Electrolux EYE01516EE Handleiding

Merk: Electrolux

Model: EYE01516EE

Type: Handleiding

Deze handleiding is ook geschikt voor

EYE01016EE

(<(((

(<(((

(1 (/(&75,&6725$*( 86(50$18$/ 

)5 (/(&75,&6725$*( 127,&('87,/,6$7,21 

1/ (/(&75,&6725$*( *(%58,.6$$1:,-=,1* 

'( (/(&75,&6725$*( %(187=(5,1)250$7,21 

,7 (/(&75,&6725$*( ,6758=,21,3(5/ಬ862 

3/ (/(&75,&6725$*( ,16758.&-$2%6ă8*, 

'$ (/(&75,&6725$*( %58*6$19,61,1* 

12 (/(&75,&6725$*( %58.6$19,61,1* 

69 (/(&75,&6725$*( %58.6$19,61,1* 

), (/(&75,&6725$*( .<772+-( 

".-3$-32

 2 %$38(-%.1, 3(.- 

 2 %$38(-2314"3(.-2

 (-23 ++ 3(.-

 ".-31.+/ -$+

 42 &$

 " 1$ -#"+$ -(-&

 , (-3$- -"$ 

 31.4!+$2'..3(-&

 3$"'-(" +# 3 

6$1$3'(-*(-&.%8.4

3G@MJXNTENQOTQBG@RHMF@M$KDBSQNKTW@OOKH@MBD8NTUDBGNRDM@OQNCTBSSG@S

AQHMFRVHSGHSCDB@CDRNEOQNEDRRHNM@KDWODQHDMBD@MCHMMNU@SHNM(MFDMHNTR@MC

RSXKHRGHSG@RADDMCDRHFMDCVHSGXNTHMLHMC2NVGDMDUDQXNTTRDHSXNTB@MAD

R@EDHMSGDJMNVKDCFDSG@SXNTKKFDSFQD@SQDRTKSRDUDQXSHLD

6DKBNLDSN$KDBSQNKTW

5HRHSNTQVDARHSDENQ

&DSTR@FD@CUHBDAQNBGTQDRSQNTAKDRGNNSDQRDQUHBDHMENQL@SHNM

VVVDKDBSQNKTWBNLVDARDKERDQUHBD

1DFHRSDQXNTQOQNCTBSENQADSSDQRDQUHBD

VVVQDFHRSDQDKDBSQNKTWBNL

!TX BBDRRNQHDR"NMRTL@AKDR@MC.QHFHM@KRO@QDO@QSRENQXNTQ@OOKH@MBD

VVVDKDBSQNKTWBNLRGNO

"423.,$1" 1$ -#2$15("$

KV@XRTRDNQHFHM@KRO@QDO@QSR

6GDMBNMS@BSHMFNTQ TSGNQHRDC2DQUHBD"DMSQDDMRTQDSG@SXNTG@UDSGDENKKNVHMF

C@S@@U@HK@AKD,NCDK/-"2DQH@K-TLADQ

3GDHMENQL@SHNMB@MADENTMCNMSGDQ@SHMFOK@SD

6@QMHMF"@TSHNM2@EDSXHMENQL@SHNM

&DMDQ@KHMENQL@SHNM@MCSHOR

$MUHQNMLDMS@KHMENQL@SHNM

2TAIDBSSNBG@MFDVHSGNTSMNSHBD

ZZZHOHFWUROX[FRP

 2 %$38(-%.1, 3(.-

!DENQDSGDHMRS@KK@SHNM@MCTRDNESGD@OOKH@MBDB@QDETKKX

QD@CSGDRTOOKHDCHMRSQTBSHNMR3GDL@MTE@BSTQDQHRMNS

QDRONMRHAKDHE@MHMBNQQDBSHMRS@KK@SHNM@MCTRDB@TRDR

HMITQHDR@MCC@L@FDR KV@XRJDDOSGDHMRSQTBSHNMRVHSG

SGD@OOKH@MBDENQETSTQDQDEDQDMBD

"GHKCQDM@MCUTKMDQ@AKDODNOKDR@EDSX

q 3GHR@OOKH@MBDB@MADTRDCAXBGHKCQDM@FDCEQNL

XD@QR@MC@ANUD@MCODQRNMRVHSGQDCTBDCOGXRHB@K

RDMRNQXNQLDMS@KB@O@AHKHSHDRNQK@BJNEDWODQHDMBD@MC

JMNVKDCFDNMKXHESGDXG@UDADDMFHUDMRTODQUHRHNMNQ

HMRSQTBSHNMBNMBDQMHMFTRHMFSGD@OOKH@MBDHM@R@EDV@X

@MCTMCDQRS@MCHMFSGDG@Y@QCRHMUNKUDC

q #NMNSKDSBGHKCQDMOK@XVHSGSGD@OOKH@MBD

q *DDO@KKO@BJ@FHMFHSDLR@V@XEQNLBGHKCQDM

q (ESGD@OOKH@MBDG@R@BGHKCR@EDSXCDUHBDNQ@ETMBSHNM

SG@SKHLHSRSGDSDLODQ@STQDODQL@MDMSKXVDQDBNLLDMC

XNT@BSHU@SDHS

q "KD@MHMF@MCTRDQL@HMSDM@MBDRG@KKMNSADL@CDAX

BGHKCQDMVHSGNTSRTODQUHRHNM

q "GHKCQDMNEKDRRSG@MXD@QRRGNTKCADJDOS@V@X

TMKDRRBNMSHMTNTRKXRTODQUHRDC

&DMDQ@KR@EDSX

q (SHRLNRSHLONQS@MSSG@SSGHRHMRSQTBSHNMANNJRGNTKCAD

QDS@HMDCVHSGSGD@OOKH@MBDENQETSTQDQDEDQDMBD2GNTKC

SGD@OOKH@MBDADRNKCNQSQ@MREDQQDCSN@MNSGDQNVMDQ

NQRGNTKCXNTLNUDSN@MNSGDQGNTRD@MCKD@UDSGD

@OOKH@MBD@KV@XRDMRTQDSG@SSGDANNJHRRTOOKHDCVHSG

SGD@OOKH@MBDHMNQCDQSG@SSGDMDVNVMDQB@MFDSSN

JMNVSGDETMBSHNMHMFNESGD@OOKH@MBD@MCSGDQDKDU@MS

V@QMHMFR

q "NQQDBSETMBSHNMHMFNEXNTQ@OOKH@MBDCNDRMNSNMKX

CDODMCNMOQNCTBSPT@KHSXATSNMBNQQDBSHMRS@KK@SHNMAX

@PT@KHEHDCOQNEDRRHNM@K

(1*/,6+



q -DUDQQDLNUDNQC@L@FDRSHBJDQRV@QMHMFK@ADKRNQ

M@LDOK@SDR@SS@BGDCSNSGD@OOKH@MBD

q PT@KHEHDCSDBGMHBH@MB@QQXHMFNTSSGDHMRS@KK@SHNMHR

NAKHFDCSNNARDQUD@OOKHB@AKDM@SHNM@KRS@MC@QCR@MC

QDFTK@SHNMRBNMBDQMHMFBNMMDBSHNMSNSGDV@SDQ

CHRSQHATSHNMRXRSDL@MCSGDDKDBSQHBMDSVNQJ3GD

L@MTE@BSTQDQHRMNSQDRONMRHAKDENQ@MXTMOQNEDRRHNM@K

NQHMBNQQDBSHMRS@KK@SHNM

q "GDBJSG@SSGDRODBHEHB@SHNMRVQHSSDMNMSGD@OOKH@MBDR

HCDMSHEHB@SHNMOK@SD@QDSGDR@LD@RSGNRDNESGD

DKDBSQHB@KONVDQRTOOKX

q 3GHR@OOKH@MBDHRL@MTE@BSTQDC@MCSDRSDCHM

@BBNQC@MBDVHSGU@KHCQDFTK@SHNMR

q 3GDNODQ@SHMFV@SDQOQDRRTQDLHMHLTL@MCL@WHLTL

LTRSADADSVDDMA@Q,/@@MCA@Q

,/@

q 3NOQDUDMSRB@KCRVGHKDTRHMFSGDV@SDQGD@SDQ@KV@XR

BGDBJSGDV@SDQSDLODQ@STQD@MC@CITRS@RMDDCDC

ADENQDTRD

(MSGDB@RDNEE@TKSR@OD@JSDLODQ@STQDNETOSN

¦"L@XAQHDEKXNBBTQHMSGDRXRSDL

2ODBH@KHMENQL@SHNM

q 6GDMODQL@MDMSKXBNMMDBSDCSNSGDONVDQRTOOKX

TRHMF@CDCHB@SDCITMBSHNMANWSGD@OOKH@MBDLTRSAD

@AKDSNADHRNK@SDCEQNLSGDL@HMRONVDQRTOOKXAX@M

HRNK@SNQSG@SCHRBNMMDBSR@KKONKDRVHSG@SKD@RSLL

BNMS@BSRDO@Q@SHNM

q 3GDONVDQB@AKDL@XNMKXADQDOK@BDCENQDW@LOKDHE

C@L@FDCAX@PT@KHEHDCBNMSQ@BSNQ@TSGNQHRDCAXSGD

L@MTE@BSTQDQTRHMF@MNQHFHM@KRO@QDO@QS

q 2DBTQDSGD@OOKH@MBD@RCDRBQHADCHMBG@OSDQŭŭ

q .ARDQUDSGDL@WHLTLODQLHRRHAKDOQDRRTQDRDD

BG@OSDQŭŭ

q #Q@HMSGD@OOKH@MBD@RCDRBQHADCHMBG@OSDQŭŭ

ZZZHOHFWUROX[FRP

q 3GD@OOKH@MBDHROQDRRTQHRDC#TQHMFSGDGD@STO

OQNBDRRDWO@MRHNMV@SDQVHKKCQHOEQNLSGDR@EDSXU@KUD

q 1DFTK@QKX@BSHU@SDSGDR@EDSXU@KUDSNOQDUDMSHSEQNL

ADBNLHMFAKNBJDCDFAXKHLDRB@KDCDONRHSR

q (MRS@KK@SXODDW@LHM@SHNMSDRSDCR@EDSXU@KUDHMSGDBNKC

V@SDQRTOOKXKHMD#DODMCHMFNMSGDRTOOKXOQDRRTQD

XNTL@X@KRNMDDC@OQDRRTQDQDCTBHMFU@KUD

q 2HYDSGDCQ@HMOHODRNSG@SV@SDQB@MCQ@HMNEE

TMHLODCDCVGDMSGDR@EDSXU@KUDHRETKKXNODMDC

q %HSSGDCQ@HMOHODNESGDR@EDSXU@KUDVHSG@BNMRS@MS

CNVMV@QCRKNOD@MCHM@QNNLEQDDEQNLSGDQHRJNE

EQNRS

q 3GDR@EDSXU@KUDCQ@HMLTRSQDL@HMNODMSNSGD

@SLNROGDQD

 2 %$38(-2314"3(.-2

(MRS@KK@SHNM

.ADXSGDHMRS@KK@SHNMHMRSQTBSHNM

RTOOKHDCVHSGSGD@OOKH@MBD

q 1DLNUD@KKSGD/@BJ@FHMFHSDLR

q #NMNSHMRS@KKNQTRD@C@L@FDC

@OOKH@MBD

q !DENQDEHQRSSHLDRS@QSHMFTOBGDBJSGD

@OOKH@MBDENQ@MXC@L@FDHMBTQQDC

CTQHMFSQ@MRONQS

q -DUDQQDLNUDNQC@L@FDRSHBJDQR

V@QMHMFK@ADKRNQM@LDOK@SDR@SS@BGDC

SNSGD@OOKH@MBD

6@SDQ"NMMDBSHNM

q ,@JDRTQDMNSSNB@TRDC@L@FDSNSGD

V@SDQGNRDR

q 3GD@OOKH@MBDHRSNADBNMMDBSDCSN

SGDV@SDQL@HMRTRHMFRTHS@AKDGNRD

RDSR

q !DENQDXNTBNMMDBSSGD@OOKH@MBDSN

MDVOHODRNQOHODRMNSTRDCENQ@KNMF

SHLDKDSSGDV@SDQEKNVTMSHKHSHRBKD@M

q 3GDEHQRSSHLDXNTTRDSGD@OOKH@MBD

L@JDRTQDSG@SSGDQDHRMNKD@J@FD

$KDBSQHB@K"NMMDBSHNM

6 1-(-&ũ

1HRJNEEHQD@MCDKDBSQHB@K

RGNBJ

3NB@QQXNTS@KKDKDBSQHB@K

BNMMDBSHNM@MCHMRS@KK@SHNM

VNQJHM@BBNQC@MBDVHSG

QDKDU@MSQDFTK@SHNMR

q 3GD@OOKH@MBDLTRSADD@QSGDC

q ,@JDRTQDSG@SSGDDKDBSQHB@K

HMENQL@SHNMNMSGDQ@SHMFOK@SD@FQDDR

VHSGSGDONVDQRTOOKX(EMNSBNMS@BS

NTQ TSGNQHRDC2DQUHBD"DMSQDNQ@M

DKDBSQHBH@M

q ,@JDRTQDSGD@OOKH@MBDHRHMRS@KKDC

BNQQDBSKX+NNRD@MCHMBNQQDBS

DKDBSQHBHSXL@HMRB@AKDNQOKTFHE

@OOKHB@AKDB@ML@JDSGDSDQLHM@K

ADBNLDSNNGNS

q #NMNSTRDLTKSHOKTF@C@OSDQR@MC

DWSDMRHNMB@AKDR

q ,@JDRTQDMNSSNB@TRDC@L@FDSNSGD

L@HMROKTFHE@OOKHB@AKDNQSNSGD

L@HMRB@AKD"NMS@BSNTQ TSGNQHRDC

2DQUHBD"DMSQDNQ@MDKDBSQHBH@MSN

BG@MFD@C@L@FDCL@HMRB@AKD

q 3GDDKDBSQHB@KHMRS@KK@SHNMLTRSG@UD@M

HRNK@SHNMCDUHBDVGHBGKDSRXNT

CHRBNMMDBSSGD@OOKH@MBDEQNLSGD

(1*/,6+



L@HMR@S@KKONKDR3GDHRNK@SHNMCDUHBD

LTRSG@UD@BNMS@BSNODMHMFVHCSGNE

LHMHLTLLL

M@OOQNOQH@SDRNBJDSNQ

@C@OSDQENQSGD2BGTJNOKTF

RGNTKCADTRDCHEMDBDRR@QX

3GDV@SDQGD@SDQMDDCRSNAD

BNMMDBSDCSNSGDOQNSDBSHUD

BNMCTBSNQ

"$CDRHFM@SHNM

3GD"$CDRHFM@SHNMRGNVRSG@SSGD

@OOKH@MBDLDDSR@KKDRRDMSH@KQDPTHQDLDMSR

@BBNQCHMFSNSGD

q +NV5NKS@FD#HQDBSHUD

q $KDBSQNL@FMDSHB"NLO@SHAHKHSX

#HQDBSHUD

q 1N'2CHQDBSHUD

(-23 ++ 3(.-

2S@MC@QCCDKHUDQX

3GDENKKNVHMF@QDCDKHUDQDCVHSGSGD

@OOKH@MBD

q 6@KKLNTMSHMFAQ@BJDS

/K@BDLDMS

3GDRD@KDCTMUDMSDC

OQDRRTQHRDC@OOKH@MBDHRNMKX

RTHS@AKDENQTMCDQRHMJ

HMRS@KK@SHNM3GD@OOKH@MBDHR

HMSDMCDCENQGD@SHMFBNKC

V@SDQ@MCSNRTOOKXNMDNQ

RDUDQ@KCQ@VNEEONHMSR

3GD@OOKH@MBDL@XNMKXADHMRS@KKDCVHSG

OQDRRTQDS@ORHMBNMITMBSHNMVHSG@SXOD

DW@LHM@SHNMSDRSDCR@EDSXU@KUD

3GDSXODDW@LHM@SHNMSDRSDCR@EDSXU@KUD

OQNSDBSRSGD@OOKH@MBD@F@HMRS

TM@BBDOS@AKDDWBDRROQDRRTQD

6 1-(-&ũ

#NMNSHMRS@KKSGD@OOKH@MBDHM

SGDENKKNVHMFOK@BDR

q .TSCNNQR

q QD@RSG@S@QDBNKC@MC

EQDDYHMFSGDEQDDYHMF

V@SDQL@XC@L@FDSGD

HMSDQM@KS@MJ@MCOHODR

q 6GDQDV@SDQCHRBG@QFDHR

MNSONRRHAKD

$MRTQDSG@SSGD@OOKH@MBDHR

EQDDKX@BBDRRHAKDENQ

L@HMSDM@MBDVNQJ

KV@XRHMRS@KKSGD@OOKH@MBDUDQSHB@KKX@MC

MD@QSGDCQ@VNEEONHMS

 OOKH@MBDHMRS@KK@SHNM

3GD@OOKH@MBDHRCDRHFMDCENQHMRS@KK@SHNM

NM@RNKHCV@KK$MRTQDSGDV@KKNEEDQR

@CDPT@SDKN@CAD@QHMFB@O@BHSX

KV@XRHMRS@KKSGD@OOKH@MBD

UDQSHB@KKXHM@QNNLEQDDEQNL

SGDQHRJNEEQNRS@MCMD@QSGD

CQ@VNEEONHMS

 ,@QJNTSSGDGNKDRSNADCQHKKDCNMSGD

V@KK

 #QHKKSGDGNKDR@MCHMRDQSRTHS@AKDQ@VK

OKTFR

 2DBTQDSGDV@KKLNTMSHMFAQ@BJDS

TRHMFRTHS@AKDRBQDVR

 '@MFSGD@OOKH@MBDNMSGDV@KK

LNTMSHMFAQ@BJDS

2@EDSXU@KUDHMRS@KK@SHNM

3GDV@SDQGD@SDQR@QDCDRHFMDCENQ@

L@WHLTLQ@SDCOQDRRTQDNE,/@

BBNQCHMFSN$-SGDR@EDSX

U@KUDLTRSOQDUDMSSGDV@SDQOQDRRTQDSN

ZZZHOHFWUROX[FRP

DWBDDCSGDL@WHLTLQ@SDCOQDRRTQDNE

SGDV@SDQGD@SDQEQNLLNQDSG@M,/@

SXODDW@LHM@SHNMSDRSDCR@EDSXU@KUDHR

QDPTHQDC

 (MRS@KKSGDR@EDSXU@KUDHMSGDBNKC

V@SDQRTOOKXKHMDNESGD@OOKH@MBD

 2HYDSGDCQ@HMOHODRNSG@SV@SDQB@M

CQ@HMNEETMHLODCDCVGDMSGDR@EDSX

U@KUDHRETKKXNODMDC

 %HSSGDCQ@HMOHODNESGDR@EDSXU@KUD

VHSG@BNMRS@MSCNVMV@QCRKNOD@MC

HM@QNNLEQDDEQNLSGDQHRJNEEQNRS

6 1-(-&ũ

3GDR@EDSXU@KUDCQ@HMLTRS

QDL@HMNODMSNSGD

@SLNROGDQD

(ESGDRTOOKXOQDRRTQDHR

,/@HMRS@KK@OQDRRTQD

QDCTBHMFU@KUDTORSQD@LNE

SGDR@EDSXU@KUDHMSGDBNKC

V@SDQRTOOKXKHMD

6@SDQBNMMDBSHNM

"@QQXNTS@KKV@SDQBNMMDBSHNM@MCNMKX

HMRS@KKOQDRRTQDS@ORHMBNMITMBSHNMVHSG@

R@EDSXU@KUD@BBNQC@MBDVHSGQDFTK@SHNMR

,@SBGTOSGDBNKNTQBNCHMFNMSGDV@SDQ

BNMMDBSHNMRNESGDS@O@MCSGD@OOKH@MBD

1GRHCDAKTDŭ"NKCV@SDQHMKDSŭ

q +GRHCDQDCŭ'NSV@SDQNTSKDSŭ

$MRTQDSG@SSGDV@SDQ

BNMMDBSHNMR@QDMNSJHMJDC

CTQHMFHMRS@KK@SHNM/QDUDMS

@MXSDMRHNMHMFCTQHMF

HMRS@KK@SHNM

 ".-31.+/ -$+



3DLODQ@STQDRDKDBSNQJMNA



'D@STOHMCHB@SNQK@LO

#DODMCHMFNMSGDRXRSDLSGD@BST@K

SDLODQ@STQDRL@XU@QXEQNLSGDRDSU@KTD

 "NKC.MSGHRRDSSHMFSGD@OOKH@MBDHR

OQNSDBSDCEQNLEQNRS3GDS@OV@SDQKHMDR

@MCR@EDSXU@KUD@QDMNSOQNSDBSDC

, 7'HFGDRSRDKDBS@AKDSDLODQ@STQD

 42 &$

%HKKHMF

3GHRRD@KDCTMUDMSDC

OQDRRTQHRDC@OOKH@MBDHR

HMSDMCDCENQGD@SHMFCNLDRSHB

GNSV@SDQ3GD@OOKH@MBDB@M

RTOOKXNMDNQLNQDCQ@VNEE

ONHMSR

.MBDSGDV@SDQGD@SDQG@RADDMHMRS@KKDC

 .ODMSGDV@SDQRNTQBDU@KUD

 .ODMSGDGNSS@O

6GDMSGDV@SDQRS@QSRSNQTMSGQNTFGHS

VHSGBNMRS@MSEKNVSGDMSGDV@SDQGD@SDQ

VHKKADETKK

 "KNRDSGDGNSS@OR

 ,@JDRTQDSGDQD@QDMNKD@JRHMSGD

HMRS@KK@SHNM

 "GDBJSG@SSGDR@EDSXU@KUDHRVNQJHMF

BNQQDBSKX

(1*/,6+



6 1-(-&ũ

#NMNSBNMMDBSSGDV@SDQ

GD@SDQSNSGDL@HMONVDQ

RTOOKXVHSGNTSADHMFRTQD

SG@SHSHRETKKNEV@SDQ

NSGDQVHRDSGDGD@SHMF

DKDLDMSL@XADC@L@FDC

 CITRSHMFV@SDQSDLODQ@STQD

6 1-(-&ũ

#TQHMFNODQ@SHNMSGDS@O@MC

R@EDSXU@KUDB@MQD@BG

SDLODQ@STQDRHMDWBDRRNE

¦"3GDQDHR@QHRJNERB@KCHMF

@SNTSKDSSDLODQ@STQDRHM

DWBDRRNE¦"

8NTB@MRDS@MXQDPTHQDCSDLODQ@STQDNE

NTSKDSV@SDQ@SSGDSDLODQ@STQDRDKDBSNQ

HSeRRSDOKDRRKXU@QH@AKDEQNL¦"EQNRS

OQNSDBSHNMSN, 7

3GDSDLODQ@STQDRDKDBSNQ

RGNTKCNMKXADQDLNUDCAX@

PT@KHEHDCBNMSQ@BSNQ

2TAIDBSSNRD@RNMU@QXHMF

BNKCV@SDQSDLODQ@STQDRB@M

QDRTKSHMCHEEDQDMSL@WHLTL

LHWDCV@SDQ@MCNTSKDS

UNKTLDR

.ODQ@SHMF

ESDQSGDSDLODQ@STQDG@CADDM@CITRSDC

SNSGDCDRHQDCU@KTDSGDGD@SHMFDKDLDMS

VHKKGD@STOSGDV@SDQHMRHCDSGDS@MJTMSHK

SGDV@SDQSDLODQ@STQDQD@BGDRSNSGD

RDSSHMFU@KTDSGDMGD@SDQVHKKFNSN.%%

RS@SD

ESDQSGDV@SDQHMRHCDSGDS@MJFDSRBNNKDQ

@MCSGDSDLODQ@STQDVHKKADKNVDQSG@MSGD

RDSSHMFSDLODQ@STQDSGDGD@SHMFOQNBDRR

VHKKRS@QSVNQJHMF@F@HM@MCGD@SSGDV@SDQ

HMRHCDSGDS@MJ3GDNODQ@SHNMVHKKQDOD@S

BNMSHMTNTRKXHM@TSNL@SHBL@MMDQ@RKNMF

@RSGDDKDBSQHB@KRNTQBDBNMMDBSDCSNSGD

V@SDQGD@SDQ

 " 1$ -#"+$ -(-&

6 1-(-&ũ

KKSGDQDO@HQ@MC

L@HMSDM@MBDLTRSADB@QQHDC

NTSAXBTRSNLDQRDQUHBD

@TSGNQHYDCSDBGMHBH@MR

1DFTK@QKX@BSHU@SDSGDR@EDSX

U@KUDSNOQDUDMSHSEQNL

ADBNLHMFAKNBJDCDFAX

KHLDRB@KDCDONRHSR

OOKH@MBDL@KETMBSHNMRRGNTKCADQDO@HQDC

HLLDCH@SDKXSNJDDOSGDODQENQL@MBDNEHS

BKD@MRNESBKNSGNQVDSRONMFDB@MAD

TRDCENQSGDBKD@MHMF

#HRRNKUDMSOQNCTBSR@QDMNS@KKNVDCENQ

SGDBKD@MHMF

 , (-3$- -"$

6 1-(-&ũ

!DENQD@MXVNQJNMSGD

@OOKH@MBDCHRBNMMDBS@KK

ONKDRNESGD@OOKH@MBDEQNL

SGDONVDQRTOOKX

3GDV@SDQGD@SDQQDPTHQDRMNRODBH@K

L@HMSDM@MBD3GD@MNCDQNCGDKOROQNSDBS

SGDS@MJ@F@HMRSBNQQNRHNM#DODMCHMFNM

SGDV@SDQBNMCHSHNMSGDL@FMDRHTL

@MNCDQNCL@XMDDCSNADBG@MFDCDUDQX

XD@QR&@KU@MHB@MCDKDBSQNKXSHB

BNQQNRHNMB@MC@L@FDSGDS@MJHESGD

@MNCDQNCVNQMNTS1TRSXV@SDQHRTRT@KKX

@MHMCHB@SHNMNE@VNQMNTS@MNCDQNC(E

QTRSXV@SDQHROQDRDMSXNTLTRSB@KKSGD

@TSGNQHYDCOQNEDRRHNM@KRHLLDCH@SDKXHM

NQCDQSNDW@LHMD@MNCDQNC@MCQDOK@BDHE

MDBDRR@QX

3GDQD@QDRNLDONHMSRSNBGDBJVGDMXNT

L@JDSGDQDPTHQDCL@HMSDM@MBDENQSGHR

@OOKH@MBD

ZZZHOHFWUROX[FRP

"GDBJHMFSGDR@EDSXU@KUD

"GDBJSGDETMBSHNMNESGDR@EDSXU@KUD

QDFTK@QKX

#Q@HMHMFSGD@OOKH@MBD

6 1-(-&ũ

'NSV@SDQL@XDRB@ODCTQHMF

SGDCQ@HMHMFOQNBDRR

#Q@HMSGD@OOKH@MBDUH@HSRBNMMDBSNQR

.ODMHMFSGD@OOKH@MBD

 /TKKNEESGDSDLODQ@STQDRDKDBSNQ@MC

SGDKHLHSHMFQHMF

 1DLNUDSGDRBQDVREQNLSGDB@RHMF

 .ODMSGD@OOKH@MBDBNUDQAXOHUNSHMF

SGDBNUDQTOV@QCR@MCSGDMQDLNUHMF

HS

 1DLNUDSGDTOODQHMRTK@SHNMRDLH

RGDKKHEQDPTHQDC

2DSSHMFSGDSDLODQ@STQDKHLHS



+HLHSHMFQHMF



¦"



¦"



¦"

/K@BHMFSGDKHLHSHMFQHMFADGHMCSGD

SDLODQ@STQDRDKDBSNQ@KKNVRXNTSNKHLHS

SGDRDSSHMFQ@MFDNESGDSDLODQ@STQD

RDKDBSNQSN@RODBHEHBL@WHLTL

SDLODQ@STQD

 3TQMSGDSDLODQ@STQDRDKDBSNQSNYDQN

ETKKXBKNBJVHRDSNŭŭ

 /TKKNEESGDSDLODQ@STQDRDKDBSNQ@MC

SGDKHLHSHMFQHMF

 /TRGSGDKHLHSHMFQHMFVHSGSGDQDPTHQDC

L@WHLTLRDSSHMFNMSNSGD@OOKH@MBD

BNUDQ

 (MRS@KKSGDSDLODQ@STQDRDKDBSNQRDSSN

YDQNŭŭ

 BSHU@SDGHFGKHLHSR@EDSXBTS

NTS

 .ODMSGD@OOKH@MBD

 /TKKNEESGD@C@OSNQ

 /QDRRSGDQDRDSATSSNMNMSGDGHFGKHLHS

R@EDSXBTSNTS

 %HSSGD@C@OSNQ

 "KNRDSGD@OOKH@MBDBNUDQ

 %HSSGDKHLHSHMFQHMF@MCSDLODQ@STQD

RDKDBSNQ

(1*/,6+



1DRDSATSSNMGHFGKHLHSR@EDSXBTSNTS



C@OSNQ

1DLNUHMFSGDEK@MFDC

HLLDQRHNMGD@SDQ@MC

SDLODQ@STQDBNMSQNKKDQGHFGKHLHS

R@EDSXBTSNTS



"NLAHMDCSDLODQ@STQDBNMSQNKKDQ

GHFGKHLHSR@EDSXBTSNTS



%K@MFDCHLLDQRHNMGD@SDQ

 1DLNUDSGDBNLAHMDCSDLODQ@STQD

BNMSQNKKDQGHFGKHLHSR@EDSXBTSNTS

EQNLSGDEK@MFDCHLLDQRHNMGD@SDQ

 1DLNUDSGDEK@MFDCHLLDQRHNMGD@SDQ

1DLNUHMFSGDOQNSDBSHUD

@MNCD



/QNSDBSHUD@MNCD

1DLNUDSGDOQNSDBSHUD@MNCD

%HSSHMFSGDEK@MFDCHLLDQRHNM

GD@SDQ@MCSDLODQ@STQD

BNMSQNKKDQGHFGKHLHSR@EDSX

BTSNTS

 (MRDQSSGDEK@MFDCHLLDQRHNMGD@SDQ

HMSNSGDBXKHMCDQ@ODQSTQDVDKK@RE@Q@R

HSVHKKFN

 /TRGSGDBNLAHMDCSDLODQ@STQD

BNMSQNKKDQGHFGKHLHSR@EDSXBTSNTS

HMSNSGDEK@MFDCHLLDQRHNMGD@SDQ@R

E@Q@RHSVHKKFN

 KHFMSGDEK@MFDCHLLDQRHNMGD@SDQ

@MCSGDBNLAHMDCSDLODQ@STQD

BNMSQNKKDQGHFGKHLHSR@EDSXBTSNTSHM

@BBNQC@MBDVHSGSGDCH@FQ@L

 31.4!+$2'..3(-&

"DQS@HMOQNAKDLR@QDCTDSNK@BJNERHLOKD

L@HMSDM@MBDNQNUDQRHFGSRVGHBGB@MAD

RNKUDCD@RHKXVHSGNTSB@KKHMFSGDRDQUHBD

SDBGMHBH@MRADENQDBNMS@BSHMFSGDKNB@K

RDQUHBDBDMSQDOKD@RDB@QQXNTSSGDBGDBJ

KHRSDCADKNV

ZZZHOHFWUROX[FRP

/QNAKDL "@TRD 1DLDCX

3GD@OOKH@MBDCNDRMNS

RTOOKXGNSV@SDQ

3GDSDLODQ@STQDRDKDBSNQHR

RDSSNŭŭ

2VHSBGSGD@OOKH@MBD.-AX

STQMHMFSGDSDLODQ@STQDRD

KDBSNQ

-NONVDQ@SSGD@OOKH@MBD

"GDBJSGDOKTFETRDRHM

SGDETRDANW

3GDGHFGKHLHSR@EDSXBTSNTS

G@RSQHOODC

1DLDCXSGDB@TRDNESGD

E@TKS(EMDBDRR@QXQDOK@BD

SGDBNLAHMDCSDLODQ@STQD

BNMSQNKKDQGHFGKHLHSR@EDSX

BTSNTS,@JDSGDGHFGKHLHS

R@EDSXBTSNTSNODQ@SHNM@K

AXOQDRRHMFSGDQDRDSATSSNM

NMSGDGHFGKHLHSR@EDSXBTS

NTSRDDBG@OSDQ

3GDBNMSQNKKDQHRE@TKSX

1DOK@BDSGDBNLAHMDCSDL

ODQ@STQDBNMSQNKKDQGHFG

KHLHSR@EDSXBTSNTS

3GDEK@MFDCHLLDQRHNM

GD@SDQHRE@TKSX

1DOK@BDSGDEK@MFDCHLLDQ

RHNMGD@SDQ

6@SDQB@MNMKXADCQ@VM@S

@QDCTBDCQ@SD

3GD@DQ@SNQHMSGDS@OHR

RB@KDCTONQCHQSX

#DRB@KDQDOK@BDSGD@DQ@

SNQ

+NTCANHKHMFMNHRDRHMRHCD

SGD@OOKH@MBD

3GD@OOKH@MBDHRRB@KDCTO

'@UDSGD@OOKH@MBDCDR

B@KDCAX@PT@KHEHDCBNM

SQ@BSNQ

6@SDQCQHOREQNLSGDR@EDSX

U@KUD@ESDQGD@STO

3GDR@EDSXU@KUDHRRB@KDC

TONQCHQSX

2VHSBGSGD@OOKH@MBDNEE

#DOQDRRTQHRDSGD@OOKH@MBD

AXCHRBNMMDBSHMFHSEQNLSGD

ONVDQ@MCV@SDQRTOOKX

'@UDSGDR@EDSXU@KUD

BGDBJDCAX@PT@KHEHDCBNM

SQ@BSNQ

6@SDQKD@JR

(LOQNODQKXRD@KDCGNSNQ

BNKCV@SDQRNTQBDBNMMDB

SHNMR

3HFGSDMSGQD@CDCBNMMDB

SHNMR

(EXNTB@MMNSQDLDCXSGD

E@TKSMNSHEXXNTQPT@KHEHDC

BNMSQ@BSNQ3NE@BHKHS@SD@MC

RODDCTOXNTQDMPTHQX

OKD@RDOQNUHCDSGDENKKNVHMF

MTLADQREQNLSGDSXODOK@SD

q /-"CHFHSR

q 2-CHFHSR

(1*/,6+



 3$"'-(" +# 3

2ODBHEHB@SHNM

100

$8$$$ $8$$$

' 'DHFGS  

" 6HCSG  

#DOSG  

& 3NOBKD@Q@MBD  

% 'DHFGS  

'NQHYNMS@KGNKD

RO@BHMF

 

(MKDS.TSKDS/HOD 2HYD,@KDSGQD@C & &

KKCHLDMRHNMRHMLL

6HQHMFCH@FQ@L

-/$]5

ZZZHOHFWUROX[FRP

#DS@HKRNMDMDQFX

BNMRTLOSHNM

/QNCTBSC@S@BNLOKHDRVHSG$4QDFTK@SHNMR

QDK@SHMFSNSGD#HQDBSHUDNMSGDDBNCDRHFM

NEDMDQFXQDK@SDCOQNCTBSR$Q/

$8$$$ $8$$$

+N@COQNEHKD 772 772

$MDQFXDEEHBHDMBXBK@RR

$MDQFXBNMUDQRHNMDEEHBHDM

BX



#@HKXONVDQBNMRTLOSHNM

J6G



MMT@KONVDQBNMRTLOSHNM

J6G

 

#DE@TKSSDLODQ@STQDRDSSHMF

¦"

 

2NTMCONVDQKDUDKC!   

.EEOD@JODQHNCRONRRHAKD -N -N

#@S@S@AKD

$8$$$ $8$$$

'XCQ@TKHBC@S@

-NLHM@KB@O@BHSX+  

(1*/,6+







$8$$$ $8$$$

,HWDCV@SDQUNKTLD@S

¦"+

 

$KDBSQHB@KC@S@

1@SDCUNKS@FD5 

1@SDCNTSOTSJ6 

1@SDCBTQQDMS  

,"!ETRDQ@SHMF  

/G@RDR -/$

%QDPTDMBX'Y 

OOKHB@SHNMKHLHSR

3DLODQ@STQDRDSSHMF

Q@MFD¦"



,@WODQLHRRHAKDOQDR

RTQD,/@



,HMV@SDQHMKDSOQDR

RTQD,/@



,@WV@SDQHMKDSOQDR

RTQD,/@



,@WEKNVQ@SD+LHM 

$MDQFXC@S@

2S@MCAXDMDQFXBNM

RTLOSHNMG@S¦"

J6G

 

$MDQFXDEEHBHDMBXBK@RR

5DQRHNMR

(/Q@SHMF (/#

3XODNEHMRS@KK@SHNM 4MCDQRHMJ

3XOD 2D@KDCTMUDMSDC

(MSDQM@KBXKHMCDQL@SDQH

2SDDKDM@LDKKDC

3GDQL@KHMRTK@SHNML@

SDQH@K

$/2

"@RHMFL@SDQH@K /2

"NKNTQ 6GHSD

#HLDMRHNMR

ZZZHOHFWUROX[FRP

$8$$$ $8$$$

#DOSGLL  

'DHFGSLL  

6HCSGLL  

6DHFGSR

6DHFGSJF  

 $-5(1.-,$-3 +".-"$1-2

1DBXBKDSGDL@SDQH@KRVHSGSGDRXLANK 

/TSSGDO@BJ@FHMFHM@OOKHB@AKDBNMS@HMDQR

SNQDBXBKDHS'DKOOQNSDBSSGDDMUHQNMLDMS

@MCGTL@MGD@KSG@MCSNQDBXBKDV@RSDNE

DKDBSQHB@K@MCDKDBSQNMHB@OOKH@MBDR#N

MNSCHRONRD@OOKH@MBDRL@QJDCVHSGSGD

RXLANK

VHSGSGDGNTRDGNKCV@RSD

1DSTQMSGDOQNCTBSSNXNTQKNB@KQDBXBKHMF

E@BHKHSXNQBNMS@BSXNTQLTMHBHO@KNEEHBD

(1*/,6+



3 !+$#$2, 3(Ì1$2

 5$13(22$,$-32(,/.13 -32 

 (-2314"3(.-2#$2Í"41(3Í 

 (-23 ++ 3(.-

 ! -#$ 4#$".,, -#$ 

 43(+(2 3(.- 

 $-31$3($-$3-$33.8 &$ 

 $-31$3($- 

 $-" 2#e -., +($#$%.-"3(.--$,$-3 

 " 1 "3Í1(23(04$23$"'-(04$2

-.42/$-2.-2½5.42

,DQBHCe@UNHQBGNHRHBDOQNCTHS$KDBSQNKTW UDBBDOQNCTHSUNTRAġMġEHBHDYCD

CHY@HMDRCe@MMġDRCeDWOġQHDMBDOQNEDRRHNMMDKKDDSCeHMMNU@SHNM(MFġMHDTWDS

ġKġF@MSHK@ġSġBNMĝTRTQLDRTQDONTQUNTR&QĒBDĐBDS@OO@QDHKUNTRR@UDYPTD

BG@PTDTSHKHR@SHNMUNTR@OONQSDQ@R@SHRE@BSHNM

!HDMUDMTDBGDY$KDBSQNKTW

5HRHSDYMNSQDRHSD(MSDQMDSONTQ

.ASDMHQCDRBNMRDHKRCeTSHKHR@SHNMCDRAQNBGTQDRCDKe@HCDCDRHMENQL@SHNMR

VVVDKDBSQNKTWBNLVDARDKERDQUHBD

$MQDFHRSQDQUNSQDOQNCTHSONTQNASDMHQTMLDHKKDTQRDQUHBD

VVVQDFHRSDQDKDBSQNKTWBNL

BGDSDQCDR@BBDRRNHQDRBNMRNLL@AKDRDSOHĠBDRCDQDBG@MFDCeNQHFHMDONTQ

UNSQD@OO@QDHK

VVVDKDBSQNKTWBNLRGNO

2$15("$ /1Ì25$-3$

-eTSHKHRDYPTDCDROHĠBDRCDQDBG@MFDCeNQHFHMD

U@MSCDBNMS@BSDQKDRDQUHBD@RRTQDYUNTRCDCHRONRDQCDRHMENQL@SHNMR

RTHU@MSDR,NCĠKD/-"MTLġQNCDRġQHD

5NTRSQNTUDQDYBDRHMENQL@SHNMRRTQK@OK@PTDRHFM@KġSHPTD

 UDQSHRRDLDMS SSDMSHNMBNMRHFMDRCDRġBTQHSġ

(MENQL@SHNMRFġMġQ@KDRDSBNMRDHKR

(MENQL@SHNMRDML@SHĠQDCDOQNSDBSHNMCDKeDMUHQNMMDLDMS

2NTRQġRDQUDCDLNCHEHB@SHNMR

ZZZHOHFWUROX[FRP

 5$13(22$,$-32(,/.13 -32

U@MSCeHMRS@KKDQDSCeTSHKHRDQBDS@OO@QDHKKHRDY

RNHFMDTRDLDMSKDRHMRSQTBSHNMRENTQMHDR+DE@AQHB@MSMD

ODTSĢSQDSDMTONTQQDRONMR@AKDCDRCNLL@FDRDS

AKDRRTQDRKHġRĐTMDL@TU@HRDHMRS@KK@SHNMNTTSHKHR@SHNM

"NMRDQUDYSNTINTQRBDSSDMNSHBD@UDBUNSQD@OO@QDHKONTQ

UNTRXQġEġQDQTKSġQHDTQDLDMS

2ġBTQHSġCDRDME@MSRDSCDRODQRNMMDR

UTKMġQ@AKDR

q "DS@OO@QDHKODTSĢSQDTSHKHRġO@QCDRDME@MSRĒFġRCe@T

LNHMR@MRDSO@QCDRODQRNMMDRCNMSKDRB@O@BHSġR

OGXRHPTDRRDMRNQHDKKDRNTLDMS@KDRRNMSQġCTHSDRNT

CġMTġDRCDWOġQHDMBDNTCDBNMM@HRR@MBDRHDKKDRRNMS

BNQQDBSDLDMSRTQUDHKKġDRNTRHCDRHMRSQTBSHNMRQDK@SHUDR

ĐKeTSHKHR@SHNMCDKe@OO@QDHKDMSNTSDRġBTQHSġKDTQNMSġSġ

CNMMġDRDSRHKDRQHRPTDRDMBNTQTRNMSġSġBNLOQHR

q -DK@HRRDYO@RKDRDME@MSRINTDQ@UDBKe@OO@QDHK

q 3DMDYKDRDLA@KK@FDRGNQRCDONQSġDCDRDME@MSR

q 2HKe@OO@QDHKDRSġPTHOġCeTMCHRONRHSHECDRġBTQHSġ

DME@MSRNTCeTMDENMBSHNMKHLHS@MSK@SDLOġQ@STQDCD

E@ĝNMODQL@MDMSDMNTRUNTRQDBNLL@MCNMRCDKDR

@BSHUDQ

q +DRDME@MSRMDCNHUDMSO@RMDSSNXDQMHDMSQDOQDMCQDTMD

NOġQ@SHNMCDL@HMSDM@MBDRTQKe@OO@QDHKR@MR

RTQUDHKK@MBD

q +DRDME@MSRCDLNHMRCD@MRCNHUDMSĢSQDSDMTRĐ

KeġB@QSĐLNHMRCeĢSQDRTQUDHKKġRDMODQL@MDMBD

"NMRHFMDRFġMġQ@KDRCDRġBTQHSġ

q "NMRDQUDYBDSSDMNSHBDCeTSHKHR@SHNM@UDBUNSQD@OO@QDHK

2HKe@OO@QDHKUDM@HSĐĢSQDUDMCTNTBġCġĐTMD@TSQD

ODQRNMMDNTRHUNTRUDMHDYĐCġLġM@FDQDMK@HRR@MS

Ke@OO@QDHKC@MRUNSQD@MBHDMKNFDLDMS@RRTQDYUNTR

PTDK@MNSHBDCeTSHKHR@SHNMKe@BBNLO@FMD+DMNTUDK

TSHKHR@SDTQONTQQ@@KNQRReHMENQLDQRTQKDENMBSHNMMDLDMS

CDKe@OO@QDHKDSRTQKDR@UDQSHRRDLDMSRReXQ@OONQS@MS

)5$1$,6



q +DANMENMBSHNMMDLDMSCDUNSQD@OO@QDHKMDCġODMC

O@RTMHPTDLDMSCDK@PT@KHSġCTOQNCTHSL@HR@TRRHCD

R@ANMMDHMRS@KK@SHNMO@QTMOQNEDRRHNMMDKPT@KHEHġ

q -DQDSHQDYNTMeDMCNLL@FDYI@L@HRKDR@TSNBNKK@MSR

ġSHPTDSSDRCe@UDQSHRRDLDMSNTOK@PTDRRHFM@KġSHPTDR

EHWġRRTQKe@OO@QDHK

q 4MSDBGMHBHDMPT@KHEHġOQNBġC@MSĐKeHMRS@KK@SHNMDRSSDMT

CDQDRODBSDQKDRMNQLDRDSQġFKDLDMS@SHNMRM@SHNM@KDR

DMUHFTDTQDMBDPTHBNMBDQMDKDQ@BBNQCDLDMS@T

RXRSĠLDCDCHRSQHATSHNMCDKeD@TDS@TQġRD@TġKDBSQHPTD

+DE@AQHB@MSMeDRSO@RQDRONMR@AKDCeTMDHMRS@KK@SHNM

HMBNQQDBSDNTMNMQġ@KHRġDO@QTMOQNEDRRHNMMDK

q 5ġQHEHDYPTDKDRROġBHEHB@SHNMRHMRBQHSDRRTQK@OK@PTD

RHFM@KġSHPTDCDKe@OO@QDHKRNMSKDRLĢLDRPTDBDKKDRCD

Ke@KHLDMS@SHNMġKDBSQHPTD

q "DS@OO@QDHK@ġSġE@AQHPTġDSSDRSġBNMENQLġLDMS@TW

QġFKDLDMS@SHNMRDMUHFTDTQ

q +@OQDRRHNMCDKeD@TDMRDQUHBDLHMHL@KDDSL@WHL@KD

CNHSĢSQDBNLOQHRDDMSQDA@Q,/@DSA@Q

,/@

q /NTQġUHSDQKDRAQŖKTQDRODMC@MSKeTSHKHR@SHNMCTBG@TEED

D@TUġQHEHDYSNTINTQRK@SDLOġQ@STQDCDKeD@TDSQġFKDY

K@RHMġBDRR@HQD@U@MSTSHKHR@SHNM

$MB@RCe@MNL@KHDCDENMBSHNMMDLDMSTMOHBCD

SDLOġQ@STQD@KK@MSITRPTeĐ¦"ODTSRDOQNCTHQD

AQHĠUDLDMSC@MRKDRXRSĠLD

(MENQL@SHNMRROġBH@KDR

q $MB@RCDQ@BBNQCDLDMSODQL@MDMSĐKe@KHLDMS@SHNM

ġKDBSQHPTD@UDBTMDANıSDCDINMBSHNMKe@OO@QDHKCNHS

ONTUNHQĢSQDHRNKġCDKe@KHLDMS@SHNMġKDBSQHPTDO@QTM

RDBSHNMMDTQCġBNMMDBS@MSSNTSDRKDRANQMDR@UDBTMD

RġO@Q@SHNMLHMHL@KDCTBNMS@BSCDLL

q +DBĒAKDCe@KHLDMS@SHNMMDCNHSĢSQDQDLOK@BġO@QDW

ReHKDRSDMCNLL@FġO@QTMDMSQDOQDMDTQPT@KHEHġ@FQġġ

ZZZHOHFWUROX[FRP

O@QKDE@AQHB@MSDSTMHPTDLDMSO@QTMDOHĠBDCD

QDBG@MFDCeNQHFHMD

q %HWDYKe@OO@QDHKBNLLDCġBQHS@TBG@OHSQDgu

q 1DRODBSDYK@OQDRRHNML@WHL@KDSNKġQġDQDONQSDYUNTR

@TBG@OHSQDgu

q 5HC@MFDYKe@OO@QDHKBNLLDCġBQHS@TBG@OHSQDgu

q +e@OO@QDHKDRSRNTROQDRRHNM#TQ@MSK@OG@RDCD

BG@TEE@FDKeD@TDMDWO@MRHNMReġFNTSSDCDK@U@MMDCD

RġBTQHSġ

q BSHNMMDYQġFTKHĠQDLDMSK@U@MMDCDRġBTQHSġONTQġUHSDQ

PTeDKKDMDRDAKNPTDMNS@LLDMSĐB@TRDCDRCġOŃSR

B@KB@HQDR

q (MRS@KKDYTMDU@MMDCDRġBTQHSġSDRSġDO@QDW@LDMCD

SXODRTQK@BNMCTHSDCe@QQHUġDCDKeD@TEQNHCD$M

ENMBSHNMCDK@OQDRRHNMCDKe@QQHUġDCeD@TUNTRONTQQHDY

ġF@KDLDMS@UNHQADRNHMCeTMQġCTBSDTQCDOQDRRHNM

q ,DRTQDYKDSTX@TCDUHC@MFDONTQPTDKeD@TOTHRRD

ReġBNTKDQR@MRDMSQ@UDKNQRPTDK@U@MMDCDRġBTQHSġDRS

DMSHĠQDLDMSNTUDQSD

q (MRS@KKDYKDSTX@TCDUHC@MFDCDK@U@MMDCDRġBTQHSġCD

E@ĝNMĐCġBQHQDTMDODMSDBNMRS@MSDUDQRKDA@RDS

C@MRTMDOHĠBDMDOQġRDMS@MS@TBTMQHRPTDCDFDK

q +@UHC@MFDCDK@U@MMDCDRġBTQHSġCNHSQDRSDQĐKe@HQ

KHAQD

 (-2314"3(.-2#$2Í"41(3Í

(MRS@KK@SHNM

2THUDYRBQTOTKDTRDLDMSKDR

HMRSQTBSHNMRCeHMRS@KK@SHNMENTQMHDR@UDB

Ke@OO@QDHK

q 1DSHQDYSNTRKDRDLA@KK@FDR

q -eHMRS@KKDYO@RDSMDAQ@MBGDYO@RTM

@OO@QDHKDMCNLL@Fġ

q U@MSK@OQDLHĠQDTSHKHR@SHNMUġQHEHDY

PTDKe@OO@QDHKMe@RTAH@TBTM

CNLL@FD@TBNTQRCTSQ@MRONQS

q -DQDSHQDYNTMeDMCNLL@FDYI@L@HRKDR

@TSNBNKK@MSRġSHPTDSSDR

Ce@UDQSHRRDLDMSNTOK@PTDR

RHFM@KġSHPTDREHWġRRTQKe@OO@QDHK

1@BBNQCDLDMSĐKe@QQHUġD

CeD@T

q 5DHKKDYĐMDO@RDMCNLL@FDQKDR

STX@TWCDBHQBTK@SHNMCeD@T

q +e@OO@QDHKCNHSĢSQDQ@BBNQCġ@TBHQBTHS

CeD@TĐKe@HCDCDSTX@TW@C@OSġR

q U@MSCDAQ@MBGDQKe@OO@QDHKĐCDR

STX@TWMDTERNTMe@X@MSO@RRDQUH

CDOTHRKNMFSDLORK@HRRDYBNTKDQKeD@T

ITRPTeĐBDPTeDKKDRNHSOQNOQD

q U@MSCeTSHKHRDQKe@OO@QDHKONTQK@

OQDLHĠQDENHR@RRTQDYUNTRCD

Ke@ARDMBDCDETHSDR

)5$1$,6



!Q@MBGDLDMSġKDBSQHPTD

5$13(22$,$-3ũ

1HRPTDCeHMBDMCHDNT

CeġKDBSQNBTSHNM

5DHKKDYĐDEEDBSTDQSNTRKDR

Q@BBNQCDLDMSRġKDBSQHPTDRDS

KeHMRS@KK@SHNMDMUNTR

BNMENQL@MS@TW

QġFKDLDMS@SHNMRDMUHFTDTQ

q +e@OO@QDHKCNHSĢSQDQDKHġĐK@SDQQD

q 5ġQHEHDYPTDKDRCNMMġDRġKDBSQHPTDR

EHFTQ@MSRTQK@OK@PTDRHFM@KġSHPTD

BNQQDRONMCDMSĐBDKKDRCDUNSQD

QġRD@T2HBDMeDRSO@RKDB@R

BNMS@BSDYMNSQDRDQUHBD@OQĠRUDMSD

@FQġġNTTMġKDBSQHBHDM

q RRTQDYUNTRPTDKe@OO@QDHKDRSAHDM

HMRS@KKġ4MBĒAKDCe@KHLDMS@SHNMKĒBGD

DSHM@OOQNOQHġNTTMDEHBGDRHOQġRDMSD

MNMRDQQġDODTUDMSĢSQDĐKeNQHFHMD

CeTMDRTQBG@TEEDCDRANQMDR

q -eTSHKHRDYO@RCe@C@OS@SDTQRLTKSHOQHRDR

MHCDQ@KKNMFDR

q 5DHKKDYĐMDO@RDMCNLL@FDQK@EHBGD

RDBSDTQRHOQġRDMSDMHKDBĒAKD

Ce@KHLDMS@SHNM"NMS@BSDYMNSQDRDQUHBD

@OQĠRUDMSD@FQġġNTTMġKDBSQHBHDM

ONTQQDLOK@BDQKDBĒAKDCe@KHLDMS@SHNM

ReHKDRSDMCNLL@Fġ

q +eHMRS@KK@SHNMġKDBSQHPTDCNHSĢSQD

ġPTHOġDCeTMCHRONRHSHECeHRNKDLDMSĐ

BNTOTQDNLMHONK@HQD+DCHRONRHSHE

CeHRNKDLDMSCNHSOQġRDMSDQTMD

CHRS@MBDCeNTUDQSTQDCDRBNMS@BSRCe@T

LNHMRLL

4MDOQHRD@C@OSġDNTTM

@C@OS@SDTQONTQTMDOQHRD

2BGTJNODTUDMSĢSQDTSHKHRġR

RHMġBDRR@HQD

+DBG@TEEDD@TCNHSĢSQD

Q@BBNQCġ@TBNMCTBSDTQCD

OQNSDBSHNM

,@QPT@FD"$

+DL@QPT@FD"$HMCHPTDPTDKe@OO@QDHK

QġONMCĐSNTSDRKDRDWHFDMBDR

DRRDMSHDKKDRBNMENQLġLDMSĐ

+@#HQDBSHUDA@RRDSDMRHNM

q +@#HQDBSHUD"$,QDK@SHUDĐK@

BNLO@SHAHKHSġġKDBSQNL@FMġSHPTD

q +@CHQDBSHUD1N'2

 (-23 ++ 3(.-

+HUQ@HRNMRS@MC@QC

+DRġKġLDMSRRTHU@MSRRNMSKHUQġR@UDB

Ke@OO@QDHK

q 2TOONQSLTQ@K

$LOK@BDLDMS

+e@OO@QDHKRBDKKġMNMUDMSHKġ

OQDRRTQHRġODTSTMHPTDLDMS

ĢSQDHMRS@KKġRNTRTMġUHDQ

+e@OO@QDHKDRSCDRSHMġĐ

BG@TEEDQCDKeD@TEQNHCDDSĐ

@KHLDMSDQTMNTOKTRHDTQR

ONHMSRCDSHQ@FD

+e@OO@QDHKMDODTSĢSQDHMRS@KKġPTe@UDB

CDROQHRDRCDOQDRRHNMBNLAHMġDR@UDB

TMDU@MMDCDRġBTQHSġSDRSġDO@QDW@LDM

CDSXOD

+@U@MMDCDRġBTQHSġSDRSġDO@QDW@LDM

CDSXODOQNSĠFDKe@OO@QDHKBNMSQDKDRDWBĠR

CDOQDRRHNMMNM@BBDOS@AKDR

5$13(22$,$-3ũ

-eHMRS@KKDYO@RKe@OO@QDHKC@MR

KDRKHDTWRTHU@MSR

q ½KeDWSġQHDTQ

q #@MRTMDLOK@BDLDMS

EQNHCDSRTIDS@TFDKB@Q

KeD@TFDKġDODTS

DMCNLL@FDQKDQġRDQUNHQ

HMSDQMDDSKDRSTX@TW

q #@MRTMDMCQNHSNŔKD

CġUDQRDLDMSCDKeD@T

MeDRSO@RONRRHAKD

RRTQDYUNTRPTDKe@OO@QDHK

DRSE@BHKDLDMS@BBDRRHAKD

ONTQOQNBġCDQĐRNM

DMSQDSHDM

ZZZHOHFWUROX[FRP

(MRS@KKDYSNTINTQRKe@OO@QDHKĐK@UDQSHB@KDĐ

OQNWHLHSġCeTMONHMSCDSHQ@FD

(MRS@KK@SHNMCDKe@OO@QDHK

+e@OO@QDHKDRSBNMĝTONTQĢSQDHMRS@KKġRTQ

TMLTQOKDHM RRTQDYUNTRPTDKDLTQ@

TMDB@O@BHSġCDRNTSHDMCDBG@QFD

@C@OSġD

(MRS@KKDYSNTINTQRKe@OO@QDHKĐ

K@UDQSHB@KDC@MRTMDOHĠBD

MDOQġRDMS@MS@TBTMQHRPTD

CDFDKDQDSOQĠRCeTMONHMSCD

SHQ@FD

 ,@QPTDYKDRONHMSRNŔODQBDQRTQKD

LTQ

 /DQBDYKDRSQNTRDSHMRġQDYCDR

BGDUHKKDR@C@OSġDR

 %HWDYKDRTOONQSLTQ@KĐKe@HCDCDUHR

@C@OSġDR

 BBQNBGDYKe@OO@QDHKRTQKDRTOONQS

LTQ@K

(MRS@KK@SHNMCDK@U@MMDCD

RġBTQHSġ

+DRBG@TEEDD@TRNMSBNMĝTRONTQTMD

OQDRRHNMMNLHM@KDL@WHL@KDCD,/@

"NMENQLġLDMSĐK@MNQLD$-

K@U@MMDCDRġBTQHSġCNHS

DLOĢBGDQPTDK@OQDRRHNMCDKeD@TMD

CġO@RRDK@OQDRRHNMMNLHM@KDL@WHL@KD

CTBG@TEEDD@TCDOKTRCD,/@

4MDU@MMDCDRġBTQHSġSDRSġDO@QDW@LDM

CDSXODDRSMġBDRR@HQD

 (MRS@KKDYK@U@MMDCDRġBTQHSġRTQK@

BNMCTHSDCe@QQHUġDCDKeD@TEQNHCDCD

Ke@OO@QDHK

 ,DRTQDYKDSTX@TCDUHC@MFDONTQPTD

KeD@TOTHRRDReġBNTKDQR@MRDMSQ@UD

KNQRPTDK@U@MMDCDRġBTQHSġDRS

DMSHĠQDLDMSNTUDQSD

 (MRS@KKDYKDSTX@TCDUHC@MFDCDK@

U@MMDCDRġBTQHSġCDE@ĝNMĐCġBQHQD

TMDODMSDBNMRS@MSDUDQRKDA@RDS

C@MRTMDOHĠBDMDOQġRDMS@MS@TBTM

QHRPTDCDFDK

5$13(22$,$-3ũ

+@UHC@MFDCDK@U@MMDCD

RġBTQHSġCNHSQDRSDQĐKe@HQ

KHAQD

2HK@OQDRRHNMCDKe@QQHUġD

CeD@TDRSRTOġQHDTQDĐ

,/@HMRS@KKDYTM

QġCTBSDTQCDOQDRRHNMDM

@LNMSCDK@U@MMDCD

RġBTQHSġRTQK@BNMCTHSD

Ce@QQHUġDCDKeD@TEQNHCD

1@BBNQCDLDMSĐKe@QQHUġD

CeD@T

$EEDBSTDYSNTRKDRQ@BBNQCDLDMSRĐKeD@T

DSMeHMRS@KKDYPTDCDROQHRDRCDOQDRRHNM

@UDBTMDU@MMDCDRġBTQHSġRDBNMENQL@MS

ĐSNTSDRKDRQġFKDLDMS@SHNMR

1DRODBSDYKDRBNCDRBNTKDTQRCDR

Q@BBNQCDLDMSRĐKe@QQHUġDCeD@TCTQNAHMDS

DSCDKe@OO@QDHK

q "ŃSġCQNHSAKDTg QQHUġDCeD@T

EQNHCDu

q "ŃSġF@TBGDQNTFDg2NQSHDCeD@T

BG@TCDu

RRTQDYUNTRPTDKDR

Q@BBNQCDLDMSRĐKe@QQHUġD

CeD@TMDRNMSO@ROKHġR@T

LNLDMSCDKeHMRS@KK@SHNM

ÍUHSDYCDKDRSDMCQDCTQ@MS

KeHMRS@KK@SHNM

)5$1$,6



 ! -#$ 4#$".,, -#$



3GDQLNRS@S



(MCHB@SDTQCDBG@TEED

$MENMBSHNMCTRXRSĠLDKDRSDLOġQ@STQDR

QġDKKDRODTUDMSU@QHDQO@QQ@OONQSĐK@

U@KDTQCġEHMHD

 %QNHC UDBBDQġFK@FDKe@OO@QDHKDRS

OQNSġFġBNMSQDKDFHUQD+DQNAHMDSKDR

BNMCTHSDRCeD@TDSK@U@MMDCDRġBTQHSġMD

RNMSO@ROQNSġFġR

, 7SDLOġQ@STQDQġFK@AKDL@WHL@KD

 43(+(2 3(.-

1DLOKHRR@FD

"DS@OO@QDHKRBDKKġMNMUDMSHKġ

OQDRRTQHRġDRSBNMĝTONTQKD

BG@TEE@FDCDKeD@T

CNLDRSHPTD+e@OO@QDHKODTS

ENTQMHQKeD@TĐTMNTOKTRHDTQR

ONHMSRCDSHQ@FD

4MDENHRKDBG@TEEDD@THMRS@KKġ

 .TUQDYK@U@MMDCe@QQHUġDCeD@T

 .TUQDYKDQNAHMDSCeD@TBG@TCD

0T@MCKeD@TBNLLDMBDĐBNTKDQ@UDBTM

CġAHSBNMRS@MSKDBG@TEEDD@TDRSQDLOKH

 %DQLDYKDRQNAHMDSRCeD@TBG@TCD

 5ġQHEHDYPTDKeHMRS@KK@SHNMMDOQġRDMSD

O@RCDETHSDR

 5ġQHEHDYPTDK@U@MMDCDRġBTQHSġ

ENMBSHNMMDBNQQDBSDLDMS

5$13(22$,$-3ũ

-DQ@BBNQCDYO@RKDBG@TEED

D@TĐKe@KHLDMS@SHNMġKDBSQHPTD

R@MR@UNHQK@BDQSHSTCDPTeHK

DRSQDLOKHCeD@TB@QBDK@

ONTQQ@HSDMCNLL@FDQ

KeġKġLDMSBG@TEE@MS

1ġFK@FDCDK@SDLOġQ@STQD

CDKeD@T

5$13(22$,$-3ũ

#TQ@MSKDENMBSHNMMDLDMSKD

QNAHMDSDSK@U@MMDCD

RġBTQHSġODTUDMS@SSDHMCQD

CDRSDLOġQ@STQDRCġO@RR@MS

KDR¦"(KDWHRSDTMQHRPTD

CDAQŖKTQDKNQRPTDK@

SDLOġQ@STQDCDRNQSHD

CġO@RRDKDR¦"

5NTRONTUDYRġKDBSHNMMDQK@SDLOġQ@STQD

CDK@RNQSHDCeD@TPTDUNTRRNTG@HSDYĐ

Ke@HCDCTSGDQLNRS@SK@SDLOġQ@STQDODTS

ĢSQDLNCHEHġDO@QO@KHDQRCD¦"

OQNSDBSHNMBNMSQDKDFHUQDĐ, 7

+DSGDQLNRS@SMDCNHSĢSQD

QDSHQġPTDO@QTM

DMSQDOQDMDTQPT@KHEHġ

$MENMBSHNMCDK@R@HRNMKDR

U@QH@SHNMRCDSDLOġQ@STQDCD

KeD@TEQNHCDODTUDMSDMSQ@ıMDQ

CDRCHEEġQDMBDRCD

SDLOġQ@STQDL@WHL@KDONTQ

KeD@TLHSHFġDDSCDUNKTLDR

CDRNQSHD

%NMBSHNMMDLDMS

+NQRPTDK@SDLOġQ@STQD@ġSġQġFKġDRTQK@

U@KDTQRNTG@HSġDKeġKġLDMSBG@TEE@MS

BG@TEEDKeD@TĐKeHMSġQHDTQCTQġRDQUNHQ

ITRPTeĐBDPTeDKKD@SSDHFMDK@SDLOġQ@STQD

ZZZHOHFWUROX[FRP

CTQġFK@FDOTHRKeġKġLDMSBG@TEE@MSO@RRD

DMLNCD 11Î3

#ĠRPTDK@SDLOġQ@STQDCDKeD@TĐ

KeHMSġQHDTQCTQġRDQUNHQ@QDEQNHCHDSPTeDKKD

DRSHMEġQHDTQDĐK@SDLOġQ@STQDQġFKġDKD

OQNBDRRTRCDBG@TEE@FDQDBNLLDMBDDS

BG@TEEDCDMNTUD@TKeD@TĐKeHMSġQHDTQCT

QġRDQUNHQ+eNOġQ@SHNMRDQġOĠSDCDE@ĝNM

BNMSHMTDDS@TSNL@SHPTDS@MSPTDK@

RNTQBDġKDBSQHPTDDRSQ@BBNQCġD@T

BG@TEEDD@T

 $-31$3($-$3-$33.8 &$

5$13(22$,$-3ũ

3NTSDRKDRQġO@Q@SHNMRDS

NOġQ@SHNMRCDL@HMSDM@MBD

CNHUDMSĢSQDQġ@KHRġDRO@QCDR

SDBGMHBHDMR@FQġġRCTRDQUHBD

BKHDMS

BSHNMMDYQġFTKHĠQDLDMSK@

U@MMDCDRġBTQHSġONTQġUHSDQ

PTeDKKDMDRDAKNPTD

MNS@LLDMSĐB@TRDCDR

CġOŃSRB@KB@HQDR

+DRCXRENMBSHNMMDLDMSRCDKe@OO@QDHK

CNHUDMSĢSQDHLLġCH@SDLDMSQġO@QġR@EHM

CDOQġRDQUDQRDRODQENQL@MBDR

4SHKHRDYTMBGHEENMCNTWNTTMDġONMFD

GTLHCDONTQMDSSNXDQKe@OO@QDHK

-eTSHKHRDYI@L@HRCDOQNCTHSRCHRRNKU@MSR

ONTQKDMDSSNX@FD

 $-31$3($-

5$13(22$,$-3ũ

U@MSSNTSDNOġQ@SHNM

CeDMSQDSHDMCġAQ@MBGDYKDCD

Ke@KHLDMS@SHNMġKDBSQHPTD

+DBG@TEEDD@TMDQDPTHDQS@TBTMDMSQDSHDM

ROġBH@K+@SHFDCDKe@MNCD@HCDĐOQNSġFDQ

KDQġRDQUNHQBNMSQDK@BNQQNRHNM$M

ENMBSHNMCDRBNMCHSHNMRCDUNSQDD@TK@

SHFDCDKe@MNCDDML@FMġRHTLCNHSĢSQD

BG@MFġDSNTRKDR@MRDMUHQNM+@

BNQQNRHNMF@KU@MHPTDDSġKDBSQNKXSHPTDODTS

DMCNLL@FDQKDQġRDQUNHQRHK@SHFDCD

Ke@MNCDDRSTRġD#DKeD@TQNTHKKġDHMCHPTD

FġMġQ@KDLDMSPTDK@SHFDCDKe@MNCDDRS

TRġD2HCDKeD@TDRSQNTHKKġDUNTRCDUDY

HLLġCH@SDLDMSBNMS@BSDQTMOQNEDRRHNMMDK

@FQġġONTQE@HQDUġQHEHDQK@SHFDCDKe@MNCD

DSK@QDLOK@BDQRHMġBDRR@HQD

(KDWHRSDBDQS@HMRONHMSRĐUġQHEHDQKNQRPTD

UNTRDEEDBSTDYKeDMSQDSHDMQDPTHRRTQBDS

@OO@QDHK

5ġQHEHDYK@U@MMDCDRġBTQHSġ

5ġQHEHDYQġFTKHĠQDLDMSKDENMBSHNMMDLDMS

CDK@U@MMDCDRġBTQHSġ

5HC@MFDCDKe@OO@QDHK

5$13(22$,$-3ũ

#DKeD@TBG@TCDODTS

ReġBG@OODQCTQ@MSK@UHC@MFD

5HC@MFDYKe@OO@QDHKDMTSHKHR@MSRDR

Q@BBNQCR

.TUDQSTQDCDKe@OO@QDHK

 3HQDYRTQKDSGDQLNRS@SDSK@A@FTDCT

KHLHS@SDTQ

 1DSHQDYKDRUHRCTANıSHDQ

)5$1$,6



 .TUQDYKDBNTUDQBKDCDKe@OO@QDHKDMKD

E@HR@MSOHUNSDQUDQRKDG@TSOTHR

QDSHQDYKD

 1DSHQDYK@CDLHBNPTDCeHRNK@SHNM

RTOġQHDTQDRHMġBDRR@HQD

1ġFK@FDCDK@KHLHSDCD

SDLOġQ@STQD



!@FTDCTKHLHS@SDTQ



¦"



¦"



¦"

$MOK@ĝ@MSK@A@FTDCTKHLHS@SDTQCDQQHĠQD

KDSGDQLNRS@SUNTRONTUDYKHLHSDQK@OK@FD

CDSDLOġQ@STQDRCTSGDQLNRS@SDSCġEHMHQK@

SDLOġQ@STQDL@WHL@KDRNTG@HSġD

 3NTQMDYKDSGDQLNRS@SRTQYġQN

DMSHĠQDLDMSĐCQNHSDITRPTeĐK@

ONRHSHNMgu

 3HQDYRTQKDSGDQLNRS@SDSK@A@FTDCT

KHLHS@SDTQ

 $MENMBDYK@A@FTDCTKHLHS@SDTQQġFKġ

RTQKDQġFK@FDL@WHL@KRNTG@HSġRTQKD

BNTUDQBKDCDKe@OO@QDHK

 (MRS@KKġKDSGDQLNRS@SONRHSHNMMġRTQ

YġQNgu

 BSHU@SHNMCTBNTODBHQBTHS

CDRġBTQHSġONTQKHLHSDġKDUġD

 .TUQDYKe@OO@QDHK

 3HQDQRTQKe@C@OS@SDTQ

 OOTXDYRTQK@SNTBGDCD

QġHMHSH@KHR@SHNMCTBNTODBHQBTHSCD

RġBTQHSġONTQKHLHSDġKDUġD

 (MRS@KKDYKe@C@OS@SDTQ

 %DQLDYKDBNTUDQBKDCDKe@OO@QDHK

 (MRS@KKDYK@A@FTDCTKHLHS@SDTQDSKD

SGDQLNRS@S



3NTBGDCDQġHMHSH@KHR@SHNMBNTOD

BHQBTHSCDRġBTQHSġONTQKHLHSDġKDUġD



C@OS@SDTQ

ZZZHOHFWUROX[FRP

1DSHQDYKDSGDQLNOKNMFDTQĐ

AQHCDDSKDSGDQLNRS@SBNTOD

BHQBTHSCDRġBTQHSġONTQKHLHSD

ġKDUġD



3GDQLNRS@SBNTODBHQBTHSCDRġBTQHSġ

ONTQKHLHSDġKDUġDBNLAHMġ



3GDQLNOKNMFDTQĐAQHCD

 1DSHQDYKDSGDQLNRS@SBNTODBHQBTHS

CDRġBTQHSġONTQKHLHSDġKDUġDBNLAHMġ

CTSGDQLNOKNMFDTQĐAQHCD

 1DSHQDYKDSGDQLNOKNMFDTQĐAQHCD

1DSQ@HSCDKe@MNCDCD

OQNSDBSHNM



MNCDCDOQNSDBSHNM

1DSHQDYKe@MNCDCDOQNSDBSHNM

(MRS@KK@SHNMCT

SGDQLNOKNMFDTQĐAQHCDDSCT

SGDQLNRS@SBNTODBHQBTHSCD

RġBTQHSġONTQKHLHSDġKDUġD

 (MRġQDYKDSGDQLNOKNMFDTQĐAQHCD

C@MRKeNTUDQSTQDBXKHMCQHPTD@TRRH

OQNENMCġLDMSPTDONRRHAKD

 $MENMBDYKDSGDQLNRS@SBNTODBHQBTHS

CDRġBTQHSġONTQKHLHSDġKDUġDBNLAHMġ

C@MRKDSGDQLNOKNMFDTQĐAQHCDKD

OKTROQNENMCġLDMSONRRHAKD

 KHFMDYKDSGDQLNOKNMFDTQĐAQHCDDSKD

SGDQLNRS@SBNTODBHQBTHSCDRġBTQHSġ

ONTQKHLHSDġKDUġDBNLAHMġDMUNTR

QDONQS@MS@TRBGġL@

 $-" 2#e -., +($#$%.-"3(.--$,$-3

-NTRUNTRQDBNLL@MCNMRUHUDLDMS

CeDEEDBSTDQKDRUġQHEHB@SHNMRRTHU@MSDRRTQ

UNSQD@OO@QDHK@U@MSCe@OODKDQTM

SDBGMHBHDMCeDMSQDSHDM(KRDODTSPTDKD

OQNAKĠLDRNHSRHLOKDDSPTDUNTROTHRRHDY

XQDLġCHDQO@QUNTRLĢLD

)5$1$,6



/QNAKġLD "@TRD 2NKTSHNM

+e@OO@QDHKMDENTQMHSO@R

CeD@TBG@TCD

+DSGDQLNRS@SDRSONRH

SHNMMġRTQgu

KKTLDYKe@OO@QDHKDMSNTQM

@MSKDSGDQLNRS@SRTQK@ON

RHSHNM, 1"'$

+e@OO@QDHKMeDRSO@R@KH

LDMSġDMġMDQFHD

5ġQHEHDYK@OQHRDKDRETRHAKDR

C@MRK@ANıSDĐETRHAKDR

+DBNTODBHQBTHSCDRġBTQHSġ

ONTQKHLHSDġKDUġDReDRSCġ

BKDMBGġ

1DLġCHDY@TOQNAKĠLD2H

MġBDRR@HQDQDLOK@BDYKD

SGDQLNRS@SBNTODBHQBTHS

CDRġBTQHSġONTQKHLHSDġKD

UġDBNLAHMġ,DSSDYKD

BNTODBHQBTHSDMġS@SCD

ENMBSHNMMDLDMSDM@OOTX

@MSRTQK@SNTBGD1ġHMHSH@KHR

DQRHSTġRTQKDBNTODBHQBTHS

CDRġBTQHSġONTQKHLHSDġKD

UġD

+DSGDQLNRS@SDRSCġEDB

STDTW

1DLOK@BDYKDSGDQLN

RS@SBNTODBHQBTHSCDRġ

BTQHSġONTQKHLHSDġKDUġD

BNLAHMġ

+DSGDQLNOKNMFDTQĐAQHCD

DRSCġEDBSTDTW

1DLOK@BDYKDSGDQLNOKNM

FDTQĐAQHCD

+eD@TODTSTMHPTDLDMSĢSQD

SHQġDĐCġAHSQġCTHS

+e@ġQ@SDTQCTQNAHMDSDRS

DMBQ@RRġNTDMS@QSQġ

#ġS@QSQDYQDLOK@BDYKe@ġQ

@SDTQ

!QTHSCDATKKDRHMSDMRDĐKeHM

SġQHDTQCDKe@OO@QDHK

+e@OO@QDHKDRSDMS@QSQġ

"NMS@BSDYTMDMSQDOQDMDTQ

PT@KHEHġONTQPTeHKCġS@QSQD

Ke@OO@QDHK

#DKeD@TReġBNTKDCDK@

U@MMDCDRġBTQHSġ@OQĠRK@

LNMSġDDMSDLOġQ@STQD

+@U@MMDCDRġBTQHSġDRS

DMBQ@RRġDNTDMS@QSQġD

ÍSDHFMDYKe@OO@QDHK#ġOQDR

RTQHRDYKe@OO@QDHKDMKDCġ

AQ@MBG@MSCDKe@KHLDMS@SHNM

ġKDBSQHPTDDSCDKe@QQHUġD

CeD@T%@HSDRUġQHEHDQK@

U@MMDCDRġBTQHSġO@QTM

DMSQDOQDMDTQPT@KHEHġ

+eD@TETHS

1@BBNQCDLDMSRĐKe@QQHUġD

CeD@TBG@TCDNTEQNHCDL@K

ġS@MBGġHEHġR

1DRRDQQDYKDRQ@BBNQCREHK

DSġR

ZZZHOHFWUROX[FRP

2HUNTRMDO@QUDMDYO@RĐ

QġFKDQBDOQNAKĠLDUDTHKKDY

BNMS@BSDQTMDMSQDOQDMDTQ

PT@KHEHġ/NTQE@BHKHSDQDS

@BBġKġQDQUNSQDCDL@MCD

UDTHKKDYENTQMHQKDR

HMENQL@SHNMRRTHU@MSDR

HMRBQHSDRRTQK@OK@PTD

RHFM@KġSHPTD

q /-"BGHEEQDR

q 2-BGHEEQDR

 " 1 "3Í1(23(04$23$"'-(04$2

"@Q@BSġQHRSHPTDRSDBGMHPTDR

100

$8$$$ $8$$$

' '@TSDTQ  

" +@QFDTQ  

/QNENMCDTQ  

& $RO@BDDMG@TS  

% '@TSDTQ  

$RO@BDLDMSGNQH

YNMS@KCDKeNQHEHBD

 

3TX@TCe@QQHUġDDS

CDRNQSHD

#HLDMRHNMEHKDS@FD

LĒKD

& &

3NTSDRKDRCHLDMRHNMRDMLL

)5$1$,6



2BGġL@ġKDBSQHPTD

-/$]5

#ġS@HKRRTQK@BNMRNLL@SHNM

CeġMDQFHD

+DRCNMMġDRCTOQNCTHSRNMSBNMENQLDR

@TWQġFKDLDMS@SHNMRCDKe4$QDK@SHUDRĐK@

#HQDBSHUD$BNCDRHFMCDROQNCTHSRKHġRĐ

KeġMDQFHD$Q/

$8$$$ $8$$$

/QNEHKCDRNTSHQ@FD 772 772

"K@RRDCeDEEHB@BHSġġMDQFġ

SHPTD

$EEHB@BHSġġMDQFġSHPTDCD

BNMUDQRHNM

"NMRNLL@SHNMCeġMDQFHD

PTNSHCHDMMDJ6G

"NMRNLL@SHNMCeġMDQFHD

@MMTDKKDJ6G

 

1ġFK@FDCDSDLOġQ@STQDO@Q

CġE@TS¦"

 

-HUD@TRNMNQDC!   

/NRRHAHKHSġCeGDTQDRBQDTRDR -NM -NM

3@AKD@TCDRCNMMġDR

$8$$$ $8$$$

#NMMġDRGXCQ@TKHPTDR

"@O@BHSġMNLHM@KDK  

5NKTLDCeD@TLHSHFġDĐ

¦"K

 

#NMMġDRġKDBSQHPTDR

ZZZHOHFWUROX[FRP





$8$$$ $8$$$

3DMRHNMMNLHM@KD5 

2NQSHDMNLHM@KDJ6 

"NTQ@MSMNLHM@K  

/THRR@MBDMNLHM@KD

B@QSDCDBNLL@MCD

OQHMBHO@KDETRHAKD 



/G@RDR -/$

%QġPTDMBD'Y 

+HLHSDRCeTSHKHR@SHNM

/K@FDRCDQġFK@FDRCD

SDLOġQ@STQD¦"



/QDRRHNML@W@CLHRRH

AKD,/@



/QDRRHNMLHMCDKe@QQH

UġDCeD@T,/@



/QDRRHNML@WCDKe@QQH

UġDCeD@T,/@



#ġAHSL@WKLHM 

#NMMġDRġMDQFġSHPTDR

"NMRNLL@SHNMCeġMDQ

FHDDMLNCDg5DHKKDu

GĐ¦"J6G

 

"K@RRDCeDEEHB@BHSġġM

DQFġSHPTD

5DQRHNMR

"K@RRDLDMS(/ (/#

3XODCeHMRS@KK@SHNM 2NTRTMġUHDQ

3XOD 2BDKKġMNMUDMSHKġ

,@SġQH@TCTBXKHMCQDHM

SġQHDTQ

BHDQġL@HKKġ

,@SġQH@TCeHRNK@SHNM

SGDQLHPTD

$/2

,@SġQH@TCTANıSHDQ /2

"NTKDTQ !K@MB

#HLDMRHNMR

)5$1$,6



$8$$$ $8$$$

/QNENMCDTQLL  

'@TSDTQLL  

+@QFDTQLL  

/NHCR

/NHCRJF  

 $-, 3(Ì1$#$/1.3$"3(.-#$

+e$-5(1.--$,$-3

1DBXBKDYKDRL@SġQH@TWONQS@MSKDRXLANKD

#ġONRDYKDRDLA@KK@FDRC@MRKDR

BNMSDMDTQROQġUTRĐBDSDEEDS"NMSQHATDY

ĐK@OQNSDBSHNMCDKeDMUHQNMMDLDMSDSĐ

UNSQDRġBTQHSġQDBXBKDYUNROQNCTHSR

ġKDBSQHPTDRDSġKDBSQNMHPTDR-DIDSDYO@R

KDR@OO@QDHKRONQS@MSKDRXLANKD

@UDB

KDRNQCTQDRLġM@FĠQDR$LLDMDYTMSDK

OQNCTHSC@MRUNSQDBDMSQDKNB@KCD

QDBXBK@FDNTBNMS@BSDYUNRRDQUHBDR

LTMHBHO@TW

ZZZHOHFWUROX[FRP

(-'.4#2./& 5$

 5$(+(&'$(#2(-%.1, 3($

 5$(+(&'$(#25..12"'1(%3$- 

 (-23 ++ 3($

 !$#($-(-&2/ -$$+

 &$!14(*

 1$(-(&(-&$-.-#$1'.4# 

 .-#$1'.4# 

 /1.!+$$,./+.22(-&

 3$"'-(2"'$&$&$5$-2 

6$#$-*$- -4

!DC@MJSUNNQGDSJNODMU@MDDM$KDBSQNKTW@OO@Q@@S4JNNRUNNQDDMOQNCTBSC@S

I@QDMOQNEDRRHNMDKDDQU@QHMFDMHMMNU@SHDADU@S(MFDMHDTRDMRSHIKUNKGDSVDQC

NMSVNQODMLDSTHMGDS@BGSDQGNNEC6@MMDDQTGDSFDAQTHJSJTMSTDQNO

UDQSQNTVDMC@STJDDQNOJDDQE@MS@RSHRBGDQDRTKS@SDMYTKSJQHIFDM

6DKJNLAHI$KDBSQNKTW

&@M@@QNMYDVDARHSDUNNQ

CUHDRNUDQFDAQTHJAQNBGTQDRGDSNOKNRRDMU@MOQNAKDLDMDM

NMCDQGNTCRHMENQL@SHD

VVVDKDBSQNKTWBNLVDARDKERDQUHBD

1DFHRSQDDQTVOQNCTBSUNNQDDMADSDQDRDQUHBD

VVVQDFHRSDQDKDBSQNKTWBNL

*NNO@BBDRRNHQDRUDQAQTHJR@QSHJDKDMDMNQHFHMDKDQDRDQUDNMCDQCDKDMUNNQTV

@OO@Q@@S

VVVDKDBSQNKTWBNLRGNO

*+ -3$-2$15("$

&DAQTHJ@KSHICNQHFHMDKDNMCDQCDKDM

KRTBNMS@BSNOMDDLSLDSCDJK@MSDMRDQUHBDYNQFC@STCDUNKFDMCDFDFDUDMRAHI

CDG@MCGDASLNCDKOQNCTBSMTLLDQRDQHDMTLLDQ

#DYDHMENQL@SHDVNQCSUDQLDKCNOGDSSXODOK@@SID

6@@QRBGTVHMF!DK@MFQHIJDUDHKHFGDHCRHMENQL@SHD

 KFDLDMDHMENQL@SHDDMSHOR

,HKHDTHMENQL@SHD

6HIYHFHMFDMUNNQADGNTCDM

1('(5/$1'6



 5$(+(&'$(#2(-%.1, 3($

+DDRYNQFUTKCHFCDLDDFDKDUDQCDHMRSQTBSHDRUNNQ

HMRS@KK@SHDDMFDAQTHJU@MGDS@OO@Q@@S#DE@AQHJ@MSHRMHDS

UDQ@MSVNNQCDKHIJUNNQKDSRDKDMRBG@CDUDQNNQY@@JSCNNQ

DDMENTSHDUDHMRS@KK@SHD!DV@@QCDHMRSQTBSHDRU@MGDS

@OO@Q@@SUNNQSNDJNLRSHFFDAQTHJ

5DHKHFGDHCU@MJHMCDQDMDMJVDSRA@QDLDMRDM

q #HS@OO@Q@@SJ@MVNQCDMFDAQTHJSCNNQJHMCDQDMU@M

I@@QDMNTCDQDMCNNQLDMRDMLDSADODQJSD

KHBG@LDKHIJDYHMSTHFKHIJDNEUDQRS@MCDKHIJDUDQLNFDMRNE

DDMFDAQDJ@@MDQU@QHMFDMJDMMHRHMCHDMYHINMCDQ

SNDYHBGSRS@@MNEHMRSQTBSHDRGDAADMFDJQDFDMNUDQGDS

UDHKHFFDAQTHJU@MGDS@OO@Q@@SDMHMCHDMYHICDDUDMSTDKD

FDU@QDMADFQHIODM

q +@@SJHMCDQDMMHDSLDSGDS@OO@Q@@SRODKDM

q 'NTC@KKDUDQO@JJHMFRL@SDQH@KDMTHSCDATTQSU@M

JHMCDQDM

q (MCHDMGDS@OO@Q@@SHRUNNQYHDMU@MDDMJHMCDQADUDHKHFHMF

NEDDMETMBSHDCHDCDSDLODQ@STTQODQL@MDMSADODQJS

Q@CDMVHIT@@MCDYDSD@BSHUDQDM

q 1DHMHFHMFDMNMCDQGNTCL@FMHDSVNQCDMTHSFDUNDQC

CNNQJHMCDQDMYNMCDQSNDYHBGS

q 'NTCJHMCDQDMINMFDQC@MI@@QTHSCDATTQSNENMCDQ

ODQL@MDMSSNDYHBGS

 KFDLDMDUDHKHFGDHC

q 'DSHRDQFADK@MFQHIJC@SCDYDFDAQTHJR@@MVHIYHMFAHIGDS

@OO@Q@@SVNQCSADV@@QCYNC@STK@SDQMNFDDMRHDSR

JTMSM@KDYDM KRGDS@OO@Q@@S@@MHDL@MC@MCDQR

UDQJNBGSNEFDRBGNMJDMVNQCSNE@KRTUDQGTHRSDMCD

L@BGHMD@BGSDQK@@SYNQFDQC@MUNNQC@SCD

FDAQTHJR@@MVHIYHMFAHIGDS@OO@Q@@SAKHIESYNC@SCD

MHDTVDDHFDM@@QJDMMHRJ@MMDLDMU@MCDVDQJHMFU@M

GDS@OO@Q@@SDMCDAHIADGNQDMCDV@@QRBGTVHMFDM

q #DBNQQDBSDVDQJHMFU@MTV@OO@Q@@SHRMHDS@KKDDM

@EG@MJDKHIJU@MCDJV@KHSDHSU@MGDSOQNCTBSL@@QNNJ

ZZZHOHFWUROX[FRP

U@MITHRSDHMRS@KK@SHDCNNQDDMFDJV@KHEHBDDQCD

OQNEDRRHNM@K

q 5DQVHICDQNEADRBG@CHFMNNHSRSHBJDQR

V@@QRBGTVHMFRK@ADKRNEBK@RRHEHB@SHDOK@@SIDCHD@@MGDS

@OO@Q@@SYHSSDM

q $DMFDJV@KHEHBDDQCDSDBGMHBTRCHDCDHMRS@KK@SHDTHSUNDQS

HRUDQOKHBGSSNDO@RA@QDM@SHNM@KDRS@MC@@QCDMDM

UDQNQCDMHMFDMHMY@JD@@MRKTHSHMFDMNOGDS

V@SDQCHRSQTATSHDRXRSDDLDMGDSDKDJSQHBHSDHSRMDSSD

NARDQUDQDM#DOQNCTBDMSHRMHDSUDQ@MSVNNQCDKHIJUNNQ

NMOQNEDRRHNMDKDNENMITHRSDHMRS@KK@SHD

q "NMSQNKDDQNECDRODBHEHB@SHDRCHDNOGDS

HCDMSHEHB@SHDOK@@SIDU@MGDS@OO@Q@@SRS@@MGDSYDKECDYHIM

@KRCHDNOCDDKDJSQHBHSDHSRUNNQYHDMHMF

q 'DS@OO@Q@@SHRFDOQNCTBDDQCDMFDSDRSBNMENQL

FDKCHFDUDQNQCDMHMFDM

q #DV@SDQCQTJLHMHL@@KDML@WHL@@KLNDSKHFFDM

STRRDMA@Q,/@DMA@Q,/@

q .LUDQAQ@MCHMFSDUNNQJNLDMAHIGDSFDAQTHJU@MCD

ANHKDQLNDST@KSHICCDV@SDQSDLODQ@STTQBNMSQNKDQDMDM

CDYDHMCHDMMNCHF@@MO@RRDMUNNQFDAQTHJ

(MGDSFDU@KU@MCDEDBSDMJ@MDDM

OHDJSDLODQ@STTQU@ML@WHL@@K¦"

OK@@SRUHMCDMHMGDSRXRSDDL

2ODBH@KDHMENQL@SHD

q 6@MMDDQGDS@OO@Q@@SODQL@MDMS@@MFDRKNSDMHRNOCD

RSQNNLSNDUNDQLDSADGTKOU@MDDM@O@QSD

RSQNNLJ@ADKJ@RSLNDSGDS@OO@Q@@SFDĳRNKDDQCVNQCDM

U@MCDRSQNNLSNDUNDQCNNQDDMHRNK@SNQCHD@KKDONKDM

LDSSDMLHMRSDLLBNMS@BSQTHLSDNMSJNOODKC

q 'DSRSQNNLRMNDQL@F@KKDDMUDQU@MFDMVNQCDM

AHIUNNQADDKC@KRCDYDADRBG@CHFCHRCNNQDDM

FDJV@KHEHBDDQCD@@MMDLDQCHDFD@TSNQHRDDQCHRCNNQCD

OQNCTBDMSDMLDSDDMNQHFHMDDKQDRDQUDNMCDQCDDK

1('(5/$1'6



q ,@@JGDS@OO@Q@@SU@RSYN@KRADRBGQDUDMHMGNNECRSTJ

ŭŭ

q .ARDQUDDQCDL@WHL@KDSNDFDRS@MDCQTJYHDGNNECRSTJ

ŭŭ

q +@@SGDS@OO@Q@@SKDDFKNODMYN@KRADRBGQDUDMHM

GNNECRSTJŭŭ

q 'DS@OO@Q@@SRS@@SNMCDQCQTJ3HICDMRGDS

NOV@QLHMFROQNBDRY@KDWO@MRHDV@SDQTHSCD

UDHKHFGDHCRJKDOCQTOODKDM

q BSHUDDQCDUDHKHFGDHCRJKDOQDFDKL@SHFNLSDUNNQJNLDM

C@SCDYDFDAKNJJDDQCQ@@JSAHIUCNNQJ@KJ@@MRK@F

q (MRS@KKDDQDDMFDSDRSDUDHKHFGDHCRJKDOHMCDJNTC

V@SDQSNDUNDQU@MGDS@OO@Q@@S EG@MJDKHIJU@MCD

SNDUNDQCQTJLNDSTNNJDDMQDCTBDDQJKDOHMRS@KKDQDM

q "NMSQNKDDQCDNLU@MFCD@EUNDQOHIOYNC@SGDSV@SDQ

YNMCDQOQNAKDLDMJ@MVDFRSQNLDMV@MMDDQCD

UDHKHFGDHCRJKDOUNKKDCHFNODMHR

q /K@@SRCD@EUNDQOHIOU@MCDUDHKHFGDHCRJKDOLDSDDM

BNMRS@MSDGDKKHMFM@@QADMDCDMDMHMDDMJ@LDQV@@Q

FDDMJ@MRHRNOADUQHDYHMF

q #D@EUNDQU@MCDUDHKHFGDHCRJKDOLNDSNODMYHIMM@@QCD

NODMKTBGS

5$(+(&'$(#25..12"'1(%3$-

(MRS@KK@SHD

q 5NKFCDHMRS@KK@SHDHMRSQTBSHDRNOCHDYHIM

LDDFDKDUDQCLDSGDS@OO@Q@@S

q 5DQVHICDQ@KKDUDQO@JJHMFRL@SDQH@KDM

q (MRS@KKDDQDMFDAQTHJFDDMADRBG@CHFC

@OO@Q@@S

q "NMSQNKDDQGDS@OO@Q@@SNODUDMSTDKD

RBG@CDCHDJ@MYHIMNMSRS@@MSHICDMR

GDSSQ@MRONQSUNNQC@STGDLUNNQCD

DDQRSDJDDQHMFDAQTHJMDDLS

q 5DQVHICDQNEADRBG@CHFMNNHSRSHBJDQR

V@@QRBGTVHMFRK@ADKRNE

BK@RRHEHB@SHDOK@@SIDCHD@@MGDS@OO@Q@@S

YHSSDM

6@SDQ@@MRKTHSHMF

q 9NQFC@STCDV@SDQRK@MFDMMHDS

ADRBG@CHFS

q 'DS@OO@Q@@SLNDSLDSDDMFDRBGHJSD

RK@MFRDSVNQCDM@@MFDRKNSDMNODDM

JQ@@M

q +@@SGDSV@SDQRSQNLDMSNSGDSRBGNNM

HRUNNQC@STGDS@OO@Q@@S@@MRKTHSNO

MHDTVDKDHCHMFDMNEKDHCHMFDMCHDK@MF

MHDSYHIMFDAQTHJS

q 9NQFC@SDQFDDMKDJJ@FDRYHIM@KRTGDS

@OO@Q@@SCDDDQRSDJDDQFDAQTHJS

 @MRKTHSHMF@@MGDS

DKDJSQHBHSDHSRMDS

6 12"'46(-&ũ

&DU@@QUNNQAQ@MCDM

DKDJSQHRBGDRBGNJJDM

ZZZHOHFWUROX[FRP

5NNQGDSTHSUNDQDMU@M@KKD

DKDJSQHBHSDHSR@@MRKTHSHMFDMDM

HMRS@KK@SHDNUDQDDMJNLRSHF

LDSCDQDKDU@MSD

UDQNQCDMHMFDM

q #HS@OO@Q@@SLNDSVNQCDM@@MFDRKNSDM

NODDMFD@@QCRSNOBNMS@BS

q "NMSQNKDDQNECDDKDJSQHRBGDHMENQL@SHD

NOGDSSXODOK@@SIDNUDQDDMJNLSLDSCD

RSQNNLUNNQYHDMHMF9NMHDSMDDL

BNMS@BSNOLDSNMRFD@TSNQHRDDQC

RDQUHBDBDMSQTLNEDDMDKDJSQHBHDM

q 9NQFDQUNNQC@SGDS@OO@Q@@SBNQQDBSHR

FDĳMRS@KKDDQC+NRRDDMNMITHRSD

RSQNNLJ@ADKRNERSDJJDQRHMCHDMU@M

SNDO@RRHMFJTMMDMDQUNNQYNQFDMC@S

CDBNMS@BSJKDLSDGDDSVNQCS

q &DAQTHJFDDMLDDQVDFRSDJJDQRDM

UDQKDMFRMNDQDM

q 9NQFC@STCDGNNECRSDJJDQHMCHDMU@M

SNDO@RRHMFNEJ@ADKMHDSADRBG@CHFS

-DDLBNMS@BSNOLDSNMYDRDQUHBD

@ECDKHMFNEDDMDKDJSQNLNMSDTQNLDDM

ADRBG@CHFCDGNNECJ@ADKSDUDQU@MFDM

q #DDKDJSQHRBGDHMRS@KK@SHDLNDSDDM

HRNK@SHD@OO@Q@@SADU@SSDMV@@QCNNQGDS

@OO@Q@@SUNKKDCHFU@MGDSKHBGSMDS

@EFDRKNSDMJ@MVNQCDM'DS

HRNK@SHD@OO@Q@@SLNDSDDM

BNMS@BSNODMHMFGDAADMLDSDDM

LHMHL@KDAQDDCSDU@MLL

$DMFDRBGHJSRSNOBNMS@BSNE

FDRBGHJSD@C@OSDQLNDS

HMCHDMMNCHFFDAQTHJSVNQCDM

UNNQCD2BGTJNRSDJJDQ

#DANHKDQLNDS@@MFDRKNSDM

YHIMNODDM

ADRBGDQLHMFRKDHCHMF

"$L@QJDQHMF

#D"$L@QJDQHMFFDDES@@MC@SGDS

@OO@Q@@SUNKCNDS@@M@KKDDRRDMSHĤKD

UDQDHRSDMUNKFDMRCD

+@@FRO@MMHMFRQHBGSKHIM

q 1HBGSKHIMDKDJSQNL@FMDSHRBGD

BNLO@SHAHKHSDHS

q 1N'2QHBGSKHIM

 (-23 ++ 3($

2S@MC@@QCADYNQFHMF

'DSUNKFDMCDVNQCSLDSGDS@OO@Q@@S

LDDFDKDUDQC

q !DTFDKUNNQV@MCLNMS@FD

/K@@SRHMF

#HS@EFDRKNSDM@EUNDQKNNR

CQTJ@OO@Q@@SHR@KKDDM

FDRBGHJSUNNQHMRS@KK@SHDNMCDQ

CDV@RA@J'DS@OO@Q@@SHR

ADRSDLCUNNQGDSNOV@QLDM

U@MJNTCV@SDQDMGDS

KDUDQDMU@MġġMNELDDQCDQD

S@OOTMSDM

'DS@OO@Q@@SL@F@KKDDMFDĳMRS@KKDDQC

VNQCDMLDSCQTJJQ@MDMHMBNLAHM@SHDLDS

DDMFDSDRSUDHKHFGDHCRJKDO

#DFDSDRSDUDHKHFGDHCRJKDOADRBGDQLSGDS

@OO@Q@@SSDFDMNM@BBDOS@ADKDNUDQCQTJ

6 12"'46(-&ũ

(MRS@KKDDQGDS@OO@Q@@SMHDSNO

CDUNKFDMCDOKDJJDM

q !THSDM

q &DAHDCDMCHDJNTCYHIMDM

V@@QGDSJ@MUQHDYDM'DS

ADUQNQDMV@SDQJ@MGDS

HMSDQMDQDRDQUNHQDMCD

ATHYDMADRBG@CHFDM

q 6@@QV@SDQ@EUNDQMHDS

LNFDKHIJHR

9NQFDQUNNQC@SGDS@OO@Q@@S

SNDF@MJDKHIJHRUNNQ

NMCDQGNTC

1('(5/$1'6



(MRS@KKDDQGDS@OO@Q@@S@KSHICUDQSHB@@KDMHM

CDATTQSU@MGDSS@OOTMS

(MRS@KK@SHD@OO@Q@@S

'DS@OO@Q@@SHRNMSVNQODMUNNQHMRS@KK@SHD

@@MDDMRSDUHFDLTTQ9NQFDQUNNQC@SCD

LTTQUNKCNDMCDCQ@@FUDQLNFDMGDDES

(MRS@KKDDQGDS@OO@Q@@S@KSHIC

UDQSHB@@KHMDDMQTHLSDV@@Q

FDDMQHRHBNADRS@@SNO

ADUQHDYHMFDMHMCDATTQSU@M

GDSS@OOTMS

 ,@QJDDQNOCDLTTQCDOKDJJDMV@@Q

F@SDMFDANNQCLNDSDMVNQCDM

 !NNQCDF@SDMDMOK@@SRFDRBGHJSD

ADUDRSHFHMFROKTFFDM

 ,@@JCDV@MCRSDTMDMU@RSLDS

ADGTKOU@MFDRBGHJSDRBGQNDUDM

 '@MFGDS@OO@Q@@S@@MCD

V@MCRSDTMDM

(MRS@KK@SHDUDHKHFGDHCRJKDO

#DANHKDQRYHIMNMSVNQODMUNNQDDM

L@WHL@KDMNLHM@KDCQTJU@M,/@

"NMENQL$-LNDSCD

UDHKHFGDHCRJKDOUNNQJNLDMC@SCD

V@SDQCQTJCDL@WHL@KDMNLHM@KDCQTJU@M

CDANHKDQLDSLDDQC@M,/@

NUDQRBGQHICS

$DMFDSDRSDUDHKHFGDHCRJKDOHRUDQDHRS

 (MRS@KKDDQCDUDHKHFGDHCRJKDOHMCDJNTC

V@SDQSNDUNDQU@MGDS@OO@Q@@S

 "NMSQNKDDQCDNLU@MFCD@EUNDQOHIO

YNC@SGDSV@SDQYNMCDQOQNAKDLDM

J@MVDFRSQNLDMV@MMDDQCD

UDHKHFGDHCRJKDOUNKKDCHFNODMHR

 /K@@SRCD@EUNDQOHIOU@MCD

UDHKHFGDHCRJKDOLDSDDMBNMRS@MSD

GDKKHMFM@@QADMDCDMDMHMDDMJ@LDQ

V@@QFDDMJ@MRHRNOADUQHDYHMF

6 12"'46(-&ũ

#D@EUNDQU@MCD

UDHKHFGDHCRJKDOLNDSNODMYHIM

M@@QCDNODMKTBGS

(MCHDMCDCQTJU@MCDSNDUNDQ

,/@HRLNDSDQDDM

QDCTBDDQJKDO@BGSDQCD

UDHKHFGDHCRJKDOHMCD

SNDUNDQATHRU@MJNTCV@SDQ

FDOK@@SRSVNQCDM

 @MRKTHSHMF@@MCD

V@SDQKDHCHMF

5NDQ@KKDV@SDQ@@MRKTHSHMFDMTHSDM

HMRS@KKDDQ@KKDDMCQTJJQ@MDMHMBNLAHM@SHD

LDSDDMUDHKHFGDHCRJKDOBNMENQL

UDQNQCDMHMFDM

9NQFC@SCDJKDTQDMNUDQDDMJNLDMLDS

CHDNOCDV@SDQ@@MRKTHSHMFDMU@MCDJQ@@M

DMGDS@OO@Q@@S

q 1DBGSDQYHICDAK@TVŭ3NDUNDQJNTC

V@SDQŭ

q +HMJDQYHICDQNNCŭ EUNDQV@QLV@SDQŭ

9NQFDQUNNQC@SDQSHICDMRCD

HMRS@KK@SHDFDDMJMHJJDMYHSSDM

HMCDV@SDQ@@MRKTHSHMFDM

5NNQJNLRO@MMHMFSHICDMRCD

HMRS@KK@SHD

ZZZHOHFWUROX[FRP

 !$#($-(-&2/ -$$+



3GDLNRS@@SJMNO



(MCHB@SHDK@LOIDNOV@QLDM

EG@MJDKHIJU@MGDSRXRSDDLJ@MCD

VDQJDKHIJDSDLODQ@STTQ@EVHIJDMU@MCD

HMFDRSDKCDV@@QCD

 *NTC!HICDYDHMRSDKKHMFHRGDS

@OO@Q@@SADRBGDQLCSDFDMADUQHDYHMF#D

JQ@@MV@SDQKDHCHMFDMDMUDHKHFGDHCRJKDO

YHIMMHDSADRBGDQLC

, 7GNNFRSDSDLODQ@STTQ

 &$!14(*

5TKKHMF

#HS@EFDRKNSDM@EUNDQKNYD

CQTJ@OO@Q@@SHRADCNDKC

UNNQGDSUDQV@QLDMU@M

GTHRGNTCDKHIJV@QLV@SDQ

'DS@OO@Q@@SJ@MDDMNE

LDDQCDQDS@OOTMSDMKDUDQDM

-@CDHMRS@KK@SHDU@MCDANHKDQ

 .ODMCDJKDOU@MCDV@SDQAQNM

 #Q@@HCDV@QLDJQ@@MNODM

6@MMDDQGDSV@SDQDQLDSDDMBNMRS@MSD

RSQNNLCNNQGDDMADFHMSSDRSQNLDMY@K

CDANHKDQUNKYHIM

 #Q@@HCDV@QLDJQ@MDMCHBGS

 9NQFDQUNNQC@SDQFDDMKDJJDMHMCD

HMRS@KK@SHDYHSSDM

 "NMSQNKDDQNECDUDHKHFGDHCRJKDOFNDC

VDQJS

6 12"'46(-&ũ

2KTHSCDANHKDQMHDS@@MNOGDS

RSQNNLSNDUNDQ@KRTMHDS

YDJDQVDDQNECDYDUNKKDCHF

FDUTKCHRLDSV@SDQ@MCDQR

J@MGDSUDQV@QLHMFRDKDLDMS

ADRBG@CHFDM

6@SDQSDLODQ@STTQ

@@MO@RRDM

6 12"'46(-&ũ

3HICDMRCDVDQJHMFJTMMDMCD

JQ@@MDMUDHKHFGDHCRJKDO

SDLODQ@STQDMADQDHJDMU@M

LDDQC@M¦"$QADRS@@S

AHISDLODQ@STQDMU@MLDDQ

C@M¦"FDU@@QUNNQ

UDQAQ@MCHMF

4JTMSDDMFDVDMRSDSDLODQ@STTQU@MGDS

@EFDUNDQCV@SDQHMRSDKKDMLDSCD

SDLODQ@STTQJHDYDQCDYDU@QHDDQSU@M¦"

ADRBGDQLHMFSDFDMADUQHDYHMFSNS, 7

#DSDLODQ@STTQJHDYDQL@F

@KKDDMUDQVHICDQCVNQCDM

CNNQDDMFDJV@KHEHBDDQCD

@@MMDLDQ

.MCDQGDUHF@@MGDSRDHYNDM

J@MGDSU@QHĤQDMU@MCDJNTC

V@SDQSDLODQ@STTQKDHCDMSNS

UDQRBGHKKDMCDUNKTLDR

L@WHL@@KFDLDMCV@SDQDM

@EFDUNDQCV@SDQ

(MVDQJHMF

-@C@SCDSDLODQ@STTQHRHMFDRSDKCNOCD

FDVDMRSDV@@QCDY@KGDS

UDQV@QLHMFRDKDLDMSGDSV@SDQHMGDS

QDRDQUNHQUDQV@QLDMSNSC@SGDSV@SDQCD

SDLODQ@STTQADQDHJSU@MCDHMFDRSDKCD

V@@QCDDMC@@QM@F@@SCDUDQV@QLHMF

M@@QCDLNCTR4(3

1('(5/$1'6



KRGDSV@SDQHMGDSQDRDQUNHQJNTCDQVNQCS

DMCDSDLODQ@STTQK@FDQY@KYHIMC@SCD

HMFDRSDKCDSDLODQ@STTQY@KGDS

UDQV@QLHMFROQNBDRVDDQADFHMMDMDMGDS

V@SDQHMGDSQDRDQUNHQNOV@QLDM#DYD

VDQJHMFY@K@TSNL@SHRBGGDQG@@KCAKHIUDM

VNQCDMYNK@MFCDDKDJSQHRBGDAQNMHR

@@MFDRKNSDMNOCDANHKDQ

 1$(-(&(-&$-.-#$1'.4#

6 12"'46(-&ũ

KKDQDO@Q@SHDRDMNMCDQGNTC

LNDSDMTHSFDUNDQCVNQCDM

CNNQDDMCNNQCD

JK@MSDMRDQUHBDFNDCFDJDTQCD

SDBGMHBTR

BSHUDDQCDUDHKHFGDHCRJKDO

QDFDKL@SHFNLSDUNNQJNLDM

C@SCDYDFDAKNJJDDQCQ@@JS

AHIUCNNQJ@KJ@@MRK@F

2SNQHMFDMU@MGDS@OO@Q@@SLNDSDM

NMLHCCDKKHIJNOFDKNRSVNQCDMYNC@SGDS

@OO@Q@@SFNDCAKHIESVDQJDM

&DAQTHJDDMRBGNMDY@BGSDCNDJNEDDM

M@SSDRONMRUNNQCDQDHMHFHMF

&DAQTHJFDDMNOKNRLHCCDKDMUNNQCD

QDHMHFHMF

 .-#$1'.4#

6 12"'46(-&ũ

5NNQC@SDQVDQJVNQCS

THSFDUNDQC@@MGDS@OO@Q@@S

LNDSDM@KKDONKDMU@MGDS

@OO@Q@@SKNRSFDL@@JS

VNQCDMU@MCD

RSQNNLSNDUNDQ

#DANHKDQUDQDHRSFDDMRODBH@@KNMCDQGNTC

#D@MNCDRS@MFGDKOSGDSQDRDQUNHQSD

ADRBGDQLDMSDFDMBNQQNRHD EG@MJDKHIJ

U@MGDSV@SDQLNDSCDL@FMDRHTL

@MNCDRS@MFDKJDSVDDI@@QUDQU@MFDM

VNQCDM&@KU@MHRBGDDMDKDJSQNKXSHRBGD

BNQQNRHDJTMMDMGDSQDRDQUNHQADRBG@CHFDM

@KRCD@MNCDRS@MFUDQRKDSDMHR

1NDRSJKDTQHFV@SDQHRLDDRS@KDDMSDJDM

U@MDDMUDQRKDSDM@MNCDRS@MF KRGDS

V@SDQQNDRSJKDTQHFHRLNDSTNMLHCCDKKHIJ

BNMS@BSNOMDLDMLDSDDMFD@TSNQHRDDQCD

OQNEDRRHNM@KNLCD@MNCDRS@MFSD

BNMSQNKDQDMDMHMCHDMMNCHFSDUDQU@MFDM

$QYHIMDDM@@MS@KOTMSDMCHDTJTMS

BNMSQNKDQDMV@MMDDQTGDSUDQDHRSD

NMCDQGNTCU@MCHS@OO@Q@@STHSUNDQS

#DUDHKHFGDHCRJKDO

BNMSQNKDQDM

"NMSQNKDDQCDVDQJHMFU@MCD

UDHKHFGDHCRJKDOQDFDKL@SHF

'DS@OO@Q@@SKDDFK@SDM

KNODM

6 12"'46(-&ũ

3HICDMRGDSKDDFKNODMJ@MDQ

GDDSV@SDQNMSRM@OODM

+@@SGDS@OO@Q@@SUH@CDBNMMDBSNQR

KDDFKNODM

'DS@OO@Q@@SNODMDM

 5DQVHICDQCDSDLODQ@STTQJHDYDQDMCD

@@MRK@FQHMF

 5DQVHICDQCDUHDQRBGQNDUDMTHSCD

ADGTHYHMF

ZZZHOHFWUROX[FRP

 ,@@JGDSCDJRDKU@MGDS@OO@Q@@S

NODMCNNQGDSCDJRDKM@@QANUDMSD

ADVDFDMDMCDYDSDUDQVHICDQDM

 5DQVHICDQHMCHDMMNCHFGDSANUDMRSD

HRNK@SHDNLGTKRDK

#DSDLODQ@STTQKHLHDS

HMRSDKKDM



@MRK@FQHMF



¦"



¦"



¦"

#NNQCD@@MRK@FQHMF@BGSDQCD

SDLODQ@STTQJHDYDQSDOK@@SRDMJTMSTGDS

HMRSDKADQDHJU@MCDSDLODQ@STTQJHDYDQ

ADODQJDMSNSDDMRODBHEHDJDL@WHL@KD

SDLODQ@STTQ

 9DSCDSDLODQ@STTQJHDYDQNOMTK

GDKDL@@KM@@QQDBGSNOŭŭ

 5DQVHICDQCDSDLODQ@STTQJHDYDQDMCD

@@MRK@FQHMF

 #TVCD@@MRK@FQHMFLDSCDUDQDHRSD

L@WHL@KDHMRSDKKHMFNOGDSCDJRDKU@M

GDS@OO@Q@@S

 (MRS@KKDDQCDSDLODQ@STTQJHDYDQ

HMFDRSDKCNOMTKŭŭ

 BSHUDDQCD

UDHKHFGDHCRSDLODQ@STTQADFQDMYDQ

 .ODMGDS@OO@Q@@S

 5DQVHICDQCD@C@OSDQ

 #QTJNOCDQDRDSJMNONOCD

UDHKHFGDHCRSDLODQ@STTQADFQDMYDQ

 !DUDRSHFCD@C@OSDQ

 2KTHSGDSCDJRDKU@MGDS@OO@Q@@S

 !DUDRSHFCD@@MRK@FQHMFDMCD

SDLODQ@STTQJHDYDQ



1DRDSJMNO

UDHKHFGDHCRSDLODQ@STTQADFQDMYDQ



C@OSDQ

5DQVHICDQCDFDEKDMRCD

CNLODK@@QDM

SDLODQ@STTQQDFDK@@Q

UDHKHFGDHCRSDLODQ@STTQADFQDMYDQ

1('(5/$1'6





&DBNLAHMDDQCDSDLODQ@STTQQDFDK@@Q

UDHKHFGDHCRSDLODQ@STTQADFQDMYDQ



&DEKDMRCDCNLODK@@Q

 5DQVHICDQCDFDBNLAHMDDQCD

SDLODQ@STTQQDFDK@@Q

UDHKHFGDHCRSDLODQ@STTQADFQDMYDQU@M

CDFDEKDMRCDCNLODK@@Q

 5DQVHICDQCDFDEKDMRCDCNLODK@@Q

#DOQN@BSHDUD@MNCD

UDQVHICDQDM



/QN@BSHDUD@MNCD

5DQVHICDQCDOQN@BSHDUD@MNCD

#DFDEKDMRCDCNLODK@@QDM

SDLODQ@STTQQDFDK@@Q

UDHKHFGDHCRSDLODQ@STTQADFQDMYDQ

ADUDRSHFDM

 /K@@SRCDFDEKDMRCDCNLODK@@QYNUDQ

LNFDKHIJHMCDNODMHMFU@MCDBHKHMCDQ

 #TVCDFDBNLAHMDDQCD

SDLODQ@STTQQDFDK@@Q

UDHKHFGDHCRSDLODQ@STTQADFQDMYDQYN

UDQLNFDKHIJHMCDFDEKDMRCD

CNLODK@@Q

 +HIMCDFDEKDMRCDCNLODK@@QDMCD

NODMHMFU@MCDFDBNLAHMDDQCD

SDLODQ@STTQQDFDK@@Q

UDHKHFGDHCRSDLODQ@STTQADFQDMYDQTHS

BNMENQLCDCH@FQ@L

 /1.!+$$,./+.22(-&

!DO@@KCDOQNAKDLDMYHIMGDSFDUNKFU@M

GDSMHDSTHSUNDQDMU@MDDMUNTCHF

NMCDQGNTCNEU@MM@K@SHFGDHCDMJTMMDM

DDMUNTCHFNOFDKNRSVNQCDMYNMCDQDDM

NMCDQGNTCRLNMSDTQSDADKKDM5NDQ

UNNQC@STBNMS@BSNOMDDLSLDSCD

OK@@SRDKHIJDRDQUHBD@ECDKHMFCD

NMCDQRS@@MCDBNMSQNKDTHS

ZZZHOHFWUROX[FRP

/QNAKDDL .NQY@@J .OKNRRHMF

'DS@OO@Q@@SKDUDQSFDDM

GDDSV@SDQ

#DSDLODQ@STTQJHDYDQHRHM

FDRSDKCNOŭŭ

9DSGDS@OO@Q@@S -CNNQ

CDSDLODQ@STTQJHDYDQSD

CQ@@HDM

'DS@OO@Q@@SJQHIFSFDDM

RSQNNL

"NMSQNKDDQCDRSDJJDQ

YDJDQHMFDMHMCDYDJDQHMF

RJ@RS

#DUDHKHFGDHCRSDLODQ@STTQ

ADFQDMYDQHRFD@BSHUDDQC

5DQGDKOCDNNQY@@JU@MCD

ENTS5DQU@MFHMCHDMMNCHF

CDFDBNLAHMDDQCDSDLODQ

@STTQQDFDK@@QUDHKHFGDHC

RSDLODQ@STTQADFQDMYDQ

9NQFDQUNNQC@SCDUDHKHFG

DHCRSDLODQ@STTQADFQDMYDQ

VDQJY@@LHRCNNQNOCDQD

RDSJMNONOCDUDHKHFGDHC

RSDLODQ@STTQADFQDMYDQSD

CQTJJDMYHDGNNECRSTJ

#DQDFDK@@QHRCDEDBS

5DQU@MFCDFDBNLAHMDDQCD

SDLODQ@STTQQDFDK@@QUDHKHFG

DHCRSDLODQ@STTQADFQDMYDQ

#DFDEKDMRCDCNLODK@@QHR

CDEDBS

5DQU@MFCDFDEKDMRCDCNL

ODK@@Q

6@SDQJ@M@KKDDM@EFDS@OS

VNQCDMNODDMFDQDCT

BDDQCSDLON

#DADKTBGSDQHMCDJQ@@MYHS

UNKJ@KJNEHRUHDR

.MSJ@KJUDQU@MFCDAD

KTBGSDQ

+THCDANQQDKDMCDFDKTHCDM

HMGDS@OO@Q@@S

$QYHSJ@KJHMGDS@OO@Q@@S

+@@SDDMFDJV@KHEHBDDQCD

@@MMDLDQGDS@OO@Q@@SNMS

J@KJDM

-@NOV@QLHMFCQTOODKSDQ

V@SDQTHSCDUDHKHFGDHCRJKDO

#DUDHKHFGDHCRJKDOYHSUNK

J@KJNEHRUHDR

2BG@JDKGDS@OO@Q@@STHS

'@@KCDCQTJU@MGDS@OO@

Q@@SCNNQCDRSDJJDQDQTHSSD

G@KDMDMCDYDSDNMSJNOOD

KDMU@MCDRSQNNLSNDUNDQ

DMV@SDQSNDUNDQ+@@SDDM

FDJV@KHEHBDDQCD@@MMDLDQ

CDUDHKHFGDHCRJKDOBNMSQNKD

QDM

$QKDJSV@SDQ

-HDSFNDC@EFDCHBGSD@@MR

KTHSHMFDMNOV@QLNEJNTC

V@SDQAQNMMDM

,@@JRBGQNDECQ@@C@@MRKTH

SHMFDMFNDCU@RS

1('(5/$1'6



KRTGDSOQNAKDDLMHDSJTMS

NOKNRRDMMDDLC@MBNMS@BS

NOLDSTVFDJV@KHEHBDDQCD

@@MMDLDQ&DDENLTV

UDQYNDJSDE@BHKHSDQDMDM

UDQRMDKKDMCDUNKFDMCDBHIEDQR

U@MGDSSXODOK@@SIDCNNQ

q /-"BHIEDQR

q 2-BHIEDQR

 3$"'-(2"'$&$&$5$-2

2ODBHEHB@SHD

100

$8$$$ $8$$$

' 'NNFSD  

" !QDDCSD  

#HDOSD  

5QHISDK@SDMQTHLSD

ANUDM@@M

 

5 'NNFSD  

'NQHYNMS@KDQTHLSD

UNNQF@S

 

3NDUNDQDM@EUNDQ

OHIO

,@@SL@MMDKHIJD

CQ@@C

& &

KKD@ELDSHMFDMHMLL

!DCQ@CHMFRRBGDL@

-/$]5

ZZZHOHFWUROX[FRP

#DS@HKRNUDQDMDQFHDUDQAQTHJ

/QNCTBSC@S@UNKCNDM@@MCD$4

UNNQRBGQHESDMLDSADSQDJJHMFSNSCDMNQL

U@MGDSDBNNMSVDQOU@M

DMDQFHDFDQDK@SDDQCDOQNCTBSDM$Q/

$8$$$ $8$$$

/QNEHDKK@CDM 772 772

$MDQFHDDEEHBHĤMSHDJK@RRD

$EEHBHĤMSHDNLYDSSHMFU@MDM

DQFHD

#@FDKHIJRRSQNNLUDQAQTHJ

J6G

)@@QKHIJRRSQNNLUDQAQTHJ

J6G

 

2S@MC@@QCSDLODQ@STTQHMR

SDKKHMF¦"

 

&DKTHCRUDQLNFDMRMHUD@T

C! 

 

,NFDKHIJDVDQJHMFHMCDC@

KTQDM

-DD -DD

&DFDUDMRS@ADK

$8$$$ $8$$$

'XCQ@TKHRBGDFDFDUDMR

-NLHM@KDB@O@BHSDHSKH

SDQ

 

&DLDMFCV@SDQUNKTLD

AHI¦"K

 

$KDJSQHRBGDFDFDUDMR

&DRBG@SUNKS@FD5 

1('(5/$1'6







$8$$$ $8$$$

&DRBG@SSDNTSOTSJ6 

&DRBG@SSDRSQNNL  

"K@RRHEHB@SHD,"!

YDJDQHMF 



%@RDR -/$

%QDPTDMSHD'Y 

3NDO@RRHMFRADODQJHMFDM

!DQDHJSDLODQ@STTQHMR

SDKKHMF¦"



,@WSNDFDRS@MDCQTJ

,/@



,HMCQTJV@SDQSNDUNDQ

,/@



,@WCQTJV@SDQSNDUNDQ

,/@



,@WCDAHDSKLHM 

$MDQFHDFDFDUDMR

$MDQFHDUDQAQTHJHM

RS@MCAXTAHI¦"

J6G

 

$MDQFHDDEEHBHĤMSHDJK@RRD

5DQRHDR

(/BK@RRHEHB@SHD (/#

3XODHMRS@KK@SHD .MCDQFNNSRSDDM

3XOD EFDCHBGSYNMCDQUDMSHK@SHD

(MSDQMBXKHMCDQL@SDQH@@K 2S@@KFDĤL@HKKDDQC

3GDQLHRBGHRNK@SHDL@

SDQH@@K

$/2

,@SDQH@@KADGTHYHMF /2

*KDTQ 6HS

ELDSHMFDM

#HDOSDLL  

'NNFSDLL  

!QDDCSDLL  

ZZZHOHFWUROX[FRP

$8$$$ $8$$$

&DVHBGS

&DVHBGSJF  

 ,(+($4!$2"'$1,(-&

1DBXBKDCDL@SDQH@KDMLDSGDSRXLANNK

&NNHCDUDQO@JJHMFHMDDMFDRBGHJSD

UDQY@LDKBNMS@HMDQNLGDSSDQDBXBKDM

'DKONLGDSLHKHDTDMCDUNKJRFDYNMCGDHC

SDADRBGDQLDMDMQDBXBKDGDS@EU@KU@M

DKDJSQHRBGDDMDKDJSQNMHRBGD@OO@Q@SDM

&NNH@OO@Q@SDMFDL@QJDDQCLDSGDS

RXLANNK

MHDSVDFLDSGDSGTHRGNTCDKHIJ

@EU@K!QDMFGDSOQNCTBSM@@QGDS

LHKHDTRS@SHNMAHITHMCDATTQSNEMDDL

BNMS@BSNOLDSCDFDLDDMSD

1('(5/$1'6



(-' +325$19$("'-(2

2("'$1'$(32(-%.1, 3(.-$- 

2("'$1'$(32 -6$(24-&$-

,.-3 &$

!$#($-%$+#

5$16$-#4-& 

1$(-(&4-&4-#/%+$&$ 

6 134-& 

%$'+$124"'$

3$"'-(2"'$# 3$- 

6(1#$-*$- -2($

5HDKDM#@MJC@RR2HDRHBGEŘQDHM&DQĔSUNM$KDBSQNKTWDMSRBGHDCDMG@ADM2HD

G@ADMDHM/QNCTJSFDVĔGKSGHMSDQCDLI@GQYDGMSDK@MFDOQNEDRRHNMDKKD$QE@GQTMFTMC

(MMNU@SHNMRSDGDM!DHCDQ$MSVHBJKTMFCHDRDRFQN@QSHFDMTMCDKDF@MSDM&DQĔSR

G@ADMVHQ@M2HDFDC@BGS2NG@ADM2HDADHIDCDL&DAQ@TBGCHD&DVHRRGDHSC@RR

2HDRSDSRFQN@QSHFD$QFDAMHRRDDQYHDKDMVDQCDM

6HKKJNLLDMADH$KDBSQNKTW

!DRTBGDM2HDTMR@TETMRDQDQ6DARHSDTL

MVDMCTMFRGHMVDHRD/QNRODJSD%DGKDQADGDATMFRTMC2DQUHBD(MENQL@SHNMDM

YTDQG@KSDM

VVVDKDBSQNKTWBNLVDARDKERDQUHBD

(GQDQVNQADMDR/QNCTJSYTQDFHRSQHDQDMTLCDMADRSDM2DQUHBDC@EŘQYT

FDVĔGQKDHRSDM

VVVQDFHRSDQDKDBSQNKTWBNL

9TADGŅQ5DQAQ@TBGRL@SDQH@KTMC.QHFHM@K$QR@SYSDHKDEŘQ(GQ&DQĔSYTDQVDQADM

VVVDKDBSQNKTWBNLRGNO

1$/ 1 3414-#*4-#$-#($-23

!HSSDUDQVDMCDM2HD@TRRBGKHDKHBG.QHFHM@K$QR@SYSDHKDEŘQ(GQD/QNCTJSD

'@KSDM2HDENKFDMCD MF@ADMADQDHSVDMM2HDRHBG@MCDM*TMCDMCHDMRSVDMCDM

,NCDKK/QNCTJSMTLLDQ/-"2DQHDMMTLLDQ

#HDRD(MENQL@SHNMDMEHMCDM2HD@TECDL3XODMRBGHKC

6@QMTMFR2HBGDQGDHSRGHMVDHRD

 KKFDLDHMD(MENQL@SHNMDMTMC$LOEDGKTMFDM

(MENQL@SHNMDMYTL4LVDKSRBGTSY

ÁMCDQTMFDMUNQADG@KSDM

ZZZHOHFWUROX[FRP

 2("'$1'$(32(-%.1, 3(.-$-

+DRDM2HDCHDLHSFDKHDEDQSD&DAQ@TBGR@MKDHSTMFRNQFEĔKSHF

UNQ,NMS@FDTMC(MADSQHDAM@GLDCDR&DQĔSR#DQ

'DQRSDKKDQŘADQMHLLSJDHMD5DQ@MSVNQSTMFEŘQ

5DQKDSYTMFDMTMC!DRBGĔCHFTMFDMCTQBGTMR@BGFDLĔD

,NMS@FD!DV@GQDM2HDCHD&DAQ@TBGR@MKDHSTMFFQHEEADQDHS

@TE

2HBGDQGDHSUNM*HMCDQMTMCRBGTSYADCŘQESHFDM

/DQRNMDM

q #@R&DQĔSC@QEUNM*HMCDQM@A)@GQDMTMC/DQRNMDM

LHSDHMFDRBGQĔMJSDMOGXRHRBGDMRDMRNQHRBGDMNCDQ

FDHRSHFDM%ĔGHFJDHSDMNCDQLHSL@MFDKMCDQ$QE@GQTMF

TMCNCDQL@MFDKMCDL6HRRDMMTQC@MMUDQVDMCDS

VDQCDMVDMMRHDCTQBGDHMDEŘQHGQD2HBGDQGDHS

YTRSĔMCHFD/DQRNMAD@TERHBGSHFSVDQCDMNCDQHMCHD

RHBGDQD5DQVDMCTMFCDR&DQĔSRDHMFDVHDRDMVTQCDM

TMCCHDLHSCDL&DQĔSUDQATMCDMDM&DE@GQDM

UDQRS@MCDMG@ADM

q *HMCDQCŘQEDMMHBGSLHSCDL&DQĔSROHDKDM

q '@KSDM2HDC@R5DQO@BJTMFRL@SDQH@KUNM*HMCDQMEDQM

q (RSC@R&DQĔSLHSDHMDQ*HMCDQRHBGDQTMFNCDQDHMDQ

%TMJSHNM@TRFDRS@SSDSCHDCHD3DLODQ@STQODQL@MDMS

ADFQDMYSDLOEDGKDMVHD(GMDMCHDRDDHMYTRBG@KSDM

q 6@QSTMFNCDQ1DHMHFTMFCDR&DQĔSRCŘQEDMMHBGSUNM

*HMCDQMNGMD TERHBGSDQENKFDM

q '@KSDM2HD*HMCDQTMSDQ)@GQDMUNL&DQĔSEDQMVDMM

RHDMHBGSRSĔMCHFAD@TERHBGSHFSVDQCDM

 KKFDLDHMD2HBGDQGDHSRGHMVDHRD

q !DV@GQDM2HDCHD&DAQ@TBGR@MKDHSTMFYTL

-@BGRBGK@FDMHLLDQHMCDQ-ĔGDCDR&DQĔSDR@TE6HQC

C@R&DQĔSUDQJ@TESDHMDL@MCDQDM!DRHSYDQŘADQFDADM

NCDQADHDHMDL4LYTFYTQŘBJFDK@RRDMLTRRCHD

&DAQ@TBGR@MKDHSTMFYTR@LLDMLHSCDL&DQĔS

VDHSDQFDFDADMVDQCDMC@LHSCDQMDTD!DRHSYDQRHBG

'(876&+



ŘADQCHD%TMJSHNMRVDHRDCDR&DQĔSDRTMCVHBGSHFD

6@QMGHMVDHRDHMENQLHDQDMJ@MM

q #HDJNQQDJSD%TMJSHNM(GQDR&DQĔSRGĔMFSMHBGSMTQUNM

CDQ/QNCTJSPT@KHSĔSRNMCDQM@TBGUNMCDQJNQQDJSDM

,NMS@FDCTQBGDHMD%@BGJQ@ES@A

q $MSEDQMDM2HDMHD TEJKDADQ6@QMGHMVDHRDNCDQ

3XODMRBGHKCDQUNL&DQĔSTMCADRBGĔCHFDM2HDRHD

MHBGS

q #HD%@BGJQ@ESCHDCHD(MRS@KK@SHNMCTQBGEŘGQSLTRRCHD

FDKSDMCDMM@SHNM@KDM-NQLDMTMC1HBGSKHMHDMADYŘFKHBG

CDR MRBGKTRRDR@MC@R6@RRDQUDQSDHKRXRSDLTMC

DKDJSQHRBGD-DSYAD@BGSDM#DQ'DQRSDKKDQHRSMHBGSEŘQ

DHMDTMR@BGFDLĔDNCDQE@KRBGD(MRS@KK@SHNM

UDQ@MSVNQSKHBG

q /QŘEDM2HDNACHD MF@ADM@TECDL3XODMRBGHKC(GQDQ

DKDJSQHRBGDM$MDQFHDUDQRNQFTMFDMSROQDBGDM

q #@R&DQĔSVHQCHMăADQDHMRSHLLTMFLHSCDMFDKSDMCDM

5NQRBGQHESDMGDQFDRSDKKSTMCFDOQŘES

q #DQ!DSQHDARV@RRDQCQTBJ,HMCDRSTMC'ŅBGRSCQTBJ

LTRRYVHRBGDMA@Q,/@TMCA@Q

,/@KHDFDM

q 4L*@KJ@AK@FDQTMFDMVĔGQDMCCDR!DSQHDARCDR

6@QLV@RRDQ@TEADQDHSDQRYTUDQLDHCDMOQŘEDM2HDRSDSR

CHD6@RRDQSDLODQ@STQTMCRSDKKDM2HDRHDVHD

FDVŘMRBGSUNQCDL&DAQ@TBGDHM

(L%@KKUNM2SŅQTMFDMJ@MMJTQYYDHSHFDHMD

2OHSYDMSDLODQ@STQUNM¦"HL2XRSDL

@TESQDSDM

!DRNMCDQD(MENQL@SHNMDM

q (RSC@R&DQĔSŘADQDHMD MRBGKTRRCNRD@MCHD

-DSYRO@MMTMF@MFDRBGKNRRDMLTRRC@R&DQĔSLHS

DHMDQ5NQQHBGSTMFLHSDHMDQ*NMS@JSŅEEMTMFRVDHSDUNM

LHMLL@KKONKHFUNMCDQ-DSYRO@MMTMFFDSQDMMS

VDQCDMJŅMMDM

ZZZHOHFWUROX[FRP

q #@RADRBGĔCHFSD-DSYJ@ADKC@QEMTQUNMDHMDQUNL

'DQRSDKKDQ@TSNQHRHDQSDM%@BGJQ@ESCTQBGDHM.QHFHM@K

$QR@SYSDHKDQRDSYSVDQCDM

q 2HBGDQM2HDC@R&DQĔSVHDHL*@OHSDKsfADRBGQHDADM

q !D@BGSDM2HDCDML@WHL@KYTKĔRRHFDM#QTBJRHDGD

*@OHSDKsf

q +DDQDM2HDC@R&DQĔSVHDHL*@OHSDKsfADRBGQHDADM

q #@R&DQĔSRSDGSTMSDQ#QTBJ6ĔGQDMCCDR

TEGDHYUNQF@MFRSQNOES6@RRDQ@TRCDL

2HBGDQGDHSRUDMSHK

q JSHUHDQDM2HDQDFDKLĔHFC@R2HBGDQGDHSRUDMSHKC@LHSDR

MHBGSVDFDM*@KJ@AK@FDQTMFDMAKNBJHDQS

q (MRS@KKHDQDM2HDDHMA@TLTRSDQFDOQŘESD2HBGDQGDHSRUDMSHK

HMCDQ*@KSV@RRDQYTKDHSTMF)DM@BG9TK@TECQTBJVHQC

DUDMSTDKK@TBGDHM#QTBJLHMCDQUDMSHKADMŅSHFS

q #HLDMRHNMHDQDM2HDCHD AK@TEKDHSTMFRNC@RRC@R

6@RRDQTMADGHMCDQS@TRK@TEDMJ@MMVDMMC@R

2HBGDQGDHSRUDMSHKUNKKRSĔMCHFFDŅEEMDSHRS

q !QHMFDM2HDCHD AK@TEKDHSTMFCDR2HBGDQGDHSRUDMSHKRLHS

JNMRS@MSDL AVĔQSRFDEĔKKDHMDHMDL1@TL@MHMCDL

JDHM%QNRSQHRHJNADRSDGS

q #DQ AK@TECDR2HBGDQGDHSRUDMSHKRLTRRFDFDMCHD

SLNROGĔQDFDŅEEMDSAKDHADM

2("'$1'$(32 -6$(24-&$-

,NMS@FD

q '@KSDM2HDRHBG@MCHDLHSFDKHDEDQSD

,NMS@FD@MKDHSTMF

q $MSEDQMDM2HDC@RFDR@LSD

5DQO@BJTMFRL@SDQH@K

q ,NMSHDQDM2HDMHDDHMADRBGĔCHFSDR

&DQĔSTMCADMTSYDM2HDDRMHBGS

q ăADQOQŘEDM2HDC@R&DQĔSUNQCDQ

(MADSQHDAM@GLD@TE3Q@MRONQSRBGĔCDM

q $MSEDQMDM2HDMHD TEJKDADQ

6@QMGHMVDHRDNCDQ3XODMRBGHKCDQUNL

&DQĔSTMCADRBGĔCHFDM2HDRHDMHBGS

6@RRDQ@MRBGKTRR

q BGSDM2HDC@Q@TECHD

6@RRDQRBGKĔTBGDMHBGSYT

ADRBGĔCHFDM

q #@R&DQĔSLTRRLHSFDDHFMDSDM

2BGKĔTBGRĔSYDM@MCHD

6@RRDQUDQRNQFTMF@MFDRBGKNRRDM

VDQCDM

q !DUNQ2HDMDTDNCDQK@MFD9DHSMHBGS

ADMTSYSD2BGKĔTBGD@MC@R&DQĔS

@MRBGKHDDMK@RRDM2HD6@RRDQCTQBG

CHD2BGKĔTBGDEKHDDMAHRDRR@TADQ

@TRSQHSS

q BGSDM2HDC@Q@TEC@RRADHLDQRSDM

&DAQ@TBGCDR&DQĔSRJDHMD

4MCHBGSGDHSDMUNQG@MCDMRHMC

$KDJSQHRBGDQ MRBGKTRR

6 1-4-&ũ

!Q@MCTMC

2SQNLRBGK@FFDE@GQ

'(876&+



%ŘGQDM2HDCHDDKDJSQHRBGDM

MRBGKŘRRDTMC

(MRS@KK@SHNMR@QADHSDMTMSDQ

!D@BGSTMFCDQDHMRBGKĔFHFDM

5NQRBGQHESDMCTQBG

q #@R&DQĔSLTRRFDDQCDSRDHM

q 2SDKKDM2HDRHBGDQC@RRCHDDKDJSQHRBGDM

#@SDM@TECDL3XODMRBGHKCCDM#@SDM

(GQDQ2SQNLUDQRNQFTMFDMSROQDBGDM

6DMCDM2HDRHBG@MCDQDME@KKR@M

TMRDQDM@TSNQHRHDQSDM*TMCDMCHDMRS

NCDQDHMDM$KDJSQHJDQ

q 5DQFDVHRRDQM2HDRHBGC@RRC@R&DQĔS

NQCMTMFRFDLĔHMRS@KKHDQSHRS+NBJDQD

TMCTMR@BGFDLĔD*@ADKNCDQ

2SDBJDQE@KKRUNQG@MCDMJŅMMDMCHD

*KDLLDŘADQGHSYDM

q 5DQVDMCDM2HDJDHMD

,DGQE@BGRSDBJCNRDMNCDQ

5DQKĔMFDQTMFRJ@ADK

q BGSDM2HDC@Q@TE-DSYRSDBJDQE@KKR

UNQG@MCDMTMC-DSYJ@ADKMHBGSYT

ADRBGĔCHFDM6DMCDM2HDRHBGYTL

TRS@TRBGDHMDRADRBGĔCHFSDM

-DSYJ@ADKR@MTMRDQDM@TSNQHRHDQSDM

*TMCDMCHDMRSNCDQDHMD

$KDJSQNE@BGJQ@ES

q #HDDKDJSQHRBGD(MRS@KK@SHNMLTRRDHMD

3QDMMDHMQHBGSTMF@TEVDHRDMLHSCDQ2HD

C@R&DQĔS@KKONKHFUNMCDQ

2SQNLUDQRNQFTMFSQDMMDMJŅMMDM#HD

3QDMMDHMQHBGSTMFLTRRLHSDHMDQ

*NMS@JSŅEEMTMFRAQDHSDUNMLHMCDRSDMR

LL@TRFDEŘGQSRDHM

&DFDADMDME@KKRLTRRDHMDEŘQ

CDM2BGTJNRSDBJDQFDDHFMDSD

2SDBJCNRDNCDQDHM C@OSDQ

UDQVDMCDSVDQCDM

#DQ6@QLV@RRDQ@TEADQDHSDQ

LTRR@MCDM2BGTSYKDHSDQ

@MFDRBGKNRRDMVDQCDM

"$*DMMYDHBGMTMF

#HD"$*DMMYDHBGMTMFYDHFSC@RRC@R

&DQĔS@KKDVDRDMSKHBGDM MENQCDQTMFDM

DQEŘKKSCHDM@BGENKFDMC@TEFDEŘGQSRHMC

-HDCDQRO@MMTMFRQHBGSKHMHD

q 1HBGSKHMHDŘADQDKDJSQNL@FMDSHRBGD

5DQSQĔFKHBGJDHS

q 1N'21HBGSKHMHD

 ,.-3 &$

+HDEDQTLE@MF

%NKFDMCD3DHKDVDQCDMLHSCDL&DQĔS

FDKHDEDQS

q 6@MCG@KSDQTMF

 TERSDKKTMF

#@R@AFDCHBGSDSDTMC

TMADKŘESDSDTMSDQ#QTBJ

RSDGDMCD&DQĔSDHFMDSRHBG

MTQEŘQCHD

4MSDQSHRBGLNMS@FD#@R

&DQĔSHRSEŘQC@R TEGDHYDM

UNM*@KSV@RRDQTMCYTQ

5DQRNQFTMFDHMDQNCDQ

LDGQDQDQ$MSM@GLDRSDKKDM

ADRSHLLS

#@R&DQĔSC@QEMTQLHS#QTBJLDRRRSTSYDM

TMCDHMDLA@TLTRSDQFDOQŘESDM

2HBGDQGDHSRUDMSHKHMRS@KKHDQSVDQCDM

#@RA@TLTRSDQFDOQŘESD2HBGDQGDHSRUDMSHK

RBGŘSYSC@R&DQĔSUNQTMYTKĔRRHFDL

ăADQCQTBJ

6 1-4-&ũ

(MRS@KKHDQDM2HDC@R&DQĔS

MHBGS@MENKFDMCDM.QSDM

(L%QDHDM

q (MJ@KSDM!DQDHBGDMNCDQ

!DQDHBGDMCHDMHBGS

EQNRSEQDHRHMCC@R

FDEQNQDMD6@RRDQJ@MM

CDM(MMDMS@MJTMCCHD

+DHSTMFDMADRBGĔCHFDM

q (M!DQDHBGDMHMCDMDM

DHMD6@RRDQDMSM@GLD

MHBGSLŅFKHBGHRS

2SDKKDM2HDRHBGDQC@RRC@R

&DQĔSEŘQ6@QSTMFR@QADHSDM

EQDHYTFĔMFKHBGHRS

ZZZHOHFWUROX[FRP

,NMSHDQDM2HDC@R&DQĔSRSDSRRDMJQDBGS

TMCHMCDQ-ĔGDCDQ$MSM@GLDRSDKKD

&DQĔSDLNMS@FD

#@R&DQĔSHRSEŘQCHD,NMS@FD@MDHMDQ

EDRSDM6@MCUNQFDRDGDM2SDKKDM2HD

RHBGDQC@RRCHD3Q@FEĔGHFJDHSCDQ6@MC

@TRQDHBGDMCHRS

,NMSHDQDM2HDC@R&DQĔS

RDMJQDBGSHMDHMDL1@TLHM

CDLJDHM%QNRSQHRHJNADRSDGS

TMCHMCDQ-ĔGDCDQ

$MSM@GLDRSDKKD

 ,@QJHDQDM2HDCHD+ŅBGDQCHDHMCHD

6@MCFDANGQSVDQCDMLŘRRDM

 !NGQDM2HDCHD+ŅBGDQTMCRDSYDM2HD

FDDHFMDSD#ŘADKDHM

 2HBGDQM2HDCHD6@MCG@KSDQTMFLHS

FDDHFMDSDM2BGQ@TADM

 'ĔMFDM2HDC@R&DQĔSHMCHD

6@MCG@KSDQTMFDHM

(MRS@KK@SHNMCDR

2HBGDQGDHSRUDMSHKR

#HD6@QLV@RRDQADQDHSDQRHMCEŘQDHMDM

L@WHL@KDM!DLDRRTMFRCQTBJUNM,/@

@TRFDKDFS&DLĔ$-LTRR

C@R2HBGDQGDHSRUDMSHKUDQGHMCDQMC@RRCDQ

6@RRDQCQTBJCDML@WHL@KDM

!DLDRRTMFRCQTBJCDR

6@QLV@RRDQADQDHSDQRTLLDGQ@KR

,/@ŘADQRBGQDHSDS

$RVHQCDHMA@TLTRSDQFDOQŘESDR

2HBGDQGDHSRUDMSHKADMŅSHFS

 (MRS@KKHDQDM2HDC@R2HBGDQGDHSRUDMSHKHM

CDQ*@KSV@RRDQYTKDHSTMFCDR&DQĔSR

 #HLDMRHNMHDQDM2HDCHD AK@TEKDHSTMF

RNC@RRC@R6@RRDQTMADGHMCDQS

@TRK@TEDMJ@MMVDMMC@R

2HBGDQGDHSRUDMSHKUNKKRSĔMCHFFDŅEEMDS

HRS

 !QHMFDM2HDCHD AK@TEKDHSTMFCDR

2HBGDQGDHSRUDMSHKRLHSJNMRS@MSDL

AVĔQSRFDEĔKKDHMDHMDL1@TL@MHM

CDLJDHM%QNRSQHRHJNADRSDGS

6 1-4-&ũ

#DQ AK@TECDR

2HBGDQGDHSRUDMSHKRLTRR

FDFDMCHD SLNROGĔQD

FDŅEEMDSAKDHADM

!DSQĔFSCDQ9TK@TECQTBJ

,/@HMRS@KKHDQDM2HD

DHM#QTBJLHMCDQUDMSHKUNQ

CDL2HBGDQGDHSRUDMSHKHMCDQ

*@KSV@RRDQYTKDHSTMF

6@RRDQ@MRBGKTRR

%ŘGQDM2HDCHD6@RRDQ@MRBGKŘRRDCTQBG

TMCHMRS@KKHDQDM2HD#QTBJLDRRRSTSYDMMTQ

YTR@LLDMLHSDHMDL2HBGDQGDHSRUDMSHK

VHDDRCHD5DQNQCMTMFDMUNQRDGDM

BGSDM2HDC@Q@TEC@RRCHD%@QABNCDR

CDQ6@RRDQ@MRBGKŘRRDCDR'@GMRTMC

CDR&DQĔSRŘADQDHMRSHLLDM

q 1DBGSD2DHSDAK@T

s*@KSV@RRDQDHMK@RRf

q +HMJD2DHSDQNSs'DHV@RRDQ@TRK@RRf

2SDKKDM2HDRHBGDQC@RRCHD

6@RRDQ@MRBGKŘRRDVĔGQDMC

CDQ(MRS@KK@SHNMMHBGSFDJMHBJS

VDQCDM5DQLDHCDM2HDDHM

5DQRO@MMDMVĔGQDMCCDQ

(MRS@KK@SHNM

'(876&+



 !$#($-%$+#



3DLODQ@STQV@GKJMNOE



TEGDHY MYDHFDK@LOD

)DM@BG2XRSDLJŅMMDMRHBGCHD

S@SRĔBGKHBGDM3DLODQ@STQDMUNL

DHMFDRSDKKSDM6DQSTMSDQRBGDHCDM

 *@KS!DHCHDRDQ$HMRSDKKTMFHRSC@R

&DQĔSUNQ%QNRSFDRBGŘSYS#DQ

6@RRDQG@GMCHD6@RRDQKDHSTMFDMTMCC@R

2HBGDQGDHSRUDMSHKRHMCMHBGSFDRBGŘSYS

, 7'ŅBGRSDDHMRSDKKA@QD3DLODQ@STQ

 5$16$-#4-&

%ŘKKDM

#@R@AFDCHBGSDSDTMC

TMADKŘESDSDTMSDQ#QTBJ

RSDGDMCD&DQĔSCHDMSYTQ

6@QLV@RRDQADQDHSTMFHM

'@TRG@KSDM#@R&DQĔSJ@MM

DHMDNCDQLDGQDQD

$MSM@GLDRSDKKDMUDQRNQFDM

-@BGCDQ(MRS@KK@SHNMCDR

6@QLV@RRDQADQDHSDQR

 ðEEMDM2HDC@R5DMSHKCDQ

6@RRDQPTDKKD

 ðEEMDM2HDCDM6@QLV@RRDQG@GM

6DMMC@R6@RRDQLHSDHMDLJNMRS@MSDM

%KTRRCTQBGKĔTESHRSCDQ

6@QLV@RRDQADQDHSDQUNKK

 2BGKHDDM2HDCHD6@QLV@RRDQGĔGMD

 2SDKKDM2HDRHBGDQC@RRJDHMD

4MCHBGSGDHSDMUNQG@MCDMRHMC

 /QŘEDM2HDNAC@R2HBGDQGDHSRUDMSHK

NQCMTMFRFDLĔETMJSHNMHDQS

6 1-4-&ũ

2BGKHDDM2HDCDM

6@QLV@RRDQADQDHSDQMHBGS@M

CHD2O@MMTMFRUDQRNQFTMF

@MNGMDRHBGDQYTRSDKKDM

C@RRDQLHS6@RRDQFDEŘKKSHRS

C@@MCDQDME@KKRC@R

'DHYDKDLDMSADRBGĔCHFS

VDQCDMJ@MM

$HMRSDKKDMCDQ

6@RRDQSDLODQ@STQ

6 1-4-&ũ

6ĔGQDMCCDR!DSQHDAR

JŅMMDMCDQ6@RRDQG@GMTMC

C@R2HBGDQGDHSRUDMSHK

3DLODQ@STQDMŘADQ¦"

DQQDHBGDM ADHMDQ

TRK@RRSDLODQ@STQUNMŘADQ

¦"ADRSDGS

5DQAQŘGTMFRFDE@GQ

2HDJŅMMDMCHDFDVŘMRBGSD

6@RRDQ@TRSQHSSRSDLODQ@STQRSTEDMKNRUNM

¦"%QNRSRBGTSYAHR, 7LHSCDL

3DLODQ@STQVĔGKDQDHMRSDKKDM

#DQ3DLODQ@STQVĔGKDQC@QE

MTQUNMDHMDL

*TMCDMCHDMRSSDBGMHJDQ

DMSEDQMSVDQCDM

)DM@BG)@GQDRYDHSJŅMMDM

RBGV@MJDMCD

*@KSV@RRDQSDLODQ@STQDMYT

TMSDQRBGHDCKHBGDML@WHL@KDM

,HRBGV@RRDQTMC

TRK@RRLDMFDMEŘGQDM

!DCHDMTMF

-@BG$HMRSDKKTMFCDQ3DLODQ@STQ@TECDM

FDVŘMRBGSDM6DQSGDHYSC@R'DHYDKDLDMS

C@R6@RRDQHL3@MJ@TEAHRDRCHD

DHMFDRSDKKSD3DLODQ@STQDQQDHBGSTMC

RBG@KSDSRHBGC@MM@TR

ZZZHOHFWUROX[FRP

6DMMC@R6@RRDQHL3@MJ@AJŘGKSTMC

RDHMD3DLODQ@STQTMSDQCDMDHMFDRSDKKSDM

6DQSRHMJSADFHMMSCDQ'DHYUNQF@MF

DQMDTSTMCC@R6@RRDQHL3@MJVHQC

@TEFDGDHYS#HDRDQ5NQF@MFVHDCDQGNKSRHBG

@TSNL@SHRBGRNK@MFDCDQ

6@QLV@RRDQADQDHSDQ@M2O@MMTMFKHDFS

1$(-(&4-&4-#/%+$&$

6 1-4-&ũ

#HD1DO@Q@STQTMC

6@QSTMFR@QADHSDMLŘRRDM

UNMDHMDL@TSNQHRHDQSDM

*TMCDMCHDMRSSDBGMHJDQ

CTQBGFDEŘGQSVDQCDM

JSHUHDQDM2HDQDFDKLĔHFC@R

2HBGDQGDHSRUDMSHKC@LHSDR

MHBGSVDFDM

*@KJ@AK@FDQTMFDMAKNBJHDQS

&DQĔSDRSŅQTMFDMRNKKSDMTLFDGDMC

QDO@QHDQSVDQCDMTLCHD

+DHRSTMFREĔGHFJDHS@TEQDBGSYTDQG@KSDM

%ŘQCHD1DHMHFTMFJŅMMDM2HDDHMVDHBGDR

3TBGNCDQDHMDMM@RRDM2BGV@LL

ADMTSYDM

5DQVDMCDM2HDEŘQCHD1DHMHFTMFJDHMD

+ŅRTMFRLHSSDK

6 134-&

6 1-4-&ũ

3QDMMDM2HDUNQCDM

6@QSTMFR@QADHSDMC@R&DQĔS

@KKONKHFUNL-DSY

#@R&DQĔSADC@QEJDHMDQADRNMCDQDM

6@QSTMF#HD2S@A@MNCDRBGŘSYSCDM3@MJ

UNQ*NQQNRHNM)@M@BG

6@RRDQADRBG@EEDMGDHSLTRRCDQ

,@FMDRHTLRS@ADUDMSTDKK@KKD)@GQD

@TRFDS@TRBGSVDQCDM&@KU@MHRBGDTMC

DKDJSQNKXSHRBGD*NQQNRHNMJŅMMDMCDM3@MJ

ADRBGĔCHFDMVDMMCHD2S@A@MNCD

UDQAQ@TBGSHRS1NRSHFDR6@RRDQHRSDHM

(MCHYEŘQDHMDUDQAQ@TBGSD2S@A@MNCD

2SDKKDM2HDQNRSHFDR6@RRDQEDRSVDMCDM

2HDRHBGTLFDGDMC@M%@BGODQRNM@KTL

CHD2S@A@MNCDTMSDQRTBGDMTMC

FDFDADMDME@KKR@TRS@TRBGDMYTK@RRDM

(L9TFDCDQ6@QSTMFR@QADHSDMLŘRRDM

DHMHFD/TMJSDŘADQOQŘESVDQCDM

/QŘEDMCDR2HBGDQGDHSRUDMSHKR

/QŘEDM2HDQDFDKLĔHFCHD

%TMJSHNMREĔGHFJDHSCDR2HBGDQGDHSRUDMSHKR

$MSKDDQDMCDR&DQĔSR

6 1-4-&ũ

6ĔGQDMCCDR

$MSKDDQTMFRUNQF@MFRJ@MM

GDHDR6@RRDQ@TRSQDSDM

$MSKDDQDM2HDC@R&DQĔSŘADQRDHMD

MRBGKŘRRD

ðEEMDMCDR&DQĔSR

 9HDGDM2HDCDM3DLODQ@STQVĔGKDQTMC

CDM!DFQDMYTMFRQHMF@A

 +ŅRDM2HDCHD2BGQ@TADM@L

&DGĔTRD

'(876&+



 ðEEMDM2HDCHD&DQĔSD@ACDBJTMF

RBGVDMJDM2HDRHDM@BGNADMTMC

MDGLDM2HDRHD@A

 $MSEDQMDM2HDADH!DC@QECHD

(RNKHDQTMFRG@KARBG@KD

$HMRSDKKDMCDQ

3DLODQ@STQFQDMYD



!DFQDMYTMFRQHMF



¦"



¦"



¦"

#TQBG$HMRDSYDMCDR!DFQDMYTMFRQHMFR

GHMSDQCDL3DLODQ@STQVĔGKDQJŅMMDM2HD

CDM$HMRSDKKADQDHBGCDR

3DLODQ@STQVĔGKDQR@TEDHMDADRSHLLSD

'ŅBGRSSDLODQ@STQADFQDMYDM

 #QDGDM2HDCDM3DLODQ@STQVĔGKDQ@TE

-TKKHL4GQYDHFDQRHMM@TEsf

 9HDGDM2HDCDM3DLODQ@STQVĔGKDQTMC

CDM!DFQDMYTMFRQHMF@A

 #QŘBJDM2HDCDM!DFQDMYTMFRQHMFLHS

CDQFDVŘMRBGSDML@WHL@KDM

$HMRSDKKTMF@TECHD&DQĔSD@ACDBJTMF

 2DSYDM2HDCDM3DLODQ@STQVĔGKDQHM

CDQ/NRHSHNM-TKKsf@TE

$HMRBG@KSDMCDQ

2HBGDQGDHSR@ARBG@KSTMF

 ðEEMDM2HDC@R&DQĔS

 9HDGDM2HDCDM C@OSDQ@A

 #QŘBJDM2HDCHD1DRDS3@RSD@TECDQ

2HBGDQGDHSR@ARBG@KSTMF

 !QHMFDM2HDCDM C@OSDQ@M

 2BGKHDDM2HDCHD&DQĔSD@ACDBJTMF

 2DSYDM2HDCDM!DFQDMYTMFRQHMFTMC

3DLODQ@STQVĔGKDQDHM



1DRDS3@RSD2HBGDQGDHSR@ARBG@KSTMF



C@OSDQ

 TRA@TDMCDQ

@MFDEK@MRBGSDM3@TBGGDHYTMF

TMCCDR3DLODQ@STQQDFKDQRCDQ

2HBGDQGDHSR@ARBG@KSTMF

ZZZHOHFWUROX[FRP



3DLODQ@STQQDFKDQLHS

2HBGDQGDHSR@ARBG@KSTMF



MFDEK@MRBGSD3@TBGGDHYTMF

 $MSEDQMDM2HDCDM3DLODQ@STQQDFKDQ

LHS2HBGDQGDHSR@ARBG@KSTMFUNMCDQ

@MFDEK@MRBGSDM3@TBGGDHYTMF

 $MSEDQMDM2HDCHD@MFDEK@MRBGSD

3@TBGGDHYTMF

 TRA@TDMCDQ2BGTSY@MNCD



2BGTSY@MNCD

!@TDM2HDCHD2BGTSY@MNCD@TR

$HMA@TDMCDQ@MFDEK@MRBGSDM

3@TBGGDHYTMFTMCCDR

3DLODQ@STQQDFKDQRCDQ

2HBGDQGDHSR@ARBG@KSTMF

 2DSYDM2HDCHD@MFDEK@MRBGSD

3@TBGGDHYTMFAHRYTL MRBGK@FHMCHD

9XKHMCDQŅEEMTMFDHM

 #QŘBJDM2HDCDM3DLODQ@STQQDFKDQLHS

2HBGDQGDHSR@ARBG@KSTMFAHRYTL

MRBGK@FHMCHD@MFDEK@MRBGSD

3@TBGGDHYTMF

 1HBGSDM2HDCHD@MFDEK@MRBGSD

3@TBGGDHYTMFLHSCDL

3DLODQ@STQQDFKDQLHS

2HBGDQGDHSR@ARBG@KSTMF@TRRHDGD

AAHKCTMF

 %$'+$124"'$

#HD4QR@BGDMDHMHFDQ2SŅQTMFDMKHDFDMHM

TMYTQDHBGDMCDM6@QSTMFR@QADHSDMNCDQ

5DQRĔTLMHRRDMCHDDHME@BGFDKŅRSVDQCDM

JŅMMDMNGMDC@RRCDQ2DQUHBDSDBGMHJDQ

FDQTEDMVDQCDMLTRR%ŘGQDM2HDCHD

TMSDM@TEFDEŘGQSDM/QŘETMFDMCTQBG

ADUNQ2HDRHBG@MCDMŅQSKHBGDM

*TMCDMCHDMRSVDMCDM

'(876&+



2SņQTMF 4QR@BGD AGHKED

#@R&DQĔSKHDEDQSJDHMGDHDR

6@RRDQ

#DQ3DLODQ@STQVĔGKDQHRS

@TEsfFDRSDKKS

2BG@KSDM2HDC@R&DQĔS

CTQBG#QDGDMCDR3DLODQ

@STQVĔGKDQRDHM

#@R&DQĔSVHQCMHBGSLHS

2SQNLUDQRNQFS

/QŘEDM2HDCDM2SDBJDQCHD

2HBGDQTMFDMHL2HBGDQTMF

RJ@RSDM

#HD2HBGDQGDHSR@ARBG@KSUNQ

QHBGSTMFEŘQCDMNADQDM

&QDMYVDQSG@S@TRFDKŅRS

!DRDHSHFDM2HDCHD2SŅQTMF

RTQR@BGD3@TRBGDM2HD

FFECDM3DLODQ@STQQDFKDQ

LHS2HBGDQGDHSR@ARBG@KSTMF

@TR2SDKKDM2HDCHD%TMJ

SHNMREĔGHFJDHSCDQ2HBGDQ

GDHSR@ARBG@KSTMFCTQBG

#QŘBJDM(GQDQ1DRDS3@RSD

VHDCDQGDQRHDGD*@OHSDK



#DQ1DFKDQHRSCDEDJS

3@TRBGDM2HDCDM3DLODQ

@STQQDFKDQLHS2HBGDQGDHS

R@ARBG@KSTMF@TR

#HD@MFDEK@MRBGSD3@TBG

GDHYTMFHRSCDEDJS

$QRDSYDM2HDCHD@MFD

EK@MRBGSD3@TBGGDHYTMF

#@R6@RRDQEKHDSMTQROĔQ

KHBG

#DQ+TESROQTCKDQCDR6@R

RDQG@GMRHRSUDQJ@KJSNCDQ

UDQRBGLTSYS

$MSJ@KJDMDQRDSYDM2HDCDM

+TESROQTCKDQ

+@TSD2HDCDFDQĔTRBGDHL

(MMDQDMCDR&DQĔSR

#@R&DQĔSHRSUDQJ@KJS

+@RRDM2HDC@R&DQĔSUNM

DHMDLPT@KHEHYHDQSDL3DBG

MHJDQDMSJ@KJDM

6@RRDQSQNOESM@BGCDL

TEGDHYDM@TRCDL2HBGDQ

GDHSRUDMSHK

#@R2HBGDQGDHSRUDMSHKHRSUDQ

J@KJSNCDQUDQRBGLTSYS

2BG@KSDM2HDC@R&DQĔS@TR

,@BGDM2HDC@R&DQĔS

CQTBJKNRHMCDL2HDDRUNM

CDQ2SQNLUDQRNQFTMFTMC

6@RRDQYTETGQSQDMMDM+@R

RDM2HDC@R2HBGDQGDHSRUDM

SHKUNMDHMDLPT@KHEHYHDQSDM

3DBGMHJDQOQŘEDM

6@RRDQSQHSS@TR

#HD'DHNCDQ*@KSV@RRDQ

YTK@TE@MRBGKŘRRDRHMCMHBGS

NQCMTMFRFDLĔ@AFDCHBG

SDS

9HDGDM2HDCHD&DVHMCD@MR

BGKŘRRDEDRS

ZZZHOHFWUROX[FRP

*ŅMMDM2HDCHD2SŅQTMFMHBGS

ADGDADMVDMCDM2HDRHBG@M

CDM*TMCDMCHDMRS4L(GQD

MEQ@FDYTDQKDHBGSDQMTMC

ADRBGKDTMHFDMG@KSDM2HD

AHSSDENKFDMCD MF@ADMUNL

3XODMRBGHKCADQDHS

q /-"9HEEDQM

q 2-9HEEDQM

 3$"'-(2"'$# 3$-

,@@MF@ADM

100

$8$$$ $8$$$

' 'ŅGD  

" !QDHSD  

3HDED  

& .ADQDQ ARS@MC  

% 'ŅGD  

ARS@MCCDQV@@

FDQDBGSDM!NGQTMF

 

$HMK@TETMC TRK@T

EQNGQ

&QŅD TDMFD

VHMCD

& &

KKD ALDRRTMFDMHMLL

2BG@KSOK@M

-/$]5

'(876&+



#DS@HKRYTL

$MDQFHDUDQAQ@TBG

#HD/QNCTJSC@SDMDMSROQDBGDMCDQ$4

1HBGSKHMHDŘADQCHDTLVDKSFDQDBGSD

&DRS@KSTMFDMDQFHDADSQHDADMDQ/QNCTJSD

$Q/

$8$$$ $8$$$

+@RSOQNEHK 772 772

$MDQFHDDEEHYHDMYJK@RRD

6HQJTMFRFQ@CCDQ$MDQ

FHDTLV@MCKTMF

3ĔFKHBGDQ2SQNLUDQAQ@TBG

J6G

 

)ĔGQKHBGDQ2SQNLUDQAQ@TBG

J6G

 

5NQDHMFDRSDKKSD3DLODQ@STQ

¦"

 

2BG@KKKDHRSTMFRODFDKC!   

TRK@RSTMFRRBGV@BGD9DHS

DMLŅFKHBG

-DHM -DHM

#@SDMS@ADKKD

$8$$$ $8$$$

'XCQ@TKHRBGD#@SDM

-NLHMDKKD*@O@YHSĔSK  

,HRBGV@RRDQUNKTLDM

ADH¦"K

 

$KDJSQHRBGD#@SDM

-DMMRO@MMTMF5 

-DMMKDHRSTMFJ6 

ZZZHOHFWUROX[FRP



$8$$$ $8$$$

-DMMRSQNL  

+DHSTMFRRBGTSYRBG@K

SDQ2HBGDQTMFRVDQS 



/G@RDM -/$

%QDPTDMY'Y 

$HMR@SYFQDMYDM

3DLODQ@STQDHMRSDKKADQ

DHBG¦"



,@WYTKĔRRHFDQ#QTBJ

,/@



,HM6@RRDQYTK@TECQTBJ

,/@



,@W6@RRDQYTK@TE

CQTBJ,/@



,@W#TQBGEKTRRLDMFD

K,HM



$MDQFHDC@SDM

$MDQFHDUDQAQ@TBGHL

2S@MCAX!DSQHDA2SC

ADH¦"J6G

 

$MDQFHDDEEHYHDMYJK@RRD

5@QH@MSDM

(/2BGTSYJK@RRD (/#

,NMS@FD@QS 4MSDQSHRBGFDQĔS

3XO AFDCHBGSDSTMADKŘESDS

,@SDQH@KCDR(MMDMYXKHM

CDQR

2S@GKDL@HKKHDQS

6ĔQLDCĔLLRSNEE $/2

&DGĔTRDL@SDQH@K /2

%@QAD 6DH

ALDRRTMFDM

3HDEDLL  

'ŅGDLL  

!QDHSDLL  

&DVHBGSD

'(876&+



$8$$$ $8$$$

&DVHBGSJF  

 4,6$+33(//2

1DBXBDKM2HD,@SDQH@KHDMLHSCDL2XLANK

$MSRNQFDM2HDCHD5DQO@BJTMFHMCDM

DMSROQDBGDMCDM1DBXBKHMFADGĔKSDQM

1DBXBDKM2HDYTL4LVDKSTMC

&DRTMCGDHSRRBGTSYDKDJSQHRBGDTMC

DKDJSQNMHRBGD&DQĔSD$MSRNQFDM2HD

&DQĔSDLHSCHDRDL2XLANK

MHBGSLHS

CDL'@TRLŘKK!QHMFDM2HDC@R&DQĔSYT

(GQDQŅQSKHBGDM2@LLDKRSDKKDNCDQVDMCDM

2HDRHBG@M(GQ&DLDHMCD@LS

ZZZHOHFWUROX[FRP

(-#("$

(-%.1, 9(.-(/$1+ 2("41$99  

(23149(.-(#(2("41$99 

(-23 ++ 9(.-$

/ --$++."., -#( 

43(+(99.

/4+(9( $, -43$-9(.-$

, -43$-9(.-$

1(2.+49(.-$#$(/1.!+$,( 

# 3(3$"-("(

/$-2 3(/$15.(

&Q@YHDODQ@UDQ@BPTHRS@SNTMe@OO@QDBBGH@STQ@$KDBSQNKTW UDSDRBDKSNTMOQNCNSSN

BGDG@@KKDRO@KKDCDBDMMHCHDRODQHDMY@OQNEDRRHNM@KDDHMMNU@YHNMD(MFDFMNRNDC

DKDF@MSDĠRS@SNOQNFDSS@SNODMR@MCN@UNH0THMCHHMPT@KRH@RHLNLDMSN

CDRHCDQ@SDTSHKHYY@QKNONSDSDDRRDQBDQSHCHNSSDMDQDRDLOQDHLHFKHNQHQHRTKS@SH

!DMUDMTSHHM$KDBSQNKTW

5HRHS@SDHKMNRSQNRHSNVDAODQ

1HBDUDQDBNMRHFKHRB@QHB@QDHMNRSQHNOTRBNKHDKHLHM@QDDUDMST@KH@MNL@KHD

NSSDMDQDHMENQL@YHNMHRTKKe@RRHRSDMY@

VVVDKDBSQNKTWBNLVDARDKERDQUHBD

1DFHRSQ@QDHKUNRSQNOQNCNSSNDQHBDUDQDTMRDQUHYHNLHFKHNQD

VVVQDFHRSDQDKDBSQNKTWBNL

BPTHRS@QD@BBDRRNQHL@SDQH@KHCHBNMRTLNDQHB@LAHNQHFHM@KHODQK@UNRSQ@

@OO@QDBBGH@STQ@

VVVDKDBSQNKTWBNLRGNO

2$15(9(."+($-3($, -43$-9(.-$

"NMRHFKH@LNRDLOQDKHLOHDFNCHQHB@LAHNQHFHM@KH

0T@MCNRHBNMS@SS@HK"DMSQNCH RRHRSDMY@@TSNQHYY@SN@BBDQS@QRHCHCHRONQQDCDH

RDFTDMSHC@SH,NCDKKN/-"MTLDQNCHRDQHD

+DHMENQL@YHNMHRHSQNU@MNRTKK@S@QFGDSS@CDHC@SH

 UUDQSDMY@ SSDMYHNMD(LONQS@MSH(MENQL@YHNMHODQK@RHBTQDYY@

(MENQL@YHNMHDRTFFDQHLDMSHFDMDQ@KH

(MENQL@YHNMHRTKKe@LAHDMSD

"NMQHRDQU@CHLNCHEHBGD

,7$/,$12



 (-%.1, 9(.-(/$1+ 2("41$99

+DFFDQD@SSDMS@LDMSDKDHRSQTYHNMHENQMHSDOQHL@CH

HMRS@KK@QDDTSHKHYY@QDKe@OO@QDBBGH@STQ@(KOQNCTSSNQDMNMĠ

QDRONMR@AHKDRDTMeHMRS@KK@YHNMDDCTMTRNMNMBNQQDSSN

CDKKe@OO@QDBBGH@STQ@OQNUNB@MNKDRHNMHDC@MMH3DMDQD

RDLOQDKDHRSQTYHNMH@ONQS@S@CHL@MNBNLDQHEDQHLDMSN

ETSTQN

2HBTQDYY@CDHA@LAHMHDCDKKDODQRNMDUTKMDQ@AHKH

q 0TDRS@@OO@QDBBGH@STQ@OTŁDRRDQDTR@S@C@A@LAHMH@

O@QSHQDC@FKH@MMHDC@@CTKSHBNMKHLHS@SDB@O@BHSĐ

EHRHBGDRDMRNQH@KHNLDMS@KHNBNMRB@QR@DRODQHDMY@N

BNMNRBDMY@RTKKeTRNCDKKe@OO@QDBBGH@STQ@RNK@LDMSDRD

RNQUDFKH@SHNRDHRSQTHSHQDK@SHU@LDMSD@KKeTRN

CDKKe@OO@QDBBGH@STQ@DRDG@MMNBNLOQDRNHQHRBGH

BNHMUNKSH

q -NMBNMRDMSHQD@HA@LAHMHCHFHNB@QDBNM

Ke@OO@QDBBGH@STQ@

q 3DMDQDHL@SDQH@KHCHHLA@KK@FFHN@KCHETNQHCDKK@ONQS@S@

CDHA@LAHMH

q 0T@KNQ@Ke@OO@QDBBGH@STQ@CHRONMF@CHTMCHRONRHSHUNCH

RHBTQDYY@ODQHA@LAHMHNCHTM@ETMYHNMDBGDKHLHS@K@

SDLODQ@STQ@HMLNCNODQL@MDMSDBNMRHFKH@LNCH

@SSHU@QK@

q +@OTKHYH@DFKHHMSDQUDMSHCHL@MTSDMYHNMDMNMCDUNMN

DRRDQDDRDFTHSHC@HA@LAHMHRDMY@RTODQUHRHNMD

q 3DMDQDHA@LAHMHCHDSĐHMEDQHNQD@H@MMHKNMS@MHRDMNM

RNSSNTM@RTODQUHRHNMDBNMSHMT@

-NQLDCHRHBTQDYY@FDMDQ@KH

q ÌLNKSNHLONQS@MSDBGDPTDRSNKHAQDSSNCHHRSQTYHNMH

UDMF@BNMRDQU@SNHMRHDLD@KKe@OO@QDBBGH@STQ@ODQONSDQ

DRRDQDBNMRTKS@SNHMETSTQN(MB@RNCHUDMCHS@N

BDRRHNMDCDKKe@OO@QDBBGH@STQ@@C@KSQHOQNOQHDS@QH@C

DRDLOHN@B@TR@CHTMSQ@RKNBNHKKHAQDSSNCHHRSQTYHNMH

CDUDQHL@MDQDTMHSN@KKe@OO@QDBBGH@STQ@HMLNCNBGDHK

ZZZHOHFWUROX[FRP

MTNUNTSDMSDONRR@DRRDQDHMENQL@SNRTKRTN

ETMYHNM@LDMSNDRTKKDQDK@SHUD@UUDQSDMYD

q (KBNQQDSSNETMYHNM@LDMSNCDKKe@OO@QDBBGH@STQ@MNM

CHODMCDRNKNC@KK@PT@KHSĐCDKOQNCNSSNL@C@KK@BNQQDSS@

HMRS@KK@YHNMDDRDFTHS@C@TMOQNEDRRHNMHRS@PT@KHEHB@SN

q -NMSNFKHDQDL@HNC@MMDFFH@QD@CDRHUHDSHBGDSSDCH

@UUDQSDMY@NS@QFGDSSDEHRR@SDRTKKe@OO@QDBBGH@STQ@

q 4MSDBMHBNPT@KHEHB@SNBGDDRDFTDKeHMRS@KK@YHNMDĠ

NAAKHF@SN@NRRDQU@QDRS@MC@QCM@YHNM@KH@OOKHB@AHKHD

MNQL@SHUDHMLDQHSN@KBNKKDF@LDMSN@KRHRSDL@CH

CHRSQHATYHNMDHCQHB@D@KK@QDSDDKDSSQHB@(KOQNCTSSNQDMNM

ĠQDRONMR@AHKDCHDUDMST@KHHMRS@KK@YHNMHDRDFTHSDHMLNCN

MNMOQNEDRRHNM@KDNDQQ@SN

q "NMSQNKK@QDBGDKDRODBHEHBGDHMCHB@SDRTKK@S@QFGDSS@

HCDMSHEHB@SHU@CDKKe@OO@QDBBGH@STQ@BNQQHRONMC@MN@

PTDKKDCDKKe@KHLDMS@YHNMDDKDSSQHB@

q 0TDRS@@OO@QDBBGH@STQ@ĠRS@S@OQNCNSS@DSDRS@S@HM

BNMENQLHSĐBNMMNQL@SHUDU@KHCD

q +@OQDRRHNMDCeDRDQBHYHNCDKKe@BPT@LHMHL@DL@RRHL@

CDUDDRRDQDBNLOQDR@SQ@A@Q,/@DA@Q

,/@

q KEHMDCHDUHS@QDTRSHNMHHME@RDCHTSHKHYYNCDKQHRB@KC@SNQD

CDKKe@BPT@BNMSQNKK@QDRDLOQDK@SDLODQ@STQ@CDKKe@BPT@

DQDFNK@QD@RDBNMC@CDKKDMDBDRRHSĐOQHL@CDKKeTRN

(MB@RNFT@RSNRHONSQDAADUDQHEHB@QDTMUDKNBD

OHBBNCHSDLODQ@STQ@EHMN@¦"MDKRHRSDL@

(MENQL@YHNMHRODBH@KH

q 0T@MCNRHĠRDLOQDBNKKDF@SH@KK@BNQQDMSDBNMTM

PT@CQNCDCHB@SNKe@OO@QDBBGH@STQ@CDUDONSDQDRRDQD

HRNK@S@C@KKe@KHLDMS@YHNMDCHBNQQDMSDODQLDYYNCHTM

HRNK@SNQDBGDRBNKKDF@STSSHHONKHBNMTM@RDO@Q@YHNMDCDH

BNMS@SSHCH@KLDMNLL

q (KB@UNCH@KHLDMS@YHNMDOTŁDRRDQDRNRSHSTHSN@C

DRDLOHNRDC@MMDFFH@SNC@TM@OO@KS@SNQDPT@KHEHB@SN

,7$/,$12



@TSNQHYY@SNC@KOQNCTSSNQDRDQUDMCNRHCHTMODYYNCH

QHB@LAHNNQHFHM@KD

q %HRR@QDKe@OO@QDBBGH@STQ@BNMENQLDLDMSD@PT@MSN

CDRBQHSSNMDKB@OHSNKNŭŭ

q 1HRODSS@QDK@OQDRRHNMDL@RRHL@@LLHRRHAHKDBEQ

B@OHSNKNŭŭ

q 2B@QHB@QDKe@OO@QDBBGH@STQ@BNMENQLDLDMSD@PT@MSN

CDRBQHSSNMDKB@OHSNKNŭŭ

q +e@OO@QDBBGH@STQ@ĠRNSSNOQDRRHNMD#TQ@MSDHK

OQNBDRRNCHQHRB@KC@LDMSNKe@BPT@CHDRO@MRHNMD

FNBBHNK@C@KK@U@KUNK@CHRHBTQDYY@

q SSHU@QD@HMSDQU@KKHQDFNK@QHK@U@KUNK@CHRHBTQDYY@ODQ

DUHS@QMDHKAKNBB@FFHN@CDRDLOHNBNMCDONRHSHCH

B@KB@QD

q (MRS@KK@QDTM@U@KUNK@CHRHBTQDYY@SDRS@S@CHSHONDR@LD

MDKK@KHMD@CH@KHLDMS@YHNMDCDKKe@BPT@EQDCC@

RDBNMC@CDKK@OQDRRHNMDCH@KHLDMS@YHNMDONSQDAAD

@MBGDDRRDQDMDBDRR@QH@TM@U@KUNK@CHQHCTYHNMDCDKK@

OQDRRHNMD

q #HLDMRHNM@QDHKSTANCHRB@QHBNHMLNCNBGDKe@BPT@

ONRR@RB@QHB@QRHRDMY@HLODCHLDMSHPT@MCNK@U@KUNK@CH

RHBTQDYY@UHDMD@ODQS@BNLOKDS@LDMSD

q (MRDQHQDHKSTANCHRB@QHBNCDKK@U@KUNK@CHRHBTQDYY@BNM

TM@BNRS@MSDHMBKHM@YHNMDUDQRNHKA@RRNHMTM@B@LDQ@

HMBTHMNMRTRRHRSDHKQHRBGHNCHFDKN

q +NRB@QHBNCDKK@U@KUNK@CHRHBTQDYY@CDUDQDRS@QD@ODQSN

@KKe@SLNREDQ@

 (23149(.-(#(2("41$99

(MRS@KK@YHNMD

SSDMDQRH@KKDHRSQTYHNMHENQMHSDHMRHDLD

@KKe@OO@QDBBGH@STQ@

q 1HLTNUDQDSTSSHFKH@QSHBNKH

CDKKe(LA@KK@FFHN

q -NMHMRS@KK@QDNTSHKHYY@QD

Ke@OO@QDBBGH@STQ@RDĠC@MMDFFH@S@

q /QHL@CHHMHYH@QD@TSHKHYY@QD

Ke@OO@QDBBGH@STQ@BNMSQNKK@QDBGDMNM

@AAH@RTAHSNC@MMHCTQ@MSDHKSQ@RONQSN

q -NMSNFKHDQDL@HNC@MMDFFH@QD@CDRHUH

DSHBGDSSDCH@UUDQSDMY@NS@QFGDSSD

EHRR@SDRTKKe@OO@QDBBGH@STQ@

"NKKDF@LDMSNCDKK@BPT@

q BBDQS@QRHCHMNMC@MMDFFH@QDHSTAHCH

B@QHBNDRB@QHBNCDKKe@BPT@

q +e@OO@QDBBGH@STQ@CDUDDRRDQD

BNKKDF@S@BNQQDSS@LDMSD@KKeHLOH@MSN

HCQHBNBNMHSTAHHCNMDH

q /QHL@CHBNKKDF@QDK@OO@QDBBGH@STQ@@

STA@YHNMHMTNUDNMNMTSHKHYY@SDODQTM

ZZZHOHFWUROX[FRP

KTMFNODQHNCNE@QRBNQQDQDK@BPT@

EHMBGġMNMĠKHLOHC@

q +@OQHL@UNKS@BGDRHTR@

K@OO@QDBBGH@STQ@@BBDQS@QRHBGDMNMUH

RH@MNODQCHSD

"NKKDF@LDMSNDKDSSQHBN

33$-9(.-$ũ

1HRBGHNCHHMBDMCHNDRBNRR@

DKDSSQHB@

/DQDRDFTHQDHBNKKDF@LDMSH

DKDSSQHBHDKeHMRS@KK@YHNMDHM

BNMENQLHSĐBNMKDMNQL@SHUD

UHFDMSH

q +e@OO@QDBBGH@STQ@CDUDCHRONQQDCHTM@

LDRR@@SDQQ@

q 5DQHEHB@QDBGDHC@SHDKDSSQHBHQHONQS@SH

RTKK@S@QFGDSS@CDHC@SHBNQQHRONMC@MN@

PTDKKHCDKKeHLOH@MSN(MB@RNBNMSQ@QHN

BNMS@SS@QDHKMNRSQN"DMSQNCH

RRHRSDMY@@TSNQHYY@SNNOOTQDTM

DKDSSQHBHRS@

q 5DQHEHB@QDBGDKe@OO@QDBBGH@STQ@RH@

HMRS@KK@S@BNQQDSS@LDMSD+e@KKDMS@LDMSN

CHTMBNKKDF@LDMSNDKDSSQHBNNCHTM@

ROHM@NUDOQDUHRSHOTŁOQNUNB@QDHK

RTQQHRB@KC@LDMSNCDKSDQLHM@KD

q -NMTSHKHYY@QDOQDRDLTKSHOKDD

OQNKTMFGD

q BBDQS@QRHCHMNMC@MMDFFH@QDK@ROHM@

N HKB@UNNUDOQDUHRSH"NMS@SS@QDHK

MNRSQN"DMSQNCH RRHRSDMY@@TSNQHYY@SN

N TMDKDSSQHBHRS@PT@KHEHB@SNODQRNRSHSTHQD

TMB@UNC@MMDFFH@SN

q +eHLOH@MSNDKDSSQHBNCDUDDRRDQDCNS@SN

CHTMCHRONRHSHUNCHHRNK@LDMSNBGD

BNMRDMS@CHRBNKKDF@QD

Ke@OO@QDBBGH@STQ@C@KK@OQDR@CH

BNQQDMSD@STSSHHONKH(KCHRONRHSHUNCH

HRNK@LDMSNCDUD@UDQDTM@K@QFGDYY@

CDKKe@ODQSTQ@CHBNMS@SSNMNMHMEDQHNQD@H

LL

.UDMDBDRR@QHNR@QĐ

NOONQSTMNTR@QDTM@OQDR@N

TM@C@SS@SNQD@C@SSN@KK@

OQDR@2BGTJN

(KQHRB@KC@SNQDCDKKe@BPT@CDUD

DRRDQDBNKKDF@SN@K

BNMCTSSNQDCHOQNSDYHNMD

#DRHFM@YHNMD"$

+@CDRHFM@YHNMD"$LNRSQ@BGD

Ke@OO@QDBBGH@STQ@RNCCHRE@STSSHHQDPTHRHSH

DRRDMYH@KHBNMENQLDLDMSD@

#HQDSSHU@!@RR@3DMRHNMD

q #HQDSSHU@RTKK@"NLO@SHAHKHSĐ

$KDSSQNL@FMDSHB@

q #HQDSSHU@1N'2

 (-23 ++ 9(.-$

"NMRDFM@RS@MC@QC

3GDENKKNVHMF@QDCDKHUDQDCVHSGSGD

@OOKH@MBD

q 6@KKLNTMSHMFAQ@BJDS

/NRHYHNM@LDMSN

+e@OO@QDBBGH@STQ@RHFHKK@S@

RDMY@UDMSHK@YHNMDRNSSN

OQDRRHNMDĠ@C@SS@ODQ

DRRDQDHMRS@KK@S@TMHB@LDMSD

RNSSN@KQTAHMDSSN

+e@OO@QDBBGH@STQ@ĠRS@S@

ODMR@S@ODQQHRB@KC@QD@BPT@

EQDCC@DODQ@KHLDMS@QDTMNN

OHŔOTMSHCHL@RRHL@

DRSQ@YHNMD

+e@OO@QDBBGH@STQ@OTŁDRRDQDHMRS@KK@S@

TMHB@LDMSDBNHQTAHMDSSHCHOQDRRHNMD

HMRHDLD@TM@U@KUNK@CHRHBTQDYY@SDRS@S@

CHSHONDR@LD

+@U@KUNK@CHRHBTQDYY@SDRS@S@CHSHON

DR@LDOQNSDFFDKe@OO@QDBBGH@STQ@C@TM@

OQDRRHNMDDBBDRRHU@MNM@BBDSS@AHKD

,7$/,$12



33$-9(.-$ũ

-NMHMRS@KK@QD

Ke@OO@QDBBGH@STQ@MDHRDFTDMSH

KTNFGH

q KKe@ODQSN

q QDD@KEQDCCNDBNM

QHRBGHNCHBNMFDK@LDMSN

Ke@BPT@BNMFDK@S@

ONSQDAADC@MMDFFH@QDHK

RDQA@SNHNHMSDQMNDHSTAH

HMSDQMH

q (MOTMSHHMBTHMNMĠ

ONRRHAHKDRB@QHB@QD

Ke@BPT@

5DQHEHB@QDBGD

Ke@OO@QDBBGH@STQ@RH@

KHADQ@LDMSD@BBDRRHAHKDODQ

DRDFTHQDHMSDQUDMSHCH

L@MTSDMYHNMD

(MRS@KK@QDRDLOQDKe@OO@QDBBGH@STQ@HM

UDQSHB@KDDUHBHMN@KOTMSNCHL@RRHL@

DRSQ@YHNMD

(MRS@KK@YHNMD

CDKKe@OO@QDBBGH@STQ@

+e@OO@QDBBGH@STQ@ĠRS@S@OQNFDSS@S@ODQ

DRRDQDHMRS@KK@S@RTTM@O@QDSDRNKHC@

5DQHEHB@QDBGDK@O@QDSDNEEQ@TM@B@O@BHSĐ

CHRTOONQSNCDKB@QHBN@CDFT@S@

(MRS@KK@QDRDLOQD

Ke@OO@QDBBGH@STQ@HMUDQSHB@KD

HMTM@RS@MY@DRDMSDC@K

QHRBGHNCHFDKNDUHBHMN@K

OTMSNCHL@RRHL@DRSQ@YHNMD

 "NMSQ@RRDFM@QDHENQHBGDU@MMN

DEEDSST@SHRTKK@O@QDSD

 $RDFTHQDHENQHDHMRDQHQDS@RRDKKH

@CDFT@SH

 %HRR@QDK@RS@EE@CHHMRS@KK@YHNMD@

O@QDSDRDQUDMCNRHCHUHSH@CDFT@SD

 %HRR@QDKe@OO@QDBBGH@STQ@RTKK@RS@EE@CH

HMRS@KK@YHNMD@O@QDSD

(MRS@KK@YHNMDCDKK@U@KUNK@CH

RHBTQDYY@

(QHRB@KC@SNQHCDKKe@BPT@RNMNRS@SH

OQNFDSS@SHODQTM@OQDRRHNMDMNLHM@KD

L@RRHL@CH,/@"NMENQLDLDMSD@KK@

MNQL@SHU@$-K@U@KUNK@CH

RHBTQDYY@CDUDDUHS@QDBGDK@OQDRRHNMD

CDKKe@BPT@RTODQHK@OQDRRHNMDMNLHM@KD

L@RRHL@CDKQHRB@KC@SNQDCDKKe@BPT@CHOHŔ

,/@

2@QĐMDBDRR@QH@TM@U@KUNK@CHRHBTQDYY@

SDRS@S@SHONDR@LD

 (MRS@KK@QDK@U@KUNK@CHRHBTQDYY@MDKK@

KHMD@CH@KHLDMS@YHNMDCDKKe@BPT@

EQDCC@CDKKe@OO@QDBBGH@STQ@

 #HLDMRHNM@QDHKSTANCHRB@QHBNHM

LNCNBGDKe@BPT@ONRR@RB@QHB@QRH

RDMY@HLODCHLDMSHPT@MCNK@U@KUNK@

CHRHBTQDYY@UHDMD@ODQS@

BNLOKDS@LDMSD

 (MRDQHQDHKSTANCHRB@QHBNCDKK@U@KUNK@

CHRHBTQDYY@BNMTM@BNRS@MSD

HMBKHM@YHNMDUDQRNHKA@RRNHMTM@

B@LDQ@HMBTHMNMRTRRHRSDHKQHRBGHNCH

FDKN

33$-9(.-$ũ

+NRB@QHBNCDKK@U@KUNK@CH

RHBTQDYY@CDUDQDRS@QD@ODQSN

@KKe@SLNREDQ@

0T@KNQ@K@OQDRRHNMDCH

@KHLDMS@YHNMDRH@,/@

HMRS@KK@QDTM@U@KUNK@CH

QHCTYHNMDCDKK@OQDRRHNMD@

LNMSDCDKK@U@KUNK@CH

RHBTQDYY@MDKK@KHMD@CH

@KHLDMS@YHNMDCDKKe@BPT@

EQDCC@

"NKKDF@LDMSNCDKK@BPT@

$RDFTHQDSTSSHHBNKKDF@LDMSHCDKKe@BPT@D

HMRS@KK@QDHQTAHMDSSH@OQDRRHNMDHMRHDLD@

TM@U@KUNK@CHRHBTQDYY@HMBNMENQLHSĐBNM

KDMNQL@SHUD

AAHM@QDHBNKNQHRTKBNKKDF@LDMSN

CDKKe@BPT@CDKQTAHMDSSND

CDKKe@OO@QDBBGH@STQ@

ZZZHOHFWUROX[FRP

q +@SN1GAKTŭ(MFQDRRN@BPT@

EQDCC@ŭ

q +@SN+GQNRRNŭ4RBHS@@BPT@B@KC@ŭ

5DQHEHB@QDHBNKKDF@LDMSHHCQHBH

MNMUDMF@MNOHDF@SHHME@RDCH

HMRS@KK@YHNMD$UHS@QDCH

RNSSNONQQD@SDMRHNMDHME@RD

CHHMRS@KK@YHNMD

 / --$++."., -#(



,@MNONK@CHRDKDYHNMDCDKK@

SDLODQ@STQ@



2OH@(MCHB@SNQDQHRB@KC@LDMSN

RDBNMC@CDKRHRSDL@KDSDLODQ@STQD

QD@KHONSQDAADQNU@QH@QDQHRODSSN@KU@KNQD

HLONRS@SN

 %QDCCN2TPTDRS@HLONRS@YHNMD

Ke@OO@QDBBGH@STQ@ĠOQNSDSS@C@KFDKN(K

QTAHMDSSNKDKHMDDHCQHBGDDK@U@KUNK@CH

RHBTQDYY@MNMRNMNOQNSDSSD

, 73DLODQ@STQ@OHŔ@KS@RDKDYHNM@AHKD

 43(+(99.

1HOHDMN

0TDRS@@OO@QDBBGH@STQ@

RHFHKK@S@RDMY@UDMSHK@YHNMD

RNSSNOQDRRHNMDĠRS@S@

ODMR@S@ODQQHRB@KC@QD

Ke@BPT@B@KC@CNLDRSHB@

+e@OO@QDBBGH@STQ@OTŁENQMHQD

TMNNOHŔOTMSHCHL@RRHL@

DRSQ@YHNMD

#NONBGDĠRS@S@DRDFTHS@KeHMRS@KK@YHNMD

CDKQHRB@KC@SNQDCDKKe@BPT@

 OQHQDK@U@KUNK@CDKK@RNQFDMSD

CDKKe@BPT@

 OQHQDHKQTAHMDSSNCDKK@BPT@B@KC@

0T@MCNKe@BPT@HMHYH@@ETNQHTRBHQDBNMTM

EKTRRNBNRS@MSDRHFMHEHB@BGDHKQHRB@KC@SNQD

CDKKe@BPT@ĠOHDMN

 "GHTCDQDHQTAHMDSSHCDKKe@BPT@B@KC@

 5DQHEHB@QDBGDMNMUHRH@MNODQCHSD

MDKKeHLOH@MSN

 "NMSQNKK@QDBGDK@U@KUNK@CHRHBTQDYY@

RSH@ETMYHNM@MCNBNQQDSS@LDMSD

33$-9(.-$ũ

-NMBNKKDF@QDHKQHRB@KC@SNQD

CDKKe@BPT@@KK@OQDR@CH

BNQQDMSDRDMY@UDQHEHB@QDBGD

RH@OHDMNCe@BPT@HMB@RN

BNMSQ@QHNKeDKDLDMSN

QHRB@KC@MSDRHONSQDAAD

C@MMDFFH@QD

1DFNK@YHNMDCDKK@

SDLODQ@STQ@CDKKe@BPT@

33$-9(.-$ũ

(ME@RDCHETMYHNM@LDMSNHK

QTAHMDSSNDK@U@KUNK@CH

RHBTQDYY@ONRRNMN

Q@FFHTMFDQDSDLODQ@STQD

RTODQHNQH@H¦""eĠHK

QHRBGHNCHTRSHNMDPT@KNQ@UH

RH@MNSDLODQ@STQDHMTRBHS@

RTODQHNQH@H¦"

2@QĐONRRHAHKDHLONRS@QDPT@KRH@RH

SDLODQ@STQ@QHBGHDRS@CDKKe@BPT@HMTRBHS@

@KRDKDSSNQDCDKK@SDLODQ@STQ@C@SNBGD

OTŁDRRDQDQDFNK@SNHMLNCNSNS@KLDMSD

EKDRRHAHKDC@¦"OQNSDYHNMD@MSHFDKN

EHMN@, 7

,7$/,$12



(KRDKDSSNQDCHSDLODQ@STQ@

CNUQDAADDRRDQDQHLNRRN

TMHB@LDMSDC@TMSDBMHBN

PT@KHEHB@SN

RDBNMC@CDKK@RS@FHNMDK@

U@QH@YHNMDCDKKDSDLODQ@STQD

CDKKe@BPT@EQDCC@OTŁONQS@QD

@UNKTLHCHUDQRH@KHUDKKNCH

@BPT@LHRS@DTRBHS@

%TMYHNM@LDMSN

#NON@UDQQDFNK@SNK@SDLODQ@STQ@RTK

U@KNQDCDRHCDQ@SNKeDKDLDMSNQHRB@KC@MSD

RB@KCDQĐKe@BPT@@KKeHMSDQMNCDKRDQA@SNHN

EHMN@BGDK@SDLODQ@STQ@CDKKe@BPT@MNM

Q@FFHTMFDQĐHKU@KNQDCDKKeHLONRS@YHNMDONH

HKQHRB@KC@SNQDO@RRDQĐHMRS@SN.%%

#NONBGDKe@BPT@@KKeHMSDQMNCDKRDQA@SNHN

RHR@QĐQ@EEQDCC@S@DCNONBGDK@

SDLODQ@STQ@R@QĐHMEDQHNQDQHRODSSN@PTDKK@

HLONRS@S@HKOQNBDRRNCHQHRB@KC@LDMSN

HMHYHDQĐMTNU@LDMSD@ETMYHNM@QDD

QHRB@KCDQĐKe@BPT@@KKeHMSDQMNCDKRDQA@SNHN

(KETMYHNM@LDMSNRHQHODSDQĐHMLNCN

BNMSHMTNEHMN@BGDK@RNQFDMSDDKDSSQHB@

R@QĐBNKKDF@S@@KQHRB@KC@SNQDCDKKe@BPT@

/4+(9( $, -43$-9(.-$

33$-9(.-$ũ

3TSSHFKHHMSDQUDMSHCH

QHO@Q@YHNMDDL@MTSDMYHNMD

CDUNMNDRRDQDDRDFTHSHC@H

SDBMHBH@TSNQHYY@SH

CDKKe@RRHRSDMY@BKHDMSH

SSHU@QD@HMSDQU@KKHQDFNK@QHK@

U@KUNK@CHRHBTQDYY@ODQ

DUHS@QMDHKAKNBB@FFHN@C

DRDLOHNBNMCDONRHSHCH

B@KB@QD

+D@MNL@KHDCHETMYHNM@LDMSN

CDKKe@OO@QDBBGH@STQ@CNUQDAADQNDRRDQD

QHO@Q@SDHLLDCH@S@LDMSDODQF@Q@MSHQDTM

BNQQDSSNETMYHNM@LDMSN

/DQK@OTKHYH@R@QĐONRRHAHKDTR@QDTM

O@MMNRNEEHBDNTM@ROTFM@A@FM@S@

/DQKDNODQ@YHNMHCHOTKHYH@MNMĠ

BNMRDMSHSNTR@QDRNKUDMSH

, -43$-9(.-$

33$-9(.-$ũ

/QHL@CHHMSDQUDMHQD

RTKKe@OO@QDBBGH@STQ@

RBNKKDF@QDSTSSHHONKH

CDKKe@OO@QDBBGH@STQ@

C@KKe@KHLDMS@YHNMD

(KQHRB@KC@SNQDCDKKe@BPT@MNMQHBGHDCD

MDRRTM@L@MTSDMYHNMDRODBH@KD+e@RS@

CDKKe@MNCN@HTS@@OQNSDFFDQDHKRDQA@SNHN

C@KK@BNQQNRHNMD RDBNMC@CDKKD

BNMCHYHNMHCDKKe@BPT@Ke@RS@CDKKe@MNCNHM

L@FMDRHNONSQDAADCNUDQDRRDQDRNRSHSTHS@

NFMH@MMH+@BNQQNRHNMDF@KU@MHB@DC

DKDSSQNKHSHB@OTŁC@MMDFFH@QDHKRDQA@SNHNRD

Ke@RS@CDKKe@MNCNRHĠTRTQ@S@#HMNQL@

Ke@BPT@BGDBNMSHDMDQTFFHMDĠTM

HMCHB@SNQDCHTMe@RS@CDKKe@MNCNTRTQ@S@

0T@KNQ@UHRH@@BPT@BNMSQ@BBDCHQTFFHMD

R@QĐMDBDRR@QHNQHUNKFDQRHHLLDCH@S@LDMSD

@OQNEDRRHNMHRSHPT@KHEHB@SHODQDKHLHM@QD

Ke@RS@CDKKe@MNCNDRNRSHSTHQK@NUD

MDBDRR@QHN

5HRNMN@KBTMHOTMSHC@UDQHEHB@QDHME@RDCH

DRDBTYHNMDCDKK@L@MTSDMYHNMDQHBGHDRS@

ODQPTDRS@@OO@QDBBGH@STQ@

"NMSQNKKNCDKK@U@KUNK@CH

RHBTQDYY@

"NMSQNKK@QD@HMSDQU@KKHQDFNK@QHHK

ETMYHNM@LDMSNCDKK@U@KUNK@CHRHBTQDYY@

2B@QHBNCDKKe@OO@QDBBGH@STQ@

33$-9(.-$ũ

+e@BPT@B@KC@ONSQDAAD

ETNQHTRBHQDCTQ@MSDHK

OQNBDRRNCHRB@QHBN

ZZZHOHFWUROX[FRP

2B@QHB@QDKe@OO@QDBBGH@STQ@SQ@LHSDH

BNMMDSSNQH

 ODQSTQ@

CDKKe@OO@QDBBGH@STQ@

 $RSQ@QQDHKRDKDSSNQDCHSDLODQ@STQ@D

Ke@MDKKNCHKHLHS@YHNMD

 1HLTNUDQDKDUHSHC@KKe@KKNFFH@LDMSN

 OQHQDHKBNODQBGHN

CDKKe@OO@QDBBGH@STQ@FHQ@MCNHK

BNODQBGHNUDQRNKe@KSNDONH

QHLTNUDMCNKN

 1HLTNUDQDK@RDLHRBNBB@CH

HRNK@LDMSNRTODQHNQDNUDMDBDRR@QHN

(LONRS@YHNMDCDKKHLHSDCDKK@

SDLODQ@STQ@



MDKKNCHKHLHS@YHNMD



¦"



¦"



¦"

"NKKNB@QDKe@MDKKNCHKHLHS@YHNMDCHDSQN@K

RDKDSSNQDCDKK@SDLODQ@STQ@BNMRDMSDCH

KHLHS@QDKeHMSDQU@KKNCHQDFNK@YHNMDCDK

RDKDSSNQDSDLODQ@STQ@RTTM@SDLODQ@STQ@

L@RRHL@RODBHEHB@

 1TNS@QDHKRDKDSSNQDCHSDLODQ@STQ@RT

YDQNHMRDMRNNQ@QHNBNLOKDS@LDMSD

EHMN@ŭŭ

 $RSQ@QQDHKRDKDSSNQDCHSDLODQ@STQ@D

Ke@MDKKNCHKHLHS@YHNMD

 /QDLDQDKe@MDKKNCHKHLHS@YHNMDBNM

KeHLONRS@YHNMDL@RRHL@QHBGHDRS@RTK

BNODQBGHNCDKKe@OO@QDBBGH@STQ@

 (MRS@KK@QDHKRDKDSSNQDCDKK@SDLODQ@STQ@

HLONRS@SNRTYDQNŭŭ

 SSHU@QDKeHMSDQQTSSNQDCH

RHBTQDYY@KHLHSDDKDU@SN

 OQHQDKe@OO@QDBBGH@STQ@

 $RSQ@QQDKe@C@SS@SNQD

 /QDLDQDHKOTKR@MSDCHQDRDS

RTKKeHMSDQQTSSNQDCHRHBTQDYY@KHLHSD

DKDU@SN

 (MRDQHQDKe@C@SS@SNQD

 "GHTCDQDHKBNODQBGHN

CDKKe@OO@QDBBGH@STQ@

 (MRDQHQDKe@MDKKNCHKHLHS@YHNMDDHK

RDKDSSNQDCDKK@SDLODQ@STQ@

,7$/,$12





/TKR@MSDCHQDRDSHMSDQQTSSNQDCH

RHBTQDYY@KHLHSDDKDU@SN



C@SS@SNQD

1HLNYHNMDCDKQHRB@KC@SNQD@

HLLDQRHNMDRTEK@MFH@DCDK

BNMSQNKKDQCDKK@SDLODQ@STQ@

HMSDQQTSSNQDCHRHBTQDYY@KHLHSD

DKDU@SN



"NMSQNKKDQCHSDLODQ@STQ@BNLAHM@SN

HMSDQQTSSNQDCHRHBTQDYY@KHLHSDDKDU@SN



1HRB@KC@SNQD@HLLDQRHNMDRTEK@MFH@

 1HLTNUDQDHKBNMSQNKKDQCHSDLODQ@STQ@

BNLAHM@SNHMSDQQTSSNQDCHRHBTQDYY@

KHLHSDDKDU@SNC@KQHRB@KC@SNQD@

HLLDQRHNMDRTEK@MFH@

 1HLTNUDQDHKQHRB@KC@SNQD@HLLDQRHNMD

RTEK@MFH@

1HLNYHNMDCDKKe@MNCNCH

OQNSDYHNMD



MNCNCHOQNSDYHNMD

1HLTNUDQDKe@MNCNCHOQNSDYHNMD

(MRDQHLDMSNCDKQHRB@KC@SNQD

@HLLDQRHNMDRTEK@MFH@DCDK

BNMSQNKKDQCDKK@SDLODQ@STQ@

HMSDQQTSSNQDCHRHBTQDYY@KHLHSD

DKDU@SN

 (MRDQHQDHKQHRB@KC@SNQD@HLLDQRHNMDRT

EK@MFH@MDKKe@ODQSTQ@CDKBHKHMCQNEHMNHM

ENMCN

 /QDLDQDHKBNMSQNKKDQCHSDLODQ@STQ@

BNLAHM@SNKeHMSDQQTSSNQDCHRHBTQDYY@

KHLHSDDKDU@SNMDKQHRB@KC@SNQD@

HLLDQRHNMDRTEK@MFH@EHMNHMENMCN

 KKHMD@QDHKQHRB@KC@SNQD@HLLDQRHNMD

RTEK@MFH@DHKBNMSQNKKDQCHSDLODQ@STQ@

BNLAHM@SNKeHMSDQQTSSNQDCHRHBTQDYY@

KHLHSDDKDU@SNBNMENQLDLDMSD@KKN

RBGDL@

 1(2.+49(.-$#$(/1.!+$,(

KBTMHOQNAKDLHRNMNKDF@SH@KK@L@MB@MY@

CHRDLOKHBDL@MTSDMYHNMDNRTODQUHRHNMD

R@QĐONRRHAHKDONQQDQHLDCHNRDMY@

BNMS@SS@QDHSDBMHBHCHRDQUHYHNOQHL@CH

ZZZHOHFWUROX[FRP

BNMS@SS@QDHKBDMSQN@RRHRSDMY@KNB@KD

HMUHSH@LN@DRDFTHQDHBNMSQNKKHCHRDFTHSN

HMCHB@SH

/QNAKDL@ "@TR@ 2NKTYHNMD

+e@OO@QDBBGH@STQ@MNMENQ

MHRBD@BPT@B@KC@

(KRDKDSSNQDCHSDLODQ@STQ@Ġ

HLONRS@SNRTŭŭ

""$-#$1$HKCHRONRHSHUN

QTNS@MCNHKRDKDSSNQDCHSDL

ODQ@STQ@

-NM@QQHU@BNQQDMSD@KKe@O

O@QDBBGH@STQ@

"NMSQNKK@QDK@OQDR@HETRH

AHKH@KKeHMSDQMNCDKONQS@ETRH

AHKH

+eHMSDQQTSSNQDCHRHBTQDYY@

KHLHSDDKDU@SNĠR@KS@SN

/NQQDQHLDCHN@KK@B@TR@CDK

FT@RSN.UDMDBDRR@QHN

RNRSHSTHQDHKBNMSQNKKDQCHSDL

ODQ@STQ@BNLAHM@SNKeHMSDQ

QTSSNQDCHRHBTQDYY@KHLHSDDK

DU@SN1DMCDQDNODQ@SHUN

KeHMSDQQTSSNQDCHRHBTQDYY@

KHLHSDDKDU@SNOQDLDMCNHK

OTKR@MSDCHQDRDSRTKKeHMSDQ

QTSSNQDCHRHBTQDYY@KHLHSDDK

DU@SNBEQB@OHSNKN

(KBNMSQNKKDQĠCHEDSSNRN

2NRSHSTHQDHKBNMSQNKKDQCH

SDLODQ@STQ@BNLAHM@SN

KeHMSDQQTSSNQDCHRHBTQDYY@

KHLHSDDKDU@SN

(KQHRB@KC@SNQD@HLLDQRHNMD

RTEK@MFH@ĠFT@RSN

2NRSHSTHQDHKQHRB@KC@SNQD@

HLLDQRHNMDRTEK@MFH@

+e@BPT@OTŁDRRDQD@ROHQ@

S@RNKN@UDKNBHSĐQHCNSS@

+e@DQ@SNQDMDKQTAHMDSSNĠ

HMBQNRS@SNCHB@KB@QDNRONQ

BN

$KHLHM@QDHKB@KB@QDRNRSH

STHQDKe@DQ@SNQD

%NQSHQTLNQHCHDANKKHYHNMD

@KKeHMSDQMNCDKKe@OO@QDBBGH@

STQ@

+e@OO@QDBBGH@STQ@ĠHMBQNR

S@S@CHB@KB@QD

1HUNKFDQRH@TMSDBMHBN

PT@KHEHB@SNODQE@QCHRHMBQNR

S@QDKe@OO@QDBBGH@STQ@

+e@BPT@FNBBHNK@C@KK@U@K

UNK@CHRHBTQDYY@CNONK@

E@RDCHQHRB@KC@LDMSN

+@U@KUNK@CHRHBTQDYY@ĠHM

BQNRS@S@NRONQB@

2ODFMDQDK@OO@QDBBGH@

STQ@3NFKHDQDOQDRRHNMD

C@KKe@OO@QDBBGH@STQ@RBNKKD

F@MCNK@C@KK@OQDR@CHBNQ

QDMSDDC@KKe@KHLDMS@YHNMD

HCQHB@1HUNKFDQRH@TMSDBMH

BNPT@KHEHB@SNODQE@QBNM

SQNKK@QDK@U@KUNK@CHRHBTQDY

Y@

/DQCHSDCH@BPT@

(BNKKDF@LDMSHCDKK@RNQ

FDMSDHCQHB@@BPT@B@KC@N

@BPT@EQDCC@MNMG@MMN

FT@QMHYHNMH@CDFT@SD

2DQQ@QDHBNKKDF@LDMSHEHKDS

S@SH

,7$/,$12



0T@KNQ@MNMRH@ONRRHAHKD

ONQQDQHLDCHN@KFT@RSN

QHUNKFDQRH@TMSDBMHBN

PT@KHEHB@SN KEHMDCHE@BHKHS@QD

DUDKNBHYY@QDKeHMC@FHMD

ENQMHQDHRDFTDMSHMTLDQH

OQDRDMSHRTKK@S@QFGDSS@

CDKKe@OO@QDBBGH@STQ@

q /-"BHEQD

q 2-BHEQD

 # 3(3$"-("(

"@Q@SSDQHRSHBGDSDBMHBGD

100

$8$$$ $8$$$

' KSDYY@  

" +@QFGDYY@  

/QNENMCHSĐ  

2O@YHNKHADQNRTKK@

O@QSDRTODQHNQD

 

% KSDYY@  

2O@YH@STQ@ENQHHMNQ

HYYNMS@KD

 

3TANCHHMFQDRRND

STANCHTRBHS@

#HLDMRHNMHEHKDSS@

STQ@L@RBGHN

& &

3TSSDKDCHLDMRHNMHRNMNDROQDRRDHMLL

ZZZHOHFWUROX[FRP

2BGDL@DKDSSQHBN

-/$]5

#DSS@FKHRTKBNMRTLN

DMDQFDSHBN

(C@SHCDKOQNCNSSNRNMNBNMENQLH@KKD

MNQL@SHUD4$QDK@SHU@LDMSD@KK@#HQDSSHU@

RTKKeDBNCDRHFMCDHOQNCNSSHKDF@SH@KRDSSNQD

DMDQFDSHBN$Q/

$8$$$ $8$$$

/QNEHKNCHB@QHBN 772 772

"K@RRDCHDEEHBHDMY@DMDQFD

SHB@

$EEHBHDMY@CHBNMUDQRHNMD

DMDQFDSHB@

"NMRTLNCHBNQQDMSDFHNQ

M@KHDQNJ6G

 

"NMRTLNCHBNQQDMSD@MMT

@KDJ6G

 

(LONRS@YHNMDCHSDLODQ@

STQ@OQDCDEHMHS@¦"

 

+HUDKKNCDKK@ONSDMY@RNMNQ@

C! 

 

/DQHNCHMNMCHOHBBNONRRH

AHKH

-N -N

3@ADKK@C@SH

$8$$$ $8$$$

#@SHHCQ@TKHBH

"@O@BHSĐMNLHM@KD+  

5NKTLDCe@BPT@LHRSN

@¦"+

 

,7$/,$12





$8$$$ $8$$$

#@SHDKDSSQHBH

3DMRHNMDMNLHM@KD5 

/NSDMY@MNLHM@KDHM

TRBHS@J6



"NQQDMSDMNLHM@KD  

5@KNQDMNLHM@KD,"!

ETRHAHKD 



%@RH -/$

%QDPTDMY@'Y 

+HLHSH@OOKHB@YHNMD

&@LL@CHHLONRS@

YHNMDSDLODQ@STQ@¦"



/QDRRHNMDL@RRHL@

@LLHRRHAHKD,/@



/QDRRHNMDCHHMFQDRRN

@BPT@LHMHL@,/@



/QDRRHNMDCHHMFQDRRN

@BPT@L@RRHL@,/@



/NQS@S@L@RRHL@+

LHM



#@SHDMDQFDSHBH

"NMRTLNDMDQFDSHBNHM

RS@MCAXG@¦"

J6G

 

"K@RRDCHDEEHBHDMY@DM

DQFDSHB@

5DQRHNMH

"K@RRHEHB@YHNMD(/ (/#

3HONCHHMRS@KK@YHNMD 2NSSN@KK@UDKKN

3HON 2HFHKK@SNMNMUDMSHK@SN

,@SDQH@KDCDKBHKHMCQNHM

SDQMN

BBH@HNRL@KS@SN

,@SDQH@KDHRNK@LDMSN

SDQLHBN

$/2

,@SDQH@KDCDKKe@KKNFFH@

LDMSN

ZZZHOHFWUROX[FRP

$8$$$ $8$$$

"NKNQD !H@MBN

#HLDMRHNMH

/QNENMCHSĐLL  

KSDYY@LL  

+@QFGDYY@LL  

/DRH

/DRNJF  

 ".-2(#$1 9(.-(24++e ,!($-3$

1HBHBK@QDHL@SDQH@KHBNMHKRHLANKN 

!TSS@QDKeHLA@KK@FFHNMDFKH@OONRHSH

BNMSDMHSNQHODQHKQHBHBK@FFHN HTS@QD@

OQNSDFFDQDK@LAHDMSDDK@R@KTSDTL@M@D

@QHBHBK@QDQHEHTSHCDQHU@MSHC@

@OO@QDBBGH@STQDDKDSSQHBGDDCDKDSSQNMHBGD

-NMRL@KSHQDKD@OO@QDBBGH@STQDBGD

QHONQS@MNHKRHLANKN

HMRHDLD@HMNQL@KH

QHEHTSHCNLDRSHBH/NQS@QDHKOQNCNSSN@K

OTMSNCHQHBHBK@FFHNOHŔUHBHMNNBNMS@SS@QD

HKBNLTMDCHQDRHCDMY@

,7$/,$12



63,675(Ĝ&,

,1)250$&-('27<&=Æ&(%(=3,(&=(ą67:$ 

:6.$=:.,'27<&=Æ&(%(=3,(&=(ą67:$ 

,167$/$&-$

3$1(/67(52:$1,$

8Ľ<7.2:$1,( 

.216(5:$&-$,&=<6=&=(1,( 

.216(5:$&-$ 

52=:,Æ=<:$1,(352%/(0: 

'$1(7(&+1,&=1(

=0<Ĝ/Æ272%,(

']LÛNXMHP\]D]DNXSXU]ÇG]HQLD(OHFWUROX[-HVWRQRRZRFHPG]LHVLÛFLROHFL

GRĝZLDGF]HĆLLQQRZDFML7RSRP\VĄRZHLVW\ORZHXU]ÇG]HQLH]RVWDĄR

]DSURMHNWRZDQH]P\ĝOÇR7RELH8ľ\WNXMÇFMHPRľHV]PLHÉ]DZV]HSHZQRĝÉ

X]\VNDQLDZVSDQLDĄ\FKHIHNWµZ

:LWDP\ZĝZLHFLHPDUNL(OHFWUROX[

=DSUDV]DP\QDQDV]ÇZLWU\QÛLQWHUQHWRZÇDE\

2WU]\PDÉZVND]µZNLGRW\F]ÇFHXľ\WNRZDQLDEURV]XU\SRPRFZ

UR]ZLÇ]\ZDQLXSUREOHPµZRUD]LQIRUPDFMHGRW\F]ÇFHVHUZLVX

ZZZHOHFWUROX[FRPZHEVHOIVHUYLFH

=DUHMHVWURZDÉVZµMSURGXNWLXSURĝFLÉMHJRREVĄXJÛVHUZLVRZÇ

ZZZUHJLVWHUHOHFWUROX[FRP

1DE\ÉDNFHVRULDPDWHULDĄ\HNVSORDWDF\MQHLRU\JLQDOQHF]ÛĝFL]DPLHQQHGR

VZRMHJRXU]ÇG]HQLD

ZZZHOHFWUROX[FRPVKRS

2%6ă8*$./,(17$

=DOHFDP\VWRVRZDQLHRU\JLQDOQ\FKF]ÛĝFL]DPLHQQ\FK

.RQWDNWXMÇFVLÛ]DXWRU\]RZDQ\PFHQWUXPVHUZLVRZ\PQDOHľ\SU]\JRWRZDÉ

SRQLľV]HGDQHPRGHOQXPHUSURGXNWXQXPHUVHU\MQ\

6WRVRZQHLQIRUPDFMHPRľQD]QDOHļÉQDWDEOLF]FH]QDPLRQRZHM

2VWU]HľHQLH3U]HVWURJDದ,QIRUPDFMHGRW\F]ÇFHEH]SLHF]HĆVWZD

2JµOQHLQIRUPDFMHLZVND]µZNL

,QIRUPDFMHGRW\F]ÇFHĝURGRZLVNDQDWXUDOQHJR

3URGXFHQW]DVWU]HJDVRELHPRľOLZRĝÉZSURZDG]HQLD]PLDQEH]ZF]HĝQLHMV]HJR

SRZLDGRPLHQLD

ZZZHOHFWUROX[FRP

 ,1)250$&-('27<&=Æ&(%(=3,(&=(ą67:$

3U]HGSU]\VWÇSLHQLHPGRLQVWDODFMLLUR]SRF]ÛFLHP

HNVSORDWDFMLXU]ÇG]HQLDQDOHľ\XZDľQLH]DSR]QDÉVLÛ]

]DĄÇF]RQÇLQVWUXNFMÇREVĄXJL3URGXFHQWQLHRGSRZLDGD

]DXV]NRG]HQLDLREUDľHQLDFLDĄDVSRZRGRZDQH

QLHSUDZLGĄRZÇLQVWDODFMÇLHNVSORDWDFMÇ1DOHľ\

]DFKRZDÉLQVWUXNFMÛZUD]]XU]ÇG]HQLHPGR

Z\NRU]\VWDQLDZSU]\V]ĄRĝFL

%H]SLHF]HĆVWZRG]LHFLLRVµERRJUDQLF]RQ\FK

]GROQRĝFLDFKUXFKRZ\FKVHQVRU\F]Q\FKOXE

XP\VĄRZ\FK

ವ 8U]ÇG]HQLHPRJÇREVĄXJLZDÉG]LHFLSRXNRĆF]HQLX

µVPHJRURNXľ\FLDRUD]RVRE\RRJUDQLF]RQ\FK

]GROQRĝFLDFKIL]\F]Q\FKVHQVRU\F]Q\FKOXE

XP\VĄRZ\FKDWDNľHQLHSRVLDGDMÇFHRGSRZLHGQLHM

ZLHG]\OXEGRĝZLDGF]HQLDMHĝOLEÛGÇRQH

QDG]RURZDQHOXE]RVWDQÇSRLQVWUXRZDQHZ]DNUHVLH

EH]SLHF]QHJRNRU]\VWDQLD]XU]ÇG]HQLDRUD]EÛGÇ

ĝZLDGRPH]ZLÇ]DQ\FK]W\P]DJURľHĆ

ವ 1LHQDOHľ\SR]ZDODÉDE\G]LHFLEDZLĄ\VLÛ

XU]ÇG]HQLHP

ವ :V]\VWNLHHOHPHQW\RSDNRZDQLDQDOHľ\

SU]HFKRZ\ZDÉSR]D]DVLÛJLHPG]LHFL

ವ -HĝOLXU]ÇG]HQLHMHVWZ\SRVDľRQHZEORNDGÛ

XUXFKRPLHQLDOXEIXQNFMÛNWµUDSR]ZDODWUZDOH

RJUDQLF]\ÉSR]LRPWHPSHUDWXU\]DOHFDVLÛMHM

ZĄÇF]HQLH

ವ &]\V]F]HQLHPLNRQVHUZDFMÇQLHPRJÇ]DMPRZDÉVLÛ

G]LHFLEH]QDG]RUXGRURVĄ\FK

ವ ']LHFLSRQLľHMURNXľ\FLDQLHSRZLQQ\]QDMGRZDÉVLÛ

ZSREOLľXXU]ÇG]HQLDMHĝOLQLHVÇSRGVWDĄ\P

QDG]RUHP

2JµOQH]DVDG\EH]SLHF]HĆVWZD

ವ %DUG]RZDľQHMHVW]DFKRZDQLHQLQLHMV]HMLQVWUXNFML

ZUD]]XU]ÇG]HQLHPDE\PRľQDE\ĄR]QLHMVNRU]\VWDÉ

32/6., 

ZSU]\V]ĄRĝFL:UD]LHVSU]HGDľ\OXESU]HND]DQLD

XU]ÇG]HQLDLQQHPXXľ\WNRZQLNRZLEÇGļZUD]LH

SU]HSURZDG]NLLSR]RVWDZLHQLDXU]ÇG]HQLDZ

GRW\FKF]DVRZ\PPLHMVFXQDOHľ\SDPLÛWDÉR

SU]HND]DQLXQRZHPXXľ\WNRZQLNRZLLQVWUXNFMLREVĄXJL

DE\PµJĄ]DSR]QDÉVLÛ]]DVDGDPLG]LDĄDQLD

XU]ÇG]HQLDLVWRVRZQ\PLRVWU]HľHQLDPL

ವ 3UDZLGĄRZHG]LDĄDQLHXU]ÇG]HQLD]DOHľ\QLHW\ONRRG

MHJRMDNRĝFLDOHWDNľHRGSUDZLGĄRZHMLQVWDODFML

SU]HSURZDG]RQHMSU]H]Z\NZDOLILNRZDQHJR

VSHFMDOLVWÛ

ವ 1LHZROQRXVXZDÉDQLQLV]F]\ÉQDNOHMHNHW\NLHW

RVWU]HJDZF]\FKOXEWDEOLF]HN]QDPLRQRZ\FK

SU]\PRFRZDQ\FKGRXU]ÇG]HQLD

ವ :\NZDOLILNRZDQ\VSHFMDOLVWDLQVWDOXMÇF\XU]ÇG]HQLH

MHVW]RERZLÇ]DQ\GRSU]HVWU]HJDQLDRGSRZLHGQLFK

NUDMRZ\FKSU]HSLVµZGRW\F]ÇF\FKSRGĄÇF]DQLD

V\VWHPµZGRSURZDG]DMÇF\FKZRGÛGRVLHFL

HOHNWU\F]QHM3URGXFHQWQLHSRQRVLRGSRZLHG]LDOQRĝFL

]DQLHSURIHVMRQDOQÇOXEQLHSUDZLGĄRZÇLQVWDODFMÛ

XU]ÇG]HQLD

ವ 1DOHľ\VSUDZG]LÉF]\SDUDPHWU\SRGDQHQDWDEOLF]FH

]QDPLRQRZHMXU]ÇG]HQLDVÇ]JRGQH]SDUDPHWUDPL

SRGĄÇF]DQHJR]DVLODQLDHOHNWU\F]QHJR

ವ 8U]ÇG]HQLH]RVWDĄRZ\SURGXNRZDQHLSU]HWHVWRZDQH

]JRGQLH]RERZLÇ]XMÇF\PLSU]HSLVDPL

ವ 5RERF]HFLĝQLHQLHZRG\PLQLPDOQHLPDNV\PDOQH

PXVL]DZLHUDÉVLÛZJUDQLFDFKRGEDUD03D

GREDUµZ03D

ವ $E\XQLNQÇÉSRSDU]HQLDSRGF]DVNRU]\VWDQLD]

SRGJU]HZDF]DZRG\QDOHľ\]DZV]HVSUDZG]LÉL

RGSRZLHGQLRZ\UHJXORZDÉWHPSHUDWXUÛZRG\SU]HGMHM

Xľ\FLHP

:SU]\SDGNXZ\VWÇSLHQLDXVWHUNLWHPSHUDWXUD

ZRG\ZV\VWHPLHPRľHQDNUµWNRZ]URVQÇÉGR

r&

ZZZHOHFWUROX[FRP

,QIRUPDFMHRVSHFMDOQ\P]QDF]HQLX

ವ :SU]\SDGNXVWDĄHJRSRGĄÇF]HQLDXU]ÇG]HQLDGR

]DVLODQLD]Z\NRU]\VWDQLHPRGG]LHOQHMVNU]\QNL

SU]\ĄÇF]RZHMQDOHľ\]DVWRVRZDÉZ\ĄÇF]QLN

XPRľOLZLDMÇF\RGĄÇF]HQLHZV]\VWNLFKELHJXQµZSU]\

UR]ZDUFLXVW\NµZZ\QRV]ÇF\PFRQDMPQLHMPP

ವ :\PLDQ\SU]HZRGX]DVLODMÇFHJRQSZUD]LHMHJR

XV]NRG]HQLDPRľHGRNRQDÉZ\ĄÇF]QLHXSRZDľQLRQ\

SU]H]SURGXFHQWDZ\NZDOLILNRZDQ\VSHFMDOLVWD

Xľ\ZDMÇFRU\JLQDOQHMF]ÛĝFL]DPLHQQHM

ವ =DEH]SLHF]\ÉXU]ÇG]HQLHMDNRSLVDQRZUR]G]LDOH

ವ 3U]HVWU]HJDÉPDNV\PDOQHMGRSXV]F]DOQHMZDUWRĝFL

FLĝQLHQLDSDWU]UR]G]LDĄ

ವ 6SRVµERSUµľQLDQLDXU]ÇG]HQLDRSLVDQRZUR]G]LDOH



ವ 8U]ÇG]HQLHSUDFXMHSRGFLĝQLHQLHP3RGF]DVSURFHVX

RJU]HZDQLD]]DZRUXEH]SLHF]HĆVWZDPRľHZ\SĄ\ZDÉ

QDGPLDUZRG\

ವ 1DOHľ\UHJXODUQLHXUXFKDPLDÉ]DZµUEH]SLHF]HĆVWZD

DE\]DSRELHFMHJR]DEORNRZDQLXQSSU]H]RVDG]DMÇF\

VLÛNDPLHĆ

ವ 1DSU]HZRG]LHGRSURZDG]DMÇF\P]LPQÇZRGÛQDOHľ\

]DLQVWDORZDÉ]DZµUEH]SLHF]HĆVWZD]FHUW\ILNDWHP

EDGDQLDW\SX=DOHľQLHRGFLĝQLHQLDGRSURZDG]DQHM

ZRG\PRľHE\ÉUµZQLHľNRQLHF]QH]DVWRVRZDQLH

]DZRUXUHGXNF\MQHJR

ವ 'RVWRVRZDÉUR]PLDUSU]HZRGXRGSĄ\ZRZHJRWDNDE\

XPRľOLZLÉVZRERGQ\Z\SĄ\ZZRG\SU]\SHĄQ\P

RWZDUFLX]DZRUXEH]SLHF]HĆVWZD

ವ 3U]HZµGRGSĄ\ZRZ\]DZRUXEH]SLHF]HĆVWZDSRZLQLHQ

E\ÉSRSURZDG]RQ\SRGNÇWHPZGµĄZ

SRPLHV]F]HQLXZNWµU\PWHPSHUDWXUDQLHVSDGD

SRQLľHMr&

ವ 'RSU]HZRGXRGSĄ\ZRZHJR]DZRUXEH]SLHF]HĆVWZD

PXVLE\É]DSHZQLRQ\GRSĄ\ZSRZLHWU]D

32/6., 

 :6.$=:.,'27<&=Æ&(%(=3,(&=(ą67:$

,QVWDODFMD

ವ 3RVWÛSRZDÉ]JRGQLH]LQVWUXNFMÇ

LQVWDODFMLGRĄÇF]RQÇGRXU]ÇG]HQLD

ವ 8VXQÇÉZV]\VWNLHHOHPHQW\

RSDNRZDQLD

ವ 1LHLQVWDORZDÉDQLQLHXľ\ZDÉ

XV]NRG]RQHJRXU]ÇG]HQLD

ವ 3U]HGSLHUZV]\PXUXFKRPLHQLHP

XU]ÇG]HQLDVSUDZG]LÉF]\QLH]RVWDĄR

RQRXV]NRG]RQHSRGF]DVWUDQVSRUWX

ವ 1LHZROQRXVXZDÉDQLQLV]F]\É

QDNOHMHNHW\NLHWRVWU]HJDZF]\FKOXE

WDEOLF]HN]QDPLRQRZ\FK

SU]\PRFRZDQ\FKGRXU]ÇG]HQLD

3RGĄÇF]HQLHGRVLHFL

ZRGRFLÇJRZHM

ವ 1DOHľ\XZDľDÉDE\QLHXV]NRG]LÉ

ZÛľ\ZRGQ\FK

ವ 8U]ÇG]HQLHQDOHľ\SRGĄÇF]\ÉGR

LQVWDODFMLZRGRFLÇJRZHM]DSRPRFÇ

RGSRZLHGQLHJR]HVWDZXZÛľ\

ವ 3U]HGSRGĄÇF]HQLHPXU]ÇG]HQLDGR

QRZ\FKUXUOXEGRUXUNWµU\FKQLH

Xľ\ZDQRSU]H]GĄXľV]\F]DVQDOHľ\

]DSHZQLÉSU]HSĄ\ZZRG\LRGF]HNDÉ

DľEÛG]LHRQDF]\VWD

ವ 3U]\SLHUZV]\PXUXFKRPLHQLX

XU]ÇG]HQLDQDOHľ\VSUDZG]LÉF]\QLH

PDZ\FLHNµZ

3RGĄÇF]HQLHGRVLHFL

HOHNWU\F]QHM

2675=(Ƽ(1,(

:\VWÛSXMH]DJURľHQLH

SRľDUHPLSRUDľHQLHP

SUÇGHPHOHNWU\F]Q\P

:V]\VWNLHSRĄÇF]HQLD

HOHNWU\F]QHLF]\QQRĝFL

LQVWDODF\MQHQDOHľ\Z\NRQDÉ

]JRGQLH]RGSRZLHGQLPL

SU]HSLVDPL

ವ 8U]ÇG]HQLHPXVLE\ÉX]LHPLRQH

ವ 1DOHľ\XSHZQLÉVLÛľHLQIRUPDFMHR

SRGĄÇF]HQLXHOHNWU\F]Q\PSRGDQHQD

WDEOLF]FH]QDPLRQRZHMVÇ]JRGQH]

SDUDPHWUDPLLQVWDODFML]DVLODMÇFHM:

SU]HFLZQ\PUD]LHQDOHľ\

VNRQWDNWRZDÉVLÛ]DXWRU\]RZDQ\P

FHQWUXPVHUZLVRZ\POXEHOHNWU\NLHP

ವ

8SHZQLÉVLÛľHXU]ÇG]HQLHMHVW

SUDZLGĄRZR]DLQVWDORZDQH/XļQ\OXE

QLHZĄDĝFLZ\SU]HZµG]DVLODMÇF\EÇGļ

ZW\F]NDMHĝOLGRW\F]\PRľHE\É

SU]\F]\QÇSU]HJU]DQLDVW\NµZ

ವ 1LHVWRVRZDÉUR]JDĄÛļQLNµZDQL

SU]HGĄXľDF]\

ವ 1DOHľ\XZDľDÉDE\QLHXV]NRG]LÉ

ZW\F]NLMHĝOLGRW\F]\DQLSU]HZRGX

]DVLODMÇFHJR:\PLDQÛXV]NRG]RQHJR

SU]HZRGX]DVLODMÇFHJRQDOHľ\]OHFLÉ

DXWRU\]RZDQHPXFHQWUXP

VHUZLVRZHPXOXEZ\NZDOLILNRZDQHPX

HOHNWU\NRZL

ವ :LQVWDODFMLHOHNWU\F]QHMQDOHľ\

]DVWRVRZDÉZ\ĄÇF]QLNREZRGX

XPRľOLZLDMÇF\RGĄÇF]HQLHXU]ÇG]HQLD

RG]DVLODQLDQDZV]\VWNLFKELHJXQDFK

:\ĄÇF]QLNREZRGXPXVLPLHÉ

UR]ZDUFLHVW\NµZZ\QRV]ÇFH

PLQLPXPPP

:UD]LHSRWU]HE\QDOHľ\

Xľ\ÉRGSRZLHGQLHJRJQLD]GD

OXEDGDSWHUDGRZW\F]NL]H

VW\NDPLX]LHPLDMÇF\PL

'RSRGJU]HZDF]DZRG\

PXVLE\ÉSRGĄÇF]RQ\

SU]HZµGRFKURQQ\

2]QDF]HQLH&(

2]QDF]HQLH&(SRWZLHUG]DľH

XU]ÇG]HQLHVSHĄQLDQDMZDľQLHMV]H

Z\PRJL

ವ '\UHNW\Z\QLVNRQDSLÛFLRZHM

ವ '\UHNW\Z\NRPSDW\ELOQRĝFL

HOHNWURPDJQHW\F]QHM

ವ '\UHNW\Z\5R+6

ZZZHOHFWUROX[FRP

 ,167$/$&-$

6WDQGDUGRZHZ\SRVDľHQLH

'RXU]ÇG]HQLDGRĄÇF]RQHVÇQDVWÛSXMÇFH

HOHPHQW\Z\SRVDľHQLD

ವ 8FKZ\WĝFLHQQ\

8PLHMVFRZLHQLH

7RKHUPHW\F]QLH]DPNQLÛWH

XU]ÇG]HQLHFLĝQLHQLRZHEH]

RGSRZLHWU]HQLDQDGDMHVLÛ

Z\ĄÇF]QLHGRPRQWDľXSRG

]OHZHP8U]ÇG]HQLHMHVW

SU]H]QDF]RQHGR

RJU]HZDQLD]LPQHMZRG\

GRVWDUF]DQHMGRMHGQHJROXE

NLONXSXQNWµZSRERUX

8U]ÇG]HQLHPRľQD]DLQVWDORZDÉ

Z\ĄÇF]QLH]Z\NRU]\VWDQLHP]DZRUX

ZRG\ZUD]]]DZRUHPEH]SLHF]HĆVWZD]

FHUW\ILNDWHPEDGDQLDW\SX

=DZµUEH]SLHF]HĆVWZD]FHUW\ILNDWHP

EDGDQLDW\SXFKURQLXU]ÇG]HQLHSU]HG

QDGPLHUQ\PZ]URVWHPFLĝQLHQLD

2675=(Ƽ(1,(

1LHZROQRLQVWDORZDÉ

XU]ÇG]HQLD

ವ

1DZROQ\PSRZLHWU]X

ವ :PLHMVFDFKJG]LH

WHPSHUDWXUDVSDGD

SRQLľHMr&]DPDU]DMÇFD

ZRGDPRľHVSRZRGRZDÉ

XV]NRG]HQLH

ZHZQÛWU]QHJR]ELRUQLNDL

SU]HZRGµZ

ವ :PLHMVFDFKJG]LHQLH

MHVWPRľOLZH

RGSURZDG]HQLHZRG\

1DOHľ\]DSHZQLÉĄDWZ\

GRVWÛSGRXU]ÇG]HQLDQD

SRWU]HE\NRQVHUZDFML

8U]ÇG]HQLHQDOHľ\]DLQVWDORZDÉZ

SRĄRľHQLXSLRQRZ\PLZSREOLľXSXQNWX

SRERUXZRG\

,QVWDODFMDXU]ÇG]HQLD

8U]ÇG]HQLHMHVWSU]H]QDF]RQHGR

LQVWDODFMLQDOLWHMĝFLDQLH1DOHľ\XSHZQLÉ

VLÛľHĝFLDQDPDRGSRZLHGQLÇQRĝQRĝÉ

8U]ÇG]HQLHQDOHľ\

]DLQVWDORZDÉZSRĄRľHQLX

SLRQRZ\PZ

SRPLHV]F]HQLXZNWµU\P

WHPSHUDWXUDQLHVSDGD

SRQLľHMr&LZSREOLľX

SXQNWXSRERUXZRG\

 =D]QDF]\ÉSXQNW\ZLHUFHQLDRWZRUµZ

QDĝFLDQLH

 :\ZLHUFLÉRWZRU\LXPLHĝFLÉZQLFK

RGSRZLHGQLHNRĄNLUR]SRURZH

 3U]\PRFRZDÉXFKZ\WĝFLHQQ\

RGSRZLHGQLPLĝUXEDPL

 =DZLHVLÉXU]ÇG]HQLHQDXFKZ\FLH

ĝFLHQQ\P

,QVWDODFMD]DZRUX

EH]SLHF]HĆVWZD

3RGJU]HZDF]HZRG\VÇSU]\VWRVRZDQH

GRSUDF\SRGPDNV\PDOQ\PFLĝQLHQLHP

QRPLQDOQ\PRZDUWRĝFL03D=JRGQLH]

QRUPÇ(1]DZµU

EH]SLHF]HĆVWZDPXVL]DSRELHJDÉ

SU]HNURF]HQLXZDUWRĝFLFLĝQLHQLD

QRPLQDOQHJRSRGJU]HZDF]DZRG\R

ZLÛFHMQLľ03D

:\PDJDQHMHVW]DVWRVRZDQLH]DZRUX

EH]SLHF]HĆVWZD]FHUW\ILNDWHPEDGDQLD

W\SX

32/6., 

 =DLQVWDORZDÉ]DZµUEH]SLHF]HĆVWZD

QDSU]HZRG]LH]DVLODQLD]LPQÇZRGÇ

 'RVWRVRZDÉUR]PLDUSU]HZRGX

RGSĄ\ZRZHJRWDNDE\XPRľOLZLÉ

VZRERGQ\Z\SĄ\ZZRG\SU]\SHĄQ\P

RWZDUFLX]DZRUXEH]SLHF]HĆVWZD

 3U]HZµGRGSĄ\ZRZ\]DZRUX

EH]SLHF]HĆVWZDSRZLQLHQE\É

SRSURZDG]RQ\SRGNÇWHPZGµĄZ

SRPLHV]F]HQLXZNWµU\P

WHPSHUDWXUDQLHVSDGDSRQLľHMr&

2675=(Ƽ(1,(

'RSU]HZRGXRGSĄ\ZRZHJR

]DZRUXEH]SLHF]HĆVWZD

PXVLE\É]DSHZQLRQ\

GRSĄ\ZSRZLHWU]D

-HĝOLFLĝQLHQLH

GRSURZDG]DQHMZRG\PD

ZDUWRĝÉZ\ľV]ÇQLľ

03DQDOHľ\]DLQVWDORZDÉ

]DZµUUHGXNF\MQ\SU]HG

]DZRUHPEH]SLHF]HĆVWZDQD

SU]HZRG]LH]DVLODQLD]LPQÇ

ZRGÇ

3RGĄÇF]HQLHGRVLHFL

ZRGRFLÇJRZHM

3RGĄÇF]\ÉXU]ÇG]HQLHGRVLHFL

ZRGRFLÇJRZHMLQVWDOXMÇF]DZµUZRG\

Z\ĄÇF]QLHZUD]]DZRUHP

EH]SLHF]HĆVWZD]JRGQLH]

RERZLÇ]XMÇF\PLSU]HSLVDPL

2GSRZLHGQLRGRSDVRZDÉR]QDF]HQLD

NRORU\VW\F]QHSRĄÇF]HĆPLÛG]\]DZRUHP

ZRG\DXU]ÇG]HQLHP

ವ

3UDZDVWURQDNRORUQLHELHVNL ZORW

]LPQHMZRG\

ವ /HZDVWURQDNRORUF]HUZRQ\ Z\ORW

FLHSĄHMZRG\

8ZDľDÉDE\SRGF]DV

LQVWDODFMLQLH]DJLÇÉZÛľ\

GRSURZDG]DMÇF\FK1LH

QDSUÛľDÉHOHPHQWµZ

SRGF]DVLQVWDODFML

 3$1(/67(52:$1,$



3RNUÛWĄRZ\ERUXWHPSHUDWXU\



.RQWURONDQDJU]HZDQLD

=DOHľQLHRGV\VWHPXU]HF]\ZLVWD

WHPSHUDWXUDPRľHUµľQLÉVLÛRG

XVWDZLRQHM

 =LPQDZRGD:W\PXVWDZLHQLX

XU]ÇG]HQLHMHVWFKURQLRQHSU]HG

G]LDĄDQLHPPUR]X=DZµUZRG\

SU]HZRG\GRSURZDG]DMÇFHZRGÛL]DZµU

EH]SLHF]HĆVWZDQLHVÇFKURQLRQH

0$; QDMZ\ľV]HXVWDZLHQLH

WHPSHUDWXU\

ZZZHOHFWUROX[FRP

 8Ľ<7.2:$1,(

1DSHĄQLDQLH

7RKHUPHW\F]QLH]DPNQLÛWH

XU]ÇG]HQLHFLĝQLHQLRZHEH]

RGSRZLHWU]HQLDMHVW

SU]H]QDF]RQHGR

RJU]HZDQLDZRG\Z

JRVSRGDUVWZDFKGRPRZ\FK

8U]ÇG]HQLHPRľH

GRVWDUF]DÉZRGÛGRMHGQHJR

OXEZLHOXSXQNWµZSRERUX

ZRG\

3R]DLQVWDORZDQLXSRGJU]HZDF]D

 2WZRU]\É]DZµUGRSURZDG]DMÇF\

ZRGÛ

 2WZRU]\ÉNXUHNFLHSĄHMZRG\

*G\SRGJU]HZDF]ZRG\]RVWDQLH

QDSHĄQLRQ\ZRGD]DF]QLHZ\SĄ\ZDÉ

FLÇJĄ\PVWUXPLHQLHP

 =DPNQÇÉNXUHNFLHSĄHMZRG\

 6SUDZG]LÉF]\QLHPDZ\FLHNµZ]

LQVWDODFML

 6SUDZG]LÉF]\]DZµU

EH]SLHF]HĆVWZDG]LDĄDSUDZLGĄRZR

2675=(Ƽ(1,(

1LHSRGĄÇF]DÉ

SRGJU]HZDF]DZRG\GR

JĄµZQHJRļUµGĄD]DVLODQLD

]DQLPQLH]RVWDQLH

FDĄNRZLFLHQDSHĄQLRQ\Z

SU]HFLZQ\PUD]LHPRľH

GRMĝÉGRXV]NRG]HQLD

JU]DĄNL

5HJXODFMDWHPSHUDWXU\

ZRG\

2675=(Ƽ(1,(

3RGF]DVSUDF\XU]ÇG]HQLD

]DZµUZRG\L]DZµU

EH]SLHF]HĆVWZDPRJÇ

RVLÇJQÇÉWHPSHUDWXUÛ

SRZ\ľHMr&*G\

WHPSHUDWXUDZRG\Z\ORWRZHM

SU]HNUDF]Dr&Z\VWÛSXMH

]DJURľHQLHSRSDU]HQLHP

7HPSHUDWXUÛZRG\Z\ORWRZHMPRľQD

XVWDZLÉSĄ\QQLHZ]DNUHVLHRGr&

]DEH]SLHF]HQLHSU]HGPUR]HPGR

ZDUWRĝFLPDNV\PDOQHM]DSRPRFÇ

SRNUÛWĄDZ\ERUXWHPSHUDWXU\

'HPRQWDľXSRNUÛWĄDZ\ERUX

WHPSHUDWXU\PRľHGRNRQDÉ

W\ONRZ\NZDOLILNRZDQ\

VSHFMDOLVWD

=PLHQLDMÇFDVLÛ]DOHľQLHRG

SRU\URNXWHPSHUDWXUD

]LPQHMZRG\PRľHPLHÉ

ZSĄ\ZQDREMÛWRĝÉZRG\

]PLHV]DQHMLZ\ORWRZHM

(NVSORDWDFMD

3RXVWDZLHQLXľÇGDQHMZDUWRĝFL

WHPSHUDWXU\JU]DĄNDEÛG]LHRJU]HZDÉ

ZRGÛZ]ELRUQLNXDľMHMWHPSHUDWXUD

RVLÇJQLHXVWDZLRQÇZDUWRĝÉSRF]\P

SRGJU]HZDF]SU]HĄÇF]\VLÛZVWDQ

Z\ĄÇF]HQLD

*G\ZRGDZ]ELRUQLNXVFKĄRG]LVLÛLMHM

WHPSHUDWXUDVSDGQLHSRQLľHMSR]LRPX

XVWDZLRQHMWHPSHUDWXU\SURFHV

RJU]HZDQLDUR]SRF]QLHVLÛRGQRZDZ

FHOXSRGQLHVLHQLDWHPSHUDWXU\ZRG\Z

]ELRUQLNX&]\QQRĝFLWHEÛGÇSRZWDU]DÉ

VLÛZVSRVµEFLÇJĄ\DXWRPDW\F]QLHWDN

GĄXJRMDNGĄXJRSRGJU]HZDF]ZRG\

EÛG]LHSRGĄÇF]RQ\GRļUµGĄD]DVLODQLD

32/6., 

 .216(5:$&-$,&=<6=&=(1,(

2675=(Ƽ(1,(

:V]HONLHF]\QQRĝFL

]ZLÇ]DQH]QDSUDZÇL

NRQVHUZDFMÇXU]ÇG]HQLD

SRZLQLHQZ\NRQ\ZDÉ

Z\NZDOLILNRZDQ\SUDFRZQLN

DXWRU\]RZDQHJRVHUZLVX

1DOHľ\UHJXODUQLH

XUXFKDPLDÉ]DZµU

EH]SLHF]HĆVWZDDE\

]DSRELHFMHJR]DEORNRZDQLX

QSSU]H]RVDG]DMÇF\VLÛ

NDPLHĆ

1DOHľ\QLH]ZĄRF]QLHXVXZDÉXVWHUNL

XU]ÇG]HQLDDE\]DSHZQLÉMHJR

SUDZLGĄRZHG]LDĄDQLH

8U]ÇG]HQLHPRľQDF]\ĝFLÉF]\VWÇ

PLÛNNÇĝFLHUHF]NÇOXEZLOJRWQÇJÇENÇ

'RF]\V]F]HQLDQLHZROQRXľ\ZDÉ

SUHSDUDWµZUR]SXV]F]DOQLNRZ\FK

 .216(5:$&-$

2675=(Ƽ(1,(

3U]HGSU]\VWÇSLHQLHPGR

MDNLFKNROZLHNSUDFZREUÛELH

XU]ÇG]HQLDQDOHľ\RGĄÇF]\É

ZV]\VWNLHELHJXQ\RG

]DVLODQLD

3RGJU]HZDF]ZRG\QLHZ\PDJD

VSHFMDOQHMNRQVHUZDFML3UÛWDQRGRZ\

FKURQL]ELRUQLNSU]HGNRUR]MÇ=DOHľQLH

RGZĄDĝFLZRĝFLZRG\PDJQH]RZ\SUÛW

DQRGRZ\PRľHZ\PDJDÉZ\PLDQ\FR

ODWD=Xľ\FLHSUÛWDDQRGRZHJRPRľH

VSRZRGRZDÉXV]NRG]HQLH]ELRUQLNDQD

VNXWHNNRUR]MLJDOZDQLF]QHML

HOHNWURFKHPLF]QHM2EMDZHP]Xľ\FLD

SUÛWDDQRGRZHJRMHVW]Z\NOHUG]DZ\

NRORUZRG\-HĝOLZRGDPDUG]DZ\NRORU

QDOHľ\QLH]ZĄRF]QLHVNRQWDNWRZDÉVLÛ]

DXWRU\]RZDQ\PSXQNWHPVHUZLVRZ\PZ

FHOXSU]HSURZDG]HQLDNRQWUROLSUÛWD

DQRGRZHJRLZUD]LHSRWU]HE\MHJR

Z\PLDQ\

:UDPDFKZ\PDJDQHMNRQVHUZDFML

QDOHľ\VSUDZG]LÉNLONDSXQNWµZ

NRQWUROQ\FKZXU]ÇG]HQLX

.RQWUROD]DZRUX

EH]SLHF]HĆVWZD

1DOHľ\UHJXODUQLHVSUDZG]DÉG]LDĄDQLH

]DZRUXEH]SLHF]HĆVWZD

2SUµľQLDQLHXU]ÇG]HQLD

2675=(Ƽ(1,(

3RGF]DVRSUµľQLDQLD

XU]ÇG]HQLDPRľH]QLHJR

Z\SĄ\ZDÉJRUÇFDZRGD

2SUµľQLÉXU]ÇG]HQLHSU]H]MHJR]ĄÇF]D

2WZLHUDQLHXU]ÇG]HQLD

 :\FLÇJQÇÉSRNUÛWĄRZ\ERUX

WHPSHUDWXU\LSLHUĝFLHĆ

RJUDQLF]DMÇF\

 :\NUÛFLÉĝUXE\]REXGRZ\

ZZZHOHFWUROX[FRP

 2WZRU]\ÉSRNU\ZÛXU]ÇG]HQLD

XQRV]ÇFMÇZJµUÛDQDVWÛSQLH]GMÇÉ

MÇ

 :UD]LHSRWU]HE\]GMÇÉJµUQÇF]ÛĝÉ

SRZĄRNLL]RODF\MQHM

8VWDZLDQLHOLPLWX

WHPSHUDWXU\



3LHUĝFLHĆRJUDQLF]DMÇF\



r&



r&



r&

8PLHV]F]HQLHSLHUĝFLHQLD

RJUDQLF]DMÇFHJR]DSRNUÛWĄHPZ\ERUX

WHPSHUDWXU\SR]ZDODRJUDQLF]\É]DNUHV

XVWDZLHĆSRNUÛWĄDZ\ERUXWHPSHUDWXU\GR

RNUHĝORQHMWHPSHUDWXU\PDNV\PDOQHM

 2EUµFLÉSRNUÛWĄRZ\ERUXWHPSHUDWXU\

QD]HUR]JRGQLH]UXFKHP

ZVND]µZHN]HJDUDGRSRĄRľHQLDಱರ

 :\FLÇJQÇÉSRNUÛWĄRZ\ERUX

WHPSHUDWXU\LSLHUĝFLHĆ

RJUDQLF]DMÇF\

 :FLVQÇÉSLHUĝFLHĆRJUDQLF]DMÇF\Z

ľÇGDQ\PSRĄRľHQLXPDNV\PDOQHM

WHPSHUDWXU\ZREXGRZÛXU]ÇG]HQLD

 =DPRQWRZDÉSRNUÛWĄRZ\ERUX

WHPSHUDWXU\XVWDZLRQHZSRĄRľHQLX

]HURಱರ

:ĄÇF]DQLHZ\ĄÇF]QLND

EH]SLHF]HĆVWZD

 2WZRU]\ÉXU]ÇG]HQLH

 :\FLÇJQÇÉDGDSWHU

 1DFLVQÇÉSU]\FLVNUHVHWRZDQLDQD

Z\ĄÇF]QLNXEH]SLHF]HĆVWZD

 =DPRQWRZDÉDGDSWHU

 =DPNQÇÉSRNU\ZÛXU]ÇG]HQLD

 =DPRQWRZDÉSLHUĝFLHĆRJUDQLF]DMÇF\

LSRNUÛWĄRZ\ERUXWHPSHUDWXU\



3U]\FLVNUHVHWRZDQLDZ\ĄÇF]QLND

EH]SLHF]HĆVWZD



$GDSWHU

32/6., 

'HPRQWDľNRĄQLHU]RZHM

JU]DĄNLQXUNRZHMLSRNUÛWĄD

UHJXODFMLWHPSHUDWXU\

Z\ĄÇF]QLNDEH]SLHF]HĆVWZD



=HVSµĄSRNUÛWĄDUHJXODFMLWHPSHUDWXU\

LZ\ĄÇF]QLNDEH]SLHF]HĆVWZD



.RĄQLHU]RZDJU]DĄNDQXUNRZD

 :\PRQWRZDÉ]HVSµĄSRNUÛWĄD

UHJXODFMLWHPSHUDWXU\LZ\ĄÇF]QLND

EH]SLHF]HĆVWZD]NRĄQLHU]RZHM

JU]DĄNLQXUNRZHM

 :\PRQWRZDÉNRĄQLHU]RZÇJU]DĄNÛ

QXUNRZÇ

'HPRQWDľDQRG\RFKURQQHM



$QRGDRFKURQQD

:\MÇÉDQRGÛRFKURQQÇ

0RQWDľNRĄQLHU]RZHMJU]DĄNL

QXUNRZHMLSRNUÛWĄDUHJXODFML

WHPSHUDWXU\Z\ĄÇF]QLND

EH]SLHF]HĆVWZD

 8PLHĝFLÉNRĄQLHU]RZÇJU]DĄNÛ

UXUNRZÇZRWZRU]HF\OLQGUDLZVXQÇÉ

MÇGRRSRUX

 :FLVQÇÉGRRSRUX]HVSµĄSRNUÛWĄD

UHJXODFMLWHPSHUDWXU\LZ\ĄÇF]QLND

EH]SLHF]HĆVWZDZNRĄQLHU]RZÇ

JU]DĄNÛQXUNRZÇ

 'RSDVRZDÉZ\FLÛFLH]HVSRĄX

SRNUÛWĄDUHJXODFMLWHPSHUDWXU\

Z\ĄÇF]QLNDEH]SLHF]HĆVWZDGR

NRĄQLHU]RZHMJU]DĄNLQXUNRZHMMDN

SRND]DQRQDU\VXQNX

 52=:,Æ=<:$1,(352%/(0:

3U]\F]\QÇQLHNWµU\FKSUREOHPµZVÇ

SU]HRF]HQLDOXEQLHGRSHĄQLHQLHSURVW\FK

F]\QQRĝFLNRQVHUZDF\MQ\FK3UREOHP\WH

PRľQDUR]ZLÇ]DÉEH]NRQLHF]QRĝFL

Z]\ZDQLDWHFKQLND]VHUZLVX3U]HG

VNRQWDNWRZDQLHPVLÛ]ORNDOQ\PFHQWUXP

VHUZLVRZ\PQDOHľ\Z\NRQDÉSRQLľV]H

F]\QQRĝFLNRQWUROQH

ZZZHOHFWUROX[FRP

3UREOHP 3U]\F]\QD 5R]ZLÇ]DQLH

8U]ÇG]HQLHQLHGRVWDUF]D

FLHSĄHMZRG\

3RNUÛWĄRZ\ERUXWHPSHUDಣ

WXU\MHVWXVWDZLRQHQDಱರ

:ĄÇF]\ÉXU]ÇG]HQLHSRSUಣ

]H]REUµFHQLHSRNUÛWĄDZ\ಣ

ERUXWHPSHUDWXU\

'RXU]ÇG]HQLDQLHMHVW

GRVWDUF]DQH]DVLODQLH

6SUDZG]LÉSRGĄÇF]HQLH

ZW\F]NLOXEEH]SLHF]QLNLZ

VNU]\QFHEH]SLHF]QLNRZHM

=DG]LDĄDĄZ\ĄÇF]QLNEH]ಣ

SLHF]HĆVWZD

8VXQÇÉSU]\F]\QÛXVWHUNL

:UD]LHSRWU]HE\Z\PLHQLÉ

]HVSµĄSRNUÛWĄDUHJXODFML

WHPSHUDWXU\LZ\ĄÇF]QLND

EH]SLHF]HĆVWZD:ĄÇF]\É

Z\ĄÇF]QLNEH]SLHF]HĆVWZD

QDFLVNDMÇF]QDMGXMÇF\VLÛ

QDQLPSU]\FLVNUHVHWRZDಣ

QLDSDWU]UR]G]LDĄ

8V]NRG]RQHSRNUÛWĄRUHJXಣ

ODFMLWHPSHUDWXU\

:\PLHQLÉ]HVSµĄSRNUÛWĄD

UHJXODFMLWHPSHUDWXU\LZ\ಣ

ĄÇF]QLNDEH]SLHF]HĆVWZD

8V]NRG]RQDNRĄQLHU]RZD

JU]DĄNDQXUNRZD

:\PLHQLÉNRĄQLHU]RZÇ

JU]DĄNÛQXUNRZÇ

:RGDZ\SĄ\ZDW\ONRQLHಣ

ZLHONLPVWUXPLHQLHP

3HUODWRUZEDWHULLMHVW]DNDಣ

PLHQLRQ\OXE]DQLHF]\V]F]ಣ

RQ\

2GNDPLHQLÉOXEZ\PLHQLÉ

SHUODWRU

*ĄRĝQHRGJĄRV\JRWRZDQLD

GRFKRG]ÇFH]ZQÛWU]DXUಣ

]ÇG]HQLD

8U]ÇG]HQLHMHVW]DNDPLHಣ

QLRQH

=OHFLÉXVXQLÛFLHNDPLHQLD

Z\NZDOLILNRZDQHPXVSHFಣ

MDOLĝFLH

3RQDJU]DQLXVLÛXU]ÇG]Hಣ

QLD]]DZRUXEH]SLHF]HĆVWಣ

ZDNDSLHZRGD

=DZµUEH]SLHF]HĆVWZDMHVW

]DNDPLHQLRQ\OXE]DQLHFಣ

]\V]F]RQ\

:\ĄÇF]\ÉXU]ÇG]HQLH=UHಣ

GXNRZDÉFLĝQLHQLHZXUಣ

]ÇG]HQLXRGĄÇF]DMÇFMHRG

]DVLODQLDLLQVWDODFMLGRSURಣ

ZDG]DMÇFHMZRGÛ=OHFLÉ

SU]HSURZDG]HQLHNRQWUROL

]DZRUXEH]SLHF]HĆVWZD

Z\NZDOLILNRZDQHPXVSHFಣ

MDOLĝFLH

:\FLHNZRG\

1LHSUDZLGĄRZHXV]F]HOQLHಣ

QLHSRĄÇF]HĆLQVWDODFMLGRಣ

SURZDG]DMÇFHMFLHSĄÇOXE

]LPQÇZRGÛ

'RNUÛFLÉSRĄÇF]HQLDJZLQಣ

WRZDQH

32/6., 

:UD]LHSUREOHPµZ]

XVXQLÛFLHPXVWHUNL]OHFLÉ

QDSUDZÛ

Z\NZDOLILNRZDQHPX

VSHFMDOLĝFLH$E\XĄDWZLÉL

SU]\VSLHV]\ÉUR]ZLÇ]DQLH

SUREOHPXQDOHľ\SRGDÉ

QDVWÛSXMÇFHQXPHU\]

WDEOLF]NL]QDPLRQRZHM

ವ 1XPHUSURGXNWXF\IU

ವ 1XPHUVHU\MQ\F\IU

 '$1(7(&+1,&=1(

'DQHWHFKQLF]QH

100

(<((( (<(((

+ :\VRNRĝÉ  

& 6]HURNRĝÉ  

$ *ĄÛERNRĝÉ  

* 2GVWÛSRGJµU\  

) :\VRNRĝÉ  

(

2GVWÛSPLÛG]\RWಣ

ZRUDPLZSR]LRPLH

 

5XUDZORWRZDLZ\ಣ

ORWRZD

:\PLDUJZLQWPÛಣ

VNL

*$ *$

:V]\VWNLHZ\PLDU\ZPP

ZZZHOHFWUROX[FRP

6FKHPDWSRĄÇF]HĆ

13(a9

6]F]HJµĄRZHLQIRUPDFMH

GRW\F]ÇFH]Xľ\FLDHQHUJLL

'DQHGRW\F]ÇFHSURGXNWXVÇ]JRGQH]

SU]HSLVDPL8(Z'\UHNW\ZLHZVSUDZLH

Z\PRJµZGRW\F]ÇF\FKHNRSURMHNWXGOD

SURGXNWµZ]ZLÇ]DQ\FK]HQHUJLÇ(U3

(<((( (<(((

3URILOREFLÇľHQLD ;;6 ;;6

.ODVDHIHNW\ZQRĝFLHQHUಣ

JHW\F]QHM

6SUDZQRĝÉSU]HPLDQ\HQಣ

HUJLL

']LHQQH]Xľ\FLHHQHUJLL

N:K

 

5RF]QH]Xľ\FLHHQHUJLL

N:K

 

'RP\ĝOQHXVWDZLHQLHWHPಣ

SHUDWXU\r&

 

(PLWRZDQ\KDĄDVG%$  

0RľOLZRĝÉNRU]\VWDQLD]H

VWDZHNSR]DV]F]\WHP

1LH 1LH

7DEHODGDQ\FK

(<((( (<(((

'DQHK\GUDXOLF]QH

3RMHPQRĝÉ]QDPLRQRಣ

ZDO

 

2EMÛWRĝÉZRG\]PLHVಣ

]DQHMSU]\r&O

 

32/6., 



(<((( (<(((

'DQHHOHNWU\F]QH

1DSLÛFLH]QDPLRQRZH

9



0RF]QDPLRQRZDN: 

3UÇG]QDPLRQRZ\$ 

3UÇG0&%EH]SLHF]QLಣ

ND$



)D]\ 13(

&]ÛVWRWOLZRĝÉ+] 

:DUXQNLXľ\WNRZDQLD

=DNUHVXVWDZLHQLD

WHPSHUDWXU\r&



0DNVGRSXV]F]DOQH

FLĝQLHQLH03D



0LQFLĝQLHQLHGRSURಣ

ZDG]DQHMZRG\03D



0DNVFLĝQLHQLHGRSURಣ

ZDG]DQHMZRG\03D



0DNVSU]HSĄ\ZOPLQ 

3REµUHQHUJLL

3REµUHQHUJLLZWU\ELH

F]XZDQLDKSU]\

r&N:K

 

.ODVDHIHNW\ZQRĝFLHQಣ

HUJHW\F]QHM

:HUVMH

6WRSLHĆRFKURQ\,3 ,3'

7\SLQVWDODFML 3RG]OHZHP

7\S 6]F]HOQ\QLHZHQW\ORZDQ\

0DWHULDĄZHZQÛWU]QHಣ

JRF\OLQGUD

6WDOHPDOLRZDQD

0DWHULDĄL]RODWRUDWHUಣ

PLF]QHJR

(36

0DWHULDĄREXGRZ\ 36

.RORU %LDĄ\

ZZZHOHFWUROX[FRP

(<((( (<(((

:\PLDU\

*ĄÛERNRĝÉPP  

:\VRNRĝÉPP  

6]HURNRĝÉPP  

&LÛľDU

&LÛľDUNJ  

 2&+521$Ĝ52'2:,6.$

0DWHULDĄ\R]QDF]RQHV\PEROHP

QDOHľ\SRGGDÉXW\OL]DFML2SDNRZDQLH

XU]ÇG]HQLDZĄRľ\ÉGRRGSRZLHGQLHJR

SRMHPQLNDZFHOXSU]HSURZDG]HQLD

UHF\NOLQJX1DOHľ\]DGEDÉRSRQRZQH

SU]HWZDU]DQLHRGSDGµZXU]ÇG]HĆ

HOHNWU\F]Q\FKLHOHNWURQLF]Q\FKDE\

FKURQLÉĝURGRZLVNRQDWXUDOQHRUD]

OXG]NLH]GURZLH1LHZROQRZ\U]XFDÉ

XU]ÇG]HĆR]QDF]RQ\FKV\PEROHP

UD]HP]RGSDGDPLGRPRZ\PL1DOHľ\

]ZUµFLÉSURGXNWGRPLHMVFRZHJRSXQNWX

SRQRZQHJRSU]HWZDU]DQLDOXE

VNRQWDNWRZDÉVLÛ]RGSRZLHGQLPL

ZĄDG]DPLPLHMVNLPL

32/6., 

(-#'.+#2%.13$&-$+2$

 .,2(**$1'$#

 2(**$1'$#2 -5(2-(-&$1 

 (-23 ++ 3(.-

 !$3)$-(-&2/ -$+ 

 -5$-#$+2$ 

 5$#+(&$'.+#$+2$.&1$-&1(-& 

 5$#+(&$'.+#$+2$ 

 %$)+%(-#(-& 

 3$*-(2*$# 3  

5(3-*$1/Ä#(&

3@JENQCHSJA@EDS$KDBSQNKTW@OO@Q@S#TG@QU@KFSDSOQNCTJSRNLFHUDQCHFėQSHDQR

OQNEDRRHNMDKDQE@QHMFNFHMMNU@SHNMOėġMF@MF&DMH@KSNFDKDF@MS#DSDQCDRHFMDS

LDCCHFHS@MJDQMD2ėT@MRDSGUNQMėQCTAQTFDQCDSJ@MCTUQDRHJJDQOė@SCT

EėQE@MS@RSHRJDQDRTKS@SDQGUDQF@MF

5DKJNLLDMSHK$KDBSQNKTW

!DRFUNQDRVDARSDCENQ@S

%ėQėCFHUMHMFAQNBGTQDQEDIKEHMCHMFRDQUHBDHMENQL@SHNM

VVVDKDBSQNKTWBNLVDARDKERDQUHBD

1DFHRSQDQDCHSOQNCTJSENQADCQDRDQUHBD

VVVQDFHRSDQDKDBSQNKTWBNL

*ADSHKADGQENQAQTFRU@QDQNFNQHFHM@KDQDRDQUDCDKDSHKCHS@OO@Q@S

VVVDKDBSQNKTWBNLRGNO

*4-#$/+$)$.&2$15("$

!QTF@KSHCNQHFHM@KDQDRDQUDCDKD

2QFENQ@SG@UDEKFDMCDC@S@SHKFMFDKHFMėQCTJNMS@JSDQUNQDR@TSNQHRDQDCD

RDQUHBDBDMSDQ,NCDK/-"RDQHDMTLLDQ

#TEHMCDQNOKXRMHMFDQMDOėL@RJHMDMRSXODRJHKS

 CU@QRDK%NQRHFSHF2HJJDQGDCR@MUHRMHMFDQ

&DMDQDKKDNOKXRMHMFDQNFFNCDQėC

,HKINOKXRMHMFDQ

1DSSHKMCQHMFDQTCDMU@QRDKENQADGNKCDR

ZZZHOHFWUROX[FRP

 .,2(**$1'$#

+RAQTFR@MUHRMHMFDMFQTMCHFSEQ@OO@Q@SDSHMRS@KKDQDR

NFS@FDRHAQTF/QNCTBDMSDMJ@MHJJDCQ@FDRSHK@MRU@Q

GUHR@OO@Q@SDSHMRS@KKDQDRENQJDQSNF@MUDMCDKRDM

ENQėQR@FDQRJ@CD.OADU@Q@KSHCAQTFR@MUHRMHMFDM

R@LLDMLDC@OO@Q@SDSSHKDUDMSTDKEQDLSHCHFAQTF

2HJJDQGDCENQAQMNF@MCQDTCR@SSDODQRNMDQ

q OO@Q@SDSJ@MJTMAQTFDR@EAQMEQ@ėQNFNODESDQ

R@LS@EODQRNMDQLDCMDCR@SEXRHRJRDMRNQHRJDKKDQ

ORXJHRJETMJSHNMRDUMDDKKDQRNLL@MFKDQCDM

MCUDMCHFDDQE@QHMFDKKDQUHCDMGUHRCDDQTMCDQNORXM

DKKDQDQAKDUDSHMRSQTDQDSH@SAQTFD@OO@Q@SDSOėDMRHJJDQ

LėCDR@LSENQRSėQCDLDCEKFDMCDE@QDQ

q !QMLėHJJDKDFDLDC@OO@Q@SDS

q .OADU@Q@KDLA@KK@FDMTSHKFMFDKHFSENQAQM

q 'UHR@OO@Q@SDSG@QDMAQMDRHJQHMFDKKDQDMETMJSHNMCDQ

ADFQMRDQSDLODQ@STQDMODQL@MDMS@MADE@KDRCDS@S

CT@JSHUDQDQCDM

q 1DMFQHMFNFUDCKHFDGNKCDKRDLėHJJDTCEQDR@EAQM

TCDMNUDQUėFMHMF

q !QMOėTMCDQėQRJ@KGNKCDROė@ERS@MCLDCLHMCQD

CDNUDQUėFDRJNMRS@MS

&DMDQDKSNLRHJJDQGDC

q #DSDQLDFDSUHFSHFS@SAQTFR@MUHRMHMFDMSHK@OO@Q@SDS

FDLLDRRėCDMJ@MAQTFDRSHK@SRKėNOH'UHR

@OO@Q@SDSRJHESDQDIDQlDMSDMENQCHCDSRKFDR

NUDQCQ@FDRSHKDM@MCDMDKKDQENQCHDIDMCNLLDMRKFDR

NF@OO@Q@SDSAKHUDQRSėDMCDlRJ@KUDIKDCMHMFDM@KSHC

EKFDLDC@OO@Q@SDSRėCDMMXDDIDQJ@MRSSDRHFHMCH

GUNQC@MCDSUHQJDQNFDQADJDMCSLDCCDSHKGQDMCD

@CU@QRKDQ

q *NQQDJSCQHES@ECHS@OO@Q@S@EGMFDQHJJDJTM@E

OQNCTJSJU@KHSDSLDM@EJNQQDJSHMRS@KK@SHNMTCEQS@EDM

JU@KHEHBDQDSE@FTCC@MMDSODQRNM

'$16.



q #TLė@KCQHFEIDQMDDKKDQADRJ@CHFDDSHJDSSDQ

@CU@QRDKRLQJDQDKKDQSXODRJHKSDCDQRHCCDQOė

@OO@Q@SDS

q $MJU@KHEHBDQDSSDJMHJDQCDQTCEQDQHMRS@KK@SHNMDMG@Q

OKHFSSHK@SNUDQGNKCDFKCDMCDM@SHNM@KDRS@MC@QCDQNF

ADRSDLLDKRDQUDCQQDMCDSHKRKTSMHMFDMSHK

U@MCENQRXMHMFRRXRSDLDSNFDKMDSSDS/QNCTBDMSDMG@Q

HJJD@MRU@QDSENQTE@FKQSDKKDQENQJDQSHMRS@KK@SHNM

q *NMSQNKKġQ@SRODBHEHJ@SHNMDQMDOė@OO@Q@SDSR

HCDMSHEHJ@SHNMRRJHKSDQCDR@LLDRNLENQ

RSQLENQRXMHMFDM

q #DSSD@OO@Q@SDQEQDLRSHKKDSNFSDRSDSH

NUDQDMRRSDLLDKRDLDCFXKCHFDADRSDLLDKRDQ

q 5@MCSQXJJDSLHMHLTLNFL@JRHLTLRJ@KUQDLDKKDL

A@Q,/@NFA@Q,/@

q ,DCGDMAKHJOė@SENQGHMCQDRJNKCMHMFDQTMCDQAQTF@E

U@MCU@QLDDMGDCDMRJ@KCT@KSHCJNMSQNKKDQD

U@MCSDLODQ@STQDMNFITRSDQDDESDQADGNUHMCDMAQTF

(SHKEKCD@EEDIKJ@MCDQJNQSU@QHFSENQDJNLLDDM

ROHCRSDLODQ@STQOė¦"HRXRSDLDS

2ODBHDKKDNOKXRMHMFDQ

q -ėQ@OO@Q@SDSDQRKTSSDSODQL@MDMSSHKRSQLENQRXMHMFDM

UDCGIKO@EDMRQKHFR@LKDCėRDRJ@KCDSJTMMD

HRNKDQDREQ@MDSRSQLENQRXMHMFDMLDCDMHRNK@SNQCDQ

EQ@JNAKDQ@KKDONKDQLDCLHMCRSLLJNMS@JS@CRJHKKDKRD

q 2SQLJ@AKDSLėJTMTCRJHESDREDJRGUHRADRJ@CHFDS@E

DMJU@KHEHBDQDSSDJMHJDQCDQDQ@TSNQHRDQDS@EE@AQHJ@MSDM

LDCAQTF@EDMNQHFHM@KQDRDQUDCDK

q %@RSFQ@OO@Q@SDSRNLADRJQDUDSHJ@OHSDKŭŭ

q .UDQGNKCCDSL@JRHL@KSSHKK@CSDSQXJRDJ@OHSDKŭŭ

q 3L@OO@Q@SDSRNLADRJQDUDSHJ@OHSDKŭŭ

q OO@Q@SDSDQTMCDQSQXJ4MCDQNOU@QLMHMFROQNBDRRDM

CQXOODQCDQTCUHCDKRDRU@MCEQ@RHJJDQGDCRUDMSHKDM

q JSHUġQQDFDKLRRHFSRHJJDQGDCRUDMSHKDMENQ@SENQGHMCQD

@SCDMAKHUDQAKNJDQDSEDJR@EJ@KJ@EKDIQHMFDQ

ZZZHOHFWUROX[FRP

q (MRS@KKġQDMSXOD@EOQUMHMFRSDRSDSRHJJDQGDCRUDMSHKH

JNKCSU@MCRENQRXMHMFRKHMIDM EGMFHFS@E

ENQRXMHMFRSQXJJDSJ@MCDSNFRėUQDMCUDMCHFSLDC

DMSQXJQDCTJSHNMRUDMSHK

q EKARQQDSRJ@KCHLDMRHNMDQDRRėU@MCDSJ@MSLLDR

TGHMCQDSMėQRHJJDQGDCRUDMSHKDMDQGDKSėADM

q /ėLNMSġQRHJJDQGDCRUDMSHKDMR@EKARQQLDCDM

JNMRS@MSMDC@CQDSSDSRJQėMHMFNFHDSQTLTCDM

EQNRSQHRHJN

q 2HJJDQGDCRUDMSHKDMR@EKARJ@KENQAKHUDėADMSTCSHKKTESDM

 2(**$1'$#2 -5(2-(-&$1

(MRS@KK@SHNM

%KFHMRS@KK@SHNMRUDIKDCMHMFDMCDQ

EKFDQLDC@OO@Q@SDS

q %IDQM@KDLA@KK@FDM

q 4MCK@C@SHMRS@KKDQDDKKDQAQTFDDS

ADRJ@CHFDS@OO@Q@S

q $ESDQRD@OO@Q@SDSENQDUDMSTDKKD

SQ@MRONQSRJ@CDQHMCDMCDSRS@QSDRENQ

EQRSDF@MF

q #TLė@KCQHFEIDQMDDKKDQADRJ@CHFD

DSHJDSSDQ@CU@QRDKRLQJDQDKKDQ

SXODRJHKSDCDQRHCCDQOė@OO@Q@SDS

3HKRKTSMHMFU@MC

q /@ROėCTHJJDADRJ@CHFDQ

U@MCRK@MFDQMD

q OO@Q@SDSRJ@KRKTSSDRSHK

U@MCKDCMHMFRMDSSDSUDCGIKO@E

DFMDCDRK@MFDRS

q (MCDMCTSHKRKTSSDQ@OO@Q@SDSSHKMXDQQ

DKKDQQQRNLHJJDG@QUQDSHAQTFH

K@MFSHCRJ@KCTK@CDU@MCDSKADHMCSHK

CDSAKHUDQJK@QS

q *NMSQNKKġQ@SCDQHJJDDQMNFDM

TSSGDCDQEQRSDF@MFCTAQTFDQ

@OO@Q@SDS

3HKRKTSMHMFDK

#5 12$+ũ

1HRHJNENQAQ@MCNFDKDJSQHRJ

RSC

#DQDKDU@MSDADRSDLLDKRDQ

RJ@KNUDQGNKCDRTMCDQ@KSDK

NFHMRS@KK@SHNMR@QADICD

q OO@Q@SDSRJ@KSHKRKTSSDRRSQLLINQC

IUE2SQJRSQLRQDFKDLDMSDS

q 2QFENQ@SCDDKDJSQHRJDC@S@Oė

SXODRJHKSDSRU@QDQSHKRSQLENQRXMHMFDM

$KKDQRRJ@KCTJNMS@JSDUNQDR

@TSNQHRDQDCDRDQUHBDBDMSDQDKKDQDM

DKDJSQHJDQ

q 2QFENQ@S@OO@Q@SDSHMRS@KKDQDR

JNQQDJS$MKRDKKDQENQJDQSMDSKDCMHMF

DKKDQRSHJGUHRQDKDU@MSJ@MFQD

SDQLHM@KDMENQU@QL

q !QTFHJJDLTKSHRSHJ@C@OSDQDNF

ENQKMFDQKDCMHMFDQ

q /@ROėCTHJJDADRJ@CHFDQMDSRSHJJDS

GUHRQDKDU@MSDKKDQKDCMHMFDM*NMS@JS

UNQDR@TSNQHRDQDCDRDQUHBDBDMSDQDKKDQ

DMDKDJSQHJDQGUHRDMADRJ@CHFDS

KDCMHMFRJ@KTCRJHESDR

q OO@Q@SDSRHMRS@KK@SHNMRJ@KTCEQDR

LDCDSHRNK@SHNMRTCRSXQRė

ENQAHMCDKRDMSHKKXRMDSSDSJ@M@EAQXCDR

Oė@KKDONKDQ(RNK@SHNMRTCRSXQDSRJ@K

G@UDDMAQXCD@ERS@MCOėLHMCRSLL

$MO@RRDMCDJNMS@JSDKKDQ

@C@OSDQSHK2BGTJNRSHJAQ

@MUDMCDRNLMCUDMCHFS

5@MCU@QLDDMGDCDMRJ@K

RKTSSDRSHKCDMADRJXSSDMCD

KDCDQ

'$16.



"$LQJMHMF

"$LQJMHMFDMUHRDQ@S@OO@Q@SDS

NOEXKCDQ@KKDDRRDMSHDKKDJQ@UH

NUDQDMRRSDLLDKRDLDC

q +@UROMCHMFRCHQDJSHUDS

q #HQDJSHUDSNLDKDJSQNL@FMDSHRJ

JNLO@SHAHKHSDS

q 1N'2CHQDJSHUDS

 (-23 ++ 3(.-

2S@MC@QCKDUDQHMF

%KFDMCDKDUDQDRLDC@OO@Q@SDS

q 5FLNMSDQHMFRADRK@F

.ORSHKKHMF

#DSENQRDFKDCDSQXJ@OO@Q@S

TCDM@ESQJDQJTMUDKDFMDS

SHKHMRS@KK@SHNMTMCDQDMU@RJ

OO@Q@SDSDQADQDFMDSSHK

NOU@QLMHMF@EJNKCSU@MCNF

SHK@SENQRXMDDSDKKDQ@CRJHKKHFD

TCKDCMHMFROTMJSDQ

OO@Q@SDSLėJTMHMRS@KKDQDRLDC

SQXJG@MDQR@LLDMLDCDMDM

SXOD@EOQUMHMFRSDRSDSRHJJDQGDCRUDMSHK

#DMSXOD@EOQUMHMFRSDRSDCD

RHJJDQGDCRUDMSHKADRJXSSDQ@OO@Q@SDSLNC

@KSENQGISSQXJ

#5 12$+ũ

OO@Q@SDSLėHJJDHMRS@KKDQDR

OėEKFDMCDRSDCDQ

4CDMCQR

q .LQėCDQCDQDQJNKCDNF

TMCDQEQXRDOTMJSDS5@MC

CDQEQXRDQJ@MADRJ@CHFD

CDMHMCUDMCHFDS@MJNF

QQDMD

q 'UNQCDQHJJDDQLTKHFGDC

ENQU@MC@EKA

2QFENQ@S@OO@Q@SDSDQEQHS

SHKFMFDKHFSSHK

UDCKHFDGNKCDKRDR@QADICD

(MRS@KKġQ@KSHC@OO@Q@SDSKNCQDSNFH

MQGDCDM@ETCKDCMHMFROTMJSDS

(MRS@KK@SHNM@E@OO@Q@SDS

OO@Q@SDSDQTCENQLDSSHK@SAKHUDHMRS@KKDQDS

OėDME@RSUF2QFENQ@SUFFDMG@Q

SHKRSQJJDKHFK@RSAQHMFRDUMD

(MRS@KKġQ@KSHC@OO@Q@SDSKNCQDS

HDSQTLTCDMQHRHJNENQEQNRS

NFHMQGDCDM@E

TCKDCMHMFROTMJSDS

 ,@QJġQGTKKDQMDCDQRJ@KANQDROė

UFFDM

 !NQGTKKDQMDNFHMCRSDFMDCD

LTQOKJJDQ

 %@RSFQUFLNMSDQHMFRADRK@FDSLDC

UDKDFMDCDRJQTDQ

 'MF@OO@Q@SDSOė

UFLNMSDQHMFRADRK@FDS

(MRS@KK@SHNM@E

RHJJDQGDCRUDMSHK

5@MCU@QLDDMGDCDQMDDQTCENQLDSSHKDS

L@JRHL@KSMNLHMDKSSQXJOė,/@(

NUDQDMRRSDLLDKRDLDC$-

RJ@KRHJJDQGDCRUDMSHKDMENQGHMCQD@S

U@MCSQXJJDSNUDQRJQHCDQ

U@MCU@QLDDMGDCDMRL@JRHL@KDMNLHMDKKD

SQXJLDCLDQDDMC,/@

#DQJQUDRDMSXOD@EOQUMHMFRSDRSDS

RHJJDQGDCRUDMSHK

ZZZHOHFWUROX[FRP

 (MRS@KKġQRHJJDQGDCRUDMSHKDMH

@OO@Q@SDSRJNKCSU@MCENQRXMHMFRKHMID

 EKARQQDSRJ@KCHLDMRHNMDQDRRė

U@MCDSJ@MSLLDRTGHMCQDSMėQ

RHJJDQGDCRUDMSHKDMDQGDKSėADM

 /ėLNMSġQRHJJDQGDCRUDMSHKDMR

@EKARQQLDCDMJNMRS@MSMDC@CQDSSDS

RJQėMHMFNFHDSQTLTCDMEQNRSQHRHJN

#5 12$+ũ

2HJJDQGDCRUDMSHKDMR@EKARJ@K

ENQAKHUDėADMSTCSHKKTESDM

'UHRENQRXMHMFRSQXJJDSDQ

,/@RJ@KCDQ

HMRS@KKDQDRDM

SQXJQDCTJSHNMRUDMSHKNORSQLR

@ERHJJDQGDCRUDMSHKDMH

JNKCSU@MCRENQRXMHMFRKHMIDM

3HKRKTSMHMFU@MC

4CEQGDKDU@MCSHKRKTSMHMFDMNFHMRS@KKġQ

JTMSQXJG@MDQR@LLDMLDCDM

RHJJDQGDCRUDMSHKHNUDQDMRRSDLLDKRDLDC

ADRSDLLDKRDQMD

3HKO@RE@QUDJNCDQMDOėU@MCSHKRKTSMHMFDQMD

@EU@MCG@MDMNF@OO@Q@SDS

'IQDRHCDAKėŭ*NKCSU@MCRHMCKAŭ

q 5DMRSQDRHCDQCŭ5@QLSU@MCRTCKAŭ

2QFENQ@S

U@MCSHKRKTSMHMFDQMDHJJD

JHMJDRTMCDQHMRS@KK@SHNM

%NQDAXFDMGUDQNORSQ@LMHMF

TMCDQHMRS@KK@SHNM

 !$3)$-(-&2/ -$+



3DLODQ@STQUKFDQJM@O



*NMSQNKK@LODENQNOU@QLMHMF

EGMFHFS@ERXRSDLDSJ@MCDQDDKKD

SDLODQ@STQDQU@QHDQDEQ@CDMHMCRSHKKDCD

UQCH

 *NKC/ėCDMMDHMCRSHKKHMFADRJXSSDR

@OO@Q@SDSLNCEQNRS'@MDMU@MCQQDMD

NFRHJJDQGDCRUDMSHKDMDQHJJDADRJXSSDS

, 7'IDRSDSDLODQ@STQCDQJ@M

UKFDR

 -5$-#$+2$

%XKC

#DSSDENQRDFKDCDSQXJ

@OO@Q@SDSTCDM@ESQJDQ

ADQDFMDSSHKNOU@QLMHMF@E

U@QLSGTRGNKCMHMFRU@MC

OO@Q@SDSJ@MENQRXMDDSDKKDQ

EKDQDTCKDCMHMFROTMJSDQ

-ėQU@MCU@QLDDMGDCDMDQAKDUDS

HMRS@KKDQDS

 ÄAMU@MCJHKCDUDMSHKDM

 ÄAMENQCDMU@QLDG@MD

-ėQU@MCDSADFXMCDQ@SKADFDMMDLCDM

LDCDMJNMRS@MSRSQLUHK

U@MCU@QLDDMGDCDMUQDETKC

 +TJENQCDU@QLDG@MDQ

 2QFENQ@SCDQHJJDDQMNFDMKJ@FDH

HMRS@KK@SHNMDM

 *NMSQNKKġQ@SRHJJDQGDCRUDMSHKDM

ETMFDQDQJNQQDJS

#5 12$+ũ

#TAQHJJDRKTSSD

U@MCU@QLDDMGDCDMSHK

MDSRSQLENQRXMHMFDMTCDM@S

UQDRHJJDQOė@SCDMDQETKC

@EU@MCC@U@QLDKDFDLDS

DKKDQRJ@MAKHUDADRJ@CHFDS

'$16.



)TRSDQHMF@EU@MCSDLODQ@STQ

#5 12$+ũ

4MCDQCQHESDMJ@MG@MDMNF

RHJJDQGDCRUDMSHKDMMė

SDLODQ@STQDQOėNUDQ¦"

#DQDQQHRHJNENQRJNKCMHMFUDC

TCKARSDLODQ@STQDQOėNUDQ

¦"

#TJ@MHMCRSHKKDGUHKJDMRNLGDKRSMRJDS

SDLODQ@STQ@ETCKARU@MCDSUDC

SDLODQ@STQUKFDQDM#DSDQDMSQHMKR

U@QH@ADKEQ@¦"EQNRSADRJXSSDKRDSHK

, 7

3DLODQ@STQUKFDQDMAQJTM

EIDQMDR@EDMJU@KHEHBDQDS

SDJMHJDQ

EGMFHFS@EėQRSHCDMJ@M

U@QHDQDMCD

JNKCSU@MCRSDLODQ@STQDQ

QDRTKSDQDHENQRJDKKHFD

L@JRHL@KDLMFCDQ@E

AK@MCDSU@MCNFTCKA

!DSIDMHMF

$ESDQSDLODQ@STQDMDQAKDUDSITRSDQDSSHKCDM

MRJDCDUQCHNOU@QLDQU@QLDKDFDLDS

U@MCDSHS@MJDMHMCSHKU@MCSDLODQ@STQDM

MėQHMCRSHKKHMFRUQCHDMNFCDQDESDQRJHESDQ

U@QLDDMGDCDMSHK.%%2KTJ

$ESDQU@MCDSHS@MJDMAKHUDQJNKCDQDNF

SDLODQ@STQDMAKHUDQK@UDQDDMC

HMCRSHKKHMFRSDLODQ@STQDMADFXMCDQ

NOU@QLMHMFROQNBDRRDMHFDMNFU@MCDSH

S@MJDMNOU@QLDR/QNBDRRDMFDMS@FDR

JNMSHMTDQKHFS@TSNL@SHRJRėKMFD

DKENQAHMCDKRDMDQRKTSSDSSHK

U@MCU@QLDDMGDCDM

5$#+(&$'.+#$+2$.&1$-&1(-&

#5 12$+ũ

KSQDO@Q@SHNMRNF

UDCKHFDGNKCDKRDR@QADICDRJ@K

TCEQDR@ESDJMHJDQD

@TSNQHRDQDS@EJTMCDRDQUHBD

JSHUġQQDFDKLRRHFS

RHJJDQGDCRUDMSHKDMENQ@S

ENQGHMCQD@SCDMAKHUDQ

AKNJDQDSEDJR@E

J@KJ@EKDIQHMFDQ

%TMJSHNMREDIKH@OO@Q@SDSAQQDO@QDQDR

LDCCDSR@LLDENQ@SADU@QDCDSR

XCDDUMD

$MQDMAKCJKTCDKKDQDMUėCRU@LOJ@M

AQTFDRSHKQDMFQHMFDM

#DQLėHJJDAQTFDRNOKRMHMFRLHCKDQSHK

QDMFQHMFDM

5$#+(&$'.+#$+2$

#5 12$+ũ

(MCDMCTENQDS@FDQMNFDS

@QADICDOė@OO@Q@SDSRJ@K

@KKD@OO@Q@SDSRONKDQJNAKDR

EQ@RSQLENQRXMHMFDM

5@MCU@QLDDMGDCDMJQUDQHMFDMRODBHDK

UDCKHFDGNKCDKRD MNCDRS@MFDMGIKODQ

LDC@SADRJXSSDS@MJDMLNCJNQQNRHNM

EGMFHFS@EU@MCSHKRKTSMHMFDMJ@MCDS

UQDMCUDMCHFS@STCRJHESD

L@FMDRHTL@MNCDRS@MFDMGUDQSėQ

&@KU@MHRJNFDKDJSQNKXSHRJJNQQNRHNMJ@M

ADRJ@CHFDS@MJDMGUHR@MNCDRS@MFDM

RKHCDRNO1TRSDMSU@MCDQMNQL@KSDSSDFM

OėDMRKHCS@MNCDRS@MF'UHRCDQDQQTRSDMS

U@MCSHKRSDCDRJ@KCTIDAKHJJDKHFSQHMFDSHK

@TSNQHRDQDCDE@FENKJENQ@STMCDQRFD

@MNCDRS@MFDMNFTCRJHESDCDMGUHRCDSDQ

MCUDMCHFS

#DQDQMNFKDOTMJSDQRNLAQ

TMCDQRFDRMėQCTENQDS@FDQCDM

ZZZHOHFWUROX[FRP

OėJQUDCDUDCKHFDGNKCDKRD@ECDSSD

@OO@Q@SDS

*NMSQNK@ERHJJDQGDCRUDMSHKDM

*NMSQNKKġQQDFDKLRRHFS

RHJJDQGDCRUDMSHKDMRETMJSHNM

3LMHMF@E@OO@Q@SDS

#5 12$+ũ

#DQJ@MRKHOODU@QLSU@MCTC

TMCDQSLMHMFROQNBDRRDM

3L@OO@Q@SDSFDMMDLCDSRJNMMDJSNQDQ

2ėC@MėAMDR@OO@Q@SDS

 3QJSDLODQ@STQUKFDQDMNF

ADFQMRMHMFRQHMFDM@E

 %IDQMCDRJQTDQEQ@ADJKCMHMFDM

 ÄAM@OO@Q@SDSRCJRDKUDC@SCQDID

CJRKDSNO@CNFCDQDESDQS@FDCDS@E

 %IDQMNLMCUDMCHFSCDMUDQRSD

HRNKDQDMCDG@KUADJKCMHMF

(MCRSHKKHMF@E

SDLODQ@STQFQMRDM



!DFQMRMHMFRQHMF



¦"



¦"



¦"

-ėQADFQMRMHMFRQHMFDMOK@BDQDRA@F

SDLODQ@STQUKFDQDMJ@MCTADFQMRD

SDLODQ@STQUKFDQDMRHMCRSHKKHMFRNLQėCDSHK

DMRODBHEHJL@JRHLTLSDLODQ@STQ

 #QDISDLODQ@STQUKFDQDMSHKMTKGDKD

UDIDMLDCTQDSSHKŭŭ

 3QJSDLODQ@STQUKFDQDMNF

ADFQMRMHMFRQHMFDM@E

 2JTAADFQMRMHMFRQHMFDMLDCCDM

OėJQUDCDL@JRHLTLHMCRSHKKHMFOė

@OO@Q@SDSRCJRDK

 (MRS@KKġQSDLODQ@STQUKFDQDMHMCRSHKKDS

SHKMTKŭŭ

 JSHUġQRHJJDQGDCR@EAQXCDQ

ENQGIFQMRD

 ÄAM@OO@Q@SDS

 3QJ@C@OSDQDMTC

'$16.



 3QXJOėMTKRSHKKHMFRJM@OODMOė

RHJJDQGDCR@EAQXCDQDMENQGIFQMRD

 /ėLNMSġQ@C@OSDQDM

 +TJ@OO@Q@SDSRCJRDK

 /ėLNMSġQADFQMRMHMFRQHMFDMNF

SDLODQ@STQUKFDQDM



-TKRSHKKHMFRJM@ORHJJDQGDCR@EAQXCDQ

ENQGIFQMRD



C@OSDQ

2ėC@MEIDQMDRCDMEK@MFDCD

CXOODU@QLDQNF

SDLODQ@STQJNMSQNKDMGDC

RHJJDQGDCR@EAQXCDQENQGI

FQMRD



*NLAHMDQDSSDLODQ@STQJNMSQNKDMGDC

RHJJDQGDCR@EAQXCDQENQGIFQMRD



%K@MFDSCXOODU@QLDQ

 %IDQMCDMJNLAHMDQDCD

SDLODQ@STQJNMSQNKDMGDC

RHJJDQGDCR@EAQXCDQENQGIFQMRDEQ@

CDMEK@MFDCDCXOODU@QLDQ

 %IDQMCDMEK@MFDCDCXOODU@QLDQ

2ėC@MEIDQMDR

ADRJXSSDKRDR@MNCDM



!DRJXSSDKRDR@MNCD

%IDQMADRJXSSDKRDR@MNCDM

2ėC@MOėLNMSDQDRCDM

EK@MFDCDCXOODU@QLDQNF

SDLODQ@STQJNMSQNKDMGDC

RHJJDQGDCR@EAQXCDQENQGI

FQMRD

 2SCDMEK@MFDCDCXOODU@QLDQRė

K@MFSHMCHBXKHMCDQėAMHMFDMCDMJ@M

JNLLD

 2JTACDMJNLAHMDQDCD

SDLODQ@STQJNMSQNKDMGDC

RHJJDQGDCR@EAQXCDQENQGIFQMRDRė

K@MFSHMCHCDMEK@MFDCDCXOODU@QLDQ

CDMJ@MJNLLD

 %KTFSCDMEK@MFDCDCXOODU@QLDQNF

CDMJNLAHMDQDCD

SDLODQ@STQJNMSQNKDMGDC

RHJJDQGDCR@EAQXCDQENQGISDLODQ@STQH

NUDQDMRRSDLLDKRDLDCCH@FQ@LLDS

ZZZHOHFWUROX[FRP

 %$)+%(-#(-&

5HRRDOQNAKDLDQRJXKCDRL@MFDKOėRHLODK

UDCKHFDGNKCDKRDDKKDQENQFKDLLDKRDQRNL

KDSJ@MKRDRTCDM@SJNMS@JSD

RDQUHBDSDJMHJDQMD4CEQSIDJKHRSDM

GDQTMCDQHMCDMCTJNMS@JSDQCDSKNJ@KD

RDQUHBDBDMSDQ

/QNAKDL ÄQR@F EGIKOMHMF

OO@Q@SDSKDUDQDQHJJDU@QLS

U@MC

3DLODQ@STQUKFDQDMRSėQ

Oėŭŭ

2SHK@OO@Q@SDSOė.-3HK

UDC@SCQDIDSDLODQ@STQUK

FDQDM

(MFDMRSQLUDC@OO@Q@SDS

*NMSQNKKġQRSHJJDSRHJQHM

FDQMDHRHJQHMFRJ@RRDM

2HJJDQGDCR@EAQXCDQDMENQ

GIFQMRDDQTCKRS

EGIKOėQR@FDMSHKEDIKDM

4CRJHESNLMCUDMCHFSCDM

JNLAHMDQDCDSDLODQ@STQ

JNMSQNKDMGDCRHJJDQGDC

R@EAQXCDQDMENQGIFQMRD

&QRHJJDQGDCR@EAQXCDQDM

ENQGIFQMRDNODQ@SHUUDC

@SSQXJJDOėMTKRSHKKHMFR

JM@OODMOėRHJJDQGDCR@E

AQXCDQDMENQGIFQMRDRD

J@OHSDK

*NMSQNKDMGDCDMDQCDEDJS

4CRJHESCDMJNLAHMDQDCD

SDLODQ@STQJNMSQNKDMGDC

RHJJDQGDCR@EAQXCDQDMENQ

GIFQMRD

#DMEK@MFDCDCXOODU@QLDQ

DQCDEDJS

4CRJHESCDMEK@MFDCDCXO

ODU@QLDQ

5@MCJ@MJTMENQRXMDRUDC

DMQDCTBDQDSG@RSHFGDC

+TESDQDMHG@MDMDQSHKJ@KJDS

DKKDQADRJHCS

EJ@KJTCRJHESKTESDQDM

'IDJNFDKXCDH@OO@Q@SDS OO@Q@SDSDQSHKJ@KJDS

%ė@OO@Q@SDS@EJ@KJDSGNR

DMJU@KHEHBDQDSSDJMHJDQ

#DQCQXOODQU@MCEQ@RHJJDQ

GDCRUDMSHKDMDESDQNOU@QLM

HMF

2HJJDQGDCRUDMSHKDMDQSHKJ@K

JDSDKKDQADRJHCS

2KTJENQ@OO@Q@SDS%IDQM

SQXJJDSEQ@@OO@Q@SDSUDC@S

JNAKDCDSEQ@RSQLLDMNF

U@MCENQRXMHMFDM%ėRHJJDQ

GDCRUDMSHKDMJNMSQNKKDQDR

GNRDMJU@KHEHBDQDSSDJMHJDQ

5@MCTCRHUMHMF

%NQJDQSENQRDFKDCDU@QLS

DKKDQJNKCSU@MCRJHKCDENQAHM

CDKRDQ

2SQ@LENQAHMCDKRDQMDLDC

FDUHMC

'$16.



'UHRCTHJJDJ@M@EGIKOD

EDIKDMADCDRCTHMENQLDQDCHM

JU@KHEHBDQDCDSDJMHJDQ,DC

GDMAKHJOė@SFQDCHM

ENQDROQFRDKKDSSDQDNF

GTQSHFDQDADCDRCTNOFHUD

EKFDMCDS@KEQ@SXODRJHKSDS

q /-"BHEQD

q 2-BHEQD

 3$*-(2*$# 3

2ODBHEHJ@SHNM

100

$8$$$ $8$$$

' 'ICD  

" !QDCCD  

#XACD  

& ERS@MCUDQRS  

% 'ICD  

'NQHRNMS@KGTK@E

RS@MC

 

(MCKARNF

TCKARQQ

2SQQDKRDG@MFD

UHMC

& &

KKDLėKHLL

+DCMHMFRCH@FQ@L

-/$]5

ZZZHOHFWUROX[FRP

#DS@KIDQDCDNOKXRMHMFDQNL

DMDQFHENQAQTF

/QNCTJSC@S@NUDQGNKCDQ$4ENQNQCMHMFDQ

UDCQQDMCDCHQDJSHUDSNLJNCDRHFMDS@E

DMDQFHQDK@SDQDCDOQNCTJSDQ$Q/

$8$$$ $8$$$

!DK@RSMHMFROQNEHK 772 772

$MDQFHDEEDJSHUHSDSRJK@RRD

$MDQFHNLC@MMDKRDRDEEDJSHUH

SDS

#@FKHFSRSQLENQAQTFJ6G

 

ÄQKHFSRSQLENQAQTFJ6G  

2S@MC@QCSDLODQ@STQHMCRSHK

KHMF¦"

 

+XCMHUD@TC!   

,TKHFGDCENQROHCRADK@RS

MHMFRODQHNCDQ

-DI -DI

#@S@S@ADK

$8$$$ $8$$$

'XCQ@TKHRJDC@S@

-NLHMDKJ@O@BHSDS+  

!K@MCDSU@MCLMFCD

UDC¦"+

 

$KDJSQHRJDC@S@

,QJDROMCHMF5 

,QJDDEEDJSJ6 

,QJDRSQL  

'$16.





 $8$$$ $8$$$

,"!RHJQHMFRJ@SDFNQH

 



%@RDQ -/$

%QDJUDMR'Y 

MUDMCDKRDRFQMRDQ

3DLODQ@STQHMCRSHKKHMF

RNLQėCD¦"



,@JRSHKK@CSSQXJ,/@ 

,HMU@MCSHKEQRDKRSQXJ

,/@



,@JRU@MCSHKEQRDKRSQXJ

,/@



,@JRFDM

MDLRSQLMHMF+LHM



$MDQFHC@S@

2S@MCAX

DMDQFHENQAQTFSUDC

¦"J6G

 

$MDQFHDEEDJSHUHSDSRJK@RRD

5DQRHNMDQ

(/LQJMHMF (/#

3XODHMRS@KK@SHNM 4MCDQU@RJ

3XOD %NQRDFKDSKTJJDS

(MCUDMCHFBXKHMCDQL@

SDQH@KD

2SėKDL@KIDQDS

3DQLHRJHRNKDQHMFRL@

SDQH@KD

$/2

!DJKCMHMFRL@SDQH@KD /2

%@QUD 'UHC

,ėK

#XACDLL  

'ICDLL  

!QDCCDLL  

5FS

5FSJF  

ZZZHOHFWUROX[FRP

 ,(+)'$-28-

&DMAQTFL@SDQH@KDQLDCRXLANKDS



MAQHMFDLA@KK@FDL@SDQH@KDSHO@RRDMCD

ADGNKCDQDSHKFDMAQTF'IKOLDC@S

ADRJXSSDLHKIDSNFLDMMDRJDKHFRTMCGDC

R@LS@SFDMAQTFD@EE@KC@EDKDJSQHRJDNF

DKDJSQNMHRJD@OO@Q@SDQ*@RRDQHJJD

@OO@Q@SDQCDQDQLQJDSLDCRXLANKDS

R@LLDMLDCGTRGNKCMHMFR@EE@KCDS

+DUDQOQNCTJSDSSHKA@FDSHKCHMKNJ@KD

FDMAQTFROK@CRDKKDQJNMS@JSCHMJNLLTMD

'$16.



(--'.+#

 2(**$1'$32 -5(2-(-&$1

 2(**$1'$32 -5(2-(-&$1

 (-23 ++ 2).-

 !$3)$-(-&2/ -$+ 

 !14* 

 23$++.&1$-&)1(-&

 5$#+(*$'.+# 

 %$(+2*(-&

 3$*-(2*$# 3  

5(3$-*$1/Ä#$&

3@JJENQ@SCTG@QJIOSDSOQNCTJSEQ@$KDBSQNKTW#TG@QU@KFSDSOQNCTJSRNL

AQHMFDQEKDQDSHėQLDCDQE@QHMFNFHMMNU@RINMLDCRDF&DMH@KNFRSHKHFNFCDMDQ

CDRHFMDSLDCS@MJDOėCDF#TJ@MUQDSQXFFOė@SCTEėQFNCDQDRTKS@SDQGUDQ

F@MFCTAQTJDQCDM

5DKJNLLDMSHK$KDBSQNKTW

&ėHMMOėUėQSMDSSRSDCENQėEHMMD

%ėQėCNLAQTJEHMMDAQNRIXQDQEDHKRJHMFRDQUHBDHMENQL@RINM

VVVDKDBSQNKTWBNLVDARDKERDQUHBD

1DFHRSQDQOQNCTJSDSCHSSENQėEėADCQDRDQUHBD

VVVQDFHRSDQDKDBSQNKTWBNL

*IOSHKADGQENQAQTJRU@QDQNFNQHFHM@KDQDRDQUDCDKDQSHKOQNCTJSDSCHSS

VVVDKDBSQNKTWBNLRGNO

*4-#$2333$.&2$15("$

!QTJ@KKSHCNQHFHM@KDQDRDQUDCDKDQ

-ėQCTJNMS@JSDQUėQ@TSNQHRDQSDRDQUHBD@UCDKHMFLėCTRQFDENQėG@EKFDMCDC@S@

ENQGėMCDM,NCDKK/-"OQNCTJSMTLLDQRDQHDMTLLDQ

(MENQL@RINMDMEHMMDQCTOėSXODRJHKSDS

 CU@QRDK%NQRHJSHFl2HJJDQGDSRHMENQL@RINM

&DMDQDKKHMENQL@RINMNFSHOR

,HKIHMENQL@RINM

,DCENQADGNKCNLDMCQHMFDQ

ZZZHOHFWUROX[FRP

 2(**$1'$32 -5(2-(-&$1

+DRHMRSQTJRINMDMDMXDEQLNMSDQHMFNFAQTJ@U

OQNCTJSDS/QNCTRDMSDMDQHJJD@MRU@QKHFENQDUDMSTDKKD

RJ@CDQRNLRJXKCDREDHK@JSHFLNMSDQHMFNFAQTJ.OOADU@Q

OQNCTJSDSRHMRSQTJRINMDQENQEQDLSHCHFAQTJ

2HJJDQGDSENQA@QMNFTSR@SSDODQRNMDQ

q #DSSDOQNCTJSDSJ@MAQTJDR@UA@QMRNLDQėSSDėQDKKDQ

DKCQDNFODQRNMDQLDCQDCTRDQSDEXRHRJDRDMRNQHRJD

DKKDQLDMS@KDDUMDQDKKDQL@MFDKOėDQE@QHMFNFJTMMRJ@O

GUHRCDG@QSHKRXMDKKDQG@QEėSSHMENQL@RINMNLGUNQC@M

OQNCTJSDSSQXFSJ@MAQTJDRNFENQRSėQE@QDMDCDSSD

LDCEQDQ

q (JJDK@A@QMKDJDLDCOQNCTJSDS

q .OOADU@Q@KKDDLA@KK@RIDCDKDQTSHKFIDMFDKHFENQA@QM

q 'UHROQNCTJSDSG@QDMA@QMDRHJQHMFDKKDQDMETMJRINM

RNLADFQDMRDQSDLODQ@STQDMODQL@MDMS@MADE@KDQUH@S

CT@JSHUDQDQCDM

q 1DMFIQHMFNFUDCKHJDGNKCRJ@KHJJDFIQDR@UA@QMLDC

LHMCQDCDG@QSHKRXM

q !@QMRNLDQLHMCQDDMMėQLėGNKCDROė@URS@MC

LDCLHMCQDCDDQTMCDQSHKRXMGDKDSHCDM

&DMDQDKKNLRHJJDQGDS

q #DSDQRUQSUHJSHF@SCDMMDAQTJR@MUHRMHMFDM

NOOADU@QDRR@LLDMLDCOQNCTJSDSENQEQDLSHCHF

QDEDQ@MRD'UHROQNCTJSDSRDKFDRDKKDQNUDQEQDRSHKDM

@MMDMDHDQDKKDQGUHRCTEKXSSDQSHKDMMXANKHFNFK@Q

OQNCTJSDSRSėHFIDMLėCTENQRHJQDCDFNL@SANJDM

OQNCTJSDSL@RJHMDMRKHJ@SCDMMXDDHDQDMJ@MFIQDRDF

JIDMSLDCGUNQC@MCDMETMFDQDQNFUHJSHFD@CU@QRKDQNF

ENQGNKCRQDFKDQ

q SOQNCTJSDSETMFDQDQRNLCDSRJ@KDQHJJDA@QD

@UGDMFHF@UOQNCTJSJU@KHSDS#DSLėNFRėLNMSDQDR@U

DMJU@KHEHRDQSE@FODQRNM

q KCQHEIDQMDKKDQOėEQRJ@CDOėJKHRSQDLDQJDQ

U@QRDKLDQJDQDKKDQM@UMDRJHKSRNLDQEDRSDSSHKOQNCTJSDS

1256.



q $MJU@KHEHRDQSSDJMHJDQRNLTSEQDQLNMSDQHMFDMDQ

ENQOKHJSDSSHKėNUDQGNKCDFIDKCDMCDM@RINM@KDRS@MC@QCDQ

NFENQRJQHESDQNLSHKJNAKHMFSHKU@MMCHRSQHATRINMRRXRSDLDS

NFCDSDKDJSQHRJDMDSSUDQJDS/QNCTRDMSDMDQHJJD

@MRU@QKHFENQTOQNEDRINMDKKDKKDQTQHJSHFLNMSDQHMF

q 2IDJJ@SRODRHEHJ@RINMDMDDQRJQDUDSOėOQNCTJSDSR

HCDMSHEHJ@RINMROK@SDDQCDMR@LLDRNLENQCDM

DKDJSQHRJDRSQLENQRXMHMFDM

q #DSSDOQNCTJSDSDQOQNCTRDQSNFSDRSDSHGDMGNKCSHK

FIDKCDMCDQDFDKUDQJ

q #QHESRU@MMSQXJJDSLHMHLTLNFL@JRHLTLLėUQD

LDKKNLA@Q,/@NFA@Q,/@

q %NQėTMMFėENQAQDMMHMFDQLDMRCTAQTJDQ

U@MMU@QLDQDMLėCT@KKSHCRIDJJDU@MMSDLODQ@STQDMNF

ITRSDQDDSSDQADGNUEQAQTJ

(SHKEDKKD@UEDHKJ@MDMSNOOSDLODQ@STQOėNOOSHK

¦"ENQDJNLLDDMJNQSRSTMCHRXRSDLDS

2ODRHDKKHMENQL@RINM

q -ėQOQNCTJSDSDQODQL@MDMSJNAKDSSHKRSQLENQRXMHMFDM

UDCGIDKO@UDMCDCHJDQSJNAKHMFRANJRLėOQNCTJSDS

HRNKDQDREQ@RSQLENQRXMHMFDMLDCDMHRNK@SNQRNL

JNAKDQEQ@@KKDONKDQLDCDMJNMS@JSRDO@Q@RINMOėLHMRS

LL

q 2SQLJ@ADKDMLėA@QDAXSSDRTSENQDJRDLODKGUHRCDM

DQRJ@CDS@UDMJU@KHEHRDQSJNMSQ@JSQFNCJIDMS@U

OQNCTRDMSDMUDCGIDKO@UDMNQHFHM@KQDRDQUDCDK

q %DRSOQNCTJSDSRNLADRJQDUDSHJ@OHSSDKŭŭ

q 5QMXDLDCL@JRHL@KSHKK@SSSQXJJRDJ@OHSSDKŭŭ

q 3LOQNCTJSDSRNLADRJQDUDSHJ@OHSSDKŭŭ

q /QNCTJSDSDQTMCDQSQXJJ4MCDQU@QLDOQNRDRRDMUHK

TSUHCDKRDRU@MMDSCQXOODEQ@RHJJDQGDSRUDMSHKDM

q JSHUDQRHJJDQGDSRUDMSHKDMQDFDKLDRRHFENQėGHMCQD@S

CDMAKHQAKNJJDQSEDJR@UJ@KJ@UKDHQHMFDQ

ZZZHOHFWUROX[FRP

q ,NMSDQDMSXODFNCJIDMSRHJJDQGDSRUDMSHKH

J@KCSU@MMRSHKEQRDKDM UGDMFHF@USHKEQRDKRSQXJJDS

SQDMFDQCTJ@MRJIDNFRėDMSQXJJQDCTJRINMRUDMSHK

q )TRSDQRSQQDKRDMOėQQDSRėU@MMDSJ@MQDMMDTGHMCQDS

MėQRHJJDQGDSRUDMSHKDMDQGDKSėODM

q ,NMSDQ@UKORQQDSEQ@RHJJDQGDSRUDMSHKDMRėCDMGDKKDQ

JNMRS@MSMDCNUDQHDSQNLTSDME@QDENQEQNRS

q 2HJJDQGDSRUDMSHK@UKODSLėENQAKHėODMSSHK@SLNREQDM

2(**$1'$32 -5(2-(-&$1

(MRS@KK@RINM

q %KFLNMSDQHMFR@MUHRMHMFDMDRNL

EKFDQLDCOQNCTJSDS

q %IDQM@KKDCDKDMDEQ@DLA@KK@RIDM

q (JJDLNMSDQDKKDQAQTJDSRJ@CDS

OQNCTJS

q %QCTRS@QSDQOQNCTJSDSENQEQRSD

F@MFLėCTJNMSQNKKDQDCDSENQ

DUDMSTDKKSQ@MRONQSRJ@CD

q KCQHEIDQMDKKDQOėEQRJ@CDOė

JKHRSQDLDQJDQU@QRDKLDQJDQDKKDQ

M@UMDRJHKSRNLDQEDRSDSSHKOQNCTJSDS

5@MMSHKJNOKHMF

q 2QFENQ@SU@MMRK@MFDMDHJJDOėEQDR

RJ@CD

q /QNCTJSDSRJ@KJNAKDRSHK

U@MMENQRXMHMFDMLDCCDSDFMDCD

RK@MFDRDSS

q +@U@MMDSQDMMDSHKCDSDQQDMSEQCT

JNOKDQOQNCTJSDSSHKMXDQQDKKDQQQ

RNLHJJDDQAQTJSOėKDMFQDSHC

q 2QFENQ@SCDSHJJDNOORSėQKDJJ@RID

EQRSDF@MFCTAQTJDQOQNCTJSDS

$KDJSQHRJSHKJNOKHMF

#5 12$+ũ

%@QDENQAQ@MMNFDKDJSQHRJ

RSS

%NQėTSEQD@KKDKDJSQHRJ

SHKJNOKHMFNF@KS

LNMSDQHMFR@QADHCHR@LRU@Q

LDCFIDKCDMCDENQRJQHESDQ

q /QNCTJSDSLėUQDINQCDS

q *NMSQNKKDQ@SCDSDQR@LRU@QLDKKNL

CDMDKDJSQHRJDHMENQL@RINMDMOė

SXODRJHKSDSNFRSQLENQRXMHMFDMHGTRDS

'UHRHJJDS@JNMS@JSCDS@TSNQHRDQSD

RDQUHBDRDMSDQDSUėQSDKKDQDMDKDJSQHJDQ

q 2QFENQ@SOQNCTJSDSDQQHJSHFLNMSDQS

+RNFEDHKRSQLJ@ADKDKKDQRSORDK

GUHR@JSTDKSJ@MFIQD@SSDQLHM@KDMAKHQ

ENQU@QL

q (JJDAQTJCNAKDRSHJJNMS@JSDQDKKDQ

RJISDKDCMHMFDQ

q /@RROė@SRSORDKDSGUHR@JSTDKSNF

RSQLJ@ADKDMHJJDAKHQOėEQSRJ@CD

*NMS@JSCDS@TSNQHRDQSDRDQUHBDRDMSDQDS

UėQSDKKDQDMDKDJSQHJDQENQėEėAXSSDSDM

RJ@CDSRSQLJ@ADK

q #DMDKDJSQHRJDLNMSDQHMFDMLėG@DM

HRNKDQHMFRDMGDSRNLK@QCDFEQ@JNAKD

OQNCTJSDSEQ@RSQLMDSSDSUDC@KKD

ONKDQ(RNKDQHMFRDMGDSDMLėG@DM

JNMS@JSėOMHMFRAQDCCDOėLHMRSLL

!QTJDMDFMDSJNMS@JSDKKDQ

@C@OSDQENQ2BGTJNRSORDKDS

RNLAQTJDRGUHRCDSDQ

MCUDMCHF

5@MMU@QLDQDMLėJNAKDRSHK

CDMADRJXSSDMCDKDCDQDM

"$ADSDFMDKRD

"$ADSDFMDKRDMUHRDQ@SOQNCTJSDS

NOOEXKKDQ@KKDFQTMMKDFFDMCDJQ@UHGDMGNKC

SHK

q +@URO@MMHMFRCHQDJSHUDS

q #HQDJSHUNLDKDJSQNL@FMDSHRJ

JNLO@SHAHKHSDS

q 1N'2CHQDJSHUDS

1256.



 (-23 ++ 2).-

2S@MC@QCKDUDQHMF

%KFDMCDDKDLDMSDQKDUDQDRLDC

OQNCTJSDS

!Q@JDSSSHKUDFFLNMSDQHMF

/K@RRDQHMF

#DSENQRDFKDCDTUDMSHKDQSD

SQXJJR@SSDOQNCTJSDSJ@M

A@QDLNMSDQDRTMCDQU@RJDM

#DSSDOQNCTJSDSDQADQDFMDS

ENQėU@QLDNOOJ@KCSU@MM

NFENQRXMDDSSDKKDQEKDQD

S@OODOTMJSDQ

/QNCTJSDSLėA@QDLNMSDQDRLDC

SQXJJQ@MDQMėQCDSFIQDRR@LLDMLDCDM

SXODFNCJIDMSRHJJDQGDSRUDMSHK

#DMSXODFNCJIDMSDRHJJDQGDSRUDMSHKDM

ADRJXSSDQOQNCTJSDSLNST@JRDOS@ADKS

NUDQSQXJJ

#5 12$+ũ

/QNCTJSDSRJ@KHJJDLNMSDQDR

OėEKFDMCDRSDCDQ

q 4SDMCQR

q (J@KCDDKKDQHRJ@KCD

NLQėCDQJ@MU@MMDSEQXRD

NFRJ@CDCDMHMMUDMCHFD

S@MJDMNFQQDMD

q -ėQU@MMSLLHMFHJJDDQ

LTKHF

*NMSQNKKDQ@SOQNCTJSDSDQEQHSS

SHKFIDMFDKHFENQ

UDCKHJDGNKCR@QADHC

/QNCTJSDSRJ@K@KKSHCLNMSDQDRUDQSHJ@KSH

MQGDSDM@US@OODOTMJSDS

/QNCTJSLNMSDQHMF

/QNCTJSDSDQJNMRSQTDQSTSDKTJJDMCDENQė

LNMSDQDROėDMRNKHCUDFF2DSHK@S

UDFFDMG@QSHKRSQDJJDKHFAQDDUMD

/QNCTJSDSRJ@K@KKSHCLNMSDQDR

UDQSHJ@KSHDSQNLTSDME@QDENQ

EQNRSHMQGDSDM@U

S@OODOTMJSDS

 ,@QJDQGTKKDMDRNLRJ@KANQDROė

UDFFDM

 !NQGTKKDMDNFRDSSHMMDFMDCD1@VK

RSORKDQ

 ,NMSDQAQ@JDSSDMSHKUDFFLNMSDQHMF

LDCDFMDCDRJQTDQ

 'DMFOQNCTJSDSOėAQ@JDSSDMSHK

UDFFLNMSDQHMF

,NMSDQHMF@URHJJDQGDSRUDMSHK

5@MMU@QLDQMDDQJNMRSQTDQSENQDS

L@JRHL@KSLDQJDSQXJJOė,/@(

GDMGNKCSHK$-RJ@K

RHJJDQGDSRUDMSHKDMGHMCQD@SU@MMSQXJJDS

NUDQRJQHCDQCDSL@JRHL@KDLDQJDSQXJJDSH

U@MMU@QLDQDMEQ@LDQDMM,/@

$MSXODFNCJIDMSRHJJDQGDSRUDMSHKJQDUDR

 (MRS@KKDQRHJJDQGDSRUDMSHKDMH

J@KCSU@MMRSHKEQRDKDMSHKOQNCTJSDS

 )TRSDQRSQQDKRDMOėQQDSRėU@MMDS

J@MQDMMDTGHMCQDSMėQ

RHJJDQGDSRUDMSHKDMDQGDKSėODM

 ,NMSDQ@UKORQQDSEQ@

RHJJDQGDSRUDMSHKDMRėCDMGDKKDQ

JNMRS@MSMDCNUDQHDSQNLTSDME@QDENQ

EQNRS

#5 12$+ũ

2HJJDQGDSRUDMSHK@UKODSLė

ENQAKHėODMSSHK@SLNREQDM

'UHRENQRXMHMFRSQXJJDSDQ

,/@LėCTHMRS@KKDQD

DMSQXJJ@UK@RSHMFRUDMSHK

NOORSQLROė

RHJJDQGDSRUDMSHKDMH

J@KCSU@MMRENQRXMHMFDM

ZZZHOHFWUROX[FRP

5@MMSHKJNOKHMF

4SEQ@KKDU@MMSHKJNOKHMFDMDNFLNMSDQ

SQXJJQ@MDQA@QDR@LLDMLDCDM

RHJJDQGDSRUDMSHKHGDMGNKCSHKENQRJQHESDQ

,@SBGNOOE@QFDJNCDMOė

U@MMSHKJNOKHMFDMDSHKJQ@MDMNFOQNCTJSDS

'XQDRHCDAKėŭJ@KCSU@MMRHMMS@JDSŭ

q 5DMRSQDRHCDQCŭU@QLSU@MMRTSKOŭ

/ėRD@SU@MMSHKJNOKHMFDMD

HJJDJMDJJDRTMCDQ

LNMSDQHMF4MMFėRS@LLHMF

TMCDQLNMSDQHMF

 !$3)$-(-&2/ -$+



3DLODQ@STQUDKFDQ



.OOU@QLHMFRHMCHJ@SNQK@LOD

#DE@JSHRJDSDLODQ@STQDMDJ@MU@QHDQDEQ@

HMMRSHKKHMFRUDQCHDM@UGDMFHF@URXRSDLDS

 *@KC5DCCDMMDHMMRSHKKHMFDMJ@M

OQNCTJSDSADRJXSSDRLNSEQNRS*Q@MDM

U@MMKDCMHMFDMDNFRHJJDQGDSRUDMSHKDMDQ

HJJDADRJXSSDS

, 7'XDRSDSDLODQ@STQRNLJ@M

UDKFDR

 !14*

%XKK

#DSSDENQRDFKDCDTUDMSHKDQSD

SQXJJR@SSDOQNCTJSDSDQ

ADQDFMDSENQNOOU@QLHMF@U

U@QLSU@MMSHK

GTRGNKCMHMFRAQTJ/QNCTJSDS

J@MENQRXMDDSSDKKDQEKDQD

S@OODOTMJSDQ

-ėQU@MMU@QLDQDMDQLNMSDQS

 ÄOMDU@MMJHKCDUDMSHKDM

 ÄOMD@MANQHMFDMD

-ėQU@MMDSADFXMMDQėRSQLLDFIDMMNL

U@QLDQDMLDCJNMRS@MSEKXSUHK

U@QLSU@MMRU@QLDQDMUQDETKK

 +TJJ@MANQHMFDMD

 /ėRD@SCDSHJJDDQKDJJ@RIDQH

LNMSDQHMFDM

 *NMSQNKKDQ@SRHJJDQGDSRUDMSHKDMUHQJDQ

JNQQDJS

#5 12$+ũ

(JJDJNAKD

U@QLSU@MMRU@QLDQDMSHK

GNUDCRSQLENQRXMHMFDMTSDM

ėUQDRHJJDQOė@SCDMDQETKK

@UU@MM#DSSDJ@MRJ@CD

U@QLDDKDLDMSDS

)TRSDQHMF@U

U@MMSDLODQ@STQDM

#5 12$+ũ

4MCDQCQHESJ@MS@OODNF

RHJJDQGDSRUDMSHKDMMė

SDLODQ@STQDQOėNUDQ¦"

#DSDQE@QDENQENQAQDMMHMF

UDCTSF@MFRSDLODQ@STQDQH

NUDQJ@MS@U¦"

#TJ@MRSHKKDHMMGUHKJDMRNLGDKRSMRJDS

SDLODQ@STQOėTSKORU@MMDSUDC

SDLODQ@STQUDKFDQDM#DMJ@MITRSDQDR

SQHMMKRSEQ@¦"EQNRSRHJQHMFSHK, 7

3DLODQ@STQUDKFDQDMRJ@KJTM

EIDQMDR@UDMJU@KHEHRDQS

JNMSQ@JSQ

1256.



UGDMFHF@URDRNMFDMJ@M

TKHJDJ@KCSU@MMRSDLODQ@STQDQ

EQDSHKTKHJDL@JRHL@KD

AK@MCDCDU@MMNF

TSKORUNKTLDQ

,DQJM@CDQ

$SSDQ@SSDLODQ@STQDMG@QAKHSSQDFTKDQSSHK

CDMMRJDCDUDQCHDMUHKU@QLDDKDLDMSDS

U@QLDNOOU@MMDSHS@MJDMSHK

U@MMSDLODQ@STQDMMėQHMMRSHKKHMFRUDQCHDM

5@QLDQDMUHKCDQDSSDQAKHRKėSS@U

$SSDQ@SU@MMDSHMMDHS@MJDMAKHQJ@KCDQD

NFSDLODQ@STQDMAKHQK@UDQDDMM

SDLODQ@STQHMMRSHKKHMFDMUHK

NOOU@QLHMFROQNRDRRDMADFXMMDHFIDMNF

U@QLDNOOU@MMDSHS@MJDM.ODQ@RINMDM

UHK@TSNL@SHRJFIDMS@RDFJNMSHMTDQKHFRė

KDMFDCDMDKDJSQHRJDJHKCDMDQJNAKDSSHK

U@MMU@QLDQDM

23$++.&1$-&)1(-&

#5 12$+ũ

KKQDO@Q@RINMNFUDCKHJDGNKC

RJ@KTSEQDR@U

JTMCDRDQUHBD@TSNQHRDQSD

SDJMHJDQD

JSHUDQRHJJDQGDSRUDMSHKDM

QDFDKLDRRHFENQėGHMCQD@S

CDMAKHQAKNJJDQSEDJR@U

J@KJ@UKDHQHMFDQ

/QNCTJSEDHKDMLėQDO@QDQDRTLHCCDKA@QS

RKHJ@SXSDKRDMJ@MNOOQDSSGNKCDXSDKRDM

#TJ@MQDMFIQDOQNCTJSDSLDCDMQDM

LXJJKTSDKKDQUėSRU@LO

#DSDQHJJDSHKK@SSėAQTJD

NOOKRMHMFRLHCKDQTMCDQQDMFIQHMF

5$#+(*$'.+#

#5 12$+ũ

'UHROQNCTJSDSRNUDQEK@SDDQ

JMTRSLėCTJNAKDOQNCTJSDS

EQ@RSQLENQRXMHMFDM

TLHCCDKA@QS

5@MMU@QLDQDMJQDUDQHJJDRODRHDKS

UDCKHJDGNKC MNCDRS@MFDMADRJXSSDQ

S@MJDMLNSJNQQNRINM UGDMFHF@U

U@MMSHKRS@MCDMJ@MCDSUQDMCUDMCHFė

AXSSDL@FMDRHTL@MNCDRS@MFDMGUDQS

ėQ&@KU@MHRJNFDKDJSQNKXSHRJJNQQNRINMJ@M

RJ@CDS@MJDMGUHR@MNCDRS@MFDMDQTSRKHSS

1TRSDMSU@MMHMCHJDQDQU@MKHFUHR@S

@MNCDRS@MFDMDQTSRKHSS'UHRQTRSDMU@MM

DQSHKRSDCDLėCTQHMFD@TSNQHRDQSDE@FENKJ

TLHCCDKA@QSENQėTMCDQRJDNFAXSSD

@MNCDRS@MFDMGUHRCDSDQMCUDMCHF

#DSDQMNDMOTMJSDQCTLėRIDJJDMėQCT

TSEQDQNAKHF@SNQHRJUDCKHJDGNKC@U

OQNCTJSDS

*NMSQNKKDQDRHJJDQGDSRUDMSHKDM

*NMSQNKKDQRHJJDQGDSRUDMSHKDMRETMJRINM@KHSDS

QDFDKLDRRHF

3LLDOQNCTJSDS

#5 12$+ũ

5@QLSU@MMJ@MRKHOODTS

TMCDQSLLDOQNRDRRDM

3LOQNCTJSDSUH@JNAKHMFDMD

ÄOMDOQNCTJSDS

 #Q@@USDLODQ@STQUDKFDQDMNF

ADFQDMRMHMFRQHMFDM

 %IDQMCDEHQDRJQTDMDEQ@GTRDS

ZZZHOHFWUROX[FRP

 ÄOMDOQNCTJSCDJRDKDSUDCėCQDHD

CDJRDKDSNOONUDQNFCDQDSSDQEIDQMD

CDS

 3@@UCDMUQDHRNKDQHMFRJ@ORDKDMGUHR

CDSDQMCUDMCHF

2SHKKDHMMSDLODQ@STQFQDMRDM



!DFQDMRMHMFRQHMF



¦"



¦"



¦"

-ėQCTOK@RRDQDQADFQDMRMHMFRQHMFDMA@J

SDLODQ@STQUDKFDQDMJ@MCTADFQDMRD

HMMRSHKKHMFRNLQėCDSSHKSDLODQ@STQUDKFDQDM

SHKDMRODRHEHJJL@JRHLTLRSDLODQ@STQ

 #QDHSDLODQ@STQUDKFDQDMSHKMTKKLNS

GXQDSHKŭŭ

 #Q@@USDLODQ@STQUDKFDQDMNF

ADFQDMRMHMFRQHMFDM

 2JHUADFQDMRMHMFRQHMFDMLDC

L@JRHLTLRHMMRSHKKHMFDMOė

OQNCTJSCDJRDKDS

 (MRS@KKDQSDLODQ@STQUDKFDQRNLDQR@SS

SHKMTKKŭŭ

 JSHUDQTSJNAKHMFRETMJRINMDM

ENQUQDFQDMRD

 ÄOMDOQNCTJSDS

 #Q@@U@C@OSDQDM

 3QXJJOėŭQDRDSŭJM@OODMOė

TSJNOKHMFRETMJRINMDMENQUQDFQDMRD

 ,NMSDQ@C@OSDQDM

 +TJJOQNCTJSDSRCQ

 ,NMSDQADFQDMRMHMFRQHMFDMNF

SDLODQ@STQUDKFDQDM



ŭ1DRDSŭJM@OODMTSJNOKHMFRETMJRINM

ENQUQDFQDMRD



C@OSDQ

%IDQMDCDMEKDMRDCD

U@QLDJNKADMNF

SDLODQ@STQJNMSQNKKDQDM

TSJNAKHMFRETMJRINMDMENQUQD

FQDMRD

1256.





*NLAHMDQSSDLODQ@STQJNMSQNKKDQ

TSJNAKHMFRETMJRINMENQUQDFQDMRD



%KDMRDSU@QLDJNKAD

 %IDQMCDMJNLAHMDQSD

SDLODQ@STQJNMSQNKKDQDM

TSJNAKHMFRETMJRINMDMENQUQDFQDMRD

EQ@CDMEKDMRDCDU@QLDJNKADM

 %IDQMCDMEKDMRDCDU@QLDJNKADM

%IDQMCDMADRJXSSDMCD

@MNCDM



!DRJXSSDMCD@MNCD

%IDQMCDMADRJXSSDMCD@MNCDM

,NMSDQDCDMEKDMRDCD

U@QLDJNKADMNF

SDLODQ@STQJNMSQNKKDQDM

TSJNAKHMFRETMJRINMDMENQUQD

FQDMRD

 2DSSCDMEKDMRDCDU@QLDJNKADMHMMH

RXKHMCDQėOMHMFDMRėK@MFSCDMFėQ

 2JXUCDMJNLAHMDQSD

SDLODQ@STQJNMSQNKKDQDM

TSJNAKHMFRETMJRINMDMENQUQDFQDMRD

HMMHCDMEKDMRDCDU@QLDJNKADMRė

K@MFSCDSUHKFė

 )TRSDQCDMEKDMRDCDU@QLDJNKADMNF

JNLAHMDQSDSDLODQ@STQJNMSQNKKDQDM

TSJNAKHMFRETMJRINMDMENQUQDFQDMRDH

GDMGNKCSHKCH@FQ@LLDS

 %$(+2*(-&

5HRRDOQNAKDLDQRJXKCDRL@MFDKOė

FQTMMKDFFDMCDUDCKHJDGNKCDKKDQ@SMNDDQ

NUDQRDSS#DSSDJ@MNESDKRDRTSDM@SCT

LėSHKJ@KKDRDQUHBDSDJMHJDQ4SEQJNMSQNKKDM

ADRJQDUDSMDCDMENQEQCTQHMFDQCDSKNJ@KD

RDQUHBDRDMSDQDS

ZZZHOHFWUROX[FRP

/QNAKDL ÄQR@J +RMHMF

/QNCTJSDSKDUDQDQHJJDU@QLS

U@MM

3DLODQ@STQUDKFDQDMDQR@SS

SHKŭŭ

2KėOQNCTJSDS/ÄUDCėUQH

OėSDLODQ@STQUDKFDQDM

(MFDMRSQLHOQNCTJSDS

2IDJJRSORDKDSRHJQHMFDMDH

RHJQHMFRANJRDM

4SJNAKHMFRETMJRINMDMENQ

UQDFQDMRDAKDTSKRS

+RėQR@JDMSHKOQNAKDLDS

!XSSTSCDMJNLAHMDQSD

SDLODQ@STQJNMSQNKKDQDMTS

JNAKHMFRETMJRINMDMENQUQD

FQDMRDGUHRCDSDQMCUDM

CHF3QXJJOėŭQDRDSŭJM@O

ODMOėTSJNOKHMFRETMJRIN

MDMENQUQDFQDMRDRDJ@

OHSSDKENQėRDSSDCDMH

CQHES

*NMSQNKKDQDMETMFDQDQHJJD

!XSSTSCDMJNLAHMDQSD

SDLODQ@STQJNMSQNKKDQDMTS

JNAKHMFRETMJRINMDMENQUQD

FQDMRD

#DMEKDMRDCDU@QLDJNKADM

ETMFDQDQHJJD

!XSSTSCDMEKDMRDCDU@QLD

JNKADM

5@MMJ@MA@QDSQDJJDRUDC

DMQDCTRDQSG@RSHFGDS

+TESMHMFR@OO@Q@SDSHJQ@MDM

DQNOORJ@KDQSDKKDQRJHSSDM

UJ@KJAXSSTSKTESMHMFR@O

O@Q@SDQ

'XDJNJDKXCDQHOQNCTJSDS /QNCTJSDSDQNOORJ@KDQS

%ėDMJU@KHEHRDQSJNMSQ@JSQ

SHKė@UJ@KJDOQNCTJSDS

5@MMCQXOODQEQ@RHJJDQ

GDSRUDMSHKDMDSSDQNOOU@QL

HMF

2HJJDQGDSRUDMSHKDMDQNOO

RJ@KDQSDKKDQRJHSSDM

2KėOQNCTJSDS@U3QXJJ@U

K@RSOQNCTJSDSUDCėJNAKD

CDSEQ@RSQLLDMNFU@MM

ENQRXMHMFDM%ėDMJU@KHEHRDQS

JNMSQ@JSQSHKėJNMSQNKKDQD

RHJJDQGDSRUDMSHKDM

5@MMKDJJ@RIDQ

%DHK@JSHFENQRDFKDCDJHKCDENQ

AHMCDKRDQJ@KCSDKKDQU@QLS

U@MM

2SQ@LSHKCDFIDMFDCDSHKJN

AKHMFDMD

5@QRKDDMJU@KHEHRDQSJNMSQ@JSQ

GUHRCTHJJDJ@MKRDEDHKDM

.OOFHEKFDMCDMTLQDEQ@

SXODRJHKSDSENQėE@RHKHSDQDNF

EQDLRJXMCDENQDROQRDKDM

CHM

q /-"RHEQD

q 2-RHEQD

1256.



 3$*-(2*$# 3

2ODRHEHJ@RINM

100

$8$$$ $8$$$

' 'XCD  

" !QDCCD  

#XACD  

& 3NOOJK@QHMF  

% 'XCD  

'NQHRNMS@KGTKK@U

RS@MC

 

(MMS@JRNF

TSKORQQ

2SQQDKRDTSUDMCHFD

FIDMFDQ

& &

KKDLėKHLL

*NOKHMFRRJIDL@

-/$]5

ZZZHOHFWUROX[FRP

(MENQL@RINMNL

DMDQFHENQAQTJ

/QNCTJSC@S@NUDQGNKCDQ$4QDFTKDQHMFDQ

JMXSSDSSHKCHQDJSHUDSNLJNKNFHRJCDRHFM

@UDMDQFHQDK@SDQSDOQNCTJSDQ$Q/

$8$$$ $8$$$

+@RSHMMOQNEHK 772 772

$MDQFHDEEDJSHUHSDSRJK@RRD

$EEDJSHUHSDSUDCDMDQFHJNM

UDQRINM

#@FKHFRSQLENQAQTJJ6G

 

ÄQKHFRSQLENQAQTJJ6G  

2S@MC@QCSDLODQ@STQHMMRSHK

KHMFDQ¦"

 

+XCDEEDJSMHUėC!   

!NQSDODQHNCDQLTKHF -DH -DH

#@S@S@ADKK

$8$$$ $8$$$

'XCQ@TKHRJC@S@

-NLHMDKKJ@O@RHSDSK  

!K@MCDSU@MMUNKTLUDC

¦"K

 

$KDJSQHRJC@S@

-NLHMDKKRODMMHMF5 

1@MFDQSDEEDJSJ6 

,DQJDRSQL  

1256.





$8$$$ $8$$$

,"!DKDJSQHRJRHJQHMF

 



%@RDQ -/$

%QDJUDMR'Y 

!QTJRFQDMRDQ

.LQėCDENQSDLODQ@

STQHMMRSHKKHMF¦"



,@JRSHKK@SSSQXJJ,/@ 

,HMRSDU@MMSHKEQRDKSQXJJ

,/@



,@JRU@MMSHKEQRDKSQXJJ

,/@



,@JRRSQLMHMFRG@R

SHFGDSKLHM



$MDQFHC@S@

$MDQFHENQAQTJHGUHKDLN

CTRSUDC¦"

J6G

 

$MDQFHDEEDJSHUHSDSRJK@RRD

5DQRINMDQ

(/JK@RRHEHRDQHMF (/#

,NMSDQHMFRSXOD 4MCDQU@RJ

3XOD %NQRDFKDSTUDMSHKDQS

,@SDQH@KDENQHMSDQMRXK

HMCDQ

2SėKDL@KID

3DQLHRJHRNK@RINMRL@

SDQH@KD

$/2

#DJRDKL@SDQH@KD /2

%@QFD 'UHS

,ėK

#XACDLL  

'XCDLL  

!QDCCDLL  

5DJSDQ

5DJSJF  

ZZZHOHFWUROX[FRP

 !$2*833$+2$ 5,(+)$3

1DRHQJTKDQL@SDQH@KDQRNLDQLDQJDSLDC

RXLANKDS +DFFDLA@KK@RIDMHQHJSHFD

ADGNKCDQDENQėQDRHQJTKDQDCDS!HCQ@QSHKė

ADRJXSSDLHKIDSLDMMDRJDQRGDKRDNFENQ

ėQDRHQJTKDQD@UE@KK@UDKDJSQHRJDNF

DKDJSQNMHRJDOQNCTJSDQ(JJDJ@RS

OQNCTJSDQRNLDQLDQJDSLDCRXLANKDS

R@LLDMLDCGTRGNKCMHMFR@UE@KKDS

/QNCTJSDSJ@MKDUDQDRCDQGUNQSHKRU@QDMCD

OQNCTJSRDKFDRDKKDQOėLHKIRS@RINMDMH

JNLLTMDM*NMS@JSJNLLTMDMENQ

MQLDQDNOOKXRMHMFDQ

1256.



(--$'Ä++

2Á*$1'$32(-%.1, 3(.-

2Á*$1'$32(-%.1, 3(.-

(-23 ++ 3(.-

*.-31.++/ -$+ 

 -5Á-#-(-& 

2*ð32$+."'1$-&ð1(-&

4-#$1'Ä++ 

%$+2ð*-(-&

3$*-(2* # 3  

5(3Á-*$1/Ä#(&

3@BJEŅQ@SSCTJŅOSDM$KDBSQNKTWOQNCTJS#TG@QU@KSDMOQNCTJSRNLEŅQLDCRHF

ėQSHNMCDM@UXQJDRDQE@QDMGDSNBGHMMNU@SHNM&DMH@KNBGDKDF@MSG@QCDMTSENQL@SR

LDCCHFHėS@MJD2ėMĔQCTĔM@MUĔMCDQCDMJ@MCTJĔMM@CHFSQXFFLDC@SSUDS@

@SSCTEėQE@MS@RSHRJ@QDRTKS@SU@QIDFėMF

5ĔKJNLLDMSHKK$KDBSQNKTW

!DRŅJUėQVDAAOK@SREŅQ@SS

%ėSHORNL@MUĔMCMHMFAQNRBGXQDQEDKRŅJ@QDRDQUHBDHMENQL@SHNM

VVVDKDBSQNKTWBNLVDARDKERDQUHBD

1DFHRSQDQ@CHMOQNCTJSEŅQAĔSSQDRDQUHBD

VVVQDFHRSDQDKDBSQNKTWBNL

*ŅOSHKKADGŅQEŅQAQTJMHMFRU@QNQNBGNQHFHM@KQDRDQUCDK@QSHKKCHMOQNCTJS

VVVDKDBSQNKTWBNLRGNO

*4-#3)Á-23."'2$15("$

5HQDJNLLDMCDQ@Q@SSNQHFHM@KQDRDQUCDK@Q@MUĔMCR

'@EŅKI@MCDTOOFHESDQSHKKG@MCRMĔQCTJNMS@JS@QRDQUHBD@UCDKMHMFDM,NCDKK/-"

RDQHDMTLLDQ

(MENQL@SHNMDMEHMMROėSXORJXKSDM

5@QMHMF@QUHJSHFRĔJDQGDSRHMENQL@SHNM

 KKLĔMHMENQL@SHNMNBGSHOR

,HKIŅHMENQL@SHNM

,DCQDRDQU@SHNMEŅQĔMCQHMF@Q

ZZZHOHFWUROX[FRP

 2Á*$1'$32(-%.1, 3(.-

+ĔRMNF@CDAHENF@CDHMRSQTJSHNMDQM@EŅQDHMRS@KK@SHNMNBG

@MUĔMCMHMF@UOQNCTJSDM3HKKUDQJ@QDMJ@MHMSDGėKK@R

@MRU@QHFEŅQODQRNMRJ@CNQDKKDQRJ@CNQOėDFDMCNLRNL

NQR@J@SR@UEDK@JSHFHMRS@KK@SHNMDKKDQ@MUĔMCMHMF%ŅQU@Q@

@KKSHCHMRSQTJSHNMDQM@SHKKR@LL@MRLDCOQNCTJSDMEŅQ

EQ@LSHC@AQTJ

2ĔJDQGDSEŅQA@QMNBGG@MCHJ@OO@CD

q #DMM@OQNCTJSJ@M@MUĔMC@R@UA@QMEQėMėQRėKCDQ

NBGTOOėSNBG@UODQRNMDQLDCMDCR@SSEXRHRJ

RDMRNQHRJDKKDQLDMS@KEŅQLėF@R@LSODQRNMDQLDC

AQHRS@MCDDQE@QDMGDSNBGJTMRJ@ONLCDŅUDQU@J@R

DKKDQHMRSQTDQ@RADSQĔEE@MCDGTQOQNCTJSDM@MUĔMCROė

DSSRĔJDQSRĔSSNBGEŅQRSėQCDQHRJDQRNLĔQEŅQJMHOO@CD

LDC@MUĔMCMHMFDM

q +ėSHMSDA@QMKDJ@LDCOQNCTJSDM

q %ŅQU@Q@@KKSEŅQO@BJMHMFRL@SDQH@KTSNLQĔBJGėKKEŅQA@QM

q .L@OO@Q@SDMG@QDSSA@QMKėRDKKDQDMETMJSHNMRNLFDQ

DMODQL@MDMSSDLODQ@STQFQĔMRQDJNLLDMCDQ@QUH@SS

CT@JSHUDQ@QCDS

q 1DMFŅQHMFNBG@MUĔMC@QTMCDQGėKKRJ@HMSDTSEŅQ@R@U

A@QMTS@MSHKKRXM

q !@QMTMCDQėQRJ@HMSDUHRS@RHMĔQGDSDMTS@MRSĔMCHF

TOORHJS

 KKLĔMRĔJDQGDS

q #DSĔQLXBJDSUHJSHFS@SSAQTJR@MUHRMHMFDMGėKKR

SHKKFĔMFKHFSHKKR@LL@MRLDCOQNCTJSDMEŅQEQ@LSHC@

QDEDQDMR.LOQNCTJSDMRĔKIRDKKDQŅUDQKėSRSHKKDM@MM@M

ĔF@QDDKKDQNLCTEKXSS@QNBGKėSDQOQNCTJSDMU@Q@JU@Q

RDSHKK@SSAQTJR@MUHRMHMFDMLDCEŅKIDQOQNCTJSDMRė@SS

CDMMX@ĔF@QDMJ@MRSTCDQ@GTQCDMETMFDQ@QNBGS@CDK

@URĔJDQGDSREŅQDRJQHESDQM@

q *NQQDJSCQHES@UCHM@OO@Q@SADQNQHMSDDMA@QSOė

OQNCTJSDMRJU@KHSDSTS@MOėJNQQDJSHMRS@KK@SHNM@UDM

JNLODSDMSXQJDRL@M

69(16.$



q 3@@KCQHFANQSDKKDQRJ@C@JKHRSDQLĔQJDMU@QMHMFRDSHJDSSDQ

DKKDQM@LMRJXKS@QRNLRHSSDQOė@OO@Q@SDM

q $MJU@KHEHBDQ@CSDJMHJDQRNLTSEŅQHMRS@KK@SHNMDMĔQ

RJXKCHF@SSH@JSS@FĔKK@MCDM@SHNMDKK@RS@MC@QCDQNBG

EŅQDRJQHESDQNL@MRKTSMHMFSHKKU@SSDMKDCMHMFRMĔSDSNBG

DKMĔSDS3HKKUDQJ@QDMĔQHMSD@MRU@QHFEŅQNOQNEDRRHNMDKK

DKKDQEDK@JSHFHMRS@KK@SHNM

q *NMSQNKKDQ@@SSRODBHEHJ@SHNMDQM@RNLEHMMROė

@OO@Q@SDMRSXORJXKSĔQCDR@LL@RNLOėCDMDKDJSQHRJ@

RSQŅLEŅQRŅQIMHMFDM

q #DMM@@OO@Q@SĔQSHKKUDQJ@CNBGSDRS@CHDMKHFGDSLDC

FĔKK@MCDEŅQDRJQHESDQ

q 5@SSDMSQXBJDSLHMHLTLNBGL@WHLTLLėRSDU@Q@

LDKK@MA@Q,/@NBGA@Q,/@

q %ŅQ@SSTMCUHJ@AQĔMMRJ@CNQMĔQCT@MUĔMCDQ

U@QLU@SSDMADQDC@QDMJNMSQNKKDQ@@KKSHC

U@SSDMSDLODQ@STQDMNBGITRSDQ@UHCADGNUEŅQD

@MUĔMCMHMF

5HCDSSDUDMSTDKKSEDKOė@OO@Q@SDMJ@MDM

SNOOSDLODQ@STQOėTOOSHKK¦"JNQSU@QHFSTOORSė

HRXRSDLDS

2ODBH@KHMENQL@SHNM

q -ĔQ@OO@Q@SDMĔQODQL@MDMS@MRKTSDMSHKKDKMĔSDSLDC

GIĔKO@UDMRĔQRJHKCJNOOKHMFRCNR@LėRSDCDMJTMM@

JNOOK@RANQSEQėMDKMĔSDSFDMNLDMHRNK@SNQRNLAQXSDQ

@KK@ONKDQLDCLHMRSLLJNMS@JS@URSėMC

q -ĔSJ@ADKMEėQDMC@RSAXS@RSHKKDWDLODKNLCDMĔQ

RJ@C@C@UDMJU@KHEHBDQ@CSDJMHJDQRNLFNCJĔMSR@U

SHKKUDQJ@QDMNBGDMC@RSAXS@RSHKKDMNQHFHM@KQDRDQUCDK

q 2ĔJQ@@OO@Q@SDMDMKHFSADRJQHUMHMFHJ@OHSDKŭŭ

q !D@JS@L@WHL@KSSHKKėSDSSQXBJRDJ@OHSDKŭŭ

q 3ŅL@OO@Q@SDMDMKHFSADRJQHUMHMFHJ@OHSDKŭŭ

q /QNCTJSDMĔQSQXBJR@SS4MCDQTOOUĔQLMHMFROQNBDRRDM

JNLLDQDWO@MRHNMRU@SSMDS@SSCQNOO@EQėM

RĔJDQGDSRUDMSHKDM

ZZZHOHFWUROX[FRP

q JSHUDQ@RĔJDQGDSRUDMSHKDMQDFDKATMCDSEŅQ@SSEŅQGHMCQ@

CDMEQėM@SSAKHAKNBJDQ@CSDW@UJ@KJ@UK@FQHMF@Q

q (MRS@KKDQ@DMSXOSDRS@CRĔJDQGDSRUDMSHKHL@S@QKDCMHMFDM

EŅQJ@KKU@SSDM!DQNDMCDOėL@SMHMFRSQXBJDSJ@MCT

NBJRėADGŅU@DMSQXBJQDCTBDQHMFRUDMSHK

q ÁMCQ@CQĔMDQHMFRQŅQDSRė@SSU@SSMDSJ@MQHMM@@U

NADGHMCQ@SMĔQRĔJDQGDSRUDMSHKDMĔQGDKSŅOODM

q ,NMSDQ@CQĔMDQHMFRQŅQDSEQėMRĔJDQGDSRUDMSHKDMLDCDM

JNMRS@MSMDF@SHUKTSMHMFNBGHDSSQTLCĔQCDSHMSDEHMMR

MėFNMQHRJEŅQEQNRS

q 2ĔJDQGDSRUDMSHKDMEŅQQDRSU@SSMDSLėRSDU@Q@ŅOODM

2Á*$1'$32(-%.1, 3(.-

(MRS@KK@SHNM

q %ŅKICDHMRS@KK@SHNMRHMRSQTJSHNMDQRNL

EŅKIDQLDCOQNCTJSDM

q UKĔFRM@@KKSEŅQO@BJMHMFRL@SDQH@K

q (MRS@KKDQ@DKKDQ@MUĔMCHMSDDMRJ@C@C

OQNCTJS

q *NMSQNKKDQ@EŅQDRS@QS@UOQNCTJSDM@SS

CDMHMSDG@QMėFQ@SQ@MRONQSRJ@CNQ

q 3@@KCQHFANQSDKKDQRJ@C@JKHRSDQLĔQJDM

U@QMHMFRDSHJDSSDQDKKDQM@LMRJXKS@QRNL

RHSSDQOė@OO@Q@SDM

 MRKTSMHMF@UU@SSDM

q *NMSQNKKDQ@Rė@SSCTHMSDRJ@C@Q

U@SSDMRK@MF@QM@

q OO@Q@SDMRJ@@MRKTS@RSHKK

U@SSDMSHKKEŅQRDKMLDCCDMX@

LDCEŅKI@MCDRK@MFTOORĔSSMHMF@QM@

q (MM@MCT@MRKTSDQOQNCTJSDMSHKKMX@QŅQ

DKKDQSHKKQŅQRNLHMSDG@Q@MUĔMSROė

KĔMFDKėSDQCTU@SSMDSQHMM@SHKKRCDSĔQ

QDMS

q %ŅQRS@FėMFDMCT@MUĔMCDQOQNCTJSDM

RJ@CTJNMSQNKKDQ@@SSHMFDSKĔBJ@FD

EŅQDJNLLDQ

$KDJSQHRJ@MRKTSMHMF

5 1-(-&ũ

1HRJEŅQAQ@MCNBGDKDJSQHRJ@

RSŅS@Q

4SEŅQ@KKDK@MRKTSMHMFNBG@KK@

HMRS@KK@SHNMR@QADSDMHDMKHFGDS

LDCFĔKK@MCDEŅQDRJQHESDQ

q 'TRGėKKR@OO@Q@SDMLėRSDINQC@R

q *NMSQNKKDQ@@SSOQNCTJSDMRLĔQJC@S@

ŅUDQDMRRSĔLLDQLDCCHMRSQŅLJĔKK@

.LHMSDJNMS@JS@UėQS@TJSNQHRDQ@CD

RDQUHBDBDMSDQDKKDQDMDKDJSQHJDQ

q *NMSQNKKDQ@@SSOQNCTJSDMĔQQĔSS

HMRS@KKDQ@C+ŅR@NBGDIE@BJLĔRRHFS

LNMSDQ@CDMĔSJ@AK@QDKKDQJNMS@JSDQH

EŅQDJNLL@MCDE@KKJ@MNQR@J@

ŅUDQGDSSMHMFHJNOOKHMFROKHMSDM

q MUĔMCHMSDFQDMTSS@FDKKDQ

EŅQKĔMFMHMFRRK@CC@Q

q *NMSQNKKDQ@Rė@SSCTHMSDRJ@C@Q

JNMS@JSDMHEŅQDJNLL@MCDE@KKNBG

MĔSJ@ADKM*NMS@JS@UėQS@TJSNQHRDQ@CD

RDQUHBDBDMSDQDKKDQDMDKDJSQHJDQEŅQ@SS

DQRĔSS@DMRJ@C@CMĔSJ@ADK

q #DMDKDJSQHRJ@HMRS@KK@SHNMDMLėRSDG@

DMHRNK@SHNMRDMGDSRė@SSCTJ@MJNOOK@

EQėMOQNCTJSDMEQėMMĔSDSUHC@KK@ONKDQ

*NMS@JSŅOOMHMFDMOė

HRNK@SHNMRDMGDSDMLėRSDU@Q@LHMRS

LLAQDC

$SSKĔLOKHFSTSS@FDKKDQ

@C@OSDQEŅQ2BGTJN

JNMS@JSDMRJ@@MUĔMC@RUHC

ADGNU

5@QLU@SSDMADQDC@QDMLėRSD

U@Q@@MRKTSDMSHKK

RJXCCRKDC@QDM

69(16.$



"$LĔQJMHMF

"$LĔQJMHMFDMUHR@Q@SS@OO@Q@SDM

TOOEXKKDQ@KK@FQTMCKĔFF@MCDJQ@UHDMKHFGDS

LDC

q +ėFROĔMMHMFRCHQDJSHUDS

q #HQDJSHUNLDKDJSQNL@FMDSHRJ

JNLO@SHAHKHSDS

q 1N'2CHQDJSHU

 (-23 ++ 3(.-

2S@MC@QCKDUDQ@MR

%ŅKI@MCDKDUDQDQ@RLDC@OO@Q@SDM

q 5ĔFFEĔRSD

/K@BDQHMF

#DSEŅQRDFK@CDNUDMSHKDQ@CD

SQXBJ@OO@Q@SDMĔQDMC@RS

@URDCCEŅQHMRS@KK@SHNMTMCDQ

CHRJAĔMJDM OO@Q@SDMĔQ

@URDCCEŅQTOOUĔQLMHMF@U

J@KKSU@SSDMNBGLDCDMDKKDQ

EKDQ@@US@OOMHMFROTMJSDQ

OO@Q@SDMEėQDMC@RSHMRS@KKDQ@RLDC

SQXBJTSS@FHR@LA@MCLDCDM

SXOJNMSQNKKDQ@CRĔJDQGDSRUDMSHK

#DMSXOJNMSQNKKDQ@CDRĔJDQGDSRUDMSHKDM

RJXCC@Q@OO@Q@SDMLNSHBJDŅMRJ@S

ŅUDQSQXBJ

5 1-(-&ũ

(MRS@KKDQ@HMSD@OO@Q@SDMOė

EŅKI@MCDOK@SRDQ

4SNLGTR

q /ėOK@SRDQRNLĔQJ@KK@

NBGTMCDQMNKK@MCėCDS

HRJ@KK@U@SSMDSJ@MRJ@C@

CDMHMQDS@MJDMNBGQŅQDM

q -ĔQTSRKĔOO@UU@SSDMHMSD

ĔQLŅIKHFS

%ŅQRĔJQ@CHFNL@SS

@OO@Q@SDMDMJDKSJ@MMėREŅQ

TMCDQGėKKR@QADSDM

(MRS@KKDQ@@KKSHC@OO@Q@SDMUDQSHJ@KSNBGMĔQ@

@US@OOMHMFROTMJSDM

 OO@Q@SDMRHMRS@KK@SHNM

OO@Q@SDMĔQ@URDCCEŅQLNMSDQHMFOėDM

RNKHCUĔFF2DSHKK@SSUĔFFDMG@QSHKKQĔBJKHF

AĔQHFGDS

(MRS@KKDQ@@KKSHC@OO@Q@SDM

UDQSHJ@KSHDSSQTLEQHSSEQėMEQNRS

NBGMĔQ@@US@OOMHMFROTMJS

 ,@QJDQ@GėKDMRNLRJ@ANQQ@ROė

UĔFFDM

 !NQQ@GėKDMNBGRĔSSHKĔLOKHF@OKTFF

 %ĔRSUĔFFEĔRSDSLDCGIĔKO@UKĔLOKHF@

RJQTU@Q

 'ĔMF@OO@Q@SDMOėUĔFFEĔRSDS

2ĔJDQGDSRUDMSHKDMR

HMRS@KK@SHNM

5@QLU@SSDMADQDC@QM@ĔQCHLDMRHNMDQ@CD

EŅQDSSL@WHL@KSMNLHMDKKSSQXBJOė,/@

$MKHFS$-RJ@

RĔJDQGDSRUDMSHKDMEŅQGHMCQ@@SS

U@SSDMSQXBJDSŅUDQRSHFDQ

U@QLU@SSDMADQDC@QDMRGŅFRS@JK@RR@CD

SQXBJOėLDQĔM,/@

$MSXOJNMSQNKKDQ@CRĔJDQGDSRUDMSHKJQĔUR

 ,NMSDQ@RĔJDQGDSRUDMSHKDMH

@OO@Q@SDMRJ@KKU@SSDMKDCMHMF

ZZZHOHFWUROX[FRP

 ÁMCQ@CQĔMDQHMFRQŅQDSRė@SSU@SSMDS

J@MQHMM@@UNADGHMCQ@SMĔQ

RĔJDQGDSRUDMSHKDMĔQGDKSŅOODM

 ,NMSDQ@CQĔMDQHMFRQŅQDSEQėM

RĔJDQGDSRUDMSHKDMLDCDMJNMRS@MS

MDF@SHUKTSMHMFNBGHDSSQTLCĔQCDS

HMSDEHMMRMėFNMQHRJEŅQEQNRS

5 1-(-&ũ

2ĔJDQGDSRUDMSHKDMEŅQ

QDRSU@SSMDSLėRSDU@Q@

ŅOODM

.LSHKKEŅQRDKSQXBJDSĔQ

,/@HMRS@KKDQ@DM

SQXBJQDCTBDQHMFRUDMSHKEŅQD

RĔJDQGDSRUDMSHKDMH

J@KKU@SSDMKDCMHMFDM

 MRKTSMHMF@UU@SSDM

4SEŅQ@KK@U@SSDM@MRKTSMHMF@QNBGHMRS@KKDQ@

DMC@RSSQXBJJQ@MDMLDCDM

RĔJDQGDSRUDMSHKDMKHFSEŅQDRJQHESDQM@

,@SBG@EĔQFJNCMHMFDMOėJQ@MDMR

U@SSDM@MRKTSMHMF@QLDCCDOė@OO@Q@SDM

'ŅFDQRHC@AKėŭ*@KKU@SSDMHMKNOOŭ

q 5ĔMRSDQRHC@QŅCŭ5@QLU@SSDMHMKNOOŭ

2DSHKK@SSU@SSDMHMRKTSMHMF@QM@

HMSDUHJRTMCDQHMRS@KK@SHNMDM

2DSHKK@SSRK@MF@QM@HMSDAKHQ

EŅQROĔMC@TMCDQ

HMRS@KK@SHNMDM

 *.-31.++/ -$+



3DLODQ@STQUQDC



*NMSQNKK@LO@EŅQTOOUĔQLMHMF

!DQNDMCDOėRXRSDLDSJ@MCDE@JSHRJ@

SDLODQ@STQDQM@U@QHDQ@EQėMCDSHMRSĔKKC@

UĔQCDS

 *@KKS,DCCDMM@HMRSĔKKMHMFRJXCC@R

@OO@Q@SDMLNSEQNRS*Q@MDM

U@SSDMKDCMHMF@QNBGRĔJDQGDSRUDMSHKDMĔQ

HMSDRJXCC@C

, 7'ŅFRS@LŅIKHF@SDLODQ@STQ

 -5Á-#-(-&

%XKKMHMF

#DMM@EŅQRDFK@CD

NUDMSHKDQ@CDSQXBJ@OO@Q@S

ĔQ@URDCCEŅQTOOUĔQLMHMF@U

U@QLU@SSDM OO@Q@SDMJ@M

G@DMDKKDQEKDQ@

@US@OOMHMFROTMJSDQ

-ĔQU@QLU@SSDMADQDC@QDMG@QHMRS@KKDQ@SR

 ðOOM@UDMSHKDMSHKKU@SSMDS

 ðOOM@U@QLU@SSDMJQ@MDM

5@QLU@SSDMADQDC@QDMĔQETKKMĔQU@SSMDS

JNLLDQLDCJNMRS@MSEKŅCD

 2SĔMFU@QLU@SSDMJQ@M@QM@

 2DSHKK@SSCDSHMSDEHMMRMėFQ@KĔBJNQH

HMRS@KK@SHNMDM

 *NMSQNKKDQ@@SSRĔJDQGDSRUDMSHKDM

ETMFDQ@QRNLCDMRJ@

5 1-(-&ũ

(MM@MCT@MRKTSDQ

U@QLU@SSDMADQDC@QDMSHKK

DKMĔSDSRJ@CTJNMSQNKKDQ@@SS

CDMĔQETKKLDCU@SSDM@MM@QR

J@MUĔQLDDKDLDMSDSRJ@C@R

)TRSDQ@U@SSDMSDLODQ@STQDM

5 1-(-&ũ

4MCDQCQHESJ@MJQ@MDMNBG

RĔJDQGDSRUDMSHKDMMė

SDLODQ@STQDQRNLŅUDQRSHFDQ

¦"#DSEHMMRDMQHRJEŅQ

AQĔMMRJ@CNQNL

TSKNOORSDLODQ@STQDM

ŅUDQRSHFDQ¦"

69(16.$



#TJ@MRSĔKK@HMŅMRJ@CSDLODQ@STQOė

TSKNOORU@SSMDSLDCSDLODQ@STQUĔKI@QDM

RNLĔQRSDFKŅREQėM¦"EQNRSRJXCCSHKK

, 7

3DLODQ@STQUĔKI@QDMEėQDMC@RS

S@RANQS@UJU@KHEHBDQ@C

SDJMHJDQ

!DQNDMCDOėRĔRNMFJ@M

U@QHDQ@MCD

J@KKU@SSDMSDLODQ@STQDQ

QDRTKSDQ@HNKHJ@L@WHL@KS

AK@MC@SU@SSDMNBG

TSKNOORUNKXLDQ

#QHES

-ĔQSDLODQ@STQDMG@CDITRSDQ@SRSHKKCDS

ŅMRJ@CDUĔQCDSJNLLDQUĔQLDDKDLDMSDS

@SSUĔQL@TOOU@SSMDSHMTSHS@MJDMSHKKR

U@SSDMSDLODQ@STQDMMėQCDSHMRSĔKKC@

UĔQCDSCĔQDESDQJNLLDQUĔQL@QDM@SS

RSĔMF@R@U

-ĔQU@SSMDSHMTSHS@MJDMAKHQJ@KK@QDNBG

SDLODQ@STQDMĔQKĔFQDĔMCDMHMRSĔKKC@

SDLODQ@STQDMJNLLDQ

TOOUĔQLMHMFROQNBDRRDM@SSRS@QS@HFDM

NBGUĔQL@U@SSMDSHMTSHS@MJDM#DSS@

JNLLDQ@SSTOOQDO@RGDK@SHCDM

@TSNL@SHRJSRėKĔMFDRNLCDMDKDJSQHRJ@

JĔKK@MĔQ@MRKTSDMSHKKU@SSDMUĔQL@QDM

2*ð32$+."'1$-&ð1(-&

5 1-(-&ũ

1DO@Q@SHNMNBGTMCDQGėKKRJ@

TSEŅQ@R@U@TJSNQHRDQ@CD

SDJMHJDQ

JSHUDQ@RĔJDQGDSRUDMSHKDM

QDFDKATMCDSEŅQ@SSEŅQGHMCQ@

CDMEQėM@SSAKHAKNBJDQ@C

SDW@UJ@KJ@UK@FQHMF@Q

%DKLėRSDėSFĔQC@RNLDCDKA@QSEŅQ@SS

OQDRS@MC@MRJ@ADGėKK@R

$MQDMLITJSQ@R@DKKDQUėSRU@LOJ@M

@MUĔMC@REŅQQDMFŅQHMF

/QNCTJSDQHMMDGėKK@MCDKŅRMHMFRLDCDKĔQ

HMSDSHKKėSM@EŅQQDMFŅQHMF

4-#$1'Ä++

5 1-(-&ũ

(MM@MMėFNS@QADSDTSEŅQROė

@OO@Q@SDMJNOOK@ANQS@KK@

ONKDQEQėMRSQŅLEŅQRŅQIMHMFDM

5@QLU@SSDMADQDC@QDMJQĔUDQHMFDSRĔQRJHKS

TMCDQGėKK MNCRS@UDMRJXCC@QS@MJDM

LNSJNQQNRHNM!DQNDMCDOė

U@SSDMEŅQGėKK@MCDSJ@M

L@FMDRHTL@MNCRS@UDMADGŅU@AXS@R

U@QS@MM@SėQ&@KU@MHRJNBGDKDJSQNKXSHRJ

JNQQNRHNMJ@MRJ@C@S@MJDMNL

@MNCRS@UDMAKHQMŅSS1NRSHFSU@SSDMĔQ

NES@RSDMHMCHJ@SHNMOėDMMŅSS@MNCRS@U

.LU@SSMDSĔQQNRSHFSLėRSDCTNLDCDKA@QS

JNMS@JS@DM@TJSNQHRDQ@CEHQL@EŅQ@SSEė

@MNCRS@UDMTMCDQRŅJSNBGUHCADGNU

TSAXSS

#DSEHMMRMėFQ@OTMJSDQ@SSJNMSQNKKDQ@MĔQ

CTFŅQCDSMŅCUĔMCHF@TMCDQGėKKDS@U

@OO@Q@SDM

*NMSQNKKDQ@RĔJDQGDSRUDMSHKDM

*NMSQNKKDQ@QDFDKATMCDS@SS

RĔJDQGDSRUDMSHKDMETMFDQ@Q

3ŅLMHMF@U@OO@Q@SDM

5 1-(-&ũ

5@QLSU@SSDMJ@MJNLL@TS

TMCDQSŅLMHMFROQNBDRRDM

3ŅL@OO@Q@SDMUH@RHM@@MRKTSMHMF@Q

ZZZHOHFWUROX[FRP

ðOOM@@OO@Q@SDM

 #Q@ANQSSDLODQ@STQUĔKI@QDMNBG.

QHMFDM

 +NRR@CDRJQTU@QM@EQėMGŅKIDS

 ðOOM@@OO@Q@SDMRGŅKIDFDMNL@SS

UQHC@CDSTOOėSNBGRDC@MS@ANQSCDS

 3@ANQSCDMŅUQDHRNKDQHMFDMCDKUHRNL

RėADGŅUR

2SĔKK@HMSDLODQ@STQFQĔMRDM



.QHMF



¦"



¦"



¦"

,DC.QHMFDMOK@BDQ@CA@JNL

SDLODQ@STQUĔKI@QDMJ@MCTADFQĔMR@

HMRSĔKKMHMFRNLQėCDSEŅQSDLODQ@STQUĔKI@QDM

SHKKDMUHRRL@WHL@KSDLODQ@STQ

 5QHCSDLODQ@STQUĔKI@QDMSHKKMNKKGDKS

LDCTQRSHKKŭŭ

 #Q@ANQSSDLODQ@STQUĔKI@QDMNBG.

QHMFDM

 2JITS.QHMFDMSHKKL@WHL@KHMRSĔKKMHMF

Oė@OO@Q@SDMRGŅKID

 (MRS@KKDQ@SDLODQ@STQUĔKI@QDMMĔQCDM

RSėQOėMNKKŭŭ

 JSHUDQ@

RĔJDQGDSR@URSĔMFMHMFDM

 ðOOM@@OO@Q@SDM

 #Q@ANQS@C@OSDQM

 3QXBJOėėSDQRSĔKKMHMFRJM@OODMOė

RĔJDQGDSR@URSĔMFMHMFDM

 2ĔSSSHKKA@J@@C@OSDQM

 2ĔSSSHKKA@J@@OO@Q@SDMRGŅKID

 ,NMSDQ@.QHMFDMNBG

SDLODQ@STQUĔKI@QDM

69(16.$





ÄSDQRSĔKKMHMFRJM@OOEŅQ

RĔJDQGDSR@URSĔMFMHMF



C@OSDQ

3@ANQSCDMEKĔMR@CD

DKO@SQNMDMNBG

SDLODQ@STQQDFTK@SNQM

RĔJDQGDSR@URSĔMFMHMFDM



*NLAHMDQ@CSDLODQ@STQQDFTK@SNQ

RĔJDQGDSR@URSĔMFMHMF



%KĔMR@CDKO@SQNM

 3@CDMJNLAHMDQ@CD

SDLODQ@STQQDFTK@SNQM

RĔJDQGDSR@URSĔMFMHMFDMEQėMCDM

EKĔMR@CDDKO@SQNMDM

 3@ANQSCDMEKĔMR@CDDKO@SQNMDM

3@ANQSCDMRJXCC@MCD

@MNCDM



2JXCC@MCD@MNC

3@ANQSCDMRJXCC@MCD@MNCDM

,NMSDQ@CDMEKĔMR@CD

DKO@SQNMDMNBG

SDLODQ@STQQDFTK@SNQM

RĔJDQGDSR@URSĔMFMHMFDM

 2ĔSSCDMEKĔMR@CDDKO@SQNMDMH

BXKHMCDQŅOOMHMFDMRėKėMFSHMCDSFėQ

 3QXBJHMCDMJNLAHMDQ@CD

SDLODQ@STQQDFTK@SNQM

RĔJDQGDSR@URSĔMFMHMFDMHCDM

EKĔMR@CDDKO@SQNMDMRėKėMFSCDSFėQ

 1HJS@HMCDMEKĔMR@CDDKO@SQNMDMNBG

CDMJNLAHMDQ@CD

SDLODQ@STQQDFTK@SNQ

RĔJDQGDSR@URSĔMFMHMFDMHDMKHFGDS

LDCCH@FQ@LLDS

 %$+2ð*-(-&

5HRR@OQNAKDLADQNQOėAQHRS@MCD

TMCDQGėKKDKKDQEŅQAHRDDMCDMRNLDMJDKS

J@MKŅR@RTS@M@SSADGŅU@QHMF@

RDQUHBDSDJMHJDQM@(MM@MCTJNMS@JS@QCDS

KNJ@K@RDQUHBDBDMSQDSJ@MCTTSEŅQ@

JNMSQNKKDMMDC@M

ZZZHOHFWUROX[FRP

/QNAKDL .QR@J +ņRMHMF

/QNCTJSDMSHKKEŅQHMSDU@QLS

U@SSDM

3DLODQ@STQUĔKI@QDMĔQHM

RSĔKKCOėŭŭ

2KėOė@OO@Q@SDMFDMNL@SS

UQHC@OėSDLODQ@STQUĔKI@QDM

(MFDMRSQŅLOė@OO@Q@SDM

*NMSQNKKDQ@RSHBJJNMS@JSDM

RĔJQHMF@QM@HDKBDMSQ@KDM

2ĔJDQGDSR@URSĔMFMHMFDM

G@QTSKŅRSR

ÄSFĔQC@NQR@JDMSHKKEDKDS

.LCDSADGŅURAXSTSCDM

JNLAHMDQ@CDSDLODQ@STQQD

FTK@SNQMRĔJDQGDSR@URSĔMF

MHMFDM%ėRĔJDQGDSR@U

RSĔMFMHMFDMLDCGŅFFQĔMR

@SSETMFDQ@FDMNL@SS

SQXBJ@OėėSDQRSĔKKMHMFR

JM@OODMOėRĔJDQGDSR@U

RSĔMFMHMFDMLDCGŅFFQĔMR

RDJ@OHSDK

1DFTK@SNQMĔQCDEDJS

!XSTSCDMJNLAHMDQ@CD

SDLODQ@STQQDFTK@SNQRĔJDQ

GDSR@URSĔMFMHMFDMLDC

GŅFFQĔMR

#DMEKĔMREŅQRDCC@DKO@SQN

MDMĔQEDK@JSHF

!XSCDMEKĔMREŅQRDCC@DKO@

SQNMDM

5@SSDMJ@MA@Q@EėRSHKKQD

CTBDQ@CG@RSHFGDS

+TES@QDMHJQ@MDMĔQHFDMJ@K

J@CDKKDQRLTSRHF

UJ@KJ@AXSKTES@QDM

'ŅFSJNJ@MCDKITCHMMDH@O

O@Q@SDM

OO@Q@SDMĔQETKKLDCJ@K

J@UK@FQHMF@Q

+ėS@OO@Q@SDM@UJ@KJ@R@U

DMJU@KHEHBDQ@CSDJMHJDQ

5@SSDMCQNOO@QEQėMRĔJDQ

GDSRUDMSHKDMDESDQTO

OUĔQLMHMF

2ĔJDQGDSRUDMSHKDMĔQHFDM

J@KJ@CDKKDQRLTSRHF

2SĔMF@UOQNCTJSDM2KĔOO

TSSQXBJDSH@OO@Q@SDMFD

MNL@SSJNOOK@ANQSCDM

EQėMDMDQFHNBGU@SSDMEŅQ

RŅQIMHMF+ėSDMJU@KHEHBDQ@C

SDJMHJDQJNMSQNKKDQ@RĔJDQ

GDSRUDMSHKDM

5@SSDMKĔBJNQ

%DK@JSHFSSĔS@CDU@QL@DKKDQ

J@KK@U@SSDM@MRKTSMHMF@Q

#Q@ėSFĔMF@CD@MRKTSMHM

F@Q

.LCTHMSDJ@MėSFĔQC@EDKDS

LDCCDK@CHMJU@KHEHBDQ@CD

SDJMHJDQ%ŅQ@SSTMCDQKĔSS@

NBGRM@AA@TOOCHM

EŅQEQėF@M@MFDEŅKI@MCD

MTLLDQEQėMSXORJXKSDM

q /-"RHEEQNQ

q 2-RHEEQNQ

69(16.$



 3$*-(2* # 3

2ODBHEHJ@SHNM

100

$8$$$ $8$$$

' 'ŅIC  

" !QDCC  

#ITO  

%QHGŅICŅUDQ@OO@

Q@SDM

 

% 'ŅIC  

URSėMCGNQHRNMSDKKS

GėK

 

(MKNOORNBGTS

KNOORRK@MF

2SNQKDJG@MSQėC & &

KK@CHLDMRHNMDQHLL

*NOOKHMFRRBGDL@

-/$]5

ZZZHOHFWUROX[FRP

(MENQL@SHNMNL

DMDQFHEŅQAQTJMHMF

/QNCTJSC@S@ŅUDQDMRRSĔLLDQLDC$4R

EŅQDRJQHESDQRNLFĔKKDQEŅQCHQDJSHUDSNL

DJNCDRHFMEŅQDMDQFHQDK@SDQ@CDOQNCTJSDQ

$Q/

$8$$$ $8$$$

+@CCMHMFROQNEHK 772 772

$MDQFHJK@RR

$MDQFHDEEDJSHUHSDSNLU@M

CKHMF

#@FKHFDMDQFHEŅQAQTJMHMF

J6G

 

ÄQKHFDMDQFHEŅQAQTJMHMF

J6G

 

2S@MC@QCHMRSĔKKMHMFRSDLODQ

@STQ¦"

 

+ITCDEEDJSMHUėHC!   

#QHESHKėFKĔFDLŅIKHFS -DI -DI

#@S@S@ADKK

$8$$$ $8$$$

'XCQ@TKHRJ@TOOFHESDQ

-NLHMDKKJ@O@BHSDSKHSDQ  

!K@MC@CU@SSDMUNKXL

UHC¦"KHSDQ

 

$KDJSQHRJ@C@S@

,ĔQJROĔMMHMF5 

,ĔQJDEEDJSJ6 

69(16.$





$8$$$ $8$$$

,ĔQJRSQŅL  

,"!RĔJQHMFRJK@RR  

%@RDQ -/$

%QDJUDMR'Y 

!DFQĔMRMHMF@Q

(MRSĔKKMHMFRSDLODQ@STQ

¦"



,@WSHKKėSDSSQXBJ,/@ 

,HMHMKNOORSQXBJU@SSDM

,/@



,@WHMKNOORSQXBJU@S

SDM,/@



,@WEKŅCDRG@RSHFGDSKH

SDQLHM



$MDQFHTOOFHESDQ

$MDQFHEŅQAQTJMHMFUHC

RS@MCAXKĔFDSHL

L@QUHC¦"J6G

 

$MDQFHJK@RR

5DQRHNMDQ

(/JK@RR (/#

3XO@UHMRS@KK@SHNM 4MCDQRHMJ

3XO %ŅQRKTSMHMFDMHMSDUDMSHKDQ@C

(MSDQMSBXKHMCDQL@SDQH@K 2SėKDL@KIDQ@S

5ĔQLDHRNKDQHMFRL@SDQH@K $/2

'ŅKIDL@SDQH@K /2

%ĔQF 5HS

,ėSS

#ITOLL  

'ŅICLL  

!QDCCLL  

5HJSDQ

5HJSJF  

ZZZHOHFWUROX[FRP

,(+)ð2*8##

ÄSDQUHMML@SDQH@KLDCRXLANKDM 

ÄSDQUHMMEŅQO@BJMHMFDMFDMNL@SSOK@BDQ@

CDMHKĔLOKHFSJĔQK!HCQ@SHKK@SSRJXCC@UėQ

LHKIŅNBGUėQGĔKR@FDMNL@SSėSDQUHMM@

@UE@KKEQėMDKDJSQHRJ@NBGDKDJSQNMHRJ@

OQNCTJSDQ2KĔMFHMSDOQNCTJSDQLĔQJS@

LDCRXLANKDM

LDCGTRGėKKR@UE@KKDS

+ĔLM@HMOQNCTJSDMOėMĔQL@RSD

ėSDQUHMMHMFRRS@SHNMDKKDQJNMS@JS@

JNLLTMJNMSNQDS

69(16.$



2(2Á+3ð

 3415 ++(2442.')$$3 

 3415 ++(2442.')$$3 

 2$--42 

 *Á833ð/ -$$+( 

 *Á833ð 

 '.(3.) /4'#(2342

 '4.+3.

 5( -,ÁÁ1(382

 3$*-(2$33($#.3

2(-4-/ 1' *2$2(

*HHSĔLLDSDHSĔ$KDBSQNKTWK@HSSDDMG@MJHMM@RS@.KDSSDU@KHMMDDSSTNSSDDMINJ@

ODQTRSTTUTNRHJXLLDMHDM@HJ@M@R@@STTMJNJDLTJRDDMI@HMMNU@@SHNNM*DJRDKHĔR

I@SXXKHJĔRK@HSDINJ@NMRTTMMHSDKSTSDHSĔ@I@SDKKDM+@HSDSS@JĔXSSĔDRRĔMMDUNHSSDNKK@

@HM@U@QL@DQHMNL@HRHRS@STKNJRHRS@

3DQUDSTKN@$KDBSQNKTWHHM

5HDQ@HKDUDQJJNRHUTKK@LLD

2@@C@JRDRHJĔXSSŅŅMKHHSSXUHĔMDTUNI@DRHSSDHSĔUH@MLĔĔQHSXRNGIDHS@I@GTNKSN

NGIDHS@

VVVDKDBSQNKTWBNLVDARDKERDQUHBD

3TNSSDDMQDJHRSDQŅHLHRDJRHO@QDLO@@GTNKSN@U@QSDM

VVVQDFHRSDQDKDBSQNKTWBNL

.RS@@JRDRHK@HSSDDRHKHRĔU@QTRSDHS@JTKTSTRNRH@I@@KJTODQĔHRHĔU@Q@NRH@

VVVDKDBSQNKTWBNLRGNO

2( * 2/ +5$+4) '4.+3.

2TNRHSSDKDLLD@KJTODQĔHRSDMU@Q@NRHDMJĔXSSŅĔ

/HCĔRDTQ@@U@SSHDCNSR@@S@UHKK@NSS@DRR@RHXGSDXSSĔU@KSTTSDSSTTM

GTNKSNKHHJJDDRDDLLD,@KKHSTNSDMTLDQNR@QI@MTLDQN

*XRDHRDSSHDCNSKŅXSXUĔSK@HSSDDM@QUNJHKUDRSĔ

5@QNHSTJRDSGTNL@TSTJRDSI@STQU@KKHRTTRNGIDDS

8KDHRNGIDDSI@UHMJHS

8LOĔQHRSŅMRTNIDKTNGIDHS@

.HJDTRLTTSNJRHHMOHCĔSDSĔĔM

ZZZHOHFWUROX[FRP

 3415 ++(2442.')$$3

+TDK@HSSDDMLTJ@M@SNHLHSDSTSNGIDDSDMMDMK@HSSDDM

@RDMMTRS@I@JĔXSSŅĔ5@KLHRS@I@DHNS@U@RSTTS@GDMJHKŅ

S@HNL@HRTTRU@GHMFNHRS@INSJ@@HGDTSTU@SK@HSSDDM

UHQGDDKKHRDRSĔ@RDMMTJRDRS@S@HJĔXSŅRSĔ/HCĔNGIDDS@HM@

K@HSSDDMLTJ@M@STKDUH@JĔXSSŅJDQSNI@U@QSDM

+@RSDMI@S@HS@L@SSNLHDMGDMJHKŅHCDMSTQU@KKHRTTR

q 5ĔGHMSĔĔMUTNSS@SĔXSSĔMDDSK@ORDSI@RDKK@HRDSGDMJHKŅS

INHCDMEXXRHRDSRDMRNQHRDSS@HGDMJHRDSJXUXSDHUĔSNKD

SĔGĔMQHHSSĔUHĔS@HINHKK@DHNKDK@HSSDDMSTMSDLTRS@S@H

JNJDLTRS@RDMJĔXSŅRSĔR@@U@SJĔXSSĔĔSĔSĔK@HSDSS@

@HMN@RS@@MRHKKNHMJTMGDHCĔMSTQU@KKHRTTCDRS@@M

U@RS@@U@GDMJHKŅU@KUNNI@NGI@@GDHSĔJĔXSSĔLĔĔM

K@HSDSS@STQU@KKHRDRSHI@XLLĔQSĔLĔĔMRDMJĔXSSŅŅMKHHSSXUĔS

U@@Q@S

q ÁKĔ@MM@K@RSDMKDHJJHĔK@HSSDDKK@

q /HCĔJ@HJJHO@JJ@TRL@SDQH@@KHSONHRR@K@RSDMTKNSSTUHKS@

q )NRK@HSSDDRR@NMK@ORHKTJJNS@HKĔLOŅSHK@@OXRXUĔRSH

Q@INHSS@U@SNHLHMSNRTNRHSSDKDLLDRDMJĔXSSŅĔ

q +@ORDSDHUĔSR@@RTNQHSS@@OTGCHRSTRS@S@HGTNKSN@HKL@M

U@KUNMS@@

q KKDUTNSH@@SK@ORDSSTKDDOHSĔĔJ@TJ@M@K@HSSDDRS@DKKDH

GDHSĔU@KUNS@I@SJTU@RSH

8KDHRDSSTQU@KKHRTTRNGIDDS

q 2ĔHKXSĔJĔXSSŅNGIDJHQI@S@KKDRR@STKDUH@JĔXSSŅJDQSNI@

U@QSDM)NRK@HSDLXXCĔĔMS@HKTNUTSDS@@MTTCDKKD

NLHRS@I@KKDS@HINRU@HGC@S@RTMSN@I@IĔSĔSK@HSSDDM

DMSHRDDM@RTMSNNRHKTNUTS@JĔXSSŅNGIDJHQI@K@HSSDDM

LTJ@M@INSS@TTRHNLHRS@I@UNHSTSTRST@K@HSSDDM

SNHLHMS@@MI@RHHGDMKHHSSXUHHMU@QNHSTJRHHM

q +@HSSDDMUHQGDDSŅMSNHLHMS@DH@HMN@RS@@MQHHOTSTNSSDDM

K@@CTRS@U@@MLXŅR@K@M@LL@SSHK@HRDMRTNQHSS@L@RS@

UHQGDDSSŅLĔRSH@RDMMTJRDRS@

q ÁKĔJNRJ@@MHQQNS@S@HU@GHMFNHS@K@HSSDDRDDMJHHMMHSDSSXIĔ

S@QQNI@U@QNHSTRLDQJJDIĔS@H@QUNJHKOHĔ

6820,



q RDMMTJRDRS@U@RS@@U@MOĔSDUĔMSDJMHJNMSTKDD

MNTC@SS@@UDCDMI@JDKTIĔQIDRSDKLĔMI@RĔGJŅUDQJNM

KHHSĔMSŅHGHMRNUDKSTUH@L@@JNGS@HRH@RS@MC@QCDI@RDJĔ

LĔĔQĔXJRHĔ5@KLHRS@I@DHNS@U@RSTTS@U@GHMFNHRS@INSJ@

@HGDTSTU@SDOĔ@LL@SSHL@HRDRS@S@HUHQGDDKKHRDRSĔ

@RDMMTJRDRS@

q 3@QJHRS@DSSĔK@HSSDDM@QUNJHKUDMSDJMHRDSSHDCNSU@RS@@U@S

UDQJJNUHQS@KĔGSDDM@QUNI@

q +@HSDNMU@KLHRSDSSTI@SDRS@SSTUNHL@RR@NKDUHDM

LĔĔQĔXJRHDMLTJ@HRDRSH

q 5DCDMO@HMDDMSTKDDNKK@UĔKHKKĔLHMHLHI@L@JRHLH@QUN

A@Q,/@I@A@Q,/@

q )NSS@O@KNU@LL@SUĔKSDSSĔHRHHMUDCDMKĔLLHSSHLDMJĔXSŅM

@HJ@M@S@QJHRS@UDCDMKĔLOŅSHK@@HM@DMMDMK@HSSDDM

JĔXSSŅĔI@RĔĔCĔRHSĔS@QODDMLTJ@@M

5HJ@S@O@TJRHRR@IĔQIDRSDKLĔRRĔUNHDRHHMSXĔINO@

¦"GTHOOTKĔLOŅSHK@

$QHSXHRNGIDDS

q *TMK@HSDNMKHHSDSSXOXRXUĔRSHUDQJJNUHQS@KĔGSDDRDDM

DQHKKHRSĔJXSJDMSĔQ@RH@@JĔXSSĔDMK@HSDNMUNHS@U@DQHRSĔĔ

UDQJJNUHQS@KĔGSDDRSĔDQNSSHLDKK@INJ@J@SJ@HRDDJ@HJJH

M@U@SUĔGHMSĔĔMLLMJNRJDSHMUĔKHKKĔ

q 5@HMU@KLHRS@I@MU@KSTTSS@L@OĔSDUĔSDJMHJJNR@@

U@HGS@@UHQS@INGCNMDRHLRDMNKKDRR@U@TQHNHSTMTS

JĔXSSĔDM@KJTODQĔHRSĔU@Q@NR@@

q *HHMMHSĔK@HSDKTUTMŭŭNGIDHCDMLTJ@HRDRSH

q -NTC@S@RTTQHMS@R@KKHSST@O@HMD@QUN@JRKTJTŭŭ

q 3XGIDMMĔK@HSDKTUTMŭŭNGIDHCDMLTJ@HRDRSH

q +@HSDNMO@HMDDM@K@HMDM5@QNUDMSSHHKHRSĔU@KTT

KĔLLHSXJRDM@HJ@M@O@HRTMS@UDSSĔ

q *XSJDU@QNUDMSSHHKHRĔĔMMŅKKHRDRSHOĔĔKKDINSS@RDDH

ITTSSTHRHJHHMMHDRHLJ@KJJHJDQSXLHDMUTNJRH

q RDMM@SXXOOHS@QJ@RSTJRDRR@SDRS@SSTU@QNUDMSSHHKH

JXKLĔUDRHOTSJDRR@/@HMDDM@KDMMTRUDMSSHHKHUNHLXŅRNKK@

S@QODDMRXŅSSŅO@HMDDRS@QHHOOTDM

ZZZHOHFWUROX[FRP

q 3XGIDMMXROTSJHSTKDDLHSNHSS@@MHHMDSSĔUDRHUNHU@KT@

ONHRDRSDDSSĔU@QNUDMSSHHKHMNKKDRR@JNJNM@@M@TJH

q RDMM@U@QNUDMSSHHKHMSXGIDMMXROTSJHMHHMDSSĔRDM

J@KSDUTTR@K@ROĔHMNMXGSDMĔHMDM3XGIDMMXROTSJHSTKDD

@RDMS@@SHK@@MINRR@DHNKDIĔĔSXLHRU@@Q@@

q 5@QNUDMSSHHKHMSXGIDMMXR@TJNMNMNKS@U@@TJHM@HMDM

 3415 ++(2442.')$$3

 RDMMTR

-NTC@S@JNMDDMLTJ@M@SNHLHSDSSTI@

NGIDHS@

q /NHRS@J@HJJHO@JJ@TRL@SDQH@@KHS

q 5@TQHNHSTMTSS@K@HSDSS@DHR@@@RDMS@@S@H

JĔXSSĔĔ

q 3@QJHRS@K@HSDJTKIDSTRU@TQHNHCDMU@Q@KS@

DMMDMJTHMJĔXMMHRSĔSRDM

DMRHLLĔHRDMJDQQ@M

q ÁKĔJNRJ@@MHQQNS@S@HU@GHMFNHS@

K@HSSDDRDDMJHHMMHSDSSXIĔS@QQNI@

U@QNHSTRLDQJJDIĔS@H@QUNJHKOHĔ

5DRHKHHSĔMSĔ

q 5@QLHRS@DSSDHUĔSUDRHKDSJTSU@TQHNHCT

q +@HSDSTKDDKHHSSĔĔUDRHINGSNUDQJJNNM

RNUDKSTU@@KDSJT@JĔXSSĔDM

q $MMDMK@HSSDDMKHHSSĔLHRSĔTTRHHMOTSJHHM

S@HOTSJHHMINHS@DHNKDJĔXSDSSXOHSJĔĔM

@HJ@@M@MM@UDCDMU@KT@JTMMDRRD

NMOTGC@RS@

q +@HSSDDMDMRHLLĔHRDKKĔJĔXSSŅJDQQ@KK@

STKDDU@QLHRS@@DSSDHK@HSSDDRR@S@HRDM

KHHSĔMMŅHRRĔNKDUTNSNI@

2ĔGJŅKHHSĔMMĔS

5 1.(342ũ

3TKHO@KNI@RĔGJŅHRJTU@@Q@

*@HJJHRĔGJŅKHHSĔMMĔSI@

@RDMMTRSNHLDSSTKDDRTNQHSS@@

@RH@@MJTTKTUHDMLĔĔQĔXJRHDM

LTJ@@M

q +@HSDNMJXSJDSSĔUĔL@@CNHSDSSTTM

OHRSNQ@RH@@M

q 5@QLHRS@DSSĔ@QUNJHKUDMRĔGJŅSHDCNS

U@RS@@U@SJNSHS@KNTCDMRĔGJŅUDQJNM

@QUNI@.S@LTTRR@S@O@TJRDRR@

XGSDXSSĔU@KSTTSDSSTTMGTNKSNO@KUDKTTM

S@HRĔGJŅ@RDMS@I@@M

5@QLHRS@DSSĔK@HSDNM@RDMMDSSTNHJDHM

+ŅXRĔSS@HUĔĔQĔMK@HRDSUHQS@INGCNSS@H

OHRSNJJDDSINRNKDL@RR@UNHU@S

@HGDTSS@@KHHSSHLDMXKHJTTLDMDLHRDM

q ÁKĔJĔXSĔI@JNQ@RHNHS@S@HI@SJNINGSNI@

q 5@QLHRS@DSSDHOHRSNJDINRNKDL@RR@

S@HUHQS@INGSNU@TQHNHCT.S@XGSDXSSĔ

U@KSTTSDSSTTMGTNKSNKHHJJDDRDDLLDS@H

RĔGJŅ@RDMS@I@@MU@TQHNHSTMDDM

UHQS@INGCNMU@HGS@LHRDJRH

q 2ĔGJŅ@RDMMTJRDRR@NMNKS@U@DQNSHM

INJ@L@GCNKKHRS@@K@HSSDDMHQQNSS@LHRDM

RĔGJŅUDQJNRS@J@HJHRS@M@UNHRS@

$QNSSHLDMJNMS@JSH@TJNMKDUDXRNM

NKS@U@UĔGHMSĔĔMLL

*ĔXSĔS@QUHSS@DRR@2BGTJN

OHRSNJJDDRDDMRNOHU@@

OHRSNQ@RH@@S@HRNUHSHMS@

5DCDMKĔLLHSHMSTKDDKHHSSĔĔ

RTNI@KHHSSHLDDM

"$LDQJJH

"$LDQJJHNRNHSS@@DSSĔK@HSDSĔXSSĔĔJ@HJJH

RDTQ@@UHDMCHQDJSHHUHDMNKDMM@HRDS

U@@SHLTJRDS

/HDMIĔMMHSDCHQDJSHHUH

q 2ĔGJŅL@FMDDSSHRS@XGSDDMRNOHUTTSS@

JNRJDU@CHQDJSHHUH

q 1N'2CHQDJSHHUH

6820,



 2$--42

5@JHNSNHLHSTR

2DTQ@@U@SRHRĔKSXUĔSK@HSDSNHLHSTJRDDM

q 2DHMĔJHHMMHJD

2HINHSS@LHMDM

3HHUHRSDSSXSTTKDSS@L@SNM

O@HMDDM@K@HMDMK@HSDRNOHH

@RDMMDSS@U@JRHU@HM

ODRT@KS@@M@K@OTNKDKKD+@HSD

NMS@QJNHSDSSTJXKLĔMUDCDM

KĔLLHSSĔLHRDDMI@UDCDM

RXŅSSĔLHRDDMXGSDDMS@H

TRD@LO@@MJĔXSSŅOHRSDDRDDM

+@HSDUNHC@@M@RDMS@@U@HMO@HMDG@MNHKK@

SXXOOHS@QJ@RSTJRDRR@SDRS@SST@

U@QNUDMSSHHKHĔJĔXSSĔDM

3XXOOHS@QJ@RSTJRDRR@SDRS@SSTU@QNUDMSSHHKH

RTNI@@K@HSDSS@KHH@MRTTQDKS@O@HMDDKS@

5 1.(342ũ

+@HSDSS@DHR@@@RDMS@@

RDTQ@@UHHMO@HJJNHGHM

q TKJNSHK@

q JXKLĔSI@IĔĔSXUĔSO@HJ@S

IĔĔSXMXSUDRHUNH

U@GHMFNHSS@@RHRĔRĔHKHŅSĔI@

OTSJH@

q O@HJJ@INRR@DHNKD

UDCDMONHRSNIĔQIDRSDKLĔĔ

5@QLHRS@DSSĔK@HSSDDRDDM

OĔĔRSĔĔMGDKONRSH

GTNKSNSNHLDMOHSDHSĔU@QSDM

RDMM@K@HSD@HM@OXRSXRTTMS@HRDRSHI@

JĔXSSŅOHRSDDMKĔGDKKD

+@HSSDDM@RDMMTR

+@HSDNMS@QJNHSDSST@RDMMDSS@U@JRH

STJDU@@MRDHMĔĔM5@QLHRS@DSSĔRDHMĔM

J@MSNJXJXNMQHHSSĔUĔ

RDMM@K@HSD@HM@

OXRSXRTTMM@RR@

JĔXSSŅOHRSDDMKĔGDKKDSHK@@M

INRR@DHNKDIĔĔSXLHRU@@Q@@

 ,DQJHSRDONQ@SS@U@SQDHĔSRDHMĔĔM

 /NQ@@QDHĔSI@@RDS@RNOHU@SSTKO@S

 *HHMMHSĔRDHMĔSDKHMDRNOHUHKK@QTTUHKK@

 1HOTRS@K@HSDRDHMĔSDKHMDDRDDM

5@QNUDMSSHHKHM@RDMS@LHMDM

5DCDMKĔLLHSSHLDSNMS@QJNHSDSSTDMHMSĔĔM

,/@MMHLDKKHRO@HMDSS@U@QSDM

2S@MC@QCHM$-LTJ@HRDRSH

U@QNUDMSSHHKHMSTKDDDRSĔĔUDCDMO@HMDDM

MNTRTXKH,/@MUDQQ@M

UDCDMKĔLLHSSHLDMRTTQHMS@

MHLDKKHRO@HMDSS@JNQJD@LL@JRH

+@HSSDDRR@STKDDJĔXSSĔĔ

SXXOOHS@QJ@RSTJRDRR@SDRS@SST@

U@QNUDMSSHHKHĔ

 RDMM@U@QNUDMSSHHKHK@HSSDDM

JXKLĔUDRHOTSJDDM

 3XGIDMMXROTSJHSTKDDLHSNHSS@@MHHMDSSĔ

UDRHUNHU@KT@ONHRDRSDDSSĔ

U@QNUDMSSHHKHMNKKDRR@JNJNM@@M@TJH

 RDMM@U@QNUDMSSHHKHMSXGIDMMXROTSJH

MHHMDSSĔRDMJ@KSDUTTR@K@ROĔHMNM

XGSDMĔHMDM3XGIDMMXROTSJHSTKDD

@RDMS@@SHK@@MINRR@DHNKD

IĔĔSXLHRU@@Q@@

5 1.(342ũ

5@QNUDMSSHHKHMSXGIDMMXR@TJNM

NMNKS@U@@TJHM@HMDM

)NRRXŅSSŅO@HMDNM

,/@@RDMM@

O@HMDDM@KDMMTRUDMSSHHKH

U@QNUDMSSHHKHMXKĔNR@@M

JXKLĔUDRHOTSJDRR@

5DRHKHHSĔMSĔ

2TNQHS@J@HJJHUDRHKHHSĔMMĔSI@@RDMM@

O@HMDG@M@S@HMN@RS@@MU@QNUDMSSHHKHKKĔ

LĔĔQĔXRSDMLTJ@HRDRSH

ZZZHOHFWUROX[FRP

8GCHRSĔG@M@MUDRHKHHSĔMSŅIDMI@K@HSSDDM

UĔQHJNNCHS

q 2HMHMDMNHJD@KK@ŭJXKLĔUDCDMRXŅSSŅŭ

q /TM@HMDMU@RDLL@KK@

ŭJTTL@UDCDMONHRSNŭ

5@QLHRS@DSSDHUĔSUDRHKHHSĔMMĔS

NKDS@HSSTMDDS@RDMMTJRDM

@HJ@M@5ĔKSĔJHQHRSXRSĔ

@RDMS@LHRDM@HJ@M@

 *Á833ð/ -$$+(



+ĔLOŅSHK@MU@KHSRHM



*TTLDMDLHRDMLDQJJHU@KN

3NCDKKHRDSKĔLOŅSHK@SUNHU@SU@HGCDKK@

@RDSDSTRS@@QUNRS@IĔQIDRSDKLĔRSĔQHHOOTDM

 JXKLĔ3ĔRRĔ@RDSTJRDRR@K@HSDNM

RTNI@SSTO@JJ@RDKS@'@M@@UDRHOTSJH@I@

U@QNUDMSSHHKHĔDHNKDRTNI@SST

, 7*NQJDHMU@KHSS@UHRR@NKDU@KĔLOŅSHK@

 *Á833ð

3ĔXSD

3ĔLĔSHHUHRSDSSXSTTKDSS@L@SNM

O@HMDDM@K@HMDMK@HSDNM

S@QJNHSDSSTJNSHS@KNTJRHDM

JTTL@MUDCDM

KĔLLHSSĔLHRDDM+@HSDUNH

RXŅSSĔĔUDSSĔXGSDDMS@H

TRD@LO@@MJĔXSSŅOHRSDDRDDM

*TMUDCDMKĔLLHSHMNM@RDMMDSST

 U@@UDRHKĔGSDDMUDMSSHHKH

 U@@JTTL@UDRHG@M@

*TMUDSSĔU@KTTG@M@RS@S@R@HRDKK@

UHQS@TJRDKK@UDCDMKĔLLHSHMNMSĔXRH

 2TKIDJTTL@UDRHUDRHG@M@S

 5@QLHRS@DSSDH@RDMMTJRDRR@NKD

UTNSNI@

 3@QJHRS@DSSĔU@QNUDMSSHHKHSNHLHH

UHQGDDSSŅLĔRSH

5 1.(342ũ

5DCDMKĔLLHSHMSĔDHR@@KHHSSĔĔ

UDQJJNUHQS@@MDMMDMJTHMNM

U@QLHRSDSSTDSSĔRDNMSĔXMMĔ

UDSSĔ,TTSNHMKĔLOŅU@RSTR

UNHU@TQHNHST@

5DCDMKĔLOŅSHK@M

RĔĔSĔLHMDM

5 1.(342ũ

'@M@I@U@QNUDMSSHHKHUNHU@S

JTTLDMST@SNHLHMM@M@HJ@M@

XKH¦"KĔLOŅSHK@@M8KH

¦"TKNRSTKNKĔLOŅSHK@S

@HGDTSS@U@S

O@KNU@LL@U@@Q@M

5NHS@RDSS@@ONHRSNUDCDMU@@CHSTS

KĔLOŅSHK@SKĔLOŅSHK@MU@KHSRHLDKK@INMJ@

RĔĔSŅUĔKHNM¦"O@JJ@RRTNI@TR, 7

HMN@RS@@MOĔSDUĔSDJMHJJN

R@@ONHRS@@KĔLOŅSHK@M

U@KHSRHLDM

5TNCDM@I@RS@QHHOOTDM

U@HGSDKDU@SJXKLĔMUDCDM

KĔLOŅSHK@SUNHU@SINGS@@

DQHK@HRHHMRDJ@I@ONHRSNUDCDM

DMHLLĔHRSHK@UTTJRHHM

*ĔXSSŅ

*TMKĔLOŅSHK@NMRĔĔCDSSXG@KTSSTTM

@QUNNMKĔLOŅU@RSTRKĔLLHSSĔĔRĔHKHŅRRĔ

NKDU@@UDSSĔJTMMDRUDCDMKĔLOŅSHK@NM

R@@UTSS@MTS@RDSDSTM@QUNM+ĔLLHSHM

R@LLTTSĔLĔMIĔKJDDM

6820,



*TMRĔHKHŅMRHRĔKKĔNKDU@UDRHIĔĔGSXXI@

KĔLOŅSHK@K@RJDDKĔLOŅSHK@@RDSTJRDM

@K@OTNKDKKDKĔLLHSXRSNHLHMSNJĔXMMHRSXX

TTCDKKDDMRĔHKHŅRRĔNKDU@MUDCDM

KĔLLHSSĔLHRDJRH3ĔLĔSNHLHMS@OQNRDRRH

SNHRSTT@TSNL@@SSHRDRSHI@SJTU@RSHJTM

UDCDMKĔLLHSHMNMKHHSDSSXMĔ

RĔGJŅUDQJJNNM

'.(3.) /4'#(2342

5 1.(342ũ

HMN@RS@@M@RH@J@RO@KUDKTM

U@KSTTSDSTSSDJMHJNSR@@U@S

RTNQHSS@@J@HJJHJNQI@TRI@

GTNKSNSNHLDMOHSDDS

*XSJDU@QNUDMSSHHKH

RĔĔMMŅKKHRDRSHOĔĔKKDINSS@RD

DHITTSSTHRHJHHMMHDRHL

J@KJJHJDQSXLHDMUTNJRH

+@HSSDDMSNHLHMS@GĔHQHŅSSTKDDJNQI@S@

UĔKHSSŅLĔRSHRTNQHSTRJXUXMS@J@@LHRDJRH

/TGCHRS@OTGS@@KK@ODGLDĔKKĔKHHM@KK@S@H

LĔQĔKKĔRHDMDKKĔ

+HTNSSDHS@DHR@@JĔXSSĔĔOTGCHRSTJRDM

@HJ@M@

'4.+3.

5 1.(342ũ

(QQNS@J@HJJHK@HSSDDMM@U@S

RĔGJŅUDQJNRS@DMMDMK@HSSDDM

JĔRHSSDKDLHRSĔ

5DCDMKĔLLHSHMDHU@@CHDQHSXHRHĔ

GTNKSNSNHLDMOHSDHSĔ MNCHR@TU@@TSS@@

RTNI@@L@@MRĔHKHŅSĔJNQQNNRHNKS@

,@FMDRHTL@MNCHR@TU@UNHNKK@S@QODDM

U@HGS@@UTNCDMUĔKDHMUDCDMK@@CTRS@

QHHOOTDM&@KU@@MHMDMI@DKDJSQNKXXSSHMDM

JNQQNNRHNUNHU@GHMFNHSS@@RĔHKHŅSĔINR

@MNCHR@TU@NMJTKTMTS1TNRSDHMDMUDRH

NMXKDDMRĔLDQJJHJTKTMDDRS@

@MNCHR@TU@RS@)NRQTNRSDHRS@UDSSĔNM

NKDL@RR@NS@UĔKHSSŅLĔRSHXGSDXSSĔ

U@KSTTSDSSTTMGTNKSNO@KUDKTTM@MNCHR@TU@M

S@QJHRSTRS@I@L@GCNKKHRS@U@HGSN@U@QSDM

)NHS@JHMS@QJHRSTJRH@NMRTNQHSDSS@U@K@HSSDDM

GTNKKNM@HJ@M@

5@QNUDMSSHHKHMS@QJHRS@LHMDM

3@QJHRS@U@QNUDMSSHHKHMSNHLHMS@

RĔĔMMŅKKHRDRSH

+@HSSDDMSXGIDMSĔLHMDM

5 1.(342ũ

3XGIDMMXJRDM@HJ@M@

K@HSSDDRS@UNHSTKK@TKNR

JTTL@@UDSSĔ

3XGIDMMĔK@HSDRDMKHHSĔMSŅIDMJ@TSS@

+@HSSDDM@U@@LHMDM

 5DCĔKĔLOŅSHK@MU@KHSRHMI@

Q@INHSHMQDMF@RHQSH

 (QQNS@JNSDKNMQTTUH@

 U@@K@HSSDDMJ@MRHNGI@@L@KK@J@MSS@

XKŅROĔHMI@ONHRS@L@KK@RD

ZZZHOHFWUROX[FRP

 /NHRS@S@QUHSS@DRR@XKĔDQHRSDDM

OTNKHJNQH

+ĔLOŅSHK@Q@I@M@RDSS@LHMDM



1@INHSHMQDMF@R



¦"



¦"



¦"

*TMQ@INHSHMQDMF@R@RDSDS@@MKĔLOŅSHK@M

U@KHSRHLDMS@@JRDKĔLOŅSHK@MU@KHSRHLDM

RĔĔSŅUĔKHĔUNHC@@MQ@INHSS@@SHDSXKKĔ

L@JRHLHKĔLOŅSHK@KK@

 *ĔĔMMĔKĔLOŅSHK@MU@KHSRHMMNKK@@M

JNJNM@@MLXŅSĔOĔHUĔĔM@RDMSNNM

ŭŭ

 5DCĔKĔLOŅSHK@MU@KHSRHMI@

Q@INHSHMQDMF@RHQSH

 /@HM@Q@INHSHMQDMF@RU@@CHSTKK@

L@JRHLH@RDSTJRDKK@K@HSSDDMJ@MSDDM

 RDMM@MNKK@@Mŭŭ@RDSDSST

KĔLOŅSHK@MU@KHSRHM

 JSHUNHXKĔQ@I@MSTQU@J@SJ@HRT

 U@@K@HSD

 5DCĔRNUHSHMHQSH

 /@HM@XKĔQ@I@MSTQU@J@SJ@HRTM

MNKK@TRO@HMHJDSS@

 RDMM@RNUHSHM

 2TKIDK@HSSDDMJ@MRH

 RDMM@Q@INHSHMQDMF@RI@KĔLOŅSHK@M

U@KHSRHM



-NKK@TRO@HMHJDXKĔQ@I@MSTQU@J@SJ@HRT



2NUHSHM

+@HO@KKHRDMTOONKĔLLHSSHLDM

I@KĔLOŅSHK@MRĔĔSHLDMXKĔQ@I@M

STQU@J@SJ@HRTMONHRS@LHMDM



+ĔLOŅSHK@MRĔĔCHMXKĔQ@I@M

STQU@J@SJ@HRTXGCHRSDKLĔJXSJHM



+@HO@KKHMDMTOONKĔLLHSHM

 /NHRS@K@HO@KKHRDMTOONKĔLLHSSHLDM

KĔLOŅSHK@MRĔĔCHMXKĔQ@I@M

STQU@J@SJ@HRTXGCHRSDKLĔJXSJHM

 /NHRS@K@HO@KKHMDMTOONKĔLLHSHM

2TNI@@MNCHMONHRS@LHMDM

6820,





2TNI@@MNCH

/NHRS@RTNI@@MNCH

+@HO@KKHRDMTOONKĔLLHSSHLDM

I@KĔLOŅSHK@MRĔĔSHLDMXKĔQ@I@M

STQU@J@SJ@HRTM@RDMS@LHMDM

 RDS@K@HO@KKHMDMTOONKĔLLHSHM

L@GCNKKHRHLL@MRXUĔKKDRXKHMSDQHM

@TJJNNM

 /@HM@KĔLOŅSHK@MRĔĔCHMXKĔQ@I@M

STQU@J@SJ@HRTXGCHRSDKLĔJXSJHM

L@GCNKKHRHLL@MRXUĔKKDK@HO@KKHRDDM

TOONKĔLLHSSHLDDM

 *NGCHRS@K@HO@KKHMDMTOONKĔLLHSHMI@

KĔLOŅSHK@MRĔĔCHMXKĔQ@I@M

STQU@J@SJ@HRTXGCHRSDKLĔJXSJHM

J@@UHNMLTJ@HRDRSH

 5( -,ÁÁ1(382

)NSJHMNMFDKL@SINGSTU@SOTTSSDDKKHRHRS@

XJRHMJDQS@HRHRS@XKKĔOHSNSNHLHRS@S@H

DOĔGTNLHNHRS@I@MDUNHC@@MQ@SJ@HRS@

GDKONRSHNSS@L@SS@XGSDXSSĔ

GTNKSNSDJMHJJNHGHM2TNQHS@@KK@NKDU@S

S@QJHRSTJRDSDMMDMXGSDXCDMNSS@LHRS@

O@HJ@KKHRDDMGTNKSNO@KUDKTTM

.MFDKL@ 2XX *NQI@TRSNHLDMOHCD

*NMDDHRXŅSĔJTTL@@UDS

SĔ

+ĔLOŅSHK@MU@KHSRHMNM@RD

SDSST@QUNNMŭŭ

*XSJDK@HSDSNHLHMS@@MJĔĔM

SĔLĔKKĔKĔLOŅSHK@MU@KHSRHMS@

+@HSSDDRR@DHNKDUHQS@@

3@QJHRS@OHRSNJDRTK@JDJN

SDKNMRTK@JJDDS

8KĔQ@I@MSTQU@J@SJ@HRTSNH

LHMSNNM@JSHUNHSTMTS

*NQI@@UH@MRXX5@HGC@S@Q

UHSS@DRR@KĔLOŅSHK@MRĔĔ

CHMXKĔQ@I@MSTQU@J@SJ@HRT

XGCHRSDKLĔJXSJHM.S@XKĔQ@

I@MSTQU@J@SJ@HRTJĔXSSŅŅM

O@HM@L@KK@XKĔQ@I@MSTQU@

J@SJ@HRTMMNKK@TRO@HMHJDSS@

JRKTJT

.GI@HLDRR@NMUHJ@@

5@HGC@KĔLOŅSHK@MRĔĔCHM

XKĔQ@I@MSTQU@J@SJ@HRTXG

CHRSDKLĔJXSJHM

+@HO@KKHMDMTOONKĔLLHSHMNM

UH@KKHMDM

5@HGC@K@HO@KKHMDMTOONKĔL

LHSHM

5DSSĔR@@C@@MU@HM@KG@HRDK

K@MNODTCDKK@

'@M@MHKL@RSHMNMJ@KJJHTST

MTSS@HKHJ@HMDM

/NHRS@J@KJJHHKL@RSHLDRS@

U@HGC@HKL@RSHM

ZZZHOHFWUROX[FRP

.MFDKL@ 2XX *NQI@TRSNHLDMOHCD

+@HSSDDMRHRĔKSĔJTTKTTJN

U@@JHDGTLHRĔĔMSĔ

+@HSDNMJ@KJJHTSTMTS

MM@OĔSDUĔMSDJMHJNM

ONHRS@@J@KJJHK@HSSDDRS@

5DSSĔU@KTTU@QNUDMSSHHKHRSĔ

JTTLDMDLHRDMIĔKJDDM

5@QNUDMSSHHKHNMJ@KJJHTSTMTS

S@HKHJ@HMDM

*@SJ@HRDUHQS@K@HSSDDRS@

/NHRS@K@HSSDDRS@O@HMDHQQNS

S@L@KK@RDUHQQ@MI@UDCDM

RXŅSSŅIĔQIDRSDKLĔRSĔ MM@

OĔSDUĔMSDJMHJNMS@QJHRS@@

U@QNUDMSSHHKH

5DRHUTNCNS

5HQGDDKKHRDRSHSHHUHRSDSXSJTT

L@S@HJXKLĔUDRHKHHSĔMMĔS

*HQHRSĔJHDQQDKHHSĔMMĔS

)NRUHJ@@DHUNHC@JNQI@S@

HKLNHS@RHHSĔOĔSDUĔKKD

SDJMHJNKKD5NHSMNODTSS@@

JXRDKXMJĔRHSSDKXĔ

HKLNHSS@L@KK@RDTQ@@U@S

@QUNJHKODDMLDQJHSXSMTLDQNS

q /-"MTLDQN@

q 2-MTLDQN@

3$*-(2$33($#.3

3DJMHRDSSHDCNS

100

 $8$$$ $8$$$

' *NQJDTR  

" +DUDXR  

6820,



$8$$$ $8$$$

2XUXXR  

& 8KĔR@MUĔKXR  

% *NQJDTR  

1DHJĔUĔKHU@@J@

RTTMM@RR@

 

3TKNI@ONHRSNOTSJH *NJNTKJNJHDQQD & &

*@HJJHLHS@SNM@MMDSSTXJRHJŅRRĔLL

*XSJDMSĔJ@@UHN

-/$]5

NPE

$MDQFH@MJTKTSTRSHDCNS

3TNSDSHDCNSSĔXSSĔUĔS$4LĔĔQĔXJRDSINSJ@

JNRJDU@SDMDQFH@@MKHHSSXUHDMSTNSSDHCDM

DJNKNFHRS@RTTMMHSSDKT@RĔĔSDKDUĔĔ

CHQDJSHHUHĔ$Q/

$8$$$ $8$$$

3ĔXSSŅOQNEHHKH 772 772

$MDQFH@SDGNJJTTRKTNJJ@

$MDQFH@MLTTMMNMGXŅSX

RTGCD

/ĔHUHSSĔHMDMUHQQ@MJTKTSTR

J6G

 

5TNSTHMDMUHQQ@MJTKTSTR

J6G

 

.KDSTRKĔLOŅSHK@@RDSTR¦"  

ÁĔMHSDGNS@RNC!   

'HKI@HRDS@I@SL@GCNKKHRH@ $H $H

ZZZHOHFWUROX[FRP



3HDSNS@TKTJJN

$8$$$ $8$$$

'XCQ@TKHIĔQIDRSDKLĔMSHDCNS

-HLDKKHRSHK@UTTRK  

2DJNHSDSTMUDCDMSHK@

UTTRKĔLOŅSHK@RR@

¦"K

 

2ĔGJŅSHDCNS

-HLDKKHRIĔMMHSD5 

-HLDKKHRSDGNJ6 

-HLDKKHRUHQS@  

,"!RTK@JDJNJN  

5@HGDDS -/$

3@@ITTR'Y 

*ĔXSSŅQ@I@S

+ĔLOŅSHK@UĔKH¦" 

2TTQHMR@KKHSSTO@HMD

,/@



5DCDMUĔGHLLĔHRSTKN

O@HMD,/@



5DCDMDMHLLĔHRSTKN

O@HMD,/@



,@JRUHQS@TRMNODTRK

LHM



$MDQFH@SHDCNS

$MDQFH@MJTKTSTRU@K

LHTRSHK@RR@GKĔLOŅ

SHK@RR@¦"J6G

 

$MDQFH@SDGNJJTTRKTNJ

5DQRHNS

(/KTNJJ@ (/#

RDMMTRSXXOOH /DRT@KS@@M@K@OTNKDKK@

3XXOOH 3HHUHRSDSSXSTTKDSS@L@SNM

2HRĔRXKHMSDQHML@SDQH@@KH 3DQĔRDL@KNHST

+ĔLOŅDQHRSDL@SDQH@@KH $/2

6820,



$8$$$ $8$$$

*NSDKNHMMHML@SDQH@@KH /2

5ĔQH 5@KJNHMDM

,HS@S

2XUXXRLL  

*NQJDTRLL  

+DUDXRLL  

/@HMNS

/@HMNJF  

 8,/Á1(23ð-24.)$+4

*HDQQĔSĔL@SDQH@@KHSINSJ@NMLDQJHSSX

LDQJHKKĔ

*HDQQĔSĔO@JJ@TRK@HSS@L@KK@RD

@RH@MLTJ@HRDDMJHDQQĔSXR@RSH@@M2TNIDKD

XLOĔQHRSŅĔI@HGLHRSDMSDQUDXSSĔ

JHDQQĔSSĔLĔKKĔRĔGJŅI@DKDJSQNMHHJJ@QNLTS

ÁKĔGĔUHSĔLDQJHKKĔ

LDQJHSSXIĔ

JNCHMJNMDHS@JNSHS@KNTRIĔSSDDMLTJ@M@

/@K@TS@STNSDO@HJ@KKHRDDM

JHDQQĔSXRJDRJTJRDDMS@HNS@XGSDXSSĔ

O@HJ@KKHRDDMUHQ@MNL@HRDDM



ZZZHOHFWUROX[FRP

6820,



VVVDKDBSQNKTWBNLRGNO



Electrolux EYE01516EE Handleiding

Merk: Electrolux

Model: EYE01516EE

Type: Handleiding

Deze handleiding is ook geschikt voor

EYE01016EE

Download PDF

rapport

Electrolux EYE01516EE Handleiding

Deze handleiding is ook geschikt voor

Electrolux EYE01516EE Handleiding

Gerelateerde artikelen

Andere documenten