Strategy - 2010-07-14

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98 Erc 4=9=

\xtixbg

\XTIXBG_ TBÔBW

Iadox Li}oxic ikh & ft ox| innocoixb| hf ikh |bb` xf hf dr|okb|| oklcrhokg ok~b|xabkx dikòkg woxj lfa}ikob| lf~btbh ok ox| tb|bitlj tb}ftx| I| i tb|rcx# ok~b|xft| |jfrch db iwitb xjix Iadox

Li}oxic ai ji~b i lfkncolx fn okxbtb|x xjix lfrch innblx xjb fdeblxo~ox fn xjo| tb}ftx Ok~b|xft| |jfrch lfk|ohbt xjo| tb}ftx i| fkc i |okgcb nilxft ok aiòkg xjbot ok~b|xabkx hblo|ofk

]cbi|b tbnbt xf ho|lcioabt |blxofk fk xjb ci|x }igb nft nrtxjbt oa}ftxikx ho|lcioabt+

Ikic|x lfkxilx

T+ Artico @to|jkikXbc5 +?9 44

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Iadox Li}oxic ]~x Cxh \xtixbg

\xtixbg 98 Erc 4=9= 4

\bk|bz ^icrixofk|Abhoik ]BT xf I|oik }bbt lrttbkxc ix }tbaora

\bk|bz ho~ohbkh ho|lfrkx afhbc Okholixb| i tikgb fn 9>#= 49#9:?

\bk|bz ~icrixofk| ]&D^ okholixb| i cb~bc fn 49#42=

Fk i ]&B di|o| wb ji~b i \bk|bz xitgbx fn 44#>:= *9:z N_94B B]\ fn T|94>=/

Abhoik ]BT xf I|oik }bbt| lrttbkxc ix aitgokic }tbaora

\bk|bz ]BT }tbaora&ho|lfrkx xf A\LO Babtgokg ait`bx| o| lrttbkxc xtihokgix 4>" }tbaora lfa}itbh woxj ox| }bi` fn 2:9" fk 4> Eikrit 4=9=

Frt \bk|bz B]\ nft N_99B o| T|9#=2< ikh nft N_94B# T|9#4>= \bk|bz bitkokg|gtfwxj o| bz}blxbh xf okltbi|b ntfa 42>" ok N_99B xf 9?>" ok N_94B Wbbz}blx aitgok oa}tf~babkx xf lfkxokrb nft i nbw yritxbt|

Bzjodox 95 Abhoik fn Okhoi| }tba&ho|l xf I|oik ait`bx| *"/

\bk|bz "}tba&ho|l+xf BA

*4=/

*9=/

=

9=

4=

=

7=

Eik!=

:

Ait!=:

Aiy!=

:

Erc!=:

\b}!=

:

Kf~!=

:

Eik!=

?

Ait!=?

Aiy!=

?

Erc!=?

\b}!=

?

Kf~!=

?

Eik!9

=

Ait!9=

Aiy!9

=

Erc!9=

\frtlb5 Iadox Li}oxic tb|bitlj# Dcffadbtg

Bzjodox 45 D\B!

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\xtixbg 98 Erc 4=9= #=!49#9:?

Bzjodox 85 \bk|bz ~icrb

Tn 7+=" Tn 7+2" Tn :+="

9=" 44#>88 97#:8: 98#>>=

99" 48#=+="

\frtlb5 Iadox Li}oxic tb|bitlj

Bzjodox 25 \bk|bz ]BT *z/ N_99B

9#=2+? 9+: 9#= xf 49#9:?# di|bh fk 94" ikh 97:

I}t!=4

I}t!=

I}t!=7

I}t!=:

I}t!=?

I}t!9=

A\LO ILWO ]&D \bk|bz ]&D tixof


Bzjodox :5 \bk|bz ]BT *z/ N_99B

=947:

I}t!=4

I}t!=

I}t!=7

I}t!=:

I}t!=?

I}t!9=

A\LO BA ]&D \bk|bz ]&D tixof


Bzjodox ?5 \bk|bz ]BT *z/ N_9=B

==9=4==7=:=

I}t!=4

I}t!=

I}t!=7

I}t!=:

I}t!=?

I}t!9=

\bk|bz ]&D]&D Abik+\xh Hb~ ntfa abik

\bk|bz ]&D tixof


Xjb lrttbkx \bk|bz ]&D^ }tbaora xf xjb A\LO BA ji| lfab fnn ntfa xjb jogj| fn9>2" xf :9"# cfwbt xjik xjb ci|x 2!bit i~btigb }tbaora fn ?9" Lrttbkxc xjb

\bk|bz o| xtihokg ix 4:z ]&D^ N_99# i 97" ho|lfrkx xf ox| cfkg!xbta i~btigb ]&D^fn

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Afhbc ]ftxnfcof Tblfaabkhixofk| ikh \rggb|xbh

Wbogjx|

Bzjodox 9=5 Iadox Okhoi Afhbc ]ftxnfcof |blxft wbogjxokg| ! lrttbkx ~bt|r| }tb~ofr|

\blxft A\LO Lrttbkx Iadox Bitcobt Iadox Lrttbkx Bitcobt

wbogjx ]ftxnfcof ]ftxnfcof wbogjxokg| wbogjxokg|

wbogjx| wbogjx|

Okhr|xtoic| 7=>" 992" 94=" F~btwbogjx F~btwbogjx

Lfk|rabt Ho|ltbxofkit >22" 7>" 78" F~btwbogjx F~btwbogjx

Lfk|rabt \xi}cb| 274" >=" 7=" F~btwbogjx F~btwbogjx

Aixbtoic| 9988" >?" >??" >=" 82" Rkhbtwbogjx Rkhbtwbogjx


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Bzjodox 995 Afhbc }ftxnfcof

\adfc Iadox ]tolb *T|+/ A\LO Wgx+ ]tb~ofr| Tblfaabkhbh

Tixokg 9

Okhr|xtoic| 7+=>" 94+==" 99+2="

DJBC DJBC OK Byrox Dr 4#8>: 484" 7==" >2="

CIT\BK CX OK Byrox Kfx Tixbh 9#:+22" 7+

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\xtixbg 98 Erc 4=9= >

Ljikgb| xf xjb Afhbc ]ftxnfcof Ihhokg LiotkOkhoi# GIOC# Dik` fn Ditfhi ikh Jokhiclf

Liotk Okhoi5 Frt Foc . Gi| ikic|x# \ibbh Einnbt tblbkxc r}gtihbh Liotk Okhoixf DR_ ntfa JFCH woxj i xitgbx }tolb fn T|= Ox o| frt xf} }ol` ok xjb r}|xtbia|bgabkx ikh xjb xitgbx }tolb o| di|bh fk xjb cfkg xbta ltrhb }tolb fn R\(:=&ddc#ikh o| ik i~btigb fn KI^ ikh B^&BDOXHI!di|bh ~icrixofk abxjfhfcfg Xjb

}toait tbi|fk nft frt ltrhb frxcff` o| xjb f}xoao|xol hbaikh frxcff`# }bggokghbaikh ix :>8akd&h nft L_9=B lfa}itbh woxj :8:akd&h ok L_=?*B/ Xjb `bto|` tbaiok| hbxbtoftixofk ok Brtf}bik blfkfaol gtfwxj# wjolj lfrch cfwbthbaikh ikh jbklb oa}ilx }tolb|

Wb dbcob~b Liotk o| kfx i |okgcb i||bx }ci ikh xjb Tiei|xjik dcfl` lfrch lfkxokrbxf |rt}to|b fk xjb r}|ohb go~bk xjb tblbkx tb|frtlb r}hixb Wb bz}blx xjblfa}ik xf gbkbtixb li|j r} xf R\(4dk d N_94B i| }tfhrlxofk ntfa xjbTiei|xjik dcfl` i}}tfiljb| ox| }bi` Xjb |xigb o| |bx nft i tia} r}5 Xjb Aikgicinobch# lrttbkxc }tfhrlokg >=`df}h# o| }cikkbh xf gf r} xf 9#942`df}h d8YN_99B ikh xjbk wb bz}blx Djigia ikh Io|jwitoi xf lfaabklb }tfhrlxofkd 9YN_94B Wb i|ltodb i fkb!bit B^&BDOXHI fn 2:z xf itto~b ix i arcxo}cb!di|bh niot ~icrb fn T|

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\frxj Iabtoli ikh I|oi# Kf~bco| |jo}abkx| |jfrch to|b d { afkxj| ikhxjb Xitf ilyro|oxofk lfrch ic|f |bb }f|oxo~b kbw|ncfw ok N_99 \rk ]jitai| lftbdr|okb|| o| ~icrbh ix T|4#=8> ix 44z N_94 B]\ b|xoaixb| fn T|?< ikh r}|ohb| ntfaxjb Xitf ilyro|oxofk ix T|49*=2z T|84&|jitb/ Wb dbcob~b xjix xjbtb o| aftblbtxiokx fn gtfwxj nft \rk ]jitai ikh jbklb wb okoxoixb lf~btigb fk xjb |xfl`woxj i DR_ ikh X] fn T|4#=>7# wjolj o| 92 " r}|ohb

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\xtixbg 98 Erc 4=9= :

\blxft Tblfaabkhixofk|

LFK\RABT HO\LTBXOFKIT_ ! F^BTWBOGJX

IRXFAFDOCB\

Xjb Okhoik irxf okhr|xt lfkxokrb| xf dbkbnox ntfa xjb tfdr|x hfab|xol hbaikh\xtfkg tbxioc |icb| ji~b tb|rcxbh ok li}ilox lfk|xtiokx| nft af|x irxfaikrnilxrtbt| Ailtf nilxft| |rlj i| oa}tf~okg rtdik lfk|rabt |bkxoabkx#i~iocidocox fn tbxioc nokiklb ikh citgbc rkhbt!}bkbxtixbh trtic ait`bx|# |r}}ftxxjb to|okg i|}otixofk cb~bc| fn xjb Okhoik lfk|rabt Bz}blxixofk fn kftaicafk|ffk| ikh r}lfaokg nb|xo~b |bi|fk wfrch bk|rtb kbit!xbta hbaikhafabkxra tbaiok| r}dbix Ok xjb lrttbkx |lbkitof# wb bz}blx lfaafhox lf|xokncixofk }tb||rtb| xf db }itxoicc aoxogixbh xjtfrgj }tolokg ilxofk d irxfaikrnilxrtbt| Lfa}bxoxo~b okxbk|ox o| fk xjb to|b drx kfx ho|tr}xo~b Wb lfkxokrbxf tbaiok F~btwbogjx fk xjb Irxf \blxft

Frt Xf} DR_\ Aitrxo ikh Dieie Irxf+ Wb ji~b i JFCH fk Jbtf Jfkhi

ikh A.A *KFX TIXBH/+

ABHOI

Wb itb F~btwbogjx ikh frt tbcixo~b }btnftaiklb o| nft Dtfihli|xbt| Oa}tf~okgailtf!blfkfaol |lbkitof ikh tb|rtgbklb ok lfk|rabt hbaikh o| bz}blxbh xftb|rcx ok okltbi|bh lft}ftixb ih|}bkh cbihokg xf jogjbt ih tb~bkrb nft dfxjdtfihli|xokg ikh }tokx lfa}ikob|

I}itx ntfa ih tb~bkrb gtfwxj xjix o| bz}blxbh xf gtfw ok bzlb|| fn 92"#dtfihli|xokg lfa}ikob| itb ic|f bz}blxbh xf lfkxokrb xf dbkbnox ntfaoa}tf~bh |rd|lto}xofk tb~bkrb gtfwxj# hto~bk d okltbi|okg hogoxico|ixofk

Ok xjb }tokx |bgabkx# ~btkilrcit kbw|}i}bt| lfkxokrb xf }btnfta dbxxbt ~bt|r|Bkgco|j hiocob| hrb xf jogjbt hb}bkhbklb fk cflic&tbgofkic ih~btxo|okg Ic|f#cfwbt kbw|}tokx }tolb| wfrch tb|rcx ok jogjbt aitgok| Jbklb# wb aiokxiok frt}f|oxo~b frxcff` fk xjb Abhoi |blxft

Frt Xf} DR_5 \rk X^

Bzjodox 945 \xfl` }btnftaiklb

Lfa}ik Dcffadbtg\jitb]tolb

Ali}NtbbNcfix

B]\ ]&BTbcixo~b ]btnftaiklb xf

Okhbz *"/

T| *R\(dk/ *"/ N_9= N_99B N_94B N_9= N_99B N_94B 9a a 94aDieie Irxf DEIRX OK 48=? 72 8>? 94?= 984= 9>8= 9:7 97= 987 *=9/ 92>

Jbtf Jfkhi JJ OK 9?72 :2 7=9 994= 944= 9 9>4 98> *>7/ *4=/ 49< >2

Aijokhti AA OK >7? 829 4 99< 987 942 *94/ 4< *2=/ *

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\xtixbg 98 Erc 4=9= ?

LFK\RABT \XI]CB\ ! F^BTWBOGJX

Xf}cokb gtfwxj afabkxra |jfrch |r|xiok i| lfk|rabt lfknohbklb tbaiok|jbicxj ikh afk|ffk xtbkh| |f nit ji~b dbbk kftaic Nffh okncixofk oa}ilx o|aitgokic fk xjb |blxft

]tolokg iher|xabkx| wjolj ji~b dbbk afhbtixb f~bt ci|x 94!9: afkxj| lfrch|bb oa}tf~babkx ok 4JN_99 on lrttbkx hbaikh xtbkh| itb |r|xiokbh

Tiw aixbtoic lf|x okncixofk xtbkh| *bzlb}x ok lbtxiok nffh lixbgftob|/ itbdbkogk ikh xjo| xtbkh wocc |r}}ftx bz}ik|ofk ok gtf|| aitgok| Ih~btxo|okg lf|xxtbkh| itb ic|f afhbtixb jfwb~bt }tfafxofk |}bkh| ok lbtxiok lixbgftob|*Jfab ikh ]bt|fkic litb/ tbaiok jogj ikh xjo| wocc lfkxokrb xf bzbtx }tb||rtbfk aitgok| nft lfa}ikob| f}btixokg ok xjb|b |bgabkx|

Frt xf} DR_\5 OXL ikh KB\XCB+ Wb ji~b i JFCH fk JRC

Bzjodox 9

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\xtixbg 98 Erc 4=9= 9=

BKBTG_ RKHBTWBOGJX

Foc xf xtihb ok R\(72!R\(:2&ddc dikh5Wb dbcob~b xjix ltrhb foc wfrch dtfihc dbxtihokg ok R\(72!R\(:2&ddc tikgb hrtokg L_9=B ikh L_99B Xjb }toait tbi|fkdbokg# ik f}xoao|xol hbaikh frxcff`# }bggokg xjb hbaikh ix :>8akd&h nftL_9=B lfa}itbh woxj :8:akd&h ok L_=? *|frtlb5 OBI/# ikh xjb |ogkicokg d

F]BL# wjolj ji| fnxbk |xixbh ox| lfanftx cb~bc woxj ltrhb foc }tolb dbokg ok xjbR\(72&ddc tikgb

GTA| xf oa}tf~b5 Wb afhbc nft \okgi}ftb lfa}cbz aitgok| fn R\(>&ddc dN_94B# ntfa xjb lrttbkx R\(" r}|ohb ntfa lrttbkx cb~bc| Frt xitgbx }tolb# di|bhfk cfkg xbta ltrhb }tolb fn R\(:=&ddc# o| ik i~btigb fn KI^ ikh B^&BDOXHI!di|bh ~icrixofk abxjfhfcfg

Wb dbcob~b TOC o| db|x cb~btbh xf oa}tf~babkx ok GTA| gfokg nftwith Frt|bk|oxo~ox ikic|o| |rggb|x| i 2" ljikgb ok bitkokg| nft b~bt R\(9&ddc ljikgb okGTA| Wb afhbc nft TOC'| tbico|bh aitgok| xf okltbi|b ntfa R\(>7&ddc ok N_9= xfR\(?2&ddc ok N_94B Wb ji~b i DR_ tblfaabkhixofk fk xjb |xfl` woxj i 94!afkxj xitgbx }tolb fn T|9#47=# oa}cokg r}|ohb fn 9?" ntfa lrttbkx cb~bc|

Hbtbgrcixofk ! ]\R r}|xtbia dbxxbt }cilbh5 Wb dbcob~b xjix xjb tblbkx I]Agi| }tolb jo`b wfrch oa}tf~b bitkokg| fn FKGL&FOC Okhoi d {4=" gfokgnftwith Wb ic|f dbcob~b xjix xjb af~b lfrch |bx }tblbhbklb xf xjb arlj!kbbhbhtbnfta| ok }bxtfcbra }tfhrlx }tolokg Go~bk xjix o| lfrch }fxbkxoicc tb!tixb xjb|blxft0 wb wfrch ih~o|b }ciokg xjo| xjbab xjtfrgj xjb r}|xtbia }cibt|*FKGL&FOC&GIOC/ tixjbt xjik hfwk|xtbia }cibt| *OFL# J]LC# D]LC/ i| to|`!tbwith o| tbcixo~bc ni~frtidcb

Xf} DR_\ itb Tbcoiklb# Liotk Okhoi ikh FKGL

Bzjodox 985 \xfl` }btnftaiklb

Lfa}ik Dcffadbtg\jitb]tolb

Ali}NtbbNcfix

B]\ ]&BTbcixo~b ]btnftaiklb xf

Okhbz *"/

T| *R\(dk/ *"/ N_9= N_99B N_94B N_9= N_99B N_94B 9a a 94a

Tbcoiklb TOC OK9#=2> 78= 22: 8?8 >7= :7/ *28/ *9=8/

FKGL FKGL OK9#47: 2:> 942 ?44 999? 947< 9? *92/ *=8/ 9? 9=8


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NOKIKLOIC\ F^BTWBOGJXOk xjb kbit xbta# frt frxcff` fk xjb dik`okg |blxft tbaiok| lirxofr| Jfwb~bt#frt abhora!xbta frxcff` fk xjb |blxft tbaiok| }f|oxo~b

Xjb tblbkx }ol` r} ok ltbhox hbaikh ji| dbbk citgbc fk xjb dil` fn xjb

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OKHR\XTOIC\ F^BTWBOGJX

Woxj }fwbt hbaikh co`bc xf gtfw ix f~bt :" ok xjb kbzx xbk bit|# xjblfrkxt wocc lfkxokrb xf bz}btobklb }fwbt |jftxigb ijbih# tb|rcxokg ok |xtfkghbaikh nft }fwbt gbkbtixofk byro}abkx Xjb Okhoik }fwbt byro}abkxait`bx# woxj hbaikh bzlbbhokg 42GW }bt ikkra# wocc lfkxokrb xf db ok |jftx|r}}c

]fwbtgtoh# xjb citgb|x |xixb ho|xtodrxft# o| xitgbxokg xf bz}ikh okxbt!tbgofkicxtik|ao||ofk li}ilox ntfa 4=GW xf

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\xtixbg 98 Erc 4=9= 97 *7> >79 *9882/ 78 78 *==/ *47>/ *447/ >4Jokhr|xikUokl

JU OK?74 :: 22 ?27 94? *89/ *44:/ *478/

\b|i Gfi \B\I OK >> 89= 8:9 28: 99< 78 >2 *88/ *44/ 89 >?: >9 9=? 9

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JBICXJLITB F^BTWBOGJX

]f|oxo~b gtfwxj afabkxra xf lfkxokrb

Okhoik hfab|xol dr|okb||b| ji~b dblfab aftb ixxtilxo~b inxbt xjb ilyro|oxofkfn ]otiaic Jbicxjlitb'| dr|okb|| Okhoik ]jitai ait`bx o| ik ixxtilxo~b

}tf}f|oxofk nft Dog ]jitai lfa}ikob| i| hfab|xol dr|okb||b| itblfa}cbabkxit xf xjbot dr|okb|| Xjo| lfrch cbih xf nrtxjbt A.I ilxo~ox okOkhoi i| Dog ]jitai bb| jogjbt }bkbxtixofk ikh citgbt }ftxnfcof| xf xi} xjbOkhoik ait`bx

Dog ]jitai wocc ic|f db |bbk cff`okg nft aftb }itxkbt|jo}| woxj gbkbtollfa}ikob| xjix ji~b xjb tbyro|oxb aikrnilxrtokg ikh T.H li}idocoxob| nft5 *9/I]O ikh Noko|jbh Hf|igb |r}}cob| nft xjb tbgrcixbh ikh xjb Babtgokg ait`bx|0*4/ Dof|oaocit|0 ikh * :=2

\rk }jitai \RK] OK 9#784 77 < >24 77 ?4: 4>7 44> 9:: *92/ *


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RXOCOXOB\ RKHBTWBOGJX

]FWBT

Gbkbtixofk li}ilox ix 29" fn }cikkbh ihhoxofk tbncblx| i jrgb |jftxnicc

\xtfkg li}ilox ihhoxofk wocc db xjb gtfwxj hto~bt Jfwb~bt# nrbc |jftxigb o| i `b lfk|xtiokx Woxj lfic hbaikh ix 8=8ak

xfkkb| *N_=?/ ikh hfab|xol |r}}c ix gi|# lfklfaoxikx woxj GIOC'| T|

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\xtixbg 98 Erc 4=9= 9>

\FNXWITB F^BTWBOGJX

@b hto~bt| nft OX |}bkh gtfwxj5 Oa}tf~bh ailtf!blfkfaol ~itoidcb| |oklbN_=?# ikic|o| fn xf} 8= frx|frtlbt| ikh tblbkx 9Y N_99 Oknf|| tb|rcx||rggb|x |xtfkg hbaikh bk~otfkabkx ijbih Wb |bb idf~b!i~btigb gtfwxjf}}ftxrkoxob| ok5 *i/ ~btxolicwo|b5 DN\O |blxft *hto~bk d A.I# to|` ikh

lfa}coiklb/0 ikh *d/ \bt~olb|wo|b5 Oknti|xtrlxrtb aikigbabkx |bt~olb| *OA\/wjbtb Okhoi| }bkbxtixofk o| i abtb 4"

^obw fk cfkgbt xbta o||rb|5 Wb bz}blx Okhoi| hbafgti}jol ih~ikxigb xfdb i lfa}bccokg li|b nft fnn|jftokg ok xjb cfkg xbta Wjocb fxjbt o||rb| |rlji| okhr|xt lfk|fcohixofk ok xjb gcfdic xbljkfcfg cikh|li}b ji~b |xitxbhbabtgokg# wb hf kfx nftb|bb ik kbit!xbta oa}ilx fk xjb fnn|jftokglfa}bxoxo~b cikh|li}b

Hbaikh lrttbkxc kfx dbbk jox d xjb Brtfufkb lto|o|5 Wjocb xjb aikkbtok wjolj xjb Brtfufkb lto|o| b~fc~b| wfrch tbyrotb xf db lcf|bc afkoxftbh# frtokxbtilxofk woxj lfa}ikob| tb~bic| xjix dr|okb|| afabkxra fk xjb gtfrkhlfkxokrb| xf db }f|oxo~b Aftbf~bt# wb dbcob~b xjix |oklb Brtf}b i| i tbgofk

ji| dbbk tbcixo~bc cb|| aixrtb ok xjb ihf}xofk fn fnn|jftokg# O\]| bz}f|rtb xfho|ltbxofkit |}bkhokg wfrch ic|f db fk xjb cfwbt |ohb ~&| xjb R\ Wblfkxokrb xf aiokxiok frt }f|oxo~b |xiklb fk xobt!9 O\]| ikh dbcob~b |xtfkg~fcrab gtfwxj wfrch fnn|bx af|x fn xjb lrttbkl wfb| ok xjb kbit xbta

To|`|

Ailtf |jfl`| Tr}bb i}}tbloixofk0 wb nilxft ok i aitgok hblcokb fn 48=! 7:? 9=:: 99?7 98:8 4>> 484 9?2 87 78 :7 4>7

XL\ XL\ OK 7?4

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XBCBLFA RKHBTWBOGJX

Xjb Okhoik afdocb |bgabkx dbbk ihhokg aftb xjik 92!9>ak |rd|ltodbt| biljafkxj ikh o| fkb fn xjb ni|xb|x gtfwokg ait`bx ok xjb wftch Ox o| ic|f xjb |blfkhcitgb|x afdocb ait`bx ok wftch fkc inxbt Ljoki Xjb gtfwxj o| bz}blxbh xflfkxokrb hrb xf *9/ cfwbt afdocb }bkbxtixofk ok trtic itbi| *4/ lfkxokrfr|chblcokokg lf|x fn afdocb fwkbt|jo} ikh *

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\xtixbg 98 Erc 4=9= 9:

\bk|bz }btnftaiklb tbcixo~b xf I|oik byroxait`bx|

\xtfkg lft}ftixb bitkokg| ok N_94B5 Irxf#Oknti|xtrlxrtb&Lfk|xtrlxofk# Tbic b|xixb# ]fwbt . Nokikloic| co`bc`b hto~bt| fn \bk|bz }tfnox| ok N_94B

L_XH!9= Okhoi ikh BA|5 Okhfkb|oi# Xjiocikh# A\LO I|oi ! xf}}btnftaokg ait`bx|

94!afkxj xfxic tbxrtk }btnftaiklb Okhfkb|oi . Xjiocikh db|x}btnftaokg ok BA di|`bx

Ait`bx hkiaol| |xtfkg nftbogk ncfw| A\LO Okhoi tbcixo~b frx}btnftaiklb xf A\LO BA ikh A\LO ILWO

Okholb|

Xjb lrttbkx

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\xtixbg 98 Erc 4=9= 9?

Ait`bx ]btnftaiklb

Irxf# Oknti|xtrlxrtb&Lfk|xtrlxofk# Tbic b|xixb#]fwbt . Nokikloic| co`bc `b hto~bt| fn \bk|bz

}tfnox| ok N_94BXf} 9= \bk|bz lfa}ikob| wfrch illfrkx nft >8:" fn \bk|bz ]IX ok N_99B ikh>89" ok N_94B Af|x fn xjb okltbi|b ok ]IX lfkxtodrxofk ikh bitkokg| gtfwxj okN_94B ito|b| ntfa Nokikloic|# ]fwbt# Tbic B|xixb# Jbicxjlitb#Oknti|xtrlxrtb&Lfk|xtrlxofk ^o|odocox fn bitkokg| fn xjb Xf} 9= wfrch |r}}ftx9?>" N_94B gtfwxj

Bzjodox 495 \bk|bz \blxftic ]IX N_99B

*9=/ = 9= 4= =

Tbcoiklb Okh| 9>

KX]L 2>

Djitxo Iotxbc 8>

XL\ 88

Oknf|| Xblj 8=

Xixi \xbbc

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\bk|bz }btnftaiklb tbcixo~b xf I|oik byroxait`bx|

Xjiocikh ikh Okhfkb|oi itb xjb db|x }btnftaokg I|oik ait`bx| ok L_XH9= \xtfkg gcfdic lcrb| `bb} I|oik ait`bx| drfikx Okholb| }btnftaiklb ok L_9= Ait`bx hkiaol| |xtfkg nftbogk ncfw|Okholb| }btnftaiklb L_XH 4=9= Okhfkb|oi# Xjiocikh . A\LO I|oi xf} }btnftaokg ait`bx|

Bzjodox 4>5 9A id|+ }btn+ *"/

*2+=/ =+= 2+= 9=+=

Xiowik

Xjiocikh

Lf}}bt *(&AX/

Okhoi ! \bk|bz

Okhoi ! Konxy

Uokl *(&AX/

\okgi}ftb

A\LO I|oi I}bz 2=

Okhfkb|oi

A\LO Okhoi

A\LO BA

Icraokora *(&AX/

@ftbi

Jikg \bkg

A\LO ILWO

A\LO Wftch

Dtiuoc

R\ !Hfw Efkb|

Abzolf

Dtbkx Foc *(&dittbc/

Ko``bo 442

KI\HIY

R@ !NX\B 9==

CAB \xbbc *(&AX/

\oc~bt *(&x fu+/

Gfch *(&x fu+/

\jikgjio


Bzjodox 475 L_XH id|+ }btn+ *"/

*

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94!afkxj xfxic tbxrtk }btnftaiklb Okhfkb|oi . Xjiocikh db|x}btnftaokg ok BA di|`bx

Bzjodox 4?5 Gcfdic Okholb|5 i~g+ xfxic tbxrtk 94afkxj| *"/

LfrkxtIcc

\blxft|Di|ol

Aixbtoic|Lfk|+

Gffh|Lfk|+

\bt~olb|Nokikloic|

JbicxjLitb

Okhr|xtoic|Foc .Gi|

Xbljkfcfg

Xbcblfa+

Rxocoxob|

Dtiuoc 4:> 7 824 279 4:9 ki 8:< 72 ki 94? 4:7

\jikgjio *=:/ *

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Ait`bx hkiaol| |xtfkg nftbogk ncfw|

Hbaikh!|r}}c 5 Jogjbt ok|xoxrxofkic }itxolo}ixofk }r|jokg r} xtihokg ~fcrab|

Bzjodox #===

I}t!=2

Flx!=2

I}t!=>

Flx!=>

I}t!=7

Flx!=7

I}t!=:

Flx!=:

I}t!=?

Flx!=?

I}t!9=

=

2#===

9=#===

92#===4=#===

42#===

NOO| \bk|bz Okhbz *TJ\/

*Okncfw R\H Kbx Okncfw| Ok Byrox *Okhbz/

\frtlb5 Dcffadbtg# Iadox Li}oxic tb|bitlj

Bzjodox

Flx!=

>

I}t!=7

Flx!=

7

I}t!=:

Flx!=

:

I}t!=?

Flx!=

?

I}t!9=

=

2#===

9=#===

92#===4=#===

42#===

AN| \bk|bz Okhbz *TJ\/

*Okncf w R\H ak/ Kbx Okncfw| Ok Byrox *Okhbz/


\xtfkg nftbogk okncfw| |oklb I}t=?!Ait9= ix R\(4

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\b}!=

>

Ait!=7

\b}!=

7

Ait!=:

\b}!=

:

Ait!=?

\b}!=

?

Ait!9=

Hixb

ÔZ

R\ ÔZ 4== hai


Bzjodox 845 Okhoi O^|

=

4=

8=

>=

:=

9==

Eik!=

7

Aiy!=

7

\b}!=

7

Eik!=

:

Aiy!=

:

\b}!=

:

Eik!=

?

Aiy!=

?

\b}!=

?

Eik!9

=

Aiy!9

=

Hixb

ÔZ

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\xtixbg 98 Erc 4=9= 4>

Ailtf blfkfaol xtbkh|

GH] gtfwxj b|xoaixb| fn :4" nft N_99B

Okncixofk bz}blxixofk fn {28" nft N_99B

Ltbhox gtfwxj b|xoaixbh ix 44" _f_

No|lic hbnolox bz}blxbh ix 2" fn GH] lfa}itbh woxj drhgbxb|xoaixb| fn 22"

Dog dikg tbnfta| Irxf nrbc tb!hbtbgrcixofk

Afk|ffk| kfx i lfklbtk

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Blfkfa GH] b|xoaixb| ix :+4" okN_99BFrt b|xoaixb| nft N_99B droch ok i lfadokixofk fn xjb nfccfwokg nilxft|5

Okncixofk ok igtolrcxrtic }tfhrlx| *{7"/ i| wbcc i| aikrnilxrtbh }tfhrlx|

]i||!xjtfrgj fn jogjbt okxbtb|x tixb| xf xjb aikrnilxrtokg |blxftFrt tb~o|bh N_99B GH] gtfwxj b|xoaixb fn :4" droch ok okncixofk bz}blxixofk fn{28" nft nrcc bit 4=9=!99 Xjo| honnbt| ntfa xjb Rkofk Drhgbx 4=99 bz}blxixofkfn :2" tbic GH] gtfwxj ikh 8" okncixofk Ok nilx# xjb Blfkfaol Ih~o|ft Lfrkloc*BIL/ xf xjb ]A ji| }tfeblxbh ik :4" tbic GH] gtfwxj nft 4=9=!99

Wb bz}blx Okhr|xt xf lfkxokrb xf bzjodox xjb jogjb|x gtfwxj ix ?2"# icdbox i xihcfwbt xjik wjix wi| woxkb||bh hrtokg N_9= Fk i _f_ di|o|# wb bz}blxIgtolrcxrtb ikh \bt~olb| xf tbgo|xbt |xtfkg gtfwxj ix >" nffh itxolcb okncixofk

Okhr|xt bx ikfxjbt dra}bt bit ijbihWb bz}blx Okhr|xt xf bzjodox kbit hfrdcb!hogox gtfwxj hrtokg N_99B# citgbc fkxjb dil` fn xjb Aikrnilxrtokg |blxft# wjolj o| co`bc xf woxkb|| ik bzxtbabc |xtfkgnot|x jicn *bzjodox 8>/

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\xtixbg 98 Erc 4=9= 4:

Bzjodox 8>5 Okhr|xt gtfwxj d |bgabkx ! N_99B *"/

4=

8=

>=

:=

9==

94=

Aokokg Aikrnilxrtokg Bcblxtoloxy# Gi| .

Wixbt \r}}cy

Okhr|xty

N_9= N_99

\frtlb5 L\F# Iadox Li}oxic tb|bitlj

Wb lfkxokrb xf dbcob~b xjix xjb jogjbt!xjik!ikxolo}ixbh OO] gtfwxj *bzjodox 87/ o|tbncblxo~b fn xjb rkhbtcokg jogj li}ilox rxocouixofk# wjolj o| co`bc xf aikonb|x okjogj kfk!nffh aikrnilxrtokg okncixofk gfokg nftwith

Bzjodox 875 OO] gtfwxj ji| dbbk |xbiaokg ijbih tblbkxc ! co`bc xf xtbkh cfwbt

!8"

="

8"

:"

94"

9>"4="

I}t

Aiy

Erk

Erc

Irg

\b}

Flx

Kf~

Hbl

Eik

Nbd

Ait

N_=? N_9= N_99


Wb bz}blx i citgb }itx fn okncixofk ok Okhr|xt xf babtgb ok xjb Aokokg |bgabkx Okcokb woxj frt }fcol bz}blxixofk nft jogjbt ||xbaol okxbtb|x tixb|# wb itb doi|bh okni~frt fn dbcob~okg xjix xjb tblbkx xtbkh fn bcb~ixbh gtfwxj okAikrnilxrtokg#ikh i| i lftfccit# Okhr|xty# o| |r|lb}xodcb xf tb~bt|ic fn xjb okxbtb|x tixbllcb+

\bt~olb| ! conxokg xjb xtieblxft ok lfk|xtrlxofk

Wb bz}blx \bt~olb| xf bzjodox kbit ?" gtfwxj nft N_99B# citgbc fk dil` fn xjbLfk|xtrlxofk |blxft# wjolj o| co`bc xf woxkb|| ik bzxtbabc |xtfkg 9J *bzjodox 8:/

Bzjodox 8:5 \bt~olb| gtfwxj d |bgabkx ! N_99B *"/

8=

>=

:=

9==

94=

Lfk|xtrlxofk Xtik|}ftx .

Lfaa

Nokiklokg &

Tbic b|xixb

Lfaarkoxy &

\floic

\bt~olb|

N_9= N_99


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\xtixbg 98 Erc 4=9= 4?

Okncixofk b|xoaixbh ix {2+8"

Icxjfrgj _f_ okncixofk ok nffh itxolcb| lfkxokrb| xf db ok aoh!xbbk| *bzjodox 8?!2=/# xjb ci|x xwf wbb`| ji~b woxkb||bh |xbih wbb`!fk!wbb` hblcokb ok }tolb|iltf|| icc nffh itxolcb| *bzjodox 29!24/

Bzjodox 8?5 _f_ okncixofk ok nffh itxolcb| ok aoh!xbbk|0ai afhbtixb fk kftaic afk|ffk|

*2+=/

=+=

2+=

9=+=

92+=

4=+=

42+=

I}t!?2

I}t!?>

I}t!?7

I}t!?:

I}t!??

I}t!==

I}t!=9

I}t!=4

I}t!=

I}t!=7

I}t!=:

I}t!=?

I}t!9=

\btob|9

\frtlb5 Aoko|xty fn Lfaabtlb# Iadox Li}oxic tb|bitlj

Bzjodox 2=5 Wbb`!fk!wbb` okncixofk ok nffh itxolcb| *"/! Eik9=!Erk9= ! okxbtaoxxbkx af~b|

Nffh Itxolcb|

!9+2"

!9+="

!=+2"

=+="

=+2"

9+="

9+2"

4+="

=4Eik9=

9>Eik9=

"

=4Eik9=

9>Eik9=

+=

:+=

9=+=

94+=

98+=

I}t!?2

I}t!?>

I}t!?7

I}t!?:

I}t!??

I}t!==

I}t!=9

I}t!=4

I}t!=

I}t!=7

I}t!=:

I}t!=?

I}t!9=

\btob|9

\frtlb5 Aoko|xty fn Lfaabtlb# Iadox Li}oxic tb|bitlj

Ltbhox gtfwxj ]tfeblxbh ix 44" _f_

Xjik`| xf xjb

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\xtixbg 98 Erc 4=9=

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\xtixbg 98 Erc 4=9=

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\xtixbg 98 Erc 4=9= =5 Rkofk Drhgbx 4=99 lfaafk |oubh xf kfaokic GH] ix ait`bx }tolb| *"/

].C lfaafk!|oubh xf GH] *"/ 4==>!=7I 4==7!=:I 4==:!=?I TB 4==?!9= DB 4=9=!99

Hotblx xiz tblbo}x| 28 >< > >< >4

Okhotblx xiz tblbo}x| 27 27 8? 8 8>

Gtf|| xiz tblbo}x| 999 94 9=? 9=< 9=:

Cb||5 \xixb|' |jitb 4? >7 22

Li}oxic tblbo}x| 4

Xfxic tblbo}x| 9 988 92? 9>> 9>

Okxbtb|x }iabkx| 9>

Tb~bkrb bz}bkhoxrtb 94 94 984 987 9 48 9> 9? 44

\frtlb5 Okhoi Drhgbx hflrabkx|# Iadox Li}oxic tb|bitlj

Bzjodox >95 Hbnolox okholixft| *" fn kfaokic GH] ix ait`bx }tolb|/ drhgbxbh b|xoaixb|

Hbnolox okholixft| 4==>!=7I 4==7!=:I 4==:!=?I TB 4==?!9= DB 4=9=!99

Tb~bkrb hbnolox 9? 99 82 2< 8

No|lic hbnolox > >7 22

Okxbtb|x }iabkx| *kfk!}cik TB/ !=7I 4==7!=:I 4==:!=?I TB 4==?!9= DB 4=9=!99

Kfaokic GH] *T| dk/ 84#:

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\xtixbg 98 Erc 4=9=

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\xtixbg 98 Erc 4=9= < xjb gf~btkabkx wfrch kbbh xf tbhrlb ox| dfttfwokg}tfgtiaab d {T|85 @b ailtf!blfkfaol ~itoidcb| ! lt|xic giuokg okxf DB 4=94!9< fkIL]C b|xoaixb|

Ailtf!blfkfaol ~itoidcb| 4==:!=?I TB 4==?!9= DB 4=9=!99 DB 4=99!94 DB 4=94!94#> :=#2= 8:#=7444 24#=9898 2>#8 28 8: 89

Okxbtb|x }iabkx|*kfk!}cik TB/

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\xtixbg 98 Erc 4=9=

Dog Dikg Tbnfta| ! ]tolb jo`b|iltf|| xjb dfith0 Irxf!nrbc|hbtbgrcixbh ]f|oxo~b nft No|lic ikh

]\R FAL|Xjb Ba}fwbtbh Gtfr} fn Aoko|xbt| *BGfA/# i}}tf~bh i/ ait`bx!hto~bk }tolokg fn

irxf!nrbc| *}bxtfc# hob|bc/ d/ tio|okg fn lff`okg nrbc *@btf|bkb# C]G/ }tolb| d 99"!

>5 Rkhbt!tblf~btob|

Fch Kbw " ljikgb*T| dk/

N_9= N_99B N_94B N_9= N_99B N_94B N_9= N_99B N_94B

]bxtfc 87:: 297< 2>=9 87:: 498< ! ===" !2:>=" !9===="

Hob|bc ?>2

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\xtixbg 98 Erc 4=9=

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\xtixbg 98 Erc 4=9= :5 R}|xtbia |jitb fn ltrhb hfccit

Tixb fn xiz *" fn okltbabkxic }tolb/]tolb tikgb *R\(&ddc/

]ito`j tb}ftx Iadox b|xoaixb|

= ! 8="

>=!7= 4=" 22"

7=!:= 8=" 7="

:=!?= >=" :2"

;?= :=" 9=="\frtlb5 Iadox Li}oxic tb|bitlj

Jbklb go~bk xjo| dbcobn# wb oklft}ftixb xjo| afhonobh |rd|oh |jitokg afhbc xfb|xoaixb bitkokg| nft frt ]\R Foc . Gi| rko~bt|b *FKGL&GIOC&OFL&J]LC&D]LC/

Bzjodox >?5 \rd|oh |jitokg

Fch Kbw

N_99B N_94B N_99B N_94B

Ltrhb }tolb *(&ddc/ := := := :=

Xfxic rkhbt!tblf~bt >89+: 74=+> 2=4+2 89>+? 9> 97+?

FOC 4

Gf~btkabkx =+>2 8=

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\xtixbg 98 Erc 4=9=

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Tioknicc5 Xba}ftic ikh |}ixoic ho|xtodrxofk

Bzjodox 745 Kftaic Xba}ftic Ho|xtodrxofk ok AA

=

2=

9==

92=

4==

42=

4 9:4"

Erc 4?< "

Xfxic :?4 9==+="


Bzjodox 725 Kftaic \}ixoic Ho|xtodrxofk ok AA

Tbgofk Kftaic \}ixoic Ho|xtodrxofk *aa/

Kftxjwb|x Okhoi >94

Lbkxtic Okhoi ??8

\frxjbtk ]bkok|rci 745 ]i|x bit xtbkh| nft tioknicc ho|xtodrxofk

=7=

:=?=

9==

L_9??:

L_9???

L_4===

L_4==9

L_4==4

L_4==

L_4==7

L_4==:

L_4==?

L_4=9=%

>=

7=

:=

?=

9==

99=

" Abx Ho~o|ofk| woxj Kftaic Tioknicc *CJ\/

" Cfkg ]btofh I~btigb *TJ\/


Bzjodox 775 Wbb`wo|b }tfgtb||ofk kftaic ~&| ilxric


Lrarcixo~b |bi|fkic tioknicc f~bt 9 Erkb! 7xj Erc 4=9=# ix 4=8aa# o| 9="dbcfw xjb Cfkg ]btofh I~btigb fn 447aa nft xjb |xixbh }btofh

" fn ho|xtolx| woxj kftaic&bzlb|| tioknicc |xikh| ix >?" nft xjb |xixbh }btofhikh xjb abxbftfcfgolic hb}itxabkx kfw nftbli|x| |jftxnicc fn tioknicc r} xf 2"nft nrcc bit L_4=9= ~&| Cfkg ]btofh I~btigb

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\XFL@ TBLFAABKHIXOFK\

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Dik`okg# Nokikloic \bt~olb| . Ok|rtiklb Erc 98# 4=9=

Ikhjti Dik`Dcffadbtg5 IKHD OK Byrox Tblfaabkhixofk5 DR_

Tbrxbt|5 IHD@+DF Kf Ljikgb LFA]IK_ R]HIXB




Ikic|x lfkxilx

@to|jkik I\^Xbc5 +?9 44 >#9#===

9:#===

4=#===

Erc!=? Hbl!=? A iy!9=

2=

7=

?=

99=

9 >2< 9=8> 9

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Iadox Li}oxic ]~x Cxh Ikhjti Dik`

Ikhjti Dik` Erc 98# 4=9= 8=

94!Erc!9=

4:!Erk!9=

98!Erk!9=

9?!I}t!9=

9!I}t!9=

97!Ait!9=

9>!Nbd!9=

4!Nbd!9=

9:!Eik!9=

8!Eik!9=

9>!Hbl!=?

4!Hbl!=?

9:!Kf~!=?

8!Kf~!=?

Hixb

FO

=

9#===#===

4#===#===

#===#===

7#===#===

FO ] tolb* N.F/


Ikhjti dik` ji| woxkb||bh |jit} FO hblcokb |oklb ci|x xwf bz}otob| woxjtikgbh }tolb af~babkx0 tfccf~bt| ji~b dbbk ~bt wbb` ok Erkb bz}ot wjbklfa}itbh xf < afkxj| i~btigb Gfokg nftwith wb bz}blx xjb |xfl` xf nilb

|xonn tb|o|xiklb ix 98= cb~bc|0 fk xjb wi hfwk |r}}ftx cob| ix 942

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Iadox Li}oxic ]~x Cxh Izo| Dik`

Izo| Dik` Erc 98# 4=9= 82

Xbljkolic obw

Bzjodox 95 Izo| Dik`

\frtlb5 Abxi\xfl`

Xjb afabkxra okholixft| fn Izo| dik` itb ok dr afhb

Xjb AILH ji| xrtkbh okxf dr |ogkic ikh wb bz}blx xjb |xfl` xf xitgbx 9==

7==

:==

?==

9#===

9#9==

9#4==

9#!Nbd!9=

4!Nbd!9=

9:!Eik!9=

8!Eik!9=

9>!Hbl!=?

4!Hbl!=?

9:!Kf~!=?

8!Kf~!=?

Hixb

FO

=

9#===#===

4#===#===

#===#===

7#===#===

FO ] tolb* N.F/


Izo|Dik` ji| dbbk ok i to|okg xtbkh |oklb ci|x 4 yritxbt| ikh o| lrttbkxcxtihokg lcf|b xf ox| icc xoab jogj fn 9

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Irxf . Irxf Ikloccitob| Erc 98# 4=9=

Dieie IrxfDcffadbtg5 DEIRX OK Byrox Tblfaabkhixofk5 Rkhbt Tb~obw

Tbrxbt|5 DIEI+DF Kf Ljikgb LFA]IK_ R]HIXB




Ikic|x lfkxilx

Ki~ok AixxiXbc 5 +?9 44 #===

9:#===

4=#===


2==

9===

92==

4===

42==

" }i nft xjbkbzx xwf bit| Lfttb|}fkhokgc# wb |bb Dieie Irxf'| hfab|xol ait`bx |jitbokltbi|okg xf 4>" ok N_94B Wb bz}blx idf~b i~btigb xjtbb!wjbbcbt hfab|xolgtfwxj# hto~bk d lfk~bt|ofk xf lcbikbt nrbc|# i| aikhixbh ok |b~btic |xixb|Bz}ftx hbaikh ji| tb~o~bh# wjolj wb dbcob~b o| |bx xf gtfw ix i ni|xbt }ilb woxjgtbixbt nflr| fk Intolik ikh CIXIA lfrkxtob| Wb nftbli|x f~bticc ~fcrabgtfwxj fn 97" }i nft xjb kbzx xwf bit|

Babtgokg }tfhrlx aoz xf hto~b |xidocox ok BDOXHI aitgok }tfnocb5 Ok xjb }i|x#ntbyrbkx icxbtixofk| xf }tfhrlx aoz ji| tb|rcxbh ok lfk|ohbtidcb |wokg ok DieieIrxf| BDOXHI aitgok xtbkh# lfk|byrbkxc tb|rcxokg ok cfw }tbholxidocox fn ox| ~fcrab gtfwxj ikh aitgok xtbkh| Jfwb~bt# woxj r} xf 42" tb~bkrblfkxtodrxofk ntfa xjb xwf!wjbbcbt bzblrxo~b |bgabkx# wb bz}blx jogjbt |xidocoxok }tfnoxidocox xtbkh| gfokg nftwith

^icrixofk ikh frxcff`5 Frt bitkokg| nftbli|x o| idf~b lfk|bk|r| d 99" nftN_99 ikh N_94 tb|}blxo~bc# }toaitoc hrb xf frt jogjbt!xjik!|xtbbx ~fcrabgtfwxj b|xoaixb| Xjb aikigbabkx grohiklb nft ~fcrab gtfwxj }tf~ohb|nrtxjbt r}|ohb xf frt b|xoaixb| Dieie Irxf lrttbkxc xtihb| ix 92 998 927

]&B *z/ 8=2 9:7 9>: 982

B^&BDOXHI *z/ 4?> 9

8/9/2019 Strategy - 2010-07-14

48/109

Iadox Li}oxic ]~x Cxh Dieie Irxf

Dieie Irxf Erc 98# 4=9= 87

Xbljkolic obw

Bzjodox 95 Dieie Irxf

\frtlb5 Abxi\xfl`

Dieie Irxf cff`| gffn fk ljitx ikh i| cfkg i| |xfl` o| idf~b 4==#===

:==#===

9#===#===

9#4==#===

FO ] tolb* N.F/


Xjb |xfl` ji| dbbk ok i ~bt |xtfkg r}xtbkh inxbt dtbi`okg }i|x 44== cb~bc|

Wb# jfwb~bt# xjok` xjix ok xjb |jftx xbta# xjb |xfl` o| co`bc xf xi`b i dtbixjbtikh }ir|b itfrkh xjb 42== cb~bc| I lfttblxofk xocc itfrkh 4

8/9/2019 Strategy - 2010-07-14

49/109

Bkgokbbtokg . Li}oxic Gffh| Erc 98# 4=9=

Djitix Jbi~ Bcblxtolic|Dcffadbtg5 DJBC OK Byrox Tblfaabkhixofk5 DR_

Tbrxbt|5 DJBC+DF Kf Ljikgb LFA]IK_ R]HIXB




Ikic|x lfkxilx

Abjrc Ar`ixoXbc5 +?9 44 =

R}|ohb&Hfwk|ohb *"/ 97B]\ *N_99B/5 T|99#2=?ak&R\(42#>89ak

24!w` J&C5 T|4#2:2&9#?4

9=#===

94#===98#===

9>#===

9:#===

4=#===


92=

4==

42=

8/9/2019 Strategy - 2010-07-14

54/109

Iadox Li}oxic ]~x Cxh Liotk Okhoi

Liotk Okhoi Erc 98# 4=9= 2

8/9/2019 Strategy - 2010-07-14

55/109

]jitailbrxolic| Ercy 98# 4=9=

Lo}ciDcffadbtg5 LO]CI OK BYROX_ Tblfaabkhixofk5 DR_

Tbrxbt|5 LO]C+DF LFA]IK_ R]HIXB




Ikicy|x lfkxilx

Ik|jraik Gr}xiXbc5 +?9 44

8/9/2019 Strategy - 2010-07-14

56/109

Iadox Li}oxic ]~x Cxh Lo}ci

Lo}ci Erc 98# 4=9= 22

Xbljkolic obw

Bzjodox 95 Lo}ci

\frtlb5 Abxi\xfl`

Xjb |xfl` o| xtihokg ok r}with ljikkbc woxj |r}}ftx ix

8/9/2019 Strategy - 2010-07-14

57/109

Bkgokbbtokg . Li}oxic Gffh| Erc 98# 4=9=

Ltfa}xfk Gtbi~b|Dcffadbtg5 LTG OK Byrox Tblfaabkhixofk5 DR_

Tbrxbt|5 = Kf Ljikgb LFA]IK_ R]HIXB




Ikic|x lfkxilx

Abjrc Ar`ixoXbc5 +?9 44 7#4>?ak&R\(

42 :#489 :#:4< 9=#

8/9/2019 Strategy - 2010-07-14

58/109

Iadox Li}oxic ]~x Cxh Ltfa}xfk Gtbi~b|

Ltfa}xfk Gtbi~b| Erc 98# 4=9= 27

Xbljkolic obw

Bzjodox 95 LGC

\frtlb5 Abxi\xfl`

\xfl` o| woxkb||okg kbgixo~b ho~btgbklb fk jfrtc ljitx ikh xjo| o| i dbito|jokholixofk

Ih~o|b f r|b ik to|b i| |bccokg f}}ftxrkox woxj hfwk|ohb xitgbx fn 42: Fk xjb r}|ohb |xf} cf|| wocc db ix 472

Hbto~ixo~b| obw

Bzjodox 45 LGC

9==

94=

98=

9>=

9:=4==

44=

48=

4>=

4:=

!Nbd!9=

4!Nbd!9=

9:!Eik!9=

8!Eik!9=

9>!Hbl!=?

4!Hbl!=?

9:!Kf~!=?

8!Kf~!=?

Hixb

FO

=

2==#===

9#===#===

9#2==#===

4#===#===

4#2==#===

8/9/2019 Strategy - 2010-07-14

59/109

Foc . Gi| Erc 98# 4=9=

GIOCDcffadbtg5 GIOC OK Byrox Tblfaabkhixofk5 JFCH

Tbrxbt|5 GIOC+DF R}gtihbh ntfa \bcc LFA]IK_ R]HIXB




Ikic|x lfkxilx

\ibbh EinnbtXbc5 +?9 44 Hblbadbt 4==? *Bi|b xjb gi| }bhic/ Woxj xjb]KGTD ji~okg lcitonobh xitonn |xtrlxrtb# wb dbcob~b xjo| ji| kfx fkc oa}tf~bhtb~bkrb ~o|odocox nft GIOC drx ji| ic|f |bx }tblbhbklb ok xjb abxjfh fn xitonn

liclrcixofk gfokg nftwith ]KGTD ji| xi`bk i lfkxtitoik ~obw xf GIOC'|}tf}f|ic fn oklcrhokg kbw li}bz ok xjb H^]C!GTB] r}gtihixofk nft liclrcixofkfn xitonn Lfk|byrbkxc# xitonn| nft bzo|xokg J^E!GTB]!H^]C ikh H^]C&GTB]r}gtihixofk# wjolj ji~b dbbk liclrcixbh |b}itixbc# ji~b lfab ok ixT|9&|la fk i dcbkhbh di|o| igiok|x frt bz}blxixofk fn T|9=4&|la Wbjfwb~bt dbcob~b xjix xjb }f|oxo~b |rt}to|b ji| dbbk nilxftbh ok xjb lrttbkx|xfl` }tolb

\rd|oh drthbk co`bc xf okltbi|b5 Go~bk frt ltrhb }tolb i||ra}xofk fnR\(:=&ddc nft N_99B!94B# wb afhbc nft GIOC| |rd|oh }ifrx ix T|924dkikh T|979dk nft N_99B ikh N_94B tb|}blxo~bc# oa}cokg ik okltbi|b fn 92"!

8/9/2019 Strategy - 2010-07-14

60/109

Iadox Li}oxic ]~x Cxh GIOC

GIOC Erc 98# 4=9= 2?

Xbljkolic obw

Bzjodox 95 GIOC

\frtlb5 Abxi\xfl`

Xjb AILH o| woxkb||okg kbgixo~b ho~btgbklb

Bz}blx xjb |xfl` xf lfttblx xocc 82=

Hbto~ixo~b| obw

Bzjodox 45 GIOC

9>=

49=

4>=

=

29=

94!Erc!9=

4:!Erk!9=

98!Erk!9=

9?!I}t!9=

9!I}t!9=

97!Ait!9=

9>!Nbd!9=

4!Nbd!9=

9:!Eik!9=

8!Eik!9=

9>!Hbl!=?

4!Hbl!=?

9:!Kf~!=?

8!Kf~!=?

Hixb

FO

=

9#===#===

4#===#===

#===#===

FO ] tolb* N.F/


Gioc inxbt i cfkg }btofh fn lfk|fcohixofk jih dtf`bk frx ikh af~bh jogjbt okxjb I}toc!Erkb }btofh Wb kfw bz}blx xjb |xfl` xf xtihb tikgbh woxj 88= i| i`b |r}}ftx ikh 2== i| i |xonn tb|o|xiklb fk xjb wi r}

8/9/2019 Strategy - 2010-07-14

61/109


JHNL Dik`Dcffadbtg5 JHNLD OK Byrox Tblfaabkhixofk5 JFCH

Tbrxbt|5 JHD@+DF Kf Ljikgb LFA]IK_ R]HIXB




Ikic|x lfkxilx

@to|jkik I\^Xbc5 +?9 44 #===

9:#===

4=#===


9===

92==

4===

42==

\bk|bz JHNL Dik`


Lfk|o|xbkx ]btnftabt ^icrixofk ikh Tblfaabkhixofk5 Wb lrttbkxc ji~b i JFCHtblfaabkhixofk fk JHNL Dik` Ix ox| LA] fn T|4=88# JHNL Dik` xtihb| ix 8zfrt N_99B ID^]\ fn T|292 Wb tixb JHNL Dik` jogjc woxjok frt lf~btigbrko~bt|b nft ox| lfk|o|xbkx }btnftaiklb iltf|| ltoxolic f}btixokg }itiabxbt| @bdr|okb|| }itiabxbt| |rlj i| LI\I&dtiklj ikh Dr|okb||&dtiklj itb xtbkhokgjogjbt xfwith| xjb }tb!LDF] abtgbt cb~bc| Wb ~obw xjb|b i| cb~bt| xjix JHNLDik` lik nrtxjbt oa}tf~b ok fthbt xf bkjiklb ox| tbxrtk tixof| Wb bz}blx xjbdik` xf tb}ftx TfI ikh TfB 97" ikh 9:" tb|}blxo~bc hrtokg N_99B

Jbicxj dr|okb|| gtfwxj5 Wb ji~b drocx ok i ltbhox gtfwxj fn 47" *jogjbtxjik xjb okholixo~b ||xba gtfwxj fn idfrx 4="/ ikh i |oaocit gtfwxj ok xjb

hb}f|ox di|b ix 4:" hrtokg N_99B Wb bz}blx xjb dik`| LI\I tixof xfafhbtixb ikh |bxxcb ok xjb tikgb {8:!2=" hrtokg N_99B

Jbicxj KOA| ix {8" N_995 Fk xjb dil` fn jbicxj xtilxofk ok LI\Iafdocouixofk# wb dbcob~b xjix JHNL Dik` wfrch tb}ftx aitgok| ok xjb tikgb< 9:9

TfII *"/ 98 98 92 97

Ho~ohbkh _obch *"/ =8 =2 => =2

B]\ *T|/ 88? 24: >88 ?=4

Iher|xbh D^]\ *T|/

8/9/2019 Strategy - 2010-07-14

62/109

Iadox Li}oxic ]~x Cxh JHNL Dik`

JHNL Dik` Erc 98# 4=9= >9

Xbljkolic obw

Bzjodox 95 JHNL Dik`

\frtlb5 Abxi\xfl`

Xjb T\O o| xtihokg idf~b 7= ait`| okholixokg xjb |xfl` o| ok f~btdfrgjx ufkb

AILH o| ic|f ok |bcc afhb

\bcc xjb |xfl` woxj hfwk|ohb xitgbx fn 9?9=!9:2=

Hbto~ixo~b| obw

Bzjodox 45 JHNL Dik`

?==

9#9==

9#!Nbd!9=

4!Nbd!9=

9:!Eik!9=

8!Eik!9=

9>!Hbl!=?

4!Hbl!=?

9:!Kf~!=?

8!Kf~!=?

Hixb

FO

=

2==#===

9#===#===

9#2==#===

4#===#===

4#2==#===

8/9/2019 Strategy - 2010-07-14

63/109


JHNLDcffadbtg5 JHNL OK Byrox Tblfaabkhixofk5 JFCH

Tbrxbt|5 JHNL+DF Kf Ljikgb LFA]IK_ R]HIXB




Ikic|x lfkxilx

@to|jkik I\^Xbc5 +?9 44 #===

9:#===

4=#===


92==

4===

42==

8/9/2019 Strategy - 2010-07-14

64/109

Iadox Li}oxic ]~x Cxh JHNL

JHNL Erc 98# 4=9= >==

9#:==

4#===

4#4==

4#8==

4#>==

4#:==

!Hbl!=?

4!Hbl!=?

9:!Kf~!=?

8!Kf~!=?

Hixb

FO

=

2==#===

9#===#===

9#2==#===

4#===#===

4#2==#===

8/9/2019 Strategy - 2010-07-14

65/109


Jbtf JfkhiDcffadbtg5 JJ OK Byrox Tblfaabkhixofk5 JFCH

Tbrxbt|5 JTFJ+DF Kf Ljikgb LFA]IK_ R]HIXB


Li}oxic aiy ji~b i lfkncolx fn okxbtb|x xjix lfrch innblx xjb fdeblxo~oxy fn xjo| tb}ftx Ok~b|xft| |jfrch lfk|ohbt xjo| tb}ftx i| fkcy i |okgcb nilxft ok ai`okg xjbot ok~b|xabkx hblo|ofk


Ikic|x lfkxilx

Ki~ok AixxiXbc 5 +?9 44

8/9/2019 Strategy - 2010-07-14

66/109

Iadox Li}oxic ]~x Cxh Jbtf Jfkhi

Jbtf Jfkhi Ercy 98# 4=9= >2

Xbljkolic obw

Bzjodox 95 Jbtf Jfkhi

\frtlb5 Abxi\xfl`

I| cfkg i| xjb |xfl` o| xtihokg dbcfw 494= xjb |xfl` cff`| wbi`

Fk xjb r}|ohb tb|o|xiklb nft xjb |xfl` o| ix 494=

Hiocy AILH o| ok |bcc afhb ikh xjo| lfrch htonx xjb |xfl` xfwith 9?=>

Hbto~ixo~b| obw

Bzjodox 45 Jbtf Jfkhi

?==

9#9==

9#!Hbl!=?

4!Hbl!=?

9:!Kf~!=?

8!Kf~!=?

Hixb

FO

=

2==#===

9#===#===

9#2==#===

4#===#===

4#2==#===

8/9/2019 Strategy - 2010-07-14

67/109

Abxic| . Aokokg Erc 98# 4=9=

Jokhiclf Okhr|xtob|Dcffadbtg5 JKHC OK Byrox Tblfaabkhixofk5 DR_

Tbrxbt|5 JICL+DF Kf Ljikgb LFA]IK_ R]HIXB




Ikic|x lfkxilx

Ljikhtiko Hb# LNIXbc5 +?9 44 " ho} ok N_94B BDOXHI

Bzjodox 95 @b nokikloic|

_&B Ait N_ 4==: N_ 4==? N_ 4=9= N_ 4=99B N_ 4=94B

Kbx |icb| *T| ak/ >==#94: >2>#424 >=7#449 7=9#=4: 7242

BDOXHI *T| ak/ >>##:79

Ihe Kbx }tfnox *T| ak/ 9>#824 47#9>? 9=#:>9 4=#:27 4>#9?7

BDOXHI aitgok " 999 :4 992 999 992

Iher|xbh B]\ NH *T|/ 947 9:= >9 9=? 9? >2

Ho~ohbkh yobch *"/ 94 =? =? 99 98

\frtlb5 Lfa}iky# Iadox Li}oxic tb|bitlj

8/9/2019 Strategy - 2010-07-14

68/109

Iadox Li}oxic ]~x Cxh Jokhiclf Okhr|xtob|

Jokhiclf Okhr|xtob| Ercy 98# 4=9= >7

Xbljkolic obw

Bzjodox 95 Jokhiclf

\frtlb5 Abxi\xfl`

Xjb T\O o| xtihokg ok kbrxtic fk hiocy ljitx fn Jokhiclf

Tblfaabkh xf r|b iky nicc i| dryokg f}}ftxrkoxy woxj ik r}|ohb xitgbx fn9>=

Hbto~ixo~b| obw

Bzjodox 45 Jokhiclf

2=

7=

?=

99=

9!Nbd!9=

4!Nbd!9=

9:!Eik!9=

8!Eik!9=

9>!Hbl!=?

4!Hbl!=?

9:!Kf~!=?

8!Kf~!=?

4=!Flx!=?

Hixb

FO

=

2#===#===

9=#===#===

92#===#===

4=#===#===

42#===#===

8/9/2019 Strategy - 2010-07-14

69/109


Jokhr|xik UoklDcffadbtg5 JU OK BYROX_ Tblfaabkhixofk5 KFX TIXBH

Tbrxbt|5 JUKL+DF




Ikic|x lfkxilx

Ljikhtiko Hb# LNIXbc5 +?9 44 #===

9:#===

4=#===


8==

>==

:==

9===

94==

98==

\bk|bz JOKH+ UOKL


Wjfcb|fab GtfwxjCfw lf|x go~b| xjb lfa}ik i |r|xiokidcb lfa}bxoxo~b ih~ikxigb5Jokhr|xik Uokl *JUC/ o| iafkg xjb cfwb|x!lf|x }tfhrlbt| fn uokl# woxj li|jlf|x| fn {R\(7==&x# fk illfrkx fn ox| tolj tb|bt~b| fn uokl# cbih ikh |oc~bt# i|wbcc i| cfw aik}fwbt lf|x| Xjb lfa}ik ji| xfxic tb|bt~b| ikh tb|frtlb| fn4??ax# lfkxiokokg 8`x}i Xjb 9==`x}i cbih |abcxbt }tfeblx o| |ljbhrcbhnft lfa}cbxofk ok 4YN_99 wjocb xjb \okhb|it @jrth aokb }tfeblx o| |ljbhrcbh

nft }tfgtb||o~b lfaao||ofkokg ntfa 9YN_99 ]f|x lfa}cbxofk fn xjb|b}tfeblx|# JUC wocc db xjb wftch| citgb|x okxbgtixbh uokl!cbih }tfhrlbt woxj ixfxic |abcxokg li}ilox fn 9=>8ax}i

|r}}cbabkxbh d okftgikol gtfwxj ! ilyro|oxofk fn Ikgcf!Iabtolik| uokl i||bx| o| ~icrb illtbxo~b5 ^bhikxi tblbkxc ilyrotbh xjbuokl i||bx| fn Ikgcf!Iabtolik nft R\(9x/ Xjo| |jfrch okltbi|b tb~bkrb| xf dbfkh T|9=dk# ikh go~bk xjb cfwlf|x fn xjb d}tfhrlx lfk~bt|ofk# ic|f go~b i |ogkonolikx dff|x xf BDOXHI

^icrixofk5Ix xjb lrttbkx }tolb# xjb |xfl` o| xtihokg ix 22z B^& BDOXHI ikh7?z ]&B# di|bh fk N_99B b|xoaixb|


]itxolrcit| N_=? N_9= N_99B N_94B

Kbx \icb| 2>#:=< :=#97= ??#798 992#894

BDOXHI 47#89#=7? 74#9 8=#898 29#8:< 2?#84=

B]\ >2 ?> 94< 989

BDOXHI Aitgok *"/ 8:< 2?: >9< >42

]&B *Z/ 929 9=4 7? >?

B^&BDOXHI *z/ 944 7= 22 8>

Ho~ohbkh _obch " =8 => => =>

TFB " 4=: 4

8/9/2019 Strategy - 2010-07-14

70/109

Iadox Li}oxic ]~x Cxh Jokhr|xik Uokl

Jokhr|xik Uokl Erc 98# 4=9= >?

Xbljkolic obw

Bzjodox 95 Jokhr|xik Uokl

\frtlb5 Abxi\xfl`

AILH fk hioc ljitx o| xtihokg ok |bcc afhb |ogkicokg r}|ohb o| coaoxbh

Fk lcf|okg dbcfw xjb |r}}ftx cb~bc| |xfl` lfrch xitgbx ?9=

Hbto~ixo~b| obw

Bzjodox 45 Jokhr|xik Uokl

92=

!Hbl!=?

4!Hbl!=?

9:!Kf~!=?

8!Kf~!=?

Hixb

FO

=

9==#===

4==#===

==#===

7==#===

FO ] tolb* N.F/


Jokhuokl ji| lfttblxbh |jit}c ok ci|x nbw afkxj| ikh ji| dbbk xtihokg ok i~bt kittfw tikgb |oklb ci|x lfr}cb fn wbb`|0 gfokg ijbih wb bz}blx Jokhuoklxf giok afabkxra idf~b 9===!9=4= cb~bc| woxj oaabhoixb |r}}ftx ix ?2=

8/9/2019 Strategy - 2010-07-14

71/109


OLOLO Dik`Dcffadbtg5 OLOLODL OK Byrox Tblfaabkhixofk5 JFCH

Tbrxbt|5 OLD@+DF Kf Ljikgb LFA]IK_ R]HIXB




Ikic|x lfkxilx

@to|jkik I\^Xbc5 +?9 44 =7ak&R\(49#=>

#===

9:#===

4=#===


8==

>==

:==

9===

94==

\bk|bz OLOLO Dik`


Rklbtxiokxy }tb~ioc|^icrixofk ikh Tblfaabkhixofk5 Wb dbcob~b xjix OLOLOD ji| bzjodoxbh dbxxbt!xjik!ikxolo}ixbh i||bx gtfwxj frxcff` ikh oa}tf~bh i||bx yricox hrtokg N_9=#ikh xjb nilx xjix xjb ji~b tblbo~bh tbgrcixft lfklb||ofk| fk xjb }tf~o|ofklf~bt ntfkx wfrch jbc} }tfnoxidocox Jfwb~bt# xjfrgj TDO o| bx xf i}}tf~b xjbDik` fn Tiei|xjik *DfT/ abtgbt ix xjb jogjc!}tolbh |wi} tixof fn 95874# wbtbaiok lirxofr| fk xjb dik` hrb xf5 i/ }iabkx fn i ~bt jogj }tolb nft DfT|dtikljb|0 ikh d/ rklbtxiokx f~bt wjix cob| ijbih ok xbta| fn dr|okb|| ikh i||bxyricox Frt b|xoaixb| hf kfx nilxft xjb abtgbt0 wb wfrch nilxft xjo| }f|x xjbTDO| tbgrcixft |xixrxft i}}tf~ic Wb aiokxiok frt lirxofr| |xiklb fk xjbabtgbt woxj DfT Ix LA] fn T|:?=# xjb |xfl` xtihb| ix 9?z N_99B |xikhicfkbID^]\ fn T|8:9 Tblfaabkh JFCH ix i xitgbx }tolb fn T|9#=82

Hfab|xol cfik gtfwxj ok cokb woxj xjb okhr|xt nft N_995 Hrtokg 8YN_9=#nft xjb not|x xoab ok nfrt yritxbt|# OLOLOD ji| woxkb||bh ik okltbi|b ok ox| cfikdff` fk i |byrbkxoic di|o| Aikigbabkx ji| kfw grohbh nft hfab|xol cfikdff` gtfwxj ok cokb woxj xjb ||xba *ix {4="/ ikh ncix f~bt|bi| cfik dff` nftN_99B I| i tb|rcx# frt tb~o|bh b|xoaixb| nilxft ok i dcbkhbh cfik dff` gtfwxjaitgokicc dbcfw 98" nft OLOLO Dik`

I||bx yricox&}tf~o|ofkokg xf wixlj frx nft5 Icxjfrgj xjb TDO ji| iccfwbhxwf yritxbt| fn dtbixjokg |}ilb ok xbta| fn ik bzxbk|ofk xf lfa}c woxj xjbaikhixbh }tf~o|ofkokg lf~btigb fn 7=" d Aitlj 4=99# frt bitkokg| itb|r|lb}xodcb xf i hfwkwith to|` baikixokg ntfa lfkxokrbh K]I illtbxofk Xjbdik`'| i||bx yricox okholixft|# icxjfrgj oa}tf~okg# ji~b kfx bx |ogkicbh i|xidcb xtbkh *fn cfw |co}}igb|/ Gtf|| K]I| ji~b fklb igiok |}o`bh r} *ok

id|fcrxb xbta|/ wjocb xjb gtf|| K]I tixof ji| dtbiljbh xjb 2" cb~bc *ok cokb woxjfrt bz}blxixofk|/ Ic|f wb# tbaiok ~bt lirxofr| ok xbta| fn i||bx yricox fn DfT#i||raokg xjb abtgbt tblbo~b| TDO| i}}tf~ic

N_99 f~bt|bi| dff` xf tbaiok ncix5 Xjb dik` wfrch lfkxokrb xf gtfw xjbOkhoi cok`bh dr|okb|| nft xjb R@ |rd|ohoit# xjbtbd gtfwokg xjb diciklb |jbbxJfwb~bt# xjb dik` o| kfx lfanftxidcb ok gtfwokg xjb Likihi dff` i| bx

Wb tbaiok }f|oxo~b fk fxjbt dr|okb||b|5 Xjb dik`| conb ok|rtiklb dr|okb||lcfl`bh ok nrcc!bit }tfnoxidocox fn T| 4>dk# nft xjb not|x xoab |oklb oklb}xofk# woxji citgb ljrk` fn xjb }tfnox| dbokg tblfthbh ok 8YN_9= Xjb IAL dr|okb|| ji|lcfl`bh ok i ]IX fn T| 94:dk hrtokg N_9=# fwokg xf xjb okltbi|b ok xjb IRA|#wjolj tb|rcxbh ok dbxxbt bitkokg| OLOLO \blrtoxob| tb}ftxbh ]IX fn T| 94dk ok

N_9= ~&| T| 8=ak ok N_=? Wb tbaiok }f|oxo~b fk fxjbt dr|okb||b| fn xjb dik`

Bzjodox 95 @b nokikloic| *|xikhicfkb/

T| dk N_=: N_=? N_9= N_99B

Kbx okxbtb|x oklfab 79 :?42 ?7

8/9/2019 Strategy - 2010-07-14

72/109

Iadox Li}oxic ]~x Cxh OLOLO Dik`

OLOLO Dik` Erc 98# 4=9= 79

Xbljkolic obw

Bzjodox 95 OLOLO Dik`

\frtlb5 Abxi\xfl`

Xjb AILH o| lrt~okg hfwkwith dr fk jfrtc ljitx ox o| ok dr afhb

Fk xjb r}|ohb |xfl` lik xitgbx ?== ikh xjbtbnftb ik nicc |jfrch db r|b i|drokg f}}ftxrkox

Hbto~ixo~b| obw

Bzjodox 45 OLOLO Dik`

2==

>==

7==

:==

?==

9#===

9#9==

94!Erc!9=

4:!Erk!9=

98!Erk!9=

9?!I}t!9=

9!I}t!9=

97!Ait!9=

9>!Nbd!9=

4!Nbd!9=

9:!Eik!9=

8!Eik!9=

9>!Hbl!=?

4!Hbl!=?

9:!Kf~!=?

8!Kf~!=?

Hixb

FO

=

4#===#===

8#===#===

>#===#===

:#===#===

9=#===#===

94#===#===

98#===#===

9>#===#===

9:#===#===

FO ] tolb* N.F/


OLOLO Dik` woxkb||bh i |jit} dfrklb }f|x ox| tblbkx cfw fn |rd :== cb~bc| Xjb|xfl` ok xjb Erkb |btob| jih woxkb||bh |xtfkg tfcc| woxj lf|x fn litt fk xjb

kbgixo~b |ohb0 gfokg nftwith wb bz}blx xjb |xfl` xf tbaiok rkhbt |bccokg}tb||rtb woxj |xonn tb|o|xiklb ix ?==!?4= cb~bc|

8/9/2019 Strategy - 2010-07-14

73/109

Oknftaixofk Xbljkfcfg Erc 98# 4=9=

Oknf|| Xbljkfcfgob|Dcffadbtg5 OKNF OK Byrox Tblfaabkhixofk5 DR_

Tbrxbt|5 OKN_+DF Kf Ljikgb LFA]IK_ R]HIXB




Ikic|x lfkxilx

\rdji|joko GrtrartxjXbc5 +?9 44

Xitgbx ]tolb *Ait!4=99/5 T|>9#?>=ak&R\(92ak

24!w` J&C5 T|4#?94&9#7=9

#===

9:#===

4=#===


9===

92==

4===

42==

8/9/2019 Strategy - 2010-07-14

74/109

Iadox Li}oxic ]~x Cxh Oknf|| Xbljkfcfgob|

Oknf|y| Xbljkfcfgob| Ercy 98# 4=9= 74=

Hbto~ixo~b| obwBzjodox 45 Oknf||

9#>==

9#:==

4#===

4#4==

4#8==

4#>==

4#:==

!Nbd!9=

4!Nbd!9=

9:!Eik!9=

8!Eik!9=

9>!Hbl!=?

4!Hbl!=?

9:!Kf~!=?

8!Kf~!=?

Hixb

FO

=

2==#===

9#===#===

9#2==#===

4#===#===

4#2==#===

8/9/2019 Strategy - 2010-07-14

75/109

Lfk|rabt Gffh| Erc 98# 4=9=

OXLDcffadbtg5 OXL OK Byrox Tblfaabkhixofk5 DR_

Tbrxbt|5 OXL+DF Kf Ljikgb LFA]IK_ R]HIXB




Ikic|x lfkxilx

^oei LjrgjXbc5 +?9 44

Kfk!Logitbxxb dr|okb|| }btnftaiklb |jfrch tbaiok bklfrtigokg5 Jfxbcdr|okb|| ji| |jfwk |ogkonolikx xrtkitfrkh ikh wb bz}blx xjo| xtbkh xf lfkxokrbNALG dr|okb|| }btnftaiklb# fk dfxj xf}cokb ikh aitgok|# ji| dbbk

bklfrtigokg ikh wb dbcob~b xjo| dr|okb|| tbaiok| fk lfrt|b xf iljob~b li|jdtbi`b~bk ok N_9GW fn }fwbt byro}abkx fthbt|

Xjb dff|x nft xjb |jo}drochokg |blxft wfrch lfab ntfa xjb gf~btkabkx nfthbnbk|b |jo}| ikh |rdaitokb|

^icrixofk5 C.X lrttbkxc xtihb| ix 42:z N_99 lfk|bk|r| B]\ fn T|7=2# ikh4=2z N_94 lfk|bk|r| B]\ fn T|::: Wb# jfwb~bt# dbcob~b xjix xjo| hfb| kfxtbncblx xjb }fxbkxoic r}gtihb| xf C.X Nrtxjbt# xjb lfa}ik ji| lfk|o|xbkxcoa}tf~bh ox| aitgok ikh tbxrtk| tixof|# xjr| cbkhokg lfanftx xf ok~b|xft|


N_=> N_=7 N_=: N_=? N_9=

F}btixokg Oklfab 9>2>= 4=294? 4?82>? 8=87?? 8?:

BDOXHI 92:8 4>98> < 8?2:> >8>4 444

8/9/2019 Strategy - 2010-07-14

78/109

Iadox Li}oxic ]~x Cxh Cit|bk . Xfrdtf

Cit|bk . Xfrdtf Erc 98# 4=9= 77

Xbljkolic obw

Bzjodox 95 C.X

\frtlb5 Abxi\xfl`

C.X ji| xi`bk |r}}ftx ix 9=HAI

Fk dtbi`okg 9=HAI \xfl` lik xitgbx 97== ikh xjbk 9>8= fk xjb hfwk|ohb

AILH fk hioc ljitx o| ok |bcc afhb

Ih~o|b xf tbaiok ok |jftx woxj |xf} cf|| ix 9:2=

Hbto~ixo~b| obw

Bzjodox 45 C.X

9#===

9#9==

9#4==

9#==

9#7==

9#:==

9#?==

94!Erc!9=

4:!Erk!9=

98!Erk!9=

9?!I}t!9=

9!I}t!9=

97!Ait!9=

9>!Nbd!9=

4!Nbd!9=

9:!Eik!9=

8!Eik!9=

9>!Hbl!=?

4!Hbl!=?

9:!Kf~!=?

8!Kf~!=?

Hixb

FO

=

9#===#===

4#===#===

#===#===

7#===#===

:#===#===

FO ] tolb* N.F/


Xjb |xfl` jih |bbk i gffh dtbi` idf~b 97== woxj to|okg f}bk okxbtb|x Inxbt inbw |b||ofk| fn cfkg rkwokhokg# xjb |xfl` o| lcf|okg ok xfwith| xjb tblbkx jogj|fn 9:

8/9/2019 Strategy - 2010-07-14

79/109

]jitailbrxolic| Ercy 98# 4=9=

Cr}ok Cidftixftob|Dcffadbtg5 C]L OK BYROX_ Tblfaabkhixofk5 KFX TIXBH

Tbrxbt|5 CR]K+DF LFA]IK_ R]HIXB




Ikicy|x lfkxilx

Ik|jraik Gr}xiXbc 5 +?9 44

8/9/2019 Strategy - 2010-07-14

80/109

Iadox Li}oxic ]~x Cxh Cr}ok Cidftixftob|

Cr}ok Cidftixftob| Ercy 98# 4=9= 7?

Xbljkolic obw

Bzjodox 95 Cr}ok Cidftixftob|

\frtlb5 Abxi\xfl`

Xjb afabkxra okholxft fk hiocy ljitx o| ok dry afhb |ogkicokg aftb tffa nftik r}|ohb

Fk iky hblcokb xjb |xfl` |jfrch db r|b i| i dryokg f}}ftxrkoxy woxj ik r}|ohbxitgbx fn 4=9=

Xjb tb~bt|ic wocc db ix 9::=

Hbto~ixo~b| obw

Bzjodox 45 Cr}ok Cidftixftob|

9#===

9#9==

9#4==

9#==

9#7==

9#:==

9#?==

4#===

94!Erc!9=

4:!Erk!9=

98!Erk!9=

9?!I}t!9=

9!I}t!9=

97!Ait!9=

9>!Nbd!9=

4!Nbd!9=

9:!Eik!9=

8!Eik!9=

9>!Hbl!=?

4!Hbl!=?

9:!Kf~!=?

Hixb

FO

=

9==#===

4==#===

==#===

7==#===

:==#===

FO ] tolb* N.F/


Cr}ok jih |bbk gffh cfkg| ok xjb Erkb |btob| Xjb tfccf~bt| jih dbbk |xtfkgxff ix :4" Ok xjb ci|x nbw |b||ofk|# jfwb~bt# xjb |xfl` ji| |bbk |fabhblcokb|0 9:2= ok frt ~obw wocc db ik ixxtilxo~b }fokx xf ltbixb ntb|j cfkg| okxjb lfrkxbt nft i xitgbx fn f~bt 4===

8/9/2019 Strategy - 2010-07-14

81/109


Aijokhti . AijokhtiDcffadbtg5 AA OK Byrox Tblfaabkhixofk5 KFX TIXBH

Tbrxbt|5 AIJA+DF Kf Ljikgb LFA]IK_ R]HIXB




Ikic|x lfkxilx

Ki~ok AixxiXbc5 +?9 44 #===

9:#===

4=#===


4==

==

7==

\bk|bz A .A


Hfaokikx R^ ]ciybtA.A ji| i hfaokikx }f|oxofk ok dfxj ox| f}btixokg |bgabkx| R^| ikh Xtilxft|Wb dbcob~b xjo| wfrch lfknbt jogjbt }tolokg }fwbt xf xjb lfa}iky xf aoxogixb|fab }ftxofk fn xjb co`bcy lf|x okncixofk Tblbkx lfaabklbabkx fn ox| Ljiìknilocoxy wfrch bkidcb xjb lfa}iky xf tia}!r} ~fcrab| ok i |xtfkg L^ r}lylcb

\xtfkg gtfwxj ok xjb R^ dr|okb||5 Hrtokg xjb lrttbkx no|lic# A.A| R^ |icb|okltbi|bh dy 8=" _f_# hto~bk dy |xtfkg }btnftaiklb fn ox| `by afhbc| oklcrhokgxjb \lft}of# Dfcbtf ikh Zycf Xjb lfa}iky| hfab|xol ait`bx |jitb okltbi|bh dy:==d}| xf 2>" hrtokg xjo| }btofh Wb dbcob~b xjix i tb~o~ic ok rtdik hbaikhikh i~iocidocoxy fn tbxioc nokiklb wocc db `by ~fcrab hto~bt| f~bt xjb kbzx ybitOkltbi|b ok ~bjolcb }tolb|# hrb xf jogjbt bzlo|b tixb| ikh lfaafhoxy lf|x

}tb||rtb| wfrch afhbtixb ~fcrab gtfwxj

Nita |bgabkx xf woxkb|| |xbih gtfwxj5 Hb|}oxb }fft afk|ffk|# xtilxft|icb| okltbi|bh dy 87" ok N_9= Go~bk xjb jogj di|b# wb bz}blx ~fcrab gtfwxjxf tbaiok |xbihy i| okltbi|b ok A\]| ikh jogjbt cb~bc fn lfk|xtrlxofk ilxo~oxywfrch db aieft hbaikh hto~bt| Nrtxjbt# ]fwbtfc |bgabkx tb~bkrb gtfwxj o|co`bcy xf oa}tf~b ntfa 4J4=9=# i| hbaikh ntfa xjb xbcblfa |bgabkx o|bz}blxbh xf tb~o~b

Wbcc xoabh nfti okxf xjb AJL^ |bgabkx5 Xjb Ljiìk }cikx ji| tblbkxcylfaabklbh f}btixofk| ikh i| }bt aikigbabkx# hbicbt|jo}| wfrch db}tfgtb||o~bcy tia}bh r} icfkg xjb GY Ox| tblbkx afhbc cirklj ji| dbbklfa}bxoxo~bcy }tolbh lfa}itbh xf xjix fn xjb oklradbkx| Ok ~obw fn xjb

blfkfaol tblf~bty# lfaabtloic ~bjolcb hbaikh o| co`bcy xf woxkb|| |xtfkggtfwxj Xjb lfa}iky }cik| xf tbilj }bi` li}iloxy ok xjb kbzx no~b ybit|

îcrixofk5 Ix LA]# xjb |xfl` o| xtihokg ix 9=

8/9/2019 Strategy - 2010-07-14

82/109

Iadox Li}oxic ]~x Cxh Aijokhti . Aijokhti

Aijokhti . Aijokhti Ercy 98# 4=9= :9

Xbljkolic obw

Bzjodox 95 A.A

\frtlb5 Abxi\xfl`

A.A ji| |r}}ftx ix 2:=

Wb ih~o|b xf |bcc xjb |xfl` woxj xitgbx fn 2:=!22= ikh |xf} cf|| ix >2=

Xjb AILH fk hiocy ljitx o| ok |bcc afhb |ogkicokg aftb hfwk|ohb ntfa lrttbkxcb~bc|

Hbto~ixo~b| obwBzjodox 45 A.A

2=

7==

94!Erc!9=

4:!Erk!9=

98!Erk!9=

9?!I}t!9=

9!I}t!9=

97!Ait!9=

9>!Nbd!9=

4!Nbd!9=

9:!Eik!9=

8!Eik!9=

9>!Hbl!=?

4!Hbl!=?

9:!Kf~!=?

8!Kf~!=?

Hixb

FO

=

9#===#===

4#===#===

#===#===

7#===#===

:#===#===

?#===#===

FO ] tolb* N.F/


Xjb |xfl` jih |bbk iggtb||o~b cfkg| ok bitcy Erkb i| xjb |xfl` dtf`b }i|x ox|tb|o|xiklb fn 2?=!>== ]f|x xjo| xjb lfrkxbt |iw gtihric rkwokhokg woxj |fab}tolb lfttblxofk xf >== cb~bc| okholixokg cfkg }tfnox dff`okg Xjb |xfl` o| kfwigiok lcf|okg ok xf ox| tblbkx jogj| fn >8= woxj |cogjx cfkg droch!r} Wb xjok`xjix ix xjb|b cb~bc| fkb |jfrch cff` xf dry okxf xjb lfrkxbt woxj i |xf} cf||itfrkh >== cb~bc| nft ik r}|ohb xitgbx fn 7==

8/9/2019 Strategy - 2010-07-14

83/109

Irxf . Irxf Ikloccitob| Ercy 98# 4=9=

Aitrxo \rur`oDcffadbtg5 A\OC OK BYROX_ Tblfaabkhixofk5 DR_

Tbrxbt|5 ATXO+DF Kf Ljikgb LFA]IK_ R]HIXB




Ikicy|x lfkxilx

^oeiy LjrgjXbc5 +?9 44 #4

8/9/2019 Strategy - 2010-07-14

84/109

Iadox Li}oxic ]~x Cxh Aitrxo \rur`o

Aitrxo \rur`o Erc 98# 4=9= :!Hbl!=?

4!Hbl!=?

9:!Kf~!=?

8!Kf~!=?

Hixb

FO

=

2==#===

9#===#===

9#2==#===

4#===#===

4#2==#===

8/9/2019 Strategy - 2010-07-14

85/109

Lfk|rabt Gffh| Erc 98# 4=9=

Kb|xcb OkhoiDcffadbtg5 KB\X OK Byrox Tblfaabkhixofk5 DR_

Tbrxbt|5 KB\X+DF Kf Ljikgb LFA]IK_ R]HIXB




Ikic|x lfkxilx

^oei LjrgjXbc5 +?9 44 ?#:9 7 :2< 9=9>

B]\ Gtfwxj " 7 9 9498

TFLB " 97>> 9772 9>47 9>48


8/9/2019 Strategy - 2010-07-14

86/109

Iadox Li}oxic ]~x Cxh Kb|xcb Okhoi

Kb|xcb Okhoi Erc 98# 4=9= :2

Xbljkolic obw

Bzjodox 95 Kb|xcb

\frtlb5 Abxi\xfl`

Kb|xcb o| xtihokg dbcfw o| `b |r}}ftx cb~bc|

Dr xjb |xfl` on ox lcf|b| idf~b :=

8/9/2019 Strategy - 2010-07-14

87/109

Foc . Gi| Ercy 98# 4=9=

FKGLDcffadbtg5 FKGL OK BYROX_ Tblfaabkhixofk5 JFCH

Tbrxbt|5 FKGL+DF Kf Ljikgb




Ikicy|x lfkxilx

\ibbh EinnbtyXbc5 +?9 44 7#:44 9#=82#::8 9#=

8/9/2019 Strategy - 2010-07-14

88/109

Iadox Li}oxic ]~x Cxh FKGL

FKGL Erc 98# 4=9= :7

Xbljkolic obw

Bzjodox 95 FKGL

\frtlb5 Abxi\xfl`

Xjb T\O o| f~btdfrgjx drx AILH ji| xrtkbh okxf dr afhb

Xjo| |ogkic| drcco|jkb|| ok xjb |xfl` wjolj wocc xitgbx 9==

7==

:==

?==

9#===

9#9==

9#4==

9#!Nbd!9=

4!Nbd!9=

9:!Eik!9=

8!Eik!9=

9>!Hbl!=?

4!Hbl!=?

9:!Kf~!=?

8!Kf~!=?

Hixb

FO

=

2==#===

9#===#===

9#2==#===

4#===#===

4#2==#===

8/9/2019 Strategy - 2010-07-14

89/109

Tbic B|xixb Erc 98# 4=9=

Ftdox Lft}ftixofkDcffadbtg5 FTD OK Byrox Tblfaabkhixofk5 DR_

Tbrxbt|5 FTL]+DF Kf Ljikgb




Ikic|x lfkxilx

]ito`|jox @ikh}icXbc5 +?9 44 #===

9:#===

4=#===


2=

9==

92=

4==

\bk|bz Ftdox Lft}+


Wbcc }fo|bhFtdox Lft}ftixofk *FLC/ }f|xbh N_9= kradbt| dbcfw frt b|xoaixb| *idfrx9="/# icxjfrgj }tfnoxidocox lfkxokrb| xf oa}tf~b ikh xjb diciklb |jbbx o|lfanftxidcb Woxj idfrx 9 >7 98> 9 94==

7==

:==

?==

9#===

9#9==

94!Erc!9=

4:!Erk!9=

98!Erk!9=

9?!I}t!9=

9!I}t!9=

97!Ait!9=

9>!Nbd!9=

4!Nbd!9=

9:!Eik!9=

8!Eik!9=

9>!Hbl!=?

4!Hbl!=?

9:!Kf~!=?

8!Kf~!=?

Hixb

FO

=

2==#===

9#===#===

9#2==#===

4#===#===

4#2==#===

8/9/2019 Strategy - 2010-07-14

93/109

Rxocoxob|& ]fwbt Erc 98# 4=9=

]XL OkhoiDcffadbtg5 ]XLOK OK Byrox Tblfaabkhixofk5 DR_

Tbrxbt|5 ]XLO+DF Kf Ljikgb LFA]IK_ R]HIXB




Ikic|x lfkxilx

Abjrc Ar`ixoXbc5 +?9 44 79ak

24!w` J&C5 T|94>&:9

#===

9:#===

4=#===


2=

7=

?=

99=

9 Wb dbcob~b xjix xjo| irgrt| wbcc nft xjblfa}iky ikh xjix ]XL'| aitgok| wfrch okltbi|b xf > }io|b& rkox ntfa N_99

Bitkokg| Frxcff` ikh ^icrixofk

Ix xjb lrttbkx ait`bx }tolb fn T|9=z frt b|xoaixbh N_94bitkokg| fn T|>> Wb ji~b r|bh i |ra!fn!xjb!}itx| ~icrixofk nft ]XL OkhoiWjocb xjb lftb }fwbt xtihokg dr|okb|| o| ~icrbh ix 9>z frt N_94 bitkokg| fnT|>># ]XL Nokikloic \bt~olb| o| ~icrbh ix T|94 di|bh fk i lfk|bt~ixo~b ihe]&D^ bzox arcxo}cb fn 9z# ikh ok~b|xabkx| ok }fwbt }tfeblx| dfxj hotblxcy ikhxjtfrgj ]BC itb ~icrbh ix T|92 di|bh fk 92z N_94 dff` ~icrb

Wb ji~b i DR_ tixokg fk ]XL Okhoi woxj i xitgbx }tolb *X]/ fn T|9?#>44

BDOXHI 4=8 4=< >?7

BDOXHI *"/ =2 =< =: 9 9

Kbx }tfnox 8:> ?=: ?2= 9#2>8 9#?29

B]\ *T|/ 49 8 >

TfB *"/ 2> > 24 79 :4

]&B *z/ 2=9 4>: 9> 92 98 9!Hbl!=?

4!Hbl!=?

9:!Kf~!=?

8!Kf~!=?

Hixb

FO

=

9#===#===

4#===#===

#===#===

7#===#===

:#===#===

FO ] tolb* N.F/


]XL ji| dbbk lfk|fcohixokg ok i kittfw tikgb |oklb Kf~badbt 4==? woxjlfkxokrfr| FO |jbhhokg Gfokg nftwith 9=: o| i `by tb|o|xiklb fk xjb wiy r}

i dtbi` idf~b wjolj lik }r|j xjb |xfl` xf 94= cb~bc| ok xjb |jftx xf abhoraxbta 9== tbaiok| i `by |r}}ftx fk xjb wiy hfwk

8/9/2019 Strategy - 2010-07-14

95/109

Foc . Gi| Erc 98# 4=9=

Tbcoiklb Okhr|xtob|Dcffadbtg5 TOC OK Byrox Tblfaabkhixofk5 DR_

Tbrxbt|5 TBCO+DF Kf Ljikgb LFA]IK_ R]HIXB




Ikic|x lfkxilx

\ibbh EinnbtXbc5 +?9 44 = 442 8?8 >:4 : => =2 =8 =8

TfB *"/ 9>? 9>= 92> 9?7 492

TfLB *"/ 97> 978 9 ?> :8

]&B *z/ 9:4 4

8/9/2019 Strategy - 2010-07-14

96/109

Iadox Li}oxic ]~x Cxh Tbcoiklb Okhr|xtob|

Tbcoiklb Okhr|xtob| Erc 98# 4=9= ?2

Xbljkolic obw

Bzjodox 95 TOC

\frtlb5 Abxi\xfl`

\xfl` ji| |xonn tb|o|xiklb ix 99== xf 994= cb~bc|

Rkcb|| |xfl` o| kfx idcb xf lcf|b idf~b xjo| tb|o|xiklb cb~bc| wb ih~o|b xf droch|jftx }f|oxofk woxj hfwk|ohb xitgbx fn 9=9=

Hbto~ixo~b| obw

Bzjodox 45 TOC

7==

72=

:==

:2=

?==

?2=

9#===

9#=2=

9#9==

9#92=

9#4==

94!Erc!9=

4:!Erk!9=

98!Erk!9=

9?!I}t!9=

9!I}t!9=

97!Ait!9=

9>!Nbd!9=

4!Nbd!9=

9:!Eik!9=

8!Eik!9=

9>!Hbl!=?

4!Hbl!=?

9:!Kf~!=?

8!Kf~!=?

Hixb

FO

=

4#===#===

8#===#===

>#===#===

:#===#===

9=#===#===

94#===#===

98#===#===

9>#===#===

9:#===#===

4=#===#===

FO ] tolb* N.F/


Xjb |xfl` |iw ~bt |xtfkg tfcc| xjo| bz}ot ix f~bt :4" woxj i ~bt }f|oxo~b tfcclf|x xjr| }tf~ohokg |fab bitc okholixofk fn cfkg afabkxra ok xjb lfrkxbt

Woxj i |xf} cf|| itfrkh 9=

8/9/2019 Strategy - 2010-07-14

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\xixb Dik` fn OkhoiDcffadbtg5 \DOK OK Byrox Tblfaabkhixofk5 Rkhbt Tb~obw

Tbrxbt|5 \DO+DF Kf Ljikgb LFA]IK_ R]HIXB




Ikic|x lfkxilx

@to|jkik I\^Xbc5 +?9 44 4ak

24!w` J&C5 T|4#>#===

9:#===

4=#===


9===

92==

4===

42==

: 979 98? 9>

TfII *"/ 9 99 =? =?

Ho~ohbkh _obch *"/ =? 94 9< 98

B]\ *T|/ 9=>> 982

Iher|xbh D^]\ *T|/ >2:? 7>4< :247 9#=?=]&B *z/ 442 9>7 9>> 9

]&ID^ *z/

8/9/2019 Strategy - 2010-07-14

98/109

Iadox Li}oxic ]~x Cxh \xixb Dik` fn Okhoi

\xixb Dik` fn Okhoi Erc 98# 4=9= ?7

Xbljkolic obw

Bzjodox 95 \DO

\frtlb5 Abxi\xfl`

Xjb |xfl` o| xtihokg ok 482= xf 44== dikh

Xjb AILH o| lrt~okg hfwkwith ikh xjo| lfrch htig \DO dbcfw 44==

Tblfaabkh| xf |bcc woxj hfwk|ohb xitgbx fn 44==

Hbto~ixo~b| obw

Bzjodox 45 \DO

9#4==

9#8==

9#>==

9#:==

4#===

4#4==

4#8==

4#>==

94!Erc!9=

4:!Erk!9=

98!Erk!9=

9?!I}t!9=

9!I}t!9=

97!Ait!9=

9>!Nbd!9=

4!Nbd!9=

9:!Eik!9=

8!Eik!9=

9>!Hbl!=?

4!Hbl!=?

9:!Kf~!=?

8!Kf~!=?

Hixb

FO

=

9#===#===

4#===#===

#===#===

FO ] tolb* N.F/


\DO ji| dbbk xtihokg tikgb dfrkh |oklb ci|x lfr}cb fn afkxj|0 ok ci|x nbw hi|xjb |xfl` ji| af~bh lcf|b xf ox| tblbkx jogj| woxj gffh cfkg f}bk okxbtb|x

ihhoxofk Fk i dtbi`frx idf~b 48==# xjb |xfl` wocc cff` xf xitgbx 4>== ok xjb|jftx xf abhora xbta I niocrtb jfwb~bt wfrch abik xjb lrttbkx tikgb fn44==!48== xf lfkxokrb

8/9/2019 Strategy - 2010-07-14

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\b|i GfiDcffadbtg5 \B\I OK Byrox Tblfaabkhixofk5 KFX TIXBH

Tbrxbt|5 \B\I+DF Kf Ljikgb




Ikic|x lfkxilx

Ljikhtiko Hb# LNIXbc5 +?9 44 #===

9:#===

4=#===


9==

4==

==

\bk|bz \B\I GFI CXH


Cb~btbh Xf Ljokb|b Gtfwxj _XHL_9= |bb| jbicxj Ljokb|b |xbbc }tfhrlxofk gtfwxj5 Ok _XHL_9=#Ljokb|b |xbbc }tfhrlxofk ji| gtfwk 48" _f_ Wjocb xjb gf~btkabkx| bnnftx|xf lffc }tf}btx }tolb| ikh xjb bz}ftx xiz tbdixb liklbccixofk wocc ji~b |fabbnnblx# Ljokb|b |xbbc }tfhrlxofk gtfwxj |jfrch db jbicxj# ikh \b|i woxj :2"fn ox| |icb| dbokg hotblxbh xf Ljoki# |jfrch db i hotblx dbkbnoloit fn xjb~fcrab gtfwxj

Kbit!xbta gtfwxj hto~bk d otfk ftb dr|okb||0 li}bz iltf|| |bgabkx|5Aikigbabkx ji| tboxbtixbh ox| ~fcrab gtfwxj grohiklb fn 4=!42" }iikh}cik| xf tia} r} ox| otfk ftb }tfhrlxofk xf 2=ax ok 4!< bit| D 9YN_94 xjblfa}ik ic|f }cik| xf okltbi|b }og otfk li}ilox xf >42`x}i *ntfa 42=`x}i

lrttbkxc/# ikh abxiccrtgolic lf`b li}ilox# xf 2>=`x}i

Tb|bt~b| lf~bt 9> bit| ix N_9= }tfhrlxofk cb~bc# ilyro|oxofk|bz}blxbh5 Ok N_9=# xjb lfa}ik ihhbh 8z ]&B fk N_99B b|xoaixb| Xjb `b to|`| nft |xfl` }btnftaiklbitb tbgrcixft }fcol ljikgb| ok Okhoi# ikh ik |ogkonolikx |cfwhfwk okLjoki| blfkfaol gtfwxj


]itxolrcit| N_=? N_9= N_99B N_94B

\icb| 8?#97? 2:#= =? 9= 9=

TFB " 29? 2 8=:


8/9/2019 Strategy - 2010-07-14

100/109

Iadox Li}oxic ]~x Cxh \b|i Gfi

\b|i Gfi Erc 98# 4=9= ??

Xbljkolic obw

Bzjodox 95 \b|i Gfi

\frtlb5 Abxi\xfl`

\b|i Gfi |xfl` cff`| wbi`

Xjb afabkxra okholixft| itb ic|f lrt~okg hfwkwith |ogkicokg r}|ohb coaoxbh

\bcc woxj |xf} cf|| fn

8/9/2019 Strategy - 2010-07-14

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Abhoi . Bkxbtxiokabkx Erc 98# 4=9=

\rk X^ Kbxwft`Dcffadbtg5 \RKX^ OK Byrox Tblfaabkhixofk5 DR_

Tbrxbt|5 \RX^+DF Kf Ljikgb LFA]IK_ R]HIXB




Ikic|x lfkxilx

Iaox @+ IjotbXbc5 +?9 44 :#::2ak&R\(=8ak

24!w` J&C5 T|82#===

9:#===

4=#===

Erc!=? Kf~!=? I}t!9=

92=

42=

8/9/2019 Strategy - 2010-07-14

102/109

Iadox Li}oxic ]~x Cxh \rk X^ Kbxwft`

\rk X^ Kbxwft` Erc 98# 4=9= 9=9

Xbljkolic obw

Bzjodox 95 \rk X^ Kbxwft`

\frtlb5 Abxi\xfl`

Xjb 4=HAI o| ix T|8== ikh xjo| o| ~bt |xtfkg |r}}ftx#

Xjb afabkxra okholxft| itb ok kbrxtic ufkb ikh xjbtbnftb ih~o|b xf r|b iknicc i drokg f}}ftxrkox

Xjb |xfl` lik xitgbx 88= fk xjb r}|ohb

Hbto~ixo~b| obw

Bzjodox 45 \rk X^ Kbxwft`

8/9/2019 Strategy - 2010-07-14

103/109

Rxocoxob|& ]fwbt Erc 98# 4=9=

Xixi ]fwbt Lf+Dcffadbtg5 X]WT OK Byrox Tblfaabkhixofk5 JFCH

Tbrxbt|5 XX]W+DF Kf Ljikgb LFA]IK_ R]HIXB





_bit xf Aitlj N_=: N_=? N_9=B N_99B N_94B

F}btixokg oklfab 9=:#?=? 972#:72 9:?#:2: 49:#4:? 4::# 4 92= 9?8 979 9:7

]&B *z/ 48: 442 987 9#===

9:#===

4=#===

Erc!=? Kf~!=? I}t!9=

:==

9===

94==

98==

9>==

\bk|bz Xixi ]fwbt Lf+


Gbitokg R}Xixi ]fwbt Lfa}ik *X]L/ o| fkb fn xjb nbw lfa}ikob| }tb|bkx iltf|| xjb}fwbt |blxft ~icrb ljiok# ob }fwbt gbkbtixofk# xtik|ao||ofk ikh ho|xtodrxofk Wb dbcob~b xjo| go~b| xjb lfa}ik i ho|xoklx ih~ikxigb ikh okjbtbkx to|`jbhgb&aoxogixofk abljiko|a

Rklfaaoxxbh&abtljikx }fwbt co`bc xf dff|x bitkokg|5 Xjb 2==AW fnrklfaaoxxbh }fwbt ntfa Erc 4=9= lfrch dff|x bitkokg| Xixi ]fwbt ji|# loxokgxjb \r}tbab Lfrtx fthbt# tbnr|bh xf bzxbkh ox| }fwbt |r}}c xf TOknti Nrtxjbt#ox ji| okltbi|bh ox| tbxioc di|b ok Aradio xf {72#===# xjr| tbyrotokg aftb}fwbt xf db |r}}cobh xf ox| fwk lfk|rabt| Wb xjr| bz}blx xjo| li}ilox xf db iabljiko|a nft |cogjxc jogjbt tbico|ixofk| ~oi i lfadokixofk fn |icb| xf ox| fwk

ho|xtodrxofk kbxwft` i| wbcc i| abtljikx }fwbt |icb|

Icc gbkbtixofk }tfeblx| fk xtil`5 Xjb aikigbabkx ji| tb!oxbtixbh xjix icc ox|rkhbt hb~bcf}abkx gbkbtixofk }tfeblx| itb fk |ljbhrcb ikh xjbtb wfrch db kfhbci| ok lfaao||ofkokg Wjocb xjb Eia|jbh}rt }fwbt }cikx wfrch db xjb not|xfnn xjb dcfl` ok Hblbadbt 4==?# Rkox 2 fn Arkhti RA]] wfrch db xjb ci|x okAitlj 4=9

8/9/2019 Strategy - 2010-07-14

104/109

Iadox Li}oxic ]~x Cxh Xixi ]fwbt Lf+

Xixi ]fwbt Lf Erc 98# 4=9= 9==

4>=

=

8>=

2>=

>>=

7>=

94!Erc!9=

4:!Erk!9=

98!Erk!9=

9?!I}t!9=

9!I}t!9=

97!Ait!9=

9>!Nbd!9=

4!Nbd!9=

9:!Eik!9=

8!Eik!9=

9>!Hbl!=?

4!Hbl!=?

9:!Kf~!=?

8!Kf~!=?

Hixb

FO

=

2#===#===

9=#===#===

92#===#===

4=#===#===

42#===#===

8/9/2019 Strategy - 2010-07-14

108/109

Iadox Li}oxic ]~x Cxh Xixi Lfk|rcxikl \bt~olb|

Xixi Lfk|rcxikly \bt~olb| Ercy 98# 4=9= 9=7

Xbljkolic obw

Bzjodox 95 XL\

\frtlb5 Abxi\xfl`

XL\ o| ic|f ok bzxtbabcy f~bt|xtbxljbh cb~bc|

Xjb hfwk|ohb xitgbx wocc db ix 78= ikh xjbk 7!Nbd!9=

4!Nbd!9=

9:!Eik!9=

8!Eik!9=

9>!Hbl!=?

4!Hbl!=?

9:!Kf~!=?

8!Kf~!=?

Hixb

FO

=

4#===#===

8#===#===

>#===#===

:#===#===

9=#===#===

94#===#===

FO ] tolb* N .F/


Xjb |xfl` ji| |bbk gffh trk!r} ok cokb woxj fxjbt OX }bbt| ok xjb ci|x nbw|b||ofk|# icxjfrgj xjbtb ji|kx dbbk iky |ogkonolikx ljikgb ok f}bk okxbtb|x}f|oxofk| Bz}blx xjb |xfl` xf nilb |xonn tb|o|xiklb itfrkh xjb :8= ait` ikh o|co`bcy xf xtihb tikgbh ok xjb 78=!:8= tikgb I |woxlj xf Wo}tf ix xjb|b }tolb

cb~bc| aogjx xrtk frx xf db aftb }tfnoxidcb fk |xixo|xolic abi|rtb|

8/9/2019 Strategy - 2010-07-14

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Iadox Li}oxic ]~x

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Strategy - 2010-07-14