Veritabanı Programlama 1

Transkript

Veritabanı Programlama 1
7FSJUBCBO‘
1SPHSBNMBNB
5FNNV[
:BſBS(½;Ã%&-Œ
#VFLLPQZBMBOBNB[TBU‘MBNB[)FSIBLL‘TBLM‘E‘S
#:5&‘OPLVSMBS‘OBàDSFUTJ[BSNBţBO‘E‘S
ª#:5&
#:5&CJS"DBS:BZ‘OD‘M‘L:BZ‘O‘E‘S
Œ±Œ/%&,Œ-&3
½OTÚ[ #VLJUBQUB
7FSJUBCBO‘:ÚOFUJN4JTUFNMFSJ 7FSJUBCBO‘/FSFMFSEF,VMMBO‘M‘S ŒMJſLJTFM7FSJUBCBO‘,BWSBN‘ (àOMàL)BZBUUBJMJſLJTFM7FSJUBCBO‘ 5FNFM,BWSBNMBS 5BCMPMBS %FţJſLFOŒTJNMFOEJSNF,VSBMMBS‘ ŒMJſLJTFM7FSJUBCBO‘:ÚOFUJN4JTUFNMFSJ 42-7FSJ5BO‘NMBNB%JMJ%BUB%FmOJUJPO-BOHVBHF
5FNFM7FSJ5JQMFSJ 7FSJUBCBO‘ 5BCMPMBS 5BCMP0MVſUVSNB ,‘T‘UMBS$POTUSBJOU
PMVſUVSNB 5BCMPTJMNF 5BCMPEB%FţJſJLMJL:BQNB ŒOEFLTMFS 7JFXMFS 7FSJUBCBO‘5BTBS‘N‘ /FTOFMFSJ5BO‘NMBZ‘O )FSOFTOFJÎJOCJSUBCMPPMVſUVSVO )FSCJSUBCMPJÎJOCJSBOBIUBSBMBOTFÎJO /FTOFMFSJOHFSFLMJIFSCJSÚ[FMMJţJJÎJO
UBCMPZBCJSTàUVOFLMFZJO 5FLSBSMBZBOOFTOFÚ[FMMJLMFSJJÎJOFLUBCMPMBSPMVſUVSVO "OBIUBSBMBOBCBţM‘PMNBZBOBMBOMBS‘CFMJSMFZJO 5BCMPMBSBSBT‘OEBLJJMJſLJMFSJUBO‘NMBZ‘O 7FSJUBCBO‘/PSNBMJ[BTZPOV 42-7FSJŒſMFNF%JMJ%BUB.BOJQMBUJPO-BOHVBHF
3FTVMU4FU,BWSBN‘ 4FMFDU &O#BTJU4FMFDU ,PſVMBCBţM‘4FMFDUWF8IFSF:BQ‘T‘ .BUFNBUJLTFM,BSſ‘MBſU‘SNBŒſBSFUMFSJ .BOU‘LTBMŒſBSFUMFS 4BEFDFCFMMJBMBOMBS‘TFÎNFL %JTUJODU *O ŒÎJÎF4FMFDU:BQ‘T‘ "OZ4PNF"MM &YJTUTOPU&YJTUT 6OJPO#JSMFſUJSNF
,FTJſJN#VMNB &YDFQU'BSL#VMNB
#FUXFFOBOE ,BSBLUFS,BSſ‘MBſU‘SNBMBS‘-JLF /VMM,BSſ‘MBſU‘SNB 4POVÎMBS‘4‘SBMBNB0SEFS#Z ,BZ‘UMBS‘(SVQMBNB(SPVQ#Z (SVQMBNBM‘'POLTJZPOMBS"HHSFHBUF'VODUJPOT
"MBOB5BLNB"E 5BCMPMBS‘#JSMFſUJSNF+PJOJOH ,MBTJL+PJO 5BCMPZB5BLNB"E"MJBT
4FMGKPJO -FGU<0VUFS>+PJO 3JHIU<0VUFS>+PJO <*OOFS>+PJO ,BZ‘U&LMFNF*OTFSU #JS5BCMPEBO4FÎJMFO,BZ‘UMBS‘#BſLBCJS5BCMPZB&LMFNF ,BZ‘U(àODFMMFNF6QEBUF ,BZ‘U4JMNF%FMFUF (FOFM42-'POLTJZPOMBS‘ "SJUNFUJLŒſBSFUMFS 5BSJI;BNBO'POLTJZPOMBS‘ "SJUNFUJL'POLTJZPOMBS ,BSBLUFSŒſMFNF'POLTJZPOMBS‘ %ÚOàſUàSNF'POLTJZPOMBS‘ ½OTÚ[
#BTJUCJS8FCVZHVMBNBT‘OEBOEFWBTB
4PSVNMV:B[‘ŒſMFSJ.àEàSà
.VSBU:‘ME‘[
NZJMEJ[!CZUFDPNUS
:ÚOFUJDJ&EJUÚS
ŒCSBIJN½[EFNJS
JP[EFNJS!CZUFDPNUS
LVSVMVſMBS‘OBţ‘SWFSJMFSJOFLBEBSHàOà
Nà[EFCJSÎPLBMBOEBWFSJUBCBO‘VZHV
MBNBMBS‘OBJIUJZBÎEVZVMNBLUBE‘S4FSJ
Ú[FMMJLMF8FCQSPKFMFSJHJCJLàÎàLÎBQM‘
JſMFSJOEF7FSJUBCBO‘LVMMBONBL[PSVOEB
&EJUÚSMFS
#VSBL,BIZBPţMV
CLBIZBPHMV!CZUFDPNUS
LBMBOBNBCVLPOVEBCBſMBOH‘ÎBſB
ÃTBNFŒMEBS½[EFNJS
VJMEBS!CZUFDPNUS
#VOEBOEPMBZ‘EB42-WFWFSJUBCBO‘O‘O
5BTBS‘NWF6ZHVMBNB
:Bţ‘["LBZ
ZBLBZ!CZUFDPNUS
9.-8FCTFSWJTMFSJJMFCBſLBTJUFMFSF
NBT‘OEBCJMFCJMHJTBIJCJPMNBZBOCJS
ÎPLLJſJZF‘ſ‘LUVUBDBLſFLJMEFIB[‘SMBOE‘
E‘ſ‘OEBCJSWFSJUBCBO‘O‘O8FCFBΑMNBT‘
IJ[NFUTVONBHJCJLPOVMBSBEBOBT‘M
ZBQ‘MBDBţ‘LPOVTVOEBmLJSWFSNFTJBΑ
T‘OEBOCJSOPLUBZBLBEBSEFţJOJMEJ
5àNCVOMBS‘OZBO‘OEB42-JJZJCJMFO
MFSJÎJOCJMFTFZSFLLVMMBO‘MBOLPNVUMBSB
"$"3:BZ‘OD‘M‘LBE‘OBJNUJZB[TBIJCJ
.VSBU:‘ME‘[
CJSZFSMFSEFOCBLNBLCB[FOCJS[PSVOMV
3FLMBN.àEàSà
"INFU"TMBOUàSL
CJSJIUJZBD‘EBLBSſ‘MBNBLà[FSF42-J
#BTL‘
&5"."ľ
'JMN±‘L‘ſ
'JHàS
.FSLF[0mT
'VMZB$BE'VMZB#BZ‘S‘4L
#JMTBO1MB[B
.FDJEJZFLÚZŒ45"/#65FM
'BLT
XXXCZUFDPNUS
MVLBS[FEFCJMNFLUFEJSŒſUFLJUBQUBCÚZMF
FOJOFCPZVOBFMFBME‘N½[FMMJLMFZBQ‘MB
CJMFDFLIBUBMBS‘BLMBUBL‘MBCJMFDFLTPSVWF
TPSVOMBS‘QSPHSBNHFMJſUJSNFFTOBT‘OEB
ÚOFNMJPMEVţVOVHÚSEàţàNUFLOJLMFSJ
QàGOPLUBMBS‘IBMJOEFCVMBCJMJSTJOJ[
7FSJUBCBO‘VZHVMBNBMBS‘O‘OLVSHV
MBNBLCJSÎPLQMBUGPSNBIBLJNPMNBZ‘
HFSFLUJSJS$JEEJCJS8FCVZHVMBNBT‘
NFZEBOBHFUJSFCJMNFLJÎJOÚODFMJLMF42-
WFWFSJUBCBO‘LPOVTVOEBUFNFMCJMHJMFSF
TBIJQPMNBLHFSFLJS±àOLàUàNTJTUFN
WFSJUBCBO‘ſFNBT‘àTUàOFJOſBFEJMJS
#VOVOàTUàOF)5.-WF"41"41/&5
7FSJUBCBO‘O‘OUBSJIJHJCJVZHVMBNB
HFMJſUJSNFBΑT‘OEBOÎPLEBFULJMJPMNB
1)1HJCJCJS8FCQSPHSBNMBNBUFLOJţJOF
ZBOLPOVMBS‘NBBMFTFGCVTFSJEFCVMBNB
IBLJNPMNBLHFSFLJS#VEBZFUNF[WFSJ
ZBDBLT‘O‘[#VUàSEFOLVSVCJMHJMFSJÎJO
FSJſJNCJMFſFOMFSJOJEFZBL‘OEBOUBO‘Z‘Q
CBL‘MBCJMFDFLFOJZJZFSCVLPOVEBFţJUJN
FULJOPMBSBLLVMMBOBCJMNFLHFSFLJS#VOVO
WFSFOZàLTFLÚţSFUJNLVSVNMBS‘N‘[EB
àTUàOFHàODFMCJSVZHVMBNBHFMJſUJSNFL
PLVUVMBOEFSTLJUBQMBS‘PMBCJMJS
JÎJO9.-JZBL‘OEBOUBO‘NBLHFSFLJS9.-
8FC4FSWJTMFSJ8FCEFLVSVNMBSBSBT‘
(àOMàLIBZBUUBWFSJUBCBO‘OBIBLJN
PMBNBN‘ſQSPHSBND‘BSLBEBſMBS‘OCV
IBCFSMFſNFBΑT‘OEBOPMEVLÎBDJEEJ
BΑLMBS‘O‘EBIBGB[MB42-IBSJDJ
LPEJMF
HFMJſNFMFSÚOFSNFLUF
LBQBUNBZBÎBM‘ſU‘LMBS‘OBEFGBMBSDBſBIJU
4FSJZJIB[‘SMBSLFOCVEVSVNMBS‘
PMEVN#ÚZMFCJSTFSJTBZFTJOEFOFZJO
HÚ[ÚOàOFBME‘LŒMLLJUBQΑLUBŒMJſLJTFM
WFSJUBCBO‘QSPHSBNMBNBLBQTBN‘OEB
7FSJUBCBO‘WF42-LPOVMBS‘FMFBM‘OE‘
EàſàOàMFDFţJOFZJOJTUFNDJQSPHSBNB
ŒLJODJàOJUFEFCJSQPQàMFSPSUBWFCàZàL
C‘SBL‘MBDBţ‘LPOVMBS‘O‘OPLVSMBSUBSBG‘O
ÚMÎFLMJ7FSJUBCBO‘:ÚOFUJN4JTUFNJPMBO
EBOEBIBJZJBOMBſ‘MBDBţ‘LBOBBUJOEFZJN
.JDSPTPGU42-4FSWFS542-JMF
#VLJUBQTBZFTJOEF42-JUBO‘ZBOQSPH
75:4àTUàOEFEJOBNJLQSPHSBND‘LMBS‘O
SBND‘MBS‘OCVOVOFSFEFOBT‘MLVMMBOBDBL
HFMJſUJSJMNFTJCFMMJCBſM‘EJOBNJLPMBSBL
MBS‘O‘HFOJſÚSOFLMFSMFIFNEFHàODFM
42-TDSJQUMFSJPMVſUVSNBLPOVMBS‘OBEB
UFLOPMPKJMFS‘ſ‘ţ‘OEBÚţSFOFCJMFDFLMFSJCJS
PSUBEà[FZFLBEBSZFSWFSJMEJ#ÚZMFMJLMF
TFSJPSUBZBΑLN‘ſPMBDBL
WFSJUBCBO‘JſJOFT‘G‘SEBOCBſMBZBDBLCJS
LVMMBO‘D‘O‘OQSPGFTZPOFMMJţJOLBQ‘T‘OEBO
JÎFSJZFBE‘NBUBDBLIBMFHFMFCJMFDFţJCJS
LJUBQPSUBZBΑLU‘
½[FMMJLMF42-FBEBOBOJMLLJUBQΑLUB
&NFţJHFÎFOIFSLFTFUFſFLLàSàCPSÎ
CJMJSJN
:BſBS(½;Ã%&-Œ
ZHP[VEFMJ!IPUNBJMDPN
PMNBLà[FSFLPMBZBNBÎPLſFZÚţSFOJM
NFTJHFSFLUJţJOEFOTFSJOJOUBNBN‘OEBLJ
LPOVBOMBU‘NMBS‘T‘LT‘LWFLPMBZEBO[PSB
EPţSVHJEFOÚSOFLMFSMFEFTUFLMFOEJŒML
LJUBQΑLUBZFSBMBOÚSOFLMFSJOCJSÎPţVOV
XXXWFSJWJ[ZPODPNTRMLJUBCJBESF
TJOEFPOMJOFTJNàMBTZPOàTUàOEFUFTU
FEFCJMJSTJOJ[
7FSJUBCBO‘1SPHSBNMBNB#:5&
#V,JUBQUB
Œ
MLPMBSBLŒMJſLJTFM7FSJUBCBO‘LBWSBN‘O‘
ZBL‘OEBOUBO‘ZBDBţ‘[#ÚZMFMJLMFIBZBUUB
LBSſ‘MBſ‘MBOCJMHJZFEBZBM‘QSPKFMFSJO
OBT‘MWFSJUBCBO‘NJNBSJTJOFVZBSMBOBDBţ‘O‘
ÚţSFOFDFţJ[
ŒLJODJCÚMàNEF42-LPNVUMBS‘O‘JLJ HSVCBBZ‘SBSBLJODFMFZFDFţJ[½ODFMJLMF
WFSJUBCBO‘UBTBSMBNBZBZÚOFMJLLPNVUMBS‘
ÚţSFOFDFţJ[#VHSVCBHJSFOLPNVUMBSJÎJO
7FSJŒſBSFUMFNF%JMJEFZJNJOJLVMMBOBDBţ‘[
7FSJŒſBSFUMFNF%JMJJMFTBEFDFWFSJMFSJOTBL
MBOBDBţ‘PSUBNBEBJSEà[FOMFNFMFSZBQ‘M‘S
4POPMBSBL7FSJŒſMFNF%JMJUFSJNJ
BMU‘OEBŒMJſLJTFMWFSJUBCBO‘EFTUFLMJWFSJ JſMFNFLPNVUMBS‘O‘ÚţSFOFDFţJ[#V
LPNVUMBSMBWFSJUBCBO‘OBLBZ‘UFLMFNFL WFSJUBCBO‘OEBOLBZ‘UTJMNFLWBSPMBO
LBZ‘UMBSàTUàOEFHàODFMMFNFZBQNBLHJCJ
JſMFNMFSJÚţSFOFDFţJ[
#VLPOVZBZFOJCBſMBNBZ‘QMBOM‘ZPS
TBO‘[ÚODFJMLCÚMàNàBSE‘OEBOIB[‘SCJS
WFSJUBCBO‘àTUàOEFCÚMàNàVZHVMBNB
O‘[TPOPMBSBLJLJODJCÚMàNEFLPEZB[BSBL
OBT‘MWFSJUBCBO‘UBTBSMBZBCJMFDFţJOJ[JÚţSF
OFCJMJSTJOJ[CÚMàNàBOMBNBL[PSVOEB
EFţJMTJOJ[
"SU‘LCJSÎPL75:4PSUBN‘OEBWFSJU B
CBO‘ſFNBMBS‘O‘Eà[FOMFNFOJ[JÎJOHÚSTFM
BSBZà[MFSNFWDVUUVS"ODBLCJSQSPKF
àTUàOEFÎBM‘ſNBLJTUFSTFOJ[ÚODFMJLMJ
PMBSBLOFTOFMFSJUBTBSMBZ‘QWFSJUBCBO‘
ſFNBT‘O‘PSUBZBΑLBSNBLHFSFLJS"ODBL
EBIBTPOSBWFSJJſMFNFJſMFNMFSJOFHFÎJ
MFCJMJS
#:5&7FSJUBCBO‘1SPHSBNMBNB
(Œ3Œľ
42-&TLàFMPLVOVS
JOTBOMBS‘OWFSJUB
CBO‘TJTUFNMFSJJMFLPOVſNBT‘O‘TBţMBZBO
QPQàMFSCJSEJMEJS#VEJMTBZFTJOEFCJSWFSJ
UBCBO‘OEBOLBZ‘UMBS‘BMBCJMJSEFţJſUJSFCJMJS
ZBEBZFOJLBZ‘UMBSFLMFZFCJMJSJ[42-CJS
EJMEJSBODBLCJSQSPHSBNMBNBEJMJEFţJMEJS
1SPHSBNHFMJſUJSNFBſBNBT‘OEB42-EFO
GBZEBMBO‘M‘SBODBLUFLCBſ‘OBCVJſJÎJO
ZFUFSMJEFţJMEJS
7FSJMFSJOCFMMJÚ[FMMJLMFSJOFHÚSFHSVQ
MBO‘QEJTLFLBZEFEJMNFTJJſJOFWFSJUBCBO‘
ZÚOFUJNJEFOJS7FSJUBCBOMBS‘OEBOFO
QPQàMFSPMBO‘JMJſLJTFMWFSJUBCBO‘E‘SŒMJſLJ
TFMWFSJUBCBO‘OLÚLFOJMJZ‘MMBSEB*#.
MBCPSBUVBSMBS‘OEBZBQ‘MBOÎBM‘ſNBMBSEB
BU‘MN‘ſU‘S5BLJQFEFOÎBM‘ſNBMBSMBUF
42-4USVDUVSBM2VFSZ-BOHVBHF
TUBOEBS U
MBS‘UBO‘NMBON‘ſWFBSE‘OEBOZ‘M‘OEB
ÚODF*40BSE‘OEBOEB"/4*UBSBG‘OEBO
CJSTUBOEBSUPMBSBLLBCVMFEJMNJſUJS%BIB
TPOSBCVTUBOEBSUMBSÎFSÎFWFTJOEFCJSÎPL
WFSJUBCBO‘ZÚOFUJNTJTUFNMFSJHFMJſUJSJMNJſ
UJS#VOMBSEBOCFMMJCBſM‘MBS‘0SBDMF4ZCBTF
.442-4FSWFS*OGPSNJYWF.Z42-EJS#V
75:4MFSJOJſMFSJOEBIBLPMBZZàSàNFTJJÎJO LFOEJBEMBS‘OBTUBOEBSUEJMEFOV[BLMBſBO UBSBnBS‘WBSE‘S"ODBLHFOFMJſMFNMFSEFLVM
MBO‘MBOEJMUàNàJÎJOEFPSUBLU‘SWF42-EJS
7FSJUBCBO‘:ÚOFUJN
4JTUFNMFSJ75:4
7FSJ5BCBO‘:ÚOFUJN4JTUFNMFSJm[JLTFM
IBG‘[BEBCJMHJMFSJÎFſJUMJÚ[FMMJLMFSJOFHÚSF
HSVQMBOE‘S‘QſFLJMMFOEJSEJL
UFOTPOSBTBLMBZBOQSPH
SBNMBSE‘S,‘TBDB75:4EJZF
BEMBOE‘SBDBţ‘[75:4TBLMB
OBOCVWFSJZJ42-LPNVU
MBS‘JMFJOTBOMBS‘OJTUFLMFSJ
ÎFSÎFWFTJOEFJſMFSZFOJEFO
ſFLJMMFOEJSJSMFS:BOJ7FSJUB
CBO‘:ÚOFUJN4JTUFNJOJOCJS
VDVOEBCJMHJTBZBSEJTLMFS
JOEFTBLMBOBOEà[FOMFONJſ
WFSJMFSEJţFSVDVOEBJTFCJS
LVMMBO‘D‘HFOFMMJLMFJOTBO
WBSE‘S7FSJUBCBO‘:ÚOFUJN
4JTUFNMFSJLPOVTVOEBEBIB
HFOJſCJMHJCJSTPOSBLJLJUBQ
ΑLUBWFSJMFDFLUJS
7FSJUBCBO‘:ÚOFUJN
75:4EJTLàTUàOEFLJWFSJMFSJEBIBLPMBZJſMFZJQZÚOFUNFNJ[JTBţMBS
TJTUFNMFSJIFS[BNBOCJS
42-JMF75:4ZFWFSJMFSàTUàOEFOBT‘MCJSJſMFNZBQNBT‘JTUFOEJţJBOMBU‘
LVMMBO‘D‘ZBZÚOFUJNFLSBO
M‘S75:4CVOVCJ[JNBE‘N‘[BHFSÎFLMFſUJSJS
MBS‘OEBOCJMHJWFSNFLJÎJO
LVMMBO‘MNB[#B[FOLVMMBO‘D‘LPOVNVOEB
7FSJUBCBO‘/FSFMFSEF,VMMBO‘M‘S
EPţSVEBOCJSJOTBOZFSJOFCJSQSPHSBNEB
7FSJUBCBO‘QSPHSBNMBNBJMFCJSÎPLQSPKF
PMBCJMJS
HFMJſUJSJMFCJMJS#JSŒOHJMJ[DF5àSLÎFTÚ[MàL
#JSWFSJUBCBO‘QSPHSBND‘T‘WFSJUBCBO‘O‘
CVZPMMBLPMBZDBZB[‘MBCJMJS#JSLàUàQIBOF
ÎFLJQÎFWJSNFOJOZBO‘OEB75:4ZFCBţMB
UBLJQPUPNBTZPOVCJSIBTUBOFPUPNBT
O‘QWFSJBM‘ſWFSJſJWFWFSJàTUàOEFEFţJſJLMJL
ZPOVNVIBTFCFQSPHSBNMBS‘WFEBIBCJS
ZBQBOCVAJTUFNDJQSPHSBNMBS‘EBZB[BCJMFO
ÎPLPUPNBTZPOQSPHSBN‘UFNFMEFWFSJUB
LJſJEJS
CBO‘QSPKFTJEJS(àOMàLIBZBUUBFSJUBCBO‘
7FSJUBCBO‘JTUFNDJQSPHSBNMBS‘42-
QSPHSBNMBNBUFMFGPOſJSLFUMFSJUBSBG‘OEBO
E‘ſ‘OEBCBſLBEJMMFSFEFIBLJNPMNBZ‘
ZPţVOPMBSBLLVMMBO‘M‘S,POVſNBMBS‘OTàSF
HFSFLUJSJS7#4DSJQUUFOUVUVOEB1)11FSM
MFSJBZCPZVODBWFSJUBCBOMBS‘OEBTBLMBO‘S
"41"41/FUHJCJUFLOJLMFSJMF8FCTBZGBT‘
WFBZTPOVHFMEJţJOEFJTUFNDJQSPHSBNMBS
HFMJſUJSNFZFBſJOBPMNBLZBIVU$$$
UBSBG‘OEBOIFSCJSBCPOFOJOUFMFGPOGBUVSBT‘
+BWB7JTVBM#BTJDHJCJEJMMFSJMFCBTJUVZHVMB
UFLFSUFLFSIFTBQMBO‘S(àOEFZà[CJOMFSDF
NBMBS‘ZBQBCJMJZPSPMNBLCVJſJÎJOCBſMBO
BCPOFOJOCJSCJSJOJBSBE‘ţ‘CJSEVSVNVO
H‘ÎUBZFUFSMJEJS
JÎJOEFOCBſLBIBOHJZPMMBΑL‘MBCJMJSLJ
7FSJUBCBO‘1SPHSBNMBNB#:5&
#ÚMàN
ŒMJſLJTFM7FSJUBCBO‘
,BWSBN‘
ŒMJſLJTFMWFSJUBCBO‘HàOàNà[EFFOZBZH‘O
LVMMBO‘MBOJMJſLJTFMWFSJUBCBO‘TJTUFNMF
SJOEFOCJSJEJS&OÎPLLVMMBO‘MBOJMJſLJTFM
7FSJUBCBO‘:ÚOFUJN4JTUFNMFSJOF0SBDMF
.T42-4FSWFS4ZCBTF*OGPSNJY.Z42-
HJCJWFSJUBCBO‘ZÚOFUJNTJTUFNMFSJOJ
ÚSOFLPMBSBLWFSFCJMJSJ[#VCÚMàNEF
WFSJMFOVZHVMBNBMBS‘UFTUFUNFLJÎJO.4
"DDFTTEFCJSOPLUBZBLBEBSLVMMBO‘MBCJ
MJSBODBLWFSJMFOÚSOFLMFSJOUBNBN‘.4
"DDFTTUBSBG‘OEBOEFTUFLMFOFNF[#V
OFEFOMFÚSOFLMFSJOCàZàLCJSÎPţVOMVţV
.4"DDFTT.442-4FSWFSàTUàOEF
UFTUFEJMNJſUJS0/-*/&PMBSBLLJUBC‘O
JÎFSEJţJVZHVMBNBMBS‘UFTUFUNFLJÎJO
XXXWFSJWJ[ZPODPNTRMLJUBCJBESFTJO
EFOGBZEBMBOBCJMJSTJOJ[
#JMHJTBZBSPSUBN‘OEBWFSJTBLMBNBL
JÎJOLVMMBO‘MBOZBQ‘MBSEBOFOCàZàţàOF
EPTZBEFOEJţJOJCJMJZPSTVOV[EVSŒMJſLJTFM
WFSJUBCBOMBS‘WFSJUBCBO‘EFOJMFOCàZàL
EPTZBMBSEBOPMVſVS7FSJUBCBO‘JÎFSJTJOEF
UBCMPMBS‘CBS‘OE‘SBOCJSEPTZBE‘S)FSCJS
UBCMPCFMMJZBQ‘ZBVZHVOWFSJMFSJTBLMB
NBLà[FSFUBTBSMBO‘S5BCMPMBSTBU‘SMBSEBO
WFTàUVOMBSEBOPMVſVS
#VCÚMàNEFCVZBQ‘MBS‘ZBL‘OEBO
UBO‘ZBDBţ‘[
(àOMàL)BZBUUB
ŒMJſLJTFM7FSJUBCBO‘
#JSÎPţVNV[VOCBſ‘OBHFMNJſUJS"SLB
EBſMBSBFſFEPTUBCJSÎPLLJUBQLBTFU$%
WFSJSJ[WF(JEJſPHJEJſ#ÚZMFCJSTPSVOMB
OBT‘MCBſBΑLBS‘[ #VLPOVEBCJSQSPKF
#:5&7FSJUBCBO‘1SPHSBNMBNB
HFMJſUJSFMJN
½ODFMJLMFFMJNJ[EFLJCàUàO,JUBQMB
S‘N‘[‘OCJSMJTUFTJOJZBQBM‘N"NBCVOV
ZBQBSLFOIFSCJSLJUBCBOVNBSBWFSNFZJ
JINBMFUNFZFMJN±àOLàFMJNJ[EFBZO‘
LJUBQUBOJLJBEFUPMBCJMJS#VOMBSEBO
CJSJFTLJÚUFLJEFZFOJLJUBQPMBCJMJS#V
EVSVNEBCVJLJLJUBQUBOIBOHJTJOJLJNF
WFSEJţJNJ[JOBT‘MBZ‘SUFEFDFţJ[ %BIBTPOSBLJUBQMBS‘N‘[‘ſVſFLJMEFCJS
MJTUFZFZB[BM‘N
-JTUFOJOIFSCJSTàUVOVOEBT‘SBT‘ZMBſV
CJMHJMFSZFSBMT‘O
&OCBſB,JUBQ/POVTPOSB,JUBQ"E‘O‘BSE‘OEBO
*4#/OVNBSBT‘O‘TPOSB4BZGB4BZ‘T‘O‘½[FUJOJ
ZB[BM‘NWFMJTUFZJEPMEVSBM‘N
,JUBQ/P)FSCJSLJUBCBWFSEJţJNJ[
OVNBSB
,JUBQ"E)FSCJSLJUBC‘OBE‘
*4#//VNBSBT‘)FSCJSLJUBC‘OBSLB
T‘OEBZFSBMBO6MVTMBSBSBT‘4UBOEBSU,JUBQ
/VNBSBT‘
4BZGB4BZ‘T‘,JUBC‘OLBÎTBZGBPMEVţV
½[FUJ,JUBC‘OCJSÚ[FUBΑLMBNBT‘
"NBD‘N‘[LJNFIBOHJLJUBC‘WFSEJţJNJ[J
CJMNFL0IBMEF,JUBQMJTUFTJOFFLPMBSBL
ſJNEJCJSEFÚEàOÎMJTUFTJZBQBM‘N
#VMJTUFEFEFÚEàOÎOPLJUBQOPÚEàOÎBMBO
WFSNFUBSJIJWFSNFTàSFTJHFSJHFMEJNJſFLMJOEF
CJSMJTUFEBIBZBQBM‘N
,àUàQIBOFNJ[EFOWFSEJţJNJ[IFSCJS
LJUBC‘CVMJTUFZFJſMFSTFLIBOHJLJUBC‘N‘
[‘OLJNEFLBME‘ţ‘O‘TàSFTJTPOVOEBHFUJ
SJMJQHFUJSJMNFEJţJOJLPMBZDBUBLJQFEFCJMJ
SJ[#VSBEBLJ(FSJHFMEJNJIBOFTJOFHFMFO
IFSLJUBQJÎJOCJSJſBSFULPZBCJMJSJ[ZBEB
JN[BBUU‘SBCJMJSJ[
#VQSPKFZJCJMHJTBZBSPSUBN‘OEB
ZBQNBLLBţ‘UàTUàOEFZBQNBLUBOÎPL
EBIBLPMBZPMBDBLU‘S#VQSPKFEFZFSBMBO
MJTUFMFSJOLBSſ‘M‘ţ‘WFSJUBCBO‘OEBUBCMPMBS
E‘S)BZBUUBCJSÎPLſFZJMJTUFMFSMFÎÚ[FSJ[
)FSCJSMJTUFZFLBSſ‘M‘LWFSJUBCBO‘NBOU‘
ţ‘OEBCJSUBCMPHFMJS
5FNFM,BWSBNMBS
7FSJMFSm[JLTFMIBG‘[BEB7FSJ%PTZBMB
S‘%BUB'JMFT
IBMJOEFTBLMBO‘S%PTZB
CJMHJTBZBSMBS‘OCJMHJMFSJCJSCJSJOEFOBZ‘SB
SBLTBLMBNBLJÎJOLVMMBOE‘ţ‘UFNFMCJMHJ
EFQPMBNBZBQ‘T‘E‘S#JSEPTZBEBCJSÎPL
WFSJZFSBMBCJMJS
#JSLàUàQIBOFPUPNBTZPOVOVFMF
BMBDBLPMVSTBLLJUBQJMFJMHJMJCJMHJMFS
ÚEàOÎWFSJMFOMFSLàUàQIBOFEFOLJUBQ
BMNBIBLMBS‘PMBOàZFMFS$%WFLBTFUMFS
JMFJMHJMJCJMHJMFSBZO‘WFSJEPTZBT‘OEBBNB
GBSLM‘UBCMPMBSJÎFSJTJOEFZFSBMBCJMJS
5BCMPMBS
#JSUBCMPZBOJHàOMàLIBZBUUBLJAMJTUFLBW
SBN‘TBU‘SMBSEBOWFTàUVOMBSEBOPMVſVS
.FTFMB,JUBQMJTUFNJ[JZBOJ,JUBQUBCMP
NV[V
FMFBMBDBLPMVSTBLIFSCJSTBU‘SEB
CJSLJUBCBBJUCJMHJMFSZFSBMNBLUBE‘S
"MBO'JFME
ZBQ‘MBOE‘S‘MN‘ſCJMHJOJO
IFSCJSL‘TN‘O‘TBLMBNBLà[FSFZBQ‘MBO
UBO‘NMBNBE‘S
)FSCJSBMBOZBQ‘MBOE‘S‘MN‘ſWFSJOJOCJS
CJSJNJOJUVUNBLà[FSFUBO‘NMBO‘S)FSCJS
TàUVOVOBE‘JMFCJSMJLUFEJţFSCJMHJMFSJOJ
OFOGB[MBLBÎCJSJNMJLCJMHJCVIàDSFEF
TBLMBOBCJMFDFLOFUàSCJMHJTBLMBOBDBL
WT
PSUBZBLPZEVţVUBO‘NBBMBOEFOJS
"MBOIFSCJSTàUVOJÎJOUBO‘NMBZ‘D‘CJMHJMFSJUVUBO
ZBQ‘E‘S
4BU‘S3PX
#JSUBCMPEBZFSBMBOIFSCJS
LBZ‘UCJSTBU‘SBLBSſ‘M‘LHFMJS½SOFţJO,JUBQ
UBCMPTVOEBIFSCJSTBU‘SEBGBSLM‘CJSLJUBQ
IBLL‘OEBLJCJMHJZFSBMNBLUBE‘S
4àUVO$PMVNO
5BCMPMBSEJLFZTàUVO
MBS‘OZBOZBOBHFMNFTJZMFNFZEBOBHFM
NJſUJSŒMLTàUVOEBLJUBQOVNBSBMBS‘JLJODJ
TàUVOEBLJUBQJTJNMFSJàÎàODàTàUVOEB
*4#/OVNBSBMBS‘ZFSBMNBLUBE‘S
,BZ‘U3FDPSE
:BQ‘MBOE‘S‘MN‘ſWFSJMFSEFO
7FSJUBCBO‘1SPHSBNMBNB#:5&
IFSCJSJOFCJSLBZ‘UEFOJS:BOJBMBOCJMHJ
MFSJJMFCJSMJLUFIFSCJSTBU‘SCJSLBZ‘UU‘S#JS
LJUBQCJMHJTJOJFMFBMBDBLPMVSTBL
,BZ‘UBMBOUBO‘NMBNBMBS‘JMFCJSMJLUFCJSTBU‘SEBZFS
BMBOCJMHJMFSFEFOJS
#VCJSLBZ‘UU‘S,BZ‘UJMFTBU‘SBSBT‘OEBLJ
UFNFMGBSLLBZ‘UJMFLBTUFEJMFOZBQ‘O‘O
TàUVOMBSIBLL‘OEBLJCJMHJMFSJEFJÎFSNF
TJEJS
7FSJ5JQJ%BUB5ZQF
#JMHJTBZBSLBZ‘UMBS‘
ZBQ‘TBMPMBSBLUVUBSLFOPOMBS‘OZBQ‘MBS‘
IBLL‘OEBmLJSTBIJCJPMBCJMNFLJÎJOCB[‘
Ú[FMMJLMFSJOJOÚODFEFOUBO‘NMBONBT‘
HFSFLJS½SOFţJOLJUBQOVNBSBT‘BMBO‘O‘O
NVUMBLBCJSUBNTBZ‘PMBDBţ‘O‘,JUBQ
BE‘O‘OIBSGZBEBSBLBNMBSEBOPMVſBDB
ţ‘O‘BOMBUNBN‘[HFSFLJS#JSWFSJUBCBO‘
PMVſUVSVMVSLFOIFSCJSBMBO‘OUJQJOJO
OFPMBDBţ‘UBO‘NMBONBL[PSVOEBE‘S#JS
BMBOBUBNTBZ‘N‘ZPLTBIBSGNJUBSJINJ
ZPLTBPOEBM‘LM‘CJSTBZ‘N‘HFMFDFţJBODBL
UBO‘NMBOE‘LUBOTPOSBLBZ‘UHJSJMFCJMJS
"ZS‘DBiCJSBMBO‘OV[VOMVţVOFLBEBS
PMBDBLIBSGHJSJMFCJMJZPSTBFOGB[MBLBÎ
IBSGHJSJMFCJMFDFL wiSBLBNJTFFOGB[MB
LBÎCBTBNBLM‘PMBCJMJS wUàSàOEFOTPSV
MBS‘ZBO‘UMBNBLJÎJOEFZJOF75:4CJSBMBO
JÎJOWFSJUJQJCFMJSMFNFNJ[JJTUFS#JSBMBO
JÎJOIBOHJUJQTFÎFOFLMFSJNJ[JOPMEVţVOV
JMFSMFZFOL‘T‘NMBSEBÚţSFOFDFţJ[
;PSMBZ‘D‘$POTUSBJOU
)FSIBOHJCJS
BMBOJÎJOHJSJMFCJMFDFLWFSJMFSJL‘T‘UMBZ‘D‘
#:5&7FSJUBCBO‘1SPHSBNMBNB
LVSBMMBSB;PSMBZ‘D‘MBSEFOJS,VMMBO‘D‘[PS
MBZ‘D‘O‘OJTUFEJţJſFLJMEFWFSJHJSNF[TF
75:4IBUBWFSJS#ÚZMFMJLMFWFSJUBCBO‘OB
LVMMBO‘D‘O‘OLFZmEFţFSMFSHJSNFTJ
ÚOMFONJſPMVS½SOFţJOLJUBQMJTUFNJ[EF
ZFSBMNBZBOCJSLJUBC‘ÚEàOÎWFSNFZF
LBMLU‘ţ‘N‘[EBIBUBWFSFDFLCJSL‘T‘UMBNB
UBO‘NMBZBCJMJSJ[
"OBIUBS,FZ
"OBIUBSCJSWFZBCJSEFO
GB[MBBMBO‘OCJSTBU‘SJÎJOOJUFMFZJDJPMBSBL
HJSJMNFTJJÎJOUBO‘NMBOBOÚ[FMCJSÎFſJU
[PSMBZ‘D‘E‘S5FLSBSMBNBZBDBLCJSBOBIUBS
BMBOUBO‘NMBOE‘ţ‘OEB#VBOBIUBSBMBOB
CJSJODJMBOBIUBSBMBOEFOJS1SJNBSZ,FZ
6OJRVF,FZ'PSFJHO,FZHJCJUàSFWMFSJ
WBSE‘S
ŒMJſLJTFM7FSJUBCBO‘
:ÚOFUJN4JTUFNMFSJ
7FSJUBCBO‘:ÚOFUJNTJTUFNMFSJOEFOHàOà
Nà[EFLVMMBO‘N‘FOZBZH‘OPMBO‘ŒMJſLJTFM
7FSJUBCBO‘E‘S)BMCÚZMFPMVODBEBFO
ZBZH‘OWFSJUBCBO‘ZÚOFUJNTJTUFNMFSJ
ŒMJſLJTFM7FSJUBCBO‘:ÚOFUJN4JTUFNMF
SJ3%#.4
EJSŒMJſLJTFMWFSJUBCBO‘O‘OFO
ÚOFNMJZBO‘UBCMPMBSEBOPMVſNBT‘E‘S
%BIBÚOFNMJZBO‘EBCVUBCMPMBS‘OCJSCJSJ
JMFJMJſLJMFSJOJOPMNBT‘E‘S#ÚZMFPMNBTBZE‘
EVSVQEVSVSLFOCV75:4MFSJÎJOAJMJſLJTFM
EFNF[EJL
#JSWFSJUBCBO‘OEBJMJſLJEFOTÚ[FEFCJM
NFLJÎJOFOB[JLJUBCMPOVOZFSBMNBT‘HFSF
LJSWFCVJLJUBCMPEBLJWFSJMFSJOCJSCJSJJMFCJS
ſFLJMEFJMJſLJMFOEJSJMJZPSPMNBT‘HFSFLJS:JOF
CJSÚODFLJÚSOFLPMBZBEÚOFDFLPMVSTBL
,JUBQMJTUFTJJMFÚEàOÎMFSMJTUFTJBSBT‘OEB
%FţJſLFOŒTJNMFOEJSNF,VSBMMBS‘
42-EFUBCMPBEMBS‘BMBOmFME
WFSJUBCBO‘EPTZBT‘
JOEFLTWCJTJNMFSEFţJſLFOJTJNMFSJEJS(FOFMHFÎFS
EFţJſLFOJTJNMFOEJSNFLVSBMMBS‘OBCVSBEBEBEJLLBU
FUNFLTBţM‘LM‘VZHVMBNBMBSNFZEBOBHFUJSFCJMNFL
JÎJOÎPLÚOFNMJEJS#VOEBOEPMBZ‘CVLVSBMMBSB
CVSBEBZFSWFSEJL(FOFMLBO‘CVUàSEFOCJSLBZH‘O‘O
ZFSTJ[PMEVţVZÚOàOEFPMTBEBCB[FOPMEVLÎBLSJUJL
IBUBMBSPSUBZBΑLBCJMNFLUFEJS
%FţJſLFOJTJNMFSJIBSGJMFCBſMBNBL[PSVOEBE‘S
%FţJſLFOJTJNMFSJIBSGSBLBNMBSWFA@EBOPMVſ
NBL[PSVOEBE‘S
%FţJſLFOJTJNMFSJOEF5àSLÎFEFLJOPLUBM‘IBSnFS
Œ‘ĢţÃàľſ±Î½Ú
ZFSBMBNB[
"ZS‘MN‘ſLFMJNFMFSEFţJſLFOBE‘PMBNB[MBSTFMFDU
MJLFOPUPSEFMFUFVQEBUFWT
42-CàZàLLàÎàLIBSGEVZBSM‘EFţJMEJS
%FţJſLFOJTJNMFOEJSNF
OPUBTZPOMBS‘
%FWFOPUBTZPOVEFHJTLFO"EJſFLMJOEFZB[‘M‘S
"MUÎJ[HJOPUBTZPOVEFHJTLFO@BEJſFLMJOEF
ZB[‘M‘S
7FSJUBCBO‘QSPHSBNMBNBEBCàZàLLàÎàL
IBSGEVZBSM‘M‘ţ‘PMNBE‘ţ‘OEBOHFOFMMJLMFBMUÎJ[HJ OPUBTZPOVLVMMBO‘M‘SWFEFţJſLFOBEMBS‘LàÎàLIBSG
PMBSBLWFSJMJS"ODBLCVCJSLVSBMPMNBZ‘QTBEFDF
PLVOVSMVţVBSU‘SNBLJÎJOQSPHSBND‘MBS‘OCJSÎPţV
UBSBG‘OEBOUFSDJIFEJMFOCJSZPMEVS
/6--NVCPſMVLNV
#JSLBZ‘UJÎJOBMBOMBSEBOCJSJIJÎHJSJMNFEJţJJÎJOCPſ
PMBCJMJSWFZBCJMHJTBZBSEBLJTQBDFUVſVOVOLBSſ‘M‘ţ‘
"4$**EFţFSJHJSJMNJſPMBCJMJS4QBDF"4$**LBSBL
UFSJ
UVſVOBCBT‘MBSBLFMEFFEJMNJſCPſMVLJMFEBIB
IJÎCJSCJMHJHJSJMNFNJſPMBOCPſMVLCJMHJTBZBSEJMJOEF
CJSCJSJOEFOGBSLM‘E‘S%BIBÚODFIJÎCJSſFZHJSJMNFNJſ
BMBOJÎJO/6--UFSJNJLVMMBO‘M‘S
%FţJſLFOJTJNMFSJOEFCPſMVLZFSBMBNB[
CJSJMJſLJWBSE‘S±àOLà,JUBQMJTUFNJ[EF
PMNBZBOCJSLJUBQCJ[EFZPLUVSWFÚEàOÎ
WFSFNFZJ[)BMJZMFEFNBOU‘LPMBSBLCV
UàSEFOCJSÚEàOÎCJMHJTJÚEàOÎMJTUFNJ[EF
ZFSBMBNBNBM‘E‘S
0MBZBUFSTUFOCBLBDBLPMVSTBLHFSJ
EÚONFZFOCJSLJUBQIBLL‘OEBLJEFUBZMBS‘
ÚţSFONFLJTUFEJţJNJ[EFÚEàOÎMJTUFTJOEFLJ
LJUBQOVNBSBT‘O‘BM‘S‘[%BIBTPOSBBZO‘
OVNBSBZBLBSſ‘M‘LHFMFOLJUBC‘,JUBQUBCMP
TVOEBLJTBU‘S‘CVMVSV[#VTBU‘SEBLJCJMHJMFS
CJ[FLJUBQIBLL‘OEBLJUàNEFUBZMBS‘WFSJS
,JUBQUBCMPTVOEBLJLJUBQ/PBMBO‘BEBZ
BOBIUBSJOEFLT
UJS0EVODUBCMPTVOEBLJ
,JUBQ/PBMBO‘AZBCBOD‘BOBIUBSGPSFJHO
LFZ
BMBOE‘SÎàOLà,JUBQUBCMPTVOEBLJCJS
LBZE‘TFNCPMJ[FFUNFLUFEJS
5àNCVOMBS‘OBSE‘OEBO75:4MFSJIBL
L‘OEBÚ[FUPMBSBLEJZFCJMJSJ[LJ
#JSŒMJſLJTFM7FSJUBCBO‘:ÚOFUJN4JTUFNJ
UBCMPMBSàTUàOEFſVàÎJſMFWJZFSJOFHFUJS
NFL[PSVOEBE‘S
7FSJUBCBO‘1SPHSBNMBNB#:5&
#JSJODJUBCMPEBZFSBMBOCJSLBZEBLBSſ‘M‘LJLJODJ
UBCMPEBCJSWFZBEBIBÎPLLBZ‘UZFSBMBCJMJS"ODBL
ŒLJODJUBCMPEBLJCJSLJUBQOVNBSBT‘OBLBSſ‘M‘LCJSJODJ
UBCMPEBTBEFDFCJSUFLLBZ‘UWBSE‘S#VJMJſLJZFCJSF
TPOTV[CJSJMJſLJEFOJS#JSJODJUBCMPEBLJIFSCJSUFLJM
LBZE‘TFNCPMJ[FFEFOLJUBQ/PJÎJOBEBZBOBIUBS
JLJODJUBCMPEBÚEàOÎWFSJMFOIFSIBOHJCJSLJUBQ
IBLL‘OEBLJEFUBZMBS‘HÚSNFLJÎJOUBCMPZBHFÎNF
NJ[JTBţMBZBOLJUBQ/POBJTFZBCBOD‘BOBIUBSGPSF
JHOLFZ
EFOJS
,JUBQMBSMJTUFTJàTUàOEFCJSTFÎNFJſMFNJ4BZGBTBZ‘T‘EFOGB[MBPMBOLJUBQMBS‘TFÎJZPSV[
#:5&7FSJUBCBO‘1SPHSBNMBNB
4FÎNF)FSIBOHJCJSUBCMPEBMJTUFEF
ZFSBMBOUàNCJMHJMFSJHÚTUFSFCJMNFMJEJS
½SOFţJO,JUBQUBCMPTVOVOCJSEÚLàNàOà
WFSFCJMNFMJEJS:BEBLJUBQMJTUFTJOEFOCB[‘
LJUBQMBS‘OCJMHJMFSJOJHFUJSJQEJţFSCJSL‘TN‘O‘
HFUJSNFZFCJMNFMJEJS
Œ[EàſàSNF)FSIBOHJCJSUBCMPEBO
TBEFDFCFMMJTàUVOMBS‘OZFSBME‘ţ‘TFÎNF
JſMFWMFSJOJZFSJOFHFUJSFCJMNFMJEJS½SOFţJO
DBO‘JTUFZFOCJSLVMMBO‘D‘LJUBC‘OTBEFDF
BE‘O‘WFLBÎTBZGBPMEVţVOVTFÎFCJMNFMJEJS
#JSMFſUJSNF#JSEFOGB[MBUBCMPEBZFS
BMBOCJMHJMFSJZFSJHFMEJţJOEFUFLCJSUBCMPZ
NVſHJCJTVOBCJMNFMJEJS½SOFţJOÚEàOÎ
BM‘O‘QEBHFSJHFUJSJMNFZFOLJUBC‘OBEMBS‘O‘
WFLJNMFSUBSBG‘OEBOBM‘OE‘ţ‘O‘CJSUFLUBC
MPZNVſHJCJHÚTUFSFCJMNFMJEJS
75:4CVUFNFMJſMFWJZFSJOFHFUJSNFMJ
EJS#VOMBSEBOàÎàOàJLJTJOJWFZBCJSJOJBZO‘
BOEBZFSJOFHFUJSNFLEVSVNVOEBLBMBCJ
MJSJ[½SOFţJOTBZGBTBZ‘T‘EFOCàZàL
LJUBQMBS‘OTBEFDFBE‘O‘HÚSNFLJTUFSTFL
IFNJ[EàſàSNFIFNEFTFÎNFJſMFNJOF
JIUJZBÎEVZBS‘[
7FSJMFSWFEFQPMBONBſFLJMMFSJGBSLM‘
PMBCJMJS½OFNMJPMBO75:4OJO42-JMF
ZÚOFUJMFCJMJSPMNBT‘E‘S#ÚZMFMJLMFWFSJMFSJO
CJMHJTBZBSEBm[JLTFMPMBSBLOFſFLJMEFEFQP
MBOE‘ţ‘LVMMBO‘D‘CJMNFL[PSVOEBLBMNB[
:BOJLVMMBO‘D‘UFNFMWFSJTBLMBNBJſMFNWF
ZÚOUFNMFSJOEFOJ[PMFFEJMNJſPMVS,VMMB
O‘D‘O‘OWFSJMFSJFULJMJPMBSBLLVMMBONBT‘JÎJO
CJMNFTJHFSFLFOUFLſFZ42-PMNBM‘E‘S
7FSJMFSMFJMHJMJZBQ‘MBOJſMFNMFSJLJBZS‘
,JUBQMBSMJTUFTJàTUàOEFCJSJ[EàſàSNFJſMFNJ,JUBQ
MBS‘OLJUBQ/POV"E‘O‘WFTBZGBTBZ‘T‘O‘BM‘ZPSV[
%JţFSTàUVOMBS‘BMN‘ZPSV[
HSVQUBJODFMFOJS#JSJODJTJWFSJUBO‘NMBNB
JſMFNMFSJEJS#VHSVQUBZBQ‘MBOJſMFNMFS
EBIBÎPLWFSJOJOTBLMBOE‘ţ‘PSUBNBEBJS
JſMFNMFSEJS%PţSVEBOWFSJOJOLFOEJTJJMF
JMHJMFONFLZFSJOFUBCMPOVOIBOHJBMBOMBS
EBOPMVſBDBţ‘IBOHJBMBOBIBOHJBSBM‘LUB
WFSJHJSJMFDFţJWCHJCJJſMFNMFSCVHSVQUBE‘S
7FSJJſMFNFJſMFNMFSJJTFWFSJOJOTBLMBO
E‘ţ‘PSUBNJMFIJÎCJSJMHJTJPMNBZBOJſMFN
MFSEJS#JSUBCMPOVOJÎJOEFLJUàNLBZ‘UMBS
TJMJOTFCJMFTPOVÎUBUBCMPWBSPMBDBLU‘S
±àOLàCJSUBCMPOVOTJMJONFTJ%%-JOHÚSF
WJEJS
42-LPNVUMBS‘O‘OCVſFLJMEFHSVQMBO
E‘S‘MNBT‘O‘OOFEFOJ42-EFO[JZBEFWFSJ
ZÚOFUJNJLPOVTVOEBLJNBOU‘LUBOLBZOBL
MBONBLUBE‘S#ÚZMFMJLMFJſMFNMFSEBIBBOMB
ſ‘M‘SCJSIBMBMNBLUBE‘S7FSJOJOL‘M‘G‘JMFJMHJMJ
JſMFNMFSWFWFSJOJOLFOEJTJJMFJMHJMJJſMFNMFS
4J[DFCJSLJUBC‘OBE‘O‘OEFţJſUJSJMNFTJ
7FSJUBCBO‘1SPHSBNMBNB#:5&
IBOHJHSVCBHJSFS 1FLJÚEàOÎWFSNFTàSF
TJOJOHàOEFOGB[MBPMBNBNBT‘ :BLJUBQ
mZBUMBS‘O‘OEBTBLMBOBDBţ‘CJSTàUVOV,JUBQ
UBCMPTVOBFLMFNFJſMFNJ ŒQVDVJMLJſMFN
%%-JMFZBQ‘MNB[%JţFSMFSJOJOJLJTJBZO‘
HSVQUBOJſMFNMFSEJS
#ÚMàN
42-7FSJ5BO‘NMBNB%JMJ
%BUB%FmOJUJPO-BOHVBHF
42-JZFUFSJODFCJMNJZPSTBO‘[CVCÚMàN
EFOÚODF#ÚMàNàPLVNBO‘[WFÚSOFL
MFSJCJSWFSJUBCBO‘àTUàOEFZBQNBO‘[
ÚOFSJMJS#VOEBOTPOSBCVCÚMàNàLBW
SBNBO‘[LPMBZMBſBDBLU‘S"ODBLCJSQSPKF
HFMJſUJSJSLFOÚODFMJLMFWFSJZJUBO‘NMBNBL
HFSFLJS#VOFEFOMFCVCÚMàNFÚODFMJL
WFSJMNJſUJS
7FSJUBO‘NMBNBEJMJWFSJOJOOF
PMEVţVOEBO[JZBEFWFSJOJOUJQJJMFJMHJMJ
UBO‘NMBNBMBS‘ZBQNBLJÎJOLVMMBO‘M‘Si#JS
WFSJUBCBO‘OEBIBOHJUBCMPMBSZFSBMBDBL
CVUBCMPMBSEBIBOHJBMBOMBSZFSBMBDBL
WFBMBOMBS‘OUàSMFSJOFPMBDBLJOEFLTZB
EBBOBIUBSPMBDBLN‘ wCVOMBS‘OIFQTJ
%%-JMFCFMJSMFOJSEFţJſUJSJMJSWFZBPMBO
CJSUBO‘NMBNBEBOWB[HFÎJMJQUBO‘NMBNB
TJMJOFCJMJS
7FSJUBCBO‘àTUàOEFIFSIBOHJCJS
%Œ,,"5
#B[‘75:4MFSEFIFSCJS42-DàNMFDJţJOJO
TPOVOBALPOVMNBT‘JTUFOJS#VUàS75:4MFSEF
DàNMFDJţJOOFSFEFCJUUJţJOJUBLJQFUNFLLVMMB
O‘D‘ZBC‘SBL‘MN‘ſU‘S½UFZBOEBOCB[‘75:4MFSEF
CJS42-DàNMFDJţJOJOCJUUJţJOJCFMJSUNFLJÎJO DàNMFTPOVOBALPZNBZBHFSFLZPLUVS#VOV
75:4OJOLFOEJTJEFBMH‘MBZBCJMNFLUFEJS"ODBL
ALPOVMNBT‘O‘OÎPţV75:4EFTPSVOΑLBSNBE‘ţ‘
CJSHFSÎFLUJS4:#"4&EFWF03"$-&EBDàNMF
MFSJOTPOVOBLPOVMNBT‘HFSFLJSLFO.JDSPTPGU
UBCBOM‘TJTUFNMFSEFCVUàSEFOCJS[PSVOMVMVL
CVMVONBNBLUBE‘S
#:5&7FSJUBCBO‘1SPHSBNMBNB
UBO‘NMBNBEBCVMVOVMBDBLTBCVUBO‘N
MBNB$3&"5&EFZJNJJMFPMVſUVSVMVS
%301EFZJNJJMFEFUBO‘NMBNBEBOWB[
HFÎJMJQTJMJOJS"-5&3EFZJNJJTFCJSUBO‘N
MBNBàTUàOEFEFţJſJLMJLJÎJOLVMMBO‘M‘S
#VCÚMàNEFWFUBLJQFEFOCÚMàN
MFSEFÚSOFLMFSEFOIFNFOTPOSBA
LPOVMEVLUBOTPOSBCJSNFTBKBZFSWFSJM
NJſUJS#VNFTBK42-JGBEFTJOJOTPOV
DVOEBOFPMEVţVOVHÚTUFSNFLUFEJS
6:"3*
#VLPNVUV.4"DDFTTàTUàOEFÎBM‘ſU‘SBNB[T‘
O‘["ODBL.442-4FSWFS4ZCBTFHJCJCàZàLWF
PSUBÚMÎFLMJWFSJUBCBOMBS‘OEBLVMMBO‘MBCJMJS
5FNFM7FSJ5JQMFSJ
42-EFZFOJCJSWFSJUJQJUBO‘NMBZBNBZ‘[
4BEFDFWBSPMBOWFSJUJQMFSJOJLVMMBOBCJ
MJSJ[#VSBEBIFNFOIFSZFSEFLVMMBO‘MBO
PSUBLWFSJUJQMFSJOFCJSHÚ[BUBDBţ‘[%JţFS
WFSJUJQMFSJIFSCJS75:4ZFÚ[FMPMBSBL
EFţJſFCJMFDFţJOEFO75:4JMFCJSMJLUFFMF
BM‘ONBT‘EBIBVZHVOEVS
#B[‘75:4MFSJLVMMBO‘D‘O‘OWFSJUJQJ
UBO‘NMBNBT‘OBPMBOBLTBţMBSBODBLCV
42-JOTVOEVţVCJSÚ[FMMJLPMNBZ‘Q75:4
UBSBG‘OEBOTBţMBOBOCJSÚ[FMMJLUJS
7FSJUBCBO‘
7FSJUBCBO‘JÎFSJTJOEFUBCMPMBS‘CBS‘OE‘SBO
WFSJUBCBO‘NJNBSJTJOJOFOCàZàLÚHFTJEJS
#JSWFSJUBCBO‘ſVſFLJMEFBΑM‘S
$3&"5&%"5"#"4&EBUBCBTF@OBNF
%Œ,,"5
5&.&-7&3Œ5Œ1-&3Œ
"/4*42-JÎFSJTJOEFNFUJOPMBOEFţFSMFS$)"
37"3$)"3.&.0%"5&
UFLU‘SOBLJÎFSJTJOF
BM‘OBSBLZB[‘M‘S3",".4"-EFţFSMFSJTFPMEVţV
HJCJZB[‘M‘S
½SOFL
8)&3&UBSJIA
NFUJO
4&5LJUBQ/P
TBZ‘
*/5&(&3CPZVU
5BN4BZ‘
*/5CPZVU
5BN4BZ‘
4."--*/5CPZVU
,àÎàL5BN4BZ‘
5*//:*/5CPZVU
/àNFSJLUBNCPZVU4BZ‘O‘O
FOGB[MBLBÎCBTBNBLM‘PMBDBţ‘CFMJSUJMJS
%&$*."-CPZVUE
0OEBM‘L
'-0"5CPZVUE
,FTJSMJ4BZ‘
CPZVU'B[MBLBÎCBTBNBLUBNL‘T‘NPMBDBţ‘
CFMJSUJMJS
E0OEBM‘LM‘CBTBNBLTBZ‘T‘O‘BOMBUNBLJÎJO
LVMMBO‘M‘S
$)"3CPZVU
%BIBÎPLV[VOMVţVTBCJU
UFMFGPOOVNBSBT‘HJCJ
LBSBLUFSWFSJMFSJJÎJO
LVMMBO‘M‘S
7"3$)"3CPZVU
%FţJſLFOCPZVUUBNFUJO
BMBOCFMJSMFNFLJÎJOLVMMBO‘M‘S
CPZVU#VBMBOEBFOGB[MBLBÎLBSBLUFSZFS
BMBDBţ‘O‘CFMJSUJS
%"5&5*.&5BSJI
-0(*$"-#*5
#*5USVFGBMTFWFZBZFTOPBMBO
EJZFEFHFÎNFLUFEJS&OB[ZFSLBQMBZBOWFSJ
UJQJEJSWFPMNBLà[FSFJLJEFţFSBMBCJMJS
½SOFL
$3&"5&%"5"#"4&EC,VUVQIBOF
7FſVſFLJMEFTJMJOJS
%301%"5"#"4&EBUBCBTF@OBNF
½SOFL
%301%"5"#"4&EC,VUVQIBOF
5BCMPMBS
5BCMP0MVſUVSNB
$3&"5&5"#-&UBCMP@BEJ
LPMPO@BEJWFSJ@UJQJ</05/6--><
LPMPO@BEJWFSJ@UJQJ</05/6-->>
JMFZFOJCJSUBCMPPMVſUVSVMVS
½SOFL
$3&"5&5"#-&,JUBQ
LJUBQ/P*/5&(&3/05/6--$0/4
53"*/5DOT,JUBQ/P13*."3:,&:
LJUBQ"EJ7"3$)"3
/05/6--
*4#//P7"3$)"3
5VSV7"3$)"3
TBZGB4BZJTJ*/5&(&3
LJUBQ0[FUJ7"3$)"3
JMFÚSOFţJNJ[EFLJUBCMPZVPMVſUVSB
CJMJSJ[
0-6ľ563."Œľ-&.Œ#"ľ"3*Œ-&
:"1*-%*
7FSJUBCBO‘1SPHSBNMBNB#:5&
,‘T‘UMBS$POTUSBJOU
0MVſUVSNB
,‘T‘UMBZ‘D‘MBSUBCMPMBS‘OPMVſUVSVMNBT‘T‘SB
T‘OEBUBCMPMBS‘OCJSQBSÎBT‘PMBSBLUBO‘MB
O‘S.4"DDFTTWF42-4FSWFSEFLVMMBO‘M‘S
"ſBţ‘EBLJJſMFWMFSJZFSJOFHFUJSFCJMJSMFS
*/%&9HJCJCJSJODJMBOBIUBSBMBOUBO‘N
MBZBCJMJSMFS13*."3:,&:
#VEVSVNEB
TUBOEBSUPMBSBL$MVTUSFE*OEFYHJCJEBWSB
O‘SMBSCL[*/%&9MFS
*/%&9HJCJUFLJMBMBOCFMJSMFZFCJMJSMFS
6/*26&,&:
5BCMPPMVſUVSNBFTOBT‘OEBEBZBQ‘MB
CJMFO/05/6--
BMBOCFMJSMFZFCJMJSMFS
:BCBOD‘"OBIUBSCFMJSMFZFCJMJS
MFS'03&*(/,&:
1SJNBSZ,FZ#JSUBCMPEBLJIFSCJSTBU‘
S‘OZFSJOFWFLJMPMBCJMFDFLCJSBOBIUBS
WFSJEJS5FLSBSMBNBNBT‘HFSFLJS4UBOEBSU
PMBSBLCJSUBCMPEBWFSJMFSJOm[JLTFMIBG‘[B
àTUàOEFEFIBOHJBMBOBHÚSFEJ[JMFDFţJOJ
EFQSJNBSZLFZCFMJSMFS#VCB[FOCJSUFL
BMBOPMBCJMFDFţJHJCJCB[FOCJSEFOGB[MB
BMBOEBCJSMFſFSFLCJSCJSJODJMBOBIUBS
PMVſUVSBCJMJS
6OJRVF,FZ6OJRVF,FZPMBSBLUBO‘N
MBOBOBMBOJÎJOCJSEFţFSTBEFDFCJSLFSF
HJSJMFCJMJS#JSCBſLBTBU‘SBEBIBBZO‘
WFSJOJOHJSJMNFTJOFJ[JOWFSJMNF[1SJNBSZ
,FZEFOGBSLM‘PMBSBL6OJRVF,FZ/6--
EFţFSJOJBMBCJMJS
#:5&7FSJUBCBO‘1SPHSBNMBNB
'PSFJHO,FZ#JSUBCMPZBHJSJMFCJMFDFL
EFţFSMFSJCBſLBCJSUBCMPOVOCJSCFMMJ
BMBO‘OEBZFSBMBCJMFDFLWFSJHSVCVJMF
T‘O‘SMBOE‘SNBZBWFFOÚOFNMJTJEFJMJſLJ
MFOEJSNFZFZBSBS
½SOFţJOPMNBZBOCJSLJUBC‘OÚEàOÎ
UBCMPTVOBFLMFOFNFNFTJWFÚEàOÎUBC
MPTVOBFLMFOFCJSLJUBC‘OOVNBSBT‘BSBD‘
M‘ţ‘ZMBEFUBZCJMHJMFSJOFFSJſJMNFTJ#VSBEB
,JUBQ,JUBQ/PCJSJOJDJMBOBIUBSBMBO
0EVODLJUBQ/PJTFZBCBOD‘BOBIUBSE‘S
(FOFMZBQ‘T‘ſVſFLJMEFEJS
$0/453"*/5DPOTUSBJOU@OBNF13*
."3:,&:]6/*26&]/05/6--]3&'&
3&/$&4GPSFJHO@UBCMF<GPSFJHO@mFME<
GPSFJHO@mFME>
>
5BCMPMBSPMVſUVSVMVSLFOCB[‘BMBOMBSB
HJSJMFCJMFDFLEFţFSMFSJMFJMHJMJL‘T‘UMBS
LPZNBL[PSVOEBLBMBCJMJSJ[#ÚZMFTJ
EVSVNMBSEB$0/453"*/5MFSLVMMBO‘M‘S
$0/453"*/5MFSBTM‘OEB*/%&9MFSF
CFO[FSMFSBNBJOEFLTMFSEFOGBSLM‘PMBSBL
CJSUFLUBCMPàTUàOEFFULJMJPMNBZBCJMJS
MFS½[FMMJLMFZBCBOD‘BOBIUBS[PSMBZ‘D‘T‘
JMJſLJTFMWFSJHJSJſJJÎJOPMEVLÎBFULJMJCJS
[PSMBZ‘D‘E‘S"ODBLCJS'PSFJHO,FZUBO‘N‘
ZBQBCJMNFLJÎJO'03&*(/,&:ZBCBOD‘
BOBIUBS‘O‘OBT‘MUBCMPTVOEBCJSJODJMBOBI
UBSPMNBT‘HFSFLJS
½SOFL
$3&"5&5"#-&,JUBQ
LJUBQ/PJOU/05/6--
LJUBQ"EJWBSDIBS
*4#//PWBSDIBS
TBZGB4BZJTJJOU
LJUBQ0[FUJWBSDIBS
0-6ľ5636-."Œľ-&.Œ#"ľ"3*Œ-&
:"1*-%*
WFZB
$3&"5&5"#-&PEVOD
PEVOD/PJOU/05/6--
LJUBQ/PJOU/05/6--
VZF/PJOU/05/6--
WFSNF5BSJIJEBUFUJNF/05/6--
WFSNF4VSFTJJOU/05/6--
HFMEJ.JCJU
0-6ľ5636-."Œľ-&.Œ#"ľ"3*Œ-&
:"1*-%*
5BCMPTJMNF
#JSUBCMPZVLVMMBONBLUBOWB[HFÎFS
TFL
%3015"#-&UBCMP@BEJ
5"#-0%&ĢŒľŒ,-ŒĢŒŒľ-&.Œ#"ľ"3*
Œ-&:"1*-%*
½SOFL
#VTàUVOVOCPſHFÎJMFNFNFTJOJJTUFTF
JEJL
"-5&35"#-&,JUBQ"-5&3$0-6.
/LJUBQ#FEFMJ*/5&(&3/05/6--
5"#-0%&ĢŒľŒ,-ŒĢŒŒľ-&.Œ#"ľ"3*
Œ-&:"1*-%*
EFNFNJ[HFSFLJSEJ
½SOFL
#VTàUVOVTJMNFLJÎJO
"-5&35"#-&,JUBQ%301$0-6.
/LJUBQ#FEFMJ
5"#-0%&ĢŒľŒ,-ŒĢŒŒľ-&.Œ#"ľ"3*
Œ-&:"1*-%*
ŒOEFLTMFS
5BCMPEB%FţJſJLMJL:BQNB
#JSUBCMPZBTàUVOFLMFNFLWFZBUBCMPEBO
TàUVOTJMNFLJÎJO"-5&35"#-&EFZJNJ
LVMMBO‘M‘S
"-5&35"#-&UBCMP@BEJ
\"%%\$0-6./BMBOBMBO@UJQJ<CPZVU
><
/05/6--><$0/453"*/5JOEFLT>
$0/453"*/5DPLMV@JOEFLT^
%301\$0-6./BMBO]$0/453"*/5
DPOTUSBJOU@BEJ^
^
½SOFL
,JUBQUBCMPTVOBLJUBQCFEFMJBE‘OEB
ZFOJCJSUBNTBZ‘TàUVOFLMFZFMJN
"-5&35"#-&,JUBQ"%%LJUBQ#FEFMJ
*/5&(&3
,àUàQIBOFNJ[EFLJ,JUBQ‘OSBnBSEBLJEJ[J
MJſMFSJOJFMFBMBM‘N#JSLJUBQBSBE‘ţ‘N‘[EB
,JUBQ‘N‘[CJSLVSBMBHÚSFEJ[JMNJZPSTBIFS
CJSLJUBCBUFLFSUFLFSCBLNBN‘[HFSF
LJS,JUBQ‘SBnBSBBMGBCFUJLEJ[FSTFLIFS
CJSLJUBC‘UFLFSUFLFSHÚ[EFOHFÎJSNFL
[PSVOEBLBMNBZ‘["SBE‘ţ‘N‘[LJUBQJMF
CBLNBLUBPMEVţVNV[LJUBC‘OJTJNMFSJOJ
LBSſ‘MBſU‘S‘STBţBZBEBTPMBZÚOFMJQBSB
NBZBEFWBNFEFSJ["ZO‘ſFLJMEFZB[BSMB
S‘OBZBEBLàUàQIBOFOVNBSBT‘OBHÚSF
T‘SBMBON‘ſCJSFSMJTUFPMVSTBCVLSJUFSMFSF
HÚSFEFBSBE‘ţ‘N‘[LJUBC‘LPMBZDBCVMB
CJMJSJ[
7FSJUBCBOMBS‘OEBJOEFLTPMVſUVSBSBL
WFSJMFSJWFSJUBCBO‘OEBLJLBZ‘UM‘PMEVLMBS‘
T‘SBEBOCBſLBCJST‘SBEBHÚTUFSFCJMJSJ[
7FSJUBCBO‘1SPHSBNMBNB#:5&
5FNFMEFŒOEFLTMFSJOJMJſLJTFMWFSJUBCB
O‘OEBſVàÎJſMFWJWBSE‘S
5FLJMŒOEFLTMFSWFSJJMJſLJMFSJOJWFWFSJ
CàUàOMàţàOàTBţMBZBOCJSJODJMBOBIUBS
BMBOMBSPMVſUVSNBEBLVMMBO‘M‘S
ŒOEFLTPMBOBMBO‘OEFţFSJOFHÚSFCJS
LBZE‘OLBZ‘UMBSBSBT‘OEBLJT‘SBT‘O‘HÚTUF
SJSMFS
4PSHVMBS‘OOFUJDFMFONFTàSFMFSJOJ
L‘TBMU‘SMBS
$3&"5&<6/*26&>*/%&9JOEFY@BEJ
0/UBCMP@BEJLPMPO@BEJ<LPMPO@BEJ
><%&4$>
½SOFL
$3&"5&6/*26&*/%&9JOE,JUBQ/P
0/,JUBQLJUBQ/P
0-6ľ563."Œľ-&.Œ#"ľ"3*Œ-&
:"1*-%*
%FEJLUFOTPOSBJLJGBSLM‘LJUBCBBZO‘
LJUBQOPTVOVWFSNFLNàNLàOPMBNBZB
DBLU‘S#VOVCJ[JNZFSJNJ[F75:4EFOFU
MFZFDFLUJS
#JSJOEFLTJTJMNFLJÎJO
%301*/%&9UBCMP@BEJJOEFLT@BEJ
EFZJNJLVMMBO‘M‘S#JSUBCMPZBEBJOEFLT
BMBOTJMJOEJţJOEFJOEFLTEFPUPNBUJL
PMBSBLTJMJONJſPMVS
½SOFL
ľJNEJPMVſUVSEVţVNV[JOEFLTJHFSJ
TJMFMJN
%301*/%&9,JUBQJOE,JUBQ/P
/&4/&4Œ-Œ/.&Œľ-&.Œ#"ľ"3*Œ-&
#:5&7FSJUBCBO‘1SPHSBNMBNB
:"1*-%*
42-4FSWFSEF*OEFYT‘SBT‘OBHÚSFWFSJ
MFSJOm[JLTFMPMBSBLZFOJEFOT‘SBMBONBT‘O‘
JTUFSTFL
$3&"5&6/*26&$-645&3&%*/%&9
JOE,JUBQ/P
0/LJUBQMBSLJUBQ/P
EJZFCJMJSJ["ODBLCJSUBCMPàTUàOEF
TBEFDFCJSBEFU$MVTUSFE*OEFYPMVſUVSV
MBCJMJS#JSÎPLMVLLàNFTJOJm[JLTFMPMBSBL
BZO‘BOEBLBÎGBSLM‘ſFLJMEFT‘SBMBZBCJMJSJ
[ &MCFUUFCJSLFSF
4J[JOLVMMBONBLUBPMEVţVOV[75:4
EFCVLPOVEBFLJſMFWMFSTVOVZPSPMBCJMJS
:BSE‘NNFOàTàOEFOCVLPOVEBCJMHJ
BMBCJMJSTJOJ[
5BCMPMBSCJSCJSJJMFJMJſLJMFOEJSJMJSLFO
JOEFYBMBOMBSàTUàOEFOJMJſLJLVSVMVSTB
EBIBI‘[M‘TPSHVMBSFMEFFEJMJS
7JFXMFS
#B[FOUBCMPMBS‘PMEVLMBS‘OEBOGBSLM‘
HÚTUFSFDFLmMUSFMFSFJIUJZBÎEVZBS‘[
#VUàSEFOJſMFWMFSJÎJO"/4*42-7*&8
LVMMBONBZ‘ÚOFSJS7*&8MFSTBLMBON‘ſ
TPSHVMBSEBOJCBSFUUJS"TM‘OEBUBCMPHJCJ
LVMMBO‘MTBEBCÚZMFCJSUBCMPIBMJIB[‘SEB
ZPLUVS
7*&8MFSſVHÚSFWMFSJÎJOLVMMBO‘M‘S
,VMMBO‘D‘MBS‘OCB[‘LSJUJLUBCMPMBS‘O
TBEFDFCFMMJTàUVOMBS‘O‘WFZBTBU‘SMBS‘O‘
HÚSNFTJJTUFOEJţJOEF
,VMMBO‘D‘MBS‘OÎFſJUMJCJSJNEÚOà
ſàNMFSJOEFOHFÎNJſEFţFSMFSHÚSNFMFSJ
HFSFLUJţJOEF
)BMJIB[‘SEBLJUBCMPMBSEBWBSPMBO
WFSJMFSJOCBſLBCJSUBCMPGPSNBU‘OEB
%Œ,,"5
.4"DDFTTEF7*&8PMVſUVSVMBNB[42-4FS
WFS4Z#BTF0SBDMFHJCJPSUBWFCàZàLÚMÎFLMJ
75:4MFSEFPMVſUVSVMBCJMJS
#VL‘T‘NEBLJ4&-&$5LPNVUVOVBOMBNBLJÎJO
ÚODFMJLMFÃOJUFZFHÚ[BUNBO‘[ÚOFSJMJS
TVOVMNBT‘HFSFLUJţJOEF
±PLLPNQMFLTTPSHVMBS‘CBTJUMFſUJS
NFLJÎJO
½SOFţJO,JUBQUBCMPNV[EBLJTBEFDF
#JMHJ5FLOPMPKJMFSJUàSàOEFLJLJUBC‘N‘[‘O
ZFSBMBDBţ‘CJS7*&8ſVſFLJMEFPMVſUVSV
MBCJMJS
$3&"5&7*&8WJFX@BEJ<LPMPO
LPMPO
>"4
4&-&$5UBCMPLPMPO@BEJ@
'30.UBCMP@BEJ
½SOFL
$3&"5&7*&8WX#5,JUBQJLJUBQ/P,J
UBQ"EJ*4#//P4BZGB4BZJTJ0[FUJ
"4
4&-&$5LJUBQ/P,JUBQ"EJ*4#//P
4BZGB4BZJTJ0[FUJ
'30.,JUBQ
8)&3&UVSVA#JMHJ5FLOPMPKJMFSJ
/&4/&0-6ľ563."Œľ-&.Œ#"ľ"3*
Œ-&:"1*-%*
7FZBſVſFLJMEFEFPMVſUVSBCJMJSJ[
½SOFL
$3&"5&7*&8WX#5,JUBQMBSJ"4
4&-&$5
'30.LJUBQ
8)&3&LJUBQ/P
/&4/&0-6ľ563."Œľ-&.Œ#"ľ"3*
Œ-&:"1*-%*
7JFXMFSUBCMPMBSàTUàOEFZBQ‘MBOCJS
ÎPLJſMFNJEFTUFLMFS
½SOFL#JSÚODFLJ7JFXàTUàOEF
TFÎNFJſMFNJZBQBM‘N4FÎNFJſMFNJEF
OFEFNFLEJZPSTBO‘[-àUGFOÚODFMJLMF
CÚMàNFCJSHÚ[HF[EJSJOJ[
½SOFL
4&-&$5
'30.WX#5,JUBQJ
#JSWJFXCBſLBCJS7JFXJOBMBOMBS‘OB
SFGFSBOTJÎFSFCJMJS:BEBCJSWJFXCJSUBCMP
JMFJMJſLJTFMTPSHVZBHJSFCJMJS
7JFXMFSſVſFLJMEFTJMJOJS
%3017*&8WJFX@BEJ
½SOFL
%3017*&8WX#5,JUBQJ
/&4/&4Œ-Œ/.&Œľ-&.Œ#"ľ"3*Œ-&
:"1*-%*
%Œ,,"5
7JFXMFSTPOVÎJUJCBS‘JMFHFSÎFLBOMBNEBLJ
UBCMPMBSEFţJMEJS#VOEBOEPMBZ‘7JFXMFS
àTUàOEFFLMFNFWFZBHàODFMMFNFZBQBSLFO
ÎFſJUMJL‘T‘UMBNBMBSWBSE‘S
7FSJUBCBO‘5BTBS‘N‘
ŒZJCJSWFSJUBCBO‘UBTBS‘N‘ZBQBCJMNFL
JÎJOZFUFOFţJOJ[JCJMHJOJ[JWFUFDSàCFOJ[J
LVMMBONBO‘[HFSFLJS#VJſJÎJOFWSFOTFM
HFÎFSMJMJţJPMBONFUPUMBSNBBMFTFGZPLUVS
7FSJUBCBO‘1SPHSBNMBNB#:5&
½ODFMJLMFJMJſLJTFMWFSJUBCBO‘O‘OUBO‘N‘O‘
ÎPLJZJCJMNFLHFSFLJS#VOVOMBJMHJMJ
PMBSBL/PSNBMJ[BTZPOLVSBM‘O‘PLV
NBO‘[EBGBZEBWBSE‘S"ODBL/UBTBS‘N
BſBNBT‘OEBTJ[FZPMHÚTUFSNFLZFSJOF
IBOHJſBSUMBSBVZHVOUBTBS‘NZBQNBO‘[
HFSFLUJţJOJBOMBU‘S#B[FOCVLVSBMMBSEBO
WB[HFÎNFLEVSVNVOEBLBMBCJMJSTJOJ[
BODBLWFSJUBCBO‘OEBTBLMBOBDBLWFSJMFSJO
IBDNJBSUU‘LÎBCVLVSBMMBS‘OEBIBT‘L‘
VZHVMBONBT‘OEBGBZEBWBSE‘S
/FTOFMFSJ5BO‘NMBZ‘O
)FSIBOHJCJSQSPKFÚOàOà[EFLPOEV
ţVOEBÚODFMJLMFOFTOFMFSJUBO‘NMBZ‘O
/FTOFÎFſJUMJÚ[FMMJLMFSJCVMVOBOCJS
WBSM‘LU‘S#BſMBOH‘ÎUBÚ[FMMJLMFSJJMFJMHJMFO
NFZFDFţJ[
½SOFL
#JSLBÎÚSOFLQSPKFJÎJOOFTOFMFSJWFSF
DFLPMVSTBL
,àUàQIBOFTJTUFNJ,JUBQàZFMFSUàSMFS
ÚEàOÎIBSFLFUMFSJ
&UJDBSFUTJTUFNJÃSàOMFSNàſUFSJMFS
TJQBSJſMFSUFTMJNBUGBUVSBCJMHJMFSJàSFUJDJ
MFSUFEBSJLÎJMFSEBţ‘U‘D‘MBS
'VUCPM-JHJ5BL‘NMBSTBIBMBSPZVODVMBS
mLTUàSIBLFNMFSBOUSFOÚSMFS
0LVM4JTUFNJ½ţSFODJMFSÚţSFUNFOMFS
EFSTMFSEFSTMJLMFS
4Ú[MàLLFMJNFMFSBOMBNMBSEJMMFS
#:5&7FSJUBCBO‘1SPHSBNMBNB
Œ16$6
5BCMPMBSBJTJNWFSJSLFONàNLàOTFUFLJMJTJNMFS
LVMMBO‘O#ÚZMFZBQBSTBO‘[IFNEBIBBOMBſ‘M‘S
CJSUBTBS‘NZBQN‘ſPMVSTVOV[IFNEFEBIB
TPOSBLPEMBNBBſBNBT‘OEBLBS‘ſ‘LM‘ţ‘OÚOàOF
HFÎNJſPMVSTVOV[
½SOFţJOJÎJOEF,JUBQJMFJMHJMJCJMHJMFSCVMVO
EVSBDBLUBCMPOVOBE‘O‘,JUBQLPZNBLPMEVLÎB
NBOU‘LM‘E‘S
)FSOFTOFJÎJOCJSUBCMPPMVſUVSVO
)FSCJSOFTOFJÎJOCJSUBCMPPMVſUVSVO
WFIFSCJSUBCMPZBJÎFSFDFţJWFSJZJFOJZJ
BOMBUBOCJSJTJNWFSJO5BCMPPMVſUVSNB
JſJOJCJSLBţ‘UàTUàOEFTFNCPMJLPMBSBL
HÚTUFSFCJMJSTJOJ[WFZBEPţSVEBO.4
"DDFTT42-4FSWFS.Z42-0SBDMFHJCJ
LVMMBONBLUBPMEVţVOV[75:4àTUàOEFO
EFPMVſUVSBCJMJSTJOJ["NBUàNQSPKF
CJUJODFZFLBEBSCVUBCMPMBSàTUàOEF
NVIUFNFMEFţJſJLMJLMFSPMBDBLU‘S
)FSCJSUBCMPJÎJOCJSBOBIUBSBMBO
TFÎJO
7FSJUBCBO‘OEBLJIFSIBOHJCJSWFSJZF
FSJſNFEFOÚODFUBCMPZBFSJſJMJS#JSWFSJUB
CBO‘OEBFOÎPLNVIBUBQPMVOBOOFTOF
HSVCVHFOFMMJLMFUBCMPMBSE‘S#VSBZBLBEBS
IBOHJUBCMPMBS‘PMVſUVSBDBţ‘N‘[BLBSBS
WFSEJL)FSCJSUBCMPOVOJÎJOEFIBOHJ
CJMHJMFSJTBLMBZBDBţ‘N‘[‘LBCBDBCJMJZP
SV[#VBſBNBEBUBCMPEBZFSBMBDBLIFS
CJSLBZE‘CJSEJţFSJOEFOBZ‘SBCJMFDFLCJS
TàUVOBJIUJZBÎEVZBS‘[½SOFţJOCJSLJUBC‘
TFÎNFLJTUFEJţJNJ[EFCVLJUBC‘OIBOHJ
LJUBQPMBDBţ‘O‘ÚZMFCJSBOMBUBCJMNFMJZJ[
LJCBſLBIJÎCJSLJUBQJMFLBS‘ſNBNBM‘
#VOVZBQNBO‘OUFLZPMVCJSBMBO‘CJSJODJM
BOBIUBSBMBOPMBSBLCFMJSMFNFLUJS
"OBIUBSBMBOTFÎFSLFOTJ[JL‘T‘UMBNB
E‘ţ‘TàSFDFEPţBMBMBOMBSTFÎNFZFEJLLBU
FUNFOJ[EFGBZEBWBSE‘S½SOFţJOBSBÎMBS
JMFJMHJMJCJSUBCMPZBQBSLFOQMBLBMBS‘O‘
BOBIUBSBMBOPMBSBLCFMJSMFZFCJMJSTJOJ[
±àOLàIFSCJSQMBLBEBOCJSUFLBSBÎUSB
mţFΑLBCJMJS#VCJ[JL‘T‘UMBNB[½ţSFODJ
UBCMPTVJÎJOÚţSFODJOVNBSBT‘EPţBMCJS
BOBIUBSBMBOE‘SÎàOLàBZO‘PLVMEBBZO‘
OVNBSBEBOCJSÚţSFODJOJOEBIBCVMVO
NBT‘TÚ[LPOVTVEFţJMEJS
,JUBQUBCMPTVJÎJO*4#/OVNBSBT‘O‘
BOBIUBSBMBOPMBSBLUBO‘NMBZBCJMJSTJOJ[
BNBFMJOJ[EFBZO‘LJUBQUBOJLJBEFUPMEV
ţVOEB*4#/OVNBSBT‘TJ[JL‘T‘UMBZBDBLU‘S
FMJOJ[EFJLJBEFUA½OàNà[EFLJ:PMLJUBC‘
WBSTBIFSJLJLJUBC‘OEB*4#/OVNBSBT‘
BZO‘E‘S,JUBQEBOCJSJFTLJCJSJZFOJPMBCJ
MJS#VCJSLBSHBſBZBOFEFOPMBCJMJS±àOLà
FTLJLJUBC‘LJNFZFOJLJUBC‘LJNFWFSEJţJ
OJ[JOUBLJCJOJ*4#/OVNBSBT‘JMFNàNLàO
EFţJMEJS"ODBLCJS&5JDBSFUTJUFTJUBTBS
MBSLFOTUPLUBLJUàNLJUBQMBSCJSCJSJJMF
FſEFţFSPMBDBţ‘OEBOZBEBÚZMFPMEVţV
WBSTBZ‘ME‘ţ‘OEBO*4#/OVNBSBT‘CJSJODJM
BOBIUBSBMBOPMBCJMJS#VEVSVNEBBEFU
EJZFCJSOJUFMJţJOBZO‘UBCMPEBZFSBMNBT‘
HFSFLFDFLUJS
/FTOFMFSJOHFSFLMJIFSCJSÚ[FMMJţJ
JÎJOUBCMPZBCJSTàUVOFLMFZJO
5BCMPBEMBS‘O‘UBNBNMBE‘LUBOWFBOBIUBS
BEMBS‘O‘CFMJSMFEJLUFOTPOSBUBCMPMBS‘O‘[B
Œ16$6
&OCBſBCJSJODJMBOBIUBSPMBSBLCFMJSMFEJţJOJ[
BMBO‘FLMFNFLCJSLVSBMEFţJMEJSBODBLUBC
MPOV[VOBOMBſ‘M‘SM‘ţ‘WFHÚ[FIPſHÚSàONFTJ
BΑT‘OEBOUFSDJIFUNFOJ[JOZBSBS‘O‘[BPMBDBLCJS
UFLOJLUJS
(FOFMMJLMFZBQBZCJSJODJMBOBIUBSBMBOMBS
UBCMPBE‘JMFCBſMBSWFTPOVOEB*%WBSE‘SPHSFODJ
UBCMPTVJÎJOPHSFODJ*%HJCJ
T‘SBEBOBE‘O‘WFSFOOFTOFOJOIFSCJSÚ[FM
MJţJJÎJOCJSBMBOTàUVO
FLMFZJO
½SOFţJOLJUBQJÎJO
,JUBQOP*4#/OPLJUBQBE‘ZB[BS‘
UàSàTBZGBTBZ‘T‘Ú[FUJmZBU‘CBTL‘Z‘M‘
ÃZFJÎJO
6ZF/PBE‘TPZBE‘FNBJMBESFTJFW
UFMFGPOVDFQUFMFGPOVJſUFMFGPOV
#VOPLUBEBTJ[EFOJTUFOFOQSPKFJMF
JMHJMJCBT‘M‘GPSNMBSWTWBSTBCJSHÚ[BUNB
O‘[IBOHJÚ[FMMJLMFSJOZFSBMNBT‘HFSFLUJţJ
LPOVTVOEBLBSBSWFSNFOJ[FZBSE‘ND‘
PMBDBLU‘S
5FLSBSMBZBOOFTOFÚ[FMMJLMFSJJÎJOFL
UBCMPMBSPMVſUVSVO
"LM‘O‘[EBIFQſVPMNBM‘WFSJUFLSBS‘
PMBDBLN‘ 7FSJUFLSBS‘PMBDBLTBCJSZFS
MFSEFIBUBZBQ‘ZPSTVOV[EVS&MJOJ[EFLJ
UBCMPOVOFOB[CJSUBCMPZBEBIBBZS‘MNBT‘
HFSFLJZPSEFNFLUJS
ľVOVEBVOVUNBZ‘OIFSQSPKFZF
VZBDBLFWSFOTFMCJSWFSJUBCBO‘UBTBS‘N
UFLOJţJZPLUVS:BOJIFSſFZTJ[JOCFMMJ
LVSBMMBSFUSBG‘OEBOFLBEBSUFGFSSVBUM‘
7FSJUBCBO‘1SPHSBNMBNB#:5&
EàſàOFCJMEJţJOJ[FCBţM‘E‘S
½SOFţJNJ[EFIFSCJSLJUBQJÎJOUàS
CFMJSMFEJLBNBCJSLJUBQIFNLJſJTFM
HFMJſJNLBUFHPSJTJOFIFNEFIJLBZF
LBUFHPSJTJOFHJSFCJMJS:BEBFUJDBSFUTJT
UFNJOEFCJSàSàOàOCJSEFOGB[MBSFZPOEB
ZFSBMNBT‘HFSFLMJPMBCJMJS7FZBCJSLJUBQ
CJSEFOGB[MBLJſJUBSBG‘OEBOZB[‘MN‘ſPMB
CJMJS
#JSLJUBQJÎJOCJSEFOGB[MBUàSàLBZEF
EFCJMNFZJFMFBMBM‘N
#VUàSEFOCJSTPSVOVÎÚ[NFLJÎJOJML
BLMBHFMFOſFZ,JUBQJÎJO5àS5àSEJZF
JLJBMBOEBIBFLMFNFL"NBÎPţVLJUBQ
CJSUFLUàSEFOEJSWFCVLJUBQJÎJOBMBO
IFQCPſLBMBDBLU‘S½UFZBOEBOUàSF
CJSEFOHJSFOCJSLJUBQPMEVţVOEBUàS
CJMHJTJOJOFSFZFZB[BDBţ‘[ "ZO‘BMBOB
N‘ :BEBEÚSUBEFUCÚMàNNàBÎBDBţ‘[ #VOMBSWFSJUBCBO‘UBTBS‘N‘O‘OEPţBT‘OB
UFSTUJS
±Ú[àNZPMVJTFCJSLJUBC‘JLJLFSF
LBZEFEJQCJSJODJTJOJA,JſJTFM(FMJſJN
UàSàPMBSBLJLJODJTJOJEFA)JLBZFPMBSBL
HJSNFL"ODBLCVEVSVNEBEBEJţFSCJM
HJMFSUFLSBSFEFDFLUJS:BEBCJSTàSFTPOSB
LJUBQIBLL‘OEBHJSJMFOCJMHJMFSJOZBOM‘ſ
PMEVţVOVGBSLFUUJOJ[)BOHJLBZE‘HàO
DFMMFZFDFLTJOJ[ :BCJSJOJEà[FMUJQCJSJOJ
VOVUVSTBO‘[ 4POVÎUBWFSJUFLSBS‘WFWFSJ
CàUàOMàţàOàOCP[VMNBT‘TÚ[LPOVTVEVS
#VEBZJOFJMJſLJTFMWFSJUBCBO‘UBTBS‘N‘O‘O
EPţBT‘OBUFSTUJS
#VEVSVNEBUàSMFSEJZFCJSZFOJUBCMP
PMVſUVSVQCJSEFLJUBQ@UVSMFSEJZF
UBCMPZVPMVſUVSEVLUBOTPOSBCVUàSEFO
CJMHJMFSJCVSBEBUVUNBLHFSFLFDFLUJS
#:5&7FSJUBCBO‘1SPHSBNMBNB
#ÚZMFMJLMFIJÎCJSUàSEFZFSBMNBZBOLJUBQ
UBOBZS‘UàSEFZFSBMBOLJUBCBLBEBS
CàUàOPMBT‘M‘LMBSJÎJOCJSÎÚ[àNHFMJſUJS
NJſPMVSV[
"OBIUBS"MBOB#BţM‘0MNBZBO
"MBOMBS‘#FMJSMFZJO
ŒMJſLJTFMWFSJUBCBO‘OEBUBCMPEBOIFSIBOHJ
CJSUFLLBZEBFSJſNFLJÎJONVUMBLBCJS
GBSLM‘Ú[FMMJLTBţMBONBM‘E‘SWFCVÚ[FMMJL
EFBOBIUBSBMBOUBSBG‘OEBOTBţMBO‘S
"ODBLCB[FOBOBIUBSBMBOJMFBZO‘TBU‘SEB
ZFSBME‘ţ‘IBMEFBOBIUBSBMBOJMFCJSFCJS
JMJſLJTJPMNBZBOCJSBMBOZFSBMBCJMJS#V
UàSEFOBMBOMBS‘FMJNJOFFEJQBZS‘UBCMPMBSB
BZ‘SNBLHFSFLJS
½SOFţJOÚEàOÎUBCMPTVOVFMFBMBDBL
PMVSTBLÚEàOÎWFSEJţJNJ[IFSLJUBC‘
ÚEàOÎBMBO‘OBESFTJOJEFCJMNFLJTUFEJţJ
NJ[EFCVOVÚEàOÎUBCMPTVOBZB[BNBZ‘[
±àOLàÚEàOÎUBCMPTVOVOCJSJODJMBOBIUBS
BMBO‘PEVOD/PEVSWFCVBMBOÚEàOÎ
WFSNFJſMFNJJMFJMHJMJEJS0ZTBÚEàOÎ
BMBO‘OBESFTJÚEàOÎBMBOLJſJOJOLFO
EJTJOFCBţM‘CJSÚ[FMMJLUJS#VLJſJOJOIFS
BME‘ţ‘LJUBQJÎJOBESFTJOJUFLSBSZB[NBZB
HFSFLZPLUVS"ZO‘ſFLJMEFPUPNBTZPO
JÎFSJTJOEFCBſLBZFSMFSEFEFCVLJſJOJO
BESFTCJMHJMFSJOFNVIUFNFMFOJIUJZBÎ
EVZVMBCJMJSÎàOLàBESFTàZFOJOCJSÚ[FM
MJţJEJS
½EàOÎWFSJMFOLJUBC‘OBESFTJOJCJMNFL
JTUFEJţJNJ[EFàZFMFSBE‘OEBCJSUBCMP
EBIBBΑQCVSBEBIFSLFTJOBESFTJOJ
UVUNBLEVSVNVOEBZ‘[EFNFLUJS½EàOÎ
UBCMPTVOVOJTFPEVOD"MBOCJMHJTJPMBSBL
ÃZFMFSUBCMPTVOVOCJSJODJMBOBIUBSBMB
O‘OBCJSCBţMBOU‘ZBCBOD‘BOBIUBS
JÎFS
NFTJEBIBEPţSVPMVS
5BCMPMBSBSBT‘OEBLJJMJſLJMFSJ
UBO‘NMBZ‘O
)FSCJSJCJSOFTOFZFEBJSÚ[FMMJLMFSJCBS‘O
E‘SBOUBCMPMBS‘OUàNàOàHÚ[ÚOàOFBM‘OWF
CJSCJSMFSJJMFPMBOJMJſLJMFSJOJUBO‘NMBNBZB
ÎBM‘ſ‘O½SOFţJOLJUBC‘ÚEàOÎWFSJSJ[#V
EVSVNEBÚEàOÎUBCMPTVJMF,JUBQUBCMPTV
JMJſLJMJPMBDBLU‘S,JUBQàZFMFSFÚEàOÎWFSJMJS
#VEVSVNEBÚEàOÎJMFàZFMFSBSBT‘OEBEB
CJSJMJſLJWBSE‘S5àSMFSJMF,JUBQBSBT‘OEBCJS
JMJſLJWBSE‘SCJSLJUBC‘OFOB[CJSUàSFEBIJM
PMNBT‘HFSFLJS
½SOFL
#J[JNQSPKFNJ[EFLJOFTOFMFSUBCMPMBS
BSBT‘OEBBſBţ‘EBLJJMJſLJMFSZFSBMNBLUBE‘S
,JUBQLJUBQ/P
Ɇ
PEVODLJUBQ/P
#VL‘T‘NEBBOMBU‘MBOMBSEPţSVMUVTVOEBÚSOFLQSPKFNJ[JO
42-4FSWFSàTUàOEFHÚSàOFOEJZBHSBN‘ŒMJſLJMJ IFSJLJUBCMPCJSCJSJODJMBMBOWFCJSZBCBOD‘BOBIUBSBMBO
àTUàOEFOCJSCJSJOFCBţMBO‘S"ZO‘EJZBHSBN‘OCJSCFO[F
SJOJ.4"DDFTTJMFEFHFSÎFLMFſUJSFCJMJSJ[
Œ16$6
'BSLM‘UBCMPMBSEBLJJLJBMBOBZO‘WFSJZJUVUVZPSTB
JLJBMBOBEBBZO‘BE‘WFSNFLLBS‘ſ‘LM‘ţBZPM
BÎBCJMJSHJCJHÚSàOTFEFBTM‘OEBEBIBEà[HàO
CJSZBQ‘PSUBZBΑLBS,JUBQ/PBMBO‘,JUBQUBCMP
TVOEBEBÚEàOÎUBCMPTVOEBEBLJUBQOVNBSBT‘
UVUNBLUBE‘S#VBMBOMBSEBOCJSJOFLJUBQ/P
EJţFSJOFPEVOD(JEFO,JUBQ/PEFNFLLBGB
LBS‘ſ‘LM‘ţ‘OBOFEFOPMBCJMJS&ONBOU‘LM‘T‘IFS
JLJTJOFEFLJUBQ/PEFNFLUJS
7FSJUBCBO‘/PSNBMJ[BTZPOV
6ZFMFSVZF/P
Ɇ
PEVODVZF/P "TM‘OEBJMJſLJTFMWFSJUBCBO‘UBTBS‘N‘OEBO[JZBEFCJS
5VSUVS/P
Ɇ
,JUBQ@UVSUVS/P B
UBCMPJÎFSJTJOEFZFSBMBDBLLBZE‘OOFMFSEFOPMVſN
,JUBQLJUBQ/P
Ɇ
,JUBQ@UVSLJUBQ/P
T‘OBLBSBSWFSNFZFZBSBZBOOPSNBMJ[BTZPOLVSBMMBS‘
:B[BSZB[BS/P
Ɇ
LJUBQ@
CBſM‘CBſ‘OBCJSJſMFNEJS4POVÎJUJCBSJJMFWFSJUBCBO‘
ZB[BSZB[BS/P
UBTBS‘NBſBNBT‘OEBHFSFLMJCJSJſMFNPMEVţVOEBOCV
ŒLJUBCMPBSBT‘OEBJMJſLJZJTBţMBZBOBMBO
CÚMàNFBMNBZ‘VZHVOCVMEVL(FOFMLBCVMHÚSNàſ
MBS‘OBZO‘BEEBPMNBT‘[PSVOMVMVLEFţJMEJS
OPSNBMJ[BTZPOLVSBM‘WBSE‘S#VSBEBIFSCJSLVSBM‘
5FPSJLPMBSBLUBCMPMBS‘JTUFEJţJOJ[IFSIBOHJ
UBNPMBSBLBOMBUNBLNàNLàOEFţJMEJS"ODBLCV
JLJBMBOMBS‘àTUàOEFOCJSMFſUJSFCJMJSTJOJ[
LVSMMBSJMJſLJTFMWFSJUBCBO‘O‘OUBO‘N‘JMFCJSMJLUFPSUBZB
"ODBLUàSMFSUBCMPTVOEBLJUàS/PJMFàZFMFS
LPONVſUVS½[FUPMBSBLmLSJWFSNFTJBΑT‘OEBOZFS
UBCMPTVOEBLJVZF/PBMBO‘O‘CJSMFſUJSEJţJ
WFSJMNJſUJS
OJ[EFIJÎCJSJſJOJ[FZBSBNBZBDBLBOMBNT‘[
/PSNBMJ[BTZPO,VSBM‘
CJSJMJſLJPSUBZBLPZNVſPMVSTVOV[
#JSTBU‘SEBLJCJSBMBOZBMO‘[DBCJSUFLCJMHJJÎFSFCJMJS
#VJMJſLJMFSJBOBMJ[FEFSLFOIFSCJS ½SOFţJOLJUBQUBCMPTVOEBCJSEFOGB[MBZB[BS‘PMBO
BMBO‘OIBOHJUBCMPJÎJOCJSJODJMBOBIUBS
LJUBQJÎJOZB[BSZB[BSZB[BSEJZFBMBOMBSBÎTBZE‘L
BMBOIBOHJUBCMPJÎJOZBCBOD‘BOBIUBS
CVLVSBMBVZNBN‘ſPMVSEVL#ÚZMFCJSEVSVNEB
PMEVţVOVOPUFUNFOJ[EBIBTPOSBm[JL
BZS‘DBZB[BSMBSUBCMPTVEBPMVſUVSBSBLLVSBM‘ÎJţOF
TFMPMBSBLWFSJUBCBO‘O‘UBTBSMBSLFOJſJOJ[J
NFNJſPMVSV[
LPMBZMBſU‘SBDBLU‘S)BUUBCVCJMHJMFSJCJS
(FOFMMJLMFZBQ‘MBOIBUB
ſFNBàTUàOEFEFHÚTUFSFCJMJSTJOJ[ŒſUFCJS
7FSJMFSJWJSHàMWFZBCJSCBſLBLBSBLUFSJMFBZ‘S‘Q
ÎPL75:4UBSBG‘OEBOTBţMBOBOÚSOFLCJS
BZO‘BMBOBHJSNFL%BIBTPOSBQSPHSBNJÎFSJTJOEF
ſFNB
7FSJUBCBO‘1SPHSBNMBNB#:5&
TQMJUJMFCVEFţFSMFSJBZ‘SNBL"ODBLCVJMJſLJTFMWFSJUBCB
O‘O‘OEPţBT‘OBUFSTUJS
/PSNBMJ[BTZPO,VSBM‘
#JSUBCMPJÎJOBOBIUBSPMNBZBOIFSBMBOCJSJODJMBOBIUBS
PMBSBLUBO‘NM‘UàNBMBOMBSBCBţM‘PMNBL[PSVOEBE‘S
.FTFMB½EàOÎUBCMPTVOEB,JUBQ"EJEJZFCJSBMBOFLMFTF
JEJLCVTBEFDFÚEàOÎWFSJMFOLJUBQJMFJMHJMJCJSCJMHJ
PMBDBLU‘WFPEVOD/POBCBţM‘CJSOJUFMJLPMNBZBDBLU‘
#VOVÎÚ[NFLJÎJOLJUBQBEMBS‘O‘BZS‘CJSUBCMPEBUVUBSBL
TPSVOVÎÚ[EàL
:BEBBOBIUBSBMBO‘OCJSEFOGB[MBBMBOEBOPMVſUVţV
UBCMPMBSEBBOBIUBSBMBOMBSEBOTBEFDFCJSJOFCBţM‘WFSJMFS
UBCMPEBZFSBMNBNBM‘BZS‘CJSUBCMPZBUBſ‘ONBM‘E‘S
#VOVOUFSTJEFHFÎFSMJEJS:BOJJLJZBEBEBIBGB[MB
UBCMPOVOCJSJODJMBOBIUBS‘BZO‘PMBNB[ľBZFUCÚZMFJTF
CVJLJUBCMPUFLUBCMPZBJOEJSJMNFMJEJS
/PSNBMJ[BTZPO,VSBM‘
#JSUBCMPJÎJOBOBIUBS‘PMNBZBOCJSBMBOBOBIUBS‘PMNB
ZBOCBſLBIJÎCJSBMBOBCBţM‘PMBNB[½SOFţJOLJUBQMBS‘
N‘[JÎJODJMUUJQJBE‘OEBCJSBMBOFLMFZJQCVSBEBEBLBSUPO
LBQBLJÎJO,EFSJDJMUJÎJO%TQJSBMDJMUJÎJO4ZB[TBZE‘L
CVLPEMBNBLJUBQUBCMPTVOVOCJSJODJMBOBIUBS‘PMBO
LJUBQ/PBMBO‘OBCBţM‘CJSLPEMBNBPMNBZBDBLU‘±àOLà
CVLPEMBNBCJSCBſLBBOBIUBS‘PMNBZBOBMBOBCBţM‘E‘S
#VOVOTPOVDVOEBEBWFSJUBCBO‘N‘[EBLBSſ‘M‘ţ‘PMNBZBO
CJSLPEMBNBZFSBMN‘ſPMBDBLU‘S$JMUUJQJCJMHJTJOJLPEMV
PMBSBLUVUBOBMBOBTM‘OEBDJMUUJQJBΑLMBNBT‘PMBOCBſLB
CJSBMBOBCBţM‘E‘S#VJMJſLJCBſLBCJSUBCMPEBUVUVMNBM‘E‘S
#VEVSVNEBDJMU4FLMJBE‘OEBCJSUBCMPBÎNBN‘[
HFSFLJS#VUBCMPOVOBMBOMBS‘EBDJMU5JQ,PEVWFDJMU4FLMJ
PMNBM‘E‘S"ODBLCVOEBOTPOSBLJUBQMBSUBCMPTVOEB
DJMU5JQJBE‘OEBCJSTàUVOBΑQCVSBZBEB%4,HJCJLPEMBS‘
ZB[BCJMJSJ[
/PSNBMJ[BTZPO,VSBM‘
#JSJODJMBOBIUBSBMBOMBSJMFBOBIUBS‘PMNBZBOBMBOMBS
BSBT‘OEBCJSEFOGB[MBCBţ‘NT‘[CJSFÎPLJMJſLJTJOFJ[JO
WFSJMNF[½SOFţJOUBCMPNV[EBZFSBMBOCJSLJUBQIFN
IJLBZFLJUBC‘IFNEFLJſJTFMHFMJſJNLJUBC‘PMBCJMJS#V
EVSVNEBLJUBC‘OBE‘LJſJTFMHFMJſJNIJLBZFMFSJPMVSEVIFS
IBMEF
#VEVSVNV,JUBQUBCMPTVOEBOBT‘MJGBEFFEFDFţJ[
/PSNBMGPSNVTBţMBNBLJÎJOIFSCBţ‘NT‘[CJSFÎPL
JMJſLJJÎJOBZS‘CJSUBCMPPMVſUVSNBLHFSFLJS
#VÚSOFLUFUàSMFSEJZFCJSUBCMPBÎNBN‘[HFSFLJZPS
%BIBTPOSBLJUBQ5VSMFSJEJZFCJSCBſLBUBCMPEBIBBÎNB
N‘[HFSFLJZPSA,JſJTFM(FMJſJN)JLBZFMFSJBEM‘LJUBQJÎJO
ÚODFMJLMFLJUBQOVNBSBT‘)JLBZFCÚMàNàOàOLPEVOVO
ZFSBME‘ţ‘CJSTBU‘SBSE‘OEBOEBZJOFLJUBQOVNBSBT‘
BSE‘OEBOEBLJſJTFMHFMJſJNUàSàOàOLPEVOVOBME‘ţ‘ZFOJ
CJSTBU‘SEBIBFLMFNFLHFSFLJS
/PSNBMJ[BTZPO,VSBM‘
5FLSBSMBNBMBS‘PSUBEBOLBME‘SNBLJÎJOIFSCJSUBCMPZV
NàNLàOPMEVţVODBLàÎàLQBSÎBMBSBCÚMNFLHFSFLJS
"TM‘OEBJMLLVSBMTPOVÎUBCVJſFZBSBSBODBLCVLVSBMMBS
LBQTBN‘OEBPMNBZBOUFLSBSMBNBMBSEBOPSNBMJ[BTZPO
LVSBM‘JMFHJEFSJMJS
½SOFţJOLJUBQMBS‘N‘[JÎJOCJSFEJONFſFLMJCJMHJTJ
HJSJMFDFLTàUVOFLMFNFLJTUFZFMJN#VCÚMàNFHJSJMFCJMF
DFLCJMHJMFSCFMMJEJS#Bţ‘ſWFZBTBU‘OBMNB
#VCJMHJMFSJCBſLBCJSUBCMPEBUVUBCJMJSJ[#ÚZMFMJLMF
LVMMBO‘D‘MBS‘OCVBMBOHFMJſJHà[FMCJMHJMFSHJSNFTJOJ
FOHFMMFNJſPMVSV[#VEBTPSHVMBNBFTOBT‘OEBWFSJMF
SJNJ[BSBT‘OEBCJSUVUBSM‘M‘LTBţMBS#VJſMFNTPOVDVOEB
UVUBST‘[M‘LMBSBOFEFOPMBCJMFDFLWFT‘LUFLSBSMBZBOWFSJMFS
CBſLBCJSUBCMPZBUBſ‘ON‘ſPMVS#VUBCMPJÎJOWFSJUBCBO‘
QSPHSBNMBNBEBAMPPLVQUBCMFUFSJNJLVMMBO‘M‘S
"ODBLWFSJUBCBO‘OPSNBMJ[BTZPOLVSBMMBS‘CJS
JMJſLJTFMWFSJUBCBO‘O‘OUBTBSMBONBBſBNBMBS‘O‘EFţJMEF
JMJſLJTFMWFSJUBCBO‘OEBZFSBMBDBLLBZ‘UMBS‘OJMJſLJTFMWFSJUB
CBO‘JMFVZVNMVPMVQPMNBE‘ţ‘O‘EFOFUMFNFZFZÚOFMJLUJS
½[FUMFJMJſLJTFMCJSWFSJUBCBO‘UBTBS‘N‘ſVEÚSUÚţFZJ
CBS‘OE‘SNBM‘E‘S
7FSJUFLSBS‘ZBQ‘MNBNBM‘E‘S
#PſZFSNàNLàOPMEVţVODBB[PMNBM‘E‘S
7FSJCàUàOMàţàTBţMBONBM‘E‘S
7FSJMFSBSBMBS‘OEBCJSJMJſLJUBO‘NMBONBZBNàTBJU
PMNBM‘E‘S
#ÚMàN
42-7FSJŒſMFNF%JMJ
%BUB.BOJQMBUJPO-BOHVBHF
7FSJŒſMFNF%JMJWFSJOJOſBCMPOVàTUàOEF
EFţJſJLMJLZBQNB[4BEFDFWBSPMBOUBCMP
MBSEBLJCJMHJMFSJVZHVOſFLJMEFSBQPSMBNBL
4&-&$5
ZFOJLBZ‘UMBSFLMFNFL*/4&35
LBZ‘UMBSàTUàOEFHàODFMMFNFZBQNBL
61%"5&
WFLBZ‘UMBS‘TJMNFL%&-&5&
JÎJO
LVMMBO‘M‘S7FSJŒſMFNF%JMJTBEFDFWFSJUBCB
O‘OEBLBZE‘UVUVMBOCJMHJMFSMFJMHJMFOJS#V
CJMHJMFSJOOBT‘MUVUVMEVţVJMFJMHJMFONF[
3&46-54&53&$03%4&5%"5"4&5
75:4EFCJSTPSHVÎBM‘ſU‘S‘ME‘ţ‘OEBUBCMP
NBOU‘ţ‘OEBCJSTPOVÎàSFUJS#VTPOVDB
3FTVMU4FUEFOJS#JS3FTVMU4FUCJSEFOGB[MB
UBCMPEBOLBZ‘UJÎFSFCJMJS#JS3FTVMU4FUJO
JÎFSJţJWFSJUBCBO‘QSPHSBNMBS‘HFMJſUJSJMJS
LFO"%0OFTOFMFSJOEFO3FDPSE4FUJÎFSJ
TJOFBLUBS‘M‘SWFWFSJMFSQSPHSBNJÎFSJTJOEF
CVOFTOFBSBD‘M‘ţ‘ZMBZÚOFUJMJS"%0/&5
JÎFSJTJOEFJTF3FTVMU4FUMFSCJSEFOGB[MB
SFDVMU4FU
"%0/&5JÎFSJTJOEFJTF%BUB4FU
EFOJMFOOFTOFMFSFBLUBS‘MBCJMJS3FDPSE4FU
WF%BUB4FULPOVTVTPOSBLJLJUBQΑLUB
UFGFSSVBUM‘PMBSBLJODFMFOFDFLUJS
4&-&$5
4&-&$5<%*45*/$5>\]BMBO@BEJBMBO@
BEJ<46.BMBO@BEJ
><"7(BMBO@
BEJ
><."9BMBO@BEJ
><.*/BMBO@BEJ
>
<$06/5]BMBO@BEJ
>^
'30.UBCMP@BEJ<UBCMP@BEJ>
-&'5<065&3>+0*/]3*()5<065&3>
+0*/]*//&3+0*/
(3061#:\BMBO@BEJ^
)"7*/(LPſVM
#:5&7FSJUBCBO‘1SPHSBNMBNB
03%&3#:T‘SBMBNBO‘OZBQ‘MBDBţ‘
BMBO@BEJ"4$]%&4$BMBO@BEJ"4$]
%&4$
8)&3&LPſVMMBS
<BMBO@BEJ*/WFSJLàNFTJ
]4&-&$5
JſMFNJ
>
<BMBO@BEJ#&58&&/EFţFS"/%
EFţFS>
<BMBO@BEJ-*,&AJGBEF @>
<UBCMP@BEJBMBO@BEJUBCMP@BEJ
BMBO@BEJ>
<BMBO@BEJNBUFNBUJLTFMPQFSBUÚS
"/:]40.&]"--4&-&$5JſMFNJ
>
<&9*454]/05&9*4544&-&$5JſMFNJ
>
&O#BTJU4&-&$5
&OCBTJUPMBSBLCJSUBCMPEBLJUàN
LBZ‘UMBS‘TFÎNFLJÎJO
4&-&$5BMBO<BMBOBMBO]>
'30.UBCMP@BEJ
:BQ‘T‘LVMMBO‘M‘S
½SOFL
,JUBQMBSUBCMPTVOEBLJUàNLBZ‘UMBS‘
TFÎFMJN
4&-&$5'30.,JUBQ
,PſVMBCBţM‘4&-&$5WF8)&3&:BQ‘T‘
#B[‘LPſVMMBSBVZBOCJMHJMFSJBMNBN‘[
HFSFLFCJMJS#VEVSVNEB8)&3&DàNMF
DJţJOJUBLJQFEFOL‘T‘NEBCVſBSU‘CFMJS
UFCJMJSJ[
4&-&$5BMBO<BMBOBMBO]>
'30.UBCMP@BEJ
8)&3&ſBSU<"/%ſBSU<03ſBSU</05
ſBSU>>>
½SOFL
,JUBQ/PEFOCàZàLPMBOLJUBQMBS‘
TFÎFMJN
4&-&$5'30.,JUBQ
8)&3&LJUBQ/P
.BUFNBUJLTFM
,BSſ‘MBſU‘SNBŒſBSFUMFSJ
,PſVMMBSEBWFSJMFSJOEVSVN.BUFNBUJLTFM
,BSſ‘MBſU‘SNBŒſBSFUMFSJLVMMBO‘MBSBLJGBEFFEJMJS
#VJſBSFUMFSľVOMBSE‘S
&ſJUUJS
#àZàLUàS
½SOFL
4BZGBTBZ‘T‘EFOGB[MBPMBOWFLJUBQ
OVNBSBT‘EBEFOCàZàLPMBOLJUBQMBS‘O
MJTUFTJ
4&-&$5'30.,JUBQ
8)&3&LJUBQ/P"/%TBZGB4BZJTJ
,àÎàLUàS
#àZàLUàSWFZB&ſJUUJS#àZàL&ſJU
,àÎàLUàS7FZB&ſJUUJS,àÎàL&ſJU
&ſJU%FţJMEJS
&ſJU%FţJMEJS
.BOU‘LTBMŒſBSFUMFS
#JSEFOGB[MBLPſVMBHÚSFTFÎNFJſMFNJ
ZBQ‘M‘SLFO"/%03/05NBOU‘LTBMPQF
SBUÚSMFSJOEFOGBZEBMBO‘M‘S
.BOU‘LTBMGPOLTJZPOUBCMPMBS‘ſVſFLJM
EFEJS
"/%Œľ"3&5ŒľBSUMBSEBOIFSJLJTJOJEF
TBţMBZBOLBZ‘UMBS‘TFÎNFLJÎJOLVMMBO‘M‘S
03Œľ"3&5ŒľBSUMBSEBOFOB[CJSJOJO
TBţMBONBT‘IBMJOEFLBZ‘UMBSTFÎJMJS
/05Œľ"3&5ŒľBSU‘TBţMBNBZBOLBZ‘U
MBS‘CVMNBLJÎJOLVMMBO‘M‘S
#VGPOLTJZPOMBS‘OE‘ſ‘OEB903WF
9/03JſMFNMFSJEFCB[‘75:MFSJUBSBG‘O
EBOEFTUFLMFONFLUFEJS#VJLJLPNVUMB
JMHJMJCJSJſMFNFJIUJZBÎEVZBSTBO‘[CBſLB
-*,&CL[-JLF
LBZOBLMBSEBOEFUBZM‘PMBSBLCBLNBO‘[EB
ZBSBSPMBCJMJS"ODBLCVJLJLPNVUQFL
OBEJSLVMMBO‘MNBLUBE‘S
9ľBSU
/059ľBSU‘OUFSTJ
4FÎJMJS
4FÎJMNF[
7FSJUBCBO‘1SPHSBNMBNB#:5&
LJUBQ/P
LJUBQ"EJ
*4#//P
TBZGB4BZJTJ
LJUBQ0[FUJ
7JTVBM#BTJD/&5
9
7JTVBM#BTJD/&5LPOVTVOEBUFNFMHFÎJTCJMHJMFSJOJ
JÎFSFOCJSLJUBQ
5FMLJOWF)JQOP[JMF
½HSFONF5FLOJLMFSJ
½ţSFONFWFT‘OBWLPOVTVOEBIJQOP[UFLOJţJ
:BU‘S‘N1MBO‘:BQNB
:BU‘S‘NZBQNBLJÎJOOFSFEFOCBſMBNBM‘OFMFS
ZBQNBM‘
Œſ#Bſ‘OEB%VZHVTBM;FLB
%VZHVTBM[FLBO‘OJſWFZBſBNLPOVTVOEBLJFULJMFSJ
)BZBU:PMVOEB;PSMVLMBSMB
.àDBEFMF
)BZBUZPMVOEB[PSMVLMBSMBNàDBEFMF
Œſ)BZBU‘OEB.PUJWBTZPO
ŒſCBſ‘OEBNPUJWBTZPO
ŒſIBZBU‘NEBO,FTJUMFSWF
(FOÎMFSF5BWTJZFMFS
Ã[FZJS(BSJIJOIBZBU‘OEBOLFTJUMFS
1&3-JMF$(*
1FSM$(*LPOVTVOEBLBZOBLLJUBQ
'SPOU1BHF
'SPOU1BHF
#JS±JGU:àSFL
"CPSJKJOBJMFMFSJ"WVTUSBMZBO‘OZFSMJMFSJ
.BSLB:BSBUNBO‘O
,VSBM‘
.BSLBPMNBZBLBSBSWFSFOMFSJOPLVNBT‘HFSFLFO
CJSLJUBQ
4JNZBD‘
4JNZBD‘
#FMMFL(FMJſUJSNF
#FMMFLHFMJſUJSNFLPOVTVOEBCJSLVSTLJUBC‘
.àſUFSJ#BţMBOU‘MBS‘
#JS)BSWBSEJſMFUNFLJUBC‘
ŒOTBO:ÚOFUNF4BOBU‘
:ÚOFUJDJMFSJÎJOJZJCJSLJUBQ
½OàNà[EFLJ:PM
9
#5EàOZBTJOJOHFMFDFţJOFEBJS#JMM(BUFTJOHÚSàſMFSJ
#:5&7FSJUBCBO‘1SPHSBNMBNB
9ľBSU
:ľBSU
40/6±9"/%:
4FÎJMNF[
4FÎJMNF[
4FÎJMNF[
4FÎJMJS
9ľBSU
:ľBSU
40/6±903: 4FÎJMNF[
4FÎJMJS
4FÎJMJS
4FÎJMJS
½SOFL
,JUBQ/PEFOCàZàLPMBOWFZB
TBZGBTBZ‘T‘EFOCàZàLPMBOWFZBBE‘
A7JTVBM#BTJD/&5PMBOLJUBQMBS‘OMJTUFTJ
4&-&$5'30.,JUBQ
8)&3&LJUBQ/P
"/%TBZGB4BZJTJ
03,JUBQ"EJ7JTVBM#BTJD/&5
½SOFL
,JUBQ/PEFOCàZàLPMBOWFZB
TBZGBTBZ‘T‘EFOCàZàLPMBOWFZBBE‘
A7JTVBM#BTJD/&5PMBOBNB*4#//0
APMNBZBOLJUBQMBS‘OMJTUFTJ
4&-&$5'30.,JUBQ
8)&3&LJUBQ/P"/%TBZGB4BZJTJ
03,JUBQ"EJ7JTVBM#BTJD/&5
"/%*4#//0A
4BEFDF#FMMJ"MBOMBS‘4FÎNFL
#JSTPSHVEBJMMBEBUBCMPEBZFSBMBOUàN
TàUVOMBS‘HÚSNFL[PSVOEBPMNBZBCJMJSJ[
4BEFDFJIUJZBD‘N‘[PMBOBMBMBSEBLJWFSJMFSJ
TFÎNFLJÎJO4&-&$5UFOTPOSBCVBMBO
MBS‘OBE‘O‘BSBZBWJSHàMLPZBSBLZB[BSTBL
TBEFDFCVBMBOEBLJWFSJMFSHFMJS
½SOFL
TFMFDUVZF/PBEJTPZBEJ
'30.VZF
7FSJUBCBO‘1SPHSBNMBNB#:5&
%*45*/$5
#JSEFOGB[MBUFLSBSMBZBOLBZ‘UEÚOEà
SFO4&-&$5JſMFNMFSJOEFIFSCJSLBZE‘O
UFLJMPMBSBLZFSBMNBT‘O‘JTUJZPSTBL%*4
5*/$5EFZJNJLVMMBO‘M‘S
Œ16$6
#JSEFOGB[MBſBSU‘OZFSBME‘ţ‘LPſVMMBSEBQBSBO
UF[LVMMBO‘MBSBLſBSUMBS‘OT‘SBT‘EFţJſUJSJMFCJMJS
NBOU‘LTBMPQFSBUÚSMFSJOFULJMFZFDFţJſBSUMBS
T‘O‘SMBOE‘S‘MBCJMJSſFLJMEFUFSDJIFUNFLPLVOVS
MVţVBSU‘SBDBLU‘S
½SOFL
WFOPMVLJUBQMBS‘OÚEàOÎIBSF
LFUMFSJOJHÚSNFLJÎJO
4&-&$5
'30.PEVOD
8)&3&LJUBQ/P03LJUBQ/P03
LJUBQ/P
:FSJOF
4&-&$5
'30.PEVOD
8)&3&LJUBQ/P*/
,VMMBO‘N‘EBIBLPMBZE‘S
½SOFL
ÃZFUBCMPTVOEBLJJTJN
MFSJOUFLJMCJSMJTUFTJOJBMNBL
JTUFZFMJN
4&-&$5%*45*/$5BEJ
'30.VZF
ÃZFMFSJNJ[EFOBEBſPMBO
MBS‘OBE‘TBEFDFCJSLF[HFMFDFLUJS
*/
#JSWFSJLàNFTJOJCFMMJCJSBMBO‘OEB
JÎFSFOLBZ‘UMBS‘CVMNBLJTUFEJţJNJ[EF*/
TÚ[DàţàLVMMBO‘M‘S‘[
#:5&7FSJUBCBO‘1SPHSBNMBNB
ŒÎJÎF4&-&$5ZBQ‘T‘
#B[FOCJSTPSHVOVOJÎJOEFCBſLBCJS
TPSHVZFSBMBCJMJS
%Œ,,"5
ŒÎJÎF4&-&$5Ú[FMMJţJCB[‘LàÎàLWF
PSUBÚMÎFLMJ75:4MFSEFEFTUFLMFONFNFL
UFEJS
½SOFL
%‘ſBS‘EBLJLJUBQMBS‘N‘[‘CVMNBLJTUFS
TFL
%‘ſBS‘EBLJLJUBQMBS‘OOVNBSBMBS‘O‘
ÚEàOÎUBCMPTVOEBOÎFLFDFLCJSTPSHV
ZB[BM‘N(FMEJ.JPMBOLJUBQMBSE‘ſBS‘EB
PMBOLJUBQMBS#JSJMFSJUBSBG‘OEBOÚEàOÎ
BM‘ON‘ſWFIFOà[JBEFFEJMNFNJſEFNFL
UJS
4&-&$5LJUBQ/P'30.PEVOD8)&3&
HFMEJ.J
7FCVTPSHVZVLJUBQMBSUBCMPTVOEBO
LBSſ‘M‘LHFMFOLJUBQOVNBSBMBS‘O‘TFÎFDFL
ſFLJMEF*/
LPNVUVOBHJSEJàSFUUJSFMJN
4&-&$5
'30.,JUBQ
8)&3&LJUBQ/P*/
4&-&$5LJUBQ/P'30.
PEVOD8)&3&HFMEJ.J
½SOFL
"ZO‘ZÚOUFNJMFJÎFSEFLJLJUBQMBS‘N‘[‘
CVMBM‘N
ŒÎFSJEFLJLJUBQMBSE‘ſBS‘EBPMNBZBO
LJUBQMBSE‘S#VOEBOEPMBZ‘EBZVLB
S‘EBJÎFSEFLVMMBOE‘ţ‘N‘[TPSHVBZOFO
EVSBDBLBNBCVTFGFSLJUBQOVNBSBMBS‘
CVOMBSBFſJUPMNBZBOLJUBQMBS‘OMJTUFTJOJ
CVMBDBţ‘[
4&-&$5
'30.,JUBQ
8)&3&LJUBQ/P/05*/
4&-&$5LJUBQ/P'30.PEVOD8)&3&
HFMEJ.J
"/:40.&"-#B[‘JÎJÎFTPSHVMBSEB40.&"/:
WFZB"--EFZJNJJMFE‘ſBS‘EBLJ4&-&$5
JGBEFTJOJOTFÎFDFţJLBZ‘UMBSLBSſ‘MBſU‘SNB
LSJUFSJOFHÚSFLVMMBO‘MBCJMJS
"/:WFZB40.&%‘ſBS‘EBLJ4&-&$5
JGBEFTJTPOVDVOEBΑLBDBLLBZ‘UMBS
JÎFSJEFLJ4&-&$5JGBEFTJJMFTFÎJMFOBMBO
EFţFSMFSJOEFOFOB[CJSJOFHÚSFL‘ZBT‘
TBţM‘ZPSTBLàÎàLCàZàLFſJUCàZàLFſJU
LàÎàLFſJU
TFÎJMJS
½SOFL
WFOPMVLJUBQMBS‘OIFSIBOHJ
CJSJOEFOLBM‘OPMBOWFLJUBQOPEBEFO
CàZàLPMBOLJUBQMBS‘OMJTUFTJOJCVMBM‘N
4&-&$5LJUBQ/PLJUBQ"EJTBZGB4BZJTJ
'30.,JUBQ
8)&3&TBZGB4BZJTJ"/:4&-&$5
TBZGB4BZJTJ
'30.,JUBQ
8)&3&LJUBQ/P*/
"/%LJUBQ/P
"--%‘ſBS‘EBLJ4&-&$5JGBEFTJTPOVDVOEB
ΑLBDBLLBZ‘UMBSJÎFSJEFLJ4&-&$5JGBEFTJ
7FSJUBCBO‘1SPHSBNMBNB#:5&
JMFTFÎJMFOBMBOEFţFSMFSJOUàNàOFHÚSF
L‘ZBT‘TBţM‘ZPSTBLàÎàLCàZàLFſJU
CàZàLFſJULàÎàLFſJU
TFÎJMJS
½SOFL
WFOPMVLJUBQMBS‘OUBNBN‘OEBO
LBM‘OPMBOWFLJUBQOPEBEFOCàZàL
PMBOLJUBQMBS‘OMJTUFTJOJCVMBM‘N
4&-&$5LJUBQ/PLJUBQ"EJTBZGB4BZJTJ
'30.,JUBQ
8)&3&TBZGB4BZJTJ"--4&-&$5
TBZGB4BZJTJ
'30.,JUBQ
8)&3&LJUBQ/P*/
"/%LJUBQ/P
&9*454/05&9*454
&9*454LVMMBO‘ME‘ţ‘OEBE‘ſBS‘EBLJTPS
HVEBCJSWFZBEBIBGB[MBLBZ‘UEÚOFSTF
E‘ſBS‘EBLJTPSHVÎBM‘ſU‘S‘M‘S)JÎLBZ‘U
EÚONF[TFE‘ſBS‘EBLJTPSHVÎBM‘ſU‘S‘MNB[
/05&9*454JTFJÎFSJEFLJTPSHVOVOTPOV
DVOEBT‘G‘SLBZ‘UEÚOàZPSTBE‘ſBS‘EBLJ
TPSHVOVOÎBM‘ſU‘S‘MNBT‘JÎJOLVMMBO‘M‘S
%Œ,,"5
&9*454ZBQ‘MBSEBJÎUFLJTFMFDUJGBEF
TJOJO
#:5&7FSJUBCBO‘1SPHSBNMBNB
4&-&$5
ŒMFCBſMBE‘ţ‘OBEJLLBUFEJO#VIFQCV
ſFLJMEFLVMMBO‘M‘S
½SOFL
OPMVLJUBQÚEàOÎWFSJMEJJTFLJUBQ
OPTVOVOWFLJUBQCJMHJMFSJOJTFÎFMJN
4&-&$5LJUBQ/PLJUBQ"EJ
'30.,JUBQ
8)&3&&9*4544&-&$5'30.PEVOD
8)&3&LJUBQ/P
"/%LJUBQ/P
6/*0/#Œ3-&ľ5Œ3.&
6/*0/LPNVUVJLJ4&-&$5TPSHVTVOVO
TPOVDVOVWFZBJLJUBCMPZVUFLCJSTPOVÎ
IBMJOEFBMBCJMNFLJÎJOLVMMBO‘M‘S#VOVO
JÎJOJLJ4&-&$5JGBEFTJOJOFſJUTBZ‘EBWF
WFSJUJQJOEFTàUVOEBOPMVſBOFſEFţFS
TPOVÎMBSWFSJZPSPMNBT‘HFSFLJS
(FOFMLVMMBO‘N‘ſVſFLJMEFEJS
4&-&$5Œ'"%&4Œ
6/*0/
4&-&$5Œ'"%&4Œ
½SOFL
4JTUFNFLBZ‘UM‘LJſJMFSJOCJSL‘TN‘O‘
LJUBQZB[BSMBS‘WFàZFJTJNMFSJOJ
CJSUFL
MJTUFEFHÚSNFLJTUFZFMJN
:B[BSMBSEBOJMLTJOJTFÎFMJN
4&-&$5BEJTPZBEJ
'30.ZB[BS
8)&3&ZB[BS/P
ÃZFMFSJOJMLTJOJTFÎFMJN
4&-&$5BEJTPZBEJ
'30.VZF
8)&3&VZF/P
4&-&$5BEJTPZBEJ
'30.ZB[BS
8)&3&ZB[BS/P
6/*0/
4&-&$5BEJTPZBEJ
'30.VZF
8)&3&VZF/P
,&4ŒľŒ.#6-."
ŒLJUBCMPOVOWFZBJLJ4&-&$5TPSHVTV
OVOTPOVDVOVOLFTJſJNJOJCVMNBZBZBSBS
:BOJIFSJLJUBCMPEBEBCVMVOBOLBZ‘UMBS‘
CVMNBJſJOF,&4ŒľŒ.EFOJS
#JSLBÎZPMVWBSE‘S
½SOFL
)BOHJZB[BSJTJNMFSJBZO‘BOEBàZFBE‘
PMBSBLEBZFSBMNBLUBE‘S
ľVJTJNMFS:B[BSMBSUBCMPTVOEBCVMVO
NBLUBE‘S
ľVJTJNMFSàZFMFSUBCMPTVOEBCVMVO
NBLUBE‘S
4&-&$5BEJ
'30.ZB[BS
8)&3&&9*454
4&-&$5
'30.VZF
8)&3&ZB[BSBEJVZFBEJ
&9$&15'"3,#6-."
ŒLJ4&-&$5TPSHVTVTPOVDVWFZBJLJ
UBCMPBSBT‘OEBLJGBSL‘CVMNBZBEFOJS#V
JſMFNJÎJOEFCJSÎPLZÚOUFNLVMMBO‘MBCJMJS
/05*//05&9*454CVOMBSEBOJLJTJEJS
7FSJUBCBO‘1SPHSBNMBNB#:5&
½SOFL
)BOHJLJUBQMBSÚEàOÎWFSJMNFNJſUJS
4&-&$5
'30.,JUBQ
8)&3&LJUBQ/P/05*/
4&-&$5LJUBQ/P'30.PEVOD8)&3&
HFMEJ.J
½SOFL
ľVJGBEFUàNLBZ‘UMBS‘TFÎFDFLUJS
4&-&$5
'30.,JUBQ
8)&3&
±àOLàEPţSVCJSJGBEFEJS
½SOFL
ľVJGBEFIJÎCJSLBZE‘TFÎFNF[
4&-&$5
'30.,JUBQ
8)&3&
±àOLàEPţSVEFţJMEJS
#VJLJEVSVNWFSJUBCBO‘QSPHSBNMBS‘
ZB[BSLFOÚ[FMMJLMFBSBNBTPSHVMBNB
FLSBOMBS‘OEBÎPLCàZàLEFSUMFSEFOLVS
UBSBCJMJS
#&58&/"/%
#JS"SBM‘LJÎFSTJOEFTPSHVMBNBZBQNBL
JÎJO#&58&&/BMU4JOJS"/%VTU4JOJSſFL
MJOEFLJZBQ‘LVMMBO‘M‘S
½SOFL
4BZGB4BZ‘T‘JMFBSBT‘OEBLJ
,JUBQMBS‘OMJTUFTJOJBMNBLJTUFEJţJNJ[EF
4&-&$5
'30.,JUBQ
8)&3&TBZGB4BZJTJ"/%TBZGB4B
ZJTJ
:FSJOF
4&-&$5
'30.,JUBQ
8)&3&TBZGB4BZJTJ#&58&&/"/%
EFEJZFCJMJSJ[
Œ16$6
#JS8)&3&DàNMFDJţJOEFOTPOSBHFMFOſBSU
OFPMVSTBPMTVOEPţSVPMEVţVTàSFDF4&-&$5
L‘TN‘OEBOTPOSBHFMFOL‘T‘NÎBM‘ſU‘S‘M‘S#V
ſBSUUBZFSBMBOEFţFSMFSEFOCJSUBSBG‘OJMMBEB
BMBOMBSEBOCJSJPMNBT‘HFSFLNF[ŒLJTJEFTBCJU
CJSFSEFţFSPMBCJMJSEPţSVCJSſBSUU‘S#VOVO
UFSTJEFHFÎFSMJEJS:BOM‘ſCJSſBSUWBSTB4&-&$5J
UBLJQFEFOBMBOMBSBTMBTFÎJMNF[ZBOM‘ſCJS
ſBSUU‘S
#:5&7FSJUBCBO‘1SPHSBNMBNB
,BSBLUFS,BSſ‘MBſU‘SNBMBS‘
,BSBLUFSJGBEFMFSJOUBSJIWFNFUJOUJQMJ
WFSJMFS
LBSſ‘MBſU‘SNBT‘EBSBLBNMBSMB
BZO‘E‘S
½SOFL
"E‘½OàNà[EFLJ:PMPMBOLJUBC‘
TFÎNFLJÎJO
4&-&$5
'30.,JUBQ
8)&3&LJUBQ"EJA½OàNà[EFLJ:PM
,VMMBO‘MBCJMJS
"ODBLLBSBLUFSJGBEFMFSJOOBT‘MZB[‘M
E‘ţ‘WFJÎFSJţJOJOUBNPMBSBLOFPMEVţVOV
CJSFCJSLFTUJSNFL[PSPMEVţVJÎJOCB[FO
TFÎJNJHFOJſMFUNFLà[FSFZFSJOF-*,&
EFZJNJOEFOEFGBZEBMBO‘M‘S
-*,&
½SOFL
"E‘½OàNà[EFLJ:PMPMBOLJUBC‘-*,&
LPNVUVJMFTFÎNFLJÎJO
4&-&$5
'30.,JUBQ
8)&3&LJUBQ"EJ-*,&A½OàNà[EFLJ
:PM
"TM‘OEBCVZBQ‘O‘OCJSÚODFLJÚSOFL
UFOCJSGBSL‘ZPL"ODBLUBLJQFEFOÚSOFL
MFSEF-*,&JOBWBOUBKMBS‘O‘ÚţSFOFDFţJ[
+PLFS,BSBLUFSMFS
4FÎJNJCJSB[HFOJſMFUFMJNWFBE‘OEBAZPM
HFÎFO,JUBQMBS‘MJTUFMFNFLJTUFTFL #V
EVSVNEBKPLFSLBSBLUFSMFSJLVMMBONBN‘[
HFSFLFDFLUJSAWFA@WFZBA LBSBLUFSMF
SJOFKPLFSLBSBLUFSMFSEFOJS
½SOFL
"E‘OEBZPMHFÎFOLJUBQMBS‘OCJSMJTUF
TJOJBMBM‘N
5àNLJUBQMBS‘OMJTUFTJOJHÚSNFLJÎJO
4&-&$5
+PLFS,BSBLUFSMFS
#JSEFOGB[MBIBSGWFZBSBLBN‘OZFSJOJUVUBS
#B[‘TJTUFNMFSEFCJSEFOGB[MBIBSGWFSBLBN
ZFSJOJUVUBS
@#JSUFLIBSGWFZBSBLBNZFSJOJUVUBS#JSÎPL
TJTUFNEF
#JSUFLIBSGWFZBSBLBNZFSJOJUVUBS#B[‘
EJţFSTJTUFNMFSEF
<"#$>)FSIBOHJCJSIBSGZFSJOFHFMFCJMFDFL
IBSnFSJCFMJSUJS42-4FSWFS4ZCBTF
<?"#$>)FSIBOHJCJSIBSGZFSJOFHFMFNFZFDFL
IBSnFSJCFMJSUJS42-4FSWFS4ZCBTF
'30.,JUBQ
8)&3&LJUBQ"EJ-*,&A:PM
½SOFL
"E‘O‘OJMLIBSmA:PMBOàZFMFSJOMJTUFTJ
5àNàZFMFSJOMJTUFTJOJHÚSNFLJÎJO
4&-&$5
'30.VZF
8)&3&"EJ-*,&A:
½SOFL
"E‘O‘O4POIBSmA3PMBOMJTUFTJOJ
LJUBQMBS‘OMJTUFTJOJBMBM‘N
7FSJUBCBO‘1SPHSBNMBNB#:5&
5àNLJUBQMBSJÎJO
4&-&$5
'30.,JUBQ
8)&3&LJUBQ"EJ-*,&A3
½SOFL
ŒLJODJIBSmA"PMBO,JUBQMBS‘OMJTUFTJ
4&-&$5
'30.,JUBQ
8)&3&LJUBQ"EJ-*,&A@"
ľFLMJOEFBSBNBZBQBCJMJSJ[
½SOFL
ŒLJODJIBSm"#%WFZB$EFOCJSJPMBO
,JUBQMBS‘OMJTUFTJ
4&-&$5
'30.,JUBQ
8)&3&LJUBQ"EJ-*,&A@<"&>
½SOFL
ŒLJODJIBSm&43*ZBEB/EFOCJSJ
PMNBZBOLJUBQMBS‘O‘OMJTUFTJ
4&-&$5
#:5&7FSJUBCBO‘1SPHSBNMBNB
%Œ,,"5
+PLFSLBSBLUFSMFSAJMFLVMMBO‘MBNB[4BEFDF
-*,&JMFLVMMBO‘MBCJMJS
'30.,JUBQ
8)&3&LJUBQ"EJ-*,&A@<?&43*/>
/VMM,BSſ‘MBſU‘SNB
#B[FOCJSBMBOBEFţFSHJSJMNJſPMVQPMNB
E‘ţ‘OLBSſ‘MBſU‘SNBL[PSVOEBLBMBCJMJSJ[
½SOFţJOLJUBQM‘ţ‘N‘[EBZFSBMBOLJUBQUBO
IBOHJMFSJJÎJOZB[BSCJMHJMFSJHJSJMNFEJţJOJ
CJMNFLJTUFSJ[
/6--JÎJOLBSſ‘MBſU‘SNBZBQBSLFO*4
/6--EFZJNJLVMMBO‘M‘S#PſMVLPMNBZBO
BMBOMBSJÎJOLBSſ‘MBſU‘SNBZBQBSLFOJTF*4
/05/6--EFZJNJLVMMBO‘M‘S
4&-&$5BMBOMBS
'30.UBCMP@BEJ
8)&3&BMBO@*4</05>/6--
½SOFL
*4#/OVNBSBT‘PMNBZBOLJUBQMBS‘O
MJTUFTJ
4&-&$5
'30.,JUBQ
8)&3&*4#//P*4/6--
03%&3#:
4&-&$5JſMFNJJMFFMEFFEJMFOTPOVDVOCJS
BMBOBHÚSFT‘SBMBON‘ſPMBSBLMJTUFMFONFTJOJ
JTUFZFCJMJSJ[#VEVSVNEB03%&3#:EFZJNJ
LVMMBO‘M‘S
(FOFM:BQ‘T‘ſVſFLJMEFEJS
4&-&$5BMBOMBS
'30.UBCMP@BEJ
8)&3&ſBSUMBS
03%&3#:TVUVO<%&4$]"4$><TVUVO
<%&4$]"4$>>
"4$CJSBMBOBHÚSF"35"/T‘SBMBUNBL
JÎJOLVMMBO‘M‘S"TM‘OEBBSUBOB[BMBOſBSU‘
WFSJMNFEJţJOEFEFOPSNBMEFBSUBOT‘SBMBO‘S
"ODBLLBZ‘UMBS‘OB[BMBOT‘SBEBT‘SBMBONBT‘
JTUFOJZPSTBNVUMBLB%&4$LVMMBO‘MNBL
[PSVOEBE‘S
½SOFL
4PZBE‘OEBAFHFÎFOZB[BSMBS‘BMGBCFUJL
T‘SBMBUBM‘N½ODFMJLMFTPZBEMBSBHÚSFT‘SBMBO
T‘OTPZBE‘BZO‘ZB[BSMBSJÎJOEFBEBCBL‘MT‘O
4&-&$5
'30.ZB[BS
8)&3&TPZBEJ-*,&AF
4&-&$5
'30.ZB[BS
8)&3&TPZBEJ-*,&AF
03%&3#:TPZBEJBEJ
Œ16$6
4‘SBMBNBZBQ‘MBOTàUVOMBS‘ONVUMBLBTFÎJMFO
TàUVOMBSBSBT‘OEBZFSBMNBT‘OBHFSFLZPLUVS
½SOFL
4PZBE‘O‘TFÎNF
EFOEFTPZBE‘OB
HÚSFT‘SBMBZBCJMJSJ[
4&-&$5ZB[BS
/PBEJ
'30.ZB[BS
8)&3&BEJ-*,&
AF
03%&3#:TPZBEJ
%&4$BEJ
7FSJUBCBO‘1SPHSBNMBNB#:5&
(3061#:
#B[FOWFSJMFSJHSVQMBOE‘SBSBLJſMFNZBQNBL
[PSVOEBLBMBCJMJSJ[(FOFMMJLMFWFSJMFSHSVQ
MBOE‘ţ‘OEBIFSCJSHSVQJÎJOſVJſMFNMFSEFO
CJSJZBQ‘MNBLJTUFOJZPSEFNFLUJSHSVQUPQ
MBN‘HSVQPSUBMBNBT‘HSVCVOFOEàſàţà
FOGB[MBT‘#VCÚMàNEFLJUBQUBCMPNV[VO
CJSB[EFţJſJLCJSIBMJàTUàOEFÎBM‘ſBDBţ‘[
#VZBQ‘OPSNBMJ[BTZPOLVSBMMBS‘OBVZNB[
BODBL(361-"."LPOVTVOVBOMBNBLBΑ
T‘OEBOPMEVLÎBZBSBSM‘CJSZBQ‘E‘S
(361-"."-*JſMFNMFSJÎJOLJUBQUBCMPTV
#VUàSEFOJſMFNMFSJZBQBOGPOLTJZPOMBSB
(361-"."-*'0/,4Œ:0/-"3"HHSFHBUF
'VODUJPOT
EFOJS
(SVQMBNBM‘'POLTJZPOMBS
"HHSFHBUF'VODUJPOT
46.TVUVO@BEJ
ŒTUFOJMFOCJSTàUVOEBLJ
EFţFSMFSJOUPQMBN‘O‘WFSJS4BZ‘UàSàPMBO
WFSJMFSJÎJOHFÎFSMJEJS
½SOFL
#JSÚODFLJÚSOFţJBMBOBUBLNBBEJMF
ZBQBSTBL
4&-&$546.TBZGB4BZJTJ
BT501-".
'30.,JUBQ
"7(TVUVO@BEJ
ŒTUFOJMFOCJSTàUVOJÎJO
PSUBMBNBEFţFSJIFTBQMBNBEBLVMMBO‘M‘S
4BZ‘UàSàWFSJMFSJÎJOHFÎFSMJEJS
½SOFL
½SOFL
,JUBQM‘ţ‘N‘[EBUPQMBNLBÎTBZGBLJUBQ
PMEVţVOVCVMNBLJTUFSTFLCL[LBSſ‘EBLJ
UBCMP
4&-&$546.TBZGB4BZJTJ
'30.,JUBQ
"MBOB5BLNB"E"MJBT
#B[‘EVSVNMBSEBTPSHVTPOVDVOEBZFS
BMBOCJSBMBO‘OBE‘O‘GBSLM‘CJSBEPMBSBL
LVMMBONBLJTUFZFCJMJSJ[#VUàSEVSVNMBSEB
BMBOBE‘OEBOTPOSB"4EFZJNJHFMJSWF
UBLNBBECFMJSUJMJS
#:5&7FSJUBCBO‘1SPHSBNMBNB
,JUBQM‘ţ‘N‘[EBLJIFSCJSLJUBQJÎJOPSUB
MBNBTBZGBTBZ‘T‘"SJUNFUJLPSUBMBNB
4&-&$5"7(TBZGB4BZJTJ
"4035"
-"."
'30.,JUBQ
."9TVUVO@BEJ
3FGFSBOTTàUVOB
HÚSFFOCàZàLEFţFSJCVMNBEBLVMMBO‘M‘S
#*5UàSEFOBMBOMBSMBCJSMJLUFLVMMBO‘MNB[
LJUBQ/P
LJUBQ"EJ
*4#//P
UVSV
TBZGB
4BZJTJ
LJUBQ0[FUJ
7JTVBM#BTJD/&5
9
1SPHSBNMBNB
7JTVBM#BTJD/&5
LPOVTVOEBUFNFMHFÎJſ
CJMHJMFSJOJJÎFSFOCJS
LJUBQ
5FMLJOWF)JQOP[JMF
½ţSFONF5FLOJLMFSJ
,JſJTFM(FMJſJN
½HSFONFWFT‘OBW
LPOVTVOEBIJQOP[
UFLOJţJ
:BU‘S‘N1MBO‘:BQNB
ŒſEàOZBT‘
:BU‘S‘NZBQNBLJÎJO
OFSFEFOCBſMBNBM‘OFMFS
ZBQNBM‘
Œſ#Bſ‘OEB%VZHVTBM;FLB
,JſJTFM(FMJſJN
%VZHVTBM[FLBO‘OJſWF
ZBſBNLPOVTVOEBLJ
FULJMFSJ
)BZBU:PMVOEB
;PSMVLMBSMB.àDBEFMF
,JſJTFM(FMJſJN
)BZBU:PMVOEB;PSMVL
MBSMB.àDBEFMF
Œſ)BZBU‘OEB.PUJWBTZPO
ŒſEàOZBT‘
ŒſCBſ‘OEBNPUJWBTZPO
Œſ)BZBU‘NEBO,FTJUMFSWF
(FOÎMFSF5BWTJZFMFS
,JſJTFM(FMJſJN
Ã[FZJS(BSJIJO
IBZBU‘OEBOLFTJUMFS
1&3-JMF$(*
1SPHSBNMBNB
1FSM$(*LPOVTVOEB
LBZOBLLJUBQ
'SPOU1BHF
1SPHSBNMBNB
'SPOU1BHF
#JS±JGUZàSFL
)JLBZF
"CPSJKJOBJMFMFSJ
"WVTUSBMZBO‘OZFSMJMFSJ
.BSLB:BSBUNBO‘O
,VSBMJ
ŒſEàOZBT‘
.BSLBPMNBZBLBSBS
WFSFOMFSJOPLVNBT‘
HFSFLFOCJSLJUBQ
4JNZBD‘
)JLBZF
4JNZBD‘
#FMMFL(FMJſUJSNF
,JſJTFM(FMJſJN
#FMMFLHFMJſUJSNF
LPOVTVOEBCJSLVSTLJUBC‘
.àſUFSJ#BţMBOU‘MBS‘
ŒſEàOZBT‘
#JS)BSWBSEJſMFUNF
LJUBC‘
ŒOTBO:ÚOFUNF4BOBU‘
ŒſEàOZBT‘
:ÚOFUJDJMFSJÎJOJZJCJS
LJUBQ
½OàNà[EFLJ:PM
9
#5
#5EàOZBT‘O‘O
HFMFDFţJOFEBJS#JMM
(BUFTJOHÚSàſMFSJ
7FSJUBCBO‘1SPHSBNMBNB#:5&
½SOFL
,JUBQM‘ţ‘N‘[EBLJFOLBM‘OLJUBQ
4&-&$5."94BZGB4BZJTJ
"4&O,B
MJO,JUBQ
'30.,JUBQ
45%%&7HSVQ@BEJ
(SVQTUBOEBSU
TBQNBT‘O‘CVMVS
$06/5
,BZ‘UMBS‘OUBNBN‘O‘
TBZNBLJÎJOLVMMBO‘M‘S4BZ‘PMNBT‘OBHFSFL
ZPLUVS
½SOFL
,JUBQM‘ţ‘N‘[EBLJ,JUBQ‘OTBZ‘T‘
4&-&$5$06/5
'30.,JUBQ
.*/TVUVO@BEJ
3FGFSBOTTàUVOB
HÚSFFOLàÎàLEFţFSJCVMNBEBLVMMBO‘M‘S
#*5UàSEFOBMBOMBSMBCJSMJLUFLVMMBO‘MNB[
½SOFL
,JUBQM‘ţ‘N‘[EBLJFOJODFLJUBQ
4&-&$5.*/4BZGB4BZJTJ
"4&O*ODF
,JUBQ
'30.,JUBQ
1FLLVMMBO‘MNBTBEBſVJLJGPOLTJZPO
EBHSVQMBNBM‘GPOLTJZPOEVS
7"3*"/$&TVUVO@BEJ
(SVQWBSZBO
T‘O‘CVMVS
#:5&7FSJUBCBO‘1SPHSBNMBNB
$06/5TVUVO@BEJ
3FGFSBOTTàUVOB
HÚSFUPQMBNLBÎLBZ‘UZFSBME‘ţ‘O‘CVMVS
Œ16$6
$06/5
JMF$06/5TVUVO@
BSBT‘OEBLJGBSL
$06/5
UàNLBZ‘UMBS‘OTBZ‘T‘O‘WFSJSLFO
$06/5TVUVO@
TBEFDFTVUVO@BEM‘BMBOJÎJO
/6--PMNBZBOLBZ‘UMBS‘OTBZ‘T‘O‘WFSJS
½SOFL
:B[BSMBSUBCMPTVOEBUàNZB[BSMB
S‘OEPţVNUBSJIJIFOà[HJSJMNFNJſUJS
#VEVSVNEBJLFOZB[BSMBS‘OTBZ‘T‘O‘
$06/5
WFCJSEF$06/5EPHVN
PMNBLà[FSFJLJGBSLM‘ſFLJMEFTFÎFMJN
4&-&$5$06/5
'30.ZB[BS
4&-&$5$06/5EPHVN
'30.ZB[BS
$06/5%*45*/$5TVUVO@TVUVO@
EFLBÎGBSLM‘EFţFSUFLSBSMBE‘ţ‘O‘TBZBS
½SOFL
,àUàQIBOFEFLJàZFTBZ‘T‘
4&-&$5$06/5
'30.6:&
,àUàQIBOFEFLJàZFMFSFBJUGBSLM‘JTJN
TBZ‘T‘
4&-&$5$06/5%*45*/$5BEJ
'30.VZF
½SOFL
&MJNJ[EFLJLJUBQMBS‘UàSMFSJOFHÚSF
HSVQMBE‘ţ‘N‘[EBIFSCJSUàSEFOUPQMBN
LBÎTBZGBLJUBC‘N‘[WBS
Œ16$6
(3061#:‘03%&3#:JMFJſMFWPMBSBLLBS‘ſU‘S
NBNBLHFSFLJS(3061#:WFSJMFSJOHSVQMBSB
HÚSFT‘SBMBON‘ſPMNBT‘OEBO[JZBEFHSVQMBSB
HÚSFIFTBQMBNBZBQ‘MNBT‘JIUJZBD‘PMEVţVOEB
LVMMBO‘MNBM‘E‘S4POVÎMBS‘OT‘SBMBNBT‘JMFJMHJMJ
IFSſFZJÎJO03%&3#:LVMMBONBLHFSFLJS
#VL‘TBÚSOFLMFSEFOTPOSBHSVQTBM
GPOLTJZPOMBS‘OHSVQMBSàTUàOEFOBT‘MLVM
MBO‘ME‘ţ‘OBZBL‘OEBCBLBM‘N
½SOFL
&MJNJ[EFLJ,JUBQMBS‘UàSàOFHÚSFHSVQ
MBOE‘SE‘ţ‘N‘[EBIFSCJSHSVQUBLBÎLJUBQ
ZFSBM‘ZPS
4&-&$5UVSV$06/5
'30.,JUBQ
(3061#:UVSV
4&-&$5UVSV46.TBZGB4BZJTJ
"4
HSVQ#BTJ5PQMBN4BZGB
'30.,JUBQ
(3061#:UVSV
½SOFL
&MJNJ[EFLJLJUBQMBS‘UàSMFSJOFHÚSF
HSVQMBE‘ţ‘N‘[EBIFSCJSUàSJÎJOPSUB
MBNBLJUBQTBZGBBEFEJOJCVMBM‘NBNB
TBZGBTBZ‘T‘EFOGB[MBPMBO,JUBQMBS‘
WFEFOB[PMBO,JUBQMBS‘PSUBMBNBO‘O
E‘ſ‘OEBUVUBM‘N)FTBCBLBUNBZBM‘N
7FSJUBCBO‘1SPHSBNMBNB#:5&
i)FSCJSUàSEFOUPQMBNLBÎLJUBC‘O
WBS w
7FFLMFEJi#VBSBEBLJUBQUBOB[PMBO
UàSMFSJTBZNBZBDBLT‘Ow
ŒſUFDFWBC‘
4&-&$5UVSV$06/5
'30.,JUBQ
(3061#:UVSV
)"7*/($06/5
4&-&$5UVSVBT563-&3"7(4BZGB4B
ZJTJ
"4HSVQ0SUBMBNB4BZGB
'30.,JUBQ
8)&3&TBZGB4BZJTJ#&58&&/"/%
(3061#:UVSV
Œ16$6
,BZ‘UmMUSFMFNFEFLVMMBO‘MBDBLſBSUMBSBSBT‘OEB
HSVQMBNBM‘'POLTJZPOVLVMMBONBZ‘HFSFLUJSFO
CJSſBSUWBSTB)"7*/(EFZJNJJMFCFMJSUJMJS
½SOFL
#JSBSLBEBſ‘O‘[TJ[JOLàUàQIBOFEF
PUPNBTZPOBHFÎUJţJOJ[JHÚSEàWFſÚZMF
CJSTPSVZÚOFMUUJ
#:5&7FSJUBCBO‘1SPHSBNMBNB
½SOFL
"ZO‘BSLBEBſ‘O‘[BCBSUU‘WFſVTPSVZV
ZÚOFMUUJ
)FSCJSUàSEFUPQMBNLBÎTBZGBLJUBC‘O
WBS 7FFLMFEJ
#VBSBEBLJUBQOVNBSBT‘EBO
LàÎàLPMBO,JUBQ‘ONVIUFNFMFOFTLJEJS
TBZNB#JSEF0SUBMBNBT‘TBZGBZ‘
BſNBZBOUàSMFSJEFHÚSNFLJTUFNJZPSVN
ÎàOLàNVIUFNFMFOCVUàSMFSEFZFUFSJODF
LBM‘OLJUBQMBSZPL
&OB[TBZGBLJUBQCVMVOBOUàSFOBMUUB
ZFSBMBDBLſFLJMEFMJTUFWFSFCJMJSNJTJO
½ODFMJLMFſVJGBEFOJOTPOVDVOBCBLB
M‘N
4&-&$5UVSV46.TBZGB4BZJTJ
TBZGB
4BZJTJ
'30.,JUBQ
8)&3&LJUBQ/P
(3061#:UVSV
4&-&$5UVSV46.TBZGB4BZJTJ
TBZGB
4BZJTJ
'30.,JUBQ
8)&3&LJUBQ/P
(3061#:UVSV
)"7*/("7(TBZGB4BZJTJ
03%&3#:46.TBZGB4BZJTJ
%&4$
)"7*/(JGBEFTJOEFOTPOSBIJLBZF
UàSàHFMNFNFLUFEJS±àOLàHSVQPSUB
MBNBT‘E‘SWFCVEB)"7*/(ſBSU‘OEB
WFSJMFOEFţFSJOBMU‘OEBE‘S
+0*/*/(
#VL‘T‘NEBLVMMBO‘MBOUBCMPMBS‘OJMJſLJTFM
ZBQ‘MBS‘O‘BOMBNBLJÎJOCVTBZGBO‘OTPM
BMU‘OEBLJEJBHSBNBCBLBCJMJSTJOJ[ŒMJſLJTFM
WFSJUBCBO‘O‘OFOUFNFMJOEFCJSEFOGB[MB
UBCMPàTUàOEFCJSMJLUFJſMFNZBQBCJMNFL
ZBUBS#VTBZFEFWFSJMFSJOUFLSBSMBNBT‘
ÚOMFONJſPMVSWFTPOVÎUBWFSJZÚOFUJNJ
LPMBZMBſ‘S
½SOFţJO,JUBQUBCMPNV[EB,JUBQ‘O
CJSUFLJMOVNBSBJMFMJTUFTJOJUVUVZPSV[WF
PEVODMJTUFTJOEFEFCV,JUBQ‘OLJNUBSB
G‘OEBOBM‘OE‘ţ‘O‘OHFSJHFUJSJMJQHFUJSJMNF
EJţJOJOLBZE‘O‘UVUVZPSV[
#B[FOCVJLJUBCMPEBLJCJMHJMFSFEFCJS
UFLTPSHVTPOVDVPMBSBLJIUJZBÎEVZBS‘[
½SOFţJOFMJNJ[EFÚZMFCJSTPOVÎPMNBM‘E‘S
LJIBOHJLJUBC‘OLJNUBSBG‘OEBOÚEàOÎ
BM‘OE‘ţ‘O‘CJSMJTUFEFHÚSNFNJ[HFSFLTJO
#VJLJUBCMPCJSCJSJOFLJUBQ/PBMBO‘JMF
CBţM‘E‘S±àOLàÚEàOÎWFSJMFOCJSLJUBQ
IBLL‘OEBEFUBZM‘CJMHJFEJONFLJTUFEJţJ
NJ[EFPEVODMJTUFTJOEFOLJUBQOVNBSB
T‘O‘BM‘S‘[EBIBTPOSB,JUBQUBCMPTVOEBO
BZO‘OVNBSBZ‘CVMVSWFLBSſ‘M‘ţ‘OEBLJ
LJUBQIBLL‘OEBLJEFUBZMBS‘HÚSFCJMJSJ[
Œ16$6
5BCMPMBS‘OCJSCJSJJMFBSBT‘OEBCJSJMJſLJUBO‘N
MBONBEBOJMJſLJTFMTPSHVZBQ‘M‘STBLBSUF[ZFO
ÎBSQ‘N‘CVMVOVS#VA5BCMPEBLJIFSCJSLBZ‘U
JMF5BCMPEBLJIFSCJSLBZ‘UJMJſLJMJEJSEFNFLUJS
WFJMJſLJTFMWFSJUBCBO‘OEPţBT‘OBUFSTUJS
7FSJUBCBO‘1SPHSBNMBNB#:5&
½SOFL
4&-&$5
'30.,JUBQPEVOD
4PSHVTVOVOTPOVDVOEB,JUBQUBCMP
TVOEBPEVODUBCMPTVOEBLBZ‘U
WBSTB
TBU‘SM‘LCJSCV
JLJUBCMPJÎJOLBSUF[ZFOÎBSQ‘NTPOVDV
CVMVOVS
,MBTJL+PJO
ŒLJUBCMPZVCJSMJLUFTPSHVMBNBO‘OFOLPMBZ
ZPMVBT‘MUBCMPEBLJCJSJODJMBOBIUBSJMF
JLJODJUBCMPEBLJZBCBOD‘BOBIUBS‘CJSCJ
SJOFFſJUMFNFLUJS
4&-&$5UBCMPBMBO]UBCMP
BMBO<UBCMPBMBO>
'30.UBCMPUBCMP
8)&3&UBCMPCJSJODJM"OBIUBS5BCMP
ZBCBODJ"OBIUBS<"/%EJţFSſBSUMBS>
½SOFL
ľVBOEBE‘ſBS‘EBPMBO,JUBQ‘OMJTUFTJOJ
BMBM‘N
4&-&$5,JUBQ
'30.,JUBQPEVOD
8)&3&,JUBQLJUBQ/P0EVODLJUBQ/P
"/%PEVODHFMEJ.J
5BCMPZB5BLNB"E"MJBT
#JSEFOGB[MBUBCMPàTUàOEFJſMFNZBQBS
LFOT‘LT‘LUBCMPJTJNMFSJLVMMBO‘M‘S#VEB
CJSLFMJNFLBMBCBM‘ţ‘PMBSBLLBSſ‘N‘[B
ΑLBS#VOVOÚOàOFHFÎNFLJÎJOUBCMPMB
#:5&7FSJUBCBO‘1SPHSBNMBNB
S‘OZFSJOFUBLNBBEWFSJQPBEMBS‘LVMMB
OBCJMJSJ[
Œ16$6
5BLNBBEMBSUBCMPMBS‘OJTNJOJL‘TBMUNBO‘OZBO‘
T‘SBCBſLBJſMFSEFEFLVMMBO‘M‘S(FOFMMJLMFUBCMP
MBSJÎJOUBLNBBETFÎJMJSLFOL‘TBPMNBT‘BΑT‘O
EBOWFZBUFLIBSGMBLBQMBSUFSDJIFEJMJS
½SOFL
%‘ſBS‘EBPMBO,JUBQMBS‘OBEMBS‘O‘IBOHJ
UBSJIUFBM‘OE‘ţ‘O‘WFLJNEFPMEVLMBS‘O‘
CVMBM‘N
4&-&$5,LJUBQ"EJ0
WFSNF5BSJIJV"EJ64PZBEJ
'30.,JUBQ,PEVOD06ZF6
8)&3&,LJUBQ/P0LJUBQ/P"/%
06ZF/P6VZF/P"/%0HFMEJ.J
#JS5BCMPZV,FOEJTJŒMFŒMJſLJMFOEJSNF
4FMGKPJO
#JSUBCMPZVLFOEJTJJMFJMJſLJMFOEJSFSFL
TPSHVMBNBN‘[HFSFLUJţJOEFBZO‘UBCMPZB
GBSLM‘JLJUBLNBBE‘BUBZ‘QGBSLM‘JLJUBCMP
àTUàOEFJMJſLJMJTPSHVZBQ‘ZPSNVſHJCJ
JMJſLJMJTPSHVZBQ‘MBCJMJSŒZJUBTBSMBON‘ſ
CJSWFSJUBCBO‘OEBCVUàSJMJſLJQFLLVMMB
O‘MNB[(FOFMMJLMFWFSJMFSJOEPţSVMVţVOV
WFZBUVUBST‘[M‘ţ‘O‘
UFTUFUNFEFLVMMBO‘M‘S
½SOFL
,JUBQUBCMPNV[EBCB[‘,JUBQ‘OBEMBS‘
IBUBM‘PLVOEVţVJÎJOBZO‘*4#/OVNBSBT‘
JMFGBSLM‘LJUBQBEMBS‘HJSJMNJſPMVQPMNB
E‘ţ‘O‘UFTUFUNFLWFTPOVDVHÚSNFL
JTUFSTFL
4&-&$5,,JUBQ"EJ,
*4#//P,LJUBQ"EJ,*4#//0
'30.,JUBQ,,JUBQ,
8)&3&,*4#//P,*4#//P"/%
,,JUBQ"EJ,,JUBQ"EJ
LBZ‘UTFÎJMEJ
±àOLà*4#/OVNBSBMBS‘OEBCJSIBUB
ZPL
-FGU<0VUFS>+PJO
ŒLJUBCMPBSBT‘OEBJMJſLJMJTPSHVZBQ‘
M‘SLFO-&'5065&3
+0*/LVMMBO‘ME‘
ţ‘OEBCJSJODJUBC
MPEBLJUàNLBZ‘UMBS
HFUJSJMJS5BCMPEB
JTFTBEFDFJMJſLJZF
HÚSFVZHVOLBZ‘UMBS
TBţUBSBG‘OBFLMFOJS
(FOFMLVMMBO‘N‘
'30.UBCMP
-&'5+0*/UBCMP
0/UBCMPBMBO
LBSſ‘MBſU‘SNBUBC
MPBMBO
ľFLMJOEFEJS
5àNàZFMFSJOCJSMJTUFTJOJZBO‘OBEB
ÚEàOÎBME‘LMBS‘LJUBQWBSTBLJUBQOVNBSB
T‘O‘T‘SBMBZBM‘N
4&-&$5VZF"EJPEVOD,JUBQ/P
'30.VZF-&'5+0*/PEVOD0/
PEVODVZF/PVZFVZF/P
3JHIU<0VUFS>+PJO
ŒLJUBCMPBSBT‘OEBJMJſLJMJTPSHVZBQ‘M‘SLFO
3*()5065&3+0*/LVMMBO‘ME‘ţ‘OEBJLJODJ
UBCMPEBLJUàNLBZ‘UMBSHFUJSJMJS5BCMPEB
JTFTBEFDFJMJſLJZFHÚSFVZHVOLBZ‘UMBSTBţ
UBSBG‘OBFLMFOJS
(FOFMLVMMBO‘N‘
'30.UBCMP3*()5+0*/UBCMP
0/UBCMPBMBOLBSſ‘MBſU‘SNBUBC
MPBMBO
ľFLMJOEFEJS
½SOFL
½EàOÎBM‘ON‘ſ,JUBQMBSEBOE‘ſBS‘EB
PMBOMBS‘OMJTUFTJOJCVMVOV[
4&-&$5,JUBQLJUBQ"EJ
'30.,JUBQ
3*()5+0*/PEVOD0/
PEVOD,JUBQ/P,JUBQ,JUBQ/P
8)&3&PEVODHFMEJ.J
½SOFL
7FSJUBCBO‘1SPHSBNMBNB#:5&
<*OOFS>+PJO
*//&3+0*/FOÎPLLVMMBO‘MBOUBCMPCJS
MFſUJSNFZÚOUFNJEJSŒLJUBCMPBSBT‘OEB
CJSMFſUJSNFZBQBSLFOUBCMPMBSEBOIFS
JLJTJOEFEFZFSBMBOEFţFSMFSTFÎJMJSUFL
UBCMPEBZFSBMBOEFţFSMFSTFÎJMNF[
Œ16$6
-&'5+0*/WF3*()5+0*/BTM‘OEBCJSFS065&3
+0*/JGBEFMFSJEJS#JSÎPLTJTUFN065&3JGBEFTJ
OJOZB[‘MNBT‘O‘JTUFSLFO.4UFNFMMJTJTUFNMFSEF
LPEZB[‘ZPSTBO‘[CÚZMFEBWSBONBL[PSVOEB
EFţJMTJOJ[
'30.VZF*//&3+0*/PEVOD0/
PEVODVZF/PVZFVZF/P
4BEFDFJLJUBCMPZV+0*/FEJMFCJMJSEJZF
CJSL‘T‘UMBNBZPLUVSŒLJEFOGB[MBUBCMPZV
EBJIUJZBD‘N‘[BHÚSF+0*/FEFCJMJSJ[
½SOFL
#VHàOFLBEBSLJNJOIBOHJLJUBC‘
ÚEàOÎBME‘ţ‘O‘OEÚLàNàOàCVMNBL
JTUFSTFL
"TM‘OEB,MBTJL+PJOJMF*//&3+0*/BZO‘
ſFZEJS4BEFDFCJSMFſUJSNFEFLVMMBO‘MBO
UFLOJLGBSLM‘E‘S
'30.UBCMP*//&3+0*/UBCMP
0/UBCMPBMBOLBSſ‘MBſU‘SNBUBC
MPBMBO
½SOFL
-&'5+0*/
ÚSOFţJOEFLJTPS
HVZV*//&3+0*/
JMFÎBM‘ſU‘SBM‘N#V
EVSVNEBIJÎLJUBQ
ÚEàOÎBMNBZBO
àZFMFSJOTPOVÎUB
ZFSBMNBE‘ţ‘OB
EJLLBUFEJO
4&-&$5
VZF"EJPEVOD
,JUBQ/P
#:5&7FSJUBCBO‘1SPHSBNMBNB
4&-&$5,JUBQLJUBQ"EJVZF
"EJVZF4PZBEJ
'30.PEVOD*//&3+0*/,JUBQ0/
,JUBQ,JUBQ/P0EVODLJUBQ/P
*//&3
+0*/VZF0/VZF6ZF/PPEVODVZF/P
#B[‘TJTUFNMFSEFLPEMBNBZBQBSLFO
*//&3JGBEFTJZFSBMNBNBM‘E‘S"LTJIBMEF
TPSHVOV[ÎBM‘ſNBZBCJMJS#VGBSLM‘M‘ţ‘O
OFEFOJ+0*/0/JGBEFTJ"/4*42-JOCJS
QBSÎBT‘EFţJMEJS"ODBL75:4àSFUJDJMFSJ
8)&3&ſBSU‘OEBZFSBMBOEJţFSLPſVMMBS
JMFUBCMPJMJſLJMFOEJSNFLPſVMMBS‘O‘OCJS
CJSJOEFOLPMBZDBBZ‘SUFEJMNFTJJÎJOTUBO
EBSUMBSEBZFSBMBOLMBTJLKPJOJMFCJSMJLUF
CVUàSEFOJGBEFMFSJEFEFTUFLMFNFLUF
EJSMFS
*/4&35
#JSUBCMPZB42-JMFLBZ‘UFLMFNFLJÎJO
*/4&35EFZJNJLVMMBO‘M‘S
*/4&35*/50UBCMP@BEJBMBO<B
MBO>
7"-6&4EFHFS<EFHFS>
"MBOBE‘T‘SBT‘JMFEFţFST‘SBMBNBT‘O‘O
BZO‘PMNBT‘HFSFLJS/6--EFţFSJBMBCJ
MFOHJSJMNFTJ[PSVOMVPMNBZBOBMBOMBS
BMBOMBSJÎJOEFţFSHJSJMNFZFDFLTFCPſ
C‘SBL‘MBCJMJS
½SOFL
:FOJCJSLJUBQFLMFZFMJN
*/4&35*/50,JUBQ,JUBQ"EJ4BZGB4B
ZJTJLJUBQ0[FUJ
7"-6&4A1IPUPTIPQ&GFLUMF
SJ1IPUPTIPQFGFLUMFSJOJZBL‘OEBO
UBO‘Z‘O
BEFU,BZ‘U&LMFOEJ
%Œ,,"5
#JSUBCMPZBNFUJOJGBEFMFSFLMFOJSLFONFUJO
MFSJOUFLU‘SOBLBSBT‘OBBM‘ONBT‘CJSLVSBME‘S
#B[FOEFţFSPMBSBLUFLU‘SOBLA
HJSNFLHFSF
LFCJMJS#VEVSVNEBAZFSJOFAAZB[‘M‘S"LTJIBMEF
42-JOTFOUBLT‘O‘OCP[VMBDBţ‘OBEJLLBUFEJO#V
UàSEFOEVSVNMBSBLBΑONBBOMBN‘OEBAFTDBQF
EVSVNEFOJS
½SOFL
*/4&35*/50,JUBQ,JUBQ"EJ*4#//P
4BZGB4BZJTJLJUBQ0[FUJ
7"-6&4A"INFUJO(àOMàţàA
9#JSQPMJTJOBO‘MBS‘
*ODPSSFDUTZOUBYOFBSUIFLFZXPSE
AJO
#VLBZ‘UFLMFOFNFZFDFLUJS"LTJOF
JOLFMJNFTJ42-LPNVUVPMBO*O[BOOF
EJMFDFLWFBSLBT‘OEBOBΑMBOUFLU‘SOBL
LBQBONBN‘ſPMBSBLBMH‘MBOBDBLU‘S
#VOVOZFSJOF
*/4&35*/50,JUBQ,JUBQ"EJ*4#//P
4BZGB4BZJTJLJUBQ0[FUJ
7"-6&4A"INFUJO(àOMàţàA
9#JSQPMJTJOBO‘MBS‘
BEFU,BZ‘U&LMFOEJ
EFNFLHFSFLJS
#JS5BCMPEBO4FÎJMFO,BZ‘UMBS‘
#BſLBCJS5BCMPZB&LMFNF
#B[‘EVSVNMBSEBCJSUBCMPEBZFSBMBO
LBZ‘UMBS‘CBſLBCJSUBCMPZBBLUBSNBLEVSV
NVOEBLBMBCJMJSJ[
½SOFL
%‘ſBS‘EBLJ,JUBQ‘N‘[‘UVUNBLà[FSFCJS
UBCMPPMVſUVSNBN‘[HFSFLJSTFCVOMBS‘
EPţSVEBOCJSTFÎNFJſMFNJOJOTPOVDVOV
CVZFOJUBCMPZBFLMFNFſFLMJOEFEFZBQB
CJMJSJ[
*/4&35*/50EJTBSEBLJ,JUBQLJUBQ/P
,JUBQ"EJ#FEFMJ
4&-&$5LJUBQ/P,JUBQ"EJ#FEFMJ
'30.,JUBQ
*//&3+0*/PEVOD0/
PEVOD,JUBQ/PLJUBQLJUBQ/P
8)&3&PEVOD(FMEJ.J
BEFU,BZ‘U&LMFOEJ
7FSJUBCBO‘1SPHSBNMBNB#:5&
61%"5&
#JSLBZ‘UàTUàOEFEFţJſJLMJLZBQNBL
HFSFLUJţJOEF61%"5&EFZJNJLVMMBO‘M‘S
:BQ‘T‘ſVſFLJMEFEJS
61%"5&UBCMP@BEJ
4&5BMBOZFOJ%FHFS<BMBOZFOJ
%FHFS>
<8)&3&TBSU>
½SOFL
61%"5&LJUBQ
4&5LJUBQ#FEFMJLJUBQ#FEFMJ
,":*5(Ã/$&--&/%Œ
%Œ,,"5
#JS61%"5&DàNMFTJOEF8)&3&ſBSU‘PMNB[TB
JTUFOJMFOEFţJſJLMJLUBCMPEBZFSBMBOUàNLBZ‘U
MBSJÎJOZBQ‘MBDBţ‘OEBOEJLLBUFEJMNFMJEJS#ÚZMF
CJSEVSVNEBEBUBLBZC‘JMFLBSſ‘MBſBCJMJSTJOJ[
#:5&7FSJUBCBO‘1SPHSBNMBNB
%&-&5&
%Œ,,"5
#JS%&-&5&DàNMFTJOEF8)&3&ſBSU‘PMNB[TB
JTUFOJMFOTJMNFJſMFNJUBCMPEBZFSBMBOUàN
LBZ‘UMBSJÎJOZBQ‘MBDBţ‘OEBOEJLLBUFEJMNFMJEJS
#ÚZMFCJSEVSVNEBEBUBLBZC‘JMFLBSſ‘MBſBCJ
MJSTJOJ[
5BCMPEBZFSBMBOLBZ‘UMBS‘OUBNBN‘O‘WFZB
CJSL‘TN‘O‘TJMNFLJÎJO%&-&5&EFZJNJ
LVMMBO‘M‘S
(FOFMLVMMBO‘N‘ſVſFLJMEFEJS
%&-&5&
'30.UBCMP@BEJ
<8)&3&TBSU>
½SOFL
4PZBE‘A0;"/PMBOàZFMFSJTJMNFL
JTUFSTFL
%&-5&
'30.VZF
8)&3&TPZBE-*,&A0;"/
,":*54Œ-Œ/%Œ
(&/&-42-
'0/,4Œ:0/-"3*/*/,6--"/*.*
#JS%&-&5&DàNMFDJţJOFſBSULPO
NB[TBUBCMPEBZFSBMBOUàNLBZ‘UMBSTJMJ
OJS#JS4PSHVZVÎBM‘ſU‘SNBEBOÚODFEPţSV
LBZ‘UMBS‘TJMNFLJTUFEJţJOJ[EFOFNJO
PMVOV[#ÚZMFCJSEVSVNEBEBUBLBZC‘JMF
LBSſ‘MBſBCJMJSTJOJ[
42-EFÎPLGB[MBTBZ‘EBGPOLTJZPOZFS
BMNBNBLUBE‘S#VOEBOEPMBZ‘CB[‘75:4
UBSBG‘OEBOFLGPOLTJZPOMBSEBTBţMBOB
CJMNFLUFEJS,VMMBONBLUBPMEVţVOV[
75:4OJOL‘MBWV[VOBCBLBSBLEBIBGB[MB
TBZ‘EBGPOLTJZPOVOLVMMBO‘N‘IBLL‘OEB
CJMHJFEJOFCJMJSTJOJ[#VSBEBTJTUFNCB[M‘
BNBT‘LLVMMBO‘MBOCB[‘GPOLTJZPOMBS
IBLL‘OEBEBCJMHJWFSJMFDFLUJS42-4FSWFS
JOTVOEVţVGPOLTJZPOMBS‘CJSTPOSBLJ
CÚMàNEFWFFLL‘TN‘N‘[EBCVMBCJMJSTJOJ[
5BSJI;BNBO'POLTJZPOMBS‘
(&5%"5&
.JDSPTPGUWF4ZCBTF
UFNFMMJTJTUFNMFSEFTJUFNUBSJIJOJCVMVS
%"5&
PMBSBLEBHFÎFCJMNFLUFEJS
4:4%"5&
0SBDMFEFBZO‘JſMFWJZFSJOF
HFUJSJS
/08
.4UFNFMMJTJTUFNMFSEFBOM‘L
EFUBZM‘[BNBO‘HàOBZZ‘MTBBUELTO
WFSJS
½SOFL
ÃTUàOEFÎBM‘ſU‘ţ‘N‘[75:4EFſVBOLJ
WBLUJBMNBLJÎJO
4&-&$5(&5%"5&
1.
%FNFNJ[ZFUFSMJPMBDBLU‘S.442-4FS
WFSJÎJO
"SJUNFUJL'POLTJZPOMBS
.0%TBZJNPE
4BZ‘O‘ONPEEFţFSJOF
CÚMàNàOEFOLBMBO‘O‘WFSJSJS03"$-&EF
HFÎFSMJEJS.4TJTUFNMFSEFCJSPQFSBUÚS
HJCJHÚSFWZBQBS
½SOFL
½EàOÎWFSNFTàSFMFMFSJOJOHàOF
HÚSFNPEVOVBMBM‘N
.4"DDFTTJÎJO
4&-&$5WFSNF4VSFTJ.0%"4
(6/.0%
'30.PEVOD
8)&3&LJUBQ/P
.442-4FSWFSJÎJO
4&-&$5WFSNF4VSFTJ"4
(6/.0%
'30.PEVOD
8)&3&LJUBQ/P
0SBDMFJÎJO
4&-&$5.0%WFSNF4VSFTJ
'30.PEVOD
ľFLMJOEFZB[NBN‘[HFSFLFDFLUJS
"#4TBZJ
4BZ‘O‘ONVUMBLEFţFSJOJ
CVMVS
$04
4*/
5"/
$04)
4*/)
5"/)
5SJHPOPNFUSJLGPOLTJZPOMBS‘O
BZO‘T‘E‘S"ODBL0SBDMF4JTUFNMFSJÎJOBΑ
EFţFSJPMBSBLWFSJMFOEFţFSJO3"%:"/
DJOTJOEFOPMNBT‘HFSFLJS
-/TBZJ
%PţBMMPHBSJUNBBMNBL
JÎJOFUBCBOM‘MPHBSJUNB
LVMMBO‘M‘S
-0(TBZJUBCBO
ŒTUFOJMFOCJSTBZ‘O‘O
7FSJUBCBO‘1SPHSBNMBNB#:5&
ZJOFJTUFOJMFOCJSUBCBOEBMPHBSJUNBT‘O‘
BMNBLJÎJOLVMMBO‘M‘S
'30.,JUBQ
ľFLMJOEFLVMMBO‘MBCJMJS
108&3TBZJVT
#JSTBZ‘O‘OàTTàOà
BMNBLJÎJOLVMMBO‘M‘S
*/*5$"1LBSBLUFS
ŒMLIBSmCàZàL
ZBQBS0SBDMF
4*(/TBZJ
#JSTBZ‘O‘OZÚOàOàCFMJSUJS
/FHBUJGJÎJOo1P[JUJGJÎJOT‘G‘SJÎJO
EÚOEàSàS
3&1-"$&LBSBLUFSJGBEFZFSJOFHF
MFDFL*GBEF
ŒGBEFMFSJCVMVQEFţJſUJSJS
42-4FSWFS4:#"4&
4235TBZJ
#JSTBZ‘O‘OLBSFLÚLàOà
BM‘S
-08&3NFUJO
611&3NFUJO
5BNBN‘,àÎàLWFZBUBNBN‘CàZàLIBSG
ZBQNBLJÎJOLVMMBO‘M‘S0SBDMF
,BSBLUFSŒſMFNF'POLTJZPOMBS‘
$)3
#JS"4$*LPEVOVOLBSBLUFS
LBSſ‘M‘ţ‘O‘EÚOEàSàS
-$"4&NFUJO
WF6$"4&NFUJO
5BNBN‘,àÎàLWFUBNBN‘CàZàLIBSG
ZBQNBLJÎJOLVMMBO‘M‘S.4
$0/$"5NFUJONFUJO
ŒLJWFZB
EBIBGB[MBLBSBLUFSJGBEFZJVÎVDBFLMF
NFLJÎJOLVMMBO‘M‘S
-53*.NFUJO
353*.NFUJO
53*
.NFUJO
4PMEBLJTBţEBLJWFZBIFSJLJ
UBSBGUBLJCPſMVLMBS‘BUNBLJÎJOLVMMBO‘M‘S
.4UFNFMMJTJTUFNMFSEFJMFCVJſ
ZBQ‘MBCJMJSLFO03"$-&EFBODBL]]PQFSB
UÚSàWFZB$0/$"5GPOLTJZPOVJMFCVJſ
ZBQ‘MBCJMJS
-&/()5NFUJO
#JSNFUOJOV[VOMV
ţVOVWFSJS0SBDMF
½SOFL
,JUBQ"EMBS‘JMFZB[BSMBS‘O‘OBEMBS‘O‘CJS
UFLBMBOPMBSBLTFÎUJSNFLJTUFSTFL
4&-&$5LJUBQ"EJZB[BS"EJ
'30.,JUBQ
0SBDMFEF
4&-&$5LJUBQ"EJ]]ZB[BS"EJ
'30.,JUBQ
WFZB
4&-&$5$0/$"5LJUBQ"EJZB[BS"EJ
#:5&7FSJUBCBO‘1SPHSBNMBNB
-&/NFUJO
#JSNFUOJOV[VOMVţVOV
WFSJS.4UFNFMMJ4JTUFNMFS
%ÚOàſUàSNF'POLTJZPOMBS‘
$0/7&35WFSJUJQJ<V[VOMVţV
>TàUVBE‘
GPSNBU
#JSWFSJOJOCJSGPSNBUUBOCBſLB
CJSGPSNBUBEÚOàſUàSàMNFTJJÎJOLVMMBO‘M‘S
½SOFL
ÃZFMJL/VNBSBT‘O‘OTPOVPMBOàZFMF
SJNJ[JOMJTUFTJOJBMBM‘N
4&-&$5VZF/P"EJTPZBEJ
'30.VZF
8)&3&$0/7&357"3$)"3
V
ZF/P
-*,&A
$"45LPMPO"EJBT$FWJSJMFDFL7FSJ5J
QJ/
#JSTàUVOVOZBEBWFSJOJOUàSàOà
CBſLBCJSUàSFEFţJſUJSNFLJÎJOLVMMBO‘
M‘S4:#"4&.442-4FSWFS
½SOFL
4&-&$5$"45ZB[BS/PBT7"3$)"3
AABEJATPZBEJ
'30.ZB[BS
"3Œ5.&5Œ,Œľ"3&5-&3
)FSZFSEFPMBOBSJUNFUJLJſMFNMFSJ42-EFEF
HFÎFSMJEJS
5PQMBNB
±‘LBSUNB
±BSQNB
#ÚMNF
.PE#B[‘4JTUFNMFSEF.0%EBLVMMBO‘M‘S
7FSJUBCBO‘1SPHSBNMBNB#:5&

Benzer belgeler

SêSTEM KLAVYESê - Koyuncu Elektronik

SêSTEM KLAVYESê - Koyuncu Elektronik ZÚOFUJNJEFOJS7FSJUBCBOMBS‘OEBOFO QPQàMFSPMBO‘ JMJſLJTFMWFSJUBCBO‘E‘SŒMJſLJ TFMWFSJUBCBO‘OLÚLFOJ MJZ‘MMBSEB*#. MBCPSBUVBSMBS‘OEBZBQ‘MBOÎBM‘ſNBMBSEB BU‘MN‘ſU‘S5BLJQFEFOÎB...

Detaylı

Kutsal Kitap`ı Kesfetmek

Kutsal Kitap`ı Kesfetmek CLBIZBPHMV!CZUFDPNUS

Detaylı