKXGYCTTCPVU+UUWGTUQHFGTKXCVKXGYCTTCPVUCTGTGSWKTGFVQCRRQKPV.KSWKFKV[2TQXKFGTU.2.2UCTGTGSWKTGFVQRTQXKFGEQPVKPWQWUSWQVGUDKFCPFQHHGTRTKEGU QP VJG 'ZEJCPIGU#WVQOCVKE1TFGT/CVEJKPI CPF 'ZGEWVKQP5[UVGO 6JKUU[UVGO KU FGUKIPGF VQ KORTQXG VJG NKSWKFKV[ QH VJG FGTKXCVKXGYCTTCPVOCTMGV #U.2UHCEKNKVCVGCOCTMGVOCMKPIU[UVGOVJG[ECPCNUQDGECNNGFOCTMGVOCMGTU
3WGUVKQP %QUVQHRWTEJCUKPIUJCTGUFKTGEVN[HTQOVJGUVQEMOCTMGV*-&Z*-&
$[GZGTEKUKPIVJGVQYCTTCPVUYCTTCPVUJCXGVQDGGZGTEKUGFKPQTFGTVQQYPQPGUJCTG6QQYPUJCTGUYKVJCUVTKMGRTKEGQH*-&KVEQUVU*-&ZZ*-&
6JGTGHQTGCPCOQWPVQH*-&*-&*-&ECPDGUCXGF
2TQHKVNQUU
5VTKMGRTKEG
DTGCMGXGP
-
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
'ZRNCPCVKQPU
3WGUVKQP &WTKPIVJGEQPVKPWQWUVTCFKPIUGUUKQPQHVJG5VQEM'ZEJCPIGQH*QPI-QPI5'*-.KOKV1TFGTUCPF'PJCPEGF.KOKV1TFGTUOWUVHCNNYKVJKPVJGKTUVKRWNCVGFRTKEG NKOKVTCPIGU # 5RGEKCN .KOKV 1TFGT JCU PQ UWEJ TGUVTKEVKQP QP VJG RTKEG NKOKV #P#VCWEVKQP.KOKV1TFGTKUQPN[CEEGRVGFFWTKPIVJGRTGQRGPKPIUGUUKQPQHVJG5'*-
3WGUVKQP 6JGMG[UVGRUVQHCEKNKVCVGCUVQEMVTCFGCTGKNNWUVTCVGFDGNQY
#PKPXGUVQTEQPVCEVUJKUDTQMGTCPFRNCEGUCPQTFGT
6JG DTQMGT CUMU HQT VJG KPXGUVQTU CEEQWPV PWODGT VJG UVQEM EQFG QH VJGEQORCP[VJGSWCPVKV[QHUJCTGUVQDGDQWIJVQTUQNFCPFVJGRTKEGNKOKV
6JGDTQMGTEQPHKTOUVJGKPXGUVQTUKPUVTWEVKQPU
6JGDTQMGTGPVGTUVJGVTCFGQPVJG#/5
6JGQTFGTKUOCVEJGFD[VJG#/5
6JGVTCFGKUVTCPUHGTTGFYKVJCNNQVJGTVTCPUCEVKQPUVQ%%#55CVVJGGPFQHVJGVTCFKPIFC[
6JGDTQMGTTGEGKXGUC2TQXKUKQPCN%NGCTKPI5VCVGOGPVHTQO%%#55QPVJGVTCFGFCVG#(KPCN%NGCTKPI5VCVGOGPVYKNNDGTGEGKXGFQPVJGPGZVDWUKPGUUFC[
6JGDTQMGTEQPHKTOUVJGEQORNGVKQPQHVJGVTCFGYKVJVJGKPXGUVQTCPFKUUWGUCEQPVTCEVPQVG
6JGDTQMGTTGEGKXGURC[OGPVHTQOVJGKPXGUVQT
6JGDTQMGTUGVVNGUVJGVTCFGYKVJ%%#55QPC6DCUKU
6JGUJCTGUCTGVTCPUHGTTGFVQVJGKPXGUVQTUCEEQWPV
3WGUVKQP 5VQEM DQTTQYKPI CPF NGPFKPI VTCPUCEVKQPU FQ PQV HCNN KPVQ VJG ECVGIQT[ QH VTCFGUEQORNGVGF QWVUKFG VJG #/5 +P CFFKVKQP VQ QFF NQV VTCPUCEVKQPU FKTGEV DWUKPGUUVTCPUCEVKQPUQTFGTUGZEGGFKPIVJGUK\GNKOKVQHDQCTFNQVUCPFUJCTGRWTEJCUGUYJKEJECPPQVDGUGVVNGFFWGVQHCKNWTGUQPVJGRCTVQHVJGUGNNKPIDTQMGTUOWUVCNUQDG TGRQTVGF VQ VJG 5VQEM 'ZEJCPIG QH *QPI -QPI 5'*- CPF VJG KPHQTOCVKQPFKUUGOKPCVGFVQVJGOCTMGV
3WGUVKQP #VTCPUHGTFGGFUVCORFWV[QH*-&HQTGCEJPGYVTCPUHGTFGGFTGICTFNGUUQHVJGPWODGTQHUJCTGUVTCFGFKURC[CDNGVQVJG)QXGTPOGPV
3WGUVKQP %WTTGPVTCVKQUNKCDKNKVKGEWTTGPV
CUUGVUEWTTGPV
6JGEWTTGPVTCVKQOGCUWTGUCEQORCP[UCDKNKV[VQTGRC[KVUEWTTGPVNKCDKNKVKGU
-
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
2CRGT5CORNG3WGUVKQPU
3WKEMTCVKQUNKCDKNKVKGEWTTGPV
UKPXGPVQTKGEWTTGPVCUUGVUEWTTGPV
6JG SWKEM TCVKQ TGOQXGU KPXGPVQT[ HTQO VJG EWTTGPV CUUGVU CPF RTQXKFGU C OQTGCEEWTCVG OGCUWTG QH C EQORCP[U NKSWKFKV[ CU UQOG CUUGVU CTG OQTG NKSWKF VJCPQVJGTU (QTGZCORNGECUJECPDGWUGF KOOGFKCVGN[VQTGRC[CP[FGDV 6JGSWKEMTCVKQRTQXKFGUCOQTGCEEWTCVGOGCUWTGQHNKSWKFKV[CUKPXGPVQTKGUCTGXKGYGFCUVJGNGCUV NKSWKFCUUGV KPVJGEWTTGPVCUUGVUCEEQWPV 9KVJEWTTGPV KPXGPVQTKGUJCXKPICRQUKVKXGXCNWGWPFGTPQTOCNEKTEWOUVCPEGUVJGEWTTGPVTCVKQKUJKIJGTVJCPVJGSWKEMTCVKQ
3WGUVKQP 6JGCUUGVVWTPQXGTTCVKQUJQYUVJGUCNGUIGPGTCVGFQPCUUGVUQTKPXGUVOGPVU6JGFKXKFGPF[KGNFUJQYUVJGKPEQOGIGPGTCVKPICDKNKV[QHCPKPXGUVOGPVQTKPEQOGVJCVUJCTGJQNFGTUYKNNGCTPHTQOVJGKPXGUVOGPV$QVJCUUGVVWTPQXGTTCVKQCPFFKXKFGPF[KGNF CTG RTQHKVCDKNKV[ TCVKQUOGCUWTKPI VJG RGTHQTOCPEG QH VJG EQORCP[ +PVGTGUVEQXGTCIGOGCUWTGUCEQORCP[UCDKNKV[VQRC[KPVGTGUVRC[OGPVUCPFKUCPGZCORNGQHCUQNXGPE[ TCVKQ 6JG TGNCVKXGUVTGPIVJ KPFGZ KUCP KPFKECVQT VJCVOGCUWTGU VJGOQOGPVWOQHVJGOCTMGVOQXGOGPV
3WGUVKQP 6JG%CRKVCN#UUGV2TKEKPI/QFGN%#2/HQTOWNCUJQYUVJCV4 4H4O4H9JGTGR GZRGEVGFTCVGQHTGVWTPQHCUVQEMRf TKUMHTGGTCVGRm TCVGQHTGVWTPQPVJGOCTMGVRQTVHQNKQ UVQEMU$GVCXCNWG#U QHVJGOCTMGVRQTVHQNKQKUCNYC[U QHCP[EQORCP[UJQWNFCNUQDGKHKVUGZRGEVGFTGVWTPKUGSWCNVQVJGOCTMGVRQTVHQNKQ6JWU QHEQORCP[#KUGSWCNVQ
#NVGTPCVKXGN[44H 4O4H6JGTGHQTG IKXGP DQVJR CPFRm CTG 7% UWDUVKVWVKPI KPVQ VJG CDQXG HQTOWNC7% Rf = 1 x (7% Rf)6JGTKUMHTGGTCVG Rf ECPPQVDGFGVGTOKPGF
3WGUVKQP $GHQTGECNEWNCVKPIVJG2'TCVKQYGPGGFVQHKTUVECNEWNCVGVJG'CTPKPIU2GT5JCTG
'25
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VCZCHVGTRTQHKV
+
-
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
'ZRNCPCVKQPU
)KXGPVJCV%QQM[UUJCTGUCTGVTCFKPICV*-&
2''25
UJCTGRTKEG VKOGU
3WGUVKQP 6JGXCTKQWUCPPWCNGHHGEVKXGTCVGUQHKPVGTGUVCTGCUHQNNQYU
$CPM
$CPM
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3WGUVKQP $QVJ VJG DGPEJOCTM CPF HQTGECUVGF [KGNF EWTXGU CTG RQUKVKXG [KGNF EWTXGU YJGTGKPVGTGUVTCVGUVGPFVQTKUGVJGNQPIGTVJGOCVWTKVKGUIGV 6JGKPETGCUKPI[KGNF KUVQEQORGPUCVGHQTVJGXQNCVKNKV[QHCDQPFYJKEJCPKPXGUVQTOC[JCXGVQGPFWTGQXGTVJG NQPIGT RGTKQF 0QVKEGCDN[ VJG HQTGECUVGF EWTXG FGXKCVGU OQTG HTQO VJGDGPEJOCTMCUVJGURCPQHOCVWTKV[DGEQOGUNQPIGT
3WGUVKQP %CRKVCNKUCVKQP KUUWGU CPF UWDUVKVWVKQP KUUWGU JCXG VQ DG UWRRQTVGF D[ C NKUVKPIFQEWOGPVKPVJGHQTOQHCEKTEWNCTVQUJCTGJQNFGTUYJGTGCUQHHGTUHQTUWDUETKRVKQPCPFTKIJVUKUUWGUOWUVDGUWRRQTVGFD[CRTQURGEVWU
3WGUVKQP +++CPF+8CTGVJGRTKPEKRNGHWPEVKQPUURGEKHKECNN[FGHKPGFKPVJG.KUVKPI4WNGUYJKNG+++KUVJGOKUUKQPQHVJG5'*-KPQTFGTVQOCKPVCKPVJGEQPHKFGPEGQHKPXGUVQTU
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l*QPI-QPI5GEWTKVKGU+PUVKVWVG
'ZRNCPCVKQPU
3WGUVKQP &WTKPIVJGOQTPKPIUGUUKQPQHVJGEQPVKPWQWUVTCFKPIUGUUKQPQHVJG5VQEM'ZEJCPIGQH*QPI-QPI5'*-COROVJGOCZKOWOQTFGTUK\GKUDQCTFNQVUCPFVJGOCZKOWOPWODGTQHQWVUVCPFKPIQTFGTURGT'ZEJCPIG2CTVKEKRCPVKU
6JGDTQMGTFGENKPGUVJGQTFGTFWGVQVJGHQNNQYKPIKPEQPHQTOKV[5JCTG#YCUNCUVVTCFGFCV*-VVJKURTKEGNGXGNKVUKPETGOGPVCNURTGCFKU*-& 6JG QTFGT VQ DW[ UJCTGU QH %QORCP[ # CV *-& GZEGGFU VJGKPETGOGPVCN URTGCF DQWPFCTKGU URTGCFU QH C NKOKV QTFGT FWTKPI VJG EQPVKPWQWUVTCFKPIUGUUKQPQHVJG5'*-
3WGUVKQP + 'OCKNKUCEVWCNN[CPGHHGEVKXGOGCPUQHEQOOWPKECVKQPYKVJENKGPVU
++ 7PFGTPQEKTEWOUVCPEGUOWUVCDTQMGTFKUENQUGCENKGPVUQTFGTFGVCKNUVQVJKTFRCTVKGU
+++ +V KU C IQQF JCDKV VQ EQPHKTO C VTCFG YKVJ C ENKGPV KOOGFKCVGN[ CHVGT VJGVTCPUCEVKQPKUUWEEGUUHWNN[EQORNGVGF
+8 1TFGTHQTOURTQXKFGTGEQTFUQHVJGQTFGTKPUVTWEVKQPYJKNGVKOGUVCORUGXKFGPEGVJG VKOG QH RNCEKPI VJG QTFGTU 6JGTGHQTG VJG QTFGT HQTOU UJQWNF DG VKOGUVCORGFCUUQQPCUTGCUQPCDNGWRQPTGEGKXKPIVJGQTFGTU
3WGUVKQP #EEQTFKPI VQ VJG /CPCIGOGPV 5WRGTXKUKQP CPF +PVGTPCN %QPVTQN )WKFGNKPGU HQT2GTUQPU.KEGPUGFD[QT4GIKUVGTGFYKVJVJG5GEWTKVKGUCPF(WVWTGU%QOOKUUKQPTKUMOCPCIGOGPV RQNKEKGU CPF RTQEGFWTGUOWUV EQXGT VJG XCTKQWU CTGCU QH ETGFKV TKUMOCTMGVTKUMNKSWKFKV[TKUMCPFQRGTCVKQPCNTKUM
3WGUVKQP (WPFCOGPVCN CPCN[UKU KU QPG QH VJG VYQ EQOOQP OGVJQFU WUGF HQT CPCN[UKPIUGEWTKVKGU +V NQQMU CV VJG HWPFCOGPVCNU QH C EQORCP[ UWEJ CU VJG EQORCP[UHKPCPEKCNUCPFQRGTCVKQPUCUUGVXCNWGUCPVKEKRCVGFGCTPKPIUITQYVJRQVGPVKCNVJGGEQPQOKE GPXKTQPOGPV DWUKPGUU E[ENGU GVE VQ FGVGTOKPG CP KPVTKPUKE XCNWG QH CUVQEM
6JG VQRFQYP CRRTQCEJ CPF VJG DQVVQOWR CRRTQCEJ CTG VJG VYQ DCUKEOGVJQFQNQIKGUHQTGXCNWCVKPICEQORCP[YKVJKPVJGHWPFCOGPVCNCPCN[UKU6JGVQRFQYPCRRTQCEJVCMGUCOCETQXKGYCPFITCFWCNN[OQXGUFQYPVQCOKETQXKGY+VNQQMU CV VJG GEQPQOKE GPXKTQPOGPV HKTUV HTQO DQVJ C INQDCN CPF C FQOGUVKERGTURGEVKXGEQPXGTIKPIVJGUEQRGITCFWCNN[WPVKNKVHKPCNN[UGVUUKIJVQPVJGUWDLGEVEQORCP[ %QPXGTUGN[ VJG DQVVQOWR CRRTQCEJ DGIKPU KVU CPCN[UKU CV VJG UWDLGEVEQORCP[CPFGPFUYKVJVJGINQDCNOCTMGV
6GEJPKECNCPCN[UKU KU VJGQVJGTEQOOQPN[WUGFOGVJQFHQTCPCN[UKPIVJGXCNWGUQHUGEWTKVKGUD[WUKPIJKUVQTKECNOCTMGVFCVCVQRTGFKEVHWVWTGOCTMGVVTGPFU
-
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
2CRGT5CORNG3WGUVKQPU
3WGUVKQP 6JG +PXGUVQT #EEGUU %JCPPGNU QH VJG #WVQOCVKE 1TFGT /CVEJKPI CPF 'ZGEWVKQP5[UVGOFQPQV KPENWFG VJG%GPVTCN6TCFKPICPF/CVEJKPI %6/%JCPPGN +V FQGUPQVGZKUV
3WGUVKQP 6JG DTQMGT YKNN TGEGKXG C 2TQXKUKQPCN %NGCTKPI 5VCVGOGPV QP VJG RQUKVKQP HQTTGEQPEKNKCVKQP D[ RO (KPCN %NGCTKPI 5VCVGOGPVUYKNN DG UGPV VQ DTQMGTU D[ROQPVJGPGZVDWUKPGUUFC[
3WGUVKQP
6JGQRGPKPIJKIJNQYCPFENQUKPIRTKEGUCTGPGGFGFVQFTCYCECPFNGUVKEM+HVJGENQUKPIRTKEGKUJKIJGTVJCPVJGQRGPKPIRTKEGVJGECPFNGUVKEMKUJQNNQYQTYJKVG+HVJGENQUKPIRTKEGKUNQYGTVJCPVJGQRGPKPIRTKEGVJGECPFNGUVKEMKUHKNNGFQTDNCEM6JG JQNNQY QT HKNNGF DGVYGGP VJG QRGPKPI CPF ENQUKPI RTKEGU UGEVKQP QH VJGECPFNGUVKEM KU ECNNGF VJG DQF[ YJKNG VJG VJKP NKPGU CDQXG CPF DGNQY VJG DQF[
TGRTGUGPVKPIVJGGPVKTGTCPIGQHVJGVTCFKPIRGTKQFCTGECNNGFUJCFQYU6JGVQRQHVJGWRRGTUJCFQYTGRTGUGPVU VJGJKIJGUVRTKEGQH VJCVRGTKQFYJKNG VJGDQVVQOQHVJGNQYGTUJCFQYTGRTGUGPVUVJGNQYGUVRTKEGQHVJCVRGTKQF
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VJGUJCTGRTKEGJCUICKPGF
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l*QPI-QPI5GEWTKVKGU+PUVKVWVG
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