BUFPQFKDHKLTIBADB>KAMO>@QF@B >KAQLLHFKQL>@@LRKQQEBDL>IP>KA>PMFO>QFLKPLCQEB >KA PQRABKQP >Q RKFSBOPFQV IBSBI FK 5FBQK>J E>SB ?BBK >AAOBPPFKD QEB ABSBILMJBKQ LC $KDIFPEMOLKRK@F>QFLKPHFIIPF
Trang 2FF
4AC85820C4>5$A868=0;DC7>AB78?
(@BOQFCVQE>QQEBTLOHFKQEFPQEBPFPE>PKLQMOBSFLRPIV?BBKPR?JFQQBACLO>ABDOBBKLOE>PFQ?BBKPR?JFQQBA>PM>OQLCOBNRFOBJBKQPCLO>ABDOBBBU@BMQ>PCRIIV>@HKLTIBADBA
Trang 3FFF
43820C8>=
(ABAF@>QBQEFPQEBPFPQLQEBJBJLOVLCJV?BILSBAC>QEBOTELPBILSB>KAPRMMLOQTFIICLOBSBO?B>PLRO@BLCMLTBOCLOEFP@EFIAOBKQLDLC>O>KAIFSBE>MMFIVTE>QBSBOT>VP
Trang 4>KA QL JV MOBPBKQ MOFK@FM>I PRMBOSFPLO #O *BFHL 8>PRH>T> CLO EBO S>IR>?IB >ASF@B
(CFKAJVPBICPLIR@HVQLE>SBJVC>JFIV>KACOFBKAPTELE>SB>IT>VPPQ>VBA?VJVPFAB
,VPFK@BOBQE>KHP>OBQL#O&RBKQBO/IRJTELE>PMOLSFABAMOLCBPPFLK>IBAFQFKDCLOQEFP
( TLRIA >IPL IFHB QL QE>KH 5FBQK>JBPB ,FKFPQOV LC $AR@>QFLK >KA 4KFSBOPFQV LC
Trang 7MMBKAFU>(KCLOJ>QFLKPEBBQPQRABKQPp0RBPQFLKK>FOB>KA%L@RP&OLRM(KQBOSFBT
MMBKAFU?(KCLOJ>QFLKPEBBQPQRABKQPp0RBPQFLKK>FOB>KA%L@RP&OLRM(KQBOSFBT
MMBKAFU>(KCLOJ>QFLKPEBBQQB>@EBOPp"I>PPL?PBOS>QFLK>KA(KQBOSFBTP
MMBKAFU?(KCLOJ>QFLKPEBBQQB>@EBOPp"I>PPL?PBOS>QFLK>KA(KQBOSFBTP
81;8>6A0?7H
Trang 9
3EBMOBPBKQPQRAVFPIL@>QBA>Q>5FBQK>JBPBRKFSBOPFQV>KAFKSBPQFD>QBPMOLKRK@F>QFLKMBA>DLDV FK >K $KDIFPE /OBM>O>QFLK "LROPB >Q QEFP RKFSBOPFQV TEF@E MOBM>OBPMOFK@FM>IIVNR>IFQ>QFSBFK>MMOL>@EAO>TFKDLKA>Q>COLJQEBL?PBOS>QFLKLC@I>PPBP
QEB>K>IVPFPLCA>Q>D>QEBOBAFKCL@RPDOLRMP>KASF>PROSBVNRBPQFLKK>FOBP>AJFKFPQBOBAQLPQRABKQP>@OLPPAFCCBOBKQIBSBIPLC$KDIFPEMOLCF@FBK@V>PTBII>PQEB>K>IVPFPLC
3EBPQRAVMOLSFABPABBMFKPFDEQPFKQLMOLKRK@F>QFLKMBA>DLDV>QQEBRKFSBOPFQVIBSBIFKHKLTIBADB>KAMO>@QF@B>PTBII>PPQRABKQPt?BIFBCPMO>@QF@B>KA>PMFO>QFLKP@LK@BOKFKD
@ROOF@RIRJFKTEF@EMOLKRK@F>QFLKT>P>?PBKQQB>@EBOP>KAPQRABKQPMI>@BA>EFDEPQRABKQPSFBTBA>PS>OFBQFBPLC$KDIFPEQE>QTBOB>MMOLMOF>QB>PFKPQOR@QFLK>IJLABIPFKQBOSFBTFKDQB>@EBOP>KAL?PBOSFKDQEBFO@I>PPOLLJMO>@QF@BP>PMB@QPLC$KDIFPE
MOLKRK@F>QFLKTEF@ETBOBQ>RDEQ>KAELTQEBVTBOBQ>RDEQTBOB>?IBQL?BFABKQFCFBA
Trang 10Trang 11
DO>AR>QFLKTEBK(E>AJLOB@LKQ>@QTFQECLOBFDKBOPFKJVQB>@EFKDGL?FK>GLFKQQO>FKFKDMOLDO>J?BQTBBK>5FBQK>JBPBRKFSBOPFQV>KA>K RPQO>IF>KRKFSBOPFQVFK'>KLFQE>Q(OB>IFP>QFLK ( E>SB IB>OKQ QL >MMOB@F>QB ?BQQBO QEB PQORDDIBP QE>Q JV LTK PQRABKQP TBOB
>KA IB>OKFKD FK JV @LRKQOV ?BVLKA QEB HKLTIBADB >KA PBKPB ( E>A COLJ JV LTKKBBABAPR@E@E>KDBPFKJVSFBT@LRIALKIV?BPR@@BPPCRIFCQEBV?RFIQLKQB>@EBOPt
Trang 12
BUFPQFKDHKLTIBADB>KAMO>@QF@B>KAQLLHFKQL>@@LRKQQEBDL>IP>KA>PMFO>QFLKPLCQEB
>KA PQRABKQP >Q RKFSBOPFQV IBSBI FK 5FBQK>J E>SB ?BBK >AAOBPPFKD QEB ABSBILMJBKQ LC
$KDIFPEMOLKRK@F>QFLKPHFIIPFKQEBFO$KDIFPE@I>PPBPTE>QQEBVCB>OBA?BIFBSBA>KAELMBACLOFKFJMOLSFKDQEBFO$KDIFPEMOLKRK@F>QFLK>KATE>QLMMLOQRKFQFBP>KA@E>IIBKDBP?LQE
6EFIBJVFKFQF>IJLQFS>QFLKCLOOBPB>O@ET>PQL?BQQBOFKCLOJMOLKRK@F>QFLKQB>@EFKDFK
?BBKFKQBOBPQFKDJ>PQBOP>KAAL@QLO>IOBPB>O@EFKQLQEFPQLMF@FK5FBQK>JCLOBU>JMIBQEBOBE>P?BBKFKQBOBPQFKDTLOH?BFKD@>OOFBALRQ>Q,>@NR>OFB4KFSBOPFQV5RLK
$UMILOFKD$KDIFPE/OLKRK@F>QFLK3B>@EFKDFK5FBQK>J3FJBCLO>-BT MMOL>@E>Q5F@QLOF> 4KFSBOPFQV LC 6BIIFKDQLK LK $%+ /OLKRK@F>QFLK (KPQOR@QFLK /O>@QF@BA >Q >6LIILKDLKD LK 2MB>HFKD /BA>DLDV (KPFDEQP COLJ 5FBQK>JBPB $%+ 3B>@EBOPt
>JLKDQEBCBTPQRAFBPFKQEBOBDFLKTEF@EALFKSBPQFD>QBMOLKRK@F>QFLKMBA>DLDVKLKB
MOLKRK@F>QFLK FK $+3 OBPB>O@E FK 5FBQK>J >KA 2LRQEB>PQ PF> FP PROMOFPFKD DFSBK QEB
@OFQF@>I OLIB LC MOLKRK@F>QFLK FK PR@@BPPCRI @LJJRKF@>QFLK FK $KDIFPE >KA DFSBK QEBQ>ODBQPPBQ?V>IIDLSBOKJBKQPFKQEBOBDFLKQLBKE>K@BQEBFOMBLMIBPt>?FIFQVQLRPB$KDIFPE
>FJBAQL>AAOBPPQEFPD>MFK5FBQK>JBPB>KAQEBOBDFLK>I$+3OBPB>O@E?>PB>KAQLPEBA
(K QEB CLIILTFKD PB@QFLKP ( MOLSFAB PLJB @LKQBUQR>I FKCLOJ>QFLK OBI>QBA QL $KDIFPEI>KDR>DB QB>@EFKD FK 5FBQK>J >KA QEB @ROOBKQ MLIF@V J>KA>QB OBD>OAFKD $+3OBSFQ>IFP>QFLKFKQEB@LRKQOVQEBO>QFLK>IBCLOJVOBPB>O@EJVOBPB>O@ENRBPQFLKPJVOBPB>O@E>MMOL>@EQEBPBQQFKDFKTEF@EQEBOBPB>O@EQLLHMI>@B>KACFK>IIV>KLRQIFKBLC
Trang 13
!)8=+84C=0<
P > OBPRIQ LC DIL?>IFP>QFLK QEBOB BUFPQP >K RKMOB@BABKQBA ABJ>KA CLO $KDIFPE
I>KDR>DBT>P@IB>OIVOBCIB@QBAFKQEBDLSBOKJBKQtPAB@FPFLKQLI>RK@EQEBJLPQ@LPQIV>KAFJM>@QCRIMOLGB@QCLO$KDIFPEQB>@EFKD>KAIB>OKFKDQLA>QBQFQIBAq3B>@EFKD>KA+B>OKFKD
%LOBFDK +>KDR>DBP FK QEB ->QFLK>I $AR@>QFLK 2VPQBJ /BOFLA r DBKBO>IIVPR?PQ>KQF>IFJMOLSBJBKQFKCLOBFDKI>KDR>DBBAR@>QFLKFKDBKBO>I>KA$+3FKQEBK>QFLK>I
'LTBSBO QEB LRQ@LJBP LC QEB /OLGB@Q QL A>QB E>SB ?BBK DBKBO>IIV OBD>OABA >PPQFIIOBJ>FKP>J>GLO@E>IIBKDBTEF@EE>PIFJFQBA5FBQK>JBPBIB>OKBOPt>@@BPPQLPL@F>I
>QQBKABAQLQEBRKFNRBCB>QROBPLC PF>K$%+QEB@E>IIBKDBP>KALMMLOQRKFQFBPLCIB>OKBOPFKAFCCBOBKQ PF>K@LKQBUQPFKIB>OKFKD$KDIFPEMOLKRK@F>QFLK>KA@LKPBNRBKQIVE>PBSBK5FBQK>J OBPB>O@E LK MOLKRK@F>QFLK JLPQIV CL@RPBP LK @LKQO>PQFSB >K>IVPFP ?BQTBBK
Trang 143EFPPQRAVPVKQEBPFPBANR>IFQ>QFSBA>Q>COLJPBSBO>IPLRO@BPFK@IRAFKDFKQBOSFBTPTFQEQB>@EBOP CL@RP DOLRMP TFQE PQRABKQP @I>PPOLLJ L?PBOS>QFLKP NRBPQFLKK>FOB OBPMLKPBP
@OFQF@>IQL>K>K>IVPFPLCQEBMBA>DLDF@>IMO>@QF@BP>KAELTQEBVFKQBO>@QBATFQEQB>@EBOPtHKLTIBADB @LKCFABK@B >KA ?BIFBCP >?LRQ QB>@EFKD MOLKRK@F>QFLK >KA PFJFI>OIV TFQE
3EB A>Q> PBQP TBOB >K>IVPBA QEOLRDE PBSBO>I IBKPBP AO>TFKD LK IFQBO>QROB LKMOLKRK@F>QFLK MBA>DLDV >KA PBSBO>I QEBLOFBP LC I>KDR>DB IB>OKFKD TEF@E FK@IRAB
Trang 15
'>IIFA>VtP PVPQBJF@ MELKLILDV I>KDR>DB IB>OKBO JLQFS>QFLK #hOKVBF
6LOIA$KDIFPEBP>KAFQPFJMIF@>QFLKPLKJLABIP>KAQ>ODBQPCLO$%+MOLKRK@F>QFLKMBA>DLDV )BKHFKP 2WMVO> *LWLTPH> >KA Q>ULKLJFBP LC
FABKQFCFBP >KA >K>IVPBP AFCCBOBKQ I>VBOP LC @LKPQO>FKQP LK MOLKRK@F>QFLK MBA>DLDV FK5FBQK>JTEF@EPBOSB>P>CLRKA>QFLKCLOFKQBOMOBQFKDM>OQF@FM>KQPtBUMBOFBK@BPTEF@E>OB
/OLKRK@F>QFLK3B>@EFKD>KA2QRABKQPt+B>OKFKD$UMBOFBK@B@LKPFABOPELT@LKPQO>FKQPLC QEB QB>@EFKD @LKAFQFLKP FJM>@QP LK QEB COBNRBK@V >KA BUQBKQ LC MOLKRK@F>QFLK
%L@F LC /OLKRK@F>QFLK 3B>@EFKD >K>IVPBP QEB QB>@EFKD QB@EKFNRBP >KA MOLKRK@F>QFLK
@E>MQBO EFDEIFDEQP QEB @E>IIBKDBP >P TBII >P QEB PQOBKDQEP BUMBOFBK@BA ?V 5FBQK>JBPBQB>@EBOP >KA IB>OKBOP FK QEB ABSBILMJBKQ LC $KDIFPE MOLKRK@F>QFLK >Q QBOQF>OV IBSBI FK
Trang 16@LRKQOFBPTEF@E>OBQO>AFQFLK>I?>PBPLC$KDIFPEPR@E>PQEB4*42 >KA RPQO>IF>QEB.RQBO"FO@IBFK@IRABP@LRKQOFBPTEBOB$KDIFPEFP>PB@LKAI>KDR>DBPR@E>P2FKD>MLOB,>I>VPF>>KA(KAF>>KAQEB$UM>KAFKD"FO@IBOBCBOPQLQEBOBPQLCQEBTLOIATEBOB$KDIFPE
LKBLCQEBQEOBB@FO@IBPE>PCLOPLJBQFJB?BBK@I>FJBAQLIFJFQQEBBUMI>K>QLOVMLTBO
QEBJLABIE>P?BBK
@OFQFNRBAQLC>FIQLABMF@QQEBABSBILMJBKQLC$KDIFPEFK@LRKQOFBPTEF@ETBOBKLQPR?GB@QQL@LILKF>IFP>QFLK>KAFQFDKLOBPQEBAVK>JF@PQ>QRPLC$KDIFPE>KAQEBJRIQFMIF@FQVLC
@ROOBKQIV@LKPFABOBARPBCRIFKMOLSFAFKD>AF>@EOLKF@ABP@OFMQFLKLCQEBPMOB>ALC$KDIFPEQEBJLABI>SLFAP>KVAF@ELQLJV?BQTBBKK>QFSB>KAKLK K>QFSBPMB>HBOP>KAALBPKLQQEBQEOBB@FO@IBPFPPQFIIOBIBS>KQTFQEOBD>OAQLQEBFKQOLAR@QFLKPMOB>A>KA@ROOBKQPQ>QRP
Trang 17
IQELRDEKLQPMLHBK?VQEBJ>GLOFQVLCQEBTLOIAtPMLMRI>QFLKKLI>KDR>DBE>PBSBODLQ
@ILPBQL$KDIFPEOBD>OAFKDQEBBUQBKQQLTEF@EFQE>P?BBKQ>RDEQ>KAIB>OKQTLOIATFAB>P
QEBO>MFAIVFK@OB>PFKDKRJ?BOLCMBLMIBPMB>HFKD$KDIFPE>P>PB@LKACLOBFDKI>KDR>DBTLRIABU@BBAQELPBTELPMB>H$KDIFPE>PQEBFOJLQEBOQLKDRBQEBKRJ?BOLCKLK K>QFSB
$KDIFPE PMB>HBOP FP >IJLPQ ALR?IB QE>Q LC K>QFSB $KDIFPE PMB>HBOP !ORQQê&OFCCIBO
AB@>ABP $KDIFPE E>P >IPL @LJB QL ?B @LKPFABOBA >@OLPP QEB TLOIA >P QEB I>KDR>DB LCBAR@>QFLKP@FBK@B>KAQB@EKLILDVFKQBOK>QFLK>I@LJJBO@B>KA@LJJRKF@>QFLK"OVPQ>IBPMB@F>IIV?V PF>K@LRKQOFBP>Pq>@LJMBQBK@BCLOK>QFLKPtPROSFS>I>KAPR@@BPPr!RQIBO
@@LOAFKDQLLKBMBOPMB@QFSBQEBDIL?>IPMOB>ALC$KDIFPEFP>@LKPBNRBK@BLCMBLMIBPBBFKDQEBI>KDR>DB>P>JB>KPLCqMOLDOBPPr>KASLIRKQ>OFIV>ALMQFKDFQPRPB"OVPQ>ICLOQEBDLLA>KA>PPL@F>QBATFQELMMLOQRKFQFBPBNR>IFQVHKLTIBADBLC>IICLOJP>KAQERP
TELPBTLOHELTBSBOE>P?BBK@OFQFNRBA?V/EFIIFMPLK>KA6FAALTPLK
>P?BFKDPFJMIFPQF@?B@>RPBFQFDKLOBPQEBJRIQFMIF@FQVLCAFP@LROPBP>?LRQQEBPQ>QRPLC$KDIFPEFKQEBTLOIA>KAQEB@LJMIF@>QBAB@LILDVFKTEF@EQEBI>KDR>DBFPPMOB>A>KA
?>PBALKFKCI>QBA>PPRJMQFLKPqFKQEBK>QROBLC>MOLJFPBr>KAqJ>VQROKLRQQL?B>P
K>IQBOK>QFSBSFBTLC$KDIFPEDIL?>IFP>QFLK@LKPFABOPQEBPMOB>ALC$KDIFPE>PQEBOBPRIQLC>@QFSBI>KDR>DBMOLJLQFLK?VMLTBOCRIK>QFLKPQ>QBPJLPQKLQF@B>?IVFKOB@BKQVB>OPLCQEBI>KDR>DB>OBMOLJLQBAQEBPMOB>ALC$KDIFPEFKQROKIB>APQLQEBMOFSFIBDFKDLCQEB DIL?>IFP>QFLK LC $KDIFPE C>O COLJ ?BFKD > MOLDOBPPFSB MEBKLJBKLK FP LKB QE>Q
Trang 18
> JB>KP LC D>QB HBBMFKD TEF@E >CCLOAP CROQEBO BAR@>QFLK>I MOLCBPPFLK>I >KA PL@F>I
P@>IB @I>FJP >?LRQ QEB OLIB MI>VBA ?V QEB PMOB>A LC $KDIFPE FK MLSBOQV OBAR@QFLK >KAFK@OB>PFKDBNRFQVE>P>IPL?BBKLMBKIVOBD>OABA>P>PR?GB@QOBNRFOFKDDOB>QBOP@ORQFKVDIL?>IFP>QFLKLC$KDIFPETFQEQEB42tP>QQBJMQQLJ>KFMRI>QBQEBTLOIA>KAQL>AS>K@BQEB!OFQFPE"LRK@FI>KAQEB42(KCLOJ>QFLK DBK@VFPQERP@LKPFABOBA>KLQEBOCLOJLC
3>HFKDFKQL>@@LRKQQEB@LJMIBUFQVLCDIL?>ICILTPFK@IRAFKDQEBABPFOBCLO>MMOLMOF>QFLKLC $KDIFPE FK > JLOB ABJL@O>QF@ >KA PL@FL @RIQRO>IIV FK@IRPFSB T>V >KA >IPL QEBOBPFPQ>K@B QL $KDIFPE EBDBJLKV PLJB P@ELI>OP E>SB @OFQFNRBA QEB SFBT LC IFKDRFPQF@
@LJMIF@>QBA >KA PL FP QEB OBI>QFLK FQ ELIAP TFQE BNRFQV ELTBSBO EB P>VP FQ TLRIA ?BFK>MMOLMOF>QB QL >QQOF?RQB QEB PMOB>A LC $KDIFPE >P QEB @>RPB CLO LO QEB QLLI LC KBL
LSBOPB>PPQRABKQPCOLJ+?>@HDOLRKAPLQEBOQE>K$KDIFPETELPQRAVFK>K(KKBO"FO@IB
$KDIFPE PMB>HFKD @LRKQOV IB>OKBOPt RPB LC QEB I>KDR>DB @>K ?B SBOV IFJFQBA LRQPFAB
'LTBSBO@ROOBKQ$+3JBQELALILDVI>ODBIV>AAOBPPBPKBBAPFK$2+@LKQBUQPO>QEBOQE>K
Trang 19
E>P ?BBK @OFQFNRBA ?V /EFIIFMPLK > >KA %LOJ>K >JLKD LQEBOP >P
$UM>KAFKD"FO@IB%LOJ>K@>IIPCLOKLQLKIVJLOB>QQBKQFLKQL?RQ>IPLOBPMB@QCLO
&FSBKQEBPMOB>ALC$KDIFPEFQPAVK>JF@PQ>QRPTFQEFK>KA>@OLPP@LJJRKFQFBP>II>OLRKAQEBDIL?BQEBS>IFAFQVLC@I>PPFCVFKD$+3FKQLQEBQTLPR?