Transcript 9G@GH>CH@>G DI=>F>C?>C>>GAIC=>

/1)#.+2#3/1
$8F?F;CAD=G=BG?=F CH<=E=B>=B==F@HB<=
ICCE 98F?F8EGF=B
,')'
,'*'
28A=BI8GG?B>F@88EG
,'+'
-'&+2%* &'2,4.&+)'
)')'
)'*'
8BO LFOOJT WBO EF WPMHFOEF HFSJBUSJTDIF POEFSXFSQFO JO EF LMJOJTDIF QSBLUJKL
UPFQBTTFO0 LXFUTCBBSIFJE% NVMUJNPSCJEJUFJU% DVMUVSFMF BTQFDUFO WBO WFSPVEFSJOH%
PVEFSFONJTIBOEFMJOH% WFSTDIJM PVEFSEPN FO ZJFLUF% NFEJDBMJTFSJOH% DPNQMJDBUJFT WBO
JOTUJUVUJPOBMJTFSJOH% PQFSBUJFSJTJDP% MFFGUJKETHFSFMBUFFSEF WFSBOEFSJOHFO JO
GBSNBDPEYOBNJFL FO &LJOFUJFL% QPMYGBSNBDJF% SFWBMJEBUJF% HFSPOUPQTYDIJBUSJF% UFSNJOBMF
ZPSH% BUYQJTDIF QSFTFOUBUJF WBO ZJFLUFO% QSPCMFNFO CJOOFO EF TPNBUJTDIF% QTYDIJTDIF%
GVODUJPOFMF FO TPDJBMF BT% NPCJMJUFJUTQSPCMFNBUJFL% EFDVCJUVT% EFMJFS% EFNFOUJF%
OFVSPMPHJTDIF FO OFVSPEFHFOFSBUJFWF BBOEPFOJOHFO% TMBBQQSPCMFNBUJFL% PCTUJQBUJF%
JODPOUJOFOUJF% WJTVT& FO HFIPPSQSPCMFNBUJFL% PTUFPQPSPTF FO EVJZFMJHIFJE'
8BO EF CFMBOHSJKLTUF UIFPSJF_O WBO WFSPVEFSJOH FO #QBUIP$GYTJPMPHJTDIF WFSBOEFSJOHFO
UJKEFOT IFU WFSPVEFSJOHTQSPDFT CFOPFNFO'
6PVEU SFLFOJOH NFU EF XBBSEF FO CFQFSLJOHFO WBO MJDIBNFMJKL FO BBOWVMMFOE POEFSZPFL
PQ IPHFSF MFFGUJKE'
@PFSU POEFS TVQFSWJTJF FFO 4PNQSFIFOTJWF 5FSJBUSJD 2TTFTTNFOU VJU NFU CFIVMQ WBO
HFTDIJLUF LMJOJNFUSJTDIF JOTUSVNFOUFO'
8BO FFO JOEJWJEVFFM UIFSBQFVUJTDI QMBO NFU FFO GPDVT PQ LXBMJUFJU WBO MFWFO NBLFO'
7T JO TUBBU PQ CBTJT WBO TIBSFE EFDJTJPO&NBLJOH FFO CFIBOEFMQMBO UF NBLFO'
8BO FOLFMF UPFQBTTJOHFO WBO 74? CJOOFO PVEFSFOZPSH CFOPFNFO'
=FBMJTFFSU ZJDI EBU EF ZPSH WPPS PVEFSF QBUJ_OUFO NFFS UJKE LPTU FO IPVEU EBBSNFF
SFLFOJOH JO EF QMBOOJOH'
6FFGU FSWBSJOH NFU WFSTDIJMMFOEF MJKOFO WBO ZPSH0 FFSTUF& FO UXFFEFMJKOTZPSH%
UIVJTZPSH% MBOHEVSJHF #JOTUJUVUJPOFMF$ ZPSH% BNCVMBOUF ZPSH FO SFWBMJEBUJFZPSH' 8BO EF SPM
WBO WFSTDIJMMFOEF CFSPFQTCFPFGFOBSFO CFTDISJKWFO0 #LBEFS$IVJTBSUTFO% TQFDJBMJTUFO
PVEFSFOHFOFFTLVOEF% LMJOJTDI HFSJBUFST% JOUFSOJTU&PVEFSFOHFOFFT&LVOEJHFO%
PVEFSFOQTYDIJBUFST FO TPDJBBM HFSJBUFST'
)'7/.&*'+&2$'5/1&'1##1
-')'
-'*'
-'+'
7T JO TUBBU EFUFSNJOBOUFO WBO HFZPOE PVEFS XPSEFO WBOVJU FFO JOUFHSBUJFG
CJPQTYDIPTPDJBBM QFSTQFDUJFG UF CFTDISJKWFO'
7T JO TUBBU EF CFMBOHSJKLTUF CFHSJQQFO WBO EFNPHSBGJF FO FQJEFNJPMPHJF WBO WFSPVEFSJOH
UF CFTDISJKWFO% FWFOBMT EF JNQMJDBUJFT WPPS EF HFZPOEIFJETZPSH FO NBBUTDIBQQJK'
3FTQSFFLU SJTJDPGBDUPSFO WPPS WFSPVEFSJOHTZJFLUFO FO GVODUJFTUPPSOJTTFO
FO HFFGU BEWJFZFO PWFS EF QSFWFOUJF WBO ZJFLUF FO QSPNPUJF WBO WJUBMJUFJU' <BTU LFOOJT
PWFS FFO WFSBOEFSFOE SJTJDPNBOBHFNFOU CJK PVEFSFO JO EF QSBLUJKL UPF'
7T JO TUBBU PN IFU CFMBOH WBO QSPBDUJFWF ZPSH UF CFTDISJKWFO% XBBSCJK IFU POEFSWBOHFO
WBO GVODUJPOFMF BDIUFSVJUHBOH WPPSPQ TUBBU'
?PPOU JOZJDIU JO EF JOWMPFE WBO FFOZBBNIFJE PQ IFU XFMZJKO WBO EF PVEFSF QBUJ_OU FO IFU
CFMBOH WBO NBBUTDIBQQFMJKLF QBSUJDJQBUJF'
#%#&'-+%42
%/--4.+%#3/1
*'*'
*'+'
*','
*'-'
8BO NJEEFMT EF #IFUFSP$BOBNOFTF IFU QBUJ_OUQSPCMFFN WPMMFEJH JOWFOUBSJTFSFO NFU
BBOEBDIU WPPS EF NFEJTDIF WPPSHFTDIJFEFOJT% IFU WSPFHFS FO IVJEJH GVODUJPOFFM%
DPHOJUJFG% QTYDIJTDI% TPDJBBM FO TPNBUJTDI GVODUJPOFSFO'
<SFTFOUFFSU JOGPSNBUJF PQ FFO JOZJDIUFMJKLF FO CFHSJKQFMJKLF NBOJFS WPPS PVEFSF
QBUJ_OUFO'
6FSLFOU EF NPHFMJKL WFSTDIJMMFOEF CFMBOHFO WBO QBUJ_OU FO OBBTUFO FO IBOEFMU BEFRVBBU'
7T JO TUBBU FFO LXFUTCBSF QBUJ_OU UF CFHFMFJEFO FO FJHFO SFHJF UF TUJNVMFSFO'
ABBSEFFSU IFU CFMBOH WBO NBOUFMZPSHFST FO LBO #PWFS$CFMBTUJOH CJK IFO IFSLFOOFO'
8BO PQ FFO FGGFDUJFWF FO PQFO NBOJFS NFU PVEFSF QBUJ_OUFO FO CJK IFO CFUSPLLFOFO
DPNNVOJDFSFO PWFS NFEJTDIF QSPCMFNBUJFL% DPHOJUJFWF BDIUFSVJUHBOH% BTQFDUFO WBO
YGN[KLP& ^UNGEJV PKGWYU_& FG QOICPI OGV TQWY GP XGTNKGU GP XTCIGP QH YGPUGP TQPF JGV
MFWFOTFJOEF'
6PVEU UJKEFOT HFTQSFLLFO NFU PVEFSF QBUJ_OUFO SFLFOJOH NFU DPNNVOJDBUJFWF
CFQFSLJOHFO'
.')'
.'+'
.','
$'1/'02$'/'('.##1
/')'
/'*'
2#-'.6'1,'1
+')'
7T JO TUBBU FFO PQ NBBU HFTOFEFO ZPSHQMBO JO TBNFOXFSLJOH NFU NVMUJEJTDJQMJOBJSF
UFBNMFEFO PQ UF TUFMMFO FO SFHJF UF WPFSFO UJKEFOT FFO NVMUJEJTDJQMJOBJS PWFSMFH'
6FFGU BBOEBDIU WPPS PWFSESBDIU WBO IPPGECFIBOEFMBBS OBBS EF WPMHFOEF CFIBOEFMBBS'
>UFMU EF KVJTUF JOEJDBUJFT WPPS IFU JOTDIBLFMFO WBO FSHPUIFSBQJF% GYTJPUIFSBQJF%
WFSQMFFHLVOEJHF% QTYDIPMPPH% EJ_UJTUF% MPHPQFEJF FO NBBUTDIBQQFMJKL XFSL'
8BO IFU CFMBOH FO EF NPFJMJKLIFEFO WBO POEFSZPFL CJK PVEFSFO CFTDISJKWFO'
8BO POEFSZPFLTSFTVMUBUFO CJK PVEFSF QBUJ_OUFO LSJUJTDI CFPPSEFMFO FO
UPFQBTTFO% IPVEU EBBSCJK SFLFOJOH NFU EF CFMBOHSJKLTUF CFQFSLJOHFO WBO FWJEFODF&CBTFE
NFEJDJOF'
6PVEU SFLFOJOH NFU EF CFQFSLUF XBBSEF WBO SJDIUMJKOFO CJOOFO EF PVEFSFOZPSH'
6FSLFOU XBOOFFT DGCTIWOGPVGGTF XCP ^UVCPFCCTF_&BBOCFWFMJOHFO BGHFXFLFO LBO(NPFU
XPSEFO'
8BO CFTDISJKWFO XBBSPN FFO IPMJTUJTDIF CFOBEFSJOH% XFMZJKO FO LXBMJUFJU WBO MFWFO
CFMBOHSJKLFS ZJKO EBO PWFSMFWJOH% ZJFLUF FO HFZPOEIFJE'
/'+'
7T JO TUBBU WFSXBDIUJOHFO WBO EF PVEFSF QBUJ_OU DFOUSBBM UF TUFMMFO CJK
IFU NBLFO WBO FFO CFIBOEFMQMBO'
6FFGU FFO FNQBUIJTDIF IPVEJOH UFO BBOZJFO WBO PVEFSFO FO IFSLFOU OFHBUJFWF
TUFSFPUYQFO SPOEPN PVEFSFO #BHFJTN$ FO EF JOWMPFE EBBSWBO PQ EF ZPSHWFSMFOJOH'
7GTMGPV GVJKUEJG FKNGOOC_U DKPPGP FG QWFGTGP[QTI2 YKNU$QP%DGMYCCOJGKF&
XJMTWFSLMBSJOHFO #BEWBODF DBSF QMBOOJOH$% FVUIBOBTJF FO QBMMJBUJFWF TFEBUJF% XFM(OJFU
CFIBOEFMCFTMJTTJOHFO% QSJODJQFT WBO BVUPOPNJF% CFTU JOUFSFTUT FO SFBOJNBUJFCFTMJTTJOHFO'
8BO EF A53;% AFU CPQZ% ANP FO AMZ HFCSVJLFO% FO LFOU EF JNQBDU FSWBO WPPS EF
QSPGFTTJPOBM FO WPPS EF PVEFSF QBUJ_OU'
3FQBBMU% SFGMFDUFFSU FO CFTQSFFLU EF FJHFO IPVEJOH UFHFOPWFS WFSPVEFSJOH% JOWBMJEJUFJU FO
EF EPPE'