51//#+4' 2KPEGU WPKXGTUGNNGU GV 2KPEGU OWNVK HQPEVKQPU
%QWRG E¾DNGU GV %QWRG E¾DNGU CEKGT
2KPEGU WPKXGTUGNNGU ^ 2KPEGU RQWT KPUVCNNCVKQPU ÅNGEVTKSWGU ^ 2KPEGU ¼ DGEU TQPFU GV 2KPEGU ¼ DGEU RNCVU
%QWRG E¾DNGU ^ %QWRG E¾DNGU RTKPEKRG FW ENKSWGV ^ %QWRG E¾DNGU CEKGT
2KPEGU ¼ FÅPWFGT GV 1WVKNU ¼ FÅICKPGT
2KPEGU ¼ UGTVKT GV #UUQTVKOGPVU FG UGTVKUUCIG
2KPEGU ¼ FÅPWFGT CXGE EQWVGCWZ FG HQTOG ^ /WNVK5VTKR ^ 1WVKNU ¼ FÅICKPGT
2KPEGU ¼ UGTVKT WPKXGTUGNNGU ^ 2TGEK(QTEG ^ 4CEEQTFU FG E¾DNG
2KPEGU FG RTÅJGPUKQP GV 2KPEGU ÅVCWZ
1WVKNU KUQNÅU
2KPEGU ¼ DGEU RNCVU ^ 2KPEGU ¼ DGEU TQPFU ^ 2KPEGU ÅVCWZ
2KPEGU RQWT EKTENKRU
2KPEGU ^ %NÅU ^ 6QWTPGXKU ^ #UUQTVKOGPVU
2KPEGU RQWT NnÅNGEVTQPKSWG GV $TWEGNNGU FG RTÅEKUKQP
2KPEGU RQWT EKTENKRU ^ 2KPEGU FG RTÅEKUKQP RQWT EKTENKRU ^ ,GWZ FG RKPEGU RQWT EKTENKRU
2KPEGU EQWRCPVGU ^ 2KPEGU FG RTÅJGPUKQP ^ $TWEGNNGU FG RTÅEKUKQP
6GPCKNNGU GV 6GPCKNNGU TWUUGU
#UUQTVKOGPV FnQWVKNU GV /CNNGVVGU ¼ QWVKNU
6GPCKNNGU ^ 6GPCKNNGU TWUUGU ^ 6GPCKNNGU TWUUGU ¼ HQTVG FÅOWNVKRNKECVKQP
2KPEGU EQWRCPVGU
,GWZ FG RKPEGU ^ /CNNGVVG ¼ QWVKNU
+PFGZ 4ÅHÅTGPEGU
+PFGZ
.G $ # $# FGU RKPEGU
2KPEGU EQWRCPVGU FG EÐVÅ ^ %QWRG DQWNQPU ^ 2KPEGU EQWRCPVGU FG FGXCPV
2KPEG ENÅ 2KPEGU OWNVKRTKUG GV %NÅU UGTTG VWDGU 2KPEGU ENÅ ^ %QDTC ^ #NNKICVQT ^ %NÅU UGTTG VWDGU
2KPEGU URÅEKCNGU GV %NÅU WPKXGTUGNNGU 2KPEG ¼ EQNNKGTU CWVQUGTTCPVU ^ %QWRG VWDGU ^ .CORG .'& OCIPÅVKSWG ^ %NÅU WPKXGTUGNNGU
-0+2': HCDTKSWG FGU RKPEGU FGRWKU RNWU FG CPU .oGPVTGRTKUG GUV GPVTG NGU OCKPU FG NC HCOKNNG FGRWKU SWG %CTN )WUVCX 2WVUEJ C QWXGTV UC RGVKVG HQTIG GP ¼ %TQPGPDGTI #WLQWTFoJWK E GUV 4CNH 2WVUEJ UQP CTTKÄTG RGVKV ƂNU SWK GUV CWZ EQOOCPFGU FG -0+2': E GUV ¼ FKTG NC SWCVTKÄOG IÅPÅTCVKQP %G FGTPKGT PQWU HCKV RCTV FCPU WP KPVGTXKGY FG UQP RQKPV FG XWG RGTUQPPGN UWT NG FÅXGNQRRGOGPV FG NoGPVTGRTKUG CW FGN¼ FGU EJKHHTGU GV FGU UVCVKUVKSWGU 4CNH 2WVUEJ CUUQEKÅ IÅTCPV
.'5 37#64'
)¥0¥4#6+105
&n70' *+561+4' 57%%¤5 3WCPF XQVTG CTTKÄTG ITCPF RÄTG %CTN )WUVCX 2WVUEJ C ETÅÅ UC HQTIG FG RKPEGU No'ORKTG CNNGOCPF CXCKV VQWV LWUVG CPU 8W FG PQU LQWTU EoGUV WP OQPFG SWK CR RCTVKGPV FGRWKU NQPIVGORU CW RCUUÅ 3WGNU UQPV NGU FÅƂU SWoKN C F× TGNGXGT ¼ NoÅRQSWG GV ¼ SWQK TGUUGODNCKGPV NGU CPPÅGU FG NC ETÅCVKQP|!
Å
0QWU PG UCXQPU OCNJGWTGWUGOGPV RCU ITCPF EJQUG FG PQU FÅDWVU /CKU QP RGWV KOCIKPGT RCT GZGORNG SWoKPXGUVKT FCPU WPG HQTIG FGOCPFCKV WP ECRKVCN CUUG\ EQPUÅSWGPV GV SWG OQP CTTKÄTG ITCPF RÄTG C FQPE F× UG RTQEWTGT NoCTIGPV PÅEGUUCKTG CWRTÄU FG IGPU SWK NWK HCKUCKGPV EQPƂCPEG GV SWK ETQ[CKGPV GP NWK &oCWVCPV SWoKN [ CXCKV FÅL¼ FGU FQW\CKPGU FG EQPEWTTGPVU FCPU NC TÅIKQP HCEG CWZSWGNU KN HCNNCKV UoKORQUGT 5C UVTCVÅIKG FG UG URÅEKCNKUGT UWTVQWV CW FÅRCTV FCPU NGU VGPCKNNGU GV VTK
EQKUGU C EGTVCKPGOGPV ÅVÅ WVKNG 'P EG VGORU NGU VGPCKNNGU FGXCKGPV CXQKT WP OGKNNGWT TCRRQTV SWCNKVÅ RTKZ #WVTGOGPV KN P CWTCKV RW U KORQUGT CWUUK DKGP UWT NG OCTEJÅ ; C V KN SWGNSWG EJQUG SWK UoGUV EQPUGTXÅ CW ƂN FG VQWVGU EGU CPPÅGU FCPU XQVTG HCOKNNG QW EJG\ -0+2':|! 1WK EGTVCKPGOGPV &oCDQTF DKGP GPVGP FW NC URÅEKCNKUCVKQP FCPU NGU RKPEGU GV NoCURKTCVKQP ¼ WP PKXGCW FG SWCNKVÅ ÅNGXÅ /CKU CWUUK NG EQPUVCV SWG OGU CPEÆVTGU U ÅVCKGPV FÅL¼ GORNQ[ÅU ¼ COÅNKQTGT EQPVK PWGNNGOGPV NGWTU RTQFWKVU GV NGWTU OÅVJQ FGU FG HCDTKECVKQP 'PƂP GV EG PoGUV RCU FGU OQKPFTGU WP OCPCIGOGPV UQNKFG GV FÅHGPFCPV FGU XCNGWTU SWG NoQP TGVTQWXG EQOOG WP ƂN EQPFWEVGWT CW EQWTU FG VQW VGU EGU CPPÅGU
8QVTG ITCPF RÄTG %CTN 2WVUEJ C HCKV VTC XGTUGT ¼ NC HQTIG NC %TKUG ÅEQPQOKSWG FG NC FKEVCVWTG GV NC 5GEQPFG IWGTTG OQPFKCNG £C PoC U×TGOGPV RCU ÅVÅ VQW LQWTU HCEKNG .C UQEKÅVÅ C PÅCPOQKPU TÅWUUK ¼ UG JKUUGT CW TCPI FG ITCPFG GPVTGRTKUG KPFWUVTKGNNG %QOOGPV EGNC UnGUV KN RCUUÅ ! $KGP GPVGPFW KN [ C GW CWUUK FGU RJCUGU FKHƂEKNGU FWTCPV EGU RÅTKQFGU ÃC PoC RCU VQWLQWTU ÅVÅ NoGZRCPUKQP 1WVTG NC RCUUKQP FGU DQPPGU RKPEGU NG VTCXCKN NG EQWTCIG GV NC VÅPCEKVÅ QPV LQWÅ ¼ EGV ÅICTF WP TÐNG KORQTVCPV .C EJCPEG C ÅICNGOGPV ÅVÅ FG NC RCTVKG s NoGPVTGRTKUG CWTCKV RW ÆVTG EQORNÄVGOGPV FÅVTWKVG RGPFCPV NC IWGTTG 2GTUQPPG PG UCKV EQOOGPV NGU EJQUGU CW TCKGPV CNQTU ÅXQNWÅGU 0QWU FGXQPU FQPE ÆVTG TGEQPPCKUUCPVU FoCXQKT ÅVÅ ÅRCTIPÅU RCT DGCWEQWR FG EJQUGU
%CTN )WUVCX 2WVUEJ
.o |#NNKICVQT| s WPG KPPQXCVKQP TÅXQNWVKQPPCKTG FG -0+2': FCPU NGU CPPÅGU
'P CW OKNKGW FW OKTCENG ÅEQ PQ OKSWG CNNGOCPF XQVTG RÄTG -CTN 2WVUEJ RTGPF NC FKTGEVKQP FG NoGPVTGRTKUG %GV GUUQT C V KN GW WP RWKUUCPV GHHGV UWT NoGPVTGRTKUG GV UWT UQP FÅXGNQRRGOGPV|! .C RTGOKÄTG OQKVKÅ FGU CPPÅGU C FoCDQTF ÅVÅ WPG RÅTKQFG GPEQTG FKHƂEKNG ECT KN OCPSWCKV DGCWEQWR FG EJQUGU CR TÄU NC IWGTTG NC OQTV UWDKVG GV RTÅEQ EG FG OQP ITCPF RÄTG OGU RCTGPVU SWK PoCXCKGPV SWG RGW FoGZRÅTKGPEG UG UQPV TGVTQWXÅU EQPHTQPVÅU ¼ WPG V¾EJG EQPUK FÅTCDNG +NU NoQPV VTÄU DKGP OCÊVTKUÅG CXGE DGCWEQWR FoGPICIGOGPV GV WPG ÅSWKRG EQORÅVGPVG
%QOOGPV -CTN 2WVUEJ C V KN OCTSWÅ -0+2': GP RGTUQPPG GV GP VCPV SWG EJGH FoGPVTGRTKUG RGPFCPV RNWU FG CPU ! /QP RÄTG CXCKV HCKV FGU ÅVWFGU FG OÅECPKSWG +N C RTQHQPFÅOGPV OQFGTPKUÅ NoGPVTGRTKUG NGU RTQFWKVU GV NC RTQFWEVKQP +N C UCKUK GV OKU GP QGWXTG NGU PQWXGNNGU RQU UKDKNKVÅU VGEJPKSWGU s RCT GZGORNG NGU OC VÅTKCWZ OCEJKPGU FoWUKPCIG QW OQFGU FoQTICPKUCVKQPU OQFGTPGU s GV C CKPUK EQP UVCOOGPV COÅNKQTÅ NC SWCNKVÅ GV NC RTQFWE VKXKVÅ 0QWU CXQPU TCRKFGOGPV WVKNKUÅ FGU OCEJKPGU QWVKNU %0% GV CWVQOCVKUÅ NC HQT IG FCPU PQVTG UGEVGWT RCTVKT FGU CPPÅGU OQP RÄTG PoC GW EGUUG FG RTÅUGPVGT FGU RTQFWKVU KPPQXCPVU GV TÅXQNWVKQPPCKTGU SWK CWLQWTFoJWK GPEQTG OCTSWGPV NoCRRCTGPEG GV NC HQPEVKQP FGU RKPEGU FCPU NG OQPFG GPVKGT +N UCXCKV EQPXCKPETG RCT UQP PCVWTGN GV UC TÅUGTXG +N RTÅHÅTCKV RQUGT FGU SWGUVKQPU SWG FQPPGT FGU NGÃQPU GV XQWNCKV VQWLQWTU RNWVÐV ÆVTG SWG RCTCÊVTG 6CPFKU SWG OQP RÄTG UoQEEWRCKV FG NC VGEJ PKSWG OC OÄTG GNNG U KPVÅTGUUCKV CXGE DG CWEQWR FG UWEEÄU ¼ NC RCTVKG EQOOGTEKCNG 'NNG LQWKUUCKV FoWP VTÄU ITCPF TGURGEV EJG\ PQU ENKGPVU #WLQWTFoJWK GPEQTG GNNG CKFG CEVKXGOGPV FCPU NoGPVTGRTKUG 'P XQWU GPVTG\ FCPU NoGPVTGRTKUG HCOKNKCNG %G EWTTKEWNWO ÅVCKV KN RQWT XQWU ƂZÅ FoCXCPEG XQKTG CVVGPFW FG XQV TG RCTV|!
-0+2': FCPU NGU CPPÅGU s NC ICOOG UoGUV PGVVGOGPV ÅVQHHÅG ¼ NoÅRQSWG
$KGP U×T NoÅXQNWVKQP RQUKVKXG FG NC FGOCPFG C CNQTU CWUUK CKFÅ s KN C OÆOG ÅVÅ NQPI VGORU VTÄU FKHƂEKNG FG NC EQWXTKT
NoKUUWG FoWPG FQWDNG UWEEGUUKQP FCPU NC HCOKNNG WPG VTQKUKÄOG UGODNCKV DKGP U×T ÅXKFGPVG ,GWPG CFWNVG LoCXCKU VQWVGHQKU TGRQWUUÅ FCPU WP RTGOKGT VGORU NoKFÅG FoWPG UWEEGUUKQP ÅXGPVWGNNG %G PoGUV SWG NQTU FoWP UVCIG FG NQPIWG FWTÅG SWG LG OG UWKU CRGTÃW FG NC FKXGTUKVÅ GV FG NoKPVÅTÆV FGU V¾EJGU ¼ CEEQORNKT FCPU NC UQEKÅVÅ GV FW RNCKUKT SWoKN [ C ¼ OQFGNGT GV ¼ FÅXGNQR RGT WPG GPVTGRTKUG CXGE FoCWVTGU
&CPU NoJKUVQKTG FG -0+2': EJCSWG IÅPÅTC VKQP C NCKUUÅ UQP GORTGKPVG 1Õ XQ[G\ XQWU NGU XÐVTGU|! .GU SWGUVKQPU KORQTVCPVGU RQWT OQK QPV ÅVÅ LWUSWoKEK NG FÅRNQKGOGPV GV NG FÅXGNQRRG OGPV FW ITQWRG -0+2': CXGE 4'0056'+) 14$+5 GV 9+.. GP WP TCUUGODNGOGPV FoWPKVÅU FG RTQFWEVKQP EQORNÅOGPVCKTGU 5o[ CLQWVG NoKPVGTPCVKQPCNKUCVKQP TGPHQTEÅG RCT NC OKUG GP RNCEG FG PQVTG RTQRTG TÅ UGCW EQOOGTEKCN FCPU FG PQODTGWZ RC[U FW OQPFG 'P RCTCNNÄNG PQWU CXQPU EGU FGTPKÄTGU OKU NoCEEGPV UWT NGU TGUUQWTEGU JWOCKPGU NC EWNVWTG FnGPVTGRTKUG GV UC EQPVTKDWVKQP CWZ GPLGWZ FW FÅXGNQRRG OGPV FWTCDNG #KPUK PQWU CXQPU RNWU SWG LCOCKU RTKU EQPUEKGPEG FGU XCNGWTU UQEKCNGU GPXKTQPPGOGPVCNGU GV ÅEQPQOKSWGU SWK FQKXGPV PQWU IWKFGT &G SWQK ÆVGU XQWU RCTVKEWNKÄTGOGPV ƂGT SWCPF XQWU TGICTFG\ NoJKUVQKTG FG NoGPVTGRTKUG|! 0QWU CXQPU CESWKU CW EQWTU FGU NQPIWGU CPPÅGU FG PQVTG GZKUVGPEG DGCWEQWR FG EQORÅVGPEGU WPG DQPPG KORNCPVCVKQP UWT NG OCTEJÅ GV PQWU RTQRQUQPU CWLQWTFo JWK ¼ PQU ENKGPVU VQWV WP GPUGODNG FG RTGU VCVKQPU %G SWK HCKV OC ƂGTVÅ EG UQPV PQU EQNNCDQTCVTKEGU GV EQNNCDQTCVGWTU SWK RCT NGWT UCXQKT HCKTG GV NGWT GPICIGOGPV QPV TGPFW RQUUKDNG EG UWEEÄU GV s EJCEWP ¼ UC RNCEG s NG TGPFGPV GPEQTG RQUUKDNG CWLQWTFoJWK 2QWT ƂPKT WP TGICTF UWT NoCXGPKT 3WoGUV EG SWK XC EJCPIGT GV PG RCU EJCPIGT RQWT NGU IÅPÅTCVKQPU ¼ XGPKT|!
-CTN GV +NUG 2WVUEJ
0QWU XQWNQPU PCVWTGNNGOGPV EQPVKPWGT ¼ GPVTGVGPKT PQU RQKPVU HQTVU %G PoGUV SWoGP COÅNKQTCPV EQPVKPWGNNGOGPV EG SWK GUV KORQTVCPV RQWT PQU ENKGPVU SWG PQWU EQPVKPWGTQPU ¼ CXQKT FW UWEEÄU 8KGPFTQPV EGTVCKPGOGPV Uo[ CLQWVGT FG PQWXGNNGU TÅIK QPU FG FKUVTKDWVKQP OCKU CWUUK FGU V¾EJGU GV QRRQTVWPKVÅU KPVÅTGUUCPVGU TÅUWNVCPV FG No+PVGTPGV CKPUK SWG FG NC PWOÅTKUCVKQP ETQKUUCPVG GV FGU PQWXGCWZ OQ[GPU FG EQOOWPKECVKQP /CKU EQOOG VQWV NG OQP FG NG UCKV NnCXGPKT PnGUV RCU VQVCNGOGPV RTÅXKUKDNG GV EnGUV LWUVGOGPV EGNC SWK NG TGPF UVKOWNCPV GV OQVKXCPV
Å
%CTN GV 6QPK 2WVUEJ
-0+2':
.# 2¤2+0+¤4'
&n+&Â¥'5
.GU KPPQXCVKQPU -0+2': CW Æ‚N FW VGORU
#NNKICVQTŠ
%QDTCŠ
%Q$QNVŠ
.oQDLGEVKH s FGU RKPEGU RQWT NG RTQHGUUKQPPGN 0QWU FÅXGNQRRQPU GV RTQFWKUQPU FGU RKPEGU FGUVKPÅGU CWZ WVKNKUCVGWTU RTQHGUUKQPPGNU FGU UGEVGWTU NGU RNWU FKXGTU %GU FGTPKGTU FQKXGPV RQWXQKT HCKTG EQPƂCPEG ¼ NGWT QWVKN CW SWQ VKFKGP GV GP CVVGPFGPV RTÅEKUKQP GV ƂCDKNKVÅ OÆOG GP ECU
FoWUCIG KPVGPUKH 2QWT TÅRQPFTG ¼ NGWTU DGUQKPU PQWU XQW NQPU RTQRQUGT NGU OGKNNGWTGU UQNWVKQPU s FGU RKPEGU QHHTCPV WP OCZKOWO FG RGTHQTOCPEGU FoGTIQPQOKG GV FoGPFWTCPEG SWG PQWU RGTHGEVKQPPQPU EQPVKPWGNNGOGPV
&G PQWXGNNGU KFÅGU s RQWT OKGWZ VTCXCKNNGT 0QWU UQOOGU FGRWKU FGU FÅEGPPKGU NGU RKQPPKGTU FGU KFÅGU GP OCVKÄTG FG RKPEGU 'P KPPQXCPV PQWU CXQPU UCPU EGUUG FÅXGNQRRÅ FGU UQNWVKQPU TÅXQNWVKQPPCKTGU RGTOGVVCPV CWZ WVKNKUCVGWTU FW OQPFG GPVKGT FG VTCXCKNNGT RNWU HCEKNGOGPV RNWU XKVG GV FCPU RNWU FG FQOCKPGU
4GRTÅUGPVCVKQP FGU EQPVTCKPVGU FG NC RKPEG EQWRCPVG FG EÐVÅ : %WV NQTU FG NC EQWRG FoWP ƂN ¼ NoCKFG FG NC OÅVJQFG FGU ÅNÅOGPVU ƂPKU ('/
.G PQWXGCW OQFÄNG s DKGP EQPÃW UKOWNÅ GV VGUVÅ .C OCTSWG -0+2': GUV U[PQP[OG FoGZKIGPEGU OCZKOCNGU %JCSWG PQWXGCW RTQFWKV GV EJCEWPG FGU OWNVKRNGU COÅ NKQTCVKQPU UQPV EQPÃWU LWUSWG FCPU NGU OQKPFTGU FÅVCKNU GV NGWTU RTQRTKÅVÅU KORQTVCPVGU UQPV UKOWNÅGU RCT FGU NQ IKEKGNU FG %#1 +NU UWDKUUGPV FG TWFGU VGUVU FG EQPVTCKPVG GV FoGPFWTCPEG GP NCDQTCVQKTG CXCPV FG HCKTG GPUWKVG NGWTU RTGWXGU FCPU NC RTCVKSWG .GU GPUGKIPGOGPVU CESWKU UQPV CNQTU OKU ¼ RTQƂV RQWT COÅNKQTGT GPEQTG NC EQPEGRVKQP FG NC RKPEG s GV NC VGUVGT ¼ PQWXGCW UQWU VQWVGU NGU EQWVWTGU 7P NQPI EJGOKP SWK U CXÄTG KPFKURGPUCDNG ¼ NoKPFWUVTKCNKUCVKQP
2KPEG %NÅ
6YKP(QTEG
: %WV
2KPEGU RQWT KPUVCNNCVKQPU ÅNGEVTKSWGU
2KPEG ¼ EQNNKGTU CWVQUGTTCPVU
.# 37#.+6¥
 .'5 /1+0&4'5
&¥6#+.5
%JCSWG RKPEG -0+2': TGPHGTOG RNWU FG CPU FoGZRÅTKGPEG GV NG UCXQKT HCKTG FG OWNVKRNGU URÅEKCNKUVGU .C SWCNKVÅ FG PQU RKPEGU TÅUWNVG FG NC UQOOG FG PQODTGWUGU HQPEVKQPU GV RTQRTKÅVÅU RCTHCKVGOGPV JCTOQPKUÅGU &GU RKPEGU EQPÃWGU CXGE UQKP HCDTKSWÅGU CXGE WPG ITCPFG ƂCDKNKVÅ GV UÅXÄTGOGPV EQPVTÐNÅGU
.# (14/' #7 5'48+%' &' .# (10%6+10 #W FÅRCTV ƂIWTG NC RQKIPÅG HQTIÅG 5C HQTOG GV UGU FKOGPUKQPU UG ECNEWNGPV ¼ RCTVKT FG NoÅVWFG FG NC RKPEG RQWT GP FÅFWKTG GPUWKVG NC EQPƂIWTCVKQP NC OKGWZ CRRTQRTKÅG FG NC OCVTKEG 7P NQIKEKGN URÅEKCN PQWU RGTOGV FG UKOWNGT NC TÅRCTVKVKQP GV NC FGPUKƂECVKQP QRVKOCNGU FG NoCEKGT ¼ |Œ% FCPU NC OCVTKEG
.o#%+'4 #7 /'+..'74 &' 5# (14/'
0QWU HQTIGQPU PQU RKPEGU ¼ RCTVKT FoCEKGTU FG JCWVG SWCNKVÅ UQKIPGWUGOGPV UÅNGEVKQPPÅU GV URÅEKCNGOGPV NCOKPÅU RQWT PQWU UGNQP FG UÅXÄTGU URÅEKƂECVKQPU 0QWU HCDTKSWQPU PQWU OÆOGU NGU OCVTKEGU CXGE ITCPFG RTÅEKUKQP ¼ RCTVKT FG OCVÅTKCWZ RCTVKEWNKÄTGOGPV TÅUKU VCPVU .G FKOGPUKQPPGOGPV GV NC RTÅEKUKQP FGU OCVTKEGU UQPV FGU HCEVGWTU KORQTVCPVU FG SWCNKVÅ GV FG TGPVCDKNKVÅ
0175 &¥8'.122105 '6 %105647+5105 &'5 /#%*+0'5 .C RKPEG TGÃQKV RGW ¼ RGW UGU ECTCEVÅTKUVKSWGU HQPEVKQPPGNNGU RCT WPG OWNVKVWFG FoQRÅTCVKQPU FoWUKPCIG OÅECPKSWG 2QWT EG HCKTG PQWU WVKNKUQPU FGU OCEJKPGU SWG FCPU DKGP FGU ECU PQWU EQPUVTWKUQPU PQWU OÆOGU GP HQPEVKQP FG PQU DGUQKPU RCTVKEWNKGTU &GU OCEJKPGU SWK TGPHGTOGPV DGCWEQWR FoGZRÅTKGPEG GV FG XCUVGU EQPPCKUUCPEGU URÅEKCNKUÅGU &G ITCPFGU UÅTKGU GV WPG CWVQOCVK UCVKQP OQFGTPG PQWU RGTOGVVGPV FG RCTXGPKT ¼ WP JCWV PKXGCW FoGHƂEKGPEG GP HCDTKECVKQP
(#$4+37'4 '6 %1064°.'4 .# 24¥%+5+10 0QWU WVKNKUQPU FGU VGEJPKSWGU FG EQPVTÐNG WNVTCOQFGTPGU RQWT TÅRQPFTG GP VQWVG UÅEWTKVÅ ¼ PQU CURKTCVKQPU FG SWCNKVÅ GV FG RTÅEKUKQP .GU RGTHQTOCPEGU RCTVKEWNKÄTGU FG PQU RKPEGU UWRRQUGPV NG TGURGEV FG VQNÅTCPEGU VTÄU UGTTÅGU 'NNGU UQPV UQWXGPV FG SWGNSWGU EGPVKÄOGU FG OKNNKOÄVTG ICWEJG| EQPVTÐNG PQP FGUVTWEVKH FoWP DTWV %K FGUUQWU| OGUWTG FG NoCZG FoCTVKEWNCVKQP
.# %*#.'74 37o+. (#76 /ÆOG WP DQP OCVÅTKCW PG TÅUKUVG CWZ UQNNKEKVCVKQPU GV ¼ NoWUWTG SWoCW RTKZ FoWP VTCKVGOGPV VJGTOKSWG UQKIPÅ RCT ÅVCRGU JCTOQPKUÅGU CXGE RTÅEKUKQP 0QWU ETÅQPU CKPUK WPG UVTWEVWTG OQNÅEWNCKTG QHHTCPV WP QRVKOWO FG FWTGVÅ GV FG TQDWUVGUUG 'UUCK FG FWTGVÅ| OGUWTG FoWPG GORTGKPVG FW RÅPÅVTCVGWT
5#05 %1/241/+5 .œ 1µ +. (#76 0QWU CEEQTFQPU WP UQKP RCTVKEWNKGT CWZ RQKPVU FoCEVKQP FG PQU RKPEGU PQVCOOGPV CWZ VTCPEJCPVU GV CWZ FGPVWTGU FG RTÅJGPUKQP .GWT ƂCDKNKVÅ GV NGWT NQPIÅXKVÅ UQPV NG HTWKV FG IÅQOÅVTKGU RTÅEKUGU GV FoWPG VTGORG CFFKVKQPPGNNG RCT EQWTCPV JCWVG HTÅSWGPEG
(+0+6+10 s '56*'6+37' '6 2.75 '0%14' .C RTQFWEVKQP UoCEJÄXG RCT NG |FGTPKGT EQWR FG RQNK| GV NC RQUG FG RQKIPÅGU QW ICKPGU RNCUVKSWG GTIQPQ OKSWGU .C UÅEWTKVÅ FoCDQTF| EJCSWG RKPEG KUQNÅG FQKV PQVCOOGPV TÅUKUVGT ¼ WP GUUCK UQWU VGPUKQP FG |8 'UUCK UQWU JCWVG VGPUKQP CW DCKP FoGCW
(+#$+.+6¥ )#4#06+' 0QVTG OCTSWG GUV U[PQP[OG FoWPG RTQOGUUG| ƂCDKNKVÅ ¼ | 0QWU VGUVQPU FQPE RCT GZGORNG EJCSWG RKPEG EQWRCPVG FG EÐVÅ UWT FW ƂN CXCPV SWoGNNG PG SWKVVG NoWUKPG %oGUV WPG FÅOCTEJG NQWTFG OCKU CWUUK NC ICTCPVKG FG TÅRQPFTG CWZ GZKIGPEGU GV CVVGPVGU FG PQU WVKNKUCVGWTU FCPU NG OQPFG GPVKGT
/#&' +0
%410'0$'4)
)'4/#0;
7PG OCTSWG s WPG WUKPG 0QWU XQWNQPU CXQKT NC OCÊVTKUG FG VQWV EG SWK HCKV NC OCTSWG ‡|-0+2':|— %oGUV RQWTSWQK PQWU PQWU EJCTIGQPU PQWU OÆOGU UQWU WP OÆOG VQKV FG VQWVG NC HCDTKECVKQP FG PQU RKPEGU s FG NC HQTIG ¼ NoGODCNNCIG 0QVTG UKVG GUV DCUÅ ¼ 9WRRGTVCN %TQPGPDGTI s QÕ NC RTQFWEVKQP FoQWVKNU
FG JCWVG SWCNKVÅ GUV FÅL¼ FG VTCFKVKQP EGPVGPCKTG 3WGNSWG UCNCTKÅU [ HCDTKSWGPV EJCSWG LQWT UWT OCEJKPGU RNWU FG RKPEGU s CXGE WP DQP TGPFGOGPV GV NG RNWU ITCPF UQKP RQWT EJCSWG QWVKN
%JGOKPU RNWU EQWTVU s COÅNKQTCVKQP TCRKFG 0QVTG HCDTKECVKQP UWT WP UGWN UKVG RGTOGV NnKPVGTEQPPGZKQP ÅVTQKVG FG VQWVG NC EJCK PG FG XCNGWT GV NC DQPPG EQPEGTVCVKQP FGU KPVÅTGUUÅU &GU EJGOKPU RNWU EQWTVU s [ EQORTKU XGTU NG FÅXGNQRRGOGPV GV NG EQOOGTEKCN s CDQWVKUUGPV ¼ FGU DQWENGU FG TÅIWNCVKQP RNWU GHƂECEGU
.GU GZKIGPEGU FW OCTEJÅ GV KFÅGU FoCOÅNKQTCVKQPU HQPV FKTGEVGOGPV NGWT GPVTÅG GP HCDTKECVKQP NGU GZRÅTKGPEGU FG NC RTQFWEVKQP ÅVCPV SWCPV ¼ GNNGU RTKUGU GP EQORVG FCPU NC EQPEGRVKQP FGU RKPEGU
.oKORNCPVCVKQP FG NoGPVTGRTKUG UWT WPG UWRGTÆ‚EKG WVKNG FG O
0164' 2'45100'. Ã…
Ã…
CTVG| PQVTG EJ 'ZVTCKV FG P OGPV KPXG G I C I P G QP PQVTG 3WCNKÆ‚ECVK CPEG FG TO Q TH G R V UG FG VKXKVÃ… G GPV NC DC VW VK U P Q E RTKV RGT UQ PPGN CPU EGV GU F V U oG % G UKV FKVKQPU PQVTG TÃ…WU U NGU EQP P Q TÃ… E U W G UGU SWG PQ NQKGOGPV F R Ã… F W C U PÃ…EGUUCKTG U RQUUKDKNKVÃ…
-0+2': s EoGUV PQWU VQWU -0 0QVTG RGTUQPPGN GUV EG SWK HCKV -0+2': s ¼ 9WRRGTVCN EQOOG CW UGKP FG PQU CPVGPPGU EQOOGTEKCNGU FG RNWU GP RNWU PQODTGWUGU ¼ VTCXGTU NG OQPFG %G UQPV EGU EQNNCDQTCVGWTU SWK s EJCEWP ¼ UC RNCEG s CEEQORNKUUGPV CXGE DGCWEQWR FoGPICIGOGPV VQWV NG VTCXCKN SWoCVVGPFGPV PQU ENKGPVU GV WVKNKUCVGWTU /CKU PQU GO RNQ[ÅU PQWU UQPV CWUUK KORQTVCPVU UWT NG
RNCP JWOCKP 0QWU VGPQPU DGCWEQWR ¼ WPG DQPPG CODKCPEG FG VTCXCKN GV ¼ NC RTQOQVKQP FG NGWT UCPVÅ 0QVTG RTQRTG ETÄEJG NGU CKFG ¼ EQPEKNKGT OÅVKGT GV HC OKNNG 0QWU CEEQTFQPU DGCWEQWR FoKORQTVCPEG ¼ FG DQPU TCRRQTVU JWOCKPU GV UCXQPU SWG EG PoGUV SWoGPUGODNG SWG PQWU RQWXQPU CVVGKPFTG PQU QDLGEVKHU
Â… /CZ *CORGN
0QVTG ETÄEJG JCWVG GP EQWNGWT CEEWGKNNG NGU GPHCPVU FW RGTUQPPGN
#RRTGPVKUUCIG GV FÃ…XGNQRRGOGPV 0QWU KPXGUVKUUQPU DGCWEQWR FCPU NC HQTOCVKQP KPKVKCNG GV EQPVKPWG FG PQVTG RGTUQPPGN 7PG EKPSWCPVCKPG FoCRRTGPVKU CRRTGPPGPV CEVWGNNGOGPV EJG\ PQWU JWKV OÃ…VKGTU FKHHÃ…TGPVU GP FÃ…XGNQRRCPV PQP UGWNGOGPV NGWTU EQPPCKUUCPEGU VGEJPK SWGU OCKU CWUUK NGWT RGTUQPPCNKVÃ… &GU UCNCTKÃ…U FG NQPIWG FCVG RTQÆ‚VGPV GWZ CWUUK FG NC RQUUKDKNKVÃ… FoCESWÃ…TKT UWT NG
VCU WPG SWCNKƂECVKQP RTQHGUUKQPPGNNG s CXGE FG VTÄU DQPU TÅUWNVCVU 5o[ CLQWVGPV FG OWNVKRNGU QHHTGU FG HQTOCVKQP EQPVK PWG RCT GZGORNG PQVTG ‡|#ECFÅOKG FW UCOGFK| — CWZ VJÄOGU IÅPÅTCWZ VTÄU XCTKÅU %JG\ PQWU QP PG EGUUG LCOCKU FoCRRTGPFTG ECT PQWU XQWNQPU EQPUVCO OGPV PQWU RGTHGEVKQPPGT
-0+2': C TGÃW GP NG RTKZ FG NC HQTOCVKQP RTQHGUUKQPPGNNG FG NC TÅIKQP FG $GTI
G EJCTVG| 'ZVTCKV FG PQVT ¼ UKVG ÅEQPQOKSWG WU TÅ NC PU UQ XK 0QWU TVG SWGN U RCU ¼ PoKORQ NQPI VGTOG OCK XCNGWTU TKGPVQPU UWT NGU Q WU PQ U QW 0 RTKZ GPV ÅEQ WP FÅXGNQRRGO GV NoQDLGEVKH Fo ÅEQNQIK UQEKCNGOGPV GV V GP O WG KS O PQ U CKPUK 0QWU CUUWOQP G DN TC FW V GP SWGO FG NC CDKNKVÅ ¼ NoÅICTF PQVTG EQ TGURQPU PXKTQPPGOGPV UQEKÅVÅ GV FG NoG
'6 4'52105#$+.+6Â¥ 0QU RTKPEKRCNGU CEVKQPU GV TÃ…WUUKVGU|
Ã…
Ã…
&Â¥8'.122'/'06 &74#$.'
¥EQNQIKG 2TÅUGTXGT NGU TGUUQWTEGU GV CHHGEVGT NG OQKPU RQUUKDNG NoGPXKTQPPGOGPV GUV RQWT PQWU KORQTVCPV 0QWU UWKXQPU RCT EQPUÅSWGPV WPG OWNVKVWFG FG SWGUVKQPU NKÅGU ¼ NoÅEQNQIKG
ƒ 0QWU WVKNKUQPU GZENWUKXGOGPV FG NoÅNGEVTKEKVÅ KUUWG FG UQWTEGU FoÅPGTIKG TGPQWXGNCDNGU PGWVTGU GP %1 FQPV FG NoÅNGEVTKEKVÅ UQNCKTG SWG PQWU RTQFWKUQPU ÅICNGOGPV UWT RNCEG ƒ 0QWU CXQPU FÅL¼ FKOKPWÅ FG RNWU FG NC EQPUQOOCVKQP FoÅPGTIKG RTQFWKVG RCT RKPEG FGRWKU PQVCOOGPV RCT TÅEWRÅTCVKQP FG EJCNGWT DT×NGWTU FG VGEJPQNQIKG OQFGTPG GV EQOOCPFGU KPVGNNKIGPVGU ƒ FG PQVTG RCRKGT GV PQU KORTKOÅU RTQXKGPPGPV FW TGE[ENCIG QW FG NoGZRNQKVCVKQP FWTCDNG FG HQTÆVU
EGTVKƂECVKQP 2'(' ƒ .oWVKNKUCVKQP FoCEKGTU FG ITCPFG SWCNKVÅ CNNKÅG ¼ NGWT VTCKVGOGPV URÅEKCN CUUWTG WPG FWTÅG FG XKG RCTVKEWNKÄTGOGPV NQPIWG ƒ 2NWU FG FG PQU FÅEJGVU UQPV TGE[ENÅU ƒ 0QWU GZRÅFKQPU NC VTÄU ITCPFG OCLQTKVÅ FG PQU EQNKU GP PGWVTCNKVÅ %1
0QVTG ' /QDKN s GP TQWVG UCPU Ã…OKUUKQPU
.C VQKVWTG FG NoWUKPG UGTV ¼ ECRVGT NoÅPGTIKG UQNCKTG
&Â¥8'.122'/'06 &74#$.' 0QVTG NQUCPIG OQPVTG NC FKXGTUKVÃ… FGU FKOGPUKQPU FW FÃ…XGNQRRGOGPV FWTCDNG 1WVTG NoÃ…EQNQIKG GV NC UQEKÃ…VÃ… NoÃ…EQPQOKG NG RTQFWKV NG RGTUQPPGN CKPUK SWG NGU RCTVGPCKTGU GV NG OCTEJÃ… UQPV FoCWVTGU Ã…NÃ…OGPVU FG PQVTG EQPEGRV FG FÃ…XGNQR RGOGPV FWTCDNG
45' s 4GURQPUCDKNKVÃ… 5QEKÃ…VCNG FG Nn'PVTGRTKUG 0QWU PQWU UGPVQPU UQNKFCKTGU FG PQVTG TÃ…IKQP GV FG UGU JCDKVCPVU GV XQWNQPU CRRQTVGT GP VCPV SWoGPVTGRTKUG WPG EQPVTKDWVKQP GHÆ‚ECEG CW DKGP RWDNKE %oGUV RQWTSWQK PQWU PQWU GPICIGQPU FCPU FG PQODTGWZ Ã…VCDNKUUG OGPVU GV RTQLGVU CZÃ…U UWT NoÃ…FWECVKQP NG UQEKCN GV NC EWNVWTG 0QVTG RGTUQPPGN PQWU CKFG Ã…ICNGOGPV FCPU EGVVG OKUUKQP
0QU CZGU FoCEVKXKVÅ| ƒ #UUKUVCPEG GV EQQRÅTCVKQP CXGE FG OWNVKRNGU ÅVCDNKUUGOGPVU FG HQTOCVKQP VGNU SWG No‡|7PKXGTUKVÅ FGU LWPKQTU|— FG 9WRRGTVCN FGU ÅEQNGU GV NoWPKXGTUKVÅ FG NC TÅIKQP FG $GTI ƒ 2TQOQVKQP FG VJžVTGU EJQTCNGU ÅEQNGU FG OWUKSWG GV KPKVKCVKXGU EWNVWTGNNGU FCPU PQVTG XKNNG ƒ /CPKHGUVCVKQPU FoGPVTGRTKUGU ¼ NoKPVGPVKQP FW ITCPF RWDNKE VGNNGU SWG EQPEGTVU FG DKGPHCKUCPEG CW RTQƂV FoyWXTGU UQEKCNGU ƒ /WNVKRNGU CEVKXKVÅU FG FQPU GV FG RCTTCKPCIG
-0+2': C KPVÅITÅ NC TGURQPUCDKNKVÅ ¼ NoÅICTF FG NoGPXKTQPPGOGPV GV FG NC UQEKÅVÅ FCPU VQWU UGU RTQEGUUWU GV C ÅVÅ TÅEQORGPUÅ ¼ EG VKVTG ¼ NC FGTPKÄTG ÅFKVKQP FW UCNQP FG NC SWKPECKNNGTKG RCT NG RTKZ %54
%54 %QTRQTCVG 5QEKCN 4GURQPUKDKNKV[
#RRTGPFTG ¼ EQPPCKVTG NGU QWVKNU EQORTGPFTG NGWTU HQPEVKQPU VGUVGT NGWTU ECRCEKVÅU s RCT PQU RTQRTGU RTGUVCVKQPU PQWU RTQOQWXQPU EJG\ NGU LGWPGU FG NoGPVJQWUKCUOG RQWT NG FQOCKPG VGEJPKSWG GV FG NC LQKG FCPU UQP CRRTGPVKUUCIG EQOOG FCPU UC EQORTGJGPUKQP
-0+2': s 24Â¥5'06
 .' /10&' '06+'4 0QWU Ã…SWKRQPU NGU WVKNKUCVGWTU FCPU RNWU FG RC[U RCT WP TÃ…UGCW KPVGTPCVKQPCN FG FKUVTKDWVGWTU GPECFTÃ…U RCT PQU CIGPEGU GV TGRTÃ…UGPVCPVU .G EQPVCEV RGTUQPPGN NC EQPVKPWKVÃ… GV NC Æ‚CDKNKVÃ… UQPV RQWT PQWU KORQTVCPVU 0QWU UQOOGU Æ‚GTU FoCXQKT FG PQODTGWZ RCTVGPCKTGU SWK PQWU CEEQTFGPV NGWT EQPÆ‚CPEG FGRWKU FGU FÃ…EGPPKGU
&GU HQTOCVKQPU TÅIWNKÄTGU FG PQU FKUVTKDWVGWTU CWZ RTQFWKVU ICTCPVKUUGPV CWZ ENKGPVU WPG CUUKUVCPEG EQPUGKN FG SWCNKVÅ
0QVTG UGTXKEG ENKGPVÄNG GUV NoKPVGTNQEWVGWT EQORÅVGPV FG PQU ENKGPVU
2CTVGPCTKCV GV RGTHQTOCPEG
2TÃ…UGPEG UWT NC 6QKNG
%G PoGUV RCU UGWNGOGPV RCT PQU RTQFWKVU SWG PQWU XQWNQPU ÆVTG NG OGKNNGWT RCTVGPCKTG FG PQU ENKGPVU %oGUV RQWTSWQK PQWU CUUKUVQPU PQU FKUVTKDWVGWTU RCT WP UGTXKEG CRTÄU XGPVG FG SWCNKVÅ GV TCRKFG FG XCUVGU CEVKQPU FG HQTOCVKQP GV FoCUUKUVCPEG EQPUGKN CKPUK SWG FG OWNVK RNGU CKFGU ¼ NC XGPVG
0QVTG UKVG +PVGTPGV QHHTG CWZ RCTVGPCKTGU GV EQPUQOOCVGWTU GP NCPIWGU FGU KPHQTOCVKQPU FÃ…VCKNNÃ…GU UWT NGU TÃ…HÃ…TGPEGU FG PQVTG ICOOG s CXGE FG OWNVKRNGU KPHQTOCVKQPU FG HQPF EQPUGKNU FoWVKNKUCVKQP GV XKFÃ…QU FG RTQOQVKQP FGU XGPVGU
&GU RTÃ…UGPVCVKQPU GV FÃ…OQPUVTCVKQPU FoQWVKNU UWT FGU UCNQPU PCVKQPCWZ GV KP VGTPCVKQPCWZ CKPUK SWG UWT WPG OWNVK VWFG FoÃ…XÃ…PGOGPVU QTICPKUÃ…U FKTGEVG OGPV EJG\ PQU FKUVTKDWVGWTU PQWU RGTOGVVGPV FoCXQKT WP Ã…EJCPIG KPVGPUKH CXGE PQU RCTVGPCKTGU GV ENKGPVU Æ‚PCNU
%G UKVG +PVGTPGV GV NGU OÃ…FKCU UQEKCWZ PQWU RGTOGVVGPV FoQDVGPKT WP TGVQWT FoKPHQTOCVKQP GV FG RTÃ…EKGWUGU UWIIGUVK QPU FoWVKNKUCVGWTU GZRÃ…TKOGPVÃ…U UWT PQU RTQFWKVU
Â…
7YG 5VTCVOCPP
)4#0&' ¥/16+10
)4#0&' 5%¤0'
.GU XTCKU ENCUUKSWGU UQPV KPVGORQTGNU 'V EoGUV CKPUK SWG NG EJGH FoyWXTG FG 5EJKN NGT ‡|/CTKC 5VWCTV|— PQWU ÅOGWV GPEQTG CPU CRTÄU UC RTGOKÄTG TGRTÅUGPVCVK QP .G FTCOG JKUVQTKSWG CWVQWT FG NC NWVVG HCVCNG RQWT NG RQWXQKT FG FGWZ TGKPGU FG NoCOQWT GV FG NoJWOKNKCVKQP PQWU HCUEKPG FGU JGWTGU FWTCPV &GU OKUGU GP UEÄPG OQFGTPGU [ EQPVTKDWGPV EQOOG ¼ No1RÅTC FG 9WRRGTVCN 'NNGU UG HQPV NG OÅFKCVGWT FGU EQPVGPWU FW ENCUUKSWG RQWT NoCOCVGWT FG EWNVWTG FoCWLQWTFoJWK >TKÄTG NG TK FGCW PQVTG RKPEG WPKXGTUGNNG FoÅNGEVTKEKGP RTGPF WPG RGVKVG RCTV ¼ NC OCKPVGPCPEG GV ¼ NC TÅRCTCVKQP FG NoÅSWKRGOGPV FG UEÄPG
2KPEGU WPKXGTUGNNGU GV OWNVK HQPEVKQPU 2KPEGU WPKXGTUGNNGU 2KPEGU WPKXGTUGNNGU ¼ HQTVG FÅOWNVKRNKECVKQP 2KPEG WPKXGTUGNNG OKPKCVWTG 2KPEGU WPKXGTUGNNGU RQWT E¾DNGU OQFÄNG COÅTKECKP 2KPEGU RQWT KPUVCNNCVKQPU ÅNGEVTKSWGU 2KPEGU OWNVK HQPEVKQPU 2KPEGU ¼ DGEU TQPFU CXGE VTCPEJCPV RKPEGU FnQTHÄXTG 2KPEG ¼ DGEU RNCVU CXGE VTCPEJCPV RKPEG RQWT OÅECPKEKGP FG RTÅEKUKQP 2KPEG FGOK TQPFG CXGE EQWRG HKNU EGPVTCN RKPEG RQWT VÅNÅRJQPG 2KPEGU ¼ DGEU FGOK TQPFU CXGE VTCPEJCPV RKPEGU TCFKQ 2KPEGU ¼ DGEU FGOK TQPFU CXGE VTCPEJCPV RKPEGU DGE FG EKIQIPG
.oÅENCKTCIG GUV HTCIKNG GV EQ×VGWZ *GPPKPI 2TKGOGT EJGH ÅENCKTCIKUVG FGU VJžVTGU GV FG NoQTEJGUVTG U[ORJQPKSWG FG 9WRRGTVCN OKUG FG EG HCKV UWT NC RKPEG WPKXGTUGNNG FoÅNGEVTKEKGP -0+2':
2+0%'5 70+8'45'..'5
2KPEGU WPKXGTUGNNGU &+0 +51
CXGE \QPGU FG RTÃ…JGPUKQP URÃ…EKCNGU RQWT OCVÃ…TKCWZ RNCVU GV TQPFU RQWT WPG WVKNKUCVKQP RQN[XCNGPVG â– CXGE VTCPEJCPVU RQWT HKNU FQWZ GV FWTU â– VTCPEJCPVU NQPIU RQWT E¾DNGU Ã…RCKU â– VTCPEJCPVU VTGORÃ…U RCT KPFWEVKQP FWTGVÃ… FnGPX *4% â– #EKGT ¼ QWVKNU URÃ…EKCN HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0
OO
2KPEG
6ÆVG
2QKIPÃ…GU
PQKTG CVTCOGPVKUÃ…G
RQNKG
ICKPÃ…GU GP RNCUVKSWG
PQKTG CVTCOGPVKUÃ…G
RQNKG
CXGE ICKPGU DK OCVKÄTG
EJTQOÃ…G
CXGE ICKPGU DK OCVKÄTG
EJTQOÃ…G
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
EJTQOÃ…G
KUQNÃ…GU RCT UWTOQWNCIG EGTVKHKÃ…GU 8&'
´ OO ´ OO ´ OO
OOÂŽ
I
2+0%'5 70+8'45'..'5
2KPEGU WPKXGTUGNNGU ¼ HQTVG FÅOWNVKRNKECVKQP &+0 +51
FoGHHQTV Ã…EQPQOKUÃ… RCT TCRRQTV ¼ FGU RKPEGU WPKXGTUGNNGU UVCPFCTF #XGE VTCPEJCPVU FWTGVÃ… FoGPXKTQP *4% RQWT WVKNKUCVKQP GP TWFGU EQPFKVKQPU VTCXCKN RNWU HCEKNG IT¾EG ¼ WPG FÃ…OWNVKRNKECVKQP QRVKOKUÃ…G RQWT EQWRGT CKUÃ…OGPV CKPUK SWG UCKUKT RNKGT GV VKTGT RWKUUCOOGPV â– VTCPEJCPVU NQPIU RQWT E¾DNGU Ã…RCKU â– CXGE \QPGU FG RTÃ…JGPUKQP URÃ…EKCNGU RQWT OCVÃ…TKCWZ RNCVU GV TQPFU RQWT WPG WVKNKUCVKQP RQN[XCNGPVG â– #EKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0
OO
2KPEG
6ÆVG
2QKIPÃ…GU
PQKTG CVTCOGPVKUÃ…G
RQNKG
ICKPÃ…GU GP RNCUVKSWG
PQKTG CVTCOGPVKUÃ…G
RQNKG
CXGE ICKPGU DK OCVKÄTG
EJTQOÃ…G
CXGE ICKPGU DK OCVKÄTG
EJTQOÃ…G
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
EJTQOÃ…G
KUQNÃ…GU RCT UWTOQWNCIG EGTVKHKÃ…GU 8&'
´ OO ´ OO ´ OO
OOÂŽ
I
2+0%'5 70+8'45'..'5
2KPEGU WPKXGTUGNNGU EJTQOG XCPCFKWO
RQWT UQNNKEKVCVKQPU GZVTÆOGU CXGE \QPGU FG RTÃ…JGPUKQP URÃ…EKCNGU RQWT OCVÃ…TKCWZ RNCVU GV TQPFU RQWT WPG WVKNKUCVKQP RQN[XCNGPVG â– CXGE VTCPEJCPVU RQWT HKNU FQWZ GV FWTU GV RQWT EQTFG ¼ RKCPQ â– VTCPEJCPVU NQPIU RQWT E¾DNGU Ã…RCKU â– VTCPEJCPVU VTGORÃ…U RCT KPFWEVKQP FWTGVÃ… FnGPX *4% â– O¾EJQKTGU RCTVKEWNKÄTGOGPV TÃ…UKUVCPVGU ¼ NnWUWTG FWTGVÃ… FnGPX *4% â– #EKGT JCWVG RGTHQTOCPEG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
&+0 +51 +'% &+0 '0
%CRCEKVÃ…U FG EQWRG '#0
4Ã…H
OO
2KPEG WPKXGTUGNNG OKPKCVWTG
2KPEG
2QKIPÃ…GU
EJTQOÃ…G
KUQNÅGU CXGE ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
´ OO ´ OO ´ OO
OOÂŽ
I
RKPEG WPKXGTUGNNG EQORCEVG RQWT NoCTVKUCPCV GV NGU NQKUKTU CXGE \QPGU FG RTÃ…JGPUKQP URÃ…EKCNGU RQWT OCVÃ…TKCWZ RNCVU GV TQPFU RQWT WPG WVKNKUCVKQP RQN[XCNGPVG â– CXGE VTCPEJCPVU RQWT HKNU FQWZ GV FWTU â– VTCPEJCPVU VTGORÃ…U RCT KPFWEVKQP FWTGVÃ… FnGPX *4% â– #EKGT Ã…NGEVTKSWG CW XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0
OO
2KPEG EJTQOÃ…G
2QKIPÅGU CXGE ICKPGU DK OCVKÄTG
´ OO ´ OO ´ OO
OOÂŽ
I
2+0%'5 70+8'45'..'5
2KPEGU WPKXGTUGNNGU RQWT E¾DNGU
8GTUKQP COÅNKQTÅG
OQFÄNG COÅTKECKP
/CKPVGPCPV FnGHHQTV ÅEQPQOKUÅ RCT TCRRQTV ¼ WPG RKPEG WPKXGTUGNNG UVCPFCTF IT¾EG ¼ WPG FÅOWNVKRNKECVKQP QRVKOKUÅG
&+0 +51 #5/' $
EQPEGRVKQP OCUUKXG RQWT UQNNKEKVCVKQPU GZVTÆOGU WVKNKUCVKQP WPKXGTUGNNG ■ HQTOG FGU RQKIPÅGU GTIQPQOKSWG QRVKOKUÅG RQWT WPG RCTHCKVG RTKUG GP OCKP GV WP VTCXCKN OQKPU HCVKIWCPV ■ \QPG FG RTÅJGPUKQP FGU O¾EJQKTGU UVTKÅG GP ETQKZ RCTVKEWNKÄTGOGPV GHHKECEG s RQWT WPG UCKUKG GV WPG GZVTCEVKQP HGTOGU ■ \QPG FG UCKUKG UWRRNÅOGPVCKTG UKVWÅG UQWU NC EJCTPKÄTG RQWT WP GHHGV FG NGXKGT GV WPG RTGUUKQP RWKUUCPV ■ CXGE VTCPEJCPVU RQWT HKNU FQWZ GV FWTU ■ VTCPEJCPVU VTGORÅU RCT KPFWEVKQP FWTGVÅ FoGPX *4% ■ #EKGT ÅNGEVTKSWG CW XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG ■
CXGE FKURQUKVKH CKFCPV ¼ VKTGT NGU E¾DNGU FCPU NC HGPVG FG NC EJCTPKÄTG CXGE RQKPV FG UGTVKUUCIG ¼ GTIQV WPKXGTUGN UKVWÅ CW FGUUQWU FG NC EJCTPKÄTG
6TCPEJCPVU NQPIU RQWT UGEVKQPPGT NGU E¾DNGU RNCVU
<QPG FG UCKUKG UKVWÅG UQWU NC EJCTPKÄTG RQWT WP GHHGV FG NGXKGT RWKUUCPV
+PVÅTKGWT FGU O¾EJQKTGU UVTKÅ GP ETQKZ RQWT UCKUKT GV VKTGT CXGE GHHKECEKVÅ FCPU NC EQPUVTWEVKQP FG ENÐVWTGU
RQKPV FG UGTVKUUCIG ¼ GTIQV WPKXGTUGN UKVWÅ CW FGUUQWU FG NC EJCTPKÄTG
CXGE FKURQUKVKH FoCKFG RQWT VKTGT NGU E¾DNGU FCPU NC HGPVG FG NnCTVKEWNCVKQP
%CRCEKVÅU FG EQWRG '#0 4ÅH
OO
2KPEG PQKTG CVTCOGPVKUÅG PQKTG CVTCOGPVKUÅG PQKTG CVTCOGPVKUÅG PQKTG CVTCOGPVKUÅG
6ÆVG RQNKG RQNKG RQNKG RQNKG
2QKIPÅGU ICKPÅGU GP RNCUVKSWG CPVKFÅTCRCPV CXGE ICKPGU DK OCVKÄTG ICKPÅGU GP RNCUVKSWG CPVKFÅTCRCPV CXGE ICKPGU DK OCVKÄTG
´ OO
´ OO
I
2+0%'5 /7.6+ (10%6+105
2KPEGU RQWT KPUVCNNCVKQPU Ã…NGEVTKSWGU .C OWNVK VCNGPVU FW RTQHGUUKQPPGN
2KPEG OWNVKHQPEVKQP RQWT KPUVCNNCVKQPU Ã…NGEVTKSWGU RQWT UCKUKT NGU HQTOGU RNCVGU GV TQPFGU RNKGT Ã…DCXWTGT EQWRGT NGU E¾DNGU FÃ…PWFGT NGU EQPFWEVGWTU GV UGTVKT NGU EQUUGU HQPEVKQPU GP WPG UGWNG RKPEG DGEU ¼ DQWV NKUUG RQWT UCKUKG UCPU GPFQOOCIGOGPV FG EQPFWEVGWTU KPFKXKFWGNU UWTHCEGU FG RTÃ…JGPUKQP GV \QPG UGTTG VWDG RQWT UCKUKG FG HQTOGU RNCVGU GV TQPFGU â– DQTF GZVÃ…TKGWT FG NC O¾EJQKTG ¼ CTÆVG RNWU XKXG RQWT TQIPGT NGU DQÊVGU GPECUVTÃ…GU GV Ã…DCXWTGT NGU VTQWU FG VTCXGTUÃ…G â– VTQWU FG FÃ…PWFCIG RQWT EQPFWEVGWTU FG OOÂŽ GV OOÂŽ â– OCVTKEG FG UGTVKUUCIG RQWT EQUUGU FG OOÂŽ â– EQWRG E¾DNGU ¼ VTCPEJCPVU FG RTÃ…EKUKQP VTGORÃ…U RCT KPFWEVKQP RQWT E¾DNGU %W GV #N CNNCPV LWUSWn¼ Z OOÂŽ OO FG FKCOÄVTG â– RTÃ…JGPUKQP UCPU QWXGTVWTG EQORNÄVG FG NC RKPEG OÃ…ECPKUOG KPVGN NKIGPV FG OCKPVKGP GP RQUKVKQP HGTOÃ…G UWT NC XGTUKQP ¼ TGUUQTV FnQW XGTVWTG .G VTCPEJCPV TGUVG HGTOÃ… GV RTQVÃ…IÃ… â– HQTOG Ã…NCPEÃ…G CUUWTCPV WPG DQPPG CEEGUUKDKNKVÃ… â– EJCTPKÄTG XKUUÃ…G OQWXGOGPV FG NC RKPEG RTÃ…EKU GV UCPU LGW â– #EKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
NG U[UVÄOG FG XGTTQWKNNCIG CEVKXÅ OCKPVKGPV NGU VTCPEJCPVU HGTOÅU UCPU GORÆEJGT NGU CWVTGU HQPEVKQPU NG OÅECPKUOG KPVGNNKIGPV FG OCKPVKGP RGTOGV FG ‡|UCKUKT|— UCPU CXQKT ¼ QWXTKT NC RKPEG .G VTCPEJCPV TGUVG HGTOÅ GV RTQVÅIÅ
2+0%'5 /7.6+ (10%6+105 /¾EJQKTG NKUUG RQWT UCKUKT CRNCVKT GV CTTQPFKT UCPU GPFQOOCIGT
/¾EJQKTG RTQHKNÅG OÅPCIGCPV NG OCVÅTKCW CRNCVKG RQWT UCKUKT RNWU HGTOGOGPV UCPU GPFQOOCIGT
#TÆVG GZVÅTKGWTG DKGP OCTSWÅG RQWT ÅDCXWTGT GV ÅNCTIKT NGU VTQWU
5GTTG VWDG RQWT UCKUKG FG RKÄEGU TQPFGU GV FG E¾DNGU 'PEQEJG FG UGTVKUUCIG WPKXGTUGNNG RQWT GODQWVU FG ¼ OOŽ &ÅPWFCIG FG EQPFWEVGWTU FG EWKXTG FG ¼ GV OOŽ %QWRG E¾DNG RQWT E¾DNGU FG EWKXTG CNNCPV LWUSWn¼ ´ OO Z OOŽ
.G U[UVÄOG FG XGTTQWKNNCIG CEVKXÅ OCKPVKGPV NGU VTCPEJCPVU HGTOÅU UCPU GORÆEJGT NGU CWVTGU HQPEVKQPU
%CRCEKVÃ…U FG EQWRG '#0 4Ã…H
OO 2KPEG PQKTG CVTCOGPVKUÃ…G PQKTG CVTCOGPVKUÃ…G
EJTQOÃ…G
PQKTG CVTCOGPVKUÃ…G PQKTG CVTCOGPVKUÃ…G
EJTQOÃ…G
6ÆVG RQNKG RQNKG
RQNKG RQNKG
2QKIPÅGU ICKPÅGU GP RNCUVKSWG CXGE ICKPGU DK OCVKÄTG
%CRCEKVÃ…U FG FÃ…PWFCIG RQWT DTKPU KPFKXKFWGNU %CRCEKVÃ… OOÂŽ OOÂŽ I
´ OO
OOÂŽ
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
ICKPÅGU GP RNCUVKSWG CXGE ICKPGU DK OCVKÄTG
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
2+0%'5 /7.6+ (10%6+105
2KPEGU OWNVK HQPEVKQPU
NC RKPEG KFÃ…CNG RQWT NGU VTCXCWZ FG E¾DNCIG RQWT UCKUKT GV RNKGT NGU HKNU â– RQWT EQWRGT NGU HKNU FQWZ OK FWTU GV FWTU â– VTCPEJCPVU FG RTÃ…EKUKQP VTGORÃ…U RCT KPFWEVKQP FWTGVÃ… FnGPX *4% â– CXGE VTQWU FG FÃ…PWFCIG RTÃ…EKU â– RQWT NG UGTVKUUCIG FGU GODQWVU FG E¾DNG â– #EKGT Ã…NGEVTKSWG CW XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
5CKUKT
%QWRGT
&Ã…PWFGT
5GTVKUUCIG FG ¼ OOŽ
%CRCEKVÃ…U FG EQWRG #TVKMGN 0T
'#0
OO
2KPEG PQKTG CVTCOGPVKUÃ…G PQKTG CVTCOGPVKUÃ…G EJTQOÃ…G
6ÆVG RQNKG RQNKG
2QKIPÅGU ICKPÅGU GP RNCUVKSWG CXGE ICKPGU DK OCVKÄTG CXGE ICKPGU DK OCVKÄTG
´ OO
´ OO
%CRCEKVÃ…U FG FÃ…PWFCIG OOÂŽ
I
2+0%'5 /7.6+ (10%6+105
2KPEGU ¼ DGEU TQPFU CXGE VTCPEJCPV
RQWT VTCXCWZ FÃ…NKECVU CXGE FGU HKNU GV FGU DKLQWZ GP CTIGPV â– EQPXKGPV ¼ VQWU NGU V[RGU FG VTCXCWZ FG EQWRG GV FG RNKCIG Ã…ICNGOGPV FCPU NG FQOCKPG FG NoÃ…NGEVTQPKSWG â– RQWT RNKGT NGU yKNNGVU â– DGEU HKPU RQKPVWU GV CTTQPFKU OGWNÃ…U CXGE RTÃ…EKUKQP â– VTCPEJCPVU VTGORÃ…U RCT KPFWE VKQP FWTGVÃ… FnGPX *4% â– #EKGT Ã…NGEVTKSWG CW XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
RKPEGU FnQTHÄXTG &+0 +51
%CRCEKVÃ…U FG EQWRG '#0 4Ã…H
OO
2KPEG PQKTG CVTCOGPVKUÃ…G EJTQOÃ…G
6ÆVG RQNKG
2QKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG ICKPÃ…GU GP RNCUVKSWG
2KPEG ¼ DGEU RNCVU CXGE VTCPEJCPV
RKPEG RQWT OÃ…ECPKEKGP FG RTÃ…EKUKQP &+0 +51
´ OO
´ OO
&KOGPUKQPU & . OO OO
6 9 OO OO
9 OO
I
EQPXKGPV RQWT NGU VTCXCWZ FG RTÃ…JGPUKQP GV FG EQWRG FCPU NC OÃ…ECPKSWG FG RTÃ…EKUKQP â– DGEU RNCVU GV NQPIU GHHKNÃ…U â– VTCPEJCPVU VTGORÃ…U RCT KPFWE VKQP FWTGVÃ… FnGPX *4% â– #EKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
%CRCEKVÃ…U FG EQWRG
'#0 4Ã…H
OO
6ÆVG RQNKG
2QKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG
2KPEG FGOK TQPFG CXGE EQWRG HKNU EGPVTCN RKPEG RQWT VÃ…NÃ…RJQPG &+0 +51
´ OO
´ OO
&KOGPUKQPU 6 OO
. OO
9 OO
9 OO
6 OO
I
RQWT UCKUKT GV UGEVKQPPGT FGU EQPFWEVGWTU KPFKXKFWGNU FCPU FGU HCKUEGCWZ FG E¾DNGU â– CXGE EQWRG HKNU EGPVTCN RQWT HKNU FQWZ â– DGEU FGOK TQPFU â– KPVÃ…TKGWT FGU O¾EJQKTGU UVTKÃ… â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
&KOGPUKQPU '#0 4Ã…H
OO
6ÆVG RQNKG
2QKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG
. OO
9 OO
6 OO
9 OO
6 OO
I
2+0%'5 /7.6+ (10%6+105
2KPEGU ¼ DGEU FGOK TQPFU CXGE VTCPEJCPV RKPEGU TCFKQ
EQPXKGPV RQWT NGU VTCXCWZ PÃ…EGUUKVCPV WPG RTKUG GV WPG EQWRG FG RTÃ…EKUKQP â– DGEU RQKPVWU FGOK TQPFU â– KPVÃ…TKGWT FGU O¾EJQKTGU UVTKÃ… â– CXGE VTCPEJCPVU RQWT HKN FQWZ OK FWT GV FWT â– VTCPEJCPVU VTGORÃ…U RCT KPFWEVKQP FWTGVÃ… FnGPX *4% â– #EKGT Ã…NGEVTKSWG CW XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
&+0 +51
40°
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0
OO
2QKIPÃ…GU
PQKTG CVTC OGPVKUÃ…G
RQNKG
ICKPÃ…GU GP RNCUVKSWG
PQKTG CVTC OGPVKUÃ…G
RQNKG
CXGE ICKPGU DK OCVKÄTG
EJTQOÃ…G
PQKTG CVTC OGPVKUÃ…G
40°
EJTQOÃ…G
40°
40°
ICKPÃ…GU GP RNCUVKSWG
EJTQOÃ…G
6ÆVG
EJTQOÃ…G
2KPEG
RQNKG
EJTQOÃ…G
&KOGPUKQPU
´ OO
´ OO
. OO
. 9 OO OO
6 9 6 OO OO OO I
CXGE ICKPGU DK OCVKÄTG
KUQNÅGU CXGE ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
ICKPÃ…GU GP RNCUVKSWG
CXGE ICKPGU DK OCVKÄTG
KUQNÅGU CXGE ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
2+0%'5 /7.6+ (10%6+105
2KPEGU ¼ DGEU FGOK TQPFU CXGE VTCPEJCPV RKPEGU DGE FG EKIQIPG
2QKPVGU ÅNCUVKSWGU| KPFÅHQTOCDNGU OÆOG UQWOKUGU ¼ NC VQTUKQP
&+0 +51
â–
RQKPVGU FG RTÃ…EKUKQP Ã…NCUVKSWGU GV UWRRQTVCPV NC VQTUKQP O¾EJQKTGU FGOK TQPFGU NQPIWGU GHHKNÃ…GU â– CXGE VTCPEJCPVU FWTGVÃ… GPX *4% RQWT HKNU FQWZ OK FWTU GV FWTU â– #EKGT Ã…NGEVTKSWG CW XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
40°
40°
%CRCEKVÃ…U FG EQWRG '#0
´ OO
´ OO
. OO
ICKPÃ…GU GP RNCUVKSWG
CXGE ICKPGU DK OCVKÄTG
ICKPÃ…GU GP RNCUVKSWG
CXGE ICKPGU DK OCVKÄTG
KUQNÅGU CXGE ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
KUQNÃ…GU RCT UWTOQW NCIG EGTVKHKÃ…GU 8&'
PQKTG CVTC OGPVKUÃ…G
RQNKG
ICKPÃ…GU GP RNCUVKSWG
PQKTG CVTC OGPVKUÃ…G
RQNKG
CXGE ICKPGU DK OCVKÄTG
CXGE ICKPGU DK OCVKÄTG
EJTQOÃ…G
KUQNÅGU CXGE ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
EJTQOÃ…G
KUQNÃ…GU RCT UWTOQW NCIG EGTVKHKÃ…GU 8&'
OO
2KPEG
6ÆVG
2QKIPÃ…GU
PQKTG CVTC OGPVKUÃ…G
RQNKG
PQKTG CVTC OGPVKUÃ…G
RQNKG
40°
40°
40°
4Ã…H
EJTQOÃ…G EJTQOÃ…G
EJTQOÃ…G
EJTQOÃ…G
EJTQOÃ…G
40°
40°
&KOGPUKQPU . OO
6 OO
9 OO
9 OO
6 OO
I
2'4('%6+10 51014' &7 8+0;.'
.GU OÅNQOCPGU CXGTVKU PG LWTGPV SWG RCT NG XKP[NG NC SWCNKVÅ UQPQTG FoWP XTCK FKU SWG ÅVCPV CWLQWTFoJWK GPEQTG KPÅICNÅG %JGHU FoyWXTG FG NoCTV FG NoKPIÅPKGWT NGU RNCVKPGU GV EJCÊPGU OQFGTPGU EQPXGTVKU UGPV NG OQWXGOGPV FG NoCKIWKNNG GP WPG UQPQTKVÅ KORTGUUKQPPCPVG 0QU RKPEGU ¼ FÅPWFGT [ EQPVTKDWGPV GP RTÅRCTCPV ¼ FGU UGTVKUUCIGU FG RTÅEKUKQP NG EQTFQP HKNKITCPG FG NKCKUQP ¼ NC RNCVKPG GV CWZ GPEGKPVGU .GU RKPEGU -0+2': PG HQPV RCU FG OWUKSWG s OCKU GNNGU RGWXGPV FQPPGT NG VQP
2KPEGU ¼ FÅPWFGT 1WVKNU ¼ FÅICKPGT 2KPEGU ¼ FÅPWFGT %KUCKNNG ¼ FÅPWFGT RQWT NnÅNGEVTQPKSWG 2KPEG ¼ FÅPWFGT RQWT NnÅNGEVTQPKSWG 2KPEGU ¼ FÅPWFGT EQWRCPVGU FG EÐVÅ 2KPEGU ¼ FÅPWFGT FG RTÅEKUKQP 2KPEGU ¼ FÅPWFGT CXGE EQWVGCWZ FG HQTOG /WNVK5VTKR 2KPEGU ¼ FÅPWFGT CWVQ CLWUVCDNGU 2KPEG ¼ FÅPWFGT CWVQOCVKSWG 2KPEG ¼ FÅPWFGT CWVQOCVKSWG RQWT E¾DNGU RNCVU 1WVKN ¼ FÅPWFGT RGVKV OQFÄNG 2KPEG ¼ FÅPWFGT RQWT E¾DNGU ¼ HKDTGU QRVKSWGU 1WVKN ¼ FÅPWFGT RQWT E¾DNGU ¼ HKDTGU QRVKSWGU $TWEGNNGU ¼ FÅECRGT NG XGTPKU 2KPEGU ¼ FÅPWFGT 1WVKNU ¼ FÅICKPGT 1WVKN ¼ FÅPWFGT RQWT E¾DNGU EQCZKCWZ 1WVKN ¼ FÅICKPGT RQWT E¾DNGU RNCVU GV TQPFU 1WVKN ¼ FÅICKPGT RQWT E¾DNGU FG FQPPÅGU 1WVKNU ¼ FÅICKPGT WPKXGTUGNU 1WVKN ¼ FÅICKPGT WPKXGTUGN RQWT E¾DNGU RQWT D¾VKOGPVU GV RQWT NnKPFWUVTKG
%¾DNGU GV ƂNU FQKXGPV ÆVTG FÅPWFÅU CXGE RTÅEKUKQP RQWT NGU CRRNKECVKQPU NGU RNWU FKXGTUGU 2KPEGU ¼ FÅPWFGT GV QWVKNU ¼ FÅICKPGT -0+2': HQPV GP UQT VG SWG NoQRÅTCVKQP TÅWUUKUUG
2+0%'5 œ &¥07&'4
2KPEGU ¼ FÅPWFGT
RQWT EQPFWEVGWTU WPKHKNCKTGU OWNVKHKNCKTGU GV HKNU HKPU KUQNCVKQP RNCUVKSWG QW ECQWVEJQWE FKCO OCZ OO GV UGEVKQP OOÂŽ â– TÃ…INCIG UKORNG FW FKCOÄVTG FW E¾DNG QW FW HKN IT¾EG ¼ NnÃ…ETQW OQNGVÃ… GV CW EQPVTG Ã…ETQW â– #EKGT ¼ QWVKNU URÃ…EKCN HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
%CRCEKVÃ…U FG FÃ…PWFCIG
4Ã…H
'#0
OO
2KPEG PQKTG CVTCOGPVKUÃ…G PQKTG CVTCOGPVKUÃ…G EJTQOÃ…G
EJTQOÃ…G EJTQOÃ…G PQKTG CVTCOGPVKUÃ…G EJTQOÃ…G
%KUGCWZ ¼ FÅPWFGT RQWT NnÅNGEVTQPKSWG
'#0 4Ã…H
OO
6ÆVG RQNKG
2QKIPÅGU CXGE ICKPGU DK OCVKÄTG
6ÆVG 2QKIPÅGU RQNKG ICKPÅGU GP RNCUVKSWG RQNKG CXGE ICKPGU DK OCVKÄTG CXGE ICKPGU DK OCVKÄTG KUQNÅGU CXGE ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&' KUQNÅGU RCT UWTOQWNCIG EGTVKHKÅGU 8&' RQNKG CXGE ICKPGU DK OCVKÄTG KUQNÅGU RCT UWTOQWNCIG EGTVKHKÅGU 8&'
RQWT EQWRGT GV FÃ…PWFGT NGU EQP FWEVGWTU OQPQHKNCKTGU OWNVKHKNCKTGU GV ¼ HKNU HKPU CW FKCO OCZ FG EQPFWEVGWTU FG OO â– TÃ…INCIG UKORNG FW FKCOÄVTG FW E¾DNG QW FW HKN IT¾EG ¼ NnÃ…ETQW OQNGVÃ… GV CW EQPVTG Ã…ETQW â– CXGE TGUUQTV FnQWXGTVWTG â– CEKGT ¼ QWVKNU URÃ…EKCN VTGORÃ… ¼ NnJWKNG â–
%CRCEKVÅU FG FÅPWFCIG ´ OO
I
´ OO
OOÂŽ
#9)
I
2+0%'5 &¥07&'4
2KPEG ¼ FÅPWFGT RQWT NnÅNGEVTQPKSWG
'#0
4ÅH
RQWT EQPFWEVGWTU WPKHKNCKTGU OWNVKHKNCKTGU GV HKNU HKPU KUQNCVKQP RNCUVKSWG QW ECQWVEJQWE FnWP FKCOÄVTG FG ¼ OO ■ TÅINCIG UKORNG FW FKCOÄVTG FW E¾DNG QW FW HKN IT¾EG ¼ NnÅETQW OQNGVÅ GV CW EQPVTG ÅETQW ■ CXGE TGUUQTV FnQWXGTVWTG ■ NG RQNKUUCIG OKTQKT CUUQEKÅ ¼ WPG HKPG EQWEJG FnJWKNG QHHTG WPG DQPPG RTQVGEVKQP EQPVTG NC TQWKNNG EG SWK ÅXKVG NGU RGTVWTDCVKQPU FCPU NG EKTEWKV ÅNGEVTKSWG ECWUÅGU RCT FGU RCTVKEWNGU FG EJTQOG ÅECKNNÅGU ■ #EKGT ¼ QWVKNU URÅEKCN HQTIÅ VTGORÅ ¼ NoJWKNG ■
OO
6ÆVG RQNKUUCIG OKTQKT
2QKIPÅGU CXGE ICKPGU DK OCVKÄTG
2KPEGU ¼ FÅPWFGT EQWRCPVGU FG EÐVÅ
%CRCEKVÅU FG FÅPWFCIG ´ OO
I
#XGE VTCPEJCPV CNNQPIÅ &ÅOWNVKRNKECVKQP COÅNKQTÅG RQWT WPG RWKUUCPEG FG EQWRG UWRÅTKGWTG FG VTQWU FG FÅPWFCIG RTÅEKU RQWT EQPFWEVGWTU WPKHKNCKTGU OCUUKHU FG GV OO ■ FÅEQWRG EQPHQTVCDNG FG E¾DNGU 0;/ LWUSWo¼ Z OO ■ RQKPVGU NQPIWGU RQWT VTCXCWZ FG EQWRG FG RTÅEKUKQP ÅICNGOGPV RQUUKDNG FCPU FGU GURCEGU GZKIWU ■ VTCPEJCPVU FG RTÅEKUKQP VTGORÅU RCT KPFWEVKQP FWTGVÅ FGU VTCPEJCPVU GPX |*4% ■ #EKGT ÅNGEVTKSWG CW XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG ■
6TCPEJCPV C 6TCPEJCPV CNNQPIÅ &ÅOWNVKRNKEC &ÅOWNVKRNKECVKQP COÅNKQTÅG
%CRCEKVÅU FG EQWRG '#0
%CRCEKVÅU FG FÅPWFCIG OO
#9)
´ OO
´ OO
I
RQNKG CXGE ICKPGU DK OCVKÄTG
CXGE ICKPGU DK OCVKÄTG
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
OO
2KPEG
6ÆVG 2QKIPÅGU
PQKTG CVTCOGPVKUÅG
EJTQOÅG
4ÅH
EJTQOÅG
2+0%'5 œ &¥07&'4
2KPEGU ¼ FÅPWFGT FG RTÅEKUKQP
2TÃ…EKU GV HKCDNG
CXGE EQWVGCWZ FG HQTOG
&GWZ RCKTGU FG NCOGU HQPV WPG KPEKUKQP VQWV CWVQWT FG NoKUQNC VKQP 2WKU NGU NCOGU UoÅECTVGPV GV NoKUQNCVKQP GUV TGVKTÅG GP UWKXCPV NC HQTOG FW E¾DNG .C RKPEG UoQWXTG CWVQOCVKSWGOGPV CRTÄU NG FÅPWFCIG
FÃ…PWFCIG RCTHCKV OÆOG RQWT FGU OCVÃ…TKCWZ KUQNCPVU FKHHKEKNGU ¼ TGVKTGT GP 26(' NGU UKNKEQPGU NG 4CFQZŠ NG -CRVQPŠ GV NG ECQWVEJQWE OÆOG NGU OCVÃ…TKCWZ OWNVKEQWEJGU â– WPG FGWZKÄOG RCKTG FG NCOGU TGVKGPV HGTOGOGPV NnKUQNCVKQP TGUVCPVG â– RCTHCKVGOGPV CFCRVÃ… ¼ NC UGEVKQP FW EQPFWEVGWT KORNKSWÃ… NCOG RTQHKNÃ…G KPVGTEJCPIGCDNG â– CXGE DWVÃ…G NQPIKVWFKPCNG TÃ…INCDNG RQWT FÃ…PWFCIGU FG NQPIWGWT EQPUVCPVG NQTU FG VTCXCWZ TÃ…RÃ…VÃ…U â– EQTRU FG NC RKPEG CEKGT â– EQWVGCWZ CEKGT ¼ QWVKNU URÃ…EKCN VTGORÃ… ¼ NoJWKNG â–
5GEVKQPU FG E¾DNG OCZKOCNGU GP OO RCT RTQHKN
IWKFCIG FG E¾DNG CFFKVKQPPGN RQWT WP RQUKVKQPPGOGPV GZCEV FW E¾DNG UWT NG RQKPV FG FÅPWFCIG FGU NCOGU URÅEKCNGOGPV EQPÃWG RQWT NGU KUQNCVKQPU OWNVKEQWEJGU GV 4#&1:Š CXGE CRRWK FG E¾DNG CFFKVKQPPGN HCXQTKUCPV WP OGKNNGWT EGPVTCIG FGU EQPFWEVGWTU ¼ KUQNCVKQP OWNVKEQWEJG FCPU NGU OCVTKEGU FG FÅPWFCIG
CXGE IWKFCIG FW E¾DNG GV DWVÅG NQPIKVWFKPCNG
%QWRG PGVVG VQWV CWVQWT FG NnKUQNCVKQP
&ÅPWFCIG UWKXCPV NC HQTOG FW E¾DNG IT¾EG CWZ RTQHKNU EQWRCPVU FG RTÅEKUKQP
URÅEKCNGOGPV RQWT E¾DNGU CWZ URÅEKHKECVKQPU COÅTKECKPGU #9)
4CFQZŠ GUV WPG OCTSWG FÅRQUÅG FG *WDGT 5WJPGT #) -CRVQPŠ GUV WPG OCTSWG FÅRQUÅG FG ' + FW 2QPV FG 0GOQWTU CPF %QORCP[
2+0%'5 œ &¥07&'4
2TKPEKRG FGU NCOGU RTQHKNÅGU .C EQWRG TÅCNKUÅG VQWV CWVQWT FG NnKUQNCVKQP RGTOGV WP FÅPWFCIG RTQRTG GV RTÅEKU EG SWK GUV RCTVKEWNKÄTGOGPV KORQTVCPV NQTUSWnKN UnCIKV FG FÅPWFGT FGU EQPFWEVGWTU CXGE RTÅEKUKQP (QPEVKQPPG ÅICNGOGPV RCTHCKVGOGPV CXGE NGU OCVÅTKCWZ KUQNCPVU FKHHKEKNGU ¼ TGVKTGT GP 26(' NG 4CFQZŠ GV KUQNCVKQPU OWNVKEQWEJG
4Ã…H
'#0
OO
2KPEG
2QKIPÃ…GU
DTWPKG
CXGE ICKPGU DK OCVKÄTG
DTWPKG
CXGE ICKPGU DK OCVKÄTG
DTWPKG
CXGE ICKPGU DK OCVKÄTG
%CRCEKVÃ…U FG FÃ…PWFCIG OOÂŽ
#9)
I
LGW FG NCOGU FG TGEJCPIG RQWT LGW FG NCOGU FG TGEJCPIG RQWT LGW FG NCOGU FG TGEJCPIG RQWT LGW FG NCOGU FG TGEJCPIG RQWT LGW FG NCOGU FG TGEJCPIG RQWT LGW FG NCOGU FG TGEJCPIG RQWT LGW FG NCOGU FG TGEJCPIG RQWT 4CFQZŠ GUV WPG OCTSWG FÅRQUÅG FG *WDGT 5WJPGT #) -CRVQPŠ GUV WPG OCTSWG FÅRQUÅG FG ' + FW 2QPV FG 0GOQWTU CPF %QORCP[
2KPEGU ¼ FÅPWFGT CXGE EQWVGCWZ FG HQTOG
CXGE EQWVGCWZ KPVGTEJCPIGCDNGU RQWT QW UGEVKQPU FG EQPFWEVGWTU FKHHÃ…TGPVGU â– IT¾EG ¼ NC HQTOG FGU NCOGU OGWNÃ…GU CXGE RTÃ…EKUKQP NG EQPFWEVGWT PoGUV RCU GPFQOOCIÃ… OÆOG CXGE FGU HKNU HKPU â– NGU O¾EJQKTGU FG UGTTCIG OCKPVKGPPGPV NG HKN NQTU FW FÃ…PWFCIG â– CXGE DWVÃ…G NQPIKVWFKPCNG TÃ…INCDNG RQWT FÃ…PWFCIGU FG NQPIWGWT EQPUVCPVG NQTU FG VTCXCWZ TÃ…RÃ…VÃ…U â– WP TGUUQTV FG TCRRGN TCOÄPG NC RKPEG FCPU UC RQUKVKQP KPKVKCNG â– EQTRU FG NC RKPEG CNWOKPKWO â– EQWVGCWZ CEKGT ¼ QWVKNU URÃ…EKCN VTGORÃ… ¼ NoJWKNG â–
FKCOÄVTG FG HKN GP OO
UGEVKQPU FG HKN GP OOÂŽ
%CRCEKVÃ…U FG FÃ…PWFCIG 4Ã…H
'#0
OO
2KPEG
2QKIPÃ…GU
PQKTG NCSWÃ…G
ICKPÃ…GU GP RNCUVKSWG
RCKTG FG NCOGU FG TGEJCPIG RQWT RCKTG FG NCOGU FG TGEJCPIG RQWT
´ OO OOŽ #9) I
2+0%'5 œ &¥07&'4
-0+2': /WNVK5VTKR 2KPEG ¼ FÅPWFGT CWVQOCVKSWG
&Ã…ICKPCIG UCPU TÃ…CLWUVCIG FG ¼ OOÂŽ )Ã…QOÃ…VTKG WPKXGTUGNNG FGU NCOGU s TQDWUVGUUG GV NQPIÃ…XKVÃ… (CÃQPPCIG QRVKOCN FG NC RQKIPÃ…G ¼ GZEGNNGPVG JCRVKSWG %QWRG HKNU FCPU WP TGPHQPEGOGPV CFCRVCVKQP GPVKÄTGOGPV CWVQOCVKSWG ¼ VQWU NGU EQPFWEVGWTU WPKHK NCKTGU OWNVKHKNCKTGU GV ¼ HKNU HKPU ¼ KUQNCVKQP 28% GV ¼ WPG OWNVKVWFG FoKUQNCVKQPU URÃ…EKCNGU UWT VQWVG NC ICOOG FG ECRCEKVÃ… FG ¼ OOÂŽ â– RCU FnCLWUVGOGPV FG RTÃ…EKUKQP OCPWGN â– RCU FnGPFQOOCIGOGPV FW EQPFWEVGWT â– NGU O¾EJQKTGU GP CEKGT VKGPPGPV NG E¾DNG HGTOGOGPV UCPU GPFQOOCIGT NnKUQNCVKQP TGUVCPVG â– CXGE EQWRG HKNU FCPU WP TGPHQPEGOGPV RQWT EQPFWEVGWTU %W GV #N OWNVKHKNCKTGU LWUSWo¼ OOÂŽ GV WPKHKNCKTGU LWUSWn¼ OOÂŽ â– OÃ…ECPKSWG RCTVKEWNKÄTGOGPV UQWRNG GV RQKFU VTÄU HCKDNG â– DNQE FG NCOG GV DWVÃ…G NQPIKVWFKPCNG KPVGTEJCPIGCDNGU â– RQKIPÃ…G CXGE \QPG GP RNCUVKSWG UQWRNG GTIQPQOKSWG RQWT WPG RTKUG GP OCKP U×TG â– DQÊVKGT RNCUVKSWG TGPHQTEÃ… FG HKDTGU FG XGTTG â– EQWVGCWZ CEKGT ¼ QWVKNU URÃ…EKCN VTGORÃ… ¼ NoJWKNG â–
/ÅECPKSWG DTGXGVÅG .C RTQHQPFGWT FnKPEKUKQP FG NC NCOG FG FÅPWFCIG UnCFCRVG GPVKÄTGOGPV CWVQOCVKSWGOGPV CW FKCOÄVTG FW EQPFWEVGWT GV FQPE ¼ NnÅRCKUUGWT FG VQWU NGU OCVÅTKCWZ FnKUQNCVKQP UVCPFCTFU 2CU FG TÅINCIG OCPWGN EQOOG EnGUV GPEQTG NG ECU FnCWVTGU RKPEGU UVCPFCTF C[CPV WPG ITCPFG ECRCEKVÅ FG FÅPWFCIG
2TKPEKRG FG NC NCOG FTQKVG 5GWNG NC \QPG TQWIG GUV GPVCKNNÃ…G
OO
.#/' &41+6'
OO
%QWRG HKNU RQWT HKNU OWNVKHKNCKTGU LWUSWn¼ OOŽ
4Ã…H
'#0 OO
/¾EJQKTGU GP CEKGT ¼ VTCPEJCPVU GORÆEJCPV NG E¾DNG FG INKUUGT
%CRCEKVÃ…U FG FÃ…PWFCIG OOÂŽ
0G EQPXKGPV RCU CWZ OCVÃ…TKCWZ KUQNCPVU WNVTC UQWRNGU GV CTOÃ…U PK CWZ KUQNCVKQPU OWNVKEQWEJGU
&ÅPWFCIG RTÅEKU FG ¼ OOŽ UCPU TÅINCIG
#9)
$NQE FG NCOGU FG TGEJCPIG RQWT $WVÃ…G NQPIKVWFKPCNG FG TGEJCPIG RQWT
I
2+0%'5 œ &¥07&'4
2KPEGU ¼ FÅPWFGT CWVQ CLWUVCDNGU
RQWT EQPFWEVGWTU WPKHKNCKTGU OWNVKHKNCKTGU GV HKNU HKPU KUQNCVKQP RNCUVKSWG QW ECQWVEJQWE â– UoCFCRVG CWVQOCVKSWGOGPV CWZ FKHHÃ…TGPVGU UGEVKQPU FG HKNU RCU FG FÃ…VÃ…TKQTCVKQP FGU EQPFWEVGWTU â– RTQHQPFGWT FG EQWRG CLWUVCDNG RQWT FKHHÃ…TGPVU OCVÃ…TKCWZ FnKUQNCVKQP â– CXGE EQWRG HKNU RQWT EQPFWEVGWTU GP EWKXTG GV CNWOKPKWO OWNVKHKNCKTGU FnWPG UGEVKQP OCZ FG OOÂŽ GV WPKHKNCKTGU LWUSWn¼ OOÂŽ â– OÃ…ECPKSWG UQWRNG â– EQWVGCWZ GV O¾EJQKTGU FG RTÃ…JGPUKQP GP RNCUVKSWG HCEKNGU ¼ EJCPIGT â– RQKFU HCKDNG â– DQÊVKGT RNCUVKSWG TGPHQTEÃ… FG HKDTGU FG XGTTG â– EQWVGCWZ CEKGT ¼ QWVKNU URÃ…EKCN VTGORÃ… ¼ NoJWKNG â–
RQWT EQWRGT NGU E¾DNGU RNCVU FnWPG NCTIGWT OCZ FG OO GP WPG UGWNG QRÅTCVKQP
$WVÃ…G NQPIKVWFKPCNG TÃ…INCDNG
4Ã…H
'#0 OO
&Ã…PWFCIG RTÃ…EKU UCPU GPFQOOCIGOGPV FW EQPFWEVGCWT
$WVÃ…G NQPIKVWFKPCNG OO
#9)
I
RCKTG FG NCOGU FG TGEJCPIG RQWT RCKTG FG O¾EJQKTGU FG UGTTCIG FG TGEJCPIG RQWT $WVÅG NQPIKVWFKPCNG FG TGEJCPIG RQWT RCKTG FG NCOGU FG TGEJCPIG RQWT RCKTG FG O¾EJQKTGU FG UGTTCIG FG TGEJCPIG RQWT
2KPEG ¼ FÅPWFGT CWVQOCVKSWG
%CRCEKVÃ…U FG FÃ…PWFCIG OOÂŽ
QWVKN UVCPFCTF EQORCEV ¼ WP RTKZ CVVTCEVKH RQWT VQWVGU NGU UGEVKQPU FG E¾DNGU GV OCVÃ…TKCWZ KUQNCPVU UVCPFCTF â– RQWT EQPFWEVGWTU WPKHKNCKTGU OWNVKHKNCKTGU GV HKNU HKPU FG ¼ OOÂŽ CXGE KUQNCVKQP UVCPFCTF â– UoCFCRVG CWVQOCVKSWGOGPV CWZ FKHHÃ…TGPVGU UGEVKQPU FG HKNU RCU FG FÃ…VÃ…TKQTCVKQP FGU EQPFWEVGWTU â– VTÄU EQPHQTVCDNG ¼ WVKNKUGT IT¾EG ¼ UC HQTOG RTCVKSWG GV ¼ UQP RQKFU HCKDNG â– VÆVG Ã…VTQKVG RGTOGVVCPV WPG WVKNKUCVKQP FCPU FGU GPFTQKVU FnCEEÄU FKHHKEKNG â– CXGE EQWRG HKNU RQWT EQPFWEVGWTU GP EWKXTG GV CNWOKPKWO LWUSWn¼ OOÂŽ â– CXGE DWVÃ…G NQPIKVWFKPCNG TÃ…INCDNG FG ¼ OO RQWT FÃ…PWFCIGU FG NQPIWGWT EQPUVCPVG NQTU FG VTCXCWZ TÃ…RÃ…VÃ…U â– DQÊVKGT RNCUVKSWG TGPHQTEÃ… FG HKDTGU FG XGTTG â– EQWVGCWZ CEKGT ¼ QWVKNU URÃ…EKCN VTGORÃ… ¼ NoJWKNG KPVGTEJCPIGCDNGU â–
4Ã…H
'#0 OO
%CRCEKVÃ…U FG FÃ…PWFCIG OOÂŽ
#9)
I
RCKTG FG NCOGU FG TGEJCPIG RQWT $WVÃ…G NQPIKVWFKPCNG FG TGEJCPIG RQWT
2+0%'5 œ &¥07&'4
2KPEG ¼ FÅPWFGT CWVQOCVKSWG RQWT E¾DNGU RNCVU
RQWT E¾DNGU RNCVU GP 28% KUQNÃ…U FnWPG NCTIGWT OCZ FG |OO GV FnWPG UGEVKQP FG ¼ OOÂŽ â– UnCFCRVG CWVQOCVKSWGOGPV CWZ FKHHÃ…TGPVGU JCWVGWTU FG EQPFWEVGWTU RCU FnGPFQOOCIGOGPV â– RGTOGV FG ITCPFGU NQPIWGWTU FG FÃ…PWFCIG â– NCOG KPVGTEJCPIGCDNG â– OÃ…ECPKSWG UQWRNG â– RQKFU HCKDNG â– DQÊVKGT RNCUVKSWG TGPHQTEÃ… FG HKDTGU FG XGTTG â– EQWVGCWZ CEKGT ¼ QWVKNU URÃ…EKCN VTGORÃ… ¼ NoJWKNG â–
'#0 4Ã…H
OO
%CRCEKVÃ…U FG FÃ…PWFCIG OOÂŽ
#9) I
1WVKN ¼ FÅPWFGT RGVKV OQFÄNG
FÃ…PWFCIG RTÃ…EKU IT¾EG CW TÃ…INCIG RTQITGUUKH FG NnQWVKN RQWT UnCFCRVGT CW FKCOÄVTG FW EQPFWEVGWT â– CXGE EQWRG HKNU â– DWVÃ…G NQPIKVWFKPCNG TÃ…INCDNG FG ¼ OO â– CXGE U[UVÄOG FG XGTTQWKNNCIG â– DQÊVKGT RNCUVKSWG TÃ…UKUVCPV CWZ EJQEU â–
5$ RQWT EQPFWEVGWTU HKPU GP EWKXTG FnWP FKCO FG ¼ OO
5$ RQWT EQPFWEVGWTU HKPU GP EWKXTG FnWP FKCO FG ¼ OO
5$
'#0 4Ã…H 5$ 5$
OO
%CRCEKVÅU FG FÅPWFCIG ´ OO
#9)
2KPEG ¼ FÅPWFGT RQWT E¾DNGU ¼ HKDTGU QRVKSWGU
I
RQWT TGVKTGT NG ICKPCIG RTKOCKTG GV UGEQPFCKTG FG E¾DNGU GP HKDTGU FG XGTTG â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO GP SWCNKVÃ… URÃ…EKCNG VTGORÃ… ¼ NoJWKNG â–
5$
4Ã…H 5$
'#0
OO
2KPEG DTWPKG
2QKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG
%CRCEKVÅU FG FÅPWFCIG ´ OO )CKPCIG RTKOCKTG OO ICKPCIG UGEQPFCKTG OO
I
2+0%'5 œ &¥07&'4
1WVKN ¼ FÅPWFGT RQWT E¾DNGU ¼ HKDTGU QRVKSWGU
RQWT TGVKTGT NG ICKPCIG RTKOCKTG FG E¾DNGU GP HKDTGU FG XGTTG FnWP FKCOÄVTG FG OO â– NCOG FnWP FKCOÄVTG FG OO RGTÃCIG RQWT E¾DNGU FnWP FKCOÄVTG FG OO â– DWVÃ…G NQPIKVWFKPCNG TÃ…INCDNG â– DQÊVKGT RNCUVKSWG TÃ…UKUVCPV CWZ EJQEU â–
5$ '#0 %CRCEKVÅU FG FÅPWFCIG 4ÅH OO ´ OO I 5$ RQWT TGVKTGT NG ICKPCIG RTKOCKTG FG E¾DNGU GP HKDTGU FG XGTTG FnWP FKCOÄVTG FG OO
$TWEGNNGU ¼ FÅECRGT NG XGTPKU
RQWT FÃ…ECRGT NG XGTPKU KUQNCPV FG HKNU GP EWKXTG â– NCOGU RQWT CWVTGU FKCOÄVTGU FG E¾DNG FKURQPKDNGU EQOOG RKÄEGU FG TGEJCPIG â– EQTRU FGU DTWEGNNGU CEKGT ¼ TGUUQTV VTGORÃ… ¼ NoJWKNG â– ICKPGU FGU RQKIPÃ…GU RNCUVKSWG â–
4Ã…H
'#0 OO
%CRCEKVÅU FG FÅPWFCIG ´ OO
I
RCKTG FG NCOGU FG TGEJCPIG RQWT ´ OO RCKTG FG NCOGU FG TGEJCPIG RQWT ´ OO RCKTG FG NCOGU FG TGEJCPIG RQWT ´ OO RCKTG FG NCOGU FG TGEJCPIG RQWT ´ OO
2KPEGU ¼ FÅPWFGT
RQWT FÃ…PWFGT NGU E¾DNGU HKPU RTKUOG FG FÃ…PWFCIG RTÃ…EKU EQPXKGPV RQWT WP UGWN FKCOÄVTG PQP TÃ…INCDNG â– CXGE TGUUQTV FnQWXGTVWTG â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
4Ã…H
'#0
OO
6ÆVG
2QKIPÃ…GU
RQNKG
ICKPÃ…GU GP RNCUVKSWG
%CRCEKVÅU FG FÅPWFCIG ´ OO
I
176+.5 œ &¥)#+0'4
1WVKNU ¼ FÅICKPGT
RQWT FÃ…ICKPGT VQWU NGU E¾DNGU TQPFU UVCPFCTF â– DCTTGVVG FnCTTÆV CWVQDNQSWCPVG â– RTQHQPFGWT FG EQWRG TÃ…INCDNG IT¾EG ¼ NC XKU FG TÃ…INCIG â– NCOG CWVQ RKXQVCPVG RQWT EQWRG EKTEWNCKTG GV NQPIKVWFKPCNG â– NCOG FG TGEJCPIG KPVÃ…ITÃ…G FCPU NG DQÊVKGT â–
DQPPG RTKUG GP OCKP IT¾EG ¼ WP TGXÆVGOGPV UQWRNG CPVKFÃ…TCRCPV UWT NG OCPEJG GV NC DCTTGVVG FnCTTÆV â– DQÊVKGT RNCUVKSWG TÃ…UKUVCPV CWZ EJQEU â–
5$
5$ EQWVGCW ¼ NCOG FTQKVG GV NCOG ETQEJGV NKXTÅ CXGE ECRWEJQP RTQVGEVGWT 5$
4Ã…H 5$ 5$ 5$
'#0 OO
%CRCEKVÅU FG FÅPWFCIG ´ OO
I
.COG FG TGEJCPIG RQWT 5$ 5$ 5$
1WVKN ¼ FÅICKPGT
RQWT FÃ…ICKPGT NGU E¾DNGU TQPFU GP 28% ECQWVEJQWE UKNKEQPG 26(' FnWP FKCOÄVTG FG ¼ OO â– DCTTGVVG FnCTTÆV CWVQDNQSWCPVG â– RTQHQPFGWT FG EQWRG TÃ…INCDNG IT¾EG ¼ NnÃ…ETQW OQNGVÃ… â– DQÊVKGT RKXQVCPV RQWT EQWRG EKTEWNCKTG QW NQPIKVWFKPCNG â– FÃ…ICKPCIG JÃ…NKEQËFCN RQWT NGU ITCPFGU NQPIWGWTU â– NCOG KPVGTEJCPIGCDNG â– DQÊVKGT RNCUVKSWG TÃ…UKUVCPV CWZ EJQEU â–
5$
'#0 4Ã…H OO 5$
%CRCEKVÅU FG FÅPWFCIG ´ OO
.COG FG TGEJCPIG RQWT 5$
2QUKVKQPPGOGPV FG NnQWVKN RQWT EQWRG RÃ…TKRJÃ…TKSWG
I %QWRG NQPIKVWFKPCNG
&ÅICKPCIG JÅNKEQËFCN
176+.5 œ &¥)#+0'4
1WVKN ¼ FÅICKPGT
RQWT FÃ…ICKPGT NGU E¾DNGU TQPFU FnWP FKCOÄVTG OKPKOWO FG OO RGTOGV FnÃ…NKOKPGT VQWVGU NGU EQWEJGU KUQNCPVGU â– EQPXKGPV RQWT NC EQWRG EKTEWNCKTG GV NQPIKVWFKPCNG â– RTQHQPFGWT FG EQWRG TÃ…INCDNG LWUSWn¼ OO â– NCOG KPVGTEJCPIGCDNG GV TÃ…XGTUKDNG â– EQTRU FG NoQWVKN RNCUVKSWG TGPHQTEÃ… FG HKDTGU FG XGTTG â– â–
2TQHQPFGWT FG EQWRG TÃ…INCDNG
4Ã…H
'#0 OO
%CRCEKVÅU FG FÅPWFCIG ´ OO
2QUKVKQPPGOGPV FG NnQWVKN RQWT EQWRG NQPIKVWFKPCNG
%QWRG NQPIKVWFKPCNG
6QWTPGT NnQWVKN RQWT TÃ…CNKUGT WPG EQWRG EKTEWNCKTG
%QWRG EKTEWNCKTG
I
.COG FG TGEJCPIG RQWT
1WVKN ¼ FÅPWFGT RQWT E¾DNGU EQCZKCWZ
RQWT FÃ…PWFGT NGU E¾DNGU EQCZKCWZ 4) 4) GV 4) RQWT FÃ…PWFGT NnKUQNCVKQP GZVÃ…TKGWTG NG DNKPFCIG GV NG FKÃ…NGEVTKSWG GP WPG UGWNG QRÃ…TCVKQP â– CXGE VTQKU NCOGU KPVÃ…ITÃ…GU â– RTQHQPFGWT FG EQWRG TÃ…INCDNG RQWT EJCSWG NCOG ¼ NnCKFG FnWPG ENÃ… ¼ UKZ RCPU â– NC NQPIWGWT FW FÃ…PWFCIG TGUVG EQPUVCPVG â– DQÊVKGT RNCUVKSWG TÃ…UKUVCPV CWZ EJQEU â– â–
5$
&ÅPWFCIG GP VTQKU ÅVCRGU FnWP E¾DNG EQCZKCN
4Ã…H 5$
'#0
OO
%QWRG ¼ VTQKU ÅVCRGU GP WPG UGWNG QRÅTCVKQP
6[RG FG E¾DNG 4) 4) 4)
I
176+.5 œ &¥)#+0'4
1WVKN ¼ FÅPWFGT
RQWT FÃ…ICKPGT GV FÃ…PWFGT VQWU NGU V[RGU FG E¾DNGU EQCZKCWZ UVCPFCTFU FnWP FKCOÄVTG FG ¼ OO RCT GZ RQWT VÃ…NÃ…XKUKQP GV UCVGNNKVG Ã…ICNGOGPV RQWT 28% (NGZ Z OOÂŽ â– CXGE ITCFWCVKQP FG ¼ OO â– QWVKN FG FÃ…PWFCIG FÃ…RNKCDNG ¼ FGWZ O¾EJQKTGU â– CXGE TGUUQTV FnQWXGTVWTG GV U[UVÄOG FG XGTTQWKNNCIG â– DQÊVKGT RNCUVKSWG TGPHQTEÃ… FG HKDTGU FG XGTTG â–
RQWT E¾DNGU EQCZKCWZ
5$
'#0
4Ã…H
5$
OO
%CRCEKVÅU FG FÅPWFCIG ´
I
E¾DNGU EQCZKCWZ ¼ OO E¾DNGU TQPFU Z OOŽ
1WVKN ¼ FÅICKPGT RQWT E¾DNGU RNCVU GV TQPFU
RQWT E¾DNGU RNCVU OGUWTCPV LWUSWo¼ OO FG NCTIGWT RQWT FÅICKPGT GV FÅPWFGT VQWU NGU V[RGU FG E¾DNGU TQPFU GV J[FTQHWIGU UVCPFCTFU FoWP FKCOÄVTG FG ¼ OO
RCT GZGORNG E¾DNG 0;/ Z OOŽ ¼ Z OOŽ ■FKURQUKVKH FG FÅPWFCIG RQWT NGU UGEVKQPU OOŽ
#9) â– RQWT NGU VTCXCWZ TÃ…CNKUÃ…U FCPU FGU GPFTQKVU FoCEEÄU FKHHKEKNG â– EQPXKGPV Ã…ICNGOGPV RQWT NGU VTCXCWZ ¼ TÃ…CNKUGT FCPU NGU DQÊVGU FG FKUVTKDWVKQP GV FG FÃ…TKXCVKQP â– DQÊVKGT RNCUVKSWG TGPHQTEÃ… FG HKDTGU FG XGTTG â– â–
5$
4Ã…H 5$
'#0
OO
%CRCEKVÅU FG FÅPWFCIG ´ OO
1WVKN ¼ FÅICKPGT RQWT E¾DNGU FG FQPPÅGU
2QWT E¾DNGU E¾DNG RNCV OO E¾DNG TQPF ´ OO
RQWT FÅICKPGT NGU E¾DNGU FG FQPPÅGU 762 GV 562 FnWP FKCOÄVTG FG ¼ OO ■FKURQUKVKH FG FÅPWFCIG RQWT NGU UGEVKQPU OOŽ ■QWVKN FG FÅPWFCIG FÅRNKCDNG ¼ FGWZ O¾EJQKTGU ■CXGE TGUUQTV FnQWXGTVWTG GV U[UVÄOG FG XGTTQWKNNCIG ■CXGE ENKR FG HKZCVKQP RQWT TCPIG OGPV U×T ■DQÊVKGT RNCUVKSWG TGPHQTEÅ FG HKDTGU FG XGTTG
I
â–
5$
â–
EQWVGCWZ CEKGT ¼ QWVKNU URÅEKCN VTGORÅ ¼ NoJWKNG CXGE TGXÆVG OGPV 6K0
%CRCEKVÃ…U FG FÃ…PWFCIG 4Ã…H 5$
'#0
OO
´ OO
OOÂŽ
2QWT E¾DNGU %#6 %#6 %#6 6YKUVGF 2CKT 762 562
I
176+.5 &¥)#+0'4
1WVKNU ¼ FÅICKPGT WPKXGTUGNU
RQWT FÅICKPGT GV FÅPWFGT VQWU NGU V[RGU FG E¾DNGU TQPFU GV J[FTQHWIGU UVCPFCTFU FnWP FKCOÄVTG FG ¼ OO
RCT GZ E¾DNG 0;/ Z OO ¼ Z OO ■ EQPXKGPV ÅICNGOGPV RQWT NGU VTCXCWZ ¼ TÅCNKUGT FCPU NGU DQÊVGU FG FKUVTKDWVKQP GV FG FÅTKXCVKQP ■ QWVKN FG FÅPWFCIG FÅRNKCDNG ¼ FGWZ O¾EJQKTGU ■ CXGE TGUUQTV FnQWXGTVWTG GV U[UVÄOG FG XGTTQWKNNCIG ■ CXGE ENKR FG HKZCVKQP RQWT WP TCPIGOGPV GP VQWVG UÅEWTKVÅ ■ DQÊVKGT RNCUVKSWG TGPHQTEÅ FG HKDTGU FG XGTTG ■
5$ CXGE NCOG CFFKVKQPPGNNG RQWT EQWRGU NQPIKVWFKPCNGU EQWVGCW VÅNGUEQRKSWG KPVÅITÅ FKURQUKVKH FG FÅPWFCIG RQWT NGU UGEVKQPU OO
5$
#XGE IWKFCIG KPVÅITÅ FW E¾DNG RQWT EQWRG NQPIKVWFKPCNG .GU KUQNCPVU UQNKFGU
R GZ GZGORVU FoJCNQIÄPGU UG FÅPWFGPV CKPUK RNWU HCEKNGOGPV
5$
'#0 4ÅH 5$ 5$
OO
%CRCEKVÅU FG FÅPWFCIG ´ OO
1WVKN ¼ FÅICKPGT WPKXGTUGN RQWT E¾DNGU RQWT D¾VKOGPVU GV RQWT NnKPFWUVTKG
5$
4ÅH 5$
'#0
OO
%CRCEKVÅU FG FÅPWFCIG ´ OO
2QWT E¾DNGU E¾DNGU TQPFU RCT GZ Z OO ¼ Z OO E¾DNGU TQPFU RCT GZ Z OO ¼ Z OO
I
RQWT FÅICKPGT GV FÅPWFGT VQWU NGU V[RGU FG E¾DNGU TQPFU GV J[FTQHWIGU UVCPFCTFU FnWP FKCOÄVTG FG ¼ OO
RCT GZ E¾DNG 0;/ Z OO ¼ Z OO ■ KFÅCN RQWT NGU ITQUUGU UGEVKQPU GV NGU OCVÅTKCWZ KUQNCPVU FKHHKEKNGU ¼ VTCXCKNNGT ■ RCU DGUQKP FoCLWUVGT NGU VTCPEJCPVU ¼ NC RTQHQPFGWT FG EQWRG ■ FKURQUKVKH FG FÅPWFCIG RQWT EQPFWEVGWTU GV VQTQPU FG OO GV OO ■ DWVÅG NQPIKVWFKPCNG WVKNKUCDNG FGU FGWZ EÐVÅU KFÅCNG RQWT NGU FTQKVKGTU GV NGU ICWEJGTU ■ FKURQUKVKH FG HKZCVKQP ¼ NoGZVTÅOKVÅ FGU RQKIPÅGU UÅEWTKVÅ CPVKEJWVG ■ RQWT NGU VTCXCWZ TÅCNKUÅU FCPU FGU GPFTQKVU FoCEEÄU FKHHKEKNG ■ EQPXKGPV ÅICNGOGPV RQWT NGU VTCXCWZ ¼ TÅCNKUGT FCPU NGU DQÊVGU FG FKUVTKDWVKQP GV FG FÅTKXCVKQP ■ DQÊVKGT RNCUVKSWG TGPHQTEÅ FG HKDTGU FG XGTTG ■
2QWT E¾DNGU E¾DNGU TQPFU RCT GZ Z OO ¼ Z OO
I
'0 (14/'
,1;#7: /+5
/ÅVCN DTKNNCPV GV RKGTTGU RTÅEKGWUGU ÅVKP EGNCPVGU s NGU OCKPU JCDKNGU FG NoQTHÄXTG NGU VTCPUHQTOGPV FGRWKU FGU OKNNÅPCK TGU GP OGTXGKNNGWUGU yWXTGU FoCTV +P URKTCVKQP CTVKUVKSWG GV UCXQKT HCKTG CT VKUCPCN UG EQPLWIWGPV FCPU UGU DKLQWZ GV PQWU UÅFWKUGPV UCPU EGUUG FG PQW XGCW .C OWVCVKQP FW OCVÅTKCW RTÅEK GWZ GP CTV UGPUWGN GUV NoyWXTG FG NoQWVKN &GU RKPEGU ¼ DGEU RNCVU -0+2': CKFGPV ¼ EGV ÅICTF NoQTHÄXTG ¼ OGVVTG GP HQTOG NG OÅVCN RTÅEKGWZ s RQWT WP TC[QPPGOGPV ¼ NoÅRTGWXG FW VGORU
2KPEGU FG RTÅJGPUKQP 2KPEGU ÅVCWZ 2KPEGU ¼ DGEU RNCVU 2KPEGU ¼ DGEU TQPFU 2KPEGU FG OQPVCIG 2KPEGU RQWT VÅNÅRJQPG 2KPEGU FG RTÅJGPUKQP RKPEGU WNVTCHKPGU 2KPEGU ¼ DGEU NQPIU 2KPEGU FnCLWUVCIG 2KPEGU FG VKUUGTCPF 2KPEGU FG RTÅJGPUKQP RQWT NC OÅECPKSWG FG RTÅEKUKQP 2KPEGU FG OÅECPKEKGP 2KPEGU ÅVCWZ WPKXGTUGNNGU 2KPEGU ÅVCWZ 2KPEGU ÅVCWZ ¼ UQWFGT
3WoKN UoCIKUUG FG OCVÅTKCW PQDNG QW FG EQPFWEVGWTU ÅNGEVTKSWGU s NGU RKPEGU ¼ DGEU RNCVU -0+2': UoWVKNKUGPV RCTVQWV QÕ KN KORQTVG FG UCKUKT GV FG RNKGT GP VQWVG UÅEWTKVÅ GP OÅPCIGCPV NC OC VKÄTG QW CXGE HQTEG
2+0%'5 &' 24Â¥*'05+10
2KPEGU ¼ DGEU RNCVU
DGEU RNCVU EQWTVU GV NCTIGU KPVÃ…TKGWT FGU O¾EJQKTGU UVTKÃ… â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
&+0 +51
&KOGPUKQPU 4Ã…H
'#0
OO
2KPEG
6ÆVG
2QKIPÃ…GU
PQKTG CVTCOGPVKUÃ…G
RQNKG
ICKPÃ…GU GP RNCUVKSWG
PQKTG CVTCOGPVKUÃ…G
RQNKG
CXGE ICKPGU DK OCVKÄTG
EJTQOÃ…G
EJTQOÃ…G
CXGE ICKPGU DK OCVKÄTG
KUQNÅGU CXGE ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
. OO
9 OO
6 OO
I
2+0%'5 &' 24Â¥*'05+10
2KPEGU ¼ DGEU TQPFU
RQWT RNKGT NGU yKNNGVU DGEU TQPFU GV EQWTVU HKPGOGPV RQNKU â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
&+0 +51
&KOGPUKQPU 4Ã…H
'#0
OO
2KPEG
6ÆVG
2QKIPÃ…GU
PQKTG CVTCOGPVKUÃ…G
RQNKG
ICKPÃ…GU GP RNCUVKSWG
PQKTG CVTCOGPVKUÃ…G
RQNKG
CXGE ICKPGU DK OCVKÄTG
EJTQOÃ…G
EJTQOÃ…G
CXGE ICKPGU DK OCVKÄTG
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
. OO
9 OO
& OO
6 OO
I
2+0%'5 &' 24Â¥*'05+10
2KPEGU FG OQPVCIG
EQPXKGPV RCTVKEWNKÄTGOGPV RQWT UCKUKT CLWUVGT GV OQPVGT FCPU NGU VTCXCWZ PÃ…EGUUKVCPV WPG ITCPFG HQTEG FG RTÃ…JGPUKQP â– KPVÃ…TKGWT FGU O¾EJQKTGU UVTKÃ… â– #EKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
&+0 +51
&KOGPUKQPU
'#0 4Ã…H
OO
2KPEG PQKTG CVTCOGPVKUÃ…G PQKTG CVTCOGPVKUÃ…G
6ÆVG RQNKG RQNKG
2QKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG ICKPÃ…GU GP RNCUVKSWG
. OO
9 OO
6 OO
9 OO
6 OO
I
2+0%'5 &' 24Â¥*'05+10
2KPEGU RQWT VÃ…NÃ…RJQPG
KPVÃ…TKGWT FGU O¾EJQKTGU UVTKÃ… GP ETQKZ â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
&+0 +51
RQKPVGU VTÄU GHHKNÅGU EQPXKGPV CWUUK RQWT VTCXCWZ FG UQWFWTG
&KOGPUKQPU '#0 4Ã…H
OO
2KPEG PQKTG CVTCOGPVKUÃ…G PQKTG CVTCOGPVKUÃ…G EJTQOÃ…G
6ÆVG RQNKG RQNKG
2KPEGU FG RTÃ…JGPUKQP RKPEGU WNVTCHKPGU
2QKIPÅGU ICKPÅGU GP RNCUVKSWG ICKPÅGU GP RNCUVKSWG CXGE ICKPGU DK OCVKÄTG
. OO
9 OO
6 OO
9 OO
6 OO
I
RKPEGU FG RTÃ…EKUKQP RQWT OQPVCIG RNKCIG GV CLWUVCIG VTÄU RTÃ…EKU CXGE DGEU RCTVKEWNKÄTGOGPV NQPIU OO â– KPVÃ…TKGWT FGU O¾EJQKTGU NKUUG â– CTÆVGU UQKIPGWUGOGPV Ã…DCTDÃ…GU â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
&+0 +51
45°
&KOGPUKQPU 4Ã…H
'#0
OO
45° 45°
2KPEG PQKTG CVTCOGPVKUÃ…G EJTQOÃ…G PQKTG CVTCOGPVKUÃ…G EJTQOÃ…G
6ÆVG RQNKG RQNKG
2QKIPÅGU ICKPÅGU GP RNCUVKSWG CXGE ICKPGU DK OCVKÄTG ICKPÅGU GP RNCUVKSWG CXGE ICKPGU DK OCVKÄTG
. . OO OO
9 OO
6 OO
9 OO
6 OO
I
2+0%'5 &' 24Â¥*'05+10
2KPEGU ¼ DGEU NQPIU &+0 +51
RKPEGU FG RTÅJGPUKQP VTÄU TQDWUVGU GV TÅUKUVCPVGU ¼ NoWUWTG RNWUKGWTU HQTOGU FG DGEU FKURQPKDNGU ■#EKGT ÅNGEVTKSWG CW EJTQOG XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG
(QTOG KPVÅTKGWT FGU O¾EJQKTGU UVTKÅ DGEU NQPIU GV RNCVU
â– â–
(QTOG KPVÅTKGWT FGU O¾EJQKTGU UVTKÅ DGEU NQPIU GV FGOK TQPFU (QTOG DGEU NQPIU GV TQPFU KPVÅTKGWT FGU O¾EJQKTGU NKUUG
&KOGPUKQPU
4Ã…H
'#0
OO
(QTO
2KPEG
6ÆVG
2QKIPÃ…GU
. OO
9 OO
6 OO
9 OO
6 OO
I
PQKTG RQNKG CVTCOGPVKUÃ…G
EJTQOÃ…G
EJTQOÃ…G
EJTQOÃ…G
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
PQKTG RQNKG CVTCOGPVKUÃ…G
ICKPÃ…GU GP RNCUVKSWG
EJTQOÃ…G
EJTQOÃ…G
CXGE ICKPGU DK OCVKÄTG
PQKTG RQNKG CVTCOGPVKUÃ…G
ICKPÃ…GU GP RNCUVKSWG
EJTQOÃ…G
ICKPÃ…GU GP RNCUVKSWG
ICKPÃ…GU GP RNCUVKSWG
ICKPÃ…GU GP RNCUVKSWG
CXGE ICKPGU DK OCVKÄTG
ICKPÃ…GU GP RNCUVKSWG
EJTQOÃ…G
CXGE ICKPGU DK OCVKÄTG
EJTQOÃ…G
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
2+0%'5 &' 24Â¥*'05+10
2KPEGU FnCLWUVCIG
RQWT UCKUKT FGU Ã…NÃ…OGPVU GV FGU HKNU FG RGVKV FKCOÄVTG CKPUK SWG RQWT RNKGT FGU TGUUQTVU FG EQPVCEV GV FG TGNCKU â– KPVÃ…TKGWT FGU O¾EJQKTGU RQNK â– CTÆVGU UQKIPGWUGOGPV Ã…DCTDÃ…GU â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
&+0
40°
&KOGPUKQPU 4Ã…H
'#0
OO
2KPEG
6ÆVG
2QKIPÃ…GU
PQKTG CVTCOGPVKUÃ…G
RQNKG
ICKPÃ…GU GP RNCUVKSWG
40°
2KPEGU FG VKUUGTCPF
. OO
9 OO
6 OO
9 OO
6 OO
I
NCTIGWT FGU O¾EJQKTGU FG OO FQPV NnÃ…RCKUUGWT GP DQWV GUV FG OO â– KPVÃ…TKGWT FGU O¾EJQKTGU NKUUG â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
&+0 +51
&KOGPUKQPU 4Ã…H
'#0
OO
2KPEG PQKTG CVTCOGPVKUÃ…G EJTQOÃ…G
6ÆVG RQNKG
2QKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG ICKPÃ…GU GP RNCUVKSWG
. OO
9 OO
6 OO
9 OO
6 OO
I
2+0%'5 &' 24Â¥*'05+10
2KPEGU FG RTÃ…JGPUKQP
RKPEGU FG RTÃ…EKUKQP RQWT NGU VTCXCWZ FG OQPVCIG VTÄU RTÃ…EKU RCT GZ FCPU NGU FQOCKPGU FG NnÃ…NGEVTQPKSWG GV FG NC OÃ…ECPKSWG FG RTÃ…EKUKQP â– RQWT UCKUKT VGPKT RNKGT GV CLWUVGT â– RQKPVGU OGWNÃ…GU CXGE RTÃ…EKUKQP â– KPVÃ…TKGWT FGU O¾EJQKTGU NKUUG â– CTÆVGU UQKIPGWUGOGPV Ã…DCTDÃ…GU â– EJCTPKÄTG GPECUVTÃ…G â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
RQWT NC OÃ…ECPKSWG FG RTÃ…EKUKQP &+0 +51
(QTOG DGEU RNCVU GV NCTIGU (QTOG DGEU RNCVU GV RQKPVWU
(QTOG DGEU FGOK TQPFU
(QTOG DGEU TQPFU RQKPVWU RQWT RNKGT NGU yKNNGVU
&KOGPUKQPU 4Ã…H
'#0
OO
(QTO
2KPEG PQKTG CVTCOGPVKUÃ…G
EJTQOÃ…G
PQKTG CVTCOGPVKUÃ…G
EJTQOÃ…G
PQKTG CVTCOGPVKUÃ…G
EJTQOÃ…G
PQKTG CVTCOGPVKUÃ…G
EJTQOÃ…G
6ÆVG
2QKIPÃ…GU
$ OO
& OO
' OO
( OO
I
RQNKG
ICKPÃ…GU GP RNCUVKSWG
ICKPÃ…GU GP RNCUVKSWG
ICKPÃ…GU GP RNCUVKSWG
ICKPÃ…GU GP RNCUVKSWG
ICKPÃ…GU GP RNCUVKSWG
ICKPÃ…GU GP RNCUVKSWG
ICKPÃ…GU GP RNCUVKSWG
ICKPÃ…GU GP RNCUVKSWG
RQNKG RQNKG RQNKG
# OO
2+0%'5 &' 24Â¥*'05+10
2KPEGU FG OÃ…ECPKEKGP
ITCPFG TÃ…UKUVCPEG ¼ NC HNGZKQP FGU O¾EJQKTGU RQKPVGU FG NC RKPEG KPVÃ…TKGWT FGU O¾EJQKTGU UVTKÃ… GP ETQKZ â– #EKGT Ã…NGEVTKSWG CW XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
&+0 +51
40°
DGEU FGOK TQPFU EQWFÅU ¼ Œ RQWT TGVKTGT NGU IQWRKNNGU HGPFWGU RQWT UCKUKT NGU ÅNÅOGPVU UKVWÅU FCPU FGU GPFTQKVU FKHHKEKNG FnCEEÄU
DGEU EQWFÅU ¼ Œ FGOK TQPFU NQPIU ÅICNGOGPV WVKNKUCDNG RQWT UCKUKT NGU EQUUGU FG DQWIKG GV NGU RKÄEGU TQPFGU
RKPEG RQWT EQUUGU FG DQWIKG
70°
45°
&KOGPUKQPU
4Ã…H
'#0
OO
2KPEG PQKTG CVTCOGPVKUÃ…G
EJTQOÃ…G
40°
PQKTG CVTCOGPVKUÃ…G
40°
EJTQOÃ…G
70°
45°
45°
EJTQOÃ…G PQKTG CVTCOGPVKUÃ…G
PQKTG CVTCOGPVKUÃ…G EJTQOÃ…G
6ÆVG
2QKIPÃ…GU
. OO
6 OO
9 OO
6 OO
I
RQNKG
ICKPÃ…GU GP RNCUVKSWG
CXGE ICKPGU DK OCVKÄTG
ICKPÃ…GU GP RNCUVKSWG
CXGE ICKPGU DK OCVKÄTG
ICKPÃ…GU GP RNCUVKSWG
CXGE ICKPGU DK OCVKÄTG
ICKPÃ…GU GP RNCUVKSWG
CXGE ICKPGU DK OCVKÄTG
RQNKG RQNKG RQNKG
9 OO
PQKTG CVTCOGPVKUÃ…G
RQNKG
ICKPÃ…GU GP RNCUVKSWG
PQKTG CVTCOGPVKUÃ…G
RQNKG
ICKPÃ…GU GP RNCUVKSWG
EJTQOÃ…G
CXGE ICKPGU DK OCVKÄTG
2+0%'5 ¥6#7:
2KPEGU Ã…VCWZ WPKXGTUGNNGU
OCKPVKGPPGPV GP VQWVG UÃ…EWTKVÃ… NGU Ã…NÃ…OGPVU TQPFU RTQHKNÃ…U GV RNCVU VTÄU TÃ…UKUVCPV â– CXGE XKU FG TÃ…INCIG GV NGXKGT FG FÃ…DNQECIG â– RTKUG ¼ WPG UGWNG OCKP â– RTGUUKQP FG UGTTCIG Ã…NGXÃ…G IT¾EG ¼ NC FÃ…OWNVKRNKECVKQP RCT IGPQWKNNÄTG â– EQTRU FG RKPEG CEKGT NCOKPÃ… ¼ JCWVG TÃ…UKUVCPEG â– /¾EJQKTGU FG RTÃ…JGPUKQP #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… â– â–
4Ã…H
2KPEGU Ã…VCWZ
'#0
OO
OO
OO
OO
I
OCKPVKGPPGPV GP VQWVG UÃ…EWTKVÃ… NGU Ã…NÃ…OGPVU TQPFU RTQHKNÃ…U GV RNCVU VTÄU TÃ…UKUVCPV â– CXGE XKU FG TÃ…INCIG GV NGXKGT FG FÃ…DNQECIG â– RTKUG ¼ WPG UGWNG OCKP â– RTGUUKQP FG UGTTCIG Ã…NGXÃ…G IT¾EG ¼ NC FÃ…OWNVKRNKECVKQP RCT IGPQWKNNÄTG â– EQTRU FG RKPEG CEKGT NCOKPÃ… ¼ JCWVG TÃ…UKUVCPEG â– /¾EJQKTGU FG RTÃ…JGPUKQP #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… â– â–
(QTOGG DGEU RQWT RKÄEGU TQPFGU CXGE EQWRG HKNU
(QTOGG DGEU CXGE FQWDNG RTKUOG RQWT RKÄEGU TQPFGU RNCVGU GV RTQHKNÅGU
(QTOGG DGEU FTQKVU RQWT RKÄEGU RNCVGU
(QTOG RKPEG ÅVCW ¼ DGEU GHHKNÅU GV NQPIU
4Ã…H
'#0
OO
(QTOG
2KPEG
PKEMGNÃ…G
PKEMGNÃ…G PKEMGNÃ…G PKEMGNÃ…G
OO
OO
OO
I
2+0%'5 ¥6#7:
2KPEGU ÅVCWZ ¼ UQWFGT
■
O¾EJQKTGU GP CEKGT EQWNÅ VJGTOQTÅUKUVCPV OCKPVKGPV NGU RKÄEGU RNCVGU QW RTQHKNÅGU NGU WPGU ¼ EÐVÅ FGU CWVTGU NQTU FW UQWFCIG EQPXKGPV ÅICNGOGPV RQWT NGU RTQHKNÅU C[CPV FGU DQTFU F WPG JCWVGWT OCZ FG OO
O¾EJQKTGU GP CEKGT EQWNÅ VJGTOQTÅUKUVCPV OCKPVKGPV EGPVTÅU NGU VWDGU QW NGU RKÄEGU TQPFGU NGU WPGU ¼ EÐVÅ FGU CWVTGU NQTU FW UQWFCIG
O¾EJQKTGU GP CEKGT CW EJTQOG XCPCFKWO OCVTKEÅ UGTTG NGU RKÄEGU GV RTQHKNU GPEQODTCPVU CWZ DQTFU F WPG JCWVGWT OCZ FG OO
4ÅH
RQWT UGTTGT HKZGT GV VGPKT FKXGTU RTQHKNÅU VTÄU TÅUKUVCPV ■ CXGE XKU FG TÅINCIG GV NGXKGT FG FÅDNQECIG ■ RTKUG ¼ WPG UGWNG OCKP ■ RTGUUKQP FG UGTTCIG ÅNGXÅG IT¾EG ¼ NC FÅOWNVKRNKECVKQP RCT IGPQWKNNÄTG ■ EQTRU FG RKPEG CEKGT NCOKPÅ ¼ JCWVG TÅUKUVCPEG ■
'#0
OO
2KPEG PKEMGNÅG PKEMGNÅG PKEMGNÅG
OO
OO
I
2'4(14/#0%'5 &' 21+06' 5175 .'
%#216
%QPFWKVG URQTVKXG RCUUCIG TCRKFG FGU XKVGUUGU GV CEEÅNÅTCVKQP VQWLQWTU ÅNGXÅG CXGE NG EQPHQTV FoWPG VTCPUOKUUKQP CWVQ OCVKSWG s EoGUV EG SWG RGTOGV NC DQÊVG ¼ FQWDNG GODTC[CIG 2CU ÅVQPPCPV FQPE SWG FG RNWU GP RNWU FG EQPUVTWEVGWTU CW VQOQDKNGU [ CKGPV TGEQWTU 7P ETKVÄTG GU UGPVKGN FG RGTHQTOCPEGU GV FG UÅEWTKVÅ GUV NC RTÅUGPEG FG RWKUUCPVU EKTENKRU ƂZCPV NGU RKIPQPU UWT NoCTDTG FG NC DQÊVG &GU RKPEGU ¼ EKTENKRU HCEKNKVGPV NGWT OQPVCIG GP VQWVG UÅEWTKVÅ
2KPEGU RQWT EKTENKRU 2KPEGU RQWT EKTENKRU KPVÅTKGWTU F CNÅUCIG 2KPEGU RQWT EKTENKRU GZVÅTKGWTU F CTDTG 2KPEGU FG RTÅEKUKQP RQWT EKTENKRU KPVÅTKGWTU F CNÅUCIG 2KPEGU FG RTÅEKUKQP RQWT EKTENKRU GZVÅTKGWTU F CTDTG 2KPEGU RQWT ITCPFU EKTENKRU KPVÅTKGWTU LWUSW ¼ OO 2KPEGU RQWT ITCPFU EKTENKRU GZVÅTKGWTU LWUSW ¼ OO 1WVKN RQWT EKTENKRU KPVÅTKGWTU GV GZVÅTKGWTU LWUSW ¼ OO 2KPEGU URÅEKCNGU FG OQPVCIG RQWT TQPFGNNGU TGUUQTV F CTDTG 2KPEGU RQWT EKTENKRU RQWT EQNNKGTU F ÅVTCPINGOGPV F CTDTG ,GWZ FG RKPEGU RQWT EKTENKRU ,GW FG RKPEGU UWT RNCVGCWZ GP OQWUUG ,GWZ FG RKPEGU FG RTÅEKUKQP RQWT EKTENKRU
.GU EKTENKRU UoWVKNKUGPV N¼ QÕ KN HCWV RQW XQKT HCKTG EQPƂCPEG ¼ NC VGEJPKSWG .GU RKPEGU ¼ EKTENKRU -0+2': RGTOGVVGPV FG NGU OQPVGT GV FG NGU FÅOQPVGT GP VQWVG UÅEWTKVÅ
2+0%'5 2174 %+4%.+25
2KPEGU RQWT EKTENKRU
RQWT NG OQPVCIG FG EKTENKRU FCPU FGU CNÃ…UCIGU F WP FKCOÄVTG FG ¼ OO â– HQTOG TQDWUVG HQTIÃ…G â– RQKPVGU UQNKFGU CPVKFÃ…TCRCPVGU â– %QTRU FG NC RKPEG GV FGU RQKPVGU CEKGT CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
RQWT EKTENKRU KPVÃ…TKGWTU F CNÃ…UCIG
, (QTOG &+0 % RQKPVGU FTQKVGU
90°
(QTOG &+0 & RQKPVGU EQWFÅGU ¼ Œ (QTOG RQKPVGU EQWFÅGU ¼ Œ
,
90°
45°
, 45°
,GWZ FG RKPEGU RQWT EKTENKRU XQKT RCIG
4Ã…H , , , , , , , , , , , , , , , , , , , , , , ,
'#0
OO
(QTOG
2KPEG
6ÆVG
2QKIPÃ…GU
PQKTG CVTCOGPVKUÃ…G
RQNKG
ICKPÃ…GU GP RNCUVKSWG
90°
EJTQOÃ…G
PQKTG CVTCOGPVKUÃ…G
ICKPÃ…GU GP RNCUVKSWG
RQNKG
ICKPÃ…GU GP RNCUVKSWG
90°
EJTQOÃ…G
45°
PQKTG CVTCOGPVKUÃ…G
ICKPÃ…GU GP RNCUVKSWG
RQNKG
ICKPÃ…GU GP RNCUVKSWG
%CRCEKVÅ RQWT FKCOÄVTG FoCNÅUCIG ´ OO
2QKPVGU ´ OO
I
2+0%'5 2174 %+4%.+25
2KPEGU RQWT EKTENKRU
RQWT NG OQPVCIG FG EKTENKRU UWT FGU CTDTGU F WP FKCOÄVTG FG ¼ OO â– HQTOG TQDWUVG HQTIÃ…G â– RQKPVGU UQNKFGU CPVKFÃ…TCRCPVGU â– %QTRU FG NC RKPEG GV FGU RQKPVGU CEKGT CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
RQWT EKTENKRU GZVÃ…TKGWTU F CTDTG
#
90°
(QTOG &+0 # RQKPVGU FTQKVGU
(QTOG &+0 $ RQKPVGU EQWFÅGU ¼ Œ (QTOG RQKPVGU EQWFÅGU ¼ Œ
#
90°
45°
# 45°
4Ã…H # # # # # # # # # # # # # # # # # # # # # # #
,GWZ FG RKPEGU RQWT EKTENKRU XQKT RCIG
'#0
OO
(QTOG 2KPEG
PQKTG CVTCOGPVKUÃ…G
6ÆVG
2QKIPÃ…GU
RQNKG
ICKPÃ…GU GP RNCUVKSWG
90°
EJTQOÃ…G
PQKTG CVTCOGPVKUÃ…G
ICKPÃ…GU GP RNCUVKSWG
RQNKG
ICKPÃ…GU GP RNCUVKSWG
90°
45°
EJTQOÃ…G
PQKTG CVTCOGPVKUÃ…G
ICKPÃ…GU GP RNCUVKSWG
RQNKG
ICKPÃ…GU GP RNCUVKSWG
%CRCEKVÅ RQWT FKCOÄVTG FoCTDTG ´ OO
2QKPVGU ´ OO
I
2+0%'5 2174 %+4%.+25
2KPEGU FG RTÃ…EKUKQP RQWT EKTENKRU
3WCNKVÅ UWRÅTKGWTG /QPVCIG HCEKNG GV U×T NGU RQKPVGU RCTHCKVGOGPV TCRRQTVÅGU GV UGTVKGU GP CEKGT ¼ TGUUQTV JCWVGOGPV EQORTGUUÅ HQWTPKU UGPV WPG ITCPFG UÅEWTKVÅ EQPVTG NC UWTEJCTIG RCT GZ NQTU FW FÅOQPVCIG FG EKTENKRU DNQSWÅU .C XCUVG UWTHCEG FG EQPVCEV GV NC RQUKVKQP FGU RQKPVGU GORÆEJGPV NGU EKTENKRU FG INKUUGT
RQWT EKTENKRU KPVÃ…TKGWTU F CNÃ…UCIG
,
#XGE NGU RQKPVGU TCRRQTVÃ…GU RQWT VTCXCKNNGT GP VQWVG UÃ…EWTKVÃ…
6TÄU TÃ…UKUVCPVG GP WUCIG EQPVKPW FWTÃ…G FG XKG LWUSWo¼ HQKU RNWU NQPIWG SWG FGU RQKPVGU WUKPÃ…GU CW VQWT EJCTPKÄTG XKUUÃ…G OQWXGOGPV FG NC RKPEG RTÃ…EKU GV UCPU LGW RQKIPÃ…GU TGXÆVWGU F WP ICKPCIG RNCUVKSWG CPVKFÃ…TCRCPV â– EQTRU FG NC RKPEG CEKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– RQKPVGU TCRRQTVÃ…GU HKN Fo#EKGT ¼ TGUUQTVU UGTVK â– â–
,
90°
, , CXGE RTQVGEVKQP EQPVTG NC FKUVGPUKQP
TÃ…INCDNG RCT DWVÃ…G CWEWPG FÃ…HQT OCVKQP GZEGUUKXG FGU RGVKVU EKTENKRU RQWT CNÃ…UCIG
(QTOG &+0 % RQKPVGU FTQKVGU
,GWZ FG RKPEGU RQWT EKTENKRU XQKT RCIG
6ÆVG GHHKNÅG
'#0 4Ã…H , , , , , , , , , , , ,
(QTOG 2KPEG
90°
(QTOG &+0 % RQKPVGU FTQKVGU CXGE RTQVGEVKQP EQPVTG NC FKUVGPUKQP
TÃ…INCDNG RCT DWVÃ…G
2TÅEKUKQP GV NQPIÅXKVÅ 2QKPVGU HCDTKSWÅGU GP CEKGT ¼ TGUUQTV JCWVGOGPV EQORTKOÅ ¼ UWTHCEG PQP UVTKÅG .C RQKPVG FKURQUG CKPUK F WPG TÅUKUVCPEG F[PCOKSWG GV UVCVKSWG RNWU ÅNGXÅG .QTU SW GNNGU UQPV UQWOKUGU ¼ WPG UWTEJCTIG WPKSWG NGU RKPEGU UQPV | RNWU UQNKFGU SWG FGU RKPEGU UVCPFCTF GV RGTOGVVGPV F CWVTG RCTV WP DQP CEEÄU NQTU FG VTCXCWZ FG OQPVCIG .QTUSW GNNGU UQPV UQWOKUGU ¼ WPG EJCTIG F[PCOKSWG NGU RQKPVGU TÅUKUVGPV HQKU RNWU NQPIVGORU| .GU RQKPVGU FGU RKPEGU ¼ EKTENKRU FG RTÅEKUKQP UQPV HKZÅGU RCT OCVTKÃCIG ¼ HTQKF 2QKPVGU KORGTFCDNGU|
2QKPVGU TCRRQTVÅGU TQDWUVGU GP CEKGT ¼ TGUUQTV JCWVGOGPV EQORTKOÅ
OO
(QTOG &+0 & RQKPVGU EQWFÅGU ¼ Œ
2QKIPÃ…GU
ITKUG CVTCOGPVKUÃ…G
ICKPÃ…GU GP RNCUVKSWG CPVKFÃ…TCRCPV
ITKUG CVTCOGPVKUÃ…G
ICKPÃ…GU GP RNCUVKSWG CPVKFÃ…TCRCPV
ITKUG CVTCOGPVKUÃ…G
ICKPÃ…GU GP RNCUVKSWG CPVKFÃ…TCRCPV
5GTVKUUCIG RTÅEKU RCT OCVTKÃCIG
%CRCEKVÅ RQWT FKCOÄVTG FoCNÅUCIG ´ OO
2QKPVGU ´ OO
I
2+0%'5 2174 %+4%.+25
2KPEGU FG RTÅEKUKQP RQWT EKTENKRU
#XGE NGU RQKPVGU TCRRQTVÅGU RQWT VTCXCKNNGT GP VQWVG UÅEWTKVÅ
RQWT EKTENKRU GZVÅTKGWTU F CTDTG
6TÄU TÅUKUVCPVG GP WUCIG EQPVKPW FWTÅG FG XKG LWUSWo¼ HQKU RNWU NQPIWG SWG FGU RQKPVGU WUKPÅGU CW VQWT XCUVG UWTHCEG FG EQPVCEV CWZ RQKPVGU RCU FG VQTUKQP FW EKTENKRU OQPVCIG HCEKNG ■ EJCTPKÄTG XKUUÅG OQWXGOGPV FG NC RKPEG RTÅEKU GV UCPU LGW ■ TGUUQTV F QWXGTVWTG KPVÅITÅ FCPU NC EJCTPKÄTG KORGTFCDNG GV RTQVÅIÅ ■ RQKIPÅGU TGXÆVWGU F WP ICKPCIG RNCUVKSWG CPVKFÅTCRCPV ■ EQTRU FG NC RKPEG CEKGT ÅNGEVTKSWG CW EJTQOG XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG ■ RQKPVGU TCRRQTVÅGU HKN Fo#EKGT ¼ TGUUQTVU UGTVK ■
#
# &+0 # RQKPVGU FTQKVGU
# # # # CXGE RTQVGEVKQP EQPVTG NC FKUVGPUKQP
TÅINCDNG RCT DWVÅG TÅINCIG RCT XKU ¼ UKZ RCPU ETGWZ KFÅCNG RQWT NC HCDTKECVKQP GP UÅTKG ECT VQWV CNNQPIGOGPV GZEGUUKH FGU EKTENKRU GUV GHHKECEGOGPV GORÆEJÅ
(QTOG &+0 # RQKPVGU FTQKVGU CXGE RTQVGEVKQP EQPVTG NC FKUVGPUKQP
4GUUQTV KPVÅITÅ NG TGUUQTV GUV RTQVÅIÅ ¼ N KPVÅTKGWT FG NC EJCTPKÄTG FG RTÅEKUKQP XKUUÅG 0G IÆPG RCU RGPFCPV NG VTCXCKN RCU F GPETCUUGOGPV PK FG RGTVG
2KPEG -0+2': FG RTÅEKUKQP RQWT EKTENKRU RQWT WP OQPVCIG TCRKFG HCEKNG GV UCPU FÅHQTOCVKQP FW EKTENKRU
%JCTPKÄTG XKUUÅG ITCPFG RTÅEKUKQP GV UQWRNGUUG QRVKOCNG
2KPEG UVCPFCTF RQWT EKTENKRU FÅHQTOCVKQP ÅXGPVWGNNG FW EKTENKRU NQTU FW OQPVCIG
(QTOG &+0 $ RQKPVGU EQWFÅGU ¼ CXGE RTQVGEVKQP EQPVTG NC FKUVGPUKQP
#
90°
(QTOG &+0 $ RQKPVGU EQWFÅGU ¼
2KPEGU ¼ EKTENKRU -0+2': ¼ RTQVGEVKQP EQPVTG NC FKUVGPUKQP 2QWT OQPVCIG FCPU NGU PQTOGU FG EKTENKRU GP HCDTKECVKQP KPFWUVTKGNNG FG UÅTKG .GU HCDTKECPVU FG EQORQUCPVU FG UÅEWTKVÅ UGPUKDNGU VGNU SWG HTGKPU QW DQÊVGU FG XKVGUUGU PQVCOOGPV CEEQTFGPV NC RNWU ITCPFG KORQTVCPEG CW TGURGEV FGU PQTOGU &+0 GV .G OQPVCIG FGU EKTENKRU ¼ NoCKFG FG RKPEGU ¼ RTQVGEVKQP EQPVTG NC FKUVGPUKQP GV ¼ EÐPG GUV ¼ EGV ÅICTF GZKIÅ .GU RQKPVGU FGU RKPEGU ¼ EKTENKRU FG RTÅEKUKQP UQPV HKZÅGU RCT OCVTKÃCIG ¼ HTQKF GORÆEJCPV CNQTU NGWTU RGTVGU
4ÅH # # # # # # # # # # # # #
'#0
#
OO
(QTOG
90°
90°
2KPEG
2QKIPÅGU
ITKUG CVTCOGPVKUÅG
ICKPÅGU GP RNCUVKSWG CPVKFÅTCRCPV
ITKUG CVTCOGPVKUÅG
ICKPÅGU GP RNCUVKSWG CPVKFÅTCRCPV
ITKUG CVTCOGPVKUÅG
ICKPÅGU GP RNCUVKSWG CPVKFÅTCRCPV
ITKUG CVTCOGPVKUÅG
ICKPÅGU GP RNCUVKSWG CPVKFÅTCRCPV
%CRCEKVÅ RQWT FKCOÄVTG FoCTDTG ´ OO
2QKPVGU ´ OO
I
2+0%'5 2174 %+4%.+25
2KPEGU RQWT EKTENKRU
RQWT NG OQPVCIG FG EKTENKRU FCPU FGU CNÃ…UCIGU F WP FKCOÄVTG FG ¼ OO â– CXGE U[UVÄOG FG DNQECIG FÃ…XGTTQWKNNCDNG â– CXGE RQKPVGU KPVGTEJCPIGCDNGU â– TGXÆVGOGPV RCT RQWFTCIG PQKT â– EQTRU FG RKPEG CEKGT NCOKPÃ… ¼ JCWVG TÃ…UKUVCPEG â– 2QKPVGU #EKGT ¼ QWVKNU URÃ…EKCN VTGORÃ… ¼ NoJWKNG â–
RQWT ITCPFU EKTENKRU KPVÃ…TKGWTU
(QTOG &+0 % RQKPVGU FTQKVGU (QTOG &+0 & RQKPVGU EQWFÅGU ¼ Œ
,
4Ã…H , , , ,
'#0 OO
, , , ,
(QTOG 2KPEG
90°
TGXÆVGOGPV RQWFTG PQKT
TGXÆVGOGPV RQWFTG PQKT
%CRCEKVÅ RQWT FKCOÄVTG FoCNÅUCIG 2QKPVGU ´ OO ´ OO
I
2CKTG FG RQKPVGU FG TGEJCPIG RQWT , 2CKTG FG RQKPVGU FG TGEJCPIG RQWT , 2CKTG FG RQKPVGU FG TGEJCPIG RQWT , 2CKTG FG RQKPVGU FG TGEJCPIG RQWT ,
2KPEGU RQWT EKTENKRU
RQWT NG OQPVCIG FG EKTENKRU UWT FGU CTDTGU F WP FKCOÄVTG FG ¼ OO â– CXGE U[UVÄOG FG DNQECIG FÃ…XGTTQWKNNCDNG â– CXGE RQKPVGU KPVGTEJCPIGCDNGU â– TGXÆVGOGPV RCT RQWFTCIG PQKT â– EQTRU FG RKPEG CEKGT NCOKPÃ… ¼ JCWVG TÃ…UKUVCPEG â– 2QKPVGU CEKGT ¼ QWVKNU URÃ…EKCN VTGORÃ… ¼ NoJWKNG â–
RQWT ITCPFU EKTENKRU GZVÃ…TKGWTU
(QTOG &+0 # RQKPVGU FTQKVGU (QTOG &+0 $ RQKPVGU EQWFÅGU ¼ Œ
#
4Ã…H # # # #
'#0 OO
# # # #
(QTOG
90°
%CRCEKVÅ RQWT FKCOÄVTG FoCTDTG ´ OO
2KPEG
TGXÆVGOGPV RQWFTG PQKT
TGXÆVGOGPV RQWFTG PQKT
2CKTG FG RQKPVGU FG TGEJCPIG RQWT # 2CKTG FG RQKPVGU FG TGEJCPIG RQWT # 2CKTG FG RQKPVGU FG TGEJCPIG RQWT # 2CKTG FG RQKPVGU FG TGEJCPIG RQWT #
2QKPVGU ´ OO
I
2+0%'5 2174 %+4%.+25
1WVKN RQWT EKTENKRU
WVKNKUCVKQP WPKXGTUGNNG RQWT ITCPFU EKTENKRU FG |OO FG FKCOÄVTG PQOKPCN ■QWXGTVWTG GV HGTOGVWTG U×TGU FGU EKTENKRU GV OCKPVKGP RCT OÅECPKUOG FG RTÅEKUKQP CWVQDNQSWCPV ■RQWT OQPVCIG QW FÅOQPVCIG FG EKTENKRU GP WPG UGWNG QRÅTCVKQP ■OCKPVKGP HKCDNG FGU EKTENKRU RCT TÅEGRVKQPU EQWTVGU GV FKTGEVGU ■RQKPVGU KPVGTEJCPIGCDNGU FG ´ OO GV OO RQWT FKHHÅTGPVGU ICOOGU FG FKCOÄVTG ■EQOOCPFG CW EJQKZ RCT ENÅ O¾NG ENÅ ¼ ENKSWGV QW XKUUGWUG ■WVKNKUCDNG RCTVQWV QÕ KN U CIKV FG VTCPUOGVVTG FGU HQTEGU GV EQWRNGU VTÄU ÅNGXÅU RCT FG ITQU CTDTGU GV RCNKGTU RCT GZGORNG FCPU NGU FQOCKPGU UWKXCPVU ÅQNKGPPGU WUKPGU OCTÅOQVTKEGU EQPUVTWEVKQP F CNVGTPC VGWTU EGPVTCNGU J[FTCWNKSWGU EQPUVTWEVKQP F ÅSWKRGOGPVU NQWTFU
NCOKPQKTU RTGUUGU EQPUVTWEVKQP PCXCNG CÃ…TQURCVKCN â– QWVKN FCPU WPG OCNNGVVG GP RNCUVKSWG CXGE RNCVGCW GP OQWUUG â– OCVÃ…TKCW FGU RQKPVGU FG VTCXCKN| #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO â–
RQWT EKTENKRU KPVÅTKGWTU GV GZVÅTKGWTU FG FKCOÄVTG CNNCPV LWUSWo¼ |OO
CEVKQPPCDNG ¼ NC OCKP
4Ã…H
'#0
CEVKQPPCDNG ¼ NC OCEJKPG
%CRCEKVÅ RQWT FKCOÄVTG FoCNÅUCIG ´ OO
KPUGTVU KPVGTEJCPIGCDNGU RQWT EKTENKRU KPVÃ…TKGWTU GV GZVÃ…TKGWTU
%CRCEKVÅ RQWT FKCOÄVTG FoCTDTG ´ OO
I
2+0%'5 2174 %+4%.+25
2KPEGU URÃ…EKCNGU FG OQPVCIG
RQWT NG OQPVCIG FG TQPFGNNGU TGUUQTV GV FG EKTENKRU UCPU VTQWU RQWT FKURQUKVKH FG UÃ…EWTKVÃ… F CNÃ…UCIGU â– CXGE TGUUQTV F QWXGTVWTG â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
RQWT TQPFGNNGU TGUUQTV F CTDTG &+0 +51
RQWT TQPFGNNGU TGUUQTV F WPG VCKNNG F ÅECTVGOGPV OKPKOWO FG OO O¾EJQKTGU EQWFÅGU CXGE VTQW FG EGPVTCIG RQWT TQPFGNNGU TGUUQTV CWZ PQTOGU FoWP FKCOÄVTG OKP FG OO RCT GZ RQWT NC UÅEWTKVÅ FoCTDTGU FCPU NC VTCPUOKUUKQP FG XÅJKEWNGU OQVQTKUÅU QWXGTVWTG OKPKOCNG FGU CPPGCWZ OO
30°
'#0
4Ã…H
OO
30°
2KPEG DTWPKG DTWPKG
2KPEGU RQWT EKTENKRU
I
ICKPÃ…GU GP RNCUVKSWG
RQWT NG OQPVCIG FG EKTENKRU UWT FGU CTDTGU F WP FKCOÄVTG FG ¼ OO â– CXGE TGUUQTV F QWXGTVWTG â– HQTOG TQDWUVG HQTIÃ…G â– RQKPVGU UQNKFGU CPVKFÃ…TCRCPVGU â– %QTRU FG NC RKPEG GV FGU RQKPVGU CEKGT CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
RQWT EQNNKGTU F Ã…VTCPINGOGPV F CTDTG &+0 +51
)
)
2QKIPÃ…GU
) RQWT EKTENKRU F WP FKCOÄVTG OKP FG ¼ OO CXGE XKU FG NKOKVCVKQP CLWUVCDNG ÅXKVCPV NGU QWXGTVWTGU VTQR ITCPFGU
4Ã…H ) ) ) ) )
'#0
OO
2KPEG PQKTG CVTCOGPVKUÃ…G
6ÆVG RQNKG
2QKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG
PQKTG CVTCOGPVKUÃ…G
RQNKG
ICKPÃ…GU GP RNCUVKSWG
%CRCEKVÅ RQWT FKCOÄVTG FoCTDTG ´ OO
2QKPVGU ´ OO
I
2+0%'5 2174 %+4%.+25
,GWZ FG RKPEGU RQWT EKTENKRU QWVKNU
VTQWUUG GP RQN[GUVGT VKUUÃ… TÃ…UKUVCPV â– CXGE HGTOGVWTG TCRKFG TÃ…INCDNG RTCVKSWG â–
RKPEGU RQWT EKTENKRU KPVÅTKGWTU GV GZVÅTKGWTU UVCPFCTFU RKPEGU RQWT EKTENKRU FG RTÅEKUKQP WUWGNNGU TÅRQPFCPV CWZ RNWU UÅXÄTGU GZKIGPEGU
4Ã…H
'#0
,
(QTOG
%CRCEKVÅ ´ OO
2QKPVGU ´ OO 3WCPVKVÅ
RQKPVGU FTQKVGU
RQKPVGU EQWFÃ…GU
RQKPVGU FTQKVGU RQKPVGU EQWFÃ…GU
RQKPVGU FTQKVGU
I
,GW FG RKPEGU RQWT EKTENKRU QWVKNU
,
90°
# 2KPEG RQWT EKTENKRU RQWT EKTENKRU # GZVÃ…TKGWTU F CTDTG ,GW FG RKPEGU FG RTÃ…EKUKQP RQWT EKTENKRU QWVKNU , 2KPEG FG RTÃ…EKUKQP RQWT EKTENKRU RQWT EKTENKRU KPVÃ…TKGWTU F CNÃ…UCIG ,
90°
2KPEG RQWT EKTENKRU RQWT EKTENKRU KPVÃ…TKGWTU F CNÃ…UCIG
# #
2KPEG FG RTÃ…EKUKQP RQWT EKTENKRU RQWT EKTENKRU GZVÃ…TKGWTU F CTDTG
,GW FG RKPEGU UWT RNCVGCWZ GP OQWUUG
TCPIÃ…U FCPU FGU RNCVGCWZ GP OQWUUG RQWT Ã…VCDNKU GV EJCTKQVU FoCVGNKGT RQWT WP TCPIGOGPV QTFQPPÃ… FGU QWVKNU â– RNCVGCW GP OQWUUG CXGE GORTGKPVGU C[CPV NC HQTOG GZCEVG FGU QWVKNU â– FKOGPUKQPU FW RNCVGCW GP OQWUUG . Z * Z 2 Z Z OO â– OCVÃ…TKCW OQWUUG DKEQNQTG ¼ RQTGU HGTOÃ…U â– â–
8 RKPEGU FG RTÃ…EKUKQP RQWT EKTENKRU UWT RNCVGCW GP OQWUUG
'#0 4ÅH 8 ,GW FG RKPEGU RQWT EKTENKRU RKPEGU FG RTÅEKUKQP RQWT EKTENKRU UWT RNCVGCW GP OQWUUG , 2KPEG FG RTÅEKUKQP RQWT EKTENKRU RQWT , EKTENKRU KPVÅTKGWTU F CNÅUCIG , 90° # 2KPEG FG RTÅEKUKQP RQWT EKTENKRU RQWT # EKTENKRU GZVÅTKGWTU F CTDTG 90° #
%CRCEKVÅ ´ OO
2QKPVGU ´ OO 3WCPVKVÅ
I
2+0%'5 2174 %+4%.+25
,GWZ FG RKPEGU FG RTÃ…EKUKQP RQWT EKTENKRU
5$
90°
90°
(QTOG
5$
5$
'#0 4Ã…H 5$
GODCNNCIG CVVTCEVKH ¼ RGTHQTCVKQP .5 â– EQORTGPCPV FGU RKPEGU FG RTÃ…EKUKQP RQWT EKTENKRU UVCPFCTFU TÃ…RQPFCPV CWZ GZKIGPEGU NGU RNWU UVTKEVGU â– GODCNNCIG RNCUVKSWG TQDWUVG RQWXCPV UGTXKT GPUWKVG FG TCPIGOGPV RQWT NGU RKPEGU â–
,GW FG RKPEGU FG RTÃ…EKUKQP RQWT EKTENKRU , 2KPEG FG RTÃ…EKUKQP RQWT EKTENKRU RQWT EKTENKRU , KPVÃ…TKGWTU F CNÃ…UCIG RQKPVGU # 2KPEG FG RTÃ…EKUKQP RQWT EKTENKRU RQWT EKTENKRU FTQKVGU # GZVÃ…TKGWTU F CTDTG ,GW FG RKPEGU FG RTÃ…EKUKQP RQWT EKTENKRU , 2KPEG FG RTÃ…EKUKQP RQWT EKTENKRU RQWT EKTENKRU , KPVÃ…TKGWTU F CNÃ…UCIG RQKPVGU # 2KPEG FG RTÃ…EKUKQP RQWT EKTENKRU RQWT EKTENKRU FTQKVGU
# , , # #
GZVÃ…TKGWTU F CTDTG 2KPEG FG RTÃ…EKUKQP RQWT EKTENKRU RQWT EKTENKRU KPVÃ…TKGWTU F CNÃ…UCIG RQKPVGU 2KPEG FG RTÃ…EKUKQP RQWT EKTENKRU RQWT EKTENKRU EQWFÃ…GU GZVÃ…TKGWTU F CTDTG
,GW FG RKPEGU FG RTÃ…EKUKQP RQWT EKTENKRU
%CRCEKVÅ ´ OO
2QKPVGU ´ OO 3WCPVKVÅ
I
EQHHTGV GP RNCUVKSWG TÃ…UKUVCPV FG SWCNKVÃ… UWRÃ…TKGWTG EQORTGPCPV FGU RKPEGU FG RTÃ…EKUKQP RQWT EKTENKRU UVCPFCTFU TÃ…RQPFCPV CWZ GZKIGPEGU NGU RNWU UVTKEVGU â– RNCVGCW GP OQWUUG CXGE GORTGKPVGU C[CPV NC HQTOG GZCEVG FGU QWVKNU â– RQWT WP TCPIGOGPV QTFQPPÃ… FGU QWVKNU â– FKOGPUKQPU GZVÃ…TKGWT . Z * Z 2 Z Z OO â– â–
4Ã…H
'#0
(QTOG ,GW FG RKPEGU FG RTÃ…EKUKQP RQWT EKTENKRU , 2KPEGU FG RTÃ…EKUKQP RQWT EKTENKRU RQWT , EKTENKRU KPVÃ…TKGWTU FoCNÃ…UCIG
90°
90°
# # , , # #
2KPEGU FG RTÃ…EKUKQP RQWT EKTENKRU RQWT EKTENKRU GZVÃ…TKGWTU FoCTDTG 2KPEGU FG RTÃ…EKUKQP RQWT EKTENKRU RQWT EKTENKRU KPVÃ…TKGWTU FoCNÃ…UCIG 2KPEGU FG RTÃ…EKUKQP RQWT EKTENKRU RQWT EKTENKRU GZVÃ…TKGWTU FoCTDTG
RQKPVGU FTQKVGU
RQKPVGU EQWFÃ…GU
%CRCEKVÅ ´ OO
2QKPVGU ´ OO
3WCPVKVÃ…
I
2+0%'5 2174 %+4%.+25
,GWZ FG RKPEGU RQWT EKTENKRU
GODCNNCIG CVVTCEVKH ¼ RGTHQTCVKQP .5 â– EQORTGPCPV RKPEGU RQWT EKTENKRU KPVÃ…TKGWTU GV GZVÃ…TKGWTU UVCPFCTFU â– GODCNNCIG RNCUVKSWG TQDWUVG RQWXCPV UGTXKT GPUWKVG FG TCPIGOGPV RQWT NGU RKPEGU â–
8
4Ã…H 8
'#0
8
8
(QTOG ,GWZ FG RKPEGU RQWT EKTENKRU , 2KPEGU RQWT EKTENKRU RQWT EKTENKRU , KPVÃ…TKGWTU FoCNÃ…UCIG
# 2KPEGU RQWT EKTENKRU RQWT EKTENKRU # GZVÃ…TKGWTU FoCTDTG ,GWZ FG RKPEGU RQWT EKTENKRU , 2KPEGU RQWT EKTENKRU RQWT EKTENKRU , KPVÃ…TKGWTU FoCNÃ…UCIG
90° 90°
# # , , # #
2KPEGU RQWT EKTENKRU RQWT EKTENKRU GZVÃ…TKGWTU FoCTDTG 2KPEGU RQWT EKTENKRU RQWT EKTENKRU KPVÃ…TKGWTU FoCNÃ…UCIG 2KPEGU RQWT EKTENKRU RQWT EKTENKRU GZVÃ…TKGWTU FoCTDTG
RQKPVGU FTQKVGU
%CRCEKVÅ ´ OO
2QKPVGU ´ OO
3WCPVKVÃ…
I
RQKPVGU FTQKVGU
RQKPVGU EQWFÃ…GU
#.6'40#6+8' 57%*'0 #755'4)'9²*0.+%*' (#55#&'
4¦8'5 #7 2.75 *#76 &'5
%+'7:
2NWU JCWV RNWU ITCPF RNWU QUÅ s EG UQPV EGU DGCWZ TÆXGU SWK QPV VQWLQWTU CPKOÅ NoCTEJKVGEVWTG #WLQWTFoJWK NGU TÆXGU FGXK GPPGPV FGU QWXTCIGU ÅVQPPCPVU TÅCNKUCPV FGU XKUKQPU CTVKUVKSWGU GV UQPFCPV NGU NK OKVGU FW VGEJPKSWGOGPV HCKUCDNG 2NWU NGU VQWTU VTÐPGPV JCWV FCPU NGU PWCIGU RNWU GNNGU FQKXGPV TÅUKUVGT ¼ FG TWFGU UQNNKEKVC VKQPU %oGUV RQWTSWQK QP WVKNKUG ¼ NoKPVÅTKGWT FG NGWTU ÅNÅOGPVU GP DÅVQP FGU CTOCVWTGU NGWT EQPHÅTCPV UVCDKNKVÅ GV ƃGZKDKNKVÅ &GU VGPCKNNGU TWUUGU -0+2': UoGORNQKGPV FCPU NG OQPFG GPVKGT SWCPF KN UoCIKV FG TÅCNKUGT FGU RTQLGVU CTEJKVGEVWTCWZ URGEVCEWNCKTGU
6GPCKNNGU 6GPCKNNGU TWUUGU 6GPCKNNGU 6GPCKNNG OCTVGCW 6TKEQKUGU VTKEQKUGU RQWT ECTTQUUGTKG 2KPEG RQWT RQVKGT RKPEG RQWT EQWXTGWT 2KPEGU EQWRCPVGU FG FGXCPV 6GPCKNNGU TWUUGU RKPEGU ¼ VTGUUGT 6GPCKNNGU TWUUGU ¼ HQTVG FÅOWNVKRNKECVKQP
.G HGTTCKNNCIG GUV WP VTCXCKN OCPW GN s RCTVQWV FCPU NG OQPFG UWT NGU D¾VKOGPVU NGU RNWU FKXGTU .GU VGPCKNNGU TWUUGU -0+2': CRRQTVGPV CWZ QWXTKGTU WPG UQNWVKQP RWKUUCPVG GV GTIQPQ OKSWG RQWT NG TÅCNKUGT
6'0#+..'5
6GPCKNNGU
RQWT UQNNKEKVCVKQPU GZVTÆOGU CRRTÃ…EKÃ…G FGU CTVKUCPU GP TCKUQP FG UC HKPKVKQP FG RTÃ…EKUKQP â– VTÄU TÃ…UKUVCPV ¼ N WUWTG GV DQPPG TÃ…RCTVKVKQP FW RQKFU â– VTCPEJCPVU VTGORÃ…U FWTGVÃ… F GPX *4% â– #EKGT ¼ QWVKNU URÃ…EKCN HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
&+0 +51
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0
OO
2KPEG
6ÆVG
PQKTG CVTCOGPVKUÃ…G
RQNKG
PQKTG CVTCOGPVKUÃ…G
RQNKG
6GPCKNNG OCTVGCW
2QKIPÃ…GU
ICKPÃ…GU GP RNCUVKSWG
´ OO
I
VGPCKNNG ¼ UWTHCEG FG HTCRRG RQWT GPHQPEGT FGU ENQWU â– VTCPEJCPVU VTGORÃ…U FWTGVÃ… F GPX *4% â– #EKGT ¼ QWVKNU URÃ…EKCN HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
&+0 +51
&QWDNG HQPEVKQP GPHQPEGT GV CTTCEJGT NGU ENQWU
4Ã…H
'#0
OO
2KPEG PQKTG CVTCOGPVKUÃ…G
6ÆVG RQNKG
2QKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG
I
6'0#+..'5
6TKEQKUGU VTKEQKUGU RQWT ECTTQUUGTKG
NC RKPEG URÃ…EKCNG RQWT NG OCTÃ…EJCN HGTTCPV CXGE VÆVG OKPEG GV UCDQV RQWT ENQW ¼ HGTTGT â– EQPXKGPV CWUUK RQWT NGU VTCXCWZ FG FÃ…OQPVCIG FCPU NG UGEVGWT ECTTQUUGTKG â– VTCPEJCPVU VTGORÃ…U FWTGVÃ… F GPX *4% â– #EKGT ¼ QWVKNU URÃ…EKCN HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
&+0 +51
4Ã…H
'#0
OO
2KPEG PQKTG CVTCOGPVKUÃ…G
6ÆVG RQNKG
2KPEG RQWT RQVKGT RKPEG RQWT EQWXTGWT
.CTIGWT FG VÆVG OO
I
RQWT VTCXCWZ UWT CTIKNG CXGE EQWRG HKNU RQWT HKNU FQWZ â– VTCPEJCPVU VTGORÃ…U FWTGVÃ… F GPX *4% â– #EKGT ¼ QWVKNU URÃ…EKCN HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
&+0 +51
4Ã…H
'#0
OO
2KPEG PQKTG CVTCOGPVKUÃ…G
2KPEGU EQWRCPVGU FG FGXCPV
6ÆVG RQNKG
.CTIGWT FG VÆVG OO
I
CXGE VTCPEJCPVU RQWT HKNU FQWZ GV FWTU â– EQPXKGPV Ã…ICNGOGPV RQWT VQTUCFGT GV EQWRGT NGU HKNU ¼ NKICVWTGT â– VTCPEJCPVU VTGORÃ…U RCT KPFWEVKQP FWTGVÃ… F GPX *4% â– #EKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
(QTOG FG NC VÆVG RGTOGVVCPV FoQRVKOKUGT NGU OQWXGOGPVU NQTU FW UGTTCIG FW PyWF CW HGTTCKNNCIG
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0
OO
2KPEG
6ÆVG
2QKIPÃ…GU
PQKTG CVTCOGPVKUÃ…G
RQNKG
ICKPÃ…GU GP RNCUVKSWG
´ OO ´ OO ´ OO I
6'0#+..'5 4755'5
6GPCKNNGU TWUUGU
RQWT VQTUCFGT GV EQWRGT FGU HKNU ¼ NKICVWTGT GP DQDKPG GP WPG UGWNG QRÃ…TCVKQP TCRKFG HKCDNG GV Ã…EQPQOKSWG â– NGWT RTÃ…EKUKQP KPÃ…ICNÃ…G GV NGWT FWTÃ…G FG XKG HQPV FG EGU VGPCKNNGU NGU RKPEGU NGU RNWU XGPFWGU CW OQPFG â– VTCPEJCPVU VTGORÃ…U FWTGVÃ… F GPX *4% â– #EKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
RKPEGU ¼ VTGUUGT &+0 +51
- VÆVG ÅVTQKVG FG OO URÅEKCNG RQWT NGU VTCXCWZ FG ECTTGNCIG
- %CRCEKVÃ…U FG EQWRG 4Ã…H -
'#0
OO
2KPEG
6ÆVG
PQKTG CVTCOGPVKUÃ…G
RQNKG
PQKTG CVTCOGPVKUÃ…G
RQNKG
PQKTG CVTCOGPVKUÃ…G
RQNKG
ICKPÃ…GU GP RNCUVKSWG
EJTQOÃ…G
2QKIPÃ…GU
´ OO
´ OO
I
6'0#+..'5 4755'5
6GPCKNNGU TWUUGU
F GHHQTV ÅEQPQOKUÅ EQORCTÅ ¼ FGU VGPCKNNGU TWUUGU UVCPFCTF FG NC OÆOG VCKNNG
¼ HQTVG FÅOWNVKRNKECVKQP
%QPXKGPV ÅICNGOGPV ¼ NoCUUGODNCIG FoCTOCVWTGU DCUUGU IT¾EG ¼ UC HQTOG RCTVKEWNKÄTGOGPV ÅNCPEÅG
&+0 +51
RQWT HKZGT NG HGT ¼ DÃ…VQP CXGE FW HKN ¼ NKICVWTGT GP DQDKPG RQWT NKICVWTGT GV UGEVKQPPGT NG HKN GP WPG UGWNG QRÃ…TCVKQP â– EJCTPKÄTG ¼ HQTVG FÃ…OWNVKRNKECVKQP RGTOGVVCPV WP VTCXCKN OQKPU HCVKICPV OÆOG CXGE FGU HKNU ¼ NKICVWTGT Ã…RCKU â– UQWNCIGOGPV FGU VGPFQPU GV FGU OWUENGU IT¾EG ¼ N CDUQTRVKQP KPVGPUG FW EJQE GPIGPFTÃ… RCT NG UGEVKQPPGOGPV FW HKN ¼ NKICVWTGT â– VTCPEJCPVU VTGORÃ…U FWTGVÃ… F GPX *4% â– #EKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0
OO
2KPEG
6ÆVG
PQKTG CVTCOGPVKUÃ…G
RQNKG
PQKTG CVTCOGPVKUÃ…G
RQNKG
EJTQOÃ…G
2QKIPÃ…GU
ICKPÃ…GU GP RNCUVKSWG
´ OO
´ OO
.CTIGWT FG VÆVG OO
I
('7 '6 (.#//' 2174 .' 5#78'6#)'
2QWT UCWXGT FGU XKGU KN HCWV SWG EJCSWG IGUVG UQKV RCTHCKVGOGPV GZÅEWVÅ %oGUV EG FÅƂ SWG TGNÄXGPV LQWT CRTÄU LQWT CXGE NC OÆOG CDPÅICVKQP NGU RQORKGTU 3WCPF KNU VTQWXGPV UWT NGWT EJGOKP FGU QDUVCENGU VGNU SWG FGU CEEÄU HGTOÅU KN [ C RÅTKN GP NC FGOGWTG RQWT NGU KPVÅTGUUÅU 5WTOQP VGT NoQDUVCENG CW RNWU XKVG GUV CNQTU EG SWK KORQTVG XTCKOGPV 'V N¼ NC RWKUUCPEG GV NoGPFWTCPEG FW EQWRG DQWNQPU -0+2': CKFG ¼ UCWXGT FGU XKGU GP UGEVKQPPCPV RCT GZGORNG UCPU RGKPG WP ECFGPCU
2KPEGU EQWRCPVGU 2KPEGU EQWRCPVGU FG EÐVÅ RQWT RNCUVKSWG 2KPEG EQWRCPVG FG EÐVÅ RQWT E¾DNGU ¼ HKDTGU QRVKSWGU 2KPEGU EQWRCPVGU FG EÐVÅ 2KPEGU EQWRCPVGU FG EÐVÅ RQWT ÅNGEVTQOÅECPKEKGP : %WV 2KPEGU EQWRCPVGU FG EÐVÅ ¼ HQTVG FÅOWNVKRNKECVKQP 6YKP(QTEG %QWRG HKNU EGPVTCN ¼ HQTVG FÅOWNVKRNKECVKQP %Q$QNV %QWRG DQWNQPU %QWRG VTGKNNKU 2KPEGU EQWRCPVGU FG FGXCPV RQWT DQWNQPU ¼ HQTVG FÅOWNVKRNKECVKQP 2KPEGU EQWRCPVGU FG FGXCPV ¼ HQTVG FÅOWNVKRNKECVKQP 2KPEGU EQWRCPVGU FG FGXCPV 2KPEGU EQWRCPVGU FG FGXCPV RQWT OÅECPKEKGPU
.GU QWVKNU RQWT RQORKGTU UQPV EQPÃWU RQWT FGU UKVWCVKQPU FCPU NGUSWGNNGU EoGUV NC XKG SWK GUV GP LGW &GU EQW RG DQWNQPU -0+2': HQPV GP UQTVG FG RQWXQKT UWTOQPVGT TCRKFGOGPV NGU QDUVCENGU GP ECU FoKPVGTXGPVKQP
2+0%'5 %172#06'5
2KPEGU EQWRCPVGU FG EÐVÅ RQWT RNCUVKSWG &+0 +51
UWTHCEG FGU VTCPEJCPVU TGEVKHKÅG RQWT UÅRCTGT ¼ TCU NGU RCTVKGU KPLGEVÅGU GV FGU ECTQVVGU RNCUVKSWGU ■ EQWRG NGU OCVÅTKCWZ VGPFTG VGN SWG NG RNQOD CXGE WPG EQWRG ¼ TCU ■ CXGE TGUUQTV F QWXGTVWTG ■ #EKGT ÅNGEVTKSWG CW XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG
CXGE VTCPEJCPV CNNQPIÅ
■ ■
45°
6TCPEJCPV CNNQPIÅ OO
&ÅOWNVKRNKECVKQP COÅNKQTÅG
85°
'#0
4ÅH
OO
45° 85°
2KPEG EQWRCPVG FG EÐVÅ RQWT E¾DNGU ¼ HKDTGU QRVKSWGU &+0 +51
4ÅH
6ÆVG
2QKIPÅGU
RQNKG
ICKPÅGU GP RNCUVKSWG
RQNKG RQNKG RQNKG
CXGE ICKPGU DK OCVKÄTG ICKPÅGU GP RNCUVKSWG ICKPÅGU GP RNCUVKSWG
I
EQPÃWG URÅEKCNGOGPV RQWT UGEVKQPPGT NGU E¾DNGU ¼ HKDTGU QRVKSWGU E¾DNGU GP HKDTG FG XGTTG ■ CXGE VTCPEJCPV CNNQPIÅ ■ UWTHCEG FGU VTCPEJCPVU TGEVKHKÅG ■ VTCPEJCPVU VTGORÅU RCT KPFWEVKQP ■ CXGE TGUUQTV F QWXGTVWTG ■ #EKGT ÅNGEVTKSWG CW XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG ■
'#0
OO
6ÆVG RQNKG
2QKIPÅGU ICKPÅGU GP RNCUVKSWG
I
6YKP(QTEG
. 70+8'45 &'5 2+0%'5 %172#06'5 -0+2': #XGE UGU SWCVTG RKPEGU EQWRCPVGU FG EÐVÅ -0+2': QHHTG FGU UQNWVKQPU HCKVGU UWT OGUWTG RQWT EJCSWG CRRNKECVKQP 7PG FKXGTUKVÅ GZEGRVKQPPGNNG FG OQFGNNGU ICTCPVKV WPG TGRQPUG GZEGNNGPVG ¼ RCTVKT FG N WPKXGTU FGU RKPEGU EQWRCPVGU -0+2': 2KPEG EQWRCPVG FG EÐVÅ -0+2': .G ENCUUKSWG . QWVKN FG EQWRG KPFKURGPUCDNG RQWT WPG WVKNKUCVKQP RQN[XCNGPVG 2KPEG EQWRCPVG FG EÐVÅ ¼ HQTVG FÅOWNVKRNKECVKQP -0+2': .C TQDWUVG 2QWT UQNNKEKVCVKQPU GZVTÆOGU GV EQPVKPWGU -0+2': : %WV .G IÅPÅTCNKUVG %QORCEVG GV NÅIÄTG 2WKUUCPVG GV RTÅEKUG -0+2': 6YKP(QTEG .C UWRÅTKGWTG 2QWT WPG WVKNKUCVKQP CXGE FCXCPVCIG FG EQPHQTV RQWT NGU EQWRGU RQN[XCNGPVGU QW RQWT NGU ECU FG EQWRG RCTVKEWNKÄTGOGPV FWTU
.C RKPEG EQWRCPVG ¼ TGRTKUG /ÅECPKUOG ¼ FQWDNG CTVKEWNCVKQP 7PG HQTEG OCPWGNNG HQKU RNWU ÅNGXÅG
2KPEG EQWRCPVG FG EÐVÅ
2KPEG EQWRCPVG FG EÐVÅ ¼ HQTVG FÅOWNVKRNKECVKQP
: %WV
6TCPEJCPVU NQPIU RQWT NC EQWRG FG E¾DNGU %QWRG RTÅEKUG FGU VQTQPU NGU RNWU HKPU 7PG HQTEG OCPWGNNG HQKU RNWU ÅNGXÅG
#ZG FnCTVKEWNCVKQP HQTIÅ GP WPG UGWNG RKÄEG RQWT WP WUCIG FCPU FGU EQPFKVKQPU FKHHKEKNGU 7PG HQTEG OCPWGNNG HQKU RNWU ÅNGXÅG
#TVKEWNCVKQP GPVTGRCUUÅG WP RQKFU TÅFWKV RQWT WPG UVCDKNKVÅ VTÄU ÅNGXÅG 7PG HQTEG OCPWGNNG HQKU RNWU ÅNGXÅG
-I
-I
CXGE TGRTKUGU
-I
%QORCTCKUQP FG NC HQTEG OCPWGNNG GP MKNQITCOOG NQTU FG NC EQWRG F WP ENQW FG ´ OO
2
P RC QW
V
E FG VG
%W :
ÐVÅ
VÅ EÐ P FG CVKQ PVG NKE RC NVKR QW ÅOW F
: 2'
G E KPE
-
G G
QTE RTKU P( ¼ TG YK PVG : 6 WRC +2' G EQ -0 RKPE .C
2 KP ¼ H EG E QTV G
0+
-I
GPVCKNNGT TGRTGPFTG EQWRGT
2+0%'5 %172#06'5
2KPEGU EQWRCPVGU FG EÐVÅ &+0 +51
NC RKPEG EQWRCPVG FG EÐVÅ KPFKURGPUCDNG RQWT WPG WVKNKUCVKQP RQN[XCNGPVG ■ OCVÅTKCWZ FG SWCNKVÅ UWRÅTKGWTG GV HKPKVKQP FG RTÅEKUKQP RQWT WPG NQPIWG XKG ■ VTCPEJCPVU FG RTÅEKUKQP RQWT HKNU FQWZ GV FWTU ■ EQWRG PGVVG FGU HKNU GP EWKXTG HKPU OÆOG GP DQWV FG VTCPEJCPVU ■ VTCPEJCPVU VTGORÅU RCT KPFWEVKQP FWTGVÅ F GPX *4% ■ VÆVG ÅVTQKVG RGTOGVVCPV WPG WVKNKUCVKQP FCPU FGU GPFTQKVU FKHHKEKNG F CEEÄU ■ #EKGT ÅNGEVTKSWG CW XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG ■
6ÆVG ÅHHKNÅG GV EQWRG GZCEVG ¼ NC RQKPVG FGU VTCPEJCPVU RTCVKSWG FCPU NGU GPFTQKVU FKHHKEKNG F CEEÄU
.GU HKNU HKPU UQPV EQWRÅU PGV UWT VQWVG NC NQPIWGWT FGU VTCPEJCPVU
2+0%'5 %172#06'5
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0
OO
2KPEG
6ÆVG
PQKTG CVTCOGPVKUÃ…G
RQNKG
PQKTG CVTCOGPVKUÃ…G
RQNKG
EJTQOÃ…G
EJTQOÃ…G
EJTQOÃ…G PQKTG CVTCOGPVKUÃ…G
RQNKG
EJTQOÃ…G
EJTQOÃ…G
2QKIPÃ…GU
´ OO ICKPÅGU GP RNCUVKSWG CXGE ICKPGU DK OCVKÄTG CXGE ICKPGU DK OCVKÄTG KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&' KUQNÅGU RCT UWTOQWNCIG EGTVKHKÅGU 8&'
´ OO
´ OO
I
ICKPÃ…GU GP RNCUVKSWG
CXGE ICKPGU DK OCVKÄTG
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
2+0%'5 %172#06'5
2KPEGU EQWRCPVGU FG EÐVÅ
CXGE VTCPEJCPVU VTÄU EQWRCPVU UG TGHGTOCPV CXGE RTÅEKUKQP RQWT HKNU FQWZ HKNU FWTU CKPUK SWG RQWT NC EQTFG ¼ RKCPQ ■ VTCPEJCPVU VTGORÅU RCT KPFWEVKQP FWTGVÅ F GPX *4% ■ EJCTPKÄTG GPECUVTÅG ■ #EKGT ÅNGEVTKSWG CW XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG ■
RQWT ÅNGEVTQOÅECPKEKGP &+0 +51
FQWDNG TGUUQTV ¼ HTQVVGOGPV TÅFWKV RGTOGVVCPV WPG QWXGTVWTG FG NC RKPEG TÅIWNKÄTG GV UCPU ¼ EQWRU FQWDNG TGUUQTV ¼ HTQVVGOGPV TÅFWKV RGTOGVVCPV WPG QWXGTVWTG FG NC RKPEG TÅIWNKÄTG GV UCPU ¼ EQWRU UCPU DKUGCW RQWT NG UGEVKQPPGOGPV ¼ TCU FG HKNU FQWZ
VÆVG RCTVKEWNKÄTGOGPV GHHKNÅG ¼ RGVKV DKUGCW RQWT NC TÅCNKUCVKQP FG VTCXCWZ FCPU FGU GURCEGU GZKIWU HCKUEGCWZ FG E¾DNGU E¾DNGU OWNVKHKNCKTGU
%CRCEKVÅU FG EQWRG 4ÅH
'#0
OO
´ OO
& OO
I
2QKIPÅGU
PQKTG CVTCOGPVKUÅG
RQNKG
ICKPÅGU GP RNCUVKSWG
EJTQOÅG EJTQOÅG
ICKPÅGU GP RNCUVKSWG CXGE ICKPGU DK OCVKÄTG
PQKTG CVTCOGPVKUÅG
RQNKG
CXGE ICKPGU DK OCVKÄTG
PQKTG CVTCOGPVKUÅG
RQNKG
CXGE ICKPGU DK OCVKÄTG
PQKTG CVTCOGPVKUÅG
RQNKG
ICKPÅGU GP RNCUVKSWG
$ OO
6ÆVG
# ´ OO ´ OO ´ OO OO
2KPEG
&KOGPUKQPU
2+0%'5 %172#06'5
-0+2': : %WV
FnGHHQTV ÅEQPQOKUÅ RCT TCRRQTV ¼ WPG RKPEG EQWRCPVG FG EÐVÅ UVCPFCTF FG NC OÆOG NQPIWGWT #XGE N CZG FnCTVKEWNCVKQP ¼ FQWDNG HKZCVKQP
2KPEGU EQWRCPVGU FG EÐVÅ ¼ HQTVG FÅOWNVKRNKECVKQP
%QORCEVG GV RNWU NÅIÄTG 2WKUUCPVG GV RTÅEKUG %QWRG CWUUK DKGP NGU HKNU NGU RNWU HKPU SWG NGU E¾DNGU ¼ RNWUKGWTU EQPFWEVGWTU GV NC FWTG EQTFG ¼ RKCPQ
C EJCTPKÄTG GPVTGRCUUÅG GZVTÆOG UQNKFKVÅ GV NÅIÄTGVÅ CZG FoCTVKEWNCVKQP ¼ FQWDNG HKZCVKQP RQWT UQNNKEKVCVKQPU GZVTÆOGU GP TÅIKOG RGTOCPGPV ■ RWKUUCPEG FG EQWRG ÅNGXÅG GV GHHQTV RJ[UKSWG TÅFWKV IT¾EG ¼ NC RCTHCKVG CFCRVCVKQP FG NoCPING FG EQWRG GV FW TCRRQTV FG FÅOWNVKRNKECVKQP ■ ITCPFG QWXGTVWTG RQWT ITQU E¾DNGU ■ EQWRG RTÅEKUG OÆOG UWT OKPEGU HKNU FG EWKXTG ■ EQPUVTWEVKQP EQORCEVG RNWU NÅIÄTG ■ WVKNKUCVKQP WPKXGTUGNNG FCPU NoKPUVCNNCVKQP NC OCKPVGPCPEG GV NC RTQFWEVKQP ■ #EKGT JCWVG RGTHQTOCPEG CW EJTQOG XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG ■
■
EJCTPKÄTG GPVTGRCUUÅG GZVTÆOG UQNKFKVÅ GV NÅIÄTGVÅ
%CRCEKVÅU FG EQWRG 4ÅH
'#0
OO
2KPEG
6ÆVG
2QKIPÅGU
PQKTG CVTCOGPVKUÅG
RQNKG
CXGE ICKPGU DK OCVKÄTG
EJTQOÅG
CXGE ICKPGU DK OCVKÄTG
KUQNÅGU CXGE ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
EJTQOÅG
´ OO ´ OO ´ OO ´ OO ´ OO
I
2+0%'5 %172#06'5
2KPEGU EQWRCPVGU FG EÐVÅ ¼ HQTVG FÅOWNVKRNKECVKQP
F GHHQTV ÅEQPQOKUÅ EQORCTÅ ¼ FGU RKPEGU EQWRCPVGU FG EÐVÅ UVCPFCTF FG NC OÆOG NQPIWGWT #XGE CZG FG EJCTPKÄTG HQTIÅ 2QWT UQNNKEKVCVKQPU GZVTÆOGU GV EQPVKPWGU
&+0 +51
RWKUUCPEG FG EQWRG ÅNGXÅG GV GHHQTV RJ[UKSWG TÅFWKV IT¾EG ¼ NC RCTHCKVG CFCRVCVKQP FG N CPING FG EQWRG GV FW TCRRQTV FG FÅOWNVKRNKECVKQP ■ VTCPEJCPVU FG RTÅEKUKQP VTGORÅU RCT KPFWEVKQP FWTGVÅ GPX *4% RQWT VQWU NGU V[RGU FG HKN [ EQORTKU NC EQTFG ¼ RKCPQ ■ #EKGT JCWVG RGTHQTOCPEG CW EJTQOG XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG ■
.QPIWGWT OO NC RKPEG EQWRCPVG FG EÐVÅ FG OO FG NQPIWGWT EQPXKGPV RQWT NGU EQPFWEVGWTU GP EWKXTG LWUSW ¼ OO GV NGU EQPFWEVGWTU GP CNWOKPKWO LWUSW ¼ OO
(QTOG CXGE TGUUQTV F QWXGTVWTG RQWXCPV ÆVTG OKU GP HQPEVKQP CW DGUQKP
12°
(QTOG VÆVG EQWFÅG FG NCKUUCPV FG NC RNCEG ¼ NC OCKP RQWT UCKUKT
| TGUUQTV F QWXGTVWTG CW TGRQU
| NG TGUUQTV F QWXGTVWTG U CEVKXG F WPG UKORNG RTGUUKQP FW RQWEG
2+0%'5 %172#06'5
#XGE CZG FG TQVCVKQP KPVÅITÅ RQWT FGU WVKNKUCVKQPU GZVTÆOGU GV GP EQPVKPWG
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0
OO
(QTOG
2KPEG
6ÆVG
2QKIPÃ…GU
PQKTG CVTCOGPVKUÃ…G
RQNKG
ICKPÃ…GU GP RNCUVKSWG
PQKTG CVTCOGPVKUÃ…G
RQNKG
CXGE ICKPGU DK OCVKÄTG
EJTQOÃ…G
CXGE ICKPGU DK OCVKÄTG
12°
12°
EJTQOÃ…G
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
EJTQOÃ…G
KUQNÃ…GU RCT UWTOQWNCIG EGTVKHKÃ…GU 8&'
PQKTG CVTCOGPVKUÃ…G
RQNKG
CXGE ICKPGU DK OCVKÄTG
PQKTG CVTCOGPVKUÃ…G
RQNKG
ICKPÃ…GU GP RNCUVKSWG
PQKTG CVTCOGPVKUÃ…G
RQNKG
CXGE ICKPGU DK OCVKÄTG
´ OO ´ OO ´ OO
I
2+0%'5 %172#06'5
-0+2': 6YKP(QTEG
7PG EQWRG GZVTÆOGOGPV CKUÅG PÅEGUUKVCPV RGW F GHHQTV EQWRG CXGE GPEQTG FG HCEKNKVÅ RCT TCRRQTV ¼ NC RKPEG EQWRCPVG FG EÐVÅ ¼ FÅOWNVKRNKECVKQP -0+2': FÅL¼ ÅRTQWXÅG
2KPEG EQWRCPVG FG EÐVÅ JCWVG RGTHQTOCPEG &+0 +51
0178'#76¥ RQWT RKPEGU EQWRCPVGU FG EÐVÅ .C RQUUKDKNKVÅ FW TGRQUKVKQPPGOGPV .C -0+2': 6YKP(QTEG UGEVKQPPG OÆOG NGU HKNU OÅVCNNKSWGU FnWPG ÅRCKUUGWT FG OO CXGE QW TGRQUKVKQPPGOGPVU PÅEGUUKVCPV RGW F GHHQTV .GU RKPEGU EQWRCPVGU FG EÐVÅ ¼ FÅOWNVKRNKECVKQP WUWGNNGU PG UGEVKQPPGPV RCU FG VGNU FKCOÄVTGU QW UGWNGOGPV CXGE WP GHHQTV RJ[UKSWG KORQTVCPV
.C RKPEG EQWRCPVG FG EÐVÅ ¼ HQTVG FÅOWNVKRNKECVKQP UWRÅTKGWTG CXGE FQWDNG CTVKEWNCVKQP DTGXGVÅG VTCPUOKUUKQP QRVKOCNG IT¾EG ¼ NC EQPEGRVKQP ¼ FQWDNG CTVKEWNCVKQPU UGEVKQPPG CXGE HKCDKNKVÅ VQWU NGU V[RGU FG HKNU ÅICNGOGPV DCPFG GP CEKGT ■ RQWT WPG EQWRG ITQUUKÄTG GV RNWU HKPG ■ WP HCKDNG EJQE FG EQWRG NC OCKP GUV OÅPCIÅG .GU OWUENGU GV NGU VGPFQPU UQPV UQWNCIÅU ■ RQWT NoWVKNKUCVKQP CXGE FCXCPVCIG FG EQPHQTV RQWT NGU EQWRGU RQN[XCNGPVGU QW RQWT NGU ECU FG EQWRG RCTVKEWNKÄTGOGPV FWTU ■ JCWVG UVCDKNKVÅ GV RCUUCIG UCPU LGW RCT NGU DQWNQPU CTVKEWNÅU UQWFÅU GV HTCKUÅU CXGE RTÅEKUKQP ■ #EKGT JCWVG RGTHQTOCPEG CW EJTQOG XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG ■ ■
( 8GTUKQP CFFKVKQPPGNNG ¼ TGUUQTV FoQWXGTVWTG UKORNKHKCPV NGU TGRTKUGU GV EQWRGU OWNVKRNGU
(
.C RKPEG EQWRCPVG FG EÐVÅ JCWVG RGTHQT OCPEG CXGE TGUUQTV F QWXGTVWTG UKORNKHKCPV NGU TGRTKUGU GV EQWRGU OWNVKRNGU
.C EQPUVTWEVKQP CTVKEWNÅG TÅXQNWVKQP PCKTG FG NC -+0+2': 6YKP(QTEG DTGXGVÅG
6YKP(QTEG
.G TGUUQTV FoQWXGTVWTG UoCEVKXG QW UG FÅUCE VKXG RCT UKORNG RTGUUKQP FW RQWEG
2+0%'5 %172#06'5 4'215+6+100'/'06 1P RNCEG NGU ƂNU VQWLQWTU NG RNWU RTQEJG RQUUKDNG FG NnCZG FnCTVKEWNCVKQP .QTU FG RKPEGU EQWRCPVGU CXGE WPG VTCPUOKUUKQP ÅNGXÅG NnQWXGTVWTG ¼ RTQZKOKVÅ FW RQKPV FG TQVCVKQP GUV NC RNWRCTV FW VGORU RNWU RGVKVG SWG NG FKCOÄVTG FW ƂN GV NGU E¾DNGU RGWXGPV INKUUGT XGTU NnCXCPV NQTU FG NC EQWRG
%QPVKPWG\ NC EQWRG CW OÆOG GPFTQKV 8QWU RQWXG\ OCKPGPCPV UGEVKQPPGT NC OCVKÄTG CXGE FCXCPVCIG FG HCEKNKVÅ ECT GNNG TGUVG RNWU RTQEJG FW RQKPV FG TQVCVKQP
'PVCKNNG\ VQWV FnCDQTF NG E¾DNG CXGE NC RKPEG -0+2': 6YKP(QTEG LWUSWn¼ EG SWG NC HQTEG PÅEGUUCKTG FG NC OCKP CWIOGPVG HQTVGOGPV 2WKU QWXTG\ NC RKPEG GV HCKVGU INKUUGT XGTU NnCTTKÄTG NG ƂN CW RNWU RTQEJG FG NnCZG FG FÅOWNVKRNK ECVKQP GP NG OCKPVGPCPV FCPU NnGPEQEJG FG EQWRG #W DGUQKP XQWU RQWXG\ TGEQOOGPEGT EGVVG QRÅTCVKQP
%CRCEKVÅU FG EQWRG 4ÅH (
'#0
OO
2KPEG PQKTG CVTCOGPVKUÅG PQKTG CVTCOGPVKUÅG PQKTG CVTCOGPVKUÅG
6ÆVG RQNKG RQNKG RQNKG
%QWRG HKNU EGPVTCN ¼ HQTVG FÅOWNVKRNKECVKQP
2QKIPÅGU ICKPÅGU GP RNCUVKSWG CXGE ICKPGU DK OCVKÄTG CXGE ICKPGU DK OCVKÄTG
´ OO ´ OO ´ OO ´ OO I
CXGE CZG FG TQVCVKQP KPVÅITÅ RQWT FGU WVKNKUCVKQPU GZVTÆOGU GV GP EQPVKPWG ■ CXGE VTCPEJCPVU FG RTÅEKUKQP RQWT HKNU FQWZ FWTU CKPUK SWG RQWT NC EQTFG ¼ RKCPQ ■ EQWRG NGU HKNU ÅRCKU CXGE WP GHHQTV RJ[UKSWG RNWU TÅFWKV SW CXGE WPG RKPEG EQWRCPVG FG EÐVÅ FG NC OÆOG NQPIWGWT ■ VTCPEJCPVU FG RTÅEKUKQP UKVWÅU CW EGPVTG ■ RWKUUCPEG FG EQWRG ÅNGXÅG GV GHHQTV RJ[UKSWG TÅFWKV IT¾EG ¼ NC RCTHCKVG CFCRVCVKQP FG N CPING FG EQWRG GV FW TCRRQTV FG FÅOWNVKRNKECVKQP ■ VTCPEJCPVU VTGORÅU RCT KPFWEVKQP FWTGVÅ F GPX *4% ■ #EKGT JCWVG RGTHQTOCPEG CW EJTQOG XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG ■
&+0 +51
.GU VTCPEJCPVU UG VTQWXGPV CW OKNKGW FG NC VÆVG EQWRCPVG
%CRCEKVÅU FG EQWRG '#0 4ÅH
OO
2KPEG PQKTG CVTCOGPVKUÅG
6ÆVG RQNKG
2QKIPÅGU ICKPÅGU GP RNCUVKSWG
´ OO ´ OO ´ OO ´ OO I
2+0%'5 %172#06'5
-0+2': %Q$QNV %QWRG DQWNQPU EQORCEV
| F GHHQTV ÅEQPQOKUÅ RCT TCRRQTV ¼ FGU RKPEGU EQWRCPVGU FG EÐVÅ UVCPFCTF .G U[UVÄOG FG FÅOWNVKRNKECVKQP KPIÅPKGWZ ICTCPVKV WP DTCU FG NGXKGT KFÅCN CXGE WP VCWZ FG HTKEVKQP HCKDNG .C HQTEG FG EQWRG GUV FG RNWU FG HQKU UWRÅTKGWTG ¼ NC HQTEG OCPWGNNG CRRNKSWÅG
&+0 +51 6QWV FCPU NGU OWUENGU OCKU CWUUK FCPU NC VÆVG
/GKNNGWTGU RGTHQTOCPEGU FG EQWRG %QWRG CKUÅG FG ITQUUGU UGEVKQPU RCT VTCPEJCPV OKETQ UVTWEVWTÅ
#XGE O¾EJQKTG UQWU NoCTVKEWNCVKQP RQWT UCKUKT GV VKTGT FGU ƂNU ¼ RCTVKT FG ´ OO VTCPEJCPVU FG RTÅEKUKQP RQWT HKNU FQWZ GV FWTU CKPUK SWG NC EQTFG ¼ RKCPQ ■ RQWT NC EQWRG FG EQORQUCPVU VGNU SWG NGU DQWNQPU ENQWU TKXGVU GVE F WP FKCOÄVTG OCZ FG OO ■ RWKUUCPEG FG EQWRG RCTVKEWNKÄTGOGPV ÅNGXÅG GV GHHQTV RJ[UKSWG TÅFWKV IT¾EG ¼ WPG EQPEGRVKQP FÅOWNVKRNKÅG VTÄU GHHKECEG ■ VTCPEJCPVU VTGORÅU RCT KPFWEVKQP FWTGVÅ F GPX *4% ■ #EKGT JCWVG RGTHQTOCPEG CW EJTQOG XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG ■
CXGE RQKIPÅGU GHHKNÅGU DKEQNQTGU DK OCVKÄTG UCPU EQN RQWT WPG OGKNNGWTG OCPKCDKNKVÅ GV WP VTCPURQTV RNWU HCEKNG CXGE ITCPFG UWTHCEG F CRRWK UWT NGU ICKPGU RQWT WPG OGKNNGWTG TÅRCTVKVKQP FG NC RTGUUKQP GV WP VTCXCKN RNWU CITÅCDNG N ÅXKFGOGPV UKVWÅ ¼ NC DCUG FGU VTCPEJCPVU HCEKNKVG NC EQWRG FGU HKNU RNWU ÅRCKU RCT GZ RQWT NC EQPUVTWEVKQP FG RNCHQPFU UWURGPFWU
TGUUQTV F QWXGTVWTG KPVÅITÅ FCPU NGU RQKIPÅGU GV XGTTQWKNNCIG RQWT WP VTCXCKN EQPHQTVCDNG GV WP VTCPURQTV U×T
(QTOG VÆVG EQWFÅG ¼ CXGE EQWXTG LQKPV F WP EÐVÅ GV EQWRCPVG NCVÅTCNG RQWT WPG EQWRG PGVVG NCKUUG FG NC RNCEG ¼ NC OCKP RQWT UCKUKT
(QTOG NoÅXKFGOGPV UKVWÅ ¼ NC DCUG FGU VTCPEJCPVU HCEKNKVG NC EQWRG FGU HKNU RNWU ÅRCKU RCT GZ RQWT NC EQPUVTWEVKQP FG RNCHQPFU UWURGPFWU
20°
20°
(QTOG NoÅXKFGOGPV UKVWÅ ¼ NC DCUG FGU VTCPEJCPVU HCEKNKVG NC EQWRG FGU HKNU RNWU ÅRCKU RCT GZ RQWT NC EQPUVTWEVKQP FG RNCHQPFU UWURGPFWU VÆVG EQWFÅG ¼ CXGE EQWXTG LQKPV FoWP EÐVÅ GV EQWRCPVG NCVÅTCNG RQWT WPG EQWRG PGVVG NCKUUG FG NC RNCEG ¼ NC OCKP RQWT UCKUKT
2+0%'5 %172#06'5 %QWRG CKUÅG FG ITQUUGU UGEVKQPU RCT VTCPEJCPV OKETQ UVTWEVWTÅ
#XGE O¾EJQKTG UQWU NoCTVKEWNCVKQP RQWT UCKUKT GV VKTGT FGU ƂNU ¼ RCTVKT FG ´ OO
GV
%Q$QNV . ÅXKFGOGPV FCPU NGU VTCPEJCPVU UKVWÅ RTÄU FG NC EJCTPKÄTG RGTOGV FG VGPKT NGU HKNU ÅRCKU FCPU WPG RQUKVKQP FG EQWRG HCXQTCDNG NGXKGT QRVKOCN .G TGRQUKVKQPPG OGPV PÅEGUUCKTG CXGE NGU EQWRG DQWNQPU GUV KEK KPWVKNG
6ÆVG EQWFÅG ¼ CXGE EQWXTG LQKPV F WP EÐVÅ GV EQWRCPVG NCVÅTCNG RQWT WPG EQWRG PGVVG NCKUUG FG NC RNCEG ¼ NC OCKP RQWT UCKUKT
%CRCEKVÅU FG EQWRG 4ÅH
'#0
OO
(QTOG
2KPEG
2QKIPÅGU
PQKTG CVTCOGPVKUÅG
´ OO ´ OO ´ OO ´ OO
I
ICKPÅGU GP RNCUVKSWG
PQKTG CVTCOGPVKUÅG
CXGE ICKPGU DK OCVKÄTG OKPEGU
PQKTG CVTCOGPVKUÅG
CXGE ICKPGU DK OCVKÄTG OKPEGU
PQKTG CVTCOGPVKUÅG
ICKPÅGU GP RNCUVKSWG
PQKTG CVTCOGPVKUÅG
CXGE ICKPGU DK OCVKÄTG OKPEGU
20°
PQKTG CVTCOGPVKUÅG
ICKPÅGU GP RNCUVKSWG
20°
PQKTG CVTCOGPVKUÅG
CXGE ICKPGU DK OCVKÄTG OKPEGU
20°
PQKTG CVTCOGPVKUÅG
ICKPÅGU GP RNCUVKSWG
2+0%'5 %172#06'5
%QWRG DQWNQPU
RWKUUCPEG FG EQWRG FW OCVGTKGN CXGE WPG FWTGVÃ… OCZ FG *4% VTCPEJCPVU TQDWUVGU VTGORÃ…U RCT KPFWEVKQP FWTGVÃ… F GPX *4% â– DWVQKT HQTIÃ… CXGE COQTVKUUGWT EQPHQTVCDNG â– CEEÄU HCEKNKVÃ… IT¾EG ¼ NC HQTOG VTÄU RNCVG FG NC \QPG VÆVG EJCTPKÄTG â– RQKIPÃ…GU EQWFÃ…GU GTIQPQOKSWGU RQWT WP VTCXCKN OQKPU HCVKIWCPV â– RQKIPÃ…GU DKEQNQTGU DK OCVKÄTG TQDWUVGU GV RGTOGVVCPV WPG DQPPG RTKUG GP OCKP â– TÃ…INCIG RTÃ…EKU RQUKVKQPU RCT XKU GZEGPVTKSWGU â– RWKUUCPEG FG EQWRG Ã…NGXÃ…G GV GHHQTV RJ[UKSWG TÃ…FWKV IT¾EG ¼ NC RCTHCKVG CFCRVCVKQP FG N CPING FG EQWRG GV FW TCRRQTV FG FÃ…OWNVKRNKECVKQP â– VÆVG EQWRCPVG XKUUÃ…G KPVGTEJCPIGCDNG â– O¾EJQKTGU CEKGT CW EJTQOG XCPCFKWO JCWVG RGTHQTOCPEG HQTIÃ… VTGORÃ… ¼ NoJWKNG â– EJCTPKÄTG CEKGT ¼ QWVKNU URÃ…EKCN HQTIÃ… â– RQKIPÃ…GU VWDG FoCEKGT TGXÆVGOGPV RQWFTG GRQZ[ â– â–
RQWT OCVÃ…TKCWZ F WPG FWTGVÃ… OCZ FG *4% MI OOÂŽ
DWVQKT HQTIÃ… CXGE COQTVKUUGWT COQTVKV EQPHQTVCDNGOGPV NG EJQE FG EQWRG|
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0 OO
6ÆVG
2QKIPÃ…GU
ITKUG CVTCOGPVKUÃ…G
CXGE ICKPGU DK OCVKÄTG
*4% ´ OO
/¾EJQKTGU FG TGEJCPIG RQWT EQORNÄVG CXGE XKU /ÀEJQKTGU FG TGEJCPIG RQWT EQORNÄVG CXGE XKU /¾EJQKTGU FG TGEJCPIG RQWT EQORNÄVG CXGE XKU /¾EJQKTGU FG TGEJCPIG RQWT EQORNÄVG CXGE XKU
*4% ´ OO
*4% ´ OO
I
2+0%'5 %172#06'5
%QWRG VTGKNNKU
RWKUUCPEG FG EQWRG CXGE WPG FWTGVÃ… OCZ FG *4% VTCPEJCPVU TQDWUVGU VTGORÃ…U RCT KPFWEVKQP FWTGVÃ… F GPX *4% â– DWVQKT HQTIÃ… CXGE COQTVKUUGWT EQPHQTVCDNG â– CEEÄU HCEKNKVÃ… IT¾EG ¼ NC HQTOG VTÄU RNCVG FG NC \QPG VÆVG EJCTPKÄTG â– RQKIPÃ…GU EQWFÃ…GU GTIQPQOKSWGU RQWT WP VTCXCKN OQKPU HCVKIWCPV â– RQKIPÃ…GU DKEQNQTGU DK OCVKÄTG TQDWUVGU GV RGTOGVVCPV WPG DQPPG RTKUG GP OCKP â– TÃ…INCIG RTÃ…EKU RQUKVKQPU RCT XKU GZEGPVTKSWGU â– RWKUUCPEG FG EQWRG Ã…NGXÃ…G GV GHHQTV RJ[UKSWG TÃ…FWKV IT¾EG ¼ NC RCTHCKVG CFCRVCVKQP FG N CPING FG EQWRG GV FW TCRRQTV FG FÃ…OWNVKRNKECVKQP â– VÆVG EQWRCPVG XKUUÃ…G KPVGTEJCPIGCDNG â– O¾EJQKTGU CEKGT CW EJTQOG XCPCFKWO JCWVG RGTHQTOCPEG HQTIÃ… VTGORÃ… ¼ NoJWKNG â– EJCTPKÄTG CEKGT ¼ QWVKNU URÃ…EKCN HQTIÃ… â– RQKIPÃ…GU VWDG FoCEKGT TGXÆVGOGPV RQWFTG GRQZ[ â– â–
.C HQTOG URÅEKCNG FG NC VÆVG FW EQWRG VTGKNNKU RGTOGV FG EQWRGT FGU CEKGTU FG EQPUVTWEVKQP ¼ RNCV
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0 OO 6ÆVG ITKUG CVTCOGPVKUÅG
2QKIPÅGU CXGE ICKPGU DK OCVKÄTG
*4% ´ OO
*4% ´ OO
*4% ´ OO
I
/¾EJQKTGU FG TGEJCPIG RQWT EQORNÄVG CXGE XKU
2+0%'5 %172#06'5
2KPEGU EQWRCPVGU FGXCPV RQWT DQWNQPU ¼ HQTVG FÅOWNVKRNKECVKQP &+0 +51
2WKUUCPVG EQORCEVG EQPHQTVCDNG ECRCEKVÅ FG EQWRG RNWU ÅNGXÅG GHHQTV PÅEGUUCKTG RNWU HCKDNG GV OGKNNGWTG OCPKRWNCVKQP SW CXGE FGU RKPEGU EQWRCPVGU FGXCPV VTCFKVKQPPGNNGU ■ RQWT VQWU NGU V[RGU FG HKN [ EQORTKU NC EQTFG ¼ RKCPQ ■ ECRCEKVÅ FG EQWRG RCTVKEWNKÄTGOGPV ÅNGXÅG IT¾EG ¼ WPG EJCTPKÄTG HQTVGOGPV FÅOWNVKRNKÅG ■ VTCPEJCPVU VTGORÅU RCT KPFWEVKQP FWTGVÅ F GPX *4% ■ #EKGT ÅNGEVTKSWG CW XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG ■
85°
CXGE RQKIPÅGU GHHKNÅGU DKEQNQTGU DK OCVKÄTG UCPU EQN RQWT WPG OGKNNGWTG OCPKCDKNKVÅ GV WP VTCPURQTV RNWU HCEKNG CXGE ITCPFG UWTHCEG F CRRWK UWT NGU ICKPGU RQWT WPG OGKNNGWTG TÅRCTVKVKQP FG NC RTGUUKQP GV WP VTCXCKN RNWU CITÅCDNG
85°
%CRCEKVÅ FG EQWRG ÅNGXÅG OÆOG CXGE FG NC EQTFG ¼ RKCPQ
6TÄU RGTHQTOCPV FCPU NC EQPUVTWEVKQP FG ENÐVWTGU GV FG ITKNNCIGU
5GEVKQPPGOGPV RTCVKSWGOGPV ¼ TCU FGU DQWNQPU ENQWU GVE
%CRCEKVÅU FG EQWRG '#0 4ÅH
OO
85° 85°
2KPEG PQKTG CVTCOGPVKUÅG PQKTG CVTCOGPVKUÅG
6ÆVG RQNKG RQNKG
2QKIPÅGU ICKPÅGU GP RNCUVKSWG CXGE ICKPGU DK OCVKÄTG OKPEGU
2KPEGU EQWRCPVGU FG FGXCPV ¼ HQTVG FÅOWNVKRNKECVKQP
´ OO
´ OO ´ OO ´ OO I
CXGE VTCPEJCPVU RQWT HKNU FQWZ GV FWTU GV RQWT EQTFG ¼ RKCPQ RWKUUCPEG FG EQWRG ÅNGXÅG GV GHHQTV RJ[UKSWG TÅFWKV IT¾EG ¼ NC RQUKVKQP QRVKOCNG FG UGU VTCPEJCPVU GV ¼ UC FÅOWNVKRNKECVKQP ■ VTCPEJCPVU VTGORÅU RCT KPFWEVKQP FWTGVÅ F GPX *4% ■ #EKGT JCWVG RGTHQTOCPEG CW EJTQOG XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG ■ ■
&+0 +51
%CRCEKVÅU FG EQWRG 4ÅH
'#0
OO
2KPEG
6ÆVG
2QKIPÅGU
PQKTG CVTCOGPVKUÅG
RQNKG
ICKPÅGU GP RNCUVKSWG
EJTQOÅG
CXGE ICKPGU DK OCVKÄTG
´ OO ´ OO ´ OO ´ OO
I
2+0%'5 %172#06'5
2KPEGU EQWRCPVGU FG FGXCPV
(QTOG FG NC VÆVG RGTOGVVCPV FoQRVKOKUGT NGU OQWXGOGPVU NQTU FW UGTTCIG FW PyWF CW HGTTCKNNCIG
&+0 +51 CXGE VTCPEJCPVU RQWT HKNU FQWZ GV FWTU â– EQPXKGPV Ã…ICNGOGPV RQWT VQTUCFGT GV EQWRGT NGU HKNU ¼ NKICVWTGT â– VTCPEJCPVU VTGORÃ…U RCT KPFWEVKQP FWTGVÃ… F GPX *4% â– #EKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
(QTOG FG NC VÆVG RGTOGVVCPV FoQRVKOKUGT NGU OQWXGOGPVU NQTU FW UGTTCIG FW PyWF CW HGTTCKNNCIG
%CRCEKVÃ…U FG EQWRG '#0
4Ã…H
OO
2KPEG
6ÆVG
2QKIPÃ…GU
PQKTG CVTCOGPVKUÃ…G
RQNKG
ICKPÃ…GU GP RNCUVKSWG
2KPEGU EQWRCPVGU FG FGXCPV
´ OO ´ OO ´ OO
I
CXGE VTCPEJCPVU RQWT HKNU FQWZ GV FWTU EQTFG ¼ RKCPQ OCKU CWUUK RQWT HKNU HKPU GP EWKXTG â– EJCTPKÄTG GPECUVTÃ…G â– VTCPEJCPVU VTGORÃ…U RCT KPFWEVKQP FWTGVÃ… F GPX *4% â– #EKGT JCWVG RGTHQTOCPEG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
RQWT OÃ…ECPKEKGPU &+0 +51
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0 OO
2KPEG
6ÆVG
2QKIPÃ…GU
PQKTG CVTCOGPVKUÃ…G
RQNKG
ICKPÃ…GU GP RNCUVKSWG
ICKPÃ…GU GP RNCUVKSWG
EJTQOÃ…G
´ OO
&KOGPUKQPU
# ´ OO ´ OO ´ OO OO
$ OO
& OO
% OO
I
21+&5 .174&5
œ .# .+/+6'
2QWT NGU GZRNQKVCPVU FG OKPGU NoCTTÆV FG NC RTQFWEVKQP PoGUV RCU WPG QRVKQP .oCDCVVC IG QW NoGZVTCEVKQP FQKV VQWTPGT JGWTGU RCT LQWT GV LQWTU RCT CP .GU UQNNKEKVC VKQPU GZVTÆOGU KORQUÅGU CWZ OCEJKPGU GV GPIKPU PG TGUVGPV RCU DKGP GPVGPFW UCPU EQPUÅSWGPEGU %oGUV RQWTSWQK FGU ÅSWK RGU FoKPVGTXGPVKQP UG VKGPPGPV RTÆVGU JGWTGU UWT ¼ TGOÅFKGT ¼ VQWVG RCPPG &GU RKPEGU OWNVKRTKUGU -0+2': UoWVKNKUGPV RQWT TÅRCTGT XKVG GV DKGP FGU GPIKPU OK PKGTU FCPU NGU TÅIKQPU NGU RNWU JQUVKNGU FW OQPFG
2KPEG ENÅ 2KPEGU OWNVKRTKUG GV %NÅU UGTTG VWDGU 2KPEGU ENÅ 2KPEGU ENÅ :. %NÅ CLWUVCDNG 5OCTV )TKRŠ %QDTCŠ %QDTCŠ :. ::. %QDTCŠ OCVKE %QDTCŠ 3WKEM5GV %QDTC Š 8&' %QDTCŠ '5 2KPEG ¼ EQNNKGTU CWVQUGTTCPVU 2KPEG ¼ EQNNKGTU CWVQUGTTCPVU ¼ ETCP FoCTTÆV 2KPEG ¼ EQNNKGTU RQWT EQNNKGTU %NKEM #NNKICVQTŠ #NNKICVQTŠ :. 2KPEGU OWNVKRTKUG ¼ ETÅOCKNNÄTG 2KPEGU OWNVKRTKUG OKPKCVWTG ¼ ETÅOCKNNÄTG %NÅU UGTTG VWDGU Œ %NÅU UGTTG VWDGU Œ %NÅU UGTTG VWDGU GP ‡5— %NÅU UGTTG VWDGU GP ‡5— CXGE TÅINCIG TCRKFG 2KPEGU RQWT UKRJQPU GV EQPPGEVGWTU
4QDWUVGUUG Æ‚CDKNKVÃ… GV RWKUUCPEG s EoGUV RCT EGU RTQRTKÃ…VÃ…U SWG NGU RKPEGU OWNVKRTKUGU -0+2': UQPV GP EKTEWNCVKQP FCPU NGU FQOCKPGU FoWVKNKUCVKQP NGU RNWU FKXGTU s SWoKN UoCIKUUG FoKPUVCNNGT FGU VW[CWVGTKGU QW FG TÃ…RCTGT FGU GP IKPU FG EJCPVKGT
2+0%' %.Â¥
2KPEGU ENÅ RKPEG GV ENÅ ¼ NC HQKU
.GU O¾EJQKTGU NKUUGU RGWXGPV UK PÅEGUUCKTG UCKUKT CXGE WPG ITCPFG RTGUUKQP FG UGTTCIG VQWVGU NGU UWTHCEGU RCTCNNÄNGU FCPU NG FQOCKPG F QWXGTVWTG FQPPCPV CKPUK ¼ NC RKPEG ENÅ FGU RQUUKDKNKVÅU F CRRNKECVKQP SWCUK KPHKPKGU| RCT GZ RQWT DNQECIGU RCT EQPVTG ÅETQW RTGUUCIG RQWT CEVKXGT N CFJÅTGPEG FGU EQNNGU FG EQPVCEV TQORTG NGU DQTFU FG ECTTGCWZ FG ECT TGNCIG QWXTKT NGU IQWNQVVGU FG E¾DNGU N WVKNKUGT EQOOG RGVKV ÅVCW
&+0 +51
4GORNCEG VQWV WP LGW FG ENÃ…U RNCVGU OÃ…VTKSWGU GV GP RQWEGU /¾EJQKTGU NKUUGU OÃ…PCIGCPV NGU TQDKPGVVGTKGU EJTQOÃ…GU CW OQPVCIG QWVKN FG XKUUCIG TÃ…INCDNG EQPXKGPV CWUUK RCTHCKVGOGPV RQWT UCKUKT VGPKT RTGUUGT GV OGVVTG GP HQTOG â– RCU F GPFQOOCIGOGPV FGU DQTFU FGU TQDKPGVVGTKGU EJTQOÃ…GU IT¾EG ¼ WPG RTGUUKQP FGU O¾EJQKTGU UCPU LGW â– TÃ…INCIG ¼ OÆOG NC RKÄEG RCT UKORNG RTGUUKQP FW DQWVQP â– UCKUKG UCPU ¼ EQWRU FG VQWVGU NGU NCTIGWTU LWUSW ¼ NC ECRCEKVÃ… OCZKOCNG KPFKSWÃ…G IT¾EG ¼ UGU O¾EJQKTGU RCTCNNÄNGU â– GPENKSWGVCIG U×T FG N CZG F CTVKEWNCVKQP RCU FG FÃ…TÃ…INCIG CEEKFGPVGN â– NC EQWTUG GPVTG NGU O¾EJQKTGU RGTOGV WP UGTTCIG GV WP FGUUGTTCIG TCRKFGU UGNQP NG RTKPEKRG FW ENKSWGV â– HQTEG FG UGTTCIG Ã…NGXÃ…G IT¾EG ¼ WPG VTCPUOKUUKQP FG HQTEG OCPWGNNG OWNVKRNKÃ…G RCT â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
.QPIWGWT OO NC RKPEG ENÅ OKPKCVWTG RQWT NGU VTCXCWZ FG OÅECPKSWG FG RTÅEKUKQP EQPXKGPV RCTVKEWNKÄTGOGPV CWZ VTCXCWZ UWT RGVKVU DQWNQPU VTÄU DQPPG CEEGUUKDKNKVÅ FCPU NGU GURCEGU VTÄU GZKIWU .QPIWGWT OO NC RKPEG ENÅ OKPKCVWTG RQWT NGU VTCXCWZ FG OÅECPKSWG FG RTÅEKUKQP ENÅ WPKXGTUGNNG KFÅCNG GP HQTOCV FG RQEJG N ÅNÅOGPV KPFKURGPUCDNG FCPU XQVTG VTQWUUG ¼ QWVKNU .QPIWGWT OO CXGE O¾EJQKTGU ÅVTQKVGU s RQWT NGU QRÅTCVKQPU FG UGTTCIG SWK GZKIGPV WP QWVKN GHHKNÅ
2KPEG ENÅ RTGUUKQP UWRGTHKEKGNNG UCPU LGW RCU F GPFQOOCIGOGPV FGU CTÆVGU
%NÅ TÅINCDNG UVCPFCTF ÅZGTEGT WPG RTGUUKQP UWT NGU CTÆVGU NGU GPFQOOCIG
4Ã…INCIG TCRKFG RCT RTGUUKQP FW DQWVQP
2+0%' %.Â¥
2KPEG ENÅ OKPKCVWTG %QPXKGPV RCTVKEWNKÄTGOGPV CWZ VTCXCWZ UWT RGVKVU DQWNQPU 6TÄU DQPPG CEEGUUKDKNKVÅ FCPU NGU GURCEGU VTÄU GZKIWU
)TCPFGWT PCVWTG
2QWT TQDKPGVVGTKGU EJTQOÃ…GU UCPU GPFQOOCIGT NC UWTHCEG
4GORNCEG VQWV WP LGW FG ENÃ…U RNCVGU OÃ…VTKSWGU GV GP RQWEGU
+FÃ…CNG RQWT NGU VTCXCWZ FG RNKCIG
&KOGPUKQPU 4Ã…H
'#0
OO
2KPEG
2QKIPÃ…GU
EJTQOÃ…G
ICKPÃ…GU GP RNCUVKSWG
EJTQOÃ…G
CXGE ICKPGU DK OCVKÄTG
2QWEGU
OO
2QUKVKQPU FG TÃ…INCIG
$ OO
$ OO
$ OO
I
2+0%' %.Â¥ :.
2KPEG ENÃ… :.
.oQWVKN FG OQPVCIG WPKSWG GP UQP IGPTG FÃ…UQTOCKU FKURQPKDNG GP NQPIWGWT FG |OO
RKPEG GV ENÅ ¼ NC HQKU
2QWT FKCOÄVTGU CNNCPV LWUSWo¼ OO
&+0 +51 EQPXKGPV CWUUK RCTHCKVGOGPV RQWT UCKUKT VGPKT RTGUUGT GV OGVVTG GP HQTOG â– CFCRVCVKQP QRVKOCNG ¼ NC RKÄEG VQWV GP OCKPVGPCPV WPG RQUKVKQP EQOOQFG FGU RQKIPÃ…GU â– GPENKSWGVCIG U×T FG NoCZG FoCTVKEWNCVKQP RCU FG FÃ…TÃ…INCIG CEEKFGPVGN â– HQTEG FG UGTTCIG Ã…NGXÃ…G IT¾EG ¼ WPG VTCPUOKUUKQP FG HQTEG OCPWGNNG OWNVKRNKÃ…G RCT â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
QWVKN FG XKUUCIG TÅINCDNG s TGORNCEG FKXGTUGU ITCPFGU ENÅU EQ×VGWUGU UCKUKG UCPU ¼ EQWRU FG VQWVGU NGU NCTIGWTU LWUSW ¼ NC ECRCEKVÅ OCZKOCNG KPFKSWÅG IT¾EG ¼ UGU O¾EJQKTGU RCTCNNÄNGU O¾EJQKTGU NKUUGU RGTOGVVCPV FG TÅCNKUGT GP NGU OÅPCIGCPV FGU CUUGODNCIGU XKUUÅU FG JCWVG SWCNKVÅ GP NCKVQP DTQP\G KPQZ QW OCVÅTKCWZ EJTQOÅU
RCU FoGPFQOOCIGOGPV FGU DQTFU FGU TQDKPGVVGTKGU EJTQOÅGU IT¾EG ¼ WPG RTGUUKQP FGU O¾EJQKTGU UCPU LGW NC EQWTUG GPVTG NGU O¾EJQKTGU RGTOGV WP UGTTCIG GV WP FGUUGTTCIG TCRKFGU UGNQP NG RTKPEKRG FW ENKSWGV
TÅINCIG ¼ OÆOG NC RKÄEG RCT UKORNG RTGUUKQP FW DQWVQP
6ÆVG FG NC RKPEG 6CKNNG QTKIKPCNG
&KOGPUKQPU 4Ã…H
'#0
OO
2KPEG EJTQOÃ…G
2QKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG
2QWEGU
OO
2QUKVKQPU FG TÃ…INCIG
$ OO
$ OO
$ OO
I
2+0%'5 /7.6+24+5'
%NÃ… CLWUVCDNG
.C PQWXGNNG ENÅ CLWUVCDNG -0+2': TÅWPKV NGU CXCPVCIGU F WP TÅINCIG ¼ OÆOG NC RKÄEG RCT UKORNG RTGUUKQP F WP DQWVQP ¼ EGWZ F WPG ENÅ WPKXGTUGNNG GV CLWUVCDNG .oCDUGPEG VQVCNG FG LGW ÅXKVG FG INKUUGT QW FoCTTQPFKT NC VÆVG FGU DQWNQPU /ÆOG NGU DQWNQPU TQWKNNÅU QW GPFWKVU GORÆEJCPV WPG RTÅJGPUKQP HKCDNG CXGE WPG ENÅ UVCPFCTF RGWXGPV ÆVTG FGUUGTTÅU RCT NGU O¾EJQKTGU RWKUUCPVGU FG NC PQWXGNNG ENÅ CLWUVCDNG -0+2':
&+0 +51
RQWT Ã…ETQWU GV XKU OÃ…VTKSWGU GV GP RQWEGU CXGE WPG QWXGTVWTG FG ENÃ… FG ¼ |OO ¼ | CWVQDNQSWCPVG ¼ RCTVKT FG |OO PG INKUUG RCU UWT NC RKÄEG â– UCKUKV RCTHCKVGOGPV NGU VÆVGU FG DQWNQPU JGZCIQPCNGU GP FKOGPUKQPU OÃ…VTKSWGU GV GP RQWEGU P CTTQPFKV RCU NGU VÆVGU FG DQWNQPU â– UCKUKG HGTOG GV U×TG OÆOG F Ã…ETQWU GV FG XKU CTTQPFKU TQWKNNÃ…U QW GPFWKVU â– KFÃ…CN RQWT NGU VTCXCWZ TÃ…CNKUÃ…U UWT NGU HTGKPU FG XÃ…JKEWNGU CWVQOQDKNGU â– UGTTCIG GV FGUUGTTCIG TCRKFGU FG TCEEQTFU XKUUÃ…U UGNQP WP RTKPEKRG FG ENKSWGV â– TÃ…INCIG ¼ OÆOG NC RKÄEG RCT UKORNG RTGUUKQP F WP DQWVQP Ã…ICNGOGPV RQUUKDNG F WPG UGWNG OCKP â– TÃ…INCIG RTÃ…EKU RQWT WP CLWUVCIG RCTHCKV ¼ FKHHÃ…TGPVGU VCKNNGU FG RKÄEGU GV RQKIPÃ…GU GTIQPQOKSWGU â– EJCTPKÄTG GPVTGRCUUÃ…G ITCPFG UVCDKNKVÃ… IT¾EG CW FQWDNG IWKFCIG â– GPENKSWGVCIG U×T FG N CZG F CTVKEWNCVKQP RCU FG FÃ…TÃ…INCIG CEEKFGPVGN â– GHHGV FG NGXKGT RTCVKSWG GHHQTV CORNKHKÃ… QRVKOCN â– GTIQV FG RTQVGEVKQP Ã…XKVCPV NGU RKPEGOGPVU â– TGORNCEG WP LGW EQORNGV FG ENÃ…U KFÃ…CN RQWT DNQSWGT RCT EQPVTÃ…ETQW â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
#WVQDNQSWCPVG PG INKUUG RCU UWT NC RKÄEG GHHQTV PÅEGUUCKTG TÅFWKV
'HHKECEG UWT Ã…ETQWU TQWKNNÃ…U GV CTTQPFKU
4Ã…INCIG FG RTÃ…EKUKQP RCT UKORNG RTGUUKQP FW DQWVQP TCRKFG GV EQPHQTVCDNG
4Ã…H
'#0
OO
2KPEG ITKUG CVTCOGPVKUÃ…G
6ÆVG RQNKG
2QKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG CPVKFÃ…TCRCPV
-0+2': 5OCTV)TKRŠ
2QWEGU OO
2QUKVKQPU FG TÃ…INCIG I
#XGE NC -0+2': 5OCTV)TKRŠ NG TÅINCIG RGTOGVVCPV F CLWUVGT N QWVKN ¼ NC RKÄEG UG HCKV CWVQOCVKSWGOGPV 2QUKVKQPPG\ NC RKPEG RTGUUG\ NGU RQKIPÅGU E GUV RTÆV
2KPEG OWNVKRTKUG ¼ TÅINCIG CWVQOCVKSWG &+0 +51
KFÃ…CN RQWT NG RCUUCIG HTÃ…SWGPV F WPG VCKNNG FG RKÄEG ¼ N CWVTG TÃ…INCIG CWVQOCVKSWG F WPG UGWNG OCKP RQWT FTQKVKGT GV ICWEJGT â– DQP CEEÄU ¼ NC RKÄEG IT¾EG ¼ NC HQTOG GHHKNÃ…G FG NC \QPG VÆVG EJCTPKÄTG GV CZG F CTVKEWNCVKQP CHHNGWTCPV â– CWVQDNQSWCPVG UWT VWDGU GV Ã…ETQWU PG INKUUG RCU UWT NC RKÄEG VTCXCKN PÃ…EGUUKVCPV OQKPU F GHHQTV â– KPVÃ…TKGWT FGU O¾EJQKTGU ¼ FGPVU URÃ…EKCNGOGPV VTGORÃ…GU FWTGVÃ… F GPX *4% UGTTCIG U×T IT¾EG ¼ WPG ITCPFG TÃ…UKUVCPEG ¼ N WUWTG â– EJCTPKÄTG GPVTGRCUUÃ…G ITCPFG UVCDKNKVÃ… IT¾EG CW FQWDNG IWKFCIG â– GTIQV FG RTQVGEVKQP Ã…XKVCPV NGU RKPEGOGPVU â– NGXKGT FG XGTTQWKNNCIG RGTOGVVCPV WP GPEQODTGOGPV TÃ…FWKV NQTU FW VTCPURQTV GV WPG HGTOGVWTG U×TG FGU RQKIPÃ…GU â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
'#0 4Ã…H
OO
2KPEG ITKUG CVTCOGPVKUÃ…G
6ÆVG RQNKG
2QKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG CPVKFÃ…TCRCPV
´ 2QWEGU
´ OO
OO
I
2+0%'5 /7.6+24+5'
-0+2': %QDTCŠ 2KPEGU OWNVKRTKUG FG RQKPVG
-0+2': %QDTCŠ NC RKPEG OWNVKRTKUG FG RQKPVG (KPKU NGU GUUCKU KPVGTOKPCDNGU RQWT VTQWXGT NC DQPPG QWXGTVWTG +N UWHHKV ¼ RTÅUGPV FG RQUKVKQPPGT NC O¾EJQKTG UWRÅTKGWTG UWT NC RKÄEG F CRRW[GT UWT NG DQWVQP GV FG OGVVTG NC O¾EJQKTG KPHÅTKGWTG GP RNCEG E GUV F WPG IÅPKCNG UKORNKEKVÅ
&+0 +51
TÃ…INCIG ¼ OÆOG NC RKÄEG RCT UKORNG RTGUUKQP FW DQWVQP TÃ…INCIG RTÃ…EKU RQWT WP CLWUVCIG RCTHCKV ¼ FKHHÃ…TGPVGU VCKNNGU FG RKÄEGU GV RQKIPÃ…GU GTIQPQOKSWGU â– CWVQDNQSWCPVG UWT VWDGU GV Ã…ETQWU PG INKUUG RCU UWT NC RKÄEG VTCXCKN PÃ…EGUUKVCPV OQKPU F GHHQTV â– KPVÃ…TKGWT FGU O¾EJQKTGU ¼ FGPVU URÃ…EKCNGOGPV VTGORÃ…GU FWTGVÃ… F GPX *4% UGTTCIG U×T IT¾EG ¼ WPG ITCPFG TÃ…UKUVCPEG ¼ N WUWTG â– EJCTPKÄTG GPVTGRCUUÃ…G ITCPFG UVCDKNKVÃ… IT¾EG CW FQWDNG IWKFCIG â– GPENKSWGVCIG U×T FG N CZG F CTVKEWNCVKQP RCU FG FÃ…TÃ…INCIG CEEKFGPVGN â– GTIQV FG RTQVGEVKQP Ã…XKVCPV NGU RKPEGOGPVU â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
CXGE RQKIPÅGU GHHKNÅGU DKEQNQTGU DK OCVKÄTG UCPU EQN RQWT WPG OGKNNGWTG OCPKCDKNKVÅ GV WP VTCPURQTV RNWU HCEKNG
4Ã…INCIG FG RTÃ…EKUKQP RCT UKORNG RTGUUKQP FW DQWVQP TCRKFG GV EQPHQTVCDNG
4ÅINCIG TCRKFG GV RTÅEKU ¼ OÆOG NC RKÄEG
2+0%'5 /7.6+24+5'
/KPK %QDTC
Š
1WVKN CW HQTOCV FG RQEJG GPVKÄTGOGPV HQPEVKQPPGN %CRCEKVÅ FG ´ OO
)TCPFGWT PCVWTG
.GU FGPVWTGU QTKGPVÅGU FCPU NG UGPU KPXGTUG FG NC TQVCVKQP GPVTCÊPGPV WP GHHGV CWVQDNQSWCPV GV GORÆEJGPV VQWV INKUUGOGPV UWT NC RKÄEG
4Ã…H
'#0
OO
2KPEG
6ÆVG
2QKIPÃ…GU
ITKUG CVTCOGPVKUÃ…G
RQNKG
ICKPÃ…GU GP RNCUVKSWG CPVKFÃ…TCRCPV
ITKUG CVTCOGPVKUÃ…G
RQNKG
CXGE ICKPGU DK OCVKÄTG CXGE ICKPGU DK OCVKÄTG OKPEGU CXGE ICKPGU DK OCVKÄTG
EJTQOÃ…G
EJTQOÃ…G
ICKPÃ…GU GP RNCUVKSWG CPVKFÃ…TCRCPV
CXGE ICKPGU DK OCVKÄTG OKPEGU CXGE ICKPGU DK OCVKÄTG
´ 2QWEGU
´ OO
OO
2QUKVKQPU FG TÃ…INCIG
I
2+0%'5 /7.6+24+5'
-0+2': %QDTC :. ::.
.GU RKPEGU -0+2': %QDTC :. GV ::. HQWTPKUUGPV NC RGTHQTOCPEG GV NG EQPHQTV F WPG RKPEG OWNVKRTKUG OCKU RNWU NÅIÄTGU GV CXGE WPG ECRCEKVÅ FG RTÅJGPUKQP RNWU ÅNGXÅG SWG FGU ENÅU UGTTG VWDGU EQORCTCDNGU .C RKPEG %QDTC :. RGTOGV RCT GZ FG UCKUKT WP TCEEQTF XKUUÅ FG GV TGUVG ¼ OQKVKÅG OQKPU NQWTFG SW WPG ENÅ UGTTG VWDGU FKURQUCPV F WPG ECRCEKVÅ FG RTÅJGPUKQP DGCWEQWR RNWU HCKDNG & WPG NQPIWGWT RTCVKSWG FG |OO NC %QDTC :. GUV GP RNWU UWHHKUCOOGPV EQORCEVG RQWT VTQWXGT UC RNCEG FCPU NGU OCNNGVVGU ¼ QWVKNU FGU KPUVCNNCVGWTU )T¾EG ¼ UC ECRCEKVÅ OCZ FG NC %QDTC ::. FKURQUG F WPG KORQTVCPVG TÅUGTXG FG RTÅJGPUKQP VQWV GP RGUCPV CWVCPV SW WPG ENÅ UGTTG VWDGU FG
%NÅU UGTTG VWDGU GV RKPEGU OWNVKRTKUG &+0 +51
RNWU ITCPF FÅDCVVGOGPV CXGE WP RQKFU DGCWEQWR RNWU HCKDNG SWG FGU ENÅU UGTTG VWDGU EQORCTCDNGU ■ TÅINCIG TCRKFG ¼ OÆOG NC RKÄEG RCT UKORNG RTGUUKQP FW DQWVQP RCU FG INKUUGOGPV KPQRKPÅ FG NC EJCTPKÄTG ■ TÅINCIG RTÅEKU RQWT WP CLWUVCIG RCTHCKV ¼ FKHHÅTGPVGU VCKNNGU FG RKÄEGU GV RQKIPÅGU GTIQPQOKSWGU ■ CWVQDNQSWCPVG UWT VWDGU GV ÅETQWU PG INKUUG RCU UWT NC RKÄEG VTCXCKN PÅEGUUKVCPV OQKPU F GHHQTV ■ KPVÅTKGWT FGU O¾EJQKTGU ¼ FGPVU URÅEKCNGOGPV VTGORÅGU FWTGVÅ F GPX *4% UGTTCIG U×T IT¾EG ¼ WPG ITCPFG TÅUKUVCPEG ¼ N WUWTG ■ EJCTPKÄTG GPVTGRCUUÅG ITCPFG UVCDKNKVÅ IT¾EG CW FQWDNG IWKFCIG ■ GTIQV FG RTQVGEVKQP ÅXKVCPV NGU RKPEGOGPVU ■ #EKGT ÅNGEVTKSWG CW EJTQOG XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG ■
%QDTC :. CXGE ÅETQW TCEEQTF RQWT TCEEQTF XKUUÅ FG HQTEG FG RTÅJGPUKQP ÅNGXÅG FG |OO PÅEGUUKVCPV WP UGTTG VWDGU
%NÅ UGTTG VWDGU .QPIWGWT FG OO 2QKFU FG I
%QDTC :. .QPIWGWT FG OO 2QKFU FG I
RNWU RGVKVG GV RNWU NÅIÄTG SW WPG ENÅ UGTTG VWDGU FG
4ÅH
'#0
OO
2KPEG ITKUG CVTCOGPVKUÅG ITKUG CVTCOGPVKUÅG
6ÆVG RQNKG RQNKG
HQTEG FG RTÅJGPUKQP FÅRCUUÅG| WPG UCKUKG U×TG P GUV RNWU RQUUKDNG
2QKIPÅGU ICKPÅGU GP RNCUVKSWG ICKPÅGU GP RNCUVKSWG
´ 2QWEGU
´ OO
OO
2QUKVKQPU FG TÅINCIG
I
2+0%'5 /7.6+24+5'
-0+2': %QDTCŠ OCVKE 2KPEG OWNVKRTKUG
â–
OÆOGU ECTCEVÅTKUVKSWGU SWG NC %QDTCŠ -0+2':
2CTVKEWNCTKVÅ ■TÅINCIG CWVQOCVKSWG ¼ OÆOG NC RKÄEG RCT UKORNG RTGUUKQP FW DQWVQP ■IT¾EG ¼ UQP TGUUQTV RTQVÅIÅ NC RKPEG UG HGTOG F WP UGWN EQWR NQTUSWG N QP CRRWKG UWT NG DQWVQP
RTKUG ¼ WPG UGWNG OCKP
&+0 +51
'#0
4Ã…H
OO
2KPEG
ITKUG CVTCOGPVKUÃ…G
6ÆVG
2QKIPÃ…GU
RQNKG
ICKPÃ…GU GP RNCUVKSWG CPVKFÃ…TCRCPV
´ 2QWEGU
´ OO
OO
2QUKVKQPU FG TÃ…INCIG
I
4GUUQTV FG TGEJCPIG RQWT
-0+2': %QDTCŠ 3WKEM5GV
1WXTKT KPVÃ…ITCNGOGPV HCKTG EQWNKUUGT UGTTGT
2KPEGU OWNVKRTKUG FG RQKPVG
4Ã…INCIG TCRKFG CFFKVKQPPGN ¼ OÆOG NC RKÄEG RCT EQWNKUUGOGPV C NNKG NoGPENGPEJGOGPV Ã…RTQWXÃ… GV U×T FG NoCZG FoCTVKEWNCVKQP ¼ WPG HQPEVKQP CFFKVKQPPGNNG FG EQWNKUUGOGPV HCEKNKVCPV NG VTCXCKN GP GURCEGU VTÄU TGUVTGKPVU GV KPCEEGUUKDNGU â– NG TÃ…INCIG ¼ OÆOG NC RKÄEG UoQRÄTG RCT UKORNG EQWNKUUGOGPV â– GPENGPEJGOGPV GP VQWVG UÃ…EWTKVÃ… FG NoCZG FoCTVKEWNCVKQP CW RTGOKGT GHHQTV GZGTEÃ… .oQWXGTVWTG FG NC RKPEG GUV GPUWKVG XGTTQWKNNÃ…G GV PG RGWV RNWU ÆVTG OQFKHKÃ…G SWG RCT RTGUUKQP UWT NG DQWVQP â– RQWT TÃ…CEVKXGT NC HQPEVKQP FG EQWNKUUGOGPV NoCZG FoCTVKEWNCVKQP FQKV ÆVTG FÃ…UGPENGPEJÃ… RCT RTGUUKQP UWT NG DQWVQP GV NC RKPEG ÆVTG QWXGTVG WPG HQKU KPVÃ…ITCNGOGPV â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
3WCNKVÅU ÅRTQWXÅGU FG NC %QDTCŠ Ŷ CWVQDNQSWCPVG UWT VWDGU GV ÅETQWU PG INKUUG RCU UWT NC RKÄEG
VTCXCKN PÅEGUUKVCPV OQKPU F GHHQTV Ŷ TÅINCIG RTÅEKU RQWT WP CLWUVCIG RCTHCKV ¼ FKHHÅTGPVGU VCKNNGU
FG RKÄEGU GV RQKIPÅGU GTIQPQOKSWGU
#RRW[GT UWT NG DQWVQP s QWXTKT KPVÃ…ITCNGOGPV NC RKPEG
'#0 4Ã…H
OO
2QUGT NC O¾EJQKTG UWT NC RKÄEG s HCKTG UKORNGOGPV EQWNKUUGT NC RKPEG
2KPEG ITKUG CVTCOGPVKUÃ…G ITKUG CVTCOGPVKUÃ…G
#ZG FoCTVKEWNCVKQP UoGPENGPEJCPV ¼ NoGZGTEKEG FoWP GHHQTV
2QKIPÅGU ICKPÅGU GP RNCUVKSWG CPVKFÅTCRCPV CXGE ICKPGU DK OCVKÄTG
´ 2QWEGU
´ OO
OO
2QUKVKQPU FG TÃ…INCIG
I
2+0%'5 /7.6+24+5'
-0+2': %QDTCŠ 8&'
TÃ…INCIG RCT INKUUGOGPV FG NC O¾EJQKTG ¼ OÆOG NC RKÄEG OCPKGOGPV TCRKFG HKCDNG GV EQPHQTVCDNG â– QWXGTVWTG GP CRRW[CPV UWT NG DQWVQP UCPU EQPVCEV CXGE NC RKÄEG â– TÃ…INCIG RTÃ…EKU RQWT WP CLWUVCIG RCTHCKV ¼ FKHHÃ…TGPVGU VCKNNGU FG RKÄEGU GV RQKIPÃ…GU GTIQPQOKSWGU â– DQP CEEÄU ¼ NC RKÄEG IT¾EG ¼ NC HQTOG GHHKNÃ…G FG NC \QPG VÆVG EJCTPKÄTG â– CWVQDNQSWCPVG UWT VWDGU GV Ã…ETQWU PG INKUUG RCU UWT NC RKÄEG VTCXCKN PÃ…EGUUKVCPV OQKPU F GHHQTV â– KPVÃ…TKGWT FGU O¾EJQKTGU ¼ FGPVU URÃ…EKCNGOGPV VTGORÃ…GU FWTGVÃ… F GPX *4% UGTTCIG U×T IT¾EG ¼ WPG ITCPFG TÃ…UKUVCPEG ¼ N WUWTG â– EJCTPKÄTG GPVTGRCUUÃ…G ITCPFG UVCDKNKVÃ… IT¾EG CW FQWDNG IWKFCIG â– GTIQV FG RTQVGEVKQP Ã…XKVCPV NGU RKPEGOGPVU â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
2KPEG OWNVKRTKUG FG RQKPVG KUQNÃ…G &+0 +51 +'% &+0 '0
'#0
4Ã…H
OO
2KPEG
2QKIPÃ…GU
EJTQOÃ…G
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
-0+2': %QDTCŠ '5
(QTOG VTÄU GHHKNÅG FG VQWVG NC \QPG VÆVG EJCTPKÄTG RCT TCRRQTV ¼ WPG RKPEG OWNVKRTKUG UVCPFCTF
4Ã…H
OO
2KPEG
ITKUG CVTCOGPVKUÃ…G
OO
2QUKVKQPU FG TÃ…INCIG
I
KFÅCNG RQWT NGU VTCXCWZ F GPVTGVKGP GV FG OCKPVGPCPEG NGU TÅRCTCVKQPU F CRRCTGKNU NGU FQOCKPGU FG NoCWVQOQDKNG GV FG N KPFWUVTKG ■DGEU RQKPVWU NQPIU ■CEEÄU ¼ NC RKÄEG RCTVKEWNKÄTGOGPV DQP IT¾EG ¼ NC HQTOG VTÄU GHHKNÅG FG VQWVG NC \QPG VÆVG EJCTPKÄTG ■UCKUKG U×TG OÆOG FG RKÄEGU RNCVGU IT¾EG ¼ WP UGTTCIG GP VTQKU RQKPVU ■TÅINCIG ¼ OÆOG NC RKÄEG RCT UKORNG RTGUUKQP FW DQWVQP ■TÅINCIG RTÅEKU RQWT WP CLWUVCIG RCTHCKV ¼ FKHHÅTGPVGU VCKNNGU FG RKÄEGU GV RQKIPÅGU GTIQPQOKSWGU ■CWVQDNQSWCPVG UWT VWDGU GV ÅETQWU PG INKUUG RCU UWT NC RKÄEG VTCXCKN PÅEGUUKVCPV OQKPU F GHHQTV ■EJCTPKÄTG GPVTGRCUUÅG ITCPFG UVCDKNKVÅ IT¾EG CW FQWDNG IWKFCIG ■GPENKSWGVCIG U×T FG N CZG F CTVKEWNCVKQP RCU FG FÅTÅINCIG CEEKFGPVGN ■GHHGV FG NGXKGT RTCVKSWG GHHQTV CORNKHKÅ QRVKOCN ■GTIQV FG RTQVGEVKQP ÅXKVCPV NGU RKPEGOGPVU ■#EKGT ÅNGEVTKSWG CW EJTQOG XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG
&+0 +51
'#0
´ OO
â–
2KPEG OWNVKRTKUG WNVTC GHHKNÃ…G
´ 2QWEGU
#EEÄU QRVKOCN ¼ NC RKÄEG +FÅCNG RQWT NGU VTCXCWZ F GPVTGVKGP GV FG OCKPVGPCPEG NGU TÅRCTCVKQPU F CRRCTGKNU NGU FQOCKPGU FG NoCWVQOQDKNG GV FG N KPFWUVTKG
6ÆVG
2QKIPÃ…GU
RQNKG
ICKPÃ…GU GP RNCUVKSWG CPVKFÃ…TCRCPV
´ 2QWEGU ´ OO
OO
5GTTCIG FGU DQWNQPU F WPG VCKNNG OCZ FG OO
2TQHQPFGWT 1WXGTVWTG RCTCNNÄNG OCZ FG UGTTCIG OCZ GP OO GP OO
2QUKVKQPU FG TÃ…INCIG
I
2+0%'5 /7.6+24+5'
2KPEG ¼ EQNNKGTU CWVQUGTTCPVU
7PG UGWNG RKPEG RQWT DCIWGU GV EQNNKGTU CWVQUGTTCPVU FG FKH HÅTGPVGU VCKNNGU CNNCPV LWUSWo¼ OO 5oCFCRVG ¼ PoKORQTVG SWGNNG RQUKVKQP RCT KPUGTVU FG RTÅJGPUKQP QTKGPVCDNGU #UUWTG PÅCPOQKPU WPG RCTHCKVG RTKUG FGU EQNNKGTU FCPU NC RKPEG &1/#+0'5 &o76+.+5#6+10  .o#761/1$+.' CFOKUUKQP TGHTQKFKUUGOGPV UWTCNKOGPVCVKQP TGVQWT FoGCW VJGTOQUVCV ECTDWTCPV EJCWHHCIG
#
KPUGTVU FG RTÃ…JGPUKQP WPKXGTUGNU QTKGPVCDNGU CUUWTCPV WPG RCTHCKVG RTKUG FGU EQNNKGTU FCPU PoKORQTVG SWGNNG RQUKVKQP â– GZVTÆOGOGPV DQPPG FÃ…OWNVKRNKECVKQP RGTOGVVCPV FoQWXTKT NGU EQNNKGTU UCPU ITCPF GHHQTV GV GP VQWVG UÃ…EWTKVÃ… â– TÃ…INCIG 3WKEM 5GV 4Ã…INCIG RCT INKUUGOGPV FKTGEV UWT NC RKÄEG â– VÆVG Ã…NCPEÃ…G FG HCKDNG NCTIGWT KPUGTVU FG RTÃ…JGPUKQP QTKGPVCDNGU NoQWVKN KFÃ…CN RQWT VTCXCKNNGT GP GURCEGU GZKIWU â– WVKNKUCDNG RQWT VQWV V[RG FG DCIWG QW EQNNKGT CWVQUGTTCPV DCPFG QW HKN ¼ RCVVGU UVCPFCTF QW TCDCVVWGU â– QWXGTVWTG OCZKOCNG FGU O¾EJQKTGU LWUSWo¼ OO RNWU FG OO FG OCTIG FG UGTTCIG â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
.C SWCNKVÅ ÅRTQWXÅG FGU RKPEGU OWNVKRTKUG %QDTCŠ CWUUK RQWT NC RKPEG ¼ EQNNKGTU CWVQUGTTCPVU -0+2': ÅEQPQOKG FG HQTEG RCT WP GZEGNNGPV TCRRQTV FG FÅOWNVKRNKECVKQP GTIQV FG RTQVGEVKQP FG RTGOKÄTG ENCUUG Ŷ RTKUG U×TG VQWV GP OCKPVGPCPV WPG RQUKVKQP EQOOQFG FGU RQKIPÅGU Ŷ TÅINCIG RTÅEKU RQWT CFCRVCVKQP QRVKOCNG CWZ VCKNNGU FG EQNNKGTU NGU RNWU FKXGTUGU Ŷ QWXGTVWTG TCRKFG RCT UKORNG RTGUUKQP FoWP DQWVQP Ŷ EJCTPKÄTG GPVTGRCUUÅG ITCPFG UVCDKNKVÅ IT¾EG CW FQWDNG IWKFCIG Ŷ Ŷ
4Ã…H #
'#0 OO
#
2KPEG ITKUG CVTCOGPVKUÃ…G
2QKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG CPVKFÃ…TCRCPV
2QUKVKQPU FG %CRCEKVÃ… TÃ…INCIG I OCZ OO
#UUQTVKOGPV FG TGEJCPIG KPUGTVU FG RTÃ…JGPUKQP RQWT # #(
2+0%'5 /7.6+24+5'
2KPEG ¼ EQNNKGTU CWVQUGTTCPVU ¼ ETCP FoCTTÆV
%TCP FoCTTÆV RGTOGVVCPV FG VTCXCKNNGT UCPU ITCPF GHHQTV GV GP VQWVG UÃ…EWTKVÃ… UWT WP EQNNKGT UGTTÃ… &Ã…XGTTQWKNNCIG ¼ WPG OCKP KPUGTVU FG RTÃ…JGPUKQP WPKXGTUGNU QTKGPVCDNGU CUUWTCPV WPG RCTHCKVG RTKUG FGU EQNNKGTU FCPU PoKORQTVG SWGNNG RQUKVKQP â– GZVTÆOGOGPV DQPPG FÃ…OWNVKRNKECVKQP RGTOGVVCPV FoQWXTKT NGU EQNNKGTU UCPU ITCPF GHHQTV GV GP VQWVG UÃ…EWTKVÃ… â– TÃ…INCIG 3WKEM 5GV 4Ã…INCIG RCT INKUUGOGPV FKTGEV UWT NC RKÄEG â– VÆVG Ã…NCPEÃ…G FG HCKDNG NCTIGWT KPUGTVU FG RTÃ…JGPUKQP QTKGPVCDNGU NoQWVKN KFÃ…CN RQWT VTCXCKNNGT GP GURCEGU GZKIWU â– WVKNKUCDNG RQWT VQWV V[RG FG DCIWG QW EQNNKGT CWVQUGTTCPV DCPFG QW HKN ¼ RCVVGU UVCPFCTF QW TCDCVVWGU â– QWXGTVWTG OCZKOCNG FGU O¾EJQKTGU LWUSWo¼ OO RNWU FG OO FG OCTIG FG UGTTCIG â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
#(
4Ã…H #(
'#0 OO
#
2KPEG ITKUG CVTCOGPVKUÃ…G
2QKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG CPVKFÃ…TCRCPV
#UUQTVKOGPV FG TGEJCPIG KPUGTVU FG RTÃ…JGPUKQP RQWT # #(
2QUKVKQPU FG %CRCEKVÃ… TÃ…INCIG I OCZ OO
2+0%'5 /7.6+24+5'
2KPEG ¼ EQNNKGTU
2QWT QWXGTVWTG GV HGTOGVWTG FG EQNNKGTU %NKEM
RQWT EQNNKGTU %NKEM
KPUGTVU FG RTÃ…JGPUKQP QTKGPVCDNGU CUUWTCPV WP CEVKQPPGOGPV U×T FGU EQNNKGTU FCPU PoKORQTVG SWGNNG RQUKVKQP â– DQPPG FÃ…OWNVKRNKECVKQP RGTOGVVCPV FoQWXTKT GV FG TGHGTOGT NGU EQN NKGTU UCPU ITCPF GHHQTV GV GP VQWVG UÃ…EWTKVÃ… â– RQWT VTCXCKNNGT EQPHQTVCDNGOGPV RCT GZGORNG UWT VW[CWZ FG ECTDWTCPV EQPFWKVGU ¼ FÃ…RTGUUKQP GV VQWVGU UQTVGU FG FWTKVGU â– HQPEVKQP UWRRNÃ…OGPVCKTG FGUUGTTCIG CXGE OÃ…PCIGOGPV FGU VW[CWZ IT¾EG ¼ NC O¾EJQKTG FGPVGNÃ…G â– VÆVG Ã…NCPEÃ…G FG HCKDNG NCTIGWT KPUGTVU FG RTÃ…JGPUKQP QTKGPVCDNGU NoQWVKN KFÃ…CN RQWT VTCXCKNNGT GP GURCEGU GZKIWU â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
%
#XCPVCIGU ÅRTQWXÅU FG NC %QDTCŠ UWT NC RKPEG ¼ EQNNKGTU Ŷ GTIQV FG RTQVGEVKQP ÅXKVCPV NGU RKPEGOGPVU Ŷ RTKUG U×TG VQWV GP OCKPVGPCPV WPG RQUKVKQP EQOOQFG FGU RQKIPÅGU Ŷ EJCTPKÄTG GPVTGRCUUÅG ITCPFG UVCDKNKVÅ IT¾EG CW FQWDNG IWKFCIG /¾EJQKTG FGPVGNÅG HCEKNKVCPV NG FGUUGTCIG FG VW[CWZ
4Ã…H %
'#0 OO
%
2KPEG ITKUG CVTCOGPVKUÃ…G
2QKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG CPVKFÃ…TCRCPV
I
#UUQTVKOGPV FG TGEJCPIG KPUGTVU FG RTÃ…JGPUKQP RQWT %
2+0%'5 /7.6+24+5'
-0+2': #NNKICVQTŠ 2KPEGU OWNVKRTKUG
2NWU FG RGTHQTOCPEG GV FG EQPHQTV SWoCXGE FGU RKPEGU OWNVKRTKUG UVCPFCTF FG NC OÆOG NQPIWGWT TÅINCIG FW ENKSWGV ¼ RQUKVKQPU RQWT WPG ECRCEKVÅ FG RTÅJGPUKQP RNWU ÅNGXÅG $QP CEEÄU ¼ NC RKÄEG IT¾EG ¼ NC HQTOG GHHKNÅG FG NC \QPG VÆVG EJCTPKÄTG
&+0 +51
CWVQDNQSWCPVG UWT VWDGU GV Ã…ETQWU PG INKUUG RCU UWT NC RKÄEG VTCXCKN PÃ…EGUUKVCPV OQKPU F GHHQTV â– KPVÃ…TKGWT FGU O¾EJQKTGU ¼ FGPVU URÃ…EKCNGOGPV VTGORÃ…GU FWTGVÃ… F GPX *4% UGTTCIG U×T IT¾EG ¼ WPG ITCPFG TÃ…UKUVCPEG ¼ N WUWTG â– EJCTPKÄTG GPVTGRCUUÃ…G ITCPFG UVCDKNKVÃ… IT¾EG CW FQWDNG IWKFCIG â– EQPEGRVKQP TQDWUVG KPUGPUKDNG ¼ NC UCNKUUWTG| KFÃ…CN RQWT NGU VTCXCWZ ¼ N GZVÃ…TKGWT â– GTIQV FG RTQVGEVKQP Ã…XKVCPV NGU RKPEGOGPVU â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
CXGE RQKIPÅGU GHHKNÅGU DKEQNQTGU DK OCVKÄTG UCPU EQN RQWT WPG OGKNNGWTG OCPKCDKNKVÅ GV WP VTCPURQTV RNWU HCEKNG
#WVQDNQSWCPVG UWT VWDGU GV ÅETQWU OQKPU F GHHQTV N KPVÅITCNKVÅ FG NC HQTEG CRRNKSWÅG RGWV ÆVTG WVKNKUÅG RQWT HCKTG VQWTPGT NC RKÄEG KPWVKNG FG VTQR UGTTGT NGU RQKIPÅGU FG NC RKPEG GHHQTV PÅEGUUCKTG TÅFWKV
2+0%'5 /7.6+24+5'
#NNKICVQT
Š
#NNKICVQTŠ
2KPEG OWNVKRTKUG UVCPFCTF
FGPVWTG ¼ VTGORCIG URÅEKCN ITCPFG TÅUKUVCPEG ¼ N WUWTG RGTOGVVCPV WPG RTKUG GP OCKP U×TG GV RGTOCPGPVG
U[UVÄOG FG TÅINCIG TQDWUVG KPUGPUKDNG ¼ NC UCNKUUWTG EQPXKGPV RCTVKEWNKÄTGOGPV CWZ VTCXCWZ TÅCNKUÅU ¼ N GZVÅTKGWT ETÅOCKNNÄTG EKPVTÅG ¼ RQUKVKQPU | FG ECRCEKVÅ FG RTÅJGPUKQP GP RNWU CLWUVCIG QRVKOKUÅ ¼ NC RKÄEG GV RQKIPÅGU GTIQPQOKSWGU HQTOG GHHKNÅG EJCTPKÄTG GPVTGRCUUÅG FQWDNG IWKFCIG N CTVKEWNCVKQP PG UG FGUUGTTG RCU GV TGUVG GP RGTOCPGPEG VTÄU TÅUKUVCPVG
4Ã…H
'#0
OO
2KPEG
6ÆVG
2QKIPÃ…GU
PQKTG CVTCOGPVKUÃ…G
RQNKG
ICKPÃ…GU GP RNCUVKSWG CPVKFÃ…TCRCPV
PQKTG CVTCOGPVKUÃ…G
RQNKG
CXGE ICKPGU DK OCVKÄTG
EJTQOÃ…G
ICKPÃ…GU GP RNCUVKSWG CPVKFÃ…TCRCPV
EJTQOÃ…G
CXGE ICKPGU DK OCVKÄTG
EJTQOÃ…G
KUQNÅGU CXGE ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
EJTQOÃ…G
KUQNÃ…GU RCT UWTOQWNCIG EGTVKHKÃ…GU 8&'
´ 2QWEGU
´ OO
OO
2QUKVKQPU FG TÃ…INCIG
I
2+0%'5 /7.6+24+5'
-0+2': #NNKICVQT :.
.C RKPEG -0+2': #NNKICVQT :. HQWTPKV NC RGTHQTOCPEG GV NG EQPHQTV FoWPG RKPEG OWNVKRTKUG ¼ OQKVKÅ OQKPU NQWTFG SW WPG ENÅ UGTTG VWDGU EQORCTCDNG FKURQUCPV FoWPG ECRCEKVÅ FG RTÅJGPUKQP RNWU GNGXÅG p &oWPG NQPIWGWT RTCVKSWG FG OO NC -0+2': #NNKICVQT :. VTQWXG UC RNCEG FCPU VQWVGU NGU ECKUUGU ¼ QWVKNU
2KPEG OWNVKRTKUG GV ENÅ UGTTG VWDGU &+0 +51
.C ENCUUKSWG GUV FÅUQTOCKU FKURQPKDNG GP NQPIWGWT FG OO %QPEGRVKQP TQDWUVG KPUGPUKDNG ¼ NC UCNKUUWTG KFÅCN RQWT NGU VTCXCWZ ¼ N GZVÅTKGWT
DQP CEEÄU ¼ NC RKÄEG IT¾EG ¼ NC HQTOG GHHKNÅG FG NC \QPG VÆVG EJCTPKÄTG ■ GTIQV FG RTQVGEVKQP ÅXKVCPV NGU RKPEGOGPVU ■ #EKGT ÅNGEVTKSWG CW EJTQOG XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG ■
.C RKPEG FGU TWFGU EQPFKVKQPU FoWVKNKUCVKQP
KPVÅTKGWT FGU O¾EJQKTGU ¼ FGPVU URÅEKCNGOGPV VTGORÅGU FWTGVÅ FoGPX *4% UGTTCIG U×T IT¾EG ¼ WPG ITCPFG TÅUKUVCPEG ¼ NoWUWTG
CWVQDNQSWCPVG UWT VWDGU GV ÅETQWU PG INKUUG RCU UWT NC RKÄEG VTCXCKN PÅEGUUKVCPV OQKPU FoGHHQTV
EJCTPKÄTG GPVTGRCUUÅG ITCPFG UVCDKNKVÅ IT¾EG CW FQWDNG IWKFCIG
TQDWUVG OÅECPKUOG FG TÅINCIG KPUGPUKDNG ¼ NC UCNKUUWTG HCEKNG ¼ PGVVQ[GT EQPXKGPV RCTVKEWNKÄTGOGPV ¼ WP WUCIG GP GZVÅTKGWT
TÅINCIG ¼ RQUKVKQPU FG NC ETÅOCKNNÄTG RQWT WPG ÅPQTOG ECRCEKVÅ FG RTÅJGPUKQP RQWXCPV CVVGKPFTG CFCRVCVKQP QRVKOCNG ¼ NC RKÄEG VQWV GP OCKPVGPCPV WPG RQUKVKQP EQOOQFG FGU RQKIPÅGU
4ÅH
'#0
OO
2KPEG
PQKTG CVTCOGPVKUÅG
6ÆVG
2QKIPÅGU
RQNKG
ICKPÅGU GP RNCUVKSWG CPVKFÅTCRCPV
´ 2QWEGU
´ OO
OO
2QUKVKQPU FG TÅINCIG
I
2+0%'5 /7.6+24+5'
2KPEGU OWNVKRTKUG ¼ ETÅOCKNNÄTG
CWVQDNQSWCPVG UWT VWDGU GV Ã…ETQWU PG INKUUG RCU UWT NC RKÄEG VTCXCKN PÃ…EGUUKVCPV OQKPU F GHHQTV â– GPECUVTGOGPV UQWRNG GV CKUÃ… UWT RQUKVKQPU FKHHÃ…TGPVGU IT¾EG ¼ NC ETÃ…OCKNNÄTG HTCKUÃ…G â– NC EJCTPKÄTG PG INKUUG RCU â– \QPG UGTTG VWDG ¼ NC HQTOG RCTHCKVGOGPV CFCRVÃ…G RQWT XKU GV Ã…ETQWU â– EQPEGRVKQP UQWNCIGCPV NC XKU FG EJCTPKÄTG FQPE N WUWTG FG NC XKU â– GTIQV FG RTQVGEVKQP Ã…XKVCPV NGU RKPEGOGPVU â– KPVÃ…TKGWT FGU O¾EJQKTGU ¼ FGPVU URÃ…EKCNGOGPV VTGORÃ…GU FWTGVÃ… F GPX *4% RQWT NC RKPEG FG OO FG NQPIWGWT UCKUKG U×TG IT¾EG ¼ WPG ITCPFG TÃ…UKUVCPEG ¼ N WUWTG â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
&+0 +51
4Ã…H
'#0
OO
2KPEG PQKTG CVTCOGPVKUÃ…G EJTQOÃ…G EJTQOÃ…G
6ÆVG RQNKG
2QKIPÅGU ICKPÅGU GP RNCUVKSWG ICKPÅGU GP RNCUVKSWG CXGE ICKPGU DK OCVKÄTG
2KPEGU OWNVKRTKUG OKPKCVWTG ¼ ETÅOCKNNÄTG
'#0
OO
2KPEG PQKTG CVTCOGPVKUÃ…G EJTQOÃ…G
6ÆVG RQNKG
2QKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG ICKPÃ…GU GP RNCUVKSWG
%NÅU UGTTG VWDGU Œ
OO
2KPEG
90°
OO
I
OO
I
OQFÄNG UWÅFQKU O¾EJQKTGU EQWFÅGU ¼ Œ ■FGPVWTG QTKGPVÅG FCPU NG UGPU KPXGTUG FG NC TQVCVKQP ■FGPVWTG VTGORÅG RCT KPFWEVKQP ■DTCPEJG GP RTQHKNÅ FQWDNG 6 ■DCIWG FG HKZCVKQP KORGTFCDNG ■NCSWCIG ÅNGEVTQUVCVKSWG TQWIG O¾EJQKTGU RQNKGU ■#EKGT ÅNGEVTKSWG CW EJTQOG XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG
'#0
´ OO
â–
4Ã…H
´ 2QWEGU
â–
&+0
90°
I
GPECUVTGOGPV UQWRNG GV CKUÅ FCPU RQUKVKQPU FKHHÅTGPVGU NC EJCTPKÄTG PG INKUUG RCU ■EQPEGRVKQP UQWNCIGCPV NC XKU FG EJCTPKÄTG FQPE N WUWTG FG NC XKU ■#EKGT ÅNGEVTKSWG CW EJTQOG XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG
OO
â–
´ OO
â–
&+0 +51
4Ã…H
´ 2QWEGU
TGXÆVGOGPV RQWFTG TQWIG
´ 2QWEGU
´ OO
2QWEGU
%.Â¥5 5'44' 67$'5
%NÅU UGTTG VWDGU Œ
OQFÄNG UWÃ…FQKU O¾EJQKTGU EQWFÃ…GU ¼ ÂŒ â– FGPVWTG QTKGPVÃ…G FCPU NG UGPU KPXGTUG FG NC TQVCVKQP â– FGPVWTG VTGORÃ…G RCT KPFWEVKQP â– DTCPEJG GP RTQHKNÃ… FQWDNG 6 â– DCIWG FG HKZCVKQP KORGTFCDNG â– NCSWCIG Ã…NGEVTQUVCVKSWG TQWIG O¾EJQKTGU RQNKGU â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
&+0
45° 4ÅH
'#0
OO
2KPEG TGXÆVGOGPV RQWFTG TQWIG
45°
%NÅU UGTTG VWDGU GP ‡5—
OO
I
OO
I
O¾EJQKTG GHHKNÅG GP HQTOG FG 5 FGPVWTG QTKGPVÅG FCPU NG UGPU KPXGTUG FG NC TQVCVKQP ■FGPVWTG VTGORÅG RCT KPFWEVKQP ■UGTTCIG UWT VTQKU RQKPVU UWT NG VWDG CWVQDNQSWCPVG ■DTCPEJG GP RTQHKNÅ FQWDNG 6 ■DCIWG FG HKZCVKQP KORGTFCDNG ■NCSWCIG ÅNGEVTQUVCVKSWG TQWIG O¾EJQKTGU RQNKGU ■#EKGT ÅNGEVTKSWG CW EJTQOG XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG
OO
2QWEGU
â–
'#0
´ OO
â–
&+0
4Ã…H
´ 2QWEGU
2KPEG
´ 2QWEGU
TGXÆVGOGPV RQWFTG TQWIG
%NÅU UGTTG VWDGU GP ‡5— CXGE TÅINCIG TCRKFG
´ OO
2QWEGU
TÃ…INCIG TCRKFG GV RTÃ…EKU FG N QWXGTVWTG RCT DQWVQP ¼ OÆOG NC RKÄEG Ã…EQPQOKG F GHHQTV RCT CWVQDNQECIG â– RCU FG FÃ…TÃ…INCIG KPVGORGUVKH FGU RQKIPÃ…GU FG NC RKPEG â– GTIQV FG RTQVGEVKQP Ã…XKVCPV NGU RKPEGOGPVU â– TÃ…UKUVCPEG ¼ NnGHHQTV OCZKOCNG RCT VTCKVGOGPV VJGTOKSWG KPVÃ…ITCN FGU RQKIPÃ…GU â– ITCPFG TÃ…UKUVCPEG ¼ N WUWTG RCT VTGORG CFFKVKQPPGNNG FG NC FGPVWTG â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
#WUUK FKURQPKDNG FÃ…UQTOCKU GP
XGTUKQP
4Ã…H
'#0
OO
2KPEG
2QKIPÃ…GU
TGXÆVGOGPV RQWFTG TQWIG
TGXÆVGOGPV RQWFTG ITKU
ICKPÃ…GU GP RNCUVKSWG
´ 2QWEGU
´ OO
2QWEGU
OO
I
%.Â¥5 5'44' 67$'5
2KPEGU RQWT UKRJQPU GV EQPPGEVGWTU RQWT UKRJQPU VWDGU GP RNCUVKSWG GV EQPPGEVGWTU &+0 +51
2QWT UKRJQPU VWDGU GP RNCUVKSWG GV EQPPGEVGWTU LWUSWo¼ OO FG FKCOÄVTG 4Ã…INCIG RTÃ…EKU RQWT CFCRVCVKQP QRVKOCNG CWZ FKCOÄVTGU NGU RNWU FKXGTU 4QDWUVG VTÄU TÃ…UKUVCPVG KFÃ…CNG RQWT UGTTGT GV FGUUGTTGT NGU TCEEQTFU FG UKRJQPU VW[CWVGTKGU GP RNCUVKSWG GV Ã…ETQWU TCEEQTFU TQPFU â– RQWT EQPPGEVGWTU ¼ XKUUGT O¾NGU GV HGOGNNGU VGNU SWG EQPPGEVGWTU TQPFU %CPPQP â– RQWT WP FGUUGTTCIG EQPHQTVCDNG FGU VW[CWZ UWT OCPEJQPU â– EJCTPKÄTG GPVTGRCUUÃ…G ¼ RQUKVKQPU FG TÃ…INCIG â– IÃ…QOÃ…VTKG GTIQPQOKSWG FGU DTCPEJGU â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
¼ O¾EJQKTGU FGPVGNÅGU LWUSWo¼ ´ OO ¼ O¾EJQKTGU GP RNCUVKSWG KPVGTEJCPIGCDNGU RQWT UWTHCEGU UGPUKDNGU LWUSWo¼ ´ OO
4Ã…H
'#0 OO
2KPEG PQKTG CVTCOGPVKUÃ…G EJTQOÃ…G PQKTG CVTCOGPVKUÃ…G EJTQOÃ…G
2QKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG ICKPÃ…GU GP RNCUVKSWG ICKPÃ…GU GP RNCUVKSWG ICKPÃ…GU GP RNCUVKSWG
%CRCEKVÅ RNCIG FG UGTTCIG ´ OO
I
RCKTGU FoKPUGTVU GP RNCUVKSWG RQWT
%.+/#6 &'
$+'0 ¦64'
2#4 .' 51.
%JCNGWT GV DKGP ÆVTG NGU LQWTU FG HTQKF s EoGUV EG SWG UQWJCKVCKGPV FÅL¼ NGU 4QOCKPU FG No#PVKSWKVÅ GP KPXGPVCPV NG EJCWHHCIG RCT NG UQN .GU EJCWHHCIGU OQFGTPGU RCT NG UQN ETÅGPV WP ENKOCV CODKCPV CITÅCDNG NCKUUGPV FCXCPVCIG FG RNCEG GV FG NKDGTVÅ ¼ NoCTEJKVGEVWTG KPVÅTKGWTG GV COÅNKQTGPV NGU EQPFKVKQPU UCPKVCKTGU PQVCOOGPV RQWT NGU CNNGTIKSWGU +PXKUKDNGU RQWT NGU WVKNKUC VGWTU FG NC RKÄEG FGU VW[CWZ GP RNCUVKSWG VTCPURQTVGPV NoGCW EJCWFG FW U[UVÄOG FG EJCWHHCIG ¥SWKRÅ FG EQWRG VWDGU -0+2': NG EJCWHHCIKUVG NGU EQWRG CKUÅ OGPV ¼ NC NQPIWGWT GZCEVG XQWNWG
2KPEGU URÅEKCNGU ENÅU WPKXGTUGNNGU RQWT CTOQKTGU FG EQOOCPFG %QWRG E¾DNGU RQWT E¾DNGU RNCVU 2KPEG RQWT EQWRGU QDNKSWGU 2KPEG RQWT RNCUVKSWGU GV IQWNQVVGU 28% %KUGCW RQWT ƂDTGU GP -'8.#4 %KUCKNNGU WPKXGTUGNNGU %QWRG VWDGU RQWT VWDGU ƃGZKDNGU GV ICKPGU FG RTQVGEVKQP %QWRG VWDGU RQWT VWDGU 2'4 GV /WNVKEQWEJG GV ICKPGU FG RTQVGEVKQP %QWRG VWDGU RQWT VWDGU /WNVKEQWEJG GV VWDGU GP RNCUVKSWG %QWRG VWDGU RQWT VWDGU GP RNCUVKSWG KPUVCNNCVKQP ÅNGEVTKSWG 2KPEGU ¼ UGTVKT NGU RTQƂNÅU 2KPEGU GORQTVG RKÄEGU )TKIPQVGWUG RQWT VÐNG 2KPEGU ¼ EÐPGU 2KPEG GORQTVG RKÄEGU TGXQNXGT 2KPEG ¼ ITKIPQVGT NG ECTTGNCIG RKPEG DGE FG RGTTQSWGV 2KPEG FG XKVTKGT 2KPEG RQWT NCORGU JCNQIÄPGU .CORG .'& OCIPÅVKSWG 6YKP-G[ %NÅU WPKXGTUGNNGU
.GU EJCWHHCIGU RCT NG UQN HQPV GUUGPVKGN NGOGPV CRRGN ¼ FGU VWDGU GP RNCUVKSWG ¼ RCTQK ÅRCKUUG .G DQP EQWRG VWDGU -0+2': RGTOGV FG NGU EQWRGT ¼ NC NQP IWGWT GZCEVG GP OÅPCIGCPV UGU HQTEGU
2+0%'5 52Â¥%+#.'5 '6 176+.5
%QWRG E¾DNGU RQWT E¾DNGU RNCVU
RQWT EQWRGT FGU E¾DNGU RNCVU UCPU NGU Ã…ETCUGT LWUSWn¼ OO FG NCTIGWT â– UWRRQTV FG EQWRG KPVGTEJCPIGCDNG CXGE Ã…SWGTTG RQWT EQWRGT ¼ CPING FTQKV â– CXGE TGUUQTV FnQWXGTVWTG GV U[UVÄOG FG XGTTQWKNNCIG â– EQTRU FG NnQWVKN CEKGT ¼ QWVKNU NCOKPÃ… VTGORÃ… ¼ NnJWKNG â– NCOG NCOG VTCRÃ…\QËFCNG UVCPFCTF KPVGTEJCPIGCDNG â–
'#0 OO 1WVKN EJTQOÃ…G ,GW FG NCOGU FG TGEJCPIG RQWT
4Ã…H
2KPEG RQWT EQWRGU QDNKSWGU RQWT RTQHKNÃ…U GP RNCUVKSWG GV GP ECQWVEJQWE
2QKIPÃ…GU CXGE ICKPGU GP RNCUVKSWG
.QPI FG NCOG OO
I
RQWT EQWRGT NGU RTQHKNÃ…U UQWRNGU GP RNCUVKSWG ECQWVEJQWE QW DQKU UCPU NGU Ã…ETCUGT Ã…ICNGOGPV RQWT NGU E¾DNGU RNCVU LWUSWn¼ OO FG NCTIGWT â– UWRRQTV FG EQWRG KPVGTEJCPIGCDNG CXGE Ã…SWGTTG RQWT EQWRGT ¼ WP CPING FG ÂŒ GV TGRÄTGU RQWT EQWRGT ¼ WP CPING FG ÂŒ ÂŒ GV ÂŒ â– CXGE TGUUQTV FnQWXGTVWTG GV U[UVÄOG FG XGTTQWKNNCIG â– EQTRU FG NoQWVKN CEKGT ¼ QWVKNU URÃ…EKCN NCOKPÃ… VTGORÃ… ¼ NoJWKNG â– NCOG NCOG VTCRÃ…\QËFCNG UVCPFCTF KPVGTEJCPIGCDNG â–
4Ã…H
'#0 OO
1WVKN EJTQOÃ…G
2QKIPÃ…GU CXGE ICKPGU GP RNCUVKSWG
,GW FG NCOGU FG TGEJCPIG RQWT
.QPI FG NCOG OO
I
2+0%'5 52Â¥%+#.'5 '6 176+.5
2KPEG RQWT RNCUVKSWGU
FÃ…OWNVKRNKECVKQP RCT IGPQWKNNÄTG URÃ…EKCNG IÃ…QOÃ…VTKG FGU VTCPEJCPVU VTÄU GHHKECEG â– EQTRU FG NoQWVKN CEKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO GP SWCNKVÃ… URÃ…EKCNG VTGORÃ… ¼ NoJWKNG â– EQWVGCWZ CEKGT ¼ QWVKNU URÃ…EKCN VTGORÃ… ¼ NoJWKNG â– â–
GV IQWNQVVGU 28%
.QPIWGWT FG NCOG FG |OO RQWT UGEVKQPPGOGPV FG NCTIGU IQWNQVVGU FG E¾DNGU [ EQORTKU RQWT RNCUVKSWGU LWUSWo¼ |OO FoÅRCKUUGWT
4Ã…H
'#0
OO
%KUGCWZ
2QKIPÅGU CXGE ICKPGU DK OCVKÄTG
%CRCEKVÃ…U FG EQWRG OO OCZ
.QPIWGWT FG NC NCOG OO
I
WPKSWGOGPV RQWT EQWRGT NGU HKDTGU GP -'8.#4Š FGU E¾DNGU ¼ HKDTGU QRVKSWGU PG EQPXKGPV RCU RQWT FnCWVTGU OCVÃ…TKCWZ â– OGWNCIG RTÃ…EKU ¼ FGPVU Ã…XKVCPV SWG NGU HKDTGU PG INKUUGPV GV ICTCPVKUUCPV WPG EQWRG PGVVG â– EJCTPKÄTG FG RTÃ…EKUKQP TKXGVÃ…G RQWT WP HQPEVKQPPGOGPV UCPU HTQVVGOGPV GV WPG EQWRG UCPU EQKPEGT NGU HKDTGU HKPGU â– UWTHCEG OGWNÃ…G GV EJTQOÃ…G FWT â– EQTRU FG NoQWVKN FG EQWRG CEKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO VTGORÃ… ¼ NoJWKNG â– RQKIPÃ…GU GTIQPQOKSWGU RNCUVKSWG TÃ…UKUVCPV CWZ EJQEU â–
RQWT HKDTGU GP -'8.#4Š
5$
-'8.#4Š GUV WPG OCTSWG FÅRQUÅG FG ' + FW 2QPV FG 0GOQWTU CPF %QORCP[
4Ã…H 5$
1WVKN DTWPKG
'#0
OO
%KUGCW EJTQOÃ…G
2QKIPÃ…GU ICKPCIG 28% RCT GZVTWUKQP
I
2+0%'5 52¥%+#.'5 '6 176+.5
%KUGCWZ WPKXGTUGNNGU
RQWT EQWRGT ECTVQP RNCUVKSWG GV HGWKNNGU GP CNWOKPKWO NCKVQP GV EWKXTG ■ PG EQPXKGPV PK ¼ NC EQWRG FW HKN FnCEKGT PK FG NC VÐNG FG HGT ■ VTCPEJCPVU VTGORÅU OGWNÅU CXGE RTÅEKUKQP ■ CXGE TGUUQTV FnQWXGTVWTG GV U[UVÄOG FG XGTTQWKNNCIG ■ GTIQV FG RTQVGEVKQP ÅXKVCPV NGU RKPEGOGPVU ■ EJCTPKÄTG XKUUÅG CLWUVCDNG ■ EQTRU FG NoQWVKN FG EQWRG CEKGT EJKTWTIKECN KPQZ[FCDNG VTGORÅ ¼ NoCKT ■ RQKIPÅGU RNCUVKSWG TÅUKUVCPV CWZ EJQEU ■
(QTOGG EQWFÅG s RQWT WPG TÅCNKUCVKQP UKORNG FGU EQWRGU NQPIWGU RQKIPÅGU GP RNCUVKSWG GTIQPQOKSWGU
40°
4ÅH
'#0
OO
40°
6ÆVG RQNKG RQNKG RQNKG
2QKIPÅGU ICKPCIG 28% RCT GZVTWUKQP ICKPCIG 28% RCT GZVTWUKQP ICKPCIG 28% RCT GZVTWUKQP
%QWRG VWDGU
RQWT NC EQWRG FG VWDGU GP RNCUVKSWG ¼ DQTFU HKPU RCT GZ VWDGU GP RNCUVKSWG DNKPFÅU GV VW[CWZ OÆOG FQWDNÅU FG VKUUW GP RNCUVKSWG QW ECQWVEJQWE FnWP FKCOÄVTG GZVÅTKGWT OCZ FG OO ■ PG EQPXKGPV RCU RQWT EQWRGT NGU E¾DNGU ■ CXGE TGUUQTV FnQWXGTVWTG GV U[UVÄOG FG XGTTQWKNNCIG ■ EQTRU FG NoQWVKN RNCUVKSWG TGPHQTEÅ FG HKDTGU FG XGTTG ■ EQWVGCWZ CEKGT ¼ QWVKNU URÅEKCN VTGORÅ ¼ NoJWKNG KPVGTEJCPIGCDNGU ■
RQWT VWDGU HNGZKDNGU GV ICKPGU FG RTQVGEVKQP
#XGE NCOG KPVGTEJCPIGCDNG
4ÅH
'#0 OO
%CRCEKVÅU FG EQWRG ´ OO
.COG FG TGEJCPIG RQWT
I
I
2+0%'5 52Â¥%+#.'5 '6 176+.5
%QWRG VWDGU
RQWT EQWRGT NGU VWDGU 2'4 GV OWNVKEQWEJG FnWP FKCOÄVTG FG ¼ OO GV NGU ICKPGU FG RTQVGEVKQP UQWRNGU FnWP FKCOÄVTG FG ¼ OO UCPU GPFQOOCIGT NG VWDG KPVÃ…TKGWT â– RQUUKDKNKVÃ… FG HKZGT WP ECNKDTG RCT GZ RQWT FGU VWDGU )GDGTKV FnWP FKCOÄVTG FG ¼ OO â– EQTRU FG NoQWVKN CEKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO GP SWCNKVÃ… URÃ…EKCNG VTGORÃ… ¼ NoJWKNG â– EQWVGCWZ CEKGT ¼ QWVKNU URÃ…EKCN VTGORÃ… ¼ NoJWKNG KPVGTEJCPIGCDNGU â–
RQWT VWDGU 2'4 GV /WNVKEQWEJG GV ICKPGU FG RTQVGEVKQP
.GU VWDGU OWNVKEQWEJG GV 2'4 FnWP FKCOÄVTG FG ¼ OO UQPV EQWRÅU PGV GV UCPU FÅ(QTOGCVKQP
4Ã…H
'#0 OO
1WVKN \KPIWÃ…G
2QKIPÅGU CXGE ICKPGU DK OCVKÄTG
.QPIWGWT FG NC NCOG OO
%CRCEKVÅ FG EQWRG ICKPGU FG RTQVGEVKQP ´ OO
%CRCEKVÅ FG EQWRG VWDGU FoCUUGODNCIG ´ OO
%QWRG PGVVG FG ICKPGU FG RTQVGEVKQP FnWP FKCOÄVTG FG ¼ OO
I
.COG FG TGEJCPIG RQWT VWDGU 2'4 GV /WNVKEQWEJG RCKTG FG NCOGU FG TGEJCPIG RQWT ICKPGU FG RTQVGEVKQP %CNKDTG RQWT VWDGU )GDGTKV
2+0%'5 52Â¥%+#.'5 '6 176+.5
%QWRG VWDGU
RQWT EQWRGT FGU VWDGU GP RNCUVKSWG GV OWNVKEQWEJG ¼ RCTQK Ã…RCKUUG FnWP FKCOÄVTG FG ¼ OO â– RQWT EQWRGT NGU VWDGU UGNQP NG RTKPEKRG FW ENKSWGV GP RNWUKGWTU EQWRU â– CXGE O¾EJQKTGU OQDKNGU RQWT WPG HKZCVKQP EQTTGEVG FW VWDG GV WPG EQWRG ¼ CPING FTQKV â– EQTRU FG NoQWVKN CEKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO GP SWCNKVÃ… URÃ…EKCNG VTGORÃ… ¼ NoJWKNG â– EQWVGCWZ CEKGT ¼ QWVKNU URÃ…EKCN VTGORÃ… ¼ NoJWKNG KPVGTEJCPIGCDNGU â–
RQWT VWDGU /WNVKEQWEJG GV VWDGU GP RNCUVKSWG
%QWRG PGVVG FG VWDGU GP RNCUVKSWG GV VWDGU OWNVKEQWEJG ¼ RCTQK ÅRCKUUG
'#0 4Ã…H OO
1WVKN \KPIWÃ…G
0G EQPXKGPV RCU RQWT EQWRGT NGU VWDGU GP RNCUVKSWG ¼ RCTQK HKPG 7VKNKUGT RQWT EGNC NC TÅH
%CRCEKVÅU FG EQWRG ´ OO
2QKIPÅGU CXGE ICKPGU DK OCVKÄTG
.QPIWGWT FGU VTCPEJCPVU OO
I
.COG FG TGEJCPIG RQWT
%QWRG VWDGU RQWT VWDGU GP RNCUVKSWG
KPUVCNNCVKQP Ã…NGEVTKSWG
RQWT EQWRGT UCPU DCXWTG NGU VWDGU GP RNCUVKSWG RCT GZ VWDGU CTOÃ…U GP RNCUVKSWG FnWP FKCOÄVTG EQORTKU GPVTG GV OO â– PG EQPXKGPV RCU RQWT EQWRGT FGU E¾DNGU â– NCOG KPVGTEJCPIGCDNG GV GZVTCEVKDNG FCPU PnKORQTVG SWGNNG RQUKVKQP â– GHHQTV RJ[UKSWG OKPKOCN IT¾EG ¼ NC IÃ…QOÃ…VTKG URÃ…EKCNG FGU VTCPEJCPVU GV ¼ WPG FÃ…OWNVKRNKECVKQP QRVKOCNG â– VTCXCKN OQKPU HCVKIWCPV IT¾EG ¼ FGU RQKIPÃ…GU GTIQPQOKSWGU GV ¼ WPG CXCPEG FG NC NCOG RTQITGUUKXG â– DQÊVKGT HQPVG FoCNWOKPKWO OQWNÃ…G UQWU RTGUUKQP NCSWÃ… TQWIG â– EQWVGCWZ CEKGT ¼ QWVKNU URÃ…EKCN VTGORÃ… ¼ NoJWKNG â–
4Ã…H
'#0 OO
$QÊVKGT GP CNWOKPKWO OQWNÅ UQWU RTGUUKQP NCSWÅ TQWIG
.COG FG TGEJCPIG RQWT
%CRCEKVÅU FG EQWRG ´ OO
.QPIWGWT FGU VTCPEJCPVU OO
I
2+0%'5 52¥%+#.'5 '6 176+.5
2KPEGU ¼ UGTVKT NGU RTQHKNÅU
RQWT NG TCEEQTFGOGPV UQNKFG FG VQWU NGU RTQHKNÅU WVKNKUÅU FCPU NGU ENQKUQPU GV HCWZ RNCHQPFU ■ RQWT TCKNU GV OQPVCPVU GP CNWOKPKWO LWUSWn¼ OO FnÅRCKUUGWT
Z OO ■ GHHQTV RJ[UKSWG OKPKOCN IT¾EG ¼ WPG FÅOWNVKRNKECVKQP QRVKOCNG RCT GHHGV FG NGXKGT ■ EQTRU FG NC RKPEG CEKGT ¼ QWVKNU URÅEKCN NCOKPÅ VTGORÅ ¼ NoJWKNG ■
RQWT RTKUG ¼ WPG UGWNG OCKP
2QUKVKQPPG\ NC RKPEG UWT FGWZ RTQHKNÅU GP VÐNG ¼ CUUGODNGT
4ÅH
'#0 OO
/
2KPEG DTWPKG DTWPKG
%CRCEKVÅ OCZ Z OO OCZ Z OO
I
2QKPÃQP FG TGEJCPIG RQWT /CVTKEGU FG TGEJCPIG RQWT
)TKIPQVGWUG RQWT VÐNG
RQWT EQWRGT NC VÐNG FG HGT FG EWKXTG GV FnCNWOKPKWO FnWPG ÅRCKUUGWT OCZ FG OO FG OO RQWT NG RNCUVKSWG ■ EQWRGT UCPU FÅHQTOGT NG OCVÅTKCW ■ DQTFU FG EQWRG PGVU NG RTQHKN FÅEQWRÅ PG PÅEGUUKVG CWEWPG HKPKVKQP ■ CXGE DTKUG EQRGCWZ ■ OCPKRWNCVKQP HCEKNG ■ NCTIGWT FG EQWRG OO ■ EQTRU FG NoQWVKN CEKGT ¼ QWVKNU URÅEKCN NCOKPÅ VTGORÅ ¼ NoJWKNG ■ EQWVGCWZ CEKGT ¼ QWVKNU URÅEKCN VTGORÅ ¼ NoJWKNG KPVGTEJCPIGCDNGU ■
2QKIPÅGU CXGE ICKPGU DK OCVKÄTG CXGE ICKPGU DK OCVKÄTG
.G RQKPÃQP GUV RTGUUÅ FCPU NGU RTQHKNÅU GP VÐNG
&ÅEQWRGT GV DTKUGT NGU EQRGCWZ GP WPG UGWNG QRÅTCVKQP
4ÅH
'#0 OO
1WVKN PKEMGNÅG
)TWIGT UCPU DTKUG EQRGCWZ
2QKIPÅGU CXGE ICKPGU DK OCVKÄTG
I
.COG FG TGEJCPIG RQWT
2+0%'5 52¥%+#.'5 '6 176+.5
2KPEGU GORQTVG RKÄEGU
.C RKPEG GORQTVG RKÄEGU FG -0+2': RGTOGV FG TÅCNKUGT HCEKNGOGPV TCRKFGOGPV GV RTQRTGOGPV FGU GPEQEJGU EQWTCPVGU FCPU FGU RNKPVJGU GP RNCUVKSWG GV FGU IQWNQVVGU FG E¾DNGU (KPKU NGU VTCXCWZ EQORNKSWÅU CXGE NC UEKG NGU GPEQEJGU PG PÅEGUUKVGPV RNWU FG HKPKVKQP
RKPEG URÅEKCNG RQWT FÅEQWRGT FGU GPEQEJGU FCPU FGU RNKPVJGU GV DQÊVKGTU GP RNCUVKSWG FCPU NG FQOCKPG FG NnKPUVCNNCVKQP ÅNGEVTKSWG GV UCPKVCKTG ■ NnGPEQEJG RGWV ÆVTG CITCPFKG ¼ XQNQPVÅ GP EQWRCPV RNWUKGWTU HQKU ■ DQTFU FG EQWRG PGVU NG RTQHKN FÅEQWRÅ PG PÅEGUUKVG CWEWPG HKPKVKQP ■ OCPKRWNCVKQP HCEKNG ■ CXGE TGUUQTV FnQWXGTVWTG NKOKVCVKQP FnQWXGTVWTG GV U[UVÄOG FG XGTTQWKNNCIG ■ EQTRU FG NC RKPEG CEKGT ¼ QWVKNU URÅEKCN NCOKPÅ VTGORÅ ¼ NoJWKNG ■
4ÅH
'#0
OO
2KPEG
2QKIPÅGU
DTWPKG
CXGE ICKPGU GP RNCUVKSWG
2KPEGU ¼ EÐPGU
■ ■
%CRCEKVÅ Z OO Z OO
I
RQWT XKUUCIGU VTÄU ÅVTQKVU #EKGT ¼ QWVKNU URÅEKCN HQTIÅ VTGORÅ ¼ NoJWKNG
&+0 +51 VÆVG FTQKVG VÆVG EQWFÅG ¼
20°
4ÅH
'#0
OO
20°
2KPEG PQKTG CVTCOGPVKUÅG PQKTG CVTCOGPVKUÅG
6ÆVG RQNKG RQNKG
2QKIPÅGU ICKPÅGU GP RNCUVKSWG ICKPÅGU GP RNCUVKSWG
¥XKFGOGPV ´ OO
¥RCKUUGWT FG NC VÆVG OO
I
2+0%'5 52Â¥%+#.'5 '6 176+.5
2KPEG GORQTVG RKÄEGU TGXQNXGT
RQWT RGTHQTGT NG EWKT NG VKUUW GV NG RNCUVKSWG CXGE DWUGU KPVGTEJCPIGCDNGU FnWP FKCOÄVTG FG OO â– CXGE TGUUQTV FnQWXGTVWTG GV U[UVÄOG FG XGTTQWKNNCIG â– TGXÆVGOGPV RQWFTG ICTCPVKUUCPV WPG DQPPG RTQVGEVKQP CPVKTQWKNNG â– %QTRU FG NC RKPEG GV DWUGU CEKGT ¼ QWVKNU URÃ…EKCN VTGORÃ… ¼ NnJWKNG â– â–
$WUGU KPVGTEJCPIGCDNGU UÃ…RCTÃ…OGPV
4Ã…H
'#0
OO
2KPEG TGXÆVGOGPV RQWFTG TQWIG
2KPEG ¼ ITKIPQVGT NG ECTTGNCIG
RKPEG DGE FG RGTTQSWGV
(KPKVKQP TGXÆVGOGPV RQWFTG
I
NGU VTQWU RTÃ… RGTEÃ…U FCPU NGU ECTTGCWZ RGWXGPV ÆVTG Ã…NCTIKU GV NGU DQTFU RGWXGPV ÆVTG (QTOGÃ…U â– #EKGT ¼ QWVKNU URÃ…EKCN HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
4Ã…H
'#0
OO
2KPEG PQKTG CVTCOGPVKUÃ…G
6ÆVG RQNKG
I
2+0%'5 52Â¥%+#.'5 '6 176+.5
2KPEG FG XKVTKGT
â– â–
RQWT FÅVCEJGT NGU DCPFGU FG XGTTG TCKPWTÅGU #EKGT ¼ QWVKNU URÅEKCN HQTIÅ VTGORÅ ¼ NoJWKNG
&+0 +51
4Ã…H
'#0
OO
2KPEG PQKTG CVTCOGPVKUÃ…G
2KPEGU ¼ ITWIGT NG XGTTG
6ÆVG RQNKG
2QKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG
.CTIGWT FGU DGEU OO
I
RQWT FÃ…VCEJGT NGU DCPFGU FG XGTTG Ã…VTQKVGU TCKPWTÃ…GU RQWT NC HKPKVKQP FGU DQTFU FW OQTEGCW FG XGTTG â– #EKGT ¼ QWVKNU URÃ…EKCN HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
&+0 +51
HKPKVKQP Ã…NCPEÃ…G CXGE TGUUQTV FnQWXGTVWTG
4Ã…H
'#0
OO
2KPEG PQKTG CVTCOGPVKUÃ…G PQKTG CVTCOGPVKUÃ…G
2KPEG FG XKVTKGT ¼ DGEU RNCVU &+0 +51
6ÆVG RQNKG RQNKG
2QKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG ICKPÃ…GU GP RNCUVKSWG
.CTIGWT FGU DGEU OO
I
CXGE O¾EJQKTGU UQWRNGU RGTOGVVCPV WPG RTÃ…JGPUKQP U×TG RQWT TGEVKHKGT GV PGVVQ[GT NGU DQTFU FG XKVTG RCT GZ NQTU FG NC TÃ…CNKUCVKQP FG XKVTCWZ â– #EKGT ¼ QWVKNU URÃ…EKCN HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
4Ã…H
'#0
OO
2KPEG PQKTG CVTCOGPVKUÃ…G
6ÆVG RQNKG
2QKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG
.CTIGWT FGU DGEU OO
I
2+0%'5 52Â¥%+#.'5 '6 176+.5
2KPEG RQWT NCORGU JCNQIÄPGU
RQWT NnKPUVCNNCVKQP FG FKQFGU GV NCORGU JCNQIÄPGU DGEU FG UCKUKG TGXÆVWU FG RNCUVKSWG â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
4Ã…H
'#0
OO
2KPEG PQKTG CVTCOGPVKUÃ…G
.CORG .'& OCIPÃ…VKSWG 2WKUUCPVG .WOKPGWUG %QORCEVG
6ÆVG RQNKG
2QKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG
I
RQWT NnÃ…ENCKTCIG FG \QPGU FG VTCXCKN QDUEWTGU HKZCVKQP ¼ NnQWVKN RCT RWKUUCPVU CKOCPVU â– VTÄU ITCPFG EQORCEKVÃ… â– CWVQPQOKG FnGPXKTQP JGWTGU CXGE RKNGU DQWVQPU KPVGTEJCPIGCDNGU %4 â– HKZCVKQP RCT OQWUSWGVQP â– DQÊVKGT GP RNCUVKSWG TÃ…UKUVCPV CWZ EJQEU â– â–
8
4Ã…H 8
'#0
I
%.Â¥5 70+8'45'..'5
-0+2': 6YKP-G[Š
7P ÅSWKRGOGPV DKGP ÅVWFKÅ GV WPG OKUG GP yWXTG FG JCWVG SWCNKVÅ .C ENÅ LWOGNÅG -0+2': 6YKP-G[Š ¼ JWKV HCKUEGCWZ GUV EQPUVKVWÅG FG FGWZ ETQKZ SWK UQPV GODQÊVÅGU NnWPG FCPU NnCWVTG CXGE WP CKOCPV
RQWT VQWVGU NGU CTOQKTGU GV U[UVÄOGU FG HGTOGVWTG UVCPFCTFU RTQHKNÅU ETQKZ ENÅ 6QWU NGU U[UVÄOGU FG HGTOGVWTG WUWGNU
ENÃ… OWNVKHQPEVKQPPGNNG RQWT NnCEVKQPPGOGPV FGU HGTOGVWTGU FGRWKU NGU \QPGU VGEJPKSWGU FGU D¾VKOGPVU EJCWHHCIG GV UCPKVCKTG VGEJPKSWG FG ENKOCVKUCVKQP GV FG XGPVKNCVKQP Ã…NGEVTQVGEJPKSWG CNKOGPVCVKQP GP IC\ GV GP GCW GV U[UVÄOGU FnCTTÆV â– XGTUKQP ¼ LGVU ENÃ…U ETWEKHQTOGU TGNKÃ…GU CW OQ[GP FnCKOCPVU CXGE Ã…EQPQOKG FG RNCEG â– GODQWV TÃ…XGTUKDNG HGPVG Z OO GV HGPVG ETWEKHQTOG 2* â– ENÃ… GV GODQWV TÃ…XGTUKDNG CEEQWRNÃ…U RCT WP HKN OÃ…VCNNKSWG TQDWUVG GP CEKGT KPQZ[FCDNG â– GPFWEVKQP UWTHCEKSWG FG JCWVG SWCNKVÃ… â– EQPUVTWEVKQP GP HQPVG FG \KPE UQWU RTGUUKQP QRVKOKUÃ…G GP RQKFU â–
4Ã…H
'#0
OO
´ OO
%CRCEKVÃ… GP
´ OO
´ OO
´ OO
´ OO
I
%.Â¥5 70+8'45'..'5
%NÃ…U WPKXGTUGNNGU
RQWT CTOQKTGU FG EQOOCPFG U[UVÄOGU FG HGTOGVWTG FnCNKOGPVCVKQP GP IC\ GCW GV Ã…NGEVTKEKVÃ… â– RQWT KPUVCNNCVKQPU VGEJPKSWGU FCPU NGU D¾VKOGPVU VGNNGU SWG ENKOCVKUC VKQP GV XGPVKNCVKQP UQWRCRGU FoCTTÆV DTCPEJGOGPVU CW TÃ…UGCW GVE â– CXGE GODQWV ¼ GORTGKPVG ¼ HGPVG Z OO GV GORTGKPVG ETWEKHQTOG 2* â– CXGE CFCRVCVGWT RQWT GODQWVU CVVCEJÃ… ¼ WPG EJCÊPG â– NQIGOGPV FnGODQWV CFFKVKQPPGN RQWT GODQWVU FCPU NnWPG FGU RQKIPÃ…GU â– <KPE OQWNÃ… UQWU RTGUUKQP â–
RQWT VQWVGU NGU CTOQKTGU GV U[UVÄOGU FG HGTOGVWTG UVCPFCTFU
RQKIPÃ…GU EQWTVGU NQPIWGWT VQVCNG OO RQKIPÃ…GU NQPIWGU NQPIWGWT VQVCNG OO
4Ã…H
%NÃ… WPKXGTUGNNG 2TQHK -G[
'#0
4Ã…H
%NÃ… WPKXGTUGNNG
4Ã…H
OO
I
'#0
OO
OO
OO
OO
I
RQWT U[UVÄOGU FG HGTOGVWTG FCPU NoÃ…NGEVTQVGEJPKSWG NoCNKOGPVCVKQP GP IC\ GV GP GCW NC VGEJPKSWG FG ENKOCVKUCVKQP GV FG XGPVKNCVKQP NoKPFWUVTKG NC VGEJPKSWG FGU D¾VKOGPVU GVE â– HGTOGVWTGU FKHHÃ…TGPVGU GP HQPVG FG \KPE OQWNÃ…G UQWU RTGUUKQP GP WPG UGWNG ENÃ… â– CXGE EJCÊPG COQXKDNG GV OQWUSWGVQP â– NQPIWGWT VQVCNG FGU RQKIPÃ…GU OO â– \KPE OQWNÃ… UQWU RTGUUKQP â–
RQWT VQWVGU NGU CTOQKTGU GV U[UVÄOGU FG HGTOGVWTG UVCPFCTFU
OO
RQWT NGU KPUVCNNCVKQPU FG EJCWHHCIG FG ENKOCVKUCVKQP UCPKVCKTGU GV FCPU NGU D¾VKOGPVU RCT GZ RQWT NGU RQKIPÅGU FG RQTVGU GV FG HGPÆVTGU QW RQWT NGU FKURQUKVKHU FG RWTIG FG EJCWHHCIG ■CXGE GODQWV ¼ GORTGKPVG ¼ HGPVG Z OO GV GORTGKPVG ETWEKHQTOG 2* ■CXGE CFCRVCVGWT RQWT GODQWVU CVVCEJÅ ¼ WPG EJCÊPG ■NQIGOGPV FnGODQWV CFFKVKQPPGN RQWT GODQWVU FCPU NnWPG FGU RQKIPÅGU ■NQPIWGWT VQVCNG FGU RQKIPÅGU OO ■<KPE OQWNÅ UQWU RTGUUKQP
OO
â–
RQWT U[UVÄOGU UVCPFCTFU FG HGTOGVWTG
OO
'#0
OO
OO
%NÅ WPKXGTUGNNG ‡%QPUVTWEVKQP—
OO
OO
OO
I
RQWT U[UVÄOGU FG HGTOGVWTG FCPU NoÃ…NGEVTQVGEJPKSWG NoCNKOGPVCVKQP GP IC\ GV GP GCW NC VGEJPKSWG FG ENKOCVKUCVKQP GV FG XGPVKNCVKQP NoKPFWUVTKG NC VGEJPKSWG FGU D¾VKOGPVU GVE â– HGTOGVWTGU FKHHÃ…TGPVGU GP HQPVG FG \KPE OQWNÃ…G UQWU RTGUUKQP GP WPG UGWNG ENÃ… â– XGTUKQP ‡ %QPUVTWEVKQP — ¼ GODQWV GPHKEJCDNG ¼ TGVGPWG OCIPÃ…VKSWG GPVTCÊPGWT RQWT UGTTWTKGT CXGE RGTHQTCVKQP 2< GV ECTTÃ… Ã…VCIÃ… â– CXGE NQIGOGPV FnGODQWV CKOCPVÃ… â– CXGE EJCÊPG COQXKDNG GV OQWUSWGVQP â– NQPIWGWT FGU RQKIPÃ…GU |OO â– <KPE OQWNÃ… UQWU RTGUUKQP â–
RQWT VQWVGU NGU CTOQKTGU GV U[UVÄOGU FG HGTOGVWTG UVCPFCTFU
8 %CRCEKVÃ…GP 4Ã…H 8
'#0
OO
´ OO
´ OO
´ OO
´ OO
´ OO
I
%.Â¥5 70+8'45'..'5
%NÃ… WPKXGTUGNNG
RQWT U[UVÄOGU FG HGTOGVWTG FCPU NoÃ…NGEVTQVGEJPKSWG NoCNKOGPVCVKQP GP IC\ GV GP GCW NC VGEJPKSWG FG ENKOCVKUCVKQP GV FG XGPVKNCVKQP NoKPFWUVTKG NC VGEJPKSWG FGU D¾VKOGPVU GVE â– SWCVTG HGTOGVWTGU FKHHÃ…TGPVGU GP HQPVG FG \KPE OQWNÃ…G UQWU RTGUUKQP GP WPG UGWNG ENÃ… â– CXGE NQIGOGPV FnGODQWV CKOCPVÃ… â– NQPIWGWT VQVCNG FGU RQKIPÃ…GU OO â– EQTRU GP RNCUVKSWG NCSWÃ… â–
RQWT VQWVGU NGU CTOQKTGU GV U[UVÄOGU FG HGTOGVWTG UVCPFCTFU
8
4Ã…H 8
'#0
OO
OO
OO
OO
I
%NÃ… RQWT CTOQKTGU FG EQOOCPFG HQTOG UV[NQ
ENÅ RQWT CTOQKTGU FG EQOOCPFG HCEKNG ¼ VTCPURQTVGT GP HQTOG FG UV[NQ CXGE ENKR FG HKZCVKQP ■CEEÄU ¼ SWCVTG RTQHKNU FG ENÅ FKHHÅTGPVU GP HCKUCPV DCUEWNGT NG RQTVG ENÅU ■RQWT CTOQKTGU FG EQOOCPFG U[UVÄOGU FG HGTOGVWTG FnCNKOGPVCVKQP GP IC\ GCW GV ÅNGEVTKEKVÅ ■RQWT KPUVCNNCVKQPU VGEJPKSWGU FCPU NGU D¾VKOGPVU VGNNGU SWG ENKOCVKUCVKQP GV XGPVKNCVKQP UQWRCRGU FoCTTÆV DTCPEJGOGPVU CW TÅUGCW GVE ■NQIGOGPV FoGODQWV WPKXGTUGN RQWT GODQWVU UVCPFCTF
CKOCPV RGTOCPGPV RQWT NC HKZCVKQP â– NQIGOGPV FnGODQWV CFFKVKQPPGN RQWT GODQWVU FCPU WP RTQHKN FG ENÃ… â– CXGE GODQWVU TÃ…XGTUKDNGU ETWEKHQTOG 2* HGPVG Z OO GV 6: 6: â– EQTRU FG NoQWVKN RNCUVKSWG TGPHQTEÃ… FG HKDTGU FG XGTTG â– RTQHKNU FG ENÃ… HQPVG FG \KPE OQWNÃ…G UQWU RTGUUKQP â–
RQWT VQWVGU NGU CTOQKTGU GV U[UVÄOGU FG HGTOGVWTG UVCPFCTFU
4Ã…H
'#0
OO
OO
OO
OO
I
%.¥5 70+8'45'..'5
%NÅ RQWT CTOQKTGU FG EQOOCPFG 2TQHK -G[ HQTOG UV[NQ
ENÅ RQWT CTOQKTGU FG EQOOCPFG HCEKNG ¼ VTCPURQTVGT GP HQTOG FG UV[NQ CXGE ENKR FG HKZCVKQP ■ CEEÄU ¼ VTQKU RTQHKNU FG ENÅ FKHHÅTGPVU GP HCKUCPV DCUEWNGT NG RQTVG ENÅU ■ ENÅ WPKXGTUGNNG RQWT VQWVGU NGU CRRNKECVKQPU FW D¾VKOGPV KORNKSWCPV FGU RTQHKNÅU RQWT NGU KPUVCNNCVKQPU FG EJCWHHCIG ENKOCVKUCVKQP UCPKVCKTGU GV VGEJPKSWGU RCT GZ RQWT RQKIPÅGU FG RQTVGU GV HGPÆVTGU QW RQWT NGU FKURQUKVKHU FG RWTIG FG EJCWHHCIG ■ NQIGOGPV FoGODQWV WPKXGTUGN p RQWT GODQWVU UVCPFCTF CKOCPV RGTOCPGPV RQWT NC HKZCVKQP ■ NQIGOGPV FnGODQWV CFFKVKQPPGN RQWT GODQWVU p FCPU WP RTQHKN FG ENÅ ■ CXGE GODQWV ETWEKHQTOG 2* GV RQUUKDKNKVÅ FG TCPIGOGPV RQWT WP UGEQPF GODQWV ■ EQTRU FG NoQWVKN RNCUVKSWG TGPHQTEÅ FG HKDTGU FG XGTTG ■ RTQHKNU FG ENÅ HQPVG FG \KPE OQWNÅG UQWU RTGUUKQP ■
RQWT U[UVÄOGU UVCPFCTFU FG HGTOGVWTG
4ÅH
'#0
OO
OO
OO
OO
I
%NÅ RQWT CTOQKTGU FG EQOOCPFG HQTOG UV[NQ
ENÅ RQWT CTOQKTGU FG EQOOCPFG HCEKNG ¼ VTCPURQTVGT GP HQTOG FG UV[NQ CXGE ENKR FG HKZCVKQP ■ FÅVGEVKQP UCPU EQPVCEV FG VGPUKQPU CNVGTPCVKXGU CXGE CHHKEJCIG QRVKSWG .'& TQWIG ICOOG FG VGPUKQP FG ¼ 8 ICOOG FG HTÅSWGPEG FG ¼ *\ ■ FÅVGEVKQP UCPU EQPVCEV FGU EJCORU OCIPÅVKSWGU CXGE VÅOQKP
.'& XGTVG ■ VQWEJG /#4%*' ■ CTTÆV CWVQOCVKSWG RQWT RTÅUGTXGT NC DCVVGTKG .oCRRCTGKN UG EQWRG CWVQOCVKSWGOGPV CRTÄU OKPWVGU FG PQP WVKNKUCVKQP ■ KPFKECVGWT ¼ &'. ENCKT CWVQEQPVTÐNG FG FKURQPKDKNKVÅ EQPVTÐNG FGU RKNGU NKIPG UQWU VGPUKQP ¼ RTQZKOKVÅ ■ EQORCTVKOGPV FG RKNGU CXGE EQWXGTENG ¼ XKU RQWT RKNGU DQWVQP ■ CEEÄU ¼ SWCVTG RTQHKNU FG ENÅ FKHHÅTGPVU GP HCKUCPV DCUEWNGT NG RQTVG ENÅU ■ RQWT CTOQKTGU FG EQOOCPFG U[UVÄOGU FG HGTOGVWTG FnCNKOGPVCVKQP GP IC\ GCW GV ÅNGEVTKEKVÅ ■ RQWT KPUVCNNCVKQPU VGEJPKSWGU FCPU NGU D¾VKOGPVU VGNNGU SWG ENKOCVKUC VKQP GV XGPVKNCVKQP UQWRCRGU FoCTTÆV DTCPEJGOGPVU CW TÅUGCW GVE ■ NQIGOGPV FoGODQWV WPKXGTUGN p RQWT GODQWVU UVCPFCTF CKOCPV RGTOCPGPV RQWT NC HKZCVKQP ■ NQIGOGPV FnGODQWV CFFKVKQPPGN RQWT GODQWVU p FCPU WP RTQHKN FG ENÅ ■ CXGE WP GODQWV TÅXGTUKDNG ¼ GORTGKPVG ETWEKHQTOG 2* GORTGKPVG ¼ HGPVG Z OO ■ EQTRU FG NoQWVKN RNCUVKSWG TGPHQTEÅ FG HKDTGU FG XGTTG ■ RTQHKNU FG ENÅ HQPVG FG \KPE OQWNÅG UQWU RTGUUKQP
■
CXGE FÅVGEVGWT FG VGPUKQP GV FG EJCOR OCIPÅVKSWG RQWT VQWVGU NGU CTOQKTGU GV U[UVÄOGU FG HGTOGVWTG UVCPFCTFU
4ÅH
'#0
OO
OO
OO
OO
I
64#05+6+10 ¥0'4)¥6+37'
.oÅNGEVTKEKVÅ UG IÅPÄTG FG RNWU GP RNWU CW OQ[GP FG UQWTEGU TGPQWXGNCDNGU VGNNGU SWoÅQNKGPPGU %GU FGTPKÄTGU PG RGWXGPV VQWVGHQKU UoWVKNKUGT FG OCPKÄTG QRVKOCNG SWG UWT SWGNSWGU UKVGU )ÅPÅTCVKQP GV EQP UQOOCVKQP FG NoÅNGEVTKEKVÅ RTGPPGPV CKPUK FG RNWU GP RNWU NGWTU FKUVCPEGU &G PQWXGN NGU NKIPGU FG VTCPURQTV GV FG FKUVTKDWVKQP EQODNGPV EGU FKUVCPEGU RQWT EQPVKPWGT ¼ ICTCPVKT ¼ NoCXGPKT NC UÅEWTKVÅ FGU CRRTQ XKUKQPPGOGPVU &GU EQWRG E¾DNGU -0+2': EQPVTKDWGPV ¼ NC OKUG GP RNCEG FG NoKP HTCUVTWEVWTG PÅEGUUCKTG GP UGEVKQPPCPV GP VQWVG UÅEWTKVÅ GV CXGE RTÅEKUKQP NGU E¾DNGU ÅNGEVTKSWGU FGU FKCOÄVTGU NGU RNWU FKXGTU
%QWRG E¾DNGU GV %QWRG E¾DNGU CEKGT %QWRG E¾DNGU %QWRG E¾DNGU ¼ FQWDNG VTCPEJCPVU %KUGCWZ FnÅNGEVTKEKGP %QWRG E¾DNGU RTKPEKRG FW ENKSWGV %QWRG E¾DNGU RTKPEKRG FW ENKSWGV CXGE DTCU VÅNGUEQRKSWGU %QWRG E¾DNGU CEKGT %QWRG E¾DNGU $QYFGP %QWRG E¾DNGU
3WoKN UoCIKUUG FG E¾DNGU GPVGTTÅU QW FG NKIPGU ENCUUKSWGU CW OWT s NGU EQWRG E¾DNGU -0+2': TÅRQPFGPV CWZ GZKIGPEGU NGU RNWU FKXGTUGU FGU RTQ HGUUKQPPGNU
%172'5 % $.'5 '6 %172'5 % $.'5 #%+'4
%QWRG E¾DNGU
RQWT EQWRGT NGU E¾DNGU GP EWKXTG GV GP CNWOKPKWO WPKHKNCKTGU GV OWNVKHKNCKTGU ■ PG EQPXKGPV PK ¼ NC EQWRG FW HKN FnCEKGT PK ¼ FGU EQPFWEVGWTU GP EWKXTG ÅVKTÅU ¼ HTQKF ■ VTCPEJCPVU VTGORÅU OGWNÅU CXGE RTÅEKUKQP ■ EQWRG FW E¾DNG PGVVG GV UCPU ÅETCUGOGPV ■ EQWRG HCEKNG CXGE RTKUG FnWPG UGWNG OCKP ■ GTIQV FG RTQVGEVKQP ÅXKVCPV NGU RKPEGOGPVU ■ EJCTPKÄTG XKUUÅG TÅINCDNG UÅEWTKVÅ CWVQOCVKSWG ■ #EKGT ¼ QWVKNU FG SWCNKVÅ URÅEKCNG HQTIÅ VTGORÅ ¼ NoJWKNG ■
(QTOG TGUUQTV FnQWXGTVWTG KPVÅITÅ FCPU NC EJCTPKÄTG KORGTFCDNG GV RTQVÅIÅ (QTO 1WVKN OWNVKHQPEVKQP RQWT OKUG GP yWXTG FG E¾DNGU 0;/ FG Z OO ¼ Z OO EQWRG FÅICKPCIG FÅPWFCIG 2QKPV FG FÅPWFCIG WPKXGTUGN RQWT NGU FGWZ UGEVKQPU FG EQPFWEVGWTU OCUUKHU EGPVTCIG GP VQWVG UÅEWTKVÅ FW E¾DNG CW RQKPV FG FÅPWFCIG RCT IÅQOÅVTKG GP 8 FGU VTCPEJCPVU
%QWRG FnWP E¾DNG CXGE WPG RKPEG EQWRCPVG FG EÐVÅ GHHQTV RJ[UKSWG RNWU KORQTVCPV EQWRG RGW PGVVG FÅHQTOCVKQP GV ÅETCUG OGPV KORQTVCPVU FW E¾DNG
%QWRG FnWP E¾DNG CXGE WP EQWRG E¾DNGU EQWRG HCEKNG GV PGVVG UCPU FÅHQTOCVKQP FW E¾DNG
¼ HQPEVKQP FG FÅPWFCIG
CXGE TGUUQTV FoQWXGTVWTG KPVÅITÅ ¼ NoCTVKEWNCVKQP
%CRCEKVÅU FG EQWRG 4ÅH
'#0
OO
(QTOG 1WVKN DTWPKG DTWPKG
2QKIPÅGU ICKPÅGU GP RNCUVKSWG CXGE ICKPGU DK OCVKÄTG
´ OO
OO
#9)
I
EJTQOÅG
KUQNÅGU CXGE ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
DTWPKG DTWPKG
ICKPÅGU GP RNCUVKSWG CXGE ICKPGU DK OCVKÄTG
EJTQOÅG
KUQNÅGU CXGE ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
DTWPKG
ICKPÅGU GP RNCUVKSWG
%172'5 %ž$.'5 '6 %172'5 %ž$.'5 #%+'4
%QWRG E¾DNGU ¼ FQWDNG VTCPEJCPVU
.G FQWDNG VTCPEJCPV RGTOGV WPG RTKUG GP OCKP GTIQPQOKSWG FCPU VQWVGU NGU UKVWCVKQPU FG EQWRG FCPU NC NKOKVG FG NC ECRCEKVÃ… KPFKSWÃ…G
RQWT EQWRGT NGU E¾DNGU GP EWKXTG GV CNWOKPKWO PG EQPXKGPV PK ¼ NC EQWRG FW HKN FnCEKGT PK ¼ FGU EQPFWEVGWTU GP EWKXTG Ã…VKTÃ…U ¼ HTQKF â– VTCPEJCPVU VTGORÃ…U OGWNÃ…U CXGE RTÃ…EKUKQP â– EQWRG FW E¾DNG PGVVG GV UCPU Ã…ETCUGOGPV â– FKXKUGT NG RTQEGUUWU FG EQWRG GP WPG EQWRG RTÃ…NKOKPCKTG ICKPG FCPU NC RCTVKG CXCPV FGU VTCPEJCPVU GV WPG EQWRG FÃ…HKPKVKXG EQPFWEVGWT FCPU NC RCTVKG CTTKÄTG FGU VTCPEJCPVU RGTOGV FG EQWRGT FnWPG UGWNG OCKP FGU E¾DNGU FnWP FKCOÄVTG OCZ FG |OO â– GHHQTV PÃ…EGUUCKTG HCKDNG IT¾EG ¼ WP TCRRQTV FG FÃ…OWNVKRNKECVKQP RTQRKEG GV ¼ FGU VTCPEJCPVU ¼ NC IÃ…QOÃ…VTKG QRVKOKUÃ…G â– GTIQV FG RTQVGEVKQP Ã…XKVCPV NGU RKPEGOGPVU â– EJCTPKÄTG XKUUÃ…G TÃ…INCDNG UÃ…EWTKVÃ… CWVQOCVKSWG â– #EKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
%QWRG RTÅNKOKPCKTG NG HCKV FnWVKNKUGT NG VTCPEJCPV CXCPV RQWT EQWRGT NnKUQNCVKQP FG E¾DNGU RNWU ÅRCKU RGTOGV FG EQPUGTXGT WP FÅDCVVGOGPV GTIQPQOKSWG
%QWRG FÅHKPKVKXG WPG HQKU NC ICKPG FW E¾DNG EQWRÅG FCPU NG RTQHKN CXCPV QP EQWRG NGU EQPFWEVGWTU FCPU NG RTQHKN CTTKÄTG %QWRG RTÅNKOKPCKTG ¼ NnCXCPV EQWRG FÅHKPKVKXG ¼ NnCTTKÄTG s NC EQWRG GUV RNWU HCEKNG
%CRCEKVÃ…U FG EQWRG '#0 4Ã…H
OO
1WVKN DTWPKG DTWPKG
2QKIPÅGU ICKPÅGU GP RNCUVKSWG CXGE ICKPGU DK OCVKÄTG
EJTQOÃ…G
EJTQOÃ…G
´ OO
OOÂŽ
#9)
I
KUQNÅGU CXGE ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
KUQNÃ…GU RCT UWTOQWNCIG EGTVKHKÃ…GU 8&'
%172'5 % $.'5 '6 %172'5 % $.'5 #%+'4
%QWRG E¾DNGU
PG EQPXKGPV PK ¼ NC EQWRG FW HKN FnCEKGT PK ¼ FGU EQPFWEVGWTU GP EWKXTG ÅVKTÅU ¼ HTQKF ■ VTCPEJCPVU VTGORÅU OGWNÅU CXGE RTÅEKUKQP ■ RCU FnÅETCUGOGPV FÅHQTOCVKQP FW E¾DNG HCKDNG ■ GTIQV FG RTQVGEVKQP ÅXKVCPV NGU RKPEGOGPVU ■ EJCTPKÄTG XKUUÅG CLWUVCDNG ■ EQTRU FG NoQWVKN FG EQWRG CEKGT EJKTWTIKECN KPQZ[FCDNG VTGORÅ ¼ NoCKT ■ RQKIPÅGU RNCUVKSWG TÅUKUVCPV CWZ EJQEU ■
RQWT EQWRGT NGU E¾DNGU FnWP FKCOÄVTG FG OO OO CXGE TGUUQTV FnQWXGTVWTG GV U[UVÄOG FG XGTTQWKNNCIG VTCPEJCPVU GP CEKGT KPQZ[FCDNG VTGORÅ ¼ NnJWKNG GV VTCKVÅ
RQWT NC EQWRG FG EQPFWEVGWTU GP EWKXTG WPKHKNCKTGU LWUSWn¼ OO OWNVKHKNCKTGU LWUSWn¼ OO GV HKNU HKPU LWUSWn¼ OO EQPFWEVGWTU GP CNWOKPKWO OWNVKHKNCKTGU LWUSWn¼ OO EQWRG HCEKNG FnWPG UGWNG OCKP IT¾EG ¼ WPG HQTVG FÅOWNVKRNKECVKQP CEKGT URÅEKCN KPQZ[FCDNG VTGORÅ ¼ NnJWKNG GV VTCKVÅ
%CRCEKVÅU FG EQWRG 4ÅH
'#0
OO
%KUGCWZ F ÅNGEVTKEKGP
6ÆVG 2QKIPÅGU RQNKG ICKPCIG 28% RCT GZVTWUKQP RQNKG KUQNÅGU ICKPCIG 28% RCT GZVTWUKQP EGTVKHKÅGU 8&'
´ OO
OO
#9)
/GWNCIG FG RTÅEKUKQP GV HKPG FGPVWTG RQWT WPG EQWRG PGVVG UCPU INKUUGT 6TCPEJCPV ¼ EQWRG E¾DNG #XGE RQEJGVVG FG EGKPVWTG GP RNCUVKSWG EKUGCWZ WPKXGTUGNU FnÅNGEVTKEKGP RQKIPÅGU CXGE ICKPGU DK OCVKÄTG TGPHQTEÅGU FG HKDTGU FG XGTTG ■ VTCPEJCPVU GP KPQZ FG FWTGVÅ *4% ■ ■
5$ 4ÅH 5$
'#0
OO
I
I
%172'5 %ž$.'5 '6 %172'5 %ž$.'5 #%+'4
%QWRG E¾DNGU
%QWTVG NQPIWGWT FG OO UGWNGOGPV (CKDNG RQKFU ITCPFG FÃ…OWNVKRNKECVKQP RQWT EQWRGT NGU E¾DNGU GP EWKXTG GV GP CNWOKPKWO WPKHKNCKTGU GV OWNVKHKNCKTGU â– PG EQPXKGPV PK ¼ NC EQWRG FW HKN FnCEKGT PK FW E¾DNG OÃ…VCNNKSWG â– VTCPEJCPVU VTGORÃ…U OGWNÃ…U CXGE RTÃ…EKUKQP â– EQWRG FW E¾DNG PGVVG GV UCPU Ã…ETCUGOGPV â– GHHQTV RJ[UKSWG HCKDNG IT¾EG ¼ WPG DQPPG FÃ…OWNVKRNKECVKQP GV ¼ WPG IÃ…QOÃ…VTKG FGU VTCPEJCPVU URÃ…EKCNG â– GTIQV FG RTQVGEVKQP Ã…XKVCPV NGU RKPEGOGPVU â– EJCTPKÄTG XKUUÃ…G CLWUVCDNG â– VÆVG EQWRCPVG CEKGT Ã…NGEVTKSWG CW XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– RQKIPÃ…GU VWDG FoCNWOKPKWO JCWVG TÃ…UKUVCPEG â–
)TCPFG ECRCEKVÃ… FKCO OCZ FG OO OOÂŽ
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0
OO
6ÆVG DTWPKG RQNKG
%QWRG E¾DNGU
´ OO
OOÂŽ
#9)
I
RQWT EQWRGT NGU E¾DNGU GP EWKXTG GV GP CNWOKPKWO WPKHKNCKTGU GV OWNVKHKNCKTGU â– PG EQPXKGPV PK ¼ NC EQWRG FW HKN FnCEKGT PK FW E¾DNG OÃ…VCNNKSWG â– VTCPEJCPVU VTGORÃ…U OGWNÃ…U CXGE RTÃ…EKUKQP â– EQWRG FW E¾DNG PGVVG GV UCPU Ã…ETCUGOGPV â– DQP TCRRQTV FG FÃ…OWNVKRNKECVKQP IT¾EG CW NGXKGT ¼ IGPQWKNNÄTG â– GTIQV FG RTQVGEVKQP Ã…XKVCPV NGU RKPEGOGPVU â– EJCTPKÄTG XKUUÃ…G CLWUVCDNG â– VÆVG EQWRCPVG XKUUÃ…G KPVGTEJCPIGCDNG â– VÆVG EQWRCPVG CEKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â– RQKIPÃ…GU VWDG FoCEKGT â–
2QKIPÅGU CXGE ICKPGU DK OCVKÄTG KUQNCVKQP RCT UWTOQWNCIG EGTVKHKÅGU 8&'
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0 OO
6ÆVG RQNKG RQNKG
2QKIPÃ…GU CXGE ICKPGU GP RNCUVKSWG KUQNCVKQP RCT UWTOQWNCIG EGTVKHKÃ…GU 8&'
´ OO
OOÂŽ
#9)
I
6ÆVG EQWRCPVG FG TGEJCPIG RQWT
%172'5 %ž$.'5 '6 %172'5 %ž$.'5 #%+'4
%QWRG E¾DNGU RTKPEKRG FW ENKSWGV
â–
RQWT EQPFWEVGWTU GP CNWOKPKWO LWUSWn¼ Z OOŽ
RQWT EQWRGT NGU E¾DNGU GP EWKXTG GV GP CNWOKPKWO WPKHKNCKTGU GV OWNVKHKNCKTGU ■PG EQPXKGPV PK ¼ NC EQWRG FW HKN FnCEKGT PK FW E¾DNG OÅVCNNKSWG ■VTCPEJCPVU VTGORÅU OGWNÅU CXGE RTÅEKUKQP ■EQWRG FW E¾DNG PGVVG GV UCPU ÅETCUGOGPV ■RTKUG FnWPG UGWNG OCKP IT¾EG CW RTKPEKRG FW ENKSWGV ■GHHQTV RJ[UKSWG TÅFWKV IT¾EG ¼ WPG FÅOWNVKRNKECVKQP VTÄU ÅNGXÅG ■GPVTCÊPGOGPV RCT EQWTQPPG FGPVÅG ¼ RQUKVKQPU RQWT WPG EQWRG HCEKNG ■OCPKRWNCVKQP HCEKNG IT¾EG ¼ UQP RQKFU HCKDNG GV ¼ UC EQPEGRVKQP EQORCEVG s WVKNKUCVKQP ÅICNGOGPV RQUUKDNG FCPU FGU GURCEGU GZKIWU ■GTIQV FG RTQVGEVKQP ÅXKVCPV NGU RKPEGOGPVU ■#EKGT ¼ QWVKNU FG SWCNKVÅ URÅEKCNG HQTIÅ VTGORÅ ¼ NoJWKNG
ITCPFG ECRCEKVÃ… FG EQWRG FKCO OCZ FG OO OOÂŽ
2TKPEKRG FW ENKSWGV GV GPVTCÊPGOGPV RCT EQWTQPPG FGPVÅG ¼ RQUKVKQPU RQWT WPG EQWRG OQKPU HCVKIWCPVG
ICKPG FGU RQKIPÃ…GU HKZG CXGE UWTHCEG FnCRRWK RQWT RQUGT NC RKPEG NQTU FG NC EQWRG
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0
OO
1WVKN NCSWÃ… PQKT NCSWÃ… PQKT
2QKIPÅGU CXGE ICKPGU DK OCVKÄTG CXGE ICKPGU DK OCVKÄTG
NCSWÃ… PQKT
KUQNÅGU CXGE ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
NCSWÃ… PQKT
.COG OQDKNG FG TGEJCPIG RQWT .COG OQDKNG FG TGEJCPIG RQWT
KUQNÅGU CXGE ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
´ OO
OOÂŽ
/%/
I
%172'5 %ž$.'5 '6 %172'5 %ž$.'5 #%+'4
%QWRG E¾DNGU RTKPEKRG ENKSWGV TÅINCIGU
2TGOKGT EQWRG E¾DNGU ¼ OCKP RQWT CEVKQPPGOGPV ¼ WPG GV FGWZ OCKPU UGEVKQPPCPV FGU E¾DNGU %W GV #N FnWP FKCOÄVTG CNNCPV LWUSWn¼ |OO 2QWT E¾DNGU LWUSWn ¼ WP FKCOÄVTG FG OO UKORNKEKVÅ FnWVKNKUCVKQP IT¾EG ¼ UC NÅIÄTGVÅ I GV ¼ UC EQORCEKVÅ NQPIWGWT OO s [ EQORTKU GP GURCEGU GZKIWU ■EQWRG E¾DNGU GP EWKXTG GV CNWOKPKWO LWUSWn ¼ WP FKCOÄVTG FG OO RCT CEVKQPPGOGPV ¼ WPG GV FGWZ OCKPU ■VTCPEJCPVU VTGORÅU GV TGEVKHKÅU CXGE RTÅEKUKQP EQWRG PGVVG GV RTQRTG UCPU ÅETCUGOGPV FW E¾DNG ■RQWT EQWRGT NGU E¾DNGU %W GV #N WPKHKNCKTGU GV OWNVKHKNCKTGU
PG EQPXKGPV PK CW HKN FnCEKGT PK CWZ E¾DNGU OÃ…VCNNKSWGU â– GPVT¾KPGOGPV ¼ EQWTQPPG FGPVÃ…G PQXCVGWT ¼ VTQKU TCRRQTVU GV ¼ HQTVG FÃ…OWNVKRNKECVKQP RQWT HCEKNKVGT NC EQWRG ¼ WPG QW FGWZ OCKPU â– ICKPG FG NC DTCPEJG HKZG CXGE UWTHCEG FnCRRWK RQWT RQUGT NC RKPEG NQTU FG NC EQWRG â– #EKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0
OO
1WVKN PQKTG CVTCOGPVKUÃ…G
6ÆVG RQNKG
2QKIPÅGU CXGE ICKPGU DK OCVKÄTG
PQKTG CVTCOGPVKUÃ…G
RQNKG
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
´ OO
OOÂŽ
/%/ I
0Ã…EGUUCKTG FG TÃ…RCTCVKQP FG NCOG QUEKNNCPVG RQWT GV 0Ã…EGUUCKTG FG TÃ…RCTCVKQP FG NCOG HKZG RQWT GV
%QWRG E¾DNGU RTKPEKRG FW ENKSWGV
5GEVKQPPG FGU E¾DNGU ¼ DNKPFCIG CEKGT FoWP FKCOÄVTG CNNCPV LWUSWo¼ OO OOŽ RCT GZ Z OOŽ GP WVKNKUCVKQP ¼ WPG QW FGWZ OCKPU 4QDWUVG /CPKCDNG 5QNKFG
RQWT E¾DNGU ¼ DNKPFCIG CEKGT E¾DNGU 59#
UKORNKEKVÅ FoWVKNKUCVKQP IT¾EG ¼ UC NÅIÄTGVÅ I GV ¼ UC EQORCEKVÅ
OO FG NQPI s [ EQORTKU GP GURCEGU GZKIWU â– VTCPEJCPVU CHH×VÃ…U CXGE RTÃ…EKUKQP GV VTGORÃ…U RCT KPFWEVKQP EQWRG PGVVG GV RTQRTG UCPU Ã…ETCUGOGPV FW E¾DNG â– EQWTQPPG FGPVÃ…G KPPQXCPVG ¼ VTQKU TCRRQTVU ¼ ITCPFG FÃ…OWNVKRNKECVKQP ■¼ UWTHCEG FoCRRWK NQTU FG NC EQWRG â– PG EQPXKGPV RCU ¼ NC EQWRG FG E¾DNGU #%54 PK FG E¾DNGU OÃ…VCNNKSWGU â– #EKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
#
6TCPEJCPV HTCKUÃ… CXGE RTÃ…EKUKQP GV VTGORÃ… RCT KPFWEVKQP
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0
OO
#
#
# #
1WVKN
2QKIPÃ…GU
´ OO
OOÂŽ
/%/
NCSWÃ… PQKT
CXGE ICKPGU DK OCVKÄTG
NCSWÃ… PQKT
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
0Ã…EGUUCKTG FG TÃ…RCTCVKQP FG NCOG OQDKNG RQWT # GV # RTKPEKRG FW ENKSWGV 0Ã…EGUUCKTG FG TÃ…RCTCVKQP FG NCOG HKZG RQWT # GV # RTKPEKRG FW ENKSWGV
%172'5 %ž$.'5 '6 %172'5 %ž$.'5 #%+'4
%QWRG E¾DNGU RTKPEKRG FW ENKSWGV
.QPIWGWT GV CPING FGU RQKIPÃ…GU TÃ…INCDNGU RQWT HCEKNKVGT NG VTCXCKN TÃ…INGT NC NQPIWGWT FGU RQKIPÃ…GU UWT NG DTCU FG NGXKGT QRVKOCN RQWT RGTOGVVTG WPG EQWRG RWKUUCPVG EQWFGT NGU RQKIPÃ…GU RQWT QDVGPKT WPG RKPEG GTIQPQOKSWG HCVKIWCPV OQKPU NC OCKP GV NG DTCU
CXGE DTCU VÃ…NGUEQRKSWGU
%QWRG E¾DNGU ¼ RQKIPÅGU VÅNGUEQRKSWGU TÅINCDNGU GV EQWFCDNGU RQWT E¾DNGU FnWP FKCOÄVTG OCZ FG |OO RQKIPÅGU EQWFCDNGU RQWT TÅINGT NnQWXGTVWTG QRVKOCNG EQPXKGPV ÅICNGOGPV RQWT NGU VTCXCWZ GP GURCEG GZKIWU ■VTCXCKN EQPHQTVCDNG IT¾EG CW RTKPEKRG FW ENKSWGV GV ¼ WP RQKFU HCKDNG ■RQKIPÅGU VÅNGUEQRKSWGU JCWVG TÅUKUVCPEG GP VWDG QXCNG FnCNWOKPKWO GZVGPUKDNG LWUSWn¼ |OO RQWT WP DTCU FG NGXKGT OCZKOCN CXGE FGU E¾DNGU FG ITQU FKCOÄVTG TÅVTCEVCDNG ¼ |OO RQWT RTGPFTG WP OKPKOWO FG RNCEG RGPFCPV NG VTCPURQTV ■VÆVG EQWRCPVG KPVGTEJCPIGCDNG ■RNWU ITCPFG ECRCEKVÅ FG EQWRG FG E¾DNGU GP EWKXTG GV GP CNWOKPKWO FnWP FKCOÄVTG OCZ FG |OO QW FnWPG UGEVKQP OCZ FG OOŽ
RCT GZ Z OOÂŽ 0;; â– EQWRG RNWU HCEKNG GV RNWU PGVVG IT¾EG ¼ FGU VTCPEJCPVU ¼ NC IÃ…QOÃ…VTKG QRVKOKUÃ…G â– EJCTPKÄTG XKUUÃ…G CLWUVCDNG â– VÆVG EQWRCPVG CEKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG VTGORÃ… ¼ NnJWKNG â– RQKIPÃ…GU VWDG QXCNG GP CNWOKPKWO JCWVG TÃ…UKUVCPEG â–
CXGE DQWVQP FG TÃ…INCIG
4Ã…INCIG FnWPG QWXGTVWTG RTCVKSWG
#RTÄU CXQKT TÅCNKUÅ NC EQWRG RTÅNKOKPCKTG QWXTKT NGU RQKIPÅGU ¼ NnCKFG FW ENKSWGV
1WXTKT GV HGTOGT NC RKPEG UCPU CTTÆV LWUSWn¼ EG SWG NG E¾DNG UQKV UGEVKQPPÅ
%CRCEKVÃ…U FG EQWRG '#0 4Ã…H OO
6ÆVG DTWPKG
2QKIPÅGU CXGE ICKPGU DK OCVKÄTG
6ÆVG EQWRCPVG FG TGEJCPIG RQWT
´ OO
OOÂŽ
/%/ I
%172'5 %ž$.'5 '6 %172'5 %ž$.'5 #%+'4
%QWRG E¾DNGU RTKPEKRG FW ENKSWGV CXGE DTCU VÅNGUEQRKSWGU
RQWT E¾DNGU GP EWKXTG GV CNWOKPKWO WPKHKNCKTGU GV OWNVKHKNCKTGU s EQPXKGPV Ã…ICNGOGPV CWZ E¾DNGU ¼ ICKPG GP RNCUVKSWG QW GP ECQWVEJQWE TKIKFGU â– PG EQPXKGPV PK ¼ NC EQWRG FW HKN FnCEKGT PK FW E¾DNG OÃ…VCNNKSWG â– EQPXKGPV Ã…ICNGOGPV CWZ E¾DNGU ¼ CTOWTG GP HGWKNNCTF FnCEKGT â– ICKP FG HQTEG EQPUKFÃ…TCDNG IT¾EG ¼ WPG FÃ…OWNVKRNKECVKQP QRVKOCNG â– RWKUUCPEG FG EQWRG Ã…NGXÃ…G IT¾EG ¼ WPG RTKUG ¼ FGWZ OCKPU GV CW RTKPEKRG FW ENKSWGV â– QWVKN RQWXCPV UnQWXTKT FCPU PnKORQTVG SWGNNG RQUKVKQP FG EQWRG â– NQPIWGWT FGU RQKIPÃ…GU TÃ…INCDNG GP RNWUKGWTU Ã…VCRGU FG ¼ OO GPEQODTGOGPV OKPKOCN RGPFCPV NG VTCPURQTV CFCRVCVKQP KPFKXKFWGNNG CWZ EQPFKVKQPU FG VTCXCKN â– NCOG CEKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG VTGORÃ… ¼ NnJWKNG â– RQKIPÃ…GU VWDG QXCNG GP CNWOKPKWO JCWVG TÃ…UKUVCPEG â–
NQPIWGWT FG NnQWVKN ¼ OO RQKFU FG I UGWNGOGPV NQPIWGWT FG NnQWVKN ¼ OO RQKFU FG I UGWNGOGPV
CXGE DQWVQP FG TÃ…INCIG
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0 OO
6ÆVG
2QKIPÃ…GU
DTWPKG
CXGE ICKPGU DK OCVKÄTG
´ OO
OOÂŽ
/%/
I
.COG OQDKNG FG TGEJCPIG RQWT .COG OQDKNG FG TGEJCPIG RQWT
%172'5 %ž$.'5 '6 %172'5 %ž$.'5 #%+'4
%QWRG E¾DNGU CEKGT HQTIÅ
%QWRG PGVVG GV UCPU GHHKNQEJCIG FG VQWU NGU E¾DNGU OÅVCNNKSWGU OÆOG EGWZ FnWPG FWTGVÅ OCZKOCNG
FQWDNG HQPEVKQP EQWRG PGVVG UGTVKUUCIG RTÃ…EKU
CXGE FGWZ RTQHKNU FG UGTVKUUCIG RQWT GODQWVU UWT ICKPG FG E¾DNGU $QYFGP GV GODQWVU RQWT E¾DNG FG VTCEVKQP â– VTCXCKN EQPHQTVCDNG IT¾EG ¼ UC HQTOG GHHKNÃ…G RTCVKSWG GV ¼ UQP TGUUQTV FnQWXGTVWTG GPECUVTÃ… â– EJCTPKÄTG XKUUÃ…G RQWT WP IWKFCIG FG NCOG RTÃ…EKU TÃ…CLWUVCDNG â– HQTVG FÃ…OWNVKRNKECVKQP RGTOGVVCPV FnÃ…EQPQOKUGT UC HQTEG â– FWTGVÃ… FGU VTCPEJCPVU FnGPX *4% â– #EKGT JCWVG RGTHQTOCPEG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
5GTVKUUCIG FG NnGODQWV UWT NG E¾DNG VTCEVGWT
UGTVKUUCIG FGU GODQWVU UWT NGU ICKPGU $QYFGP
)WKFCIG RTÅEKU IT¾EG ¼ WPG EJCTPKÄTG XKUUÅG
4GUUQTV FnQWXGTVWTG GPECUVTÃ…
5Ã…EWTKVÃ… VTCPURQTV GV NKOKVCVKQP FnQWXGTVWTG
2TQHKNU FG UGTVKUUCIG
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0
OO
6ÆVG
2QKIPÃ…GU
RQNKG
ICKPÃ…GU GP RNCUVKSWG
´ OO ´ OO ´ OO ´ OO
I
DTWPKG
CXGE ICKPGU DK OCVKÄTG
%172'5 %ž$.'5 '6 %172'5 %ž$.'5 #%+'4
%QWRG E¾DNGU $QYFGP
RQWT E¾DNGU $QYFGP GV HKN FnCEKGT FQWZ Ã…ICNGOGPV 8 # FnWP FKCOÄVTG OCZ FG OO â– EQWRG HCEKNG GV PGVVG IT¾EG ¼ NC HQTOG FGU VTCPEJCPVU URÃ…EKCNG â– VTCPEJCPVU GP HQTOG FG HCWEKNNG Ã…RQWUCPV NC HQTOG FG NnÃ…NÃ…OGPV ¼ EQWRGT GV Ã…XKVCPV NnGHHKNQEJG OGPV FGU VQTQPU â– GHHQTV RJ[UKSWG TÃ…FWKV IT¾EG ¼ WPG FÃ…OWNVKRNKECVKQP VTÄU Ã…NGXÃ…G â– CXGE TGUUQTV FnQWXGTVWTG GV U[UVÄOG FG XGTTQWKNNCIG â–
VTCPEJCPVU VTGORÃ…U RCT KPFWEVKQP â– #EKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
%CRCEKVÃ…U FG EQWRG '#0
4Ã…H
OO
%KUGCW PQKTG CVTCOGPVKUÃ…G
%QWRG E¾DNGU
´ OO
I
RQWT HKNU FnCEKGT GV HGTU TQPF E¾DNGU GP EWKXTG GV CNWOKPKWO ■EQPXKGPV RQWT UGEVKQPPGT NGU E¾DNGU CÅTKGPU ¼ HKN CPVKVTCEVKQP ■RQKPVGU FG EQWVGCWZ CPIWNCKTGU RGTOGVVCPV FG UGEVKQPPGT FGU DTKPU FG E¾DNG KPFKXKFWGNU ■FÅOWNVKRNKECVKQP QRVKOCNG RQWT WPG RWKUUCPEG FG EQWRG ÅNGXÅG ■VÆVG EQWRCPVG XKUUÅG KPVGTEJCPIGCDNG ■RQKFU HCKDNG ■VÆVG EQWRCPVG CEKGT ¼ QWVKN FG SWCNKVÅ URÅEKCNG VTGORÅ ¼ NoJWKNG ■RQKIPÅGU CNWOKPKWO JCWVG TKIKFKVÅ
2QKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG
â–
6ÆVG RQNKG
VÆVG EQWRCPVG TGPHQTEÅG RQWT WPG RNWU ITCPFG RGTHQTOCPEG EQPXKGPV ÅICNGOGPV ¼ NC EQTFG ¼ RKCPQ
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0 OO
6ÆVG RQNKG RQNKG RQNKG RQNKG
2QKIPÃ…GU CXGE ICKPGU GP RNCUVKSWG CXGE ICKPGU GP RNCUVKSWG KUQNCVKQP RCT UWTOQWNCIG CXGE ICKPGU GP RNCUVKSWG
OOÂŽ
´ OO ´ OO ´ OO #9) I
6ÆVG EQWRCPVG FG TGEJCPIG RQWT 6ÆVG EQWRCPVG FG TGEJCPIG RQWT 6ÆVG EQWRCPVG FG TGEJCPIG RQWT
5#78'6#)'
2Â¥4+..'7: 2#4 .'5 #+45
.G UCWXGVCIG GP OQPVCIPG GUV WP FÅƂ NCPEÅ ¼ NoJQOOG GV ¼ NC VGEJPKSWG .G RKNQ VG FQKV OCKPVGPKT UQP JÅNKEQRVÄTG CW RNWU RTÄU FW TQEJGT RCT XGPVU GV KPVGORÅTKGU %oGUV RQWT NWK NG UGWN OQ[GP FG FÅDCT SWGT FGU UCWXGVGWTU QW FoGODCTSWGT FGU DNGUUÅU &GU U[UVÄOGU FG RTQRWNUKQP GV FG EQOOCPFG VTÄU EQORNGZGU RGTOGVVGPV FoGZÅEWVGT EGU OCPyWXTGU TKUSWÅGU CW OQ[GP FoWPG VTCPUOKUUKQP GZVTÆOGOGPV RTÅEKUG GV ƂCDNG FGU UKIPCWZ &GU RKPEGU ¼ UGTVKT -0+2': GZÅEWVGPV EGU UGTVKUUCIGU GV DKGP FoCWVTGU GP VQWVG UÅEWTKVÅ GV GP VQWVG ƂCDKNKVÅ
2KPEGU ¼ UGTVKT #UUQTVKOGPVU FG UGTVKUUCIG 2KPEGU ÅVCWZ ¼ UGTVKT 2KPEGU ¼ UGTVKT 1WVKN FG OQPVCIG /WNVK%TKORŠ 2KPEGU ¼ UGTVKT WPKXGTUGNNGU G%TKOR
2TQƂNU FG UGTVKUUCIG 2QUKVKQPPGWTU /CNNGVVG ¼ QWVKNU RQWT NG RJQVQXQNVCËSWG /CNNGVVG ¼ QWVKNU RQWT NG RJQVQXQNVCËSWG /% /WNVK %QPVCEV 1WVKN FG OQPVCIG RQWT EQPPGEVGWTU /% ,GW FG ENÅU FG OQPVCIG RQWT EQPPGEVGWTU /% 1WVKN FG EQORTGUUKQP 2KPEG ¼ UGTVKT RQWT EQPPGEVGWTU 5EQVEJNQM CXGE VTCPEJCPVU 2KPEGU ¼ UGTVKT RQWT ƂEJGU 9GUVGTP 2KPEGU ¼ UGTVKT HQTOG EQWTVG 2KPEGU ¼ UGTVKT ÅICNGOGPV RQWT RTKUG ¼ FGWZ OCKPU 2TGEK(QTEGŠ 2KPEGU ¼ UGTVKT ¼ SWCVTG RQKPVU RQWT EQPVCEVU VQWTPÅU 2KPEGU ¼ UGTVKT CWVQ CLWUVCDNGU RQWT GODQWVU FG E¾DNG CXGE CEEÄU NCVÅTCN 2KPEGU ¼ UGTVKT CWVQ CLWUVCDNGU RQWT GODQWVU FG E¾DNG KPVTQFWEVKQP HTQPVCNG 2KPEG ¼ UGTVKT RQWT OKETQ EQPPGEVGWTU 2KPEGU ¼ UGTVKT RQWT GODQWVU FG E¾DNG 2KPEG ¼ UGTVKT RQWT GODQWVU FG E¾DNG KPVTQFWEVKQP HTQPVCNG #UUQTVKOGPVU FG UGTVKUUCIG RQWT GODQWVU FG E¾DNG #UUQTVKOGPVU FG UGTVKUUCIG RQWT TCEEQTFU FG E¾DNG 4CEEQTFU FG E¾DNG .GU UGTVKUUCIGU ECTTÅU UoWVKNKUGPV RQWT FGU NKCKUQPU RCTVKEWNKÄTGOGPV U×TGU &GU RKPEGU ¼ UGTVKT -0+2': RGTOGVVGPV FG NGU GZÅEWVGT GP VQWVG ƂCDKNKVÅ
2+0%'5 œ 5'46+4
2KPEG ÅVCWZ ¼ UGTVKT
RQWT EQPPGZKQPU Ã…NGEVTKSWGU UCPU UQWFCIG NGXKGT FG FGUUGTTCIG TCRKFG â– RTGUUKQP FG UGTTCIG Ã…NGXÃ…G CXGE WP GHHQTV RJ[UKSWG TÃ…FWKV IT¾EG ¼ NC FÃ…OWNVKRNKECVKQP RCT IGPQWKNNÄTG â– SWCNKVÃ… FG UGTVKUUCIG EQPUVCPVG GV HQTEG FnGZVTCEVKQP Ã…NGXÃ…G IT¾EG CWZ TCKPWTGU FnCTTÆV UKVWÃ…GU ¼ NnGZVTÃ…OKVÃ… â– RTGUUKQP TÃ…INCDNG â– #EKGT URÃ…EKCN JCWVG TÃ…UKUVCPEG â– â–
#
'#0
4Ã…H
#
OO
2KPEG
#RRNKECVKQPY
DTWPKG
EQUUGU GV EQPPGEVGWTU KUQNÃ…U
2KPEGU ¼ UGTVKT
%CRCEKVÃ… OOÂŽ
#9)
I
RQWT EQWRGT GV FÃ…PWFGT NGU E¾DNGU GV RQWT UGTVKT NGU EQUUGU GV NGU EQPPGEVGWTU KUQNÃ…U GV PQP KUQNÃ…U GV NGU EQPPGEVGWTU QWXGTVU â– CXGE VTQWU HKNGVÃ…U RQWT NC EQWRG FG VKIGU HKNGVÃ…GU GP EWKXTG QW GP NCKVQP / / / / GV / â– RNWU FG UVCDKNKVÃ… GV OQWXGOGPV UCPU ¼ EQWRU IT¾EG ¼ NC EJCTPKÄTG XKUUÃ…G â– #EKGT URÃ…EKCN JCWVG TÃ…UKUVCPEG â–
4Ã…H
'#0
OO
$
%
2KPEG
2QKIPÃ…GU
#RRNKECVKQP
%CRCEKVÃ… OOÂŽ
#9)
I
DTWPKG
CXGE ICKPGU DK OCVKÄTG
EQUUGU GV EQPPGEVGWTU KUQNÃ…U
DTWPKG
CXGE ICKPGU DK OCVKÄTG
EQPPGEVGWTU PQP KUQNÅU ¼ H×V QWXGTV
NCTIGWT FG EQPPGEVGWT OO
DTWPKG
CXGE ICKPGU DK OCVKÄTG
EQUUGU GV EQPPGEVGWTU PQP KUQNÃ…U
PQKTG NCSWÃ…G
EQUUGU GV EQPPGEVGWTU KUQNÃ…U
CXGE ICKPGU DK OCVKÄTG
EQPPGEVGWTU PQP KUQNÅU ¼ H×V QWXGTV
NCTIGWT FG EQPPGEVGWT OO
2+0%'5 œ 5'46+4
2KPEG ¼ UGTVKT
RQWT EQWRGT GV FÃ…PWFGT NGU E¾DNGU GV RQWT UGTVKT NGU EQUUGU GV NGU EQPPGEVGWTU KUQNÃ…U GV PQP KUQNÃ…U â– CXGE VTQWU HKNGVÃ…U RQWT NC EQWRG FG VKIGU HKNGVÃ…GU GP EWKXTG QW GP NCKVQP / / / / GV / â– #EKGT URÃ…EKCN JCWVG TÃ…UKUVCPEG â–
4Ã…H
'#0
OO
2KPEG
2QKIPÃ…GU
#RRNKECVKQP
DTWPKG
CXGE ICKPGU GP RNCUVKSWG
EQUUGU GV EQPPGEVGWTU KUQNÃ…U
1WVKN FG OQPVCIG RQWT .5# 2NWU GV UKOKNCKTG
#9)
I
EQUUGU GV EQPPGEVGWTU PQP KUQNÃ…U
%CRCEKVÃ… OOÂŽ
QWVKN RQWT RTKUGU FG EQWTCPVU FGU RTKUGU FG EQWTCPV EQODKPÃ…GU QW FGU EJCORU â– RTGUUKQP GV EQWRG GP WPG UGWNG QRÃ…TCVKQP â– RQWT E¾DNGU 762 GV 562 CXGE EQPFWEVGWT FnWP FKCOÄVTG FG ¼ OO â– CXGE ETQEJGV GV NCOG FG FÃ…XGTTQWKNNCIG KPVÃ…ITÃ…U â– DQÊVKGT RNCUVKSWG TÃ…UKUVCPV CWZ EJQEU â–
2TGUUKQP GV EQWRG GP WPG UGWNG QRÃ…TCVKQP
4Ã…H
'#0
OO
6ÆVG DTWPKG
#RRNKECVKQP E¾DNGU 762 GV 562 .5# 2NWU GV UKOKNCKTG
#XGE ETQEJGV KPVÃ…ITÃ…
%CRCEKVÅ ´ OO
I
2+0%'5 œ 5'46+4
-0+2': /WNVK%TKORŠ
.C RKPEG ¼ UGTVKT RQWT NGU VTCXCWZ FnKPUVCNNCVKQP GV FG TÅRC TCVKQP SWK RGTOGV FnÅEQPQOKUGT FG NC RNCEG FG NnCTIGPV GV FW RQKFU .nKPUVCNNCVGWT PnC FÅUQTOCKU RNWU DGUQKP SWG FnWP UGWN QWVKN CW NKGW FG EKPS
2KPEGU ¼ UGTVKT CXGE RQTVG RTQHKNU
WP UGWN QWVKN RQWT NGU UGTVKUUCIGU NGU RNWU EQWTCPVU EJCPIGOGPV TCRKFG GV UKORNG FGU RTQHKNU FG UGTVKUUCIG UCPU QWVKN UWRRNÃ…OGPVCKTG â– UVQEMCIG U×T GV RTQVÃ…IÃ… FGU RTQHKNU KPVGTEJCPIGCDNGU FCPU WP OCICUKP TQPF â– RKPEG ¼ UGTVKT EQPHQTVCDNG RGTHQTOCPVG GV FG SWCNKVÃ… RTQHGUUKQPPGNNG â– TÃ…UWNVCVU FG UGTVKUUCIG HKCDNGU EQORCTCDNGU CWZ RTQHKNU FG UGTVKUUCIG HKZGU â– SWCNKVÃ… FG UGTVKUUCIG VQWLQWTU Ã…NGXÃ…G IT¾EG CWZ RTQHKNU FG RTÃ…EKUKQP GV CW DNQECIG HQTEÃ… FÃ…XGTTQWKNNCDNG â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO GP SWCNKVÃ… URÃ…EKCNG VTGORÃ… ¼ NoJWKNG â– OCICUKP TQPF RNCUVKSWG TGPHQTEÃ… FG HKDTGU FG XGTTG â– â–
2KPEG ¼ UGTVKT ¼ DCTKNNGV GV KPUGTVU KPVGTEJCPIGCDNGU RQWT EQPPGEVGWTU PQP KUQNÅU ¼ H×V QWXGTV NCTIGWT FG OO FG ¼ OOŽ EQUUGU KUQNÅGU EQPPGEVGWTU OCPEJQPU FG ¼ OOŽ GV GODQWVU KUQNÅU PQP KUQNÅU FG ¼ OOŽ
&ÅUQTOCKU ÅICNGOGPV RQWT GODQWVU FG E¾DNG KUQNÅU QW PQP KUQNÅU FG OO 2TQHKN FG UGTVKUUCIG ¼ GTIQV WPKXGTUGN RQWT EQPPGEVGWTU PQP KUQNÅU
2QUKVKQP FG EJCPIGOGPV FÅRNKCIG FW NGXKGT RQWT COGPGT NGU O¾EJQKTGU GP RQUKVKQP RCTCNNÄNG
%JCPIGOGPV FW RTQHKN FG UGTVKUUCIG FÃ…XGTTQWKNNGT NC RQUKVKQP FW OCICUKP GZVTCKTG NG RTQHKN FG NC RKPEG
2KPEG ¼ UGTVKT ¼ DCTKNNGV GV EKPS KPUGTVU KPVGTEJCPIGCDNGU RQWT EQPPGEVGWTU PQP KUQNÅU ¼ H×V QWXGTV NCTIGWT FG OO FG ¼ OOŽ EQUUGU KUQNÅGU EQPPGEVGWTU OCPEJQPU FG ¼ OOŽ GODQWVU KUQNÅU PQP KUQNÅU FG ¼ OOŽ GODQWVU KUQNÅU PQP KUQNÅU FG GV OOŽ GV EQUUGU ¼ UGTVKT GV VWDWNCKTGU &+0 GV &+0 CKPUK SWG OCPEJQPU PQP KUQNÅU ¼ UGTVKT &+0 GV &+0
4GRNKGT NG NGXKGT GV TGHGTOGT NC RKPEG RTÆV RQWT UC RTQEJCKPG WVKNKUCVKQP
2+0%'5 œ 5'46+4
/CICUKP ¼ RTQHKNU FG UGTVKUUCIG RQWXCPV UG RQTVGT ¼ NC EGKPVWTG
#TVKMGN 0T
'#0
OO
#RRNKECVKQP
%CRCEKVÃ… OOÂŽ
#9)
I
EQPPGEVGWTU PQP KUQNÅU ¼ H×V QWXGTV
NCTIGWT FG EQPPGEVGWTU OO
EQUUGU KUQNÃ…GU EQPPGEVGWTU OCPEJQPU
$QPPG XKUKDKNKVÃ… FW OCTSWCIG RCT RKEVQITCOOGU FGU RTQHKNU FG UGTVKUUCIG
'ODQWVU FG E¾DNG
EQPPGEVGWTU PQP KUQNÅU ¼ H×V QWXGTV
NCTIGWT FG EQPPGEVGWTU OO
EQUUGU KUQNÃ…GU EQPPGEVGWTU OCPEJQPU
'ODQWVU FG E¾DNG
'ODQWVU FG E¾DNG EQUUGU PQP KUQNÅGU ¼ UGTVKT GV VWDWNCKTGU &+0 GV &+0 CKPUK SWG OCPEJQPU PQP KUQNÅU ¼ UGTVKT &+0 GV &+0
2TQHKN FG UGTVKUUCIG RQWT EQPPGEVGWTU PQP KUQNÅU ¼ H×V QWXGTV OO
2TQHKN FG UGTVKUUCIG RQWT EQUUGU GV EQPPGEVGWTU KUQNÃ…U
2TQHKN FG UGTVKUUCIG RQWT GODQWVU FG E¾DNG
2TQHKN FG UGTVKUUCIG RQWT GODQWVU FG E¾DNG KUQNÅU GV PQP KUQNÅU
#
2TQHKN FG UGTVKUUCIG RQWT EQUUGU VWDWNCKTGU EQUUGU FG E¾DNG ¼ UGTVKT GV EQUUGU ¼ RTGUUGT PQP KUQNÅGU UGNQP &+0 GV &+0 CKPUK SWG RTQNQPICVGWTU EQPPGEVGWTU UGTVKGU GV EQPPGEVGWTU ¼ UGTTGT PQP KUQNÅU UGNQP &+0 GV &+0
2TQHKN FG UGTVKUUCIG RQWT EQPPGEVGWTU UGTVKU UGNQP &+0
2QTVG RTQHKNU XKFG
2+0%'5 œ 5'46+4
2KPEGU ¼ UGTVKT WPKXGTUGNNGU
2GTOGVVCPV FG UGTVKT ¼ NnCKFG FnWPG VGEJPKSWG WNVTC OQFGTPG RTCVKSWGOGPV VQWVGU NGU EQPPGZKQPU UGTVKGU GZKUVCPVGU CEVWGNNGOGPV CXGE WP UGWN QWVKN NC RKPEG ¼ UGTVKT WPKXGTUGNNG RGTOGV FG TÅCNKUGT RTGUSWG VQWU NGU VTCXCWZ FG UGTVKUUCIG OQDKNGU GV HKZGU GV EQPUVKVWG WP TGOCTSWCDNG QWVKN RTQHGUUKQPPGN RQWT NG UGTVKUUCIG UVCPFCTF
RQWT RTQHKNU FG UGTVKUUCIG KPVGTEJCPIGCDNGU
WP UGWN QWVKN RQWT RTGUSWG UGTVKUUCIGU FKHHÅTGPVU OQWXGOGPV FG UGTVKUUCIG SWCUKOGPV RCTCNNÄNG ■SWCNKVÅ FG UGTVKUUCIG VQWLQWTU ÅNGXÅG IT¾EG CWZ RTQHKNU FG RTÅEKUKQP GV CW DNQECIG HQTEÅ FÅXGTTQWKNNCDNG ■NC RTGUUKQP FG UGTVKUUCIG GUV TÅINÅG CXGE RTÅEKUKQP GP WUKPG
Ã…VCNQPPÃ…G CLWUVCDNG â– HQTEG CORNKHKÃ…G IT¾EG ¼ NC FÃ…OWNVKRNKECVKQP RCT NGXKGT RQWT WP VTCXCKN OQKPU HCVKIWCPV â– RQKIPÃ…GU GTIQPQOKSWGU â– RNWUKGWTU RQUKVKQPPGWTU RGTOGVVCPV FG FÃ…VGTOKPGT NC RQUKVKQP EQTTGEVG CXGE RTÃ…EKUKQP â– RTQHKNU FG UGTVKUUCIG RQWT CWVTGU CRRNKECVKQPU UWT FGOCPFG â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO GP SWCNKVÃ… URÃ…EKCNG VTGORÃ… ¼ NoJWKNG â– â–
CXGE RTQHKN FG UGTVKUUCIG OQPVÅ RQWT EQPPGEVGWTU PQP KUQNÅU ¼ H×V QWXGTV
NCTIGWT FG EQPPGEVGWT GV OO CXGE RTQHKN FG UGTVKUUCIG OQPVÅ RQWT EQUUGU GV EQPPGEVGWTU KUQNÅU GP EQHHTGV RNCUVKSWG RNCVGCW GP OQWUUG CXGE ÅXKFGOGPVU RQWT RTQHKNU FG UGTVKUUCIG GV RQUKVKQPPGWTU CXGE QWVKN FG OQPVCIG ENÅ ¼ UKZ RCPU ETGWZ XKU GV ÅETQWU UCPU RTQHKN FG UGTVKUUCIG #
# RKPEG UCPU RTQHKN FG UGTVKUUCIG UCPU OCNNGVVG
CXGE RTQHKN FG UGTVKUUCIG RQWT EQUUGU KUQNÃ…GU EQPPGEVGWTU GV OCPEJQPU
CXGE RTQHKN FG UGTVKUUCIG RQWT GODQWVU FG E¾DNG
4Ã…H
'#0
OO
2KPEG
DTWPKG CXGE ICKPGU DK OCVKÄTG
#
2QKIPÃ…GU
CXGE RTQHKN FG UGTVKUUCIG GV RQUKVKQPPGWT RQWT HKEJGU & 5WD
#9)
XQKT VCDNGCW FGU RTQHKNU FG UGTVKUUCIG
DTWPKG CXGE ICKPGU DK OCVKÄTG XQKT VCDNGCW FGU RTQHKNU FG UGTVKUUCIG DTWPKG CXGE ICKPGU DK OCVKÄTG
%CRCEKVÃ… OOÂŽ
#RRNKECVKQP
2KPEG ¼ UGTVKT RQWT EQPPGEVGWTU PQP KUQNÅU ¼ H×V QWXGTV NCTIGWT FG EQPPGEVGWT OO
2KPEG ¼ UGTVKT WPKXGTUGNNG RQWT EQUUGU GV DTWPKG CXGE ICKPGU DK OCVKÄTG EQPPGEVGWTU KUQNÅU
I
2+0%'5 œ 5'46+4
-0+2': G%TKOR
.C -0+2': G%TKOR GUV NC RTGOKÄTG RKPEG ¼ UGTVKT ÅNGEVTQOÅECPKSWG CW OQPFG 5QP FQOCKPG FoWVKNKUCVKQP WPKXGTUGN GP HCKV WP QWVKN KPFKURGPUCDNG ¼ NoCVGNKGT EQOOG FCPU NGU TWFGU EQPFKVKQPU TGPEQPVTÅGU GP GZVÅTKGWT .C RQUUKDKNKVÅ FoWVKNKUGT RNWU FG KPUGTVU FG UGTVKUUCIG GV RQUKVKQPPGWTU -0+2': CKPUK SWG RNWU FG KPUGTVU FG UGTVKUUCIG URÅEKCWZ HQPV FG NC RKPEG ¼ UGTVKT WPKXGTUGNNG ÅRTQWXÅG NoQWVKN KPFKURGPUCDNG GP CVGNKGT GV GP TWFGU EQPFKVKQPU FG VTCXCKN
2KPEG ¼ UGTVKT WPKXGTUGNNG ÅNGEVTQOÅECPKSWG RQWT RTQHKNU FG UGTVKUUCIG KPVGTEJCPIGCDNGU
RWKUUCPV Ã…NGEVTQOÃ…ECPKUOG RCU FG EQORQUCPVU J[FTCWNKSWGU RCU FG HWKVGU â– WPG HQTEG FG UGTVKUUCIG FGU DGEU LWUSWn¼ M0 â– JCWVGWT FG VTCXCKN GTIQPQOKSWGOGPV QRVKOKUÃ…G HCEKNKVCPV NoWVKNKUCVKQP GP CVGNKGT â– Ã…ENCKTCIG EKDNÃ… FW RQKPV FG UGTVKUUCIG RCT .'& â– RGW DTW[CPV â– .QPIWG RÃ…TKQFKEKVÃ… FG OCKPVGPCPEG LWUSWo¼ UGTVKUUCIGU .C TÃ…XKUKQP FG NC -0+2': G%TKOR PG UoKORQUG SWoCW DQWV FG UGTVKUUCIGU #WVTGOGPV FKV NC RÃ…TKQFKEKVÃ… FG OCKPVGPCPEG FG NC RKPEG ¼ UGTVKT Ã…NGEVTQOÃ…ECPKSWG GUV HQKU RNWU ITCPFG SWG EGNNG FGU RKP EGU ¼ UGTVKT ENCUUKSWGU .C RKPEG GUV CKPUK DKGP RNWU NQPIVGORU FKURQ PKDNG RQWT NG VTCXCKN FG UGTVKUUCIG .GU HTÃ…SWGPVU TGVQWTU CW HCDTKECPV FKURCTCKUUGPV )TCPFG FKURQPKDKNKVÃ… UCPU KOOQDKNKUCVKQPU RQWT ECWUG FG OCKPVGPCPEG â– RWKUUCPV CEEWOWNCVGWT .K KQPU 8 #J 9J E[ENG FG EJCTIGOGPV GPX OKPWVGU UCPU GHHGV OÃ…OQKTG â– GPX E[ENGU FG VTCXCKN RCT EJCTIGOGPV FG NnCEEWOWNCVGWT RQWT NGU EQPPGEVGWTU CXGE WPG FKOGPUKQP PQOKPCNG FG OOÂŽ â– QGKNNGV FG RTQVGEVKQP CPVKEJWVG RQWT WVKNKUCVKQP GP GZVÃ…TKGWT â–
'
' CXGE HKEJG GWTQ ' #75 CXGE CFCRVCVGWT RQWT HKEJG #5 05<
#75 0< ' 7CXGE CFCRVCVGWT RQWT HKEJG $5 )$ ' 75 CXGE HKEJG 0'/# 2 75# %CPCFC /GZKSWG
4Ã…H ' ' 7- ' #75 ' 75
'#0
'
VGPUKQP HTÃ…SWGPEG FG TÃ…UGCW 8 *\ 8 *\ 8 *\ 8 *\
HKEJGU FG EQPPGZKQP %'' $5 #5 05< 0'/# 2
I
#EEW FG TGEJCPIG RQWT -0+2': G%TKOR
2+0%'5 œ 5'46+4
2TQHKNU FG UGTVKUUCIG RQWT RKPEGU ¼ UGTVKT WPKXGTUGNNGU RQWT CRRNKECVKQPU NGU RNWU FKXGTUGU RTQHKNU FG UGTVKUUCIG URÅEKCWZ UWT FGOCPFG
4Ã…H
'#0
#RRNKECVKQP
%CRCEKVÃ… OOÂŽ OO OO OO OO
#9)
EQPPGEVGWTU PQP KUQNÅU ¼ H×V QWXGTV
NCTIGWT FG EQPPGEVGWT OO
EQPPGEVGWTU PQP KUQNÅU ¼ H×V QWXGTV
NCTIGWT FG EQPPGEVGWTU OO
EQUUGU EQPPGEVGWTU GV RTQPNQPICVGWTU KUQNÃ…U
EQPPGEVGWTU UQWU ICKPG VJGTOQTÃ…VTCEVCDNG
GODQWVU FG E¾DNG KUQNÅU GV PQP KUQNÅU
EQUUGU PQP KUQNÅGU ¼ UGTVKT GV VWDWNCKTGU &+0 GV &+0 CKPUK SWG OCPEJQPU PQP KUQNÅU ¼ UGTVKT &+0 GV &+0
HKEJGU FTCRGCW GV EQPPGEVGWTU PQP KUQNÅU ¼ H×V QWXGTV NCTIGWT FG EQP PGEVGWTU OO
EQUUGU GV EQPPGEVGWTU KUQNÃ…U
GODQWVU FG E¾DNG LWOGNÅU RQWT FGWZ EQPFWEVGWTU UQWRNGU
GODQWVU FG E¾DNG KUQNÅU GV PQP KUQNÅU
HKEJGU FTCRGCW OO NCTIGWT FG EQPPGEVGWTU OO NCTIGWT FG EQPPGEVGWTU OO
Z Z Z
Z Z Z
EQPPGEVGWTU GP ( RQWT EQPPGZKQP 68 GV UCVGNNKVG
EQUUGU GV EQPPGEVGWTU PQP KUQNÃ…U
EQPPGEVGWTU & 5WD *& *&'
/CPEJQPU ´ OO
EQUUGU PQP KUQNÅGU VWDWNCKTGU GV ¼ UGTVKT &+0 CKPUK SWG OCPEJQPU PQP KUQNÅU RQWT WPKQP GV ¼ UGTVKT &+0
EQUUGU PQP KUQNÅGU ¼ UGTVKT GV VWDWNCKTGU &+0 GV &+0 CKPUK SWG OCPEJQPU PQP KUQNÅU ¼ UGTVKT &+0 GV &+0
2TQHQPFGWT FG UGTVKUUCIG OO
2+0%'5 5'46+4
4ÅH
'#0
EQUUGU FG DQWIKG GV FKUVTKDWVGWTU
¼ ETCPU GP FGPVU FG UEKG HKNGVÅU RQWT E¾DNG GV FKUVTKDWVGWT FnCNNWOCIG
#RRNKECVKQP OCPEJQPU PQP KUQNÅU ¼ UGTVKT &+0
#9)
EQPVCEVU VQWTPÅU
EQPPGEVGWTU UQNCKTGU *WDGT 5WJPGT
EQPPGEVGWTU UQNCKTGU *WDGT 5WJPGT
HKEJGU #$5
EQPPGEVGWTU UQNCKTGU /%
/WNVK %QPVCEV
EQPPGEVGWTU UQNCKTGU /%
/WNVK %QPVCEV
EQPPGEVGWTU UQNCKTGU /%
/WNVK %QPVCEV EQWRGT FÅPWFGT UGTVKT
EQPPGEVGWTU UQNCKTGU /%
/WNVK %QPVCEV EQWRGT FÅPWFGT UGTVKT
EQPPGEVGWTU UQNCKTGU *KTUEJOCPP
EQPPGEVGWTU UQNCKTGU 6[EQ
EQPPGEVGWTU UQNCKTGU IGUKU UQNCT 256 9KGNCPF
EQPPGEVGWTU UQNCKTGU IGUKU UQNCT 256 9KGNCPF
EQPVCEVU VQWTPÅU *65 *CTVKPI
EQPPGEVGWT UQNCKTG *GNKQU *
#ORJGPQN
EQPPGEVGWTU RQWT E¾DNGU EQCZKCWZ VÅNÅ RJQPG FG XQKVWTG 4)
HKEJGU OQFWNCKTGU
/CPEJQPU ´ OO
2TQHQPFGWT FG UGTVKUUCIG OO
EQPPGEVGWTU RQWT E¾DNGU EQCZKCWZ 4) EQPVCEVU GPTQWNÅU
%CRCEKVÅ OO
HKEJGU 9GUVGTP EQPPGEVGWTU UQNCKTGU /%
/WNVK %QPVCEV
RÐNGU 4,
EQPPGEVGWTU UQNCKTGU /%
/WNVK %QPVCEV
HKEJGU /QNGZ OQFÄNG EQWTV
RÐNGU 4,
HKEJGU 5VGYCTV DNKPFÅGU
2TQHKNÅU URÅEKCWZ UWT FGOCPFG
2+0%'5 œ 5'46+4
4Ã…H
'#0
2QUKVKQPPGWT RQWT
2QUKVKQPPGWT RQWT
2QUKVKQPPGWT RQWT HKEJGU & 5WD
%CRCEKVÃ… OOÂŽ
#RRNKECVKQP
EQPPGEVGWTU RQWT E¾DNGU ¼ HKDTGU QR VKSWGU R GZ (5/# 56 5% 565% -
EQPPGEVGWTU RQWT E¾DNGU ¼ HKDTGU QRVKSWGU R GZ *WDGT 5WJPGT
EQPPGEVGWTU RQWT E¾DNGU ¼ HKDTGU QRVKSWGU R GZ 6GNGIÀTVPGT
EQPPGEVGWTU RQWT E¾DNGU ¼ HKDTGU QRVKSWGU R GZ EQPPGEVWGTU (5/# 56 GV /+%
2QUKVKQPPGWT RQWT EQPPGEVGWTU UQNCKTGU *GNKQU * 2QUKVKQPPGWT RQWT *65 *CTVKPI RQUKVKQPPGWT RQWT EQPPGEVGWTU UQNCKTGU /%
2QUKVKQPPGWT RQWT EQPPGEVGWTU UQNCKTGU /%
RQUKVKQPPGWT RQWT EQPPGEVGWTU UQNCKTGU 5QNCTNQM
2QUKVKQPPGWT RQWT GV
2QUKVKQPPGWT RQWT EQPPGEVGWTU UQNCKTGU /%
/CNNGVVG ¼ QWVKNU RQWT NG RJQVQXQNVCËSWG
/CPEJQPU ´ OO
#9)
EQPPGEVGWTU RQWT E¾DNGU ¼ HKDTGU QRVKSWGU R GZ *CTVKPI
2TQHQPFGWT FG UGTVKUUCIG OO
EQORTGPCPV FGU QWVKNU RQWT NG RJQVQXQNVCËSWG UCPU GODQWVU ¼ UGTVKT s EQPVGPW CW EJQKZ s ¼ EQOOCPFGT UÃ…RCTÃ…OGPV XQKT TÃ…H â– CXGE QWVKN FG OQPVCIG ENÃ… RQWT XKU ¼ UKZ RCPU ETGWZ RQWT EJCPIGT NGU RTQHKNU FG UGTVKUUCIG â– EQHHTGV GP RNCUVKSWG TQDWUVG â– RNCVGCW GP OQWUUG CXGE GORTGKPVGU RQWT TCPIGT NGU QWVKNU RQWT NGU RTQHKNU FG UGTVKUUCIG GV NGU RQUKVKQPPGWTU â– FKOGPUKQPU GZVÃ…TKGWT . Z * Z 2 Z Z OO â– â–
4Ã…H
'#0
3WCPVKVÃ…
/CNNGVVG ¼ QWVKNU RQWT NG RJQVQXQNVCËSWG 2KPEG ¼ FÅPWFGT FG RTÅEKUKQP CXGE EQWVGCWZ FG HQTOG %QWRG E¾DNGU 2KPEG ¼ UGTVKT WPKXGTUGNNG RQWT RTQHKNU FG UGTVKUUCIG KPVGTEJCPIGCDNGU
I
2+0%'5 œ 5'46+4
/CNNGVVG ¼ QWVKNU RQWT NG RJQVQXQNVCËSWG /% /WNVK %QPVCEV
LGW FnQWVKNU EQORNGV RQWT NG OQPVCIG FG EQPPGEVGWTU /% CXGE QWVKN FG OQPVCIG ENÃ… RQWT XKU ¼ UKZ RCPU ETGWZ RQWT EJCPIGT NGU RTQHKNU FG UGTVKUUCIG â– EQHHTGV GP RNCUVKSWG TQDWUVG â– RNCVGCW GP OQWUUG CXGE GORTGKPVGU RQWT NGU QWVKNU NGU O¾EJQKTGU GV NGU RQUKVKQPPGWTU â– CXGE DQÊVGU GP RNCUVKSWG XKFGU RQWT NGU EQPUQOOCDNGU RQWT WP GSWKRGOGPV RGTUQPPGN â– FKOGPUKQPU GZVÃ…TKGWT . Z * Z 2 Z Z OO â– â–
4Ã…H
'#0
3WCPVKVÅ /CNNGVVG ¼ QWVKNU RQWT NG RJQVQXQNVCËSWG /% /WNVK %QPVCEV
2KPEG ¼ FÅPWFGT FG RTÅEKUKQP CXGE EQWVGCWZ FG HQTOG
%QWRG E¾DNGU
2KPEG ¼ UGTVKT WPKXGTUGNNG RQWT RTQHKNU FG UGTVKUUCIG KPVGTEJCPIGCDNGU
2TQHKN FG UGTVKUUCIG RQWT EQPPGEVGWTU UQNCKTGU /% /WNVK %QPVCEV
2QUKVKQPPGWT RQWT EQPPGEVGWTU UQNCKTGU /%
1WVKN FG OQPVCIG RQWT EQPPGEVGWTU /%
1WVKN FG OQPVCIG RQWT EQPPGEVGWTU /%
RQWT NG OQPVCIG TCRKFG GV HCEKNG FG EQPPGEVGWTU UQNCKTGU /% â– RQWT NG OQPVCIG FnGODQWVU UQNCKTGU RQWT EQPPGEVGWTU O¾NGU FG ¼ OOÂŽ â– VTQKU GTIQVU OOÂŽ RQWT VKTGT NGU GODQWVU FCPU WPG RQKIPÃ…G COQXKDNG KPVÃ…ITÃ…G â– DQÊVKGT RNCUVKSWG TGPHQTEÃ… FG HKDTGU FG XGTTG â–
4Ã…H
I
.nQWVKN FG OQPVCIG GUV HQWTPK CXGE VTQKU GTIQVU 6QTRGFQ EQPXGPCPV CWZ FKHHÅTGPVGU UGEVKQPU FG E¾DNGU
'#0
OO
%CRCEKVÃ… OOÂŽ
,GW FG ENÃ…U FG OQPVCIG
I
LGW FG ENÃ…U FG OQPVCIG RQWT NG UGTTCIG GV NG FGUUGTCIG FGU DQKVKGTU FnÃ…VCPEJGKVÃ… RQWT EQPPGEVGWTU UQNCKTGU /% â– RQWT FÃ…XGTTQWKNNGT NC HGTOGVWTG FW DQÊVKGT FnÃ…VCPEJGKVÃ… FGU EQPPGEVGWTU /% â– QWVKN GP RNCUVKSWG EJCTIÃ… FG XGTTG â– â–
RQWT EQPPGEVGWTU UQNCKTGU /% /WNVK %QPVCEV
4Ã…H
'#0
OO
I
2+0%'5 5'46+4
1WVKN FG EQORTGUUKQP
2QWT NG UGTVKUUCIG FG EQPPGEVGWTU ( $0% GV 4%#
RQWT EQPPGEVGWTU EQCZKCWZ
'ZÅEWVKQP TQDWUVG EQPXKGPV CWZ E¾DNGU 4) VÆVG QTKGPVCDNG RQWT FKXGTUGU VCKNNGU FG E¾DNGU KPUGTV QTKGPVCDNG RQWT FKHHÅTGPVU V[RGU FG EQPPGEVGWTU XKU FG TÅINCIG RQWT FKHHÅTGPVGU NQPIWGWTU FG EQPPGEVGWTU GPVTG CWVTGU WVKNKUCDNG RQWT EQPPGEVGWTU FG EQORTGUUKQP -CVJTGKP '/- %CDNGEQP ( %: #UVTQ (-5
5$
4ÅH 5$
&KOGPUKQP : CRTÄU NC EQORTGUUKQP
2KPEG ¼ UGTVKT RQWT EQPPGEVGWTU 5EQVEJNQM CXGE VTCPEJCPVU
'#0
OO
%QPPGEVGWTU
OO
(
4)
OO
$0%
4)
OO
4%#
OO
( 4)
#RRNKECVKQP FG EQPPGEVGWTU ( $0% GV 4%#
I
RQWT NG UGTVKUUCIG FGU EQPFWEVGWTU FG E¾DNGU FG VÅNÅEQOOWPKECVKQPU QW FG UKIPCNKUCVKQP KUQNÅU RCT WPG ICKPG GP RNCUVKSWG UGNQP NG RTKPEK RG FW EQPVCEV GP 7 FCPU WP EQPPGEVGWT 5EQVEJNQM ■ FÅPWFCIG KPWVKNG NGU ÅNÅOGPVU GP 7 CUUWTGPV NG EQPVCEV ■ CXGE VTCPEJCPVU VTGORÅU RCT KPFWEVKQP ■ CXGE TGUUQTV FnQWXGTVWTG ■ #EKGT ÅNGEVTKSWG CW XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG ■
4ÅH
'#0
OO
6ÆVG
2QKIPÅGU
#RRNKECVKQP
%CRCEKVÅ ´ OO
I
RQNKG
ICKPÅGU GP RNCUVKSWG
EQPPGEVGWTU 5EQVEJNQM
2KPEG ¼ UGTVKT RQWT HKEJGU 9GUVGTP
QWVKN RTQHGUUKQPPGN RQWT EQWRGT GV FÅPWFGT NGU E¾DNGU FG VÅNÅRJQPG RNCVU PQP DNKPFÅU ■ RQWT UGTVKT NGU HKEJGU 9GUVGTP ¼ GV RÐNGU FGU V[RG 4,
NCTIGWT OO GV V[RG 4, NCTIGWT OO ■ UGTVKUUCIG RTÅEKU IT¾EG CW OQWXGOGPV RCTCNNÄNG ■ SWCNKVÅ FG UGTVKUUCIG VQWLQWTU ÅNGXÅG IT¾EG CW DNQECIG HQTEÅ FÅXGTTQWKNNCDNG ■ CXGE EQWRG E¾DNGU GV NCOG ¼ FÅPWFGT RQWT E¾DNGU RNCVU FG GV OO FG NQPIWGWT ■ CXGE HQPEVKQP FÅPWFCIG UWRRNÅOGPVCKTG RQWT E¾DNGU TQPFU ■ #EKGT ÅNGEVTKSWG CW EJTQOG XCPCFKWO GP SWCNKVÅ URÅEKCNG VTGORÅ ¼ NoJWKNG ■
4ÅH
'#0
OO
2QKIPÅGU
NCOGU FG TGEJCPIG RQWT
CXGE ICKPGU DK OCVKÄTG
%CRCEKVÅ
I
4, ¼ RÐNGU OO 4, ¼ RÐNGU OO
2+0%'5 5'46+4
2KPEG ¼ UGTVKT RQWT HKEJGU 9GUVGTP
HQTEG CORNKHKÅG IT¾EG ¼ NC FÅOWNVKRNKECVKQP RCT IGPQWKNNÄTG RQWT WP VTCXCKN OQKPU HCVKIWCPV ■ CXGE EQWRG E¾DNGU GV NCOG ¼ FÅPWFGT RQWT E¾DNGU RNCVU FG GV OO FG NQPIWGWT ■ CXGE HQPEVKQP FÅPWFCIG UWRRNÅ OGPVCKTG RQWT E¾DNGU TQPFU ■ #EKGT ÅNGEVTKSWG CW EJTQOG XCPCFKWO GP SWCNKVÅ URÅEKCNG VTGORÅ ¼ NoJWKNG ■
4ÅH
'#0
OO
.COGU FG TGEJCPIG RQWT
2QKIPÅGU
%CRCEKVÅ
I
CXGE ICKPGU DK OCVKÄTG
4, ¼ RÐNGU OO 4, ¼ RÐNGU OO 4, ¼ RÐNGU OO
2KPEGU ¼ UGTVKT HQTOG EQWTVG
SWCNKVÅ FG UGTVKUUCIG VQWLQWTU ÅNGXÅG IT¾EG CWZ RTQHKNU FG RTÅEKUKQP GV CW DNQECIG HQTEÅ
FÅXGTTQWKNNCDNG ■ NC RTGUUKQP FG UGTVKUUCIG GUV TÅINÅG CXGE RTÅEKUKQP GP WUKPG
ÅVCNQPPÅG CLWUVCDNG ■ HQTEG CORNKHKÅG IT¾EG ¼ NC FÅOWNVKRNKECVKQP RCT IGPQWKNNÄTG RQWT WP VTCXCKN OQKPU HCVKIWCPV ■ DQPPG RTKUG GP OCKP IT¾EG ¼ UC VÆVG EQWFÅG ¼ ¼ UQP RQKFU HCKDNG GV ¼ UC HQTOG EQWTVG ■ #EKGT ÅNGEVTKSWG CW EJTQOG XCPCFKWO GP SWCNKVÅ URÅEKCNG VTGORÅ ¼ NoJWKNG ■
QWVKN RTQHGUUKQPPGN RQWT EQWRGT GV FÅPWFGT NGU E¾DNGU FG VÅNÅ RJQPG RNCVU PQP DNKPFÅU ■ RQWT UGTVKT NGU HKEJGU 9GUVGTP ¼ GV RÐNGU FG V[RG 4,
NCTIGWT FG OO 4,
NCTIGWT FG OO GV 4,
NCTIGWT FG OO ■ UGTVKUUCIG RTÅEKU IT¾EG CW OQWXGOGPV RCTCNNÄNG ■ SWCNKVÅ FG UGTVKUUCIG VQWLQWTU ÅNGXÅG IT¾EG CW DNQECIG HQTEÅ
FÅXGTTQWKNNCDNG ■
FKURQPKDNG GP QRVKQP RQUKVKQPPGWT RQWT EQPPGEVGWTU PQP KUQNÅU ¼ H×V QWXGTV
4ÅH
'#0
OO
2QKIPÅGU
#RRNKECVKQP
CXGE ICKPGU DK OCVKÄTG
EQPPGEVGWTU PQP KUQNÅU ¼ H×V QWXGTV
NCTIGWT FG EQPPGEVGWT OO
CXGE ICKPGU DK OCVKÄTG
EQPPGEVGWTU RQWT E¾DNGU -1#: $0% GV 60% RQWT 4)
%CRCEKVÅ OO
#9)
I
2QUKVKQPPGWT RQWT
2+0%'5 œ 5'46+4
2KPEGU ¼ UGTVKT ÅICNGOGPV RQWT RTKUG ¼ FGWZ OCKPU
RQWT EQPPGZKQPU ÅNGEVTKSWGU UCPU UQWFCIG LWUSWn¼ FnGHHQTV ÅEQPQOKUÅ RCT TCRRQTV CWZ RKPEGU ¼ UGTVKT UVCPFCTF IT¾EG ¼ WPG FÅOWNVKRNKECVKQP RCT NGXKGT ■SWCNKVÅ FG UGTVKUUCIG VQWLQWTU ÅNGXÅG IT¾EG CWZ RTQHKNU FG RTÅEKUKQP GV CW DNQECIG HQTEÅ FÅXGTTQWKNNCDNG ■NC RTGUUKQP FG UGTVKUUCIG GUV TÅINÅG CXGE RTÅEKUKQP GP WUKPG
Ã…VCNQPPÃ…G CLWUVCDNG â– RTKUG ¼ FGWZ OCKPU RQWT HCEKNKVGT NG UGTVKUUCIG FGU EQPFWEVGWTU FG E¾DNGU FG ITCPF FKCOÄVTG â– DQPPG RTKUG GP OCKP IT¾EG ¼ WP EGPVTG FG ITCXKVÃ… DKGP RNCEÃ… ¼ UC VÆVG EQWFÃ…G GV ¼ UGU RQKIPÃ…GU GTIQPQOKSWGU â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO GP SWCNKVÃ… URÃ…EKCNG VTGORÃ… ¼ NoJWKNG â– â–
2TGOKÄTG ÅVCRG TCRRTQEJG\ NGU FGWZ RQKIPÅGU FG FGWZ FQKIVU LWUSWn¼ EG SWG NGU FGWZ O¾EJQKTGU VQWEJGPV NG EQPPGEVGWT ¼ UGTVKT
4Ã…H
'#0
OO
&GWZKÄOG ÅVCRG VGTOKPG\ GPUWKVG NG UGTVKUUCIG CXGE VQWVG NC OCKP
6TQKUKÄOG ÅVCRG UK XQWU CXG\ DGUQKP FG RNWU FG HQTEG RCT GZ RQWT UGTVKT FGU EQPPGEVGWTU KUQNÅU FG OOŽ NGU RQKIPÅGU NQPIWGU RGTOGVVGPV FnWVKNKUGT NC RKPEG CXGE NGU FGWZ OCKPU
%CRCEKVÃ… OOÂŽ #9) I OO OO OO OO
#RRNKECVKQP EQPPGEVGWTU PQP KUQNÅU ¼ H×V QWXGTV
NCTIGWT FG EQPPGEVGWT OO
EQPPGEVGWTU PQP KUQNÅU ¼ H×V QWXGTV
NCTIGWT FG EQPPGEVGWTU OO
EQUUGU KUQNÃ…GU EQPPGEVGWTU OCPEJQPU
GODQWVU FG E¾DNG KUQNÅU PQP KUQNÅU
GODQWVU FG E¾DNG KUQNÅU PQP KUQNÅU
EQPPGEVGWTU RQWT E¾DNGU EQCZKCWZ $0% GV 60%
EQUUGU PQP KUQNÅGU ¼ UGTVKT GV VWDWNCKTGU &+0 GV &+0 CKPUK SWG OCPEJQPU PQP KUQNÅU ¼ UGTVKT &+0 GV &+0
GODQWVU FG E¾DNG KUQNÅU PQP KUQNÅU
EQUUGU GV EQPPGEVGWTU PQP KUQNÃ…U
2QUKVKQPPGWT RQWT 2QUKVKQPPGWT RQWT
2+0%'5 œ 5'46+4
-0+2': 2TGEK(QTEGŠ 2KPEGU ¼ UGTVKT
2QWT NGU UGTVKUUCIGU SWnKNU TÅCNKUGPV SWQVKFKGPPGOGPV NGU RTQHGUUKQPPGNU QPV DGUQKP FnWPG RKPEG ¼ UGTVKT HKCDNG GV RTÅEKUG 'NNG FQKV FnCWVTG RCTV ÆVTG NÅIÄTG RTCVKSWG TQDWUVG GV RGW EQ×VGWUG EGVVG RKPEG EnGUV NC 2TGEK(QTEGŠ
SWCNKVÅ FG UGTVKUUCIG VQWLQWTU ÅNGXÅG IT¾EG CWZ RTQHKNU FG RTÅEKUKQP GV CW DNQECIG HQTEÅ FÅXGTTQWKNNCDNG ■NC RTGUUKQP FG UGTVKUUCIG GUV TÅINÅG CXGE RTÅEKUKQP GP WUKPG
Ã…VCNQPPÃ…G CLWUVCDNG â– HQTEG CORNKHKÃ…G IT¾EG ¼ NC FÃ…OWNVKRNKECVKQP RCT IGPQWKNNÄTG RQWT WP VTCXCKN OQKPU HCVKIWCPV â– DQPPG RTKUG GP OCKP IT¾EG ¼ WPG RQUKVKQP FGU RQKIPÃ…GU RTCVKSWG ¼ UQP RQKFU HCKDNG ¼ UC HQTOG EQWTVG GV ¼ UGU RQKIPÃ…GU GTIQPQOKSWGU â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO GP SWCNKVÃ… URÃ…EKCNG VTGORÃ… ¼ NoJWKNG â–
4Ã…H
'#0
OO
#RRNKECVKQP
OCPEJQPU PQP KUQNÅU ¼ UGTVKT &+0
EQPPGEVGWTU PQP KUQNÅU ¼ H×V QWXGTV
NCTIGWT FG EQPPGEVGWT OO
EQPPGEVGWTU PQP KUQNÅU ¼ H×V QWXGTV NCTIGWT FG EQPPGEVGWTU OO
EQUUGU KUQNÃ…GU EQPPGEVGWTU OCPEJQPU
EQPPGEVGWTU UQWU ICKPG VJGTOQTÃ…VTCEVCDNG
GODQWVU FG E¾DNG KUQNÅU PQP KUQNÅU
EQPPGEVGWTU RQWT E¾DNGU EQCZKCWZ $0% RQWT 4)
2QUKVKQPPGWT RQWT 2QUKVKQPPGWT RQWT
#9)
I
OO OO OO OO
EQUUGU PQP KUQNÅGU ¼ UGTVKT GV VWDWNCKTGU &+0 GV &+0 CKPUK SWG OCPEJQPU PQP KUQNÅU ¼ UGTVKT &+0 GV &+0
%CRCEKVÃ… OOÂŽ
2+0%'5 5'46+4
2KPEGU ¼ UGTVKT ¼ SWCVTG RQKPVU RQWT EQPVCEVU VQWTPÅU
.GU EQPVCEVU VQWTPÅU UnWVKNKUGPV RQWT TÅCNKUGT FGU EQPPGZKQPU GZKIGCPVGU RCT GZ FCPU NGU FQOCKPGU FG NC OÅFGEKPG GV FG NnCÅTQPCWVKSWG &GU EQPPGZKQPU UGTVKGU FnWPG HKCDKNKVÅ OCZKOCNG PG RGWXGPV UnQDVGPKT SWG IT¾EG ¼ FGU RKPEGU FnWPG RTÅEKUKQP OCZKOCNG SWK TGURGEVGPV NC RTQHQPFGWT FG UGTVKUUCIG PÅEGUUCKTG FG |OO
RQWT UGTVKT NGU EQPVCEVU VQWTPÅU UGTVKUUCIG ¼ SWCVTG RQKPVU RQWT WPG EQPPGZKQP UGTVKG FG SWCNKVÅ UWRÅTKGWTG ■ ECNKDTG RQWT EQPVTÐNGT NG TÅINCIG FG DCUG ■ SWCNKVÅ FG UGTVKUUCIG VQWLQWTU ÅNGXÅG IT¾EG CW DNQECIG HQTEÅ
FÅXGTTQWKNNCDNG ■ HQTEG CORNKHKÅG IT¾EG ¼ NC FÅOWNVKRNKECVKQP RCT NGXKGT VTÄU GHHKECEG RQWT WP VTCXCKN OQKPU HCVKIWCPV ■ VTÄU EQPHQTVCDNG ¼ WVKNKUGT IT¾EG ¼ UC HQTOG RTCVKSWG ■ #EKGT ÅNGEVTKSWG CW EJTQOG XCPCFKWO GP SWCNKVÅ URÅEKCNG VTGORÅ ¼ NoJWKNG ■ ■
&)
TÅINCIG FG RTGUUKQP RTÅEKU RQWT FKHHÅTGPVGU UGEVKQPU FG EQPFWEVGWT IT¾EG ¼ WPG OQNGVVG FG TÅINCIG 2KPEG HQWTPKG GP OCNNGVVG RNCUVKSWG CXGE RNCVGCW FG OQWUUG GV RQUKVKQPPGWT RQWT NGU EQPVCEVU
&) UGTVKUUCIG TÅINCDNG RCT ÅVCRG FG |OO CXGE CHHKEJCIG PWOÅTKSWG FGU OGUWTGU FG UGTVKUUCIG TÅINÅGU GV RQUUKDKNKVÅ FG TGECNKDTCIG IT¾EG ¼ NC HQPEVKQP 4'5'6 ¼ EQPVTÐNG FnWUWTG ÅNGEVTQPKSWG TÅINCIG GP OO RQWEGU QW RQUKVKQPU 5GNGEVQT EQORCTCDNGU UGNQP /+. 2KPEG HQWTPKG GP OCNNGVVG RNCUVKSWG CXGE RNCVGCW FG OQWUUG GV RQUKVKQPPGWT RQWT NGU EQPVCEVU
TÅINCIG FG RTGUUKQP RTÅEKU UWT SWCVTG RQUKVKQPU RQWT FKHHÅTGPVGU UGEVKQPU FG EQPFWEVGWT IT¾EG ¼ WPG OQNGVVG FG TÅINCIG RQUKVKQPPGWT RQWT EQPVCEVU
TÅINCIG FG RTGUUKQP RTÅEKU RQWT FKHHÅTGPVGU UGEVKQPU FG EQPFWEVGWT IT¾EG ¼ WPG OQNGVVG FG TÅINCIG RQUKVKQPPGWT RQWT EQPVCEVU CXGE VCDNGCW RQWT FÅVGTOKPGT NGU XCNGWTU FG TÅINCIG RKPEG FCPU WPG OCNNGVVG GP RNCUVKSWG CXGE RNCVGCW GP OQWUUG
# TÅINCIG FG RTGUUKQP RTÅEKU RQWT FKHHÅTGPVGU UGEVKQPU FG EQPFWEVGWT IT¾EG ¼ WPG OQNGVVG FG TÅINCIG CXGE VCDNGCW RQWT FÅVGTOKPGT NGU XCNGWTU FG TÅINCIG RKPEG FCPU WPG OCNNGVVG GP RNCUVKSWG CXGE RNCVGCW GP OQWUUG
&)
&) UGTVKUUCIG TÅINCDNG RCT ÅVCRG FG |OO CXGE CHHKEJCIG PWOÅTKSWG FGU OGUWTGU FG UGTVKUUCIG TÅINÅGU GV RQUUKDKNKVÅ FG TGECNKDTCIG IT¾EG ¼ NC HQPEVKQP 4'5'6 ¼ EQPVTÐNG FnWUWTG ÅNGEVTQPKSWG TÅINCIG GP OO RQWEGU QW RQUKVKQPU 5GNGEVQT EQORCTCDNGU UGNQP /+. CXGE VCDNGCW RQWT FÅVGTOKPGT NGU XCNGWTU FG TÅINCIG RKPEG HQWTPKG GP OCNNGVVG RNCUVKSWG CXGE RNCVGCW FG OQWUUG GV RQUKVKQPPGWT RQWT NGU EQPVCEVU &) # UGTVKUUCIG TÅINCDNG RCT ÅVCRG FG |OO CXGE CHHKEJCIG PWOÅTKSWG FGU OGUWTGU FG UGTVKUUCIG TÅINÅGU GV RQUUKDKNKVÅ FG TGECNKDTCIG IT¾EG ¼ NC HQPEVKQP 4'5'6 ¼ EQPVTÐNG FnWUWTG ÅNGEVTQPKSWG TÅINCIG GP OO RQWEGU QW RQUKVKQPU 5GNGEVQT EQORCTCDNGU UGNQP /+. CXGE VCDNGCW RQWT FÅVGTOKPGT NGU XCNGWTU FG TÅINCIG RKPEG FCPU WPG OCNNGVVG GP RNCUVKSWG CXGE RNCVGCW GP OQWUUG UCPU RQUKVKQPPGWT RQUKVKQPPGWT RQWT NGU EQPVCEVU VQWTPÅU NQTU FW UGTVKUUCIG CLWUVCIG RTÅEKU ¼ NC NQPIWGWT ¼ OO GV CW FKCOÄVTG ¼ OO FW EQPPGEVGWT UGTVK RQUKVKQPPGWT WPKXGTUGNNGOGPV CLWUVCDNG GP RTQHQPFGWT GV GP FKCOÄVTG RQWT NG UGTVKUUCIG TÅRÅVKVKH CXGE WP CNKIPGOGPV GZCEV FGU EQPVCEVU VQWTPÅU FCPU NC RKPEG ¼ UGTVKT RGWV UoCFCRVGT ¼ NoGPUGODNG FGU EQPVCEVU VQWTPÅU FKURQPKDNGU UWT NG OCTEJÅ EQTTGURQPFCPV ¼ NC ECRCEKVÅ FGU RKPEGU
2+0%'5 œ 5'46+4
2QUKVKQPPGWT UVCPFCTF
#HHKEJGWT PWOÃ…TKSWG OWNVKHQPEVKQP TÃ…INCIG GP OO KPEJ QW ECNKDTG /+. EQORCTCDNG
4Ã…H
'#0
OO
&)
#
&)
&) #
2KPEG
2QKIPÃ…GU
#RRNKECVKQP
%CRCEKVÃ… OOÂŽ
#9)
I
EJTQOÃ…G
CXGE ICKPGU DK OCVKÄTG
EQPVCEVU VQWTPÃ…U
EJTQOÃ…G
CXGE ICKPGU DK OCVKÄTG
EQPVCEVU VQWTPÃ…U
EJTQOÃ…G
CXGE ICKPGU DK OCVKÄTG
EQPVCEVU VQWTPÃ…U
EJTQOÃ…G
CXGE ICKPGU DK OCVKÄTG
EQPVCEVU VQWTPÅU RCT GZ *CT VKPI +NOG 2JQGPKZ #ORJGPQN 9CNVJGT |*65 |%QPVCEV |9GKFOØNNGT
EJTQOÃ…G
CXGE ICKPGU DK OCVKÄTG
EQPVCEVU VQWTPÅU RCT GZ *CT VKPI +NOG 2JQGPKZ #ORJGPQN 9CNVJGT |*65 |%QPVCEV |9GKFOØNNGT
EJTQOÃ…G
CXGE ICKPGU DK OCVKÄTG
EQPVCEVU VQWTPÅU RCT GZ *CT VKPI +NOG 2JQGPKZ #ORJGPQN 9CNVJGT |*65 |%QPVCEV |9GKFOØNNGT
EJTQOÃ…G
CXGE ICKPGU DK OCVKÄTG
EQPVCEVU VQWTPÅU RCT GZ *CT VKPI +NOG 2JQGPKZ #ORJGPQN 9CNVJGT |*65 |%QPVCEV |9GKFOØNNGT
2QUKVKQPPGWT WPKXGTUGN RQWT # &) &) #
2+0%'5 œ 5'46+4
2KPEGU ¼ UGTVKT CWVQ CLWUVCDNG RQWT GODQWVU FG E¾DNG CXGE CEEÄU NCVÅTCN
.C RGVKVG RKPEG ¼ UGTVKT RQWT GODQWVU FG E¾DNG C FGWZ ITQU CXCPVCIGU RQWT NnWVKNKUCVGWT s TÅINCIG CWVQOCVKSWG CW V[RG FnGODQWV FG E¾DNG WVKNKUÅ HCEKNKVG NG VTCXCKN FW RTQHGUUKQPPGN GV NWK RGTOGV WP UGTVKU UCIG U×T HKCDNG GV TCRKFG s GZVGPUKQP FGU FQOCKPGU FnCRRNKECVKQP
5GTVKUUCIG ECTTÅ OCKPVGPCPV CWUUK RQWT GODQWVU FG E¾DNGU LWUSWo¼ OOŽ 1WXGTVWTG RNWU HCKDNG GV OGKNNGWTG GTIQPQOKG
OO OO
UGTVKUUCIG ECTTÃ… RQWT UWTHCEGU FG EQPVCEV QRVKOCNGU FCPU NC DQTPG
.G EJCPIGOGPV FG ECRCEKVÅ FG UGTVKUUCIG FG OOŽ ¼ OOŽ UoQRÄTG RCT UKORNG DCUEWNGOGPV
2TQRTKÅVÅU ÅRTQWXÅGU Ŷ RQWT NG UGTVKUUCIG FGU GODQWVU FG E¾DNG UGNQP &+0 2CTVKG Ŷ CLWUVCIG CWVQOCVKSWG ¼ NC VCKNNG FoGODQWV UQWJCKVÅG RCU FoGTTGWT FG UGTVKUUCIG FWG ¼ NoWVKNKUCVKQP FW OCWXCKU RTQƂN Ŷ EQPXKGPV ¼ VQWU NGU GODQWVU FG E¾DNG LWOGNÅU FCPU NC RNCIG FG ECRCEKVÅ Ŷ SWCNKVÅ FG UGTVKUUCIG VQWLQWTU ÅNGXÅG IT¾EG CW DNQECIG HQTEÅ FÅXGTTQWKNNCDNG
Ŷ RTGUUKQP FG UGTVKUUCIG TÅINÅG CXGE RTÅEKUKQP GP WUKPG ÅVCNQPPÅG
Ŷ HQTEG CORNKƂÅG IT¾EG ¼ NC FÅOWNVKRNKECVKQP RCT IGPQWKNNÄTG RQWT WP VTCXCKN OQKPU HCVKIWCPV
Ŷ VTÄU EQPHQTVCDNG ¼ WVKNKUGT IT¾EG ¼ UC HQTOG RTCVKSWG GV ¼ UC NÅIÄTGVÅ
'ZVGPUKQP FG NC ECRCEKVÅ FG UGTVKUUCIG ECTTÅ LWUSWo¼ OOŽ 1WXGTVWTG RNWU HCKDNG GV OGKNNGWTG GTIQPQOKG
OO
4Ã…H
'#0
OO
UGTVKUUCIG JGZCIQPCN RQWT RGVKVU GODQWVU
2KPEG
2QKIPÃ…GU
#RRNKECVKQP
%CRCEKVÃ… OOÂŽ
#9)
I
DTWPKG CXGE ICKPGU DK OCVKÄTG
GODQWVU FG E¾DNG
DTWPKG CXGE ICKPGU DK OCVKÄTG
GODQWVU FG E¾DNG
2+0%'5 œ 5'46+4
2KPEGU ¼ UGTVKT CWVQ CLWUVCDNG RQWT GODQWVU FG E¾DNG KPVTQFWEVKQP HTQPVCNG
.C RGVKVG RKPEG ¼ UGTVKT RQWT GODQWVU FG E¾DNG C FGWZ ITQU CXCPVCIGU RQWT NnWVKNKUCVGWT s TÅINCIG CWVQOCVKSWG CW V[RG FnGODQWV FG E¾DNG WVKNKUÅ UQWNCIG NG VTCXCKN FW RTQHGUUKQPPGN GV RGTOGV WP UGTVKUUCIG U×T HKCDNG GV TCRKFG s EQPXKGPV ÅICNGOGPV CWZ UGEVKQPU FG ITCPFG VCKNNG UGTVKUUCIG ECTTÅ FG ¼ OOŽ s KPUGTVKQP RCT NnCXCPV HCEKNKVG NGU VTCXCWZ FKHHKEKNGU FCPU FGU GURCEGU EQPHKPÅU
RQWT NG UGTVKUUCIG FGU GODQWVU FG E¾DNG UGNQP &+0 2CTVKG ■CLWUVCIG CWVQOCVKSWG ¼ NC VCKNNG FnGODQWV UQWJCKVÅG RCU FnGTTGWT FG UGTVKUUCIG FWG ¼ NnWVKNKUCVKQP FW OCWXCKU RTQHKN ■EQPXKGPV ¼ VQWU NGU GODQWVU FG E¾DNG LWOGNÅU FCPU NC RNCIG FG ECRCEKVÅ ■KPVTQFWEVKQP HTQPVCNG FG NnGODQWV FCPU NnQWVKN ■SWCNKVÅ FG UGTVKUUCIG VQWLQWTU ÅNGXÅG IT¾EG CW DNQECIG HQTEÅ
FÃ…XGTTQWKNNCDNG â– NC RTGUUKQP FG UGTVKUUCIG GUV TÃ…INÃ…G CXGE RTÃ…EKUKQP GP WUKPG
Ã…VCNQPPÃ…G CLWUVCDNG â– HQTEG CORNKHKÃ…G IT¾EG ¼ NC FÃ…OWNVKRNKECVKQP RCT IGPQWKNNÄTG RQWT WP VTCXCKN OQKPU HCVKIWCPV â– VTÄU EQPHQTVCDNG ¼ WVKNKUGT IT¾EG ¼ UC HQTOG RTCVKSWG GV ¼ UC NÃ…IÄTGVÃ… â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO GP SWCNKVÃ… URÃ…EKCNG VTGORÃ… ¼ NoJWKNG â–
UGTVKUUCIG FG ¼ OOŽ FCPU WP UGWN RTQHKN KPVTQFWEVKQP NCVÅTCNG RCTCNNÄNG FnGODQWVU LWUSWn¼ OOŽ UGTVKUUCIG FG ¼ OOŽ GV OOŽ FCPU WP UGWN RTQHKN CXGE NGXKGT RQWT NG TÅINCIG FG NC RNCIG FG UGTVKUUCIG FG ¼ QW OOŽ
5GTVKUUCIG ECTTÃ…
+PVTQFWEVKQP HTQPVCNG FGU GODQWVU FG E¾DNG RCT GZ FCPU FGU CTOQKTGU FG EQOOCPFG
4Ã…H
'#0
OO
#EEÄU NCVÅTCN RCTCNNÄNG FGU GODQWVU FG E¾DNG LWUSWn¼ OOŽ GZ FCPU FGU GPFTQKVU GZKIWU
2KPEG
2QKIPÃ…GU
#RRNKECVKQP
%CRCEKVÃ… OOÂŽ
#9)
I
DTWPKG
CXGE ICKPGU DK OCVKÄTG
GODQWVU FG E¾DNG
DTWPKG
CXGE ICKPGU DK OCVKÄTG
GODQWVU FG E¾DNG
2+0%'5 œ 5'46+4
2KPEG ¼ UGTVKT RQWT OKETQ EQPPGEVGWTU UGTVKUUCIG RCTCNNÄNG
TÃ…INÃ…G CXGE RTÃ…EKUKQP GP WUKPG OQWXGOGPV FG UGTVKUUCIG RCT CNNÄNG RQWT TÃ…RQPFTG CWZ GZKIGP Ã…VCNQPPÃ…G CLWUVCDNG EGU RCTVKEWNKÄTGOGPV UVTKEVGU FGU â– HQTEG CORNKHKÃ…G IT¾EG ¼ NC FÃ…OWN VKRNKECVKQP RCT IGPQWKNNÄTG RQWT OKETQ EQPPGEVGWTU â– SWCNKVÃ… FG UGTVKUUCIG VQWLQWTU Ã…NG WP VTCXCKN OQKPU HCVKIWCPV XÃ…G IT¾EG CWZ RTQHKNU FG RTÃ…EKUKQP â– RKPEGU ¼ UGTVKT RQWT CWVTGU GV CW DNQECIG HQTEÃ… FÃ…XGTTQWKN OKETQ EQPPGEVGWTU FKURQPKDNGU UWT FGOCPFG RCT GZ *& /QFW NCDNG â– RQUKVKQPPGWT OQPVÃ… RQWT HKEJGU +8 /KETQ 6KOGT /35 GVE & 5WD OKPKCVWTGU RQWT WP RQUK â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPC VKQPPGOGPV GZCEV FW EQPPGEVGWT FKWO GP SWCNKVÃ… URÃ…EKCNG VTGORÃ… ¼ NoJWKNG GV FW E¾DNG â– NC RTGUUKQP FG UGTVKUUCIG GUV â–
4Ã…H
'#0
OO
2KPEG
2QKIPÃ…GU
#RRNKECVKQP
DTWPKG
CXGE ICKPGU DK OCVKÄTG
EQPPGEVGWTU & 5WD *& *&'
2KPEGU ¼ UGTVKT RQWT GODQWVU FG E¾DNG
%CRCEKVÃ… OOÂŽ
#9)
I
RQWT NG UGTVKUUCIG FnGODQWVU FG E¾DNG &+0 2CTVKG FG ¼ OOÂŽ â– UGTVKUUCIG CXGE RTQHKNU VTCRÃ…\QËFCWZ OCTSWÃ…U RQWT WPG EQPPGZKQP HKCDNG FG NC EQUUG CXGE NG EQPFWEVGWT â– #EKGT Ã…NGEVTKSWG CW XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
#
#
4Ã…H
'#0
OO
6ÆVG
2QKIPÃ…GU
%CRCEKVÃ… OOÂŽ
#9)
I
#
RQNKG
ICKPÃ…GU GP RNCUVKSWG
(
RQNKG
ICKPÃ…GU GP RNCUVKSWG
#
RQNKG
CXGE ICKPGU DK OCVKÄTG
#
RQNKG
KUQNÅGU CXGE ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
2+0%'5 œ 5'46+4
2KPEGU ¼ UGTVKT RQWT GODQWVU FG E¾DNG
#WUUK GP XGTUKQP 8&' 7P UGTVKUUCIG RNWU HCEKNG RCT FÃ…OWNVKRNKECVKQP QRVKOKUÃ…G %QPUVTWEVKQP NÃ…IÄTG GV Ã…NCPEÃ…G RQWT NG UGTVKUUCIG FnGODQWVU FG E¾DNG UGNQP &+0 2CTVKG FG ¼ OOÂŽ â– UGTVKUUCIG CXGE RTQHKNU FGOK TQPFU OCTSWÃ…U RQWT WPG EQPPGZKQP HKCDNG FG NC EQUUG CXGE NG EQPFWEVGWT â– ECXKVÃ…U VTÄU RTQHQPFGU ¼ HCEGU NCVÃ…TCNGU EQPKSWGU â– #EKGT ¼ QWVKNU URÃ…EKCN HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
OO
OO
OO
4Ã…H
'#0
OO
6ÆVG
2QKIPÃ…GU
#RRNKECVKQP
%CRCEKVÃ… OOÂŽ
#9)
I
RQNKG
ICKPÃ…GU GP RNCUVKSWG
GODQWVU FG E¾DNG
RQNKG
CXGE ICKPGU DK OCVKÄTG
GODQWVU FG E¾DNG
RQNKG
KUQNÅGU CXGE ICKPGU DK OCVKÄTG GODQWVU FG E¾DNG EGTVKHKÅGU 8&'
2KPEG ¼ UGTVKT RQWT GODQWVU FG E¾DNG KPVTQFWEVKQP HTQPVCNG
RQWT NG UGTVKUUCIG FnGODQWVU FG E¾DNG &+0 2CTVKG FG ¼ OOÂŽ â– RTCVKSWG RQWT NGU VTCXCWZ TÃ…CNKUÃ…U FCPU FGU GPFTQKVU FnCEEÄU FKHHKEKNG RCT GZ FCPU FGU CTOQKTGU FG EQOOCPFG RTQHQPFGU GV Ã…VTQKVGU â– #EKGT ¼ QWVKNU URÃ…EKCN HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
4Ã…H
'#0
OO
6ÆVG
2QKIPÃ…GU
#RRNKECVKQP
RQNKG
ICKPÃ…GU GP RNCUVKSWG
GODQWVU FG E¾DNG
%CRCEKVÃ… OOÂŽ
#9)
I
#55146+/'065 &' 5'46+55#)'
#UUQTVKOGPVU FG UGTVKUUCIG
GP EQHHTGV 6#015 /+0+ U[UVCKPGTŠ DQÊVG GP RNCUVKSWG VTÄU TQDWUVG HGTOGVWTG 6 .QE OCPKRWNCDNG ¼ WPG OCKP QWXGTVWTG QW HGTOGVWTG FW U[UVCKPGTŠ GV EQPPGZKQP ¼ WP FGWZKÄOG U[UVCKPGTŠ NG VQWV GP WP VQWT FG OCKP â– QWXGTVWTG GP Ã…VCV EQPPGEVÃ… CEEÄU HCEKNG GV TCRKFG CW EQPVGPW UCPU CXQKT ¼ FÃ…EQPPGEVGT NGU OCNNGVVGU â– FGWZ RNCVGCWZ GP RNCUVKSWG GORKNCDNGU EQORQTVCPV EJCEWP EQORCTVKOGPVU RQWT EQPPGEVGWTU â– CXGE WP CUUQTVKOGPV FnGODQWVU FG E¾DNG CXGE QW UCPU EQN GP RNCUVKSWG â– â–
RQWT GODQWVU FG E¾DNG
CXGE RKPEG ¼ UGTVKT RQWT GODQWVU FG E¾DNG
CXGE RKPEG ¼ FÅPWFGT CWVQ CLWUVCDNG CXGE RKPEG ¼ UGTVKT CWVQ CLWUVCDNG RQWT GODQWVU FG E¾DNG
CXGE RKPEG ¼ UGTVKT RQWT GODQWVU FG E¾DNG
CXGE RKPEG ¼ UGTVKT CWVQ CLWUVCDNG RQWT NGU GODQWVU FG E¾DNG CXGE RKPEG ¼ FÅPWFGT CWVQ CLWUVCDNG CXGE RKPEG ¼ UGTVKT CWVQ CLWUVCDNG RQWT NGU GODQWVU FG E¾DNG
CXGE RKPEG ¼ UGTVKT 2TGEK(QTEGŠ RQWT GODQWVU FG E¾DNG CXGE RKPEG ¼ FÅPWFGT CWVQOCVKSWG /WNVKUVTKR CXGE RKPEG ¼ UGTVKT CWVQ CLWUVCDNG RQWT GODQWVU FG E¾DNG
2QUUKDKNKVÅ FG EQPPGEVGT RNWUKGWTU DQÊVGU
4Ã…H
'#0
2KPEG
Z OOÂŽ
Z OOÂŽ
.'
6#015 /+0+ U[UVCKPGTŠ XKFG
Z OOÂŽ
Z OOÂŽ
Z OOÂŽ
Z OOÂŽ
I
#55146+/'065 &' 5'46+55#)'
#UUQTVKOGPVU FG UGTVKUUCIG
CXGE RKPEG ÅVCW ¼ UGTVKT #
RQWT TCEEQTFU FG E¾DNG
CXGE RKPEG ¼ UGTVKT CXGE RKPEG ¼ UGTVKT ¼ NGXKGT 2TGEK(QTEGŠ RQWT EQUUGU FG E¾DNG GV EQPPGEVGWTU KUQNÅU
CXGE RKPEG ¼ FÅPWFGT CWVQOCVKSWG /WNVKUVTKR CXGE RKPEG ¼ UGTVKT ¼ NGXKGT 2TGEK(QTEGŠ
RQWT EQUUGU FG E¾DNG GV EQPPGEVGWTU KUQNÅU CXGE RKPEG ¼ UGTVKT
4CEEQTFU FG E¾DNG 4ÅH
'#0
2KPEG
%QUUGU ENKRU HGOGNNGU Z OO %QUUGU HGOGNNGU ´ OO %QUUGU TQPFGU ´ OO # %QUUGU TQPFGU ´ OO %QUUGU TQPFGU ´ OO 2TQNQPICVGWTU KUQNÅU TQWIG 2TQNQPICVGWTU KUQNÅU DNGW %QUUGU O¾NGU ´ OO
%QUUGU ENKRU HGOGNNGU Z OO %QUUGU TQPFGU ´ OO
%QUUGU TQPFGU ´ OO %QUUGU TQPFGU ´ OO 2TQNQPICVGWTU KUQNÅU TQWIG 2TQNQPICVGWTU KUQNÅU DNGW %QUUGU O¾NGU ´ OO
%QUUGU ENKRU HGOGNNGU Z OO
%QUUGU TQPFGU ´ OO %QUUGU TQPFGU ´ OO %QUUGU TQPFGU ´ OO %QUUGU TQPFGU ´ OO %QUUGU TQPFGU ´ OO %QUUGU TQPFGU ´ OO %QUUGU TQPFGU ´ OO 2TQNQPICVGWTU KUQNÅU TQWIG 2TQNQPICVGWTU KUQNÅU LCWPG 2TQNQPICVGWTU KUQNÅU DNGW
%QUUGU ENKRU HGOGNNGU Z OO
%QUUGU TQPFGU ´ OO %QUUGU TQPFGU ´ OO %QUUGU TQPFGU ´ OO %QUUGU TQPFGU ´ OO %QUUGU TQPFGU ´ OO %QUUGU TQPFGU ´ OO 2TQNQPICVGWTU KUQNÅU TQWIG 2TQNQPICVGWTU KUQNÅU DNGW 2TQNQPICVGWTU KUQNÅU LCWPG
%QPPGEVGWTU PQP KUQNÃ…U Z OO
%QUUGU ENKRU HGOGNNGU Z OO
%QUUGU NCPIWGVVG Z OO %QUUGU TQPFGU ´ OO 2TQNQPICVGWTU KUQNÅU TQWIG 2TQNQPICVGWTU KUQNÅU DNGW 2TQNQPICVGWTU KUQNÅU LCWPG
.'
6#015 /+0+ U[UVCKPGTŠ XKFG
3WCPVKVÃ…
%¾DNG OOŽ
I
#55146+/'065 &' 5'46+55#)'
4CEEQTFU FG E¾DNG &+0 4ÅH
'#0 %QUUGU ENKRU HGOGNNGU KUQNÃ…GU
.CTIGWT Z Ã…RCKUUGWT OOÂŽ Z Z Z Z Z Z Z
4Ã…H
'#0 %QPPGEVGWTU PQP KUQNÃ…U
.CTIGWT Z Ã…RCKUUGWT OOÂŽ Z Z Z Z
4Ã…H
'#0 %QUUGU ENKRU ¼ NCPIWGVVG KUQNÅGU
.CTIGWT Z Ã…RCKUUGWT OOÂŽ Z Z Z
%¾DNG OOŽ
#9)
%QWNGWT FG TGRÃ…TCIG TQWIG DNGWG LCWPG
4Ã…H
'#0 %QUUGU NCPIWGVVG KUQNÃ…GU
.CTIGWT Z Ã…RCKUUGWT OOÂŽ Z Z Z
%¾DNG OOŽ
#9)
%QWNGWT FG TGRÃ…TCIG TQWIG DNGWG LCWPG
%¾DNG OOŽ
#9) %¾DNG OOŽ
%QWNGWT FG TGRÃ…TCIG TQWIG TQWIG DNGWG TQWIG DNGWG LCWPG DNGWG
#9)
'#0 4Ã…H %QUUGU HGOGNNGU KUQNÃ…GU
(KEJG O¾NG ´ OO
%¾DNG OOŽ
#9)
%QWNGWT FG TGRÃ…TCIG TQWIG DNGWG
'#0 4ÅH %QUUGU O¾NGU KUQNÅGU
(KEJG O¾NG ´ OO
%¾DNG OOŽ
#9)
%QWNGWT FG TGRÃ…TCIG TQWIG DNGWG
%¾DNG OOŽ
#9)
%QWNGWT FG TGRÃ…TCIG TQWIG TQWIG TQWIG DNGWG DNGWG DNGWG DNGWG LCWPG LCWPG LCWPG LCWPG
4Ã…H
'#0 %QUUGU TQPFGU KUQNÃ…GU
8KU ´ OO
4Ã…H
'#0 %QUUGU ¼ UGTVKT
8KU ´ OO
%¾DNG OOŽ
#9)
#55146+/'065 &' 5'46+55#)'
4Ã…H
'#0 2TQNQPICVGWTU UQWU ICKPG VJGTOQTÃ…VTCEVCDNG
%¾DNG OOŽ
#9)
%QWNGWT FG TGRÃ…TCIG TQWIG DNGWG LCWPG
4Ã…H
'#0 2TQNQPICVGWTU KUQNÃ…U
%¾DNG OOŽ
#9)
%QWNGWT FG TGRÃ…TCIG TQWIG DNGWG LCWPG
4Ã…H
'#0 2TQNQPICVGWTU PQP KUQNÃ…U
%¾DNG OOŽ
#9)
OO
4Ã…H
'#0 'ODQWVU FG E¾DNG CXGE EQN GP RNCUVKSWG 'ODQWVU FG E¾DNG CXGE EQN GP RNCUVKSWG
OO
%¾DNG OOŽ
#9)
%QWNGWT FG TGRÃ…TCIG DNCPE ITKU TQWIG PQKT DNGWG ITKU LCWPG TQWIG DNGWG LCWPG DNCPE ITKU TQWIG PQKT DNGWG ITKU LCWPG TQWIG DNGWG LCWPG
4Ã…H
'#0 'ODQWVU FG E¾DNG LWOGNÅU CXGE EQN GP RNCUVKSWG
OO
%¾DNG OOŽ Z Z Z Z Z Z Z Z Z
#9) Z Z Z Z Z Z Z Z Z
%QWNGWT FG TGRÃ…TCIG DNCPE ITKU TQWIG PQKT DNGWG ITKU LCWPG TQWIG DNGWG
4Ã…H
'#0 'ODQWVU FG E¾DNG PQP KUQNÅU
OO
%¾DNG OOŽ
#9)
64#8#+..'4 5175 6'05+10 '56 4+537¥
.oÅNÅOGPV EQPFKVKQPPCPV NC UÅEWTKVÅ GUV ¼ EGV ÅICTF NoQWVKN %oGUV ¼ NWK SWG NG RTQHGUUKQPPGN EQPƂG UC UCPVÅ s FQPE RCU SWGUVKQP FG EQORTQOKU .GU QWVKNU 8&' -0+2': CNNKGPV FGU EQPVTÐNGU FG UÅEWTKVÅ KPVGPUKHU ¼ FGU FK\CKPGU FoCPPÅGU FG EQORÅVGPEG GV FoQTKGPVCVKQP SWCNKVÅ GP OCVKÄTG FoQWVKNU s ECT PQWU RTGPQPU CW UÅTKGWZ NC EQPƂCPEG FGU WVKNKUCVGWTU
1WVKNU KUQNÅU 2KPEGU $TWEGNNGU FG RTÅEKUKQP %QWRG E¾DNGU %QWRG E¾DNGU CEKGT 2KPEGU ¼ UGTVKT RQWT GODQWVU FG E¾DNG %NÅU 6QWTPGXKU %QWVGCWZ 2KPEGU GP RNCUVKSWG #ITCHG GP RNCUVKSWG 'ODQWVU FG UÅEWTKVÅ 'ODQWVU FG UÅEWTKVÅ CWVQDNQSWCPVU )CPVU RQWT ÅNGEVTKEKGP 0CRRGU KUQNCPVGU 5EKG 27- #UUQTVKOGPVU FnQWVKNU
2KPEG EQWRCPVG FG EÐVÅ 8&' -0+2': NoQWVKN KPFKURGPUCDNG CWZ OWNVKRNGU WUC IGU FCPU NoKPUVCNNCVKQP ÅNGEVTKSWG
%QPVTÐNG FG NoCFJÅTGPEG FW TGXÆVGOGPV KUQNCPV UQWU |0
%QPVTÐNG FGU RTQRTKÅVÅU FoKUQNGOGPV ÅNGEVTKSWG
.'5 176+.5 +51.¥5 5106 #((#+4' &' %10(+#0%' .GU RTQHGUUKQPPGNU HQPV EQPƂCPEG ¼ NGWT QWVKN %GVVG EQPƂCPEG GUV XKVCNG SWCPF QP VTCXCKNNG UWT FGU KPUVCNNCVKQPU ÅNGEVTKSWGU 'P VGPCPV UC RKPEG NG URÅEKCNKUVG C VQWLQWTU CWUUK UC UCPVÅ GP OCKP 0QU QWVKNU KUQNÅU TÅRQPFGPV FG EG HCKV PQP UGWNGOGPV CWZ GZKIGPEGU NÅICNGU +NU QHHTGPV GP QWVTG WP OCZKOWO FG UÅEWTKVÅ FG ƂCDKNKVÅ GV FG RGTHQTOCPEG OÆOG N¼ QÕ NC TÅINGOGPVCVKQP PG RTGUETKV TKGP CW FGUUQWU FG NoKUQNCVKQP
'UUCK FG VGPUKQP FG EJCSWG RKPEG UQWU | |8Ů
'UUCK FG RTGUUKQP ¼ | %
'UUCK FG EJQE CW HTQKF ¼ | %
5QWU NC TÅIKG FG PQTOGU
%QPVTÐNG KPFKXKFWGN ICTCPVK
2WKUUCPEG UQWU NnKUQNCVKQP
5GWN NG URÅEKCNKUVG HQTOÅ GP EQPUÅSWGPEG GUV JCDKNKVÅ ¼ VTCXCKNNGT UWT FGU KPUVCNNCVKQPU UQWU VGPUKQP &GU PQTOGU UÅXÄTGU UoCRRNKSWGPV ¼ EGV ÅICTF ¼ NC UÅEWTKVÅ CW VTCXCKN VGNNGU SWG NC PQTOG CNNGOCPFG &+0 8&' QW NGU PQTOGU KPVGTPCVKQPCNGU '0 GV +'% 'P VQWV ÅVCV FG ECWUG KN HCWV WVKNKUGT WP QWVKN URÅEKCNGOGPV HCDTKSWÅ GV EQPVTÐNÅ RQWT EGU VTCXCWZ .GU GZKIGPEGU CWZSWGNNGU FQKXGPV TÅRQPFTG NGU QWVKNU WVKNKUÅU RQWT FGU VTCXCWZ UQWU VGPUKQP UQPV RTÅEKUÅGU FCPU NC PQTOG &+0 '0 +'% .GU QWVKNU -0+2': URÅEKCNG OGPV GUVCORKNNÅU UQPV JQOQNQ IWÅU RQWT FGU VTCXCWZ UQWU VGPUKQP CNNCPV LWUSWo¼ |8Ů
%JCSWG QWVKN KUQNÅ GUV UQWOKU ¼ WP GUUCK FG ENC SWCIG UQWU |8Ů CXCPV FoÆVTG OKU FCPU NG EQOOGTEG #WVTGOGPV FKV NGU VTCXCWZ FCPU NC ICOOG FG VGPUKQP CNNCPV LWUSWo¼ |8Ů QPV WPG OCTIG FG UÅEWTKVÅ FG FKZ HQKU NC NKOKVG OCZKOCNG CWVQTKUÅG &oCWVTGU GUUCKU EQPVTÐNGPV NC TÅUKUVCPEG FG NoKUQNCVKQP ¼ NC EJCNGWT CW HTQKF ¼ NC VTCEVKQP GV CWZ EJQEU .C EQPHQTOKVÅ ¼ VQWU NGU ETKVÄTGU FW 8&' GUV ICTCPVKG PQP UGWNGOGPV RCT NoÅSWKRG FoCUUWTCPEG SWCNKVÅ FG -0+2': OCKU CWUUK RCT FGU QTICPKUOGU GV NCDQTCVQKTGU GZVGTPGU VGNU SWG NG 8&' NWK OÆOG %oGUV RQWT NoWVKNKUCVGWT SWG PQWU HCKUQPU VQWV EG VTCXCKN %CT EoGUV NWK SWK VQWVG NC LQWTPÅG EQPƂG UQP DKGP ÆVTG ¼ PQU RKPEGU 'V PQWU XQWNQPU FQPE NWK CUUWTGT ¼ VQWV OQOGPV WP OCZKOWO FG UÅEWTKVÅ 0QWU CUUWOQPU EGVVG TGURQPUCDKNKVÅ GP CRRQ UCPV PQVTG PQO UWT NoKUQNCVKQP FGU QWVKNU -0+2':
.oKUQNCVKQP GUV WP ICIG FG UÅEWTKVÅ FCPU NG VTCXCKN UWT NGU KPUVCNNCVKQPU ÅNGEVTKSWGU /CKU GNNG PG UCKV PK EQWRGT UCKUKT QW GPEQTG UGTVKT .C SWCNKVÅ INQDCNG FGU QWVKNU KUQNÅU KPENWG FQPE ÅICNGOGPV NGU RTQRTKÅVÅU OÅECPKSWGU FG NoQWVKN FG DCUG VGNNGU SWG ECRCEKVÅ FG EQWRG RTÅEKUK QP GV UQNKFKVÅ #XGE PQU RKPEGU KUQNÅGU NGU WVKNK UCVGWTU RGWXGPV HCKTG EQPƂCPEG ¼ NC SWCNKVÅ GV ¼ NoGPFWTCPEG FG RTQFWKVU KUUWU FG NC HCDTKEC VKQP -0+2': 2QWT NGU QWVKNU ¼ XKUUGT SWG PQWU KUQNQPU PQWU WVKNKUQPU FGU QWVKNU FG DCUG FG HQWTPKUUGWTU ÅRTQWXÅU FQPV PQWU EQPVTÐNQPU TÅIWNKÄTGOGPV GV UÅXÄTGOGPV NC SWCNKVÅ .G URÅEKCNKUVG RGWV HCKTG EQPƂCPEG ¼ EGVVG FQWDNG ƂCDKNKVÅ FG NoQWVKN GV FG NoKUQNGOGPV
176+.5 +51.¥5 8GWKNNG\ VQWLQWTU TGURGEVGT NGU RTGUETKRVKQPU EQWTCPVGU GV NGU %105+)0'5 &' 5¥%74+6¥ EK FGUUQWU 6TCPURQTVG\ XQU QWVKNU KUQNÅU FG OCPKÄTG ¼ GORÆEJGT VQWV GPFQOOCIGOGPV FG NnKUQNCVKQP ■8ÅTKHKG\ CXCPV EJCSWG WVKNKUCVKQP SWG NnKUQNCVKQP PnGUV RCU GPFQOOCIÅG ¥NKOKPG\ VQWV QWVKN FÅHGEVWGWZ ■#UUWTG\ XQWU FG DKGP ICTFGT XQVTG QWVKN KUQNÅ RTQRTG GV UGE ■+N GUV TGEQOOCPFÅ FG RQTVGT FGU NWPGVVGU FG RTQVGEVKQP NQTU FG VTCXCWZ TÅCNKUÅU CXGE FGU RKPEGU EQWRCPVGU QW CW FGUUWU FG NC VÆVG ■2QWT NGU VTCXCWZ UQWU VGPUKQP RQTVGT FGU NWPGVVGU FG RTQVGEVKQP QW WPG RTQVGEVKQP RQWT NG XKUCIG
â–
2KPEGU WPKXGTUGNNGU EJTQOG XCPCFKWO
8GKNNG\ DKGP ¼ ICTFGT NnGPFTQKV QÕ XQWU VTCXCKNNG\ RTQRTG GV TCPIÃ… RCTVKEWNKÄTGOGPV UK XQWU VTCXCKNNG\ UQWU VGPUKQP â– 7VKNKUG\ FGU XÆVGOGPVU GV Ã…SWKRGOGPVU FG RTQVGEVKQP RCT GZ ICPVU RQWT Ã…NGEVTKEKGP PCRRGU KUQNCPVGU JQWUUGU FG RTQVGEVKQP s UWTVQWV FCPU FGU GURCEGU GZKIWU â– 7VKNKUG\ WPKSWGOGPV FGU QWVKNU CWZ FKOGPUKQPU CFCRVÃ…GU 8QWU Ã…XKVG\ CKPUK SWG NnQWVKN PG INKUUG UWT NC RKÄEG GV SWnKN PG VQWEJG FGU RKÄEGU PQP KUQNÃ…GU â– 8GKNNG\ ¼ EG SWnCWEWPG RKÄEG FGUUGTTÃ…G PK CWEWPG GZVTÃ…OKVÃ… FG EQPFWEVGWT EQWRÃ…G PG VQODGPV UWT FGU RKÄEGU EQPFWEVTKEGU â–
RQWT UQNNKEKVCVKQPU GZVTÆOGU CXGE \QPGU FG RTÃ…JGPUKQP URÃ…EKCNGU RQWT OCVÃ…TKCWZ RNCVU GV TQPFU RQWT WPG WVKNKUCVKQP RQN[XCNGPVG â– CXGE VTCPEJCPVU RQWT HKNU FQWZ GV FWTU GV RQWT EQTFG ¼ RKCPQ â– VTCPEJCPVU NQPIU RQWT E¾DNGU Ã…RCKU â– VTCPEJCPVU VTGORÃ…U RCT KPFWEVKQP FWTGVÃ… FnGPX *4% â– O¾EJQKTGU RCTVKEWNKÄTGOGPV TÃ…UKUVCPVGU ¼ NnWUWTG FWTGVÃ… FnGPX *4% â– #EKGT JCWVG RGTHQTOCPEG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
&+0 +51 +'% &+0 '0
%CRCEKVÃ…U FG EQWRG
4Ã…H
'#0
OO
2KPEG
2QKIPÃ…GU
EJTQOÃ…G
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
2KPEGU WPKXGTUGNNGU ¼ HQTVG FÅOWNVKRNKECVKQP
´ OO ´ OO ´ OO
OOÂŽ
I
FnGHHQTV Ã…EQPQOKUÃ… RCT TCRRQTV ¼ FGU RKPEGU WPKXGTUGNNGU UVCPFCTF â– VTCXCKN RNWU HCEKNG IT¾EG ¼ WPG FÃ…OWNVKRNKECVKQP QRVKOKUÃ…G â– CXGE VTCPEJCPVU FWTGVÃ… GPX *4% RQWT HKNU FQWZ GV FWTU CKPUK SWG RQWT EQTFG ¼ RKCPQ â– VTCPEJCPVU NQPIU RQWT E¾DNGU Ã…RCKU â– CXGE \QPGU FG RTÃ…JGPUKQP URÃ…EKCNGU RQWT OCVÃ…TKCWZ RNCVU GV TQPFU RQWT WPG WVKNKUCVKQP RQN[XCNGPVG â– #EKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
&+0 +51 +'% &+0 '0
%CRCEKVÃ…U FG EQWRG
4Ã…H
'#0
OO
2KPEG
2QKIPÃ…GU
EJTQOÃ…G
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
EJTQOÃ…G
KUQNÃ…GU RCT UWTOQWNCIG EGTVKHKÃ…GU 8&'
´ OO ´ OO ´ OO
OOÂŽ
I
176+.5 +51.Â¥5
2KPEGU WPKXGTUGNNGU
CXGE \QPGU FG RTÃ…JGPUKQP URÃ…EKCNGU RQWT OCVÃ…TKCWZ RNCVU GV TQPFU RQWT WPG WVKNKUCVKQP RQN[XCNGPVG â– CXGE VTCPEJCPVU RQWT HKNU FQWZ GV FWTU â– VTCPEJCPVU NQPIU RQWT E¾DNGU Ã…RCKU â– VTCPEJCPVU VTGORÃ…U RCT KPFWEVKQP FWTGVÃ… FnGPX *4% â– #EKGT ¼ QWVKNU URÃ…EKCN HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
&+0 +51 +'% &+0 '0
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0
OO
2KPEG
2QKIPÃ…GU
EJTQOÃ…G
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
EJTQOÃ…G
KUQNÃ…GU RCT UWTOQWNCIG EGTVKHKÃ…GU 8&'
2KPEGU ¼ FÅPWFGT
´ OO ´ OO ´ OO
OOÂŽ
I
RQWT EQPFWEVGWTU WPKHKNCKTGU OWNVKHKNCKTGU GV HKNU HKPU KUQNCVKQP RNCUVKSWG QW ECQWVEJQWE FKCO OCZ OO GV UGEVKQP OOÂŽ â– TÃ…INCIG UKORNG FW FKCOÄVTG FW E¾DNG QW FW HKN IT¾EG ¼ NnÃ…ETQW OQNGVÃ… GV CW EQPVTG Ã…ETQW â– #EKGT ¼ QWVKNU URÃ…EKCN HQTIÃ… VTGORÃ… ¼ NoJWKNG ¼ NoJWKNG â–
+'% &+0 '0
4Ã…H
'#0
OO
%CRCEKVÅU FG FÅPWFCIG ´ OO
%CRCEKVÃ…U FG FÃ…PWFCIG OOÂŽ
#9)
I
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
KUQNÃ…GU RCT UWTOQWNCIG EGTVKHKÃ…GU 8&' KUQNÃ…GU RCT UWTOQWNCIG EGTVKHKÃ…GU 8&'
2KPEG
2QKIPÃ…GU
EJTQOÃ…G
EJTQOÃ…G EJTQOÃ…G
176+.5 +51.Â¥5
2KPEGU RQWT KPUVCNNCVKQPU Ã…NGEVTKSWGU .C OWNVK VCNGPVU FW RTQHGUUKQPPGN
2KPEG OWNVKHQPEVKQP RQWT KPUVCNNCVKQPU ÅNGEVTKSWGU RQWT UCKUKT NGU HQTOGU RNCVGU GV TQPFGU RNKGT ÅDCXWTGT EQWRGT NGU E¾DNGU FÅPWFGT NGU EQPFWEVGWTU GV UGTVKT NGU EQUUGU
+'% &+0 '0
HQPEVKQPU GP WPG UGWNG RKPEG DGEU ¼ DQWV NKUUG RQWT UCKUKG UCPU GPFQOOCIGOGPV FG EQPFWEVGWTU KPFKXKFWGNU UWTHCEGU FG RTÃ…JGPUKQP GV \QPG UGTTG VWDG RQWT UCKUKG FG HQTOGU RNCVGU GV TQPFGU â– DQTF GZVÃ…TKGWT FG NC O¾EJQKTG ¼ CTÆVG RNWU XKXG RQWT TQIPGT NGU DQÊVGU GPECUVTÃ…GU GV Ã…DCXWTGT NGU VTQWU FG VTCXGTUÃ…G â– VTQWU FG FÃ…PWFCIG RQWT EQPFWEVGWTU FG OOÂŽ GV OOÂŽ â– OCVTKEG FG UGTVKUUCIG RQWT EQUUGU FG OOÂŽ â– EQWRG E¾DNGU ¼ VTCPEJCPVU FG RTÃ…EKUKQP VTGORÃ…U RCT KPFWEVKQP RQWT E¾DNGU %W GV #N CNNCPV LWUSWn¼ Z OOÂŽ OO FG FKCOÄVTG â– RTÃ…JGPUKQP UCPU QWXGTVWTG EQORNÄVG FG NC RKPEG OÃ…ECPKUOG KPVGN NKIGPV FG OCKPVKGP GP RQUKVKQP HGTOÃ…G UWT NC XGTUKQP ¼ TGUUQTV FnQW XGTVWTG .G VTCPEJCPV TGUVG HGTOÃ… GV RTQVÃ…IÃ… â– HQTOG Ã…NCPEÃ…G CUUWTCPV WPG DQPPG CEEGUUKDKNKVÃ… â– EJCTPKÄTG XKUUÃ…G OQWXGOGPV FG NC RKPEG RTÃ…EKU GV UCPU LGW â– #EKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
NG U[UVÄOG FG XGTTQWKNNCIG CEVKXÅ OCKPVKGPV NGU VTCPEJCPVU HGTOÅU UCPU GORÆEJGT NGU CWVTGU HQPEVKQPU NG OÅECPKUOG KPVGNNKIGPV FG OCKPVKGP RGTOGV FG ‡|UCKUKT|— UCPU CXQKT ¼ QWXTKT NC RKPEG .G VTCPEJCPV TGUVG HGTOÅ GV RTQVÅIÅ %CRCEKVÅU FG EQWRG '#0 4ÅH
OO 2KPEG EJTQOÃ…G EJTQOÃ…G
2QKIPÅGU KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&' KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
2KPEG ¼ DGEU RNCVU
´ OO
OOÂŽ
%CRCEKVÃ…U FG FÃ…PWFCIG RQWT DTKPU KPFKXKFWGNU OOÂŽ
%CRCEKVÃ… OOÂŽ
I
DGEU EQWTVU GV RNCVU KPVÃ…TKGWT FGU O¾EJQKTGU UVTKÃ… â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
&+0 +51 +'% &+0 '0
&KOGPUKQPU 4Ã…H
'#0
OO
2KPEG EJTQOÃ…G
2QKIPÅGU KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
. OO
9 OO
6 OO
I
176+.5 +51.¥5
2KPEG ¼ FÅPWFGT EQWRCPVG FG EÐVÅ
#XGE VTCPEJCPV CNNQPIÅ
+'% &+0 '0
&ÅOWNVKRNKECVKQP COÅNKQTÅG RQWT WPG RWKUUCPEG FG EQWRG UWRÅTKGWTG FG VTQWU FG FÅPWFCIG RTÅEKU RQWT EQPFWEVGWTU WPKHKNCKTGU OCUUKHU FG GV OO ■ FÅEQWRG EQPHQTVCDNG FG E¾DNGU 0;/ LWUSWo¼ Z OO ■ RQKPVGU NQPIWGU RQWT VTCXCWZ FG EQWRG FG RTÅEKUKQP ÅICNGOGPV RQUUKDNG FCPU FGU GURCEGU GZKIWU ■ VTCPEJCPVU FG RTÅEKUKQP VTGORÅU RCT KPFWEVKQP FWTGVÅ FGU VTCPEJCPVU GPX |*4% ■ #EKGT ÅNGEVTKSWG CW XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG ■
%CRCEKVÅU FG EQWRG '#0
4ÅH
OO
2KPEG
2QKIPÅGU
EJTQOÅG KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
2KPEG ¼ DGEU TQPFU
%CRCEKVÅU FG FÅPWFCIG OO
#9)
´ OO
´ OO
I
RQWT RNKGT NGU yKNNGVU DGEU EQWTVU GV TQPFU OGWNÅU CXGE RTÅEKUKQP ■ RQKPVGU NKUUGU ■ #EKGT ÅNGEVTKSWG CW EJTQOG XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG ■ ■
&+0 +51 +'% &+0 '0
&KOGPUKQPU 4ÅH
'#0
OO
2KPEG EJTQOÅG
2QKIPÅGU KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
. OO
9 OO
& OO
6 OO
I
176+.5 +51.Â¥5
2KPEGU ¼ DGEU FGOK TQPFU CXGE VTCPEJCPV 2KPEGU TCFKQ
EQPXKGPV RQWT NGU VTCXCWZ PÃ…EGUUKVCPV WPG RTKUG GV WPG EQWRG FG RTÃ…EKUKQP â– DGEU RQKPVWU FGOK TQPFU â– KPVÃ…TKGWT FGU O¾EJQKTGU UVTKÃ… â– CXGE VTCPEJCPVU RQWT HKNU OK FWTU GV FWTU â– VTCPEJCPVU VTGORÃ…U RCT KPFWEVKQP FWTGVÃ… FnGPX *4% â– #EKGT Ã…NGEVTKSWG CW XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
&+0 +51 +'% &+0 '0
40°
%CRCEKVÃ…U FG EQWRG '#0
4Ã…H
OO
40°
&KOGPUKQPU
´ OO
´ OO
. OO
EJTQOÃ…G
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
EJTQOÃ…G
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
2KPEG
2QKIPÃ…GU
2KPEGU ¼ DGEU FGOK TQPFU CXGE VTCPEJCPV 2KPEGU DGE FG EKIQIPG
. OO
9 OO
6 OO
9 OO
6 OO
I
RQKPVGU FG RTÃ…EKUKQP Ã…NCUVKSWGU GV VTÄU TÃ…UKUVCPVGU DGEU FGOK TQPFU NQPIU â– KPVÃ…TKGWT FGU O¾EJQKTGU UVTKÃ… â– CXGE VTCPEJCPVU RQWT HKNU OK FWTU FG OO FG FKCOÄVTG GV FWTU FG OO FG FKCOÄVTG â– VTCPEJCPVU VTGORÃ…U RCT KPFWEVKQP FWTGVÃ… FnGPX *4% â– #EKGT Ã…NGEVTKSWG CW XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
â–
&+0 +51 +'% &+0 '0
40°
%CRCEKVÃ…U FG EQWRG
4Ã…H
'#0
OO
40°
40°
&KOGPUKQPU
´ OO
´ OO
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
. . 6 9 9 6 OO OO OO OO OO OO I
EJTQOÃ…G
KUQNÃ…GU RCT UWTOQWNCIG EGTVKHKÃ…GU 8&'
EJTQOÃ…G
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
EJTQOÃ…G
KUQNÃ…GU RCT UWTOQWNCIG EGTVKHKÃ…GU 8&'
2KPEG
2QKIPÃ…GU
EJTQOÃ…G
176+.5 +51.¥5
2KPEGU ¼ DGEU NQPIU
VTÄU TQDWUVG GV TÅUKUVCPV ¼ NnWUWTG RNWUKGWTU HQTOGU FG DGEU FKURQPKDNGU ■ #EKGT ÅNGEVTKSWG CW EJTQOG XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG ■ ■
&+0 +51 +'% &+0 '0
(QTOGG KPVÅTKGWT FGU O¾EJQKTGU UVTKÅ DGEU NQPIU GV RNCVU (QTOGG DGEU NQPIU GV TQPFU KPVÅTKGWT FGU O¾EJQKTGU NKUUG
&KOGPUKQPU '#0
4ÅH
OO
(QTOG 2KPEG
2QKIPÅGU
EJTQOÅG
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
EJTQOÅG
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
2KPEGU EQWRCPVGU FG EÐVÅ
. OO
9 OO
6 OO
9 OO
6 OO
I
NC RKPEG EQWRCPVG FG EÐVÅ KPFKURGPUCDNG RQWT WPG WVKNKUCVKQP RQN[XCNGPVG ■ OCVÅTKCWZ FG SWCNKVÅ UWRÅTKGWTG GV HKPKVKQP FG RTÅEKUKQP RQWT WPG NQPIWG XKG ■ VTCPEJCPVU FG RTÅEKUKQP RQWT HKNU FQWZ GV FWTU ■ EQWRG PGVVG FGU HKNU GP EWKXTG HKPU OÆOG GP DQWV FG VTCPEJCPVU ■ VTCPEJCPVU VTGORÅU RCT KPFWEVKQP FWTGVÅ FnGPX *4% ■ VÆVG ÅVTQKVG RGTOGVVCPV WPG WVKNKUCVKQP FCPU FGU GPFTQKVU FnCEEÄU FKHHKEKNG ■ #EKGT ÅNGEVTKSWG CW XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG ■
&+0 +51 +'% &+0 '0
6ÆVG ÅHHKNÅG GV EQWRG GZCEVG ¼ NC RQKPVG FGU VTCPEJCPVU RTCVKSWG FCPU NGU GPFTQKVU FKHHKEKNG FnCEEÄU
%CRCEKVÅU FG EQWRG 4ÅH
'#0
OO
2KPEG
2QKIPÅGU
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
EJTQOÅG
EJTQOÅG
EJTQOÅG
KUQNÅGU RCT UWTOQWNCIG EGTVKHKÅGU 8&' KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
´ OO
´ OO ´ OO
I
176+.5 +51.¥5
-0+2': : %WV 2KPEG EQWRCPVG FG EÐVÅ
FnGHHQTV ÅEQPQOKUÅ RCT TCRRQTV ¼ WPG RKPEG EQWRCPVG FG EÐVÅ UVCPFCTF FG NC OÆOG NQPIWGWT #XGE N CZG FnCTVKEWNCVKQP ¼ FQWDNG HKZCVKQP
&+0 +51 +'% &+0 '0
%QORCEVG GV RNWU NÅIÄTG 2WKUUCPVG GV RTÅEKUG %QWRG CWUUK DKGP NGU HKNU NGU RNWU HKPU SWG NGU E¾DNGU ¼ RNWUKGWTU EQPFWEVGWTU GV NC EQTFG ¼ RKCPQ FWTG EJCTPKÄTG GPVTGRCUUÅG GZVTÆOG UQNKFKVÅ GV NÅIÄTGVÅ CZG FnCTVKEWNCVKQP ¼ FQWDNG HKZCVKQP RQWT UQNNKEKVCVKQPU GZVTÆOGU GP TÅIKOG RGTOCPGPV ■ RWKUUCPEG FG EQWRG ÅNGXÅG GV GHHQTV RJ[UKSWG TÅFWKV RCT CFCRVCVKQP QRVKOCNG FG NnCPING FGU VTCPEJCPVU GV FW TCRRQTV FG FÅOWNVKRNKECVKQP ■ ITCPFG QWXGTVWTG RQWT ITQU E¾DNGU ■ EQWRG RTÅEKUG OÆOG UWT OKPEGU HKNU FG EWKXTG ■ EQPUVTWEVKQP EQORCEVG HCKUCPV ICIPGT FW RQKFU ■ WVKNKUCVKQP WPKXGTUGNNG FCPU NnKPUVCNNCVKQP NC OCKPVGPCPEG GV NC RTQFWEVKQP ■ #EKGT JCWVG RGTHQTOCPEG CW EJTQOG XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG ■
■
%CRCEKVÅU FG EQWRG '#0
4ÅH
OO
2KPEG
2QKIPÅGU
´ OO ´ OO ´ OO ´ OO ´ OO
EJTQOÅG
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
2KPEGU EQWRCPVGU FG EÐVÅ ¼ HQTVG FÅOWNVKRNKECVKQP
I
FnGHHQTV ÅEQPQOKUÅ EQORCTÅ ¼ FGU RKPEGU EQWRCPVGU FG EÐVÅ UVCPFCTF FG NC OÆOG NQPIWGWT #XGE CZG FG EJCTPKÄTG HQTIÅ
&+0 +51 +'% &+0 '0
CXGE CZG FG TQVCVKQP KPVÅITÅ RQWT FGU WVKNKUCVKQPU GZVTÆOGU GV GP EQPVKPWGU ■ EQPXKGPV RCTHCKVGOGPV ¼ VQWU NGU V[RGU FG HKNU OÆOG ¼ NC EQTFG ¼ RKCPQ ■ RWKUUCPEG FG EQWRG ÅNGXÅG GV GHHQTV RJ[UKSWG TÅFWKV IT¾EG ¼ NC RCTHCKVG CFCRVCVKQP FG NnCPING FG EQWRG GV FW TCRRQTV FG FÅOWNVKRNKECVKQP ■ VTCPEJCPVU FG RTÅEKUKQP VTGORÅU RCT KPFWEVKQP FWTGVÅ FnGPX *4% ■ #EKGT JCWVG RGTHQTOCPEG CW EJTQOG XCPCFKWO HQTIÅ VTGORÅ ¼ NoJWKNG ■
.QPIWGWT OO NC RKPEG EQWRCPVG FG EÐVÅ FG OO FG NQPIWGWT EQPXKGPV RQWT NGU EQPFWEVGWTU GP EWKXTG LWUSWn¼ OO GV NGU EQPFWEVGWTU GP CNWOKPKWO LWUSWn¼ OO
%CRCEKVÅU FG EQWRG
4ÅH
'#0
OO
2KPEG
2QKIPÅGU
EJTQOÅG
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
EJTQOÅG
KUQNÅGU RCT UWTOQWNCIG EGTVKHKÅGU 8&'
´ OO
´ OO
´ OO
I
176+.5 +51.Â¥5
2KPEG ENÃ… KUQNÃ…G
RKPEG GV ENÃ… ¼ NC HQKU EQPXKGPV CWUUK RCTHCKVGOGPV RQWT UCKUKT VGPKT RTGUUGT GV OGVVTG GP HQTOG â– CWEWP GPFQOOCIGOGPV FGU CTÆVGU FGU Ã…ETQWU UGPUKDNGU GV PQP VTGORÃ…U %W IT¾EG ¼ WPG RTGUUKQP WPKHQTOG GV UCPU LGW FGU O¾EJQKTGU â– CXGE ITCFWCVKQP RGTOGVVCPV WP RTÃ…TÃ…INCIG UCPU EQPVCEV CXGE NC RKÄEG â– RCU FG FÃ…TÃ…INCIG CEEKFGPVGN FGU O¾EJQKTGU PK FG INKUUGOGPV FG NC EJCTPKÄTG â– UCKUKG UCPU ¼ EQWRU FG VQWVGU NGU NCTIGWTU LWUSWn¼ NC ECRCEKVÃ… OCZKOCNG KPFKSWÃ…G IT¾EG ¼ UGU O¾EJQKTGU RCTCNNÄNGU â– NC EQWTUG GPVTG NGU O¾EJQKTGU RGTOGV WP UGTTCIG GV WP FGUUGTTCIG TCRKFGU UGNQP NG RTKPEKRG FW ENKSWGV â– HQTEG FG UGTTCIG Ã…NGXÃ…G IT¾EG ¼ WPG VTCPUOKUUKQP FG HQTEG OCPWGNNG OWNVKRNKÃ…G RCT â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
+'% &+0 '0
)TCFWCVKQP RQWT TÅINGT NC RNCIG FG RTÅJGP UKQP UCPU EQPVCEV CXGE NC RKÄEG
&KOGPUKQPU '#0 4Ã…H
OO
2KPEG EJTQOÃ…G
2QKIPÃ…GU RQWEGU KUQNÃ…GU RCT UWTOQWNCIG EGTVKHKÃ…GU 8&'
-0+2': #NNKICVQTŠ 2KPEGU OWNVKRTKUG
RNWU FG RGTHQTOCPEG GV FG EQPHQTV SWnCXGE FGU RKPEGU OWNVKRTKUG UVCPFCTF FG NC OÆOG NQPIWGWT TÅINCIG FW ENKSWGV ¼ RQUKVKQPU RQWT WPG ECRCEKVÅ FG RTÅJGPUKQP RNWU ÅNGXÅG ■DQP CEEÄU ¼ NC RKÄEG IT¾EG ¼ NC HQTOG GHHKNÅG FG NC \QPG VÆVG EJCTPKÄTG ■EJCTPKÄTG GPVTGRCUUÅG ITCP FG UVCDKNKVÅ IT¾EG CW FQWDNG IWKFCIG ■CWVQDNQSWCPVG UWT VWDGU GV ÅETQWU PG INKUUG RCU UWT NC RKÄEG VTCXCKN PÅEGUUKVCPV OQKPU FnGHHQTV ■GTIQV FG RTQVGEVKQP ÅXKVCPV NGU RKPEGOGPVU ■GHHGV FG NGXKGT RTCVKSWG GHHQTV CORNKHKÅ QRVKOCN
4Ã…H
'#0
OO
2QUKVKQPU $ $ FG TÃ…INCIG OO OO
$ OO
I
â–
&+0 +51 +'% &+0 '0
OO
KPVÃ…TKGWT FGU O¾EJQKTGU ¼ FGPVU URÃ…EKCNGOGPV VTGORÃ…GU FWTGVÃ… FnGPX *4% UGTTCIG U×T IT¾EG ¼ WPG ITCPFG TÃ…UKUVCPEG ¼ NnWUWTG â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
2KPEG
2QKIPÃ…GU
EJTQOÃ…G
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
EJTQOÃ…G
KUQNÃ…GU RCT UWTOQWNCIG EGTVKHKÃ…GU 8&'
´ RQWEGU ´ OO
OO
2QUKVKQPU FG TÃ…INCIG
I
176+.5 +51.Â¥5
-0+2': %QDTCŠ 8&'
#XGE NC -0+2': %QDTCŠ 8&' NG TÅINCIG RGTOGVVCPV FnCLWUVGT NnQWVKN ¼ NC RKÄEG UG HCKV FG OCPKÄTG TCRKFG GV U×TG RQUKVKQPPGT NC RKPEG QWXGTVG GP RQUCPV NC O¾EJQKTG UWRÅTKGWTG UWT NC RKÄEG TGHGTOGT NC RKPEG EnGUV HKPK|
2KPEG OWNVKRTKUG FG RQKPVG KUQNÃ…G &+0 +51 +'% &+0 '0
TÃ…INCIG RCT INKUUGOGPV FG NC O¾EJQKTG ¼ OÆOG NC RKÄEG OCPKGOGPV TCRKFG HKCDNG GV EQPHQTVCDNG â– QWXGTVWTG GP CRRW[CPV UWT NG DQWVQP UCPU EQPVCEV CXGE NC RKÄEG â– CLWUVCIG RTÃ…EKU ¼ FKHHÃ…TGPVGU VCKNNGU FG RKÄEG GV RQKIPÃ…GU GTIQPQOKSWGU â– DQP CEEÄU ¼ NC RKÄEG IT¾EG ¼ NC HQTOG GHHKNÃ…G FG NC \QPG VÆVG EJCTPKÄTG â– CWVQDNQSWCPVG UWT VWDGU GV Ã…ETQWU PG INKUUG RCU UWT NC RKÄEG VTCXCKN PÃ…EGUUKVCPV OQKPU FnGHHQTV â–
KPVÃ…TKGWT FGU O¾EJQKTGU ¼ FGPVU URÃ…EKCNGOGPV VTGORÃ…GU FWTGVÃ… FnGPX *4% UGTTCIG U×T IT¾EG ¼ WPG ITCPFG TÃ…UKUVCPEG ¼ NnWUWTG â– EJCTPKÄTG GPVTGRCUUÃ…G ITCP FG UVCDKNKVÃ… IT¾EG CW FQWDNG IWKFCIG â– GTIQV FG RTQVGEVKQP Ã…XKVCPV NGU RKPEGOGPVU â– #EKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
4ÅINCIG TCRKFG ¼ OÆOG NC RKÄEG UCPU CXQKT ¼ CRRW[GT UWT WP DQWVQP
+N UWHHKV FG TGHGTOGT NC RKPEG
4Ã…H
'#0
OO
2KPEG
2QKIPÃ…GU
EJTQOÃ…G
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
´ RQWEGU ´ OO
OO
2QUKVKQPU FG TÃ…INCIG
I
176+.5 +51.Â¥5
$TWEGNNGU FG RTÃ…EKUKQP
XÃ…TKHKÃ…G UGNQP %'+ KUQNCVKQP RCT UWTOQWNCIG â– PKEMGNÃ…G â– #EKGT ¼ TGUUQTV JCWVG TÃ…UKUVCPEG â– â–
+'% &+0 '0
RQWT VTCXCWZ FG OQPVCIG VTÄU FÅNKECVU RQKPVGU GZVTC HKPGU HQTOG FTQKVG KPVÅTKGWT FGU O¾EJQKTGU ¼ HKPKVKQP OCVG RQWT WPG RTKUG GP OCKP QRVKOCNG
HQTOG FTQKVG KPVÅTKGWT FGU O¾EJQKTGU HKPGOGPV UVTKÅ RQKPVGU EQWFÅGU KPVÅTKGWT FGU O¾EJQKTGU HKPGOGPV UVTKÅ
HQTOG FTQKVG KPVÅTKGWT FGU O¾EJQKTGU UVTKÅ
45°
'#0
4Ã…H
OO
(KPKVKQP KUQNCVKQP RCT UWTOQWNCIG KUQNCVKQP RCT UWTOQWNCIG KUQNCVKQP RCT UWTOQWNCIG KUQNCVKQP RCT UWTOQWNCIG
45°
%QWRG E¾DNGU
I
RQWT EQWRGT NGU E¾DNGU GP EWKXTG GV CNWOKPKWO PG EQPXKGPV PK ¼ NC EQWRG FW HKN FnCEKGT PK ¼ FGU EQPFWEVGWTU GP EWKXTG Ã…VKTÃ…U ¼ HTQKF â– VTCPEJCPVU VTGORÃ…U OGWNÃ…U CXGE RTÃ…EKUKQP â– RCU FnÃ…ETCUGOGPV FÃ…HQTOCVKQP FW E¾DNG HCKDNG â– CXGE GTIQV RTQVGEVGWT â– EJCTPKÄTG XKUUÃ…G CLWUVCDNG â– EQTRU FG NoQWVKN FG EQWRG CEKGT EJKTWTIKECN KPQZ[FCDNG VTGORÃ… ¼ NoCKT â– RQKIPÃ…GU RNCUVKSWG TÃ…UKUVCPV CWZ EJQEU â– â–
+'% &+0 '0
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0
OO
6ÆVG 2QKIPÅGU RQNKG KUQNÅGU ICKPCIG GP RNCUVKSWG RCT GZVTWUKQP EGTVKHKÅGU 8&'
´ OO
OOÂŽ
#9)
I
176+.5 +51.¥5
%QWRG E¾DNGU
RQWT EQWRGT NGU E¾DNGU GP EWKXTG GV GP CNWOKPKWO WPKHKNCKTGU GV OWNVKHKNCKTGU ■ PG EQPXKGPV PK ¼ NC EQWRG FW HKN FnCEKGT PK ¼ FGU EQPFWEVGWTU GP EWKXTG ÅVKTÅU ¼ HTQKF ■ VTCPEJCPVU VTGORÅU OGWNÅU CXGE RTÅEKUKQP ■ EQWRG FW E¾DNG PGVVG GV UCPU ÅETCUGOGPV ■ EQWRG HCEKNG CXGE RTKUG FnWPG UGWNG OCKP ■ GTIQV FG RTQVGEVKQP ÅXKVCPV NGU RKPEGOGPVU ■ EJCTPKÄTG XKUUÅG TÅINCDNG UÅEWTKVÅ CWVQOCVKSWG ■ #EKGT ¼ QWVKNU FG SWCNKVÅ URÅEKCNG HQTIÅ VTGORÅ ¼ NoJWKNG ■
+'% &+0 '0
(QTOGG TGUUQTV FnQWXGTVWTG KPVÅITÅ FCPU NC EJCTPKÄTG KORGTFCDNG GV RTQVÅIÅ
%QWRG FnWP E¾DNG CXGE WPG RKPEG EQWRCPVG FG EÐVÅ GHHQTV RJ[UKSWG RNWU KORQTVCPV EQWRG RGW PGVVG FÅHQTOCVKQP GV ÅETCUG OGPV KORQTVCPVU FW E¾DNG
%QWRG FnWP E¾DNG CXGE WP EQWRG E¾DNGU EQWRG HCEKNG GV PGVVG UCPU FÅHQTOCVKQP FW E¾DNG
%CRCEKVÅU FG EQWRG 4ÅH
'#0
OO
(QTOG
1WVKN
2QKIPÅGU
´ OO
OO
#9)
I
EJTQOÅG
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
EJTQOÅG
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
176+.5 +51.Â¥5
%QWRG E¾DNGU ¼ FQWDNG VTCPEJCPVU
RQWT EQWRGT NGU E¾DNGU GP EWKXTG GV CNWOKPKWO PG EQPXKGPV PK ¼ NC EQWRG FW HKN FnCEKGT PK ¼ FGU EQPFWEVGWTU GP EWKXTG Ã…VKTÃ…U ¼ HTQKF â– VTCPEJCPVU VTGORÃ…U OGWNÃ…U CXGE RTÃ…EKUKQP â– EQWRG FW E¾DNG PGVVG GV UCPU Ã…ETCUGOGPV â– EQWRG HCEKNG CXGE RTKUG FnWPG UGWNG OCKP â– WPG EQWRG RTÃ…NKOKPCKTG RWKU WPG EQWRG FÃ…HKPKVKXG GT GV ÄOG VTCPEJCPV RGTOGVVGPV FG UGEVKQPPGT Ã…ICNGOGPV FGU E¾DNGU FoWP FKCOÄVTG OCZ FG OO â– GHHQTV RJ[UKSWG HCKDNG IT¾EG ¼ WPG DQPPG FÃ…OWNVKRNKECVKQP GV ¼ WPG IÃ…QOÃ…VTKG FGU VTCPEJCPVU URÃ…EKCNG â– GTIQV FG RTQVGEVKQP Ã…XKVCPV NGU RKPEGOGPVU â– EJCTPKÄTG XKUUÃ…G TÃ…INCDNG UÃ…EWTKVÃ… CWVQOCVKSWG â– #EKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
+'% &+0 '0
%QWRG RTÅNKOKPCKTG NG HCKV FnWVKNKUGT NG VTCPEJCPV CXCPV RQWT EQWRGT NnKUQNCVKQP FG E¾DNGU RNWU ÅRCKU RGTOGV FG EQPUGTXGT WP FÅDCVVGOGPV GTIQPQOKSWG
%QWRG FÅHKPKVKXG WPG HQKU NC ICKPG FW E¾DNG EQWRÅG FCPU NG RTQHKN CXCPV QP EQWRG NGU EQPFWEVGWTU FCPU NG RTQHKN CTTKÄTG %QWRG RTÅNKOKPCKTG ¼ NnCXCPV EQWRG FÅHKPKVKXG ¼ NnCTTKÄTG s NC EQWRG GUV RNWU HCEKNG
%CRCEKVÃ…U FG EQWRG '#0
4Ã…H
OO
1WVKN
2QKIPÃ…GU
´ OO
OOÂŽ
#9)
I
EJTQOÃ…G
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
EJTQOÃ…G
KUQNÃ…GU RCT UWTOQWNCIG EGTVKHKÃ…GU 8&'
%QWRG E¾DNGU
RQWT EQWRGT NGU E¾DNGU GP EWKXTG GV GP CNWOKPKWO WPKHKNCKTGU GV OWNVKHKNCKTGU â– PG EQPXKGPV PK ¼ NC EQWRG FW HKN FnCEKGT PK FW E¾DNG OÃ…VCNNKSWG â– VTCPEJCPVU VTGORÃ…U OGWNÃ…U CXGE RTÃ…EKUKQP â– EQWRG FW E¾DNG PGVVG GV UCPU Ã…ETCUGOGPV â– GHHQTV PÃ…EGUUCKTG HCKDNG IT¾EG ¼ WP TCRRQTV FG FÃ…OWNVKRNKECVKQP RTQRKEG GV ¼ FGU VTCPEJCPVU ¼ NC IÃ…QOÃ…VTKG QRVKOKUÃ…G â– EQWTVG NQPIWGWT FG OO UGWNGOGPV â– RQKFU HCKDNG â– GTIQV FG RTQVGEVKQP Ã…XKVCPV NGU RKPEGOGPVU â– EJCTPKÄTG XKUUÃ…G CLWUVCDNG â–
+'% &+0 '0
)TCPFG ECRCEKVÃ… FKCO OCZ FG OO OOÂŽ
VÆVG EQWRCPVG CEKGT Ã…NGEVTKSWG CW XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– RQKIPÃ…GU VWDG FoCNWOKPKWO JCWVG TÃ…UKUVCPEG â–
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0
OO
6ÆVG RQNKG
2QKIPÃ…GU KUQNÃ…GU RCT UWTOQWNCIG EGTVKHKÃ…GU 8&'
´ OO
OOÂŽ
#9)
I
176+.5 +51.Â¥5
%QWRG E¾DNGU
RQWT EQWRGT NGU E¾DNGU GP EWKXTG GV GP CNWOKPKWO WPKHKNCKTGU GV OWNVKHKNCKTGU â– PG EQPXKGPV PK ¼ NC EQWRG FW HKN FnCEKGT PK FW E¾DNG OÃ…VCNNKSWG â– VTCPEJCPVU VTGORÃ…U OGWNÃ…U CXGE RTÃ…EKUKQP â– EQWRG FW E¾DNG PGVVG GV UCPU Ã…ETCUGOGPV â– DQP TCRRQTV FG FÃ…OWNVKRNKECVKQP IT¾EG CW NGXKGT ¼ IGPQWKNNÄTG â– GTIQV FG RTQVGEVKQP Ã…XKVCPV NGU RKPEGOGPVU â– EJCTPKÄTG XKUUÃ…G CLWUVCDNG â– VÆVG EQWRCPVG XKUUÃ…G KPVGTEJCPIGCDNG â– VÆVG EQWRCPVG CEKGT Ã…NGEVTKSWG CW EJTQOG XCPCFKWO FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â– RQKIPÃ…GU VWDG FoCEKGT â–
+'% &+0 '0
%CRCEKVÃ…U FG EQWRG
4Ã…H
'#0 OO
6ÆVG RQNKG
2QKIPÃ…GU KUQNÃ…GU RCT UWTOQWNCIG EGTVKHKÃ…GU 8&'
´ OO
OOÂŽ
#9)
I
6ÆVG EQWRCPVG FG TGEJCPIG RQWT
%QWRG E¾DNGU RTKPEKRG FW ENKSWGV
RQWT EQWRGT NGU E¾DNGU GP EWKXTG GV GP CNWOKPKWO WPKHKNCKTGU GV OWNVKHKNCKTGU â– PG EQPXKGPV PK ¼ NC EQWRG FW HKN FnCEKGT PK FW E¾DNG OÃ…VCNNKSWG â– VTCPEJCPVU VTGORÃ…U OGWNÃ…U CXGE RTÃ…EKUKQP â– EQWRG FW E¾DNG PGVVG GV UCPU Ã…ETCUGOGPV â– RTKUG FnWPG UGWNG OCKP IT¾EG CW RTKPEKRG FW ENKSWGV â– GHHQTV RJ[UKSWG TÃ…FWKV IT¾EG ¼ WPG FÃ…OWNVKRNKECVKQP VTÄU Ã…NGXÃ…G â– GPVTCÊPGOGPV RCT EQWTQPPG FGPVÃ…G ¼ RQUKVKQPU RQWT WPG EQWRG HCEKNG â– OCPKRWNCVKQP HCEKNG IT¾EG ¼ UQP RQKFU HCKDNG GV ¼ UC EQPEGRVKQP EQORCEVG s WVKNKUCVKQP Ã…ICNGOGPV RQUUKDNG FCPU FGU GURCEGU GZKIWU â– GTIQV FG RTQVGEVKQP Ã…XKVCPV NGU RKPEGOGPVU â– #EKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
+'% &+0 '0
RQWT EQPFWEVGWTU GP CNWOKPKWO LWUSWn¼ Z OOŽ
2TKPEKRG FW ENKSWGV GV GPVTCÊPGOGPV RCT EQWTQPPG FGPVÅG ¼ RQUKVKQPU RQWT WPG EQWRG OQKPU HCVKIWCPVG
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0
OO
2QKIPÃ…GU
NCSWÃ… PQKT
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
NCSWÃ… PQKT
.COG OQDKNG FG TGEJCPIG RQWT .COG OQDKNG FG TGEJCPIG RQWT
1WVKN
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
´ OO
OOÂŽ
/%/
I
176+.5 +51.Â¥5
%QWRG E¾DNGU RTKPEKRG ENKSWGV TÅINCIGU
4QDWUVG /CPKCDNG 5QNKFG 'PVTCÊPGOGPV PQXCVGWT RCT EQWTQPPG FGPVÅG
+'% &+0 '0
2QWT E¾DNGU LWUSWo ¼ WP FKCOÄVTG FG OO UKORNKEKVÅ FnWVKNKUCVKQP IT¾EG ¼ UC NÅIÄTGVÅ I GV ¼ UC EQORCEKVÅ
NQPIWGWT OO s [ EQORTKU GP GURCEGU GZKIWU ■EQWRG E¾DNGU GP EWKXTG GV CNWOKPKWO LWUSWn ¼ WP FKCOÄVTG FG OO RCT CEVKQPPGOGPV ¼ WPG GV FGWZ OCKPU ■VTCPEJCPVU VTGORÅU GV TGEVKHKÅU CXGE RTÅEKUKQP EQWRG PGVVG GV RTQRTG UCPU ÅETCUGOGPV FW E¾DNG ■RQWT EQWRGT NGU E¾DNGU %W GV #N WPKHKNCKTGU GV OWNVKHKNCKTGU
PG EQPXKGPV PK CW HKN FnCEKGT PK CWZ E¾DNGU OÃ…VCNNKSWGU â– GPVT¾KPGOGPV ¼ EQWTQPPG FGPVÃ…G PQXCVWGT ¼ VTQKU TCRRQTVU ¼ HQTVG FÃ…OWNVKRNKECVKQP RQWT HCEKNKVGT NC EQWRG ¼ WPG QW FGWZ OCKPU â– ICKPG FG NC DTCPEJG HKZG CXGE UWTHCEG FnCRRWK RQWT RQUGT NC RKPEG NQTU FG NC EQWRG â– #EKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0 OO
1WVKN
2QKIPÃ…GU
PQKTG CVTCOGPVKUÃ…G
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
´ OO
OOÂŽ
/%/
I
0Ã…EGUUCKTG FG TÃ…RCTCVKQP FG NCOG QUEKNNCPVG RQWT GV 0Ã…EGUUCKTG FG TÃ…RCTCVKQP FG NCOG HKZG RQWT GV
%QWRG E¾DNGU RTKPEKRG FW ENKSWGV RQWT E¾DNGU ¼ DNKPFCIG CEKGT E¾DNGU 59#
5GEVKQPPG FGU E¾DNGU ¼ DNKPFCIG CEKGT FoWP FKCOÄVTG CNNCPV LWUSWo¼ OO OOŽ RCT GZ Z OOŽ GP WVKNKUCVKQP ¼ WPG QW FGWZ OCKPU
+'% &+0 '0
4QDWUVG /CPKCDNG 5QNKFG UKORNKEKVÅ FoWVKNKUCVKQP IT¾EG ¼ UC NÅIÄTGVÅ I GV ¼ UC EQORCEKVÅ
OO FG NQPI s [ EQORTKU GP GURCEGU GZKIWU â– VTCPEJCPVU CHH×VÃ…U CXGE RTÃ…EKUKQP GV VTGORÃ…U RCT KPFWEVKQP EQWRG PGVVG GV RTQRTG UCPU Ã…ETCUGOGPV FW E¾DNG â– EQWTQPPG FGPVÃ…G KPPQXCPVG ¼ VTQKU TCRRQTVU ¼ ITCPFG FÃ…OWNVKRNKECVKQP ■¼ UWTHCEG FoCRRWK NQTU FG NC EQWRG â– PG EQPXKGPV RCU ¼ NC EQWRG FG E¾DNGU #%54 PK FG E¾DNGU OÃ…VCNNKSWGU â– #EKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
#
6TCPEJCPV HTCKUÃ… CXGE RTÃ…EKUKQP GV VTGORÃ… RCT KPFWEVKQP
%CRCEKVÃ…U FG EQWRG 4Ã…H #
'#0
# #
OO
1WVKN
2QKIPÃ…GU
NCSWÃ… PQKT
KUQNÅGU RCT ICKPGU DK OCVKÄTG EGTVKHKÅGU 8&'
´ OO
OOÂŽ
/%/
0Ã…EGUUCKTG FG TÃ…RCTCVKQP FG NCOG OQDKNG RQWT # GV # RTKPEKRG FW ENKSWGV 0Ã…EGUUCKTG FG TÃ…RCTCVKQP FG NCOG HKZG RQWT # GV # RTKPEKRG FW ENKSWGV
176+.5 +51.Â¥5
%QWRG E¾DNGU
RQWT HKNU FnCEKGT GV HGTU TQPF E¾DNGU GP EWKXTG GV CNWOKPKWO â– EQPXKGPV RQWT UGEVKQPPGT NGU E¾DNGU CÃ…TKGPU CXGE HKN CPVKVTCE VKQP â– RQKPVGU FG EQWVGCWZ CPIWNCKTGU RGTOGVVCPV FG UGEVKQPPGT FGU DTKPU FG E¾DNG KPFKXKFWGNU â– FÃ…OWNVKRNKECVKQP QRVKOCNG RQWT WPG RWKUUCPEG FG EQWRG Ã…NGXÃ…G â– VÆVG EQWRCPVG XKUUÃ…G KPVGTEJ CPIGCDNG â– RQKIPÃ…GU GP CNWOKPKWO JCWVG TKIKFKVÃ… â– RQKFU HCKDNG â–
+'% &+0 '0
VÆVG EQWRCPVG CEKGT ¼ QWVKN FG SWCNKVÃ… URÃ…EKCNG VTGORÃ… ¼ NoJWKNG â– RQKIPÃ…GU CNWOKPKWO JCWVG TKIKFKVÃ… â–
%CRCEKVÃ…U FG EQWRG
4Ã…H
'#0 OO
6ÆVG RQNKG
2QKIPÃ…GU KUQNCVKQP RCT UWTOQWNCIG
OOÂŽ
´ OO
´ OO
#9)
I
6ÆVG EQWRCPVG FG TGEJCPIG RQWT
2KPEG ¼ UGTVKT RQWT GODQWVU FG E¾DNG +'% &+0 '0
RQWT NG UGTVKUUCIG FnGODQWVU FG E¾DNG &+0 2CTVKG FG ¼ OOÂŽ â– UGTVKUUCIG CXGE RTQHKNU VTCRÃ…\QËFCWZ OCTSWÃ…U RQWT WPG EQPPGZKQP HKCDNG FG NC EQUUG CXGE NG EQPFWEVGWT â– #EKGT Ã…NGEVTKSWG CW XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
#
'#0
4Ã…H
#
OO
6ÆVG 2QKIPÅGU
KUQNÅGU RCT ICKPGU DK OCVKÄTG RQNKG EGTVKHKÅGU 8&'
2KPEG ¼ UGTVKT RQWT GODQWVU FG E¾DNG +'% &+0 '0
%CRCEKVÃ… OOÂŽ
#9)
PQODTG FG RQUKVKQPU FG UGTVKUUCIG
I
%CRCEKVÃ… OOÂŽ
#9)
PQODTG FG RQUKVKQPU FG UGTVKUUCIG
I
RQWT NG UGTVKUUCIG FnGODQWVU FG E¾DNG UGNQP &+0 2CTVKG FG ¼ OOÂŽ â– UGTVKUUCIG CXGE RTQHKNU FG OK TQPFU OCTSWÃ…U RQWT WPG EQPPGZKQP HKCDNG FG NC EQUUG CXGE NG EQPFWEVGWT â– ECXKVÃ…U VTÄU RTQHQPFGU ¼ HCEGU NCVÃ…TCNGU EQPKSWGU â– #EKGT ¼ QWVKNU URÃ…EKCN HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
'#0
OO
6ÆVG 2QKIPÅGU
KUQNÅGU RCT ICKPGU DK OCVKÄTG RQNKG EGTVKHKÅGU 8&'
4Ã…H
176+.5 +51.Â¥5
%NÅU ¼ HQWTEJG
VÆVG KPENKPÃ…G ¼ ÂŒ QWVKN FG DCUG EJTQOÃ… â– #EKGT CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
+'% &+0 '0
4Ã…H
'#0
1WXGTVWTG FG ENÃ… 5 OO
1WXGTVWTG FG ENÃ… 5 RQWEGU
.QPIWGWT N OCZ OO
%NÅ ¼ OQNGVVG
.CTIGWT FG VÆVG D OCZ OO
¥RCKUUGWT FG VÆVG C OCZ OO
I
O¾EJQKTGU NKUUGU ¼ IWKFCIG RCTCNNÄNG QWXGTVWTG FG ENÃ… TÃ…INCDNG RTQITGUUKXGOGPV â– CXGE ITCFWCVKQP RGTOGVVCPV WP RTÃ…TÃ…INCIG UCPU EQPVCEV CXGE NC RKÄEG â– #EKGT CW EJTQOG XCPCFKWO â– â–
22°
4Ã…H
'#0
OO
1WVKN
22°
EJTQOÃ…G
2QKIPÃ…G KUQNCVKQP RCT UWTOQWNCIG
OO
RQWEGU
.CTIGWT FGU .CTIGWT FG .CTIGWT 2TQHQPFGWT DGEU OO VÆVG OO OO OO
I
176+.5 +51.Â¥5
%NÃ…U RQN[IQPCNGU EQPVTGEQWFÃ…GU +'% &+0 '0
EQWFÃ…G QWVKN FG DCUG EJTQOÃ… â– #EKGT CW EJTQOG XCPCFKWO HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
'#0
4Ã…H
1WXGTVWTG FG ENÃ… 5 OO
.QPIWGWT N .CTIGWT FG VÆVG D OCZ OO OCZ OO
%NÅU ¼ FQWKNNGU CXGE RQKIPÅG FG VQWTPGXKU +'% &+0 '0
¥RCKUUGWT FG VÆVG C OCZ OO
*CWVGWT FW EQWFCIG J OCZ OO
I
OCPEJG GTIQPQOKSWG QRVKOKUÃ… DK OCVKÄTG RQWT WP GHHQTV CORNKHKÃ… OQKPU HCVKIWCPV GV OÃ…PCIGCPV NGU OCKPU â– HQTOG FW OCPEJG GORÆEJCPV ¼ NnQWVKN FG TQWNGT â– #EKGT CW EJTQOG XCPCFKWO GV CW OQN[DFÄPG â–
4Ã…H
'#0
OO
2QKPVG
2QKIPÃ…G
DTWPKG
RQKIPÅG KUQNCPVG DK OCVKÄTG EGTVKHKÅG 8&'
1WXGTVWTG FG ENÃ… 5 OO
.QPI FG NCOG OO
.QPI FG RQKIPÃ…G OO
&KCOÄVTG FG NC VÆVG F OO
I
176+.5 +51.¥5
%NÅU ¼ FQWKNNGU CXGE RQKIPÅG GP 6
■
CEKGT ¼ QWVKNU URÅEKCN VTGORÅ ¼ NnJWKNG
+'% &+0 '0
'#0
4ÅH
OO
1WXGTVWTG FG ENÅ 5 OO
6QWTPGXKU RQWT XKU ¼ UKZ RCPU ETGWZ
.QPI FG RQKIPÅG OCZ OO
&KCOÄVTG FG NC VÆVG F OO
I
OCPEJG GTIQPQOKSWG QRVKOKUÅ DK OCVKÄTG RQWT WP GHHQTV CORNKHKÅ OQKPU HCVKIWCPV GV OÅPCIGCPV NGU OCKPU ■ HQTOG FW OCPEJG GORÆEJCPV ¼ NnQWVKN FG TQWNGT ■ #EKGT CW EJTQOG XCPCFKWO GV CW OQN[DFÄPG ■
+'% &+0 '0
4ÅH
'#0
OO
S
2QKPVG
DTWPKG
1WXGTVWTG FG ENÅ 5 OO RQKIPÅG KUQNCPVG DK OCVKÄTG EGTVKHKÅG 8&' 2QKIPÅG
6QWTPGXKU RQWT XKU ¼ UKZ RCPU ETGWZ
■
.QPI FG NCOG OO
.QPI FG NC NCOG PQP KUQNÅG OO
.QPI FG RQKIPÅG OO
I
CEKGT ¼ QWVKNU URÅEKCN VTGORÅ ¼ NnJWKNG
CXGE RQKIPÅG GP 6 +'% &+0 '0
4ÅH
'#0
OO
1WXGTVWTG FG ENÅ 5 OO
S
.QPI FG NC NCOG PQP KUQNÅG OO
.QPIWGWT FG NC RQKIPÅG GP 6 OO
I
176+.5 +51.Â¥5
6QWTPGXKU RQWT XKU ¼ HGPVG
OCPEJG GTIQPQOKSWG QRVKOKUÃ… DK OCVKÄTG RQWT WP GHHQTV CORNKHKÃ… OQKPU HCVKIWCPV GV OÃ…PCIGCPV NGU OCKPU â– HQTOG FW OCPEJG GORÆEJCPV ¼ NnQWVKN FG TQWNGT â– #EKGT CW EJTQOG XCPCFKWO GV CW OQN[DFÄPG â–
+'% &+0 '0
URÅEKCNGOGPV EQPÃWG CXGE WPG NCOG FG OO RQWT NG OQPVCIG FG EQORVGWTU
4Ã…H
'#0
OO
2QKPVG
2QKIPÃ…G
DTWPKG
RQKIPÅG KUQNCPVG DK OCVKÄTG EGTVKHKÅG 8&'
DTWPKG
RQKIPÅG KUQNCPVG DK OCVKÄTG EGTVKHKÅG 8&'
Â¥RCKUUGWT FG NCOG OO
Â¥RCKUUGWT FGU VTCPEJCPVU OO
.QPI FG NCOG OO
6QWTPGXKU RQWT XKU ¼ VÆVG ETWEKHQTOG 2JKNNKRUŠ +'% &+0 '0
.QPI FG NC NCOG .QPI FG PQP KUQNÃ…G OO RQKIPÃ…G OO
I
OCPEJG GTIQPQOKSWG QRVKOKUÃ… DK OCVKÄTG RQWT WP GHHQTV CORNKHKÃ… OQKPU HCVKIWCPV GV OÃ…PCIGCPV NGU OCKPU â– HQTOG FW OCPEJG GORÆEJCPV ¼ NnQWVKN FG TQWNGT â– #EKGT CW EJTQOG XCPCFKWO GV CW OQN[DFÄPG â–
'#0
4Ã…H
2JKNNKRUŠ GUV WPG OCTSWG FÅRQUÅG FG 2JKNNKRU 5ETGY %QORCP[
OO
2QKPVG
2QKIPÃ…G
DTWPKG
RQKIPÅG KUQNCPVG DK OC VKÄTG EGTVKHKÅG 8&'
6QWTPGXKU RQWT XKU ¼ VÆVG ETWEKHQTOG 2Q\KFTKXŠ +'% &+0 '0
6CKNNG 2* 2* 2* 2* 2*
.QPI FG NCOG OO
.QPI FG NC NCOG PQP KUQNÃ…G OO
.QPI FG RQKIPÃ…G OO
I
OCPEJG GTIQPQOKSWG QRVKOKUÃ… DK OCVKÄTG RQWT WP GHHQTV CORNKHKÃ… OQKPU HCVKIWCPV GV OÃ…PCIGCPV NGU OCKPU â– HQTOG FW OCPEJG GORÆEJCPV ¼ NnQWVKN FG TQWNGT â– #EKGT CW EJTQOG XCPCFKWO GV CW OQN[DFÄPG â–
4Ã…H
'#0
2Q\KFTKXŠ GUV WPG OCTSWG FÅRQUÅG FG 'WTQRGCP +PF 5GTX .VF
OO
2QKPVG
2QKIPÃ…G
DTWPKG
RQKIPÅG KUQNCPVG DK OCVKÄTG EGTVKHKÅG 8&'
6CKNNG 2< 2< 2< 2< 2<
.QPI FG NCOG OO
.QPI FG NC NCOG PQP KUQNÃ…G OO
.QPI FG RQKIPÃ…G OO
I
176+.5 +51.Â¥5
6QWTPGXKU RQWT XKU 6QTZŠ
OCPEJG GTIQPQOKSWG QRVKOKUÃ… DK OCVKÄTG RQWT WP GHHQTV CORNKHKÃ… OQKPU HCVKIWCPV GV OÃ…PCIGCPV NGU OCKPU â– HQTOG FW OCPEJG GORÆEJCPV ¼ NnQWVKN FG TQWNGT â– #EKGT CW EJTQOG XCPCFKWO GV CW OQN[DFÄPG â–
+'% &+0 '0
4Ã…H
'#0
6QTZŠ GUV WPG OCTSWG FÅRQUÅG Fn#EWOGPV )NQDCN 6GEJPQNQIKGU +PE
OO
2QKPVG
2QKIPÃ…G
DTWPKG
RQKIPÅG KUQNCPVG DK OCVKÄTG EGTVKHKÅG 8&'
2QKIPÅGU VTCPUXGTUCNGU GP 6 CXGE ECTTÅ O¾NG QW +'% &+0 '0
6CKNNG 6: 6: 6: 6: 6:
.QPI FG NCOG OO
.QPI FG NC NCOG PQP KUQNÃ…G OO
.QPI FG RQKIPÃ…G OO
I
UnWVKNKUG CXGE FGU FQWKNNGU CTTÆV TCRKFG U×T GV HCEKNG FG NoQWVKN â– QWVKN FG DCUG EJTQOÃ… â– #EKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â– â–
'#0
4Ã…H
OO
%NÅU ¼ ENKSWGV TÅXGTUKDNGU CXGE ECTTÅ O¾NG QW +'% &+0 '0
.QPIWGWT FG RQKIPÃ…G OO
%CTTÃ… FG EQPPGZKQP RQWEGU
I
UnWVKNKUG CXGE FGU FQWKNNGU TÃ…INCDNG RQWT WVKNKUCVKQP ¼ ICWEJG GV ¼ FTQKVG â– HQPEVKQPPGOGPV GZVTÆOGOGPV UQWRNG â– CTTÆV TCRKFG U×T GV HCEKNG FG NoQWVKN â– #EKGT CW EJTQOG XCPCFKWO HQTIÃ… â– â–
4Ã…H
'#0
OO
%CTTÃ… FG EQPPGZKQP RQWEGU
I
176+.5 +51.¥5
4CNNQPIGU CXGE ECTTÅ O¾NG GV HGOGNNG QW +'% &+0 '0
UnWVKNKUG CXGE FGU FQWKNNGU CXGE ECTTÅ O¾NG GV HGOGNNG ■ CTTÆV TCRKFG U×T GV HCEKNG FG NoQWVKN ■ #EKGT CW EJTQOG XCPCFKWO HQTIÅ ■ ■
4ÅH
&QWKNNGU ¼ UKZ RCPU
'#0
OO
%CTTÅ FG EQPPGZKQP RQWEGU
I
RQWT XKU ¼ UKZ RCPU OÅVTKSWGU QWVKN FG DCUG EJTQOÅ ■ #EKGT CW EJTQOG XCPCFKWO ■ ■
CXGE ECTTÅ HGOGNNG QW +'% &+0 '0
S d
4ÅH
'#0
1WXGTVWTG FG ENÅ 5 OO
&KCO EÐVÅ CEVKH OCZ F
%CTTÅ FG EQPPGZKQP RQWEGU
I
176+.5 +51.¥5
&QWKNNGU
CXGE JGZCIQPCN FQWDNG RQWT VÆVGU FG XKU GP RQWEGU ■ QWVKN FG DCUG EJTQOÅ ■ #EKGT CW EJTQOG XCPCFKWO ■ ■
CXGE ECTTÅ HGOGNNG QW +'% &+0 '0
S d
p
p
4ÅH
'#0
1WXGTVWTG FG ENÅ 5 RQWEGU
&QWKNNGU ¼ UKZ RCPU ETGWZ CXGE ECTTÅ HGOGNNG QW
&KCO EÐVÅ CEVKH OCZ F
%CTTÅ FG EQPPGZKQP RQWEGU
I
RQWT XKU ¼ UKZ RCPU ETGWZ OÅVTKSWGU QWVKN FG DCUG EJTQOÅ ■ #EKGT ¼ QWVKNU URÅEKCN
■
■
&+0 +'% &+0 '0
4ÅH
'#0
OO
1WXGTVWTG FG ENÅ 5 OO
.QPI FG NC NCOG PQP KUQNÅG OO
%CTTÅ FG EQPPGZKQP RQWEGU
I
176+.5 +51.Â¥5
%NÅ ¼ ENKSWGV TÅXGTUKDNG CXGE ECTTÅ O¾NG +51 +'% &+0 '0
â–
4Ã…H
TÃ…INCDNG RQWT WVKNKUCVKQP ¼ ICWEJG GV ¼ FTQKVG DNQECIG VTÄU U×T FG NnQWVKN FnCEVKQPPGOGPV RCT U[UVÄOG FG XGTTQWKNNCIG XKUUÃ… â– #EKGT CW EJTQOG XCPCFKWO â–
%NÃ…U F[PCOQOÃ…VTKSWGU
'#0
OO
%CTTÃ… FG EQPPGZKQP RQWEGU
I
TÃ…INCDNG RQWT NG UGTTCIG FG HKNGVU ¼ ICWEJG TÃ…INCIG FG EQWRNG XGTTQWKNNCDNG â– DNQECIG VTÄU U×T FG NnQWVKN FnCEVKQPPGOGPV RCT U[UVÄOG FG XGTTQWKNNCIG XKUUÃ… â– 'EJGNNG FG OGUWTG KUQNÃ…G GV VTCPURCTGPVG â– NKXTÃ… CXGE EGTVKHKECV FnÃ…VCNQPPCIG â– #EKGT CW EJTQOG XCPCFKWO â– â–
CXGE ECTTÅ O¾NG TÅXGTUKDNG +'% &+0 '0 &+0 '0 +51
'EJGNNG FG OGUWTG KUQNÃ…G GV VTCPURCTGPVG
'#0
4Ã…H
OO
&QOCKPG FoCRRNKECVKQP 0O 0O 0O
%QWVGCWZ FnÅNGEVTKEKGP RQWT E¾DNGU +'% &+0 '0
%CTTÃ… FG EQPPGZKQP RQWEGU
I
GTIQPQOKG COÃ…NKQTÃ…G RCT NC HQTOG FGU RQKIPÃ…GU CXGE WPG RTQVGEVKQP CPVKFÃ…TCRCPVG CITÃ…CDNG â– RNWU ITCPFG UÃ…EWTKVÃ… IT¾EG CWZ EQORQUCPVU UQWRNGU CPVKFÃ…TCRCPVU â– DQPPG CORNKHKECVKQP FG NnGHHQTV NQTUSWG NG EQWVGCW GUV VKTÃ… IT¾EG CWZ GORTGKPVGU FW RQWEG GV FGU FQKIVU UKVWÃ…GU UWT NG OCPEJG â– NCOG UQNKFG GV HKZG ¼ VTCPEJCPV FTQKV â– ECRWEJQP FG RTQVGEVKQP VTCPURCTGPV â– NCOG CEKGT ¼ QWVKNU URÃ…EKCN VTGORÃ… ¼ NoJWKNG â–
RCTVKG FQTUCNG FG NC NCOG TGEQWXGTVG FG RNCUVKSWG CHKP FnÃ…XKVGT NGU EQWTVU EKTEWKVU
4Ã…H
'#0
OO
2QKIPÅG RQKIPÅG KUQNCPVG DK OCVKÄTG EGTVKHKÅG 8&' RQKIPÅG KUQNCPVG DK OCVKÄTG EGTVKHKÅG 8&'
.QPI FG NCOG OO
I
176+.5 +51.Â¥5
%QWVGCWZ ¼ FÅICKPGT
GTIQPQOKG COÃ…NKQTÃ…G RCT NC HQTOG FGU RQKIPÃ…GU CXGE WPG RTQVGEVKQP CPVKFÃ…TCRCPVG CITÃ…CDNG â– RNWU ITCPFG UÃ…EWTKVÃ… IT¾EG CWZ EQORQUCPVU UQWRNGU CPVKFÃ…TCRCPVU â– DQPPG CORNKHKECVKQP FG NnGHHQTV NQTUSWG NG EQWVGCW GUV VKTÃ… IT¾EG CWZ GORTGKPVGU FW RQWEG GV FGU FQKIVU UKVWÃ…GU UWT NG OCPEJG â– ECRWEJQP FG RTQVGEVKQP VTCPURCTGPV â–
+'% &+0 '0
NCOG ¼ ETQEJGV TQDWUVG GV HKZG RQWT E¾DNGU TQPFU NCOG CEKGT ¼ QWVKNU URÅEKCN VTGORÅ ¼ NoJWKNG
NCOG ¼ ETQEJGV ÅVTQKVG GV HKZG GP HQTOG FG HCWEKNNG EQPXKGPV CWZ E¾DNGU UGEVGWT NCOG CEKGT ¼ QWVKNU URÅEKCN VTGORÅ ¼ NoJWKNG NCOG ¼ ETQEJGV TQDWUVG GV HKZG GP HQTOG FG HCWEKNNG CXGE RCVKP FG IWKFCIG UWT NC RQKPVG RCU FG FÅVÅTKQTCVKQP FG NnKUQNCVKQP NCOG CEKGT EJKTWTIKECN KPQZ[FCDNG VTGORÅ ¼ NoCKT
'#0
4Ã…H
2CVKP FG IWKFCIG
OO
%QWVGCW FnÅNGEVTKEKGP RQWT E¾DNGU CXGE NCOG KPVGTEJCPIGCDNG +'% &+0 '0
.QPI FG NCOG OO
2QKIPÅG RQKIPÅG KUQNCPVG DK OCVKÄTG EGTVKHKÅG 8&' RQKIPÅG KUQNCPVG DK OCVKÄTG EGTVKHKÅG 8&' RQKIPÅG KUQNCPVG DK OCVKÄTG EGTVKHKÅG 8&'
4C[QP OO
I
NCOG FTQKVG ¼ CHH×VCIG URÃ…EKCN KPVGTEJCPIGCDNG CXGE RTQVGEVKQP RQWT NCOG TCDCVVCDNG KORGTFCDNG KPVÃ…ITÃ…G FCPU NC RQKIPÃ…G â– RCTVKG FQTUCNG FG NC NCOG TGEQWXGTVG FG RNCUVKSWG CHKP FnÃ…XKVGT NGU EQWTVU EKTEWKVU â– RQKIPÃ…G CPVKFÃ…TCRCPVG â– NCOG CEKGT EJKTWTIKECN KPQZ[FCDNG VTGORÃ… ¼ NoCKT â– â–
4Ã…H 5$
'#0 OO
.QPI FG NCOG OO
I
.COG FG TGEJCPIG RQWT
176+.5 +51.Â¥5
2KPEG FG RTÃ…JGPUKQP GP RNCUVKSWG
#XGE UGU UQNKFGU RKPEGU JCWV FG ICOOG GV GPVKÄTGOGPV RNCUVKHKÅGU -0+2': RTÅUGPVG FGWZ QWVKNU KORQPVCDNGU FGUVKPÅU CWZ VTCXCWZ UWT ÅNÅOGPVU UQWU VGPUKQP CNNCPV LWUSWn¼ |8 GP CNVGTPCVKH GV |8 GP EQPVKPW %GU RKPEGU GPVKÄTGOGPV RNCUVKHKÅGU UQPV GP QWVTG KPUGPUKDNGU ¼ NnQTKIKPG FnCWEWP EJCOR OCIPÅVKSWG GV ÅVKPEGNNG 'NNGU UG RTÆVGPV RCT CKNNGWTU RCTHCKVGOGPV ¼ WPG WVKNKUCVKQP GP GPXKTQP PGOGPVU CITGUUKHU UWT NG RNCP EJKOKSWG
KUQNCPVG +'% &+0 '0 #56/ (
KUQNCVKQP EQORNÄVG TÃ…FWKV NG TKUSWG FG EQWTV EKTEWKV EQPÃWG RQWT NG OQPVCIG GV NG XGTTQWKNNCIG FGU EQORVGWTU â– RNCUVKSWG TGPHQTEÃ… FG HKDTGU FG XGTTG â– RQKIPÃ…GU ¼ \QPG GP RNCUVKSWG UQWRNG CUUWTCPV WPG DQPPG RTKUG GP OCKP â– â–
4Ã…H
'#0
OO
2KPEG FGOK TQPFG GP RNCUVKSWG KUQNCPVG +'% &+0 '0 #56/ (
I
KUQNCVKQP EQORNÄVG TÃ…FWKV NG TKUSWG FG EQWTV EKTEWKV RNCUVKSWG TGPHQTEÃ… FG HKDTGU FG XGTTG â– RQKIPÃ…GU ¼ \QPG GP RNCUVKSWG UQWRNG CUUWTCPV WPG DQPPG RTKUG GP OCKP â– â–
4Ã…H
#ITCHG GP RNCUVKSWG &+0 8&'
'#0
OO
I
RQWT HKZGT FGU PCRRGU KUQNCPVGU CXGE TGUUQTV KPVÃ…TKGWT â– KUQNCVKQP EQORNÄVG TÃ…FWKV NG TKUSWG FG EQWTV EKTEWKV â– OCVKÄTG RNCUVKSWG OCUUKXG TGPHQTEÃ… FG HKDTGU FG XGTTG â– â–
4Ã…H
'#0
OO
.CTIGWT FG UGTTCIG OO
I
176+.5 +51.Â¥5
'ODQWVU FG UÃ…EWTKVÃ… EQPKSWGU &+0 8&'
4Ã…H
RTQVÄIG EQPVTG NG EQPVCEV CXGE FGU EQPFWEVGWTU FÃ…PWFÃ…U UQWU VGPUKQP FKCO OCZ OO â– GPVKÄTGOGPV GP RNCUVKSWG â–
'ODQWVU FG UÃ…EWTKVÃ… CWVQDNQSWCPVU
â– â–
'#0
+PFKEG FG EQPFWEVGWT
OO
I
RTQVÄIG EQPVTG NG EQPVCEV CXGE FGU EQPFWEVGWTU FÅPWFÅU UQWU VGPUKQP GPVKÄTGOGPV GP RNCUVKSWG
&+0 8&'
4Ã…H
)CPVU RQWT Ã…NGEVTKEKGP
â– â–
'#0
&KCOÄVTG KPVÅTKGWT OO
OO
I
RTQVGEVKQP NQTU FG VTCXCWZ UWT FGU RKÄEGU UQWU VGPUKQP ENCUUG
+'% &+0 '0
4Ã…H
0CRRGU KUQNCPVGU GP ECQWVEJQWE
â–
'#0
6CKNNG
I
&KOGPUKQPU ¥RCKUUGWT OO OO Z Z
I
RTQVGEVKQP NQTU FG VTCXCWZ UWT FGU RKÄEGU UQWU VGPUKQP
+'% &+0 '0
4Ã…H
'#0
176+.5 +51.¥5
5EKG 27-
■
NCOG RQWT OÅVCN GV DQKU CXGE FGPVU RCT RQWEG KPVGTEJCPIGCDNG
+'% &+0 '0
27- GUV WPG OCTSWG FÅRQUÅG FG ,QUGH *CWPUVGVVGT 5ÀIGPHCDTKM -)
4ÅH
%QHHTGV EQORCEV QWVKNU
'#0
OO
.QPIWGWT FG NC NCOG OO
I
EQHHTGV GP RNCUVKSWG TQDWUVG EQORTGPCPV WP CUUQTVKOGPV FoQWVKNU KUQNÅU -0+2': RQWT VTCXCKNNGT UWT FGU KPUVCNNCVKQPU ÅNGEVTKSWGU ■ RNCVGCW GP OQWUUG CXGE GORTGKPVGU RQWT NGU QWVKNU ■ ENQKUQP FG UÅRCTCVKQP HKZCDNG ■ FKOGPUKQPU GZVÅTKGWTU . Z * Z 2 Z Z OO ■ ■
CXGE QWVKNU KUQNÅU RQWT VTCXCKNNGT UWT FGU KPUVCNNCVKQPU ÅNGEVTKSWGU +'% &+0 '0
4ÅH
'#0
3WCPVKVÅ
%QHHTGV EQORCEV QWVKNU 2KPEG WPKXGTUGNNG 2KPEG EQWRCPVG FG EÐVÅ 6QWTPGXKU RQWT XKU ¼ HGPVG 6QWTPGXKU RQWT XKU ¼ VÆVG ETWEKHQTOG 2JKNNKRU %NÅ ¼ ENKSWGV CXGE ECTTÅ O¾NG 4CNNQPIG CXGE ECTTÅ HGOGNNG O¾NG &QWKNNGU ¼ UKZ RCPU CXGE ECTTÅ HGOGNNG %QWVGCW FnÅNGEVTKEKGP RQWT E¾DNGU
I
176+.5 +51.¥5
%QHHTGV EQORCEV QWVKNU
EQHHTGV GP RNCUVKSWG FG SWCNKVÅ UWRÅTKGWTG RQN[XCNGPV GV TÅUKUVCPV RNCVGCW GP OQWUUG GP PKFU FnCDGKNNG RQWT WP TCPIGOGPV XCTKCDNG ■ FKOGPUKQPU GZVÅTKGWT . Z * Z 2 Z Z OO ■ ■
CXGE QWVKNU 8&'
RKPEGU VGUVÅGU RCT 8&' UGNQP &+0 '0 %'+ 8 GZÅEWVKQP .' UCPU QWVKN
4ÅH
'#0
3WCPVKVÅ
.'
%QHHTGV EQORCEV QWVKNU 2KPEG WPKXGTUGNNG 2KPEG ¼ FÅPWFGT 2KPEG FGOK TQPFG CXGE VTCPEJCPV RKPEG DGE FG EKIQIPG 2KPEG EQWRCPVG FG EÐVÅ %QHHTGV EQORCEV XKFG
%QHHTGV ¼ QWVKNU QWVKNU
I
EQHHTGV GP RNCUVKSWG FG SWCNKVÅ UWRÅTKGWTG RQN[XCNGPV GV TÅUKUVCPV RNCVGCW GP OQWUUG GP PKFU FnCDGKNNG RQWT WP TCPIGOGPV XCTKCDNG ■ FKOGPUKQPU GZVÅTKGWT . Z * Z 2 Z Z OO ■ ■
RQWT KPUVCNNCVGWTU ÅNGEVTKSWGU
VQWVGU NGU RKPEGU GV VQWTPGXKU UCWH NC RKPEG OWNVKRTKUG UQPV VGUVÅGU RCT 8&' UGNQP &+0 '0 %'+ .' UCPU QWVKN
4ÅH
'#0
%QHHTGV EQORCEV QWVKNU 2KPEG WPKXGTUGNNG
2KPEG FGOK TQPFG CXGE VTCPEJCPV
RKPEG DGE FG EKIQIPG
2KPEG EQWRCPVG FG EÐVÅ -0+2': #NNKICVQT 2KPEG OWNVKRTKUG
6QWTPGXKU RQWT XKU ¼ HGPVG K
.'
-PKRGZ
6QWTPGXKU RQWT XKU 2JKNNKRU K 2* %QHHTGV EQORCEV XKFG
9GTC
3WCPVKVÅ
&KOGPUKQP PQOKPCNG
OO
OO
OO OO
Z Z OO
Z Z OO
I
2* Z OO
176+.5 +51.¥5
%QHHTGV UVCPFCTF QWVKNU
EQORTGPCPV WP CUUQTVKOGPV FoQWVKNU KUQNÅU -0+2': RQWT VTCXCKNNGT UWT FGU KPUVCNNCVKQPU ÅNGEVTKSWGU ■ EQHHTGV GP RNCUVKSWG TQDWUVG ■ RNCVGCW GP OQWUUG CXGE GORTGKPVGU RQWT NGU QWVKNU ■ ENQKUQP FG UÅRCTCVKQP HKZCDNG ■ FKOGPUKQPU GZVÅTKGWTU . Z * Z 2 Z Z OO ■
CXGE QWVKNU KUQNÅU RQWT VTCXCKNNGT UWT FGU KPUVCNNCVKQPU ÅNGEVTKSWGU +'% &+0 '0
4ÅH
'#0
3WCPVKVÅ
%QHHTGV UVCPFCTF QWVKNU 2KPEG WPKXGTUGNNG 2KPEG EQWRCPVG FG EÐVÅ %NÅ ¼ HQWTEJG UKORNG %QWVGCW ¼ FÅICKPGT RQWT E¾DNGU TQPFU 6QWTPGXKU RQWT XKU ¼ HGPVG 6QWTPGXKU RQWT XKU ¼ VÆVG ETWEKHQTOG 2JKNNKRU 2QKIPÅG VTCPUXGTUCNG GP 6 CXGE ECTTÅ O¾NG &QWKNNGU ¼ UKZ RCPU CXGE ECTTÅ HGOGNNG %QWVGCW FnÅNGEVTKEKGP RQWT E¾DNGU
I
176+.5 +51.¥5
6TQWUUG QWVKNU
VTQWUUG GP RQN[GUVGT VKUUÅ TÅUKUVCPV CXGE HGTOGVWTG TCRKFG TÅINCDNG RTCVKSWG ■ EQORTGPCPV WP CUUQTVKOGPV FoQWVKNU KUQNÅU -0+2': RQWT VTCXCKNNGT UWT FGU KPUVCNNCVKQPU ÅNGEVTKSWGU ■ ■
CXGE QWVKNU KUQNÅU RQWT VTCXCKNNGT UWT FGU KPUVCNNCVKQPU ÅNGEVTKSWGU +'% &+0 '0
4ÅH
'#0
3WCPVKVÅ
6TQWUUG QWVKNU 2KPEG WPKXGTUGNNG 2KPEG ¼ FÅPWFGT 2KPEG FGOK TQPFG CXGE VTCPEJCPV RKPEG DGE FG EKIQIPG 2KPEG EQWRCPVG FG EÐVÅ %QWRG E¾DNGU ¼ FQWDNG VTCPEJCPVU %NÅ ¼ HQWTEJG UKORNG 6QWTPGXKU RQWT XKU ¼ HGPVG %QWVGCW FnÅNGEVTKEKGP RQWT E¾DNGU
I
176+.5 +51.¥5
/CNNGVVG WPKXGTUGNNG QWVKNU CXGE QWVKNU KUQNÅU RQWT VTCXCKNNGT UWT FGU KPUVCNNCVKQPU ÅNGEVTKSWGU +'% &+0 '0
GP #$5 TÅUKUVCPV TQWIG EQORTGPCPV WP CUUQTVKOGPV FnQWVKNU -0+2': RQWT VTCXCKNNGT UWT FGU KPUVCNNCVKQPU ÅNGEVTKSWGU VGUVÅU UGNQP &+0 '0 %'+ CXGE PCRRGU KUQNCPVGU CITCHGU GV ICPVU ■ ECFTG GP CNWOKPKWO UWT VQWV NG RQWTVQWT CXGE CPPGCWZ GP & RQWT CEETQEJGT WPG DCPFQWNKÄTG GV RCPPGCW EGPVTCN HKZG TQDWUVG RQWXCPV ÆVTG TGORNK FGU FGWZ EÐVÅU FQVÅ FG PQODTGWUGU RQUUKDKNKVÅU FG TCPIGOGPV IT¾EG ¼ FGU RCUUCPVU ÅNCUVKSWGU GV RGVKVGU RQEJGU ■ RQKIPÅG GTIQPQOKSWG EQPHQTVCDNG GV HKZCVKQP RQWT EJCTKQV RQTVG XCNK UG KPVÅITÅ FCPU NG HQPF FKURQPKDNG GP QRVKQP UQWU TÅH 6 ■ EJCTPKÄTGU OÅVCNNKSWGU ■ RQKFU VTCPURQTVCDNG OCZ FG MI ■ RGWV ÆVTG QWXGTV FnWP UGWN QW FGU FGWZ EÐVÅU HQPF GV EQWXGTENG UnQWXTGPV KPFÅRGPFCOOGPV NnWP FG NnCWVTG ■ UVCDNG FCPU VQWVGU NGU RQUKVKQPU FnQWXGTVWTG IT¾EG CWZ RQTVG EQWXGT ENGU ¼ EJCTPKÄTG TGRQUCPV ¼ GV ■ UGTTWTG ¼ EQODKPCKUQP EJKHHTGU GV UGTTWTGU ¼ DCUEWNG RQWT NC HKZCVKQP FW EQWXGTENG ■ RQTVG FQEWOGPVU GV RNCVGCW QWVKNU COQXKDNGU TCPIGOGPV FGU QWVKNU UWT WP EÐVÅ CXGE RQEJGU ¼ QWVKNU ■ UGTTWTGU ¼ DCUEWNG RQWT NC HKZCVKQP FW HQPF FG NC OCNNGVVG ■ EQSWG FG HQPF JCWVGWT OO UWDFKXKUKDNG RCT KPVGTECNCKTGU PQP TKIKFGU GV RNCVGCW EQWXGTENG CXGE ITCPFGU RQEJGU ¼ QWVKNU HKZCVKQP RCT DQWVQP RTGUUKQP ■ FKOGPUKQPU GZVÅTKGWT . Z * Z 2 Z Z OO FKOGPUKQPU KPVÅTKGWT . Z * Z 2 Z Z OO ■
6
EJCTKQV RQTVG XCNKUG VÅNGUEQRKSWG RQWT NG VTCPURQTV FnWPG OCNNGVVG UWT TQWNGVVGU ■ WVKNKUCDNG RQWT NGU OQFÄNGU .' OCNNGVVG ¼ QWVKNU $+) 6YKP OCNNGVVG WPKXGTUGNNG ■ JCWVGWT TÅINCDNG GV XGTQWKNNCDNG FG NC RQKIPÅG ■ OÅECPKUOG FG HKZCVKQP ¼ NC OCNNGVVG OQPVCIG GV FÅOQPVCIG TCRKFG ■ CXGE FGWZ TQWNGVVGU UQWRNGU ■ FKOGPUKQPU Z Z OO FÅRNKÅ ■
6
176+.5 +51.¥5 4ÅH .' 6
'#0 /CNNGVVG WPKXGTUGNNG QWVKNU 2KPEG WPKXGTUGNNG 2KPEG ¼ FÅPWFGT 2KPEG EQWRCPVG FG EÐVÅ -0+2': #NNKICVQT 2KPEG OWNVKRTKUG %QWRG E¾DNGU ¼ FQWDNG VTCPEJCPVU %NÅ ¼ HQWTEJG UKORNG %NÅ RQN[IQPCNG EQPVTGEQWFÅG 0CRRG KUQNCPVG GP ECQWVEJQWE 6QWTPGXKU RQWT XKU ¼ HGPVG 6QWTPGXKU RQWT XKU ¼ VÆVG ETWEKHQTOG 2JKNNKRU 2QKIPÅG VTCPUXGTUCNG GP 6 CXGE ECTTÅ O¾NG %NÅ ¼ ENKSWGV CXGE ECTTÅ O¾NG 4CNNQPIG CXGE ECTTÅ HGOGNNG O¾NG &QWKNNGU ¼ UKZ RCPU CXGE ECTTÅ HGOGNNG %QWVGCW FnÅNGEVTKEKGP RQWT E¾DNGU %QWVGCW ¼ FÅICKPGT RQWT E¾DNGU TQPFU #ITCHG GP RNCUVKSWG )CPVU RQWT ÅNGEVTKEKGP /CNNGVVG WPKXGTUGNNG XKFG %JCTKQV RQTVG XCNKUG RQWT NG VTCPURQTV FnWPG OCNNGVVG UWT TQWNGVVGU
3WCPVKVÅ
I
,'7
&'5 5'05
.G ƃKRRGT GUV CWLQWTFoJWK WPG RGVKVG OGT XGKNNG FG NoÅNGEVTQPKSWG ITCPF RWDNKE %JC SWG CEVKQP FW LQWGWT GUV EQOOGPVÅG RCT WP VQPPGTTG VQPKVTWCPV FoGHHGVU URÅEKCWZ +N GZEKVG UGU UGPU GV NoKPEKVG ¼ OCKPVGPKT GP LGW NC DQWNG CWZ TGDQPFU TGVGPVKUUCPVU FCPU UC EQWTUG CW RNWU JCWV UEQTG .oKP VGTCEVKQP RCTHCKVG FG NC NWOKÄTG GV FW UQP TGRQUG UWT NoÅNGEVTQPKSWG WNVTCUGPUKDNG FG NoCRRCTGKN 5C OCKPVGPCPEG ¼ NoCKFG FG RKP EGU ÅNGEVTQPKSWGU -0+2': EQWRCPVGU QW RTGPCPVGU GPVTGVKGPV UCPU EGUUG NG RNCKUKT LWUSWo¼ NC RCTVKG UWKXCPVG
2KPEGU RQWT NnÅNGEVTQPKSWG $TWEGNNGU FG RTÅEKUKQP 'NGEVTQPKE 5WRGT -PKRU '5& 2KPEGU EQWRCPVGU FG EÐVÅ FG RTÅEKUKQP RQWT NnÅNGEVTQPKSWG '5& 2KPEGU EQWRCPVGU FG EÐVÅ RQWT NoÅNGEVTQPKSWG '5& 2KPEGU EQWRCPVGU FG EÐVÅ RQWT NoÅNGEVTQPKSWG ¼ VTCPEJCPVU CW ECTDWTG KPVÅITÅU 2KPEGU EQWRCPVGU FG FGXCPV RQWT NoÅNGEVTQPKSWG '5& 2KPEG EQWRCPVG QDNKSWG RQWT NnÅNGEVTQPKSWG 2KPEGU FG RTÅJGPUKQP FG RTÅEKUKQP RQWT NnÅNGEVTQPKSWG '5& 2KPEGU FG RTÅJGPUKQP RQWT NoÅNGEVTQPKSWG '5& 2KPEGU FG OQPVCIG RQWT NoÅNGEVTQPKSWG ,GWZ FnQWVKNU RQWT NoÅNGEVTQPKSWG $TWEGNNGU FG RTÅEKUKQP
.GU QWVKNU ÅNGEVTQPKSWGU -0+2': QHHTGPV FG OWNVKRNGU UQNWVKQPU RQWT NG VTCXCKN UWT ÅSWKRGOGPVU ÅNGEVTQPKSWGU s FW E¾DNCIG CW OQPVCIG FG EQORQ UCPVU KPHQTOCVKSWGU WNVTCUGPUKDNGU
2+0%'5 2174 .n¥.'%6410+37'
'NGEVTQPKE 5WRGT -PKRU
RKPEGU FG RTÅEKUKQP RQWT VTCXCWZ FG EQWRG VTÄU FÅNKECVU RCT GZ FCPU NG FQOCKPG FG NnÅNGEVTQPKSWG GV FG NC OÅECPKSWG FG RTÅEKUKQP ■ VTCPEJCPVU OGWNÅU VTÄU EQWRCPVU UCPU DKUGCW RQWT NG UGEVKQPPGOGPV ¼ TCU ■ RQKPVGU RCTHCKVGOGPV (QTOGÅGU RGTOGVVCPV OÆOG FG UGEVKQPPGT NGU HKNU EQPVKIWU FnWP FKCOÄVTG OKPKOWO FG OO ■ EJCTPKÄTG CXGE TKXGV GP CEKGT KPQZ[FCDNG ■ VTCPEJCPVU VTGORÅU RCT KPFWEVKQP ■ VTÄU UQWRNG RQWT WP VTCXCKN OQKPU HCVKIWCPV ■ CXGE TGUUQTV GV NKOKVCVKQP FnQWXGTVWTG ■ GP +01: QW CEKGT ¼ QWVKNU URÅEKCN ■
&+0 +51
'5& GP +01: FWTGVÅ FGU VTCPEJCPVU GPX *4% '5& GP +01: FWTGVÅ FGU VTCPEJCPVU GPX *4% CXGE UGTTG HKNU FÅXKUUCDNG s RNWU FG RTQLGEVKQP KPEQPVTÐNÅG FGU OQTEGCWZ FG HKN EQWRÅU VTCPEJCPVU VTGORÅU RCT KPFWEVKQP FWTGVÅ FnGPX *4% CXGE VÆVG ÅVTQKVG GP CEKGT URÅEKCN DTWPK
'5&
60°
'5& VTCPEJCPVU VTGORÅU RCT KPFWEVKQP FWTGVÅ FnGPX *4% EQPXKGPV ÅICNGOGPV RQWT EQWRGT NGU E¾DNGU GP HKDTGU FG XGTTG E¾DNGU ¼ HKDTGU QRVKSWGU
VTCPEJCPVU VTGORÅU RCT KPFWEVKQP FWTGVÅ FnGPX *4% CXGE VÆVG ÅVTQKVG CXGE UGTTG HKNU FÅXKUUCDNG s RNWU FG RTQLGEVKQP KPEQPVTÐNÅG FGU OQTEGCWZ FG HKN EQWRÅU GP CEKGT URÅEKCN DTWPK
'5& GP CEKGT URÅEKCN DTWPK CXGE UGTTG HKNU FÅXKUUCDNG s RNWU FG RTQLGEVKQP KPEQPVTÐNÅG FGU OQTEGCWZ FG HKN EQWRÅU VTCPEJCPVU VTGORÅU RCT KPFWEVKQP FWTGVÅ FnGPX *4%
/QFÄNGU ÅICNGOGPV RQWT HKN FWT VTCPEJCPVU FG RTÅEKUKQP ¼ VTÄU RGVKV DKUGCW EQPXKGPV ÅICNGOGPV CWZ HKNU FWTU GP CEKGT URÅEKCN DTWPK FWTGVÅ FGU VTCPEJCPVU FnGPX *4% VTCPEJCPVU FG RTÅEKUKQP ¼ VTÄU RGVKV DKUGCW EQPXKGPV ÅICNGOGPV CWZ HKNU FWTU CXGE UGTTG HKNU FÅXKUUCDNG s RNWU FG RTQLGEVKQP KPEQPVTÐNÅG FGU OQTEGCWZ FG HKN EQWRÅU GP CEKGT URÅEKCN DTWPK VTCPEJCPVU VTGORÅU RCT KPFWEVKQP FWTGVÅ FnGPX *4%
2+0%'5 2174 .n¥.'%6410+37' VTCPEJCPVU ¼ NC IÅQOÅVTKG QRVKOCNG| EQWRG RTÅEKUG GV HCEKNG OÆOG CXGE FGU HKNU UWRGTRQUÅU XGTUKQP '5& ¼ RQKIPÅGU ICKPÅGU ITKU PQKT
NKOKVCVKQP FnQWXGTVWTG RQWT FGU RQKIPÅGU GTIQPQOKSWGU UVTKGU RQWT WPG RTKUG GP OCKP U×TG CXGE WPG RTGUUKQP HCKDNG
2KPEGU '5& 'NGEVTQUVCVKE FKUEJCTIG CXGE EGU RKPEGU NnÅPGTIKG ÅNGEVTQUVCVKSWG GUV FÅEJCTIÅG FG OCPKÄTG NGPVG GV EQPVTÐNÅG RCT NnKPVGTOÅFKCKTG FGU RQKIPÅGU EGNC RTQVÄIG NGU EQORQUCPVU UGPUKDNGU CWZ FÅEJCTIGU ÅNGEVTQUVCVKSWGUUGNQP PQTOGU GP XKIWGWTU RCT GZ %'+ 64 &+0 '0 52 /GVJQF
%CRCEKVÅU FG EQWRG 4ÅH
'#0
OO
'5&
'5&
60°
DTWPKG
DTWPKG
DTWPKG
'5&
2KPEG
'5&
DTWPKG
DTWPKG
DTWPKG
& OO
I
CXGE ICKPGU DK OCVKÄTG
CXGE ICKPGU DK OCVKÄTG
CXGE ICKPGU DK OCVKÄTG
CXGE ICKPGU DK OCVKÄTG
CXGE ICKPGU DK OCVKÄTG
RQNKG
CXGE ICKPGU DK OCVKÄTG
´ OO ´ OO
RQNKG
CXGE ICKPGU DK OCVKÄTG
RQNKG
CXGE ICKPGU DK OCVKÄTG
RQNKG
CXGE ICKPGU DK OCVKÄTG
RQNKG
DTWPKG
# OO
2QKIPÅGU
DTWPKG
$ OO
6ÆVG
&KOGPUKQPU
´ OO
CXGE ICKPGU DK OCVKÄTG
CXGE ICKPGU DK OCVKÄTG
CXGE ICKPGU DK OCVKÄTG
CXGE ICKPGU DK OCVKÄTG
2+0%'5 2174 .n¥.'%6410+37'
2KPEGU EQWRCPVGU FG EÐVÅ FG RTÅEKUKQP RQWT NnÅNGEVTQPKSWG
.C RGVKVG FKHHÅTGPEG .GU RKPEGU ÅNGEVTQPKSWGU FG RTÅEKUKQP -0+2': UQPV HCDTK SWÅGU GP CEKGT ¼ TQWNGOGPVU ¼ DKNNGU FG SWCNKVÅ UWRÅTKGWTG GV WUKPÅGU CXGE NG RNWU ITCPF UQKP %JCSWG OQWXGOGPV FnQW XGTVWTG UG HCKV UCPU LGW UCPU ¼ EQWRU GV FG OCPKÄTG TÅIWNKÄTG %JCSWG ÅVCRG FG VTCXCKN GUV TÅCNKUÅG CXGE HKCDKNKVÅ GV RTÅEKUK QP %GNC HCEKNKVG NG VTCXCKN FW RTQHGUUKQPPGN
&+0 +51
RKPEGU FG RTÅEKUKQP RQWT VTCXCWZ FG EQWRG VTÄU FÅNKECVU RCT GZ FCPU NG FQOCKPG FG NnÅNGEVTQPKSWG GV FG NC OÅECPKSWG FG RTÅEKUKQP ■ VTCPEJCPVU OGWNÅU CXGE ITCPFG RTÅEKUKQP CHH×VÅU FQVÅU FG VTÄU RGVKVU DKUGCWZ RQWT NC EQWRG GZCEVG FG EQORQUCPVU ÅNGEVTQPKSWGU UGPUKDNGU ÅICNGOGPV FKURQPKDNGU UCPU DKUGCW RQWT WPG EQWRG ¼ TCU ■ VTCPEJCPVU VTGORÅU RCT KPFWEVKQP FWTGVÅ FnGPX *4% ■ GPX RNWU NÅIÄTG SWG NGU RKPEGU ÅNGEVTQPKSWGU UVCPFCTFU ■ EJCTPKÄTG XKUUÅG FQPV NGU UWTHCEGU QPV HCKV NnQDLGV FnWPG HCDTKECVK QP RCTVKEWNKÄTGOGPV UQKIPÅG RQWT RGTOGVVTG WP OQWXGOGPV UCPU ¼ EQWRU GV ¼ HCKDNG HTKEVKQP FCPU VQWVG NC RNCIG FnQWXGTVWTG ■ FQWDNG TGUUQTV UQWRNG RQWT WPG QWXGTVWTG UCPU ¼ EQWRU GV TÅIWNKÄTG ■ ICKPG FG RQKIPÅGU DK OCVKÄTG ¼ NnGTIQPQOKG QRVKOKUÅG ■ HQTIÅG GP CEKGT ¼ TQWNGOGPVU EJTQOG XCPCFKWO ■
VÆVG OKPKCVWTG VÆVG TQPFG
URÅEKCNGOGPV EQPÃWG RQWT UGEVKQPPGT HKN FWT GV EQTFG ¼ RKCPQ (KN GP %W OO
VÆVG RQKPVWG %QWRG CXGE
UCPU DKUGCW
< RQWT WPG EQWRG ¼ TCU FG OCVÅTKCWZ VGPFTG
<
VÆVG RQKPVWG CXGE UGTTG HKNU
FÅXKUUCDNG s RNWU FG RTQLGEVKQP KPEQPVTÐNÅG FGU OQTEGCWZ FG HKN EQWRÅU
EQWRG ¼ TCU VTCPEJCPV UCPU DKUGCW VTCPEJCPV CXGE VTÄU RGVKV DKUGCW
%CRCEKVÅU FG EQWRG 4ÅH
'#0
OO
# OO
& OO
I
CXGE ICKPGU DK OCVKÄTG
RQNKG
CXGE ICKPGU DK OCVKÄTG
DTWPKG
RQNKG
CXGE ICKPGU DK OCVKÄTG
DTWPKG
RQNKG
CXGE ICKPGU DK OCVKÄTG
DTWPKG
RQNKG
CXGE ICKPGU DK OCVKÄTG
DTWPKG
RQNKG
CXGE ICKPGU DK OCVKÄTG
6ÆVG
2QKIPÅGU
DTWPKG
RQNKG
DTWPKG
´ OO
DTWPKG
RQNKG
CXGE ICKPGU DK OCVKÄTG
<
DTWPKG
RQNKG
CXGE ICKPGU DK OCVKÄTG
DTWPKG
RQNKG
CXGE ICKPGU DK OCVKÄTG
&KOGPUKQPU
$ ´ OO ´ OO ´ OO OO
2KPEG
%QWRG CXGE <
EQWRG ¼ TCU
DTWPKG
RQNKG
CXGE ICKPGU DK OCVKÄTG
2+0%'5 2174 .n¥.'%6410+37'
2KPEGU EQWRCPVGU FG EÐVÅ FG RTÅEKUKQP RQWT NnÅNGEVTQPKSWG '5& &+0 +51
2KPEGU '5& 'NGEVTQUVCVKE FKUEJCTIG CXGE EGU RKPEGU NnÅPGTIKG ÅNGEVTQUVCVKSWG GUV FÅEJCTIÅG FG OCPKÄTG NGPVG GV EQPVTÐNÅG RCT NnKPVGTOÅFKCKTG FGU RQKIPÅGU EGNC RTQVÄIG NGU EQORQUCPVU UGPUKDNGU CWZ FÅEJCTIGU ÅNGEVTQUVCVKSWGUUGNQP PQTOGU GP XKIWGWTU RCT GZ %'+ 64 &+0 '0 52 /GVJQF
2QKIPÅGU FÅTKXCPV NnÅNGEVTKEKVÅ UVCVKSWG s FKUUKRCVKXG '5&
'5& '5& VÆVG OKPKCVWTG
'5& '5& VÆVG RQKPVWG CXGE UGTTG HKNU
FÅXKUUCDNG s RNWU FG RTQLGEVKQP KPEQPVTÐNÅG FGU OQTEGCWZ FG HKN EQWRÅU
'5& '5& VÆVG TQPFG '5& URÅEKCNGOGPV EQPÃWG RQWT UGEVKQPPGT HKN FWT GV EQTFG ¼ RKCPQ '5&
'5&
'5& '5& VÆVG RQKPVWG < '5& RQWT WPG EQWRG ¼ TCU FG OCVÅTKCWZ VGPFTGU
'5&
'5&
'5&
< '5&
%CRCEKVÅU FG EQWRG 4ÅH
'#0 OO
'5&
'5&
'5&
'5&
'5&
'5&
2KPEG
6ÆVG
DTWPKG
RQNKG
$ # & ´ OO ´ OO ´ OO OO OO OO I CXGE ICKPGU DK OCVKÄTG
DTWPKG
RQNKG
CXGE ICKPGU DK OCVKÄTG
DTWPKG
RQNKG
CXGE ICKPGU DK OCVKÄTG
DTWPKG
RQNKG
CXGE ICKPGU DK OCVKÄTG
DTWPKG
RQNKG
CXGE ICKPGU DK OCVKÄTG
DTWPKG
RQNKG
CXGE ICKPGU DK OCVKÄTG
2QKIPÅGU
´ OO
'5&
DTWPKG
RQNKG
CXGE ICKPGU DK OCVKÄTG
< '5&
DTWPKG
RQNKG
CXGE ICKPGU DK OCVKÄTG
'5&
DTWPKG
RQNKG
CXGE ICKPGU DK OCVKÄTG
'5&
&KOGPUKQPU
DTWPKG
RQNKG
CXGE ICKPGU DK OCVKÄTG
2+0%'5 2174 .n¥.'%6410+37'
2KPEGU EQWRCPVGU FG EÐVÅ RQWT NoÅNGEVTQPKSWG
EJCTPKÄTG XKUUÅG RQWT WPG RTÅEKUKQP GV WPG TÅUKUVCPEG ÅNGXÅGU RQWT VTCXCWZ FG EQWRG VTÄU FÅNKECVU RCT GZ FCPU NGU FQOCKPGU FG NnÅNGEVTQPKSWG GV FG NC OÅECPKSWG FG RTÅEKUKQP ■ CXGE VTCPEJCPVU EQWRCPVU OGWNÅU RQWT HKNU FQWZ HKNU FWTU CKPUK SWG RQWT NC EQTFG ¼ RKCPQ ■ VTCPEJCPVU VTGORÅU RCT KPFWEVKQP FWTGVÅ FnGPX *4% ■ FQWDNG TGUUQTV ¼ HTQVVGOGPV TÅFWKV RGTOGVVCPV WPG QWXGTVWTG FG NC RKPEG TÅIWNKÄTG GV UCPU ¼ EQWRU ■ #EKGT ¼ QWVKNU FG SWCNKVÅ URÅEKCNG HQTIÅ VTGORÅ ¼ NoJWKNG ■ ■
&+0 +51
(QTOG CXGE RGVKV DKUGCW
(QTOG CXGE DKUGCW GV UGTTG HKNU RNWU FG RTQLGEVKQP KPEQPVTÐNÅG FGU OQTEGCWZ FG HKN EQWRÅU
(QTOG VÆVG RCTVKEWNKÄTGOGPV ÅVTQKVG CXGE DKUGCW
(QTOG CXGE DKUGCW
%JCTPKÄTG XKUUÅG
%CRCEKVÅU FG EQWRG '#0 4ÅH
OO
(QTOG
2KPEG DTWPKG DTWPKG DTWPKG DTWPKG
2QKIPÅGU CXGE ICKPGU GP RNCUVKSWG CXGE ICKPGU GP RNCUVKSWG CXGE ICKPGU GP RNCUVKSWG CXGE ICKPGU GP RNCUVKSWG
´ OO
´ OO ´ OO ´ OO
&KOGPUKQPU # OO
$ OO
& OO
I
2+0%'5 2174 .n¥.'%6410+37'
2KPEGU EQWRCPVGU FG EÐVÅ RQWT NoÅNGEVTQPKSWG
RQWT VTCXCWZ FG EQWRG FÅNKECVU RCT GZ FCPU NGU FQOCKPGU FG NnÅNGEVTQPKSWG GV FG NC OÅECPKSWG FG RTÅEKUKQP ■ EJCTPKÄTG GPVTGRCUUÅG TQDWUVG GV UCPU LGW ■ FQWDNG TGUUQTV ¼ HTQVVGOGPV TÅFWKV RGTOGVVCPV WPG QWXGTVWTG FG NC RKPEG TÅIWNKÄTG GV UCPU ¼ EQWRU ■ NG RQNKUUCIG QW RQNKUUCIG OKTQKT UGWNGOGPV HKPKVKQP CUUQEKÅ ¼ NC HKPG EQWEJG FnJWKNG QHHTG WPG DQPPG RTQVGEVKQP EQPVTG NC TQWKNNG EG SWK ÅXKVG NGU RGTVWTDCVKQPU FCPU NGU EKTEWKVU ÅNGEVTQPKSWGU ECWUÅGU RCT FGU RCTVKEWNGU FG EJTQOG ÅECKNNÅGU ■ VTCPEJCPVU VTGORÅU RCT KPFWEVKQP FWTGVÅ FnGPX *4% ■ #EKGT ¼ QWVKNU FG SWCNKVÅ URÅEKCNG HQTIÅ VTGORÅ ¼ NoJWKNG ■
&+0 +51
VÆVG TQPFG CXGE DKUGCW VÆVG TQPFG CXGE RGVKV DKUGCW VÆVG TQPFG CXGE DKUGCW GV UGTTG HKNU s RNWU FG RTQLGEVKQP KPEQPVTÐNÅG FGU OQTEGCWZ FG HKN EQWRÅU
VÆVG TQPFG UCPU DKUGCW VÆVG TQPFG UCPU DKUGCW FWTGVÅ FGU VTCPEJCPVU GPX *4% VÆVG RQKPVWG CXGE RGVKV DKUGCW VÆVG RQKPVWG UCPU DKUGCW FWTGVÅ FGU VTCPEJCPVU GPX *4%
VÆVG RQKPVWG UCPU DKUGCW
VÆVG RNCVG RQKPVWG CXGE RGVKV DKUGCW FWTGVÅ FGU VTCPEJCPVU GPX *4% VÆVG RQKPVWG OKPKCVWTG CXGE RGVKV DKUGCW
%CRCEKVÅU FG EQWRG
4ÅH
'#0
OO
6ÆVG
2QKIPÅGU
RQNKUUCIG OKTQKT
ICKPÅGU GP RNCUVKSWG
RQNKUUCIG OKTQKT
RQNKUUCIG OKTQKT
# OO
& OO
I
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
ICKPÅGU GP RNCUVKSWG
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
ICKPÅGU GP RNCUVKSWG
RQNKUUCIG OKTQKT
RQNKUUCIG OKTQKT
´ OO ´ OO
RQNKUUCIG OKTQKT
´ OO
&KOGPUKQPU $ OO
CXGE ICKPGU DK OCVKÄTG CXGE ICKPGU DK OCVKÄTG
2+0%'5 2174 .n¥.'%6410+37'
2KPEGU EQWRCPVGU FG EÐVÅ RQWT NoÅNGEVTQPKSWG '5&
2KPEGU '5& 'NGEVTQUVCVKE FKUEJCTIG CXGE EGU RKPEGU NnÅPGTIKG ÅNGEVTQUVCVKSWG GUV FÅEJCTIÅG FG OCPKÄTG NGPVG GV EQPVTÐNÅG RCT NnKPVGTOÅFKCKTG FGU RQKIPÅGU EGNC RTQVÄIG NGU EQORQUCPVU UGPUKDNGU CWZ FÅEJCTIGU ÅNGEVTQUVCVKSWGUUGNQP PQTOGU GP XKIWGWTU RCT GZ %'+ 64 &+0 '0 52 /GVJQF
&+0 +51
RQWT VTCXCWZ FG EQWRG FÅNKECVU RCT GZ FCPU NGU FQOCKPGU FG NnÅNGEVTQPKSWG GV FG NC OÅECPKSWG FG RTÅEKUKQP ■ RQKIPÅGU FÅTKXCPV NnÅNGEVTKEKVÅ UVCVKSWG s FKUUKRCVKXG ■ EJCTPKÄTG GPVTGRCUUÅG TQDWUVG GV UCPU LGW ■ FQWDNG TGUUQTV ¼ HTQVVGOGPV TÅFWKV RGTOGVVCPV WPG QWXGTVWTG FG NC RKPEG TÅIWNKÄTG GV UCPU ¼ EQWRU ■ NG RQNKUUCIG OKTQKT CUUQEKÅ ¼ WPG HKPG EQWEJG FnJWKNG QHHTG WPG DQPPG RTQVGEVKQP EQPVTG NC TQWKNNG EG SWK ÅXKVG NGU RGTVWTDCVKQPU FCPU NG EKTEWKV ÅNGEVTKSWG ECWUÅGU RCT FGU RCTVKEWNGU FG EJTQOG ÅECKNNÅGU ■ VTCPEJCPVU VTGORÅU RCT KPFWEVKQP FWTGVÅ FnGPX *4% ■ RQKIPÅGU DKEQNQTGU PQKT ITKU DK OCVKÄTG ■ #EKGT ¼ QWVKNU FG SWCNKVÅ URÅEKCNG HQTIÅ VTGORÅ ¼ NoJWKNG ■
'5&
'5&
'5&
'5& VÆVG TQPFG CXGE RGVKV DKUGCW '5& VÆVG TQPFG CXGE DKUGCW GV UGTTG HKNU s RNWU FG RTQLGEVKQP KPEQPVTÐNÅG FGU OQTEGCWZ FG HKN EQWRÅU '5& VÆVG TQPFG UCPU DKUGCW
'5&
'5&
'5& VÆVG RQKPVWG CXGE RGVKV DKUGCW '5& VÆVG RQKPVWG UCPU DKUGCW '5& VÆVG RNCVG RQKPVWG CXGE RGVKV DKUGCW '5& VÆVG RQKPVWG OKPKCVWTG CXGE RGVKV DKUGCW
'5&
'5&
%CRCEKVÅU FG EQWRG '#0
OO
6ÆVG
2QKIPÅGU
'5&
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
'5&
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
'5&
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
'5&
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
'5&
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
'5&
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
'5&
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
4ÅH
´ OO
´ OO ´ OO
&KOGPUKQPU $ OO
# OO
& OO
I
2+0%'5 2174 .n¥.'%6410+37' *
2KPEGU EQWRCPVGU FG EÐVÅ RQWT NoÅNGEVTQPKSWG ¼ VTCPEJCPVU CW ECTDWTG KPVÅITÅU &+0 +51
*
RQWT NoWVKNKUCVKQP FGU RKPEGU EQWRCPVGU FCPU FGU EQPFKVKQPU GZVTÆOGU CXGE FGU OCVÅTKCWZ FWTU QW TÅUKUVCPVU RCT GZGORNG EQTFG ¼ RKCPQ E¾DNG PKEMGN HKNCOGPV FG VWPIUVÄPG GV E¾DNG FKQFG EQOOG QP NGU VTQWXG FG RNWU GP RNWU FCPU NGU UGEVGWTU FG NoÅNGEVTQPKSWG GV NoCÅTQURCVKCN ■ QP FKURQUG VQWLQWTU FG NoQWVKN FG EQWRG CFCRVÅ OÆOG CXGE NGU OCVÅTKCWZ NGU RNWU FWTU ■ VTCPEJCPVU CW ECTDWTG FG RTÅEKUKQP UQWFÅU FCPU WPG ÅDCWEJG HQTIÅG ■ EJCTPKÄTG GPVTGRCUUÅG TQDWUVG GV UCPU LGW ■ FWTGVÅ FGU VTCPEJCPVU CW ECTDWTG *4% ■ NGU RKPEGU ¼ VTCPEJCPVU CW ECTDWTG QPV WPG FWTÅG FG XKG DGCWEQWR RNWU NQPIWG SWG NGU RKPEGU ¼ VTCPEJCPVU ENCUUKSWGU ■ EQWRGU VQWLQWTU HKCDNGU IT¾EG ¼ FGU VTCPEJCPVU PG UG FÅHQTOCPV RCU ■ KORQTVCPVG TÅFWEVKQP FGU EQ×VU IT¾EG ¼ WPG FWTÅG FG XKG FGU VTCPEJCPVU RNWU NQPIWG ■
* * '5& VÆVG TQPFG CXGE DKUGCW
* '5& VÆVG RQKPVWG CXGE TCKPWTG CXGE RGVKV DKUGCW
*
* '5&
VTCPEJCPV CW ECTDWTG TCRRQTVÅ
%CRCEKVÅU FG EQWRG '#0 4ÅH * * '5& * * '5& * * '5&
OO
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
2QKIPÅGU
6ÆVG
&KOGPUKQPU
$ ´ OO ´ OO ´ OO ´ OO OO
# OO
& OO I
2+0%'5 2174 .n¥.'%6410+37'
2KPEGU EQWRCPVGU FG FGXCPV RQWT NoÃ…NGEVTQPKSWG
RKPEGU FG RTÃ…EKUKQP RQWT VTCXCWZ FG EQWRG VTÄU FÃ…NKECVU RCT GZ FCPU NG FQOCKPG FG NnÃ…NGEVTQPKSWG GV FG NC OÃ…ECPKSWG FG RTÃ…EKUKQP â– EJCTPKÄTG FG RTÃ…EKUKQP GPVTGRCUUÃ…G â– FQWDNG TGUUQTV ¼ HTQVVGOGPV TÃ…FWKV RGTOGVVCPV WPG QWXGTVWTG FG NC RKPEG TÃ…IWNKÄTG GV UCPU ¼ EQWRU â– NG RQNKUUCIG QW RQNKUUCIG OKTQKT UGWNGOGPV HKPKVKQP CUUQEKÃ… ¼ NC HKPG EQWEJG FnJWKNG QHHTG WPG DQPPG RTQVGEVKQP EQPVTG NC TQWKNNG EG SWK Ã…XKVG NGU RGTVWTDCVKQPU FCPU NGU EKTEWKVU Ã…NGEVTQPKSWGU ECWUÃ…GU RCT FGU RCTVKEWNGU FG EJTQOG Ã…ECKNNÃ…GU â– VTCPEJCPVU VTGORÃ…U RCT KPFWEVKQP FWTGVÃ… CW OQKPU *4% â– #EKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
&+0 +51
90°
(QTOG 2KPEG EQWRCPVG FG FGXCPV CXGE DKUGCW (QTOG 2KPEG EQWRCPVG FG FGXCPV VÆVG TÅFWKVG CXGE RGVKV DKUGCW (QTO 2KPEG EQWRCPVG FG FGXCPV GV QDNKSXG CXGE RGVKV DKUGCW Į Œ
'5&
90°
(QTOG 2KPEG EQWRCPVG FG FGXCPV GV QDNKSXG CXGE RGVKV DKUGCW Į Œ
(QTOG 2KPEG EQWRCPVG FG FGXCPV GV QDNKSWG VÆVG EQWTVG UCPU DKUGCW RQWT NG UGEVKQPPGOGPV ¼ TCU Į Œ
90°
(QTOG 2KPEG EQWRCPVG FG FGXCPV GV QDNKSWG VTCPEJCPVU OKPKCVWTGU CXGE RGVKV DKUGCW Į Œ
90°
(QTOG 2KPEG EQWRCPVG FG FGXCPV GV QDNKSWG VTCPEJCPVU OKPKCVWTGU CXGE RGVKV DKUGCW VÆVG CXGE ÅXKFGOGPV Į Œ (QTOG 2KPEG EQWRCPVG FG FGXCPV UCPU DKUGCW
15°
27°
(QTOG '5& 2KPEG EQWRCPVG FG FGXCPV CXGE RGVKV DKUGCW
27°
65°
35°
2+0%'5 2174 .n¥.'%6410+37'
%CRCEKVÃ…U FG EQWRG
4Ã…H
'#0
OO
90°
90°
90°
90°
'5&
90°
90°
15°
'5&
15°
27°
27°
65°
'5&
(QTOG 6ÆVG
65°
35°
2KPEG EQWRCPVG QDNKSWG RQWT NnÃ…NGEVTQPKSWG
OO
15°
I
RQNKUUCIG OKTQKT
ICKPÃ…GU GP RNCUVKSWG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
ICKPÃ…GU GP RNCUVKSWG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
CXGE VTCPEJCPVU RQWT HKNU FQWZ GV OK FWTU UCPU DKUGCW RQWT UGEVKQPPGOGPV ¼ TCU ■VTCPEJCPVU VTGORÅU RCT KPFWEVKQP FWTGVÅ FnGPX *4% ■FQWDNG TGUUQTV ¼ HTQVVGOGPV TÅFWKV RGTOGVVCPV WPG QWXGTVWTG FG NC RKPEG TÅIWNKÄTG GV UCPU ¼ EQWRU ■EJCTPKÄTG FG RTÅEKUKQP GPVTG RCUUÅG ■NG RQNKUUCIG CUUQEKÅ ¼ NC HKPG EQWEJG FnJWKNG QHHTG WPG DQPPG RTQVGEVKQP EQPVTG NC TQWKNNG EG SWK ÅXKVG NGU RGTVWTDCVKQPU FCPU NGU EKTEWKVU ÅNGEVTQPKSWGU ECWUÅGU RCT FGU RCTVKEWNGU FG EJTQOÅG ÅECKNNÅGU ■#EKGT ¼ QWVKNU FG SWCNKVÅ URÅEKCNG HQTIÅ VTGORÅ ¼ NoJWKNG
% OO
%CRCEKVÃ…U FG EQWRG '#0 4Ã…H
& OO
â–
$ OO
â–
&+0 +51
15°
2QKIPÃ…GU
&KOGPUKQPU
# ´ OO ´ OO ´ OO OO
6ÆVG RQNKG
2QKIPÅGU CXGE ICKPGU DK OCVKÄTG
´ OO
´ OO
&KOGPUKQPU # OO
$ OO
& OO
% OO
I
2+0%'5 2174 .n¥.'%6410+37'
2KPEGU FG RTÅJGPUKQP FG RTÅEKUKQP RQWT NnÅNGEVTQPKSWG
.C RGVKVG FKHHÅTGPEG .GU RKPEGU ÅNGEVTQPKSWGU FG RTÅEKUKQP -0+2': UQPV HCDTKSWÅGU GP CEKGT ¼ TQWNGOGPVU ¼ DKNNGU FG SWCNKVÅ UWRÅTKGWTG GV WUKPÅGU CXGE NG RNWU ITCPF UQKP %JCSWG OQWXGOGPV FnQWXGTVWTG UG HCKV UCPU LGW UCPU ¼ EQWRU GV FG OCPKÄTG TÅIWNKÄTG %JCSWG ÅVCRG FG VTCXCKN GUV TÅCNKUÅG CXGE HKCDKNKVÅ GV RTÅEKUKQP %GNC HCEKNKVG NG VTCXCKN FW RTQHGUUKQPPGN
&+0 +51
RQWT VTCXCWZ FG OQPVCIG VTÄU RTÅEKU RCT GZ FCPU NGU FQOCKPGU FG NnÅNGEVTQPKSWG GV FG NC OÅECPKSWG FG RTÅEKUKQP ■ RQWT UCKUKT VGPKT GV RNKGT ■ UWTHCEG KPVÅTKGWTG FGU O¾EJQKTGU NKUUG CTÆVGU OKPWVKGWUGOGPV ÅDCXWTÅGU ■ GPX RNWU NÅIÄTG SWG NGU RKPEGU ÅNGEVTQPKSWGU UVCPFCTFU ■ EJCTPKÄTG XKUUÅG FQPV NGU UWTHCEGU QPV HCKV NnQDLGV FnWPG HCDTKECVK QP RCTVKEWNKÄTGOGPV UQKIPÅG RQWT RGTOGVVTG WP OQWXGOGPV UCPU ¼ EQWRU GV ¼ HCKDNG HTKEVKQP FCPU VQWVG NC RNCIG FnQWXGTVWTG ■ FQWDNG TGUUQTV UQWRNG RQWT WPG QWXGTVWTG UCPU ¼ EQWRU GV TÅIWNKÄTG ■ ICKPG FG RQKIPÅGU DK OCVKÄTG ¼ NnGTIQPQOKG QRVKOKUÅG ■ HQTIÅG GP CEKGT ¼ TQWNGOGPVU EJTQOG XCPCFKWO ■
'5&
(QTOG DGEU RNCVU GV NCTIGU (QTOG DGEU FGOK TQPFU
(QTOG DGEU TQPFU GV RQKPVWU
'5&
'5&
2KPEGU '5& 'NGEVTQUVCVKE FKUEJCTIG CXGE EGU RKPEGU NnÅPGTIKG ÅNGEVTQUVCVKSWG GUV FÅEJCTIÅG FG OCPKÄTG NGPVG GV EQPVTÐNÅG RCT NnKPVGTOÅFKCKTG FGU RQKIPÅGU EGNC RTQVÄIG NGU EQORQUCPVU UGPUKDNGU CWZ FÅEJCTIGU ÅNGEVTQUVCVKSWGUUGNQP PQTOGU GP XKIWGWTU RCT GZ %'+ 64 &+0 '0 52 /GVJQF
&KOGPUKQPU 4ÅH
'#0
OO
'5&
'5&
'5&
(QTOG 2KPEG DTWPKG
6ÆVG
2QKIPÅGU
RQNKG
CXGE ICKPGU DK OCVKÄTG
DTWPKG
RQNKG
CXGE ICKPGU DK OCVKÄTG
DTWPKG
RQNKG
CXGE ICKPGU DK OCVKÄTG
$ # OO OO
& OO
' OO
( OO
I
2+0%'5 2174 .n¥.'%6410+37'
2KPEGU FG RTÃ…JGPUKQP RQWT NoÃ…NGEVTQPKSWG
RKPEGU FG RTÃ…EKUKQP RQWT NGU VTCXCWZ FG OQPVCIG VTÄU RTÃ…EKU RCT GZ FCPU NGU FQOCKPGU FG NnÃ…NGEVTQPKSWG GV FG NC OÃ…ECPKSWG FG RTÃ…EKUKQP â– RQWT UCKUKT VGPKT GV RNKGT â– EJCTPKÄTG FG RTÃ…EKUKQP GPVTGRCUUÃ…G â– KPVÃ…TKGWT FGU O¾EJQKTGU NKUUG â– CTÆVGU UQKIPGWUGOGPV Ã…DCTDÃ…GU â– FQWDNG TGUUQTV ¼ HTQVVGOGPV TÃ…FWKV RGTOGVVCPV WPG QWXGTVWTG FG NC RKPEG TÃ…IWNKÄTG GV UCPU ¼ EQWRU â– NG RQNKUUCIG QW RQNKUUCIG OKTQKT UGWNGOGPV HKPKVKQP CUUQEKÃ… ¼ NC HKPG EQWEJG FnJWKNG QHHTG WPG DQPPG RTQVGEVKQP EQPVTG NC TQWKNNG EG SWK Ã…XKVG NGU RGTVWTDCVKQPU FCPU NGU EKTEWKVU Ã…NGEVTQPKSWGU ECWUÃ…GU RCT FGU RCTVKEWNGU FG EJTQOG Ã…ECKNNÃ…GU â– #EKGT ¼ QWVKNU URÃ…EKCN HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
&+0 +51
45°
45°
&KOGPUKQPU 4Ã…H
'#0
OO
45°
45°
6ÆVG RQNKUUCIG OKTQKT
2QKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG
$ # & ' ( OO OO OO OO OO
I
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
ICKPÃ…GU GP RNCUVKSWG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
ICKPÃ…GU GP RNCUVKSWG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
2+0%'5 2174 .n¥.'%6410+37'
2KPEGU FG RTÅJGPUKQP RQWT NoÅNGEVTQPKSWG '5&
2KPEGU '5& 'NGEVTQUVCVKE FKUEJCTIG CXGE EGU RKPEGU NnÅPGTIKG ÅNGEVTQUVCVKSWG GUV FÅEJCTIÅG FG OCPKÄTG NGPVG GV EQPVTÐNÅG RCT NnKPVGTOÅFKCKTG FGU RQKIPÅGU EGNC RTQVÄIG NGU EQORQUCPVU UGPUKDNGU CWZ FÅEJCTIGU ÅNGEVTQUVCVKSWGUUGNQP PQTOGU GP XKIWGWTU RCT GZ %'+ 64 &+0 '0 52 /GVJQF
&+0 +51
RKPEGU FG RTÅEKUKQP RQWT NGU VTCXCWZ FG OQPVCIG VTÄU RTÅEKU RCT GZ FCPU NGU FQOCKPGU FG NnÅNGEVTQPKSWG GV FG NC OÅECPKSWG FG RTÅEKUKQP ■ RQWT UCKUKT VGPKT GV RNKGT ■ RQKIPÅGU FÅTKXCPV NnÅNGEVTKEKVÅ UVCVKSWG s FKUUKRCVKXG ■ EJCTPKÄTG FG RTÅEKUKQP GPVTGRCUUÅG ■ KPVÅTKGWT FGU O¾EJQKTGU NKUUG ■ CTÆVGU UQKIPGWUGOGPV ÅDCTDÅGU ■ FQWDNG TGUUQTV ¼ HTQVVGOGPV TÅFWKV RGTOGVVCPV WPG QWXGTVWTG FG NC RKPEG TÅIWNKÄTG GV UCPU ¼ EQWRU ■ NG RQNKUUCIG OKTQKT CUUQEKÅ ¼ WPG HKPG EQWEJG FnJWKNG QHHTG WPG DQPPG RTQVGEVKQP EQPVTG NC TQWKNNG EG SWK ÅXKVG NGU RGTVWTDCVKQPU FCPU NG EKTEWKV ÅNGEVTKSWG ECWUÅGU RCT FGU RCTVKEWNGU FG EJTQOG ÅECKNNÅGU ■ RQKIPÅGU DKEQNQTGU PQKT ITKU DK OCVKÄTG ■ #EKGT ¼ QWVKNU URÅEKCN HQTIÅ VTGORÅ ¼ NoJWKNG ■
'5&
'5&
'5&
'5&
45°
&KOGPUKQPU
4ÅH
'#0
OO
'5&
'5&
'5&
'5&
45°
$ OO
# OO
& OO
' OO
( OO
6ÆVG
2QKIPÅGU
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
I
2+0%'5 2174 .n¥.'%6410+37'
2KPEGU FG OQPVCIG RQWT NoÃ…NGEVTQPKSWG
RKPEGU FG RTÃ…EKUKQP RQWT VTCXCWZ FG OQPVCIG GV FG TÃ…RCTCVKQP VTÄU RTÃ…EKU FCPU NG FQOCKPG FG NnÃ…NGEVTQPKSWG â– RQWT RNKGT GV EQWRGT NGU GZVTÃ…OKVÃ…U FG HKNU â– EJCTPKÄTG FG RTÃ…EKUKQP GPVTGRCUUÃ…G â– KPVÃ…TKGWT FGU O¾EJQKTGU NKUUG â– CTÆVGU UQKIPGWUGOGPV Ã…DCTDÃ…GU â– FQWDNG TGUUQTV ¼ HTQVVGOGPV TÃ…FWKV RGTOGVVCPV WPG QWXGTVWTG FG NC RKPEG TÃ…IWNKÄTG GV UCPU ¼ EQWRU â– NG RQNKUUCIG OKTQKT CUUQEKÃ… ¼ WPG HKPG EQWEJG FnJWKNG QHHTG WPG DQPPG RTQVGEVKQP EQPVTG NC TQWKNNG EG SWK Ã…XKVG NGU RGTVWTDC VKQPU FCPU NG EKTEWKV Ã…NGEVTKSWG ECWUÃ…GU RCT FGU RCTVKEWNGU FG EJTQOG Ã…ECKNNÃ…GU â– #EKGT ¼ QWVKNU FG SWCNKVÃ… URÃ…EKCNG HQTIÃ… VTGORÃ… ¼ NoJWKNG â–
&+0 +51
RQWT NC OKUG GP HQTOG FnWP CTE RQWT NC FKUVCPEG ¼ NC RNCVKPG
RQWT NC OKUG GP HQTOG GV NC EQWRG ¼ WPG FKUVCPEG FG OO UQWU NC RNCVKPG
RQWT NoÅETCUGOGPV GV NC EQWRG ¼ WPG FKUVCPEG FG OO UQWU NC RNCVKPG
%CRCEKVÃ…U FG EQWRG 4Ã…H
'#0
OO
6ÆVG
2QKIPÃ…GU
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
RQNKUUCIG OKTQKT
CXGE ICKPGU DK OCVKÄTG
&KOGPUKQPU 6 OO
9 OO
6 OO
I
´ OO
. OO
9 OO
2+0%'5 2174 .n¥.'%6410+37'
,GWZ FnQWVKNU RQWT NoÃ…NGEVTQPKSWG RQWT NG VTCXCKN UWT NGU EQORQUCPVU Ã…NGEVTQPKSWGU
QWVKNU RKPEGU RQWT NnÅNGEVTQPKSWG GV WPG RCKTG FG DTWEGNNGU FG RTÅEKUKQP VTQWUUG GP RQN[GUVGT VKUUÅ TÅUKUVCPV RCUUCPV RQWT RKPEG GP ÅNCUVKSWG HGTOGVWTG ÅENCKT 2 QWVKNU RKPEGU FG RTÅEKUKQP RQWT NoÅNGEVTQPKSWG VTQWUUG GP RQN[GUVGT VKUUÅ TÅUKUVCPV RCUUCPV RQWT RKPEG GP ÅNCUVKSWG HGTOGVWTG ÅENCKT 2 '5& QWVKNU RKPEGU FG RTÅEKUKQP RQWT NoÅNGEVTQPKSWG OQFÄNG '5& FÅTKXCPV NnÅNGEVTKEKVÅ UVCVKSWG VTQWUUG GP RQN[GUVGT VKUUÅ TÅUKUVCPV RCUUCPV RQWT RKPEG GP ÅNCUVKSWG HGTOGVWTG ÅENCKT
2
QWVKNU RKPEGU RQWT NnÅNGEVTQPKSWG OQFÄNG '5& FÅTKXCPV NnÅNGEVTKEKVÅ UVCVKSWG VTQWUUG GP RQN[GUVGT VKUUÅ TÅUKUVCPV RCUUCPV RQWT RKPEG GP ÅNCUVKSWG HGTOGVWTG ÅENCKT QWVKNU RKPEGU RQWT NnÅNGEVTQPKSWG GV VQWTPGXKU RQWT NnÅNGEVTQPKSWG EQHHTGV FG TCPIGOGPV RTCVKSWG GP RNCUVKSWG TQDWUVG CXGE RNCVGCWZ GP OQWUUG '5& QWVKNU RKPEGU RQWT NnÅNGEVTQPKSWG GV VQWTPGXKU RQWT NnÅNGEVTQPKSWG OQFÄNG '5& FÅTKXCPV NnÅNGEVTKEKVÅ UVCVKSWG EQHHTGV FG TCPIGOGPV RTCVKSWG GP RNCUVKSWG TQDWUVG CXGE RNCVGCWZ GP OQWUUG
2 '5&
'5&
4Ã…H 2 2 '5& '5&
'#0
%QPVGPW '5& '5& '5& '5& '5& '5& '5& '5& '5& '5& '5& '5& VQWTPGXKU Z Z Z Z 2* 2* '5& '5& VQWTPGXKU Z Z Z Z 2* 2*
I
$47%'..'5 &' 24Â¥%+5+10
$TWEGNNGU FG RTÃ…EKUKQP
â– â–
KPVÅTKGWT FGU O¾EJQKTGU NKUUG HKPKVKQP OCVG CPVKTGHNGV
45°
45°
'#0 4Ã…H
OO
45° 45° 85°
RQWT NC VGEJPKSWG 5/& RQKPVGU EQWFÅGU NCTIGWT GPX OO CXGE RTQHKNÅ FG RTKUG KPVÅITÅ RQWT NGU EQORQUCPVU E[NKPFTKSWGU FnWP FKCOÄVTG FG OO KPVÅTKGWT FGU O¾EJQKTGU ¼ HKPKVKQP OCVG RQWT WPG RTKUG GP OCKP QRVKOCNG CEKGT CW EJTQOG PKEMGN KPQZ[FCDNG CPVKOCIPÅVKSWG OQFÄNG VTÄU WUKVÅ FCPU NnÅNGEVTQPKSWG
85°
(KPKVKQP KPQZ[FCDNG CPVKOCIPÃ…VKSWG KPQZ[FCDNG CPVKOCIPÃ…VKSWG KPQZ[FCDNG CPVKOCIPÃ…VKSWG TÃ…UKUVCPVG CWZ CEKFGU KPQZ[FCDNG CPVKOCIPÃ…VKSWG
I
6GEJPKSWG 5/& /ÅVJQFG FG UQWFWTG FGU EQORQUCPVU ÅNGEVTQPKSWGU UoCRRGNNG CWUUK ‡%QORQUCPVU /QPVÅ GP 5WTHCEG— %/5 .C RTQEÅFWTG EQPUKUVG ¼ EQNNGT VGORQTCKTGOGPV NG EQORQUCPV UWT NC ECTVG RWKU FG RCUUGT NG VQWV FCPU WP DCKP TGORNK FG UQWFWTG ¼ NoÅVCKP NKSWKFG
$TWEGNNGU FG RTÃ…EKUKQP HQTOG RQKPVWG
â–
4Ã…H
'#0
OO
(KPKVKQP KPQZ[FCDNG CPVKOCIPÃ…VKSWG KPQZ[FCDNG CPVKOCIPÃ…VKSWG KPQZ[FCDNG CPVKOCIPÃ…VKSWG TÃ…UKUVCPVG CWZ CEKFGU +PQZ[FCDNG CPVKOCIPÃ…VKSWG TÃ…UKUVCPVG CWZ CEKFGU PKEMGNÃ…G
NCTIGWT FGU O¾EJQKTGU FG OO RQWT EQORQUCPVU E[NKPFTKSWGU FnWP FKCOÄVTG FG OO RQKIPÅGU ECPPGNÅGU KPQZ[FCDNG CPVKOCIPÅVKSWG GV TÅUKUVCPVG CWZ CEKFGU RQKPVGU EQWFÅGU RQKPVGU RCTVKEWNKÄTGOGPV TÅUKUVCPVGU KPQZ[FCDNG CPVKOCIPÅVKSWG
HKPKVKQP OCVG CPVKTGHNGV KPVÅTKGWT FGU O¾EJQKTGU ¼ HKPKVKQP OCVG RQWT WPG RTKUG GP OCKP QRVKOCNG CEKGT CW EJTQOG PKEMGN KPQZ[FCDNG CPVKOCIPÅVKSWG OQFÄNG VTÄU WUKVÅ FCPU NnÅNGEVTQPKSWG HKPKVKQP OCVG CPVKTGHNGV KPVÅTKGWT FGU O¾EJQKTGU ¼ HKPKVKQP OCVG RQWT WPG RTKUG GP OCKP QRVKOCNG CEKGT CW EJTQOG PKEMGN KPQZ[FCDNG CPVKOCIPÅVKSWG OQFÄNG VTÄU WUKVÅ FCPU NnÅNGEVTQPKSWG
HKPKVKQP OCVG CPVKTGHNGV KPQZ[FCDNG CPVKOCIPÃ…VKSWG GV TÃ…UKUVCPVG CWZ CEKFGU
RQWT VTCXCWZ FG OQPVCIG FÃ…NKECVU HQTOG FTQKVG â– KPVÃ…TKGWT FGU O¾EJQKTGU NKUUG â– RQKPVGU RCTVKEWNKÄTGOGPV GHHKNÃ…GU â–
RQWT NC VGEJPKSWG 5/& RQKPVGU EQWFÅGU NCTIGWT GPX OO KPVÅTKGWT FGU O¾EJQKTGU ¼ HKPKVKQP OCVG RQWT WPG RTKUG GP OCKP QRVKOCNG CEKGT CW EJTQOG PKEMGN KPQZ[FCDNG CPVKOCIPÅVKSWG OQFÄNG VTÄU WUKVÅ FCPU NnÅNGEVTQPKSWG
VKVCPG ÅNGEVTQEQPFWEVTKEG VTÄU NÅIÄTG HKPKVKQP OCVG CPVKTGHNGV KPQZ[FCDNG CPVKOCIPÅVKSWG GV TÅUKUVCPVG CWZ CEKFGU I
PKEMGNÃ…G DTKNNCPVG GV RQNKG
$47%'..'5 &' 24Â¥%+5+10
$TWEGNNGU FG RTÃ…EKUKQP HQTOG WNVTCHKPG
RQWT VTCXCWZ FG OQPVCIG VTÄU FÅNKECVU ■RQKPVGU GZVTC HKPGU ■KPVÅTKGWT FGU O¾EJQKTGU NKUUG ■KPQZ[FCDNG CPVKOCIPÅVKSWG ■HKPKVKQP OCVG CPVKTGHNGV
HQTOG FTQKVG
â–
HQTOG COÃ…TKECKPG TQDWUVG HQTOG FTQKVG KPQZ[FCDNG CPVKOCIPÃ…VKSWG GV TÃ…UKUVCPVG CWZ CEKFGU
45°
4Ã…H
45°
'#0
OO
(KPKVKQP KPQZ[FCDNG CPVKOCIPÃ…VKSWG KPQZ[FCDNG CPVKOCIPÃ…VKSWG TÃ…UKUVCPVG CWZ CEKFGU KPQZ[FCDNG CPVKOCIPÃ…VKSWG KPQZ[FCDNG CPVKOCIPÃ…VKSWG
45° 45°
$TWEGNNGU FG RTÃ…EKUKQP
I
RQKPVGU EQWFÃ…GU
WVKNKUCVKQP WPKXGTUGNNG RQKPVGU Ã…VTQKVGU â– KPVÃ…TKGWT FGU O¾EJQKTGU HKPGOGPV UVTKÃ… â– RQKIPÃ…GU ECPPGNÃ…GU â– â–
CXGE IQWLQP HQTOG RQKPVWG
RQKPVGU GP HQTOG FG HCWEKNNG CEKGT CW EJTQOG PKEMGN KPQZ[FCDNG CPVKOCIPÅVKSWG OQFÄNG VTÄU WUKVÅ FCPU NnÅNGEVTQPKSWG KPVÅTKGWT FGU O¾EJQKTGU ¼ HKPKVKQP OCVG RQWT WPG RTKUG GP OCKP QRVKOCNG
HQTOG FTQKVG HKPKVKQP OCVG CPVKTGHNGV KPQZ[FCDNG CPVKOCIPÃ…VKSWG GV TÃ…UKUVCPVG CWZ CEKFGU
HQTOG FTQKVG PKEMGNÃ…G RQKPVGU EQWFÃ…GU PKEMGNÃ…G
45°
4Ã…H
45°
'#0
OO
45° 45°
RQKPVGU EQWFÃ…GU NCSWÃ…G PQKT CPVKTGHNGV
(KPKVKQP KPQZ[FCDNG CPVKOCIPÃ…VKSWG TÃ…UKUVCPVG CWZ CEKFGU PKEMGNÃ…G PKEMGNÃ…G PQKTG NCSWÃ…G
$TWEGNNGU FG RTÃ…EKUKQP HQTOG TQPFG GHHKNÃ…G
I
RQKPVGU TQPFGU NCTIGWT GPX OO KPVÃ…TKGWT FGU O¾EJQKTGU NKUUG â– KPQZ[FCDNG CPVKOCIPÃ…VKSWG GV TÃ…UKUVCPVG CWZ CEKFGU â– #EKGT CW PKEMGN EJTQOG KPQZ[FCDNG CPVKOCIPÃ…VKSWG TÃ…UKUVCPV CWZ CEKFGU â– â–
4Ã…H
'#0
OO
(KPKVKQP
I
KPQZ[FCDNG CPVKOCIPÃ…VKSWG TÃ…UKUVCPVG CWZ CEKFGU
$47%'..'5 &' 24Â¥%+5+10
$TWEGNNGU FG RTÃ…EKUKQP HQTOG Ã…OQWUUÃ…G
'#0
OO
RQKPVGU TQPFGU NCTIGWT GPX OO KPVÅTKGWT FGU O¾EJQKTGU HKPGOGPV UVTKÅ PKEMGNÅG RQKPVGU TQPFGU NCTIGWT GPX OO KPVÅTKGWT FGU O¾EJQKTGU HKPGOGPV UVTKÅ NCSWÅG PQKT CPVKTGHNGV
(KPKVKQP PKEMGNÃ…G PKEMGNÃ…G PKEMGNÃ…G PQKTG NCSWÃ…G KPQZ[FCDNG CPVKOCIPÃ…VKSWG TÃ…UKUVCPVG CWZ CEKFGU
$TWEGNNGU GP RNCUVKSWG
RQKPVGU TQPFGU NCTIGWT GPX OO KPVÅTKGWT FGU O¾EJQKTGU HKPGOGPV UVTKÅ PKEMGNÅG
4Ã…H
DTWEGNNGU FnQTHÄXTG RQKPVGU TQPFGU NCTIGWT GPX OO KPVÅTKGWT FGU O¾EJQKTGU HKPGOGPV UVTKÅ GP ETQKZ PKEMGNÅG
â–
WVKNKUCVKQP WPKXGTUGNNG HQTOG FTQKVG â– RQKPVGU TQPFGU NCTIGU â– RQKIPÃ…GU ECPPGNÃ…GU â–
$TWEGNNGU FG RTÃ…EKUKQP DQWVU ECTTÃ…U Ã…OQWUUÃ…U
I
RQKPVGU TQPFGU NCTIGWT GPX OO KPVÅTKGWT FGU O¾EJQKTGU UVTKÅ HKPKVKQP OCVG CPVKTGHNGV KPQZ[FCDNG CPVKOCIPÅVKSWG GV TÅUKUVCPVG CWZ CEKFGU
RQKPVGU VTCRÃ…\QËFCNGU NCTIGWT GPX OO KPVÃ…TKGWT FGU O¾EJQKTGU UVTKÃ… â– RQKIPÃ…GU ECPPGNÃ…GU â– EQTRU FGU DTWEGNNGU OCVKÄTG RNCUVKSWG OCUUKXG TÃ…UKUVCPVG ¼ FGU VGORÃ…TCVWTGU OCZ FG ÂŒ% â– â–
4Ã…H
'#0
OO
(KPKVKQP RNCUVKSWG
I
DTWEGNNGU FG OQPVCIG RQKPVGU ECTTÃ…GU NCTIGWT GPX OO â– KPVÃ…TKGWT FGU O¾EJQKTGU HKPGOGPV UVTKÃ… â– PKEMGNÃ…G â– #EKGT ¼ TGUUQTV JCWVG TÃ…UKUVCPEG â– â–
4Ã…H
'#0
OO
(KPKVKQP PKEMGNÃ…G
I
$47%'..'5 &' 24Â¥%+5+10
$TWEGNNGU ¼ DGEU ETQKUÅU
RQWT VGPKT NGU RGVKVGU RKÄEGU UCPU RTGUUKQP FGU FQKIVU ■DQP UGTTCIG ■PKEMGNÅG ■#EKGT ¼ TGUUQTV JCWVG TÅUKUVCPEG
RQKPVG VTCRÅ\QËFCNG HQTOG FTQKVG KPVÅTKGWT FGU O¾EJQKTGU HKPGOGPV UVTKÅ RQKIPÅGU ECPPGNÅGU
â–
RQKPVGU ÅVTQKVGU HQTOG FTQKVG KPVÅTKGWT FGU O¾EJQKTGU HKPGOGPV UVTKÅ ICKPÅGU
RQKPVGU ÅVTQKVGU RQKPVGU EQWFÅGU KPVÅTKGWT FGU O¾EJQKTGU HKPGOGPV UVTKÅ ICKPÅGU
4Ã…H
45°
$TWEGNNGU FG RTÃ…EKUKQP KUQNÃ…GU +'%
'#0
OO
45°
(KPKVKQP PKEMGNÃ…G PKEMGNÃ…G PKEMGNÃ…G
I
XÃ…TKHKÃ…G UGNQP %'+ KUQNCVKQP RCT UWTOQWNCIG â– PKEMGNÃ…G â– #EKGT ¼ TGUUQTV JCWVG TÃ…UKUVCPEG â– â–
RQWT VTCXCWZ FG OQPVCIG VTÄU FÅNKECVU RQKPVGU GZVTC HKPGU HQTOG FTQKVG KPVÅTKGWT FGU O¾EJQKTGU ¼ HKPKVKQP OCVG RQWT WPG RTKUG GP OCKP QRVKOCNG HQTOG FTQKVG KPVÅTKGWT FGU O¾EJQKTGU HKPGOGPV UVTKÅ RQKPVGU EQWFÅGU KPVÅTKGWT FGU O¾EJQKTGU HKPGOGPV UVTKÅ
HQTOG FTQKVG KPVÅTKGWT FGU O¾EJQKTGU UVTKÅ
45°
4Ã…H
'#0
OO
45°
(KPKVKQP KUQNCVKQP RCT UWTOQWNCIG KUQNCVKQP RCT UWTOQWNCIG KUQNCVKQP RCT UWTOQWNCIG KUQNCVKQP RCT UWTOQWNCIG
I
$47%'..'5 &' 24Â¥%+5+10
$TWEGNNGU FG RTÃ…EKUKQP '5&
CEKGT CW EJTQOG PKEMGN KPQZ[FCDNG CPVKOCIPÃ…VKSWG OQFÄNG VTÄU WUKVÃ… FCPU NnÃ…NGEVTQPKSWG â– TGXÆVGOGPV '5& CPVKTGHNGV PQKT CXGE WPG TÃ…UKUVCPEG FG UWTHCEG FnGPX 1JO â– RQKPVGU DTQUUÃ…GU CPVKTGHNGV â– KPVÃ…TKGWT FGU O¾EJQKTGU ¼ HKPKVKQP OCVG RQWT WPG RTKUG GP OCKP QRVKOCNG â– #EKGT CW PKEMGN EJTQOG KPQZ[FCDNG CPVKOCIPÃ…VKSWG â–
'5&
45°
'5&
'5&
'5&
'5&
'5&
'5&
45°
'5& RQWT NC VGEJPKSWG 5/& RQKPVGU EQWFÅGU KPVÅTKGWT FGU O¾EJQKTGU NKUUG
'5& RQKPVGU GP HQTOG FG HCWEKNNG KPVÅTKGWT FGU O¾EJQKTGU NKUUG
'5& RQWT NC RTÅJGPUKQP FG EQORQUCPVU E[NKPFTKSWGU JQTK\QPVCWZ FnWP FKCOÄVTG FG OO KPVÅTKGWT FGU O¾EJQKTGU NKUUG RQKIPÅGU ECPPGNÅGU
'5& RQKPVGU TQPFGU NCTIGWT GPX OO HQTOG FTQKVG KPVÅTKGWT FGU O¾EJQKTGU NKUUG
'5& HQTOG FTQKVG RQKPVGU TÅUKUVCPVGU KPVÅTKGWT FGU O¾EJQKTGU NKUUG
'5& RQKPVGU TQPFGU NCTIGWT GPX OO HQTOG FTQKVG KPVÅTKGWT FGU O¾EJQKTGU UVTKÅ RQKIPÅGU ECPPGNÅGU
'5& HQTOG FTQKVG RQKPVGU HKPGU KPVÅTKGWT FGU O¾EJQKTGU NKUUG
'5& RQKPVGU ECTTÅGU NCTIGWT GPX OO KPVÅTKGWT FGU O¾EJQKTGU HKPGOGPV UVTKÅ
'5& RQKPVGU WNVTCHKPGU HQTOG FTQKVG KPVÅTKGWT FGU O¾EJQKTGU NKUUG
'5&
'5&
'5& HQTOG COÅTKECKPG TQDWUVG RQKPVGU NQPIWGU HQTOG FTQKVG KPVÅTKGWT FGU O¾EJQKTGU NKUUG
'5&
4Ã…H '5& '5& '5& '5& '5& '5& '5& '5& '5& '5&
'#0
OO
45°
45°
(KPKVKQP KPQZ[FCDNG CPVKOCIPÃ…VKSWG FÃ…TKXCPV NnÃ…NGEVTKEKVÃ… UVCVKSWG KPQZ[FCDNG CPVKOCIPÃ…VKSWG FÃ…TKXCPV NnÃ…NGEVTKEKVÃ… UVCVKSWG KPQZ[FCDNG CPVKOCIPÃ…VKSWG FÃ…TKXCPV NnÃ…NGEVTKEKVÃ… UVCVKSWG KPQZ[FCDNG CPVKOCIPÃ…VKSWG FÃ…TKXCPV NnÃ…NGEVTKEKVÃ… UVCVKSWG KPQZ[FCDNG CPVKOCIPÃ…VKSWG FÃ…TKXCPV NnÃ…NGEVTKEKVÃ… UVCVKSWG KPQZ[FCDNG CPVKOCIPÃ…VKSWG FÃ…TKXCPV NnÃ…NGEVTKEKVÃ… UVCVKSWG KPQZ[FCDNG CPVKOCIPÃ…VKSWG FÃ…TKXCPV NnÃ…NGEVTKEKVÃ… UVCVKSWG KPQZ[FCDNG CPVKOCIPÃ…VKSWG FÃ…TKXCPV NnÃ…NGEVTKEKVÃ… UVCVKSWG KPQZ[FCDNG CPVKOCIPÃ…VKSWG FÃ…TKXCPV NnÃ…NGEVTKEKVÃ… UVCVKSWG KPQZ[FCDNG CPVKOCIPÃ…VKSWG FÃ…TKXCPV NnÃ…NGEVTKEKVÃ… UVCVKSWG
I
6GEJPKSWG 5/& /ÅVJQFG FG UQWFWTG FGU EQORQUCPVU ÅNGEVTQPKSWGU UoCRRGNNG CWUUK ‡%QORQUCPVU /QPVÅ GP 5WTHCEG— %/5 .C RTQEÅFWTG EQPUKUVG ¼ EQNNGT VGORQTCKTGOGPV NG EQORQUCPV UWT NC ECTVG RWKU FG RCUUGT NG VQWV FCPU WP DCKP TGORNK FG UQWFWTG ¼ NoÅVCKP NKSWKFG
6'07' &' 5146+' 2174 6176' 1%%#5+10
%JCNGWT CEECDNCPVG UQNGKN KORKVQ[CDNG RQWUUKÄTG QOPKRTÅUGPVG s KN [ C RCTHQKU FGU GPFTQKVU QÕ NGU QWVKNU UQPV OKU ¼ TWFG ÅRTGWXG 'V RWKU KN [ C CWUUK NoKPVGTXGP VKQP FCPU WPG ÅNÅICPVG XKNNC &CPU NGU FGWZ ECU NG RTQHGUUKQPPGN PG NCKUUG TKGP CW JCUCTF +N UCKV SWG UC XCNKUG ¼ QWVKNU GUV ¼ NC HQKU UQP OGKNNGWT UGTXKVGWT GV UC ECTVG FG XKUKVG #XGE WPG XCNKUG -0+2': KN C VQWLQWTU NG DQP QWVKN UQWU NC OCKP GV NC RTGOKÄTG DQPPG KORTGUUKQP FG UQP EÐVÅ s QÕ GV SWCPF SWG EG UQKV PÅEGUUCKTG
#UUQTVKOGPVU F QWVKNU /CNNGVVGU ¼ QWVKNU 6TQWUUG ¼ QWVKNU -PKRGZ /KPKU ,GWZ FG RKPEGU UWT RNCVGCWZ GP OQWUUG #UUQTVKOGPVU FnQWVKNU /CNNGVVG ¼ QWVKNU RQWT NnKPUVCNNCVKQP ÅNGEVTKSWG /CNNGVVG ¼ QWVKNU RQWT CRRTGPVKU GP KPUVCNNCVKQPU ÅNGEVTKSWGU /CNNGVVG ¼ QWVKNU ¥NGEVTKEKGP /CNNGVVG ¼ QWVKNU ' %JGEM 2QEJGVVG RQWT EGKPVWTG 2QTVG QWVKNU RQWT EGKPVWTG /CNNGVVG ¼ QWVKNU 0GY %NCUUKE $CUKE /CNNGVVG ¼ QWVKNU $CUKE /CNNGVVG ¼ QWVKNU 5VCPFCTF /CNNGVVG ¼ QWVKNU %NCUUKE ++ /CNNGVVG ¼ QWVKNU $+) 6YKP /CNNGVVG ¼ QWVKNU $+) 6YKP /QXG /CNNGVVG ¼ QWVKNU XKFG /CNNGVVG ¼ QWVKNU 4QDWUV
.GU EQPFKVKQPU JQUVKNGU GZKIGPV FGU UQNWVKQPU TÅ UKUVCPVGU .C |4QDWUVG| -0+2': RTQVÄIG NGU QWVKNU FG NC RQWUUKÄTG FG NoCKT GV FG NoGCW OÆOG GP EQPFK VKQPU GZVTÆOGU FG VGORÅTCVWTG
#55146+/'065 &n176+.5
6TQWUUG ¼ QWVKNU QWVKNU
RQWT VGEJPKEKGP GP VÅNÅEQOOWPKECVKQPU GV ÅNGEVTQVGEJPKEKGP VTQWUUG GP RQN[GUVGT VKUUÅ TÅUKUVCPV ■ CXGE HGTOGVWTG TCRKFG TÅINCDNG RTCVKSWG ■ EQORTGPCPV RKPEGU GV VQWTPGXKU ■ RKPEGU ¼ VÆVG EJTQOÅG GV RQKIPÅGU ICKPÅGU DKEQNQTGU DK OCVKÄTG ■ VQWTPGXKU VGUVÅU RCT 8&' UGNQP &+0 '0 8 ■ ■
4ÅH
'#0
3WCPVKVÅ
6TQWUUG ¼ QWVKNU QWVKNU 2KPEG WPKXGTUGNNGU 2KPEG ¼ FÅPWFGT 2KPEG FGOK TQPFG CXGE VTCPEJCPV RKPEG TCFKQ 2KPEG ¼ DGEU NQPIU 2KPEG FG RTÅJGPUKQP RKPEG WNVTCHKPG 2KPEG EQWRCPVG FG FGXCPV ¼ HQTVG FÅOWNVKRNKECVKQP 2KPEG EQWRCPVG FG EÐVÅ 6QWTPGXKU RQWT XKU ¼ HGPVG 6QWTPGXKU RQWT XKU ¼ VÆVG ETWEKHQTOG 2JKNNKRU
-0+2': /KPKU FCPU RQEJGVVG RQWT EGKPVWTG ¼ RKÄEGU
8
-0+2': /KPKU FCPU RQEJGVVG RTCVKSWG RQWT EGKPVWTG ¼ RKÄEGU ■ GP RQN[GUVGT VKUUÅ TÅUKUVCPV ■ CXGE 8GNETQ ■ NQIGOGPV ÅNCUVKSWG UWT NG EÐVÅ RQWT NCORG VQTEJG UV[NQ GVE ■ CXGE RCUUCPV RQWT EGKPVWTG RTCVKSWG ■ FKOGPUKQPU . Z * Z 2 Z Z OO ■
8
4ÅH 8
'#0
8
.'
2QEJGVVG RQWT EGKPVWTG
3WCPVKVÅ
I
-0+2': /KPKU FCPU RQEJGVVG RQWT EGKPVWTG ¼ RKÄEGU -0+2': 2KPEG ENÅ OKPKCVWTG RKPEG GV ENÅ ¼ NC HQKU -0+2': %QDTC 2KPEG OWNVKRTKUG FG RQKPVG -0+2': /KPKU FCPU RQEJGVVG RQWT EGKPVWTG ¼ RKÄEGU -0+2': 2KPEGU EQWRCPVGU FG EÐVÅ ¼ HQTVG FÅOWNVKRNKECVKQP -0+2': %QDTC 2KPEGU OWNVKRTKUG FG RQKPVG
I
#55146+/'065 &n176+.5
,GWZ FG RKPEGU UWT RNCVGCWZ GP OQWUUG
TCPIÅU FCPU FGU RNCVGCWZ GP OQWUUG RQWT ÅVCDNKU GV EJCTKQVU FoCVGNKGT RQWT WP TCPIGOGPV QTFQPPÅ FGU QWVKNU ■ RNCVGCW GP OQWUUG CXGE GORTGKPVGU C[CPV NC HQTOG GZCEVG FGU QWVKNU ■ FKOGPUKQPU FW RNCVGCW GP OQWUUG . Z * Z 2 Z Z OO ■ OCVÅTKCW OQWUUG DKEQNQTG ¼ RQTGU HGTOÅU ■ ■
8 RKPEGU UWT RNCVGCW GP OQWUUG 8
8 RKPEGU FG RTÅEKUKQP RQWT EKTENKRU UWT RNCVGCW GP OQWUUG 8
8 RKPEGU UWT RNCVGCW GP OQWUUG
8
4ÅH 8
'#0
3WCPVKVÅ
8
8
,GW FG RKPEGU $CUKE RKPEGU UWT RNCVGCW GP OQWUUG 2KPEG WPKXGTUGNNG 2KPEG FGOK TQPFG CXGE VTCPEJCPV RKPEG DGE FG EKIQIPG 2KPEG EQWRCPVG FG EÐVÅ ¼ HQTVG FÅOWNVKRNKECVKQP -0+2': %QDTC 2KPEG OWNVKRTKUG FG RQKPVG ,GW FG RKPEGU RQWT EKTENKRU RKPEGU FG RTÅEKUKQP RQWT EKTENKRU UWT RNCVGCW GP OQWUUG , , 2KPEG FG RTÅEKUKQP RQWT EKTENKRU RQWT EKTENKRU KPVÅTKGWTU FnCNÅUCIG 90° , # # 2KPEG FG RTÅEKUKQP RQWT EKTENKRU RQWT EKTENKRU GZVÅTKGWTU FnCTDTG 90° # ,GW FG RKPEGU OWNVKRTKUG RKPEGU UWT RNCVGCW GP OQWUUG -0+2': 5OCTV)TKR 2KPEG OWNVKRTKUG ¼ TÅINCIG CWVQOCVKSWG %NÅ CLWUVCDNG -0+2': %QDTC '5 2KPEG OWNVKRTKUG WNVTC GHHKNÅG
I
#55146+/'065 &n176+.5
#UUQTVKOGPVU FnQWVKNU
8 5GV FoQWVKNNCIG $GUVUGNNGT RKPEGU ¼ VÆVG RQNKG RQKIPÅGU ICKPÅGU GP RNCUVKSWG CPVKFÅTCRCPV QW CXGE ICKPGU DK OCVKÄTG 8
8 5GV FoQWVKNNCIG %QDTCŠ RKPEGU ITKUGU CVTCOGPVKUÅGU RQKIPÅGU CXGE ICKPCIG GP RNCUVKSWG CPVKFÅTCRCPV 8
8 5GV FoQWVKNNCIG #NNKICVQTŠ RKPEGU ¼ VÆVG RQNKG RQKIPÅGU CXGE ICKPCIG GP RNCUVKSWG CPVKFÅTCRCPV 8
,GW FG RKPEGU URÅEKCN HQTEG RKPEGU ¼ VÆVG RQNKG GV RQKIPÅGU ICKPÅGU GP RNCUVKSWG
QWVKNU NKXTÃ…U FCPU WP GODCNNCIG VJGTOQHQTOÃ… ¼ EQWXGTENG VTCPURCTGPV GODCNNCIG CVVTCEVKH ¼ RGTHQTCVKQP .5 â– FKOGPUKQPU . Z * Z 2 Z Z OO â– OCVÃ…TKCW ECTVQP FnGODCNNCIG TQDWUVG KORTKOÃ… â– â–
#55146+/'065 &n176+.5
,GW FG OQPVCIG RKPEGU ¼ RQKIPÅGU ICKPÅGU DKEQNQTGU DK OCVKÄTG
,GW ¥NGEVTKEKGP RKPEGU EQPVTÐNÅGU RCT NG 8&' UGNQP &+0 '0 %'+ 8 RKPEGU EJTQOÅGU RQKIPÅGU ICKPÅGU DK OCVKÄTG
,GW 8 8&' QWVKNU EQPVTÐNÅU RCT NG 8&' UGNQP &+0 '0 %'+ 8 RKPEGU EJTQOÅGU RQKIPÅGU ICKPÅGU DK OCVKÄTG CXGE VQWTPGXKU 9'4#
'#0 4ÅH 8
&KOGPUKQP 3WCPVKVÅ PQOKPCNG
5GV FnQWVKNNCIG $GUVUGNNGT 2KPEG WPKXGTUGNNG 2KPEG EQWRCPVG FG EÐVÅ
8
8
OO
OO OO OO
OO OO OO
OO OO
-0+2': %QDTC 2KPEG OWNVKRTKUG FG RQKPVG
OO
,GW FG OQPVCIG 2KPEG WPKXGTUGNNG
OO
OO
OO
OO
OO
OO
-PKRGZ
-0+2': %QDTC 2KPEG OWNVKRTKUG FG RQKPVG
2KPEG FGOK TQPFG CXGE VTCPEJCPV
RKPEG DGE FG EKIQIPG
2KPEG EQWRCPVG FG EÐVÅ ,GW ¥NGEVTKEKGP 2KPEG WPKXGTUGNNG 2KPEG FGOK TQPFG CXGE VTCPEJCPV
RKPEG DGE FG EKIQIPG
OO OO
-PKRGZ
-PKRGZ
2KPEG FGOK TQPFG CXGE VTCPEJCPV
RKPEG DGE FG EKIQIPG
2KPEG EQWRCPVG FG EÐVÅ
6QWTPGXKU RQWT XKU 2JKNNKRU K 2*
-PKRGZ
-PKRGZ
-PKRGZ
2KPEG EQWRCPVG FG EÐVÅ ,GW 8 8&'
'PUGODNG %QDTC -0+2': %QDTC 2KPEG OWNVKRTKUG FG RQKPVG ,GW FG RKPEGU #NNKICVQT -0+2': #NNKICVQT 2KPEG OWNVKRTKUG ,GW FG RKPEGU URÅEKCN HQTEG 2KPEG WPKXGTUGNNG ¼ HQTVG FÅOWNVKRNKECVKQP 2KPEG EQWRCPVG FG EÐVÅ ¼ HQTVG FÅOWNVKRNKECVKQP
I
-PKRGZ
6QWTPGXKU RQWT XKU ¼ HGPVG K 9GTC
OO
OO Z Z OO Z Z OO 2* Z OO
#55146+/'065 &n176+.5
/CNNGVVG ¼ QWVKNU QWVKNU
EQORTGPCPV QWVKNU FG OCTSWG GV FG SWCNKVÅ RQWT EGTVCKPU VGUVÅU RCT 8&' UGNQP &+0 '0 %'+ ■ XGTUKQP RTCVKSWG GP EWKT XCEJGVVG TÅUKUVCPV CXGE RQEJG CXCPV FTCIQPPGU TÅINCDNGU GV DCPFQWNKÄTG ■ EQSWG FG HQPF OÅVCNNKSWG \KPIWÅG ■ EQTRU FG NC OCNNGVVG TGPHQTEÅ CXGE FGU EQKPU GP CNWOKPKWO ■ FKOGPUKQPU GZVÅTKGWT . Z * Z 2 Z Z OO ■
RQWT NnKPUVCNNCVKQP ÅNGEVTKSWG
6.
4ÅH 6.
'#0
/CNNGVVG ¼ QWVKNU QWVKNU 2KPEG WPKXGTUGNNG 2KPEG ¼ FÅPWFGT
2KPEG FGOK TQPFG CXGE VTCPEJCPV RKPEG TCFKQ -PKRGZ 2KPEG EQWRCPVG FG EÐVÅ %QWVGCW FnÅNGEVTKEKGP RQWT E¾DNGU 1WVKN ¼ FÅICKPGT $WTKP FoÅNGEVTKEKGP 4GPPUVGKI $WTKP FG OCÃQP
6QWTPGXKU RQWT XKU ¼ HGPVG K
6QWTPGXKU RQWT XKU 2JKNNKRU K 2*
9GTC
6QWTPGXKU RQWT XKU ¼ HGPVG 6GUVGWT FG EQWTCPV /CTVGCW FG OÅECPKEKGP /CTVGCW DWTKPGWT 2KPEGCW RNCV 5RCVWNG FG RGKPVTG /ÄVTG OÄVTG RNKCPV 5EKG 27- $CE ¼ RN¾VTG
2KECTF
*CWPUVÀVVGT 0ÒNNG
3WCPVKVÅ
&KOGPUKQP PQOKPCNG
OO OO
OO
OO OO OO Z OO Z Z OO Z Z OO Z Z OO Z Z OO 2* Z OO 2* Z OO Z Z OO Z Z OO Z Z OO I I OO OO O Z OO Z OO
I
#55146+/'065 &n176+.5
/CNNGVVG ¼ QWVKNU QWVKNU
XGTUKQP RTCVKSWG GP EWKT XCEJGVVG TÅUKUVCPV CXGE RQEJG CXCPV FTCIQPPGU TÅINCDNGU GV DCPFQWNKÄTG ■ RCTQK CXCPV RCTQK CTTKÄTG GV EQWXGTENG GP EWKT XCEJGVVG PQKT ■ QWXGTVWTG RCTVKGNNG GV CLWUVCDNG FG NC RCTQK CXCPV CXGE RQTVG FQEWOGPVU EÐVÅ GZVÅTKGWT ■ RCTQK CXCPV TGPHQTEÅG CXGE FGU CPINGU GP CNWOKPKWO ■ EQSWG FG HQPF OÅVCNNKSWG \KPIWÅG ■ RQKIPÅG ■ FKOGPUKQPU GZVÅTKGWT . Z * Z 2 Z Z OO ■
OCNGVVG ¼ QWVKNU RQWT CRRTGPVKU GP KPUVCNNCVKQPU ÅNGEVTKSWGU
.' UCPU QWVKN 5. EQORTGPCPV QWVKNU FG OCTSWG GV FG SWCNKVÅ RQWT EGTVCKPU VGUVÅU RCT 8&' UGNQP &+0 '0 %'+
5.
4ÅH 5.
'#0
3WCPVKVÅ
.'
/CNNGVVG ¼ QWVKNU QWVKNU 2KPEG WPKXGTUGNNG 2KPEG ¼ FÅPWFGT 1WVKN ¼ FÅICKPGT 2KPEG FGOK TQPFG CXGE VTCPEJCPV RKPEG TCFKQ 2KPEG EQWRCPVG FG EÐVÅ %QWVGCW FnÅNGEVTKEKGP RQWT E¾DNGU $WTKP FoÅNGEVTKEKGP $WTKP FG OCÃQP /CTVGCW FG OÅECPKEKGP /CUUGVVG 2KPEGCW RNCV 5RCVWNG FG RGKPVTG %TC[QP FG EJCTRGPVKGT 6QWTPGXKU RQWT XKU ¼ HGPVG K 6QWTPGXKU RQWT XKU 2JKNNKRU K 6QWTPGXKU RQWT XKU 2Q\KFTKX K 6GUVGWT FG EQWTCPV 5EKG 27- $CE ¼ RN¾VTG /CNNGVVG ¼ QWVKNU 0GY %NCUUKE $CUKE XKFG
-PKRGZ
4GPPUVGKI
2KECTF
9GTC
*CWPUVÀVVGT 0ÒNNG
&KOGPUKQP PQOKPCNG
I
OO OO OO OO OO OO Z OO OO I I OO OO EO Z Z OO Z Z OO Z Z OO Z Z OO 2* Z OO 2* Z OO 2< Z OO 2< Z OO Z Z OO Z OO Z OO
#55146+/'065 &n176+.5
/CNNGVVG ¼ QWVKNU ¥NGEVTKEKGP QWVKNU
XGTUKQP GP #$5 TÅUKUVCPV PQKT FQWDNG ECFTG GP CNWOKPKWO UWT VQWV NG RQWTVQWT ■ EJCTPKÄTGU GPENKSWGVCDNGU UGTXCPV ¼ OCKPVGPKT NG EQWXGTENG QWXGTV ■ RQKIPÅG GTIQPQOKSWG UQNKFG ■ UGTTWTGU ¼ DCUEWNG XGTTQWKNNCDNGU ■ RNCVGCW ¼ QWVKNU COQXKDNG FCPU NG EQWXGTENG CXGE EQORCTVKOGPVU ¼ QWVKNU EÐVÅ HQPF GV ITCPFU EQORCTVKOGPVU ¼ QWVKNU CKPUK SWoWP EQORCTVKOGPV FÅENKRUCDNG OO FG NCTIGWT EÐVÅ EQWXGTENG OCKPVGPW RCT DQWVQP RTGUUKQP ■ EQSWG FG HQPF JCWVGWT OO UWDFKXKUKDNG RCT KPVGTECNCKTGU PQP TKIKFGU GV RNCVGCW EQWXGTENG CXGE ITCPFGU RQEJGU ¼ QWVKNU HKZCVKQP RCT DQWVQP RTGUUKQP ■ RNCVGCW EQWXGTENG GV RNCVGCW ¼ QWVKNU GP %QP 2GCTN ■ RQKFU VTCPURQTVCDNG OCZ FG MI ■ FKOGPUKQPU GZVÅTKGWT . Z * Z 2 Z Z OO FKOGPUKQPU KPVÅTKGWT . Z * Z 2 Z Z OO ■ ■
EQORTGPCPV QWVKNU FG OCTSWG RQWT EGTVCKPU VGUVÅU 8&' UGNQP &+0 '0 %'+
.' UCPU QWVKN
4ÅH
'#0
40°
OO OO OO OO
OO
OO OO
2KPEG ENÅ RKPEG GV ENÅ ¼ NC HQKU
OO
-0+2': %QDTC 2KPEG OWNVKRTKUG FG RQKPVG
OO
%QWRG E¾DNGU ¼ FQWDNG VTCPEJCPVU %QWVGCW FnÅNGEVTKEKGP RQWT E¾DNGU CXGE NCOG KPVGTEJCPIGCDNG
OO
OO
Z Z OO
Z Z OO
Z Z OO
Z Z OO
2* Z OO 2* Z OO 2< Z OO 2< Z OO
Z Z OO
-PKRGZ
6QWTPGXKU RQWT XKU ¼ HGPVG K
9GTC
6QWTPGXKU RQWT XKU 2JKNNKRU K 2* 6QWTPGXKU RQWT XKU 2Q\KFTKX K 6GUVGWT FG EQWTCPV
/CNNGVVG ¼ QWVKNU 5VCPFCTF XKFG
%QP 2GCTN GUV WPG OCTSWG FÅRQUÅG FG 2#4#6 9'4- 5EJÒPGPDCEJ )OD* %Q -)
.'
I
/CNNGVVG ¼ QWVKNU ¥NGEVTKEKGP QWVKNU 2KPEG WPKXGTUGNNG 2KPEG ¼ FÅPWFGT CWVQ CLWUVCDNG 1WVKN ¼ FÅICKPGT WPKXGTUGN 2KPEG FGOK TQPFG CXGE VTCPEJCPV RKPEG DGE FG EKIQIPG 2KPEG EQWRCPVG FG EÐVÅ 2KPEG EQWRCPVG FG EÐVÅ ¼ HQTVG FÅOWNVKRNKECVKQP
&KOGPUKQP PQOKPCNG
3WCPVKVÅ
#55146+/'065 &n176+.5
/CNNGVVG ¼ QWVKNU QWVKNU
EQORTGPCPV QWVKNU FG OCTSWG RQWT EGTVCKPU VGUVÅU RCT 8&' UGNQP &+0 '0 %'+ ■ EQSWG GP #$5 TQDWUVG TGPHQTEÅG RCT WP ECFTG GP CNWOKPKWO GV WP TGDQTF FG RTQVGEVKQP ■ RQTVG FQEWOGPVU GV RCUUCPVU RQTVG ETC[QPU ■ RNCVGCW ¼ QWVKNU COQXKDNG CXGE RCUUCPVU ÅNCUVKSWGU FGU FGWZ EÐVÅU ■ RNCVGCW EQWXGTENG CXGE RCUUCPVU ÅNCUVKSWGU GV RTQVGEVKQPU GP VKUUW ■ EQSWG NCTIG CXGE UÅRCTCVKQPU COQXKDNGU RCT GZ RQWT CRRCTGKNU FG OGUWTG GV FG EQPVTÐNG FKOGPUKQPU KPVÅTKGWT Z Z OO ■ ECFGPCU OÅVCNNKSWGU TQDWUVGU GV UGTTWTG EGPVTCNG ¼ EQODKPCKUQP
EJKHHTGU ■ RQKIPÅG GTIQPQOKSWG UQNKFG ■ RKGFU FGU FGWZ EÐVÅU ■ EQWNGWT GHHGV CTIGPV CNWOKPKWO ■
4ÅH
'#0 /CNNGVVG ¼ QWVKNU QWVKNU
OO OO OO OO
2KPEG FGOK TQPFG CXGE VTCPEJCPV
RKPEG DGE FG EKIQIPG -PKRGZ
OO
2KPEG ENÅ RKPEG GV ENÅ ¼ NC HQKU
OO
-0+2': %QDTC 2KPEG OWNVKRTKUG FG RQKPVG
OO
OO
$TWEGNNGU FG RTÅEKUKQP %QWVGCW FnÅNGEVTKEKGP RQWT E¾DNGU CXGE NCOG KPVGTEJCPIGCDNG
6QWTPGXKU RQWT XKU ¼ HGPVG K
9GTC
6QWTPGXKU RQWT XKU 2JKNNKRU K 2*
6QWTPGXKU RQWT XKU 2Q\KFTKX K
I
OO OO
OO
2KPEG EQWRCPVG FG EÐVÅ
40°
&KOGPUKQP PQOKPCNG
%NÅ WPKXGTUGNNG RQWT CTOQKTGU FG EQOOCPFG RQWT VQWVGU NGU CTOQKTGU GV U[UVÄOGU FG HGTOGVWTG UVCPFCTFU 2KPEG WPKXGTUGNNG 2KPEG ¼ FÅPWFGT CWVQ CLWUVCDNG 1WVKN ¼ FÅICKPGT WPKXGTUGN
3WCPVKVÅ
OO
Z Z OO Z Z OO Z Z OO Z Z OO Z Z OO Z Z OO 2* Z OO 2* Z OO 2* Z OO 2< Z OO 2< Z OO
/#..'66'5 176+.5
2QEJGVVG RQWT EGKPVWTG RQWT FGWZ RKPEGU XKFG
RQWT FGWZ RKPEGU LWUSWn¼ OO NQPIWGWT GP RQN[GUVGT VKUUÅ TÅUKUVCPV ■ CXGE 8GNETQ ■ NQIGOGPV ÅNCUVKSWG UWT NG EÐVÅ RQWT NCORG VQTEJG UV[NQ GVE ■ CXGE RCUUCPV RQWT EGKPVWTG RTCVKSWG ■ ■
4ÅH .'
'#0
.CTIGWT OO
*CWVGWT OO
2TQHQPFGWT OO
I
2TQHQPFGWT OO
I
.'
2QTVG QWVKNU RQWT EGKPVWTG XKFG
GP RQN[GUVGT VKUUÅ TÅUKUVCPV GV EWKT CXGE EQORCTVKOGPVU RQWT CEEWGKNNKT LWUSWn¼ QWVKNU ■ RCUUCPVU ¼ QWVKNU GP EWKT TKXGVÅU ■ CXGE OQWUSWGVQPU ■ ■
4ÅH .'
'#0
.CTIGWT OO
*CWVGWT OO
.'
/CNNGVVG ¼ QWVKNU 0GY %NCUUKE $CUKE XKFG
XGTUKQP RTCVKSWG GP EWKT XCEJGVVG TÅUKUVCPV CXGE RQEJG CXCPV FTCIQPPGU TÅINCDNGU GV DCPFQWNKÄTG ■ RCTQK CXCPV RCTQK CTTKÄTG GV EQWXGTENG GP EWKT XCEJGVVG PQKT ■ RCTQK CXCPV TGPHQTEÅG CXGE FGU CPINGU GP CNWOKPKWO ■ QWXGTVWTG RCTVKGNNG GV CLWUVCDNG FG NC RCTQK CXCPV CXGE RQTVG FQEWOGPVU EÐVÅ GZVÅTKGWT ■ EQSWG FG HQPF OÅVCNNKSWG \KPIWÅG ■ RQKIPÅG ■
.'
4ÅH .'
'#0
&KOGPUKQP .CTIGWT GZVÅTKGWT OO
&KOGPUKQP *CWVGWT GZVÅTKGWT OO
&KOGPUKQP 2TQHQPFGWT GZVÅTKGWT OO
I
/#..'66'5 176+.5
/CNNGVVG ¼ QWVKNU $CUKE XKFG
.'
4ÅH .'
'#0
&KOGPUKQP .CTIGWT GZVÅTKGWT KPVÅTKGWT OO
/CNNGVVG ¼ QWVKNU 5VCPFCTF XKFG
XGTUKQP GP #$5 TÅUKUVCPV PQKT ECFTG GP CNWOKPKWO UWT VQWV NG RQWTVQWT CXGE CPPGCWZ GP & RQWT CEETQEJGT NC DCPFQWNKÄTG HQWTPKG ■ UGTTWTG ¼ EQODKPCKUQP EJKHHTGU GV UGTTWTGU ¼ DCUEWNG RQWT NC HKZCVKQP FW EQWXGTENG ■ RQKIPÅG GTIQPQOKSWG UQNKFG ■ EJCTPKÄTGU OÅVCNNKSWGU ■ EQWXGTENG OCKPVGPW RCT EJCTPKÄTG ■ RQTVG FQEWOGPVU FCPU NG EQWXGTENG ■ RNCVGCW ¼ QWVKNU COQXKDNG FCPU NG EQWXGTENG EQPVGPCPV EQORCTVK OGPVU GV WP RCUUCPV ÅNCUVKSWG EÐVÅ EQWXGTENG CKPUK SWG EQORCTVK OGPVU ÅVTQKVU GV ITCPF EQORCTVKOGPV ¼ QWVKNU EÐVÅ HQPF ■ EQSWG FG HQPF JCWVGWT OO UWDFKXKUKDNG CXGE FGU KPVGTECNCKTGU GV RNCVGCW EQWXGTENG EQPVGPCPV ITCPFU EQORCTVKOGPVU ¼ QWVKNU GV WP EQORCTVKOGPV RNCV OCKPVGPW RCT DQWVQP RTGUUKQP ■ RQKFU VTCPURQTVCDNG OCZ FG MI ■ ■
&KOGPUKQP *CWVGWT GZVÅTKGWT KPVÅTKGWT OO
&KOGPUKQP 2TQHQPFGWT GZVÅTKGWT KPVÅTKGWT OO
I
XGTUKQP GP #$5 TÅUKUVCPV PQKT FQWDNG ECFTG GP CNWOKPKWO UWT VQWV NG RQWTVQWT ■ EJCTPKÄTGU GPENKSWGVCDNGU UGTXCPV ¼ OCKPVGPKT NG EQWXGTENG QWXGTV ■ RQKIPÅG GTIQPQOKSWG UQNKFG ■ UGTTWTGU ¼ DCUEWNG XGTTQWKNNCDNGU ■ RNCVGCW ¼ QWVKNU COQXKDNG FCPU NG EQWXGTENG CXGE EQORCTVKOGPVU ¼ QWVKNU EÐVÅ HQPF GV ITCPFU EQORCTVKOGPVU ¼ QWVKNU CKPUK SWoWP EQORCTVKOGPV FÅENKRUCDNG OO FG NCTIGWT EÐVÅ EQWXGTENG OCKPVGPW RCT DQWVQP RTGUUKQP ■ EQSWG FG HQPF JCWVGWT OO UWDFKXKUKDNG RCT KPVGTECNCKTGU PQP TKIKFGU GV RNCVGCW EQWXGTENG CXGE ITCPFGU RQEJGU ¼ QWVKNU HKZCVKQP RCT DQWVQP RTGUUKQP ■ RNCVGCW EQWXGTENG GV RNCVGCW ¼ QWVKNU GP %QP 2GCTN ■ RQKFU VTCPURQTVCDNG OCZ FG MI ■ ■
.'
4ÅH .'
'#0
&KOGPUKQP .CTIGWT GZVÅTKGWT KPVÅTKGWT OO
/CNNGVVG ¼ QWVKNU %NCUUKE ++ XKFG
.'
4ÅH .'
'#0
&KOGPUKQP .CTIGWT GZVÅTKGWT KPVÅTKGWT OO
&KOGPUKQP *CWVGWT GZVÅTKGWT KPVÅTKGWT OO
&KOGPUKQP 2TQHQPFGWT GZVÅTKGWT KPVÅTKGWT OO
I
XGTUKQP GP #$5 TÅUKUVCPV PQKT FQWDNG ECFTG GP CNWOKPKWO UWT VQWV NG RQWTVQWT ■ EJCTPKÄTGU GPENKSWGVCDNGU UGTXCPV ¼ OCKPVGPKT NG EQWXGTENG QWXGTV ■ RQKIPÅG TQDWUVG DK OCVKÄTG CXGE GORTGKPVGU RQWT NGU FQKIVU ■ UGTTWTGU ¼ DCUEWNG XGTTQWKNNCDNGU ■ RQTVG FQEWOGPVU FCPU NG EQWXGTENG ■ RNCVGCW ¼ QWVKNU COQXKDNG FCPU NG EQWXGTENG EQPVGPCPV WP RQTVG QWVKNU %2 ÅRCKUUGWT OO EÐVÅ HQPF ■ RNCVGCW ¼ QWVKNU FCPU NG EQWXGTENG EQPVGPCPV WP RQTVG QWVKNU %2
ÅRCKUUGWT OO EÐVÅ EQWXGTENG GV WP RQTVG QWVKNU %2
ÅRCKUUGWT OO EÐVÅ HQPF ■ EQSWG FG HQPF JCWVGWT OO UWDFKXKUKDNG CXGE FGU KPVGTECNCKTGU UQWRNGU GV RNCVGCW EQWXGTENG EQPVGPCPV WP RQTVG QWVKNU %2
ÅRCKUUGWT OO EÐVÅ EQWXGTENG OCKPVGPW RCT DQWVQP RTGUUKQP ■ RNCVGCW EQWXGTENG GV RNCVGCW ¼ QWVKNU GP %QP 2GCTN ■ RQKFU VTCPURQTVCDNG OCZ FG MI ■ ■
&KOGPUKQP *CWVGWT GZVÅTKGWT KPVÅTKGWT OO
&KOGPUKQP 2TQHQPFGWT GZVÅTKGWT KPVÅTKGWT OO
I
%QP 2GCTN GUV WPG OCTSWG FÅRQUÅG FG 2#4#6 9'4- 5EJÒPGPDCEJ )OD* %Q -)
/#..'66'5 176+.5
/CNNGVVG ¼ QWVKNU $+) 6YKP XKFG
.'
XGTUKQP GP #$5 TÅUKUVCPV PQKT ECFTG GP CNWOKPKWO UWT VQWV NG RQWTVQWT CXGE CPPGCWZ GP & RQWT CEETQEJGT WPG DCPFQWNKÄTG GV RCPPGCW EGPVTCN HKZG TQDWUVG RQWXCPV ÆVTG TGORNK FGU FGWZ EÐVÅU FQVÅ FG PQODTGWUGU RQUUKDKNKVÅU FG TCPIGOGPV IT¾EG ¼ FGU RCUUCPVU ÅNCUVKSWGU GV RGVKVGU RQEJGU ■ RQKIPÅG GTIQPQOKSWG EQPHQTVCDNG GV HKZCVKQP RQWT EJCTKQV RQTVG XCNKUG KPVÅITÅ FCPU NG HQPF FKURQPKDNG GP QRVKQP UQWU TÅH 6 ■ EJCTPKÄTGU OÅVCNNKSWGU ■ RQKFU VTCPURQTVCDNG OCZ FG MI ■ RGWV ÆVTG QWXGTV F WP UGWN QW FGU FGWZ EÐVÅU HQPF GV EQWXGTENG U QWXTGPV KPFÅRGPFCOOGPV N WP FG N CWVTG ■ UVCDNG FCPU VQWVGU NGU RQUKVKQPU F QWXGTVWTG IT¾EG CWZ RQTVG EQWXGTENGU ¼ EJCTPKÄTG TGRQUCPV ¼ GV ■ UGTTWTG ¼ EQODKPCKUQP EJKHHTGU GV UGTTWTGU ¼ DCUEWNG RQWT NC HKZCVKQP FW EQWXGTENG ■ RQTVG FQEWOGPVU GV RNCVGCW QWVKNU COQXKDNGU TCPIGOGPV FGU QWVKNU UWT WP EÐVÅ CXGE RQEJGU ¼ QWVKNU ■ UGTTWTGU ¼ DCUEWNG RQWT NC HKZCVKQP FW HQPF FG NC OCNNGVVG ■ EQSWG FG HQPF JCWVGWT OO UWDFKXKUKDNG RCT KPVGTECNCKTGU PQP TKIKFGU GV RNCVGCW EQWXGTENG CXGE ITCPFGU RQEJGU ¼ QWVKNU HKZCVKQP RCT DQWVQP RTGUUKQP ■ FKOGPUKQPU GZVÅTKGWT . Z * Z 2 Z Z OO FKOGPUKQPU KPVÅTKGWT . Z * Z 2 Z Z OO ■ ■
.'
6
EJCTKQV RQTVG XCNKUG VÅNGUEQRKSWG RQWT NG VTCPURQTV F WPG OCNNGVVG UWT TQWNGVVGU ■ WVKNKUCDNG RQWT NGU OQFÄNGU .' OCNNGVVG ¼ QWVKNU $+) 6YKP OCNNGVVG WPKXGTUGNNG ■ RQKIPÅG TÅINCDNG GP JCWVGWT CXGE XGTTQWKNNCIG ■ OÅECPKUOG FG HKZCVKQP ¼ NC OCNNGVVG OQPVCIG GV FÅOQPVCIG TCRKFG ■ CXGE FGWZ TQWNGVVGU UQWRNGU ■ FKOGPUKQPU Z Z OO FÅRNKÅ ■
6
4ÅH .'
'#0
6
&KOGPUKQP .CTIGWT GZVÅTKGWT KPVÅTKGWT OO
&KOGPUKQP *CWVGWT GZVÅTKGWT KPVÅTKGWT OO
%JCTKQV RQTVG XCNKUG RQWT NG VTCPURQTV FnWPG OCNNGVVG UWT TQWNGVVGU
&KOGPUKQP 2TQHQPFGWT GZVÅTKGWT KPVÅTKGWT OO
I
/#..'66'5 176+.5
/CNNGVVG ¼ QWVKNU $+) 6YKP /QXG CXGE TQWNGVVGU KPVÅITÅGU GV EJCTKQV RQTVG XCNKUG VÅNGUEQRKSWG XKFG
XGTUKQP GP #$5 TÅUKUVCPV PQKT ECFTG GP CNWOKPKWO UWT VQWV NG RQWTVQWT GV RCPPGCW EGPVTCN HKZG TQDWUVG RQWXCPV ÆVTG TGORNK FGU FGWZ EÐVÅU FQVÅ FG PQODTGWUGU RQUUKDKNKVÅU FG TCPIGOGPV IT¾EG ¼ FGU RCUUCPVU ÅNCUVKSWGU GV RGVKVGU RQEJGU ■ RQKIPÅG GZVTCEVKDNG KPVÅITÅG FCPU NG HQPF CKPUK SWG FGWZ TQWNGVVGU 5MCVGT RNCEÅGU ¼ NnGZVÅTKGWT GV UQWRNGU ■ RQKFU VTCPURQTVCDNG OCZ FG MI ■ RGWV ÆVTG QWXGTV FnWP UGWN QW FGU FGWZ EÐVÅU GP HQTOG FG 8 HQPF GV EQWXGTENG UnQWXTCPV KPFÅRGPFCOOGPV NnWP FG NnCWVTG RCTVKGNNGOGPV QW KPVÅITCNGOGPV UVCDNG FCPU VQWVGU NGU RQUKVKQPU FnQWXGTVWTG RCVKPU URÅEKCWZ OÅPCIGCPV NG UQN GV CUUWTCPV WPG DQPPG UVCDKNKVÅ ■ RGWV ÆVTG XGTTQWKNNÅ ■ RQTVG FQEWOGPVU GV RNCVGCW ¼ QWVKNU COQXKDNGU CXGE RQEJGU ¼ QWVKNU ■ EQSWG FG HQPF JCWVGWT OO UWDFKXKUKDNG CW EJQKZ ¼ NnCKFG FnKPVGTECNCKTGU RNCVGCW EQWXGTENG CXGE RQEJGU ¼ QWVKNU ■ ■
.'
4ÅH .'
'#0
&KOGPUKQP .CTIGWT GZVÅTKGWT KPVÅTKGWT OO
&KOGPUKQP *CWVGWT GZVÅTKGWT KPVÅTKGWT OO
&KOGPUKQP 2TQHQPFGWT GZVÅTKGWT KPVÅTKGWT OO
I
/#..'66'5 176+.5
2QEJGVVG ¼ QWVKNU XKFG
2QEJGVVG ¼ QWVKNU EQORCEVG RQWT NG VGEJPKEKGP CRTÄU XGPVG Ŷ UG TCPIG FCPU NC $KI 6YKP
-0+2': .' .' GV FCPU VQWVG CWVTG XCNKUG ¼ QWVKNU WUWGNNG Ŷ CXGE RQEJGVVGU ¼ QWVKNU GV RCUUCPVU ¼ QWVKN Ŷ NCPKÄTG CW FQU RQWT HKZCVKQP ¼ WPG XCNKUG VTQNNG[
.'
'#0 4ÅH .'
/CNNGVVG ¼ QWVKNU 4QDWUVG XKFG
&KOGPUKQP *CWVGWT OO
&KOGPUKQP .CTIGWT OO
&KOGPUKQP 2TQHQPFGWT OO
I
/CNNGVVG GP RQN[RTQR[NÄPG CPVKEJQE EQPFKVKQPPÅG RQWT RTGPFTG N CXKQP Ŷ ÅVCPEJG ¼ NC RQWUUKÄTG ¼ NoCKT GV ¼ NoGCW Ŷ ENCRGV CWVQOCVKSWG FG EQORGPUCVKQP FG RTGUUKQP Ŷ UVCDNG GP VGORÅTCVWTG FG % ¼ % Ŷ FKURQUKVKH RQWT CVVCEJGT WP ECFGPCU Ŷ EQORCTVKOGPV RQWT FQEWOGPVU VCDNGCWZ ¼ QWVKNU ¼ RQEJGVVGU Ŷ KPVGTECNCKTGU GP CNWOKPKWO RQWT UWDFKXKUKQP RGTUQPPCNKUÅG FG NC
EQSWG FG HQPF Ŷ R QKFU VTCPURQTVCDNG OCZ FG MI
.'
(GTOGVWTGU ¼ FGWZ ÅVCIGU HCEKNGU ¼ QWXTKT s OÆOG FoWPG UGWNG OCKP
4ÅH .'
'#0
&KOGPUKQP .CTIGWT GZVÅTKGWT KPVÅTKGWT OO
&KOGPUKQP *CWVGWT GZVÅTKGWT KPVÅTKGWT OO
%NCRGV CWVQOCVKSWG FG EQORGPUCVKQP FG RTGUUKQP NCKUUCPV RCUUGT NoCKT VCPFKU SWoKN TGVKGPV NoGCW
&KOGPUKQP 2TQHQPFGWT GZVÅTKGWT KPVÅTKGWT OO
I
+0&': 4Â¥(Â¥4'0%'5 2#)' 8 8 8 .' .' .' 8 8 8 8 5$ 8 5$ 8 8 8 8 2 2 '5& '5& 8 8 6. .' .' 5. .' .' .' .' .' .' .' .' .' 6 6 .'
5$ 5$ 5$ 5$ 5$ 5$ 5$ 5$
5$ 5$ 5$ 5$ 5$ 5$ 5$
'5& '5& '5& '5& '5& '5& '5&
, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , # # # # #
# # ) ) ) ) ) # # # # # # # # # # # # # # # # # # # # # # # # , , , , , , , , , , , , # # # # # # # # # # # # # #
+0&': 4Â¥(Â¥4'0%'5 2#)' '5& '5& '5&
$- (
'5& * * '5& * * '5& '5& '5& '5& * * '5& '5& '5& '5& '5& '5& '5& '5& '5&
'5& '5& '5& '5& '5& '5& < < '5& '5& '5& # #( % # # %
/
'5& '5& '5& '5& '5& '5& '5& '5& '5& '5& 5$ 5$
# # # # # $
+0&': 4Â¥(Â¥4'0%'5 2#)' % # 5$ # ' ' ' #75 ' 7- ' 75
&) # &) &) # # ( #
# # .' .'
p p
5$ .' -
+0&': #EEW RQWT G%TKOR #NNKICVQT #NNKICVQT :. #UUQTVKOGPVU FnQWVKNU #UUQTVKOGPVU FG UGTVKUUCIG $KI6YKP $KI6YKP /QXG $TWEGNNGU $TWEGNNGU ¼ FÅECRGT NG XGTPKU $TWEGNNGU FG RTÅEKUKQP $TWEGNNGU GP RNCUVKSWG %KUGCWZ ¼ FÅPWFGT RQWT NoÅNGEVTQPKSWG %KUGCWZ FoÅNGEVTKEKGP %KUGCWZ RQWT ƂDTGU GP -'8.#4 %KUGCWZ RQWT VWDGU ƃGZKDNGU GV ICKPGU FG RTQVGEVKQP %KUGCWZ WPKXGTUGNNGU %NÅ ¼ ENKSWGV TÅXGTUKDNG KUQNÅG %NÅ ¼ OQNGVVG KUQNÅG %NÅ CLWUVCDNG %NÅ WPKXGTUGNNG %NÅU ¼ ENKSWGV TÅXGTUKDNGU KUQNÅGU %NÅU ¼ HQWTEJG KUQNÅG %NÅU F[PCOQOÅVTKSWGU KUQNÅGU %NÅU RQN[IQPCNGU KUQNÅGU %NÅU RQWT CTOQKTGU FG EQOOCPFG HQTOG UV[NQ %NÅU UGTTG VWDGU %NÅU UGTTG VWDGU GP 5 %NÅU WPKXGTUGNNGU RQWT CTOQKTGU FG EQOOCPFG %Q$QNV %QDTC %QDTC '5 %QDTC 3WKEM5GV %QDTC :. ::. %QWRG DQWNQPU %QWRG DQWNQPU EQORCEV %QWRG E¾DNGU %QWRG E¾DNGU RTKPEKRG FW ENKSWGV %QWRG E¾DNGU ¼ FQWDNG VTCPEJCPVU %QWRG E¾DNGU CEKGT %QWRG E¾DNGU $QYFGP %QWRG E¾DNGU ENKSWGV %QWRG E¾DNGU RQWT E¾DNGU RNCVU %QWRG ƂNU EGPVTCN ¼ HQTVG FÅOWNVKRNKECVKQP %QWRG ƂNU EGPVTCN ¼ HQTVG FÅOWNVKRNKECVKQP %QWRG VTGKNNKU %QWRG VWDGU RQWT VWDGU GP RNCUVKSWG %QWRG VWDGU RQWT VWDGU ƃGZKDNGU GV ICKPGU FG RTQVGEVKQP %QWRG VWDGU RQWT VWDGU /WNVKEQWEJG GV VWDGU GP RNCUVKSWG %QWRG VWDGU RQWT VWDGU 2'4 GV /WNVKEQWEJG GV ICKPGU FG RTQVGEVKQP %QWVGCWZ FoÅNGEVTKEKGP RQWT E¾DNGU KUQNÅU &QWKNNGU ¼ UKZ RCPU KUQNÅGU G%TKOR 'NGEVTQPKE 5WRGT -PKRU '5& )TKIPQVGWUG RQWT VÐNG +PUGTVU FG UGTVKUUCIG ,GW FG ENÅU FG OQPVCIG RQWT EQPPGEVGWTU UQNCKTGU /%
,GWZ FG RKPEGU FG RTÅEKUKQP RQWT EKTENKRU ,GWZ FG RKPEGU RQWT EKTENKRU ,GWZ FG RKPEGU RQWT EKTENKRU UWT RNCVGCWZ GP OQWUUG ,GWZ FG RKPEGU RQWT NnÅNGEVTQPKSWG ,GWZ FG RKPEGU UWT RNCVGCWZ GP OQWUUG .CORG .'& OCIPÅVKSWG /CNNGVVG ¼ QWVKNU RQWT NG RJQVQXQNVCËSWG /CNNGVVGU ¼ QWVKNU /WNVK%TKOR /WNVK5VTKR 1WVKN ¼ FÅICKPGT RQWT E¾DNGU FG FQPPÅGN 1WVKN ¼ FÅICKPGT RQWT E¾DNGU RNCVU GV TQPFU 1WVKN ¼ FÅICKPGT WPKXGTUGN R E¾DNGU RQWT D¾VKOGPVU GV RQWT NoKPFWUVTKG 1WVKN ¼ FÅPWFGT RQWT E¾DNGU ¼ ƂDTGU QRVKSWGU 1WVKN ¼ FÅPWFGT RQWT E¾DNGU EQCZKCWZ 1WVKN ¼ FÅPWFGT RGVKV OQFÄNG 1WVKN FG EQORTGUUKQP RQWT EQPPGEVGWTU EQCZKCWZ 1WVKN FG OQPVCIG 1WVKN FG OQPVCIG RQWT EQPPGEVGWTU /% 1WVKN RQWT EKTENKRU 1WVKNU ¼ FÅICKPGT 1WVKNU ¼ FÅICKPGT WPKXGTUGNU 1WVKNU KUQNÅU 1WVKNU KUQNÅU 8&' 1WVKNU UQNCKTGU 2KPEG RQWT RQVKGT 2KPEG ¼ DGEU RNCVU CXGE VTCPEJCPV 2KPEG ¼ EQNNKGTU 2KPEG ¼ EQNNKGTU CWVQUGTTCPVU 2KPEG ¼ EQNNKGTU CWVQUGTTCPVU ¼ ETCP FoCTTÆV 2KPEG ¼ FÅPWFGT CWVQOCVKSWG RQWT E¾DNGU RNCVU 2KPEG ¼ FÅPWFGT RQWT E¾DNGU ¼ ƂDTGU QRVKSWGU 2KPEG ¼ FÅPWFGT RQWT NoÅNGEVTQPKSWG 2KPEG ¼ ITKIPQVGT NG ECTTGNCIG 2KPEG ¼ UGTVKT RQWT EQPPGEVGWTU 5EQVEJNQM 2KPEG ¼ UGTVKT RQWT OKETQ EQPPGEVGWTU 2KPEG DGE FG RGTTQSWGV 2KPEG EQWRCPVG FG EÐVÅ RQWT E¾DNGU ¼ ƂDTGU QRVKSWGU 2KPEG EQWRCPVG QDNKSWG RQWT NoÅNGEVTQPKSWG 2KPEG FG RTÅJGPUKQP GP RNCUVKSWG 2KPEG FG XKVTKGT 2KPEG FGOK TQPFG CXGE EQWRG ƂNU EGPVTCN RKPEG RQWT VÅNÅRJQPG 2KPEG FGOK TQPFG GP RNCUVKSWG 2KPEG GORQTVG RKÄEGU TGXQNXGT 2KPEG R EQWRGU QDNKSWGU RQWT RTQƂNÅU GP RNCUVKSWG GV GP ECQWVEJQWE 2KPEG RQWT EQWXTGWT 2KPEG RQWT NCORGU JCNQIÄPGU 2KPEG RQWT OÅECPKEKGP FG RTÅEKUKQP 2KPEG RQWT VÅNÅRJQPG 2KPEG ENÅ :. 2KPEG ENÅ KUQNÅG 2KPEG ÅVCWZ ¼ UGTVKT 2KPEGU UCPKVCKTG 2KPEGU UCPKVCKTG RQWT UKRJQPU 2KPEGU UCPKVCKTG RQWT VWDGU GP RNCUVKSWG GV EQPPGEVGWTU 2KPEGU ¼ DGEU FGOK TQPFU CXGE VTCPEJCPV
+0&': 2KPEGU ¼ DGEU NQPIU 2KPEGU ¼ DGEU RNCVU 2KPEGU ¼ DGEU TQPFU 2KPEGU ¼ DGEU TQPFU CXGE VTCPEJCPV 2KPEGU ¼ EÐPGU RQWT XÅJKEWNGU 2KPEGU ¼ FÅPWFGT 2KPEGU ¼ FÅPWFGT CWVQ CLWUVCDNGU 2KPEGU ¼ FÅPWFGT CXGE EQWVGCWZ FG HQTOG 2KPEGU ¼ FÅPWFGT EQWRCPVGU FG EÐVÅ 2KPEGU ¼ FÅPWFGT FG RTÅEKUKQP 2KPEGU ¼ FGPWFGT RQWT NG RJQVQXQNVCËSWG 2KPEGU ¼ FÅPWFGT CWVQOCVKSWGU 2KPEGU ¼ ITWIGT NG XGTTG 2KPEGU ¼ UGTVKT 2KPEGU ¼ UGTVKT ¼ SWCVTG RQKPVU RQWT EQPVCEVU VQWTPÅU 2KPEGU ¼ UGTVKT CWVQ CLWUVCDNGU 2KPEGU ¼ UGTVKT ÅICNGOGPV RQWT RTKUG ¼ FGWZ OCKPU 2KPEGU ¼ UGTVKT HQTOG EQWTVG 2KPEGU ¼ UGTVKT NGU RTQƂNÅU 2KPEGU ¼ UGTVKT RQWT GODQWVU FG E¾DNGU 2KPEGU ¼ UGTVKT RQWT ƂEJGU 9GUVGTP 2KPEGU ¼ UGTVKT RQWT NG RJQVQXQNVCËSWG 2KPEGU ¼ UGTVKT WPKXGTUGNNGU 2KPEGU ¼ VTGUUGT 2KPEGU DGE FG EKIQIPG 2KPEGU EQWRCPVGU FG EÐVÅ 2KPEGU EQWRCPVGU FG EÐVÅ ¼ HQTVG FÅOWNVKRNKECVKQP 2KPEGU EQWRCPVGU FG EÐVÅ EQORCEVGU 2KPEGU EQWRCPVGU FG EÐVÅ FG RTÅEKUKQP RQWT NoÅNGEVTQPKSWG '5& 2KPEGU EQWRCPVGU FG EÐVÅ RQWT ÅNGEVTQOÅECPKEKGP 2KPEGU EQWRCPVGU FG EÐVÅ RQWT NoÅNGEVTQPKSWG '5& 2KPEGU EQWRCPVGU FG EÐVÅ RQWT RNCUVKSWG 2KPEGU EQWRCPVGU FG FGXCPV 2KPEGU EQWRCPVGU FG FGXCPV ¼ HQTVG FÅOWNVKRNKECVKQP 2KPEGU EQWRCPVGU FG FGXCPV RQWT NoÅNGEVTQPKSWG '5& 2KPEGU EQWRCPVGU FG FGXCPV RQWT OÅECPKEKGPU 2KPEGU FoCLWUVCIG 2KPEGU FoQTHÄXTG 2KPEGU FG OÅECPKEKGP 2KPEGU FG OQPVCIG 2KPEGU FG OQPVCIG RQWT NoÅNGEVTQPKSWG 2KPEGU FG RTÅEKUKQP RQWT EKTENKRU GZVÅTKGWTU FoCTDTG 2KPEGU FG RTÅEKUKQP RQWT EKTENKRU RQWT EKTENKRU KPVÅTKGWTU FoCNÅUCIG 2KPEGU FG RTÅJGPUKQP 2KPEGU FG RTÅJGPUKQP FG RTÅEKUKQP RQWT NoÅNGEVTQPKSWG '5& 2KPEGU FG RTÅJGPUKQP RQWT NoÅNGEVTQPKSWG '5& 2KPEGU FG RTÅJGPUKQP RQWT NC OÅECPKSWG FG RTÅEKUKQP 2KPEGU FG VKUUGTCPF 2KPEGU GORQTVG RKÄEGU 2KPEGU OWNVK HQPEVKQPU 2KPEGU OWNVKRTKUG 2KPEGU OWNVKRTKUG ¼ ETÅOCKNNÄTG 2KPEGU RQKPVWGU 2KPEGU RQWT EKTENKRU GZVÅTKGWTU FoCTDTG 2KPEGU RQWT EKTENKRU KPVÅTKGWTU FoCNÅUCIG 2KPEGU RQWT EKTENKRU RQWT EQNNKGTU FoÅVTCPINGOGPV FoCTDTG
2KPEGU RQWT EKTENKRU RQWT ITCPFU EKTENKRU GZVÅTKGWTU 2KPEGU RQWT EKTENKRU RQWT ITCPFU EKTENKRU KPVÅTKGWTU 2KPEGU RQWT KPUVCNNCVKQPU ÅNGEVTKSWGU 2KPEGU RQWT NnÅNGEVTQPKSWG 2KPEGU RQWT NG RJQVQXQNVCËSWG 2KPEGU RQWT RNCUVKSWGU 2KPEGU TCFKQ 2KPEGU URÅEKCNGU FG OQPVCIG RQWT TQPFGNNGU TGUUQTV FoCTDTG 2KPEGU WNVTCƂPGU 2KPEGU WPKXGTUGNNGU 2KPEGU WPKXGTUGNNGU ¼ HQTVG FÅOWNVKRNKECVKQP 2KPEGU WPKXGTUGNNGU RQWT E¾DNGU OQFÄNG COÅTKECKP 2KPEGU ENÅ 2KPEGU ÅVCWZ 2KPEGU ÅVCWZ ¼ UQWFGT 2KPEGU ÅVCWZ WPKXGTUGNNGU 2QEJGVVG RQWT EGKPVWTG 2QKIPÅGU VTCPUXGTUCNGU GP 6 2QUKVKQPPGWTU RQWT RKPEGU ¼ UGTVKT 2TGEK(QTEG 2TQƂ -G[ 2TQƂNU FG UGTVKUUCIG 4CEEQTFU FG E¾DNG 4CNNQPIGU KUQNÅGU 5EKG 27- 5GV #NNKICVQT 5GVU FnQWVKNNCIG 5OCTV)TKR 5WRGT -PKRU 6GPCKNNG OCTVGCW 6GPCKNNGU 6GPCKNNGU TWUUGU 6GPCKNNGU TWUUGU ¼ HQTVG FÅOWNVKRNKECVKQP 6GPCKNNGU TWUUGU ¼ HQTVG FÅOWNVKRNKECVKQP 6QWTPGXKU KUQNÅU 6TKEQKUGU 6TKEQKUGU RQWT ECTTQUUGTKG 6YKP(QTEG 6YKP-G[ : %WV
.C TGRTQFWEVKQP FG EG ECVCNQIWG QW FnWPG RCTVKG FG EG ECVCNQIWG UQWU SWGNSWG HQTOG SWG EG UQKV GUV KPVGTFKVG UCPU PQVTG CWVQTKUC VKQP 5QWU TÅUGTXG FG VQWVG OQFKƂECVKQP FGU OQFÄNGU GV VGEJPKSWGU (KIWTGU FKOGPUKQPU GV RQKFU CRRTQZKOCVKHU 5QWU TÅUGTXG FG VQWVG GTTGWT FnKORTGUUKQP GV GTTGWT GP IÅPÅTCN +ORTKOÅ GP #NNGOCIPG -0+2': 9GTM % )WUVCX 2WVUEJ -)
.' $ # $# &'5 2+0%'5
(14/'5 &' $#5' &'5 $'%5 DGEU RNCVU
DGEU FGOK TQPFU
DGEU TQPFU
#55'/$.#)'5 &' %*#40+¤4'
2KPEGU EQWRCPVGU RQWT UGEVKQPPGT QW EQWRGT RCT RKPEG OGPV RKPEGU EQWRCPVGU FG FGXCPV FG EÐVÅ ¼ EQWRG EGPVTCNG VGPCKNNGU GVE
2KPEGU FG RTÅJGPUKQP
RKPEGU RNCVGU ¼ DGEU NQPIU OWNVKRTKUG GVE
2KPEGU EQODKPÅGU RQWT UGEVKQPPGT GV UCKUKT RKPEGU OWNVK RTKUGU DGE FG EKIQIPG GV TCFKQ GVE
2KPEGU URÅEKCNGU RQWT CRRNKECVKQPU URÅEKCNGU RCT GZ RQWT FÅEQWRGT QW OCVTKEGT FKHHÅTGPVU OCVÅTKCWZ EKUGCWZ ITKIPQVGWTU RKPEG ¼ ITKIPQVGT NG ECTTGNCIG GVE
#ZG FG EJCTPKÄTG HQTIÅ .G TKXGV HCKV RCTVKG KPVÅITCPVG FG NC RQKIPÅG HQTIÅ FnWPG UGWNG RKÄEG ■ ITCPFG UVCDKNKVÅ RQWT UQNNKEKVCVKQPU GZVTÆOGU ■ ITCPFG NQPIÅXKVÅ 4KXGV KPUÅTÅ 7P CUUGODNCIG TKXGVÅ ÅRTQWXÅ TQDWUVG GV RTÅEKU RQWT VQWVGU NGU RKPEGU UVCPFCTF %JCTPKÄTG XKUUÅG 2QWT FGU GZKIGPEGU GP OCVKÄTG FG RTÅEKUKQP GV FG UQWRNGUUG RCTVKEWNK ÄTGOGPV UVTKEVGU RCT GZ CXGE NGU RKPEGU RQWT EKTENKRU GV NGU EQWRG E¾DNGU OÆOG NGU ƂNU NGU RNWU ƂPU FQKXGPV ÆVTG EQWRÅU PGV
6;2'5 &' %*#40+¤4'
2QKPVG 5WTHCEG FG RTÅJGPUKQP
%JCTPKÄTG UWRGTRQUÅG .GU FGWZ RCTVKGU FG NC RKPEG TGRQUGPV UCPU ƂPKVKQP NnWPG UWT NnCWVTG
<QPG UGTTG VWDG ÅXKFGOGPV $GEU
%JCTPKÄTG GPECUVTÅG %JCSWG RQKIPÅG GUV WUKPÅG UWT WPG OQKVKÅ FCPU NC \QPG FG NC EJCTPKÄTG CƂP FG RQWXQKT GPVTGRCUUGT NGU FGWZ RQKIPÅGU NnWPG FCPU NnCWVTG
%JCTPKÄTG GPVTGRCUUÅG 7PG FGU FGWZ RQKIPÅGU GUV ÅXKFÅG .nCWVTG RQKIPÅG RCUUG RCT EGV ÅXKFG OGPV %G V[RG FG EJCTPKÄTG GUV VTÄU TÅUKUVCPV ECT NnCZG FnCTVKEWNCVKQP GUV OQPVÅ FGU FGWZ EÐVÅU GV NC RQKIPÅG KPVÅTKGWTG FKURQUG FnWP IWKFCIG FQWDNG
&QU 6TCPEJCPV UWRRNÅOGPVCKTG
0Œ &n#46+%.' %1/215+6+10 &7 0Œ &n#46+%.' /QFÄNG FG DCUG RCT GZ 2KPEG WPKXGTUGNNG
(QTOG RCT GZ FTQKVG
(KPKVKQP RCT GZ VÆVG RQNKG RQKIPÅGU PQKTGU CVTC OGPVKUÅGU
.QPIWGWT RCT GZ OO
6¦6' 21+)0¥'5
2KPEG CVTCOGPVKUÅG PQKTG VÆVG RQNKG
6ÆVG RQNKG RQKIPÅGU ICKPÅGU GP RNCUVKSWG
6ÆVG RQNKG RQKIPÅGU CXGE ICKPGU DK OCVKÄTG
2KPEG EJTQOÃ…G RQKIPÃ…GU ICKPÃ…GU GP RNCUVKSWG
2KPEG EJTQOÃ…G
2KPEG EJTQOÅG RQKIPÅGU CXGE ICKPGU DK OCVKÄTG
2KPEG EJTQOÅG RQKIPÅGU KUQNÅGU CXGE ICKPGU DK OCVKÄTG EGTVKƂÅGU 8&'
/CTSWGU FÅRQUÅGU FGU GPVTGRTKUGU %QP 2GCTNŠ 2 #4#6 9'4- 5EJÒPGPDCEJ )OD* %Q -) IGUKUŠ
9KGNCPF 'NGEVTKE )OD*
-CRVQPŠ -'8.#4Š
' + FW 2QPV FG 0GOQWTU CPF %QORCP[
Š
4CFQZ
*7$'4 57*0'4 #)
Š
2JKNNKRU Š
2Q\KFTKX Š
U[UVCKPGT /%
Š
5QNCTNQM
2JKNNKRU 5ETGY %QORCP[ 'WTQRGCP +PFWUVTKCN 5GTXKEG .VF 6#015 )OD* /WNVK %QPVCEV #)
Š
6[EQ 'NGEVTQPKEU
&+0 '0 +'%
2KPEG EJTQOÃ…G RQKIPÃ…GU KUQNÃ…GU RCT UWTOQWNCIG EGTVKÆ‚Ã…GU 8&' &+0 '0 +'%
64#0%*#065 .'5 24+0%+2#.'5 6'%*0+37'5 (14/'5 &'5 64#0%*#065
&+4'%6+10 '6 215+6+10 &'5 64#0%*#065
5'.10 &+0 +51
CXGE DKUGCW
HCEG GZVÅTKGWTG
2KPEG EQWRCPVG FG FGXCPV
CXGE RGVKV DKUGCW
HCEG GZVÅTKGWTG
2KPEG EQWRCPVG QDNKSWG
CXGE DKUGCW VTÄU RGVKV
HCEG GZVÅTKGWTG 2KPEG EQWRCPVG FG EÐVÅ UCPU DKUGCW
HCEG GZVÅTKGWTG
2KPEG EQWRCPVG EGPVTCNG EQWRG ¼ TCU
%QPUGKNU RQWT NnGPVTGVKGP
%QPUKIPG FG UÅEWTKVÅ 7VKNKUGT NGU QWVKNU WPKSWGOGPV RQWT NnWVKNKUCVKQP ¼ NCSWGNNG KNU UQPV FGUVKPÅU 2QWT NGU RKPEGU EQWRCPVGU CVVGPVKQP CWZ GZVTÅOKVÅU FG HKN ÅLGEVÅGU 2QTVGT FGU NWPGVVGU FG RTQVGEVKQP GV ÅXGPVWGNNGOGPV FGU ICPVU 5Q[G\ CVVGPVKH ¼ XQVTG GPVQWTCIG .G ICKPCIG KUQNG WPKSWGOGPV UnKN RQTVG NG U[ODQNG
7PG IQWVVG FnJWKNG UWT NGU UWTHCEGU RQNKGU GV FCPU NC EJCTPKÄTG OCKPVKGPV NC ECRCEKVÅ FnWVKNKUCVKQP GV RTQNQPIG NC FWTÅG FG XKG FG XQVTG RKPEG
%#6¥)14+'5 &' (+. 'ZGORNGU FG OCVÅTKCWZ
6[RG FG HKN
%WKXTG RNCUVKSWG
4ÅUKUVCPEG ¼ NC VTCEVKQP 0 OO
MR OO
FQWZ
%NQW RQKPVG
OK FWT
(KN FG E¾DNG OÅVCNNKSWG HKN FnCEKGT
FWT
(KN GP CEKGT ¼ TGUUQTV
EQTFG ¼ RKCPQ
8#.'745 &' %172' 4ÅH
2CIG
.QPIWGWT
Ô OO
Ô OO
Ô OO
Ô OO
.GU XCNGWTU OCZKOCNGU KPFKSWÅGU EQPEGTPGPV VQWLQWTU FGU EQPFKVKQPU FG EQWRG HCXQTCDNGU FCPU NGUSWGNNGU NG ƂN GUV RNCEÅ NG RNWU RTÄU RQUUKDNG FG NC EJCTPKÄTG
4ÅH
2CIG .QPIWGWT
Ô OO
Ô OO
Ô OO
Ô OO
5;/$1.'5 DGEU RNCVU
CXGE UGTTG ƂNU
FÅTKXCPV NnÅNGEVTKEKVÅ UVCVKSWG s FKUUKRCVKXG
DGEU FGOK TQPFU
ÅSWGTTG
ÅNGEVTQPKSWG
DGEU TQPFU DGEU RNCVU GV ÅVTQKVU EJCTPKÄTG GPVTGRCUUÅG
EQWRG ƂNU EGPVTCN
EJCTPKÄTG XKUUÅG
VTCPEJCPV CXGE DKUGCW
KPVÅTKGWT FGU O¾EJQKTGU NKUUG
VTCPEJCPV CXGE RGVKV DKUGCW
KPVÅTKGWT FGU O¾EJQKTGU UVTKÅ
VTCPEJCPV CXGE VTÄU RGVKV DKUGCW
KPVÅTKGWT FGU O¾EJQKTGU UVTKÅ GP ETQKZ
VTCPEJCPV UCPU DKUGCW
CXGE TGUUQTV FnQWXGTVWTG
EQWRG ¼ TCU FGU OCVGTKCWZ FQWZ
EGTVKƂÅ 8&' ÅICNGOGPV UGNQP )25) KUQNÅ UGNQP %'+ WVKNKUCDNG LWUSWo¼ 8 %# 8 %% KUQNÅ UGNQP &+0 8&' WVKNKUCDNG LWUSWo¼ 8 %# 8 %% GP EQPHQTOKVÅ CXGE WPG FKTGEVKXG GWTQRÅGPPG EQPVTÐNG OÅECPKSWG UGNQP NC NQK FG UWT NC UÅEWTKVÅ FGU CRRCTGKNU GV FGU RTQFWKVU OCTSWCIG 9''' FÅEJGVU FnÅSWKRGOGPVU ÅNGE VTKSWGU GV ÅNGEVTQPKSWGU
RQKFU NQPIWGWT ƂN FQWZ ƂN OK FWT ƂN FWT EQTFG ¼ RKCPQ E¾DNG GP %W GV GP #N ¼ RNWUKGWTU EQPFWEVGWTU WPKƂNCKTG GV OWNVKƂNCKTG E¾DNG OÅVCNNKSWG HGT E¾DNG RNCV E¾DNG ¼ DNKPFCIG CEKGT
-0+2': 9GTM % )WUVCX 2WVUEJ -) 1DGTMCORGT 5VTC»G 9WRRGTVCN #NNGOCIPG 6GN (CZ KPHQ"MPKRGZ FG “ YYY MPKRGZ FG
-0+2': s &GU 2KPEGU RCUUKQPPÃ…OGPV
. 2&( (4