Académique Documents
Professionnel Documents
Culture Documents
L6 - A Synthesis of Contemporary Market Orietation Perspective PDF
L6 - A Synthesis of Contemporary Market Orietation Perspective PDF
(''/788999:.-;6/:-+.80)$)10-(<0)=*$')0$ (''/788999:).)01>5?>*;010%:-+.8,'
!"#$%&'(
)$"#('* $+ # $%&'()$*$ +, -+&')./+010%
,'#-&./(0
123456
.102)' +0*)&'1'*+&
/)0$/)-'*3)$
E&F&/@&G ,'#FH 4;;; !"#$ %& '()*+ ,"--*.* "/ 01+2$*++3 4$25*6+27( "/ 89:;93
N8 O$J'A ,8 P"*.
)*(+&,-+ > .6*97 =*9- "/ 977*$72"$ #9+ D**$ =*5"7*= 7" 7#* A"$A*;7 "/ :96)*7 "62*$7972"$ 2$
:96)*72$. 9A9=*:* 9$= ;69A72A*& E1:*6"1+ ;*6+;*A725*+ #95* D**$ ;6";"+*= 9+ 6*+*96A#*6+
*$=*95"6 7" A"$A*;719-2F* 7#* :96)*7 "62*$7972"$ A"$+761A7 9$= 2:;-*:*$7 27 2$ ;69A72A*& G6*+*$7+
9 A"$A*;719- /69:*H"6) 7#97 2$7*.697*+ /25* 6*A*$7-( 9=59$A*= ;*6+;*A725*+ "$ :96)*7 "62*$7972"$
IJ*+#;9$=*3 <96-*(3 9$= K*D+7*6L M"#-2 9$= !9H"6+)2L E965*6 9$= '-97*6L N1*)*67L '#9;26"O& 8#*
+2:2-96272*+ 9$= =2//*6*$A*+ 96* 6*52*H*= 9$= 9 +($7#*+2F*= A"$A*;719-2F972"$ "/ :96)*7
4&'0+56-'*+&
OH& J'#-&./(0 F$(F&%. '(G .H& #&*'.&G F$(A.#"F. $+ J'#-&. $#/&(.'./$( H'@&
G&F'G&A Q&808 L#(G.3 4;R2S >'#-AG'*& '(G T'#G&(3 4;U4S T'B3 4;;6S P/A&3 4;D2S
P$"A.$(3 4;RDS )'V$#A-/ '(G W$H*/3 4;;1S W$H*/ *7 9-&3 4;;1S M'V.$( '(G
C'#'A"#'J'(3 4;R:S ,F9'J'#'3 4;U6S 9'#@&# '(G I*'. 4;;:S I/0"'V *7 9-83
4;;XS I/0"'V *7 9-83 4;;RS I*'.&# '(G 9'#@ 4;;XY8 T"& .$ .H& +"(G'J&(.'*
il /J%*&J&(.'./$( /( K"A/(&AA8
\@&# .H& F$"#A& $+ .H& B&'#A3 .H& J'#-&./(0 F$(F&%. &@$*@&G .$ #&+*&F. '
%H/*$A$%HB $+ G$/(0 K"A/(&AA .H'. F'( K& F$(A/G&#&G .H& F&(.#'* /(0#&G/&(. $+ '
A"FF&AA+"* $#0'(/]'./$(^A F"*."#& Q>'-&# *7 9-83 4;;XS P$"A.$(3 4;RDS P"(. '(G
,$#0'(3 4;;2S M"AFH '(G M'F](/'-3 4;RUS C&.&#A$(3 4;R;S I*'.&# '(G 9'#@
4;;2S _$(0 '(G I'"(G&#A3 4;;1Y8 _H/*& J"FH $+ .H& #&A&'#FH $( .H& J'#-&./(0
F$(F&%. H'A G&@&*$%&G /( .H& ?IL3 #&F&(.*B .H& /J%$#.'(F& $+ .H/A F$(F&%. H'A
K&&( 'GG#&AA&G /( $.H&# F$"(.#/&A Q!**/$. 4;;:S !((&V *7 9-83 4;;1S P$$*&B *7 9-83
`$# &['J%*&3 V/.H .H& K#&'- "% $+ .H& I$@/&. ?(/$( '(G .H& F$**'%A& $+
&[/A.&G Q!((&V *7 9-&3 4;;1Y8 OH& +$#J&# A.#"F."#& $+ .H& I$@/&. /(G"A.#/'* A&F.$#3 ,'#-&.
V/.H '( &J%H'A/A $( #&A$"#F& F$(A.#'/(.A3 %#&A&(.&G %#$K*&JA /( AH/+./(0 .$ '( $#/&(.'./$(
&(@/#$(J&(. V/.H G&J'(G F$(A.#'/(.A3 .H"A %$A/(0 K'##/&#A .$ .H& 'G$%./$( $+ %&#A%&F./@&A
J'#-&./(0 Q!((&V *7 9-83 4;;1Y8
>"*0'#/' V'A /( ' A/J/*'# A/."'./$( .$ .H'. $+ E"AA/' Q,'#/($@ *7 9-8 4;;1Y8 L
A."GB KB ,'#/($@ *7 9-& Q4;;1Y /(G/F'.&G .H'. +$"# F*"A.&#A &[/A.&G /( .H&
F$(F&%. Q&808 N#&&(*B3 4;;2'S 4;;2KS P$$*&B *7 9-83 4;;:Y8 P$$*&B *7 9-& Q4;;:Y
.H&B &@$*@& .$V'#G ' +"** J'#-&. $#/&(.'./$(8 OH& a"&A./$( #&0'#G/(0 .H&
"(/@&#A'* ('."#& $+ .H& J'#-&./(0 F$(F&%. V'A 'GG#&AA&G J$#& +"**B KB !**/$.
Q4;;:Y8 OH& '".H$# F$(F*"G&G .H'. G&@&*$%/(0 '(G '%%*B/(0 .H& J'#-&./(0
F$(F&%. H'A .H& K&A. FH'(F& $+ $FF"##/(0 /( %*'F/G3 K&(/0( &(@/#$(J&(.A3 VH/FH
FH'#'F.&#/]&G %$A.<I&F$(G _$#*G _'# J'#-&.A8
_H/*& .H& /(.&#&A. /( .H& G&@&*$%J&(. $+ .H& J'#-&./(0 F$(F&%. H'A %&#A/A.&G
$( ' 0*$K'* *&@&*3 J$#& #&F&(.*B ' 0#&'. G&'* $+ '..&(./$( H'A AH/+.&G .$ .H&
/J%*&J&(.'./$( $+ .H& J'#-&./(0 F$(F&%. Q&808 )'V$#A-/ '(G W$H*/3 4;;1S W$H*/
*7 9-83 4;;1S 9'#@&# '(G I*'. 4;;:S I/0"'V *7 9-83 4;;XS I*'.&# '(G 9'#@
4;;XY8 b( .H/A A&(A&3 J'#-&. $#/&(.'./$( K&F'J& AB($(BJ$"A V/.H H$V .$
/J%*&J&(. .H& J'#-&./(0 F$(F&%. QT&AH%'(G& *7 9-83 4;;1S W$H*/ '(G )'V$#A-/3
Q,/.FH&**3 4;RXY3 IF'(G/('@/' QI&*(&A *7 9-83 4;;DY3 O'/V'( QP$#(0 '(G =H&(3
4;;RY3 L"A.#'*/' Q='#"'(' *7 9-83 4;;;Y '(G ($.'K*B .H& ?IL Q&808 )'V$#A-/ '(G
W$H*/3 4;;:S 9'#@&# '(G I*'. 4;;:Y8 `'# +&V&# /(@&A./0'./$(A H'@& K&&( J"*./<
F"*."#'* QT&AH%'(G& '(G `'#*&B3 4;;RKS T&AH%'(G& *7 9-83 4;;1S M'G$ '(G
b( 0&(&#'*3 .H&#& '%%&'#A .$ K& ' F$(A&(A"A +#$J .H$A& F$"(.#/&A +$F"A/(0 $(
'A ' %H/*$A$%HB .H'. %&#J&'.&A .H& $#0'(/]'./$( QP$$*&B *7 9-&3 4;;:Y '(G
G/#&F.*B '++&F.A .H& +/#J^A %&#+$#J'(F& Q='#"'(' *7 9-83 4;;;S P$#(0 '(G =H&(3
H$*G ' %#$J/(&(. %*'F& /( .H& */.&#'."#&8 OH& %$.&(./'* F$(.#/K"./$( $+ .H&
/( .H& %'A. J'G& &J%/#/F'* .&A./(0 %#$K*&J'./F Q&808 P/A&3 4;D2S >'#-AG'*& '(G
T'#G&(3 4;U4S >#$V(*/& '(G I'#&(3 4;;6S ,F9'J'#'3 4;U6S M'V.$( '(G
!"#$%&'( C'#'A"#'J'(3 4;R:Y8 ,$#& #&F&(.*B3 .H&#& H'A K&&( ' *'F- $+ /(.&0#'./@& Q$#
)$"#('* $+ F$JJ$( A&. $+Y &*&J&(.A $+ &J%/#/F'**B .&A.&G J$G&*A Q&808 )'V$#A-/ '(G W$H*/3
,'#-&./(0 4;;1S W$H*/ *7 9-&3 4;;1S 9'#@&# '(G I*'. 4;;:S I/0"'V *7 9-83 4;;XS I/0"'V
*7 9-83 4;;RS I*'.&# '(G 9'#@ 4;;XY J'-/(0 /(A/0H.A $( .H& A%&F/+/F #$*& $+
123456 J'#-&. $#/&(.'./$( #'.H&# */J/.&G8
!A G/++&#&(. J'Z$# '..&J%.A .$ F$(F&%."'*/]& .H& F$(A.#"F. H'@& &J�&G $". $+ .H&
AF'..&#&G #&A&'#FHc
$#/&(.'./$( '(G .$ /(.&0#'.& .H&J /(.$ ' AB(.H&A/]&G +#'J&V$#-8 b(/./'**B3 .H&⽂章主旨
+#'J&V$#- .H'. /(.&0#'.&A .H& .H$"0H.A +#$J .H& +/@& &A.'K*/AH&G J'#-&.
.&#JA $+ /.A J'('0&#/'* @&#A"A F"*."#'* 'A%&F.A8 OH& %'%&# F$(F*"G&A V/.H '
G/AF"AA/$( $+ .H& %#$%$A&G +#'J&V$#-8
_H/*& .H&#& H'A K&&( A$J& G/++&#&(./'./$( /( .H& */.&#'."#& $( .H& "A&
.H& J'#-&./(0 F$(F&%. 'A G&+/(&G KB ,F='#.HB '(G C&##&'"*. Q4;;:Y8 OH&
QW$.*&# '(G L#JA.#$(03 4;;XY8 ,'#-&. $#/&(.'./$(3 $( .H& $.H&# H'(G3 /A .H&
J$#& #&F&(.*B "./*/]&G .&#J +$# /(A./."./(0 .H& J'#-&./(0 F$(F&%.8 W$H*/ '(G
)'V$#A-/ Q4;;:Y A.#&AA .H& %#&+&#&(F& +$# .H/A *'K&* A"00&A./(0 .H'. /. #&J$@&A
.H& F$(A.#"F. +#$J .H& %#$@/(F& $+ .H& J'#-&./(0 G&%'#.J&(. '(G J'-&A /. .H&
G&%'#.J&(.A8
b( 0&(&#'*3 .H& .&#J J'#-&. $#/&(.'./$( /J%*/&A '( &[%'(G&G +$F"A3 %'B/(0
K'*'(F&G '..&(./$( .$ K$.H F"A.$J&#A '(G F$J%&./.$#A KB A$J& #&A&'#FH&#A
QW$H*/ '(G )'V$#A-/3 4;;:S W$.*&# '(G L#JA.#$(03 4;;XS 9'#@&# '(G I*'.
0&(&#'**B ' F$(A&(A"A .H'. J'#-&. $#/&(.'./$( #&+*&F.A .H& (&&G +$# '(
$#0'(/]'./$( .$ K& J'#-&. $#/&(.&G $# J'#-&. G#/@&( QT&(0 '(G T'#.3 4;;XS
P"#*&B '(G P"*.3 4;;RS )'V$#A-/ '(G W$H*/3 4;;DS I*'.&# '(G 9'#@ 4;;2S ,'#-&.
_#&((3 4;;UY8 b( .H/A F$(.&[.3 +/@& #&F&(. %&#A%&F./@&A H'@& K&&( 'G@'(F&G /( $#/&(.'./$(
.H& */.&#'."#&3 &'FH .'-/(0 ' G/++&#&(. '%%#$'FH .$ .H& F$(F&%. $+ J'#-&. %&#A%&F./@&A
$#/&(.'./$(c
Q2Y .H& F"A.$J&# $#/&(.'./$( %&#A%&F./@& QA&& O'K*& b +$# ' A"JJ'#B $+
,$$#J'( Q4;;RY
E"&-&#. Q4;;6Y
_&KA.&# Q4;;6Y
)$"#('* $+ b.^A +'# J$#& .H'( .H& F*/FH&e 0&../(0 F*$A& .$ .H& F"A.$J&# ! ! ! .H& .&#J J'#-&. $#/&(.&G
,'#-&./(0 #&%#&A&(.A ' A&. $+ %#$F&AA&A .$"FH/(0 '** 'A%&F.A $+ .H& F$J%'(B QIH'%/#$3 4;RR3 %8 46:Y8
⼀
123456 \(& $+ .H& J'#-&. $#/&(.'./$( %&#A%&F./@&A /G&(./+/&G /( .H& */.&#'."#& /A .H&
IH'%/#$ Q4;RRY A%&F/+/&A .H#&& FH'#'F.&#/A./FA .H'. J'-& ' F$J%'(B J'#-&.
G#/@&(c
OH& +/#A. FH'#'F.&#/A./F #&+*&F./(0 ' J'#-&. $#/&(.'./$( A.#&AA&A .H& (&&G +$# .H&
F$J%'(B .$ "(G&#A.'(G /.A J'#-&.A '(G F"A.$J&#A '(G .$ '**$V .H/A F"A.$J&#
/(+$#J'./$( .$ ff%&#J&'.& &@&#B F$#%$#'.& +"(F./$(^^8 OH& /(+$#J'./$( .H'. /A
0&(&#'.&G .H#$"0H @'#/$"A J&FH'(/AJA A"FH 'A J'#-&. #&A&'#FH #&%$#.A3 .'%&G
F"A.$J&# #&A%$(A&A3 /(G"A.#B A'*&A '('*BA&A3 '(G .#'G& AH$V @/A/.A KB .$%
鎏燕⽐
12
OH& A&F$(G FH'#'F.&#/A./F %#$%$A&G KB IH'%/#$ Q4;RRY A"00&A.A .H'. '
J'#-&.<$#/&(.&G F$J%'(B J"A. %$AA&AA .H& 'K/*/.B .$ J'-& A.#'.&0/F '(G
$.H&# '(G K& &(F$"#'0&G .$ &[%#&AA .H&/# /G&'A H$(&A.*B '(G $%&(*B8 O$
J'-& V/A& G&F/A/$(A3 'FF$#G/(0 .$ IH'%/#$ Q4;RRY3 +"(F./$(A '(G "(/.A J"A.
#&F$0(/]& .H&/# G/++&#&(F&A '(G K& V/**/(0 .$ "./*/]& '( $%&( G&F/A/$(<J'-/(0
%#$F&AA8
3
OH& .H/#G FH'#'F.&#/A./F A.#&AA&A J'-/(0 V&**<F$$#G/('.&G G&F/A/$(A 'J$(0
.H& G/@/A/$(A '(G +"(F./$(A '(G &[&F"./(0 .H&J V/.H ' A&(A& $+ F$JJ/.J&(.8
>B Z$/(. AH'#/(0 $+ /G&'A '(G G/AF"AA/$( $+ '*.&#('./@& A$*"./$(A3 .H& J'#-&.<
$#/&(.&G F$J%'(B F'( *&@&#'0& /.A A.#&(0.HA8 IH'%/#$ Q4;RRY /(G/F'.&A .H'.
和PPT上marketingineeuye.nu 不 ⼀样%&#A%&F./@&A
ftp
8#* :96)*7 2$7*--2.*$A* ;*6+;*A725*
,'#-&. $#/&(.'./$( /A .H& $#0'(/]'./$(<V/G& .*$*6972"$ $+ J'#-&. /(.&**/0&(F& %&#.'/(/(0 .$
F"##&(. '(G +"."#& F"A.$J&# (&&GA3 =2++*:2$972"$ $+ .H& /(.&**/0&(F& 'F#$AA G&%'#.J&(.A3 '(G
W$H*/ '(G )'V$#A-/ Q4;;:Y %#$%$A&G .H&/# +$#J'* G&+/(/./$( +$# J'#-&.
Q1Y #&A%$(A/@&(&AA8
#&A&'#FH H'A K&&( %"K*/AH&G V/G&*B A/(F& 4;;: Q&808 )'V$#A-/ '(G W$H*/3 4;;1S
4;;DS W$H*/ *7 9-&3 4;;1S ,'*.] '(G W$H*/3 4;;DS I&*(&A *7 9-83 4;DUY8
OH& A.'#./(0 %$/(. $+ J'#-&. $#/&(.'./$( 'FF$#G/(0 .$ W$H*/ '(G )'V$#A-/
F"A.$J&#A8 W$H*/ '(G )'V$#A-/ Q4;;:Y A.'.& .H'. J'#-&. /(.&**/0&(F& /(F*"G&A
1
V&** 'A '('*B]/(0 .H& &++&F. $+ $.H&# &[$0&($"A +'F.$#A A"FH 'A 0$@&#(J&(.
#&0"*'./$(3 .&FH($*$0B '(G &(@/#$(J&(.'* +$#F&A8 W$H*/ '(G )'V$#A-/ Q4;;:Y
'*A$ /(G/F'.& .H'. &++&F./@& J'#-&. /(.&**/0&(F& /(@$*@&A ($. Z"A. F"##&(. (&&GA
K". +"."#& $(&A8 OH/A A"00&A.A .H'. $#0'(/]'./$(A '(./F/%'.& (&&GA -($V/(0
LFF$#G/(0 .$ .H& G&+/(/./$( %#$%$A&G KB W$H*/ '(G )'V$#A-/ Q4;;:Y3 .H& +/#A.
-&B &*&J&(. /( J'#-&. $#/&(.'./$( /A .H& 0&(&#'./$( $+ J'#-&. /(.&**/0&(F&8 OH/A
#&*/&A $( +$#J'* '(G /(+$#J'* J&FH'(/AJA A"FH 'A F"A.$J&# A"#@&BA3 J&&./(0A
'(G G/AF"AA/$(A V/.H F"A.$J&#A '(G .#'G& %'#.(&#A3 '('*BA/A $+ A'*&A #&%$#.A3
+$#J'* J'#-&. #&A&'#FH '(G A$ $(8 L( /J%$#.'(. %'#. $+ .H/A &*&J&(. /A .H'.
'** G&%'#.J&(.A8
OH/A *&'GA .$ .H& A&F$(G -&B &*&J&(. G&AF#/K&G KB W$H*/ '(G )'V$#A-/ Q4;;:Y3
/J%$#.'(. K&F'"A& /. %#$@/G&A ' AH'#&G K'A/A +$# F$(F&#.&G 'F./$(A KB .H&
G/++&#&(. G&%'#.J&(.A QW$H*/ '(G )'V$#A-/3 4;;:Y8
!"#$%&'( OH& .H/#G -&B &*&J&(. $+ ' J'#-&. $#/&(.'./$( /A #&A%$(A/@&(&AA .$ J'#-&.
)$"#('* $+ /(.&**/0&(F&8 OH& +/#A. .V$ &*&J&(.A H'@& ($ @'*"& /+ .H& $#0'(/]'./$( /A ($. 'K*&
,'#-&./(0 .$ #&A%$(G .$ J'#-&. /(.&**/0&(F& '(G .H& J'#-&. (&&GA8 LFF$#G/(0 .$ W$H*/ '(G
)'V$#A-/ Q4;;:Y3 '** G&%'#.J&(.A (&&G .$ K& #&A%$(A/@& '(G .H/A F'( .'-& .H&
%#$J$./(0 '(G G/A.#/K"./(0 %#$G"F.A .H'. J&&. F"##&(. '(G '(./F/%'.&G (&&GA8
z_is
!H p
,'#-&. $#/&(.'./$( /A .H& $#0'(/]'./$('* F"*."#& .H'. J$A. &++&F./@&*B '(G &++/F/&(.*B F#&'.&A
.H& (&F&AA'#B K&H'@/$#A +$# .H& F#&'./$( $+ A"%&#/$# @'*"& +$# K"B&#A '(G3 .H"A3 F$(./("&A
A"%&#/$# %&#+$#J'(F& +$# .H& K"A/(&AA Q9'#@&# '(G I*'. 4;;:3 %8 64Y8
L*J$A. F$(F"##&(.*B V/.H W$H*/ '(G )'V$#A-/ Q4;;:Y3 9'#@&# '(G I*'.&#
i.ci
%#&A&(.&G ' G/++&#&(. '%%#$'FH .$ .H& F$(A.#"F.8 b(H&#&(. /( .H& 9'#@&# '(G
K&H'@/$#'* &*&J&(.Ac
H'@& %"K*/AH&G ' ("JK&# $+ A."G/&A A/(F& 4;;: Q&808 9'#@&# '(G I*'. 4;;RS
9'#@&# *7 9-&3 4;;RS I*'. 4;;US I*'.&# '(G 9'#@ 4;;6S 4;;XS 4;;2Y8
'K$". .H& F"A.$J&#A $# K"B&#A '(G F$J%#&H&(G/(0 .H& ('."#& $+ .H& &F$($J/F
'(G %$*/./F'* F$(A.#'/(.A .H'. +'F& .H&J8 OH/A H&*%A .$ &(A"#& .H'. .H& F$J%'(B
V/** K& F$0(/]'(. $+ .H& (&&GA $+ /.A %#&A&(. '(G +"."#& K"B&#A '(G F'( V$#- .$
.H& $#0'(/]'./$( "(G&#A.'(GA .H& A.#&(0.HA '(G V&'-(&AA&A $+ /.A F"##&(. '(G
%$AA/K*& +"."#& F$J%&./.$#A 'A V&** 'A .H&/# *$(0<.&#J F'%'K/*/./&A '(G A.#'.&0/&A8
2
#&A$"#F&A /( F#&'./(0 A"%&#/$# @'*"& +$# /.A F"A.$J&#A8 OH"A3 '(B$(& /( .H&
$#0'(/]'./$( F'( %$.&(./'**B F#&'.& @'*"& +$# .H& K"B OH/A F$$#G/('.&G
/(.&0#'./$( $+ K"A/(&AA #&A$"#F&A /A F*$A&*B */(-&G .$ .H& F"A.$J&# '(G
F$J%&./.$# $#/&(.'./$(8 b. G#'VA $( .H& /(+$#J'./$( 0&(&#'.&G '(G .H#$"0H .H& ,'#-&.
.H#$"0H$". .H& $#0'(/]'./$(8 b+ /(.&#+"(F./$('* F$$#G/('./$( G$&A ($. &[/A.3 .H&( %&#A%&F./@&A
9'#@&# '(G I*'.&# Q4;;:Y A"00&A. .H'. .H/A J"A. K& F"*./@'.&G KB A.#&AA/(0 .H&
'G@'(.'0&A /(H&#&(. .$ .H& G/++&#&(. '#&'A /( F$$%&#'./(0 F*$A&*B V/.H &'FH
$.H O$ K& &++&F./@&3 '** G&%'#.J&(.A J"A. K& A&(A/./@& .$ .H& (&&GA $+ '** .H&
OH& *&@&* $+ J'#-&. $#/&(.'./$( /( ' K"A/(&AA "(/. /A .H& G&0#&& .$ VH/FH .H& K"A/(&AA "(/.
57
⼀ G&@&*$%A ' A.#'.&0B VH/FH V/** J&&. F"A.$J&#
$K.'/(A '(G "A&A /(+$#J'./$( +#$J F"A.$J&#A3
(&&GA3 '(G /J%*&J&(.A .H'. A.#'.&0B KB K&/(0 #&A%$(A/@& .$ F"A.$J&# (&&GA '(G V'(.A
%#$%$A&G KB W$H*/ '(G )'V$#A-/ Q4;;:Y '(G 9'#@&# '(G I*'.&# Q4;;:Y '(G
+$F"A&G $( .H& K"A/(&AA "(/. #'.H&# .H'( .H& F$#%$#'.& $# /(G/@/G"'* J'#-&. 'A
.H& "(/. $+ '('*BA/A8 OH/A +$**$VA A$J& $+ _'*-&# '(G E"&-&#.^A &'#*/&# V$#-A
$( .H& .$%/F Q&808 _'*-&# '(G E"&-&#.3 4;RUY8
'(G V'(.A '(G G&@&*$%A A%&F/+/F A.#'.&0/&A .$ A'./A+B .H&J QE"&-&#.3 4;;6Y8
J'#-&.%*'F&8
="A.$J&# $#/&(.'./$( /A .H& A&. $+ K&*/&+A .H'. %".A .H& F"A.$J&#^A /(.&#&A. +/#A.3 VH/*& ($.
&[F*"G/(0 .H$A& $+ '** $.H&# A.'-&H$*G&#A A"FH 'A $V(&#A3 J'('0&#A3 '(G &J%*$B&&A3 /( $#G&#
.$ G&@&*$% ' *$(0<.&#J %#$+/.'K*& &(.&#%#/A& QT&AH%'(G& *7 9-&3 4;;13 %8 6UY8
T&AH%'(G& *7 9-& Q4;;1Y %#$%$A&G ' J$#& G/@�&(. @/&V $+ J'#-&. $#/&(.'./$(
A"00&A./(0 .H'. /. /A AB($(BJ$"A V/.H F"A.$J&# $#/&(.'./$(8 I/(F& .H&B '#0"&
.H'. ' F$J%&./.$# $#/&(.'./$( F'( K& '*J$A. '(./.H&./F'* .$ ' F"A.$J&#
$#/&(.'./$(3 T&AH%'(G& *7 9-& Q4;;1Y &[F*"G& .H& F$J%&./.$# +$F"A +#$J .H&
F$(A/A.&(. V/.H ' F"A.$J&# $#/&(.'./$( '(G AH$"*G K& %'#. $+ /.A J&'(/(08
T&AH%'(G& *7 9-& Q4;;1Y @/&V F"A.$J&# $#/&(.'./$( 'A K&/(0 %'#. $+ .H& $@&#'**
!"#$%&'( F$#%$#'.& F"*."#& VH$A& @'*"&A #&/(+$#F& '(G %&#%&."'.& .H/A +$F"A8 OH/A @/&V
)$"#('* $+ /A A/J/*'# .$ I*'.&# '(G 9'#@&# Q4;;23 %8 DUY VH$ G&+/(& J'#-&. $#/&(.'./$( 'Ac
123456 Q4Y %*'F&A .H& H/0H&A. %#/$#/.B $( .H& %#$+/.'K*& F#&'./$( '(G J'/(.&('(F& $+ A"%&#/$#
IJJ Q6Y %#$@/G&A ($#JA +$# K&H'@/$# #&0'#G/(0 .H& $#0'(/]'./$('* G&@&*$%J&(. '(G
#&A%$(A/@&(&AA .$ J'#-&. /(+$#J'./$(8
T&AH%'(G& *7 9-& H'@& F$(G"F.&G ' ("JK&# $+ A."G/&A #&*'.&G .$ .H/A .$%/F Q&808
T&AH%'(G& '(G `'#*&B3 4;;R'S 4;;RKS T&AH%'(G& '(G _&KA. 4;R;S _&KA.
4;R4S 4;;6Y8
/(F*"G/(0c _
$#/&(.'./$(8 OH&#& '#& +$"# 0&(&#'* '#&'A $+ '0#&&J&(. /( .H& +/@& %&#A%&F./@&A3
'(G
_ ⼝ 下
䵼皆
差异
进⾏阐述
K*=60) I:
fest
L F$(F&%."'* +#'J&V$#-
$+ J'#-&. $#/&(.'./$(
%&#A%&F./@&A
L. .H& H&'#. $+ '** .H&A& J$G&*A $+ J'#-&. $#/&(.'./$( /A .H& &J%H'A/A $( .H& $#/&(.'./$(
+"(G'J&(.'* %#&J/A& $+ A'./A+B/(0 .H& (&&GA '(G V'(.A $+ ' +/#J^A F"A.$J&#A
E&0'#G*&AA $+ .H& %&#A%&F./@& .'-&(3 .H& (&&G +$# .H& F$J%'(B .$ "(G&#A.'(G /.A IJI
F"A.$J&#A QIH'%/#$3 4;RRY3 J&&. .H&/# (&&GA QE"&-&#.3 4;;6Y ($V '(G /( .H&
+"."#& QW$H*/ '(G )'V$#A-/3 4;;:Y3 F#&'.& @'*"& +$# .H&J Q9'#@&# '(G I*'.
4;;:Y '(G %". .H&/# /(.&#&A.A +/#A. QT&AH%'(G& *7 9-83 4;;1Y /A F*&'#*B %". +$#.H /(
$( .H& F"A.$J IH'%/#$ Q4;RRY /(G/F'.&A .H'. ' J'#-&.<G#/@&( F$J%'(B /A $(&
VH/FH 'Fa"/#&A '(G "./*/]&A /(+$#J'./$( $( '** .H& /J%$#.'(. /(+*"&(F/(0 +'F.$#A
.H'. '++&F. .H& K"B&#A8 OH/A A&(./J&(. /A &FH$&G KB .H& $.H&# %&#A%&F./@&A8 W$H*/
'(G )'V$#A-/ Q4;;:Y #&+&# .$ .H& (&&G .$ 0&(&#'.& /(+$#J'./$( .H'. .H&B G/AF"AA
V/.H/( .H& K#$'G&# +#'J&V$#- $+ J'#-&. /(.&**/0&(F&8 9'#@&# '(G I*'.&# Q4;;:Y
/(G/F'.& .H'. /( $#G&# .$ F#&'.& @'*"& +$# .H& F"A.$J ' *&@&* $+ "(G&#A.'(G/(0
+'F& .H&J8 E"&-&#. Q4;;6Y '*A$ F*&'#*B A%&F/+/&A .H'. .H& G&0#&& .$ VH/FH ' +/#J
$K.'/(A '(G "A&A /(+$#J'./$( +#$J F"A.$J&#A V/** G&.&#J/(& .H& *&@&* $+ J'#-&.
$#/&(.'./$( $+ .H'. $#0'(/]'./$(8 `/('**B3 /( .H& F$(F&%."'*/]'./$( $+ J'#-&.
$#/&(.'./$( KB T&AH%'(G& *7 9-& Q4;;1Y3 .H&B G/AF"AA .H& /G&' .H'. &@&( .H$"0H '
'** .H& %&#A%&F./@&A &[F&%. .H& $(&A %#$%$A&G KB T&AH%'(G& *7 9-8 Q4;;1Y '(G
E"&-&#. Q4;;6Y .H'. .H& $#0'(/]'./$( (&&GA .$ "(G&#A.'(G .H& A.#&(0.HA '(G
V&'-(&AA&A $+ /.A F$J%&./.$#A8 W$H*/ '(G )'V$#A-/ Q4;;:Y A%&F/+B .H'. J'#-&.
/(.&**/0&(F& '*A$ /(F*"G&A J$(/.$#/(0 F$J%&./.$#A^ 'F./$(A /( $#G&# .$ G&.&#J/(&
.H&/# &++&F. $( F$(A"J&#A8 9'#@&# '(G I*'.&# Q4;;:Y 0/@& &a"'* V&/0H. .$
K$.H '#&'A8 `/('**B3 IH'%/#$ Q4;RRY /(+&#A '(&FG$.'**B .H'. ' J'#-&.<$#/&(.&G
+/#J V/** '*A$ 'AA&AA .H& F$J%&././$( '(G 'Fa"/#& /(+$#J'./$( $( .H&J8
Q$7*6/1$A72"$9- A""6=2$972"$
!"#$%&'( .H#&& $+ .H& FH'#'F.&#/A./FA H& A%&F/+/&A .H'. G&+/(& ' J'#-&.<G#/@&( +/#J8 9$.
)$"#('* $+ $(*B G$&A H& A.'.& .H'. /(+$#J'./$( AH$"*G %&#J&'.& .H& &(./#& +/#J K". .H'.
,'#-&./(0 A.#'.&0/F '(G .'F./F'* G&F/A/$(A AH$"*G K& J'G& '(G &[&F".&G /(.&#+"(F./$('**B8
OH& A&F$(G -&B &*&J&(. /( .H& G&+/(/./$( $+ J'#-&. $#/&(.'./$( KB W$H*/ '(G
IJ" .H& G/++&#&(. G&%'#.J&(.A8 9'#@&# '(G I*'.&# Q4;;:Y A/(0*& $". /(.&#+"(F./$('*
$#/&(.'./$(8 E"&-&#. Q4;;6Y '*A$ '0#&&A V/.H .H& (&&G +$# /(.&#+"(F./$('*
89)2$. 9A72"$
OH& +$"#.H '#&' $+ '0#&&J&(. 'J$(0 +$"# $+ .H& +/@& J$G&*A /A .H& 'F./$( .'-&(
&[&F"./(0 F$#%$#'.& A.#'.&0B KB K&/(0 #&A%$(A/@& .$ .H& (&&GA '(G V'(.A $+ .H&
'#& %#&A&(.&G 'A ' */(&'# %#$F&AA K&0/((/(0 V/.H .H& 0&(&#'./$( $# "./*/]'./$( $+
F"*J/('./(0 /( .H& 'F./$( .'-&( KB .H& +/#J 'A ' #&A"*. $+ .H& %#/$# .V$ A.'0&A8
OH& K&H'@/$#'* %&#A%&F./@& /A "(/a"& /( .H& A&(A& .H'. &'FH &*&J&(. /( .H/A
F$(F&%."'*/]'./$( /A &a"'**B /J%$#.'(. '(G /A ($. A.#"F."#&G 'A ' */(&'# +*$V8
OH& J'#-&. /(.&**/0&(F& '(G .H& K&H'@/$#'* %&#A%&F./@&A '#& */(-&G +"#.H&# /(
.H'. &'FH A.&% /( .H& J'#-&. /(.&**/0&(F& %&#A%&F./@& /A /(F$#%$#'.&G '. &'FH
A.'0& $+ .H& K&H'@/$#'* %&#A%&F./@& Q9'#@&# '(G I*'. 4;;:Y8 b( $.H&# V$#GA3 '.
.H& F"A.$J&# $#/&(.'./$( A.'0& %#$%$A&G KB 9'#@&# '(G I*'.&# Q4;;:Y3 J'#-&.
$#G&# .$ F#&'.& F"A.$J&# @'*"&8 OH& A'J& %#$F&AA $FF"#A '. .H& F$J%&./.$#
$#/&(.'./$( A.'0& '(G .H& /(.&#+"(F./$('* F$$#G/('./$( A.'0&8 OH& +/('* J$G&* $(
F"A.$J&# %&#A%&F./@& H'A /.A F*$A&A. ./& V/.H .H& F"A.$J&# $#/&(.'./$( A.'0& $+
.H& K&H'@/$#'* %&#A%&F./@&8
OH& +/@& F$(F&%."'*/]'./$(A F'( K& +"#.H&# F'.&0$#/]&G /(.$ $(& $+ .V$
G/A./(F./@& %&#A%&F./@&Ac ' J'('0&#/'* @&#A"A ' F"*."#'* +$F"A8 IH'%/#$ Q4;RRY3
E"&-&#. Q4;;6Y3 '(G W$H*/ '(G )'V$#A-/ Q4;;:Y &[&J%*/+B ' J$#& J'('0&#/'* $#
*&'G&#AH/% +$F"A8 I&(/$# J'('0&J&(.^A #$*& /A A&&( 'A +$A.&#/(0 ' J'#-&. ,'#-&.
$#/&(.'./$( QW$H*/ '(G )'V$#A-/3 4;;:Y '(G3 /(G&&G3 V'A .'(.'J$"(. .$ /.A $#/&(.'./$(
A"FF&AA QIH'%/#$3 4;RRY8 OH& @&#B J'('0&#/'* %#$F&AA&A A"FH 'A #&F#"/./(03 %&#A%&F./@&A
managerial
IJ@ focus
J'('0&#/'* &J%H'A/A /( /J%*&J&(./(0 ' J'#-&.<$#/&(.&G '%%#$'FH V'A J$#&
OH& &J%H'A/A V'A $( .H& K&H'@/$#A &(F$"#'0&G KB ' J'#-&. $#/&(.'./$( .H'.
&++&F.A $#0'(/]'./$('* *&'#(/(0 QI*'.&# '(G 9'#@ 4;;2Y8
I/(-"*' Q4;;XY '%%#$'FH&G $#0'(/]'./$('* *&'#(/(0 +#$J .H& J'#-&.
/(+$#J'./$( %#$F&AA/(0 %&#A%&F./@& VH/FH &(F$J%'AA&G .H& 'Fa"/A/./$(3
G/A.#/K"./$(3 /(.&#%#&.'./$(3 '(G A.$#'0& $+ J'#-&. /(+$#J'./$(8 LFF$#G/(0 .$
I/(-"*' Q4;;XY3 'A $#0'(/]'./$(A 0#$V '(G '0&3 .H&B V/** H'@& ' .&(G&(FB .$
!"#$%&'( J'-& A&(A& $+ .H&/# J'#-&.A $# *&'#(8 LA %'#. $+ .H/A %#$F&AA3 '( $#0'(/]'./$('*
)$"#('* $+ ABA.&J $+ ($#JA +$# K&H'@/(0 /A G&@&*$%&G8 OH/A /A F$(A/A.&(. V/.H .H& #&+/(&G
,'#-&./(0 G&+/(/./$( $+ J'#-&. $#/&(.'./$( &A%$"A&G KB I*'.&# '(G 9'#@&# Q4;;2Y8 OH&A&
#"*&A $# A.#'.&0/&A .H'. +$#J '#& .B%/F'**B +$"(G /( ' 0/@&( F"*."#'* A&../(0
123456 QI'F-J'((3 4;;4Y8 =&(.#'* .$ .H& $#0'(/]'./$(^A *&'#(/(0 $#/&(.'./$( /A .H&
+"(G'J&(.'* @'*"& /. %*'F&A $( *&'#(/(08 OH/A G&.&#J/(&A H$V */-&*B .H&
IJA $#0'(/]'./$( V/** K& .$ &(F$"#'0& ' *&'#(/(0 F"*."#& QP"*.3 4;;RS P"*. '(G
`&##&**3 4;;U'S 4;;UKS P"*. '(G 9/FH$*A3 4;;DS I/(-"*' *7 9-&3 4;;UY3 %#$@/G&
*&'G&#AH/% .$ A"%%$#. A"FH ' *&'#(/(0 F"*."#& QP"*. *7 9-&3 4;;RY3 A"%%$#.
/(($@'./@&(&AA /( .H& +/#J^A F"*."#& QP'( *7 9-&3 4;;RS P"#*&B '(G P"*.3 4;;RY3
'(G 'G$%./(0 '( $@&#'** a"'*/.B +$F"A QC'#-/(A$( '(G =H'JK&#A3 4;;RY8
P"#*&B '(G P"*. Q4;;RY %#$%$A&G .H'. J$G&*A $+ J'#-&. $#/&(.'./$( AH$"*G
+$F"A $( /(($@'./$( Q/J%*&J&(.'./$( $+ (&V /G&'A3 %#$G"F.A $# %#$F&AA&AY
#'.H&# .H'( *&'#(/(0 QG&@&*$%J&(. $+ -($V*&G0& '(G /(A/0H.AY8 P"#*&B '(G P"*.
Q4;;RY F$(./("& KB A.'./(0 .H'. J'#-&. $#/&(.'./$( '(G $#0'(/]'./$('* *&'#(/(0
'#& K$.H A&%'#'.& '(.&F&G&(.A $+ '( /(($@'./@& F"*."#&8 I/J/*'#*B3 T&AH%'(G&
*7 9-& Q4;;1Y A"00&A. .H'. /( $#G&# .$ K&..&# "(G&#A.'(G .H& +"(F./$(/(0 $+
F"A.$J&# $#/&(.'./$(3 .H& F$(F&%. AH$"*G K& #&*'.&G .$ /(($@'./@&(&AA $+ '(
$#0'(/]'./$(^A F"*."#&8 LFF$#G/(0*B3 $#0'(/]'./$(A VH$A& F"*."#&A &J%H'A/]&
/(($@'./$(3 VH&( #&A$"#F&A '#& '@'/*'K*&3 V/** .&(G .$ /J%*&J&(. J$#&
/(($@'./$(A '(G G&@&*$% F$J%&././@& 'G@'(.'0& QP"#*&B '(G P"*.3 4;;RY8
B+&->6$*+&
OH/A %'%&# %#&A&(.&G ' +#'J&V$#- .H'. K#$"0H. .$0&.H&# +/@& F$(.&J%$#'#B
F$(F&%."'*/]'./$(A $+ J'#-&. $#/&(.'./$( '(G %#$@/G&G ' AB(.H&A/A $+ .H&/#
F$J%$(&(.A8 _H/*& .H&#& '#& A$J& G/++&#&(F&A K&.V&&( .H& J$G&*A3 F*&'#
A/J/*'#/./&A &[/A. VH/FH F". 'F#$AA .H& @'#/$"A /(.&#%#&.'./$(A $+ J'#-&.
$#/&(.'./$(8 OH& &J%H'A/A $+ ' AB(.H&A/]&G J'#-&. $#/&(.'./$( F$(A.#"F. /A $(
J&&./(0 .H& (&&GA '(G F#&'./(0 @'*"& +$# .H& F"A.$J L A&F$(G F$JJ$(
&*&J&(. /A .H& /J%$#.'(F& $+ /(+$#J'./$( V/.H/( .H& $#0'(/]'./$(8 OH/A
/(+$#J'./$( /A &@&#B.H/(0 .H'. F'( K& 0&(&#'.&G 'K$". .H& F"A.$J&#A '(G
F$J%&./.$#A .$ H&*% /( .H& +/#J^A a"&A. .$ K& J'#-&. $#/&(.&G8 \(F& .H/A
/(+$#J'./$( /A 'FF&AA&G .H#$"0H .H& F$(F&#.&G &++$#.A $+ '** .H& @'#/$"A
+"(F./$(A V/.H/( .H& F$J%'(B3 .H& $#0'(/]'./$( J"A. .H&( G/AA&J/('.& .H/A
-($V*&G0& .$ '** .H& $#0'(/]'./$(^A A.#'.&0/F K"A/(&AA "(/.A '(G G&%'#.J&(.A8
OH/A /(.&#+"(F./$('* F$$#G/('./$( /A .H& .H/#G "(/+B/(0 %#/(F/%*& /( .H& J$G&*A8
`/('**B3 +$"# $+ .H& +/@& %&#A%&F./@&A $( J'#-&. $#/&(.'./$( A.#&AA .H& (&&G +$#
'%%#$%#/'.& 'F./$( KB .H& +/#J .$ /J%*&J&(. .H& A.#'.&0/&A #&a"/#&G .$ K&
J'#-&. $#/&(.&G8
_H/*& .H&A& J$G&*A %#$@/G&G ' K'A/F F$(F&%."'*/]'./$( $+ J'#-&. $#/&(.'./$(
.H'. F$"*G K& $%&#'./$('*/]&G3 .H& F$(A.#"F. V'A F*&'#*B ($. .H'. A/J%*& .$
G&+/(& '(G #&A&'#FH&#A K&0'( .$ *$$- +"#.H&# /(.$ VH'. F$(A./.".&A ' J'#-&.
$#/&(.'./$(8 \#0'(/]'./$('* *&'#(/(03 /(($@'./$(3 '(G J'#-&. /(+$#J'./$(
%#$F&AA/(0 H'@& K&&( 'GG#&AA&G H&#& VH/FH G&*@& G&&%&# /(.$ .H/A F$(A.#"F.
'(G %#$@/G& ' #/FH&# @/&V $+ VH'. /. J&'(A .$ K& J'#-&. $#/&(.&G8 OV$ $+ .H&
$#/0/('* J'#-&. $#/&(.'./$( %&#A%&F./@&A 'GG#&AA&G .H& "(G&#*B/(0 F$#%$#'.& ,'#-&.
F"*."#& '(G /.A #$*& /( G&.&#J/(/(0 .H& G&0#&& $+ J'#-&. $#/&(.'./$( Q/8&8 $#/&(.'./$(
T&AH%'(G& *7 9-&3 4;;1S 9'#@&# '(G I*'. 4;;:Y8 OH/A F"*."#'* G/J&(A/$(
__
%&#A%&F./@&A
K&F'J& .H& A%#/(0K$'#G +$# .H& *&'#(/(0 $#0'(/]'./$(3 '( &[%'(A/$( $+ J'#-&.
$#/&(.'./$( VH/FH /(F$#%$#'.&G @'*"&A3 -($V*&G0& '(G K&H'@/$# QP"*.3 4;;RS
P"#*&B '(G P"*.3 4;;RS I/(-"*'3 4;;XS I*'.&# '(G 9'#@ 4;;2Y8 ?(G&# .H/A
"JK#&**'3 H$V .H& $#0'(/]'./$( @'*"&A *&'#(/(03 'G'%./(0 '(G /(($@'./(0 *&'GA IJD
.$ ' J$#& J&'(/(0+"* "(G&#A.'(G/(0 $+ J'#-&. $#/&(.'./$( QP"#*&B '(G P"*.3
4;;RY8 b. /A "(*/-&*B .H'. .H& &[%*$#'./$( $+ J'#-&. $#/&(.'./$( V/** A.$% H&#&8
_/.H .H& A/0(/+/F'(F& $+ .H/A F$(A.#"F. .$ .H& %&#+$#J'(F& $+ .H& $#0'(/]'./$(
'(G /.A %$.&(./'* .$ %#$@/G& ' F$J%&././@& 'G@'(.'0& QT'B '(G 9&G"(0'G/3
4;;XY3 /. /A */-&*B .H'. .H& F$(F&%."'*/]'./$( $+ J'#-&. $#/&(.'./$( V/** F$(./("&
.$ &@$*@&8
M),)0)&-)$
L#(G.3 )8 Q4;R2Y3 ff\( J'-/(0 J'#-&./(0 AF/&(F& J$#& AF/&(./+/Fc #$*& $+ $#/&(.'./$(A3 %'#'G/0JA3
J&.'%H$#A3 '(G %"]]*& A$*@/(0^^3 !"16$9- "/ B96)*72$.3 7$*8 4;3 I"JJ %%8 44<618
L@*$(/./A3 N8 '(G N$"('#/A3 I8 Q4;;UY3 ff,'#-&./(0 $#/&(.'./$( '(G F$J%'(B %&#+$#J'(F&^^3
Q$=1+7629- B96)*72$. B9$9.*:*$73 7$*8 6D3 %%8 1R2<X:68
>'- ,8)83 >*'F-3 =8T8 '(G P'#.3 I8)8 Q4;;XY3 ff=$J%&././@& A"FF&AA /( A"(#/A& '(G A"(A&.
/(G"A.#/&A^^3 /( I"(G&#A3 )8 Q!G8Y3 8#* B96)*72$. Q$2729725*3 C#&(./F& P'**3 M$(G$(8
>'#-AG'*&3 P8=8 '(G T'#G&(3 _8 Q4;U4Y3 ff,'#-&.&#A^ '../."G&A .$V'#G .H& J'#-&./(0 F$(F&%.^^3
!"16$9- "/ B96)*72$.3 7$*8 123 \F.$K %%8 6;<1D8
>#$V(*/&3 T8 '(G I'#&(3 ,8 Q4;;6Y3 ffOH& +$"# C^A $+ .H& J'#-&./(0 F$(F&%.c %#&AF#/%./@&3 %$*&J/F'*3
%&#J'(&(. '(G %#$K*&J'./F'*^^3 ?16";*9$ !"16$9- "/ B96)*72$.3 7$*8 6D 9$8 X3 %%8 1X<XR8
='G$0'(3 )8_8 '(G T/'J'(.$%$"*$A3 L8 Q4;;2Y3 ff9'#@&# '(G I*'. W$H*/ '(G )'V$#A-/ '(G .H&
J'#-&. $#/&(.'./$( F$(A.#"F.c /(.&0#'./$( '(G /(.&#('./$('*/]'./$(^^3 !"16$9- "/ '7697*.2A
B96)*72$.3 7$*8 13 %%8 X4<D:8
='G$0'(3 )8_83 T/'J'(.$%$"*$A3 L8 '(G I/0"'V3 )8L8 Q4;;RY3 ff![%$#. J'#-&.<$#/&(.&G K&H'@/$#A3
.H&/# '(.&F&G&(.A3 %&#+$#J'(F& F$(A&a"&(F&A '(G .H& J$G&#'./(0 &++&F. $+ .H& &[%$#.
&(@/#$(J&(.c &@/G&(F& +#$J .H& ?W '(G ?I^^3 /( L(G&#A$(3 C8 Q!G8Y3 B96)*72$. N*+*96A#
9$= G69A72A*3 869A) R Q$7*6$972"$9- B96)*72$.3 G6"A**=2$.+ "/ 7#* RS7# ?B>, ,"$/*6*$A*3
I.$F-H$*J3 %%8 XX;<268
='#"'('3 L83 E'J'A&AH'(3 >8 '(G !V/(03 ,8O8 Q4;;;Y3 ff,'#-&. $#/&(.'./$( '(G %&#+$#J'(F& /(
.H& %"K*/F A&F.$#c .H& #$*& $+ $#0'(/]'./$('* F$JJ/.J&(.^^3 !"16$9- "/ @-"D9- B96)*72$.3 7$*8
463 %%8 2;<U;8
=$[3 L8)83 P$$*&B3 N8)83 N#&&(*&B3 N8!83 `'HB3 )83 >&#'FA3 )83 `$(+'#'3 W8 '(G I($Z3 >8 Q4;;RY3 ff,'#-&.
$#/&(.'./$( $+ %#/@'./]&G P"(0'#/'(3 C$*/AH3 '(G I*$@&(/'( F$J%'(/&A 'A ' ABA.&J/F
#&+*&F./$( $+ ('./$('* %#/@'./]'./$( J&.H$GA^^3 /( L(G&#A$(3 C8 Q!G8Y3 B96)*72$. N*+*96A#
9$= G69A72A*3 869A) R Q$7*6$972"$9- B96)*72$.3 G6"A**=2$.+ "/ 7#* RS7# ?B>, ,"$/*6*$A*3
I.$F-H$*J3 %%8 6UU<;R8
T'B3 N8I8 Q4;;:Y3 B96)*7 J625*$ '7697*.(3 G6"A*++*+ /"6 ,6*972$. T9-1*3 OH& `#&& C#&AA3 9&V
h$#-3 9h8
T'B3 N8I8 Q4;;6Y3 ff,'#-&./(0^A F$(.#/K"./$( .$ .H& A.#'.&0B G/'*$0"&^^3 !"16$9- "/ 7#* >A9=*:( "/
B96)*72$. 'A2*$A*3 7$*8 6:3 `'**3 %%8 161<1:8
T'B3 N8I8 Q4;;XY3 ffOH& F'%'K/*/./&A $+ J'#-&.<G#/@&( $#0'(/]'./$(A^^3 !"16$9- "/ B96)*72$.3 7$*8 2R3
\F.$K %%8 1U<268
!"#$%&'( T'B3 N8I8 '(G 9&G"(0'G/3 C8 Q4;;XY3 ff,'('0&#/'* #&%#&A&(.'./$(A $+ F$J%&././@& 'G@'(.'0&^^3
!"16$9- "/ B96)*72$.3 7$*8 2R3 L%#/*3 %%8 14<XX8
)$"#('* $+
T&(03 I8 '(G T'#.3 )8 Q4;;XY3 ff,&'A"#/(0 J'#-&. $#/&(.'./$(c ' J"*./<+'F.$#3 J"*./</.&J '%%#$'FH^^3
,'#-&./(0 !"16$9- "/ B96)*72$. B9$9.*:*$73 7$*8 4:3 %%8 U62<X68
123456 T&AH%'(G&3 E8 '(G `'#*&B3 )8?8 Q4;;R'Y3 ff,&'A"#/(0 J'#-&. $#/&(.'./$(c 0&(&#'*/]'./$( '(G
AB(.H&A/A^^3 !"16$9- "/ B96)*7P<"A1+*= B9$9.*:*$73 7$*8 6 9$8 13 %%8 641<168
IJF T&AH%'(G&3 E8 '(G `'#*&B3 )8?8 Q4;;RKY3 ffOH& J'#-&. $#/&(.'./$( F$(A.#"F.c F$(A.#"F.3
F$##&*'./$(A3 F"*."#&3 '(G F$J%#&H&(A/@&(&AA^^3 !"16$9- "/ B96)*7P<"A1+*= B9$9.*:*$73
7$*8 6 9$8 13 %%8 61U<X:8
T&AH%'(G&3 E8 '(G _&KA. `8!8 )# Q4;R;Y3 ff\#0'(/]'./$('* F"*."#& '(G J'#-&./(0c G&+/(/(0 .H&
#&A&'#FH '0&(G'^^3 !"16$9- "/ B96)*72$.3 7$*8 213 )'("'#B3 %%8 1<428
T&AH%'(G&3 E83 `'#*&B3 )8?8 '(G _&KA. `8 Q4;;1Y3 ff=$#%$#'.& F"*."#&3 F"A.$J&# $#/&(.'./$(3 '(G
/(($@'./@&(&AA /( )'%'(&A& +/#JAc ' a"'G#'G '('*BA/A^^3 !"16$9- "/ B96)*72$.3 7$*8 2U3
)'("'#B3 %%8 61<1U8
!**/$..3 N8E8 Q4;;:Y3 ffOH& J'#-&./(0 F$(F&%. i (&F&AA'#B3 K". A"++/F/&(.j L( &(@/#$(J&(.'* @/&V^^3
?16";*9$ !"16$9- "/ B96)*72$.3 7$*8 6X3 %%8 6:<148
!((&V3 =8O83 `/*'.$.FH&@3 b83 _#/0H.3 ,8 '(G >"F-3 O8_8 Q4;;1Y3 ff=$(A.#'/(.A $( .H& 'G$%./$( $+
.H& J'#-&./(0 F$(F&%.^^3 ?16";*9$ !"16$9- "/ B96)*72$.3 7$*8 6U3 %%8 64<128
N'./0($(3 P8 '(G d"&#&K3 )8<>8 Q4;;UY3 ffI.#'.&0/F $#/&(.'./$( $+ .H& +/#J '(G (&V %#$G"F.
%&#+$#J'(F&^^3 !"16$9- "/ B96)*72$. N*+*96A#3 7$*8 1X3 `&K#"'#B3 %%8 UU<;:8
N*'] E8 Q4;;4Y3 ff,'#-&./(0 /( '( /(+$#J'./$(</(.&(A/@& &(@/#$(J&(.c A.#'.&0/F /J%*/F'./$(A $+
-($V*&G0& 'A '( 'AA&.^^3 !"16$9- "/ B96)*72$.3 7$*8 223 \F.$K %%8 4<4;8
N*'] E8 '(G _&/AA3 L8,8 Q4;;1Y3 ff,'#-&./(0 /( ."#K"*&(. &(@/#$(J&(.Ac G&F/A/$( %#$F&AA&A '(G
.H& ./J&<A&(A/./@/.B $+ /(+$#J'./$(^^3 !"16$9- "/ B96)*72$. N*+*96A#3 7$*8 1:3 9$@&JK
%%8 2:;<648
N#'B3 >8)83 ,'.&'#3 I8 '(G ,'.H&A$(3 C8 Q4;;RY3 ff,'#-&. $#/&(.'./$( '(G %&#+$#J'(F&c /J%*/F'./$(A
+$# J'('0&#A /( G&@&*$%/(0 &F$($J/&A^^3 /( L(G&#A$(3 C8 Q!G8Y3 B96)*72$. N*+*96A# 9$=
G69A72A*3 869A) R Q$7*6$972"$9- B96)*72$. G6"A**=2$.+ "/ 7#* RS7# ?B>, ,"$/*6*$A*3
I.$F-H$*J3 %%8 6;U<14X8
N#&&(*&B3 N8!8 Q4;;2'Y3 ff`$#JA $+ J'#-&. $#/&(.'./$( /( ?W F$J%'(/&A^^3 !"16$9- "/ B9$9.*:*$7
'71=2*+3 7$*8 16 9$8 43 %%8 XU<DD8
N#&&(*&B3 N8!8 Q4;;2KY3 ff,'#-&. $#/&(.'./$( '(G F$J%'(B %&#+$#J'(F& i &J%/#/F'* &@/G&(F& +#$J
?W F$J%'(/&A^^3 06272+# !"16$9- "/ B9$9.*:*$73 7$*8 D 9$8 43 %%8 4<418
P'(3 )8W83 9'JV$$(3 W8 '(G I#/@'A.'@'3 E8W8 Q4;;RY3 ff,'#-&. $#/&(.'./$( '(G $#0'(/]'./$('*
%&#+$#J'(F&c /A /(($@'./$( ' J/AA/(0 */(-j^^3 !"16$9- "/ B96)*72$.3 7$*8 D63 \F.$K
%%8 1:<X28
P'#.3 I8 '(G T/'J'(.$%$"*$A3 L8 Q4;;1Y3 ffM/(-/(0 J'#-&. $#/&(.'./$( '(G F$J%'(B %&#+$#J'(F&c
%#&*/J/('#B V$#- $( W$H*/ '(G )'V$#A-/^A +#'J&V$#-^^3 !"16$9- "/ '7697*.2A B96)*72$.3
7$*8 4 9$8 63 %%8 ;1<4668
P/A&3 E8O8 Q4;D2Y3 ffP'@& J'("+'F."#/(0 +/#JA 'G$%.&G .H& J'#-&./(0 F$(F&%.^^3 !"16$9- "/
B96)*72$.37$*8 6;3 )"*B3 %%8 ;<468
P$$*&B3 N83 MB(FH3 )8!8 '(G IH&%H&#G3 )8 Q4;;:Y3 ffOH& J'#-&./(0 F$(F&%. i %"../(0 .H& .H&$#B /(.$
%#'F./F&^^3 ?16";*9$ !"16$9- "/ B96)*72$.3 7$*8 6X 9$8 ;3 %%8 U<618
P$#(03 I8<=8 '(G =H&(3 L8 =8<P8 Q4;;RY3 ff,'#-&. $#/&(.'./$( $+ AJ'** '(G J&G/"J<A/]&G +/#JA /(
O'/V'(^^3 !"16$9- "/ ':9-- 01+2$*++ B9$9.*:*$73 7$*8 1D3 )"*B3 %%8 U;<R28
P$"A.$(3 `8I8 Q4;RDY3 ffOH& J'#-&./(0 F$(F&%.c VH'. /. /A '(G VH'. /. /A ($.^^3 !"16$9- "/ B96)*72$.3
7$*8 2:3 L%#/*3 %%8 R4<U8
P"*.3 N8O8,8 Q4;;RY3 ff,'('0/(0 .H& /(.&#('./$('* A.#'.&0/F A$"#F/(0 +"(F./$( 'A ' J'#-&.<G#/@&( ,'#-&.
$#0'(/]'./$('* *&'#(/(0 ABA.&J^^3 J*A2+2"$ 'A2*$A*+3 7$*8 6;3 _/(. %%8 4;1<64D8
$#/&(.'./$(
P"*.3 N8O8,8 '(G `&##&**3 \8=8 Q4;;U'Y3 ffN*$K'* $#0'(/]'./$('* *&'#(/(0 F'%'F/.B /( %"#FH'A/(0c
F$(A.#"F. '(G J&'A"#&J&(.^^3 !"16$9- "/ 01+2$*++ N*+*96A#3 7$*8 X: 9$8 63 %%8 ;U<4468 %&#A%&F./@&A
P"*.3 N8O8,8 '(G `&##&**3 \8=8 Q4;;UKY3 ffL 0*$K'* $#0'(/]'./$('* *&'#(/(0 A.#"F."#& '(G J'#-&.
/(+$#J'./$( %#$F&AA/(0^^3 !"16$9- "/ 01+2$*++ N*+*96A#3 7$*8 X: 9$8 63 %%8 422<DD8
P"*.3 N8O8,8 '(G 9/FH$*A3 !8M8 )# Q4;;DY3 ffOH& $#0'(/]'./$('* K"B&# K&H'@/$# *&'#(/(0 IJG
$#0'(/]'./$(^^3 Q$=1+7629- B96)*72$. B9$9.*:*$73 7$*8 62 9$8 13 %%8 4;U<6:U8
P"*.3 N8O8,83 `&##&**3 \8=8 '(G IFH"*3 C8M8 Q4;;;Y3 ffOH& &++&F. $+ 0*$K'* *&'G&#AH/% $( %"#FH'A/(0
%#$F&AA $".F$J&A^^3 ?16";*9$ !"16$9- "/ B96)*72$.3 7$*8 16 9$8 445463 %%8 4:6;<2:8
P"(.3 I8T8 '(G ,$#0'(3 E8,8 Q4;;2Y3 ffOH& F$J%'#'./@& 'G@'(.'0& .H&$#B $+ F$J%&././$(^^3 !"16$9-
"/ B96)*72$.3 7$*8 2;3 L%#/*3 %%8 4<428
P"#*&B3 E8`8 '(G P"*.3 N8O8,8 Q4;;RY3 ffb(($@'./$(3 J'#-&. $#/&(.'./$(3 '(G $#0'(/]'./$('*
*&'#(/(0c '( /(.&0#'./$( '(G &J%/#/F'* &['J/('./$(^^3 !"16$9- "/ B96)*72$.3 7$*8 D63 )"*B3
%%8 X6<2X8
)'V$#A-/3 >8)8 '(G W$H*/3 L8W8 Q4;;1Y3 ff,'#-&. $#/&(.'./$(c '(.&F&G&(.A '(G F$(A&a"&(F&A^^3
!"16$9- "/ B96)*72$.3 7$*8 2U3 9$8 13 %%8 21<U:8
)'V$#A-/3 >8)8 '(G W$H*/3 L8W8 Q4;;DY3 ff,'#-&. $#/&(.'./$(c #&@/&V3 #&+/(&J&(.3 '(G #$'GJ'%^^3
!"16$9- "/ B96)*7P<"A1+*= B9$9.*:*$73 7$*8 43 %%8 44;<128
W$H*/3 L8W8 '(G )'V$#A-/3 >8)8 Q4;;:Y3 ff,'#-&. $#/&(.'./$(c .H& F$(A.#"F.3 #&A&'#FH %#$%$A/./$(A3
'(G J'('0&#/'* /J%*/F'./$(A^^3 !"16$9- "/ B96)*72$.3 7$*8 2X3 L%#/*3 %%8 4<4R8
W$H*/3 L8W83 )'V$#A-/3 >8)8 '(G W"J'#3 L8 Q4;;1Y3 ff,LEW\Ec ' J&'A"#& $+ J'#-&. $#/&(.'./$(^^3
!"16$9- "/ B96)*72$.3 7$*8 1:3 9$@&JK %%8 XDU<UU8
W$.* C8 '(G L#JA.#$(03 N8 Q4;;XY3 G62$A2;-*+ "/ B96)*72$.3 U.H &G83 C#&(./F&<P'**3 !(0*&V$$G
=*/++A3 9)8
WV'-"3 L8<L8 Q4;;UY3 ff,'#-&. $#/&(.'./$( '(G %&#+$#J'(F&c G$ .H& +/(G/(0A &A.'K*/AH&G /( *'#0&
+/#JA H$*G /( .H& AJ'** K"A/(&AA A&F.$#j^^3 !"16$9- "/ ?16"PB96)*72$.3 7$*8 D3 %%8 4<6D8
M'G$3 98 '(G E/@&#'3 )8 Q4;;RY3 ffL#& .H&#& G/++&#&(. +$#JA $+ J'#-&. $#/&(.'./$(j L F$J%'#'./@&
'('*BA/A $+ I%'/( '(G >&*0/"J^^3 Q$7*6$972"$9- !"16$9- "/ B9$9.*:*$73 7$*8 423 T&F&JK
%%8 X2X<D68
M'V.$(3 M8 '(G C'#'A"#'J'(3 L8 Q4;R:Y3 ffOH& /J%'F. $+ .H& J'#-&./(0 F$(F&%. $( (&V %#$G"F.
%*'((/(0^^3 !"16$9- "/ B96)*72$.3 7$*8 XX3 _/(. %%84;<628
M"AFH3 E8`8 '(G M'F](/'-3 N8E8 Q4;RUY3 ffOH& &@$*@/(0 J'#-&./(0 F$(F&%.3 F$J%&././@& /(.&(A/.B
'(G $#0'(/]'./$('* %&#+$#J'(F&^^3 !"16$9- "/ 7#* >A9=*:( "/ B96)*72$. 'A2*$A*+3 7$*8 423
`'**3 %%8 4<448
,'*.]3 !8 '(G W$H*/3 L8W8 Q4;;DY3 ff,'#-&. /(.&**/0&(F& G/AA&J/('./$( 'F#$AA +"(F./$('*
K$"(G'#/&A^^3 !"16$9- "/ B96)*72$. N*+*96A#3 7$*8 113 `&K#"'#B3 %%8 XU<D48
,'#/($@3 ,8O83 =$[3 O83 L@*$(/./A3 N8 '(G W$"#&J&($A3 O8 Q4;;1Y3 ff,'#-&./(0 '%%#$'FH&A /(
>"*0'#/'^^3 ?16";*9$ !"16$9- "/ B96)*72$.3 7$*8 6U 9$8 445463 %%8 12<XD8
,F='#.HB3 )8!8 '(G C&##&'"*.3 _8T8 )# Q4;;:Y3 09+2A B96)*72$. U > B9$9.*629- >;;6"9A#3 4:.H &G83
b#V/(3 P$J&V$$G3 bM8
,F9'J'#'3 =8C8 Q4;U6Y3 ffOH& %#&A&(. A.'."A $+ .H& J'#-&./(0 F$(F&%.^^3 !"16$9- "/ B96)*72$.3
7$*8 1D3 )'("'#B3 %%8 2:<U8
,/.FH&**3 b8I8 Q4;RXY3 ff,'#-&.&#A^ '../."G&A .$V'#G .H& J'#-&./(0 F$(F&%. /( 9/0&#/'( K"A/(&AA
'(G ($(<K"A/(&AA $%&#'./$(A^^3 ,"-1:D29 !"16$9- "/ K"6-= 01+2$*++3 7$*8 4; 9$8 13 %%8 D6<U48
,$$#J'(3 =8 Q4;;RY3 ff,'#-&.<*&@&* &++&F.A $+ /(+$#J'./$(c F$J%&././@& #&A%$(A&A '(G F$(A"J&#
GB('J/FA^^3 !"16$9- "/ B96)*72$. N*+*96A#3 7$*8 123 `&K#"'#B3 %%8 R6<;R8
!"#$%&'( ,$#0'(3 E8!8 '(G I.#$(03 =8L8 Q4;;RY3 ff,'#-&. $#/&(.'./$( '(G G/J&(A/$(A $+ A.#'.&0/F
$#/&(.'./$(^^3 ?16";*9$ !"16$9- "/ B96)*72$.3 7$*8 16 9$8 445463 %%8 4:24<U18
)$"#('* $+
9'#@ )8T8 '(G I*'. I8`8 Q4;;:Y3 ffOH& &++&F. $+ ' J'#-&. $#/&(.'./$( $( K"A/(&AA %#$+/.'K/*/.B^^3
,'#-&./(0 !"16$9- "/ B96)*72$.37$*8 23 \F.$K %%8 6:<128
123456 9'#@ )8T8 '(G I*'. I8`8 Q4;;RY3 ffLGG/./$('* .H$"0H.A $( .H& J&'A"#&J&(. $+ J'#-&.
$#/&(.'./$(c ' F$JJ&(. $( T&AH%'(G& '(G `'#*&B^^3 !"16$9- "/ B96)*7P<"A1+*=
B9$9.*:*$73 7$*8 6 9$8 13 %%8 611<D8
IJH
9'#@ )8T83 I*'. I8`8 '(G O/&.Z&3 >8 Q4;;RY3 ff=#&'./(0 ' J'#-&. $#/&(.'./$(^^3 !"16$9- "/ B96)*7P
<"A1+*= B9$9.*:*$73 7$*8 6 9$8 13 %%8 6X4<2D8
9$#K"#(3 T83 >/#*&B3 I83 T"((3 ,8 '(G C'B(&3 L8 Q4;;:Y3 ffL +$"# ('./$( A."GB $+ .H& #&*'./$(AH/%
K&.V&&( J'#-&./(0 &++&F./@&(&AA3 F$#%$#'.& F"*."#&3 F$#%$#'.& @'*"&A3 '(G J'#-&.
$#/&(.'./$(^^3 !"16$9- "/ Q$7*6$972"$9- 01+2$*++ '71=2*+3 7$*8 64 9$8 13 %%8 X24<DR8
C'#-/(A$(3 I8O8 '(G =H'JK&#A3 L8 Q4;;RY3 ffk"'*/.B i .H& J/AA/(0 */(- +$# J'#-&. $#/&(.'./$(^^3 /(
L(G&#A$(3 C8 Q!G8Y3 B96)*72$. N*+*96A# 9$= G69A72A*3 869A) R Q$7*6$972"$9- B96)*72$.
G6"A**=2$.+ "/ 7#* RS7# ?B>, ,"$/*6*$A*3 I.$F-H$*J3 %%8 4:U<6D8
C&.&#A$(3 E8O8 Q4;R;Y3 ffIJ'** K"A/(&AA 'G$%./$( $+ .H& J'#-&./(0 F$(F&%. @&#A"A $.H&# K"A/(&AA
A.#'.&0/&A^^3 !"16$9- "/ ':9-- 01+2$*++ B9$9.*:*$73 7$*8 6U3 )'("'#B3 %%8 1R<XD8
E"&-&#.3 E8_8 Q4;;6Y3 ffT&@&*$%/(0 ' J'#-&. $#/&(.'./$(c '( $#0'(/]'./$('* A.#'.&0B %&#A%&F./@&^^3
Q$7*6$972"$9- !"16$9- "/ N*+*96A# 2$ B96)*72$.3 7$*8 ;3 %%8 662<X28
I'F-J'((3 I8L8 Q4;;4Y3 ,1-7169- M$"H-*=.* 2$ V6.9$2F972"$+3 I'0& C"K*/F'./$(A3 9&VK"#B C'#-3
=L8
I&*(&A3 `83 )'V$#A-/3 >8)8 '(G W$H*/3 L8W8 Q4;;DY3 ff,'#-&. $#/&(.'./$( /( ?(/.&G I.'.&A '(G
IF'(G/('@/'( F$J%'(/&Ac ' F#$AA<F"*."#'* A."GB^^3 B96)*72$. 'A2*$A* Q$+72717* N*;"67
E1:D*6 WSPXYS3 ,'#-&./(0 IF/&(F& b(A./.".&3 ='JK#/G0&3 ,L8
IH'%/#$3 >8 Q4;RRY3 ff_H'. .H& H&** /A fJ'#-&.<$#/&(.&G^j^^3 %96596= 01+2$*++ N*52*H3 9$@&JK&#<
T&F&JK %%8 44;<628
I/0"'V3 )8L8 '(G T/'J'(.$%$"*$A3 L8 Q4;;2Y3 ff,&'A"#/(0 J'#-&. $#/&(.'./$(c A$J& &@/G&(F& $(
9'#@&# '(G I*'.&#^A .H#&& F$J%$(&(. AF'*&^^3 !"16$9- "/ '7697*.2A B96)*72$.3 7$*8 13
%%8 UU<RR8
I/0"'V3 )8L83 >#$V(3 N8 '(G _/G/(03 E8!8 Q4;;XY3 ffOH& /(+*"&(F& $+ J'#-&. $#/&(.'./$( $+ .H& +/#J
$( A'*&A +$#F& K&H'@/$# '(G '../."G&A^^3 !"16$9- "/ B96)*72$. N*+*96A#3 7$*8 143 `&K#"'#B3
%%8 4:D<4D8
I/0"'V3 )8L83 I/J%A$(3 C8,8 '(G >'- O8M8 Q4;;RY3 ff!++&F.A $+ A"%%*/&# J'#-&. $#/&(.'./$( $(
G/A.#/K".$# J'#-&. $#/&(.'./$( '(G .H& FH'((&* #&*'./$(AH/%c .H& G/A.#/K".$# %&#A%&F./@&^^3
!"16$9- "/ B96)*72$.3 7$*8 D63 )"*B3 %%8 ;;<4448
I/(-"*'3 )8,8 Q4;;XY3 ff,'#-&. /(+$#J'./$( %#$F&AA/(0 '(G $#0'(/]'./$('* *&'#(/(0^^3 !"16$9- "/
B96)*72$03 )'("'#B3 %%8 12<X28
I/(-"*'3 )8,83 >'- _8!8 '(G 9$$#G&V/ O8 Q4;;UY3 ffL +#'J&V$#- +$# J'#-&.<K'A&G
$#0'(/]'./$('* *&'#(/(0c */(-/(0 @'*"&A3 -($V*&G0& '(G K&H'@/$#^^3 !"16$9- "/ 7#* >A9=*:(
"/ B96)*72$. 'A2*$A*3 7$*8 62 9$8 X3 %%8 1:2<4R8
I*'. I8 Q4;;UY3 ffT&@&*$%/(0 ' F"A.$J&# @'*"&<K'A&G .H&$#B $+ .H& +/#J^^3 !"16$9- "/ 7#* >A9=*:(
"/ B96)*72$. 'A2*$A*3 7$*8 623 I%#/(03 %%8 4D6<U8
I*'. I8 '(G 9'#@ )8=8 Q4;;6Y3 ffI"%&#/$# F"A.$J&# @'*"& '(G K"A/(&AA %&#+$#J'(F&c .H& A.#$(0
&@/G&(F& +$# ' J'#-&.<G#/@&( F"*."#&^^3 B96)*72$. 'A2*$A* Q$+72717* N*;"67 E1:D*6 WRPXRZ3
,'#-&./(0 IF/&(F& b(A./.".&3 ='JK#/G0&3 ,L8
I*'. I8 '(G 9'#@ )8=8 Q4;;XY3 ffT$&A F$J%&././@& &(@/#$(J&(. J$G&#'.& .H& J'#-&.
$#/&(.'./$(<%&#+$#J'(F& #&*'./$(AH/%j^^3 !"16$9- "/ B96)*72$.3 7$*8 2R3 )'("'#B3 %%8 XD<228
I*'. I8 '(G 9'#@ )8=8 Q4;;2Y3 ff,'#-&. $#/&(.'./$( '(G .H& *&'#(/(0 $#0'(/]'./$(^^3 !"16$9- "/ ,'#-&.
B96)*72$.3 7$*8 2;3 )"*B3 %%8 D1<UX8
_'*- \8=83 )# '(G E"&-&#.3 E8_8 Q4;RUY3 ff,'#-&./(0^A #$*& /( .H& /J%*&J&(.'./$( $+ K"A/(&AA
$#/&(.'./$(
A.#'.&0/&Ac ' F#/./F'* #&@/&V '(G F$(F&%."'* +#'J&V$#-^^3 !"16$9- "/ B96)*72$.3 7$*8 243 )"*B3 %&#A%&F./@&A
%%8 42<118
_&KA. `8!83 )# Q4;R4Y3 ffO$% J'('0&J&(.^A F$(F&#(A 'K$". J'#-&./(0c /AA"&A +$# .H& 4;R:A^^3
!"16$9- "/ B96)*72$.3 7$*8 X23 I"JJ %%8 ;<4D8
_&KA. `8!83 )# Q4;;6Y3 ffOH& FH'(0/(0 #$*& $+ J'#-&./(0 /( .H& F$#%$#'./$(^^3 !"16$9- "/
IJ!
B96)*72$.3 7$*8 2D3 \F.$K %%8 4<4U8
_$(03 78 '(G I'"(G&#A3 )8 Q4;;1Y3 ff>"A/(&AA $#/&(.'./$(A '(G F$#%$#'.& A"FF&AA^^3 !"16$9- "/
'7697*.2A B96)*72$.3 7$*8 43 ,'#FH3 %%8 6:<X:8
_$#-J'(3 )8C83 P$JK"#03 =8 '(G N#"( W8 Q4;;RY3 ff,'#-&./(0 $#0'(/]'./$(c '( /(.&0#'./@&
+#'J&V$#- $+ G/J&(A/$(A '(G G&.&#J/('(.A^^3 !"16$9- "/ B96)*72$.3 7$*8 D63 )"*B3 %%8 64<X48
_#&((3 >8 Q4;;UY3 ffOH& J'#-&. $#/&(.'./$( F$(A.#"F.c J&'A"#&J&(. '(G AF'*/(0 /AA"&A^^3 !"16$9- "/
B96)*72$. 8#*"6( 9$= G69A72A*3 7$*8 23 I"JJ %%8 14<2X8