Installationsleitfaden. map&guide 8

*OTUBMMBUJPOTMFJUGBEFO

CAS Software AG

Impressum $PQZSJHIU r Ì."1(6*%&(NC) ,BSMTSVIF r "MMF.BSLFOPEFS1SPEVLUOBNFOJOEJFTFS%PLVNFOUBUJPOTJOE 8BSFO[FJDIFOPEFSFJOHFUSBHFOF8BSFO[FJDIFOEFSKFXFJMJHFO'JS NFOPEFS0SHBOJTBUJPOFO"MMF3FDIUFWPSCFIBMUFO 3FDIUMJDIF7FSFJOCBSVOHFO r %JFJOEJFTFN%PLVNFOUFOUIBMUFOFO*OGPSNBUJPOFOL™OOFOPIOF 7PSBOL”OEJHVOHHF©OEFSUXFSEFOVOETUFMMFOLFJOF7FSQGMJDIUVOH TFJUFOTEFT7FSL©VGFSTEBS r 0IOFBVTES”DLMJDIFTDISJGUMJDIF&SMBVCOJTEFS."1(6*%&(NC) E”SGFOG”SBOEFSF;XFDLFBMTEFOQFST™OMJDIFO(FCSBVDIEFT,©V GFSTEJFTFS*OTUBMMBUJPOTIJOXFJTFJOLFJOFSMFJ'PSNNJUJSHFOEXFM DIFO.JUUFMO FMFLUSPOJTDIPEFSNFDIBOJTDI NJUUFMT'PUPLPQJF  EVSDI"VG[FJDIOVOHPEFSNJU*OGPSNBUJPOTWFSBSCFJUVOHTTZTUFNFO SFQSPEV[JFSUPEFS”CFSUSBHFOXFSEFO *NQSFTTVN r ."1(6*%&(NC) 8JMIFMN4DIJDLBSE4USBF ,BSMTSVIF 5FM  'BY  XXXNBQBOEHVJEFDPN r 4UBOE0LUPCFS

*OIBMUTWFS[FJDIOJT 

&STUF4DISJUUF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5    

8BTGJOEFO4JFBVGEFO$%T . . . . . . . . . . . . . . . . . . . . 6 4FSJFOOVNNFSOVOE-J[FO[CSJFGF . . . . . . . . . . . . . . . . . 8 8FMDIF*OTUBMMBUJPOJTUEJFSJDIUJHFG”S4JF . . . . . . . . . . 9 4ZTUFNBOGPSEFSVOHFO . . . . . . . . . . . . . . . . . . . . . . . . 11

 6OUFSTU•U[VOH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13  

%PLVNFOUBUJPO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 )PUMJOF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

 *OTUBMMBUJPOTWPSBVTTFU[VOHFO. . . . . . . . . . . . . . . . 17    

"%0JOTUBMMJFSFO. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 "OQBTTFOEFS"SCFJUTQMBU[TUBUJPO . . . . . . . . . . . . . . . . 20 -BVGXFSLNBQQFO . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 NBQHVJEFVOUFS8JOEPXT . . . . . . . . . . . . . . 22

 *OTUBMMBUJPOTBSUFO     



. . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

/FVJOTUBMMBUJPO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 8FJUFSF;VTBU[MJ[FO[FO;VTBU[NPEVMF . . . . . . . . . . . . 32 &JO[FMQMBU[6QEBUF. . . . . . . . . . . . . . . . . . . . . . . . . . . 35 /FU[XFSL6QEBUF . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 5FTUWFSTJPO*OTUBMMBUJPO . . . . . . . . . . . . . . . . . . . . . . . 46

&JHFOF/PUJ[FO

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN

***

*OIBMUTWFS[FJDIOJT

*7

ÌMAP&GUIDE GmbH www.mapandguide.com



&STUF4DISJUUF

Ì."1(6*%&XXXNBQBOEHVJEFDPN



&STUF4DISJUUF



8BTGJOEFO4JFBVGEFO$%T #FJNBQHVJEFCFGJOEFUTJDIEBT1SPHSBNN JOLMVTJWF;VTBU[NP EVMF FUD

TPXJFKFEFEFSWFSG”HCBSFO,BSUFOBVGTFQBSBUFO$%T #FJEFS"VTMJFGFSVOHWPONBQHVJEFFSIBMUFO4JFNJOEFTUFOTFJOF 1SPHSBNNVOENJOEFTUFOTFJOF,BSUFO$%)BCFO4JFNBQHVJEF CFSFJUTJN&JOTBU[ FSIBMUFO4JFCFJN,BVGWPO;VTBU[LBSUFOOVSEJF ,BSUFO$% T  "VGEFSNBQHVJEF1SPHSBNN$%CFGJOEFOTJDIGPMHFOEF.PEVMF r 1SPHSBNN.PEVM r ;VTBU[NPEVMFBEESFTTNPOJUPS SPBEFEJUPSQMVT CBUDIDPOUSPM r ;VT©U[MJDIF,PNQPOFOUFO)BOECVDIBMT1%' .BQWJFXFS 1%" 7JFXFS r ,PTUFOMPTF"ESFTTTDIJDIUFOt7BSUB'”ISFSg t4U©EUFJN*OUFSOFUg  t5BOLFOBOEFS"VUPCBIOg t"ESFTTFOg t1SJWBUg t'JSNBg t3FJTFg r t$MJFOU4FUVQg r "DSPCBU3FBEFS*OTUBMMBUJPO r 6OUFSTU”U[VOHTEBUFJFOG”SVOTFSF)PUMJOF4VQQPSU  r t6QEBUFg7FS[FJDIOJTG”S%BUFO”CFSOBINFNBQHVJEF %BS”CFSIJOBVTTUFIFONFISFSFNBQHVJEF,BSUFO$%T[VS7FSG” HVOH +LQZHLV .BODIFEFS,BSUFO$%TXFSEFOHSVOET©U[MJDI[VTBNNFONJUEFS 1SPHSBNN$%JOFJOFS$%#PYBVTHFMJFGFSU%JFTLBOOCFEFVUFO  EBTTFJOFS-JFGFSVOHNFISFSFJEFOUJTDIF1SPHSBNN$%TCFJMJFHFO *OEJFTFN'BMMJOTUBMMJFSFO4JFOVSFJOF1SPHSBNN$% r ,BSUF%FVUTDIMBOEFYUSB ,BSUFO$% 1SPHSBNN

%$r ,BSUF%FVUTDIMBOE$JUZ ,BSUFO$% 1SPHSBNN

%$r ,BSUF.JUUFMFVSPQB$JUZ ,BSUFO$%T 1SPHSBNN$%



Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN

8BTGJOEFO4JFBVGEFO$%T

r ,BSUF&VSPQB ,BSUFO$% 1SPHSBNN

%$r ,BSUF&VSPQB$JUZ ,BSUFO$%T 1SPHSBNN

%$r ,BSUF#F/F-VY$JUZ ,BSUFO

%$r ,BSUF*UBMJFO$JUZ ,BSUFO

%$r ,BSUF'SBOLSFJDI$JUZ ,BSUFO

%$r ,BSUF(SPCSJUBOOJFO$JUZ ,BSUFO

%$r ,BSUF4LBOEJOBWJFO$JUZ ,BSUFO

%$r ,BSUF*CFSJB$JUZ ,BSUFO

%$r ,BSUF8FMU ,BSUFO$% mBVG"OGSBHF r ,BSUF64" ,BSUFO$% mBVG"OGSBHF

Ì."1(6*%&XXXNBQBOEHVJEFDPN



&STUF4DISJUUF



4FSJFOOVNNFSOVOE-J[FO[CSJFGF

4FSJFOOVNNFSO 4JFFSIBMUFONJUEFN&SXFSCWPONBQHVJEF4FSJFOOVNNFSOG”SKFEFT NBQHVJEF.PEVM 1SPHSBNN ,BSUF ;VTBU[NPEVMF  0IOF4FSJFOOVNNFSOL™OOFO4JFNBQHVJEFOJDIUJOTUBMMJFSFO &JOF4FSJFOOVNNFSJTUBCNBQHVJEFHSVOET©U[MJDITUFMMJHVOE TFU[UTJDIBVT#VDITUBCFOVOE;JGGFSO[VTBNNFO%JF4UFMMFJTU JNNFSFJOF;JGGFS"OIBOEEJFTFS;JGGFSL™OOFO4JFEJFG”S4JF[VTU©O EJHF)PUMJOFIFSBVTMFTFO TJFIF,BQJUFMt)PUMJOFgBVG4FJUF   %JF4FSJFOOVNNFSOFSIBMUFO4JFWFSTDIMPTTFOJOEFO-J[FO[CSJFGFO

-J[FO[CSJFG .JU*ISFS4PGUXBSFMJFGFSVOHFSIBMUFO4JFNJOEFTUFOTFJOFO-J[FO[CSJFG mFJOWFSTDIMPTTFOFT%PLVNFOU +FEFSFJO[FMOF-J[FO[CSJFGFOUI©MUFJOFFJO[JHF4FSJFOOVNNFS EJF *IOFOPEFS*ISFS'JSNBQFST™OMJDI[VHFPSEOFUXVSEF ;VT©U[MJDIFOUI©MUEFS-J[FO[CSJFGGPMHFOEF*OGPSNBUJPOFO r 8FMDIFT.PEVMNJUEFSJN-J[FO[CSJFGFOUIBMUFOFO4FSJFOOVNNFS GSFJHFTDIBMUFUXFSEFOLBOO r 8JFWJFMF-J[FO[FOEFT.PEVMTEBNJUNBYJNBMJOTUBMMJFSUXFSEFO L™OOFOVOEE”SGFOmE I FOUXFEFS FOUTQSFDIFOEEFS-J[FO[BO [BIMBVGFOUTQSFDIFOEWJFMF&JO[FMQM©U[F 4UBOE"MPOF WFSUFJMUPEFS FJONBMJHJOFJOFN/FU[MBVGXFSLNJUEFSFOUTQSFDIFOEFO"O[BIMBO $MJFOUT $FKWXQJ '”SKFEFO"SCFJUTQMBU[ EFSBVGEJFNBQHVJEF"OXFOEVOH[VHSFJ GFOLBOO NVTTFJOF-J[FO[ OBNFEVTFS-J[FO[ WPSIBOEFOTFJO



Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN

8FMDIF*OTUBMMBUJPOJTUEJFSJDIUJHFG”S4JF



8FMDIF*OTUBMMBUJPOJTUEJFSJDIUJHFG•S4JF #FBDIUFO4JF -FTFO4JFWPSKFEFS/FVJOTUBMMBUJPOEJF*OTUBMMBUJPOTWPSBVTTFU[VOHFO TJFIF,BQJUFMt*OTUBMMBUJPOTWPSBVTTFU[VOHFOgBVG4FJUF 

4JFCFTUFMMFOOFV

NBQHVJEF[VNFSTUFO .BM 1 SPHSBNN , BSUFO ;VTBU[NPEVMF

[VT©U[MJDIF- J[FO[FO G”SWPSIBOEFOF.PEVMF , BSUFO

- FTFO4JF

, BQJUFM

G”S& JO[FMQMBU[*OTUBMMBUJPO , BQJUFM G”S/FU[XFSL*OTUBMMBUJPO , BQJUFM

FSTUNBMTFJOF, BSUF

, BQJUFM t8 JFJOTUBMMJFSFO4 JF EJF, BSUF g

FSTUNBMTFJO CFTUJNNUFT;VTBU[NPEVM

, BQJUFM

NBQHVJEF WPSIFSIBUUFO4JF FJOF5 FTUWFSTJPO  1 SPHSBNN, BSUF.PEVMF

, BQJUFM t6NXBOEMVOH 5 FTUWFSTJPOJO7 PMMWFSTJPOg

FJOF5 FTUWFSTJPO 4JFIBUUFO CJTIFSOPDILFJOF NBQHVJEF7FSTJPO

Ì."1(6*%&XXXNBQBOEHVJEFDPN

, BQJUFM



&STUF4DISJUUF

#FBDIUFO4JF -FTFO4JFWPSKFEFS6QEBUF*OTUBMMBUJPOEJF*OTUBMMBUJPOTWPSBVTTFU[VO HFO TJFIF,BQJUFMt*OTUBMMBUJPOTWPSBVTTFU[VOHFOgBVG4FJUF  Ï -FTFO4JF

4JFCFTUFMMFOFJO6QEBUF

WPOFJOFS7FSTJPO ©MUFSBMT

,BQJUFM

WPOFJOFS7FSTJPOY

,BQJUFM

VOEN™DIUFO%BUFOWPO FJOFS7FSTJPOYJO EJFOFVF”CFSOFINFO

CJUUFLPOUBLUJFSFO 4JFEJF)PUMJOFÏ

G”S&JO[FMQMBU[*OTUBMMBUJPO ,BQJUFM WPOFJOFS7FSTJPOBC G”S/FU[XFSL*OTUBMMBUJPO ,BQJUFM



Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN

4ZTUFNBOGPSEFSVOHFO



4ZTUFNBOGPSEFSVOHFO 3FDIOFSUZQ *#.PEFSLPNQBUJCMF4ZTUFNF

1SP[FTTPS &NQGPIMFO*OUFM1FOUJVN** .)[

#FUSJFCTTZTUFN 8JOEPXT.& 8JOEPXT 8JOEPXT/5 8JOEPXT

)BVQUTQFJDIFS .# .#FNQGPIMFO

'FTUQMBUUF .JOEFTUFOT (#GSFJFS4QFJDIFSQMBU[ KFOBDI,BSUF

7JEFPBEBQUFS "MMFBC7(" NJOEFTUFOTY1JYFM

Y1JYFMFNQGPIMFO

%SVDLFS "MMFEVSDI.JDSPTPGU8JOEPXTVOUFSTU”U[UF(FS©UFUSFJCFS

4POTUJHFT $%30.-BVGXFSL *OUFSOFU[VHBOHG”SEJF/VU[VOHWPO7FSLFISTJOGPSNBUJPOFO *OUFSOFU&YQMPSFS (14&NQG©OHFSG”SEFO"OXFOEVOHTGBMMt(140SUVOHg 1BMN1JMPU BC#FUSJFCTTZTUFN1BMN04CFJ1BMN04NJUEFS &JOTDIS©OLVOH EBTT,BSUFOJN)BVQUTQFJDIFSTFJON”TTFO OJDIUBVG EFS4QFJDIFSLBSUF PEFS1PDLFU1$ GPMHFOEF.PEFMMFNJU8JOEPXT$& $BTTJPQFJB )1+PSOBEB4FSJFT $PNQBRJ1"24FSJFT G”S Ì."1(6*%&XXXNBQBOEHVJEFDPN



&STUF4DISJUUF

EFO"OXFOEVOHTGBMMt1%"4UBEULBSUFOg %BNBQHVJEFTU©OEJHXFJUFSFOUXJDLFMUXJSE L™OOFOTJDIEJF4ZTUFN BOGPSEFSVOHFOFOUTQSFDIFOE©OEFSO#JUUFMFTFO4JFEBIFSEJF%BUFJ SFBENFXSJ EJF4JFOBDIEFS*OTUBMMBUJPOJO*ISFNNBQHVJEF7FS [FJDIOJTGJOEFO)JFSGJOEFO4JFEJFBLUVFMMTUFO*OGPSNBUJPOFO



Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



6OUFSTU•U[VOH

Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



6OUFSTU”U[VOH



%PLVNFOUBUJPO 6NTJDI”CFSEJFWFSTDIJFEFOFO'VOLUJPOFOEFT1SPHSBNNT[VJOGPS NJFSFO TUFIFO*IOFOGPMHFOEF.™HMJDILFJUFO[VS7FSG”HVOH r )BOECVDI JN-JFGFSVNGBOHFOUIBMUFO

/&6+FU[UNJU'VOLUJPOTCFTDISFJCVOHEFTtNBQHVJEF"ENJOJ TUSBUJPOTUPPMg 4JFGJOEFOEJFTFT)BOECVDIOBDIEFS*OTUBMMBUJPOJO*ISFN NBQHVJEF7FS[FJDIOJTVOEL™OOFO”CFSEFO#FGFIM4UBSU1SP HSBNNFNBQHVJEF1%')BOECVDIEBSBVG[VHSFJGFO r SFBENFXSJ %JFTF%BUFJFOUI©MUXJDIUJHF*OGPSNBUJPOFO EJFBVT[FJUMJDIFO(S”O EFOOJDIUNFISJOEBT)BOECVDIBVGHFOPNNFOXFSEFOLPOOUFO 4JFGJOEFOEJFTF%BUFJOBDIEFS*OTUBMMBUJPOJO*ISFNNBQHVJEF 7FS[FJDIOJT4JFL™OOFOBVDI”CFSEFO#FGFIM4UBSU1SPHSBNNF NBQHVJEF3FBE.FBVGEJFTF*OGPSNBUJPOFO[VHSFJGFO r 0OMJOF)JMGF )JFSFSIBMUFO4JFXFSUWPMMF)JMGFCFJEFS"SCFJUNJUNBQHVJEF 8FJUFSF5JQQTSVOEVNEJF#FEJFOVOHEFT1SPHSBNNTGJOEFO4JFBVG VOTFSFO*OUFSOFUTFJUFOXXXNBQBOEHVJEFDPNTVQQPSUIUN



Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN

)PUMJOF



)PUMJOF 4JFIBCFOEBT1SPEVLUEJSFLUPEFSJOEJSFLU”CFSVOTFSFO)©OEMFS$"4 4PGUXBSF"(CF[PHFO#FJ1SPCMFNFOPEFS'SBHFOL™OOFO4JFTJDIBMT SFHJTUSJFSUFS,VOEF[VCFTUJNNUFO;FJUFOUFMFGPOJTDIBOEJF)PUMJOFEFS $"44PGUXBSF"(XFOEFO*ISF"OGSBHFQFS&.BJMFSSFJDIUEJF$"4 4PGUXBSF"(SVOEVNEJF6IS

"OTDISJGU $"44PGUXBSF"( 8JMIFMN4DIJDLBSE4USBF ,BSMTSVIF 5FM  'SBHFO[VSNBQHVJEF*OTUBMMBUJPO

'BY *OUFSOFU &.BJM

 "MMHFNFJOF'SBHFO[VNBQHVJEF

 XXXDBTEF IPUMJOF!DBTEF

8JFLšOOFO4JFTJDISFHJTUSJFSFOMBTTFO %JF)PUMJOFTUFIU*IOFOOVSBMTSFHJTUSJFSUFS,VOEF[VS7FSG”HVOH  4UBSUFO4JF*ISFNBQHVJEF7FSTJPO  8©IMFO4JFBVTEFN.FO”)JMGFEJF'VOLUJPO*OGP  ,MJDLFO4JF3FHJTUSJFSGPSNVMBSESVDLFO  'BYFO4JFEJFTFT3FHJTUSJFSGPSNVMBSWPMMTU©OEJHBVTHFG”MMUBOEJF PCFOHFOBOOUF'BYOVNNFS

8BOOLšOOFO4JFEJF)PUMJOFFSSFJDIFO 4JFIBCFOEJF.™HMJDILFJU EJF)PUMJOFBMTSFHJTUSJFSUFS,VOEF[VGPMHFO EFO;FJUFO[VFSSFJDIFO 8PDIFOUBH

6IS[FJU

.POUBHCJT'SFJUBH

CJT6ISVOE CJT6IS

Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



6OUFSTU”U[VOH



Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



*OTUBMMBUJPOTWPSBVTTFU[VOHFO

Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



*OTUBMMBUJPOTWPSBVTTFU[VOHFO



"%0JOTUBMMJFSFO #FBDIUFO4JF EBTT4JFTJDIWPSKFEFSNBQHVJEF*OTUBMMBUJPONJUMPLB MFO"ENJOJTUSBUPSSFDIUFOBONFMEFON”TTFO"OTPOTUFOLBOOEJF %BUFOCBOLTDIOJUUTUFMMF"%0OJDIULPSSFLUJOTUBMMJFSUXFSEFOÂMUFSF 7FSTJPOFOEJFTFS%BUFOCBOLTDIOJUUTUFMMFXFSEFOEVSDIEJFOFVFSF7FS TJPOFSTFU[U

&JO[FMQMBU[*OTUBMMBUJPO 4UBOE"MPOF*OTUBMMBUJPO

%JF"%0*OTUBMMBUJPOXJSEBVUPNBUJTDICFJEFSFSTUFO*OTUBMMBUJPOWPO NBQHVJEFEVSDIHFG”ISU4PMMUFEJFTOJDIUEFS'BMMTFJO JOTUBMMJFSFO 4JF"%0FOUTQSFDIFOEEFSOBDIGPMHFOEFO4DISJUUFNBOVFMM

/FU[XFSL*OTUBMMBUJPO *N/PSNBMGBMMXJSENJUEFS*OTUBMMBUJPOEFT$MJFOU4FUVQT TJFIF,BQJUFM t"OQBTTFOEFS"SCFJUTQMBU[TUBUJPOgBVG4FJUF  BVDIEJF%BUFO CBOLTDIOJUUTUFMMF"%0BVUPNBUJTDIBVGEFOFJO[FMOFO$MJFOUT JOTUBMMJFSU4PMMUFEJFTOJDIUEFS'BMMTFJO JOTUBMMJFSFO4JF"%0FOUTQSF DIFOEEFSOBDIGPMHFOEFO4DISJUUFNBOVFMM

.BOVFMMF&JO[FMQMBU[C[X/FU[XFSL*OTUBMMBUJPO  -FHFO4JFFJOUFNQPS©SFT7FS[FJDIOJTBVG*ISFS'FTUQMBUUFBO  ,PQJFSFO4JFEJF%BUFJNEBD@UZQFYFWPOEFS*OTUBMMBUJPOT$%JO EJFTFTUFNQPS©SF7FS[FJDIOJT  4UBSUFO4JFEJF%BUFJNEBD@UZQFYFBVTEJFTFN7FS[FJDIOJT *TUEJF*OTUBMMBUJPOBCHFTDIMPTTFO TUBSUFO4JF*ISFO3FDIOFSOFV 8FOO4JF8JOEPXTFJOTFU[FO N”TTFO4JFVOUFS6NTU©OEFOWPSEFS *OTUBMMBUJPOWPO"%0WPOEFS$%BVTEFN0SEOFS=TVQQPSUEJF%BUFJ



Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN

"%0JOTUBMMJFSFO

NHTVQSUJOJJOEBT)BVQUWFS[FJDIOJT $= JISFT3FDIOFSTLPQJFSFO $FKWXQJ 4PMMUFO4JF"%0CFSFJUTJOTUBMMJFSUIBCFO LBOOEJFT[V1SPCMF NFOG”ISFO EBJOEJFTFS7FSTJPOEJFG”SEFO;VHSJGGBVG"DDFTT %BUFOCBOLFOCFO™UJHUFO+&50-&%#1SPWJEFSOJDIUNFISBVTHFMJF GFSUXFSEFO%JF0-&%#1SPWJEFSL™OOFOKFEPDITFQBSBUJOTUBMMJFSU XFSEFO4JFGJOEFOEJFTFBVGEFS1SPHSBNN$%JN4VQQPSU7FS [FJDIOJT

Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



*OTUBMMBUJPOTWPSBVTTFU[VOHFO



"OQBTTFOEFS"SCFJUTQMBU[TUBUJPO /BDIEFN4JFFJOF*OTUBMMBUJPOJN/FU[XFSLEVSDIHFG”ISUIBCFO N”T TFO4JFKFEF"SCFJUTQMBU[TUBUJPO EJFBVGNBQHVJEF[VHSFJGU BOQBT TFO%JFTFO7PSHBOH”CFSOJNNUFJOTQF[JFMMEBG”SWPSHFTFIFOFT 1SPHSBNN  ²GGOFO4JFEFO0SEOFS$MJFOU4FUVQBVGEFSNBQHVJEF1SPHSBNN $%  4UBSUFO4JFEJF%BUFJTFUVQFYF  (FCFO4JFEBT7FS[FJDIOJTBO JOEFNNBQHVJEFJOTUBMMJFSUJTU $FKWXQJ 4JFN”TTFOVOCFEJOHUEBT/FU[XFSL7FS[FJDIOJTBOHFCFO BVGEFN TJDINBQHVJEFCFGJOEFU  (FCFO4JFBOTDIMJFFOEFJOF1SPHSBNNHSVQQFBO ”CFSEJF4JF NBQHVJEFTQ©UFSTUBSUFOL™OOFO 4UBOEBSEN©JHXJSE*IOFOEJF1SPHSBNNHSVQQFNBQHVJEFWPSHF TDIMBHFO 4UBSU1SPHSBNNFNBQHVJEF   *TUEBT4FUVQBCHFTDIMPTTFO LMJDLFO4JF#FFOEFO  4UBSUFO4JFNBQHVJEF”CFSEJFFOUTQSFDIFOEF1SPHSBNN HSVQQF $FKWXQJ '”SKFEFO"SCFJUTQMBU[ EFSBVGEJFNBQHVJEF"OXFOEVOH[VHSFJ GFOLBOO NVTTFJOF-J[FO[ OBNFEVTFS-J[FO[ WPSIBOEFOTFJO



Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN

-BVGXFSLNBQQFO



-BVGXFSLNBQQFO #FJEFS*OTUBMMBUJPOWPONBQHVJEFJTUFT[XJOHFOEFSGPSEFSMJDI  EBTT4JFBVGFJOTPHFOBOOUFTtHFNBQQUFTg-BVGXFSL[VHSFJGFO.BQ QFOCFEFVUFU EBTT4JFJO*ISFN/FU[XFSLFJOFOCFTUJNNUFO1GBE FJOFNCFTUJNNUFO-BVGXFSLTCVDITUBCFO[VXFJTFO4JFL™OOFOCFJ TQJFMTXFJTFJO*ISFN/FU[XFSLEFO1GBE/5@=TPGUXBSFEFN-BVG XFSLTCVDITUBCFOtE=g[VPSEOFO

Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



*OTUBMMBUJPOTWPSBVTTFU[VOHFO



NBQHVJEFVOUFS8JOEPXT &TLPNNUCFJN&JOTBU[WPONBQHVJEFVOUFS8JOEPXTHFMFHFOU MJDI[VEFN1SPCMFN EBTTWPONBQHVJEFCFO™UJHUF%BUFJFOOJDIU SFHJTUSJFSUXFSEFOL™OOFOVOEEFTIBMCNBQHVJEFOJDIUHFTUBSUFUXFS EFOLBOO (SVOE%JF3FDIUFtOPSNBMFSÎ#FOVU[FSTJOEVOUFS8JOEPXTJN 7FSHMFJDI[V8JOEPXT/5EFVUMJDIFJOHFTDIS©OLUXPSEFO EI FTHFM UFOXFTFOUMJDITUSFOHFSF;VHSJGGTSFDIUFG”SEJF3FHJTUSZVOEEBT%BUFJ TZTUFN%JFTFtOPSNBMFOÎ#FOVU[FSHFI™SFOJE3[VS#FOVU[FSHSVQQF t#FOVU[FSÎ'”SEBT"SCFJUFONJUNBQHVJEFNVTTFJO#FOVU[FSVOUFS 8JOEPXTKFEPDI.JUHMJFEEFS(SVQQFt)BVQUCFOVU[FSÎ FOHM tQPXFSVTFSÎ TFJO%FSFO3FDIUFFOUTQSFDIFOVOHFG©ISEFO3FDIUFO  EJFFJOtOPSNBMFSÎ#FOVU[FSVOUFS8JOEPXT/5IBUUF .™HMJDIF-™TVOHFO 7BSJBOUFPEFSL™OOFOFOUXFEFSBVGKFEFN CFUSPGGFOFO3FDIOFSPEFSJOEFS%PN©OF”CFSFJO(SPVQ1PMJDZ0CKFLU EVSDIHFG”ISUXFSEFO%JFTF.BTTOBINFOTPMMUFOVOCFEJOHUWPO*ISFN 4ZTUFNBENJOJTUSBUPSEVSDIHFG”ISUXFSEFO  r 7BSJBOUF4PSHFO4JFEBG”S EBTTEJF#FOVU[FS EJFNBQHVJEFWFS XFOEFO .JUHMJFEFSEFSMPLBMFO(SVQQFEFS)BVQUCFOVU[FSTJOE EBTNBDIUJE3EFS/FU[XFSLBENJOJTUSBUPS  r 7BSJBOUFÂOEFSOEFS#FSFDIUJHVOHFOBVGEFOCFUSPGGFOFO3FDI OFSO r *OEFS3FHJTUSZVOUFS),&:@,&:@$-"44&4@3005EFS(SVQQF t#FOVU[FSÎ7PMM[VHSJGG[VXFJTFO r *OEFS3FHJTUSZVOUFS),&:@-0$"-@."$)*/&4PGUXBSF NBQHVJEFEFS(SVQQFt#FOVU[FSÎ7PMM[VHSJGG[VXFJTFO r *N%BUFJTZTUFNG”SEBT*OTUBMMBUJPOTWFS[FJDIOJTWPONBQHVJEF EFS(SVQQFt#FOVU[FSÎ7PMM[VHSJGG[VXFJTFO'BMMT,BSUFOJO HFUSFOOUF7FS[FJDIOJTTFJOTUBMMJFSUXFSEFO NVTTBVDIG”SEJFTF 7FS[FJDIOJTTF7PMM[VHSJGGFSUFJMUXFSEFO 7BSJBOUF,VS[[FJUJHEFO#FOVU[FSJOEJF)BVQUCFOVU[FSHSVQQFBVG



Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN

NBQHVJEFVOUFS8JOEPXT

OFINFOVOENBQHVJEFTUBSUFO"OTDIMJFTTFOEEFO#FOVU[FSXJFEFS [VS”DLJOEJF#FOVU[FSHSVQQFt#FOVU[FSÎFJOUSBHFO

Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



*OTUBMMBUJPOTWPSBVTTFU[VOHFO



Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



*OTUBMMBUJPOTBSUFO

Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



*OTUBMMBUJPOTBSUFO



/FVJOTUBMMBUJPO

8BTJTUJN-JFGFSVNGBOHFOUIBMUFO r #FJFJOFS/FVCFTUFMMVOHNJOEFTUFOTFJOF1SPHSBNN$% NBQHVJEFVOENJOEFTUFOTFJOF,BSUFO$%7FSTJPO r #FJFJOFS;VTBU[LBSUFO#FTUFMMVOH 4JFIBCFONBQHVJEFCFSFJUT JN&JOTBU[ NJOEFTUFOTFJOF,BSUFO$%7FSTJPO r 7FSTDIMPTTFOFS-J[FO[CSJFGQSPFSXPSCFOFT.PEVM+FEFS-J[FO[CSJFG FOUI©MUFJOF4FSJFOOVNNFS EJFNJOEFTUFOTFJOF-J[FO[GSFJTDIBM UFU

8BTN•TTFO4JFBMMHFNFJOCFBDIUFO &JOTQF[JFMMFT/FU[XFSLNPEVMFYJTUJFSUOJDIU+FEF*OTUBMMBUJPOWPO NBQHVJEFJTUNFISCFOVU[FSG©IJH 4JFL™OOFOJONBQHVJEFOVSTPWJFMF#FOVU[FSBOMFHFO XJF-J[FO[FO JOTUBMMJFSUTJOE%JFTF#FOVU[FSL™OOFOHMFJDI[FJUJHNJUEFN1SPHSBNN BSCFJUFO /FVFNBQHVJEF#FOVU[FSXFSEFOBVUPNBUJTDICFJN4UBSUEFT1SP HSBNNTNJU#FOVU[FSOBNFOVOE1BTTXPSUBOHFMFHU%BT1BTTXPSU LBOOCFMJFCJHTFJOVOENVTTNJOEFTUFOTWJFS;FJDIFOMBOHTFJO %FN-J[FO[CSJFGL™OOFO4JFFOUOFINFO XJFWJFMF-J[FO[FOCFJEFS *OTUBMMBUJPOEVSDIEJF4FSJFOOVNNFSOJOTUBMMJFSUXFSEFO #FJEFS*OTUBMMBUJPOJOFJOFN/FU[MBVGXFSLN”TTFOJN"OTDIMVTTBOEJF *OTUBMMBUJPOEJFFOUTQSFDIFOEF"O[BIMBO$MJFOU*OTUBMMBUJPOFO TJFIF ,BQJUFMt"OQBTTFOEFS"SCFJUTQMBU[TUBUJPOgBVG4FJUF  EVSDIHF G”ISUXFSEFO 4PMMNBQHVJEFMPLBMJOTUBMMJFSUXFSEFO 4UBOE"MPOF

NVTTEJF*OTUBM MBUJPOFOUTQSFDIFOEEFS"O[BIMEFS-J[FO[FOFJO[FMOQSP"SCFJUTQMBU[



Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN

/FVJOTUBMMBUJPO

EVSDIHFG”ISUXFSEFO tOg-J[FO[FOtOg"SCFJUTQM©U[F  "DIUVOH '”SKFEFO"SCFJUTQMBU[ EFSBVGEJFNBQHVJEF"OXFOEVOH[VHSFJ GFOLBOO NVTTFJOF-J[FO[ OBNFEVTFS-J[FO[ WPSIBOEFOTFJO "VGBMMFO"SCFJUTQM©U[FO EJFBVGNBQHVJEF[VHSFJGFO NVTTEJF %BUFOCBOLTDIOJUUTUFMMF"%0JOTUBMMJFSUXFSEFO TJFIF,BQJUFM t"%0JOTUBMMJFSFOgBVG4FJUF   4JFL™OOFOBOIBOEEFSGPMHFOEFO*OTUBMMBUJPOTTDISJUUFTPXPIMFJOF LPNQMFUUF/FVJOTUBMMBUJPOBMTBVDIFJOF;VTBU[JOTUBMMBUJPOEVSDIG”I SFO&JOF;VTBU[JOTUBMMBUJPOCFEFVUFU EBTT4JFFJOFCFSFJUTJOTUBMMJFSUF 7FSTJPONBQHVJEFCFTJU[FOVOEOBDIUS©HMJDIFSXPSCFOF NBQHVJEF,BSUFOJOTUBMMJFSFOXPMMFO#FBDIUFO4JFBCFSVOCFEJOHU  EBTTJOEJFTFN'BMMFMFEJHMJDIEJF*OTUBMMBUJPOEFS,BSUFEVSDIHFG”ISU XJSEmEJF1SPHSBNN$%EBSGOJDIUOPDINBMTJOTUBMMJFSUXFSEFOÏ

8JFJOTUBMMJFSFO4JFEJF4PGUXBSF *ONBQHVJEFXFSEFO1SPHSBNNVOEFJO[FMOF,BSUFOBVGTFQBSBUFO $%TBVTHFMJFGFSU &WFOUVFMMMJFHFO*IOFONFISFSF1SPHSBNN$%TWPS*OEJFTFN'BMMNVTT OVSFJOF1SPHSBNN$%JOTUBMMJFSUXFSEFO

8JFJOTUBMMJFSFO4JFEBT1SPHSBNN  -FHFO4JFEJFC[XFJOFEFSNBQHVJEF1SPHSBNN$%TJO*IS$% 30.-BVGXFSL 8FOO4JFEJF$%FJOMFHFO XJSEEJF*OTUBMMBUJPOBVUPNBUJTDIHFTUBSUFU *TUEJFTEFS'BMM GBISFO4JFNJU4DISJUUGPSU8JSEEJF*OTUBMMBUJPOOJDIU BVUPNBUJTDIHFTUBSUFU HFIFO4JFGPMHFOEFSNBFOWPS  8©IMFO4JFJN8JOEPXT&YQMPSFS*IS$%30.-BVGXFSLBVT  4UBSUFO4JFEJF*OTUBMMBUJPO JOEFN4JFBVGEJF%BUFJBVUPSVOFYF EPQQFMLMJDLFO  #FGPMHFO4JFEJF"OXFJTVOHFOEFT*OTUBMMBUJPOTBTTJTUFOUFO Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



*OTUBMMBUJPOTBSUFO

 ,MJDLFO4JF/FVJOTUBMMBUJPO 4UBOEBSEN©JHXJSE*IOFOEBT7FS[FJDIOJT$=1SPHSBNNF=NHWPSHF TDIMBHFO 8PMMFO4JFEJFNBQHVJEF7FSTJPOJOFJOFN/FU[MBVGXFSLJOTUBMMJFSFO VOEOJDIUMPLBMBVG*ISFN3FDIOFS 4UBOE"MPOF

X©IMFO4JFBOEJFTFS 4UFMMFFJO/FU[MBVGXFSL "DIUVOH 4JFE”SGFOBVGLFJOFO'BMMFJO7FS[FJDIOJTBOHFCFO JOEFNTJDI FJOFCJTIFSJHF5FTUWFSTJPOWPONBQHVJEFCFGJOEFU*ISF7PMMWFS TJPONVTTQBSBMMFM[V*ISFSCFTUFIFOEFO5FTUWFSTJPOJOTUBMMJFSUXFS EFOmTPOTUESPIU%BUFOWFSMVTUÏ  (FCFO4JF*ISF4FSJFOOVNNFSG”S1SPHSBNNVOEHFHFCFOFOGBMMTG”S ;VTBU[NPEVMFFJO 6NEJF*OTUBMMBUJPOGPSU[VTFU[FO N”TTFO4JFNJOEFTUFOTFJOF4FSJFO OVNNFSFJOHFCFO%JF[VHFI™SJHF4FSJFOOVNNFSGJOEFO4JFKFXFJMTJN CFJMJFHFOEFO-J[FO[CSJFG)BCFO4JFNFISFSF4FSJFOOVNNFSO EBOO HFCFO4JFEJFTFOBDIFJOBOEFSFJOVOELMJDLFO4JFKFXFJMT)JO[VG•HFO "DIUVOH 4FSJFOOVNNFSOG”S,BSUFOXFSEFOBOEJFTFS4UFMMFOJDIUBL[FQUJFSU  #FTU©UJHFO4JFNJU8FJUFS  (JMU*ISF1SPHSBNN4FSJFOOVNNFSG”SNFISBMTFJOF-J[FO[ X©IMFO 4JF PC4JFEJF-J[FO[FOBMTt&JO[FMQMBU[*OTUBMMBUJPOg MPLBMF*OTUBM MBUJPOBVGEJFTFN3FDIOFS PEFSBMTt/FU[XFSL*OTUBMMBUJPOg [FO USBMF*OTUBMMBUJPOJOFJOFN/FU[MBVGXFSL EVSDIG”ISFON™DIUFO #FTU©UJHFO4JF*ISF8BIMNJU8FJUFS  8©IMFO4JFHFHFCFOFOGBMMTEJF,PNQPOFOUFOBVT EJF4JFJOTUBMMJF SFON™DIUFOVOELMJDLFO4JFKFXFJMTBVGÃOEFSO  (FCFO4JFFJOF1SPHSBNNHSVQQFBO ”CFSEJF4JFNBQHVJEF TQ©UFSTUBSUFOL™OOFO 4UBOEBSEN©JHXJSE*IOFOEJF1SPHSBNNHSVQQFNBQHVJEFWPSHF 

Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN

/FVJOTUBMMBUJPO

TDIMBHFO 4UBSU1SPHSBNNFNBQHVJEF  4JFFSIBMUFOFJOF;VTBNNFOGBTTVOH*ISFSCJTIFSJHFO*OTUBMMBUJPOTWPS HBCFOVOENBQHVJEFXJSEJOTUBMMJFSU  *TUEBT4FUVQBCHFTDIMPTTFO CFTU©UJHFO4JFEJF/FVTUBSU"CGSBHF NJUt+Bg4JFN”TTFOEFO3FDIOFSBOEJFTFS4UFMMFOFVTUBSUFOÏ &WFOUVFMMOPDIWPSMJFHFOEF1SPHSBNN$%TN”TTFOOJDIUJOTUBMMJFSU XFSEFO  'BISFO4JFOBDIEFN3FDIOFSTUBSUNJUEFS*OTUBMMBUJPOGPSUVOE JOTUBMMJFSFOEJFFOUTQSFDIFOEFO,BSUFO "DIUVOH 8FOO4JFJN"OTDIMVTTBOFJOF/FVJOTUBMMBUJPOFJOJHF%BUFOBVT FJOFSCJTIFSJHFO7FSTJPONJU)JMGFVOTFSFS)PUMJOF”CFSOFINFO XPMMFO E”SGFO4JFNBQHVJEF7FSTJPOKFU[UOPDIOJDIUTUBSUFO #FOVU[FSBVTEFSNBQHVJEF7FSTJPOL™OOFOTPOTUOJDIUWPO NBQHVJEF”CFSOPNNFOXFSEFOÏ

8JFJOTUBMMJFSFO4JFEJF,BSUF  -FHFO4JFFJOFNBQHVJEF,BSUFO$%JO*IS$%30.-BVGXFSL 8FOO4JFEJF$%FJOMFHFO XJSEEJF*OTUBMMBUJPOBVUPNBUJTDIHFTUBSUFU *TUEJFTEFS'BMM GBISFO4JFNJU4DISJUUGPSU8JSEEJF*OTUBMMBUJPOOJDIU BVUPNBUJTDIHFTUBSUFU HFIFO4JFGPMHFOEFSNBFOWPS  8©IMFO4JFJN8JOEPXT&YQMPSFS*IS$%30.-BVGXFSLBVT  4UBSUFO4JFEJF*OTUBMMBUJPO JOEFN4JFBVGEJF%BUFJBVUPSVOFYF EPQQFMLMJDLFO  #FGPMHFO4JFEJF"OXFJTVOHFOEFT*OTUBMMBUJPOTBTTJTUFOUFO  ,MJDLFO4JF/FVJOTUBMMBUJPO 4UBOEBSEN©JHXJSE*IOFOEBT7FS[FJDIOJTWPSHFTDIMBHFO JOEFN4JF

Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



*OTUBMMBUJPOTBSUFO

[VWPSEJFNBQHVJEF1SPHSBNN$%JOTUBMMJFSUIBCFO "DIUVOH 4JFE”SGFOBVGLFJOFO'BMMFJO7FS[FJDIOJTBOHFCFO JOEFNTJDI FJOFCJTIFSJHF5FTUWFSTJPOWPONBQHVJEFCFGJOEFU*ISF7PMMWFS TJPONVTTQBSBMMFM[V*ISFSCFTUFIFOEFO5FTUWFSTJPOJOTUBMMJFSUXFS EFOmTPOTUESPIU%BUFOWFSMVTUÏ  (FCFO4JFEJF4FSJFOOVNNFSG”SEJF,BSUFFJO %JF[VHFI™SJHF4FSJFOOVNNFSGJOEFO4JFJNCFJMJFHFOEFO-J[FO[CSJFG  ,MJDLFO4JF)JO[VG”HFO  #FTU©UJHFO4JFNJU8FJUFS 4JFFSIBMUFOFJOF;VTBNNFOGBTTVOH*ISFSCJTIFSJHFO*OTUBMMBUJPOTWPS HBCFOVOENBQHVJEFXJSEJOTUBMMJFSU  *TUEBT4FUVQBCHFTDIMPTTFO LMJDLFO4JF#FFOEFO 4JOE4JFJN#FTJU[XFJUFSFSNBQHVJEF,BSUFO$%T N”TTFO4JFBMMF 4DISJUUFEFS,BSUFO*OTUBMMBUJPOOPDINBMTEVSDIG”ISFO  4UBSUFO4JFNBQHVJEF”CFSEJFWPO*IOFOHFX©IMUF1SPHSBNN HSVQQF [#4UBSU1SPHSBNNFNBQHVJEFNBQHVJEF  "DIUVOH 8FOO4JFJN"OTDIMVTTBOFJOF/FVJOTUBMMBUJPOFJOJHF%BUFOBVT FJOFSCJTIFSJHFO7FSTJPONJU)JMGFVOTFSFS)PUMJOF”CFSOFINFO XPMMFO E”SGFO4JFNBQHVJEFKFU[UOPDIOJDIUTUBSUFO#FOVU[FS EFSNBQHVJEF7FSTJPOL™OOFOTPOTUOJDIUWPONBQHVJEF ”CFSOPNNFOXFSEFOÏ 4FU[FO4JFTJDIVOCFEJOHU[VFSTUNJUVOTFSFS)PUMJOFJO7FSCJO EVOH VNWPSBCFJOJHF%BUFOBVT7FSTJPOJO7FSTJPO[V”CFS OFINFO #FJNFSTUFO4UBSUWPONBQHVJEFFSGPMHUBVUPNBUJTDIFJOFFJONBMJHF 3FHJTUSJFSVOHBMMFS.PEVMF%BOBDIXFSEFOEJFTFWPN-J[FO[BTTJTUFO UFOSFHJTUSJFSU )BCFO4JFNBQHVJEFOJDIUMPLBMJOTUBMMJFSU TPOEFSOJOFJOFN/FU[ 

Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN

/FVJOTUBMMBUJPO

XFSL CFGPMHFO4JFEJFFOUTQSFDIFOEF"OMFJUVOH TJFIF,BQJUFM t"OQBTTFOEFS"SCFJUTQMBU[TUBUJPOgBVG4FJUF   )BCFO4JFNBQHVJEFMPLBMJOTUBMMJFSU 4UBOE"MPOF

NVTTEJFTPFCFO FSGPMHUF*OTUBMMBUJPOFOUTQSFDIFOEEFS"O[BIMEFS-J[FO[FO NJOVTFJOF -J[FO[ FJO[FMOQSP"SCFJUTQMBU[FSOFVUEVSDIHFG”ISUXFSEFO tOg-J[FO [FOtOg"SCFJUTQM©U[F  "DIUVOH '”SKFEFO"SCFJUTQMBU[ EFSBVGEJFNBQHVJEF"OXFOEVOH[VHSFJ GFOLBOO NVTTFJOF-J[FO[ OBNFEVTFS-J[FO[ WPSIBOEFOTFJO

Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



*OTUBMMBUJPOTBSUFO



8FJUFSF;VTBU[MJ[FO[FO;VTBU[NPEVMF

8BTJTUJN-JFGFSVNGBOHFOUIBMUFO r 7FSTDIMPTTFOFS-J[FO[CSJFGQSPFSXPSCFOFT.PEVM G”SEBTNJOEF TUFOTFJOFXFJUFSF-J[FO[CFTUFMMUXVSEFVOEPEFSWFSTDIMPTTFOFS -J[FO[CSJFGQSPHBO[OFVFSXPSCFOFN;VTBU[NPEVM+FEFS-J[FO[ CSJFGFOUI©MUFJOF4FSJFOOVNNFS EJFNJOEFTUFOTFJOF-J[FO[GSFJ TDIBMUFU

8BTN•TTFO4JFBMMHFNFJOCFBDIUFO &JOTQF[JFMMFT/FU[XFSLNPEVMFYJTUJFSUOJDIU+FEF*OTUBMMBUJPOWPO NBQHVJEFJTUNFISCFOVU[FSG©IJH 4JFL™OOFOJONBQHVJEFOVSTPWJFMF#FOVU[FSBOMFHFO XJF-J[FO[FO JOTUBMMJFSUTJOE%JFTF#FOVU[FSL™OOFOHMFJDI[FJUJHNJUEFN1SPHSBNN BSCFJUFO /FVFNBQHVJEF#FOVU[FSXFSEFOBVUPNBUJTDICFJN4UBSUEFT1SP HSBNNTNJU#FOVU[FSOBNFOVOE1BTTXPSUBOHFMFHU%BT1BTTXPSU LBOOCFMJFCJHTFJOVOENVTTNJOEFTUFOTWJFS;FJDIFOMBOHTFJO %FN-J[FO[CSJFGL™OOFO4JFFOUOFINFO XJFWJFMF-J[FO[FOCFJEFS *OTUBMMBUJPOEVSDIEJF4FSJFOOVNNFSJOTUBMMJFSUXFSEFO #FJEFS*OTUBMMBUJPOJOFJOFN/FU[MBVGXFSLN”TTFOJN"OTDIMVTTBOEJF *OTUBMMBUJPOEJFFOUTQSFDIFOEF"O[BIMBO$MJFOU*OTUBMMBUJPOFO TJFIF ,BQJUFMt"OQBTTFOEFS"SCFJUTQMBU[TUBUJPOgBVG4FJUF  EVSDIHF G”ISUXFSEFO "VGBMMFO"SCFJUTQM©U[FO EJFBVGNBQHVJEF[VHSFJGFO NVTTEJF %BUFOCBOLTDIOJUUTUFMMF"%0JOTUBMMJFSUXFSEFO TJFIF,BQJUFM t"%0JOTUBMMJFSFOBVG4FJUF  

8FMDIF#FEJOHVOHFON•TTFOFSG•MMUTFJO 4JFN”TTFOFJOFMBVGG©IJHF7FSTJPOEFT1SPHSBNNTNBQHVJEF CFSFJUTBVG*ISFN4ZTUFNJOTUBMMJFSUIBCFO 

Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN

8FJUFSF;VTBU[MJ[FO[FO;VTBU[NPEVMF

8JFJOTUBMMJFSFO4JFEJF4PGUXBSF  4UBSUFO4JFEBTNBQHVJEF"ENJOJTUSBUJPOTUPPM”CFSEJFWPO *IOFOFJOHFSJDIUFUFNBQHVJEF1SPHSBNNHSVQQF [#4UBSU1SP HSBNNFNBQHVJEFNBQHVJEF"ENJOJTUSBUJPOC[X NBQHVJEF"ENJOJTUSBUJPOTUPPM   #FJNFSTUFO4UBSUEFT"ENJOJTUSBUPSUPPMTNVTTFJOCFMJFCJHFT "ENJOJTUSBUPSQBTTXPSUFJOHFHFCFOXFSEFO LFJO#FOVU[FSOBNF %BT1BTTXPSUNVTTNJOEFTUFOT;FJDIFOMBOHTFJO #FJFJOFNFSOFVUFO4UBSUEFT"ENJOJTUSBUJPOTUPPMTL™OOFO4JFTJDINJU EFN#FOVU[FSOBNFOt"ENJOJTUSBUPSgVOE*ISFN1BTTXPSUBONFMEFO 4PNJUTUFIFO*IOFOBMMF'VOLUJPOFOEFT"ENJOJTUSBUJPOTUPPMT[VS7FS G”HVOH "DIUVOH /VSEFS#FOVU[FSt"ENJOJTUSBUPSgJTUCFGVHU JN"ENJOJTUSBUJPOT UPPMCFOVU[FS”CFSHSFJGFOE3FDIUF[VWFSHFCFO ;VTBU[MJ[FO[FO VOEPEFS;VTBU[NPEVMF[VJOTUBMMJFSFO VOEHFHFCFOFOGBMMT#FOVU [FSBO[VMFHFOVOE[VM™TDIFO .FMEFO4JFTJDINJUFJOFNBOEFSFO#FOVU[FSOBNFOBO IBCFO4JF OVS-FTF[VHSJGG  ,MJDLFO4JFJOJN/BWJHBUPSBVGEJF;FJMF.PEVMF 4JFFSIBMUFOFJOF*OGPSNBUJPOEFSNPNFOUBOFO"O[BIMWPO-J[FO[FO QSPJOTUBMMJFSUFN.PEVM  8©IMFO4JFBVTEFN.FO”#FBSCFJUFOEJF'VOLUJPO.PEVMF  8©IMFO4JF/FVF-J[FO[FO  (FCFO4JFEJF4FSJFOOVNNFSFJO EJF4JFNJU#FTUFMMVOHEFS;VTBU[ MJ[FO[FOPEFSNJUEFS#FTUFMMVOHFJOFTOFVFT;VTBU[NPEVMTJN -J[FO[CSJFGFSIBMUFOIBCFOVOELMJDLFO4JF)JO[VG•HFO )BCFO4JFNFISFSF-J[FO[CSJFGFFSIBMUFO HFCFO4JFOBDIFJOBOEFS BMMF4FSJFOOVNNFSOFJO %JFWPO*IOFOFSXPSCFOF"O[BIMWPO;VTBU[MJ[FO[FOXJSEKFU[U[VEFS WPSIBOEFOFO-J[FO[BO[BIMBEEJFSUPEFSEBTOFVBLUJWJFSUF;VTBU[NP Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



*OTUBMMBUJPOTBSUFO

EVMXJSE[VT©U[MJDIBVGHFMJTUFU "DIUVOH 4JFIBCFOBMT"ENJOJTUSBUPSEJF.™HMJDILFJU EJF#FOVU[FSSFDIUF VOEMJ[FO[FOTFMCTU[VWFSXBMUFO"LUJWJFSFO4JFIJFS[VJN"ENJOJ TUSBUPSUPPMEJF'VOLUJPO#FOVU[FSN”TTFOWPN"ENJOJTUSBUPSBOHF MFHUXFSEFO 1GBE"ENJOJTUSBUPSUPPM&JOTUFMMVOHFO"MMHFNFJO#FOVU[FSWFS XBMUVOH#FOVU[FSN•TTFOWPN"ENJOJTUSBUPSBOHFMFHUXFSEFO



Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN

&JO[FMQMBU[6QEBUF



&JO[FMQMBU[6QEBUF

8BTJTUJN-JFGFSVNGBOHFOUIBMUFO r .JOEFTUFOTFJOF1SPHSBNN$%NBQHVJEFVOENJOEFTUFOTFJOF ,BSUFO$%7FSTJPO r 7FSTDIMPTTFOFS-J[FO[CSJFGQSPFSXPSCFOFT,BSUFO6QEBUF+FEFS -J[FO[CSJFGFOUI©MUFJOF4FSJFOOVNNFS EJFNJOEFTUFOTFJOF-J[FO[ GSFJTDIBMUFU r &WFOUVFMM-J[FO[CSJFGFG”SNBQHVJEF.PEVMF ;VTBU[NPEVMF  ;VTBU[LBSUFO

EJFNJU7FSTJPOOFVFSXPSCFOXVSEFO

8BTN•TTFO4JFBMMHFNFJOCFBDIUFO 6QEBUFTL™OOFOBCNBQHVJEF7FSTJPOEVSDIHFG”ISUXFSEFO 8FOO4JFFJOF©MUFSF7FSTJPOFJOTFU[FOVOEEJFOFVF7FSTJPOBMT 6QEBUFJOTUBMMJFSFON™DIUFO L™OOFO4JFEBT6QEBUFWFSGBISFOBVGEFS *OTUBMMBUJPOT$%OJDIUOVU[FO *OEJFTFN'BMMFSIBMUFO4JFCFJVOT[VT©U[MJDIFJOF/FVJOTUBMMBUJPOT 4FSJFOOVNNFSG”S1SPHSBNNVOE;VTBU[NPEVMF/VU[FO4JFIJFS[VEJF FOUTQSFDIFOEF*OTUBMMBUJPOTBOXFJTVOH TJFIF,BQJUFMt/FVJOTUBMMB UJPOgBVG4FJUF   %FN-J[FO[CSJFGL™OOFO4JFFOUOFINFO XJFWJFMF-J[FO[FOFJOHFLBVGU XVSEFO#FJFJOFN&JO[FMQMBU[6QEBUF NBQHVJEFXBSVOEXJSEMPLBM JOTUBMMJFSU NVTTEJF*OTUBMMBUJPOFOUTQSFDIFOEEFS"O[BIMEFS-J[FO[FO FJO[FMOQSP"SCFJUTQMBU[EVSDIHFG”ISUXFSEFO tOg-J[FO[FOtOg "SCFJUTQM©U[F  "DIUVOH '”SKFEFO"SCFJUTQMBU[ EFSBVGEJFNBQHVJEF"OXFOEVOH[VHSFJ GFOLBOO NVTTFJOF-J[FO[ OBNFEVTFS-J[FO[ WPSIBOEFOTFJO "VGBMMFO"SCFJUTQM©U[FO EJFBVGNBQHVJEF[VHSFJGFO NVTTEJF %BUFOCBOLTDIOJUUTUFMMF"%0JOTUBMMJFSUXFSEFO TJFIF,BQJUFM Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



*OTUBMMBUJPOTBSUFO

t"%0JOTUBMMJFSFOgBVG4FJUF  

8FMDIF#FEJOHVOHFON•TTFOFSG•MMUTFJO 4JFN”TTFOFJOFMBVGG©IJHF7FSTJPOEFT1SPHSBNNTNBQHVJEFY PEFSYCFSFJUTBVG*ISFN4ZTUFNJOTUBMMJFSUIBCFO "DIUVOH 4JFE”SGFO*ISFCJTIFSJHF7FSTJPOWPONBQHVJEFOJDIUEFJOTUBMMJF SFO CFWPSEJFOFVF7FSTJPOJOTUBMMJFSUXJSEmTPOTUL™OOFOLFJOF %BUFOBVTEFSCJTIFSJHFO7FSTJPOJOEJFOFVF7FSTJPO”CFSOPNNFO XFSEFOÏ

8JFJOTUBMMJFSFO4JFEJF4PGUXBSF *ONBQHVJEFXFSEFO1SPHSBNNVOEFJO[FMOF,BSUFOBVGTFQBSBUFO $%TBVTHFMJFGFSU &WFOUVFMMMJFHFO*IOFONFISFSF1SPHSBNN$%TWPS*OEJFTFN'BMMNVTT OVSFJOF1SPHSBNN$%JOTUBMMJFSUXFSEFO

8JFJOTUBMMJFSFO4JFEBT1SPHSBNN  -FHFO4JFEJFC[XFJOFEFSNBQHVJEF1SPHSBNN$%TJO*IS$% 30.-BVGXFSL 8FOO4JFEJF$%FJOMFHFO XJSEEJF*OTUBMMBUJPOBVUPNBUJTDIHFTUBSUFU *TUEJFTEFS'BMM GBISFO4JFNJU4DISJUUGPSU8JSEEJF*OTUBMMBUJPOOJDIU BVUPNBUJTDIHFTUBSUFU HFIFO4JFGPMHFOEFSNBFOWPS  8©IMFO4JFJN8JOEPXT&YQMPSFS*IS$%30.-BVGXFSLBVT  4UBSUFO4JFEJF*OTUBMMBUJPO JOEFN4JFBVGEJF%BUFJBVUPSVOFYF EPQQFMLMJDLFO  #FGPMHFO4JFEJF"OXFJTVOHFOEFT*OTUBMMBUJPOTBTTJTUFOUFO  ,MJDLFO4JF*OTUBMMBUJPOBMT6QEBUF  ,MJDLFO4JF%VSDITVDIFO  (FCFO4JFEBT7FS[FJDIOJTBO JOEFNTJDI*ISFCJTIFSJHF NBQHVJEF7FSTJPOCFGJOEFU [#$=1SPHSBNNF=NH  

Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN

&JO[FMQMBU[6QEBUF

%BT4FUVQ1SPHSBNNFSNJUUFMUBVUPNBUJTDI*OGPSNBUJPOFO”CFS*ISF CJTIFSJHFNBQHVJEF7FSTJPO  (FCFO4JFFJO7FS[FJDIOJTBO JOEBTNBQHVJEFJOTUBMMJFSUXFS EFOTPMM 4UBOEBSEN©JHXJSE*IOFOG”SNBQHVJEFEBT7FS[FJDIOJT$=1SP HSBNNF=NHWPSHFTDIMBHFO  #FTU©UJHFO4JFNJU8FJUFS "DIUVOH &JOF&JOHBCFEFS4FSJFOOVNNFSJTUOVSOPUXFOEJH XFOO4JFFJO OFVFT;VTBU[NPEVMG”SNBQHVJEFFSXPSCFOIBCFO EBT4JFJO EFSCJTIFSJHFO7FSTJPOOPDIOJDIUJN&JOTBU[IBUUFO)BCFO4JF NFISFSF;VTBU[NPEVMFOFVFSXPSCFO HFCFO4JFEJF4FSJFOOVN NFSOOBDIFJOBOEFSFJOVOELMJDLFO4JFKFXFJMT)JO[VG”HFOVOE CFTU©UJHFO4JFBOTDIMJFFOENJU8FJUFS4FSJFOOVNNFSOG”S,BSUFO XFSEFOBOEJFTFS4UFMMFOJDIUBL[FQUJFSU  8©IMFO4JFHFHFCFOFOGBMMTEJF,PNQPOFOUFOBVT EJF4JFJOTUBMMJF SFON™DIUFOVOELMJDLFO4JFKFXFJMTÃOEFSO  (FCFO4JFBOTDIMJFFOEFJOF1SPHSBNNHSVQQFBO ”CFSEJF4JF NBQHVJEFTQ©UFSTUBSUFOL™OOFO 4UBOEBSEN©JHXJSE*IOFOEJF1SPHSBNNHSVQQFNBQHVJEFWPSHF TDIMBHFO 4UBSU1SPHSBNNFNBQHVJEF  4JFFSIBMUFOFJOF;VTBNNFOGBTTVOH*ISFSCJTIFSJHFO*OTUBMMBUJPOTWPS HBCFOVOENBQHVJEFXJSEJOTUBMMJFSU  *TUEBT4FUVQBCHFTDIMPTTFO CFTU©UJHFO4JFEJF/FVTUBSU"CGSBHF NJUt+Bg4JFN”TTFOEFO3FDIOFSBOEJFTFS4UFMMFOFVTUBSUFOÏ &WFOUVFMMOPDIWPSMJFHFOEF1SPHSBNN$%TN”TTFOOJDIUJOTUBMMJFSU XFSEFO  'BISFO4JFOBDIEFN3FDIOFSTUBSUNJUEFS*OTUBMMBUJPOGPSUVOE

Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



*OTUBMMBUJPOTBSUFO

JOTUBMMJFSFOEJFFOUTQSFDIFOEFO,BSUFO "DIUVOH #FJN6QEBUFXFSEFOEJFCFJ7FSTJPOYVOEYLPTUFOMPTNJUHFMJF GFSUFO"ESFTTDIJDIUFOBVUPNBUJTDIJONBQHVJEF”CFSOPNNFO %JFLPTUFOMPTFO"ESFTTTDIJDIUFOt7BSUBg t'JSNBg t"ESFTTFOgCJM EFOIJFSKFEPDIFJOF"VTOBINF %JF"ESFTTTDIJDIUt7BSUBgXJSECFJEJFTFN6QEBUFOJDIUBVTEFS CJTIFSJHFO7FSTJPO”CFSOPNNFO TPOEFSOXJSENJUNBQHVJEF OFVBVG*IS4ZTUFNJOTUBMMJFSU%BNJUTUFIFO*IOFOEJFBLUVFMMFO 7BSUB%BUFO[VS7FSG”HVOH %JF"ESFTTTDIJDIUFOt'JSNBgVOEt"ESFTTFOgXFSEFO”CFSOPN NFO1BSBMMFMEB[VXFSEFO”CFSBSCFJUFUF4USVLUVSFOEJFTFSCFJEFO 4DIJDIUFOVOUFSEFOOFVFO/BNFOt'JSNFOBESFTTFOgVOE tNBQHVJEF"ESFTTFOgJOTUBMMJFSU 4USFDLFO©OEFSVOHFO EJFJOEFS,BSUFWPSHFOPNNFOXVSEFOPIOF EBTT4JFEBT;VTBU[NPEVMSPBEFEJUPSQMVTJOTUBMMJFSUIBCFO XFS EFOOJDIUJOEJFBLUVBMJTJFSUF,BSUF”CFSOPNNFO

8JFJOTUBMMJFSFO4JFEJF,BSUF  -FHFO4JFFJOFNBQHVJEF,BSUFO$%JO*IS$%30.-BVGXFSL 8FOO4JFEJF$%FJOMFHFO XJSEEJF*OTUBMMBUJPOBVUPNBUJTDIHFTUBSUFU *TUEJFTEFS'BMM GBISFO4JFNJU4DISJUUGPSU8JSEEJF*OTUBMMBUJPOOJDIU BVUPNBUJTDIHFTUBSUFU HFIFO4JFGPMHFOEFSNBFOWPS  8©IMFO4JFJN8JOEPXT&YQMPSFS*IS$%30.-BVGXFSLBVT  4UBSUFO4JFEJF*OTUBMMBUJPO JOEFN4JFBVGEJF%BUFJBVUPSVOFYF EPQQFMLMJDLFO  #FGPMHFO4JFEJF"OXFJTVOHFOEFT*OTUBMMBUJPOTBTTJTUFOUFO  ,MJDLFO4JF*OTUBMMBUJPOBMT6QEBUF  ,MJDLFO4JF%VSDITVDIFO  (FCFO4JFEBT7FS[FJDIOJTBO JOEFNTJDI*ISFCJTIFSJHF NBQHVJEF7FSTJPOCFGJOEFU [#$=1SPHSBNNF=NH  %BT4FUVQ1SPHSBNNFSNJUUFMUBVUPNBUJTDI*OGPSNBUJPOFO”CFS*ISF CJTIFSJHFNBQHVJEF7FSTJPO



Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN

&JO[FMQMBU[6QEBUF

 (FCFO4JFEBT7FS[FJDIOJTBO JOEFNTJDIEJF[VWPSJOTUBMMJFSUF7FS TJPONBQHVJEFCFGJOEFU 4UBOEBSEN©JHXJSE*IOFOBMT7FS[FJDIOJTG”SNBQHVJEFEBT7FS [FJDIOJT$=1SPHSBNNF=NHWPSHFTDIMBHFO  (FCFO4JFEJF6QEBUF4FSJFOOVNNFS*ISFS,BSUFFJO %JF[VHFI™SJHF4FSJFOOVNNFSGJOEFO4JFJNCFJMJFHFOEFO-J[FO[CSJFG "DIUVOH %BT1SPHSBNN”CFSQS”GU PCEJFFOUTQSFDIFOEF,BSUFJOEFSCJTIF SJHFONBQHVJEF7FSTJPOTDIPOFJONBMJOTUBMMJFSUXPSEFOXBS*TU EJFTOJDIUEFS'BMM N”TTFO4JF[VT©U[MJDI[VS6QEBUF4FSJFOOVN NFSEJF,BSUFO4FSJFOOVNNFSEFSCJTIFSJHFONBQHVJEF7FSTJPO FJOHFCFO  *TUEBT4FUVQBCHFTDIMPTTFO LMJDLFO4JF#FFOEFO 4JOE4JFJN#FTJU[XFJUFSFSNBQHVJEF,BSUFO$%T TPN”TTFO4JF BMMF4DISJUUFEFS,BSUFO*OTUBMMBUJPOOPDINBMTEVSDIG”ISFO  4UBSUFO4JFNBQHVJEF”CFSEJFWPO*IOFOHFX©IMUF1SPHSBNN HSVQQF [#4UBSU1SPHSBNNFNBQHVJEFNBQHVJEF  #FJNFSTUFO4UBSUWPONBQHVJEFFSGPMHUBVUPNBUJTDIFJOFFJONBMJHF 3FHJTUSJFSVOHBMMFS.PEVMF%BOBDIXFSEFOEJFTFWPN-J[FO[BTTJTUFO UFOSFHJTUSJFSU /BDIEFN4JFEBTLPNQMFUUF6QEBUFEVSDIHFG”ISUIBCFO L™OOFO4JF *ISFCJTIFSJHFNBQHVJEF7FSTJPOEFJOTUBMMJFSFO"MMF%BUFO*ISFSCJT IFSJHFO7FSTJPOTUFIFO*IOFOJOEFSOFVFO[VS7FSG”HVOH&TJTUKFEPDI SBUTBN EJFTF%FJOTUBMMBUJPO[VFJOFNTQ©UFSFO;FJUQVOLUEVSDI[VG”I SFO EBNJU4JFCFJFJOFNFWFOUVFMMFO*OTUBMMBUJPOTGFIMFSOPDIBVGEJF BMUFO%BUFO[VHSFJGFOL™OOFO )BCFO4JF[VTBNNFONJU*ISFSNBQHVJEF6QEBUFMJFGFSVOH;VTBU[ LBSUFOFSIBMUFO EJF4JF[VWPSOJDIUJN&JOTBU[IBUUFO JOTUBMMJFSFO4JF EJFTFCJUUFHFN©,BQJUFMt8JFJOTUBMMJFSFO4JFEJF,BSUFgBVG 4FJUF 

Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



*OTUBMMBUJPOTBSUFO



/FU[XFSL6QEBUF

8BTJTUJN-JFGFSVNGBOHFOUIBMUFO r .JOEFTUFOTFJOF1SPHSBNN$%WPONBQHVJEF7FSTJPOVOENJO EFTUFOTFJOF,BSUFO$%7FSTJPO r 7FSTDIMPTTFOFS-J[FO[CSJFGQSPFSXPSCFOFT,BSUFO6QEBUF+FEFS -J[FO[CSJFGFOUI©MUFJOF4FSJFOOVNNFS EJFNJOEFTUFOTFJOF-J[FO[ GSFJTDIBMUFU r &WFOUVFMM-J[FO[CSJFGFG”SNBQHVJEF.PEVMF ;VTBU[NPEVMF  ;VTBU[LBSUFO

EJFNJU7FSTJPOOFVFSXPSCFOXVSEFO

8BTN•TTFO4JFBMMHFNFJOCFBDIUFO 6QEBUFTL™OOFOBCEFS7FSTJPOWPONBQHVJEFEVSDIHFG”ISUXFS EFO8FOO4JFFJOF©MUFSF7FSTJPOFJOTFU[FOVOEEJFOFVF7FSTJPOBMT 6QEBUFJOTUBMMJFSFON™DIUFO L™OOFO4JFEBT6QEBUFWFSGBISFOBVGEFS *OTUBMMBUJPOT$%OJDIUOVU[FO *OEJFTFN'BMMFSIBMUFO4JFCFJVOT[VT©U[MJDIFJOF/FVJOTUBMMBUJPOT 4FSJFOOVNNFSG”S1SPHSBNNVOE;VTBU[NPEVMF/VU[FO4JFIJFS[VEJF FOUTQSFDIFOEF*OTUBMMBUJPOTBOXFJTVOH TJFIF,BQJUFMt/FVJOTUBMMB UJPOgBVG4FJUF   4JFL™OOFOJONBQHVJEFOVSTPWJFMF#FOVU[FSBOMFHFO XJF-J[FO[FO JOTUBMMJFSUTJOE%JFTF#FOVU[FSL™OOFOHMFJDI[FJUJHNJUEFN1SPHSBNN BSCFJUFO %FN-J[FO[CSJFGFOUOFINFO4JF XJFWJFMF-J[FO[FOCFJEFS6QEBUF *OTUBMMBUJPOEVSDIEJF4FSJFOOVNNFSJOTUBMMJFSUXFSEFO #FJFJOFN/FU[XFSL6QEBUF NBQHVJEFXJSEJN/FU[JOTUBMMJFSU N”T TFOJN"OTDIMVTTBOEJF*OTUBMMBUJPOEJFFOUTQSFDIFOEF"O[BIMBO$MJ FOU*OTUBMMBUJPOFO TJFIF,BQJUFMt"OQBTTFOEFS



Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN

/FU[XFSL6QEBUF

"SCFJUTQMBU[TUBUJPOgBVG4FJUF  EVSDIHFG”ISUXFSEFO "DIUVOH '”SKFEFO"SCFJUTQMBU[ EFSBVGEJFNBQHVJEF"OXFOEVOH[VHSFJ GFOLBOO NVTTFJOF-J[FO[ OBNFEVTFS-J[FO[ WPSIBOEFOTFJO "VGBMMFO"SCFJUTQM©U[FO EJFBVGNBQHVJEF[VHSFJGFO NVTTEJF %BUFOCBOLTDIOJUUTUFMMF"%0JOTUBMMJFSUXFSEFO TJFIF,BQJUFM t"%0JOTUBMMJFSFOgBVG4FJUF  

8FMDIF#FEJOHVOHFON•TTFOFSG•MMUTFJO 4JFN”TTFOFJOFMBVGG©IJHF7FSTJPOEFT1SPHSBNNTNBQHVJEFY PEFSYCFSFJUTBVG*ISFN4ZTUFNJOTUBMMJFSUIBCFO "DIUVOH 4JFE”SGFO*ISFCJTIFSJHFNBQHVJEF7FSTJPOOJDIUEFJOTUBMMJFSFO  CFWPSEJFOFVF7FSTJPOJOTUBMMJFSUXJSEmTPOTUL™OOFOLFJOF%BUFO BVTEFSCJTIFSJHFO7FSTJPOJOEJFOFVF7FSTJPO”CFSOPNNFOXFS EFOÏ

8JFJOTUBMMJFSFO4JFEJF4PGUXBSF *ONBQHVJEFXFSEFO1SPHSBNNVOEFJO[FMOF,BSUFOBVGTFQBSBUFO $%TBVTHFMJFGFSU &WFOUVFMMMJFHFO*IOFONFISFSF1SPHSBNN$%TWPS*OEJFTFN'BMMNVTT OVSFJOF1SPHSBNN$%JOTUBMMJFSUXFSEFO

8JFJOTUBMMJFSFO4JFEBT1SPHSBNN  -FHFO4JFEJFC[XFJOFEFSNBQHVJEF1SPHSBNN$%TJO*IS$% 30.-BVGXFSL 8FOO4JFEJF$%FJOMFHFO XJSEEJF*OTUBMMBUJPOBVUPNBUJTDIHFTUBSUFU *TUEJFTEFS'BMM GBISFO4JFNJU4DISJUUGPSU8JSEEJF*OTUBMMBUJPOOJDIU BVUPNBUJTDIHFTUBSUFU HFIFO4JFGPMHFOEFSNBFOWPS  8©IMFO4JFJN8JOEPXT&YQMPSFS*IS$%30.-BVGXFSLBVT

Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



*OTUBMMBUJPOTBSUFO

 4UBSUFO4JFEJF*OTUBMMBUJPO JOEFN4JFBVGEJF%BUFJBVUPSVOFYF EPQQFMLMJDLFO  #FGPMHFO4JFEJF"OXFJTVOHFOEFT*OTUBMMBUJPOTBTTJTUFOUFO  ,MJDLFO4JF*OTUBMMBUJPOBMT6QEBUF  ,MJDLFO4JF%VSDITVDIFO  (FCFO4JFEBT7FS[FJDIOJTBO JOEFNTJDI*ISFCJTIFSJHF NBQHVJEF7FSTJPOCFGJOEFU [#'=1SPHSBNNF=NH  %BT4FUVQ1SPHSBNNFSNJUUFMUBVUPNBUJTDI*OGPSNBUJPOFO”CFS*ISF CJTIFSJHFNBQHVJEF7FSTJPO  (FCFO4JFFJO7FS[FJDIOJTBO JOEBTNBQHVJEFJOTUBMMJFSUXFS EFOTPMM 4UBOEBSEN©JHXJSE*IOFOG”SNBQHVJEFEBT7FS[FJDIOJT$=1SP HSBNNF=NHWPSHFTDIMBHFO)JFSNVTTFJO/FU[XFSLQGBEBOHFHFCFO XFSEFO  #FTU©UJHFO4JFNJU8FJUFS "DIUVOH &JOF&JOHBCFEFS4FSJFOOVNNFSJTUOVSOPUXFOEJH XFOO4JFFJO OFVFT;VTBU[NPEVMG”SNBQHVJEFFSXPSCFOIBCFO EBT4JFJO EFSCJTIFSJHFO7FSTJPOOPDIOJDIUJN&JOTBU[IBUUFO)BCFO4JF NFISFSF;VTBU[NPEVMFOFVFSXPSCFO HFCFO4JFEJF4FSJFOOVN NFSOOBDIFJOBOEFSFJOVOELMJDLFO4JFKFXFJMT)JO[VG”HFOVOE CFTU©UJHFO4JFBOTDIMJFFOENJU8FJUFS4FSJFOOVNNFSOG”S,BSUFO XFSEFOBOEJFTFS4UFMMFOJDIUBL[FQUJFSU  8©IMFO4JFHFHFCFOFOGBMMTEJF,PNQPOFOUFOBVT EJF4JFJOTUBMMJF SFON™DIUFOVOELMJDLFO4JFKFXFJMTÃOEFSO  (FCFO4JFBOTDIMJFFOEFJOF1SPHSBNNHSVQQFBO ”CFSEJF4JF NBQHVJEFTQ©UFSTUBSUFOL™OOFO 4UBOEBSEN©JHXJSE*IOFOEJF1SPHSBNNHSVQQFNBQHVJEFWPSHF TDIMBHFO 4UBSU1SPHSBNNFNBQHVJEF 



Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN

/FU[XFSL6QEBUF

4JFFSIBMUFOFJOF;VTBNNFOGBTTVOH*ISFSCJTIFSJHFO*OTUBMMBUJPOTWPS HBCFOVOENBQHVJEFXJSEJOTUBMMJFSU  *TUEBT4FUVQBCHFTDIMPTTFO CFTU©UJHFO4JFEJF/FVTUBSU"CGSBHF NJUt+Bg4JFN”TTFOEFO3FDIOFSBOEJFTFS4UFMMFOFVTUBSUFOÏ &WFOUVFMMOPDIWPSMJFHFOEF1SPHSBNN$%TN”TTFOOJDIUJOTUBMMJFSU XFSEFO  /BDIEFN3FDIOFSTUBSUGBISFO4JFCJUUFNJUEFS*OTUBMMBUJPOGPSUVOE JOTUBMMJFSFOEJFFOUTQSFDIFOEFO,BSUFO "DIUVOH #FJN6QEBUFXFSEFOEJFCFJ7FSTJPOYVOEYLPTUFOMPTNJUHFMJF GFSUFO"ESFTTDIJDIUFOBVUPNBUJTDIJONBQHVJEF”CFSOPNNFO %JFLPTUFOMPTFO"ESFTTTDIJDIUFOt7BSUBg t'JSNBg t"ESFTTFOgCJM EFOIJFSKFEPDIFJOF"VTOBINF %JF"ESFTTTDIJDIUt7BSUBgXJSECFJEJFTFN6QEBUFOJDIUBVTEFS CJTIFSJHFO7FSTJPO”CFSOPNNFO TPOEFSOXJSENJUNBQHVJEF OFVBVG*IS4ZTUFNJOTUBMMJFSU%BNJUTUFIFO*IOFOEJFBLUVFMMFO 7BSUB%BUFO[VS7FSG”HVOH %JF"ESFTTTDIJDIUFOt'JSNBgVOEt"ESFTTFOgXFSEFO”CFSOPN NFO1BSBMMFMEB[VXFSEFO”CFSBSCFJUFUF4USVLUVSFOEJFTFSCFJEFO 4DIJDIUFOVOUFSEFOOFVFO/BNFOt'JSNFOBESFTTFOgVOE tNBQHVJEF"ESFTTFOgJOTUBMMJFSU 4USFDLFO©OEFSVOHFO EJFJOEFS,BSUFWPSHFOPNNFOXVSEFOPIOF EBTT4JFEBT;VTBU[NPEVMSPBEFEJUPSQMVTJOTUBMMJFSUIBCFO XFS EFOOJDIUJOEJFBLUVBMJTJFSUF,BSUF”CFSOPNNFO

8JFJOTUBMMJFSFO4JFEJF,BSUF  -FHFO4JFFJOFNBQHVJEF,BSUFO$%JO*IS$%30.-BVGXFSL 8FOO4JFEJF$%FJOMFHFO XJSEEJF*OTUBMMBUJPOBVUPNBUJTDIHFTUBSUFU *TUEJFTEFS'BMM GBISFO4JFNJU4DISJUUGPSU8JSEEJF*OTUBMMBUJPOOJDIU BVUPNBUJTDIHFTUBSUFU HFIFO4JFGPMHFOEFSNBFOWPS  8©IMFO4JFJN8JOEPXT&YQMPSFS*IS$%30.-BVGXFSLBVT  4UBSUFO4JFEJF*OTUBMMBUJPO JOEFN4JFBVGEJF%BUFJBVUPSVOFYF EPQQFMLMJDLFO  #FGPMHFO4JFEJF"OXFJTVOHFOEFT*OTUBMMBUJPOTBTTJTUFOUFO Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



*OTUBMMBUJPOTBSUFO

 ,MJDLFO4JF*OTUBMMBUJPOBMT6QEBUF  ,MJDLFO4JF%VSDITVDIFO  (FCFO4JFEBT7FS[FJDIOJTBO JOEFNTJDI*ISFCJTIFSJHF NBQHVJEF7FSTJPOCFGJOEFU [#'=1SPHSBNNF=NH  %BT4FUVQ1SPHSBNNFSNJUUFMUBVUPNBUJTDI*OGPSNBUJPOFO”CFS*ISF CJTIFSJHFNBQHVJEF7FSTJPO  (FCFO4JFEBT7FS[FJDIOJTBO JOEFNTJDIEJF[VWPSJOTUBMMJFSUF NBQHVJEF7FSTJPOCFGJOEFU 4UBOEBSEN©JHXJSE*IOFOG”SNBQHVJEFEBT7FS[FJDIOJT$=1SP HSBNNF=NHWPSHFTDIMBHFO)JFSNVTTFJO/FU[XFSLQGBEBOHFHFCFO XFSEFO  (FCFO4JFEJF6QEBUF4FSJFOOVNNFS*ISFS,BSUFFJO %JF[VHFI™SJHF4FSJFOOVNNFSGJOEFO4JFJNCFJMJFHFOEFO-J[FO[CSJFG "DIUVOH %BT1SPHSBNN”CFSQS”GU PCEJFFOUTQSFDIFOEF,BSUFJOEFSCJTIF SJHFONBQHVJEF7FSTJPOTDIPOFJONBMJOTUBMMJFSUXVSEF*TUEJFT OJDIUEFS'BMM N”TTFO4JF[VT©U[MJDI[VS6QEBUF4FSJFOOVNNFSEJF ,BSUFO4FSJFOOVNNFSEFSCJTIFSJHFONBQHVJEF7FSTJPOFJOHF CFO  *TUEBT4FUVQBCHFTDIMPTTFO LMJDLFO4JF#FFOEFO 4JOE4JFJN#FTJU[XFJUFSFSNBQHVJEF,BSUFO$%T TPN”TTFO4JF BMMF4DISJUUFEFS,BSUFO*OTUBMMBUJPOOPDINBMTEVSDIG”ISFO  4UBSUFO4JFNBQHVJEF”CFSEJFWPO*IOFOHFX©IMUF1SPHSBNN HSVQQF [#4UBSU1SPHSBNNFNBQHVJEFNBQHVJEF

#FJNFSTUFO4UBSUWPONBQHVJEFFSGPMHUBVUPNBUJTDIFJOFFJONBMJHF 3FHJTUSJFSVOHBMMFS.PEVMF%BOBDIXFSEFOEJFTFWPN-J[FO[BTTJTUFO UFOSFHJTUSJFSU /BDIEFN4JFEBTLPNQMFUUF6QEBUFEVSDIHFG”ISUIBCFO L™OOFO4JF *ISFCJTIFSJHFNBQHVJEF7FSTJPOEFJOTUBMMJFSFO*IOFOTUFIFOKFU[U BMMFCJTIFSJHFO%BUFOBVDIJOEFSOFVFO7FSTJPO[VS7FSG”HVOH&TJTU



Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN

/FU[XFSL6QEBUF

KFEPDISBUTBN EJFTF%FJOTUBMMBUJPO[VFJOFNTQ©UFSFO;FJUQVOLU EVSDI[VG”ISFO EBNJU4JFCFJFJOFNFWFOUVFMMFO*OTUBMMBUJPOTGFIMFS OPDIBVGEJFBMUFO%BUFO[VHSFJGFOL™OOFO )BCFO4JFNJU*ISFSNBQHVJEF6QEBUFMJFGFSVOH;VTBU[LBSUFOFSIBM UFO EJF4JF[VWPSOJDIUJN&JOTBU[IBUUFO EBOOJOTUBMMJFSFO4JFEJFTF CJUUFHFN©,BQJUFMt8JFJOTUBMMJFSFO4JFEJF,BSUFgBVG4FJUF 

Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



*OTUBMMBUJPOTBSUFO



5FTUWFSTJPO*OTUBMMBUJPO

8BTJTUJN-JFGFSVNGBOHFOUIBMUFO r .JOEFTUFOTFJOF1SPHSBNN$%NBQHVJEFVOENJOEFTUFOTFJOF ,BSUFO$%7FSTJPO r &JOWFSTDIMPTTFOFS-J[FO[CSJFG CFJOIBMUFUFJOF5FTUWFSTJPOT4FSJFO OVNNFSmH”MUJHOVSG”SEFOBOHFHFCFOFO.POBU %JF4FSJFOOVN NFSTDIBMUFUFJOF-J[FO[GSFJ

8BTN•TTFO4JFBMMHFNFJOCFBDIUFO &JOTQF[JFMMFT/FU[XFSLNPEVMFYJTUJFSUOJDIU+FEF*OTUBMMBUJPOWPO NBQHVJEFJTUNFISCFOVU[FSG©IJH 4JFL™OOFOJONBQHVJEFOVSTPWJFMF#FOVU[FSBOMFHFO XJF-J[FO[FO JOTUBMMJFSUTJOE%JFTF#FOVU[FSL™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t"OQBTTFOEFS "SCFJUTQMBU[TUBUJPOgBVG4FJUF  EVSDIHFG”ISUXFSEFO "DIUVOH '”SKFEFO"SCFJUTQMBU[ EFSBVGEJFNBQHVJEF"OXFOEVOH[VHSFJ GFOLBOO NVTTFJOF-J[FO[ OBNFEVTFS-J[FO[ WPSIBOEFOTFJO



Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN

5FTUWFSTJPO*OTUBMMBUJPO

"VGBMMFO"SCFJUTQM©U[FO EJFBVGFJOFNBQHVJEF[VHSFJGFO NVTT EJF%BUFOCBOLTDIOJUUTUFMMF"%0JOTUBMMJFSUXFSEFO TJFIF,BQJUFM t"%0JOTUBMMJFSFOgBVG4FJUF  

8JFJOTUBMMJFSFO4JFEJF4PGUXBSF *ONBQHVJEFXFSEFO1SPHSBNNVOEFJO[FMOF,BSUFOBVGTFQBSBUFO $%TBVTHFMJFGFSU &WFOUVFMMMJFHFO*IOFONFISFSF1SPHSBNN$%TWPS*OEJFTFN'BMMNVTT OVSFJOF1SPHSBNN$%JOTUBMMJFSUXFSEFO

8JFJOTUBMMJFSFO4JFEBT1SPHSBNN  -FHFO4JFFJOFNBQHVJEF1SPHSBNN$%JO*IS$%30.-BVGXFSL 8FOO4JFEJF$%FJOMFHFO XJSEEJF*OTUBMMBUJPOBVUPNBUJTDIHFTUBSUFU *TUEJFTEFS'BMM GBISFO4JFNJU4DISJUUGPSU8JSEEJF*OTUBMMBUJPOOJDIU BVUPNBUJTDIHFTUBSUFU HFIFO4JFGPMHFOEFSNBFOWPS  8©IMFO4JFJN8JOEPXT&YQMPSFS*IS$%30.-BVGXFSLBVT  4UBSUFO4JFEJF*OTUBMMBUJPO JOEFN4JFBVGEJF%BUFJBVUPSVOFYF EPQQFMLMJDLFO  #FGPMHFO4JFEJF"OXFJTVOHFOEFT*OTUBMMBUJPOTBTTJTUFOUFO  ,MJDLFO4JF/FVJOTUBMMBUJPO 4UBOEBSEN©JHXJSE*IOFOEBT7FS[FJDIOJT$=1SPHSBNNF=NHWPSHF TDIMBHFO "DIUVOH 4JFE”SGFOBVGLFJOFO'BMMFJO7FS[FJDIOJTBOHFCFO JOEFNTJDI FJOFCJTIFSJHF7PMMWFSTJPOWPONBQHVJEFCFGJOEFU*ISF5FTUWFS TJPONVTTQBSBMMFM[V*ISFSCFTUFIFOEFO7PMMWFSTJPOJOTUBMMJFSUXFS EFOmTPOTUESPIU%BUFOWFSMVTUÏ*ISF7PMMWFSTJPOX”SEFJOEJFTFN 'BMMFOBDIEFSU©HJHFO5FTU[FJUBVTMBVGFO  (FCFO4JF*ISF5FTUWFSTJPOT4FSJFOOVNNFSFJO  ,MJDLFO4JF)JO[VG•HFO

Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



*OTUBMMBUJPOTBSUFO

 #FTU©UJHFO4JFNJU8FJUFS  8©IMFO4JFHFHFCFOFOGBMMTEJF,PNQPOFOUFOBVT EJF4JFJOTUBMMJF SFON™DIUFOVOELMJDLFO4JFKFXFJMTBVGEJF4DIBMUGM©DIFÃOEFSO  (FCFO4JFBOTDIMJFFOEFJOF1SPHSBNNHSVQQFBO ”CFSEJF4JF *ISFNBQHVJEF5FTUWFSTJPOTQ©UFSTUBSUFOL™OOFO 4UBOEBSEN©JHXJSE*IOFOEJF1SPHSBNNHSVQQFNBQHVJEFWPSHF TDIMBHFO 4UBSU1SPHSBNNFNBQHVJEF  "DIUVOH 4JFN”TTFOVOCFEJOHUFJOFBOEFSF1SPHSBNNHSVQQFBVTX©IMFO  XFOO4JFCFSFJUTFJOF[FJUMJDIVOCFHSFO[UFNBQHVJEF7PMMWFSTJPO JOTUBMMJFSUIBCFO 4JFFSIBMUFOFJOF;VTBNNFOGBTTVOH*ISFSCJTIFSJHFO*OTUBMMBUJPOTWPS HBCFOVOENBQHVJEFXJSEJOTUBMMJFSU  *TUEBT4FUVQBCHFTDIMPTTFO CFTU©UJHFO4JFEJF/FVTUBSU"CGSBHF NJUt+Bg4JFN”TTFOEFO3FDIOFSBOEJFTFS4UFMMFOFVTUBSUFOÏ &WFOUVFMMOPDIWPSMJFHFOEF1SPHSBNN$%TN”TTFOOJDIUJOTUBMMJFSU XFSEFO  'BISFO4JFOBDIEFN3FDIOFSTUBSUNJUEFS*OTUBMMBUJPOGPSUVOE JOTUBMMJFSFOEJFFOUTQSFDIFOEFO,BSUFO

8JFJOTUBMMJFSFO4JFEJF,BSUF  -FHFO4JFFJOFNBQHVJEF,BSUFO$%JO*IS$%30.-BVGXFSL 8FOO4JFEJF$%FJOMFHFO XJSEEJF*OTUBMMBUJPOBVUPNBUJTDIHFTUBSUFU *TUEJFTEFS'BMM GBISFO4JFNJU4DISJUUGPSU8JSEEJF*OTUBMMBUJPOOJDIU BVUPNBUJTDIHFTUBSUFU HFIFO4JFGPMHFOEFSNBFOWPS  8©IMFO4JFJN8JOEPXT&YQMPSFS*IS$%30.-BVGXFSLBVT  4UBSUFO4JFEJF*OTUBMMBUJPO JOEFN4JFBVGEJF%BUFJBVUPSVOFYF EPQQFMLMJDLFO  #FGPMHFO4JFEJF"OXFJTVOHFOEFT*OTUBMMBUJPOTBTTJTUFOUFO  ,MJDLFO4JF/FVJOTUBMMBUJPO 

Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN

5FTUWFSTJPO*OTUBMMBUJPO

4UBOEBSEN©JHXJSE*IOFOEBT7FS[FJDIOJTWPSHFTDIMBHFO JOEFN4JF [VWPSEJFNBQHVJEF1SPHSBNN$%JOTUBMMJFSUIBCFO "DIUVOH 4JFE”SGFOBVGLFJOFO'BMMFJO7FS[FJDIOJTBOHFCFO JOEFNTJDI FJOFCJTIFSJHF7PMMWFSTJPOWPONBQHVJEFCFGJOEFU*ISF5FTUWFS TJPONVTTQBSBMMFM[V*ISFSCFTUFIFOEFO7PMMWFSTJPOJOTUBMMJFSUXFS EFOmTPOTUESPIU%BUFOWFSMVTUÏ  (FCFO4JF*ISF5FTUWFSTJPOT4FSJFOOVNNFSFJO[XFJUFT.BMFJO  ,MJDLFO4JF)JO[VG•HFO  #FTU©UJHFO4JFNJU8FJUFS 4JFFSIBMUFOFJOF;VTBNNFOGBTTVOH*ISFSCJTIFSJHFO*OTUBMMBUJPOTWPS HBCFOVOENBQHVJEFXJSEJOTUBMMJFSU  *TUEBT4FUVQBCHFTDIMPTTFO LMJDLFO4JF#FFOEFO 4JOE4JFJN#FTJU[XFJUFSFSNBQHVJEF,BSUFO$%T TPN”TTFO4JF BMMF4DISJUUFOPDINBMTEVSDIG”ISFO  4UBSUFO4JFNBQHVJEF”CFSEJFWPO*IOFOHFX©IMUF1SPHSBNN HSVQQF [#4UBSU1SPHSBNNFNBQHVJEFNBQHVJEF  #FJNFSTUFO4UBSUWPONBQHVJEFFSGPMHUBVUPNBUJTDIFJOFFJONBMJHF 3FHJTUSJFSVOHBMMFS.PEVMF%BOBDIXFSEFOEJFTFWPN-J[FO[BTTJTUFO UFOSFHJTUSJFSU )BCFO4JF*ISFNBQHVJEF5FTUWFSTJPOOJDIUMPLBMJOTUBMMJFSU TPOEFSO JOFJOFN/FU[XFSL CFGPMHFO4JFCJUUFEJFFOUTQSFDIFOEF"OMFJUVOH TJFIF,BQJUFMt"OQBTTFOEFS"SCFJUTQMBU[TUBUJPOgBVG4FJUF  

6NXBOEMVOH5FTUWFSTJPOJO7PMMWFSTJPO *ISFNBQHVJEF5FTUWFSTJPOJTU5BHFMBVGG©IJH8FOO4JFTJDI[VN ,BVGEFSNBQHVJEF7PMMWFSTJPOFOUTDIFJEFO LBOOEJF5FTUWFSTJPO OBDI"CMBVG[VS7PMMWFSTJPOVNHFXBOEFMUXFSEFO&JOFFSOFVUF*OTUBM MBUJPOEFT1SPHSBNNVOEEFS,BSUFO$%TFOUG©MMU *ISFCJTEBUPBOHFMFHUFO%BUFOEFS5FTUWFSTJPOTUFIFOOBDIEFS Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



*OTUBMMBUJPOTBSUFO

6NXBOEMVOHJOFJOF7PMMWFSTJPOXFJUFSIJO[VS7FSG”HVOH #FJFJOFS6NXBOEMVOHJOFJOF7PMMWFSTJPOFSIBMUFO4JF r 7FSTDIMPTTFOFS-J[FO[CSJFGQSPFSXPSCFOFT.PEVM 1SPHSBNN  ,BSUF FWUM;VTBU[NPEVM +FEFS-J[FO[CSJFGFOUI©MUFJOF4FSJFOOVN NFS EJFNJOEFTUFOTFJOF-J[FO[GSFJTDIBMUFU

6NXBOEMVOH (FIFO4JFCFJFJOFS6NXBOEMVOHt5FTUWFSTJPOgJOt7PMMWFSTJPOgGPMHFO EFSNBFOWPS  -BTTFO4JF*ISFNBQHVJEF5FTUWFSTJPOTQIBTFBCMBVGFO 4JFFSIBMUFOOBDI"CMBVGEFS5FTUWFSTJPOFJOFFOUTQSFDIFOEF1SP HSBNNNFMEVOH  4UBSUFO4JFEBT1SPHSBNNFSOFVU  4JFXFSEFOBVGHFGPSEFSU 4FSJFOOVNNFSOG”SBMMFJOEFS5FTUWFSTJPO JOTUBMMJFSUFO.PEVMFFJO[VHFCFO  (FCFO4JFOBDIFJOBOEFSEJF4FSJFOOVNNFSOFJO EJF4JFCFJEFS #FTUFMMVOHEFS7PMMWFSTJPOFSIBMUFOIBCFO 8VSEFFJOCFJEFS5FTUWFSTJPOJOTUBMMJFSUFT.PEVMOJDIUFSXPSCFO  NVTTEJF&JOHBCFEFS4FSJFOOVNNFS”CFSTQSVOHFOXFSEFO



Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



&JHFOF/PUJ[FO

Ì."1(6*%&(NC)XXXNBQBOEHVJEFDPN



$"44PGUXBSF"( 8JMIFMN4DIJDLBSE4US %,BSMTSVIF 5FM  'BY  XXXDBTEF