National Oilwell Varco 2005 Annual Report Download

Download and view the complete annual report

Please find the complete 2005 National Oilwell Varco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 89

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89


1
1 !
1"!#
$1 $$
1 $$
%1 &%
'1 &%

Table of contents

  • Page 1
    1 1 1 $1 1 %1 '1 "! # $ $ & % & % $ $ !

  • Page 2
    !"#$% & * +, - '"() '0 '#*1& & 1 . '%0$ & 2 / / 3 0' !""# 2 / & '%0$ / 44 54 '0 '#*1- & + '('!0'6 . 8 + . '"""" .. 7 69("$6#:'# 5 ; 4 1 5 < 66"$!($!"" *6'0- 0$9(6#"" ! " # 567 48 -9( )8 2 +, ;, "' $ % ()*+,-,(. +(/,.-(+(0 ...

  • Page 3

  • Page 4

  • Page 5
    3. & # $ # % ' ' H & & & I # # B # ! B I ! I ! # # ! # ! $ H # *6.,0,2+,(. 48 -9( 4

  • Page 6
    ' 3 + 2-,432> ,>=(>> 2+)4 3) 5D E 4+ -9( D 42=2+( )4+14+2-,43 ,3)4+14+2-(0 ,3 && ,. 2 >(20,3/ =4+>0=,0( 1+4C,0(+ 48 (?*,1>,3/ 230 1+40*)-,43 41(+2-,43. 4,>8,(>0 .(+C,)(. 230 .*11>: )92,3 ,3-(/+2-,43 .(+C,)(. -4 -9( *1.-+(2< 4,> 230 /2. ,30*.-+:...

  • Page 7
    3 2))4+023)( =,-9 (= !4+; -4); @)923/( *>(. >2.- :(2+ -9( 4(0 -9( 233*2> )(+-,8,)2-,43 6: 4*+ -9( 4,.-,3/ .-2302+0. 9( 4*0(0 2 />4..2+: 48 -()93,)2> -(+

  • Page 8
    3 2 =4+>0=,0( 62.,. 0+,>>,3/ 2)-,C,-: =2. /(3(+2>>: 9,/9 ,3 6*- 6(/23 -4 0()>,3( -4=2+0 -9( (30 48 -9( :(2+ 0*( -4 >4=(+ 4,> 230 /2. 1+,)(. 9,. .,-*2-,43 1(+.,.-(0 -9+4*/94*4=(C(+ 6(/,33,3/ ,3 >2-( 9,/9(+ /2. 1+,)(. ,3 -9( >(0 -4 +,.,3/ /2. 0+,>>,3/ 2)-,C,-: ,3 23202 230 ...

  • Page 9
    .()4302+,>: -9( *.( 48 6>4=4*- 1+(C(3-(+. .94*>0 -9( >. 230 +,>>,3/ >: 0(.,/3(0 -4 (@9,6,- )(+-2,3 ?*2>,-,(. -92- 41-,>,3/ 1+4)(.. 3 200,-,43 -4 )43-2,3,3/ ...

  • Page 10
    ,/ ()934>4/: /+4*1 2>.4 >,3/ 230 =4+;4C(+ 2. =(>> 2. =(>> .(+C,),3/ (?*,1(0 -*6,3/ *3,-. 1+(..*+( 1*4/: /+4*1 .(>>. 0,+()->: -4 0+,>>,3/ )43-+2)-4+. .9,1:2+0. 230 4-9(+ +,/ 826+,)2-4+. =(>> ...

  • Page 11
    + 4,.-,3/ .:.-(4=(+ -9( 0+,>> .-(< =9,>( 0+,>>,3/ 4+ -+,11,3/ 230 -4 >4=(+ )2.,3/ ,3-4 -9( =(>>64+( 9( 0+2==4+;. ,. -9( 9(2+- 48 -9( 94,.-,3/ .:.-(< - ,. 2 >2+/( =,3)9 -92- .144>. 488 4+ -2;(. ,3 -9( 0+,>>,3/ >,3( =9,)9 ,. ,3 -*+3 )433()-(0 -4 -9( 0+,>> .-(< 2- -9( -41 48 ...

  • Page 12
    -*6,3/ ,. -:1,)2>>: *.(0 =,-9 .419,.-,)2-(0 1+(..*+( )43-+4> (?*,1> /+4*1 >. 64-9 )4,>(0 -*6,3/ *3,-. 230 -9( 23),>>2+: 1+(..*+( )43-+4> (?*,14/: *++(3->: (0 ...

  • Page 13
    -92- 2+ /440. 230 2- 82),>,-,(. =9,)9 ,- 4=3. 9( /+4*1 2>.4 1+4C,0(. ,3-(+32> )42-,3/ 48 -*6*>2+ /440. 2- .(C(+2> )42-,3/ 1>23-. =4+>0=,0( 230 -9+4*/9 >,)(3.((. ,3 )(+-2,3 >4)2-,43. 00,-,432>>: -9( 4. 9,/9 1+(..*+( 8,6(+/>2.. 230 )42+....

  • Page 14
    00,-,432>>: 3(= .*);(+ +40. 2+( ,3.1()-(0 6(84+( -9(: 2+( 1>2)(0 ,3-4 .(+C,)( -4 2C4,0 1+(*+( =9,)9 )23 )2*.( -9( 4,> =(>> 41(+2-4+ -4 92C( -4 1*>> 230 +(1>2)( -9( .*);(+ +40 , 9( 4. =9,)9 ,- .(>>. 230 +(3-. 9( (?*,1

  • Page 15
    9( 4=394>( 44>. /+4*1 2>.4 >. 0+,>>,3/ A2+. 230 8,.9,3/ -44>. =9,)9 2+( ,3/ A2+. 2+( 1>2)(0 ,3 -9( 0+,>> .-+,3/ =9(+( -9(: )23 6( *.(0 -4 /(3(+2-( 2 .*00(3 A2++,3/ > .-+,3/ .94*>0 ,- 6()4

  • Page 16
    9( /+4*1 -9+4*/9 ,-. 434 4348>4 6*.,3(.. ,. 2>.4 2 =4+>0=,0( >(20(+ ,3 -9( 0(.,/3 230 ,)2-,43. 434 4348>4 2>.4 8,(>0 1+40*)-. =9,)9 ,3)>*0( 8>*,0 -+23.8(+ ...

  • Page 17
    !""# ;B5 3 1 + 4 = + 4 -9( 44=,3/ 2)?*,.,-,43. 230 4*-.,0( ,3C(.-> 4/,) (6(, *2:4*:,A, *64.)41( 42-,3/ 4 -0 9+(20,3/ 6*.,3(.. 48 *+3(+ 4>0,3/. (>> +43,). 0 ()934 ?*,1 +20( . + 4 ...

  • Page 18
    9( ,/ ()934>4/: .(/>,3/ )43-+2)-4+. .9,1:2+0. 230 4-9(+ +,/ 826+,)2-4+. =(>> .(+C,),3/ )4 4,> )4 ...

  • Page 19
    + 1 5 ; 5+ 9( : )43.,.- 48 0,3/ 230 826+,)2-,43 9(2- -+(2-,3/ 2..(: 48 26,>,-: 230 1+,)( 48 2>>4: .-((>...

  • Page 20
    ' 2 & )& / / " " &# " # # & " 9( 4,> 230 /2. ,30*.-+: 9,.-4+,)2>>: 92. (@1(+,(3)(0 .,/3,8,)23- C4>2-,>,-: (>. 6(,3/ 0+,>>(0 -9( 0(1-9 230 0+,>>,3/ )430,-,43. 48 -9(.( =(>>. ...

  • Page 21
    ( 92C( 2//+(..,C(>: (@1230(0 230 /+4=3 ,-. 6*.,3(..(. 0*+,3/ -9( 12.- .(C(+2> :(2+. -9+4*/9 2)?*,.,-,43. 230 ,3C(.- /+4=-9 ( 23-,),12-( -92- =( =,>> )43-,3*( -4 1*+.*( 23 2//+(..,C( /+4=-9 .-+2-(/: 6*- =( )2334- 2..*+( :4* -92- 2--+2)-,C( 2)?*,.,-,43. =,>> 6( 2C2,>26>( -4 *. 2- +(2....

  • Page 22
    1(+*+( -4 )4: =,-9 211>,)26>( >2=. 230 +(/*>2-,43. 30(+ -9(.( ),+)*

  • Page 23
    33*>2+ >4=4*- +(C(3-(+ 33*>*. *-4,3/ :.-((0 264C( -9( +2< ...

  • Page 24
    ,+()-,432> +2==4+;. (>> +,>> ,1( >(C2-4+ 5 >(C2-4+7 +,>>,3/ A2+. +,>>,3/ >,3/ +,.(+ +,>> .-(< 4+>: (>>: 6*.9,3/ (>> 0+,>>(0 ,3 23 4+,(3-2-,43 4-9(+ -923 C(+-,)2> ,3 4+0(+ -4 2))(.. 6+420(+ 14+-,43. 48 -9( 84+

  • Page 25
    (>>: .1,33(+ ,); 2;,3/ *1 23*2> -43/. 5 43/.7 2.-(+ 6*.9,3/ 4-,43 )4>: ,. > .-(< -9( 0+,>> .-(< -*+3. >.4 )2>>(0 -9( 0+,C( ...

  • Page 26
    4-2-,3/ 6>4=4*1+(C(3-(+ 5 4-2-,3/ (207 28(-: )>2( .92;(+ >,< 94>( )4(-,43. 5 >,< 94>( +,>>,3/7 >,1. 4>,0. 1,33,3/ =+(3)9 1,33,3/ ,3 -230 -+,3/ *);(+ +40 (3.,43(+ 9(+ 0(.4+1-,43 41 0+,C( ;(>>: 6*.9,3/ =9,)9 1(+ : =9,>( -9( .-(< ,. -*+3,3/ .(2>,3/...

  • Page 27
    4+?*( =+(3)9 +4*6>( )4.(>> )4(-,43 (>> .-,2-,43 (>> =4+;4C(+ (>>64+( ,+(>,3( .-(< - 2>.4 ,3)>*0(. 14=(+ -43/. 40(+3 -41 0+,C(. )4(C2-4+ -9( -43/. -9( .=,C(> 230 -9( 944; C(3 -94*/9 -9( +4-2+: -26>( 2..(: ,. 34- *.(0 -4 +4-2-( -9( 0+,>> .-(< 230 6,- -9( -41 0+,C( .:.-(< +(-2,3....

  • Page 28
    ! / / ' 82),>,-,(. =4+>0=,0( 2. 48 ()(*0,3/ -9( 84>>4=,3/ 1+,3),12>

  • Page 29
    . ; ;+ = 35 1 D * B5 + & - /+ = + ? D * ;+ - 8 . 1E 1 . +4 +23/( 2>,84+3,2 #+(2- !2+230 / + 54 + ; > 9462+ 2*0, +26,2 4*.-43 (@2. 4*.-43 4*.-43 (@2. (@2. A 5== ,-->( 4); +;23.2. (02+ 2+; (@2. 23)9(.-(+ 3/>230 !412> 4>4294.2 ;>...

  • Page 30
    . ; ;+ = 35 1 D * B5 + & - /+ = + ? D * ;+ - 8 . 1E 1 . +4 23202 * R94* (41>(B. (1*6>,) 48 9,32 43( -2+ (@2. (,C2 4>*230 4(C4+0(3 (-9(+>230. 2+C(: 4*,.,232 3.-+*

  • Page 31
    / # 2 ) & @ G 2 . ) . / & G , / *+ )44.,3/ 1+,)(. 84+ -9( )44=,3/ -26>( .(-. 84+-9 84+ -9( )2>(302+...

  • Page 32
    6 + + 8 @ .2 && . . & / 9( 4(20,3/ =4+>0=,0( 1+4C,0(+ 48 9,/9>: (3/,3((+(0 0+,>>,3/ 230 =(>> .(+C,),3/ (?*,14+2-,43 230 1+40*)-,43 .(/ 230 /2. ,30*.-+: ,-9 41(+2-,43. ,3 4C(+ >4)2-,43. 2)+4...,@ )43-,3(3-. =( 0(.,/3

  • Page 33
    4*+)( ,/ )4*3- 2;(+ */9(. 3) 5=== 62;(+9*/9(. )4

  • Page 34
    3 (4 * , / )-,C,-: >(C(>. 230 0((0 -4 +,.,3/ >(C(>. 48 (@1>4+2-,43 230 ...

  • Page 35
    -9( )2126,>,-: -4 .*11>: *1 -4 211+4@,: G$ >,43 48 (?*,1 A2);*1 +,/ ,43 48 (?*,142-,3/ +,/ 230 (88()-,C(>: 2>> 48 2 3(= >230 +,/ =9,)9 +23/( ,3 1+,)( 8+4< >(.. -923 G >,43 -4 4C(+ G >,43 *+ .-+2-(/: -2+/(-. -9( 9,/9 (30 48 -9(

  • Page 36
    ( (@1()- -4 ,3)+(2.( 4*+ )21,-2> .1(30,3/ 264*- $ 1(+)(3- ,3 % -4 211+4@,: G ' >,43 1+,: -4 200 +(3-2> (?*,1(*< (+C,)(. " *11>,(. .(/>: =( 1>23 -4 200 )4,>(0 -*6,3/ ()-,C(>: ,3C(.- ,3

  • Page 37
    5 $ % = + & '( )**+ & '( )**, 230 $ 9( 84>>4=,3/ -26>( .*

  • Page 38
    +(.*>- 48 .-+43/ 4+-9 0=,0( 0+,>>,3/ ()-(0 6: +,/ )4*3- ,3)+(2.(. 48 HN 230 (-+4>(*< (+C,)(. " *11>,(. 2>.4 6(3(8,-(0 8+4< 1+,)( ,3)+(2.(. ,(: 84+ )4(*< (+C,)(. " *11>,(. =2. G >,43 84+ )4

  • Page 39
    $ % & '( )**, & '( )**' $ 230 5,3 >,43.7 2+,23)( G N !(2+. 30(0 ()(>4=,3/ -26>( .*

  • Page 40
    1 % *+ 2C(+2/( 64++4=,3/ )4.- 84+ -9( 3-(+(.- (@1(3.( ,3)*++(0 ,3 $ 48 G H $ >,43 =2. .>,/9->: 6(>4= ,3-(+(.- (@1(3.( 48 G H & >,43 ,3)*++(0 :(2+ 48 % N =2. (..(3-,2>>: -9( .2

  • Page 41
    .*4=. 5,3 >,43.7 . 2 + ' / ?4 !(0 2 + 5 ?/ + 1 $(# 2 + +# 2 + 4-2> 0(61(+2-,3/ >(2.(. 4-2> )43-+2)-*2> 46>,/2-,43. -2306: >(--(+. 48 )+(0,- G G G H$ &H H $ % G G G H % ' H G G G % '% % '% H G G G ' '& G G G ...

  • Page 42
    4*-1*-

  • Page 43
    ( )*++(3->: 92C( +()4+0(0 C2>*2-,43 2>>4=23)(. -92- =( ,3-(30 -4 ,- ,. ,;(>: -923 34- -9( 0(8(++(0 -2@ 2..(-. =,>> 6( +(2>,K(0 -9(+ -923 C2>*2-,43 2>>4=23)(. 2..4),2-(0 =,-9 -2@ 2--+,6*-(. 2)?*,+(0 -9+4*/9 2)?*,.,-,43. 4*+ ,3)4> 6( ...

  • Page 44
    2041-,43 (3)4*+2/(0 ( 2+( )*++(3->: (C2>*2-,3/ -9( ,-. 48 41(+2-,43. 4+ )2.9 8>4=. 3 2: -9( ,..*(0 -2-( ))4*3-,3/ -2302+0. 4 $ D ))4*3-,3/ 923/(. 230 ++4+ 4++()-,43.E 5D $E7 =9,)9 +(1>2)(. 1,3,43 4 D ))4*3-,3/ 923/(....

  • Page 45
    5== 4 /+ & +4 4= + 9( 1+4 84+-. 2. ,8 -9( 2+)4 2)?*,.,-,43 4))*++(0 2- -9( 6(/,33,3/ 48 -9( 8,+.- ?*2+-(+ 48 230 $ 9( +(.*>-. 1+,4+ -4 -9( *0( -9( (.-,

  • Page 46
    G H >,43 84+ ,3.1()-,43 ) " $ 23 ,3)+(2.( 48 G >,43 5 $N7 -. =(+( 14.-(0 2)+4.. 2>> 1+40*)- >,3( =,-9 -9( (@)(1-,43 48 1,1(>,3( (.*>-. 84+ ,.-+,6*-,43 (+C,)(. 43 2 1+4 84+

  • Page 47
    211>,)26>( 84+(,/3 )*++(3): (@)923/( +2-(. 43 -9(.( 8,323),2> ,3.-,-*-,43. 2+(

  • Page 48
    / '" 7 && & % 33*2> ((-,3/ 48 -4);94>0(+. 3)4+14+2-(0 6: +(8(+(3)( -4 -9( 0(8,3,-,C( +4@: -2-(

  • Page 49
    / '# 3 & . . 7 ,323),2> -2-( -2-(>4=,3/ 8,323),2> .-2-(,02-(0 2>23)( 9((-. 43.4>,02-(0 -2-(,02-(0 -2-(0(+.B ?*,-: 230 4

  • Page 50
    (+-,8,)2-,43 1*+.*23- -4 (+-,8,)2-,43 1*+.*23- -4 (+-,8,)2-,43 1*+.*23- -4 (+-,8,)2-,43 1*+.*23- -4 *>( 2 *>( 2 ()-,43 & ()-,43 & $2 230 $2 230 % 48 -9( % 48 -9( *>( 0 $527 48 -9( ()*+,-,(. 230 @)923/( )- 2. 2( 0 $527 48 -9( ()*+,-,(. 230 @)923/( )- 2. 2(: )- 48 2+623(. ...

  • Page 51
    *+.*23- -4 -9( +(?*,+(: )2*.(0 -9,. +(14+- -4 6( .,/3(0 43 ,-. 6(92>8 6: -9( *30(+.,/3(0 -9(+(*3-4 0*>: 2*-94+,K(0 2-(0 2+)9 % : . 92,+> ,>>(+ F+ +(.,0(3- 230 9,(8 @()*-,C( 88,)(+ *+.*23- -4 -9( +(?*,+(

  • Page 52
    / 9( 42+0 48 ,+()-4+. 230 92+(94>0(+. 2-,432> ,>=(>> 2+)4 3) & / / 3. & ( 92C( 2*0,-(0 -9( 2))4,02-(0 62>23)( .9((-. 48 2-,432> ,>=(>> 2+)4 3) 2. 48 ()(2-(0 )43.4>,02-(0 .-2-(

  • Page 53
    @ / . . 7 & . / 2-,432> ,>=(>> 2+)4 3) B. ,.9,3/ 230 )43-+4> 4C(+ 8,323),2> +(14+-,3/ 2-,432> ,>=(>> 2+)4 3) B. ,3-(+32> )43-+4> .:.-(< =2. 0(.,/3(0 -4 1+4C,0( +(2.4326>( 2..*+23)( +(/2+0,3/ -9( +(>,26,>,-: 48 8,323),2> +(14...

  • Page 54
    / & / / 3. & . . 7 & . / 9( 42+0 48 ,+()-4+. 230 92+(94>0(+. 2-,432> ,>=(>> 2+)4 3) ( 92C( 2*0,-(0 ,>=(>> 2+)4 3) )43-+4> 4C(+ 8,323...

  • Page 55
    . * . 4 . .. 7 3 . (. 3(3C(3-4+,(. 3(4.-. ,3 (@)(.. 48 6,>>,3/. (8(++(0 ,3)4 )*++(3- 2..(-. +41(+-: 1>23- 230 (?*,1 3-23/,6>(. 3(-9(+ 2..(-. B I ! G...

  • Page 56
    . . * (C(3*( 2>(. (+C,)(. 4-2> 4.- 48 +(C(3*( 4.- 48 .2>(. 4.- 48 .(+C,)(. 4-2> #+4.. 1+48,(>>,3/ /(3(+2> 230 20

  • Page 57
    . . * . 4 .. 7 & !(2+. 30(0 ()(4= 8+4< 41(+2-,3/ 2)-,C,-,(. (- ,3)4,-,(. 3(- 48 ...

  • Page 58
    . & ...7 ) . @ G * 4 00,-,432> 2,0 ,3 21,-2> 2 3(2+3(0 -4); 2.(0 4

  • Page 59
    . . ' + D 13 /+ . .. 7 & . ( 0(.,/3 )43.-+*)- > )4,3/ 230 1+40*)-,43 1+4C,0( 4,>8,(>0 .(+C,)(. 230 .*11>,(. 230 0,.-+,6*-( 1+40*)-. 230 1+4C,0( .*11>: )92,3 ,3-(/+2-,43 .(+C,)(. -4 -9( *1.-+(2< 4,> 230 /2. ,...

  • Page 60
    9( )4.4 920 .(C(+2> 84+(,/3 )*++(3): 84+=2+0 )43-+2)-. =,-9 34-,432> 2,43 0(.,/32-(0 230 ?*2>,8:,3/ 2. 82,+ C2>*( 9(0/(. -4 9(0/( (@14.*+( -4 -9( *+4 4+=(/,23 +43(+ 230 ,3/214+( 4>>2+ 2.(0 43 ?*4-(0

  • Page 61
    " 3 2- >(2.- 23 233*2> 62.,. =( 2..(.. =9(-9(+ /440=,>> ,. , ,

  • Page 62
    1 % 9( 8*3)-,432> )*++(3): 84+ )(+-2,3 48 4*+ 84+(,/3 41(+2-,43. ,. -9( >4)2> )*++(3): 9( )*2-,C( (88()-. 48 -+23.>2-,3/ -9( 62>23)( .9((- 2))4*3-. 8+4< -9( 8*3)-,432> )*++(3): ,3-4 -9( 04>>2+ 2- )*++(3- (@)923/( +2-(. 2+( ,3)>*0(0 ,3 2))*2-(0 4-9(+ )4

  • Page 63
    1+4C,0,3/ 84+ .1(),8,)2>>: ,0(3-,8,(0 2))4*3-. =9(+( )4>>()-,6,>,-: ,. 04*6-8*> 230 23 200,-,432> 2>>4=23)( 62.(0 43 -9( 2/,3/ 48 -9( +()(,C26>(. )4( 2+( 3(- 48 2>>4=23)(. 84+ 04*6-8*> 2))4*3-. 48 211+4@,: G ' $ >,43 230 G H >,...

  • Page 64
    ' 9( 84>>4=,3/ -26>( .(-. 84+-9 -9( )4*-(0 .92+(. 4*-.-230,3/ 5,3 >,43. (@)(1- 1(+ .92+( 02-27 2 + !""# 1 1 ; 4 !""$ + 0' !""0 *

  • Page 65
    1,3,43 =( +()4+0 -9( ,3-+,3.,) C2>*( 48 .-4); 62.(0 )4: 34 )4: +()4/3,K(0 84+ 8,@(0 .-4); 41-,43 1>23. (@)(1- 2. 0(.)+,6(0 ,3 4-(. 230 & +(>2-(0 -4 -9( 2+)4 (+/(+ 2. -9( (@(+),.( 1+,)( (?*2>. -9( .-4); 1+,)( 43 -9( 02-( 48 /+23- 30(+ =( ...

  • Page 66
    2.9 230 (. -9(+ )*++(3- 2..(-. 3C(3-4+: +41(+-: 1>23- 230 (?*,1> 3430(0*)-,6>( *.-42-,43.9,1. 5*.(8*> >,C(. 48 +20( >,C(. 48 :(2+.7 2-(3-. 5*.(8*> >,8( 48 :(2+.7 -9(+ 343 )*++(3- 2..(-. ))4*3-. 12:26>( 230 2))+*(0 >,26,>,-,(. 3)4( ...

  • Page 67
    2 9::< ( .1(3- G H >,43 0*+,3/ $ 2)?*,+,3/ 2..(-. 4+ )42+/(.- 6(,3/ 2 0,.-+,6*-,43 41(+2-,43 ,3 *.-+2>,2 2 9::= 3 F23*2+: % =( 2)?*,+(0 -9( 434 1*>,6*+-43 3(+/: (+C,)(. 84+ 211+4@,: G& >,43 )43.,.-,3/ 48 G $ >,43 ,3 )2.9 230 >,43 ...

  • Page 68
    : 1 - ()(,3/. -4 02-( G 4.-. 230 (.-,

  • Page 69
    1 3 F*3( =( 2,43 +(C4>C,3/ )+(0,- 82),>,-: =,-9 2 .:30,)2-( 48 >(30(+. -4 1+4C,0( -9( 4,43 *3.()*+(0 +(C4>C,3/ )+(0,- 82),>,-: 9,. 82),>,-: =,>> (@1,+( ,3 F*>: 230 +(1>2)(. -9( 4

  • Page 70
    9( )923/( ,3 6(3(8,- 46>,/2-,43 1>23 2..(-. 230 -9( 8*30(0 .-2-*. 48 -9( 0(8,3(0 6(3(8,- 1(3.,43 1>23. ,3 -9( 3,-(0 -2-(. 3,-(0 ,3/04< 230 4+=2: 230 0(8,3(0 14.-+(-,+(23. ,3 -9( 3,-(0 -2-(. *.,3/ 2 ,43.7 / / ? + 1 !""# !""$ !""# !""$ + + 4 ...

  • Page 71
    ) - ' ' ..*43/ -(+< +2-(. 48 +(-*+3 43 1>23 2..(-. 0,.)4*3- +2-(. 230 +2-(. 48 )423. 2))4+0,3/ -4 -9( >4)2> ()434>4=. 2 + !""# 1 ; 4 + 0' !""$ ,.)4*3- +2-( 3,-(0 -2-(. 1>...

  • Page 72
    00,-,432> 384+23. 5,3 >,43.7 & +? + 3,-(0 -2-(. 1 !""# 3-(+32-,432> & +? + 3,-(0 -2-(. 1 !""$ 3-(+32-,432> ))*2-(0 6(3(8,- 46>,/2-,43 923/( ,3 ,-: ,3)>*0(0 ,3 4-9(+ )4

  • Page 73
    9( 2..* +2-( 48 ,3)+(2.( ,3 -9( 1(+ )21,-2 )4.- 48 )4C(+(0 6(3(8,-. ,. N 84+ % 230 ,. 2..*>: -4 N 84+ 230 +((C(> -9(+(28-(+ 9( 9(2>-9 )2+( )4.- -+(30 +2-( 2..*

  • Page 74
    '0 44 ;, 12+ C2>*( )4,43 .92+(. 48 G 12+ C2>*( 2-,432> ,>=(>> 2+)4 92. 2*-94+,K(0 >,43 .92+(. 48 G 1+(8(++(0 .-4); 343( 48 =9,)9 ,. ,..*(0 4+ 4*-.-230,3/ 30(+ -9( -(+ ,>=(>> 2+)4B. 43/ (+< 3)(3-,C( >23 2. 2

  • Page 75
    '$ ; 4 < ; 4 + 0' !""# ; 4 + 0' !""$ ; 4 + 0' !""0 9( 04

  • Page 76
    ,/3,8,)23- )4,26,>,-,(. =(+( 2. 84>>4=. 5,3 >,43.7 ; 4 + 0' !""# ; 4 + 0' !""$ (8(++(0 -2@ 2..(-. >>4=23)(. 230 41(+2-,3/ >,26,>,-,(. (- 41(+2-,3/ >4.. )2++:84+=2+0. 4+(,/3 -2@ )+(0,- )2++:84+=2+0. 21,-2> >4.. )2++:84+=2+0 -9(+ 4-2> 0(8(++(0 -2@ 2..(-. ...

  • Page 77
    ()2*.( 48 -9( 3*4)2> )4*3-+: -2@ +2-(. 8>*)-*2-( 9( 4.4 .*6A()- -4 2*0,-. 6: 8(0(+2> .-2-( 230 84+(,/3 A*+,.0,)-,43. =9,)9 - ,3 1+414.(0 2..(..

  • Page 78
    ; ? / + 54 + ; A 5== + 5 + ; ; 4 1E ; 4 + 0' !""# (C(3*(. 1(+2-,3/ 1+48,- 527 21,-2> (@1(30,-*+(. (1+(),2-,43 230 2> 4-2> 2..(-. ; 4 + 0' !""$ (C(3*(. 1(+2-,3/ 1+48,21,-2> (@1(30,-*+(. (1+(),2-,43 230 2> 4-2> 2..(-. ; 4 + 0' !""0 (C(3*(. 1(+2-,3/ 1+48,21,-2> ...

  • Page 79
    . . 7 . 2 + 1 1 ; 4 . G .. 7 . &2 + 0' !""# !""$ 3 ; ? + 1 !""0 * 11 15; ; + 1 ; 1 ,43.7 + 3 1 + ; 1 ? + >>4=23)( 84+ 04*6-8*> 2))4*3-. G $ 2>*2-,43 2>>4=23)( 84+ 0(8(++(0 -2@ 2..(-. $ '$ G %H %& && G 5$ $7 5 7 ' G5 O 7 G & %H %& H % H G 'H $ ' G 5 7 5& 7 O G '$ H H

  • Page 80
    $ % ' $ 3 ,>=(>> 3) 230 2+)4 3-(+32-,432> 3) 5$7 ,>=(>> 3) 5 @9,6,75 7 2=. 48 2-,432> ,>=(>> 2+)4 3) 5 @9,6,7 5'7 4:

  • Page 81
    < 3 24-9 3) :0( ,( 4=(3 4=394>( 3) +230- 3(+/: 3C,+43 +230- 3-(+(.-. 3) +230- ,>8,(>0 (+C,)(. 5 7 03 90 +230- (+C,),4. (-+4>(+4. 92+/(=440 , 44>. 3) 4,> (+C,)(. 5 4+-9 (27 ,2) ?*,1

  • Page 82
    2=(>> >/(+,( 2-,432> ,>=(>> 0( (@,)4 0( 2-,432> ,>=(>> 0( ...

  • Page 83
    22307 -0 *64.)41( +230- 0( 4>42 *64.)41( 23202 *64.)41( 4>0,3/. ,0,3/. -0 *64.)41( (@,)4 0( *64.)41( 4+/( *64.)41( ,1(>,3( ...

  • Page 84
    24/: #>(: 3) 4>0,3/. 3) 'H #(+

  • Page 85
    < & / / 3. & !0 ' ( )43.(3- -4 -9( ,3)4+14+2-,43 6: +(8(+(3)( ,3 -9( 84>>4=,3/ (/,.-+2-,43 -2-( ,>=(>> 2+)4 3) 230 (2)9 +(>2-(0 +4.1()-*. 48 4*+ +(14+-. 02-(0 2+)9 % =,-9 +(.1()- -4 -9( )43.4>,02-(0 8,323),2> .-2-(( 48 2-,432> ,>=(>> 2+)4 3) 2-,432> ,>=(>> 2+)4 3) ...

  • Page 86
    < & (++,>> ,>>(+ F+ )(+-,8: -9248 2-,432> ,>=(>> 2+)4 3) 84+ -9( 8,.)2> :(2+ (30(0 ()( +(14+- 43 4+< 0' ' 2.(0 43 (0/( -9,. +(14+- 04(. 34- )43-2,3 23: *3-+*( .-2-(

  • Page 87
    < & >2: ,>>,2 ,>=(>> 2+)4 3) 84+ -9( 8,.)2> :(2+ (30(0 ()( +(14+- 43 4+< 0' ! 2.(0 43 (0/( -9,. +(14+- 04(. 34- )43-2,3 23: *3-+*( .-2-(

  • Page 88
    < (++,>> ,>>(+ F+ 92,+(: )- 48 -92+(.,0(3- 230 9,(8 @()*-,C( 88,)(+ 48 0! ' 2-,432> ,>=(>> 2+)4 3) )(+-,8: 1*+.*23- -4 ()-,43 & % 48 -9( 2+623(. 5-9( D (+,40,) (14+-E7 =9,)9 -9,. .-2-(: )4,(. =,-9 'H (14+- 43 4+< 84+ -9( :(2+ (30(0 ()(

  • Page 89
    < >2: )- 48 ,>>,2 88,)(+ 48 2-,432> ,>=(>> 2+)4 3) )(+-,8: 1*+.*23- -4 ()-,43 & % 48 -9( 2+623(. 0! ! @>(: 5 7 -9( 33*2> (14+- 43 4+< 84+ -9( :(2+ (30(0 ()(