Published by:
Hong Kong Securities Institute Hong Kong Securities Institute 2004
24/F, Wing On Centre, 111 Connaught Road Central, Hong KongTelephone: (852) 3120-6100Examinations Hotline: (852) 3120-6220Membership Hotline: (852) 3120-6170Training Hotline: (852) 3120-6200Fax: (852) 2899-2611Email: [email protected]: www.hksi.org
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted,in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without the priorpermission of the copyright owner.
ISBN: 988-97716-5-9
HK$30.00
Disclaimer
This is an educational booklet only and does not provide legal advice or expert advice in whatsoever form.Every effort has been made to ensure its accuracy, however, no responsibility for loss occasioned to anyperson acting or refraining from action as a result of any materials in this publication will be accepted by thepublisher and/or individual contributors.
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# 5KPEG VJGUG QPN[ TGRTGUGPV UWURKEKQWU VTCPUCEVKQPU JG UJQWNF HWTVJGT KPXGUVKICVG VJG ECUGWPVKNJGJCUUWHHKEKGPVGXKFGPEGVQTGRQTVKVVQVJGCRRTQRTKCVGCWVJQTKV[KGU
$ *GUJQWNFTGRQTVVJGECUGVQVJG,QKPV(KPCPEKCN+PVGNNKIGPEG7PKVQTVJG2QNKEGYKVJQWVFGNC[
% *GUJQWNFTGRQTVVJGECUGVQVJG5GEWTKVKGUCPF(WVWTGU%QOOKUUKQP5(%CPFVJG*QPI-QPI/QPGVCT[#WVJQTKV[*-/#YKVJQWVFGNC[
& *G UJQWNF KOOGFKCVGN[ TGHTCKP HTQO TGEGKXKPI HWPFU HTQO %NKGPV : CPFQT TGOKVVKPI HWPFUQYGFVQ%NKGPV:CPFTGRQTVVJGECUGVQVJGCRRTQRTKCVGCWVJQTKV[KGU
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
2CRGT5CORNG3WGUVKQPU
3WGUVKQP
9JKEJ691QH VJG HQNNQYKPICTG RTQRGT QTFGT JCPFNKPI RTQEGFWTGU UWIIGUVGF D[ VJG5GEWTKVKGU CPF(WVWTGU%QOOKUUKQP5(%!
+ %NKGPVRTKQTKV[UJQWNFDGGPUWTGFYJGPRCUUKPIQTFGTUVQVJGFGCNKPITQQO
++ 6JGWUGQHOQDKNGRJQPGUHQTTGEGKXKPIENKGPVQTFGTUUJQWNFDGVQVCNN[RTQJKDKVGF
+++ 4GURQPUKDKNKV[HQTCNNQECVKPIENKGPVQTFGTUUJQWNFDGCUUKIPGFVQTGNGXCPVCEEQWPVGZGEWVKXGU
+8 1TFGTU TGEGKXGF D[ VGNGRJQPG UJQWNF DG VCRG TGEQTFGF CPF VJG VCRGU MGRV HQT CV NGCUV OQPVJU
# +CPF++QPN[
$ ++CPF+++QPN[
% +++CPF+8QPN[
& +CPF+8QPN[
3WGUVKQP
9JKEJ691QHVJGHQNNQYKPIQTFKPCPEGU&1016CRRN[VQOQPG[NCWPFGTKPIKP*QPI-QPI!
+ 5WURKEKQWU6TCPUCEVKQPU1TFKPCPEG561
++ &TWI6TCHHKEMKPI4GEQXGT[QH2TQEGGFU1TFKPCPEG&6421
+++ 1TICPK\GFCPF5GTKQWU%TKOGU1TFKPCPEG15%1
+8 ,QKPV(KPCPEKCN+PVGNNKIGPEG7PKV1TFKPCPEG,(+71
# +CPF++QPN[
$ +CPF+8QPN[
% ++CPF+++QPN[
& ++CPF+8QPN[
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
5CORNG3WGUVKQPU
3WGUVKQP
9JKEJ QH VJG HQNNQYKPI CTG QDLGEVKXGU QH VJG .KUVKPI 4WNGU QH VJG 5VQEM 'ZEJCPIG QH *QPI -QPI
5'*-!
+ 6QGPUWTGVJGUWKVCDKNKV[QHCRRNKECPVUHQTNKUVKPI
++ 6QGPUWTGVJGRTQHKVCDKNKV[QHNKUVGFEQORCPKGU
+++ 6QGPUWTGHCKTVTGCVOGPVQHUJCTGJQNFGTU
+8 6QGPUWTGVKOGN[FKUENQUWTGQHOCVGTKCNKPHQTOCVKQPKPTGNCVKQPVQNKUVGFEQORCPKGU
# +CPF+++QPN[
$ +CPF+8QPN[
% ++++CPF+8QPN[
& ++++++CPF+8
3WGUVKQP
9JKEJ QH VJG HQNNQYKPI RTQFWEVU CTG VTCFGF QP VJG VTCFKPI U[UVGO QH VJG5VQEM 'ZEJCPIG QH*QPI-QPIKG#WVQOCVKE1TFGT/CVEJKPICPF'ZGEWVKQP5[UVGOQT#/5!
+ *UJCTGU
++ 4GFEJKRUJCTGU
+++ 'ZEJCPIG(WPF0QVGU'(0KUUWGFD[VJG*QPI-QPI/QPGVCT[#WVJQTKV[*-/#
+8 'SWKV[NKPMGFKPUVTWOGPVU'.+
# +CPF++QPN[
$ +++CPF+8QPN[
% +++CPF+8QPN[
& ++++++CPF+8
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
2CRGT5CORNG3WGUVKQPU
3WGUVKQP
#RCTVKEKRCPVQHVJG5VQEM'ZEJCPIGQH*QPI-QPI5'*-'ZEJCPIG2CTVKEKRCPVOWUVEQORN[YKVJYJKEJ10'QHVJGHQNNQYKPITGSWKTGOGPVU!
# #P'ZEJCPIG2CTVKEKRCPVOWUVDGCJQNFGTQHCVTCFKPITKIJVQHVJG5'*-
$ #P'ZEJCPIG2CTVKEKRCPVOWUVDGCEQORCP[ NKUVGFQP VJG5'*- QTCUWDUKFKCT[QHUWEJCEQORCP[
% #P'ZEJCPIG2CTVKEKRCPVOWUVOCKPVCKPCV NGCUVQPGDTCPEJQHHKEGCPFCRRQKPVCV NGCUVQPGDTCPEJQHHKEGOCPCIGT
& #P 'ZEJCPIG 2CTVKEKRCPVOWUV DG C UJCTGJQNFGT QH VJG *QPI -QPI 'ZEJCPIG CPF %NGCTKPI.KOKVGF*-'Z
3WGUVKQP
9JCV KU VJGOCLQT TGCUQP HQT VJG5VQEM'ZEJCPIGQH*QPI-QPI 5'*- VQ KPVTQFWEG VJGSWQVCVKQPTWNGU!
# 6QGPUWTGOCTMGVVTCPURCTGPE[
$ 6QCXQKFQRRQTVWPKVKGUHQTKPUKFGTFGCNKPI
% 6QGPUWTGVJCVVJGTGKUPQUWFFGPFTCOCVKEHNWEVWCVKQPKPUVQEMRTKEGU
& 6QGPUWTGVJCVVTCFKPIKPUVQEMUKUWPFGTVCMGPQPCHWNN[KPHQTOGFDCUKU
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
5CORNG3WGUVKQPU
3WGUVKQP
9JKEJ691QHVJGHQNNQYKPIUVCVGOGPVU%144'%6.;FGUETKDGFGCNKPIKPUWURGPFGFUGEWTKVKGUQPVJG5VQEM'ZEJCPIGQH*QPI-QPI5'*-!
+ #RCTVKEKRCPVQHVJG5'*-'ZEJCPIG2CTVKEKRCPVOWUVPQVFGCNKPUWURGPFGFUGEWTKVKGUCPFVJGTGCTGPQGZEGRVKQPUWPFGTVJGTWNGUQHVJG5'*-
++ #P 'ZEJCPIG 2CTVKEKRCPVOWUV PQV FGCN KP UWURGPFGF UGEWTKVKGU GZEGRV HQT VJG RWTRQUG QHTGUVQTKPIVJGRWDNKEHNQCV
+++ #RCTV HTQO VJG TWNGU QH VJG 5'*- VJGTG CTG PQ QVJGT RTQXKUKQPU IQXGTPKPI FGCNKPI KPUGEWTKVKGUUWURGPFGFD[VJG5'*-
+8 &GCNKPIUKPUWURGPFGFUGEWTKVKGUOC[VCMGRNCEGUWDLGEVVQVJGRTKQTCRRTQXCNQHVJG(KPCPEKCN5GETGVCT[QH*QPI-QPI
# +CPF+++QPN[
$ +CPF+8QPN[
% ++CPF+++QPN[
& ++CPF+8QPN[
3WGUVKQP
9JKEJQH VJG HQNNQYKPIUVCVGOGPVU TGICTFKPI KPXGUVQTCEEQWPVUJGNFYKVJ VJG*QPI-QPI5GEWTKVKGU%NGCTKPI%QORCP[.KOKVGF*-5%%CTG%144'%6!
+ 6JG KPXGUVQTCEEQWPVUGTXKEGYCU NCWPEJGFD[VJG*-5%%CHVGT VJGINQDCNOCTMGVETCUJ KP
++ 1PN[ KPFKXKFWCN KPXGUVQTU OC[ QRGP UVQEM CEEQWPVUYKVJ VJG *-5%% CPF DGEQOG KPXGUVQTRCTVKEKRCPVU
+++ +PXGUVQTCEEQWPVJQNFGTUTGEGKXGOQPVJN[UVCVGOGPVUFKTGEVN[HTQOVJG*-5%%
+8 +PXGUVQTCEEQWPVJQNFGTUTGEGKXGEQTRQTCVGEQOOWPKECVKQPUFKTGEVN[HTQONKUVGFKUUWGTU
# +CPF+8QPN[
$ +++CPF+8QPN[
% +++++CPF+8QPN[
& ++++++CPF+8
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
2CRGT5CORNG3WGUVKQPU
3WGUVKQP
+PVGTOGFKCT[:KUCRCTVKEKRCPVQHVJG5VQEM'ZEJCPIGQH*QPI-QPI5'*-CPFJCUDGGPUWURGPFGFHTQO VTCFKPI FWTKPI VJG FKUEKRNKPCT[ RTQEGUU 9JCV UJQWNF +PVGTOGFKCT[: FQ KP TGNCVKQP VQ ENKGPVUQTFGTU!
# +PVGTOGFKCT[:UJQWNFPQVKH[VJG5'*- KPYTKVKPICPFVJG5'*- KUWPFGTCFWV[VQCRRQKPVCPQVJGTOCTMGVRCTVKEKRCPVVQGZGEWVGENKGPVUQTFGTUVJCV+PVGTOGFKCT[:JCUTGEGKXGF
$ +PVGTOGFKCT[:UJQWNFPQVKH[KVUENKGPVUKPYTKVKPICPFEGCUGGZGEWVKPIENKGPVUQTFGTUVJCVKVJCUTGEGKXGF
% +PVGTOGFKCT[ : KU WPFGT C FWV[ VQ CRRQKPV CPQVJGT OCTMGV RCTVKEKRCPV VQ GZGEWVG ENKGPVUQTFGTUVJCVKVJCUTGEGKXGFCPFVQKPHQTOVJG5'*-KPYTKVKPIQHVJGCRRQKPVOGPV
& +PVGTOGFKCT[ : KU WPFGT C FWV[ VQ CRRQKPV CPQVJGT OCTMGV RCTVKEKRCPV VQ GZGEWVG ENKGPVUQTFGTU VJCV KV JCU TGEGKXGF DWV +PVGTOGFKCT[ : KU PQV QDNKIGF VQ KPHQTO VJG 5'*- QH VJGCRRQKPVOGPV
3WGUVKQP
9JKEJ10'QHVJGHQNNQYKPIUVCVGOGPVU%144'%6.;FGUETKDGUCPCVCWEVKQPQTFGTKP*QPI-QPI!
# +VKUCPQTFGTKPRWVFWTKPIVJGOQTPKPIUGUUKQPQHVJGVTCFKPIJQWTUQHVJG5VQEM'ZEJCPIGQH*QPI-QPI5'*-KPYJKEJVJGENKGPVUGVUCURGEKHKERTKEGCVYJKEJVJGVTCPUCEVKQPOC[DGGZGEWVGF
$ +V KU CP QTFGT KPRWV FWTKPI VJG CHVGTPQQP UGUUKQP QH VJG VTCFKPI JQWTU QH VJG 5'*-YJKEJOCVEJGUWRVQVYQRTKEGSWGWGUCUNQPICUVJGVTCFGFRTKEGKUPQVNQYGTVJCPVJGKPRWVNKOKVRTKEG
% +V KUCPQTFGTYJKEJ KU KPRWVFWTKPIVJGCHVGTPQQPUGUUKQPQHVJGVTCFKPIJQWTUQHVJG5'*-CPFKUCPQTFGTVQDW[QTUGNNUJCTGUCVVJGDGUVCXCKNCDNGRTKEG
& +VKUCPQTFGTYJKEJKUKPRWVFWTKPIVJGRTGQRGPKPIUGUUKQPQHVJGVTCFKPIJQWTUQHVJG5'*-CPFKUCOCTMGVQTFGTYKVJQWVCURGEKHKGFRTKEG
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
5CORNG3WGUVKQPU
3WGUVKQP
9JKEJ 10' QH VJG HQNNQYKPI UVCVGOGPVU CDQWV CRRTQXGF KPVTQFWEKPI CIGPVU KP *QPI -QPI KU+0%144'%6!
# #P CRRTQXGF KPVTQFWEKPI CIGPV KU CP GPVKV[ CRRTQXGF WPFGT VJG 5GEWTKVKGU CPF (WVWTGU
+PVTQFWEKPI#IGPVU4WNGU
$ #PCRRTQXGFKPVTQFWEKPICIGPVFQGUPQVJCPFNGENKGPVUCUUGVU
% 6JGTGKUPQRCKFWRUJCTGECRKVCNTGSWKTGOGPVHQTCPCRRTQXGFKPVTQFWEKPICIGPV
& 6JG UVCVWVQT[ TGSWKTGOGPVUIQXGTPKPI VJGJCPFNKPI QH ENKGPVU UGEWTKVKGU CPFOQPG[FQ PQVCRRN[VQCPCRRTQXGFKPVTQFWEKPICIGPV
3WGUVKQP
9JGP C NKEGPUGF EQTRQTCVKQP GPVGTU KPVQ C OCTIKP ENKGPV CITGGOGPVYKVJ C ENKGPV VJG #ITGGOGPVYJKEJ QH VJG HQNNQYKPI CTG CRRTQRTKCVG TKUM FKUENQUWTG UVCVGOGPVU VJCV UJQWNF DG KPENWFGF KP VJG#ITGGOGPV!
+ ;QW OC[ DG ECNNGF WRQP CV UJQTV PQVKEG VQ OCMG CFFKVKQPCN OCTIKP FGRQUKVU QT KPVGTGUVRC[OGPVU
++ ;QWYKNNTGOCKPNKCDNGHQTCP[TGUWNVKPIFGHKEKVKP[QWTCEEQWPVCPFKPVGTGUVEJCTIGFQP[QWTCEEQWPV
+++ +HVJGTGSWKTGFOCTIKPFGRQUKVUQTKPVGTGUVRC[OGPVUCTGPQVOCFGYKVJKPVJGRTGUETKDGFVKOG[QWTEQNNCVGTCNOC[DGNKSWKFCVGFYKVJQWV[QWTEQPUGPV
+8 ;QWOC[UWUVCKPNQUUGUKPGZEGUUQH[QWTECUJCPFCP[QVJGTCUUGVUFGRQUKVGFCUEQNNCVGTCNYKVJWU /CTMGVEQPFKVKQPUOC[OCMG KV KORQUUKDNG VQGZGEWVGEQPVKPIGPVQTFGTU UWEJCUUVQRNQUUQTUVQRNKOKVQTFGTU
# +CPF++QPN[
$ +++CPF+8QPN[
% +++CPF+8QPN[
& ++++++CPF+8
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
2CRGT5CORNG3WGUVKQPU
3WGUVKQP
9JKEJ10'QHVJGHQNNQYKPIUVCVGOGPVU$'56FGUETKDGUUJQTVUGNNKPICEVKXKVKGUKP*QPI-QPI!
# 5JQTVUGNNKPIKUVQVCNN[RTQJKDKVGFWPFGTVJG5GEWTKVKGUCPF(WVWTGU1TFKPCPEG5(1CPFKV KUCNUQCPQHHGPEGVQUGNNUJQTVQHHVJG5VQEM'ZEJCPIGQH*QPI-QPI5'*-
$ 6JG5'*-KUGORQYGTGFVQFGUKIPCVGEGTVCKPRCTVKEKRCPVUCURGTOKVVGFUJQTVUGNNGTUCPFVJGETKVGTKCHQTUGNGEVKQPCURGTOKVVGFUJQTVUGNNGTUCTGURGEKHKGFKPVJG5'*-TWNGU
% 6JG5(1EQPVCKPURTQXKUKQPURTQJKDKVKPIUJQTVUGNNKPIDWVETGCVKPIURGEKCNUKVWCVKQPUKPYJKEJEQXGTGFUJQTVUGNNKPIKURGTOKVVGF
& 6JG RTQJKDKVKQP QH UJQTV UGNNKPI CRRNKGU QPN[ VQ TGVCKN KPXGUVQTU CPF FQGU PQV CRRN[ VQRTQHGUUKQPCNKPXGUVQTU
3WGUVKQP
9JKEJ 10' QH VJG HQNNQYKPI UVCVGOGPVU %144'%6.; FGUETKDGU VJG TGSWKTGOGPV TGNCVKPI VQ FWCNNCPIWCIGRTQURGEVWUGUKUUWGFKP*QPI-QPI!
# 6JG'PINKUJCPF%JKPGUG NCPIWCIGXGTUKQPUQH VJGRTQURGEVWUOWUVDGFKUVTKDWVGF VQIGVJGTCPFVJGTGKUPQGZEGRVKQPVQVJKUTGSWKTGOGPV
$ 6JGKUUWGTOC[EJQQUGVQKUUWGGKVJGTCP'PINKUJQT%JKPGUGNCPIWCIGRTQURGEVWU
% 6JG'PINKUJCPF%JKPGUGNCPIWCIGXGTUKQPUQHVJGRTQURGEVWUOC[DGFKUVTKDWVGFUGRCTCVGN[HTQOGCEJQVJGTUWDLGEVVQURGEKCNCRRTQXCNHTQOVJG5VQEM'ZEJCPIGQH*QPI-QPI5'*-
& 6JG'PINKUJCPF%JKPGUGNCPIWCIGXGTUKQPUQHVJGRTQURGEVWUOC[DGFKUVTKDWVGFUGRCTCVGN[HTQOGCEJQVJGTRTQXKFGFVJCVDQVJCTGCXCKNCDNGCVGCEJRNCEGYJGTGVJGFKUVTKDWVKQPQHUWEJFQEWOGPVVCMGURNCEG
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
5CORNG3WGUVKQPU
3WGUVKQP
9JKEJQHVJGHQNNQYKPICTGURGEKCNHGCVWTGUQHQRVKQPUVTCFKPIKP*QPI-QPI!
+ 1RVKQPUQPUGEWTKVKGUCTGVTCFGFQPVJG5VQEM'ZEJCPIGQH*QPI-QPI5'*-CPFQRVKQPUQPHWVWTGUCTGVTCFGFQPVJG*QPI-QPI(WVWTGU'ZEJCPIG*-('
++ 1RVKQPUVTCFGFQPVJG5'*-CTGIGPGTCNN['WTQRGCPUV[NGQRVKQPUYJKEJCTGQPN[GZGTEKUCDNGQPVJGKTGZRKT[FCVG
+++ 6JGTGCTGVYQECVGIQTKGUQHQRVKQPUGZEJCPIGRCTVKEKRCPVUPCOGN[QRVKQPUVTCFKPIGZEJCPIGRCTVKEKRCPVUCPFQRVKQPUDTQMGTGZEJCPIGRCTVKEKRCPVU
+8 #P QRVKQPU VTCFKPI GZEJCPIG RCTVKEKRCPV ECP QPN[ DG C RCTV[ VQ QPG QRVKQPU DTQMKPICITGGOGPVCVCP[VKOG
# +CPF+++QPN[
$ ++CPF+8QPN[
% +++CPF+++QPN[
& ++++++CPF+8
3WGUVKQP
9JKEJ10'QHVJGHQNNQYKPICRRNKGUVQOCTMGVOCMGTUQHUVQEMQRVKQPUQHVJG5VQEM'ZEJCPIGQH*QPI-QPI5'*-!
# # NKEGPUGF EQTRQTCVKQP OC[ CRRN[ VQ VJG 5GEWTKVKGU CPF (WVWTGU %QOOKUUKQP 5(% HQTRGTOKUUKQPVQOCMGCOCTMGVKPQRVKQPUEQPVTCEVUKPCRCTVKEWNCTQRVKQPENCUU
$ 6JG5(%MGGRUC TGIKUVGTQHCNNCRRTQXGFOCTMGVOCMGTUCPF VJGQRVKQPENCUUGU HQTYJKEJVJG[CTGCRRTQXGF
% #HCKNWTGVQTGURQPFVQCVNGCUVQHSWQVGTGSWGUVUKPQPGOQPVJOC[NGCFVQTGXQECVKQPQHCOCTMGVOCMGTURGTOKVWPNGUUUWEJOCTMGVOCMGTECPFGOQPUVTCVGTGCUQPCDNGITQWPFUHQTVJKUHCKNWTG
& 5WDLGEVVQEQORNKCPEGYKVJVJGVTCFKPITWNGUCRRNKECDNGVQU[UVGOGPVT[TGSWKTGOGPVUGCEJOCTMGVOCMGTYKNNDGRGTOKVVGFVQGPVGTCPWODGTQHSWQVGUUKOWNVCPGQWUN[KPVQVJGQRVKQPUVTCFKPIU[UVGO
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
2CRGT5CORNG3WGUVKQPU
3WGUVKQP
9JKEJQHVJGHQNNQYKPIUVCVGOGPVU%144'%6.;FGUETKDGOCTMGVOKUEQPFWEVWPFGTVJG5GEWTKVKGUCPF(WVWTGU1TFKPCPEG5(1!
+ 6JG5(1OCMGUENGCTVJCVEKXKNRTQEGGFKPIUCPFETKOKPCNRTQUGEWVKQPOC[DGDTQWIJVCICKPUVVJGUCOGRGTUQPHQTVJGUCOGOKUEQPFWEV
++ 6JG5GEWTKVKGUCPF(WVWTGU%QOOKUUKQP5(%KUGORQYGTGFVQOCMGTWNGUCPFURGEKH[V[RGUQHOCTMGVOKUEQPFWEVCEVKXKVKGUKPVJGTGNGXCPVTWNGU
+++ 6JG /CTMGV /KUEQPFWEV 6TKDWPCN //6 KU GUVCDNKUJGF WPFGT VJG 5(1 VQ JGCT OCTMGVOKUEQPFWEVECUGUWUKPIEKXKNRTQEGFWTGU
+8 6JG//6OC[KORQUGCTCPIGQHEKXKNUCPEVKQPUKPENWFKPIQTFGTKPIRC[OGPVQHEQUVUQHVJG//6CPFQT5(%KPXGUVKICVKQPGZRGPUGU
# +CPF++QPN[
$ +++CPF+8QPN[
% +++++CPF+8QPN[
& ++++++CPF+8
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
5CORNG3WGUVKQPU
3WGUVKQP
9JKEJQHVJGHQNNQYKPIRGQRNGYQWNF/156.+-'.;DGEQPUKFGTGFCUEQOOKVVKPIOCTMGVOKUEQPFWEVWPFGTVJG5GEWTKVKGUCPF(WVWTGU1TFKPCPEG5(1!
+ /T# /T# KUCFKTGEVQTQHC*QPI-QPI NKUVGFEQORCP[: %QPHKFGPVKCN KPHQTOCVKQPQHEQORCP[:UWIIGUVUVJCVVJGUJCTGRTKEGQHEQORCP[:YKNNHCNN*GCFXKUGUJKUHTKGPFVQUGNNUJCTGUKPEQORCP[:HQTVJGRWTRQUGQHCXQKFKPICNQUU
++ /U$ /U $ KU CP GORNQ[GG QH C *QPI -QPI NKUVGF EQORCP[ ; 5JG DW[U UJCTGU KPEQORCP[;HQTNQPIVGTOKPXGUVOGPV
+++ /T% /T%TGUKFGUKP*QPI-QPICPFKUKPFKTGEVN[KPXQNXGFKPETGCVKPICHCNUGCRRGCTCPEGQH CEVKXG VTCFKPI QH C *QPI -QPI UGEWTKV[ YJKEJ KU CNUQ NKUVGF QP VJG 0GY ;QTM 5VQEM'ZEJCPIG0;5'
+8 /T& /T&TGRTQFWEGUHCNUGKPHQTOCVKQPQHC*QPI-QPINKUVGFEQORCP[
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
2CRGT5CORNG3WGUVKQPU
3WGUVKQP
9JKEJQHVJGHQNNQYKPICTGRQUUKDNGYC[UHQTCEJKGXKPIVJGQDLGEVKXGUQHIQQFEQTRQTCVGIQXGTPCPEG!
+ 2GPCNK\KPIEQTRQTCVGYTQPIFQKPIU
++ #FQRVKPIKPVGTPCVKQPCNCEEQWPVKPICPFCWFKVKPIUVCPFCTFU
+++ +PUVCNNCVKQPQHUVTQPIRTQVGEVKXGUVTWEVWTGUHQTETGFKVQTU
+8 5GRCTCVKQPQHHWPEVKQPUDGVYGGPVJG%JCKTOCPCPFVJG%JKGH'ZGEWVKXG1HHKEGT%'1
# +CPF++QPN[
$ +++CPF+8QPN[
% ++++CPF+8QPN[
& ++++++CPF+8
`'PFQHVJG5CORNG3WGUVKQPU5GEVKQP`
#PUYGTU
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
2CRGT5CORNG3WGUVKQPU
3WGUVKQP #PUYGT 3WGUVKQP #PUYGT
% &
$ $
% %
$ &
# #
# %
# %
$ $
$ %
% &
$ #
% &
# %
# &
& #
& &
% $
% #
& &
$ &
'ZRNCPCVKQPU
2NGCUGTGHGTVQVJG5VWF[/CPWCNHQT2CRGT
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
2CRGT5CORNG3WGUVKQPU
3WGUVKQP 5GG6QRKERCTCITCRJ
3WGUVKQP 5GG6QRKERCTCITCRJ
3WGUVKQP 5GG6QRKERCTCITCRJUCPF
3WGUVKQP 5GG6QRKERCTCITCRJUCPF
3WGUVKQP 5GG6QRKERCTCITCRJ
3WGUVKQP 5GG6QRKERCTCITCRJUCPF
3WGUVKQP 5GG6QRKERCTCITCRJUCPFCPF6QRKERCTCITCRJUCPF
3WGUVKQP 5GG6QRKERCTCITCRJUCPF
3WGUVKQP 5GG6QRKERCTCITCRJUCPF
3WGUVKQP 5GG6QRKERCTCITCRJ
3WGUVKQP 5GG6QRKERCTCITCRJUCPF
3WGUVKQP 5GG6QRKERCTCITCRJ
3WGUVKQP 5GG6QRKERCTCITCRJ
3WGUVKQP 5GG6QRKERCTCITCRJ
3WGUVKQP 5GG6QRKERCTCITCRJ
3WGUVKQP 5GG6QRKERCTCITCRJ
3WGUVKQP 5GG6QRKERCTCITCRJUCPF
3WGUVKQP 5GG6QRKERCTCITCRJ
3WGUVKQP 5GG6QRKERCTCITCRJ
3WGUVKQP 5GG6QRKERCTCITCRJUCPF
3WGUVKQP 5GG6QRKERCTCITCRJ
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
'ZRNCPCVKQPU
3WGUVKQP 5GG6QRKERCTCITCRJ
3WGUVKQP 5GG6QRKERCTCITCRJ
3WGUVKQP 5GG6QRKERCTCITCRJUCPF
3WGUVKQP 5GG6QRKERCTCITCRJ
3WGUVKQP 5GG6QRKERCTCITCRJ
3WGUVKQP 5GG6QRKERCTCITCRJUCPF
3WGUVKQP 5GG6QRKERCTCITCRJUCPF
3WGUVKQP 5GG6QRKERCTCITCRJ
3WGUVKQP 5GG6QRKERCTCITCRJUCPF
3WGUVKQP 5GG6QRKERCTCITCRJUCPF
3WGUVKQP 5GG6QRKERCTCITCRJ
3WGUVKQP 5GG6QRKERCTCITCRJUCPF
3WGUVKQP 5GG6QRKERCTCITCRJ
3WGUVKQP 5GG6QRKERCTCITCRJUCPF
3WGUVKQP 5GG6QRKERCTCITCRJUCPF
3WGUVKQP 5GG6QRKERCTCITCRJUCPF
3WGUVKQP 5GG6QRKERCTCITCRJUCPF
3WGUVKQP 5GG6QRKERCTCITCRJ
3WGUVKQP 5GG6QRKERCTCITCRJ
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
2CRGT5CORNG3WGUVKQPU
=$NCPM2CIG?
l*QPI-QPI5GEWTKVKGU+PUVKVWVG
5#/2.'#059'45*''6
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