+,8487,ầ8+$211*/1*'&1*&$*,,3+ẩ3 1+ẩ0*,$&1*75ầ1'&1&  3*676/r9Q1JK7K6RjQ7K0LQK@WURQJyYLFEWUtQKiPJLDFQJFK QKPJLPYQWFGzQJFK\GLSKPYLYQWFFKRSKpSFDYWOLX[k\GQJ SKPYLEWUtQKiPWKQJOjFXLGFQKWUjQV{QJ6jRWQK1JK$Q>@0W VF{QJWUuQKFQJWQGQJJLLSKiSWQJFQJQKiPWULWWLrXGzQJ[LrQWUrQ GFQFXGFQKWUjQi+jQ+j7QK>@S%iL7KQJ7KDQK+yD>@ 9QWUDOjQXEWUtQKiPWUrQWRjQGFWKuFyWKHPOLKLXTXNKiFQJRjL YLF JLP OX WF FXL GF KD\ NK{QJ" 1KyP WiF JL FD 3KzQJ 7Kt QJKLP WUQJ LP4XFJLDYQJOFKFV{QJELQmQJKLrQFXJLLSKiSQj\FKRF{QJWUuQK WUjQ[mO1JjQ7UL+j7QK.WTXFKRWK\YLFEWUtQKiPWUrQWRjQGFm OjPWQJNKQQJWLrXKDRQQJOQJGzQJFK\QKWQWKWGFQJJL~SK WUJLPWLFKRF{QJWUuQKWLrXQQJKOX+uQKWKFQKiPJLDFQJWUrQWRjQ GFNLXGPEWUtVROHOjPWQJNKQQJWLrXKDRSKQQQJOQJGFQJWL  VR YL KuQK WKF QKiP kP W TX Qj\ FQJ Oj F V NKRD KF FKR V UD L SKQJiQ%FDWUjQ[O1JjQ7UL  1JKLrQFXFWLQKjQKWUrQP{KuQKPWFWYLFiFWK{QJVWKLWNFD WUjQ [ O 1JjQ 7UL 3$% 7UjQ NLX WKF GQJ FDR WUuQK QJQJ WUjQ P    FKLXUQJNKRDQJWUjQP1LWLSVDXWUjQOjGFQFRQFKX\QWLSW GFQF[XQJEWLrXQQJGjLPPiLP JPEFFDRPVDXRQ FKX\Q WLS Oj E WLrX QQJ GjL P UQJ P FDR WUuQK i\ P EQJ FDR WUuQKi\NrQKKOX7QJWLrXQQJFXLEFDRP.rQK[KOXFyFDRWUuQK i\P>@&WKWURQJSKPYLGFQFWLQKjQKWKtQJKLPVRFKQYL SKQJiQEWUtQKiPJLDFQJWUrQWRjQGFJPSKQJiQEWUtQKiPkPYj SKQJiQEWUtJQQKiPGQJNLXGPVROH ,,0é+ẻ1++ẽ$&ẩ&7+,7%2&7+ậ1*+,0 VRFKQ KuQK WKF QKiPJLD FQJWUrQ GFQFF{QJYLFQJKLrQFXWKt QJKLPFWULQNKDLWUrQP{KuQKPWFWWOKuQKKF/ WQJWWKHR WLrX FKXQ WUQJ OF )URXGH YL K V 5H\QROGV 5H 5HP !5HJK  >@ &iFWK{QJVWK\QJOFKFFDGzQJFK\WUrQP{KuQKFRFEQJFiF WKLWE7K{QJVPFQFFDRWUuQKVkXGjL[iFQKEQJPi\WKXEuQK 1L Yj PLD VDL V NK{QJ YW TXiPP QPP NLP R PF QF F QK FFKtQK [iFWL PP WKF WKpS ;iFQKJLi WU OX WF WUXQJ EuQK WKLJLDQ PFK QJ OX WF EQJ X R LQ W 3(06 ( GR +j /DQ FK WR GL R W PVQPVVDLVFDWKLWEROjFKX\QFK\GOLXREQJSKQ PPFKX\rQGQJ;iFQKWK{QJVOXOQJTXDF{QJWUuQKGQJSWUjQWKjQK PQJFKQKWVDLVQKKQPERWQJWYQKiPLYLFiFKQJPF F{QJWUuQKEQJErW{QJFyFKWOQJFDRQKPWSWUjQWUSLQGFQFEWLrX QQJ WURQJ P{ KuQK GQJ NtQK KX F KRF YD [L PQJ iQK EyQJ QKQ Fy QP ã L YL FiF NrQK jR NrQK W QKLrQ GQJ YD [L PQJ FiW PQ iQKEyQJKRFQJX\rQPERQP ã ,,,&ẩ&3+1*ẩ11,'81*1*+,ầ1&87+ậ1*+,0 3KQJiQWKtQJKLP 7UrQP{KuQKmQJKLrQFXWKtQJKLPYLSKQJiQQLWLSGFQFVDXWUjQ  3KQJiQ3$''FQFFyGFL ãRQGFL GjL PRQL GjLPPWGFNLXEFkPFDRP+uQKQK  3KQJiQ3$''FQFFyGFL GjLPWUrQWRjQE GFQFEWUtQKiPJLDFQJNLXGPVROHFDRPQKPWQJSKQQQJOQJ GzQJFK\WLrXKDRELWQWKWGFQJJLPJLiWUOXWFGzQJFK\WUrQGFK WUWLrXQQJFKRKOX+uQKQK3KQJSKiSYjPFtFKEWUtQKiPQj\ NKiFKRjQWRjQYLOờWKX\WYjWKFWWK{QJWKQJWKHROờWKX\WFKEWUtQKiP JLD FQJ SKP YL FXL GFQKP JLP OX WFGzQJ FK\ GLSKP YLYQ WF FKRSKpSFDYWOLX[k\GQJPjNK{QJFK~ờQNKtDFQKWLrXQQJ      &KLWLWQKiPkPWUrQGFQF &KLWLWQKiPGQJWUrQGFQF +uQK3$'GFQFFyL ã +uQK3$'GFQFFyL EWUt EWUtQKiPkPFDRFPWRjQGF QKiPNLXGPVROHFDRFPWRjQGF QK3KQJiQGFQFL ã QKiPNLXEFkPFDRFP3$' QK3KQJiQGFQFL PQKiP NLXGPVROHFDRFP3$' 0FQFWKtQJKLP  PLSKQJiQGFQFWLQKjQKWKtQJKLPYLFSPFQFWKQJ OXOQ OW Oj0F QF 01NLPWUD=.7 P01WKLWN=7 P 01K=7/ PYj01K=7/ P 1LGXQJWKtQJKLP  7URQJ PL SKQJiQWLQKjQKWKtQJKLP FiF QL GXQJ ;iF QK NK QQJWKiR;iFQKQJPWQF;iFQKOXWFPFKQJOXWF GzQJFK\;iFQKPFKQJiSVXWGzQJFK\;iFQKWuQKKuQKWK\ OF;iFQKKLXTXWLrXQQJ ,9.7487+ậ1*+,0 .KQQJWKiR QJYLFSPFQFWKQJOXDYjRWKtQJKLPEQJNWTXWKtQJKLP FKRWK\NKQQJWKiRTXDWUjQFDKDLSKQJiQ3$'Yj3$'OjJLQJQKDX KuQKWKFQKiPNKiFQKDXWUrQGFQFNK{QJQKKQJWLNKQQJWKiRFDWUjQ %QJ.KQQJWKiRTXDWUjQ  =7/ P  + P  TWUDQ PV  TGQ PV         77  P     =7/ P  + P  TWUDQ PV  TGQ PV         77 P   7URQJy=7/PPFQFWKQJOX+P&WQFWUFWUjQFyN WLOXWFWLJQTWUDQ 4[%WUjQOjWOXTXDWUjQPVPTGQ 4[%GFQFOjW OXTXDGFQFPVPPảKVOXOQJmNWLFRKS  7QJOXOQJWKiRTXDWUjQFDWPVQJYLPFQFWKLWN KQQJWKiRTXDWUjQOjPER\rXFX+VOXOQJmNWLFRKSFDWUjQ QJYL=7.WWOXWKtQJKLPWUrQGFWPVãPV QJPWQF  7KtQJKLPKDLSKQJiQ3$'QKiPkPFDRFPYj3$'QKiPNLX GPVROHFDRFPYLFSPFQFWKQJOXNWTXWKtQJKLPWQJKS EQJ %QJVkXGzQJFK\QJYLFiFFSPFQFWKQJOX VkXGzQJFK\KPQJYLFiF FS=7/P 0WFW 3$' 3$'                                                                      *KLFK~ YWUtFiFPWFWR /zQJKFiFKWLPWUjQP XWUSLQ 7LPWUjQ &XLWUSLQXGF *LDGFQF &XLGFQF XPiLFKX\QWLSEF *LDPiLFKX\QWLSEF *LDPiLFKX\QWLSEF XEWLrXQQJ *LDEWLrXQQJ QKWQJWLrXQQJ rQKKOX  WTXWKtQJKLPFKRWK\9LKDLKuQKWKFQKiPNKiFQKDXQJPW QFEWXQKKQJWPWFWWLPWUjQVkXGzQJFK\OQQKWWLYWUtX GFQF NKL WKQJ OX Oj PF QF NLP WUDWPVkX GzQJFK\ WL X GFFDKDLSKQJiQ3$'Yj3$'FKrQKOFKNK{QJ iQJN GRSKtDXGF 3$'EWUtPQKiPFDRFPJLPũFKLXFDRVRYLPEWUtWUrQWKkQGFGR yGzQJFK\WLXGFNK{QJEWiFQJOQ  VkXGzQJFK\OQQKWWUrQWKkQGFNKLWKQJOXOjPFQFNLPWUD    WPFD3$'YjWPFD3$'WQJQJK3$'  K3$'  7NWTXWKtQJKLPYQJPWQFFKRWK\WQJErQGFQFFDR POjPER1KY\YLSKQJiQQLWLSEQJGFQFFKLXFDRWQJErQ JLPPWQJQJJLPWP[XQJPVRYLSKQJiQQLWLS EQJEFQF>@ /XWFYjPFKQJOXWFGzQJFK\  WTXWKtQJKLPOXWFGzQJFK\FDKDLSKQJiQ3$'Yj3$'F WQJKSEQJ %QJ/XWFOQQKWFDGzQJFK\QJYLFiFFSPFQFWKQJOXP 0W FW              0D[ /XWFOQQKW9PD[PVQJYLFiFFS=7/ 3$' 3$'                                                             *KLFK~ YWUtFiFPWFWR /zQJKFiFKWLPWUjQP XWUSLQ 7LPWUjQ &XLWUSLQXGF *LDGFQF &XLGFQF XPiLFKX\QWLSEF *LDPiLFKX\QWLSEF *LDPiLFKX\QWLSEF XEWLrXQQJ *LDEWLrXQQJ QKWQJWLrXQQJ rQKKOX   7NWTXWKtQJKLPFKRWK\NKLPFQFWKQJOXOjPFQFNLP WUDWKuJLiWUOXWFOQQKWWPVYL3$'YjWPVYL3$'.KL PFQFWKQJOXOjPFQFWKLWNWKuFiFJLiWUyOQOWOjPVYj PV*LiWUOXWFOQQKWFD3$'JLPPVVRYL3$'  *Li WU PFK QJ OX WF WKHR [X KQJ FD 3$' OQ KQ 3$' JLi WU PFK QJ OX WF OQ QKW FD 3$' W W PVãPV FD 3$' W W PVãPV[XWKLQSKPYLJLDPiLFKX\QWLSYWUtXQFQK\  1XEDRJPFPFKQJOXWFJLiWUOXWFOQQKWWUrQGFQFFKD YWJLiWUFKRSKpSFKQJ[yLFDErW{QJ0 ẩSVXWWUXQJEuQKGzQJFK\  4XDQ ViW WUrQ P{ KuQK WKt QJKLP FKR WK\GR NW FX QKiP NLX GP KuQK WKDQJYiWPiLWKQJOXRQrQNK{QJFy KLQWQJGzQJWUWVLQKFKkQNK{QJ    WUrQQKGPNWTXWKtQJKLPiSVXWWUXQJEuQKFKRWK\NK{QJ[XWKLQKLQ WQJiSVXWkPWUFYjQJD\VDXGPFyKLQJLPiSWP+2ãP+2GR yNK{QJFyKLQWQJ[kPWKFJk\SKiKQJErW{QJNWFXQKiPWUrQGFQF 0FKQJiSVXW  WTXWKtQJKLPFKRWK\JLiWUPFKQJiSVXWWKHR[XKQJ3$' OQKQ3$'WãP+2JLiWUPFKQJiSVXWOQQKWFD3$'W WP+2ãP+2FD3$'WWP+2ãP+2[XWKLQSKP YLJLDPiLFKX\QWLSXNKXYFQFQK\ 7uQKKuQKWK\OF  4XDQViWWuQKKuQKWK\OFWUrQP{KuQKWKtQJKLPQJYLFSPFQF WKQJOXNWTXRWK{QJVQFQK\YjP{WWK\OFJKLWUrQEQJYjWK KLQWUrQFiFQKWQKQQK QK'zQJFK\WUrQGFQF3$' =7 P QK'zQJFK\WUrQGFQF3$' =7 P  QK1FQK\WUrQPiLFKX\QWLSYj EWLrXQQJ3$'=7 P   QK1FQK\WUrQPiLFKX\QWLSYjE WLrXQQJ3$'=7 P   %QJ7K{QJVQFQK\YjWuQKKuQKWK\OFQJYLFiFFS=7/P 77 1LGXQJ  7uQKKuQKQLWLSGzQJFK\ FXLGF[XQJEWLrXQQJ  VkXFRKSKFP  &KLXGjLQFQK\/QQP  0{W 7UrQWKkQGF WK\OF 0{W WK\OF RQFKX\Q WLS[XQJ NrQK+/ 3$' 1FQK\KRjQFKQKQ QK PãP PãP GzQJFK\[LWPQK NK{QJFyVyQJPW NKXYFQFQK\[iR WUQPQK9WUtEWX QFQK\QQKFXL EFXEF 3$' 1FQK\KRjQFKQKQ QK PãP PãP GzQJFK\[iRWUQPQK PWQFKuQKWKjQKGL VyQJQFU}UWNLXEWUt QKiP NKXYFQFQK\[iRWUQ QKKQYQJQFQK\ Q{QJKQYjQJQKQ 3$'9WUtEWXQF QK\QQKWUrQEF  WTXWKtQJKLPFKRWK\VkXFRKSKFFDSKQJiQ3$'OQKQ 3$'NKRQJPSKPYLQFQK\FD3$'[iRWUQQKKQ3$'FKLXGjL QFQK\QJQKQYjYWUtEWXQFQK\JQKQVRYL3$'LXyFKR WK\QQJOQJGzQJFK\[XQJEWLrXQQJFD3$'QKKQ3$' +LXTXWLrXQQJ VRFKQJLDKDLSKQJiQ3$'Yj3$'WLQKjQK[iFQKKLXTX WLrX QQJ TXD WRjQ F{QJ WUuQK Yj SKQ QQJ OQJ WLrX KDR QK WQ WKW GFQJ TXDGFQFFDSKQJiQ ;iFQKKLXTXWLrXQQJTXDWRjQF{QJWUuQKFKQKDLPWFWWtQKQQJ OQJOjPWFWWLWKQJOXF{QJWUuQKPFPWFWWLNrQK[KOXPF 1QJOQJGzQJFK\WLPLPWFW[iFQKWKHRF{QJWKF(L =L D YL J   7URQJy=LP Y LPVOjJLiWUFDRWUuQKQJPWQFJLiWUOXWFWUXQJEuQK WLPWFWFKQWtQKWRiQ1QJOQJFWLrXKDRă(TXDWRjQF{QJWUuQKOjă( ((P[pWWKHRWOă( ă((.WTXWKKLQWUrQEQJ %QJ+LXTXWLrXQQJTXDF{QJWUuQK    ( P  3$' ( P  ă((                77 =7/ P  3$' ( P  ă((              (  P  0WFKXQVRViQKOji\NrQKKOXFDRWUuQKP   ;iFQKSKQQQJOQJWLrXKDRQKWQWKWGFQJTXDGFQF  &KQKDLPWFWWtQKWRiQQQJOQJOjPWFWWKQJOXF{QJWUuQKPF KD\ PF7/ Yj PWFW FXL GFQF PF&' 1QJ OQJ Q YGzQJ FK\ WL PL PWFWF[iFQKWKHRF{QJWKFHL KL D YL J  7URQJyHLPKLP Y LPV OjQQJOQJQYVkXGzQJFK\OXWFWUXQJEuQKWLWQJYWUtPWFWFKQ WtQKWRiQ1QJOQJWQWKWGFQJWLrXKDRTXDSKQGFQFăH H7/H&' P [pW WKHR W O ăH ăHH7/ WTX[iFQK KLX TX WLrX KDR QQJ OQJ GzQJFK\TXDGFQFWQWKWGFQJFDKDLSKQJiQWKKLQWUrQEQJ %QJ+LXTXWLrXKDRQQJOQJGzQJFK\TXDGFQF 77 =7/ P         H7/ P     3$' ăH H&' P P         ăHH7/      3$' ăH H7/ H&' ăHH7/ P P P                   WTXWKtQJKLPFKRWK\KLXTXWLrXQQJTXDWRjQWX\QF{QJWUuQKFD 3$'OQKQ3$'NK{QJiQJNWãWX\QKLrQSKQQQJOQJGzQJ FK\FWLrXKDRQKWQWKWGFQJTXDGFQFFD3$'OQKQ3$'W P+2ãP+2WLYWUtFXLGFWQJQJWãLXyFyQJKDOj SKQJiQGFQFFyEWUtQKiPJLDFQJWUrQWRjQGFNLXGPVROHFDRP VJL~SJLPQQJOQJGzQJFK\[XQJEWLrXQQJQVRYLSKQJiQ GQJQKiPkPFDRPWQJQJJL~SJLPWLFKREWLrXQQJJLPNWFX F{QJ WUuQK Yj QkQJ FDR KLX TX WLrX QQJ DQ WRjQ FKR F{QJ WUuQK NKL L YjR YQ KjQK 91+1;e79ơ.7/81  7FiFNWTXWKtQJKLPYNKQQJWKiRQJPWQFOXWFGzQJ FK\KLXTXWLrXQQJWUjQ[O1JjQ7ULFKRWK\  +uQKWKFQLWLSEQJGFQFFyXLPKQSKQJiQEFQFOj FKLXFDRWQJErQFKFzQP JLPNKLOQJVRYLSKQJiQQLWLS EQJEFQFFyFKLXFDRWQJErQOjPWUiQKFKLQWQJUXQJQJGR QFQK\Jk\UDWLEFQF  3KQJiQGFQFJQQKiPNLXGPVROHFDRPWUrQWRjQGFFyKLX TXKQSKQJiQGFQFEWUtQKiPNLXkPFDRPYLFiFWK{QJVVDX  *LiWUOXWFOQQKWWUrQGFQFJLPWPVãPVFzQPVYL PFQFNLPWUDYjPVPFQFWKLWN     *LiWUPFKQJiSVXWOQQKW[XWKLQWLSKPYLPiLFKX\QWLSYWUt NKXYFQFQK\JLPNKRQJP+2  +LXTXWLrXKDRQQJOQJFDF{QJWUuQKOjãFFKLDOjPKDL SKQWLrXKDRGFQJWUrQGFWWãFzQOLãOjWLrXKDRTXD RQFKX\QWLSYjEWLrXQQJ7QJKLXTXWLrXQQJTXDWRjQF{QJWUuQKFD3$' VRYL3$'FKWQJWãQKQJWURQJySKQQQJOQJWLrXKDRGFQJ FDSKQJiQQKiPGPGQJFDRKQSKQJiQQKiPkPWã1JKDOjNKL iSGQJSKQJiQGFJQQKiPJLDFQJNLXGPVROHWUrQWRjQGFWKuSKQQQJ OQJFQWLrXKDRWLEWLrXQQJVJLPVRYLSKQJiQGFWRQKiPkPWL WQJQJWãP+2WLEWLrXQQJLXyFKRWK\EWLrXQQJmF JLPWLWLJLPNWFXF{QJWUuQKYjQkQJFDRKLXTXWLrXQQJDQWRjQFKR F{QJWUuQKNKLLYjRYQKjQK  +uQKWKFQLWLSOjGFQFFyEWUtQKiPNLXGPVROHWUrQWRjQi\ GFNWFXQKiPKuQKWKDQJmF&KXW&TXDQTXQOờFTXDQWKLWN YjFiFErQOLrQTXDQiQKJLiFDRFiSGQJFKRWKLWNWUjQ1JjQ7UL3$% WURQJLXFKQKWKLWNFVWL4X\WQKV4%11;'QJj\WKiQJ QPWKD\WKFKRKuQKWKFQLWLSEQJEFQFFDSKQJiQWKLWNWUjQ 1JjQ7UL3$YLFiFWK{QJVGFQFGFQFGjLPEWUtWRjQEQKiP NLXGPVROHNWFXKuQKWKDQJFDRPEFQKiPP  +uQKWKFQLWLSOjGFQFFyEWUtQKiPJLDFQJWUrQWRjQGFV HPOLKLXTXYLFiFF{QJWUuQKFyLXNLQWQJWYLWOXQPVP  .WTXWKtQJKLPWUrQOjFVWRKQJQJKLrQFXFKLWLWKQQDY FiFKuQKWKFYjLXNLQiSGQJFiFORLQKiPJLDFQJNKiFNKLEWUtWUrQWRjQ GFQF7URQJFiFEjL EiR WLS WKHR FK~QJ W{L V WUuQK Ej\ NW TX OD FKQ NLX QKiPJLDFQJWLXFKR7UjQ[O1JjQ7ULTXDWKtQJKLPWUrQP{KuQKWQJ WK&QJQKSKkQWtFKPWFiFKWQJTXiWFiFJLLSKiSQLWLSWLrXQQJmF WKtQJKLPFKRWUjQ[O1JjQ7UL 7ơ,/,87+$0.+2 >@ +RjQJ7$Q7K\OFF{QJWUuQKQ[E1{QJQJKLS >@ 1JX\Q&QK&PYjQQN7K\OFWSQ[E1{QJ1JKLS >@ 1JX\Q1KYjQQNEiRFiRWKtQJKLPP{KuQKWK\OFWUjQ[ OKV{QJ6jRWQK1JK$Q9LQQJKLrQFXNKRDKFYjNLQKWWK\OL >@ /r9Q1JKRjQ7K0LQK@ /r9Q1JKRjQ7K0LQK@ /r9Q1JKQQN.WTXWKtQJKLPP{KuQKWK\OFWUjQi+jQ SKQJiQWLrXQQJi\3KzQJWKtQJKLPWUQJLPTXFJLDYQJOFKyF V{QJELQ >@ /X1K3K~YjQQN%iRFiRWKtQJKLPP{KuQKWK\OFWUjQ%iL 7KQJWQK7KDQK+yD9LQQJKLrQFXNKRDKFYjNLQKWWK\OL  1JLSKQELQ3*6767UQ4XF7KQJ