Gigaset 4010 Classic Gigaset 4015 Classic: Siemens

You might also like

Download as pdf or txt
Download as pdf or txt
You are on page 1of 71

SIEMENS

Gigaset 4010 Classic


Gigaset 4015 Classic

Инструкция
По
эксплуатации
Ek[me[zchlmkneqcz
Fbgk\yabJhkkbb 0(

I_j_ghkghcl_e_nhg
<dexq_gb_\udexq_gb_
i_j_ghkgh]hl_e_nhgZ
m^_j`b\Zcl_gZ`Zlhc
<dexq_gb_\udexq_gb_
[ehdbjh\dbdeZ\bZlmju
4m^_j`b\Zcl_gZ`Zlhc
<dexq_gb_\udexq_gb_a\mdh\uo
kb]gZeh\
5m^_j`b\Zcl_gZ`Zlhc
<g_rgb_\uah\u 

Ih\lhjgucgZ[hj $ aZl_f \u[_jbl_aZibkv

KhojZg_gb_Z[hg_glkdh]hghf_jZ
\l_e_nhgghfkijZ\hqgbd_ 0(18  &23<72',5 2.

GZ[hjghf_jZkbkihevah\Zgb_f
l_e_nhggh]hkijZ\hqgbdZ
 >bfy@ bbeb  
GZ[hjghf_jZkbkihevah\Zgb_f
kibkdZiha\hgb\rbo   &$//6 2. aZl_f 

J_]mebjh\dZ]jhfdhklb
0(18 $8',26(7 2. +6(792/ 2. 
2.

<gmlj_ggb_\uah\u ,17 gZij beb ,17 

,17 5beb ,17 &$//$//


<uah\\k_oi_j_ghkguo
l_e_nhgh\


I_j_dexq_gb_kh_^bg_gbygZ
^jm]hci_j_ghkghcl_e_nhg ,17 gZij - C
<gmlj_gg__gZ\_^_gb_kijZ\db ,17 gZij - aZ\_jr_gb_ 0(18 *2%$&. 2.

0(18  %$6(6(7 2.  &/2&.6(7 2. 


MklZgh\dZ^Zlu
'$7(6(7 2.
0(18  %$6(6(7 2.  &/2&.6(7 2.
MklZgh\dZ\j_f_gb
 '$7(7,0( 2.
MklZgh\dZ[m^bevgbdZ 0(18  $/$50&2. \\_^bl_qZku 2.

:\lhhl\_lqbd

Ijhkemrb\Zgb_khh[s_gbc   $160 2.

I_j_oh^dke_^mxs_fm beb
khh[s_gbx
I_j_oh^gZ^\Zkhh[s_gby  beb
\i_j_^  beb
Ih\lhjkhh[s_gby    beb 0(18
Dij_^u^ms_fmkhh[s_gbx 0(18  '(/(7(2/' 2.  685(" 2.
M^Ze_gb_khh[s_gby beb
,,
=h`shcd]c_j`k`hilhi^im`f`oih[
L]`mi_ci_hvdch_ce[mik
=hjbl\h\j_fyjZa]h\hjZ
Fb]Z_l
\oh^ysbc\uah\
gh\h_khh[s_gb_
[m^bevgbd

Ef[]cs[ÅK[b^i]ik´ Lilmizhc`[eengnfzmiki]
ijb_f\uah\Z 
gZ[hjghf_jZ  

   ?cljf`d
,17 0(18
M`entc`onheqcc
_cljf`dhvpef[]cs
kfgb`_
Ef[]cs[ m`f`oihhi^i
ljk[]irhce[ Ef[]cs[Åim\id´
<uah\l_e_nhggh]hkijZ\hqgbdZ c]ef]vef
aZ\_jr_gb_jZa]h\hjZ
Ef[]cs[ 1 3 DEF ij_ju\Zgb_nmgdpbb
2ABC \ha\jZlgZij_^u^msbc
M^_j`b\Zcl_gZ`Zlhc^ey mjh\_gvf_gx gZ`fbl_b
\u[hjZZ\lhhl\_lqbdZ 4 GHI 5JKL 6 MNO [ukljhhlimklbl_
ihqlh\h]hysbdZ \ha\jZl\j_`bfh`b^Zgby
]hehkh\hcihqlu 7 PQRS 8TUV 9 WXYZ m^_j`b\Zcl_gZ`Zlhc
\j_`bf_h`b^Zgby
Ef[]cs[Åb]`b_ire[´ \dexq_gb_\udexq_gb_
0 m^_j`b\Zcl_gZ`Zlhc 
M^_j`b\Zcl_gZ`Zlhc^ey
\dexq_gby\udexq_gby Ef[]cs[Åk`s`me[´
\uau\gh]hkb]gZeZ R M^_j`b\Zcl_gZ`Zlhc^ey
\dehld[ehdbjh\db
Ef[]cs[5 Ef[]cs[ij`k[mik[l`mc
IZmaZijbgZ[hj_ <uah\kibkdZl_e_nhgguo
m^_j`b\Zcl_gZ`Zlhc dhfiZgbc
Gcekioih
JZafudZgb_re_cnZ
Änewr³

?cljf`dc_cljf`dhv`ef[]csc
=k`gz Lilmizhc`[eengnfzmiki]
§jZajy`_gu
=hnmk`hhcd [\ih`hmlecd 
hig`k j`k`hilhi^i
m`f`oih[ 
    
¤aZjy`_gu
fb]Z_lij_^mij_`^_gb_
Lcg]if \n_cfwhce[ ,17 &
_kebmklZgh\e_gh\j_fy ?cljf`dhv`ef[]csc
[m^bevgbdZ >ey\uiheg_gbynmgdpbc
mdZaZgguo\gb`g_ckljhd_
^bkie_ygZ`fbl_
khhl\_lkl\mxsmxdeZ\brm

,,,
I\t[zchoikg[qcz

Lcg]ifvh[_cljf``
$OOJHPHLQHV



    
,17 &

$  ,17 0(18
DeZ\brZih\lhj Kbf\heihqlh\h]h DeZ\brZ DeZ\brZf_gx
gh]hgZ[hjZ ysbdZ \gmlj_gg_ck\yab <uah\nmgdpbc
\uah\kibkdZk bf_xlkykhh[s_gby <uah\^jm]bo f_gx \j_`bf_
iylvxihke_^gbfb gZZ\lhhl\_lqbd_ aZj_]bkljbjh\Zgguo h`b^Zgby\h\j_fy
gZ[jZggufb aZibkb\kibkd_ i_j_ghkguo jZa]h\hjZ 
ghf_jZfb iha\hgb\rbo l_e_nhgh\
?kebkbf\hefb]Z_l
bf_xlkygh\u_
khh[s_gby


  :(&.(5
2.

   2.
EbklZgb_f_gx Ih^l\_j`^_gb_\u[jZgghcnmgdpbb
AZ\_jr_gb_\\h^ZbkhojZg_gb_
AZ\_jr_gb_
BgZ`fbl_b[ukljhhlimklbl_\ha\jZl
gZij_^u^msbcmjh\_gvf_gx
Bm^_j`b\Zcl_gZ`Zlhc\ha\jZl
\j_`bfh`b^Zgby
G_l\\h^ZZ\lhfZlbq_kdbc\ha\jZl
\j_`bfh`b^Zgby

 
0(18

 
EbklZgb_\e_\hb DeZ\brZklbjZgby
\ijZ\hijb\\h^_pbnj KlbjZgb_\\h^ZkijZ\Z
bebl_dklZ gZe_\h

,9
Li_`ka[hc`
DjZldZybgkljmdpby,,
<g_rgbc\b^i_j_ghkgh]hl_e_nhgZ ,,,
>bkie_cb^bkie_cgu_deZ\brb,,,
Kbf\heugZ^bkie__ ,9

Mk`\i][hczm`phcec\`bij[lhilmc  
Ji_^imi]e[m`f`oih[ek[\im`  
MklZgh\dZ[Zah\h]h[ehdZ 
Ih^]hlh\dZi_j_ghkgh]hl_e_nhgZdjZ[hl_ 
Dj_ie_gb_aZ`bfZ^eyi_j_ghkZgZj_fg_ 
<dexq_gb_\udexq_gb_i_j_ghkgh]hl_e_nhgZ 
<dexq_gb_\udexq_gb_[ehdbjh\dbdeZ\bZlmju

Onheqcc]k`g`hc
MklZgh\dZ^Zlub\j_f_gb 
MklZgh\dZ[m^bevgbdZ 

K[b^i]ikjim`f`oihn  
<g_rgb_\uah\u 
<gmlj_ggb_\uah\u
Ijb_f\uah\Z 
Ijhkemrb\Zgb_jZa]h\hjZgZ[Zah\hf[ehd_ Ä=jhfdh_ijhkemrb\Zgb_³   
Hldexq_gb_fbdjhnhgZ
Ijb_f\uah\Z\h\j_fyaZibkbgZZ\lhhl\_lqbd 
Ihqlh\ucysbd]hehkh\hcihqlu\l_e_nhgghck_lb 71HW%R[  

N_i\h[zm`f`oihh[zl]zbw 
Ih\lhjgZ[hjZghf_jZ
L_e_nhgguckijZ\hqgbdbkibkhdl_e_nhgguodhfiZgbc 
LZ[ebpZkbf\heh\

Nlfn^cm`f`oihhidl`mc 
Nmgdpbbi_j_^gZqZehfjZa]h\hjZ
Nmgdpbb\h\j_fyjZa]h\hjZ 
H[jZlguc\uah\_kebZ[hg_glaZgyl 

Fbgk\yabJhkkbb 0(

KfhljblZd`_ZenZ\blgucmdZaZl_ev±klj


Xeihigcrh[zm`f`oihh[zl]zbw  
Kibkhdl_e_nhgguodhfiZgbc
&DOOE\&DOO 
:\lhfZlbq_kdbc\u[hjhi_jZlhjZk_lb  ij_^\Zjbl_evguc\u[hj  

Cljifwbi][hc`[]miim]`mrce[ 
<dexq_gb_\udexq_gb_Z\lhhl\_lqbdZ
<u[hjyaudZ 
AZibkvkh[kl\_ggh]hijb\_lkl\by 
Ijhkemrb\Zgb_khh[s_gbc 
M^Ze_gb_khh[s_gbc
Ijb_f\uah\Zihke_\dexq_gbyZ\lhhl\_lqbdZ 
GZkljhcdZ[ukljh]h\uah\ZZ\lhhl\_lqbdZ 
>bklZgpbhggh_mijZ\e_gb_Z\lhhl\_lqbdhf  

Ch_c]c_n[fwh[zh[lmkide[[]miim]`mrce[ 
Dhebq_kl\h\uau\guokb]gZeh\ nmgdpbywdhghfbb 
>ebgZkhh[s_gbcbdZq_kl\haZibkb
Ijhkemrb\Zgb_
<dexq_gb_\udexq_gb_\hkijhba\_^_gbybgnhjfZpbbZ\lhhl\_lqbdZq_j_a
]jhfdh]h\hjbl_ev[Zah\h]h[ehdZ 

K`^clmk[qczj`k`hilhvpm`f`oihi]  
:\lhfZlbq_kdZyj_]bkljZpby
J_]bkljZpby\jmqgmx 
Hlf_gZj_]bkljZpbbi_j_ghkgh]hl_e_nhgZ

Cljifwbi][hc`h`leifwecpj`k`hilhvpm`f`oihi]  
Baf_g_gb_gZa\Zgbyi_j_ghkgh]hl_e_nhgZ 
Baf_g_gb_\gmlj_gg_]hghf_jZi_j_ghkgh]hl_e_nhgZ
<gmlj_ggb_\uah\u
I_j_dexq_gb_kh_^bg_gby
<gmlj_gg__gZ\_^_gb_kijZ\db 
Ih^dexq_gb_dkh_^bg_gbx 
Hldexq_gb_\uau\gh]hkb]gZeZ 

Ch_c]c_n[fwh[zh[lmkide[j`k`hilhi^im`f`oih[  
<u[hjyaudZ^bkie_cguokhh[s_gbc 
Baf_g_gb_]jhfdhklbbf_eh^bb 
<dexq_gb_\udexq_gb_Z\lhfZlbq_kdh]hijb_fZ\uah\Z 
<ha\jZlgZkljh_di_j_ghkgh]hl_e_nhgZ\khklhygb_ijbihklZ\d_  


H[lmkide[\[bi]i^i\fie[  
Baf_g_gb_kbkl_fgh]h3,1dh^Z
Baf_g_gb_]jhfdhklbbf_eh^bb 
J_ljZgkeylhj
<ha\jZlgZkljh_d[Zah\h]h[ehdZ\khklhygb_ijbihklZ\d_  

Ji_efyr`hc`\[bi]i^i\fie[
enrk`a_`hr`leid;ML  
Kihkh[gZ[hjZghf_jZb\j_fyÄnewr³
<j_f_ggh_i_jdexq_gb_\lhgZevgucgZ[hj 
AZ^Zgb_\j_f_gbiZma 

Jkcfia`hc` 
Moh^aZl_e_nhghf 
KZfhklhyl_evgh_mkljZg_gb_g_bkijZ\ghkl_c 
L_ogbq_kdb_oZjZdl_jbklbdb

G`hy
Jkch[_f`ahilmc 
;fo[]cmhvdne[b[m`fw  
?clm[hqcihhvdijkil[]miim]`mrce[

GZklhysZybgkljmdpbyy\ey_lkyh[t_dlhfhojZgu\khhl\_lkl\bbkf_`^mgZjh^gufbjhkkbckdbfaZdhgh^Zl_evkl\hf
h[Z\lhjkdhfijZ\_Ex[h_g_kZgdpbhgbjh\Zggh_bkihevah\Zgb_bgkljmdpbb\dexqZydhibjh\Zgb_lbjZ`bjh\Zgb_b
jZkijhkljZg_gb_ gh g_ h]jZgbqZykv wlbf \e_q_l ijbf_g_gb_ d \bgh\ghfm ebpm ]jZ`^ZgkdhijZ\h\hc
hl\_lkl\_gghklb Z lZd`_ m]heh\ghc hl\_lkl\_gghklb \ khhl\_lkl\bb kh klZlv_c  MD JN b Z^fbgbkljZlb\ghc
hl\_lkl\_gghklb\khhl\_lkl\bbkhklZlv_cDh:IJN


Mk`\i][hczm`phcec\`bij[lhilmc

Jib_k[]fz`g=[l 
kihdmidhcl_e_nhgZ*LJDVHWnbjfu6LHPHQV
Fuh[jZsZ_fkyd\Zfkijhkv[hcijhqblZlvijb\_^_ggh_gZihke_^mxsbokljZgbpZo
hibkZgb_jZ[hlul_e_nhgZ<wlhfkemqZ_m\Zkg_\hagbdg_lgbdZdboijh[e_fijb
ihevah\Zgbbbf

Mk`\i][hczm`phcec\`bij[lhilmc 

Bkihevamcl_lhevdhijbeZ]Z_fuck_l_\hc[ehdiblZgbydZdwlhmdZaZghgZ
 gb`g_cklhjhg_mkljhckl\Z

Bkihevamcl_lhevdhjZaj_r_ggu_i_j_aZjy`Z_fu_Zddmfmeylhjuh^gh]h
lbiZGb\dh_fkemqZ_g_bkihevamcl_h[uqgu_ g_i_j_aZjy`Z_fu_ 
[ZlZj_blZddZdhgbfh]mlijbg_klbms_j[a^hjh\vxbfZl_jbZevgucms_j[

MklZgZ\eb\Zyi_j_aZjy`Z_fu_Zddmfmeylhjukh[ex^Zcl_iheyjghklv
h lZ[ebqdZkmdZaZgb_fiheyjghklbgZoh^blky\Zddmfmeylhjghfhlk_d_
i_j_ghkgh]hl_e_nhgZ 

Lbibkihevam_fuoZddmfmeylhjh\^he`_gkhhl\_lkl\h\ZlvmdZaZgbyfwlhc
bgkljmdpbbihwdkiemZlZpbb lZ[ebqdZkmdZaZgb_fgZoh^blky\
i Zddmfmeylhjghfhlk_d_i_j_ghkgh]hl_e_nhgZ 


L_e_nhgfh`_lhdZau\Zlv\ebygb_gZnmgdpbhgbjh\Zgb_f_^bpbgkdh]h
h[hjm^h\ZgbyIjbmklZgh\d_l_e_nhgZmqblu\Zcl_l_ogbq_kdb_lj_[h\Zgby
f_klZmklZgh\db gZijbf_jf_^bpbgkdh]hmqj_`^_gby 

I_j_ghkghcl_e_nhgfh`_l\uau\Zlvg_ijbylgh_`m``Zgb_\kemoh\uo
ZiiZjZlZo

G_mklZgZ\eb\Zcl_[Zah\uc[ehd\\Zgghcbeb^mr_

G_bkihevamcl_l_e_nhg\ihf_s_gbyo]^_kms_kl\m_lhiZkghklv\aju\Z
gZijgZeZdhdjZkhqguoijhba\h^kl\Zo

I_j_^Z\Zcl_\Zrl_e_nhggucZiiZjZl*LJDVHWlj_lvbfebpZflhevdh\f_kl_
) kbgkljmdpb_cihwdkiemZlZpbb

MlbebaZpbyZddmfmeylhjh\bl_e_nhgZ^he`gZhkms_kl\eylvky[_ams_j[Z
^eyhdjm`Zxs_ckj_^u

ΠG_dhlhju_bahibkZgguo\bgkljmdpbbihwdkiemZlZpbbnmgdpbc^hklmigug_
\h\k_okljZgZo


Ji_^imi]e[m`f`oih[ek[\im`

Ji_^imi]e[m`f`oih[ek[\im`

<dhfie_dlihklZ\db\oh^yl
O [Zah\uc[ehd
O i_j_ghkghcl_e_nhg*LJDVHW  &ODVVLF
O k_l_\hc[ehdiblZgby
O l_e_nhggucrgmj
O aZ`bf^eyghr_gbyi_j_ghkgh]hl_e_nhgZgZj_fg_
O ^\ZZddmfmeylhjZ
O bgkljmdpbyihwdkiemZlZpbb

Nlm[hi]e[\[bi]i^i\fie[
K`eig`h_[qccjinlm[hi]e`
;Zah\uc[ehdij_^gZagZq_g^eyjZ[hlu\aZdjuluoihf_s_gbyoijb
l_fi_jZlmj_hlƒ&^hƒ&MklZgZ\eb\Zcl_[Zah\uc[ehd\p_glj_
d\Zjlbju^hfZgZij\dhjb^hj_

?[fwhilmwl]zbc
GZhldjulhcf_klghklb^Zevghklvk\yabkhklZ\ey_l^hf<
ihf_s_gbyo^Zevghklvk\yab^hklb]Z_lf


Ji_^imi]e[m`f`oih[ek[\im`

Ji_efyr`hc`\[bi]i^i\fie[
>eyZgZeh]h\hcl_e_nhgghck_lb
L_e_nhggucrl_d_jk
l_e_nhggufdZ[_e_f
K_l_\hc[ehd Bkiheg_gb_aZ\bkblhl
iblZgby kljZgu
< 
kdZ[_e_f


O <klZ\vl_
fZe_gvdbc
rl_d_j
k_l_\h]h
dZ[_ey\
]g_a^h
O Ijh\_^bl_
dZ[_evq_j_a
dZgZ\dm
O <klZ\vl_
k_l_\hc[ehd
iblZgby\
jha_ldm

DghidZ^ey
j_]bkljZpbb
^hihegbl_evguo
i_j_ghkguo
l_e_nhgh\


O <klZ\vl_ knbdkZpb_c     g_bki
fZe_gvdbcq_jgucrl_d_j  g_bki
l_e_nhggh]hdZ[_ey\]g_a^h  
 D
;   E

O Ijh\_^bl_dZ[_evq_j_a  g_bki
dZgZ\dm  g_bki
O <klZ\vl_l_e_nhggucrl_d_j\
l_e_nhggmxjha_ldm

ΠO Bkihevamcl_lhevdhijbeZ]Z_fuck_l_\hc[ehdiblZgbydZd
h[hagZq_ghgZgb`g_cklhjhg_[Zah\h]h[ehdZ
O Bkihevamcl_ijbeZ]Z_fucl_e_nhggucrgmjG_bkihevamcl_
klZju_rgmju
O ?keb\uijbh[j_ebrgmj\ki_pbZebabjh\ZgghffZ]Zabg_
h[jZlbl_\gbfZgb_gZijZ\bevgh_bkihevah\Zgb_dhglZdlh\
bkihevamxlkyijh\h^Z(852&75 

 <gbfZgb_gh\ucl_e_nhggucrgmjBkihevamcl_lhevdh
ijbeZ]Z_fucrgmj


Ji_^imi]e[m`f`oih[ek[\im`

Ji_^imi]e[j`k`hilhi^im`f`oih[ek[\im`
>bkie_caZsbs_gki_pbZevghcie_gdhc
Kgbfbl_aZsblgmxie_gdm

Nlm[hi]e[[eengnfzmiki]

–+

–+
+

O <klZ\vl_Zddmfmeylhjukh[ex^Zyiheyjghklvkfhljbe_\uc
jbkmghd
O MklZgh\bl_djurdmhl^_e_gby^eyZddmfmeylhjh\baZ^\bgvl___
\\_jo
O >eyhldju\Zgbyhl^_e_gby^eyZddmfmeylhjh\gZ`fbl_gZjbne_gb_
bk^\bgvl_djurdm\gba

ΠO Bkihevamcl_lhevdhj_dhf_g^h\Zggu_i_j_aZjy`Z_fu_
Zddmfmeylhju kfklj Gb\dh_fkemqZ_g_bkihevamcl_
h[uqgu_[ZlZj_blZddZdwlhfh`_lijb\_klbdljZ\fZf
O G_bkihevamcl_aZjy^gu_mkljhckl\Zklhjhggboba]hlh\bl_e_c
lZddZd\wlhfkemqZ_\hafh`ghih\j_`^_gb_Zddmfmeylhjh\

Nlm[hi]e[j`k`hilhi^im`f`oih[]\[bi]vd\fiecb[kz_e[
 [eengnfzmiki]
F I_j_^bkihevah\Zgb_fi_j_ghkgh]hl_e_nhgZmklZgh\bl__]h
^bkie__f\\_jogZ[Zah\uc[ehdIjbf_jghq_j_ah^gmfbgmlmgZ
^bkie__i_j_ghkgh]hl_e_nhgZihy\blky_]h\gmlj_ggbcghf_j
gZijij 

ΠJ_]bkljZpby^hihegbl_evguoi_j_ghkguol_e_nhgh\
ijbh[j_l_gguohl^_evgh hibkZgZgZklj

>eyaZjy^dbZddmfmeylhjh\i_j_ghkghcl_e_nhgke_^m_lhklZ\blvgZ
K
[Zah\hf[ehd_ijbf_jghgZqZkh\<h\j_fyaZjy^dbZddmfmeylhjh\gZ
^bkie__i_j_ghkgh]hl_e_nhgZfb]Z_lkbf\heZddmfmeylhjh\

§ ZddmfmeylhjjZajy`_g ¥ Zddmfmeylhj
kbf\hefb]Z_l aZjy`_ggZ
¦ ZddmfmeylhjaZjy`_ggZ ¤ Zddmfmeylhj
iheghklvxaZjy`_g
J_dhf_g^Zpby
L_i_jvl_e_nhg]hlh\djZ[hl_<Z\lhhl\_lqbd_\u[jZghklZg^Zjlgh_
ijb\_lkl\b_>eyijZ\bevghcj_]bkljZpbb\j_f_gbihklmie_gby\uah\h\
ke_^m_lmklZgh\blv^Zlmb\j_fy kfklj 


Ji_^imi]e[m`f`oih[ek[\im`

ΠO Ihke_i_j\hcaZjy^db\ufh`_l_kgh\ZmklZgZ\eb\Zlv
i_j_ghkghcl_e_nhggZ[Zah\uc[ehdihke_dZ`^h]hjZa]h\hjZ
Ijhp_kkaZjy^dbmijZ\ey_lkywe_dljhgbdhcIjbwlhf
h[_ki_qb\Z_lkyhilbfZevgZybsZ^ysZyaZjy^dZ
Zddmfmeylhjh\
O :ddmfmeylhjugZ]j_\Zxlky\h\j_fyaZjy^dbwlhghjfZevgh_
y\e_gb_g_ij_^klZ\eyxs__hiZkghklb
O Khklhygb_aZjy^dbZddmfmeylhjh\ijZ\bevghhlh[jZ`Z_lky
lhevdhihke_g_ij_ju\gh]hpbdeZaZjy^dbjZajy^dbIhwlhfm
g_ke_^m_lhldju\Zlvhl^_e_gb_^eyZddmfmeylhjh\[_a
g_h[oh^bfhklb

Ek`jf`hc`b[acg[_fzj`k`hil[h[k`gh`

MklZgh\bl_aZ`bfgZaZ^g_cklhjhg_i_j_ghkgh]hl_e_nhgZbgZ`bfZcl_
gZg_]hihdZ\uklmiug_aZnbdkbjmxlky\m]em[e_gbyo

=efyr`hc`]vefyr`hc`j`k`hilhi^im`f`oih[
 >ey\dexq_gby\udexq_gbyl_e_nhgZm^_j`b\Zcl_deZ\brmÄhl[hc³
gZ`Zlhc±a\mqblkb]gZeih^l\_j`^_gby 

ΠI_j_ghkghcl_e_nhgZ\lhfZlbq_kdb\dexqZ_lkyijbmklZgh\d_
Zddmfmeylhjh\bijbmklZgh\d_l_e_nhgZgZ[Zah\uc[ehd

=efyr`hc`]vefyr`hc`\fiecki]ecef[]c[mnkv
<ufh`_l_Ähldexqblv³deZ\bZlmjmi_j_ghkgh]hl_e_nhgZgZijbf_j
_keb\ughkbl_i_j_ghkghcl_e_nhgkkh[hcIjbwlhfkemqZcgu_
gZ`ZlbydeZ\brb]ghjbjmxlky
Ijbihklmie_gbb\uah\Z[ehdbjh\dZdeZ\bZlmjuZ\lhfZlbq_kdb
hldexqZ_lkybkgh\Z\dexqZ_lkyihke_hdhgqZgbyjZa]h\hjZ>eyijb_fZ
\uah\ZgZ`fbl_deZ\brmÄjZa]h\hj³ 

4 >ey\dexq_gby\udexq_gby[ehdbjh\dbdeZ\bZlmjum^_j`b\Zcl_
deZ\brmgZ`Zlhc±a\mqblkb]gZeih^l\_j`^_gby 

Kb]gZeih^l\_j`^_gby kb]gZekm\_ebqb\Zxs_cky]jhfdhklvx
Kb]gZehrb[db kb]gZekmf_gvrZxs_cky]jhfdhklvx


Onheqcc]k`g`hc

GZ`fbl_deZ\brb
Onheqcc]k`g`hc
L_e_nhggucZiiZjZl*LJDVHWhkgZs_gnmgdpb_c
[m^bevgbdZ

Nlm[hi]e[_[mvc]k`g`hc
>Zlmb\j_fyg_h[oh^bfhmklZgh\blv^eyijZ\bevghc
bg^bdZpbb\j_f_gbihklmie_gbykhh[s_gbc\uah\h\
<ufh`_l_\u[jZlvj_`bfbg^bdZpbb\j_f_gb\
qZkh\hf  $0 b 30  bebqZkh\hfnhjfZl_

?[m[
NNNNNNNNNNNN
0(18 <uah\bl_f_gx
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 %$6(6(7 NNNNNNN
 <u[_jbl_bih^l\_j^bl_
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 &/2&.6(7 NNNNNNN
 <u[_jbl_bih^l\_j^bl_
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 '$7(6(7 NNNNNNN
 <u[_jbl_bih^l\_j^bl_
GZ^bkie_c\u\h^blkyl_dmsZygZkljhcdZ\nhjfZl_
>>FF==
gZij-LL0L <\_^bl_qbkehf_kyp]h^
GZijbf_j
NNNNNNN
 NNNNNNN
GZ`bfZywlbdeZ\brb\ufh`_l_i_j_clbd^jm]bf
pbnjZf^ey\g_k_gbybkijZ\e_gbc
NNNNNNN
 GZ`fbl_^eykhojZg_gbybaf_g_gbcbaZ\_jr_gby
ijhp_^mju

=k`gz
NNNNNNNNNNNN
& <uah\bl_f_gx
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 %$6(6(7 NNNNNNN
 <u[_jbl_bih^l\_j^bl_
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 &/2&.6(7 NNNNNNN
 <u[_jbl_bih^l\_j^bl_
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 '$7(7,0( NNNNNNN
 <u[_jbl_bih^l\_j^bl_
GZ^bkie_c\u\h^blkyl_dmsZygZkljhcdZ\nhjfZl_
QQFF
gZij 6L0 <\_^bl_qZkufbgmlu
GZijbf_jqZkh\fbgml
NNNNNNN
 NNNNNNN
GZ`bfZywlbdeZ\brb\ufh`_l_i_j_clbd^jm]bf
pbnjZf^ey\g_k_gbybkijZ\e_gbc
NNNNNNN
 GZ`fbl_^eykhojZg_gbybaf_g_gbcbaZ\_jr_gby
ijhp_^mju
?keb\u[jZgqZkh\hcnhjfZlhlh[jZ`_gby\j_f_gb
&/2&.02'( 
NNNNNNN
 NNNNNNN
 Ih^l\_j^bl_i_j\mxiheh\bgm^gy
beb NNNNNNN
 NNNNNNN! NNNNNNN
 <u[_jbl_bih^l\_j^bl_\lhjmxiheh\bgm^gy
NNNNNNN
 GZ`fbl_^eykhojZg_gbybaf_g_gbcbaZ\_jr_gby
ijhp_^mju


Onheqcc]k`g`hc

GZ`fbl_deZ\brb
Oikg[mch_ce[qcc r[li]idcfcr[li]id
NNNNNNNNNNNN
0(18 <uah\bl_f_gx
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 %$6(6(7 NNNNNNN
 <u[_jbl_bih^l\_j^bl_
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 &/2&.6(7 NNNNNNN
 <u[_jbl_bih^l\_j^bl_
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 &/2&.02'( NNNNNNN
 <u[_jbl_bih^l\_j^bl_
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
+ NNNNNNN
 Ih^l\_j^bl_bg^bdZpbx\qZkh\fnhjfZl_
beb
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 + NNNNNNN
 <u[_jbl_bih^l\_j^bl_bg^bdZpbx\qZkh\hf
nhjfZl_

Nlm[hi]e[\n_cfwhce[
<ufh`_l_bkihevah\Zlvi_j_ghkghcl_e_nhgdZd
[m^bevgbd

=efyr`hc`\n_cfwhce[
<dexq_gguc[m^bevgbda\hgbldZ`^uc^_gv\aZ^Zggh_
\j_fy
0(18 <uah\bl_f_gx
NNNNNNNNNNNN
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 $/$50&/2&. NNNNNNN
 <u[_jbl_bih^l\_j^bl_
gZij L 2 0 <\_^bl_\j_fya\hgdZ qZkufbgmlu 
GZijbf_jqZkh\fbgml
NNNNNNN
 NNNNNNN
GZ`bfZywlbdeZ\brb\ufh`_l_i_j_clbd^jm]bf
pbnjZf^ey\g_k_gbybkijZ\e_gbc
NNNNNNN
 GZ`fbl_^eykhojZg_gbybaf_g_gbcbaZ\_jr_gby
ijhp_^mju

Wlhlkbf\hegZ


^bkie__kem`bl^ey
bg^bdZpbb     
\dexq_ggh]h
[m^bevgbdZ ,17 &

=vefyr`hc`\n_cfwhce[
<j_fy[m^bevgbdZmklZgh\e_ghh^gZdh[m^bevgbdg_
a\hgbldZ`^uc^_gv
0(18 <uah\bl_f_gx
NNNNNNNNNNNN
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 $/$50&/2&. NNNNNNN
 <u[_jbl_bih^l\_j^bl_
?keb[m^bevgbd\udexq_ga\_a^hqdZi_j_^\j_f_g_fgZ
^bkie_cg_\u\h^blky


Onheqcc]k`g`hc

GZ`fbl_deZ\brb
Imefyr`hc`b]ihe[\n_cfwhce[
A\mqblkb]gZebfb]Z_lk\_lh^bh^ hdhehk_dmg^ >ey
hldexq_gbya\hgdZ[m^bevgbdZgZ`fbl_ex[mxdeZ\brm


K[b^i]ikjim`f`oihn

GZ`fbl_deZ\brb
K[b^i]ikjim`f`oihn
=h`shc`]vbi]v
<g_rgb_\uah\uwlh\uah\uZ[hg_glh\l_e_nhgghc
k_lb
<\_^bl_Z[hg_glkdbcghf_jIjbg_h[oh^bfhklb
bkijZ\vl_hl^_evgu_pbnjukihfhsvx^bkie_cghc
deZ\brb 
 GZ`fbl_deZ\brmÄjZa]h\hj³

 >eyhdhgqZgbykh_^bg_gbygZ`fbl_deZ\brmÄhl[hc³

Œ ● LZd`_\ufh`_l_kgZqZeZgZ`ZlvdeZ\brm
ÄjZa]h\hj³ZaZl_f\\_klbZ[hg_glkdbc
ghf_jdZ`^ZypbnjZgZ[bjZ_lky
g_f_^e_ggh
● KihfhsvxdeZ\brbÄhl[hc³\ufh`_l_
ij_j\ZlvgZ[hjghf_jZ
● KihfhsvxÄkb]gZevghc³deZ\brb\u
fh`_l_\\_klbiZmamijbgZ[hj_
m^_j`b\Zcl_deZ\brmgZ`Zlhc gZijbf_j
ijba\hgdZoaZ]jZgbpm

=hnmk`hhc`]vbi]v
<gmlj_ggb_\uah\uwlh\uah\u^jm]bo
aZj_]bkljbjh\Zgguoi_j_ghkguol_e_nhgh\<gmlj_ggb_
\uah\u[_kieZlgu gZijbf_j^hfZ\ufh`_l_iha\hgblv
ba]ZjZ`Z\]hklbgmx 
gZij- <\_^bl_\gmlj_ggbcghf_jgm`gh]hi_j_ghkgh]h
NNNNNNN
l_e_nhgZ
beb
NNNNNNN
GZ`fbl_deZ\brm
NNNNNNN
  NNNNNNN  <u[_jbl_gm`gh]hZ[hg_glZbgZ`fbl_deZ\brm
ÄjZa]h\hj³

<uah\\k_oi_j_ghkguol_e_nhgh\

 5 A\hgyl\k_i_j_ghkgu_l_e_nhgu
NNNNNNNN"""

AZ\_jr_gb_jZa]h\hjZ

 >eyaZ\_jr_gbykh_^bg_gbygZ`fbl_deZ\brmÄhl[hc³


K[b^i]ikjim`f`oihn

GZ`fbl_deZ\brb
Jkc`g]vbi][
<Zrl_e_nhga\hgbl \uau\ghckb]gZe bfb]Z_l
k\_lh^bh^gucbg^bdZlhj
 GZ`fbl_deZ\brmÄjZa]h\hj³

beb F? <havfbl_l_e_nhgk[Zah\h]h[ehdZ khklhygb_ijb


ihklZ\d_\dexq_gZnmgdpbyÄZ\lhfZlbq_kdbcijb_f
\uah\h\³kfklj 

Œ ● ?keb\Zff_rZ_l\uau\ghckb]gZe k
ihfhsvxdeZ\brb 0(18 hldjhcl_f_gxb
\u[_jbl_ihabpbx 6,/(17 [_akb]gZeZ 
● IhdZ\uah\kb]gZebabjm_lkygZ^bkie__\u
fh`_l_ijbgylv_]hgZijbf_jgZ`Z\
deZ\brmÄjZa]h\hj³
● J_]mebjh\dZ]jhfdhklbi_j_ghkgh]h
l_e_nhgZZlZd`_\h\j_fyjZa]h\hjZkf
klj


K[b^i]ikjim`f`oihn

GZ`fbl_deZ\brb
Jkilfnsc][hc`k[b^i]ik[h[\[bi]ig
\fie` Å>kigei`jkilfnsc][hc`´
>eylh]hqlh[u\k_gZoh^ysb_ky\ihf_s_gbbfh]eb
keurZlvjZa]h\hj\ufh`_l_\dexqblvnmgdpbx
ijhkemrb\ZgbyjZa]h\hjZgZ[Zah\hf[ehd_
NNNNNNNNNNNN
& <uah\bl_f_gx
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 %$6(63.5 NNNNNNN
 <u[_jbl_bih^l\_j^bl_
>eyhldexq_gby\uihegbl_l_`_^_ckl\by.

ΠI_j_^\dexq_gb_fwlhcnmgdpbb\u^he`gu
khh[sblvh[wlhf\Zr_fmkh[_k_^gbdm

Imefyr`hc`gcekioih[
<h\j_fy\g_rgbokh_^bg_gbc\ufh`_l_hldexqblv
fbdjhnhggZijbf_jqlh[uijhdhgkmevlbjh\Zlvkykd_f
gb[m^v\ihf_s_gbb>jm]hcZ[hg_gl\wlh\j_fy\Zkg_
keurbl
NNNNNNN
Hldexq_gb_fbdjhnhgZ±\uah\i_j_\h^blkygZ
m^_j`Zgb_^jm]hcZ[hg_glkeurblf_eh^bx\h\j_fy
h`b^Zgby
Ih\lhjgh_\dexq_gb_fbdjhnhgZ
NNNNNNNNNNNN
& <uah\bl_f_gx
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
*2%$&. NNNNNNN
 Ih^l\_j^bl_
<u\ha\jZsZ_l_kvd\g_rg_fmkh_^bg_gbx

Jkc`g]vbi][]i]k`gzb[jclch[
[]miim]`mrce
<h\j_fyaZibkbkhh[s_gbygZZ\lhhl\_lqbd fb]Z_l
kbf\heZ\lhhl\_lqbdZ \ufh`_l_ijbgylvwlhl\uah\
gZijbf_j_keb\uohlbl_ih]h\hjblvk\uau\Zxsbf
Z[hg_glhf
 GZ`fbl_deZ\brmÄjZa]h\hj³
AZibkvaZ\_jrZ_lkyb\ufh`_l_]h\hjblvk
\uau\ZxsbfZ[hg_glhf


K[b^i]ikjim`f`oihn

GZ`fbl_deZ\brb
Jirmi]vdztce^ifili]idjirmv]
m`f`oihhidl`mc 71HW%R[
Lipk[h`hc`hig`k[jirmi]i^iztce[
^ifili]idjirmv_fz\vlmki^i]vbi][
<ufh`_l_\u[jZlvnmgdpbx^ey[ukljh]h\uah\Z
\kljh_ggucZ\lhhl\_lqbdbebihqlh\ucysbd]hehkh\hc
ihqlul_e_nhgghck_lb
NNNNNNNNNNNN
& <uah\bl_f_gx
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 $160$&+,1( NNNNNNN
 <u[_jbl_bih^l\_j^bl_
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 6(7.(< NNNNNNN
 <u[_jbl_bih^l\_j^bl_

NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
0$,/%2; NNNNNNN
 <\_^bl_Z[hg_glkdbcghf_jihqlh\h]hysbdZ]hehkh\hc
ihqlubih^l\_j^bl_\\h^

ΠIhke_lh]hdZd\u\u[jZebZ\lhhl\_lqbdihqlh\uc
ysbd]hehkh\hcihqlu^eykh_^bg_gbyk
Z\lhhl\_lqbdhfihqlh\ufysbdhf]hehkh\hc
ihqlu\Zfgm`ghlhevdhgZ`Zlvbm^_j`b\Zlv
gZ`ZlhcdeZ\brm [ukljuc\uah\ 

Jkilfnsc][hc`lii\t`hcd]jirmi]igztce`
^ifili]idjirmv 71HW%R[
Mkeh\b_
<u\\_ebZ[hg_glkdbcghf_jihqlh\h]hysbdZ]hehkh\hc
ihqlu
NNNNNNN
 Fb]Z_lbg^bdZlhj
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 0$,/%2; NNNNNNN
 <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 3/$<%$&. NNNNNNN
 <u[_jbl_bijhkemrZcl_khh[s_gb_


N_i\h[zm`f`oihh[z l]zbw

GZ`fbl_deZ\brb
N_i\h[zm`f`oihh[zl]zbw
L_e_nhggucZiiZjZl*LJDVHWiha\hey_lijhklhb[ukljh
bkihevah\Zlv\k_nmgdpbbkh\j_f_gghcl_e_nhgghc
k\yab

Ji]mikh[\ik[hig`k[
<Zri_j_ghkghcl_e_nhgZ\lhfZlbq_kdbaZihfbgZ_l
ihke_^gbogZ[jZgguoZ[hg_glkdboghf_jh\bebbf_g
kfklj 
NNNNNNN
$ Bg^bdZpbyZ[hg_glkdboghf_jh\bf_g
NNNNNNN
 <u[hjgm`gh]hZ[hg_glkdh]hghf_jZbf_gb
 GZ`fbl_deZ\brmÄjZa]h\hj³±hkms_kl\ey_lkygZ[hj
ghf_jZ

Lmck[hc`ljcle[ji]mikhi^ih[\ik[
NNNNNNN
$ <uah\bl_kibkhdih\lhjgh]hgZ[hjZ

NNNNNNNNNNNN
& <uah\bl_f_gx
1NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
'(/(175< NNNNNNN
 GZ`fbl_pbnjmbih^l\_j^bl_klbjZgb_

Lipk[h`hc`[\ih`hmlei^ihig`k[]
m`f`oihhigljk[]irhce`
NNNNNNN
$ Bg^bdZpbyZ[hg_glkdh]hghf_jZ

NNNNNNN
 NNNNNNNNNNNN
& <u[_jbl_Z[hg_glkdbcghf_jb\uah\bl_f_gx
 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
NNNNNNN &23<72',5 NNNNNNN
 <u[_jbl_bih^l\_j^bl_
?kebg_h[oh^bfhbaf_gbl_Z[hg_glkdbcghf_jb\\_^bl_
bfyZ[hg_glZ
<\h^[md\bkbf\heh\ kfklj 
NNNNNNN
 Ih^l\_j^bl_\\h^


N_i\h[zm`f`oihh[z l]zbw

GZ`fbl_deZ\brb
M`f`oihhvdljk[]irhcecljclie
m`f`oihhvpeigj[hcd
L_e_nhgguckijZ\hqgbdh[e_]qZ_l\ZfgZ[hj
Z[hg_glkdboghf_jh\
<kibkd_l_e_nhgguodhfiZgbc \ufh`_l_
khojZgblvdh^uij_^\Zjbl_evgh]hgZ[hjZ &DOOE\&DOO 
l_e_nhgguodhfiZgbc^eya\hgdh\ihkZfuf\u]h^guf
lZjbnZf

Lipk[h`hc`b[jclc
 <uah\bl_l_e_nhgguckijZ\hqgbdkibkhdl_e_nhgguo
dhfiZgbc
NNNNNNNNNNNN
& <uah\bl_f_gx
 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
NNNNNNN 1(:(175< NNNNNNN
 <u[_jbl_bih^l\_j^bl_
<\_^bl_Z[hg_glkdbcghf_j
NNNNNNN
 Ih^l\_j^bl_\\h^
<\_^bl_bfy
<\h^[md\bkbf\heh\kfhljblZ[ebpmgZke_^mxs_c
kljZgbp_
NNNNNNN
 Ih^l\_j^bl_\\h^

ΠFZdkbfZevgh_dhebq_kl\h\\h^bfuokbf\heh\
l_e_nhgguckijZ\hqgbd ihabpbb
kibkhdhi_jZlhjh\k_lb ihabpbc


N_i\h[zm`f`oihh[z l]zbw

GZ`fbl_deZ\brb
M[\fcq[lcg]ifi]
[ [ [ [ [ [
 ! 

- $ % & 

 ' ( ) 

/ * + , 

0 - . / 

1 0 1 2 

2 3 4 5 6 

3 7 8 9 

6 : ; < = 

L   ± _ " B

5  

4 
GZ`bfZcl_khhl\_lkl\mxsmxdeZ\brmg_kdhevdhjZabeb
m^_j`b\Zcl___gZ`Zlhc

ΠMijZ\e_gb_dmjkhjhfkihfhsvxdeZ\br  
KlbjZgb_agZdh\kihfhsvxdeZ\brb 
AgZdb\k_]^Z\\h^ylkyke_\ZhldmjkhjZ
AZibkbkhjlbjmxlky\ke_^mxs_fihjy^d_
 Ijh[_e !
 Pbnju ±
 ;md\u ihZenZ\blm
 HklZevgu_kbf\heu

>eyh[oh^ZZenZ\blgh]hihjy^dZaZibk_c\l_e_nhgghf
kijZ\hqgbd_^h[Z\eycl_i_j_^bf_g_fijh[_e<wlhf
kemqZ_aZibkvi_j_f_klblvkygZi_j\h_f_klh gZijbf_j
\\h^Ä!.DUOD³ 


N_i\h[zm`f`oihh[z l]zbw

GZ`fbl_deZ\brb
H[\ikhig`k[lcljifwbi][hc`gm`f`oihhi^i
ljk[]irhce[
 <uah\bl_l_e_nhgguckijZ\hqgbd
gZij <\_^bl_i_j\u_[md\ubf_gb
gZijbf_j^eybf_gbÄ(PPD³ke_^m_l\\_klb[md\mÄ(³ 
gZ`fbl_deZ\brm^\ZjZaZaZl_febklZcl_k
ihfhsvxdeZ\brb  Bf_gZjZkiheh`_guih
ZenZ\blm
 GZ`fbl_deZ\brmÄjZa]h\hj³Hkms_kl\ey_lkygZ[hj
ghf_jZ

ΠIhke_\u[hjZghf_jZ\ufh`_l_\ua\Zlvf_gx
\u[jZlvihabpbx (',7(175<  baf_gblv
aZibkv ^hihegblvbaf_gblvZ[hg_glkdbcghf_j
ZaZl_fgZ`ZlvdeZ\brmÄjZa]h\hj³^ey_]h
gZ[hjZ

H[\ikhig`k[lcljifwbi][hc`gljcle[
m`f`oihhvpeigj[hcd
Kihfhsvxwlhcnmgdpbb\ufh`_l_\klZ\blvi_j_^
Z[hg_glkdbfghf_jhfdh^ij_^\Zjbl_evgh]hgZ[hjZ
l_e_nhgghcdhfiZgbb Äh[t_^bg_gb_ghf_jh\³ 
<uah\bl_kibkhdl_e_nhgguodhfiZgbc
NNNNNNN
 NNNNNNN
 <u[_jbl_l_e_nhggmxdhfiZgbx &DOOE\&DOO b
ih^l\_j^bl_
<\_^bl_Z[hg_glkdbcghf_j^eyÄh[t_^bg_gbyghf_jh\³
beb
NNNNNNN
  <u[_jbl_Z[hg_glkdbcghf_j^eyÄh[t_^bg_gby³ba
l_e_nhggh]hkijZ\hqgbdZbih^l\_j^bl_
 GZ`fbl_deZ\brm

Jkilgimkcbg`h`hc`b[jclcm`f`oihhi^i
ljk[]irhce[
 <uah\bl_l_e_nhgguckijZ\hqgbd
gZij <\_^bl_i_j\mx[md\mbf_gb
NNNNNNNNNNNN
& <uah\bl_f_gx
 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
NNNNNNN 6+2:(175< NNNNNNN
 <u[_jbl_bih^l\_j^bl_AZibkv\u\h^blkygZ^bkie_c
?kebg_h[oh^bfhbaf_gbl_Z[hg_glkdbcghf_j
<\h^[md\bkbf\heh\kfklj
NNNNNNN
 Ih^l\_j^bl_\\h^
Baf_gbl_bfy
NNNNNNN
 Ih^l\_j^bl_\\h^


N_i\h[zm`f`oihh[z l]zbw

GZ`fbl_deZ\brb
Jkilgimkccbg`h`hc`b[jclc]ljcle`
m`f`oihhvpeigj[hcd 
<uah\bl_kibkhdl_e_nhgguodhfiZgbc
NNNNNNN
 NNNNNNNNNNNN
& <u[_jbl_Z[hg_glkdbcghf_jb\uah\bl_f_gx
 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
NNNNNNN 6+2:(175< NNNNNNN
 <u[_jbl_bih^l\_j^bl_GZ^bkie_c\u\h^blkyaZibkv
?kebg_h[oh^bfhbaf_gbl_Z[hg_glkdbcghf_j
<\h^[md\bkbf\heh\kfklj
NNNNNNN
 Ih^l\_j^bl_\\h^
<\_^bl_gh\h_bfy
NNNNNNN
 Ih^l\_j^bl_\\h^

N_[f`hc`im_`fwhidb[jclccbm`f`oihhi^i
ljk[]irhce[
 <uah\bl_l_e_nhgguckijZ\hqgbd
gZij <\_^bl_i_j\mx[md\mbf_gb
NNNNNNNNNNNN
& <uah\bl_f_gx
 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
NNNNNNN '(/(175< NNNNNNN
 <u[_jbl_bih^l\_j^bl_

N_[f`hc`im_`fwhidb[jclccbljcle[
m`f`oihhvpeigj[hcd
<uah\bl_kibkhdl_e_nhgguodhfiZgbc
NNNNNNN
 NNNNNNNNNNNN
& <u[_jbl_Z[hg_glkdbcghf_jb\uah\bl_f_gx
 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
NNNNNNN '(/(175< NNNNNNN
 <u[_jbl_bih^l\_j^bl_

N_[f`hc`]l`pb[jcl`dcbm`f`oihhi^i
ljk[]irhce[ljcle[m`f`oihhvpeigj[hcd
 <uah\bl_l_e_nhgguckijZ\hqgbdkibkhdl_e_nhgguo
dhfiZgbc
NNNNNNNNNNNN
& <uah\bl_f_gx
1NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
'(/(175< NNNNNNN
 GZ`fbl_pbnjmbih^l\_j^bl_m^Ze_gb_\k_oaZibk_c

<aZ\bkbfhklbhl:LK


Nlfn^cm`f`oihhid l`mc

GZ`fbl_deZ\brb
Nlfn^cm`f`oihhidl`mc
<Zri_j_ghkghcl_e_nhgh[e_]qZ_lbkihevah\Zgb_mkem]
l_e_nhgghck_lb
Ij_^gZqZehfjZa]h\hjZ \j_`bf_h`b^Zgby b\h\j_fy
jZa]h\hjZnmgdpbbfh`gh\ua\Zlvkihfhsvxf_gx
Ijb\hagbdgh\_gbb\hijhkh\h[jZsZcl_kvd\Zr_fm
hi_jZlhjmk_lblZddZdk_l_\u_nmgdpbbjZaebqZxlky\
jZaguok_lyo

Onheqccj`k`_h[r[figk[b^i]ik[
I_j_^gZqZehfjZa]h\hjZ\ufh`_l_bkihevah\Zlv
ke_^mxsb_nmgdpbb
● h^ghdjZlgh_hldexq_gb_i_j_^ZqbZ[hg_glkdh]h
ghf_jZ
● \dexq_gb_\udexq_gb_kb]gZebaZpbb\lhjh]h\uah\Z
● hldexq_gb_h[jZlgh]h\uah\Z
● gZkljhcdZi_j_Z^j_kZpbb


Nlfn^cm`f`oihhid l`mc

GZ`fbl_deZ\brb
J`k`[_k`l[qcz]vbi]i]
<oh^ysb_\uah\ui_j_Z^j_kmxlkygZ^jm]hc
Z[hg_glkdbcghf_j<ufh`_l_aZ^Zlvke_^mxsb_
mkeh\byi_j_Z^j_kZpbb
● g_f_^e_ggZy
● _kebg_lhl\_lZ
● _kebaZgylh
?keb\uohlbl_qlh[u\uah\uihklhyggh
i_j_Z^j_kh\u\ZebkvgZ^jm]hcZ[hg_glkdbcghf_j
NNNNNNNNNNNN
& <uah\bl_f_gx
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 6(/6(59,&(6 NNNNNNN
 <u[_jbl_bih^l\_j^bl_
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 &$//',9(57 NNNNNNN
 <u[_jbl_bih^l\_j^bl_
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
$// NNNNNNN
 <u[_jbl_bih^l\_j^bl_

NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
$8720$7,& NNNNNNN
 <u[_jbl_g_f_^e_ggmxi_j_Z^j_kZpbx\uah\h\
<uah\u[hevr_g_kb]gZebabjmxlkygZl_e_nhg_
beb
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 12$16:(5 NNNNNNN
 <u[_jbl_i_j_Z^j_kZpbx\uah\h\_kebgZ\Zr_f
l_e_nhgghfZiiZjZl_gbdlhg_hl\_lblgZ\uah\ihke_
g_kdhevdboa\hgdh\
beb
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 ,)%86< NNNNNNN
 <u[_jbl_i_j_Z^j_kZpbx\uah\h\_keb\Zrl_e_nhg
aZgyl
AZl_f\dexqbl_beb\udexqbl_i_j_Z^j_kZpbx

NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 NNNNNNN
 <dexqbl_i_j_Z^j_kZpbx

 NNNNNNN
 <\_^bl_Z[hg_glkdbcghf_jgZdhlhjuc^he`gu
i_j_^Zj_kh\u\Zlvky\uah\u
beb
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 2)) NNNNNNN
 <udexqbl_i_j_Z^j_kZpbx
Ihke_ihemq_gbyih^l\_j`^_gbybal_e_nhgghck_lb
gZ`fbl_deZ\brmÄhl[hc³


Nlfn^cm`f`oihhid l`mc

GZ`fbl_deZ\brb
Onheqcc]i]k`gzk[b^i]ik[
<h\j_fyjZa]h\hjZ\ufh`_l_bkihevah\Zlvke_^mxsb_
nmgdpbb
● GZ\_^_gb_kijZ\dbihi_j_f_ggucjZa]h\hjih^\mf
ebgbyfhj]ZgbaZpbyaZ\_jr_gb_dhgn_j_gpk\yab
● ijb_fhldZahlijb_fZ\lhjh]h\uah\Z

H[]`_`hc`ljk[]ecjij`k`g`hhvdk[b^i]ikji
_]ngfchczgeiho`k`hql]zbw  
GZ\_^_gb_kijZ\db\h\j_fyjZa]h\hjZk\g_rgbf
Z[hg_glhf\ufh`_l_iha\hgblv^jm]hfm\g_rg_fm
Z[hg_glmI_j\h_kh_^bg_gb_i_j_\h^blkygZm^_j`Zgb_
NNNNNNNNNNNN
& <uah\bl_f_gx
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
(;71&$// NNNNNNN
 Ih^l\_j^bl_
<\_^bl_Z[hg_glkdbcghf_j\lhjh]hZ[hg_glZ

ΠIjbgZ[hj_\lhjh]hZ[hg_glkdh]hghf_jZ\u
fh`_l_bkihevah\Zlvl_e_nhgguckijZ\hqgbd
deZ\brZ 

NNNNNNNNNNNN
& <uah\bl_f_gx
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 (1'&$// NNNNNNN
 AZ\_jrbl_\lhjhcjZa]h\hj<ukgh\Zkh_^bg_guk
h`b^ZxsbfZ[hg_glhf
beb
NNNNNNN
 NNNNNNN
 Ihi_j_f_ggucjZa]h\hjih^\mfebgbyf\ufh`_l_
i_j_dexqZlvkyf_`^m^\mfykh_^bg_gbyfb
beb
NNNNNNNNNNNN
& <uah\bl_f_gx

NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
&21)(5(1&( NNNNNNN
 Dhgn_j_gpk\yav\hafh`ghh^gh\j_f_ggh_
kh_^bg_gb_\Zkb^\mo^jm]boZ[hg_glh\
NNNNNNNNNNNN
& <uah\bl_f_gx

NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
  NNNNNNN
 AZ\_jr_gb_dhgn_j_gpk\yab
<ukgh\Z\ha\jZsZ_l_kv\j_`bfÄihi_j_f_gguc
jZa]h\hjih^\mfebgbyf³L_i_jv\ukh_^bg_gulhevdhk
h^gbfZ[hg_glhf
NNNNNNN
 NNNNNNN
 <u[_jbl_Z[hg_glZjZa]h\hjkdhlhjuf\uohlbl_
aZ\_jrblv
NNNNNNNNNNNN
& <uah\bl_f_gx
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
(1'&$// NNNNNNN
 <uijh^he`Z_l_jZa]h\hjk^jm]bfZ[hg_glhf

 GZ`fbl_deZ\brmJZa]h\hjaZ\_jrZ_lky
JZat_^bgyxlky\k_kh_^bg_gby
<aZ\bkbfhklbhl:LK


Nlfn^cm`f`oihhid l`mc

GZ`fbl_deZ\brb
I\k[mhvd]vbi]`lfc[\ih`hmb[hzm
=efyr`hc`i\k[mhi^i]vbi][
?keb\ua\ZggucZ[hg_glaZgyl\ufh`_l_\dexqblv
nmgdpbxh[jZlgh]h\uah\ZDh]^Z\uau\Z_fucZ[hg_gl
hk\h[h^blvkyZ\lhfZlbq_kdb[m^_lhkms_kl\e_g
h[jZlguc\uah\ bg^bdZpbygZ^bkie__ Dh]^Z\u
ijbf_l_h[jZlguc\uah\Z[hg_gldhlhjhfm\ua\hgbeb
[m^_l\ua\Zg\gh\v
NNNNNNNNNNNN
& <uah\bl_f_gx
 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
NNNNNNN 6(/6(59,&(6 NNNNNNN
 <u[_jbl_bih^l\_j^bl_
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 5,1*%$&. NNNNNNN
 <u[_jbl_bih^l\_j^bl_
Ihke_ihemq_gbyih^l\_j`^_gbybal_e_nhgghck_lb
gZ`fbl_deZ\brmÄhl[hc³

Imefyr`hc`i\k[mhi^i]vbi][
?keb\uj_rbebhldexqblvnmgdpbxh[jZlgh]h\uah\Z
NNNNNNNNNNNN
& <uah\bl_f_gx
 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
NNNNNNN 6(/6(59,&(6 NNNNNNN
 <u[_jbl_bih^l\_j^bl_
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
 5,1*%$&.2)) NNNNNNN  <u[_jbl_bih^l\_j^bl_
Ihke_ihemq_gbyih^l\_j`^_gbybal_e_nhgghck_lb
gZ`fbl_deZ\brmÄhl[hc³

<aZ\bkbfhklbhl:LK


Xeihigcrh[z m`f`oihh[z l]zbw

GZ`fbl_deZ\brb

5
Xeihigcrh[zm`f`oihh[zl]zbw
Qlh[ukhdjZlblvaZljZlugZl_e_nhggmxk\yav\Zf
ke_^m_lihevah\Zlvkymkem]Zfbhi_jZlhjZk\yabk
kZfufb\u]h^gufblZjbnZfbHi_jZlhjuk\yabkhh[sZl
\Zfdh^ij_^\Zjbl_evgh]hgZ[hjZdhlhjuc\u^he`gu
gZ[bjZlvi_j_^Z[hg_glkdbfghf_jhf &DOOE\&DOO Wlh
kZfucm^h[guckihkh[mklZgZ\eb\Zlvl_e_nhggu_
kh_^bg_gbybkihevamykZfuc\u]h^guclZjbn

Ljcliem`f`oihhvpeigj[hcd
&DOOE\&DOO
<kibkd_l_e_nhgguodhfiZgbc \ufh`_l_khojZgblv
dh^u\uoh^ZgZwlbdhfiZgbb &DOOE\&DOO  kfklj 
I_j_^\\h^hfZ[hg_glkdh]hghf_jZ\ufh`_l_ijhklh
\u[jZlvgm`guckhojZg_ggucghf_jl_e_nhgghc
dhfiZgbb &DOOE\&DOO 

H[\ikhig`k[lcljifwbi][hc`gljcle[
m`f`oihhvpeigj[hcd
Kihfhsvxwlhcnmgdpbb\ufh`_l_\klZ\blvi_j_^
Z[hg_glkdbfghf_jhfdh^ij_^\Zjbl_evgh]hgZ[hjZ
l_e_nhgghcdhfiZgbb Äh[t_^bg_gb_ghf_jh\³ 
<uah\bl_kibkhdl_e_nhgguodhfiZgbc

NNNNNNN 
NNNNNNN  <u[_jbl_l_e_nhggmxdhfiZgbx &DOOE\&DOO b
ih^l\_j^bl_
<\_^bl_Z[hg_glkdbcghf_j^eyÄh[t_^bg_gbyghf_jh\³
beb

 
NNNNNNN <u[_jbl_Z[hg_glkdbcghf_j^eyÄh[t_^bg_gby³ba
l_e_nhggh]hkijZ\hqgbdZbih^l\_j^bl_
 GZ`fbl_deZ\brm

Π>h[Z\e_gb_baf_g_gb_m^Ze_gb_l_e_nhgghc
dhfiZgbb
KaZibkyfb\kibkd_l_e_nhgguodhfiZgbc\u
fh`_l_\uihegylvl_`_^_ckl\byqlhbk
aZibkyfb\l_e_nhgghfkijZ\hqgbd_<f_klh
l_e_nhggh]hkijZ\hqgbdZ\uah\bl_kibkhd
hi_jZlhjh\k_lb bgZ`fbl_deZ\brm 0(18 
AZl_f\u[_jbl_gm`gmxnmgdpbx kfklj 


Xeihigcrh[z m`f`oihh[z l]zbw

GZ`fbl_deZ\brb
Lipk[h`hc`ei_[m`f`oihhideigj[hcc
&DOOE\&DOO _fz\vlmki^ih[\ik[
<ufh`_l_khojZgblv^ey[ukljh]hgZ[hjZ ± \hk_fv
ghf_jh\bakibkdZl_e_hngguodhfiZgbc>eywlh]h\u
^he`gu\\_klbpbnju^eykhdZjs_ggh]hgZ[hjZi_j_^
gZa\Zgb_fl_e_nhgghcdhfiZgbb
Ijbf_jZaZl_fgZa\Zgb_l_e_nhgghcdhfiZgbb
<uah\bl_kibkhdl_e_nhgguodhfiZgbc
NNNNNNN
 0(18 NNNNNNNNNNNNN <u[_jbl_l_e_nhggmxdhfiZgbxb\uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
6+2:(175< 
NNNNNNN <u[_jbl_bih^l\_j^bl_
NNNNNNN
 Ih^l\_j^bl_Z[hg_glkdbcghf_j


NNNNNNN  I_j_f_klbl_dmjkhj\i_j\mxihabpbxgZa\Zgby
l_e_nhgghcdhfiZgbb
gZij[- <\_^bl_ghf_j[ukljh]hgZ[hjZ
NNNNNNN
 KhojZgbl_baf_g_gby

ΠKhojZgbl_gh\mxaZibkvb\\_^bl_pbnjm
[ukljh]hgZ[hjZdZdi_j\ucagZd\gZa\Zgbb
l_e_nhgghcdhfiZgbb

Bkihevah\Zgb_[ukljh]hgZ[hjZ
gZij- GZ`fbl_deZ\rmbm^_j`b\Zcl___gZ`Zlhc
GZ^bkie_c\u\h^blkykhojZg_ggucghf_jl_e_nhgghc
dhfiZgbb
gZij <\_^bl_Z[hg_glkdbcghf_j^eyÄH[t_^bg_gby³
beb
 
NNNNNNN <u[_jbl_aZibkvbal_e_nhggh]hkijZ\hqgbdZb
ih^l\_j^bl_
 GZ`fbl_deZ\brm


Xeihigcrh[z m`f`oihh[z l]zbw

GZ`fbl_deZ\brb
;]mig[mcr`lecd]v\ikij`k[mik[l`mc 
jk`_][kcm`fwhvd]v\ik
<ufh`_l_khojZgblvghf_jhi_jZlhjZk_lb &DOOE\&DOO 
mkem]Zfbdhlhjh]h\uihevam_l_kvqZs_\k_]hIjb
\u[hj_wlhcnmgdpbbghf_jhi_jZlhjZk_lb[m^_l
Z\lhfZlbq_kdb^h[Z\eylvkyi_j_^gZ[jZggufghf_jhf
ÄH[t_^bg_gb_³ 
AZ^Zcl_kibkdbZ[hg_glkdboghf_jh\dhlhju_^he`gu
gZ[bjZlvkyÄkij_^\Zjbl_evguf\u[hjhf³bebÄ[_a
ij_^\Zjbl_evgh]h\u[hjZ³

Ljclieljk`_][kcm`fwhvg]v\ikig
WlhkibkhdZ[hg_glkdboghf_jh\^eydhlhjuo^he`_g
bkihevah\ZlvkyZ\lhfZlbq_kdbc\u[hjhi_jZlhjZk_lb
Ijbf_j
<u\dexqbeb\wlhlkibkhdghf_jij<wlhfkemqZ_ijb
gZ[hj_Z[hg_glkdh]hghf_jZdhlhjucgZqbgZ_lkyk
pbnjuij[m^_lZ\lhfZlbq_kdb^h[Z\eylvky
khojZg_gguc\Zfbdh^ij_^\Zjbl_evgh]hgZ[hjZ
ij_^ihqlbl_evgh]hhi_jZlhjZk_lb

Ljclie\`bjk`_][kcm`fwhi^i]v\ik[
WlhkibkhdZ[hg_glkdboghf_jh\^eydhlhjuog_^he`_g
bkihevah\ZlvkyZ\lhfZlbq_kdbc\u[hjhi_jZlhjZk_lb
Ijbf_j
<u\dexqbeb\wlhlkibkhdghf_jij>eyZ[hg_glkdbo
ghf_jh\gZqbgZxsbokykijg_[m^_lZ\lhfZlbq_kdb
^h[Z\eylvkydh^ij_^\Zjbl_evgh]hgZ[hjZhi_jZlhjZ
k_lb

ΠH[t_^bg_gb_dh^Zij_^\Zjbl_evgh]hgZ[hjZ
hi_jZlhjZk_lbbZ[hg_glkdh]hghf_jZÄ\jmqgmx³
kfklj

Xm[jlipk[h`hc`ei_[jk`_][kcm`fwhi^i
h[\ik[ij`k[mik[l`mc
KgZqZeZ\u^he`gukhojZgblvdh^ij_^\Zjbl_evgh]h
gZ[hjZij_^ihqlbl_evgh]hhi_jZlhjZk_lb dh^^ey
ij_^\Zjbl_evgh]h\u[hjZ 
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
%$6(6(7 
NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
35(6(/(&7 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
35(6(/(&712 
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNN  Ih^l\_j^bl_
<\_^bl_dh^ij_^\Zjbl_evgh]hgZ[hjZhi_jZlhjZk_lb
bebbaf_gbl__]h_kebg_h[oh^bfh
NNNNNNN
 Ih^l\_j^bl_\\h^Ijbwlhf\dexqZ_lkynmgdpby
Z\lhfZlbq_kdh]h\u[hjZhi_jZlhjZk_lb

Nmgdpby^hklmigZg_\h\k_okljZgZo


Xeihigcrh[z m`f`oihh[z l]zbw

GZ`fbl_deZ\brb
Xm[jLipk[h`hc`cbg`h`hc`b[jcl`d]
ljcle[pjk`_][kcm`fwhi^i]v\ik[
<h[hbokibkdZofh`ghkhojZgblv
iylvaZibk_c ^ebghc^hpbnj
r_klvaZibk_c ^ebghc^hpbnj
>eyimkluoaZibk_cgZ^bkie_c\u\h^blkyijhq_jd

KibkhdÄkij_^\Zjbl_evguf\u[hjhf³
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
%$6(6(7 
NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
35(6(/(&7 
NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
:,7+35(6(/ 
NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNN
 <u[_jbl_\kibkd_gm`gmxaZibkv

NNNNNNNNNNNN
0(18 <uah\bl_f_gx
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
5($66,*112 
NNNNNNN <u[_jbl_bih^l\_j^bl_
NNNNNNN <\_^bl_ghf_jgZijbf_j\\_^bl_L3b
 ih^l\_j^bl_

KibkhdÄ[_aij_^\Zjbl_evgh]h\u[hjZ³
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
%$6(6(7 
NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
35(6(/(&7 
NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
:235(6(/ 
NNNNNNN  <u[_jbl_bih^l\_j^bl_

 
NNNNNNN NNNNNNN <u[_jbl_\kibkd_gm`gmxaZibkv

NNNNNNNNNNNN
0(18 <uah\bl_f_gx
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
5($66,*112 
NNNNNNN <u[_jbl_bih^l\_j^bl_
NNNNNNN
 <\_^bl_ghf_jgZijbf_j\\_^bl_LLb
ih^l\_j^bl_

Nmgdpby^hklmigZg_\h\k_okljZgZo


Xeihigcrh[z m`f`oihh[z l]zbw

GZ`fbl_deZ\brb
H[\ikhig`k[lcljifwbi][hc`g
[]mig[mcr`lei^i]v\ik[ij`k[mik[l`mc
ljk`_][kcm`fwhvg]v\ikig
IjbgZ[hj_ghf_jZkbkihevah\Zgb_fZ\lhfZlbq_kdh]h
\u[hjZhi_jZlhjZk_lbijh\_jy_lky\\_^_gguc
Z[hg_glkdbcghf_j
<\_^bl_Z[hg_glkdbcghf_j

 GZ`fbl_deZ\brmÄjZa]h\hj³
I_j\u_pbnjugZ[jZggh]hZ[hg_glkdh]hghf_jZ
kjZ\gb\ZxlkykhkibkdhfÄkij_^\Zjbl_evguf\u[hjhf³
?kebhgbkh\iZ^Zxlkh^ghcbaaZibk_ckibkdZi_j_^
ghf_jhfZ\lhfZlbq_kdb^h[Z\ey_lkydh^
ij_^\Zjbl_evgh]hgZ[hjZhi_jZlhjZk_lb

H[\ikhig`k[\`b[]mig[mcr`lei^i]v\ik[
ij`k[mik[l`mc \`bjk`_][kcm`fwhi^i
]v\ik[
IjbgZ[hj_ghf_jZ[_abkihevah\ZgbyZ\lhfZlbq_kdh]h
\u[hjZhi_jZlhjZk_lbijh\_jy_lky\\_^_gguc
Z[hg_glkdbcghf_j
<\_^bl_Z[hg_glkdbcghf_j

 GZ`fbl_deZ\brmÄjZa]h\hj³
I_j\u_pbnjugZ[jZggh]hZ[hg_glkdh]hghf_jZ
kjZ\gb\ZxlkykhkibkdhfÄ[_aij_^\Zjbl_evgh]h
\u[hjZ³?kebhgbkh\iZ^Zxllhdh^ij_^\Zjbl_evgh]h
gZ[hjZhijZlhjZk_lbg_^h[Z\ey_lkyi_j_^Z[hg_glkdbf
ghf_jhf

Nmgdpby^hklmigZg_\h\k_okljZgZo


Cljifwbi][hc` []miim]`mrce[

GZ`fbl_deZ\brb
Cljifwbi][hc`[]miim]`mrce[

Kh\j_f_ggmxl_e_nhggmxk\yavg_evayij_^klZ\blv[_a
Z\lhhl\_lqbdZdhlhjucaZibku\Z_l\k_\uah\u\\Zr_
hlkmlkl\b_:\lhhl\_lqbdmijZ\ey_lkyki_j_ghkgh]h
l_e_nhgZHgg_f_^e_ggh]h]hlh\djZ[hl_kjZamihke_
\dexq_gby[Zah\h]h[ehdZ
MijZ\e_gb_Z\lhhl\_lqbdhfh[e_]qZ_lkybg^bdZpb_cgZ
^bkie__i_j_ghkgh]hl_e_nhgZbmdZaZgbyfb
\hkijhba\h^bfufbq_j_ai_j_ghkghcl_e_nhg
?keb\ug_mklZgh\beb^Zlmb\j_fy kfklj lh^ey
aZibkZgguokhh[s_gbcg_mdZau\Z_lky\j_fybo
ihklmie_gby
Djhf_\kljh_ggh]h\l_e_nhgZ\lhhl\_lqbdZ\ufh`_l_
bkihevah\Zlvihqlh\ucysbd]hehkh\hcihqlu
l_e_nhgghck_lbHibkZggu_gb`_nmgdpbbg_
ijbf_gbfudwlhfmihqlh\hfmysbdmBgnhjfZpbxh
jZ[hl_kihqlh\ufysbdhf]hehkh\hcihqlu\ufh`_l_
ihemqblvm\Zr_]hhi_jZlhjZk_lb

=efyr`hc`]vefyr`hc`[]miim]`mrce[
:\lhhl\_lqbdkjZam]hlh\djZ[hl_ihke_\dexq_gby
[Zah\h]h[ehdZ>eyaZibkbkhh[s_gbckmdZaZgb_f
\j_f_gbke_^m_lmklZgh\blv^Zlmb\j_fy kfklj >h
l_oihjihdZ\ug_aZibkZebk\h_kh[kl\_ggh_
ijb\_lkl\b_Z\lhhl\_lqbdbkihevam_lklZg^Zjlgh_
khojZg_ggh_ijb\_lkl\b_
NNNNNNNNNNNN
0(18 <uah\bl_f_gx
 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
NNNNNNN $160$&+,1( 
NNNNNNN <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
$160$&+,1( 
NNNNNNN :\lhhl\_lqbd\dexq_g
nmgdpbyhlf_q_gZkbf\hehf' b]hlh\daZibkb
NNNNNNN
 >ey\udexq_gbyZ\lhhl\_lqbdZkgh\Zih^l\_j^bl_
hlf_q_ggmxnmgdpbx

Π?kebiZfylvZ\lhhl\_lqbdZaZiheg_gZlhhg
Z\lhfZlbq_kdbhldexqZ_lky
<wlhfkemqZ_\Zfke_^m_lkl_j_lvklZju_
khh[s_gby kfklj 


Cljifwbi][hc` []miim]`mrce[

GZ`fbl_deZ\brb
=v\ikzbve[
Kihfhsvxwlhcijhp_^mju\ufh`_l_baf_gblvyaud
a\mdh\uoih^kdZahdbklZg^Zjlguoh[ty\e_gbc
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

36- GZ`fbl_wlbdeZ\brbaZl_f\u[_jbl_yaud

 g_f_pdbc

- njZgpmakdbc

 blZevygkdbc

B[jclwli\lm]`hhi^ijkc]`mlm]cz
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
$160$&+,1( 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
 $11281&(0(17 
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNN  <u[_jbl_bih^l\_j^bl_
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
5(&$1& 
NNNNNNN  Ih^l\_j^bl_
A\mqblijb]eZr_gb_gZqZlvaZibkvbkb]gZe dhjhldbc
]m^hd 
Ijhbag_kbl_l_dklijb\_lkl\by
Ijbf_jlbibqgh]hijb\_lkl\by
ÄK_cqZkgbdh]hg_l<ufh`_l_hklZ\blvkhh[s_gb_
ihke_kb]gZeZ³
NNNNNNN
 GZ`fbl_^eyaZ\_jr_gbyaZibkb
AZibkZggh_ijb\_lkl\b_\hkijhba\h^blky^eydhgljhey
beb
 AZibkvg_khojZgy_lky
:dlb\gufklZgh\blkyklZg^Zjlgh_ijb\_lkl\b_

ΠAZibkvZ\lhfZlbq_kdbij_ju\Z_lky
● _kebij_\ur_ghfZdkbfZevgh_\j_fyaZibkb
k_dmg^
● _kebiZmaZijbaZibkbij_\urZ_l^\_k_dmg^u

Nmgdpby^hklmigZg_\h\k_okljZgZo


Cljifwbi][hc` []miim]`mrce[

GZ`fbl_deZ\brb
Jkilfnsc][hc`cfcn_[f`hc`jkc]`mlm]cz
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
$160$&+,1( 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
 $11281&(0(17 
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
3/$<$1& 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
beb

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
'(/$1&21/< 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
685(" 
NNNNNNN  Ih^l\_j^bl_aZijhk
:dlb\gufklZgh\blkyklZg^Zjlgh_ijb\_lkl\b_

Jkilfnsc][hc`lii\t`hcd
?kebbf_xlkygh\u_khh[s_gbyfb]Z_lk\_lh^bh^guc
bg^bdZlhjbgZ^bkie_c\u\h^blkykbf\heÄihqlh\uc
ysbd³  
NNNNNNN
 GZ`fbl_^bkie_cgmxdeZ\brmih^fb]Zxsbfkbf\hehf
?kebgh\uokhh[s_gbcg_l\ufh`_l_ijhkemrZlv
klZju_khh[s_gby
NNNNNNN
 GZ`fbl_^bkie_cgmxdeZ\brm


NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
$160 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
Bg^bdZpbygZ^bkie__
$160 Z\lhhl\_lqbd
 h^ghgh\h_khh[s_gb_
 ^\ZklZjuokhh[s_gby
<hkijhba\_^_gb_gZqbgZ_lkyki_j\h]hgh\h]h
khh[s_gbyIhke_gh\uokhh[s_gbc\hkijhba\h^ylky
klZju_khh[s_gbyIhke_ihke_^g_]hklZjh]hkhh[s_gby
a\mqblki_pbZevguckb]gZe

ΠGZ^ibkvgZ^bkie__ $00(0)8// hagZqZ_lqlh


iZfylv^eykhh[s_gbcaZiheg_gZbaZibkvgh\uo
khh[s_gbcg_\hafh`gZ

J[nb[]i]k`gz]iljkicb]`_`hcz
- GZ`fbl_^eyhklZgh\db\hkijhba\_^_gby iZmau 

- >eyijh^he`_gby\hkijhba\_^_gbygZ`fbl__s_jZa

Π?kebiZmaZijb\hkijhba\_^_gbbkhh[s_gbc
^eblky^hevr_h^ghcfbgmluZ\lhhl\_lqbd
\ha\jZsZ_lky\j_`bfh`b^Zgby


Cljifwbi][hc` []miim]`mrce[

GZ`fbl_deZ\brb
J`k`pi_]j`k`_ch[b[_]i]k`gz
]iljkicb]`_`hcz
NNNNNNN
 DgZqZeml_dms_]hkhh[s_gby

[ 
NNNNNNN Dij_^u^ms_fmkhh[s_gbx
NNNNNNN
Dke_^mxs_fmkhh[s_gbx

[
NNNNNNN Q_j_ah^ghkhh[s_gb_\i_j_^

N_[f`hc`lii\t`hcd
<ufh`_l_m^Zeblvh^ghkhh[s_gb_beb\k_klZju_
khh[s_gby

N_[f`hc`im_`fwhvplii\t`hcd
<h\j_fy\hkijhba\_^_gbykhh[s_gbydhlhjh_\u
ohlbl_m^Zeblv
NNNNNNN GZ`fbl_^bkie_cgmxdeZ\brm
N_[f`hc`]l`plm[kvplii\t`hcd
<h\j_fy\hkijhba\_^_gbybebiZmau
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
'(/(7(2/' 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
685(" 
NNNNNNN  Ih^l\_j^bl_

Jkc`g]vbi][jilf`]efyr`hcz
[]miim]`mrce[
Dh]^ZgZZ\lhhl\_lqbdaZibku\Z_lkykhh[s_gb_ ]hjbl
k\_lh^bh^gucbg^bdZlhj \ufh`_l_ijbgylv\uah\
gZijbf_j_keb\uaZohlbl_ih]h\hjblvk\uau\Zxsbf
Z[hg_glhf
 GZ`fbl_deZ\brmÄjZa]h\hj³
AZibkvkhh[s_gbyaZdZgqb\Z_lkyb\ufh`_l_]h\hjblvk
\uau\ZxsbfZ[hg_glhf


Cljifwbi][hc` []miim]`mrce[

GZ`fbl_deZ\brb
H[lmkide[\vlmki^i]vbi][
[]miim]`mrce[
<ufh`_l_\u[jZlvnmgdpbx^ey[ukljh]h\uah\Z
\kljh_ggucZ\lhhl\_lqbdbebihqlh\ucysbd]hehkh\hc
ihqlul_e_nhgghck_lb
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
$160$&+,1( 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
6(7.(< 
NNNNNNN  Ih^l\_j^bl_
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
0$,/%2; 
NNNNNNN Ih^l\_j^bl_

NNNNNNN <\_^bl_Z[hg_glkdbcghf_jihqlh\h]hysbdZ]hehkh\hc
ihqluhi_jZlhjZk_lbbkhojZgbl_gZkljhcdm
beb
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
$160$&+,1( 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
6(7.(< 
NNNNNNN  Ih^l\_j^bl_

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
$160$&+,1( 
NNNNNNN <u[_jbl_bih^l\_j^bl_

Π<u[jZggZygZkljhcdZhlf_q_gZkbf\hehf'
>eykh_^bg_gbykZ\lhhl\_lqbdhf\Zf^hklZlhqgh
gZ`ZlvdeZ\brm [ukljuc\uah\ 

?clm[hqcihhi`njk[]f`hc`
[]miim]`mrceig 
<ufh`_l_hijZrb\ZlvZ\lhhl\_lqbd\Zr_]h[Zah\h]h
[ehdZkex[h]h^jm]h]hl_e_nhgZ gZijbf_jba
]hklbgbpubeb]hjh^kdh]hl_e_nhgZZ\lhfZlZ 
Mkeh\b_
>bklZgpbhggh_mijZ\e_gb_Z\lhhl\_lqbdhf\hafh`gh
lhevdh\lhfkemqZ__keb\uij_^\Zjbl_evgh^hfZ
baf_gbebaZ\h^kdhckbkl_fguc3,1dh^   kfklj
 

Π<ijbeh`_gbb\ugZc^_l_bgkljmdpbxih
^bklZgpbhgghfmmijZ\e_gbxZ\lhhl\_lqbdhf
nhjfZlZdj_^blghcdZjlhqdb

<aZ\bkbfhklbhl:LK


Cljifwbi][hc` []miim]`mrce[

GZ`fbl_deZ\brb
H[r[fi_clm[hqcihhi^injk[]f`hcz
GZ[_jbl_kh[kl\_ggucZ[hg_glkdbcghf_j
<ukeurbl_ijb\_lkl\b_
<h\j_fyijhkemrb\Zgbyijb\_lkl\by

GZ`fbl_deZ\brmb\\_^bl_kbkl_fguc3,1dh^
<hkijhba\h^blkyh[ty\e_gb_khh[sZxs__bf_xlkyeb
gh\u_khh[s_gby
AZl_f\hkijhba\h^ylkygh\u_khh[s_gby

<ufh`_l_

 I_j_clbdgZqZeml_dms_]hkhh[s_gby
I_j_c^bdij_^u^msbfkhh[s_gbyf gZ`bfZcl_
g_kdhevdhjZa 

beb
 HklZgh\blv\hkijhba\_^_gb_
Ijh^he`blv\hkijhba\_^_gb_ gZ`fbl__s_jZa 

beb
 I_j_clbdke_^mxs_fmkhh[s_gbx
I_j_clbdke_^mxsbfkhh[s_gbyf gZ`bfZcl_
g_kdhevdhjZa 

beb
 M^Zeblvl_dms__khh[s_gb_

Π>ey^bklZgpbhggh]hmijZ\e_gby\Zrl_e_nhg
^he`_gih^^_j`b\Zlvfgh]hqZklhlguc
lhgZevguc gZ[hj 0)9 <wlhfkemqZ_ijb
gZ`ZlbbdeZ\brb\ukeurbl_a\mdh\hckb]gZe
?kebl_e_nhgg_ih^^_j`b\Z_lfgh]hqZklhlguc
gZ[hj\u^he`gubkihevah\Zlvi_j_^Zlqbd
lhgZevguokb]gZeh\ [bi_jijh^Z_lky\
ki_pbZebabjh\ZgguofZ]ZabgZo 

?clm[hqcihhi`]efyr`hc`[]miim]`mrce[
?keb\uaZ[ueb\dexqblv\ZrZ\lhhl\_lqbdlh\u
fh`_l_k^_eZlvwlhkihfhsvxijhp_^mju
^bklZgpbhggh]hmijZ\e_gby>eywlh]hiha\hgbl_ih
k\h_fmZ[hg_glkdhfmghf_jmbih^h`^bl_ihdZl_e_nhg
[m^_la\hgblv\l_q_gb_ijbf_jghh^ghcfbgmlu
Ihke_wlh]ha\mqblkhh[s_gb_Ä<\_^bl_3,1dh^³ Ä%LWWH
3,1HLQJHEHQ³ 

GZ`fbl_deZ\brmb\\_^bl_kbkl_fguc3,1dh^ hgg_
^he`_gkhklhylvbaq_luj_ogme_cij 
L_i_jv\ZrZ\lhhl\_lqbd\dexq_g


Ch_c]c_n[fwh[z h[lmkide[[]miim]`mrce[

GZ`fbl_deZ\brb
Ch_c]c_n[fwh[zh[lmkide[
[]miim]`mrce[
<khklhygbbijbihklZ\d_Z\lhhl\_lqbdm`_gZkljh_gb
]hlh\djZ[hl_Bg^b\b^mZevgmxgZkljhcdmZ\lhhl\_lqbdZ
\ufh`_l_\uihegblvki_j_ghkgh]hl_e_nhgZ

Eifcr`lm]i]vbv]hvplc^h[fi]
onheqczxeihigcc
>ey^bklZgpbhggh]hmijZ\e_gby\ufh`_l_aZ^Zlvihke_
kdhevdboa\hgdh\[m^_l\dexqZlvkyZ\lhhl\_lqbd<u
fh`_l_aZ^Zlvhl^\mo^h^_\ylba\hgdh\beb\u[jZlv
nmgdpbxZ\lhfZlbq_kdhcwdhghfbb
?keb\u[jZgZnmgdpbyZ\lhfZlbq_kdhcwdhghfbb
khklhygb_ijbihklZ\d_ lhZ\lhhl\_lqbd\dexqZ_lky
● ihke_a\hgdh\_kebbf_xlkygh\u_khh[s_gby
● ihke_a\hgdh\_kebgh\uokhh[s_gbcg_l
LZdbfh[jZahfihke_lj_oa\hgdh\\umagZ_l_bf_xlky
ebgh\u_khh[s_gby_keb\uiheh`bl_ljm[dm\wlhl
fhf_gl\Zfg_ijb^_lkyieZlblvaZkh_^bg_gb_

NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
$160$&+,1( 
NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
5,1*'(/$< 
NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNN  <u[_jbl_dhebq_kl\h\uau\guokb]gZeh\bebnmgdpbx
wdhghfbbbih^l\_j^bl_


Ch_c]c_n[fwh[z h[lmkide[[]miim]`mrce[

GZ`fbl_deZ\brb
?fch[lii\t`hcdce[r`lm]ib[jclc
<khklhygbbijbihklZ\d_Z\lhhl\_lqbdm`_gZkljh_gb
]hlh\djZ[hl_Bg^b\b^mZevgmxgZkljhcdmZ\lhhl\_lqbdZ
\ufh`_l_\uihegblvki_j_ghkgh]hl_e_nhgZ
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
$160$&+,1( 
NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
0(66$*(6(7 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
06*/(1*7+ 
NNNNNNN Ih^l\_j^bl_

NNNNNNN NNNNNNN  <u[_jbl_Ä[_ah]jZgbq_gby³bebk_dmg^b
ih^l\_j^bl_
beb

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
48$/,7< 
NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN 
NNNNNNN  <u[_jbl_klZg^Zjlgh_ Ä/RQJSOD\³ beb\ukhdh_
Ä+LJKTXDOLW\³ dZq_kl\haZibkbbih^l\_j^bl_

Jkilfnsc][hc`
?kebwlZnmgdpby\dexq_gZ khklhygb_ijbihklZ\d_ lh
\h\j_fyaZibkbkhh[s_gby\ufh`_l_keurZlv_]h
q_j_a]jhfdh]h\hjbl_ev[Zah\h]h[ehdZ
NNNNNNNNNNNN
0(18 <uah\bl_f_gx
 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
NNNNNNN $160$&+,1( 
NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
&$//6&5((1 
NNNNNNN Nmgdpbyijhkemrb\Zgby\dexq_gZbhlf_q_gZkbf\hehf
'
NNNNNNN
 >eyhldexq_gby\gh\v\u[_jbl_bih^l\_j^bl_
hlf_q_ggmxnmgdpbx

=efyr`hc`]vefyr`hc`]iljkicb]`_`hcz
choikg[qcc[]miim]`mrce[r`k`b
^kigei^i]ikcm`fw\[bi]i^i\fie[
?keb\hkijhba\_^_gb_q_j_a]jhfdh]h\hjbl_ev\dexq_gh
khklhygb_ijbihklZ\d_ lhgZ[Zah\hf[ehd_
\hkijhba\h^ylkyaZibkZggu_khh[s_gbybmdZaZgby
^ZlZb\j_fy 
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
$160$&+,1( 
NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
63.5212)) 
NNNNNNN =jhfdh]h\hjbl_ev\dexq_gbhlf_q_gkbf\hehf'
NNNNNNN
 >ey\udexq_gby\u[_jbl_bih^l\_j^bl_hlf_q_ggmx
nmgdpbx_s_jZa


K`^clmk[qczj`k`hilhvp m`f`oihi]

GZ`fbl_deZ\brb
K`^clmk[qczj`k`hilhvp
  m`f`oihi]
>eylh]hqlh[uihevah\Zlvkyi_j_ghkgufl_e_nhghf\u
   ^he`guaZj_]bkljbjh\Zlv_]hgZ[Zah\hf[ehd_WlZ
ijhklZyijhp_^mjZ\uihegy_lkyZ\lhfZlbq_kdb
I_j_ghkgu_l_e_nhguk_jbc*LJDVHWb
i_j_ghkgu_l_e_nhgu^jm]boba]hlh\bl_e_cgm`gh
j_]bkljbjh\Zlv\jmqgmx

;]mig[mcr`le[zk`^clmk[qcz

J`k`hilhv`m`f`oihv*LJDVHWh[
\[bi]ig\fie`*LJDVHW

:\lhfZlbq_kdZyj_]bkljZpby\hafh`gZlhevdh^ey
ijbeZ]Z_fh]hi_j_ghkgh]hl_e_nhgZbgh\uoi_j_ghkguo
l_e_nhgh\I_j_^bkihevah\Zgb_fi_j_ghkgh]h

F
l_e_nhgZiheh`bl__]h^bkie__f\\_jogZ[Zah\uc
[ehdIjbf_jghq_j_ah^gmfbgmlmgZ^bkie__
i_j_ghkgh]hl_e_nhgZihy\blky_]h\gmlj_ggbcghf_j
gZijbf_jij

Π<gbfZgb_i_j_^mklZgh\dhcl_e_nhgZgZ
[Zah\uc[ehdg_ke_^m_lgZ`bfZlvdeZ\brm
?keb\ukemqZcgh\dexqbebi_j_ghkghc
l_e_nhg\udexqbl__]h
I_j_ghkghfml_e_nhgmZ\lhfZlbq_kdbijbk\Zb\Z_lky
gZbf_gvrbck\h[h^gucZ[hg_glkdbcghf_j  ± ?keb
\k_\gmlj_ggb_ghf_jZm`_ijbk\h_guijbk\Zb\Z_lky
ghf_j
<ufh`_l_baf_gblv\gmlj_ggbcghf_ji_j_ghkgh]h
l_e_nhgZbebijbk\hblv_fm\gmlj_gg__gZa\Zgb_ kf
klj 


K`^clmk[qcz j`k`hilhvp m`f`oihi]

GZ`fbl_deZ\brb
K`^clmk[qcz]knrhny

J`k`hilhv`m`f`oihv*LJDVHWh[
\[bi]ig\fie`*LJDVHW
?kebi_j_ghkghcl_e_nhgm`_[ueaZj_]bkljbjh\ZggZ
^jm]hf[Zah\hf[ehd_lh\u^he`guki_pbZevgh
i_j_j_]bkljbjh\Zlv_]hgZ\Zr_f[Zah\hf[ehd_
I_j_ghkghcl_e_nhg*LJDVHW&ODVVLFfh`gh
h^gh\j_f_gghaZj_]bkljbjh\ZlvlhevdhgZh^ghf
[Zah\hf[ehd_*LJDVHW&ODVVLF

WlZi
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
5(*,67(5+6 
NNNNNNN  <u[_jbl_bih^l\_j^bl_gZ^bkie_c\u\h^blky
3,1 

NNNNNNN <\_^bl_bih^l\_j^bl_agZqguckbkl_fguc3,1dh^ \
khklhygbbijbihklZ\d_ 
Ihke_\\h^Zkbkl_fgh]h3,1dh^gZ^bkie__fb]Z_l
gZ^ibkv 5(*,67(5+6 

WlZi
Gb`gyyklhjhgZ[Zah\h]h
[ehdZ ¦ GZ`fbl_b[ukljhhlimklbl_dghidmgZgb`g_cklhjhg_
[Zah\h]h[ehdZGZ[Zah\hf[ehd_a\mqblkb]gZe?keb
\k_\gmlj_ggb_ghf_jZm`_ijbk\h_gulhi_j_ghkghfm
l_e_nhgmijbk\Zb\Z_lkyghf_jIhke_mki_rghc
j_]bkljZpbbi_j_ghkghcl_e_nhgkgh\Z\ha\jZsZ_lky\
j_`bfh`b^Zgby


K`^clmk[qczj`k`hilhvp m`f`oihi]

GZ`fbl_deZ\brb
K`^clmk[qczj`k`hilhvpm`f`oihi]
*LJDVHWcj`k`hilhvp
m`f`oihi]_kn^cpcb^imi]cm`f`dh[
\[bi]ig\fie`*LJDVHW
Mkeh\b_
I_j_ghkgu_l_e_nhgu^jm]boba]hlh\bl_e_c^he`gu
ih^^_j`b\ZlvklZg^Zjl*$3
<hafh`gh\Zf[m^ml^hklmigug_\k_nmgdpbb
i_j_ghkgh]hl_e_nhgZ

*$3 *HQHULF$FFHVV3URILOH klZg^Zjl


\aZbfh^_ckl\by[Zah\h]h[ehdZb
i_j_ghkgh]hl_e_nhgZjZaguo
ba]hlh\bl_e_c

WlZi
AZj_]bkljbjmcl_i_j_ghkghcl_e_nhgdZdwlhhibkZgh\
bgkljmdpbbihwdkiemZlZpbbwlh]hi_j_ghkgh]hl_e_nhgZ
;Zah\uc[ehd6LHPHQVijbk\Zb\Z_li_j_ghkghfm
l_e_nhgmi_j\uck\h[h^guc\gmlj_ggbcZ[hg_glkdbc
ghf_j

WlZi
Gb`gyyklhjhgZ[Zah\h]h
[ehdZ ¦ GZ`fbl_b[ukljhhlimklbl_dghidmgZgb`g_cklhjhg_
[Zah\h]h[ehdZ
GZ[Zah\hf[ehd_a\mqblkb]gZe

Img`h[k`^clmk[qccj`k`hilhi^i
m`f`oih[
Mkeh\b_
<ufh`_l_hlf_gblvj_]bkljZpbxi_j_ghkgh]hl_e_nhgZ
gZ[Zah\hf[ehd_*LJDVHW
NNNNNNN
GZ`fbl_^bkie_cgmxdeZ\brm
<u\h^blkykibkhd\gmlj_ggboZ[hg_glh\
NNNNNNN 
 NNNNNNN <u[_jbl_i_j_ghkghcl_e_nhgj_]bkljZpbxdhlhjh]h\u
ohlbl_hlf_gblv
NNNNNNNNNNNN
0(18 <uah\bl_f_gx
 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
NNNNNNN '(5(*+6(7 
NNNNNNN  <u[_jbl_bih^l\_j^bl_gZ^bkie_c\u\h^blkygZ^ibkv
3,1 

NNNNNNN <\_^bl_bih^l\_j^bl_agZqguckbkl_fguc3,1dh^ \
khklhygbbijbihklZ\d_ 
'(5(*,67(5" 
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNN Ih^l\_j^bl_aZijhk


Cljifwbi][hc` h`leifwecpj`k`hilhvp m`f`oihi]

GZ`fbl_deZ\brb
Cljifwbi][hc`h`leifwecp
  j`k`hilhvpm`f`oihi]
  

<ufh`_l_ij_\jZlblv\Zrl_e_nhg*LJDVHW\g_[hevrmx
:LKGZh^ghf[Zah\hf[ehd_fh`ghaZj_]bkljbjh\Zlv^h
r_klbi_j_ghkguol_e_nhgh\

Cbg`h`hc`h[b][hczj`k`hilhi^i
m`f`oih[
I_j_ghkgufl_e_nhgZfZ\lhfZlbq_kdbijbk\Zb\Zxlky
gZa\Zgby,17 ,17 bl^<ufh`_l_baf_gblvwlb
gZa\ZgbygZijbf_jgZÄ$11$³Ä2),&³bl^ fZdkbfmf
r_klvagZdh\ 
NNNNNNN
GZ`fbl_^bkie_cgmxdeZ\brm


NNNNNNN NNNNNNN <u[_jbl_i_j_ghkghcl_e_nhg
NNNNNNNNNNNN
0(18 <uah\bl_f_gx
 NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
NNNNNNN (',71$0( 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
<\_^bl_gh\h_gZa\Zgb_ kflZ[ebpmkbf\heh\gZklj
 

NNNNNNN Ih^l\_j^bl_\\h^


Cljifwbi][hc` h`leifwecpj`k`hilhvp m`f`oihi]

GZ`fbl_deZ\brb
Cbg`h`hc`]hnmk`hh`^ihig`k[
j`k`hilhi^im`f`oih[
<ufh`_l_baf_gblv\gmlj_ggbcghf_ji_j_ghkgh]h
l_e_nhgZ
NNNNNNN
GZ`fbl_^bkie_cgmxdeZ\brm

NNNNNNNNNNNN
0(18 <uah\bl_f_gx
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
5($66,*112 
NNNNNNN  Ih^l\_j^bl_GZ^bkie_c\u\h^blkyghf_ji_j\h]h
aZj_]bkljbjh\Zggh]hi_j_ghkgh]hl_e_nhgZ

NNNNNNN NNNNNNN <u[_jbl_i_j_ghkghcl_e_nhg
gZij-   NNNNNNN <u[_jbl_k\h[h^gucZ[hg_glkdbcghf_jbih^l\_j^bl_

Π?keb\u[jZgguc\gmlj_ggbcZ[hg_glkdbcghf_j
m`_bkihevam_lky^jm]bfi_j_ghkgufl_e_nhghf
\umkeurbl_kb]gZehrb[db kb]gZek
mf_gvrZxs_cky]jhfdhklvx 

=hnmk`hhc`]vbi]v
<gmlj_ggb_\uah\uwlhkh_^bg_gbyk^jm]bfb
aZj_]bkljbjh\Zggufbi_j_ghkgufbl_e_nhgZfbwlb
kh_^bg_gby[_kieZlgu
NNNNNNNgZij- <\_^bl_Z[hg_glkdbcghf_ji_j_ghkgh]hl_e_nhgZ
beb NNNNNNN GZ`fbl_deZ\brm

NNNNNNN 
NNNNNNN <u[_jbl_\gmlj_gg_]hZ[hg_glZbgZ`fbl_deZ\brm
ÄjZa]h\hj³

<uah\\k_oi_j_ghkguol_e_nhgh\
 <uau\Zxlky\k_i_j_ghkgu_l_e_nhgu Äh[sbc\uah\³ 
NNNNNNNN""
AZ\_jr_gb_jZa]h\hjZ

 GZ`fbl_deZ\brm


Cljifwbi][hc` h`leifwecpj`k`hilhvp m`f`oihi]

GZ`fbl_deZ\brb
J`k`efyr`hc`li`_ch`hcz
<ufh`_l_i_j_dexqblv\g_rg__kh_^bg_gb_gZ^jm]hc
i_j_ghkghcl_e_nhg
NNNNNNN
GZ`fbl_^bkie_cgmxdeZ\brm\g_rgbcZ[hg_gl
keurblf_eh^bxh`b^Zgby
gZij- GZ[_jbl_\gmlj_ggbcZ[hg_glkdbcghf_ji_j_ghkgh]h
l_e_nhgZ
Dh]^Z\gmlj_ggbcZ[hg_glhl\_lblkhh[sbl__fmh
\g_rg_f\uah\_AZl_f

 GZ`fbl_deZ\brmÄhl[hc³Hkms_kl\ey_lky
i_j_dexq_gb_kh_^bg_gby

Œ <ufh`_l_kjZamgZ`ZlvdeZ\brmÄhl[hc³g_
khh[sZy\gmlj_gg_fmZ[hg_glmh\g_rg_f\uah\_
?keb\gmlj_ggbcZ[hg_glg_hl\_lblgZ\uah\beb
_keb_]hZiiZjZlaZgyllh\g_rgbc\uah\ih\lhjgh
ihklmiblgZ\Zri_j_ghkghcl_e_nhg


Cljifwbi][hc` h`leifwecpj`k`hilhvp m`f`oihi]

GZ`fbl_deZ\brb
=hnmk`hh``h[]`_`hc`ljk[]ec
<ujZa]h\Zjb\Z_l_k\g_rgbfZ[hg_glhf<ufh`_l_g_
ij_ju\Zywlhkh_^bg_gb_\ua\Zlv\gmlj_gg_]hZ[hg_glZ
bih]h\hjblvkgbfDh]^Z\uaZdhgqbl_jZa]h\hjk
\gmlj_ggbfZ[hg_glhf\ukgh\Zkh_^bgbl_kvk\g_rgbf
Z[hg_glhf
NNNNNNN
GZ`fbl_^bkie_cgmxdeZ\brm±\g_rgbcZ[hg_gl
keurblf_eh^bx\h\j_fyh`b^Zgby
gZij- GZ[_jbl_\gmlj_ggbcZ[hg_glkdbcghf_ji_j_ghkgh]h
l_e_nhgZL_i_jv\ufh`_l_]h\hjblvk^jm]bf
\gmlj_ggbfZ[hg_glhf
AZ\_jr_gb_jZa]h\hjZ^eygZ\_^_gbykijZ\db
NNNNNNNNNNNN
0(18 <uah\bl_f_gx
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
*2%$&. 
NNNNNNN  Ih^l\_j^bl_
<ukgh\Zkh_^bg_guk\g_rgbfZ[hg_glhf
beb

 >eyi_j_dexq_gby\g_rg_]hkh_^bg_gby^jm]hfm
\gmlj_gg_fmZ[hg_glmgZ`fbl_wlmdeZ\brm


Cljifwbi][hc` h`leifwecpj`k`hilhvp m`f`oihi]

GZ`fbl_deZ\brb
Ji_efyr`hc`eli`_ch`hcy
<gmlj_ggbcZ[hg_gl\_^_ljZa]h\hjk\g_rgbf
Z[hg_glhf>jm]hc\gmlj_ggbcZ[hg_glfh`_l
ih^dexqblvkydkms_kl\mxs_fmkh_^bg_gbxbijbgylv
mqZklb_\jZa]h\hj_Hih^dexq_gbbkhh[sZ_lky
ki_pbZevgufkb]gZehf nmgdpby^hklmigZg_\h\k_o
kljZgZo 

=efyr`hc`]vefyr`hc`onheqcc
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
%$6(6(7 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
 $'')($785(6 
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
%$5*(,1 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
>eyhldexq_gb_ih^l\_j^bl_\u^_e_ggmxkbf\hehf'
nmgdpbx_s_jZa 2. 

Ji_efyr`hc`
GZ^bkie_c\Zr_]hi_j_ghkgh]hl_e_nhgZ\u\h^blky
gZ^ibkv /,1(,186( \uohlbl_ih^dexqblvkyd
kh_^bg_gbx
 GZ`fbl_deZ\brmÄjZa]h\hj³Hj]ZgbaZpbydhgn_j_gp
k\yabih^l\_j`^Z_lkya\mdh\ufkb]gZehf
<h\j_fyjZa]h\hjZgZ^bkie_c\u\h^blkygZ^ibkv
/,67(1,1*,1 
 >eyhldexq_gbyhlkh_^bg_gbygZ`fbl_deZ\brmÄhl[hc³

ΠNmgdpbxdhgn_j_gpk\yabg_evaybkihevah\Zlv
_keb\h\j_fy\g_rg_]hjZa]h\hjZ\dexq_gZ
nmgdpbyÄ]jhfdh_ijhkemrb\Zgb_³

Nmgdpby^hklmigZg_\h\k_okljZgZo


Cljifwbi][hc` h`leifwecpj`k`hilhvp m`f`oihi]

GZ`fbl_deZ\brb
Imefyr`hc`]vbv]hi^ilc^h[f[
Ijbihklmie_gbb\g_rg_]h\uah\Za\hgyl\k_
i_j_ghkgu_l_e_nhgu<ufh`_l_hldexqblv\uau\ghc
kb]gZe

5 GZ`fbl_deZ\brmÄa\_a^hqdZ³bm^_j`b\Zcl___gZ`Zlhc
ihdZ\uau\ghckb]gZeg_[m^_lhldexq_g
<uau\ghckb]gZehldexq_g^ey\k_oihke_^mxsbo
\uah\h\
>ey\dexq_gby\uau\gh]hkb]gZeZkgh\ZgZ`fbl_
deZ\brm5
beb
NNNNNNNNNNNN
0(18 <uah\bl_f_gx
NNNNNNNNNNNNNNN
6,/(17 GZ`fbl_deZ\brm
<uau\ghckb]gZehldexq_g^eyl_dms_]h\uah\Z

Jiclej`k`hilhi^im`f`oih[
¦ GZ`fbl_b[ukljhhlimklbl_dghidmgZgb`g_cklhjhg_
[Zah\h]h[ehdZ±h^gh\j_f_ggha\hgyl\k_i_j_ghkgu_
l_e_nhgu ÄI_c^`bg]³ 

Ij_djZs_gb_ihbkdZ

¦ ?s_jZagZ`fbl_b[ukljhhlimklbl_dghidmgZgb`g_c
klhjhg_[Zah\h]h[ehdZbebgZ`fbl_deZ\brmÄhl[hc³gZ
h^ghfbai_j_ghkguol_e_nhgh\
Nmgdpby^hklmigZg_\h\k_okljZgZo


Ch_c]c_n[fwh[z h[lmkide[j`k`hilhi^i m`f`oih[

GZ`fbl_deZ\brb
Ch_c]c_n[fwh[zh[lmkide[
 j`k`hilhi^im`f`oih[

>eylh]hqlh[u^h[blvkyfZdkbfZevgh]hdhfnhjlZ
bkihevah\Zgbyl_e_nhgZ\ufh`_l_baf_gblv
klZg^Zjlgu_gZkljhcdbl_e_nhgZbgZkljhblv_]hih
\Zr_fm`_eZgbx

=v\ikzbve[_cljf`dhvplii\t`hcd
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

6- GZ`fbl_deZ\brbbZaZl_f

L ^eyg_f_pdh]h
bebL- ^eyZg]ebckdh]h khklhygb_ijbihklZ\d_ 
bebL ^eynjZgpmakdh]h
bebL/ ^eyblZevygkdh]h
bebL0 ^eybkiZgkdh]h
bebL1 ^eyihjlm]Zevkdh]h
bebL2 ^ey]heeZg^kdh]h
bebL3 ^ey^Zlkdh]h
bebL6 ^eyghj\_`kdh]h
beb L ^eyr\_^kdh]h
beb ^eynbgkdh]h
beb- ^eyq_rkdh]h
beb ^eylmj_pdh]h
beb/ ^eyihevkdh]h


Ch_c]c_n[fwh[z h[lmkide[j`k`hilhi^i m`f`oih[

GZ`fbl_deZ\brb
Cbg`h`hc`^kigeilmccg`fi_cc
>kigeilmwm`f`oih[
<ufh`_l_\u[jZlvh^bgbalj_omjh\g_c]jhfdhklb
=jhfdhklvfh`ghbaf_gylvb\h\j_fyjZa]h\hjZ
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
$8',26(7 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
+6(792/ 
NNNNNNN  Ih^l\_j^bl_

NNNNNNN NNNNNNN  <ukeurbl_a\md\u[jZgghc]jhfdhklbGZ^bkie_c
\u\h^blkymjh\_gv]jhfdhklb<u[_jbl_gm`gucmjh\_gv
]jhfdhklbbih^l\_j^bl_

>kigeilmw]vbv]hi^ilc^h[f[ ÅB]ihie´
<ufh`_l_\u[jZlvh^gmbak_fbgZkljh_d
● iylvmjh\g_c]jhfdhklb\uau\gh]hkb]gZeZ ± 
● \uau\ghckb]gZekm\_ebqb\Zxs_cky]jhfdhklvx  
● [_a\uau\gh]hkb]gZeZ \uau\ghckb]gZehldexq_g 
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
$8',26(7 
NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
5,1*(5 
NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNN  A\mqbl\uau\ghckb]gZekmklZgh\e_gghc]jhfdhklvxgZ
^bkie_c\u\h^blkyl_dmsZygZkljhcdZ<u[_jbl_gm`gmx
gZkljhcdmbih^l\_j^bl_

G`fi_cz]vbv]hi^ilc^h[f[
<ufh`_l_\u[jZlvh^gmba^_kylbf_eh^bc ± 
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
$8',26(7 
NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
0(/2'< 
NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNN  A\mqbl\u[jZggZy\gZklhysbcfhf_glf_eh^byghf_j
f_eh^bb\u\h^blkygZ^bkie_c<u[_jbl_gm`gmx
f_eh^bxbih^l\_j^bl_


Ch_c]c_n[fwh[z h[lmkide[j`k`hilhi^i m`f`oih[

GZ`fbl_deZ\brb
=efyr`hc`]vefyr`hc`jk`_njk`_cm`fwhi^i 
lc^h[f[ik[bkz_`[eengnfzmiki]
?kebwlZnmgdpby\dexq_gZ khklhygb_ijbihklZ\d_ lh
dh]^ZZddmfmeylhjihqlbjZajy`_ga\mqbl
ij_^mij_^bl_evguckb]gZe
NNNNNNNNNNNN
0(18 <uah\bl_f_gx
6/ <dexqbl_nmgdpbx
beb
6/L <udexqbl_nmgdpbx

=efyr`hc`]vefyr`hc`
[]mig[mcr`lei^ijkc`g[]vbi][
?kebwlZnmgdpby\dexq_gZ khklhygb_ijbihklZ\d_ lh
^eyijb_fZ\uah\Zgm`gh\aylvi_j_ghkghcl_e_nhgba
aZjy^ghcih^klZ\dbg_gZ`bfZydeZ\brmÄjZa]h\hj³
NNNNNNNNNNNN
0(18 <uah\bl_f_gx
6  <dexqbl_nmgdpbx
beb
6 L <udexqbl_nmgdpbx

 =ib]k[mh[lmki`ej`k`hilhi^i
m`f`oih[]lilmizhc`jkcjilm[]e`
Ijb\ha\jZl_gZkljh_d\bkoh^gh_khklhygb_g_
klbjZxlkyl_e_nhgguckijZ\hqgbdkibkhdl_e_nhgguo
dhfiZgbcbkibkhdZ\lhhl\_lqbdZLZd`_khojZgy_lky
j_]bkljZpbyi_j_ghkgh]hl_e_nhgZgZ[Zah\hf[ehd_
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

6 GZ`fbl_deZ\brbbZaZl_f\uah\bl_ijhp_^mjm
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
5(6(7" 
NNNNNNN  Ih^l\_j^bl_aZijhk
Nmgdpby Khklhygb_
ijbihklZ\d_
=jhfdhklvl_e_nhgZ kfklj 
=jhfdhklv\uau\gh]hkb]gZeZ 
ÄA\hghd³kfklj
F_eh^by\uau\gh]hkb]gZeZ 
kfklj
:\lhfZlbq_kdbcijb_f\uah\h\ \de
kfklj
Ij_^mij_^bl_evguckb]gZehjZajy^_ \de
Zddmfmeylhjh\ kfklj
Yaud^bkie_cguokhh[s_gbc Zg]ebckdbc
kfklj
DeZ\brZih\lhjgh]hgZ[hjZ ^Zggu_kl_jlu
kfklj


H[lmkide[\[bi]i^i\fie[

GZ`fbl_deZ\brb
H[lmkide[\[bi]i^i\fie[
F <k_gZkljhcdb[Zah\h]h[ehdZ\uihegyxlkyk
i_j_ghkgh]hl_e_nhgZ

Cbg`h`hc`lclm`ghi^i3,1ei_[
>eyaZsblugZkljh_dkbkl_fuhlg_kZgdpbhgbjh\Zggh]h
^hklmiZ\u^he`gubaf_gblvkbkl_fguc3,1dh^ \
khklhygbbijbihklZ\d_ gZ^jm]hc3,1dh^
dhlhjuc[m^_l_agZlvlhevdh\uIjbwlhflZd`_
klZgh\blky\hafh`guf^bklZgpbhggh_mijZ\e_gb_
Z\lhhl\_lqbdhf
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
%$6(6(7 
NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
6<67(03,1 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
<\_^bl_klZjuckbkl_fguc3,1dh^ agZqguc\
khklhygbbijbihklZ\d_ 
<\h^bfu_pbnju\u\h^ylkygZ^bkie_cdZda\_a^hqdb


NNNNNNN Ih^l\_j^bl_GZ^bkie_c\u\h^blkygZ^ibkv 1(:3,1! 
<\_^bl_gh\uckbkl_fguc3,1dh^ pbnju 

NNNNNNN Ih^l\_j^bl_GZ^bkie_c\u\h^blkygZ^ibkv
5(3($73,1! 
<\_^bl_gh\uckbkl_fguc3,1dh^_s_jZa

NNNNNNN Ih^l\_j^bl_


H[lmkide[\[bi]i^i\fie[

GZ`fbl_deZ\brb
Cbg`h`hc`^kigeilmccg`fi_cc
>kigeilmw_ch[gce[
<ufh`_l_\u[jZlvh^bgbaiylbmjh\g_c]jhfdhklb
\kljh_ggh]h^bgZfbdZ ±  Ä=jhfdh_ijhkemrb\Zgb_³
kfklj 
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
%$6(6(7 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
$8',26(783 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
63($.(592/ 
NNNNNNN  Ih^l\_j^bl_

NNNNNNN NNNNNNN  GZ^bkie_c\u\h^blkymklZgh\e_ggucmjh\_gv
]jhfdhklb<u[_jbl_gm`gucmjh\_gv]jhfdhklbb
ih^l\_j^bl_

>kigeilmw]vbv]hi^ilc^h[f[ ÅB]ihie´
<ufh`_l_\u[jZlvh^gmbak_fbgZkljh_d
● iylvmjh\g_c]jhfdhklb\uau\gh]hkb]gZeZ ± 
● \uau\ghckb]gZekm\_ebqb\Zxs_cky]jhfdhklvx  
● [_a\uau\gh]hkb]gZeZ \uau\ghckb]gZehldexq_g 
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
%$6(6(7 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
$8',26(783 
NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
5,1*(592/ 
NNNNNNN  Ih^l\_j^bl_

NNNNNNN NNNNNNN  A\mqbl\uau\ghckb]gZekmklZgh\e_gghc]jhfdhklvxgZ
^bkie__\u\h^blkyl_dmsZygZkljhcdZ<u[_jbl_gm`gmx
gZkljhcdmbih^l\_j^bl_

 2)) <uah\ukb]gZebabjmxlkyg_gZ
[Zah\hf[ehd_ZlhevdhgZ
i_j_ghkguol_e_nhgZo
 &5(6&(1'2 <uau\ghckb]gZek
m\_ebqb\Zxs_cky]jhfdhklvx


H[lmkide[\[bi]i^i\fie[

GZ`fbl_deZ\brb
G`fi_cz]vbv]hi^ilc^h[f[
<ufh`_l_\u[jZlvh^gmba^_kylbf_eh^bc ± 
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
%$6(6(7 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
$8',26(783 
NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
0(/2'< 
NNNNNNN  Ih^l\_j^bl_

NNNNNNN NNNNNNN  A\mqbl\u[jZggZy\gZklhysbcfhf_glf_eh^byghf_j
f_eh^bb\u\h^blkygZ^bkie_c<u[_jbl_gm`gmx
f_eh^bxbih^l\_j^bl_

K`mk[hlfzmik
Kihfhsvxj_ljZgkeylhjZ*LJDVHW\ufh`_l_m\_ebqblv
^Zevghklvk\yabf_`^m[Zah\uf[ehdhfbi_j_ghkguf
l_e_nhghfZlZd`_h[_ki_qblv[_kijh\h^gmxk\yav\l_o
f_klZo]^_jZg__ijb_f[ueg_\hafh`_g
?keb\uohlbl_bkihevah\Zlvj_ljZgkeylhj\u^he`gu
\dexqblvwlmnmgdpbx
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
%$6(6(7 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
 $'')($785(6 
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
5(3($7(5 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
685(" 
NNNNNNN  Ih^l\_j^bl_aZijhk


H[lmkide[\[bi]i^i\fie[

GZ`fbl_deZ\brb
=ib]k[mh[lmki`e\[bi]i^i\fie[]
F lilmizhc`jkcjilm[]e`
Ijb\ha\jZl_gZkljh_d\khklhygb_ijbihklZ\d_g_
baf_gy_lkykbkl_fguc3,1dh^bkhojZgy_lky
j_]bkljZpbyi_j_ghkguol_e_nhgh\gZ[Zah\hf[ehd_
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
%$6(6(7 
NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
%$6(5(6(7 
NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN  <\_^bl_kbkl_fguc3,1dh^ \khklhygbbijbihklZ\d_
 bih^l\_j^bl_
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
5(6(7" 
NNNNNNN  Ih^l\_j^bl_aZijhk
Nmgdpby Khklhygb_ijb
ihklZ\d_
=jhfdhklv\uau\gh]hkb]gZeZ kf 
klj
F_eh^by\uau\gh]hkb]gZeZ kf 
klj
=jhfdhklv^bgZfbdZ 
kfklj
KlhbfhklvlZjbnghc_^bgbpu kf 
klj
Ij_^\Zjbl_evguc\u[hjhi_jZlhjZ g_l
k_lb kfklj
Kibkhdiha\hgb\rbo kfklj kl_jl
;m^bevgbd kfklj \ude
Ih^dexq_gb_djZa]h\hjm kfklj \ude

GZa\Zgbyi_j_ghkguol_e_nhgh\ hl^h
kfklj
Ih\lhjbl_ev kfklj \ude
IZmaZihke_5 kfklj fk
IZmaZihke_aZgylbyebgbb k
kfklj
Kihkh[gZ[hjZ kfklj lhgZevguc
<j_fyÄnewr³ fk
ijbih^dexqgbbdM:LKkfklj

:\lhhl\_lqbd \dexq_g
kfklj
Ijb\_lkl\b_ kfklj klZg^Zjlgh_
ijb\_lkl\b_
Ijhkemrb\Zgb_ kfklj \dexq_gh
DZq_kl\h kfklj klZg^Zjlgh_
>ebgZkhh[s_gbc kfklj k_d
Dhebq_kl\ha\hgdh\ kfklj  Z\lhfZlbq_kdb
YaudZ\lhhl\_lqbdZ kfklj jmkkdbc

BBBBBBBBBBBBBBBBBBBBBB
Nmgdpby^hklmigZg_\h\k_okljZgZo


Ji_efyr`hc` \[bi]i^i\fie[enrk`a_`hr`leid ;ML

GZ`fbl_deZ\brb
Ji_efyr`hc`\[bi]i^i\fie[
enrk`a_`hr`leid;ML

Ljili\h[\ik[hig`k[c]k`gzÅofxs´
WlZiBaf_g_gb_kihkh[ZgZ[hjZghf_jZ
Baf_g_gb_kihkh[ZgZ[hjZghf_jZg_h[oh^bfhlhevdh\
lhfkemqZ__keb\ZrZM:LKg_ih^^_j`b\Z_ljZ[hlmk
ij_^\Zjbl_evghmklZgh\e_gguffgh]hqZklhlguf
lhgZevguf gZ[hjhf 0)9 kf^hdmf_glZpbxgZ
M:LK
<hafh`gu_gZkljhcdb
± fgh]hqZklhlguc lhgZevguc gZ[hj0)9
± bfimevkgucgZ[hj ,:9 
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
%$6(6(7 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
 $'')($785(6 
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNN  <u[_jbl_bih^l\_j^bl_
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
',$/02'( 
NNNNNNN  Ih^l\_j^bl_

NNNNNNN NNNNNNN  <u[_jbl_gm`guckihkh[gZ[hjZghf_jZbih^l\_j^bl_

WlZiAZ^Zgb_\j_f_gbÄnewr³
Mkeh\b_
>eyih^dexq_gb_dM:LKlj_[m_lkyhlebqgh_hlaZjZg__
mklZgh\e_ggh]h\j_fyÄnewr³ ^eymklZgh\e_gby
kh_^bg_gbykl_e_nhgghck_lvx kf^hdmf_glZpbxgZ
M:LK
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
%$6(6(7 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
 $'')($785(6 
NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNN  <u[_jbl_bih^l\_j^bl_

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
7%5 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
 
NNNNNNN NNNNNNN  <u[_jbl_\j_fyÄnewr³bih^l\_j^bl_
fkfkfkfkfkfk
fk

Π>_ckl\mxsZygZkljhcdZhlf_q_gZkbf\hehf'


Ji_efyr`hc` \[bi]i^i\fie[enrk`a_`hr`leid ;ML

GZ`fbl_deZ\brb
=k`g`hhi`j`kefyr`hc`]mih[fwhvd
h[\ik
?keb\ZrZM:LKjZ[hlZl_lkbfimevkgufgZ[hjhf
ghf_jZ ,:9 Z\Zflj_[m_lkylhgZevgucgZ[hjghf_jZ
0)9 gZijbf_j^eymijZ\e_gbyihqlh\ufysbdhf
]hehkh\hcihqlulh\h\j_fykh_^bg_gby\u^he`gu
i_j_dexqblvky\lhgZevgucgZ[hj
Mkeh\b_mklZgh\e_ghkh_^bg_gb_
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

NNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
7(03721( 
NNNNNNN  <u[_jbl_bih^l\_j^bl_
<dexq_glhgZevgucgZ[hj

B[_[hc`]k`g`hcj[nb
J[nb[jilf`b[hzmczfchcc
Kihfhsvxwlhcnmgdpbb\ufh`_l_baf_gblv
ijh^he`bl_evghklviZmaudhlhjZy[m^_lZ\lhfZlbq_kdb
^h[Z\eylvkyihke_gZ`ZlbydeZ\brbÄjZa]h\hj³
NNNNNNNNNNNN
0(18 <uah\bl_f_gx

361 GZqgbl_gZkljhcdm
gZij <\_^bl_ijh^he`bl_evghklviZmau
k_dmg^Z k_dmg^u k_dmg^ 
k_dmg^u 
GZkljhcdZkhojZg_gZ

J[nb[jilf`h[a[mczef[]csc5
Kihfhsvxwlhcnmgdpbb\ufh`_l_aZ^Zlv
ijh^he`bl_evghklviZmaudhlhjZy[m^_l^h[Z\eylvky
ihke_^ebl_evgh]hgZ`ZlbygZdeZ\brmhi_jZlhjZk_lb

NNNNNNNNNNNN
0(18 <uah\bl_f_gx

36- GZqgbl_gZkljhcdm
gZij <\_^bl_ijh^he`bl_evghklviZmau
g_l fk fk 
fk 
GZkljhcdZkhojZg_gZ


Jkcfia`hc`

Jkcfia`hc`
Npi_b[m`f`oihig
IjhlbjZcl_[Zah\uc[ehdbi_j_ghkghcl_e_nhg\eZ`ghcldZgvxbeb
ZglbklZlbq_kdhckZen_ldhcGbdh]^Zg_bkihevamcl_kmomxldZgv
Kms_kl\m_lhiZkghklvklZlbq_kdh]hjZajy^Z

L[gilmizm`fwhi`nlmk[h`hc`h`cljk[]hilm`d 
?keb\ZfdZ`_lkyqlh\Zrl_e_nhgg_bkijZ\_gkgZqZeZihijh[mcl_
kZfhklhyl_evghmkljZgblvg_bkijZ\ghklv\hkihevah\Z\rbkvwlhc
lZ[ebp_c

G_bkijZ\ghklv <hafh`gZyijbqbgZ Kihkh[mkljZg_gby


G_lbg^bdZpbbgZ I_j_ghkghcl_e_nhg M^_j`b\Zcl_deZ\brm
^bkie__ g_\dexq_g Ähl[hc³ 
gZ`Zlhc
\l_q_gb_k_dmg^u
:ddmfmeylhju AZjy^bl_bebaZf_gbl_
jZajy`_gu Zddmfmeylhju kfklj 
G_lj_ZdpbbgZ <dexq_gZ[ehdbjh\dZ M^_j`b\Zcl_deZ\brm
gZ`Zlb_deZ\br deZ\bZlmju 4gZ`Zlhc
\l_q_gb_k_dmg^u
G_ljZ^bhk\yabk I_j_ghkghcl_e_nhg Ijb[ebavl_kvd[Zah\hfm
[Zah\uf[ehdhf± gZoh^blky\g_ahgu [ehdm
gZ^bkie__fb]Zxl k\yab[Zah\h]h[ehdZ
\k_bg^bdZlhju
I_j_ghkghcl_e_nhg AZj_]bkljbjmcl_
g_aZj_]bkljbjh\Zg i_j_ghkghcl_e_nhg
kfklj 
;Zah\uc[ehdg_ Ijh\_jvl_rl_d_j
\dexq_g [Zah\h]h[ehdZ kfklj 
I_j_ghkghc EbgbyaZgylZ^jm]bf FZdkbfZevgZyfhsghklv
l_e_nhg i_j_ghkguf aZjy^db\hafh`gZlhevdh
iheh`_ggucgZ l_e_nhghf\l_q_gb_ _kebg_ll_e_nhgguo
[Zah\uc[ehdg_ ^ebl_evgh]h\j_f_gb jZa]h\hjh\
aZjy`Z_lky
I_j_ghkghc Hldexq_g\uau\ghc <dexqbl_\uau\ghc
l_e_nhg[Zah\uc kb]gZe kb]gZe
[ehdg_a\hgbl kfkljklj 
G_\hafh`_ggZ[hj GZ[hj\g_rgbo <udexqbl_[ehdbjh\dm
\g_rg_]h ghf_jh\
Z[hg_glkdh]h aZ[ehdbjh\Zg
ghf_jZ
>jm]hcZ[hg_gl\Zk ;ueZgZ`ZlZdeZ\brZ *2%$&. 2. ^ey
g_keurbl ,17 ±fbdjhnhg \dexq_gbyfbdjhnhgZ
hldexq_g gZ`fbl_wlbdeZ\brb


Jkcfia`hc`

G_bkijZ\ghklv <hafh`gZyijbqbgZ Kihkh[mkljZg_gby


G_l\uau\gh]h <uaZf_gbeb Ijbihdmid_dZ[_ey\
kb]gZeZkb]gZeZ l_e_nhggucrgmj fZ]Zabg_h[jZlbl_
hl\_lZklZgpbb \Zr_]hl_e_nhgZ \gbfZgb_gZijZ\bevgmx
*LJDVHW jZkiZcdmdhglZdlh\
dhglZdlu(852
&75 
A\mqblkb]gZe G_ijZ\bevguc\\h^ Ih\lhjbl_ijhp_^mjm
hrb[db kb]gZek ke_^bl_aZbg^bdZpb_cgZ
mf_gvrZxs_cky ^bkie__ijhqblZcl_
]jhfdhklvx  khhl\_lkl\mxsbcjZa^_e
bgkljmdpbbih
wdkiemZlZpbb
Ijb^bklZgpbhgghf <\_^_gguc Ih\lhjbl_\\h^
mijZ\e_gbb kbkl_fguc3,1dh^ kbkl_fgh]h3,1dh^Z
Z\lhhl\_lqbd g_^_ckl\bl_e_g
khh[sZ_lqlh3,1
dh^g_^_ckl\bl_e_g
:\lhhl\_lqbdg_ G_lk\h[h^ghc Khljbl_klZju_
aZibku\Z_l iZfylb khh[s_gby
khh[s_gby IjhkemrZcl_bkhljbl_
ijb\_lkl\by gh\u_khh[s_gby
bgnhjfZpbhggu_
khh[s_gby
G_mdZau\Z_lky G_mklZgh\e_gu^ZlZ MklZgh\bl_^Zlm\j_fy
\j_fyaZibkb \j_fy
khh[s_gbcgZ
Z\lhhl\_lqbd


Jkcfia`hc`

M`phcr`lec`p[k[em`kclmcec
K`eig`h_n`gv`[eengnfzmikv
Gbd_evdZ^fb_\u_ 1L&G  Gbd_evf_lZee]b^jb^gu_
1L0+ 
6DQ\R18 f:q 6DIW9+$$+ f:q
0RELOH3RZHU f:q <'7 f:q
3DQDVRQLF3$$'7 3DQDVRQLF++5$$
f:q f:q
(PPHULFK f:q 6DQ\R+58 f:q
*3*3$$+& f:q
(PPHULFK f:q

=k`gzk[\imvb[kz_ecj`k`hilhi^im`f`oih[ 
?fdhklv <j_fyjZ[hlu\ <j_fy <j_fy
f:q  j_`bf_h`b^Zgby jZa]h\hjZ aZjy^db
qZku  qZku  qZku

 ^h ^g_c [he__ hdheh

 ^h ^g_c [he__ hdheh

 ^h ^g_c [he__ hdheh

ΠIjbi_j\hcaZjy^d_fuj_dhf_g^m_fg_ij_ju\ghaZjy`Zlv
Zddmfmeylhj\l_q_gb_mdZaZggh]h\lZ[ebp_\j_f_gb±
g_aZ\bkbfhhlihdZaZgbcmjh\gyaZjy^dbgZ^bkie__
Ihijhr_kl\bbg_kdhevdboe_l_fdhklvZddmfmeylhjh\kgb`Z_lky
ihl_ogbq_kdbfijbqbgZf

Jimk`\fz`g[zgithilmw
± <j_`bf_h`b^Zgby [_aaZjy^db hdheh <l
± <j_`bf_h`b^Zgbyih\j_fyaZjy^dbhdheh <l
± <h\j_fyjZa]h\hjZ [_aaZjy^db hdheh <l


Jkcfia`hc`

OZjZdl_jbklbdZ AgZq_gb_
KlZg^Zjl'(&7 ih^^_j`b\Z_lky
KlZg^Zjl*$3 ih^^_j`b\Z_lky
Dhebq_kl\hdZgZeh\ ;Zah\uc[ehd^mie_dkguodZgZeh\
I_j_ghkghcl_e_nhg^mie_dkguodZgZeh\
>bZiZahgqZklhl ±F=p
F_lh^ Miehlg_gb_ih\j_f_gb^ebgZiZd_lZfk
fmevlbie_dkbjh\Zgby
IhehkZdZgZeZ d=p
Kdhjhklvi_j_^Zqb d[blk
Fh^meypby *)6.
Dh^bjh\Zgb_j_qb d[blk
Fhsghklv f<kj_^gyyfhsghklvgZdZgZe
i_j_^ZlqbdZ
>Zevghklvk\yab ^hfgZhldjulhfijhkljZgkl\_
^hf\a^Zgbyo
IblZgb_ ;Zah\uc[ehd<a=p
k_l_\hc[ehdiblZgby61*;D
Ihlj_[ey_fZy <j_`bf_h`b^Zgbyhdheh<l
fhsghklv [Zah\uc <h\j_fyjZa]h\hjZhdheh<l
[ehd
Mkeh\byhdjm`Zxs_c L_fi_jZlmjZhlƒ&^hƒ&
kj_^u^eyjZ[hlu Hlghkbl_evgZy\eZ`ghklvhl^h
Kihkh[gZ[hjZghf_jZ Fgh]hqZklhlguc lhgZevguc gZ[hj0)9
<j_fyÄnewr³ fk
JZaf_ju [[ff >[R[<
[Zah\uc[ehd
JZaf_ju [[ff >[R[<
i_j_ghkghcl_e_nhg
FZkkZ ;Zah\uc[ehd]
I_j_ghkghcl_e_nhgkZddmfmeylhjZfb]
>ebgZ L_e_nhggucrgmjhdhehf
kh_^bgbl_evguo K_l_\hcdZ[_evhdhehf
dZ[_e_c


G`hy

G`hy
<ufh`_l_\uau\Zlvnmgdpbbg_lhevdhebklZyf_gxghbgZ`Z\deZ\brm 0(18 ZaZl_f
\\_^ydhf[bgZpbxpbnj
gZijbf_j^eymklZgh\db\j_f_gbgm`ghgZ`ZlvdeZ\brb0 - - 

>f[]hi`g`hy
Dh]^Zl_e_nhggZoh^blky\j_`bf_h`b^ZgbygZ`fbl_deZ\brm 0(18 
 6(/6(59,&(6  :,7++2/'12
 &$//:$,7,1*
 5,1*%$&.2))
 &$//',9(57 \u[hj

 $/$50&/2&. \\h^\j_f_gbkjZ[Zlu\Zgby[m^bevgbdZ

 $8',26(7  +6(792/ gZkljhcdZ


 5,1*(5 gZkljhcdZ
 0(/2'< gZkljhcdZ

 &$//&+$5*(6  /$67&$// bg^bdZpby


 $//&$//6 bg^bdZpby
 6(77,1*6 \\h^klhbfhklblZjbnghc_^bgbpu

 %$6(6(7  $8',26(783  63($.(592/ gZkljhcdZ


 5,1*(592/ gZkljhcdZ
 0(/2'< gZkljhcdZ

 '$7(7,0(  '$7(6(7


 &/2&.6(7
 &/2&.02'(  +
 +
 6<67(03,1 \\h^
 %$6(5(6(7 \ha\jZl\khklhygb_ijbihklZ\d_
 $'')($785(6  ',$/02'(  721(
 38/6(
 '70)($57+
aZ\bkblhlkljZgu

 7%5  06


^h
 06

 5(3($7(5 \de\ude


 %$5*(,1 \de\ude

 35(6(/(&7  35(6(/(&712 ij_^\\u[hi_jZlhj


 :,7+35(6(/ kibkhd
 :235(6(/ kibkhd


G`hy
Dh]^Zl_e_nhggZoh^blky\j_`bf_h`b^ZgbygZ`fbl_deZ\brm 0(18 

 $160$&+,1(  6(7.(<  0$,/%2;


 $160$&+,1(

 $160$&+,1( \de\ude


 63.5212)) \de\ude
 $11281&(0(17  5(&$1&
 3/$<$1&
 '(/$1&21/<

 0(66$*(6(7  06*/(1*7+


 48$/,7<  /21*3/$<
 +,*+48$/,7<

 &$//6&5((1
 5,1*'(/$<

 5(*,67(5+6
Nmgdpby^hklmigZg_\h\k_okljZgZo

M`f`oihhvdljk[]irhceljcliem`f`oihhvpeigj[hcdljclieji]mikhi^ih[\ik[
>ey\uah\Zkhhl\_lkl\mxs_]hkibkdZgZ`fbl_h^gmbadeZ\br  $
AZl_fkihfhsvxf_gx 0(18 \ufh`_l_\ua\Zlvke_^mxsb_nmgdpbb

 (',7(175< Baf_g_gb_Z[hg_glkdh]hghf_jZ

 1(:(175< KhojZg_gb_gh\h]hZ[hg_glkdh]hghf_jZ

 6+2:(175< Bg^bdZpbybaf_g_gb_Z[hg_glkdh]hghf_jZ

 '(/(175< M^Ze_gb_aZibkb

Lii\t`hcz
>ey\uah\ZkibkdZkhh[s_gbcgZ`fbl_deZ\brm
AZl_fkihfhsvxf_gx 0(18 \ufh`_l_\ua\Zlvke_^mxsb_nmgdpbb

 $160 _kebbf__lky

 0$,/%2;

 &$//6  '(/(7( M^Ze_gb_aZibkb


 &23<72',5 KhojZg_gb_ghf_jZ\l_e_nhgghfkijZ\hqgbd_
 7,0( Bg^bdZpby^Zlu\j_f_gb
 67$786 Bg^bdZpbyklZlmkZkhh[s_gby
 /,6702'(  0,66('
 $//

 '(/(7(/,67


Jkch[_f`ahilmc

Jkch[_f`ahilmc
Ij_\jZlbl_\Zrl_e_nhg*LJDVHW\l_e_nhggmxkbkl_fm

  k[_kijh\h^ghck\yavx
O dZ`^hfmk\hckh[kl\_ggucl_e_nhg
O [_kieZlgZy\gmlj_ggyyk\yav
   O i_j_dexq_gb_\gmlj_ggbo\uah\h\bl^

J`k`hilhidm`f`oih*LJDVHW&ODVVLF
Hkgh\gu_nmgdpbhgZevgu_\hafh`ghklbi_j_ghkgh]h
l_e_nhgZ*LJDVHW
O jZajy^guc^bkie_c^eybg^bdZpbb\j_f_gb
Z[hg_glkdboghf_jh\bl^
O l_e_nhgguckijZ\hqgbdgZaZibk_c
O [m^bevgbd
O ih\lhjgucgZ[hjihke_^gboiylbgZ[jZgguo
1 2ABC 3 DEF
ghf_jh\
4 GHI 5JKL 6 MNO
7 PQRS 8TUV 9 WXYZ

Dhfie_dlihklZ\dbi_j_ghkghcl_e_nhgkaZjy^ghc
0

ih^klZ\dhc
R

P\_lkbgyyghqv l_fghkbgbc 

*LJDVHW&RPIRUW
I_j_ghkghcl_e_nMg*LJDVHW&RPIRUWhkgZs_g
^hihegbl_evgufbnmgdpbyfb
O kljhqguc]jZnbq_kdbc^bkie_ckih^k\_ldhc
O jZa]h\hjf_`^mi_j_ghkgufbl_e_nhgZfb[_a
[Zah\h]h[ehdZ
]jhfdZyk\yav
INT

O
1 2ABC 3 DEF O l_e_nhgguckijZ\hqgbdijbf_jghgZ
4 GHI 5JKL 6 MNO Z[hg_glkdboghf_jh\bf_g
7 PQRS 8TUV 9 WXYZ O Zdmklbq_kdbcdhgljhevihf_s_gby
0
O gZihfbgZgby

Dhfie_dlihklZ\dbi_j_ghkghcl_e_nhgkaZjy^ghc
ih^klZ\dhc
P\_lkbgyyghqv l_fghkbgbc 


Jkch[_f`ahilmc

*LJDVHW5HSHDWHU
Kihfhsvxj_ljZgkeylhjZ*LJDVHW5HSHDWHU\ufh`_l_
m\_ebqblv^Zevghklvk\yab\Zr_]h[Zah\h]h[ehdZ
*LJDVHWbh[_ki_qblvk\yav\l_of_klZo]^_jZg__ijb_f
[ueg_\hafh`_g
<jZkrbj_gghcahg_k\yabfh`ghbkihevah\Zlv\k_
nmgdpbhgZevgu_\hafh`ghklbi_j_ghkgh]hl_e_nhgZ
Mkljhckl\h^hklmighg_\h\k_okljZgZo

GZklhysZy bgkljmdpby y\ey_lky h[t_dlhf hojZgu \ khhl\_lkl\bb k f_`^mgZjh^guf b


jhkkbckdbf aZdhgh^Zl_evkl\hf h[ Z\lhjkdhf ijZ\_ Ex[h_ g_kZgdpbhgbjh\Zggh_
bkihevah\Zgb_bgkljmdpbb\dexqZydhibjh\Zgb_lbjZ`bjh\Zgb_bjZkijhkljZg_gb_gh
g_ h]jZgbqZykv wlbf \e_q_l ijbf_g_gb_ d \bgh\ghfm ebpm ]jZ`^ZgkdhijZ\h\hc
hl\_lkl\_gghklbZlZd`_m]heh\ghchl\_lkl\_gghklb\khhl\_lkl\bbkhklZlv_cMDJN
bZ^fbgbkljZlb\ghchl\_lkl\_gghklb\khhl\_lkl\bbkhklZlv_cDh:IJN


;fo[]cmhvd ne[b[m`fw

;fo[]cmhvdne[b[m`fw
; <gmlj_ggbcZ[hg_glkdbcghf_j
:[hg_glkdbcghf_j <j_fynewr
bg^bdZpby <j_fyaZjy^dbi_j_ghkgh]hl_e_nhgZ
gZ[hj <j_fyjZ[hlui_j_ghkgh]hl_e_nhgZ
ih\lhjgucgZ[hj <u[hjyaudZ
ih^Z\e_gb_bg^bdZpbb Z\lhhl\_lqbdZ
khojZg_gb_ ^bkie_cguokhh[s_gbc
:\lhfZlbq_kdZyj_]bkljZpby <u[hjyaudZ^bkie_cguokhh[s_gbc
:\lhfZlbq_kdbc\u[hjhi_jZlhjZk_lb <uah\
:\lhfZlbq_kdbcijb_f\uah\h\ i_j_dexq_gb_
\dexq_gb_\udexq_gb_ ijb_f
:\lhhl\_lqbd <uah\\k_oi_j_ghkguol_e_nhgh\
\dexq_gb_\udexq_gb_ <uah\u
\dexq_gb_\udexq_gb_ \g_rgb_
]jhfdh]h\hjbl_ey \gmlj_ggb_
bg^b\b^mZevgZygZkljhcdZ <udexq_gb_
ijb_f\uah\Z [ehdbjh\dbdeZ\bZlmju
ijhkemrb\Zgb_khh[s_gbc i_j_ghkgh]hl_e_nhgZ
m^Ze_gb_khh[s_gbc ij_^mij_^bl_evgh]hkb]gZeZhjZajy^_
:ddmfmeylhju Zddmfmeylhjh\
aZjy^dZ <udexq_gb_fbdjhnhgZ
j_dhf_g^m_fu_lbiu
mklZgh\dZ >
=jhfdhklv\uau\gh]hkb]gZeZ [Zah\uc
< [ehd 
;Zah\uc[ehd =jhfdhklv\uau\gh]hkb]gZeZ i_j_ghkghc
\ha\jZlgZkljh_d\khklhygb_ijb l_e_nhg 
ihklZ\d_ =jhfdhklv]jhfdh]h\hjbl_ey
aZ^Zgb_ijh^he`bl_evghklbiZma =jhfdhklvl_e_nhgZ
ih^]hlh\dZdjZ[hl_
ih^dexq_gb_ ?
ih^dexq_gb_dmqj_`^_gq_kdhc:LK >Zevghklvk\yab
j_]mebjh\dZ]jhfdhklbb\uau\gh]h >bkie_cgu_deZ\brb,,,
kb]gZeZ >bklZgpbhggh_mijZ\e_gb_
;ehdbjh\dZdeZ\bZlmju Z\lhhl\_lqbdhf
;m^bevgbd
\dexq_gb_\udexq_gb_ B
;ukljuc\uah\ AZ`bf^eyghr_gbygZj_fg_
AZsblgZyie_gdZ
= A\hghd
<\h^[md\ gZkljhcdZgZ[Zah\hf[ehd_
<dexq_gb_ gZkljhcdZgZi_j_ghkghfl_e_nhg_
[ehdbjh\dbdeZ\bZlmju
i_j_ghkgh]hl_e_nhgZ C
<g_rgb_kh_^bg_gby Baf_g_gb_3,1dh^Z
<g_rgbc\b^,,, Baf_g_gb_kbkl_fgh]h3,1dh^Z
<gmlj_gg__gZ\_^_gb_kijZ\db Bfimevkguckihkh[gZ[hjZghf_jZ
<gmlj_ggb_kh_^bg_gby ,:9 


;fo[]cmhvd ne[b[m`fw

i_j_ghkghfl_e_nhg_
Hldexq_gb_fbdjhnhgZ
E Hlf_gZj_]bkljZpbbi_j_ghkgh]h
DZq_kl\haZibkb l_e_nhgZ
DeZ\brb,,,
Dh^uij_^\Zjbl_evgh]hgZ[hjZ J
Dhebq_kl\h\uau\guokb]gZeh\ IZmaZ
Dhebq_kl\ha\hgdh\ijbhijhk_ I_j_Z^j_kZpby
Z\lhhl\_lqbdZ I_j_Z^j_kZpby\uah\Z
Dhfie_dlihklZ\db I_j_ghkghcl_e_nhg
Dhgn_j_gpk\yav [ehdbjh\dZ
\dexq_gb_\udexq_gb_
G \ha\jZl\khklhygb_ijbihklZ\d_
F_^bpbgkdh_h[hjm^h\Zgb_ \j_fyjZ[hlubaZjy^db
F_eh^by\uau\gh]hkb]gZeZ gZa\Zgb_i_j_ghkgh]hl_e_nhgZ
[Zah\uc[ehd  hlf_gZj_]bkljZpbb
F_eh^by\uau\gh]hkb]gZeZ ih^]hlh\dZdjZ[hl_
i_j_ghkghcl_e_nhg  ihbkd
F_gx ihlj_[ey_fZyfhsghklv
Fgh]hqZklhlguckihkh[gZ[hjZghf_jZ j_]bkljZpby
0)9 Ih\lhjgucgZ[hj
Ih^]hlh\dZdjZ[hl_
H Ih^dexq_gb_ djZa]h\hjm 
GZ[hjghf_jZk\u[hjhfhi_jZlhjZk_lb Ihbkdi_j_ghkgh]hl_e_nhgZ
GZ\_^_gb_kijZ\db \gmlj_gg_  Ihi_j_f_ggucjZa]h\hjih^\mfebgyf
GZa\Zgb_i_j_ghkgh]hl_e_nhgZ Ihqlh\ucysbd]hehkh\hcihqluhi_jZlhjZ
GZkljhcdb k_lb
Z\lhhl\_lqbdZ Ij_^\Zjbl_evguc\u[hjhi_jZlhjZk_lb
[Zah\h]h[ehdZ Ij_^mij_^bl_evguckb]gZehjZajy^_
i_j_ghkgh]hl_e_nhgZ Zddmfmeylhjh\
yaudZ^bkie_cguokhh[s_gbc Ijb\_lkl\b_ Z\lhhl\_lqbd
Ghf_jZ[hg_glZ aZibkv
i_j_ghkghf_jZbakibkdZih\lhjgh]h IjbgZ^e_`ghklb
gZ[hjZ Ijh^he`bl_evghklvjZa]h\hjZ
Ijhkemrb\Zgb_
I gZ[Zah\hf[ehd_
H[jZlguc\uah\ q_j_aZ\lhhl\_lqbd
H[sbc\uah\ \gmlj_ggbc  Ijhkemrb\Zgb_ gZ[Zah\hf[ehd_ 
Hi_jZlhjk_lb Ijhkemrb\Zgb_khh[s_gbc
Hldexq_gb_\uau\gh]hkb]gZeZgZ


;fo[]cmhvd ne[b[m`fw

K khojZg_gb_aZibkb
JZa]h\hj m^Ze_gb_hl^_evghcaZibkb
aZ\_jr_gb_ Kihkh[gZ[hjZghf_jZ
i_j_dexq_gb_ KlZg^Zjl*$3
ijb_f\uah\Z KlZg^Zjlgh_ijb\_lkl\b_
ijb_fihke_\dexq_gbyZ\lhhl\_lqbdZ
JZa]h\hjihl_e_nhgm M
\g_rgbc LZ[ebpZkbf\heh\
\gmlj_ggbc L_e_nhgguckijZ\hqgbd
ijb_f\uah\Z gZ[hjZ[hg_glkdh]hghf_jZ
J_]bkljZpbyi_j_ghkguol_e_nhgh\ khojZg_gb_aZibk_c
J_ljZgkeylhj m^Ze_gb_\k_oaZibk_c
m^Ze_gb_hl^_evghcaZibkb
L L_ogbq_kdb_oZjZdl_jbklbdb
KZfhklhyl_evgh_mkljZg_gb_ LhgZevgucgZ[hj
g_bkijZ\ghkl_c Lj_[h\Zgbyl_ogbdb[_ahiZkghklb
K_l_\hc[ehdiblZgby
Kb]gZe[m^bevgbdZ N
Kb]gZehrb[db MklZgh\dZ\j_f_gb
Kb]gZeih^l\_j`^_gby MklZgh\dZ^Zlu
Kb]gZebaZpby\lhjh]h\uah\Z MkljZg_gb_g_bkijZ\ghkl_c
Kbf\heu,9 Moh^aZl_e_nhghf
Kbf\heugZ^bkie__,9 Mqj_`^_gq_kdb_:LK
Kemoh\u_ZiiZjZlu Mqj_`^_gq_kdb_:LKi_j_dexq_gb_gZ
Kh_^bg_gb_ lhgZevgucgZ[hj
Kh_^bg_gbyq_j_ajZaguohi_jZlhjh\
Khklhygb_ijbihklZ\d_ O
[Zah\uc[ehd NmgdpbbjZ[hlukihqlh\ufysbdhf
i_j_ghkghcl_e_nhg ]hehkh\hcihqluhi_jZlhjZk_lb
Kibkhdih\lhjgh]hgZ[hjZ
Kibkhdl_e_nhgguodhfiZgbc &DOOE\&DOO X
\\h^bf_g Wg_j]hihlj_[e_gb_
ijhkfhljbm^Ze_gb_aZibkb


?clm[hqcihhvdijkil[]miim]`mrce[
NmgdpbbdeZ\brijb^bklZgpbhgghfmijZ\e_gbbZ\lhhl\_lqbdhfh^bgZdh\um\k_o
l_e_nhgguoZiiZjZlh\i_j_ghkguol_e_nhgh\b[bi_jh\<wlhcdjZldhcbgkljmdpbb
hibku\Z_lkygZqZehijhp_^mju^bklZgpbhggh]hhijhkZ gZijbf_jkl_e_nhgZZ\lhfZlZ
ba]hklbgbpubl^ ZlZd`_gZagZq_gb_deZ\br

*LJDVHW *LJDVHW
?fzh[r[f[njk[]f`hcz H[b[_ Ilm[hjki_ ?[f``
GZ[_jbl_kh[kl\_gguc
Z[hg_glkdbcghf_j<u
keurbl_ijb\_lkl\b_\Zr_]h
  
Z\lhhl\_lqbdZ

 GZ`fbl_deZ\brmb\\_^bl_
kbkl_fguc3,1dh^
MijZ\eycl_Z\lhhl\_lqbdhfk 

ihfhsvxdeZ\br
=efyr`hc`[]miim]`mrce[
Ih^h`^bl_ihdZl_e_nhg[m^_la\hgblv\
l_q_gb_h^ghcfbgmlu
 GZ`fbl_deZ\brmb\\_^bl_
N_[fcmw
kbkl_fguc3,1dh^
:\lhhl\_lqbd\dexqZ_lky
  

MklZgh\e_ggucijhba\h^bl_e_f\ihjy^d_ikl
 N_^_jZevgh]h AZdhgZ JN H aZsbl_ ijZ\
ihlj_[bl_e_c kjhdkem`[u^ey^Zggh]hba^_eby
jZ\_g  k_fb  ]h^Zf k ^Zlu ijhba\h^kl\Z ijb
mkeh\bb qlh ba^_eb_ bkihevam_lky \ kljh]hf
khhl\_lkl\bb k gZklhys_c bgkljmdpb_c ih
wdkiemZlZpbb b ijbf_gbfufb l_ogbq_kdbfb
klZg^ZjlZfb Ijhkv[Z g_ imlZlv kjhd kem`[u k
]ZjZglbcgufkjhdhf Fbgk\yabJhkkbb

GZklhysZy bgkljmdpby y\ey_lky h[t_dlhf hojZgu \ khhl\_lkl\bb k f_`^mgZjh^guf b jhkkbckdbf


aZdhgh^Zl_evkl\hf h[ Z\lhjkdhf ijZ\_ Ex[h_ g_kZgdpbhgbjh\Zggh_ bkihevah\Zgb_ bgkljmdpbb \dexqZy
dhibjh\Zgb_lbjZ`bjh\Zgb_bjZkijhkljZg_gb_ghg_h]jZgbqZykvwlbf\e_q_lijbf_g_gb_d\bgh\ghfmebpm
]jZ`^ZgkdhijZ\h\hchl\_lkl\_gghklbZlZd`_m]heh\ghchl\_lkl\_gghklb\khhl\_lkl\bbkhklZlv_cMDJN
bZ^fbgbkljZlb\ghchl\_lkl\_gghklb\khhl\_lkl\bbkhklZlv_cDh:IJN

You might also like