=HLWJHLVW 7HQGDQFHV /HVUHTXrWHV7HQGDQFHVFRUUHVSRQGHQWDX[UHFKHUFKHVTXLRQW HQUHJLVWUpOHSOXVGHWUDILFVXUXQHSpULRGHFRQWLQXHHQSDU UDSSRUWj

/HVSOXVUHFKHUFK«V /HVUHTXrWHVFODVVpHVGDQVODFDWpJRULH/HVSOXVUHFKHUFKpV FRQFHUQHQWOHVWHUPHVOHVSOXVSRSXODLUHVHQ&HVGHUQLHUVVRQW FODVVpVHQIRQFWLRQGHVYROXPHVGHUHTXrWHVGXSOXVIDLEOHDXSOXV pOHYp

'DQVOHPRQGH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

ΖPDJHV

6SRUWLIV

 :KLWQH\+RXVWRQ

 2QH'LUHFWLRQ

 -HUHP\/LQ

 *DQJQDP6W\OH

 6HOHQD*RPH]

 0LFKDHO3KHOSV

 +XUULFDQH6DQG\

 L3KRQH

 3H\WRQ0DQQLQJ

 L3DG

 0HJDQ)R[

 0F.D\OD0DURQH\

 'LDEOR

 5LKDQQD

 -XQLRU6HDX

 .DWH0LGGOHWRQ

 -XVWLQ%LHEHU

 6DUDK%XUNH

 2O\PSLFV

 +DUU\6W\OHV

 7RP'DOH\

 $PDQGD7RGG

 0LQHFUDIW

 /DQFH$UPVWURQJ

 0LFKDHO&ODUNH'XQFDQ

 1LFNL0LQDM

 %%%

 .DW\3HUU\

 0DULR%DORWHOOL  5\DQ/RFKWH

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

‹Y«QHPHQWV

&«O«EULW«V

/RQJVP«WUDJHV

 +XUULFDQH6DQG\

 :KLWQH\+RXVWRQ

 7KH+XQJHU*DPHV

 .DWH0LGGOHWRQ3LFWXUHV

 .DWH0LGGOHWRQ

 6N\IDOO

 $PDQGD7RGG

 3URPHWKHXV

 2O\PSLFV

 0LFKDHO&ODUNH'XQFDQ

 7KH$YHQJHUV

 623$'HEDWH

 2QH'LUHFWLRQ

 0DJLF0LNH

 &RVWD&RQFRUGLDFUDVK

 )HOL[%DXPJDUWQHU

 -RKQ&DUWHU

 3UHVLGHQWLDO'HEDWH

 -HUHP\/LQ

 (N7KD7LJHU

 6WUDWRVSKHUH-XPS

 0RUJDQ)UHHPDQ

 3DUDQRUPDO$FWLYLW\

5HOHDVHG

 3HQQ6WDWH6FDQGDO  7UD\YRQ0DUWLQVKRRWLQJ

 -RVHSK.RQ\

 7DNHQ

 'RQQD6XPPHU

 'DUN6KDGRZV

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

‹PLVVLRQW«O«YLV«HV

$UWLVWHVVXUVFªQH

‹OHFWURQLTXHJUDQG SXEOLF

 3XVV\5LRWV

 %%%

 :KLWQH\+RXVWRQ

 $YHQLGD%UDVLO

 0LFKDHO&ODUNH'XQFDQ

 +HUH&RPHV+RQH\%RR%RR

 2QH'LUHFWLRQ

 7KH9RLFH

 'RQQD6XPPHU

 $PHULFDQ,GRO

 /DQD'HO5D\

 *DPHRI7KURQHV

 &DUROLQD'LHFNPDQQ

 +RPHODQG

 'LUN%DFK

 5HYHQJH

 &DUO\5DH-HSVHQ

 &KHLDVGH&KDUPH

 0LFKHO7HOR

 &DUURVVHO

 /0)$2

 L3DG  6DPVXQJ*DOD[\6  L3DG0LQL  1H[XV  *DOD[\1RWH  3OD\6WDWLRQ  L3DG  0LFURVRIW6XUIDFH  .LQGOH)LUH  1RNLD/XPLD

7HQGDQFHV

7HQGDQFHV

&RPSDJQLHVD«ULHQQHV

+DVKWDJV*RRJOH

 6RXWKZHVW$LUOLQHV

 623$

 8QLWHG$LUOLQHV

 $ZHVRPH

 $PHULFDQ$LUOLQHV

 6DQG\

 'HOWD$LUOLQHV

 ,2

 $LU)UDQFH

 &XULRVLW\

 /XIWKDQVD

 2O\PSLFV

 %ULWLVK$LUZD\V

 6;6:

 -HW%OXH

 'HEDWH

 $LU&DQDGD

 %ODVW)URP7KH3DVW

 86$LUZD\V

 (DVWZRRGLQJ

$IULTXHGX6XG

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

‹Y«QHPHQWV

 2/;

 :KLWQH\+RXVWRQ

 +XUULFDQHVDQG\

 :KLWQH\+RXVWRQ

 &DVWHU6HPHQ\D

 (XUR

 +XUULFDQH6DQG\

 .KDQ\L0EDX

 2O\PSLFV

 *DQJQDP6W\OH

 &KDGOH&ORV

 9HOYHW6N\

 2O\PSLFV

 8VDLQ%ROW

 :KLWQH\+RXVWRQIXQHUDO

 9HOYHW6N\

 /DQFH$UPVWURQJ

 0RWKHUV'D\

 &DVWHU6HPHQ\D

 )HOL[%DXPJDUWQHU

 3DUDO\PSLFV

 'LDEOR

 %URZQ'DVK

 $PHULFDQ,GRO

 .KDQ\L0EDX

 $SULO-RQHV

 :LPEOHGRQ

 L3DG

 0LFKDHO&ODUNH'XQFDQ

 /LQNLQ3DUN

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

6SRUWLIV

‹Y«QHPHQWVVSRUWLIV

4X HVWFHTXHȐ

 &DVWHU6HPHQ\D

 2O\PSLFV

 :KDWLVORYH

 &KDGOH&ORV

 (XUR

 :KDWLVSRYHUW\

 8VDLQ%ROW

 3DUDO\PLFV

 :KDWLVLOOXPLQDWL

 /DQFH$UPVWURQJ

 :LPEOHGRQ

 :KDWLVFDQFHU

 )HOL[%DXPJDUWQHU

 &ULFNHWOLYHVFRUHV

 :KDWLV+,9

 &RUULH6DQGHUV

 ),)$

 :KDWLVWHFKQRORJ\

 7KRPDV0DGLJDJH

 'DNDU

 :KDWLVSROOXWLRQ

 5RELQYDQ3HUVLH

 'XUEDQ-XO\

 :KDWLVWRXULVP

 0LFKDHO3KHOSV

 6XSHU5XJE\

 :KDWLVVWUHVV

 -RKQ&HQD

 8()$HXUR

 :KDWLVKHULWDJH

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

4X HVWFHTXHȐ 7HFKQRORJLH

4X HVWFHTXHȐ 6DQW«

&RPPHQWȐ

 :KDWLV,&7  :KDWLVDQGURLG  :KDWLVLQWHUQHW  :KDWLVIDFHERRN  :KDWLVLQVWDJUDP  :KDWLV*,6  :KDWLVZLIL  :KDWLVXUO

 :KDWLVFDQFHU

 +RZWRNLVV

 :KDWLV+,9

 +RZWRGUDZ

 :KDWLVVWUHVV

 +RZWRORYH

 :KDWLV$,'6

 +RZWRVWXG\

 :KDWLV7%

 +RZWRPHGLWDWH

 :KDWLVGLDEHWHV

 +RZWRKDFN

 :KDWLVREHVLW\

 +RZWRSUD\

 :KDWLVOXSXV

 +RZWRFURFKHW

 :KDWLVFKROHUD

 +RZWRNQLW

 :KDWLVRYXODWLRQ

 +RZWRIOLUW

7HQGDQFHV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

6«ULHVW«O«YLV«HV

ΖPDJHV

6LWHV:HEG DFWXDOLW«V

 :KDWLVVSDP  :KDWLVJ

 $PHULFDQ,GRO

 /DG\*DJD

 1HZV

 7HUUD1RYD

 )XQQ\3LFWXUHV

 %HHOG

 5HYHQJH

 1LFNL0LQDM

 6RZHWDQ

 $OFDWUD]

 :HGGLQJ'UHVVHV

 ,2/

 ;IDFWRU

 +DSS\%LUWKGD\

 'LH%XUJHU

 5HYHQJH6HDVRQ

 2QH'LUHFWLRQ

 'DLO\0DLO

 +RPHODQG

 -XVWLQ%LHEHU

 6RFFHU/DGXPD

 &HOHEULW\$SSUHQWLFH

 5LDDQ&UX\ZDJHQ

 9RONVEODG

 6XUYLYRU6DPRD

 /RYH

 0DLODQG*XDUGLDQ

 0DVWHUFKHI6RXWK6IULFD

 6HOHQD*RPH]

 &LW\3UHVV

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

$XWRPRELOHV

*DGJHWVHWW«O«SKRQHV

0DUTXHVORFDOHV

 7R\RWD

 L3DG

 *XPWUHH

 7R\RWD(WLRV

 6DPVXQJ*DOD[\V

 1HZV

 .LD5LR

 6DPVXQJ*DOD[\V

 )1%

 .LD2SWLPD

 L3DG0LQL

 $%6$

 1LVVDQ-XNH

 1RNLDQ

 6WDQGDUG%DQN

 *ROI*7,

 L3KRQHV

 %HHOG

 +\XQGDL

 1RNLD/XPLD

 1HGEDQN

 0HUFHGHV%HQ]

 %ODFNEHUU\

 8QLVD

 1HZ$XGLD

 %ODFNEHUU\

 )RUG.XJD

 L3DG

 6RZHWDQ  0[LW

7HQGDQFHV

/HVSOXVUHFKHUFK«V

0DUTXHVORFDOHV

0DUTXHVORFDOHV VDXI EDQTXHV

 2/;  )1%RQOLQH  $%6$,QWHUQHW  6WDQGDUG%DQNLQWHUQHW  *XPWUHH-+%  =DQGR  &,3&  1HZV  *URXSRQ  5HPD[

 *XPWUHH  1HZV  8QLVD  0[LW  6XSHUVSRUW  -XQNPDLO  $XWRWUDGHU  &RPSXWLFNHW  9RGDFRP  6WHU.LQHNRU

$OOHPDJQH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

7LWUHV

 (0

 'LUN%DFK

 36<*DQJQDP6W\OH

 'LUN%DFK

 )HOL[%DXPJDUWQHU

 &DUO\5DH-HSVHQ&DOOPH

 2O\PSLD

 %HWWLQD:XOII

 )HOL[%DXPJDUWQHU

 6HEDVWLDQ9HWWHO

 5LKDQQD'LDPRQGV

 6DPVXQJ*DOD[\6

 :KLWQH\+RXVWRQ

 'HLFKNLQG/HLGHUJHLO

 %HWWLQD:XOII

 .DWH0LGGOHWRQ

 /\NNH/L,IROORZULYHUV

 L3DG

 %ULJLWWH1LHOVHQ

 0DUWHULD
 :KLWQH\+RXVWRQ

 0LWW5RPQH\

 .DWH0LGGOHWRQ  9RLFHRI*HUPDQ\

 /DQDGHO5H\  &UR

0D\EH

3ODWQXP/LOD:RONHQ  &UR(DV\  &UR'X  $GHOH6N\IDOO  $GHOH6RPHRQH/LNH
/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

7HQGDQFHV

‹PLVVLRQW«O«YLV«HV

'HVWLQDWLRQVGH YR\DJH

5HFKHUFKHVG LPDJHV

 9RLFHRI*HUPDQ\  'VFKXQJHOFDPS  'HU%DFKHORU  '6'6  6FKODJGHQ5DDE  *DPHRI7KURQHV  :HWWHQGDVV  %DXHUVXFKW)UDX  /HW V'DQFH  (XURYLVLRQ

 /RQGRQ  1HZ
 :DOOSDSHU  /LHEH  0HJDQ)R[  L3KRQH  %OXPHQ  &UR  7DWWRR  6HOHQD*RPH]  )ULVXUHQ  0LQHFUDIW

7HQGDQFHV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

*DGJHWV

6SRUWLIV

‹TXLSHGHIRRWEDOO DOOHPDQGH

 6DPVXQJ*DOD[\6

 /LRQHO0HVVL

 L3DG

 8VDLQH%ROW

 L3DG0LQL

 6HEDVWLDQ9HWWHO

 1RNLD/XPLD

 &KULVWLDQR5RQDOGR

 L3KRQH

 5RJHU)HGHUHU

 +7&2QH

 =ODWDQ,EUDKLPRYLF

 L3KRQH6

 0DQXHO1HXHU

 1H[XV

 5DIDHO1DGDO

 6DPVXQJ*DOD[\1RWH

 )HUQDQGR$ORQVR

 +7&2QH6

 'DYLG%HFNKDP

 %RUXVVLD'RUWPXQG  )&%D\HUQ0QFKHQ  +DPEXUJHU69  )&6FKDONH  %RUXVVLD0|QFKHQJODGEDFK  (LQWUDFKW)UDQNIXUW  69:HUGHU%UHPHQ  )RUWXQD'VVHOGRUI  +HUWKD%6&  +DQQRYHU

7HQGDQFHV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

+RPPHVSROLWLTXHV DOOHPDQGV

9LOOHVDOOHPDQGHVGDQV *RRJOH0DSV

$GUHVVHV¢SUR[LPLW« GDQV*RRJOH0DSV

 &KULVWLDQ:XOII

 %HUOLQ

 +RWHO

 $QJHOD0HUNHO

 0QFKHQ

 &DPSLQJ

 3HHU6WHLQEUFN

 )UDQNIXUW

 5HVWDXUDQW

 -RDFKLP*DXFN

 .|OQ

 3HQVLRQ

 :ROIJDQJ6FKlXEOH

 +DPEXUJ

 6XSHUPDUNW

 +DQQHORUH.UDIW

 'UHVGHQ

 7DQNVWHOOH

 -RKDQQHV3RQDGHU

 6WXWWJDUW

 2VWVHH

 3KLOLSS5|VOHU

 +DQQRYHU

 )HULHQZRKQXQJ

 8UVXODYRQGHU/H\HQ

 /HLS]LJ

 %DKQKRI

 %UHPHQ

 1RUGVHH

 -UJHQ7ULWWLQ

7HQGDQFHV

0DUTXHVGHYRLWXUH  2SHO  %0:  $XGL  90  0HUFHGHV  5HQDXOW  3RUVFKH  )RUG  +RQGD  7R\RWD

$UDELH6DRXGLWH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

5HFKHUFKHVG LPDJHV

 Ώϼρϟ΍Ξ΋ΎΗϧ

 έϧΗέΎΟϣϭΑαϛϳϠϳϓ

 Ωέϭ

 ΕΎϧϳϣ΄Ηϟ΍

 ϥ΍ΩϣΣΎϣη

 ϙέΗϟ΍ϼΣ

 ϝϭΩϳ΍Ώέϋ

 ϲΣΗϓΩϣΣ΃αϳϘϠΑ

 ϥϳΗΎγϓ

 ˻˹˺˻ϥΎοϣέΕϼγϠγϣ

 ϥΎϣϳϠγϥϣέΎϛ

 Ε΍έΎϳγ

 ϲγέϣΩϣΣϣ

 έϫΎρΩϣΣϣ

 ΕΎΣϳέγΗ

 νΎϳέϟ΍έΎΟϔϧ·

 Ωϭόγϝ΁ίϳίόϟ΍ΩΑϋϥΑϑϳΎϧ

 Ύϳέϭγ

 ΎϣέϭΑ

 ΕΎϓέϋϑγϭϳ

 αέΎϓϡΎϳέϳϣ

 έΣϟ΍ϱέϭγϟ΍εϳΟϟ΍

 ϲϘϔϟ΍ϡϳϫ΍έΑ·

 ϡέϛϯϭΟϧ

 ϱέϭηϟ΍αϠΟϣ

 ϲγϳόϟ΍ϥΎϣϳϠγ

 ϡέΟϋϲγϧΎϧ

 ϱΩϧΎγέΎλϋ΍

 ϲϧ΍έϫίϟ΍ϑϳρ

 ϪϠϟ΍ΩΑϋϙϠϣϟ΍

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

$WKOªWHVRO\PSLTXHV QDWLRQDX[

6SRUWLIV

‹TXLSHVGHVSRUW

 έΎρϋϩέΎγ  Ωϭόγϟ΍ϪϠϟ΍ΩΑϋ  ϲΑϳΗόϟ΍ΩϠΧϣ  έϭϧΩΎϣϋ  ϲϣϳϣΗϟ΍ΩΟΎϣ  ϲϣΎϫΩϟ΍ϱίϣέ  ϱέϣόϟ΍ΩϣΣ΃ϰϠϋ  ϱΩϭϭ΍Ωϟ΍ϙέΎΑϣϥΎρϠγ  ΓΩϣΣϟ΍ϥΎόϣΟϥϳγΣ  ΩϭΟϟ΍ίϳίόϟ΍ΩΑϋϪϠϟ΍ΩΑϋ

 ΎϛΎϛ

 ΩϳέΩϣϝΎϳέ

 ϭΩϟΎϧϭέϭϧΎϳΗγϳέϛ

 ΔϧϭϠηέΑ

 αΎϳγΎϛ

 ϱΩϭόγϟ΍ϝϼϬϟ΍

 έϳέΩϳϓέϳΟϭέ

 ϥϼϳϣ

 ϥ΍ΩϳίΩϣΣϣ

 ϙϟΎϣίϟ΍

 ΎΗγϳϧ΍

 ΩϭΩΣϟ΍αέΣ

 ΎϓϭΑ΍έΎηΎϳέΎϣ

 ϝϭΑέϔϳϟ

 ΏόΗϣΩϣϋ

 Ύϣϭέ

 ϻΎΑΎϛϳη

 ϲγϠϳηΗ

 ϭϟέϳΑ

 ϝΎϧγέ΍

7HQGDQFHV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

'HVWLQDWLRQVGH YR\DJH

‹PLVVLRQW«O«YLV«HV

$OLPHQWDWLRQHW ERLVVRQV

 νΎϳέϟ΍  ΓΩΟ  ΩϧϬϟ΍  ϲΑΩ  ΩϳέΩϣ  ΔϧϭϠηέΑ  ϥΩϧϟ  ΎϳίϳϟΎϣ  ϥΎϣϋ  ΩϧϼϳΎΗ

7HQGDQFHV

0RGH  9HUR0RGD  ,VDEHO0DUDQW  $OH[DQGHU:DQJ  -HDQ3DXO*DXOWLHU  7HG%DNHU  0LFKDHO.RUV  8UEDQ2XWILWWHUV  + 0  %HUKVND  7RS6KRS

 ΔϣρΎϓϝγϠγϣ  ΏΣϟ΍ϥϳΟγϝγϠγϣ  έϭϫίϟ΍ϡΎϳ΃ϝγϠγϣ  ϱϭηΗϱέΎϣϝγϠγϣ  ϥΎρϠγϟ΍ϡϳέΣϝγϠγϣ  Ωέϭϟ΍Δό΋ΎΑϝγϠγϣ  ˯΍έΣλϟ΍ΏϠόΛίϣ΍έ  ˼ϡΗϛΑϡΗϛγ  έϣϋϝγϠγϣ  έ΍Ωϟ΍ΏϳέϏϝγϠγϣ

 ΏϧέϛϲηΣϣ  ϝϳϣΎηΑϟΎΑαρΎρΑϟ΍Δϳϧϳλ  Υ΍έϔϟ΍ΎϣέϭΎη  ΔϧϳΣρϟΎΑιϣΣϟ΍  ϡϭέϔϣϟ΍ϡΣϠϟΎΑΎϳϧ΍ίϻ  αϭΑϛϣϟ΍  έϳΟέΟϟ΍ΔρϠγ  ϥέϔϟΎΑϪϧϭέϛϣ  ϱέηϛ  ΝΎΟΩϟ΍ΔγΑϛ

$UJHQWLQH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&RPPHQWȐ

4X HVWFHTXHȐ

 6XEH

 &yPR$FWXDOL]DU)DFHERRN

 4XpHV1

 .L]L

 &yPR&RQVHJXLU1RYLD

 4XpHV$TXDIUHVK


 &yPR&RPSUDU'yODUHV

 4XpHV6RSD

 6HUYLFLR0HWHRUROyJLFR

 &yPR6H&KDSD

 4XpHV/LSRWLPLD

 *UDQ+HUPDQR

 &yPR'HVDFWLYDU)DFHERRN

 4XpHV%XOO\LQJ

 )HULDGRV

 &yPR6DOLy5LYHU

 4XpHV:KDWVDSS

 0DUDYLOOD0DUWLQH]

 &yPR(OLPLQDU%DE\ORQ

 4XpHV,QVWDJUDP

 *DQJQDP6W\OH

 &yPR$UUHJODU$XULFXODUHV

 4XpHV6WDONHDU

 'DNDU

 &yPR%DLODU:DFKLWXUUR

 4XpHV/XSXV

 :KLWQH\+RXVWRQ

 &yPR'HVFDUJDU0LQHFUDIW

 4XpHV0HJDXSORDG

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

&«O«EULW«V

*URXSHVPXVLFDX[ QDWLRQDX[

0XVLFLHQV

 0DUDYLOOD0DUWLQH]  :KLWQH\+RXVWRQ  &KDUORWWH&DQLJJLD  $GHOH  6SLQHWWD  5RJHU:DWHUV  %DGLD  0LFKHO7HOR  &DORL  /HRQDUGR)DELR

 /RVDXWpQWLFRVGHFDGHQWHV  7DQELyQLFD  &DEH]RQHV  %DQGDGHWXULVWDV  3HVFDGRUDELRVR  $OPHQGUD  6RGD6WHUHR  $GLFWD  9LHMDV/RFDV  0HPSKLV

 :KLWQH\+RXVWRQ  :DFKLWXUURV  1HQHPDOR  $GHOH  9LROHWWD  6SLQHWWD  5RJHU:DWHUV  /DVFXOLVXHOWDV  0LFKHO7HOy  $GULDQ2WHUR

7HQGDQFHV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

7LWUHV

‹PLVVLRQW«O«YLV«HV

$FWHXUV

 *DQJQDP6W\OH

 *UDQ+HUPDQR

 )DFXQGR$UDQD

 )XLVWHWX

 *UDGXDGRV

 6HDQ3HQQ

 &RUUH&RUD]yQ

 /D9R]$UJHQWLQD

 9LJJR0RUWHQVHQ

 %DODGD%RD

 /RV6LPSVRQV

 (XJHQLD6XDUH]

 0H3HUGt

 6RxDQGRSRUEDLODU

 )UDQNLH0XQL]

 3OHDVH0H

 6KRZPDWFK

 $PDQGD%\QHV

 7H4XLHUR

 'XOFH$PRU

 -XDQ*LO1DYDUUR

 :LWKRXW
 &DVL$QJHOHV

 &DULQD=DPSLQL

 /RFD

 )~WERO3DUD7RGRV

 -RQDWKDQ/LSQLFNL

 7DERR

 6LQFRGLILFDU

 (ULFD5LYDV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

/HVSOXVUHFKHUFK«V

)LOPV

6SRUWV

6SRUWLIV

 /RV9HQJDGRUHV

 -XHJRV2OtPSLFRV

 /LRQHO0HVVL

 7HG

 &RSD$UJHQWLQD

 0DUDYLOOD0DUWLQH]

 9DOLHQWH

 &RSD/LEHUWDGRUHV

 -XDQ'HO3RWUR

 /RV-XHJRVGHO+DPEUH

 (XURFRSD

 &ULVWLDQR5RQDOGR

 (OHIDQWH%ODQFR

 8VDLQ%ROW

 5LTXHOPH

 /DHUDGHOKLHOR

 /DV/HRQDV

 5RJHU)HGHUHU

 %ODQFDQLHYHV\HO&D]DGRU

 &RSD'DYLV

 5RQDOGLQKR

 )XULDGH7LWDQHV

 5RODQG*DUURV

 /XFLDQD$\PDU

 $OYLQ\ODV$UGLOODV

 :LPEOHGRQ

 8VDLQ%ROW

 6RPEUDV7HQHEURVDV

 &RSD6XGDPHULFDQD

 'DYLG7UH]HJXHW

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

7HQGDQFHV

‹TXLSHVQDWLRQDOHVGH IRRWEDOO

$WKOªWHVRO\PSLTXHV QDWLRQDX[

5HFKHUFKHV¢ SUR[LPLW«

 5LYHU3ODWH

 /XFLDQD$\PDU

 +RWHO

 %RFD-XQLRUV

 6HEDVWLDQ&ULVPDQLFK

 &DUUHIRXU

 6DQ/RUHQ]R

 (PDQXHO*LQRELOL

 1RUGHOWD

 5DFLQJ

 )HGHULFR0ROLQDUL

 6WDUEXFNV

 ,QGHSHQGLHQWH

 &DUOD5HEHFFKL

 )DODEHOOD

 9pOH]

 'DYLG1DOEDQGLDQ

 0F'RQDOG V

 5RVDULRFHQWUDO

 *LVHOD'XONR

 (DV\

 7LJUH

 -XDQ0yQDFR

 6DQWDQGHU5tR

 1HZHOOV

 'HOILQD0HULQR

 4XLOPHV

 1RHO%DUULRQXHYR

 (VWDFLRQDPLHQWR  :DOPDUW

7HQGDQFHV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

6KRSSLQJ

0RGH

9RLWXUHV

 6DPVXQJ*DOD[\6

 6DUNDQ\

 )LDW8QR

 1RNLD

 3UXQH

 )RUG)LHVWD

 1RNLDOXPLD

 9LWDPLQD

 )RUG.D

 0RWRUROD5D]U

 =DUD

 )LDW3DOLR

 L3DG

 ;/

 3HXJHRW

 1RNLD1

 &RPSORW

 3HXJHRW

 1RNLD$VKD

 5DSVRGLD

 3HXJHRW

 6DPVXQJ*DOD[\$FH

 .RVLXNR

 )RUG(FRVSRUW

 1RNLD/XPLD

 8PD

 0RWRUROD6SLFH.H\

 9LDPR

 )LDW3XQWR

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

7HQGDQFHV

%HVWVHOOHUV

'HVWLQDWLRQVGH YR\DJHQDWLRQDOHV

9LOOHVGXPRQGH

 9LYDODGLIHUHQFLD  &DEDOORGHIXHJR  (OVHFUHWR  %LHQYHQLGRGRORU  &DUWDVPDUFDGDV  /D&DPSRUD  /RVMXHJRVGHOKDPEUH  $PDQHFHU  'LH]PXMHUHV  &XDQGRWHHQFXHQWUH

 5RVDULR  6DQWD)H  /D3ODWD  0HQGR]D  0DUGHO3ODWD  6DOWD  6DQ/XLV  %DULORFKH  -XMX\  7LJUH

 5HQDXOW&OLR

 3DUtV  0DGULG  0LDPL  1XHYD
$XVWUDOLH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

)DLWVPDUTXDQWVGH O DFWXDOLW«

 *DQJQDP6W\OH

 :KLWQH\+RXVWRQ

 7KH9RLFH

 .DWH0LGGOHWRQ

 2QH'LUHFWLRQ

 0RUJDQ)UHHPDQ

 :KLWQH\+RXVWRQ

 -RKQ0FFDUWK\

 2O\PSLFV

 8VDLQ%ROW

 2]/RWWR

 0LFKDHO&ODUNH'XQFDQ

 'LDEOR

 /DQFH$UPVWURQJ

 +XUULFDQH6DQG\

 6HDO

 .21<

 -RVHSK.RQ\

 0RUJDQ)UHHPDQ

 -XOLDQ$VVDQJH

 +XUULFDQH6DQG\  -XOLDQ$VVDQJH  )HOL[%DXPJDUWQHU  7UDQVLWRI9HQXV  0HOERXUQH(DUWKTXDNH  0LVRJ\QLVW  +DZDLL7VXQDPL  'LDPRQG-XELOHH  &UXLVH6KLS6LQNLQJ  1DVD&XULRVLW\

7HQGDQFHV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

&«O«EULW«V DXVWUDOLHQQHV

&«O«EULW«V DXVWUDOLHQQHV

'«FªV

 5RELQ*LEE

 /DUD%LQJOH

 %DUU\*LEE

 0LUDQGD.HUU

 /DUD%LQJOH

 'HOWD*RRGUHP

 /LDP+HPVZRUWK

 .HLWK8UEDQ

 'HOWD*RRGUHP

 1LFROH.LGPDQ

 (PLOLH'H5DYLQ

 &KULV+HPVZRUWK

 .HLWK8UEDQ

 .\OLH0LQRJXH

 &KULV+HPVZRUWK

 /LDP+HPVZRUWK

 &ODLUH+ROW  %LQGL,UZLQ

 +HDWK/HGJHU  +XJK-DFNPDQ

 :KLWQH\+RXVWRQ  0LFKDHO&ODUNH'XQFDQ  7RQ\6FRWW  'DY\-RQHV  -RKQQ\/HZLV  $O)UHHPDQ  6DJH6WDOORQH  $QG\:LOOLDPV  'DYLG.HOO\  *RUH9LGDO

/HVSOXVUHFKHUFK«V

7HQGDQFHV

/HVSOXVUHFKHUFK«V

‹PLVVLRQW«O«YLV«HV

‹PLVVLRQW«O«YLV«HV

9RLWXUHV

 +RPHDQG$ZD\

 7KH9RLFH

 7R\RWD

 %LJ%URWKHU

 %LJ%URWKHU

 )RUG

 7KH9RLFH

 7KH6KLUH

 +ROGHQ

 0DVWHUFKHI

 7KH%ORFN

 1LVVDQ

 *DPHRI7KURQHV

 5HYHQJH

 +RQGD

 ;)DFWRU

 3XEHUW\%OXHV

 0D]GD

 0\.LWFKHQ5XOHV

 *DPHRI7KURQHV

 %0:

 1HLJKERXUV

 5HYHQJH

 +\XQGDL

 7KH%LJJHVW/RVHU

 8QGHUEHOO\%DGQHVV

 6XEDUX

 0RGHUQ)DPLO\

 $OFDWUD]

 6X]XNL

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

7LWUHV

5HFKHUFKHVGHSDUROHV GHFKDQVRQV

0RGH

 *DQJQDP6W\OH  &DOO0H0D\EH  6NLQQ\/RYH  3D\SKRQH  3XPSHG8S.LFNV  :H$UH
 3D\SKRQH/\ULFV  /HJR+RXVH/\ULFV  6RPH1LJKWV/\ULFV  2QH7KLQJ/\ULFV  6WDUVKLSV/\ULFV  6XSHU%DVV/\ULFV  %DWWOH6FDUV/\ULFV  ,QWHUQDWLRQDO/RYH/\ULFV  7DNH&DUH/\ULFV

 $626  )RUHYHU1HZ  &RXQWU\5RDG  :LWFKHU\  7KH,FRQLF  9LFWRULD 66HFUHW  *HQHUDO3DQWV  0LPFR  3RUWPDQV  /RUQD-DQH

 7LWDQLXP/\ULFV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

6SRUWLIV

‹TXLSHVGHVSRUW DXVWUDOLHQQHV

‹TXLSHVGHVSRUWV LQWHUQDWLRQDOHV

 /DQFH$UPVWURQJ  8VDLQ%ROW  5RJHU)HGHUHU  6WHSKDQLH5LFH  -RKQ0FFDUWK\  -HUHP\/LQ  -LP6W\QHV  /HEURQ-DPHV  6DOO\3HDUVRQ  5DIDHO1DGDO

 6\GQH\6ZDQV

 6\GQH\6ZDQV

 (VVHQGRQ

 /LYHUSRRO)RRWEDOO&OXE

 0HOERXUQH6WRUP

 (VVHQGRQ

 &DUOWRQ)RRWEDOO&OXE

 0HOERXUQH6WRUP

 &DQWHUEXU\%XOOGRJV

 &DUOWRQ)RRWEDOO&OXE

 &ROOLQJZRRG)RRWEDOO&OXE

 0DQFKHVWHU8QLWHG

 0HOERXUQH9LFWRU\

 &DQWHUEXU\%XOOGRJV

 $XVWUDOLDQ:DOODELHV

 &ROOLQJZRRG)RRWEDOO&OXE

 :HVWV7LJHUV

 0HOERXUQH9LFWRU\

 6\GQH\)RRWEDOO&OXE

 &KHOVHD)RRWEDOO&OXEV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

‹TXLSHVDXVWUDOLHQQHV 15/

$WKOªWHVRO\PSLTXHV QDWLRQDX[

$OLPHQWDWLRQHW ERLVVRQV

 0HOERXUQH6WRUP

 6WHSKDQLH5LFH

 3L]]D+XW

 :HVWV7LJHUV

 6DOO\3HDUVRQ

 0F'RQDOGV

 %ULVEDQH%URQFRV

 7RPLF%HUQDUG

 &RIIHH

 &URQXOOD6KDUNV

 /OH\WRQ+HZLWW

 /LWH1(DV\

 0DQO\6HD(DJOHV

 -DPHV0DJQXVVHQ

 (DJOH%R\V

 1HZFDVWOH.QLJKWV

 &DGHO(YDQV

 .)&

 &DQEHUUD5DLGHUV

 /DXUHQ-DFNVRQ

 'DQ0XUSK\V

 6RXWK6\GQH\5DEELWRKV

 /LVVHO-RQHV

 6XEZD\

 6\GQH\5RRVWHUV

 $QQD0HDUHV

 'RPLQRV

 &DQWHUEXU\%XOOGRJV

 /L]&DPEDJH

 +XQJU\-DFNV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

&RPPHQWȐ

4X HVWFHTXHȐ

8QLYHUVLW«V DXVWUDOLHQQHV

 +RZWR/RYH

 :KDWLV623$

 +RZWR.HJHO

 :KDWLV3HUPHDWH

 +RZWR5RFN

 :KDWLV.RQ\

 +RZWR%UHDVWIHHG

 :KDW,V6FLHQWRORJ\

 +RZWR&KDQJH

 :KDWLV
 +RZ7RVTXDW

 :KDW,VL&ORXG

 +RZWR7ZHUN

 :KDW,V,QVWDJUDP

 +RZWR+\SQRWL]H

 :KDW,VL0HVVDJH

 +RZWR+DQGVWDQG

 :KDWLV6SRWLI\

 +RZWR%XON

 :KDWLV6OHQGHU

 8QLYHUVLW\RI7HFKQRORJ\  8QLYHUVLW\RI6\GQH\  0RQDVK8QLYHUVLW\  0DFTXDULH8QLYHUVLW\  *ULIILWK8QLYHUVLW\  8QLYHUVLW\RI0HOERXUQH  &XUWLQ8QLYHUVLW\  'HDNLQ8QLYHUVLW\  )OLQGHUV8QLYHUVLW\  8QLYHUVLW\RI4XHHQVODQG

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

9LOOHV

/LHX[¢SUR[LPLW«

'HVWLQDWLRQV¢ O «WUDQJHU

 6\GQH\

 0RXQW+RWKDP9LFWRULD

 0HOERXUQH

 0DQO\

 %ULVEDQH

 'DUOLQJ+DUERXU

 3HUWK

 7DURQJD=RR

 $GHODLGH

 *UHDW2FHDQ5RDG

 &DQEHUUD

 +XQWHU9DOOH\

 &DLUQV

 6\GQH\8QLYHUVLW\

 *ROG&RDVW

 3HULVKHU

 %\URQ%D\

 $Q]6WDGLXP

 7RZQVYLOOH

 /XQD3DUN

 1HZ=HDODQG  6LQJDSRUH  /RQGRQ  9DQXDWX  3KXNHW  ,WDO\  0DOGLYHV  ,QGRQHVLD  5XVVLD  0DXULWLXV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

%LªUHV

%LªUHV

 ;;;;

 %ULVEDQH%LWWHU

 &DUOWRQ'UDXJKW

 &DUOWRQ'UDXJKW

 ;;;;*ROG

 6NLQQ\%ORQGH

 6NLQQ\%ORQGH

 &URZQ/DJHU

 &URZQ/DJHU

 ;;;;

 7RRKH\V([WUD'U\

 7RRKH\V2OG

 7RRKH\V1HZ

 ;;;;*ROG

 9LFWRULD%LWWHU

 9LFWRULD%LWWHU

 0HOERXUQH%LWWHU  %ULVEDQH%LWWHU

 0RXQWDLQ*RDW%HHU  )RVWHUV/DJHU

$XWULFKH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

‹PLVVLRQW«O«YLV«HV

 )HOL[%DXPJDUWQHU

 )HOL[%DXPJDUWQHU

 &OXE

 'LUN%DFK

 'LUN%DFK

 /LHEHVJVFKLFKWHQXQG

 5HG%XOO6WUDWRV

 :KLWQH\+RXVWRQ

 $&7$

 .DWH0LGGOHWRQ

 ,P=HQWUXP

 6DPVXQJ*DOD[\6

 $GDP6DQGOHU

 0XVLNDQWHQVWDGO

 L3DG

 6LGR +HLQ]O

 $P3XQNW

 :KLWQH\+RXVWRQ

 %ULJLWWH1LHOVHQ

 'DQFLQJ6WDUV

 &RVWD&RQFRUGLD

 $PDQGD7RGG

 'LHJUR‰H&KDQFH

 0LFKDHO&ODUNH'XQFDQ

 '6'6'HXWVFKODQGVXFKWGHQ

 :HVWEDKQ  .DWH0LGGOHWRQ

 6LOYLD6HLGHO

+HLUDWVVDFKHQ

6XSHUVWDU  %DXHUVXFKW)UDX  :HWWHQGDVV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

7HQGDQFHV

6SRUWLIV

4X HVWFHTXHȐ

$OLPHQWDWLRQHW ERLVVRQV

 )HOL[%DXPJDUWQHU

 :DVLVW$&7$

 0DUFHO+LUVFKHU

 :DVLVW623$

 'DYLG$ODED

 :DVLVW6FLHQWRORJ\

 $UQROG6FKZDU]HQHJJHU

 :DV6LQG%URWNUXVWHQERPEHQ

 1LNL/DXGD

 :DVLVW:LUWVFKDIW

 0DUNXV5RJDQ

 :DVLVW.21<

 +HUPDQQ0DLHU

 :DVLVW/7(

 $QQD)HQQLQJHU

 :DVVLQG.DSHUQ

 0DUNR$UQDXWRYLF

 :DVLVW=XPED

 *UHJRU6FKOLHUHQ]DXHU

 :DVLVW06

 5HG%XOO  3L]]D  :HLQ  %LHU  )LVFK  7HH  .DIIHH  *HPVH  &ROD  6DODW

/HVSOXVUHFKHUFK«V

7HQGDQFHV

/HVSOXVUHFKHUFK«V

)HVWLYDOVDXWULFKLHQV

+RPPHVSROLWLTXHV DXWULFKLHQV

9LOOHVDXWULFKLHQQHV

 1RYD5RFN  )UHTXHQF\)HVWLYDO  'RQDXLQVHOIHVW  8UEDQ$UW)RUPV  6DO]EXUJHU)HVWVSLHOH  %HDWSDWURO  7ZR'D\VD:HHN  9LHQQDOH  $UV(OHFWURQLFD  %UHJHQ]HU)HVWVSLHOH

 )UDQN6WURQDFK  0DUWLQ*UDI  (YD*ODZLVFKQLJ  *DEULHOD0RVHU  -RVHI%XFKHU  -RVHI&DS  1LNRODXV%HUODNRYLFK  *HUKDUG'|UIOHU  :HUQHU)D\PDQQ

 :LHQ  *UD]  6DO]EXUJ  /LQ]  ,QQVEUXFN  .ODJHQIXUW  %UHJHQ]  6W3|OWHQ  (LVHQVWDGW  1$

 %DUEDUD3UDPPHU

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

&OXEVGHIRRWEDOO

0XVLFLHQV

$FWHXUV

 :$&

 -XOLDQ/H3OD\

 &ODXGLD.RWWDO

 6&:LHQHU1HXVWDGW

 &RQFKLWD:XUVW

 0DULD+RIVWlWWHU

 5HG%XOO6DO]EXUJ

 7UDFNVKLWWD]

 -RKDQQHV6LOEHUVFKQHLGHU

 $GPLUD:DFNHU

 (OHNWUR*X]]L

 $QGUHDV/XVW

 $XVWULD:LHQ

 +XEHUWYRQ*RLVHUQ

 0LFKDHO0DHUWHQV

 5DSLG:LHQ

 )DOFR

 '|UWH/\VVHZVNL

 6WXUP*UD]

 $QG\%RUJ

 .DWKDULQD6WUD‰HU

 :DFNHU,QQVEUXFN

 5DLQKDUG)HQGULFK

 0DQXHO5XEH\

 690DWWHUVEXUJ

 *XVWDY

 695LHG

 6HHU

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

9RLWXUHV

0HWWHXUVHQVFªQH

 %0:

 8OULFK6HLGO

 9:

 0LFKDHO+DQHNH

 $XGL

 .DUO0DUNRYLFV

 0HUFHGHV

 'DYLG6FKDONR

 )RUG

 %DUEDUD$OEHUW

 0LQL

 6WHIDQ5X]RZLW]N\

 2SHO

 0LFKDHO*ODZRJJHU

 3RUVFKH

 6DELQH'HUIOLQJHU

 +RQGD  5HQDXOW

 1LNRODXV*H\UKDOWHU  0LUMDP8QJHU

 0DULD%LOO  $GHOH1HXKDXVHU

%HOJLTXH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

&«O«EULW«VEHOJHV

 %HOILXV

 :KLWQH\+RXVWRQ

 'DYLG*RIILQ

 (XUR

 .DWH0LGGOHWRQ

 0LFKHO'DHUGHQ

 =DODQGR

 )HOL[%DXPJDUWQHU

 /HVOH\$QQ3RSSH

 7ZRR

 0LFKHO7HOR

 0LFKHOOH0DUWLQ

 9HUNLH]LQJHQ

 $PDQGD7RGG

 .DDW7LOOH\

 :KLWQH\+RXVWRQ

 /DQD'HO5H\

 5RE*RULV

 6WUHHW9LHZ

 2QH'LUHFWLRQ

 7LD+HOOHEDXW

 7KH9RLFH

 'DYLG*RIILQ

 %DUEDUD*DQGROIL

 0RYLHVWDUSODQHW

 -HDQ/XF'HODUXH

 $VWULG%U\DQ

 qPHPDLQ

 0LFKHO'DHUGHQ

 ,OVH8\WWHUVSURW

/HVSOXVUHFKHUFK«V

7HQGDQFHV

7HQGDQFHV

‹PLVVLRQVW«O«YLV«HV EHOJHV

‹PLVVLRQVW«O«YLV«HV EHOJHV

)LOPVEHOJHV

 'DJHOLMNVH.RVW

 4XL]PH4XLFN

 %ORNNHQ

 GH.HXNHQYDQ6RILH

 7KXLV

 0DQQHNH3DXO

 )DPLOLH

 %HOJLXP VJRWWDOHQW

 'H9RLFHYDQ9ODDQGHUHQ

 /HV2UDJHVGHODYLH

 .RPHQ(WHQ

 &DIp&RUVDUL

 9ODDQGHUHQ9DNDQWLHODQG

 /HFDUQHWGX%RXUOLQJXHXU

 &ODQ

 GH9RLFHYDQ9ODDQGHUHQ

 9ROW

 2RNJHWHVWRSPHQVHQ

 *RH*HEDNNHQ

 'HYLMIKRHN

 'HDG0DQWDONLQJ  +RUVOHVPXUV  /LWWOH*ORU\  7DQJR/LEUH  /D7rWHODSUHPLqUH  7KHEURNHQFLUFOHEUHDNGRZQ  7RWDOWLMG  *URHQWHQXLW%DOHQ  :HHNHQGDDQ]HH  :HOFRPHKRPH

/HVSOXVUHFKHUFK«V

7HQGDQFHV

/HVSOXVUHFKHUFK«V

6SRUWLIVEHOJHV

)HVWLYDOVEHOJHV

‹Y«QHPHQWVGH O DFWXDOLW«

 (GHQ+D]DUG

 7RPRUURZODQG

 7RP%RRQHQ

 :HUFKWHU

 'DYLG*RIILQ

 *HQWVH)HHVWHQ

 3KLOLSSH*LOEHUW

 /LFKWIHVWLYDO*HQW

 6YHQ1\V

 )UDQFRIROLHV

 7LD+HOOHEDXW

 0DUNWURFN

 9LQFHQW.RPSDQ\

 *UDVSRS

 +DQV9DQ$OSKHQ

 &LW\3DUDGH

 1LHOV$OEHUW

 $DOVW&DUQDYDO

 (YL9DQ$FNHU

 %HOHXYHQLVVHQ

 .DVWHHOPRRUG  2UNDDQ6DQG\  *HPHHQWHYHUNLH]LQJHQ  &ULVLV*ULHNHQODQG  $UPVWURQJGRSLQJ]DDN  2O\PSLVFKH6SHOHQ/RQGHQ  6OXLWLQJ)RUG*HQN  &ULVLV6SDQMH  9ULMODWLQJ0LFKHOOH0DUWLQ  (XUR

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

'-

0XVLFLHQVEHOJHV

+RPPHVSROLWLTXHV EHOJHV

 1LFN\5RPHUR

 PV

 6NULOOH[

 1HWVN\

 1HWVN\

 6LONH

 +DUGZHOO

 7ULJJHUILQJHU

 6WHYH$RNL

 'H5RPHR V

 +HDGKXQWHU]

 /DXUD/\QQ

 6HEDVWLDQ,QJURVVR

 &KULVWRII

 'LPLWUL9HJDV /LNH0LNH

 .

 3DXO9DQ'\N

 'HDQ

 'DGD/LIH

 .HYLQ

 %DUW'H:HYHU  (OLR'L5XSR  0DJJLH'H%ORFN  'LGLHU5H\QGHUV  /DXUHWWH2QFNHOLQ[  3DXO0DJQHWWH  $QQHPLH7XUWHOERRP  )LOLS'H:LQWHU  9LQFHQW9DQ4XLFNHQERUQH  $OH[DQGHU'H&URR

/HVSOXVUHFKHUFK«V

3DUWLVSROLWLTXHV EHOJHV  05  36  &' 9  2SHQ9/'  9ODDPV%HODQJ  &'+  (FROR  19$  33  63$

%U«VLO

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

5HFKHUFKHV

‹Y«QHPHQWVHQ

‹PLVVLRQW«O«YLV«HV

 )DFH

 (OHLo}HV

 %%%

 %%%

 &DUQDYDO

 $YHQLGD%UDVLO

 $VN

 2OLPStDGDV

 )LQD(VWDPSD

 $YHQLGD%UDVLO

 /ROODSDORR]D

 $)D]HQGD

 =HUJ5XVK

 )HVWD-XQLQD

 &KHLDV'H&KDUPH

 (OHLo}HV

 5RFNLQ5LR

 &DUURVVHO

 7UDQVIRUPLFH

 5LR

 *DEULHOD

 (QHP

 7RPRUURZODQG

 7KH9RLFH%UDVLO

 75(

 9LUDGD&XOWXUDO

 (PSUHJXHWHV

 )LQD(VWDPSD

 %DUUHWRV

 $PRU(WHUQR$PRU

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

7LWUHV

0XVLFLHQV

-HX[

 *DQJQDP6W\OH

 3HGUR/HRQDUGR

 7UDQVIRUPLFH

 &DPDUR$PDUHOR

 $GHOH

 +DEEOHW

 6RPHRQH/LNH
 :KLWQH\+RXVWRQ

 .L]L

 9LGD'H(PSUHJXHWH

 2QH'LUHFWLRQ

 +DEEROHOOD

 7H9LYR

 36<

 +DSL[HO

 'RGJH5DP

 :DQGR

 0LQLPXQGRV

 3DUDGLVH

 7KLDJXLQKR

 0LQHFUDIW

 &DOO0H0D\EH

 0F%H\RQFH

 7LOW

 'DQoD.XGXUR

 0F.RULQJD

 %UDVIRRW

 )LRULQR

 ,VUDHO1RYDHV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

‹TXLSHVGHVSRUW

6SRUWV

 )ODPHQJR

 2OLPStDGDV

 &RULQWKLDQV

 %UDVLOHLUmR

 3DOPHLUDV

 8)&

 *UHPLR

 /LEHUWDGRUHV

 9DVFR

 &DPSHRQDWR%UDVLOHLUR

 63)&

 (XURFRSD

 6DQWRV

 8)&

 &UX]HLUR

 8)&

 ,QWHUQDFLRQDO

 78)%UDVLO

 )OXPLQHQVH

 4XDGURGHPHGDOKDV

 'LDEOR

7HQGDQFHV

'HVWLQDWLRQVGH YR\DJH  6mR3DXOR  5LR'H-DQHLUR  )RUWDOH]D  5HFLIH  )ORULDQySROLV  6DOYDGRU  5LR4XHQWH  )R]'R,JXDoX  0DFHLy  %OXPHQDX

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

&RPPHQWȐ

4X HVWFHTXHȐ

5HFKHUFKHVG LPDJHV

 &RPRH[FOXLU)DFHERRN

 24XHe(FRVVLVWHPD

 $PRU

 &RPRYRWDU

 24XHe(QGRPHWULRVH

 0HPHV

 &RPRLQVWDODU

 24XHe(FRORJLD

 )ORUHV

 &RPRYRWDUQXOR

 24XHe(GHPD

 ,PDJHQVSDUD)DFHERRN

 &RPREDL[DUPLQHFUDIW

 24XHe(QHUJLD

 &RUDomR

 &RPRKDFNHDU)DFHERRN

 24XHe(VWDGR

 &RULQWKLDQV

 &RPR3LQWDU

 24XHe(VFRUEXWR

 3DSHOGHSDUHGH

 &RPR-XVWLILFDU9RWR

 24XHe(TXLGDGH

 &DUURV

 &RPR7UDQVIHULU&UHGLWRV

 24XHe(GLWRULDO

 ,PDJHQVHQJUDoDGDV

 &RPR-RJDU53*

 24XHe(PSUHHQGHGRULVPR

 'HVHQKRVSDUDFRORULU

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

5HFKHUFKHV¢ SUR[LPLW«

%DQTXHV

0DUTXHVQDWLRQDOHV

 +RWHO  $YHQLGD3DXOLVWD6mR3DXOR  5HVWDXUDQWH  &RUUHLRV  0RWHO  $FDGHPLD  3RXVDGD  6KRSSLQJ  (VWDFLRQDPHQWR  %DQFRGR%UDVLO

 ,WDX

 0HUFDGR/LYUH

 &DL[D

 &DVDV%DKLD

 %UDGHVFR

 &RUUHLRV

 6DQWDQGHU

 $PHULFDQDV

 %DQFR'R%UDVLO

 1HWVKRHV

 +VEF

 3RQWR)ULR

 &UHGLFDUG

 0DJD]LQH/XL]D

 %DQULVXO

 7DP

 +LSHUFDUG  3DQDPHULFDQR

 9LYR  *RO

&DQDGD

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

5HFKHUFKHV

&«O«EULW«V

+RPPHVSROLWLTXHV FDQDGLHQV

 3LQWHUHVW

 :KLWQH\+RXVWRQ

 +XUULFDQH6DQG\

 -HUHP\/LQ

 2O\PSLFV

 0LFKDHO&ODUNH'XQFDQ

 'LDEOR

 0RUJDQ)UHHPDQ

 *DQJQDP6W\OH

 )HOL[%DXPJDUWQHU

 +XQJHU*DPHV

 .DWH0LGGOHWRQ

 623$

 1HLO$UPVWURQJ

 6WDU$FDGpPLH

 &DUO\5DH-HSVHQ

 .21<

 /DQFH$UPVWURQJ

 =HUJ5XVK

 .DWLH+ROPHV

 6WHSKHQ+DUSHU  -XVWLQ7UXGHDX  9LF7RHZV  7KRPDV0XOFDLU  3HWHU0DF.D\  %RE5DH  -DVRQ.HQQH\  0DUF*DUQHDX  -RKQ%DLUG  (OL]DEHWK0D\

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

0XVLFLHQV

0XVLFLHQVFDQDGLHQV

9HQWHDXG«WDLO

 2QH'LUHFWLRQ

 -XVWLQ%LHEHU

 H%D\

 -XVWLQ%LHEHU

 'UDNH

 FUDLJVOLVW

 'UDNH

 &DUO\5DH-HSVHQ

 &DQDGLDQ7LUH

 :KLWQH\+RXVWRQ

 +HGOH\

 :DOPDUW

 5LKDQQD

 GHDGPDX

 )XWXUH6KRS

 $GHOH

 1LFNHOEDFN

 +RPH'HSRW

 7D\ORU6ZLIW

 $YULO/DYLJQH

 /HV3$&

 1LFNL0LQDM

 1HLO
 &RVWFR

 .DW\3HUU\  0DGRQQD

 %U\DQ$GDPV

 ,NHD

 /HRQDUG&RKHQ

 6HDUV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

6SRUWLIV

‹TXLSHVGHVSRUW FDQDGLHQQHV

$WKOªWHVRO\PSLTXHV FDQDGLHQV

 7LJHU:RRGV  6WHYH1DVK  0LFKDHO3KHOSV  /H%URQ-DPHV  8VDLQ%ROW  6LGQH\&URVE\  &KULVWLDQR5RQDOGR  .REH%U\DQW  5RJHU)HGHUHU  0DUWD

 7RURQWR%OXH-D\V

 0LORV5DRQLF

 7RURQWR0DSOH/HDIV

 $OH[DQGUH'HVSDWLH

 9DQFRXYHU&DQXFNV

 &KULVWLQH6LQFODLU

 0RQWUHDO&DQDGLHQV

 &ODUD+XJKHV

 :LQQLSHJ-HWV

 5\GHU+HVMHGDO

 (GPRQWRQ2LOHUV

 6LPRQ:KLWILHOG

 &DOJDU\)ODPHV

 $GDP9DQ.RHYHUGHQ

 2WWDZD6HQDWRUV

 3DXOD)LQGOD\

 7RURQWR5DSWRUV

 0DU\6SHQFHU

 0RQWUHDO,PSDFW

 -HVVLFD=HOLQND

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

&RPPHQWȐ

4X HVWFHTXHȐ

9LOOHVGDQV*RRJOH 0DSV

 +RZ7R5RFN

 :KDW,V/RYH

 +RZ7R/RYH

 :KDW,V623$

 +RZ7R6KXIIOH

 :KDW,V*OXWHQ

 +RZ7R.LVV

 :KDW,V
 +RZ7R
 :KDW,V,QVWDJUDP

 +RZ7R7ZHUN

 :KDW,V6FLHQWRORJ\

 +RZ7R:DNHERDUG

 :KDW,V7XPEOU

 +RZ7R6QRUNHO

 :KDW,V3LQWHUHVW

 +RZ7R/LYH

 :KDW,V'XEVWHS

 +RZ7R(PEURLGHU

 :KDW,V$XWLVP

 7RURQWR  0RQWUHDO  &DOJDU\  9DQFRXYHU  2WWDZD  (GPRQWRQ  :LQQLSHJ  1LDJDUD)DOOV  4XHEHF&LW\  0LVVLVVDXJD

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

&XLVLQHFDQDGLHQQH

%LªUH

%LªUHDUWLVDQDOH

 %DFRQ

 0ROVRQ

 *UDQYLOOH,VODQG

 3RXWLQH

 *XLQQHVV

 $PVWHUGDP

 0DSOH6\UXS

 %XGZHLVHU

 %LJ5RFN


 &RRUV

 0XVNRND

 %DQQRFN

 /DEDWW

 &UHHPRUH

 6PRNHG0HDW

 0RRVHKHDG

 :HOOLQJWRQ

 .UDIW'LQQHU

 6OHHPDQ

 2NDQDJDQ6SULQJ

 %XWWHU7DUWV

 .RNDQHH

 -DPHV5HDG\

 6XFUHDODFUHPH

 .HLWK V

 0LOO6W

 6XJDUSLH

 5LFNDUG V

 'HDG)URJ

/HVSOXVUHFKHUFK«V

7HQGDQFHV

/HVSOXVUHFKHUFK«V

3URIHVVLRQ

3URIHVVLRQ

'HVWLQDWLRQVGDQV *RRJOH0DSV

 7HDFKHU

 &LYLO(QJLQHHU

 1XUVH

 3KDUPDFLVW

 'HVLJQHU

 7UXFN'ULYHU

 $FFRXQWDQW

 9HWHULQDULDQ

 0HFKDQLF

 3DUDOHJDO

 (OHFWULFLDQ

 5HWDLO6DOHV$VVRFLDWH

 7KHUDSLVW

 (OHFWULFDO(QJLQHHU

 /DZ\HU

 'DQFHU

 &KHI

 6RIWZDUH'HYHORSHU

 5HWDLO6DOHV$VVRFLDWH

 )LQDQFLDO$QDO\VW

 +RWHO  5HVWDXUDQW  &DPSLQJ  :DOPDUW  3DUNLQJ  6WDUEXFNV  &RVWFR  +RPH'HSRW  *ROI  *URFHU\

&KLOL

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&RPPHQWȐ

4X HVWFHTXHȐ

 6HUYHO

 &yPR+DFHU*HQRJUDPD

 4XpHV+LSVWHU

 -XHJRVIULY

 &yPRVHU,QQRYDGRU

 4XpHV:KDWVDSS

 -DLGHILQLFKRQ

 &yPR9RWDU

 4XpHV623$

 0XQGRV2SXHVWRV

 &yPR+DFHU6XVKL

 4XpHV,QVWDJUDP

 +RQJRV7LEHWDQRV

 &yPR3UHSDUDU$UUR]

 4XpHV&DH

 *RRJOH6WUHHW9LHZ

 &yPR8VDU$QDOLWLF

 4XpHV0RQRWHPDWLFR

 7UDQVIRUPLFH

 &yPR8VDU7XPEOU

 4XpHV7ULSRIRELD

 %RQR0XMHU7UDEDMDGRUD

 &yPR$GHOJD]DU

 4XpHV0\VWHU\ODQG

 &yPR+DFHU%RQVDL

 4XpHV&OHYHUERW

 9RFDOGHPHVD

 6ROWHUD2WUDYH]

 &yPR8VDU:KDWVDSS

 4XpHV0HQLQJLWLV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

‹PLVVLRQW«O«YLV«HV

‹PLVVLRQVGH W«O«U«DOLW«

3HUVRQQDOLW«VGHOD W«O«U«DOLW«

 0XQGRVRSXHVWRV  6ROWHUD2WUD9H]  ,QILHOHV  /RV  3DUHMD3HUIHFWD  $PD]RQDV  KRUDV  %LHQYHQLGRV  0HJDQRWLFLDV  7HOHWUHFH

 0XQGRVRSXHVWRV

 :LOPD*RQ]DOH]

 3DUHMDSHUIHFWD

 7DQ]D9DUHUOD

 $PD]RQDV

 /XOL

 /RV0HQGH]

 3DPHOD'LD]

 )LHEUHGH%DLOH

 0LFKHOOH&DUYDOKR

 3VLTXLFRV

 -RVp/XLV%LEER

 0L1RPEUHHV9,3

 +XDLTXLSDQ

 /D%HOOD\HO*HHN

 $QJLH$OYDUDGR

 /DV$UJDQGRxDV

 6HEDVWLDQ5RFD  'RPLQLTXH*DOOHJRV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

/HVSOXVUHFKHUFK«V

%HVWVHOOHUV

0XVLFLHQVHWJURXSHV PRQWDQWV

&RQFHUWV

 6RPEUDVGH*UH\  /D$GLYLQD  (O&XDGHUQRGH0D\D  (O-DUGtQ2OYLGDGR  'LH]0XMHUHV  (OÒOWLPR7DQJRGH6DOYDGRU $OOHQGH  6RPEUDVPiV2VFXUDV  1DGDU'HVQXGDV  /DV+RUDV'LVWDQWHV  (O-XHJRGHO+DPEUH(Q /ODPDV

 0DQXHO*DUFtD  $VWUR  )UDQFLVFD9DOHQ]XHOD  3HGUR3LHGUD  *HSH  'HQYHU  &DPLOD0RUHQR  -DYLHUD0HQD  &KLQR\

 5LFDUGR$UMRQD  /DG\*DJD  /ROODSDORR]D  /XLV0LJXHO  0DTXLQDULD  0DUF$QWKRQ\&KD\DQQH  0DGRQQD  'DYLG*HWWD  0DURRQ  0LQXWRV

 %DQGD&RQPRFLyQ

7HQGDQFHV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

)LOPV

+RPPHVSROLWLTXHV

$OLPHQWDWLRQHWFXLVLQH

 %DWPDQ$VFLHQGH

 &DPLOD9DOOHMRV

 +DPEXUJXHVD

 +RWHO7UDQV\OYDQLD

 6HEDVWLDQ3LxHUD

 &KRUULOODQD

 0,%

 &DUROLQD7RKD

 &RPSOHWR

 /D(UDGHO+LHOR

 /DXUHQFH*ROERUQH

 3RURWRV*UDQDGRV

 /RV9HQJDGRUHV

 &ULVWLiQ/DEEH

 &KXUUDVFR

 6WHIDQYV.UDPHU

 &ODXGLR2UUHJR

 0DFKDVDOD3DUPHVDQD

 $PD]LQJ6SLGHUPDU

 &DPLOR(VFDORQD

 &KDUTXLFDQ

 3URPHWHR

 5RGULJR+LQ]SHWHU

 &D]XHOD

 7HG

 5LFDUGR/DJRV(VFREDU

 +XPLWD

 9DOLHQWH

 5LFDUGR/DJRV:HEHU

 3L]]D

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

‹TXLSHVGHIRRWEDOO

%RLVVRQV

8QLYHUVLW«V

 8QLYHUVLGDGGH&KLOH

 7HUUHPRWR

 8QLYHUVLGDGGH&KLOH

 &ROR&ROR

 9LQR

 8QLYHUVLGDG&DWROLFD

 2 +LJJLQV

 &HUYH]D

 8QLYHUVLGDGGHO0DU

 5DQJHUV

 &KDPSDJQH

 8QLYHUVLGDGGH6DQWLDJR

 &REUHROD

 3LVFROD

 8QLYHUVLGDG$QGUpV%HOOR

 6DQWLDJR:DQGHUHUV

 %RUJRxD

 8QLYHUVLGDG0D\RU

 3DOHVWLQR

 5RQFROD

 8QLYHUVLGDG&HQWUDO

 $XGD[,WDOLDQR

 9LQRFRQ&KLULPR\D

 8&,1)

 +XDFKLSDWR

 YRGNDWRQLFD

 81,$&&

 8QLYHUVLGDG&DWyOLFD

 YRGNDQDUDQMD

 8%2

&KLQH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

7LWUHV





 伦





6W\OH





 伤



6W\OH









 刘恺

 6RPHRQH/LNH
 钓鱼岛

 孙杨

 +H\-XGH

 爱

 张丽

 +LJK







 爱

 L3DG

 张

















 爱

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

‹PLVVLRQW«O«YLV«HV

‹PLVVLRQVW«O«YLV«HV «WUDQJªUHV

6SRUWLIV







  爱









 轩辕剑  



 乡

术 爱



 













 

  

 孙杨 

 绯闻

 颜



 刘







归线



记 转





诗 伟

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

'HVWLQDWLRQVGH YR\DJHQDWLRQDOHV

'HVWLQDWLRQVGH YR\DJH¢O «WUDQJHU

$OLPHQWDWLRQHW ERLVVRQV



 马

 .)&

 张

 韩



 丽









 乌镇









 红烧







 长





 凤











/HVSOXVUHFKHUFK«V

7HQGDQFHV

/HVSOXVUHFKHUFK«V

0RGH

5HFKHUFKHVG LPDJHV

%DQGHVGHVVLQ«HV









 兰蔻



 0$&

 头



 优

 风



 *XFFL

 动

 铠

 &KDQHO





 %XUEHUU\





 *$3

 龙



 $626











/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

9LOOHV¢SUR[LPLW«

/LHX[¢SUR[LPLW«























 $70



 驾



 电

























 +HUPHV





馆 馆 铁

   邮





&RORPELH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

+RPPHVSROLWLTXHV FRORPELHQV

 &ODUR

 0DULDQD3DMyQ

 /DQ

 (OLDQLV*DUULGR

 .L]L

 3DEOR(VFREDU

 7UDQVIRUPLFH

 :KLWQH\+RXVWRQ

 0DULDQD3DMyQ

 $GHOH

 9LYD&RORPELD

 0LFKDHO&ODUNH'XQFDQ

 ,PDJHFKHI

 5LFDUGR0RQWDQHU


 $PDQGD7RGG

 3LF0RQNH\

 6DUD8ULEH

 /D9R]&RORPELD

 3DXO0FFDUWQH\

 5RGULJR/DUD%RQLOOD  6LJLIUHGR/RSH]  )HUQDQGR/RQGRxR  /XLV&DUORV*DOiQ  *XVWDYR3HWUR  $QJHOLQR*DU]yQ  &DUORV0DULR+R\RV  6LPRQ*DYLULD  0DUXMD3DFKyQ  )HUQDQGR+LQHVWURVD

/HVSOXVUHFKHUFK«V

7HQGDQFHV

7HQGDQFHV

‹PLVVLRQW«O«YLV«HV

$FWHXUV

‹PLVVLRQVSRXU HQIDQWV


 $OHMDQGUD$]FiUDWH

 +L

 5REHUWR*RPH]%RODxRV

 3DEOR(VFREDU(O3DWUyQGHO

 3DROD7XUED\

0DO

 0DQROR&DUGRQD

 'HVDItR

 +HDWK/HGJHU

 &RORPELD7LHQH7DOHQWR

 )UDQNLH0XQL]

 *RO&DUDFRO

 6WHSKDQLH&D\R

 %HQ

 $QJHOLFD%ODQGyQ

 /RV6LPSVRQ

 -RQDK)DOFRQ

 &UHS~VFXOR  7KH:DONLQJ'HDG

 0DFDXOD\&XONLQ

 %HQ  %ODQFDQLHYHV  &KHVSLULWR  0LSHTXHxR3RQ\  0RQVWHUV,QF  9LROHWWD  :LOO\:RQND  *DWRFRQ%RWDV  0LUDL1LNNL  9DOLHQWH

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

7LWUHV

0XVLFLHQV

7\SHGHPXVLTXH

 *DQJQDP6W\OH

 :KLWQH\+RXVWRQ

 6DOVD

 (VFiSDWHFRQPLJR

 $GHOH

 5HJDHWWRQ

 )XLVWHWX

 5LFDUGR0RQWDQHU

 9DOOHQDWR

 6ROLWDULD

 3DXO0FFDUWQH\

 &XPELD

 0RVD0RVDDVLYRFHPHPDWD

 &DUORV9LYHV

 +LS+RS

 7XVLQPL

 )DQQ\/X

 0HUHQJXH

 6RORHVPHMRU

 0LFKHO7HOy

 5RFNHQHVSDxRO

 0LFRUD]yQLQVLVWH

 /HRQDUGR)DELR

 %ROHURV

 6RORSDVDMHUR

 -DLUR9DUHOD

 6DQ-XDQHUR

 'XWW\/RYH

 ,O'LYR

 9DODGDV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

&RPPHQWȐ

4X HVWFHTXHȐ

&XLVLQH

 &yPR+DFHU&XSFDNHV

 4XpHV&XDUHVPD

 3L]]D

 &yPR+DFHU5DVWDV

 4XpHV8EOLPH

 +DPEXUJXHVD

 &yPR'LYLGLU'HFLPDOHV

 4XpHV623$

 $UHSD

 &yPR'HFRUDU

 4XpHV(PSDODPLHQWR

 $MLDFR

 &yPR'RUPLU5iSLGR

 4XpHV0HJDXSORDG

 6DQFRFKR

 &yPR$UUHJODU)RWRV

 4XpHV:LNLOHDNV

 (PSDQDGD

 &yPR'HFRUDU6DQGDOLDV

 4XpHV,QVWDJUDP

 3HUUR&DOLHQWH

 &yPR4XLWDU%HUUXJDV

 4XpHV7RPRUURZODQG

 6DQGXFKH

 &yPR+DFHU%OXVDV

 4XpHV:KDWVDSS

 %XxXHOR

 &yPR$GHOJD]DU$EGRPHQ

 4XpHV6XEOLPH

 0RWHGHTXHVR

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

6SRUWLIV

‹TXLSHVGHVSRUW

0«GLDV

 &ULVWLDQR5RQDOGR

 $WOpWLFR1DFLRQDO

 (O7LHPSR

 0DULDQD3DMyQ

 5HDO0DGULG

 (O(VSHFWDGRU

 0HVVL

 0LOORQDULRV

 5&1

 -DPHV5RGUtJXH]

 $PpULFDGH&DOL

 &DUDFRO79

 .DND

 %DUFHORQD

 (O+HUDOGR

 )DOFDR*DUFtD

 'HSRUWLYR&DOL

 (O&RORPELDQR

 5RJHU)HGHUHU

 1DFLRQDO

 /D0HJD

 5RQDOGLQKR

 $WOpWLFRGH0DGULG

 6RKR

 7HyILOR*XWLpUUH]  0DULD6KDUDSRYD

 &KHOVHD  0DQFKHVWHU8QLWHG

 9DQJXDUGLD/LEHUDO  6HPDQD

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

9R\DJHHWFRPSDJQLHV D«ULHQQHV

0DUTXHVGHYRLWXUH

$SSDUHLOVPRELOHV

 $YLDQFD  /DQ  'HVSHJDU  $LUHV  &RSD$LUOLQHV  (DV\IO\  $HURUHSXEOLFD  $PHULFDQ$LUOLQHV  $YLDWXU

 &KHYUROHW

 %ODFNEHUU\

 0LQL

 L3KRQH

 5HQDXOW

 %DFNEHUU\

 +RQGD

 6DPVXQJ*DOD[\

 .LD

 L3KRQH

 )RUG

 6DPVXQJ*DOD[\$FH

 6X]XNL

 %ODFNEHUU\

 0D]GD

 6RQ\(ULFVVRQ

 +\XQGDL  1LVVDQ

 9LYD&RORPELD

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

ΖQVWLWXWLRQVILQDQFLªUHV

9LOOHVFRORPELHQQHV

 %DQFRORPELD

 &DOL

 %DQFRGH%RJRWi

 %DUUDQTXLOOD

 'DYLYLHQGD

 &DUWDJHQD

 &ROSDWULD

 6DQWDQGHU

 %%9$

 0DQL]DOHV

 3RUYHQLU

 6DQWD0DUWD

 %DQFR&DMD6RFLDO

 %RJRWi

 $99LOODV

 0HGHOOtQ

 %DQFRGH2FFLGHQWH  %DQFR3RSXODU

 $PD]RQDV  /D*XDMLUD

 1RNLD  6DPVXQJ*DOD[\6

&RU«HGX6XG

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

7LWUHV

 강남스타일

 아이유

 싸이강남스타일

 해를품은달

 티아라

 빅뱅블루

 패션왕

 김수현

 비스트이럴줄알았어

 드림하이

 안철수

 티아라러비더비

 디아블로

 이하이

 현아트러블메이커

 올림픽

 수지

 샤이니셜록

 신사의품격

 싸이

 이하이0HUF\

 휘트니휴스턴

 소녀시대

 빅뱅사랑먼지

 카카오스토리

 박지민

 아이유너랑나

 노스페이스

 현아

 예은+HOOR7R0\VHOI

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

‹PLVVLRQW«O«YLV«HV

6SRUWLIV

5HFKHUFKHVG LPDJHV

 해를품은달

 무암바

 아이유

 패션왕

 베르나르도

 %$신우

 드림하이

 네이마르

 %$산들

 신사의품격

 이규환

 %$공찬

 보이스코리아

 제레미린

 %$진영

 옥탑방왕세자

 박태환

 %$바로

 닥치고꽃미남밴드

 이동국

 소녀시대

 샐러리맨초한지

 박지성

 수지

 각시탈

 티에리앙리

 틴탑창조

 무신

 신수지

7HQGDQFHV

7HQGDQFHV

-HX[

)LOPV

 디아블로

 후궁

 리그오브레전드

 부러진화살

 애니팡

 건축학개론

 서든어택

 은교

 신선도

 연가시

 드래곤플라이트

 하울링

 사이퍼즈

 범죄와의전쟁

 룰더스카이

 화차

 메이플스토리

 도둑들

 블레이드 소울

 페이스메이커

 틴탑&$3

7HQGDQFHV

$SSDUHLOV «OHFWURQLTXHV  갤럭시노트  갤럭시6  갤럭시빔  갤럭시06W\OH  옵티머스뷰  갤럭시노트  프라다폰  아이패드  아이폰6  갤럭시넥서스

'DQHPDUN

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

5HFKHUFKHV

&«O«EULW«V

‹PLVVLRQW«O«YLV«HV

 1HWIOL[

 )HOL[%DXPJDUWQHU

 3DUDGLVH+RWHO

 (NVWUDEODGHW6NROH

 :KLWQH\+RXVWRQ

 %LJ%URWKHU

 0RYLHVWDUSODQHW

 $PDQGD7RGG

 0*3

 'LDEOR

 /XNDV*UDKDP

 *R0RUJHQ'DQPDUN

 :RUGIHXG

 .DWH0LGGOHWRQ

 'HW6¡GH/LY

 0LQHFUDIW

 0RUJDQ)UHHPDQ

 6SLVHPHG3ULFH

 VSRWLI\

 0LFKDHO&ODUNH'XQFDQ

 ;)DFWRU

 =DODQGR

 $QGHUV0DWWKHVHQ

 'HVSHUDWH+RXVHZLIH

 (0

 (GGLH0XUSK\

 /\NNH

 L3DG

 .21<

 )RUEU\GHOVHQ

7HQGDQFHV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

‹PLVVLRQW«O«YLV«HV

&«O«EULW«VGDQRLVHV

&«O«EULW«VGDQRLVHV

 'LYDHUL-XQJOHQ

 0HGLQD

 6KDND/RYHOHVV

 0RUPRUV%RUGHO

 5DVPXV6HHEDFK

 1LNROLQH6LPRQH

 .RQJHUQHIUD5¡P¡

 .LP/DUVHQ

 6KDULQ)RR

 'DQPDUNV6PXNNHVWH+MHP

 *XVWDY

 )UHGHULN)HWWHUOHLQ

 5RGL)DPLOLHQ

 $XUD

 -RDNLP,QJYHUVHQ

 )HOL[)O\WWHU,QG

 &DUROLQH:R]QLDFNL

 0 UVN0F.LQQH\0¡OOHU

 *HQHUDWLRQ;/

 $QGHUV0DWWKHVHQ

 .DVSHU:LQGLQJ

 %LJ%URWKHU

 &KULVWLDQH6FKDXPEXUJ0OOHU

 'LFWH

 )RUEU\GHOVHQ

 0DGV/DQJHU

 $QGHUV0DWWKHVHQ

 )DPLOLHQIUD%U\JJHQ

 7LQD'LFNRZ

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

‹TXLSHVGHVSRUW

&RPPHQWȐ

 )&%DUFHORQD

 +YRUGDQ.\VVHU0DQ

 0DQFKHVWHU8QLWHG

 +YRUGDQ'LYLGHUHU0DQ

 $*)

 +YRUGDQ)¡OHV9HHU

 $

%$ +YRUGDQ9LUNHU6ROFHOOHU

 /LYHUSRRO

 +YRUGDQ*DQJHU0DQ

 &KHOVHD

 (IWHUO¡Q8GEHWDOLQJ+YRUGDQ

 )&0LGWM\OODQG

 +YRUGDQ)¡OHV3OXNYHHU

 5DQGHUV)&

 +YRUGDQ3LIWHU0DQ

 )&0LGWM\OODQG

 +YRUGDQ6WULNNHU0DQ

 $*.¡EHQKDYQ

 +YRUGDQ+ NOHU0DQ

 &KULVWLDQH6FKDXPEXUJ0OOHU

7HQGDQFHV

&RPPHQWȐ  +YRUGDQ+ YHU0DQ(IWHUO¡Q  +YRUGDQ/DYHU0DQ4U.RGHU  +YRUGDQ8GWDOHV:RUGIHXG  +YRUGDQ3LIWHU0DQ  +YRUGDQ6SLOOHV:RUGIHXG  +YRUGDQ6SLOOHU0DQ0LQHFUDIW  +YRUGDQ/DYHU0DQ&YU 5HJLVWUHULQJ  +YRUGDQ)¡OHV3OXNYHHU  +YRUGDQ5HGXFHUHU0DQ  +YRUGDQ)nU0DQ+YLGH 7 QGHU

/HVSOXVUHFKHUFK«V

7HQGDQFHV

/HVSOXVUHFKHUFK«V

4X HVWFHTXHȐ

4X HVWFHTXHȐ

+RPPHVSROLWLTXHV

 +YDG(U.ORNNHQ

 +YDG(U/\GPXUHQ

 +HOOH7KRUQLQJ6FKPLGW

 +YDG(U%QS

 +YDG(U$FWD

 $VWULG.UDJ

 +YDG(U.XOK\GUDWHU

 +YDG(U0RYHPEHU

 3LD.M UVJDDUG

 +YDG(U. UOLJKHG

 +YDG(U6RSD

 9LOO\6¡YQGDO

 +YDG(U,FORXG

 +YDG(U:RUGIHXG

 0DUJUHWKH9HVWDJHU

 +YDG(U'HPRNUDWL

 +YDG(U6SRWLI\

 -RKDQQH6FKPLGW1LHOVHQ

 +YDG(U$GKG

 +YDG(U7UHSDUWVIRUKDQGOLQJHU

 0HWWH)UHGHULNVHQ

 +YDG(U7ZLWWHU

 +YDG(U.ROLN

 ,GD$XNHQ

 +YDG(U3L

 +YDG(U8GVDJQVRUG

 0DQX6DUHHQ

 +YDG(U6WUHVV

 +YDG(U5DPDGDQ

 $QQHWWH9LOKHOPVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

+RPPHVSROLWLTXHV

)LOPV

*DGJHWV

 $QQHWWH9LOKHOPVHQ

 6N\IDOO

 L3DG

 3HUQLOOH6NLSSHU

 7KH+XQJHU*DPHV

 L3KRQH6

 /LVEHWK%HFK3RXOVHQ

 .LGG

 L3DG0LQL

 $VWULG.UDJ

 3URPHWKHXV

 1H[XV

 7ULQH%UDPVHQ

 'HQ6NDOGHGH)ULV¡U

 L3DG

 3LD2OVHQ'\KU

 $YHQJHUV

 1RNLD1

 0HWWH*MHUVNRY

 7DNHQ

 1RNLD/XPLD

 ,GD$XNHQ

 7KH$UWLVW

 6DPVXQJ*DOD[\6

 .DUHQ+ NNHUXS

 3DUDQRUPDO$FWLYLW\

 5DVSEHUU\3L

 .ULVWLDQ7KXOHVHQ'DKO

 5HDO6WHHO

 0LFURVRIW6XUIDFH

‹J\SWH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

7LWUHV

 ΩϳόγέϭΑΙ΍ΩΣ΃

 ΔηΎϛϋϕϳϓϭΗ

 ϲΗΑϗέΑϲϘΣ

 ΕΎΑΎΧΗϧϺϟΎϳϠόϟ΍ΔϧΟϠϟ΍

 έρΎηϟ΍ΕέϳΧ

 ΓΩϳϧϋΔϳλΧη

 ˻˹˺˻ΕΎόϣΎΟϟ΍ϕϳγϧΗ

 ΙϟΎΛϟ΍ΓΩϭϧηΎΑΎΑϟ΍

 ϲϧϐΑϲΑϠϗϥϣ

 έϳέΣΗϟ΍ϥ΍Ωϳϣ

 ϝϳΩϧϗϡΎηϫ

 *DQJQDP6W\OH

 έϭϧϟ΍ΏίΣ

 έϧΗέΎΟϣϭΑαϛϳϠϳϓ

 &DOO0H0D\EH

 ΎϣέϭΑ

 ϑγϭϳϡγΎΑ

 :LGH$ZDNH

 Δϟ΍Ωόϟ΍ϭΔϳέΣϟ΍

 ϲϛϣΩϣΣ΃

 ΔϠ΋ΎϔΗϣ

 ϙέΎΑϣΔϣϛΎΣϣ

 ϲγϳγϟ΍ΡΎΗϔϟ΍ΩΑϋ

 6N\IDOO

 ΔγΎ΋έϟ΍ΕΎΑΎΧΗϧ·

 ΥϭϧΧϧϱέΑλ

 ϥϳϳΎϘγϟ΍ΓέΎΣ

 ΔοϬϧϟ΍ωϭέηϣ

 ϥΎΑόηϰϔρλϣ

 ϥΎϣέΎϳ

7HQGDQFHV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

‹PLVVLRQVW«O«YLV«HV

6«ULHVRX«PLVVLRQV W«O«YLV«HV

0XVLFLHQV

 έϳΧϟ΍ΎϳΎΑλ  $UDE,GRO  ΔϳϧϫΔϣϘϟ  έλϣΎϳϙΣΎΑλ  ΡΎΑλRQ  αϣηϟ΍ϱί  έΎϬϧϟ΍ωέΎη  έΎϬϧϟ΍έΧ΃  7KH9RLFH  ΔϳϟΎϏΕγϟ΍

 ΔϣρΎϓϝγϠγϣ  ˯΍έΣλϟ΍ΏϠόΛίϣ΍έ  ΓΎϳΣϟ΍ΔΑόϟΞϣΎϧέΑ  ϥΎρϠγϟ΍ϡϳέΣϝγϠγϣ  ωϭϧϣϣϟ΍ϕηόϟ΍ϝγϠγϣ  ˯΍έϣΣρϭρΧϝγϠγϣ  ΔόΑ΍έϟ΍ΔΟϭίϟ΍ϝγϠγϣ  Ωέϭϟ΍Δό΋ΎΑϝγϠγϣ  έϭϧϝγϠγϣ  ϡγϣγϡϟΎϋΞϣΎϧέΑ

 ϲϠϳϟωϭέηϣ  ΩϟΎΧΏΎηϟ΍  ϝϳΩ΃  ΝΎϧϳϣϲϛϳϧ  ϲΛϳϠϟ΍ΩϭϣΣϣ  ΏΎϫϭϟ΍ΩΑϋϥϳέϳη  ΔϟΎλ΃  Ύγϳϟ·  ϱέϭϔϛϝ΋΍ϭ  έΑϳΑϥϳΗγΎΟ

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

6SRUWLIV

‹TXLSHVGHVSRUW

$WKOªWHVRO\PSLTXHV QDWLRQDX[

 ϭΩϟΎϧϭέϭϧΎϳΗγϳέϛ

 ϙϟΎϣίϟ΍

 ΏόΗϣΩΎϣϋ

 ΩϳέΩϣϝΎϳέ

 ϻΎΑΎϛϳη

 ΔϧϭϠηέΑ

 ϥ΍ΩϳίΩϣΣϣ

 ϝίΎΑ

 ΎϛΎϛ

 ϰϠϫϷ΍

 ΕΎϛέΑΩϣΣϣ

 ϲγϠϳηΗ

 ΎϓϭΑ΍έΎηΎϳέΎϣ

 ϥϼϳϣέΗϧ·

 ϲϛίϭέϣϋ

 ΦϧϭϳϣϥέϳΎΑ

 ϲϟΎϏϡΎγΣ

 ϝΎϧϳγέ΃

 έϳέΩϳϓέΟϭέ

 ϝϭΑέϔϳϟ

 έΑΎΟϡέϛ  ϲΣΑλΩϣΣϣ  έϣϋΔϣρΎϓ  ϲΟϭΑΡΎΗϔϟ΍ΩΑϋΩϣΣϣ  ΏϳΩϟ΍ΩϣΣϣ  ϥΎοϣέΔϠϬϧ  ΡΎΑλϣϡΎηϫ  ϥΎϣΛϋϑϳέη  ϡγΎϘϟ΍ϭΑ΃˯ϼϋ  ΩϭϣΣϣϝϣ΃

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

&«O«EULW«VHQYXH

5HFKHUFKHV G DFWXDOLW«V

+RPPHVSROLWLTXHV

 ϥΎϳϧϭϳΗϭέΎϫέϳΩϥΎηϳϧ  ϥϳϫΎηϡΎϬϟ·  Εέ΍ϭϳΗγϥΗγϳέϛ  ΍έγϳ  ϥΎϳη΍ΩέΎϛϡϳϛ  ϱΩϳΩΣϟ΍αϳϣϟ  Ξϳ΍έϛϝΎϳϧ΍Ω  ϥΎοϣέϱέϳΧ  ϲη΍έΑϹ΍ϝ΋΍ϭ  έΩΑϥγϭγ

 ϊΑΎγϟ΍ϡϭϳϟ΍  ϡϭϳϟ΍ϱέλϣϟ΍  ϱϭ΍έλϣ  ϡ΍έϫϷ΍  ϕϭέηϟ΍  ΔϳέϭϬϣΟϟ΍  ϥρϭϟ΍  Ωϓϭϟ΍ΔΑ΍ϭΑ  έλϣέηΎΑϣΓέϳίΟϟ΍

 έΎϛΑέΩΎϧ  ϲϧΗΎΗϛϟ΍Ωόγ  ΩϣΎΣϭΑ΃ΩϣΣϣ  ΡΎΗϔϟ΍ΩΑϋίΗόϣ  ϲγέϣΩϣΣϣ  ϝϳΩϧϗϡΎηϫ  ϝϳϋΎϣγ·ϭΑ΃ΡϼλϡίΎΣ  ϱϭ΍ίϣΣϭέϣϋ  ϲΣΎΑλϥϳΩϣΣ  ΡϭΗϔϟ΍ϭΑ΍ϡόϧϣϟ΍ΩΑϋ

 Γέϭϛϼϳ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

'HVWLQDWLRQVGH YR\DJH

5HFKHUFKHVG LPDJHV

$OLPHQWDWLRQHW ERLVVRQV

 ΔϧΧγϟ΍ϥϳόϟ΍  ΔϣΎϧϣϟ΍  ϥΩϧϟ  ϝϭΑϧργ΍  ϱ΍ϭΎϫ  Γϭϳγ  ϲϧΩϳγ  ϲΑΩ  Ρϭέρϣϲγέϣ  ϡϠϋϲγέϣ

 έλϣϡϠϋ  ϕϳϔηΩϣΣ΍  Ωέϭ  ΎϧϳγϥϭΟ  ΏϭΑΞϧϭΑγ  ΩϼϳϣΩϳϋΔΗέϭΗ  έϣγ  ϲϧγΣέϣΎΗ  ΔϳόϳΑρέυΎϧϣ  ϡέΟϋϲγϧΎϧ

 Δϟϭ΍έϓέϳλϋ  ΏΎΑϛεϳη  ΔϧϳΣρϟΎΑιϣΣϟ΍  Ύϳ΍έγϟ΍εϳϋ  ϝϳϣΎηΑϟΎΑΔγϭϛ  Υ΍έϔϟ΍ΎϣέϭΎη  ϲηΣϣ  ϲηΣϣϡΎϣΣ  Δϳϣόρ  ΝΎΟΩϟ΍ΔΑέϭη

7HQGDQFHV

0RGH  7HG%DNHU  6WHOOD0F&DUWQH\  %DOPDLQ  -HDQ3DXO*DXOWLHU  0LFKDHO.RUV  %HUVKND  0DUF-DFREV  0XOEHUU\  7RP)RUG  + 0

‹PLUDWVDUDEHVXQLV

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

5HFKHUFKHV

&«O«EULW«V

‹PLVVLRQW«O«YLV«HV

 *DQJQDP6W\OH

 :KLWQH\+RXVWRQ

 έϣϋϝγϠγϣ

 L3DG

 ϥ΍ΩϣΣΎϣη

 ΔϣρΎϓϝγϠγϣ

 2O\PSLFV

 .DWH0LGGHOWRQ

 

 6DPVXQJ*DOD[\6

 ϱϭΎοέϘϟ΍ϑγϭϳ

 Δϳ΅έ

 7KH$YHQJHUV

 έϧΗέΎΟϣϭΑαϛϳϠϳϓ

 έϳΧϟ΍ΡΎΑλ

 6N\IDOO

 8VDLQ%ROW

 ϥϭϳόϟ΍έΑΣϝγϠγϣ

 +XUULFDQH6DQG\

 .DULQD.DSRRU

 7KH9RLFH

 ˻˹˺˻ϥΎοϣέΕϼγϠγϣ

 ϲγέϣΩϣΣϣ

 $UDE,GRO

 .21<

 $GHOH

 $UDEV*RW7DOHQW

 Δϳέϭγϟ΍ΓέϭΛϟ΍

 ϲϘϔϟ΍ϡϳϫ΍έΑ·

 ΕΎϧΑϕΣϠϣϝγϠγϣ

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

6SRUWLIV

‹TXLSHVGHVSRUW

$WKOªWHVRO\PSLTXHV QDWLRQDX[

 &ULVWLDQR5RQDOGR

 %DUFHORQD

 5RJHU)HGHUHU

 5HDO0DGULG

 .DND

 &KHOVHD

 'DYLG%HFNKDP

 $&0LODQ

 /LRQHO0HVVL

 $UVHQDO

 0DULD6KDUDSRYD

 /LYHUSRRO

 5DIDHO1DGDO

 =DPDOHN

 0LFKDHO-RUGDQ

 0DQFKHVWHU8QLWHG

 0LFKDHO6FKXPDFKHU

 0DQFKHVWHU&LW\

 ;DYL

 5RPD

 ϲϟΎϣϛϟ΍ϥ΍ΩϣΣ  ϥϣΣέϟ΍ΩΑϋέϣϋ  ϝϳϠΧΩϣΣ΃  ϡϭΗϛϣϝ΁ΩϣΣ΃  ϰγϳϋΩϟΎΧ  ΩϣΣϣΔΟϳΩΧ  ϱίϭϓΩϣΣϣ  ϡϭΗϛϣϝ΁Ωϳόγ  ϰγϳϋΩη΍έ  ϲϠϋΩϣΣ΃

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

'HVWLQDWLRQVGH YR\DJH

$OLPHQWDWLRQHW ERLVVRQV

0RGH

 ΔϧΧγϟ΍ϥϳόϟ΍

 ΓϭϼϘΑ

 νΎϳέϟ΍

 αϭγϗέόϟ΍

 ϝϭΑϧργ΍

 ϲϧϳηΗϭΗϳϓ

 Ύϧϳϳϓ

 ΏϭέΧϟ΍

 ΔϳϠϳΑη΍

 ΝΎΟΩϟ΍ΔγΑϛ

 Εέϭϔϛϧ΍έϓ

 Ύϳ΍έγϟ΍εϳϋ

 ΎϳϧέϭϔϳϟΎϛ

 ΎηΎΑΩϭϭ΍Ω

 ύΎϛϳη

 ΔΗϔϛϟ΍

 ˯ΎοϳΑϟ΍έ΍Ωϟ

 ΝϭϧϏΎΑΎΑ

 ΔϧϭϠηέΑ

 έϳΟέΟϟ΍ΔρϠγ

 ,VDEHO0DUDQW  0LFKDHO.RUV  %HUVKND  ,FH:DWFK  1LNH  + 0  )RUHYHU  6DLQW/DXUHQW  FHOLQH  $OH[DQGHU:DQJ

(VSDJQH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

5HFKHUFKHVG LPDJHV

 %DQNLD

 :KLWQH\+RXVWRQ

 3RNHPRQ

 0L7HOH

 3DXODHFKHYDUULD

 )ORUHV

 3ULPDGH5LHVJR

 $GHOH

 )RQGRVGHSDQWDOOD

 *UDQ+HUPDQR

 0LFKHO7HOR

 3DLVDMHV

 /R,PSRVLEOH

 (VSHUDQ]D$JXLUUH

 &ULVWLDQR5RQDOGR

 $SDODEUDGRV

 'DQL0RQWHVLQRV

 0DULR&DVDV

 5HIRUPDODERUDO

 0DQROR3UHFLDGR

 6HOHQD*yPH]

 )HOL[%DXPJDUWQHU

 0DUtDGH9LOORWD

 &RUD]RQHV

 *DQJQDP6W\OH

 $QGUHD)DEUD

 7DWXDMHV

 6HSH

 0DQXHO)UDJD

 6DPVXQJ*DOD[\

/HVSOXVUHFKHUFK«V

7HQGDQFHV

/HVSOXVUHFKHUFK«V

)LOPV

7LWUHV

‹PLVVLRQW«O«YLV«HV

 7HG


 *UDQ+HUPDQR

 /R,PSRVLEOH

 $LVLHXWH3HJR

 7KH:DONLQJ'HDG

 3URPHWKHXV

 6RPHRQH/LNH
 *DQGLD6KRUH

 ,QWRFDEOH

 3HUGyQDPH

 -HUVH\6KRUH

 6KDPH

 *DQJQDP6W\OH

 (XURYLVLRQ

 6KHUORFN+ROPHV

 %DODGD%RD

 (O+RUPLJXHUR

 /RV'HVFHQGLHQWHV

 7DQWR

 $WUDSDXQPLOOyQ

 &DUPLQDR5HYLHQWD

 8QD9DLQD/RFD

 6iOYDPH'HOX[H

 6N\IDOO

 5DLQ2YHU0H

 $QDWRPLDGH*UH\

 (O&DEDOOHURRVFXURODOH\HQGD

 /iJULPDV'HVRUGHQDGDV

UHQDFH

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

6SRUWLIV

‹TXLSHVGHIRRWEDOO

 6HUJLR5DPRV

 6HYLOOD)&

 )HUQDQGR7RUUHV

 %DUFHORQD)&

 *HUDUG3LTXp

 9DOHQFLD)&

 0RXULQKR

 5HDO=DUDJR]D)&

 ,QLHVWD

 5D\R9DOOHFDQR

 3HS*XDUGLROD

 *UDQDGD&)

 5LFN\5XELR

 5HDO6RFLHGDG

 7LWR9LODQRYD

 &KHOVHD

 .XUW&REDLQ  ,NHU&DVLOODV

 5HDO9DOODGROLG&)  5HDO0DGULG&)

 /D9R]

/HVSOXVUHFKHUFK«V

$WKOªWHVRO\PSLTXHV QDWLRQDX[  0LUHLD%HOPRQWH  3DX*DVRO  5XG\)HUQiQGH]  $QQD7DUUHV  'DYLG&DO  -XDQ&DUORV1DYDUUR  $QGUHD)XHQWHV  0DULQD$ODEDX  0DLGHU8QGD  ÈOYDUR'RPtQJXH]

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

&RPPHQWȐ

4X HVWFHTXHȐ

'HVWLQDWLRQVGH YR\DJH

 &yPRIXQFLRQDWZLWWHU

 4XpHV,QVWDJUDP

 &yPRLQVWDODU:KDWVDSS

 4XpHV3LQWHUHVW

 &yPRPDTXLOODUVH

 4XpHV7ZLWWHU

 &yPRKDFHUFXSFDNHV

 4XpHV/LQNHGLQ

 &yPRJDQDUGLQHUR

 4XpHV$QGURLG

 &yPRVHUIHOL]

 4XpHV7XPEOU

 &yPRKDFHUWRUWLWDV

 4XpHV*RRJOH

 &yPRKDFHUEHFKDPHO

 4XpHV)DFHERRN

 &yPRDKRUUDGLQHUR

 4XpHVFRDFKLQJ

 &yPRHQFRQWUDUWUDEDMR

 4XpHVL&ORXG

 /RQGUHV  3DUtV  0p[LFR  6DQ)UDQFLVFR  %DUFHORQD  7XUTXtD  ,VUDHO  %HUOLQ  /RVÈQJHOHV  0DGULG

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

0RGH

/LYUHV

+RPPHVSROLWLTXHV

 =$5$

 -XHJRGH7URQRV

 5DMR\

 (O&RUWH,QJOpV

 /RV-XHJRVGHO+DPEUH

 $QGUHD)DEUD

 3XOODQG%HDU

 6RPEUDVGH*UH\

 (VSHUDQ]D$JXLUUH

 + 0

 %DLOD%DLOD%DLOD

 6DQWLDJR&DUULOOR

 $GROIR'RPtQJXH]

 (O,QYLHUQRGHO0XQGR

 $UWXU0DV

 %HUVKND

 0LVLyQ2OYLGR

 $QD%RWHOOD

 6IHUD

 3DOPHUDVHQOD1LHYH

 &ULVWLQD&LIXHQWHV

 :RPHQ6HFUHW

 /D&DtGDGHORV*LJDQWHV

 -RVp,JQDFLR:HUW

 & $

 1RWH(VFRQGR1DGD

 &ULVWREDO0RQWRUR

 3XULILFDFLyQ*DUFtD

 /DV+RUDV'LVWDQWHV

 5LWD%DUEHUi

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

$SSOLFDWLRQV

9LOOHVGDQV*RRJOH 0DSV

$GUHVVHV¢SUR[LPLW« GDQV*RRJOH0DSV

 7ZLWWHU  $SDODEUDGRV  'URSER[  $QJU\%LUGV  ,QVWDJUDP  (YHUQRWH  /RJLV0DVWHU  3DG3LJJLHV  :KDWVDSS  L'RFV

 0DGULG

 +RWHO

 %DUFHORQD

 &DPSLQJ

 9DOHQFLD

 3DUNLQJ

 6HYLOOD

 0HUFDGRQD

 0iODJD

 5HVWDXUDQWHV

 *UDQDGD

 &DUUHIRXU

 $OLFDQWH

 'HFDWKORQ

 %LOEDR

 *DVROLQHUD

 =DUDJR]D

 (O&RUWH,QJOpV

 %HQLGRUP

 )DUPDFLD

‹WDWV8QLV

7HQGDQFHVGHVUHFKHUFKHVHQ

*«Q«UDO 7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

‹Y«QHPHQWVHQ

 :KLWQH\+RXVWRQ

 :KLWQH\+RXVWRQ

 +XUULFDQH6DQG\

 +XUULFDQH6DQG\

 -HUHP\/LQ

 3UHVLGHQWLDO(OHFWLRQ

 (OHFWLRQ

 $PDQGD7RGG

 6XSHU%RZO

 +XQJHU*DPHV

 0LFKDHO&ODUN'XQFDQ

 2O\PSLFV

 -HUHP\/LQ

 .DWH0LGGOHWRQ

 8()$(XUR

 2O\PSLFV

 2QH'LUHFWLRQ

 .21<0RYHPHQW

 $PDQGD7RGG

 0RUJDQ)UHHPDQ

 623$3URWHVW

 *DQJQDP6W\OH

 3H\WRQ0DQQLQJ

 $XURUD6KRRWLQJ

 0LFKDHO&ODUNH'XQFDQ

 -RH3DWHUQR

 7UD\YRQ0DUWLQ&DVH

 .21<

 3DXO5\DQ

 +XUULFDQH,VDDF

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

&RPPHQWȐ

4X HVWFHTXHȐ

ΖPDJHV

 +RZWRORYH

 :KDWLV623$

 2QH'LUHFWLRQ

 +RZWRURFN

 :KDWLV6FLHQWRORJ\

 )XQQ\3LFWXUHV

 +RZWRYRWH

 :KDWLV.21<

 1LFNL0LQDM

 +RZWRLQVWDOO

 :KDWLV
 -XVWLQ%LHEHU

 +RZWRKDWH

 :KDWLV,QVWDJUDP

 /RYH

 +RZWRDUFKHU

 :KDWLV3LQWHUHVW

 )ORZHUV

 +RZWRZREEOH

 :KDWLV/HQW

 6HOHQD*RPH]

 +RZWRFDOFXODWH

 :KDWLV2EDPDFDUH

 +HDUW

 +RZWRURRW

 :KDWLVL&ORXG

 0RQH\

 +RZWRWHERZ

 :KDWLV3ODQNLQJ

 L3KRQH

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

9LOOHVGDQV*RRJOH 0DSV

$GUHVVHV¢SUR[LPLW« GDQV*RRJOH0DSV

'HVWLQDWLRQV WRXULVWLTXHV LQWHUQDWLRQDOHVDX G«SDUWGHV‹WDWV8QLV

 6DQ)UDQFLVFR&$

 +RWHO

 &KLFDJR,/

 5HVWDXUDQW

 'HQYHU&2

 :DOPDUW

 /RV$QJHOHV&$

 $SDUWPHQW

 1HZ
 6WDUEXFNV

 'DOODV7;

 7DUJHW

 :DVKLQJWRQ'&

 3DUNLQJ

 +RXVWRQ7;

 %DQN

 6HDWWOH:$

 &DPSLQJ

 %RVWRQ0$

 +RPH'HSRW

 7RURQWR  3DULV  6DQ-XDQ  &DQFXQ  9DQFRXYHU  5RPH  0RQWUHDO  7RN\R  6W7KRPDV,VODQG  6DQ-RVHGHO&DER

$FWXDOLW«V 7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

)DX[SDVSROLWLTXHV

+RPPHVSROLWLTXHV DP«ULFDLQV

7KªPHVGHO «OHFWLRQ

 %LJ%LUG  SHUFHQW  %LQGHUVIXOORIZRPHQ  $LUSODQH:LQGRZV  /HJLWLPDWH5DSH  3ULYDWHVHFWRULVGRLQJILQH  0RUHIOH[LELOLW\PLFVOLS  3UHVLGHQW V6WLFN  7KUHH3UHVLGHQWVLQWLPDWHO\  < DOOEDFNLQFKDLQV

 3DXO5\DQ  5RQ3DXO  %DUDFN2EDPD  5LFN6DQWRUXP  0LWW5RPQH\  1HZW*LQJULFK  *DU\-RKQVRQ  7RGG$NLQ  -RH%LGHQ  5LFN3HUU\

 $ERUWLRQ  *D\0DUULDJH  ,PPLJUDWLRQ  *DV3ULFHV  6RFLDO6HFXULW\  1DWLRQDO'HEW  *XQ&RQWURO  (QYLURQPHQW  'HDWK3HQDOW\  7D[&XWV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

6RXUFHVG DFWXDOLW«V

6RXUFHVG DFWXDOLW«V

$FWLRQV

 1%&1HZV

 (631

 )DFHERRN6WRFN

 )LYH7KLUW\(LJKW%ORJ

 061

 =\QJD6WRFN

 &KL0DJD]LQH

 &11


 (631

 70=

 6DPVXQJ6WRFN

 70=

 061%&

 $UQD6WRFN

 &111HZV

 :HDWKHU&KDQQHO

 .RGDN6WRFN

 'UXGJH5HSRUW

 +XIILQJWRQ3RVW

 *RRJOH6WRFN

 7DPSD%D\7LPHV

 $FFXZHDWKHU

 (OHFWURQLF$UWV6WRFN

 )R[1HZV  ,ULVK'DLO\6WDU

 'UXGJH5HSRUW

 9LYXV6WRFN

 1HZ
 6XSHUYDOX6WRFN

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

7HQGDQFHV

)LOPV

7LWUHVGH

5HFKHUFKHVGHSDUROHV GHFKDQVRQV

&XOWXUHSRSXODLUH

 7KH+XQJHU*DPHV

 %R\IULHQG-XVWLQ%LHEHU

 3URPHWKHXV

 *DQJQDP6W\OH36<

 7KH$YHQJHUV

 &DOO0H0D\EH&DUO\5DH

 0DJLF0LNH  7KH'DUN.QLJKW5LVHV  7HG

-HSVHQ  6RPHERG\WKDW,8VHGWR.QRZ *RW\H

 -XPS6WUHHW

 6RPH1LJKWV)XQ

 7KH9RZ

 'LH
 7ZLOLJKW

 :LGH$ZDNH.DW\3HUU\

 3DUDQRUPDO$FWLYLW\

 $V/RQJ$V
 *DQJQDP6W\OH/\ULFV  0HUF\/\ULFV  3D\SKRQH/\ULFV  6RPH1LJKWV/\ULFV  6XSHU%DVV/\ULFV  7KH0RWWR/\ULFV  5DFN&LW\/\ULFV  :LGH$ZDNH/\ULFV  7LWDQLXP/\ULFV  %R\IULHQG/\ULFV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

0DULDJHVHQ

5XSWXUHVGHF«O«EULW«V

'«FªVHQ

 -XVWLQ7LPEHUODNH -HVVLFD

 -XVWLQ%LHEHU 6HOHQD*RPH]

 :KLWQH\+RXVWRQGHDWK

 +HLGL.OXP 6HDO

 1HLO$UPVWURQJGHDWK

 5\DQ5H\QROGV %ODNH/LYHO\

 7RP&UXLVH .DWLH+ROPHV

 (WWD-DPHVGHDWK

 0DWWKHZ0FFRQDXJKH\

 5REHUW3DWWLQVRQ .ULVWHQ

 $PDQGD7RGGGHDWK

%LHO

&DPLOD$OYHV  &DUH\0XOOLJDQ 0DUFXV 0XPIRUG  0HDJDQ*RRGDQG'HYRQ )UDQNOLQ

6WHZDUW  -RKQQ\'HSS 9DQHVVD 3DUDGLV  3HWHU)DFLQHOOLDQG-HQQLH *DUWK

 5HHVH:LWKHUVSRRQ -LP7RWK

 $P\3RHKOHU :LOO$UQHWW

 $QQH+DWKDZD\DQG$GDP

 $GDP/HYLQH $QQH

6KXOPDQ  0DUN=XFNHUEHUJ 3ULVFLOOD &KDQ  &\QWKLD1L[RQ &KULVWLQH

 $QG\*ULIILWKGHDWK  0LFKDHO&ODUNH'XQFDQGHDWK  7RQ\6FRWWGHDWK  0LNH:DOODFHGHDWK  'DYH\-RQHVGHDWK  5RELQ*LEEVGHDWK

9\DOLWV\QD  $YULO/DYLJQH %URG\-HQQHU  &RXUWQH\5REHUWVRQ %HQ )ODMQLN

0DULQRQL  'UHZ%DUU\PRUH :LOO .RSHOPDQ

7HQGDQFHV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

‹PLVVLRQW«O«YLV«HV

‹PLVVLRQW«O«YLV«HV

3HUVRQQDOLW«VGHOD W«O«U«DOLW«

 +HUH&RPHV+RQH\%RR%RR

 $PHULFDQ,GRO

 7KH9RLFH

 7KH9RLFH

 $PHULFDQ,GRO

 %UHDNLQJ%DG

 %LJ%URWKHU

 *DPHRI7KURQHV

 ;)DFWRU

 *OHH

 3DUN$YHQXH

 %LJ%DQJ7KHRU\

 $OFDWUD]796+RZ

 3UHWW\/LWWOH/LDUV

 'DQFH0RPV

 7KH2IILFH

 7KH1HZ1RUPDO

 &KXFN

 6ZLWFKHG$W%LUWK

 +RZ,0HW
 $ODQD+RQH\%RR%RR  6QRRNL  )DUUDK$EUDKDP  .LP.DUGDVKLDQ  %ULWWDQ\.HUU  -HI+ROP  (PLO\0D\QDUG  *LXOLDQD5DQFLF  .RXUWQH\.DUGDVKLDQ  &RXUWQH\5REHUWVRQ

0RGH

/HVSOXVUHFKHUFK«V

7HQGDQFHV

/HVSOXVUHFKHUFK«V

0DUTXHVGHY¬WHPHQWV

0DUTXHVGHY¬WHPHQWV

*UDQGHVPDUTXHVGH FU«DWHXUV

 2OG1DY\

 7RU\%XUFK

 *DS

 -&UHZ

 )RUHYHU

 )XEX

 'LHVHO

 8QLTOR

 $PHULFDQ(DJOH

 $GLGDV

 %DQDQD5HSXEOLF

 7KHRU\

 *XHVV

 7RPP\+LOILJHU

 -&UHZ

 0RVVLPR

 %HEH

 )RUHYHU

 1RUWK)DFH

 /HYLV

 /RXLV9XLWWRQ  *XFFL  &KDQHO  0LFKDHO.RUV  5DOSK/DXUHQ  3UDGD  %XUEHUU\  $UPDQL  +HUPHV  FHOLQH

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

0DUTXHVGH FKDXVVXUHV

&U«DWHXUVGHELMRX[

&RVWXPHVGH +DOORZHHQ

 1LNH  7RPV  6SHUU\  &KDQHOVKRHV  9DQV  $VLFV  &RQYHUVH  6NHFKHUV  '&6KRHV  6WHYH0DGGHQ

6W\OHGHYLH

 0LFKDHO.RUVMHZHOU\  /DQD-HZHOU\  6FRWW.D\%ULGDO  +HQUL'DXVVL  %HUJLR  'HKDJR  9HUUDJLR  %HYHUOH\.  6SHFWUXP'LDPRQGV  GH*ULVRJRQR

 .DWQLVV(YHUGHHQFRVWXPH  6OHQGHU0DQFRVWXPH  %DQHFRVWXPH  *DQJQDP6W\OHFRVWXPH  +DZNH\HFRVWXPH  7HGFRVWXPH  (IILH7ULQNHWFRVWXPH  /RRIDKFRVWXPH  3OD\ER\EXQQ\FRVWXPH  0HULGDFRVWXPH

7HQGDQFHV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

6HUYLFHVGHOLYUDLVRQ¢ GRPLFLOH

&RFNWDLOV

5HFHWWHV

 %XUJHU.LQJ'HOLYHU\  3L]]D'HOLYHU\  1ROD)RRG'HOLYHU\  +HDOWK\'HOLYHU\2SWLRQV  7RPDWR6RXS'HOLYHU\  &DQG\%RXTXHW'HOLYHU\  &KLQHVH'HOLYHU\  &RVWFR:DWHU'HOLYHU\

 0DUJDULWD

 3URJUHVVR5HFLSH6WDUWHUV

 %ORRG\0DU\

 7]DW]LNL6DXFH5HFLSH

 0RMLWR

 &KLFNHQ&DFFLDWRUH5HFLSH

 3LQD&RODGD

 &ROHVODZ'UHVVLQJ5HFLSH

 'DLTXLUL

 6OXWW\%URZQLHV5HFLSH

 :KLWH5XVVLDQ

 7ZLQNLH5HFLSH

 .DPLND]H

 3RUWDEHOOD0XVKURRP5HFLSH

 /RQJ,VODQG,FHG7HD

 6RGD%UHDG5HFLSH

 0DL7DL

 $QGRXLOOH6DXVDJH5HFLSH

 /HPRQ'URS

 /LQJXLFD5HFLSH

7HQGDQFHV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

5«JLPHVDOLPHQWDLUHV

5HVWDXUDQWV DP«ULFDLQVVXU=DJDW

6RFL«W«VGH UHVWDXUDWLRQ

 &RRNLH$UUDQJHPHQWV'HOLYHU\  2UJDQLF9HJHWDEOHV'HOLYHU\

 0LFKDHO3KHOSVGLHW  %H\RQGGLHW  5DVSEHUU\.HWRQHGLHW  3LQN0HWKRGGLHW  $GULDQD/LPDGLHW  0LUDQGD.HUUGLHW  19'LHW3LOO  )HHGLQJWXEHGLHW  -XLFLQJGLHW  0DULVVD0LOOHUGLHW

 1REX

 &RVWFR

 'DQLHO

 3L]]D+XW

 &KHI V7DEOH

 'RPLQRV

 *UDPHUF\7DYHUQ

 3DSD-RKQV

 &DWFK

 )RRG1HWZRUN

 *R%XUJHU

 :HLJKW:DWFKHUV

 &UDIW

 0F'RQDOGV

 %RXOH\

 &KLFNILO$

 %OXH+LOO

 2OLYH*DUGHQ

 0DV )DUPKRXVH

 $OOUHFLSHV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

/HVSOXVUHFKHUFK«V

5HFKHUFKHVXUOH QRPEUHGHFDORULHV

5HFKHUFKHVXUOH QRPEUHGHFDORULHV

([HUFLFHVSK\VLTXHV

 0F'RQDOGV&DORULHV

 =XPED&DORULHV%XUQHG

 &KLSRWOH&DORULHV

 3DF]NL&DORULHV

 &DORULHVLQDQ$YRFDGR

 &DQWLQD%RZO&DORULHV

 9RGND&DORULHV

 6WDUEXFNV5HIUHVKHUV&DORULHV

 &DORULHV%XUQHG:DONLQJ

 1DNHG&DORULHV

 &DORULHVLQ%DQDQDV

 0F'RQDOGV2DWPHDO&DORULHV

 &DORULHVLQD:DWHUPHORQ

 2UHR&RRODWWD&DORULHV

 6XEZD\&DORULHV

 9ROL9RGND&DORULHV

 &DORULHV%XUQHG&DOFXODWRU

 $SSOHEHHV1XWULWLRQ&DORULHV

 &DORULHVLQ6WUDZEHUULHV

 'RULWR7DFR&DORULHV

 $E([HUFLVHV  6KRXOGHU([HUFLVHV  &KHVW([HUFLVHV  /RZHU%DFN([HUFLVHV  7ULFHS([HUFLVHV  1HFN([HUFLVHV  %LFHS([HUFLVHV  +DPVWULQJ([HUFLVHV  &DOI([HUFLVHV  *OXWH([HUFLVHV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

6HUYLFHVGHUHQFRQWUHV

‹Y«QHPHQWVDQQXHOV GH

 3OHQW\RI)LVK  0DWFK  2.&XSLG  H+DUPRQ\  'DWH+RRNXS  =RRVN  &KULVWLDQ0LQJOH  $GXOW)ULHQG)LQGHU  -'DWH  6LQJOHV1HW

 6XSHU%RZO  (XUR  )DWKHUV'D\  0RWKHUV'D\  7KDQNVJLYLQJ  0HPRULDO'D\  0DUFK0DGQHVV  /DERU'D\  *UDPP\V  1)/'UDIW

6FLHQFH /HVSOXVUHFKHUFK«V

7HQGDQFHV

/HVSOXVUHFKHUFK«V

3UREOªPHVGHVDQW«

3UREOªPHVGHVDQW«

6\PSW¶PHV

 &DQFHU

 +HPRUUKRLG

 3UHJQDQF\6\PSWRPV

 'LDEHWHV

 *DVWURHVRSKDJHDO5HIOX[

 'LDEHWHV6\PSWRPV

 'HSUHVVLRQ

'LVHDVH

 )OX6\PSWRPV

 $FQH

 6H[XDOO\7UDQVPLWWHG'LVHDVH

 87,6\PSWRPV

 +HUSHV

 'LDSHU5DVK

 0RQR6\PSWRPV

 %DFNSDLQ

 'LDUUKHD

 6WUHS7KURDW6\PSWRPV

 %XUQV

 8ULQDU\7UDFW,QIHFWLRQ

 +,96\PSWRPV

 %UHDVWFDQFHU

 0LVFDUULDJH

 /XSXV6\PSWRPV

 $XWLVP

 +HDUWEXUQ

 +HDUW$WWDFN6\PSWRPV

 'LDUUKHD

 &HOLDF'LVHDVH  376'

 /\PH'LVHDVH6\PSWRPV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

(VSªFHVPHQDF«HVRX HQYRLHGHGLVSDULWLRQ

‹O«PHQWVFKLPLTXHV

6RFL«W«VVS«FLDOLV«HV GDQVOHV«QHUJLHV UHQRXYHODEOHV

 %UDNHQ%DW&DYH0HVKZHDYHU  +RRGHG&UDQH  )DOFDWHG'XFN  &RVWD5LFDQ9DULDEOH+DUOHTXLQ 7RDG  *RRW\7DUDQWXOD  *UHHQ+DPPHU&RUDO  *UHDWHU%DPERR/HPXU  &DSH6HDKRUVH

 *ROG  6LOYHU  ,URQ  0HUFXU\  /HDG  &DUERQ  &RSSHU  $OXPLQXP  3ODWLQXP  1HRQ

 6LEHULDQ6WXUJHRQ

 1H[WURQH[  60$$PHULFD 
 %ODFN6KDPD

 6FKQHLGHU(OHFWULF

7HFKQRORJLHHWJDGJHWV 7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

*DGJHWVKLJKWHFK

7«O«SKRQHV

$SSOLFDWLRQVSRXU PRELOHVHWWDEOHWWHV

 L3DG

 L3KRQH

 L3DG0LQL

 L3KRQHV

 6DPVXQJ*DOD[\6

 6DPVXQJ*DOD[\6

 .LQGOH)LUH

 *DOD[\1RWH

 1H[XV

 *DOD[\1RWH

 0LFURVRIW6XUIDFH

 %ODFNEHUU\%ROG

 *DOD[\1RWH

 %ODFNEHUU\&XUYH

 6DPVXQJ*DOD[\6

 1RNLD/XPLD

 L3KRQH

 :LQGRZV3KRQH

 1RNLD/XPLD

 0RWRUROD'URLG5D]U

 7HPSOH5XQ  ,QVWDJUDP  *RRJOH3OD\  'UDZ6RPHWKLQJ  /RJR4XL]  6RFLDOFDP  $QJU\%LUGV6SDFH  3LQWHUHVW  $PD]RQ$SS  )DFHERRN$SS

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

-HX[YLG«R

-RXHWV

&RQVWUXFWHXUV DXWRPRELOHV

 'LDEOR

 :HEFDP7R\

 %RUGHUODQGV

 (OPR7R\

 0DVV(IIHFW

 &RGHH7R\

 +DOR

 'HUS\+RRYHV7R\

 6N\ULP

 %RXQFLQJ7LJJHU7R\

 %ODFN2SV

 7HG7R\

 0DGGHQ1)/

 0DKMRQJJ7R\&KHVW

 5HVLGHQW(YLO

 3ODVWLF7R\6KRYHOV

 :UHVWOH0DQLD;;9,,,

 'RF0FVWXIILQV7R\

 ),)$

 7UDQVIRUPHUV7R\

 )RUG  +RQGD  7R\RWD  /LQFROQ  'RGJH  1LVVDQ  %0:  -HHS  &KHYUROHW  $XGL

7HQGDQFHV

7RSGHO DQQ«H

9RLWXUHVK\EULGHV

'RRGOHV*RRJOH

 )LVNHU.DUPD+\EULG

 6RFFHU'RRGOH

 &DPU\+\EULG

 0RRJ'RRGOH

 -HWWD+\EULG

 7XULQJ'RRGOH

 %0:+\EULG

 +DOORZHHQ'RRGOH

 )RUG)XVLRQ+\EULG

 1HPR'RRGOH

 /H[XV+\EULG

 =LSSHU'RRGOH

 +\XQGDL6RQDWD+\EULG

 9DOHQWLQH V'D\'RRGOH

 )RUG&0D[+\EULG

 $UFKHU\'RRGOH

 7R\RWD$YDORQ+\EULG  %XLFN/DFURVVH+\EULG

 )DWKHU V'D\'RRGOH  )DEHUJH'RRGOH

6SRUWV /HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

7HQGDQFHV

$WKOªWHVRO\PSLTXHV QDWLRQDX[

6SRUWV

6SRUWLIV

 /HEURQ-DPHV  .REH%U\DQW  0LFKDHO3KHOSV  5\DQ/RFKWH  /ROR-RQHV  $OH[0RUJDQ  0F.D\OD0DURQH\  .HYLQ'XUDQW  *DEE\'RXJODV  6HUHQD:LOOLDPV

 )RRWEDOO

 -HUHP\/LQ

 *ROI

 3H\WRQ0DQQLQJ

 %DVNHWEDOO

 0LFKDHO3KHOSV

 %DVHEDOO

 5\DQ/RFKWH

 6RFFHU

 7LP7HERZ

 5XQQLQJ

 0F.D\OD0DURQH\

 )LVKLQJ

 *DEE\'RXJODV

 7HQQLV

 /R/R-RQHV

 +RFNH\  6ZLPPLQJ

 'ZLJKW+RZDUG  6DUDK%XUNH

7HQGDQFHV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

‹TXLSHV0/%

-RXHXUV0/%

‹TXLSHV1)/

 'HWURLW7LJHUV

 'HUHN-HWHU

 7LP7HERZ

 7H[DV5DQJHUV

 %U\FH+DUSHU

 3H\WRQ0DQQLQJ

 $WODQWD%UDYHV

 -RVK+DPLOWRQ

 7RP%UDG\

 6DQ)UDQFLVFR*LDQWV

 $OH[5RGULJXH]

 (OL0DQQLQJ

 &KLFDJR&XEV

 $OEHUW3XMROV

 'UHZ%UHHV

 &LQFLQQDWL5HGV

 %ULDQ:LOVRQ

 5D\/HZLV

 1HZ
 3ULQFH)LHGOHU

 $DURQ5RGJHUV

 :DVKLQJWRQ1DWLRQDOV

 0LNH7URXW

 &DP1HZWRQ

 %RVWRQ5HG6R[

 7\OHU0RRUH

 9LFWRU&UX]

 3LWWVEXUJK3LUDWHV

 &KULV-RKQVRQ

 0LNH:DOODFH

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

‹TXLSHV1)/

‹TXLSHV1%$

-RXHXUV1%$

 'DOODV&RZER\V

 %URRNO\Q1HWV

 /HEURQ-DPHV

 &KLFDJR%HDUV

 /$&OLSSHUV

 -HUHP\/LQ

 'HQYHU%URQFRV

 3KLODGHOSKLDHUV

 'ZLJKW+RZDUG

 *UHHQ%D\3DFNHUV

 /RV$QJHOHV&OLSSHUV

 'HUULFN5RVH

 0LDPL'ROSKLQV

 2NODKRPD&LW\7KXQGHU

 .HYLQ'XUDQW

 1HZ(QJODQG3DWULRWV

 0LQQHVRWD7LPEHUZROYHV

 /DPDU2GRP

 'HWURLW/LRQV

 2NODKRPD7KXQGHU

 5D\$OOHQ

 1HZ
 1<.QLFNV

 6WHYH1DVK

 3LWWVEXUJK6WHHOHUV

 +RXVWRQ5RFNHWV

 $QWKRQ\'DYLV

 &KDUORWWH%REFDWV

 'Z\DQH:DGH

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

'RQV

$XWHXUV

/LYUHV

 2DNODQG5DLGHUV

6FLHQFHVKXPDLQHV

 'RQDWHWR2EDPD

 &KDUOHV'XKLJJ

 )LIW\6KDGHV'DUNHU

 'RQDWHWR6DQG\

 :LOOLDP/DQGD\

 %DUHGWR
 'RQDWHWR5RPQH\

 %ULDQ6RX]D

 )LIW\6KDGHV)UHHG

 'RQDWHWR.21<

 0/6WHGPDQ

 7KH&DVXDO9DFDQF\

 'RQDWHWR.DUHQ.OHLQ

 (/-DPHV

 'HIHQGLQJ-DFRE

 'RQDWHWR3%6

 &KHU\O6WUD\HG

 7KH/LJKW%HWZHHQ2FHDQV

 'RQDWHWR5HG&URVV

 *LOOLDQ)O\QQ

 4XLHW7KH3RZHURI,QWURYHUWV

 'RQDWHWR1$6$

 6\OYLD'D\

 7KH6HUSHQW V6KDGRZ

 'RQDWHWR=LPPHUPDQ  'RQDWHWR(QWUHSUHQHXUV

 (GZDUG.OHLQ  (GZDUG&RQDUG

 ,QGLYLVLEOH5HVWRULQJ)DLWK  7KH36
7HQGDQFHV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

8QLYHUVLW«V

%LEOLRWKªTXHV

0XV«HV

 /HKLJK8QLYHUVLW\

 /LEUDU\RI&RQJUHVV

 0HWURSROLWDQ0XVHXPRI$UW

 8QLYHUVLW\RI,OOLQRLVDW8UEDQD

 &KLFDJR3XEOLF/LEUDU\

 3KLODGHOSKLD0XVHXPRI$UW

 %URRNO\Q3XEOLF/LEUDU\

 1DWLRQDO*DOOHU\RI$UW

 2WWHUEHLQ8QLYHUVLW\

 1HZ
 'H
 &UHLJKWRQ8QLYHUVLW\

 +HQQHSLQ&RXQW\/LEUDU\

 0XVHXPRI6FLHQFH%RVWRQ

 +LOOVGDOH&ROOHJH

 %RVWRQ3XEOLF/LEUDU\

 &DOLIRUQLD6FLHQFHFHQWHU

 0DULVW&ROOHJH

 )UHH/LEUDU\RI3KLODGHOSKLD

 0XVHXPRI1DWXUDO+LVWRU\

 :HOOV&ROOHJH

 +RXVWRQ3XEOLF/LEUDU\

 &KLFDJR0XVHXPRI6FLHQFH

&KDPSDLJQ

 6ZHHW%ULDU&ROOHJH  *ULQQHOO&ROOHJH

 /RV$QJHOHV3XEOLF/LEUDU\

 0XVHXPRI)LQH$UWV%RVWRQ

 6DQ'LHJR3XEOLF/LEUDU\

 ([SORUDWRULXP

/HVSOXVUHFKHUFK«VGDQV=DJDW

/HVSOXVUHFKHUFK«VGDQV=DJDW

/HVSOXVUHFKHUFK«VGDQV=DJDW

5HVWDXUDQWVG $XVWLQ 7H[DV

5HVWDXUDQWVGH %RVWRQ 0DVVDFKXVHWWV

5HVWDXUDQWVGH &KDUORWWH &DUROLQHGX1RUG

 /XFFD5HVWDXUDQW

 )LJ7UHH5HVWDXUDQW

 /HJDO6HD)RRGV5HVWDXUDQW

 0DLQ5HVWDXUDQW

 7UDGH5HVWDXUDQW

 $ULD5HVWDXUDQW

 +DUYHVW5HVWDXUDQW

 &XVWRPVKRS5HVWDXUDQW

 0DUNHWE\-HDQ*HRUJHV

 5RRVWHU V5HVWDXUDQW

 0RXQW+RO\RNH&ROOHJH

9LOOHV

 &RQJUHVV5HVWDXUDQW  6DOW/LFN5HVWDXUDQW  8FKL5HVWDXUDQW  9HVSDLR5HVWDXUDQW  5RDULQJ)RUN5HVWDXUDQW  8FKLNR5HVWDXUDQW  (GGLH9 V3ULPH6HDIRRG 5HVWDXUDQW  = 7HMDV5HVWDXUDQW  3DUNVLGH5HVWDXUDQW  )OHPLQJ V3ULPH6WHDNKRXVH :LQH%DU

5HVWDXUDQW

 'ROFH5HVWDXUDQW

 7HQ7DEOHV5HVWDXUDQW

 (QVR5HVWDXUDQW

 *URWWR5HVWDXUDQW

 9LYDFH5HVWDXUDQW

 6HOGHOD7HUUH5HVWDXUDQW

 %OXH5HVWDXUDQW %DU

 6WUHJD5HVWDXUDQW  &DSLWDO*ULOOH

5HVWDXUDQW  H5HVWDXUDQW

/HVSOXVUHFKHUFK«VGDQV=DJDW

/HVSOXVUHFKHUFK«VGDQV=DJDW

/HVSOXVUHFKHUFK«VGDQV=DJDW

5HVWDXUDQWVGH &KLFDJRΖOOLQRLV

5HVWDXUDQWVGH &ROXPEXV2KLR

5HVWDXUDQWVGH'DOODV 7H[DV

 6SLDJJLD5HVWDXUDQW

 +\GH3DUN3ULPH6WHDNKRXVH

 )UHQFK5RRP5HVWDXUDQW

 1R0,.LWFKHQ5HVWDXUDQW

 6NLOOHW5HVWDXUDQW

 6PRNH5HVWDXUDQW

 (YHUHVW5HVWDXUDQW

 0LOHVWRQH5HVWDXUDQW

 6WHSKDQ3\OHV5HVWDXUDQW

 1H[W5HVWDXUDQW

 -$OH[DQGHU V5HVWDXUDQW

 0L&RFLQD5HVWDXUDQW

 7KH3XEOLFDQ5HVWDXUDQW

 0LWFKHOO V5HVWDXUDQW

 1LFN 6DP V5HVWDXUDQW

 *LEVRQV%DU 6WHDNKRXVH

 1RUWKVWDU&DIp5HVWDXUDQW

 2FHDQ3ULPH5HVWDXUDQW

 &RFR3D]]R5HVWDXUDQW

 (O9DTXHUR0H[LFDQ

 $EDFXV5HVWDXUDQW

 5RVHEXG5HVWDXUDQW  &DWFK5HVWDXUDQW  *UDKDP(OOLRW5HVWDXUDQW

5HVWDXUDQW  0DUWLQL0RGHUQ,WDOLDQ 5HVWDXUDQW

 %RE V6WHDN &KRS+RXVH  /RFDO5HVWDXUDQW  7UXOXFN V5HVWDXUDQW

 2OLYH*DUGHQ5HVWDXUDQW  7KXUPDQ&DIp

/HVSOXVUHFKHUFK«VGDQV=DJDW

/HVSOXVUHFKHUFK«VGDQV=DJDW

/HVSOXVUHFKHUFK«VGDQV=DJDW

5HVWDXUDQWVGH 'HQYHU&RORUDGR

5HVWDXUDQWVGH 'HWURLW0LFKLJDQ

5HVWDXUDQWVGH .DQVDV&LW\.DQVDV

 (OZD\ V5HVWDXUDQW

 $QGLDPR5HVWDXUDQW

 0LQVN\ V3L]]D

 7KH.LWFKHQ5HVWDXUDQW

 ,ULGHVFHQFH5HVWDXUDQW

 )LRUHOOD V-DFN6WDFN

 &KRORQ0RGHUQ$VLDQ%LVWUR

 *ULOOH

 2FHDQ3ULPH5HVWDXUDQW

 -RH0XHU6HDIRRG5HVWDXUDQW

 6WURXG V5HVWDXUDQW

 (GJH5HVWDXUDQW %DU

 /RQGRQ&KRS+RXVH

 &KRSKRXVH

 6XVKL'HQ5HVWDXUDQW

 /HOOL V5HVWDXUDQW

 $UWKXU%U\DQW V5HVWDXUDQW

 9HQLFH5LVWRUDQWH :LQHEDU

 =LQJHUPDQ V5HVWDXUDQW

 0LFKDHO6PLWK5HVWDXUDQW

 5HVWDXUDQW.HYLQ7D\ORU

 &DIp=ROD

 *DWHV%DU%45HVWDXUDQW

 2XWEDFN6WHDNKRXVH

 3OD]D,,,7KH6WHDNKRXVH

 9LWD5HVWDXUDQW  7ULOOLXP5HVWDXUDQW

 7RDVWHG2DN5HVWDXUDQW

5HVWDXUDQW

 +HUHIRUG+RXVH5HVWDXUDQW  %OXHVWHP5HVWDXUDQW

/HVSOXVUHFKHUFK«VGDQV=DJDW

5HVWDXUDQWVGH /DV9HJDV1HYDGD  0LFKDHO0LQD5HVWDXUDQW  6DJH5HVWDXUDQW  0L[5HVWDXUDQW  $PHULFDQ)LVK5HVWDXUDQW  -XOLDQ6HUUDQR5HVWDXUDQW  3ULPH6WHDNKRXVH  7DR5HVWDXUDQW  2OLYHV5HVWDXUDQW  /D&DYH5HVWDXUDQW  &XW5HVWDXUDQW

/HVSOXVUHFKHUFK«VGDQV=DJDW

/HVSOXVUHFKHUFK«VGDQV=DJDW

5HVWDXUDQWVGH /RV$QJHOHV&DOLIRUQLH

5HVWDXUDQWVGH0LDPL )ORULGH

 %RXFKRQ5HVWDXUDQW

 =XPD5HVWDXUDQW

 %RD5HVWDXUDQW

 %DUWRQ*7KH5HVWDXUDQW

 .DWVX\D5HVWDXUDQW

 2/$5HVWDXUDQW

 *MHOLQD5HVWDXUDQW

 &DVD7XD5HVWDXUDQW

 &XW5HVWDXUDQW

 -XYLD5HVWDXUDQW

 0R]]D5HVWDXUDQW

 5HG7KH6WHDNKRXVH

 8PDPL%XUJHU5HVWDXUDQW

 (VWLDWRULR0LORV%\&RVWDV

 %D]DDUE\-RVH$QGUHV 5HVWDXUDQW  7DYHUQ5HVWDXUDQW

6SLOLDGLV5HVWDXUDQW  3XEEHOO\5HVWDXUDQW  3ULPH2QH7ZHOYH5HVWDXUDQW

 1REX5HVWDXUDQW

 1REX5HVWDXUDQW

/HVSOXVUHFKHUFK«VGDQV=DJDW

/HVSOXVUHFKHUFK«VGDQV=DJDW

/HVSOXVUHFKHUFK«VGDQV=DJDW

5HVWDXUDQWVGH 0LQQHDSROLV 0LQQHVRWD

5HVWDXUDQWVGH /D1RXYHOOH2UO«DQV /RXLVLDQH

5HVWDXUDQWVGH 1HZ
 %DFKHORU)DUPHU5HVWDXUDQW

 &RFKRQ5HVWDXUDQW

 %XWFKHU WKH%RDU5HVWDXUDQW

 (PHULO V5HVWDXUDQW

 2FHDQDLUH6HDIRRG5RRP

 12/$5HVWDXUDQW

5HVWDXUDQW

 %UHQDQ V5HVWDXUDQW

 2ULJDPL5HVWDXUDQW

 $XJXVW5HVWDXUDQW

 5RVD0H[LFDQR5HVWDXUDQW

 8SSHUOLQH5HVWDXUDQW

 %UDVD5HVWDXUDQW

 %D\RQD5HVWDXUDQW

 0DQQ\ V6WHDNKRXVH

 $UQDXG V5HVWDXUDQW

 6HYHQ5HVWDXUDQW

 +HUEVDLQW5HVWDXUDQW

 :$)URVW5HVWDXUDQW  %DUULR5HVWDXUDQW

 %RUJQH5HVWDXUDQW

 1REX5HVWDXUDQW  'DQLHO5HVWDXUDQW  &KHI V7DEOH5HVWDXUDQW  *UDPHUF\7DYHUQ5HVWDXUDQW  &DWFK5HVWDXUDQW  *R%XUJHU5HVWDXUDQW  &UDIW5HVWDXUDQW  %RXOH\5HVWDXUDQW  %OXH+LOO5HVWDXUDQW  0DV )DUPKRXVH 5HVWDXUDQW

/HVSOXVUHFKHUFK«VGDQV=DJDW

/HVSOXVUHFKHUFK«VGDQV=DJDW

/HVSOXVUHFKHUFK«VGDQV=DJDW

5HVWDXUDQWVGH 3KLODGHOSKLH 3HQQV\OYDQLH

5HVWDXUDQWVGH 3RUWODQG2UHJRQ

5HVWDXUDQWVGH 5LFKPRQG9LUJLQLH

 9HWUL5HVWDXUDQW  /H%HF)LQ5HVWDXUDQW  7LQWR5HVWDXUDQW  6XSSHU5HVWDXUDQW  )RXQWDLQ5HVWDXUDQW  $PDGD5HVWDXUDQW  &LW\7DYHUQ5HVWDXUDQW  2\VWHU+RXVH5HVWDXUDQW

 3RN3RN5HVWDXUDQW

 /HPDLUH5HVWDXUDQW

 /H3LJHRQ5HVWDXUDQW

 $FDFLDPLGWRZQ5HVWDXUDQW

 &DVWDJQD5HVWDXUDQW

 7DUUDQW V&DIp

 3RUWODQG&LW\*ULOO

 %LVWUR%REHWWH5HVWDXUDQW

 *UXQHU5HVWDXUDQW

 &RPIRUW5HVWDXUDQW

 -25<5HVWDXUDQW

 %OXH*RDW5HVWDXUDQW

 2ED5HVWDXUDQW

 3DVWXUH5HVWDXUDQW

 9HULWDEOH4XDQGDU\5HVWDXUDQW

 -XOHS V5HVWDXUDQW

 %OXHKRXU5HVWDXUDQW

 %RQHILVK*ULOO5HVWDXUDQW

 1HG/XGG5HVWDXUDQW

 %ODFN6KHHS5HVWDXUDQW

/HVSOXVUHFKHUFK«VGDQV=DJDW

/HVSOXVUHFKHUFK«VGDQV=DJDW

/HVSOXVUHFKHUFK«VGDQV=DJDW

5HVWDXUDQWVGH 6DFUDPHQWR&DOLIRUQLH

5HVWDXUDQWVGH 6DQ)UDQFLVFR &DOLIRUQLH

5HVWDXUDQWVGH 6HDWWOH:DVKLQJWRQ

 /D9LROD5HVWDXUDQW  7KH&DSLWDO*ULOOH5HVWDXUDQW

 7KH.LWFKHQ5HVWDXUDQW  7DVWH5HVWDXUDQW  7KH)LUHKRXVH5HVWDXUDQW  0LNXQL5HVWDXUDQW  6LHQQD5HVWDXUDQW  7KH3RUFK5HVWDXUDQW  7KH:DWHUER\  /LWWOH%XGGKD7KDL%LVWUR  7HQ5HVWDXUDQW  (OOD'LQLQJ5RRP %DU

 %RXOHYDUG5HVWDXUDQW  0LFKDHO0LQD  6SUXFH5HVWDXUDQW  'HOILQD5HVWDXUDQW  3URVSHFW5HVWDXUDQW  5(''5HVWDXUDQW  1RUWK%HDFK5HVWDXUDQW  )UDQFHV  )UHQFK/DXQGU\  &DQWHHQ5HVWDXUDQW

 (O*DXFKR5HVWDXUDQW  3XUSOH&DIp :LQH%DU  &DIp-XDQLWD  6HULRXV3LH5HVWDXUDQW  %RDW6WUHHW&DIp  7KH&UDE3RW  7KH+HUEIDUP5HVWDXUDQW  'DQLHO V%URLOHU  6HDVWDU5HVWDXUDQW 5DZ%DU  3DVHR5HVWDXUDQW

/HVSOXVUHFKHUFK«VGDQV=DJDW

5HVWDXUDQWVGH :DVKLQJWRQ'LVWULFW GH&ROXPELD  -DOHR5HVWDXUDQW  &O\GH V5HVWDXUDQW  &HQWUDO0LFKHO5LFKDUG 5HVWDXUDQW  7D\ORU*RXUPHW5HVWDXUDQW  2EHOLVN5HVWDXUDQW  5DVLND5HVWDXUDQW  5HVWDXUDQW  7DEDUG,QQ  0DWFKER[5HVWDXUDQW  7KH&DSLWDO*ULOOH

)LQODQGH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

5HFKHUFKHV

&«O«EULW«V

&«O«EULW«V

 ,OWD6DQRPDW

 3HNND+DDYLVWR

 5RELQ

 -RNDNRWL

 6DXOL1LLQLVW|

 3HWUL1\JnUG

 9DDOLNRQH

 -XVVL3DUYLDLQHQ

 3HNND+DDYLVWR

 0RYLHVWDUSODQHW

 :KLWQH\+RXVWRQ

 -XVVL3DUYLDLQHQ

 =DODQGR

 )ORRU-DQVHQ

 -RKDQQD7XNLDLQHQ

 1HWIOL[

 5RELQ

 6DXOL1LLQLVW|

 0P-llNLHNNR

 6DDQD3DUYLDLQHQ

 -XVWLQ%LHEHU

 3HNND+DDYLVWR

 )HOL[%DXPJDUWQHU

 &KLVX

 +RZUVH

 3DDYR9l\U\QHQ

 &KHHN

 *$*

 3HNND-DODYD

 6DDQD3DUYLDLQHQ

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

&RPPHQWȐ

4X HVWFHTXHȐ

‹PLVVLRQW«O«YLV«HV

 .XLQND6DDGD.XXPH

 0LNl2Q,QVWDJUDP

 6DODWXW(OlPlW

 .XLQND3XUMHKWLMDNVL7XOODDQ

 0LNl2Q3D\SDO

 %LJ%URWKHU

 .XLQND0RQWD3URVHQWWLD

 0LNl2Q7ZLWWHU

 8XVL3lLYl

 .XLQND,VNHl1DLQHQ

 0LNl2Q%ORJL

 7DQVVLL7lKWLHQ.DQVVD

 .XLQND/DLKWXD1RSHDVWL

 0LNl2Q-DYD

 9DLQ(OlPll

 .XLQND1RSHDVWL5DVNDDNVL

 0LNl2Q,SDG

 ,KROOD

 .XLQND6HOYLWl(URVWD

 0LNl2Q&Y

 :DONLQJ'HDG

 .XLQND5LNDVWXD

 0LNl2Q)DFHERRN

 $PHULFDQ,GRO

 .XLQND3DOMRQ$VXQWRODLQDD

 0LNl2Q,QWHUQHW

 7UXH%ORRG

 .XLQND3RLVWDD)DFHERRN

 0LNl2Q:LIL

 .DGRQQHHQ-lOMHOOl

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

7HQGDQFHV

&RPPHQWȐ

4X HVWFHTXHȐ

7LWUHV

 .XLQND6DDGD.XXPH

 0LNlRQ,QVWDJUDP

 )URQWVLGH2OOLH

 .XLQND3XUMHKWLMDNVL7XOODDQ

 0LNlRQ3D\SDO

 *DQJQDP6W\OH

 .XLQND0RQWD3URVHQWWLD

 0LNlRQ7ZLWWHU

 &ORVHU

 .XLQND,VNHl1DLQHQ

 0LNlRQ%ORJL

 6DODLVXXGHW

 .XLQND/DLKWXD1RSHDVWL

 0LNlRQ-DYD

 6QRRS/LRQ

 .XLQND1RSHDVWL5DVNDDNVL

 0LNlRQ,SDG

 .XNNXUXNXX

 .XLQND6HOYLWl(URVWD

 0LNlRQ&Y

 2ONLQDLQHQ

 .XLQND5LNDVWXD

 0LNlRQ)DFHERRN

 6RXWDD+XRSDD

 .XLQND3DOMRQ$VXQWRODLQDD

 0LNlRQ,QWHUQHW

 6RNND,UWL

 .XLQND3RLVWDD)DFHERRN

 0LNlRQ:L)L

 'LDPRQGV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

7HQGDQFHV

6SRUWLIV

‹TXLSHVGHVSRUW

‹Y«QHPHQWVVSRUWLIV

 .LPL5lLNN|QHQ

 -RNHULW

 0P-llNLHNNR

 0LNDHO*UDQOXQG

 +LIN

 /RQGRQ

 0DWWL1\NlQHQ

 7DSSDUD

 1HVWH5DOOL

 7HHPX6HOlQQH

 3HOLFDQV

 -XNROD

 8VDLQ%ROW

 .DOSD

 -DONDSDOORQ(P

 .LLUD.RUSL

 -\S


 0DULR%DORWHOOL

 +MN

 .DUMDOD7XUQDXV

 /LRQHO0HVVL

 6DLSD

 +HOVLQNL&XS

 $QWRQHQ.XLYDQHQ

 .lUSlW

 9DVDORSSHW

 (PLOLD3LNNDUDLQHQ

 +SN

 3RZHU&XS

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

$OLPHQWDWLRQHW ERLVVRQV

5HFHWWHVGHFXLVLQH

5HFHWWHVGHFXLVLQH

 $YRNDGRSDVWD  0DQJR7XRUHMXXVWRNDNNX  0DFDURRQV  .DXUD2PHQDSDLVWRV  &XSFDNH5HVHSWL  6PRRWKLH5HVHSWL  5DSDUSHULSLLUDNND  -XXVWRNDNNX8XQLVVD

 $YRNDGRSDVWD

 /LKDSXOODW

 0HULPLHVSLKYL

 0DNDURQLODDWLNNR

 8XQLMXXUHNVHW

 .DDOLODDWLNNR

 3DVWD&DUERQDUD

 8XQLORKL

 /RKL8XQLVVD

 /DVDJQH

 0DD$UWLVRNNDNHLWWR

 .LQNNXSLLUDNND

 .DQDNDVWLNH

 -DXKHOLKDSLKYLW

 0DNVDODDWLNNR

 /LKDPXUHNH

 -XXVWRNHLWWR

 .DUMDODQSDLVWL

 6XSSLORYDKYHURNHLWWR

 -DXKHOLKDNDVWLNH

7HQGDQFHV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

5HFHWWHVGHS¤WLVVHULH

5HFHWWHVGHS¤WLVVHULH

$SSDUHLOVPRELOHV

 /LPH-XXVWRNDNNX  0XVWLNNDMXXVWRNDNNX

 0DQJR7XRUHMXXVWRNDNNX

 .DNNX

 /XPLD

 0DFDURRQV

 3DQQXNDNNX

 /XPLD

 .DXUD2PHQDSDLVWRV

 -XXVWRNDNNX

 ,SDG

 &XSFDNH5HVHSWL

 0XVWLNNDSLLUDNND

 *DOD[\6

 5DSDUSHULSLLUDNND

 2PHQDSLLUDNND

 1RNLD

 -XXVWRNDNNX8XQLVVD

 0RNNDSDODW

 ,SDG0LQL

 /LPH-XXVWRNDNNX

 /HWWXWDLNLQD

 1RNLD1

 0XVWLNNDMXXVWRNDNNX

 6XNODDNDNNX

 1RNLD

 9RLVLOPlSXOOD

 0XWDNDNNX

 1H[XV

 7l\WHNDNNX

 1RNLD

 3DYORYD

7HQGDQFHV

7«O«YLVLRQ  -llNLHNRQ0P  %LJ%URWKHU  9RLFH2I)LQODQG  9DLQ(OlPll  9LLGDNRQ7lKW|VHW  (XURYLLVXW  ,KROOD  *DPH2I7KURQHV  7HUUD1RYD  5RED

)UDQFH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

5HFKHUFKHVG LPDJHV

 )UHH0RELOH

 :KLWQH\+RXVWRQ

 &RHXU

 (XUR

 -HDQ/XF'HODUXH

 2QH'LUHFWLRQ

 6HFUHW6WRU\

 )UDQoRLV+ROODQGH

 &KDW

 %UHI

 $QRQ\PRXV

 )RQG' eFUDQ

 0FGRQDOGV)U

 7KLHUU\5RODQG

 5LKDQQD

 57%)

 0RXVV'LRXI

 6HOHQD*RPH]

 0DSS\,WLQpUDLUH

 3LHUUH0RQG\

 0DQJD

 -R

 0pOHQFKRQ

 7DWRXDJH

 :KLWQH\+RXVWRQ

 /XF&KDWHO

 1HZ
 0\WI

 )HOL[%DXPJDUWQHU

 6PLOH\

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

7LWUHV

0XVLFLHQV

‹PLVVLRQW«O«YLV«HV

 *DQJQDP6W\OH

 :KLWQH\+RXVWRQ

 3OXV%HOOH/D9LH

 &DOO0H0D\EH

 0LFKHO7HOR

 %UHI

 :DWL+RXVH

 /DQD'HO5H\

 7KH9RLFH

 3D\SKRQH

 2QH'LUHFWLRQ

 'HVSHUDWH+RXVHZLYHV

 %DUD%DUD%HUH%HUH

 'RQQD6XPPHU

 :DONLQJ'HDG

 -XVWH8Q,QVWDQW

 /0)$2

 'H[WHU

 5D\RV'H6RO

 &ODXGH)UDQFRLV

 /H7URQH'H)HU

 3DUW\6KDNHU

 *RW\H

 7RS&KHI

 3DUOHU¬0RQ3qUH

 &&

 1FLV(QTXHWHV6SHFLDOHV

 3RXQG7KH$ODUP

 (GLWK3LDI

 'U+RXVH

/HVSOXVUHFKHUFK«V

7HQGDQFHV

7HQGDQFHV

+RPPHVSROLWLTXHV

&RPPHQWȐ

4X HVWFHTXHȐ

 )UDQFRLV+ROODQGH

 &RPPHQW0DLJULU

 4XH6LJQLILH6ZDJ

 6DUNR]\

 &RPPHQW(PEUDVVHU

 4XH6LJQLILH

 0DULQH/H3HQ

 &RPPHQW*URVVLU

 4XH6LJQLILH:::

 'VN

 &RPPHQW'HYHQLU5LFKH

 4XH6LJQLILH/RO

 -HDQ/XF0HOHQFKRQ

 &RPPHQW6H0DTXLOOHU

 4XH6LJQLILH8VE

 %D\URX

 &RPPHQW'HVVLQHU

 4XH6LJQLILH5LS

 1DGLQH0RUDQR

 &RPPHQW7RPEHU(QFHLQWH

 4XH6LJQLILH/PIDR

 -HDQ0DUF$\UDXOW

 &RPPHQW'UDJXHU

 4XH6LJQLILHAA

 )UDQFRLV)LOORQ

 &RPPHQW6H3DFVHU

 4XH6LJQLILH5S]

 'RPLQLTXH3DLOOp

 &RPPHQW6H0XVFOHU

 4XH6LJQLILH3RNH

7HQGDQFHV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

7HFKQRORJLH

‹TXLSHVGHVSRUW

$WKOªWHVRO\PSLTXHV QDWLRQDX[

 )UHH0RELOH

 36*

 $PRXU6XFUp

 20

 'LDEOR

 6WDGH7RXORXVDLQ

 6RVK

 6WDGH5HLPV

 L3DG

 )&1DQWHV

 =HUJ5XVK

 2O

 %$QG
 )&0HW]

 )LID

 5&/HQV

 +DEER]

 $YLURQ%D\RQQDLV

 L3KRQH6

 &OHUPRQW)RRW

 3DUNHU  7HGG\5LQHU  /DXUH0DQDXGRX  &DPLOOH/DFRXUW  )ORUHQW0DQDXGRX  &KULVWRSKH/HPDLWUH  $ODLQ%HUQDUG  1LNROD.DUDEDWLF 
/HVSOXVUHFKHUFK«V

7HQGDQFHV

7HQGDQFHV

6SRUWLIV

6SRUWV

&XLVLQH

 0HVVL

 (XUR

 *LJRW' $JQHDX

 3DUNHU

 -R

 +DPEXUJHU

 &ULVWLDQR5RQDOGR

 5RODQG*DUURV

 )RQGXH6DYR\DUGH

 .DULP%HQ]HPD

 )RRWEDOO

 7DJOLDWHOOHV&DUERQDUD

 )HGHUHU5RJHU

 *ROI

 3RXOHW)ULWHV

 =ODWDQ,EUDKLPRYLF

 %DVNHW

 3URILWHUROHV

 1DGDO

 7HQQLV

 3RW$X)HX

 8VDLQ%ROW

 3HFKH

 3DYp'H6DXPRQ

 1H\PDU

 977

 +DWHP%HQ$UID

 +DQGEDOO

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

9LOOHVGDQV*RRJOH 0DSV

$GUHVVHV¢SUR[LPLW« GDQV*RRJOH0DSV

 3DULV

 &DPSLQJ

 7RXORXVH

 +RWHO

 /\RQ

 5HVWDXUDQW

 0RQWSHOOLHU

 &DUUHIRXU

 1DQWHV

 *DUH

 %RUGHDX[

 'HFDWKORQ

 0DUVHLOOH

 ,NHD

 5HQQHV

 %RXODQJHULH

 /LOOH

 /D3RVWH

 *UHQREOH

 3KDUPDFLH

 5DFOHWWH  7DUWLIOHWWH

*KDQD

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

4X HVWFHTXHȐ

 /RYLQJ
 :KLWQH\+RXVWRQ

 :KDWLV0DWWHU

 )DFHERRN

 (GGLH0XUSK\

 :KDWLV6H[

 :KLWQH\+RXVWRQ

 $WWD0LOOV

 :KDWLV/RYH

 7XELG\

 8VDLQ%ROW

 :KDWLVD&RQVWLWXWLRQ

 :KDWVDSS

 5RQDOGLQKR

 :KDWLV*RYHUQPHQW

 $]RQWR

 9DQ3HUVLH

 :KDWLV3UD\HU

 -XVW%HHQ3DLG

 )DEULFH0XDPED

 :KDWLV7UHDVRQ

 (GGLH0XUSK\

 +XON

 :KDWLV4XDOLW\

 *KDQDOHDN  $WWD0LOOV

/HVSOXVUHFKHUFK«V

6WDUVGXIRRWEDOO  9DQ3HUVLH  )DEULFH0XDPED  +XON  /RXFDV0RXUD  2VFDU  9LFWRU0RVHV  %DOORWHOOL  'URJED  .DJDZD  1H\PDU

 1XUL6DKLQ  0LFKDHO&ODUN'XQFDQ

 :KDWLV1HWZRUNLQJ  :KDWLV$QGURLG

+RQJ.RQJ

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

5HFKHUFKHV

&«O«EULW«V

‹PLVVLRQW«O«YLV«HV

 2O\PSLFV

 36<



 'LDEOR

 -HUHP\/LQ



 (XUR





 *DQJQDP6W\OH36<

 :KLWQH\+RXVWRQ



 -HUHP\/LQ











 L3DG





 L3DGPLQL





 :KLWQH\+RXVWRQ 

UHVWDXUDQWV

 0DNL\R  -RKQQ\'HSS

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

6SRUWLIV

0RGH

 -HUHP\/LQ

 $ )

 5RJHU)HGHUHU

 + 0

 .REH%U\DQW

 =DUD

 0DUFHO1JX\HQ

 /9





 )RUHYHU





 +ROOLVWHU

 7RP'DOH\

 &KDQHO

 /HEURQ-DPHV

 3UDGD

 'DYLG%HFNKDP

 *XFFL

 0LFKDHO3KHOSV

 %XUEHUU\

 



+RQJULH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

7LWUHV

 9DOy9LOiJ

 999HUD

 36<*DQJQDP6W\OH

 2OLPSLD

 )HOL[%DXPJDUWQHU

 /0)$23DUW\5RFN$QWKHP

 0HJDV]WiU

 -DNDERV=VX]VDQQD

 &DUO\5DH-HSVHQ&DOO0H

 %pUNDONXOiWRU

 &VRERW$GpO

 eGHQ+RWHO

 *\XUWD'iQLHO

 /RUHHQ(XSKRULD

 5\DQDLU

 5LV]WRYeYD

 )OXRU+DOHQGD

 3|WW\|V

 $GHOH

 -DPLH:RRQ6KRXOGD

 :KLWQH\+RXVWRQ

 3X]VpU5yEHUW

 .LUiO\/LQGD8QWULHG

 %DORWHOOL

 &DUDPHO9t]Ly

 (U]VpEHWXWDOYiQ\  %iQG\.DWD

 0DULR&DVDV

0D\EH

 ÈNRV(OĘNHOĘLGHJHQ  .RPiU/iV]Oy)LDP

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

‹PLVVLRQW«O«YLV«HV

6SRUWLIV

‹TXLSHVGHVSRUW

 0HJDV]WiU

 %DORWHOOL

 )7&

 ;)DNWRU

 -DNDERV=VX]VDQQD

 )&%DUFHORQD

 9DOy9LOiJ

 5RQDOGR

 '97.

 eGHQ+RWHO

 5RJHU)HGHUHU

 &KHOVHD

 &VLOODJV]OHWLN

 /LRQHO0HVVL

 0DQFKHVWHU8QLWHG

 6KRZGHU.OXE

 *\XUWD'iQLHO

 ÒMSHVW)&

 gVV]HHVNYĘN

 5RQDOGLQKR

 $&0LODQ

 0DUDGMWDOSRQ

 6]LOiJ\LÈURQ

 $UVHQDO

 (XURYt]LyV'DOIHV]WLYiO  +HWL+HWHV

 5DNRQF]DL*iERU  &VHK/iV]Oy

 %D\HUQ0XQFKHQ  0.%9HV]SUpP

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

&RPPHQWȐ

4X HVWFHTXHȐ

&«O«EULW«VKRQJURLVHV

 +RJ\DQ.HOO6PiUROQL

 0LD6]HUHOHP

 )OXRU

 +RJ\DQ6]HUH]]HN3pQ]W

 0LD0DV]WDED

 99*LJL

 +RJ\DQ3RUV]tYy]]XQN

 0LD%ROGRJViJ

 5XELQW5pND

 0LD.DOHYDOD

 -DQLFViN9HFD

 +RJ\DQ.pV]tWVQN,GĘJpSHW

0DFVNiW

 0LD3QN|VG

 9DVWDJ&VDED

 +RJ\DQ&ViEtWVDP(O

 0LD+RURV]NySRP

 99$QLNy

 +RJ\DQ%RURWYiOMDP/H

 0LD9tUXV

 3OD]PD

 +RJ\DQ)DUDJMXQN7|N|W

 0LD)ĘQpY

 .HOHPHQ$QQD

 +RJ\DQ)RJ\MXQN+DVUyO  +RJ\DQ6SyUROMXQN

 0LD.XV]NXV]

 /ROD

 0LD6]H[

 99=VyIL

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFHWWH

5«JLPHVDOLPHQWDLUHV

%LOOHWV

 +RJ\DQ6VVQN.HQ\HUHW

 &VLUNHPHOO5HFHSW

 *L'LpWD

 $OHJULD

 0DFDURQ5HFHSW

 'XNDQ'LpWD

 6]LJHW

 %UDVVyL$SUySHFVHQ\H5HFHSW

 3DOHROLW'LpWD

 2]RUD

 3DGOL]ViQ5HFHSW

 /pE|MW.~UD

 9LGHRWRQ6SRUWLQJ

 6SRUW6]HOHW5HFHSW

 9pUFVRSRUW'LpWD

 &DYDOHUR

 3LVNyWDWpV]WD5HFHSW

 1RUEL8SGDWH'LpWD

 'YVF6NHQGHUEHX

 %RG]D,WDO5HFHSW

 .iSRV]WDOHYHV'LpWD

 0RMV]HMHY

 &VLUNHFRPE5HFHSW

 $OPD'LpWD

 0DJ\DU+ROODQG

 /DVNDJRPED5HFHSW  5DIIDHOOR*RO\y5HFHSW

/HVSOXVUHFKHUFK«V

5¬YHV  )RJKXOOiV  +DOiO  0HJFVDOiV  .XW\DKDUDSiV  .tJ\y  3DWNiQ\  7HUKHVVpJ  (VNYĘ  3yN  6]DNtWiV

 )HKpUMH'LpWD  $Q\DJFVHUH'LpWD

 2PHJD.RQFHUW  0DJ\DU7|U|N

ΖQGH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

5HFKHUFKHV

&«O«EULW«V

)LOPV

 ,%36

 6XQQ\/HRQH

 (N7KD7LJHU

 *DWH([DPV

 5DMHVK.KDQQD

 5RZG\5DWKRUH

 6XQQ\/HRQH

 3RRQDP3DQGH\

 -DQQDW

 (N7KD7LJHU

 $OLD%KDWW

 +RXVHIXOO

 5RZG\5DWKRUH

 1LUPDO%DED

 5DD]

 &EVH

 6KHUO\Q&KRSUD

 -LVP

 5DMHVK.KDQQD


 %DUIL

 $DNDVK7DEOHW

 6DLI$OL.KDQ

 ,VKDT]DDGH

 +GIF

 'LDQD3HQW\

 $JHQW9LQRG

 -DERQJ

 9LODVUDR'HVKPXNK

 9LFN\'RQRU

7HQGDQFHV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

'HVWLQDWLRQVGH YR\DJH

9LOOHV

/LHX[¢SUR[LPLW«

 .HUDOD  7DM0DKDO  :DJDK%RUGHU  9DLVKQR'HYL  $PDUQDWK  .DVKPLU  6KLUGL  5DPHVKZDUDP7HPSOH  0XQQDU  *DWHZD\2I,QGLD

 'HOKL  %DQJDORUH


 0XPEDL

 )UHHGRP3DUN%DQJDORUH

 &KHQQDL

 ,%0

 3XQH

 ,,7%RPED\

 +\GHUDEDG

 0HHQDNVKL$PPDQ7HPSOH

 &RLPEDWRUH

0DGXUDL7DPLO1DGX

 .RONDWD

 5DPOLOD*URXQG'HOKL

 -DLSXU

 'HOKL=RR

 *RD

 6LGGKLYLQD\DN7HPSOH0XPEDL 0DKDUDVKWUD  ,,70DGUDV  ,WSO%HQJDOXUX.DUQDWDND

/HVSOXVUHFKHUFK«V

$FWXDOLW«V  6HQVH[  9LODVUDR'HVKPXNK'HDWK  +XUULFDQH6DQG\  $QQD+D]DUH  $VHHP7ULYHGL&DUWRRQV  $EKLVKHN0DQX6LQJKYL  .LQJILVKHU$LUOLQHV  (DUWKTXDNH,Q&KHQQDL  3UDQDE0XNKDUMHH3UHVLGHQW  5DMHVK.KDQQD'HDWK

ΖQGRQ«VLH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

3HUVRQQHV HQ ΖQGRQ«VLH

3HUVRQQHV GDQVOH PRQGH

 *DQJQDP6W\OH  1RDK

 -RNRZL

 :KLWQH\+RXVWRQ

 $\X7LQJ7LQJ

 $GHOH

 %XGL'RUHPL

 $QGUHZ*DUILHOG

 $GH1DPQXQJ

 9DOHULD/XN\DQRYD

 (]D*LRQLQR

 (PPD6WRQH

 -XGLND

 0DFDXOD\&XONLQ

 6KHLOD0DUFLD

 -HVVLH-

 'DKODQ,VNDQ

 -HUHP\/LQ

 9DOLD5DKPD

 .DWH0LGGOHWRQ

 &DNUD.KDQ

 &KULVWLQD3HUUL

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

0XVLFLHQV

7LWUHVLQGRQ«VLHQV

7«O«SKRQHV

 7RPFDW  &RER\-XQLRU  -RNRZL  ,QGRQHVLDQ,GRO  &KHUU\%HOOH  $\X7LQJ7LQJ  6XNKRL  1HQHN*D\XQJ

 1RDK

 6HSDUXK$NX 1RDK

 L3KRQH

 &RER\-XQLRU

 ,ZDN3H\HN 7ULR

 1H[LDQ

 &KHUU\%HOOH

0DFDQ6DJLWD

 1RNLD;

 $\X7LQJ7,QJ

 +DUJDL$NX $UPDGD

 1RNLD/XPLD

 %OLQN

 6D\DQJ 8QJX

 6DPVXQJ*DOD[\6

 2QH'LUHFWLRQ

 5LQGX $JQHV0RQLFD

 6DPVXQJ*DOD[\$FH

 6PDVK

 5LQGX0HUDQD 'D9LQFL

 1RNLD;

 :KLWQH\+RXVWRQ

 3HUJL6DMD *HLVKD

 6DPVXQJ*DOD[\
 -.7

 0DEXN&LQWD $UPDGD

 L3KRQHV

 %HDXWLIXO &KHUU\%HOOH

 1RNLD$VKD

 %XGL'RUHPL

 0DDINDQ 1LNLWD:LOO\

/HVSOXVUHFKHUFK«V

7HQGDQFHV

7HQGDQFHV

‹TXLSHVGHVSRUW

0RGªOHVGHYRLWXUHV

-HX[

 3HUVLE%DQGXQJ

 7R\RWD$J\D

 $QJU\%LUGV

 0DQFKHVWHU8QLWHG

 +RQGD%ULR

 0RWR*3

 $UVHQDO

 6X]XNL(UWLJD

 *HPVFRRO/RVW6DJD

 $&0LODQ

 0RELO(VHPND

 'UDJRQ1HVW

 -XYHQWXV

 1LVVDQ(YDOLD

 'UDJRQ&LW\

 3HUVLMD

 'DLKDWVX$\OD

 8()$(852

 6ULZLMD\D)&

 0LWVXELVKL2XWODQGHU

 $QJU\%LUGV6SDFH

 ,QWHU0LODQ

 7DWD1DQR

 (PSLUHV

 0DQFKHVWHU&LW\

 0LWVXELVKL0LUDJH

 %DUFHORQD)&

 %HQWOH\0XOVDQQH

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

0DUTXHV

&RPSDJQLHVD«ULHQQHV

 /LRQ$LU

 /LRQ$LU

 7RNR%DJXV

 6ULZLMD\D$LU

 6ULZLMD\D$LU

 *DUXGD,QGRQHVLD

 *DUXGD,QGRQHVLD

 $LU$VLD

 $LU$VLD

 &LWLOLQN

 &LWLOLQN

 %DWDYLD$LU

 %ODFNEHUU\

 0HUSDWL

 %&$

 6LQJDSRUH$LUOLQHV

 %DQN0DQGLUL

 7LJHU$LUZD\V

 %DWDYLD$LU

 -HW6WDU

 %XEEOH1LQMD  %DG3LJJLHV

ΖUODQGH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

‹PLVVLRQW«O«YLV«HV

 (XUR

 .DWLH7D\ORU

 0RRQH%R\

 .DWLH7D\ORU

 .DWH0LGGOHWRQ

 &UDLJ'R\OH6KRZ

 .DWH0LGGOHWRQ

 $SULO-RQHV

 +RPHODQG

 1HWIOL[

 :KLWQH\+RXVWRQ

 /RYH+DWH

 $SULO-RQHV

 -LOO0HDJKHU

 7KH9RLFH

 :KLWQH\+RXVWRQ

 5RVDQQD'DYLVRQ

 'RZQWRQ$EEH\

 2O\PSLFV

 0RUJDQ)UHHPDQ

 0UV%URZQV%R\V

 +RXVHKROG&KDUJH

 0LFKDHO&ODUNH'XQFDQ

 +RPH$QG$ZD\

 $,%,QWHUQHW

 'HPED%D

 )DLU&LW\

 -LOO0HDJKHU

 $PDQGD7RGG

 (DU7R7KH*URXQG

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

6SRUWLIV

‹TXLSHVGHVSRUW

$WKOªWHVRO\PSLTXHV QDWLRQDX[

 5\DQ/RFKWH

 5\GHU&XS7HDP

 %UDGOH\:LJJLQV

 8OVWHU5XJE\

 'DYLG5XGLVKD

 *DOZD\+XUOLQJ

 0DUN0FKXJK

 0D\R)RRWEDOO

 0R)DUDK

 .LONHQQ\+XUOLQJ

 0LFKDHO3KHOSV

 'RQHJDO)RRWEDOO

 -HVVLFD(QQLV

 &KHOVHD)&

 8VDLQ%ROW

 /HLQVWHU5XJE\

 6LPRQ=HER

 &RQQDFKW5XJE\

 2VFDU3LVWRULXV

 0DQFKHVWHU8QLWHG

 .DWLH7D\ORU  -RKQ-RH1HYLQ  3DGG\%DUQHV  $QQDOLVH0XUSK\  -DVRQ6P\WK  0LFKDHO&RQODQ  .LHUDQ%HKDQ  0HODQLH1RFKHU  &DPLOOD6SHLUV  2OLYH/RXJKQDQH

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

&RPPHQWȐ

4X HVWFHTXHȐ

'HVWLQDWLRQVGH YR\DJH

 +RZWR'UDZ

 :KDWLV/RYH

 +RZWR.LVV

 :KDWLV&ORXG

 +RZWR&URFKHW

 :KDWLV6FLHQWRORJ\

 +RZWR0DNH

 :KDW,V,QVWDJUDP

 +RZWR.QLW

 :KDWLV$XWLVP

 +RZWR6WXG\

 :KDWLV6RDS

 +RZWR+DFN

 :KDWLV
 +RZWR0HGLWDWH

 :KDWLV7UDFNLQJ

 +RZWR)OLUW

 :KDWLV3D\SDO

 +RZWR$QQRXQFH

 :KDWLV7XPEOU

 %HQLGRUP  3DULV  %HUOLQ  1LFH  /RQGRQ  $OJDUYH  %DUFHORQD  $PVWHUGDP  0DODJD  %UXVVHOV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

7HQGDQFHV

+RPPHVSROLWLTXHV

5HFKHUFKHV G DFWXDOLW«V

&«O«EULW«V

 (QGD.HQQ\  3KLO+RJDQ  -DPHV5HLOO\  0LFKHiO0DUWLQ  /HR9DUDGNDU  -RDQ%XUWRQ  $ODQ6KDWWHU  5XDLUL4XLQQ  6HDQ6KHUORFN  (DPRQ*LOPRUH

 (XUR  .DWLH7D\ORU  :KLWQH\+RXVWRQ  +RXVHKROG&KDUJH  $SULO-RQHV  -LOO0HDJKHU  +XUULFDQH6DQG\  5RVDQQD'DYLVRQ  5\GHU&XS  0XDPED

7HQGDQFHV

*URXSHVPXVLFDX[  .RGDOLQH  /LWWOH0L[  2QH'LUHFWLRQ  7KH%OL]]DUGV  'HORUHQWRV  7KH.LOOHUV  0XVH  &ROGSOD\  'DPLHQ'HPSVH\  7KH:DQWHG

 &UDLJ'R\OH  0LFKDHO)DVVEHQGHU  /LDP1HHVRQ  &LDUDQ+LQGV  'DQLHO'D\/HZLV  3LHUFH%URVQDQ  &LOOLDQ0XUSK\  &ROP0HDQH\  $QQH'R\OH  &ROLQ)DUUHOO

ΖVUD­O

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

7LWUHV

 ʭʥʷʬʨʯʬʥʢ

 ʸʤʥʦʸʡʺʩʡʩʡʠ

 ʡʬʡʩʬʺʲʢʰ

 ʥʡʩʡʸʬʹʨʷʩʥʸʴʤ

 ʢʡʱʩʺʥʷ

 ʥʺʩʠʺʠʹʫ

 ʤʺʩʡʹ

 ʯʥʮʩʱʩʸʡ

 ʪʬʹʩ

 ʭʸʢʨʱʰʩʠ

 ʯʥʣʣʩʬʨʰ

 ʤʡʤʠʺʠʬʮ

 ʯʥʨʱʥʩʩʰʨʩʥʥ

 ʳʱʥʩʤʰʠʩ

 ʸʮʢʰ

 ʸʣʤʤʷʩʡʶ

 ʸʹʰʯʥʸʥʣ

 ʭʩʷʥʷʩʦ

 ʬʨʷʥʧ

 ʱʩʠʥʬʷʩʩʮ

 *DQJQDP6W\OH

 ʸʮʦʤʩʡʠ

 ʯʩʩʴʰʩʩʹʸʲʱ

 &DOO0H0D\EH

 ʩʤʥʬʠʤʷʩʷʬʧʤ

 ʯʮʣʩʠʸʬʥʷʩʰ

 6RPHRQH/LNH
 ʭʥʣʠʲʡʶ

 ʡʥʰʥʸʠʤʰʠ

 ʸʮʢʰʤʦʩʮʠʮ

7HQGDQFHV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

‹PLVVLRQW«O«YLV«HV

)LOPV

)LOPV

 7KH9RLFH

 ʡʲʸʤʩʷʧʹʮ

 ʬʬʧʤʺʠʠʬʮʬ

 ʯʥʩʬʮʬʵʥʸʩʮʤ

 ʯʮʸʣʩʩʴʱ

 ʸʥʧʹʡʭʩʸʡʢ

 ʺʥʣʸʹʩʤ9,3

 ʴʨʴʨʱ

 ʤʶʩʮʠ

 ʯʥʰʧʤʥʤʴʩʤ

 ʤʴʥʨʧ

 ʸʴʥʬ

 ʣʬʥʰʡʫʥʫ

 ʭʩʩʬʥʹʺʸʲʤ

 ʤʰʥʢʮʤʷʱʲ

 ʭʩʣʬʩʳʹʸʨʱʠʮ

 ʷʩʧʶʮʭʬʥʲʤ

 ʩʱʥʩʬʹʸʥʴʩʱʤ

 ʬʥʣʢʤʹʴʥʧʤʩʰʮʥʩ

 ʬʬʧʤʺʠʠʬʮʬ

 ʭʩʩʬʥʹʺʸʲʤ

 ʨʰʮʬʸʴʤ

 ʸʥʧʹʡʭʩʸʡʢ

 ʷʩʧʶʮʭʬʥʲʤ

 ʺʥʸʹʥʲʮ

 ʤʶʩʮʠ

 ʤʩʩʰʮʬʶʤ

 ʭʩʴʥʨʧ

 ʸʴʥʬ

 ʡʲʸʩʷʧʹʮ

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

&RPPHQWȐ

/LYUHV

0RGH

 ʳʱʫʺʥʹʲʬʪʩʠ

 ʸʥʴʠʬʹʭʩʰʥʥʢʭʩʹʩʮʧ

 ʥʸʨʱʷ

 ʭʩʬʮʩʢʠʩʶʥʤʬʪʩʠ

 ʸʠʹʰʹʤʮ

 =$5$

 ʭʩʣʬʩʭʩʹʥʲʪʩʠ

 ʺʥʹʥʰʠʤʺʥʣʬʥʺʸʥʶʩʷ

 + 0

 ʤʹʩʠʪʥʹʮʬʪʩʠ

 ʣʥʴʩʷʬʹʺʥʩʨʰʢʬʠ

 )RUHYHU

 ʤʩʶʷʩʬʴʠʺʥʰʡʬʪʩʠ

 ʭʩʸʡʧʯʩʡ

 3XOODQG%HDU

 ʺʩʺʴʸʶʭʩʷʹʰʺʮʪʩʠ

 ʺʥʮʬʲʩʤ

 ʯʥʰʮʺ

 ʯʥʫʰʹʸʢʺʤʬʪʩʠ

 ʪʬʠʩʫʭʢ

 9LFWRULD V6HFUHW

 ʯʥʫʰʳʦʺʹʤʬʪʩʠ

 ʣʰʬʩʥʰ

 *$3

 ʯʹʲʬʷʩʱʴʤʬʪʩʠ

 ʯʩʬʸʡʡʣʡʬ

 2OG1DY\

 ʺʬʡʥʷʮʺʥʩʤʬʪʩʠ

 ʭʬʲʰʥʯʥʬʧʤʮʠʶʩʹʤʠʮʤʯʡʯʷʦʤ

 .DOD

/HVSOXVUHFKHUFK«V

7HQGDQFHV

/HVSOXVUHFKHUFK«V

+RPPHVSROLWLTXHV

+RPPHVSROLWLTXHV

3HUVRQQDOLW«V LQIOXHQWHV

 ʣʩʴʬʸʩʠʩ

 ʯʤʫʤʤʮʠʹʬʮʸʫ

 ʵʩʡʥʮʩʧʩʩʬʹ

 ʹʮʸʧʩʹ

 ʥʤʩʰʺʰʩʡʩʡ

 ʦʥʲʮʤʮʬʹ

 ʷʸʡʣʥʤʠ

 ʩʬʠʫʩʮʤʩʱʨʱʰʠ

 ʨʸʮʬʥʠʣʥʤʠ

 ʬʨʰʦʥʸʩʷʩʮ

 ʩʬʠʫʩʮʤʩʱʨʱʰʠ

 ʦʴʥʮʬʥʠʹ

 ʩʹʩʩʬʠ

 ʯʥʸʩʴʩʹ

 ʩʲʸʣʤʩʸʠ

 ʣʩʴʬʸʩʠʩ

 ʦʴʥʮʬʥʠʹ

 ʩʲʸʣʤʩʸʠ

 ʦʥʲʮʤʮʬʹ

 ʩʡʩʨʣʮʧʠ

 ʸʴʥʲʩʮʱ  ʸʰʷʰʣʩʧʥʰ  ʯʥʱʩʸʠʩʸʹ  ʤʡʥʹʺʷʧʶʩ  ʡʣʯʡʯʬʩʠ  ʯʥʱʬʣʠʯʥʣʬʹ  ʡʩʩʡʬʡʬ  ʯʮʩʮʩʱʥʩ  ʸʴʥʲʯʣʩʲ  ʯʮʹʩʴʸʦʲʩʬʠ

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

6HUYLFHV

)HPPHV

%DQTXHV

 ʣʩ

 ʩʬʠʴʸʸʡ

 ʭʩʬʲʥʴʤʷʰʡ

 ʣʢʠ

 ʣʣʧʺʩʸʹ

 ʩʮʥʠʬʷʰʡ

 ʬʠʸʹʩʺʡʫʸ

 ʬʣʠ

 ʨʰʥʷʱʩʣʷʰʡ

 

 ʯʥʣʣʩʬʨʰ

 ʡʤʩʷʰʡ

 ʱʷʩʴʸʥʮ

 ʦʮʥʢʤʰʩʬʱ

 ʩʧʸʦʮʷʰʡ

 ʤʤʷʣʤ

 ʳʱʥʩʤʰʠʩ

 ʬʩʩʧʤʸʶʥʠʷʰʡ

 ʺʥʴʮ

 ʯʥʨʬʣʩʮʨʩʩʷ

 ʣʱʮʷʰʡ

 ʬʷʹʮʩʸʮʥʹ

 ʱʬʴʯʸʷ

 ʩʮʥʠʬʰʩʡʤʷʰʡʤ

 ʯʣ  ʺʩʲʥʡʹʺʩʦʧʺ

 ʢʸʥʡʦʰʩʢʩʺʱʠ  ʬʠʸʤʺʰʲ

 ʣʥʢʩʠʷʰʡ  ʩʬʠʸʹʩʩʡʸʲʷʰʡ

ΖWDOLH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

&RQFHUWV

 7HUUHPRWR

 /XFLR'DOOD

 &ROGSOD\

 ,1*9

 6DUD7RPPDVL

 0DGRQQD

 /XFLR'DOOD

 :KLWQH\+RXVWRQ

 &DPSRYROR

 =DODQGR

 3LHUPDULR0RURVLQL

 /DXUD3DXVLQL

 &RVWD&RQFRUGLD

 )HOL[%DXPJDUWQHU

 %LDJLR$QWRQDFFL

 &DOFROR,PX

 %HOHQ5RGULJXH]H6WHIDQR'H

 &HOHQWDQR

 6DUD7RPPDVL

0DUWLQR

 $NLQDWRU

 0DULR%DORWHOOL

 3XOFLQR3LR

 5DIIDHOOD)LFR

 ,WDOR

 *HUPDQR0RVFRQL

 5DGLRKHDG  %UXFH6SULQJVWHHQ  /LJDEXH  0HWDOOLFD

 )UDQFHVFR6FKHWWLQR

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

([SRVLWLRQV

)LOPV FLQ«PD

/LYUHV

 3LFDVVR0LODQR

 %HQYHQXWLDO1RUG

 &LQTXDQWDVIXPDWXUHGLJULJLR

 3L[DU0LODQR

 7HG

 )DLEHLVRJQL

 .OLPW9HQH]LD

 0DJLF0LNH

 &LQTXDQWDVIXPDWXUHGLQHUR

 'HJDV7RULQR

 3URPHWKHXV

 &LQTXDQWDVIXPDWXUHGLURVVR

 5HQRLU3DYLD

 7KH$YHQJHUV

 6HWLDEEUDFFLRQRQDYHUSDXUD

 /HRQDUGR9HQDULD

 +XJR&DEUHW

 /DFROOLQDGHOYHQWR

 &H]DQQH0LODQR

 4XDVL$PLFL

 ,OVHQVRGLXQDILQH

 0RQGULDQ5RPD

 'DUN6KDGRZV

 8QDODPDGLOXFH

 'LQRVDXUL7RULQR  *XWWXVR5RPD

 +XQJHU*DPHV  %DWWOHVKLS

 'LWXWWHOHULFFKH]]H  ,OPDQRVFULWWRULWURYDWRDG $FFUD

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

%LOOHWVGHPDWFKVGH IRRWEDOO

&RPPHQWȐ

4XHVLJQLILHȐ

 0LODQ%DUFHOORQD  -XYHQWXV$WDODQWD  1DSROL&KHOVHD  ,WDOLD'DQLPDUFD  0LODQ-XYHQWXV  3HVFDUD-XYHQWXV  &RSSD,WDOLD  1DSROL6LHQD

 &RPHIDUH6HVVR

 6LJQLILFDWRGL6N\IDOO

 &RPHIDUHXQ&OLVWHUH

 6LJQLILFDWRGL.\OLH

 &RPHIDUHLO3L]]HWWR

 6LJQLILFDWRGL0HWURVH[XDO

 &RPHIDUHLQQDPRUDUH

 6LJQLILFDWRGL6SUHDG

 &RPHIDUHEUDFFLDOHWWL

 6LJQLILFDWRGL39

 &RPHIDUHWDWXDJJL

 6LJQLILFDWRGL6KDUHZDUH

 &RPHIDUHLOPDVFDUSRQH

 6LJQLILFDWRGL&KRRV\

 &RPHIDUHQRGL

 6LJQLILFDWRGL(VRGDWL

 &RPHIDUH6XFFKLRWWL

 6LJQLILFDWRGL7DY

 &RPHIDUH6WUHWFKLQJ

 6LJQLILFDWRGL'HIHULWR

7HQGDQFHV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

5HFHWWHV

=RQHVGDQV*RRJOH 0DSV

$GUHVVHV¢SUR[LPLW« GDQV*RRJOH0DSV

 -XYHQWXV5RPD  &HVHQD-XYHQWXV

 &URVWDWDPDUPHOODWD  )UDSSHFDUQHYDOH  &RORPEDSDVTXDOH  &KHHVHFDNH  &XSFDNH  7LUDPLVXWUDGL]LRQDOH  &DVWDJQDFFLR  6DQJULDURVVD  *D]SDFKR  %UHW]HO

 &LQTXH7HUUH

 +RWHO

 *DUJDQR

 &DPSLQJ

 *DWWHR0DUH

 $JULWXULVPR

 $UJHQWDULR

 5LVWRUDQWH

 6DOHQWR

 % %

 &LOHQWR

 3L]]HULD

 3RUWR6HOYDJJLR

 3DUFKHJJLR

 0DULQDGL&LQLVL

 %DU

 (ROLH  3LQ]ROR

 6XSHUPHUFDWR  3RVWH

-DSRQ

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

$FWXDOLW«V

)LOPV













 %5$9(+($576

 L3KRQH











 





 L3DG















 L3DGPLQL

7+(),1$/

9

 L36

 L26



 







7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

&«O«EULW«V

3HUVRQQHV KRPPHV

3HUVRQQHV IHPPHV



































=

 









 H[LOH















= 



7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

/LHX[SRSXODLUHV

4X HVWFHTXHȐ

&RPPHQWȐ







 /7(

 L26



 /,1(

 :LQGRZV















 $&7$















  

7HQGDQFHV

7HQGDQFHV

$SSDUHLOVHWJDGJHWV

3XEOLFLW«V 

'6//



 1H[XV



 :LQGRZV



 ;SHULDŒDFUR+'



 QDVQH



 6XUIDFH



 *$/$;<6,,,

 FRFR



 VW\OHH



(260





 /,1(  IDFHERRN  7ZLWWHU

 6LUL









 L3DGPLQL



  6LUL 



.HQ\D

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

5HFKHUFKHV

&«O«EULW«V

‹PLVVLRQW«O«YLV«HV

 ,(%&

 :KLWQH\+RXVWRQ

 (YD/XQD

 )DFHERRN

 1MHQJD.DUXPH

 %%$6WDUJDPH

 :KLWQH\+RXVWRQ

 0LJXQD0LJXQD

 6KXJD

 7XELG\

 -RKQ0LFKXNL

 7ULXPSKRI/RYH

 (XUR

 1DQF\%DUD]D

 7XVNHU3URMHFW)DPH

 'DLO\3RVW

 6DLWRWL

 3DVLRQ0RUHQD

 *+5,6

 )DEULFH0XDPED

 .XOD+DSS\

 ,&&

 5RELQ9DQ3HUVLH

 0RUQLQJ$ZDLWV

 1MHQJD.DUXPH

 -DPHV,QJUDP

 1LNLWD6HDVRQ

 0LJXQD0LJXQD

 (GGLH0XUSK\

 7DEDVDPX

/HVSOXVUHFKHUFK«V

7HQGDQFHV

7HQGDQFHV

$WKOªWHVHWVSRUWLIV

&RPPHQWȐ

4X HVWFHTXHȐ

 5RELQYDQ3HUVLH

 +RZWRDERUW

 :KDWLVHWKQLFLW\

 'DYLG5XGLVKD

 +RZWRGULIW

 :KDWLVVH[

 0DULR%DORWHOOL

 +RZWRPDNH

 :KDWLVL3RG

 9LFWRU:DQ\DPD

 +RZWRFRQFHLYH

 :KDWLVGHYHORSPHQW

 5RQDOGKLQR

 +RZWRVWXG\

 :KDWLVWHDFKLQJ

 &RQMHVWLQD$FKLHQJ

 +RZWRVHGXFH

 :KDWLVLOOXPLQDWL

 0LFKDHO3KHOSV

 +RZWRW\SH

 :KDWLVLQVXUDQFH

 (]HNLHO.HPERL

 +RZWRURPDQFH

 :KDWLVLQWHJULW\

 3RGROVNL

 +RZWRLQYHVW

 :KDWLVFRQVXPHULVP

 /DQFH$UPVWURQJ

7HQGDQFHV

4X HVWFHTXHȐ 6DQW«  :KDWLVFDQFHU  :KDWLVHEROD  :KDWLVRYXODWLRQ  :KDWLVW\SKRLG  :KDWLVPDODULD  :KDWLV+,9$,'6  :KDWLVDXWLVP  :KDWLVQDXVHD  :KDWLVVWUHVV  :KDWLVKHDOWK

 +RZWRJHHN

 :KDWLVSV\FKRORJ\

7HQGDQFHV

7HQGDQFHV

4X HVWFHTXHȐ 7HFKQRORJLH

4X HVWFHTXHȐ $FURQ\PHV

 :KDWLVWHFKQRORJ\

 :KDWLV,62

 :KDWLVVN\SH

 :KDWLV&65

 :KDWLVL3RG

 :KDWLV+,9

 :KDWLVGDWD

 :KDWLV3+3

 :KDWLV,0(,

 :KDWLV:,),

 :KDWLVFDFKH

 :KDWLV'16

 :KDWLVL3DG

 :KDWLV)76(

 :KDWLVHUJRQRPLF

 :KDWLV6366

 :KDWLVHPDLO

 :KDWLV/&'

 :KDWLVSURJUDPPLQJ

7HQGDQFHV

5HFKHUFKHVG LPDJHV  1DLUREL  5LKDQQD  (YD/XQD  0DUD&ODUD  6DLWRWL  3RSFDDQ  :KLWQH\+RXVWRQ  .RQVKRQV  6DPVXQJ*DOD[\  9DQ3HUVLH

 :KDWLV3K'

0DODLVLH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

7LWUHV

 6$36

 :KLWQH\+RXVWRQ

 2SSD*DQJQDP6W\OH36<

 *DQJQDP6W\OH

 -HUHP\/LQ

 $QDN.DPSXQJ-LPP\3DOLNDW

 *$*

 6KLOD$P]DK

 3URWRQ3UHYH

 ,]ZDQ3LOXV

 =DORUD

 8QFOH6HHNHUV

 =HUJ5XVK

 8VWD]$]KDU,GUXV

 8QWXN'LD6OHHT 1DMZD/DWLI

 5RWLND\D

 $GHOH

 3D\SKRQH0DURRQ

 $GDP'DQ+DZD

 6KHLOD0DUFLD

 .RVRQJ1DMZD/DWLI

 2QH'LUHFWLRQ

 $NX6XND'LD$LQDQ7DVQHHP

 63/*  %HUVLK

 $PDQGD7RGG

2QH  6XGDK&XNXS6XGDK1LUZDQD %DQG

 2PEDN5LQGX+DIL] $GLUD  0XDUD+DWL+DIL] &W 1XUKDOL]D  &LQWD0XND%XNX1DMZD/DWLI

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

‹PLVVLRQW«O«YLV«HV

6SRUWLIV

‹TXLSHVGHVSRUW

 8SLQGDQ,SLQ

 /HH&KRQJ:HL

 $UVHQDO

 %RERLER\

 -HUHP\/LQ

 0DQFKHVWHU8QLWHG

 8OWUDPDQ

 &ULVWLDQR5RQDOGR

 /LYHUSRRO

 5XQQLQJ0DQ

 /LRQHO0HVVL

 &KHOVHD

 $GDP'DQ+DZD

 5RELQ9DQ3HUVLH

 5HDO0DGULG

 7RP$QG-HUU\

 /LQ'DQ

 0DQFKHVWHU&LW\

 %HQ

 5RJHU)HGHUHU

 %DUFHORQD

 0RQH\'URS

 0DULD6KDUDSRYD

 435

 3RZHU5DQJHUV

 8VDLQ%ROW

 .HODQWDQ

 'RUDHPRQ

 )HUQDQGR7RUUHV

 7RWWHQKDP+RWVSXU

7HQGDQFHV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

4X HVWFHTXHȐ

'HVWLQDWLRQVGH YR\DJH

5HFKHUFKHVG LPDJHV

 :KDWLV*DQJQDP  :KDWLV623$  :KDWLV
 /HJRODQG0DOD\VLD  6XQZD\/DJRRQ  /DQJNDZL  &DPHURQ+LJKODQG  8QLYHUVDO6WXGLRV6LQJDSRUH  .XDOD/XPSXU  *HQWLQJ+LJKODQG  6LQJDSRUH  3HQDQJ

 0RUQLQJ  +DSS\%LUWKGD\  %LUWKGD\&DNH  /RYH4XRWHV  5RVHV  %LUWKGD\:LVKHV  0DOD\VLD  /RYH  &DUWRRQ  %DFNJURXQG

 0HODND

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

$OLPHQWDWLRQHW ERLVVRQV

0RGH

6PDUWSKRQHV

 &RIIHH  3L]]D+XW  .)&  'RPLQRV  0FGRQDOG 6  &KDWLPH  6HFUHW5HFLSH  6WDUEXFNV  3UHW]HO

 &RDFK

 6DPVXQJ*DOD[\6

 /RXLV9XLWWRQ

 L3DG

 *XFFL

 L3DG0LQL

 %XUEHUU\

 6DPVXQJ*DOD[\1RWH

 /RQJFKDPS

 L3KRQH6

 3UDGD

 +7&2QH;

 &KDQHO

 6DPVXQJ*DOD[\<

 =DUD

 6DPVXQJ*DOD[\$FH

 $GLGDV  9LFWRULD 66HFUHW

 -DFN$QG-LOO

7HQGDQFHV

/HVSOXVUHFKHUFK«V

0RGªOHVGHYRLWXUHV

%ORJV

 1LVVDQ$OPHUD

 %HDXWLIXOQDUD

 7R\RWD

 5RWLND\D

 3URWRQ3UHYp

 2K%XODQ

 +\XQGDL(ODQWUD

 3DSDJRPR

 0LWVXELVKL0LUDJH

 %ORJ6HULXV

 7R\RWD3ULXV&

 0DOD\VLD&KURQLFOH

 0D]GD&[

 3DXOWDQ

 7R\RWD$YDQ]D

 $QDN6XQJDL'HUKDND

 +RQGD&LYLF

 .DUL1JHUL

 3URWRQ([RUD%ROG

 0HGLD0DOD\D

 6DPVXQJ*DOD[\6  6DPVXQJ*DOD[\:

0H[LTXH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

5HFKHUFKHV

&RPPHQWȐ

4X HVWFHTXHȐ

 ,)(

 &yPRYRWDU

 4XpHV

 )DFHERRNHVSDxRO

 &yPRPHGLWDU

 4XpHVRXWVRXUFLQJ

 $QJU\%LUGV

 &yPRDSUHQGHULWDOLDQR

 4XpHV$(&

 3LF0RQNH\

 &yPRSUHSDUDUyOHRV

 4XpHVFXOWXUD

 1HWIOL[

 &yPRDFWXDOL]DU$QGURLG

 4XpHVPDWHULD

 35(3

 &yPRXVDU6LUL

 4XpHVHVWDGtVWLFD

 /H\623$

 &yPRSUHSDUDUFKLODTXLOHV

 4XpHV,QVWDJUDP

 %HFDVXQLYHUVLWDULDV

 &yPRVDFDUSRUFHQWDMHV

 4XpHVILORVRItD

 *DQJQDP6W\OH

 &yPRHVFDQHDU

 4XpHV623$

 :KLWQH\+RXVWRQ

 &yPRKDFHUSXHUWDV

 4XpHVPDUNHWLQJ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

$FWXDOLW«V

&«O«EULW«V

&XLVLQH

 2OtPSLFRV

 -XOLD2UD\HQ

 3L]]D

 (OHFFLRQHV

 (QULTXH3HxD1LHWR

 3DVWHO

 (XURFRSD

 $QGUHV0DQXHO/ySH]2EUDGRU

 &XSFDNHV

 7HPEORU

 -RVHILQD9i]TXH]0RWD

 6DQGZLFK

 &DUORV)XHQWHV

 $GHOH

 7DFRV

 6DQG\

 *DEULHO4XDGUL

 6XVKL

 +HULEHUWR/D]FDQR

 0LJXHO%RVp

 4XHVR

 0HGDOOD0p[LFR

 $QJpOLFD5LYHUD

 /LPyQ

 \RVR\

 &DUO\5DH-HSVHQ

 3DVWRU

 (QULTXH3HxD1LHWR,%(52

 36<

 *RUGLWDV

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

‹PLVVLRQW«O«YLV«HV

)LOPV

0XVLTXH

 $ELVPRGH3DVLyQ

 /RV9HQJDGRUHV

 9LYH/DWLQR

 3RUHOODVR\(YD

 %DWPDQ(O&DEDOOHURGHOD

 2QH'LUHFWLRQ

 :DONLQJ'HDG

1RFKH

 $GHOH

 $PRUHV9HUGDGHURV

 7HG

 &KDYHOD9DUJDV

 -XHJRV2OtPSLFRV

 6SLGHUPDQ

 -HVVH\-R\

 ,QIDPHV

 9DOLHQWH

 *DQJQDP6W\OH

 /D5RVDGH*XDGDOXSH

 &RORVLR(O$VHVLQDWR

 5HLN

 1HZ*LUO

 0DGDJDVFDU

 1LFNL0LQDM

 3RUTXHHO$PRU0DQGD

 %DWDOOD1DYDO

 :H$UH
 +RZ,0HW
 0,%  -RKQ&DUWHU

 /0)$2

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

$WKOªWHVRO\PSLTXHV

6SRUWV

9R\DJH

 0LFKDHO3KHOSV

 -XHJRV2OtPSLFRV

 /RQGUHV

 1H\PDU

 7HQLV

 0DQKDWWDQ

 2ULEH3HUDOWD

 &UX]$]XO

 0DGULG

 8VDLQ%ROW

 7LUR

 5RPD

 $LGD5RPiQ

 1)/

 3OD\DGHO&DUPHQ

 $ODQ3XOLGR

 ;RORV

 =DSRSDQ

 0DUFR)DELiQ

 *LPQDVLD

 4XHUpWDUR

 5\DQ/RFKWH

 3DROD(VSLQRVD

 &DQF~Q

 0F.D\OD0DURQH\  5RJHU)HGHUHU

 2ULEH3HUDOWD  0DUtDGHO5RVDULR(VSLQR]D

 )ORUHQFLD  0pULGD

1LJHULD

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

5HFKHUFKHV

&«O«EULW«V

‹TXLSHVGHVSRUW

 -DPE

 :KLWQH\+RXVWRQ

 &KHOVHD

 0R]DW

 9LFWRU0RVHV

 $UVHQDO

 %RNR+DUDP

 5RQDOGLQKR

 %DUFHORQD

 $VXX6WULNH

 9DQ3HUVLH

 5HDO0DGULG

 *RRJOHQHZV

 1XUL6DKLQ

 /LYHUSRRO

 (VNLPL

 8VDLQ%ROW

 0DQFKHVWHU8QLWHG

 :KLWQH\+RXVWRQ

 +XON

 5HDGLQJ

 9DQJXDUGQHZV

 'DYLGR

 $&0LODQ

 113&UHFUXLWPHQW

 (GHQ+D]DUG

 0DQFKHVWHU&LW\

 )DFHERRN

 5DVKLGL
 (YHUWRQ

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

7HQGDQFHV

&RPPHQWȐ

4X HVWFHTXHȐ

0XVLFLHQVQLJ«ULDQV

 +RZWRORYH

 :KDWLVORYH

 'DYLGR

 +RZWRURPDQFH

 :KDWLVFRPSXWHU

 0,

 +RZWRUDS

 :KDWLVELRORJ\

 'EDQM

 +RZWRWRDVW

 :KDWLVJRYHUQPHQW

 3VTXDUH

 +RZWRFURFKHW

 :KDWLVHFRQRPLFV

 7LPD\D

 +RZWRGUHVV

 :KDWLVHGXFDWLRQ

 ,FH3ULQFH

 +RZWRDVVDJH

 :KDWLVFRPPXQLFDWLRQ

 7LZD6DYDJH

 +RZWREORJ

 :KDWLVFKHPLVWU\

 7XIDFH

 +RZWRIUHHVW\OH

 :KDWLVPRQH\

 )ODYRXU

 +RZWRFRQFHQWUDWH

 :KDWLVVFLHQFH

 $VD

/HVSOXVUHFKHUFK«V

&«O«EULW«VOHVSOXVHQ YXHGXFLQ«PD QLJ«ULDQ  0HUF\-RKQVRQ  ,QL(GR  7QWR'LNH  )XQNH$NLQGHOH  *HQHYLHYH  -LP,\NH  &KLND,NH  9DQ9LFNHU  5LWD'RPLQLF  6WHSKDQLH2NHUHNH

1RUYªJH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

5HFKHUFKHV

&«O«EULW«V

&XLVLQH

 1HWIOL[

 :KLWQH\+RXVWRQ

 3DYORYD

 (0

 .DWH0LGGOHWRQ

 6MRNRODGHNDNH

 .DOHQGHU

 $PDQGD7RGG

 3DQQHNDNHU

 :RUGIHXG

 0RUJDQ)UHHPDQ

 0XIILQV

 $UWLJH1R

 $OH[DQGHU'DOH2HQ

 2UHRNDNH

 'LDEOR

 7RQH'DPOL

 &XSFDNHV

 (XUR

 $QGHUV%HKULQJ%UHLYLN

 6XVKL

 ,QVWDJUDP

 )HOL[%DXPJDUWQHU

 (SOHNDNH

 :KLWQH\+RXVWRQ

 (GGLH0XUSK\

 /DVDJQH

 6XSHUELD

 %UXFH6SULQJVWHHQ

 3L]]D

7HQGDQFHV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

$UWLVWHVVXUVFªQH

$UWLVWHVVXUVFªQH

‹PLVVLRQW«O«YLV«HV

 /DOHK

 -XVWLQ%LHEHU

 7KH:DONLQJ'HDG

 /RUHHQ

 2QH'LUHFWLRQ

 3DUDGLVH+RWHO

 2QH'LUHFWLRQ

 7RQH'DPOL

 6RXWK3DUN

 9LQQL

 7UDLQ

 *RVVLS*LUO

 :KLWQH\+RXVWRQ

 3LQN

 3UHWW\/LWWOH/LDUV

 6LUNXV(OLDVVHQ

 5LKDQQD

 %UHDNLQJ%DG

 $VN(PEOD

 0LOH\&\UXV

 'H[WHU

 2I0RQVWHUVDQG0HQ

 $GHOH

 7UXH%ORRG

 36<

 (PLQHP

 9DPSLUH'LDULHV

 ZLOOLDP

 /DG\*DJD

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

6SRUWLIV

‹TXLSHVGHVSRUW

 7KHUHVH-RKDXJ

 /LYHUSRRO

 3HWWHU1RUWKXJ-U

 0DQFKHVWHU8QLWHG

 0DULW%M¡UJHQ

 %DUFHORQD

 &DPLOOD+HUUHP

 $UVHQDO

 9LEHNH6NRIWHUXG

 &KHOVHD

 /LQQ-¡UXP6XOODQG

 5HDO0DGULG

 +HLGL:HQJ

 %UDQQ

 7RUD%HUJHU

 5RVHQERUJ

 $NVHO/XQG6YLQGDO

 /HHGV8QLWHG

 +nYDUG7YHGWHQ

 -XYHQWXV

 1RUVNH7DOHQWHU

/HVSOXVUHFKHUFK«V

$WKOªWHVRO\PSLTXHV QDWLRQDX[  $PDQGD.XUWRYLF  &DPLOOD+HUUHP  $QGUHDV7KRUNLOGVHQ  (GYDOG%RDVVRQ+DJHQ  &KULVWLQD9XNLFHYLF  2ODI7XIWH  (]LQQH2NSDUDHER  +HQULN,QJHEULJWVHQ  7RQMH$QJHOVHQ  ,GD$OVWDG

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

7HQGDQFHV

0RGH

&RPPHQWȐ

&RPPHQWȐ

 0RRGV2I1RUZD\

 +YRUGDQ6NULYH&Y

 +YRUGDQ6SLOOH:RUGIHXG

 /RXLV9XLWWRQ

 +YRUGDQ6NULYH6¡NQDG

 +YRUGDQ6OHWWH)DFHERRN

 $FQH

 +YRUGDQ6OHWWH)DFHERRN

 +YRUGDQ/DJH6P¡U

 0XOEHUU\

 +YRUGDQ%OL*UDYLG

 +YRUGDQ6WULNNH9UDQJ

 &DQDGD*RRVH

 +YRUGDQ5HJQH3URVHQW

 +YRUGDQ9LUNHU.UHGLWWNRUW

 0DUF-DFREV

 +YRUGDQ6NULYH2SSVLJHOVH

 +YRUGDQ2SSGDWHUH-DYD

 5DOSK/DXUHQ

 +YRUGDQ6NULYH$UWLNNHO

 +YRUGDQ%OL)O\JHOHGHU

 7LJHU2I6ZHGHQ

 +YRUGDQ6WHNH%LII

 +YRUGDQ2SSGDWHUH,SKRQH

 )LOLSSD.

 +YRUGDQ6NULYH(VVD\

 +YRUGDQ)HOOH0DVNHU

 0LFKDHO.RUV

 +YRUGDQ.RNH(JJ

 +YRUGDQ6MHNNH6NDWWHOLVWHQH

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

7HQGDQFHV

%ORJXHXUV

4X HVWFHTXHȐ

4X HVWFHTXHȐ

 )RWEDOOIUXH

 +YDHU.ORNND

 +YDHU,QVWDJUDP

 8OULNNH/XQG

 +YDHU.XOWXU

 +YDHU6RSD

 7ULQHV0DWEORJJ

 +YDHU,QVWDJUDP

 +YDHU1¡GUHWW

 &DPLOOD3LKO

 +YDHU6XEVWDQWLY

 +YDHU9HJHPLWH

 ,GD:XOII

 +YDHU(QHUJL

 +YDHU/DYNDUER

 3HUH]+LOWRQ

 +YDHU(WLNN

 +YDHU7XUER3OXVV

 (OLQ.OLQJ

 +YDHU3LQVH

 +YDHU:RUGIHXG

 /HQH2UYLN

 +YDHU$GMHNWLY

 +YDHU1HWIOL[

 /LQQHD0\KUH

 +YDHU/DYNDUER

 9LOOD9RQ.URJK

 +YDHU.RPPXQLNDVMRQ

 +YDHU)RUPXH  +YDHU0DNVSXOV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

'HVWLQDWLRQVGH YR\DJH

'HVWLQDWLRQVGH YR\DJH

5HFKHUFKHVGH YR\DJHV

 0RQWHQHJUR

 8VD

 6DV

 .DSS9HUGH

 6YHULJH

 $SROOR

 8NUDLQD

 7KDLODQG

 9LQJ

 1HGHUODQG

 6SDQLD

 1RUZHJLDQ

 5XVVODQG

 ,WDOLD

 5HVWSODVV1R

 'HQ'RPHQLNDQVNH5HSXEOLNN

 7\UNLD

 6WDU7RXU

 .URDWLD

 +HOODV

 .OP

 6SDQLD

 3RUWXJDO

 /XIWKDQVD

 0DXULWLXV

 (J\SW

 %LOOLJH)O\UHLVHU

 3RUWXJDO

 )UDQNULNH

 7ULSDGYLVRU

7HQGDQFHV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

+RPPHVSROLWLTXHV

+RPPHVSROLWLTXHV

'LYHUWLVVHPHQWVSRXU HQIDQWV

 +HQQLQJ:DUORH

 -HQV6WROWHQEHUJ

 -HQQ\.OLQJH

 6LY-HQVHQ

 7U\JYH6ODJVYROG9HGXP

 .ULVWLQ+DOYRUVHQ

 -HWWH&KULVWHQVHQ

 $XGXQ/\VEDNNHQ

 $QQH*UHWH6WU¡PHULFKVHQ

 -RQDV*DKU6W¡UH

 %HQW+¡LH

 +DGLD7DMLN

 .MHUVWL7RSSH

 HUQD6ROEHUJ

 +DOOJHLU/DQJHODQG

 7URQG*LVNH

 $NKWDU&KDXGKU\

 ,QJD0DUWH7KRUNLOGVHQ

 $QGHUV$QXQGVHQ

 $QQLNHQ+XLWIHOGW

 1UN6XSHU  /HJR  'LVQH\  .DSWHLQ6DEHOWDQQ  &DUWRRQ1HWZRUN  /HJRODQG  3RNHPRQ  %DUELH  '\UHSDUNHQ  'RQDOG'XFN

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

6DQW«

6KRSSLQJ

 %PL

 ,NHD

 )DVWOHJH

 (ED\

 /RPPHOHJHQ

 /HIGDO

 *UDYLG

 &ODHV2KOVRQ

 +HOIR

 ;;/

 %LSRODU

 6NHLGDU

 .ODP\GLD

 %RKXV

 *UHWH5RHGH

 +P

 /DYNDUER

 -\VN

 +HUSHV

 3ODQWDVMHQ

1RXYHOOH=«ODQGH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

3DUROHVGHFKDQVRQV

 2O\PSLFV

 :KLWQH\+RXVWRQ

 *DQJQDP6W\OH/\ULFV

 9ROYR2FHDQ5DFH

 5HHFH0DVWLQ

 7LWDQLXP/\ULFV

 2QH'LUHFWLRQ

 0RUJDQ)UHHPDQ

 3D\SKRQH/\ULFV

 .L]L

 8VDLQ%ROW

 6RPH1LJKWV/\ULFV

 :KLWQH\+RXVWRQ

 0LFKDHO&ODUNH'XQFDQ

 /HJR+RXVH/\ULFV

 *DQJQDP6W\OH

 9DOHULH$GDPV

 6WDUVKLSV/\ULFV

 3LQWHUHVW

 -HUHP\/LQ

 +DOOHOXMDK/\ULFV

 'LDEOR

 7RP'DOH\

 6PDOO%XPS/\ULFV

 +XUULFDQH6DQG\

 -RVHSK.RQ\

 2QH7KLQJ/\ULFV

 *$*

 /DQFH$UPVWURQJ

 %R\IULHQG/\ULFV

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

‹PLVVLRQW«O«YLV«HV

$WKOªWHVRO\PSLTXHV

7HUPHVVSRUWLIV

 ;)DFWRU$XVWUDOLD

 8VDLQ%ROW

 &ULFLQIR

 7KH*&

 9DOHULH$GDPV

 15/

 7KH9RLFH$XVWUDOLD

 WRP'DOH\

 1%$

 0UV%URZQV%R\V

 0LFKDHO3KHOSV

 $OO%ODFNV

 *DPH2I7KURQHV

 6DUDK:DONHU

 6XSHU

 7KH%ORFN1=

 -HVVLFD(QQLV

 9ROYR2FHDQ5DFH

 0\.LWFKHQ5XOHV

 1DG]H\D2VWDSFKXN

 $XVWUDOLDQ2SHQ

 )DOOLQJ6NLHV

 0FND\OD0DURQH\

 1)/

 'RZQWRZQ$EEH\

 0DKH'U\VGDOH

 96XSHUFDUV

 7KH6ODS

 1LFN:LOOLV

7HQGDQFHV

7HQGDQFHV

&RPPHQWȐ

4X HVWFHTXHȐ

 +RZWRVFUHHQVKRW

 :KDWLV623$

 +RZWRORYH

 :KDWLV.21<

 +RZWRVWXG\

 :KDWLV
 +RZWRJHRFDFKH

 :KDWLV6FLHQWRORJ\

 +RZWRVKXIIOH

 :KDWLV)UDFNLQJ

 +RZWRGRZQORDG

 :KDWLV,QVWDJUDP

 +RZWRSODLW

 :KDWLV/HQW

 +RZWRSRNH

 :KDWLV6ZDJ

 +RZWRZDOOSDSHU

 :KDWLV6SRWLI\

 +RZWREORJ

 :KDWLV4XRUQ

 9LUWXDO5XJE\

/HVSOXVUHFKHUFK«V

'HVWLQDWLRQV¢ O «WUDQJHU  5DURWRQJD  0HOERXUQH  6DPRD  )LML  6LQJDSRUH  9DQXDWX  +DZDLL  6\GQH\  -DSDQ  &KLQD

/HVSOXVUHFKHUFK«V

7HQGDQFHV

7HQGDQFHV

$OLPHQWDWLRQHW ERLVVRQV

$FWXDOLW«VHQ1RXYHOOH =«ODQGH

1«R=«ODQGDLV

 3L]]D+XW

 .LP'RWFRP

 +HOOV3L]]D

 7RQJDULUR

 0FGRQDOGV

 7UDQVLW2I9HQXV

 &RIIHH

 %HODUXV

 6XEZD\

 0DUPLWH

 %XUJHU.LQJ

 0DUJDUHW0DK\

 %XUJHU)XHO

 -RFN+REEV

 +HDOWK\)RRG*XLGH

 :KLWH,VODQG

 0DG%XWFKHU

 *LYH:D\5XOHV

 9DOHULH$GDPV  .LPEUD  6DUDK:DONHU  0DUJDUHW0DK\  0DKH'U\VGDOH  1LFN:LOOLV  /LVD&DUULQJWRQ  0DUN7RGG  -RFN+REEV  0DUWLQ+HQGHUVRQ

 3DQFDNH5HFLSH

 6RSKLH3DVFRH

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

=RQHVOHVSOXV UHFKHUFK«HV

5HFKHUFKHV¢ SUR[LPLW«GDQV *RRJOH0DSV

5HFHWWH

 &KULVWFKXUFK  $XFNODQG  :HOOLQJWRQ  7DZD  +DPLOWRQ  5RWRUXD  7DXUDQJD  'XQHGLQ  :KDQJDUHL  4XHHQVWRZQ

 4XHHQ6W$XFNODQG  6\OYLD3DUN  (GHQ3DUN  )UDQNOLQ$XFNODQG  %ULWRPDUW  &RDWHVYLOOH  8QLWHF  :\Q\DUG4XDUWHU  7H$WDWX  $XFNODQG8QLYHUVLW\$XFNODQG

 3DQFDNH  %DQDQD&DNH  &KRFRODWH&DNH  &KLFNHQ  3OD\GRXJK  3L]]D'RXJK  :DIIOH  9DQLOOD&XSFDNH  5HG9HOYHW&DNH  6WUDZEHUU\6KRUWFDNH

/HVSOXVUHFKHUFK«V

6LWHVG DFWXDOLW«V «WUDQJHUV  %%&  60+  &RXULHU3RVW  (631  7KH*XDUGLDQ  )LML7LPHV  1HZ
2XJDQGD

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

‹Y«QHPHQWV

 :DSWULFN

 :KLWQH\+RXVWRQ

 (XUR

 ;VFRUH

 9DQ3HUVLH

 2O\PSLFV

 (XUR

 2EDPD

 (EROD

 :KLWQH\+RXVWRQ

 5RQDOGLQKR

 .21<

 :DSGDP

 8VDLQ%ROW

 ,UDQ

 /LYHVFRUH

 1XUL6DKLQ

 86(OHFWLRQV

 7XELG\

 /XFDV0RXUD

 :KLWQH\+RXVWRQIXQHUDO

 )DFHERRN

 0RUJDQ)UHHPDQ

 ,QQRFHQFHRI0XVOLPV

 9DQ3HUVLH

 $OH[6RQJ

 %(7$ZDUGV

 2O\PSLFV

 )DEULFH0XDPED

 6\ULD

7HQGDQFHV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

*DGJHWVHWW«O«SKRQHV

6LWHV:HEG DFWXDOLW«V

4X HVWFHTXHȐ

 6DPVXQJ*DOD[\V

 /LYHVFRUH

 :KDWLVORYH

 L3DG

 6RFFHUYLVWD

 :KDWLVWHFKQRORJ\

 L3KRQHV

 1HZ9LVLRQ

 :KDWLVSODQQLQJ

 L3DG0LQL

 :LQGUDZZLQ

 :KDWLVHWKLFV

 1RNLD$VKD

 )ODVKVFRUH

 :KDWLVODQJXDJH

 6DPVXQJ*DOD[\1RWH

 7KH6XQ

 :KDWLVVRIWZDUH

 1RNLD$VKD

 %XNHGGH

 :KDWLVRYXODWLRQ

 6DPVXQJ*DOD[\0LQL

 'DLO\0RQLWRU

 :KDWLVDJULFXOWXUH

 6RQ\(ULFVVRQ;SHULD

 ;6FRUHV

 :KDWLVVLWXDWLRQLVP

 1RNLD/XPLD

7HQGDQFHV

4X HVWFHTXHȐ 6DQW«  :KDWLVRYXODWLRQ  :KDWLV+,9  :KDWLVK\JLHQH  :KDWLVPDODULD  :KDWLVFLUFXPFLVLRQ  :KDWLVDXWLVP  :KDWLVK\SWHUWHQVLRQ  :KDWLVLPPXQLVDWLRQ  :KDWLVQXWULWLRQ  :KDWLVPDOQXWULWLRQ

 %%&1HZV

 :KDWLVUHVHDUFK

7HQGDQFHV

7HQGDQFHV

4X HVWFHTXHȐ 7HFKQRORJLH

4X HVWFHTXHȐ ‹FRQRPLHHWILQDQFH

 :KDWLVVRIWZDUH

 :KDWLVHTXLW\

 :KDWLVXUO

 :KDWLVDGYHUWLVLQJ

 :KDWLV,&7

 :KDWLVSHUIRUPDQFH

 :KDWLVFRPSXWHU

 :KDWLVSURFXUHPHQW

 :KDWLVJRRJOH

 :KDWLVDFFRXQWLQJ

 :KDWLVOLQX[

 :KDWLVEXGJHW

 :KDWLVZZZ

 :KDWLVLQYHQWRU\

 :KDWLVLQWHUQHW

 :KDWLVPDQDJHPHQW

 :KDWLVZLIL

 :KDWLVWD[DWLRQ

 :KDWLVWZLWWHU

 :KDWLVOLTXLILFDWLRQ

3D\V%DV

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

5HFKHUFKHVG LPDJHV

 6WHPZLM]HU

 )ULVR

 2QH'LUHFWLRQ

 (.

 .DWH0LGGOHWRQ

 %ORHPHQ

 )ULVR

 :KLWQH\+RXVWRQ

 /RYH

 %RHU=RHNW9URXZ

 %DGU+DUL

 9RHWEDO

 (OIVWHGHQWRFKW

 (VWHOOH*XOOLW

 +DUWMH

 2O\PSLVFKH6SHOHQ

 (SNH=RQGHUODQG

 $FKWHUJURQGHQ

 L3DG

 0LFKDHO&ODUNH'XQFDQ

 )DFHERRN

 :RUGIHXG

 %DORWHOOL


 0RUJDQ)UHHPDQ

 3DDUGHQ

 3URMHFW;+DUHQ

 $EQ,QORJJHQ

 )HOL[%DXPJDUWQHU

 L3KRQH

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

7LWUHV

'-

0XVLFLHQV

 *DQJQDP6W\OH

 *LHO%HHOHQ

 $GHOH

 &DOO0H0D\EH

 (GZLQ(YHUV

 7ULJJHUILQJHU

 ,)ROORZ5LYHUV

 &ODXGLDGH%UHLM

 &DUO\5DH-HSVHQ

 6N\IDOO

 *HUDUG(NGRP

 36<

 %DODGD

 5XXGGH:LOG

 &KULV+RUGLMN

 7KLVLV/RYH

 -DQYDQ9HHQ

 3DVVHQJHU

 7LPH$IWHU7LPH

 3DXO5DEEHULQJ

 *XVWWDYR/LPD

 6ODSHOR]H1DFKWHQ

 6DQGHU/DQWLQJD

 $VDI$YLGDQ

 2GHWRWKH%RXQFHU

 (ULF&RUWRQ

 7KH2SSRVLWHV

 )UDQN'DQH

 +DQGVRPH3RHWV

 /HW+HU*R

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

3DUWLFLSDQWV¢ O «PLVVLRQW«O«YLV«H 7KH9RLFHRI+ROODQG

‹PLVVLRQW«O«YLV«HV

‹TXLSHVGHIRRWEDOO

 6DQGUDYDQ1LHXZODQG  )ORRUWMH6PLW  5RQ/LQN  ,YDU2RVWHUORR  /HRQD3KLOLSSR  %DEHWWHYDQ9XJW  1LFROD(EELQN

 9RHWEDO,QWHUQDWLRQDO

 $MD[

 *767

 )H\HQRRUG

 126-RXUQDDO

 369

 57/1LHXZV

 )&7ZHQWH

 %RHU=RHNW9URXZ

 9LWHVVH

 -HXJGMRXUQDDO

 $=

 6SDQJDV

 )&*URQLQJHQ

 ':''

 )&8WUHFKW

 1266WXGLR6SRUW

 +HUDFOHV

 7KH9RLFHRI+ROODQG

 9999HQOR

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

-RXHXUVGHO «TXLSHGH IRRWEDOOQ«HUODQGDLVH

$WKOªWHVRO\PSLTXHV QDWLRQDX[

&RPPHQWȐ

 %DUEDUD6WUDDWKRI  /DXUUKLH%URXQV  6DP+ROGHQ

 :HVOH\6QHLMGHU

 (SNH=RQGHUODQG

 *UHJRU\YDQGHU:LHO

 5DQRPL.URPRZLGMRMR

 $UMHQ5REEHQ

 0DULDQQH9RV

 5RELQYDQ3HUVLH

 (GLWK%RVFK

 ,EUDKLP$IHOOD\

 $GHOLQGH&RUQHOLVVHQ

 5DIDHOYDQGHU9DDUW

 'RULDQYDQ5LMVVHOEHUJKH

 'LUN.X\W

 0DULW%RXZPHHVWHU

 0DUNYDQ%RPPHO

 0DUOHHQ9HOGKXLV

 .ODDV-DQ+XQWHODDU

 +HQN*URO

 +RHRYHUOHHILN  +RHODQJ]ZDQJHU  +RHZHUNWWZLWWHU  +RHZHUNWIDFHERRN  +RHZHUNWSD\SDO  +RHZHUNWLFORXG  +RHZHUNW:KDWVDSS  +RHZHUNWVN\SH  +RHZHUNWVSRWLI\  +RHZHUNWIDFHWLPH

 /XXNGH-RQJ

 /DXUD6PXOGHUV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

/HVSOXVUHFKHUFK«V

4X HVWFHTXHȐ

4X HVWFHTXHȐ

+RPPHVSROLWLTXHV «WUDQJHUV

 :DWLVURDPLQJ

 :DWLVQLYHOOHUHQ

 :DWLVDQGURLG

 :DWLVIRUHQVHQWDNV

 :DWLVSD\SDO

 :DWLVVRSD

 :DWLVIDFHERRN

 :DWLVLQVWDJUDP

 :DWLVZLIL

 :DWLVEXLWHQVSHO

 :DWLVDXWLVPH

 :DWLVEDQJDOLMVW

 :DWLVJ

 :DWLVLFORXG

 :DWLVVSRWLI\

 :DWLVDVVXUDQWLHEHODVWLQJ

 :DWLVSLQNVWHUHQ

 :DWLVK\SRWKHHNUHQWHDIWUHN

 :DWLVWZLWWHU

 :DWLVPRGDDO

 2EDPD  &DPHURQ  5RPQH\  =XPD  +ROODQGH  0HUNHO  6DPDUDV  'L5XSR  0HGYHGHY  %HWULDQ

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

3DUWLVSROLWLTXHV Q«HUODQGDLV

'LULJHDQWVGHSDUWLV SROLWLTXHVQ«HUODQGDLV

4XHVWLRQVSROLWLTXHV

 63

 *HHUW:LOGHUV

 3YG$

 0DUN5XWWH

 99'

 'LHGHULN6DPVRP

 399

 -RODQGH6DS

 &'$

 0DULDQQH7KLHPH

 '

 (PLOH5RHPHU

 *URHQ/LQNV

 6\EUDQG%XPD

 6*3

 +HQN.URO

 &KULVWHQ8QLH

 $OH[DQGHU3HFKWROG

 2QGHUZLMV  .LQGHURSYDQJ  ::  6WXGLHILQDQFLHULQJ  =RUJYHU]HNHULQJ  +\SRWKHHNUHQWH  $2:  +XXUZRQLQJ  9HLOLJKHLG  .LQGHUELMVODJ

 3DUWLMYRRUGH'LHUHQ

 $ULH6ORE

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

'HVWLQDWLRQV

9LOOHVGDQV*RRJOH 0DSV

$GUHVVHV¢SUR[LPLW« GDQV*RRJOH0DSV

 ,WDOLs  )UDQNULMN  'XLWVODQG  6SDQMH  *ULHNHQODQG  .URDWLs  3RUWXJDO  2RVWHQULMN  1RRUZHJHQ  (QJHODQG

 $PVWHUGDP

 &DPSLQJ

 5RWWHUGDP

 +RWHO

 8WUHFKW

 5HVWDXUDQW

 (LQGKRYHQ

 6XSHUPDUNW

 *URQLQJHQ

 $OEHUW+HLMQ

 'HQ+DDJ

 (IWHOLQJ

 1LMPHJHQ

 %HG %UHDNIDVW

 $UQKHP

 0F'RQDOGV

 =ZROOH

 ,NHD

 +DDUOHP

 /LGO

/HVSOXVUHFKHUFK«V

7HQGDQFHV

/HVSOXVUHFKHUFK«V

0DUTXHVGHYRLWXUH

$JHQFHVLPPRELOLªUHV Q«HUODQGDLVHV

3DUFV¢WKªPH

 %0:  )RUG  2SHO  $XGL  3HXJHRW  9ROYR  5HQDXOW  9RONVZDJHQ  7R\RWD  )LDW

 5HVWVFKXOG  2SHQKXL]HQGDJ  6FKHHIZRQHQ  )XQGD  3ULMVGDOLQJ  6SDDUK\SRWKHHN  +XLVYHUKXUHQ  +XLVKXUHQ  +XLVYHUERXZHQ  +XLVYHUNRSHQ

 (IWHOLQJ  :DOLEL  'LVQH\ODQG3DULMV  'XLQUHOO  'ROILQDULXP  0DGXURGDP  3ORSVDODQG  'ULHYOLHW  7RYHUODQG  3RQ\SDUN6ODJKDUHQ

/HVSOXVUHFKHUFK«V

7HQGDQFHV

6XSHUPDUFK«V

6XSHUPDUFK«V

 $OEHUW+HLMQ

 9RPDU9RRUGHHOPDUNW

 -XPER

 -XPER

 F

 1HWWRUDPD

 /LGO

 /LGO

 $OGL

 $OEHUW+HLMQ

 +RRJYOLHW

 &RRS

 &RRS

 -DQ/LQGHUV

 'LUNYDQGHQ%URHN

 'HND0DUNW

 'HND0DUNW  6SDU

 F  $OGL

3«URX

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

7LWUHV

 6LDJLH

 $QQD3ROLQD

 7LUDWHXQ3DVR

 )RQDYL

 :DFKLWXUURV

 %DLOHGHO&DEDOOR

 &RPEDWH

 .XUW&REDLQ

 ,QWHQWDOR


 0LFKHO7HOR

 /D3UHJXQWD

 6HUYLFLRV0RYLVWDU

 :KLWQH\+RXVWRQ

 &RUUH&RUUH&RUD]RQ

 7LUDWHXQ3DVR

 $GHOH

 /HMRVGH7L

 (XURFRSD

 3DROR*XHUUHUR

 'UHDP+LJK

 /H\6RSD

 .DUHQ6FKZDU]


 'DNDU

 0LFKDHO&DUNH'XQFDQ

 0RVD

 $QQD3ROLQD

 6XOO\6DHQ]

 &KRUDPH/LJD

/HVSOXVUHFKHUFK«V

7HQGDQFHV

/HVSOXVUHFKHUFK«V

‹PLVVLRQW«O«YLV«HV

$FWHXUV

0«GLDV

 &RPEDWH

 0LFKDHO&ODUNH'XQFDQ

 (O&RPHUFLR


 .DWHGHO&DVWLOOR

 'HSRU

 (VWRHV*XHUUD

 .RULQD5LYDGHQHLUD

 7URPH

 &RUD]RQ9DOLHQWH

 0DFDXOD\&XONLQ

 /LEHUR

 $OIRQGRKD\VLWLR

 5REHUWR*RPH]%RODxRV

 /D5HSXEOLFD

 0DJDO\WY

 /XFLD2[HQIRUG

 $79HQYLYR

 (VFDOHUDDO&LHOR

 -RQDK)DOFRQ

 $PHULFD79

 8WLOLVLPD

 -DVRQ'D\

 3HUX

 3DVLRQGH*DYLODQHV

 +HDWKHU0RUULV

 7HUUD

 /RV6LPSVRQV

 -XOLR$OHPDQ

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

6SRUWLIV

‹TXLSHVGHVSRUW

 &ULVWLDQR5RQDOGR

 5HDO0DGULG

 0HVVL

 $OLDQ]D/LPD

 3DROR*XHUUHUR

 6SRUWLQJ&ULVWDO

 1H\PDU

 %DUFHORQD

 5RJHU)HGHUHU

 8QLYHUVLWDULRGH'HSRUWHV

 &ODXGLR3L]DUUR

 &KHOVHD

 -XDQ0DQXHO9DUJDV

 -XDQ$XULFK

 5DIDHO1DGDO

 0DQFKHVWHU8QLWHG

 -HIIHUVRQ)DUIDQ

 &LHQFLDQR

 0DULR+DUW

 %D\HUQ0XQLFK

 &RUUHR

7HQGDQFHV

&RPS«WLWLRQV VSRUWLYHV  (XURFRSD  2OLPSLDGDV/RQGUHV  'DNDU  &RSD/LEHUWDGRUHV  (OLPLQDWRULDV%UDVLO  &KDPSLRQV/HDJXH  %DUFHORQDYV&KHOVHD  3HUXYV9HQH]XHOD  3HUXYV$UJHQWLQD  3HUXYV%ROLYLD

7HQGDQFHV

0XVLFLHQV  :DFKLWXUURV  .XUW&REDLQ  0LFKHO7HOR  :KLWQH\+RXVWRQ  $GHOH  1HQH0DOR  0DOXPD  /DV&XOLVXHOWDV  $[O5RVH  /HRQDUGR)DYLR

3KLOLSSLQHV

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

7RSGHO DFWXDOLW«

 6LP6LPL

 -HUHP\/LQ

 'ROSK\'HDWK

 $QJU\%LUGV

 :KLWQH\+RXVWRQ

 623$

 7HUWULV%DWWOH

 'ROSK\

 &\EHUFULPH/DZ

 6XSHU%DVVO\ULFV

 -DQHOOH0DQDKDQ

 -HVVH5REUHGR'HDWK

 *DQJQDPVW\OH

 'DQLHO3DGLOOD

 +XUULFDQH6DQG\

 -HUHP\/LQ

 -HVVLFD6DQFKH]

 3URMHFW1RDK

 :KLWQH\+RXVWRQ

 9DOHULD/XN\DQRYD

 6FDUERURXJK6KRDO

 'ROSK\

 &KDFKL*RQ]DOHV

 621$3KLOLSSLQHV

 'UDJRQQHVW

 5DPJHQ5HYLOOD

 5REHUW%ODLU&DUDEXHQD

 EODFN

 $GHOH

 (DW%XODJD,QGRQHVLD

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

5HFKHUFKHVG LPDJHV

7LWUHV

‹PLVVLRQW«O«YLV«HV

 9DOHULD/XN\DQRYD

 6XSHU%DVV

 $PHULFDQ,GRO

 %KXWDQ

 *DQJQDP6W\OH

 7RPDQG-HUU\

 %ODFNSLFWXUH

 3D\SKRQH

 :DODQJ+DQJJDQ

 &KDULFHQHZORRN

 &DOO0H0D\EH

 $GYHQWXUH7LPH

 7UROOIDFH

 3XVRQJ%DWR

 6SRQJHERE

 7UDQVLWRI9HQXV

 2QHWKLQJ

 &LW\+XQWHU

 6XSHUPRRQ

 3ULFHWDJ

 'RUD

 2YHUO\$WWDFKHG*LUOIULHQG

 6LUHQD

 3ULQFHVVDQG,

 0H*XVWD

 'RPLQR

 7KH:DONLQJ'HDG

 .DWH0LGGOHWRQSKRWRV

 2XUV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

6SRUWLIV

‹TXLSHVGHVSRUW

 -HUHP\/LQ

 0LDPL+HDW

 0DQQ\3DFTXLDR

 )(8

 /HEURQ-DPHV

 383

 .REH%U\DQW

 /DNHUV

 -RKQ&HQD

 $GDPVRQ8QLYHUVLW\

 0LFKDHO-RUGDQ

 0$38$

 'HUULFN5RVH

 $]NDOV

 -DPHV
 $WHQHR

 0DULD6KDUDSRYD

 %RVWRQ&HOWLFV

 'ZD\QH:DGH

 *LQHEUD

 9DPSLUH'LDULHV

/HVSOXVUHFKHUFK«V

'HVWLQDWLRQVGH YR\DJH  6LQJDSRUH  0DQLOD2FHDQ3DUN  &HEX  3XHUWR*DOHUD  %RKRO  %KXWDQ  7DJD\WD\  %DJXLR  &DQDGD  &KLQD

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

$OLPHQWDWLRQHW ERLVVRQV

*DGJHWV

0DUTXHV

 0DJQXP,FH&UHDP  9LNLQJV  &KRSVXH\5HFLSH  -&R'RQXWV  *RQJ&KD  3HSVL3RJL  %RQ&KRQPHQX  +LSRQ

 L3DGPLQL

 $SSOH

 6DPVXQJ*DOD[\<

 7R\RWD

 L3DG

 %ODFNEHUU\

 6DPVXQJ*DOD[\6

 1RNLD

 L3KRQH6

 &KHUU\0RELOH

 6DPVXQJ*DOD[\3RFNHW

 +\XQGDL

 %ODFNEHUU\(PSDWK\

 P\3KRQH

 6DPVXQJ*DOD[\6

 )RUHYHU

 1RNLD/XPLD

 +RQGD

 1RNLD/XPLD

 1LNH

/HVSOXVUHFKHUFK«V

7HQGDQFHV

7HQGDQFHV

-HX[

3HUVRQQDOLW«VGXSD\V

+RPPHVSROLWLTXHV

 7ZLVWHUIULHV  -LQJDMXLFH

 7HWULV%DWWOH

 'ROSK\

 -HVVH5REUHGR

 $QJU\%LUGV

 -DQHOOH0DQDKDQ

 &RURQD

 &URVVILUH

 'DQLHO3DGLOOD

 %DUDFN2EDPD

 'UDJRQ1HVW

 5DPJHQ5HYLOOD

 ,JJ\$UUR\R

 3ODQWVYV=RPELHV

 *UDFH/HH

 5RPQH\

 7HPSOH5XQ

 .DUO5R\

 6KDODQL6ROHGDG

 '27$

 3HGUR&DOXQJVRG

 0LULDP'HIHQVRU6DQWLDJR

 &U\VWDO6DJD

 -HVVH5REUHGR

 -XDQ3RQFH(QULOH

 'LDEOR

 0\UWOH

 7LWR6RWWR

 0LQHFUDIW

 -DPLFK

 6HUDILQ&XHYDV

/HVSOXVUHFKHUFK«V

'HVWLQDWLRQVGH YR\DJHQDWLRQDOHV  0DQLOD2FHDQ3DUN  &HEX  3XHUWR*DOHUD  %RKRO  7DJD\WD\  %DJXLR  &OXE0DQLOD(DVW  &DJD\DQGH2UR  *UHHQKLOOV  $EUD

3RORJQH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

7LWUHV

 .ZHMN

 1DWDOLD6LZLHF

 .RNR(XUR6SRNR

 7DEOLFD

 :KLWQH\+RXVWRQ

 &DOO0H0D\EH

 (XUR

 5REHUW/HZDQGRZVNL

 *DQJQDP6W\OH

 $&7$

 :LVáDZD6]\PERUVND

 2FHDQD(QGOHVV6XPPHU

 791SOD\HU

 ,UHQD-DURFND

 (QHM6NU]\GODWH5ĊFH

 %HVW\

 5RQDOGR

 6RPHRQH/LNH
 :LRFKD

 )HOL[%DXPJDUWQHU

 2VWDWQLD1RFND

 -XOLD

 (ZHOLQD/LVRZVND

 :H$UH
 .RNR(XUR6SRNR

 0LFKHO7HOy

 $GHOH6N\IDOO

 0RYLHVWDUSODQHW

 1LHNU\W\.U\W\N

 *XVWWDYR/LPD%DODGD

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

0XVLFLHQV

‹PLVVLRQW«O«YLV«HV

)LOPV

 *RW\H

 -XOLD

 -HVWHĞ%RJLHP

 (ZHOLQD/LVRZVND

 /HNDU]H

 6N\IDOO

 0LFKHO7HOy

 0DVWHUFKHI

 ']LHZF]\QD]7DWXDĪHP

 2QH'LUHFWLRQ

 3UDZR$JDW\

 $YHQJHUV

 /DQD'HO5H\

 %LWZDQD*áRV\

 %LJ/RYH

 *XVWWDYR/LPD

 3U]HSLVQDĪ\FLH

 :&LHPQRĞFL

 2FHDQD

 3DPLĊWQLNL]ZDNDFML

 6SRQVRULQJ

 6\OZLD*U]HV]F]DN

 5RG]LQND

 ,JU]\VNDĝPLHUFL

 .LPEUD

 8NU\WD3UDZGD

 .DF:DZD

 0DULD3HV]HN

 =DND]DQH8F]XFLH

 3URPHWHXV]

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

$WKOªWHVRO\PSLTXHV QDWLRQDX[

‹Y«QHPHQWVVSRUWLIV

6SRUWLIV

 'DPLDQ-DQLNRZVNL  6\OZLD%RJDFND  -RDQQD0LWURV]  =RILD1RFHWL.OHSDFND  0DJGDOHQD)XODUF]\N  0DUWD:DOF\NLHZLF]  $QHWD.RQLHF]QD  3DZHá=DJURGQLN  3U]HP\VáDZ0LDUF]\ĔVNL

 (XUR

 5REHUW/HZDQGRZVNL

 2OLPSLDGD

 5RQDOGR

 .6:

 0DULW%MRUJHQ

 0HF]3ROVND$QJOLD

 6]F]ĊVQ\

 'DNDU

 /HH5LFKDUGVRQ

 :LPEOHGRQ

 %áDV]F]\NRZVNL

 .6:

 %DORWHOOL

 $XVWUDOLDQ2SHQ

 -HU]\-DQRZLF]

 (XUR  0HF]3ROVND3RUWXJDOLD

 3DZHá)DMGHN

7HQGDQFHV

7HQGDQFHV

&RPPHQWȐ

4X HVWFHTXHȐ

 -DNXVXQąü)DFHERRND

 &]\PMHVWDFWD

 -DN]URELüNáRVD

 &]\PMHVWSDF]\]P

 -DNRV]XNDüZDULRJUDI

 &]\PMHVWWDEX

 -DNXSRORZDüIDFHWD

 &]\PMHVWFOHYHUERW

 -DNQDU\VRZDüWZDU]

 &]\PMHVWQDG]LHMD

 -DNXVXQąüEDE\ORQ

 &]\PMHVWWROHUDQFMD

 -DN]EXGRZDüGRP

 &]\PMHVWSLĊNQR

 -DNRGSRZLHWU]\üNDORU\IHU

 &]\PMHVWSDĔVWZR

 -DNZ\JOąGDF]HUQLDN  -DNSRZLĊNV]\üVWURQĊ

 &]\PMHVWEH]URERFLH  &]\PMHVWFDFKH

 .OLF]NR  6DUDK%XUNH

3RUWXJDO

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

7LWUHV

 (XUR

 /XFLDQD$EUHX

 &DVDGRVVHJUHGRV

 $GHOH

 3LQJR'RFH

 5LWD3HUHLUD

 *DQJQDPVW\OH

 5RFN,Q5LR

 %HUQDUGR6DVVHWL

 9HPYHURVDYL}HV

 ,GRORV

 0DUJDULGD0DUDQWH

 $LVHHXWHSHJR

 $YHQLGD%UDVLO

 0LFKHO7HOR

 6H[WDIHLUD

 6DUD1RUWH

 3DEOR$OERUDQ

 2QHPRUHQLJKW

 :KLWQH\+RXVWRQ

 %HDWUL]%DWDUGD

 0iTXLQD

 0LFKDHO&ODUNH'XQFDQ

 'ULYHE\

 -RJRV2OtPSLFRV  /XFLDQD$EUHX

 $PDQGD7RGG

 6RPHERG\7KDW,8VHGWR .QRZ

 3DUDGLVH  6RPHRQHOLNH\RX

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

‹PLVVLRQW«O«YLV«HV

)LOPV

/LYUHV

 &DVDGRV6HJUHGRV

 7('

 8PKRPHPFRPVRUWH

 $WXDFDUDQmRPHpHVWUDQKD

 0DGDJiVFDU

 '0DULD,,

 *DEULHOD

 2V9LQJDGRUHV

 $VFLQTXHQWDVVRPEUDVGH

 :DONLQGGHDG

 2'LWDWRU

 *OHH

 ,GDGHGR*HOR

 2FpXH[LVWHPHVPR

 *RVWRGLVWR

 %UDQFDGH1HYHHR&DoDGRU

 $GLHWDGRVGLDV

 0RGHUQIDPLO\

 2VGHVFHQGHQWHV

 $VFLQTXHQWDVVRPEUDVPDLV

 (VWDGRGHJUDoD

 %UDYH,QGRPiYHO

 $QMRPHX  $YR]GHSRUWXJDO

 $PLJRVLPSURYiYHLV  VN\IDOO

*UH\

QHJUDV  5HVJDWDGRV  'HVLVWLUQmRpRSomR  3ULVLRQHLURGR&pX  (VSLmR,PSURYiYHO

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

6SRUWLIV

‹TXLSHVGHVSRUW

$WKOªWHVRO\PSLTXHV QDWLRQDX[

 &ULVWLDQR5RQDOGR

 %HQILFD

 0HVVL

 6SRUWLQJ

 1H\PDU

 3RUWR

 +XON

 5HDO0DGULG

 %DOORWHOL

 %DUFHORQD

 0RXULQKR

 %UDJD

 0LFKDHO3KHOSV

 *XLPDUmHV

 /XFKR*RQ]DOH]

 &KHOVHD

 8VDLQ%ROW

 0DQFKHVWHU&LW\

 ,EUDKLPRYLF

 0DQFKHVWHU8QLWHG

 *XVWDYR/LPD  -RmR0RQWHLUR  7HOPD0RQWHLUR  (PDQXHO6LOYD  1XQR0HQGHV  )HUQDQGR3LPHQWD  -HVVLFD$XJXVWR  0DUFR)RUWHV  -RmR3LQD  0DUFRV)UHLWDV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

&RPPHQWȐ

'HVWLQDWLRQVGH YR\DJH

$OLPHQWDWLRQHW ERLVVRQV

 &RPRHPDJUHFHU  &RPRSHUGHUEDUULJD  &RPRJDQKDUGLQKHLUR  &RPRID]HUDUUR]  &RPRID]HUFUHSHV  &RPREHLMDU  &RPRHQJRUGDU  &RPRGHVEORTXHDUWHOHPyYHLV  &RPRID]HUSDQTXHFDV  &RPRMRJDU3RNHU

 0DGHLUD

 %RORGHFKRFRODWH

 &DER9HUGH

 %RORGHLRJXUWH

 $OJDUYH

 3HWLVFRV

 %UDVLO

 %DFDOKDXFRPQDWDV

 $oRUHV

 %RORGHERODFKD

 3DULV

 %RORGHODUDQMD

 =XULTXH

 0RXVVHGHFKRFRODWH

 'LVQH\ODQG

 6RSD

 /RQGUHV

 &UHSHV

 0DGULG

 %RORGHFHQRXUD

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

0RGH

+RPPHVSROLWLTXHV

$SSOLFDWLRQV

 =DUD

 &DYDFR6LOYD

 )DFHERRN

 %HUVKND

 0LJXHO5HOYDV


 /DUHGRXWH

 9LWRU*DVSDU

 'URSER[

 6WUDGLYDULXV

 3HGUR3DVVRV&RHOKR

 $QJU\%LUGV

 3XOODQGEHDU

 3DXOR3RUWDV

 ,QVWDJUDP

 0DQJR

 0iULR6RDUHV

 (YHUQRWH

 6HDVLGH

 3DXOR0DFHGR

 7HPSOH5XQ

 + 0

 $QWyQLR-RVp6HJXUR

 $QJU\%LUGV6WDU:DUV

 /DQLGRU

 -RVp6yFUDWHV

 :KDWVDSS

 0DVVLPR'XWWL

 )UDQFLVFR/RXVm

 %ULJKWHVWIODVKOLJKW

5«SXEOLTXHWFKªTXH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

&«O«EULW«VORFDOHV

 +RWHO3DUDGLVH

 :KLWQH\+RXVWRQ

 'DYLG5DWK

 )DUPD

 'DYLG5DWK

 $QHWD6DYDURYi

 'LDEOR

 )HOL[%DXPJDUWQHU

 2UQHOODâWLNRYi

 ý7

 0LFKDHO&ODUNH'XQFDQ

 -DUR6OiYLN

 +ODVýHVNR6ORYHQVND

 $GHOH

 ,YDQQD%HQHãRYi

 +RZUVH

 $QHWD6DYDURYi

 9ODGLPtU)UDQ]

 =HUJ5XVK

 0DFDXOD\&XONLQ

 7DPDUD.RXERYi

 3ULPD3/$<

 /DQD'HO5H\

 1HOD6ORYiNRYi

 6DUDK%XUNH

 FHOHVWH%XFNLQJKDP

 YROE\

 $QRQ\PRXV

 0LFKDHO3KHOSV

 5DGRVODY%U]RERKDWê

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

‹PLVVLRQW«O«YLV«HV

6SRUWV

$WKOªWHVRO\PSLTXHV QDWLRQDX[

 +RWHO3DUDGLVH

 +RNHM

 3URVWĜHQR

 )RWEDO

 3DUWLþND

 7HQLV

 +ODVýHVNR6ORYHQVND

 6QRZERDUG

 9\SUiYČM

 =XPED

 8OLFH

 )LWQHVV

 6KRZ-DQD.UDXVH

 3LODWHV

 .OXFLYDNFL

 *ROI

 )DUPiĜKOHGiåHQX

 )ORUEDO

 $QRãpIH

 .XOWXULVWLND

 3HWUD.YLWRYi  5RPDQ.UHX]LJHU  $QGUHD+ODYiþNRYi  7RPiã%HUG\FK  'DYLG6YRERGD  -DURVODY.XOKDYê  'HQLVD5RVRORYi  0DUNpWD6OXNRYi  6LPRQD%DXPUWRYi  .OiUD=DNRSDORYi

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

&RPPHQWȐ

4X HVWFHTXHȐ

5HFKHUFKHV FRPSRUWDQW

 -DN=KXEQRXW

 &RMH7DEOHW

 -DN6EDOLW+RONX

 &RMH$QG\

 -DN=MLVWLW+HVOR

 &RMH$FWD

 -DN9\GČODW3HQt]H

 &RMH,EDQ

 -DN8Yi]DW.UDYDWX

 &RMH5SVQ

 -DN=UXãLW)DFHERRN

 &RMH6SDP

 -DN1DSVDWäLYRWRSLV

 &RMH3URKLELFH

 -DN6EDOLW.OXND

 &RMH'RKD]RYDþ

 -DN3ViW:HE

 &RMH*RRJOH

 -DN2WČKRWQČW

 &RMH3OXJLQ

 (852  2O\PSLMVNpKU\  9HOLNRQRFH  .DOHQGiĜ  ILOP\  9ROE\  =iNRQtN3UiFH  -DUQt3Ui]GQLQ\  06KRNHM  /RQGRQ

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

9LOOHVGXPRQGH

+RPPHVSROLWLTXHV

0«GLDV

 1HZ
 9ODGLPtU)UDQ]

 L'1(6

 3UDJXH

 'DYLG5DWK

 %OHVN

 /RQGRQ

 9iFODY.ODXV

 1RYLQN\

 %DUFHORQD

 7RPLR2NDPXUD

 $KD

 $PVWHUGDP

 .DUROtQD3HDNH

 ý7

 %XGDSHãĢ

 9ODGLPtU'ORXKê

 (YURSD

 %HUOtQ

 -DQ)LVKHU

 ýHVNi7HOHYL]H

 6DO]EXUJ

 0LORã=HPDQ

 3ULPD

 5LRGH-DQHLUR

 .DUHO6FKZDU]HQEHUJ

 WQF]

 'XEDL

 .ULVWêQD.Rþt

 L+1HG

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

0DUTXHVSKDUHV

0RGH

&XLVLQH

 9RGDIRQH

 %DĢD

 'RUW\

 ,NHD

 + 0

 .XVNXV

 ýHVNi6SRĜLWHOQD

 =DUD

 3L]]D

 2

 1HZ
 6XVKL

 6WXGHQW$JHQF\

 $GLGDV

 0XIILQ\

 3RãWRYQt6SRĜLWHOQD

 /RXLV9XLWWRQ

 &KHHVHFDNH

 /LGO

 $OSLQH3UR

 5L]RWR

 70RELOH

 1LNH

 7LUDPLVX

 7FKLER

 +XPDQLF

 0EDQN

 7DNNR

 *QRFFKL  %UDPERUiþN\

/HVSOXVUHFKHUFK«V

$QLPDX[  3HV  .UWHN  5\E\  *RULOD  $OEDWURV  2SLFH  +URFK  7\JU  äLUDID  /LãND

5RXPDQLH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

7LWUHV

 &UHDWLYH0RQNH\]

 :KLWQH\+RXVWRQ

 &RULQDDWD

 5H]XOWDWH%DFDODXUHDW

 $GULDQ1DVWDVH

 9DUDQXGRUP

 0HUFDGRU

 /XFLDQ%XWH

 'DOLQGD

 )LOPH2QOLQH

 &ULVWLDQ*RJ

 *DQJQDP6W\OH

 *$*

 7UDLDQ%DVHVFX

 0DQGLQJD=DOHLODK

 .L]L

 6DQGUD,]EDVD

 6RUH'LIIHUHQW

 7ZRR

 )HOL[%DXPJDUWQHU

 %DODGD%RD

 (XUR

 0LFKHO7HOR

 %URNHQ$QJHO

 +RURVFRS

 &DWDOLQD3RQRU

 0LQLP'RL

 3DULXFXYLDWD

 $GHOH

 'HOLD'DOH

/HVSOXVUHFKHUFK«V

7HQGDQFHV

7HQGDQFHV

‹PLVVLRQW«O«YLV«HV

)LOPV

-HX[

 5RPDQLLDX7DOHQW

 ,FH$JH

 )HUPD9HVHOD

 9RFHD5RPDQLHL

 -RKQ&DUWHU

 )RUJHRI(PSLUHV

 +DSS\+RXU

 $QRQ\PRXV

 6L]]OLQJ+RW

 ;)DFWRU

 7KH$YHQJHUV

 (PSLUH

 ,Q3XLL0HL

 3URPHWKHXV

 +DSS\:KHHOV

 ,Q*XUD3UHVHL

 $OEDFD]DSDGDVLUD]ERLQLFXO

 +RZUVH

 $FFHV'LUHFW

YDQDWRU

 %H\EODGH

 &6,'

 6N\IDOO

 &OLFNWKH6TXDUHV

 %XUODFXO

 7DNHQ

 /DJRRQLD

 8UDQLD+RURVFRS

 7KH([SHQGDEOHV

 0DILD

 6KHUORFN+ROPHV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

7HQGDQFHV

&RPPHQWȐ

4X HVWFHTXHȐ

0DWFKVGHIRRWEDOO

 &XPVHVDUXWD

 &HHVWHLXELUHD

 6WHDXD'LQDPR

 &XPVHIDFH

 &HHVWH$&7$

 5RPDQLD2ODQGD

 &XPVHFURVHWHD]D

 &HHVWHIDFHERRN

 'LQDPR%DUFHORQD

 &XPVHYRWHD]D

 &HHVWHLQWHUQHWXO

 6WHDXD7ZHQWH

 &XPVHGHVHQHD]D

 &HHVWHSULHWHQLD

 6WHDXD&)5

 &XPVHVFULH

 &HHVWHIHULFLUHD

 6WHDXD5DSLG

 &XPVHWHQFXLHVWH

 &HHVWHUXEHROD

 6WHDXD0ROGH

 &XPVHWULFRWHD]D

 &HHVWHWDXULQD

 %DUFHORQD5HDO0DGULG

 &XPVHWXQGH  &XPVHPDFKLD]D

 &HHVWHHSLWHWXO  &HHVWHJXWD

 6WHDXD&RSHQKDJD  5RPDQLD7XUFLD

5R\DXPH8QL

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

5HFKHUFKHV G DFWXDOLW«V

 (XUR

 :KLWQH\+RXVWRQ

 2O\PSLFWLFNHWV

 .DWH0LGGOHWRQ

 :KLWQH\+RXVWRQ

 *DU\%DUORZ

 .DWH0LGGOHWRQ

 7XOLVD

 $SULO-RQHV

 -HVVLFD(QQLV

 1HWIOL[

 )DEULFH0XDPED

 1DWZHVW2QOLQH

 0LFKDHO&ODUNH'XQFDQ

 L3DG

 0RUJDQ)UHHPDQ

 *DU\%DUORZ

 3ULQFH+DUU\

 *DQJQDP6W\OH

 8VDLQ%ROW

 (XUR  2O\PSLFV  +XUULFDQH6DQG\  2O\PSLFWRUFKURXWH  (XURYLVLRQ  :KLWQH\+RXVWRQ  )HOL[%DXPJDUWQHU  &RVWD&RQFRUGLD  /DQFH$UPVWURQJ  'LDPRQG-XELOHH

/HVSOXVUHFKHUFK«V

7HQGDQFHV

7HQGDQFHV

)DPLOOHUR\DOH

7LWUHV

0XVLFLHQV

 4XHHQ(OL]DEHWK

 *DQJQDP6W\OH

 /XF\6SUDJJDQ

 .DWH0LGGOHWRQ

 &DOO0H0D\EH

 7KH0LOLWDU\:LYHV

 3ULQFH+DUU\

 %ORZ0H2QH/DVW.LVV

 ZLOOLDP

 3ULQFH&KDUOHV

 %HQHDWK
 (PHOL6DQGH

 3ULQFH:LOOLDP

 7KH2IILFLDO2O\PSLF6RQJ

 36<

 3ULQFH3KLOLS

 6N\IDOO

 2QH'LUHFWLRQ

 /XSR

 6RPHERG\7KDW,8VHGWR

 7KH6SLFH*LUOV

 3ULQFH$QGUHZ  3ULQFH(GZDUG  =DUD3KLOOLSV

.QRZ  :H$UH
 0XVH  *LUOV$ORXG  'L]]HH5DVFDO

/HVSOXVUHFKHUFK«V

7HQGDQFHV

7HQGDQFHV

‹PLVVLRQW«O«YLV«HV

‹PLVVLRQW«O«YLV«HV

5HFKHUFKHVG LPDJHV

 %LJ%URWKHU

 0LNHWKH.QLJKW

 )DFHERRN

 (DVWHQGHUV

 +RPHODQG


 ;)DFWRU

 7RZLH

 2QH'LUHFWLRQ

 *DPHVRI7KURQHV

 7KH-RQDWKRQ5RVV6KRZ

 1LFNL0LQDM

 %LJ%DQJ7KHRU\

 &HOHEULW\%LJ%URWKHU

 -XVWLQ%LHEHU

 6LPSVRQV

 6KHUORFN

 *RRJOH

 'RFWRU:KR

 7KH*UHDW%ULWLVK%DNH2II

 2O\PSLF5LQJV

 6KHUORFN

 *DPHRI7KURQHV

 5LKDQQD

 &RURQDWLRQ6WUHHW

 %LJ%DQJ7KHRU\

 )RRWEDOO

 *HRUGLH6KRUH

 +RZ,0HW
 0HJDQ)R[

/HVSOXVUHFKHUFK«V

7HQGDQFHV

7HQGDQFHV

$WKOªWHVRO\PSLTXHV QDWLRQDX[

-RXHXUVGHIRRWEDOO LQWHUQDWLRQDX[

&RPPHQWȐ

 $QG\0XUUD\

 /HRQDUGR0HVVL

 7RP'DOH\

 )UDQFN5LEpU\

 -HVVLFD(QQLV

 /XFDV0RXUD

 0R)DUDK

 -DQ9HUWRQJKHQ

 9LFWRULD3HQGOHWRQ

 5RELQYDQ3HUVLH

 %UDGOH\:LJJLQV

 $UMHQ5REEHQ

 &KULV+R\

 (GHQ+D]DUG

 5HEHFFD$GOLQJWRQ

 =ODWDQ,EUDKLPRYLF

 /DXUD7URWW

 0DURXDQH)HOODLQL

 +RZWRGUDZ  +RZWRNLVV  +RZWRPDNH  +RZWRFURFKHW  +RZWRNQLW  +RZWRPHGLWDWH  +RZWRIOLUW  +RZWRVLQJ  +RZWRKDFN  +RZWRSURQRXQFH

 /RXLV6PLWK

 0DULR%DORWHOOL

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

4X HVWFHTXHȐ

'HVWLQDWLRQVGH YR\DJH

0RGH

 :KDWLVORYH  :KDWLVL&ORXG  :KDWLVJ  :KDWLVVFLHQWRORJ\  :KDWLVLQVWDJUDP  :KDWLVDXWLVP  :KDWLVGLDEHWHV  :KDWLV\ROR  :KDWLVLOOXPLQDWL  :KDWLV06

 5LRGH-DQHLUR  *UHHFH  %UD]LO  'XEDL  3DULV  /RQGRQ  %UXJHV  &RUQZDOO  (GLQEXUJK  %DUFHORQD

 6WHOOD0F&DUWQH\  .DUO/DJHUIHOG  9LFWRULD V6HFUHW  $OLFH7HPSHUOH\  9HUVDFH  0XOEHUU\  0DUNVDQG6SHQFHU  2VVLH&ODUN  %XUEHUU\  /.%HQQHWW

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

+RPPHVSROLWLTXHV

6SRUWV

9LOOHVGDQV*RRJOH 0DSV

 -HUHP\+XQW

 6\QFKURQL]HG6ZLPPLQJ

 %RULV-RKQVRQ

 0XUGHUEDOO

 -XVWLQH*UHHQLQJ

 :KHHOFKDLU%DVNHWEDOO

 $OH[6DOPRQG

 9ROOH\EDOO

 0LFKDHO*RYH

 $UFKHU\

 *HRUJH2VERUQH

 0HWHU6SULQW

 /RXLVH0HQVFK

 7DHNZRQGR

 1DGLQH'RUULHV

 *\PQDVWLFV

 .HLWK9D]

 &\FOLQJ

 (G9DL]H\

 $WKOHWLFV

 /RQGRQ  %ULVWRO  0DQFKHVWHU  (GLQEXUJK  %ULJKWRQ  6XUUH\  /HHGV  2[IRUG  &DPEULGJH  %LUPLQJKDP

/HVSOXVUHFKHUFK«V

$GUHVVHV¢SUR[LPLW« GDQV*RRJOH0DSV  +RWHO  5HVWDXUDQW  3XEV  &DPSLQJ  7HVFR  3DUNLQJ  7UDLQVWDWLRQ  3UHPLHU,QQ  6XSHUPDUNHW  % %

5XVVLH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

5HFKHUFKHV

&«O«EULW«V

ΖPDJHV

 ɸɬɸɛ

 ɦɚɪɢɧɚɝɨɥɭɛ

 ɫɞɧɟɦɪɨɠɞɟɧɢɹ

 ɫɦɨɬɪɟɬɶɮɢɥɶɦɵɨɧɥɚɣɧ

 ɭɢɬɧɢɯɶɸɫɬɨɧ

 ɰɜɟɬɵ

 ɨɥɢɦɩɢɚɞɚ

 ɛɭɪɚɧɨɜɫɤɢɟɛɚɛɭɲɤɢ

 ɥɸɛɨɜɶ

 ɨɞɧɨɤɥɚɫɫɧɢɤɢɫɨɰɢɚɥɶɧɚɹ

 SXVV\ULRW

 ɤɚɪɬɢɧɤɢɧɚɪɚɛɨɱɢɣɫɬɨɥ

 ɧɚɪɤɨɦɚɧɩɚɜɥɢɤ

 ɩɪɢɪɨɞɚ

 ɜɤɨɧɬɚɤɬɟɦɨɹɫɬɪɚɧɢɰɚ

 ɩɪɨɯɨɪɨɜ

 ɤɚɪɬɢɧɤɢɧɚɚɜɭ

 ɟɜɪɨ

 ɦɚɪɢɨɤɚɫɚɫ

 ɚɧɢɦɟ

 ɟɜɪɨɜɢɞɟɧɢɟ

 ɢɜɚɧɞɨɪɧ

 ɦɨɪɟ

ɫɟɬɶ

 ɜɟɥɢɤɨɥɟɩɧɵɣɜɟɤ  ɜɵɛɨɪɵ

 36<

 ɤɨɫɦɨɫ

 ɦɚɜɪɨɞɢ

 ɜɟɫɧɚ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

7LWUHV

‹PLVVLRQW«O«YLV«HV

$WKOªWHVRO\PSLTXHV

 ɭɧɢɜɟɪɧɨɜɚɹɨɛɳɚɝɚ

 36<JDQJQDPVW\OH

 ɜɟɱɟɪɧɢɣɭɪɝɚɧɬ

 ɦɚɧɫɭɪɢɫɚɟɜ

 ɛɭɪɚɧɨɜɫɤɢɟɛɚɛɭɲɤɢSDUW\

 ɤɪɨɜɢɧɭɲɤɚɫɟɪɢɚɥ

 ɚɪɫɟɧɝɚɥɫɬɹɧ

 ɠɢɜɨɬɧɵɣɫɦɟɯ

 ɞɚɪɶɹɞɦɢɬɪɢɟɜɚ

 ɝɨɜɨɪɢɦɢɩɨɤɚɡɵɜɚɟɦɫ

 ɬɚɝɢɪɯɚɣɛɭɥɚɟɜ

IRUHYHU\ERG\  ɧɸɲɚɜɨɫɩɨɦɢɧɚɧɢɟ  0LFKHO7HOR1RVD1RVD

ɥɟɨɧɢɞɨɦɡɚɤɨɲɚɧɫɤɢɦ

 ɢɜɚɧɭɯɨɜ

 $GHOH6N\IDOO

 ɜɢɫɹɤɢ

 ɤɚɪɨɥɢɧɚɫɟɜɚɫɬɶɹɧɨɜɚ

 ɝɭɮɫɚɦɢ

 ɧɚɭɤɚ

 ɧɚɬɚɥɶɹɚɧɬɸɯ

 ORUHHQHXSKRULD

 ɟɮɪɨɫɢɧɶɹɬɚɺɠɧɚɹɥɸɛɨɜɶ

 ɞɠɚɦɚɥɨɬɚɪɫɭɥɬɚɧɨɜ

 ɧɸɲɚɜɵɲɟ

 ɨɛɦɟɧɠɺɧɚɦɢ

 7DFDEUR7DNDWD

 ɬɟɥɟɤɚɧɚɥɞɨɛɪɨɟɭɬɪɨ

 &RPHGR]ɹɦɚɣɤɚ

 ɩɨɧɹɬɶɩɪɨɫɬɢɬɶ

 ɚɥɟɤɫɟɣɲɜɟɞ  ɛɢɥɹɥɦɚɯɨɜ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

&RPPHQWȐ

4X HVWFHTXHȐ

3RXUTXRLȐ

 ɤɚɤɫɬɚɬɶɞɨɛɪɟɟ

 ɱɬɨɬɚɤɨɟɛɪɨ

 ɩɨɱɟɦɭɨɛɚɦɚɤɚɤɬɭɫ

 ɤɚɤɫɨɥɢɬɶɪɵɠɢɤɢ

 ɱɬɨɬɚɤɨɟɯɨɥɨɤɨɫɬ

 ɩɨɱɟɦɭɥɚɝɚɟɬPLQHFUDIW

 ɤɚɤɜɡɥɨɦɚɬɶɦɵɥɨ

 ɱɬɨɬɚɤɨɟɫɭɞɶɛɚ

 ɩɨɱɟɦɭɤɨɬɵɭɪɱɚɬ

 ɤɚɤɪɢɫɨɜɚɬɶɪɨɡɵ

 ɱɬɨɬɚɤɨɟɦɟɣɧɫɬɪɢɦ

 ɩɨɱɟɦɭɹɨɞɢɧɨɤ

 ɤɚɤɞɨɫɬɚɬɶɤɥɟɳɚ

 ɱɬɨɬɚɤɨɟɤɭɥɟɜɪɢɧɚ

 ɩɨɱɟɦɭɩɨɹɜɥɹɸɬɫɹɩɪɵɳɢ

 ɤɚɤɜɵɧɟɫɬɢɦɨɡɝ

 ɱɬɨɬɚɤɨɟɯɚɪɞɤɨɪ

 ɩɨɱɟɦɭɪɟɛɟɧɨɤɢɤɚɟɬ

 ɤɚɤɩɨɱɢɫɬɢɬɶɫɟɪɟɛɪɨ

 ɱɬɨɬɚɤɨɟɫɥɨɭɩɨɤ

 ɩɨɱɟɦɭɥɭɧɚɫɜɟɬɢɬɫɹ

 ɤɚɤɩɨɫɦɨɬɪɟɬɶɜɵɛɨɪɵ

 ɱɬɨɬɚɤɨɟɨɤɫɮɨɪɞɵ

 ɩɨɱɟɦɭɛɨɥɹɬɤɨɥɟɧɢ

 ɤɚɤɪɚɫɱɢɬɚɬɶɞɟɤɪɟɬɧɵɟ

 ɱɬɨɬɚɤɨɟɭɥɶɬɪɚɛɭɤ

 ɩɨɱɟɦɭɪɚɫɬɟɬɠɢɜɨɬ

 ɤɚɤɧɚɭɱɢɬɫɹɰɟɥɨɜɚɬɶɫɹ

 ɱɬɨɬɚɤɨɟɪɟɩɨɫɬ

 ɩɨɱɟɦɭɥɸɤɤɪɭɝɥɵɣ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

'HVWLQDWLRQVGH YR\DJH

$OLPHQWDWLRQHW ERLVVRQV

)LOPV

 ɤɪɵɦ

 ɥɚɫɬɨɱɤɢɧɨɝɧɟɡɞɨ

 ɩɚɪɢɠ

 ɤɟɤɫɵ

 ɜɶɟɬɧɚɦ

 ɦɚɥɨɫɨɥɶɧɵɟɨɝɭɪɱɢɤɢ

 ɢɛɢɰɚ

 ɛɚɤɥɚɠɚɧɵ

 ɦɚɪɨɤɤɨ

 ɬɵɤɜɚ

 ɝɪɭɡɢɹ

 ɛɟɥɵɟɝɪɢɛɵ

 ɞɭɛɚɢ

 ɦɢɦɨɡɚɫɚɥɚɬ

 ɚɧɬɚɥɢɹ

 ɬɢɪɚɦɢɫɭɤɥɚɫɫɢɱɟɫɤɢɣ

 ɝɚɜɚɣɢ

 ɤɪɚɛɫɛɭɪɝɟɪ

 ɬɭɧɢɫ

 ɫɢɧɧɚɛɨɧ

7HQGDQFHV

7HQGDQFHV

‹Y«QHPHQWV

6KRSSLQJ

 ɨɥɢɦɩɢɚɞɚ

 L3KRQH

 ɟɜɪɨ

 'LDEOR

 ɟɜɪɨɜɢɞɟɧɢɟ

 :LQGRZV

 ɜɵɛɨɪɵ

 1H[XV

 ɤɪɵɦɫɤ

 ɟɥɤɚ

 ɩɪɟɡɟɧɬɚɰɢɹLSKRQH

 L3DG

 ɛɨɡɨɧɯɢɝɝɫɚ

 ɤɚɮɮɵ

 ɨɫɤɚɪ

 ɛɢɥɟɬɪɠɞ

 ɰɢɪɤɞɸɫɨɥɟɣ  ɤɭɪɛɚɧɛɚɣɪɚɦ

 ),)$  ɲɭɛɚ

 ɜɪɟɦɹ  ɫɚɦɵɣɫɬɪɚɲɧɵɣɮɢɥɶɦ  ɩɪɨɦɟɬɟɣɮɢɥɶɦ  ɦɚɞɚɝɚɫɤɚɪ  ɦɫɬɢɬɟɥɢ  ɫɚɦɵɣɥɭɱɲɢɣɮɢɥɶɦ  ɛɟɥɵɣɬɢɝɪ  ɨɞɧɨɤɥɚɫɫɧɢɤɢ  ɤɚɦɟɧɶ  ɦɨɪɫɤɨɣɛɨɣ

6«Q«JDO

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

&RPPHQWȐ

 'DNDUDFWX

 0DFN\6DOO

 &RPPHQWUHPSOLUHQYHORSSH

 (XUR

 &KHLNK
 &RPPHQWPDLJULU

 GDNDU

 $LGD6DPE

 &RPPHQWIDLUH

 0F'RQDOGV

 :KLWQH\+RXVWRQ

 &RPPHQWVHPDTXLOOHU

 &$1

 7DPVLU-XSLWHU1GLD\H

 &RPPHQWGHYHQLULQWHOOLJHQW

 6HQHJR

 8VDLQ%ROW

 &RPPHQWHWUHEHOOH


 2EDPD

 &RPPHQWSULHU

 'LWDGXUDGR&RQVHQVR

 &KHLNK%HWKLR

 &RPPHQWXWLOLVHU

 6ZDUJ  0DFN\6DOO

7HQGDQFHV

5HFKHUFKHVG LPDJHV  'DNDU  0HVVL  5LKDQQD  5RQDOGR  %DOOD*D\H  0DFN\6DOO  6ZDUJ  %DORWHOOL  .LP.DUGDVKLDQ  )DFHGDNDU

 %DORWHOOL  %HWKLR7KLRXQH

 &RPPHQWYRWHU  &RPPHQWXWLOLVHUF\GLD

6LQJDSRXU

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

5HFKHUFKHV

&«O«EULW«V

)LOPV

 2O\PSLFV

 -HUHP\/LQ

 +XQJHU*DPHV

 *DQJQDP6W\OH

 /HH.XDQ
 3URPHWKHXV

 623$

 :KLWQH\+RXVWRQ

 7KH$YHQJHUV

 /HJRODQG0DOD\VLD

 .DWH0LGGOHWRQ

 'DUN.QLJKW5LVHV

 =HUJ5XVK

 $P\&KHRQJ

 6N\IDOO

 &LW\+DUYHVW&KXUFK

 $PDQGD7RGG

 %DWWOHVKLS

 -&XEH

 0DNL\R

 -RKQ&DUWHU

 +XUULFDQH6DQG\

 .21<

 7KH$PD]LQJ6SLGHUPDQ

 .21<

 $GHOH

 7KH9RZ

 86(OHFWLRQ

 8VDLQ%ROW

 7DNHQ

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

‹PLVVLRQW«O«YLV«HV

6SRUWLIV

‹TXLSHVGHVSRUW

 5XQQLQJ0DQ

 -HUHP\/LQ

 /LYHUSRRO

 *DPHRI7KURQHV

 6KLQML.DJDZD

 0DQFKHVWHU8QLWHG

 5RRIWRS3ULQFH

 0LFKDHO3KHOSV

 &KHOVHD

 9DPSLUH'LDULHV

 5RELQ9DQ3HUVLH

 5HDO0DGULG

 )DLU\7DLO

 /HEURQ-DPHV

 0DQFKHVWHU&LW\

 6HFUHW*DUGHQ

 (GHQ+D]DUG

 /$/DNHUV

 -XPRQJ

 0FND\OD0DURQH\

 %D\HUQ0XQLFK

 3UHWW\/LWWOH/LDUV

 $QG\0XUUD\

 5DQJHUV

 'UHDP+LJK

 6RQ
 5HDGLQJ

 /RYH5DLQ

 )HQJ7LDQZHL

/HVSOXVUHFKHUFK«V

7HQGDQFHV

$FWXDOLW«VVSRUWLYHV

7LWUHV

 0DQFKHVWHU8QLWHG,32

 *DQJQDP6W\OH

 1HZ
 3D\SKRQH

 &KHOVHD7UDQVIHU

 7LWDQLXP

 0DQFKHVWHU8QLWHG7UDQVIHU

 6XSHU%DVV

 $UVHQDO7UDQVIHU

 'ULYH%\

 /LYHUSRRO7UDQVIHU

 6WDUVKLSV

 +RXVWRQ5RFNHWV

 /HJR+RXVH

 /LRQV;,,

 6RPH1LJKWV

 1HZFDVWOH8QLWHG

 6WHUHR+HDUWV

 /$/DNHUV

 :LGH$ZDNH

 6RXWKDPSWRQ

/HVSOXVUHFKHUFK«V

*URXSHVGHSRS FRU«HQQH  36<  616'  %LJEDQJ  +\XQD  6KLQHH  1(  .LP-RQJ.RRN  /HH+\RUL  -D\3DUN  66

/HVSOXVUHFKHUFK«V

7HQGDQFHV

7HQGDQFHV

&«O«EULW«V

&RPPHQWȐ

4X HVWFHTXHȐ

 .ULVWHQ6WHZDUW

 +RZWRURFN

 :KDWLV623$

 /DQD'HO5H\

 +RZWR'-

 :KDWLV6FLHQWRORJ\

 .DWH8SWRQ

 +RZWRVNDWHERDUG

 :KDWLV/7(

 7RP+DUG\

 +RZWRUDS

 :KDWLV<2/2

 /LDP+HPVZRUWK

 +RZWRKDUPRQL]H

 :KDWLV*DQJQDP

 0RUJDQ)UHHPDQ

 +RZWRIDFWRULVH

 :KDWLV.21<

 -RVK+XWFKHUVRQ

 +RZWRFURFKHW

 :KDWLV+\SHUWHQVLRQ

 -HUHP\5HQQHU

 +RZWRMXJJOH

 :KDWLV6XVWDLQDELOLW\

 7D\ORU6FKLOOLQJ

 +RZWRGRXJLH

 :KDWLV$QWLPDWWHU

 /HH+\XQ:RR

 +RZWREER\

 :KDWLV%HUVLK

/HVSOXVUHFKHUFK«V

7HQGDQFHV

/HVSOXVUHFKHUFK«V

'HVWLQDWLRQVGH YR\DJH

5HFKHUFKHVG LPDJHV

$OLPHQWDWLRQHW ERLVVRQV

 /HJRODQG0DOD\VLD  +RQJ.RQJ  %DQJNRN  %LQWDQ  %DOL  0DOGLYHV  .RUHD  3KXNHW  /DQJNDZL  *HQWLQJ+LJKODQGV

 0570DS  -XVWLQ%LHEHU  .DWH0LGGOHWRQ  7UROOIDFH  /LDP3D\QH  /HH:HL+RRQ  =D\Q0DOLN  7U\SRSKRELD  -L+\R  -HQQLIHU/DZUHQFH

 5DLQERZ&DNH  &KLOOHG%HDQFXUG  &XSFDNHV  &KRFRODWH&DNH  6XVKL  .RUHDQ%ET  3L]]D  )ULHG&KLFNHQ  ;LDR/RQJ%DR  )LVKDQG&KLSV

/HVSOXVUHFKHUFK«V

7HQGDQFHV

/HVSOXVUHFKHUFK«V

0RGH

*DGJHWV

-HX[

 /RXLV9LWWRQ

 L3DG0LQL

 'LDEOR

 .DWH6SDGH

 *DOD[\6

 *XLOG:DUV

 /RQJFKDPS

 *DOD[\1RWH

 0DSOHVHD

 *XFFL

 *DOD[\6

 +DSS\:KHHOV

 &KDQHO

 +7&2QH;

 'UDJRQ1HVW

 %XUEHUU\

 L3DG

 0LQHFUDIW

 +HUPHV

 L3KRQH

 6XGRNX

 0LX0LX

 ,3KRQHV

 3RSWURSLFD

 %DOHQFLDJD

 1H[XV

 0RVKL0RQVWHUV

 5DOSK/DXUHQ

 1RNLD/XPLD

 /HDJXH2I/HJHQGV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

‹Y«QHPHQWV

$FWXDOLW«V

3HUVRQQDOLW«V

 2O\PSLFV

 'LDR\X,VODQGV

 0LWW5RPQH\

 :LPEOHGRQ

 /RDQ6KDUN

 %R;LODL

 &KDPSLRQV/HDJXH

 6\ULD

 1J%RRQ*D\

 (XUR&XS

 (XUR]RQH

 =KRX
 ,76KRZ

 +XUULFDQH6DQG\

 5RQ3DXO

 6WDU$ZDUGV

 &RVWD&RQFRUGLD

 .RQJ+HH

 0DOD\VLD6XSHU/HDJXH

 8V(OHFWLRQV


 1$7$6)DLU

 0\DQPDU

 &HFLOLD6XH

 $XVWUDOLDQ2SHQ

 )XNXVKLPD

 /DQFH$UPVWURQJ

 6/HDJXH

 057%UHDNGRZQ

 +RZDUG6KDZ

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

%RXWLTXHVHQOLJQH

$FFHVVRLUHVGH PDUTXH

3U¬W¢SRUWHU

 $626  =DORUD  5HHERQ]  /RYH%RQLWR  (WV\  8UEDQ2XWILWWHUV  $JQHVHOOH  5DNXWHQ  +ROO\KRTXH  'UHVVDEHOOH

 6ZDURYVNL  7LIIDQ\  3DQGRUD  7DJ+HXHU  &DUWLHU  0RQW%ODQF  %YOJDUL  $XURUD-HZHOU\  0H\VRQ-HZHOOHU\  Q2LU-HZOHUJ\

 )RUHYHU  =DUD  + 0  8QLTOR  &KDUOHV .HLWK  $EHUFURPELH )LWFK  &RWWRQ2Q  )UHG3HUU\  'RURWK\3HUNLQV  2OG1DY\

/HVSOXVUHFKHUFK«V

3HUVRQQDOLW«VGXVSRUW  5DID%HQLWH]  5RELQ9DQ3HUVLH  )DEULFH0XDPED  -HUHP\/LQ  6KLQML.DJDZD  -RVH0RXULQKR  1XUL6DKLQ  $QG\0XUUD\  (GHQ+D]DUG  /DQFH$UPVWURQJ

6ORYDTXLH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

5HFKHUFKHV

&«O«EULW«V

4X HVWFHTXHȐ

 +RWHO3DUDGLVH

 :KLWQH\+RXVWRQ

 ýRMHOiVND

 )DUPD

 )HOL[%DXPJDUWQHU

 ýRMHDFWD

 0RGU\NRQLN

 0LFKDHO&ODUNH'XQFDQ

 ýRMHDQG\

 9RĐE\

 -DPHV%OXQW

 ýRMHSD\SDO

 7HOHNRP

 0DFDXOD\&XONLQ

 ýRMHDQGURLG

 :KLWQH\+RXVWRQ

 /DQD'HO5H\

 ýRMHJRULOD

 9R\R

 0LFKHO7HOy

 ýRMHQLELUX

 =HUJ5XVK

 'DYLG$XVWLQ

 ýRMHHXURYDO

 3ULPD%DQND

 36<

 ýRMHLQWHUQHW

 0DMN6SLULW

 :DULV'LULH

 ýRMHLEDQ

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

‹PLVVLRQW«O«YLV«HV

6SRUWV

$WKOªWHVRO\PSLTXHV QDWLRQDX[

 +RWHO3DUDGLVH

 +RNHM

 )DUPD

 )

 7HOHYt]QH1RYLQ\

 )XWEDO

 3DQHOiN

 7HQLV

 )DUPiU+ĐDGiåHQX

 )LWQHVV

 %H]VHUYtWN\

 3LODWHV

 3URIHVLRQiOL

 3DLQWEDOO

 +ODVýHVNR6ORYHQVND

 .XOWXULVWLND

 6XVHGLD

 9ROHMEDO

 .ULPL1RYLQ\

 &\NOLVWLND

 3HWHU6DJDQ  'RPLQLND&LEXONRYi  'DQLHOD+DQWXFKRYi  'DQND%DUWHNRYi  0LFKDO0DUWLNiQ  0DUWLQ.OLåDQ  /XNiã/DFNR  'DQLHOD3HãNRYi  /XFLD.ORFRYi  -DQD'XNiWRYi

/HVSOXVUHFKHUFK«V

7HQGDQFHV

/HVSOXVUHFKHUFK«V

&RPPHQWȐ

&«O«EULW«VORFDOHV

+RPPHVSROLWLTXHV

 $NR]EDOLĢEDEX

 0DMN6SLULW

 ,JRU0DWRYLþ

 $NRVFKXGQ~Ģ

 3HWHU6DJDQ

 3HWHU.DåLPtU

 $NRSULEUDĢ

 (JR

 /XFLD1LFKROVRQRYi

 $NR]DURELĢSHQLD]H

 &HOHVWH%XFNLQJKDP

 'DQLHO/LSãLF

 $NRVDER]NiYDĢ

 3HWHU.RQþHN

 $ORM]+OLQD

 $NRRWHKRWQLHĢ

 7RPiã7DWDU

 ,YDQ*DãSDURYLþ

 $NR]EDOLĢFKDODQD

 1LNROD.RPRURYi

 5LFKDUG6XOtN

 $NRSUHVWDĢIDMþLĢ

 =X]DQD3ODþNRYi

 ,YDQ0LNORã

 $NRYLD]DĢNUDYDWX

 -DUR6OiYLN

 0LNXOiã']XULQGD

 $NR]DþDĢSRGQLNDĢ

 %UDQNR5DGLYRMHYLþ

 7RPiã%RUHF

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

'HVWLQDWLRQVGH YR\DJH



0«GLDV

 7DWUDODQGLD  &KRUYiWVNR  3DUQGRUI  %DQVNi%\VWULFD  7UQDYD  %RMQLFH  3UDKD  $TXDSDUN6HQHF

 9RĐE\

 7RSN\

 .DOHQGiU

 60(

 )LOP\

 1RYêþDV

 (852

 3UDYGD

 06

 -2-

 'RYROHQND

 3OXVND

 2O\PSLMVNpKU\

 $NWXDOLW\

 0LQLPiOQDP]GD

 0DUNt]D

 9HĐNiQRF

 (XURSD

 -DUQp3Ui]GQLQ\

 )XQUDGLR

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

&KD°QHVGHPDJDVLQV

0DUTXHV

&XLVLQH

 %HãHĖRYi  %XOKDUVNR

 /LGO

 1LNH

 7RUW\

 ,.($

 $YRQ

 3L]]D

 0HUNXU\PDUNHW

 2ULIODPH

 3DODFLQN\

 'DWDUW

 1HZ
 -DEONRYpNROiþH

 'HLFKPDQQ

 %DĢD

 =HPL$NRYpSODFN\

 .LND

 =DUD

 %XEODQLQD

 .DXIODQG

 $GLGDV

 5L]RWR

 -\VN

 + 0

 .XUDFLH6RWp

 ([LVSRUW

 1H[W

 'HFRGRP

 7DNNR

 %URNROLFRYiSROLHYND  7YDURKRYpNROiþH

6XªGH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

7LWUHV

 +DQQD:LGHUVWHGW

 +DQQD:LGHUVWHGW

 *DQJQDP6W\OH

 1HWIOL[

 /RUHHQ

 (XSKRULD

 6ZHILOPHU

 &DUROLQD*\QQLQJ

 %R\ V'RQ W&U\

 'LDEOR

 :KLWQH\+RXVWRQ

 %R\V%R\V%R\V

 /RUHHQ

 /DLOD%DJJH

 6+RZPHKHDYHQ

 (0

 0RUJDQ)UHHPDQ

 'DQVDSDXVD

 *$*

 $PDQGD7RGG

 &DOO0H0D\EH

 &DUROLQD*\QQLQJ

 )HOL[%DXPJDUWQHU

 26ROH0LR

 'UHDPILOP

 0LFKDHO&ODUNH'XQFDQ

 %RWHQ$QQD

 063

 .DWH0LGGOHWRQ

 )HVWKRV0DQJH

7HQGDQFHV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

$UWLVWHV

$UWLVWHV

&RPPHQWȐ

 /RUHHQ

 -XVWLQ%LHEHU

 +XUP\FNHWVNDWW

 :KLWQH\+RXVWRQ

 /RUHHQ

 +XUPnQJDKHWHU

 2OOH/MXQJVWU|P

 &KDUORWWH3HUUHOOL

 +XUNlQQVI|UYlUNDU

 $YLFLL

 2QH'LUHFWLRQ

 +XUPDQKnQJODU

 0DMD,YDUVVRQ

 6ZHGLVK+RXVH0DILD

 +XUP\FNHWWMlQDU

 7RPDV/HGLQ

 (ULF6DDGH

 +XUNlQQVVDPPDQGUDJQLQJDU

 0DQGR'LDR

 0ROO\6DQGHQ

 +XUNlQQVYlUNDU

 /DOHK

 1LFNL0LQDM

 +XUVPLWWDU+,9

 3XVV\5LRW

 6HDQ%DQDQ

 +XUVWDYDV

 0LVV/L

 5LKDQQD

 +XUJ|UPDQ

/HVSOXVUHFKHUFK«V

7HQGDQFHV

7HQGDQFHV

‹PLVVLRQW«O«YLV«HV

‹PLVVLRQW«O«YLV«HV

&RPPHQWȐ

 %ROLERPSD

 %LJ%URWKHU

 +XUP\FNHWELOVNDWW

 %LJ%URWKHU

 /HW V'DQFH

 +XUSnHQJHOVND

 0HORGLIHVWLYDOHQ

 'DOODV

 +XUIXQJHUDULQVWDJUDP

 *DPHRI7KURQHV

 $OFDWUD]

 +XUOlQJHLEHODVWQLQJVUHJLVWUHW

 26

 *ODGLDWRUHUQD

 +XUWYlWWDUPDQ

 7KH9RLFH

 *DPHRI7KURQHV

 +XUP\FNHWDONRKRO

 (0

 ;)DFWRU

 +XUUHIHUHUDUPDQ

 6RQVRI$QDUFK\

 5HYHQJH

 +XUNOlWWUDUNOlWWHUKRUWHQVLD

 6ROVLGDQ

 +RPHODQG

 +XUVWDYDVVFK\VVW

 9DPSLUH'LDULHV

 7RS0RGHO6YHULJH

 +XUOnWHUVM|OHMRQ

7HQGDQFHV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

6SRUWLIV

6SRUWLIV

‹TXLSHVGHVSRUW

 $QWRQ+\VHQ

 =ODWDQ,EUDKLPRYLFK

 $,.

 0DULR%DORWHOOL

 /LRQHO0HVVL

 $UVHQDO

 $QMD3lUVVRQ

 &KULVWLDQR5RQDOGR

 ,).*|WHERUJ

 0DULR*RPH]

 $QWRQ+\VHQ

 /HNVDQGV,)

 -RKQ*XLGHWWL

 +HQULN/XQGTYLVW

 0DQFKHVWHU8QLWHG

 2ORI0HOOEHUJ

 8VDLQ%ROW

 +9

 0F.D\OD0DURQH\

 -RQ2OVVRQ

 %U\QlV

 0LFKDHO3KHOSV

 0DUWLQ2OVVRQ

 /LYHUSRRO

 )HUQDQGR7RUUHV

 $QMDSlUVVRQ

 )DEULFH0XDPED

 0DULR%DORWHOOL

 )&%DUFHORQD

 &KHOVHD

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

7HQGDQFHV

0RGH

4X HVWFHTXHȐ

4X HVWFHTXHȐ

 + 0

 9DGlUNORFNDQ

 9DGlUDFWD

 /LQGH[

 9DGlUNlUOHN

 9DGlUWXUI

 *LQD7ULFRW

 9DGlU,QVWDJUDP

 9DGlUVDQQLQJ

 .DSS$KO

 9DGlUHWLN

 9DGlU,QVWDJUDP

 =DUD

 9DGlUKlOVD

 9DGlU]HVW

 ,QGLVND

 9DGlUGHPRNUDWL

 9DGlUVRSD

 9HUR0RGD

 9DGlULOOXPLQDWL

 9DGlUSHQJDU

 9LFWRULD6HFUHW

 9DGlUNROK\KGUDWHU

 9DGlUNLN

 &XEXV

 9DGlUFOHDULQJQXPPHU

 9DGlUSLQJVW

 0RQNL

 9DGlU'1$

7HQGDQFHV

/HVSOXVUHFKHUFK«V

$OLPHQWDWLRQHW ERLVVRQV

$OLPHQWDWLRQHW ERLVVRQV

 &XSFDNHV

 .ODGGNDND

 0XIILQV

 3DQQNDNRU

 bSSHOSDM

 &KRNODGEROODU

 9lVWHUERWWHQSDM

 6FRQHV

 7DFRSDM

 VRFNHUNDND

 &KHHVHFDNH

 $PHULNDQVNDSDQQNDNRU

 .lUOHNVPXPV

 ODVDJQH

 .DQHOEXOODU

 &XSFDNHV

 6PXOSDM

 0XIILQV

 SL]]DGHJ

 bSSHOSDM

 9DGlUSL

6XLVVH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

5HFKHUFKHV

&«O«EULW«V

4X HVWFHTXHȐ

 =DODQGR

 )HOL[%DXPJDUWQHU

 :KDWLV3D\3DO

 576

 :KLWQH\+RXVWRQ

 :KDWLVVFKPDQG

 &RRS

 0LFDHOD6FKDHIHU

 :KDWLVOLHEH

 6%%2QOLQH)DKUSODQ

 'LUN%DFK

 :KDWLVIHOL[

 &RVWD&RQFRUGLD

 .DWH0LGGOHWRQ

 :KDWLV$&7$

 L3DG

 /XFD+lQQL

 :KDWLVNRKOHQK\GUDWH

 )HOL[%DXPJDUWQHU

 /XFLR'DOOD

 :KDWLVL&ORXG

 :KLWQH\+RXVWRQ

 $PDQGD7RGG

 :KDWLVZDS

 *$*

 /DQD'HO5H\

 :KDWLVWZLWWHU

 %UHI

 0LFKHO7HOR

 :KDWLVRVWHRSDWKLH

7HQGDQFHV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

&«O«EULW«VVXLVVHV

0RGH

0DUTXHVGHYRLWXUH

 /XFD+lQQL

 + 0

 0HUFHGHV

 3KLOLSS+LOGHEUDQG

 /D5HGRXWH

 %0:

 %DVWLDQ%DNHU

 7DOO\:HLMO

 $XGL

 .XUW)HOL[

 =DUD

 9:

 .DVK\D+LOGHEUDQG

 (VSULW

 +\XQGDL

 (OLDQH0OOHU

 /RXLV9XLWWRQ

 &LWURHQ

 5RJHU)HGHUHU

 9|JHOH6KRHV

 3RUVFKH

 6WHYH*XHUGDW

 9LFWRULD6HFUHW

 5HQDXOW

 $QGUHDV*DEDOLHU

 0DQJR

 3HXJHRW

 2WWR,QHLFKHQ

/HVSOXVUHFKHUFK«V

9LOOHVHWYLOODJHV  =HUPDWW  %DVHO  /DXVDQQH  :LQWHUWKXU  /X]HUQ  'DYRV  %HUQ  =XULFK  /XJDQR  6DDV)HH

 1LNH

 7R\RWD

/HVSOXVUHFKHUFK«V

7HQGDQFHV

'HVWLQDWLRQVGH YR\DJH ¢O «WUDQJHU

‹Y«QHPHQWVORFDX[

 %DUFHORQD  3DULV  %HUOLQ  'XEDL  /RQGRQ  0DOHGLYHQ  $PVWHUGDP  7KDLODQG  3RUWXJDO  ,WDOLHQ

/HVSOXVUHFKHUFK«V

6RPPHWVVXLVVHV  3LODWXV  -XQJIUDXMRFK  5LJL  7LWOLV  6lQWLV  0DWWHUKRUQ  1LHVHQ  6FKLOWKRUQ  8HWOLEHUJ  %HDWHQEHUJ

 *UHHQILHOG  3DOHR)HVWLYDO  *XUWHQIHVWLYDO  2SHQDLU)UDXHQIHOG  =LUNXV.QLH  0RQWUHX[-D]])HVWLYDO  0RRQDQG6WDUV  2SHQDLU6W*DOOHQ  2SHQDLU*DPSHO  6WUHHW3DUDGH

7D±ZDQ

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

5HFKHUFKHV

&«O«EULW«V

6SRUWLIV





















 0DNL\R















 0DNL\R





 /LQH

 36<

 0DUFHO1JX\HQ





 /DXUHQ3HUGXH





 0LFKHOOH-HQQHNH

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

7HQGDQFHV

)HXLOOHWRQVW«O«YLV«V

)LOPV

)LOPV





























































/HVSOXVUHFKHUFK«V

'HVWLQDWLRQVGH YR\DJH          

7KD±ODQGH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

7LWUHV

 6KDUHG

 ?UIM# /N

 *DQJQDP6W\OH

 [?#Z#N

 #N5[1 #CT 5ZF 5

 CP5N3QZ0Q>CZ3 N 5Mc5

 6LPVLPL

 )N) N

 ? =FQZ3N

 *DQJQDP6W\OH

 /Z0&

 $6=Mc>

 CP5N3QZ0Q>CZ3 N 5Mc5

 3M63P=

 Z:A#AU I=

 ? =FQZ3N

 GAC#7U3C0

 ZFQ>#3QbZ7AQb>5

 75I5# 

 \=Z=:NZ:AP5

 gN >P50Q

 'UDJRQ1HVW

 GAC#: IZ#P5

 [F#FT03 N >  F6N>0Q^ G=

 .L]L

 VQVG

 6 C #

 [ A&

 \05I#

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

‹PLVVLRQW«O«YLV«HV

6SRUWLIV

6SRUWV

 [?#Z#N

 CPANCM/>I
 CPANCM/>I
 T5DR

 I?IT=N

 \IAP=7 

 7KH9RLFH

 7ASc=$P1?

 CIAZA>6IA

 AU 8U &N>^= 1L:0

 IM=:?G) N 8N

 7?LCM1P5M QHN

 3I#7?LN>[F0

 FI#6T1?Q

 5M QHN\IAP=7

 WKHVWDU

 F=$P1?

 5M QHN[60=P51M5

 &P#5N#

 T:0Q

 5M QHN7#7I#

 ^;=N?


 5M QHN3Q=&N1P

 [;5:M54T[3


 5M QHN6NFZ16IA

 G#FF L6M0AN>

/HVSOXVUHFKHUFK«V

5HVWDXUDQWV  ? N 5INGN?Z&Q>#]G=

 ? N 5INGN?FM1GQ6  ? N 5INGN?\ ?N&  ? N 5INGN?F=T3?FN ?  ? N 5INGN??T#Z3:  ? N 5INGN?GMC GP5  ? N 5INGN?7?N/6T?Q  ? N 5INGN?6T;Z;1  ? N 5INGN?G?U  ? N 5INGN?7N

 CP3>N3gN C I#

 F>N=QHN

7HQGDQFHV

/HVSOXVUHFKHUFK«V

$OLPHQWDWLRQHW ERLVVRQV

)LOPV

 INGN?INZ'Q>5  INGN?FP# \7?  INGN?IP5\05QZ'Q>  INGN?=NZAZ'Q>  INGN?)Qb7T5  INGN?M=:U&N  INGN?6?U^ 5  INGN?ANC  INGN?;AP775F

 7))NZ?/U  $M50N?N  6WHS8S  EDWWOHVKLS  ?M ZC >ZI >  IM54:NA  2QWKH5RDG  7KH$YHQJHUV  7KH+XQJHU*DPHV  3URPHWKHXV

 INGN?:= N

/HVSOXVUHFKHUFK«V

7HQGDQFHV

/HVSOXVUHFKHUFK«V

'HVWLQDWLRQVGH YR\DJH

*DGJHWVHW WHFKQRORJLH

&«O«EULW«V

 ZNLA N 5

 6LPVLPL

 N)$56T?Q

 ,QVWUDJUDP

 FC5F>N=

 L3KRQHV

 F#?N516T?Q?M=>

 /LQH

 3T #=LN=G> I#

 )DFHERRN

 Z3DNAP5Z$

 1HZL3DG


 'HDOILVK

 7LWDQLF

 *RRJOH

 CM03 N ^=


 #N5ZZ1 #CT 5ZF 5  5 I#ZA  'M5=N?PF N  \CP3CM.5TA  #N5[1 #7I  Pd CN?T/Q  Z$5)N/3P:>  [#F =  4N=^3  G=N7?P)

 CM06MC CM)

 6DPVXQJ*DOD[\

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

$FWXDOLW«V

0DUTXHV

0RGH

  N C'I=6Qc

 0LWVXELVKL0LUDJH

 [;&Mb5ZNGAQ

  N C6MC NC

 1LVVDQ6\OSK\

 [;&Mb5?I#Z3 N

  N C'Q

 7UXHPRYH+

 [;&Mb58U &N>

  N C7ANCNH

 *00=

 [;&Mb50N?N

  N C?L[1

 IP&P1M5

 [;&Mb5?LZ7N

  N C'QZ?Q>

 6ZLIW

 [;&Mb5)Qb7T5

  N C1T  [

 +RQGD&5=

 [;&Mb5G=C[ 7

  N CWDUD

 3UDGD

 [;&Mb5G5C0

  N C\CP3

 Z&;\?ZA1

 [;&Mb5ZICAI>

  N C\IAP=7

 /RXLV9XLWWRQ+DQGEDJV

 [;&Mb5?L\7?#>NC

/HVSOXVUHFKHUFK«V

-HX[  'UDJRQ1HVW  *HWSURERW  F  (YHU3ODQHW  %XEEOH1LQMD  6ZRUG$UW2QOLQH  0LQHFUDIW  D  .RUDPJDPH  )RUVDNHQ:RUOG

7XUTXLH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

5HFKHUFKHV

6RDS2SHUDV

&«O«EULW«V

 )DFHERRN

 0XKWHúHP<]\ÕO

 +DGLVH


 .X]H\YH*QH\

 0XVWDIDFHFHOL

 H2NXO

 .XUWODU9DGLVL3XVX

 7DUNDQ

 gV\P


 +DOLO6H]DL

 (NúL6|]ON

 6XVNXQODU

 0XUDW%R]

 $UDED2\XQODUÕ

 $UND6RNDNODU

 2UKDQ*HQFHED\

 0LOOL\HW

 6DNDU\DYH)ÕUDW

 'HPHW$NDOÕQ

 ,úNXU

 øúOHU*oOHU

 <ÕOGÕ]7LOEH

 +UUL\HW

 .DUDGD\Õ

 +DQGH
 +DEHUWN

 $OHY$OHY

 $MGD3HNNDQ

/HVSOXVUHFKHUFK«V

7HQGDQFHV

‹TXLSHVGHVSRUW

'HVWLQDWLRQVGH YR\DJH

 *DODWDVDUD\  7UDE]RQVSRU  )HQHUEDKoH  %XUVDVSRU  %HúLNWDú  6LYDVVSRU  2UGXVSRU  .D\VHULVSRU  $QWDO\DVSRU  *D]LDQWHSVSRU

 $QWDO\D  %RGUXP  $ODQ\D  'XEDL  .ÕEUÕV  )HWKL\H  3DULV  0ÕVÕU  0DOGLYOHU  øVSDQ\D

8NUDLQH

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

5HFKHUFKHV

&«O«EULW«V

‹Y«QHPHQWVHWIDLWV PDUTXDQWVHQ

 ɞɢɜɢɬɢɫɶɮɿɥɶɦɢɨɧɥɚɣɧ

 ɨɤɫɚɧɚɦɚɤɚɪ

 ɽɜɪɨ

 ɜɿɬɧɿɯ ɸɫɬɨɧ

 ɸɬɸɛ

 ɦɚɪɢɧɚɝɨɥɭɛ

 ɰɜɤ

 SXVV\ULRW

 ɽɜɪɨɛɚɱɟɧɧɹ

 ɛɨɝɞɚɧɫɬɭɩɤɚ

 ɨɤɫɚɧɚɦɚɤɚɪ

 ɨɥɟɤɫɚɧɞɪɩɨɪɨɯɨɜɳɢɤɨɜ

 ɨɥɿɦɩɿɚɞɚ

 ɛɭɪɚɧɨɜɫɤɢɟɛɚɛɭɲɤɢ

 ɨɫɬɪɿɜɧɟɩɨɬɪɿɛɧɢɯɥɸɞɟɣ

 ɜɿɬɚɥɿɣɤɥɢɱɤɨ

 ɜɤɨɧɬɚɤɬɟɦɨɹɫɬɨɪɿɧɤɚ

 ɚɧɚɬɨɥɿɣɨɬɪɚɞɧɨɜ

 RGQRNODVVQLNLUX

 ɧɚɫɬɹɮɨɦɟɧɤɨ

 ɽɜɪɨ  ɽɜɪɨɛɚɱɟɧɧɹ  ɨɤɫɚɧɚɦɚɤɚɪ  ɜɢɛɨɪɢ  ɨɥɿɦɩɿɚɞɚ  ɜɢɛɭɯɢɭȾɧɿɩɪɨɩɟɬɪɨɜɫɶɤɭ  ɦɦɦ  ɩɨɦɟɪɛɨɝɞɚɧɫɬɭɩɤɚ  ɧɚɫɬɹɮɨɦɟɧɤɨ  ɹɪɨɫɥɚɜɦɚɡɭɪɨɤ

7HQGDQFHV

/HVSOXVUHFKHUFK«V

/HVSOXVUHFKHUFK«V

&KDQWHXUVXNUDLQLHQV

‹PLVVLRQW«O«YLV«HV

6«ULHVW«O«YLV«HV

 ɚɧɿɥɨɪɚɤ

 ɯɨɥɨɫɬɹɤ

 ɨɫɬɪɿɜɧɟɩɨɬɪɿɛɧɢɯɥɸɞɟɣ

 ɩɨɬɚɩɿɧɚɫɬɹ

 ɝɨɥɨɫɤɪɚʀɧɢ

 ɭɧɿɜɟɪɧɨɜɚɨɛɳɚɝɚ

 ɛɭɦɛɨɤɫ

 ɯɮɚɤɬɨɪ

 ɪɨɤɫɨɥɚɧɚɜɟɥɢɱɧɟɫɬɨɥɿɬɬɹ

 ɟɥɤɚ

 ɡɜɚɠɟɧɿɬɚɳɚɫɥɢɜɿ

 ɤɪɨɜɢɧɭɲɤɚ

 ɨɤɟɚɧɟɥɶɡɢ

 ɤɚɧɿɤɭɥɢɜɦɟɤɫɢɰɿ

 ɚɧɧɚɝɟɪɦɚɧ

 ɜɿɪɚɛɪɟɠɧɽɜɚ

 ɟɤɫɬɪɚɫɟɧɫɢɜɟɞɭɬɶ

 ɫɜɚɬɢ

 ɬɿɧɚɤɚɪɨɥɶ

ɪɨɡɫɥɿɞɭɜɚɧɧɹ

 ɝɚɣɬɚɧɚ

 ɩɟɤɟɥɶɧɚɤɭɯɧɹ

 ɿɜɚɧɞɨɪɧ

 ɦɚɫɬɟɪɲɟɮ

 ɪɭɫɥɚɧɚ

 ɜɫɟɛɭɞɟɞɨɛɪɟ  ɬɚɧɰɸɸɬɶɭɫɿ

 ɳɨɞɟɧɧɢɤɥɿɤɚɪɤɢɁɚɣɰɟɜɨʀ  ɧɟɪɨɞɢɫɶɜɪɨɞɥɢɜɨɸ  ɫɩɚɪɬɚɤɩɨɦɫɬɚ  ɤɚɪɩɨɜ

/HVSOXVUHFKHUFK«V

7HQGDQFHV

7HQGDQFHV

6SRUWLIV

)LOPV

$FKDWV

 ɜɿɬɚɥɿɣɤɥɢɱɤɨ

 ɦɚɞɚɝɚɫɤɚɪ

 ɚɜɬɨ

 ɜɨɥɨɞɢɦɢɪɤɥɢɱɤɨ

 ɹɤɜɤɪɚɫɬɢɯɦɚɪɨɱɨɫ

 ɬɟɥɟɮɨɧ

 ɚɧɞɪɿɣɲɟɜɱɟɧɤɨ

 ɬɪɟɬɿɣɡɚɣɜɢɣ

 ɧɨɭɬɛɭɤ

 ɨɥɟɝɛɥɨɯɿɧ

 ɞɠɨɧɤɚɪɬɟɪ

 LSKRQH

 ɽɜɝɟɧɤɨɧɨɩɥɹɧɤɚ

 ɥɶɨɞɨɜɢɤɨɜɢɣɩɟɪɿɨɞ

 ɜɟɥɨɫɢɩɟɞ

 ɜɚɫɢɥɶɥɨɦɚɱɟɧɤɨ

 ɧɟɫɬɪɢɦɧɿ

 ɤɜɚɪɬɢɪɭɤɢʀɜ

 ɨɥɟɤɫɚɧɞɪɚɥɿɽɜ

 ɩɟɪɲɢɯɩɨɛɚɱɟɧɶ

 ɬɟɥɟɜɿɡɨɪ

 ɨɥɟɤɫɚɧɞɪɭɫɢɤ

 ɛɿɥɨɫɧɿɠɤɚɬɚɦɢɫɥɢɜɟɰɶ

 ɩɥɚɧɲɟɬ

 ɚɧɚɬɨɥɿɣɬɢɦɨɳɭɤ

 ɨɛɢɬɟɥɶɡɥɚ

 ɦɨɬɨɰɢɤɥ

 ɚɪɬɟɦɦɿɥɟɜɫɶɤɢɣ

 ɱɚɫ

 ɯɨɥɨɞɢɥɶɧɢɤ

7HQGDQFHV

7HQGDQFHV

7HQGDQFHV

3RXUTXRLȐ

&RPPHQWȐ

4X HVWFHTXHȐ

 ɱɨɦɭɧɟɛɨɛɥɚɤɢɬɧɟ

 ɹɤɫɯɭɞɧɭɬɢ

 ɳɨɬɚɤɟɤɨɯɚɧɧɹ

 ɱɨɦɭɩɭɬɿɧɤɪɚɛ

 ɹɤɤɢɧɭɬɢɩɚɥɢɬɢ

 ɳɨɬɚɤɟɳɚɫɬɹ

 ɱɨɦɭɹɞɭɪɧɚ

 ɹɤɩɪɚɜɢɥɶɧɨɰɿɥɭɜɚɬɢɫɹ

 ɳɨɬɚɤɟɛɪɨ

 ɱɨɦɭɥɸɤɢɤɪɭɝɥɿ

 ɹɤɜɚɪɢɬɢɪɢɫ

 ɳɨɬɚɤɟɢɦɯɨ

 ɱɨɦɭɜɢɩɚɞɚɽɜɨɥɨɫɫɹ

 ɹɤɡɪɨɛɢɬɢɫɤɪɿɧɲɨɬ

 ɳɨɬɚɤɟ

 ɱɨɦɭɡɚɤɪɢɥɢH[XD

 ɹɤɡɚɜ ɹɡɚɬɢɤɪɚɜɚɬɤɭ

 ɳɨɬɚɤɟɦɨɥɨɱɧɢɰɹ

 ɱɨɦɭɹɲɚɦɩɭɧɶ

 ɹɤɧɚɤɚɱɚɬɢɩɪɟɫ

 ɳɨɬɚɤɟɬɩ

 ɱɨɦɭɝɭɮɩɨɦɟɪ

 ɹɤɞɿɫɬɚɬɢɫɭɫɿɞɚ

 ɳɨɬɚɤɟɫɩɚɦ

 ɱɨɦɭɱɨɥɨɜɿɤɢɡɪɚɞɠɭɸɬɶ

 ɹɤɡɚɜɚɝɿɬɧɿɬɢ

 ɳɨɬɚɤɟɚɤɚɭɧɬ

 ɱɨɦɭɫɿɩɚɽɬɶɫɹɨɤɨ

 ɹɤɫɬɚɬɢɜɚɦɩɿɪɨɦ

7HQGDQFHV

7HQGDQFHV

'HVWLQDWLRQVGH YR\DJH

$OLPHQWDWLRQHW ERLVVRQV

 ɤɪɢɦ

 ɛɥɿɧɢ

 ɬɭɪɟɱɱɢɧɚ

 ɩɿɰɚ

 ɤɚɪɩɚɬɢ

 ɲɚɪɥɨɬɤɚ

 ɛɨɥɝɚɪɿɹ

 ɫɨɥɹɧɤɚ

 ɽɝɢɩɟɬ

 ɫɢɪɧɢɤɢ

 ɱɨɪɧɨɝɨɪɿɹ

 ɬɢɪɚɦɿɫɭ

 ɝɪɟɰɿɹ

 ɥɚɡɚɧɶɹ

 ɯɨɪɜɚɬɿɹ

 ɩɥɨɜ

 ɦɚɥɶɞɿɜɢ  ɝɪɭɡɿɹ

 ɦɨɯɿɬɨ  ɤɟɤɫ

 ɳɨɬɚɤɟɫɟɤɫ

9L¬W1DP

7HQGDQFHVGHVUHFKHUFKHVHQ

7HQGDQFHV

7HQGDQFHV

/HVSOXVUHFKHUFK«V

5HFKHUFKHV

7LWUHV

6SRUWLIV

 7KH9RLFH*LRQJ+DW9LHW

 %jL+iW 0ѭD

 0LFKDHO3KHOSV

 *DQJQDP6W\OH

 +DSS\%LUWKGD\

 7UҫQ+LӃX1JkQ

 ;HP3KLP2QOLQH

 1Jӥ

 /DQFH$UPVWURQJ

 &RQJGRQJJDPH

 )ULGD\

 5DIDHO1DGDO

 7UX\HQ&XRL

 ,+DYH1RWKLQJ

 1JX\ӉQWK~\KLӅQ

 'RUHPRQ


 1JX\ӃQWLӃQPLQK

 6DPVXQJ*DOD[\

 6WURQJHU

 /rWKDQKOLrP

 ;ә6ӕ

 &DOO0H0D\EH

 /RXLVH6DXYDJH

 %yQJÿi  %ҧQÿӗ PDS

 ,:LOO6XUYLYH  9DOHQWLQH

 8VDLQ%ROW  7UѭѫQJ7KDQK+ҵQJ

dqv oh prqgh - Taonix

What is android. 3. What is internet. 4. What is ...... 8. Pinterest. 9. Amazon App. 10. Facebook App .... Free Library of Philadelphia. 8. Houston Public Library. 9.

2MB Sizes 4 Downloads 181 Views

Recommend Documents

dqv oh prqgh - Taonix
Carly Rae Jepsen - Call me. Maybe. 3. Rihanna ..... Call Me Maybe. 3. Skinny ...... Kim Larsen. 4. Gustav. 5. Aura. 6. Caroline Wozniacki. 7. Anders Matthesen. 8.

pdf-1452\oh-boy-oh-boy-oh-boy-confronting-motherhood ...
... the apps below to open or edit this item. pdf-1452\oh-boy-oh-boy-oh-boy-confronting-motherhood ... -selfhood-in-a-household-of-boys-by-karin-kasdin.pdf.

Oh Carol
CROSS/POINT/CROSS/POINT/WEAVE WITH ¼ TURN RIGHT. 1,2. Cross left over Right (1), Point Right to right side (2). 3,4. Cross Right over Left (3), Point Left ...

oh my god 2015 1080p.pdf
Loading… Page 1. Whoops! There was a problem loading more pages. oh my god 2015 1080p.pdf. oh my god 2015 1080p.pdf. Open. Extract. Open with.

oh my god 2015 1080p.pdf
Retrying... Download. Connect more apps... Try one of the apps below to open or edit this item. oh my god 2015 1080p.pdf. oh my god 2015 1080p.pdf. Open.

Change my heart oh God.pdf
|Dm7 ||||||||||||||||||G ||||||||||C2. I am the clay. |E7sus/B |||||||||E7 ||||||||||||||||||||||||||Am. Mold me and make me. |D9sus ||||||||||||||||||||||D7 |Gsus |. This is what I pray. Page 1 of 1. Change my heart oh God.pdf. Change my heart oh Go

Roy Orbison - Oh, Pretty Woman.pdf
store the definitive roy orbison collection. Roy orbison party heart download mp3, listen free online. Oh ! pretty. woman by roy orbison, ep with lapin.magik ref ...

Scripps-OH-60plus-map_2011.pdf
Census Summary file 1 & Investigative Reporters and Editors, Inc. (2011). CENSUS.IRE.ORG online database. 2020 data (projected): Mehdizadeh, S. et al.

Oh My Lord is.pdf
Page 1 of 1. &. &. #. #. 4. 3. 4. 3. Guitar 1. Guitar 2. (echo). Adagio like a Spiritual. f. œ. œ œ. G. ∑. p(echo). ̇. œ. œ œ. œ. œ. œ. E m. ∑. ̇. œ. œ. œ. œ œ œ.

PGP, GPG, and Enigmail... Oh My! - GitHub
People use PGP to sign, encrypt, and decrypt emails, files, folders, and even whole disk partitions. PGP allows you to specify a recipient to encrypt a message for.

Oh no, something went wrong! -
LocalCache$LocalManualCache.get(LocalCache.java:4789) at .... text/html,application/xhtml+xml,application/xml;q=0.9,*/*;q=0.8. Accept-Language de-de,de ...

Oh Susanna in G.pdf
Page 1 of 2. Oh Susanna in G. 1 G. 4 3 4 5 7 7 7 8 7 5 3 4 5 5 4 3 . . _ . . _ . . _ . . _ . . _ . . _ . . 1. I came from Al- a- ba- ma with my ban- jo on my. It rained all night the day I left. The weath- er it was. 4 D G. 4 4 4 3 4 5 7 7 7 8 _ . .

Roy Orbison - Oh, Pretty Woman.pdf
... below to open or edit this item. Roy Orbison - Oh, Pretty Woman.pdf. Roy Orbison - Oh, Pretty Woman.pdf. Open. Extract. Open with. Sign In. Main menu.

Yu-Gi-Oh Checklist.pdf
There was a problem previewing this document. Retrying... Download. Connect more apps... Try one of the apps below to open or edit this item. Yu-Gi-Oh ...

Oh no, something went wrong! -
LocalCache$LocalManualCache.get(LocalCache.java:4789) at .... text/html,application/xhtml+xml,application/xml;q=0.9,*/*;q=0.8. Accept-Language de-de,de ...

Scripps-OH-60plus-map_2011.pdf
Madison. 14.8%. Summit. 18.1%. Morgan. 21.1%. Lucas. 16.7%. Morrow. 16% Tuscarawas. 19.3%. Delaware. 11.6%. Ashland. 18.3%. Hocking. 18.2%. Clermont. 13%. Cuyahoga. 19.6%. Lawrence. 19.3%. Defiance. 17%. Hamilton. 17.2%. Auglaize. 18.1%. Columbiana.

Oh, Hush Thee, My Baby.pdf
There was a problem previewing this document. Retrying... Download. Connect more apps... Try one of the apps below to open or edit this item. Oh, Hush Thee ...

OH, THE GOOD LIFE
Upscale kitchen appliance company Viking Range. Corporation, based in ... Owens, account planning director for the Dallas-based ad agency The Richards ..... express their individuality and make others take notice. These consumers are not ...

plumber-Cincinnati OH-4.pdf
Loading… Page 1. Whoops! There was a problem loading more pages. plumber-Cincinnati OH-4.pdf. plumber-Cincinnati OH-4.pdf. Open. Extract. Open with.