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ȋǹȇǹȀȉǾȇǿȈȉǿȀǹǼȚțȩȞİȢ 1)
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ȅįȚĮțȩʌIJȘȢİȓȞĮȚȠȝȘȤĮȞȚıȝȩȢİȞİȡȖȠʌȠȓȘıȘȢʌȠȣ
ȤȡȘıȚȝȠʌȠȚİȓIJĮȚȖȚĮIJȘȞİțțȓȞȘıȘțĮȚIJȘįȚĮțȠʌȒȜİȚIJȠȣȡȖȓĮȢIJȠȣ
ıȣȝʌȚİıIJȒǵIJĮȞȠįȚĮțȩʌIJȘȢİȓȞĮȚıİșȑıȘ³I´İȞİȡȖȠʌȠȓȘıȘ
ȠțȚȞȘIJȒȡĮȢțĮȚȘĮȞIJȜȓĮșĮıȣȝʌȚȑȗȠȣȞĮȑȡĮȝȑȤȡȚȘʌȓİıȘ
įİȟĮȝİȞȒȢȞĮijIJȐıİȚıIJȠĮȞȫIJĮIJȠȩȡȚȠIJȘȢİȡȖȠıIJĮıȚĮțȐ
ȡȣșȝȚıȝȑȞȘȢʌȓİıȘȢȜİȚIJȠȣȡȖȓĮȢǵIJĮȞȘʌȓİıȘįİȟĮȝİȞȒȢʌȑıİȚ
țȐIJȦĮʌȩIJȘȞİȡȖȠıIJĮıȚĮțȐȡȣșȝȚıȝȑȞȘʌȓİıȘİțțȓȞȘıȘȢȠ
ıȣȝʌȚİıIJȒȢșĮȟİțȚȞȒıİȚȟĮȞȐĮȣIJȩȝĮIJĮIJȘıȣȝʌȓİıȘĮȑȡĮ
ǺȂİIJȡȘIJȒȢʌȓİıȘȢįİȟĮȝİȞȒȢȅȝİIJȡȘIJȒȢʌȓİıȘȢįİȟĮȝİȞȒȢ
ȣʌȠįİȚțȞȪİȚIJȘȞʌȓİıȘĮȑȡĮʌȠȣȣʌȐȡȤİȚıIJȘįİȟĮȝİȞȒıİ36,
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ʌȓİıȘȢȣʌȠįİȚțȞȪİȚIJȘȞʌȠıȩIJȘIJĮʌȓİıȘȢʌȠȣİȚıȑȡȤİIJĮȚıIJȘ
ȖȡĮȝȝȒİțȡȠȒȢıȪȝijȦȞĮȝİIJȘȡȪșȝȚıȘIJȠȣȡȣșȝȚıIJȒ
'ȀȠȣȝʌȓȡȣșȝȚıIJȒȉȠțȠȣȝʌȓȡȣșȝȚıIJȒȤȡȘıȚȝȠʌȠȚİȓIJĮȚȖȚĮ
ȞĮȡȣșȝȓȗİȚIJȘȞʌȓİıȘĮȑȡĮʌȠȣİȓȞĮȚįȚĮșȑıȚȝȘıIJȘȖȡĮȝȝȒ
İțȡȠȒȢǾʌȓİıȘĮȑȡĮİțȡȠȒȢĮȣȟȐȞİIJĮȚĮȞʌİȡȚıIJȡȑȥİIJİIJȠ
țȠȣȝʌȓįİȟȚȩıIJȡȠijĮțĮȚȝİȚȫȞİIJĮȚĮȞʌİȡȚıIJȡȑȥİIJİIJȠțȠȣȝʌȓ
ĮȡȚıIJİȡȩıIJȡȠijĮ
Ǽ ǺĮȜȕȓįĮĮʌȠıIJȡȐȖȖȚıȘȢǹȣIJȒȘȕĮȜȕȓįĮĮʌȠıIJȡĮȖȖȓȗİȚIJȘȞ
ȣȖȡĮıȓĮĮʌȩIJȘįİȟĮȝİȞȒȩIJĮȞĮȞȠȓȖİȚ
) ȉĮȤȣıȪȞįİıȝȠȢȅIJĮȤȣıȪȞįİıȝȠȢȤȡȘıȚȝȠʌȠȚİȓIJĮȚȖȚĮȞĮ
ıȣȞįȑİIJİIJȠȞĮȖȦȖȩĮȑȡĮȝİIJȠİȡȖĮȜİȓȠıĮȢ
*ǺĮȜȕȓįĮĮıijĮȜİȓĮȢǾȕĮȜȕȓįĮĮıijĮȜİȓĮȢȡȣșȝȓȗİIJĮȚȖȚĮȞĮ
ĮʌȠijİȪȖİIJĮȚȘȣʌİȡȕȠȜȚțȒıȣȝʌȓİıȘIJȦȞįİȟĮȝİȞȫȞĮȑȡĮ
ǹȣIJȒȘȕĮȜȕȓįĮİȓȞĮȚİȡȖȠıIJĮıȚĮțȐʌȡȠȡȣșȝȚıȝȑȞȘțĮȚįİȞ
ȜİȚIJȠȣȡȖİȓĮȞȘʌȓİıȘįİȟĮȝİȞȒȢįİȞijIJȐıİȚĮȣIJȒIJȘȞIJȚȝȒȂȘȞ
İʌȚȤİȚȡȒıİIJİȞĮȡȣșȝȓıİIJİȒȞĮĮʌȠȝĮțȡȪȞİIJİĮȣIJȒIJȘ
įȚȐIJĮȟȘĮıijĮȜİȓĮȢ
ȉȣȤȩȞȡȣșȝȓıİȚȢıIJȘȕĮȜȕȓįĮȝʌȠȡİȓȞĮʌȡȠțĮȜȑıȠȣȞ
ıȠȕĮȡȩIJȡĮȣȝĮIJȚıȝȩǼȐȞĮȣIJȒȘįȚȐIJĮȟȘĮʌĮȚIJİȓıȑȡȕȚȢȒ
ıȣȞIJȒȡȘıȘĮʌİȣșȣȞșİȓIJİıİȑȞĮİȟȠȣıȚȠįȠIJȘȝȑȞȠțȑȞIJȡȠıȑȡȕȚȢ
+ȋİȚȡȠȜĮȕȒȖȚĮĮȞȪȥȦıȘȝİIJĮțȓȞȘıȘ
, ȉȡȠȤȩȢ
ȝȩȞȠıIJȠȝȠȞIJȑȜȠ³+<9´țĮȚ³+<9´
- ȆȠįĮȡȐțȚıIJȒȡȚȟȘȢ
ȆǼǻǿȅȋȇǾȈǾȈ
ȅıȣȝʌȚİıIJȒȢȑȤİȚıȤİįȚĮıIJİȓȖȚĮIJȘȞʌĮȡĮȖȦȖȒıȣȝʌȚİıȝȑȞȠȣĮȑȡĮ
ȖȚĮİȡȖĮȜİȓĮʌȠȣȜİȚIJȠȣȡȖȠȪȞȝİıȣȝʌȚİıȝȑȞȠĮȑȡĮ
ȃĮȑȤİIJİȣʌȩȥȘȩIJȚȠİȟȠʌȜȚıȝȩȢȝĮȢįİȞȑȤİȚıȤİįȚĮıIJİȓȖȚĮȤȡȒıȘıİ
İȝʌȠȡȚțȑȢȒȕȚȠȝȘȤĮȞȚțȑȢİijĮȡȝȠȖȑȢǾİȖȖȪȘıȒȝĮȢĮțȣȡȫȞİIJĮȚĮȞ
ȤȡȘıȚȝȠʌȠȚȒıİIJİIJȠȝȘȤȐȞȘȝĮıİİȝʌȠȡȚțȑȢȒȕȚȠȝȘȤĮȞȚțȑȢİȡȖĮıȓİȢ
ȒȖȚĮʌĮȡİȝijİȡİȓȢıțȠʌȠȪȢ
ȉȠȝȘȤȐȞȘȝĮʌȡȑʌİȚȞĮȤȡȘıȚȝȠʌȠȚİȓIJĮȚȝȩȞȠȖȚĮIJȠȞʌȡȠțĮșȠȡȚıȝȑȞȠ
ıțȠʌȩȅʌȠȚĮįȒʌȠIJİȐȜȜȘȤȡȒıȘțȡȓȞİIJĮȚȦȢțĮțȒȤȡȒıȘīȚĮIJȣȤȩȞ
ȕȜȐȕİȢ Ȓ IJȡĮȣȝĮIJȚıȝȠȪȢ ȠʌȠȚȠȣįȒʌȠIJİ İȓįȠȣȢ ʌȠȣ ʌȡȠțĮȜȠȪȞIJĮȚ
ȜȩȖȦ țĮțȒȢ ȤȡȒıȘȢ șĮ İȣșȪȞİIJĮȚ Ƞ ȤȡȒıIJȘȢȤİȚȡȚıIJȒȢ țĮȚ ȩȤȚ Ƞ
țĮIJĮıțİȣĮıIJȒȢ
ȉǹȈǾ
ȅıȣȝʌȚİıIJȒȢįȚĮșȑIJİȚȑȞĮțĮȜȫįȚȠIJȡȠijȠįȠıȓĮȢȝİȕȪıȝĮĮȞșİțIJȚțȩ
ıIJȠȣȢ țȡĮįĮıȝȠȪȢ ȂʌȠȡİȓ ȞĮ ıȣȞįİșİȓ ıİ ȠʌȠȚĮįȒʌȠIJİ ʌȡȓȗĮ
9a+]ĮȞșİțIJȚțȒıİțȡĮįĮıȝȠȪȢȘȠʌȠȓĮʌȡȠıIJĮIJİȪİIJĮȚĮʌȩ
ĮıijȐȜİȚĮ$ȆȡȚȞȤȡȘıȚȝȠʌȠȚȒıİIJİIJȠȝȘȤȐȞȘȝĮȕİȕĮȚȦșİȓIJİȩIJȚ
Ș IJȐıȘįȚțIJȪȠȣ ıȣȝȝȠȡijȫȞİIJĮȚ ȝİ IJȚȢ ʌȡȠįȚĮȖȡĮijȑȢ IJȘȢ ʌȚȞĮțȓįĮȢ
ȤĮȡĮțIJȘȡȚıIJȚțȫȞȉĮ ȝĮțȡȚȐ țĮȜȫįȚĮIJȡȠijȠįȠıȓĮȢ ȠȚ ʌȡȠİțIJȐıİȚȢ
IJĮțĮȡȠȪȜȚĮ țĮȜȦįȓȠȣțIJȜ ʌȡȠțĮȜȠȪȞʌIJȫıȘIJȐıȘȢ țĮȚȝʌȠȡİȓ ȞĮ
İȝʌȠįȓıȠȣȞ IJȘȞ İțțȓȞȘıȘ IJȠȣ țȚȞȘIJȒȡĮ Ȉİ ʌİȡȓʌIJȦıȘ ȤĮȝȘȜȫȞ
șİȡȝȠțȡĮıȚȫȞ țȐIJȦ Įʌȩ & Ș İțțȓȞȘıȘ IJȠȣ țȚȞȘIJȒȡĮ IJȓșİIJĮȚ ıİ
țȓȞįȣȞȠȜȩȖȦĮțĮȝȥȓĮȢ
5. ǻǿǹǻǿȀǹȈǿǼȈȆȇǿȃȉǾȃǼȀȀǿȃǾȈǾ
ƔǼȜȑȖȟIJİIJȠȝȘȤȐȞȘȝĮȖȚĮıȘȝȐįȚĮĮʌȩȕȜȐȕİȢțĮIJȐIJȘȝİIJĮijȠȡȐ
ǹȞĮijȑȡİIJİ ĮȝȑıȦȢ IJȣȤȩȞ ȕȜȐȕİȢ ıIJȘȞ İIJĮȚȡİȓĮ ʌȠȣ ıĮȢ
ʌȡȠȝȒșİȣıİIJȠıȣȝʌȚİıIJȒ
ƔǺİȕĮȚȦșİȓIJİ ȩIJȚ ȠȚ įİȟĮȝİȞȑȢ ȑȤȠȣȞ ĮʌȠıIJȡĮȖȖȚıIJİȓ țĮȚ İȓȞĮȚ
ĮʌĮȜȜĮȖȝȑȞİȢĮʌȩIJȣȤȩȞȣȖȡĮıȓĮȒȕȡȦȝȚȐ
ƔȅıȣȝʌȚİıIJȒȢʌȡȑʌİȚȞĮȡȣșȝȓȗİIJĮȚțȠȞIJȐıIJȠȞțĮIJĮȞĮȜȦIJȒʌȠȣșĮ
IJȠȞȤİȚȡȚıIJİȓ
ƔȃĮ ĮʌȠijİȪȖİIJİ IJȚȢ ȝĮțȡȚȠȪȢ ĮȖȦȖȠȪȢ ĮȑȡĮ țĮȚ IJȠȣȢ ȝĮțȡȚȠȪȢ
ĮȖȦȖȠȪȢʌĮȡȠȤȒȢʌȡȠİțIJȐıİȚȢ
ƔǺİȕĮȚȦșİȓIJİȩIJȚȠĮȑȡĮȢİȚıĮȖȦȖȒȢİȓȞĮȚȟȘȡȩȢțĮȚĮʌĮȜȜĮȖȝȑȞȠȢ
ĮʌȩıțȩȞȘ
ƔȂȘȡȣșȝȓȗİIJİIJȠıȣȝʌȚİıIJȒıİȞȠIJȚıȝȑȞȠȣȢȒȣȖȡȠȪȢȤȫȡȠȣȢ
Ɣȅ ıȣȝʌȚİıIJȒȢ ȝʌȠȡİȓ ȞĮ ȤȡȘıȚȝȠʌȠȚȘșİȓ ȝȩȞȠ ıİ țĮIJȐȜȜȘȜȠȣȢ
ȤȫȡȠȣȢ ȝİ țĮȜȩ ĮİȡȚıȝȩ țĮȚ șİȡȝȠțȡĮıȓĮ ʌİȡȚȕȐȜȜȠȞIJȠȢ Įʌȩ
& ȑȦȢ & ǻİȞ ʌȡȑʌİȚ ȞĮ ȣʌȐȡȤİȚ ıțȩȞȘ ȠȟȑĮ ĮIJȝȠȓ
İțȡȘțIJȚțȐĮȑȡȚĮȒİȪijȜİțIJĮĮȑȡȚĮıIJȠȤȫȡȠ
Ɣȅ ıȣȝʌȚİıIJȒȢȑȤİȚıȤİįȚĮıIJİȓȖȚĮȞĮ ȤȡȘıȚȝȠʌȠȚİȓIJĮȚıİıIJİȖȞȠȪȢ
ȤȫȡȠȣȢǹʌĮȖȠȡİȪİIJĮȚ Ș ȤȡȒıȘ IJȠȣ ıȣȝʌȚİıIJȒ ıİ ȤȫȡȠȣȢ ȩʌȠȣ
įȚİȟȐȖİIJĮȚİȡȖĮıȓĮȝİȥİțĮıȝȠȪȢȞİȡȠȪ
ȉȠʌȠșȑIJȘıȘIJȠȣıİIJIJȡȠȤȫȞ
ǹȞʌȡȠȕȜȑʌİIJĮȚIJȠıİIJIJȡȠȤȫȞʌȡȑʌİȚȞĮIJȠʌȠșİIJȘșİȓȝİIJȠȞIJȡȩʌȠ
ʌȠȣijĮȓȞİIJĮȚıIJȘȞİȚțȩȞĮ
ȉȠʌȠșȑIJȘıȘIJȠȣʌȠįȚȠȪıIJȒȡȚȟȘȢ
ǹȞ ʌȡȠȕȜȑʌİIJĮȚ IJȠ ȜĮıIJȚȤȑȞȚȠ ʌȩįȚ ʌȡȑʌİȚ ȞĮ IJȠʌȠșİIJȘșİȓ ȝİ IJȠȞ
IJȡȩʌȠʌȠȣijĮȓȞİIJĮȚıIJȘȞİȚțȩȞĮ
ȈȣȞĮȡȝȠȜȩȖȘıȘIJȠȣıȣȞįȑıȝȠȣIJĮȤİȓĮȢįȡȐıȘȢ
ȈijȓȟIJİIJȠȞIJĮȤȣıȪȞįİıȝȠĮȞȐȜȠȖĮȝİIJȘȞʌȓİıȘIJȠȣȡȣșȝȚıIJȒİȟȩįȠȣ
ȩʌȦȢijĮȓȞİIJĮȚıIJĮıȤȒȝĮIJĮDEțĮȚF
ȅǻǾīǿǼȈȁǼǿȉȅȊȇīǿǼȈ
ǻȚĮįȚțĮıȓİȢİțțȓȞȘıȘȢ
ǺİȕĮȚȦșİȓIJİ ȩIJȚ Ƞ įȚĮțȩʌIJȘȢ 2Q2II İȓȞĮȚ ıİ șȑıȘ O
ĮʌİȞİȡȖȠʌȠȓȘıȘ
ǺİȕĮȚȦșİȓIJİȩIJȚȘʌȓİıȘĮȑȡĮIJȘȢįİȟĮȝİȞȒȢİȓȞĮȚ%$5țĮȚ36,
ȈȣȞįȑıIJİIJȠȞİȪțĮȝʌIJȠıȦȜȒȞĮĮȑȡĮıIJȘȖȡĮȝȝȒİțȡȠȒȢ
ȈȣȞįȑıIJİIJȘȝȠȞȐįĮıİȝȚĮțĮIJȐȜȜȘȜĮȖİȚȦȝȑȞȘʌȡȓȗĮ
ȆİȡȚıIJȡȑȥIJİIJȠįȚĮțȩʌIJȘ2Q2IIıIJȘșȑıȘIİȞİȡȖȠʌȠȓȘıȘİȚț
ȅıȣȝʌȚİıIJȒȢșĮȝİIJĮȕĮȓȞİȚĮȣIJȩȝĮIJĮıİșȑıȘİȞİȡȖȠʌȠȓȘıȘȢ
țĮȚĮʌİȞİȡȖȠʌȠȓȘıȘȢȖȚĮȞĮįȚĮIJȘȡİȓIJĮȚȘʌȓİıȘıIJȘįİȟĮȝİȞȒ
ȉȠʌȠșİIJȒıIJİIJȠȡȣșȝȚıIJȒʌȓİıȘȢıIJȘȞțĮIJȐȜȜȘȜȘȡȪșȝȚıȘʌȓİıȘȢ
ʌȠȣĮʌĮȚIJİȓIJĮȚȖȚĮIJȠİȡȖĮȜİȓȠĮȑȡĮ
ǻȚĮįȚțĮıȓİȢIJİȡȝĮIJȚıȝȠȪȜİȚIJȠȣȡȖȓĮȢ
ȆİȡȚıIJȡȑȥIJİ IJȠ įȚĮțȩʌIJȘ 2Q2II ıIJȘ șȑıȘ O ĮʌİȞİȡȖȠʌȠȓȘıȘ
İȚț
ǺȖȐȜIJİIJȠțĮȜȫįȚȠIJȠȣȡİȪȝĮIJȠȢțĮȚİȟĮİȡȫıIJİȩȜȠIJȠȞĮȑȡĮIJȠȣ
įȠȤİȓȠȣȤȡȘıȚȝȠʌȠȚȫȞIJĮȢȑȞĮʌȞİȣȝĮIJȚțȩİȡȖĮȜİȓȠıȣȞįİįİȝȑȞȠ
ıIJȠıȣȝʌȚİıIJȒȝȑıȦIJȠȣIJĮȤȣıȣȞįȑıȝȠȣ
ȀǹĬǹȇǿȈȂȅȈȀǹǿȈȊȃȉǾȇǾȈǾ
ȆȡȠİȚįȠʌȠȓȘıȘ
ǺȖȐȜIJİIJȠȕȪıȝĮIJȡȠijȠįȠıȓĮȢʌȡȚȞțȐȞİIJİȠʌȠȚĮįȒʌȠIJİİȡȖĮıȓĮ
țĮșĮȡȚıȝȠȪțĮȚıȣȞIJȒȡȘıȘȢıIJȘıȣıțİȣȒ
ȆȡȠİȚįȠʌȠȓȘıȘ
ȆİȡȚȝȑȞİIJİ ȞĮ țȡȣȫıİȚ Ƞ ıȣȝʌȚİıIJȒȢ İȞIJİȜȫȢ ȀȓȞįȣȞȠȢ
İȖțĮȣȝȐIJȦȞȜȩȖȦʌȠȜȪșİȡȝȫȞİʌȚijĮȞİȚȫȞ
ȆȡȠİȚįȠʌȠȓȘıȘ
ȃĮĮʌȠıȣȝʌȚȑȗİIJİʌȐȞIJȠIJİIJȘįİȟĮȝİȞȒʌȡȚȞțȐȞİIJİȠʌȠȚĮįȒʌȠIJİ
İȡȖĮıȓĮțĮșĮȡȚıȝȠȪțĮȚıȣȞIJȒȡȘıȘȢ
ȀĮșĮȡȚıȝȩȢ
ƔȃĮ įȚĮIJȘȡİȓIJİ IJȚȢ įȚĮIJȐȟİȚȢ ĮıijĮȜİȓĮȢ țĮșĮȡȑȢ Įʌȩ ȡȪʌȠȣȢ țĮȚ
ıțȩȞȘ ȩıȠ ȖȓȞİIJĮȚ ʌİȡȚııȩIJİȡȠ ȃĮ ȟİʌȜȑȞİIJİ IJȠȞ İȟȠʌȜȚıȝȩ ȝİ
ȑȞĮ țĮșĮȡȩ ʌĮȞȓ Ȓ ȞĮ IJȠijȣıȐIJİ ȝİ ıȣȝʌȚİıȝȑȞȠ ĮȑȡĮ ȤĮȝȘȜȒȢ
ʌȓİıȘȢ
ƔȈȣȞȚıIJȐIJĮȚȞĮțĮșĮȡȓȗİIJİIJȘıȣıțİȣȒĮȝȑıȦȢȝİIJȐIJȘȤȡȒıȘIJȘȢ
ƔȃĮțĮșĮȡȓȗİIJİIJĮțIJȚțȐIJȘıȣıțİȣȒȝİȑȞĮıIJİȖȞȩʌĮȞȓțĮȚȝİȝĮȜĮțȩ
ıĮʌȠȪȞȚ ȂȘ ȤȡȘıȚȝȠʌȠȚİȓIJİ ʌȡȠȧȩȞIJĮ țĮșĮȡȚıȝȠȪ Ȓ įȚĮȜȪIJİȢ
ȂʌȠȡİȓȞĮȕȜȐȥȠȣȞIJĮʌȜĮıIJȚțȐȝȑȡȘIJȘȢıȣıțİȣȒȢǺİȕĮȚȦșİȓIJİ
ȩIJȚįİȞȣʌȐȡȤİȚʌİȡȓʌIJȦıȘİȚıȤȫȡȘıȘȢȞİȡȠȪıIJȠİıȦIJİȡȚțȩIJȘȢ
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