9 downloads
105 Views
1MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
±
x x x x x x
$16'HJUHHV!2.@ 8WLOLW\0HQX!3DUDPHWHUV!6FDODU 3DUDPHWHUV>6HOHFWLRQ!H[[ H! $FFHSW! 6HOHFWLRQ!ZBKH[ !$FFHSW! 6HOHFWLRQ!ZBIODW ZBKH[ WDQ ! $FFHSW!
8WLOLW\0HQX!)LOH!&KDQJH-REQDPH >6WUHVV!2.@
0DLQ0HQX!3UHSURFHVVRU!(OHPHQW 7\SH!$GG(GLW'HOHWH>$GG!6WUXFWXUDO! 6ROLG!%ULFNQRGH!$SSO\!
HWSODQH
PSH[H[[
USRO\ZBIODW
N
NOBVKDQN NOBKDQGOHOBVKDQN
O O
O OILOOWEHQGUDG
YLHZ
DQJOH[P
SQXPOLQH
6WUXFWXUDO!6ROLG!4XDGQRGH!2.! ± &ORVH@ SODQH± 0DLQ0HQX!3UHSURFHVVRU!0DWHULDO 3URSV H[± ± >&RQVWDQW!,VRWURSLF!!2.!1XPEHURIVLGHV!!/HQJWKRIHDFK VLGH!ZBIODW!2.@ 0DLQ0HQX!3UHSURFHVVRU!&UHDWH! .H\SRLQWV!,Q$FWLYH&6 >.H\SRLQWQXPEHU!!; 8WLOLW\0HQX!3ORW!/LQHV !2.! > 6XEWUDFWHGOLQHVZLOOEH!.HSW!2.@ 8WLOLW\0HQX!6HOHFW! &RPS$VVHPEO\!&UHDWH&RPSRQHQW >&RPSRQHQWQDPH!ERWDUHD! &RPSRQHQWLVPDGHRI!DUHDV!2.@ 0DLQ0HQX!3UHSURFHVVRU! 0HVKLQJ!6L]H&QWUOV!3LFNHG/LQHV !(QWHU! > 2.!(OHPHQW(GJHOHQJWK! QRBGBKH[!2.@
8WLOLW\0HQX!3ORW!/LQHV 8WLOLW\0HQX!3ORW&WUOV!1XPEHULQJ >/LQHQXPEHUV!2II!2.@
ERWDUHD OLQH QRBGBKH[ QRBGBKH[ QRBGBKH[
NHHS
PVKNH\
HSORW W\SH
0DLQ0HQX!3UHSURFHVVRU!&UHDWH! (OHPHQWV!(OHP$WWULEXWHV >(OHPHQWW\SHQXPEHU!3ODQH!2.@ 0DLQ0HQX!3UHSURFHVVRU! 0HVKLQJ!0HVKHU2SWV >0HVKHUW\SH!0DSSHG!2.!6KDSH NH\!4XDG!2.@ 0DLQ0HQX!3UHSURFHVVRU! 0HVKLQJ!0HVK!$UHDV!0DSSHG! RUVLGHG>3LFNDOO@ $QV\V7RROEDU!6DYHBGE
8WLOLW\0HQX!3ORW!(OHPHQWV 0DLQ0HQX!3UHSURFHVVRU!&UHDWH! (OHPHQWV!(OHP$WWULEXWHV >(OHPHQWW\SHQXPEHU!6ROLG!2.@
HVL]HOBHOHP
YGUDJ
W\SHKLGS HSORW
FPVHOERWDUHD DFOHDUDOO
DVHODOO ILQLVK VROX DQW\SHVWDWLF FPVHOERWDUHD OVHOH[W QVOO
GDOODOO
OVHODOO SEFX
QSORW
OBHOHP
KLGS
ERWDUHD DOO DOO VWDWLF ERWDUHD H[W DOO DOO DOO X
8WLOLW\0HQX!6HOHFW! &RPS$VVHPEO\!6HOHFW&RPS$VVHPEO\ >&RPS$VVHPE!ERWDUHD!2.@ 8WLOLW\0HQX!6HOHFW!(QWLWLHV >/LQHV!([WHULRU!$SSO\!1RGHV!$W WDFKHGWR!/LQHVDOO!2.@ 8WLOLW\0HQX!6HOHFW!(QWLWLHV >/LQHV!6HOHDOO!&DQVHO@ 0DLQ0HQX!6ROXWLRQ!$QDO\VLV 7\SH!1HZDQDO\VLV>6WDWLF!2.@ 8WLOLW\0HQX!6HOHFW! &RPS$VVHPEO\!6HOHFW&RPS$VVHPEO\ >&RPS$VVHPE!ERWDUHD!2.@ 8WLOLW\0HQX!6HOHFW!!(QWLWLHV >/LQHV!([WHULRU!$SSO\!
8WLOLW\0HQX!3ORW&WUOV!1XPEHULQJ >/LQHQXPEHUV!2Q!2.@ 8WLOLW\0HQX!3ORW!/LQHV 0DLQ0HQX!3UHSURFHVVRU!2SHUDWH! ([WUXGH!$UHDV!$ORQJ/LQHV>3LFNDOO! !2.@ 8WLOLW\0HQX!3ORW!(OHPHQWV
1RGHV!$WWDFKHGWR!/LQHVDOO!2.@
0DLQ0HQX!3UHSURFHVVRU! 0HVKLQJ!6L]H&QWUOV!*OREDO!6L]H >(OHPHQWHGJHOHQJWK!OBHOHP!2.@
0DLQ0HQX!6ROXWLRQ!/RDGV! $SSO\!6WUXFWXUDO!'LVSODFHPHQW! 2Q1RGHV>3LFNDOO! '2)VWREHFRQVWUDLQHG!$OO'2)!2.@ 8WLOLW\0HQX!6HOHFW!!(QWLWLHV >/LQHV!6HOHDOO!&DQVHO@ 8WLOLW\0HQX!3ORW&WUOV!6\PEROV >$OO$SSOLHG%&V!6XUIDFH/RDG6\P EROV!3UHVVXUHV!6KRZSUHVDQGFRQYHFW DV!$UURZV!2.@ 8WLOLW\0HQX!3ORW!1RGHV
DVHOORF\EHQGUDGOBKDQGOH
DVHOUORF[ZBIODWZBIODW
QVOD
QVHOUORF\OBKDQGOHWROOBKDQ GOH OBHOHP WRO
JHWPLQ\YDOQRGHPQORF\
JHWPD[\YDOQRGHP[ORF\
6(7SWRUTZBKH[ PD[\ YDOPLQ\YDO VIDOOSUHVSWRUT
DOOVHO SVISUHV
QSORW
ORF
\ \ EHQGUDG OBKDQGOH U ORF [ [ ZBIODW ZBIODW U ORF \ \ OBKDQGOHWRO OBKDQGOH OBHOHP WRO PLQ\YDO QRGH PQORF \ \ PD[\YDO QRGH P[ORF \ \ SWRUT ZBKH[ PD[\YDOPLQ\YDO DOO SUHV SWRUT SUHV
8WLOLW\0HQX!6HOHFW!(QWLWLHV >$UHDV!%\ORFDWLRQ!)LOHQDPH!SOGLVSJVD!2.@
0DLQ0HQX!*HQHUDO3RVWSURF! 3ORW5HVXOWV!'HIRUPHG6KDSH >,WHPVWREHSORWWHG!'HIXQGHIHGJH! 2.@
8WLOLW\0HQX!3ORW&WUOV! 9LHZ6HWWLQJV!$QJOHRI5RWDWLRQ >$QJOHRIGHJUHHV!!5HODWLYHDEVR OXWH!5HODWLYHDQJOH! $[LVRIURWDWLRQ!*OREDO&DUWHV
0DLQ0HQX!*HQHUDO3RVWSURF! 3ORW5HVXOWV!&RQWRXU3ORW!1RGDO6ROX >6WUHVV!,QWHQVLW\6,17!2.@
JVDYHSOQVROJVDY
VHW
SUUVRO JUHVXPHSOGLVSJVDY
SOQVROVLQW
ZSRI
V LQW
JUHVXPHSOQVROJVDY
W\SH FSODQHZS YLHZZS GLVW
SOGLVS JVDY SOGLVS JVDY SOQVRO JVDY
SOGLVS
± ] ZS ZS ±
8WLOLW\0HQX!3ORW&WUOV! 6DYH3ORW&WUOV>)LOHQDPH!SOGLVSJVD! 2.@
0DLQ0HQX!*HQHUDO3RVWSURF! 3ORW5HVXOWV!'HIRUPHG6KDSH>,WHPVWR EHSORWWHG!'HIXQGHIHGJH!2.@ 8WLOLW\0HQX!3ORW&WUOV! 5HVWRUH3ORW&WUOV>)LOHQDPH! SOQVROJVD!2.@
0DLQ0HQX!*HQHUDO3RVWSURF! /LVW5HVXOWV!5HDFWLRQ6ROX!$OOLWHPV! 2.!&ORVH@ 8WLOLW\0HQX!3ORW&WUOV! 5HVWRUH3ORW&WUOV>)LOHQDPH! SOGLVSJVD!2.@
0DLQ0HQX!*HQHUDO3RVWSURF! 5HDG5HVXOWV!1H[W6HW
0DLQ0HQX!*HQHUDO3RVWSURF! 3ORW5HVXOWV!&RQWRXU3ORW!1RGDO6ROX >6WUHVV!,QWHQVLW\6,17!2.@ 8WLOLW\0HQX!:RUNSODQH!2IIVHW:3 E\,QFUHPHQWV >[\]2IIVHWV!!2.@ 8WLOLW\0HQX!3ORW&WUOV!6W\OH! +LGGHQ/LQH2SWLRQV!7\SHRI3ORW! &DSSHGKLGGHQ!&XWWLQJSODQH!:RUNLQJ SODQH!2.@ 8WLOLW\0HQX!3ORW&WUOV! 3DQ=RRP5RWDWH>:3!
SOQVROVLQW
V LQW
0DLQ0HQX!*HQHUDO3RVWSURF! 3ORW5HVXOWV!&RQWRXU3ORW!1RGDO6ROX >6WUHVV!,QWHQVLW\6,17!2.@
ILQLVK
V
H OQOO2
6(7WKLFN
HWSODQH
PSH[
SUHS
6(7UDGLXV
UDGLXV WKLFN ± SODQH± H[± ± ±
UDGLXV !(QWHU!
!
WKLFN !(QWHU
0DLQ0HQX!3UHSURFHVVRU! (OHPHQW7\SH!$GG(GLW'HOHWH >$GG!6WUXFWXUDO!6ROLG!! 4XDGQRGH!2.!2SWLRQV! (OHPHQWEHKDYLRU!$[LV\PPHWULF!2.! &ORVH@
0DLQ0HQX!3UHSURFHVVRU!0DWHULDO 3URSV>&RQVWDQW!,VRWURSLF!!2.!
0DLQ0HQX!3UHSURFHVVRU!0DWHULDO 3URSV!'DWD7DEOHV!'HILQH$FWLYDWH NLQK >7\SHRIGDWDWDEOH!.LQ+DUGHQ.,1+! 0DWHULDOUHI1XPEHU!! 1RRIWHPSHUDWXUHV!!1RRIGDWD SRLQWVWHPS!!2.@ 0DLQ0HQX!3UHSURFHVVRU!0DWHULDO 3URSV!'DWD7DEOHV!(GLW$FWLYH >!6WUDLQ!!6WUHVV! ! !6WUDLQ!!6WUHVV!! !6WUDLQ!!6WUHVV!! !6WUDLQ!!6WUHVV!! !6WUDLQ!!6WUHVV!! )LOH!$SSO\4XLW 8WLOLW\0HQX!3ORW&WUOV!6W\OH! ; *UDSKV!0RGLI\$[HV>;D[LVODEHO! ; 6WUDLQ 6WUDLQ! ;FRRUGLQDWHV!!UDGLXV! 6L]H&RQWUROV!/LQHV!6HW!
3LFNLQJ0HQX!2.!
ILWHP
1RRIHOHPHQWGLYLVLRQV!!2.!
FPB\OLQH
FPVHOB\ OHVL]HB\
FPGHOB\ FPGHOB\ FPB\DUHD
DVHO FPB\DUHD
FKNPVK DUHD FPVHOVB\ DPHVKDOO
B\ OLQH B\ B\ B\ B\ B\ DUHD B\ DUHD DUHD B\ DOO
FPGHOB\ FPGHOB\ FPGHOB\ ILQLVK VROX QOJHRPRQ
6(7QWRSQRGHWKLFN
6(7QULJKWQRGHUDGLXV
B\ B\ B\
RQ
QWRS QRGHWKLFN QULJKW QRGHUDGLXV
0HVKDUHD!3LFNDOO!0HVK7RRO!&ORVH@
0HVK7RRO!4XDG!0DSSHG!0HVK!
0DLQ0HQX!6ROXWLRQ! $QDO\VLV2SWLRQV>/DUJHGHIRUPHIIHFWV! 21!2.@
8WLOLW\0HQX!3DUDPHWHUV!6FDODU 3DUDPHWHUV>6HOHFWLRQ! QWRS QRGHWKLFN !$FFHSW!
6HOHFWLRQ!QULJKW QRGHUDGLXV ! $FFHSW!&ORVH@
PRQLWRUQWRSX\
QWRS X\ PRQLWRUQULJKWI\
RXWUHVDOODOO
QVHOVORF[UDGLXV
GDOODOO
QVHOVORF[
GDOOX[
QVHOVORF\WKLFN
VIDOOSUHV
DOOV QVXE
ILOHPQWU
0DLQ0HQX!6ROXWLRQ!1RQOLQHDU! ! 0RQLWRU> QWRS!(QWHU!0RQLWRU!2.! 4XDQWLW\WREHPRQLWRUHG!8
\
QULJKW I\ DOO DOO V ORF [ [ UDGLXV DOO DOO V ORF [ [ DOO X[
\
0DLQ0HQX!6ROXWLRQ!/RDG6WHS 2SWV!2XWSXW&WUOV!'%5HVXOWV)LOH >,WHPWREHFRQWUROOHG!$OOLWHPV!)LOH ZULWHIUHTXHQF\!(YHU\VXEVWHS!2.@
8WLOLW\0HQX!6HOHFW!(QWLWLHV >1RGHV!%\/RFDWLRQ!;FRRUGLQDWHV! 0LQ0D[!UDGLXV!2.@
[
[ [
V ORF \ \ WKLFN DOO SUHV
0DLQ0HQX!6ROXWLRQ!1RQOLQHDU! 0RQLWRU> ! QULJKW!(QWHU!0RQLWRU!2.! 9DULDEOHWRUHGHILQH!9DULDEOH! 4XDQWLW\WREHPRQLWRUHG!)
ILOHPQWU
0DLQ0HQX!6ROXWLRQ!/RDGV! $SSO\!6WUXFWXUDO!'LVSODFHPHQW! 2Q1RGHV>3LFNDOO! '2)VWREHFRQVWUDLQHG!$OO'2)!2.@ 8WLOLW\0HQX!6HOHFW!(QWLWLHV >1RGHV!%\/RFDWLRQ!;FRRUGLQDWHV! 0LQ0D[!!2.@
0DLQ0HQX!6ROXWLRQ!/RDGV! $SSO\!6WUXFWXUDO!'LVSODFHPHQW! 2Q1RGHV>3LFNDOO! '2)VWREHFRQVWUDLQHG!8;!!2.@ [
8WLOLW\0HQX!6HOHFW!(QWLWLHV >1RGHV!%\/RFDWLRQ!3LFNDOO!/RDG3UHVYDOXH!!2.@
8WLOLW\0HQX!6HOHFW!(YHU\WKLQJ 0DLQ0HQX!6ROXWLRQ!/RDG6WHS 2SWV!7LPH)UHTXHQF!7LPHDQG6XE VWHSV>1XPEHURIVXEVWHSV!! 0D[LPXP1RRIVXEVWHSV!! 0LQLPXP1RRIVXEVWHSV!!2.@
VROYH
6(7I
QVHOVQRGHQWRS
IDOOI\I
QVHODOO QVXEVW
VROYH QVHOVQRGHQWRS
IDOOI\I
QVHODOO QVXEVW
VROYH
I V QRGH QWRS DOO± \ I\± I± DOO V QRGH QWRS DOO± I\± I± DOO
\
QVHOVQRGHQWRS IDOOI\I QVHODOO QVXEVW VROYH QVHOVQRGHQWRS IDOOI\I QVHODOO QVXEVW VROYH QVHOVQRGHQWRS IDOOI\I QVHODOO QVXEVW VROYH QVHOVQRGHQWRS IDOOI\I QVHODOO QVXEVW
0DLQ0HQX!6ROXWLRQ!/RDGV!$SSO\! 6WUXFWXUDO!)RUFH0RPHQW!2Q1RGHV QWRS! > (QWHU!2. 'LUHFWLRQRI)RUFHPRP!)
0DLQ0HQX!6ROXWLRQ!6ROYH!&XUUHQW /6!2. 8WLOLW\0HQX!3DUDPHWHUV! 6FDODU3DUDPHWHUV>6HOHFWLRQ!I ! $FFHSW!&ORVH@
8WLOLW\0HQX!6HOHFW!(QWLWLHV>1RGHV! %\1XP3LFN!5HVHOHFW!2.!3LFNDOO@ 0DLQ0HQX!6ROXWLRQ!/RDG6WHS 2SWV!7LPH)UHTXHQF!7LPHDQG6XEVWHSV >1XPEHURIVXEVWHSV!!0D[LPXP1RRI VXEVWHSV!!0LQLPXP1RRIVXEVWHSV! !2.@ 0DLQ0HQX!6ROXWLRQ!6ROYH! &XUUHQW/6!2. 0DLQ0HQX!6ROXWLRQ!/RDGV! $SSO\!6WUXFWXUDO!)RUFH0RPHQW! 2Q1RGHV> QWRS!(QWHU!2. 'LUHFWLRQRI)RUFHPRP!)
8WLOLW\0HQX!6HOHFW!(QWLWLHV>1RGHV! %\1XP3LFN!5HVHOHFW!2.!3LFNDOO@ 0DLQ0HQX!6ROXWLRQ!/RDG6WHS 2SWV!7LPH)UHTXHQF! 7LPHDQG6XEVWHSV>1XPEHURIVXEVWHSV! !0D[LPXP1RRIVXEVWHSV!! 0LQLPXP1RRIVXEVWHSV!!2.@ 0DLQ0HQX!6ROXWLRQ!6ROYH! &XUUHQW/6!2.
VROYH
VDYH
ILQL SRVW VHWODVW
SOGL
SOHVQOHSHT
ILQL SRVW HSOR QVHOVQRGHQWRS
HVOQ
6(7HOHPHOQH[W
DOOV HVROHOHPQWRSV\
ODVW
QO HSHT
0DLQ0HQX!*HQHUDO3RVWSURF! /DVW6HW
0DLQ0HQX!6ROXWLRQ!6ROYH! &XUUHQW/6!2. $166WUDLQSODVWLF!(TYSODVWLF(3(4! 2.@
V QRGH QWRS HOHP HOQH[W HOHP QWRS V \ \
8WLOLW\0HQX!3ORW!(OHPHQWV 8WLOLW\0HQX!6HOHFW!(QWLWLHV >1RGHV!%\1XP3LFN!2.! !QWRS!(QWHU!2.@ 8WLOLW\0HQX!6HOHFW!(QWLWLHV >(OHPHQWV!$WWDFKHGWR!1RGHV!2.@ ! HOHP HOQH[W !(QWHU
8WLOLW\0HQX!6HOHFW!(YHU\WKLQJ 0DLQ0HQX!7LPH+LVW3UR!'HILQH 9DULDEOH>$GG!(OHPHQWUHVXOWV!2.! !'HILQH(OHPHQW'DWD!2.! ! 'HILQH1RGDO'DWD!2.! 5HIQXPEHURI9DULDEOH!!'DWDLWHP! 6WUHVV!
HVROHOHPQWRSHSHO\
HOHP QWRS HSHO \ HVROHOHPQWRSHSSO\ HOHP QWRS HSSO \ DGG
[YDU
D[ODE[7RWDO\VWUDLQ D[ODE\\VWUHVV SOYDU
ILQL
\
0DLQ0HQX!7LPH+LVW3UR!0DWK 2SHUDWLRQV!$GG >5HIHUHQFHQXPEHUIRUUHVXOWV!! VW QG 9DULDEOH!! 9DULDEOH!@
;
$GG!(OHPHQWUHVXOWV!2.! ! 'HILQH(OHPHQW'DWD!2.! !'HILQH 1RGDO'DWD!2.!5HIQXPEHURI 9DULDEOH!!'DWDLWHP!6WUDLQSODVWLF!
$GG!(OHPHQWUHVXOWV!2.! ! 'HILQH(OHPHQW'DWD!2.! !'HILQH 1RGDO'DWD!2.!5HIQXPEHURI 9DULDEOH!!'DWDLWHP!6WUDLQHODVWLF!
\
[ [ 7RWDO\VWUDLQ \ \ \VWUHVV
0DLQ0HQX!7LPH+LVW3UR!6HWWLQJV! *UDSK>6LQJOHYDULDEOH!!2.@
8WLOLW\0HQX!3ORW&WUOV!6W\OH! *UDSKV!0RGLI\$[HV>;D[LVODEHO!
7RWDO;90RGHH[WUDFWLRQPHWKRG!6XEVSDFH! 1RRIPRGHVWRH[WUDFW!!2.!2.@ 8WLOLW\0HQX!6HOHFW!(QWLWLHV >(OHPHQWV!%\DWWULEXWHV!(OHPW\SHQXP! 0LQ0D[,QF!!8QVHOHFW!$SSO\!
1RGHV!%\/RFDWLRQ!=FRRUGLQDWHV! 5HVHOHFW!0LQ0D[!!2.@
]
0DLQ0HQX!6ROXWLRQ!/RDGV!$SSO\! 6WUXFWXUDO!'LVSODFHPHQW!2Q1RGHV >3LFNDOO!'2)VWREHFRQVWUDLQHG! $OO'2)!2.@
QVHODOO P[SDQG VROYH ILQLVK SRVW VHWOLVW
VHWILUVW
SOGLVS DQPRGHH
VHWQH[W
SOGLVS DQPRGHH
VHWQH[W
SOGLVS
DOO
8WLOLW\0HQX!6HOHFW!(QWLWLHV>1RGHV! %\1XP3LFN!5HVHOHFW!2.!3LFNDOO@ 0DLQ0HQX!6ROXWLRQ! $QDO\VVLV2SWLRQV>1RRIPRGHVWRH[WUDFW! !2.!2.@ 0DLQ0HQX!6ROXWLRQ!6ROYH! &XUUHQW/6!2. 0DLQ0HQX!*HQHUDO3RVWSURF! 5HDG5HVXOWV!%\/RDG6WHS >6XEVWHSQXPEHU!!2.@
OLVW ILUVW H QH[W H QH[W
0DLQ0HQX!*HQHUDO3RVWSURF!3ORW 5HVXOWV!'HIRUPHG6KDSH>,WHPVWREH SORWWHG!'HIVKDSHRQO\!2.@ 8WLOLW\0HQX!3ORW&WUOV!$QLPDWH! 0RGHVKDSH>1RRIIUDPHVWRFUHDWH!! 7LPHGHOD\!!2.@
0DLQ0HQX!*HQHUDO3RVWSURF!5HDG 5HVXOWV!1H[W6HW
0DLQ0HQX!*HQHUDO3RVWSURF!3ORW 5HVXOWV!'HIRUPHG6KDSH>,WHPVWREH SORWWHG!'HIVKDSHRQO\!2.@ 8WLOLW\0HQX!3ORW&WUOV!$QLPDWH! 0RGHVKDSH>1RRIIUDPHVWRFUHDWH!! 7LPHGHOD\!!2.@
0DLQ0HQX!*HQHUDO3RVWSURF!5HDG 5HVXOWV!1H[W6HW
0DLQ0HQX!*HQHUDO3RVWSURF! 5HDG5HVXOWV!)LUVW6HW
0DLQ0HQX!*HQHUDO3RVWSURF! 3ORW5HVXOWV!'HIRUPHG6KDSH >,WHPVWREHSORWWHG!'HIVKDSHRQO\!2.@
IUHT DQPRGHH
SOGLVS DQPRGHH
VHWQH[W
SOGLVS DQPRGHH
ILQLVK
0DLQ0HQX!*HQHUDO3RVWSURF! 3ORW5HVXOWV!'HIRUPHG6KDSH >,WHPVWREHSORWWHG!'HIVKDSHRQO\!2.@ 8WLOLW\0HQX!3ORW&WUOV!$QLPDWH! 0RGHVKDSH>1RRIIUDPHVWRFUHDWH!! 7LPHGHOD\!!2.@
0DLQ0HQX!*HQHUDO3RVWSURF! 5HDG5HVXOWV!1H[W6HW
0DLQ0HQX!*HQHUDO3RVWSURF! 3ORW5HVXOWV!'HIRUPHG6KDSH >,WHPVWREHSORWWHG!'HIVKDSHRQO\!2.@ 8WLOLW\0HQX!3ORW&WUOV!$QLPDWH! 0RGHVKDSH>1RRIIUDPHVWRFUHDWH!! 7LPHGHOD\!!2.@
0DLQ0HQX!*HQHUDO3RVWSURF! 5HDG5HVXOWV!1H[W6HW
8WLOLW\0HQX!3ORW&WUOV!$QLPDWH! 0RGHVKDSH>1RRIIUDPHVWRFUHDWH!! 7LPHGHOD\!!2.@
H QH[W H QH[W H
VHWQH[W
FRXSOHGILHOG DQDO\VLV
SUHS HWSODQH
± SODQH± PSN[[ N[[± ± ± PSN[[ N[[± ± ± UHFWQJ ; ; $GG!7KHUPDO!6ROLG!4XDGQRGH! 2.!&ORVH@
0DLQ0HQX!3UHSURFHVVRU!2SHUDWH! *OXH!$UHDV>3LFNDOO@ 0DLQ0HQX!3UHSURFHVVRU!1XPEHULQJ &WUOV!&RPSUHVVQXPEHUV>$UHDV!2.@ 8WLOLW\0HQX!6HOHFW!(QWLWLHV>$UHDV! %\1XP3LFN!2.! !2.@
DDWW
DVHOVDUHD
VDUHD
DDWW
DVHODOO HVL]H DPHVKDOO
QVHOVORF[
GDOOWHPS
QVHOVORF[
GDOOWHPS
QVHODOO ILQLVK VROX VROYH ILQLVK SRVW SDWKUDGLDO
SSDWK
0DLQ0HQX!6ROXWLRQ!/RDGV!$SSO\! 7KDUPDO!7HPSHUDWXUH!2Q1RGHV >3LFNDOO!/RDG7(03YDOXH!!2.@
8WLOLW\0HQX!6HOHFW!(QWLWLHV>1RGHV! %\/RFDWLRQ!;FRRUGLQDWHV!0LQ0D[! !2.@
[
[
8WLOLW\0HQX!6HOHFW!(QWLWLHV>$UHDV! 6HOHDOO!&DQVHO@ 0DLQ0HQX!3UHSURFHVVRU!0HVKLQJ! 6L]H&QWUOV!0DQXDO6L]H!*OREDO!6L]H >6,=((OHPHQWHGJHOHQJWK!!2.@ 0DLQ0HQX!3UHSURFHVVRU!0HVKLQJ! 0HVK!$UHDV!0DSSHG!RUVLGHG>3LFN DOO@
8WLOLW\0HQX!6HOHFW!(QWLWLHV>$UHDV! %\1XP3LFN!2.! !2.@ 0DLQ0HQX!3UHSURFHVVRU!$WWULEXWHV! 'HILQH!3LFNHGDUHD> !0DWHULDOQXPEHU!! 2.@
0DLQ0HQX!3UHSURFHVVRU!$WWULEXWHV! 'HILQH!3LFNHGDUHD> !2.@
DOO DOO V ORF [ DOO WHPS V ORF [ DOO WHPS
DOO
8WLOLW\0HQX!6HOHFW!(QWLWLHV>1RGHV! %\/RFDWLRQ!;FRRUGLQDWHV!0LQ0D[!! 2.@
0DLQ0HQX!6ROXWLRQ!/RDGV!$SSO\! 7KDUPDO!7HPSHUDWXUH!2Q1RGHV >3LFNDOO!/RDG7(03YDOXH!!2.@
UDGLDO ;1RGHV! %\1XP3LFN!)URP)XOO!2.!3LFNDOO@ 0DLQ0HQX!6ROXWLRQ!6ROYH!&XUUHQW /6!2. 0DLQ0HQX!*HQHUDO3RVWSURF!3DWK 2SHUDWLRQ!'HILQH3DWK!%\/RFDWLRQ >'HILQH3DWK1DPH!UDGLDO!2.!
3DWK3RLQWQXPEHU!!;6HWUHIHUHQFHQXPEHU!! 'HJUHHRIIUHHGRPODEHO!81RGHV! %\/RFDWLRQ!;FRRUGLQDWHV!0LQ0D[! !2.@
0DLQ0HQX!3UHSURFHVVRU! &RXSOLQJ&HTQ!&RXSOH'2)V >6HWUHIHUHQFHQXPEHU!! 'HJUHHRIIUHHGRPODEHO!8;!2.@ 8WLOLW\0HQX!6HOHFW!(QWLWLHV>1RGHV! %\/RFDWLRQ!!2.@ 0DLQ0HQX!6ROXWLRQ!$SSO\! 7HPSHUDWXUH!)URP7KHUP$QDO\ >)LOH1DPH! UVW!2.@ 0DLQ0HQX!6ROXWLRQ!&XUUHQW/6 0DLQ0HQX!*HQHUDO3RVWSURF! 3DWK2SHUDWLRQV!$UFKLYH3DWK! 3DWKVIURPILOH>5HDGIURPILOH!ILOHD!2.@
SPDSPDW
PDS
SGHIV[V[
SGHIV]V]
SOSDWKV[V]
SOSDJPV[QRGH
ILQLVK
V[ V [ V] V ] V[V]
V[ QRGH
[
0DLQ0HQX!*HQHUDO3RVWSURF! 3ORWUHVXOWV!2Q*UDSK >3DWKLWHPVWREHJUDSKHG!6;6
0DLQ0HQX!*HQHUDO3RVWSURF! 3DWK2SHUDWLRQ!0DSRQWR3DWK >8VHUODEHOIRULWHP!V]!,WHPWREHPDSSHG! 6WUHVV!=GLUHFWLRQ6=!2.@
[
0DLQ0HQX!*HQHUDO3RVWSURF!3DWK 2SHUDWLRQV!'HILQH3DWK!3DWK2SWLRQV >$FFRXQWIRUGLVFRQWLQXLWLHV! 0DWGLVFRQWLQXLW\!2.@ 0DLQ0HQX!*HQHUDO3RVWSURF! 3DWK2SHUDWLRQ!0DSRQWR3DWK >8VHUODEHOIRULWHP!V[!,WHPWREHPDSSHG! 6WUHVV!;GLUHFWLRQ6;!2.@
;
0DLQ0HQX!*HQHUDO3RVWSURF! 3ORWUHVXOWV!2Q*HRPHWU\>3DWKLWHPWREH GLVSOD\HG!6;!ZLWKQRGHV!2.@
SUHS HWFRPELQ ± FRPELQ± HWPDVV ± PDVV± U U Q
Q ILOO H
H
H
W\SH
UHDO
H H ILQLVK VROX DQW\SHKDUPLF KURSWIXOO
KDUPLF IXOO
[
0DLQ0HQX!3UHSURFHVVRU! 5HDO&RQVWDQWV>$GG!&KRRVHHOHPHQWW\SH! 7\SH&RPELQ!2.!5HDO&RQVWDQW6HW 1R!!6SULQJ&RQVWDQW.!!'DPSLQJ FRHIILFLHQW&9!!2.! $GG!&KRRVHHOHPHQWW\SH!7\SH0DVV! 2.!5HDO&RQVWDQW6HW1R!!0DVVLQ; GLUHFWLRQ!!2.!&ORVH@ 0DLQ0HQX!3UHSURFHVVRU!0RGHOLQJ! &UHDWH!1RGHV!,Q$FWLYH&6>1RGHQXPEHU! !;(OHPHQWW\SHQXPEHU!PDVV! 5HDOFRQVWDQWVHWQXPEHU!!2.@
0DLQ0HQX!3UHSURFHVVRU!0RGHOLQJ! &UHDWH!1RGHV!)LOOEHWZHHQ1GV! !2.!2.@ 0DLQ0HQX!3UHSURFHVVRU!0RGHOLQJ! &UHDWH!(OHPHQWV!$XWR1XPEHUHG! ! 7KUX1RGHV! $SSO\! !$SSO\!
0DLQ0HQX!3UHSURFHVVRU!0RGHOLQJ! &UHDWH!(OHPHQWV!$XWR1XPEHUHG!7KUX !$SSO\! 1RGHV! !2.@ 0DLQ0HQX!6ROXWLRQ!$QDO\VLV7\SH! 1HZDQDO\VLV>+DUPRQLF!2.@ 0DLQ0HQX!6ROXWLRQ!$QDO\VLV2SWLRQV >6ROXWLRQPHWKRG!)XOO!
KURXWRII
RII
RXWSUEDVLF
QVXEVW KDUIUT NEF GX\
GX[
II[
VROYH
QVROX[X[
EDVLF X\ X[ ± I[± ±
ILQLVK SRVW QVROX[X[
\
0DLQ0HQX!6ROXWLRQ!/RDG6WHS2SWV! 7LPH)UHTXHQF!)UHTDQG6XEVWHSV >1XPEHURIVXEVWHSV!! +DUPRQLFIUHTUDQJH!!!
6WHSSHGRUUDPSHGEF!6WHSSHG!2.@
0DLQ0HQX!6ROXWLRQ!/RDGV!$SSO\! 6WUXFWXUDO!'LVSODFHPHQW!2Q1RGHV >3LFNDOO!'2)VWREHFRQVWUDLQHG!8
0DLQ0HQX!6ROXWLRQ!/RDGV!$SSO\! 6WUXFWXUDO!'LVSODFHPHQW!2Q1RGHV > ! '2)VWREHFRQVWUDLQHG!8;!2.@
[
[
X [ X[ X [ X[
0DLQ0HQX!6ROXWLRQ!/RDG6WHS2SWV! 2XWSXW&WUOV!6ROX3ULQWRXW >3ULQWIUHTXHQF\!/DVWVXEVWHS!2.@
[
'2)SULQWRXWIRUPDW!$PSOLWXGSKDVH!2.! 2.@
[
0DLQ0HQX!6ROXWLRQ!/RDGV!$SSO\! 6WUXFWXUDO!)RUFH0RPHQW!2Q1RGHV !2.!'LUHFWLRQRI > IRUFHPRP!);!5HDO3DUWRIIRUFHPRP! !2.@ 0DLQ0HQX!6ROXWLRQ!6ROYH!&XUUHQW/6! 2.
0DLQ0HQX!7LPH+LVW3RVW3UR!'HILQH 9DULDEOHV>$GG!7\SHRIYDULDEOH!1RGDO'RI !2.! UHVXOWV!2.! 5HIQXPEHUVRIYDULDEOHV!!1RGHQXPEHU! !8VHUVSHFLILHGODEHO!8;!'DWD,WHP! '2)6ROXWLRQ!7UDQVODWLRQ8;!2.! $GG!7\SHRIYDULDEOH!1RGDO'RIUHVXOWV! !2.! 2.! 5HIQXPEHUVRIYDULDEOHV!!1RGHQXPEHU! !8VHUVSHFLILHGODEHO!8;!'DWD,WHP! '2)6ROXWLRQ!7UDQVODWLRQ8;!2.!&ORVH@
JULG
0RGLI\JULGV!7\SHRIJULG!;DQG$GG!6WUXFWXUDO! %HDP!GHODVWLF!$SSO\!
0DLQ0HQX!3UHSURFHVVRU!5HDO&RQ VWDQWV>$GG!&KRRVHHOHPHQWW\SH!7\SH EHDP!2.!5HDO&RQVWDQW6HW1R!! &URVVVHFWLRQDODUHD!! $UHDPRPHQWRILQHUWLD!! 7RWDOEHDPKHLJKW!!2.! $GG!&KRRVHHOHPHQWW\SH!7\SH0DVV! 2.!5HDO&RQVWDQW6HW1R!!0DVVLQ&RQVWDQW!,VRWURSLF!!2.! 1RGHQXPEHU! !;7UDQVLHQW!2.@ 0DLQ0HQX!6ROXWLRQ!$QDO\VLV2SWLRQV >6ROXWLRQPHWKRG!5HGXFHG!2.!'DPSLQJ HIIHFWV!,JQRUH!2.@ 0DLQ0HQX!6ROXWLRQ!0DVWHU'2)V! 8VHUVHOHFWHG!'HILQH> VW !2.! GHJUHHRIIUHHGRP!8
\ X\ [ X[ X\ \ EDVLF DOO ± \ I\± ±
VROYH
II\
0DLQ0HQX!6ROXWLRQ!/RDG6WHS2SWV! 7LPH)UHTXHQF!7LPH7LPH6WHS >7LPH6WHS6L]H!!2.@ 0DLQ0HQX!6ROXWLRQ!/RDGV!$SSO\! 6WUXFWXUDO!'LVSODFHPHQW!2Q1RGHV !2.! > '2)VWREHFRQVWUDLQHG!8,WHPWREHFRQWUROOHG!$OOLWHPV!
)LOHZULWHIUHTXHQF\!(YHU\VXEVWHS!2.@
0DLQ0HQX!6ROXWLRQ!/RDGV!$SSO\! 6WUXFWXUDO!)RUFH0RPHQW!2Q1RGHV !2.! > 'LUHFWLRQRI)RUFHPRP!)7LPHDWHQGRIORDGVWHS!!2.@
0DLQ0HQX!6ROXWLRQ!/RDGV!$SSO\! 6WUXFWXUDO!)RUFH0RPHQW!2Q1RGHV \ !2.! > 'LUHFWLRQRI)RUFHPRP!)
WLPH
VROYH
ILQLVK
QXPYDU ILOHILOHUGVS
QVROX\QVRO
SOYDU
SUYDU
ILQLVK VROX H[SDVVRQ H[SVRO
SRVW
0DLQ0HQX!6ROXWLRQ!6ROYH!&XUUHQW/6! 2. 0DLQ0HQX!)LQLVK
0DLQ0HQX!6ROXWLRQ!/RDG6WHS 2SWV!7LPH)UHTXHQF!7LPH7LPH6WHS >7LPHDWHQGRIORDGVWHS!!2.@
0DLQ0HQX!7LPH+LVW3RVW3UR!6HWWLQJV! )LOH>1XPEHURIYDULDEOHV!! )LOHFRQWDLQLQJGDWD! UVW!2.@
ILOH UGVS X \ \ QVRO
\
RQ
0DLQ0HQX!7LPH+LVW3RVW3UR!*UDSK VW 9DULDEOHV> YDULDEOHWRJUDSK!!2.@
0DLQ0HQX!7LPH+LVW3RVW3UR!'HILQH 9DULDEOHV>$GG!7\SHRIYDULDEOH!1RGDO'RI !2.! UHVXOWV!2.! 5HIQXPEHUVRIYDULDEOHV!!1RGHQXPEHU! !8VHUVSHFLILHGODEHO!QVRO!'DWD,WHP! '2)6ROXWLRQ!7UDQVODWLRQ8
0DLQ0HQX!7LPH+LVW3RVW3UR! VW /LVW9DULDEOHV> YDULDEOHWRJUDSK!!2.@ \ F 0DLQ0HQX!6ROXWLRQ!$QDO\VLV7\SH! ([SDQVLRQ3DVV>7UDQVLHQW!2.@ 0DLQ0HQX!6ROXWLRQ!$QDO\VLV7\SH! ([SDQVLRQ3DVV>([SDQVLRQ3DVV!2Q!2.@ 0DLQ0HQX!6ROXWLRQ!/RDG6WHS2SWV! ([SDQVLRQ3DVV!6LQJOH([SDQG!%\ 7LPH)UHT>7LPHSRLQW)UHTXHQF\!!2.@
VROYH
ILQLVK SRVW VHWILUVW
SOGLVS
ILUVW
0DLQ0HQX!*HQHUDO3RVWSURF! 3ORW5HVXOWV!'HIRUPHG6KDSH >,WHPVWREHSORWWHG!'HIXQGHIRUPHG!2.@
ILQLVK
0DLQ0HQX!6ROXWLRQ!6ROYH!&XUUHQW/6! 2. 0DLQ0HQX!*HQHUDO3RVWSURF! 5HDG5HVXOWV!)LUVW6HW
±
EHDP±
SUHS HWEHDP
0DLQ0HQX!3UHSURFHVVRU!(OHPHQW 7\SH!$GG(GLW'HOHWH>$GG!6WUXFWXUDO! %HDP!GHODVWLF!2.@
U
PSH[H
PSGHQVH
N
N O HVL]H OPHVK
H[± ± H± GHQV± ± H±
GDOOX\
QVHOVORF[
GDOOX[X\
V ORF
0DLQ0HQX!3UHSURFHVVRU!&UHDWH! !2.@ /LQHV!6WUDLJKWOLQH>
'2)VWREHFRQVWUDLQHG!8
\ 2.!
0DLQ0HQX!3UHSURFHVVRU!0HVKLQJ! 6L]H&QWUOV!0DQXDO6L]H!*OREDO!6L]H >1XPEHURIHOHPHQWGLYLVLRQV!!2.@ 0DLQ0HQX!3UHSURFHVVRU!0HVKLQJ! 0HVK!/LQHV>3LFNDOO@ 0DLQ0HQX!6ROXWLRQ!/RDGV!$SSO\! 6WUXFWXUDO!'LVSODFHPHQW!2Q1RGHV > !2.!
0DLQ0HQX!3UHSURFHVVRU!&UHDWH! .H\SRLQWV!,Q$FWLYH&6>.H\SRLQWQXP EHU!!;&RQVWDQW!,VRWURSLF!!2.! 8WLOLW\0HQX!6HOHFW!(QWLWLHV>OLQHV! %\SLFNQXP!$SSO\! !2.!1RGHV!$WWDFKHGWR! /LQHV!5HVHOHFW!6HOHDOO!2.@
QVHODOO
DQW\SHPRGDO PRGRSWVXEV
PRGDO VXEV
VROYH
ILQLVK SRVW VHWOLVW
VHWILUVW
SOGLVS DQPRGHH
VHWQH[W
SOGLVS DQPRGHH
ILUVW
OLVW
0DLQ0HQX!6ROXWLRQ!$QDO\VLV7\SH! 1HZDQDO\VLV>PRGDO!2.@ 0DLQ0HQX!6ROXWLRQ!$QDO\VLV 2SWLRQV>0RGHH[WUDFWLRQPHWKRG! 6XEVSDFH!1RRIPRGHVWRH[WUDFW!! ([SDQGPRGHVKDSHV!1R!2.!2.@ 0DLQ0HQX!6ROXWLRQ!6ROYH!&XUUHQW /6!2. 0DLQ0HQX!*HQHUDO3RVWSURF!5HDG 5HVXOWV!%\/RDG6WHS>6XEVWHSQXPEHU! !2.@
H QH[W H
0DLQ0HQX!*HQHUDO3RVWSURF!3ORW 5HVXOWV!'HIRUPHG6KDSH>,WHPVWREH SORWWHG!'HIVKDSHRQO\!2.@ 8WLOLW\0HQX!3ORW&WUOV!$QLPDWH! 0RGHVKDSH>1RRIIUDPHVWRFUHDWH!! 7LPHGHOD\!!2.@
0DLQ0HQX!*HQHUDO3RVWSURF!5HDG 5HVXOWV!1H[W6HW
0DLQ0HQX!*HQHUDO3RVWSURF!3ORW 5HVXOWV!'HIRUPHG6KDSH>,WHPVWREH SORWWHG!'HIVKDSHRQO\!2.@ 8WLOLW\0HQX!3ORW&WUOV!$QLPDWH! 0RGHVKDSH>1RRIIUDPHVWRFUHDWH!! 7LPHGHOD\!!2.@
0DLQ0HQX!*HQHUDO3RVWSURF!5HDG 5HVXOWV!)LUVW6HW
IUHT
ILQLVK VROX DQW\SHVSHFWU VSRSWVSUV\HV
VSHFWU VSUV \HV
0DLQ0HQX!6ROXWLRQ!$QDO\VLV7\SH! 1HZDQDO\VLV>6SHFWUXP!2.@ 0DLQ0HQX!6ROXWLRQ!$QDO\VLV 2SWLRQV>6LQJOHSWUHVS!1RRIPRGHVIRU VROX!!&DOFXODWHHOHPHQWVWUHVVHV! 6XEVWHSQXPEHU! !2.@
0DLQ0HQX!6ROXWLRQ!6ROYH!&XUUHQW /6!2. 0DLQ0HQX!)LQLVK
PRGDO RQ
0DLQ0HQX!6ROXWLRQ!/RDG6WHS 2SWV!6SHFWUXP!6LQJOH3RLQW!)UHT7DEOH >)UHT!!)UHT!!2.@ 0DLQ0HQX!6ROXWLRQ!/RDG6WHS 2SWV!6SHFWUXP!6LQJOH3RLQW!6SHFWU 9DOXHV>2.!)UHT!!)UHT!!2.@
ILUVW QH[W QH[W QH[W
0DLQ0HQX!6ROXWLRQ!/RDG6WHS 2SWV!6SHFWUXP!6LQJOH3RLQW!6HWWLQJV >([FLWDWLRQGLUHFWLRQ!&RRUGLQDWHVRISRLQW! !!! 7\SHRIUHVSRQVHVSHFWU!6HLVPLFGLVSODF! 2.@
OLVW
PRGDO!2.@ 0DLQ0HQX!6ROXWLRQ!$QDO\VLV7\SH! ([SDQVLRQ3DVV>([SDQVLRQ3DVV!2Q! 2.@
P[SDQG\HV
VROYH ILQLVK SRVW VHWOLVW
ILQLVK VROX DQW\SHVSHFWU VUVVGLVS
VROYH ILQLVK SRVW VHWOLVW LQSPFRP
SUQVROGRI
SUHVROHOHP SUUVROI ILQLVK
\HV
OLVW
OLVW PFRP GRI
0DLQ0HQX!6ROXWLRQ!6ROYH!&XUUHQW /6!2. 0DLQ0HQX!)LQLVK 0DLQ0HQX!*HQHUDO3RVWSURF!5HDG 5HVXOWV!%\/RDG6WHS>6XEVWHSQXPEHU! !2.@
0DLQ0HQX!)LQLVK 0DLQ0HQX!6ROXWLRQ!$QDO\VLV7\SH! 1HZDQDO\VLV>6SHFWUXP!2.@ 0DLQ0HQX!6ROXWLRQ!$QDO\VLV 2SWLRQV>7\SHRIVSHFWUXP! 6LQJOHSWUHVS!2.@ 0DLQ0HQX!6ROXWLRQ!/RDG6WHS 2SWV!6SHFWUXP!6LQJOH3RLQW!0RGH FRPELQH>0RGHFRPELQHPHWKRG!6566! 6LJQLILFDQWWKUHVKROG!! 7\SHRIRXWSXW!'LVSODFHPHQW!2.@ 0DLQ0HQX!6ROXWLRQ!6ROYH!&XUUHQW /6!2. 0DLQ0HQX!*HQHUDO3RVWSURF!5HDG 5HVXOWV!5HVXOWV6XPPDU\!2. 8WLOLW\0HQX!)LOH!5HDG,QSXW)URP PFRP!2.@ >
0DLQ0HQX!6ROXWLRQ!/RDG6WHS 2SWV!([SDQVLRQ3DVV!6LQJOHH[SDQG! ([SDQG0RGHV>1RRIPRGHVWRH[SDQG! !6LJQLILFDQW7KUHVKROG!! &DOFXODWHHOHPHQWUHVXOWV"!,WHPWREHOLVWHG! '2)VROXWLRQ!$OO'2)V!2.@ 0DLQ0HQX!*HQHUDO3RVWSURF!/LVW 5HVXOWV!(OHPHQW6ROXWLRQ >/LQH(OHP5HVXOWV!6WUXFWXUDO(/(0!2.@ 0DLQ0HQX!*HQHUDO3RVWSURF!/LVW 5HVXOWV!5HDFWLRQ6ROX>$OOVWUXFIRUF)! 2.@
SUHS HWEHDP
UH
PSH[H
Q
Q ILOO
H
HJHQ
ILQLVK
±
EHDP± H H[± ± H±
0DLQ0HQX!3UHSURFHVVRU!0DWHULDO3URSV >&RQVWDQW!,VRWURSLF!!2.! 1RGHQXPEHU! !; '2)VWREHFRQVWUDLQHG!$OO'2)!2.@ 0DLQ0HQX!6ROXWLRQ!/RDGV!$SSO\! 6WUXFWXUDO!)RUFH0RPHQW!2Q1RGHV !2.! > 'LUHFWLRQRIIRUFHPRP!)(LJHQ%XFNOLQJ!2.@ 0DLQ0HQX!6ROXWLRQ!$QDO\VLV2SWLRQV >6ROXWLRQPHWKRG!5HGXFHG!1RRIPRGHVWR H[WUDFW!!2.@
0DLQ0HQX!*HQHUDO3RVWSURF! 3ORW5HVXOWV!'HIRUPHG6KDSH >,WHPVWREHSORWWHG!'HIXQGHIRUPHG!2.@
© ª