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$CJVOKNNKQP             

             

             

             

             

             

             

OQPVJ6*$(+:RNWUCEGTVCKPRGTEGPVCIG RGTCPPWO 4GRC[UVJGRTKPEKRCNCPFKPVGTGUVGXGT[OQPVJ RGTKQF6JGNQCPKUTGRC[CDNGKPKPUVCNNOGPVU QH$CJVOKNNKQPHTQO(GDTWCT[VQ (GDTWCT[ 1P(GDTWCT[VJG%QORCP[YCU CRRTQXGFD[VJGDCPMVQGZVGPFVJGFWGFCVG QHRTKPEKRCNRC[OGPVHQT[GCTUHTQO(GDTWCT[ VQ#WIWUV6JGRTKPEKRCN YKNNDGRCKFKPKPUVCNNOGPVUCPFGCEJ KPUVCNNOGPVKU$CJVOKNNKQP6JGNCUV KPUVCNNOGPVKUVJGTGUV6JGUGRC[OGPVUYKNNDG GHHGEVKXGHTQO(GDTWCT[

                                     

2CTV$CJVOKNNKQP 2CTV$CJVOKNNKQP                 

                  

                  

                  

                  

                  

                  

OQPVJÌZGFFGRQUKVTCVGRNWUCEGTVCKP RGTEGPVCIG 6JGKPVGTGUVKURC[CDNGOQPVJN[4GRC[OGPV QHNQCPRTKPEKRCNCVVJGCOQWPVURGEKÌGFKP VJGCITGGOGPVKUVQDGOCFGD[SWCTVGTN[ KPUVCNNOGPVUHTQO/CTEJVQ&GEGODGT  1P&GEGODGTVJG%QORCP[YCU CRRTQXGFD[VJGDCPMVQGZVGPFVJGFWG FCVGQHRTKPEKRCNRC[OGPVHQT[GCTUHTQO &GEGODGTVQ&GEGODGT 2CTV$CJVOKNNKQPYKNNDGRCKFKP SWCTVGTN[KPUVCNNOGPVUCPFGCEJKPUVCNNOGPV KP$CJVOKNNKQP6JGNCUVKPUVCNNOGPVUKU VJGTGUVCPF2CTV$CJVOKNNKQPYKNNDG RCKFKPSWCTVGTN[KPUVCNNOGPVUCPFGCEJ KPUVCNNOGPVKP$CJVOKNNKQP6JGNCUV KPUVCNNOGPVUKUVJGTGUV6JGUGRC[OGPVUYKNN DGGHHGEVKXGHTQO/CTEJ

                           

$CJVOKNNKQP             

             

             

             

             

             

             

/.4NGUUCÌZGFRGTEGPVCIG 6JGKPVGTGUVKURC[CDNGOQPVJN[6JGNQCPKU TGRC[CDNGKPGXGT[OQPVJRGTKQFKPUVCNNOGPVU QH$CJVOKNNKQPVJGNCUVKPUVCNNOGPVKUVJG TGUV6JGUGRC[OGPVUYKNNDGGHHGEVKXGHTQO (GDTWCT[QPYCTFU 1P/CTEJVJG%QORCP[YCUCRRTQXGF D[VJGDCPMVQGZVGPFVJGFWGFCVGQHRTKPEKRCN RC[OGPVHQT[GCTUHTQO0QXGODGT VQ0QXGODGT6JGRTKPEKRCNYKNN DGRCKFKPKPUVCNNOGPVUGXGT[OQPVJ RGTKQFCPFGCEJKPUVCNNOGPVKP$CJV OKNNKQP6JGNCUVKPUVCNNOGPVKUVJGTGUV6JGUG RC[OGPVUYKNNDGGHHGEVKXGHTQO(GDTWCT[


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$CJVOKNNKQP    

    

    

    

    

    

    

/.4NGUUCÌZGFRGTEGPVCIG6JGKPVGTGUV KURC[CDNGOQPVJN[6JGNQCPKUTGRC[CDNGKP SWCTVGTN[KPUVCNNOGPVUQH$CJVOKNNKQP VJGNCUVKPUVCNNOGPVKUVJGTGUV6JGUGRC[OGPVU YKNNDGGHHGEVKXGHTQO&GEGODGTQPYCTFU

                           

$CJVOKNNKQP             

             

             

             

             

             

             

6JGJKIJGTQHOQPVJÌZGFFGRQUKVTCVGHQT KPFKXKFWCNUQTEQTRQTCVKQPURNWUCEGTVCKP RGTEGPVCIG6JGKPVGTGUVKURC[CDNGOQPVJN[ 6JGNQCPKUTGRC[CDNGKPSWCTVGTN[KPUVCNNOGPVU QH$CJVOKNNKQPHTQO/CTEJVQ&GEGODGT  1P#WIWUVVJGUWDUKFKCT[YCU CRRTQXGFD[VJGDCPMVQGZVGPFVJGFWGFCVG QHRTKPEKRCNRC[OGPVHQT[GCTUHTQO&GEGODGT VQ&GEGODGT6JGRTKPEKRCN YKNNDGRCKFKPSWCTVGTN[KPUVCNNOGPVUCPF GCEJKPUVCNNOGPVKU$CJVOKNNKQP6JGNCUV KPUVCNNOGPVKUVJGTGUV6JGUGRC[OGPVUYKNNDG GHHGEVKXGHTQO5GRVGODGT

       

75&OKNNKQP   

   

   

   

   

   

   

.+$14RNWUCEGTVCKPRGTEGPVCIG6JGKPVGTGUV KURC[CDNGOQPVJN[6JGNQCPKUTGRC[CDNGKP SWCTVGTN[KPUVCNNOGPVUQH75&OKNNKQP HTQO/CTEJVQ&GEGODGT

                         

$CJVOKNNKQP            

            

            

            

            

            

            

/.4OKPWUCRGTEGPVCIGURGEKÌGFKPVJG CITGGOGPV6JGKPVGTGUVKURC[CDNGOQPVJN[ 6JGNQCPKUTGRC[CDNGKPSWCTVGTN[KPUVCNNOGPVU QH$CJVOKNNKQPHTQO/CTEJQPYCTFU 1P#WIWUVVJGUWDUKFKCT[YCU CRRTQXGFD[VJGDCPMVQCFLWUVVJGKPVGTGUV TCVGFGETGCUGCPFGZVGPFVJGFWGFCVGQH RTKPEKRCNRC[OGPVHQTC[GCTHTQO&GEGODGT VQ&GEGODGT6JGRTKPEKRCN YKNNDGRCKFKPSWCTVGTN[KPUVCNNOGPVUCPF GCEJKPUVCNNOGPVKU$CJVOKNNKQP6JGNCUV KPUVCNNOGPVKUVJGTGUV6JGUGRC[OGPVUYKNNDG GHHGEVKXGHTQO5GRVGODGT

                 

$CJVOKNNKQP     6QVCNNQPIVGTONQCPU .GUU%WTTGPVRQTVKQP .QPIVGTONQCPUHTQO DCPMUPGV

      

     

 

      

     

 

     

 

     



/.4OKPWUCRGTEGPVCIGURGEKÌGFKPVJG CITGGOGPV6JGKPVGTGUVKURC[CDNGOQPVJN[ 6JGNQCPKUVQDGTGRCKFKPOQPVJN[KPUVCNNOGPVU QH$CJVOKNNKQPGCEJHTQO,CPWCT[ VQ&GEGODGT













6JG 5WDUKFKCTKGU


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#FFKVKQPCN+PHQTOCVKQP 6JG%QORCP[  6JG%TGFKVNKPGPQKPQTFGTVQJGFIGVJGKPVGTGUVTCVGTKUMCUUQEKCVGFYKVJVJGCDQXGNQCPVJG%QORCP[OCFGCPKPVGTGUV TCVGJGFIKPICITGGOGPVKPCHWNNCOQWPVYKVJCDCPMVGTOKPCVKPIQP(GDTWCT[VQUYCRVJGCDQXGKPVGTGUVTCVGHQTC ÌZGFKPVGTGUVTCVGCPFJCUDGGPRQUVRQPGFVJGRGTKQFWPVKN#WIWUVKPCEEQTFCPEGYKVJVJGRTKPEKRNGCITGGOGPV#V VJGOCVWTKV[FCVGQHGXGT[UKZOQPVJVJG%QORCP[YKNNRC[VJGKPVGTGUVCVCÌZGFTCVGRGTCPPWOVQVJGDCPMCPFVJGDCPMYKNN RC[VJGKPVGTGUVVQVJG%QORCP[CVVJGOQPVJ6JCK$CJV+PVGTGUV4CVG(KZKPI /QPVJ6*$(+: RNWUCÌZGFRGTEGPVCIGRGT CPPWOKPCEEQTFCPEGYKVJVJGPGYEQPFKVKQPUUVKRWNCVGFKPVJGCITGGOGPVYJKEJKUGHHGEVKXGQP#WIWUVQPYCTFU  7PFGTVJGCDQXGCITGGOGPVVJG%QORCP[KUTGSWKTGFVQEQORN[YKVJEGTVCKPUVKRWNCVGFNQCPEQPFKVKQPUTGNCVKPIVQ OCVVGTUUWEJCURTQJKDKVQHETGCVKQPQHEQOOKVOGPVVQVJG%QORCP[¿UCUUGVUQTVTCPUHGTQHTKIJVGZEGRVHQTEGTVCKPEQPFKVKQPU VJGOCKPVGPCPEGQHCFGDVVQGSWKV[TCVKQCPFRC[DCEMCDKNKV[TCVKQGVE 6JG5WDUKFKCTKGU  6JG%TGFKVNKPGPQKPQTFGTVQJGFIGVJGKPVGTGUVTCVGCPFHQTGKIPEWTTGPE[GZEJCPIGTKUMVJGUWDUKFKCT[GPVGTGFKPVQ VJGCITGGOGPVQH75&6*$%TQUU%WTTGPE[4CVG5YCRVTCPUCEVKQPYKVJVJGUWEJDCPMYJKEJYKNNFWGQP&GEGODGT CUVJGHQNNQYKPIEQPFKVKQP  'CEJOQPVJN[OCVWTKV[FCVGVJGUWDUKFKCT[YKNNRC[VJGÌZGFKPVGTGUVTCVGVQVJGDCPMCPFVJGDCPMRC[U75&.+$14RNWU ÌZGFKPVGTGUVTCVG  #PFGCEJRCTV[YKNNGZEJCPIGCOQWPVQH75&CPF6*$FWGHTQOVJGSWCTVGTN[RTKPEKRCNKPUVCNNOGPVUCPFOQPVJN[KPVGTGUV CUUVCVGFKPVJGCITGGOGPV  6JG%TGFKVNKPGPQCPFCTGIWCTCPVGGFD[VJG%QORCP[CPFUGEWTGFD[VJGTKIJVUQXGTFGRQUKVUCPFVJGVTCPUHGT QHVJGTKIJVUWPFGTVJG2GTOKUUKQPHQT2GTHQTOCPEG#ITGGOGPVQHVJGCXKCVKQPHWGNJ[FTCPVPGVYQTM  .CVGTQP#WIWUVCUWDUKFKCT[JCUTGEGKXGFCYTKVVGPCRRTQXCND[VJGDCPMHQTCYCKXGTQHEQPFKVKQPUKPVJG ÌPCPEKCNHCEKNKV[CITGGOGPVCDQWVGZVGPFKPIVJGFWGFCVGQHRTKPEKRCNCPFCFLWUVKPIVJGKPVGTGUVTCVGFGETGCUGFRGTUCKFKP VJGETGFKVNKPGPQCPFCDQXG6JGUWDUKFKCT[ECPWUGFGRQUKVCEEQWPVUYKVJCP[ÌPCPEKCNKPUVKVWVKQPU6JGUWDUKFKCT[OWUV RNGFIGCPFQTVTCPUHGTQHVJGTKIJVUQHVJGUWEJÌPCPEKCNKPUVTWOGPVUQTUWEJFGRQUKVCEEQWPVUVQVJGDCPMHQTIWCTCPVGG  6JG%TGFKVNKPGPQVJG%QORCP[KUCIWCTCPVQTQHVJGNQCPYJGTGD[KVKUTGURQPUKDNGHQTRGTEGPVQHRTKPEKRCNKPVGTGUV CPFCP[QVJGTGZRGPUGUKPEWTTGFD[VJGDCPMKPOCMKPIEQNNGEVKQPQHUWKPIHQTTGEQXGT[  7PFGTVJGCDQXGCITGGOGPVVJGUWDUKFKCTKGUCTGTGSWKTGFVQEQORN[YKVJEGTVCKPUVKRWNCVGFNQCPEQPFKVKQPUTGNCVKPIVQ OCVVGTUUWEJCUVJGOCKPVGPCPEGQHCFGDVVQGSWKV[TCVKQFKXKFGPFRC[OGPVCPFEQORGPUCVKQPHQTNQUUGUUWHHGTGFD[VJG ETGFKVRTQXKFGTGVE

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5VCVGOGPVQHÌPCPEKCNRQUKVKQP 'ORNQ[GGDGPGÌVQDNKICVKQPUDGIKPPKPIQHVJG[GCT %WTTGPVUGTXKEGEQUV  +PVGTGUVEQUV  $GPGÌVURCKF  'ORNQ[GGDGPGÌVQDNKICVKQPUGPFKPIQHVJG[GCT  .GUU%WTTGPVRQTVKQP   0GV   

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5VCVGOGPVUQHEQORTGJGPUKXGKPEQOG %WTTGPVUGTXKEGEQUV  %QUVQHUGTXKEGU   #FOKPKUVTCVKXGGZRGPUGU   /CPCIGOGPVDGPGÌVGZRGPUGU    6QVCN  +PVGTGUVEQUV  'ZRGPUGUTGEQIPK\GFKPVJGUVCVGOGPVUQH  EQORTGJGPUKXGKPEQOG   

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'ORNQ[GGDGPGÌVQDNKICVKQPUCHVGTTGUKIPCVKQP 'ORNQ[GGDGPGÌVQDNKICVKQPUWPFGTNCDQTRTQVGEVKQPNCYU 'ORNQ[GGDGPGÌVQDNKICVKQPUOCTMQH[GCTUQHUGTXKEG

  

  

 )TQWRQH%QORCP[&GOQITCRJKECUUWORVKQPU  #UUWORVKQPUCDQWVVJGFGCVJTGHGTGPEGVQOQTVCNKV[TCVGDCUGFQPVCDNGQHOQTVCNKV[$' 6/ CPPQWPEGFD[ +PUWTCPEG%QOOKUUKQP#EVCPFCFLWUVFQYP6JGWUGFVCDNGQHOQTVCNKV[ 6/ EQPUKUVKPIQHFCVCEQNNGEVGFHTQOC UWTXG[QHNKHGKPUWTCPEGEQORCPKGUKP6JCKNCPFCPFDTKPIUVJGEQPÌFGPEGVJCVVJGUCKFPWODGTUYKNNTGÍGEVVJGCEVWCNFGCVJ TCVGQHVJGRQRWNCVKQPKP6JCKNCPF  #UUWORVKQPUCDQWVGORNQ[GGVWTPQXGTTCVG µÊ×ÈÊÓÙ×ÆÙÊÕÊ×ÞÊÆ× ¨ÔÓØÔÑÎÉÆÙÊÉ«ÎÓÆÓÈÎÆѸÙÆÙÊÒÊÓÙ¸ÊÕÆ×ÆÙÊ«ÎÓÆÓÈÎÆѸÙÆÙÊÒÊÓÙ

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 6JGCDQXGGORNQ[GGVWTPQXGTTCVGUJQYUXQNWPVCTKN[TCVGQHGORNQ[GGUYJQNGCXGVJGYQTMGZENWFKPIFGCVJFKUCDKNKV[VQ YQTMVJCVKUCTGCUQPVQNGCXGCPFGCTN[TGVKTGOGPV6JGTGHQTGVJGECNEWNCVKQPQHDGPGÌVURCKFVQGORNQ[GGUYKNNDGDCUGFQP VJGOGPVKQPGFCUUWORVKQPU   2TQXKFGPV(WPF   6JG%QORCP[CPFKVUUWDUKFKCTKGURC[VJGEQPVTKDWVKQPHQTVJG[GCTUGPFGF&GEGODGTCPFCOQWPVGF VQ$CJVOKNNKQPCPF$CJVOKNNKQPTGURGEVKXGN[   6JG%QORCP[KVUGNHRC[VJGEQPVTKDWVKQPHQTVJG[GCTUGPFGF&GEGODGTCPFCOQWPVGFVQ$CJV OKNNKQPCPF$CJVOKNNKQPTGURGEVKXGN[


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'ORNQ[GGUDGPGÌVGZRGPUGU &KTGEVQTU¿TGOWPGTCVKQP &GRTGEKCVKQPCPFCOQTVK\CVKQPGZRGPUGU #KTRQTVEQPEGUUKQPHGGU 4GPVCNGZRGPUG %QPUWNVKPIUGTXKEGUGZRGPUGU .QUUQHFCOCIGHTQOÍQQFKPI

      

      

      

      

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4GEGKRVQHVJGRTKPEKRCNHTQOTGUVTWEVWTKPI 'ORNQ[GGDGPGÌVQDNKICVKQPU &GRTGEKCVKQP 1VJGTU  6QVCNFGHGTTGFVCZCUUGVU

    

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4GEGKRVQHVJGRTKPEKRCNHTQOTGUVTWEVWTKPI 'ORNQ[GGDGPGÌVQDNKICVKQPU .QUUECTT[HQTYCTFQPVCZDCUG &GRTGEKCVKQP 1VJGTU  6QVCNFGHGTTGFVCZCUUGVU

     

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:: Annual Report 2012 ::