SlideShare une entreprise Scribd logo
1  sur  10
#$%# &' ()*+, -./ -0) 1123,
#$%&'()'%(*+$%,-./0-$.'
4567897;;<=5>?@<A>=@=B5@C<?D<7E=57FF758=G9>753A?99HF?5'F<?89?F75D<
A>?@<G7>@<5G?EA>?5<5G?;I?89<5A7>7E?9><J
#$ %&'()*+(,-&
3?57@@=AA<79=5D<>?997E?89?5=5A?>5E?KK=5;<I89=57F5E=9=>?J
"53?><?B5;>78D?KK7B5A=F<B5A>=L<F=5A7F7B5?G?@IK<=8?B567><789?MB5=><?897E?89=
3?57@@=AA<79=5A?>5E?KK=5@<8;C<757F5E=9=>?J
"53?><?B5;>78D?KK7B5A>=L<F=5A7F7B5?G?@IK<=8?B567><789?MB5=><?897E?89=
"5N=>97975?5A>?GG<=8?5OG979<@75=59=97F?P5=5<857F9?>879<6756?F=@<9Q5D<5>=97K<=8?
.$ /,(,-&
"5N=9?8K7B59?8G<=8?B5L>?RI?8K7B5;>78D?KK7B5E7>@7
0$123&'(4+*)1+55&66,-)
-7G7E?89<5789<G@<89<FF7B5A=>9?FF75D<5<GA?K<=8?B597AA=5D<5G@7><@=B5@=89>=L7F78;?B5;<I89<
789<6<S>789<B57EE=>9<KK79=><B5>?;=F79=>?5D<5A=>97975<857GA<>789?B5G?>>78D757D57F?99?
A>?E?89?5?9@H
71%+-)+'(&
4 T58=>E7F?5D<5G?><?
U T5@=856?89=F<875D<5>7LL>?DD7E?89=
/ T5/8G=8=><KK7K<=8?5@=85F7875D<5>=@@<7
V T5'=<S?897K<=8?5@=85F7875D<5>=@@<7
3 T5GA?@<7F?
WHUHJ57F9><5A7>7E?9><5G?58=85D<6?>G7E?89?5GA?@<L<@79<57GGIE=8=5<567F=><5
G978D7>D5><A=>979<58?FF75GA?@<L<@759?@8<@75WH52))(1H
#$%&'.(01&(2'34'**'.
XIE5;?;?8G?<9<;?85%=>9?<F5S<99?85Y<>5I8G?>?5&I8D?8G@C7L95<EE?>5L=F;?8D?5N7>7E?9?>
;?87I578KI;?S?8J
*P %?89<F79=>
Z7FFG50<>?[9;?9><?S?85=D?>5E<95&IAAFI8;J
"53?><?B5>]GG?B5N=FK7CF?8B53@C7IL?FA>=L<FB54IGL^C>I8;B5%7><789?MB5?C_IG?G9?FFI8;
Z7FFG5-<?E?8;?9><S?8J
"53?><?B5>]GG?B53@C7IL?FA>=L<FB54IGL^C>I8;B5%7><789?MB5?C_IG?G9?FFI8;
"5%=FIE?8G9>=E5I8D50>I@[5OG979<G@C5=D?>5;?G7E9P5=D?>5<854F9?>879<650>?CK7CF
1P `=9=>
"5$?<G9I8;B53A788I8;B5Z>?RI?8KB5>]GG?B5Z7S><[79
aP #6?89I?FF?G5XIS?C]>
#>C]C9?>5 ZI8[?8G@CI9KB5 -?<8<;I8;G]LL8I8;B5 &=8D?8G797SF7ILG9I9K?8B
?;?8>7CE?8B5`78G@C?99?8B53@CY<8DI8;GD_EAL?>B50>7FF>?;F?>5<85G7I;G?<9<;B
0>=GG?F[F7AA?5;?;?8F7IL<;B5?9@H
M5%7><789?
4 T53?><?8E_GG<8;5O=C8?5&^CFLF^;?FP
U T5E<95&^CFLF^;?F
/ T5?>_IG@C<G=F<?>I8;5E<9539?<8Y=FF?
V T5?C_IG?<G=F79<=85E<9539?<8Y=FF?
3 T53=8D?>7IGL^C>I8;5OKHUH5<85#D?FG97CFP
NH3HJ548D?>?5N7>7E?9?>B5L7FFG58<@C9578;?;?S?8B5^S?>8?CE?85D<?53978D7>DY?>9?B5
D<?5<85D?>59?@C8<G@C?853A?K<L<[79<=85W>H52))(1578;?G@C><?S?85G<8DH
5.34%164-$.3()$1%(6$&&/.,'3
N=I>5I8?5S=88?5?95>7A<D?5E<G?5?85=?I6>?5D?G5@=EE78D?GB58=IG
D?E78D=8G5Q58=9>?5@F<?89bF?5D?5A>?@<Gc>5F?G5cFcE?89G5GI<6789GJ
#$ %&'()*+(&4-
`=897;?5D<>?@95GI>5E=9?I>5=I5A7>5Fd<89?>EcD<7>?5DdI85E78@C=85Dd7@@=IAF7E?89J
"53c><?B59eA?B58=ES>?5D?5A=F?GB5A>=L<F5D?5A7F?B57>>78;?E?89B5D<6?>GMB5=><?8979<=8
4@@=IAF?E?8957I5E=9?I>5A7>5Fd<89?>EcD<7<>?5DdI8?59>78GE<GG<=85A=IF<?G5@=I>>=<?GJ
"53c><?B59eA?B5A>=L<F5D?5A7F?B57>>78;?E?89B5D<6?>GMB5=><?8979<=8
"50?S<95?95A>?GG<=85OG979<RI?5=I59=97F?P5=I5S<?85?8567><789?56<9?GG?5D?5>=979<=8
.$ /,(&4-
"5NI<GG78@?B59?8G<=8B5L>cRI?8@?B59eA?B5E7>RI?
0$ 855&66,)-&61&3&'(4&*6
'=I>=88?5789<"c9<8@?FF?B5A=>9?5D?56<G<9?B5AI>;?5D?56=FI9?B5@=89>?"S><D?GB5E78@C?99?G
G=IAF?GB5AF=9G5789<6<S>79<F?GB5<8@F<8?I>5Q5Fd7GA<>79<=8B56=F?95D?5D=G7;?57IJ5>?L=IF?"
E?89B5?9@H
719)3&-6
4 T53978D7>D
U T546?@59I>S<8?5D?5>?L>=<D<GG?E?89
/ T5<8G=8=><G79<=8576?@5F7<8?5D?5>=@C?
V T5'7F=><LI;?7;?576?@5F7<8?5D?5>=@C?
3 T53Ac@<7F
WHUHJ5G<5Dd7I9>?G5A7>9<@IF7><9cG58?5G=895A7G5<8D<RIc?GB5G?>=895A><G5?85@=EA9?5F?G5
cFcE?89G5G978D7>DG5GI<67895F75GAc@<L<@79<=859?@C8<RI?5WH52))(1H
7$8(4$($%,'%
f=5EI9I7F57D67897;?B5Y?57G[5=I>5@IG9=E?>G59=5<8D<@79?5L=FF=Y<8;5A7>7E?9?>G5YC?8
=>D?>G57>?5<GGI?DJ
*P Z78
/L5<95<G5D<>?@9"D><6?8B5=>5Y<9C5LF?g<SF?5@=IAF<8;
"53?><?GB5G<K?B5A=F?G58IES?>B5SF7D?5A>=L<F?B57>>78;?E?89B567><79<=8MB5A=G<9<=8
/L5<95<G5S?F9"D><6?8J
"53?><?GB5G<K?B5SF7D?5A>=L<F?B57>>78;?E?89B567><79<=8MB5A=G<9<=8
"5'7A7@<9e578D5A>?GGI>?5OG979<@5=>59=97FP5=>5-HNH`H
1P `=9=>
"5N=Y?>B5%=F97;?B5Z>?RI?8@eB53<K?B5`7[?
aP Z<99<8;G
3A7>[A>==LB5<8GA?@9<=85D==>B5@=8D?8G79?5D>7<8B5@=I89?>5"5LF78;?GB56<S>79<=85D7EA<8;
h=<89GB56<S>79<=85D7EA?>GB5<8F?>5D<G@C7>;?5;=6?>8=>B57<>5>?DI@<8;5LF7A5?9@H
M5%7><79<=8G
4 T53978D7>D5G?><?G5L78
U T5i<9C5@==F<8;5L78
/ T5-=@[Y==F5G=I8DA>==L5?g?@I9<=8
V T5-=@[Y==F5C?79A>==L5?g?@I9<=8
3 T53A?@<7F
W=9?J5/L5=9C?>5A7>7E?9?>G57>?58=95<8D<@79?DB5Y?5Y<FF597[?5<89=5@=8G<D?>79<=859C?5555
G978D7>D5GA?@<L<@79<=8G57@@=>D<8;59=59?@C8H553A?g5W=H52))(1H
#$%# Z- 2)*+1 W,4+a -01j) *k)$1
#$%# Z3 a2*+, N2U $*.) **1`,
%#Wf 4-f .)1 W*14 -01j) *.)`1
%#Wf 0Z- .)* W*.4 -01j) 1))$,
'=8@?99<5;?8?>7F<5/5?8?>7F5@=8@?A9G5/5c8c>7F<9cG5/54FF;?E?<8?G
9$.6'44-(;'.'%/*-(31-(<'.4-*/4$%-
?8?>7F5@=8@?A9G57S=I95L78G
c8c>7F<9cG5GI>5F?G56?89<F79?I>G
4FF;?E?<8?G5^S?>5%?89<F79=>?8
'=8@?99<5;?8?>7F<5/5?8?>7F5@=8@?A9G5/5c8c>7F<9cG5/54FF;?E?<8?G
9$.6'44-(;'.'%/*-(31-(<'.4-*/4$%-
?8?>7F5@=8@?A9G57S=I95L78G
c8c>7F<9cG5GI>5F?G56?89<F79?I>G
4FF;?E?<8?G5^S?>5%?89<F79=>?8
%
/2;/ /07 )&%"5 (,"- 7. $*#3%
(351- 4-5 0=35,/2*</32-
0 XCPVCIIKQ TGEKRTQEQ% EJKGFKCOQ CNNC PQUVTC >RGVV'NG 2NKGPVGNC FK RTGEK&
UCTEK UGORTG K UGIWGPVK RCTCOGVTK.
)# @GPVKNCVQTG
>G CEEQRRKCVQ FKTGVVCOGPVG CN OQVQTG.
& >GTKG% ITCPFGC% GUGEWKQPG% XCTKCPVG$% HNWUUQ
>G CEEQRRKCVQ RGT OGQ EKPIJKC CN OQVQTG.
& >GTKG% ITCPFGC% GUGEWKQPG% XCTKCPVG$% HNWUUQ
& <QTVCVC G RTGUUKQPG "UVCVKEC Q VQVCNG# Q KP CNVGTPCVKXC
XGNQEKV] FK TQVCKQPG
*# 9QVQTG
& <QVGPC% VGPUKQPG% HTGSWGPC% ITCPFGC% OCTEC
+# 4XGPVWCNK CEEGUUQTK
=CUCOGPVK CPVKUEKPVKNNC% DQEECINKQ% RKGFK FK UQUVGIPQ% UWRRQTVK CPVKXK&
DTCPVK% EQPVTQHNCPIG ")&*&+#% TGVG FK RTQVGKQPG% IKWPVQ CPVKXKDTCPVG RTG&
OGPVG% IKWPVQ CPVKXKDTCPVG CURKTCPVG% RGTUKCPC C ITCXKV]% RCPPGNNQ
SWCFTCVQ
$ @CTKCPVG
0 / PQTOCNG FK UGTKG
1 / EQP XGPVQNKPC FK TCHHTGFFCOGPVQ
> / URGEKCNG
;'1'. CNVTK RCTCOGVTK UG PQP FKXGTUCOGPVG URGEKHKECVK CUUWOQPQ K XCNQTK
UVCPFCTF TKRQTVCVK PGNNC URGEKHKEC VGEPKEC ;' ,((-*'
#-67-002351-2
BWO IGIGPUGKVKIGP @QTVGKN DKVVGP YKT WPUGTG 8WPFGP KOOGT HQNIGPFG
<CTCOGVGT IGPCW CPWIGDGP.
)# 5CNNU FKTGMVIGVTKGDGP
& >GTKG% 6TacG% 0WUHbJTWPI% @CTKCPVG$% 5NWc
*# 5CNNU TKGOGPIGVTKDGP
& >GTKG% 6TacG% 0WUHbJTWPI% @CTKCPVG$% 5NWc
& @QNWOGPUVTQO WPF 3TWEM "UVCVKUEJ QFGT IGUCOV# QFGT CNVGTPCVKX
3TGJCJN
+# 4XGPVWGNNGU BWDGJaT
4TJaJVGT 5WPMGPUEJWV% 4KPUVTQOFbUG% 5bcG% >EJYKPFWPIUF^ORHGT%
6GIGPTCJOGP ")&*&+#% >EJWVIKVVGT% 9CPUEJGVVG UCWI&WPF FTWEMUGK&
VKPI% 3TQUUGNMNCRRG 9QPVCIGRNCVVG
$ @CTKCPVG
0 / >GTKGPO^UUKPI "QJPG 8bJNHNbIGN#
1 / OKV 8bJNHNbIGN
> / >QPFGTCWUHbJTWPI "'1' KP 4FGNUVCJN#
<'>'. 0PFGTG <CTCOGVGT% HCNNU PKEJV CPIGIGDGP% bDGTPGJOGP FKG
>VCPFCTFYGTVG% FKG KP FGT VGEJPKUEJGP >RGKHKMCVKQP ;T' ,((-* CPIG&
IGIGDGP UKPF'
'26758+7/326 4385 +311*2,-6
<QWT WPG DQPPG GV TCRKFG OKUG GP QGWXTG FGU EQOOCPFGU% PQWU FGOCP&
FQPU ] PQVTG ENKGPV`NG FG RTGEKU_T NGU _N_OGPVU UWKXCPVU.
)# @GPVKNCVGWT
<QWT NG EQWRNCIG FKTGEV UWT OQVGWT.
& >_TKG% V[RG% CTTCPIGOGPV% FKXGTU$% UGPU Fd_EQWNGOGPV FG NdCKT
<QWT NdCEEQWRNGOGPV CW OQVGWT RCT NdKPVGTO_FKCKTG FdWPG VTCPUOKUUKQP
RQWNKGU EQWTTQKGU.
& >_TKG% V[RG% CTTCPIGOGPV% FKXGTU$% UGPU Fd_EQWNGOGPV FG NdCKT
& 3GDKV GV RTGUUKQP "UVCVKSWG QW VQVCNG# QW GP XCTKCPVG XKVGUUG FG TQVC&
VKQP
*# 9QVGWT
& <WKUUCPEG% VGPUKQP% HT_SWGPEG% V[RG% OCTSWG
+# 0EEGUUQKTGU GXGPVWGNU
2QWTQPPG CPVK&_VKPEGNNG% RCXKNNQP FdCURKTCVKQP% DGTEGCW UWRRQTV%
COQTVKUUGWTU FG XKDTCVKQPU% EQPVTGDTKFGU ")&*&+#% ITKNNCIG FG RTQVGEVKQP%
OCPEJGVVG UQWRNG ] NdCURKTCVKQP GV CW TGHQWNGOGPV% RGTUKGPPG CWVQOCVK&
SWG% RNCSWG UWRRQTV
$ 3KXGTU
0 / >VCPFCTF
1 / 0XGE VWTDKPG FG TGHTQKFKUUGOGPV
> / >R_EKCN
;'1'. UK FdCWVTGU RCTVKEWNCTKV_U PG UQPV RCU KPFKSW_GU% UGTQPV RTKU GP EQO&
RVG NGU _N_OGPVU UVCPFCTFU UWKXCPV NC UR_EKHKECVKQP VGEJPKSWG ;' ,((-*'
&3; 73 35,-5
?Q OWVWCN CFXCPVCIG% YG CUM QWT EWUVQOGTU VQ KPFKECVG HQNNQYKPI RCTC&
OGVGTU YJGP QTFGTU CTG KUUWGF.
)# 5CP
7H KV KU FKTGEV&FTKXGP.
& >GTKGU% UKG% CTTCPIGOGPV% XCTKCVKQP$% CKT HNQY FKTGEVKQP
7H KV KU DGNV&FTKXGP.
& >GTKGU% UKG% CTTCPIGOGPV% XCTKCVKQP$% CKT HNQY FKTGEVKQP
& 2CRCEKV[ CPF RTGUUWTG "UVCVKE QT VQVCN# QT ='<'9'
*# 9QVQT
& <QYGT% @QNVCIG% 5TGSWGPE[% >KG% 9CMG
+# 5KVVKPIU
>RCTMRTQQH% KPNGV EQPG% UWDUVCKPKPI HGGV% XKDTCVKQP FCORGTU% EQWPVGT&
HNCPIGU ")&*&+#% RTQVGEVKQP PGV% KPNGV CPF QWVNGV HNGZKDNG LQKPV% ITCXKV[
FCORGT% USWCTG OQWPVKPI RNCVG
$ @CTKCVKQPU
0 / >VCPFCTF UGTKGU HCP
1 / AKVJ EQQNKPI HCP
> / >RGEKCN
;QVG. 7H QVJGT RCTCOGVGTU CTG PQV KPFKECVGF% YG YKNN VCMG KPVQ EQPUKFGTCVKQP
VJG UVCPFCTF URGEKHKECVKQPU CEEQTFKPI VQ VGEJP'
>RGE' ;Q' ,((-*'
/2;/ /6 &(%"1 (,", 7. )&,'
/2;/ /8 $'#'"1 ',", 7. %%(3)
;/49 /- $)#'"1 +-"- 7. %##2)
"87-/??4 1/7/<+54 % $/7/<+5 -87-/9?= % $C7C<+54?C= % !551/6/47/=
$32+-77/ .-2-5*0/ 68/ 9-27/0*735/
6GPGTCN EQPEGRVU CDQWV HCPU
6_P_TCNKV_U UWT NGU XGPVKNCVGWTU
0NNIGOGKPGU bDGT @GPVKNCVQTGP
"87-/??4 1/7/<+54 % $/7/<+5 -87-/9?= % $C7C<+54?C= % !551/6/47/=
$32+-77/ .-2-5*0/ 68/ 9-27/0*735/
6GPGTCN EQPEGRVU CDQWV HCPU
6_P_TCNKV_U UWT NGU XGPVKNCVGWTU
0NNIGOGKPGU bDGT @GPVKNCVQTGP
%
'8=4B487/ 68?8</ / +5?<4 -86987/7?4 % '8=4?487471 80 68?8< +7. 8?2/< 04??471= % '8=4?487 .@ 68?/@< /? .;+@?</= +--/==84</= % &8?8<+78<.7@71 @7. !78<.7@71 ./< +7./</7 *@,/2D<?/45/
)36/</32- 13735- - *075/ +31432-27/
<QUKVKQPKPI QH OQVQT CPF QVJGT HKVVKPIU
<QUKVKQP FW OQVGWT GV FdCWVTGU CEEGUUQKTGU
9QVQTCPQTFPWPI WPF 0PQTFPWPI FGT CPFGTGP BWDGJaTVGKNG
#=/-@B4874 =?+7.+<. ./4 78=?<4 A/7?45+?8<4 % (?+7.+<. +<<+71/6/7?= 80 8@< 0+7= % !<<+71/6/7? =?+7.+<. ./ 78= A/7?45+?/@<= % (?+7.+<.+@=0E2<@71 @7=/</< )/7?45+?8</7
%6-+8</32/ 67*2,*5, ,-/ 23675/ 9-27/0*735/
>VCPFCTF CTTCPIGOGPVU QH QWT HCPU
0TTCPIGOGPV UVCPFCTF FG PQU XGPVKNCVGWTU
>VCPFCTFCWUHbJTWPI WPUGTGT @GPVKNCVQTGP
'
&
0AA4=E8>=4"
=JQQfNUTYJXN IN ZYNQN__T IJQ [JSYNQFYTWJ F [JQTHNY` HTXYFSYJ UJW + YZWSN IN QF[TWT LNTWSFQNJWN UFWN F */ TWJ% HFQHTQFYN
UJW +.) LNTWSN (FSST% NQ HNHQT IN [NYF UWJ[NXYT UJW QF LNWFSYJ WNXZQYF UFWN F -)'))) TWJ'
AFQJ QNRNYJ SJQ HFXT IN ZYNQN__T HTS KZS_NTSFRJSYT IN QF[TWT LWF[TXT #RJINT% FQYT$ IJ[J JXXJWJ WNITYYT'
;F [FQZYF_NTSJ NS YFQ XJSXT IJ[J JXXJWJ JKKJYYZFYF HTS QfBKKNHNT AJHSNHT 5C8'
=JQ HFXT IN ZYNQN__T IJQ [JSYNQFYTWJ HTS ZS HNHQT IN QF[TWT F [JQTHNY` [FWNFGNQJ NSKJWNTWJ FN ,) RNSZYN% YFQJ HNHQT IJ[J
JXXJWJ XTYYTUTXYT FQQfFUUWT[F_NTSJ IF UFWYJ IJQQfBKKNHNT AJHSNHT 5C8 NQ VZFQJ UWT[[JIJW` F IFWJ NQ UWTUWNT
GJSJXYFWJ J F HTRZSNHFWJ QF WNIZ_NTSJ IJLQN NSYJW[FQQN IN RFSZYJS_NTSJ J IJQ HNHQT IN [NYF IJQQF LNWFSYJ'
20BA8>="
8S YMJ M^UTYMJXNX TK ZXJ TK YMJ KFS FY HTSXYFSY XUJJI KTW YT TWP XMNKYX J[JW^ IF^ JVZN[FQJSY YT */ MTZWX%
HFQHZQFYJI KTW +.) IF^X UJW ^JFW% YMJ J]UJHYJI QNKJ H^HQJ KTW YMJ NRUJQQJW NX JVZN[FQJSY YT -)%))) MTZWX'
8S HFXJ TK ZXJ NS HTSINYNTSX TK UFWYNHZQFWQ^ INKKNHZQY TUJWFYNTS #RJINZR% MNLM$% YMNX QNRNY RZXY GJ WJIZHJI'
0S^ XZHM WJIZHYNTS RZXY GJ FXXJXXJI NS HTQQFGTWFYNTS NYM YMJ 5C8 AJHMSNHFQ >KKNHJ'
8S YMJ HFXJ TK KFS TUJWFYNTS NYM F [FWNFGQJ XUJJI H^HQJ TK QJXX YMFS ,) RNSZYJX% YMNX H^HQJ RZXY GJ XZGRNYYJI
YT FUUWT[FQ G^ YMJ 5C8 AJHMSNHFQ >KKNHJ% MNHM NQQ LN[J NYX FUUWT[FQ FSI STYNK^ YMJ HTSXJVZJSY WJIZHYNTS TK
RFNSYJSFSHJ NSYJW[FQX FSI YMJ NRUJQQJW QNKJXUFS'
0AA4=A8>= "
3FSX QfM^UTYMcXJ IfZSJ ZYNQNXFYNTS IZ [JSYNQFYJZW ` [NYJXXJ HTSXYFSYJ UJSIFSY + UTXYJX IJ YWF[FNQ OTZWSFQNJWX%
XfbQJ[FSY ` */ MJZWJX% HFQHZQbX XZW +.) OTZWX ( FS% QJ H^HQJ IJ [NJ UWb[Z UTZW QJ WTYTW JXY IJ -)))) MJZWJX'
4S HFX IfZYNQNXFYNTS UTZW ZS KTSHYNTSSJRJSY IFSX IJX HTSINYNTSX IJ YWF[FNQ HTSYWFNLSFSYJX #RT^JSSJX% bQJ[bJX$%
HJYYJ QNRNYJ ITNY dYWJ WbIZNYJ' ;fb[FQZFYNTS% IFSX HJ XJSX% ITNY dYWJ JKKJHYZbJ F[JH QJ 1ZWJFZ YJHMSNVZJ 5C8'
4S HFX IfZYNQNXFYNTS IZ [JSYNQFYJZW UTZW ZS H^HQJ IJ YWF[FNQ ` [NYJXXJ [FWNFGQJ NSKbWNJZW ` ,) RNSZYJX% HJ RdRJ H^HQJ
ITNY dYWJ XTZRNX ` QfFUUWTGFYNTS IZ 1ZWJFZ YJHMSNVZJ 5C8' 2JQZN&HN KJWF QJ SbHJXXFNWJ UTZW ITSSJW XTS FHHTWI JY
HTRRZSNVZJW QF WbIZHYNTS IJX NSYJW[FQQJX IJ RFNSYJSFSHJ JY IZ H^HQJ IJ [NJ IZ WTYTW'
027AB=6"
@TQQYJ IJW CJSYNQFYTW RNY PTSXYFSYJW 3WJM_FMQ KeW + AFLJXFWGJNYXXHMNHMYJS RNY JNSJW 6JXFRYIFZJW [TS */
@YZSIJS FS +.) AFLJS NR 9FMW JNSLJXJY_Y JWIJS% NXY INJ [TWFZXXNHMYQNHMJ 1JYWNJGXQJGJSXIFZJW IJX ;FZKWFIX
-)'))) 1JYWNJGXXYZSIJS'
BSYJW JWXHMJWYJS 1JYWNJGXGJINSLZSLJS #RNYYJQXHMJW% XJMW XHMJW$ [JWPeW_Y XNHM INJXJ EJNY'
4NSJ INJXGJ_eLQNHMJ 1JJWYZSL NXY [TS IJW AJHMSNXHMJS 0GYJNQZSL 5C8 [TW_ZSJMRJS
1JN JNSJR [TWLJXJMJSJS 4NSXFY_ IJX CJSYNQFYTWX RNY JNSJR 0WGJNYX_^PQZX RNY [FWNFGQJW 3WJM_FMQ ZSYJW ,) <NSZYJS
RZXX INJXJW E^PQZX _ZSaHMXY [TS IJW AJHMSNXHMJS 0GYJNQZSL [TS 5C8 LJSJMRNLY JWIJS% IF LJLJGJSJSKFQQX
JNSJ CJWPeW_ZSL IJW DFWYZSLXNSYJW[FQQJ ZSI IJW 1JYWNJGXQJGJSXIFZJW IJX ;FZKWFIX ?QFY_ LWJNKJS PFSS% JQHMJ
[TS IJW AJHMSNXHMJS 0GYJNQZSL JSYXUWJHMJSI ITPZRJSYNJWY NWI'

Contenu connexe

Tendances

التفاضل و التكامل
التفاضل و التكاملالتفاضل و التكامل
التفاضل و التكاملمحمد الجمل
 
Radyoaktivite
RadyoaktiviteRadyoaktivite
Radyoaktiviteosman
 
Implementing a home gateway with Linux - Firewall - Router - Proxy server - D...
Implementing a home gateway with Linux - Firewall - Router - Proxy server - D...Implementing a home gateway with Linux - Firewall - Router - Proxy server - D...
Implementing a home gateway with Linux - Firewall - Router - Proxy server - D...Geert Van Pamel
 
Schoolyard compass game
Schoolyard compass gameSchoolyard compass game
Schoolyard compass gameLukas Stritt
 
Ugly Duck Clothing UK eBay Store
Ugly Duck Clothing UK  eBay StoreUgly Duck Clothing UK  eBay Store
Ugly Duck Clothing UK eBay StoreRabius Sany
 
Ugly Duck Clothing Ebay Listing Template Design
Ugly Duck Clothing Ebay Listing Template DesignUgly Duck Clothing Ebay Listing Template Design
Ugly Duck Clothing Ebay Listing Template DesignRabius Sany
 
Joseph stalin national hero or cold blooded murderer- - bbc teach
Joseph stalin  national hero or cold blooded murderer- - bbc teachJoseph stalin  national hero or cold blooded murderer- - bbc teach
Joseph stalin national hero or cold blooded murderer- - bbc teachtapanma
 
Stalin and soviet industrialisation vox, cepr policy portal
Stalin and soviet industrialisation   vox, cepr policy portalStalin and soviet industrialisation   vox, cepr policy portal
Stalin and soviet industrialisation vox, cepr policy portaltapanma
 
Large Swings in Currencies driven by Fundamentals
Large Swings in Currencies driven by  FundamentalsLarge Swings in Currencies driven by  Fundamentals
Large Swings in Currencies driven by FundamentalsNicha Tatsaneeyapan
 
Bringing stalin back in memory politic..
Bringing stalin back in  memory politic..Bringing stalin back in  memory politic..
Bringing stalin back in memory politic..tapanma
 
Dscd 11-co-57centimo verde
Dscd 11-co-57centimo verdeDscd 11-co-57centimo verde
Dscd 11-co-57centimo verdeoblanca
 
A research paper introduction of Universal transformers
A research paper introduction of Universal transformersA research paper introduction of Universal transformers
A research paper introduction of Universal transformersKeigo Kawamura
 
Handbook of Business Model Innovation
Handbook of Business Model InnovationHandbook of Business Model Innovation
Handbook of Business Model InnovationHochschule Ruhr West
 
雑談 アザミウマ
雑談 アザミウマ雑談 アザミウマ
雑談 アザミウマnozma
 
الضبط بالتقعيد للمتشابه اللفظي في القرءان المجيد
الضبط بالتقعيد للمتشابه اللفظي في القرءان المجيدالضبط بالتقعيد للمتشابه اللفظي في القرءان المجيد
الضبط بالتقعيد للمتشابه اللفظي في القرءان المجيدAhmedomer17
 
الضبط بالتعقيد للمتشابه اللفاظي في القرآن المجيد
الضبط بالتعقيد للمتشابه اللفاظي في القرآن المجيدالضبط بالتعقيد للمتشابه اللفاظي في القرآن المجيد
الضبط بالتعقيد للمتشابه اللفاظي في القرآن المجيدRivado
 
Barberis -article_AFDI 1999 doc.1
Barberis -article_AFDI 1999 doc.1Barberis -article_AFDI 1999 doc.1
Barberis -article_AFDI 1999 doc.1Photography
 

Tendances (20)

التفاضل و التكامل
التفاضل و التكاملالتفاضل و التكامل
التفاضل و التكامل
 
Radyoaktivite
RadyoaktiviteRadyoaktivite
Radyoaktivite
 
Implementing a home gateway with Linux - Firewall - Router - Proxy server - D...
Implementing a home gateway with Linux - Firewall - Router - Proxy server - D...Implementing a home gateway with Linux - Firewall - Router - Proxy server - D...
Implementing a home gateway with Linux - Firewall - Router - Proxy server - D...
 
Schoolyard compass game
Schoolyard compass gameSchoolyard compass game
Schoolyard compass game
 
Ugly Duck Clothing UK eBay Store
Ugly Duck Clothing UK  eBay StoreUgly Duck Clothing UK  eBay Store
Ugly Duck Clothing UK eBay Store
 
Ugly Duck Clothing Ebay Listing Template Design
Ugly Duck Clothing Ebay Listing Template DesignUgly Duck Clothing Ebay Listing Template Design
Ugly Duck Clothing Ebay Listing Template Design
 
Joseph stalin national hero or cold blooded murderer- - bbc teach
Joseph stalin  national hero or cold blooded murderer- - bbc teachJoseph stalin  national hero or cold blooded murderer- - bbc teach
Joseph stalin national hero or cold blooded murderer- - bbc teach
 
Stalin and soviet industrialisation vox, cepr policy portal
Stalin and soviet industrialisation   vox, cepr policy portalStalin and soviet industrialisation   vox, cepr policy portal
Stalin and soviet industrialisation vox, cepr policy portal
 
Large Swings in Currencies driven by Fundamentals
Large Swings in Currencies driven by  FundamentalsLarge Swings in Currencies driven by  Fundamentals
Large Swings in Currencies driven by Fundamentals
 
Bringing stalin back in memory politic..
Bringing stalin back in  memory politic..Bringing stalin back in  memory politic..
Bringing stalin back in memory politic..
 
Dscd 11-co-57centimo verde
Dscd 11-co-57centimo verdeDscd 11-co-57centimo verde
Dscd 11-co-57centimo verde
 
الإستاتيكا
الإستاتيكاالإستاتيكا
الإستاتيكا
 
A research paper introduction of Universal transformers
A research paper introduction of Universal transformersA research paper introduction of Universal transformers
A research paper introduction of Universal transformers
 
Handbook of Business Model Innovation
Handbook of Business Model InnovationHandbook of Business Model Innovation
Handbook of Business Model Innovation
 
雑談 アザミウマ
雑談 アザミウマ雑談 アザミウマ
雑談 アザミウマ
 
COPOM 27OUT 2021
COPOM 27OUT 2021COPOM 27OUT 2021
COPOM 27OUT 2021
 
الضبط بالتقعيد للمتشابه اللفظي في القرءان المجيد
الضبط بالتقعيد للمتشابه اللفظي في القرءان المجيدالضبط بالتقعيد للمتشابه اللفظي في القرءان المجيد
الضبط بالتقعيد للمتشابه اللفظي في القرءان المجيد
 
الضبط بالتعقيد للمتشابه اللفاظي في القرآن المجيد
الضبط بالتعقيد للمتشابه اللفاظي في القرآن المجيدالضبط بالتعقيد للمتشابه اللفاظي في القرآن المجيد
الضبط بالتعقيد للمتشابه اللفاظي في القرآن المجيد
 
Gi2c FAQ
Gi2c FAQGi2c FAQ
Gi2c FAQ
 
Barberis -article_AFDI 1999 doc.1
Barberis -article_AFDI 1999 doc.1Barberis -article_AFDI 1999 doc.1
Barberis -article_AFDI 1999 doc.1
 

En vedette

Testimonials for Dr. Jenkins
Testimonials for Dr. JenkinsTestimonials for Dr. Jenkins
Testimonials for Dr. JenkinsDrLily Jenkins
 
Elevar's Reverse Pitch Day - Executive Biographies
Elevar's Reverse Pitch Day - Executive BiographiesElevar's Reverse Pitch Day - Executive Biographies
Elevar's Reverse Pitch Day - Executive BiographiesElevar
 
14 Inspirational Quotes to Move You to Your Place of Purpose
14 Inspirational Quotes to Move You to Your Place of Purpose14 Inspirational Quotes to Move You to Your Place of Purpose
14 Inspirational Quotes to Move You to Your Place of PurposeDrLily Jenkins
 
My First Class Movers
My First Class MoversMy First Class Movers
My First Class MoversTerry Viney
 
A/B Testing Presentation for Comm4Dev
A/B Testing Presentation for Comm4DevA/B Testing Presentation for Comm4Dev
A/B Testing Presentation for Comm4Deveringam
 
Its Ferrari for Swedish Steel
Its Ferrari for Swedish SteelIts Ferrari for Swedish Steel
Its Ferrari for Swedish Steelferrari-eastern
 
Industrial training ppt
Industrial training pptIndustrial training ppt
Industrial training pptVishal Singh
 
Final year m.e ieee project titles 2014 2015
Final year  m.e ieee project titles 2014 2015Final year  m.e ieee project titles 2014 2015
Final year m.e ieee project titles 2014 2015Smartz360
 
Ruby programmer silverの取得に向けて
Ruby programmer silverの取得に向けてRuby programmer silverの取得に向けて
Ruby programmer silverの取得に向けて善弘 植木
 
Best Practices in Writing and Business Communication
Best Practices in Writing and Business CommunicationBest Practices in Writing and Business Communication
Best Practices in Writing and Business Communicationveronier32
 
uLikekorea ulike.kor
uLikekorea  ulike.koruLikekorea  ulike.kor
uLikekorea ulike.korHyemin Lee
 
Office layouts and working conditions
Office layouts and working conditionsOffice layouts and working conditions
Office layouts and working conditionsRonald Lamson
 
Digital Strategy Framework 101
Digital Strategy Framework 101Digital Strategy Framework 101
Digital Strategy Framework 101Elevar
 

En vedette (20)

Fereec qnaire
Fereec qnaireFereec qnaire
Fereec qnaire
 
FVI Cases
FVI CasesFVI Cases
FVI Cases
 
Fefi belt-direct-drives
Fefi belt-direct-drivesFefi belt-direct-drives
Fefi belt-direct-drives
 
Textile Brochure
Textile BrochureTextile Brochure
Textile Brochure
 
Testimonials for Dr. Jenkins
Testimonials for Dr. JenkinsTestimonials for Dr. Jenkins
Testimonials for Dr. Jenkins
 
Elevar's Reverse Pitch Day - Executive Biographies
Elevar's Reverse Pitch Day - Executive BiographiesElevar's Reverse Pitch Day - Executive Biographies
Elevar's Reverse Pitch Day - Executive Biographies
 
14 Inspirational Quotes to Move You to Your Place of Purpose
14 Inspirational Quotes to Move You to Your Place of Purpose14 Inspirational Quotes to Move You to Your Place of Purpose
14 Inspirational Quotes to Move You to Your Place of Purpose
 
My First Class Movers
My First Class MoversMy First Class Movers
My First Class Movers
 
A/B Testing Presentation for Comm4Dev
A/B Testing Presentation for Comm4DevA/B Testing Presentation for Comm4Dev
A/B Testing Presentation for Comm4Dev
 
Cf
CfCf
Cf
 
Autochennai
AutochennaiAutochennai
Autochennai
 
Its Ferrari for Swedish Steel
Its Ferrari for Swedish SteelIts Ferrari for Swedish Steel
Its Ferrari for Swedish Steel
 
Industrial training ppt
Industrial training pptIndustrial training ppt
Industrial training ppt
 
Final year m.e ieee project titles 2014 2015
Final year  m.e ieee project titles 2014 2015Final year  m.e ieee project titles 2014 2015
Final year m.e ieee project titles 2014 2015
 
Ruby programmer silverの取得に向けて
Ruby programmer silverの取得に向けてRuby programmer silverの取得に向けて
Ruby programmer silverの取得に向けて
 
Area classification
Area classification Area classification
Area classification
 
Best Practices in Writing and Business Communication
Best Practices in Writing and Business CommunicationBest Practices in Writing and Business Communication
Best Practices in Writing and Business Communication
 
uLikekorea ulike.kor
uLikekorea  ulike.koruLikekorea  ulike.kor
uLikekorea ulike.kor
 
Office layouts and working conditions
Office layouts and working conditionsOffice layouts and working conditions
Office layouts and working conditions
 
Digital Strategy Framework 101
Digital Strategy Framework 101Digital Strategy Framework 101
Digital Strategy Framework 101
 

Similaire à General concepts

Paineis materiais csbmm_2005
Paineis materiais csbmm_2005Paineis materiais csbmm_2005
Paineis materiais csbmm_2005Karina Mello
 
2010 NEW YORK URBAN LATINO FILM FESTIVAL 2010
2010 NEW YORK URBAN LATINO FILM FESTIVAL 20102010 NEW YORK URBAN LATINO FILM FESTIVAL 2010
2010 NEW YORK URBAN LATINO FILM FESTIVAL 2010synertainment4.0
 
Examen de Teoría Electromagnética 30 julio 2008 con solución
Examen de Teoría Electromagnética 30 julio 2008 con soluciónExamen de Teoría Electromagnética 30 julio 2008 con solución
Examen de Teoría Electromagnética 30 julio 2008 con soluciónOnb Bstmnt
 
Decisión Suprema Corte de Nueva Delhi donde se despenalizó la homosexualidad
Decisión Suprema Corte de Nueva Delhi donde se despenalizó la homosexualidadDecisión Suprema Corte de Nueva Delhi donde se despenalizó la homosexualidad
Decisión Suprema Corte de Nueva Delhi donde se despenalizó la homosexualidadMauricio Albarracín Caballero
 
Physics spm koleksi-tips-terbaik
Physics spm   koleksi-tips-terbaikPhysics spm   koleksi-tips-terbaik
Physics spm koleksi-tips-terbaik慈心 Chan
 
Impacto dos custos logísticos no Comércio Exterior do R. G. do Norte Leopoldo...
Impacto dos custos logísticos no Comércio Exterior do R. G. do Norte Leopoldo...Impacto dos custos logísticos no Comércio Exterior do R. G. do Norte Leopoldo...
Impacto dos custos logísticos no Comércio Exterior do R. G. do Norte Leopoldo...Leopoldo Nunes
 
Global Burden of Disease Study 2016 (GBD 2016), NEPAL
Global Burden of Disease Study 2016 (GBD 2016), NEPALGlobal Burden of Disease Study 2016 (GBD 2016), NEPAL
Global Burden of Disease Study 2016 (GBD 2016), NEPALPublic Health Update
 
2001 05-15 seguridad computacional rev2
2001 05-15 seguridad computacional rev22001 05-15 seguridad computacional rev2
2001 05-15 seguridad computacional rev2Erin de la Cruz
 
Tu plan de comunicación en internet, paso a paso
Tu plan de comunicación en internet, paso a pasoTu plan de comunicación en internet, paso a paso
Tu plan de comunicación en internet, paso a pasoSantiago Guillen
 
ManagedCare_2014-11 NBM
ManagedCare_2014-11 NBMManagedCare_2014-11 NBM
ManagedCare_2014-11 NBMNan Myers
 

Similaire à General concepts (20)

Paineis materiais csbmm_2005
Paineis materiais csbmm_2005Paineis materiais csbmm_2005
Paineis materiais csbmm_2005
 
2010 NEW YORK URBAN LATINO FILM FESTIVAL 2010
2010 NEW YORK URBAN LATINO FILM FESTIVAL 20102010 NEW YORK URBAN LATINO FILM FESTIVAL 2010
2010 NEW YORK URBAN LATINO FILM FESTIVAL 2010
 
Sp 2010 eng2
Sp 2010 eng2Sp 2010 eng2
Sp 2010 eng2
 
Phase behavior
Phase behaviorPhase behavior
Phase behavior
 
Examen de Teoría Electromagnética 30 julio 2008 con solución
Examen de Teoría Electromagnética 30 julio 2008 con soluciónExamen de Teoría Electromagnética 30 julio 2008 con solución
Examen de Teoría Electromagnética 30 julio 2008 con solución
 
Flipped
Flipped Flipped
Flipped
 
Futsalf
FutsalfFutsalf
Futsalf
 
Futsalf
FutsalfFutsalf
Futsalf
 
A agricultura familiar e os desafios frente à redução de pobreza e desigualda...
A agricultura familiar e os desafios frente à redução de pobreza e desigualda...A agricultura familiar e os desafios frente à redução de pobreza e desigualda...
A agricultura familiar e os desafios frente à redução de pobreza e desigualda...
 
Decisión Suprema Corte de Nueva Delhi donde se despenalizó la homosexualidad
Decisión Suprema Corte de Nueva Delhi donde se despenalizó la homosexualidadDecisión Suprema Corte de Nueva Delhi donde se despenalizó la homosexualidad
Decisión Suprema Corte de Nueva Delhi donde se despenalizó la homosexualidad
 
Physics spm koleksi-tips-terbaik
Physics spm   koleksi-tips-terbaikPhysics spm   koleksi-tips-terbaik
Physics spm koleksi-tips-terbaik
 
Impacto dos custos logísticos no Comércio Exterior do R. G. do Norte Leopoldo...
Impacto dos custos logísticos no Comércio Exterior do R. G. do Norte Leopoldo...Impacto dos custos logísticos no Comércio Exterior do R. G. do Norte Leopoldo...
Impacto dos custos logísticos no Comércio Exterior do R. G. do Norte Leopoldo...
 
FregazziPP[1]
FregazziPP[1]FregazziPP[1]
FregazziPP[1]
 
Denuncia roubo
Denuncia   rouboDenuncia   roubo
Denuncia roubo
 
Global Burden of Disease Study 2016 (GBD 2016), NEPAL
Global Burden of Disease Study 2016 (GBD 2016), NEPALGlobal Burden of Disease Study 2016 (GBD 2016), NEPAL
Global Burden of Disease Study 2016 (GBD 2016), NEPAL
 
Toan t1
Toan t1Toan t1
Toan t1
 
27thchapter
27thchapter27thchapter
27thchapter
 
2001 05-15 seguridad computacional rev2
2001 05-15 seguridad computacional rev22001 05-15 seguridad computacional rev2
2001 05-15 seguridad computacional rev2
 
Tu plan de comunicación en internet, paso a paso
Tu plan de comunicación en internet, paso a pasoTu plan de comunicación en internet, paso a paso
Tu plan de comunicación en internet, paso a paso
 
ManagedCare_2014-11 NBM
ManagedCare_2014-11 NBMManagedCare_2014-11 NBM
ManagedCare_2014-11 NBM
 

Plus de ferrari-eastern

Plus de ferrari-eastern (7)

6 page ferrari eastern brochure
6 page ferrari eastern brochure6 page ferrari eastern brochure
6 page ferrari eastern brochure
 
General-Production
General-ProductionGeneral-Production
General-Production
 
Marine-Engg-Fans
Marine-Engg-FansMarine-Engg-Fans
Marine-Engg-Fans
 
General Products Brochure
General Products BrochureGeneral Products Brochure
General Products Brochure
 
ERP Brochure
ERP BrochureERP Brochure
ERP Brochure
 
Annexure 2 warranty
Annexure 2 warrantyAnnexure 2 warranty
Annexure 2 warranty
 
Fire fans
Fire fansFire fans
Fire fans
 

General concepts

  •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`=9=> "5$?<G9I8;B53A788I8;B5Z>?RI?8KB5>]GG?B5Z7S><[79 aP #6?89I?FF?G5XIS?C]> #>C]C9?>5 ZI8[?8G@CI9KB5 -?<8<;I8;G]LL8I8;B5 &=8D?8G797SF7ILG9I9K?8B ?;?8>7CE?8B5`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bF?5D?5A>?@<Gc>5F?G5cFcE?89G5GI<6789GJ #$ %&'()*+(&4- `=897;?5D<>?@95GI>5E=9?I>5=I5A7>5Fd<89?>EcD<7>?5DdI85E78@C=85Dd7@@=IAF7E?89J "53c><?B59eA?B58=ES>?5D?5A=F?GB5A>=L<F5D?5A7F?B57>>78;?E?89B5D<6?>GMB5=><?8979<=8 4@@=IAF?E?8957I5E=9?I>5A7>5Fd<89?>EcD<7<>?5DdI8?59>78GE<GG<=85A=IF<?G5@=I>>=<?GJ "53c><?B59eA?B5A>=L<F5D?5A7F?B57>>78;?E?89B5D<6?>GMB5=><?8979<=8 "50?S<95?95A>?GG<=85OG979<RI?5=I59=97F?P5=I5S<?85?8567><789?56<9?GG?5D?5>=979<=8 .$ /,(&4- "5NI<GG78@?B59?8G<=8B5L>cRI?8@?B59eA?B5E7>RI? 0$ 855&66,)-&61&3&'(4&*6 '=I>=88?5789<"c9<8@?FF?B5A=>9?5D?56<G<9?B5AI>;?5D?56=FI9?B5@=89>?"S><D?GB5E78@C?99?G G=IAF?GB5AF=9G5789<6<S>79<F?GB5<8@F<8?I>5Q5Fd7GA<>79<=8B56=F?95D?5D=G7;?57IJ5>?L=IF?" E?89B5?9@H 719)3&-6 4 T53978D7>D U T546?@59I>S<8?5D?5>?L>=<D<GG?E?89 / T5<8G=8=><G79<=8576?@5F7<8?5D?5>=@C? V T5'7F=><LI;?7;?576?@5F7<8?5D?5>=@C? 3 T53Ac@<7F WHUHJ5G<5Dd7I9>?G5A7>9<@IF7><9cG58?5G=895A7G5<8D<RIc?GB5G?>=895A><G5?85@=EA9?5F?G5 cFcE?89G5G978D7>DG5GI<67895F75GAc@<L<@79<=859?@C8<RI?5WH52))(1H 7$8(4$($%,'% f=5EI9I7F57D67897;?B5Y?57G[5=I>5@IG9=E?>G59=5<8D<@79?5L=FF=Y<8;5A7>7E?9?>G5YC?8 =>D?>G57>?5<GGI?DJ *P Z78 /L5<95<G5D<>?@9"D><6?8B5=>5Y<9C5LF?g<SF?5@=IAF<8; "53?><?GB5G<K?B5A=F?G58IES?>B5SF7D?5A>=L<F?B57>>78;?E?89B567><79<=8MB5A=G<9<=8 /L5<95<G5S?F9"D><6?8J "53?><?GB5G<K?B5SF7D?5A>=L<F?B57>>78;?E?89B567><79<=8MB5A=G<9<=8 "5'7A7@<9e578D5A>?GGI>?5OG979<@5=>59=97FP5=>5-HNH`H 1P `=9=> "5N=Y?>B5%=F97;?B5Z>?RI?8@eB53<K?B5`7[? aP Z<99<8;G 3A7>[A>==LB5<8GA?@9<=85D==>B5@=8D?8G79?5D>7<8B5@=I89?>5"5LF78;?GB56<S>79<=85D7EA<8; h=<89GB56<S>79<=85D7EA?>GB5<8F?>5D<G@C7>;?5;=6?>8=>B57<>5>?DI@<8;5LF7A5?9@H M5%7><79<=8G 4 T53978D7>D5G?><?G5L78 U T5i<9C5@==F<8;5L78 / T5-=@[Y==F5G=I8DA>==L5?g?@I9<=8 V T5-=@[Y==F5C?79A>==L5?g?@I9<=8 3 T53A?@<7F W=9?J5/L5=9C?>5A7>7E?9?>G57>?58=95<8D<@79?DB5Y?5Y<FF597[?5<89=5@=8G<D?>79<=859C?5555 G978D7>D5GA?@<L<@79<=8G57@@=>D<8;59=59?@C8H553A?g5W=H52))(1H #$%# Z- 2)*+1 W,4+a -01j) *k)$1 #$%# Z3 a2*+, N2U $*.) **1`, %#Wf 4-f .)1 W*14 -01j) *.)`1 %#Wf 0Z- .)* W*.4 -01j) 1))$,
  • 4.
  •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acG% 0WUHbJTWPI% @CTKCPVG$% 5NWc *# 5CNNU TKGOGPIGVTKDGP & >GTKG% 6TacG% 0WUHbJTWPI% @CTKCPVG$% 5NWc & @QNWOGPUVTQO WPF 3TWEM "UVCVKUEJ QFGT IGUCOV# QFGT CNVGTPCVKX 3TGJCJN +# 4XGPVWGNNGU BWDGJaT 4TJaJVGT 5WPMGPUEJWV% 4KPUVTQOFbUG% 5bcG% >EJYKPFWPIUF^ORHGT% 6GIGPTCJOGP ")&*&+#% >EJWVIKVVGT% 9CPUEJGVVG UCWI&WPF FTWEMUGK& VKPI% 3TQUUGNMNCRRG 9QPVCIGRNCVVG $ @CTKCPVG 0 / >GTKGPO^UUKPI "QJPG 8bJNHNbIGN# 1 / OKV 8bJNHNbIGN > / >QPFGTCWUHbJTWPI "'1' KP 4FGNUVCJN# <'>'. 0PFGTG <CTCOGVGT% HCNNU PKEJV CPIGIGDGP% bDGTPGJOGP FKG >VCPFCTFYGTVG% FKG KP FGT VGEJPKUEJGP >RGKHKMCVKQP ;T' ,((-* CPIG& IGIGDGP UKPF' '26758+7/326 4385 +311*2,-6 <QWT WPG DQPPG GV TCRKFG OKUG GP QGWXTG FGU EQOOCPFGU% PQWU FGOCP& FQPU ] PQVTG ENKGPV`NG FG RTGEKU_T NGU _N_OGPVU UWKXCPVU. )# @GPVKNCVGWT <QWT NG EQWRNCIG FKTGEV UWT OQVGWT. & >_TKG% V[RG% CTTCPIGOGPV% FKXGTU$% UGPU Fd_EQWNGOGPV FG NdCKT <QWT NdCEEQWRNGOGPV CW OQVGWT RCT NdKPVGTO_FKCKTG FdWPG VTCPUOKUUKQP RQWNKGU EQWTTQKGU. & >_TKG% V[RG% CTTCPIGOGPV% FKXGTU$% UGPU Fd_EQWNGOGPV FG NdCKT & 3GDKV GV RTGUUKQP "UVCVKSWG QW VQVCNG# QW GP XCTKCPVG XKVGUUG FG TQVC& VKQP *# 9QVGWT & <WKUUCPEG% VGPUKQP% HT_SWGPEG% V[RG% OCTSWG +# 0EEGUUQKTGU GXGPVWGNU 2QWTQPPG CPVK&_VKPEGNNG% RCXKNNQP FdCURKTCVKQP% DGTEGCW UWRRQTV% COQTVKUUGWTU FG XKDTCVKQPU% EQPVTGDTKFGU ")&*&+#% ITKNNCIG FG RTQVGEVKQP% OCPEJGVVG UQWRNG ] NdCURKTCVKQP GV CW TGHQWNGOGPV% RGTUKGPPG CWVQOCVK& SWG% RNCSWG UWRRQTV $ 3KXGTU 0 / >VCPFCTF 1 / 0XGE VWTDKPG FG TGHTQKFKUUGOGPV > / >R_EKCN ;'1'. UK Fd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
  • 6. "87-/??4 1/7/<+54 % $/7/<+5 -87-/9?= % $C7C<+54?C= % !551/6/47/= $32+-77/ .-2-5*0/ 68/ 9-27/0*735/ 6GPGTCN EQPEGRVU CDQWV HCPU 6_P_TCNKV_U UWT NGU XGPVKNCVGWTU 0NNIGOGKPGU bDGT @GPVKNCVQTGP
  • 7. "87-/??4 1/7/<+54 % $/7/<+5 -87-/9?= % $C7C<+54?C= % !551/6/47/= $32+-77/ .-2-5*0/ 68/ 9-27/0*735/ 6GPGTCN EQPEGRVU CDQWV HCPU 6_P_TCNKV_U UWT NGU XGPVKNCVGWTU 0NNIGOGKPGU bDGT @GPVKNCVQTGP %
  • 8. '8=4B487/ 68?8</ / +5?<4 -86987/7?4 % '8=4?487471 80 68?8< +7. 8?2/< 04??471= % '8=4?487 .@ 68?/@< /? .;+@?</= +--/==84</= % &8?8<+78<.7@71 @7. !78<.7@71 ./< +7./</7 *@,/2D<?/45/ )36/</32- 13735- - *075/ +31432-27/ <QUKVKQPKPI QH OQVQT CPF QVJGT HKVVKPIU <QUKVKQP FW OQVGWT GV FdCWVTGU CEEGUUQKTGU 9QVQTCPQTFPWPI WPF 0PQTFPWPI FGT CPFGTGP BWDGJaTVGKNG
  • 9. #=/-@B4874 =?+7.+<. ./4 78=?<4 A/7?45+?8<4 % (?+7.+<. +<<+71/6/7?= 80 8@< 0+7= % !<<+71/6/7? =?+7.+<. ./ 78= A/7?45+?/@<= % (?+7.+<.+@=0E2<@71 @7=/</< )/7?45+?8</7 %6-+8</32/ 67*2,*5, ,-/ 23675/ 9-27/0*735/ >VCPFCTF CTTCPIGOGPVU QH QWT HCPU 0TTCPIGOGPV UVCPFCTF FG PQU XGPVKNCVGWTU >VCPFCTFCWUHbJTWPI WPUGTGT @GPVKNCVQTGP '
  • 10. & 0AA4=E8>=4" =JQQfNUTYJXN IN ZYNQN__T IJQ [JSYNQFYTWJ F [JQTHNY` HTXYFSYJ UJW + YZWSN IN QF[TWT LNTWSFQNJWN UFWN F */ TWJ% HFQHTQFYN UJW +.) LNTWSN (FSST% NQ HNHQT IN [NYF UWJ[NXYT UJW QF LNWFSYJ WNXZQYF UFWN F -)'))) TWJ' AFQJ QNRNYJ SJQ HFXT IN ZYNQN__T HTS KZS_NTSFRJSYT IN QF[TWT LWF[TXT #RJINT% FQYT$ IJ[J JXXJWJ WNITYYT' ;F [FQZYF_NTSJ NS YFQ XJSXT IJ[J JXXJWJ JKKJYYZFYF HTS QfBKKNHNT AJHSNHT 5C8' =JQ HFXT IN ZYNQN__T IJQ [JSYNQFYTWJ HTS ZS HNHQT IN QF[TWT F [JQTHNY` [FWNFGNQJ NSKJWNTWJ FN ,) RNSZYN% YFQJ HNHQT IJ[J JXXJWJ XTYYTUTXYT FQQfFUUWT[F_NTSJ IF UFWYJ IJQQfBKKNHNT AJHSNHT 5C8 NQ VZFQJ UWT[[JIJW`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fM^UTYMcXJ IfZSJ ZYNQNXFYNTS IZ [JSYNQFYJZW ` [NYJXXJ HTSXYFSYJ UJSIFSY + UTXYJX IJ YWF[FNQ OTZWSFQNJWX% XfbQJ[FSY ` */ MJZWJX% HFQHZQbX XZW +.) OTZWX ( FS% QJ H^HQJ IJ [NJ UWb[Z UTZW QJ WTYTW JXY IJ -)))) MJZWJX' 4S HFX IfZYNQNXFYNTS UTZW ZS KTSHYNTSSJRJSY IFSX IJX HTSINYNTSX IJ YWF[FNQ HTSYWFNLSFSYJX #RT^JSSJX% bQJ[bJX$% HJYYJ QNRNYJ ITNY dYWJ WbIZNYJ' ;fb[FQZFYNTS% IFSX HJ XJSX% ITNY dYWJ JKKJHYZbJ F[JH QJ 1ZWJFZ YJHMSNVZJ 5C8' 4S HFX IfZYNQNXFYNTS IZ [JSYNQFYJZW UTZW ZS H^HQJ IJ YWF[FNQ ` [NYJXXJ [FWNFGQJ NSKbWNJZW ` ,) RNSZYJX% HJ RdRJ H^HQJ ITNY dYWJ XTZRNX ` QfFUUWTGFYNTS IZ 1ZWJFZ YJHMSNVZJ 5C8' 2JQZN&HN KJWF QJ SbHJXXFNWJ UTZW ITSSJW XTS FHHTWI JY HTRRZSNVZJW QF WbIZHYNTS IJX NSYJW[FQQJX IJ RFNSYJSFSHJ JY IZ H^HQJ IJ [NJ IZ WTYTW' 027AB=6" @TQQYJ IJW CJSYNQFYTW RNY PTSXYFSYJW 3WJM_FMQ KeW + AFLJXFWGJNYXXHMNHMYJS RNY JNSJW 6JXFRYIFZJW [TS */ @YZSIJS FS +.) AFLJS NR 9FMW JNSLJXJY_Y JWIJS% NXY INJ [TWFZXXNHMYQNHMJ 1JYWNJGXQJGJSXIFZJW IJX ;FZKWFIX -)'))) 1JYWNJGXXYZSIJS' BSYJW JWXHMJWYJS 1JYWNJGXGJINSLZSLJS #RNYYJQXHMJW% XJMW XHMJW$ [JWPeW_Y XNHM INJXJ EJNY' 4NSJ INJXGJ_eLQNHMJ 1JJWYZSL NXY [TS IJW AJHMSNXHMJS 0GYJNQZSL 5C8 [TW_ZSJMRJS 1JN JNSJR [TWLJXJMJSJS 4NSXFY_ IJX CJSYNQFYTWX RNY JNSJR 0WGJNYX_^PQZX RNY [FWNFGQJW 3WJM_FMQ ZSYJW ,) <NSZYJS RZXX INJXJW E^PQZX _ZSaHMXY [TS IJW AJHMSNXHMJS 0GYJNQZSL [TS 5C8 LJSJMRNLY JWIJS% IF LJLJGJSJSKFQQX JNSJ CJWPeW_ZSL IJW DFWYZSLXNSYJW[FQQJ ZSI IJW 1JYWNJGXQJGJSXIFZJW IJX ;FZKWFIX ?QFY_ LWJNKJS PFSS% JQHMJ [TS IJW AJHMSNXHMJS 0GYJNQZSL JSYXUWJHMJSI ITPZRJSYNJWY NWI'