paper 8 - securities

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Paper 8 - Securities

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  • C M Y CM MY CY CMY K

  • 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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    6TCPUCEVKQPUEQORNGVGFQWVUKFGVJG#WVQOCVKE1TFGT/CVEJKPICPF'ZGEWVKQP5[UVGO#/5OWUVDGTGRQTVGFVQVJG5VQEM'ZEJCPIGQH*QPI-QPI5'*-CPFVJGKPHQTOCVKQPFKUUGOKPCVGFVQVJGOCTMGV6JKU&1'5016CRRN[VQYJKEJQHVJGHQNNQYKPI!

    # &KTGEVDWUKPGUUVTCPUCEVKQPU

    $ 1TFGTUGZEGGFKPIVJGUK\GNKOKVQHDQCTFNQVU

    % 1FFNQVVTCPUCEVKQPU

    & 5VQEMDQTTQYKPICPFNGPFKPIVTCPUCEVKQPU

  • l*QPI-QPI5GEWTKVKGU+PUVKVWVG

    2CRGT5CORNG3WGUVKQPU

    3WGUVKQP

    9JCVKUVJG6TCPUHGT&GGF5VCOR&WV[QPCVTCPUCEVKQPQHUJCTGUGCEJVTCFKPICV*-&!

    # *-&

    $ *-&

    % *-&

    & *-&

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    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

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  • l*QPI-QPI5GEWTKVKGU+PUVKVWVG

    'ZRNCPCVKQPU

    )KXGPVJCV%QQM[UUJCTGUCTGVTCFKPICV*-&

    2''25

    UJCTGRTKEG VKOGU

    3WGUVKQP 6JGXCTKQWUCPPWCNGHHGEVKXGTCVGUQHKPVGTGUVCTGCUHQNNQYU

    $CPM

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    3WGUVKQP %CRKVCNKUCVKQP KUUWGU CPF UWDUVKVWVKQP KUUWGU JCXG VQ DG UWRRQTVGF D[ C NKUVKPIFQEWOGPVKPVJGHQTOQHCEKTEWNCTVQUJCTGJQNFGTUYJGTGCUQHHGTUHQTUWDUETKRVKQPCPFTKIJVUKUUWGUOWUVDGUWRRQTVGFD[CRTQURGEVWU

    3WGUVKQP +++CPF+8CTGVJGRTKPEKRNGHWPEVKQPUURGEKHKECNN[FGHKPGFKPVJG.KUVKPI4WNGUYJKNG+++KUVJGOKUUKQPQHVJG5'*-KPQTFGTVQOCKPVCKPVJGEQPHKFGPEGQHKPXGUVQTU

    3WGUVKQP # RTQURGEVWUOWUV EQPVCKP UWHHKEKGPV KPHQTOCVKQP VQ GPCDNG KPXGUVQTU VQOCMG CPKPHQTOGF CUUGUUOGPV QH VJG CEVKXKVKGU CUUGVU CPF NKCDKNKVKGU HKPCPEKCN RQUKVKQPOCPCIGOGPV CPF RTQURGEVU QH VJG EQORCP[ +P CFFKVKQP KV OWUV CNUQ RTQXKFGKPHQTOCVKQP QP VJG EQORCP[U RTQHKVU CPF NQUUGU CPF VJG TKIJVU CVVCEJGF VQ VJGUGEWTKVKGUDGKPIKUUWGF+VUJQWNFPQVEQPVCKPTGHGTGPEGUVQHWVWTGRTQHKVUQTFKXKFGPFHQTGECUVUWPNGUUUWRRQTVGFD[CHQTOCNRTQHKVHQTGECUV#FKUENCKOGTHTQOVJG5VQEM'ZEJCPIG QH *QPI -QPI OWUV CNUQ DG KP RNCEG VQ RTQVGEV KV HTQO CP[ NKCDKNKV[TGICTFKPIVJGEQPVGPVUQHVJGRTQURGEVWU*QYGXGTFKTGEVQTUQHCEQORCP[PCOGFKPCRTQURGEVWUCTGTGSWKTGFVQCEEGRVTGURQPUKDKNKV[HQTVJGKPHQTOCVKQPEQPVCKPGFKPVJG RTQURGEVWU CPF C UVCVGOGPV QH VJKU EQOOKVOGPV OWUV DG KPENWFGF KP VJGRTQURGEVWU

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  • l*QPI-QPI5GEWTKVKGU+PUVKVWVG

    'ZRNCPCVKQPU

    3WGUVKQP &WTKPIVJGOQTPKPIUGUUKQPQHVJGEQPVKPWQWUVTCFKPIUGUUKQPQHVJG5VQEM'ZEJCPIGQH*QPI-QPI5'*-COROVJGOCZKOWOQTFGTUK\GKUDQCTFNQVUCPFVJGOCZKOWOPWODGTQHQWVUVCPFKPIQTFGTURGT'ZEJCPIG2CTVKEKRCPVKU

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    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

    &C[UENQUKPIRTKEGKU*-&CPF&C[UENQUKPIRTKEGKU*-&VJGTGHQTG

    VJGUJCTGRTKEGJCUICKPGF

  • l*QPI-QPI5GEWTKVKGU+PUVKVWVG

    5#/2.'#059'45*''6

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