ċ£'4ċ--QODKPG2GPUGNGT£QM(QPMUK[QPNW -CDNQXG£GNKM6GN -GUOG/CMCUNCTČ2GPUGNGTXG-CTICDWTWPNCT -QODKPG2GPUGNGT^'NGMVTKMÃK2GPUGNGTK^-CTICDWTWPNCT -CDNQ/CMCUNCTČ^%ČTEČTNČ-CDNQ/CMCUNCTČ%ČTEČTRTGPUKDK^ £GNKM6GN/CMCUNCTČ 5ČMOC2GPUGNGTK -CDNQ5Č[ČTOC2GPUGNGTKXG-CDNQ XG5GVNGTK&Čĵ-ČNČHČ5Q[OC#NGVNGTK 5ČMOC2GPUGUK5KUVGONGTK^2TGEK(QTEG^-CDNQ-QPGMVÒTØ-CDNQ5Č[ČTOC2GPUGNGTK^/WNVK5VTKR^-CDNQ&Čĵ-ČNČHČ5Q[OC#NGVNGTK;CUUČ-CTICDWTWPNCT ċ\QNGNGNK'N#NGVNGTK XG#[CTNČ2GPUGNGT 2GPUGUK^#PCJVCT^6QTPCXKFC^5GVNGTK;CUUČ-CTICDWTWPNCT^;WXCTNCMWÃNW-CTICDWTWPNCT^#[CTNČ2GPUGNGT5GIOCP2GPUGNGTK 'NGMVTQPKMÃK2GPUGNGTK XG%ČODČ\NCT5GIOCP2GPUGUK^#üČT*K\OGV5GIOCP2GPUGNGTK^5GIOCP2GPUG5GVNGTK -GUKEKRGPUGNGT^-CTICDWTWPNCT^%ČODČ\NCT-GTRGVGPNGT 6CMČOXG#NGV£CPVCNCTČ XG$GVQPEW-GTRGVGPK 2GPUG5GVNGTK^#NGV£CPVCUČ^6CMČO£CPVCUČ-GTRGVGPNGT^$GVQPEW-GTRGVGPK^#üČT*K\OGV$GVQPEW-GTRGVGPK-GUKEK2GPUGNGT ¸TØP-QFWċPFGMUK ;CP-GUMK^&GOKT/CMCUČ^6GRG-GUMK(QTV2GPUGNGTXG/CĵCNČ ċPFGMU $QTW#PCJVCTNCTČ&Ø\£GPG#[CTNČ2GPUG^%QDTC^#NNKICVQT^/CĵCNČ$QTW#PCJVCTȲ\GN2GPUGNGTXG 2GPUGNGTKP6GMPKM&GVC[NCTČ -WOCPFC&QNCDČ#PCJVCTČ*QTVWO-GNGRÃG2GPUGUK^$QTW/CMCUČ^/ČMPCVČUNČ.'&.CODC^-WOCPFC&QNCDČ#PCJVCTČ
-0+2': HKTOCUČ [ČNFČT RGPUG ØTGVK[QT ĴKTMGV [ČNČPFC 5C[ČP %CTN )WUVCX 2WVUEJnWP %TQPGPDGTI ĵGJTKPFGMK MØÃØM FGOKTEK FØMMCPČPFC KOCNCVCDCĵNCFČüČVCTKJVGPDGTKCKNGVCTCHČPFCP[ÒPGVKNOGMVGFKT)ØPØOØ\FG -0+2':ĵKTMGVKPKFÒTFØPEØMWĵCMVCPVQTWPW5C[ČP4CNH2WVUEJ[ÒPGVOGMVG FKT-GPFKUKKNG[CRVČüČOČ\TÒRQTVCLFCTCMCONCTXGKUVCVKUVKMNGTKPFČĵČPFCĵKT MGVKPIGNKĵKOKJCMČPFCMKFØĵØPEGNGTKPKÒüTGPFKM 4CNH2WVUEJ)GPGN/ØFØTĴKTMGV*KUUGFCTČ &²46-7Ĵ#-$ċ4 $#Ĵ#4+*ċ-#;'5ċÅ$CDCUČPČPFGFGUK%CTN)WUVCX2WVUEJRGP OCPFCDWRGPUGNGTKPK[KDKTHK[CVMCNKVGQTC $CDCPČ\ČP FGFGUK %CTN 2WVUEJ CVÒN[GUKPK UG KOCNCV CVÒN[GUKPK CÃVČüČPFC#NOCP ċO PČPC UCJKR QNOCUČ IGTGMKTFK CMUK VCMVKTFG [ČNČPFCMKFØP[CGMQPQOKMMTK\KPFG RCTCVQTNWüW JGPØ\ [CĵČPFC[FČ $WIØP RK[CUCFCVWVWPCDKNOGUKÃQMMQNC[QNOC\FČ FKMVCVÒTNØM XG KMKPEK FØP[C UCXCĵČ IKDK DCMVČüČOČ\FC DWPWP ÃQM W\WP IGÃOKĵVG \QTNW[ČNNCTFCC[CMVCVWVOC[ČDCĵCTFČ$W MCNCPDKTFØP[CQNFWüWPWIÒTØ[QTW\&G $ØVØP DW [ČNNCT DQ[WPEC CKNGPK\FG XG[C QMCFCTMQNC[QNOCOČĵQNUCIGTGM$WPC FGPK\QVCTKJNGTFGPGIKDKVCNGRNGTK[GTKPG -0+2': ĵKTMGVKPFG UØTGMNKNKüK QNCP DKT TCüOGP HKTOC DØ[Ø[GTGM DKT UCPC[K ĵKT IGVKTOGM\QTWPFC[FČXGCVÒN[GPKPMWTWNWĵ Ò\GNNKMXCTOČ! MGVKPGFÒPØĵOØĵ$WPWPCUČNDCĵCTFČ! [ČNNCTČPČDGNKTNG[GPĵCTVNCTPGNGTFK! 'XGV VCDKK MK XCT ²PEGNKMNG UCFGEG RGPUG 6CDKKMKDCJUGVVKüKPK\Q[ČNNCT\QT[ČNNCTFČXGJGT ĴKTMGVKOK\KP MWTWNWĵ [ČNNCTČ JCMMČPFC ÃQM Ø\GTKPG [QüWPNCĵOCOČ\ XG [ØMUGM MCNKVG ĵG[ VQ\ RGODG IÒTØPOØ[QTFW ċ[K DKT RGPUG HC\NCDKNIKUCJKDKFGüKNK\6CMFKTGFGTUKPK\MK FGPJKÃDKTĵGMKNFGÒFØPXGTOGOGOK\KUÒ[ ØTGVOGVWVMWUWPWPFČĵČPFCCNČPVGTKEGUCTGVXG MGPFKFGOKTEKCVÒN[GUKPKCÃCDKNOGMKÃKPFG NG[GDKNKTKO$WPWPFČĵČPFCCKNGOKPDGPFGP FC[CPČMNČNČMÃQMÒPGONKTQNQ[PCOČĵVČT$KTC\FC FGOK\[ØMUGMDKT[CVČTČO[CROCM\QTWPFC ÒPEGMK MWĵCMNCTČ FCJK ØTGVVKüKOK\ ØTØPNGTK ĵCPUČPČ\ QNOCUČ IGTGMKT ÃØPMØ UCXCĵ [ČNNCTČPFC MCNOČĵ XG DW UGTOC[G[K DWNCDKNOGM KÃKP XG ØTGVKO OGVQFNCTČPČ UØTGMNK K[KNGĵVKTOG ĵKTMGVMQORNGVCJTKRFGQNCDKNKTFK$WFWTWOFC MGPFKPG XG DGEGTKNGTKPG IØXGPGP KPUCPNCT MQPWUWPFC [QüWP ÃCNČĵOCNCT [CRVČüČPČ ĵKTMGVKP PCUČN FGXCO GFGEGüKPK JKà MKOUG DKNG FCPDQTÃCNOCUČIGTGMOKĵVK$WPWPFČĵČPFC UÒ[NG[GDKNKTKO 5QP QNCTCM DØVØP DW [ČNNCT OG\FK $K\K MQTW[CP IØÃNGTG XG C[CMVC MCNOC CVÒN[G[KMWTFWüWDÒNIGFGÃQMUC[ČFCTCMKDK DQ[WPEC UCüNCO [CRČNČ XG CTVČ FGüGT QNWĵ OČ\Č UCüNC[CP WPUWTNCTC OØVGĵGMMKT QNOCOČ\ XCTFČXGDWPNCTCMCTĵČFCOØECFGNGXGTOG VWTCP DKT ĵKTMGV QNCDKNOGM FCKOC MČTOČ\Č IGTGMKT UK IGTGMK[QTFW $CĵNCPIČÃVCP KVKDCTGP MGT ÃK\IKNGTKOK\QNOWĵVWT RGVGP XG PCNDCPVÃČ MGTRGVKPK Ø\GTKPG [Q üWPNCĵOC UVTCVGLKUK CVÒN[GPKP IGNGEGüK CÃČUČPFCP ÃQM HC[FCNČ QNOWĵVW #[PČ \C %CTN)WUVCX2WVUEJ
d#NNKICVQTpHQTVRGPUGUKsnNK[ČNNCTFC ÃČüČTCÃCPDKT-0+2':KPQXCU[QPW#NOCP[CnPČPGMQPQOKCNCPČPFCCNVČP[ČN -ČTM[ČNFCPW\WPDKTUØTGĵKTMGVKPDCĵČPFC $WIØPGMCFCT-0+2':ĵKTMGVKPKPVCTKJKPNCTČPČ[CĵCFČüČ[ČNČPFCDCDCPČ\-CTN MCNCP -CTN 2WVUEJ KPUCP XG OØVGĵGDDKU FGJGTMWĵCüČPIGVKTFKüKHCTMNČNČMNCTQNFW2WVUEJ ĵKTMGV [ÒPGVKOKPKP DCĵČPC IGÃVK QNCTCM-0+2':ĵKTMGVKPKPCUČNFGüKĵVKTFK! 5K\KPHCTMČPČ\PGFKT!$WDØ[ØOGPKPĵKTMGVXGIGNKĵKOKØ\GTKPGDKTGVMKUKQNFWOW! $CDCOOCMKPGOØJGPFKUKFKT-GPFKUKĵKTMG $WIØPG MCFCT DGPKO KÃKP -PKRGZ ĴKTMGVNGT VKØTØPNGTKXGØTGVKOKDCĵVCPDCĵCOQFGT )TWDWPWP 4'0056'+) 14$+5 XG 9+.. KNG 'NNKNK [ČNNCTČP KNM [CTČUČ ÃQM \QT [ČNNCTFČ \KTC PK\G GVVK $W OQFGTPK\CU[QP UØTGEKPFG ÒT VCOCONC[ČEČDKTØTGVKOĵKTMGVKDKTNGĵKOKKÃKP UCXCĵVCPUQPTCJGTCNCPFCGMUKMNKMNGTXCTFČ PGüKP OQFGTP VCNCĵ MCNFČTOCNČ OCN\GOG FGDØ[ØOGUKÒPGONKMQPWNCTFČ$WPWPFČĵČP $Ø[ØM DCDCOČP CPK XG GTMGP ÒNØOØPFGP OCMKPG XG[C QTICPK\CU[QP UKUVGONGTK IKDK FC FØP[CPČP DKTÃQM ØNMGUKPFG MWTFWüWOW\ UQPTC CPPG XG DCDCO ÃQM C\ VGETØDG[G [GPKVGMPQNQLKNGTKVCXK\XGTOGFGPMWTFWXG UCVČĵVGOUKNEKNKMNGTKKNGIØÃNØDKTINQDCNNGĵOG UCJKR QNFWMNCTČPFCP \QT DKT KĵKP CNVČPC IKT W[IWNCFČDÒ[NGEGMCNKVGXGXGTKONKNKüKPUØ [K UCüNCOCM FKüGT JGFGƃGTKOK\ QNFW #[PČ FKNGT(CMCVDW\QTIÒTGXKÃQMÃCNČĵCTCMXG TGMNK [ØMUGNVKNOGUKPK UCüNCFČ ĴKTMGV QNCTCM \COCPFCIGÃVKüKOK\[ČNNCTFCRGTUQPGN[ÒPG ÃCNČĵMCPDKTGMKRNGK[KĵGMKNFGDCĵCTFČNCT DK\UGMVÒTØOØ\FGÃQMGTMGP%0%VG\ICJ VKO XG ĵKTMGV MØNVØTØ MQPWNCTČPC CüČTNČM XGT NCTČPČ MWNNCPOC[C DCĵNCFČM XG FÒXOG UKU FKM $W UØTGÃVG QFCMNCPOCOČ\ IGTGMGP FG nNK;ČNNCTFC-0+2':s¸TØPICOČQ[ČNNCTFC VGONGTKPKP QVQOCU[QPWPW IGTÃGMNGĵVKTFKM üGTNGTKFCJCPGVQNCTCMIÒTGDKNFKM DGNKTIKPĵGMKNFGIGPKĵNGOKĵVK nNK [ČNNCTČP DCĵČPFCP KVKDCTGP FCKOC Q ¸TØPNGTKOK\GQNCPVCNGDKPQNWONWIGNKĵOGUK IØPGMCFCTÒTPGüKQNOC[CPØTØP[GPKNKMNG ĴKTMGVKPIGÃOKĵKPGDCMVČüČPČ\FCÒ\GNNKMNG ĵKTMGVKP IGNKĵOGUKPG DØ[ØM HC[FC UCüNCFČ TK IGNKĵVKTFKM XG DW ØTØPNGT JCNGP DØVØP JCPIKMQPWFCIWTWTFW[W[QTUWPW\! JCVVC DW [ØMUGM VCNGDK MCTĵČNCOCFC ĵKTMG FØP[CFC IÒTØPØO XG HQPMUK[QP DCMČOČP VKOK\W\WPUØTG\QTNCPFČ FCP MWNNCPČNOC[C FGXCO GVOGMVGFKT $C ĴKTMGVKOK\KP MWTWNFWüW VCTKJVGP KVKDCTGP W\WP DCO DGPK KPUCPK QNCTCM UCJKR QNFWüW FQ [ČNNCTDQ[WPECDKTÃQMMQPWFCW\OCPNCĵCTCMXG%CTNXG6QPK2WVUEJ üCNXGOØVGXC\KÒ\GNNKMNGTKKNGÃQMGVMKNGFK RC\CTFCK[KDKTMQPWOCUCJKRQNCTCMIØPØOØ\ 5QTWPNCTČPÃÒ\ØOØPFGDGNKTNG[KEKQNOCMVCP FGOØĵVGTKNGTKOK\GIØÃNØDKTJK\OGVUWPW[QTW\ ÃQMUQTWUQTCTCMÃÒ\ØOIGVKTKTFKXGFCKOC $GEGTKNGTK XG ÃCNČĵOCNCTČ KNG DW DCĵCTČ[Č GNFG IÒTØPFØüØPFGP HC\NCUČPČ QNOCM KUVGTFK GVOGOK\K UCüNCOČĵ XG DWIØP FG JGT PQMVCFC $CDCOFCJCÃQMVGMPQNQLKMQPWNCTČKNGKNIK UCüNCOC[CFGXCOGFGPÃCNČĵCPNCTČOČ\KNGIWTWT NGPKTMGPCPPGOOWJCUGDGXGUCVČĵMQPW FW[W[QTWO NCTČPFCDCĵCTČNČ[FČ/ØĵVGTKNGTKOK\CPPGOG DØ[ØM UC[IČ FW[CTFČ#PPGO DWIØP FCJK 5QPQNCTCMIGNGEGMKNGKNIKNKIÒTØĵNGTKPK\K ĵKTMGVKOK\GCMVKHDKTĵGMKNFGFGUVGMXGTK[QT CNOCMKUVK[QTW\)GNGEGMMWĵCMNCTKÃKPPG NGTFGüKĵGEGMXG[CPGNGTFGüKĵOG[GEGM! [ČNČPFCCKNGĵKTMGVKPGFCJKNQNFWPW\ /GUNGMK MCTK[GTKPK\FG DKT IØP ĵKTMGV [Ò )ØÃNØQNFWüWOW\CNCPNCTČVCDKKMKOWJCHC PGVKOKPFG [GT CNCECüČPČ\ ÒPEGFGP RNCP \CGVOG[GFGXCOGFGEGüK\$CĵCTČOČ\ČCP NCPOČĵOČ[FČDÒ[NGDKTĵG[UK\FGPDGMNG ECMOØĵVGTKNGTKOK\KÃKPÒPGONKQNCPWPUWT PK[QTOW[FW! NCTČUØTGMNKQNCTCMK[KNGĵVKTKTUGMUØTFØTGDKNKTK\ $WPCGMQNCTCM[GPKUCVČĵDÒNIGNGTKQNWĵVWT #KNGOK\FG ĵKTMGV [ÒPGVKOKPG KMK MG\ JCNGH OCMKPVGTPGVXGIKVVKMÃGCTVCPFKLKVCNNGĵOG IGNFK XG DWPWP IGNGEGMVG FG DW ĵGMKNFG XG[GPKKNGVKĵKOQNCPCMNCTČPČPIGVKTFKüK[GPK FGXCO GFGEGüK QNCüCPFČ )GPà [GVKĵMKP IÒTGXXGHČTUCVNCTFCPHC[FCNCPOC[CFGXCO QNCTCMJCNGƃKMMQPWUWPWÒPEGDKTC\ÒVGNG FKO (CMCV ĵKTMGVVG [CRVČüČO W\WP DKT UVCL ÅGFGEGüK\ (CMCV DKNKPFKüK Ø\GTG IGNGEGüKP FÒPGOKPFGP UQPTC ĵKTMGVVGMK IÒTGXNGTKP PG MCFCT ÃQM [ÒPNØ XG KNIKPà QNFWüWPWP PG IGVKTGEGüK OGÃJWNFWT XG DWPW DWIØP HCTMČPC XCTFČO #[TČEC DKT GMKR KNG ĵKTMGVK FGPIÒTOGMOØOMØPFGüKNFKT$GPEGQNC[Č FØ\GPNGOGMXGKNGTK[GIÒVØTOGPKPXGTGEGüK JG[GECPNČMČNCPFCDWFWT OGOPWPK[GVKFGIÒ\CTFČGVOGFKO -CTNXG+NUG2WVUEJ
-0+2':&#ċ/#ċ018#5;10 ;ČNNCTKÃKPFGMK-0+2':KPQXCU[QPNCTČe #NNKICVQT %QDTC %Q$QNV
*GFGHsRTQHGU[QPGNNGTKÃKPRGPUGNGT QNOCUČDGMNGPVKUKKÃKPFGQNWTUWPW\ċJVK[CÃNCTČPČ\KÃKPGPK[K ÃÒ\ØONGTKUWPCTČ\s#\COKRGTHQTOCPUGTIQPQOKXGMWNNC(KTOCOČ\ ÃQM ÃGĵKVNK CNCPNCTFC HCCNK[GV IÒUVGTGP RTQHGU PČOÒOTØPGUCJKRRGPUGNGT8GDWRGPUGNGTKUØTGMNKQNCTCM[QPGN MWNNCPČEČNCT KÃKP RGPUG IGNKĵVKTKT XG ØTGVKT )ØPNØM IGNKĵVKTOG[GFGXCOGFGTK\ÃCNČĵOCNCTČPČ\FC VCMČONCTČPČ\C IØXGPGDKNOGPK\ XG RGPUGPKP [QüWP MWNNCPČO UQPTCUČPFC FC JCUUCU XG IØXGPKNKT;GPK(KMKTNGTs8GTKONKNKMCTVČĵČ1P[ČNNCTFCPDGTKRGPUGMQPWUWPFCHKMKTØTGVOGFGÒPEØ[Ø\;GPK KPQXCVKH VCUCTČONCTČOČ\NC JGT \COCP ÃČüČT CÃCP ÃÒ\ØONGT IGNKĵVKTFKM XG DW ÃÒ\ØONGTKOK\ UC[GUKPFG FØP[CPČP [GT[GTKPFGMKMWNNCPČEČNCTFCJCMQNC[JČ\NČXGÃQM[ÒPNØÃCNČĵOCHČTUCVČPČ[CMCNCFČ:%WV[CPMGUMKPKPVGNMGUOGGUPCUČPFCØ\GTKPGDKPGP[ØMØPIÒTUGNK ;GPKOQFGNs K[KVCUCTNCPOČĵUKOØNGXGVGUVGFKNOKĵ -0+2':OCTMCUČC\COKVCNGRNGTK[GTKPGIGVKTGPDKTOCTMCFČT *GT[GPKØTØPXG[CRČNCPDKTÃQMK[KNGĵVKTOGPKPJGTDKTKGPKPEG FGVC[ČPCMCFCTIGNKĵVKTKNKTXGÒPGONKÒ\GNNKMNGTKPKP%#&RTQI TCONCTČPFC UKOØNCU[QPW [CRČNČT #TMCUČPFCP NCDCTCVWXCTFC UØTGMNKNKM XG [ØMNGPOG VGUVK [CRČNČT XG UQP QNCTCM IØPNØM MWNNCPČONCTFCFGPGPKT'NFGGFKNGPDKNIKNGTČĵČüČPFCRGPUGPKP VCUCTČOČVGMTCTK[KNGĵVKTKNKTXG[KPGC[PČVGUVNGTFGPIGÃKTKNKT5GTK ØTGVKOKPGDCĵNCPČPEC[CMCFCTDKTRGPUGMCÃČPČNOC\QNCPÃQM \QTNW[QNNCTFCPIGÃGT &Ø\£GPG#[CTNČ2GPUG 6YKP(QTEG :%WV £QM(QPMUK[QPNW'NGMVTKMÃK *QTVWO-GNGRÃG2GPUGUK 2GPUGUK
6¸/ &'6#;.#4+0&# -#.ċ6' *GTDKT-0+2':RGPUGUKPFG[ČNNČMDKTVGETØDG XG DKTÃQM W\OCPČP MPQYJQY DKNIKUK DWNWPWT 2GPUGNGTKOK\KPMCNKVGUKDKTDKTKPGOØMGOOGNĵGMKN FGCFCRVGGFKNOKĵQNCPDKTÃQMHQPMUK[QPXGÒ\GNK üKPKP VQRNCOČPFCP QNWĵWT 2GPUGNGTKP VCUCTČOČ [ØMUGMKVKPCKNG[CRČNČTC\COKIØXGPKNKTNKMNGØTGVKNKT XGMCVČMQPVTQNNGTFGPIGÃKTKNKT
(10-5ċ;102'05'0+0 Ĵ'-.ċ0ċ$'.ċ4.'4 $CĵNCPIČÃFÒXOGRGPUGMQNNCTČKNGDCĵNCT2GPUGPKP VCUCTČOČPCIÒTGĵGMKNXGDQ[WVNCTČJGUCRNCPČT XGDWTCFCPGNFGGFKNGPUQPWÃNCTKNGFÒXOGMCNČDČPČP GPW[IWPÒNÃØNGPFKTKNOGUK[CRČNČT ²\GNDKT[C\ČNČOKNGFGTGEGUČECMNČMVCMKÃGNKüKP MCNČRKÃKPFGMKQRVKOCNFCüČNČOČXG[QüWPNWüWPWP UKOØNCU[QPW[CRČNCDKNKT/¸-'//'.£'.ċ- 2GPUGNGTKOK\K[ØMUGMMCNKVGNKHKTOCOČ\ČPÒ\GNURGUKHK MCU[QPNCTČPCW[IWPQNCTCMJCFFGNGPOKĵUGÃMKPÃGNKM MWNNCPCTCMKOCNGFK[QTW\ -CNČRNCTČOČ\Č[ØMUGMJCUUCUNČMVC[ØMNGPOG[GMCTĵČÃQM Ò\GNFC[CPČMNČNČMIÒUVGTGPOCN\GOGFGPØTGVK[QTW\ -CNČRNCTČPVCUCTČOČÒNÃØNGPFKTKNOGUKXGJCUUCUNČüČMCNKVG XGGMQPQOKMNKMCÃČUČPFCPÃQMÒPGONKMTKVGTNGTFKT
/#-ċ0')'.ċĴ6ċ4ċ;14 8'¸4'6ċ;147< 2GPUGÃQMUC[ČFCMKOGMCPKMKĵNGOGDCUCOCüČPFCPIGÃGTGM HQPMUK[QPÒ\GNNKMNGTKPGMCXWĵWT$WKĵNGOGDCUCOCMNCTČKÃKPIGTGM FW[WNCPOCMKPGNGTKMGPFKKJVK[CÃNCTČOČ\FQüTWNVWUWPFCMGPFKOK\ IGNKĵVKTKTXGKOCNGFGTK\ $WOCMKPGNGTKÃKPFGIGPKĵVGETØDGXGÒ\GNDKNIKNGTUCMNČFČT;ØMUGM ØTGVKOCFGVNGTKXGOQFGTPQVQOCU[QPVGMPQNQLKNGTKUC[GUKPFG ØTGVKOFG[ØMUGMDKTXGTKONKNKMGNFGGFGTK\ *#55#5.+û+0¸4'6ċ/ċ 8'-10641.¸ -CNKVGXGJCUUCUNČMMTKVGTNGTKOK\KIØXGPNKĵGMKNFGW[IWNC[CDKNOGM XG[GTKPGIGVKTGDKNOGMKÃKPOQFGTPMQPVTQNVGMPQNQLKNGTKPFGPHC[ FCNCPČTČ\2GPUGNGTKOK\KPÒ\GNRGTHQTOCPUCUCJKRQNOCUČÃQMMØÃØM VQNGTCPUNCTČMCTĵČNCOCMVCPIGÃGT$WTCFCIGPGNNKMNGOKNKOGVTGPKP [Ø\FGDKTKDKTVQNGTCPUFCPDCJUGFKNOGMVGFKT 5QNFC6CJTKRUK\JCORCTÃCÒNÃØOØ#NVVCOCHUCN OW[NWUWPWPÒNÃØOØ
&1û47+5+ċ[KDKTOCN\GOGFCJKCPECMDKTDKTKPGW[WONWCFČONCTKNGW[IWPNCPOČĵKVKPCNČDKTČUČNKĵNGOFGPIGÃKTKNFKMVGPUQPTCCĵČPOC[CMCTĵČFC[CPČMNČXG[ØMNGPKNGDKNKTQNWT$Ò[NGEGQRVKOCNDKTUGTVNKMXGGUPGMNKüGUCJKRDKTÃGNKMGNFGGFGTK\ 5GTVNKMVGUVK01-6#5+0#-#.#8ċ<8'4ċ./'<2GPUGNGTKOK\KPÒ\GNNKMNGMGUKEKXGVWVWEWFKĵNGTKIKDKGVMKGVVKMNGTKPQMVCNCTCÒ\GNNKMNGÒPGOXGTKTK\$WPQMVCNCTČPIØXGPKTNKNKüKXGMWNNCPČOÒOTØPØJCUUCUIGQOGVTKXG[ØMUGMHTGMCPUCMČOČKNG[CRČNCPUGTVNGĵVKTOGKĵNGOKDGNKTNGT
5104²67Ĵ.'48'&#*#(#<.#5+¸TGVKOKPUQPWPCFQüTWdUQPKĵNGOp[CRČNČTXGGNKÃKPW[IWPUCRXG[CRNCUVKMMCRNCOCNCTW[IWNCPČT)ØXGPNKMFCKOCÒPEGNKMNKFKT*GTK\QNCU[QPNWRGPUG8QNVFGüGTKPFGMKDKTFC[CPČMNČNČMVGUVKPFGPIGÃKTKNKT 5WDCP[QUWKÃKPFGMK[ØMUGMXQNVCLVGUVK)#4#06ċ'&ċ.'0)¸8'0ċ.ċ4.ċ-/CTMCOČ\CĵCüČFCCÃČMNCPCPUÒ\NGTKÃKPIØXGPEGXGTKTIØXGPKNKTNKM*GTDKT[CPMGUMKHCDTKMCOČ\FCPÃČMOCFCPVGNMGUOGVGUVKPFGPIGÃKTKNKT$W\CJOGVNKDKTKĵVKTHCMCVRGPUGNGTKOK\KPFØP[CFCMKDØVØPMWNNCPČEČNCTČPVCNGRNGTKPK[GTKPGIGVKTOGUKPKICTCPVKGVOGMKÃKP[KPGFG[CRČNČT
/#&'+0%410'0$'4) )'4/#0;$KTOCTMCsDKTHCDTKMCd-0+2':p OCTMCUČPČP UKOIGNGFKüK DØVØP FGüGTNGTK MGPFKOK\ TGPIGNGPGMUGNØTGVKO[GTKDWTCUČFČT;CMNCĵČMÃCNČĵCPČOČ\GVMKNGOGMKUVK[QTW\$WPGFGPNGFÒXOGKĵNGOKPFGPCODCNCLNC KNGOCMKPGØ\GTKPFGJGTIØPRGPUG[KTCU[QPGNXGOC[C MCFCT DØVØP RGPUG ØTGVKOKPK MGPFK VGUKUNGTKOK\FG XG C[PČ\COCPFC[ØMUGMDKTKVKPCKNGØTGVKTK\MQPVTQNØOØ\FG [CRCTČ\ ¸TGVKO [GTKOK\ 9WRRGTVCN%TQPGPDGTIĵGJTKFKT;ØMUGMMCNKVGNKCNGVNGTKP[Ø\NGTEG[ČNFCPDGTKUØ
-ČUCUØTGFG JČ\NČØTØPIGNKĵVKTOGNGTK ¸TGVKOKP VGM DKT HCDTKMCFC [CRČNOCUČ 2C\CTČP VCNGRNGTK XG K[KNGĵVKTOG HKMKTNGTK DØVØPRTQUGUNGTKP[CMČPKNGVKĵKOXGDØVØP FKTGMV QNCTCM ØTGVKOG GPVGITG GFKNKT MCVČNČOEČNCTČPK[KDKTQTICPK\CU[QPKÃKPFG DWPCMCTĵČPØTGVKOFGGNFGGFKNGPVGETØ QNOCUČPC K\KP XGTKT #TCĵVČTOC XG IGNKĵ DGNGT FG RGPUG VCUCTČONCTČPFC FKMMCVG VKTOG DÒNØOØ KNG UCVČĵ DÒNØOØPG QNCP CNČPČT MČUCOGUCHGNGTFGGVMKNKCXCPVCLNCTIGVKTKT OMCRCNČCNCPCUCJKR HCDTKMCUCJCUČ
Å £Å#.+Ĵ#0.#4+/+<ċ£NÃMQHCCQGQNNNNDFCNMČČTNWĵĵKWGTOQNCOČĵOMTPĵVPCKNWWČCOCGPNNCTXNTNUWGCKČTGČ\ČTTTOHKFČ[OKM$DCUKGČÃ\QKWTCWPTKČCVPPPĵKV\CXDCČGMCETTCGČPČČUüO\NP[IČNMQCFČK\NPOPCKMČNNPGTWKCFüČTPNCKKKPČHVKXGGM[QGUOGWNICCNNKRGNGJPüCGNTKCKKPRGTPMCMKNK -0+2':s$WDK\K\ -0+2': OCTMCUČPČ OCTMC [CRCP ÃCNČ KPUCP UCüNČüČPČP MQTWPOCUČ HKTOCOČ\FC ĵCPNCTČOČ\FČT$W9WRRGTVCNĵGJTKPFGXG ÒP RNCPFC VWVWNWT (KTOCOČ\ČP MGPFK FØP[CPČP DØVØP ØNMGNGTKPFGMK VGOUKNEK DØP[GUKPFGKĵNGVVKüKÃQEWMMTGĵKOGUNGM NKMNGTFG FG DÒ[NGFKT £CNČĵCPNCTČOČ\ČP XGCKNGJC[CVČPČDKTNGĵVKTOG[KMQNC[NCĵVČ JGT DKTK OØĵVGTKNGTKOK\ XG MWNNCPČEČNCTČP TČT $KTDKTKOK\ KNG K[K XG CFKN IGÃKPOG DGMNGPVKNGTKPK MCTĵČNC[CP ÃQM Ò\GN ÃCNČĵ DK\KOKÃKPÃQMFGüGTNKFKTXGDKNK[QTW\MK OCNCT [CRČ[QT £CNČĵCPNCTČOČ\ C[PČ JGFGƃGTKOK\GCPECMDKTNKMVGQNWTUCMGTK \COCPFCKPUCPQNCTCMFCDK\KOKÃKPÃQM ĵGDKNKTK\ ÒPGONKFKT ċ[K DKT ÃCNČĵOC QTVCOČ XG
-0+25-+56'MTGĵKPFGÃCNČĵCPNCTČOČ\ČPÃQEWMNCTČGOKPGNNGTFG
/CZ*CORGN²üTGPOGXGIGNKĵKO£CNČĵCPNCTČOČ\ČPOGUNGMKÃKGüKVKONGTKPG OGUNGM GüKVKOK CNOC ĵCPUČPČ VCPČ[QTW\DØ[ØM[CVČTČO[CRČ[QTW\ĴWCPFCHKTOC $WPWPFČĵČPFCÒTPGüKPFGüKĵMGPMQPWOČ\FC ÃČTCM UGMK\ FGüKĵKM OGUNGM NCTČP GNG CNČPFČüČ %WOCTVGUK CMCFGOKUKVØTØPFGGüKVKOCNČ[QTXGDWGüKVKOUØTG IKDK OGUNGM KÃK GüKVKO UGOKPGTNGTK FGEKPFGUCFGEGKJVKUCUDKNIKNGTKFGüKNC[PČ UWPW[QTW\ $K\FG ÒüTGPOGPKP UQPW\COCPFC MKĵKUGN IGNKĵKO GüKVKOK FG CNČ [QMVWT \KTC DK\ MGPFKOK\K UØTGMNK IGNKĵ[QT#[PČ \COCPFC W\WP [ČNNCTFCP DGTK VKTOGMXGK[KNGĵVKTOGMKUVK[QTW\HKTOCOČ\FC ÃCNČĵCP RGTUQPGNG FG DKT [ČNČPFC-0+2':ƂTOCUČPC $GTIKUEJGP#WUDKNFWPIURTGKU'üKVKO²FØNØÒFØNØXGTKNFK
5¸4&¸4¸.'$ċ.ċ4.ċ- 8'5147/.7.7- ċ*DN[[MCOGCČGQX\GÃFĵVGPTČWČNOCPGFWGGJTÃHC\GTČFKCGOPKR[GCHOX'KCCNKKTFUO\M\JJGKØG\QCGCCFTKPFUÃGFWGČGQDGKVØP\POFPOKƃWTCNGKØKPQGPK[TMNQNMEQGGCNKVMTDWPPXKWUTKTCFQN\UDUKHFGTUCCQWG[[$MTQKCNQWÒC\KNDNNOCV[UCXPNGWDGNĵGWMPWCEFNQGTWGDGČKP[MMUVCüQVČQQNĵGCGONRCGTQOTNNČTKNLWGOMČFKKMTOGKČÅ #NFČüČOČ\ÒPGONKÒPNGONGTXGDCĵCTČNCTČOČ\ Å 5CFGEG[GPKNGPGDKNKTPÒVT%1GPGTLKMC[PCMNCTČPFCP GNFGGFKNGPGPGTLKMWNNCPČ[QTXGC[TČECMGPFKIØPGĵ GPGTLKUKUKUVGONGTKOK\FGPGNFGGFKNGPGNGMVTKM GPGTLKUKPFGPHC[FCNCPČ[QTW\ ¸TGVKNGPRGPUGDCĵČPCVØMGVKNGPGPGTLK[K [ČNČPFCPDGTKC\CNVVČMDWPWÒ\GNNKMNGČUČIGTK 'MQNQLK MC\CPČOUKUVGONGTKOQFGTPDTØNÒTVGMPQNQLKNGTKXG CMČNNČMQPVTQNUKUVGONGTKMWTCTCMUCüNCFČM &QüCNMC[PCMNCTČMQTWOCMXGÃGXTGOK\GOØOMØP -CüČVXGDCUMČOCN\GOGNGTKPKIGTKFÒPØĵØONØ QNCPGPC\TCJCVUČ\NČüČXGTOGMDK\KOKÃKPÃQMÒPGONK OCN\GOGFGPXG[CUØTFØTØNGDKNKTQTOCPKĵNGVOGNGTKP FKT$WPGFGPNGÃQMUC[ČFCMKGMQNQLKMMQPWNCTČVCXK\ FGP2'('UGTVKHKMCNČGNFGGFKNGPOCN\GOGFGP XGTOGFGPVCMKRGFK[QTW\ MWNNCPČ[QTW\ #VČMNCTČOČ\ČP nKIGTKFÒPØĵØOGVCDKVWVWNW[QT 2CMGVNGTKOK\KPDØ[ØMDÒNØOØPØPÒVT%1QTCPČKNG IÒPFGTK[QTW\ '/QDKNUKUVGOKOK\s'OKU[QPUW\WNCĵČO (CDTKMCÃCVČUČIØPGĵGPGTLKUKPFGPGNGMVTKMØTGVOGMKÃKPMWNNCPČNČT
5¸4&¸4¸.'$ċ.ċ4.ċ-5ØTFØTØNGDKNKTNKMNQIQOW\UØTFØTØNGDKNKTNKMDKTKOKPKPÃGĵKVNKNKüKPKIÒUVGTKT'MQNQLKXGVQRNWOCGMQNCTCMUØTFØTØNGDKNKTNKMCPNC[ČĵČOČ\GMQPQOK[KØTØPNGTKÃCNČĵCPNCTČOČ\ČXGRCTVPGTNGTKOK\KIÒ\ÒPØPFGDWNWPFWTWT6QRNWOUCNUQTWONWNWM #üČTNČMXGTFKüKOK\MQPWNCT$K\DÒNIGXGKPUCPNCTČKNGDKTDØVØPQNFWüWOW\W 9WRRGTVCNĵGJTKPFGMKIGPÃØPKXGTUKVGUKQMWNNCTXGJKUUGFK[QTXGDWPWPKÃKPĵKTMGVQNCTCMJGTMGUKPTGHCJČ $GTIKUEJGT7PKXGTUKVÀVØPKXGTUKVGIKDKDKTÃQMGüKVKOKÃKPGNKOK\KVCĵČPCNVČPCMQ[OCMKUVK[QTW\$WPGFGPNG MWTWOWKNGKĵDKTNKüK[CRČ[QTXGFGUVGMXGTK[QTW\GüKVKOUQU[CNXGMØNVØTGNCNCPFCDKTÃQMGVMKPNKMXGRTQLG[KFGUVGMNK[QTW\$WMQPWFCÃCNČĵCPNCTČOČ\FCDK\G ĴGJTKOK\FGMKVK[CVTQMQTQOØ\KMQMWNNCTČXGUGTDGUVFGUVGMQNW[QT MØNVØTFGTPGMNGTKPGFGUVGMXGTK[QTW\ (CDTKMCKÃGTKUKPFGÃGXTGUCMKPNGTKKÃKPMQPUGTVK[CVTQ IKDKGVMKPNKMNGT -CRUCONČDCüČĵXGURQPUQTCMVKXKVGNGTK-0+2':ÃGXTGXGVQRNWOKÃKPUQTWONWNWüWPWDØVØPHCCNK[GVNGTKPGGPVGITG ĴKTMGVKÃKCMVKXKVGNGTFGIGPÃFQUVNCTČOČ\NCDKTNKMVGVGMPQNQLKXGGüNGPEG[KGVOKĵVKTĵKTMGVKPVØODKTKONGTKPFGUØTFØTØNGDKNKTRTQUGUNGTW[IWNCOCUČ JCTOCPNČ[QTW\PGFGPK[NG*ČTFCXCVXG0CNDWTK[G(WCTČPFC'KUGPYCTGPOGUUG'+5'0%54ÒFØNØCNOČĵVČT%54%QTRQTCVG5QEKCN4GURQPUKDKNKV[
-0+2':s&¸0;#£#2+0&#;#-+0+0+<&# ØPØ\GTKPFGMKØNMGFGDWNWPCPMWNNC PČEČNCTCINQDCNVGOUKNEKNKMXGDC[KCüČOČ\ Ø\GTKPFGPWNCĵCDKNOGMVGXGUGTXKUJK\OGVK UWPCDKNOGMVG[K\-KĵKUGNKTVKDCVUØTGMNKNKM XGIØXGPKNKTNKMDK\KOKÃKPÃQMÒPGONKFKT 1P[ČNNCTFCPDGTKÃQMUC[ČFCRCTVPGTKOK \KPDK\KIØXGPNGCPOCUČPFCPDØ[ØMIWTWT FW[W[QTW\
$C[KNGTKÃKPUWPWNCPFØ\GPNKGüKVKOGVMKPNKMNGTKKNGOØĵVGTKNGTKOK\K /ØĵVGTK*K\OGVNGTKGMKDKOK\OØĵVGTKNGTKOK\KPJGTMCRUCONČQNCTCMDKNIKNGPFKTOG[KIØXGPEGCNVČPCCNČ[QTW\ \COCPFCPČĵCDKNGEGüKW\OCPDKTMCFTQFWT2CTVPGTKNKĵMKUK ċPVGTPGVXGRGTHQTOCPU UC[HCOČ\/ØĵVGTKNGTKOK\KÃKPUCFGEGØTØPNGTKOK\ ċPVGTPGVUC[HCOČ\FCFKNFGRCTVPGTKNGK[KDKTRCTVPGTQNOCMKUVGOK[QTW\ XGVØMGVKEKNGTGØTØPÃGĵKFKOK\$WPGFGPNGDC[KNGTKOK\KK[KXGJČ\NČDKT JCMMČPFCMCRUCONČDKNIKXGTKNOGMVGFKTUGTXKUJK\OGVKMCRUCONČGüKVKOXG $WDKNIKNGTGCTMCRNCPČDKNIKNGTKW[IWDKNIKNGPFKTOGKNGUCVČĵMQPWNCTČPFC NCOCVØ[QNCTČXGUCVČĵČVGĵXKMGFKEKFGUVGMNGOGMKUVK[QTW\ XKFGQNCTFCFCJKNFKT7NWUCNXGWNWUNCTCTCUČKJVKUCUHWCTNC 9GDUC[HCOČ\XGUQU[CNCüNCTØ\GTKPTČPFCIGTÃGMNGĵGPUWPWOXGVCMČO FGPÃQMUC[ČFCIGTKDKNFKTKOCNČ[QTVCPČVČONCTČKNGDC[KNGTKOK\VCTCHČPFCP OØĵVGTKNGTKOK\FGPCNFČüČOČ\FGüGTNKIGTÃGMNGĵVKTKNGPÃQMUC[ČFCMKVCPČVČO HKMKTNGTKØTØPNGTKOK\KPIGNKĵVKTKNOGUKPFGGVMKPNKMNGTKUQPWEWPFCVKECTKRCTVPGTNGTK MWNNCPČ[QTW\OK\XGUQPMWNNCPČEČNCTKNG[QüWPDKNIKCNČĵXGTKĵKPFGDWNWPOCQNCPCüČPCUCJKRQNW[QTW\
7YG5VTCVOCPP )GTÃGM MNCUKMNGT JGT \COCP IØPEGNFKT XG \COCPČ JKÃ IGÃOG\ 2TÒOK[GTKPKP Ø\GTKP $¸;¸- FGP[ČNIGÃOGUKPGTCüOGP5EJKNNGToKP &7;)7 WUVCNČMGUGTKQNCPp/CTKC5VWCTVdFTCOCUČ JCNGP FKPNG[KEKNGTK DØ[ØNGT ċMK MTCNKÃGPKP $¸;¸-5#*0' COCPUČ\VCJVMCXICUČPČMQPWCNCPDWVCTK JKFTCOCUG[KTEKPKPUGXIKXGJC[UK[GVMČTČEČ FW[IWNCTČDKTCTCFC[CĵC[CTCMMQNVWüWPFC UČOUČMČ QVWTOCUČPČ UCüNCT ²TPGüKP GUGTKP 9WRRGTVCN 1RGTC 5CNQPWPFCMK OQFGTP UCJPGNGPOGUKPFGFGC[PČFW[IWNCT[CĵCP OČĵVČT$WTCFCIØPØOØ\FTCOCUGXGTNGTKPG MNCUKM GUGTKP DØ[ØNG[KEK KÃGTKüK UWPWNOWĵ VWT6GUKUCVÃČ RGPUGOK\ RGTFG CTMCUČPFCMK UCJPGUKUVGONGTKPKPDCMČOXGQPCTČOÃCNČĵ OCNCTČPFCMØÃØMDKTTQNCNOČĵVČT
-QODKPG2GPUGNGT XG£QM(QPMUK[QPNW 2GPUGNGT-QODKPG2GPUGNGT #üČT*K\OGV-QODKPG2GPUGNGT /KPK-QODKPG2GPUGNGT #OGTKMCP6KR-QODKPG2GPUGNGT £QM(QPMUK[QPNW'NGMVTKMÃK2GPUGUK 'NGMVTKMÃK2GPUGNGTK ;WXCTNCM7ÃNW-CTICDWTWP-W[WOEW2GPUGUK ;CUUČ#üČ\-GUMKNK-CTICDWTWP/GMCPKMÃK2GPUGUK 6GNGHQPEW2GPUK/GTMG\KMGUKOÒ\GNNKüKKNG -GUMKNK-CTICDWTWPNCT -GUMKNK7\WP-CTICDWTWPNCT #[FČPNCVOC UKUVGONGTK ÃQM JCUUCU XG RCJCNČ DKT VGMPQNQLK KÃGTKT 9WRRGTVCNGT $ØJPGP WPF 5KPHQPKGQTEJGUVGT )OD* UCJPGUKPKP C[FČPNCVOCFCP UQTWONW WUVCUČ *GPPKPI 2TKGOGT DW PGFGPNG -0+2':VGUKUCVÃČRGPUGUKPGIØXGPK[QT
-1/$ċ0'2'05'.'4 ■ £QMCOCÃNČMWNNCPČOKÃKP[CUUČXG[WXCTNCMOCN\GOG MCXTCOCDÒNIGNGTK -QODKPG2GPUGNGT ■ ;WOWĵCMXGUGTVVGNKÃKPW[IWPMGUKEKNGT &+0+51 ■ -CNČPMCDNQNCTKÃKPW\WPMGUKEKÃGPG ■ -GUKEKNGTGGMQNCTCMKPFØMUK[QPUGTVNGĵVKTOGW[IWNCPOČĵVČT MGUKEKUGTVNKüK[CMN*4% ■ ²\GNVCMČOÃGNKüKFÒXOGÃGNKüK[CüFCUGTVNGĵVKTKNOKĵ ¸TØP0T '#0 OO 2GPUG -CHC 5CRNCT -GUOGMCRCUKVGUK 5K[CJHQUHCVMCRNCOC 2CTNCVČN ¸\GTKRNCUVKMMCRNCOCNČ ´OO ´OO ´OO OO I OČĵ 5K[CJHQUHCVMCRNCOC 2CTNCVČN £QMMQORQPGPVNKMČNČHKNG OČĵ -TQOMCRNCOC £QMMQORQPGPVNKMČNČHKNG -TQOMCRNCOC £QMMQORQPGPVNKMČNČH K\QNCU[QPNW8&'QPC[NČ -TQOMCRNCOC &CNFČTOCK\QNGNK8&'QPC[NČ
-1/$ċ0'2'05'.'4 5VCPFCTVMQODKPGRGPUGNGTGMČ[CUNCMWXXGVVCUCTTWHW| #üČT*K\OGV-QODKPG2GPUGNGT #üČTÃCNČĵOCNCTKÃKPUGTVMGUKEKNGTKNGUGTVNKM[CMNCĵČM*4% &+0+51 ■ ċ[KNGĵVKTKNOKĵOCPKXGNCFØ\GPKUC[GUKPFGFCJCMQNC[ÃCNČĵOC ■ -QNC[MGUOGIØÃNØMCXTCOCDØMOGXGÃGMOG ■ -CNČPMCDNQNCTKÃKPW\WPMGUKEKÃGPG ■ £QMCOCÃNČMWNNCPČOČKÃKP[CUUČXG[WXCTNCMOCN\GOGMCXTCOC DÒNIGNGTK ■ ²\GNVCMČOÃGNKüKÒ\GNMCNKVGFÒXOGÃGNKüKČUČNKĵNGO[CüKÃKPFG IGTÃGMNGĵVKTKNOKĵVKT -GUOGMCRCUKVGUK '#0 OO 2GPUG -CHC 5CRNCT ´OO ´OO ´OO OO I¸TØP0T 5K[CJHQUHCVMCRNCOC 2CTNCVČN ¸\GTKRNCUVKMMCRNCOCNČ OČĵ 5K[CJHQUHCVMCRNCOC 2CTNCVČN £QMMQORQPGPVNKMČNČHKNG OČĵ -TQOMCRNCOC £QMMQORQPGPVNKMČNČHKNG -TQOMCRNCOC £QMMQORQPGPVNKMČNČHK\QNCU[QPNW 8&'QPC[NČ -TQOMCRNCOC &CNFČTOCK\QNGNK8&'QPC[NČ
-1/$ċ0'2'05'.'4 ■ #üČTKĵNGTKÃKPKFGCN ■ £QMCOCÃNČMWNNCPČOKÃKP[CUUČXG[WXCTNCMOCN\GOG -QODKPG2GPUGNGT-TQO8CPCF[WO MCXTCOCDÒNIGNGTK &+0+51+'%&+0'0 ■ ;WOWĵCMUGTVXGRK[CPQVGNKÃKPW[IWPMGUKEKNGT ■ -CNČPMCDNQNCTKÃKPW\WPMGUKEKÃGPG ■ -GUKEKNGTGGMQNCTCMKPFØMUK[QPUGTVNGĵVKTOGW[IWNCPOČĵVČT MGUKEKUGTVNKüK[CMN*4% ■ #ĵČPOC[CMCTĵČÒ\GNNKMNGFC[CPČMNČÃGPGNGTÃGPGNGTKPUGTVNKüK [CMN*4% ■ -TQOXCPCF[WO[ØMUGMRGTHQTOCPUÃGNKüKFÒXOGÃGNKüK ČUČNKĵNGO[CüKÃKPFGIGTÃGMNGĵVKTKNOKĵVKT -GUOGMCRCUKVGUK¸TØP0T '#0 OO 2GPUG 5CRNCT ´OO ´OO ´OO OO I -TQO £QMMQORQPGPVNKMČNČHK\QNCU[QPNW MCRNCOC 8&'QPC[NČ /KPK-QODKPG2GPUG ■ 2TQHQU[QPGNNGTXGCOCVÒTNGTKÃKPMQORCMVMQODKPGRGPUG ■ £QMCOCÃNČMWNNCPČOKÃKP[CUUČXG[WXCTNCMOCN\GOGMCXTCOC DÒNIGNGTK ■ ;WOWĵCMXGUGTVVGNKÃKPW[IWPMGUKEKNGT ■ -GUKEKNGTGGMQNCTCMKPFØMUK[QPUGTVNGĵVKTOGW[IWNCPOČĵVČTMGUKEK UGTVNKüK[CMN*4% ■ 8CPCF[WOGNGMVTQÃGNKüKFÒXOGÃGNKüK[CüFCUGTVNGĵVKTKNOKĵ -GUOGMCRCUKVGUK¸TØP0T '#0 OO 2GPUG 5CRNCT ´OO ´OO ´OO OO I -TQOMCRNCOC £QMMQORQPGPVNKMČNČHKNG
-1/$ċ0'2'05'.'4 ċ[KNGĵVKTKNOKĵOQFGN #OGTKMCP6KR-QODKPG2GPUG #MVCTOCQTCPČPČPQRVKOK\GGFKNOGUKUC[GUKPFGUČTCFCP MQODKPGRGPUGNGTGMČ[CUNCĵKOFKMWXXGVVCUCTTWHW #OGTKMCPOQFGNK UCüNCPOČĵVČT &+0+51#5/'$ ■ 'P\QTÃCNČĵOCĵCTVNCTČKÃKPOCUKHOQFGNØPKXGTUCNQNCTCMMWNNCPČNCDKNKT ■ -QNC[MGUKOW[IWNCOCUČKÃKP[ØMUGMCMVCTOCQTCPČ ■ #MVCTOCQTCPČPČPQRVKOK\GGFKNOGUKPGFGPK[NGUČTCFCPMQODKPG RGPUGNGTGMČ[CUNCMWXXGVVCUCTTWHWUCüNCPOČĵVČT ■ /ØMGOOGNGNW[WOWXG[QTWNOCFCPÃCNČĵOC[ČUCüNC[CPGTIQPQOKM QRVKOK\GGFKNOKĵUCRVCUCTČOČ ■ 5CüNCOVWVOCXGÃGMOGKÃKPÒ\GNNKMNGGVMKNKÃCRTC\FKĵNKMCXTCOC DÒNØOØ ■ )ØÃNØĵGMKNFGUČMOCXGÃGMOG[CRCDKNOGMKÃKPOCHUCNCNVČPFCKNCXGDKT MCXTCOCDÒNØOØQNWĵVWTWNOWĵVWT ■ ;WOWĵCMXGUGTVVGNKÃKPW[IWPMGUKEKNGT ■ -GUKEKNGTGGMQNCTCMKPFØMUK[QPUGTVNGĵVKTOGW[IWNCPOČĵVČTMGUKEK UGTVNKüK[CMN*4% ■ 8CPCF[WOGNGMVTQÃGNKüKFÒXOGÃGNKüK[CüFCUGTVNGĵVKTKNOKĵ /CHUCNDQĵNWüWPFCMCDNQÃGMOGKÃKPDÒNOGDWNWPWTDWPCKNCXGQNCTCMMCDNQ [ØMUØüØUČMOCDÒNØOØFGRGPUGFGDWNWPOCMVCFČT )ØÃNØĵGMKNFGUČMOC[CRCDKNOGMKÃKP £KVKĵNGTKPFGUCüNCOVWVOCXGÃGMOGKÃKP OCHUCNCNVČPFCKNCXGDKTMCXTCOCDÒNØOØ Ò\GNNKMNGGVMKNKÃCRTC\FKĵNKMCXTCOCDÒNØOØ QNWĵVWTWNOWĵVWT ;CUUČMCDNQNCTČPMGUKNOGUKKÃKPW\WPMGUKEK /CHUCN[CTČüČPFCMCDNQ /CHUCNCNVČPFCØPKXGTUCN GNGOCPNCT ÃGMOG[CTFČOČ RKONKUČMOC[GTK -GUOGMCRCUKVGUK¸TØP0T '#0 OO 2GPUG -CHC 5CRNCT ´OO ´OO I 5K[CJHQUHCVMCRNCOC 2CTNCVČNOČĵ -C[OC[ČÒPNG[GPRNCUVKMKNGMCRNCPOČĵ 5K[CJHQUHCVMCRNCOC 2CTNCVČNOČĵ £QMMQORQPGPVNKMČNČHKNG 5K[CJHQUHCVMCRNCOC 2CTNCVČNOČĵ -C[OC[ČÒPNG[GPRNCUVKMKNGMCRNCPOČĵ 5K[CJHQUHCVMCRNCOC 2CTNCVČNOČĵ £QMMQORQPGPVNKMČNČHKNG
£1-(10-5ċ;10.72'05'.'4 'NGMVTKMVGUKUCVČKĵNGTKKÃKPÃQMHQPMUK[QPNWRGPUG[CUUČXG [WXCTNCMOCN\GOGTKVWVOCMMČXČTOCMÃCRCMCNOCMMCDNQ £QM(QPMUK[QPNW'NGMVTKMÃK2GPUGUK MGUOGMK\QNCU[QPUČ[ČTOCMXGMCDNQ[ØMUØMNGTKPKUČMOCMKÃKP| 2TQHGU[QPGNNGTKÃKPÃQMÒ\GNNKMNK 6GMRGPUGFGHQPMUK[QP ■ *CUUCUVGNNGTGJCUCTXGTOGFGPVWVOCMKÃKPWÃMČUČOFCFØ\CüČ\ [Ø\G[NGTK[CUUČXG[WXCTNCMOCN\GOGNGTKVWVOCMKÃKPRTQHKNNKCüČ\ [Ø\G[NGTKXGRGPUGCü\Č ■ 5ČXCCNVČDWCVNCTČPKĵNGPOGUKXGIGÃKĵFGNKMNGTKPFGÃCRCMNCTČPCNČPOCUČ KÃKPRGPUGPKPÃGPGUKPFGMGUMKPFČĵMGPCTNCT ■ OOXGOOKNGVMGPNGTKÃKPK\QNCU[QPUČ[ČTOCFGNKMNGTK ■ OOMCDNQ[ØMUØMNGTKKÃKPUČMOC[WXCUČ ■ *CUUCUMGUKEKNGTKQNCPMCDNQOCMCUČKPFØMUK[QP[ÒPVGOK[NGUGTVNGĵ VKTKNOKĵZOO´OOn[GMCFCTQNCPDCMČTXGCNØOKP[WO MCDNQNCTKÃKP ■ -KNKVNKXG[C[NČOQFGNNGTFGMKNKFKCÃOCFCPMCXTCOCHQPMUK[QPW ■ ċ[KDKTGTKĵKOKÃKPKPEG[CRČ ■ %KXCVCKNGDCüNCPOČĵOCHUCN*CUUCURGPUGPKPDQĵNWMUW\JCTGMGV GVOGUKUCüNCPČT ■ ²\GNVCMČOÃGNKüKÒ\GNMCNKVGFÒXOGÃGNKüKČUČNKĵNGO[CüKÃKPFG IGTÃGMNGĵVKTKNOKĵVKT #MVKHNGĵVKTKNGPDNQMCLOCPFCNČFKüGTHQPMUK[QPNCTČGPIGNNGOGFGPMGUKEKNGTKPMCRCNČ MCNOCUČPČUCüNCTCMČNNČMCRCNČVWVOCOGMCPK\OCUČKNGRGPUG[KCÃOCFCPpMCXTCOCMd OØOMØPFØT-GUKEKMCRCNČMCNČTXGMQTWPWT
£1-(10-5ċ;10.72'05'.'4 *CUCTXGTOGFGPMCXTCOC[CUUČĵGMKNFGRTGUNGOGXG [WXCTNCOCKÃKPFØ\MCXTCOCCü\Č /CN\GOG[KMQTW[CPRTQHKNNKMCXTCOC[Ø\G[K[CUUČNCĵVČTČNOČĵ IØÃNØXGKĵRCTÃCUČPC\CTCTXGTOGFGPMCXTCOCKÃKP &GNKMNGTKPÃCRCüČPČVGOK\NGOGXGIGPKĵNGVOG KÃKPMGUMKPFČĵMGPCTNČ ;WXCTNCMRCTÃCNCTČXGMCDNQNCTČMCXTCOC[C [CTC[CPFKĵNKCüČ\[Ø\G[NGTK KNCOOCTCNČüČPFCMKMCDNQ [ØMUØMNGTKKÃKPÃQMCOCÃNČUČMOC[WXCUČ -GUKVNGTKKNCXGOOCTCUČPFC QNCPDCMČTMCDNQNCTČUČ[ČTOC #\COK´OOn[GZOO MCFCTQNCPDCMČTMCDNQNCTČMGUOG OCMCUČ #MČNNČMKNKVOGMCPK\OCUČ ¸TØPMKNKVNKRQ\KU[QPFC[MGPMCXTCOC HQPMUK[QPNCTČCMVKHNGĵKTMGUOGHQPMUK[QPW MCRCNČMCNČT -GUOGMCRCUKVGUK 6GMNKVGNNGTKÃKPMCDNQ UČ[ČTOCFGüGTNGTK '#0 OO 2GPUG -CHC 5CRNCT ´OO OO OO -CRCUKVG I¸TØP0T 5K[CJHQUHCVMCRNCOC 2CTNCVČNOČĵ ¸\GTKRNCUVKMMCRNCOCNČ OO 5K[CJHQUHCVMCRNCOC 2CTNCVČNOČĵ £QMMQORQPGPVNKMČNČHKNG -TQOMCRNCOC £QMMQORQPGPVNKMČNČH K\QNCU[QPNW8&'QPC[NČ 5K[CJHQUHCVMCRNCOC 5K[CJHQUHCVMCRNCOC 2CTNCVČNOČĵ ¸\GTKRNCUVKMMCRNCOCNČ 2CTNCVČNOČĵ £QMMQORQPGPVNKMČNČHKNG -TQOMCRNCOC £QMMQORQPGPVNKMČNČH K\QNCU[QPNW8&'QPC[NČ
£1-(10-5ċ;10.72'05'.'4 ■ -CDNQNCOCÃCNČĵOCNCTČKÃKPKFGCNRGPUG ■ 6GNNGTKMCXTCOCMXGMČXČTOCMKÃKP 'NGMVTKMÃK2GPUGUK ■ ;WOWĵCMQTVCUGTVNKMVGXGUGTVVGNMGUOGMKÃKP ■ *CUUCUMGUKEKNGTGGMKPFØMUK[QPUGTVNGĵVKTOGW[IWNCPOČĵVČTMGUKEK UGTVNKüK[CMN*4% ■ *CUUCUK\QNCU[QPUČ[ČTOCFGNKMNGTKKNG ■ -CDNQ[ØMUØMNGTKPKPUČMČNOCUČKÃKP ■ 8CPCF[WOGNGMVTQÃGNKüKFÒXOGÃGNKüK[CüFCUGTVNGĵVKTKNOKĵ -CXTCOC -GUOG ċ\QNCU[QPWUČ[ČTOC KNGOOCTCUČPFCUČMOCÒ\GNKüK -GUOGMCRCUKVGUK¸TØP0T '#0 OO 2GPUG -CHC 5CRNCT ´OO ´OO -CDNQUČ[ČTOC I MCRCUKVGUKOO 5K[CJHQUHCVMCRNCOC 2CTNCVČNOČĵ ¸\GTKRNCUVKMMCRNCOCNČ 5K[CJHQUHCVMCRNCOC 2CTNCVČNOČĵ £QMMQORQPGPVNKMČNČHKNG -TQOMCRNCOC £QMMQORQPGPVNKMČNČHKNG
£1-(10-5ċ;10.72'05'.'4 ;WXCTNCM7ÃNW-CTICDWTWP ■ ċPEGVGNXGIØOØĵVCMČKĵNGTKKÃKP ■ ²TPGüKPGNGMVTQPKMCNCPČPFCMČXČT -W[WOEW2GPUGUK OCXGMGUOGKĵNGTKKÃKPW[IWPFWT &+0+51 ■ 6GNWÃNCTČPČJCNMCĵGMNKPFG DØMOGMKÃKP ■ ċPEGWECFQüTWUKXTKNGP[WXCTNCM ÃGPGNGTJCUUCUĵGMKNFGVCĵNCPOČĵ ■ -GUKEKNGTGGMQNCTCMKPFØMUK[QP UGTVNGĵVKTOGW[IWNCPOČĵVČTMGUKEK UGTVNKüK[CMN*4% ■ 8CPCF[WOGNGMVTQÃGNKüKFÒXOG ÃGNKüK[CüFCUGTVNGĵVKTKNOKĵ -GUOGMCRCUKVGUK ²NÃØNGTK¸TØP0T '#0 2GPUG -CHC 5CRNCT & . 6 9 9 OO ´OO ´OO OO OO OO OO OO I 5K[CJHQUHCVMCRNCOC 2CTNCVČNOČĵ ¸\GTKRNCUVKMMCRNCOCNČ -TQOMCRNCOC ¸\GTKRNCUVKMMCRNCOCNČ ;CUUČ#üČ\-GUMKNK-CTICDWTWP ■ *CUUCUOGMCPKMKĵNGTKCNCPČPFC MCXTCOCXGMGUOGKĵNGTKKÃKP /GMCPKMÃK2GPUGUK GNXGTKĵNKFKT &+0+51 ■ ;CUUČW\WPÃGPGNGTKPEGDKTNGĵKT ■ -GUKEKNGTGGMQNCTCMKPFØMUK[QP UGTVNGĵVKTOGW[IWNCPOČĵVČTMGUKEK UGTVNKüK[CMN*4% ■ ²\GNVCMČOÃGNKüKÒ\GNMCNKVG FÒXOGÃGNKüKČUČNKĵNGO[Cü KÃKPFGIGTÃGMNGĵVKTKNOKĵVKT -GUOGMCRCUKVGUK ²NÃØNGTK '#0 OO -CHC 5CRNCT ´OO ´OO 6 . 9 9 6 I¸TØP0T 2CTNCVČNOČĵ ¸\GTKRNCUVKMMCRNCOCNČ OO OO OO OO OO 6GNGHQPEW2GPUGUK ■ -CDNQFGOGVNGTKPFGVGMKNGVMGPNGTKPVWVWNOCUČXGMGUKNOGUKKÃKP ■ ;WOWĵCMVGNKÃKPQTVCMGUKEKNK &+0+51 ■ ;CUUČ[WXCTNCMÃGPGNGT ■ #üČ\[Ø\G[NGTKFKĵNK ■ -TQOXCPCF[WOGNGMVTQÃGNKüKFÒXOGÃGNKüK[CüFCUGTVNGĵVKTKNOKĵ ²NÃØNGTK¸TØP0T '#0 -CHC 5CRNCT . 9 6 9 6 I OO 2CTNCVČNOČĵ ¸\GTKRNCUVKMMCRNCOCNČ OO OO OO OO OO
£1-(10-5ċ;10.72'05'.'4 ■ *CUUCUOGMCPKMKĵNGTKCNCPČPFCMCXTCOCXGMGUOGKĵNGTK KÃKPGNXGTKĵNKFKT -CTICDWTWP-GUMKNK ■ 5KXTK[CUUČ[WXCTNCMÃGPGNGT &+0+51 ■ #üČ\[Ø\G[NGTKFKĵNK ■ ;WOWĵCMUGTVXGQTVCUGTVNKMVGVGNKÃKPMGUKEKNGT ■ -GUKEKNGTGGMQNCTCMKPFØMUK[QPUGTVNGĵVKTOGW[IWNCOCUČ[CRČNOČĵVČT MGUKEKUGTVNKüK[CMN*4% ■ 8CPCF[WOGNGMVTQÃGNKüKFÒXOGÃGNKüK[CüFCUGTVNGĵVKTKNOKĵ 40° -GUOGMCRCUKVGUK ²NÃØNGTK '#0 OO 2GPUG -CHC 5CRNCT ´OO ´OO . . 9 6 9 6¸TØP0T OO OO OO OO OO OO I 5K[CJHQUHCV 2CTNCVČN MCRNCOC OČĵ ¸\GTKRNCUVKMMCRNCOCNČ 5K[CJHQUHCV 2CTNCVČN £QMMQORQPGPVNK MCRNCOC OČĵ MČNČHKNG -TQO ¸\GTKRNCUVKMMCRNCOCNČ MCRNCOC £QMMQORQPGPVNK -TQO MČNČHKNG MCRNCOC -TQO £QMMQORQPGPVNKMČNČH MCRNCOC K\QNCU[QPNW8&'QPC[NČ 40° 5K[CJHQUHCV 2CTNCVČN ¸\GTKRNCUVKMMCRNCOCNČ MCRNCOC OČĵ 40° -TQO £QMMQORQPGPVNK MCRNCOC MČNČHKNG -TQO £QMMQORQPGPVNKMČNČH MCRNCOC K\QNCU[QPNW8&'QPC[NČ 40°
£1-(10-5ċ;10.72'05'.'4 'NCUVKMWÃNCTDØMØNFØüØPFGDKNGWÃNCTFCFGHQTOGQNOC\ 7\WP-CTICDWTWP-GUMKNK ■ $ØMØNOG[GMCTĵČOWMCXGOGVNKGNCUVKMJCUUCUWÃNCT ■ ;CUUČ[WXCTNCMW\WPWEWUKXTKNGĵGPÃGPGNGT &+0+51 ■ ;WOWĵCMUGTVXGQTVCUGTVNKMVGVGNKÃKPMGUKEKNGTUGTVNKM[CMNCĵČM *4% ■ 8CPCF[WOGNGMVTQÃGNKüKFÒXOGÃGNKüK[CüFCUGTVNGĵVKTKNOKĵ 40° 40° -GUOGMCRCUKVGUK ²NÃØNGTK '#0 2GPUG -CHC 5CRNCT ´OO ´OO . . 6 9 9 6¸TØP0T OO OO OO OO OO OO OO I 5K[CJHQUHCV 2CTNCVČN ¸\GTKRNCUVKM MCRNCOC OČĵ MCRNCOCNČ 5K[CJHQUHCV 2CTNCVČN £QMMQORQPGPVNK MCRNCOC OČĵ MČNČHKNG -TQO ¸\GTKRNCUVKM MCRNCOC MCRNCOCNČ -TQO £QMMQORQPGPVNK MCRNCOC MČNČHKNG -TQO £QMMQORQPGPVNK MCRNCOC MČNČHK\QNCU[QPNW8&' QPC[NČ -TQO MCRNCOC &CNFČTOCK\QNGNK8&' QPC[NČ 40° 5K[CJHQUHCV 2CTNCVČN ¸\GTKRNCUVKM MCRNCOC OČĵ MCRNCOCNČ 40° 5K[CJHQUHCV 2CTNCVČN £QMMQORQPGPVNK MCRNCOC OČĵ MČNČHKNG 40° -TQO £QMMQORQPGPVNK MCRNCOC MČNČHKNG -TQO £QMMQORQPGPVNK MCRNCOC MČNČHK\QNCU[QPNW8&' QPC[NČ 40° -TQO &CNFČTOCK\QNGNK8&' 40° MCRNCOC QPC[NČ
2.#û+0 -CNKVGNKOØ\KMFKPNGOGMKUVG[GPRNCMUGXGTNGT/¸-'/5'/5ċ '. IØPØOØ\FGJCNGPIGTÃGMRNCMNCTČPÃČMCTFČ üČOØ\KMUGUKPFGPXC\IGÃGOK[QT$Ø[ØMDKT OØJGPFKUNKM JCTKMCUČ QNCP OQFGTP RNCMÃC NCT XG UGU UKUVGONGTK RNCM Ø\GTKPFGMK KüPG FGP OWEK\G UGUNGT [CTCVČ[QT -CDNQ UČ[ČTOC RGPUGNGTKOK\ RNCMÃCNCTFCP ÃČMCP MCDNQPWP JQRCTNÒTG MTKORNGOG UČMOC OGVQFW KNG DCüNCOCMKÃKPIGTGMNKJC\ČTNČüČP[CRČNOCUČPČ UCüNČ[QT-0+2':RGPUGNGTKKNGOØ\KM[CROCM OØOMØP QNOCUC FC DCüNCPVČ MWTOCM JGT JCNWMCTFCOØOMØPFØT
-CDNQUČ[ČTOC RGPUGNGTKMCDNQFČĵ MČNČHČUQ[OCCNGVNGTK-CDNQ5Č[ČTOC2GPUGUK 'NGMVTQPKMÃK-CDNQ5Č[ČTOC/CMCUČ 'NGMVTQPKMÃK-CDNQ5Č[ČTOC2GPUGUK 5Č[ČTČEČNČ;CP-GUMK *CUUCU-CDNQ5Č[ČTOC2GPUGNGTK -CDNQ5Č[ČTOC2GPUGUK /WNVK5VTKR -CDNQ5Č[ČTOC2GPUGUK/CPWGN>KPNKM#[CTNCOCNČ 1VQOCVKM-CDNQ5Č[ČTOC2GPUGUK 1VQOCVKM;CUUČ-CDNQ5Č[ČTOC2GPUGUK /KPK-CDNQ5Č[ČTOC#NGVK -CDNQ5Č[ČTOC2GPUGUK(KDGTQRVKMMCDNQNCTKÃKP (KDGT1RVKM-CDNQċÃKP5Č[ČTOC#NGVK %ČODČ\ -CDNQ5Č[ČTOC2GPUGUK -CDNQ&Čĵ-ČNČHČ5Q[OC#NGVNGTK 5Č[ČTOC#NGVKs%QCZ-CDNQNCTċÃKP ;CUUČXG;WXCTNCM-CDNQ5Č[ČTOC#NGVK &CVC-CDNQUW&Čĵ-ČNČHČ5Q[OC#NGVK 7PKXGTUCN-CDNQ5Č[ČTOC#NGVNGTK ¸PKXGTUCN5CPC[K-CDNQNCTČPČ5Č[ČTOC#NGVK £GĵKVNKW[IWNCOCNCTKÃKPMCDNQXGVGNNGT Ø\GTKPFGMKMCRNCOCPČPVCOFQüTWĵG MKNFGUČ[TČNOCUČIGTGMKT-0+2':MCDNQ UČ[ČTOC RGPUGNGTK XG FČĵ MČNČH UQ[OC CNGVNGTK KNG DW KĵNGONGT MQNC[NČMNC [C RČNCDKNKT
-#$.15+;+4/#2'05'.'4ċ ■ ċNGVMGPÃCRČOCMUOO[CFCKNGVMGPMGUKVKOOQNCPRNCUVKM XG[CNCUVKMK\QNCU[QPNWVGMÃQMXGKPEGVGNNKKNGVMGPNGTKÃKP -CDNQ5Č[ČTOC2GPUGUK ■ 6ČTVČMNČXKFCXGMQPVTCUQOWPUC[GUKPFGKUVGPGPVGNXG[CNKV\VGNKÃCRČPC MQNC[ECC[CTNCPČT ■ ²\GNVCMČOÃGNKüKFÒXOGÃGNKüK[CüFCUGTVNGĵVKTKNOKĵ -CDNQUČ[ČTOC MCRCUKVGUK¸TØP0T '#0 OO 2GPUG -CHC 5CRNCT ´OO OO #9) I 5K[CJHQUHCVMCRNCOC 2CTNCVČNOČĵ ¸\GTKRNCUVKMMCRNCOCNČ 5K[CJHQUHCVMCRNCOC 2CTNCVČNOČĵ £QMMQORQPGPVNKMČNČHKNG -TQOMCRNCOC £QMMQORQPGPVNKMČNČHKNG -TQOMCRNCOC £QMMQORQPGPVNKMČNČH K\QNCU[QPNW8&'QPC[NČ -TQOMCRNCOC &CNFČTOCK\QNGNK8&'QPC[NČ 5K[CJHQUHCVMCRNCOC 2CTNCVČNOČĵ £QMMQORQPGPVNKMČNČHKNG -TQOMCRNCOC &CNFČTOCK\QNGNK8&'QPC[NČ ■ ċNGVMGPÃCRČOCMUOOQNCPVGM ÃQMXGKPEGVGNNKKNGVMGPNGTKMGUOGM 'NGMVTQPKMÃK-CDNQ5Č[ČTOC/CMCUČ XGMCDNQMČNČHČUČ[ČTOCMKÃKP ■ 6ČTVČMNČXKFCXGMQPVTCUQOWP UC[GUKPFGKUVGPGPVGNXG[CNKV\VGNK ÃCRČPCMQNC[ECC[CTNCPČT ■ #ÃOC[C[NČ ■ ²\GNVCMČOÃGNKüKČUČNKĵNGO[Cü KÃKPFGIGTÃGMNGĵVKTKNOKĵVKT '#0 OO -CHC 5CRNCT -CDNQUČ[ČTOCMCRCUKVGUK I¸TØP0T ´OO 2CT £QMMQORQPGPVNKMČNČHKNG NCVČNOČĵ
-#$.15+;+4/#2'05'.'4ċ 'NGMVTQPKMÃK-CDNQ5Č[ČTOC2GPUGUK ■ ċNGVMGPÃCRČOOCTCUČPFCQNCPRNCUVKMXG[CNCUVKM K\QNCU[QPNWVGMÃQMXGKPEGVGNNKKNGVMGPNGTKÃKP ■ 6ČTVČMNČXKFCXGMQPVTCUQOWPUC[GUKPFGKUVGPGPVGNXG[CNKV\ VGNKÃCRČPCMQNC[ECC[CTNCPČT ■ #ÃOC[C[NČ ¸TØP0T ■ #[PCRQNKUCLČKPEG[CüVCDCMCUČKNGDCüNCPVČNČQNCTCMMQTQ\[QPCMCTĵČ K[KDKTMQTWOCUCüNCTFÒMØNGPMTQORCTÃCNCTUC[GUKPFGGNGMVTKM FGXTGUKPFGCTČ\CIGTÃGMNGĵOG\ ■ ²\GNVCMČOÃGNKüKFÒXOGÃGNKüK[CüFCUGTVNGĵVKTKNOKĵ '#0 OO -CHC 5CRNCT -CDNQUČ[ČTOC I 5KOGVTKRCTNCVOCNČ £QMMQORQPGPVNKMČNČHKNG MCRCUKVGUK´OO 5Č[ČTČEČNČ;CP-GUMK 7\CVČNOČĵMGUKEKDČÃCüČKNG| )GNKĵVKTKNGPCMVCTOCQTCPČKNGIØÃVCUCTTWHW ■ XGOOMGUKVNKKNGVMGPNGTKÃKPJCUUCUK\QNCU[QPUČ[ČTOCFGNKMNGTK ■ #\COKZOOMCNČPNČüCMCFCTQNCP0;/MCDNQNCTČPČMGUOG ■ &CTÃCNČĵOCCNCPNCTČPFCÃQMJCUUCUMGUOGKĵNGONGTKKÃKPMWNNCPČNCECM W\WPWÃNCT ■ ċPFØMUK[QP[ÒPVGOK[NGUGTVNGĵVKTKNOKĵJCUUCUMGUKEKNGTMGUKEKUGTVNKüK [CMN*4% ■ 8CPCF[WOGNGMVTQÃGNKüKFÒXOGÃGNKüK[CüFCUGTVNGĵVKTKNOKĵ 7\CVČNOČĵMGUKEKDČÃCüČ #MVCTOCQTCPČ K[KNGĵVKTKNOKĵVKT -GUOGMCRCUKVGUK '#0 2GPUG -CHC 5CRNCT -CDNQUČ[ČTOC #9) ´OO ´OO I ¸TØP0T OO MCRCUKVGUKOO 5K[CJHQUHCV 2CTNCVČN £QMMQORQPGPVNKMČNČHKNG MCRNCOC OČĵ -TQO £QMMQORQPGPVNKMČNČHKNG MCRNCOC -TQO £QMMQORQPGPVNKMČNČHK\QNCU[QP MCRNCOC NW8&'QPC[NČ
-#$.15+;+4/#2'05'.'4ċ *CUUCU-CDNQ5Č[ČTOC2GPUGNGTK 5CDKVIGQOGVTKNKMCHC *CUUCUXGIØXGPKNKT ċMKDČÃCMÃKHVKK\QNCU[QPW 5QNCTMCDNQUWK\QNCU[QPNCTČKÃKPFGIGÃGTNKFKT MCDNQPWPVØOÃGXTGUKDQ[WPEC MGUGT5QPTCDČÃCMÃKHVKDKTDKTKPFGP C[TČNČTDÒ[NGEGK\QNCU[QPMCDNQFCP UČ[TČNČT2GPUGMCDNQUČ[ČTOC KĵNGOKUQPCGTFKMVGPUQPTC QVQOCVKMQNCTCMCÃČNČT ■ ²TPGüKP26('5KNKMQP4CFQZ-CRVQPXGNCUVKMIKDKÃQMMCVOCPNČ FCQNCDKNGP\QTUČ[TČNCDKNGPK\QNCU[QPOCN\GOGNGTKPKPVCOĵGMKNNK UČ[ČTOCKĵNGOK ■ ċMKPEKDKTDČÃCMKMKNKUKMCNCPK\QNCU[QPWIØXGPKNKTĵGMKNFGUCDKVVWVCT ■ ċNIKNKMCDNQMGUKVKPGIÒTGVCOC[CTNCPOČĵFGüKĵVKTKNGDKNKTRTQHKNDČÃCMNCT 2TQHKNDCĵČPCC\COKMCDNQMGUKVKOO ■ 5GTKÃCNČĵOCFCK\QNCU[QPNCTČPGĵKVQNCTCMUČ[ČTČNOCUČKÃKPC[CTNCPCDKNKT W\WPNWMUČPČTNCOCUČ ■ 2GPUGIÒXFGUK£GNKM ■ -GUKEK²\GNVCMČOÃGNKüKČUČNKĵNGO[CüKÃKPFGIGTÃGMNGĵVKTKNOKĵVKT 6ØOK\QNCU[QPDQ[WPECVGOK\DKTMGUKO $ČÃCüČPUČ[ČTOC[GTNGTKPFGMCDNQPWPVCO -CDNQMČNCXW\NWXGW\WPNWMUČPČTNCOCNČ QNCTCMRQ\KU[QPNCPOCUČKÃKPGMMCDNQ MČNCXW\W ²\GNNKMNGÃQMMCVOCPNČXGUQNCT MCDNQNCTČPČP4#&1:K\QNCU[QPNCTČPC W[WONWFWTÃQMMCVOCPNČK\QNGNK KNGVMGPNGTKUČ[ČTOCCü\ČPFCFCJCK[K OGTMG\NGOGMKÃKPGMMCDNQFGUVGM GNGOCPČKNG ²\GNNKMNGÃQMMCVOCPNČXGUQNCT MCDNQNCTČPČP4#&1:K\QNCU[QPNCTČPC W[WONWFWTÃQMMCVOCPNČK\QNGNK KNGVMGPNGTKUČ[ČTOCCü\ČPFCFCJCK[K OGTMG\NGOGMKÃKPGMMCDNQFGUVGM GNGOCPČKNG ²\GNNKMNG#$&MCDNQURGUKHKMCU[QPNCTČ #9)KÃKP *CUUCUDČÃCMRTQHKNNGTKUC[GUKPFGVCOĵGMKNNK K\QNCU[QPUČ[ČTOCKĵNGOK ²\GNNKMNG#$&MCDNQURGUKHKMCU[QPNCTČ #9)KÃKP 4CFQZ6GUEKNNKOCTMCUČFČT*WDGT5WJPGT#) -CRVQP6GUEKNNKOCTMCUČFČT'+FW2QPVFG0GOQWTUCPF%QORCP[
-#$.15+;+4/#2'05'.'4ċ 2TQHKNNKDČÃCMNCTKNGQNCPÃCNČĵOCRTGPUKDK 6ØOK\QNCU[QPGVTCHČPFCIGTÃGMNGĵGPJCNMCMGUKOKKNG K\QNCU[QPVGOK\XGJCUUCUĵGMKNFGUČ[TČNČT$WÃQMJCUUCU UČ[TČNOCUČIGTGMGPMCDNQNCTFCÒ\GNNKMNGÒPGONKFKT ²TPGüKP26('4CFQZXGÃQMMCVOCPNČ[CNČVČONČ OCN\GOGNGTIKDK\QTOCN\GOGNGTFGFCJKUQTWPUW\EC W[IWNCPČT¸TØP0T '#0 2GPUG 5CRNCT -CDNQUČ[ČTOCMCRCUKVGUK #9) I OO OO 2GTFCJNCPOČĵ £QMMQORQPGPVNKMČNČHKNG 2GTFCJNCPOČĵ £QMMQORQPGPVNKMČNČHKNG 2GTFCJNCPOČĵ £QMMQORQPGPVNKMČNČHKNG KÃKPÃKHV[GFGMDČÃCM KÃKPÃKHV[GFGMDČÃCM KÃKPÃKHV[GFGMMGUKEK KÃKPÃKHV[GFGMMGUKEK KÃKPÃKHV[GFGMDČÃCM KÃKPÃKHV[GFGMDČÃCM KÃKPÃKHV[GFGMDČÃCM 4CFQZ6GUEKNNKOCTMCUČFČT*WDGT5WJPGT#) -CRVQP6GUEKNNKOCTMCUČFČT'+FW2QPVFG0GOQWTUCPF%QORCP[ -CDNQ5Č[ČTOC2GPUGUK5CDKVIGQOGVTKNKMCHC ■ &ÒTVXG[CCNVČFGüKĵKMKNGVMGPMGUKVÒNÃØUØKÃKPFGüKĵVKTKNGDKNKTDČÃCMNCT ■ *CUUCUDKTĵGMKNFGDKNGPOKĵDČÃCMNCTUC[GUKPFGKPEGVGNNKMCDNQNCTČPFC K\QNCU[QPNCTČPČ\CTCTXGTOGFGPUČ[ČTČT ■ 5ČMČĵVČTOCÃGPGNGTKVGNKUČ[ČTOCKĵNGOKPFGVWVCT ■ 5GTKÃCNČĵOCFCK\QNCU[QPNCTČPGĵKVQNCTCMUČ[ČTČNOCUČKÃKPC[CTNCPCDKNKT W\WPNWMUČPČTNCOCUČ ■ 2GPUGDCUMČ[C[ČUC[GUKPFGDCĵNCPIČÃRQ\KU[QPWPCIGTKCNČPČT ■ 2GPUGIÒXFGUK#NØOKP[WO ■ -GUKEK²\GNVCMČOÃGNKüKČUČNKĵNGO[CüKÃKPFGIGTÃGMNGĵVKTKNOKĵVKT 6GNÃCRČOO 6GNMGUKVNGTKOO -CDNQUČ[ČTOCMCRCUKVGUK¸TØP0T '#0 OO 2GPUG 5CRNCT ´OO OO #9) I 5K[CJDQ[CNČ 2NCUVKMUCRMCRNCOCNČ KÃKPÃKHV[GFGMMGUKEK KÃKPÃKHV[GFGMMGUKEK
-#$.15+;+4/#2'05'.'4ċ -0+2':/WNVK5VTKR KNGOOCTCNČüČPFCC[CT[CROCFCPUČ[ČTOC| £QMCOCÃNČDČÃCMIGQOGVTKUKsUCüNCOXGW\WPÒOØTNØ 1VQOCVKM-CDNQ5Č[ČTOC2GPUGUK /ØMGOOGNIÒTØPØONØQRVKOCNUCRVCUCTČOČ| )ØXGPNKMCDNQMGUKOK ■ 28%K\QNGNKDKTVGNNKÃQMVGNNKXGKPEGVGNNKMCDNQNCTCXGKNC OO &¸<$+£#- OOCTCNČüČPFCMKMCRCUKVGUČPČTČPFCQNCPÃQMUC[ČFCMKK\QNCU[QPC OO VCOQVQOCVKMCFCRVCU[QPUCüNCPČT ■ 'NKNGKPEGC[CT[CROC[CIGTGM[QMVWTKNGVMGPNGTGJCUCTXGTKNOG\ ■ £GNKMÃGPGNGTMCDNQ[WMCNCPK\QNCU[QPC\CTCTXGTOGFGPMC[OCFCP VWVCT ■ #\COKOOn[GMCFCTÃQMVGNNKXGC\COKOOn[GMCFCT VGMVGNNKDCMČTXGCNØOKP[WOMCDNQNCTČMGUOG[G[CTC[CPFGTKPFG RQ\KU[QPNCPOČĵVGNMGUKEKKNG ■ ²\GNNKMNGMQNC[ÃCNČĵCPOGMCPK\OCXGÃQMFØĵØMCüČTNČM ■ $ČÃCMDNQüWXGW\WPNWMFC[CPCüČFGüKĵVKTKNGDKNKT ■ )ØXGPNKVWVWĵKÃKPGTIQPQOKM[WOWĵCMRNCUVKMDÒNØONØUCR ■ )ÒXFG(KDGTINCUVCMXK[GNKRNCUVKM ■ -GUKEK²\GNVCMČOÃGNKüKČUČNKĵNGO[CüKÃKPFGIGTÃGMNGĵVKTKNOKĵVKT 2CVGPVNKOGMCPKMFØ\GP ċ\QNCU[QPUČ[ČTOCRGPUGUKPKPMGUOGFGTKPNKüKMCDNQVGNKPKP ÃCRČPCXGC[PČ\COCPFCDØVØPUVCPFCTVK\QNCU[QPOCN\G OGNGTKPKPMCNČPNČüČPCQVQOCVKMQNCTCMC[CTNCPČT&KüGTIGPKĵ UČ[ČTOCCTCNČüČDWNWPCPUČTCFCPUČ[ČTOCRGPUGNGTKPFGQNFWüW IKDKMGUOGFGTKPNKüKPKPGNFGPC[CTNCPOCUČIGTGMOG\ &Ø\DČÃCMNCTČPÃCNČĵOCRTGPUKDK /QFGNXG 5CFGEGMČTOČ\ČDÒNØOMGUKNKT;ØMUGM GUPGMNKMVGXGIØÃNGPFKTKNOKĵK\QNCU[QP OCN\GOGUKXGÃQMMCVNČK\QNCU[QPNCT KÃKPW[IWPFGüKNFKT -CDNQMGUKEKOOo[GMCFCTMGUGDKNKT £GNKMÃGPGNGTMCDNQPWPMC[OCUČPČÒPNGT OOCTCNČüČPFCOØVGCMKRC[CTNCOC[CROCFCPJCUUCUUČ[ČTOC ¸TØP0T '#0 -CDNQUČ[ČTOCMCRCUKVGUK #9) I OO OO KÃKP[GFGMMGUKEKVCMČOČ KÃKP[GFGMW\WPNWMFC[CPCüČ
-#$.15+;+4/#2'05'.'4ċ -CDNQ5Č[ČTOC2GPUGUK ■ 2NCUVKMXG[CNCUVKMK\QNCU[QPNWVGMNKÃQMNWXGKPEGVGNNKKNGVMGPNGTKÃKP ■ £GĵKVNKKNGVMGPMGUKVNGTKPGMGPFKNKüKPFGPW[WOUCüNCTDÒ[NGEG KNGVMGPNGTG\CTCTXGTKNOG\ -GPFKPFGP#[CTNCOCNČ ■ (CTMNČK\QNCU[QPOCN\GOGNGTKPFGMGUOGFGTKPNKüKC[CTNCPCDKNKT ■ %WXG#NKNGVMGPNGTÃQMVGNNKOOVGMVGNNKOOn[GMCFCTKÃKP VGNOCMCUNČ ■ -QNC[ÃCNČĵCPOGMCPK\OC ■ -GUKEKXGRNCUVKMUČMČĵVČTOCÃGPGNGTKMQNC[ECFGüKĵVKTKNGDKNKT ■ *CHKH ■ )ÒXFG(KDGTINCUVCMXK[GNKRNCUVKM ■ -GUKEK²\GNVCMČOÃGNKüKČUČNKĵNGO[CüKÃKPFGIGTÃGMNGĵVKTKNOKĵVKT 6GMKĵNGOFGIGPKĵNKüKOOo[GMCFCT QNCPKPEG[CUUČKNGVMGPNGTKÃKP #[CTNCPCDKNKTW\WPNWMUČPČTNCOCUČ ċNGVMGPG\CTCTXGTOGFGPJCUUCU K\QNCU[QPUČ[ČTOCKĵNGOK ¸TØP0T '#0 -CDNQUČ[ČTOC #9) 7\WPNWMFC[CPCüČ I OO MCRCUKVGUKOO OO KÃKPÃKHV[GFGMMGUKEK KÃKPÃKHV[GFGMUČMČĵVČTOCÃGPGUK KÃKP[GFGMW\WPNWMFC[CPCüČ KÃKPÃKHV[GFGMMGUKEK KÃKPÃKHV[GFGMUČMČĵVČTOCÃGPGUK 1VQOCVKM-CDNQ5Č[ČTOC2GPUGUK ■ ;C[IČPQNCTCMMWNNCPČNCPVØOMCDNQMGUKVNGTKXGK\QNCU[QP OCN\GOGNGTKKÃKPW[IWPHK[CVNČMQORCMVUVCPFCTVCNGV ■ -GUKVKOOCTCUČPFCQNCPUVCPFCTVK\QNCU[QPNWVGM ÃQMXGKPEGVGNNKKNGVMGPNGTKÃKP ■ £GĵKVNKKNGVMGPMGUKVNGTKPGMGPFKNKüKPFGPW[WOUCüNCTDÒ[NGEG KNGVMGPNGTG\CTCTXGTKNOG\ ■ -WNNCPČĵNČ[CRČUČXGCüČTNČüČPČPFØĵØMQNOCUČPFCPFQNC[Č[ØMUGM MWNNCPČOTCJCVNČüČ ■ <QTGTKĵKNGDKNGPÃCNČĵOCCNCPNCTČPFCMWNNCPČOKÃKPKPEGMCHCĵGMNK ■ /CMUOOMGUKVGMCFCTDCMČTXGCNØOKP[WOKNGVMGPNGTKÃKPVGN OCMCUČ ■ 5GTKÃCNČĵOCFCK\QNCU[QPNCTČPGĵKVQNCTCMUČ[ČTČNOCUČKÃKPOO CTCUČPFCC[CTNCPCDKNKTW\WPNWMUČPČTNCOCUČ ■ )ÒXFG(KDGTINCUVCMXK[GNKRNCUVKM ■ -GUKEK²\GNVCMČOÃGNKüKČUČNKĵNGO[CüKÃKPFGIGTÃGMNGĵVKTKNOKĵVKT FGüKĵVKTKNGDKNKT ¸TØP0T '#0 -CDNQUČ[ČTOC #9) I OO MCRCUKVGUKOO KÃKPÃKHV[GFGMMGUKEK KÃKP[GFGMW\WPNWMFC[CPCüČ
-#$.15+;+4/#2'05'.'4ċ 1VQOCVKM;CUUČ-CDNQċ\QNCU[QP ■ )GPKĵNKüKOCMUOOXGMGUKVKKNGOOCTCUČPFCMK 28%K\QNCU[QPNW[CUUČMCDNQNCTKÃKP ■ (CTMNČMCDNQ[ØMUGMNKMNGTKPGQVQOCVKMQNCTCMW[WOUCüNCT 5Č[ČTOC2GPUGUK $Ò[NGEGMCDNQ[C\CTCTXGTKNOG\ ■ $Ø[ØMUČ[ČTOCW\WPNWüWOØOMØP ■ $ČÃCMFGüKĵVKTKNGDKNKT ■ -QNC[ÃCNČĵCPOGMCPK\OC ■ *CHKH ■ )ÒXFG(KDGTINCUVCMXK[GNKRNCUVKM ■ -GUKEK²\GNVCMČOÃGNKüKČUČNKĵNGO[CüKÃKPFGIGTÃGMNGĵVKTKNOKĵVKT '#0 -CDNQUČ[ČTOC ¸TØP0T OO MCRCUKVGUKOO #9) I /KPK-CDNQ5Č[ČTOC#NGVK ■ #NGVKPKNGVMGPÃCRČPCMCFGOGNKQNCTCMC[CTNCPOCUČUC[GUKPFG JCUUCUUČ[ČTOCKĵNGOK ■ 6GNMGUKEKNK ■ 7\WPNWMFC[CPCüČOOoFGPOOo[GMCFCTC[CTNCPCDKNKT ■ $NQMCLOCPFCNČKNG ■ )ÒXFGFCTDG[GFC[CPČMNČRNCUVKM 5$ 5$ ´KNGOOCTCUČ ´KNGOOCTCUČ KPEG%7MCDNQNCTKÃKP KPEG%7MCDNQNCTKÃKP 5$ ¸TØP0T '#0 OO -CDNQUČ[ČTOC #9) I MCRCUKVGUK´OO 5$ 5$ -CDNQ5Č[ČTOC2GPUGUK(KDGTQRVKM ■ (KDGTQRVKMMCDNQNCTFCHKDGT ÒTVØXGKÃRNCUVKMMQTW[WEWMČNČHČP ÃČMCTČNOCUČ MCDNQNCTKÃKP ■ -TQOXCPCF[WOGNGMVTQÃGNKüK Ò\GNMCNKVGČUČNKĵNGO[CüKÃKPFG IGTÃGMNGĵVKTKNOKĵVKT 5$ ¸TØP0T '#0 OO 2GPUG 5CRNCT -CDNQUČ[ČTOCMCRCUKVGUK I 5$ RGTFCJNCPOČĵ RNCUVKMMČNČHNČ (KDGTÒTVØOOKÃRNCUVKMMCRNCOCOO
-#$.15+;+4/#2'05'.'4ċ (KDGT1RVKM-CDNQċÃKP5Č[ČTOC#NGVK ■ %COGN[CHMCDNQNCTČPFCHKDGTÒTVØ[ØÃČMCTOCMKÃKP´OO ■ $ČÃCMÃCRČOOMCDNQIKTKĵKFGNKüKOO ■ #[CTNCPCDKNKTW\WPNWMFC[CPCüČ ■ )ÒXFGFCTDG[GFC[CPČMNČRNCUVKM 5$ ¸TØP0T '#0 OO -CDNQUČ[ČTOCMCRCUKVGUK I 5$ 2TKOGTMCRNCOCOO %ČODČ\ ■ $CMČTVGNNGTFGNCMGDQ[C K\QNCU[QPWPÃČMCTČNOCUČKÃKP ■ $CĵMCVGNÃCRNCTČKÃKPQNCPDČÃCM [GFGMRCTÃCQNCTCMOGXEWVVWT ¸TØP0T '#0 OO ■ %ČODČ\IÒXFGUK;C[ÃGNKüKČUČN I KĵNGO[CüKÃKPFGIGTÃGMNGĵVKTKN OKĵVKT KÃKPÃKHV[GFGMMGUKEK´OO ■ 5CRNCT2NCUVKM KÃKPÃKHV[GFGMMGUKEK´OO KÃKPÃKHV[GFGMMGUKEK´OO -CDNQUČ[ČTOCMCRCUKVGUK KÃKPÃKHV[GFGMMGUKEK´OO ´OO -CDNQ5Č[ČTOC2GPUGUK ■ ċPEGMCDNQNCTČPK\QNCU[QPWPWP UČ[ČTČNOCUČKÃKP ■ 6GMDKTVGNÃCRČPCIÒTGC[CTNCP OČĵJCUUCUK\QNCU[QPUČ[ČTOC RTK\OCUČC[CTNCPOC\ ■ #ÃOC[C[NČ ■ -TQOXCPCF[WOGNGMVTQ ÃGNKüKFÒXOGÃGNKüK[CüFC UGTVNGĵVKTKNOKĵ ¸TØP0T '#0 OO -CHC 5CRNCT -CDNQUČ[ČTOC I 2CTNCVČNOČĵ ¸\GTKRNCUVKMMCRNCOCNČ MCRCUKVGUK´OO
-#$.1&+Ĵ-+.+(+51;/##.'6.'4ċ -CDNQ&Čĵ-ČNČHČ5Q[OC#NGVNGTK ■ 2K[CUCFCMWNNCPČNCPVØO ■ #NGVIÒXFGUKKÃKPFG[GFGMDČÃCM [WXCTNCMMCDNQNCTČPFČĵMČNČHČPČ ■ 5CRVCXGVWVOCOCPFCNČPFC UQ[OCMKÃKP MC[OC[ČÒPNG[KEKQNCTCM[GTNGĵ ■ -GPFKPFGPIGTOGNKVWVOC VKTKNOKĵ[WOWĵCMMQORQPGPVNK OCPFCNČ OCN\GOGUC[GUKPFGIØXGPNKM ■ )ÒXFGFCTDG[GFC[CPČMNČRNCUVKM ■ #[CTNCOCXKFCUČKNGMGUKO FGTKPNKüKPKPC[CTNCPOCUČ ■ £GXTGUGNXGW\WPNCOCUČPCMGUKO KÃKPMGPFKNKüKPFGPFÒPGPDČÃCM 5$ 5$ $ČÃCMXGMQTW[WEWMCRCMNČ ÃGPIGNDČÃCüČKNGDKTNKMVG 5$ ¸TØP0T '#0 OO -CDNQUČ[ČTOC I 5$ MCRCUKVGUK´OO 5$ 5$ 5$5$5$ KÃKP[GFGMDČÃCM -CDNQ&Čĵ-ČNČHČ5Q[OC#NGVNGTK ■ £CRNCTČOOCTCUČPFC QNCP28%NCUVKMUKNKMQP26(' OCN\GOGFGPØTGVKNOKĵ[WXCTNCM MCDNQNCTČPFČĵMČNČHČPČUQ[OCM 5$ KÃKP Dairesel kesim ■ -GPFKPFGPIGTOGNKVWVOC OCPFCNČ ■ 6ČTVČMNČUQOWPKNGMGUKOFGTKPNKüK C[CTNCOCNČ ■ £GXTGXGW\WPNCOCUČPCMGUKO KÃKPFÒPFØTØNGDKNKTUCRIÒXFGUK ■ #TCMCDNQNCTČPÃČMCTČNOCUČPČ UCüNC[CPURKTCNMGUKO ■ &GüKĵVKTKNGDKNKTDČÃCM ■ )ÒXFGFCTDG[GFC[CPČMNČRNCUVKM '#0 -CDNQUČ[ČTOCMCRCUKVGUK OO ¸TØP0T ´OO I 5$ 5$KÃKP[GFGMDČÃCM Uzunlamasına kesim Spiral kesim
-#$.1&+Ĵ-+.+(+51;/##.'6.'4ċ -CDNQ&Čĵ-ČNČHČ5Q[OC#NGVNGTK ■ £CRČOOoFGPDØ[ØM[WXCTNCMMCDNQNCTČPFČĵMČNČHČPČUQ[OCMKÃKP ■ 6ØOK\QNCU[QPMCVOCPNCTČPČUČ[ČTČT ■ &CKTGUGNXGW\WPNCOCUČPCMGUKOKÃKPW[IWPFWT ■ -GUOGFGTKPNKüKOOo[GMCFCTC[CTNCPCDKNKT ■ &GüKĵVKTKNGDKNKTDČÃCMKMKVCTCHNČQNCTCMMWNNCPČNCDKNKT ■ 6CMČOIÒXFGUKRNCUVKMHKDGTINCUVCMXK[GNK #[CTNCPCDKNKTMGUKOFGTKPNKüK 7\WPNCOCUČPCMGUKOKÃKPCNGVKPQVWTVWNOCUČ 7\WPNCOCUČPCMGUKO ¸TØP0T '#0 -CDNQUČ[ČTOCMCRCUKVGUK I OO ´OO KÃKP[GFGMDČÃCM &CKTGUGNMGUKOKÃKPCNGVKPFÒPFØTØNOGUK &CKTGUGNMGUKO 5Č[ČTOC#NGVKs%QCZ-CDNQNCTċÃKP ■ %QCZMCDNQNCTČPK\QNCU[QPWPWPUČ[ČTČNOCUČKÃKP 4)4)XG4) ■ &ČĵMČNČHCNØOKP[WOUCTIČPČPXG[CNČVMCPVCDCMCK\QNCU[QPWPWP VGMDKTKĵNGOFGUČ[ČTČNOCUČKÃKP ■ ¸ÃCFGV[GTNGĵVKTKNOKĵDČÃCMKNG ■ #NVČMÒĵGNKCPCJVCTUC[GUKPFGMGUOGFGTKPNKüKPKPJGTDČÃCMKÃKP C[TČC[TČFØ\GNVKNOGUKOØOMØPFØT ■ $ČÃCMOGUCHGUKUCDKVMCNČT ■ )ÒXFGFCTDG[GFC[CPČMNČRNCUVKM 5$ %QCZMCDNQK\QNCU[QPW 6GMDKTKĵNGOFGØÃMCFGOGNKMGUKO PWPKÃMCFGOGNKQNCTCM UČ[ČTČNOCUČ ¸TØP0T '#0 OO -CDNQVKRK I 4)4)4) 5$
-#$.1&+Ĵ-+.+(+51;/##.'6.'4ċ 5Č[ČTOC#NGVKs%QCZ-CDNQNCTċÃKP ■ 2K[CUCFCMWNNCPČNCPXGÃCRNCTČOOCTCUČPFC QNCPVØO%QCZMCDNQNCTČPFČĵMČNČHČPČUQ[OCMXGK\QNCU[QPWPW UČ[ČTOCMKÃKP28%(NGZZOOKÃKPFGW[IWPFWT ■ 7\WPNWMFGTGEGUKKNGOO ■ ċMKRCTÃCNČCÃČNCDKNKTK\QNCU[QPUČ[ČTOCCNGVK ■ #ÃOC[C[ČXGDNQMCLOCPFCNČKNG ■ )ÒXFG(KDGTINCUVCMXK[GNKRNCUVKM 5$ ¸TØP0T '#0 -CDNQUČ[ČTOCMCRCUKVGUK I OO ´ 5$ %QCZMCDNQ[WXCT NCMMCDNQZOO ■ )GPKĵNKüKOOn[GMCFCTQNCP[CUUČMCDNQNCTKÃKP ■ ´KNCOOÒTPGüKP0;/MCDNQUWZOO ;CUUČXG;WXCTNCM-CDNQ5Č[ČTOC 2GPUGUK KNCZOOCTCNČüČPFCCTCNČüČPFCMKVØO[C[IČP[WXCTNCM XGČUNCMOGMCPMCDNQNCTČPČUČ[ČTOCMKÃKP ■ OO#9)oNKMMGUKVNGTKÃKPK\QNCU[QP UČ[ČTOCFØ\GPK ■ &CTXG\QTGTKĵKNGDKNKTÃCNČĵOC[GTNGTKPFG[CRČNCPÃCNČĵOCNCTKÃKP ■ -CDNQDQTWUWXGFCüČVČEČDWCVNCTFCFCMWNNCPČNCDKNKT ■ )ÒXFGECOGN[CHVCMXK[GNKRNCUVKM 5$ ¸TØP0T '#0 OO -CDNQUČ[ČTOC -CDNQVKRNGTK I 5$ MCRCUKVGUK´OO ;CUUČMCDNQOO;WXCTNCMMCDNQ´OO &CVC-CDNQUW&Čĵ-ČNČHČ5Q[OC#NGVK ■ £CRNCTČ´KNGOOCTCUČ QNCP762XG562XGTKMCDNQNCTČ PČPFČĵMČNČHNCTČPČUQ[OCMKÃKP 5$ ■ ċĵNGO[CüKÃKPFGIGTÃGMNGĵVKTKN OOoNKMMGUKVNGTKÃKP OKĵVKT6K0MCRNCOCNČ K\QNCU[QPUČ[ČTOCFØ\GPK ■ ċMKRCTÃCNČCÃČNCDKNKTK\QNCU[QP UČ[ČTOCCNGVK ■ #ÃOC[C[ČXGDNQMCLOCPFCNČKNG ■ )ØXGPNKDKTĵGMKNFGUCMNCPOCUČ KÃKPVGURKVNGOGMNKRUK ■ )ÒXFG(KDGTINCUVCMXK[GNK RNCUVKM ■ -GUKEK²\GNVCMČOÃGNKüKČUČN -CDNQUČ[ČTOCMCRCUKVGUK ¸TØP0T '#0 OO ´OO OO -CDNQVKRNGTK I 5$ %#6%#6%#66YKUVGF2CKT762562
-#$.1&+Ĵ-+.+(+51;/##.'6.'4ċ 7PKXGTUCN-CDNQ5Č[ČTOC#NGVNGTK ■ 2K[CUCFCMWNNCPČNCPXGÃCRNCTČOOCTCUČPFCQNCP ÒTPGüKPZOOZOOCTCUČPFC0;/MCDNQNCT VØO[WXCTNCMXGČUNCMOGMCPMCDNQNCTČPČPFČĵMČNČHČPČUQ[OCM XGK\QNCU[QPWPWUČ[ČTOCMKÃKP 5$ ■ -CDNQDQTWUWXGFCüČVČEČDWCVNCTFCFCMWNNCPČNCDKNKT ■ ċMKRCTÃCNČCÃČNCDKNKTK\QNCU[QPUČ[ČTOCCNGVK ■ #ÃOC[C[ČXGDNQMCLOCPFCNČKNG ■ )ØXGPNKDKTĵGMKNFGUCMNCPOCUČKÃKPVGURKVNGOGMNKRUK ■ )ÒXFG(KDGTINCUVCMXK[GNKRNCUVKM 5$ 'MQNCTCMW\WPNCOCUČPCMGUKEKKNGċÃGTFGFWTCPFČĵCTČUØTØNGDKNKTDČÃCM OOoNKMMGUKVNGTKÃKPK\QNCU[QPUČ[ČTOCFØ\GPK7\WPNCOCUČPC MGUKOKÃKPGPVGITGMCDNQMČNCXW\NCOC$Ò[NGEGUCDKVK\QNCU[QPNCTČÒTPGüKPJCNQLGP KÃGTOG[GPMQNC[ECUČ[ČTOCOØOMØPFØT 5$ ¸TØP0T '#0 -CDNQUČ[ČTOCMCRCUKVGUK -CDNQVKRNGTK I OO ´OO ;WXCTNCMMCDNQÒTPGüKPZOOZOOCTCUČ ;WXCTNCMMCDNQÒTPGüKPZOOZOOCTCUČ 5$ 5$ ¸PKXGTUCN5CPC[K-CDNQNCTČPČ ■ 2K[CUCFCMWNNCPČNCPXGÃCRNCTČOOCTCUČPFCQNCP ÒTPGüKPZOOZOOCTCUČPFC0;/MCDNQNCT VØO[WXCTNCMXGČUNCMOGMCPMCDNQNCTČPČPFČĵMČNČHČPČUQ[OCM XGK\QNCU[QPWPWUČ[ČTOCMKÃKP 5Č[ČTOC#NGVK ■ ²\GNNKMNGDØ[ØMMCDNQMGUKVNGTKXG\QTKĵNGPGDKNKTK\QNCU[QP OCN\GOGNGTKKÃKPW[IWPFWT 5$ ■ -GUKEKDČÃCüČPMGUOGFGTKPNKüKPGIÒTGC[CTNCPOCUČIGTGMOG\ ■ XGOOMGUKVNKKNGVMGPNGTKÃKPK\QNCU[QPUČ[ČTOCVGTVKDCVČ ■ &GüKĵVKTKNGDKNKTW\WPNWMFC[CPCüČUCüXGUQNGNKNGÃCNČĵCPNCTKÃKP KFGCNFKT ■ 5CRWEWPFCMKUCDKVNGOGVGTVKDCVČFØĵOGGOPK[GVK ■ &CTXG\QTGTKĵKNGDKNKTÃCNČĵOC[GTNGTKPFG[CRČNCPÃCNČĵOCNCTKÃKP ■ -CDNQDQTWUWXGFCüČVČEČDWCVNCTFCFCMWNNCPČNCDKNKT ■ )ÒXFGECOGN[CHVCMXK[GNKRNCUVKM ¸TØP0T '#0 OO -CDNQUČ[ČTOCMCRCUKVGUK -CDNQVKRNGTK I 5$ ´OO ;WXCTNCMMCDNQÒTPGüKPZOOZOOCTCUČ
/¸-'//'.2#4.#-.+û# 2CTČNFC[CP OGVCN XG IÒ\ MCOCĵVČTCP FG Ĵ'-ċ. üGTNKVCĵNCT[Ø\[ČNNCTFCPDGTKVGETØDGNKCNVČP8'4ċ.ċ;14 KĵNGOG WUVCUČPČP GNKPFG IGTÃGM DKT UCPCVC FÒPØĵØ[QT $W OØEGXJGTNGTFG UCPCVÃČPČP KNJCOČ XG GN DGEGTKUK VGMTCT JC[CV DWNW[QT XGMWNNCPČEČNCTČPČOWVNWGFK[QT&GüGTNKOG VCNKPUCPCVCFÒPØĵOGUKPKGNCNGVNGTKOØO MØP MČNČ[QT -0+2': [CUUČ MCTICDWTWPNCT CNVČPKĵNGOGWUVCUČPČPFGüGTNKOGVCNGW\WP [ČNNCTDQ[WPECMWNNCPČEČUČPČPDGüGPKUKPKMC \CPCECMFQüTWĵGMNKXGTOGUKPKUCüNČ[QT
;CUUČ-CTICDWTWPNCT #[CTNČ2GPUGNGT;CUUČ-CTICDWTWP2GPUGNGT ;WXCTNCM7ÃNW-CTICDWTWP2GPUGNGT /QPVCL2GPUGNGTK 6GNGHQPEW2GPUGNGTK -CTICDWTWPNCTċüPGVKRKOQFGN &Ø\-CTICDWTWP *CUUCU/QPVCL2GPUGNGTK *CUUCU/QPVCL2GPUGUK²TFGM#üČ\;CRČUČ -CTICDWTWPNCT*CUUCUOGMCPKMKÃKP /GMCPKMÃK-CTICDWTWP 7PKXGTUCN#[CTNČ2GPUG#[CTNČ2GPUGNGT 5VCPFCTV-C[PCMÃČ2GPUGUK ċUVGT FGüGTNK OCN\GOG QNUWP KUVGT GNGMVTKM MCDNQUW -0+2': [CUUČ MCTIC DWTWPRGPUGNGTIØXGPNKXGOCN\GOG[K MQTW[CP DØMOG XG MCXTCOC KĵNGTKPKP [CRČNCECüČ JGT W[IWNCOCFC FGXTG[G IKTGT
-#4)#$7470.#4 ■ ;CUUČMČUCIGPKĵÃGPGNGT ■ #üČ\[Ø\G[NGTKFKĵNK ;CUUČ-CTICDWTWPNCT ■ -TQOXCPCF[WOGNGMVTQÃGNKüK &+0+51 FÒXOGÃGNKüK[CüFCUGTVNGĵVKTKNOKĵ ²NÃØNGTK¸TØP0T '#0 OO 2GPUG -CHC 5CRNCT . 9 6 I OO OO OO 5K[CJHQUHCV 2CTNCVČNOČĵ ¸\GTKRNCUVKMMCRNCOCNČ MCRNCOC 5K[CJHQUHCV 2CTNCVČNOČĵ £QMMQORQPGPVNKMČNČHKNG MCRNCOC -TQOMCRNCOC £QMMQORQPGPVNKMČNČHKNG £QMMQORQPGPVNKMČNČHK\QNCU[QPNW -TQOMCRNCOC 8&'QPC[NČ
-#4)#$7470.#4 ■ 6GNWÃNCTČPČJCNMCĵGMNKPFGDØMOGMKÃKP ■ ;WXCTNCMMČUCÃGPGNGTJCUUCUVCĵNCPOČĵ ;WXCTNCM7ÃNW-CTICDWTWPNCT ■ -TQOXCPCF[WOGNGMVTQÃGNKüK &+0+51 FÒXOGÃGNKüK[CüFCUGTVNGĵVKTKNOKĵ ²NÃØNGTK¸TØP0T '#0 2GPUG -CHC 5CRNCT . 9 & 6 I OO OO OO OO OO 5K[CJHQUHCV MCRNCOC 2CTNCVČNOČĵ ¸\GTKRNCUVKMMCRNCOCNČ 5K[CJHQUHCV 2CTNCVČNOČĵ £QMMQORQPGPVNKMČNČHKNG MCRNCOC -TQOMCRNCOC £QMMQORQPGPVNKMČNČHKNG £QMMQORQPGPVNKMČNČHK\QNCU[QPNW -TQOMCRNCOC 8&'QPC[NČ
Search
Read the Text Version
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- 26
- 27
- 28
- 29
- 30
- 31
- 32
- 33
- 34
- 35
- 36
- 37
- 38
- 39
- 40
- 41
- 42
- 43
- 44
- 45
- 46
- 47
- 48
- 49
- 50
- 51
- 52
- 53
- 54
- 55
- 56
- 57
- 58
- 59
- 60
- 61
- 62
- 63
- 64
- 65
- 66
- 67
- 68
- 69
- 70
- 71
- 72
- 73
- 74
- 75
- 76
- 77
- 78
- 79
- 80
- 81
- 82
- 83
- 84
- 85
- 86
- 87
- 88
- 89
- 90
- 91
- 92
- 93
- 94
- 95
- 96
- 97
- 98
- 99
- 100
- 101
- 102
- 103
- 104
- 105
- 106
- 107
- 108
- 109
- 110
- 111
- 112
- 113
- 114
- 115
- 116
- 117
- 118
- 119
- 120
- 121
- 122
- 123
- 124
- 125
- 126
- 127
- 128
- 129
- 130
- 131
- 132
- 133
- 134
- 135
- 136
- 137
- 138
- 139
- 140
- 141
- 142
- 143
- 144
- 145
- 146
- 147
- 148
- 149
- 150
- 151
- 152
- 153
- 154
- 155
- 156
- 157
- 158
- 159
- 160
- 161
- 162
- 163
- 164
- 165
- 166
- 167
- 168
- 169
- 170
- 171
- 172
- 173
- 174
- 175
- 176
- 177
- 178
- 179
- 180
- 181
- 182
- 183
- 184
- 185
- 186
- 187
- 188
- 189
- 190
- 191
- 192
- 193
- 194
- 195
- 196
- 197
- 198
- 199
- 200
- 201
- 202
- 203
- 204
- 205
- 206
- 207
- 208
- 209
- 210
- 211
- 212
- 213
- 214
- 215
- 216
- 217
- 218
- 219
- 220
- 221
- 222
- 223
- 224
- 225
- 226
- 227
- 228
- 229
- 230
- 231
- 232
- 233
- 234
- 235
- 236
- 237
- 238
- 239
- 240
- 241
- 242
- 243
- 244
- 245
- 246
- 247
- 248
- 249
- 250