AEG DBK6680HG Manual de Usario

AEG campana extractora DBK6680HG

Lee a continuación 📖 el manual en español para AEG DBK6680HG (168 páginas) en la categoría campana extractora. Esta guía fue útil para 11 personas y fue valorada con 4.5 estrellas en promedio por 2 usuarios

Descargar PDF

Página 1/168

USER

MANUAL

'%.+*

'%.+*

'%.+*

8GK]LPHWSUSUGRULP 

̷͕͉͕͙͉͕͑͋͘͡͎͇͚͖͕͙͈͇͗͌ 

8SXWH]DXSRUDEX 

1£YRGNSRXŀLW¯ 

%UXJVDQYLVQLQJ 

*HEUXLNVDDQZLM]LQJ 

8VHU0DQXDO 

.DVXWXVMXKHQG 

.¦\WW¸RKMH 

1RWLFHGXWLOLVDWLRQ 

%HQXW]HULQIRUPDWLRQ 

ˍˡˤˠ˜ˢ˯˔ˮ˛˰ˤ˯ 

+DV]Q£ODWL¼WPXWDWµ 

,VWUX]LRQLSHUOಬXVR 

Φ͕͇͔͚͒͋͙͚͇͗͒͢

͔ν͘Χ͇͚͇͒͗͢ 

/LHWRģDQDVLQVWUXNFLMD 

1DXGRMLPRLQVWUXNFLMD 

̺͖͇͙͙͉͕͘͎͇͇͚͉͇͗͑Ͱ͌ 

%UXNVDQYLVQLQJ 

,QVWUXNFMDREVĄXJL 

0DQXDOGHLQVWUX©·HV 

0DQXDOGHXWLOL]DUH 

̯͔͙͚͗͑͘͝͏ͦ͖͕

͖͚͇͙͇ͤ͑͒͘͝͏͏ 

̺͖͚͙͙͉͕͘͎͇͚͖͕͙͈͚͗͌ 

1£YRGQDSRXŀ¯YDQLH 

1DYRGLOD]DXSRUDER 

0DQXDOGHLQVWUXFFLRQHV 

%UXNVDQYLVQLQJ 

.XOODQPD.óODYX]X 

165AR

350%$-7-$

,1)250$&,21,,6,*85,6'+(,167$/,0, 

356+.5,0,352'8.7,7

35'25,0,,35',76+0

.8-'(6,'+(3$675,0, 

355(=8/7$7(3(5)(.7(

)DOHPLQGHULWTNHQL]JMHGKXUNWSURGXNW$(*1HHNHPLNULMXDUDWSUWMX

RIUXDUSHUIRUPDQFWSUVRVXUSUVKXPYLWHPHWHNQRORJMLQRYDWRUHT

QGLKPRMQQWKMHVKWLPLQHMHWVYH©RULTPXQGWPRVLJMHQLQSDMLVMHWH

]DNRQVKPH.XVKWRMLQLSDNPLQXWDOH[LPLWSUWDVKIU\W]XDUVDPPLU

9L]LWRQLIDTHQWRQWLQWHUQHWLWSU

7PDUUNVKLOODPELSUGRULPLQEURVKXUDLQIRUPDFLRQUUHWK]JMLGKMHVV

SUREOHPHYHVKUELPLWGKHULSDULPLW

ZZZDHJFRPVXSSRUW

5HJMLVWURMHQLSURGXNWLQSUVKUELPPWPLU

ZZZUHJLVWHUDHJFRP

%OLQLDNVHVRUSMHVNRQVXPLGKHSMHVRULJMLQDOHNPELPLSUSDMLVMHQ

ZZZDHJFRPVKRS

.8-'(6,'+(6+5%,0,1'$-./,(17,7

3UGRUQLJMLWKPRQSMHVNPELPLRULJMLQDOH

.XUNRQWDNWRQL4HQGUQWRQW$XWRUL]XDUW6KUELPLWVLJXURKXQLTWNHQLQ

GLVSR]LFLRQWGKQDWHPSRVKWPH0RGHOL31&QXPULVHULDO

.\,QIRUPDFLRQLPXQGWJMHQGHWQSOODNQHNODVLILNLPLW

3DUDODMPULP7GKQDUUHWKVLJXULVGKHNXMGHVLW

7GKQDWSUJMLWKVKPHGKHNVKLOOD

7GKQDUUHWKDPELHQWLW

5H]HUYRKHWPXQGVLDHQGU\VKLPHYH

,1)250$&,21,,6,*85,6'+(,167$/,0,

3$5$/$-05,0

5HIHURMXQLEURVKXUVWMHWU

ಯ8GK]LPHWSULQVWDOLPLQರ

SUಯ,QIRUPDFLRQLQHVLJXULV

GKHLQVWDOLPLQರ/H[RQLPH

NXMGHVNDSLWXMWHಯ6LJXULVರ

SUSDUD©GRSUGRULPLRVH

PLUPEDMWMHMHWSDMLVMHV

ZZZDHJFRP

356+.5,0,352'8.7,7

3UPEOHGKMHHSDQHOLWWNRQWUROOLW

1 2 3 4 5 6 7 8 9 10

)XQNVLRQL 3UVKNULPL

1GH])LN 1GH]GKHILNDVSLUDWRULQ

6KSHMWVLDHSDU 0RWRULNDORQQQLYHOLQHSDUWVKSHMWVLV

6KSHMWVLDHG\W 0RWRULNDORQQQLYHOLQHG\WWVKSHMWVLV

6KSHMWVLDHWUHW 0RWRULNDORQQQLYHOLQHWUHWWVKSHMWVLV

6KSHMWVLDPDNVLPDOH 0RWRULNDORQQQLYHOLQPDNVLPDOWVKSHMWVLV

1[LWMDHVKSHMWVLV 0RWRULNDORQQQLYHOLQPDNVLPDOWVKSHMWVLV3DV

PLQXWDVKSDMLVMDNWKHKHWQFLOVLPLQHPSDUVKP

)OODG $VSLUDWRULSXQRQQVKSHMWVLQPWXOW3DV

PLQXWDVKSDMLVMDILNHW

1MRIWLPLPELILOWULQ -XNXMWRQWQGUURQLRVHWSDVWURQLILOWULQHNDUERQLW

GKHWSDVWURQLILOWULQH\QG\UV

+REt+RRG 7UHJXHVLLIXQNVLRQLWSUWNRQWUROOXDUDVSLUDWRULQQJD

SLDQXUD

 /ODPED 1GH]GKHILNGULWDW

35'25,0,,35',76+0

3UGRULPLLDVSLUDWRULW

.RQWUROORQLVKSHMWVLQHUHNRPDQGXDU

VLSDVWDEHOVPSRVKW

*MDWQJURKMHVVXVKTLPLWJDWLPLWPHWHQ[KHUHW

PEXOXDUD

*MDWJDWLPLWPHWHQ[KHUHWPEXOXDUDQGLVD]RQD

RVHYDWUDJDWLPLVNXTMHVVOHKW

*MDW]LHUMHVGKHVNXTMHVVVDVLYHWPGKDW

XVKTLPLWSDNDSDNJDWLPLWQGLVD]RQDRVHYDWUD

JDWLPL

6+4,3 

GKH *MDWJDWLPLWGKHVNXTMHVVVDVLYHWPGKDW

XVKTLPLWSDNDSDNQODJVKWLWPDGKH

)UHVNRQDMULQQNX]KLQSDVJDWLPLWPHQLYHO]KXUPH

VKXPWXOW0XQGWDNWLYL]KHWGKHW©DNWLYL]RKHW

GXNHVKW\SXUVLPEROLQ)XQNVLRQLILNHWDXWRPDWLNLVKW

SDVPLQXWDVK3UGRUHYHWPSDVJDWLPLW

5HNRPDQGRKHWTWDOLQL

DVSLUDWRULQQSXQSUUUHWK

PLQXWDSDVJDWLPLW

3DQHOLLNRQWUROOLWVKWIXVK

PHVHQVRU3UHNQLVLPEROHW

SUVHNRQGSUW

DNWLYL]XDUIXQNVLRQHW

3UWSUGRUXUDVSLUDWRULQ

 1GL]HQLSDMLVMHQGXNHVKW\SXU

VLPEROLQ 

7DQLPXQGWDNWLYL]RQLIXQNVLRQHW

 3UWDNWLYL]XDUIXQNVLRQLQSUHNQL

VLPEROLQ

 1VHVKWQHYRMDSUHNQLVLPEROLQH

GULWV SUWQGUL©XDUVLSUIDTHQH

JDWLPLW3UWQGU\VKXDULQWHQVLWHWLQ

HGULWVSUHNQLGKHPEDQLVKW\SXU

VLPEROLQVULVK

3UW©DNWLYL]XDUSDMLVMHQVKW\SQLVULVK

VLPEROLQ 

+REt+RRG)XQNVLRQL

VKWQMIXQNVLRQDXWRPDWLNLFLOLOLGK

SLDQXUQPHQMDVSLUDWRU6LSLDQXUD

DVKWXHGKHDVSLUDWRULNDQQM

NRPXQLNXHVPHUUH]HLQIUDWNXTH

6KSHMWVLDHYHQWLODWRULWSUFDNWRKHW

DXWRPDWLNLVKWQED]WFLOVLPLWW

PRGDOLWHWLWGKHWHPSHUDWXUVVHQVP

WQ[HKWQSLDQXU0XQGWDSUGRUQL

JMLWKDVKWXYHQWLODWRULQGXNHSUGRUXU

PDQXDOLVKWSLDQXUQ)XQNVLRQLPXQGW

DNWLYL]RKHWQJDSDQHOLLSLDQXUV

3UPVKXPLQIRUPDFLRQ

UUHWKPQ\UVVSUGRULPLW

WIXQNVLRQLWUHIHURMXQL

PDQXDOLWWSUGRUXHVLWSU

SLDQXUQ

$NWLYL]LPLL6KSHMWVLV

PDNVLPDOHWPRWRULW

.XUSUHNQL 6KSHMWVLDPDNVLPDOHH

PRWRULWILOORQWSXQRMSUPLQXWD3DV

NVDMNRKHSDMLVMDNWKHKHWQFLOVLPHWH

PSDUVKPHWVKSHMWVLV

.XUIXQNVLRQLVKWL

DNWLYL]XDUSUHNMDVKWHVPEL

QXNNDDVQMHIHNW

1MRIWLPLLILOWULW

$ODUPLLILOWULWMXNXMWRQWQGUURQLRVHW

SDVWURQLILOWULQHNDUERQLWGKHWSDVWURQL

ILOWULQH\QG\UV7UHJXHVLLILOWULW

QGL]HWSUVHNRQGDQVHILOWULL

\QG\UVGXKHWWSDVWURKHW7UHJXHVLL

ILOWULW SXOVRQSUVHNRQGDQVHILOWUL

LNDUERQLWGXKHWWQGUURKHWRVHW

SDVWURKHW

6KLNRQLSDVWULPLQHILOWULWW

\QG\UVQNDSLWXOOLQH

NXMGHVLWGKHWSDVWULPLW

6KLNRQLSDVWULPLQHILOWULWW

NDUERQLWRVHQGUULPLQHILOWULW

WNDUERQLWQNDSLWXOOLQH

NXMGHVLWGKHWSDVWULPLW

3UWULYHQGRVXUIXQNVLRQLQSUHNQL

SUVHNRQGD

3UWDNWLYL]XDURVH©DNWLYL]XDU

IXQNVLRQLQ

 1GL]QLSDQHOLQHNRQWUROOLW

 6LJXURKXQLTLNRQDWWMHQEUW

EDUGKD

 3UWDNWLYL]XDUIXQNVLRQLQSUHNQL

SUVHNRQGD

1VHIXQNVLRQLVKWLDNWLYL]XDULNRQDH

ILOWULW SXOVRQSHVKHU

ZZZDHJFRP

 3UW©DNWLYL]XDUIXQNVLRQLQSUHNQL

SUVHNRQGD

1VHIXQNVLRQLVKWL©DNWLYL]XDULNRQD

HILOWULW SXOVRQWULKHU

.8-'(6,'+(3$675,0,

6KQLPHPELSDVWULPLQ

$JMHQWWH

SDVWULPLW

0RVSUGRUQLGHWHUJMHQWHJUU\HVHGKHIXU©D

3DVWURQLVLSUIDTHQHSDMLVMHVPHQMFRSWEXWPHXMWQJURKW

GKHQMGHWHUJMHQWWEXW

3DVSDVWULPLWGLVDSMHVWSDMLVMHVPXQGWQ[HKHQ3UWVKPDQJXU

QMROODWSDMLVMDGXKHWWOLKHWWIWRKHWGKHWWKDKHWPHQMOHFNRVH

NDUWSHFHWDWSDVWUD

3DVWURQLQMROODWPHQMGHWHUJMHQWWEXW

0EDMHQL

DVSLUDWRULQW

SDVWU

3DVWURMHQLSDMLVMHQGKHILOWUDWH\QG\UV©GRPXDM3DVWURMHQLSMHVQH

EUHQGVKPHWSDMLVMHVGKHILOWUDWH\QG\UVPHNXMGHVQJD\QG\UD

*UXPEXOOLPLL\QG\UVRVHPEHWMHYHWWMHUDPXQGWVKNDNWRM]MDUU

1GLTQLXGK]LPHWSUSDVWULPLQHDNVHVRUYHNXUQMRIWLPLLILOWULWVKWL

DNWLYL]XDU6KLNRQLಯ1MRIWLPLLILOWULWರQNDSLWXOOLQಯ3UGRULPLLSUGLWVKPರ

)LOWUDWH\QG\UVPXQGWODKHQQODYDVWRYLOMH

/DYDVWRYLOMDGXKHWWYHQGRVHWQWHPSHUDWXUWXOWGKHFLNOW

VKNXUWU)LOWULL\QG\UVPXQGW©QJM\URVHWNMRQXNNDQGLNLPWH

SHUIRUPDQFDHSDMLVMHV

)LOWULLNDUERQLW

.RKDHQJRSMHVVILOWULWWNDUERQLWQGU\VKRQQYDUVLWOORMLWWJDWLPLW

GKHVDUUHJXOOLVKWSDVWURKHWILOWULL\QG\UV)LOWULPHNDUERQWDNWLYL]XDU

QXNPXQGWODKHWQXNPXQGWULJMHQHURKHWGKHGXKHWWQGUURKHW

SDV©GRPXDMSXQHRVHPVKSHVKSUSUGRULPYH©DQULVKWW

UQG

3DVWULPLLILOWULWW\QG\UV

)LOWUDWPRQWRKHQPHDQWNDSVHYH

GKHNXQMDYHQDQQHNXQGUW

3UWKHTXUILOWULQ

 0EDMHQLSDQHOLQQDQGKHVKW\MHQL

SDV

 $QRMHQLOHKWSMHVQHSUSDUPHW

ILOWULWSRVKWPSDVWUKLTHQL

%QLNXMGHV)LOWUL

PEURKHWQJD]LQ[KLULSDV

UU]LPLWDNVLGHQWDO

PRQWRQL]LQ[KLUW

SUSDUDVHWSDVWURQL

ILOWUDW

 PRQWRQLILOWULQGXNHKHTXUYLGDW

VLSUILOWULW

6+4,3 

 3DVWURMLQLILOWUDWGXNHSUGRUXUQM

VIXQJMHUPHGHWHUJMHQWHMRJUU\HVH

RVHQQMODYDVWRYLOMH

/DYDVWRYLOMDGXKHWW

YHQGRVHWQWHPSHUDWXUW

XOWGKHFLNOWVKNXUWU

)LOWULL\QG\UVPXQGW

©QJM\URVHWNMRQXNNDQGLNLP

WHSHUIRUPDQFDHSDMLVMHV

 3UWPRQWXDUVULVKILOWUDWQGLTQLG\

KDSDWHSDUQUHQGLQHNXQGUW

3UVULVQLKDSDWSUWJMLWKILOWUDWQVH

DSOLNRKHW

1GUULPLLILOWULWW

NDUERQLW

3$5$/$-05,0

)LOWULLNDUERQLWQXNPXQGW

ODKHW

3UWQGUUXDUILOWULQ

 +LTQLILOWUDWH\QG\UVQJDSDMLVMD

5HIHURMXQLSMHVVಯ3DVWULPLLILOWULWW

\QG\UVರQNWNDSLWXOO

 7UKLTQLJMXK]DWGUHMWSMHVVV

SRVKWPHWILOWULW

 $QRMHQLOHKWSMHVQHSUSDUPHW

ILOWULWSRVKWPSDVWUKLTHQL

 3UWLQVWDOXDUQMILOWUWULNU\HQL

WQMMWDWKDSDQUHQGWNXQGUW

1©GRUDVWVKWHQHYRMVKPHTW

QGUURKHQILOWUDWWSDNWQ©GRNDWU

PXDM

1GUULPLLOODPEV

.MRSDMLVMHVKWHSDMLVXUPHQMOODPE

/('.MRSMHVPXQGWQGUURKHWYHWP

QJDQMWHNQLN1UDVWNHTIXQNVLRQLPL

UHIHURMXQLSMHVVಯ6KUELPLರWHNDSLWXOOL

ಯ8GK]LPHWHVLJXULVರ

6+7-(4/,'+(10($0%,(17,1

5LFLNORQLPDWHULDOHWPHVLPEROLQ 

9HQGRVHQLDPEDOD]KLQWHNRQWHMQHUWH

ULFLNOLPLWQVHND1GLKPRQLQPEURMWMHQ

HPMHGLVLWGKHVKQGHWLWWQMHU]YHGKH

QULFLNOLPLQHPEHWMHYHWSDMLVMHYH

HOHNWULNHGKHHOHNWURQLNH0RVKLGKQL

SDMLVMHWHVKQXDUDPHVLPEROLQ H

PEHWXULQDYHVKWSLDNH.WKHQLSURGXNWLQ

QSLNQORNDOHWULFLNOLPLWRVH

NRQWDNWRQLPH]\UQNRPXQDOH

ZZZDHJFRP

КУЍУЙЏЉЖБЎ

̴̵̷̧̯̻̳̯̽͆̧̮̵̶̸̴̵̸̨̧̬̮̹̯̵̴̧̳̹̭

̵̶̸̴̧̯̯̬̴̧̷̧̺̬̫

̸̴̴̧̩̬̱̯̫̬̩̶̵̷̨̧̺̹̬

̷̪̯̭̯̯̶̵̸̴̧̯̹̩̬̾

АЉЗЛДБРЖБЙЎАМДЛЉЛБ

̨͇͕͇͒͊͋͗͏͓̩͏͌͞͏͎͈͇͙͗͌͜͖͕͚͙͗͋͑͔͇$(*̴͏͌͕͊͎͇͕͓͋͋͌͘͜͡͎͇͇͋̩͏

͖͕͙͇͉͗͌͋͘͏͓͈͎͚͖͔͇͌͗͌͞͖͕͇͙͇͌͑͒͘͝͏ͦ͉͖͕͍͔͗͋͒͌͡͏͌͔͇͓͔͕͕͊͕͊͋͏͔͏͘

͏͔͕͉͇͙͏͉͔͏͙͔͕͕͌͒͊͜͏͏͕͑͏͙͕͖͇͉͙͗ͦ͍͏͉͕͙͇͖͕͔͒͌͌͘ದ͚͔͛͑͝͏͏͕͑͏͙͕͔͌

͓͕͍͙͌͌͇͋͕͙͑͗͏͙͌͌͖͗͏͕͈͏͔͕͉͔͑͌͏͙͌͚͗͌͋͏̳͕͒ͦ͕͙͙͋͌͒͌͌͔͕͕ͦ͑͒͑

͓͏͔͚͙͏͎͇͙͔͌͌͌͞͎͇͇͋͏͎͉͙͒͌͌͌͞͔͇͐͕͈͕͙͕͋͗

̶͕͙͙͌͌͌͘͔͇͟͏ͦ͚͈͇͙͌͐͘͎͇

̩͏͍͙͌͖͕͎͔͒͌͏͉͙͌͘͡͏͎͇͚͖͕͙͈͇͗͌͈͕͚͗͗͟͏͕͙͙͇͔͉͇͔͗ͦ͌͘͔͇

͔͌͏͎͖͇͉͔͕͙͗͘͏͏͔͕͓͇͛͗͝͏ͦ͎͇͉͌͗͘͏͎͏͓͕͔͙͗͌

ZZZDHJFRPVXSSRUW

̷͌͊͏͙͗͘͏͇͙͗͐͌̩͇͟͏ͦ͖͕͚͙͗͋͑͎͇͖͕͕͈͕͋͗͕͈͚͍͉͇͔͒͌͘

ZZZUHJLVWHUDHJFRP

̱͚͖͙͌͌͇͕͇͑͌͗͘͘͏͕͔͚͓͇͙͑͘͏͉͏͏͕͗͏͊͏͔͇͔͒͏͎͉͔͗͌͌͗͏͇͙͘͞͏͎͇̩͇͟͏ͦ

͚͗͌͋

ZZZDHJFRPVKRS

ЗЊКДМЏЋЉЖЎЖЉГДБЎЖЛБ

̩͏͔͇͊͏͏͎͖͕͎͉͇͙͒͐͌͕͗͏͊͏͔͇͔͒͏͎͉͔͗͌͌͗͏͇͙͘͞͏

̱͕͇͙͕͊͌͘͉͎͉͇͙͗͌͘͡͘͔͇͟͏ͦ͕͙͕͗͏͎͏͇͔͗͕͙͋͌͒ಱ̵͈͚͍͉͇͔͒͌͘ಯ͙͈͉͇͗ͦ͇͋

͏͓͇͙͌͖͕͋͇͗͑͡͔͇͙͇͒͌͋͘͏͔͕͓͇͛͗͝͏ͦ̳͕͋͌͒31&͌͗͘͏͔͌͔͕͓͌͗

̯͔͕͓͇͛͗͝͏͙͇ͦ͓͕͍͌͇͋͈͋͌͡͕͙͑͗͏͙͇͔͇͙͇͈͇͙͇͌͒͑͘͕͔͕͉͔͘͏͇͔͔͋͏

̶͚͖͍͔͗͌͋͗͌͋͌͏͌̩͔͏͓͇͔͏͌ದ̯͔͕͓͇͛͗͝͏ͦ͎͇͈͎͕͖͇͔͕͙͌͘͘

̵͈͇͠͏͔͕͓͇͛͗͝͏ͦ͏͉͙͌͘͡͏

̯͔͕͓͇͛͗͝͏ͦ͎͇͕͕͔͇͙͇͑͒͇͗͌͋͘

̮͇͖͇͎͉͇͓͌͘͏͖͇͉͕͙͕͗͔͇͏͎͓͔͔͌͌͏ͦ

БЖНЗЙЕЉПБШАЉЊЎАЗИЉКЖЗКЛБЕЗЖЛЉЏ

ЋЖБЕЉЖБЎ

̩͏͍͙͌͕͙͔͇͙͇͋͌͒͈͕͚͇͗͗͟

͘͏͔͙͚͗͑͘͝͏͏͎͇

͏͔͙͇͒͘͏͇͔͗͌͎͇

̯͔͕͓͇͛͗͝͏ͦ͎͇

͈͎͕͖͇͔͕͙͌͘͘͏͓͕͔͙͇͍

̶͕͙͙͗͌͌͌͞͉͔͏͓͇͙͔͕͌͒

͇͉͊͒͏͙͌͎͇͈͎͕͖͇͔͕͙͌͘͘

͖͗͌͋͏͉͇ͦ͑͘͚͖͕͙͈͇͗͌͏͒͏

͖͕͍͇͋͋͗͑͡͔͇͚͇͗͌͋

̷̸̨̧̲̪̱̯́ 

ЗИБКЉЖБЎЖЉМЙЎЍЉ

ИйЮЬдЮЭжЩгзжлйзджбшиЩжЮд

1 2 3 4 5 6 7 8 9 10

Нмжгпбш ЗибкЩжбЮ

̩͑͒̯͎͑͒ ̩͉͇͔͑͒ͥ͌͞͏͏͎͉͇͔͑͒ͥ͌͞͔͇͇͖͘͏͇͙͕͇͗͗

̶͉͇͗͡͕͕͙͑͗͘͘ ̳͕͙͕͙͗͡͖͉͉͇͗͌͑͒ͥ͞͔͇͖͉͇͗͡͕͕͙͑͗͘͘

̩͙͕͇͗͕͕͙͑͗͘͘ ̳͕͙͕͙͗͡͖͉͉͇͗͌͑͒ͥ͞͔͇͉͙͕͇͗͕͕͙͑͗͘͘

̹͙͇͗͌͕͕͙͑͗͘͘ ̳͕͙͕͙͗͡͖͉͉͇͗͌͑͒ͥ͞͔͇͙͙͇͗͌͕͕͙͑͗͘͘

̳͇͑͘͏͓͇͔͇͒͕͕͙͑͗͘͘ ̳͕͙͕͙͗͡͖͉͉͇͗͌͑͒ͥ͞͔͇͓͇͑͘͏͓͇͔͇͒͕͕͙͑͗͘͘

̺͉͌͒͏͇͉͇͔͌͞͔͇͕͑͘ಣ

͕͙͙͇͗͘ ̳͕͙͕͙͗͡͖͉͉͇͗͌͑͒ͥ͞͔͇͓͇͑͘͏͓͇͔͇͒͕͕͙͑͗͘͘̸͒͌͋

͓͏͔͚͙͏͚͙͗͌͋͡͌͘͉͇͗͡͠͔͇͖͗͌͋͏͔͇͙͇͟͔͇͙͕͗͐͘ಣ

͇͑

̨͗͏͎%UHH]H ̧͈͕͈͇͙͕͙͗͗͘͡͇͈͕͙͗͏͔͇͓͏͔͏͓͇͔͇͒͕͕͙͑͗͘͘̸͒͌͋

͓͏͔͚͙͏͚͙͗͌͋͡͌͘͏͎͉͇͑͒ͥ͞

̯͎͉͙͌͘͏͌͎͇͛͏͙͒͗͡ ̴͇͖͕͓͔ͦ͎͇͓͔͇ͦ͘͏͒͏͖͕͞͏͙͉͇͔͌͘͔͇͛͏͙͇͒͗͡͘͇͑ಣ

͙͏͉͔͌͉͔͊͒͌͡͏͖͕͞͏͙͉͇͔͌͘͔͇͛͏͙͇͒͗͡͎͇͓͇͎͔͏͔͏

+REt+RRG ̯͔͋͏͇͙͕͑͗͎͇͚͔͛͑͝͏͙͇ͦ͎͇͚͖͇͉͔͗͒͌͏͌͔͇͇͖͘͏͇͗ಣ

͙͕͇͗͕͙͕͙͕͔͇͑͒

 ̵͉͙͔͌͒͌͘͏͌ ̩͉͇͔͑͒ͥ͌͞͏͏͎͉͇͔͑͒ͥ͌͞͔͇͕͉͙͔͌͒͌͘͏͙͕͌

ЋКЎГБЍЖЎЋЖЉМИЗЛЙЎЊЉ

БаиздаЫЩжЮжЩ

ЩЪкзйЪЩлзйЩ

̶͕͉͙͗͌͗͌͌͖͖͕͗͌͗͡͞͏͙͔͇͙͇͌͒͕͕͙͑͗͘͘

͉͕͙͉͙͙͉͌͘͘͡͏͌͘͙͇͈͒͏͇͙͇͝͖͕͕͚͋͒

̶͗͏͎͇͙͕͖͔͒ͦ͌͔͇͇͔͇͗͜͕͙͉͙͊͌͌͘͖͕͙͇͉͔͌͘͇͖͇͑͑

̶͗͏͕͙͉͔͊͌͌͘͇͖͇͑͑͉͚͗͜͡͔͕͕ͦ͑͒͑͎͕͔͏͎͇͕͙͉͊͌ಣ

͔͌͏͒͏͕͙͕͔͑͒͏͖͍͙͗͌͌͡͔͇͇͈͒͘͕͔͊͡

ZZZDHJFRP

̶͗͏͉͇͔͗͌͌͏͖͍͔͗͌͌͡͔͇͕͓͊͒͌͏͕͑͒͏͙͉͇͌͘͞͇͗͜ಣ

͔͇͈͎͌͇͖͇͑͑͕͙͉͙͊͌͌͉͚͗͜͡͔͕͕ͦ͑͒͑͎͕͔͏͎͇͕͙͉͊͌ಣ

͔͌͏͒͏͕͙͕͔͑͒͏

͏ ̶͗͏͉͇͔͗͌͌͏͖͍͔͗͌͌͡͔͇͕͓͊͒͌͏͕͑͒͏͙͉͇͌͘͞͇͗͜ಣ

͔͇͈͎͌͇͖͇͑͑͉͏͕͇͑͘͉͇͍͔͕͙͒͘

̵͉͍͇͉͇͌͘͉͎͚͇͋͜͡͉͚͔͙͇͑ͦ͜͒͌͋͘͕͙͉͔͊͌͌͖͗͏

͓͔͕͕͊͔͏͕͑͘͔͏͉͕͔͇͚͓͟̳͕͍͌͇͋͌͘͇͙͑͏͉͏͇͗͏

͇͙͋͌͑͏͉͏͇͗͎͗͌͞͕͕͉͇͔͋͑͌͘͔͇͘͏͓͉͕͇͒̹͇͎͏

͚͔͛͑͝͏ͦ͌͘͏͎͉͇͑͒ͥ͞͇͉͙͕͓͇͙͏͔͕͞͒͌͋͘͓͏͔͚ಣ

͙͏̯͎͖͕͎͉͇͙͒͐͌͇͓͕͘͒͌͋͘͕͙͉͔͊͌͌

̶͖͕͗͌͗͡͞͏͙͔͕͌͒͌͇͋

͕͙͇͉͘͏͙͌͇͈͕͈͇͙͕͇͗͗͘͇͋

͇͈͕͙͗͏͖͗͏͈͒͏͎͏͙͔͕͌͒

͓͏͔͚͙͏͒͌͋͘͕͙͉͔͊͌͌

̱͕͔͙͕͔͕͙͕͗͒͙͇͈͕͒͌

͔͎͕͔͕͌͗͘͖͕͒͌̫͕͕͔͙͑͌͌͘

͘͏͓͉͕͒͏͙͌͎͇͚͔͇͌͑͋͘͎͇

͇͋͇͙͑͏͉͏͇͙͗͌͚͔͛͑͝͏͏͙͌

АЩЭЩйЩЪзлблЮкЩЪкзйЪЩлзйул

 ̩͙͑͒ͥ͌͌͞͚͇͗͌͋͇͙͕͑͔͇͙͏͔͙͌͌͘

͘͏͓͉͕͇͒ 

̩͌͌͞͓͕͍͙͌͌͇͋͇͙͑͏͉͏͇͙͗͌

͚͔͛͑͝͏͏͙͌

 ̮͇͇͋͇͙͑͏͉͏͇͙͗͌͚͔͛͑͝͏͙͇ͦ

͕͕͔͙͋͑͌͌͘͘͏͓͉͕͇͒

 ̧͕͑͌͔͕͈͕͌͋͜͏͓͕͔͇͙͏͔͙͌͌͘

͘͏͓͉͕͇͒͔͇͇͓͖͒͏͇͙͇͑͞ ͎͇͇͋

͕͉͙͌͘͏͙͌͖͕͉͔͕͙͙͇͗͘͜͡͎͇͕͙͉͔͊͌͌

̮͇͇͋͖͕͓͔͗͌͏͙͌͏͔͙͔͎͌͏͙͙͇͌͔͇

͉͙͌͒͘͏͔͇͙͇͕͕͔͙͋͑͌͌͘͏͎͇͍͙͋͗͌͡

͘͏͓͉͕͇͒͕͙͔͕͉͕

̮͇͇͋͏͎͑͒ͥ͞͏͙͌͚͇͗͌͋͔͇͙͏͔͙͌͌͘

͘͏͓͉͕͇͒ ͕͙͔͕͉͕

+REt+RRGнмжгпбш

̹͕͉͇͌͇͉͙͕͓͇͙͏͔͇͞͚͔͛͑͝͏ͦ

͉͎͉͇͇͗͘͡͠͖͕͙͇͒͓͑͡͇͈͕͈͇͙͕͇͗͗͘

̱͇͙͕͑͖͕͇͙͇͒͞͙͇͇͑͏͇͈͕͈͇͙͕͙͗͗͘͡

͇͎͖͕͇͇͙͗͒͊͘͕͓͚͔͑͏͇͙͕͑͗͘

͏͔͇͉͔͛͗͌͗͌͞͘͏͔͇͊͒̸͕͕͙͙͇͑͗͘͔͇

͉͔͙͌͏͇͙͕͇͒͗͌͘͕͖͗͌͋͌͒ͦ

͇͉͙͕͓͇͙͏͔͕͞͉͎͡͕͔͕͉͇͘͔͇

͔͇͙͕͇͙͇͗͐͑͘͔͇͍͗͌͏͓͇͏

͙͓͖͇͙͚͇͙͇͌͌͗͗͔͇͔͇͐͕͊͗͌͠͏͙͌

͕͙͉͇͊͗͑͘͏͕͉͋͌͘͡͉͚͗͜͡͖͕͙͇͒̸͕͡͠

͙͇͇͑͓͕͍͙͌͌͇͋͚͖͇͉͉͇͙͗͒ͦ͌

͉͔͙͌͏͇͙͕͇͒͗͏͔͕͗͡͞͕͙͖͕͙͇͒

̻͚͔͑͝͏͙͇ͦ͓͕͍͌͇͋͌͘͇͙͑͏͉͏͇͗͕͙

͖͇͔͇͌͒͔͇͖͕͙͇͒

̮͇͖͕͉͌͌͞͏͔͕͓͇͛͗͝͏ͦ

͕͙͔͕͔͕͘͇͑͑͌͘͏͎͖͕͎͉͇͒

͚͔͛͑͝͏͙͇ͦ͉͏͍͙͌

͖͕͙͈͗͌͏͙͕͙͕͌͒͑͘

͕͉͕͙͉͕͗͑͋͘͡͎͇͖͕͙͇͒

ЉглбЫбйЩжЮжЩ

еЩгкбеЩджЩкгзйзклжЩ

езлзйЩ

̱͕͇͙͕͊͕͕͔͙͋͑͌͌͘ ͓͇͑͘͏͓͇͔͇͙͇͒

͕͕͙͑͗͘͘͔͇͓͕͙͕͇͗͌͘͉͉͇͑͒ͥ͞͎͇

͓͏͔͚͙͏̸͒͌͋͙͕͎͏͖͌͗͏͕͋͚͙͗͌͋͡͌͘

͉͇͗͡͠͓͑͡͖͕͔͗͌͋͋͜͏͙͌͔͇͙͕͗͐͑͘͏͔͇

͕͕͙͙͇͑͗͘͘

̱͕͇͙͕͊͚͔͛͑͝͏͙͇ͦ͌

͉͔͇͑͒ͥ͌͞͕͖͔͋͒͡͏͙͔͕͙͕͌͒

͕͕͉͇͔͋͑͌͘͔͇ ͔͌

͖͗͌͋͏͎͉͏͉͇͑͙͉͋͌͐͘͏͌

БаЫЮклбЮаЩнбдлуй

̧͇͓͇͙͇͒͗͔͇͛͏͙͇͒͗͡͔͇͖͕͓͔ͦ͎͇

͓͔͇ͦ͘͏͒͏͖͕͞͏͙͉͇͔͌͘͔͇͛͏͙͇͒͗͡͘

͇͙͑͏͉͔͌͉͔͊͒͌͡͇͙͕͑͑͏͎͇͖͕͞͏͙͉͇͔͌͘

͔͇͛͏͙͇͒͗͡͎͇͓͇͎͔͏͔͏̯͔͋͏͇͙͕͙͑͗͡

͔͇͛͏͙͇͒͗͡ ͌͘͉͉͇͑͒ͥ͞͉͉

͖͕͍͔͗͋͒͌͡͏͌͔͇͚͔͌͑͋͘͏͉͚͇͒͐͘͞

͌͞͛͏͙͙͒͗͡͡͎͇͓͇͎͔͏͔͏͏͓͇͔͚͍͇͋͕͙

͖͕͞͏͙͉͇͔͌͘̯͔͋͏͇͙͕͙͑͗͡͔͇͛͏͙͇͒͗͡

͖͓͗͌͏͉͇͊͉͖͕͍͔͗͋͒͌͡͏͌͔͇

͚͔͌͑͋͘͏͇͕͑͛͏͙͙͒͗͡͡͘͇͙͑͏͉͔͌

͉͔͊͒͌͡͙͈͉͇͗ͦ͇͋͌͘͓͔͌ͦ͘͏͒͏

͖͕͞͏͙͉͇͘

̷̸̨̧̲̪̱̯́ 

̴͇͖͇͉͙͗͌͌͖͇͉͇͗͑͘͎͇

͖͕͞͏͙͉͇͔͙͕͌͘͔͇͛͏͙͇͒͗͡

͎͇͓͇͎͔͏͔͏͉͇͉͇͊͒

ಱ̶͕͞͏͙͉͇͔͌͘͏͊͗͏͍͇ಯ

̴͇͖͇͉͙͗͌͌͖͇͉͇͗͑͘

͕͙͔͕͔͕͘͖͕͞͏͙͉͇͔͙͕͌͘͏͒͏

͓͔͇͙͇ͦ͘͔͇͛͏͙͇͒͗͡͘

͇͙͑͏͉͔͌͉͔͊͒͌͡͉͇͉͇͙͇͊͒

ಱ̪͗͏͍͏͏͖͕͞͏͙͉͇͔͌͘ಯ

̮͇͇͋͔͚͒͏͇͙͗͌͚͔͛͑͝͏͙͇ͦ͕͕͔͙͋͑͌͌͘

͎͇͚͔͌͑͋͘͏

АЩЭЩЩглбЫбйЩлЮбдбЭЮЩглбЫбйЩлЮ

нмжгпбш

 ̩͙͑͒ͥ͌͌͞͕͔͙͕͔͕͙͕͑͗͒͙͇͈͕͒

 ̺͉͙͌͗͌͌͌͘͌͞͏͕͔͑͏͙͌͇͘͈͌͒͏

 ̮͇͇͋͇͙͑͏͉͏͇͙͗͌͚͔͛͑͝͏͙͇ͦ

͕͕͔͙͋͑͌͌͘ ͎͇͚͔͌͑͋͘͏

̧͕͑͚͔͛͑͝͏͙͇ͦ͌͇͙͑͏͉͏͇͔͇͗͏͕͔͇͙͇͑

͔͇͛͏͙͇͒͗͡ ͓͏͇͊͖͙͌͖͙͡͏

 ̮͇͇͋͇͙͋͌͑͏͉͏͇͙͗͌͚͔͛͑͝͏͙͇ͦ

͕͕͔͙͋͑͌͌͘ ͎͇͚͔͌͑͋͘͏

̧͕͑͚͔͛͑͝͏͙͇ͦ͌͇͙͋͌͑͏͉͏͇͔͇͗

͏͕͔͇͙͇͑͔͇͛͏͙͇͒͗͡ ͓͏͇͙͊͗͏͖͙͡͏

ЌЙБЏББИЗРБКЛЋЉЖЎ

ЊЮдЮЯгбзлжзкжзизрбклЫЩжЮлз

ИйЮиЩйЩлбаЩ

изрбклЫЩжЮ

ЖЮбаиздаЫЩвлЮЩЪйЩабЫжбизрбклЫЩтбийЮиЩйЩлббрЮлгб

̶͕͞͏͙͙͌͌͘͒͏͉͇͙͇͌͝͇͙͘͞͔͇͚͔͇͙͇͛͗͘͓͇͌͑͖͇͑͗͡͘͙͕͖͇͒͉͕͇͋͏

͒͌͑͖͖͇͇͙͗͌͗͎͇͖͕͞͏͙͉͇͔͌͘

̸͒͌͋͕͙͉͔͊͌͌͔͕ͦ͑͏͇͙͘͞͏͔͇͚͇͗͌͋͓͕͇͙͊͇͋͌͘͔͇͙͊͗͌ͦ̮͇͇͋͏͎ಣ

͈͔͙͌͊͌͌͖͙͔͇͌͚͙͗͌͋͡͙͈͉͇͗ͦ͇͋͌͘͕͇͒͋͜͏͏͏͎͚͘͟͏͘͞͏͙͇͘͖͇͑͗͡

͏͒͏͇͙͒͛͌͑͘͏

̶͕͞͏͙͙͌͌͘͖͙͔͇͙͇͌͘͒͌͑͖͕͞͏͙͉͇͘͠͖͖͇͇͙͗͌͗

ИзЭЭуйЯЩвлЮ

ЩЪкзйЪЩлзйЩ

рбкл

̶͕͞͏͙͉͇͙͐͌͘͚͗͌͋͏͙͌͏͛͏͙͒͗͏͙͌͎͇͓͇͎͔͏͔͏͉͌͑͘͏͓͌͌͘͝̩͔͏͓͇ಣ

͙͔͕͌͒͖͕͞͏͙͉͇͙͐͌͘͓͇͎͔͏͔͏͖͕͉͙͔͕͙͙͇͗͌͘͟͡͔͇͚͇͗͌͋͏͛͏͙͒͗͏͙͌

͎͇͓͇͎͔͏͔͏̴͇͙͚͖͉͇͔͗͏ͦ͔͇͓͇͎͔͏͔͏͏͒͏͚͋͗͊͏͕͙͇͙͘͡͝͏͓͕͇͙͊͇͋

͕͉͇͙͋͌͋͕͋͖͕͍͇͗

̸͉͇͙͒͌͋͐͌͏͔͙͚͗͑͘͝͏͏͙͌͎͇͖͕͞͏͙͉͇͔͌͘͔͇͇͕͇͑͌͗͘͘͏͙͌͕͇͙͕͑͊͌

͉͔͕͑͒ͥ͌͞͏͎͉͙͌͘͏͙͕͌͎͇͛͏͙͒͗͡̩͏͍͙͌͏͎͉͙͉͇͔͌ͦ͘͏ͦ͎͇̻͏͙͇͒͗͡͉

͇͉͇͙͇͊͒͎͇͍͔͉͔͇͌͌͋͌͚͖͕͙͈͇͗͌

̻͏͙͒͗͏͙͌͎͇͓͇͎͔͏͔͏͓͕͇͙͊͇͋͌͘͖͕͞͏͙͉͇͙͘͉͕͓͋͘͡͏͔͇ͦ͒

̸͕͓͋͡͏͔͇͙͇ͦ͒͙͈͉͇͗ͦ͇͋͌͔͇͙͕͔͇͗͌͘͔͇͔͏͇͑͘͙͓͖͇͙͚͇͌͌͗͗͏͇͑͗ಣ

͙͑͡͝͏͑͒͡̻͏͙͙͒͗͡͡͎͇͓͇͎͔͏͔͏͓͕͍͌͇͋͎͇͚͈͊͏͉͙͇͌͝͘͏͔͕͙͕͉͇

͔͌͉͒͏ͦ͌͉͚͗͜͡͇͈͕͙͇͙͇͗͔͇͚͇͗͌͋

НбдлуйкЩг഻

лбЫЮжЫуЬдЮж

̩͓͙͕͗͌͌͎͇͔͇͘͏͇͔͌͠͔͇͛͏͙͇͒͗͡͘͇͙͑͏͉͔͌͉͔͊͒͌͡͎͇͉͏͘͏͕͙͙͏͖͇

͕͙͉͔͊͌͌͏͕͉͔͕͙͙͇͗͌͋͘͔͇͖͕͞͏͙͉͇͔͌͘͔͇͛͏͙͇͒͗͡͎͇͓͇͎͔͏͔͏̻͏͒ಣ

͙͙͗͡͡͘͇͙͑͏͉͔͌͉͔͊͒͌͡͔͌͓͕͍͌͇͋͌͘͓͏͌͔͌͓͕͍͌͇͋͌͘͔͗͌͊͌͌ಣ

͗͏͇͗͏͙͈͉͇͗ͦ͇͋͌͘͖͕͓͔͋͌ͦ͖͗͏͈͒͏͎͏͙͔͕͌͒͔͇͉͌͑͘͏͓͇͌͌͘͝

͇͈͕͙͇͗͏͒͏͖͕͙͕͌͘͞͖͗͏͕͕͈͔͕͌͘͙͍͇͌͑͚͖͕͙͈͇͗͌

ZZZDHJFRP

ИзрбклЫЩжЮжЩнбдлуйЩ

аЩеЩажбжб

̻͏͙͒͗͏͙͌͌͘͓͕͔͙͏͇͙͗͘͖͕͓͕͙͇͠͔͇

͕͈͑͘͏͏͠͏͙͕͉͛͌͇͎͖͕͕͍͔͗͒͌͏͕͙

͕͈͇͙͔͇͙͇͗͙͇͔͇͗͘

АЩЭЩизрбклблЮнбдлуйЩ

 ̮͇͍͙͋͗͌͡͖͇͔͇͌͒͕͙͙͇͔͗͘͏͏͕͊

͔͇͙͏͔͙͌͌͘͔͇͎͇͋

 ̲͕͌͑͔͇͕͔͙͑͒͌͌͖͔͇͙͇͗͌͋͇͙͘͞͔͇

͛͏͙͇͒͗͡͔͇͕͚͋͒͒͌͋͘͕͙͕͑͌

͖͔͙͋͗͌͌͡

̨͙͋͌͌͡͉͔͏͓͇͙͔͌͒͏

̻͏͙͙͒͗͡͡͌͎͇͠͏͙͔͌͕͙

͚͇͔͕͒͐͘͞͖͇͇͔͋͌͘

͉͌͗͏͍͇͑̫͓͕͔͙͌͏͇͙͗͐͌

͉͌͗͏͍͑͏͙͌͖͗͌͋͏͇͋

͖͕͞͏͙͘͏͙͌͛͏͙͒͗͏͙͌

 ̷͇͎͕͈͙͊͒͌͌͛͏͙͇͒͗͡͇͙͕͑͉͇͒͘͏͙͌

͉͏͔͙͕͉͙͌͌͉͕͔͇͙͇͊͗͇͙͘͞͔͇

͛͏͙͇͒͗͡

 ̶͕͞͏͙͙͌͌͘͛͏͙͒͗͏͙͌͘͖͕͓͕͙͇͠͔͇

͈͇͊͡͏͔͇͈͇͎͌͗͏͉͔͏͖͖͇͇͙͗͌͗͏͏͒͏

͉͕͓͋͘͡͏͔͇ͦ͒

̸͕͓͋͡͏͔͇͙͇ͦ͒͙͈͉͇͗ͦ͇͋͌

͔͇͙͕͔͇͗͌͘͔͇͔͏͇͑͘

͙͓͖͇͙͚͇͌͌͗͗͏͇͙͑͗͑͡

͝͏͑͒͡̻͏͙͙͒͗͡͡͎͇

͓͇͎͔͏͔͏͓͕͍͌͇͋͎͇͚͈͊͏

͉͙͇͌͝͘͏͔͕͙͕͉͇͔͌͉͒͏ͦ͌

͉͚͗͜͡͇͈͕͙͇͙͇͗͔͇͚͇͗͌͋

 ̮͇͓͕͔͙͏͇͔͗͌͔͇͛͏͙͒͗͏͙͌

͕͈͇͙͔͕͗͏͎͖͔͙͒͌͌͡͖͉͗͡͏͙͌͉͋͌

͙͖͑͘͡͏͉͕͈͇͙͔͗͌͗͌͋

̶͕͉͙͕͙͗͌͌͙͖͑͘͡͏͙͌͎͇͉͘͏͑͞͏͛͏͙͒͗͏

͇͕͑͌͖͗͏͕͍͒͏͓͕

КешжЩжЩнбдлуйЩк

ЩглбЫЮжЫуЬдЮж

ЋЖБЕЉЖБЎ

̻͏͙͙͒͗͡͡͘͇͙͑͏͉͔͌͉͔͊͒͌͡

͔͌͙͈͉͇͗ͦ͇͋͌͘͓͏͌

̮͇͇͋͓͔͌͘͏͙͌͛͏͙͇͒͗͡

 ̯͎͉͇͙͋͌͌͛͏͙͒͗͏͙͌͎͇͓͇͎͔͏͔͏͕͙

͚͇͗͌͋

̩͏͍͙͌ಱ̶͕͞͏͙͉͇͔͌͘͔͇͛͏͙͇͒͗͡͎͇

͓͇͎͔͏͔͏ಯ͉͙͇͎͏͇͉͇͊͒

 ̯͎͖͇͙͋͗͐͌͡͇͎͗͋͌͒͏͙͌͒͏͙͌͓͑͡

͕͔͇͙͇͋͒͇͙͘͞͔͇͛͏͙͇͒͗͡

 ̲͕͌͑͔͇͕͔͙͑͒͌͌͖͔͇͙͇͗͌͋͇͙͘͞͔͇

͛͏͙͇͒͗͡͔͇͕͚͋͒͒͌͋͘͕͙͕͑͌

͖͔͙͋͗͌͌͡

 ̮͇͓͕͔͙͏͇͔͗͌͔͇͔͕͉͛͏͙͒͗͡

͏͎͖͔͙͒͌͌͡͙͖͑͘͡͏͙͌͉͕͈͇͙͔͗͌͗͌͋

̶͗͏͉͘͏͑͞͏͚͇͒͘͞͏͌͔͕͈͕͌͋͜͏͓͕͇͋

͓͔͙͌ͦ͌͘͛͏͙͒͗͏͙͌͖͕͔͌͔͇͉͌͑͘͏

͙͌͞͏͗͏͓͇͌͌͘͝

КешжЩжЩдЩеибргЩлЩ

̹͕͎͏͚͗͌͋͌͔͇͈͔͋͌͘͘͘͡͉͙͕͌͋͘͏͕͔͇͋

͇͓͖͒͏͇͑͞/('̹͇͎͏͇͙͘͞͙͈͉͇͗ͦ͇͋

͌͘͓͔͌͘͏͌͋͏͔͙͉͔͕͌͘͕͙͙͔͌͜͏͑̩

͚͇͒͐͘͞͔͇͔͌͏͎͖͇͉͔͕͙͗͘͉͏͍͙͌

ಱ̵͈͚͍͉͇͔͒͌͘ಯ͉͇͉͇͊͒ಱ̯͔͙͚͗͑͘͝͏͏͎͇

͈͎͕͖͇͔͕͙͌͘͘ಯ

̷̸̨̧̲̪̱̯́ 

ЗИЉАЋЉЖЎЖЉЗГЗДЖЉЛЉКЙЎЍЉ

̷͌͝͏͑͒͏͇͙͗͐͌͓͇͙͌͗͏͇͒͏͙͌͘͘͡

͘͏͓͉͕͇͒ ̶͕͙͇͉͙ͦ͐͌͘͕͖͇͕͉͑͑͏͙͌͉

͕͙͉͙͔͌͘͡͏͙͌͕͔͙͔͑͌͐͌͗͏͎͇

͗͌͝͏͑͒͏͇͔͙͕͗͌͏͓̶͕͓͕͔͙͊͌͌͎͇

͕͖͇͎͉͇͔͙͕͌͔͇͕͕͔͇͙͇͑͒͇͗͌͋͘͏

͕͉͕͙͕͌͑͟͞͎͇͉͋͗͌͇͙͕͑͑͏͎͇

͗͌͝͏͑͒͏͇͔͙͕͗͌͔͇͕͙͖͇͋͡͝͏͕͙

͙͌͒͌͑͗͏͌͑͘͞͏͏͙͕͔͔͌͒͌͑͗͏͚͗͌͋͏̴͌

͏͎͉͙͗͒ͦ͐͌͜͡͚͗͌͋͏͙͌͕͎͔͇͔͌͞͏͘͘͡

͘͏͓͉͕͇͒O ͎͇͔͕͌͋͘͈͏͙͕͉͇͙͇͓͙͌͘

̩͔͙͗͌͌͡͚͇͗͌͋͉͓͙͔͌͘͏ͦ͖͚͔͙͑͎͇

͗͌͝͏͑͒͏͇͔͗͌͏͒͏͌͘͕͈͔͙͗͌͌͡͓͑͡

͉͇͇͙͇͟͕͈͠͏͔͇͑͘͚͍͈͇͒͘

ZZZDHJFRP

6$'5ƾ$-

6,*851261(8387(,3267$9/-$1-(

23,6352,=92'$ 

69$.2'1(91$8325$%$

Î,ĢÈ(1-(,2'5Ŀ$9$1-(

=$6$95ơ(1(5(=8/7$7(

+YDODYDPQDRGDELUXRYRJ$(*SURL]YRGD3URL]YHOLVPRJDWDNRGDGXJR

JRGLQDEHVSULMHNRUQRUDGLSULPMHQRPLQRYDWLYQLKWHKQRORJLMDNRMHRODNģDYDMXŀLYRW

IXQNFLMHNRMHPRŀGDQHÉHWHSURQDÉLNRGRELÏQLKXUHÓDMD2GYRMLWHQHNROLNR

PLQXWDQDÏLWDQMHNDNRELVWHL]QMHJDL]YXNOLRQRQDMEROMH

3RVMHWLWHQDģHLQWHUQHWVNHVWUDQLFH

'RELWÉHWHVDYMHWHRNRULģWHQMXUMHģDYDQMXSUREOHPDEURģXUHLLQIRUPDFLMHR

VHUYLVXLSRSUDYFLPD

ZZZDHJFRPVXSSRUW

5HJLVWULUDMWHVYRMSURL]YRG]DEROMXXVOXJX

ZZZUHJLVWHUDHJFRP

.XSLWHGRGDWQXRSUHPXSRWURģQLPDWHULMDOLRULJLQDOQHUH]HUYQHGLMHORYH]D

VYRMXUHÓDM

ZZZDHJFRPVKRS

.25,61,Î.$6/8ƾ%$,6(59,6

8YLMHNNRULVWLWHRULJLQDOQH]DPMHQVNHGLMHORYH

.DGDNRQWDNWLUDWHQDģRYODģWHQLVHUYLVWUHEDWHLPDWLVOMHGHÉHSRGDWNH0RGHO

31&SDUWQXPEHUFRGHEURMÏDQDģLIUDGLMHODVHULMVNLEURM

3RGDFLVHPRJXQDÉLQDQD]LYQRMSORÏLFL

8SR]RUHQMHRSUH]VLJXUQRVQHLQIRUPDFLMH

2SÉHLQIRUPDFLMHLVDYMHWL

(NRORģNHLQIRUPDFLMH

=DGUŀDYDVHSUDYRQDL]PMHQH

6,*851261(8387(,3267$9/-$1-(

832=25(1-(

3RJOHGDMWHVLJXUQRVQX

NQMLŀLFXVXSXWDPD]D

SRVWDYOMDQMHUDGLSRGDWDNDR

VLJXUQRVWLLSRVWDYOMDQMX

3DŀOMLYRSURÏLWDMWHSRJODYOMDR

VLJXUQRVWLSULMHXSRUDEHLOL

RGUŀDYDQMDXUHÓDMD

+59$76., 

23,6352,=92'$

3UHJOHGXSUDYOMDÏNHSORÏH

1 2 3 4 5 6 7 8 9 10

)XQNFLMD 2SLV

8NOMXÏHQR,VNOMXÏHQR 8NOMXÏXMHLLVNOMXÏXMHQDSX

3UYDEU]LQD 0RWRUSUHEDFXMHQDSUYXUD]LQXEU]LQH

'UXJDEU]LQD 0RWRUSUHEDFXMHQDGUXJXUD]LQXEU]LQH

7UHÉDEU]LQD 0RWRUSUHEDFXMHQDWUHÉXUD]LQXEU]LQH

0DNVLPDOQDEU]LQD 0RWRUVHSUHEDFXMHQDPDNVLPDOQXUD]LQXEU]LQH

3RMDÏDQMHEU]LQH 0RWRUVHSUHEDFXMHQDPDNVLPDOQXUD]LQXEU]LQH1Dಣ

NRQPLQXWDXUHÓDMVHYUDÉDQDSUHWKRGQXSRVWDYNX

%UHH]H 1DSDUDGLQDQDMQLŀRMEU]LQL1DNRQPLQXWDXUHÓDM

VHLVNOMXÏXMH

2EDYLMHVWRILOWUX 3RGVMHWQLNQDSURPMHQXLOLÏLģÉHQMHILOWUDVXJOMHQRPL

ÏLģÉHQMHILOWUD]DPDVQRÉX

+REt+RRG ,QGLNDWRUIXQNFLMH]DXSUDYOMDQMHQDSRPVSORÏH]DNXಣ

KDQMH

 ĿDUXOMD 8NOMXÏXMHLLVNOMXÏXMHVYMHWOR

69$.2'1(91$8325$%$

8SRUDEDQDSH

3URYMHULWHSUHSRUXÏHQXEU]LQXSUHPD

WDEOLFLXQDVWDYNX

3ULOLNRP]DJULMDYDQMDKUDQHNXKDQMDVSRNULYHQLPSRಣ

VXGDPD

3ULOLNRPNXKDQMDVSRNULYHQLPSRVXGDPDQDYLģH]Rಣ

QDNXKDQMDLOLSODPHQLNDODJDQRSUŀHQMH

3ULOLNRPNOMXÏDQMDLSUŀHQMDYHOLNLKNROLÏLQDKUDQHEH]

SRNORSFDNXKDQMDQDYLģH]RQDNXKDQMDLOLSODPHQLಣ

ND

ZZZDHJFRP

L 3ULOLNRPNOMXÏDQMDLSUŀHQMDYHOLNLKNROLÏLQHKUDQHEH]

SRNORSFDYLVRNDYODŀQRVW

2VYMHŀDYD]UDNXNXKLQMLQDNRQNXKDQMDQDYUORQLVNRM

UD]LQLEXNH0RŀHVHDNWLYLUDWLLGHDNWLYLUDWLGRGLURP

VLPEROD)XQNFLMDVHDXWRPDWVNLLVNOMXÏXMHQDNRQ

PLQXWD.RULVWLVHVDPRQDNRQNXKDQMD

3UHSRUXÏDVHRVWDYLWLQDSX

GDUDGLRNRPLQXWDQDNRQ

NXKDQMD

8SUDYOMDÏNDSORÏDMHSROMH

VHQ]RUD'RGLUQLWHVLPEROH

QDVHNXQGX]DDNWLYLUDQMH

IXQNFLMH

=DXSUDYOMDQMHQDSRP

 8NOMXÏLWHXUHÓDMSULWLVNRPVLPEROD 

6DGPRŀHWHXNOMXÏLWLIXQNFLMH

 =DXNOMXÏLYDQMHIXQNFLMHGRGLUQLWH

VLPERO

 $NRMHSRWUHEQRGRGLUQLWHVLPERO]D

VYMHWOR ]DRVYMHWOMDYDQMHSRYUģLQH

]DNXKDQMH=DSURPMHQXLQWHQ]LWHWD

VYMHWODSRQRYQRGRGLUQLWHLGUŀLWH

VLPERO

=DLVNOMXÏLYDQMHXUHÓDMDSRQRYQR

SULWLVQLWHVLPERO 

+REt+RRGIXQNFLMD

7RMHDXWRPDWVNDIXQNFLMDNRMDSRYH]XMH

SORÏX]DNXKDQMHVNXKLQMVNRPQDSRP

3ORÏD]DNXKDQMHLNXKLQMVNDQDSDLPDMX

NRPXQLNDFLMXSUHNRLQIUDFUYHQRJVLJQDOD

%U]LQDYHQWLODWRUDDXWRPDWVNLVH

RGUHÓXMHQDWHPHOMXSRVWDYOMHQRJQDÏLQD

UDGDLWHPSHUDWXUHQDMWRSOLMHSRVXGHQD

SORÏL]DNXKDQMH9HQWLODWRUPRŀHWH

NRULVWLWLLX]UXÏQXXSRUDEXSORÏH]D

NXKDQMH)XQNFLMDVHPRŀHXNOMXÏLWLV

NRQWUROQHSORÏHQDSORÏL]DNXKDQMH

=DYLģHLQIRUPDFLMDRXSRUDEL

IXQNFLMHSRJOHGDMWH

NRULVQLÏNLSULUXÏQLNSORÏH

8NOMXÏLYDQMHPDNVLPDOQH

EU]LQHPRWRUD

.DGDGRGLUQHWHWLSNX PDNVLPDOQD

EU]LQDPRWRUDSRÏLQMHUDGLWLXWUDMDQMXRG

PLQXWD1DNRQWRJYUHPHQDXUHÓDMVH

YUDÉDQDVYRMHSUHWKRGQHSRVWDYNH

EU]LQH

.DGDMHIXQNFLMDXNOMXÏHQD

GRGDWQLGRGLUQDWLSNX

QHPDQLNDNDYXÏLQDN

2EDYLMHVWRILOWUX

$ODUPILOWUDSRGVMHÉDQDSURPMHQXLOL

ÏLģÉHQMHILOWUDVXJOMHQRPLÏLģÉHQMHILOWUD

]DPDVQRÉX,QGLNDWRUILOWUD MH

XNOMXÏHQQDVHNXQGLDNRVHILOWDU]D

PDVQRÉXPRUDRÏLVWLWL,QGLNDWRUILOWUD

WUHSHULQDVHNXQGLDNRILOWDUV

XJOMHQRPWUHED]DPLMHQLWLLOLRÏLVWLWL

3RJOHGDMWHÏLģÉHQMHILOWUD]D

PDVQRÉXXSRJODYOMXR

RGUŀDYDQMXLÏLģÉHQMX

3RJOHGDMWHÏLģÉHQMHLOL

]DPMHQXILOWUDVXJOMHQRPX

SRJODYOMXRRGUŀDYDQMXL

ÏLģÉHQMX

=DUHVHWLUDQMHIXQNFLMHGRGLUQLWH QD

VHNXQGH

=DDNWLYLUDQMHLOLGHDNWLYLUDQMHIXQNFLMH

 8NOMXÏLWHXSUDYOMDÏNXSORÏX

 8YMHULWHVHGDVXLNRQHSRVWDOHELMHOH

 =DXNOMXÏLYDQMHIXQNFLMHGRGLUQLWH

QDVHNXQGH

$NRMHIXQNFLMDXNOMXÏHQDLNRQDILOWUD

WUHSHULSHWSXWD

 =DLVNOMXÏLYDQMHIXQNFLMHGRGLUQLWH

QDVHNXQGH

+59$76., 

$NRMHIXQNFLMDLVNOMXÏHQDLNRQDILOWUD

WUHSHULWULSXWD

Î,ơÈ(1-(,2'5ƾ$9$1-(

1DSRPHQHRÏLƢÉHQMX

6UHGVWYD]D

ÏLƢÉHQMH

1HPRMWHNRULVWLWLDEUD]LYQHGHWHUGƿHQWHLÏHWNH

3RYUģLQXXUHÓDMDRÏLVWLWHPHNRPNUSRPQDPRÏHQRPXPODNXYRGXL

EODJLPGHWHUGŀHQWRP

1DNRQNXKDQMDQHNLGLMHORYLXUHÓDMDPRJXVH]DJULMDWL'DELVWHL]EMHJOL

PUOMHXUHÓDMWUHEDRKODGLWLLRVXģLWLÏLVWRPNUSRPLOLSDSLUQDWLPUXÏQLFLಣ

PD

0UOMHRÏLVWLWHEODJLPGHWHUGŀHQWRP

5HGRYLWRÏLVWLWH

QDSX

6YDNLPMHVHFÏLVWLWHXUHÓDMLILOWUH]DPDVQRÉX8QXWUDģQMRVWLILOWUH]D

PDVQRÉXSDŀOMLYRRGPDVWLWH1DNXSOMDQMHPDVWLLOLGUXJLKRVWDWDNDPRŀH

X]URNRYDWLSRŀDU

.DGDMHREDYLMHVWRILOWUXXNOMXÏHQDVOLMHGLWHXSXWH]DÏLģÉHQMHGRGDWDND

3RJOHGDMWH2EDYLMHVWRILOWUXXSRJODYOMX6YDNRGQHYQDXSRUDED

)LOWUL]DPDVQRÉXPRJXVHSUDWLXSHULOLFLSRVXÓD

3HULOLFDPRUDELWLSRVWDYOMHQDQDQLVNXWHPSHUDWXUXLNUDWDNFLNOXV)LOWDU

]DPDVQRÉXPRŀHL]JXELWLERMXWRQHPDXWMHFDMDQDUDGXUHÓDMD

)LOWDUVXJOMH഻

QRP

9ULMHPH]DVLÉHQMDILOWUDVXJOMHQRPYDULUDRYLVQRRYUVWLNXKDQMDLSUDYLOಣ

QRVWLÏLģÉHQMDILOWUD]DPDVQRÉX)LOWDUVDNWLYQLPXJOMHQRPQLMHPRJXÉH

SUDWLQHPRŀHVHREQRYLWLLPRUDVH]DPLMHQLWLRWSULOLNHVYDNLKGR

PMHVHFLUDGDLOLÏHģÉH]DRVRELWRXÏHVWDOXXSRWUHEX

ÎLƢÉHQMHILOWUD]D

PDVQRÉX

)LOWULVHPRQWLUDMXSRPRÉXNRSÏLL]DWLND

QDVXSURWQRMVWUDQL

=DÏLƢÉHQMHILOWUD

 'UŀLWHSORÏXVDVWUDQHLJXUQLWHMH

QD]DG

 /DJDQRQDJQLWHSUHGQMLGLRILOWUD

SUHPDGROMHD]DWLPJDSRYXFLWH

%XGLWHRSUH]QL)LOWDUMH

]DģWLÉHQODQFHPRG

VOXÏDMQRJSDGD3ULMH

ÏLģÉHQMDILOWUDRWNDÏLWH

ODQFH

 5DVWDYLWHILOWDUXNODQMDQMHPYLMDNDQD

YUKXILOWUD

ZZZDHJFRP

 2ÏLVWLWHILOWUHSRPRÉXVSXŀYHV

QHDEUD]LYQLPGHWHUGŀHQWLPDLOLX

SHULOLFLSRVXÓD

3HULOLFDPRUDELWLSRVWDYOMHQD

QDQLVNXWHPSHUDWXUXL

NUDWDNFLNOXV)LOWDU]D

PDVQRÉXPRŀHL]JXELWLERMX

QHPDXWMHFDMDQDUDG

XUHÓDMD

 =DPRQWDŀXILOWUDQD]DGVOLMHGLWHSUYD

GYDNRUDNDREUQXWLPUHGRVOLMHGRP

3RQRYLWHNRUDNH]DVYHILOWUHDNRMH

SULPMHQMLYR

=DPMHQDILOWUDVXJOMHQRP

832=25(1-(

)LOWDUVXJOMHQRPQLMHSHULY

=DPMHQDILOWUD

 ,]YDGLWHILOWUH]DPDVQRÉXL]XUHÓDMD

3RJOHGDMWHÎLģÉHQMHILOWUD]DPDVQRÉXX

RYRPSRJODYOMX

 3RYXFLWHMH]LÏNHSUHPDGRQMHPGLMHOX

ILOWUD

 /DJDQRQDJQLWHSUHGQMLGLRILOWUD

SUHPDGROMHD]DWLPJDSRYXFLWH

 'DELVWHLQVWDOLUDOLQRYLILOWDUL]YUģLWH

LVWHNRUDNHREUQXWLPUHGRVOLMHGRP

8VYDNRPVOXÏDMXSRWUHEQRMH]DPLMHQLWL

ILOWUHQDMPDQMHVYDNDÏHWLULPMHVHFD

=DPMHQDƿDUXOMH

2YDMXUHÓDMRSUHPOMHQMH/('ŀDUXOMRP

2YDMGLRPRŀH]DPLMHQLWLVDPRWHKQLÏDU

8VOXÏDMXELORNDNYHQHLVSUDYQRVWL

SRJOHGDMWH6HUYLVXSRJODYOMX

6LJXUQRVQHXSXWH

%5,*$=$2.2/,ơ

5HFLNOLUDMWHPDWHULMDOHVDVLPERORP 

$PEDODŀX]DUHFLNOLUDQMHRGORŀLWHX

SULNODGQHVSUHPQLNH3RPR]LWHX]DģWLWL

RNROLģDLOMXGVNRJ]GUDYOMDNDRLX

UHFLNOLUDQMXRWSDGDRGHOHNWULÏQLKL

HOHNWURQLÏNLKXUHÓDMD8UHÓDMHR]QDÏHQH

VLPERORP QHEDFDMWH]DMHGQRVNXÉQLP

RWSDGRP3URL]YRGRGQHVLWHQDORNDOQR

UHFLNODŀQRPMHVWRLOLNRQWDNWLUDMWH

QDGOHŀQXVOXŀEX

+59$76., 

2%6$+

%(=3(Î12671,1)250$&($,167$/$&( 

323,66327Ě(%,Î(

'(11328Ŀ91

Î,Ģ7Ü1$'5Ŀ%$

352'2.21$/96/('.<

'ÝNXMHPHY£PŀHMVWHVL]YROLOLY¿UREHN]QDÏN\$(*$E\Y£PEH]FK\EQÝVORXŀLO

PQRKROHWY\URELOLMVPHMHMVSRPRF¯LQRYDWLYQ¯FKWHFKQRORJL¯NWHU«XVQDGĊXM¯

ŀLYRWDY\EDYLOLIXQNFHPLNWHU«XRE\ÏHMQ¿FKVSRWěHELÏıQHVS¯ģQHQDMGHWH$E\

Y£PVORXŀLOFRQHMO«SHVWDÏ¯YÝQRYDWS£UPLQXWÏWHQ¯

1DYģWLYWHQDģHZHERY«VWU£QN\

5DG\NSRXŀ¯Y£Q¯EURŀXU\SRUDGFHSěLSRW¯ŀ¯FKDLQIRUPDFHRVHUYLVXD

RSUDY£FK]¯VN£WHQD

ZZZDHJFRPVXSSRUW

=DUHJLVWUXMWHVYıMVSRWěHELÏD]¯VNHMWHOHSģ¯VHUYLV

ZZZUHJLVWHUDHJFRP

1£NXSSě¯VOXģHQVWY¯VSRWěHEQ¯KRPDWHUL£OXDRULJLQ£OQ¯FKQ£KUDGQ¯FKG¯OıSUR

Y£ģVSRWěHELÏ

ZZZDHJFRPVKRS

3Î(2=.$=1.<$6(59,6

'RSRUXÏXMHPHSRXŀ¯YDWRULJLQ£OQ¯Q£KUDGQ¯G¯O\

9Sě¯SDGÝNRQWDNWRY£Q¯QDģHKRDXWRUL]RYDQ«KRVHUYLVQ¯KRVWěHGLVNDPÝMWHXVHEH

Q£VOHGXM¯F¯¼GDMH0RGHOY¿UREQ¯Ï¯VORV«ULRY«Ï¯VOR

7\WRLQIRUPDFHQDOH]QHWHQDW\SRY«PģW¯WNX

9DURY£Q¯'ıOHŀLW«EH]SHÏQRVWQ¯LQIRUPDFH

9ģHREHFQ«LQIRUPDFHDUDG\

,QIRUPDFHRRFKUDQÝŀLYRWQ¯KRSURVWěHG¯

=P×Q\Y\KUD]HQ\

%(=3(Î12671,1)250$&($,167$/$&(

9$5291

%H]SHÏQRVWQ¯LQIRUPDFHD

LQVWDODFLQDOH]QHWHY

VDPRVWDWQ£Sě¯UXÏFHV

SRN\Q\NLQVWDODFL3ěHG

MDN¿PNROLYSRXŀLW¯PÏL

¼GUŀERXVSRWěHELÏHVL

SHÏOLYÝSěHÏWÝWHNDSLWRO\R

EH]SHÏQRVWL

ZZZDHJFRP

323,66327Ě(%,Î(

3ěHKOHGRYO£GDF¯KRSDQHOX

1 2 3 4 5 6 7 8 9 10

)XQNFH 3RSLV

=DS9\S 6ORXŀ¯N]DSQXW¯DY\SQXW¯RGVDYDÏHSDU

3UYQ¯QDVWDYHQ¯RW£ÏHN 0RWRUSěHSQHQDSUYQ¯QDVWDYHQ¯RW£ÏHN

'UXK«QDVWDYHQ¯RW£ÏHN 0RWRUSěHSQHQDGUXK«QDVWDYHQ¯RW£ÏHN

7ěHW¯QDVWDYHQ¯RW£ÏHN 0RWRUSěHSQHQDWěHW¯QDVWDYHQ¯RW£ÏHN

0D[LP£OQ¯RW£ÏN\ 0RWRUSěHSQHQDPD[LP£OQ¯QDVWDYHQ¯RW£ÏHN

3RV¯OHQ¯RW£ÏHN 0RWRUSěHSQHQDPD[LP£OQ¯QDVWDYHQ¯RW£ÏHN3RPLಣ

QXW£FKVHVSRWěHELÏYU£W¯NSěHGFKR]¯PXQDVWDYHQ¯

)XQNFH%UHH]H 2GVDYDÏSDUSUDFXMHSěLQHMQLŀģ¯FKRW£ÏN£FK3R

PLQXW£FKVHVSRWěHELÏY\SQH

8SR]RUQÝQ¯QDY¿PÝQX

ILOWUX 8SR]RUĊXMHQDQXWQRVWY¿PÝQ\QHERY\ÏLģWÝQ¯XKO¯NRಣ

Y«KRILOWUXDY\ÏLģWÝQ¯WXNRY«KRILOWUX

+REt+RRG 8ND]DWHOIXQNFHNRYO£G£Q¯RGVDYDÏHSDU]YDUQ«GHVಣ

N\

 2VYÝWOHQ¯ 6ORXŀ¯N]DSQXW¯DY\SQXW¯RVYÝWOHQ¯

'(11328ƾ91

3RXƿ¯Y£Q¯RGVDYDÏHSDU

'RSRUXÏHQ«RW£ÏN\QDOH]QHWHYQ¯ŀH

XYHGHQ«WDEXOFH

3ěLRKěHYXM¯GODSěLYDěHQ¯VH]DNU\W¿PLQ£GREDPL

3ěLYDěHQ¯VH]DNU\W¿PLQ£GREDPLQDY¯FHYDUQ¿FK]µಣ

Q£FKQHERKRě£F¯FKSěLP¯UQ«PVPDŀHQ¯

3ěLYDěHQ¯YRG\DVPDŀHQ¯YHON«KRPQRŀVWY¯M¯GOD

EH]SRNOLFHSěLYDěHQ¯QDY¯FHYDUQ¿FK]µQ£FKQHER

KRě£F¯FK

Î(6.< 

D 3ěLYDěHQ¯YRG\DVPDŀHQ¯YHON«KRPQRŀVWY¯M¯GOD

EH]SRNOLFHSěLY\VRN«YOKNRVWL

2VYÝŀXMHY]GXFKYNXFK\QLSRYDěHQ¯SěLYHOPLQ¯]N«

KODGLQÝKOXNX)XQNFLO]H]DSQRXWDY\SQRXWVWLVNQXಣ

W¯PV\PEROX)XQNFHVHDXWRPDWLFN\Y\SQHSRPLಣ

QXW£FK3RXŀ¯YHMWHSRX]HSRYDěHQ¯

'RSRUXÏXMHVHQHFKDW

RGVDYDÏSDU]DSQXW¿MHģWÝ

SěLEOLŀQÝPLQXWSR

GRNRQÏHQ¯Sě¯SUDY\M¯GOD

2YO£GDF¯SDQHOMHVHQ]RURY«

WODÏ¯WNR)XQNFH]DSQHWH

VWLVNQXW¯PSě¯VOXģQ«KR

V\PEROXQDVHNXQGX

-DNXY«VWGRSURYR]XRGVDYDÏSDU

 6SRWěHELÏ]DSQHWHVWLVNQXW¯P

V\PEROX 

1\Q¯PıŀHWH]DSQRXWIXQNFH

 .]DSQXW¯IXQNFHVWLVNQÝWHV\PERO

 9Sě¯SDGÝSRWěHE\VWLVNQÝWHV\PERO

RVYÝWOHQ¯ SURRVYÝWOHQ¯YDUQ«

SORFK\3UR]PÝQXLQWHQ]LW\RVYÝWOHQ¯

VWLVNQÝWHDSRGUŀWHRSÝWWHQWR

V\PERO

6SRWěHELÏY\SQHWHRSÝWRYQ¿PVWLVNQXW¯P

V\PEROX 

+REt+RRGIXQNFH

-HGQ£VHRDXWRPDWLFNRXIXQNFLNWHU£

VSRM¯YDUQRXGHVNXVRGVDYDÏHPSDU

-DNYDUQ£GHVNDWDNRGVDYDÏSDUMVRX

Y\EDYHQ\LQIUDÏHUYHQ¿PY\V¯ODÏHP

5\FKORVWYHQWLO£WRUXVHě¯G¯DXWRPDWLFN\

QD]£NODGQÝUHŀLPXQDVWDYHQ¯DWHSORW\

QHMWHSOHMģ¯YDUQ«Q£GRE\QDYDUQ«GHVFH

9HQWLO£WRUO]HWDN«SURVWěHGQLFWY¯PYDUQ«

GHVN\RYO£GDWUXÏQÝ)XQNFLO]H]DSQRXW

]SDQHOXYDUQ«GHVN\

'DOģ¯LQIRUPDFHRSRXŀLW¯

IXQNFHQDMGHWHYQ£YRGXN

SRXŀLW¯YDUQ«GHVN\

$NWLYDFHPD[LP£OQ¯FK

RW£ÏHNPRWRUX

.G\ŀVWLVNQHWHWODÏ¯WNR PRWRUEXGH

RVPPLQXWSUDFRYDWSěLPD[LP£OQ¯FK

RW£ÏN£FK3RW«WRGREÝVHVSRWěHELÏYU£W¯

NSěHGFKR]¯PXQDVWDYHQ¯RW£ÏHN

.G\ŀMHIXQNFHVSXģWÝQ£

GDOģ¯VWLVNQXW¯WODÏ¯WND

QHP£ŀ£GQ¿YOLY

8SR]RUQÝQ¯QDY¿PÝQX

ILOWUX

.RQWURONDY¿VWUDK\ILOWUXXSR]RUĊXMHQD

QXWQRVWY¿PÝQ\QHERY\ÏLģWÝQ¯

XKO¯NRY«KRILOWUXDY\ÏLģWÝQ¯WXNRY«KR

ILOWUX3RNXGNRQWURONDILOWUX VY¯W¯

VHNXQGMHQXWQ«Y\ÏLVWLWWXNRY¿ILOWU

3RNXGNRQWURONDILOWUX EOLN£VHNXQG

MHQXWQ«Y\PÝQLWQHERY\ÏLVWLWXKO¯NRY¿

ILOWU

9L]SRN\Q\NÏLģWÝQ¯

WXNRY«KRILOWUXYNDSLWROH

ÎLģWÝQ¯D¼GUŀED

9L]SRN\Q\NÏLģWÝQ¯

XKO¯NRY«KRILOWUXQHER

Y¿PÝQÝXKO¯NRY«KRILOWUXY

NDSLWROHÎLģWÝQ¯D¼GUŀED

)XQNFLUHVHWXMWHVWLVNQXW¯P QD

VHNXQG\

=DSQXW¯QHERY\SQXW¯IXQNFH

 =DSQÝWHRYO£GDF¯SDQHO

 8MLVWÝWHVHŀHLNRQ\MVRXE¯O«

 )XQNFL]DSQHWHVWLVNQXW¯P QD

VHNXQG\

-HOLIXQNFH]DSQXW£LNRQDILOWUX

SÝWNU£W]DEOLN£

ZZZDHJFRP

 7XWRIXQNFLY\SQHWHVWLVNQXW¯P QD

VHNXQG\ -HOLIXQNFHY\SQXW£LNRQDILOWUX WěLNU£W

]DEOLN£

Î,ơ7Ü1$'5ƾ%$

3R]Q£PN\NÏLƢWÝQ¯

ÎLVWLF¯SUR഻

VWěHGN\

1HSRXƿ¯YHMWHDEUD]LYQ¯ÏLVWLF¯SURVWěHGN\DNDUW£ÏH

3RYUFKVSRWěHELÏHRWěHWHPÝNN¿PKDGě¯NHPQDPRÏHQ¿PYUR]WRNXWHಣ

SO«YRG\DģHWUQ«KRP\F¯KRSURVWěHGNX

3RYDěHQ¯VHPRKRXQÝNWHU«Ï£VWLVSRWěHELÏH]DKě£W$E\VWH]DEU£QLOL

VNYUQ£PPXV¯VSRWěHELÏY\FKODGQRXDMHQXWQ«MHMY\VXģLWÏLVWRXO£WNRಣ

YRXQHERSDS¯URYRXXWÝUNRX

6NYUQ\Y\ÏLVWÝWHSRPRF¯ģHWUQ«KRÏLVWLF¯KRSURVWěHGNX

2GVDYDÏSDU

XGUƿXMWHYƿG\

ÏLVW¿

6SRWěHELÏDWXNRY«ILOWU\ÏLVWÝWHNDŀG¿PÝV¯F9QLWěHNDWXNRY«ILOWU\ģHಣ

WUQÝRÏLVWÝWHRGWXNX+URPDGÝQ¯PDVWQRW\ÏL]E\WNıM¯GHOPıŀH]SıVRಣ

ELWSRŀ£U

.G\ŀVH]REUD]XMHXSR]RUQÝQ¯ILOWUXěLÑWHVHSRN\Q\NÏLģWÝQ¯Sě¯VOXģHQಣ

VWY¯9L]Ï£VW8SR]RUQÝQ¯ILOWUXYNDSLWROH'HQQ¯SRXŀ¯Y£Q¯

7XNRY«ILOWU\O]HP¿WYP\ÏFHQ£GRE¯

0\ÏNDQ£GRE¯PXV¯E¿WQDVWDYHQDQDQ¯]NRXWHSORWXDNU£WN¿SURJUDP

8WXNRY«KRILOWUXPıŀHGRM¯WNEDUHYQ«]PÝQÝDOHQHP£WRŀ£GQ¿YOLY

QDY¿NRQVSRWěHELÏH

8KO¯NRY¿ILOWU

'REDQDV\FHQ¯XKO¯NRY«KRILOWUXVHOLģ¯Y]£YLVORVWLQDW\SXSě¯SUDY\M¯GOD

DÏHWQRVWLÏLģWÝQ¯WXNRY«KRILOWUX$NWLYQ¯XKO¯NRY¿ILOWUQHQ¯RP\YDWHOQ¿

QHO]HMHMUHJHQHURYDWDMHQXWQ«MHMY\PÝQLWNDŀG¿FKPÝV¯FıSRXŀ¯ಣ

Y£Q¯QHERÏDVWÝMLYSě¯SDGÝRE]YO£ģWÝYHON«KRY\W¯ŀHQ¯

ÎLƢWÝQ¯WXNRY«KRILOWUX

)LOWU\MVRXXFK\FHQ\QDSURWÝMģ¯VWUDQÝ

SRPRF¯¼FK\WHNDVYRUHN

ÎLƢWÝQ¯ILOWUX

 3RGUŀWHSDQHOSRVWUDQ£FKD]DWODÏWH

MHM]SÝW

 3ěHGQ¯Ï£VWILOWUXQDNORSWHP¯UQÝGROı

DSRW«]DW£KQÝWH

3R]RU)LOWUMHFKU£QÝQ

ěHWÝ]HPSURWL

Q£KRGQ«PXVSDGQXW¯

3ěHGÏLģWÝQ¯PILOWUı

ěHWÝ]\RGSRMWH

 'HPRQWXMWHILOWURGPRQWRY£Q¯P

ģURXEıQDKRUQ¯VWUDQÝILOWUX

Î(6.< 

 )LOWU\RÏLVWÝWHSRPRF¯KRXELÏN\V

QHDEUD]LYQ¯PLÏLVWLF¯PLSURVWěHGN\

QHERSRXŀLMWHP\ÏNXQ£GRE¯

0\ÏNDQ£GRE¯PXV¯E¿W

QDVWDYHQDQDQ¯]NRXWHSORWX

DNU£WN¿SURJUDP8

WXNRY«KRILOWUXPıŀHGRM¯WNH

]PÝQÝEDUY\FRŀDOHQHP£

ŀ£GQ¿YOLYQDY¿NRQ

VSRWěHELÏH

 3URLQVWDODFLILOWUı]SÝWSURYHÑWHSUYQ¯

GYDNURN\SRVWXSXYRSDÏQ«P

SRěDG¯

9Sě¯SDGÝSRWěHE\RSDNXMWHSRVWXSX

YģHFKILOWUı

9¿PÝQDXKO¯NRY«KRILOWUX

9$5291

8KO¯NRY¿ILOWUMH

QHRP\YDWHOQ¿

9¿PÝQDILOWUX

 9\MPÝWHWXNRY«ILOWU\]HVSRWěHELÏH

9L]ಱÎLģWÝQ¯WXNRY«KRILOWUXಯYW«WR

NDSLWROH

 =DW£KQÝWH]RXEN\VPÝUHPNGROQ¯

Ï£VWLILOWUX

 3ěHGQ¯Ï£VWILOWUXQDNORSWHP¯UQÝGROı

DSRW«]DW£KQÝWH

 3ěLLQVWDODFLQRY«KRILOWUXSURYHÑWH

VWHMQ¿SRVWXSYRSDÏQ«PSRěDG¯

9NDŀG«PSě¯SDGÝMHQXWQ«PÝQLWILOWU\

QHMP«QÝNDŀG«ÏW\ěLPÝV¯FH

9¿PÝQDƿ£URYN\

6SRWěHELÏVHGRG£Y£Vŀ£URYNRXW\SX

/('7HQWRG¯OVP¯Y\PÝQLWSRX]H

ģNROHQ¿WHFKQLN9Sě¯SDGÝMDN«NROLY

]£YDG\YL]Ï£VWಱ6HUYLVಯYNDSLWROH

ಱ%H]SHÏQRVWQ¯SRN\Q\ಯ

32=10.<.2&+5$1Üƾ,9271+235267Ě('

5HF\NOXMWHPDWHUL£O\R]QDÏHQ«

V\PEROHP 2EDO\Y\KRÑWHGR

Sě¯VOXģQ¿FKRGSDGQ¯FKNRQWHMQHUıN

UHF\NODFL3RP£KHMWHFKU£QLWŀLYRWQ¯

SURVWěHG¯DOLGVN«]GUDY¯DUHF\NORYDW

HOHNWULFN«DHOHNWURQLFN«VSRWěHELÏH

XUÏHQ«NOLNYLGDFL6SRWěHELÏHR]QDÏHQ«

Sě¯VOXģQ¿PV\PEROHP QHOLNYLGXMWH

VSROXVGRPRYQ¯PRGSDGHP6SRWěHELÏ

RGHY]GHMWHYP¯VWQ¯PVEÝUQ«PGYRěH

QHERNRQWDNWXMWHP¯VWQ¯¼ěDG

ZZZDHJFRP

,1'+2/'6)257(*1(/6(

6,..(5+('6,1)250$7,212*,167$//$7,21

352'8.7%(6.5,9(/6(

'$*/,*%58*

9('/,*(+2/'(/6(2*5(1*5,1*

7,/3(5)(.7(5(68/7$7(5

7DNIRUGLGXYDOJWHGHWWH$(*SURGXNW9LKDUVNDEWGHWIRUDWJLYHGLJXS§NODJHOLJ

\GHHYQHLPDQJH§UPHGLQQRYDWLYHWHNQRORJLHUVRPJºUOLYHWOHWWHUHದIXQNWLRQHU

VRPGXP§VNHLNNHILQGHUS§DOPLQGHOLJHDSSDUDWHU%UXJHWSDUPLQXWWHUS§DW

O¨VHPHUHದV§GXNDQI§GHWEHGVWHXGDIGHW

%HVºJYRUHVKMHPPHVLGHIRUDW

I§U§GJLYQLQJEURFKXUHUIHMOILQGLQJVHUYLFHRJUHSDUDWLRQVLQIRUPDWLRQ

ZZZDHJFRPVXSSRUW

5HJLVWU«UGLWSURGXNWIRUDWI§EHGUHVHUYLFH

ZZZUHJLVWHUDHJFRP

.ºEWLOEHKºUIRUEUXJVYDUHURJRULJLQDOHUHVHUYHGHOHWLOGLWDSSDUDW

ZZZDHJFRPVKRS

.81'(3/(-(2*6(59,&(

%UXJDOWLGRULJLQDOHUHVHUYHGHOH

6ºUJIRUDWKDYHIºOJHQGHGDWDNODUQ§UGXNRQWDNWHUYRUHVDXWRULVHUHGH

VHUYLFHFHQWHU0RGHO31&VHULHQXPPHU

2SO\VQLQJHUQHILQGHVS§W\SHVNLOWHW

$GYDUVHOIRUVLJWLJVLNNHUKHGVDQYLVQLQJHU

*HQHUHOOHRSO\VQLQJHURJU§G

0LOMºRSO\VQLQJHU

5HWWLO¨QGULQJHUXGHQYDUVHOIRUEHKROGHV

6,..(5+('6,1)250$7,212*,167$//$7,21

$'9$56(/

6HGHWVHSDUDWHK¨IWHPHG

LQVWDOODWLRQVLQVWUXNWLRQHUIRU

VLNNHUKHGVLQIRUPDWLRQRJ

LQVWDOODWLRQ/¨VNDSLWOHUQH

RPVLNNHUKHGRPK\JJHOLJW

LQGHQHQKYHUEUXJHOOHU

YHGOLJHKROGHOVHDIDSSDUDWHW

'$16. 

352'8.7%(6.5,9(/6(

2YHUVLJWRYHUEHWMHQLQJVSDQHO

1 2 3 4 5 6 7 8 9 10

)XQNWLRQ %HVNULYHOVH

7¨QGVOXN 6O§UHPK¨WWHQWLORJIUD

)ºUVWHKDVWLJKHG 0RWRUHQVNLIWHUWLOIºUVWHKDVWLJKHGVQLYHDX

$QGHQKDVWLJKHG 0RWRUHQVNLIWHUWLODQGHWKDVWLJKHGVQLYHDX

7UHGMHKDVWLJKHG 0RWRUHQVNLIWHUWLOWUHGMHKDVWLJKHGVQLYHDX

0DNVLPDOKDVWLJKHG 0RWRUHQVNLIWHUWLOPDNVLPDOWKDVWLJKHGVQLYHDX

+DVWLJKHGVERRVW 0RWRUHQVNLIWHUWLOPDNVLPDOWKDVWLJKHGVQLYHDX(IWHU

PLQXWWHUVNLIWHUDSSDUDWHWWLOEDJHWLOGHQIRUULJHLQGVWLOಣ

OLQJ

%ULVH (PK¨WWHQNºUHUS§GHQODYHVWHKDVWLJKHG(IWHUPLಣ

QXWWHUVOXNNHUDSSDUDWHW

)LOWHUPHGGHOHOVH 0LQGHUEUXJHUHQRPDWVNLIWHHOOHUUHQJºUHNXOILOWHUHWRJ

RPDWUHQJºUHIHGWILOWHUHW

+REt+RRG ,QGLNDWRUIRUIXQNWLRQHQWLODWVW\UHHPK¨WWHQIUDNRJHಣ

VHNWLRQHQ

 2YQS¨UH 6O§UO\VHWWLORJIUD

'$*/,*%58*

%UXJDIHPK¨WWHQ

.RQWUROOHUGHQDQEHIDOHGHKDVWLJKHGL

KHQKROGWLOQHGHQVW§HQGHWDEHO

2SYDUPQLQJDIPDGRJWLOEHUHGQLQJPHGJU\GHUPHG

O§JS§

7LOEHUHGQLQJDIPDGLJU\GHUPHGO§JS§S§IOHUHNRಣ

JH]RQHUHOOHUEOXVOHWVWHJQLQJ

.RJQLQJRJVWHJQLQJDIVWRUHP¨QJGHUPDGXGHQO§J

S§PDGWLOEHUHGQLQJS§IOHUHNRJH]RQHUHOOHUEOXV

ZZZDHJFRP

RJ .RJQLQJRJVWHJQLQJDIVWRUHP¨QJGHUPDGXGHQO§J

S§PHJHQIXJW

)ULVNHUOXIWHQRSLNºNNHQHWHIWHUWLOEHUHGQLQJYHGHW

PHJHWODYWVWºMQLYHDX'HQNDQDNWLYHUHVRJGHDNWLYHಣ

UHVYHGDWEHUºUHV\PEROHW)XQNWLRQHQVOXNNHUDXWRಣ

PDWLVNHIWHUPLQXWWHU%UXJNXQHIWHUWLOEHUHGQLQJ

9LDQEHIDOHUDWPDQODGHU

HPK¨WWHQNºUHYLGHUHLFD

PLQXWWHUHIWHU

PDGODYQLQJHQ

%HWMHQLQJVSDQHOHWHUHW

VHQVRUIHOW7U\NS§

V\PEROHUQHLVHNXQGIRUDW

DNWLYHUHIXQNWLRQHUQH

)RUDWEHWMHQHHPK¨WWHQ

 7¨QGDSSDUDWHWYHGDWWU\NNHS§

V\PEROHW 

1XNDQGXDNWLYHUHIXQNWLRQHUQH

 %HUºUV\PEROHWIRUDWDNWLYHUH

IXQNWLRQHQ

 +YLVGHWHUQºGYHQGLJWEHUºUHV

O\VLNRQHW IRUDWRSO\VH

PDGODYQLQJVRYHUIODGHQ)RUDW¨QGUH

O\VLQWHQVLWHWHQEHUºUHVLNRQHWRJ

KROGHVQHGHLJHQ

6OXNIRUDSSDUDWHWYHGDWWU\NNHS§LNRQHW

LJHQ

+REt+RRGIXQNWLRQ

'HWHUHQDYDQFHUHWDXWRPDWLVNIXQNWLRQ

VRPIRUELQGHUNRJHVHNWLRQHQWLOHQV¨UOLJ

HPK¨WWH%§GHNRJHVHNWLRQHQRJ

HPK¨WWHQKDUHQLQIUDUºG

VLJQDONRPPXQLNDWRU%O¨VHUHQV

KDVWLJKHGGHILQHUHVDXWRPDWLVNS§

EDJJUXQGDIIXQNWLRQHQVLQGVWLOOLQJRJ

WHPSHUDWXUHQDIGHWYDUPHVWHNRJHJUHM

S§NRJHVHNWLRQHQ'XNDQRJV§EHWMHQH

EO¨VHUHQPDQXHOWIUDNRJHVHNWLRQHQ

)XQNWLRQHQDNWLYHUHVIUDNRPIXUSDQHOHW

1¨UPHUHRSO\VQLQJHURP

NRJHVHNWLRQHQILQGHUGXL

GHQWLOKºUHQGH

EUXJVYHMOHGQLQJ

$NWLYHULQJDIPDNVLPDO

PRWRUKDVWLJKHG

1§UGXWU\NNHUS§ EHJ\QGHU

PDNVLPDOPRWRUKDVWLJKHGRJGHQYDUHUL

PLQXWWHU'HUHIWHUYHQGHUDSSDUDWHW

WLOEDJHWLOVLQHWLGOLJHUH

KDVWLJKHGVLQGVWLOOLQJHU

0HQVIXQNWLRQHQHULJDQJ

KDU\GHUOLJHUHWU\NS§

LQJHQHIIHNW

)LOWHUPHGGHOHOVH

)LOWHUDODUPPLQGHUEUXJHUHQRPDWVNLIWH

HOOHUUHQJºUHNXOILOWHUHWRJRPDWUHQJºUH

IHGWILOWHUHW)LOWHULQGLNDWRUHQ W¨QGHUL

VHNXQGHUKYLVIHGWILOWHUHWVNDO

UHQJºUHV)LOWHULQGLNDWRUHQ EOLQNHUL

VHNXQGHUKYLVNXOILOWHUHWVNDOXGVNLIWHV

HOOHUUHQJºUHV

6HUHQJºULQJDIIHGWILOWHUHWL

SOHMHRJUHQJºULQJVNDSLWOHW

6HDIVQLWWHWRPNXOILOWHUHW

HOOHUXGVNLIWQLQJDINXOILOWHUHWL

SOHMHRJUHQJºULQJVNDSLWOHW

7U\NS§ LVHNXQGHUIRUDWQXOVWLOOH

IXQNWLRQHQ

6§GDQVO§VIXQNWLRQHQWLOHOOHUIUD

 7¨QGEHWMHQLQJVSDQHOHW

 6ºUJIRUDWLNRQHUQHHUKYLGH

 7U\NS§ LVHNXQGHUIRUDWVO§

IXQNWLRQHQWLO

+YLVIXQNWLRQHQHUDNWLYHUHWEOLQNHU

ILOWHULNRQHW IHPJDQJH

 7U\NS§ LVHNXQGHUIRUDWVO§

IXQNWLRQHQIUD

+YLVIXQNWLRQHQHUGHDNWLYHUHWEOLQNHU

ILOWHULNRQHW WUHJDQJH

'$16. 

9('/,*(+2/'(/6(2*5(1*5,1*

%HP¨UNQLQJHURPUHQJºULQJ

5HQJºULQJV഻

PLGOHU

%UXJLNNHVOLEHQGHUHQJºULQJVPLGOHURJEºUVWHU

5HQJºUDSSDUDWHWVRYHUIODGHPHGHQEOºGNOXGRSYUHGHWLYDUPWYDQG

WLOVDWHWUHQJºULQJVPLGGHO

(IWHUPDGODYQLQJNDQQRJOHGHOHDIDSSDUDWHWEOLYHYDUPW)RUDWXQGJ§

SOHWWHUVNDODSSDUDWHWNºOHVQHGRJWºUUHVPHGUHQNOXGHOOHUSDSLUK§QGಣ

NO¨GH

5HQJºUSOHWWHUPHGHWPLOGWUHQJºULQJVPLGGHO

+ROGHPK¨WWHQ

UHQ

5HQJºUDSSDUDWHWRJIHGWILOWUHKYHUP§QHG5HQJºULQGHUVLGHQRJIHGWಣ

ILOWUHQHRPK\JJHOLJWIRUIHGW2SKREQLQJDIIHGWHOOHUDQGUHUHVWHUNDQ

PHGIºUHHQEUDQG

)ºOJLQVWUXNWLRQHUQHWLOUHQJºULQJDIWLOEHKºUHWQ§UILOWHUPHGGHOHOVHQHU

W¨QGW6H)LOWHUPHGGHOHOVHLNDSLWOHWRPGDJOLJEUXJ

)HGWILOWUHNDQYDVNHVLHQRSYDVNHPDVNLQH

2SYDVNHPDVNLQHQVNDOY¨UHLQGVWLOOHWWLOODYHWHPSHUDWXUHURJHQNRUW

F\NOXV)HGWILOWHUHWNDQEOLYHPLVIDUYHWPHQGHWKDULQJHQLQGYLUNQLQJS§

ILOWHUHWV\GHOVH

)LOWHUPHGDN഻

WLYWNXO

.XOILOWHUHWVKROGEDUKHGDIK¨QJHUDIW\SHQDIPDGODYQLQJRJKYRURIWH

IHGWILOWUHQHUHQJºUHV)LOWHUHWPHGDNWLYWNXOHULNNHYDVNEDUWNDQLNNH

UHJHQHUHUHVRJVNDOXGVNLIWHVFLUNDKYHUP§QHGHOOHUK\SSLJHUHWLO

V¨UOLJNUDIWLJDQYHQGHOVH

5HQJºULQJDIIHGWILOWHUHW

)LOWUHQHHUPRQWHUHWPHGFOLSVRJVWLIWHUL

GHQPRGVDWWHVLGH

6§GDQUHQJºUHVILOWHUHW

 +ROGSDQHOHWS§VLGHUQHRJVNXEGHW

WLOEDJH

 9LSIRUVLGHQDIILOWHUHWOHWQHGDG

RJWU¨N

9¨UIRUVLJWLJ)LOWHUHWHU

EHVN\WWHWDIHQN¨GH

PRGXWLOVLJWHWNROODSV

'HPRQWHUN¨GHUQH

LQGHQUHQJºULQJDI

ILOWUHQH

 $IPRQWHUILOWHUHWYHGDWIMHUQH

VNUXHUQHºYHUVWS§ILOWHUHW

ZZZDHJFRP

 5HQJºUILOWUHQHPHGHQVYDPSPHG

LNNHVNXUUHQGHUHQJºULQJVPLGOHUHOOHU

LRSYDVNHPDVNLQHQ

2SYDVNHPDVNLQHQVNDOY¨UH

LQGVWLOOHWWLOODYHWHPSHUDWXUHU

RJHQNRUWF\NOXV)HGWILOWHUHW

NDQEOLYHPLVIDUYHWPHQGHW

KDULQJHQLQGYLUNQLQJS§

ILOWHUHWV\GHHYQH

 )LOWUHQHPRQWHUHVLJHQYHGDWPDQ

IºOJHUGHIºUVWHWRWULQLRPYHQGW

U¨NNHIºOJH

*HQWDJGHWWHS§DOOHGHILOWUHKYRUGHWHU

UHOHYDQW

8GVNLIWQLQJDINXOILOWHUHW

$'9$56(/

.XOILOWHUHWNDQLNNHYDVNHV

6§GDQXGVNLIWHVILOWHUHW

 )MHUQIHGWILOWUHQHIUDDSSDUDWHW

9LKHQYLVHUWLODIVQLWWHWರ5HQJºULQJDI

IHGWILOWHUHWರ

 7U¨NWDSSHQHPRGGHQQHGHUVWHGHO

DIILOWHUHW

 9LSIRUVLGHQDIILOWHUHWOHWQHGDGRJ

WU¨N

 1§UGXVNDOLQVWDOOHUHGHWQ\HILOWHU

JHQWDJHVSURFHGXUHQLRPYHQGW

U¨NNHIºOJH

'HWHUXQGHUDOOHRPVW¨QGLJKHGHU

QºGYHQGLJWDWXGVNLIWHILOWUHQHPLQGVW

KYHUIMHUGHP§QHG

8GVNLIWQLQJDIS¨UHQ

'HWWHDSSDUDWHUIRUV\QHWPHG/('

ODPSH'HQQHGHOP§NXQXGVNLIWHVDI

WHNQLNHUHQ9HGIXQNWLRQVIHMOIºOJHV

6HUYLFHLNDSLWOHW

6LNNHUKHGVYHMOHGQLQJ

0,/-+(16<1

*HQEUXJPDWHULDOHUPHGV\PEROHW 

$QEULQJHPEDOODJHPDWHULDOHWLSDVVHQGH

EHKROGHUHWLOJHQEUXJ+M¨OSPHGDW

EHVN\WWHPLOMºHWRJPHQQHVNHOLJ

VXQGKHGVDPWDWJHQEUXJHDIIDOGDI

HOHNWULVNHRJHOHNWURQLVNHDSSDUDWHU

.DVVHULNNHDSSDUDWHUGHUHUP¨UNHW

PHGV\PEROHW VDPPHQPHG

KXVKROGQLQJVDIIDOGHW/HYHUSURGXNWHW

WLOEDJHWLOGLQORNDOHJHQEUXJVSODGVHOOHU

NRQWDNWGLQNRPPXQH

'$16. 

,1+28'623*$9(

9(,/,*+(,'6,1)250$7,((1,167$//$7,(

%(6&+5,-9,1*9$1+(7352'8&7

'$*(/,-.6*(%58,.

21'(5+28'(15(,1,*,1*

92253(5)(&7(5(68/7$7(1

%HGDQNWGDWMHYRRUGLW$(*SURGXFWKHEWJHNR]HQ:HKHEEHQKHWJHFUHHUGRP

MDUHQODQJRQEHULVSHOLMNHSUHVWDWLHVWHOHYHUHQPHWLQQRYDWLHYHWHFKQRORJLHQGLH

KHWOHYHQHHQYRXGLJHUPDNHQದIXQFWLHVGLHMHZHOOLFKWQLHWRSJHZRQHDSSDUDWHQ

DDQWUHIW1HHPHHQSDDUPLQXWHQGHWLMGRPKHWEHVWHXLWKHWDSSDUDDWWHKDOHQ

*DQDDURQ]HZHEVLWHYRRU

$GYLHVRYHUJHEUXLNEURFKXUHVKHWRSORVVHQYDQSUREOHPHQVHUYLFHHQ

UHSDUDWLHLQIRUPDWLH

ZZZDHJFRPVXSSRUW

5HJLVWUHHUMHSURGXFWYRRUHHQEHWHUHVHUYLFH

ZZZUHJLVWHUDHJFRP

.RRSDFFHVVRLUHVYHUEUXLNVDUWLNHOHQHQRULJLQHOHUHVHUYHRQGHUGHOHQYRRUMH

DSSDUDDW

ZZZDHJFRPVKRS

./$17(16(59,&((16(59,&(

*HEUXLNDOWLMGRULJLQHOHRQGHUGHOHQ

$OVXFRQWDFWRSQHHPWPHWRQ]HHUNHQGHVHUYLFHGLHQVW]RUJHUGDQYRRUGDWXGH

YROJHQGHJHJHYHQVWRWXZEHVFKLNNLQJKHEW0RGHO31&VHULHQXPPHU

'HLQIRUPDWLHYLQGWXRSKHWW\SHSODDWMH

:DDUVFKXZLQJHQHQYHLOLJKHLGVLQIRUPDWLH

$OJHPHQHLQIRUPDWLHHQWLSV

0LOLHXLQIRUPDWLH

:LM]LJLQJHQYRRUEHKRXGHQ

9(,/,*+(,'6,1)250$7,((1,167$//$7,(

:$$56&+8:,1*

5DDGSOHHJKHWDSDUWH

LQVWDOODWLHLQVWUXFWLHERHNMH

YRRUYHLOLJKHLGVLQIRUPDWLHHQ

LQVWDOODWLH/HHVGH

KRRIGVWXNNHQRYHU9HLOLJKHLG

]RUJYXOGLJGRRUYRRUGDWX

KHWDSSDUDDWJHEUXLNWRI

RQGHUKRXGW

ZZZDHJFRP

%(6&+5,-9,1*9$1+(7352'8&7

2YHU]LFKWEHGLHQLQJVSDQHHO

1 2 3 4 5 6 7 8 9 10

)XQFWLH %HVFKULMYLQJ

$DQXLW 6FKDNHOWGHNDSLQHQXLW

(HUVWHVQHOKHLG 'HPRWRUVFKDNHOWRYHUQDDUKHWHHUVWHVQHOKHLGVQLಣ

YHDX

7ZHHGHVQHOKHLG 'HPRWRUVFKDNHOWRYHUQDDUKHWWZHHGHVQHOKHLGVQLಣ

YHDX

'HUGHVQHOKHLG 'HPRWRUVFKDNHOWRYHUQDDUKHWGHUGHVQHOKHLGVQLಣ

YHDX

0D[LPDOHVQHOKHLG 'HPRWRUVFKDNHOWRYHUQDDUKHWPD[LPDOHVQHOKHLGVQLಣ

YHDX

6QHOKHLGERRVW 'HPRWRUVFKDNHOWRYHUQDDUKHWPD[LPDOHVQHOKHLGVQLಣ

YHDX1DPLQXWHQNHHUWKHWDSSDUDDWWHUXJQDDUGH

YRULJHLQVWHOOLQJ

%ULHV 'HNDSZHUNWRSGHODDJVWHVQHOKHLG1DPLQXWHQ

VFKDNHOWKHWDSSDUDDWXLW

)LOWHUPHOGLQJ +HULQQHUWMHHUDDQRPKHWNRROILOWHUWHYHUYDQJHQRIWH

UHLQLJHQHQKHWYHWILOWHUWHUHLQLJHQ

+REt+RRG ,QGLFDWRUYDQGHIXQFWLHRPGHNDSYDQDIGHNRRNSODDW

WHEHVWXUHQ

 /DPS 6FKDNHOWGHODPSHQLQHQXLW

'$*(/,-.6*(%58,.

'HNDSJHEUXLNHQ

&RQWUROHHUGHDDQEHYROHQVQHOKHLG

YROJHQVRQGHUVWDDQGHWDEHO

7LMGHQVKHWRSZDUPHQYDQYRHGVHONRNHQPHWSRWWHQ

PHWGHNVHO

7LMGHQVKHWNRNHQPHWSRWWHQPHWGHNVHORSPHHUGHಣ

UHNRRN]RQHVRIEUDQGHUV]DFKWMHVEDNNHQ

1('(5/$1'6 

7LMGHQVKHWNRNHQHQEDNNHQYDQJURWHKRHYHHOKHGHQ

YRHGVHO]RQGHUGHNVHONRNHQRSPHHUGHUHNRRN]Rಣ

QHVRIEUDQGHUV

HQ 7LMGHQVKHWNRNHQHQEDNNHQYDQJURWHKRHYHHOKHGHQ

YRHGVHO]RQGHUGHNVHOJURWHOXFKWYRFKWLJKHLG

)ULVWRSHHQODDJJHOXLGVQLYHDXQDKHWNRNHQGHOXFKW

LQNHXNHQRS+HWDSSDUDDWNDQZRUGHQLQHQXLWJHಣ

VFKDNHOGGRRUKHWV\PERRODDQWHUDNHQ'HIXQFWLH

VFKDNHOWDXWRPDWLVFKXLWQDPLQXWHQ$OOHHQJHಣ

EUXLNHQQDKHWNRNHQ

+HWZRUGWDDQEHYROHQRPGH

NDSRQJHYHHUPLQXWHQQD

KHWNRNHQDDQWHODWHQVWDDQ

+HWEHGLHQLQJVSDQHHOLVHHQ

VHQVRUYHOG5DDNGH

V\PEROHQJHGXUHQGH

VHFRQGHDDQRPGHIXQFWLHV

LQWHVFKDNHOHQ

2PGHNDS

 =HWKHWDSSDUDDWDDQGRRURSKHW

V\PERRO WHGUXNNHQ

-HNXQWQXGHIXQFWLHVDFWLYHUHQ

 5DDNRPGHIXQFWLHLQWHVFKDNHOHQ

KHWV\PERRODDQ

 'UXNLQGLHQQRGLJRSKHWOLFKWV\PERRO

RPKHWNRRNRSSHUYODNWH

YHUOLFKWHQ2PGHOLFKWLQWHQVLWHLWWH

ZLM]LJHQKRXGMHKHWV\PERRO

RSQLHXZLQJHGUXNW

2PKHWDSSDUDDWXLWWHVFKDNHOHQGUXNMH

RSQLHXZRSKHWV\PERRO 

+REt+RRGIXQFWLH

+HWLVHHQDXWRPDWLVFKHIXQFWLHGLHGH

NRRNSODDWRSHHQDI]XLJNDSDDQVOXLW

=RZHOGHNRRNSODDWDOVGHDI]XLJNDS

KHHIWHHQLQIUDURRGRQWYDQJHU'H

VQHOKHLGYDQGHYHQWLODWRUZRUGW

DXWRPDWLVFKEHSDDOGRSEDVLVYDQGH

PRGXVLQVWHOOLQJHQGHWHPSHUDWXXUYDQ

GHKHHWVWHSDQRSGHNRRNSODDW8NXQW

GHYHQWLODWRUYDQGHNRRNSODDWRRN

KDQGPDWLJEHGLHQHQ'HIXQFWLHNDQ

ZRUGHQJHDFWLYHHUGYDQDIKHWSDQHHOYDQ

GHNRRNSODDW

9RRUPHHULQIRUPDWLHRYHU

KHWJHEUXLNYDQGHNRRNSODDW

UDDGSOHHJWXGH

JHEUXLNVDDQZLM]LQJYDQGH

NRRNSODDW

0D[LPDOHPRWRUVQHOKHLG

DFWLYHUHQ

:DQQHHUXRS WLNWEHJLQWGH

PD[LPDOHPRWRUVQHOKHLGJHGXUHQGH

PLQXWHQWHZHUNHQ'DDUQDNHHUWKHW

DSSDUDDWWHUXJQDDUGHYRULJH

VQHOKHLGVLQVWHOOLQJHQ

:DQQHHUGHIXQFWLHLV

LQJHVFKDNHOGKHHIWHHQ

H[WUDDDQUDNLQJYDQ JHHQ

HIIHFW

)LOWHUPHOGLQJ

+HWILOWHUDODUPKHULQQHUWXHUDDQRPGH

NRROILOWHUWHYHUYDQJHQRIWHUHLQLJHQHQ

GHYHWILOWHUWHUHLQLJHQ+HW

FRQWUROHODPSMHYDQGHILOWHU EUDQGW

JHGXUHQGHVHFRQGHQDOVGHYHWILOWHU

PRHWZRUGHQJHUHLQLJG+HW

FRQWUROHODPSMHYDQGHILOWHU NQLSSHUW

JHGXUHQGHVHFRQGHQDOVGHNRROILOWHU

PRHWZRUGHQYHUYDQJHQRIJHUHLQLJG

=LHKHWJHGHHOWHRYHUKHW

UHLQLJHQYDQGHYHWILOWHULQ

KHWKRRIGVWXN2QGHUKRXGHQ

UHLQLJLQJ

ZZZDHJFRP

=LHKHWJHGHHOWHRYHUKHW

UHLQLJHQYDQGHNRROILOWHURI

KHWYHUYDQJHQYDQGH

NRROILOWHULQKHWKRRIGVWXN

2QGHUKRXGHQUHLQLJLQJ

$OVXGHIXQFWLHZLOWUHVHWWHQKRXGWX

VHFRQGHQLQJHGUXNW

)XQFWLHDFWLYHUHQRIGHDFWLYHUHQ

 6FKDNHOKHWEHGLHQLQJVSDQHHOLQ

 =RUJHUYRRUGDWDOOHSLFWRJUDPPHQ

ZLW]LMQ

 $OVXGHIXQFWLHZLOWDFWLYHUHQKRXGW

X VHFRQGHQLQJHGUXNW

$OVGHIXQFWLHLVJHDFWLYHHUGNQLSSHUWKHW

ILOWHUSLFWRJUDP YLMINHHU

 $OVXGHIXQFWLHZLOWGHDFWLYHUHQ

KRXGWX VHFRQGHQLQJHGUXNW

$OVGHIXQFWLHLVJHGHDFWLYHHUGNQLSSHUW

KHWILOWHUSLFWRJUDP GULHNHHU

21'(5+28'(15(,1,*,1*

2SPHUNLQJHQRYHUVFKRRQPDNHQ

5HLQLJLQJVPLG഻

GHOHQ

*HEUXLNJHHQVFKXUHQGHUHLQLJLQJVPLGGHOHQHQERUVWHOV

0DDNKHWRSSHUYODNYDQKHWDSSDUDDWVFKRRQPHWHHQ]DFKWHGRHN

ZDUPZDWHUHQHHQPLOGUHLQLJLQJVPLGGHO

1DKHWNRNHQNXQQHQVRPPLJHRQGHUGHOHQYDQKHWDSSDUDDWKHHWZRUಣ

GHQ2PYOHNNHQWHYRRUNRPHQPRHWKHWDSSDUDDWDINRHOHQHQZRUGHQ

JHGURRJGPHWHHQVFKRQHGRHNRINHXNHQSDSLHU

5HLQLJYOHNNHQPHWHHQPLOGUHLQLJLQJVPLGGHO

+RXGGHNDS

VFKRRQ

5HLQLJKHWDSSDUDDWHQVPHHUGHILOWHUVHONHPDDQG5HLQLJGHELQQHQ

HQYHWILOWHUV]RUJYXOGLJ]RGDWHUJHHQYHWPHHUDFKWHUEOLMIW9HWRSKRSLQJ

RIDQGHUHUHVWHQNXQQHQEUDQGYHURRU]DNHQ

9ROJGHLQVWUXFWLHVYRRUKHWUHLQLJHQYDQGHDFFHVVRLUHVZDQQHHUGHILOಣ

WHUPHOGLQJLVLQJHVFKDNHOG5DDGSOHHJLQKHWKRRIGVWXN'DJHOLMNVJHಣ

EUXLNKHWJHGHHOWHRYHU)LOWHUPHOGLQJ

8NXQWYHWILOWHUVRRNLQGHDIZDVPDFKLQHZDVVHQ

'HYDDWZDVVHUPRHWRSHHQODJHWHPSHUDWXXUHQHHQNRUWHF\FOXVZRUಣ

GHQLQJHVWHOG'HYHWILOWHUNDQYHUNOHXUHQPDDUGDWKHHIWJHHQLQYORHG

RSGHSUHVWDWLHVYDQKHWDSSDUDDW

.RROVWRIILOWHU

'HYHU]DGLJLQJVWLMGYDQGHNRROILOWHUYDULHHUWDIKDQNHOLMNYDQKHWW\SHNRಣ

NHQHQGHUHJHOPDDWYDQKHWUHLQLJHQYDQGHYHWILOWHU'HDFWLHYHNRROILOಣ

WHULVQLHWZDVEDDUNDQQLHWZRUGHQJHUHJHQHUHHUGHQPRHWRQJHYHHU

RPGHPDDQGHQZRUGHQYHUYDQJHQRIYDNHUYRRUELM]RQGHU]ZDDU

JHEUXLN

'HYHWILOWHUUHLQLJHQ

)LOWHUVZRUGHQJHPRQWHHUGPHWEHKXOS

YDQFOLSVHQSHQQHQDDQGHDQGHUHNDQW

'HILOWHUUHLQLJHQ

 +RXGKHWSDQHHODDQGH]LMNDQWHQ

YDVWHQGXZKHWWHUXJ

1('(5/$1'6 

QLHWZHJPHWKHWKXLVKRXGHOLMNDIYDO

%UHQJKHWSURGXFWQDDUKHWPLOLHXVWDWLRQ

ELMXLQGHEXXUWRIQHHPFRQWDFWRSPHW

GHJHPHHQWH

1('(5/$1'6 

&217(176

6$)(7<,1)250$7,21$1',167$//$7,21

352'8&7'(6&5,37,21

'$,/<86( 

&$5($1'&/($1,1*

)253(5)(&75(68/76

7KDQN\RXIRUFKRRVLQJWKLV$(*SURGXFW:HKDYHFUHDWHGLWWRJLYH\RX

LPSHFFDEOHSHUIRUPDQFHIRUPDQ\\HDUVZLWKLQQRYDWLYHWHFKQRORJLHVWKDWKHOS

PDNHOLIHVLPSOHUದIHDWXUHV\RXPLJKWQRWILQGRQRUGLQDU\DSSOLDQFHV3OHDVH

VSHQGDIHZPLQXWHVUHDGLQJWRJHWWKHYHU\EHVWIURPLW

9LVLWRXUZHEVLWHWR

*HWXVDJHDGYLFHEURFKXUHVWURXEOHVKRRWHUVHUYLFHDQGUHSDLULQIRUPDWLRQ

ZZZDHJFRPVXSSRUW

5HJLVWHU\RXUSURGXFWIRUEHWWHUVHUYLFH

ZZZUHJLVWHUDHJFRP

%X\$FFHVVRULHV&RQVXPDEOHVDQG2ULJLQDOVSDUHSDUWVIRU\RXUDSSOLDQFH

ZZZDHJFRPVKRS

&86720(5&$5($1'6(59,&(

$OZD\VXVHRULJLQDOVSDUHSDUWV

:KHQFRQWDFWLQJRXU$XWKRULVHG6HUYLFH&HQWUHHQVXUHWKDW\RXKDYHWKH

IROORZLQJGDWDDYDLODEOH0RGHO31&6HULDO1XPEHU

7KHLQIRUPDWLRQFDQEHIRXQGRQWKHUDWLQJSODWH

:DUQLQJ&DXWLRQ6DIHW\LQIRUPDWLRQ

*HQHUDOLQIRUPDWLRQDQGWLSV

(QYLURQPHQWDOLQIRUPDWLRQ

6XEMHFWWRFKDQJHZLWKRXWQRWLFH

6$)(7<,1)250$7,21$1',167$//$7,21

:$51,1*

5HIHUWRWKHVHSDUDWH

,QVWDOODWLRQ,QVWUXFWLRQV

ERRNOHWIRU6DIHW\

,QIRUPDWLRQDQG,QVWDOODWLRQ

5HDGFDUHIXOO\WKH6DIHW\

FKDSWHUVEHIRUHDQ\XVHRU

PDLQWHQDQFHRIWKH

DSSOLDQFH

ZZZDHJFRP

352'8&7'(6&5,37,21

&RQWUROSDQHORYHUYLHZ

1 2 3 4 5 6 7 8 9 10

)XQFWLRQ 'HVFULSWLRQ

2Q2II 7XUQVWKHKRRGRQDQGRII

)LUVWVSHHG 7KHPRWRUVZLWFKHVWRILUVWVSHHGOHYHO

6HFRQGVSHHG 7KHPRWRUVZLWFKHVWRVHFRQGVSHHGOHYHO

7KLUGVSHHG 7KHPRWRUVZLWFKHVWRWKLUGVSHHGOHYHO

0D[LPXPVSHHG 7KHPRWRUVZLWFKHVWRPD[LPXPVSHHGOHYHO

6SHHGERRVW 7KHPRWRUVZLWFKHVWRPD[LPXPVSHHGOHYHO$IWHU

PLQXWHVWKHDSSOLDQFHUHWXUQVWRSUHYLRXVVHWWLQJ

%UHH]H 7KHKRRGRSHUDWHVRQWKHORZHVWVSHHG$IWHUPLಣ

QXWHVWKHDSSOLDQFHWXUQVRII

)LOWHUQRWLILFDWLRQ 5HPLQGVWRFKDQJHRUFOHDQWKHFKDUFRDOILOWHUDQG

FOHDQWKHJUHDVHILOWHU

+REt+RRG ,QGLFDWRURIWKHIXQFWLRQWRFRQWUROKRRGIURPKRE

 /DPS 7XUQVWKHOLJKWVRQDQGRII

'$,/<86(

8VLQJWKHKRRG

&KHFNWKHUHFRPPHQGHGVSHHG

DFFRUGLQJWRWKHWDEOHEHORZ

:KLOHKHDWLQJXSIRRGFRRNLQJZLWKFRYHUHGSRWV

:KLOHFRRNLQJZLWKFRYHUHGSRWVRQPXOWLSOHFRRNLQJ

]RQHVRUEXUQHUVJHQWOHIU\LQJ

:KLOHERLOLQJDQGIU\LQJELJTXDQWLWLHVRIIRRGZLWKRXW

DOLGFRRNLQJRQPXOWLSOHFRRNLQJ]RQHVRUEXUQHUV

DQG :KLOHERLOLQJDQGIU\LQJELJTXDQWLWLHVRIIRRGZLWKRXW

DOLGELJKXPLGLW\

(1*/,6+ 

5HIUHVKHVWKHDLULQNLWFKHQDIWHUFRRNLQJDWDYHU\

ORZQRLVHOHYHO,WFDQEHDFWLYDWHGDQGGHDFWLYDWHG

E\WRXFKLQJWKHV\PERO7KHIXQFWLRQWXUQVRIIDXWRಣ

PDWLFDOO\DIWHUPLQXWHV8VHDIWHUFRRNLQJRQO\

,WLVUHFRPPHQGHGWROHDYH

WKHKRRGRSHUDWLQJIRU

DSSUR[LPDWHO\PLQXWHV

DIWHUFRRNLQJ

7KHFRQWURO3DQHOLVD

VHQVRUILHOG7RXFKWKH

V\PEROVIRUVHFRQGWR

DFWLYDWHWKHIXQFWLRQV

7RRSHUDWHWKHKRRG

 7XUQRQWKHDSSOLDQFHE\SUHVVLQJ

WKH V\PERO

<RXFDQQRZDFWLYDWHWKHIXQFWLRQV

 7RDFWLYDWHWKHIXQFWLRQWRXFKWKH

V\PERO

 ,IQHHGHGWRXFKWKHOLJKWV\PERO

WRLOOXPLQDWHWKHFRRNLQJVXUIDFH7R

FKDQJHWKHOLJKWLQWHQVLW\WRXFKDQG

KROGWKHV\PERODJDLQ

7RWXUQRIIWKHDSSOLDQFHSUHVVWKH

V\PERODJDLQ

+REt+RRGIXQFWLRQ

,WLVDQDXWRPDWLFIXQFWLRQZKLFK

FRQQHFWVWKHKREZLWKDKRRG%RWKWKH

KREDQGWKHKRRGKDYHDQLQIUDUHGVLJQDO

FRPPXQLFDWRU6SHHGRIWKHIDQLV

GHILQHGDXWRPDWLFDOO\RQEDVLVRIPRGH

VHWWLQJDQGWHPSHUDWXUHRIWKHKRWWHVW

FRRNZDUHRQWKHKRE<RXFDQDOVR

RSHUDWHWKHIDQXVLQJWKHKREPDQXDOO\

7KHIXQFWLRQFDQEHDFWLYDWHGIURPSDQHO

RIWKHKRE

)RUPRUHLQIRUPDWLRQKRZWR

XVHWKHIXQFWLRQUHIHUWRWKH

KREXVHUPDQXDO

$FWLYDWLQJ0D[LPXP

0RWRU6SHHG

:KHQ\RXWRXFK WKH0D[LPXP

0RWRU6SHHGVWDUWVWRRSHUDWHIRU

PLQXWHV$IWHUWKDWWLPHWKHDSSOLDQFH

UHWXUQVWRLWVSUHYLRXVVSHHGVHWWLQJV

:KHQWKHIXQFWLRQLVWXUQHG

RQDGGLWLRQDOWRXFKRQ

GRHVQRWKDYHDQ\HIIHFWV

)LOWHUQRWLILFDWLRQ

)LOWHUDODUPUHPLQGVWRFKDQJHRUFOHDQ

WKHFKDUFRDOILOWHUDQGFOHDQWKHJUHDVH

ILOWHU7KHILOWHULQGLFDWRU LVWXUQHGRQ

IRUVHFRQGVLIWKHJUHDVHILOWHUPXVW

EHFOHDQHG7KHILOWHULQGLFDWRU IODVKHV

IRUVHFRQGVLIWKHFKDUFRDOILOWHUPXVW

EHUHSODFHGRUFOHDQHG

5HIHUWRFOHDQLQJWKHJUHDVH

ILOWHULQFDUHDQGFOHDQLQJ

FKDSWHU

5HIHUWRFOHDQLQJWKH

FKDUFRDOILOWHURUUHSODFLQJ

WKHFKDUFRDOILOWHULQFDUHDQG

FOHDQLQJFKDSWHU

7RUHVHWWKHIXQFWLRQWRXFK IRU

VHFRQGV

7RDFWLYDWHRUGHDFWLYDWHIXQFWLRQ

 6ZLWFKRQWKHFRQWUROSDQHO

 0DNHVXUHWKDWWKHLFRQVDUHWXUQHG

ZKLWH

 7RDFWLYDWHIXQFWLRQWRXFK IRU

VHFRQGV

,IWKHIXQFWLRQLVDFWLYDWHGWKHILOWHULFRQ

IODVKHVILYHWLPHV

 7RGHDFWLYDWHIXQFWLRQWRXFK IRU

VHFRQGV

,IWKHIXQFWLRQLVGHDFWLYDWHGWKHILOWHU

LFRQ IODVKHVWKUHHWLPHV

ZZZDHJFRP

&$5($1'&/($1,1*

1RWHVRQFOHDQLQJ

&OHDQLQJ

$JHQWV

'RQRWXVHDEUDVLYHGHWHUJHQWVDQGEUXVKHV

&OHDQWKHVXUIDFHRIWKHDSSOLDQFHZLWKDVRIWFORWKZLWKZDUPZDWHU

DQGDPLOGGHWHUJHQW

$IWHUFRRNLQJVRPHSDUWVRIDSSOLDQFHFDQJHWKRW7RDYRLGVWDLQVDSಣ

SOLDQFHPXVWEHFRROHGGRZQDQGGULHGZLWKFOHDQFORWKRUSDSHUWRZಣ

HOV

&OHDQVWDLQVZLWKDPLOGGHWHUJHQW

.HHSWKHKRRG

FOHDQ

&OHDQWKHDSSOLDQFHDQGJUHDVHILOWHUVHDFKPRQWK&OHDQWKHLQWHULRU

DQGJUHDVHILOWHUVFDUHIXOO\IURPIDW)DWDFFXPXODWLRQRURWKHUUHVLGXH

PD\FDXVHILUH

)ROORZWKHLQVWUXFWLRQVIRUFOHDQLQJWKHDFFHVVRULHVZKHQILOWHUQRWLILFDಣ

WLRQLVRQ5HIHUWR)LOWHUQRWLILFDWLRQLQGDLO\XVHFKDSWHU

*UHDVHILOWHUVFDQEHZDVKHGLQDGLVKZDVKHU

7KHGLVKZDVKHUPXVWEHVHWWRDORZWHPSHUDWXUHDQGDVKRUWF\FOH

7KHJUHDVHILOWHUPD\GLVFRORXULWKDVQRLQIOXHQFHRQWKHSHUIRUPDQFH

RIWKHDSSOLDQFH

&KDUFRDOILOWHU

7KHWLPHRIVDWXUDWLRQRIWKHFKDUFRDOILOWHUYDULHVGHSHQGLQJRQWKH

W\SHRIFRRNLQJDQGWKHUHJXODULW\RIFOHDQLQJWKHJUHDVHILOWHU7KHDFWLಣ

YDWHGFKDUFRDOILOWHULVQRWZDVKDEOHFDQQRWEHUHJHQHUDWHGDQGPXVW

EHUHSODFHGDSSUR[LPDWHO\HYHU\PRQWKVRIRSHUDWLRQRUPRUHIUHಣ

TXHQWO\IRUSDUWLFXODUO\KHDY\XVDJH

&OHDQLQJWKHJUHDVHILOWHU

)LOWHUVDUHPRXQWHGZLWKWKHXVHRIFOLSV

DQGSLQVRQWKHRSSRVLWHVLGH

7RFOHDQWKHILOWHU

 +ROGWKHSDQHORQWKHVLGHVDQGSXVK

LWEDFN

 6OLJKWO\WLOWWKHIURQWRIWKHILOWHU

GRZQZDUGVWKHQSXOO

%HFDUHIXO)LOWHULV

SURWHFWHGE\FKDLQXSRQ

DFFLGHQWDOFROODSVH

'LVPRXQWWKHFKDLQV

EHIRUHFOHDQLQJWKH

ILOWHUV

 'LVDVVHPEOHWKHILOWHUE\UHPRYLQJ

WKHVFUHZVRQWRSRIWKHILOWHU

(1*/,6+ 

 &OHDQWKHILOWHUVXVLQJDVSRQJHZLWK

QRQDEUDVLYHGHWHUJHQWVRULQD

GLVKZDVKHU

7KHGLVKZDVKHUPXVWEHVHW

WRDORZWHPSHUDWXUHDQGD

VKRUWF\FOH7KHJUHDVHILOWHU

PD\GLVFRORXULWKDVQR

LQIOXHQFHRQWKH

SHUIRUPDQFHRIWKH

DSSOLDQFH

 7RPRXQWWKHILOWHUVEDFNIROORZWKH

ILUVWWZRVWHSVLQUHYHUVHRUGHU

5HSHDWWKHVWHSVIRUDOOILOWHUVLI

DSSOLFDEOH

5HSODFLQJWKHFKDUFRDO

ILOWHU

:$51,1*

7KHFKDUFRDOILOWHULVQRQ

ZDVKDEOH

7RUHSODFHWKHILOWHU

 5HPRYHWKHJUHDVHILOWHUVIURPWKH

DSSOLDQFH

5HIHUWR&OHDQLQJWKHJUHDVHILOWHULQ

WKLVFKDSWHU

 3XOOWKHWDEVWRZDUGVWKHERWWRPSDUW

RIWKHILOWHU

 6OLJKWO\WLOWWKHIURQWRIWKHILOWHU

GRZQZDUGVWKHQSXOO

 7RLQVWDOODQHZILOWHUSHUIRUPWKH

VDPHVWHSVLQUHYHUVHRUGHU

,QDQ\FDVHLWLVQHFHVVDU\WRUHSODFH

WKHILOWHUVDWOHDVWHYHU\IRXUPRQWKV

5HSODFLQJWKHODPS

7KLVDSSOLDQFHLVVXSSOLHGZLWKD/('

ODPS7KLVSDUWFDQEHUHSODFHGE\D

WHFKQLFLDQRQO\,QFDVHRIDQ\

PDOIXQFWLRQUHIHUWR6HUYLFHLQWKH

6DIHW\,QVWUXFWLRQVFKDSWHU

(19,5210(17$/&21&(516

5HF\FOHPDWHULDOVZLWKWKHV\PERO 

3XWWKHSDFNDJLQJLQUHOHYDQWFRQWDLQHUV

WRUHF\FOHLW+HOSSURWHFWWKH

HQYLURQPHQWDQGKXPDQKHDOWKE\

UHF\FOLQJZDVWHRIHOHFWULFDODQG

HOHFWURQLFDSSOLDQFHV'RQRWGLVSRVHRI

DSSOLDQFHVPDUNHGZLWKWKHV\PERO

ZLWKWKHKRXVHKROGZDVWH5HWXUQWKH

SURGXFWWR\RXUORFDOUHF\FOLQJIDFLOLW\RU

FRQWDFW\RXUPXQLFLSDORIILFH

ZZZDHJFRP

6,68.25'

2+8786,1)2-$3$,*$/'$0,1(

7227(.,5-(/'86

,*$3(9$1(.$687$0,1(

38+$6786-$+22/'86

3$5,0$7(78/(0867(6$$987$0,6(.6

7¦QDPHHWYDOLVLWHVHOOH$(*WRRWH7¸¸WDVLPHVHOOHY¦OMDHWVDDNVLWHSDOMX

DDVWDLGQDXWLGDODLWPDWXLGWXOHPXVLQLQJOLVDVLPHHOXOLKWVXVWDYDLGXXHQGXVOLNNH

IXQNWVLRRQHPLGDWHWDYDOLVWHVHDGPHWHMXXUHVHLSUXXJLOHLGD/HLGNHP·QLPLQXW

DHJDQLQJOXJHJHNXLGDVVHDGPHJDSDULPDLGWXOHPXVLVDDYXWDGD

.¾ODVWDJHPHLHYHHELVDLWLNXVWOHLDWH

Q·XDQGHLGEURģ¾¾UHW·UNHRWVLQJXUHPRQGLMDKRROGXVWHDYHW

ZZZDHJFRPVXSSRUW

3DUHPDNVWHHQLQGXVHNVUHJLVWUHHULJHRPDWRRGHDDGUHVVLO

ZZZUHJLVWHUDHJFRP

2VWNHRPDVHDGPHOHOLVDVHDGPHLGWDUYLNXLGMDRULJLQDDOYDUXRVLDDGUHVVLO

ZZZDHJFRPVKRS

./,(1',7((1,1'86-$+22/'86

$ODWLWXOHENDVXWDGDRULJLQDDOYDUXRVL

9ROLWDWXGWHHQLQGXVNHVNXVHVVHS¸¸UGXPLVHOSHDNVLGWHLOROHPDYDUXNV

DOOM¦UJQHYDGDQGPHGPXGHORVDQXPEHU31&VHHULDQXPEHU

7HDYHRQWRRGXGDQGPHSODDGLO

+RLDWXVHG(WWHYDDWXVDELQ·XGದRKXWXVWHDYH

OGLQHWHDYHMDYLKMHG

.HVNNRQQDWHDYH

-¦HWDNVH·LJXVWHKDPXXWXVL

2+8786,1)2-$3$,*$/'$0,1(

+2,$786

2KXWXVLQIRMDSDLJDOGDPLVH

NRKWDOHLDWHWHDYHWHUDOGL

SDLJDOGXVMXKLVWHOHKHOW(QQH

VHDGPHNDVXWDPLVWY·L

KRROGXVWRLPLQJXLGOXJHJH

W¦KHOHSDQHOLNXOWRKXWXVW

N¦VLWOHYDLGSHDW¾NNH

((67, 

7227(.,5-(/'86

-XKWSDQHHOL¾OHYDDGH

1 2 3 4 5 6 7 8 9 10

)XQNWVLRRQ .LUMHOGXV

6LVVHY¦OMD /¾OLWDE·KXSXKDVWLVLVVHMDY¦OMD

(VLPHQHNLLUXV 0RRWRUO¾OLWXEHVLPHVHOHNLLUXVHOH

7HLQHNLLUXV 0RRWRUO¾OLWXEWHLVHOHNLLUXVHOH

.ROPDVNLLUXV 0RRWRUO¾OLWXENROPDQGDOHNLLUXVHOH

0DNVLPXPNLLUXV 0RRWRUO¾OLWXEPDNVLPXPNLLUXVHOH

.LLUXVHVXXUHQGDPLQH 0RRWRUO¾OLWXEPDNVLPXPNLLUXVHOHPLQXWLS¦UDVWO¾OLಣ

WXEVHDGHXXHVWLHHOPLVHOHV¦WWHOH

.HUJHWXXO KXSXKDVWLW¸¸WDEPDGDODLPDONLLUXVHOPLQXWLS¦ಣ

UDVWO¾OLWXEVHDGHY¦OMD

)LOWULP¦UJXDQQH 7XOHWDEPHHOGHHWV¸HILOWHUWXOHEDVHQGDGDY·LSXKDVಣ

WDGDMDUDVYDILOWHUWXOHESXKDVWDGD

+REt+RRG 3OLLGLNDXGX·KXSXKDVWLNDVXWDPLVHIXQNWVLRRQLLQGLಣ

NDDWRU

 /DPS /¾OLWDEYDOJXVWXVHVLVVHMDY¦OMD

,*$3(9$1(.$687$0,1(

KXSXKDVWLNDVXWDPLQH

.RQWUROOLJHVRRYLWDWDYDWNLLUXVWYDVWDYDOW

DOOWRRGXGWDEHOLOH

7RLGXNXXPXWDPLVHONDDQHWDWXGSRWLJD

7RLGXYDOPLVWDPLVHONDDQHWDWXGSRWWLGHJDPLWPHO

NHHGXDODOY·LS·OHWLO·UQSUDDGLPLQH

.HHWPLQHMDVXXUHPDWHNRJXVWHSUDDGLPLQHLOPDNDDಣ

QHWDWRLGXYDOPLVWDPLQHPLWPHONHHGXDODOY·LS·OHWLO

MD .HHWPLQHMDVXXUHPDWHNRJXVWHSUDDGLPLQHLOPDNDDಣ

QHWDVXXUQLLVNXV

ZZZDHJFRP

9¦UVNHQGDEN¸¸JL·KNXS¦UDVWN¾SVHWDPLVWY¦JDPDಣ

GDODP¾UDWDVHPHJD6HGDVDDEDNWLYHHULGDMDGHDNWLಣ

YHHULGDSXXGXWDGHVV¾PEROLW6HHIXQNWVLRRQO¾OLWXE

LJDPLQXWLM¦UHODXWRPDDWVHOWY¦OMD.DVXWDGDDLQXOW

S¦UDVWN¾SVHWDPLVW

6RRYLWDWDYRQM¦WWDS¦UDVW

N¾SVHWDPLVW·KXSXKDVWL

W¸¸OHOLJLNDXGXPLQXWLNV

-XKWSDQHHORQVHQVRUY¦OL

3XXGXWDJHV¾PEROHLG

VHNXQGHWIXQNWVLRRQLG

DNWLYHHULGD

KXSXKDVWLNDVXWDPLVHNV

 /¾OLWDJHVHDGHVLVVHYDMXWDGHV

V¾PEROLW 

1¾¾GVDDWHIXQNWVLRRQLGVLVVHO¾OLWDGD

 )XQNWVLRRQLN¦LYLWDPLVHNVSXXGXWDJH

V¾PEROLW

 9DMDGXVHOSXXGXWDJHYDOJXVWL

V¾PEROLW HWNHHGXDODYDOJXVWDGD

9DOJXVHLQWHQVLLYVXVHPXXWPLVHNV

SXXGXWDJHMDKRLGNHV¾PEROLWXXHVWL

6HDGPHY¦OMDO¾OLWDPLVHNVYDMXWDJHXXHVWL

V¾PEROLW 

+REt+RRGIXQNWVLRRQ

6HHRQDXWRPDDWQHIXQNWVLRRQPLV

¾KHQGDESOLLGLMD·KXSXKDVWL1LLSOLLGLONXL

ND·KXSXKDVWLORQLQIUDSXQD

VLJQDDONRPPXQLNDDWRU9HQWLODDWRULNLLUXV

P¦¦UDWDNVHDXWRPDDWVHOWYDOLWXGUHŀLLPL

MDSOLLGLOROHYDN·LJHNXXPHPDQ·X

WHPSHUDWXXULDOXVHO9HQWLODDWRULW¸¸G

VDDESOLLGLNDXGXNDN¦VLWVLMXKWLGD

)XQNWVLRRQLVDDEVLVVHO¾OLWDGDSOLLGL

SDQHHOLOW

/LVDWHDYHWIXQNWVLRRQL

NDVXWDPLVHNRKWDOHLDWHSOLLGL

NDVXWXVMXKHQGLVW

0DNVLPDDOVH

PRRWRULNLLUXVH

VLVVHO¾OLWDPLQH

3XXGXWDGHVQXSSX O¾OLWXE

PDNVLPDDOQHPRRWRULNLLUXVVLVVH

PLQXWLNV3¦UDVWVHGDS¸¸UGXEVHDGH

WDJDVLHHOPLVHOHNLLUXVWDVHPHOH

.XLIXQNWVLRRQRQVLVVH

O¾OLWDWXGHLROHQXSX

W¦LHQGDYDOSXXGXWDPLVHO

PLQJLWP·MX

)LOWULP¦UJXDQQH

)LOWULKRLDWXVWXOHWDEPHHOGHHWV¸HILOWHU

WXOHEDVHQGDGDY·LSXKDVWDGDMD

UDVYDILOWHUSXKDVWDGD.XLUDVYDILOWHU

YDMDESXKDVWDPLVWO¾OLWXEILOWULLQGLNDDWRU

VHNXQGLNV VLVVH.XLV¸HILOWHU

YDMDESXKDVWDPLVWO¾OLWXEILOWULLQGLNDDWRU

VHNXQGLNV VLVVH

/XJHJHUDVYDILOWULSXKDVWXVH

NRKWDSXKDVWXVHMDKRROGXVH

SHDW¾NLVW

/XJHJHV¸HILOWULSXKDVWDPLVH

Y·LV¸HILOWULDVHQGDPLVH

NRKWDSXKDVWXVHMDKRROGXVH

SHDW¾NLVW

)XQNWVLRRQLO¦KWHVWDPLVHNVSXXGXWDJH

QXSSX VHNXQGLW

)XQNWVLRRQL

 /¾OLWDJHVLVVHMXKWSDQHHO

 9HHQGXJHHWLNRRQLGRQYDOJHNV

PXXWXQXG

 )XQNWVLRRQLDNWLYHHULPLVHNV

SXXGXWDJHQXSSX VHNXQGLW

.XLV¸HILOWULP¦UJXDQQHRQVLVVHO¾OLWDWXG

VLLVILOWULLNRRQ YLOJXEYLLVNRUGD

 )XQNWVLRRQLY¦OMDO¾OLWDPLVHNV

SXXGXWDJHQXSSX VHNXQGLW

.XLIXQNWVLRRQRQY¦OMDO¾OLWDWXGVLLVILOWUL

LNRRQ YLOJXENROPNRUGD

((67, 

38+$6786-$+22/'86

-XKLVHGSXKDVWDPLVHNV

3XKDVWXVYD഻

KHQGLG

UJHNDVXWDJHDEUDVLLYVHLGYDKHQGHLGHJDKDUMX

3XKDVWDJHVHDGPHSLQGDSHKPHODSLVRRMDYHHQLQJSHKPHWRLPHOLVH

SHVXYDKHQGLJD

3¦UDVWWRLGXYDOPLVWDPLVWRQP·QHGVHDGPHRVDGNXXPDG3OHNNLGHY¦Oಣ

WLPLVHNVODVNHVHDGPHOHQQHSXKDVWDPLVWMDKWXGDNXLYDWDJHVHGDSXKಣ

WDODSLY·LN¸¸JLSDEHULJD

3OHNNLGHHHPDOGDPLVHNVNDVXWDJHSHKPHWRLPHOLVWSXKDVWXVYDKHQGLW

+RLGNH·KXSX഻

KDVWLSXKWDQD

1LLVHDGHWNXLUDVYDILOWULWWXOHNVS·KMDOLNXPDOWSXKDVWDGDNRUGNXXV3Xಣ

KDVWDJHKRROLNDOWVHDGPHVLVHPXVMDUDVYDILOWULGUDVYDVW7RLGXM¦¦NLGH

NRJXQHPLQHY·LENDDVDWXXDV¾WWLPLVH

.XLILOWULKRLDWXVS·OHEM¦UJLJHWDUYLNXWHSXKDVWDPLVHMXKLVHLG9WILOWUL

KRLDWXVHMDRWLVWSHDW¾NLV,JDS¦HYDQHNDVXWDPLQH

5DVYDILOWUHLGY·LESHVWDNDQ·XGHSHVXPDVLQDV

9DOLJHQ·XGHSHVXPDVLQDVPDGDODWHPSHUDWXXULJDO¾KLNHWV¾NNHO5DVಣ

YDILOWHUY·LENHUJHOWPXXWDY¦UYLNXLGVHHHLP·MXWDNXLGDJLVHDGPH

W¸¸G

6¸HILOWHU

6¸HILOWULNDVXWXVDHJY·LEROODHULQHYV·OWXGHVWRLGXYDOPLVWDPLVHW¾¾ELVW

MDUDVYDILOWULSXKDVWDPLVHVDJHGXVHVW$NWLYHHULWXGV¸HILOWHUHLROHSHVಣ

WDYVHGDHLVDDUHJHQHUHHULGDQLQJVHHWXOHELJDNXXWDJDQWXXH

YDVWXY¦OMDYDKHWDGDY¦JDLQWHQVLLYVHONDVXWDPLVHODJDWLKHGDPLQL

5DVYDILOWULSXKDVWDPLQH

)LOWULWHSDLJDOGDPLVHORQYDVWDVSRROHO

NDVXWDWXGNODPEUHLGMDWLKYWH

)LOWULSXKDVWDPLVHNV

 +RLGNHSDQHHOLN¾OJHGHOWMDYDMXWDJH

VHHWDJDVL

 .DOOXWDJHILOWULHVLRVDNHUJHOW

DOODSRROHVHHM¦UHOW·PPDNH

2OJHHWWHYDDWOLN

-XKXVOLNXODKWLWXOHPLVH

Y¦OWLPLVHNVRQILOWHU

NDLWVWXGNHWLJD

(HPDOGDJHNHWLGHQQH

ILOWULWHSXKDVWDPLVW

 9·WNHILOWHUNRRVWODKWLHHPDOGDGHV

ILOWULSHDOROHYDGNUXYLG

ZZZDHJFRP

 3XKDVWDJHILOWULGQ·XGHSHVXPDVLQDV

Y·LPLWWHDEUDVLLYVHWRLPHJD

SHVXDLQHVQLLVXWDWXGN¦VQDJD

1·XGHSHVXPDVLQSHDE

ROHPDVHDWXGPDGDODOH

WHPSHUDWXXULOHMDO¾KLNHVHOH

WV¾NOLOH5DVYDILOWHUY·LEY¦UYL

PXXWDNXLGVHHHLP·MXWD

VHDGPHWRLPLYXVW

 )LOWULWHWDDVSDLJDOGDPLVHNVWHRVWDJH

NDNVHVLPHVWWRLPLQJXWYDVWXSLGLVHV

M¦UMHNRUUDV

.RUUDNHVDPPHN·LJLILOWULWHSXKXONXL

VHHRQDVMDNRKDQH

6¸HILOWULYDKHWDPLQH

+2,$786

6¸HILOWHUHLROHSHVWDY

)LOWULDVHQGDPLVHNV

 (HPDOGDJHVHDGPHVWN·LN

UDVYDILOWULG

9WN¦HVROHYDSHDW¾NLRVD5DVYDILOWUL

SXKDVWDPLQH

 /¾NDNHVDNNHILOWULDOXPLVHRVD

VXXQDV

 .DOOXWDJHILOWULHVLRVDNHUJHOW

DOODSRROHVHHM¦UHOW·PPDNH

 8XHILOWULSDLJDOGDPLVHNVWHRVWDJH

WRLPLQJYDVWXSLGLVHVM¦UMHNRUUDV

.LQGODVWLWXOHEILOWULGY¦OMDYDKHWDGD

Y¦KHPDOWLJDQHOMDNXXWDJDQW

/DPELDVHQGDPLQH

6HOOHVHDGPHMXXUGHNXXOXEND/('

ODPS6HGDRVDY·LEDVHQGDGDDLQXOW

WHKQLN0LVWDKHVULNNHNRUUDOYDDGDNH

MDRWLVW+RROGXVSHDW¾NLV

2KXWXVMXKLVHG

-70(.,7/86

6¾PEROLJD W¦KLVWDWXGPDWHUMDOLGY·LE

ULQJOXVVHVXXQDWD6HOOHNVYLLJHSDNHQGLG

YDVWDYDWHVVHNRQWHLQHULWHVVH$LGDNH

KRLGDNHVNNRQGDMDLQLPHVWHWHUYLVWMD

VXXQDNHHOHNWULMDHOHNWURRQLOLVHG

M¦¦WPHGULQJOXVVHUJHYLVDNH

V¾PEROLJD W¦KLVWDWXGVHDGPHLGPXXGH

PDMDSLGDPLVM¦¦WPHWHKXOND9LLJHVHDGH

NRKDOLNNXULQJOXVSXQNWLY·LS¸¸UGXJHDEL

VDDPLVHNVNRKDOLNNXRPDYDOLWVXVVH

((67, 

6,6/7

7859$//,68867,('27-$$6(11862+-((7

7827(.89$86

3,9,77,1(1.<77

+2,72-$38+',6786

7<'(//,6,78/2.6,$

.LLWRVNXQYDOLWVLWW¦P¦Q$(*WXRWWHHQ2OHPPHOXRQHHWVHQDQWDPDDQVLQXOOH

PRLWWHHWWRPDQVXRULWXVN\Y\QPRQLHQYXRVLHQDMDQLQQRYDWLLYLVLOODWHNQLLNRLOODMRWND

KHOSRWWDYDWHO¦P¦¦ದQ¦P¦RYDWRPLQDLVXXNVLDMRLWDHWHKN¦O¸\G¦WDYDOOLVLVWD

ODLWWHLVWD.¦\W¦PXXWDPDPLQXXWWLDLNDDVLOXNHDNVHVLNXLQNDVDDWNDLNHQNDLNHQ

K\¸G\QLUWLODLWWHHVWD

9LHUDLOHYHUNNRVLYXOODPPH

6DDWN¦\WW¸¸QOLLWW\YL¦QHXYRMDHVLWWHLW¦YLDQP¦¦ULW\VRKMHLWDVHN¦KXROWRMD

NRUMDXVRKMHLWD

ZZZDHJFRPVXSSRUW

5HNLVWHU¸LWXRWWHHVLVDDGDNVHVLSDUHPSDDKXROWRD

ZZZUHJLVWHUDHJFRP

2VWDODLWWHHVHHVLOLV¦YDUXVWHLWDNXOXWXVWXRWWHLWDMDDONXSHU¦LVL¦YDUDRVLD

ZZZDHJFRPVKRS

$6,$.$63$/9(/8

.¦\W¦DLQDDONXSHU¦LVL¦YDUDRVLD

3LG¦VHXUDDYDWWLHGRWVDDWDYLOODRWWDHVVDVL\KWH\WW¦YDOWXXWHWWXXQ

KXROWROLLNNHHVHHPPH0DOOL31&WXRWHQXPHURVDUMDQXPHUR

7LHGRWO¸\W\Y¦WDUYRNLOYHVW¦

9DURLWXV9DURWRLPLMDWXUYDOOLVXXVWLHWRMD

<OHLVWLHWRDMDYLQNNHM¦

<PS¦ULVW¸QVXRMHOXWLHWRMD

2LNHXVPXXWRNVLLQSLG¦WHW¦¦Q

7859$//,68867,('27-$$6(11862+-((7

9$52,786

.DWVRWXUYDOOLVXXVWLHGRWMD

DVHQQXVRKMHHWHULOOLVLVW¦

DVHQQXVRKMHLVWD/XH

7XUYDOOLVXXVOXYXW

KXROHOOLVHVWLHQQHQODLWWHHQ

N¦\WW¸¦WDLKXROWRD

ZZZDHJFRP

7827(.89$86

.¦\WW¸SDQHHOLQRVDW

1 2 3 4 5 6 7 8 9 10

7RLPLQWR .XYDXV

3¦¦OOH3RLVS¦¦OW¦ .\WNHHOLHVLWXXOHWWLPHQS¦¦OOHMDSRLVS¦¦OW¦

(QVLPP¦LQHQQRSHXVWDಣ

VR 0RRWWRULN\WNH\W\\HQVLPP¦LVHOOHQRSHXVWDVROOH

7RLQHQQRSHXVWDVR 0RRWWRULN\WNH\W\\WRLVHOOHQRSHXVWDVROOH

.ROPDVQRSHXVWDVR 0RRWWRULN\WNH\W\\NROPDQQHOOHQRSHXVWDVROOH

(QLPP¦LVQRSHXV 0RRWWRULVLLUW\\HQLPP¦LVQRSHXVWDVROOH

1RSHXVWHKRVWXV 0RRWWRULN\WNH\W\\HQLPP¦LVQRSHXVWDVROOH9LLGHQPLಣ

QXXWLQNXOXWWXDODLWHSDODDHGHOOLVHOOHDVHWXNVHOOH

.HY\WLOPDYLUWD /LHVLWXXOHWLQWRLPLLY¦KLPP¦LVQRSHXGHOODPLQXXWLQ

NXOXWWXDODLWHN\WNH\W\\SRLVWRLPLQQDVWD

6XRGDWLQLOPRLWXV 0XLVWXWWDDKLLOLVXRGDWWLPHQYDLKWRWDLSXKGLVWXVWDUಣ

SHHVWDVHN¦UDVYDVXRGDWWLPHQSXKGLVWXVWDUSHHVWD

+REt+RRGOLHVLWXXOHWLQ /LHVLWXXOHWWLPHQNHLWWRWDVRQRKMDXNVHQPHUNLYDOR

 /DPSSX 6\W\WW¦¦MDVDPPXWWDDYDORW

3,9,77,1(1.<77

/LHVLWXXOHWWLPHQN¦\WW¸

7DUNLVWDVXRVLWHOWXQRSHXVDOODROHYDVWD

WDXOXNRVWD

5XRNLHQO¦PPLW\VUXRDQYDOPLVWXVNDQQHOOLVLOODNHLWWRಣ

DVWLRLOOD

5XRDQYDOPLVWXVNDQQHOOLVLOODNHLWWRDVWLRLOODXVHDPPDOಣ

ODNHLWWRDOXHHOODWDLSROWWLPHOODNHY\WSDLVWDPLQHQ

.HLWW¦PLQHQMDVXXULHQUXRNDP¦¦ULHQSDLVWDPLQHQLOಣ

PDQNDQWWDUXRDQYDOPLVWXVXVHDPPDOODNHLWWRDOXHHOಣ

ODWDLSROWWLPHOOD

6820, 

MD .HLWW¦PLQHQMDVXXULHQUXRNDP¦¦ULHQSDLVWDPLQHQLOಣ

PDQNDQWWDVXXULP¦¦U¦NRVWHXWWDLOPDDQ

5DLNDVWDDNHLWWL¸QLOPDDUXRDQYDOPLVWXNVHQM¦ONHHQ

HLN¦SLG¦SDOMRQPHWHOL¦6HYRLGDDQN¦\QQLVW¦¦MD

VDPPXWWDDNRVNHWWDPDOODV\PEROLD7RLPLQWRN\WNH\ಣ

W\\DXWRPDDWWLVHVWLSRLVS¦¦OW¦PLQXXWLQNXOXWWXD

.¦\W¦DLQRDVWDDQUXRDQYDOPLVWXNVHQM¦ONHHQ

/LHVLWXXOHWLQRQVXRVLWHOWDYDD

M¦WW¦¦WRLPLQWDDQQRLQ

PLQXXWLQDMDNVL

UXRDQYDOPLVWXNVHQM¦ONHHQ

.¦\WW¸SDQHHOLNRRVWXX

DQWXUHLVWD.RVNHWD

V\PEROHLWDVHNXQQLQDMDQ

WRLPLQWRMHQN\WNHPLVHNVL

WRLPLQWDDQ

/LHVLWXXOHWWLPHQN¦\WW¦PLQHQ

 .\WNHODLWHS¦¦OOHSDLQDPDOOD

V\PEROLD 

9RLWN\WNH¦WRLPLQQRQSRLVS¦¦OW¦

 .\WNHWRLPLQWRS¦¦OOHNRVNHWWDPDOOD

V\PEROLD

 .RVNHWDWDUYLWWDHVVDYDORQV\PEROLD

NHLWWRWDVRQYDODLVHPLVHNVL9RLW

PXXWWDDYDORQNLUNNDXWWD

NRVNHWWDPDOODV\PEROLDXXGHOOHHQMD

SLW¦P¦OO¦VLW¦DOKDDOOD

6DPPXWDODLWHSDLQDPDOODXXGHOOHHQ

V\PEROLD 

+REt+RRGWRLPLQWR

.\VHHVV¦RQDXWRPDDWWLWRLPLQWRMRND

\KGLVW¦¦NHLWWRWDVRQOLHVLWXXOHWWLPHHQ

6HN¦NHLWWRWDVRVVDHWW¦OLHVLWXXOHWWLPHVVD

RQLQIUDSXQDVLJQDDOLQYLHVWLQ3XKDOWLPHQ

QRSHXVV¦¦W\\DXWRPDDWWLVHVWLWLOD

DVHWXNVHQMDNHLWWRWDVROODROHYDQ

NXXPLPPDQNHLWWRDVWLDQO¦PS¸WLODQ

PXNDDQ3XKDOOLQWDYRLGDDQV¦¦W¦¦P\¸V

NHLWWRWDVRVWDPDQXDDOLVHVWL7RLPLQWR

YRLGDDQN\WNH¦WRLPLQWDDQNHLWWRWDVRQ

SDQHHOLVWD

/LV¦WLHWRDWRLPLQQRQ

N¦\WW¦PLVHVW¦O¸\W\\

NHLWWRWDVRQN¦\WW¸RKMHHVWD

0RRWWRULQ

PDNVLPLQRSHXGHQ

DNWLYRLPLQHQ

3DLQLNHWWD NRVNHWWDHVVDPRRWWRULQ

PDNVLPLQRSHXVN¦\QQLVW\\PLQXXWLQ

DMDNVL6HQM¦ONHHQODLWHSDODDHGHOOLVHHQ

QRSHXVDVHWXNVHHQ

.XQWRLPLQWRRQN\WNHWW\

WRLPLQWDDQSDLQLNNHHQ

NRVNHWXNVLOODHLROH

YDLNXWXVWD

6XRGDWLQLOPRLWXV

6XRGDWLQK¦O\W\VPXLVWXWWDD

KLLOLVXRGDWWLPHQYDLKWRWDL

SXKGLVWXVWDUSHHVWDVHN¦

UDVYDVXRGDWWLPHQSXKGLVWXVWDUSHHVWD

6XRGDWWLPHQPHUNNLYDOR V\WW\\

VHNXQQLQDMDNVLMRVUDVYDVXRGDWWLPHQ

SXKGLVWXVRQWDUSHHQ6XRGDWWLPHQ

PHUNNLYDOR YLONNXXVHNXQQLQDMDQ

MRVKLLOLVXRGDWWLPHQYDLKWRWDLSXKGLVWXV

RQWDUSHHQ

.DWVROXNX

5DVYDVXRGDWWLPHQ

SXKGLVWDPLQHQOXYXVWD

+RLWRMDSXKGLVWXV

.DWVRKLLOLVXRGDWWLPHQ

SXKGLVWXVWDLYDLKWRRKMHHW

OXYXVWD+RLWRMDSXKGLVWXV

1ROODDWRLPLQWRNRVNHWWDPDOODSDLQLNHWWD

NROPHQVHNXQQLQDMDQ

.\NHWRLPLQWRS¦¦OOHWDLSRLVS¦¦OW¦

 .\WNHRKMDXVSDQHHOLS¦¦OOH

 9DUPLVWDHWW¦NXYDNNHHWRYDW

PXXWWXQHHWYDONRLVLNVL

ZZZDHJFRP

2OHYDURYDLQHQ.HWMX

HVW¦¦VXRGDWWLPHQ

NDDWXPLVHQYDKLQJRVVD

,UURWDNHWMXWHQQHQ

VXRGDWWLPLHQ

SXKGLVWDPLVWD

 3XUDVLKWLSRLVSRLVWDPDOODVHQS¦¦OO¦

ROHYDWUXXYLW

 3XKGLVWDVXRGDWWLPHWVLHQHOO¦

N¦\WW¦HQKDQNDDPDWWRPLD

SHVXDLQHLWDWDLSHVHQH

DVWLDQSHVXNRQHHVVD

3HVHDVWLDQSHVXNRQHHQ

DOKDLVHOODO¦PS¸WLODOODMD

O\K\HOO¦RKMHOPDOOD

5DVYDVXRGDWWLPHVVDYRL

HVLLQW\¦Y¦ULPXXWRNVLD

PXWWDVHHLYDLNXWDODLWWHHQ

VXRULWXVN\N\\Q

 $VHQQDVXRGDWWLPHWWDNDLVLQ

QRXGDWWDPDOODNDKGHQHQVLPP¦LVHQ

YDLKHHQRKMHLWDS¦LQYDVWDLVHVVD

M¦UMHVW\NVHVV¦

7RLVWDYDLKHHWWDUYLWWDHVVDNDLNNLHQ

VXRGDWWLPLHQNRKGDOOD

+LLOLVXRGDWWLPHQ

9$52,786

+LLOLVXRGDWLQWDHLYRLSHVW¦

6XRGDWWLPHQYDLKWDPLQHQ

 ,UURWDUDVYDVXRGDWWLPHWODLWWHHVWD

/XHRKMHHWW¦P¦QOXYXQRVLRVWD

5DVYDVXRGDWWLPHQSXKGLVWDPLQHQ

 9HG¦NLHOHNNHLW¦VXRGDWWLPHQ

DODRVDDNRKWL

 .DOOLVWDVXRGDWWLPHQHWXRVDDKLXNDQ

DODVS¦LQMDYHG¦VHQM¦ONHHQ

 $VHQQDXXVLVXRGDWLQVXRULWWDPDOOD

WRLPHQSLWHHWS¦LQYDVWDLVHVVD

M¦UMHVW\NVHVV¦

6XRGDWWLPHWRQMRNDWDSDXNVHVVD

YDLKGHWWDYDY¦KLQW¦¦QQHOM¦QNXXNDXGHQ

Y¦OHLQ

/DPSXQYDLKWDPLQHQ

/DLWWHHQPXNDQDWRLPLWHWDDQ/('

ODPSSX7¦P¦QRVDQVDDYDLKWDD

DLQRDVWDDQKXROWRWHNQLNNR0LN¦OL

ODLWWHHVVDHVLLQW\\WRLPLQWDK¦LUL¸LW¦NDWVR

NRKWD+XROWROXYXVWD

7XUYDOOLVXXVRKMHHW

<035,671682-(/8

.LHUU¦W¦PDWHULDDOLWMRWNDRQPHUNLWW\

PHUNLOO¦ .LHUU¦W¦SDNNDXVODLWWDPDOOD

VHDVLDQPXNDLVHHQNLHUU¦W\VDVWLDDQ

6XRMHOH\PS¦ULVW¸¦MDLKPLVWHQWHUYH\WW¦

NLHUU¦WW¦P¦OO¦V¦KN¸MD

HOHNWURQLLNNDURPXWO¦K¦YLW¦PHUNLOO¦

PHUNLWW\M¦NRGLQNRQHLWDNRWLWDORXVM¦WWHHQ

PXNDQD3DODXWDWXRWHSDLNDOOLVHHQ

NLHUU¦W\VNHVNXNVHHQWDLRWD\KWH\WW¦

SDLNDOOLVHHQYLUDQRPDLVHHQ

ZZZDHJFRP

7$%/('(60$7,5(6

,1)250$7,216'(6&85,7(7,167$//$7,21 

'(6&5,37,21'(/$33$5(,/ 

87,/,6$7,214827,',(11(

(175(7,(1(71(772<$*(

3285'(6568/7$763$5)$,76

0HUFLGಬDYRLUFKRLVLFHSURGXLW$(*1RXVOಬDYRQVFRQ©XSRXUTXಬLOYRXVRIIUHGHV

SHUIRUPDQFHVLUU«SURFKDEOHVSHQGDQWGHQRPEUHXVHVDQQ«HVHQLQW«JUDQWGHV

WHFKQRORJLHVLQQRYDQWHVYRXVVLPSOLILDQWODYLHದIRQFWLRQVTXHYRXVQHWURXYHUH]

SHXW¬WUHSDVVXUGHVDSSDUHLOVRUGLQDLUHV9HXLOOH]SUHQGUHTXHOTXHVLQVWDQWV

SRXUOLUHFHWWHQRWLFHDILQGಬXWLOLVHUDXPLHX[YRWUHDSSDUHLO

&RQVXOWH]QRWUHVLWHSRXU

2EWHQLUGHVFRQVHLOVGಬXWLOLVDWLRQGHVEURFKXUHVXQG«SDQQHXUGHV

LQIRUPDWLRQVVXUOHVHUYLFHHWOHVU«SDUDWLRQV

ZZZDHJFRPVXSSRUW

(QUHJLVWUHUYRWUHSURGXLWSRXUXQPHLOOHXUVHUYLFH

ZZZUHJLVWHUDHJFRP

$FKHWHUGHVDFFHVVRLUHVFRQVRPPDEOHVHWSLªFHVGHUHFKDQJHGಬRULJLQHSRXU

YRWUHDSSDUHLO

ZZZDHJFRPVKRS

6(59,&((7$66,67$1&(/$&/,(17/(

1ಬXWLOLVH]TXHGHVSLªFHVGHUHFKDQJHGಬRULJLQH

$YDQWGHFRQWDFWHUQRWUHFHQWUHGHVHUYLFHDJU««DVVXUH]YRXVGHGLVSRVHUGHV

LQIRUPDWLRQVVXLYDQWHV0RGªOH31&QXP«URGHV«ULH

&HVLQIRUPDWLRQVILJXUHQWVXUODSODTXHVLJQDO«WLTXH

$YHUWLVVHPHQW&RQVLJQHVGHV«FXULW«

,QIRUPDWLRQVJ«Q«UDOHVHWFRQVHLOV

,QIRUPDWLRQVHQYLURQQHPHQWDOHV

6RXVU«VHUYHGHPRGLILFDWLRQV

,1)250$7,216'(6&85,7(7,167$//$7,21

$9(57,66(0(17

&RQVXOWH]OHOLYUHWV«SDU«

,QVWUXFWLRQVGಬLQVWDOODWLRQ

SRXUREWHQLUGHV

LQIRUPDWLRQVUHODWLYHV¢OD

V«FXULW«HW¢OಬLQVWDOODWLRQ

/LVH]DWWHQWLYHPHQWOHV

FKDSLWUHV6«FXULW«DYDQW

GಬXWLOLVHURXGಬHQWUHWHQLU

OಬDSSDUHLO

)5$1$,6 

'(6&5,37,21'(/$33$5(,/

3U«VHQWDWLRQGXEDQGHDXGHFRPPDQGH

1 2 3 4 5 6 7 8 9 10

)RQFWLRQ 'HVFULSWLRQ

0DUFKH$UU¬W 3HUPHWGHPHWWUHODKRWWHHQPDUFKHHWGHOಬDUU¬WHU

3UHPLªUHYLWHVVH /HPRWHXUSDVVH¢ODSUHPLªUHYLWHVVH

'HX[LªPHYLWHVVH /HPRWHXUSDVVH¢ODGHX[LªPHYLWHVVH

7URLVLªPHYLWHVVH /HPRWHXUSDVVH¢ODWURLVLªPHYLWHVVH

9LWHVVHPD[LPDOH /HPRWHXUSDVVH¢ODYLWHVVHPD[LPDOH

%RRVWYLWHVVH /HPRWHXUSDVVH¢ODYLWHVVHPD[LPDOH$XERXWGH

PLQXWHVOಬDSSDUHLOUHYLHQWDXSU«F«GHQWU«JODJH

%UHH]H /DKRWWHIRQFWLRQQH¢ODYLWHVVHPLQLPDOH$XERXWGH

PLQXWHVOಬDSSDUHLOVಬ«WHLQW

1RWLILFDWLRQGXILOWUH 5DSSHOGHFKDQJHPHQWRXGHQHWWR\DJHGXILOWUH¢

FKDUERQHWGHQHWWR\DJHGXILOWUH¢JUDLVVH

+REt+RRG ,QGLFDWHXUGHODIRQFWLRQSHUPHWWDQWGHFRQWU¶OHUODKRWಣ

WHGHSXLVODWDEOHGHFXLVVRQ

 FODLUDJH 3HUPHWGHPHWWUHOಬ«FODLUDJHHQPDUFKHHWGHOಬDUU¬WHU

87,/,6$7,214827,',(11(

8WLOLVDWLRQGHODKRWWH

9«ULILH]ODYLWHVVHUHFRPPDQG«HGDQVOH

WDEOHDXFLGHVVRXV

/RUVTXHYRXVIDLWHVU«FKDXIIHURXFXLUHGHVDOLPHQWV

DYHFGHVU«FLSLHQWVFRXYHUWV

/RUVTXHYRXVFXLVLQH]GDQVGHVU«FLSLHQWVFRXYHUWV

VXUSOXVLHXUV]RQHVGHFXLVVRQRXEU½OHXUVIULUHGRXಣ

FHPHQW

/RUVTXHYRXVIDLWHVERXLOOLUHWIULUHGHJURVVHVTXDQWLಣ

W«VGಬDOLPHQWVVDQVFRXYHUFOHFXLUHVXUSOXVLHXUV]Rಣ

QHVGHFXLVVRQRXEU½OHXUV

ZZZDHJFRP

HW /RUVTXHYRXVIDLWHVERXLOOLUHWIULUHGHJURVVHVTXDQWLಣ

W«VGಬDOLPHQWVVDQVFRXYHUFOHJUDQGHTXDQWLW«GಬKXಣ

PLGLW«

5DIUD°FKLWOಬDLUGDQVODFXLVLQHDSUªVODFXLVVRQ¢WUªV

IDLEOHQLYHDXVRQRUH(OOHSHXW¬WUHDFWLY«HHWG«VDFWLಣ

Y«HHQDSSX\DQWVXUOHV\PEROH/DIRQFWLRQVಬ«WHLQW

DXWRPDWLTXHPHQWDXERXWGHPLQXWHVXWLOLVHU

XQLTXHPHQWDSUªVODFXLVVRQ

1RXVYRXVUHFRPPDQGRQV

GHODLVVHUODKRWWH

IRQFWLRQQHUSHQGDQWHQYLURQ

PLQXWHVDSUªVODFXLVVRQ

/HEDQGHDXGHFRPPDQGH

HVWWDFWLOH$SSX\H]VXUOHV

V\PEROHVSHQGDQW

VHFRQGHSRXUDFWLYHUOHV

IRQFWLRQV

3RXUXWLOLVHUODKRWWH

 0HWWH]HQIRQFWLRQQHPHQWOಬDSSDUHLO

HQDSSX\DQWVXUOHV\PEROH 

9RXVSRXYH]PDLQWHQDQWDFWLYHUOHV

IRQFWLRQV

 3RXUDFWLYHUODIRQFWLRQDSSX\H]VXU

OHV\PEROH

 6LQ«FHVVDLUHDSSX\H]VXUOH

V\PEROHGHOಬ«FODLUDJH SRXU

«FODLUHUODVXUIDFHGHFXLVVRQ3RXU

PRGLILHUOಬLQWHQVLW«OXPLQHXVH

DSSX\H]HWPDLQWHQH]OHV\PEROH

HQIRQF«¢QRXYHDX

3RXU«WHLQGUHOಬDSSDUHLODSSX\H]¢

QRXYHDXVXUOHV\PEROH 

+REt+RRGIRQFWLRQ

,OVDJLWGXQHIRQFWLRQDXWRPDWLTXH

SHUPHWWDQWGHUHOLHUODWDEOHGHFXLVVRQ¢

XQHKRWWH/DWDEOHGHFXLVVRQHWODKRWWH

GLVSRVHQWWRXWHVOHVGHX[GXQ

FRPPXQLFDWHXUGHVLJQDOLQIUDURXJH/D

YLWHVVHGXYHQWLODWHXUHVWG«ILQLH

DXWRPDWLTXHPHQWHQVHEDVDQWVXUOH

U«JODJHGXPRGHHWGHODWHPS«UDWXUHGX

U«FLSLHQWOHSOXVFKDXGVHWURXYDQWVXUOD

WDEOHGHFXLVVRQ9RXVSRXYH]

«JDOHPHQWDFWLYHUOHYHQWLODWHXU

PDQXHOOHPHQWGHSXLVODWDEOHGH

FXLVVRQ/DIRQFWLRQSHXW¬WUHDFWLY«H

GHSXLVOHEDQGHDXGHFRPPDQGHGHOD

WDEOHGHFXLVVRQ

3RXUSOXVGLQIRUPDWLRQVVXU

OXWLOLVDWLRQGHODIRQFWLRQ

UHSRUWH]YRXV¢ODQRWLFH

GXWLOLVDWLRQGHODWDEOHGH

FXLVVRQ

$FWLYDWLRQGHODYLWHVVH

PD[LPDOHGXPRWHXU

/RUVTXHYRXVDSSX\H]VXU ODYLWHVVH

PD[LPDOHGXPRWHXUHVWDFWLY«HSHQGDQW

PLQXWHV(QVXLWHOಬDSSDUHLOUHSDVVH

DX[SU«F«GHQWVU«JODJHVGHYLWHVVH

/RUVTXHODIRQFWLRQHVW

DFWLY«HXQDSSXL

VXSSO«PHQWDLUHVXU QಬD

DXFXQHIIHW

1RWLILFDWLRQGXILOWUH

6LJQDOGXILOWUHTXLUDSSHOOHGHFKDQJHU

RXQHWWR\HUOHILOWUH¢FKDUERQHWGH

QHWWR\HUOHILOWUH¢JUDLVVH6LOHILOWUH¢

JUDLVVHGRLW¬WUHQHWWR\«OHYR\DQWGX

ILOWUH VಬDOOXPHSHQGDQWVHFRQGHV

6LOHILOWUH¢FKDUERQGRLW¬WUHUHPSODF«

RXQHWWR\«OHYR\DQWGXILOWUH FOLJQRWH

SHQGDQWVHFRQGHV

5HSRUWH]YRXVDX

SDUDJUDSKHm1HWWR\DJHGX

ILOWUH¢JUDLVVH}GDQVOH

FKDSLWUHm(QWUHWLHQHW

QHWWR\DJH}

)5$1$,6 

5HSRUWH]YRXVDX

SDUDJUDSKHm1HWWR\DJHGX

ILOWUH¢FKDUERQRX

UHPSODFHPHQWGXILOWUH¢

FKDUERQ}GDQVOHFKDSLWUH

m(QWUHWLHQHWQHWWR\DJH}

3RXUU«LQLWLDOLVHUODIRQFWLRQDSSX\H]VXU

SHQGDQWVHFRQGHV

3RXUDFWLYHURXG«VDFWLYHUOD

IRQFWLRQ

 $FWLYH]OHEDQGHDXGHFRPPDQGH

 $VVXUH]YRXVTXHOHVYR\DQWV

VಬDIILFKHQWHQEODQF

 3RXUDFWLYHUODIRQFWLRQDSSX\H]VXU

SHQGDQWVHFRQGHV

6LODIRQFWLRQHVWDFWLY«HOHYR\DQWGX

ILOWUH FOLJQRWHIRLV

 3RXUG«VDFWLYHUODIRQFWLRQDSSX\H]

VXU SHQGDQWVHFRQGHV

6LODIRQFWLRQHVWG«VDFWLY«HOHYR\DQW

GXILOWUH FOLJQRWHIRLV

(175(7,(1(71(772<$*(

5HPDUTXHVFRQFHUQDQWOHQWUHWLHQ

$JHQWVQHWWR\഻

DQWV

1XWLOLVH]SDVGHG«WHUJHQWVDEUDVLIVQLGHEURVVHV

1HWWR\H]ODVXUIDFHGHOಬDSSDUHLODYHFXQFKLIIRQGRX[GHOಬHDXWLªGHHW

XQG«WHUJHQWGRX[

$SUªVODFXLVVRQFHUWDLQHVSDUWLHVGHOಬDSSDUHLOSHXYHQW¬WUHFKDXGHV

3RXU«YLWHUOHVWDFKHVOಬDSSDUHLOGRLWUHIURLGLUHW¬WUHV«FK«DYHFXQ

FKLIIRQSURSUHRXGHOಬHVVXLHWRXW

1HWWR\H]OHVWDFKHVDYHFXQG«WHUJHQWGRX[

0DLQWHQH]OD

KRWWHSURSUH

1HWWR\H]OಬDSSDUHLOHWOHVILOWUHV¢JUDLVVHWRXVOHVPRLV1HWWR\H]VRLಣ

JQHXVHPHQWOಬLQW«ULHXUHWOHVILOWUHV¢JUDLVVHSRXUUHWLUHUODJUDLVVH

/ಬDFFXPXODWLRQGHJUDLVVHRXGಬDXWUHVU«VLGXVSHXWSURYRTXHUXQLQFHQಣ

GLH

6XLYH]OHVLQVWUXFWLRQVGHQHWWR\DJHGHVDFFHVVRLUHVORUVTXHODQRWLILಣ

FDWLRQGXILOWUHVHG«FOHQFKH&RQVXOWH]1RWLILFDWLRQGXILOWUHGDQVOH

FKDSLWUH8WLOLVDWLRQTXRWLGLHQQH

/HVILOWUHV¢JUDLVVHSHXYHQW¬WUHODY«VDXODYHYDLVVHOOH

/HODYHYDLVVHOOHGRLW¬WUHU«JO«¢EDVVHWHPS«UDWXUHVXUF\FOHFRXUW

/DG«FRORUDWLRQGXILOWUH¢JUDLVVHQDDXFXQHLQFLGHQFHVXUOHVSHUIRUಣ

PDQFHVGHODSSDUHLO

)LOWUH¢FKDUERQ

/HWHPSVGHVDWXUDWLRQGXILOWUH¢FKDUERQYDULHHQIRQFWLRQGXW\SHGH

FXLVVRQHWODU«JXODULW«GXQHWWR\DJHGXILOWUH¢JUDLVVH/HILOWUH¢FKDUಣ

ERQDFWLIQಬHVWSDVODYDEOHQHSHXWSDV¬WUHU«J«Q«U«HWGRLW¬WUHUHPಣ

SODF«WRXVOHV¢PRLVGಬXWLOLVDWLRQHQYLURQRXSOXVIU«TXHPPHQWHQ

FDVGಬXWLOLVDWLRQSDUWLFXOLªUHPHQWLQWHQVLYH

1HWWR\DJHGXILOWUH¢

JUDLVVH

/HVILOWUHVVRQWIL[«V¢ODLGHGHSLQFHVHW

GHSLYRWVGXF¶W«RSSRV«

3RXUQHWWR\HUOHILOWUH

 7HQH]OHSDQQHDXVXUOHVF¶W«VHW

UHSRXVVH]OH

ZZZDHJFRP

 )DLWHVEDVFXOHUGRXFHPHQWODYDQWGX

ILOWUHYHUVOHEDVSXLVWLUH]

GHVVXV

6R\H]SUXGHQW/HILOWUH

HVWSURW«J«SDUXQH

FKD°QHHQFDVGHFKXWH

DFFLGHQWHOOH'«PRQWH]

OHVFKD°QHVDYDQWGH

QHWWR\HUOHVILOWUHV

 '«PRQWH]OHILOWUHHQUHWLUDQWOHVYLV

VLWX«HVDXGHVVXVGXILOWUH

 1HWWR\H]OHVILOWUHV¢ODLGHGXQH

«SRQJHHWGXQG«WHUJHQWQRQDEUDVLI

RXDXODYHYDLVVHOOH

/HODYHYDLVVHOOHGRLW¬WUH

U«JO«¢EDVVHWHPS«UDWXUH

VXUF\FOHFRXUW/D

G«FRORUDWLRQGXILOWUH¢

JUDLVVHQDDXFXQHLQFLGHQFH

VXUOHVSHUIRUPDQFHVGH

ODSSDUHLO

 3RXUU«LQVWDOOHUOHILOWUHVXLYH]OHV

GHX[SUHPLªUHV«WDSHVGDQVORUGUH

LQYHUVH

5«S«WH]OHV«WDSHVSRXUWRXVOHVILOWUHV

VLSU«VHQWV

5HPSODFHPHQWGXILOWUH¢

FKDUERQ

$9(57,66(0(17

/HILOWUH¢FKDUERQQHVWSDV

ODYDEOH

3RXUUHPSODFHUOHILOWUH

 5HWLUH]OHVILOWUHV¢JUDLVVHGH

ODSSDUHLO

5HSRUWH]YRXVDXSDUDJUDSKH

m1HWWR\DJHGXILOWUH¢JUDLVVH}GHFH

FKDSLWUH

 7LUH]OHVSDWWHVYHUVODSDUWLH

LQI«ULHXUHGXILOWUH

 )DLWHVEDVFXOHUGRXFHPHQWODYDQWGX

ILOWUHYHUVOHEDVSXLVWLUH]GHVVXV

 3RXULQVWDOOHUXQQRXYHDXILOWUH

VXLYH]ODP¬PHSURF«GXUHGDQV

ORUGUHLQYHUVH

'DQVWRXVOHVFDVOHVILOWUHVGRLYHQW¬WUH

UHPSODF«VDXPRLQVXQHIRLVWRXVOHV

TXDWUHPRLV

5HPSODFHPHQWGH

O«FODLUDJH

&HWDSSDUHLOHVWIRXUQLDYHFXQHDPSRXOH

/('&HWWHSLªFHSHXWXQLTXHPHQW¬WUH

UHPSODF«HSDUXQWHFKQLFLHQ(QFDVGH

G\VIRQFWLRQQHPHQWUHSRUWH]YRXVDX

SDUDJUDSKHm0DLQWHQDQFH}GXFKDSLWUH

m&RQVLJQHVGHV«FXULW«}

)5$1$,6 

(10$7,5('(3527(&7,21'(

/(19,5211(0(17

5HF\FOH]OHVPDW«ULDX[SRUWDQWOH

V\PEROH '«SRVH]OHVHPEDOODJHV

GDQVOHVFRQWHQHXUVSU«YXV¢FHWHIIHW

&RQWULEXH]¢ODSURWHFWLRQGH

OHQYLURQQHPHQWHW¢YRWUHV«FXULW«

UHF\FOH]YRVSURGXLWV«OHFWULTXHVHW

«OHFWURQLTXHV1HMHWH]SDVOHVDSSDUHLOV

SRUWDQWOHV\PEROH DYHFOHVRUGXUHV

P«QDJªUHV(PPHQH]XQWHOSURGXLW

GDQVYRWUHFHQWUHORFDOGHUHF\FODJHRX

FRQWDFWH]YRVVHUYLFHVPXQLFLSDX[

ZZZDHJFRP

,1+$/769(5=(,&+1,6

6,&+(5+(,7681',167$//$7,216+,1:(,6( 

*(57(%(6&+5(,%81*

7*/,&+(5*(%5$8&+

5(,1,*81*81'3)/(*(

)53(5)(.7((5*(%1,66(

'DQNHGDVV6LHVLFKI¾UGLHVHV$(*3URGXNWHQWVFKLHGHQKDEHQ:LUKDEHQHV

JHVFKDIIHQGDPLW6LHYLHOH-DKUHYRQVHLQHUDXVJH]HLFKQHWHQ/HLVWXQJXQGGHQ

LQQRYDWLYHQ7HFKQRORJLHQGLH,KQHQGDV/HEHQHUOHLFKWHUQSURILWLHUHQN¸QQHQ(V

LVWPLW)XQNWLRQHQDXVJHVWDWWHWGLHLQJHZ¸KQOLFKHQ*HU¦WHQQLFKWYRUKDQGHQ

VLQG%LWWHQHKPHQ6LHVLFKHLQSDDU0LQXWHQ=HLWXPGDV%HVWHDXVLKP

KHUDXV]XKROHQ

%HVXFKHQ6LHXQVDXIXQVHUHU:HEVLWHXP

$QZHQGXQJVKLQZHLVH3URVSHNWH,QIRUPDWLRQHQ]X)HKOHUEHKHEXQJ6HUYLFH

XQG5HSDUDWXU]XHUKDOWHQ

ZZZDHJFRPVXSSRUW

5HJLVWULHUHQ6LH,KU3URGXNWXPHLQHQHUVWNODVVLJHQ6HUYLFH]XHUKDOWHQ

ZZZUHJLVWHUDHJFRP

8P=XEHK¸U9HUEUDXFKVPDWHULDOXQG2ULJLQDO(UVDW]WHLOHI¾U,KU*HU¦W]X

NDXIHQ

ZZZDHJFRPVKRS

.81'(1',(16781'6(59,&(

9HUZHQGHQ6LHLPPHU2ULJLQDO(UVDW]WHLOH

+DOWHQ6LHIROJHQGH$QJDEHQEHUHLWZHQQ6LHVLFKDQHLQHQDXWRULVLHUWHQ

.XQGHQGLHQVWZHQGHQ0RGHOO31&6HULHQQXPPHU

'LH'DWHQILQGHQ6LHDXIGHP7\SHQVFKLOG

:DUQXQJV6LFKHUKHLWVKLQZHLVH

$OOJHPHLQH,QIRUPDWLRQHQXQG(PSIHKOXQJHQ

,QIRUPDWLRQHQ]XP8PZHOWVFKXW]

QGHUXQJHQYRUEHKDOWHQ

6,&+(5+(,7681',167$//$7,216+,1:(,6(

:$5181*

%H]¾JOLFKGHU6LFKHUKHLWV

XQG,QVWDOODWLRQVKLQZHLVH

VLHKHGLHVHSDUDWH

0RQWDJHDQOHLWXQJ/HVHQ

6LHYRUGHU9HUZHQGXQJXQG

:DUWXQJGHV*HU¦WVGDV

.DSLWHOPLWGHQ

6LFKHUKHLWVLQIRUPDWLRQHQ

VRUJI¦OWLJGXUFK

'(876&+ 

*(57(%(6&+5(,%81*

EHUEOLFNാ%HGLHQIHOG

1 2 3 4 5 6 7 8 9 10

)XQNWLRQ %HVFKUHLEXQJ

(LQ$XV (LQXQG$XVVFKDOWHQGHU$E]XJVKDXEH

(UVWH*HVFKZLQGLJNHLW 'HU0RWRUVFKDOWHWDXIGLHHUVWH*HVFKZLQGLJNHLWVVWXIH

=ZHLWH*HVFKZLQGLJNHLW 'HU0RWRUVFKDOWHWDXIGLH]ZHLWH*HVFKZLQGLJNHLWVVWXಣ

IH

'ULWWH*HVFKZLQGLJNHLW 'HU0RWRUVFKDOWHWDXIGLHGULWWH*HVFKZLQGLJNHLWVVWXIH

0D[LPDOH*HVFKZLQGLJಣ

NHLW 'HU0RWRUVFKDOWHWDXIGLHK¸FKVWH*HVFKZLQGLJNHLWVಣ

VWXIH

*HVFKZLQGLJNHLWVVFKXE 'HU0RWRUVFKDOWHWDXIGLHK¸FKVWH*HVFKZLQGLJNHLWVಣ

VWXIH1DFK0LQXWHQNHKUWGDV*HU¦W]XUYRULJHQ(LQಣ

VWHOOXQJ]XU¾FN

%ULVH 'LH'XQVWDE]XJVKDXEHO¦XIWPLWQLHGULJVWHU*HVFKZLQಣ

GLJNHLW1DFK0LQXWHQVFKDOWHWVLFKGDV*HU¦WDXV

)LOWHUEHQDFKULFKWLJXQJ (ULQQHUW6LHGDUDQGHQ.RKOHILOWHUDXV]XWDXVFKHQE]Z

]XUHLQLJHQXQGGHQ)HWWILOWHU]XUHLQLJHQ

+REt+RRG $Q]HLJHGHU)XQNWLRQPLWGHUGLH$E]XJVKDXEHYRP

.RFKIHOGDXVJHVWHXHUWZHUGHQNDQQ

 /DPSH (LQXQG$XVVFKDOWHQGHU%HOHXFKWXQJ

7*/,&+(5*(%5$8&+

9HUZHQGHQGHU

$E]XJVKDXEH

(QWQHKPHQ6LHGLHHPSIRKOHQH

*HVFKZLQGLJNHLWDXVGHU7DEHOOHXQWHQ

$XIZ¦UPHQYRQ6SHLVHQ.RFKHQLQ7¸SIHQPLW'Hಣ

FNHOQ

.RFKHQLQ7¸SIHQPLW'HFNHOQDXIPHKUHUHQ.RFK]Rಣ

QHQRGHU%UHQQHUQVDQIWHV%UDWHQ

ZZZDHJFRP

.RFKHQXQG%UDWHQYRQJUR¡HQ6SHLVHPHQJHQRKQH

'HFNHO.RFKHQDXIPHKUHUHQ.RFK]RQHQRGHU%UHQಣ

QHUQ

XQG .RFKHQXQG%UDWHQYRQJUR¡HQ6SHLVHPHQJHQRKQH

'HFNHOKRKH/XIWIHXFKWLJNHLW

(UIULVFKWGLH/XIWLQGHU.¾FKHQDFKGHP.RFKHQEHL

VHKUQLHGULJHU*HU¦XVFKHQWZLFNOXQJ6LHNDQQGXUFK

%HU¾KUHQGHV6\PEROVDNWLYLHUWXQGGHDNWLYLHUWZHUಣ

GHQ'LH)XQNWLRQZLUGQDFK0LQXWHQDXWRPDWLVFK

DXVJHVFKDOWHW1XUQDFKGHP.RFKHQYHUZHQGHQ

(VZLUGHPSIRKOHQGLH

'XQVWDE]XJVKDXEHQDFK

GHP.RFKHQHWZD

0LQXWHQODQJODXIHQ]X

ODVVHQ

'DV%HGLHQIHOGLVWHLQ

6HQVRUIHOG=XP(LQVFKDOWHQ

GHU)XQNWLRQHQEHU¾KUHQ6LH

GLH6\PEROH6HNXQGH

ODQJ

%HGLHQHQGHU$E]XJVKDXEH

 =XP(LQVFKDOWHQGHV*HU¦WVGU¾FNHQ

6LHDXIGDV6\PERO 

-HW]WN¸QQHQ6LHGLH)XQNWLRQHQ

HLQVFKDOWHQ

 =XP(LQVFKDOWHQGHU)XQNWLRQ

EHU¾KUHQ6LHGDV6\PERO

 %HL%HGDUIGU¾FNHQ6LHGDV

/LFKWV\PERO XPGHQ.RFKEHUHLFK

]XEHOHXFKWHQ=XPQGHUQGHU

/LFKWVW¦UNHKDOWHQ6LHGDV6\PERO

JHGU¾FNW

=XP$XVVFKDOWHQGHV*HU¦WVGU¾FNHQ

6LHHUQHXWDXIGDV6\PERO 

+REt+RRG)XQNWLRQ

'LHVHDXWRPDWLVFKH)XQNWLRQYHUELQGHW

GDV.RFKIHOGPLWHLQHU

'XQVWDE]XJVKDXEH'DV.RFKIHOGXQG

GLH'XQVWDE]XJVKDXEHNRPPXQL]LHUHQ

PLW+LOIHYRQ,QIUDURWVLJQDOHQ'LH

*HVFKZLQGLJNHLWGHV/¾IWHUVZLUG

DXWRPDWLVFKHLQJHVWHOOW6LHULFKWHWVLFK

QDFKGHPHLQJHVWHOOWHQ0RGXVXQGGHU

7HPSHUDWXUGHVKHL¡HVWHQ.RFKJHVFKLUUV

DXIGHP.RFKIHOG6LHN¸QQHQGDV

*HEO¦VHDXFKPDQXHOODXIGHP

%HGLHQIHOGGHV.RFKIHOGVHLQVWHOOHQ'LH

)XQNWLRQNDQQYRP%HGLHQIHOGGHV

.RFKIHOGVDNWLYLHUWZHUGHQ

:HLWHUH,QIRUPDWLRQHQ]XU

1XW]XQJGHU)XQNWLRQILQGHQ

6LHLQGHU

*HEUDXFKVDQOHLWXQJGHV

.RFKIHOGV

(LQVFKDOWHQGHU

PD[LPDOHQ

0RWRUJHVFKZLQGLJNHLW

:HQQ6LH EHU¾KUHQVFKDOWHWVLFKGLH

PD[LPDOH0RWRUJHVFKZLQGLJNHLWI¾U

0LQXWHQHLQ1DFKGLHVHU=HLWNHKUWGDV

*HU¦W]XUYRULJHQ

*HVFKZLQGLJNHLWVHLQVWHOOXQJ]XU¾FN

:HQQGLH)XQNWLRQ

HLQJHVFKDOWHWLVWKDWGLH

HUQHXWH%HU¾KUXQJYRQ

NHLQH$XVZLUNXQJHQ

)LOWHUEHQDFKULFKWLJXQJ

'HU)LOWHUDODUPHULQQHUW6LHGDUDQGHQ

.RKOHILOWHUDXV]XWDXVFKHQE]Z]X

UHLQLJHQXQGGHQ)HWWILOWHU]XUHLQLJHQ

'LH)LOWHUDQ]HLJH OHXFKWHW

6HNXQGHQZHQQGHU)HWWILOWHUJHUHLQLJW

ZHUGHQPXVV'LH)LOWHUDQ]HLJH EOLQNW

6HNXQGHQZHQQGHU.RKOHILOWHU

DXVJHWDXVFKWRGHUJHUHLQLJWZHUGHQ

PXVV

'(876&+ 

6LHKHಱ5HLQLJHQGHV

)HWWILOWHUVಯLP.DSLWHO

ಱ5HLQLJXQJXQG3IOHJHಯ

6LHKHಱ5HLQLJHQGHV

.RKOHILOWHUVಯRGHU

ಱ$XVWDXVFKHQGHV

.RKOHILOWHUVಯLP.DSLWHO

ಱ5HLQLJXQJXQG3IOHJHಯ

%HU¾KUHQ6LH]XP=XU¾FNVHW]HQGHU

)XQNWLRQ 6HNXQGHQODQJ

(LQRGHU$XVVFKDOWHQGHU)XQNWLRQ

 6FKDOWHQ6LHGDV%HGLHQIHOGHLQ

 9HUJHZLVVHUQ6LHVLFKGDVVGLH

6\PEROHZHL¡OHXFKWHQ

 %HU¾KUHQ6LH]XP(LQVFKDOWHQGHU

)XQNWLRQ 6HNXQGHQODQJ

:HQQGLH)XQNWLRQHLQJHVFKDOWHWLVW

EOLQNWGDV)LOWHUV\PERO I¾QIPDO

 %HU¾KUHQ6LH]XP$XVVFKDOWHQGHU

)XQNWLRQ 6HNXQGHQODQJ

:HQQGLH)XQNWLRQDXVJHVFKDOWHWLVW

EOLQNWGDV)LOWHUV\PERO GUHLPDO

5(,1,*81*81'3)/(*(

+LQZHLVH]XU5HLQLJXQJ

5HLQLJXQJVPLW഻

WHO

.HLQH6FKHXHUPLWWHOXQG%¾UVWHQYHUZHQGHQ

)HXFKWHQ6LHHLQZHLFKHV7XFKPLWZDUPHP:DVVHUXQGHWZDVPLOGHP

5HLQLJXQJVPLWWHODQXQGUHLQLJHQ6LHGDPLWGLH*HU¦WHREHUIO¦FKH

1DFKGHP.RFKYRUJDQJN¸QQHQHLQLJH7HLOHGHV*HU¦WVKHL¡VHLQ8P

)OHFNHQ]XYHUPHLGHQPXVVGDV*HU¦WQDFKGHPHVDEJHN¾KOWLVWPLW

HLQHPVDXEHUHQ7XFKRGHU3DSLHUW¾FKHUQDEJHWURFNQHWZHUGHQ

5HLQLJHQ6LH)OHFNHQPLWHLQHPPLOGHQ5HLQLJXQJVPLWWHO

+DOWHQ6LHGLH

'XQVWDE]XJV഻

KDXEHVDXEHU

5HLQLJHQ6LHGDV*HU¦WXQGGLH)HWWILOWHUHLQPDOLP0RQDW5HLQLJHQ6LH

GHQ,QQHQUDXPXQGGLH)HWWILOWHUVRUJI¦OWLJYRQ)HWW)HWWDQVDPPOXQJHQ

RGHUDQGHUH6SHLVHUHVWHN¸QQWHQHLQHQ%UDQGYHUXUVDFKHQ

%HIROJHQ6LHGLH$QZHLVXQJHQ]XU5HLQLJXQJGHV=XEHK¸UVZHQQGLH

)LOWHUEHQDFKULFKWLJXQJHLQJHVFKDOWHWLVW6LHKH)LOWHUEHQDFKULFKWLJXQJ

LP.DSLWHO7¦JOLFKHU*HEUDXFK

)HWWILOWHUN¸QQHQLP*HVFKLUUVS¾OHUJHVS¾OWZHUGHQ

'D]XPXVVGHU*HVFKLUUVS¾OHUDXIHLQHQNXU]HQ6S¾OJDQJPLWQLHGULJHU

7HPSHUDWXUHLQJHVWHOOWZHUGHQ$P)HWWILOWHUN¸QQHQ9HUI¦UEXQJHQDXIಣ

WUHWHQGLHVHEHHLQWU¦FKWLJHQGLH/HLVWXQJGHV*HU¦WVMHGRFKQLFKW

.RKOHILOWHU

'HU=HLWSXQNWGHU6¦WWLJXQJGHV.RKOHILOWHUVYDULLHUWMHQDFK$UWGHV

.RFKHQVXQGGHUUHJHOP¦¡LJHQ5HLQLJXQJGHV)HWWILOWHUV'HUDNWLYLHUWH

.RKOHILOWHULVWQLFKWZDVFKEDUXQGNDQQQLFKWUHJHQHULHUWZHUGHQ(U

PXVVQDFKHLQHU%HWULHEVGDXHUYRQHWZD0RQDWHQRGHU¸IWHUEHLHLಣ

QHULQWHQVLYHQ9HUZHQGXQJDXVJHWDXVFKWZHUGHQ

5HLQLJHQGHV)HWWILOWHUV

'LH)LOWHUVLQGPLW.ODPPHUQXQG6WLIWHQ

DXIGHUJHJHQ¾EHUOLHJHQGHQ6HLWH

EHIHVWLJW

5HLQLJHQGHV)LOWHUV

 +DOWHQ6LHGLH%OHQGHDQGHQ6HLWHQ

IHVWXQGGU¾FNHQ6LHVLHQDFKKLQWHQ



ZZZDHJFRP

 1HLJHQ6LHGLH9RUGHUVHLWHGHV

)LOWHUVOHLFKWQDFKXQWHQXQG

]LHKHQ6LHLKQKHUDXV

6HLHQ6LHYRUVLFKWLJ'HU

)LOWHULVWPLW.HWWHQ

JHVLFKHUWXPHLQ

+HUXQWHUNODSSHQ]X

YHUKLQGHUQ(QWIHUQHQ

6LHGLH.HWWHQEHYRU6LH

GLH)LOWHUUHLQLJHQ

 %DXHQ6LHGHQ)LOWHUDXVLQGHP6LH

GLH6FKUDXEHQREHQDXIGHP)LOWHU

HQWIHUQHQ

 5HLQLJHQ6LHGLH)LOWHUPLWHLQHP

6FKZDPPXQGQLFKWVFKHXHUQGHP

5HLQLJHURGHULQGHU6S¾OPDVFKLQH

'D]XPXVVGLH

6S¾OPDVFKLQHDXIHLQHQ

NXU]HQ6S¾OJDQJPLW

QLHGULJHU7HPSHUDWXU

HLQJHVWHOOWZHUGHQ$P

)HWWILOWHUN¸QQHQ

9HUI¦UEXQJHQDXIWUHWHQ

GLHVHEHHLQWU¦FKWLJHQGLH

/HLVWXQJGHV*HU¦WVMHGRFK

QLFKW

 =XPHUQHXWHQ(LQEDXGHV)LOWHUV

EHIROJHQ6LHGLHHUVWHQEHLGHQ

6FKULWWHLQXPJHNHKUWHU5HLKHQIROJH

:LHGHUKROHQ6LHJJIGLH6FKULWWHI¾UDOOH

)LOWHU

$XVWDXVFKHQGHV

.RKOHILOWHUV

:$5181*

'HU.RKOHILOWHUNDQQQLFKW

JHZDVFKHQZHUGHQ

$XVWDXVFKHQGHV)LOWHUV

 %DXHQ6LHGLH)HWWILOWHUDXVGHP

*HU¦WDXV

6LHKHಱ5HLQLJHQGHV)HWWILOWHUVಯLQGLHVHP

.DSLWHO

 =LHKHQ6LHGLH/DVFKHQLQ5LFKWXQJ

GHVXQWHUHQ7HLOVGHV)LOWHUV

 1HLJHQ6LHGLH9RUGHUVHLWHGHV

)LOWHUVOHLFKWQDFKXQWHQXQG]LHKHQ

6LHLKQKHUDXV

 )¾KUHQ6LH]XP(LQEDXGHVQHXHQ

)LOWHUVGLHJOHLFKHQ6FKULWWHLQ

XPJHNHKUWHU5HLKHQIROJHGXUFK

$XIMHGHQ)DOOP¾VVHQGLH)LOWHU

PLQGHVWHQVDOOHYLHU0RQDWH

DXVJHWDXVFKWZHUGHQ

$XVWDXVFKHQGHU/DPSH

'DV*HU¦WZLUGPLWHLQHU/('/DPSH

JHOLHIHUW'LHVHV7HLOGDUIQXUYRQHLQHP

7HFKQLNHUDXVJHWDXVFKWZHUGHQ,P)DOOH

HLQHU6W¸UXQJVLHKHXQWHUಱ6HUYLFHಯLP

.DSLWHOಱ6LFKHUKHLVDQZHLVXQJHQಯ

'(876&+ 

80:(/77,336

5HF\FHOQ6LH0DWHULDOLHQPLWGHP

6\PERO (QWVRUJHQ6LHGLH

9HUSDFNXQJLQGHQHQWVSUHFKHQGHQ

5HF\FOLQJEHK¦OWHUQ5HF\FHOQ6LH]XP

8PZHOWXQG*HVXQGKHLWVVFKXW]

HOHNWULVFKHXQGHOHNWURQLVFKH*HU¦WH

(QWVRUJHQ6LH*HU¦WHPLWGLHVHP6\PERO

QLFKWPLWGHP+DXVP¾OO%ULQJHQ6LH

GDV*HU¦W]X,KUHU¸UWOLFKHQ

6DPPHOVWHOOHRGHUZHQGHQ6LHVLFKDQ

,KU*HPHLQGHDPW

ZZZDHJFRP

ΟΔΠΘΔΥΞΛΔΜΐ

ˎˉ˅ˏˍ˓ˍˏʺ˃ːʿː˓ʿˉ˃ʺʿːˈʿˇ˃ˁˈʿˑʶːˑʿː˅ː

ˎ˃ˏˇˁˏʿ˓ʹˎˏˍ˗ʻˋˑˍː

ˈʿˆ˅ˊ˃ˏˇˋʹ˔ˏʹː˅

˓ˏˍˋˑʺ˂ʿˈʿˇˈʿˆʶˏˇːˊʿ 

ΒΘΐ΢ΔΚΔΘΐΐΟΞ΢ΔΚΔΡΛΐ΢ΐ

˃˲˴˞ˮ˦˰˱ˬ˺˩ˢ˭ˬ˲ˢ˭˦˨˚˫˞˱ˢ˞˲˱˹˱ˬ˭ˮˬ˷˹˪$(*ˑˬ˚˴ˬ˲˩ˢˡˤ˩˦ˬ˲ˮˠ˛˰ˢ˦ˠ˦˞˪˞

˰˞˯˭˞ˮ˚˴ˬ˲˩ˢ˱˚˨ˢ˦˞˞˭˹ˡˬ˰ˤˠ˦˞˭ˬ˨˨˙˴ˮ˹˪˦˞˩ˢ˧˞˦˪ˬ˱˹˩ˢ˯˱ˢ˴˪ˬ˨ˬˠ˜ˢ˯˭ˬ˲

˟ˬˤ˥ˬ˺˪˪˞˞˭˨ˬ˭ˬ˦ˢ˜˱ˢ˱ˤˣ˶˛˰˞˯ದˡ˲˪˞˱˹˱ˤ˱ˢ˯˭ˬ˲˩˭ˬˮˢ˜˪˞˩ˤ˪˟ˮˢ˜˱ˢ˰ˢ

˰˲˪ˤ˥˦˰˩˚˪ˢ˯˰˲˰˧ˢ˲˚˯ː˞˯˭˞ˮ˞˧˞˨ˬ˺˩ˢ˪˞˞˳˦ˢˮ˻˰ˢ˱ˢ˨˜ˠ˞˨ˢ˭˱˙˧˞˦˪˞

ˡ˦˞˟˙˰ˢ˱ˢ˱˦˯ˬˡˤˠ˜ˢ˯˻˰˱ˢ˪˞ˡ˦˞˰˳˞˨˜˰ˢ˱ˢ˱ˤ˪˧˞˨˺˱ˢˮˤˡ˲˪˞˱˛˴ˮ˛˰ˤ˱ˤ˯

˰˲˰˧ˢ˲˛˯˰˞˯

˃˭˦˰˧ˢ˳˥ˢ˜˱ˢ˱ˬ˪˦˰˱˹˱ˬ˭˹˩˞˯ˠ˦˞˪˞

ˀˮˢ˜˱ˢ˲˭ˬˡˢ˜˫ˢ˦˯˴ˮ˛˰ˤ˯˳˲˨˨˙ˡ˦˞˰˲˩˟ˬ˲˨˚˯ˠ˦˞˱ˤ˪ˢ˭˜˨˲˰ˤ

˭ˮˬ˟˨ˤ˩˙˱˶˪˭˨ˤˮˬ˳ˬˮ˜ˢ˯˰˚ˮ˟˦˯˧˞˦ˢ˭˦˰˧ˢ˲˛˯

ZZZDHJFRPVXSSRUW

ˈ˞˱˞˴˶ˮ˜˰ˢ˱ˢ˱ˬ˭ˮˬ˷˹˪˰˞˯˻˰˱ˢ˪˞˚˴ˢ˱ˢ˧˞˨˺˱ˢˮˬ˰˚ˮ˟˦˯

ZZZUHJLVWHUDHJFRP

ʿˠˬˮ˙˰ˢ˱ˢ˞˫ˢ˰ˬ˲˙ˮ˞˪˞˨˻˰˦˩˞˧˞˦ˠ˪˛˰˦˞˞˪˱˞˨˨˞˧˱˦˧˙ˠ˦˞˱ˤ˰˲˰˧ˢ˲˛˰˞˯

ZZZDHJFRPVKRS

ΔΝΣΟΖΠΔ΢ΖΡΖΟΔΚΐ΢ΧΜΙΐΘΡΔΠΑΘΡ

˔ˮˤ˰˦˩ˬ˭ˬ˦ˢ˜˱ˢ˭˙˪˱˞˩˹˪ˬˠ˪˛˰˦˞˞˪˱˞˨˨˞˧˱˦˧˙

ʻ˱˞˪ˢ˭˦˧ˬ˦˪˶˪ˢ˜˱ˢ˩ˢ˱ˬ˃˫ˬ˲˰˦ˬˡˬ˱ˤ˩˚˪ˬˈ˚˪˱ˮˬː˚ˮ˟˦˯˟ˢ˟˞˦˶˥ˢ˜˱ˢ˹˱˦˚˴ˢ˱ˢ

ˡ˦˞˥˚˰˦˩˞˱˞˞˧˹˨ˬ˲˥˞˰˱ˬ˦˴ˢ˜˞ˊˬ˪˱˚˨ˬ31&ʿˮ˦˥˩˹˯˰ˢ˦ˮ˙˯

ˊ˭ˬˮˢ˜˱ˢ˪˞˟ˮˢ˜˱ˢ˱˦˯˭˨ˤˮˬ˳ˬˮ˜ˢ˯˰˱ˤ˪˭˦˪˞˧˜ˡ˞˱ˢ˴˪˦˧˻˪˴˞ˮ˞˧˱ˤˮ˦˰˱˦˧˻˪

ˎˮˬˢ˦ˡˬ˭ˬ˜ˤ˰ˤˎˮˬ˰ˬ˴˛ˎ˨ˤˮˬ˳ˬˮ˜ˢ˯ˠ˦˞˱ˤ˪˞˰˳˙˨ˢ˦˞

ˁˢ˪˦˧˚˯˭˨ˤˮˬ˳ˬˮ˜ˢ˯˧˞˦˰˲˩˟ˬ˲˨˚˯

ˎ˨ˤˮˬ˳ˬˮ˜ˢ˯˰˴ˢ˱˦˧˙˩ˢ˱ˬ˭ˢˮ˦˟˙˨˨ˬ˪

˒˭˹˧ˢ˦˱˞˦˞ˢ˞˨˨˞ˠ˚˯˴˶ˮ˜˯˭ˮˬˢ˦ˡ˭ˬ˜ˤ˰ˤ

ΟΚΖΠΞΤΞΠ΋ΔΡΐΡΤΐΚΔ΋ΐΡΙΐΘΔΒΙΐ΢·Ρ΢ΐΡΖΡ

ΟΠΞΔΘΓΞΟΞΘΖΡΖ

ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˬ˫ˢ˴˶ˮ˦˰˱˹

˳˲˨˨˙ˡ˦ˬˍˡˤˠ˦˻˪

˃ˠ˧˞˱˙˰˱˞˰ˤ˯ˠ˦˞˱˦˯

ˎ˨ˤˮˬ˳ˬˮ˜ˢ˯˞˰˳˞˨ˢ˜˞˯˧˞˦

˃ˠ˧˞˱˙˰˱˞˰ˤ˯˂˦˞˟˙˰˱ˢ

˭ˮˬ˰ˢ˧˱˦˧˙˱˞˧ˢ˳˙˨˞˦˞ˠ˦˞

˱ˤ˪ʿ˰˳˙˨ˢ˦˞˭ˮ˦˪˞˭˹

ˬ˭ˬ˦˞ˡ˛˭ˬ˱ˢ˴ˮ˛˰ˤ˛

˰˲˪˱˛ˮˤ˰ˤ˱ˤ˯˰˲˰˧ˢ˲˛˯

˃ˉˉ˅ˋˇˈʿ 

ΟΔΠΘΒΠΐΤΊΟΠΞΨΌΜ΢ΞΡ

Δξηρθϊξερεξέλίθίυγηοηρςεοέχλ

1 2 3 4 5 6 7 8 9 10

Κγηςνσοαέί Ογοηαοίτά

˃˪ˢˮˠˬ˭ˬ˜ˤ˰ˤ˞˭ˢ˪ˢˮಣ

ˠˬ˭ˬ˜ˤ˰ˤ ˃˪ˢˮˠˬ˭ˬ˦ˢ˜˧˞˦˞˭ˢ˪ˢˮˠˬ˭ˬ˦ˢ˜˱ˬ˪˞˭ˬˮˮˬ˳ˤ˱˛ˮ˞

ˎˮ˻˱ˤ˱˞˴˺˱ˤ˱˞ ˍ˧˦˪ˤ˱˛ˮ˞˯˩ˢ˱˞˟˞˜˪ˢ˦˰˱ˬ˭ˮ˻˱ˬˢ˭˜˭ˢˡˬ˱˞˴˺˱ˤ˱˞˯

˂ˢ˺˱ˢˮˤ˱˞˴˺˱ˤ˱˞ ˍ˧˦˪ˤ˱˛ˮ˞˯˩ˢ˱˞˟˞˜˪ˢ˦˰˱ˬˡˢ˺˱ˢˮˬˢ˭˜˭ˢˡˬ˱˞˴˺˱ˤಣ

˱˞˯

ˑˮ˜˱ˤ˱˞˴˺˱ˤ˱˞ ˍ˧˦˪ˤ˱˛ˮ˞˯˩ˢ˱˞˟˞˜˪ˢ˦˰˱ˬ˱ˮ˜˱ˬˢ˭˜˭ˢˡˬ˱˞˴˺˱ˤ˱˞˯

ˊ˚ˠ˦˰˱ˤ˱˞˴˺˱ˤ˱˞ ˍ˧˦˪ˤ˱˛ˮ˞˯˩ˢ˱˞˟˞˜˪ˢ˦˰˱ˬ˩˚ˠ˦˰˱ˬˢ˭˜˭ˢˡˬ˱˞˴˺˱ˤ˱˞˯

˃˪˜˰˴˲˰ˤ˱˞˴˺˱ˤ˱˞˯ ˍ˧˦˪ˤ˱˛ˮ˞˯˩ˢ˱˞˟˞˜˪ˢ˦˰˱ˬ˩˚ˠ˦˰˱ˬˢ˭˜˭ˢˡˬ˱˞˴˺˱ˤ˱˞˯

ʸ˭ˢ˦˱˞˞˭˹˨ˢ˭˱˙ˤ˰˲˰˧ˢ˲˛ˢ˭˦˰˱ˮ˚˳ˢ˦˰˱ˤ˪

˭ˮˬˤˠˬ˺˩ˢ˪ˤˮ˺˥˩˦˰ˤ

ˉˢ˦˱ˬ˲ˮˠ˜˞%UHH]H ˍ˞˭ˬˮˮˬ˳ˤ˱˛ˮ˞˯˨ˢ˦˱ˬ˲ˮˠˢ˜˰˱ˤ˴˞˩ˤ˨˹˱ˢˮˤ˱˞˴˺˱ˤಣ

˱˞ˊˢ˱˙˞˭˹˨ˢ˭˱˙ˤ˰˲˰˧ˢ˲˛˞˭ˢ˪ˢˮˠˬ˭ˬ˦ˢ˜˱˞˦

˃˦ˡˬ˭ˬ˜ˤ˰ˤ˳˜˨˱ˮˬ˲ ː˞˯˲˭ˢ˪˥˲˩˜ˣˢ˦˪˞˞˨˨˙˫ˢ˱ˢ˛˪˞˧˞˥˞ˮ˜˰ˢ˱ˢ˱ˬ˳˜˨˱ˮˬ

˙˪˥ˮ˞˧˞˧˞˦˪˞˧˞˥˞ˮ˜˰ˢ˱ˢ˱ˬ˳˜˨˱ˮˬ˨˜˭ˬ˲˯

+REt+RRG ʸ˪ˡˢ˦˫ˤ˱ˤ˯˨ˢ˦˱ˬ˲ˮˠ˜˞˯ˠ˦˞˱ˬ˪˚˨ˢˠ˴ˬ˱ˬ˲˞˭ˬˮˮˬ˳ˤಣ

˱˛ˮ˞˞˭˹˱˦˯ˢ˰˱˜ˢ˯

 ˉ˞˩˭˱˛ˮ˞˯ ˃˪ˢˮˠˬ˭ˬ˦ˢ˜˧˞˦˞˭ˢ˪ˢˮˠˬ˭ˬ˦ˢ˜˱ˬ˪˳˶˱˦˰˩˹

ΙΐΗΖΛΔΠΘΜΊΥΠΊΡΖ

Υοάρεςνσ

ίξνοοντεςάοί

˃˨˚ˠ˫˱ˢ˱ˤ˰˲˪˦˰˱˻˩ˢ˪ˤ˱˞˴˺˱ˤ˱˞

˰˺˩˳˶˪˞˩ˢ˱ˬ˪˭˞ˮ˞˧˙˱˶˭˜˪˞˧˞

ˈ˞˱˙˱ˬˣ˚˰˱˞˩˞˳˞ˠˤ˱ˬ˺˩ˢ˰˧ˢ˭˞˰˩˚˪˞˰˧ˢ˺ˤ

ˈ˞˱˙˱ˬ˩˞ˠˢ˜ˮˢ˩˞˩ˢ˰˧ˢ˭˞˰˩˚˪˞˰˧ˢ˺ˤ˰ˢ˭ˬ˨˨˞ಣ

˭˨˚˯ˣ˻˪ˢ˯˩˞ˠˢ˦ˮ˚˩˞˱ˬ˯˛˰ˢˢ˰˱˜ˢ˯˧˞˱˙˱ˬˢ˨˞˳ˮ˺

˱ˤˠ˙˪˦˰˩˞

ZZZDHJFRP

ˈ˞˱˙˱ˬ˟ˮ˙˰˦˩ˬ˧˞˦˱ˬ˱ˤˠ˙˪˦˰˩˞˩ˢˠ˙˨˶˪˭ˬ˰ˬ˱˛ಣ

˱˶˪˳˞ˠˤ˱ˬ˺˴˶ˮ˜˯˧˞˭˙˧˦˧˞˦˧˞˱˙˱ˬ˩˞ˠˢ˜ˮˢ˩˞˰ˢ

˭ˬ˨˨˞˭˨˚˯ˣ˻˪ˢ˯˩˞ˠˢ˦ˮ˚˩˞˱ˬ˯˛ˢ˰˱˜ˢ˯

˧˞˦ ˈ˞˱˙˱ˬ˟ˮ˙˰˦˩ˬ˧˞˦˱ˬ˱ˤˠ˙˪˦˰˩˞˩ˢˠ˙˨˶˪˭ˬ˰ˬ˱˛ಣ

˱˶˪˳˞ˠˤ˱ˬ˺˴˶ˮ˜˯˧˞˭˙˧˦˧˞˦˩ˢ˭ˬ˨˨˛˲ˠˮ˞˰˜˞

ʿ˪˞˪ˢ˻˪ˢ˦˱ˬ˪˞˚ˮ˞˰˱ˤ˪˧ˬ˲ˣ˜˪˞˩ˢ˱˙˱ˬ˩˞ˠˢ˜ˮˢ˩˞

˰ˢ˭ˬ˨˺˴˞˩ˤ˨˹ˢ˭˜˭ˢˡˬ˥ˬˮ˺˟ˬ˲ˊ˭ˬˮˢ˜˪˞ˢ˪ˢˮಣ

ˠˬ˭ˬ˦ˤ˥ˢ˜˧˞˦˪˞˞˭ˢ˪ˢˮˠˬ˭ˬ˦ˤ˥ˢ˜˩ˢ˱ˬ˙ˠˠ˦ˠ˩˞˱ˬ˲

˰˲˩˟˹˨ˬ˲˅˨ˢ˦˱ˬ˲ˮˠ˜˞˞˭ˢ˪ˢˮˠˬ˭ˬ˦ˢ˜˱˞˦˞˲˱˹˩˞˱˞

˩ˢ˱˙˞˭˹˨ˢ˭˱˙˔ˮˤ˰˦˩ˬ˭ˬ˦˛˰˱ˢ˱ˬ˩˹˪ˬ˩ˢ˱˙˱ˬ

˩˞ˠˢ˜ˮˢ˩˞

ː˲˪˦˰˱˙˱˞˦˪˞˞˳˛˪ˢ˱ˢ˱ˬ˪

˞˭ˬˮˮˬ˳ˤ˱˛ˮ˞˪˞˨ˢ˦˱ˬ˲ˮˠˢ˜

ˠ˦˞˭ˢˮ˜˭ˬ˲˨ˢ˭˱˙˩ˢ˱˙

˱ˬ˩˞ˠˢ˜ˮˢ˩˞

ˑˬ˴ˢ˦ˮ˦˰˱˛ˮ˦ˬˢ˜˪˞˦˚˪˞

˭ˢˡ˜ˬ˞˳˛˯ʿˠˠ˜˫˱ˢ˱˞

˰˺˩˟ˬ˨˞ˠ˦˞ˡˢ˲˱ˢˮ˹˨ˢ˭˱ˬ

ˠ˦˞˪˞ˢ˪ˢˮˠˬ˭ˬ˦˛˰ˢ˱ˢ˱˦˯

˨ˢ˦˱ˬ˲ˮˠ˜ˢ˯

Βηίλίυγηοηρςγέςγςνλίξνοοντεςάοί

 ˃˪ˢˮˠˬ˭ˬ˦˛˰˱ˢ˱ˤ˰˲˰˧ˢ˲˛˭˦˚ˣˬ˪˱˞˯

˱ˬ˰˺˩˟ˬ˨ˬ 

ˊ˭ˬˮˢ˜˱ˢ˱˻ˮ˞˪˞ˢ˪ˢˮˠˬ˭ˬ˦˛˰ˢ˱ˢ˱˦˯

˨ˢ˦˱ˬ˲ˮˠ˜ˢ˯

 ˁ˦˞˪˞ˢ˪ˢˮˠˬ˭ˬ˦˛˰ˢ˱ˢ˱ˤ˨ˢ˦˱ˬ˲ˮˠ˜˞

˞ˠˠ˜˫˱ˢ˱ˬ˰˺˩˟ˬ˨ˬ

 ʿ˪˴ˮˢ˦˞˰˱ˢ˜˞ˠˠ˜˫˱ˢ˱ˬ˰˺˩˟ˬ˨ˬ

˳˶˱˦˰˩ˬ˺ ˠ˦˞˪˞˳˶˱˜˰ˢ˱ˢ˱ˤ˪

ˢ˭˦˳˙˪ˢ˦˞˩˞ˠˢ˦ˮ˚˩˞˱ˬ˯ˁ˦˞˪˞

˞˨˨˙˫ˢ˱ˢ˱ˤ˪˚˪˱˞˰ˤ˳˶˱˦˰˩ˬ˺

˞ˠˠ˜˫˱ˢ˫˞˪˙˭˞ˮ˞˱ˢ˱˞˩˚˪˞˱ˬ

˰˺˩˟ˬ˨ˬ

ˁ˦˞˪˞˞˭ˢ˪ˢˮˠˬ˭ˬ˦˛˰ˢ˱ˢ˱ˤ˰˲˰˧ˢ˲˛

˭˦˚˰˱ˢ˭˙˨˦˱ˬ˰˺˩˟ˬ˨ˬ 

+REt+RRGιγηςνσοαέί

˃˜˪˞˦˩˦˞˞˲˱˹˩˞˱ˤ˨ˢ˦˱ˬ˲ˮˠ˜˞ˤˬ˭ˬ˜˞

˰˲˪ˡ˚ˢ˦˱˦˯ˢ˰˱˜ˢ˯˩ˢ˚˪˞˪

˞˭ˬˮˮˬ˳ˤ˱˛ˮ˞ˑ˹˰ˬˬ˦ˢ˰˱˜ˢ˯˹˰ˬ˧˞˦ˬ

˞˭ˬˮˮˬ˳ˤ˱˛ˮ˞˯ˡ˦˞˥˚˱ˬ˲˪˭ˬ˩˭ˬˡ˚˧˱ˤ

˲˭˚ˮ˲˥ˮˬ˲˰˛˩˞˱ˬ˯˅˱˞˴˺˱ˤ˱˞˱ˬ˲

˞˪ˢ˩˦˰˱˛ˮ˞˧˞˥ˬˮ˜ˣˢ˱˞˦˞˲˱˹˩˞˱˞˩ˢ

˟˙˰ˤ˱ˤˮ˺˥˩˦˰ˤ˱ˤ˯˨ˢ˦˱ˬ˲ˮˠ˜˞˯˧˞˦˱ˤ

˥ˢˮ˩ˬ˧ˮ˞˰˜˞˱ˬ˲˥ˢˮ˩˹˱ˢˮˬ˲˩˞ˠˢ˦ˮ˦˧ˬ˺

˰˧ˢ˺ˬ˲˯˰˱˦˯ˢ˰˱˜ˢ˯ˊ˭ˬˮˢ˜˱ˢˢ˭˜˰ˤ˯˪˞

˴ˢ˦ˮ˦˰˱ˢ˜˱ˢ˱ˬ˪˞˪ˢ˩˦˰˱˛ˮ˞˴ˢ˦ˮˬ˧˜˪ˤ˱˞˩ˢ

˱ˤ˴ˮ˛˰ˤ˱˶˪ˢ˰˱˦˻˪˅˨ˢ˦˱ˬ˲ˮˠ˜˞

˩˭ˬˮˢ˜˪˞ˢ˪ˢˮˠˬ˭ˬ˦ˤ˥ˢ˜˞˭˹˱ˬ

˴ˢ˦ˮ˦˰˱˛ˮ˦ˬ˱˶˪ˢ˰˱˦˻˪

ˁ˦˞˭ˢˮ˦˰˰˹˱ˢˮˢ˯

˭˨ˤˮˬ˳ˬˮ˜ˢ˯˰˴ˢ˱˦˧˙˩ˢ˱ˤ

˴ˮ˛˰ˤ˱ˤ˯˨ˢ˦˱ˬ˲ˮˠ˜˞˯

˞˪˞˱ˮ˚˫˱ˢ˰˱ˬˢˠ˴ˢ˦ˮ˜ˡ˦ˬ

˴ˮ˛˰˱ˤ˱ˤ˯˩ˬ˪˙ˡ˞˯ˢ˰˱˦˻˪

Δλγοανξνέερεςεπ

ΛΫαηρςεπ΢ίυϋςεςίπ

Ιηλεςάοί

ʻ˱˞˪˞ˠˠ˜ˣˢ˱ˢ˱ˬ ˫ˢ˧˦˪˙ˢ˦˪˞

˨ˢ˦˱ˬ˲ˮˠˢ˜ˤˊ˚ˠ˦˰˱ˤˑ˞˴˺˱ˤ˱˞ˈ˦˪ˤ˱˛ˮ˞

ˠ˦˞˨ˢ˭˱˙ˊˢ˱˙˞˭˹˞˲˱˹˱ˬˡ˦˙˰˱ˤ˩˞

ˤ˰˲˰˧ˢ˲˛ˢ˭˦˰˱ˮ˚˳ˢ˦˰˱˦˯˭ˮˬˤˠˬ˺˩ˢ˪ˢ˯

ˮ˲˥˩˜˰ˢ˦˯˱˞˴˺˱ˤ˱˞˯

ʻ˱˞˪ˤ˨ˢ˦˱ˬ˲ˮˠ˜˞ˢ˜˪˞˦

ˢ˪ˢˮˠˬ˭ˬ˦ˤ˩˚˪ˤ˱ˬˢ˭˦˭˨˚ˬ˪

˙ˠˠ˦ˠ˩˞˱ˬ˲ ˡˢ˪˚˴ˢ˦

˞˭ˬ˱˚˨ˢ˰˩˞

Δηβνξνέερετέιςονσ

ˍ˰˲˪˞ˠˢˮ˩˹˯˳˜˨˱ˮˬ˲˰˙˯˲˭ˢ˪˥˲˩˜ˣˢ˦

˪˞˞˨˨˙˫ˢ˱ˢ˛˪˞˧˞˥˞ˮ˜˰ˢ˱ˢ˱ˬ˳˜˨˱ˮˬ

˙˪˥ˮ˞˧˞˧˞˦˪˞˧˞˥˞ˮ˜˰ˢ˱ˢ˱ˬ˳˜˨˱ˮˬ

˨˜˭ˬ˲˯˅˚˪ˡˢ˦˫ˤ˳˜˨˱ˮˬ˲ ˞˪˙˟ˢ˦ˠ˦˞

ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞˹˱˞˪˭ˮ˚˭ˢ˦˪˞

˧˞˥˞ˮ˦˰˱ˢ˜˱ˬ˳˜˨˱ˮˬ˨˜˭ˬ˲˯˅˚˪ˡˢ˦˫ˤ

˳˜˨˱ˮˬ˲ ˞˪˞˟ˬ˰˟˛˪ˢ˦ˠ˦˞

ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞˹˱˞˪˭ˮ˚˭ˢ˦˪˞

˞˪˱˦˧˞˱˞˰˱˞˥ˢ˜˛˪˞˧˞˥˞ˮ˦˰˱ˢ˜˱ˬ˳˜˨˱ˮˬ

˙˪˥ˮ˞˧˞

˃ˉˉ˅ˋˇˈʿ 

ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˤ˪˭˞ˮ˙ˠˮ˞˳ˬ

˧˞˥˞ˮ˦˰˩ˬ˺˱ˬ˲˳˜˨˱ˮˬ˲

˨˜˭ˬ˲˯˰˱ˬ˧ˢ˳˙˨˞˦ˬ

m˓ˮˬ˪˱˜ˡ˞˧˞˦˧˞˥˙ˮ˦˰˩˞}

ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˤ˪ˢ˪˹˱ˤ˱˞

˧˞˥˞ˮ˦˰˩ˬ˺˱ˬ˲˳˜˨˱ˮˬ˲

˙˪˥ˮ˞˧˞˛˞˪˱˦˧˞˱˙˰˱˞˰ˤ

˱ˬ˲˳˜˨˱ˮˬ˲˙˪˥ˮ˞˧˞˰˱ˬ

˧ˢ˳˙˨˞˦ˬm˓ˮˬ˪˱˜ˡ˞˧˞˦

˧˞˥˙ˮ˦˰˩˞}

ˁ˦˞ˢ˭˞˪˞˳ˬˮ˙˱ˤ˯˨ˢ˦˱ˬ˲ˮˠ˜˞˯˞ˠˠ˜˫˱ˢ

˱ˬ ˠ˦˞ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞

Βηίςελγλγοανξνέερεά

ίξγλγοανξνέερεςεπιγηςνσοαέίπ

 ˃˪ˢˮˠˬ˭ˬ˦˛˰˱ˢ˱ˬ˴ˢ˦ˮ˦˰˱˛ˮ˦ˬ

 ˀˢ˟˞˦˶˥ˢ˜˱ˢ˹˱˦˱˞ˢ˦˧ˬ˪˜ˡ˦˞ˢ˜˪˞˦

˨ˢ˲˧˙

 ˁ˦˞˪˞ˢ˪ˢˮˠˬ˭ˬ˦˛˰ˢ˱ˢ˱ˤ˨ˢ˦˱ˬ˲ˮˠ˜˞

˞ˠˠ˜˫˱ˢ˱ˬ ˠ˦˞ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞

ʿ˪ˢ˪ˢˮˠˬ˭ˬ˦ˤ˥ˢ˜ˤ˨ˢ˦˱ˬ˲ˮˠ˜˞˱ˬ

ˢ˦˧ˬ˪˜ˡ˦ˬ˳˜˨˱ˮˬ˲ ˞˪˞˟ˬ˰˟˛˪ˢ˦˭˚˪˱ˢ

˳ˬˮ˚˯

 ˁ˦˞˪˞˞˭ˢ˪ˢˮˠˬ˭ˬ˦˛˰ˢ˱ˢ˱ˤ

˨ˢ˦˱ˬ˲ˮˠ˜˞˞ˠˠ˜˫˱ˢ˱ˬ ˠ˦˞

ˡˢ˲˱ˢˮ˹˨ˢ˭˱˞

ʿ˪˞˭ˢ˪ˢˮˠˬ˭ˬ˦ˤ˥ˢ˜ˤ˨ˢ˦˱ˬ˲ˮˠ˜˞˱ˬ

ˢ˦˧ˬ˪˜ˡ˦ˬ˳˜˨˱ˮˬ˲ ˞˪˞˟ˬ˰˟˛˪ˢ˦˱ˮˢ˦˯

˳ˬˮ˚˯

ΤΠΞΜ΢΋ΓΐΙΐΘΙΐΗ·ΠΘΡΛΐ

Ρεκγηόργηπαηίςνλθίζίοηρκϊ

ΟονψϊλςίΙίζί഻

οηρκνϋ

ΛευοερηκνξνηγέςγιγηίλςηθΪίξνοοσξίλςηθΪθίηΰνϋοςργπ

ˈ˞˥˞ˮ˜˰˱ˢ˱ˤ˪ˢ˭˦˳˙˪ˢ˦˞˱ˤ˯˰˲˰˧ˢ˲˛˯˩ˢ˚˪˞˩˞˨˞˧˹˭˞˪˜ˣˢ˰˱˹˪ˢˮ˹

˧˞˦˚˪˞˛˭˦ˬ˞˭ˬˮˮ˲˭˞˪˱˦˧˹

ˊˢ˱˙˱ˬ˩˞ˠˢ˜ˮˢ˩˞˩ˢˮ˦˧˙˩˚ˮˤ˱ˤ˯˰˲˰˧ˢ˲˛˯˩˭ˬˮˢ˜˪˞ˢ˜˪˞˦ˣˢ˰˱˙ˁ˦˞

˱ˤ˪˞˭ˬ˳˲ˠ˛˰˴ˤ˩˞˱˦˰˩ˬ˺˨ˢ˧˚ˡ˶˪ˤ˰˲˰˧ˢ˲˛˭ˮ˚˭ˢ˦˪˞˚˴ˢ˦˧ˮ˲˻˰ˢ˦

˧˞˦˪˞˰˧ˬ˲˭˜ˣˢ˱˞˦˩ˢ˚˪˞˧˞˥˞ˮ˹˭˞˪˜˛˴˞ˮ˱˜˧ˬ˲ˣ˜˪˞˯

ˈ˞˥˞ˮ˜˰˱ˢ˱ˬ˲˯˨ˢ˧˚ˡˢ˯˩ˢ˚˪˞˛˭˦ˬ˞˭ˬˮˮ˲˭˞˪˱˦˧˹

Γηίςεογέςγςνλ

ίξνοοντεςάοί

θίζίοϊ

ˈ˞˥˞ˮ˜ˣˢ˱ˢ˱ˤ˰˲˰˧ˢ˲˛˧˞˦˱˞˳˜˨˱ˮ˞˨˜˭ˬ˲˯˧˙˥ˢ˩˛˪˞ˈ˞˥˞ˮ˜ˣˢ˱ˢ

˭ˮˬ˰ˢ˧˱˦˧˙˞˭˹˱ˬ˨˜˭ˬ˯˱ˬˢ˰˶˱ˢˮ˦˧˹˧˞˦˱˞˳˜˨˱ˮ˞˨˜˭ˬ˲˯˅˰˲˰˰˻ಣ

ˮˢ˲˰ˤ˨˜˭ˬ˲˯˛˙˨˨˶˪˲˭ˬ˨ˢ˦˩˩˙˱˶˪˩˭ˬˮˢ˜˪˞˭ˮˬ˧˞˨˚˰ˢ˦˭˲ˮ˧˞ˠ˦˙

ʿ˧ˬ˨ˬ˲˥˛˰˱ˢ˱˦˯ˬˡˤˠ˜ˢ˯ˠ˦˞˱ˬ˪˧˞˥˞ˮ˦˰˩˹˱˶˪˞˫ˢ˰ˬ˲˙ˮ˹˱˞˪ˢ˜˪˞˦

ˢ˪ˢˮˠˬ˭ˬ˦ˤ˩˚˪ˤˤˢ˦ˡˬ˭ˬ˜ˤ˰ˤ˳˜˨˱ˮˬ˲ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˤ˪ˢ˪˹˱ˤ˱˞ˢ˦ˡˬಣ

˭ˬ˜ˤ˰ˤ˯˓˜˨˱ˮˬ˲˰˱ˬ˧ˢ˳˙˨˞˦ˬˠ˦˞˱ˤ˪˧˞˥ˤ˩ˢˮ˦˪˛˴ˮ˛˰ˤ

ˑ˞˳˜˨˱ˮ˞˨˜˭ˬ˲˯˩˭ˬˮˬ˺˪˪˞˭˨˲˥ˬ˺˪˰ˢ˭˨˲˪˱˛ˮ˦ˬ˭˦˙˱˶˪

ˑˬ˭˨˲˪˱˛ˮ˦ˬ˭˦˙˱˶˪˭ˮ˚˭ˢ˦˪˞ˮ˲˥˩˦˰˱ˢ˜˰ˢ˴˞˩ˤ˨˛˥ˢˮ˩ˬ˧ˮ˞˰˜˞˧˞˦

˰ˢ˰˺˪˱ˬ˩ˬ˧˺˧˨ˬˑˬ˳˜˨˱ˮˬ˨˜˭ˬ˲˯˩˭ˬˮˢ˜˪˞˞˭ˬ˴ˮ˶˩˞˱˦˰˱ˢ˜˞˲˱˹

ˡˢ˪ˢ˭ˤˮˢ˙ˣˢ˦˱ˤ˪˞˭˹ˡˬ˰ˤ˱ˤ˯˰˲˰˧ˢ˲˛˯

ΤέιςονΪλζοί഻

θί

ˍ˴ˮ˹˪ˬ˯˧ˬˮˢ˰˩ˬ˺˱ˬ˲˳˜˨˱ˮˬ˲˙˪˥ˮ˞˧˞ˡ˦˞˳˚ˮˢ˦˞˪˙˨ˬˠ˞˩ˢ˱ˬ˪˱˺ಣ

˭ˬ˩˞ˠˢ˦ˮ˚˩˞˱ˬ˯˧˞˦˱ˤ˰˲˴˪˹˱ˤ˱˞˧˞˥˞ˮ˦˰˩ˬ˺˱ˬ˲˳˜˨˱ˮˬ˲˨˜˭ˬ˲˯ˑˬ

˳˜˨˱ˮˬˢ˪ˢˮˠˬ˺˙˪˥ˮ˞˧˞ˡˢ˪ˢ˜˪˞˦˭˨ˢ˪˹˩ˢ˪ˬˡˢ˪˩˭ˬˮˢ˜˪˞˞˪˞ˠˢ˪˪ˤಣ

˥ˢ˜˧˞˦˭ˮ˚˭ˢ˦˪˞˞˪˱˦˧˞˥˜˰˱˞˱˞˦˭ˢˮ˜˭ˬ˲˧˙˥ˢ˩˛˪ˢ˯˨ˢ˦˱ˬ˲ˮˠ˜˞˯˛

˰˲˴˪˹˱ˢˮ˞ˠ˦˞˦ˡ˦˞˜˱ˢˮ˞˟˞ˮ˦˙˴ˮ˛˰ˤ

ZZZDHJFRP

Ιίζίοηρκϊπςνστέιςονσ

ιέξνσπ

ˑ˞˳˜˨˱ˮ˞ˢ˜˪˞˦˱ˬ˭ˬ˥ˢ˱ˤ˩˚˪˞˩ˢ˱ˤ

˴ˮ˛˰ˤ˧˨˦˭˧˞˦˭ˢ˜ˮ˶˪˰˱ˤ˪˞˪˱˜˥ˢ˱ˤ

˭˨ˢ˲ˮ˙

Βηίλίθίζίοέργςγςντέιςον

 ˈˮ˞˱˛˰˱ˢ˱ˬ˭˨˞˜˰˦ˬ˞˭˹˱˦˯˭˨ˢ˲ˮ˚˯

˧˞˦˰˭ˮ˻˫˱ˢ˱ˬ˭ˮˬ˯˱˞˭˜˰˶

 ˁˢ˜ˮˢ˱ˢˢ˨˞˳ˮ˻˯˱ˬ˩˭ˮˬ˰˱˦˪˹˩˚ˮˬ˯

˱ˬ˲˳˜˨˱ˮˬ˲˭ˮˬ˯˱˞˧˙˱˶˧˞˦

˧˞˱˹˭˦˪˱ˮ˞˟˛˫˱ˢ

ˎˮˬ˰ˬ˴˛ˑˬ˳˜˨˱ˮˬ

˭ˮˬ˰˱˞˱ˢ˺ˢ˱˞˦˞˭˹

˞˨˲˰˜ˡ˞˰ˢ˭ˢˮ˜˭˱˶˰ˤ

˞˧ˬ˺˰˦˞˯˭˱˻˰ˤ˯

ʿ˳˞˦ˮ˚˰˱ˢ˱˦˯˞˨˲˰˜ˡˢ˯

˭ˮˬ˱ˬ˺˧˞˥˞ˮ˜˰ˢ˱ˢ˱˞

˳˜˨˱ˮ˞

 ʿ˭ˬ˰˲˪˞ˮ˩ˬ˨ˬˠ˛˰˱ˢ˱ˬ˳˜˨˱ˮˬ

˞˳˞˦ˮ˻˪˱˞˯˱˦˯˟˜ˡˢ˯˰˱ˬˢ˭˙˪˶

˩˚ˮˬ˯˱ˬ˲˳˜˨˱ˮˬ˲

 ˈ˞˥˞ˮ˜˰˱ˢ˱˞˳˜˨˱ˮ˞

˴ˮˤ˰˦˩ˬ˭ˬ˦˻˪˱˞˯˚˪˞˰˳ˬ˲ˠˠ˙ˮ˦˩ˢ

˩ˤ˨ˢ˦˞˪˱˦˧˙˞˭ˬˮˮ˲˭˞˪˱˦˧˙˛˰˱ˬ

˭˨˲˪˱˛ˮ˦ˬ˭˦˙˱˶˪

ˑˬ˭˨˲˪˱˛ˮ˦ˬ˭˦˙˱˶˪˭ˮ˚˭ˢ˦

˪˞ˮ˲˥˩˦˰˱ˢ˜˰ˢ˴˞˩ˤ˨˛

˥ˢˮ˩ˬ˧ˮ˞˰˜˞˧˞˦˰ˢ˰˺˪˱ˬ˩ˬ

˧˺˧˨ˬˑˬ˳˜˨˱ˮˬ˨˜˭ˬ˲˯

˩˭ˬˮˢ˜˪˞˞˭ˬ˴ˮ˶˩˞˱˦˰˱ˢ˜

˞˲˱˹ˡˢ˪ˢ˭ˤˮˢ˙ˣˢ˦˱ˤ˪

˞˭˹ˡˬ˰ˤ˱ˤ˯˰˲˰˧ˢ˲˛˯

 ˁ˦˞˪˞˱ˬ˭ˬ˥ˢ˱˛˰ˢ˱ˢ˫˞˪˙˱˞˳˜˨˱ˮ˞

˞˧ˬ˨ˬ˲˥˛˰˱ˢ˱˞ˡ˺ˬ˭ˮ˻˱˞˟˛˩˞˱˞

˩ˢ˱ˤ˪˞˪˱˜˰˱ˮˬ˳ˤ˰ˢ˦ˮ˙

˃˭˞˪˞˨˙˟ˢ˱ˢ˱˞˟˛˩˞˱˞ˠ˦˞˹˨˞˱˞

˳˜˨˱ˮ˞˹˭ˬ˲ˢ˜˪˞˦˞˭˞ˮ˞˜˱ˤ˱ˬ

ΐλςηθίςΪρςίρεςνσ

τέιςονσΪλζοίθί

ΟΠΞΔΘΓΞΟΞΘΖΡΖ

ˑˬ˳˜˨˱ˮˬ˙˪˥ˮ˞˧˞ˢ˜˪˞˦˩ˤ

˭˨ˢ˪˹˩ˢ˪ˬ

ˁ˦˞˪˞˞˪˱˦˧˞˱˞˰˱˛˰ˢ˱ˢ˱ˬ˳˜˨˱ˮˬ

 ʿ˳˞˦ˮ˚˰˱ˢ˱˞˳˜˨˱ˮ˞˨˜˭ˬ˲˯˞˭˹˱ˤ

˰˲˰˧ˢ˲˛

ʿ˪˞˱ˮ˚˫˱ˢ˰˱ˤ˪ˢ˪˹˱ˤ˱˞mˈ˞˥˞ˮ˦˰˩˹˯

˱ˬ˲˳˜˨˱ˮˬ˲˨˜˭ˬ˲˯}˰ˢ˞˲˱˹˱ˬ

˧ˢ˳˙˨˞˦ˬ

 ˑˮ˞˟˛˫˱ˢ˱˦˯ˠ˨˶˱˱˜ˡˢ˯˭ˮˬ˯˱ˬ˧˙˱˶

˩˚ˮˬ˯˱ˬ˲˳˜˨˱ˮˬ˲

 ˁˢ˜ˮˢ˱ˢˢ˨˞˳ˮ˻˯˱ˬ˩˭ˮˬ˰˱˦˪˹˩˚ˮˬ˯

˱ˬ˲˳˜˨˱ˮˬ˲˭ˮˬ˯˱˞˧˙˱˶˧˞˦

˧˞˱˹˭˦˪˱ˮ˞˟˛˫˱ˢ

 ˁ˦˞˪˞ˢˠ˧˞˱˞˰˱˛˰ˢ˱ˢ˱ˬ˧˞˦˪ˬ˺ˮ˦ˬ

˳˜˨˱ˮˬˢ˧˱ˢ˨˚˰˱ˢ˱˞˜ˡ˦˞˟˛˩˞˱˞˩ˢ

˱ˤ˪˞˪˱˜˰˱ˮˬ˳ˤ˰ˢ˦ˮ˙

ːˢ˧˙˥ˢ˭ˢˮ˜˭˱˶˰ˤˢ˜˪˞˦˞˭˞ˮ˞˜˱ˤ˱ˬ˪˞

˞˪˱˦˧˞˥˦˰˱˙˱ˢ˱˞˳˜˨˱ˮ˞˱ˬ˲˨˙˴˦˰˱ˬ˪˧˙˥ˢ

˱˚˰˰ˢˮˢ˦˯˩˛˪ˢ˯

ΐλςηθίςΪρςίρεςνσ

ιίκξςάοί

˅˰˲˰˧ˢ˲˛˭˞ˮ˚˴ˢ˱˞˦˩ˢ˨˞˩˭˱˛ˮ˞/('

ʿ˲˱˹˱ˬˢ˫˙ˮ˱ˤ˩˞˩˭ˬˮˢ˜˪˞

˞˪˱˦˧˞˱˞˰˱˞˥ˢ˜˩˹˪ˬ˞˭˹˱ˢ˴˪˦˧˹ːˢ

˭ˢˮ˜˭˱˶˰ˤˬ˭ˬ˦˞˰ˡ˛˭ˬ˱ˢ˟˨˙˟ˤ˯

˃ˉˉ˅ˋˇˈʿ 

˞˪˞˱ˮ˚˫˱ˢ˰˱ˤ˪ˢ˪˹˱ˤ˱˞mː˚ˮ˟˦˯}˰˱ˬ

˧ˢ˳˙˨˞˦ˬmˍˡˤˠ˜ˢ˯ˠ˦˞˱ˤ˪˞˰˳˙˨ˢ˦˞}

ΟΔΠΘΑΐΚΚΞΜ΢ΘΙΐΗΔΛΐ΢ΐ

ʿ˪˞˧˲˧˨˻˰˱ˢ˱˞˲˨˦˧˙˭ˬ˲˳˚ˮˬ˲˪˱ˬ

˰˺˩˟ˬ˨ˬ ˑˬ˭ˬ˥ˢ˱˛˰˱ˢ˱˞˲˨˦˧˙

˰˲˰˧ˢ˲˞˰˜˞˯˰ˢ˧˞˱˙˨˨ˤ˨˞ˡˬ˴ˢ˜˞ˠ˦˞

˞˪˞˧˺˧˨˶˰ˤː˲˩˟˙˨ˢ˱ˢ˰˱ˤ˪˭ˮˬ˰˱˞˰˜˞

˱ˬ˲˭ˢˮ˦˟˙˨˨ˬ˪˱ˬ˯˧˞˦˱ˤ˯˞˪˥ˮ˻˭˦˪ˤ˯

˲ˠˢ˜˞˯˞˪˞˧˲˧˨˻˪ˬ˪˱˞˯˱˦˯˙˴ˮˤ˰˱ˢ˯

ˤ˨ˢ˧˱ˮ˦˧˚˯˧˞˦ˤ˨ˢ˧˱ˮˬ˪˦˧˚˯˰˲˰˧ˢ˲˚˯

ˊˤ˪˞˭ˬˮˮ˜˭˱ˢ˱ˢ˩ˢ˱˞ˬ˦˧˦˞˧˙

˞˭ˬˮˮ˜˩˩˞˱˞˰˲˰˧ˢ˲˚˯˭ˬ˲˳˚ˮˬ˲˪˱ˬ

˰˺˩˟ˬ˨ˬ ˃˭˦˰˱ˮ˚˵˱ˢ˱ˬ˭ˮˬ˷˹˪˰˱ˤ˪

˱ˬ˭˦˧˛˰˞˯˩ˬ˪˙ˡ˞˞˪˞˧˺˧˨˶˰ˤ˯˛

ˢ˭˦˧ˬ˦˪˶˪˛˰˱ˢ˩ˢ˱ˤˡˤ˩ˬ˱˦˧˛˞ˮ˴˛

ZZZDHJFRP

7$57$/20

%,=7216*,78'1,9$/.6=(0%(+(/<(=6

7(50./(56 

1$3,+$6=1/$7

32/667,6=776

$7./(7(69*(5('01<5'(.%(1

.¸V]¸QM¾NKRJ\H]WD]$(*N«V]¾O«NHWY£ODV]WRWWD7HUP«N¾QNJ\£UW£VDNRUHJ\

RO\DQEHUHQGH]«VWN¯Y£QWXQNPHJDONRWQLD]QV]£P£UDDPHO\NLIRJ£VWDODQ

WHOMHV¯WP«Q\WQ\¼MWKRVV]¼«YHNHQNHUHV]W¾ON¸V]¸QKHWēHQD]DONDOPD]RWW

LQQRYDW¯YWHFKQROµJL£NQDNDPHO\HND]«OHW«WMHOHQWēVHQPHJN¸QQ\¯WLNದ«V

DPHO\HNHWP£VN«V]¾O«NHNHQQHPWDO£OPHJ.«UM¾NV]£QMRQQ«K£Q\SHUFHWD]

¼WPXWDWµY«JLJROYDV£V£UDKRJ\DPD[LPXPRWKR]KDVVDNLN«V]¾O«N«EēO

/£WRJDVVRQHOZHEROGDOXQNUDD]DO£EELDN«UW

+DV]Q£ODWWDONDSFVRODWRVWDQ£FVRNSURVSHNWXVRNKLEDHOK£U¯W£VLV]HUYL]«V

MDY¯W£VLLQIRUP£FLµNN«U«VH

ZZZDHJFRPVXSSRUW

5HJLV]WU£OMDWHUP«N«WDP«JNLY£OµEEV]ROJ£OWDW£VRN«UW

ZZZUHJLVWHUDHJFRP

7DUWR]«NRNVHJ«GDQ\DJRN«VHUHGHWLDONDWU«V]HNY£V£UO£VDDN«V]¾O«NKH]

ZZZDHJFRPVKRS

*<)/6=2/*/$766=(59,=

0LQGLJHUHGHWLFVHUHDONDWU«V]HNHWKDV]Q£OMRQ

$PLNRUIHOYHV]LDNDSFVRODWRWDKLYDWDORVV]HUYL]N¸]SRQWWDOJRQGRVNRGMRQDUUµO

KRJ\DN¸YHWNH]ēDGDWRNN«]Q«OOHJ\HQHN7¯SXV31&WHUP«NV]£P

VRUR]DWV]£P

$]LQIRUP£FLµND]DGDWW£EO£QWDO£OKDWµN

)LJ\HOHP9LJ\£]DWದ%L]WRQV£JLLQIRUP£FLµN

OWDO£QRVLQIRUP£FLµN«VWDQ£FVRN

.¸UQ\H]HWY«GHOPLLQIRUP£FLµN

$Y£OWR]WDW£VRNMRJ£WIHQQWDUWMXN

0$*<$5 

%,=7216*,78'1,9$/.6=(0%(

+(/<(=6

),*<(/0(=7(76

$EL]WRQV£JL«V¾]HPEH

KHO\H]«VLWXGQLYDOµN«UW

ROYDVVDHODN¾O¸QPHOO«NHOW

]HPEHKHO\H]«VL

¼WPXWDWµW$N«V]¾O«N

E£UPHO\KDV]Q£ODWDYDJ\

NDUEDQWDUW£VDHOēWWDODSRVDQ

ROYDVVDHODEL]WRQV£JUD

YRQDWNR]µIHMH]HWHNHW

7(50./(56

$NH]HOēSDQHO£WWHNLQW«VH

1 2 3 4 5 6 7 8 9 10

)XQNFLµ /H¯U£V

%H.L $S£UDHOV]¯YµEH«VNLNDSFVRO£VD

(OVēVHEHVV«J $PRWRUD]HOVēVHEHVV«JIRNR]DWEDNDSFVRO

0£VRGLNVHEHVV«J $PRWRUDP£VRGLNVHEHVV«JIRNR]DWEDNDSFVRO

+DUPDGLNVHEHVV«J $PRWRUDKDUPDGLNVHEHVV«JIRNR]DWEDNDSFVRO

0D[LP£OLVVHEHVV«J $PRWRUDPD[LP£OLVVHEHVV«JIRNR]DWEDNDSFVRO

6HEHVV«JU£VHJ¯W«V

ERRVWIRNR]DW $PRWRUDPD[LP£OLVVHEHVV«JIRNR]DWEDNDSFVRO

SHUFHOWHOW«YHODN«V]¾O«NYLVV]DW«UD]HOē]ēEH£OO¯W£Vಣ

KR]

6]HOOē%UHH]HIRNR]DW $S£UDHOV]¯YµDOHJDODFVRQ\DEEVHEHVV«JIRNR]DWRQ

PĳN¸GLNSHUFXW£QDN«V]¾O«NNLNDSFVRO

6]ĳUēUHYRQDWNR]µILJ\HOಣ

PH]WHW«V $ILJ\HOPH]WHW«VHPO«NH]WHWDV]«QV]ĳUēFVHU«M«QHN

YDJ\WLV]W¯W£V£QDNYDODPLQWD]V¯UV]ĳUēWLV]W¯W£V£QDN

HVHG«NHVV«J«UH

+REt+RRG $S£UDHOV]¯YµWDIē]ēODSUµOYH]«UOēIXQNFLµYLVV]DMHO]ēಣ

MH

 /£PSD $I«Q\HNEH«VNLNDSFVRO£VD

ZZZDHJFRP

1$3,+$6=1/$7

$S£UDHOV]¯YµKDV]Q£ODWD

.HUHVVHPHJDMDYDVROW

VHEHVV«JIRNR]DWRWD]DO£EELW£EO£]DW

DODSM£Q

WHOIHOPHOHJ¯W«VHOHIHGHWWHG«Q\HNNHOYDOµIē]«V

)ē]«VW¸EEIē]ē]µQ£QYDJ\«JēQOHIHGHWWHG«Q\HNಣ

NHON¯P«OēV¾W«V]VLUDG«NEDQ

)RUUDO£V«VQDJ\PHQQ\LV«Jĳ«WHOV¾W«VH]VLUDG«Nಣ

EDQIHGēQ«ON¾OIē]«VW¸EEIē]ē]µQ£QYDJ\«JēQ

«V )RUUDO£V«VQDJ\PHQQ\LV«Jĳ«WHOV¾W«VH]VLUDG«Nಣ

EDQIHGēQ«ON¾OPDJDVS£UDWDUWDORP

$ODFVRQ\]DMV]LQWPHOOHWWIē]«VWN¸YHWēHQIHOIULVV¯WLD

NRQ\KDOHYHJēM«W$V]LPEµOXPPHJ«ULQW«V«YHOEH

«VNLNDSFVROKDWµ$IXQNFLµSHUFHOWHOW«YHODXWRಣ

PDWLNXVDQNLNDSFVRO&VDNDIē]«VEHIHMH]«VHXW£Q

KDV]Q£OMD

$Iē]«VXW£QMDYDVROWD

S£UDHOV]¯YµWWRY£EELNE

SHUFLJPĳN¸GQLKDJ\QL

$NH]HOēSDQHO

«U]«NHOēPH]ēNEēO£OO$

IXQNFLµNEHNDSFVRO£V£KR]

«ULQWVHPHJP£VRGSHUFUH

DV]LPEµOXPRNDW

$S£UDHOV]¯Yµ¾]HPHOWHW«VH

 .DSFVROMDEHDN«V]¾O«NHWD

V]LPEµOXPPHJQ\RP£V£YDO

(NNRUEHNDSFVROKDWMDDIXQNFLµNDW

 $IXQNFLµEHNDSFVRO£V£KR]«ULQWVH

PHJDV]LPEµOXPRW

 +DV]¾NV«JHVDIē]ēIHO¾OHW

PHJYLO£J¯W£V£KR]«ULQWVHPHJD

YLO£J¯W£VV]LPEµOXPRW $I«Q\HUē

PµGRV¯W£V£KR]LVP«W«ULQWVHPHJ«V

WDUWVDPHJ«ULQWYHDV]LPEµOXPRW

$N«V]¾O«NNLNDSFVRO£V£KR]Q\RPMDPHJ

LVP«WD V]LPEµOXPRW

+REt+RRGIXQNFLµ

(]HJ\DXWRPDWLNXVIXQNFLµPHO\D

Iē]ēODSRW¸VV]HNDSFVROMDD

S£UDHOV]¯YµYDO$Iē]ēODS«VD

S£UDHOV]¯YµLVLQIUDY¸U¸VMHOHNNHO

NRPPXQLN£O$YHQWLO£WRUVHEHVV«J«WD

N«V]¾O«NDXWRPDWLNXVDQKDW£UR]]DPHJ

DEH£OO¯WRWW¾]HPPµG«VDIē]ēODSRQOHYē

OHJPHOHJHEEIē]ēHG«Q\DODSM£Q$

YHQWLO£WRUN«]]HOLVLU£Q\¯WKDWµD

Iē]ēODSUµO$IXQNFLµDIē]ēODS

NH]HOēSDQHOM«UēONDSFVROKDWµEH

$IXQNFLµKDV]Q£ODW£UD

YRQDWNR]µWRY£EEL

W£M«NR]WDW£V«UWODSR]]DIHOD

Iē]ēODSKDV]Q£ODWL

XWDV¯W£V£W

0D[LP£OLVPRWRUVHEHVV«J

EHNDSFVRO£VD

+DPHJ«ULQWLD JRPERWDPD[LP£OLV

PRWRUVHEHVV«JSHUFLJPĳN¸GLN$]LGē

OHWHOWHXW£QDN«V]¾O«NYLVV]DW«UD]HOē]ē

VHEHVV«JEH£OO¯W£VKR]

0$*<$5 

$PLNRUDIXQNFLµEHYDQ

NDSFVROYDD WRY£EEL

PHJ«ULQW«VHQLQFV

VHPPLO\HQKDW£VVDO

6]ƲUēUHYRQDWNR]µ

ILJ\HOPH]WHW«V

$V]ĳUēUHYRQDWNR]µILJ\HOPH]WHW«V

HPO«NH]WHWDV]«QV]ĳUēFVHU«M«QHNYDJ\

WLV]W¯W£V£QDNYDODPLQWD]V¯UV]ĳUē

WLV]W¯W£V£QDNHVHG«NHVV«J«UH$

V]ĳUēYLVV]DMHO]ēP£VRGSHUFLJ

V]¯QQHOYLO£J¯WKDD]V¯UV]ĳUēWLV]W¯W£VD

V]¾NV«JHV$ V]ĳUēYLVV]DMHO]ē

P£VRGSHUFLJV]¯QQHOYLOORJKDD

V]«QV]ĳUēFVHU«MHYDJ\WLV]W¯W£VD

V]¾NV«JHV

2OYDVVDHOD]V¯UV]ĳUē

WLV]W¯W£V£UDYRQDWNR]µ

V]DNDV]WD]SRO£V«V

WLV]W¯W£VFIHMH]HWEHQ

2OYDVVDHODV]«QV]ĳUē

WLV]W¯W£V£UDYDJ\FVHU«M«UH

YRQDWNR]µV]DNDV]WD]

SRO£V«VWLV]W¯W£VF

IHMH]HWEHQ

$IXQNFLµQXOO£]£V£KR]«ULQWVHPHJD

JRPERWP£VRGSHUFLJ

)XQNFLµDNWLY£O£V£KR]YDJ\

GHDNWLY£O£V£KR]

 .DSFVROMDEHDNH]HOēSDQHOW

 *\ē]ēGM¸QPHJUµODKRJ\D]LNRQRN

IHK«UUHY£OWDQDN

 $IXQNFLµEHNDSFVRO£V£KR]«ULQWVH

PHJD JRPERWP£VRGSHUFLJ

$IXQNFLµDNWLY£O£VDNRUDV]ĳUēLNRQ

¸WDONDORPPDOIHOYLOODQV]¯QQHO

 $IXQNFLµNLNDSFVRO£V£KR]«ULQWVH

PHJD JRPERWP£VRGSHUFLJ

$IXQNFLµGHDNWLY£O£VDNRUDV]ĳUēLNRQ

K£URPDONDORPPDOIHOYLOODQV]¯QQHO

32/667,6=776

7LV]W¯W£VVDONDSFVRODWRVPHJMHJ\]«VHN

7LV]W¯WµV]HUHN

1HKDV]Q£OMRQG¸U]V¸OēKDW£V¼WLV]W¯WµV]HUW«VV¼UROµNHI«W

$N«V]¾O«NIHO¾OHW«WPHOHJYL]HV«VHQ\KHPRVRJDWµV]HUHVSXKDUXK£ಣ

YDOWLV]W¯WVDPHJ

)ē]«VXW£QDN«V]¾O«NHJ\HVU«V]HLIRUUµY£Y£OKDWQDN$]HOV]HQQ\H]ēಣ

G«VPHJDNDG£O\R]£V£UDKĳWVHOHDN«V]¾O«NHWPDMGV]£U¯WVDPHJWLV]ಣ

WDNHQGēYHOYDJ\SDS¯UW¸UOēYHO

$V]HQQ\H]ēG«VHNHWHQ\KHPRVRJDWµV]HUUHOW£YRO¯WVDHO

7DUWVDWLV]W£QD

S£UDHOV]¯YµW

$N«V]¾O«NHW«VD]V¯UV]ĳUēNHWKDYRQWDWLV]W¯WVD$N«V]¾O«NEHOVHM«W«V

D]V¯UV]ĳUēNHWN¸U¾OWHNLQWēHQWLV]W¯WVDPHJD]VLUDG«NWµO$OHUDNµGRWW

]V¯UYDJ\HJ\«EPDUDGY£Q\W¾]HWRNR]KDW

.¸YHVVHDWDUWR]«NRNWLV]W¯W£V£YDONDSFVRODWRVXWDV¯W£VRNDWKDDV]ĳಣ

UēUHYRQDWNR]µILJ\HOPH]WHW«VPHJMHOHQLN2OYDVVDHOD6]ĳUēUHYRQDWಣ

NR]µILJ\HOPH]WHW«VFV]DNDV]WD1DSLKDV]Q£ODWF¯PĳIHMH]HWEHQ

$]V¯UV]ĳUēNPRVRJDWµJ«SEHQWLV]W¯WKDWµN

$PRVRJDWµJ«SHQDODFVRQ\KēP«UV«NOHWHW«VU¸YLGFLNOXVW£OO¯WVRQEH

$]V¯UV]ĳUēHOV]¯QH]ēGKHWD]RQEDQH]QHPEHIRO\£VROMDDN«V]¾O«NWHOಣ

MHV¯WP«Q\«W

ZZZDHJFRP

6]«QV]ƲUē

$V]«QV]ĳUēWHO¯WēG«V«QHNLGēWDUWDPDDIē]«VPµGM£WµO«VD]V¯UV]ĳUē

WLV]W¯W£V£QDNJ\DNRULV£J£WµOI¾JJ$]DNW¯YV]HQHVV]«QV]ĳUēQHPPRVಣ

KDWµ«VQHPUHJHQHU£OKDWµ«VNEKDYLPĳN¸G«VXW£QYDJ\NLY«WHಣ

OHVHQVĳUĳKDV]Q£ODWHVHW«QP«JJ\DNUDEEDQNHOOFVHU«OQL

$]V¯UV]ƲUēWLV]W¯W£VD

$V]ĳUēNHWD]HOOHQNH]ēROGDORQNDSFVRN

«VS£OF£NWDUWM£NDKHO\¾N¸Q

$V]ƲUēWLV]W¯W£VD

 $]ROGDODNQ£OWDUWVDPHJDSDQHOW

PDMGWROMDYLVV]D

 .LVV«ELOOHQWVHOHDV]ĳUēHOHM«W

PDMGK¼]]DNL

/HJ\HQµYDWRV$V]ĳUēW

O£QFY«GLDY«OHWOHQ

OHHV«VWēO$V]ĳUēN

WLV]W¯W£VDHOēWWV]HUHOMHOH

DO£QFRNDW

 6]HUHOMHV]«WDV]ĳUēWDWHWHM«QOHYē

FVDYDURNHOW£YRO¯W£V£YDO

 7LV]W¯WVDPHJDV]ĳUēNHWHJ\

V]LYDFFVDO«VQHPV¼UROµ

WLV]W¯WµV]HUUHOYDJ\KDV]Q£OMRQ

PRVRJDWµJ«SHW

$PRVRJDWµJ«SHQDODFVRQ\

KēP«UV«NOHWHW«VU¸YLG

FLNOXVW£OO¯WVRQEH$

]V¯UV]ĳUēHOV]¯QH]ēGKHW

D]RQEDQH]QHP

EHIRO\£VROMDDN«V]¾O«N

WHOMHV¯WP«Q\«W

 $V]ĳUēNYLVV]DV]HUHO«V«KH]IRUG¯WRWW

VRUUHQGEHQY«JH]]HHOD]HOVēN«W

O«S«VW

$PHQQ\LEHQV]¾NV«JHVLVP«WHOMHPHJD

O«S«VHNHWD]¸VV]HVV]ĳUēQ«O

$V]«QV]ƲUēFVHU«MH

),*<(/0(=7(76

$V]«QV]ĳUēQHPPRVKDWµ

$V]ĳUēFVHU«MH

 7£YRO¯WVDHOD]V¯UV]ĳUēNHWD

N«V]¾O«NEēO

/£VGಱ$]V¯UV]ĳUēWLV]W¯W£VDರFV]DNDV]W

DMHOHQIHMH]HWEHQ

 +¼]]DDI¾OHNHWDV]ĳUēDOVµU«V]H

IHO«

 .LVV«ELOOHQWVHOHDV]ĳUēHOHM«WOHIHO«

PDMGK¼]]DNL

 $]¼MV]ĳUēEHV]HUHO«V«KH]IRUG¯WRWW

VRUUHQGEHQY«JH]]HHOXJ\DQH]HNHW

DO«S«VHNHW

$V]ĳUēNFVHU«MHPLQGHQHVHWEHQ

OHJDO£EEQ«J\KDYRQWDV]¾NV«JHV

$V¾WēO£PSDFVHU«MH

$N«V]¾O«N/('O£PS£YDOUHQGHONH]LN

(]WD]DONDWU«V]WNL]£UµODJV]DNHPEHU

0$*<$5 

FVHU«OKHWLNL+LE£VPĳN¸G«VHVHW«Q

ROYDVVDHODಱ6]HUYL]ರF¯PĳV]DNDV]WD

ಱ%L]WRQV£JLXWDV¯W£VRNರFIHMH]HWEHQ

.51<(=(79'(/0,78'1,9$/.

$ N¸YHWNH]ēMHO]«VVHOHOO£WRWW

DQ\DJRNDWKDV]QRV¯WVD¼MUD

MUDKDV]QRV¯W£VKR]WHJ\HDPHJIHOHOē

NRQW«QHUHNEHDFVRPDJRO£VW-£UXOMRQ

KR]]£N¸UQ\H]HW¾QN«VHJ«V]V«J¾QN

Y«GHOP«KH]«VKDV]QRV¯WVD¼MUDD]

HOHNWURPRV«VHOHNWURQLNXVKXOODG«NRW$

WLOWµV]LPEµOXPPDOHOO£WRWWN«V]¾O«NHW

QHGREMDDK£]WDUW£VLKXOODG«NN¸]«

-XWWDVVDHODN«V]¾O«NHWDKHO\L

¼MUDKDV]QRV¯WµWHOHSUHYDJ\O«SMHQ

NDSFVRODWEDDKXOODG«NNH]HO«V«UWIHOHOēV

KLYDWDOODO

ZZZDHJFRP

,1',&(

,1)250$=,21,68//$6,&85(==$(/ಬ,167$//$=,21(

'(6&5,=,21('(/352'2772

87,/,==24827,',$12 

38/,=,$(&85$

3(55,68/7$7,3(5)(77,

*UD]LHSHUDYHUVFHOWRGLDFTXLVWDUHTXHVWRSURGRWWR$(*/RDEELDPRFUHDWRSHU

IRUQLUYLSUHVWD]LRQLLPSHFFDELOLSHUPROWLDQQLJUD]LHDWHFQRORJLHLQQRYDWLYHFKH

YLVHPSOLILFKHUDQQRODYLWDIXQ]LRQLFKHQRQWURYHUHWHVXOOHQRUPDOL

DSSDUHFFKLDWXUH9LLQYLWLDPRGLGHGLFDUHTXDOFKHPLQXWRDOODOHWWXUDSHUVDSHUH

FRPHWUDUUHLOPDVVLPRGDOYRVWURHOHWWURGRPHVWLFR

9LVLWDWHLOQRVWURVLWRZHESHU

5LFHYHUHFRQVLJOLVFDULFDUHLQRVWULRSXVFROLHOLPLQDUHHYHQWXDOLDQRPDOLH

RWWHQHUHLQIRUPD]LRQLVXOODVVLVWHQ]DHODULSDUD]LRQH

ZZZDHJFRPVXSSRUW

3HUUHJLVWUDUHLOYRVWURSURGRWWRHULFHYHUHXQVHUYL]LRPLJOLRUH

ZZZUHJLVWHUDHJFRP

$FTXLVWDUHDFFHVVRULPDWHULDOLGLFRQVXPRHULFDPELRULJLQDOLSHUODYRVWUD

DSSDUHFFKLDWXUD

ZZZDHJFRPVKRS

$66,67(1=$&/,(17,($66,67(1=$7(&1,&$

&RQVLJOLDPRVHPSUHOಬLPSLHJRGLULFDPELRULJLQDOL

4XDQGRVLFRQWDWWDLOQRVWUR&HQWURGL$VVLVWHQ]D$XWRUL]]DWRDFFHUWDUVLGLDYHUH

DGLVSRVL]LRQHLGDWLVHJXHQWL0RGHOORQXPHURGHOOಬDSSDUHFFKLR31&QXPHUR

GLVHULH

/HLQIRUPD]LRQLVRQRULSRUWDWHVXOODWDUJKHWWDLGHQWLILFDWLYD

$YYHUWHQ]D$WWHQ]LRQH,PSRUWDQWL,QIRUPD]LRQLSHUODVLFXUH]]D

,QIRUPD]LRQLJHQHUDOLHVXJJHULPHQWL

,QIRUPD]LRQLDPELHQWDOL

&RQULVHUYDGLPRGLILFKH

,7$/,$12 

,1)250$=,21,68//$6,&85(==$(

/ൄ,167$//$=,21(

$99(57(1=$

3HUOHLQIRUPD]LRQLVXOOD

VLFXUH]]DHOLQVWDOOD]LRQH

IDUHULIHULPHQWRDOOHLVWUX]LRQL

GLLQVWDOOD]LRQHVHSDUDWH

/HJJHUHDWWHQWDPHQWHL

FDSLWROLVXOODVLFXUH]]DSULPD

GLTXDOVLDVLXWLOL]]RR

PDQXWHQ]LRQH

GHOODSSDUHFFKLR

'(6&5,=,21('(/352'2772

3DQRUDPLFDGHOSDQQHOORGLFRQWUROOR

1 2 3 4 5 6 7 8 9 10

)XQ]LRQH 'HVFUL]LRQH

2Q2II $FFHQGHHVSHJQHODFDSSD

3ULPDYHORFLW¢ ,OPRWRUHSDVVDDOSULPROLYHOORGLYHORFLW¢

6HFRQGDYHORFLW¢ ,OPRWRUHSDVVDDOVHFRQGROLYHOORGLYHORFLW¢

7HU]DYHORFLW¢ ,OPRWRUHSDVVDDOWHU]ROLYHOORGLYHORFLW¢

9HORFLW¢PDVVLPD ,OPRWRUHSDVVDDOOLYHOORGLYHORFLW¢PDVVLPR

$XPHQWRUDSLGR ,OPRWRUHSDVVDDOOLYHOORGLYHORFLW¢PDVVLPR'RSR

PLQXWLOಬDSSDUHFFKLDWXUDULWRUQDDOOHLPSRVWD]LRQLSUHFHಣ

GHQWL

%UHH]H /DFDSSDIXQ]LRQDDOODYHORFLW¢SL»EDVVD'RSRPLಣ

QXWLOಬDSSDUHFFKLDWXUDVLVSHJQH

1RWLILFDGHOILOWUR 5LFRUGDGLFDPELDUHRSXOLUHLOILOWURFDUERQHHSXOLUHLO

ILOWURDQWLJUDVVR

+REt+RRG 6SLDGHOODIXQ]LRQHGLFRQWUROORGHOODFDSSDGDOSLDQR

FRWWXUD

 /DPSDGLQD $FFHQGHHVSHJQHOHOXFL

ZZZDHJFRP

87,/,==24827,',$12

8VRGHOODFDSSD

&RQWUROODUHODYHORFLW¢FRQVLJOLDWDLQEDVH

DOODVHJXHQWHWDEHOOD

'XUDQWHLOULVFDOGDPHQWRGHOFLERFXFLQDUHFRQSHQಣ

WROHFRSHUWH

0HQWUHVLFXRFHFRQSHQWROHFRSHUWHVXSL»]RQHGL

FRWWXUDREUXFLDWRULIULJJHUHGHOLFDWDPHQWH

0HQWUHYHQJRQREROOLWHRIULWWHJUDQGLTXDQWLW¢GLFLER

VHQ]DFRSHUFKLRFXRFHQGRVXSL»]RQHGLFRWWXUDR

EUXFLDWRUL

H 0HQWUHYHQJRQREROOLWHJUDQGLTXDQWLW¢GLFLERVHQ]D

XQFRSHUFKLRHOHYDWDXPLGLW¢

5LQIUHVFDOಬDULDLQFXFLQDGRSRODFRWWXUDDXQOLYHOOR

GLUXPRURVLW¢PROWREDVVR3X´HVVHUHDWWLYDWDHGLಣ

VDWWLYDWDWRFFDQGRLOVLPEROR/DIXQ]LRQHVLGLVDWWLYD

DXWRPDWLFDPHQWHGRSRPLQXWL8WLOL]]DUHVRORGRಣ

SRODFRWWXUD

6LFRQVLJOLDGLODVFLDUHOD

FDSSDLQIXQ]LRQHSHUFLUFD

PLQXWLGRSRODFRWWXUD

,OSDQQHOORGLFRQWUROORªXQ

FDPSRVHQVRUH7RFFDUHL

VLPEROLSHUVHFRQGRSHU

DWWLYDUHOHIXQ]LRQL

3HUIDUIXQ]LRQDUHODFDSSD

 $FFHQGHUHOಬDSSDUHFFKLDWXUD

SUHPHQGRLOVLPEROR 

RUDSRVVLELOHDWWLYDUHOHIXQ]LRQL

 3HUDWWLYDUHODIXQ]LRQHWRFFDUHLO

VLPEROR

 6HQHFHVVDULRWRFFDUHLOVLPEROR

VSLD SHULOOXPLQDUHODVXSHUILFLHGL

FRWWXUD3HUPRGLILFDUHOಬLQWHQVLW¢

GHOODOXFHWRFFDUHHWHQHUH

QXRYDPHQWHSUHPXWRLOVLPEROR

3HUVSHJQHUHOಬDSSDUHFFKLDWXUDSUHPHUH

QXRYDPHQWHLOVLPEROR 

+REt+RRGIXQ]LRQH

XQDIXQ]LRQHDXWRPDWLFDFKHFROOHJDLO

SLDQRGLFRWWXUDDXQDFDSSD6LDLOSLDQR

GLFRWWXUDFKHODFDSSDGLVSRQJRQRGLXQ

FRPXQLFDWRUHGLVHJQDOHDLQIUDURVVL/D

YHORFLW¢GHOODYHQWRODYLHQHGHILQLWD

DXWRPDWLFDPHQWHVXOODEDVHGHOOH

LPSRVWD]LRQLGHOODPRGDOLW¢HGHOOD

WHPSHUDWXUDGHOODSHQWRODSL»FDOGDVXO

SLDQRGLFRWWXUDDQFKHSRVVLELOH

PHWWHUHLQIXQ]LRQHODYHQWRODXVDQGRLO

SLDQRGLFRWWXUDPDQXDOPHQWH/D

IXQ]LRQHSX´HVVHUHDWWLYDWDGDOSDQQHOOR

GHOSLDQRGLFRWWXUD

3HUXOWHULRULLQIRUPD]LRQLVX

FRPHXWLOL]]DUHODIXQ]LRQH

FRQVXOWDUHLOPDQXDOHXWHQWH

GHOSLDQRGLFRWWXUD

$WWLYD]LRQHPRWRUH

YHORFLW¢PDVVLPD

4XDQGRVLVILRUD ODYHORFLW¢PDVVLPD

GHOPRWRUHLQL]LDDIXQ]LRQDUHSHU

PLQXWL6XFFHVVLYDPHQWH

ODSSDUHFFKLDWXUDWRUQDDOOLPSRVWD]LRQH

GLYHORFLW¢SUHFHGHQWH

,7$/,$12 

4XDQGRODIXQ]LRQHªDWWLYD

XQXOWHULRUHVILRUDPHQWRGL

QRQFRPSRUWDQHVVXQ

HIIHWWR

1RWLILFDGHOILOWUR

/ಬDOODUPHILOWURULFRUGDGLFDPELDUHR

SXOLUHLOILOWURFDUERQHHSXOLUHLOILOWUR

DQWLJUDVVR/ಬLQGLFDWRUHILOWUR VL

DFFHQGHSHUVHFRQGLVHªQHFHVVDULR

SXOLUHLOILOWURDQWLJUDVVR/ಬLQGLFDWRUHGHO

ILOWUR ODPSHJJLDSHUVHFRQGLVHLO

ILOWURDOFDUERQHGHYHHVVHUHVRVWLWXLWRR

SXOLWR

)DUHULIHULPHQWRDOFDSLWROR

VXOODSXOL]LDGHOILOWURDQWL

JUDVVRQHOFDSLWRORVXOOD

FXUDHODSXOL]LD

)DUHULIHULPHQWRDOODSXOL]LD

GHOILOWURDFDUERQHDWWLYRR

DOODVRVWLWX]LRQHGHOILOWURDO

FDUERQHDWWLYRQHOFDSLWROR

VXOODFXUDHODSXOL]LD

3HUULSULVWLQDUHODIXQ]LRQHVILRUDUH

SHUVHFRQGL

3HUDWWLYDUHRGLVDWWLYDUHODIXQ]LRQH

 $FFHQGHUHLOSDQQHOORGHLFRPDQGL

 9HULILFDUHFKHOHLFRQHVLDQR

GLYHQWDWHGLFRORUHELDQFR

 3HUDWWLYDUHODIXQ]LRQHVILRUDUH

SHUVHFRQGL

6HODIXQ]LRQHªDWWLYDOಬLFRQDGHOILOWUR

ODPSHJJLDFLQTXHYROWH

 3HUGLVDWWLYDUHODIXQ]LRQHVILRUDUH

SHUVHFRQGL

6HODIXQ]LRQHªGLVDWWLYDWDOಬLFRQDILOWUR

ODPSHJJLDWUHYROWH

38/,=,$(&85$

1RWHVXOODSXOL]LD

$JHQWLGLSXOL഻

]LD

1RQXWLOL]]DUHGHWHUJHQWLHVSD]]ROHDEUDVLYH

3XOLUHODVXSHUILFLHGHOOಬDSSDUHFFKLDWXUDFRQXQSDQQRPRUELGRLPEHYXಣ

WRGLDFTXDWLHSLGDHGHWHUJHQWHGHOLFDWR

'RSRODFRWWXUDDOFXQHSDUWLGHOODSSDUHFFKLRSRVVRQRVXUULVFDOGDUVL

3HUHYLWDUHPDFFKLHODSSDUHFFKLRGHYHHVVHUHUDIIUHGGDWRHDVFLXJDWR

FRQXQSDQQRSXOLWRRXQWRYDJOLRORGLFDUWD

3XOLUHOHPDFFKLHFRQXQGHWHUJHQWHGHOLFDWR

7HQHWHEHQSX഻

OLWDODFDSSD

3XOLUHODSSDUHFFKLRHLILOWULGHOJUDVVRRJQLPHVH3XOLUHDFFXUDWDPHQWH

OLQWHUQRHLILOWULDQWLJUDVVR/DFFXPXORGLJUDVVRRGLDOWULUHVLGXLSRಣ

WUHEEHFDXVDUHXQLQFHQGLR

6HJXLUHOHLVWUX]LRQLSHUODSXOL]LDGHJOLDFFHVVRULTXDQGRODQRWLILFDILOಣ

WURªDWWLYD)DUHULIHULPHQWRDOODQRWLILFDGHOILOWURQHOFDSLWRORVXOOXVR

TXRWLGLDQR

,ILOWULDQWLJUDVVRSRVVRQRHVVHUHODYDWLDQFKHQHOODODYDVWRYLJOLH

/DODYDVWRYLJOLHGHYHHVVHUHLPSRVWDWDVXXQDWHPSHUDWXUDEDVVDHXQ

FLFOREUHYH,OILOWURDQWLJUDVVRSRWUHEEHVFRORULUHQRQLQIOXLVFHLQDOFXQ

PRGRVXOOHSUHVWD]LRQLGHOODSSDUHFFKLDWXUD

ZZZDHJFRP

)LOWURDOFDUER഻

,OWHPSRGLVDWXUD]LRQHGHOILOWURDOFDUERQHDWWLYRYDULDDVHFRQGDGHO

WLSRGLFRWWXUDHGHOODUHJRODULW¢GLSXOL]LDGHOILOWURDQWLJUDVVR,OILOWURD

FDUERQHDWWLYRQRQªODYDELOHQRQSX´HVVHUHULJHQHUDWRHGHYHHVVHUH

VRVWLWXLWRDSSURVVLPDWLYDPHQWHRJQLPHVLGLIXQ]LRQDPHQWRRSL»

IUHTXHQWHPHQWHSHUXQXVRSDUWLFRODUPHQWHLQWHQVR

3XOL]LDGHOILOWUR

DQWLJUDVVR

,ILOWULVRQRPRQWDWLFRQOಬXVRGLFOLSH

SHUQLVXOODWRRSSRVWR

3HUSXOLUHLOILOWUR

 7HQHUHLOSDQQHOORVXLODWLHSUHPHUOR

DOOಬLQWHUQR

 ,QFOLQDUHOHJJHUPHQWHODSDUWH

DQWHULRUHGHOILOWURYHUVRLOEDVVR

TXLQGLWLUDUH

)DUHDWWHQ]LRQH,OILOWURª

SURWHWWRGDXQDFDWHQDLQ

FDVRGLFROODVVR

DFFLGHQWDOH6PRQWDUHOH

FDWHQHSULPDGLSXOLUHL

ILOWUL

 6PRQWDUHLOILOWURULPXRYHQGROHYLWL

VXOODSDUWHVXSHULRUHGHOILOWUR

 3XOLUHLILOWULFRQXQDVSXJQDFRQ

GHWHUJHQWLQRQDEUDVLYLRLQ

ODYDVWRYLJOLH

/DODYDVWRYLJOLHGHYHHVVHUH

LPSRVWDWDVXXQD

WHPSHUDWXUDEDVVDHXQFLFOR

EUHYH,OILOWURDQWLJUDVVR

SRWUHEEHVFRORULUHQRQ

LQIOXLVFHLQDOFXQPRGRVXOOH

SUHVWD]LRQL

GHOOಬDSSDUHFFKLDWXUD

 3HUPRQWDUHLILOWULHVHJXLUHLSULPL

GXHSDVVDJJLQHOORUGLQHLQYHUVR

5LSHWHUHLSDVVDJJLSHUWXWWLLILOWULRYH

DSSOLFDELOH

6RVWLWX]LRQHGHOILOWUR

FDUERQH

$99(57(1=$

,OILOWURDOFDUERQHDWWLYRQRQ

ªODYDELOH

3HUVRVWLWXLUHLOILOWUR

 5LPXRYHUHLILOWULDQWLJUDVVR

GDOODSSDUHFFKLDWXUD

5LPDQGLDPRDOODVH]LRQH3XOL]LDGHO

ILOWURDQWLJUDVVRLQTXHVWRFDSLWROR

 7LUDUHOHDOHWWHYHUVRODSDUWH

SRVWHULRUHGHOILOWUR

 ,QFOLQDUHOHJJHUPHQWHODSDUWH

DQWHULRUHGHOILOWURYHUVRLOEDVVR

TXLQGLWLUDUH

 3HULQVWDOODUHXQQXRYRILOWUR

HVHJXLUHJOLVWHVVLSDVVDJJL

QHOORUGLQHLQYHUVR

,QRJQLFDVRªQHFHVVDULRVRVWLWXLUHLILOWUL

DOPHQRRJQLTXDWWURPHVL

,7$/,$12 

6RVWLWX]LRQHGHOOD

ODPSDGLQD

/DSSDUHFFKLDWXUDªSURYYLVWDGLXQD

ODPSDGLQD/('4XHVWDFRPSRQHQWH

SX´HVVHUHVRVWLWXLWDXQLFDPHQWHGDXQ

WHFQLFR,QFDVRGLDQRPDOLHGL

IXQ]LRQDPHQWRULPDQGLDPRD

$VVLVWHQ]DQHOFDSLWRORGHGLFDWRDOOH

,VWUX]LRQLGLVLFXUH]]D

&216,'(5$=,21,68//$0%,(17(

5LFLFODUHLPDWHULDOLFRQLOVLPEROR 

%XWWDUHOLPEDOODJJLRQHJOLDSSRVLWL

FRQWHQLWRULSHULOULFLFODJJLR$LXWDUHD

SURWHJJHUHOಬDPELHQWHHODVDOXWHXPDQD

HDULFLFODUHULILXWLGHULYDQWLGD

DSSDUHFFKLDWXUHHOHWWULFKHHG

HOHWWURQLFKH1RQVPDOWLUHOH

DSSDUHFFKLDWXUHFKHULSRUWDQRLOVLPEROR

LQVLHPHDLQRUPDOLULILXWLGRPHVWLFL

3RUWDUHLOSURGRWWRDOSXQWRGLULFLFODJJLR

SL»YLFLQRRFRQWDWWDUHLOFRPXQHGL

UHVLGHQ]D

ZZZDHJFRP

ЕЉАЕҨЖФ

Φ̶̸̧̺̞̞̮̫̞̱̱̬̭ϝ̴̬̵̷̴̧̹̺Ξ̧̷̴̧̧̲Ξ̴̧̧Φ̶̷̧̧̹

̨μ̰̳͂̸̶̸̧̧̧̯̹̹̳͂ 

ϝ̷̱κ̴̫̞̱Φ̵̴̧̲̫̺ 

̱κ̹̺̴̴̳̬̬̧̧̧̹̮̲̺

ЕϿЖКϿАЖӏЛБЏЎДЎЙЉДМҦСϿЖ

̵͘͢$(*Ϯ͔͓͔ͬͬ͙͇ί͇͋Ο͇͔͢ί͎͢Ο͇͇͗Χ͓͙͌̨͎ͬ͕͔͢͎ͬ͊͌͘͑Ϯ͖͍͇͒͋͗͢Ο͇͓͔͎ͬͬ͘

Ϯ͔͓͙ͬ͋ͬ͒ͬ͑ͬ͈͚͌͗λ͔ͬ͟͍͇͇͋͘͢Χ̯͔͔͕͉͇͝͏ͦ͒͢Χ͙͔͕͕͌͒͊͜͏͇ͦ͒͗Ϯ͓ͬ͗͋ͬ

͍͌ί͙ͬ͒͋͌͌͋ͬ̳ν͔͇͋͐͓λ͓͔͙͑ͬ͋ͬ͑͌͗͋ͬ͑Ϟ͓͋ͬ͊ͬΧν͗͒͢Ο͇͇͒͗͋͢͙͇͈͇͇͓͇͎͒͐͘͢

̵͔͢ί͇͙͗͢Χ͒͟͢͢Χ͙͇͔͗͢͈͇͔͇͗͢͟͖͇͇͇͔͚͐͋͒λ͔ͬ͟͈͔ͬ͗͌͌͟͓͏͔͚͙

͍ν͓͇͚͘͢ί͎͋͢͢͘ν͇͓͎͗͐͢

̳͔͇͚͢λ͔ͬ͟͉͈͌͇͙͓͎͐͘͢͢Ο͇͑ͬ͗ͬί͎ͬ

̶͇͇͇͔͚͐͋͒͙͚͇͗͒͢͇Χ͖͇͇͙͙͗͢͙͇͖͇͇͑ͬ͒͗͋͟͢͇Χ͇͚͒͢Χ͙͢͍͕ͥΧν͇͗͒͢

Χ͎͓͙͌͢͑Ϯ͙͚͗͌͘͍Ϟ͔͌͍Ϯ͔͚͋͌͙͚͇͗͒͢͇Χ͖͇͇͙͙͗͢͓͔͇͢͍͔͌͗͋͌͇͒͢ί͎͢

ZZZDHJUXVXSSRUW

̭͇Χ͇͗͘͢ΧΧ͎͓͙͌͢͇͚͒λ͔ͬ͟Ϯ͔͓ͬͬί͎ͬ͋ͬ͙ͬ͗͑͌ί͎ͬ

ZZZUHJLVWHUHOHFWUROX[FRP

Φν͗͒͢Ο͢ί͎͢λ͔ͬ͟͇͚͇͇͑͌͗͒͗͋͘͘͘͢͟͢Ο͔͢͓͇͙͌͗͏͇͇͔͒͋͗͢͍Ϟ͔͌Χ͕͇͒͘Χ͢

͈Ϯ͙͒͌͑͌͗͋ͬ͟͇͙͖͘͢͇͒͢ί͎͢

ZZZSDUWUX

ЛҨЛФЖМСФДЉЙҊЉҒЗДЍЉМЏӏЖЎҒФАЕЎЛ

ГӟЙКЎЛМ

ϝ͗Χ͇͇͔͟͙λ͖͔ν͘Χ͇͒͢ΧΧ͕͇͒͘Χ͢͈Ϯ͙͒͌͑͌͗͋ͬ͟͖͇͇͇͔͐͋͒͢ί͎͢

ϭ͙͙͑ͬ͒͌ͬΧ͎͓͙͌͢͑Ϯ͙͚͗͌͘͕͙͇͗͒͢Ο͓͎͢͢Ο͇͇͈͇͇͗͒͘͜Χ͇͔͇͋͓͔͇͢͙͋͌͗͌͑͌͗͋ͬί

͈͕͚͔͒͢Χ͇͓͙͇͓͇͎͘͢͙͌ͬί͎ͬκ͒͊ͬ31&͌͗͘͏ͦ͒͢Χ͔Ϯ͓ͬ͗

̨ν͒͇Χ͖͇͇͙͙͗͢͙͔͌͜͏͇͑͒͢Χ͙͋͌͗͌͑͌͗͙͇Χ͙͇͇͔͇͔͐͘͟͢͙͇͈͚Ο͇͈͕͇͒͋͢

̬͙͚͑͌͗͘͇͘Χ͙͢ΧΧ͇͚͖͎ͬͬ͋ͬ͑͘͙͚͇͗͒͢͇Χ͖͇͇͙͗

̭͇͖͒͢͇Χ͖͇͇͙͗͖͔͌͑͌ί͙͌͌͗͘

Φ͕͇͗͟Ο͇͔͕͙͇͗͙͚͇͗͒͢͇Χ͖͇͇͙͗

ϭ͔͚͋ͬ͗ͬ͟͙͚͎͌͑͌͗ͬ͘͘Ϯ͎͊͌͗ͬ͘͔͎͚͌͊ͬΧνΧ͢Ο͔͇͢͏͌

Φ̧̧̮Φ 

ҒЉМϿИКϿАЍϿГГЎЏӏЖЎЗЙЖЉЛМҊЉЉЙЖЉДҊЉЖ

ЉҒИЉЙЉЛ

ЎКГЎЙЛМ

Φ͇͚͖͎ͬͬ͋ͬ͑͑͌͘͍Ϟ͔͌͕͔͇͙͚͗Ο͇

Χ͇͙͙͘͢͢͇Χ͖͇͇͙͗Χ͇

͇͔͇͗͒Ο͇͔͙͇͖͇͇͔͑ͬ͋͟

Χ͇͚͖͎ͬͬ͘͕͔͇͙͚͗͙͚͇͗͒͢

͔ν͘Χ͇͚͒͢Χ͙͢Χ͇͇͗ί͎͢

Φν͗͒͢Ο͔͢͢͖͇͇͇͔͚͐͋͒

͔͓͌͌͌͘͕Ο͇͔Χ͎͓͙͌͢

͑Ϯ͙͚͗͌͘͇͔͇͒͋͋͢

Χ͇͚͖͎ͬͬ͋ͬ͑͘͙͚͇͗͒͢

͙͇͇͚͇͗͒͗͋͢͓νΧ͏͙ͦ͕Χ͖͢

͟͢Ο͢ί͎͢

ЊҨВФЕКБИЉЛЛЉЕЉКФ

ЊЩкғЩймиЩжЮдяжЮсздм

1 2 3 4 5 6 7 8 9 10

Нмжгпбш КбиЩллЩеЩкф

Φ͕͚͒͘͢ϭ͚ͬ͗͒ͬ͟ ̧͚͇͙͇͙͗Χ͙͢͟͢Χ͕͇͋͘͢͍Ϟ͔͌Ϯͬ͗͌͋ͬ͟

̨͔ͬ͗ͬͬ͟͍͇͓͒͋͋͢͢Χ ̳͕͙͕͗͈͔ͬ͗ͬͬ͟͍͇͓͒͋͋͢͢Χ͋͌ί͔͊͌͐ͬ͌͇͚͇͋͘͢͢

̬͔͑ͬͬ͟͍͇͓͒͋͋͢͢Χ ̳͕͙͕͗͔͌͑ͬͬ͟͍͇͓͒͋͋͢͢Χ͋͌ί͔͊͌͐ͬ͌͇͚͇͋͘͢͢

κ͔ͬͬ͟͟͍͇͓͒͋͋͢͢Χ ̳͕͙͕͗λ͔ͬͬ͟͟͍͇͓͒͋͋͢͢Χ͋͌ί͔͊͌͐ͬ͌͇͚͇͋͘͢͢

̳͇͑͘͏͓͇͒͋͢

͍͇͓͒͋͋͢͢Χ ̳͕͙͕͗͓͇͑͘͏͓͇͒͋͢͍͇͓͒͋͋͢͢Χ͋͌ί͔͊͌͐ͬ͌͇͚͇͋͘͢͢

̭͇͓͒͋͋͢͢Χ͙͢͑λ͙͚͌͐͟ ̳͕͙͕͗͓͇͑͘͏͓͇͒͋͢͍͇͓͒͋͋͢͢Χ͋͌ί͔͊͌͐ͬ͌͇͚͇͋͘͢͢

͓͏͔͚͙͙͇͔͔͑͌͐ͬΧν͗͒͢Ο͢͇͒͋͢ίΟ͢͖͇͇͓͙͗͌͗͊͌

Χ͇͙͇͐͕͇͇͗͒͋͢

̫͓͇͚͌͒ ̧͚͇͙͇͙͗Χ͢͟Χν͇͗͒͌ί͙Ϯ͓͔͌͊ͬ͍͇͓͒͋͋͢͢Χ͙͇͍ν͓͘͢

͙ͬ͌͐͋ͬ͘͓͏͔͚͙͙͇͔͔͑͌͐ͬΧν͗͒͢Ο͢͘Ϯ͔͌͋ͬ

̸λ͎͊ͬ͙͚͇͗͒͢

͇͈͇͇͔͚͗͒͋͗͜͢ ̱Ϯ͓ͬ͗͘λ͎͔͊ͬͬ͘͇͚͙͚͗͘͢͢͔͌͙͇͎͇͇͚͒͍Ϟ͔͌͓͇͐

͘λ͎͔͊ͬͬ͘͙͇͎͇͇͚͒Χ͇͍͙͌͔͔͌͑͌ͬ͌͑͌͘͇͇͒͋͘͢

̵͙͙͢Χţ͚͇͙͇͙͗Χ͢͟

Χν͇͗͒ ̧͚͇͙͇͙͗Χ͢͟Χν͇͗͒͋͢͕͙͙͢Χ͙͇͔͈͇͘Χ͇͚͗

͚͔͛͑͝͏͔ͦ͘͢͢ί͏͔͋͏͇͙͕͑͗͢

 ͇͓̿ ͇͓͇̿͋͗͋͢Χ͕͇͋͘͢͍Ϟ͔͌Ϯͬ͗͌͋ͬ͟

ZZZDHJFRP

ӏЙГҦЖЍϿГҒЗДЍЉЖМ

ЉмЩлЩйлғфсғҩйЩдЭф

иЩвЭЩдЩжм

̹Ϯ͓͔͌͋͌͊ͬ͙͑͌͌͊͌͘͘Ϟ͐͑͌͘ν͔͒͘͢͢Ο͇͔

͍͇͓͒͋͋͢͢Χ͙͢͙͌͑͌͗ͬ͘ί͎ͬ

̹͇͓͇Χ͙͢͍͙͒͢͢Χ͇͔͇͋Χ͇Χ͖͇Χ͍͇͈͒͢Ο͇͔͙͋͘͢͢͢

Χ͕͇͔͖͒͋͢͖͔ͬͬ͗͊͌͋͌͘

̨͔ͬ͗͌͌͟͖͚ͬͬ͗͘͇͓͇͐Χ͙͇͔͇͗͋͢͔͓͌͌͌͘͕͙͙͢Χ͙͇͇͗͋

Χ͇Χ͖͇Ο͢͍͇͈͢Χ͙͇͋͘͢͢͙͇͓͇Χ͖͔ͬͬ͗͊͌͋͌͘͈͇͖͖͔͌

Χ͚͗͢Ο͇͔͇͋

̱Ϯ͖͓Ϯ͒͌͗͋͌͊ͬ͟͙͇Ο͇͓͇͋͗͋͢Χ͇Χ͖͇Χ͎͘͢

Χ͇͔͇͙͐Χ͇͔͇͋͍Ϟ͔͌Χ͚͗͢Ο͇͔͇͋͈͔ͬ͗͌͌͟͖͚ͬͬ͗͘

͇͓͇͐Ο͔͇͋͢͔͓͌͌͌͘͕͙͙͢Χ͙͇͇͗͋͖͔ͬͬ͗͊͌͋͌͘

͍Ϟ͔͌ κ͔͒͑͌͓Ϯ͒͌͗͋͌͊ͬ͟͙͇Ο͇͓͇͋͗͋͢Χ͇Χ͖͇Χ͎͘͢

Χ͇͔͇͙͐Χ͇͔͇͋͍Ϟ͔͌Χ͚͗͢Ο͇͔͇͋͒͢Ο͇͒͋͒͢͢Χ͑Ϯ͖

̶͔͔͔ͬͬ͗͊͌͌͘͔͑͌͐ͬ͇͘λ͐͋͌͊ͬ͇͚͇͔͢Ϯ͙͌͙Ϯ͓͔͌͚͟

͋͌ί͔͊͌͐ͬ͋͌͍͇ί͇͙͇͗͋͢̵͔͢͙͇ί͈͇͔͢͙λ͙͚͗

͇͗Χ͒͢͢͈͔͚͌͒͌͋ͬ͗͊͌͘͍Ϟ͔͌Ϯ͚ͬ͗͊͌͟͈͕͇͒͋͢

̻͚͔͑͝͏ͦ͓͏͔͚͙͙͇͔͔͑͌͐ͬ͇͉͙͕͓͇͙͙͢͙λ͗͋͌

͘Ϯ͔͌͋ͬ̹͌͑͖͚͔ͬͬ͗͋͌͘͔͑͌͐ͬ͖͇͇͇͔͐͋͒͢ί͎͢

̹͇Ο͇͓͋͢͖͔͔͔ͬͬ͗͊͌͌͘͔͑͌͐ͬ

͇͚͇͙͇͙͗Χ͢͟Χν͇͗͒͋͢

͇͓͇͓͔͌͟͓͏͔͚͙Χ͕͖͘͢

Χ͕ͥΟ͇͑͌ί͌͘͈͌͗ͬ͒͌͋ͬ

̨͇͘Χ͇͚͗͖͇͔͌͒ͬಧ

͔͕͌͗͒͘͘͢ΧϮ͗ͬ͘

̻͚͔͑͝͏͇ͦ͒͗͋͢͈͔͚͌͒͌͋ͬ͗͘

λ͔ͬ͟͙͇ί͈͇͇͒͗͋͢͚͔͌͑͋͘

͙λ͙͗ͬί͎ͬ

ЩмЩлЩйлғфсғҩйЩдЭфиЩвЭЩдЩжм

ҧсяж

 ͙͇ί͈͇͔͘͢͈͇͚͘͇͗Χ͒͢͢

Χν͗͒͢Ο͔͢͢Χ͕͘͢ί͎͢

̬͔͋ͬ͚͔͛͑͝͏͇ͦ͒͗͋͢͈͔͌͒͌͋ͬ͗͌͘

͇͇͎͒͘͢

 ̻͚͔͑͝͏͔ͦ͢͈͔͚͌͒͌͋ͬ͗͘λ͔ͬ͟

͙͇ί͈͇͔͢͙λ͙͗ͬί͎ͬ

 Φ͇͍͙͌͈͕͇͒͘͖͚ͬͬ͗͘͈͙͔͌ͬ

͍͇͗͢Χ͙͇͔͚͋͗͢λ͔ͬ͟ ͇͓͟

͙͇ί͈͇͔͘͢͙λ͙͗ͬί͎ͬ̭͇͗͢Χ

Χ͇͗Χ͔͋͒͢͢͢Ο͔͢Ϯ͎͙͚͊͌͗λ͔ͬ͟

͙͇ί͈͇͔͢Χ͇͙͇͐͙λ͙͖͗ͬν͙͇͖͘

͙ν͗͢ί͎͢

Φν͗͒͢Ο͔͢͢͘Ϯ͔͚͋ͬ͗λ͔ͬ͟ ͙͇ί͈͇͔͘͢

Χ͇͙͇͐͈͇͘͢ί͎͢

+REt+RRGнмжгпбшкф

̨ν͒͖͙͌ͬ͟͇͚͇͙͇͙͗Χ͢͟Χν͇͗͒Ο͇

͍͇͒Ο͇͙͔͐͢͇͉͙͕͓͇͙͙͢͚͔͛͑͝͏ͦ̶͌͟

͖͔͌͇͚͇͙͇͙͗Χ͢͟Χν͇͗͒͚͌͑͌ͬ͋͌

͏͔͇͛͗Χ͎͒͢͢͘͏͔͇͊͒

͕͓͓͚͔͑͏͇͙͕͓͔͑͗͌͢͍͇͈͋͢Χ͙͇͒Ο͇͔

̭͙͙͌͒͋͌͑ͬͬ͟ί͍͇͓͒͋͋͢͢Ο͢͍͗͌͏͓

͖͇͇͓͙͗͌͗ͬ͓͔͌͖͌͟λ͙͔ͬ͋͌͊ͬ͘͌ί͙͘͢͢Χ

͙͋͘͢͢͢ί͙͓͖͇͙͚͇͌͌͗͗͘͢͈͕͔͇͐͢͟

͇͉͙͕͓͇͙͙͢͙λ͗͋͌͇͔͢Χ͙͇͇͒͋͢̸͕͔͇͋͐

͇Χ͖͙͌ͬ͟Χ͕͓͔͒͌͈͇͘Χ͇͖͗͢͇͚͇

͙͇͙͗Χ͙͢͟͢Χ͕͇͘͇͇͎͒͘͢̨ν͒

͚͔͛͑͝͏͔ͦ͢͖͙͌ͬ͟ί͖͇͔͌͒ͬ͇͗Χ͒͢͢ͬ͑͌͘

Χ͕͚͘Ο͇͈͕͇͒͋͢

̻͚͔͑͝͏͔ͦ͢͖͇͇͇͔͚͐͋͒Ο͇

Χ͇͙͙͘͢͢͙͕͒͢Χ͇Χ͖͇͇͙͙͗͢

͖͌͟λ͙͔ͬͬ͘ί͖͇͇͇͔͚͐͋͒͟͢

͔ν͘Χ͇͚͒͢Ο͔͇͔͢Χ͇͇͗ί͎͢

Φ̧̧̮Φ 

ҒзаҋЩдлғфслфқЮқ

ЯзҋЩйҋфЯфдЭЩеЭфҋфжякгЮ

ғзкм

͙λ͓͔͐͌ͬ͊ͬ͟͙λ͙͔͗͑͌͋͌

Χ͕͎Ο͇͙͒Χ͙͢͟͢ί͌ί͍͕Ο͇͗Ο͢

͍͇͓͒͋͋͢͢Ο͢͓͏͔͚͙͙͢ί͔ͬͬ͋͌͟

͍ν͓͘͢͙ͬ͌͐͘͈͇͙͇͐͋͘͢̵͘͢͚͇Χ͙͙͇͔͢

͔͑͌͐ͬΧν͗͒͢Ο͢͇͒͋͢ίΟ͢͍͇͓͒͋͋͢͢Χ

͖͇͇͓͙͔͗͌͗ͬ͌͕͇͇͗͒͋͢

̻͚͔͑͝͏ͦͬ͑͌͘Χ͕͒͘͢Ο͇͔͇͋

͙λ͓͙͐͌ͬ͑ͬ͟Χ͇͙͇͐

͙λ͙͔͗͑͌͍͇Ο͇͇͋͐͋

͌͟Χ͇͔͇͋͐Ϯ͎͊͌͗ͬ͘

͈͕͓͇͒͐͋͢

КҧаЬялмйЩдф

оЩЪЩйдЩжЭфйм

̸λ͎͔͊ͬͬί͙͚͌͑͌͗͘͘͏͔͇͊͒͢͑Ϯ͓ͬ͗͘λ͎͔͊ͬͬ͘

͇͚͙͚͗͘͢͢͔͌͙͇͎͇͇͚͒͍Ϟ͔͌͓͇͐͘λ͎͔͊ͬͬ͘

͙͇͎͇͇͚͒Χ͇͍͙͌͔͔͌͑͌ͬ͌͑͌͘͇͇͒͋͘͢

̳͇͐͘λ͎͔͊ͬͬ͘͙͇͎͇͇͚͒͑͌͗͌͑͈͕͇͒͘

͘λ͎͔͊ͬͬί͏͔͋͏͇͙͕͑͗͢ ͙λ͙͓͔͌͗͌͘

͚͔͌͑͋͘͈͕͐͢͍͇͔͇͋͢̱Ϯ͓ͬ͗͘λ͎͔͊ͬͬ͘

͇͚͙͚͗͘͢͢͔͌͙͇͎͇͇͚͒Χ͇͍͙͌͈͕͇͒͘

͘λ͎͔͊ͬͬί͏͔͋͏͇͙͕͑͗͢ ͙λ͙͓͔͌͗͌͘

͚͔͌͑͋͘͈͕͐͢͍͖͒͢͢͢Χ͙͇͐͋͢

m̱λ͙͓ͬ͑Ϯ͙͚͗͌͘͍Ϟ͔͌

͙͇͎͇͇͚͒}͙͇͇͚͔͇͗͋͢Ο͢

m̳͇͐͘λ͎͔͊ͬͬ͘͙͇͎͇͇͚͒}

͙͇͓͇͗Ο͔͢Χ͇͇͗ί͎͢

̱λ͙͓ͬ͓͔͌͙͇͎͇͇͚͒

͙͇͇͚͔͇͗͋͢͑Ϯ͓ͬ͗͘λ͎͔͊ͬͬ͘

͙͇͎͇͇͚͒͔͓͌͌͌͘͑Ϯ͓ͬ͗

͘λ͎͔͊ͬͬ͘͇͚͙͚͗͘͢͢͙͚͇͗͒͢

Χ͇͇͗ί͎͢

̻͚͔͑͝͏͔ͦ͢Χ͇͖͔͇͒͢͙͚͑͌͒ͬ͗λ͔ͬ͟

͙λ͓͔͐͌ͬ͘͚͔͌͑͋͘͈͕͐͢͙λ͙͗ͬί͎ͬ

НмжгпбшжфЪЮдкЮжЭяймжЮеЮкЮ

ЩЯфйЩлмҧясж

 ̨͇͘Χ͇͚͗͖͇͔͔͌͒ͬΧ͕͘͢ί͎͢

 ̨͌͒͊ͬ͌͒͌͗͋ͬ͟ί͙λͬ͘͇Χ͈͕͒Ο͇͔͔͇͢

͑Ϯ͎͍͙͎͌͑ͬͬί͎ͬ

 ̻͚͔͑͝͏͔ͦ͢͈͔͚͌͒͌͋ͬ͗͘λ͔ͬ͟

͙λ͓͔͐͌ͬ͘͚͔͌͑͋͘͈͕͐͢͙λ͙͗ͬί͎ͬ

̻͚͔͑͝͏ͦ͈͔͌͒͌͋ͬ͗ͬ͒͌͘͘͘λ͎͊ͬ͈͌͒͊ͬ͌ͬ͘͟

͙λ͙͓͔͌͗͌͘͈͌͘͙͗͌͍͖͒͢͢͢Χ͙͇͐͋͢

 ̻͚͔͑͝͏͔ͦ͢͇͍͇͙͚͗͢λ͔ͬ͟

͙λ͓͔͐͌ͬ͘͚͔͌͑͋͘͈͕͐͢͙λ͙͗ͬί͎ͬ

̻͚͔͑͝͏ͦ͇͍͇͙͇͗͒͘͢͢͘λ͎͊ͬ͈͌͒͊ͬ͌ͬ͘͟

͙λ͙͓͔͌͗͌͘λ͟͙͗͌͍͖͒͢͢͢Χ͙͇͐͋͢

ГҦЛМЕЎЖЎЖЛЉАЉДЉМ

ЛЩаЩдЩмҋЩғЩлфклфЮкгЮйяе

ЏмҋфсаЩллЩй

ЏЮеяйЬясЯмҋфсаЩллЩйЭфЯӐжЮсӠлгЮдЮййЭяиЩвЭЩдЩжЪЩқфа

Φν͗͒͢Ο͔͢͢ί͇͒͋͢ίΟ͢͍͇Ο͔͢͍ν͓͇͘Χ͍͚Ο͢͟͎͇͙Χ͕͒͘͢Ο͇͔͍͒͢͢

͚͘Ο͇͈͇͙͗͒͢͢Ο͇͔͍ν͓͇͘Χ͟λ͈͖͔͌͗͌͑͌͙͇͎͇͇͒ί͎͢

̹͇Ο͇͓͖͔͔͔ͬͬ͗͊͌͌͘͔͑͌͐ͬΧν͗͒͢Ο͔͢͢ί͈͑͌͐ͬ͗͈Ϯ͙͒ͬ͑͌͗ͬ͖͘͢͢͙͚͑͌ͬ

͓λ͓͔͑ͬ̫͇Χ͙͢͈͕͓͇͒͋͗͘͢λ͔ͬ͟Χν͗͒͢Ο͔͢͢͚͙͖͘͢͢͙͇͎͇

͟λ͈͖͔͌͗͌͑͌͔͓͌͌͌͘Χ͇Ο͇͎͘λ͓͔͒͊ͬ͌Χν͗Ο͇͙͚͑͌͗͌͑

̫͇Χ͙͇͗͋͢͍ν͓͇͘Χ͍͚Ο͢͟͎͇͙͖͔͌͙͇͎͇͇͒ί͎͢

ZZZDHJFRP

ЉмЩлЩйлғфс

ғҩйЩдЭфлЩаЩ

ҩклЩқфа

Φν͗͒͢Ο͔͢͢͍Ϟ͔͌͓͇͐͘λ͎͔͊ͬ͒͌͗ͬ͇͐͇͔͐͘͢͙͇͎͇͇͒ί͎͢Φν͗͒͢Ο͔͢͢ί

͔ͬͬ͟͍Ϟ͔͌͓͇͐͘λ͎͔͊ͬ͒͌͗ͬ͓͇͇͔͐͋͙͇͎͇͙͗͢ί͎͢̳͇͐͍͏͔͇͒Ο͇͔͇͋

͔͓͌͌͌͘͈͇͘Χ͇Χ͇͒͋͢Χ͍͏͔͇͇͒͘Ϯ͙͗Χ͇͚͖͔ͬ͙͚͚͋͗͢͢͓λ͓͔͑ͬ

̸λ͎͔͊ͬͬί͇͈͇͇͓͇͗͒͜͘͏͔͇͊͒͢Χ͕͚͒͘͢͎͑͌͋͌͑͌͗͌͑͍͇͇͗Χ͙͇͗͋͢

͙͇͎͇͇͚͒͔ν͘Χ͇͚͇͔͒͗͢͕͔͇͗͋͢ί͎͢̸λ͎͊ͬ͙͚͇͗͒͢͇͈͇͇͓͇͔͗͒͜͢

͑λ͔͙͋͌͒ͬ͑ͬ͖͇͇͇͔͚͐͋͒͙͇͇͚͔͇͔͗͢Χ͇͇͗ί͎͢

̳͇͐͋͢͘λ͎͔͊ͬ͒͌͗ͬ͋͘͢͢͍͚Ο͢͟͓͇͟͏͔͇͇͋͍͚͚Ο͇͈͕͇͒͋͢

͂͋͘͢͍͚Ο͢͟͓͇͟͏͔͇Ο͇͙Ϯ͓͔͌͙͓͖͇͙͚͇͌͌͗͗͍Ϟ͔͌Χ͘͢Χ͇͝͏͑͒͕͔͇͙͚͗

͑͌͗͌͑̳͇͐͘λ͎͔͊ͬͬͬ͘ί͙λͬ͘Ϯ͎͚͊͌͗ͬ͓λ͓͔͑ͬ͈ν͒Χν͗͒͢Ο͔͢͢ί͍ν͓͘͢

͙͚͔ͬ͌ͬ͌͘Ϟ͌͗͘͙͖͌͌͐͋ͬ

ГӠеяйкҧаЬякя

̱Ϯ͓ͬ͗͘λ͎͔͊ͬͬͬ͘ί͙͕͚͒͚͇Χ͙͢͢͙͇Ο͇͓͖͚ͬͬ͗͋ͬ͘ί͙λ͗ͬ͓͔͌͓͇͐͘λ͎͔͊ͬͬͬ͘ί

Χ͇͔͇͒͟͢Χ͙͢͍͏ͬ͙͇͎͇͇͔͒Ο͇͔͔͇͢͈͇͇͔͙͐͒͘͢͢͈͕͇͒͋͢

̨͔͔͌͒͌͋ͬ͗ͬ͒͊͌͘͑Ϯ͓ͬ͗͘λ͎͔͊ͬͬ͘͍͚͚Ο͇͈͕͓͇͒͐͋͢Χ͇͖͔͇͒͢͙͚͑͌͒ͬ͗͊͌

͈͕͓͇͒͐͋͢͍Ϟ͔͌Χ͕͇͔͚͔͇͒͋͒͢͢͈͇͇͔͙͐͒͘͢͢Ϟ͗͇͐͇͔͐͘͢

͔͓͌͌͌͘Χ͕͇͔͚͒͋͒͢͍͏͔ͬ͒ͬ͊ͬ͌͈͇͇͔͙͐͒͘͢͢͇͚͙͚͗͘͢͢͑͌͗͌͑

ЕЩвкҧаЬякяжлЩаЩдЩм

̸λ͎͊ͬ͒͌͗͋ͬ͕͔͇͙͚͗λ͔ͬ͟Χ͇͇͓͇͗Χ͇͗͘͢

͍͇Χ͙͇͔͇͗͋͢Χ͘͢Χ͙͇͗͢͟͓͔͌

Χ͇͇͚͙͇͋͗͢͟͖͇͇͇͔͐͋͒͒͢Ο͇͔

КҧаЬяжялЩаЩдЩмҧсяж

 ̶͇͔͌͒ͣ͋ͬ͈λ͔͔͐ͬ͗͒͌͗ͬ͌ν͙͇͖͘͇͙͗Χ͇

Χ͇͇͗͐͏͙͌͗ͬί͎ͬ

 ̸λ͎͔͊ͬͬί͇͒͋͢ίΟ͢͍͇Ο͔͢͙Ϯ͓͔͌

Χ͇͇͗͐͇͎͇͖͋͌ί͙͑͌͐ͬί͎ͬ͕͇͔͋͘

͔͑͌͐ͬ͙͇͙͗͢ί͎͢

̸͇Χ͈͕͒͢ί͎͢

̧͈͇͎͇͐͋͘͢Χν͇͇͒͘

͘λ͎͊ͬ͔͍͓͔͗͌͟͢͢

Χ͕͗Ο͇͒Ο͇͔̸λ͎͊ͬ͒͌͗͋ͬ

͙͇͎͇͇͓͇͒͘͈ν͔͗͢

͔͍͇͗͒͗͋͟͢͢͢

͌ͬ͟͟ί͎ͬ

 ̸λ͎͔͊ͬͬί͍͕Ο͇͗Ο͢͍͇Ο͔͇͋͢Ο͢

͈ν͇͔͇͇͗͋͒͗͋͢͈ν͇͖͗͇͚͒͇͗Χ͒͢͢

͘λ͎͔͊ͬͬ͈Ϯ͙͒͌͑͌͟ί͎ͬ

 ̸λ͎͊ͬ͒͌͗͋ͬ͍͓͌ͬ͗͊ͬ͟͓͌͌͘͍͚Ο͢͟

͎͇͙͙͇͗͋͢Χ͕͇͔͖͒͋͢͍Ϯ͓͔͑͌͌

͔͓͌͌͌͘͋͘͢͢͍͚Ο͢͟͓͇͟͏͔͇͇͋

͙͇͎͇͇͒ί͎͢

͂͋͘͢͍͚Ο͢͟͓͇͟͏͔͇͇͋

͙Ϯ͓͔͌͙͓͖͇͙͚͇͔͌͌͗͗͢

͍Ϟ͔͌Χ͘͢Χ͇͝͏͑͒͋ͬ͕͔͇͙͚͗

͑͌͗͌͑̳͇͐͘λ͎͔͊ͬͬͬ͘ί͙λͬ͘

Ϯ͎͚͊͌͗ͬ͓λ͓͔͑ͬ͈ν͒

Χν͗͒͢Ο͔͢͢ί͍ν͓͘͢

͙͚͔ͬ͌ͬ͌͘Ϟ͌͗͘͙͖͌͌͐͋ͬ

 ̸λ͎͔͊ͬͬΧ͇͙͇͐͕͔͔͇͗͢Χ͕ͥλ͔ͬ͟

͇͒Ο͇͟Χ͢͌͑ͬΧ͇͇͓͋͋͢͔͑͌͗ͬͬ͌͘͟

͕͔͇͗͋͢ί͎͢

Φ͇͍͙͌͈͕͇͒͘͈͇͗͒͢Χ͘λ͎͊ͬ͒͌͗λ͔ͬ͟

Χ͇͇͓͇͋͋͗͋͢Χ͇͙͇͇͐͒ί͎͢

Φ̧̧̮Φ 

ГӠеяйкҧаЬякяжЩмфклфйм

ЎКГЎЙЛМ

̱Ϯ͓ͬ͗͘λ͎͔͊ͬͬ͘͍͚͚Ο͇

͈͕͓͇͒͐͋͢

̸λ͎͔͊ͬͬ͇͚͙͚͗͘͢͢λ͔ͬ͟

 ̳͇͐͘λ͎͔͊ͬ͒͌͗ͬΧν͗͒͢Ο͇͔͋͢

͇͒͢ί͎͢

̵͘͢͙͇͇͚͇͗͋Ο͢̳͇͐͘λ͎͔͊ͬ͒͌͗ͬ

͙͇͎͇͇͚͒͈Ϯ͓͔͒ͬͬΧ͇͇͗ί͎͢

 ̹ν͙Χ͇͇͒͗͋͢͘λ͎͔͊ͬͬί͙Ϯ͓͔͌͊ͬ

͈Ϯ͔͒ͬ͊ͬ͌Χ͇͇͗͐͙͇͙͗͢ί͎͢

 ̸λ͎͔͊ͬͬί͇͒͋͢ίΟ͢͍͇Ο͔͢͙Ϯ͓͔͌

Χ͇͇͗͐͇͎͇͖͋͌ί͙͑͌͐ͬί͎ͬ͕͇͔͋͘͔͑͌͐ͬ

͙͇͙͗͢ί͎͢

 ̭͇ί͇͘λ͎͔͊ͬͬ͕͔͇͙͚͗λ͔ͬ͟͕͘͢

Χ͇͇͓͇͋͋͗͋͢͔͑͌͗ͬͬ͌͘͟͕͔͇͗͋͢ί͎͢

̱͎͌͔͑͌͒͊͌͍͇Ο͇͇͋͐͋͘λ͎͊ͬ͒͌͗͋ͬ͓͑͌

͔͋͌͊͌͋͌͙Ϯ͙͗͇͐͇͔͐͘͢͇͚͙͚͗͘͢͢

͑͌͗͌͑

СЩеЭфЩмфклфйм

Φν͗͒͢Ο͢/('͇͓͓͔͌͟͢͍͇͈͋͢Χ͙͇͒Ο͇͔

̨ν͒͈Ϯ͙͒ͬ͑ͬ͙͔͌͜͏͑Ο͇͔͇͇͚͙͇͗͋͘͢͢͢

̧Χ͇͚͒͢Χ͕͔͗͢͇͒Ο͇͔͍͇Ο͇͇͋͐͋

Φ͇͚͖͎ͬͬ͋ͬ͑͘͔ν͘Χ͇͚͇͒͗͢͙͇͇͚͔͇͗͋͢Ο͢

Φ͎͓͙͌͢͑Ϯ͙͚͗͌͘͈Ϯ͓͔͒ͬͬΧ͇͇͗ί͎͢

ҒЗЙСЉҊЉЖЗЙЛЉҊЉҒЉЛФКЛФЏЉҊЍЉВДЉЙ

̨͌͒͊ͬ ͇͔͒͘͢Ο͇͔͓͇͙͌͗͏͇͇͒͋͗͋͢

Χ͇͙͇͐Ϯί͚͔͋͌͋͌Ϯ͙͎͚͑ͬ͊͌͙͇͖͗͘͢͢ί͎͢

̵͇͓͗͓͇͙͌͗͏͇͇͔͒͋͗͢Χ͇͙͇͐Ϯί͚͔͋͌͋͌

Ϯ͙͎͚͑ͬλ͔ͬ͟͙͏͙ͬͬ͘͕͔͙͔͑͌͐͌͗͒͌͗͊͌

͇͒͘͢ί͎͢͙̈́͒͌͑͗͒ͬ͑͍Ϟ͔͌

͙͕͔ͤ͒͌͑͗͏͇͑͒͢ΧΧν͗͒͢Ο͇͒͗͋͢͢ί

Χ͇͒͋͢Ο͔͢Χ͇͙͇͐Ϯί͚͔͋͌͋͌Ϯ͙͎͚͑ͬ

͇͗Χ͒͢͢Χ͕͇͗͟Ο͇͔͕͙͇͗Ο͇͍Ϟ͔͌

͇͇͓͔͋͢ί͔͇͚͋͌͒͘͢Ο͔͇͢͎͏͔͢

͙͙͔͑͌͒ͬ͗͌ͬ͍͇Ο͇͇͋͐͒͗Ο͇͍͕͒͈͓͚͌͗͌͊͌

Ϯ͎λ͒͌ͬ͘ί͎ͬ͋ͬΧ͕͘͢ί͎͢̨͌͒͊ͬ

͇͔͒͘͢Ο͇͔Χν͗͒͢Ο͇͒͗͋͢͢͙ν͓͙͗͘͢͢Χ

Χ͇͒͋͢Χ͙͇͓͔͗͌͈ͬ͗͊͌͙͇͙͇͓͇͘ί͎͢

ϭ͔͓ͬ͋ͬ͍͙͌͗͊ͬ͒ͬ͑ͬΧ͇͙͇͐Ϯί͚͋͌

͕͙͇͗͒͢Ο͔͇͢Ϯ͙͎͑ͬͬί͎ͬ͔͓͌͌͌͘͍͙͌͗͊ͬ͒ͬ͑ͬ

͓͓͌͑͌͌͊͌͇͈͇͇͗͒͘͜͢ί͎͢

ZZZDHJFRP

6$7856

'52Ģì%$6,1)250Â&,-$818=67Â'ìĢ$1$

,=675Â'Â-80$$35$.676 

,=0$172Ģ$1$,.',(1Â

.23Ģ$1$817ì5ìĢ$1$

1(9$,12-$0,(05(=8/7Â7,(0

3DWHLFDPLHVNDL]YÕOÕMÃWLHV$(*L]VWUÃGÃMXPX(VDPWRUDGíMXģLODLQRGURģLQÃWX

QHYDLQRMDPXL]SLOGLGDXG]XJDGXJDUXPÃL]PDQWRMRWLQRYDWíYDVWHKQRORåLMDVNDV

SDOíG]YLHQNÃUģRWG]íYLಧLHVSÕMDVNRQHDWUDGíVLHWSDUDVWÃVLHUíFÕV/ĭG]XYHOWLHW

GDŀDVPLQĭWHVWDPODLL]ODVíWXģRPDWHULÃOXXQJĭWXODEÃNXVUH]XOWÃWXV

$SPHNOÕMLHWPĭVXWíPHNþDYLHWQLODL

VDĈHPWXOLHWRģDQDVLHWHLNXPXVXQEURģĭUDVNÃDUíWUDXFÕMXPPHNOÕģDQDV

VHUYLVDXQUHPRQWDLQIRUPÃFLMX

ZZZDHJFRPVXSSRUW

UHåLVWUÕWXVDYXLHUíFLODEÃNDVHUYLVDVDĈHPģDQDL

ZZZUHJLVWHUDHJFRP

LHJÃGÃWRVVDYDLLHUíFHLSDSLOGSLHGHUXPXVYLHQUHL]ÕMDVOLHWRģDQDVPDWHULÃOXV

XQRULåLQÃOÃVUH]HUYHVGDþDV

ZZZDHJFRPVKRS

./,(178$3.$/32ơ$1$816(59,66

,]PDQWRMLHWWLNDLRULåLQÃODVUH]HUYHVGDþDV

6D]LQRWLHVDUPĭVXSLOQYDURWRVHUYLVDFHQWUXQRGURģLQLHWODLMXPVEĭWXSLHHMDPL

ģÃGLGDWLPRGHOLV31&VÕULMDVQXPXUV

ĢíLQIRUPÃFLMDLUQRUÃGíWDX]GDWXSOÃNVQíWHV

8]PDQíEXGURģíEDVLQIRUPÃFLMD

9LVSÃUíJDLQIRUPÃFLMDXQLHWHLNXPL

$UYLGLVDLVWíWDLQIRUPÃFLMD

,]PDLĈXWLHVíEDVUH]HUYÕWDV

'52ơì%$6,1)250Â&,-$818=67Â'ìơ$1$

%5ì',1Â-806

,QIRUPÃFLMXSDUGURģíEXXQ

X]VWÃGíģDQXVNDWLHW

DWVHYLģùDMÃX]VWÃGíģDQDV

URNDVJUÃPDWDVEXNOHWÃ

3LUPVLHUíFHVOLHWRģDQDVYDL

DSNRSHVUĭSíJLL]ODVLHW

VDGDþDVSDUGURģíEX

/$79,(Ģ8 

,=675Â'Â-80$$35$.676

9DGíEDVSDQHþDSÃUVNDWV

1 2 3 4 5 6 7 8 9 10

)XQNFLMD $SUDNVWV

,HVOÕJW,]VOÕJW ,HVOÕG]XQL]VOÕG]WYDLNDQRVĭFÕMX

3LUPDLVÃWUXPV 0RWRUDGDUEíEDSÃUVOÕG]DVX]SLUPRÃWUXPX

2WUDLVÃWUXPV 0RWRUDGDUEíEDSÃUVOÕG]DVX]RWURÃWUXPX

7UHģDLVÃWUXPV 0RWRUDGDUEíEDSÃUVOÕG]DVX]WUHģRÃWUXPX

0DNVLPÃODLVÃWUXPV 0RWRUDGDUEíEDSÃUVOÕG]DVX]PDNVLPÃORÃWUXPX

ÂWUXPDSDOLHOLQÃģDQD 0RWRUDGDUEíEDSÃUVOÕG]DVX]PDNVLPÃORÃWUXPX3ÕF

PLQĭWÕPLHUíFHDXWRPÃWLVNLDWMDXQRVLHSULHNģÕMRLHVಣ

WDWíMXPX

9LHJODSOĭVPD 7YDLNDQRVĭFÕMVGDUERMDVDU]HPÃNRÃWUXPX3ÕF

PLQĭWÕPLHUíFHL]VOÕG]DV

)LOWUDSD]LĈRMXPV $WJÃGLQDQRPDLQíWYDLQRWíUíWRJOHVILOWUXXQQRWíUíWWDXNX

ILOWUX

+REt+RRG )XQNFLMDVLQGLNDWRUVWYDLNDQRVĭFÕMDYDGíģDQDLQRSOíWV

YLUVPDV

 /DPSD ,HVOÕG]XQL]VOÕG]DSJDLVPRMXPX

,=0$172ơ$1$,.',(1Â

7YDLNDQRVƬFÕMDOLHWRƢDQD

3ÃUEDXGLHWLHWHLFDPRÃWUXPXDWELOVWRģL

WXUSPÃNVQLHJWDMDLWDEXODL

ÔGLHQDX]NDUVÕģDQDVODLNÃJDWDYRMRWDUQRVHJWLHP

NDWOLHP

*DWDYRMRWDUQRVHJWLHPNDWOLHPL]PDQWRMRWYDLUÃNDV

JDWDYRģDQDV]RQDVYDLGHJþXVPDLJDFHSģDQD

9ÃURWXQFHSRWOLHOXÕGLHQDDSMRPXEH]YÃNDL]PDQಣ

WRMRWYDLUÃNDVJDWDYRģDQDV]RQDVYDLGHJþXV

ZZZDHJFRP

 /DLGHDNWLYL]ÕWXIXQNFLMXWXULHW

QRVSLHVWX VHNXQGHV

-DģíIXQNFLMDLUGHDNWLYL]ÕWDILOWUDLNRQD

LHPLUG]DVWUíVUHL]HV

.23ơ$1$817ì5ìơ$1$

3LH]íPHVSDUWíUíƢDQX

7íUíƢDQDVOíG]഻

HNþL

1HL]PDQWRMLHWDEUD]íYXVPD]JÃƢDQDVOíG]HNþXVXQVXNDV

7íULHWLHUíFHVYLUVPXDUPíNVWXGUÃQLĈXNDVLHPÕUNWDVLOWÃĭGHQíDUVDXಣ

G]íJXPD]JÃģDQDVOíG]HNOL

3ÕFJDWDYRģDQDVGDŀDVLHUíFHVGDþDVYDUVDNDUVW/DLL]YDLUíWRVQRWUDLಣ

SLHPDWG]LVXVLLHUíFHMÃQRVODXNDDUWíUXGUÃQXYDLSDSíUDGYLHOL

7UDLSXWíUíģDQDLL]PDQWRMLHWVDXG]íJXPD]JÃģDQDVOíG]HNOL

7XULHWWYDLND

QRVƬFÕMXWíUX

7íULHWLHUíFLXQWDXNXILOWUXVNDWUXPÕQHVL5ĭSíJLL]WíULHWWDXNYLHODVLHNģಣ

SXVÕXQQRWDXNXILOWULHP7DXNXYDLFLWXSÃUWLNDVSDOLHNXX]NUÃģDQÃV

YDUL]UDLVíWXJXQVJUÕNX

-DILOWUDSD]LĈRMXPVLUDNWLYÕWVLHYÕURMLHWQRUÃGíMXPXVDWWLHFíEÃX]SLHGHಣ

UXPXWíUíģDQX6NDWLHWSXQNWXSDUILOWUDSD]LĈRMXPXVDGDþÃಯ,NGLHQDVOLHಣ

WRģDQDರ

7DXNXILOWUXVYDUPD]JÃWWUDXNXPD]JÃMDPDMÃPDģíQÃ

7UDXNXPD]JÃMDPÃPDģíQÃMÃLHVWDWD]HPDWHPSHUDWĭUDXQíVVFLNOV

7DXNXILOWUVYDU]DXGÕWNUÃVXWDVQHLHWHNPÕVLHNÃUWDVVQLHJXPX

2JOHVILOWUV

7DVFLNÃWULRJOHVILOWUVSLHVĭFLQÃVDWNDUíJVQRJDWDYRģDQDVYHLGDXQ

WDXNXILOWUDWíUíģDQDVELHŀXPD$NWLYÕWÃVRJOHVILOWUVQDYPD]JÃMDPVWR

QHYDUUHåHQHUÕWXQWDVMÃQRPDLQDDSPÕUDPLNSÕFOLHWRģDQDVPÕಣ

QHģLHPYDLELHŀÃNLQWHQVíYDVOLHWRģDQDVJDGíMXPÃ

7DXNXILOWUDWíUíƢDQD

)LOWULLUX]VWÃGíWLDUVWLSULQÃMXPLHPXQ

WDSÃPRWUDMÃSXVÕ

)LOWUDWíUíƢDQD

 6DWYHULHWSDQHOLDL]VÃQLHPXQ

LHEíGLHWWRDWSDNDþ

 1HGDXG]VDVYHULHWILOWUDSULHNģSXVLX]

OHMXWDGSDYHOFLHW

5íNRMLHWLHVX]PDQíJL

)LOWUVLUDSUíNRWVDUùÕGL

DL]VDUG]íEDLSUHWQHMDXģX

L]NULģDQX$WYLHQRMLHW

ùÕGHVSLUPVILOWUX

WíUíģDQDV

 ,]MDXFLHWILOWUXL]VNUĭYÕMRWVNUĭYHV

ILOWUDDXJģSXVÕ

ZZZDHJFRP

 7íULHWILOWUXVL]PDQWRMRWVĭNOLXQ

QHDEUD]íYXPD]JÃģDQDVOíG]HNOLYDL

DUíPD]JÃMLHWWRVWUDXNXPD]JÃMDPÃ

PDģíQÃ

7UDXNXPD]JÃMDPÃPDģíQÃ

MÃLHVWDWD]HPDWHPSHUDWĭUD

XQíVVFLNOV7DXNXILOWUVYDU

]DXGÕWNUÃVXWDÏXWDV

QHLHWHNPÕVLHNÃUWDV

VQLHJXPX

 /DLLHYLHWRWXILOWUXVDWSDNDþYHLFLHW

SLUPÃVGLYDVGDUEíEDVDSJULH]WÃ

NÃUWíEÃ

$WNÃUWRMLHWģíVGDUEíEDVYLVLHPILOWULHPMD

WDVDWELOVWVLWXÃFLMDL

2JOHVILOWUDPDLĈD

%5ì',1Â-806

2JOHVILOWUVQDYPD]JÃMDPV

)LOWUDQRPDLĈD

 ,]ĈHPLHWWDXNXILOWUXVQRLHUíFHV

6NDWLHWVDGDþX7DXNXILOWUDWíUíģDQDģDMÃ

QRGDþÃ

 3DYHOFLHWL]FLþĈXVILOWUDDSDNģÕMÃV

GDþDVYLU]LHQÃ

 1HGDXG]VDVYHULHWILOWUDSULHNģSXVLX]

OHMXWDGL]YHOFLHW

 /DLX]VWÃGíWXMDXQRILOWUXYHLFLHW

LHSULHNģDSUDNVWíWRVVRþXVSUHWÕMÃ

VHFíEÃ

)LOWUXVMHENXUÃJDGíMXPÃLHWHLFDPV

QRPDLQíWUHL]LÏHWURVPÕQHģRV

6SXOG]HVPDLĈD

ĢíLHUíFHLUDSUíNRWDDU/('VSXOG]LĢR

GHWDþXQRPDLQíWGUíNVWWLNDLLQŀHQLHULV

'DUEíEDVWUDXFÕMXPXJDGíMXPÃVNDWLHW

VDGDþXಯ$SNRSHರQRGDþÃಯ'URģíEDV

QRUÃGíMXPLರ

$369Ô580,3$59,'(6$,=6$5'=ì%8

1RGRGLHWRWUUHL]ÕMDLSÃUVWUÃGHLPDWHULÃOXV

DUVLPEROX ,HYLHWRMLHWLHSDNRMXPD

PDWHULÃOXVDWELOVWRģDMRVNRQWHLQHURVWR

RWUUHL]ÕMDLSÃUVWUÃGHL3DOíG]LHWDL]VDUJÃW

DSNÃUWÕMRYLGLXQFLOYÕNXYHVHOíEX

DWNÃUWRWLSÃUVWUÃGÃMRWHOHNWULVNRXQ

HOHNWURQLVNRLHNÃUWXDWNULWXPXV

1HL]PHWLHWLHUíFHVNDVDS]íPÕWDVDUģR

VLPEROX NRSÃDUPÃMVDLPQLHFíEDV

DWNULWXPLHP1RGRGLHWL]VWUÃGÃMXPX

YLHWÕMÃRWUUHL]ÕMÃVSÃUVWUÃGHVSXQNWÃYDL

VD]LQLHWLHVDUYLHWÕMRSDģYDOGíEX

/$79,(Ģ8 

785,1<6

6$8*26,1)250$&,-$,5ð5(1*,0$6

*$0,1,2$35$Ģ<0$6

.$6',(1,61$8'2-,0$6 

9$/<0$6,535,(Ŀ,Ĭ5$ 

38,.,(065(=8/7$7$06

$ÏLĭNDGSDVLULQNRWHģñ$(*JDPLQñ0HVMñVXNĭUÙPHWDLSNDGQHSULHNDLģWLQJDL

YHLNWĵGDXJHOñPHWĵದMDPHQDXGRMDPRVSDŀDQJLRVWHFKQRORJLMRVLUQDXGLQJRV

XQLNDOLRVIXQNFLMRVNXULRVSDOHQJYLQVMĭVĵNDVGLHQ\EÛ6NLUNLWHNHOLDVPLQXWHVģLDL

LQVWUXNFLMDLSHUVNDLW\WLNDGSDVLQDXGRWXPÙWHYLVDLVMRMHSDWHLNWDLVSDWDULPDLV

$SVLODQN\NLWHPĭVĵLQWHUQHWRVYHWDLQÙMH

ÎLDUDVLWHQDXGRMLPRSDWDULPĵEURģLĭUĵLQIRUPDFLMRVDSLHWULNÏLĵģDOLQLPÇ

DSWDUQDYLPÇLUUHPRQWÇ

ZZZDHJFRPVXSSRUW

8ŀUHJLVWUXRNLWHVDYRJDPLQñLUQDXGRNLWÙVSDSLOGRPRPLVSDVODXJRPLV

ZZZUHJLVWHUDHJFRP

-ĭVĵSULHWDLVXLVNLUWĵSULHGĵQXVLGÙYLQÏLĵLURULJLQDOLĵDWVDUJLQLĵGDOLĵLHģNRNLWH

ÏLD

ZZZDHJFRPVKRS

./,(17Ƴ$37$51$9,0$6,57(&+1,1Ø35,(ƾ,ƫ5$

9LVDGDQDXGRNLWHRULJLQDOLDVDWVDUJLQHVGDOLV

.UHLSGDPLHVLññJDOLRWÇMñDSWDUQDYLPRFHQWUÇñVLWLNLQNLWHNDGJDOLWHQXURG\WLģLÇ

LQIRUPDFLMÇSULHWDLVRPRGHOLV31&VHULMRVQXPHULV

ĢLÇLQIRUPDFLMÇJDOLPDUDVWLWHFKQLQLĵGXRPHQĵSORNģWÙMH

ðVSÙMLPRSHUVSÙMLPRLUVDXJRVLQIRUPDFLMD

%HQGURMLLQIRUPDFLMDLUSDWDULPDL

$SOLQNRVDXJRVLQIRUPDFLMD

*DOLPLSDNHLWLPDL

6$8*26,1)250$&,-$,5ð5(1*,0$6

ð63Ø-,0$6

6DXJRVLQIRUPDFLMÇLU

ñUHQJLPÇŀUDWVNLURMH

ñUHQJLPRLQVWUXNFLMĵ

EURģLĭURMH3ULHģQDXGRGDPL

SULHWDLVÇDUEDDWOLNGDPLMR

WHFKQLQÙVSULHŀLĭURVGDUEXV

DWLGŀLDLSHUVNDLW\NLWHVDXJRV

VN\ULXV

ZZZDHJFRP

*$0,1,2$35$ơ<0$6

9DOG\PRVN\GHOLRDSƿYDOJD

1 2 3 4 5 6 7 8 9 10

)XQNFLMD $SLEƬGLQLPDV

ðMXQJWDLģMXQJWD ðMXQJLDLULģMXQJLDJDUĵULQNWXYÇ

3LUPDVJUHLWLV ðVLMXQJLDSLUPDVYHQWLOLDWRULDXVJUHLWLV

$QWUDVJUHLWLV ðVLMXQJLDDQWUDVYHQWLOLDWRULDXVJUHLWLV

7UHÏLDVJUHLWLV ðVLMXQJLDWUHÏLDVYHQWLOLDWRULDXVJUHLWLV

'LGŀLDXVLDVJUHLWLV ðVLMXQJLDGLGŀLDXVLDVYHQWLOLDWRULDXVJUHLWLV

3DGLGLQWDVJUHLWLV ðVLMXQJLDGLGŀLDXVLDVYHQWLOLDWRULDXVJUHLWLV3RPLQXಣ

ÏLĵJUÇŀLQDPDDQNVWHVQÙSULHWDLVRQXRVWDWD

ಱ%UHH]Hಯ *DUĵULQNWXYDVYHLNLDPDŀLDXVLXJUHLÏLX3RPLQXÏLĵ

SULHWDLVDVLģVLMXQJLD

ðVSÙMLPDVGÙOILOWUR 3ULPHQDNDGUHLNLDSDNHLVWLDUEDDWQDXMLQWLDQJOLHVILOWUÇ

DUEDLģYDO\WLULHEDOĵILOWUÇ

ಱ+REt+RRGಯ *DUĵULQNWXYRYDOG\PRNDLWOHQWHLQGLNDWRULXV

 /HPSXWÙ ðMXQJLDLULģMXQJLDDSģYLHWLPÇ

.$6',(1,61$8'2-,0$6

*DUƴULQNWXYRQDXGRMLPDV

3DWLNULQNLWHUHNRPHQGXRMDPÇJUHLWñSDJDO

WROLDXSDWHLNWÇOHQWHOÛ

.DLģLOGRWHPDLVWÇDUUXRģLDWHXŀGHQJWXRVHSXRGXRಣ

VH

.DLUXRģLDWHPDLVWÇXŀGHQJWXRVHSXRGXRVHDQWNHOLĵ

NDLWYLHÏLĵDUEDGHJLNOLĵDUEDNHSDWHDQWQHGLGHOÙV

NDLWURV

.DLYHUGDWHLUNHSDWHGDXJPDLVWRQHXŀGHQJÛSXRGĵ

LUNHSWXYLĵGDQJÏLDLVYLHQXPHWXJDPLQDWHDQWNHOLĵ

NDLWYLHÏLĵDUEDGHJLNOLĵ

/,(789,Ĵ 

LU .DLYHUGDWHLUNHSDWHGDXJPDLVWRQHXŀGHQJÛSXRGĵ

LUNHSWXYLĵDSOLQNRMHGDXJGUÙJPÙV

,ģYDORRUÇYLUWXYÙMHSRPDLVWRUXRģLPRYHLNLDODEDLW\ಣ

OLDL*DOLPDñMXQJWLLULģMXQJWLSDOLHÏLDQWVLPEROñ)XQNಣ

FLMDLģVLMXQJLDDXWRPDWLģNDLSRPLQXÏLĵ1DXGRNLWH

WLNEDLJÛUXRģWLPDLVWÇ

%DLJÛUXRģWLPDLVWÇJDUĵ

ULQNWXYÇSDOLNLWHYHLNLDQWñ

PDŀGDXJPLQXÏLĵ

9DOG\PRVN\GHOLV\UD

MXWLNOLQLVODXNDV1RUÙGDPL

ñMXQJWLIXQNFLMÇSDODLN\NLWH

SDOLHWÛDWLWLQNDPÇVLPEROñ

VHNXQGÛ

-HLQRULWHQDXGRWL

 1RUÙGDPLñMXQJWLSULHWDLVÇ

SDVSDXVNLWH VLPEROñ

'DEDUJDOLWHDNW\YXRWLIXQNFLMDV

 1RUÙGDPLDNW\YXRWLIXQNFLMÇ

SDOLHVNLWHVLPEROñ

 -HLJXQRULWHDSģYLHVWLPDLVWR

JDPLQLPRSDYLUģLĵSDVSDXVNLWH

DSģYLHWLPRVLPEROñ 1RUÙGDPL

SDNHLVWLDSģYLHWLPRLQWHQV\YXPÇ

SDOLHWÛSDODLN\NLWHģñVLPEROñGDU

NDUWÇ

1RUÙGDPLLģMXQJWLSULHWDLVÇGDUNDUWÇ

SDVSDXVNLWH VLPEROñ

+REt+RRGIXQNFLMD

7DLDXWRPDWLQÙIXQNFLMDNXULVXMXQJLD

NDLWOHQWÛVXJDUĵULQNWXYX,UNDLWOHQWÙLU

JDUĵULQNWXYDVWXULLQIUDUDXGRQĵMĵ

VSLQGXOLĵVLJQDOĵSHUGDYLPR

PHFKDQL]PÇ9HQWLOLDWRULDXVVXNLPRVL

JUHLWLVQXVWDWRPDVDXWRPDWLģNDLSDJDO

UHŀLPRQXRVWDWÇLUDQWNDLWOHQWÙVHVDQÏLR

NDUģÏLDXVLRSULNDLVWXYLRWHPSHUDWĭUÇ

9HQWLOLDWRULĵJDOLWHYDOG\WLLUUDQNRPLV

UHJXOLXRGDPLNDLWOHQWÙMH)XQNFLMÇJDOLPD

DNW\YLQWLNDLWOHQWÙVVN\GHO\MH

'DXJLDXLQIRUPDFLMRVNDL

QDXGRWLIXQNFLMÇUDVLWH

NDLWOHQWÙVQDXGRWRMRYDGRYH

'LGƿLDXVLRYDULNOLRJUHLÏLR

ñMXQJLPDV

.DLSDOLHÏLDWH PLQXWHVYDULNOLV

YHLNLDGLGŀLDXVLXJUHLÏLX3RWRSULHWDLVDV

JUñŀWDSULHDQNVWHVQLĵJUHLÏLRQXRVWDWĵ

.DLIXQNFLMDñMXQJWD

SDSLOGRPDV SDOLHWLPDV

QHWXULMRNLRSRYHLNLR

ðVSÙMLPDVGÙOILOWUR

ðVSÙMDPDVLVVLJQDODVQXURGRNDGODLNDV

SDNHLVWLDUEDLģYDO\WLDQJOLHVLUULHEDOĵ

ILOWUÇ-HLJXULHEDOĵILOWUÇUHLNLDYDO\WLILOWUR

LQGLNDWRULXV ñVLMXQJVVHNXQGŀLĵ

-HLJXDQJOLHVILOWUÇUHLNLDSDNHLVWLDUED

YDO\WLILOWURLQGLNDWRULXV PLUNVÙV

VHNXQGŀLĵ

5LHEDOĵILOWURYDO\PDV

DSUDģ\WDVVN\ULXMHಱ9DO\PDV

LUSULHŀLĭUDಯ

$QJOLHVILOWURYDO\PDVLU

NHLWLPDVDSUDģ\WLVN\ULXMH

ಱ9DO\PDVLUSULHŀLĭUDಯ

-HLJXQRULWHDWNXUWLIXQNFLMÇVHNXQGHV

SDODLN\NLWHSDVSDXGÛ 

1RUÙGDPLñMXQJWLDUEDLƢMXQJWL

IXQNFLMÇ

 ðMXQNLWHYDOG\PRVN\GHOñ

 3DWLNULQNLWHDUSLNWRJUDPRVWDSR

EDOWRV

 -HLJXQRULWHñMXQJWLIXQNFLMÇ

VHNXQGHVSDODLN\NLWHSDVSDXGÛ 

-HLJXIXQNFLMDñMXQJWDSHQNLVNDUWXV

VXPLUNVÙVILOWURSLNWRJUDPD 

 -HLJXQRULWHLģMXQJWLIXQNFLMÇ

VHNXQGHVSDODLN\NLWHSDVSDXGÛ 

ZZZDHJFRP

-HLJXIXQNFLMDLģMXQJWDWULVNDUWXV

VXPLUNVÙVILOWURSLNWRJUDPD 

9$/<0$6,535,(ƾ,ƫ5$

3DVWDERVGÙOYDO\PR

9DO\PRSULHPR഻

QÙV

1HQDXGRNLWHƢYHLÏLDPƴMƴYDO\PRSULHPRQLƴLUƢHSHÏLƴ

3ULHWDLVRSDYLUģLĵYDO\NLWHPLQNģWDģOXRVWHLUģLOWXYDQGHQLXVXģYHOQLX

SORYLNOLX

3RPDLVWRUXRģLPRNDLNXULRVSULHWDLVRGDO\VJDOLEĭWLNDUģWRV1RULQWDSಣ

VDXJRWLQXRGÙPLĵSULHWDLVÇUHLNLDDWYÙVLQWLLUQXVDXVLQWLģYDULDģOXRVWH

DUSRSLHULQLDLVUDQNģOXRVÏLDLV

'ÙPHVYDO\NLWHģYHOQLXSORYLNOLX

3DVLUƬSLQNLWH

NDGJDUƴULQNWX഻

YDVEƬWƴƢYD഻

UXV

9DO\NLWHSULHWDLVÇLUULHEDOĵILOWUXVNLHNYLHQÇPÙQHVñ5ĭSHVWLQJDLLģYDO\ಣ

NLWHULHEDOXVLģSULHWDLVRYLGDXVLUQXRULHEDOĵILOWUĵ5LHEDOĵNDXSLPDVLV

DUNLWLOLNXÏLDLJDOLVXNHOWLJDLVUÇ

.DLñVLMXQJLDILOWURSUDQHģLPDVODLN\NLWÙVSULHGĵYDO\PRLQVWUXNFLMĵĿU

VN\ULDXVಱ.DVGLHQLVQDXGRMLPDVಯVN\UHOñಱ)LOWURSUDQHģLPDVಯ

5LHEDOĵILOWUXVJDOLPDSODXWLLQGDSORYÙMH

,QGDSORYÙMHWXULEĭWLQXVWDW\WDŀHPDWHPSHUDWĭUDLUWUXPSDVFLNODV5LHಣ

EDOĵILOWUDVJDOLSDNHLVWLVSDOYÇWDLQHWXUÙVSRYHLNLRSULHWDLVRYHLNLPXL

$QJOLHVILOWUDV

$QJOLHVILOWURSULVRWLQLPRWUXNPÙVNLULDVLSULNODXVRPDLQXRJDPLQLPRWLಣ

SRLUULHEDOĵILOWURYDO\PRUHJXOLDUXPR$NW\YLRVLRVDQJOLHVILOWUDV\UDQHಣ

SODXQDPDVMRQHJDOLPDDWQDXMLQWLLUMñUHLNLDSDNHLVWLPDŀGDXJSR

QDXGRMLPRPÙQHVLĵDUEDGDŀQLDX\SDÏHVDQWVXGÙWLQJRPVQDXGRMLPR

VÇO\JRPV

5LHEDOƴILOWURYDO\PDV

)LOWUDL\UDSULWYLUWLQWLILNVDWRULDLVNLWRMH

SXVÙMH

1RUÙGDPLLƢYDO\WLILOWUÇ

 3ULODLN\NLWHVN\GHOñģRQXRVHLU

VWXPNLWHMñDWJDO

 ĢLHNWLHNSDNUHLSNLWHILOWURSULHNñ

ŀHP\QLUSDWUDXNLWH

%ĭNLWHDWVDUJĭV)LOWUÇ

SULODLNRJUDQGLQÙOÙNDG

MLVDWVLWLNWLQDLQHQXNULVWĵ

3ULHģYDO\GDPLILOWUXV

JUDQGLQÙOHVQXLPNLWH

 ,ģVXNLWHILOWURYLUģXMHHVDQÏLXVYDUŀWXV

LULģLPNLWHILOWUÇ

/,(789,Ĵ 

 )LOWUXVLģSODXNLWHģYHOQLDNHPSLQHLU

QHXWUDOLXSORYLNOLXDUEDLQGDSORYÙMH

,QGDSORYÙMHSDVLULQNLWHŀHPÇ

WHPSHUDWĭUÇLUWUXPSÇFLNOÇ

5LHEDOĵILOWUDVJDOLSDNHLVWL

VSDOYÇWDÏLDXSULHWDLVR

YHLNLPXLWDLñWDNRVQHWXUL

 1RUÙGDPLYÙOVXPRQWXRWLILOWUXV

DWOLNLWHSLUPXVGXYHLNVPXVDWYLUNģÏLD

WYDUND

-HLUHLNLDNDUWRNLWHģLXRVYHLNVPXVVX

YLVDLVILOWUDLV

$QJOLHVILOWURNHLWLPDV

ð63Ø-,0$6

$QJOLHVILOWURQHJDOLPDSODXWL

1RUÙGDPLSDNHLVWLILOWUÇ

 ,ģLPNLWHULHEDOĵILOWUXVLģSULHWDLVR

ĿUģLDPHVN\ULXMHಱ5LHEDOĵILOWUR

YDO\PDVಯ

 3DWUDXNLWHDXVHOHVILOWURDSDWLQÙV

GDOLHVOLQN

 ĢLHNWLHNSDNUHLSNLWHILOWURSULHNñ

ŀHP\QWXRPHWWUDXNLWH

 1RUÙGDPLñGÙWLQDXMÇILOWUÇDWOLNLWH

WXRVSDÏLXVYHLNVPXVDWYLUNģÏLD

WYDUND

)LOWUXVUHLNLDNHLVWLEHQWNDVNHWXULV

PÙQHVLXV

/HPSXWÙVNHLWLPDV

ĢLVSULHWDLVDVSULVWDWRPDVVXGLRGLQH

OHPSXWHĢLÇGDOñJDOLSDNHLVWLWLN

WHFKQLNDV7ULNWLHVDWYHMXVNDLW\NLWH

ಱ3ULHŀLĭUDಯVN\ULXMHಱ6DXJRVWDLV\NOÙVಯ

$3/,1.26$36$8*$

$WLGXRNLWHSHUGLUEWLPHGŀLDJDV

SDŀ\PÙWDVģLXRŀHQNOX ,ģPHVNLWH

SDNXRWÛñDWLWLQNDPÇDWOLHNĵVXULQNLPR

NRQWHLQHUñNDGMLEĭWĵSHUGLUEWD3DGÙNLWH

VDXJRWLDSOLQNÇEHLŀPRQLĵVYHLNDWÇLU

VXULQNWLEHLSHUGLUEWLHOHNWURVLU

HOHNWURQLNRVSULHWDLVĵDWOLHNDV

1HLģPHVNLWHģLXRŀHQNOX SDŀ\PÙWĵ

SULHWDLVĵNDUWXVXNLWRPLVEXLWLQÙPLV

DWOLHNRPLV$WLGXRNLWHģñJDPLQññYLHWRV

DWOLHNĵVXULQNLPRSXQNWÇDUEDVXVLVLHNLWH

VXYLHWQRVVDYLYDOG\EHGÙOSDSLOGRPRV

LQIRUPDFLMRV

ZZZDHJFRP

КЗЍЙЏБЖЉ

̴̵̸̴̨̨̬̮̬̫̯̴̵̷̧̯̻̳̯̯̽̯̵̴̷̧̢̳̹̯̬

̵̶̸̯̴̧̶̷̵̵̵̯̮̩̫̹ 

̸̵̴̴̧̬̱̠̫̬̩̶̵̷̨̧̺̹̬ 

̴̧̬̪̯̸̢̯̹̬̬̾

АЉКЗЋЙСЎЖБЙЎАМДЛЉЛБ

̩͏͈͇͕͇͒͊͋͗͏͓͌͙͕͟͕͊͏͎͈͇͉͙͗͌͕͉͕ͮ$(*͖͕͗͏͎͉͕͋̪͕͕͎͇͕͉͓͋͋͌͘͎͇͇͋͉͏

͕͈͎͈͌͌͋͏͓͌͕͕͕͋͒͊͊͋͏͔͇͟͈͖͕͔͇͌͗͌͑͗͘͇͈͕͙͇͗͕͘͏͔͕͉͇͙͏͉͔͏͙͔͕͕͌͒͊͜͏͏

͕͑͏͕͊͖͇͉͇͙͗͍͏͉͕͙͕͙͖͕͔͕͙͇͉͔͌͋͌͘͚͔͛͑͝͏͏͙͕͟͓͕͍͈͌͏͔͓͇͌͇͋͊͏

͔͇͙ͮ͋͌͌͇͑ͮ͕͈͏͔͞͏͙͌͇͖͇͇͙͗͏̩͌͓͕͒͏͓͌͕͉͕͙͋ͮ͌͔͕͚͌͑͒͑͓͏͔͚͙͏͎͇͞͏͙͇Ͱ͌

͎͇͇͋͕͊͕͈͋͏͙͌͌͔͇͕͈͕͙͕ͮ͋͗͕͋͕͉͕ͮ͇͖͇͇͙͗

̶͕͙͙͌͌͌͘͇ͮ͔͇͇͙͇͟͙͇͔͗͘͏͇͝͎͇͇͋

̫͕͈͏͙͌͌͕͉͙͌͘͏͎͇͕͑͗͏͙͌͘Ͱ͌͈͕͚͗͗͟͏͉͕͋͏͞͎͇͇͉͇͗͌͟Ͱ͌͖͕͈͓͗͒͌͏

͏͔͕͓͇͛͗͝͏͏͎͇͉͌͗͘͏͘͏͇͗Ͱ͌͏͖͕͖͇͉͇͗͑

ZZZDHJFRPVXSSRUW

̷͌͊͏͙͗͘͏͇͙͗ͮ͌͕͊͉͇͟͏͕͙͖͕͗͏͎͉͕͋͎͇͖͕͕͈͕͋͗͉͌͗͘͏͘͏͇͗Ͱ͌

ZZZUHJLVWHUDHJFRP

̱͚͖͚͉͇͙ͮ͌͕͖͕͔͋͒͏͙͔͌͒͌͖͗͏͈͕͗͖͕͙͕͔͗͟͏͓͇͙͌͗͏͇ͮ͒͏͏͒͏͕͗͏͊͏͔͇͔͒͏

͎͉͔͗͌͌͗͏͕͉͋͌͒͏͎͇͉͇͟͏͕͙͇͖͇͇͙͗

ZZZDHJFRPVKRS

ЌЙБЏЉАЉГЗЙБКЖБПББКЎЙЋБКБЙЉЃЎ

̩͏͖͖͕͇͚͉͇͓͗͌͗͌͞͇͋͕͑͗͏͙͘͏͙͌͕͗͏͊͏͔͇͔͒͏͎͉͔͗͌͌͗͏͕͉͋͌͒͏

̱͕͇͊Ͳ͌͕͔͙͇͙͑͑͏͇͙͗͌͕͘͔͇͟͏͕͙͕͉͇͙͔͒͌͘͉͌͗͘͏͔͌͘͔͙͇͌͗͝͖͕͊͗͏͍͙͌͌͌͘͇͋

͊͏͏͓͇͙͌͔͇͇͖͕͇͇͗͒͊͘Ͱ͌͔͒͌͋͘͏͉͌͖͕͇͙͕͋͝͏̳͕͋͌͒̨͕͗ͮ͔͇͖͕͗͏͎͉͕͕͙͋

̸͌͗͏͑͘͏͈͕͗ͮ

̯͔͕͓͇͛͗͝͏͏͙͌͓͕͍͇͙͇͋͌͘͔͇͇͙ͮ͋͔͇͙͌͏͙͇͙͇͑͌͕͘͏͔͕͓͇͛͗͝͏͏

̶͚͖͚͉͇͗͌͋͗͌͋Ͱ͌̩͔͏͓͇͔͏͌̨͎͈͔͕͔͌͌͋͘͏͏͔͕͓͇͛͗͝͏͏

̵͖͙͟͏͏͔͕͓͇͛͗͝͏͏͏͕͉͙͌͘͏

̯͔͕͓͇͛͗͝͏͏͎͇͍͏͉͕͙͔͇͙͇͗͌͋͘͏͔͇

̳͕͍͔͕͙͇͘͎͇͖͕͓͔͗͌͏͌͎͇͍͇͔͇͋͗

ЊЎАЊЎЍЖЗКЖББЖНЗЙЕЉПБББЕЗЖЛБЙЉЃЎ

ИЙЎЍМИЙЎЍМЋЉЃЎ

̮͇͈͎͈͔͕͔͌͌͋͘͏

͏͔͕͓͇͛͗͝͏͏͏͓͕͔͙͏͇͗Ͱ͌

͕͉͔͙͗͌͌͘͌͘͔͇͖͕͈͔͇͙͇͌͘

͈͕͚͇͗͗͟͎͇͚͖͇͙͙͉͇͘͎͇

͓͕͔͙͏͇͗Ͱ͌̩͔͏͓͇͙͔͕͌͒

͖͕͗͞͏͙͇͙ͮ͌͊͏͖͕͇͉͇͙͇͊͒ͮ͎͇

͈͎͈͔͕͙͌͌͋͘͖͗͌͋

͚͖͕͙͈͇͙͇͗͌͏͒͏

͕͍͚͉͇͋͗Ͱ͙͕͌͔͇͇͖͇͇͙͕͙͗

̵̴̸̧̳̱̬̫̱̯ 

ЗИБКЖЉИЙЗБАЋЗЍЗЛ

ИйЮЬдЮЭжЩгзжлйзджЩлЩлЩЪдЩ

1 2 3 4 5 6 7 8 9 10

НмжгпбёЩ Зибк

̩͚͔͕͑͒͌͞̯͚͔͕͑͒͌͘͞ ̪͕͉͚͚͉͇͑͒͞͏͏͚͚͉͇͑͒͘͞͇͖͘͏͇͙͕͕͙͗͗

̶͉͇͗͈͎͗͏͔͇ ̳͕͙͕͕͙͗͌͘͖͇͗͌͛͗͒͔͇͔͏͉͕͔͇͖͉͇͗͈͎͗͏͔͇

̩͙͕͇͗͈͎͗͏͔͇ ̳͕͙͕͕͙͗͌͘͖͇͗͌͛͗͒͔͇͔͏͉͕͔͇͉͙͕͇͗͈͎͗͏͔͇

̹͙͇͗͌͈͎͗͏͔͇ ̳͕͙͕͕͙͗͌͘͖͇͗͌͛͗͒͔͇͔͏͉͕͔͇͙͙͇͗͌͈͎͗͏͔͇

̳͇͑͘͏͓͇͔͇͒͈͎͗͏͔͇ ̳͕͙͕͕͙͗͌͘͖͇͗͌͛͗͒͔͇͔͏͉͕͔͇͓͇͑͘͏͓͇͔͇͒

͈͎͗͏͔͇

̮͕͓͚͉͇͊͒͌Ͱ͌͔͇

͈͎͗͏͔͇͙͇ ̳͕͙͕͕͙͗͌͘͖͇͗͌͛͗͒͔͇͔͏͉͕͔͇͓͇͑͘͏͓͇͔͇͒

͈͎͗͏͔͇̶͕͓͏͔͚͙͏͇͖͇͇͙͕͙͗͌͘͉͇͗Ͳ͇͔͇

͖͙͕͔͇͙͇͗͌͋͜͖͕͙͇͉͇͑͘

̩͙͌͗͌ ̧͖͘͏͇͙͕͕͙͗͗͇͈͕͙͗͏͕͘͔͇͓͇͇ͮ͒͈͎͗͏͔͇̶͕

͓͏͔͚͙͏͇͖͇͇͙͕͙͗͌͘͏͚͚͉͇͑͒͘͞

̯͎͉͙͚͉͇͌͘Ͱ͌͎͇

͛͏͙͕͙͒͌͗ ̩͌͖͕͙͙͚͉͇͌͘͇͋͕͊͓͔͌͘͏͙͌͏͒͏͏͘͞͏͙͘͏͙͌

͛͏͙͕͙͒͌͗͎͇͇͔ͮ͊͒͌͏͇͋͕͊͏͘͞͏͙͘͏͙͌͛͏͙͕͙͒͌͗͎͇

͓͇͔͕͙͘͏͏

+REt+RRG ̯͔͋͏͇͙͕͑͗͎͇͚͔͛͑͝͏͇͙͇ͮ͎͇͕͔͙͕͇͑͗͒͔͇

͇͖͘͏͇͙͕͕͙͗͗͕͋͖͕͇͙͇͒͞͎͇͕͙͉͊͌Ͱ͌

 ̸͉͙͌͏͇͒͑ ̪͕͉͚͚͉͇͑͒͞͏͏͚͚͉͇͑͒͘͞͉͙͕͙͕͌͒͘

КЎГЗЁЍЖЎЋЖЉМИЗЛЙЎЊЉ

ГзйбклЮѓЮжЩ

ЩкибйЩлзйзл

̶͕͉͙͗͌͗͌͌͇ͮ͖͖͕͇͇͔͇͙͇͗͌͗͞͈͎͗͏͔͇

͖͕͗͌͋͘͙͇͈͇͙͇͌͒͖͗͏͇͍͇͔͇͑͖͕͕͚͋͒

̱͕͇͊͇ͮ͎͇͉͇͙͊͗͌͌͇͔͇͙͇͗͜͕͙͉͊͌Ͱ͌͕͘͖͕͑͗͏͔͌͏

͇͕͉͋͘͏

̱͕͇͊͕͙͉͊͏͙͌͕͘͖͕͑͗͏͔͌͏͙͔͌ʹ͌͗͏Ͱ͇͏͒͏͔͇

͖͕͉͌Ͳ͌͗͏͔͊͒͏͏͒͏͖͇͓͔͒͌͏͝͏͔͍͔͕͌͖͍͗͌Ͱ͌

ZZZDHJFRP

̱͕͇͊͉͇͗͏͙͌͏͖͍͗͏͙͌͖͕͕͓͇͊͒͌͕͑͒͏͞͏͔͇͔͇͇͔͇͗͜

͈͎͌͇͖͇͑͑͕͙͉͊͌Ͱ͌͔͇͖͕͉͌Ͳ͌͗͏͔͊͒͏͏͒͏

͖͇͓͔͒͌͏͝͏

͏ ̱͕͇͊͉͇͗͏͙͌͏͖͍͗͏͙͌͕͓͊͒͌͏͕͑͒͏͞͏͔͏͇͔͇͗͜͈͎͌

͇͖͇͑͑͕͓͇͊͒͌͉͇͍͔͕͙͒͘

̪͕͕͉͍͚͉͇͌͘͉͕͎͚͕͙͋͜͉͕͚͔͇͙͇͑ͮ͖͕͕͙͉͊͌Ͱ͌͕͘

͓͔͕͚͊͔͏͕͑͘͔͏͉͕͔͇͈͚͇͉͇͞̳͕͍͌͇͋͌͘͇͙͑͏͉͏͇͗

͏͇͙͋͌͑͏͉͏͇͗͕͘͕͖͋͏͇͗Ͱ͌͔͇͘͏͓͈͕͕͙͒

̻͚͔͑͝͏͇͙͇ͮ͌͘͉͚͚͉͇͑͒͞͇͉͙͕͓͇͙͑͘͏͖͕͓͏͔͚͙͏

̱͕͗͏͙͙͌͌͘͇͓͕͘͖͕͕͙͉͊͌Ͱ͌

̸͌͖͖͕͇͚͉͇͗͌͗͞͇͋͕͊

͕͙͇͉͘͏͙͌͇͖͘͏͇͙͕͕͙͗͗͇͋

͇͈͕͙͗͏͕͕͚͑͒͓͏͔͚͙͏͖͕

͕͙͉͊͌Ͱ͙͕͌

̱͕͔͙͕͔͇͙͇͗͒͖͕͇͒͞͌

͔͎͕͕͌͗͑͘͘͖͕͒͌̫͕͖͙͗͌͌͊͏

͘͏͓͈͕͒͏͙͌͚͔͇͌͑͋͘͎͇͇͋

͊͏͉͚͑͒͞͏͙͌͚͔͛͑͝͏͏͙͌

АЩЭЩйЩЪзлблЮкзЩкибйЩлзйзл

 ̩͚͙͑͒͌͌͞͕͊͇͖͇͇͙͕͙͗͕͘

͖͗͏͙͏͇͑͘Ͱ͌͔͇͘͏͓͈͕͕͙͒ 

̸͇͌͊͓͕͍͙͌͌͇͋͊͏͉͚͑͒͞͏͙͌

͚͔͛͑͝͏͏͙͌

 ̮͇͇͋͇ͮ͉͚͑͒͞͏͙͌͚͔͛͑͝͏͇͙͇ͮ

͕͖͙͋͗͌͌͕͊͘͏͓͈͕͕͙͒

 ̧͕͑͌͖͕͙͈͔͕͗͌͖͗͏͙͏͔͙͌͌͘͕͊

͕͖͙͕͑͌͞͎͇͉͙͕͌͒͘ ͎͇͇͋͇ͮ

͕͉͙͌͒͘͏͙͌͖͕͉͗͟͏͔͇͙͇͎͇͕͙͉͊͌Ͱ͌

̮͇͇͋͇ͮ͖͕͓͔͗͌͏͙͌͇ͮ͞͏͔͇͙͇͔͇

͉͙͕͙͕͌͒͘͕͖͙͋͗͌͌͕͊͏͖͕͉͙͕͔͕͗

͍͙͋͗͌͌͕͊͘͏͓͈͕͕͙͒

̮͇͇͋͕͊͏͚͑͒͘͞͏͙͌͇͖͇͇͙͕͙͗

͖͗͏͙͏͔͙͌͌͘͕͊͖͕͉͙͕͔͕͗͘͏͓͈͕͕͙͒ 

+REt+RRGнмжгпбёЩ

̹͕͇͌͇͉͙͕͓͇͙͇͑͘͚͔͛͑͝͏͇ͮ͕͇͑ͮ͇ͮ

͖͕͉͎͚͉͇͗͖͕͇͙͇͒͞͎͇͕͙͉͊͌Ͱ͌͕͘

͖͌͘͝͏͇͔ͮ͒͌͖͕͕͖͑͒͌͝̫͉͙͌͌͖͕͇͙͇͒͞

͎͇͕͙͉͊͌Ͱ͌͏͖͕͕͖͕͙͑͒͌͝͏͓͇͇͙͏͔͇͛͗

͉͔͗͌͝͘͏͔͇͔͊͒͌͕͓͚͔͑͏͇͙͕͑͗

̨͎͗͏͔͇͙͇͔͇͉͔͙͌͏͇͙͕͕͙͒͗͌

͇͉͙͕͓͇͙͑͘͏͕͔͇͋͗͌͋͌͉͎͗͕͔͕͉͇͘͔͇

͖͕͙͇͉͇͙͇͑͘͔͇͍͗͌͏͓͕͙͏

͙͓͖͇͙͚͇͙͇͌͌͗͗͔͇͔͇͍ͮ͌͑͟͏͕͙͇͋͘͔͇

͖͕͇͙͇͒͞͎͇͕͙͉͊͌Ͱ͌̯͙͕͘͙͇͇͑͓͕͍͙͌͌

͇͋͇͈͕͙͗͏͙͌͕͘͉͔͙͌͏͇͙͕͕͙͒͗͇͔͕͗͞͕͋

͖͕͇͙͇͒͞͎͇͕͙͉͊͌Ͱ͌̻͚͔͑͝͏͇͙͇ͮ͓͕͍͌

͇͋͌͘͉͚͑͒͞͏͕͋͙͇͈͇͙͇͌͒͔͇

͖͕͉͗͟͏͔͇͙͇͎͇͕͙͉͊͌Ͱ͌

̮͇͖͕͉͌Ͳ͌͏͔͕͓͇͛͗͝͏͏

͇͕͑͑͇͋͇ͮ͕͑͗͏͙͘͏͙͌͕͉͇͇

͚͔͛͑͝͏͇ͮ͉͏͙͋͌͌͕͊

͚͖͇͙͙͉͕͙͕͘͎͇͖͕͇͙͇͒͞͎͇

͕͙͉͊͌Ͱ͌

ЉглбЫбйЩѓЮжЩ

еЩгкбеЩджЩлЩЪйабжЩжЩ

езлзйзл

̱͕͇͊Ͳ͌͕͊͕͖͙͋͗͌͌ ͎͇͖͕͔͚͉͇͞͇͋

͇͈͕͙͗͏͓͇͑͘͏͓͇͔͇͙͇͒͈͎͗͏͔͇͔͇

͓͕͙͕͕͙͗͉͕͖͌͗͏͕͋͕͋͓͏͔͚͙͏̶͕͒͌͘

͙͕ͮ͖͌͗͏͕͋͇͖͇͇͙͕͙͗͌͘͉͇͗Ͳ͇͔͇

͔͕͉͌͊͏͙͌͖͙͕͔͗͌͋͜͏͖͕͙͇͉͚͉͇͘Ͱ͇͎͇

͈͎͗͏͔͇͙͇

̱͕͇͊͌͉͚͔͇͑͒͌͞

͚͔͛͑͝͏͇͙͇ͮ

͕͖͕͔͋͒͏͙͔͌͒͏͕͙͕͖͋͏͗͔͇

͔͓͇͌͔͏͇͉͑͑͏͉͒͏͇͔ͮ͏͇ͮ

БаЫЮклмЫЩѓЮаЩ

нбдлЮйзл

̧͇͓͕͙͒͗͎͇͛͏͙͒͌͗͉͌͖͕͙͙͚͉͇͌͘͇͋͕͊

͓͔͌͘͏͙͌͏͒͏͏͘͞͏͙͘͏͙͌͛͏͙͕͙͒͌͗͎͇

͇͔ͮ͊͒͌͏͇͋͕͊͏͘͞͏͙͘͏͙͌͛͏͙͕͙͒͌͗͎͇

͓͇͔͕͙͘͏͏̶͕͇͎͇͙͕͙͑͌͒͎͇͛͏͙͒͌͗ ͌

͉͚͔͑͒͌͞͚͔͌͑͋͘͏͇͕͑͛͏͙͕͙͒͌͗͎͇

͓͇͔͕͙͘͏͏͓͕͇͗͇͋͌͘͏͘͞͏͙͘͏

̶͕͇͎͇͙͕͙͑͌͒͎͇͛͏͙͒͌͗ ͙͖͇͗͌͑

͚͔͌͑͋͘͏͇͕͑͛͏͙͕͙͒͌͗͎͇͇͔ͮ͊͒͌͓͕͇͗

͇͋͌͘͎͇͓͔͌͏͏͒͏͏͘͞͏͙͘͏

̵̴̸̧̳̱̬̫̱̯ 

̩͏͙͋͌͌͉͕͕͙͋͌͒͎͇

͞͏͙͌͘Ͱ͌͔͇͛͏͙͕͙͒͌͗͎͇

͓͇͔͕͙͘͏͏͉͕͖͕͇͉͙͕͊͒ͮ͌͎͇

͊͗͏͍͇͏͞͏͙͌͘Ͱ͌

̩͏͙͋͌͌͉͕͕͙͋͌͒͎͇

͞͏͙͌͘Ͱ͌͔͇͛͏͙͕͙͒͌͗͎͇

͇͔ͮ͊͒͌͏͒͏͎͇͓͔͇͌͔͇

͛͏͙͕͙͒͌͗͎͇͇͔ͮ͊͒͌͉͕

͖͕͇͉͙͕͊͒ͮ͌͎͇͊͗͏͍͇͏

͞͏͙͌͘Ͱ͌

̮͇͇͋͇ͮ͙͗͌͌͘͏͇͙͗͌͚͔͛͑͝͏͇͙͇ͮ

͕͖͙͋͗͌͌͕͊ ͚͔͌͑͋͘͏

АЩЭЩЩглбЫбйЩлЮбдбЭЮЩглбЫбйЩлЮ

нмжгпбёЩ

 ̩͚͙͑͒͌͌͞͇ͮ͕͔͙͕͔͇͙͇͑͗͒͙͇͈͇͒

 ̶͕͉͙͗͌͗͌͌͇͋͒͏͏͕͔͑͏͙͌͌͘͈͌͒͏

 ̮͇͇͋͇ͮ͉͚͑͒͞͏͙͌͚͔͛͑͝͏͇͙͇ͮ

͎͇͍͙͋͗͌͌͕͊ ͚͔͌͑͋͘͏

̧͕͑͚͔͛͝͏͇͙͇ͮ͌͉͚͔͇͑͒͌͞͏͕͔͇͙͇͑͎͇

͛͏͙͒͌͗ ͙͖͇͗͌͑͖͙͌͖͇͙͏

 ̮͇͇͋͇ͮ͇͙͋͌͑͏͉͏͇͙͗͌͚͔͛͑͝͏͇͙͇ͮ

͕͖͙͋͗͌͌͕͊ ͚͔͌͑͋͘͏

̧͕͑͚͔͛͝͏͇͙͇ͮ͌͏͚͔͇͑͒͌͘͞͏͕͔͇͙͇͑͎͇

͛͏͙͒͌͗ ͙͖͇͗͌͑͙͗͏͖͇͙͏

ЖЎЌЉБРБКЛЎЃЎ

АЩЪЮдЮсгбаЩрбклЮѓЮлз

КйЮЭклЫЩаЩ

рбклЮѓЮ

ЖЮгзйбклЮлЮЩЪйЩабЫжбЭЮлЮйЬЮжлббрЮлгб

̶͕͉͗͟͏͔͇͙͇͔͇͖͇͙͇͌͑͞͞͏͙͙͌͌͘͇ͮ͕͘͓͇͌͑͖͇͑͗͔͇͙͕͖͔͇͌͕͘͙͕͖͇͒

͉͕͇͋͏͙͉͕͗͌͋͘͘͎͇͞͏͙͌͘Ͱ͌

̶͕͕͙͉͊͌Ͱ͙͕͌͔͕͌͑͏͕͉͋͌͒͏͕͋͇͖͇͇͙͕͙͗͓͕͍͌͇͋͌͘͎͇͇͙͊͗͌̮͇͇͋

͏͎͈͔͌͊͌͖͕͇͉͇ͮ͔͇͇͓͋͑͏͇͖͇͇͙͕͙͗͓͕͇͗͇͋͌͘͕͇͒͋͏͏͏͚͘͟͏͕͘

͞͏͙͇͘͖͇͑͗͏͒͏͇͙͗͜͏͔͌͏͖͑͗͏

̾͏͙͙͌͌͘͇͓͋͑͏͕͘͈͇͒͊͙͔͙͋͌͌͗͊͌

ЗЭЭйЯмЫЩёлЮёЩ

рбклЩоЩмЪЩлЩ

̾͏͙͙͌͌͘͕͊͇͖͇͇͙͕͙͗͏͛͏͙͒͗͏͙͌͎͇͓͇͔͕͙͘͏͏͕͌͑ͮ͘͓͌͌͘͝̾͏͙͙͌͌͘

͊͏͉͔͇͙͔͕͙͇͗͌͘͟͏͛͏͙͒͗͏͙͌͎͇͓͇͔͕͙͘͏͏͉͔͏͓͇͙͔͕͌͒͕͋͓͇͔͕͙͘͏͏

̴͇͕͈͘͏͇͗Ͱ͙͕͌͔͇͓͔͕͙͗͘͏͏͏͒͏͚͋͗͊͏͕͙͇͙͕͘͝͏͕͋͇͔͇͗͜͓͕͍͌͇͋

͎͚͙͗͌͒͏͇͗͕͘͖͕͍͇͗

̸͙͒͌͋͌͌͊͏͚͖͇͙͙͉͇͙͇͘͎͇͞͏͙͌͘Ͱ͌͔͇͕͇͙͕͋͋͝͏͙͌͕͇͑͊

͏͎͉͙͚͉͇͌͘Ͱ͙͕͌͎͇͛͏͙͒͌͗͌͉͚͔͕͑͒͌͞̶͕͔͙͊͒͌͋͌͌͉͕͏͎͉͙͚͉͇͌͘Ͱ͌

͎͇͛͏͙͒͌͗͉͕͖͕͇͉͙͕͊͒ͮ͌͎͇͕͔͉͔͇͌͑ͮ͋͌͘͚͖͕͙͈͇͗͌

̻͏͙͒͗͏͙͌͎͇͓͇͔͕͙͘͏͏͓͕͍͌͇͋͌͘͓͏͇͙ͮ͉͕͓͇͟͏͔͇͎͇͓͏͌Ͱ͌

͇͕͉͋͘͏

̳͇͟͏͔͇͙͇͎͇͓͏͌Ͱ͌͇͕͉͋͘͏͓͕͇͗͇͋͈͏͋͌͖͕͙͇͉͔͇͌͘͔͇͔͏͇͑͘

͙͓͖͇͙͚͇͌͌͗͗͏͇͙͕͑͗͑͝͏͚͑͒͘̻͏͙͕͙͒͌͗͎͇͓͇͔͕͙͘͏͏͓͕͍͌͇͋

͏͎͚͈͊͏͈͕͇ͮ͔͓͇͌͉͒͏͇͔ͮ͏͌͉͎͗͖͕͓͇͔͌͗͛͗͘͏͙͌͔͇͇͖͇͇͙͕͙͗

НбдлЮйаЩ

ёЩЬдЮж

̩͓͙͕͗͌͌͔͇͎͇͘͏͙͔͕͙͇͌͘͔͇͛͏͙͕͙͒͌͗͎͇͇͔ͮ͊͒͌͉͇͗͏͇͗͉͕

͎͇͉͏͔͕͙͘͘͕͋͉͏͕͙͋͔͇͕͙͉͊͌Ͱ͙͕͌͏͕͉͔͕͙͇͗͌͋͘͔͇͞͏͙͌͘Ͱ͌͔͇

͛͏͙͕͙͒͌͗͎͇͓͇͔͕͙͘͏͏̧͙͑͏͉͏͇͔͗͏͕͙͛͏͙͒͌͗͎͇͇͔ͮ͊͒͌͔͌͌͘͓͏͌

͔͌͓͕͍͌͇͋͌͘͔͗͌͊͌͌͗͏͇͗͏͓͕͇͗͇͋͌͘͎͇͓͔͌͏͖͗͏͈͒͏͍͔͕͔͇

͕͌͑͘͏͓͌͌͘͝͏͕͋͇͈͕͙͇͙͇͗͏͒͏͖͕͙͕͌͘͞͖͗͏͕͕͈͔͕͌͘͙͕͌͘͞

͕͑͗͏͙͌͘Ͱ͌

ZZZDHJFRP

РбклЮѓЮжЩнбдлЮйзлаЩ

ейкжзлбб

̻͏͙͒͗͏͙͌͌͘͓͕͔͙͏͇͇͙͗͕͘͚͖͕͙͈͇͗͌͔͇

͙͌͊͘͏͏͖͕ͮ͑͘͏͔͇͖͕͙͗͘͏͉͔͇͙͇͙͇͔͇͗͘

АЩЭЩкЮбкрбклбнбдлЮйзл

 ̫͍͙͗͌͌͕͊͖͇͔͕͙͌͒͔͇͙͇͔͗͘͏͙͌͏

͖͗͏͙͏͔͙͌͌͘͕͊͔͇͎͇͋

 ̳͇͚͒͑͔͇͉͇͙͒͌͌͕͊͖͔͗͌͋͏͕͙͋͌͒

͔͇͛͏͙͕͙͒͌͗͔͇͕͚͋͒͇͖͕͙͕͇

͖͕͉͙͒͌͌͌͞

̩͔͏͓͇͉͇͙ͮ͌̻͏͙͕͙͒͌͗

͌͎͇͙͟͏͙͔͌͕͘͇͔͒͌͝

͖͗͏͚͇͔͕͒ͮ͘͞͖͇͇ͩͰ͌

̯͎͉͇͙͋͌͌͊͏͘͏͔ʹ͏͗͏͙͌

͖͗͌͋͇͋͊͏͏͘͞͏͙͘͏͙͌

͛͏͙͒͗͏͙͌

 ̷͇͎͓͕͔͙͏͇͙͗ͮ͌͕͊͛͏͙͕͙͒͌͗͙͇͇͑

͙͕͟Ͳ͌͊͏͕͙͙͇͔͗͘͏͙͌͎͇͉͙͗͑͏͙͌͔͇

͕͔͊͗͏͕͙͋͌͒͔͇͛͏͙͕͙͒͌͗

 ̯͘͞͏͙͙͌͌͘͊͏͛͏͙͒͗͏͙͌͕͘͚͔ͩ͌͗͘

͕͘͔͇͈͇͎͌͗͏͉͔͏͙͔͙͋͌͌͗͊͌͏͏͒͏͉͕

͓͇͟͏͔͇͎͇͓͏͌Ͱ͌͇͕͉͋͘͏

̳͇͟͏͔͇͙͇͎͇͓͏͌Ͱ͌

͇͕͉͋͘͏͓͕͇͗͇͋͈͏͋͌

͖͕͙͇͉͔͇͌͘͔͇͔͏͇͑͘

͙͓͖͇͙͚͇͌͌͗͗͏͇͙͕͑͗͑

͝͏͚͑͒͘̻͏͙͕͙͒͌͗͎͇

͓͇͔͕͙͘͏͏͓͕͍͌͇͋͏͎͚͈͊͏

͈͕͇ͮ͔͓͇͌͉͒͏͇͔ͮ͏͌͉͎͗

͖͕͓͇͔͌͗͛͗͘͏͙͌͔͇

͇͖͇͇͙͕͙͗

 ̮͇͇͋͊͏͙͇͉͘͏͙͌͛͏͙͒͗͏͙͌͔͇͎͇͋

͏͎͉͙͗͌͌͟͊͏͖͉͗͏͙͌͉͇͋͕͌͑͗͞͏͉͕

͕͈͇͙͔͗͌͕͗͌͋͒͌͋͘

̶͕͉͙͕͙͗͌͌͊͏͕͌͑͗͞͏͙͌͎͇͘͏͙͌͛͏͙͒͗͏

͇͕͑͌͓͕͍͔͕

АЩеЮжЩжЩнбдлЮйзлкз

ёЩЬдЮж

ИЙЎЍМИЙЎЍМЋЉЃЎ

̻͏͙͕͙͒͌͗͕͘͇͔ͮ͊͒͌͔͌

͓͕͍͌͇͋͌͘͓͏͌

̮͇͇͋͕͊͎͇͓͔͌͏͙͌͛͏͙͕͙͒͌͗

 ̯͎͉͇͙͋͌͌͊͏͛͏͙͒͗͏͙͌͎͇͓͇͔͕͙͘͏͏

͕͋͇͖͇͇͙͕͙͗

̩͏͙͋͌͌͉͕ಱ̾͏͙͌͘Ͱ͌͔͇͛͏͙͕͙͒͌͗͎͇

͓͇͔͕͙͘͏͏ಯ͉͕͕͉͇͖͕͇͉͊͒ͮ͌

 ̶͕͉͙͒͌͌͌͞͊͏͇͎ͮ͏͞͏Ͱ͇͙͇͕͔͑

͕͔͋͒͏͕͙͋͌͒͔͇͛͏͙͕͙͒͌͗

 ̳͇͚͒͑͔͇͉͔͙͌͋͌͌͕͊͖͔͗͌͋͏͕͙͋͌͒

͔͇͛͏͙͕͙͒͌͗͔͇͕͚͋͒͖͕͙͕͇

͖͕͉͙͒͌͌͌͞

 ̮͇͇͋͖͕͙͇͉͘͏͙͌͔͕͉͛͏͙͒͌͗

͔͇͖͇͉͙͗͌͌͊͏͏͙͘͏͙͌͕͌͑͗͞͏͖͕

͕͈͇͙͔͗͌͕͗͌͋͒͌͋͘

̩͕͕͌͑ͮ͘͚͇͒ͮ͘͞͔͕͖͕͔͕͌͋͜͌͛͏͙͒͗͏͙͌

͇͋͌͘͎͇͓͔͚͉͇͇͙͌͔͇͓͇͚ͮ͒͑͔͇͕͌͑͘͏

͙͌͞͏͗͏͓͌͌͘͝͏

АЩеЮжЩжЩкЫЮлдзлз

̵͉͕ͮ͇͖͇͇͙͗͌͘͏͖͕͇͚͉͇͗͘͞͕͘̲̬̫

͇͓͖͇͒̵͉͕ͮ͋͌͒͓͕͍͌͇͋͕͊͘͎͇͓͔͌͏

͇͓͕͘͙͔͌͜͏͇͗͞̩͕͚͇͒ͮ͘͞͔͇͙͋͌͛͌͑

̵̴̸̧̳̱̬̫̱̯ 

͉͏͙͋͌͌͉͕ಱ̸͉͌͗͏͘ಯ͉͕͖͕͇͉͙͕͊͒ͮ͌

ಱ̨͎͈͔͕͔͌͌͋͘͏͏͔͙͚͗͑͘͝͏͏ಯ

ЌЙБЏЉАЉЗГЗДБЖЉЛЉ

̷͌͝͏͑͒͏͇͙͗ͮ͌͊͏͓͇͙͌͗͏͇ͮ͒͏͙͌͕͘

͘͏͓͈͕͕͙͒ ̸͙͇͉͙͌͌͇ͮ͇͓͈͇͇͍͇͙͇͒

͉͕͕͕͉͙͔͋͌͘͏͕͔͙͔͑͌ͮ͌͗͏͎͇͇͋͇ͮ

͗͌͝͏͑͒͏͇͙͗͌̶͕͓͕͔͙͊͌͌͉͕͎͇͙͟͏͙͇͙͇

͔͇͍͏͉͙͔͇͙͇͗͌͋͘͏͔͇͏͕͉͕͉͕͙͕͌͑͞

͎͇͉͋͗ͮ͌͏͗͌͝͏͑͒͏͇͙͗ͮ͌͕͊͕͙͖͇͕͙͋͕͋

͙͌͒͌͑͗͏͔͞͏͏͙͕͔͌͒͌͑͗͑͘͏͇͖͇͇͙͗͏̴͌

͇͙͛͗͒ͮ͌͊͏͇͖͇͇͙͗͏͙͌͕͎͇͔͔͌͞͏͕͘

͘͏͓͈͕͕͙͒ ͉͕͕͙͖͇͕͙͋͕͋

͕͓͇͋Ͳ͏͔͙͉͕͙͕͘̩͇͙͙͗͌͌͕͊͖͕͗͏͎͉͕͕͙͋

͉͕͉͇͟͏͕͙͕͇͔͒͑͒͌͇͖͇͑͝͏͙͙͌͎͇

͗͌͝͏͑͒͏͇͗Ͱ͌͏͒͏͕͔͙͇͙͑͑͏͇͙͗ͮ͌͇ͮ

͉͇͇͙͇͟͕͖͙͟͏͔͇͑͘͇͔͇͑͌͒͗͝͏͇ͮ

ZZZDHJFRP

,11+2/'

6,..(5+(76,1)250$6-212*,167$//$6-21

352'8.7%(6.5,9(/6(

'$*/,*%58.

67(//2*5(1*-5,1*

)253(5)(.7(5(68/7$7(5

7DNNIRUDWGXYDOJWHGHWWH$(*SURGXNWHW9LKDUODJHWGHWIRU§JLGHJSHUIHNW

\WHOVHLPDQJH§UPHGLQQRYDWLYWHNQRORJLVRPELGUDUWLO§JMºUHOLYHWHQNOHUHದ

HJHQVNDSHUVRPGXNDQVNMHLNNHILQQHUS§RUGLQ¨UHDSSDUDWHU%UXNQRHQ

PLQXWWHUS§§OHVHGHWWHIRU§I§PHVWPXOLJXWDYGHQ

*§LQQS§QHWWVLGHQY§UIRU§

)§U§GRPEUXNEURVM\UHUKMHOSWLOIHLOVºNLQJRJLQIRUPDVMRQRPVHUYLFHRJ

UHSDUDVMRQ

ZZZDHJFRPVXSSRUW

5HJLVWUHUSURGXNWHWIRU§I§EHGUHVHUYLFH

ZZZUHJLVWHUDHJFRP

.MºSWLOEHKºUIRUEUXNVYDUHURJRULJLQDOHUHVHUYHGHOHUWLODSSDUDWHWGLWW

ZZZDHJFRPVKRS

.81'(6777(2*6(59,&(

%UXNDOOWLGRULJLQDOHUHVHUYHGHOHU

1§UGXNRQWDNWHUY§UWDXWRULVHUWHVHUYLFHVHQWHUP§GXVºUJHIRUDWGXKDU

IºOJHQGHRSSO\VQLQJHUWLOJMHQJHOLJ0RGHOO31&VHULHQXPPHU

,QIRUPDVMRQHQILQQHUGXS§W\SHVNLOWHW

$GYDUVHO)RUVLNWLJದ6LNNHUKHWVLQIRUPDVMRQ

*HQHUHOOLQIRUPDVMRQRJWLSV

0LOMºLQIRUPDVMRQ

0HGIRUEHKROGRPHQGULQJHU

6,..(5+(76,1)250$6-212*,167$//$6-21

$'9$56(/

6HGHWVHSDUDWHKHIWHWIRU

LQVWDOODVMRQVLQVWUXNVMRQHUIRU

VLNNHUKHWVLQIRUPDVMRQRJ

LQVWDOODVMRQ/HV

VLNNHUKHWVNDSLWOHQHQº\HIºU

GXEUXNHUHOOHUYHGOLNHKROGHU

SURGXNWHW

1256. 

352'8.7%(6.5,9(/6(

2YHUVLNWRYHUEHWMHQLQJVSDQHOHW

1 2 3 4 5 6 7 8 9 10

)XQNVMRQ %HVNULYHOVH

3§$Y 6O§UYHQWLODWRUHQS§RJDY

)ºUVWHKDVWLJKHW 0RWRUHQE\WWHUWLOIºUVWHKDVWLJKHWVQLY§

$QGUHKDVWLJKHW 0RWRUHQE\WWHUWLODQGUHKDVWLJKHWVQLY§

7UHGMHKDVWLJKHW 0RWRUHQE\WWHUWLOWUHGMHKDVWLJKHWVQLY§

0DNVLPDOKDVWLJKHW 0RWRUHQE\WWHUWLOPDNVLPDOWKDVWLJKHWVQLY§

+XUWLJERRVW 0RWRUHQE\WWHUWLOPDNVLPDOWKDVWLJKHWVQLY§$SSDUDWHW

J§UWLOEDNHWLOIRUULJHLQQVWLOOLQJHWWHUIHPPLQXWWHU

%ULV 9HQWLODWRUHQHUS§ODYHVWHKDVWLJKHW$SSDUDWHWVO§VDY

HWWHUPLQXWWHU

)LOWHUYDUVOLQJ 0LQQHUGHJS§§VNLIWHHOOHUUHQJMºUHNXOOILOWHUHWRJUHQಣ

JMºUHIHWWILOWHUHW

+REt+RRG ,QGLNDWRUIRUIXQNVMRQHQVRPVW\UHUDYWUHNNVYLIWHQIUD

NRNHSODWHQ

 /DPSH 6O§UO\VHQHS§RJDY

'$*/,*%58.

%UXNDYYHQWLODWRUHQ

6MHNNDQEHIDOWKDVWLJKHWLKHQKROGWLO

WDEHOOHQQHGHQIRU

8QGHURSSYDUPLQJDYPDWWLOEHUHGQLQJPHGGHNNHGH

NRNHNDU

6N§QVRPVWHNLQJದQ§UGXWLOEHUHGHUPHGGHNNHGH

NRNHNDUS§IOHUHNRNHVRQHUHOOHUEUHQQHUH

8QGHUNRNLQJRJVWHNLQJDYP\HPDWXWHQORNNWLOEHಣ

UHGQLQJS§IOHUHNRNHVRQHUHOOHUEUHQQHUH

ZZZDHJFRP

RJ 8QGHUNRNLQJRJVWHNLQJDYVWRUHPHQJGHUPDWXWHQ

ORNNKº\IXNWLJKHW

)ULVNHURSSOXIWHQS§NMºNNHQHWHWWHUPDWODJLQJದPHG

VY¨UWODYWVWº\QLY§'HQNDQDNWLYHUHVRJGHDNWLYHUHV

YHG§EHUºUHV\PEROHW)XQNVMRQHQVO§VDYDXWRPDಣ

WLVNHWWHUPLQXWWHU%UXNHVNXQHWWHUWLOEHUHGQLQJ

'HWHUDQEHIDOW§OD

YHQWLODWRUHQVW§S§L

PLQXWWHUHWWHUWLOEHUHGQLQJ

%HWMHQLQJVSDQHOHWHUHW

VHQVRUIHOW%HUºUV\PEROHQH

LVHNXQGIRU§DNWLYHUH

IXQNVMRQHQH

6OLNEUXNHUGXYHQWLODWRUHQ

 6O§S§DSSDUDWHWYHG§WU\NNHS§ 

V\PEROHW

1§NDQGXDNWLYHUHIXQNVMRQHQH

 )XQNVMRQHQDNWLYHUHVYHG§EHUºUH

V\PEROHW

 %HUºUO\VV\PEROHW IRU§EHO\VH

VWHNHRYHUIODWHQYHGEHKRY)RU§

HQGUHO\VLQWHQVLWHWHQEHUºURJKROG

LQQHV\PEROHWLJMHQ

7U\NN V\PEROHWS§Q\WWIRU§VO§DY

DSSDUDWHW

+REt+RRGIXQNVMRQ

'HWWHHUHQDXWRPDWLVNIXQNVMRQVRP

NQ\WWHUNRNHWRSSHQWLOHQYHQWLODWRU%§GH

NRNHWRSSHQRJYHQWLODWRUHQKDUHQ

LQIUDUºGVLJQDONRPPXQLNDWRU

9LIWHKDVWLJKHWHQGHILQHUHVDXWRPDWLVNS§

JUXQQODJDYPRGXVHQRJWHPSHUDWXUHQWLO

GHYDUPHVWHNRNHNDUHQHS§

NRPI\UWRSSHQ'XNDQRJV§EHWMHQH

YLIWHQIUDNRNHWRSSHQPDQXHOW'HQQH

IXQNVMRQHQNDQDNWLYHUHVIUD

EHWMHQLQJVSDQHOHWS§NRNHWRSSHQ

)RUPHULQIRUPDVMRQRP

KYRUGDQGXEUXNHU

IXQNVMRQHQVHNRNHWRSSHQV

EUXNVDQYLVQLQJ

$NWLYHULQJDYKº\HVWH

YLIWHKDVWLJKHW

1§UGXWU\NNHUS§ VWDUWHUGHQKº\HVWH

YLIWHKDVWLJKHWHQLPLQXWWHU(WWHUGHWWH

J§UDSSDUDWHWWLOEDNHWLOGHQWLGOLJHUH

KDVWLJKHWVLQQVWLOOLQJHQ

1§UIXQNVMRQHQHUVO§WWS§

KDU\WWHUOLJHUHEHUºULQJDY

LQJHQHIIHNW

)LOWHUYDUVOLQJ

)LOWHUYDUVHOHWPLQQHUGHJRP§VNLIWHHOOHU

UHQJMºUHNXOOILOWHUHWRJIHWWILOWHUHW

)LOWHULQGLNDWRUHQ VO§VS§LVHNXQGHU

Q§UIHWWILOWHUHWP§UHQJMºUHV

)LOWHULQGLNDWRUHQ EOLQNHULVHNXQGHU

Q§UNXOOILOWHUHWP§E\WWHVXWHOOHU

UHQJMºUHV

/HVRPUHQJMºULQJDY

IHWWILOWHUHWLNDSLWWHOHW6WHOORJ

UHQJMºULQJ

/HVRPKYRUGDQGXUHQJMºU

HOOHUVNLIWHUNXOOILOWHUHWL

NDSLWWHOHW6WHOORJUHQJMºULQJ

)RU§QXOOVWLOOHIXQNVMRQHQEHUºU LWUH

VHNXQGHU

)RU§DNWLYHUHHOOHUGHDNWLYHUH

IXQNVMRQHQ

 6O§S§EHWMHQLQJVSDQHOHW

 6ºUJIRUDWLNRQHQHEOLUKYLWH

 )RU§DNWLYHUHIXQNVMRQHQEHUºU L

WUHVHNXQGHU

)LOWHULNRQHW EOLQNHUIHPJDQJHUQ§U

IXQNVMRQHQHUDNWLYHUW

 )RU§GHDNWLYHUHIXQNVMRQHQEHUºU

LWUHVHNXQGHU

1256. 

)LOWHULNRQHW EOLQNHUWUHJDQJHUQ§U

IXQNVMRQHQHUGHDNWLYHUW

67(//2*5(1*-5,1*

0HUNQDGHURPUHQJMºULQJ

5HQJMºULQJV഻

PLGOHU

,NNHEUXNVNXUHQGHUHQJMºULQJVPLGOHURJEºUVWHU

5HQJMºUSURGXNWHWVRYHUIODWHPHGHQP\NNOXWPHGYDUPWYDQQRJHW

PLOGWYDVNHPLGGHO

(WWHUWLOEHUHGQLQJNDQQRHQGHOHUDYSURGXNWHWEOLYDUPW)RU§XQQJ§

IOHNNHUP§SURGXNWHWNMºOHVQHGRJWºUNHVPHGUHQNOXWHOOHUWºUNHSDSLU

5HQJMºUIOHNNHUPHGHWPLOGWYDVNHPLGGHO

+ROGYHQWLODWR഻

UHQUHQ

5HQJMºUSURGXNWHWRJVPºUILOWUHQH«QJDQJLP§QHGHQ5HQJMºULQQYHQಣ

GLJRJIHWWILOWUHQHJUXQGLJIRUIHWW)HWWRSSVDPOLQJHOOHUDQGUHUHVWHUNDQ

IºUHWLOEUDQQ

)ºOJLQVWUXNVMRQHQHIRUUHQJMºULQJDYWLOEHKºUHWQ§UILOWHUYDUVHOHWHUS§

6H)LOWHUYDUVHOLNDSLWWHOHW'DJOLJEUXN

)HWWILOWHUHNDQYDVNHVLRSSYDVNPDVNLQ

2SSYDVNPDVNLQHQP§VWLOOHVLQQS§ODYWHPSHUDWXURJHWNRUWSURJUDP

)HWWILOWHUHWNDQEOLPLVIDUJHWPHQGHWWHKDULQJHQS§YLUNQLQJS§\WHOVHQ

WLOSURGXNWHW

.XOOILOWHU

0HWQLQJHQDYNXOOILOWHUHWYDULHUHUDYKHQJLJDYW\SHWLOEHUHGQLQJRJKYRU

UHJHOPHVVLJGXUHQJMºUHUIHWWILOWHUHW'HWDNWLYHUWHNXOOILOWHUHWNDQLNNHYDಣ

VNHVHOOHUUHJHQHUHUHVRJP§E\WWHVXWRPWUHQWKYHUIMHUGHVMHWWHP§ಣ

QHGLEUXNHOOHURIWHUHLSHULRGHUPHGVSHVLHOWP\HEUXN

5HQJMºUHIHWWILOWHUHW

)LOWUHQHPRQWHUHVPHGNOLSVRJQ§OHUS§

PRWVDWWVLGH

)RU§UHQJMºUHILOWHUHW

 +ROGSDQHOHWS§VLGHQHRJVN\YGHW

WLOEDNH

 %º\IURQWHQS§ILOWHUHWIRUVLNWLJ

QHGRYHURJGUD

9¨UIRUVLNWLJ)LOWUHQH

EHVN\WWHVDYNMHGHUYHG

XWLOVLNWHWNROODSV

'HPRQWHUNMHGHQHIºUGX

UHQJMºUILOWUHQH

 'HPRQWHUILOWHUHWYHG§VNUXXW

VNUXHQHS§WRSSHQDYILOWHUHW

ZZZDHJFRP

 9DVNILOWUHQHYHG§EUXNHHQVYDPS

PHGYDVNHPLGGHOXWHQVOLSHYLUNQLQJ

HOOHUEUXNRSSYDVNPDVNLQ

2SSYDVNPDVNLQHQP§VWLOOHV

LQQS§ODYWHPSHUDWXURJHW

NRUWSURJUDP)HWWILOWHUHWNDQ

EOLPLVIDUJHWPHQGHWWHKDU

LQJHQS§YLUNQLQJS§

DSSDUDWHUV\WHOVH

 )RU§PRQWHUHILOWUHQHWLOEDNHIºOJGH

WRIºUVWHWULQQHQHLRPYHQGW

UHNNHIºOJH

*MHQWDWULQQHQHIRUDOOHILOWUHKYLVDNWXHOW

%\WWXWNXOOILOWHUHW

$'9$56(/

.XOOILOWHUHWNDQLNNHYDVNHV

6OLNVNLIWHUGXILOWHUHW

 )MHUQIHWWILOWUHQHIUDDSSDUDWHW

6H5HQJMºULQJDYIHWWILOWHUHWLGHWWH

NDSLWWHOHW

 7UHNNWDSSHQHPRWEDNVLGHQDY

ILOWHUHW

 7LOWIURQWHQDYILOWHUHWOLWWQHGRYHURJ

GHUHWWHUWUHNN

 )RU§PRQWHUHHWQ\WWILOWHUXWIºUGH

VDPPHWULQQHQHLRPYHQGW

UHNNHIºOJH

8DQVHWWHUGHWQºGYHQGLJ§VNLIWHILOWUHQH

PLQVWKYHUIMHUGHP§QHG

6NLIWHO\VS¨UH

'HWWHSURGXNWHWOHYHUHVPHGHQ/('

S¨UH'HQQHGHOHQNDQNXQVNLIWHVDYHQ

WHNQLNHU+YLVGHWRSSVW§UIHLOVH

6HUYLFHLNDSLWWHOHW

6LNNHUKHWVLQVWUXNVMRQHU

%(6.<77(/6($90,/-(7

5HVLUNXOHUPDWHULDOHUVRPHUPHUNHWPHG

V\PEROHW /HJJHPEDOODVMHQLULNWLJH

EHKROGHUHIRU§UHVLUNXOHUHGHW%LGUDUWLO

§EHVN\WWHPLOMºHWPHQQHVNHUVKHOVHRJ

IRU§UHVLUNXOHUHDYIDOODYHOHNWULVNHRJ

HOHNWURQLVNHSURGXNWHU,NNHNDVW

SURGXNWHUVRPHUPHUNHWPHGV\PEROHW

VDPPHQPHGKXVKROGQLQJVDYIDOOHW

3URGXNWHWNDQOHYHUHVGHUKYRU

WLOVYDUHQGHSURGXNWVHOJHVHOOHUS§

PLOMºVWDVMRQHQLNRPPXQHQ.RQWDNW

NRPPXQHQIRUQ¨UPHUHRSSO\VQLQJHU

1256. 

63,675(Ĝ&,

,1)250$&-('27<&=Æ&(%(=3,(&=(ą67:$,,167$/$&-, 

23,685=Æ'=(1,$

&2'=,(11$(.63/2$7$&-$

.216(5:$&-$,&=<6=&=(1,( 

=0<Ĝ/Æ2'26.21$ă<&+()(.7$&+

']LÛNXMHP\]DZ\EµUSURGXNWX$(*=DSURMHNWRZDOLĝP\JR]P\ĝOÇRZLHOROHWQLHM

EH]DZDU\MQHMSUDF\LZ\SRVDľ\OLĝP\ZLQQRZDF\MQHUR]ZLÇ]DQLDWHFKQLF]QH

XĄDWZLDMÇFHľ\FLHದQLHZV]\VWNLH]QLFKPRľQD]QDOHļÉZ]Z\NĄ\FKXU]ÇG]HQLDFK

3URVLP\RSRĝZLÛFHQLHNLONXPLQXWQD]DSR]QDQLHVLÛ]QLQLHMV]ÇLQVWUXNFMÇDE\

MDNQDMOHSLHMZ\NRU]\VWDÉPRľOLZRĝFLXU]ÇG]HQLD

3U]HMGļQDQDV]ÇZLWU\QÛLQWHUQHWRZÇ

:VND]µZNLGRW\F]ÇFHXľ\WNRZDQLDEURV]XU\SRPRFZUR]ZLÇ]\ZDQLX

SUREOHPµZRUD]LQIRUPDFMHGRW\F]ÇFHVHUZLVXLQDSUDZ

ZZZDHJFRPVXSSRUW

=DUHMHVWUXMSURGXNWDE\NRU]\VWDÉ]OHSV]HMREVĄXJLVHUZLVRZHM

ZZZUHJLVWHUDHJFRP

.XSDNFHVRULDPDWHULDĄ\HNVSORDWDF\MQHLRU\JLQDOQHF]ÛĝFL]DPLHQQHGR

VZRMHJRXU]ÇG]HQLD

ZZZDHJFRPVKRS

2%6ă8*$./,(17$,6(5:,6

1DOHľ\]DZV]HXľ\ZDÉRU\JLQDOQ\FKF]ÛĝFL]DPLHQQ\FK

3U]HGNRQWDNWHP]DXWRU\]RZDQ\PFHQWUXPVHUZLVRZ\PQDOHľ\SU]\JRWRZDÉ

SRQLľV]HGDQH0RGHOQXPHUSURGXNWXQXPHUVHU\MQ\

,QIRUPDFMHPRľQD]QDOHļÉQDWDEOLF]FH]QDPLRQRZHM

2VWU]HľHQLHSU]HVWURJDಧLQIRUPDFMHGRW\F]ÇFHEH]SLHF]HĆVWZD

2JµOQHLQIRUPDFMHLZVND]µZNL

,QIRUPDFMHGRW\F]ÇFHĝURGRZLVNDQDWXUDOQHJR

3URGXFHQW]DVWU]HJDVRELHPRľOLZRĝÉZSURZDG]HQLD]PLDQEH]ZF]HĝQLHMV]HJR

SRZLDGRPLHQLD

ZZZDHJFRP

,1)250$&-('27<&=Æ&(%(=3,(&=(ą67:$,

,167$/$&-,

2675=(Ƽ(1,(

,QIRUPDFMHGRW\F]ÇFH

EH]SLHF]HĆVWZDLLQVWDODFML

VÇ]DZDUWHZRGUÛEQHM

EURV]XU]Hಱ,QVWUXNFMD

LQVWDODFMLರ3U]HG

SU]\VWÇSLHQLHPGR

Xľ\WNRZDQLDOXENRQVHUZDFML

XU]ÇG]HQLDQDOHľ\XZDľQLH

]DSR]QDÉVLÛ]UR]G]LDĄHP

GRW\F]ÇF\P

EH]SLHF]HĆVWZD

23,685=Æ'=(1,$

:LGRNSDQHOXVWHURZDQLD

1 2 3 4 5 6 7 8 9 10

)XQNFMD 2SLV

:Ą:\Ą :ĄÇF]HQLHLZ\ĄÇF]HQLHRNDSX

3LHUZV]DSUÛGNRĝÉ :ĄÇF]HQLHSLHUZV]HMSUÛGNRĝFLVLOQLND

'UXJDSUÛGNRĝÉ :ĄÇF]HQLHGUXJLHMSUÛGNRĝFLVLOQLND

7U]HFLDSUÛGNRĝÉ :ĄÇF]HQLHWU]HFLHMSUÛGNRĝFLVLOQLND

0DNV\PDOQDSUÛGNRĝÉ :ĄÇF]HQLHPDNV\PDOQHMSUÛGNRĝFLVLOQLND

3UÛGNRĝÉREURWRZD :ĄÇF]HQLHPDNV\PDOQHMSUÛGNRĝFLVLOQLND3RPLQXಣ

WDFKXU]ÇG]HQLHSRZUDFDGRSRSU]HGQLHJRXVWDZLHQLD

)XQNFMD%UHH]H 2NDSSUDFXMH]PLQLPDOQÇSUÛGNRĝFLÇ3RPLQXWDFK

XU]ÇG]HQLHZ\ĄÇF]DVLÛ

3RZLDGRPLHQLHRREVĄXಣ

G]HILOWUD 3U]\SRPLQDRNRQLHF]QRĝFLZ\PLDQ\OXERF]\V]F]HQLD

ILOWUDZÛJORZHJRRUD]Z\F]\V]F]HQLDILOWUDSU]HFLZಣ

WĄXV]F]RZHJR

+REt+RRG :VNDļQLNIXQNFMLVWHURZDQLDRNDSHP]SR]LRPXSĄ\W\

JU]HMQHM

 /DPSD :ĄÇF]HQLHLZ\ĄÇF]HQLHRĝZLHWOHQLD

32/6., 

&2'=,(11$(.63/2$7$&-$

.RU]\VWDQLH]RNDSX

6SUDZG]LÉ]DOHFDQHSUÛGNRĝFLSRGDQHZ

SRQLľV]HMWDEHOL

3RGJU]HZDQLHSRWUDZJRWRZDQLHZQDF]\QLDFK]SRಣ

NU\ZNÇ

*RWRZDQLHZQDF]\QLDFK]SRNU\ZNÇQDZLHOXSRODFK

JU]HMQ\FKOXESDOQLNDFKGHOLNDWQHVPDľHQLH

,QWHQV\ZQHJRWRZDQLHLVPDľHQLHGXľ\FKSRUFMLSRಣ

WUDZEH]SRNU\ZNLJRWRZDQLHQDZLHOXSRODFKJU]HMಣ

Q\FKOXESDOQLNDFK

L *RWRZDQLHLVPDľHQLHGXľ\FKSRUFMLSRWUDZEH]SRಣ

NU\ZNLGXľRSDU\

2GĝZLHľDSRZLHWU]HZNXFKQLSR]DNRĆF]HQLXSLHಣ

F]HQLDEH]KDĄDVX)XQNFMÛPRľQDZĄÇF]\ÉLZ\ĄÇಣ

F]\ÉGRW\NDMÇFV\PERO)XQNFMDZ\ĄÇF]DVLÛDXWRPDಣ

W\F]QLHSRPLQXWDFK8ľ\ZDÉZ\ĄÇF]QLHSR]DNRĆಣ

F]HQLXSLHF]HQLD

=DOHFDVLÛSR]RVWDZLHQLH

ZĄÇF]RQHJRRNDSXSU]H]RN

PLQSR]DNRĆF]HQLX

JRWRZDQLD

3DQHOVWHURZDQLD

Z\SRVDľRQRZGRW\NRZH

SRODF]XMQLNµZ'RWNQÇÉ

V\PEROLSU]H]VHNXQGÛ

DE\ZĄÇF]\ÉIXQNFMH

2EVĄXJD

 :ĄÇF]\ÉXU]ÇG]HQLHQDFLVNDMÇF

V\PERO 

1DVWÛSQLHPRľQDNRU]\VWDÉ]MHJR

IXQNFML

 $E\ZĄÇF]\ÉIXQNFMÛQDOHľ\GRWNQÇÉ

RGSRZLHGQLV\PERO

 :UD]LHSRWU]HE\GRWNQÇÉV\PEROX

RĝZLHWOHQLD DE\RĝZLHWOLÉ

SRZLHU]FKQLÛJRWRZDQLD$E\]PLHQLÉ

MDVQRĝÉRĝZLHWOHQLDQDOHľ\SRQRZQLH

GRWNQÇÉLSU]\WU]\PDÉV\PERO

$E\Z\ĄÇF]\ÉXU]ÇG]HQLHQDOHľ\

SRQRZQLHQDFLVQÇÉV\PERO 

+REt+RRG]IXQNFMÇ

-HVWWRDXWRPDW\F]QDIXQNFMDNWµUD

XPRľOLZLDSRĄÇF]HQLHSĄ\W\JU]HMQHM]H

ZVSµĄSUDFXMÇF\P]QLÇRNDSHP=DUµZQR

SĄ\WDJU]HMQDMDNLRNDSVÇZ\SRVDľRQH

ZXNĄDGNRPXQLNDFMLSU]HV\ĄDMÇF\V\JQDĄ\

ZSRGF]HUZLHQL3UÛGNRĝÉZHQW\ODWRUD

MHVWRNUHĝODQDDXWRPDW\F]QLHQD

SRGVWDZLHXVWDZLHQLDWU\EXRUD]

WHPSHUDWXU\QDMPRFQLHMUR]JU]DQHJR

QDF]\QLDQDSĄ\FLHJU]HMQHM0RľOLZHMHVW

UµZQLHľUÛF]QHVWHURZDQLHRNDSHP]D

SRĝUHGQLFWZHPSĄ\W\JU]HMQHM)XQNFMÛ

PRľQDXUXFKRPLÉ]SDQHOXVWHURZDQLD

SĄ\W\JU]HMQHM

:LÛFHMLQIRUPDFMLQDWHPDW

NRU]\VWDQLD]IXQNFML

]QDMGXMHVLÛZLQVWUXNFML

REVĄXJLSĄ\W\JU]HMQHM

:ĄÇF]DQLHPDNV\PDOQHM

SUÛGNRĝFLVLOQLND

'RWNQLÛFLH SRZRGXMHZĄÇF]HQLH

PDNV\PDOQHMSUÛGNRĝFLVLOQLNDQD

PLQXW3RXSĄ\ZLHWHJRF]DVXXU]ÇG]HQLH

ZZZDHJFRP

SRZUµFLGRZF]HĝQLHMXVWDZLRQHM

SUÛGNRĝFL

*G\IXQNFMDMHVWZĄÇF]RQD

GRGDWNRZHGRWNQLÛFLH QLH

SRZRGXMHľDGQHMUHDNFML

XU]ÇG]HQLD

3RZLDGRPLHQLHR

REVĄXG]HILOWUD

$ODUPILOWUDSU]\SRPLQDRNRQLHF]QRĝFL

Z\PLDQ\OXERF]\V]F]HQLDILOWUD

ZÛJORZHJRRUD]RF]\V]F]HQLDILOWUD

SU]HFLZWĄXV]F]RZHJR-HĝOLNRQLHF]QH

MHVWZ\F]\V]F]HQLHILOWUD

SU]HFLZWĄXV]F]RZHJR]DSDODVLÛQD

VHNXQGZVNDļQLNILOWUD -HĝOL

NRQLHF]QDMHVWZ\PLDQDOXE

Z\F]\V]F]HQLHILOWUDZÛJORZHJRPLJD

SU]H]VHNXQGZVNDļQLNILOWUD 

3DWU]LQIRUPDFMHGRW\F]ÇFH

F]\V]F]HQLDILOWUD

SU]HFLZWĄXV]F]RZHJR

]DZDUWHZUR]G]LDOH

ಱ.RQVHUZDFMDLF]\V]F]HQLHರ

3DWU]LQIRUPDFMHGRW\F]ÇFH

F]\V]F]HQLDOXEZ\PLDQ\

ILOWUDZÛJORZHJR]DZDUWHZ

UR]G]LDOHಱ.RQVHUZDFMDL

F]\V]F]HQLHರ

$E\]UHVHWRZDÉIXQNFMÛQDOHľ\GRWNQÇÉ

SU]H]VHNXQG\

:ĄÇF]DQLHOXEZ\ĄÇF]DQLHIXQNFML

 3U]HĄÇF]QLNQDSDQHOXVWHURZDQLD

 8SHZQLÉVLÛľHV\PEROHVÇELDĄH

 $E\ZĄÇF]\ÉIXQNFMÛQDOHľ\GRWNQÇÉ

SU]H]VHNXQG\

:ĄÇF]HQLHIXQNFMLMHVWV\JQDOL]RZDQH

SLÛFLRNURWQ\PPLJQLÛFLHPV\PEROXILOWUD



 $E\Z\ĄÇF]\ÉIXQNFMÛQDOHľ\

GRWNQÇÉ SU]H]VHNXQG\

:\ĄÇF]HQLHIXQNFMLMHVWV\JQDOL]RZDQH

WU]\NURWQ\PPLJQLÛFLHPV\PEROXILOWUD



.216(5:$&-$,&=<6=&=(1,(

8ZDJLGRW\F]ÇFHF]\V]F]HQLD

ĜURGNLF]\഻

V]F]ÇFH

1LHXƽ\ZDÉGHWHUJHQWµZRZĄDĝFLZRĝFLDFKĝFLHUQ\FKDQLV]F]R഻

WHN

&]\ĝFLÉSRZLHU]FKQLÛXU]ÇG]HQLDPLÛNNÇĝFLHUHF]NÇ]ZLOľRQÇFLHSĄÇ

ZRGÇ]GRGDWNLHPĄDJRGQHJRGHWHUJHQWX

3R]DNRĆF]HQLXJRWRZDQLDQLHNWµUHHOHPHQW\XU]ÇG]HQLDPRJÇE\É

PRFQRUR]JU]DQH$E\]DSRELHFSRZVWDQLXSODPQDOHľ\]DF]HNDÉDľ

XU]ÇG]HQLHRVW\JQLHLSU]HWU]HÉSRZLHU]FKQLÛF]\VWÇĝFLHUHF]NÇOXESDಣ

SLHURZ\PUÛF]QLNLHP

8VXQÇÉSODP\]DSRPRFÇĄDJRGQHJRGHWHUJHQWX

32/6., 

:\PLDQDILOWUDZÛJORZHJR

2675=(Ƽ(1,(

)LOWUZÛJORZ\QLHMHVW

SU]\VWRVRZDQ\GRP\FLD

$E\Z\PLHQLÉILOWUQDOHľ\

 :\MÇÉILOWU\SU]HFLZWĄXV]F]RZH]

XU]ÇG]HQLD

3DWU]ಱ&]\V]F]HQLHILOWUD

SU]HFLZWĄXV]F]RZHJRರZW\PUR]G]LDOH

 3RFLÇJQÇÉZ\VWÛS\ZNLHUXQNXGROQHM

F]ÛĝFLILOWUD

 'HOLNDWQLHRGFK\OLÉSU]HGQLÇF]ÛĝÉ

ILOWUDZGµĄDQDVWÛSQLHSRFLÇJQÇÉ

 :FHOX]DPRQWRZDQLDQRZHJRILOWUD

QDOHľ\Z\NRQDÉRSLVDQHF]\QQRĝFLZ

RGZURWQHMNROHMQRĝFL

)LOWU\QDOHľ\Z\PLHQLDÉFRQDMPQLHMUD]

QDF]WHU\PLHVLÇFH

:\PLDQDRĝZLHWOHQLD

8U]ÇG]HQLHZ\SRVDľRQRZRĝZLHWOHQLH

/('(OHPHQWWHQPRľHZ\PLHQLÉW\ONR

VSHFMDOLVWDVHUZLVRZ\:SU]\SDGNX

Z\VWÇSLHQLDXVWHUNLSDWU]ಱ6HUZLVರZ

UR]G]LDOHಱ:VND]µZNLGRW\F]ÇFH

EH]SLHF]HĆVWZDರ

2&+521$Ĝ52'2:,6.$

0DWHULDĄ\R]QDF]RQHV\PEROHP

QDOHľ\SRGGDÉXW\OL]DFML2SDNRZDQLH

XU]ÇG]HQLDZĄRľ\ÉGRRGSRZLHGQLHJR

SRMHPQLNDZFHOXSU]HSURZDG]HQLD

UHF\NOLQJX1DOHľ\]DGEDÉRSRQRZQH

SU]HWZDU]DQLHRGSDGµZXU]ÇG]HĆ

HOHNWU\F]Q\FKLHOHNWURQLF]Q\FKDE\

FKURQLÉĝURGRZLVNRQDWXUDOQHRUD]

OXG]NLH]GURZLH1LHZROQRZ\U]XFDÉ

XU]ÇG]HĆR]QDF]RQ\FKV\PEROHP

UD]HP]RGSDGDPLGRPRZ\PL1DOHľ\

]ZUµFLÉSURGXNWGRPLHMVFRZHJRSXQNWX

SRQRZQHJRSU]HWZDU]DQLDOXE

VNRQWDNWRZDÉVLÛ]RGSRZLHGQLPL

ZĄDG]DPLPLHMVNLPL

32/6., 

1',&(

,1)250$2'(6(*85$1$(,167$/$2

'(6&5,2'2352'872 

87,/,=$2',5,$

0$187(12(/,03(=$

3$5$5(68/7$'263(5)(,726

2EULJDGRSRUHVFROKHUHVWHSURGXWR$(*&UL£PRORSDUDOKHSURSRUFLRQDUXP

GHVHPSHQKRLPSHF£YHOGXUDQWHPXLWRVDQRVFRPWHFQRORJLDVLQRYDGRUDVTXH

WRUQDPDVXDYLGDPDLVI£FLOದIXQFLRQDOLGDGHVTXHSRGHU£Q¥RHQFRQWUDUHP

DSDUHOKRVFRPXQV&RQWLQXHDOHUGXUDQWHDOJXQVPLQXWRVSDUDWLUDURP£[LPR

SDUWLGRGRSURGXWR

9LVLWHRQRVVRZHEVLWHSDUD

ZZZDHJFRPVXSSRUW

ZZZUHJLVWHUDHJFRP

DSDUHOKR

ZZZDHJFRPVKRS

$32,2$2&/,(17(($66,671&,$

6HPSUHTXHFRQWDFWDURQRVVR&HQWURGH$VVLVW¬QFLD7«FQLFD$XWRUL]DGR

DVVHJXUHTXHWHPGLVSRQ¯YHLVRVGDGRVVHJXLQWHV0RGHOR31&1¼PHURGH

V«ULH

,1)250$2'(6(*85$1$(,167$/$2

$9,62

&RQVXOWHRIROKHWRGH

VHSDUDGRUHODWLYDPHQWH¢

FXLGDGRVDPHQWHRV

ZZZDHJFRP

ILOWURGHFDUY¥RQRFDS¯WXOR

FXLGDGRVHOLPSH]D

7RFDUHP GXUDQWHVHJXQGRVSDUD

 ,QWHUUXSWRUQRSDLQHOGHFRQWUROR

 9HULILFDUVHRVVLPERORVILFDP

EUDQFRV

 7RFDUHP GXUDQWHVHJXQGRV

2V¯PERORGRILOWUR SLVFDFLQFRYH]HV

 7RFDUHP GXUDQWHVHJXQGRV

2V¯PERORGRILOWUR SLVFDWU¬VYH]HV

0$187(12(/,03(=$

1RWDVVREUHDOLPSH]D

$JHQWHVGHOLP഻

SH]D

1¥RXVHSURGXWRVGHOLPSH]DDEUDVLYRVQHPHVIUHJ·HV

/LPSHDVXSHUI¯FLHGRDSDUHOKRFRPXPSDQRPDFLRFRP£JXDTXHQWH

HXPGHWHUJHQWHVXDYH

'HSRLVGHFR]LQKDUDOJXPDVSDUWHVGRDSDUHOKRSRGHPILFDUTXHQWHV

3DUDHYLWDUPDQFKDVRDSDUHOKRGHYHDUUHIHFHUHVHUVHFRFRPXPSDಣ

QROLPSRRXSDSHOGHFR]LQKD

/LPSHPDQFKDVFRPXPGHWHUJHQWHVXDYH

0DQWHQKDR

H[DXVWRUOLPSR

/LPSHRDSDUHOKRHRVILOWURVGHJRUGXUDWRGRVRVPHVHV/LPSHFXLGDಣ

GHJRUGXUDRXRXWURVUHV¯GXRVSRGHSURYRFDULQF¬QGLRV

©¥RGL£ULDರ

2VILOWURVGHJRUGXUDSRGHPVHUODYDGRVQXPDP£TXLQDGHODYDUDORLಣ

©D

UDEDL[D2ILOWURGHJRUGXUDSRGHILFDUGHVERWDGRPDVLVVRQ¥RDIHWDR

GHVHPSHQKRGRDSDUHOKR

)LOWURGHFDUY¥R

QKDGRVHGDIUHTX¬QFLDGHOLPSH]DGRILOWURGHJRUGXUD2ILOWURGHFDUಣ

Y¥RDWLYDGRQ¥R«ODY£YHOQ¥RSRGHVHUUHJHQHUDGRHGHYHVHUVXEVWLಣ

WX¯GRDSUR[LPDGDPHQWHDFDGDPHVHVGHIXQFLRQDPHQWRRXFRP

&RPROLPSDURILOWURGH

JRUGXUD

2VILOWURVHVW¥RPRQWDGRVFRPJUDPSRV

HSLQRVQRODGRRSRVWR

&RPROLPSDURILOWUR

 6HJXUDURSDLQHOSHORVODGRVH

HPSXUUDU

32578*86 

 ,QFOLQDUOLJHLUDPHQWHSDUDEDL[RD

SDUWHGDIUHQWHGRILOWURHGHSRLV

SX[DU

7HQKDFXLGDGR2ILOWUR«

SURWHJLGRSHODFRUUHQWH

QRFDVRGHRFRUUHUXP

FRODSVRDFLGHQWDO

'HVPRQWDUDVFRUUHQWHV

DQWHVGHOLPSDURVILOWURV

 'HVPRQWHRILOWURUHWLUDQGRRV

SDUDIXVRVQDSDUWHVXSHULRUGRILOWUR

 /DYDURVILOWURVFRPXPDHVSRQMDH

XPGHWHUJHQWHQ¥RDEUDVLYRRXQD

3URJUDPDUDP£TXLQDGH

FXUWRDWHPSHUDWXUDEDL[D2

ILOWURGHJRUGXUDSRGHILFDU

GHVERWDGRPDVLVVRQ¥R

DIHWDRGHVHPSHQKRGR

DSDUHOKR

 3DUDLQVWDODURVILOWURVHIHWXDURV

GRLVSULPHLURVSDVVRVSHODRUGHP

LQYHUVD

5HSHWLUHVWHVSDVVRVHPWRGRVRVILOWURV

VHDSOLF£YHO

6XEVWLWXLURILOWURGH

FDUY¥R

$9,62

2ILOWURGHFDUY¥R12SRGH

VHUODYDGR

3DUDVXEVWLWXLURILOWUR

 5HWLUHRVILOWURVGHJRUGXUDGR

DSDUHOKR

JRUGXUDರQHVWHFDS¯WXOR

 3X[HDVSDWLOKDVQRVHQWLGRGDSDUWH

LQIHULRUGRILOWUR

 ,QFOLQHOLJHLUDPHQWHDSDUWHGDIUHQWH

GRILOWURSDUDEDL[RHGHSRLVSX[HR

 3DUDLQVWDODUXPQRYRILOWURH[HFXWH

RVPHVPRVSDVVRVSHODRUGHP

LQYHUVD

'HTXDOTXHUPRGR«QHFHVV£ULR

VXEVWLWXLURVILOWURVSHORPHQRVDFDGD

TXDWURPHVHV

6XEVWLWXLUDO¤PSDGD

(VWHDSDUHOKR«IRUQHFLGRFRPXPD

WHPGHVHUHIHWXDGDSRUXPW«FQLFR

TXDOLILFDGR(PFDVRGHDYDULDFRQVXOWH

35(2&83$(6$0%,(17$,6

5HFLFOHRVPDWHULDLVTXHDSUHVHQWHPR

V¯PEROR &RORTXHDHPEDODJHPQRV

FRQWHQWRUHVLQGLFDGRVSDUDUHFLFODJHP

$MXGHDSURWHJHURDPELHQWHHDVD¼GH

S¼EOLFDDWUDY«VGDUHFLFODJHPGRV

DSDUHOKRVHO«FWULFRVHHOHFWUµQLFRV1¥R

ZZZDHJFRP

ہL QWLPSXOILHUEHULLہLSUÅMLULLXQRUFDQWLWÅۃLPDULGHDOLಣ

PHQWHIÅUÅFDSDFXPLGLWDWHPDUH

PSURVSÅWHD]ÅDHUXOGLQEXFÅWÅULHGXSÅJÅWLWODXQQLಣ

YHOIRDUWHUHGXVGH]JRPRW$FHDVWDSRDWHILDFWLYDWÅ

ہLGH]DFWLYDWÅSULQDWLQJHUHDVLPEROXOXL)XQFۃLDVH

RSUHہWHDXWRPDWGXSÅGHPLQXWH8WLOL]DۃLGRDUGXಣ

SÅJÅWLUH

6HUHFRPDQGÅVÅOÅVDۃLKRWD

VÅIXQFۃLRQH]HWLPSGHFLUFD

PLQXWHGXSÅJÅWLUH

3DQRXOGHFRPDQGÅHVWHXQ

F¤PSFXVHQ]RU$WLQJHۃL

VLPEROXULOHWLPSGH

VHFXQGÅSHQWUXDDFWLYD

IXQFۃLLOH

3HQWUXDXWLOL]DKRWD

 3RUQLۃLDSDUDWXOSULQDSÅVDUHD

VLPEROXOXL 

$FXPSXWHۃLDFWLYDIXQFۃLLOH

 3HQWUXDDFWLYDIXQFۃLDDWLQJHۃL

VLPEROXO

 'DFÅHVWHQHFHVDUDWLQJHۃLVLPEROXO

GHOXPLQÅ SHQWUXDOXPLQD

VXSUDIDۃDGHJÅWLW3HQWUXDVFKLPED

LQWHQVLWDWHDOXPLQLLDWLQJHۃLOXQJGLQ

QRXVLPEROXO

3HQWUXDRSULDSDUDWXODSÅVDۃLGLQQRX

VLPEROXO 

+REt+RRGIXQFģLD

(VWHRIXQFۃLHDXWRPDWÅFDUHFRQHFWHD]Å

SOLWDODRKRWÅ$W¤WSOLWDF¤WہLKRWDDXXQ

VLVWHPGHFRPXQLFDUHFXVHPQDOH°Q

LQIUDURہX9LWH]DYHQWLODWRUXOXLHVWH

VWDELOLWÅDXWRPDW°QIXQFۃLHGHVHWDUHD

PRGXOXLہLDWHPSHUDWXULLFHOXLPDL

ILHUELQWHYDVGHSHSOLWÅ9HQWLODWRUXOVH

SRDWHFRPDQGDہLPDQXDOGHODSOLWÅ

)XQFۃLDSRDWHILDFWLYDWÅGHODSDQRXO

SOLWHL

&RQVXOWDۃLPDQXDOXO

XWLOL]DWRUXOXLSOLWHLSHQWUXPDL

PXOWHLQIRUPDۃLLGHVSUH

XWLOL]DUHDIXQFۃLHL

$FWLYDUHDWXUDģLHLPD[LPH

DPRWRUXOXL

$WXQFLF¤QGDWLQJHۃL 7XUDۃLDPD[LPÅ

DPRWRUXOXLVHDFWLYHD]ÅSHQWUXPLQXWH

'XSÅUHVSHFWLYDSHULRDGÅDSDUDWXO

UHYLQHODVHWDUHDDQWHULRDUÅDWXUDۃLHL

&¤QGIXQFۃLDHVWHSRUQLWÅR

DWLQJHUHVXSOLPHQWDUÅD

QXSURGXFHQLFLXQHIHFW

1RWLILFDUHSHQWUXILOWUX

$ODUPDGHILOWUXYÅUHDPLQWHہWHVÅ

VFKLPEDۃLVDXVÅFXUÅۃDۃLILOWUXOGH

FÅUEXQHہLVÅFXUÅۃDۃLILOWUXOGHJUÅVLPH

,QGLFDWRUXOILOWUXOXL HVWHSRUQLWWLPSGH

GHVHFXQGHGDFÅILOWUXOGHJUÅVLPH

WUHEXLHFXUÅۃDW,QGLFDWRUXOILOWUXOXL

FOLSHہWHWLPSGHGHVHFXQGHGDFÅ

ILOWUXOGHFÅUEXQHWUHEXLH°QORFXLWVDX

FXUÅۃDW

&RQVXOWDۃLFXUÅۃDUHDILOWUXOXL

GHJUÅVLPHGLQFDSLWROXO

°QJULMLUHDہLFXUÅۃDUHD

&RQVXOWDۃLFXUÅۃDUHDILOWUXOXL

GHFÅUEXQHVDX°QORFXLUHD

ILOWUXOXLGHFÅUEXQHGLQ

FDSLWROXO°QJULMLUHDہL

FXUÅۃDUHD

3HQWUXUHVHWDUHDIXQFۃLHLDWLQJHۃL

WLPSGHVHFXQGH

3HQWUXDDFWLYDVDXGH]DFWLYDIXQFƤLD

 &RPXWDWRUSHSDQRXOGHFRPDQGÅ

 $VLJXUDۃLYÅFÅSLFWRJUDPHOHVXQWGH

FXORDUHDOEÅ

 3HQWUXDFWLYDUHDIXQFۃLHLDWLQJHۃL

WLPSGHVHFXQGH

ZZZDHJFRP

$WHQĥLH)LOWUXOHVWH

SURWHMDWGHXQODQۃ°Q

FD]XOFÅGHULL

DFFLGHQWDOH'HVIDFHۃL

ODQۃXULOH°QDLQWHGHD

FXUÅۃDILOWUHOH

 'HPRQWDĥLILOWUXOSULQ°QGHSÅUWDUHD

ہXUXEXULORUGHGHDVXSUDILOWUXOXL

 &XUÅۃDۃLILOWUHOHIRORVLQGXQEXUHWHFX

GHWHUJHQۃLQHDEUD]LYLVDX°QWUR

PDہLQÅGHVSÅODWYDVH

0DہLQDGHVSÅODWYDVH

WUHEXLHVHWDWÅODR

WHPSHUDWXUÅUHGXVÅہLODXQ

FLFOXVFXUW)LOWUXOGHJUÅVLPH

VHSRDWHGHFRORUD$FHVW

OXFUXQXLQIOXHQۃHD]Å

SHUIRUPDQۃDDSDUDWXOXL

 3HQWUXDPRQWDILOWUHOH°QDSRLXUPDۃL

SULPLLGRLSDہL°QRUGLQHLQYHUVÅ

5HSHWDۃLSDہLLSHQWUXWRDWHILOWUHOHGDFÅ

HVWHFD]XO

QORFXLUHDILOWUXOXLGH

FÅUEXQH

$9(57,60(17

)LOWUXOGHFÅUEXQHQXHVWH

ODYDELO

3HQWUX°QORFXLUHDILOWUXOXL

 6FRDWHۃLILOWUHOHGHJUÅVLPHGLQ

DSDUDW

&RQVXOWDۃLಱ&XUÅۃDUHDILOWUXOXLGH

JUÅVLPHರGLQDFHVWFDSLWRO

 7UDJHۃLGHVHFۃLXQLFÅWUHSDUWHDGH

MRVDILOWUXOXL

 QFOLQDۃLXہRUSDUWHDIURQWDOÅDILOWUXOXL

°QMRVGXSÅFDUHWUDJHۃL

 3HQWUXDLQVWDODQRXOILOWUXXUPDۃL

DFHHDہLSDہL°QRUGLQHLQYHUVÅ

QRULFHVLWXDۃLHHVWHQHFHVDUÅ°QORFXLUHD

ILOWUHORUFHOSXۃLQODILHFDUHSDWUXOXQL

QORFXLUHDEHFXOXL

$FHVWDSDUDWHVWHIXUQL]DWFXXQEHF

/('$FHDVWÅSLHVÅVH°QORFXLHہWH

H[FOXVLYGHFÅWUHXQWHKQLFLDQQFD]XO

XQHLGHIHFWÅULFRQVXOWDۃLFDSLWROXO

ಱ6HUYLFHರGLQಱ,QVWUXFۃLXQLSULYLQG

VLJXUDQۃDರ

,1)250$ƣ,,35,9,1'0(',8/

5HFLFODĥLPDWHULDOHOHPDUFDWHFXVLPEROXO

3HQWUXDUHFLFODDPEDODMHOHDFHVWHD

WUHEXLHSXVH°QFRQWDLQHUHOH

FRUHVSXQ]ÅWRDUH$MXWDĥLODSURWHMDUHD

PHGLXOXLġLDVÅQÅWÅĥLLXPDQHġLOD

UHFLFODUHDGHġHXULORUGLQDSDUDWHOH

HOHFWULFHġLHOHFWURFDVQLFH1XDUXQFDĥL

DSDUDWHOHPDUFDWHFXDFHVWVLPERO

°PSUHXQÅFXGHġHXULOHPHQDMHUH

5HWXUQDĥLSURGXVXOODFHQWUXOORFDOGH

ZZZDHJFRP

UHFLFODUHVDXFRQWDFWDĥLDGPLQLVWUDĥLD

RUDġXOXLGYV

5201$ 

КЋЎЍЎЖБШЗЛЎОЖБГЎЊЎАЗИЉКЖЗКЛББ

МКЛЉЖЗЋГЎ

ЋЖБЕЉЖБЎ

̸͉͔͌͋͌͏ͦ͕͙͔͌͜͏͑͌

͈͎͕͖͇͔͕͙͌͘͘͏͏͚͙͇͔͕͉͑͌͘

͖͗͏͉͔͌͋͌͢͕͙͔͕͓͋͌͒ͣ

͈͚͙͑͒͌͌͕͙͔͌͜͏͑͌

͈͎͕͖͇͔͕͙͌͘͘͏͏͚͙͇͔͕͉͑͌͘

̶͍͗͌͋͌͓͌͞͖͕͗͏͎͉͕͋͏͙ͣ

͈͒ͥ͌͢͙͉͋͌͐͘͏ͦ͖͕

͏͖͕͎͕͉͇͔͒ͣ͘͏ͥ͏͒͏

͖͕͗͛͏͇͙͒͑͏͕͓͚͌͑͘͞

͕͈͚͍͒͘͏͉͇͔͏ͥ͖͗͏͈͕͇͗

͉͔͏͓͇͙͔͕͌͒ͣ͕͎͔͇͕͓͙͑ͣ͌ͣ͘

͘͇͉͇͓͊͒͏͕͙͔͕ͦ͘͠͏͓͏ͦ͘͑

͙͔͌͜͏͑͌͈͎͕͖͇͔͕͙͌͘͘͏

ЗИБКЉЖБЎИЙБЊЗЙЉ

ЗЪтбвЫбЭиЩжЮдбмийЩЫдЮжбш

1 2 3 4 5 6 7 8 9 10

Нмжгпбш ЗибкЩжбЮ

̩͑͒̩͑͒͢ ̩͔͑͒ͥ͌͞͏͌͏͉͔͑͒ͥ͌͢͞͏͌͉͙͍ͦ͑͢͏

̶͉͇͌͗ͦ͕͕͙͑͗ͣ͘͘ ̫͉͏͇͙͊͌͒ͣ͉͇͙͑͒ͥ͌ͦ͘͞͔͇͖͉͕͓͌͗͚͕͉͔͗͌͕͕͙͑͗͘͘͏

̩͙͕͇͗ͦ͕͕͙͑͗ͣ͘͘ ̫͉͏͇͙͊͌͒ͣ͉͇͙͑͒ͥ͌ͦ͘͞͔͇͉͙͕͕͓͗͚͕͉͔͗͌͕͕͙͑͗͘͘͏

̹͙͗͌ͣͦ͕͕͙͑͗ͣ͘͘ ̫͉͏͇͙͊͌͒ͣ͉͇͙͑͒ͥ͌ͦ͘͞͔͇͙͙͓͗͌ͣ͌͚͕͉͔͗͌͕͕͙͑͗͘͘͏

̳͇͑͘͏͓͇͔͇͒ͣͦ͕͕͙͑͗ͣ͘͘ ̫͉͏͇͙͊͌͒ͣ͉͇͙͑͒ͥ͌ͦ͘͞͔͇͓͇͑͘͏͓͇͔͒ͣ͐͢͚͕͉͔͗͌ͣ

͕͕͙͑͗͘͘͏

̺͉͌͒͏͔͌͞͏͌͕͕͙͑͗͘͘͏ ̫͉͏͇͙͊͌͒ͣ͉͇͙͑͒ͥ͌ͦ͘͞͔͇͓͇͑͘͏͓͇͔͒ͣ͐͢͚͕͉͔͗͌ͣ

͕͕͙͑͗͘͘͏͎̾͌͗͌͓͏͔͚͙͖͗͏͈͕͗͉͕͎͉͇͇͙͗͌ͦ͘͠͉

͖͚͗͌͋͋͢͠͏͐͍͗͌͏͓

̨͗͏͎ ̩͙͍͇ͦ͑͢͇͈͕͙͇͙͗͌͔͇͓͏͔͏͓͇͔͕͒ͣ͐͕͕͙͑͗͘͘͏͎̾͌͗͌

͓͏͔͚͙͖͗͏͈͕͗͉͇͙͑͒ͥ͌ͦ͘͢͞

̺͉͕͓͔͌͋͒͌͏͌͕͎͇͓͔͌͌

͛͏͙͇͒ͣ͗ ̴͇͖͕͓͏͔͇͙͌͕͔͕͈͕͌͋͜͏͓͕͙͘͏͎͇͓͔͌͢͏͒͏͓͙ͣͦ͢

͚͕͔͕͕͊͒ͣ͊͛͏͙͇͒ͣ͗͏͒͏͕͞͏͙͑͘͏͍͏͕͚͇͉͗͒͒͏͉͇ͥ͌͠ಣ

͕͊͛͏͙͇͒ͣ͗

̷̸̸̺̱̯̰ 

Нмжгпбш ЗибкЩжбЮ

+REt+RRG ̯͔͋͏͇͙͕͑͗͚͔͛͑͝͏͏͖͕͎͉͕͒ͦͥ͌͐͠͚͖͇͉͙͗͒ͦͣ͉͢ಣ

͙͍͕ͦ͑͐͘͉͇͕͔͕͗͐͞͖͇͔͌͒͏

 ̲͇͓͖͇͕͉͔͌͌͘͠͏ͦ ̩͔͑͒ͥ͌͞͏͌͏͉͔͑͒ͥ͌͢͞͏͌͕͉͔͌͌͘͠͏ͦ

ЎЏЎЍЖЎЋЖЗЎБКИЗДХАЗЋЉЖБЎ

БкиздхазЫЩжбЮЫфлшЯгб

̷͕͓͔͕͉͇͔͔͌͑͌͋͌͢͎͔͇͔͌͞͏ͦ͕͕͙͑͗͘͘͏

͖͗͏͉͔͌͋͌͢͉͙͇͈͒͏͌͝͔͏͍͌

̷͇͎͕͉͊͗͌͖͕͚͙͕͉͗͋͑͉͖͕͚͋͌͘͔͇͙͕͑͗͐͢͇͑͗͑͢͟ಣ

͓͏

̶͗͏͕͙͕͉͔͊͒͌͏͌͉͖͕͚͋͌͘͔͇͙͕͑͗͐͢͇͓͑͗͑͢͟͏͔͇

͔͕͌͑͒ͣ͑͘͏͜͕͔͕͇͑͛͗͑͜͏͒͏͕͇͊͗͌͒͑͜̭͇͇͗͑͓͇͕͒͐

͏͔͙͔͌͘͏͉͔͕͙͘͏

̱͏͖͔ͦ͌͞͏͌͏͍͇͇͗͑͈͕͕͕͒ͣ͊͟͕͑͒͏͙͉͇͌͘͞͖͕͚͗͋͑ಣ

͙͕͉͈͎͌͑͗͑͢͟͏͖͗͏͕͙͕͉͔͊͒͌͏͌͔͇͔͕͌͑͒ͣ͑͘͏͜͕͔͑ಣ

͕͇͛͗͑͜͏͒͏͕͇͊͗͌͒͑͜

͏ ̱͏͖͔ͦ͌͞͏͌͏͍͇͇͗͑͈͕͕͕͒ͣ͊͟͕͑͒͏͙͉͇͌͘͞͖͕͚͗͋͑ಣ

͙͕͉͈͎͌͑͗͑͢͟͏͖͗͏͉͕͕͑͐͘͢͉͇͍͔͕͙͒͘͏

̵͉͍͇͙͌͌͘͉͕͎͚͋͜͔͇͚͔͑͌͜͖͕͒͌͘͖͗͏͕͙͕͉͔͊͒͌͏ͦ

͖͏͠͏͘͕͔͌ͣ͞͔͏͎͑͏͓͚͕͉͔͓͗͌͚͓͇͟̳͕͍͔͕͉͑͒ͥಣ

͞͏͙ͣ͏͕͙͑͒ͥ͞͏͙ͣ͕͔͚͉͑͘͟͏ͣ͘͘͏͓͉͕͇͒̻͚͔͑͝͏ͦ

͇͉͙͕͓͇͙͏͌͑͘͞͏͕͙͇͙͑͒ͥ͌ͦ͘͞͎͌͗͌͞͓͏͔͚͙̯͘ಣ

͖͕͎͚͙͒ͣ͐͌͙͕͕͒ͣ͑͖͕͒͌͘͖͗͏͕͙͕͉͔͊͒͌͏ͦ

̷͕͓͔͚͙͌͑͌͋͌ͦ͘͇͙͋ͣ

͉͙͍ͦ͑͌͢͖͕͇͈͕͙͇͙͗ͣ͕͕͕͑͒

͓͏͔͚͙͖͕͕͕͔͇͔͑͞͏͏

͖͗͏͕͙͕͉͔͊͒͌͏ͦ

̶͇͔͌͒ͣ͚͖͇͉͔͗͒͌͏ͦ

͉͙ͦ͒ͦ͌ͦ͘͔͕͔͕͌͗͐͘͘͎͕͔͕͐

̩͔͑͒ͥ͌͞͏͌͚͔͛͑͝͏͐

͖͕͗͏͎͉͕͋͏͙ͦ͘͇͇͔͑͘͏͓͌

͘͏͓͉͕͕͉͒͔͇͚͔͚͌͑͋͘

ЋгдчрЮжбЮЫфлшЯгб

 ̩͑͒ͥ͞͏͙͌͖͗͏͈͕͗͔͇͍͇͙͏͓͌

͘͏͓͉͕͇͒ 

̹͖͌͌͗ͣ͓͕͍͔͕͉͑͒ͥ͞͏͙ͣ͚͔͛͑͝͏͏

 ̫͒ͦ͉͔͑͒ͥ͌͞͏ͦ͚͔͛͑͝͏͏͕͔͑͘͏͙͌ͣ͘

͘͏͓͉͕͇͒

 ̶͗͏͔͕͈͕͌͋͜͏͓͕͙͘͏͕͔͑͘͏͙͌ͣ͘

͘͏͓͉͕͇͒͖͕͉͙͋͌͑͘͏ ͋͒ͦ

͕͉͔͌͌͘͠͏ͦ͉͇͕͔͕͗͐͞͖͇͔͌͒͏̫͒ͦ

͏͎͓͔͔͌͌͏ͦ͚͕͉͔͗ͦ͕͉͔͌͌͘͠͏ͦ

͔͕͉͇͘͕͔͑͘͏͙͌ͣ͘͏͚͍͋͌͗͏͉͇͙͐͌

͘͏͓͉͕͒

̫͒ͦ͉͔͑͒ͥ͌͢͞͏ͦ͖͗͏͈͕͇͗͔͕͉͇͘

͔͇͍͓͏͙͌͘͏͓͉͕͒ 

+REt+RRGнмжгпбш

͙͇̈́͚͔͛͑͝͏ͦ͘͏͖͕͎͕͉͇͔͒ͣ͘͏͓͌

͇͉͙͕͓͇͙͏͑͏͉͎͉͇ͦͥ͌͐͘͢͠͉͇͕͔͚͗ͥ͞

͖͕͉͔͕͙͌͗ͣ͘͜͘͉͙͍͕ͦ͑͐͢̱͇͑͉͇͕͔͇͗ͦ͞

͖͇͔͌͒ͣ͙͇͑͏͉͙͍͇ͦ͑͢͖͕͍͋͋͌͗͏͉͇͙ͥ

͕͌͋͘͏͔͔͌͏͌͎͌͗͌͞͖͕͙͗͢

͏͔͇͇͔͕͛͗͑͗͐͘͉͎ͦ͘͏̸͕͕͙͑͗ͣ͘

͉͇͔͗͌͠͏ͦ͉͔͙͌͏͙͕͇͒ͦ͗͎͇͇͙͋͌ͦ͘

͇͉͙͕͓͇͙͏͌͑͘͞͏͔͇͕͔͕͉͌͘͉͈͕͇͗͢

ZZZDHJFRP

͍͗͌͏͓͇͏͙͓͖͇͙͚͌͌͗͗͢͇͓͕͐͘͕͊͗ͦ͌͐͞

͖͕͚͋͘͢͔͇͉͇͕͔͕͗͐͞͖͕͉͔͕͙͌͗͘͜͏

̹͇͍͑͌͏͓͙͌͌ͦ͘͉͕͎͓͕͍͔͕͙ͣ͘͚͔͕͗͐͞

͚͗͌͊͒͏͕͉͗͑͏͉͔͙͌͏͙͕͇͒ͦ͗͖͗͏͖͕͓͕͠͏

͉͇͕͔͕͗͐͞͖͕͉͔͕͙͌͗͘͜͏̻͚͔͑͝͏ͦ

͉͇͙͑͒ͥ͌ͦ͘͞͔͇͖͇͔͌͒͏͚͖͇͉͔͗͒͌͏ͦ

͉͇͕͔͕͗͐͞͖͕͉͔͕͙͌͗͘͜͏

̨͕͒͌͌͖͕͕͈͔͚͋͗ͥ

͏͔͕͓͇͛͗͝͏ͥ͕͈

͏͖͕͎͕͉͇͔͒ͣ͘͏͏͇͔͔͕͋͐

͚͔͛͑͝͏͏͓͘͉̷͚͕͉͕͙͉͑͋͌͘

͖͕͎͕͉͇͙͒ͣ͌͒ͦ͉͇͕͔͕͗͐͞

͖͇͔͌͒͏

ЋгдчрЮжбЮЭЫбЬЩлЮдшжЩ

еЩгкбеЩдхжзвкгзйзклб

̶͗͏͇͇͔͑͘͏͏ ͉͋͏͇͙͊͌͒ͣ͔͇͓͏͔͚͙

͖͕͌͗͌͋͜͏͙͉͍͗͌͏͓͓͇͑͘͏͓͇͔͕͒ͣ͐

͕͕͙͑͗͘͘͏̶͕͏͙͔͌͌͘͞͏͏͇͔͔͕͕͋͊

͖͌͗͏͕͇͋͉͓͔͗͌͌͏͖͗͏͈͕͗

͉͕͎͉͇͇͙͗͌ͦ͘͠͑͖͚͗͌͋͋͌͐͢͠

͔͇͙͕͗͐͑͌͘͕͕͙͑͗͘͘͏

̬͒͘͏͇͔͔͇͋ͦ͚͔͛͑͝͏ͦ

͉͔͇͑͒ͥ͌͞͇͔͋͒ͣ͌͐͟͏͌

͇͇͔͑͘͏ͦ ͔͌͖͗͏͉͕͙͋ͦ͑

͇͕͓͚͑͑͒͏͈͕͎͚͙͇͙͚͗͌͒ͣ

МЫЮЭзедЮжбЮнбдхлйЩ

̸͏͔͇͊͒͛͏͙͇͒ͣ͗͔͇͖͕͓͏͔͇͙͌͕

͔͕͈͕͌͋͜͏͓͕͙͘͏͎͇͓͔͌͢͏͒͏͓͙ͣͦ͢

͚͕͔͕͕͊͒ͣ͊͛͏͙͇͒ͣ͗͏͒͏͕͞͏͙͑͘͏

͍͏͕͚͇͉͗͒͒͏͉͇͕ͥ͌͊͠͛͏͙͇͒ͣ͗̩

͚͇͒͌͘͞͔͕͈͕͌͋͜͏͓͕͙͘͏͕͞͏͙͑͘͏

͍͏͕͚͇͉͗͒͒͏͉͇͕ͥ͌͊͠͛͏͙͇͒ͣ͗͔͇

͚͔͌͑͋͘͎͇͕͇͙͊͗͌ͦ͘͏͔͋͏͇͙͕͑͗͛͏͙͇͒ͣ͗

̶͗͏͔͕͈͕͌͋͜͏͓͕͙͘͏͎͇͓͔͌͢͏͒͏

͓͙ͣͦ͢͚͕͔͕͕͊͒ͣ͊͛͏͙͇͒ͣ͗͉͙͔͌͌͞͏͌

͚͔͌͑͋͘͔͇͞͏͔͇͙͌͓͏͇͙͊ͣ͏͔͋͏͇͙͕͑͗

͛͏͙͇͒ͣ͗ 

̸͓͇͎͗͋͌͒m̵͞͏͙͇͑͘

͍͏͕͚͇͉͗͒͒͏͉͇͕ͥ͌͊͠

͛͏͙͇͒ͣ͗}͉͇͉͊͒͌m̺͕͋͜͏

͕͞͏͙͇͑͘}

̸͓͕͖͏͇͔͘͏͌͖͕͚͗͌͋͗͢͝

͓͙ͣͦ͢͏͒͏͎͇͓͔͌͢

͚͕͔͕͕͊͒ͣ͊͛͏͙͇͒ͣ͗͉͇͉͊͒͌

m̺͕͋͜͏͕͞͏͙͇͑͘}

̫͒ͦ͈͕͇͗͘͘͚͔͛͑͝͏͏͕͔͑͘͏͙͌ͣ͘͏

͚͍͋͌͗͏͉͇͙͐͌ ͉͙͔͌͌͞͏͌͚͔͌͑͋͘

ЋгдчрЮжбЮбдбЫфгдчрЮжбЮ

нмжгпбб

 ̩͑͒ͥ͞͏͙͌͖͇͔͌͒ͣ͚͖͇͉͔͗͒͌͏ͦ

 ̺͈͌͋͏͙͌ͣ͘͙͕͞͎͔͇͑͞͏͙͇͒͘͏

͈͓͌͒͢͏

 ̫͒ͦ͉͔͑͒ͥ͌͞͏ͦ͚͔͛͑͝͏͏͔͇͍͓͏͙͌͏

͚͍͋͌͗͏͉͇͙͐͌ ͉͙͔͌͌͞͏͌

͚͔͌͑͋͘

̬͒͘͏͚͔͛͑͝͏ͦ͉͔͇͑͒ͥ͌͞͎͔͇͕͑͞

͛͏͙͇͒ͣ͗ ͓͏͔͙͊͌͇͎͗

 ̫͒ͦ͉͔͑͒ͥ͌͢͞͏ͦ͚͔͛͑͝͏͏͔͇͍͓͏͙͌

͏͚͍͋͌͗͏͉͇͙͐͌ ͉͙͔͌͌͞͏͌

͚͔͌͑͋͘

̬͒͘͏͚͔͛͑͝͏ͦ͉͔͇͑͒ͥ͌͢͞͎͔͇͕͑͞

͛͏͙͇͒ͣ͗ ͓͏͔͙͊͌͇͎͇͗

МОЗЍБЗРБКЛГЉ

ИйбеЮрЩжбЮзлжзкблЮдхжззрбклгб

РбклштбЮ

кйЮЭклЫЩ

ЖЮбкиздхамвлЮЩЪйЩабЫжфЮезчтбЮкйЮЭклЫЩбтЮлгб

̶͕͉͔͕͙͌͗ͣ͘͜͖͗͏͈͕͇͗͖͕͙͗͏͇͙͗͐͌͓͕ͦ͊͑͐͙͇͔͑ͣͥ͓͕͔͔͕͌͐͘͞͉͙͖͌ಣ

͕͒͐͉͕͋͌͘͓͕ͥ͠͏͓͙͉͕͓͗͌͋͘͘

̶͕͒͌͘͖͗͏͕͙͕͉͔͊͒͌͏ͦ͔͕͙͕͌͑͗͌͢͇͙͘͞͏͖͗͏͈͕͇͗͘͏͔͕͒ͣ͔͇͉͇͙͊͗͌͌ಣ

ͦ͘̩͕͏͎͈͍͇͔͌͏͌͕͈͇͎͕͉͇͔͗͏ͦ͖͙͔ͦ͌͔͕͈͕͌͋͜͏͓͕͇͙͋ͣ͖͗͏͈͕͚͗͕͘ಣ

͙͙ͣ͢͏͉͙͙͌͗͌ͣ͢͕͌͊͔͇͚͕͘͜͞͏͙͕͐͘͙͖͕͗ͦ͑͐͏͒͏͈͚͓͇͍͔͓͢͏͖͕͕͒ಣ

͙͔͇͓͌͝͏

̵͞͏͇͙͐͌͠͖͙͔͇ͦ͓ͦ͊͑͏͓͓͕ͥ͠͏͓͙͉͕͓͗͌͋͘͘

̷̸̸̺̱̯̰ 

 ̫͒ͦ͚͙͇͔͕͉͑͘͏͛͏͙͕͉͒ͣ͗͔͇͓͙͕͌͘

͉͖͕͔͒͢͏͙͌͕͖͏͇͔͔͌͘͢͉͌͢͟͉͇͋

͇͇͊͟͉͕͈͇͙͔͕͓͗͖͕͗ͦ͋͑͌

̶͕͉͙͕͗͏͙͌͇͔͔͋͌͢͇͊͟͏͕͘͉͓͌͘͏

͛͏͙͇͓͒ͣ͗͏͌͒͘͏͙͕ͤ͖͗͏͓͔͌͏͓͕

АЩеЮжЩмЬздхжзЬз

нбдхлйЩ

ЋЖБЕЉЖБЎ

̺͕͔͊͒ͣ͐͢͛͏͙͒ͣ͗͔͌

͉͙ͦ͒ͦ͌ͦ͘͓͕ͥ͠͏͓ͦ͘

̫͒ͦ͎͇͓͔͌͢͛͏͙͇͒ͣ͗

 ̯͎͉͒͌͑͏͙͌͏͎͖͗͏͈͕͇͗

͍͏͕͚͇͉͗͒͒͏͉͇ͥ͠͏͌͛͏͙͒ͣ͗͢

̸͓͇͎͗͋͌͒m̾͏͙͇͑͘

͍͏͕͚͇͉͗͒͒͏͉͇͕ͥ͌͊͠͛͏͙͇͒ͣ͗}͇͔͔͕͋͐

͇͉͊͒͢

 ̶͕͙͔ͦ͏͙͌͎͇͌͒͑͠͏͖͕͔͇͖͇͉͔͗͒͌͏ͥ

͑͔͏͍͔͌͐͇͙͘͞͏͛͏͙͇͒ͣ͗

 ̴͓͔͕͕͌͊͔͇͕͔͑͒͏͙͌͖͔͌͗͌͋ͥͥ

͇͙ͣ͘͞͛͏͙͇͒ͣ͗͉͔͏͎͇͎͇͙͓͌

͖͕͙͔ͦ͏͙͌

 ̫͒ͦ͚͙͇͔͕͉͑͘͏͔͕͉͕͕͊͛͏͙͇͒ͣ͗

͉͖͕͔͒͢͏͙͌͙͌͍͌͇͊͟͏͉͕͈͇͙͔͕͓͗

͖͕͗ͦ͋͑͌

̩͈͕͓͒ͥ͚͇͒͌͘͞͎͇͓͔͚͌͛͏͙͇͒ͣ͗

͔͕͈͕͌͋͜͏͓͕͖͕͗͏͎͉͕͋͏͙ͣ͇͑͑͓͏͔͏͓͚͓

͕͋͏͔͇͎͗͉͇͍͑͋͌͢͙͌͗͌͢͞͓͇͌ͦ͘͝

АЩеЮжЩдЩеиф

̩͕͓͖͙͑͒͌͑͖͕͙͇͉͑͘͏͖͗͏͈͕͇͗͉͕͋͜͏͙

͉͙͕͌͋͘͏͕͔͇͋ͦ͇͓͖͇͒̫͇͔͔͇ͦ͙͇͋͌͒ͣ

͓͕͍͙͌͈͙ͣ͢͎͇͓͔͔͇͌͌͙͕͕͒ͣ͑

͙͔͌͜͏͌͑͘͞͏͓͖͌͘͝͏͇͒͏͙͕͓͘̩͚͇͒͌͘͞

͈͒ͥ͢͜͔͌͏͖͇͉͔͕͙͗͌͐͘͘͓͘m̸͉͌͗͏͘}

͇͉͊͒͢m̺͇͎͇͔͑͏ͦ͖͕͈͎͕͖͇͔͕͙͌͘͘͏}

ЗОЙЉЖЉЗГЙМЏЉЧТЎВКЙЎЍФ

̳͇͙͌͗͏͇͒͢͘͘͏͓͉͕͕͓͒ ͚͙͒͌͋͌͘

͇͉͇͙͋ͣ͘͔͇͖͇͈͕͙͚͌͗͌͗͑̶͕͕͍͒͏͙͌

͚͖͇͕͉͚͑͑͉͕͕͙͉͙͙͉͚͌ͥ͘͘͠͏͌

͕͔͙͔͑͌͐͌͗͢͋͒ͦ͈͕͇͗͘͉͙͕͗͏͔͕͕͊͞

͗ͣͦ͘͢̶͗͏͔͏͓͇ͦ͚͇͙͘͞͏͌͉

͖͇͈͕͙͌͗͌͗͑͌͙͇͕͕͗͊͘͙͕͈͙͕͉͕͕ͤ͒͌͑͗͊͢

͕͈͕͚͕͉͇͔͗͋͏ͦ̩͢͖͕͓͕͇͙͊͌͌

͎͇͠͏͙͏͙ͣ͕͚͍͇͚͑͗ͥͥ͠͚͗͌͋͘͏

͎͕͕͉͋͗ͣ͌͕͉͇͌͒͌͑͞̴͌͉͈͇͉͇͙͗͐͌͘͢͢

͉͓͙͌͌͘͘͈͙͕͉͓͢͢͏͕͙͕͇͓͋͜͏͈͙͕͉͚ͥ͢

͙͔͌͜͏͚͑͖͕͓͔͔͚͌͌ͥ͞͘͏͓͉͕͕͓͒ 

̶͗͏͈͕͗͚͙͒͌͋͌͘͕͙͇͉͋͘͏͙ͣ͉͓͙͕͌͘

͇͎͔͕͕͗͋͌͒ͣ͊͔͇͕͖͔͑͒͌͏ͦ͏͈͕͇͗͘

͕͙͕͕͉͋͜͖͕͙͈͔͗͌͒͌͏ͦ͏͒͏͉͖͚͔͙͑

͈͕͇͗͘͏͖͕͎͕͉͇͔͔͕͒ͣ͐͘͈͙͕͉͕͐͢

͙͔͌͜͏͑͏͋͒ͦ͖͕͚͒͌͋ͥ͌͐͘͠͚͙͏͒͏͎͇͝͏͏

̷̸̸̺̱̯̰ 

КЉЍЙЏЉЁ

̴̵̷̧̯̻̳̯̠̬̽̵̴̵̸̨̨̬̮̬̫̹̯̯̴̸̧̧̯̹̲̯̠̯̽

̵̶̸̯̶̷̵̵̧̯̮̩̫

̸̵̴̴̧̧̩̱̫̬̩̶̵̷̨̧̺̹̬

̴̧̬̪̯̢̯̣̬̬̾̿ 

АЉКЉЋЙСЎЖЎЙЎАМДЛЉЛЎ

̼͉͇͇͒͙͕͟͙͌͘͏͎͇͈͇͗͒͏͕͉͇ͮ$(*͖͕͗͏͎͉͕͋̸͙͉͕͗͏͒͏͓͕͘͇͊͙͇͕͑͇͋͖͚͍͇͗

͏͎͉͇͔͔͗͌͋͌͖͕͓͇͔͌͗͛͗͌͘͙͕͕͓͑͓͔͕͕͊͕͊͋͏͔͇͇͇͗͋͚͎͏͔͕͉͇͙͏͉͔͌

͙͔͕͕͌͒͊͜͏ͮ͌͕͑ͮ͌͕͇͇͉͇͚͒͑ͮ͟͍͏͉͕͙͏͚͔͛͑͝͏ͮ͌͕͑ͮ͌͔͌ͱ͙͌͌͔͇ͱ͏͕͑͋͕͈͏͔͞͏͜

͚͇͇͗͌ͨͮ̵͉͕͙͋ͮ͌͔͕͌͑͒͏͕͑͓͏͔͚͙͇͇͋͖͕͗͞͏͙͇͙͌͇͕͑͑͇͋͕͋Ͱ͇͌͊͕͈͋͏͙ͮ͌͌

͓͇͑͘͏͓͚͓

̶͕͙͌͘͏͙͌͔͇͟͇͙ͮ͘͇͋

̶͗͏͈͇͉͏͙͌͇͉͙͌͌͘͎͇͕͑͗͏͟ͱ͌Ͱ͌͈͕͚͗͗͌͟͏͏͔͕͓͇͛͗͝͏ͮ͌͎͇͇͉͇͗͌͟Ͱ͌

͖͕͈͓͇͗͒͌͉͌͗͘͏͘͏͖͕͖͇͉͚͗͑

ZZZDHJFRPVXSSRUW

̷͌͊͏͙͚͙͗ͮ͌͘͖͕͗͏͎͉͕͋͇͗͋͏͈͕ͯ͌͚͚͒͊͌͘

ZZZUHJLVWHUDHJFRP

̱͚͖͏͙͌͖͗͏͈͕͗͖͕͙͕͔͗͟͏͓͇͙͌͗͏͇ͮ͒͏͕͗͏͊͏͔͇͔͒͌͎͉͔͗͌͌͗͌͕͉͋͌͒͌͎͇

͉͕ͮ͘͚͇͗͌ͨͮ

ZZZDHJFRPVKRS

ГЗЙБКЖБРГЉИЗЍЙСГЉБКЎЙЋБК

̺͉͌͑͕͑͗͏͙͘͏͙͌͕͗͏͊͏͔͇͔͒͌͎͉͔͗͌͌͗͌͕͉͋͌͒͌

̱͇͇͋͕͔͙͇͙͑͑͏͇͙͗͌͕͉͇͒͟ͱ͔͌͏͉͌͗͘͏͔͘͏͔͙͇͌͗͝͉͕͋͏͙͌͇͚͔͇͗͞͇͋͕͑͋͈͌͌͘

͏͓͇͙͌͒͌͋͌͘ͱ͌͖͕͇͙͋͑͌̳͕͋͌͒͈͕͗ͮ͖͕͗͏͎͉͕͇͋͌͗͘͏ͮ͑͘͏͈͕͗ͮ

̶͕͇͋͝͏͓͕͚͊͇͋͌͘͖͕͔͇͚͗ͨ͔͇͖͕͒͞͏͝͏͇͘͙͔͌͜͏͑͞͏͓͇͇͙͑͗͑͌͗͏͙͘͏͇͓͇͑

̺͖͕͎͕͗͌Ͱ͌͕͖͎͗͌ದ͏͔͕͓͇͛͗͝͏ͮ͌͕͈͎͈͔͕͙͌͌͋͘͏

̵͖͙͌͟͏͔͕͓͇͛͗͝͏ͮ͌͏͇͉͙͌͘͏

̯͔͕͓͇͛͗͝͏ͮ͌͕͍͏͉͕͙͔͕ͮ͗͌͋͘͏͔͏

̮͇͍͇͔͕͋͗͖͇͉͕͗͏͎͓͔͇͌

ZZZDHJFRP

БЖНЗЙЕЉПБЁЎЗЊЎАЊЎЍЖЗКЛББ

БЖКЛЉДЉПБЁБ

МИЗАЗЙЎЃЎ

̶͕͇͙͊͒͌͋ͮ͌͎͇͈͔͚͌͘

͈͕͚͚͗͗͟͘͚͖͚͙͙͉͘͏͓͇͎͇

͏͔͙͇͇͒͘͝͏͚ͮ͎͇

̯͔͕͓͇͛͗͝͏ͮ͌͕

͈͎͈͔͕͙͌͌͋͘͏͏

͏͔͙͇͇͒͘͝͏ͮ͏̶͇͍ͯ͏͉͕

͖͕͗͒͏͙͇͙ͮ͌͖͕͇͉͇͊͒ͯ͕

͈͎͈͔͕͙͌͌͋͘͏͖͗͌͈͏͕͒

͇͉͕͑͑͊͕͑͗͏͟ͱ͌Ͱ͇͏͒͏

͕͍͇͉͇͋͗Ͱ͇͚͇͇͗͌ͨͮ

ЗИБКИЙЗБАЋЗЍЉ

ИйЮЬдЮЭгзеЩжЭжЮлЩЪдЮ

1 2 3 4 5 6 7 8 9 10

НмжгпбёЩ Зибк

̺͚͑ͯ͞͏̯͚͑ͯ͘͞͏ ̺͚͚͑ͯͮ͌͞͏͏͚͚͑ͯͮ͌͘͞͇͖͘͏͇͙͕͗͗

̶͉͇͗͈͎͗͏͔͇ ̳͕͙͕͗͖͇͎͗͌͒͏͔͇͖͉͚͗͈͎͗͏͔͚

̫͚͇͗͊͈͎͗͏͔͇ ̳͕͙͕͗͖͇͎͗͌͒͏͔͇͚͚͋͗͊͈͎͗͏͔͚

̹͗͌ͱ͇͈͎͗͏͔͇ ̳͕͙͕͗͖͇͎͗͌͒͏͔͇͙͗͌ͱ͚͈͎͗͏͔͚

̳͇͑͘͏͓͇͔͇͒͈͎͗͏͔͇ ̳͕͙͕͗͖͇͎͗͌͒͏͔͇͓͇͑͘͏͓͇͔͚͒͈͎͗͏͔͚

̶͕͉͌ͱ͇Ͱ͌͈͎͗͏͔͌ ̳͕͙͕͗͖͇͎͗͌͒͏͔͇͓͇͑͘͏͓͇͔͚͒͈͎͗͏͔͚̴͇͕͔͑͓͏ಣ

͔͚͙͇͚͇͗͌ͨͮ͌͘͉͇͗ͱ͇͚͖͙͕͔͕͗͌͋͜͖͕͇͉͇͋͌͟Ͱ͌

̶͕͉͙͇͇͌͗͝ ̧͖͘͏͇͙͕͗͗͇͗͋͏͔͇͔͇͓͇ͮͰ͕ͮ͈͎͗͏͔͏̴͇͕͔͑͓͏ಣ

͔͚͙͇͚͇͗͌ͨͮ͌͘͏͚͚͑ͯͮ͌͘͞

̵͈͇͉͙͌͌͟Ͱ͌͕͛͏͙͚͒͌͗ ̶͕͋͌͘ͱ͇͉͇͘͇͋ͮ͌͖͕͙͈͔͕͗͌͎͇͓͔͌͏͙͏͏͒͏͕͞͏͙͘͏͙͏

͛͏͙͒͌͗͇͘͇͙͑͏͉͔͏͓͚͓͊ͯ͌͏͕͞͏͙͘͏͙͏͛͏͙͒͌͗͎͇

͓͇͙͘

+REt+RRG ̯͔͋͏͇͙͕͑͗͚͔͛͑͝͏ͮ͌͎͇͕͔͙͕͚͑͗͒͇͖͘͏͇͙͕͇͗͗͇͘

͖͕͒͌͞͎͇͚͉͇͑Ͱ͌

 ̲͇͓͖͏͇͝ ̺͚͚͑ͯͮ͌͞͏͏͚͚͑ͯͮ͌͘͞͉͙͇͌͒͘

̸̷̶̸̱̯ 

͉͓͔͇͗͌͌͚͇͗͌ͨͮ͌͘͉͇͗ͱ͇͔͇͉͕ͮ͌͘

͖͙͕͔͕͗͌͋͜͖͕͇͉͇͋͌͟Ͱ͌͈͎͗͏͔͌

̱͇͇͋ͮ͌͚͔͛͑͝͏͇ͮ

͚͚͔͇͑ͯ͌͞͕͇͙͔͕͋͋

͕͋͋͏͗͏͉͇Ͱ͌ ͔͓͇͌

͔͏͇͉͑͑͌͙͌͛͌͑͌

ЗЪЩЫЮслЮѓЮзнбдлЮйм

̧͇͓͒͗͎͇͛͏͙͒͌͗͖͕͋͌͘ͱ͇͉͇͘͇͋ͮ͌

͖͕͙͈͔͕͗͌͎͇͓͔͌͏͙͏͏͒͏͕͞͏͙͘͏͙͏

͛͏͙͒͌͗͇͘͇͙͑͏͉͔͏͓͚͓͊ͯ͌͏͕͞͏͙͘͏͙͏

͛͏͙͒͌͗͎͇͓͇͙͘̯͔͋͏͇͙͕͑͗͛͏͙͇͒͌͗

͌͘͚͚͚͑ͯͮ͌͞͔͇͚͔͌͑͋͘͏͇͕͑ͮ͌

͖͕͙͈͔͕͗͌͕͞͏͙͘͏͙͏͛͏͙͒͌͗͎͇͓͇͙͘

̯͔͋͏͇͙͕͑͗͛͏͙͇͒͌͗ ͙͖͗͌͌͗͏͔͇

͚͔͌͑͋͘͏͇͕͑͛͏͙͒͌͗͇͘͇͙͑͏͉͔͏͓

͚͓͊ͯ͌͙͈͇͗͌͇͋͌͘͎͇͓͔͌͏͏͒͏͕͞͏͙͘͏

̶͕͇͙͊͒͌͋ͮ͌͕͇͋͌ͯ͑

ಱ̾͏͟ͱ͌Ͱ͌͛͏͙͇͒͌͗͎͇

͓͇͙͘ರ͚͖͕͇͉͚͊͒ͯಱ̴͇͌͊͏

͞͏͟ͱ͌Ͱ͌ರ

̶͕͇͙͊͒͌͋ͮ͌͕͇͋͌ͯ͑

ಱ̾͏͟ͱ͌Ͱ͌͛͏͙͇͒͌͗͎͇

͓͇͙͘ರ͏͒͏ಱ͎͇͓͔͇͌͛͏͙͇͒͌͗

͇͘͇͙͑͏͉͔͏͓͚͓͊ͯ͌ರ͚

͖͕͇͉͚͊͒ͯಱ̴͇͌͊͏

͞͏͟ͱ͌Ͱ͌ರ

̫͇͙͚͙͗͌͌ͮ͌͌͘͚͔͛͑͝͏͚ͮ͕͋͋͏͔͗͏͙͌

͔͇͚͔͌͑͋͌͘

ЍЩЩглбЫбйЩлЮбдбЭЮЩглбЫбйЩлЮ

нмжгпбём

 ̺͚͑ͯ͞͏͙͌͕͓͇͔͔͚͑͋͙͇͈͚͒

 ̯͕͔͑͌͙͈͇͗͌͇͋͈͚͚͋͈͌͒͌͈͕ͮ͌

 ̫͕͋͏͔͗͏͙͌ ͚͙͇͇͗ͮͰ͚͕͋

͚͔͌͑͋͌͘͇͋͈͏͙͌͘͇͙͑͏͉͏͇͗͒͏

͚͔͛͑͝͏͚ͮ

̧͕͑ͮ͌͚͔͛͑͝͏͇ͮ͇͙͑͏͉͏͇͔͇͗͏͕͔͇͑

͛͏͙͇͒͌͗ ͙͖͗͌͌͗͏͖͙͌͖͚͙͇

 ̫͇͈͏͙͌͘͇͙͋͌͑͏͉͏͇͗͒͏͚͔͛͑͝͏͚ͮ

͕͋͋͏͔͗͏͙͌ ͔͇͚͔͌͑͋͌͘

̧͕͑ͮ͌͚͔͛͑͝͏͇ͮ͇͙͋͌͑͏͉͏͇͔͇͗͏͕͔͇͑

͛͏͙͇͒͌͗ ͙͖͗͌͌͗͏͙͗͏͖͚͙͇

ЖЎЌЉБРБСЄЎЃЎ

ЖЩизеЮжЮмЫЮабкЩрбсєЮѓЮе

КйЮЭклЫЩаЩ

рбсєЮѓЮ

ЖЮгзйбклблЮЩЪйЩабЫжЮЭЮлЮйјЮжлЮбдбрЮлгЮ

̵͈͗͏͟͏͙͌͖͕͉͗͟͏͔͚͚͇͇͗͌ͨͮ͓͕͓͌͑͖͕͓͑͗͙͕͖͕͓͒͉͕͕͓͋͏͈͇͒͊͏͓

͙͉͕͓͗͌͋͘͘͎͇͞͏͟ͱ͌Ͱ͌

̶͕͒͌͘͚͉͇͑Ͱ͇͔͌͑͏͕͉͋͌͒͏͚͇͇͗͌ͨͮ͓͕͚͊͇͋͈͚͚͋͉͗͌͒͏̫͇͈͏͌͘

͏͎͈͇͌͊͒͖͕͇͉͇ͮ͇͛͒͌͑͚͇͗͌ͨͮ͓͕͇͗͇͋͌͘͕͇͒͋͜͏͏͕͚͘͟͏͞͏͙͕͓͘

͙͇͔͑͏͔͕͓͏͒͏͖͇͖͏͔͗͏͓͚͈͚͕͓͗͘

̵͞͏͙͘͏͙͌͓͗ͯ͌͈͇͒͊͏͓͙͋͌͌͗ʹ͔͙͕͓͌

ЍйЯблЮЩкиб഻

йЩлзйрбклбе

̺͇͗͌ͨͮ͏͛͏͙͒͌͗͌͎͇͓͇͔͕͘ͱ͚͞͏͙͘͏͙͌͉͇͕͑͊͘͓͇͌͌͘͝̺͔͚͙͇͗͟Ͱ͕͙͘

͏͛͏͙͒͌͗͌͎͇͓͇͔͕͘ͱ͌͕͈͕͋͗͕͞͏͙͘͏͙͌͕͋͓͇͙͘͏̴͇͕͓͊͏͇͔͇͒͓͇ಣ

͔͕͘ͱ͇͏͒͏͚͋͗͊͏͕͙͇͘͝͏͓͕͚͊͖͕͚͎͕͕͉͇͙͗͗͑͏͖͕͍͇͗

̶͗͏͍͇͉͇͙͋͗ͮ͌͌͘͚͖͚͙͙͇͉͇͘͎͇͞͏͟ͱ͌Ͱ͌͖͗͏͈͕͇͗͇͇͑͋ͮ͌͕͈͇͉͙͌͌͟ಣ

Ͱ͌͎͇͛͏͙͒͌͗͚͚͔͕͑ͯ͌͞̶͕͇͙͊͒͌͋ͮ͌͕͈͇͉͙͌͌͟Ͱ͇͎͇͛͏͙͒͌͗͚

͕͚͋͌ͯ͑͕͉͇͕͔͉͔͕͑͋͌ͮ͘͚͖͕͙͈͗͌͏

̻͏͙͒͌͗͏͎͇͓͇͔͕͘ͱ͌͓͕͚͊͇͋͌͘͖͚͌͗͚͓͇͟͏͔͏͎͇͚͕͉͋͌͘

̳͇͟͏͔͇͎͇͖͇͗Ͱ͌͚͕͉͇͋͘͓͕͇͗͈͏͙͏͖͕͔͇͋͌͌͟͔͇͔͏͚͑͘͙͓͖͇͙͚͌͌͗ಣ

͚͗͏͇͙͇͑͗͑͝͏͚͑͒͘̻͏͙͒͌͗͎͇͓͇͔͕͘ͱ͌͓͕͍͌͇͋͖͕͓͔͗͌͏͈͕͚ͮ͇͒͏

͙͕͔͓͇͌͚͙͏͇͇ͮ͝͔͇͚͞͏͔͇͑͚͇͇͗͌ͨͮ

̸̷̶̸̱̯ 

̺͉͇͕͓͑͘͚͇͚͒ͮ͘͞͛͏͙͒͌͗͌ͮ͌͖͕͙͈͔͕͗͌

͓͌Ͱ͇͙͏͈͇͓͗͌͔͇͉͇͇͑͘͙͌͞͏͗͏

͓͇͌͌͘͝

АЩеЮжЩдЩеибпЮ

̺͇͗͌ͨͮ͌͘͏͖͕͚͚͗ͮ͌͘͞͇͘/('

͇͓͖͒͏͕͓͝̵͉͇ͮ͕͋͌͓͕͍͌͇͋͎͇͓͔͌͏

͇͓͕͘͙͔͌͜͏͇͗͞̺͚͇͚͒ͮ͘͞͈͏͕͒͇͉͕͑͑͊

͉͇͇͑͗͖͕͇͙͊͒͌͋ͮ͌͕͋͌ಱ̸͉͌͗͏͘ಯ͚

͕͚͋͌ͯ͑ಱ̺͖͚͙͙͉͇͘͕͈͎͈͔͕͙͌͌͋͘͏ಯ

ЎГЗДЗСГЉИБЛЉЃЉ

̷͌͝͏͑͒͏͇͙͗ͮ͌͓͇͙͌͗͏͇ͮ͒͌͇͘͘͏͓͈͕͕͓͒

̶͇͕͉͇͑Ͱ͌͕͕͍͋͒͏͙͌͚

͕͕͉͇͇͚͋͊͗ͮͱ͌͕͔͙͔͑͌ͮ͌͗͌͇͗͋͏

͗͌͝͏͑͒͏͇͗Ͱ͇̶͕͓͕͎͏͙͌͚͎͇͙͟͏͙͏

͍͏͉͕͙͔͌͗͌͋͘͏͔͌͏͚͕ͯ͋͑͊͘͎͇͉͇͋͗ͯ

͇͕͑͏͚͗͌͝͏͑͒͏͇͗Ͱ͚͕͙͖͇͔͕͋͊

͓͇͙͌͗͏͇͇ͮ͒͕͋͙͕͔͌͒͌͑͗͑͘͏͜͏

͙͌͒͌͑͗͏͔͞͏͜͚͇͇͗͌ͨͮ̺͇͗͌ͨͮ͌

͕͈͍͔͌͒͌͌͌͘͏͓͈͕͕͓͒ ͔͓͕͙͌ͮ͌

͈͇͇͙͝͏͎͇͔͕ͮ͌͋͇͘͓͌͘ͱ͓͌̶͕͗͏͎͉͕͋

͉͇͙͗͏͙͌͚͕͇͔͒͑͒͏͔͙͇͌͗͝͎͇

͗͌͝͏͑͒͏͇͗Ͱ͌͏͒͏͌͘͕͈͇͙͗͏͙͌

͕͖͙͟͏͔͕͑ͮ͘͇͔͇͑͌͒͗͝͏ͮ͏

̸̷̶̸̱̯ 

D 3RÏDVYDUHQLDDY\SU£ŀDQLDYHĀN¿FKPQRŀVWLHYMHGOD

EH]SRNULHYN\SULY\VRNHMYOKNRVWL

2VYLHŀLY]GXFKYNXFK\QLSRYDUHQ¯VYHĀPLQ¯]NRX

KOXÏQRVħRX'£VDDNWLYRYDħDGHDNWLYRYDħSRVWODÏHಣ

Q¯V\PEROX)XQNFLDVDSRPLQ¼WDFKDXWRPDWLFN\

Y\SQH3RXŀLWHLEDSRYDUHQ¯

2GSRU¼ÏDVDQHFKDħ

RGV£YDÏS£UYÏLQQRVWL

SULEOLŀQHPLQ¼WSRYDUHQ¯

2YO£GDF¯SDQHOMHVHQ]RURY«

SROH)XQNFLH]DSQHWHWDN

ŀHQDVHNXQGXVWODÏ¯WH

V\PERO\

$NFKFHWHSRXƿ¯YDƦRGV£YDÏS£U

 6SRWUHELÏ]DSQLWHVWODÏHQ¯PV\PEROX



7HUD]P¶ŀHWHIXQNFLH]DSQ¼ħ

 )XQNFLX]DSQHWHVWODÏHQ¯PV\PEROX

 9SU¯SDGHSRWUHE\VDGRWNQLWH

V\PEROX DE\VWHRVYHWOLOLYDUQ¿

SRYUFK$NFKFHWH]PHQLħLQWHQ]LWX

RVYHWOHQLDRS¦ħVWODÏWHDSRGUŀWH

V\PERO

$NFKFHWHY\SQ¼ħVSRWUHELÏRS¦WRYQH

VWODÏWHV\PERO 

+REt+RRGIXQNFLD

-HWRDXWRPDWLFN£IXQNFLDVS£MDM¼FD

YDUQ¿SDQHOVRGV£YDÏRPS£U9DUQ¿

SDQHODMRGV£YDÏS£UNRPXQLNXM¼

LQIUDÏHUYHQ¿PVLJQ£ORP5¿FKORVħ

YHQWLO£WRUDVDXUÏXMHDXWRPDWLFN\SRGĀD

QDVWDYHQ«KRUHŀLPXDWHSORW\

QDMKRU¼FHMģLHKRULDGXQDYDUQRPSDQHOL

9HQWLO£WRUP¶ŀHWHRYO£GDħDMUXÏQH]

YDUQ«KRSDQHOD7¼WRIXQNFLXP¶ŀHWH

]DSQ¼ħ]RYO£GDFLHKRSDQHODYDUQ«KR

SDQHOD

9LDFLQIRUP£FL¯RSRXŀ¯YDQ¯

WHMWRIXQNFLHQ£MGHWHY

Q£YRGHNYDUQ«PXSDQHOX

=DSQXWLHPD[LP£OQHM

U¿FKORVWLPRWRUD

.HÑVDGRWNQHWHWODÏLGOD VSXVW¯VDQD

PLQ¼WPD[LP£OQDU¿FKORVħPRWRUD

3RWRPVDVSRWUHELÏYU£WLQD

SUHGFK£G]DM¼FHQDVWDYHQLH

.HÑMHIXQNFLD]DSQXW£

ÑDOģLHGRWNQXWLHVDWODÏLGOD

QHP£ŀLDGQ\¼ÏLQRN

8SR]RUQHQLHILOWUD

=YXNRY¿VLJQ£OILOWUDSULSRP¯QDY¿PHQX

DOHERÏLVWHQLHXKO¯NRY«KRILOWUDDÏLVWHQLH

WXNRY«KRILOWUD$NWUHEDY\ÏLVWLħWXNRY¿

ILOWHUXND]RYDWHĀILOWUD VDUR]VYLHWLQD

VHN¼QG$NWUHEDY\PHQLħDOHER

Y\ÏLVWLħXKO¯NRY¿ILOWHUILOWHUXND]RYDWHĀ

ILOWUD EOLN£VHN¼QG

3R]ULWHVLÏDVħÎLVWHQLH

WXNRY«KRILOWUDYNDSLWROH

2ģHWURYDQLHDÏLVWHQLH

3R]ULWHVLÏDVħÎLVWHQLH

XKO¯NRY«KRILOWUDDOHER

9¿PHQDXKO¯NRY«KRILOWUD

YNDSLWROH2ģHWURYDQLH

DÏLVWHQLH

$NFKFHWHIXQNFLXUHVHWRYDħGRWNQLWHVD

QDVHNXQG\WODÏLGOD 

3UH]DSQXWLHDOHERY\SQXWLHIXQNFLH

 =DSQLWHRYO£GDF¯SDQHO

 8LVWLWHVDŀHLNRQ\VDQHVIDUELOL

QDELHOR

 $NFKFHWHW¼WRIXQNFLX]DSQ¼ħ

GRWNQLWHVDQDVHNXQG\WODÏLGOD 

$NMHIXQNFLD]DSQXW£LNRQDILOWUD

S¦ħNU£W]DEOLN£

ZZZDHJFRP

 )LOWUHY\ÏLVWLWHSRPRFRXģSRQJLH

VQHDEUD]¯YQ\PLÏLVWLDFLPL

SURVWULHGNDPLDOHERYXP¿YDÏNH

ULDGX

8P¿YDÏNDULDGXPXV¯E\ħ

QDVWDYHQ£QDQ¯]NXWHSORWX

DNU£WN\F\NOXV7XNRY¿ILOWHU

P¶ŀH]PHQLħIDUEXQHP£WR

YSO\YQDY¿NRQVSRWUHELÏD

 3ULVS¦WQHMLQģWDO£FLLILOWURYY\NRQDMWH

SUY«GYDNURN\YRSDÏQRPSRUDG¯

9SU¯SDGHSRWUHE\]RSDNXMWHNURN\SUH

YģHWN\ILOWUH

9¿PHQDILOWUDVXKO¯P

9$529$1,(

)LOWHUVXKO¯PVDQHVPLH

XP¿YDħ

9¿PHQDILOWUD

 =RVSRWUHELÏDY\EHUWHWXNRY«ILOWUH

3R]ULWHVLÏDVħಱÎLVWHQLHWXNRY«KRILOWUDಯY

WHMWRNDSLWROH

 'UŀLDN\SRWLDKQLWHVPHURPNGROQHM

ÏDVWLILOWUD

 3UHGQ¼ÏDVħILOWUDPLHUQHQDNORĊWH

QDGROSRWRPSRWLDKQLWH

 3ULLQģWDO£FLLQRY«KRILOWUD]YRĀWH

RSDÏQ¿SRVWXS

9NDŀGRPSU¯SDGHMHSRWUHEQ«Y\PHQLħ

ILOWUHPLQLP£OQHNDŀG«ģW\ULPHVLDFH

9¿PHQDRVYHWOHQLD

6SRWUHELÏVDGRG£YDV/('RVYHWOHQ¯P

7HQWRGLHOP¶ŀHY\PHQLħLEDWHFKQLN9

SU¯SDGHDNHMNRĀYHNSRUXFK\VLSR]ULWH

ÏDVħಱ6HUYLVಯYNDSLWROHಱ%H]SHÏQRVWQ«

SRN\Q\ಯ

2&+5$1$ƾ,9271+2352675(',$

0DWHUL£O\R]QDÏHQ«V\PERORP

RGRY]GDMWHQDUHF\NO£FLX 2EDOKRÑWH

GRSU¯VOXģQ¿FKNRQWDMQHURYQDUHF\NO£FLX

&KU£ĊWHŀLYRWQ«SURVWUHGLHD]GUDYLHĀXG¯

DUHF\NOXMWHRGSDG]HOHNWULFN¿FKD

HOHNWURQLFN¿FKVSRWUHELÏRY1HOLNYLGXMWH

VSRWUHELÏHR]QDÏHQ«V\PERORPVSROXV

RGSDGRP]GRP£FQRVWL 9¿URERN

RGRY]GDMWHYPLHVWQRPUHF\NODÏQRP

]DULDGHQ¯DOHERVDREU£ħWHQDREHFQ¿

DOHERPHVWVN¿¼UDG

ZZZDHJFRP

23,6,='(/.$

3UHJOHGXSUDYOMDOQHSORƢÏH

1 2 3 4 5 6 7 8 9 10

)XQNFLMD 2SLV

9NORS,]NORS 9NORSLLQL]NORSLQDSR

3UYDKLWURVW 0RWRUVHSUHNORSLQDSUYRVWRSQMRKLWURVWL

'UXJDKLWURVW 0RWRUVHSUHNORSLQDGUXJRVWRSQMRKLWURVWL

7UHWMDKLWURVW 0RWRUVHSUHNORSLQDWUHWMRVWRSQMRKLWURVWL

1DMYHÏMDKLWURVW 0RWRUVHSUHNORSLQDQDMYHÏMRKLWURVW

3RYHÏDQMHKLWURVWL 0RWRUVHSUHNORSLQDQDMYHÏMRKLWURVW3RPLQXWDKVH

QDSUDYDYUQHQDSUHGKRGQRQDVWDYLWHY

%UHH]H 1DSDGHOXMHSULQDMQLŀMLKLWURVWL3RPLQXWDKVHQDಣ

SUDYDL]NORSL

2SR]RULOR]DILOWHU 2SR]DUMDQDPHQMDYRDOLÏLģÏHQMHRJOHQHJDILOWUDLQÏLģಣ

ÏHQMHPDģÏREQHJDILOWUD

+REt+RRG ,QGLNDWRUIXQNFLMH]DXSUDYOMDQMHQDSHVNXKDOQHSORಣ

ģÏH

 ĿDUQLFD 9NORSLLQL]NORSLOXÏL

96$.2'1(91$8325$%$

8SRUDEDQDSH

3UHYHULWHSULSRURÏHQRKLWURVWJOHGHQD

VSRGQMRUD]SUHGHOQLFR

0HGVHJUHYDQMHPKUDQHNXKDQMHPVSRNULWRSRVRGR

0HGNXKDQMHPVSRNULWRSRVRGRQDYHÏNXKDOLģÏLKDOL

JRULOQLNLKQHŀQLPFYUHQMHP

0HGYUHQMHPLQSHÏHQMHPYHÏMHNROLÏLQHKUDQHEUH]

SRNURYDNXKDQMHPQDYHÏNXKDOLģÏLKDOLJRULOQLNLK

LQ 0HGYUHQMHPLQSHÏHQMHPYHÏMHNROLÏLQHKUDQHEUH]

SRNURYDSULYHOLNLYODŀQRVWL

ZZZDHJFRP

2VYHŀL]UDNYNXKLQMLSRNXKDQMX]]HORQL]NRUDYQMR

KUXSD$NWLYLUDWLLQGHDNWLYLUDWLMRMHPRJRÏH]GRWLNRP

VLPEROD)XQNFLMDVHSRPLQXWDKVDPRGHMQRL]NOMXಣ

ÏL8SRUDEOMDMWHVDPRSRNXKDQMX

3ULSRURÏOMLYRMHGDSR

NXKDQMXSXVWLWHQDSR

GHORYDWLSULEOLŀQRPLQXW

1DG]RUQDSORģÏDMH

VHQ]RUVNRSROMH6LPERORY

VHGRWLNDMWHHQRVHNXQGRGD

YNORSLWHIXQNFLMH

=DXSUDYOMDQMHQDSH

 1DSUDYRYNORSLWHVSULWLVNRPVLPEROD



=GDMODKNRYNORSLWHIXQNFLMH

 =DYNORSIXQNFLMHVHGRWDNQLWH

VLPEROD

 3RSRWUHELVHGRWDNQLWHVLPEROD]D

OXÏ GDRVYHWOLWHSRYUģLQR]D

NXKDQMHÎHŀHOLWHVSUHPHQLWL

LQWHQ]LYQRVWOXÏLVHSRQRYQR

GRWDNQLWHLQGUŀLWHVLPERO

=DL]NORSQDSUDYHSRQRYQRSULWLVQLWH

VLPERO 

)XQNFLMD+REt+RRG

-HVDPRGHMQDIXQNFLMDNLSRYHŀH

NXKDOQRSORģÏRVNXKLQMVNRQDSR

.XKDOQDSORģÏDLQQDSDLPDWD

NRPXQLNDWRULQIUDUGHÏHJDVLJQDOD+LWURVW

YHQWLODWRUMDVHQDVWDYLVDPRGHMQRJOHGH

QDQDVWDYLWHYQDÏLQDLQWHPSHUDWXUR

QDMEROMYURÏHSRVRGHQDNXKDOQLSORģÏL

9HQWLODWRUODKNRXSUDYOMDWHWXGLURÏQRV

NXKDOQHSORģÏH)XQNFLMRODKNRYNORSLWHV

SORģÏHQDNXKDOQLSORģÏL

=DGRGDWQHLQIRUPDFLMHR

XSRUDELIXQNFLMHVLRJOHMWH

QDYRGLOD]DXSRUDERNXKDOQH

SORģÏH

9NORSQDMYHÏMHKLWURVWL

PRWRUMD

.RVHGRWDNQHWH VH]DRVHPPLQXW

YNORSLQDMYHÏMDKLWURVWPRWRUMD3RWHPVH

QDSUDYDYUQHQDSUHMģQMHQDVWDYLWYH

KLWURVWL

.RMHIXQNFLMDYNORSOMHQD

GRGDWHQGRWLNWLSNH QLPD

XÏLQND

2SR]RULOR]DILOWHU

$ODUP]DILOWHURSR]DUMDQDPHQMDYRDOL

ÏLģÏHQMHRJOHQHJDILOWUDLQÏLģÏHQMH

PDģÏREQHJDILOWUDÎHMHWUHEDRÏLVWLWL

PDģÏREQLILOWHULQGLNDWRUILOWUD 

VHNXQGVYHWLÎHMHWUHED]DPHQMDWLDOL

RÏLVWLWLRJOHQLILOWHULQGLNDWRUILOWUD 

VHNXQGXWULSD

2JOHMWHVL}ÎLģÏHQMH

PDģÏREQHJDILOWUDmY

SRJODYMXÎLģÏHQMHLQ

Y]GUŀHYDQMH

2JOHMWHVL}ÎLģÏHQMHDOL

]DPHQMDYDRJOHQHJDILOWUDmY

SRJODYMXÎLģÏHQMHLQ

Y]GUŀHYDQMH

=DSRQDVWDYLWHYIXQNFLMHWULVHNXQGH

GUŀLWH 

=DDNWLYDFLMRDOLGHDNWLYDFLMRIXQNFLMH

 9NORSLWHXSUDYOMDOQRSORģÏR

 3UHSULÏDMWHVHGDLNRQHVYHWLMREHOH

 =DYNORSIXQNFLMHWULVHNXQGHGUŀLWH



ÎHMHIXQNFLMDYNORSOMHQDLNRQDILOWUD

SHWNUDWXWULSQH

 =DL]NORSIXQNFLMHWULVHNXQGHGUŀLWH



ÎHMHIXQNFLMDL]NORSOMHQDLNRQDILOWUD

WULNUDWXWULSQH

6/29(1ĢÎ,1$ 

9='5ƾ(9$1-(,1Î,ơÎ(1-(

2SRPEHJOHGHÏLƢÏHQMD

ÎLVWLOQDVUHG഻

VWYD

1HXSRUDEOMDMWHJURELKSRPLYDOQLKVUHGVWHYLQƢÏHWN

3RYUģLQRQDSUDYHÏLVWLWH]PHKNRNUSRWRSORYRGRLQEODJLPÏLVWLORP

3RNXKDQMXVHODKNRQHNDWHULGHOLQDSUDYHPRÏQRVHJUHMHMR'DELSUHಣ

SUHÏLOLPDGHŀHPRUDWHQDSUDYRRKODGLWLLQRVXģLWLVÏLVWRNUSRDOLSDSLUಣ

QDWLPLEULVDÏDPL

0DGHŀHRÏLVWLWH]EODJLPÏLVWLOQLPVUHGVWYRP

1DSDPRUDELWL

ÏLVWD

1DSUDYRLQPDģÏREQHILOWUHRÏLVWLWHYVDNPHVHF=QRWUDQMRVWLLQPDಣ

ģÏREQLKILOWURYSUHYLGQRRÏLVWLWHPDģÏRER1DNRSLÏHQDPDģÏREDDOLGUXಣ

JLRVWDQNLODKNRSRY]URÏLMRSRŀDU

.RVHYNORSLRSR]RULOR]DILOWHUXSRģWHYDMWHQDYRGLOD]DÏLģÏHQMHSULSRಣ

PRÏNRY2JOHMWHVL2SR]RULOR]DILOWHUYSRJODYMX9VDNRGQHYQDXSRUDED

0DģÏREQHILOWUHODKNRRSHUHWHYSRPLYDOQHPVWURMX

3RPLYDOQLVWURMPRUDWHQDVWDYLWLQDQL]NRWHPSHUDWXURLQNUDWHNSURಣ

JUDP0DģÏREQLILOWHUVHODKNRUD]EDUYDDWRQHYSOLYDQD]PRJOMLYRVW

QDSUDYH

2JOHQLILOWHU

ÎDVQDVLÏHQRVWLRJOHQHJDILOWUDVHVSUHPLQMDJOHGHQDYUVWRNXKDQMDLQ

SRJRVWRVWÏLģÏHQMDPDģÏREQHJDILOWUD$NWLYLUDQRJOHQLILOWHUQLSUDOHQQL

JDPRJRÏHREQRYLWL]DPHQMDWLSDJDMHWUHEDQDSULEOLŀQRPHVHFHY

GHORYDQMDDOLSRJRVWHMHSULSRVHEHMREUHPHQMHQLXSRUDEL

ÎLƢÏHQMHPDƢÏREQHJD

ILOWUD

)LOWULVRQDPHģÏHQLVSRPRÏMRVSRQNLQ

]DWLÏHYQDQDVSURWQLVWUDQL

=DÏLƢÏHQMHILOWUD

 'UŀLWHSORģÏRREVWUDQLLQMRSRWLVQLWH

QD]DM

 5DKORQDJQLWHVSUHGQMLGHOILOWUD

QDY]GROQDWRSRYOHFLWH

%RGLWHSUHYLGQL)LOWHUSR

QHQDPHUQL]UXģLWYLYDUXMH

YHULJD3UHGÏLģÏHQMHP

ILOWURYVQHPLWHYHULJH

 )LOWHUUD]VWDYLWHWDNRGDRGVWUDQLWH

YLMDNHQDYUKXILOWUD

 )LOWUHRÏLVWLWH]JRELFRLQÏLVWLOQLP

VUHGVWYRPNLQLVRJUREDDOLY

SRPLYDOQHPVWURMX

ZZZDHJFRP

3RPLYDOQLVWURMPRUDWH

QDVWDYLWLQDQL]NR

WHPSHUDWXURLQNUDWHN

SURJUDP0DģÏREQLILOWHUVH

ODKNRUD]EDUYDDWRQH

YSOLYDQD]PRJOMLYRVW

QDSUDYH

 =DSRQRYQRQDPHVWLWHYILOWURY

SRQRYLWHSUYDGYDNRUDNDYREUDWQHP

]DSRUHGMX

.RUDNHSRQRYLWH]DYVHILOWUHÏH

REVWDMDMR

=DPHQMDYDRJOHQHJDILOWUD

232=25,/2

2JOHQLILOWHUQLSUDOHQ

=D]DPHQMDYRILOWUD

 ,]QDSUDYHRGVWUDQLWHPDģÏREQH

ILOWUH

2JOHMWHVL}ÎLģÏHQMHPDģÏREQHJD

ILOWUDmYWHPSRJODYMX

 3RYOHFLWHMH]LÏNHSURWLVSRGQMHPX

GHOXILOWUD

 5DKORQDJQLWHVSUHGQMLGHOILOWUD

QDY]GROQDWRSRYOHFLWH

 =DQDPHVWLWHYQRYHJDILOWUDSRQRYLWH

LVWHNRUDNHYREUDWQHP]DSRUHGMX

9YVDNHPSULPHUXMHWUHEDILOWUH

]DPHQMDWLYVDMQDģWLULPHVHFH

=DPHQMDYDƿDUQLFH

7DQDSUDYDLPD/('ŀDUQLFR7DGHO

ODKNR]DPHQMDVDPRVWURNRYQMDN9

SULPHUXNDNUģQHNROLQDSDNHVL

RJOHMWH}6HUYLVmYSRJODYMX}9DUQRVWQD

QDYRGLODm

6.5%=$2.2/-(

5HFLNOLUDMWHPDWHULDOHNLMLKR]QDÏXMH

VLPERO (PEDODŀRRGORŀLWHYXVWUH]QH

]DERMQLNH]DUHFLNODŀR3RPDJDMWH

]DģÏLWLWLRNROMHLQ]GUDYMHOMXGLWHU

UHFLNOLUDWLRGSDGNHHOHNWULÏQLKLQ

HOHNWURQVNLKQDSUDY1DSUDYR]QDÏHQLK

VVLPERORP QHRGVWUDQMXMWH]

JRVSRGLQMVNLPLRGSDGNL,]GHOHNYUQLWHQD

NUDMHYQR]ELUDOLģÏH]DUHFLNOLUDQMHDOLVH

REUQLWHQDREÏLQVNLXUDG

6/29(1ĢÎ,1$ 

&217(1,'2

,1',&$&,21(6'(6(*85,'$'(,167$/$&,1 

'(6&5,3&,1'(/352'8&72

862',$5,2

0$17(1,0,(172</,03,(=$

3$5$81265(68/7$'263(5)(&726

*UDFLDVSRUHOHJLUHVWHSURGXFWR$(*/RKHPRVFUHDGRSDUDEULQGDUOHXQ

UHQGLPLHQWRLPSHFDEOHGXUDQWHPXFKRVD³RVFRQWHFQRORJ¯DVLQQRYDGRUDVTXH

ORD\XGDQDVLPSOLILFDUODYLGDFDUDFWHU¯VWLFDVTXHTXL]£VQRHQFXHQWUHHQORV

HOHFWURGRP«VWLFRVFRPXQHV'HGLTXHXQRVPLQXWRVDOHHUHVWHGRFXPHQWRSDUD

VDFDUOHHOP£[LPRSDUWLGR

9LVLWHQXHVWURVLWLRZHESDUD

2EWHQHUFRQVHMRVIROOHWRVVROXFLRQHVDSUREOHPDVHLQIRUPDFLµQGHVHUYLFLR\

UHSDUDFLµQ

ZZZDHJFRPVXSSRUW

5HJLVWUDUVXSURGXFWRSDUDUHFLELUXQPHMRUVHUYLFLR

ZZZUHJLVWHUDHJFRP

&RPSUDUDFFHVRULRVDUW¯FXORVGHFRQVXPR\SLH]DVGHUHFDPELRRULJLQDOHV

SDUDVXDSDUDWR

ZZZDHJFRPVKRS

$7(1&,1$/&/,(17(<6(59,&,2

/HUHFRPHQGDPRVTXHXWLOLFHUHFDPELRVRULJLQDOHV

&XDQGRVHSRQJDHQFRQWDFWRFRQQXHVWUR&HQWURGHVHUYLFLRW«FQLFRDVHJ¼UHVH

GHWHQHUORVVLJXLHQWHVGDWRVGLVSRQLEOHV0RGHORFµGLJRQXP«ULFRGHOSURGXFWR

31&Q¼PHURGHVHULH

/DLQIRUPDFLµQVHHQFXHQWUDHQODSODFDGHFDUDFWHU¯VWLFDV

$GYHUWHQFLD3UHFDXFLµQ,QIRUPDFLµQVREUHVHJXULGDG

,QIRUPDFLµQJHQHUDO\FRQVHMRV

,QIRUPDFLµQUHODWLYDDOPHGLRDPELHQWH

6DOYRPRGLILFDFLRQHV

,1',&$&,21(6'(6(*85,'$'(,167$/$&,1

$'9(57(1&,$

&RQVXOWHHOIROOHWRGH

LQVWUXFFLRQHVGHLQVWDODFLµQ

VHSDUDGRSDUDREWHQHU

LQIRUPDFLµQVREUHOD

VHJXULGDG\ODLQVWDODFLµQ

/HDDWHQWDPHQWHORV

FDS¯WXORVGH6HJXULGDG

DQWHVGHFXDOTXLHUXVRR

PDQWHQLPLHQWRGHODSDUDWR

ZZZDHJFRP

'(6&5,3&,1'(/352'8&72

9LVWDJHQHUDOGHOSDQHOGHPDQGRV

1 2 3 4 5 6 7 8 9 10

)XQFLµQ 'HVFULSFLµQ

(QFHQGLGR$SDJDGR (QFLHQGH\DSDJDODFDPSDQD

3ULPHUDYHORFLGDG (OPRWRUFDPELDDOSULPHUQLYHOGHYHORFLGDG

6HJXQGDYHORFLGDG (OPRWRUFDPELDDOVHJXQGRQLYHOGHYHORFLGDG

7HUFHUDYHORFLGDG (OPRWRUFDPELDDOWHUFHUQLYHOGHYHORFLGDG

9HORFLGDGP£[LPD (OPRWRUFDPELDDOQLYHOP£[LPRGHYHORFLGDG

$XPHQWRGHYHORFLGDG (OPRWRUFDPELDDOQLYHOP£[LPRGHYHORFLGDG'HVಣ

SX«VGHPLQXWRVHODSDUDWRYXHOYHDODMXVWHDQWHULRU

%ULVD /DFDPSDQDIXQFLRQDDODYHORFLGDGP£VEDMD(ODSDಣ

UDWRVHDSDJDGHVSX«VGHPLQXWRV

1RWLILFDFLµQGHOILOWUR 5HFXHUGDFDPELDUROLPSLDUHOILOWURGHFDUEµQ\OLPSLDU

HOILOWURGHJUDVD

+REt+RRG ,QGLFDGRUGHODIXQFLµQGHFRQWUROGHODFDPSDQDGHOD

SODFD

 %RPELOOD (QFLHQGH\DSDJDODVOXFHV

862',$5,2

8VRGHODFDPSDQD

&RPSUXHEHODYHORFLGDGUHFRPHQGDGD

VHJ¼QODWDEODVLJXLHQWH

0LHQWUDVFDOLHQWDODFRPLGDFRFLQDQGRFRQROODVWDಣ

SDGDV

0LHQWUDVFRFLQDFRQROODVWDSDGDVHQP¼OWLSOHV]RQDV

GHFRFFLµQRTXHPDGRUHVIULHQGRDWHPSHUDWXUDPRಣ

GHUDGD

$OKHUYLU\IUH¯UJUDQGHVFDQWLGDGHVGHDOLPHQWRVVLQ

WDSDFRFLQDQGRHQP¼OWLSOHV]RQDVGHFRFFLµQR

TXHPDGRUHV

(63$2/ 

\ $OKHUYLU\IUH¯UJUDQGHVFDQWLGDGHVGHDOLPHQWRVVLQ

WDSDFRQPXFKDKXPHGDG

5HIUHVFDHODLUHHQODFRFLQDGHVSX«VGHFRFLQDUFRQ

XQQLYHOGHUXLGRPX\EDMR6HSXHGHDFWLYDU\GHಣ

VDFWLYDUWRFDQGRHOV¯PEROR/DIXQFLµQVHGHVDFWLYD

DXWRP£WLFDPHQWHGHVSX«VGHPLQXWRV8WLO¯FHOR

VµORGHVSX«VGHFRFLQDU

6HUHFRPLHQGDGHMDUOD

FDPSDQDHQIXQFLRQDPLHQWR

GXUDQWHDSUR[LPDGDPHQWH

PLQXWRVGHVSX«VGH

FRFLQDU

(OSDQHOGHPDQGRVHVXQ

FDPSRGHVHQVRUHV7RTXH

ORVV¯PERORVGXUDQWH

VHJXQGRSDUDDFWLYDUODV

IXQFLRQHV

3DUDXWLOL]DUODFDPSDQD

 (QFLHQGDHODSDUDWRSXOVDQGRHO

V¯PEROR 

$KRUDSXHGHDFWLYDUODVIXQFLRQHV

 3DUDDFWLYDUODIXQFLµQWRTXHHO

V¯PEROR

 6LHVQHFHVDULRWRTXHHOV¯PERORGH

ODERPELOOD SDUDLOXPLQDUOD

VXSHUILFLHGHFRFFLµQ3DUDFDPELDU

ODLQWHQVLGDGGHODOX]WRTXHHO

V¯PERORGHQXHYR\PDQW«QJDOR

SXOVDGR

3DUDDSDJDUHODSDUDWRSXOVHGHQXHYR

HOV¯PEROR 

+REt+RRG)81&,1

(VXQDIXQFLµQDXWRP£WLFDTXHFRQHFWD

ODSODFDGHFRFFLµQFRQXQDFDPSDQD

/DSODFDGHFRFFLµQ\ODFDPSDQDWLHQHQ

XQFRPXQLFDGRUGHVH³DOHVLQIUDUURMDV

/DYHORFLGDGGHOYHQWLODGRUVHGHILQH

DXWRP£WLFDPHQWHVHJ¼QHODMXVWHGH

PRGR\WHPSHUDWXUDGHOXWHQVLOLRGH

FRFLQDP£VFDOLHQWHHQODSODFDGH

FRFFLµQ7DPEL«QSXHGHRSHUDU

PDQXDOPHQWHHOYHQWLODGRUGHVGHOD

SODFDGHFRFFLµQ/DIXQFLµQVHSXHGH

DFWLYDUGHVGHHOSDQHOGHODSODFDGH

FRFFLµQ

3DUDP£VLQIRUPDFLµQVREUH

FµPRXWLOL]DUHVWDIXQFLµQ

FRQVXOWHHOPDQXDOGHO

XVXDULRGHODSODFDGH

FRFFLµQ

$FWLYDFLµQGHODYHORFLGDG

P£[LPDGHOPRWRU

&XDQGRVHWRFD ODYHORFLGDGP£[LPD

GHOPRWRUFRPLHQ]DDIXQFLRQDUGXUDQWH

PLQXWRV'HVSX«VGHHVHWLHPSRHO

DSDUDWRYXHOYHDVXVDMXVWHVGH

YHORFLGDGDQWHULRUHV

&XDQGRODIXQFLµQHVW£

DFWLYDGDHOWRTXHDGLFLRQDO

HQ QRWLHQHQLQJ¼Q

HIHFWR

1RWLILFDFLµQGHOILOWUR

/DDODUPDGHOILOWURUHFXHUGDFDPELDUR

OLPSLDUHOILOWURGHFDUEµQ\OLPSLDUHOILOWUR

GHJUDVD(OLQGLFDGRUGHOILOWUR VH

HQFLHQGHGXUDQWHVHJXQGRVVLVH

GHEHOLPSLDUHOILOWURGHJUDVD(O

LQGLFDGRUGHILOWUR SDUSDGHDGXUDQWH

VHJXQGRVVLHVQHFHVDULRUHHPSOD]DU

ROLPSLDUHOILOWURGHFDUEµQ

&RQVXOWHODOLPSLH]DGHOILOWUR

GHJUDVDHQHOFDS¯WXORGH

PDQWHQLPLHQWR\OLPSLH]D

&RQVXOWHODOLPSLH]DGHOILOWUR

GHFDUEµQRDODVXVWLWXFLµQ

GHOILOWURGHFDUEµQHQHO

FDS¯WXOR0DQWHQLPLHQWR\

OLPSLH]D

3DUDUHVHWHDUODIXQFLµQWRTXH

GXUDQWHVHJXQGRV

ZZZDHJFRP

3DUDDFWLYDURGHVDFWLYDUODIXQFLµQ

 (QFLHQGDHOSDQHOGHFRQWURO

 $VHJ¼UHVHGHTXHORVLFRQRVVH

YXHOYHQEODQFRV

 3DUDDFWLYDUODIXQFLµQWRTXH

GXUDQWHVHJXQGRV

6LODIXQFLµQHVW£DFWLYDGDHOLFRQRGHO

ILOWUR SDUSDGHDFLQFRYHFHV

 3DUDGHVDFWLYDUODIXQFLµQWRTXH

GXUDQWHVHJXQGRV

6LODIXQFLµQHVW£GHVDFWLYDGDHOLFRQR

GHOILOWUR SDUSDGHDWUHVYHFHV

0$17(1,0,(172</,03,(=$

1RWDVVREUHODOLPSLH]D

$JHQWHVOLPSLD഻

GRUHV

1RXVHGHWHUJHQWHV\FHSLOORVDEUDVLYRV

/LPSLHODVXSHUILFLHGHODSDUDWRFRQXQSD³RVXDYHKXPHGHFLGRHQ

DJXDWHPSODGD\GHWHUJHQWHVXDYH

'HVSX«VGHFRFLQDUDOJXQDVSLH]DVGHODSDUDWRSXHGHQFDOHQWDUVH

3DUDHYLWDUPDQFKDVORVDSDUDWRVGHEHQHQIULDUVH\VHFDUVHFRQXQ

SD³ROLPSLRRWRDOODVGHSDSHO

/LPSLHODVPDQFKDVFRQXQGHWHUJHQWHVXDYH

0DQWHQJDOD

FDPSDQDOLPSLD

/LPSLHHODSDUDWR\ORVILOWURVGHJUDVDFDGDPHV/LPSLHFXLGDGRVDಣ

PHQWHODJUDVDGHOLQWHULRU\ORVILOWURVGHJUDVD/DDFXPXODFLµQGHJUDಣ

VDXRWURVUHVLGXRVSXHGHSURYRFDUXQLQFHQGLR

6LJDODVLQVWUXFFLRQHVGHOLPSLH]DGHORVDFFHVRULRVFXDQGRODQRWLILFDಣ

FLµQGHOILOWURHVW«DFWLYDGD&RQVXOWHHOFDS¯WXOR1RWLILFDFLµQGHILOWURV

HQHOXVRGLDULR

/RVILOWURVGHJUDVDVHSXHGHQODYDUHQHOODYDYDMLOODV

(OODYDYDMLOODVGHEHDMXVWDUVHDXQDWHPSHUDWXUDEDMD\DXQFLFORFRUWR

(OILOWURGHJUDVDSXHGHGHFRORUDUVHQRLQIOX\HHQHOUHQGLPLHQWRGHO

DSDUDWR

)LOWURGHFDU഻

EµQ

(OWLHPSRGHVDWXUDFLµQGHOILOWURGHFDUEµQYDU¯DHQIXQFLµQGHOWLSRGH

FRFFLµQ\GHODUHJXODULGDGGHODOLPSLH]DGHOILOWURGHJUDVD(OILOWURGH

FDUEµQDFWLYDGRQRHVODYDEOHQRVHSXHGHUHJHQHUDU\GHEHVXVWLWXLUಣ

VHDSUR[LPDGDPHQWHFDGDPHVHVGHIXQFLRQDPLHQWRRFRQPD\RU

IUHFXHQFLDHQFDVRGHXVRSDUWLFXODUPHQWHLQWHQVR

/LPSLH]DGHOILOWURGH

JUDVD

/RVILOWURVVHPRQWDQFRQHOXVRGHFOLSV

\SDVDGRUHVHQHOODGRRSXHVWR

3DUDOLPSLDUHOILOWUR

 6XMHWHHOSDQHOSRUORVODGRV\

HPS¼MHORKDFLDDWU£V

 ,QFOLQHOLJHUDPHQWHODSDUWHGHODQWHUD

GHOILOWURKDFLDDEDMR\WLUHGH«O

(63$2/ 

Especificaciones del producto

Marca:	AEG
Categoría:	campana extractora
Modelo:	DBK6680HG

¿Necesitas ayuda?

Si necesitas ayuda con AEG DBK6680HG haz una pregunta a continuación y otros usuarios te responderán

Tu nombre*

Tu correo electrónico*

Escribe tu pregunta aquí

campana extractora AEG Manuales

AEG DPE5960M Manual de Usario

23 Octubre 2024

AEG DVK6981HR Manual de Usario

22 Octubre 2024

AEG GD4950B Manual de Usario

22 Octubre 2024

AEG DBS5971MM Manual de Usario

20 Octubre 2024

AEG DPS3640AM Manual de Usario

30 Septiembre 2024

AEG CCE84543CB Manual de Usario

23 Septiembre 2024

AEG DIX3950S Manual de Usario

16 Septiembre 2024

AEG DVX5961HB Manual de Usario

16 Septiembre 2024

AEG DVX5661HB Manual de Usario

16 Septiembre 2024

AEG GDG969AB Manual de Usario

15 Septiembre 2024

campana extractora Manuales

Últimos campana extractora Manuales

Neff D61MAC1X0B Manual de Usario

27 Octubre 2024

Klarstein 10033709 Manual de Usario

27 Octubre 2024

Halifax FTHI740K Manual de Usario

27 Octubre 2024

Hoover HDTI6500/1X Manual de Usario

27 Octubre 2024

Heinner HTCH-440FS Manual de Usario

27 Octubre 2024

ATAG WG411V Manual de Usario

27 Octubre 2024

Broan BKDB136WW Manual de Usario

27 Octubre 2024

XO R30SC Manual de Usario

25 Octubre 2024

IKEA DATID HW570 Manual de Usario

24 Octubre 2024

Candy CDG6MB Manual de Usario

24 Octubre 2024